Grassroots digital fabrication and makerspaces: Reconfiguring, relocating and recalbirating innovation?

!"#$$"%%&$'()*)&#+',#-").#/%0'#0('

1#23"$4#.3$5'"3.%06*7")0*8'"3+%.#/0*'#0('

"3.#+)-"#/0*')00%9#/%0:''

;(")#0'<1)&=8'<#-)03'>)3+$.=3"8'<#$.=#'?).23+8''

@%=#0'<A(3"-3"*'#0('B++30'9#0'C%$&'

D%"2)0*'E#43"'<3")3$''

<DE<'FGHIJGF'

'

!"#$"%&"'()*+,-)

!"#$%&"'()'

K=3'L%"2$'#9#)+#-+3'=3"3'#"3'&=3'"3$4%0$)-)+)&M'%,'&=3')0()9)(7#+'#7&=%"N$O'#0('(%'0%&'03.3$$#")+M' "34"3$30&'&=3'9)3L$'%,'%&=3"'<EPQ'"3$3#".=3"$R';$'1#S3"$'%,'4%+).M'#0('4"#./.38'<EPQ'(%3$'0%&' 30(%"$3')0()9)(7#+'"3$3#".='.%0&")-7/%0$R'

*+",(%"-(#./0).&+120)#'

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

0*")($,&1-),& 2,-)34& 4"5+&6()*))+,"%-"*./

5$6*&7(38/(,3$*-&& 9:(-,:-;&<&!-:8,"*"34&5"*(:4& 7"8$9:3$69%'+()*))+,"%-"*./ =$/($%&.$#()->& +-?-*"@#-,/& ;%3$%)"1%<$&+=()*))+,"%-"*./ A"-&!(BB&<& '$)*"%&9$/"& & !-:8,"*"34&C,,"?$/(",&=$,$3-#-,/& >"!$??()*))+,"%-"*./ #"@"A"B%32()*))+,"%-"*./ =$)($&9$?",$&<& =$)($,$&=$>>6:$/"& & 2:","#(:%&"D&!-:8,"*"3(:$*&'8$,3-& ;"B%C26%()*))+,"%-"*./ ;";%==*-%32()*))+,"%-"*./ E,B)-F&9/()*(,3& !)$,%(/(",%& D"#"B3$&'$69()*))+,"%-"*./ -"/#*#'$&+$%&( A-,,4&G(-6& >"E$+*()*))+,"%-"*./ 5678.30)9"-:.6&;().5()"(#' K=3'<EPQ'B+3.&"%0).'D%"2)0*'E#43"'<3")3$'#)1$'&%'#..3+3"#&3'&=3'47-+).'#9#)+#-)+)&M'%,'&=3'"3$3#".=' 70(3"&#230'-M'<EPQJ#$$%.)#&3('43%4+3'%,'#++'.#&3*%")3$8'#0('3U.34/%0#++M8'%&=3"'"3$3#".='&=#&')$'%,' .%0$)(3"#-+3')0&3"3$&'L)&=)0'<EPQR'W&'4"3$30&$'"3$3#".='"3$7+&$'&=#&')0'L=%+3'%"'4#"&'#"3'$7)&#-+3',%"' $7-1)$$)%0'&%'#'"3,3"33('X%7"0#+8'&%'#'$4%0$%"8'&%'#'1#X%"'.%0,3"30.3'%"'&%'&=3'3()&%"'%,'#'-%%2R' C7"')0&30/%0')$'&%'4"%9)(3'#..3$$'&%'3#"+M'.%4)3$'%,'<EPQ'"3$3#".=R'

!"

#$%&&$''(&")*+*(%,"-%.$*/%(*'0"%0)"1%23$&4%/3&5"

$3/'0-*+6$*0+7"$3,'/%(*0+"%0)"$3/%,*.$%(*0+"*00'8%(*'09"

"

:)$*%0";1*(<!_{7";%.*03"=*3,&/<3$}!_{7";%&/<%">*/23,}?_{7"@'<%0";A)3$.3$+}B_{"%0)"C,,30"8%0"}

D'&(E" " !" _{;FGH"I;/*30/3"J"K3/<0','+L"F',*/L"G3&3%$/<M7"H0*83$&*(L"'-";6&&3N7"HOP"} %Q+Q&1*(<R&6&&3NQ%/Q62P"&Q<*3,&/<3$R&6&&3NQ%/Q62" ?_{" S0&(*(6("-T$"U2','+*&/<3"V*$(&/<%-(&-'$&<60+7"W3$,*07"#3$1%0LP"} ;%&/<%Q>*/23,R*'3XQ)3" B_{" S0&(*(6("Y$%0/*,*30"G3/<3$/<3"S00'8%(*'0";'/*Z(Z7"F%$*&7"Y$%0/3P"} ['<%0Q&')3$.3$+R&(&Q+6Q&3" E_{" ;/*30/37"K3/<0','+L"%0)"F',*/L";(6)*3&7"H0*83$&*(L"'-"KX30(37"\3(<3$,%0)&P"} 3Q/Q[Q8%0''&(R6(X30(3Q0," " !"#$%&'$(

:$'60)" (<3" X'$,)7" )*83$&3" +$'64&" '-" 43'4,3" %$3" 1%2*0+" (<*0+&" ('+3(<3$" *0" /'1160*(L].%&3)" X'$2&<'4&" %0)" (<3*$" 03(X'$2&Q" C^6*443)" X*(<" 83$&%(*,3" )*+*(%," )3&*+0" %0)" 1%06-%/(6$*0+" (3/<0','+*3&7" +,'.%," 03(X'$2&" '-" X'$2&<'4&7" ,*23"=%/23$&4%/3&"%0)"Y%._%.&7"4$'8*)3"-%/*,*(*3&"-'$"3N4,'$*0+"`/'11'0&].%&3)7" 433$]4$')6/(*'0a"*0"4$%/(*/3P"%0)"(<3L"%$3"&4$3%)*0+"$%4*),LQ"C14<%&*&"$3&(&"*0" .$*0+*0+" 43'4,3" *0('" /',,%.'$%(*83" >Sb" 4$'[3/(&" X<3$3" (<3L" *00'8%(3" %0)" ,3%$0" ('+3(<3$"]"-$'1"1%2*0+"('L&"%0)"[3X3,,3$L"('"&',%$"4%03,&"%0)"3/']<'6&3&"]"%0)" 6&3" '0],*03" &'/*%," 13)*%" ('" /'003/(" ('" '430]&'6$/3" )3&*+0&7" (6('$*%,&7" %0)" X'$2&<'4&"+,'.%,,LQ"

"

CN/*(3)" /,%*1&" %$3" 1%)3" %.'6(" X'$2&<'4&" ($%0&-'$1*0+" 4$%/(*/3&" '-" )3&*+07" *00'8%(*'07" 4$')6/(*'0" %0)" /'0&614(*'0P" `<'X" L'6" ,*837" X'$2" %0)" 4,%L" *0" %" X'$,)"X<3$3"%0L.')L"/%0"1%23"%0L(<*0+"%0LX<3$3aQ"CN/*(3130("*0/,6)3&"/,%*1&" -'$"%"`(<*$)"*0)6&($*%,"$38',6(*'0a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

"

D6$"4%43$")383,'4&"%"/'0/34(6%,"-$%13X'$2"-'$"%0%,L&*0+"X'$2&<'4&Q">$%X*0+" 64'0" &/*30/3" %0)" (3/<0','+L" &(6)*3&7" &'/*%," 1'83130(" (<3'$L7" %0)" 1%(3$*%," /6,(6$37" X3" /'0&*)3$" /'1160*(L" X'$2&<'4&" /'0-*+6$*0+" %0)" 43$-'$1*0+" 4$')6/(*'0" %0)" /'0&614(*'0" %/$'&&" (<$33" *0(3$]/'003/(3)" ,383,&5" 03(X'$23)] /'1160*(*3&7" ,'/%,]X'$2&<'4&7" %0)" 6&3$]4$'[3/(&Q" G3,%(*'0&<*4&" %/$'&&" (<3&3"

?"

,383,&" %$3" /'14,3NQ" V<30" /'1.*03)" X*(<" /'0(3&(3)" %1.*+6*(*3&" *0<3$30(" ('" &6&(%*0%.,3" )383,'4130(7" (<30" &(%(*/7" ,*-3]/L/,3" %0%,L&3&" '$" &*1*,%$" *0('" &6&(%*0%.*,*(L" 4'(30(*%," *&" 1*&4,%/3)Q" G%(<3$7" X'$2&<'4&" /'0&(*(6(3" )L0%1*/" &4%/3&" -'$" 3N43$*130(%(*'07" %0)" *(" *&" (<3" 313$+*0+" /%4%.*,*(*3&" %0)" 1%(3$*%," /6,(6$3&"(<%("%$3"1'&("&*+0*-*/%0("-'$"%&4*$%(*'0&"('"4'&(]/'0&613$"&'/*3(*3&Q(

)* +,$%-./'$0-,(

"

K<$'6+<'6(" (<3" <*&('$L" '-" 1')3$0" 308*$'0130(%,*&17" `*00'8%(*'0a" <%&" .330" 38'23)"%&"%"23L"-'$"60,'/2*0+"1'$3"&6&(%*0%.,3")383,'4130(&Q"V<3(<3$"*("*&"*0" (3$1&" '-" &($3(/<*0+" %0)" $3)3-*0*0+" (<3" ,*1*(&" ('" +$'X(<" Ic',37" Y$331%0" 3(" %,Q" !deBM7" (<3" 3/','+*/%," 1')3$0*f%(*'0" '-" *0)6&($*3&" I;4%%$+%$30" %0)" g,*3(" ?hhhP" i/_%6+<,*0" ?h!?M7" +$%&&$''(&" *00'8%(*'0" IW''2/<*0" !djeP" =3&&" ?hheP" ;3L-%0+" %0)" ;1*(<" ?hheM7" '$" *0" '(<3$" &4<3$3&7" (<3" &4$3%)" '-" %,(3$0%(*83" &'/*%," %0)" (3/<0','+*/%," /'0-*+6$%(*'0&" -'$" 4$')6/(*'0" %0)" /'0&614(*'0" %443%$&" 4%$%1'60("IF3443$"!dkEMQ"

"

i'$3"$3/30(,L7"$%4*)"%)8%0/3&"*0")*+*(%,")3&*+0"%0)"-%.$*/%(*'0"(3/<0','+*3&"%$3" /$3%(*0+"$%)*/%,"03X"4'&&*.*,*(*3&"-'$"*00'8%(*'0&"*0"4$')6/(*'0"%0)"/'0&614(*'0" IW*$(/<03,," %0)" H$$L" ?h!?MQ" S0)*8*)6%,&7" -*$1&7" %0)" +$%&&$''(&" +$'64&" %$3" 3N43$*130(*0+" X*(<" (<3&3" 4'&&*.*,*(*3&" *0" X%L&" (<%(" $%*&3" ^63&(*'0&" %.'6(" $3/'0-*+6$*0+7" $3,'/%(*0+" %0)" $3/%,*.$%(*0+" *00'8%(*83" /%4%.*,*(*3&" *0" &'/*3(LQ"

!"#$%&'()*'%(7" .3/%6&3" +$%&&$''(&" +$'64&7" &'/*%," 30(3$4$*&3&7" %0)" /*(*f30]

/'0&613$&"%$3"%//3&&*0+"03X"*00'8%(*'0"/%4%.*,*(*3&"%0)".3/'1*0+"*08',83)"*0" 0'83,"4$')6/(*'0"%/(*8*(*3&P"*"+$#,-'%(".3/%6&3")*+*(%,"-%.$*/%(*'0"30%.,3&"X*)3,L" )*&43$&3)7" L3(" ,'/%,*f3)7" +$%&&$''(&" *00'8%(*'0" (<%(" &4$3%)&" /',,%.'$%(*83,L" (<$'6+<" 03(X'$2&" *08',8*0+" &'/*%," 13)*%" %0)" 4<L&*/%," 133(*0+" 4,%/3&P" %0)"

*"#,+'.*,-'%(" .3/%6&3" %&" X3,," %&" 43$1*((*0+" +$%&&$''(&" *00'8%(*'07" )*+*(%,"

1%(3$*%,"/%4%.*,*(*3&"%$3".3*0+"1'.*,*f*0+"-'$"0'$1%(*83"&'/*%,"46$4'&3&7"&6/<"%&" /'11'0&].%&3)"433$]4$')6/(*'0!_{"%0)"&6&(%*0%.*,*(LQ"}

"

K<*&" X'$2*0+" 4%43$" *0($')6/3&" +$%&&$''(&" )*+*(%," -%.$*/%(*'07" %0)" )383,'4&" %" /'0/34(6%,"-$%13X'$2"-'$"%0%,L&*0+"X<3(<3$"%0)"<'X"%/(*8*(L"*0"`1%23$&4%/3&a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

:0%,L&3" (<3" (30&*'0&7" 4'&&*.*,*(*3&" %0)" ,*1*(%(*'0&" '-" +$%&&$''(&" )*+*(%," -%.$*/%(*'0"-'$"0'$1%(*83"+'%,&"'-"&6&(%*0%.*,*(L7"*0/,6&*'0"%0)"/$3%(*8*(LP"" """"""""""""""""""""""""""""""""""""""""""""""""""""""""

!_{"c'11'0&].%&3)" 433$]4$')6/(*'0" *&" X*)3]&/%,37" &3,-]'$+%0*&3)" /',,%.'$%(*'0" .3(X330" ,%$+3"}

061.3$&"'-"43'4,3"*0"(<3")383,'4130("'-"13%0*0+-6,"4$'[3/(&"I6&6%,,L"X*(<"(<3"<3,4"'-"S0(3$03(" &'/*%," 13)*%MQ" K<*&" *&" *0" /'0($%&(" ('" -*$1l<*3$%$/<*/%," %0)" 1%$23(l3N/<%0+3" 4$')6/(*'0Q" :0" 3N%14,3"*&"(<3"'0]+'*0+")383,'4130("'-"(<3"G34G%4"B]>"4$*0(3$Q"

B"

:)8%0/3"03X"&'/*%,"(<3'$L"-'$"+$%&&$''(&"*00'8%(*'0"*0"&'/*3(LP"

>3,*.3$%(3" X*(<" 4$%/(*(*'03$&" %0)" 4',*/L]1%23$&" (<3" *14,*/%(*'0&" '-" (<*&" 1'83130("-'$"*00'8%(*'0"4',*/L"%0)"+'83$0%0/3Q"

"

V3"X3,/'13"-33).%/2m"" "

K<3" ('4*/" <%&" &*+0*-*/%0(" *0(3,,3/(6%," %0)" 4$%/(*/%," *14,*/%(*'0&Q" =*+<](3/<" /%4%.*,*(*3&" %$3" &4$3%)*0+" *0('" +$%&&$''(&" 1'83130(&" *0(3$0%(*'0%,,LQ" :(" (<3" &%13"(*137")*+*(%,"-%.$*/%(*'0"%$(*/6,%(3&"83$L",'/%,*&3)"%/(*8*(L"(<%("$3^6*$3&"*0] )34(<"&(6)L"'0"(<3"+$'60)Q"G3&3%$/<"033)&"('".3"/%$3-6,,L")3&*+03)"('"/'1.*03" %//3&&"('",'/%,"4$%/(*/3&"'0"(<3"+$'60)"X*(<"%0%,L&*&"'-"0'$1&"-'$1*0+"(<$'6+<" *0(3$0%(*'0%,")*+*(%,"-%.$*/%(*'0"03(X'$2&Q"

"

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`$38',6(*'0aM7" 03X" .6&*03&&" 1')3,&" I3Q+Q" `43$&'0%,*&3)" 1%06-%/(6$*0+aM7" %0)" +$%&&$''(&"1'83130(&"I3Q+Q"`1%23$&4%/3a"/'1160*(L"X'$2&<'4&M7"*&"4$'14(*0+" &'13"3N/*(3130(Q"C14<%&*&"$3&(&"*0"43'4,3"['*0*0+"/',,%.'$%(*83"1%06-%/(6$*0+" 4$'[3/(&"X<3$3"(<3L"*00'8%(3"%0)",3%$0"('+3(<3$P"%0)"6&*0+"'0],*03"03(X'$2&"('" /'003/(" ('" '430]&'6$/3" )3&*+0&7" (6('$*%,&7" %0)" X'$2&<'4&" +,'.%,,LQ" ;43%2*0+" %(" (<3" ,%60/<" '-" i%0/<3&(3$" `Y%._%.a7?_{"\3*," #3$&<30-3,)" -$'1" i%&&%/<6&3((&"}

S0&(*(6(3"'-"K3/<0','+L"/,%*13)7"`(<3"$3%,"4$'[3/("*&"0'("&43/*-*/%,,L"(<3"('',&7".6(" n" *0" %&2*0+" <'X" L'6" ,*837" X'$2" %0)" 4,%L" *0" %" X'$,)" X<3$3" %0L.')L" /%0" 1%23" %0L(<*0+" %0LX<3$3Qa" S0" (<3" 13)*%7" K<3" C/'0'1*&(/ I?!lEl!?M7" WWc" %0)" '(<3$&" $34'$("`/',,%.'$%(*83"1%06-%/(6$*0+a"X*,,"$38',6(*'0*&3"*00'8%(*'0&"*0"4$')6/(*'0" %0)"/'0&614(*'0"I;(%0+,3$"%0)"i%NX3,,"?h!?MQ""

"

F$%/(*(*'03$&" 6&3" %" 8%$*3(L" '-" (3$1&" ('" )3&/$*.3" /'1160*(L].%&3)" )*+*(%," -%.$*/%(*'0"-%/*,*(*3&5"o/'X'$2*0+"&4%/3&p7"o*00'8%(*'0",%.'$%('$*3&p7"o13)*%",%.&p7" o-%.,%.&p7" q<%/2,%.&q" %0)" q<%/23$&4%/3&qQ" V<*,&(" (<3&3" 0%13&" *0)*/%(3" 8%$*'6&" %/(*8*(*3&"%0)"&6++3&(")3+$33&"'-"/'1160*(L"*08',83130(7"(<3")3-*0*(*'0&"'83$,%4"

""""""""""""""""""""""""""""""""""""""""""""""""""""""""

?_{":"/'1160*(L].%&3)")*+*(%,"-%.$*/%(*'0"X'$2&<'4"$3/3*8*0+"1'$3"(<%0"Bhhh"6&3$&"&*0/3"'430*0+"}

E"

*0" 4$%/(*/3" %0)" %$3" )3.%(3)QB_{"Y'$" (<3" &%23" '-" /,%$*(L7" X3" 0%13" '6$" '.[3/("}

1%23$&4%/3&Q" K<3&3" %$3" /'1160*(L]'$*30(3)" &4%/3&" )3)*/%(3)" ('" +$%&&$''(&" )*+*(%," -%.$*/%(*'0Q" K<3L" 4$'8*)3" 131.3$&" '-" (<3" 46.,*/" X*(<" 4<L&*/%," 308*$'0130(&"X<3$3"(<3L"/%0"3N43$*130("%0)",3%$0"X*(<"'(<3$&"(<$'6+<"<%0)&] '0" *08',83130(" *0" &3,-])*$3/(3)" 4$'[3/(&Q" =%/23$&4%/3&7" Y%._%.&" %0)" (<3*$" 03(X'$2&" %$3" 4$'1*030(Q" K<3$3" %$3" !BBh" =%/23$&4%/3&" %0)" !kd" Y%._%.&" +,'.%,,L"%0)"061.3$&"%$3"+$'X*0+"$%4*),LQE_"

"

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i%23$&4%/3&"%$3"03(X'$23)"(<$'6+<"'0],*03"&'/*%," 13)*%" I/'003/(*0+" (<31" ('" )3&*+0&7" (6('$*%,&7" )3.%(3&" %0)" %" 1'83130(" '-" 1%23$&4%/3&" +,'.%,,LM7" %0)" (<$'6+<" 0%(*'0%,7" $3+*'0%," %0)" *0(3$0%(*'0%," 3830(&" I3Q+Q"i%23$"Y%*$3&7"D430"=%$)X%$3";611*(&7"3(/MQ"

"

K<3"-',,'X*0+"0%$$%(*83&"%$3"4%$(*/6,%$,L"4$'1*030("%1'0+&("/'1130(%('$&"%0)" 4$%/(*(*'03$&Q" C%/<" -$%13&" )*--3$30(,L" (<3" &'/*'(3/<0*/%," 4'&&*.*,*(*3&" '-" +$%&&$''(&")*+*(%,"-%.$*/%(*'05""

"

:"`-0'*1/'%1)2-*',+/*"3$+)-'$%a"3N(30)*0+"(<3")*+*(%,"$38',6(*'0"'-"ScK&"%0)" &'/*%," 13)*%" *0('" (<3" 1%(3$*%," X'$,)" I:0)3$&'0" ?h!?P" F?F" Y'60)%(*'0" ?h!?MP"

:" `1"4$#*,-'2,-'$%/ $&/ 4,%)&,#-)*'%(a" %&" /*(*f30]/'0&613$&" 30+%+3" *0" /'11'0&].%&3)" 433$]4$')6/(*'0" IW302,3$" %0)" \*&&30.%61" ?hhjP" i'(%" ?h!!MP""

H0,'/2*0+" `(*,22*$$-2/ '%%$3,-'$%a" %0)" 30($34$3036$&<*4" (<$'6+<" %//3&&*.,3")*+*(%,"-%.$*/%(*'0"I#3$&<30-3,)"?hhrP"K$'N,3$"?h!hMP"%0)7" i'$3" `2)2-,'%,.+"/ 5*$1)#-'$%/ ,%1/ #$%2)45-'$%a" (<$'6+<" ,'/%," 4$'8*&*'07" $31%06-%/(6$37" %0)" (<3" 1%(3$*%," /6,(*8%(*'0" '-" 4'&(]/'0&613$*&(" 8%,63&" I;/<'$"?h!hP":,.*0&&'0"%0)"F3$3$%"?h!?MQ""

"

;'13"0%$$%(*83&"/'003/("$3%)*,L"('"4',*/L"%+30)%&"-'$")*+*(%,"3/'0'1L7"%)8%0/3)" 1%06-%/(6$*0+7"%0)"*0/,6&*83"*00'8%(*'0Q"F6.,*/"*083&(130("*&"[6&(*-*3)"*0"(3$1&" '-" 6&3$],3)" *00'8%(*'07" &2*,,&7" 30($34$3036$&<*47" %0)" 3/'0'1*/" $3+303$%(*'0" Ii%0L*2%7" ;*0/,%*$" 3(" %,Q" ?h!?P" ;(%0+,3$" %0)" i%NX3,," ?h!?MQ" D(<3$" 0%$$%(*83&" )3$*83" -$'1" %/(*8*&1" %0)" /'003/(" )*+*(%," -%.$*/%(*'0" ('" &'/*%," 1'83130(&" -'$" """"""""""""""""""""""""""""""""""""""""""""""""""""""""

B_{"oY%._%.&p" &(%0)" '6(" *0" 4$'8*)*0+" %" &(%0)%$)" 1')3," 4*'033$3)" .L" i%&&%/<6&3((&" S0&(*(6(3" '-"}

K3/<0','+L"IiSKM7".6("'430,L"%8%*,%.,3"('"%)%4(%(*'0".L"%,,Q"

E"_{=%/23$&4%/3&"*0"&3,3/(3)"/'60($*3&"061.3$"H;:5"rrE"I%44$QMP"#3$1%0L5"!?kP"Y$%0/35"r!P"HO5"rdP"}

\_5"?d"I<%/23$&4%/3Q'$+P"%//3&&3)"!jlh!l?h!BMQ"Y%._%.&"*0"'6$"&(6)L"/'60($*3&"061.3$5"H;:5" EhP"Y$%0/35"?dP"\3(<3$,%0)&5"!kP"#3$1%0L5"!!P"HO5"rQ"i31.3$&"%0)"6&3$&"'-"*0)*8*)6%,"

r"

/'11'0&].%&3)" 433$]4$')6/(*'07" <%/2*0+7" %0)" &6&(%*0%.*,*(L" %,(3$0%(*83&" IW%6X30&"?h!BP"V%$2"?h!BMQ"

"

:)8'/%(3&" '-" (<3" ,%((3$" %$+63" (<%(" /'11'0&].%&3)" 433$]4$')6/(*'0" <%&" %0" %--*0*(L" X*(<" 4$*0/*4,3&" '-" 308*$'0130(%," &6&(%*0%.*,*(L" %0)" &'/*%," [6&(*/37" %0)" (<%(")*+*(%,"-%.$*/%(*'0"*0"(<%("-'$1"X*,,"43$1*("1'$3"&6&(%*0%.,3"4$')6/(*'0"%0)" /'0&614(*'0" IW%6X30&" ?h!BMQ" >*+*(%," -%.$*/%(*'0" *&" &330" %&" 30%.,*0+" 43'4,3" ('" $3]/'003/(" X*(<" 4$')6/(*'0" %(" %" /'1160*(L]&/%,3Q" >3/30($%,*&3)" X'$2&<'4&" /'6,)" 43$1*(" /']'43$%(*'0" *0" /,'&3)],''47" ,'/%," 3/'0'1*3&7" %0)" (<3" $3*0(3$4$3(%(*'0"'-"X<%("*&"033)3)"%0)"&<'6,)".3"4$'8*)3)"-'$"I;/<'$"?h!hMQ""K<3" 4'&&*.*,*(*3&" -'$" 43$&'0%,*&3)" 4$')6/(*'0" %0)" /'0&614(*'0" '430&" 1'$3" 13%0*0+-6," 4'&&*.*,*(*3&" -'$" )3&*+0*0+" +'')" %0)" &3$8*/3&" -'$" ,'0+38*(L" %0)" )6$%.*,*(L"I:0)3$&'0"?h!?MQ";'13"X'$2&<'4&")'"30%.,3")3&*+0"%0)"*00'8%(*'0" -'$"$3/L/,*0+7"$3]1%06-%/(6$*0+7"%0)"-33)*0+"6&3$],3)"4$'('(L43&"*0('"&6&(%*0%.,3" ,'/%,"30(3$4$*&3Q"K<3L"1*+<("3830"$3*0-'$/3"8*$(63&"$3,38%0("('"4'&(]/'0&614(*'0" &'/*3(*3&" (<$'6+<" 433$" 4$')6/(*'07" (<3" &<%$*0+" 3/'0'1L7" %0)" /',,%.'$%(*83" /'0&614(*'0Q" "

\'03" '-" (<3&3" -$%1*0+&" '-" 4'&&*.,3" $%)*/%," *00'8%(*'0&" *0" 4$')6/(*'0" %0)" /'0&614(*'0" %$3" 4%$(*/6,%$,L" 03X" *0" )3.%(3&" %.'6(" 4'&(]/'0&613$*&(" 1%(3$*%," /6,(6$3&7" *0/,6)*0+" *&&63&" '-" *0/,6&*8*(L" %0)" )31'/$%/L7" )3/30($%,*&%(*'0" %0)" $3&'6$/3" 3--*/*30/L" 4'(30(*%,&" %0)" )*&/6&&*'0&" '-" 1'$3" /$3%(*837" ,3&&" %,*30%(*0+" (3/<0','+*3&" IW''2/<*0" !djeMQ" c'1160*(L].%&3)" 4$'8*&*'0" 4$%/(*/3&" (<$'6+<" (<3" 6&3" '-" 1%/<*03" ('',&" <%83" .330" %" -3%(6$3" '-" 1')3$0" 308*$'0130(%,*&1" )*&/'6$&3&" -'$" %" X<*,3Q" Y'$" 3N%14,37" i*23" c'',3L7" X<'" /%13" ('" 4$'1*030/3" (<$'6+<" <*&" *08',83130(" *0" (<3" _6/%&" F,%0" -'$" X'$23$&" /'0($'," '83$" &'/*%,,L" 6&3-6,"4$')6/(*'0"*0"(<3"!deh&"IV%*0X$*+<("%0)"C,,*'(("!dk?M7"%$+63)"/'146(3$] %&&*&(3)"1%/<*03"('',&"/'6,)".3")383,'43)"*0"X%L&"(<%("0'("'0,L"$3&43/(3)"%0)" 30<%0/3)" '43$%('$" &2*,,&7" .6(" (<%(" /'6,)" %//'14%0L" *0)6&($*%," )31'/$%(*&%(*'0" '83$"%,(3$0%(*83"&($%(3+*3&"-'$"&'/*%,,L"6&3-6,"4$')6/(*'0"Ic'',3L"!dkeMQ"

"

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

j"

K<3" -*$&(" *&&63" *&" 2)2-,'%,.'+'-67" %0)" X<3(<3$" %0)" <'X" +$%&&$''(&" )*+*(%," -%.$*/%(*'0" *"#,+'.*,-"2" *00'8%(*'0Q" :&" (<3" 8*&*'0&" %.'83" $3/'+0*&37" 1%(3$*%,,L7" )*+*(%," -%.$*/%(*'0" 30%.,3&" $3],'/%,*&%(*'0" '-" 4$')6/(*'0]/'0&614(*'07" %0)" (<3" $3l64]/L/,*0+"'-"1%(3$*%,&"*0",'/%,"&L&(31&"I;/<'$"?h!hMP"/6,(6$%,,L7"4$')6/(*83" 4%$(*/*4%(*'0" *&" %$+63)" ('" /6,(*8%(3" 4'&(]/'0&613$*&(" 8%,63&" %0)" ,'0+38*(L" *0" +'')&" (<$'6+<" &($'0+3$" %&&'/*%(*'0&" X*(<" (<3" '.[3/(&" 4$')6/3)" .L" 4%$(*/*4%0(&" I8%0" =*0(3" !ddeP" g3$.332" ?hhjP" W%6X30&" ?h!BMQ" W6(" /'0&614(*'0" 1*+<(" %,&'" *0(30&*-L" (<$'6+<" (<$'X" %X%L7" 43$&'0%,*&3)" -%.$*/%(*'0" Ii%$&('0" ?h!!MQ" >*1*0*&<3)"&/%,3"3--*/*30/*3&"/'6,)"*0(30&*-L"$3&'6$/3"6&37"$%(<3$"(<%0"$3)6/3"*(7" %&" X3,," %&" )*&$64(*0+" X%&(3" /',,3/(*'0" %0)" $34$'/3&&*0+" *0-$%&($6/(6$3&Q" ;'" &6&(%*0%.,3")*+*(%,"-%.$*/%(*'0"*&"0'("%6('1%(*/%,,L"*0&/$*.3)"*0('"1%23$&4%/3&Q" "

K<3" &3/'0)" *&&63" *&" '%#+)2'3'-67" %0)" X<3(<3$" %0)" <'X" +$%&&$''(&" )*+*(%," -%.$*/%(*'0"*"#$%&'()*"2"*00'8%(*'0Q">*+*(%,"-%.$*/%(*'0"*&"%//3&&*.,3"-'$"6&3$],3)" %0)" +$%&&$''(&" *00'8%(*'0Q" >3&4*(3" &6$83L&" *0)*/%(*0+" *0)*8*)6%," 6&3$&" .3*0+" 4$3)'1*0%0(,L" 1%,3" %0)" 60*83$&*(L]3)6/%(3)" Ii'*,%030" ?h!!M7" +$%&&$''(&" *0*(*%(*83&7" ,*23" (<3" Y%._%." 3N43$*130(" %(" ;6&(%*0%.,3" ;'6(<" W$'0N7" ($L" )3,*.3$%(3,L" ('" /$'&&" (<3" )*+*(%," )*8*)3" %0)" 314'X3$" 43'4,3" (<$'6+<" (<3" *00'8%(*'0" /%4%.*,*(*3&" 4$3&30(3)" .L" )*+*(%," -%.$*/%(*'0Q" ='X383$7" %&" X3,," %&" 4'(30(*%,,L" 314'X3$*0+7" )*+*(%," -%.$*/%(*'0" 3N(30)&" /'0/3$0" %.'6(" ,%.'6$" 3N4,'*(%(*'07" %&" 6&3$&" /$3%(3" '430" *00'8%(*'0&" &6&/34(*.,3" ('" %44$'4$*%(*'0" .L" -*$1&"I;/<',f"?h!BM7"%0)"%&"&6++3&(3)".L"(<3"+$'X*0+"6&3"'-")3&*+0"/<%,,30+3&7" 4$*f3&"%0)"6&3$],3)"-*$1&",*23"s6*$2LQ"/

"

K<3"(<*$)"*&&63"*&"#*",-'3'-67"%0)"X<3(<3$"%0)"<'X"+$%&&$''(&")*+*(%,"-%.$*/%(*'0"

*"+$#,-"2" *00'8%(*'0Q" K<3" ,3%$0*0+7" &2*,,&7" *)3%&" %0)" 03(X'$2&" 43'4,3" %/^6*$3"

(<$'6+<" *08',83130(" *0" )*+*(%," -%.$*/%(*'0" %$3" *14'$(%0(" 13%0&" .L" X<*/<" +$%&&$''(&" *00'8%(*'0" /%4%.*,*(*3&" )383,'4Q" :0)" L3(7" &(6)*3&" <*&('$*/%,,L" <%83" )3.%(3)" X<3(<3$" 1%0%+3$*%," *0($')6/(*'0" '-" 0613$*/%,,L" /'0($',,3)" I,%(3$" /'146(3$]/'0($',,3)M" 1%/<*03" ('',&" *0" *0)6&($L" )3]&2*,,3)" %0)" )*&]314'X3$3)" '43$%('$"*0*(*%(*83"I\'.,3"!dkEP"@'03&"!ddeP";')3$.3$+"?h!?MQ">'3&"+$%&&$''(&" )*+*(%," -%.$*/%(*'0" *14,L" %" $3&($*/(3)" '$" %" ($%0&-'$1%(*'0%," $3/,%*1*0+" '-" (<3&3" (3/<0','+*3&"-'$"/$3%(*8*(L9""

"

K<3&3"4'&&*.*,*(*3&"%0)"/$*(*/%,"*&&63&"X*,,".3"-%1*,*%$"('"&(6)30(&"'-"*00'8%(*'0"*0" &'/*3(L" I&6/<" %&" &/*30/3" J" (3/<0','+L" &(6)*3&M7" %0)" X<3$3" /'14,3N" %0)" %1.*8%,30(" $3,%(*'0&<*4&" .3(X330" (<3" 1%(3$*%," /<%$%/(3$*&(*/&" '-" (3/<0','+*/%," %$(3-%/(&"%0)"(<3*$"&'/*%,"/'0&($6/(*'0"*0('"X'$2*0+"(3/<0','+*3&"<%&".330"%",'0+] &(%0)*0+"-'/6&"'-"%0%,L&*&"%0)")3.%(3Q"

"

7* 89&30,0,4( 3&:;%#<&';#( $=%-/4=( $=;-%0;#( -6( #-'0->$;'=,0'&5( 6%&30,4(

"

#$%&&$''(&" )*+*(%," -%.$*/%(*'0" &*(&" %X2X%$),L" X*(<" /'0830(*'0%," *00'8%(*'0" (<3'$LQ" S)3%&" %.'6(" *00'8%(*'0" 4$'/33)*0+" (<$'6+<" *0(3$%/(*'0&" .3(X330" (<3" *0&(*(6(*'0&" '-" -*$1&7" GJ>" /30($3&7" 30($34$3036$&<*47" *083&(130(7" %0)" 46.,*/" 4',*/L" %$3" *0&6--*/*30(" I\3,&'0" !ddBP" Y$331%0" %0)" ;'3(3" !ddeMQ" Y'$" &6$37" /'0830(*'0%," `*00'8%(*'0" &L&(31&a" $31%*0" *14'$(%0(Q" K<3" `$3+*13" '-"

e"

(3/<0'&/*30(*-*/"4$'1*&3&a"*&"&(*,,"%"/'$3"-3%(6$3"'-"*00'8%(*'0"*0"&'/*3(L"ICN43$(" #$'64" '0" ;/*30/3" %0)" #'83$0%0/3" ?hheMQ" ='X383$7" *0" '$)3$" ('" +%*0" %" 1'$3" /'14,3(3" 60)3$&(%0)*0+" '-" *00'8%(*'0" 4$'/3&&3&" X3" 033)" ('" )383,'4" (<3'$L" /30($3)" '0" *00'8%(*'0&" (%2*0+" 4,%/3" *0" (<3" .$'%)3$" -*3,)" '-" &'/*3(LQ" :&" 16/<" *&" &6++3&(3)" *0" (<3" +$'X*0+" *0(3$3&(" %1'0+&(" $3&3%$/<3$&7" 4',*/L" %)8*&'$&7" (<*02" (%02&7" 13)*%" '6(,3(&7" %0)" '(<3$&" *0" (<3" ('4*/&" '-" +$%&&$''(&" *00'8%(*'07" 6&3$] /30($3)" *00'8%(*'07" '430" *00'8%(*'07" &'/*%," *00'8%(*'07" -$6+%," *00'8%(*'07" +$%&&$''(&" *00'8%(*'07" %0)" /'1160*(L" *00'8%(*'0Q" F$',*-3$%(*0+" %)[3/(*83&" $3-,3/("(<3"-%/("(<%("(<3"%+30(&7"%$30%&7"%+30)%&7"%0)"4$'/3&&3&"'-"*00'8%(*'0"%$3" '430*0+" 64" *0" &'/*3(L" IC,,*'((" J" K6$03$7" ?h!?MQ" \3X" 2$#'$-"#0%'#,+" $3/'0-*+6$%(*'0&7"$3,'/%(*'0&"%0)"$3/%,*.$%(*'0&"'-"*00'8%(*'0"%$3"60-',)*0+7"X*(<" *14,*/%(*'0&" -'$" (<3" -'$1&7" &/%,3" %0)" )*&($*.6(*'0" '-" *00'8%(*'0" 4$'/3&&3&" %0)" (<3*$"'6(/'13&"I@',L7"G*4"3("%,Q"?h!hMQ"K<3"C6$'43%0"CN43$("#$'64"'0";/*30/3"%0)" #'83$0%0/3" /%,,&" (<*&" 313$+*0+" I0*/<3M" &4%/3" `/',,3/(*83" 3N43$*130(%(*'0aQ" W6(" X<%(" ,*3&" 60)3$03%(<" (<3&3" 4%((3$0&9" K<3" 1%23$&4%/3" 1'83130(" *&" 4,%L*0+" %0" *0(3+$%,"4%$("*0")383,'4*0+"+$%&&$''(&"/%4%.*,*(*3&"-'$"*00'8%(*'0"%0)"*&"&332*0+" ('"4$'4%+%(3"(<31"(<$'6+<"&'/*3(LQ""

"

S0"'$)3$"('"+303$%(3"03X"*0&*+<(&"%0)")383,'4"(<3'$L7"X3"3N4,%*0"X<L"%0%,L&*&" 16&(" $3%/<" .3L'0)" $3/30(" &/<',%$&<*4" *0" 6&3$],3)" *00'8%(*'07" %0)" )$%X" 64'0" *)3%&"%.'6("-$%1*0+"*0"&'/*%,"1'83130("(<3'$L"%0)"(<3"&'/*','+L"'-"(3/<0','+L" %0)"*)3%&"%.'6("X*)3$"&'/*3(%,"*0-,630/3"'-"+$%&&$''(&"3N43$*130(%(*'0&"*0"0*/<3" (<3'$*3&Q" " 7"6$%1/)2"*8+"1/'%%$3,-'$%/-0"$*6/ "

;/<',%$&<*4" *0" 6&3$],3)" *00'8%(*'0" .$*0+&" %" 8%$*3(L" '-" 43$&43/(*83&" ('" )*--3$30(" %&43/(&" '-" (<3" ('4*/5" -$'1" 6&3$]1'(*8%(*'0&" ('" *00'8%(37" ('" -*$1" &($%(3+*3&" ('" %44$'4$*%(3" *046(&" -$'1" 6&3$&" Ig'0" =*443," %0)" O%(f" ?hh?P" 8'0" =*443," ?hhrP" c<3&.$'6+<7"g%0<%83$.323"3("%,Q"?hhjP"=*303$(<"?hhjP"W$%60"%0)"=3$&(%(("?hhkP" >%<,%0)3$" %0)" #%00" ?h!hP" =3*&2%0307" =LL&%,'" 3(" %,Q" ?h!hMQr"_{>3&4*(3" (<*&" $*/<"}

8%$*3(L7" (<3" *00'8%(*'0" &6.[3/(*8*(*3&" %0)" 4$'/3&&3&" '4303)" 64" .L" 6&3$],3)" 43$&43/(*83&" &(*,," (30)" ('" 60)3$](<3'$*&3" (<3" $',3" '-" /'1160*(*3&" *0" -'&(3$*0+" *00'8%(*'0" 4$'/3&&3&" IV3&(" %0)" _%2<%0*" ?hhkMQ" K<3" /'1160*(L" *&" '-(30" %&&613)"('".3"%0"314(L"&4%/3"X<3$3"6&3$&"3N/<%0+3"*)3%&7"X<*,3"(<3"%0%,L(*/%," -'/6&" *&" '0" *0)*8*)6%," 1'(*83&" -'$" &<%$*0+Q" ='X383$7" %&" Dai%<'0L" <%&" )31'0&($%(3)7"(<3"&<%$*0+"4$%/(*/3&"/%00'(".3"60)3$&('')"%4%$("-$'1"(<3"0'$1&" 64<3,)".L"(<3"/'1160*(L"IDti%<'0L"?hhBMQ"

"

:" /<%$%/(3$*&(*/" -3%(6$3" '-" 1%23$&4%/3&" *&" (<%(" (<3L" )383,'4" 60)3$" %" (30&*'0" .3(X330" *0)*8*)6%,*&(*/7" 30($34$3036$*%," 4$'[3/(&" %0)" /',,3/(*837" /'1160*(L]

""""""""""""""""""""""""""""""""""""""""""""""""""""""""

r_{"Y*$1&" %$3" '430*0+" ('" 6&3$],3)" )*+*(%," -%.$*/%(*'07" X<3(<3$" (<$'6+<" /'143(*(*'0&7" $3,3%&*0+"}

)3&*+0&7"'$"/'113$/*%,*&*0+"+$%&&$''(&"*00'8%(*'0&Q"\'2*%"%,,'X&"6&3$&"('"1%0*46,%(3"/')3"%0)" B]>" 4$*0(" (<3*$" 'X0" 4<'03" /%&3&Q" s6*$2L" (%23&" 4'46,%$" 6&3$" )3&*+0&" &3,3/(3)" (<$'6+<" &'/*%," 13)*%7"$3,3%&3&"B]>"4$*0(*0+"%0)"4$'('(L4*0+"X*(<"'(<3$"6&3$&7"%0)"$%4*),L"1%$23(&"(<3"4$')6/(&" (<$'6+<"(<3"*0(3$03("&'/*%,"03(X'$2&".6*,("%&"4%$("'-"(<3"*00'8%(*'0"4$'/3&&Q"

k"

.%&3)" %/(*8*(*3&" I;*3-23&" ?hheP" F?F" Y'60)%(*'0" ?h!?MQj_{"i%(3$*%," &644'$(" -'$"}

1%23$&4%/3&"/'13&"-$'1"%"8%$*3(L"'-"&'6$/3&7"*0/,6)*0+",'/%,"%6(<'$*(*3&7"&2*,,&" %0)" 30(3$4$*&3" %+30/*3&7" /<%$*(*3&7" %0)" /'113$/*%," &4'0&'$&<*47" %,'0+&*)3" 131.3$&<*4" %0)" 8',60(33$" /'0($*.6(*'0&Q" ;'13" 1%23$&4%/3&" %$3" $3^6*$3)7" -'$" -60)*0+" 46$4'&3&7" ('" 30+%+3" *0" `/,'&3)a" /'0&6,(%0/L" %0)" 30($34$3036$*%," %/(*8*(*3&7" '-(30" '0" %,(3$0%(*83" )%L&" ('" '4307" /'1160*(L]'$*30(3)" %/(*8*(LQ" K<*&" *0/'$4'$%(3&" 03+'(*%(*0+" *0(3,,3/(6%," 4$'43$(L" X<30" $%4*)" 4$'('(L4*0+" -'$" /,*30(&Q" V<*,&(" 4'(30(*%,,L" <3,4-6," ('" (<3" -,'X" '-" *00'8%(*'0&" .3(X330" (<3" *0-'$1%," %0)" -'$1%,7" (<*&" [6N(%4'&*(*'0" '-" %" /'0830(*'0%," $3+*13" '-" *00'8%(*'0" /%0" 4$'83" /'0($'83$&*%," %0)" /<%,,30+*0+" %,'0+&*)3" 1'$3" 0*/<3" /'11*(130(" ('" '43003&&" %0)" /'11'0&].%&3)" 433$]4$')6/(*'0" Ic6$$%<" ?hheMQ" S&&63&" '-" &'/*%," *0/,6&*'0" *0" *00'8%(*'0" /,%&<" .3(X330" 6&3$&" -',,'X*0+" *0)*8*)6%,*&(*/7" 30($34$3036$*%,"-'$1&"%0)"%/(*8*&(&"&332*0+"/',,3/(*83"0'$1&"'-"/'11'0&].%&3)7" 433$]4$')6/(*'0Q"

"

:" -6,,3$" 60)3$&(%0)*0+" '-" +$%&&$''(&" *00'8%(*'0" /'0&3^630(,L" $3^6*$3&" (<3" )383,'4130("'-"(<3'$L"/30(3$3)"'0"(<3"/'1160*(L"&330"*0"*(&")L0%1*/",*-3]/L/,3" 4$'/3&&Q" ;6/<" *0^6*$L" 4'&3&" ^63&(*'0&" %.'6(" (<3" *)30(*(L7" (<3" +'%,&7" %0)" 43$/3*83)"(<$3%(&"%0)"'44'$(60*(*3&"/'0&(*(6(*83"'-"(<3"/'1160*(L"I;3L-%0+"%0)" ;1*(<"?hheMQ":"1'$3"&'/*','+*/%,"%//'60("'-"(<3")*--3$30("`-$%1*0+&a"'-"+$%&&$''(&" *00'8%(*'0" *0" 4,%L" *0" 1%23$&4%/3&" X*,," 4$'8*)3" %" 1'$3" -$6*(-6," %0%,L&*&Q" =3$37" (<3'$*3&"-$'1"&'/*%,"1'83130("&(6)*3&"%0)"(<3"&'/*','+L"'-"(3/<0','+L"/%0"<3,4" I;1*(<"?hhrP"8%0"D'&(7"g3$<%3+<"3("%,Q"?hhdP";A)3$.3$+"?h!!MQ" " 9"#0%$+$(68$*'"%-"1/2$#',+/4$3"4"%-2/ "

;'/*%," 1'83130(" (<3'$*3&" /'0830(*'0%,,L" 3N4,%*0" 3*(<3$" &'/*%," 1'.*,*f%(*'0&" &332*0+"$*+<(&"-$'1"4',*(*/%,"%0)"&'/*%,"*0&(*(6(*'0&7"'$"%,(3$0%(*83"*)30(*(*3&"%0)" /'60(3$]/6,(6$%," -'$1&" *0" (<3" /'0(3N(" '-" &'/*']3/'0'1*/" /<%0+3" I>%$0'8&2L7" C4&(3*0"3("%,Q"!ddrP";0'X7";'6,3"3("%,Q"?hhEP"O',."?hheMQ"V<*,&("&'/*%,"1'83130(&" $3&*&(*0+"(3/<0','+*3&"-'$1"%"&6.]-*3,)"IW%63$"!ddrP";1*(<"?hhrM7"(<3"%0%,L&*&"'-" 1'83130(&"%&"%+30(&"'-"*00'8%(*'0"*&",3&&"/'11'0"Ic',37"Y$331%0"3("%,Q"!deBP" @'$+30&30"%0)"O%$0'3"!ddrP"@%1*&'0"?hhBP";1*(<7"Y$3&&',*"3("%,Q"?h!BMQ"

"

K3/<0','+L]'$*30(3)" 1'83130(&" %$3" ,3&&" '83$(,L" %.'6(" (<3" 4',*(*/&" '-" 4$'(3&(" %0)" 1'$3" -'/6&3)" '0" `.6*,)*0+" %0)" )*--6&*0+" %,(3$0%(*83" -'$1&" '-" 1%(3$*%," /6,(6$3a" I=3&&" ?hhrM5" r!jP" %,&'" Ii%$$3&" ?h!?MQ" S0" )'*0+" (<*&7" <'X383$7" 1'83130(&"30/'60(3$"%0)"<%83"('"%//'11')%(3"'(<3$"%/('$&"23L"('"(3/<0','+L" )383,'4130(7" &6/<" %&" *0)6&($*%," $3-'$1" 1'83130(&" *0" (<3" 4$*8%(3" &3/('$" %(($%/(3)" ('" (<3" &%13" %,(3$0%(*83" (3/<0','+*3&7" .6(" )*--3$30(,L" *0(3$3&(3)" *0" /'113$/*%," $%(<3$" (<%0" &'/*%," .303-*(&Q" i'83130(&" <%83" ('" )383,'4" 4'&*(*'0&" %0)" &($%(3+*3&" '83$" (<3" *0/'$4'$%(*'0" %0)" ($%0&-'$1%(*'0" '-" (3/<0','+*3&" .L" $3-'$1" *0(3$3&(&7" %0)" 30+%+3" *0" `'.[3/(" /'0-,*/(&a" %.'6(" -$%+130(*0+" 0'$1&" %0)" )*$3/(*'0&"'-"*00'8%(*'0"I=3&&"?hheMQ"K<3"<*&('$L"'-"(<3"-$33"&'-(X%$3"1'83130("

""""""""""""""""""""""""""""""""""""""""""""""""""""""""

j_{">*83$&*(L" $%0+3&" -$'1" 1%23$&4%/3&" /'11*((3)" ('" $%)*/%," >Sb" %0)" &6&(%*0%.*,*(L" 4'&*(*'0&"}

d"

%0)" *(&" )383,'4130(" *0('" '430" &'6$/3" .6&*03&&" 1')3,&" *&" %" $3,38%0(" 3N%14,3" IV%$2"?h!BMQ" " F3$(*030("('"/'0(3&(&"'83$"(<3"13%0*0+&"%0)"1%0*-3&(%(*'0&"'-")*+*(%,"-%.$*/%(*'0" %$3"*&&63&"'-"*)30(*(*3&7"&4%/3&"'-"1'.*,*&%(*'07"%0)"(<3*$"-$%1*0+&"'-"(3/<0','+LQ" K<*&"&6++3&(&"1%23$&4%/3&".3"60)3$&('')"*0"(3$1&"'-"(<3"&'6$/3&"%0)"4$'/3&&3&" (<$'6+<"X<*/<"/'11'0"*)30(*(*3&"*0")*+*(%,"-%.$*/%(*'0"%$3"-'$13)7"*0/,6)*0+"(<3" 1*/$']/'0(3N(&" '-" /'11'0" 3N43$*30/3" *0" 4$'[3/(&" I;0'X7" G'/<-'$)" 3(" %,Q" !dkjP" i/:)%1" !dkkMQ" Y'$" 3N%14,37" X<%(" <',)&" 1%23$&4%/3&" ('+3(<3$" I3830" *-" (314'$%$*,LM"%0)"*0-'$1&"%((*(6)3&"%0)"$3&4'0&3&"('"`6&3$],3)a"%44$'4$*%(*'0&".L" -*$1&9"

"

:" 1'83130(&]'$*30(3)" %0%,L&*&" 314<%&*&3&" (<3" /'0(30(" %0)" '43$%(*'0" '-" 1%23$&4%/3"03(X'$2&Q"S("3N4,%*0&")383,'4130(&"(<$'6+<"(<3"*0(3$4,%L"'-"&4%/37" 4'X3$7" -$%1*0+&" %0)" $3&'6$/3&" Ii*,,3$" ?hh?P" c',31%0" ?h!hMQ" i6,(*],%L3$3)" 03(X'$2&" ,*02" 4%$(*/*4%0(&" *0" )*83$&3" ,'/%," &*(3&" %/$'&&" +,'.%," &4%/3&" IC)3,1%0" ?hh!MQ" S0-'$1%(*'0" (3/<0','+*3&" <3,4" -'$+3" 0'(" &'" 16/<" %" /'11'0" %+30)%7" %&" .$'%)" *&&63" -$%1*0+&" X<*/<" 43$1*(" (<3" &<%$*0+" '-" *)3%&" %0)" %/(*8*(*3&" -'$" $3] ,'/%,*&%(*'0" *0" -'$1&" (<%(" &6*(" &43/*-*/" /'0(3N(&7" 4$'.,31&7" 033)&" %0)" 4$*'$*(*3&" I:44%)6$%*"?hhhP"_3%/<7";/''03&"3("%,Q"?hhrMQ"

"

;'/*'(3/<0*/%," &*,4'%(2" %$3" 4%$(*/6,%$,L" *14'$(%0(" -'$" (3/<0','+L]'$*30(3)" 1'83130(&5" (<3" *0(3$$3,%(*'0&" '-" 1'.*,*&%(*'0" %0)" -$%1*0+" (<$'6+<" 5,*-'#)+,*/

'1",2:/4",%'%(2/,%1/4$*,+/2-,%#"2"('X%$)&")*+*(%,"-%.$*/%(*'0"IW30-'$)"%0)";0'X"

?hhhP" ;1*(<" ?hhrMQ" :/(*8*&1" (<3$3-'$3" *08',83&" 0'(" [6&(" (<3" %&&3$(*'0" '-" %0" %+30)%7" .6(" $%(<3$" /'0(3&(&" ('" /6,(*8%(3" /3$(%*0" &'/*'(3/<0*/%," /'0-*+6$%(*'0&" Ii/:)%17"K%$$'X"3("%,Q"?hh!P"c$'&&,3L"?hh?MQ"c,%&<3&".3(X330"-$%1*0+&"/%0".3" 4$'($%/(3)" %0)" $3&',6(*'0&" -%$" -$'1" &($%*+<(-'$X%$)" I=3&&" ?hheP" ;1*(<" ?hheMQ" K<3"(30&*'0&"*)30(*-*3)"3%$,*3$"*0"&6&(%*0%.*,*(L7"*0/,6&*'0"%0)"/$3%(*8*(L"X*,,".3" $3/'+0*&3)7"4$*'$*(*&3)"%0)"%))$3&&3)")*--3$30(,L7")3430)*0+"64'0"(<3"-$%1*0+&" *0-,630/*0+"+$%&&$''(&")*+*(%,"-%.$*/%(*'0Q" " 90"/2$#',+/#$%2-*)#-'$%/$&/-"#0%$+$(6/ "

K<3'$L" %.'6(" &'/*%," 1'83130(" -$%1*0+&" /'003/(&" X*(<" *)3%&" %.'6(" `(3/<0','+*/%,"-$%1*0+a"*0"(<3"&'/*','+L"'-"(3/<0','+L"Ii%/O30f*3"%0)"V%[/1%0" !dkrP" =3&&" ?hhrP" ;1*(<" ?hhrMQ" K<3" /']4$')6/(*83" 4'X3$&" '-" (<3" &'/*%," %0)" 1%(3$*%," *&" 314<%&*&3)" *0" 4$'/3&&3&" '-" &'/*'(3/<0*/%," /'0-*+6$%(*'0" IV%[/1%0" ?hh?P" D6)&<''$0" %0)" F*0/<" ?hhBP" @%&%0'--" ?hhEP" W*[23$" ?h!hMQ" >*+*(%," -%.$*/%(*'0" (3/<0','+*3&" *0" 1%23$&4%/3&" <%83" /3$(%*0" `(3/<0*/%,a" /<%$%/(3$*&(*/&" `&/$*4(3)a" *0('" (<3*$" )3&*+0" %0)" '43$%(*'0" I3Q+Q" (<3" $%0+3" '-" 1%(3$*%,&" (<3L" /%0" X'$27" (<3" &/%,3" '-" '43$%(*'0&" 4'&&*.,37" %" )*+*(%,]'$*30(%(*'0" ('" /$%-(" 4$'/3&&3&M" I:2$*/<" !dd?M7" .6(" *14'$(%0(" &'/*%," 4$'/3&&3&" %--3/(" (<3*$" 43$-'$1%0/3" %0)" /'0&3^630/3&"Ii%/O30f*3"%0)"V%[/1%0"!dkrP"W*[23$"%0)"_%X"!dd?MQ""

"

i%23$&4%/3&" &<%$3" %" -%*$,L" &*1*,%$" /,6&(3$" '-" (3/<0','+*3&" %0)" .$'%),L" /'14%$%.,3"%44$'%/<3&"('"($%*0*0+"%0)"/6,(*8%(*0+"&2*,,&Q"H0)3$&(%0)*0+"(<3"X%L" &'/*%," 4$'/3&&3&" *0(3$%/(" X*(<" (<*&" 1%(3$*%," .%&*&" ('" /']4$')6/3" )*--3$30(" &'/*'(3/<0*/%," /'0-*+6$%(*'0&" '-" )*+*(%," -%.$*/%(*'0" I%0)" <30/3" *00'8%(*'0"

!h"

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

"

K3/<0','+*/%," -$%13&" %$*&*0+" (<$'6+<" (<3&3" &'/*%," *0(3$%/(*'0&" '$*30(%(3" &'/*'(3/<0*/%,")383,'4130("*0"(3$1&"'-"*&&63&7"&($%(3+*3&7"$3^6*$3130(&7"(<3'$*3&7" 20'X,3)+37" 4$'/3)6$3&7" 6&3$" 4$%/(*/3&7" %0)" 3N314,%$L" %$(3-%/(&" IW*[23$" !ddrMQ" c'0&($6/(*8*&(" 13(<')','+L" '$*+*0%,,L" *)30(*-*3)" -$%13&" &',3,L" -$'1" &(%(3130(&" %1'0+&(" `$3,38%0(a" &'/*%," +$'64&Q" G3/30(" 1'83&" ('X%$)&" %" /']4$')6/(*83" 8*3X" *0/'$4'$%(3"1%(3$*%,"/6,(6$3"*0('"-$%1*0+"4$'/3&&3&"IW*[23$"?h!hMQ":0%,L&*&"16&(" %((30)" ('" (<3" X%L" 43'4,3" 30+%+3" 1%(3$*%,,L" X*(<" )*+*(%," -%.$*/%(*'07" %0)" <'X" '.&3$83)" 4$%/(*/3&" &<%437" 30%.,3" %0)" 60)3$4*0" (<3" -'$1%(*'07" 8%,*)%(*'0" '$" 60&3((,*0+"'-")*--3$30("-$%13&"I>%0("?hhrP"i*,,3$"?hhrP":(2*0&'0"?hhjP"V%(&'0" %0)" ;<'83" ?hhkMQ" c'0&3^630(,L7" 60)3$&(%0)*0+" +$%&&$''(&" *00'8%(*'0" (<$'6+<" (<3"X%L")*--3$30("`-$%1*0+&a"*0-,630/3"&'/*'(3/<0*/%,"/%4%.*,*(*3&"('"*00'8%(3"/%0" .3" *)30(*-*3)" .L" *(3$%(*0+" .3(X330" 0%$$%(*83&" %.'6(" 1%23$&4%/3&" %0)" 1%(3$*%," 4$%/(*/3&"*0"1%23$&4%/3&Q"

"

V<*,&("1%23$&4%/3&"1*+<("%443%$"$3,%(*83,L"1%$+*0%,"%0)"4'X3$,3&&"/'14%$3)" ('" *0/61.30(" &L&(31&" '-" 4$')6/(*'0" %0)" /'0&614(*'07" *(" *&" 0'(3X'$(<L" (<%(" &'13" )334" &($6/(6$%," /<%0+3&" %$3" +303$%(*83" -'$" (<*&" 1'83130(" IW63/<,3$" ?hhhM7"%,,'X*0+"%"1%(3$*%,"I$3M(6$0"&'/*','+*/%,,L7"4',*(*/%,,L"%0)"4<*,'&'4<*/%,,LQ" V<*,&(" (<3" $%)*/%,,L" 8*&*'0%$L" 0%$$%(*83&" *0($')6/3)" 3%$,*3$" 033)" ('" .3" ($3%(3)" X*(<" /%6(*'07" (<3L" )'" /'003/(" X*(<" %0)" &332" ('" -$%13" %0)" 1'.*,*&3" 1%(3$*%," 4'&&*.*,*(*3&"-'$"'430*0+"64"03X"-'$1&"'-"*00'8%(*'0Q";'13"(<3'$*&(&"%0(*/*4%(3" `/,'&6$3a" 03+'(*%(3)" %$'60)" /3$(%*0" -$%13&7" %0)" ,3%)*0+" ('" '.)6$%/L" %0)" ($%[3/('$*3&" '-" &'/*'(3/<0*/%," )383,'4130(" IW*[23$" !ddrM7" '(<3$" /'0($*.6(*'0&" %$+63"(<*&"033)"0'(".3"*038*(%.,3Q":"4,6$%,*(L"'-"-$%13&"/%0"/'0(3&("%0)"$3]&<%43" &'/*'(3/<0*/%," /'0-*+6$%(*'0&" IO<''" ?hhrMQ" D(<3$" %0%,L&(&" %$+63" (<3" $3,%(*83" *0-,630/3" '-" )*--3$30(" -$%1*0+&" *&" &<%43)" .L" &($6/(6$3&" '-" &'/*%,7" 3/'0'1*/" %0)" 4',*(*/%,"4'X3$"IV*003$"!ddBP"_3%/<7";/''03&"3("%,Q"?h!hMQ""

"

D.&3$8*0+" %0" 606&6%," /'083$+30/3" *0" 4%$(*/*4%('$L" )3&*+0" 4$%/(*/3&7" :&%$'" I?hhhM")3,*03%(3)"(<3"60/3$(%*0"-,3N*.*,*(*3&"*0")383,'4*0+"03X"(3/<0','+*3&"%0)" (<3*$"/'$$3&4'0)*0+"&'/*'](3/<0*/%,"%$$%0+3130(&5""

"

oH0,*23" <61%0" 4',*(*/%," %+30(&7" (3/<0','+L" )'3&" 0'(" /<%,,30+3" 0'$1&" %&" *,,3+*(*1%(37".6("%&"60X'$2%.,3Q"K<3$3"*&"%")%0+3$"'-"/'0-6&*0+"(<*&"0'(*'0"X*(<"%" /'11'0"%&&614(*'0"'-"(3/<0']$%(*'0%,*&1u(<%("(<3"(3/<0','+L"*(&3,-"*14'&3&"%" ,'+*/" '0" )*&/'6$&3Q" K<*&" *&" 0'(" X<%(" *&" 13%0(" .L" /'0&*)3$*0+" (3/<0','+L" %&" %0" %+30(Q"K3/<0','+*3&"%$3"/3$(%*0,L"'430".'(<"('"%44,*/%(*'0"%0)")383,'4130(7"%0)" %$3"(<6&"0'("*0-,3N*.,3"('"(<3"4',*(*/%,"X*,,Q"W6("03*(<3$"%$3"(<3L"*0-*0*(3,L"-,3N*.,3" %0)" 43$-3/(,L" 4,%&(*/Q" ;'13" /'0-*+6$%(*'0&" X'$27" &'13" /%00'(" X'$27" %0)" 1%0L"

!!"

'(<3$&"1%L"$31%*0"60/3$(%*0Q";43/*-*/"(3/<0','+*3&"1%L"'$"1%L"0'(".3"4'&&*.,37" %0)"(<3"'0,L"X%L"('"%$$*83"%("%",3+*(*1%(3"/'0/,6&*'0"*&"('"46$&63"$3&3%$/<7"%0)" (<6&"/'11*("$3&'6$/3&7"*0('"3N4,'$*0+"(<'&3"4'&&*.*,*(*3&Qq"I:&%$'"?hhhMI4Q?kkM" "

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

c'0&*)3$*0+" +$%&&$''(&" )*+*(%," -%.$*/%(*'0" +$'64&" %&" *0*(*%(*83&" (<%(" 3N43$*130(" X*(<"(3/<0','+*/%,"4'&&*.*,*(*3&7"1%23$&4%/3&"/%0"/'0&3^630(,L".3"/'0/3*83)"%&"%" `0*/<3" &4%/3a" *0" X<*/<" +$'64&" +$%44,3" X*(<" (<3" -$%1*0+" *&&63&" %.'83Q" ;6/<" %" /'0/34(6%,*&%(*'0" -',,'X&" %44$'%/<3&" -'$" %0%,L&*0+" 46$4'&3-6," &'/*'](3/<0*/%," ($%0&-'$1%(*'0&" *0" &'/*3(L" IO3147" ;/<'(" 3(" %,Q" !ddkMQ" i%23$&4%/3&" 4$'8*)3" $3&'6$/3&" %0)" /'0&(*(630/*3&" -'$" +$%&&$''(&" )*+*(%," -%.$*/%(*'0" *)3%&" %0)" 4$%/(*/3&" X<3$3" 1'$3" /'0830(*'0%,,L" /'113$/*%," 4$')6/(*'0" %0)" /'0&614(*'0" &3((*0+&")'"0'("I=''+1%7"O314"3("%,Q"?hh?MQ"K<3"^63&(*'0"*&"X<3(<3$"%0)"<'X" *00'8%(*'0&" %$*&*0+" 60)3$" I&'13" '-M" (<3" -$%1*0+&" %.'83" 1*+<(" ($%0&,%(3" *0('" 1'$3"/'0830(*'0%,"&3((*0+&7"%0)"3830".3/'13"&33)&"-'$"X*)3$"($%0&-'$1%(*'0&"*0" /'0830(*'0&" %,'0+" (<3" ,*03&" 308*&%+3)" .L" %)8'/%(3&" ^6'(3)" 3%$,*3$7" %0)" )3430)*0+"64'0"(<3*$"/'1.*0%(*'0"X*(<")383,'4130(&"*0"(<3"X*)3$"&'/*%,"X'$,)" IK$6--3$"?hhBP"#33,&"%0)";/<'("?hheP";1*(<"?hheMQ""

"

H0)3$" (<*&" 8*3X7" 1%23$&4%/3" 03(X'$2&" 4$'8*)3" ,*02&" .3(X330" &43/*-*/" 1%23$&4%/3&" %0)" 4$'[3/(&" (<%(" 43$1*(" 03X" -'$1&" '-" *00'8%(*'0" ('" -,'X" %0)" 1'.*,*&3Q" ;'7" -'$" 3N%14,37" '0],*03" -'$61&7" /'0-3$30/3&7" %0)" )*&(%0/3" ,3%$0*0+" %/%)31*3&"<3,4"*0"(<3")*&&31*0%(*'0"%0)")383,'4130("'-"/'11'0&].%&3)7"433$] 4$')6/(*'0" 4$%/(*/3&Q" i%23$&4%/3" 03(X'$2&" 4$'8*)3" *14'$(%0(" 4<L&*/%," %0)" &'/*%," *0-$%&($6/(6$37" %0)" (<3L" $30)3$" '6(/'13&" 1'.*,37" $34,*/%.,3" %0)" /'1160*/%.,3"I;(%$"!dddMQ"

"

:0"*14'$(%0("3,3130("('"`0*/<3a"%44$'%/<3&"*&"(<3"X%L"03(X'$2&")$%X"64'0",'/%," 3N43$*130(%(*'0" *0" '$)3$" ('" 1'.*,*&3" X*)3$" 3N43/(%(*'0&7" %.'6(" )*+*(%," -%.$*/%(*'0Q" F$'[3/(&" ,*23" (<3" Y%._%." 3/']<'6&3 e _{"<%83" .3/'13" X*)3,L"}

/'1160*/%(3)" %&" 31.,31%(*/" '-" %0)" -'$" +$%&&$''(&" )*+*(%," -%.$*/%(*'0Q" i%23$&4%/3"%)8'/%(3&"&332"('"$34$3&30("(<3"*00'8%(*'0"*0-,630(*%,,L"('"(<3"X*)3$" &'/*%," X'$,)" ]" '-(30" (<$'6+<" (<3" 3N4,'*(%(*'0" '-" '44'$(60*(*3&" )$*830" .L" X*)3$" 4$'/3&&3&" I;1*(<" %0)" G%830" ?h!?MQ" c'0($*.6('$&" ('" %" $3/30(" &43/*%," *&&63" '-"

;%%$3,-'$%2" I?h!?P" e7" BP" `i%2*0+" *0" :13$*/%aM" %((314(3)" 4$3/*&3,L" (<3&3" 1'83&"

X<30"/'003/(*0+"1%23$&4%/3&"('"4',*/L"*0(3$3&("*0"$3*08*+'$%(*0+"1%06-%/(6$*0+" *0"(<3"/'0(3N("'-"3/'0'1*/"/$*&*&"I;(%0+,3$"%0)"i%NX3,,"?h!?MQ""

""""""""""""""""""""""""""""""""""""""""""""""""""""""""

!?"

"

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

"

='X"%$3"+$%&&$''(&"+$'64&"+$%44,*0+"X*(<"&6&(%*0%.*,*(L"*&&63&7"%0)"<'X" 1*+<("(<3L"$3/%,*.$%(3"*00'8%(*'0"-'$"&6&(%*0%.,3"1%(3$*%,"/6,(6$3&9" ='X" %$3" +$%&&$''(&" +$'64&" +$%44,*0+" X*(<" *0/,6&*8*(L" *&&63&7" %0)" <'X" 1*+<("(<3L"$3/'0-*+6$3"1'$3"314'X3$3)"$',3&"*0"*00'8%(*'09"

='X" %$3" +$%&&$''(&" +$'64&" +$%44,*0+" X*(<" (<*&" *&&637" %0)" <'X" 1*+<(" )*+*(%,"4'&&*.*,*(*3&"$3,'/%(3"/$3%(*8*(L"*0"+$%&&$''(&"*00'8%(*'09"

"

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

:0" %)8%0(%+3" X*(<" 1%23$&4%/3&" *&" (<%(" 4%$(*/*4%0(&" %$3" +303$%,,L" $3-,3/(*83" %.'6("(<3*$"*08',83130("%0)"'430,L")3.%(3"*("X*(<*0"'0,*03"-'$61&"%0)"($%*0*0+" 4$'+$%113&Q" K<*&" +303$%(3&" %" 4%$(*/6,%$,L" $*/<" 38*)30/3" .%&3" -'$" )383,'4*0+" (<3'$L" %.'6(" (<3" )3343$" /%6&3&7" -'$1&7" %0)" /'0&3^630/3&" '-" +$%&&$''(&" *00'8%(*'0"*0"&'/*3(LQ"i'$3'83$7"%0L")*--*/6,(*3&"*0"(<3"4$%/(*/%,"1%0*-3&(%(*'0"'-" )*+*(%,"-%.$*/%(*'0"0%$$%(*83&7"%0)"38*)30("*0"(<*&"/'0)6/*83"&3((*0+7"%$3",*23,L"('" .3" 8%,*)" *0" '(<3$7" ,3&&" /'0)6/*83" &'/*3(%," &3((*0+&Q" c'083$&3,L7" .3/%6&3" '-" (<3" )*83$&*(L" '-" 1%23$&4%/3&" %/$'&&" 8%$*3)" ,'/%," /'0(3N(&7" (<30" %0L" -$%1*0+&7" 4$%/(*/3&" %0)" +'83$0%0/3" %$$%0+3130(&" /'11'0" %/$'&&" (<31" &6++3&(" -3%(6$3&" '-" 1'$3" -60)%130(%," $3,38%0/3" ('" +$%&&$''(&" )*+*(%," -%.$*/%(*'0" IC*&30<%$)(" !dkdP"Y,L8.[3$+"?hhjMQ"

"

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c'1.*0%(*'0&" '-" 1%(3$*%," %0)" )*&/6$&*83" 3,3130(&" *0" -$%1*0+&" /%0" .3" )*&(*0+6*&<3)" -$'1" '03" %0'(<3$" *0" (<3" X%L" (<3L" /'0-*+6$3" 4$%/(*/3&" %0)" *00'8%(*'0" /%4%.*,*(*3&" )*--3$30(,L7" *0/,6)*0+" *&&63&7" 13%0*0+&7" &($%(3+*3&7" $3^6*$3130(&" %0)" 3N314,%$L" %$(3-%/(&Q" K<3L" 1%0*-3&(" (<31&3,83&" X*(<*0" 1%23$&4%/3" 03(X'$2&7" X'$2&<'4&" 0'$1&" %0)" &43/*-*/"