Institutional conditions and innovation systems: on the impact of regional policy on firms in different sectors

c Paper no. 2011/13 Institutional conditions and innovation systems: on the impact of regional policy on firms in different sectors Jerker Moodysson (jerker.moodysson@circle.lu.se) CIRCLE, Lund University, Sweden. Elena Zukauskaite (elena.zukauskaite@circle.lu.se) CIRCLE, Lund University, Sweden. This is a draft version of a paper that will be published in a forthcoming issue of Regional Studies. This journal is available online at http://www.tandf.co.uk/journals/cres This version: December 2011 Centre for Innovation, Research and Competence in the Learning Economy (CIRCLE) Lund University P.O. Box 117, Sölvegatan 16, S-221 00 Lund, SWEDEN http://www.circle.lu.se/publications

WP 2011/13 Institutional conditions and innovation systems: on the impact of regional policy on firms in different sectors Jerker Moodysson and Elena Zukauskaite ABSTRACT This paper deals with institutional conditions in regional innovation systems; how institutions affect the organization of innovation activities among firms, and in what ways regional policy initiatives can be supportive. The analysis draws on data on innovation networks and activities in the life science, media, and food industries. The theoretical framework takes account of the ways in which regional policies are able to impact individuals and organizations action in relation to each other by being internalized. It is argued that such ability is decisive for the success or failure of the policy initiative. Three cases of regional policy targeting the promotion of innovation in different industries in Sweden are analyzed. Key words: regional innovation systems, knowledge, institutions, innovation, policy Disclaimer: All the opinions expressed in this paper are the responsibility of the individual author or authors and do not necessarily represent the views of other CIRCLE researchers.

"#$%&%'%&(#)*+(#,&%&(#$)#,&##(-)%&(#$.$%/0$1(#%2/&03)+%(45/6&(#)*3(*&+.(#4&50$&#,&44/5/#%$/+%(5$ 7/58/59((,.$$(# :";:<=>:/#%5/4(5"##(-)%&(#?;/$/)5+2)#,:(03/%/#+/&#%2/</)5#&#6=+(#(0.@?<'#, A#&-/5$&%.?BCDCE(F!!G?H=II!JJ<'#,?HK/,/# B2(#/1LMNCMNCIIIMOJI =0)&*1P/58/5C0((,.$$(#Q+&5+*/C*'C$/ =*/#)R'8)'$8)&%/ :";:<=>:/#%5/4(5"##(-)%&(#?;/$/)5+2)#,:(03/%/#+/&#%2/</)5#&#6=+(#(0.@?<'#, A#&-/5$&%.?BCDCE(F!!G?H=II!JJ<'#,?HK/,/# B2(#/1LMNCMNCIIIGMNO =0)&*1/*/#)CS'8)'$8)&%/Q+&5+*/C*'C$/ This is a draft version The final paper will be published in a forthcoming issue of Regional Studies!

!"#$%&'(#)%" T2&$3)3/5,/)*$K&%2&#$%&%'%&(#)*+(#,&%&(#$&#5/6&(#)*&##(-)%&(#$.$%/0$C9)&#)&0&$%()$$/$$ 2(K 5/6&(#)* )#, &#,'$%5.$3/+&4&+ &#$%&%'%&(#$ )44/+% %2/ E/2)-&(5 (4 %2/&5 %)56/% 3(3'*)%&(# >%2/ )+%(5$(4%2/$.$%/0@ )#,&#K2)%K).$5/6&(#)*3(*&+.+)#+(#%5&E'%/ %($2)3&#6 $'+2 +(#,&%&(#$C "#$%&%'%&(#$ )5/ 5/4/55/, %( )$ U5/6'*)%&#6V )$3/+%$ (4 $(+&)* *&4/ $'+2 )$ 5'*/$? 35)+%&+/$? 5('%&#/$? 2)E&%$?%5),&%&(#$?+'$%(0$)#,+(#-/#%&(#$%2)%?E.E/&#6&#%/5#)*&S/,E.%2/-)$%0)P(5&%.(4)+%(5$ &# ) 3(3'*)%&(#? +(#%5&E'%/ E(%2 %( 35(-&,&#6 $%)E&*&%. &# $(+&/%. )#, %( $2)3&#6 /-(*'%&(#)5. /+(#(0&+ %5)P/+%(5&/$ >WD;TX?!YYJZ H:DTT?!YY[Z 9\H]=<< )#, 9\<9^=;_?!YYYZ _=;T<=;? IJJM@C \ +/#%5)* (E$/5-)%&(# )0(#6 &#$%&%'%&(#)* $+2(*)5$? 3)5%&+'*)5*. 6/(65)32/5$ >/C6C _=;T<=;? IJJMZH\`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abHHDW?IJJG@C"#%2&$ 3)3/5?%2/*&4/$+&/#+/?0/,&))#,4((,&#,'$%5&/$)5/+(03)5/,%(),,5/$$$'+2$/+%(5$3/+&4&+&%&/$ K&%25/6)5,%(%2/(56)#&S)%&(#(4&##(-)%&(#)+%&-&%&/$C"##(-)%&(#&$'#,/5$%((,&#)E5(),$/#$/? &#+*',&#6 #/K 35(,'+%$? #/K 35(+/$$/$? #/K 0/%2(,$ (4 35(,'+%&(#? #/K $('5+/$ (4 $'33*.? %2/ /F3*(&%)%&(#(4#/K0)58/%$?)#,#/KK).$(4(56)#&S&#6E'$&#/$$>c\_=;^=;_?IJJ[@Ca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d'&5/0/#%$4(54((,35(+/$$&#6>)#,$&0&*)5@%(%2/4((,$/+%(5CT2/$/5/6'*)%&-/,&44/5/#+/$)5/ &#,//,&03(5%)#%%(8//3&#0&#,E'%%2/.,(#(%2)-/)0)P(5&03)+%(#%2/4(50)%&(#(5/44&+&/#+. (4!"#$%&'(&##(-)%&(#3(*&+&/$CT2/.4(50%2/-/5.E)$&+&#$%&%'%&(#)*45)0/K(584(5%2/$/&#,'$%5&/$Z (E/.&#6%2/$/5'*/$&$+/#%5)*%(E/&#6&#%2/E'$&#/$$CT2/.)5/%2'$E.,/4)'*%&#%/5#)*&S/,E.)** I

)+%(5$C T2/5/ &$ 2(K/-/5 ) 5)#6/ (4 (%2/5 $/+%(5 $3/+&4&+ &#$%&%'%&(#$ K2&+2 $%5(#6*. )44/+% %2/ 35/+(#,&%&(#$4(5$2)3&#6/44&+&/#%5/6&(#)*&##(-)%&(#3(*&+&/$%)56/%&#6,&44/5/#%$/+%(5$)#,K2&+2 %2/ 3(*&+&/$ +)# 5/*)%/ %()#, 3($$&E*. )*$( )44/+% )#, +2)#6/C T2/$/ )5/ 35&0)5&*. $(5%/, &#%( %2/ +)%/6(5. K2&+2 H+(%% >!YY[@ )#, 4(**(K/5$ K('*, +*)$$&4. )$ #(50)%&-/ )#, +(6#&%&-/ &#$%&%'%&(#$C :(#+5/%/ /F)03*/$ )5/,/3/#,/#+/ (4 )#, )%%&%',/$ %(K)5,$ $(+&)* #/%K(58$ )$ )# )*%/5#)%&-/ %( 0(5/4(50)*&S/, &#%/5(56)#&S)%&(#)* )**&)#+/$?$/#$&%&-&%.%(%/55&%(5&)**./0E/,,/,+'*%'5)*4)+%(5$ $'+2)$,&44/5/#+/$K&%25/6)5,%(%5/#,$)#,%)$%/?3/5+/&-/,5/*/-)#+/(4$+&/#%&4&+8#(K*/,6/4(5 35(,'+%)#,35(+/$$,/-/*(30/#%K&%2&#,&44/5/#%$/+%(5$?)#,%2/3/5+/&-/,#//,4(56/(65)32&+)* 35(F&0&%.E/%K//#(56)#&S)%&(#$K2&+2&#%/5)+%&#E'$&#/$$)#,8#(K*/,6//F+2)#6/)+%&-&%&/$C T2/$/*/+%&(#(4+)$/$4(5%2//03&5&+)*)#)*.$&$5/3(5%/,&#%2&$3)3/5f5/6&(#)*+*'$%/5$(44&50$ 5/35/$/#%&#6%25//,&44/5/#%&#,'$%5&/$f&$E)$/,(#%2/)$$'03%&(#%2)%%2/5/)5/+/5%)&#35(4('#,,&44/5/#+/$ K&%2 5/6)5, %( $'+2 #(50)%&-/ )#, +(6#&%&-/ &#$%&%'%&(#$ E/%K//# %2/ +(03)5/, &#,'$%5&/$C T2/ +(5/ d'/$%&(# &$ K2/%2/5,&44/5/#% 5/6&(#)* 3(*&+&/$ %)56/%&#6 %2/$/,&44/5/#% &#,'$%5&/$)5/%)8&#6%2/$/&#$%&%'%&(#)*,&44/5/#+/$&#%()++('#%)#,K2)%+(#$/d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d')*&4&+)%&(#$ E(%2 E. 5/,'+&#6 %5)#$)+%&(# +($%$ )#, E. 35(-&,&#6 3($$&E&*&%&/$ 4(5 U$3&**(-/5$V (4 8#(K*/,6/ )#, &#4(50)%&(# >\Aa;=TH:X )#, c=<a9\w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e

+(**(+)%&(#(45/*)%/,)+%(5$)5/E/#/4&+&)*)%*/)$%3)5%*.E/+)'$/(4%2//0E/,,/,#/$$$%/00&#6 45(0 &#%/5,/3/#,/#+&/$ E/%K//# $0)** 4&50$ )#, %2/ *(+)* +(00'#&%.C H(0/%&0/$ %2/ %/50 U9)5$2)**&)# )66*(0/5)%&(# /+(#(0&/$V &$ '$/, %(,/$+5&E/ &#4(50)* $3&**(-/5$ 5&$&#6 45(0 6/(65)32&+)**.+*($/45&/#,$2&3)#,4)0&*.5/*)%&(#$5)%2/5%2)#(56)#&S)%&(#)**&#8)6/$>9\;T"W)#, HAW<=b?!YYN@CH(0/$%',&/$$%5/$$%2/)$$(+&)%&(#)*+)3)+&%.E)$/,(#9)5$2)**&)#)66*(0/5)%&(# /+(#(0&/$)$$(0/%2&#6$($%5(#6%2)%&%/-/#6(/$E/.(#,%2/)+%')*)K)5/#/$$(4%2/&#,&-&,')*$ /0E5)+/,E.&%C\$^\TX=<T>IJJ[?3CIJN@3'%$&%?g)+%(5$,(#(%2)-/%($/)5+2%2/&5/#-&5(#0/#% (50)8/3)5%&+'*)5&#-/$%0/#%$%(6/%)++/$$%(%2&$&#4(50)%&(#CT2/.)5/)'%(0)%&+)**./F3($/,%( #/K$5/3(5%$?6($$&3?5'0('5$)#,5/+(00/#,)%&(#$)E('%%/+2#(*(6&/$?0)58/%$)#,$%5)%/6&/$P'$% E.E/&#6&#%2/+*'$%/5CgD%2/5$%',&/$35(-&,/),&44/5/#%-&/K?$%5/$$&#6%2//F+*'$&-/+2)5)+%/5(4 %2/)$$(+&)%&(#)*+)3)+&%.?&#+*',&#60/0E/5$?/F+*',&#6#(#0/0E/5$>9DDab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c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abHHDW?IJJG@C h2/# &% +(0/$ %()+%&-&%&/$ $2)3&#6 )#, $'33(5%&#6 5/6&(# $3/+&4&+ &#$%&%'%&(#$ &% &$ #/+/$$)5. %2)% %2($/)33/)*%()**%25//3&**)5$(4&#$%&%'%&(#$Cc5(0)3'E*&+3(*&+.3(&#%(4-&/K?%2/4(50)%&(#)#, '#,/53&##&#6(4&#$%&%'%&(#$)44/+%&#65/6&(#)*,/-/*(30/#%?#/%K(58+5/)%&(#)#,&##(-)%&(#'$')**. %)8/$3*)+/)%0(5/%2)#(#/6/(65)32&+)**/-/*C:(#$%&%'%&(#)**.HK/,/#2)$%K(0)&#*/-/*$Z%2/ #)%&(#)* >+/#%5)*@ )#, %2/ *(+)* >0'#&+&3)*&%&/$ )#, +('#%. +('#+&*$@C \$ HK/,/# &$ 3)5% (4 %2/ M

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h&%2&# %2/ 35(65)0? %2/ 5/6&(# +((5,&#)%/$ /44(5%$ %(,/-/*(3 &#,'$%5.? +(00'#&+)%&(#$? +'*%'5/ )#, +((3/5)%&(# K&%2 (%2/5 5/6&(#$ K&%2&# )#, ('%$&,/ HK/,/#C X(K/-/5? $&#+/ 5/6&(#)* )+%(5$,( #(% 2)-/ */6&$*)%&-/ 3(K/5? %2/. 2)-/ %( ),(3% %2/&5 )+%&-&%&/$%(%2/45)0/K(5835(-&,/,E.)'%2(5&%&/$)%%2/+/#%5)**/-/*Ch&%2&#%2&$45)0/K(58%2/. &#4*'/#+/%2/,/-/*(30/#%(4%2/5/6&(#&#0)#.&03(5%)#%)5/)$CH&#+/%2/0&,!YYJ$?)3(3'*)5 $%5)%/6.4(5HK/,&$25/6&(#)*3(*&+&/$2)$E//#%(%)56/%%2/35(0(%&(#(4+*'$%/5$><AWa=iA"HT)#, BDh=;?IJJI@CT2/$/$%5)%/6&/$)*$(/032)$&S/%2/5/6&(#)*'#&-/5$&%&/$V5(*/)$65(K%2/#6&#/$C"# %2&$K).5/6&(#)*)+%(5$)44/+%%2//+(#(0&+,/-/*(30/#%(4%2/5/6&(#)#,+(#%5&E'%/%(+5/)%&#6 #(50)%&-/&#$%&%'%&(#$4(50)#.)+%&-&%&/$>=_HT;\Wa)#,HjT;=?IJJO@C"#%2/4(**(K&#6$/+%&(#%2/ /44/+%(45/6&(#)*3(*&+.(#&#$%&%'%&(#$&$,&$+'$$/,&#+*($/5,/%)&*/,C 2"#$%&'(1%($+4/0'1$&#$&/,$,*,$%&/ "#*&#/K&%2%2/)56'0/#%$)E(-/?3(*&+.35(0(%&#65/6&(#)*&##(-)%&(#$.$%/0$0'$%)33/)*%()** %25//3&**)5$(4&#$%&%'%&(#$CT5),&%&(#)*$+&/#+/)#,%/+2#(*(6.3(*&+&/$3'5/*.4(+'$&#6(#%2/$'33*. $&,/(4;ka&#-/$%0/#%$2)-/35(-/#&#$'44&+&/#%C"#HK/,/#)$K/**)$&#(%2/5W(5,&++('#%5&/$%2&$ (E$/5-)%&(#2)$*/,%()5/4(50'*)%&(#(4#)%&(#)*)#,5/6&(#)*$%5)%/6&/$4(5$'33(5%&#6&##(-)%&(# >"H\]H=W?IJJYZ<AWal\<<)#,^D;;mH?IJJ[@?)K).45(0)(#/$&,/,4(+'$(#2&62%/+2#(*(6.)#, $+&/#+/C DA_XTDW /% )*C >IJJI@ &,/#%&4&/$ %25// 0)&# (EP/+%&-/$ 4(5 ) 0(5/ E5(), E)$/, 5/6&(#)* &##(-)%&(#3(*&+.$%)%&#6%2)%%2&$$2('*,>!@4)+&*&%)%/+(2/5/#+/)#,+(**)E(5)%&(#)0(#6)+%(5$?>I@ &,/#%&4. )#, /F35/$$ #//,$ )#,,/0)#,$ (4 %2/ )+%(5$? >e@ +((5,&#)%/ $%5)%/6&/$ 4(5 )335()+2&#6 %2/$/#//,$)#,,/0)#,$C"#)#)%%/03%%(0(-/45(0)6/#/5)*,&$+'$$&(#(43(*&+.+2)**/#6/$)#, (EP/+%&-/$%(K)5,$)0(5/+(#+5/%/,/$+5&3%&(#(4)+%')*3(*&+.)+%&-&%&/$%)56/%&#6%2/$/(EP/+%&-/$? W\Ah=<\=;H )#, h"wt7=h >IJJI@ 35(-&,/ )# (-/5-&/K (4 &#$%5'0/#%$ E)$/, (# -)5&('$ #//,$ &,/#%&4&/,&#,&44/5/#%%.3/$(45/6&(#$>$//)*$(TnaT<"W_)#,T;"BB<?IJJ[@C\$2)5/,+2)5)+%/5&$%&+ (4 %2/$/ &#$%5'0/#%$ &$ %2)% %2/. )&0 )% $%&0'*)%&#6 E/2)-&(5)* +2)#6/ (4 )+%(5$? &C/C %2/. )&0 )% )44/+%&#6 &#$%&%'%&(#$ 5)%2/5 %2)# 35(-&,&#6,&5/+% $'33(5%C 9)#. &#&%&)%&-/$ 6/)5/, %(K)5,$ $'+2 [

E/2)-&(5)*-)*'/),,/,%)8//F3*&+&%)++('#%(4)%*/)$%%K((4%2/(EP/+%&-/$&,/#%&4&/,E.DA_XTDW /% )*C >IJJI@? &C/C +(2/5/#+/ )#, +((5,&#)%&(# (4 #//,$ )#,,/0)#,$C D#/ (4 %2/ 0($% +(00(# )+%&-&%&/$ 4(5 )+2&/-&#6 +(2/5/#+/ )#, +(**)E(5)%&(# )0(#6 )+%(5$ )5/ $%&0'*)%&(# (4 &#%/54&50 #/%K(58&#6>/C6C0)%+20)8&#6)#,+5/)%&(#(4'0E5/**)(56)#&S)%&(#$/%+@C \#(%2/5+2)5)+%/5&$%&+(4%2/$/)+%&-&%&/$&$%2)%%2/.%/#,%(%)56/%%2/5/6&(#)*$.$%/0)$)K2(*/? 5)%2/5 %2)# &#,&-&,')* 4&50$ K&%2&# %2/ $.$%/0? /$3/+&)**. %2($/ %)56/%&#6 +(2/5/#+/ )#, +(**)E(5)%&(#?E'%)*$(%2($/+((5,&#)%&#6$%5)%/6&/$4(5)335()+2&#6%2/#//,$)#,,/0)#,$(4%2/ )+%(5$C =F)03*/$ )5/,/-/*(30/#% (4 *(+)* $%5)%/6&+ 3*)#$ )#, $+2/0/$ 35(0(%&#6 %2/ +'*%'5/ (4 &##(-)%&(#?&#$%/),(40(5/4&50(5&/#%/,$'33(5%35(65)0$4(5;ka$'E$&,&/$)#,,&5/+%/,35(-&$&(# (4-/#%'5/+)3&%)*?E'%)*$(0(5/+(#+5/%/)%%/03%$(4$/%%&#6'3$+2/0/$4(50(E&*&%.E/%K//#)#, +((3/5)%&(# )0(#6 &#,'$%5. )#, )+),/0&)C \$ &03*&+&%*. &#,&+)%/, E. E(%2 W\Ah=<\=;H )#, h"wt7=h>ijji@)#,da_xtdw/%)*c>ijji@?#(#/(4%2/$/)+%&-&%&/$)5/*&8/*.%(4'*4&**%2/6()*$$/% ('%f$2)3&#6+(#,&%&(#$$'33(5%&#65/6&(#)*&##(-)%&(#f&4#(%+(0e&#/,k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h"TR )#, <=ba=had;cc? IJJJ@C T2/ %/50 U3(*&+.V $2('*, %2'$ E/ '#,/5$%((,&#)E5(),$/#$/?/0E5)+&#6)+%&-&%&/$+)55&/,('%#(%(#*.E.%2/3'E*&+$/+%(5E'%E. )+%(5$45(0)**%25//$32/5/$(4%2/%5&3*/2/*&F+(#$%/**)%&(#>^D;;mH)#,TH\_a"H?IJJO@C 9)#. 5/+/#% $%',&/$ '56/ 4(5 ) +'$%(0&S/, 5/6&(#)* 3(*&+. )335()+2? %)8&#6 '#&d'/ 5/6&(#)* +2)5)+%/5&$%&+$ &#%( )++('#% >"\99\;"WD? IJJ[Z TnaT<"W_ )#, T;"BB<? IJJ[Z H:Xh=;"W )#, h=;]=;? IJJeZ \HX="9 /% )*? IJ!!@C X(K/-/5? 5/6)5,*/$$ (4 %2&$ '56/ 4(5 +'$%(0&S)%&(#? +(#+5/%/ 3(*&+.6'&,/*&#/$>)$K/**)$%2/&#$%5'0/#%$)33*&/,&#$'+23(*&+.&#&%&)%&-/$@5/0)&#d'&%/6/#/5&+C T2/0)&#0/$$)6/$/#%E.)+),/0&+K(58&$%2)%5/6&(#)*&##(-)%&(#3(*&+.$2('*,$'33(5%#/%K(58 +5/)%&(# K&%2 %2/ 5/6&(#? )% ) 6*(E)* */-/*? )#, 35(0(%/ '#&-/5$&%.&#,'$%5. *&#8$ (4 -)5&('$ %.3/$ >:DD]= /% )*C?!YYGZ :DD]= /% )*C? IJJJZ <\9^DDb )#, ^DH:X9\? IJJ!@C T2/ 0)&# &#$%5'0/#% &03*/0/#%/,&#5/6&(#)*3(*&+.&#&%&)%&-/$4(**(K&#6%2/$/6'&,/*&#/$&$%2/35(-&$&(#(43*)%4(50$4(5 &#%/5)+%&(# >^D;;mH )#, TH\_a"H? IJJO@C T2/,&$+'$$&(#$ )E('% +'$%(0&S)%&(#,'/ %(,&44/5/#% &##(-)%&(#35)+%&+/$K&%2&#,&44/5/#%&#,'$%5&/$)#,4&50$)5/#(%/F3*&+&%*./*)E(5)%/,C N

T2/5/2)-/E//#$/-/5)*$%',&/$)#)*.S&#6%2/&03)+%(45/6&(#)*3(*&+&/$(#5/6&(#)*,/-/*(30/#% )#, #/%K(58 +5/)%&(#C =_HT;\Wa )#, Hj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bW:])#,l=;9=";=>IJJY@C T2/&5)#)*.$&$(4%2/4((,$/+%(5&#9//%P/$*)#,5/6&(#&#^/*6&'05/-/)*$%2)%5/6&(#)*#/%K(58&#6 2)$ ) 3($&%&-/ +(#%5&E'%&(# %( 0)58/% )#, 35(+/$$ &##(-)%&(#? %( d')*&%. )$$'5)#+/ )#, %( %2/ (56)#&S)%&(#(4;ka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a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eG$/0&$%5'+%'5/,&#%/5-&/K$K/5/+(#,'+%/,?0)&#*.K&%2:=D$?:;D$)#,(%2/5*/),&#6 $%)44 )% 4&50$ )#, 5/$/)5+2 (56)#&S)%&(#$C T2/ #)55)%&-/$ +(**/+%/, %25('62 %2/$/ &#%/5-&/K$ )5/ G

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e@ &#K2&+2 K).$%2/.E/#/4&%45(0%2/0?)#,>M@K2)%8&#,(4$'33(5%%2/.3/5+/&-/)$0($%&03(5%)#%4(5%2/&5 4&50C T2/ )#)*.$&$ (4 %2/ 0/,&) $/+%(5,5)K$ (# eg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e[$'+2+(03)#&/$K/5/&,/#%&4&/,)#,,/4&#/,)$%2/$('5+/3(3'*)%&(#CT2/$%5'+%'5/,&#%/5-&/K$%2'$+(-/5)$)03*/(4OJ3/5+/#%(4%2/ $('5+/ 3(3'*)%&(#C T2/ )#)*.$&$ (4 %2/ *&4/ $+&/#+/ $/+%(5,5)K$ (# ej $%5'+%'5/, &#%/5-&/K$C T2/ &#&%&)* *&$% (4 +(03)#&/$ K)$ E)$/, (# %2/ &#4(50)%&(# 35(-&,/, E. 5/6&(#)**. )#, #)%&(#)**. ),0&#&$%/5/,E'$&#/$$(56)#&S)%&(#$C\4%/5)0)#')*$/*/+%&(#35(+/$$Me+(03)#&/$K/5/,/4&#/,)$ +(#$%&%'%&#6%2/$('5+/3(3'*)%&(#CT2/5/$3(#$/5)%/4(5%2/*&4/$+&/#+/+)$/$%',.K)$%2'$GIoC T2/5/$'*%$(4%2/&#%/5-&/K$)5/,&$+'$$/,&#%2/$/+%&(#E/*(KC 7"-.68)8 50"!"#$%&'(+%&,"6,! \,/$8%(3E)$/,#(#5/$3(#$/)#)*.$&$5/-/)*/,#($.$%/0)%&+,&44/5/#+/$&#%/50$(4$&S/?)6/)#,%.3/(4 )+%&-&%&/$E/%K//#5/$3(#,&#6)#,#(#5/$3(#,&#64&50$C O

\$$%)%/,)E(-/?)**%25//+)$/$)#)*.S/,&#%2&$$%',.)5/*(+)%/,&#%2/5/6&(#(4H+)#&)&#$('%2/5# HK/,/#CT2/5/6&(#2($%$!CI0&**&(#&#2)E&%)#%$)#,%2/)+%(5$)#)*.S/,&#%2&$3)3/5)5/*(+)%/,&# (5&#&00/,&)%/+(##/+%&(#%(%2/%K(+&%&/$9)*0p)#,<'#,C9)*0p&$%2/%2&5,+&%.(4HK/,/#)#, <'#,2($%$(#/(4%2/*)56/$%?(*,/$%)#,0($%35/$%&6&('$'#&-/5$&%&/$(4%2/+('#%5.>)++(5,&#6%() 5/+/#%/-)*')%&(#E.%2/HK/,&$2W)%&(#)*\6/#+.4(5X&62/5=,'+)%&(#@C\$5/6)5,$&#,'$%5&)*35(4&*/? %2/5/6&(#2)$%5)#$4(50/,45(0E/&#6,(0&#)%/,E.)65&+'*%'5/)#,2/)-.0)#'4)+%'5&#6%(K)5,$ 0(5/ 2&62 -)*'/ ),,/, $/+%(5$C <'#, A#&-/5$&%. 3*)./, )# &03(5%)#% 5(*/ &# %2&$ %5)#$4(50)%&(# >^=WW=h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l"wwdl\ )#, %2/ =A H%5'+%'5)* c'#,$ct2/.$2)5/0)#.+2)5)+%/5&$%&+$?$'+2)$)$%5(#64(+'$(#*(+)*#/%k(5835(0(%&(#?e'%%2/. )*$(,&$3*).$(0/,&44/5/#+/$?3)5%*.5/*)%/,%(%2/&5-)5&('$)6/)#,$&S/? )#,3)5%*.%2/&5-)5&('$ )E&*&%.%(),)3%%(%2/ $3/+&4&+,/0)#,$(4%2/&5%)56/% &#,'$%5.C=)+2$/+%&(#E/*(K,/$+5&E/$%2/ )+%&-&%&/$&#%2/3(*&+.35(65)0$)#,35/$/#%$)#)$$/$$0/#%(42(K%2/$/)+%&-&%&/$0)%+2%2/#//,$ 45(0%2/&#,'$%5.C I T2&$P',60/#%&$E)$/,(#)5)#6/(435/-&('$$%',&/$)#,(44&+&)*5/3(5%$(#3(*&+.$'33(5%$%5)%/6&/$&#%2/ 5/6&(#C"#IJJY%2/5/6&(#)*)'%2(5&%.>;/6&(#H8q#/@&#&%&)%/,)*)56/$'5-/.)&0&#6%(&,/#%&4.)**)+%(5$)#, )+%&-&%&/$ +(03($&#6 %2/ 5/6&(#)* &##(-)%&(# $.$%/0 >&# K2&+2 %2/. )*$( +(**/+%/, 35/-&('$ $%',&/$ (# %2/ 5/6&(#)*&##(-)%&(#$.$%/0@CT2/U3*)%4(50&#&%&)%&-/$V)#)*.S/,&#%2/35/$/#%$%',.K/5/&,/#%&4&/,)$%2/0($% &#4*'/#%&)* 0/)$'5/$ %)56/%&#6 %2/$/ %25// &#,'$%5&/$ >X\<<=W:;=ATR )#, ^7=;]=H7n? IJJY@C \*$( &# ;/6&(# H8q#/V$(44&+&)*5/$3(#$/%(%2/D=:aT/55&%(5&)*;/-&/K(4H8q#/>%(E/4&#)*&S/,&#7'#/IJ!I@%2/$/&#&%&)%&-/$ K/5/3'%4(5K)5,)$%2/(#*./F)03*/$(43(*&+.$'33(5%&#60/,&)?4((,)#,*&4/$+&/#+/&#%2/5/6&(#>;=_"DW H]rW=?IJ!!@C Y

7"-$' T2/ #/K 0/,&) +*'$%/5 &# 9)*0p )#, $'55('#,&#6$ 5/35/$/#%$ ) #/K #&+2/ &# ) *(+)* /+(#(0. 2&$%(5&+)**.E)$/,(#2/)-.0)#'4)+%'5&#6Ch&%25/6)5,%(&#,'$%5&)*)+%&-&%&/$?%2/$/+%(5+(-/5$%2/ $+(3/ 45(0 %5),&%&(#)* 4&*0 )#, E5(),+)$%&#6 %(,&6&%)*,/$&6# )#, +(03'%/5 6)0/$ $(4%K)5/C \ $2)5/,4/)%'5/(4)**%2/$/)+%&-&%&/$?,/$3&%/%2/&5E5(),$+(3/K&%25/6)5,%()33*&+)%&(#$?&$%2)% %2/.,5)K 35&0)5&*. (# )5%&$%&+ 8#(K*/,6/C \#(%2/5 $2)5/, 4/)%'5/? 3)5%*. +(0&#6 )$ ) #)%'5)* +(#$/d'/#+/ (4 %2/ +5'+&)* 8#(K*/,6/ E)$/? &$ %2)% %2/. )5/ 6/)5/, %(K)5,$ +5/)%&#6 &0)6/$ )#, /F3/5&/#+/$ 5)%2/5 %2)# 35(,'+%&(#C \# &03(5%)#% )$3/+% (4 &##(-)%&(# &$ 5/*)%/, %( #/K K).$ (4 +5/)%&#6)5%&$%&+)5%&4)+%$f35(+/$$&##(-)%&(#$?/0/56&#645(0+)3)E&*&%&/$%('$/#/K%/+2#(*(6&/$C T2/+(03)#&/$&#%2/$)03*/)5/K(58&#6K&%2,&44/5/#%%.3/$(40/,&)&##(-)%&(#$?#(%(#*.#/K 35(,'+%$)#,35(+/$$/$?E'%)*$(#/K0)58/%+(#+/3%$)#,(56)#&S)%&(#)*$%5'+%'5/$CH(0/(4%2/$/ &##(-)%&(#$)5/,/4&#/,)$#/K%(%2/4&50?4(5&#$%)#+/K2/#)+(03)#.0(-/$45(03'5/)5%&$%&+ 0(-&/$%(0(5/0)58/%(5&/#%/,?+(00/5+&)*(#/$>+2)#6&#6&%$35(,'+%)#,0)58/%+(#+/3%@Z$(0/ )5/0(5/5),&+)**.#/K%(%2/$/+%(5)$)K2(*/CD#//F)03*/(4%2/*)%%/5&$%2/,/-/*(30/#%(4 '$/545&/#,*.65)32&+)*&#%/54)+/$4(52)#,2/*,,&6&%)*,/-&+/$>/C6C0(E&*/32(#/$@%2)%'#&%/2&62 d')*&%.,/$&6#)#,+'%%&#6/,6/%/+2#(*(6.&#)+(03*/%/*.#/kk).c:(03)#&/$)*$(4&#,#/kk).$ 4(5+(03/%/#+/E'&*,&#6E.(56)#&S&#6P(&#%/-/#%$K&%25/6&(#)*$'33(5%(56)#&S)%&(#$?0'#&+&3)*&%. )#,*(+)*'#&-/5$&%.?2(K/-/5%2&$%.3/(45/#/K)*)5/#(%,/4&#/,)$&##(-)%&(#&#%2/35/$/#%$%',.C B5(P/+%(56)#&S)%&(#)#,&#4(50)*#/%K(58&#6)5/&03(5%)#%4(54&50$&#%2&$$/+%(5?4(5E(%235(,'+%$ )#, 35(+/$$ &##(-)%&(#$C c(50)*&s/, #/%K(58$ )33/)5 */$$ 45/d'/#%C ]#(K*/,6/ /F+2)#6/ 4(5 &##(-)%&(# '$')**. %)8/$ 3*)+/ K&%2&# *(+)* #/%K(58$ )$ )+%(5$ )5/ 0(5/ +(#%/F% $/#$&%&-/,'/ %( +'*%'5)*4)+%(5$)#,+(6#&%&-/$+2/0/$(4&#%/535/%)%&(#C T2/5/2)-/E//##'0E/5$(4,&44/5/#%3(*&+.&#&%&)%&-/$$'33(5%&#6#/K0/,&),/-/*(30/#%&#%2/ 5/6&(#C "# (5,/5 %( '#&%/,&44/5/#% )+%&-&%&/$? )#, %( )**(K %2/0 %( E/#/4&% 45(0 /)+2 (%2/5? %2/ 5/6&(#)* )'%2(5&%. 2)$ &#&%&)%/, )# '0E5/**) (56)#&S)%&(# >&C/C 3*)%4(50@ +)**/, 9/,&) 9p%/3*)%$ 9)*0p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

(4%2/3(*&+.&#&%&)%&-/%2'$$//0$%(+(55/$3(#,K&%2%2/)+%')*4(+'$(4%2/+(03)#&/$V&##(-)%&-/ $%5)%/6&/$C "# 0($% +)$/$ 9=,(/$ #(% 35(-&,/ $'33(5% %25('62,&5/+% &#-/$%0/#%? E'% %25('62 &#4(50)%&(#)E('%(33(5%'#&%&/$4(5#/K0)58/%$(535(,'+%$?P(&#%+(03/%/#+/E'&*,&#6(5%25('62 +((5,&#)%&(# (4 #/%K(58&#6 )+%&-&%&/$C T25('62 &%$,(0&#)#% 3($&%&(# &# %2/ 0/,&) &#,'$%5. &# %2/ 5/6&(# 9= )*$( %() *)56/ /F%/#% )+% )$ ) U6)%/8//3/5V 4(5 &03*/0/#%)%&(# (4 #/K &#&%&)%&-/$ f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f4&#)#+&)*$'33(5%4(5&##(-)%&(#35(P/+%$)#,2/*3K&%2 2'0)# 5/$('5+/,/-/*(30/#% f )5/ %2/ (#/$ */)$% 0/% E. 5/6&(#)* 3(*&+. &#&%&)%&-/$C \% %2/ $)0/ %&0/%2/%25//0($%)-)&*)E*/E/#/4&%$?)**+(##/+%/,%(8#(K*/,6/$('5+&#6?)5/'$')**.2)#,*/,E. %2/ +(03)#&/$ %25('62 &#4(50)* +2)##/*$ *&8/ 35//$%)E*&$2/, 3/5$(#)* #/%K(58$? E*(6$ )#, (%2/5 "#%/5#/%E)$/,&#%/50/,&)%/$>9\;T"W)#,9DDabHHDW?IJ!!@CT2/3(*&+.&#&%&)%&-/$2(K/-/5%5.%( 5/$3(#, %( %2/ %2&5, 0($% &03(5%)#% #//, f 2/*3 %( 4&#, 3)5%#/5$ f E. 35(0(%&#6 E'$&#/$$ #/%K(58&#6)#,/#+('5)6&#6%2/$2)5&#6(48#(K*/,6/K&%2+(03/%&%(5$)#,+'$%(0/5$C"#+(#+5/%/ %/50$%2&$&$35(-&,/,%25('62%2/(56)#&S)%&(#(40(5/(5*/$$&#4(50)*K(58$2(3$?$/0&#)5$)#, 32.$&+)*)$K/**)$-&5%')*3*)%4(50$4(5$3(#%)#/('$0//%&#6$C h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

h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q#/ c((, "##(-)%&(# W/%K(58 >Hc"W@ K)$ 4('#,/, &#!YYOC "% &$ )# '0E5/**) (56)#&S)%&(# %2)% '#&%/$ +(03)#&/$? '#&-/5$&%&/$ )#, 6(-/5#0/#%)* )6/#+&/$ 5/*)%/, %( %2/ 4((, &#,'$%5. &# H+)#&)C 9)&# )&0 &$ %( &#+5/)$/ %2/ +(03/%&%&-/#/$$ (4 %2/ &#,'$%5. E. /#+('5)6&#6 E'$&#/$$%(E'$&#/$$ )#, E'$&#/$$%(5/$/)5+2 +(**)E(5)%&(#C "# 3)5)**/*? &% $//8$ %( &#+5/)$/ %2/ )%%5)+%&-/#/$$(4%2/&#,'$%5.%(.('#6/,'+)%/,3/(3*/%(/#$'5/2'0)#+)3&%)*$'33*.CH&0&*)5*.%( 9=? Hc"W $//8$ %( 5)&$/ %2/ 3)+/ (4 &##(-)%&(# )#, 35(+/$$&#6 35(4&+&/#+. &# %2/ E'$&#/$$C "% &$ 0)58/%/,)$)3*)%4(504(5&##(-)%&(#&#4((,&#,'$%5.?E'%)6)&#%2/+(#+/3%(4&##(-)%&(#&$#(% +*/)5*.,/4&#/,CX(K/-/5?&%&$35&0)5&*.)0)%%/5(4%2/,/-/*(30/#%(4#/K35(,'+%$?35(+/$$/$?)#, 3)%%/5#$ (4 4((, +(#$'03%&(#C ;/+/#%*. %2/ +)3)E&*&%&/$ %( /#%/5 #/K 0)58/%$ )5/ )*$( E/&#6 35(0(%/,C H&0&*)5*. %( 9=? Hc"W 0($%*. 35(-&,/$ ) 3*)%4(50 4(5 &#%/5)+%&(# 5)%2/5 %2)#,&5/+% &#-/$%0/#%$%($'33(5%&##(-)%&(#?)#,)*)56/$2)5/(4)-)&*)E*/$'33(5%4(54((,&#%2/5/6&(#&$ +2)##/*&S/,%25('62Hc"WC \$2)5/,4/)%'5/(4%2/4&50$+(03($&#6%2&$+*'$%/5&$%2)%%2/.2)-/%2/&55((%$&#/#6&#//5&#6E)$/, 8#(K*/,6/? E'% %( ) -)5.&#6 /F%/#% 2)-/ E//# )E*/ %( ),)3% %( #(-/* &#3'% 45(0 $+&/#+/ E)$/, 8#(K*/,6/ >5/35/$/#%/, E. %2/ '#&-/5$&%. )$ K/** )$ (%2/5 4&50$ &# %2/ 5/6&(# )#, )E5(),@C D#/ &#%/50/,&)%/(E$/5-)%&(#45(035/-&('$$%',&/$(4%2&$+)$/&$%2)%%2/3(*&+.$'33(5%&#&%&)%&-/4)+/$ +2)**/#6/$ E)$/, (# %2/ +(#$/5-)%&-/ +'*%'5/ +2)5)+%/5&S&#6 0)#. (4 %2/ )+%(5$ &# %2&$ &#,'$%5. ><\_W=l"] /% )*C? IJJe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d'&%/,&44/5/#%45(0%2/+)$/(4#/K0/,&)?&#K2&+2&#4(50)* #/%K(58&#6 (# )#, %/03(5)5. )**&)#+/$ )5/ +5'+&)*C \$ (33($/, %( (56)#&S)%&(#)**.,&$3/5$/, E'%!I

6/(65)32&+)**.,/#$/ 8#(K*/,6/ $('5+&#6? 0($%,/-/*(30/#% )+%&-&%&/$,5)K (# 35//$%)E*&$2/, (56)#&S)%&(#)**.%&62%#/%K(58$CT2/0($%8#(K#)#,$'++/$$4'*/F)03*/$(4&##(-)%&(#&#%2&$$/+%(5 )5/#&+2/35(,'+%$$'+2)$4'#+%&(#)*4((,?,/-/*(3/,&#+(**)E(5)%&(#E/%K//#E&(%/+2#(*(6.)#, 4((,+(03)#&/$CD%2/5%.3/$(4&##(-)%&(#$&#+*',/#/KK).$(4(56)#&S&#6*)56/$+)*/35(,'+%&(# )#, 35(+/$$&#6 (4 4((, 35(,'+%$? (5 /#%/5&#6 #/K #&+2/ 0)58/% >/C6C %25('62 35(,'+&#6 2/)*%2. )#,s(5/#-&5(#0/#%)**.45&/#,*.35(,'+%$&##/kk).$@c T2/ $%5'+%'5/, &#%/5-&/K$ 5/-/)* %2)% K2/# (#*. 35(-&,/, %2/ #)0/ (4 %2/ 3(*&+. &#&%&)%&-/?!Y +(03)#&/$ +('*, &,/#%&4. %2)% %2/. 2/)5, (4 &%? K2&*/ (#*. %K( $)&, %2)% %2/. )+%')**. '$/, )#, E/#/4&%/,45(0&%CX(K/-/5?)++(5,&#6%(%2/,)%))%Hc"WV$K/E$&%/)%*/)$%!e+(03)#&/$45(0%2/ *&$% K/5/ &#-(*-/, &# %2/ &#&%&)%&-/V$ )+%&-&%&/$ &# (#/ K). (5 )#(%2/5C "# 4(**(K'3 &#%/5-&/K$ %2/ +(03)#&/$K/5/)$8/,#(%)E('%%2/&#&%&)%&-/&%$/*4?E'%)E('%%2/35(P/+%$&#&%&)%/,E.Hc"W&#K2&+2 %2/+(03)#.$2('*,E/&#-(*-/,>)++(5,&#6%(Hc"W@C\*$()4%/5%2&$4(**(K'3,&$+'$$&(#$(0/(4%2/ 4&50$ +('*, #(% +(#4&50 %2)% %2/. )5/ &#-(*-/, &# %2/ 35(P/+%$ )#, %2'$ #(5 $3/+&4. 2(K %2/. +(#%5&E'%/ %( &%$,/-/*(30/#%C TK( 4&50$ K/5/ )K)5/ (4 %2/ )+%&-&%&/$ )#, 8#/K %2)% %2/. K/5/ 4(50)**.&#-(*-/,?E'%%2/.+('*,#(%&#,&+)%/)#.E/#/4&%$45(0%2&$3)5%&+&3)%&(#CD#/(4%2/$/&$)# (*,/$%)E*&$2/,4&50?K2($/:=D%2('62%%2)%%2&$&$)-/5.6((,&#&%&)%&-/4(5.('#6$0)**+(03)#&/$ &#%2/&5/)5*.$%)6/CX(K/-/5?$2/,&,#(%$//2(K%2/&5+(03)#.+('*,E/#/4&%45(0&%)#,%2/5/4(5/ $((#K&%2,5/K45(0&%CH(4&#)**.45(0IO+(03)#&/$?/&62%+('*,&,/#%&4.%2/E/#/4&%$(4%2/$'33(5% )+%&-&%&/$C D'54&#,&#6$$'66/$%%2)%%2/3(*&+.&#&%&)%&-/4(5/0($%2/*3$%2/4&50$)#,%2/'#&-/5$&%.%(4&#,/)+2 (%2/5CB)5%*.?&%),,$%(2'0)#5/$('5+/,/-/*(30/#%)#,%/+2#(*(6&+)*8#(K*/,6/ &035(-/0/#%C T2/+(03)#&/$V%(3%25//#//,$ )5/ 4&#)#+&)* $'33(5%?2/*3K&%2 2'0)#+)3&%)*,/-/*(30/#%? )#, 2/*3 K&%2 &#4(50)%&(# )E('% #/K %/+2#(*(6&/$C Hc"W,(/$ #(% 35(-&,/ 4&#)#+&)* $'33(5%? E'% &$ /#6)6/,&#2'0)#+)3&%)*,/-/*(30/#%%25('62)%%5)+%&#6.('#63/(3*/%(%2/&#,'$%5.)#,%25('62 $'33(5%&#65/*)%&(#$E/%K//#4&50$)#,%2/'#&-/5$&%.C"%$//0$*&8/%2/0)&#+2)**/#6/4(5Hc"W&$%( /#6)6/ %2/ 4&50$ %( 3)5%&+&3)%/ &# %2/ )+%&-&%&/$? %( 0)8/ %2/0 )K)5/ (4 %2/ (56)#&S)%&(# )#, &%$ E/#/4&%$?%(3/5$'),/%2/+(03)#&/$%2)%%2/%&0/&#-/$%/,&#%2/)+%&-&%&/$K&**/-/#%')**.3).(44C \#(%2/5 +2)**/#6/ &$ %( /$%)E*&$2 0(5/ (56)#&S)%&(#)* 5/*)%&(#$ K&%2 %2/ +(03)#&/$C \$ &% &$ #(K? 0($%+(#%)+%$)5//$%)E*&$2/,K&%2(#/(5)+('3*/(4&#,&-&,')*$K&%2&#/)+2+(03)#.?K2&*/%2/ +(03)#.)$)K2(*/&$#(%)K)5/(4%2/35(P/+%$?%2/&56()*$)#,3(%/#%&)*E/#/4&%$C h2&*/#(%&#%/5-/#&#6(#%2/5/6'*)%&-/&#$%&%'%&(#$?hc"w?*&8/0($%5/6&(#)*&##(-)%&(#3(*&+&/$?$//8 %( &03*/0/#% #/K #(50$ K&%2&# %2/ &#,'$%5. K2/5/ &##(-)%&(# &$ (56)#&S/, &# (3/# %/03(5)5. #/%K(58$C X(K/-/5? %2/$/ #/K #(50$ )5/ #(% +(03)%&E*/ K&%2 %2/ +(6#&%&-/ $+2/0/$ (4!e

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bW:])#,l=;9=";=>IJJY@?)0(5/%)56/%/,)335()+2&$#//,/,)++(5,&#6%2/ +)3)+&%&/$ (4 %2/ +(03)#&/$C \#(%2/5 +2)**/#6/ &$ 5/*)%/, %( +(3&#6 K&%2 %2/ $(0/%&0/$,&-/5$/ &#%/5/$%$ (4 &#,&-&,')*$ )#, (56)#&S)%&(#$ &# %2/ #/%K(58C T2/ 3)5%&+&3)%&(# &# Hc"W$ )+%&-&%&/$ &$ 2)#,*/,E.)#'0E/5(4U/#%2'$&)$%$V)%%2/+(03)#&/$?%2/$/%/#,%()+%)$6)%/8//3/5$?&#0)#. +)$/$#(%K&**&#6(5#(%E/&#6)E*/%($35/),%2/K(5,K&%2&#%2/&5(56)#&S)%&(#C 8$9"/+$"&+" T2/ *&4/ $+&/#+/ +*'$%/5 &# H+)#&) 5/35/$/#%$ (#/ (4 %2/ 0($% 4)$% 65(K&#6 #&+2/$ &# %2/ 5/6&(#)* /+(#(0. %2/ 3)$% +('3*/ (4,/+),/$C "%,5)K$ (# *(#6 %5),&%&(#$ %25('62 %2/ 35/$/#+/ (4 $/-/5)* *)56/32)50)+/'%&+)*+(03)#&/$C"#%2/0&,!YYJ$)+*'$%/5&#&%&)%&-/?9/,&+(#l)**/.\**&)#+/>9l\@? K)$3'%&#0(%&(#K&%2%2/)&0%($%&0'*)%/&#,'$%5.'#&-/5$&%.*&#8)6/$)#,E&#)%&(#)*>HK/,&$2 a)#&$2@&#%/5)+%&(#ct2/&#&%&)%&-/2)$+(#%5&e'%/,0)$$&-/*.%(%2/,/-/*(30/#%(4%2/+*'$%/5?#(% */)$% E/+)'$/ (4 &%$ 3(K/5 (4 )%%5)+%&(# (# -/#%'5/ +)3&%)*? 5/$/)5+2 4'#,$ )#, 2'0)# +)3&%)*C B5/-&('$$%',&/$%2('62&#,&+)%/%2)%%2/&#&%&)*)%%/03%$(4$%&0'*)%&#6&#,'$%5.'#&-/5$&%.*&#8)6/$ K&%2&#%2/5/6&(#?)$K/**)$*(+)*4&504&50*&#8)6/$?2)$E//#65),')**.$'33*/0/#%/,K&%22/)-&/5 4(+'$ (# 35(0(%&#6 6*(E)* -&$&E&*&%. >9DDabHHDW? IJJG@C B)5% (4 %2/ 5)%&(#)*/ 4(5 %2&$ +2)#6/ (4 4(+'$ K)$ %2)% %2/ (56)#&S)%&(# E/2&#, %2/ &#&%&)%&-/ 65),')**. 5/)*&S/, %2)% %2/. K/5/ '#)E*/ %( )44/+%%2/4(50)%&(#(4#/%K(58$)0(#6%2/*(+)*)+%(5$>^=WW=hD;TX/%)*C?IJJY@CT2/&#&%&)%&-/ +('*,#(%&#%/5-/#/&#%2/35(4/$$&(#)*#/%K(58$(4%2/&5%)56/%3(3'*)%&(#Z&%K)$'#)E*/%(E/+(0/ )#)%'5)*3)5%(4%2/&545)0/(45/4/5/#+/C "#%/5-&/K/, +(03)#&/$ )5/ 0($%*. &#-(*-/, &# 0/,&+)* )#, +2/0&+)* *&4/ $+&/#+/C T2/&5 &##(-)%&(# )+%&-&%&/$)5/5/*)%/,%(35(,'+%$$'+2)$#/K,5'6+(03(#/#%$?0/,&+)*,&)6#($%&+$?)#,+($0/%&+$C "# (5,/5 %( )+2&/-/ %2/&5 6()*$ %2/. 2)-/ &035(-/, %2/ K).$ &# K2&+2 %2/. +(#,'+% 5/$/)5+2 >&#%5(,'+/ #/K 35(+/$$/$@ )#,s(5 +2)#6/, %2/&5 (56)#&S)%&(#)* $%5'+%'5/C H(0/ (4 %2/ +(03)#&/$ K&%2)*5/),.,/-/*(3/,35(,'+%$)*$(/#%/5/,#/K0)58/%$(5E5(),/#/,%2/$+(3/(4%2/&55/$/)5+2 )5/)$C "# 0)#. +)$/$ &% &$ )+%')**. 2)5, 4(5 )# (E$/5-/5 %(,/*&#/)%/ E/%K//# E)$&+ 5/$/)5+2 )#, 35(,'+%,/-/*(30/#% $&#+/ %2/$/ )5/ $( $%5(#6*. &#%/65)%/,C \*$( +*&#&+)* 35)+%&+/ $/5-/$ )$ )#!M

&03(5%)#%3)5%(4%2/&##(-)%&(#35(+/$$/$?#(%*/)$%&#%2/32)$/(4-/5&4.&#6%2/#/K35(,'+%$(5 35(+/$$/$C T2/ 0)&# +2)5)+%/5&$%&+$ (4 %2&$ &#,'$%5. K&%2 5/6)5, %( %2/ (56)#&S)%&(# (4 &##(-)%&(# )+%&-&%&/$ +)# %2'$ E/ $'00)5&S/, &# %2/ 4(**(K&#6 K).C A#&-/5$&%.&#,'$%5. *&#8)6/$ )5/ +5'+&)*? 2(K/-/5#(%35&0)5&*.(#)*(+)*$+)*/E'%)*$(%25('626*(E)**&#8)6/$C]#(K*/,6//F+2)#6/)$$'+2 )**(K$ *(#6,&$%)#+/ 5/*)%&(#$? )#, %2/ 8#(K*/,6/ %5)#$4/55/, &$ *)56/*. /0E/,,/, &# %2/ $3/+&4&+ $8&**$(48/.3/5$(##/*C\#(%2/58/.4/)%'5/(4%2/#/%K(58$?E/$&,/$E/&#66*(E)**.+(#4&6'5/,?&$%2)% %2/.?)%*/)$%&#&#&%&)*$%)6/$(4,/-/*(30/#%?%()*)56//F%/#%,5)K(#&#%/53/5$(#)*5)%2/5%2)# &#%/5(56)#&S)%&(#)* 5/*)%&(#$C T2/ *&%/5)%'5/ '$')**. 5/4/5$ %( $'+2 #/%K(58$ '$&#6 %/50$ *&8/ /3&$%/0&++(00'#&%&/$>X\\H?!YYI@C"#*)%/5$%)6/$(4,/-/*(30/#%%2/$/#/%K(58$%5)#$4(50&#%( 0(5/ /$%)E*&$2/,? )#, $%5(#6*. 5/6'*)%/,? )**&)#+/$? '$')**. &#-(*-&#6 '#&-/5$&%. )+%(5$ )#, $0)** 5/$/)5+2 (5&/#%/, +(03)#&/$? 2(K/-/5 E/&#6 */, E. *)56/ +(03)#&/$ K&%2 $'44&+&/#% 4&#)#+&)* 5/$('5+/$ 4(5 +)55.&#6 ('% *(#6 )#, +(03*/F,/-/*(30/#% 35(+/$$/$ K&%2 ) 2&62 5&$8 (4 4)&*'5/ >9DDabHHDW)#,7DWHHDW?IJJG@Cb/%?8/.&#,&-&,')*$5/0)&#+5'+&)*8#(K*/,6/35(-&,/5$C"#%2&$ 5/$3/+%%2/*&4/$+&/#+/$/+%(5,&$3*).$$&0&*)5&%&/$K&%2%2/4((,$/+%(5?2(K/-/5%2/8/.&#,&-&,')*$ )5/&#%2&$+)$/*/$$U6)%/8//3/5$V%2)#2(*,/5$(4-/5.$3/+&4&+%/+2#&+)*)#,s(5$+&/#%&4&+8#(K*/,6/C T2/ *(#6 %/50 $'++/$$ (4 5/6&(#$ 2($%&#6 $%5(#6 5/$/)5+2 /#-&5(#0/#%$ &# %2/ 4&/*, (4 *&4/ $+&/#+/ $%)#,)#,4)**K&%2%2/)E&*&%.(4$'$%)&#&#6%2&$8/.45)+%&(#(42'0)#+)3&%)*&#%2/5/6&(#C T2/ $%5'+%'5/, &#%/5-&/K$ 5/-/)* %2)% +(03)#&/$ )5/ 6/#/5)**. K/** )K)5/ (4,&44/5/#% 3(*&+. &#&%&)%&-/$CT2/$&%')%&(#&$)*&%%*/,&44/5/#%K2/#&%+(0/$%('$/)#,E/#/4&%$Cc('5+(03)#&/$,&, #(%'$/)#.$'33(5%35(65)0)%)**0($%*.E/+)'$/(4*)+8(4%&0/)#,E/+)'$/%2/.+('*,#(%$// 2(K%2/&54&50+('*,E/#/4&%45(03)5%&+&3)%&(#CT25//+(03)#&/$K/5/(44&+&)*0/0E/5$(49/,&+(# l)**/.\**&)#+/?e'%+('*,#(%$3/+&4.)#.e/#/4&%$('%(4&%c^/#/4&%$(45/6&(#)*)+%&-&%&/$$'33(5%&#6 *&4/ $+&/#+/,/-/*(30/#% K/5/ &#,&+)%/, E. IM +(03)#&/$C T2/ %25// 0($% )-)&*)E*/ E/#/4&%$ )5/ )++/$$%(0)58/%8#(K*/,6/?$2)5&#6(4*)E(5)%(5&/$)#,$2)5&#6(48#(K*/,6/K&%2+'$%(0/5$CT2/ E&66/$% #//,$ 3/5+/&-/, E. 4&50$ )5/ 4&#)#+&)* $'33(5%? 2/*3 %( 4&#, 3)5%#/5$ )#, /,'+)%&(# )#, %5)&#&#6(4/03*(.//$CH(?*&8/&#%2/+)$/$(40/,&))#,4((,?%2/5/&$)0&$0)%+2E/%K//#K2)% +(03)#&/$#//,)#,K2)%&%&$)-)&*)E*/&#%2/5/6&(#C X/*3%(4&#,3)5%#/5$)5/?)$%2/%K(35/-&('$+)$/$)*$(&**'$%5)%/,?d'&%/+(03*&+)%/,%(35(-&,/C c&5$%*.?+(03)#&/$)5/ 0($%*.&#%/5/$%/,&#3)5%#/5$2&34(55/)*35(E*/0 $(*-&#6)#,)+%')*35(P/+% 65('34(50)%&(#5)%2/5%2)#(3/#/#,/,$(+&)*#/%K(58&#6%2)%&$35(-&,/,%25('62+(#4/5/#+/$)#, $/0&#)5$C<&8/&#%2/+)$/(40/,&)?$(+&)*#/%K(58$)#,&#4(50)*8#(K*/,6//F+2)#6/)5/+5/)%/, %25('62 3/5$(#)* +(#%)+%$ )#, 35(4/$$&(#)* +(00'#&%&/$ K&%2('% ) #//,? #(5 3($$&E&*&%.? 4(5 %(3,(K# $'33(5% &#&%&)%&-/$C X(K/-/5? 4&#,&#6 3)5%#/5$ 4(5 )+%')* 35(E*/0 $(*-&#6 )#, 35(P/+% 65('3![

4(50)%&(# 5/d'&5/ -/5. $3/+&4&+ +(03/%/#+/$ 45(0 %2/ (#/$ %2)% 35(-&,/ %2&$ $'33(5%C H'+2 +(03/%/#+/$)5/2/*,35&0)5&*.E.8/./03*(.//$K&%2&#%2/+(03)#&/$CT2'$?&#$&0&*)5&%.K&%2%2/ (%2/5 %K( +)$/$? 3(*&+. &#&%&)%&-/$,( #(% )44/+% %2/ 5/6'*)%&-/,&0/#$&(# (4 %2/ &#$%&%'%&(#)* 45)0/K(58CT2&$&$-/5.0'+2,/4&#/,E.%2/#)%&(#)*6(-/5#0/#%>/C6C*)K$)33*&+)E*/%()**5/6&(#$@ )#,%2/$3/+&4&+5/6'*)%&(#$ $%)%/,E.%2/c((,)#,a5'6\,0&#&$%5)%&(#)#,%2/HK/,&$29/,&+)* B5(,'+%$ \6/#+.C X(K/-/5? %2/ +5/)%&(# (4 9l\ &%$/*4? &%$ )+%&-&%&/$,'5&#6 %2/ 4&5$%./)5$ )4%/5 &%$ /$%)E*&$20/#% )#, %2/ $%5(#6 $'33(5% 5/+/&-/, 45(0 E(%2 %2/ HK/,&$2 )#, a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c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

&03(5%)#%/44/+%(4%2/$/?E/$&,/$E5)#,&#6%2/5/6&(#)#,%2/&#&%&)%&-/?&$%2//$%)E*&$20/#%(4) $2)5/, -&$&(# )0(#6 %2/ 5/6&(#)* )+%(5$C H'535&$&#6*. %2('62? %2/$/ $%5)%/6&/$ )5/ 4)&5*. 6/#/5)*?,/$3&%/%2/K&,/*.5/+(6#&S/,&#$&62%%2)%$'+2$%5)%/6&/$0'$%E/)%%'#/,%()#,/0E/,,/,&#%2/ $3/+&4&+#//,$)#,)-)&*)E*/5/$('5+/$(45/$3/+%&-/5/6&(#Cc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c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d'/#+/k(58$&#%2/$)0/,&5/+%&(#14(50)*&s&#6%2/&#&%&)%&-/&#)#(56)#&s)%&(#)'%(0)%&+)**. */),$ %(,/0)#,$ (# +(#$/#$'$C T2&$? &# %'5#? +5/)%/$ ) #//, 4(5 0(5/ 6/#/5)* )+%&-&%&/$ K2&+2 5/,'+/$%2/)33*&+)E&*&%.4(5$&#6*/)+%(5$C:(#$/d'/#%*.?%2/.5/$&6#45(03)5%&+&3)%&(#C T($'0'3?%2&$3)3/5&**'$%5)%/$%2)%,&44/5/#%&#,'$%5&/$2)-/,&44/5/#%&##(-)%&(#35)+%&+/$)#,%2)% 5/6&(#)*+)3)E&*&%&/$)5/%2/$'0(4-/5.,&-/5$/+)3)E&*&%&/$/0E/,,/,&#-)5&('$)+%(5$K&%2&#%2/ 5/6&(#C \,,&%&(#)**.? %2/ 3)3/5 5/-/)*$ %2)% 5/6&(#)* 3(*&+. 0)8/5$V 3($$&E&*&%&/$ %( &#4*'/#+/ 4&50$V #/%K(58$ $//0 %( E/ *&0&%/,C a/$3&%/ %2)%? %2/ 35(0(%&(# (4 #/%K(58$? 0($%*. %25('62 $(+&)* &#%/5)+%&(#$? &$ )% %2/ +(5/ (4 )** %25// )#)*.S/, &#&%&)%&-/$C X(K/-/5? (56)#&S)%&(# (4 &##(-)%&(# &#+*',/$ 0(5/ )$3/+%$ %2)# 8#(K*/,6/ /F+2)#6/ %25('62 $(+&)* #/%K(58&#6C ;/6)5,&#6 #/F% 6/#/5)%&(# 5/6&(#)* &##(-)%&(# 3(*&+.? %K( 0)&# 6'&,/*&#/$ +)# E/ $'66/$%/,C c&5$%? 5/6&(#)* 3(*&+. &#&%&)%&-/$ $2('*, E/+(0/ 0(5/ $3/+&4&+C ;/6&(#)* 3(*&+. 0)8/5$ $2('*, %)8/,&44/5/#+/$ E/%K//#!G

&#,'$%5&/$ $/5&('$*. &#%( )++('#% )#, /$%)E*&$2 $/+%(5 )#, 4&50 +'$%(0&S/, )335()+2/$ &#%( %2/&5 35(65)0$C:*/)5%((*$)5/#//,/,%()$$/$$%2/#//,$)#,,/0)#,$(4%2/&5%)56/%3(3'*)%&(#CT2&$&$ +*($/*.5/*)%/,%(%2/$/+(#,6'&,/*&#/C"#(5,/5%(0//%%2/$/$3/+&4&+#//,$?5/6&(#)*3(*&+.0)8/5$ $2('*, E5(),/# %2/ 4(+'$ (4 %2/&5 )+%&-&%&/$ )#, &#+*',/ $'33(5% 4(5 -)5&('$ )$3/+%$ (4 %2/ (56)#&S)%&(#(4&##(-)%&(#?#(%(#*.?0).E/#(%/-/#35&0)5&*.?#/%K(5835(0(%&(#C c&#)**.? E(%2 3(*&+. 0)8/5$ )#, )+),/0&+$ K('*, E/#/4&% 45(0 E/%%/5,/4&#/, %((*$ %( /-)*')%/ +(03)#&/$V#//,$)#,,/0)#,$C\#&035(-/,+(#+/3%')*,&$+'$$&(#,/4&#&#6%2/3($&%&(#(45/6&(#)* 3(*&+&/$&#%2/&#$%&%'%&(#)*45)0/K(58(4%2/5/6&(#?)$K/**)$+(0E&#)%&(#$(4,&44/5/#%0/%2(,$? K('*,),,&#%/5/$%&#6&#$&62%$%(%2/%(3&+CT2/$/)5/P'$%$(0/(4%2/d'/$%&(#$%(E/),,5/$$/,&# 4'%'5/5/$/)5+2C :+/+$+"(+8 \WTDW=<<":C>IJJJ@;/$%5'+%'5&#6)#,"##(-)%&(#&#<(#6T/50;/6&(#)*:2)#6/?&#:<\;]_C<C? c=<a9\w9cbc?)#,_=;t<=;9chc>=,$@50":69%!-;'&-<%%3%9=+%&%>$+?"%#!'104?33cey[ M!JCDF4(5,A#&-/5$&%.B5/$$?W/Kb(58C \HX="9^CTC)#,_=;T<=;9CHC>IJJ[@T2/_/(65)32.(4&##(-)%&(#1;/6&(#)*"##(-)%&(#H.$%/0$? &#c\_=;^=;_7c?9dh=;bac)#,w=<hdw;c>=,$@50":69%!-;'&-<%%3%9@&&%a',$%&?33ciy!e!gc DF4(5,A#&-/5$&%.B5/$$?DF4(5,C \HX="9^CTC?9DDabHHDW?7C)#,TnaT<"W_?cC>IJ!!@=,&%(5&)*1:(#$%5'+%&#6;/6&(#)*\,-)#%)6/1 T(K)5,$H%)%/(4%2/\5%;/6&(#)*"##(-)%&(#H.$%/0B(*&+&/$&#='5(3/t?=*!%1"'&B('&&$&#.,*-$"/!Y>G@?!!ee!!eYC \Aa;=TH:XaC^C)#,c=<a9\W9CBC>IJJM@]#(K*/,6/$3&**(-/5$)#,%2/6/(65)32.(4&##(-)%&(#? &#X=Wa=;HDW7ClC)#,TX"HH=7CcC>=,$@;'&-<%%3%92"#$%&'('&-C!<'&=+%&%>$+/?33CIGe!eYC =*$/-&/5?\0$%/5,)0C ^\TX=<TXC>IJJ[@_/(65)32&/$(435(,'+%&(#1_5(K%25/6&0/$&#$3)%&)*3/5$3/+%&-/>""@u ]#(K*/,6/+5/)%&(#)#,65(K%2&#+*'$%/5$?B!%#!"//$&;*>'&?"%#!'104IY?IJMf!NC ^=:\TT"W"_C?^=<<\Wa"9C)#,a/B;DB;"H<C>IJ!J@D;'&-<%%3%9@&-*/,!$'(E$/,!$+,/C=,K)5, =*6)5?:2/*%/#2)0)#,W(5%22)03%(#C ^=WW=hD;TXBC?:D=W=W<C?9DDabHHDW7C)#,\HX="9^C>IJJY@=F3*(5&#6%2/0'*%&3*/5(*/$(4 <'#,A#&-/5$&%.&#$%5/#6%2/#&#6%2/H+)#&);/6&(#)*"##(-)%&(#H.$%/01T(K)5,$&#$%&%'%&(#)* */)5#&#6t?=*!%1"'&B('&&$&#.,*-$"/!G>!!@?!NM[!NNMF!O