New LEQEMBI CompanionTM program launched to expand helpful resources for patients throughout the treatment journey, including Nurse Educators who can provide patients with injection training, and an injection tracking tool and more
LEQEMBI IQLIK, approved by the U.S. FDA in August 2025, is the first and only anti-amyloid treatment to offer an at-home injection after initial treatment of 18 months
kAmkDA2? 4=2DDlQ=686?5$A2?r=2DDQm%~z*~ 2?5 rp|q#xsvt[ |2DD]k^DA2?m[ kDA2? 4=2DDlQ=686?5$A2?r=2DDQm~4E] e[ a_adk^DA2?m ^!#}6HDH:C6^ \\ t:D2: r@][ {E5] Ww625BF2CE6CDi %@<J@[ rt~i w2CF@ }2:E@[ Qt:D2:QX 2?5 q:@86? x?4] W}2D52Bi qxxq[ w625BF2CE6CDi r2>3C:586[ |2DD249FD6EED[ rt~i r9C:DE@A96C p] ':6932496C[ Qq:@86?QX 2??@F?465 E@52J E92E =642?6>23\:C>3 DF34FE2?6@FD :?;64E:@? W&]$] 3C2?5 ?2>6i {t"t|qxkDFAm®k^DFAm x"{xzkDFAm%|k^DFAmX :D ?@H 2G2:=23=6 :? E96 &]$] 2D 2 >2:?E6?2?46 5@D:?8 C68:>6? 7@C E96 EC62E>6?E @7 p=K96:>6CVD 5:D62D6 WpsX :? A2E:6?ED H:E9 |:=5 r@8?:E:G6 x>A2:C>6?E W|rxX @C >:=5 56>6?E:2 DE286 @7 5:D62D6 W4@==64E:G6=J C676CC65 E@ 2D 62C=J psX] p7E6C `g >@?E9D @7 {t"t|qx W=642?6>23\:C>3X :?EC2G6?@FD Wx'X EC62E>6?E 2E `_ >8^<8 6G6CJ EH@ H66<D[ A2E:6?ED >2J 6:E96C 4@?E:?F6 x' :?7FD:@?D 2E `_ >8^<8 @?46 6G6CJ 7@FC H66<D @C DE2CE E96 ?6H H66<=J be_ >8 DF34FE2?6@FD :?;64E:@? FD:?8 E96 {t"t|qx x"{xz 2FE@:?;64E@C]k^Am
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56C`QmkAmk2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^afghh__^t:D2:0x?4000{6B6>3:0!C@5F4E0$9@E0w:890#6D@=FE:@?]9E>=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmk^2mk^Amk^5:Gm
kAmt:D2: 2?5 q:@86? 92G6 2=D@ =2F?4965 E96 {t"t|qx r@>A2?:@?kDFAm%|k^DFAm AC@8C2>[ 2? :?:E:2E:G6 C@@E65 :? 3@E9 4@>A2?:6DV 4@>>:E>6?E E@ AC@G:5:?8 2446DD E@ {t"t|qx 2?5 C6D@FC46D 7@C A6@A=6 =:G:?8 H:E9 62C=J p=K96:>6CVD 5:D62D6] %96 AC@8C2> 2:>D E@ AC@G:56 6IA2?565 C6D@FC46D E92E DFAA@CE A2E:6?ED E9C@F89@FE E96:C {t"t|qx EC62E>6?E ;@FC?6J[ 7C@> :?:E:2E:@? E9C@F89 >2:?E6?2?46 E96C2AJ]k^Am
kAmx? 255:E:@? E@ E96 4FCC6?E C6D@FC46D 2=C625J AC@G:565 W6]8][ 96=A H:E9 F?56CDE2?5:?8 :?DFC2?46 4@G6C286 2?5 A@E6?E:2= @FE\@7\A@4<6E 4@DED 2?5 :56?E:7J:?8 7:?2?4:2= DFAA@CE AC@8C2>DX[ E96 ?6H {t"t|qx r@>A2?:@? AC@8C2> H:== ?@H @776C A2E:6?EDik^Am
kF= EJA6lQ5:D4Qmk=:mx?;64E:@? 65F42E:@? E9C@F89 }FCD6 t5F42E@CD 6:E96C :?\A6CD@? @C G:CEF2==J E@ AC@G:56 A2E:6?ED H:E9 EC2:?:?8 @? :?;64E:?8 E96:C >2:?E6?2?46 5@D6 FD:?8 E96 {t"t|qx x"{xz W?FCD6 65F42E@CD EC2:? @? E96 56G:46 @?=Jj A2E:6?ED D9@F=5 5:D4FDD 2?J EC62E>6?E\C6=2E65 BF6DE:@?D H:E9 E96:C 5@4E@CX]k^=:mk=:mp H6=4@>6 <:E E92E :?4=F56D 65F42E:@?2= C6D@FC46D E@ 96=A A2E:6?ED 2?5 42C6 A2CE?6CD <?@H H92E E@ 6IA64E[ AC6A2C6 7@C 2E\9@>6 :?;64E:@?D[ 2?5 >@C6]k^=:mk^F=m
kAms6D:8?65 E@ D6CG6 2D 2 5:8:E2= D@=FE:@? E@ 96=A DFAA@CE A2E:6?ED 2?5 42C6 A2CE?6CD 2=@?8 E96:C EC62E>6?E ;@FC?6J[ E96 {t"t|qx r@>A2?:@? 2AA H2D 56G6=@A65 H:E9 |65:D276[ 2 5:8:E2= A2E:6?E 6?8286>6?E 2?5 >65:42E:@? >2?286>6?E A=2E7@C>] uC@> 65F42E:@?2= :?7@C>2E:@? 23@FE E96 :?;64E:@? AC@46DD E@ 2 E@@= 7@C EC24<:?8 H96C6 2?5 H96? :?;64E:@?D @44FC[ E96 {t"t|qx r@>A2?:@? 2AA @776CD C6D@FC46D 2?5 >@C6 2== :? @?6 A=246] !2E:6?ED 42? G:D:E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9ladab_``b_U2>AjFl9EEADTbpTauTauHHH]=6B6>3:]4@>Tau6?Tau=6B6>3:\4@>A2?:@?\2AAU2>Aj2l{t"t|qx]4@>Taur@>A2?:@?pAA$:8?&AQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{t"t|qx]4@>^r@>A2?:@?pAA$:8?&Ak^2m E@ 86E DE2CE65]k^Am
kAm%@ 7FCE96C DFAA@CE 2446DD E@ {t"t|qx 7@C 46CE2:? A2E:6?ED H9@ ?665 96=A A2J:?8 7@C E96:C >65:4:?6D[ t:D2:VD !2E:6?E pDD:DE2?46 !C@8C2> W!p!X H:== AC@G:56 {t"t|qx 2?5 {t"t|qx x"{xz 2E ?@ 4@DE[ 7@C 6=:8:3=6 F?:?DFC65 2?5 F?56C:?DFC65 A2E:6?ED[ H9@ >66E 7:?2?4:2= ?665 2?5 @E96C AC@8C2> 4C:E6C:2]k^Am
kAm%@ =62C? >@C6[ @C :7 J@F 2C6 2=C625J 6?C@==65 2?5 92G6 BF6DE:@?D[ G:D:E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lahaebddcgaU2>AjFl9EEADTbpTauTauHHH]=6B6>3:]4@>Tau6?TauA2E:6?E\DFAA@CE\AC@8C2>U2>Aj2l{t"t|qx]4@>Tau!2E:6?E$FAA@CEQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{t"t|qx]4@>^!2E:6?E$FAA@CEk^2m @C 42== `\gbb\c\{t"t|qx W`\gbb\cdb\fbeaX[ |@?52J\uC:52J[ g 2]>] E@ g A]>] t2DE6C? %:>6]k^Am
kAmps :D 2 AC@8C6DD:G6[ C6=6?E=6DD 5:D62D6 492C24E6C:K65 3J 7@C>2E:@? @7 AC@E6:? 56A@D:ED <?@H? 2D A=2BF6D >256 @7 2>J=@:5\36E2 288C682E6D 2?5 ?6FC@7:3C:==2CJ E2?8=6D >256 @7 E2F AC@E6:? :? E96 3C2:?D @7 A6@A=6 =:G:?8 H:E9 ps] xE :D 42FD65 3J 2 4@?E:?F@FD F?56C=J:?8 ?6FC@E@I:4 AC@46DD E92E 368:?D 367@C6 2>J=@:5 A=2BF6 244F>F=2E:@? 2?5 4@?E:?F6D 27E6C A=2BF6 C6>@G2=]kDFAm`\b k^DFAm %96 52E2 D9@H E92E 2>J=@:5\36E2 AC@E@7:3C:=D 2?5 E2F E2?8=6D A=2J C@=6D :? E96 ?6FC@5686?6C2E:@? AC@46DD[kDFAmc\e k^DFAm2?5 @?=J {t"t|qx 7:89ED ps :? EH@ H2JD – E2C86E:?8 3@E9 2>J=@:5 A=2BF6 2?5 AC@E@7:3C:=DY[ H9:49 42? :>A24E E2F 5@H?DEC62>]k^Am
kAmsF6 E@ E96 C6244F>F=2E:@? @7 ps 3:@>2C<6CD 2?5 C6EFC? E@ A=2463@ C2E6 @7 564=:?6 27E6C E96C2AJ :D DE@AA65[kDFAmc\dk^DFAm 4@?E:?F:?8 >2:?E6?2?46 EC62E>6?E 27E6C E96 :?:E:2= `g\>@?E9 E96C2AJ :D 6DD6?E:2= E@ D=@H E96 AC@8C6DD:@? @7 ps 2?5 6IE6?5 E96 E96C2A6FE:4 36?67:ED[ 96=A:?8 A2E:6?ED >2:?E2:? H9@ E96J 2C6 7@C =@?86C]k^Am
kAm%96 2G2:=23:=:EJ @7 {t"t|qx x"{xz :? E96 &]$] @776CD A2E:6?ED 2?5 42C6 A2CE?6CD E96 23:=:EJ E@ FD6 E96 56G:46 2E 9@>6[ D9@CE6?:?8 EC62E>6?E E:>6[ 2?5 AC@G:5:?8 2? @AE:@? E@ 4@?E:?F6 EC62E>6?E H:E9@FE 92G:?8 E@ H@CCJ 23@FE G:D:E:?8 2? :?7FD:@? 46?E6C] %96 {t"t|qx x"{xz 2=D@ 92D E96 A@E6?E:2= E@ C65F46 962=E942C6 C6D@FC46D 2DD@4:2E65 H:E9 x' >2:?E6?2?46 5@D:?8[ DF49 2D AC6A2C2E:@? 7@C :?7FD:@? 2?5 ?FCD6 >@?:E@C:?8[ H9:=6 :?4C62D:?8 :?7FD:@? 42A24:EJ 7@C ?6H 6=:8:3=6 A2E:6?ED E@ 368:? :?:E:2E:@? EC62E>6?E 2?5 DEC62>=:?:?8 E96 @G6C2== ps EC62E>6?E A2E9H2J]k^Am
kAmt:D2: D6CG6D 2D E96 =625 7@C =642?6>23VD 56G6=@A>6?E 2?5 C68F=2E@CJ DF3>:DD:@?D 8=@32==J H:E9 t:D2: 2?5 q:@86? 4@\4@>>6C4:2=:K:?8 2?5 4@\AC@>@E:?8 E96 AC@5F4E 2?5 t:D2: 92G:?8 7:?2= 564:D:@?\>2<:?8 2FE9@C:EJ]k^Am
kAmY !C@E@7:3C:=D 2C6 E9@F89E E@ 36 E96 >@DE E@I:4 pβ DA64:6D E92E 4@?EC:3FE6 E@ 3C2:? 52>286 :? ps 2?5 A=2J 2 >2;@C C@=6 :? E96 4@8?:E:G6 564=:?6 @7 E9:D AC@8C6DD:G6 2?5 56G2DE2E:?8 5:D62D6] !C@E@7:3C:=D 42? 42FD6 ?6FC@?2= 2?5 DJ?2AE:4 52>286 :? E96 3C2:?[ H9:49 42? DF3D6BF6?E=J 25G6CD6=J 27764E 4@8?:E:G6 7F?4E:@? E9C@F89 >F=E:A=6 >6492?:D>D]kDFAmek^DFAm %96 >6492?:D> 3J H9:49 E9:D @44FCD 92D 366? C6A@CE65 ?@E @?=J 3J :?4C62D:?8 E96 7@C>2E:@? @7 :?D@=F3=6 pβ A=2BF6D[ 3FE 2=D@ 3J 5:C64E=J 52>28:?8 D:8?2=:?8 36EH66? ?6FC@?D 2?5 @E96C 46==D] xE :D 36=:6G65 E92E C65F4:?8 AC@E@7:3C:=D >2J C65F46 ?6FC@?2= 52>286 2?5 4@8?:E:G6 :>A2:C>6?E[ A@E6?E:2==J AC6G6?E:?8 E96 AC@8C6DD:@? @7 ps]kDFAmdk^DFAmk^Am
kAmkDEC@?8mx}sxrp%x~}k^DEC@?8mk^Am
kAm{t"t|qxkDFAm®k^DFAm :D :?5:42E65 7@C E96 EC62E>6?E @7 p=K96:>6CVD 5:D62D6 WpsX] %C62E>6?E H:E9 {t"t|qx D9@F=5 36 :?:E:2E65 :? A2E:6?ED H:E9 >:=5 4@8?:E:G6 :>A2:C>6?E W|rxX @C >:=5 56>6?E:2 DE286 @7 5:D62D6[ E96 A@AF=2E:@? :? H9:49 EC62E>6?E H2D :?:E:2E65 :? 4=:?:42= EC:2=D]k^Am
kAmkDEC@?8mx|!~#%p}% $put%* x}u~#|p%x~}k^DEC@?8mk^Am
k5:GmkE23=6 3@C56ClQ_Q 46==DA24:?8lQ_Q 46==A255:?8lQ`Q 4=2DDlQAC?344QmkECmkE5 4=2DDlQAC?ACa AC?A=a AC?G23 AC?E24 AC?43ED AC?3C3CD AC?D333` AC?3D3=DQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=b_QmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm(p#}x}vi p|*{~xs\#t{p%ts x|pvx}v pq}~#|p{x%xt$ Wp#xpXk^DA2?mk^DEC@?8mk^DA2?mk^Amk^E5mk^ECmkECmkE5 4=2DDlQAC?ACa AC?A=a AC?G23 AC?E2= AC?D3E3` AC?3C3CD AC?333D AC?3D3=DQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm• kDEC@?8m|@?@4=@?2= 2?E:3@5:6D 5:C64E65 282:?DE 288C682E65 7@C>D @7 36E2 2>J=@:5[ :?4=F5:?8 {t"t|qx[ 42? 42FD6 p#xp[ 492C24E6C:K65 2D p#xp H:E9 656>2 Wp#xp\tX 2?5 p#xp H:E9 96>@D:56C:? 56A@D:E:@? Wp#xp\wX] x?4:56?46 2?5 E:>:?8 @7 p#xp G2CJ 2>@?8 EC62E>6?ED] p#xp FDF2==J @44FCD 62C=J :? EC62E>6?E 2?5 :D FDF2==J 2DJ>AE@>2E:4k^DEC@?8mkDEC@?8m[ 2=E9@F89 D6C:@FD 2?5 =:76\E9C62E6?:?8 6G6?ED[ :?4=F5:?8 D6:KFC6 2?5 DE2EFD 6A:=6AE:4FD[ 42? @44FC] p#xp 42? 36 72E2=] $6C:@FD :?EC246C63C2= 96>@CC9286D WxrwX U8Ej` 4>[ D@>6 @7 H9:49 92G6 366? 72E2=[ 92G6 366? @3D6CG65 H:E9 E9:D 4=2DD @7 >65:42E:@?D] q642FD6 p#xp\t 42? 42FD6 7@42= ?6FC@=@8:4 567:4:ED E92E 42? >:>:4 2? :D496>:4 DEC@<6[ 4@?D:56C H96E96C DF49 DJ>AE@>D 4@F=5 36 5F6 E@ p#xp\t 367@C6 8:G:?8 E9C@>3@=JE:4 E96C2AJ E@ 2 A2E:6?E 36:?8 EC62E65 H:E9 {t"t|qx]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=c_QmkDA2? 4=2DDlQAC?6HD0DA2?Qm@ kDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6QmpA@=:A@AC@E6:? t εc WpA@t εcX w@>@KJ8@E6Dk^DA2?mk^DEC@?8mkDEC@?8mi !2E:6?ED H9@ 2C6 pA@t εc 9@>@KJ8@E6D WO`dT @7 A2E:6?ED H:E9 psX EC62E65 H:E9 E9:D 4=2DD @7 >65:42E:@?D 92G6 2 9:896C :?4:56?46 @7 p#xp[ :?4=F5:?8 DJ>AE@>2E:4[ D6C:@FD[ 2?5 D6G6C6 C25:@8C2A9:4 p#xp[ 4@>A2C65 E@ 96E6C@KJ8@E6D 2?5 ?@?42CC:6CD] %6DE:?8 7@C pA@t εc DE2EFD D9@F=5 36 A6C7@C>65 AC:@C E@ :?:E:2E:@? @7 EC62E>6?E E@ :?7@C> E96 C:D< @7 56G6=@A:?8 p#xp] !C:@C E@ E6DE:?8[ AC6D4C:36CD D9@F=5 5:D4FDD H:E9 A2E:6?ED E96 C:D< @7 p#xp 24C@DD 86?@EJA6D 2?5 E96 :>A=:42E:@?D @7 86?6E:4 E6DE:?8 C6DF=ED] !C6D4C:36CD D9@F=5 :?7@C> A2E:6?ED E92E :7 86?@EJA6 E6DE:?8 :D ?@E A6C7@C>65[ E96J 42? DE:== 36 EC62E65 H:E9 {t"t|qxj 9@H6G6C[ :E 42??@E 36 56E6C>:?65 :7 E96J 2C6 pA@t εc 9@>@KJ8@E6D 2?5 2E 9:896C C:D< 7@C p#xp]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm• kDEC@?8mr@?D:56C E96 36?67:E @7 {t"t|qx 7@C E96 EC62E>6?E @7 ps 2?5 E96 A@E6?E:2= C:D< @7 D6C:@FD p#xp 6G6?ED H96? 564:5:?8 E@ :?:E:2E6 EC62E>6?E H:E9 {t"t|qx]k^DEC@?8mk^DA2?mk^Amk^E5mk^ECmk^E23=6mk^5:Gm
kAmkDEC@?8mrk^DEC@?8m kDEC@?8m~}%#px}sxrp%x~}k^DEC@?8mk^Am
kAmr@?EC2:?5:42E65 :? A2E:6?ED H:E9 D6C:@FD 9JA6CD6?D:E:G:EJ E@ =642?6>23\:C>3 @C E@ 2?J @7 E96 6I4:A:6?ED] #624E:@?D 92G6 :?4=F565 2?8:@656>2 2?5 2?2A9J=2I:D]k^Am
kAmkDEC@?8m(p#}x}v$ p}s !#trp&%x~}$k^DEC@?8mk^Am
kAmkDEC@?8mp|*{~xs\#t{p%ts x|pvx}v pq}~#|p{x%xt$k^DEC@?8mk^Am
kAm|65:42E:@?D :? E9:D 4=2DD[ :?4=F5:?8 {t"t|qx[ 42? 42FD6 p#xp\t[ H9:49 42? 36 @3D6CG65 @? |#x 2D 3C2:? 656>2 @C DF=42= 677FD:@?D[ 2?5 p#xp\w[ H9:49 :?4=F56D >:4C@96>@CC9286 2?5 DFA6C7:4:2= D:56C@D:D] p#xp 42? @44FC DA@?E2?6@FD=J :? A2E:6?ED H:E9 ps[ A2CE:4F=2C=J :? A2E:6?ED H:E9 |#x 7:?5:?8D DF886DE:G6 @7 46C63C2= 2>J=@:5 2?8:@A2E9J WrppX[ DF49 2D AC6EC62E>6?E >:4C@96>@CC9286 @C DFA6C7:4:2= D:56C@D:D] p#xp\w 86?6C2==J @44FCD H:E9 p#xp\t] #6A@CE65 p#xp DJ>AE@>D >2J :?4=F56 96252496[ 4@?7FD:@?[ G:DF2= 492?86D[ 5:KK:?6DD[ ?2FD62[ 2?5 82:E 5:77:4F=EJ] u@42= ?6FC@=@8:4 567:4:ED >2J 2=D@ @44FC] $J>AE@>D FDF2==J C6D@=G6 @G6C E:>6]k^Am
kAmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qmx?4:56?46 @7 p#xp k^Am
kAmk^DA2?mk^DEC@?8m $J>AE@>2E:4 p#xp @44FCC65 :? bT 2?5 D6C:@FD p#xp DJ>AE@>D :? _]fT H:E9 {t"t|qx] r=:?:42= p#xp DJ>AE@>D C6D@=G65 :? fhT @7 A2E:6?ED 5FC:?8 E96 A6C:@5 @7 @3D6CG2E:@?] p#xp[ :?4=F5:?8 2DJ>AE@>2E:4 C25:@8C2A9:4 6G6?ED[ H2D @3D6CG65i {t"t|qx[ a`Tj A=2463@[ hT] p#xp\t H2D @3D6CG65i {t"t|qx[ `bTj A=2463@[ aT] p#xp\w H2D @3D6CG65i {t"t|qx[ `fTj A=2463@[ hT] }@ :?4C62D6 :? :D@=2E65 p#xp\w H2D @3D6CG65 7@C {t"t|qx GD A=2463@]k^Am
kAmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qmx?4:56?46 @7 xrwk^Am
kAmk^DA2?mk^DEC@?8m xrw U8Ej` 4> :? 5:2>6E6C H2D C6A@CE65 :? _]fT H:E9 {t"t|qx GD _]`T H:E9 A=2463@] u2E2= 6G6?ED @7 xrw :? A2E:6?ED E2<:?8 {t"t|qx 92G6 366? @3D6CG65]k^Am
kAmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm#:D< u24E@CD @7 p#xp 2?5 xrwk^Am
kAmk^DA2?mk^DEC@?8m k6>mpA@t εc r2CC:6C $E2EFDk^Am
kAmk^6>m~7 E96 A2E:6?ED E2<:?8 {t"t|qx[ `eT H6C6 pA@t εc 9@>@KJ8@E6D[ dbT H6C6 96E6C@KJ8@E6D[ 2?5 b`T H6C6 ?@?42CC:6CD] (:E9 {t"t|qx[ p#xp H2D 9:896C :? pA@t εc 9@>@KJ8@E6D W{t"t|qxi cdTj A=2463@i aaTX E92? :? 96E6C@KJ8@E6D W{t"t|qxi `hTj A=2463@i hTX 2?5 ?@?42CC:6CD W{t"t|qxi `bTj A=2463@i cTX] $J>AE@>2E:4 p#xp\t @44FCC65 :? hT @7 pA@t εc 9@>@KJ8@E6D GD aT @7 96E6C@KJ8@E6D 2?5 `T @7 ?@?42CC:6CD] $6C:@FD p#xp 6G6?ED @44FCC65 :? bT @7 pA@t εc 9@>@KJ8@E6D 2?5 :? O`T @7 96E6C@KJ8@E6D 2?5 ?@?42CC:6CD] %96 C64@>>6?52E:@?D @? >2?286>6?E @7 p#xp 5@ ?@E 5:776C 36EH66? pA@t εc 42CC:6CD 2?5 ?@?42CC:6CD]k^Am
kAmk6>m#25:@8C2A9:4 u:?5:?8D @7 rppk^Am
kAmk^6>m}6FC@:>28:?8 7:?5:?8D E92E >2J :?5:42E6 rpp :?4=F56 6G:56?46 @7 AC:@C xrw[ 46C63C2= >:4C@96>@CC9286[ 2?5 4@CE:42= DFA6C7:4:2= D:56C@D:D] rpp 92D 2? :?4C62D65 C:D< 7@C xrw] %96 AC6D6?46 @7 2? pA@t εc 2==6=6 :D 2=D@ 2DD@4:2E65 H:E9 rpp]k^Am
kAm%96 32D6=:?6 AC6D6?46 @7 2E =62DE a >:4C@96>@CC9286D @C E96 AC6D6?46 @7 2E =62DE ` 2C62 @7 DFA6C7:4:2= D:56C@D:D @? |#x[ H9:49 >2J 36 DF886DE:G6 @7 rpp[ 92G6 366? :56?E:7:65 2D C:D< 724E@CD 7@C p#xp] !2E:6?ED H6C6 6I4=F565 7C@> r=2C:EJ ps 7@C E96 AC6D6?46 @7 U8Ejc >:4C@96>@CC9286D 2?5 255:E:@?2= 7:?5:?8D DF886DE:G6 @7 rpp WAC:@C 46C63C2= 96>@CC9286 U8Ej` 4> :? 8C62E6DE 5:2>6E6C[ DFA6C7:4:2= D:56C@D:D[ G2D@86?:4 656>2X @C @E96C =6D:@?D W2?6FCJD>[ G2D4F=2C >2=7@C>2E:@?X E92E 4@F=5 A@E6?E:2==J :?4C62D6 E96 C:D< @7 xrw]k^Am
kAmk6>mr@?4@>:E2?E p?E:E9C@>3@E:4 @C %9C@>3@=JE:4 |65:42E:@?k^Am
kAmk^6>mx? r=2C:EJ ps[ 32D6=:?6 FD6 @7 2?E:E9C@>3@E:4 >65:42E:@? W2DA:C:?[ @E96C 2?E:A=2E6=6ED[ @C 2?E:4@28F=2?EDX H2D 2==@H65 :7 E96 A2E:6?E H2D @? 2 DE23=6 5@D6] |@DE 6IA@DFC6D H6C6 E@ 2DA:C:?] p?E:E9C@>3@E:4 >65:42E:@?D 5:5 ?@E :?4C62D6 E96 C:D< @7 p#xp H:E9 {t"t|qx] %96 :?4:56?46 @7 xrwi _]hT :? A2E:6?ED E2<:?8 {t"t|qx H:E9 2 4@?4@>:E2?E 2?E:E9C@>3@E:4 >65:42E:@? GD _]eT H:E9 ?@ 2?E:E9C@>3@E:4 2?5 a]dT :? A2E:6?ED E2<:?8 {t"t|qx H:E9 2? 2?E:4@28F=2?E 2=@?6 @C H:E9 2?E:A=2E6=6E >65:42E:@? DF49 2D 2DA:C:? GD ?@?6 :? A2E:6?ED C646:G:?8 A=2463@]k^Am
kAmu2E2= 46C63C2= 96>@CC9286 92D @44FCC65 :? ` A2E:6?E E2<:?8 2? 2?E:\2>J=@:5 >@?@4=@?2= 2?E:3@5J :? E96 D6EE:?8 @7 7@42= ?6FC@=@8:4 DJ>AE@>D @7 p#xp 2?5 E96 FD6 @7 2 E9C@>3@=JE:4 286?E]k^Am
kAmp55:E:@?2= 42FE:@? D9@F=5 36 6I6C4:D65 H96? 4@?D:56C:?8 E96 25>:?:DEC2E:@? @7 2?E:E9C@>3@E:4D @C 2 E9C@>3@=JE:4 286?E W6]8][ E:DDF6 A=2D>:?@86? 24E:G2E@CX E@ 2 A2E:6?E 2=C625J 36:?8 EC62E65 H:E9 {t"t|qx] q642FD6 p#xp\t 42? 42FD6 7@42= ?6FC@=@8:4 567:4:ED E92E 42? >:>:4 2? :D496>:4 DEC@<6[ EC62E:?8 4=:?:4:2?D D9@F=5 4@?D:56C H96E96C DF49 DJ>AE@>D 4@F=5 36 5F6 E@ p#xp\t 367@C6 8:G:?8 E9C@>3@=JE:4 E96C2AJ :? 2 A2E:6?E 36:?8 EC62E65 H:E9 {t"t|qx]k^Am
kAmr2FE:@? D9@F=5 36 6I6C4:D65 H96? 4@?D:56C:?8 E96 FD6 @7 {t"t|qx :? A2E:6?ED H:E9 724E@CD E92E :?5:42E6 2? :?4C62D65 C:D< 7@C xrw 2?5[ :? A2CE:4F=2C[ A2E:6?ED H9@ ?665 E@ 36 @? 2?E:4@28F=2?E E96C2AJ @C A2E:6?ED H:E9 7:?5:?8D @? |#x E92E 2C6 DF886DE:G6 @7 rpp]k^Am
kAmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm#25:@8C2A9:4 $6G6C:EJ (:E9 {t"t|qxk^Am
kAmk^DA2?mk^DEC@?8m |@DE p#xp\t C25:@8C2A9:4 6G6?ED @44FCC65 H:E9:? E96 7:CDE f 5@D6D[ 2=E9@F89 p#xp 42? @44FC 2E 2?J E:>6[ 2?5 A2E:6?ED 42? 92G6 U8Ej` 6A:D@56] |2I:>F> C25:@8C2A9:4 D6G6C:EJ @7 p#xp\t H:E9 {t"t|qx H2D >:=5 :? cT[ >@56C2E6 :? fT[ 2?5 D6G6C6 :? `T @7 A2E:6?ED] #6D@=FE:@? @? |#x @44FCC65 :? daT @7 p#xp\t A2E:6?ED 3J `a H66<D[ g`T 3J `f H66<D[ 2?5 `__T @G6C2== 27E6C 56E64E:@?] |2I:>F> C25:@8C2A9:4 D6G6C:EJ @7 p#xp\w >:4C@96>@CC9286 H:E9 {t"t|qx H2D >:=5 :? hT[ >@56C2E6 :? aT[ 2?5 D6G6C6 :? bT @7 A2E:6?EDj DFA6C7:4:2= D:56C@D:D H2D >:=5 :? cT[ >@56C2E6 :? `T[ 2?5 D6G6C6 :? _]cT @7 A2E:6?ED] (:E9 {t"t|qx[ E96 C2E6 @7 D6G6C6 C25:@8C2A9:4 p#xp\t H2D 9:896DE :? pA@t εc 9@>@KJ8@E6D WdTX GD 96E6C@KJ8@E6D W_]cTX @C ?@?42CC:6CD W_TX] (:E9 {t"t|qx[ E96 C2E6 @7 D6G6C6 C25:@8C2A9:4 p#xp\w H2D 9:896DE :? pA@t εc 9@>@KJ8@E6D W`b]dTX GD 96E6C@KJ8@E6D Wa]`TX @C ?@?42CC:6CD W`]`TX]k^Am
kAmkDEC@?8mkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm|@?:E@C:?8 2?5 s@D6 |2?286>6?E vF:56=:?6Dk^Am
kAmk^DA2?mk^DEC@?8m q2D6=:?6 3C2:? |#x 2?5 A6C:@5:4 >@?:E@C:?8 H:E9 |#x 2C6 C64@>>6?565] t?92?465 4=:?:42= G:8:=2?46 7@C p#xp :D C64@>>6?565 5FC:?8 E96 7:CDE `c H66<D @7 EC62E>6?E] s6A6?5:?8 @? p#xp\t 2?5 p#xp\w 4=:?:42= DJ>AE@>D 2?5 C25:@8C2A9:4 D6G6C:EJ[ FD6 4=:?:42= ;F58>6?E H96? 4@?D:56C:?8 H96E96C E@ 4@?E:?F6 5@D:?8 @C E@ E6>A@C2C:=J @C A6C>2?6?E=J 5:D4@?E:?F6 {t"t|qx] x7 2 A2E:6?E 6IA6C:6?46D p#xp DJ>AE@>D[ 4=:?:42= 6G2=F2E:@? D9@F=5 36 A6C7@C>65[ :?4=F5:?8 |#x :7 :?5:42E65] x7 p#xp :D @3D6CG65 @? |#x[ 42C67F= 4=:?:42= 6G2=F2E:@? D9@F=5 36 A6C7@C>65 AC:@C E@ 4@?E:?F:?8 EC62E>6?E]k^Am
kAmkDEC@?8mw*!t#$t}$x%x'x%* #tpr%x~}$k^DEC@?8mk^Am
kAmwJA6CD6?D:E:G:EJ C624E:@?D[ :?4=F5:?8 2?8:@656>2[ 3C@?49@DA2D>[ 2?5 2?2A9J=2I:D[ 92G6 @44FCC65 H:E9 {t"t|qx] !C@>AE=J 5:D4@?E:?F6 E96 :?7FD:@? FA@? E96 7:CDE @3D6CG2E:@? @7 2?J D:8?D @C DJ>AE@>D 4@?D:DE6?E H:E9 2 9JA6CD6?D:E:G:EJ C624E:@? 2?5 :?:E:2E6 2AAC@AC:2E6 E96C2AJ]k^Am
kAmkDEC@?8mx}u&$x~}\#t{p%ts #tpr%x~}$ Wx##k^DEC@?8m kDEC@?8mDXk^DEC@?8mk^Am
kAmx##D H6C6 @3D6CG65—{t"t|qxi aeTj A=2463@i fT—2?5 >@DE 42D6D H:E9 {t"t|qx WfdTX @44FCC65 H:E9 E96 7:CDE :?7FD:@?] x##D H6C6 >@DE=J >:=5 WehTX @C >@56C2E6 WagTX] $J>AE@>D :?4=F565 76G6C 2?5 7=F\=:<6 DJ>AE@>D W49:==D[ 86?6C2=:K65 2496D[ 766=:?8 D92<J[ 2?5 ;@:?E A2:?X[ ?2FD62[ G@>:E:?8[ 9JA@E6?D:@?[ 9JA6CE6?D:@?[ 2?5 @IJ86? 56D2EFC2E:@?]k^Am
kAmx##D 42? @44FC 5FC:?8 @C 27E6C E96 4@>A=6E:@? @7 :?7FD:@?] x? E96 6G6?E @7 2? x## 5FC:?8 E96 :?7FD:@?[ E96 :?7FD:@? C2E6 >2J 36 C65F465 @C 5:D4@?E:?F65[ 2?5 2AAC@AC:2E6 E96C2AJ :?:E:2E65 2D 4=:?:42==J :?5:42E65] r@?D:56C AC@A9J=24E:4 EC62E>6?E AC:@C E@ 7FEFC6 :?7FD:@?D H:E9 2?E:9:DE2>:?6D[ 246E2>:?@A96?[ ?@?DE6C@:52= 2?E:\:?7=2>>2E@CJ 5CF8D[ @C 4@CE:4@DE6C@:5D]k^Am
kAmkDEC@?8mps't#$t #tpr%x~}$k^DEC@?8mk^Am
kF= EJA6lQ5:D4Qmk=:m%96 >@DE 4@>>@? 25G6CD6 C624E:@?D C6A@CE65 :? ≥dT H:E9 {t"t|qx :?7FD:@? 6G6CJ a H66<D 2?5 ≥aT 9:896C E92? A=2463@ H6C6 x##D W{t"t|qxi aeTj A=2463@i fTX[ p#xp\w W{t"t|qxi `cTj A=2463@i gTX[ p#xp\t W{t"t|qxi `bTj A=2463@i aTX[ 96252496 W{t"t|qxi ``Tj A=2463@i gTX[ DFA6C7:4:2= D:56C@D:D @7 46?EC2= ?6CG@FD DJDE6> W{t"t|qxi eTj A=2463@i bTX[ C2D9 W{t"t|qxi eTj A=2463@i cTX[ 2?5 ?2FD62^G@>:E:?8 W{t"t|qxi eTj A=2463@i cTXk^=:mk=:m$276EJ AC@7:=6 @7 {t"t|qx x"{xz 7@C >2:?E6?2?46 EC62E>6?E H2D D:>:=2C E@ {t"t|qx :?7FD:@?] !2E:6?ED H9@ C646:G65 {t"t|qx x"{xz 6IA6C:6?465 =@42=:K65 2?5 DJDE6>:4 W=6DD 7C6BF6?EX :?;64E:@?\C6=2E65 C624E:@?D W>:=5 E@ >@56C2E6 :? D6G6C:EJXk^=:mk^F=m
kAmkDA2? DEJ=6lQE6IE\564@C2E:@?i F?56C=:?6Qm{t"t|qx W=642?6>23\:C>3X :D 2G2:=23=6k^DA2?mik^Am
kF= EJA6lQ5:D4Qmk=:mx?EC2G6?@FD :?7FD:@?i `__ >8^>{k^=:mk=:m$F34FE2?6@FD :?;64E:@?i a__ >8^>{k^=:mk^F=m
kAmkDEC@?8m!=62D6 D66 7F== k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lffad``d_U2>AjFl9EEADTbpTauTauHHH]=6B6>3:]4@>Tau\Tau>65:2Tauu:=6DTau{6B6>3:Tau!C6D4C:3:?8\x?7@C>2E:@?]A57Tbu92D9Tbs6`4ae5hd\`5ha\cbg4\2chf\3a_3dcd2h43cU2>Aj2l!C6D4C:3:?8Zx?7@C>2E:@?Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm!C6D4C:3:?8 x?7@C>2E:@?k^2m 7@C {t"t|qx[ :?4=F5:?8 q@I65 (p#}x}v]k^DEC@?8mk^Am
k5:GmkE23=6 3@C56ClQ_Q 46==DA24:?8lQ_Q 46==A255:?8lQ`Q 4=2DDlQAC?344QmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8m|tsxp r~}%pr%$k^DEC@?8mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`Qmk3C ^mk3C ^mk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mt:D2: r@][ {E5]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm!F3=:4 #6=2E:@?D s6A2CE>6?Ek^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm%t{i Zg` W_Xb\bg`f\d`a_k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mt:D2: tFC@A6[ {E5]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmt|tp r@>>F?:42E:@?D s6A2CE>6?Ek^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmZcc W_X fhf cgf hc`hk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 9C67lQ>2:=E@it>62\4@>>Do6:D2:]?6EQ E2C86ElQ03=2?<Q 4=2DDlQAC?6HD02Q C6=lQ?@7@==@HQmt>62\4@>>Do6:D2:]?6Ek^2mk^DA2?mk^AmkA 4=2DDlQAC?>=cQm k^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mt:D2: x?4] W&]$]Xk^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm{:33J w@=>2?k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmZ`\a_`\fdb\`hcdk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 9C67lQ>2:=E@i{:33J0w@=>2?ot:D2:]4@>Q E2C86ElQ03=2?<Q 4=2DDlQAC?6HD02Q C6=lQ?@7@==@HQm{:33J0w@=>2?ot:D2:]4@>k^2mk^DA2?mk^AmkA 4=2DDlQAC?>=cQm k^AmkA 4=2DDlQAC?>=cQm k^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mq:@86? x?4]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm|256=6:?6 $9:?k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmZ`\fg`\cec\bae_k^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 9C67lQ>2:=E@iAF3=:4]2772:CDo3:@86?]4@>Q E2C86ElQ03=2?<Q 4=2DDlQAC?6HD02Q C6=lQ?@7@==@HQmAF3=:4]2772:CDo3:@86?]4@>k^2mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm k^DA2?mk^Amk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mx}'t$%~# r~}%pr%$k^DEC@?8mk^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`Qmk3C ^mk3C ^mk^E5mk^ECmkECmkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mt:D2: r@][ {E5]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmx?G6DE@C #6=2E:@?D s6A2CE>6?Ek^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm%t{i Zg` W_X b\bg`f\d`aak^DA2?mk^Amk^E5mkE5 4=2DDlQAC?86?cQ 4@=DA2?lQ`Q C@HDA2?lQ`QmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmkDEC@?8mq:@86? x?4]k^DEC@?8mk^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qm%:> !@H6Ck^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?QmZ `\fg`\cec\accak^DA2?mk^AmkA 4=2DDlQAC?>=cQmkDA2? 4=2DDlQAC?6HD0DA2?Qmk2 9C67lQ>2:=E@ix#o3:@86?]4@>Q E2C86ElQ03=2?<Q 4=2DDlQAC?6HD02Q C6=lQ?@7@==@HQmx#o3:@86?]4@>k^2mk^DA2?mk^Amk^E5mk^ECmk^E23=6mk^5:Gm
kAmkDEC@?8m}@E6D E@ t5:E@CDk^DEC@?8mk^Am
kAmkDEC@?8m`] k^DEC@?8m kDEC@?8mp3@FE =642?6>23 W86?6C:4 ?2>6[ 3C2?5 ?2>6i {t"t|qxk^DEC@?8m kDEC@?8mkDFAm®k^DFAmk^DEC@?8m kDEC@?8mXk^Am
kAmk^DEC@?8m{642?6>23 :D E96 C6DF=E @7 2 DEC2E68:4 C6D62C49 2==:2?46 36EH66? t:D2: 2?5 q:@pC4E:4] xE :D 2 9F>2?:K65 :>>F?@8=@3F=:? 82>>2 Wx8v`X >@?@4=@?2= 2?E:3@5J 5:C64E65 282:?DE 288C682E65 D@=F3=6 WAC@E@7:3C:=X 2?5 :?D@=F3=6 7@C>D @7 2>J=@:5\36E2 WpβX]k^Am
kAm{642?6>23 92D 366? 2AAC@G65 :? d_ 4@F?EC:6D 2?5 :D F?56C C68F=2E@CJ C6G:6H :? g 4@F?EC:6D] x? y2?F2CJ a_ad[ E96 DFAA=6>6?E2= q:@=@8:4D {:46?D6 pAA=:42E:@? WDq{pX 7@C :?EC2G6?@FD Wx'X >2:?E6?2?46 5@D:?8 @7 E96 EC62E>6?E H2D 2AAC@G65 :? E96 &]$][ 2?5 2AA=:42E:@? 92G6 366? 7:=65 :? ?:?6 WhX 4@F?EC:6D 2?5 C68:@?D]k^Am
kAm{t"t|qxVD 2AAC@G2=D :? E96D6 4@F?EC:6D H2D 32D65 @? !92D6 b 52E2 7C@> t:D2:VD[ 8=@32= r=2C:EJ ps 4=:?:42= EC:2=[ :? H9:49 :E >6E :ED AC:>2CJ 6?5A@:?E 2?5 2== <6J D64@?52CJ 6?5A@:?ED H:E9 DE2E:DE:42==J D:8?:7:42?E C6DF=ED] %96 AC:>2CJ 6?5A@:?E H2D E96 8=@32= 4@8?:E:G6 2?5 7F?4E:@?2= D42=6[ r=:?:42= s6>6?E:2 #2E:?8 $F> @7 q@I6D Wrs#\$qX] x? E96 r=2C:EJ ps 4=:?:42= EC:2=[ EC62E>6?E H:E9 =642?6>23 C65F465 4=:?:42= 564=:?6 @? rs#\$q 3J afT 2E `g >@?E9D 4@>A2C65 E@ A=2463@] %96 >62? rs#\$q D4@C6 2E 32D6=:?6 H2D 2AAC@I:>2E6=J b]a :? 3@E9 8C@FAD] %96 25;FDE65 =62DE\DBF2C6D >62? 492?86 7C@> 32D6=:?6 2E `g >@?E9D H2D `]a` H:E9 =642?6>23 2?5 `]ee H:E9 A=2463@ W5:776C6?46[ −_]cdj hdT 4@?7:56?46 :?E6CG2= ,rx.[ −_]ef E@ −_]abj !U=Ej_]__`X] x? 255:E:@?[ E96 D64@?52CJ 6?5A@:?E 7C@> E96 ps r@@A6C2E:G6 $EF5J\p4E:G:E:6D @7 s2:=J {:G:?8 $42=6 7@C |:=5 r@8?:E:G6 x>A2:C>6?E Wpsr$\|rx\ps{X[ H9:49 >62DFC6D :?7@C>2E:@? AC@G:565 3J A6@A=6 42C:?8 7@C A2E:6?ED H:E9 ps[ ?@E65 2 DE2E:DE:42==J D:8?:7:42?E 36?67:E @7 bfT 4@>A2C65 E@ A=2463@] %96 25;FDE65 >62? 492?86 7C@> 32D6=:?6 2E `g >@?E9D :? E96 psr$\|rx\ps{ D4@C6 H2D −b]d :? E96 =642?6>23 8C@FA 2?5 −d]d :? E96 A=2463@ 8C@FA W5:776C6?46[ a]_j hdT rx[ `]a E@ a]gj !U=Ej_]__`X] %96 psr$ |rx\ps{ 2DD6DD6D E96 23:=:EJ @7 A2E:6?ED E@ 7F?4E:@? :?56A6?56?E=J[ :?4=F5:?8 36:?8 23=6 E@ 5C6DD[ 7665 E96>D6=G6D 2?5 A2CE:4:A2E6 :? 4@>>F?:EJ 24E:G:E:6D] %96 >@DE 4@>>@? 25G6CD6 6G6?ED WU8Ej`_TX :? E96 =642?6>23 8C@FA H6C6 :?7FD:@? C624E:@?D[ p#xp\w W4@>3:?65 46C63C2= >:4C@96>@CC9286D[ 46C63C2= >24C@96>@CC9286D[ 2?5 DFA6C7:4:2= D:56C@D:DX[ p#xp\t W656>2^677FD:@?X[ 96252496[ 2?5 72==]k^Am
kAm%96 DF34FE2?6@FD >2:?E6?2?46 5@D:?8 2AAC@G2= :D 32D65 @? {t"t|qx DF34FE2?6@FD W$rX DF3\DEF5:6D @7 E96 !92D6 b r=2C:EJ ps @A6?\=236= 6IE6?D:@? W~{tX EC:2= :? :?5:G:5F2=D H:E9 62C=J ps H9:49 6G2=F2E65 2 C2?86 @7 DF34FE2?6@FD 5@D6D] s2E2 D9@HD E92E EC2?D:E:@?:?8 E@ E96 H66<=J {t"t|qx x"{xz 2FE@:?;64E@C 27E6C `g >@?E9D @7 E96 :?:E:2E:@? 5@D6 W`_ >8^<8 x' 6G6CJ EH@ H66<DX >2:?E2:?D 4=:?:42= 2?5 3:@>2C<6C 36?67:ED 4@>A2C23=6 E@ 4@?E:?F65 x' 5@D:?8] %96 D276EJ @7 {t"t|qx x"{xz 2FE@:?;64E@C H2D DEF5:65 :? @G6C e__ A2E:6?ED 2E 2 C2?86 @7 5@D6D 2D A2CE @7 E96 r=2C:EJ ps ~{t] p4C@DD 2== DF34FE2?6@FD 5@D6D[ E96 D276EJ AC@7:=6 H2D D:>:=2C E@ E92E @7 E96 x' >2:?E6?2?46 EC62E>6?E H:E9 @?6 <6J 5:776C6?46i DJDE6>:4 C624E:@?D H6C6 >F49 =6DD 4@>>@? H:E9 DF34FE2?6@FD 5@D:?8—=6DD E92? `T 4@>A2C65 E@ 2AAC@I:>2E6=J aeT H:E9 x' :?7FD:@?D] p#xp C2E6D :? A2E:6?ED H9@ C646:G65 2 H66<=J be_ >8 DF34FE2?6@FD >2:?E6?2?46 5@D6 H6C6 D:>:=2C E@ p#xp C2E6D C6A@CE65 :? A2E:6?ED H9@ 4@?E:?F65 H:E9 E96 x' 5@D6 27E6C `g >@?E9D 2?5 2C6 D:>:=2C E@ E96 324<8C@F?5 C2E6D @7 p#xp :? A2E:6?ED H:E9@FE EC62E>6?E]k^Am
kAm$:?46 yF=J a_a_[ E96 !92D6 b 4=:?:42= DEF5J Wpwtps b\cdX 7@C :?5:G:5F2=D H:E9 AC64=:?:42= ps[ >62?:?8 E96J 2C6 4=:?:42==J ?@C>2= 2?5 92G6 :?E6C>65:2E6 @C 6=6G2E65 =6G6=D @7 2>J=@:5 :? E96:C 3C2:?D[ :D @?8@:?8] pwtps b\cd :D 4@?5F4E65 2D 2 AF3=:4\AC:G2E6 A2CE?6CD9:A 36EH66? E96 p=K96:>6CVD r=:?:42= %C:2= r@?D@CE:F> E92E AC@G:56D E96 :?7C2DECF4EFC6 7@C 24256>:4 4=:?:42= EC:2=D :? ps 2?5 C6=2E65 56>6?E:2D :? E96 &]$[ 7F?565 3J E96 }2E:@?2= x?DE:EFE6 @? p8:?8[ A2CE @7 E96 }2E:@?2= x?DE:EFE6D @7 w62=E9[ t:D2:[ 2?5 q:@86?] $:?46 y2?F2CJ a_aa[ E96 %2F }6Iv6? 4=:?:42= DEF5J 7@C s@>:?2?E=J x?96C:E65 ps WsxpsX[ E92E :D 4@?5F4E65 3J s@>:?2?E=J x?96C:E65 p=K96:>6C }6EH@C< %C:2=D &?:E Wsxp}\%&X[ =65 3J (2D9:?8E@? &?:G6CD:EJ $49@@= @7 |65:4:?6 :? $E] {@F:D[ :D @?8@:?8 2?5 :?4=F56D =642?6>23 2D E96 324<3@?6 2?E:\2>J=@:5 E96C2AJ]k^Am
kAmkDEC@?8ma] k^DEC@?8m kDEC@?8mp3@FE E96 r@==23@C2E:@? 36EH66? t:D2: 2?5 q:@86? 7@C psk^Am
kAmk^DEC@?8mt:D2: 2?5 q:@86? 92G6 366? 4@==23@C2E:?8 @? E96 ;@:?E 56G6=@A>6?E 2?5 4@>>6C4:2=:K2E:@? @7 ps EC62E>6?ED D:?46 a_`c] t:D2: D6CG6D 2D E96 =625 @7 =642?6>23 56G6=@A>6?E 2?5 C68F=2E@CJ DF3>:DD:@?D 8=@32==J H:E9 3@E9 4@>A2?:6D 4@\4@>>6C4:2=:K:?8 2?5 4@\AC@>@E:?8 E96 AC@5F4E 2?5 t:D2: 92G:?8 7:?2= 564:D:@?\>2<:?8 2FE9@C:EJ]k^Am
kAmkDEC@?8mb] k^DEC@?8m kDEC@?8mp3@FE E96 r@==23@C2E:@? 36EH66? t:D2: 2?5 q:@pC4E:4 7@C psk^Am
kAmk^DEC@?8m$:?46 a__d[ t:D2: 2?5 q:@pC4E:4 92G6 925 2 =@?8\E6C> 4@==23@C2E:@? C682C5:?8 E96 56G6=@A>6?E 2?5 4@>>6C4:2=:K2E:@? @7 ps EC62E>6?ED] t:D2: @3E2:?65 E96 8=@32= C:89ED E@ DEF5J[ 56G6=@A[ >2?F724EFC6 2?5 >2C<6E =642?6>23 7@C E96 EC62E>6?E @7 ps AFCDF2?E E@ 2? 28C66>6?E H:E9 q:@pC4E:4 :? s646>36C a__f] %96 56G6=@A>6?E 2?5 4@>>6C4:2=:K2E:@? 28C66>6?E @? E96 2?E:3@5J =642?6>23 324<\FA H2D D:8?65 :? |2J a_`d]k^Am
kAmkDEC@?8mc] k^DEC@?8m kDEC@?8mp3@FE t:D2: r@][ {E5]k^Am
kAmk^DEC@?8mt:D2:VD r@CA@C2E6 r@?46AE :D QE@ 8:G6 7:CDE E9@F89E E@ A2E:6?ED 2?5 A6@A=6 :? E96 52:=J =:G:?8 5@>2:?[ 2?5 E@ :?4C62D6 E96 36?67:ED E92E 962=E9 42C6 AC@G:56D]Q &?56C E9:D r@?46AE W2=D@ <?@H? 2D k6>m9F>2? 962=E9 42C6k^6>m Wk6>m994k^6>mX r@?46AEX[ H6 2:> E@ 67764E:G6=J 249:6G6 D@4:2= 8@@5 :? E96 7@C> @7 C6=:6G:?8 2?I:6EJ @G6C 962=E9 2?5 C65F4:?8 962=E9 5:DA2C:E:6D] (:E9 2 8=@32= ?6EH@C< @7 #U2>Ajs 724:=:E:6D[ >2?F724EFC:?8 D:E6D 2?5 >2C<6E:?8 DF3D:5:2C:6D[ H6 DEC:G6 E@ 4C62E6 2?5 56=:G6C :??@G2E:G6 AC@5F4ED E@ E2C86E 5:D62D6D H:E9 9:89 F?>6E >65:42= ?665D[ H:E9 2 A2CE:4F=2C 7@4FD :? @FC DEC2E68:4 2C62D @7 }6FC@=@8J 2?5 ~?4@=@8J]k^Am
kAmx? 255:E:@?[ H6 56>@?DEC2E6 @FC 4@>>:E>6?E E@ E96 6=:>:?2E:@? @7 ?68=64E65 EC@A:42= 5:D62D6D W}%sDX[ H9:49 :D 2 E2C86E Wb]bX @7 E96 &?:E65 }2E:@?D $FDE2:?23=6 s6G6=@A>6?E v@2=D W$svDX[ 3J H@C<:?8 @? G2C:@FD 24E:G:E:6D E@86E96C H:E9 8=@32= A2CE?6CD]k^Am
kAmu@C >@C6 :?7@C>2E:@? 23@FE t:D2:[ A=62D6 G:D:E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lbachch_dedU2>AjFl9EEADTbpTauTauHHH]6:D2:]4@>Tau:?56I]9E>=U2>Aj2lHHH]6:D2:]4@>ZQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmHHH]6:D2:]4@>k^2m W7@C 8=@32= 9625BF2CE6CDi t:D2: r@][ {E5]X[ 2?5 4@??64E H:E9 FD @? k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lc``ch``eefU2>AjFl9EEADTbpTauTauEH:EE6C]4@>Taut:D2:0$svDU2>Aj2l)Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm)k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9l`b`eefgfe_U2>AjFl9EEADTbpTauTauHHH]=:?<65:?]4@>Tau4@>A2?JTau6:D2:8=@32=TauU2>Aj2l{:?<65x?Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{:?<65x?k^2m 2?5 k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lb`adbadfhgU2>AjFl9EEADTbpTauTauHHH]72463@@<]4@>Taut:D2:v=@32=TauU2>Aj2lu2463@@<Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmu2463@@<k^2m] %96 H63D:E6 2?5 D@4:2= >65:2 492??6=D 2C6 :?E6?565 7@C 2F5:6?46D @FED:56 @7 E96 &z 2?5 tFC@A6] u@C 2F5:6?46D 32D65 :? E96 &z 2?5 tFC@A6[ A=62D6 G:D:E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9l`fgf`dfdbU2>AjFl9EEATbpTauTauHHH]6:D2:]6FTauU2>Aj2lHHH]6:D2:]6FQ E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmHHH]6:D2:]6Fk^2m 2?5 t:D2: t|tp k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lcaacedbcagU2>AjFl9EEADTbpTauTauHHH]=:?<65:?]4@>Tau4@>A2?JTau6:D2:\6>62TauU2>Aj2l{:?<65x?Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{:?<65x?k^2m]k^Am
kAmkDEC@?8md] k^DEC@?8m kDEC@?8mp3@FE q:@86? k^Am
kAmk^DEC@?8mu@F?565 :? `hfg[ q:@86? :D 2 =625:?8 3:@E649?@=@8J 4@>A2?J E92E A:@?66CD :??@G2E:G6 D4:6?46 E@ 56=:G6C ?6H >65:4:?6D E@ EC2?D7@C> A2E:6?EVD =:G6D 2?5 E@ 4C62E6 G2=F6 7@C D92C69@=56CD 2?5 @FC 4@>>F?:E:6D] (6 2AA=J 566A F?56CDE2?5:?8 @7 9F>2? 3:@=@8J 2?5 =6G6C286 5:776C6?E >@52=:E:6D E@ 25G2?46 7:CDE\:?\4=2DD EC62E>6?ED @C E96C2A:6D E92E 56=:G6C DFA6C:@C @FE4@>6D] ~FC 2AAC@249 :D E@ E2<6 3@=5 C:D<D[ 32=2?465 H:E9 C6EFC? @? :?G6DE>6?E E@ 56=:G6C =@?8\E6C> 8C@HE9]k^Am
kAm%96 4@>A2?J C@FE:?6=J A@DED :?7@C>2E:@? E92E >2J 36 :>A@CE2?E E@ :?G6DE@CD @? :ED H63D:E6 2E k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lfhh_a_dcaU2>AjFl9EEATbpTauTauHHH]3:@86?]4@>TauU2>Aj2lHHH]3:@86?]4@>Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmHHH]3:@86?]4@>k^2m] u@==@H q:@86? @? D@4:2= >65:2 – k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9l`bca_ddddhU2>AjFl9EEADTbpTauTau4ED]3FD:?6DDH:C6]4@>Tau4ETaur%Tbu:5TbsD>2CE=:?<TaeFC=Tbs9EEATadbpTadauTadauHHH]72463@@<]4@>Tadauq:@86?TadauTae6D966ETbsdaccdaeaTae?6HD:E6>:5Tbsa_a`_e`d__dc_aTae=2?Tbs6?\&$Tae2?49@CTbsu2463@@<Tae:?56ITbsdTae>5dTbshcbad533b375b2h73_`ad_2gdabd4g32U2>Aj2lu2463@@<Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmu2463@@<k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9ladgae_ddgfU2>AjFl9EEADTbpTauTau4ED]3FD:?6DDH:C6]4@>Tau4ETaur%Tbu:5TbsD>2CE=:?<TaeFC=Tbs9EEATadbpTadauTadauHHH]=:?<65:?]4@>Tadau4@>A2?JTadau3:@86?\Tae6D966ETbsdaccdaeaTae?6HD:E6>:5Tbsa_a`_e`d__dc_aTae=2?Tbs6?\&$Tae2?49@CTbs{:?<65x?Tae:?56ITbscTae>5dTbs2gg55ba5`hgfh7f6hh4ff3ab3h`47_6_U2>Aj2l{:?<65x?Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm{:?<65x?k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9l`_ccgaafhbU2>AjFl9EEADTbpTauTauEH:EE6C]4@>Tau3:@86?U2>Aj2l)Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm)k^2m[ k2 9C67lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^=:?<^nEl_U2>Aj=l6?U2>Aj@lcdaeegb\`U2>Aj9lahebcf_`U2>AjFl9EEADTbpTauTau4ED]3FD:?6DDH:C6]4@>Tau4ETaur%Tbu:5TbsD>2CE=:?<TaeFC=Tbs9EEATadbpTadauTadauHHH]J@FEF36]4@>Tadau4Tadau3:@86?Tae6D966ETbsdaccdaeaTae?6HD:E6>:5Tbsa_a`_e`d__dc_aTae=2?Tbs6?\&$Tae2?49@CTbs*@F%F36Tae:?56ITbseTae>5dTbsef4cf`23ce3d_ddf752be`fa5fd4hg5dU2>Aj2l*@F%F36Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQm*@F%F36k^2m]k^Am
kAmkDEC@?8mq:@86? $276 w2C3@Ck^Am
kAmk^DEC@?8m%9:D ?6HD C6=62D6 4@?E2:?D 7@CH2C5\=@@<:?8 DE2E6>6?ED[ :?4=F5:?8 23@FE E96 A@E6?E:2= 4=:?:42= 67764ED @7 =642?6>23j E96 A@E6?E:2= 36?67:ED[ D276EJ 2?5 677:424J @7 =642?6>23j A@E6?E:2= C68F=2E@CJ 5:D4FDD:@?D[ DF3>:DD:@?D 2?5 2AAC@G2=D 2?5 E96 E:>:?8 E96C6@7 :?4=F5:?8 7@C =642?6>23\:C>3 W{t"t|qx x"{xzXj E96 EC62E>6?E @7 p=K96:>6CVD 5:D62D6j E96 2?E:4:A2E65 36?67:ED 2?5 A@E6?E:2= @7 q:@86?VD 4@==23@C2E:@? 2CC2?86>6?ED H:E9 t:D2:j E96 A@E6?E:2= @7 q:@86?VD 4@>>6C4:2= 3FD:?6DD 2?5 A:A6=:?6 AC@8C2>D[ :?4=F5:?8 =642?6>23j 2?5 C:D<D 2?5 F?46CE2:?E:6D 2DD@4:2E65 H:E9 5CF8 56G6=@A>6?E 2?5 4@>>6C4:2=:K2E:@?] %96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED >2J 36 244@>A2?:65 3J DF49 H@C5D 2D Q2:>[Q Q2?E:4:A2E6[Q Q2DDF>6[Q Q36=:6G6[Q Q4@?E6>A=2E6[Q Q4@?E:?F6[Q Q4@F=5[Q Q6DE:>2E6[Q Q6IA64E[Q Q7@C642DE[Q Q8@2=[Q Q8F:52?46[Q Q9@A6[Q Q:?E6?5[Q Q>2J[Q Q@3;64E:G6[Q QA=2?[Q QA@DD:3=6[Q QA@E6?E:2=[Q QAC65:4E[Q QAC@;64E[Q QAC@DA64E[Q QD9@F=5[Q QE2C86E[Q QH:==[Q QH@F=5[Q 2?5 @E96C H@C5D 2?5 E6C>D @7 D:>:=2C >62?:?8] sCF8 56G6=@A>6?E 2?5 4@>>6C4:2=:K2E:@? :?G@=G6 2 9:89 568C66 @7 C:D<[ 2?5 @?=J 2 D>2== ?F>36C @7 C6D62C49 2?5 56G6=@A>6?E AC@8C2>D C6DF=E :? 4@>>6C4:2=:K2E:@? @7 2 AC@5F4E] #6DF=ED :? 62C=J\DE286 4=:?:42= EC:2=D >2J ?@E 36 :?5:42E:G6 @7 7F== C6DF=ED @C C6DF=ED 7C@> =2E6C DE286 @C =2C86C D42=6 4=:?:42= EC:2=D 2?5 5@ ?@E 6?DFC6 C68F=2E@CJ 2AAC@G2=] *@F D9@F=5 ?@E A=246 F?5F6 C6=:2?46 @? E96D6 DE2E6>6?ED] v:G6? E96:C 7@CH2C5\=@@<:?8 ?2EFC6[ E96D6 DE2E6>6?ED :?G@=G6 DF3DE2?E:2= C:D<D 2?5 F?46CE2:?E:6D E92E >2J 36 32D65 @? :?244FC2E6 2DDF>AE:@?D 2?5 4@F=5 42FD6 24EF2= C6DF=ED E@ 5:776C >2E6C:2==J 7C@> E9@D6 C67=64E65 :? DF49 DE2E6>6?ED] %96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED 2C6 32D65 @? >2?286>6?EVD 4FCC6?E 36=:67D 2?5 2DDF>AE:@?D 2?5 @? :?7@C>2E:@? 4FCC6?E=J 2G2:=23=6 E@ >2?286>6?E] v:G6? E96:C ?2EFC6[ H6 42??@E 2DDFC6 E92E 2?J @FE4@>6 6IAC6DD65 :? E96D6 7@CH2C5\=@@<:?8 DE2E6>6?ED H:== 36 C62=:K65 :? H9@=6 @C :? A2CE] (6 42FE:@? E92E E96D6 DE2E6>6?ED 2C6 DF3;64E E@ C:D<D 2?5 F?46CE2:?E:6D[ >2?J @7 H9:49 2C6 @FED:56 @7 @FC 4@?EC@= 2?5 4@F=5 42FD6 7FEFC6 6G6?ED @C C6DF=ED E@ 36 >2E6C:2==J 5:776C6?E 7C@> E9@D6 DE2E65 @C :>A=:65 :? E9:D 5@4F>6?E[ :?4=F5:?8[ 2>@?8 @E96CD[ F?46CE2:?EJ @7 =@?8\E6C> DF446DD :? 56G6=@A:?8[ =:46?D:?8[ @C 24BF:C:?8 @E96C AC@5F4E 42?5:52E6D @C 255:E:@?2= :?5:42E:@?D 7@C 6I:DE:?8 AC@5F4EDj 6IA64E2E:@?D[ A=2?D 2?5 AC@DA64ED C6=2E:?8 E@ AC@5F4E 2AAC@G2=D[ 2AAC@G2=D @7 255:E:@?2= :?5:42E:@?D 7@C @FC 6I:DE:?8 AC@5F4ED[ D2=6D[ AC:4:?8[ 8C@HE9[ C6:>3FCD6>6?E 2?5 =2F?49 @7 @FC >2C<6E65 2?5 A:A6=:?6 AC@5F4EDj @FC 23:=:EJ E@ 67764E:G6=J :>A=6>6?E @FC 4@CA@C2E6 DEC2E68Jj E96 DF446DD7F= 6I64FE:@? @7 @FC DEC2E68:4 2?5 8C@HE9 :?:E:2E:G6D[ :?4=F5:?8 24BF:D:E:@?Dj E96 C:D< E92E A@D:E:G6 C6DF=ED :? 2 4=:?:42= EC:2= >2J ?@E 36 C6A=:42E65 :? DF3D6BF6?E @C 4@?7:C>2E@CJ EC:2=D @C DF446DD :? 62C=J DE286 4=:?:42= EC:2=D >2J ?@E 36 AC65:4E:G6 @7 C6DF=ED :? =2E6C DE286 @C =2C86 D42=6 4=:?:42= EC:2=D @C EC:2=D :? @E96C A@E6?E:2= :?5:42E:@?Dj C:D<D 2DD@4:2E65 H:E9 4=:?:42= EC:2=D[ :?4=F5:?8 @FC 23:=:EJ E@ 256BF2E6=J >2?286 4=:?:42= 24E:G:E:6D[ F?6IA64E65 4@?46C?D E92E >2J 2C:D6 7C@> 255:E:@?2= 52E2 @C 2?2=JD:D @3E2:?65 5FC:?8 4=:?:42= EC:2=D[ C68F=2E@CJ 2FE9@C:E:6D >2J C6BF:C6 255:E:@?2= :?7@C>2E:@? @C 7FCE96C DEF5:6D[ @C >2J 72:= E@ 2AAC@G6 @C >2J 56=2J 2AAC@G2= @7 @FC 5CF8 42?5:52E6Dj E96 @44FCC6?46 @7 25G6CD6 D276EJ 6G6?ED[ C6DEC:4E:@?D @? FD6 H:E9 @FC AC@5F4ED[ @C AC@5F4E =:23:=:EJ 4=2:>Dj 2?5 2?J @E96C C:D<D 2?5 F?46CE2:?E:6D E92E 2C6 56D4C:365 :? @E96C C6A@CED H6 92G6 7:=65 H:E9 E96 &]$] $64FC:E:6D 2?5 tI492?86 r@>>:DD:@?]k^Am
kAm%96D6 DE2E6>6?ED DA62< @?=J 2D @7 E96 52E6 @7 E9:D AC6DD C6=62D6 2?5 2C6 32D65 @? :?7@C>2E:@? 2?5 6DE:>2E6D 2G2:=23=6 E@ FD 2E E9:D E:>6] $9@F=5 <?@H? @C F?<?@H? C:D<D @C F?46CE2:?E:6D >2E6C:2=:K6 @C D9@F=5 F?56C=J:?8 2DDF>AE:@?D AC@G6 :?244FC2E6[ 24EF2= C6DF=ED 4@F=5 G2CJ >2E6C:2==J 7C@> A2DE C6DF=ED 2?5 E9@D6 2?E:4:A2E65[ 6DE:>2E65 @C AC@;64E65] x?G6DE@CD 2C6 42FE:@?65 ?@E E@ AFE F?5F6 C6=:2?46 @? 7@CH2C5\=@@<:?8 DE2E6>6?ED] p 7FCE96C =:DE 2?5 56D4C:AE:@? @7 C:D<D[ F?46CE2:?E:6D 2?5 @E96C >2EE6CD 42? 36 7@F?5 :? @FC p??F2= #6A@CE @? u@C> `_\z 7@C E96 7:D42= J62C 6?565 s646>36C b`[ a_ac 2?5 :? @FC DF3D6BF6?E C6A@CED @? u@C> `_\" 2?5 u@C> `_\z[ :? 6249 42D6 :?4=F5:?8 :? E96 D64E:@?D E96C6@7 42AE:@?65 Q}@E6 #682C5:?8 u@CH2C5\{@@<:?8 $E2E6>6?EDQ 2?5 QxE6> `p] #:D< u24E@CD[Q 2?5 :? @FC DF3D6BF6?E C6A@CED @? u@C> g\z] tI46AE 2D C6BF:C65 3J =2H[ H6 5@ ?@E F?56CE2<6 2?J @3=:82E:@? E@ AF3=:4=J FA52E6 2?J 7@CH2C5\=@@<:?8 DE2E6>6?ED H96E96C 2D 2 C6DF=E @7 2?J ?6H :?7@C>2E:@?[ 7FEFC6 6G6?ED[ 492?865 4:C4F>DE2?46D @C @E96CH:D6]k^Am
kAmkDEC@?8m#676C6?46Dk^DEC@?8mk^Am
k@= EJA6lQ`Qmk=:m{t"t|qx W=642?6>23\:C>3X :?;64E:@?[ 7@C :?EC2G6?@FD FD6 ,A24<286 :?D6CE.] }FE=6J[ }yi t:D2: x?4]k^=:mk=:mxH2EDF3@ %[ xC:K2CCJ |[ G2? sJ4< r[ $233289 |[ q2E6>2? #y[ r@96? $] r=2C:EJ psi 2 A92D6 b A=2463@\4@?EC@==65[ 5@F3=6\3=:?5[ A2C2==6=\8C@FA[ `g\>@?E9 DEF5J 6G2=F2E:?8 =642?6>23 :? 62C=J p=K96:>6CVD 5:D62D6] !C6D6?E65 2Ei r%ps r@?76C6?46j }@G6>36C ah\s646>36C a[ a_aaj $2? uC2?4:D4@[ rp]k^=:mk=:mw2>A6= w[ w2C5J y[ q=6??@H z[ 6E 2=] %96 2>J=@:5\n A2E9H2J :? p=K96:>6CVD 5:D62D6] |@= !DJ49:2ECJ] a_a`jaeW`_Xidcg`\dd_b]k^=:mk=:mp>:? {[ w2CC:D sp] pβ C646AE@CD DA64:7:42==J C64@8?:K6 >@=64F=2C 762EFC6D 5:DA=2J65 3J 7:3C:= 6?5D 2?5 ?6FC@E@I:4 @=:8@>6CD] }2E r@>>F?] a_a`j`aibcd`] 5@:i`_]`_bg^Dc`cef\_a`\abd_f\Kk^=:mk=:m~?@ z[ %DF;: |] !C@E@7:3C:=D @7 p>J=@:5\β 2C6 x>A@CE2?E %2C86ED @7 2 s:D62D6\|@5:7J:?8 pAAC@249 7@C p=K96:>6CVD s:D62D6] x?E y |@= $4:] a_a_ja`WbXihda] 5@:i `_]bbh_^:;>Da`_b_hda] !|xsi ba_abhafj !|rxsi !|rf_bff_e]k^=:mk=:m|@CC:D yr] }6FC@=@8J] `hhbjcbW``Xiac`a\c]k^=:mk^@=m
k5:G 4=2DDlQ!#}0x>365565pDD6E#676C6?46Q :5lQs:GpDD6E!=246w@=56CaQmkAmk2 9C67lQ9EEADi^^>>2]AC?6HDH:C6]4@>^>65:2^fab_`_^t:D2:0{@8@02?50q:@86?0{@8@]9E>=Q E2C86ElQ03=2?<Q C6=lQ?@7@==@HQmk^2mk^Amk^5:Gm
kA :5lQ!&#{Qmk:>8 E:E=6lQr:D:@?Q H:5E9lQ`aQ 96:89ElQ`aQ 2=ElQr:D:@?Q DC4lQ9EEADi^^6586]AC?6HDH:C6]4@>^4^:>8^72G:4@?]A?8nD?l}*h`cf`U2>AjD5la_ad\`_\_eQ ^m ':6H @C:8:?2= 4@?E6?E E@ 5@H?=@25 >F=E:>65:2ik2 :5lQ!#}&#{Q C6=lQ?@7@==@HQ 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^6:D2:\2?5\3:@86?\2??@F?46\FD\2G2:=23:=:EJ\@7\=6B6>3:\:B=:<\=642?6>23\:C>3\DF34FE2?6@FD\:?;64E:@?\>2:?E6?2?46\5@D6\7@C\EC62E>6?E\@7\62C=J\2=K96:>6CD\5:D62D6\b_adfe`ha]9E>=Q E2C86ElQ03=2?<Qm9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^6:D2:\2?5\3:@86?\2??@F?46\FD\2G2:=23:=:EJ\@7\=6B6>3:\:B=:<\=642?6>23\:C>3\DF34FE2?6@FD\:?;64E:@?\>2:?E6?2?46\5@D6\7@C\EC62E>6?E\@7\62C=J\2=K96:>6CD\5:D62D6\b_adfe`ha]9E>=k^2mk^Am
kAm$~&#rt t:D2: x?4]k^Am
kAmk:>8 2=ElQQ DC4lQ9EEADi^^CE]AC?6HDH:C6]4@>^CE]8:7n}6HDxE6>x5l}*h`cf`U2>Aj%C2?D>:DD:@?0x5la_ad`__e`eb_!#0}t($0&$!#00000}*h`cf`U2>Ajs2E6x5la_ad`__eQ DEJ=6lQ3@C56Ci_AIj H:5E9i`AIj 96:89Ei`AIjQ ^mk^Am
