Modélisation linéaire élastique inverse des contraintes du sous-sol : Etude comparative et applications

HAL Id: tel-02073076

https://tel.archives-ouvertes.fr/tel-02073076

Submitted on 19 Mar 2019

HAL is a multi-disciplinary open access

archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.

du sous-sol : Etude comparative et applications

Mostfa Lejri

To cite this version:

Mostfa Lejri. Modélisation linéaire élastique inverse des contraintes du sous-sol : Etude comparative et applications. Earth Sciences. Université Montpellier, 2015. English. �NNT : 2015MONTS212�. �tel-02073076�

!

Délivré par l’Université de Montpellier

Préparée au sein de l’école doctorale SIBAGHE

Et de l’équipe de recherche BASSINS

Spécialité : GEOSCIENCES

Présentée par LEJRI Mostfa (Mustapha)

Soutenance prévue le 02 Juillet 2015 devant le jury composé de :

Dr. Roger Soliva, Université Montpellier Directeur de thèse Dr. Laurent Maerten, Schlumberger Co-Directeur Dr. Frantz Maerten, Schlumberger Co-Directeur Pr. Olivier Lacombe, Université Paris VI Rapporteur Pr. Jean Pierre Gratier, Université de Grenoble Rapporteur Pr. Rodolphe Cattin, Université Montpellier Examinateur Dr. Bertrand Gauthier, Total Examinateur Dr. Bernard Célérier, Université Montpellier Examinateur

!

SUBSURFACE STRESS INVERSION

MODELING USING LINEAR

ELASTICITY: SENSITIVITY ANALYSIS

AND APPLICATIONS

!

!

!

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

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

!!

!

,-.-)/0-.-%&+!

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

!

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`ab! !"#$"%"&'()"*))+"$,-.&)-".&'+"/.&)-*0"%."%*"12"*.'+3%+4",5/+".&)"*&/,63)-*"/$"4%'+.*"7"" #*''8"9):./+" ! ! ! !

!

1$23-!*4!5*%&-%&+!

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cFdFaF! 51(*$21#!A#/#$.*(==L!(''+*.($#B!$+!-(2=$./A! ae! cFdF_F! 51(*$21#!/+$!A#/#$.*(==L!(''+*.($#B!$+!-(2=$./A! _`! J<!@)A+%)+(.0)".(+'#9.)*%(.**.*F+ ??! H<=<! L'6)/*.-)**")*.%C'.%/+",*%+4"M'66'8)"N"O/..".25)"C).&/3*" ;E! ;%#!X(==(*#!8aeba<!(/B!C+$$!8aebe<!%L0+$%#'.'! _c! fFaFaF! ;%#!'$1#''!1($.+!86<! _f! fFaF_F! ;%#!-+1](1B!01+3=#@! _b! fFaFcF! ?$1#''!./D#1'.+/!01+3=#@! _d! fFaFfF! ?$1#''!./D#1'.+/!2'./A!'=.0!B($(! _g! fFaFbF! ?$1#''!./D#1'.+/!2'./A!-+*(=!@#*%(/.'@'! ca! fFaFdF! ?$1#''!./D#1'.+/!2'./A!*(=*.$#!$]./'! cf! H<;<! L/625&'*)".)8./+%8")()+.*" EA! fF_FaF! ;%#!0+=L0%('#!B($(!01+3=#@! cd! fF_F_F! 7H.'$./A!@#$%+B'!$+!'#0(1($#!$#*$+/.*!0%('#'! ch! H<E<! P).&/3*"1'*)3"/+"4)/C)8&'+%8*" HG! fFcFaF! J#('$!'K2(1#'!-+1@2=($.+/!8i(D#/!#$!(=FM!_`aa<! f`! fFcF_F! .C#@c\!8E(#1$#/!#$!(=FM!_`af<! f`! ;<!K.%>)5*+L#=%.(+K#.(%.$+.%+#9<M+?N7JO+ J7! I<=<! %O)CEQ"R"%.)-'.%()"1/,+3'-2")6)C)+.*"C).&/3" H;! bFaFaF! 5(1!-.#=B!'$1#''j'$1(./! ff! bFaF_F! 6#'#(1*%!(00=.*($.+/'! ff! bFaFcF! 4/B2'$1L!(/B!#/A./##1./A!(00=.*($.+/'! b`! bFaFfF! J($#'$!#/%(/*#@#/$'! bb! I<;<! O>PR1'*)3"*.-)**"%+()-*%/+"C).&/3" ID! bF_FaF! N1./*.0=#!+-!'20#10+'.$.+/! be! bF_F_F! 6#(=!$.@#!*+@02$($.+/! d`! bF_FcF! E#$%+B!+-!6#'+=2$.+/! da!

!

bF_FfF! "+'$!-2/*$.+/'! d_!

bF_FbF! ;#*$+/.*!'$1#''!B+@(./! df!

,<!P()69./#%10*+)=+%>.+%>.*1*Q+ ,;!

-.=.(.$0.*+ ,R!

S@!PT3-+ UQ+ P#9.)*%(.**+ 1$".(*1)$Q+ !+ /:9%1&'#(#/.%(10+ D.)/.0>#$10#9+ ."#9:#%1)$+ )=+ %>.+ V#99#0.&W)%%+

#**:/'%1)$*+ I;! !6*%(#0%+ I;! 7<!U$%()5:0%1)$+ I,! ?<!K.%>)5+ II! ;<=<! 9,C)-%8'6".//6" KK! ;<;<! F',6."4)/C).-2" =GG! ;<E<"B)8./+%8"*.-)**" =GE! ;<E<! F',6."$-%8.%/+" =GH! ;<H<! F',6."$6,%3"5-)**,-)" =GI!

;<I<! B-'8.%/+"$-))"*,-$'8)"/$".&)">'-.&" =GI!

;<A<! L/%**/+S*"-'.%/" =GA!

;<D<! 9/+R.)*.)3"5'-'C).)-*" =GD!

;<J<! P)'+"C%*$%."'+46)"8'68,6'.%/+"'+3"3/C'%+"-)5-)*)+.'.%/+" =GD!

G<!-.*:9%*+ 777!

E<=<! >$$)8."/$"$',6."4)/C).-2" ===!

cFaFaF! ?./A=#!0=(/(1!-(2=$! aaa!

cFaF_F! 4/$#1'#*$./A!-(2=$'! aa_!

cFaFcF! ?./2'+.B(=!-(2=$'! aab!

E<;<! >$$)8."/$".&)".-'8.%/+"$-))"*,-$'8)"/$".&)">'-.&" ==A! E<E<! >$$)8."/$"L/%**/+S*"-'.%/" ==D! E<H<! >$$)8."/$"$',6."$-%8.%/+" ==J! E<I<! >$$)8."/$"$',6."$6,%3"5-)**,-)" =;G! J<!X1*0:**1)$+ 7?7! H<=<! F',6."4)/C).-2" =;=! H<;<! B-'8.%/+"$-))"*,-$'8)" =;I! H<E<! L/%**/+T*"-'.%/" =;I! H<H<! F',6."$-%8.%/+" =;A! H<I<! F',6."$6,%3"5-)**,-)" =;A!

H<A<! U/C56)C)+.'-2"*.,32" =;A!

;<!S)$09:*1)$*+ 7?I! !0Y$)A9.5D./.$%*+ 7GN! -.=.(.$0.*+ 7G?! S@!PT3-+UUQ+!00:(#0E+."#9:#%1)$+)=+6)%>+V#99#0.&W)%%+#$5+W3K&6#*.5+'#9.)*%(.**+1$".(*1)$+/.%>)5*+ 7JG! !6*%(#0%+ 7JG! 7<!U$%()5:0%1)$+ 7JJ! ?<!K.%>)5+ 7JR! ;<=<! V.-)**"%+()-*%/+"C).&/3*" =HD!

!

;<;<! F',6."4)/C).-2" =HK! ;<E<! B)8./+%8"*.-)**" =IG! ;<H<! V6%3%+4"$-%8.%/+" =I=! ;<I<! Q'.'"*'C56%+4" =I;! ;<A<! W+'62*%*"5-/8)3,-)" =I;! G<!!$#9E*.*+ 7;;!

E<=<! X)6'.%/+*&%5"1).:))+"!"'+3""" =II!

E<;<! V6%3%+4"$-%8.%/+")$$)8." =IJ!

E<E<! V'C56%+4")$$)8." =A=!

J<!S>1/$.E+-)0Y+0#*.+*%:5E+ 7,?! H<=<! Y)/6/4%8"*)..%+4"'+3"5-)(%/,*"C/3)6*" =AE!

H<;<! F',6."C/3)6"8/+$%4,-'.%/+" =AD!

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cFaF! N(1(@#$#1!?0(*#! _`d! _FcF_F! "+@02$($.+/!;.@#! _`g! _FcFcF! 51(*$21#!B($(!(/B!*+'$!-2/*$.+/'! _`e! _FcFfF! ;#*$+/.*!'$1#''!B+@(./! _aa! _FcFbF! Y/B#1,*+/'$1(./#B!@+B#=! _a_! G<![#*>+P)1$%+):%0()'+0#*.+*%:5E+ ?7;!

!

E<=<! Y)/6/4%8'6"V)..%+4" ;=I!

E<;<! L'6)/*.-)**"%+()-*%/+" ;=J!

cF_FaF! E+B#=!*+/-.A21($.+/! _ae!

cF_F_F! E+B#=!1#'2=$'! __`! cF_FcF! ?#/'.$.D.$L!$+!-1(*$21#!B($(!=+*($.+/! ___! E<E<! [/%+.".-'\)8./-2"8/+()-4)+8)"%+()*.%4'.%/+" ;;H! cFcFaF! "+/$(*$!0+./$!@+B#=! __f! cFcF_F! 5=2.B!01#''21#!@+B#=! __d! J<!\.*+K#%.99.*+):%0()'+0#*.+*%:5E+ ??2! H<=<! Y)/6/4%8'6"V)..%+4" ;;K! H<;<! L'6)/*.-)**"%+()-*%/+" ;E=!

fF_FaF! E+B#=!*+/-.A21($.+/! _ca!

fF_F_F! E+B#=!1#'2=$'! _c_! fF_FcF! ?#/'.$.D.$L!$+!c\!-(2=$!@+B#=!A#+@#$1L! _cd! H<E<! #+$6,)+8)"/$"$',6."$-%8.%/+" ;ED! ;<!B*.6.(D+Z](+=1.95+0#*.+*%:5E+ ?GI! I<=<! Y)/6/4%8'6"V)..%+4" ;HG! I<;<! L'6)/*.-)**"%+()-*%/+" ;H=!

bF_FaF! E+B#=!*+/-.A21($.+/! _fa!

bF_F_F! E+B#=!6#'2=$'! _fc!

,<!X1*0:**1)$+#$5+0)$09:*1)$*+ ?JJ!

A<=<! B&)"C).&/3" ;HH!

A<;<! B&)"9'*&"L/%+.")?'C56)" ;HA!

A<E<! B&)"P'.)66)*")?'C56)" ;HJ!

A<H<! B&)"]*)1)-4"V^-")?'C56)" ;HK!

A<I<! F,-.&)-"'556%8'.%/+*" ;IG!

!0Y$)A9.5D/.$%*+ ?;7! -.=.(.$0.*+ ?;?! !$$.4+7Q+ ?;I! !$$.4+?Q+ ?;I! S@!PT3-+U^Q+P)9E'>#*10+D.)/.0>#$10#9+*%(.**+1$".(*1)$+:*1$D+:$5.=1$.5+=(#0%:(.*+/.0>#$10#9+%E'.+ ?,J! !6*%(#0%+ ?,J! 7<!U$%()5:0%1)$+ ?,;! B&)"3).)-C%+'.%/+"/$"C,6.%56)".)8./+%8")()+.*" ;AA! B&)"/%6"%+3,*.-2"5-/16)C_"C,6.%56)"5&'*)*"'+3",+Z+/:+"$-'8.,-)".25)*<" ;AJ! ],-"'55-/'8&" ;AK! ?<!K.%>)5*+#$5+*E$%>.%10+/)5.9*+"#915#%1)$+ ?RN! 9,C)-%8'6"C).&/3*" ;DG! _FaFaF! C7E!_h`! _FaF_F! N(=#+'$1#''!2'./A!51(*$21#'! _h`! _FaFcF! ;#*$+/.*!'$1#''!B+@(./! _h`! L/625&'*)"*.-)**"%+()-*%/+"'+3".25)"*)5'-'.%/+" ;D=! U/+$%3)+8)"8-%.)-%/+" ;D;! V2+.&).%8"C/3)6"$/-"('6%3'.%/+" ;DH!

!

_FaFfF! ?L/$%#$.*!5(2=$!E+B#=!(/B!A#/#1($#B!-1(*$21#'! _hf! _FaFbF! \($(!*=2'$#1./A!(/B!'$1#''!./D#1'.+/!D(=.B($.+/! _hd! _FaFdF! ;L0#!'#0(1($.+/!D(=.B($.+/! _hh! G<!S#*.+Z%:5EQ+\#+5#99.+5.*+K#%.99.*+ ?27! Y)/6/4%8'6"*)..%+4" ;J=! P/3)6"8/+$%4,-'.%/+" ;JI! P/3)6"-)*,6.*" ;JA! cFcFaF!i/+]/!@#*%(/.*(=!$L0#! _gd! cFcF_F!Y/W/+]/!@#*%(/.*(=!$L0#! _gh! cFcFcF!;L0#!'#0(1($.+/! _gg! J<!X1*0:**1)$+#$5+0)$09:*1)$*+ ?IN! !0Y$)A9.5D./.$%*Q+ ?I7! -.=.(.$0.*Q+ ?I?! S)$09:*1)$*+ GNN! L)-*5)8.%()*" EG;! O)+)$%.*"$/-"V8&6,C1)-4)-" EGE! !

!

!

!

!

! ! a!

67&-%8-8!$2+&)$/&!

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k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aeba<!(/B!C+$$!8aebe<!(''2@0$.+/!'2AA#'$./A!$%($!'=.0! B.1#*$.+/! .'! 0(1(==#=! $+! $%#! 1#'+=D#B! '%#(1! '$1#''! +/! $%#! -(2=$! 0=(/#M! %(D#! 1(.'#B! '+@#! *+/*#1/'! (3+2$! .$'! D(=.B.$L! -1+@! 0(1$! +-! $%#! 1#'#(1*%! *+@@2/.$LF! 521$%#1@+1#M! $%#'#! @#$%+B'! (1#! B.--.*2=$! $+! (00=L! ./! $%#! +.=! (/B!A('!./B2'$1L!('!-(2=$!0=(/#'!].$%!'=.*W#/=./#'!(1#!/+$!+3'#1D#B!./!]#==!=+A!.@(A#'!(/B!'#=B+@!+3'#1D#B!./! *+1#'F!

! ! _! ;%#!A+(=!+-!$%.'!]+1W!.'!$+!.@01+D#!$%#!#'$.@($.+/!+-!$%#!0(=#+'$1#''!-.#=B!/##B#B!$+!*+/'$1(./!/2@#1.*(=! '.@2=($.+/'!2'#B!-+1!@+B#=./A!/($21(=!-1(*$21#'!./!$%#!'23'21-(*#F!5+1!$%($!0210+'#!4!(.@!($!(B1#''./A!-+21! @(./!K2#'$.+/'Z! a<!k+]!@2*%!'%+2=B!]#!$12'$!$%#!X(==(*#!(/B!C+$$!(''2@0$.+/!-+1!0(=#+'$1#''!./D#1'.+/!-1+@!-(2=$!'=.0! B($(l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k+]! ]#==! 0(=#+'$1#''! ./D#1'.+/! $#*%/.K2#'! 3('#B! +/! $%#! X(==(*#! (/B! C+$$! (''2@0$.+/'! 0#1-+1@! *+@0(1#B!$+!/#]!A#/#1($.+/!$#*%/.K2#!3('#B!+/!A#+@#*%(/.*'l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

! ! c! ?./*#! '=.0! @(1W#1'! +/! -(2=$'! (1#! %(1B=L! +3'#1D#B! ./! *+1#'! +1! .@(A#! =+A'M! 4! 2'#! +3'#1D#B! /($21(=! -1(*$21#!B($(!('!@(./!B1.D#1'!-+1!$%#!./D#1'.+/!+-!$%#!0(=#+'$1#''!2'./A!$%#!/#]!A#/#1($.+/!$#*%/.K2#! 3('#B!+/!A#+@#*%(/.*'F!4!B#@+/'$1($#M!$%1+2A%!D(1.+2'!+2$*1+0!(/B!'23'21-(*#!#H(@0=#'M!%+]!$%.'!*(/! #--.*.#/$=L!3#!B+/#!(/B!B.'*2''!$%#!(BD(/$(A#'!(/B!B1(]3(*W'!+-!'2*%!/#]!$#*%/.K2#F! f<!k+]!.'!.$!0+''.3=#!$+!'+=D#!$%#!0+=L0%('#!01+3=#@!]%#/!$%#!@#*%(/.*(=!-1(*$21#!$L0#!.'!2/B#-./#Bl! 4$! .'! '+@#$.@#'! B.--.*2=$! $+! B#$#1@./#! $%#! -1(*$21#! W./#@($.*'! +3'#1D#B! (=+/A! ]#==3+1#'M! (/B! D#1L! +-$#/!$%#!'$2B.#B!1#A.+/'!2/B#1]#/$!@2=$.0=#!$#*$+/.*!0%('#'F!4/!$%.'!-./(=!'#*$.+/!4!(BB1#''!$%#!01+3=#@! +-! B($(! ].$%! 2/W/+]/! @+D#@#/$! $L0#! 8G+./$'M! -(2=$'M! '$L=+=.$#'! FFF<! (/B! #H$#/B! $%#! @#*%(/.*(=! '$1#''! ./D#1'.+/!$+!$%#!'#0(1($.+/!+-!$#*$+/.*!0%('#'F! ! ! ! ! !

! ! f! ! ! ! ! ! !

! ! b!

9-%-)$3!0%&)*8:/&0*%!

;<!6++-%/-!*4!&=-!&=-+0+!

;+B(LM! +/#! +-! $%#! @(./! *%(==#/A#'! ./! $%#! +.=! ./B2'$1L! .'! $%#! #H0=+.$($.+/! +-! /#]! 1#'+21*#'! ./! /($21(==L! -1(*$21#B!1#'#1D+.1'!+-$#/!=+*($#B!./!'$12*$21(==L!*+@0=#H!(1#('!'2*%!('!0=($#!3+2/B(1.#'M!@+2/$(./!1(/A#'! +1!/#(1!'(=$!'$12*$21#'F!X%.=#!$%#!W/+]=#BA#!+-!01#'#/$!B(L!'$1#''!-.#=B!.'!.@0+1$(/$!-+1!0=(//./A!B1.==./A!(/B! '$(3.=.$L!('!]#==!('!-+1!$%#!01#B.*$.+/!+-!-1(*$21#'!./B2*#B!3L!%LB1+,-1(*$21./AM!0('$!0#1$213#B!'$1#''!-.#=B'M! 1#'0+/'.3=#! -+1! $%#! B#D#=+0@#/$! +-! /($21(=! -1(*$21#'M! .'! #K2(==L! .@0+1$(/$! $+! @+B#=! -1(*$21#B! 1#'#1D+.1'M! #''#/$.(=! -+1! (/! #--.*.#/$! 1#*+D#1L! +-! /($21(=! 1#'#1D#'F! ;+! '+=D#! $%.'! .''2#M! /2@#1.*(=! @+B#='! +-! 1+*W! B#-+1@($.+/!3('#B!+/!*+/$./22@!@#*%(/.*'!(1#!3#*+@./A!./B2'$1L!'$(/B(1B!./!01+D.B./A!#--.*.#/$!@#(/'!-+1! @+B#=./A!/($21(=!-1(*$21#'!./!1#'#1D+.1'F!k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aeba<!(/B!C+$$!8aebe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

! ! d!

><!?*@!$)-!&=-!4)$/&:)-+!.*8-3-8!0%!&=-!A03!B!C$+!0%8:+&)DE!

><;<! 670+&0%C!&-/=%0F:-+!!

5+1!$%#!=('$!b`!L#(1'M!'#D#1(=!@#$%+B'!%(D#!3##/!B#D#=+0#B!$+!@+B#=!/($21(=!-1(*$21#'F!;%#!*21D($21#! (/(=L'.'!@#$%+B'!(1#!./$#/'.D#=L!2'#B!./!$%#!./B2'$1L!$+!01#B.*$!-1(*$21#!+1.#/$($.+/'!(/B!*=2'$#1./A!+-!3#/$! +1!-+=B#B!'$1($(!8E211(LM!aedgm!;%+@('!#$!(=FM!aehfM!J.'=#M!aeefm!5.'%#1!(/B!X.=W#1'+/M!_```m!k#//./A'!#$!(=FM! _```<F! k+]#D#1M! $%#! #--#*$! +-! -(2=$./A! (/B! =(L#1! $%.*W/#''! .'! .A/+1#B! (/B! $%#! $#*%/.K2#! .'! $++! '#/'.3=#! $+! '#.'@.*!1#-=#*$.+/!B($(!(*K2.'.$.+/!(/B!01+*#''./AF!! ;%#!'$($.'$.*(=!@#$%+B'M!3('#B!+/!$%#!0+]#1,=(]!B.'$1.32$.+/!+-!-(2=$'!'.Q#!8"%.=B'!#$!(=FM!aee`m!X(='%!(/B! X($$#1'+/M!aeeam!?*%=.'*%#!#$!(=FM!aeedm!?(''.!#$!(=FM!aee_m!n.#=B./A!#$!(=FM!aee_<M!+/!$%#!'$+*%('$.*!*=2'$#1./A! 01+*#''! 8E2/$%#! #$! (=FM! aeecm! \(@'=#$%M! aeeg<M! +1M! +/! $%#! %L0+$%#$.*(=! -1(*$(=! /($21#! +-! -(2=$./A! 8O(2$%.#1! (/B! J(W#M! aeec<! (==+]! $+! @+B#=! -1(*$21#'! ./! 1#'#1D+.1'F! k+]#D#1M! (=$%+2A%! $%#! '.Q#! B.'$1.32$.+/'! (1#! 01#B.*$(3=#M!-1(*$21#!@#*%(/.*'!.'!/+$!*+/'.B#1#B!].$%!$%#'#!$#*%/.K2#'!(/B!$%#1#-+1#!.$!.'!@+1#!B.--.*2=$!$+! 01#B.*$!$%#!+1.#/$($.+/'!(/B!=+*($.+/!+-!$%#!-1(*$21#'!

N.+/##1!]+1W!3L!k2B'+/!8aega<!%('!'%+]/!$%($!.$!*+2=B!3#!0+''.3=#!$+!B#$#*$!-1(*$21#!/#$]+1W'!$%1+2A%! '#.'@.*! ($$1.32$#! 01+*#''./A! 8?*%+#/3#1A! (/B! ?(L#1'M! aeebm! :#D#'! #$! (=FM! _``f<M! (/B! $%1+2A%! (1$.-.*.(=! ./$#==.A#/*#! (=A+1.$%@'! '2*%! ('! $%#! (/$,$1(*W./A! 8N#B#1'#/! #$! (=F! _``b<F! k+]#D#1M! B#'0.$#! $%#! 1#*#/$! (BD(/*#'!./!'#.'@.*!1#-=#*$.+/!$#*%/.K2#'!(/B!./!'#.'@.*!($$1.32$#!01+*#''./AM!@+'$!+-!$%#!/($21(=!-1(*$21#'! *(//+$!3#!B#$#*$#B!($!$%#!*211#/$!1#'+=2$.+/!8a!$+!_b!@#$#1'<!+-!$%#!'#.'@.*!1#-=#*$.+/!B($(F! 6#*#/$=L!'$12*$21#!1#'$+1($.+/!@#$%+B'M!%(D#!3##/!#H$#/B#B!$+!01#B.*$!(1#('!$%($!%(D#!2/B#1A+/#!=(1A#! '$1(./'!(/B!$+!1#=($#!$%#!'$1(./'!$+!'$12*$21(=!%#$#1+A#/#.$.#'!'2*%!('!-(2=$'!(/B!G+./$'!8k#//./A'!#$!(=FM!_```m! ?(/B#1'!#$!(=FM!_``_m!i=+00#/321A!#$!(=FM!_``cm!?(/B#1'!#$!(=FM!_``f<F!k+]#D#1M!('!-+1!$%#!01#D.+2'!$#*%/.K2#'! $+! @+B#=! -1(*$21#'M! A#+@#$1.*! 1#'$+1($.+/! B+#'! /+$! *+/'.B#1! 1+*W! B#-+1@($.+/! ('! (! 0%L'.*(=! 0%#/+@#/+/F!

! ! h! E(#1$#/!(/B!E(#1$#/!8_``d<!%(D#!B#@+/'$1($#B!$%($!(BB./A!@#*%(/.*'!$+!'$12*$21(=!1#'$+1($.+/!*+2=B!%#=0! @+B#=!/($21(=!-1(*$21#'!./!1#'#1D+.1'!-+1!'+@#!*+/-.A21($.+/'!+/=L!'./*#!$%#'#!$#*%/.K2#'!(1#!$++!B#0#/B#/$! +/!2/0%L'.*(=!3+2/B(1L!*+/B.$.+/'!8J+D#=L!#$!(=FM!_`a_<F!

><><! 1-/=%0F:-+!2$+-8!*%!C-*.-/=$%0/+!

;+B(LM! /2@#1.*(=! @+B#='! +-! 1+*W! B#-+1@($.+/! 3('#B! +/! *+/$./22@! @#*%(/.*'! (1#! 3#*+@./A! ./B2'$1L! '$(/B(1B! ./! 01+D.B./A! #--.*.#/$! @#(/'! -+1! @+B#=./A! /($21(=! -1(*$21#'! ./! 1#'#1D+.1'F! ^D#1! $%#! 0('$! B#*(B#M! 0.+/##1!'$2B.#'!8E(#1$#/M!aeeem!C+21/#!#$!(=FM!_```<!%(D#!01+D#B!$%($!(BB./A!(!A#+@#*%(/.*(=!1($.+/(=#!$+! '$+*%('$.*(=! $#*%/.K2#'! .@01+D#'! $%#.1! 01#B.*$.D#! *(0(3.=.$L! (/B! =#(B'! $+! @+1#! 1#(=.'$.*! -1(*$21#B! 1#'#1D+.1! @+B#='F! ;+! '$2BL! '$1#''! 0#1$213($.+/'! /#(1! @(G+1! -(2=$! Q+/#'M! k+@3#1A! aeeh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aF!4$! '%+]'! (! 01##H.'$./A! B.'*+/$./2.$L! '23G#*$#B! $+! (! =+(B! $%($! 2/B#1A+#'! '%#(1! $+! *1#($#! (! -(2=$F! ;%#! '$1#''! .'! 0#1$213#B! (1+2/B! $%#! -(2=$! '%+]./A! 3+$%! $#/'.=#! 8=.A%$! A1#L<! (/B! *+@01#''.D#! (1#('! 8B(1W! A1#L<F! C+$%! $%#! +1.#/$($.+/!+-!σa!8$%#!@+'$!*+@01#''.D#!01./*.0(=!'$1#''<!(/B!σ_!8$%#!=#('$!*+@01#''.D#!01./*.0(=!'$1#''<!(1#!

! ! g!

01##H.'$./A! -1(*$21#! '%+]./A! 31(/*%! *1(*W! ./! =#('$! *+@01#''.D#! (1#('! (/B! '$L=+=.$#'! ./! @+'$! *+@01#''.D#! (1#('!86.'0+=.M!aega<M!3+$%!-+==+]./A!$%#!+1.#/$($.+/!+-!σ!a!(/B!σ!_!1#'0#*$.D#=LF!

!

H1D:(.+ 7<+ S)/'#(1*)$+ 6.%A..$+ L#O+ '>)%)+ )=+ *.0)$5#(E+ =.#%:(.*+ *:0>+ #*+ %.$*19.+ 0(#0Y*+ #$5+ *%E9)91%.*+ )6*.(".5+ #():$5+ #+ (.#0%1"#%.5+ =(#0%:(.+ 1$+ 91/.*%)$.+ #%+ \.*+ K#%.99.*M+ *):%>.($+ H(#$0.+ L-1*')91M+ 7I27`+ P.%1%+ #$5+ K#%%#:.(M+ 7II;O+ #$5+ L6O+ 1%*+ U$%.('(.%#%1)$+ )=+ )6*.(".5+ =(#0%:(.*+ A1%>+ L0O+ *%(.**+ '.(%:(6#%1)$+ 0)/':%.5+ #():$5+ #+ *1$D9.+ =#:9%+ *>)A1$D+σ7+ 1$%.$*1%E+ #$5+

)(1.$%#%1)$<+

;%#! @#$%+B! %('! 3##/! '2**#''-2==L! (00=.#B! $+! 3+$%! +2$*1+0'! (/B! 1#'#1D+.1'! B#@+/'$1($./A! %+]! A#+@#*%(/.*'! *(/! 01+D.B#! (! %.A%! B#A1##! +-! 01#B.*$(3.=.$L! +-! /($21(=! -1(*$21#! /#$]+1W'F! 5+1! ./'$(/*#M!! k+@3#1A! #$! (=F! 8_``f<! 2'#B! '=.0! ./D#1'.+/! (/B! _\! B.'*1#$#! #=#@#/$! @#$%+B! 8\7E<! @+B#='! $+! *+/-1+/$! $%#! +3'#1D#B!'#*+/B(1L!-(2=$'!].$%!$%#!1#*+/'$12*$#B!$%#!0(=#+'$1#''!-.#=BF!;%#!c\!3+2/B(1L!#=#@#/$!@#$%+B! 8C7E<! %('! 3##/! '2**#''-2==L! (00=.#B! $+! @+B#=! '23'#.'@.*! -(2=$'! 8E(#1$#/M! aeeem! E(#1$#/! #$! (=FM! _``d<! ./! :+1$%#1/! :+1$%! ?#(! %.A%=L! -(2=$#B! 1#'#1D+.1'! ('! ]#==! ('! $%#! 2/B#$#*$#B! G+./$'! ./! /($21(==L! -1(*$21#B! *(13+/($#! 1#'#1D+.1'! 8C+21/#! #$! (=FM! _```<! (/B! =($#=LM! $+! *+@0(1#! B.--#1#/$.(=! '$1#''! @(A/.$2B#! $1#/B'! 1#D#(=#B! 3L! *(=*.$#! $].//./A! 0(=#+0.#Q+@#$1L! /#(1! (! $%12'$! -(2=$! $.0! $+! $%#! '$1#''! @(A/.$2B#'! L.#=B#B! 3L! (!

! ! e!

=./#(1!#=('$.*!@+B#=!./!N+=Lc\F!?.@.=(1=L!#=('$.*!B.'=+*($.+/!@+B#=./A!%(D#!3##/!(00=.#B!$+!@+B#=!'@(==,'*(=#! -(2=$!(/B!-1(*$21#!/#$]+1W!*%(1(*$#1.'$.*'!./!/+1@(=!(/B!1#D#1'#!-(2=$!1#A.@#'!8\##!#$!(=FM!_``h<F!

;%1##! W#L! #=#@#/$'! (1#! #''#/$.(=! -+1! (! *+@0=#$#! A#+@#*%(/.*(=! @+B#=./AF! ;%#! -.1'$! #=#@#/$! .'! $%#! A#+@#$1L! +-! $%#! '23'21-(*#! A#+=+AL! *(==#B! $%#! A#+=+A.*(=! @+B#=F! 9=$%+2A%! $%.'! .'! $%#! @+'$! .@0+1$(/$! #=#@#/$! ./! A#+@#*%(/.*(=! @+B#=./AM! .$! .'! +-$#/! +D#1'.@0=.-.#B! -+1! $#*%/.*(=! (/Bj+1! 01(*$.*(=! 1#('+/'F! O#+=+A.*(=! @+B#='! '%+2=B! 1#'#@3=#! 0('$! (/Bj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

G<!H$:3&+!$%8!H)$/&:)-+!

;%#! 01+0+'#B! ]+1W! *+/*#/$1($#'! (=@+'$! #H*=2'.D#=L! +/! $%#! *('#! ]%#1#! -(2=$./A! .'! $%#! @(./! B1.D#1! -+1! '$1#''!0#1$213($.+/!$%($!]+2=B!(--#*$!-21$%#1!-1(*$21#!B#D#=+0@#/$F!X#!$%#/!@(W#!$%#!(''2@0$.+/!$%($!./!(!

! ! a`! A1+]./A!(/B!(*$.D#!-(2=$!'L'$#@M!$%#!+1.#/$($.+/!+-!-1(*$21#'!].==!3#!./-=2#/*#B!3L!$%#!1#A.+/(=!'$($#!+-!'$1#''! ('!]#==!('!3L!$%#!0#1$213($.+/!/#(1!=(1A#!-(2=$'F!

G<;<! H$:3&+I!4$:3&!+D+&-.+!$%8!+&)-++!40-38!

5(2=$'!(1#!B.'*+/$./2.$.#'!+-!$%#!1+*W!(=+/A!]%.*%!$%#1#!%('!3##/!'.A/.-.*(/$!'%#(1F!X#!*=(''.-L!-(2=$'!3L! %+]!$%#!$]+!1+*W!3=+*W'!+/!#.$%#1!'.B#!+-!(!-(2=$!@+D#!1#=($.D#!$+!#(*%!+$%#1F!! !;%1+2A%+2$!$%#!7(1$%o'!*12'$M!$%1##!-(2=$'!$L0#'!(1#!B.'$./A2.'%#BZ! 8a<! :+1@(=! -(2=$'M! 1#D#1'#! -(2=$'! (/B! '$1.W#,'=.0! -(2=$'! 8-.A21#! _<F! :+1@(=! -(2=$'! (1#! *%(1(*$#1.'$.*! +-! 1#A.+/'! 2/B#1A+./A! #H$#/'.+/! 8.F#F! 0(''.D#! @(1A./'<F! 4/! /+1@(=! -(2=$'M! $%#! %(/A./A! ](==! @+D#'! B+]/](1BM! 1#=($.D#! $+! $%#! -++$](==F! :+1@(=! -(2=$'! @(L! B.0! ($! (! D(1.#$L! +-! (/A=#'M! 32$! $%#L! @+'$! $L0.*(==L! B.0! 3#$]##/! (3+2$!f`p!(/B!h`pF!!

8_<!6#D#1'#!-(2=$'!(1#!*%(1(*$#1.'$.*!+-!1#A.+/'!+-!*+@01#''.D#!'%+1$#/./A!+-!$%#!*12'$!'2*%!('!'23B2*$.+/! Q+/#'! ./! (*$.D#! @(1A./'! +1! /#]=L! -+1@#B! @+2/$(./! 1(/A#'F! 5+1! 1#D#1'#! -(2=$'M! $%#! %(/A./A! ](==! @+D#'! 20! 1#=($.D#=L!$+!$%#!-++$](==F!;%#!B.0!+-!(!1#D#1'#!-(2=$!.'!A#/#1(==L!'$##0F!! 8c<!?$1.W#,'=.0!-(2=$'!(1#!2'2(==L!'23,D#1$.*(=!(/B!$%#!1+*W!3=+*W'!@+D#'!#.$%#1!+1!=($#1(==L!].$%!D#1L!=.$$=#! D#1$.*(=! @+$.+/F! ?$1.W#,'=.0! -(2=$'! ].$%! =#-$,=($#1(=! @+$.+/! (1#! *(==#B! o'./.'$1(=o!-(2=$'! ]%.=#! -(2=$'! 2/B#1A+./A! 1.A%$,=($#1(=!@+$.+/!(1#!*(==#B!oB#H$1(=o!-(2=$'F!7(*%!@+$.+/!'#/'#!.'!B#-./#B!3L!$%#!B.1#*$.+/!+-!@+D#@#/$!+-! $%#!A1+2/B!+/!$%#!+00+'.$#!'.B#!+-!$%#!-(2=$!-1+@!(/!+3'#1D#1F!! ;1(/'-+1@! -(2=$! (1#! (! '0#*.(=! *=(''! +-! '$1.W#,'=.0! -(2=$'! ]%#1#! $%#! =($$#1! -+1@! (!0=($#!3+2/B(1LM! $%#'#! -(2=$'! (1#! 1#=($#B! $+! +--'#$'! ./!'01#(B./A! *#/$#1'M! '2*%! ('[email protected],+*#(/! 1.BA#'F! ;1(/'-+1@! -(2=$'! *(/! (='+! 3#! -+2/B! ./! *+/$./#/$(=! =.$%+'0%#1#! $1(/'-#1! 1#A.+/'! '2*%! ('! $%#! ?(/! 9/B1#('! 5(2=$! ./! $%#! Y/.$#B! ?$($#'F! 4/! #H$#/'.+/(=!+1!*+@01#''.D#!1#A.+/'!([email protected]!+-!/+1@(=M!'$1.W#,'=.0!(/B!1#D#1'#!-(2=$'!*(/!3#!-+2/BM!-+1!#H(@0=#M! C#1A#1($!#$!(=F!8aee`M!aeeg<M!O2q@2/B''+/!#$!(=F!8aeed<m!r.==#@./!#$!(=F!8aeef<!'%+]#B!$%($!([email protected]!+-!/+1@(=!

! ! aa! -(2=$'! (/B! '$1.W#,'=.0! -(2=$'! (1#! *%(1(*$#1.'$.*! +-! (! 1.-$./A! #H$#/'.+/(=! 01+*#''F! 9='+M! -(2=$./A! B+#'! /+$! /#*#''(1.=L! %(D#! 021#! B.0! '=.0! @+D#@#/$! ('! B#'*1.3#B! (3+D#F! 4$! .'! *+@@+/! $+! %(D#! '+@#! *+@3./($.+/! +-! -(2=$!@+D#@#/$'!+**211./AM!1#'2=$./A!./!(/!+3=.K2#!'=.0F! ! ! !"#$%&'()'*+,&-./"+'"00$1/%./"23'24'*/%"5&610"78'9&:&%1&'.3;'<2%-.0'4.$0/1)'=2;"4"&;'=()/+P9#%.#:+L?N7?O' 5(2=$!'21-(*#'!(1#!*%(1(*$#1.Q#B!3L!$%#!1($.+!+-!=#/A$%!$+!%#.A%$!8J!j!k<!*(==#B!'%(0#!1($.+F!?#.'@.*!01+-.=#'! ./$#101#$($.+/'! %(D#! '%+]/! $%($! -(2=$! A#+@#$1L! *(/! 3#! *+@0=#H! 8i+=#B+L#! #$! (=FM! _``cm! i($$#/%+1/! #$! (=FM! _``a<F! 5(2=$! A1+]$%! .'! *+/$1+==#B! 3L! $]+! 01+*#''#'Z! N1+0(A($.+/! ($! $%#.1! $.0! ]%#/! '=.0! (**2@2=($#'M! +1! 3L! -(2=$!'#A@#/$'!*+(=#'*#/*#!./!1#=(L!Q+/#'!8"(1$]1.A%$!#$!(=FM!aeed<F!! ;%#!(/(=L'.'!+-!$%#.1!$%1+]!01+-.=#!+-!-(2=$'!8$%1+]!B.'$1.32$.+/!+3'#1D#B!(=+/A!-(2=$'M!-1+@!Q#1+!($!$%#!$.0! =./#!$+!(!@(H.@2@!D(=2#!/#(1!.$'!*#/$#1<F!\21./A!01+0(A($.+/M!-(2=$'!2'2(==L!(**2@2=($#!$%1+]!01+0+1$.+/(==L! $+!$%#.1!'.Q#!8'#=-,'.@.=(1.$L<!8?*%.='*%#!#$!(=FM!aeed<F!;%#!D(=2#!+-!$%#!@(H.@2@!$%1+]!8\@(H<!.'!(!-2/*$.+/!+-! $%#!=#/A$%!+-!$%#!-(2=$!8\@(H!`F`cFJ!./!(D#1(A#<!32$!(='+!+-!.$'!B#0$%!8\@(H!!`FaFk<!8?+=.D(!#$!(=FM!_``bm!?+=.D(! (/B!?*%2=$QM!_``g<F!5+1!(!'./A=#!-(2=$M!$%#!$%1+]!01+-.=#!B#0#/B'!+/!$%#!c\!A#+@#$1L!+-!$%#!-(2=$!8?*%2=$Q!(/B! 5+''#/M! _``_m! ?+=.D(! #$! (=FM! _``b<! (/B! .'! 'L@@#$1.*(=F! :2@#1.*(=! @+B#=./A! ./! =./#(1! #=('$.*! @#B.(M! '%+]'! 1($%#1!#==.0$.*(=!'L@@#$1.*(=!*21D#!01+-.=#'F!E(H.@2@!$%1+]!D#1'2'!-(2=$!=#/A$%!@(L!B#D.B#!-1+@!$%#!A#/#1(=! $1#/B! ./! $%#! *('#! +-! -(2=$! ./$#1(*$.+/! 8\(]#1'! (/B! 9/B#1'M! aeebm! E(#1$#/! #$! (=FM! aeeem! E(#1$#/M! _```m! "+/$#1('!#$!(=FM!_```<!@+B.-L./A!$%#!$%1+]!A1(B.#/$!32$!(='+!$%#!-(2=$!BL/(@.*'!8n+2/A!#$!(=FM!_``a<F!

! ! a_! ;%#! '=.0! (/B! +1.#/$($.+/! +-! $%#! -(2=$! 0=(/#'! (1#! (''+*.($#B! $+! $%#! =+*(==L! 0#1$213#B! -(1! -.#=B! '$1#''! +1.#/$($.+/F! k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``d<F! ;%#! 0#1$213#B! '$1#''! #'$(3=.'%#'! $%#! =+*($.+/! +-! $%#! -(2=$! ./.$.($.+/! (/B! $%#! 01#-#1#/$.(=! A1+]$%! +-! '+@#!+-!$%#@F!C+$%!./$#1'#*$./A!-(2=$'!(/B!+D#1=(00./A!-(2=$'!(1#!(1#('!]%#1#!$%#!0#1$213($.+/!+-!$%#!'$1#''! -.#=B!.'!%.A%!#/+2A%!$+!@+B.-L!$%#!$%1+]!01+-.=#!+-!$%#!'#*+/B(1L!-(2=$!'#A@#/$'!(/B!$%#.1!c\!A#+@#$1L!('! $%#L!01+0(A($#!8N#(*+*W!(/B!?(/B#1'+/M!aeeam!X.==#@'#!#$!(=FM!aeedm!E(#1$#/!#$!(=FM!aeeem!E(#1$#/M!_```<F! c\!/2@#1.*(=!'$2B.#'!+-!%+@+A#/#+2'!#=('$.*!@#B.2@!+/!/+1@(=!-(2=$!'L'$#@'!'%+]#B!$%($!'#*+/B(1L!-(2=$'! ].$%!(!].B#!D(1.#$L!+-!+1.#/$($.+/'!*(/!3#!#H0=(./#B!3L!'$1#''!-.#=B!0#1$213($.+/'!B21./A!$%#!'(@#!$#*$+/.*! 0%('#!8E(#1$#/!#$!(=FM!_``_m!E(#1$#/!#$!(=FM!_``d<F!;%#!0#1$213($.+/!+-!$%#!'$1#''!-.#=B!.'!=(1A#=L!*+/$1+==#B! 3L!$%#!c\!A#+@#$1L!+-!$%#!-(2=$!'L'$#@!8X.==#@'#!#$!(=FM!aeedm!i($$#/%+1/!#$!(=FM!_``am!?+=.D(!#$!(=FM!_``d<F!!

G<><! H$:3&!C-%-+0+!$%8!&-/&*%0/!)-C0.-+!!

;1.(H.(=! @#*%(/.*(=! 1+*W! $#'$'! %.A%=.A%$! $%#! B#D#=+0@#/$! +-! -1(*$21#'! 2/B#1! (! A.D#/! '$($#! +-! '$1#''F! 4/! '2*%! $#'$'M! $%#! (00=.#B! -+1*#! (/B! B.'0=(*#@#/$! (1#! W/+]/F! 6#=($.+/'%.0! 3#$]##/! $%#! -1(*$21#! 'L'$#@! (/B! +1.#/$($.+/!+-!$%#!*+@01#''.D#!-+1*#!(1#!+3D.+2'F!51+@!$%#'#!1#'2=$'M!.$!.'!$%#/!0+''.3=#!$+!1#*+/'$12*$!$%#! B.1#*$.+/'!+-!$%#!-+1*#'!$%($!A#/#1($#B!$%#!*1#($.+/!+-!(!-(2=$!'L'$#@F!^/#!+-!$%#!#(1=.#'$!#H0#1.@#/$'!]('! *+/B2*$#B!3L!\(231)#!8aghe<M!]%+!*+@0(1#B!$%#!1#'2=$'!].$%!+2$*1+0!-1(*$21#!'L'$#@'F!

! ! ac! 9/B#1'+/!8ae`bM!aeba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₍ !! !!!! ! !! !!!!!!!!!!!!!!!!!8a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c<F!! !

! ! af! ! !"#$%&'>)'?"44&%&3/'4.$0/'/@7&1'.3;'7%"3+"7.0'1/%&11&1)''A.B'9&:&%1&'4.$0/8'ACB'<2%-.0'4.$0/8'A+B'*/%"5&'10"7'4.$0/8'A;B'&D.-70&'24' C02+'%2/./"23'.%%2$3;'/,&'7%"3+"7.0',2%"E23/.0'1/%&11'+,'.D"1)'F4/&%'G0./&.$'L?N7?O+=()/+!$D.91.(+L7IIJ#O<'

G<G<! H$:3&!)-$/&0#$&0*%!

"+/'.B#1!(!$1(*$.+/M!B#/+$#B)-!8A.D#/!3L!$%#!"(2*%L!-+1@2=(!+/!$%#!(00=.#B!'$1#''!$#/'+1!#._{<M!(00=.#B!($!} (!A.D#/!0+./$!+-!(!-(2=$!0=(/#!85.A21#!f<F!-!*(/!3#!B#*+@0+'#B!./!$]+!*+@0+/#/$'Z!$%#!'%#(1!'$1#''M!B#/+$#B! /M!(=+/A!$%#!-(2=$!0=(/#!(/B!$%#!/+1@(=!'$1#''M!B#/+$#B!-0M!/+1@(=!$+!$%#!-(2=$!0=(/#)!85.A21#!f<M!'2*%!('Z! - $ ) / 1 -₀! ! ! ! ! ! 8_<!

! ! ab! ! H1D:(.+J<++H()/+%(#0%1)$+%)+*>.#(+*%(.**<+T>.+%(#0%1)$+2M+%>.+*>.#(+*%(.**+3+#$5+%>.+$)(/#9+*%(.**+24+#(.+199:*%(#%.5<+4+1*+=)(+%>.+ $)(/#9+%)+%>.+=#:9%+'9#$.<+ Y'./A!E+%1,"+2=+@3!8agg_<!-(.=21#!*1.$#1.+/!(/B!W/+]./A!$%#!B.1#*$.+/!(/B!@(A/.$2B#!+-!$%#!01./*.0(=! '$1#''#'M!.$!.'!0+''.3=#!$+!B#$#1@./#!$%#!+1.#/$($.+/!+-!$%#!-(.=21#!0=(/#F!5+1!#H(@0=#M!./!$%#!*('#!]#1#!'$1#''! *+/B.$.+/'!(1#!+0$.@(=!8@([email protected]./A!$%#!B.--#1#/*#!3#$]##/!$%#!'%#(1!'$1#''!(/B!-1.*$.+/(=!1#'.'$(/*#<!-(.=21#! '%+2=B!+**21!]%#/!$%#!@(A/.$2B#!+-!$%#!'%#(1!'$1#''!/!+/!(!0=(/#!.'!#K2(=!$+!(!D(=2#!+-!*+%#'.+/)/₅!(BB#B!$+! (! *+#--.*.#/$! +-! -1.*$.+/)6!@2=$.0=.#B! 3L! $%#! @(A/.$2B#! +-! $%#! /+1@(=! '$1#''! +/! $%#! -(2=$! 0=(/#!#0F! ;%.'! *1.$#1.+/!*(/!3#!]1.$$#/!('!-+==+]'Z! / $ #07 6 1 /5!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8c<! E+%1>'!*.1*=#!(==+]'!$+!#'$.@($#!$%#!@(A/.$2B#!/!(/B!#0!!($!-(.=21#!85.A21#!b<F!X%#/!$%#!*.1*=#!B#-./#B!3L! #_%!(/B!#₍!!.'!$(/A#/$!$+!$%#!E+%1!-(.=21#!#/D#=+0#M!]%.*%!.'!B#-./#B!3L!$%#!-1.*$.+/!(/A=#!8!].$%!6) $ 9:; 8! (/B! $%#! @($#1.(=! *+%#'.+/! .')/5M! $%#! '$1#''#'! #H*##B! $%#! 1+*W! '$1#/A$%! (/B! -(.=21#! +**21'! 85.A21#! b<F! ;%#! ./$#1'#*$./A!0+./$!3#$]##/!$%#!-(.=21#!#/D#=+0#!(/B!$%#!E+%1!*.1*=#!.'!2'#B!$+!B#-./#!$%#!'%#(1!'$1#''!(/B! /+1@(=!'$1#''!@(A/.$2B#'!/##B#B!$+!1#(*%!-(.=21#M!('!]#==!('!$%#!+1.#/$($.+/!+-!$%#!-1(*$21#!0=(/#!85.A21#!b<F! ^/#!*(/!$%2'!#H01#''!!/!(/B)#0!('!(!-2/*$.+/!+-!#%!(/B!#(!('!-+==+]'Z!

! ! ad! / $ )<=><? ' @A; BC!! ! ! ! ! ! 8f<! #₀$ )<=D<? ' E <=><? ' FG@ BC! ! ! ! ! 8b<! ]%#1#!C!.'!$%#!(/A=#!3#$]##/!#%!(/B!$%#!-(2=$!0=(/#! :+$#!$%($!$%#!#H(@0=#!(3+D#!.'!-+1!+0$.@(=!-(.=21#!*+/B.$.+/'M!]%#1#!$%#!-1(*$21#!.'!/#]=L!-+1@#B!./!(/! .'+$1+0.*! @($#1.(=F! ;%.'! +**21'! ]%#/! $%#! 1+*W! @($#1.(=! %('! /+$! 3##/! B#-+1@#B! +1! -(2=$#B! L#$F! :($21(=! -1(*$21#'! /#$]+1W'! '%+]! @+1#! *+@0=#H! 'L'$#@'! %(D./A! 2/B#1A+/#! D(1.+2'! '2**#''.D#! -(.=21#'! 2/B#1! $.@#! B#0#/B#/$!D(1.($.+/'!+-!3+2/B(1L!*+/B.$.+/'F! ! H1D:(.+;<+K)>(a*+01(09.+(.'(.*.$%#%1)$<+3H+1*+=)(+%>.+0)>.*1)$M+I+1*+%>.+=(10%1)$+#$D9.<+J+1*+%>.+#$D9.+6.%A..$++,+#$5+%>.+=#:9%+ '9#$.<+

G<J<! H$:3&!+3080%C!4)0/&0*%! !

51.*$.+/!.'!$%#!-+1*#!1#'.'$./A!$%#!1#=($.D#!@+$.+/!+-!'+=.B!'21-(*#'!'=.B./A!(A(./'$!#(*%!+$%#1F!J#+/(1B+!\(! r./*.!8afb_,abae<!0.+/##1#B!./!'$2BL./A!-1.*$.+/F!k#!'2AA#'$#B!$%($!-1.*$.+/!.'!B#0#/B#/$!+/!$%#!1+2A%/#''!+-! $%#! '=.B./A! @($#1.(=! '2*%! $%($! '@++$%#1! @($#1.(='! ].==! %(D#! '@(==#1! -1.*$.+/F! ?.@.=(1=LM! 9@+/$+/'! 8adee<! '2AA#'$#B!$%($!-1.*$.+/!]('!01#B+@./($#=L!B2#!$+!$%#!'21-(*#!.11#A2=(1.$.#'!(/B!$%#!-+1*#!1#K2.1#B!$+!=.-$!$%#! ]#.A%$! 01#''./A! $%#! '21-(*#'! $+A#$%#1F+ "+2=+@3!8ahhe<! '2AA#'$#B! $%($! '$1#/A$%! B2#! $+! -1.*$.+/! .'! 01+0+1$.+/(=! $+! *+@01#''.D#! -+1*#M! (=$%+2A%! -+1! =(1A#! 3+B.#'! -1.*$.+/! .$! B+#'! /+$! -+==+]! #H(*$=L! $%.'! =(]M! ]%.*%!1#01#'#/$'!$%#!'#*+/B!=(]!+-!-1.*$.+/F!;%#!'#*+/B!=(]!+-!-1.*$.+/!.'!W/+]/!('!$%#!9@+/$+/',"+2=+@3! J(]F!

! ! ah! k#1#M!./!$%#!*+/$#H$!+-!A#+=+A.*(=!-(2=$'!1#(*$.D($.+/M!]#!B.'$./A2.'%!$]+!$L0#'!+-!-1.*$.+/Z! a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d<! ;%.'!-+1@2=(!*(/!(='+!3#!2'#B!$+!*(=*2=($#!s!-1+@!#@0.1.*(=!@#('21#@#/$'!+-!$%#!-1.*$.+/!(/A=#F! CL#1=##>'!8aehg<!=(]M!]%.*%!.'!#@0.1.*(==L!B#1.D#B!-1+@!#H0#1.@#/$(=!B#$#1@./($.+/!+-!t@(H.@2@!'%#(1! '$1#''t! +/! (! ].B#! 1(/A#! +-! 1+*W! $L0#'M! (/B! '$($./A! $%($! $%#! -1.*$.+/! *+#--.*.#/$'! .'! `Fd! u!6!u! `Fgb! 8./B#0#/B#/$=L! +-! $%#! 1+*W! $L0#<! -+1! /($21(=! '=.B./A! '21-(*#'! -+==+]./A! $%#! 1#=($.+/'%.0! 8"+2=+@3>'! -1.*$.+/! =(]<Z! / $ 6#01 /5!! ! ! ! ! ! 8h<! ]%#1#M!/!.'!$%#!'%#(1!'$1#''!+-!(!01#,#H.'$./A!-1(*$21#M!!#0!.'!$%#!#--#*$.D#!/+1@(=!'$1#''M!6!$%#!*+#--.*.#/$!+-! '=.B./A! -1.*$.+/M! (/B! /₅!$%#! *+%#'.+/! +-! $%#! 1+*WF! ;%.'! 1#=($.+/'%.0! 01+D.B#'! $%#!*+2=+@3! -(.=21#! #/D#=+0#!].$%./!$%#!E+%1,"+2=+@3!;%#+1L!85.A21#!b<F!

! ! ag!

k+]#D#1M!(**+1B./A!$+!@(/L!(2$%+1'M!.$!.'!./-#1#B!(!'.A/.-.*(/$!B#*1#('#!./!-1.*$.+/!('!=+]!('!& M 6 N &7O! 8v+3(*W! (/B! C#1+Q(M! aeecm! E(1+/#M! _``fm! "+==#$./.! #$! (=F! _``em! 6#*%#'! (/B! J+*W/#1M! _`a`m! \.! ;+1+! #$! (=F! _`aa<!.'!+3'#1D#B!-+1!-(2=$'!1#(*$.D($.+/!B2#!$+!-(2=$!=231.-.*($.+/!B21./A!#(1$%K2(W#'M!]%.*%!.'!@2*%!=+]#1! $%(/!%.'$+1.*(=!D(=2#'!8µ w!`Fd!(/B!µ w!`Fgb<!B#B2*#B!3L!C#L#1=##M!8aehg<F!

G<K<! H)$/&:)-+!/3$++040/$&0*%!$%8!+&)-++!40-38!

9!-1(*$21#!.'!(!B.'*+/$./2.$L!./!(!1+*W!@(''F!4$!*(/!3#!A#/#1($#B!]%#/!1+*W!*+%#'.+/!.'!=+'$!]%#/!(00=.#B! '$1#''! #H*##B'! $%#! 1+*W! '$1#/A$%F! ! 51(*$21#'! *(/! 3#! +3'#1D#B! ($! @2=$.0=#! '*(=#'M! -1+@! W.=+@#$1.*M! $+! @.*1+'*+0.*F! 4/! $%.'! '$2BLM! ]#! B#-./#B! c! /($21(=! -1(*$21#! $L0#'! 8$#/'.+/! -1(*$21#'M! '%#(1! -1(*$21#'! (/B! '$L=+=.$#'<! 3('#B! +/! $%#.1! B#D#=+0@#/$! @#*%(/.'@! (/B! $%#.1! 1#=($.+/'%.0! ].$%! $%#! +1.#/$($.+/'! +-! $%#! c! 01./*.0(=!'$1#''#'!('!B#'*1.3#B!./!5.A21#!d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σcF!

! ! ae! ?$L=+=.$#! 0#(W'! 8+1! (/$.*1(*W'! +1! *=+'./A! -1(*$21#'<! -+1@! ].$%! (! *+@01#''.D#! '$1#''! ./! (! B.1#*$.+/! 0#10#/B.*2=(1! $+! $%#! 0+$#/$.(=! -1(*$21#! 0=(/#F! ?$L=+=.$#'! (1#! D#1L! *+@@+/! ./! *(13+/($#'! 32$! *(/! (='+! 3#! +3'#1D#B!./!*=('$.*!1+*W'F!"+@0(*$.+/!3(/B'!./!].==!-+1@!./!(!0=(/#!0#10#/B.*2=(1!$+!$%#!@+'$!*+@01#''.D#! 01./*.0(=!'$1#''!σaF! !?%#(1! -1(*$21#'! (1#! -1(*$21#'! (=+/A! ]%.*%! $%#! 1#=($.D#! @+D#@#/$! .'! 0(1(==#=! $+! $%#! -1(*$21#! ](=='F! ;%#! @+'$!*+@@+/!'%#(1!-1(*$21#'!(1#!$%#!-(2=$'!32$!.$!(='+!./*=2B#'!B#-+1@($.+/!3(/B'F!9!'%#(1!-1(*$21#!.'!+/#! +-! $%#! $]+! *+/G2A($#! 0=(/#'M! +1.#/$#B! ($! (*2$#! (/A=#'! δ! +/! #.$%#1! '.B#! +-! $%#! @+'$! *+@01#''.D#! 01./*.0(=! '$1#''M!σaM!(/B!].$%!+00+'.$#!'#/'#!+-!'%#(1!B.1#*$.+/!8'##!5.A21#!d<F!δ!.'!'2*%!$%($Z! 2 4

φ

π

δ

= − M! ! ! ! ! ! 8g<! ]%#1#!φ!.'!$%#!(/A=#!+-!1+*W!./$#1/(=!-1.*$.+/F!

G<L<! H)$/&:)-+!)-3$&-8!&*!4$:3&0%C!

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

G<L<;<!H)$/&:)-!C-%-&0/$33D!$++*/0$&-8!&*!4$:3&0%C!

k#1#M!]#!*+/'.B#1!'@(==!'*(=#!-1(*$21#!B#D#=+0@#/$!1#=($#B!$+!$%#!-(2=$./A!@#*%(/.'@!+/=LF!4/!'2*%!*('#! -1(*$21#! ./.$.($.+/M! =+*($.+/M! B#/'.$L! (/B! +1.#/$($.+/! (1#! B.1#*$=L! (''+*.($#B! $+! $%#! 0#1$213#B! '$1#''! -.#=B!

! ! _`! A#/#1($#B!3L!$%#!(*$.D#!-(2=$F!;%#'#!-1(*$21#'!(1#!A#/#1(==L!-+2/B!/#(1!$%#!@(./!-(2=$!(/B!#'0#*.(==L!*=+'#!$+! -(2=$!$.0!=./#!('!'%+]/!./!$%#!$]+!#H(@0=#'!+-!5.A21#!hF! ! H1D:(.+RQ+L#O+@)(*.%#19&*>#'.5+*'9#E+_)1$%*+#**)01#%.5+A1%>+#+9.=%&9#%.(#9+*%(1Y.&*91'+=#:9%+L/#'+"1.AO+A1%>+#+0):'9.+0.$%1/.%(.*+ )==*.%+1$+*#$5*%)$.M+^#99.E+)=+H1(.+Z%#%.+P#(YM+[."#5#+L=()/+X.b):**1$.#:+#$5+!E51$M+?NNRO<+L6O+P>)%)D(#'>+)=+#+*%(1Y.&*91'+=#:9%+ %.(/1$#%1)$+*>)A1$D+%#19+0(#0Y*+L".1$*O+1$+91/.*%)$.+#%+T>.+K#%.99.*M+H(#$0.<+

G<L<><!H)$/&:)-!%*&!C-%-&0/$33D!$++*/0$&-8!&*!4$:3&0%C!

:($21(=! -1(*$21./A! *+2=B! %(D#! @(/L! +1.A./'! $%($! (1#! /+$! /#*#''(1.=L! $#*$+/.*F! C2$! ./! (/L! *('#M! /($21(=! -1(*$21#! ].==! B#D#=+0! ./! $%#! '$1#''! -.#=BM! ]%.*%! *+2=B! 3#! %+@+A#/#+2'! +1! %#$#1+A#/#+2'F! k#1#M! ]#! *+/*#/$1($#! '+=#=L! +/! $%#! (''2@0$.+/! $%($! $%#! '$1#''! -.#=B! .'! %#$#1+A#/#+2'! 3#*(2'#! +-! /#(13L! (*$.D#! -(2=$./AF! 4$! .'! .@0+1$(/$! $+! /+$#! $%($! D#1L! +-$#/! +/=L! $%#! -1(*$21#! +1.#/$($.+/! ].==! 3#! (--#*$#B! 3L! $%#! %#$#1+A#/#+2'!3(*WA1+2/B!'$1#''#'!('!'%+]/!./!5.A21#!g!3#=+]F!k#1#!$%#!G+./$!B#D#=+0@#/$!@#*%(/.'@!.'! *=#(1=L!/+$!$%#!-(2=$./A!32$!-(2=$./A!(--#*$'!$%#!G+./$!B#D#=+0@#/$!+1.#/$($.+/F!4/!$%.'!*('#!-(2=$./A!B+#'!/+$! (--#*$!G+./$!B#/'.$L!+1!($!=#('$!D#1L!=.$$=#F!

! ! _a!

!

H1D:(.+2Q+34#/'9.+=()/+[#*>+P)1$%M+cd<+L#O+!1(+'>)%)+#$5+L6O+1$%.('(.%#%1)$+)=+%>.+):%0()'+*>)A1$D+=#:9%+$.%A)(Y+L%>10Y+69#0Y+ 91$.*O+#$5+#**)01#%.5+0)/'9.4+'#%%.($+)=+_)1$%*+L%>1$+69#0Y+91$.*O<+T>.+"#(1#6191%E+)=+%>.+_)1$%*+'#%%.($+#%+[#*>+P)1$%+09.#(9E+*>)A*+ %>.+(.9#%1)$*>1'+6.%A..$+%>.+*%(1Y.+*91'+=#:9%*+#$5+%>.+5.".9)'/.$%+)=+%>.+_)1$%*<+b)1$%*+#''.#(+%)+>#".+6..$+#==.0%.5M+5:(1$D+%>.1(+ 5.".9)'/.$%M+ 6E+ %>.+ '.(%:(6.5+ *%(.**+ =1.95+ 0#:*.5+ 6E+ *91'+ #9)$D+ =#:9%*<+ @.(.+ )$9E+ %>.+ _)1$%+ )(1.$%#%1)$+ *../*+ #==.0%.5+ 6E+ %>.+ =#:9%1$DM+$)%+%>.+5.$*1%E+A>10>+#''.#(*+0)$*%#$%<+

r#1L!1(1#=LM!-1(*$21#!B#/'.$L!].==!3#!(--#*$#B!3L!%#$#1+A#/#+2'!3(*WA1+2/B!'$1#''#'!('!'%+]/!./!5.A21#! eF!k#1#!$%#!'@(==!-(2=$!B#D#=+0@#/$!@#*%(/.'@!.'!*=#(1=L!/+$!$%#!@(./!-(2=$./A!32$!-(2=$./A!(--#*$!$%#!'@(==! -(2=$!B#D#=+0@#/$!B#/'.$L!('!'@(==#1!-(2=$'!B+!/+$!B#D#=+0!./!$%#!'$1#''!'%(B+]!(1+2/B!@(./!-(2=$'F!4/!$%.'! *('#!-(2=$./A!B+#'!/+$!'##@!$+!(--#*$!'@(==!-(2=$!+1.#/$($.+/F!

! ! __!

!

H1D:(.+ IQ+ Z/#99+ =#:9%*+ #():$5+ 9#(D.(+ $)(/#9+ =#:9%+ L=()/+ !0Y.(/#$$+ #$5+ Z0>91*0>.M+ 7IIRO<+ @.(.M+ %>.+ #$%109:*%.(1$D+ 5.=1$1$D+ 0(#0Y+ *>1.95*+ #():$5+ %>.+ /#*%.(+ =#:9%*<+ T>.+ *>1.95*+ #(.+ .991'*)15#9+ 1$+ *>#'.+ #$5+ D.)/.%(10#99E+ *1/19#(+ %)+ %>.+ .9#*%10+ 5.=)(/#%1)$+ =1.95*+)=+%>.+/#*%.(+=#:9%*M+#$5+0)((.*')$5+%)+#+0(1%10#9+*%(.**&(.5:0%1)$+*>#5)A+%>#%+'(.".$%.5+%>.+$:09.#%1)$+)=+*/#99.(+=#:9%*+1$+ %>.+ "101$1%E+ )=+ %>.+ /#*%.(+ =#:9%*<+ e):+ 0#$+ $)%.+ >.(.+ %>#%+ )$9E+ %>.+ */#99+ =#:9%+ 5.$*1%E+ 1*+ #==.0%.5+ 6E+ %>.+ /#1$+ =#:9%*M+ $)%+ %>.+ )(1.$%#%1)$<!

J<!?*@!&*!)-/*#-)!($3-*+&)-++-+E!

51(*$21#!@+B#=./A!B#0#/B'!+/!$%#!A#+=+A.*(=!@+B#=M!]%.*%!.'!1#-#11#B!('!$%#!A#+@#$1L!+-!$%#!'23'21-(*#! A#+=+ALM!$%#!1+*W!@#*%(/.*(=!3#%(D.+1M!(/B!$%#!-(1!-.#=B!'$1#''!'$($#!($!$%#!$.@#!+-!-+1@($.+/!+-!$%#!-1(*$21#'F! ;%#! =($$#1! 0(1(@#$#1! .'! +-$#/! B.--.*2=$! $+! #'$.@($#! #'0#*.(==L! ./! $%#! *+/$#H$! +-! *+@0=#H! '$12*$21#! (/B! 0+=L0%('#B! $#*$+/.*! %.'$+1LF! ;%#1#-+1#M! #'$.@($./A! $%#! '+! *(==#B! o0(=#+'$1#''oM! ]%.*%! .'! *1.$.*(=! -+1! (**21($#! -1(*$21#!@+B#=./A!#'0#*.(==L!-+1!3#$$#1!*%(1(*$#1.Q./A!-1(*$21#B!1#'#1D+.1'M!*(/!3#*+@#!D#1L!B.--.*2=$F!

! ! _c!

J<;<! M$3-*+&)-++!-+&0.$&0*%!:+0%C!N$33$/-!B!O*&&!&D(-!.-&=*8+!

1=-!N$33$/-!P;QK;R!$%8!O*&&!P;QKQR!=D(*&=-+0+!

5(2=$!'L'$#@'!(1#!*1#($#B!./!(!A.D#/!'$1#''!1#A.@#!32$!(1#!+-$#/!=($#1!1#(*$.D($#B!]%#/!$%#!'$1#''!1#A.@#! %('!*%(/A#B!+D#1!$.@#!+1!-+1!(!B.--#1#/$!'$1#''!1#A.@#F!5+1!./'$(/*#M!C#1A#1($!8aegc<!01#'#/$#B!(!*('#!'$2BL! +-!$%#!6%./!O1(3#/!8X#'$!721+0#(/!1.-$!'#A@#/$<M!]%#1#!7+*#/#!'$1.W#,'=.0!-(2=$'!%(D#!3##/!1#(*$.D($#B!('! /+1@(=!-(2=$'!./!(/!^=.A+*#/#!0%('#!B#'0.$#!$%#.1!/#(1!D#1$.*(=!B.0F!?.@.=(1=LM!\(D($Q#'!#$!(=F!8_``c<!1#0+1$#B! $%($!$%#!B#D#=+0@#/$!+-!$]+!-(2=$!'#$'!($!"%.@/#L!6+*WM!Y$(%!8Y?9<!]('!B+/#!B21./A!$]+!B.'$./*$!$#*$+/.*! 0%('#'M! ]%.=#! E(#1$#/! 8_```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aeba<! '$2B.#B! $%#! D(1.($.+/'! ./! $%#! B.1#*$.+/! (/B! @(A/.$2B#! +-! $%#! '%#(1! '$1#''! (00=.#B!$+!B.--#1#/$!-1(*$21#!0=(/#!+1.#/$($.+/'F!k#!(''2@#B!$%($!$%#!+1.#/$($.+/!+-!$%#!'%#(1!'$1#''!(/B!'=.0! '%+2=B!3#!0(1(==#=!(/B!%(D#!$%#!'(@#!B.1#*$.+/F!C+$$!8aebe<!B#@+/'$1($#B!$%($!$%#!+1.#/$($.+/!+-!$%#!'%#(1! '$1#''! B#0#/B'! +/=L! +/! $%#! +1.#/$($.+/! +-! $%#! 01./*.0(=! '$1#''#'! (/B! +/! (! '$1#''! ('0#*$! 1($.+F! 9! *+@@+/! B#-./.$.+/!+-!$%#!'$1#''!('0#*$!1($.+M!(='+!*(==#B!'$1#''!1($.+!6M!%('!3##/!./$1+B2*#B!3L!9/A#=.#1!8aehb<!'2*%!('! Z! P $Q<R><?S Q<=><?S)T!].$%!`!u!6!u!a! ! ! ! ! 8e<! ]%#/!6!./*1#('#'!-1+@!`!$+!aM!x_!./*1#('#'!-1+@!xc!$+!xaF!! ! ! !

! ! _f! ;%#!X(==(*#!8aeba<!(/B!C+$$!8aebe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

J<;<;<!1=-!+&)-++!)$&0*!P,R!!

;%#!'$1#''!('0#*$!1($.+!.'!B#-./#B!3L!#K2($.+/!8e<!.'!3#$]##/!`!(/B!aF!X%#/!P!w!`M!$%#!@(A/.$2B#!+-!#'!.'! .B#/$.*(=!$+!$%($!+-)#(F!"+/D#1'#=LM!]%#/!P!.'!#K2(=!$+!a!$%#!@(A/.$2B#!+-!#'!.'!.B#/$.*(=!$+!$%($!+-!#%F!;%#'#! $]+! =.@.$'! 01#'#/$! $%#! *('#! +-! (! 2/.(H.(=! *+@01#''.+/! (/B! 2/.(H.(=! #H$#/'.+/M! 1#'0#*$.D#=LF! ;%#! *+/*#0$! +-! '$1#''!#==.0'+.B!B#'*1.3#'!$%#!'$1#''!$#/'+1!./!(!0+./$M!#==.0'+.B!(H#'!(1#!$%#!01./*.0(=!'$1#''#')#%M!#'!(/B)#(F!

5.A21#! a`! '%+]'! B.--#1#/$! #==.0'+.B'! B#$#1@./#B! -1+@! $%#! @(A/.$2B#! +-! $%#! 01./*.0(=! '$1#''#'! ]%#1#! $%#! @(A/.$2B#!+-)#_'!1#=($.D#=L!$+!#_%!(/B!#₍!*+/$1+='!$%#!'%(0#!+-!$%#!#==.0'+.BF!

!

!"#$%&' IJ)' */%&11' &00"712";1' 42%' ;"44&%&3/' :.0$&1' 24' /,&' 1/%&11' %./"2)' K.+,' 1/%&11' &00"712";' "1' .112+"./&;' L"/,' =2%,' +&%+0&'

"00$1/%./"3#'/,&';"44&%&3/'1/./&'24'1/%&11'./'.'#":&3'72"3/)'A.B+B69#%.+.991'*)15+A1%>+:$1#41#9+.4%.$*1)$+ACB'M%".D".0'&00"712";'A+B'G%20./&'

! ! _b!

;%#! +3=($#! #==.0'+.B! 85.A21#! a`F(<! '%+]'! (/! 2/.(H.(=! #H$#/'.+/! *('#F! ;%#! ./$#1@#B.($#! #==.0'+.B! 85.A21#! a`F3<!'%+]'!(!$1.(H.(=!*+/B.$.+/M!(/B!$%#!01+=($#!#==.0'+.B!85.A21#!a`F*<!'%+]'!(/!2/.(H.(=!*+@01#''.+/F!;%#! '$1#''!1($.+!*(/!(='+!3#!.==2'$1($#B!3L!$%#!E+%1!1#01#'#/$($.+/!85.A21#!b<F! \#0#/B./A!+/!]%.*%!+-!$%#!01./*.0(=!'$1#''#'!.'!D#1$.*(=M!σD!w!σaM!σD!w!σ_!+1!σD!w!σcM!$%#!$%1##!$#*$+/.*! 1#A.@#'M!/+1@(=M!'$1.W#,'=.0!(/B!1#D#1'#M!*(/!3#!B#'*1.3#B!1#'0#*$.D#=L!89/B#1'+/M!aeba<F!;%#!0#1@2$($.+/!+-! +/#!+-!$%#!%+1.Q+/$(=!01./*.0(=!'$1#''!(H#'!].$%!$%#!D#1$.*(=!+/#!(==+]'!'].$*%./A!-1+@!+/#!$#*$+/.*!1#A.@#!$+! (/+$%#1F!521$%#1@+1#M!B#0#/B./A!+/!$%#!1#=($.D#!@(A/.$2B#'!+-!$%#!./$#1@#B.($#!01./*.0(=!'$1#''#'M!σ_M!].$%! 1#'0#*$!$+!$%#!$]+!+$%#1!01./*.0(=!'$1#''#'M!σa!(/B!σcM!#(*%!$#*$+/.*!1#A.@#!*(/!D(1L!*+/$./2+2'=L!-1+@!1(B.(=! $+!(H.(=F!!

J<;<><!1=-!4*)@$)8!()*23-.!

4$!.'!0+''.3=#!$+!01#B.*$!$%#!+1.#/$($.+/!+-!'=.0!+/!(13.$1(1L!-(2=$!0=(/#!3('#B!+/!(!A.D#/!'$1#''!$#/'+1F!;%#! '$1#''! $#/'+1! %('! d! B#A1##'! +-! -1##B+@F! 4$! .'! 0+''.3=#! $+! 1#B2*#! $%#! /2@3#1! +-! 2/W/+]/'! './*#! $%#! '%#(1! '$1#''!B.1#*$.+/!B#0#/B'!+/!$%#!+1.#/$($.+/!+-!$%#!01./*.0(=!'$1#''#'!(/B!P!8C+$$M!aebe<F!X#!*(/!$%2'!1#B2*#! $%#!$#/'+1!U!$+!(!1#B2*#B!$#/'+1!B#/+$#B!U._{!3L!1#@+D./A!$%#!.'+$1+0.*!0+1$.+/!+-!U!(/B!(!'*(=./A!-(*$+1!8/+$!} (--#*$./A! $%#! B.1#*$.+/! +-)/<F! ;%2'! $%#! $#/'+1! *(/! 3#! *%(1(*$#1.Q#B! 3L! -+21! 0(1(@#$#1'M! ]%.*%! B#'*1.3#! $%#! +1.#/$($.+/!+-!$%#!$%1##!01./*.0(=!'$1#''#'!8#%M!#'!(/B)#(<!(/B!P!$%#!'$1#''!1($.+F!;%.'!*(/!3#!'.@0=.-.#B!#D#/! -21$%#1! $+! (! _\! 0(1(@#$#1! '0(*#! 8V!.'! $%#! *=+*W].'#! (/A=#! 3#$]##/! $%#! :+1$%! (/B! $%#! +1.#/$($.+/! +-! $%#! @(H.@2@!01./*.0(=!%+1.Q+/$(=!'$1#''<!.-!]#!*+/'.B#1!$%($!($!=#('$!+/#!01./*.0(=!'$1#''!.'!D#1$.*(=!89/B#1'+/M! aeba<F! X#! *(/! $%2'! *(=*2=($#! $%#! +1.#/$($.+/! +-! $%#! '%#(1! '$1#''! +/! (! -(2=$! 0=(/#! 2'./A! $%#! 1#B2*#B! '$1#''! $#/'+1F!;%#!(00=.#B!'$1#''!#._{!.'!#'$(3=.'%#B!3L!$%#!"(2*%L!-+1@2=(Z!} - $ +.7 L!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!8a`<!

! ! _d! #₀$ Q-)7 LSL! !! ! ! ! !!!8aa<! ;%#!'%#(1!'$1#''!*(/!$%2'!3#!]1.$$#/!('!Z! / $ ) - E ) #₀!! ! ! ! ! 8a_<!

J<;<G<!S&)-++!0%#-)+0*%!()*23-.!

4/D#1'.+/! 01+3=#@! *+/'.'$'! ./! -./B./A! @+B#=! 0(1(@#$#1'! $%($! 3#$$#1! #H0=(./! $%#! +3'#1D#B! B($(F! 4/! $%#! *('#!+-!0(=#+'$1#''M!$%#!+3'#1D#B!B($(!(1#!-(2=$!'L'$#@'!]$%!'=.0!B.1#*$.+/'!(/B!$%#!@+B#=!.'!(''+*.($#B!].$%! '$1#''! $#/'+1F! 4/! $%#! *=(''.*(=! ./D#1'.+/! @#$%+B'M! $%#! -(2=$! 'L'$#@! (/B! $%#! '$1#''! $#/'+1! (1#! -2/B(@#/$(==L! =./W#B! 3L! $%#! X(==(*#! y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aega!(/B!7$*%#*+0(1M!aegf<F!9/!(=$#1/($.D#!(001+(*%!.'!$+!2'#! 1#A1#''.+/!$+!B.1#*$=L!B#$#1@./#!$%#!3#'$!-.$$./A!=./#F!;+!B+!$%.'M!]#!2'#!(/!#K2($.+/!*+/$(././A!$%#!'2@!+-! $%#! 0+./$! B#D.($.+/! -1+@! (! A#/#1(=! =./#F! Y'./A! $%#! 0(1$.(=! B.--#1#/$.($.+/M! .$! .'! 0+''.3=#! $+! B#1.D#! (! @($%#@($.*(=! -2/*$.+/! ]%.*%! #H01#''#'! $%#! '=+0#! (/B! ./$#1*#0$! -+1! $%#! =./#! $%($! @./[email protected]#'! $%#! B#D.($.+/'F! ;%#! =($$#1! @#$%+B! .'! #K2.D(=#/$! $+! (! =#('$! 'K2(1#! ./D#1'.+/! @#$%+B! (/B! .'! =#''! *+/'2@./A! ./! $#1@'! +-!

! ! _h!

*+@02$($.+/! $.@#! ('! .$! B+#'! /+$! 1#K2.1#! 1#0#$.$.D#! $#'$'F! ;%#'#! $]+! (001+(*%#'! 1#K2.1#! (! *1.$#1.+/! -+1! B#$#1@././A! $%#! 3#'$! -.$$./A! '$1#''! $#/'+1! ].$%! $%#! B($(F! ;%#! @+'$! ./$2.$.D#! *1.$#1.+/! .'! $+! 2'#! $%#! (/A=#!W! 3#$]##/!$%#!*(=*2=($#B!'%#(1!'$1#''!/!(/B!$%#!+3'#1D#B!'=.0!D#*$+1!85.A21#!aa<F!4$!.'!*+@@+/!$+!B#$#1@./#! $%#!'$1#''!$#/'+1!$%($!01+B2*#'!$%#!=+]#'$!W!3#$]##/!$%#!@+B#=!(/B!$%#!+3'#1D#B!B($(F!! ! H1D:(.+77<+T>.+/1*=1%+#$D9.+6.%A..$+%>.+*910Y.$91$.+LA>1%.+91$.*O+#$5+%>.+*>.#(+*%(.**+(.*)9".5+%)+%>.+=#:9%+'9#$.<+3+1*+=)(+%>.+ *>.#(+*%(.**+#$5+!+1*+=)(+%>.+/1*=1%+#$D9.+6.%A..$+%>.+*910Y.$91$.+#$5+3<+ 9!*+@@+/=L!2'#B!@./[email protected]($.+/!-2/*$.+/!$(W#'!$%#!'K2(1#!'2@!+-!$%#!@.'-.$!3#$]##/!$%#!B($(!(/B!$%#! $%#+1#$.*(=!@+B#=F!9/A#=.#1!8aegf<!(/B!E.*%(#=!8aegf<!B#-./#B!.$!('!-+==+]Z! X%$ Y E / ')))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))QZOS [\] [\% ! X_'$ /<sub>^_`</sub>Y E / ')))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))QZaS [\] [\% ! ]%#1#!/^_`!.'!$%#!@(H.@2@!D(=2#!+-!$%#!'%#(1!'$1#''!-+1!$%#!*+/'.B#1#B!'$1#''!$#/'+1M!(/B!W!1#01#'#/$'!#(*%! B($(!-(2=$'!+1!-+*(=!@#*%(/.'@'F!!

! ! _g!

:+$#! %#1#! $%($!X%!89/A#=.#1! aegfm! E.*%(#=M! aegf<! (/B!X'!89/A#=.#1M! aee`M! aeea<! *1.$#1.(! $#/B! $+!

@([email protected]#!/!8*=+'#!$+!a<F!;%#'#!*1.$#1.(!(1#!*+/'.B#1#B!('!%L31.B'!'./*#!$%#L!*+@3./#!3+$%!(/!(/A=#!*1.$#1.+/! (/B!$%#!;1#'*(!-(.=21#!*1.$#1.+/M!]%#1#!/!@2'$!3#!'2--.*.#/$!8+1!@(H.@2@<!$+!A#/#1($#!'=.0!+/!(==!*+/'.B#1#B! -(2=$! 0=(/#'F! C+$%! $%#! 4:r\46! 01+A1(@M! *1#($#B! 3L! 9/A#=.#1! 8aee`<M! (/B! $%#! ./D#1'.+/! 01+A1(@! *1#($#B! 3L! E.*%#(=!8aegf<M!2'#!$%#'#!X%(/B!X'!*1.$#1.(F!

^/*#! $%#! 1#B2*#B! '$1#''! $#/'+1! $%($! @./[email protected]#'! $%#! @.'-.$! 3#$]##/! +3'#1D#B! B($(! (/B! $%#! @+B#=! .'! 1#*+D#1#BM!@+'$!*=(''.*(=!./D#1'.+/!@#$%+B'!1#K2.1#!.B#/$.-L./A!$%#!B($(!$%($!(1#!/+$!#H0=(./#B!3L!$%#!'$1#''! $#/'+1F! ;%.'! *(/! 3#! @#('21#B! 3L! $%#! (/A=#!W!85.A21#! aa<F! X%#/!W!.'! %.A%! 8W) b )O&c<! $%#! 1#$1.#D#B! $#/'+1! %(1B=L!#H0=(./'!$%.'!+3'#1D#B!B($(F!4$!@(L!$%#/!3#!/#*#''(1L!$+!1#@+D#!$%.'!B($(!(/B!$+!1#12/!(/!./D#1'.+/! './*#!$%#!B($(!'#$!%('!*%(/A#BF!!

?+@#! @+1#! '+0%.'$.*($#B! *1.$#1.(! $%(/! $%#! '.@0=#!W!%(D#! 3##/! *1#($#BF! 5+1! #H(@0=#M! 9/A#=.#1! 8aee`M! _``_<! B#'*1.3#B! (! 1($.+! ]%.*%! $(W#'! ./$+! (**+2/$!/^_`!(/B)WF! 9-$#1! $%#! '$1#''! $#/'+1! %('! 3##/! -+2/BM! (!

1#$1+'0#*$.D#!'$2BL!*(/!%#=0!D#1.-L!$%($!.$!'($.'-.#'!(!-1.*$.+/!=(]F!;%.'!*(/!3#!B+/#!3L!./'0#*$./A!$%#!B($(!+/! $%#! E+%1! 8agg_<! 1#01#'#/$($.+/! 3L! B#$#1@././A! .-! $%#L! (1#! 3#=+]! +1! (3+D#! $%#! -1.*$.+/(=! 1#(*$.D($.+/! =./#! 89/A#=.#1M!aegcM!aegeM!aeef3m!")=)1.#1M!aeggm!7$*%#*+0(1M!aegfm!7$*%#*+0(1!y!E($$(2#1!aeggm!5=#.'*%@(//!y! :#@z+WM!aeeam!O#0%(1$!y!5+1'L$%M!aegf<F!E.*%(#=!8aegh(<!-+1!%.'!0(1$!B#D#=+0#B!(!{1//.*.-'5S!@#$%+B!-+1! '(@0=./A!$%#!B($(!'#$!@2=$.0=#!$.@#'!(/B!$%2'!12/!(!'$1#''!./D#1'.+/!+/!#(*%!'(@0=#F! ;%#!@(./!B.--.*2=$L!+-!$%#!./D#1'#!01+3=#@!.'!1#=($#B!$+!$%#!%#$#1+A#/#.$L!+-!$%#!+3'#1D#B!B($(M!=#(B./A! $+!(!@2=$.0=#!0+''.3=#!'+=2$.+/'F!

J<;<J<!S&)-++!0%#-)+0*%!:+0%C!+30(!8$&$!

5+1! $%#! =('$! -.D#! B#*(B#'M! $%#! -(1! -.#=B! $#*$+/.*! '$1#''! %('! 3##/! 1#*+D#1#B! $%1+2A%! '$1#''! ./D#1'.+/! $#*%/.K2#'F! 9==! *+@@+/=L! (**#0$#B! '$1#''! ./D#1'.+/! @#$%+B'! 2'#! $%#! '.@0=#! 32$! *#/$1(=! X(==(*#! 8aeba<! y! C+$$!8aebe<!(''2@0$.+/'!8XC<F!E(/L!(=A+1.$%@'!3('#B!+/!XC!(''2@0$.+/'!%(D#!3##/!B#D#=+0#B!$+!0#1-+1@!

! ! _e!

'$1#''!./D#1'.+/!8"(1#L!(/B!C12/.#1M!aehfm!9/A#=.#1M!aehb!(/B!aehe(m!7$*%#*+0(1!#$!(=FM!aegam!O#0%(1$!(/B! 5+1'L$%M!aegfm!E.*%(#=!aegfm!J.'=#M!aee_!(/B!aeegm!n(@(G.M!_```m!\#=D(2H!(/B!?0#1/#1M_``cm!"#=#1.#1M!_``d<! @+'$=L!2'./A!'=.*W#/=./#'M!(/B!K2.*W=L!(B(0$#B!-+1!-+*(=!@#*%(/.'@'!87==']+1$%!(/B!v%+/A%2(.M!aeg`m!"(1#L, O(.=%(1B.'!(/B!E#1*.#1M!aeghM!aee_m!O#0%(1$M!aee`(M!aee`3m!O#0%(1$!(/B!5+1'L$%M!aegfm!P2=.#/!(/B!"+1/#$M! aeghm! E#1*.#1! (/B! "(1#L,O(.=%(1B.'M! aegem! E.*%(#=M! aegh3m! r(''#21! #$! (=FM! aegcm! 9/A#=.#1M! aegfm! _``_(M! _``_3m! J2/B! (/B! ?=2/A(M! aeee<!! (/B! *(=*.$#! $].//./A'! 8;21/#1M! aebcM! aed_m! :.''#/M! aedfm! ?0(/AM! aeh_m!

J(21#/$! #$! (=FM! aegaM! aee`m! \.#$1.*%! (/B! ?+/AM! aegfm! N-.--/#1! (/B! C21W%(1BM! aeghm! J(*+@3#! (/B! J(21#/$M! aeedm!:#@*+W!#$!(=F!aeee<F!! E(/L!'$1#''!./D#1'.+/!01+A1(@'!%(D#!3##/!*1#($#BM!!$%#'#!@#$%+B'!(1#!#.$%#1!A1(0%.*(=!./D#1'.+/'M!=.W#! $%#!]#==,W/+]/!6.A%$!\.%#B1+/!@#$%+B!+1.A./(==L!B#D#=+0#B!3L!9/A#=.#1!(/B!E#*%=#1!8aehh<!(/B!.@01+D#B! 3L!\#=D(2H!(/B!?0#1/#1!8_``c<M!B.1#*$!./D#1'.+/!@#$%+B'!2'./A!=#('$!'K2(1#!@./[email protected]($.+/!8"(1#L,O(.=%(1B.'!y! E#1*.#1M!aeghm!9/A#=.#1M!aeeam!?0#1/#1!#$!(=FM!aeec<!+1!.$#1($.D#!(=A+1.$%@'!'2*%!('!E+/$#!"(1=+!$#*%/.K2#'! $%($!$#'$!(!].B#!1(/A#!+-!0+''.3=#!$#/'+1'!87$*%#*+0(1!#$!($F!aega<!+1!A1.B!'#(1*%!@#$%+B'!8O#0%(1$!aee`3m! k(1B*('$=#! y! k.=='! aeeam! Y/12%! #$! ($F! aeed<F! 4$! ]('! (='+! '%+]/! $%($! $%#! 0(=#+'$1#''! *+2=B! 3#! B#$#1@./#B! 2'./A!-1(*$21#!0=(/#'!]%.*%!B+!/+$!3#(1!'=.0!=./#'!+/!$%#.1!'21-(*#!89/A#=.#1M!aeefm!\2//#!y!k(/*+*WM!aeefm! \#=D(2H!(/B!?0#1/#1M!_``c<F!! k+]#D#1M! $%#! 3('.*! XC! %L0+$%#'.'! .'! K2#'$.+/(3=#M! './*#! k(/*+*W! 8aegb<! (/B! N#$.$! 8aegh<! '$2B.#B! #D.B#/*#'!+-!=+*(=!'$1#''!0#1$213($.+/'!./!@.*1+'$12*$21#'M!]%.=#!+$%#1'!8;].''!(/B!O#--#=M!aee`m!;].''!#$!(=FM! aeeam!N('*(=M!aeeg<!+3'#1D#B!3=+*W!1+$($.+/'!(=+/A!-(2=$!'21-(*#'F!O(0(.'!#$!(=FM!8_```<!'%+]#B!$]+!#H(@0=#'! +-!-(2=$#B!1#A.+/'!$+!.==2'$1($#!$%#!'0($.(=!D(1.(3.=.$L!+-!-(2=$,'=.0!B($(!#.$%#1!B2#!$+!=+*(=!*+@0=.*($.+/'!($!$%#! #BA#'!+-!-(2=$!3=+*W'M!+1!$+!*+@0=#H!W./#@($.*!*+/B.$.+/'!($!1#A.+/(=!3+2/B(1.#'F!;%#'#!K2#'$.+/'!=#(B!$+!('W! ('!$+!]%($!#H$#/$!XC!(''2@0$.+/'!(1#!D#1.-.#B!]%#/!2'#B!-+1!'$1#''!./D#1'.+/F!

! ! c`! \#3($#'!%(D#!3##/!./.$.($#B!3L!N+==(1B!#$!(=F!8aeec<!(/B!\20./!#$!(=F!8aeec<!]%+!*%#*W#B!$%#!D(=.B.$L!+-! $%#! XC! (''2@0$.+/'! 3L! 2'./A! @#*%(/.*(=! @+B#=./A! @#$%+B'! 8.F#F! $(W#/! ./$+! *+/'.B#1($.+/! ./$#1/(=! B#-+1@($.+/! +-! -(2=$#B! 3=+*W'! (/B! =+*(=! '$1#''! 0#1$213($.+/! 3#$]##/! -(2=$'<F! 9**+1B./A! $+! $%#! 1#'2=$'! +-! \20./!#$!(=F!8aeec<M!$%#!B.'*1#0(/*L!(/A=#!3#$]##/!@#*%(/.*(=!(/B!XC!01#B.*$#B!'=.*W#/=./#'!1#(*%#'!fhp!-+1! ./$#1'#*$./A!-(2=$'F!N+==(1B!#$!(=F!8aeec<!01#B.*$#B!(!@(H.@2@!+-!chp!B.'*1#0(/*L!(/A=#!-+1!-(2=$!./$#1(*$.+/! (/B!(!a`p!@.'-.$!(/A=#!*(2'#B!3L!-(2=$!$.0!A#+@#$1LF!! J($#1M! :.#$+,?(@(/.#A+! (/B! 9=(/.Q,9=D(1#Q! 8aeeh<! 01+0+'#B! $%($! $%#! '=.*W#/=./#'! '%+2=B! 3#! 0(1(==#=! $+! $%#!./$#1'#*$.+/!=./#!(/B!$%#1#-+1#!*+2=B!B#D.($#!-1+@!$%#!1#'+=D#B!'%#(1!'$1#''!+1.#/$($.+/F!E(#1$#/!8_```<! #H0=+1#B!$%#!*+/'#K2#/*#'!+-!D(1L./A!A#+@#$1L!+-!./$#1'#*$./A!-(2=$'!+/!'=.0!B.1#*$.+/'!2'./A!c\!3+2/B(1L! #=#@#/$! @#$%+B'! 8;%+@('M! aeecm! E(#1$#/! #$! (=FM! _`af<F! k#! *+/*=2B#B! $%($! '.A/.-.*(/$! B#D.($.+/'! (1#! #H0#*$#B!*=+'#!$+!-(2=$!./$#1'#*$.+/'!]%#1#!$%#!@.'-.$!(/A=#!*(/!1#(*%!D(=2#'!A1#($#1!$%(/!b`pF!;%.'!1#'2=$!%('! 3##/!*+/-.1@#B!3L!-.#=B!+3'#1D($.+/'!(=+/A!$%#!"%.@/#L!6+*W!-(2=$!(11(L!./!Y$(%M!Y?9!8E(#1$#/M!_```<F!|2! #$!(=F!8_`ac<!*+@0(1#B!+3'#1D#B!-(2=$!'$1.($.+/'!./!$%#!?(/!E.A2#=.$+!6(/A#!].$%!$%#!-(2=$!./$#1(*$.+/!@+B#=! +-! E(#1$#/! 8_```<! (/B! -+2/B! $%($! $%#! '=.*W#/=./#'! 0($$#1/'! (1#! *+/'.'$#/$! ].$%! $%#! A#+@#*%(/.*(=! @+B#=F! ;%#! @(G+1.$L! +-! $%#! '=.*W#/=./#'! .'! /+$! 0(1(==#=! $+! $%#! 1#'+=D#B! '%#(1! 1#A.+/(=! '$1#''! 32$! .'! *+/'.'$#/$! ].$%! =+*(=!'$1#''!0#1$213($.+/'!*(2'#B!3L!-(2=$!@#*%(/.*(=!./$#1(*$.+/F! 9/+$%#1!(001+(*%!]('!2'#B!3L!N('*(=!8_``_<!2'./A!c\!B.'$./*$!#=#@#/$!@#$%+B!8"2/B(==M!aeha!(/B!aegg<! $+! B#@+/'$1($#! $%($! $%#! B.--#1#/*#'! 3#$]##/! XC! (/B! @#*%(/.*(=! @+B#='! (1#! /#A=.A.3=#! B2#! $+! $%#! .@0=.*($.+/! +-! $%#! '=.B./A! -1.*$.+/M! ]%.*%! 1#B2*#'! $%#! @.'-.$! (/A=#! 3#$]##/! 1#'+=D#B! '%#(1! '$1#''! (/B! '=.0! D#*$+1F!! E+1#!1#*#/$=LM!i(D#/!#$!(=F!8_`aa<!0+./$#B!+2$!$%($!#D#/!.-!$%#!'$1#''!./D#1'.+/!1#'2=$'!(1#!'.@.=(1M!XC! $L0#! ./D#1'.+/'! 0#1-+1@! 0++1=L! -+1! =.@.$#B! 1(/A#'! +-! '=.*W#/=./#! +1.#/$($.+/'! ]%#/! *+@0(1#B! $+! $%#.1! 01+0+'#B!@#*%(/.*(=!'$1#''!./D#1'.+/!@#$%+BF!521$%#1@+1#M!J.'=#!8_`ac<!'%+]#B!-1+@!'.@0=#!@+B#='M!$%($!