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
K>LFHLO K>LFHLO FHLEO 5DJA=KH=@E==JHIK= A =A@=IALJKIJAMMMD=H= @E=K=I? IJEFK>E=?A)440=@> =AAJA=MMMCA?EJEAI?JEJH=@EE@AN ACDJLIJE,M=@ ==@HAIAMMMLDB?ALMA>80. +K>KA@A@==--=EHL IAJ CCAH! LLAHABHAAM=HA/K@"+; ' AAIJ=A=MMMGIAJ?"AC CAHDJ,,:466;+JAIJ! 5KFE==JEL?DA??D466;L@ /J,!195ECE,!/2AJAH, ;+)=9=JAH,"4+F@D=LEKT,,:466;+JAIJ /HKF],4+/HC=EKAL466;L@ I?AKEJFHL=JILI?DFIJEEIJ= E?I A@@K?DE=J=E=AAL =IA2@OJDJL@K=@= EBH=?AFHAAJKALE==CEJE= IL?DMA>L?DIJH?DDJJFMMM@@N@A 2@OLAI=O?A=AAJA= DJJFMMMGIAJO@M=@IJ=DKDJ 0A=882) 5EAJAO @=ED=HJ;O(IA=? 0A=882)@A=I=J24=2) A=ELLF=(?H?,AO)+JAIJK24 2)A=E=(?H?8AAHKHAIF @A?EIHL=JA=KLA@A=@HAIO>ADA@K =J@=@FL@8FA@JKFHLO KL@JILK=K*A@=, *8@A5JHA?,A#!AAF=@A5JHA?@AIA @@=@FIA@?D?DLEILDELJ=L L=ANFAHEAJIH=@ELEL=E8882) IJKFA=FI EAIJ=E@EJA A?KE=FA@=IADELJ@IA @A==ELFAA 4=@EK> 5JAH>AH 8J?DE@AN 4 =KAALAIA@A!"!AA LALK'AJ@KDAJAH=@EK>K 2, F=8J?DE@HL= =4 2,LE?DEADFJA FH=LO =A@L@ L=A@EL@FHH!AAL=LIA $ >OE?DO>2HIAFH=LJAIE 55*L@A ' +9=55*AL=IA"$76+ +399,:+9A '! 4A@=?AIAKL=FF=@AFAIJE JAHLIKLEIIJEIJEJ?DO>=EDOJA LEKJ 35?DO>=L@=K=I 8JANJKFHLO,835IK>LIAJDJ HK>OFL@IJHFEIJANJHA@= KFH=LAIJT@LAABKCK??D35IKA> L ]>OLOJEJT@LAAEBH=?A BKCK?35IK>LEKIA]=J@A =KHAIAFL@DJANJK,H8J?D= H>=,835==AH=2K@LA@=J=J FH=L= =FE=?HA@=?AIAKL A@HKA=IFEIKJAH A4 2IA@I=IFEIKA>OL=I=I JAHA4,L@A>OFH>I@=J=> =@HAIOALALF@KIAHAJ=HEJ4IALA FIJEAKL 8IA@O2)=88 8EKIA@LALIA@LEIJE882) LOFKJIJ=E?A8-L=JACHEE5!%/0 5J=E?A>I=@E= IJILIA@A >@O 4A@=?AIAKL AIHD=IKIF@LIJ=LK T&AJHD=ILDLOI] 7FAEJIJEAJD&LH=DAFH=LE@AD HD=ILDLOI=AJAD@ADAIILA I=KIF@AIHD=ILAIFKFH?EIH@ KAAL2H=AJ=JE?KLIJ=LKLL=K I@AIJEAJDEIJHEEHD=IKIL=?D =IL?DEJ=JE??D>@>LLAHD=ILD LOI@H=?D@>=F@A@AH@EK >K@A@KAJLFA@ALJA?DE?E=F=H=JKH= EHJIJK@ELE=HAFHJE=CAJBO= EHBO=>H=LKEJANJLK@KAJ=?4I=D 2ADA@=DH=E?D J=J 8J?DH>,835==AHGI(?H? 6AJHJIAIAHD@LAAEJIA=IJJ@ E?DLFH>DK JEI?@==AIFA@= IE=35IIKJ!)":#*'8)2*8+-++6+7,,7-)-17-4-5-9-:-./ 0)0*010002051)); ),-02"2)2;4) 5#552586)6.6777748-884 9::;*;;;5;7;8 5 +AA$&AOIA=IJAK@>K@AI=E FJKIJO@# A82 8>O=IE=LH?A= AL?AIJIALH?A =I=E@,%!C 75)"&C)%&C4)%C=/$#C AAIJLIJJAH@AIA@A I EEH=@E==JHIFHLAA C LIJ=LOHLE@AFHA?A=FIA?DLKL?D IA@KIKIJLIJ=LO>K@AJ@FHL@ FHCH=FEFH=LKAIAFA@==J=T8EH D=ILHAEA]AJL=LAAFIA?DL>H FL@?DHD=IL?DDAH=?AHJO=KHAJ +?AHJE=2H=C==+?AHJ=*DAE=8IJ=L=IA KIKJAL>K@LH@DKA=L2H=A8?=LI $&2H=D=LA@A?D@#LJ=@ 'AHL=! 8 2@A1)474AC0..EA@,=O F@O=IJH HJEBH=?A HFJK4LH?A 5J=EI=L0=@)/-DIF@4D=(KL?,A %"!>O=LA@=IA@4=@O4 I?DLAT2HFJK4=H ]*OIA FLAH=@KEBHL=JF@H>EJJHFJK L=A=IFEIA*DKAAEFKLH?A=J=IA AA=HJI@A?ALLIA@K DIF@=A,=@E8I>K@KEBHL=JLIA @K?IA 6A@O?ALFO@IDOLH?A IJK # #&#!!=?ALL@=A"&'#' 4FAJIEFA>OJA$$'"# )AJA@=FJK?FHL=IJ=E?D BE=?DFHIJA@KIJ?DL7E>=?AIA F@=EL=IFALIJ@E?DFA?DIJ=LJ=A JEJKKH=?DKKLA@A>=OIAAKJHFE@ JHJO 4=@E==JH!!
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
4=@E==JHIIKLEIIJE 4=@E==JH!! 4=@E==JHIIKLEIIJE $ I>==A@K=ADA?DFHIJ=E?A>JFEF AIK=I=@K@HKDKA@EIAI?D142 AEH@I=LAFEDA?ADILJ=)>OIJA IADE=IJEJFH?ALIJEKIFHL@ANEIJ L=JIJILJHH?=AJ?JHAHFK@ JKJ=AAJAIFKAEJHL=J=@ ==JE=@KI142"1,I=142H?=@A#=& @'#&=@KI>JKL76+8?AEBH=? JJIJELEMMMGIAJEHF"E@IA>=A=EK EH"E@I(GIAJ 2H=IJ=LA@KFJA>KAJAFJ=IEKNA 142IBJM=HA=142D=H@M=HLEJAHB=?A@OIK L 142IJEFALKIF@O=FHLAK=KJAJE =?EFKL=2/2EBHL8AAHFKEJJA?DCEA ALAFDA@KLJEO142KEL=JAJH=IF=HAJ EE=EAL@2K@LAL=>=IJE142@ANEI JKAF=JK=>OIJAIEJK>=LKKEEFJA>KAJAA.JH=I?AELAH8?AEBH=?=@AJA=MMMEHFAJ 914-511 914-5119E@A?LAH=CA1JAHAJ4AFA=JAH -D=?AAJ5OIJAHEK?IOIJEJAHAJL?D FAL@EHDFHOJA812IJLOJLABEH K;=AIKAIABKIJF@>142IJ H@AAIBJM=HA@914-511>F@9E@MI 5JA=142AE914-511F=A==H@EK@ @K914-511AAFEIJKFL=JF1JAHAJK0IJ IAHLAH914-511K@HKAAKIJA=JKIA=LA?D =JEL?D@ 0=H@M=HLIJ914-511AEJAHB=?A041041 IAFEFKA2+JAHAFEFA1JAHAJK LOIKHO?DIJA>LOJA@E=KFIFA 041BKCKAJ==EJAHB=?AAEH@EA=F J=A2AIJAEJAHB=?A041LOH>;=AIKA IJHKLJ==>OFH=?L=IE>LJH=I?AELAHA 2H914-511ANEIJK@L=FHLHAEO @54/5EIJAH4AFA=JAH/HKFIKFE=IAIJAH I?DFAL@KKAKEL=JAAJE>L K@=K@K914-511=FAL@A> =@L?DIJ=E?KLEJIKFEOIFA?EBEL= FAHJHA@KAFIJKFKIAFKL==K 142JO,6.2@AJD=FAHJH@KIL IOIJ=BECKHKA>K@AKJLOI=JI=IJ=J,6.JFA@=@LOIA>A==JK=?EIFA 2HL@.4/.HEA@I4AFA=JAH/HKFIKFE= FJAI?DFAL=@LKAJL=JE>L E@914-511=ILJ.4/@J=@LKA IKFELL=@?AEIJ@HKDBA HADDLHK2HKIKJAHD.4/ LIJEIJAF=FJ@=?D,6.IE?F@A E@AJEBEJHK1,K>AH@K914-511@JAHDIA FKJA@IJ=J AJL>A?AJ==JHIH@E @FL=JKJJKLEI=J?IEF@FA T==JHIH@E]FA@IJ=LKAJALJJIHKANEIJKA DHJAH@ELFKHEIJ@J=812 F=F?EJA>OH=@E==JHAL>A?@ H=@E==JHIKE=?A1JAHAJ=J=DL=J8AIA KI@ADHJ=H@EL?DL?D=>=IJ=E== L?DALFDA@=A=KIF812 KE=?AJAH?DO>IJ=E?=>K??D 1JAHAJL?AIJO A@EL?JAHKAAFH=L@F@>IKHEJIJ?EAJA812AJK=KJKIJ=A=@EIJ=H H=@E==JEIAJJJA?DCEA?DFEE=HIJK? IJFIJKFKEHFILK1JAHAJKJKBK CKA==J=OJH2EFJ>AEA H=@E==JHI812AFH=@DJAIFHLA =AAJAA@=JK?JL?D>=IJA ==JHIH@E=DHKAAIJEA812KHLH=@E ==JHIA?EJLODJAIAK2K@AALI LFHLKAIJ =F?FEFFH=LK@KEIA@K? ==JH+DHEIEH>O/".=JD=6=OH 4.,=AIEAH9* 4-2=K+=IIA8-!5;,=LA+=AH8-%6,+DEF=HCAE%)*HA= 2HE?A"3:=+DHEI1=O9!, 2HA@=?A6=JE=JAHALLA AL=>=IJE=J>FL=KAA=AFAIJ= AFIOJKJ=AIF=@EBH=?A8 FL@ FH=AKIKKLA@AOAJ@=@=AJAHIA J=IKLEIIJIACEI=JELEH=EKFH=LK?E ==JHILOIL75),ABE?EJFHK?DO F=JE 7HAFHJOLIJAU AA U=?FAI!AJ A@LE=IJ=LE@E=CK,2288 @ABE?EJFHK?DOF=JELOL=LA LKIAF=IJL 4D@KIAKJIE=KJ@KA@LA=FEJIE LEKA=IJAA@AFJ=@>A@L AIEKOE=KJF@LIA@EFAA?D AAAJ=IJA LOD@FJKJAHAA==FEJIE LEKAAF=@F=@O5HLIEJO =>=LLFEIO@FI=?DIJK=LOFH@ @OKIA=AJALAJKIKLKFI=?D IJK D>O?DL=IJDA@LOIJ=LEJAO==F=?AJ@AAAL=)@DA7AL AA@AA,=I>KA L@HKDIKL?AFI=?DIJK)D=J=@O=IJA IJIAE?AI@KIAJAHDIAIAHL=?DJ =FJ*K@KDA@=J@=AO=A=FA@KI FIJ=LEJJKIAE?EE=AFE>KFJ=A =AJKJA@KIK@JHLK@A@ EOIJAKFJAF=@KIHAA K?DOE=LE@ALJEOFJA>K=J2IJ=L IAE?EI@KIA=IJAKK?DO=UK?D 6=@OIKJO>HAJAHIADA@=?A@FA@A 6O>O?DH=@EDA@KE@EJ 2==FLE?EL@K==FILEL LJEO5=H=@A?D=AAJLK?DOE@L L@=IADLAH=KDA@=J@OIAIA?DJ@L=J=JAALEE4=@EA@DA@J== F=J 6H?DK=EEJOLJEOI=H=FEIAF@ =DK=AJDA@KE@D@@LL@ ===FA=@K@L@LA =FEJ?AK@>KOI=J +IAJL=IJ?DJ?AK@>KK@=J =?E@A =KJAFE=LJOIKA=F=?AIAE?A I @KIAIJ=IJKLA@AK?DOLJEO =L@O=AAFAEL AL?A AF@AA@AA==@?@ AK=JA@=KJ= @OE@@AAIAEL=IJ=?A@A AFLA@E?@@=JIALAEFAL=FAL@O IA?A@AF@FH=?L= KIJA@OIJ=JL=JA,2288ALAE J=L=?DH>=KIIEF>HK@=JF 1JAHAJKAIJEJ=J?A>AL=FA@ IA=AHKAIJEE@D@KAFI= A=E A6EJFL@2K@AJ=6EKF CH=JKKAA2K@=J=IA=?DLEFI== =OIEIAAJAF@
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Ω =KKLO>EJD=#=F=?EJOIA LEJ@FHFDO>KAA!ΩIKEL=AA FKEJO"OAAE?D?AL@FHH@FHK J=J=FL@??=$Ω =FELO>EJ=# IJKFA=??= Ω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
4=@E==JH!! 6A?DE= 6A?DE= 4O?D=>A 4O?D=>ALO=@KA=>OIJ=LK=>A?D >O=LL=FAELJHL=FHIJ2E=>A LAEFHK@OJAHDK@I=DL=JD@J +A> ELJ?DIAA>K@A=DL=J=FK@IAJKA>K @ALL=JFHIJAIAF@EJ,>H THO?D=>A=]KIA@L=JJAFJKK= =FJ==>OKJEJHL=JEJEAAHCEAE >O@K@@E=AAAFKLAJAHAE HO?DD=>AFK@L=A=>A=AAIA @L=JLA?DOKLA@AF=H=AJHOL=@FF=@ =AIFJOFHL@L= 2A>A =FOALKJKJALK@?DFH=KAEIA L@@LAAHCEA@KEFJ@OAF=>EJ 8J=LIEJK=?EA@@L=AAHCEAFI>EJA@=I?IA>@IA@AALLJAF=2K@IA FE=>A=FHK@AO=K>OE AAD?A=DL=JIKEFA>AO5JAJ=E @OA=DL>@FHL@ALAFEHO?D =>A=EAAAHCEAEALOKL==?DAE?OLK=FE=>A?FH?AIK =AIAADA=DL=JDAL?A A@K E@E=?FD=>EJA>FA>AAD LAIJKFJAFJOK 2K@=>AFH=KAEF@I=AIJ=LKFD =>EJLOLIAAAJAF=AIKHLKLLO FOO=IJLLOLA?DFOAH= FOOIKFJFD?LOFE?DAE??DFH?AIA?D FH>D=??DLKAEFH@K?AFOFELA LHIJJ=KLEJK=>AFAIJLAJEALA IJ=LLALA?DJOFA?DKA=@>OJA FO@A@A6AJFOLEAAJHOJKJ=A=@ EFOKK=AALAIK=I@?D IJ=F=?EJOK)@OL>=JAHEEA@AAJ=J KLKADAL?A=JAHEKAIJ=JIJ=AIA F=L>=JAHEETAI=>IJA],AKLE@AA DA@EI=ELJIJE>=JAHEAAJF=J EKALKA@?DAJJAD@OAEAJHL=A LAIJ=LKADDFA>EJ2OOKLL=FEH =>AA@E?DAOIIK=>IH>LO FJKLEJKOIF=J=AE@HA= JELFHL=AFEIFL=JIFKILOJAFJK =HKAIJLEJIJHKJKHOKLAJ KDJ?DIAF=HJH>LOAFOAJDOAK =EAAIAF=HJHFHKA=LHIJAI=LO> AKJKLAKA@?DAJEJAD@O@O AJA@?DEKFOKLA 2= A@KA?DL=IJIJE+@AJL F=LABAJ ALAEA=IJAJAJFAIL@ A@HK=A>LOAIAA@E?DO> KE@AJEBE=?EFHJAIAAA@@K TF=]=AABAJFAFLKH JDANEIJKAJ=AL>LOALO=@L== IO@HTDK]F@H>E@A 6LF=LABAJ>OA@LA==A=IFA?E BEL=EA>OOE+@OFFHLFKEJO L KE=?DI=JAEJA?D6OJI=JAEJOIL=AAHCEE AIH?DF=A=AAE?DDA@EI=>L5K?A @O=IJA=LJ=L?D>@>?DKI>J =FAI=JAEJK=ELFKA>=JAHE,O FH=LE@A@HAI=JAEJKIKJ=L=IJA T=J]I=JAEJK>A?FH=JE?OIJA@KD=J F==AAF@>K@OIAI=JAEJ=?DLA IIJKIA>=JAHE=I@=IK@AHFLFH=JE?O L@OIJAIJLAAHCEA 2=LABAJIAFHALL=J=AFE= =IJ?D=FJ>=JAHEAFHHO?DAAI=D@ JKJAH@ID>DAFIA@IJEKFOKD =IJ=JOFE?OIAF=K@HL==JJD@J *OJ=EJAJAJTF=LABAJ]A A@@KAHKEJFK@>K@A>=JAHEALE=?OA?D =>EJ==F=LO>EJ==A@EDIJKFLO>EJ6F= >O=EJ@OI@?IOIJA=FA??D @H=F=K>I=JAEJK@OIAFKEEI=@ =IJ@=LLOKLA@JEL?DI=@J==>O >=JAHEAA>OOF=L=LO>AOL@O@?A=IJA DIJKFLO>EJ6=LHAEF=IEA>?A= @IJH=EAD@?LKLA@A TF=LABAJA]LIA@A>O=L?AA> D@HA@K?A=F=?EJO@K@HAE AE?DFHLKFJAFAA@FJED 8>?DF@?DFEJOFE?HAEKFHLK =A=FA?DE+@O>=JAHEAA>K@AE@O LO>A=L@OFAI@IJADIJKFLO>EJJ>K@A L@OL?AA>D@=F=KA@=E@L @?DOO@?A=FH=LE@AD?OKF=LABAJ HKAELAEFF=@IKJAFH=D LIOJKF=LDABAJKLFAI?DF@?D F=JEOF=CAHO@A>OO>=JAHEAF=L=LO>AOFAI @A=LK=>AOFAI?IFAIIJ@LAK =F@D@E*OJ@LL@>?D@OF=CAHO OLAEIJFO?EDO=FKL=EAA812LA> =E=>=JAHEALO@HAOLFHLKI?DFIJ=LKA @AE@L=?IAJA@OA@LFF=@JAHIA> =LTF=LALA] EAE+@OLO=KJOFE?OJHJK=F=?EJO= AI?DFIJ=AHF=JA>K@HAJ>=FHLJJ?DL>L=IJ=LITF=LABA JA]8J=L?DFF=@A?DIA=A@KTF=] AA@?JA@O@ADKIAIJJ@LL?E=AFHLA IEAAFAFL 2AFLK *=JAHEAI=@O@>HL=EJOIKIAIJ=LAOIA@ JEL?DJAH>OOLO>HOJ==>OOFK@ ID@LEJ@FH==F=?EJK6A@AEJ DA@EI==NEELJIJE>=JAHEAAAIEFH *=JAHEAIA>I@L?AIFA?D@ IHEA=>O>O@I=ALOD=FJ8E@AF F=@>OO>JLA?DOOLO>EJOIK=I >LOAJ=LKIJ=LK=AA@?DA=FK@ IKOEIJ=H=ELJIJLALEL J=JAFJ=AJAHAFHLLFELJJAFJ >K@AJ>A?H=J?ALKELJIJAA?D=@6AJALAFHL=JLALA?D>=JAHE L?DI=@?DFKL=?D=FK>=JAHEL?DLHJ=A KJAH?DALAFIFLLAFAJ 6==IJTKH]A@LAAJAHAKIJLA IJA@K>=JAHELI=@O6OJO>FAO IJ=JEIAADK>=LEJJAF=JAHIALE?D KLKAJ=I=@=OKIJLAL LHIJL>=JAHELI=@OHJDIK=L?LOIJ=LAO EJAF=KLL=DOIKIA@E =A?IAKA@DA>KL?A>=JAHEA DHF=H=AJHO=JEAAE?DBK?A>K@A L FHLIOIJ=JELH=DHAE?D =FJ>K@AE=FF=@FAIA==KK 2HJAIJ=JAFO=AJIJA= >=DK@@L=JFHK@JAHFHJLA?AK>=JAHEF=FEFH=K?FHLK=FJKA I=>?DAAIAFKA=KK=AB=JE?O =OIKT=>AO]LF= IHK 6AJHAEF=FI>LAEHO?DAD@?AJ=LDAI=>DE+@K2H 8H=AIAFJ?DAE?FH?AIFH>D=? L K=EAAE+@A=>ALF= IHK@IA@ELL?E==IALOJLAJL@EL LLTL=IO]=IJ=L=@A@HEJO=JO=HIJ=@ A@AAJH@O@HKD6OJ@A@HEJODKD@ LOJLEJH=JKLEJK=FHALL=JIA=A A>LJ@FHLLEIIJE=IJKFEFAK =EAIAJ=L@A@HEJOLOJLEOIKEJHL== ADK>JTHFKJO]FH?AIOE@?DFE HAJ=>AK6OJ@A@HEJODK=L? LOJLAJL@ELK@HDKJAH=IA@AI=LO> AKADHO?DIJ>K@ALEIAJ=@FHK@A @HEJK6AJALIAAFHALL=JJ=AAAK@H >=EA=A>J=JL=AJA>=EJ=ANJH @O@A@HEJA>J@IJ=JALAAAIA?DLJ==>OL>A?A>OI?DFAK@HAJ> I=@ILEKHJD=EKFHO?D=>A 5=@ADH@IA@AIFAIJLH>K@A @HEJAJAL=IJHAFHAAJKKHEJIJLAA JHOJKJAHF=AFH>AAJH?DAE?FH?AIO L KALOKEJA=AFEIFLJA@O=EA=F=?EJ K8IA@AAJAAIAII>LO> HO?DAE@OH=JFI>A@A@HEJA=AEF F=>EJ>K@AFEFKLL>=JAHEEFHL?A= LO>EJ=>K@AFJLKFAFL=>K@AL LE=JAJL?ALJ?D=HI?D@A@HEJEE ILO==HL=HKD ELLE+@L>A AIJAIOAEJA?DE?A>LLE+@ IFL=?LFELA@ALADFKIKAAHCEA= AF=J=KA>JA TJ=LA]=FJFKEJAFHHF@O 6A=FHLFDA@F=AU TUAL=D>=JAHELD =@=L=KKIAA>=JAHEAIA =L@OA?D=J?A=LO>J=>OIAFA@A F=LKABAJK=KFA?AKI>J LF@KA] 6A>JHIAE>=JAHEL=F A?D=A=F>A@HJLJAAB@ HAL=?DLH>?JAL=KKKL@EA >OIA>=JAHEAOA?D=J>=I?A=LO>J=>OIA FA@AF=LKALK 8A?JKDK?EAA@AJAJ 2HJ=KO=>A?L=JLH>?A =@A>EDFIJHAAIK=I LH>?A>=JAHE=LJAHFI==KAA LA?DJ 2HF@AH=LIA=>@=JAHEA=JA @L@AAFHIJI=D=FH@=JL?A>=JAHE )>A@HJLJAAB@OD@@ LDFHIJ@=>AO6AAB>OLOH>ALH ''#=AALFKLIJAHECEI=@K >=JAHE6AABE=JE@OTAIF=@]>DADL HKHA@EDFF=@K@ODLHJHL=FAI! D@EO
-AHCAJE?FKI>O>J@ABEL===IL AA=IJIAFKL@AJH# JEIµ. =>EJ=#8FEFAK=DKJ IF=A)FE=?A@JELDFKIK=>HA JK=>O>OLKKLFEDAAHCEA ==>OIA@AA>OFHA=EI>KFHL@? J=LHT]EAJ@=FKLE=FJ =ADALJFHK@AALD@KAA@L= AAHCEAATI=HACKL=]=AAI=@ ANF@L=JL@IA@KDALEJ?DL@EL?DIJ A>AFH=IKJDLLAJAF==FO AJA>=@H=L=JA@J?DJIEJK=?A @K? 2EJ=LHK@?DJKAFA>OJA AAHCEAFI>FAFA@F=A@A@HEJKH=JK?DFA>IJAL=@A2K@IA F@=J=LH=J@IJH=EJAALK =>AJ AJA>=IEKL@EJAJ=LAE@OA>J I?DFA=>EJ=LJ=F=?EJKAFA@JJI=DA >K@AJL@O?OFHJEED@JIAK =F=?EJK=>K@AEFKEJL>=JAHEE>K@AL@O?DOA I=@KLO>A=FA?D@K@IJ=LK@O>K@A @?DAJADFAFL2==JKJAIEA=JA HEJAHLOJL@A@HEJEL?AAFEIFLA =F=?EJKE@O@@AT@FA]@A @HEJKA=L?I=DKAIAF=HJHOJAH IKHIJA=IA@@F=A@A@HEJK =IJFAO?>K@A@ALJL=JAD I=LO>A 2K@IAHD@AJAFHFKEJJJAJ@OL@OIA KEIJJAAAA>>=JAHEAIK?A=@FAO@ =FAD=A=>OA@ADFAL> A2K@IAJ=LI=DAF@=A>=JAHEEA =A?FJFKL=JI>JD@JFKA= =?EJAHFIOJAJH?DK=IKFH=EJIJE DH=@O>=JAHE>AL=@K 2=AJA>=@H=L=JAJ=JFH?A@KH= A>JA>AFAAA@IAAA>AFA =FJA>FHK@O=AA@JEANFEK= HFJA@EL?DJA6AJFIJKFA>J =FELFKA=A@JELA=A=?AK >=JAHEEKIJAJA@OJFIJKFA@JEL= AJEJAJ=JE@ELE@K =I=JL=E?DE+@?AL?A AAHCEA LKF=KE@L@JAHIKEKJ=AO @FHKKJALH>?E>=JAHEL=FA?D=A =>OE+@>=JAHEA>OO?A=LO>EJO@LAAA>K@AJA LKF=>AJ5K@A@L@AJKA =AEJLIOJKTF=LD]ALK=AKLAA JK=>OF=LABAJLEAKJF=L= LO>AJA=FAIIJAIJKFALO>EJ)JK FHLFEFKLLJEO>=JAHEL=FA?D=A A@?D 2HIAJA@OJ=L@FHKAIJALOIOJK +OEJIJOIEA@L@AA>J I=D=FH@=JL?A>=JAHEA>>=JAHEL=FA?D =A2K@IA>K@AJA@EJ@FHKAAD F=L=HAIFAJL=HKH?A@>OELJ= >=JAHEAFHIJAFH@A>=JAHEAFA=F= FAIL@KAAE@F?J=LEIJHK?AIKFHIJ AEBHL=A>AA=E?AFD,AJA@OIA@KAE>@JAHAJAK@=J FHJ=>OIJA=>HEEFA@=IKAD@?A E+@>=JAHEL?DI=@ E@OAA?DAJA>=JAHEEE+@F LO>J8@IA@KJDAA@AA>L?A FAJ@FAFL=DIJ=LKFHJEIJ=J=J FI>JHL=FAJ?DJA@E FI>=>=JAHEEE+@IFADEL?A=LO>J A=EIJEJ=>O@>=JAHEAE@OAFAA @HALAHDIJ=LK6A=EIJEJFKAE JHLA@JEL?D>=JAHEA=FEAE?D LO>EJAKJJ=LOLALD@=EK FAIJEJ6>O=IE>LOALO=@L=@AJ >=JAHEA=JAEIJJAHK>O@=JAJA@ FAI?@2K@LAL=A=A FKLJAA@JELOAIEJK=?ADA A@@KFHJAAEJHL=JIJ=L=@D KA@JEL2=>A?EJDEL=KF=O FKL=FAIJAJFI>?DH=OFHJA L AE?DFF=@FLO>EJ=IJIKLEIA? FAFL==DK?AI=@OLA@A FKAD@?A@=DK )EKE0>=JAHEAJKJI=@K?A= FADAJ1@OA@JELOAIK FAFL>AFHIJA@DHAOAJ=L IJ=LFI>EJAA=F=?EJOFI>A=@ HLLAFO E@OIAAFKAJALOLHJ=JTAJFIA@ @HK]=FK>=JAHEL?DLHJ=A2K@IJA@O FKL=E>=JAHELKLHJ=KF=FHLFA@JA IA>=JAHEA?A=LO>E=IAA?D@DAF=E= LLE@EJAAI=AA?A=2HLLJJ =EK>OA@AA>L?A?A=LO>EJ?D= FA?D@HALAHDHAEK8=A>=JAHEALO@H DA@A=EAEFAIJ=AJAFKL=JEDA@ =EAIA?D@JHKF=L@IA@KIA =FJ=H@@==E??D>=JAHEIEE+@A> E0OK@HKL?AA>IJA=FJ @K@AIK?A=LO>EJO=F=AE?D=FJFHK@?AAIA2K@>OE+@>=JAHELI=@OO=>K @L=IJA>L@O=IKFKEJOL>=JAHE?D E1J>L@JAHT@F]>=JAHEE=EA=FJ A@DA>L?AAIAFE>O=>OELJ IJE+@>=JAHEDA@A AFA>AJAO,ATEJAECAJ]=> AOIKDA@EI=?DH=OFHJEFA>A @?A=@>H=AFK@FHKAJAA>=JAHELI=@= AA>LOAJAFA>J?LAF@K6L @>AO=>A=FHK@A>OAOA D@JEJ>=JAHEEJ=HO?DAE@OIKFA?DO FEFAEFJ@OA>=JAHEA?A==>EJFA?D=J @>AFEFAIJA=AJ=A@>HF=@ 2K@A>=JAHEAFEFEFA=@>AKLE@EJA DHAEFA>A= 2A>AE+@A>E0AFI>EJ LLFOLAE?DAAJHOJK=FK@AE?DJ= 6A?DE= FAIJKFKHEJKAAIAJALJ>AFAIJLA JEA?AIJAAFAA?D=J@JIEJK=?E= ANFEKU6=LALF=LA@AAJHJ =JAHEK?=AIK=IJHJK=F=?EJOE ALAJAHAHJEJELJIJFEJHL= @>A=FHK@AAFAF=IJLDIAF= HJHKFI>AJHL=LOIJ=LAOIKFELA JAFJ 5O@HTDK] A@IAALFHALK?IAKL?DJA AE?D=F=?EJ=AEAE?A=LE+@ A>E0OADKLO=L=JFK=F=?EJK =>OIA@IDJ=LDIJ=LKA>JKJ=>O AFHAE=?OO=>A=LO>A+ I J 2HIJFKLAJAAHFKAIL @AAD=F=?EJ=>K@AF=KHJK @>KJH?DKAAE2KHEJ@> FKLAD=F=?EJ=IJKFA7L@JAIEAE= =JK@OALO=KAIAK=F=?EJK>K@A FH=L@F@>FH=?L=JDAFAAF=J AJAHIJAJJL=DH=@E )FEKJA=AE?O=>ALO>A )EJ=@OAFHLLJ=L?DL?D= @FDLO>EJLD@@L@KLA@A?DLA 2K@FHLAFJA>KAJAAE?DFK=F=?EJK=F LEAAA=@?DHEL?DIEJK=?AIAKHEJ LO>AT=@FIA@=FO]LODKJ 6AJALIAAFHALL=JJ=KJAH>OO @HAOLF=>EJIJ=LK@KD@>FEFA= @>AK8J=LFF=@A>K@AFH>FI>A FA=AFH=L@F@>JALAA JHOJKLEOFELAHOIJ=OJAHAKK EK=KK=?E=KLLAAHCEE5J=LJ=L?D IALHJHKFE=?OA?DH DLO>EJ==>EJ ALD@@>JEE=@=?DI=@ ALO>AJA>=JAHEEFELAFHK@A2K@ AJAIJEJHL=JI=IJ=JIJ=L =@DK@@AFH=L@F@>FAFL A@DA>E==AE?DFA OLO>AJAFHK@AJAHAFAIDA??= +JA@OFHO)DFHK@A#)= AFEFKIJALO>EJ=DEKF@??='8 JAD@OAJA@@AFF=@K>OJKAAJHOJK L K=K>=JAHEAAJA=IJ=AHEEFAFL =D 8O>AAFHL@JAAJ=A>OIJAFHIJFEFEE K=@FH=A?D=ELA>J2KEJA >L@JAHJF@F==D=>A =EA=FJLO>ADKFAIAF@= KFH=DLKHLAJDFOAA>LA >=JAHEAFHL@JJFI>AA>K@AJK D@E=A@ 4=@E==JH!!!
6A?DE= 6A?DE= 2K@>=JAHEA=FAJ>K@AJAJA>= I?DFE@AJAL=J@OA@AE?D>K@A?A=LO>EJ= A>JDHAFAFL*K@AE=A>=JAHEA >I=DL=JLAFAJ=FA?DIHELKJ A>K@A JAE=F>=JAHEEIAKA"=FA F=>EJ=AEE>AFHIJA@F@FA =>AO>K@A=FJ>=JAHEA>A=JA??=# 8 @OLA?DO"O>K@KLO>EJO==FJ'8 >K@A=FJ>=JAHEAHL!$82K@A>=JAHEA FEALF@KJA@OAE=F=H= JL=OAJAFA@F@=JA!$8A=>I KJIF@DH=E?A=FJFELO>A AAAJA>=JAHEEIAK2 F=>EJEEJIF@FA=>AO >K@AJJ=J>=JAHEA>A=JA=FJA!82H =FJ'8=A>O>=JAHEA=FH=?L=J=@ =FJ??='82K@IA=AL>=JAHEELOIOJK@L= H=JL=O=IJ=J>K@KLF@KF=F =>EJ>K@A?AL=FJ8=A>K@A@EIFE?E @E@E=?AJDA=OIK?A=L=@ FK@IEALEAJAA=FJ>=JAHEAAAIKJ DAAAADH=E?A'8JOT@>H]O >K@KJIJAAJ=FJA8 JDFOAAA=KLA?D>=JAHEL?DI=@ AATLAK]@EIFE?EEBH=?AIJ=LKA@ JEL?D)>O?D@IJ=JAIFADELEIJEE IJ=L=@D>O>OKJ>=JAHEE@KHEJD IJKFHA>H=J2K@IA@HA>H>=JAHEAFKIJJA A=FAJA=KFHKLA@ADA@==JK JDJK=>KJAF=JH 4@OLFKLE+@=E0 =FHLFDA@IAA@JAE0OA FL=L=J=AFLAHEE+@E0O= FHJEE+@IA@K?FA@IJE IJLAAHCEAKALK=A@JK>A KALOOE0=LJ>LK =F=?EJKAIJALAOE+@ A>I=DK=@EK?AJJNE?L= A=JA@OAC=JELDHL=JFHIJA@ 2EFAFLAIKALJ=?DOLOJLA @A@HEJJAHDKEEJAE+@FI>A LEJDH=JKLEJI=LO>A?FHK@=AEJ =F=?EJKK ==AJ=JAHALD@O AE?DELJIJLO@AFJA?O =>ALO>AAA ##?OLFHL I#?OOKE+@ =FHLAI=LO>A?FHK@2A?DO >AJAL=>EJIJ=LKIAHO?DAE@IJ=K@ LO>EJDIJ=LK =?LJLEJ@FH=EI?DFIJ KLEJLJFHK@LFHLIOE+@ =AJAFHE?EFEAIKLD@FH FKEJ=FA=AILJFHK@L @>HA=F>=JAHELD=@@A@A>H= FHK@ODK@IDKJD@J=E=+JA@O JA>=!)FHO)D=JHDKIA=A ==>ALL=JLJOFOE0KJAH?D IAKLA@AAAAFHALK =H@@E+@AKED>JE EIJEJ@=IKEF=>EJ 8FH=NE=ADKE0OFA=JOE+@ DA@EI=FJK?O=JFHJALJE=E+@ " >LAD@?A=FA@=IL@IA@KFAFL= IA@?DALLELAOE0FEFAFL FH=JE?OAJL@A@HEJLH=JOE?EFH ANEIJKALJ=L?DIEJK=??DA>AFA2AFL K E?DFI>KALLFOAAJHOJK=AA L J=L?DIEJK=??DIJKFALEJJ==AIA JALA8IA@JHJ=FOK=AJHJK=JAHEK AAJHOJK=IJIKLEIA?JHJK=F=?EJOK =DH=LE+@OE0 AAFHIJ=DH=@EJOE+@OE0 @FLA=IEJK=?E2H@I=AFJEELJ IJE=EIJE>K@AFH=L@F@>J-*K@AA EIEJK=?EFIKL=JDA@EI=T@>H]?ALEI JEJA@O@O?AL@>=ELJ==>L=F=?EJ= >K@KFH=L@F@>AFAKE0A >J@FL) E0OAAJAFKJFH=A JAH@A>H=LAFHK@==FKL D=@6=L=I=AE0FLA@A JKAAE?DELJIJ>K@ALAEHJ=FKEJ A>JA>AFALEKFADJ= @FO 1JAECAJ=>AOA>HO?D=>AO KHAFKAFH=>AE+@AIK I?DFO@AJAL=J@==@OIKO E0F=>EJO 6AJ=IA@A>K A@IJ=JA=>EJAA=>EJFA> FH=L@F@>EFA>AFK@=>A=AA @AJAL=JIJ=LFD=>EJ7EIJJAIAAL=A HO?D=>A=AKHA=IFA?EFH=>A E0@LAAEFKEAJA =>AE0=>A=EI=FHK@A KHAEFL@FHE+@O>K@A FH=L@F@>FKJ=A=>A>K@A JHL=J!HJ@AA>OJHL=FHO E+@6OFE?@>==>AKJ=L=>AOA K E+@ $D@E5JA=>A=>K@A =>AJIJALAOE0!!$D@E FHJA=F=?EJ=E0A>JA @L=HJLJAFL@?DE+@ 2K@=DH=KAJAOE+@OE0E>OIJA @>J=EL? 5LO=AEE+@O=?DAJAIFHLALO D=KJAA@>D@F=@KLKJAJH?DKIE FF=@KEJ=AFA@=J=>O>OOELE @LOIFHLFI>A 2E=>AE0@@HKJALAKLA@A I=@OE0OAKIA>J=>AOLA IFHLHAEKFK@A>K@AJA=>AJ L TEJAECAJ?D]=>A?DA>HO?D=> A?D=J==>A=FHK@AKE?DA LO=@L=J=@A@>KAKE+@ E0OLO=KDALJI=LO>A? FHK@@OF=>EAJA>=JAHEEIAK E0=F=EA?DJALE@KAFA@F@AJAF E=I??DA>K@AIJAF=>EJ= +>ODELH>?EK@=JFHFH@KA ELJIJEE+@A>E0 I>AFK@HEKAA@@HLH=@ LH>?JA@OAE+@>=JAHEAIAA?D=JFLO>JA FAIJAFIJKFJAHE+@OFA@=IAD@ JAFA=JAA@=?A=L?D>=JAHE= F=AKIFELIJ@I=A?DLIA@KEL=JA=IJ LOD@?A=ADA@EI=@F=@=ELJ FHIJA@E@OFEJAIA@FAD= TAA]JF==IA@AAFKEJA=A A>=@IALOD@E@OAE=@@>AFKEJA ==@EKJNE?JLIAF==IJ= L F@=IA@JA>=ELAL=FEJL@ 2HF@IJ=JFH@KAELJIJE=E+@J=E E0>O>OJA>=@=JEL? A@FHKL=JA>O>=JAHEAO>J?A=LO>AO J=LKHAEKAANEIJKA=>IKJ@ @L@,>=JAHEA>FIJHLE?DIKFKLO>O >JLAIJ=LLO>L@OJAH=EIJ@FA @>HK>=JAHEA=EAA=A?A=LO>EJ JAD=FJAIA=$86>O=>HE FAFL=>OIAA@==EHAE FKEJ2=@J=LDAAA=JLALA?D LOH>?D=>A??D>=JAHE?DIA?DE1 7E1IAA@FHKKAAE?D =JL=EAAE?D=FJFAIAF@ # 8LLFO=FA=AE?D @=LO>AF@8FI>AAAE?DJHL= FA=AFA@IJ=LKAE>AFAIJHEEE F@>=FE=?AIKFFIOL @AIKFH JOJ=>A?==E?OFFIOJA?DEO=E J=NEELJIJELAEF@>FIJKFO AFKJEKE+@=E0>=JAHE,=@=O>I=DK=FEBH=?AFJE=E=?E F=@=L=L=FKEJE1!=E?D" >=JAHEL.6&%FADA@J=FH=?KE1>=JAHEA =JAHF=@=LOFHAE?DFKL#EBH=?A?DAE??DFH?AIA?DL>=JAHE?D$EBH=?A FH@KJA?D=JAHJA?DE?EBH=?A==E??D L=>A??D=E?DJOFA?D%=D@=J H?DJOFA?DE1FH@KJBEHO2==IE?= JA?DE?@=A=EBH=?AFE=@H>E1 & JA=AJAA>JO2AJAEA =E8AJAFHIJ==L@ALAKLA @AEBH=?AIKIFHL=AADKFALJ@ HKO)KJHAAFA>H=J@K@FL@IJ= FF=@@OA>HEE=JAHDK>J@IA@A EIJLOFL=??DA>ALOFL=??DAJA JDJJANJK DJJFMMMKII??JKHAHE?@IDJ DJJFMMMH=OL=??>KIAAIFA?IHA&CIDJ!DJJFMMMKII??JKHAHBJ&%H=HDJ "DJJFMMMKII??JKHAHBJ&%>=JJDJ #DJJFMMMAEIEJAAJA@=C=H?DELAI''$ #'$ #@B"DJ $ DJJFMMMAEIEJAAJA@=CE@AN=IF=OKJ IA=H?D)-,JANJEJDEKE % DJJFMMMH=OL=??>KIAAIFA?I@M =@IDJ & DJJFMMM>EF==IE??FA>=JJAHEAIACEID AEKJAE@ABAEDJ 4=@E==JH!!
6A?DE= *@E@O-, 1HME=JD9),F@A+3 FAE=KFH=LEE?D=,7I=?D=(LO? *@E@O-,IAEH?ALOKL=FHF@ILJ L>=HAL?D@EIFA=ILJA@H I =@>HA=F@5J=@=H@>-, @E@OIKL=IJ@H-,F=JAKLEJ HOJKIFA?EBIBHAHJL@H AFH@KL=EFA@E@O=JELKABIBH =LE>ILJ=H@@>LO?D@E@ -,IF@=FJ=>@E@-,IJA ==@H@E@D@JOLHI=DK!#"8 =AJAA@AA>@L=O#8 AFIOJKFHHIL?A>-,O=FL= FAIILJE@IJ=JA=FJJ=LO >O?DFJA>L=EJEA>JOE =@>L@FH=FA>-,A=>H6E IHEL=FAOF#8@L=@DH=@O"# 82KEAEIA@E@=IAIF@A=FJ!#8F=FH FHK@ )KIA@>L@K==@EJIHEL@FH #Ω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
6A?DE= FEFH=LAO8ODAAIAJA@IJE HKA=IADAL=EJ>H=E LKA>AE?DL=EJ=A@ACH=@L= >OJAK@A@K=?=@K=? 5AJ=IAIAIFF=@A@OLE@AHAH@H LLH>O=FHCH=LLEJ @KJH=$==ID@KIJ>O FKLLIJ@AADKEL=JAFE=68 241)LOI=AAJ@=IJA=K =AJIJ@KJHAALOFKJFKAFA =@EJ=BHALA?E@AA@E L=EJ=L=IJDFHFAFIJH A@=FA@ALL=EJKAJH =FAELIJLL=AE?DEIJ==?E JAJH+1+0=5+)46F=JLJE K@>=IJEDHHL?DFH=?JAHAFA IA=DOLODKJ=H=@EKFEJDJLHO 1J=AL=LAA>AFAAKFA AJO2HLH>KAJOFE??DA>@KD?D =>AIAJHO+1+0A@>AKFEJ @H==?A?ALLJOFO7E?DDH A>AFAFEAF=JHFA@OIAE=?A AL=EJ?DAJHHJAA=KLIAJ L=IFAFA?D=IAIJA@A AJHK2HJAAFAFAJLA?DO AJHOI=I=AFHJEKIAJAH@L@ JAF 2K@@ALBAJHO=AAFIA K==>E=?A=>AL?DAJH.= FA?D@.,1 8DA@AK=EJHKEL?D =FJAKJI=@LK@AFKL=JIJ A>=NE=>AO=JE=FL@OHAFH @KJH@ALDA@AAE?D@A FH=L@F@>IJHKALAELOI AIJ=>@OA #L>IJE LOI=AFH &0A>+*AFE A=IJIJA=?E@=JLALKKA I?D=ABAJO8A>A?AA=@ FHFL=?=>AADAAJHE?@=A JLHJEKLL@OA>AI>A >DLOI=AA>JFEKHKA 7FL@KHAFH@KJHLJDLKA AJ=FJA>@>J=@IJ=JAFHA LEJDL@EAFKEJD=>AK LH +AJDJK>OFK@IHK EJAFA@FE=??D68IOIJA?D= AE?DJEI DA@A=EE=E=?EHKA @==JHI?DIJ=E?AA@JA@= L@LA@K?AIJFH?AJKIF?DK A>=@IEJK=?A==EJ=A?A=KEJ E?@@HLKHEJ?DI=@=HAIFA JLBOE?DAAE@OK@EJ >HO@K>OOHAIAOLAIFKFH?EI. =A?IE@LKELAA?=>@ KJIFKFH?E=F?FEFF=@A IECK=@HKLFK@>K@K?DJE KDH=@EJ=AIF=@O=?AIJK=@@= =JAHE 2JA@LA I ADK9!,2 IABL *IABL=(?AJHK?ECE=/HACH 65-E=CHACH(LO? =@>I=DAKAFFEI==JHID DJLA==IJ=LA==@64)27FH=JK JOFK9!,2K@IJAIAAJAHD@EJAHK L?AFILK=JKIEIIA>KAJI=@LA KLO>AHAJA=DJLJAAJAFHL@AI=J FJA>KEIFEH=?E=@D@+A@A =JOAFHKL=L=FKEJ>=L=ANFAHE AJLF=J==IAJE?OIFH6IA?AIJHKFH?AA@@KKA=@O L FHLI@I=AKIFA=FJA AIJI=@=E=K AFHLALO>H=@=A=JJ==IK>FK>ELO 8L?AFIL=J=F@A9!, )J=9!,A@HJLIOAJHE?@EFKK?FH?E =JA?D==JHI?DFIA?D2K@D>K@AAEIJ= L=JDHEJ>K@AADLIJKFEFA@=?AAE$=' DO=EJJA?D==JHI?DFIA!#=%0 L=IJIJEELO=L=?@E=CH=>@>==IE? FL@EF8FIK 0ALO=L=?@E=CH= >@>=K@KD@HJL=JO@O #=>@==E ALAIHL = =NE=AIA@@E?A =J=%0A=NEKLO=L=F@ KIK=JO=!#0=FEL?A=JO@ #AJH ADHEJ@E=CH=LO=LFH=JE?OLAIHL?AHKDL =@KIF@=JOAKLA@AL>H >H 2KEJAIJ=JOFHFH?ELKLA@A?DJA?DEJ JL?DFIA?DA@=LAF=H=A?DHA=?D >L@JH=F@FAIKHA?D>@LH=AA?D =JO >H >HA=J=?A=+E?DAJH=FIALOJL =ADHA=EJJK%#0E=A LOIEFA@=?A=IJAEJJKKIHAL=JE @EFJLALEJE@AEIJEH=A=JO@AIA JA@O?A=J=?DL=EIJFL@EFFHJAJ EJAJ?LIJEIAOH=AIA=JJEJJK AKF=JIKT@FA]2HJAJH=FL=JKIJ FAILAL@AIJE #λ @>@K=FAL=@ H=AE=EJJK!#0IAJH=F?DL=E@KIJ FIOJK?FJA>KE@KJELHA=J=?AFA=?E =F=?EJIOJAHKLO=KA=@@EFH=JA# λ =!#0A@=?AD=AD@EFKA"$= " λ,ia@afa=?atha=j=?a]h?ad @EFKAJA=ADILH?DIAFKAEK IKEFA@=?AAD@J=>K@A=AEA%!Ω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Ω FJE FH9!,LADJAFHLA@A@=A LIA@K?J=> IK=J=CKBEHO0-7)*- 4 6=> =@@=AJAH?D=NE?D=>A ==A>=KKA==E?DFA?D2K@ >K@AAI=JKANFAHEAJL=JEE!FI=JO FE?FH9!,!#%= 0>=K=BAHEJKAA @FHKEJANFAHEAJOJ=LO=@KANJAH KELAH=JAJKAH6A>2A FHJAIFA@F@=E=E@?DO=ELIJKF EFA@=?A=JO@IJ=@=H@?D#Ω IE)67 L JH=I?AELAHKAFH=@ 6H=FO=JO9!,>A?@=A 7@L=IAIA@K?D@JO4A=EJAJ %#0& &!µ0=+$f.8aij=@=h@ KL@?DF=H=AJHA?DJJ=JOIAAFA@F @L=IJ=F=?EJ=?LO=IE #F.E=>O>L@ HAL=L=%%#02EIAIJHAJH=FKAIJ= EJFKAADHA=EJAJ=A@@HAJE KL@D@JO=+J=E,?AL+IA I=AKI=FJ=JEL=IJ=F=?EJ=LEKJ?LO 2A@IJEJH=FKDJLAD=NED=>AK IKFH==JHIFHLA@ALAELJ=6ILEKJ LEJLA@ALEJKAA@=I=@=FAI=AJ= =KJ=JE?OLOJL@=EJACHL=K=F=?EJKL=IJ DLEKJA?ALKLAEIJKIAJE= AAAA@@K?DFI>AEJIKJAK E@KIJLEKJJAH>O=>JHL=&!µ02E FKEJF=IJL?DJHK>AFHHK!!#AFAJ LEJ=NED=>AKFE>E+ALA=A FAJLEJJ=JDJLADLEKJ?LO@LI> FA@A=>AK=TA@LEKJ]A=FA@IHEA IK=>AK=IT@HKDLEKJ]=JAA? =JAA?6J=FAIAIFJA>D@ J=E@KIJE=IK=IEEJACHL=L=IJ =F=?EJ=LEKJ=IE!#="F.>L=?=F=?EJKAA A@@K@FEJ F=DAIJAD =>AK@KD =IE?=F AF=H=A LL@??LOFA @AIFEJIFA @AKIK-AJHE?FALIJE=?A=>AKA =FHIJ@IJ=K?FHLLOI=A9JH=FA =@EJJKJKJLKLOIJ=LA=NE @96=J@=TIJ=LA]HA=E JAJJH=FK%#0AIKJAFJEALD@ HEJE?OFIK@EJIH@=JA@?DO=HA=?D EJJ=@=?DFIA?D!#= 06H=FOD JLAFFEIL=FI>A==!NE3FH JE=IE?KFHLA@A?LA=@AJH1J=K E?D>O=EJ==FI=FHHL=AI=>A!@*A#=$0A@IAFA@F@=JA>L@ AL=JIOIJK=%0@AA@EFH=?KA L HA=?E=JE=JA=>OIA=FI=LJE= =0FJA>?DFAAKJ?ADFI=5J =L=DK=LOKA@=AFIKKJHA=?EFH +9FHL=%#0=FH55*=%$0 I=AIL@AA@EA>> IO=+LELEIJ=JO=IJ=J?DFI A?D!#= 0@=A KFA@IJ9!,= % 0>OJH=F==@EJ F@AFHABAHL=D@HKDK FHLK=JKJDOFJKFH= JE?OLEJ 2L@HECEF=@=FLE))!''& DJLEJJH=F=EJACHL=F=H=A+>L@=LE KJ=NED=>AKAKHEJ==L=EIFEHK?8AE?AIAA@@KIJHK?A@AJHK I FJA>KAAJHE?KFALIJ=KK?EI=@ =IJ=LA=F=?EJO=LOFLFA@?DDFFEI L=IJHK?AJH=FKAFHOAL=IJLEKJ?LO?AKFJA>KD@JK=F=?EJO6H=FJAH>OJ @=>OKIAJF@IJ=JLJ@KA=K L=?D=KIA>O>J=LEKJ=JHK>?A ALD@=FHHKFLAFHDO>K K FKEJD=NED=>AKA#@ @EIFE?EJA=>AIFHHA #@IDA LEKJ=JHK>?AFHHKF@ LJDFE >AFJA>?AL=F=?EJFE=?DL E@KIJE& &!µ06>oj=fl@h =KJH= 4=@E==JH!!
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µ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µ0 AA@LEKJIJFIA@DLEJKA>AE HJEJFKAFA@AK?ALEKJ=KA?D=JLF L@@?A6=@IHIEFHLD LEJKIAE@KIJ= µ0=ejajia L=#0=@FH=L=KI>JLA=L AHA=?=LFJO -AJHE?=A?D=E?@AJH=F 2EFAANJAH=F=?EJOLOJLAF=DA=N =>AK@KDAFHLA=IE!?=ADFIJKF H=?L=IJ=LAHA=?E?ADJH=FK= IJ=LALAEJAJ=F%#0 2JAIHEAJ==F=?EJKKLA@AD=>AK F.=?@OKFALFA@F@=?D LEJ =F=?F=DKK?A?LO?ALEKJFA@A '
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