The Scapegoating of Islamic Immigrant Women in the Media

Mazurski, Lara

The Scapegoating of Islamic Immigrant Women in the Media

Mazurski, Lara

Published: 2013
Publisher: Dyckinson
Repository: idus.us.es
Language: en

Abstract

In 2010 the Sweden Democrats (SD) unveiled their campaign advertisement for the parliamentary election, they engaged a series of images positioning immigrants as scapegoats by creating a link between immigration and the domestic budget crisis. While the advert associated immigration and lslam with the economic failings of Swedish society, the SD also energized new forms of representation, a new embodiment of Swedishness and, additionally, of conceptualizations of 'the Other'. On the surface, the controversial campaign ad identified economic concerns and moral corruption with immigration, women, and lslam. Perhaps, as a result of this immediate reading, the state's leading broadcaster, TV4, banned the advertisement for inciting hate speech before it even aired on Swedish television. The act of censorship thrust the ad centre stage, with a flurry of media coverage and the Sweden Democrats (SD) proclaiming unlawful persecution. Paradoxically, or, perhaps, expectedly, censorship of the advertisement, and the ensuing public debate about censorship, dramatically increased awareness of the party and their message, in various and complex ways.

Full text

! ! ! ! ! ! ! <:)!E,+5)./+371.!/*!"86+27,! !"227.(+13!P/2)1!71!3:)!S)47+! ! C&#&!3&DN#FA@1! ! ! >?83(+,3! 9>!HXWX!KO$!;^$S$>!2$G='#&KF!!c;2d!N>\$@<$S!KO$@#!'&GZ&@)>!&S\$#K@F$G$>K!%=#!KO$! Z&#<@&G$>K&#R! $<$'K@=>6! KO$R! $>)&)$S! &! F$#@$F!=%! @G&)$F! Z=F@K@=>@>)! @GG@)#&>KF! &F! F'&Z$)=&KF![R!'#$&K@>)!&!<@>A![$K^$$>!@GG@)#&K@=>!&>S!KO$!S=G$FK@'![NS)$K!'#@F@F(! MO@<$! KO$! &S\$#K! &FF='@&K$S! @GG@)#&K@=>! &>S! 9F<&G! ^@KO! KO$! $'=>=G@'! %&@<@>)F! =%! ;^$S@FO! F='@$KR6! KO$! ;2! &<F=! $>$#)@D$S! >$^! %=#GF! =%! #$Z#$F$>K&K@=>6! &! >$^! ĞŵďŽĚŝŵĞŶƚŽĨ^ǁĞĚŝƐŚŶĞƐƐĂŶĚĂĚĚŝƚŝŽŶĂůůǇŽĨĐŽŶĐĞƉƚƵĂůŝǌĂƚŝŽŶƐŽĨƚŚĞKƚŚĞƌ .>! KO$! FN#%&'$6! KO$! '=>K#=\$#F@&<! '&GZ&@)>! &S! @S$>K@%@$S! $'=>=G@'! '=>'$#>F! &>S! G=#&<!'=##NZK@=>!^@KO!@GG@)#&K@=>6!^=G$>6!&>S!9F<&G(!"$#O&ZF6!&F!&!#$FN<K!=%!KO@F! ŝŵŵĞĚŝĂƚĞƌĞĂĚŝŶŐƚŚĞƐƚĂƚĞƐůĞĂĚŝŶŐďƌŽĂĚĐĂƐƚĞƌdsϰďĂŶŶĞĚƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚ %=#! @>'@K@>)! O&K$! FZ$$'O! [$%=#$! @K! $\$>! &@#$S! =>! ;^$S@FO! K$<$\@F@=>(! -O$! &'K! =%! '$>F=#FO@Z! KO#NFK! KO$! &S! '$>K#$! FK&)$6! ^@KO! &! %<N##R! =%! G$S@&! '=\$#&)$! &>S! KO$! ;^$S$>! 2$G='#&KF! c;2d! Z#='<&@G@>)! N><&^%N<! Z$#F$'NK@=>(! "&#&S=V@'&<<R6! =#6! Z$#O&ZF6!$VZ$'K$S<R6!'$>F=#FO@Z!=%!KO$!&S\$#K@F$G$>K6!&>S!KO$!$>FN@>)!ZN[<@'!S$[&K$! &[=NK!'$>F=#FO@Z6!S#&G&K@'&<<R!@>'#$&F$S!&^&#$>$FF!=%!KO$!Z&#KR!&>S!KO$@#!G$FF&)$6! @>!\&#@=NF!&>S!'=GZ<$V!^&RF(! ! @)=9/(48A!G$S@&6!)$>S$#6!#$Z#$F$>K&K@=>6!S@F'=N#F$F6!G&#)@>&<@D&K@=>! ! ! "13(/4B,37/1! MO$>!KO$!;\$#@)$S$G=A#&K$#>&!c;^$S$>!2$G='#&KFd!N>\$@<$S!KO$@#!#$'$>K!'&GZ&@)>! &S\$#K@F$G$>K!%=#!KO$!HXWX!Z&#<@&G$>K&#R!$<$'K@=>6!KO$R!$>)&)$S!&!F$#@$F!=%!@G&)$F! Z=F@K@=>@>)!;^$S@FO!@GG@)#&>KF!&F!F'&Z$)=&KF!@>!&!'=>K$GZ=#&#R!S=G$FK@'![NS)$K! '#@F@F(!MO@<$!KO$!&S\$#K!&FF='@&K$F!@GG@)#&K@=>!&>S!9F<&G!^@KO!KO$!$'=>=G@'!%&@<@>)F! =%! ;^$S@FO! F='@$KR6! KO$! Z&#KR! &<F=! $>$#)@D$S! >$^! %=#GF! =%! #$Z#$F$>K&K@=>6! &! >$^! ĞŵďŽĚŝŵĞŶƚŽĨ^ǁĞĚŝƐŚŶĞƐƐĂŶĚĂĚĚŝƚŝŽŶĂůůǇŽĨĐŽŶĐĞƉƚƵĂůŝǌĂƚŝŽŶƐŽĨƚŚĞKƚŚĞƌ ;NZ$#%@'@&<<R6! KO$! '&GZ&@)>! &S! '=>K#=\$#F@&<<R! @S$>K@%@$F! $'=>=G@'! '=>'$#>F! &>S! G=#&<!'=##NZK@=>!^@KO!@GG@)#&K@=>6!^=G$>6!&>S!9F<&G(!"$#O&ZF6!&F!&!#$FN<K!=%!KO@F! ŝŵŵĞĚŝĂƚĞƌĞĂĚŝŶŐƚŚĞƐƚĂƚĞƐůĞĂĚŝŶŐďƌŽĂĚĐĂƐƚĞƌdsϰďĂŶŶĞĚƚŚĞĂĚǀĞƌƚŝƐĞŵĞŶƚ %=#! @>'@K@>)! O&K$! FZ$$'O! [$%=#$! @K! $\$>! &@#$S! =>! ;^$S@FO! K$<$\@F@=>(! -O$! &'K! =%! '$>F=#FO@Z! KO#NFK! KO$! &S! '$>K#$! FK&)$6! ^@KO! &! %<N##R! =%! G$S@&! '=\$#&)$! &>S! KO$! ;^$S$>! 2$G='#&KF! c;2d! Z#='<&@G@>)! N><&^%N<! Z$#F$'NK@=>(! "&#&S=V@'&<<R6! =#6! Z$#O&ZF6!$VZ$'K$S<R6!'$>F=#FO@Z!=%!KO$!&S\$#K@F$G$>K6!&>S!KO$!$>FN@>)!ZN[<@'!S$[&K$! &[=NK!'$>F=#FO@Z6!S#&G&K@'&<<R!@>'#$&F$S!&^&#$>$FF!=%!KO$!Z&#KR!&>S!KO$@#!G$FF&)$! @>!'=GZ<@'&K$S!^&RF(! ! -O#=N)O!&!'<=F$!#$&S@>)!=%!KO$!&S!@>!KO$!%@#FK!F$'K@=>6!9!^&>K!K=!<==A!&K!>=K!=><R!KO$! #$Z#$F$>K&K@=>!=%!'N<KN#&<6!$KO>@'6!=#!#$<@)@=NF!S@%%$#$>'$![NK!&<F=!G=#$!@GZ=#K&>K<R! O=^!KO$![N#`&!@F!NF$S!@>!&!K=K&<@D@>)!^&R(!9!^&>K!K=!S@F'NFF!O=^!%=#GF!=%!S@F'=N#F$! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! W!C$'KN#$#(! 2$Z&#KG$>K! =%! C@K$#&#R! ;KNS@$F6! 8>@\$#F@KR! =%! +GFK$#S&G(! ;ZN@FK#&&K! HXW6! WXWH! Y-6! +GFK$#S&G6!KO$!/$KO$#<&>SF(! <($(G&DN#FA@iN\&(><! KO=F$!KO&K!&#$!&>K@B@GG@)#&>K!&>S!O=^!KO$!GRKO!=%!KO$!+%)O&>!^=G&>!O&\$![$$>! '=>S$>F$S!@>K=!=>$!A@>S!=%![=SR(!M@KO@>!KO$!'=>K$VK!=%!KO@F!&S\$#K6!=KO$#>$FF!@KF$<%!@F! Z#=SN'$S! &>S! #$Z#=SN'$S! KO#=N)O! &! '=GZ<$V! '=G[@>&K@=>! =%! \@FN&<! @G&)$F6! K$VK6! F=N>S6!&>S!>&##&K@=>(!?N#`&F!&#$!#$Z#$F$>K$S!&F!\@F@[<$!R$K!@>\@F@[<$6!%$G@>@>$!&>S! %&FK6!Z&#&F@K@'&<!&>S!=\$#^O$<G@>)!KO$R!#$Z#$F$>K!KO$!N>A>=^>!KO#$&K(!?N#`&F!&#$! >=K!F@GZ<R!Z#$F$>K$S!@>!KO@F!&S\$#K!&F!KO#$&KF![NK!KO$R!O&\$!&<F=![$'=G$!FRG[=<F!=%! #$F@FK&>'$(! ,$F@FK&>'$6! ^@KO@>! KO@F! '=>K$VK6! S=$F! >=K! #$%$#! K=! KO$! K#&S@K@=>&<! N>S$#FK&>S@>)! &FF='@&K$S! ^@KO! KO$! [N#`&(! Q=#! $V&GZ<$6! KO$! ^=G&>! N>S$#! KO$! )&#G$>K! @KF$<%! @F!>=K! Z#$F$>K$S! &F! FK#N))<@>)! K=! )$K! =NK! =%! KO$! Z&K#@&#'OR! KO&K! O&F! F@KN&K$S!O$#!N>S$#!@K6!KO$![N#`&(!9>FK$&S6!KO$![N#`&!^@KO@>!KO@F!'=>K$VK!@F!FRG[=<@'!=%! KO&K! ^O@'O! ;^$S@FO! F='@$KR! O&F! K=! %@)OK6! K=! =\$#'=G$Ͷ@K! @F! &! FRG[=<! =%! ;^$S@FO! #$F@FK&>'$(! -O$! [N#`&F! Z#$F$>K! @>! KO@F! &S\$#K! F$#\$! &F! &! %=#G! =%! \@FN&<! =\$#<&Z! @>! ^O$#$!$'=>=G@'6!F='@&<6!#$<@)@=NF6!&>S!'N<KN#&<![&KK<$F!&#$!%=N)OK(! ! dĂŬŝŶŐŵǇĐƵĞĨƌŽŵ:ƵĚŝƚŚƵƚůĞƌƐǁŽƌŬŽŶĚŝƐĐƵƌƐŝǀĞĐĞŶƐŽƌƐŚŝƉ/ƚŚĞŽƌŝƐĞŚŽǁƚŚĞ ĂĚƐ ƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ ĂŶĚ ĐŽŶĐĞƉƚƐ ĚĞƉůŽǇĞĚ ĂƌĞ ƉƌŽĚƵĐƚŝǀĞůǇ ǀƵůŶĞƌĂďůĞ ƚŽ ďŽƚŚ #$@>K$#Z#$K&K@=>!&>S!>$^!'@K&K@=>F(!9K!@F!O$#$!KO&K!^$!F$$!O=^!'$>F=#FO@Z!S=$F!>=K! S$<@\$#! @KF! @>K$>S$S! '=>F$`N$>'$F6! [NK! #&KO$#! S@G@>@FO$F! ZN[<@'! FZ&'$F! %=#! '=>K$FK&K@=>(!9>!KN#>!'$>F=#FO@Z!F$#\$F!K=!'=N>K$#!@KF!=^>!$%%$'KF!&>S!Z#=SN'$!&!>$^! F$K!=%!'=>F$`N$>'$F!KO&K!O$@)OK$>!KO$!Z=^$#!=%!KO$!FZ$$'O!KO&K!@K!F=N)OK!K=!F@<$>'$(! ! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐĚǀĞƌƚ! ^ƵĐĐŝŶĐƚůǇ ƚŚĞ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐ ϮϬϭϬ ĞůĞĐƚŝŽŶ ĐĂŵƉĂŝŐŶ ĂĚ ĚĞƉŝĐƚƐ ĂŶ ĂŐŝŶŐ ^O@K$! Z$>F@=>$#! @>! &! S#&G&K@'! '=GZ$K@K@=>! &)&@>FK! &! %&'$<$FF! G=[! =%! ^=G$>! @>! ďƵƌƋĂƐĨŽƌƚŚĞ^ǁĞĚŝƐŚŐŽǀĞƌŶŵĞŶƚƐĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐdŚĞĂĚǀĞƌƚŝƐŵƵůƚŝĨĂĐĞƚĞĚ &>S! =%%$#F! KO$! \@$^$#! &! >NG[$#! =%! >&##&K@\$F! K=! @>K$#Z#$K! &>S! 'O&#&'K$#@D$! KO$! @GG@)#&>K! =>! 'N<KN#&<6! #$<@)@=NF6! F='@&<! &>S! $'=>=G@'! <$\$<F(! -O$! '$>K#&<! KO#$&K! K=! ;^$S@FO! F='@$KR! @F! #$Z#$F$>K$S! &F! %&FK6! <&#)$! @>! >NG[$#6! N>@S$>K@%@&[<$6! &>S! =\$#^O$<G@>)(! .>! KO$! FN#%&'$6! KO$! &S! K$<<F! KO$! \@$^$#! &! FK=#R! &[=NK! KO$! @<<F! =%! @GG@)#&K@=>! &>S! KO$! FK#&@>! =%! @GG@)#&>KF! =>! KO$! ;^$S@FO! $'=>=GR(! MO@<$! @K! O&F! Z$#FN&F@\$<R!@GZ<$G$>K$S!&!>NG[$#!=%!K&'K@'F!K=!&ZZ$&<!K=!\=K$#F!=>!KO&K!FNZ$#%@'@&<! <$\$<6!FN'O!&F!KO$!F'&Z$)=&K@>)!=%!G@)#&>KF!@K!%@>SF!@KF$<%!'&N)OK!@>!&!Z#$'&#@=NF!Z<&'$6! ^@KO!G=#$!F@)>@%@'&>K!@FFN$F!KO&K!&#$!'=>'$#>$S!^@KO!KO$!%#$$S=G!=%!FZ$$'O!&>S!KO$! &'K!=%!'$>F=#FO@Z(!! ! 7=^$\$#6!&!'<=F$#!$V&G@>&K@=>!=%!KO$!'&GZ&@)>!^@<<!R@$<S!$\$>!%N#KO$#!@>%=#G&K@=>(!+! '=GZ<$V! '=G[@>&K@=>! =%! %#&G@>)! S$\@'$F! &#$! NF$S! K=! FK#$>)KO$>! KO$! #$<&K@=>FO@Z! [$K^$$>!@G&)$#R6!F=N>S6!K$VK6!&>S!>&##&K@\$!K=!@<<NFK#&K$!KO@F!Z=@>K!$\$>!%N#KO$#(!-O$! =Z$>@>)!F$`N$>'$![$)@>F!^@KO!&!`N@'A!FO=K!=%!KO$!;K&KF[NS)$K!cFK&K$![NS)$Kd!=>!&! '=N>K$#6! [$)@>>@>)! %#=G! *X*(UHP(LJH(HUL! cA#=>&d6! &>S! `N@'A<R! S$'#$&F$F(! 9>! KO$! ďĂĐŬŐƌŽƵŶĚ Ă ŶĂƌƌĂƚŽƌƐ ǀŽŝĐĞ ĂƉƉĞĂƌƐ ĂŶĚ ĚĞĐůĂƌĞƐ ŝŶ ^ǁĞĚŝƐŚ ƚƌĂŶƐůĂƚĞĚ ŝŶƚŽ ŶŐůŝƐŚĂƚǇŽƵƚƵďĞƚŚĂƚWŽůŝƚŝĐƐŝƐĂůůĂďŽƵƚŵĂŬŝŶŐƉƌŝŽƌŝƚŝĞƐŶƵŵďĞƌŽĨŚĞĂǀŝůǇ $S@K$S! @G&)$F! %=<<=^! KO&K! %='NF! KO$! \ŝĞǁĞƌƐ ĞǇĞƐƵƉŽŶ Ă ĚŝŵůǇ ůŝƚ ƌŽŽŵ ĂŶĚ ƚǁŽ [N#$&N'#&KF6!=>$!G&<$!&>S!KO$!=KO$#!%$G&<$!F@KK@>)!&K!S$FAF!Z#='$FF@>)!O&>S%N<F!=%! [&>A!>=K$F!%#=G!'&#S[=&#S![=V$F(!! ! ! ! ! ! ! ! &ŝŐƵƌĞϭ/ŶŝƚŝĂůŝŵĂŐĞƐƚĂƚƐďƵĚŐĞƚĐŽƵŶƚĞƌ;^ƚĂƚĞďƵĚŐĞƚͿ! ĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞ\@F@=>!&S6!;$ZK$G[$#!HXWX(! ! dŚĞ ƵƐĞ ŽĨ ƚŚĞ ŶĂƌƌĂƚŽƌƐ ǀŽŝĐĞ ŝŶ ƚŚĞ ŽƉĞŶŝŶŐ ƐĞƋƵĞŶĐĞ ĂƐ ĂŶ ĂŶŽŶǇŵŽƵƐ ĂŶĚ &[FK#&'K! FK=#RK$<<$#6! O$<ZF! #$@>%=#'$! KO$! ^&R! [R! ^O@'O! KO$! \@$^$#! @>K$#Z#$KF! KO$! G$FF&)$(! /&##&K@=>! @F! $GZ<=R$S! FK#&K$)@'&<<R! @>! =#S$#! K=! O$<Z! F@KN&K$! KO$! \@FN&<! @G&)$F!&>S!#$@>%=#'$!KO$!FN[K$VK!=%!KO$!'&GZ&@)>!Z<&K%=#G!%N#KO$#(!! ! dŚƌŽƵŐŚŽƵƚƚŚĞĐůŝƉƚŚĞŶĂƌƌĂƚŽƌƐǀŽŝĐĞĨƵŶĐƚŝŽŶƐŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐƚŽƌƐĂŶĚ KO$! %='&<@D$#F! KO#=N)O! '=>'$ZKN&<! =\$#<&Z(! -O#=N)O! KO$! NF$! =%! FN'O! K&'K@'F6! ;\$#@)$S$G=A#ĂƚĞƌŶĂƐ ƉŽůŝƚŝĐĂů ŵĞƐƐĂŐĞ ŝƐ ĐŽŶǀĞǇĞĚ ĂŶĚ ƌĞŝŶĨŽƌĐĞĚ &ƵƌƚŚĞƌ >&##&K@=>!F$#\$F!K=!'<&#@%R!KO$!FK=#R<@>$!&>S!O$<ZF!FO&Z$!KO$!#O$K=#@'!=%!KO$!>&##&K@\$(! ƐĂƐƉĞĂŬŝŶŐƐƵďũĞĐƚƚŚĞŶĂƌƌĂƚŽƌƐǀŽŝĐĞĞŶĂďůĞƐƚŚĞǀŝĞǁĞƌƚŽƌĞĂĚƚŚĞŝŵĂŐĞƐŝŶ '=G[@>&K@=>! ^@KO! KO$! >&##&K@\$! %=#G! =%!KO$! K$VK(! 9K! @F! @GZ=#K&>K! K=! #$'=)>@D$! KO&K! ĨƌŽŵ ƚŚĞ ƐƚĂƌƚ ƚŚĞ ĂĚǀĞƌƚ ŝƐ ĨƌĂŵĞĚ ĂƐ Ă ĨĂĐƚƵĂů ĂĐĐŽƵŶƚ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐ >&##&K=#!F$#\$F!&!Z&#K@'N<&#!#=<$6!>=K!F@GZ<R!&F!&!>&##&K=#6![NK!&<F=!&F!&!Z&#K@'@Z&>K!@>! KO$!&S(!4<&FF!FK#N))<$6!)$>S$#6!>&K@=>&<@FG6!&>S!V$>=ZO=[@&!FK&#K!K=!&ZZ$&#!&F!O$#! \=@'$!F$#\$F!K=!#$@>%=#'$!KO$!G$FF&)$!&>S!K#&>F%=#G!KO$!G$&>@>)F!=%!KO$!&S(! ! ! Q@)N#$!H1!4=N>KS=^>!^@KO!FK&KF[NS)$K!'=N>K$#!&>S![N#$&N'#&KF!! ĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌHXWX(! ! +F!KO$!&S!'=>K@>N$F6!FK&'AF!=%!'&#S[=&#S![=V$F!FN##=N>S![=KO!%@)N#$F!KO&K!Z#='$FF! FK&'AF! =%! ;^$S@FO! A#=>&! c[&>A! >=K$Fd(! 9G&)$F! =%! KO$! ;K&KF[NS)$K! '=N>K$#! &#$! @>K$#FZ$#F$S! ^@KO! @G&)$F! =%! KO$! [N#$&N'#&KF6! &>S! &! %@>&<<R! K=K&<F! &K! WXX6XXX6XXX6! ^O@'O! S#&G&K@'&<<R! &ZZ$&#F! %<&FO@>)! =>! KO$! F'#$$>(! -O$! GN<K@Z<$! '<=F$BNZF! =%! KO$! ďƵĚŐĞƚ ƐĞƌǀĞ ƚŽ ƌĞŝŶĨŽƌĐĞƚŚĞ ŶĂƌƌĂƚŽƌƐŵĞƐƐĂŐĞ ,ĞƌĞ ƚŚĞ ŽďǀŝŽƵƐ ůŝŶŬ ďĞƚǁĞĞŶ >&##&K@=>!&>S!\@FN&<!@G&)$#R!&ZZ$&#F6!#$@>%=#'@>)!KO$!G$FF&)$!%=#!\@$^$#F(!-O$!G&>R! #$%$#$>'$F!K=![N#$&N'#&'R!&>S!K$'O>=<=)R!KO&K!&ZZ$&#!@>!KO$!=Z$>@>)!F$`N$>'$ͶKO$! G=>$RB'=N>K@>)! G&'O@>$F6! $G$#)$>'R! <@)OKF6! &>S! F@#$>FͶF$#\$! K=! %=#$[=S$! &>! =\$#[N#S$>$S!FK&K$![NS)$K(!?R!%#&G@>)!KO$F$!K$'O>=<=)@$F!@>!FN'O!&!^&R6!KO$R!F$#\$! &F!&!\@FN&<!^&#>@>)!FRFK$G!K=!KO$!\@$^$#(!! ! ! Q@)N#$!L1!Q@>&<!FK&KF[NS)$K!>NG[$#!K&A$>!%#=G!! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌϮϬϭϬ! ! Q&FKBZ&'$S! $S@K@>)! O$<ZF! F$K! KO$! #ORKOG! =%! KO$! FK=#R<@>$(! 2$FZ@K$! KO$! >NG[$#! =%! @G&)$F! @>K$#K^@>$S! ^@KO@>! KO$! KO@#KRBF$'=>S! '<@Z6! KO$! FO=KF! S=! ŶŽƚ ďƌĞĂŬ ƚŚĞ ĂĚƐ '=>K@>N@KRh! #&KO$#6! $&'O! %#&G$! F$#\$F! K=! '=>K#@[NK$! %N#KO$#! K=! KO$! &S\$#K6! &F! &<<! F$)G$>KF! '=>K&@>! @>%=#G&K@=>! G$&>@>)%N<! %=#! KO$! =\$#&<<! $%%$'K(! -O$! %#&G$F! &#$! F$<$'K@\$<R!'O=F$>!K=!#$@>%=#'$!KO$!>&##&K@\$!=%!KO$!'&GZ&@)>!'<@Z6!F@>'$!$&'O!@G&)$! ƌĞůĂƚĞƐƚŽƚŚĞŶĂƌƌĂƚŽƌƐƚĞǆƚsŝƐƵĂůŝŵĂŐĞƐĂƌĞƵƐĞĚƚŽĐŽŶǀĞǇƉĂƌƚŝĐƵůĂƌŝŶĨŽƌŵĂƚŝŽŶ Z#$'@F$<R(! Q@)N#$F! &>S! K$'O>=<=)@$F! Z<&R! &! '$>K#&<! #=<$! @>! KO$! '#$&K@=>! =%! KO@F! &S\$#K@F$G$>K6!&F!KO$R!&#$!NF$S!K=!'=>\$R!&!G$FF&)$!&>S!K=!O$@)OK$>!KO$!\@$^$#Ɛ ĂƚƚĞŶƚŝŽŶtŚĞŶƚŚĞĂĚĐĂƌƌŝĞƐŽŶƚŚĞŶĂƌƌĂƚŽƌƐǀŽŝĐĞƌĞĂƉƉĞĂƌƐƐĂǇŝŶŐEŽǁǇŽƵ ŚĂǀĞĂĐŚŽŝĐĞĨƚĞƌǁŚŝĐŚĂŶĞŵĞƌŐĞŶĐǇƐŝƌĞŶƐƚĂƌƚƐƚŽƐŽƵŶĚĂŶĚƚŚĞƚǁŽƚĂďůĞƐ NZ=>!^O@'O!G=>$R!@F!F=#K$S!&#$!@GG$S@&K$<R!<@)OK$S!^O@<$!&>!$G$#)$>'R!<@)OK![$)@>F! K=!ĨůĂƐŚ dŚĞ ǀŽŝĐĞ ĐŽŶƚŝŶƵĞƐ ďĞĐŬŽŶŝŶŐ tŚĂƚ ŝƐ ǇŽƵƌ ĐŚŽŝĐĞ dŚĞ ƵƐĞ ŽĨ $G$#)$>'R! <@)OKF! &>S! F@#$>F! @>! KO$! [&'A)#=N>S! =%! KO$! &S\$#K@F$G$>K! F$#\$F! K=! ŚĞŝŐŚƚĞŶƚŚĞǀŝĞǁĞƌƐĂƚƚĞŶƚŝŽŶdŚĞƐŝƌĞŶƐĂŶĚůŝŐŚƚƐƌĞŝŶĨŽƌĐĞƚŚĞĚŝƐĐŽƵƌƐĞŽĨƚŚĞ &S! $\$>! %N#KO$#! [R! Z=F@K@=>@>)! ^O&K! ;\$#@)$S$G=A#&K$#>&! Z$#'$@\$! &F! K==! G&>R! ƉƌŽŐƌĞƐƐŝǀĞĚĞŵĂŶĚƐŽŶ^ǁĞĚŝƐŚƐŽĐŝĞƚǇĂƐĂůĂƌŵŝŶŐ! ! +K!KO@F!FK&)$!@>!KO$!'<@Z6!KO$!\@$^$#!&F!KO$!&SS#$FF$$!=%!KO$!K$VK![$)@>F!K=!@>K$#Z#$K! KO$! F@#$>F! &F!&>! $G$#)$>'R! $\$>K(! C$\$<F! =%! >&##&K@=>! Z<&R! &>! @>K$)#&<! #=<$! ^@KO! &! >NG[$#!=%!$G[$SS$S!K$VKF!FK&#K@>)!K=!&ZZ$&#!&#$!$GZ<=R$S!@>!=#S$#!K=!#$@>%=#'$!KO$! GN<K@Z<$!<$\$<F!=%!>&##&K@=>F!$\$>!%N#KO$#(!-O$!%=<<=^@>)!F$`N$>'$!=%!KO$!'<@Z!Z#=\@S$F! %N#KO$#! @>%=#G&K@=>! =>! O=^! KO@F! N>#&\$<F! [=KO! $VZ<@'@K<R! &>S! @GZ<@'@K<R(! -^=! O&>S! [#&A$F!S#&G&K@'&<<R!&ZZ$&#!%#=G!KO$!'$@<@>)!@GG$S@&K$<R!@>!%#=>K!=%!KO$!S$FAF6!^@KO! ǁŚŝƚĞĨŽŶƚƚŚĂƚƌĞĂĚƐ/ŵŵŝŐƌĂƚŝŽŶĂŶĚWĞŶƐŝŽŶĞƌ;&ŝŐϰͿ! ! ! &ŝŐƵƌĞϰ,ĂŶĚůĞƐŽƌůĞǀĞƌƐƵƉŽŶǁŚŝĐŚWĞŶƐŝŽŶĞƌŽƌ/ŵŵŝŐƌĂƚŝŽŶŝƐǁƌŝƚƚĞŶ! &ƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌϮϬϭϬ! ! tŚĞŶ ƚŚĞ ŶĂƌƌĂƚŽƌ ǀŽŝĐĞƐ EŽǁ ǇŽƵ ŚĂǀĞ Ă ĐŚŽŝĐĞ ĂƐ ƚŚĞ ƐŝƌĞŶƐ ĨŝƌĞ ƵƉ ƚŚĞ $GZO&F@F!=%!KO$!&S![$'=G$F!'<$&#h!KO$!S$G&>SF!=%!Z$>F@=>$#F!&>S!@GG@)#&>KF!&#$! '=GZ$K@>)!%=#!%N>S@>)!%#=G!KO$!FK&K$![NS)$K6!#$Z#$F$>K$S![R!K^=!O&>S![#&A$F!KO&K! ! ! ! ! ! S#=Z!%#=G!&[=\$(!3@##=#@>)!=''N#F!=>!GN<K@Z<$!<$\$<F!KO#=N)O=NK!KO@F!&S1!KO$!\@FN&<! ĐƵĞƐƚŚĞŶĂƌƌĂƚŽƌƐǀŽŝĐĞƚŚĞĞŵĞƌŐĞŶĐǇƐŝƌĞŶƐ!&>S!<@)OKF6!&>S!$G[$SS$S!K$VK(!-O$! &S!KO$>!D==GF!@>!=>!&!^&<A$#!&>S!KO$!&NS@$>'$![$)@>F!K=!F$$!KO$!@G&)$!=%!&>!$<S$#<R! ^O@K$!^=G&>![$)@>>@>)!K=!&ZZ$&#(!-O$!'&G$#&!Z&>F!@>!=>!O$#!&>S!FO$!G=\$F!F<=^<R! ^@KO!&!^&<A@>)!&@S!K=^&#S!KO$!S@#$'K@=>!=%!KO$!<$\$#F!cS#=ZZ$S!$&#<@$#d6!$&'O!=%!^O@'O! ŚĂŶŐ ƐƵƐƉĞŶĚĞĚ ďǇ ĐŚĂŝŶƐ ĨƌŽŵ ƚŚĞ ĐĞŝůŝŶŐ ĂŶĚ ŚĂǀĞ ƉĞŶƐŝŽŶĞƌ Žƌ ŝŵŵŝŐƌĂŶƚ ǁƌŝƚƚĞŶŽŶƚŚĞŵƐĞƌŝĞƐŽĨƐŚŽƚƐƉĂŶŝŶŽŶŚĞƌǁĂůŬĞƌĂŶĚĨŽĐƵƐƚŚĞǀŝĞǁĞƌƐĞǇĞƐ $GZO&K@'&<<R!NZ=>!O$#!>$$S!%=#!ZORF@'&<!&FF@FK&>'$(!7$#$6!KO$!ǀŝĞǁĞƌƐĂƚƚĞŶƚŝŽŶŝƐ ĚƌĂǁŶƚŽŚŽǁƚŚĞǁĂůŬĞƌŚĞůƉƐƐƵƉƉŽƌƚŚĞƌǁŚŝůĞƌĂĐŝŶŐƚŽƚŚĞŝŵŵŝŐƌĂŶƚďƌĂŬĞ -O$!^&<A$#!@>!KO@F!'=>K$VK!#$Z#$F$>KF!&!>$$S!%=#!ZORF@'&<!FNZZ=#K6![NK!&<F=!&<<NS$F!K=! O$#!>$$S!^@KO@>!KO$!'=GGN>@KR!&F!&!^O=<$(!-O$!%#&G@>)!=%!O$#!&F! &!Z$>F@=>$#B@>B >$$S!Z#$F$>KF!O$#!FRGZ&KO$K@'&<<R!K=!KO$!\@$^$#6!&>S!O$#$6!^$6!KO$!\@$^$#6!#$&S!O$#! &F!&!FRG[=<!=%!;^$S@FO!F='@$KR(! ! dŚĞ ŝŵĂŐĞ ŽĨ ƚŚĞ ƉĞŶƐŝŽŶĞƌ ǁŝƚŚŝŶ ƚŚĞ ůĂŶŐƵĂŐĞ ŽĨ ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐ Z&K#@=K@FG6! S=$F! >=K! @GG$S@&K$<R! S$>=K$! FK#$>)KO! &F! NFN&<<R! Z#$F$>K$S! ^@KO@>! >&K@=>&<! S@F'=N#F$6! [NK6! @>FK$&S6! =%%$#F! &! G=#$! Z=^$#%N<! #$&S@>)! KO&K! &<<NS$F! K=! S$F$#\$S!>$$S(!2$F$#\$S!>$$S!@F!$VZ#$FF$S!^@KO@>!KO@F!%=#G!=%!#$Z#$F$>K&K@=>6!%=#! ƚŚĞǁŽŵĂŶ ŝƐĂŶǇŽŶĞƐŵŽƚŚĞƌŽƌŐƌĂŶĚŵŽƚŚĞƌƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚ$!S$F$#\@>)! ;^$S@FO! Z$>F@=>$#! &>S! &F! &>! $G[<$G! =%! 'N<KN#&<! @S$>K@KR(! -O$! NF$! =%! O$#! @G&)$! ^@KO@>!FN'O!&!'=>K$VK!=%%$#F!KO$!\@$^$#!&!Z&#K@'N<&#!&#K@'N<&K@=>!=%!;^$S@FO>$FF(!7$#! %&'$!&>S![=SR6!N><@A$!&>R!=%!KO$!=KO$#!'O&#&'K$#F!@>!KO$!&S6!&#$!#$'=)>@D&[<$h!FO$!@F! FG&<<6!%#&@<6!&>S!F$>@=#!cQ@)(!*!&>S!Pd(!;O$!@F!NF$S!K=!Z#=SN'$!&!\@F@=>!=%!KO$!;^$S@FO! Z$>F@=>$#!&F!&<<BK==BONG&>!&>S!&<<BK==BS$F$#\@>)(!-O@F!#$Z#$F$>K&K@=>!@F!FK#N'KN#$S! &)&@>FK!&>=KO$#!%=#G!=%!>$$S!&F!KO$!>$VK!%$^!F$'=>SF!=%!KO$!&S!$VO@[@KF1!KO$!ZORF@'&<! &>S!$'=>=G@'!>$$SF!=%!KO$!@GG@)#&>K(!+F!\@$^$#F6!^$!^@K>$FF!KO$!Z=F@K@=>@>)!=%!KO$! ĂĚǀĞƌƚŝƐĞŵĞŶƚƐĐĞŶƚƌĂůĨŝŐƵƌĞƐǁŚŝůĞƚŚĞďƵƌĞĂƵĐƌĂƚƐĨŝŶĚƚŚĞŵƐĞůǀĞƐŝŶĚŝĨĨĞƌĞŶƚůǇ Z=F@K@=>$S!^@KO!Z$>F@=>$#F!&>Sj=#!@GG@)#&>KF(!! ! 9K!@F!&K!KO@F!FK&)$!@>!KO$!&S!KO&K!@GG@)#&K@=>!%@>SF!@KF$<%!@>!&!#&'$!&)&@>FK!Z$>F@=>$#F(! -O@F! %=#G! =%! #$Z#$F$>K&K@=>! \@FN&<<R! &#K@'N<&K$F! >=K! =><R! S@%%$#$>'$! [NK! &<F=! O=^! ĚŝĨĨĞƌĞŶĐĞĐĂŶďĞƵƐĞĚƚŽĨƌĂŵĞĂŶĚƌĞŝŶĨŽƌĐĞƐŽĐŝĂůĂŶƚĂŐŽŶŝƐŵƐEĂƚŝŽŶŶĞƐƐĂƐĂ K$VKN&<!&>S!F='@&<!&%%@<@&K@=>6!%@>SF!@KF$<%!#$Z#$F$>K$S!@>!FRG[=<@'!\@FN&<!<&>)N&)$(!-O@F! &S\$#K! $GZ<=RF! G&>R! =%! KO$! $<$G$>KF! #$<&K$S! K=! KO$! 'N<KN#&<! '=>FK#N'K@=>! =%! >&K@=>>$FF!&F!F='@&<6!K$VKN&<6!&>S6!^@KO@>!KO@F!'=>K$VK6!\@FN&<(!4N<KN#&<!@S$>K@%@'&K@=>F! &>S!S@F'N#F@\$!F@)>@%@$#F!#$Z#$F$>K!&>Sj=#!%N>'K@=>!@>!KO$!>&G$!=%!KO$!Z$=Z<$6!=#!@>! KO$!>&G$!=%!KO$!>&K@=>(!?R!S=@>)!F=!KO$R![$'=G$!FN[b$'KF!^O=!$V@FK!^@KO@>!FK&K@'! F='@&<!&>S!<@K$#&#R!>&##&K@\$F(!Q=#!$V&GZ<$6!^O@<$!KO$!$<S$#<R!^=G&>!^@KO!KO$!^&<A$#! #$Z#$F$>KF!;^$S@FO!Z$>F@=>$#F!FO$!ĂůƐŽƐĞƌǀĞƐƚŽƉƌĞƐĞŶƚĂŶŝŵĂŐĞŽĨ^ǁĞĚĞŶƐƉĂƐƚ 7$#!@G&)$!@F!NF$S!K=!bNVK&Z=F$!Z&FK!&>S!Z#$F$>K!@>!&!^&R!%=#!KO$!\@$^$#!K=!F$$!O$#!&F! ĂŶŝĚĞĂůƌĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨ^ǁĞĚĞŶƐĐŽŶƚĞŵƉŽƌĂƌǇĐŽŶĐĞƉƚŝŽŶŽĨƚŚĞŝƌƉĂƐƚ;ĂǁŚŝƚĞ >=>BS$F'#@ZK!^=G&>d(!?R!bNVK&Z=F@>)!FN'O!&>!@G&)$!^@KO!KO$!Z$#@ZO$#&<!FO=KF!=%!KO$! [N#`&B'<&S! ^=G$>!=\$#K&A@>)! KO$! Z$>F@=>$#6! KO$!\@$^$#! #$'$@\$F! KO$! FN[K$VK! KO&K! N>@S$>K@%@&[<$!%=#$@)>$#BG=[F!&#$!K&A@>)!=\$#!;^$S@FO!F='@$KR(!;N'O!@G&)$F!&#$!NF$S! K=!G&>@ZN<&K$!&!Z&FK!&>S!Z#$F$>KͶ&>S!K=!=%%$#!KO$!\@$^$#!G$K&ZO=#F!KO&K!FZ$&A!K=! KO$! \@F@[@<@KR! =%! KO$! Z&FK! &>S! KO$! Z#$F$>KͶK=! &@S! @>! KO$! #$@>%=#'$G$>K! =%! &! Z#$B $V@FK@>)!>&##&K@\$!KO&K!Z=F@K@=>F!;^$S$F!&)&@>FK!%=#$@)>$#F(!-O@F!@F!>=K!#$Z#$F$>K$S! KO#=N)O!=>$!FO=K6![NK!#&KO$#!KO#=N)O!&!F$#@$F!=%!@G&)$F!NF$S!K=!Z#$F$>K!KO@F!FK=#R<@>$! K=!KO$!\@$^$#!F@GN<K&>$=NF<R(!! ! -O$!>&K@=>![$'=G$F!FRG[=<@'&<<R!#$Z#$F$>K$S!O@$#&#'O@'&<<R!=\$#!'<&FF!cKO=F$!@>!>$$S! =%!)=\$#>G$>K&<!&FF@FK&>'$d6!&>S!FN'O!#$Z#$F$>K&K@=>F!=%%$#!KO$!\@$^$#!@>F@)OK!@>K=! O=^!FN'O!FN[b$'K@\@$F!&#$!%#&G$S(!-O$R!&#$!>=K!=%%$#$S!&F!Z=FF@[@<@K@$F!=#!)<@GZF$F! KO&K!%@>S!KO$GF$<\$F!F@KN&K$S!^@KO@>!&!Z&#K@'N<&#!G=G$>K!=%!K@G$6![NK!#&KO$#!KO$R!&#$! NF$S! K=! =%%$#! KO$! \@$^$#! &! \@FN&<! &#K@'N<&K@=>! =%! O=^! FK#N))<$! @F! Z#$F$>K$S(! MO$>! &SS#$FF@>)!FN'O! %=#GF! =%! #$Z#$F$>K&K@=>F6! KO=F$! KO&K! &#K@'N<&K$! S@%%$#$>'$! KO#=N)O! @G&)@>$S! '=GGN>@K@$FͶ@>! KO@F! '&F$! G@)#&>K! &>Sj=#! >&K@\$Ͷ^O&K! &ZZ$&#F! @F! KO$! ƚĞŵƉŽƌĂůŝƚǇŽĨƌĞƉƌĞƐĞŶƚĂƚŝŽŶdĞŵƉŽƌĂůŝƚǇŽĨƌĞƉƌĞƐĞŶƚĂƚŝŽŶƌĞĨĞƌƐƚŽƚŚĂƚǁŚŝĐŚ G=\$F![$K^$$>!F='@&<!Z#='$FF$F!&>S!'N<KN#&<!%=#G&K@=>F!^@KO=NK!&!'$>K#$S!<=)@'(!-O@F! =''N#F6! %=#! $V&GZ<$6! ^O$>! 'N<KN#&<! G=\$G$>KF6! S$FZ@K$! KO$@#! O$K$#=)$>$@KR6! &#$! $>\@F@=>$S!&F!&!O=G=)$>=NF6!@>\&S@>)6!=KO$#(!Q=#$@)>$#F!@>!KO@F!&S\$#K!&#$!Z=#K#&R$S! &F! &! [N#`&B'<&S! G=[! ^O=F$! >$$SF! ZORF@'&<<R! &>S! $'=>=G@'&<<R! S#&@>! KO$! '=N>K#R(! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐ ĚĞƉŝĐƚŝŽŶ ŽĨ ƚŚĞ ďƵƌƋĂ ŵĂƌŬƐ ĐĞƌƚĂŝŶ ŬŝŶĚƐ ŽĨ ĨĂĐĞƐ ĂŶĚ [=S@$F6!&>S!&FF='@&K$F!\@F@[<$!F@)>F!=%!S@%%$#$>'$!c@($(!KO$![N#`&!&>S!KO$!>@`&[!&F!&<<B '=>FNG@>)! )&#G$>KF! ^@KO! #$<@)@=>6! '<&FF6! &>S! )$>S$#! F$^$S! ^@KO! G@)#&K@=>d(! -O$! [N#`&F!@>!F=G$!^&R!=#!&>=KO$#!#$%$#!K=!&<<!=%!KO$F$!@FFN$F(!-O$!N>@S$>K@%@&[<$!^=G$>! N>S$#! KO$! [N#`&F! &#$! %@V$S! ^@KO@>! &<<! =%! KO$F$! G&#A$#F! =%! S@%%$#$>'$6! &>S! &#$! K#&>F%=#G$S! @>K=! &!\@F@[<R! @S$>K@%@&[<$! KO#$&K! @>! KO$! >&##&K@\$(! MO&K!@F! Z#=[<$G&K@'! &[=NK!FN'O!%=#GF!=%!#$Z#$F$>K&K@=>!@F!KO&K!KO$R!O&\$!>=!#$&<@D$S!@>K$#Z#$K&K@=>!=%! O@FK=#@'&<! G$G=#R! =#! FN[b$'K@\@KR(! -O$! &S\$#K@F$G$>K! @F! %#&G$S! ^@KO@>! KO$! &NKO=#@K&K@\$!>&##&K@\$!=%!&!#@)OKB^@>)!Z=<@K@'&<!Z&#KR6!KO$!;\$#@)$S$G=A#&K$#>&6!^O=! &#$! \='&<<R! =ZZ=F$S! >=K! F@GZ<R! K=! &<<! %=#GF! =%! @GG@)#&K@=>! [NK! #&KO$#! K=! 9F<&G@'! @GG@)#&K@=>!cM@FK#=G!HXWXd(!-O$!'=>'$ZKF!KO&K!O&\$![$$>!FNZ$#%@'@&<<R!#$Z#$F$>K$S! >$$S!K=![$!'@#'NGF'#@[$S(!-O$!%=<<=^@>)!&S!F$)G$>K!^@<<!FO$S!G=#$!@>F@)OK!@>K=!O=^! %=#$@)>!FN[b$'K@\@K@$F!&#$!#$Z#$F$>K$S!&F!&!O=G=)$>=NF!)#=NZ(! ! ! Q@)N#$!*h!2$K&@<!@G&)$!=%!Z$>F@=>$#!^@KO!^&<A$#!%#=G!! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌϮϬϭϬ! ! ! Q@)N#$!Ph!M@S$!@G&)$!=%!Z$>F@=>$#!^@KO!^&<A$#!%#=G!! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ;$ZK$G[$#!HXWX(! ! 9>!KO$!>$VK!F$`N$>'$6!KO$!\@$^$#F!F$$!KO$!Z$>F@=>$#!KN#>@>)!O$#!O$&S!K=!KO$!<$%K6!&>S! @>! O$#! Z$#@ZO$#&<! \@F@=>! FO$! F$$F! &! G=[! =%! [N#`&B'<&S! ^=G$>! [$F@$)@>)! O$#(! -O$! @G&)$!=%!KO$!Z$>F@=>$#!%@>SF!@KF$<%!>=^!Z=F@K@=>$S!&)&@>FK!&>=KO$#!'N<KN#&<!%=#'$6!&>! @>\&S@>)!G=[!=%!'=\$#$S!^=G$>(!9>!KO$!F$#@$F!=%!`N@'A!FO=KF!KO&K!'=G$!K=!%=<<=^!KO$! ! ! ! ! ! '&G$#&!Z&>F!@KF$<%!&>S!`N@'A<R!%='NF$F!@KF!&KK$>K@=>!=>!KO$!%@)N#$F6!=%!^O@'O!%@\$!&#$!@>! [<&'A![N#`&F!&>S!&!F@VKO!%@)N#$!@>!&![<&'A!>@`&[(!-^=!&#$!ZNFO@>)![&[R!'&##@&)$F!&>S! &ZZ$&#!%#=G!KO$!S&#A>$FF![$O@>S(!9>!KO$!FN[F$`N$>K!'<@Z6!KO$!'&G$#&!@GG$S@&K$<R! ƉĂŶƐŽƵƚĂŶĚŽĨĨĞƌƐĂĚĞƚĂŝůĞĚƐŚŽƚŽĨƚŚĞŐƌŝůůĞĐŽǀĞƌŝŶŐŽŶĞŽĨƚŚĞĨŝŐƵƌĞƐĞǇĞƐ;&ŝŐ Id(! ! ! &ŝŐƵƌĞϳĞƚĂŝůŽĨďƵƌƋĂŐƌŝůůĞĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐK$<$\@F@=>!&S6!;$ZK$G[$#!HXWX(! ! ! &ŝŐƵƌĞϴ'ƌŝƉŽŶďĂďǇĐĂƌƌŝĂŐĞŚĂŶĚůĞĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌ HXWX(! ! -O$!FO=K!Z&>F!K=!&!O&>S!^@KO!K@)OK<R!)#@ZZ$S!%@>)$#F!^#&ZZ$S!#=N>S!&!O&>S<$!=%!&! [&[R! '&##@&)$! cQ@)(! Ed6! Z#=\@S@>)! &! F$>F$! =%! N#)$>'R! &>S! \@=<$>'$! K=! KO$! G=[(! .ZZ=F@K@=>&<!#$Z#$F$>K&K@=>F!=%!>&K@=>O==S!&#$!Z#=)#$FF@\$<R!S$%@>$S!KO#=N)O!KO$F$! %@)N#$Fh!KO$![N#`&B'<&S!%@)N#$F!^@KO!KO$@#![&[R!'&##@&)$F!F$#\$!&F!F@)>FͶ%=#$@)>$#F6! 3NF<@GF!^O=!Z=F$!&!KO#$&KͶ#$F=>&K@>)!^@KO!KO$!$&#<@$#!S@F'=N#F$!KO&K!%#&G$F!KO$! ŽƚŚĞƌĂƐĂƚŚƌĞĂƚdŚĞŵŽďŽĨǁŽŵĞŶŝƐƉƌĞƐĞŶƚĞĚĂƐĂĐŚĂůůĞŶŐĞƚŽƚŚĞǀƵůŶĞƌĂďůĞ ;^$S@FO!Z$>F@=>$#6!&>S!KO$!\=K$#!#@FAF!&<<=^@>)!KO$G!K=!=\$#K&A$!O$#!`N@'A<R(!! ! -O$! &S\$#K! @F! <&S$>! ^@KO! @G&)$F! F$#\@>)! K=! F'N<ZK! &>! @GG@>$>K! @G&)$! =%! #$<@)@=NF! 3NF<@G!^=G$>!&F!=G@>=NF!KO#$&KF(!-O$![N#`&B'<&S!%@)N#$F!&#$!&<F=!NF$S!K=!#$Z#$F$>K! &![=SR!KO&K!'&>>=K![$!#$&SͶ&![=SR!KO&K!@F!%#=G!&!%@#FK!)<@GZF$!@F=<&K$S!R$K!ZORF@'&<<R! Z#$F$>KͶF$#\@>)!&F!&!'O&<<$>)$!K=!KO$!Z$>F@=>$#!cQ@)(!Ud(!9>!KO@F!F$`N$>'$!KO$!FN[K$VK! @F!>=K!F=!>N&>'$S!=#!S@F'#$$K1!KO$![=S@$F!=%!KO$![N#`&B'<&S!%=#$@)>$#F!&#$!Z=F@K@=>$S! &>K&)=>@FK@'&<<R! K=! KO$! ^O@K$! ;^$S@FO! [=SR(! -O$! FN))$FK@=>! @F! KO&K! &! 'O&<<$>)$! @F! O&ZZ$>@>)! K=! F='@$KR! &>S! KO&K! Z$>F@=>$#F! O&\$! [$$>! [$K#&R$S! &>S! \@'K@G@D$S! [R! @GG@)#&K@=>!&>S!KO$!>$$SF!=%!%=#$@)>$#F(!-O$!G=[!@F!>=K!Z#$F$>K$S!&F!\@'K@GF6!>=#! &#$!KO$@#!'O@<S#$>6![NK!#&KO$#!@K!KO$!;^$S$F!&#$!FN%%$#@>)!=>![$O&<%!=%!KO$!S$G&>SF!=%! KO$! @GG@)#&>KF(! -O$!G=[! @F! NF$S!K=! G&#)@>&<@D$! KO$!$<S$#<R! ;^$S@FO!^=G&>Ͷ&>S! O$#$! @K! @F! KO&K! KO$! ;^$S$F! &#$!$GZ&KO$K@'&<<R! Z#$F$>K$S! &F!KO=F$! ^O=! FN%%$#(! -O$! ŶĂƌƌĂƚŽƌƐǀŽŝĐĞƌĞĂƉƉĞĂƌƐĂŶĚǁĞŚĞĂƌŽŶƚŚĞϭϵKO!=%!;$ZK$G[$#!R=N!'&>!'O==F$! ƚŚĞŝŵŵŝŐƌĂƚŝŽŶďƌĞĂŬĂďŽǀĞƚŚĞƉĞŶƐŝŽŶƐďƌĞĂŬdŚĞƵƐĞŽĨƉĂƌƚŝĐƵůĂƌŝŵĂŐĞƐ &>S![=S@$F!^@KO@>!KO@F!&S!Z=F@K@=>F!&>S!@>F'#@[$F!FN[b$'K!Z=F@K@=>F!NZ=>!KO$!\@$^$#!&F! Z#@=#@K@$F!K=![$!'O=F$>![&F$S!NZ=>!KO&K!@>S$V@>)!=%![=S@$F(!! ! ! Q@)N#$!U1!3=[!=%!?N#`&!4<&S!^=G$>!&<<!K&A$>!%#=G!! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌϮϬϭϬ! ! 9>! KO$! %=<<=^@>)! F$`N$>'$6! KO$! G=[! F$$GF! K=! =\$#K&A$! KO$! Z$>F@=>$#! &! ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐĂŶƵŵďĞƌŽĨŚĂŶĚƐŐŽƵƉĂŶĚƌĞĂĐŚĨŽƌƚŚĞWĞŶƐŝŽŶĞƌůĞ\$#(! ƐƚŚĞĂĚĨĂĚĞƐŽƵƚƚŚĞĞůĚĞƌůǇǁŽŵĞŶĐĂŶŶŽƚŐƌĂďƚŚĞ/ŵŵŝŐƌĂƚŝŽŶďƌĞĂŬŝŶƚŝŵĞ 9K!@F!O$#$!KO&K!KO$!K#@NGZO!=%!@GG@)#&K@=>!@F!$>&'K$S!&>Sj=#!#$Z#$F$>K$S(!-O$!@G&)$! KO$>! %#$$D$F! &>S! KO$! [&'A)#=N>S! K#&>F%=#GF! %#=G! [<&'A>$FF! K=! ^O@K$>$FF! &F! ;\$#@)$S$ŵŽŬƌĂƚĞƌŶĂƐ ůŽŐŽ ĂƉƉĞĂƌƐ ;&ŝŐ ϭϬͿ ƚ ƚŚĂƚ ƉŽŝŶƚ ƚŚĞ ŶĂƌƌĂƚŽƌƐ ǀŽŝĐĞ ĚĞĐůĂƌĞƐǀŽƚĞ^ǁĞĚĞŶĞŵŽĐƌĂƚƐ! ! ! &ŝŐƵƌĞϭϬ&ŝŶĂůĨƌĂŵĞǁŚŝĐŚƌĞĂĚƐ^ǁĞĚĞŶĞŵŽĐƌĂƚƐ^ĂĨĞƚǇ! ĂŶĚdƌĂĚŝƚŝŽŶĨƌŽŵ^ǀĞƌŝŐĞĚĞŵŽŬƌĂƚĞƌŶĂƐƚĞůĞǀŝƐŝŽŶĂĚ^ĞƉƚĞŵďĞƌϮϬϭϬ! ! -O#=N)O! ĨƌĂŵŝŶŐ ƚŚĞ ĂĚƐ ŝŶĞƌƚŝĂ ǁŝƚŚ ƐƚĂƚĞ ĨŝŶĂŶĐĞƐ ďƵĚŐĞƚĂƌǇ ĐŽŶĐĞƌŶƐ ĨŝŶĚ KO$GF$<\$F!Z=F@K@=>$S!@>!=\$#K<R!F@GZ<@FK@'!#$Z#$F$>K&K@=>F!KO&K!Z#$F$>K!Z$>F@=>!&>S! @GG@)#&K@=>! %N>S@>)! &F! GNKN&<<R! $V'<NF@\$(! ;N'O! &! %=#G! =%! #$Z#$F$>K&K@=>! K&A$F! $'=>=G@'!'=>S@K@=>F!&>S!Z#$F$>KF!KO$G!=ZZ=#KN>@FK@'&<<R!&F!&!KO#$&K!K=!$FK&[<@FO$S! >&K@=>&<@FK!S@F'=N#F$F(!-O$!@S$&!KO&K!KO$![NS)$K!'&>>=K!K&A$!G=#$!%@>&>'@&<!Z#$FFN#$! $>&[<$F!;^$S@FO!\=K$#F!K=!KO$#$%=#$!\@$^!KO$GF$<\$F!&F![$&#@>)!&!S$'@F@=>!K=!$@KO$#! ǀŽƚĞĨŽƌƚŚĞŵ;ŝŵŵŝŐƌĂŶƚƐͿŽƌĨŽƌƵƐ;ŶĂƚŝǀĞďŽƌŶͿKŶƚŚĞŽŶĞŚĂŶĚƚŚĞƐƚŽƌǇ K=<S!@F!#$<&K@\$<R!FK#&@)OK%=#^&#S6!&F!KO$!S=G@>&>K!$GZO&F@F!@F!Z<&'$S!=>!KO$!>$$S!%=#! ^ǁĞĚŝƐŚǀŽƚĞƌƐƚŽƚĂŬĞĐĂƌĞŽĨƚŚĞŝƌŽǁŶKŶƚŚĞŽƚŚĞƌŚĂŶĚƚŚĞĚƌĂŵĂƚŝĐŐƌĂŶĚ )$>$#&<@D&K@=>F! NF$S! K=! %#&G$! &>S! #$Z#$F$>K! @GG@)#&>KF! &#$! Z#=[<$G&K@'(! -O$! =\$#&#'O@>)!@G&)$!=%!@GG@)#&>KF!#$Z#$F$>K$S!&F!&!O=G=)$>=NF!)#=N>S6!FRG[=<@D$S! ĂƐƚŚĞƵůƚŝŵĂƚĞŽƚŚĞƌƚŚƌŽƵŐŚƚŚĞďƵƌƋĂĞŵƉůŽǇƐŵĂŶǇŽĨƚŚĞŶĂƌƌĂƚŝǀĞƐƚŚĂƚĂƌĞ $G[$SS$S! @>! KO$! [N#`&! &F! &! 'N<KN#&<! =[b$'K(! -O$! '=S$S! [N#`&! @F! S$Z<=R$S! K=! ƌĞƉƌĞƐĞŶƚǀĂƐƚĐƵůƚƵƌĂůĂŶĚƌĞůŝŐŝŽƵƐĚŝĨĨĞƌĞŶĐĞŝŶĂƚŝŵĞǁŚĞŶƚŚĞƌĞŝƐŶŽƚŝŵĞĂƐ @>S@'&K$S! [R! KO$! S#&@>$S! ;K&KF[NS)$K! '=N>K$#! &>S! '=GZ$K@K@=>BKO$G$S! >&##&K@\$(! ?N#`&F!&#$!NF$S!'=>\$>@$>K<R!K=!Z#=\@S$!KO$!\@$^$#!^@KO!KO$!\@F@=>!=%!KO=F$!^O=!&#$6! %#=G! %@#FK! )<&>'$6! @>'#$S@[<R! S@%%$#$>KͶĐƵůƚƵƌĂůůǇ ĂŶĚ ƌĞůŝŐŝŽƵƐůǇ dŚĞ ŽďũĞĐƚƐ #$'=)>@F&[@<@KR! &>S! KO$! )#$&K$#! >&##&K@\$F! KO&K! <@>A! KO$! [N#`&! &F! &>! N>A>=^>! ! ! ! ! ! @GZ$>S@>)!KO#$&K!&#$!NF$S!K=!%#&G$!KO$!)&#G$>K!&>S!K=!)@\$!KO$!&S!%N#KO$#!$G=K@\$! Z=^$#(!! ! dŚĞĨŝŐƵƌĞƐƵƐĞĚƚŽƉƌĞƐĞŶƚŶĂƚŝŽŶŶĞƐƐƚŚĞ ŝĚĞĂŽĨǁĞƚŚĞƉĞŽƉůĞ;ƚŚĞ^ǁĞĚĞƐͿ F$#\$F!&F!&!S=N[<$!>&##&K@\$(!"=F@K@=>@>)!KO$!Z$>F@=>$#!&)&@>FK!KO$![N#`&B'<&S!G=[! S=$F! >=K! #$%<$'K! %&'K6! O@FK=#@'&<! =#! Z#$F$>K(! 9>FK$&S6! KO@F! bNVK&Z=F@K@=>! F$#\$F! K=! %N#KO$#! #$Z#$F$>K! FRG[=<@'&<<R! KO$! Z&K#@=K@'! [=SR! Z=<@K@'! %=#! K=! KO$! ;^$S$>! 2$G='#&KF(!-O$!NF$!=%!KO$F$![=S@$F!F$#\$F!&F!&!%=#G!=%!'=GG$>K&#R!=>!KO$!'N##$>K! F='@&<! G=G$>K! @<<NFK#&K$F! KO$! '#@F@FͶ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`&B'<&S!G=[!FZ$&AF!K=! &>=KO$#!%=#G!=%!S@F'=N#F$!&<#$&SR!$G[$SS$S!@>!KO$![N#`&(!-O$!@GZ&'K!=%!KO@F!@F!@KF! &[@<@KR! K=! Z$#Z$KN&K$! FN'O! S@F'=N#F$F! $\$>! %N#KO$#(! 7$#$6! KO$R! &#$! F@KN&K$S! &F! S&>)$#=NF6![=KO!ZORF@'&<<R!&>S!G$>K&<<R1!^$!S=!>=K!A>=^!^O=!KO$R!&#$6!^O&K!KO$R! ^&>K6!=#!O&\$!&>R!@S$&!=%!KO$@#!G=K@\$F(!MO&K!@F!'<$&#!%#=G!KO@F!&S\$#K!@F!KO&K!KO$R! &ZZ$&#! =NK! =%! >=^O$#$! &>S! &#$! Z=F@K@=>$S! K=! =\$#K&A$! KO$! Z$>F@=>$#(! Q#=G! KO@F! ƉĞƌƐƉĞĐƚŝǀĞ ƚŚĞ ŵŽď ƌĞĨůĞĐƚƐ ƚŚĞ ƉĂƌƚǇƐ ƉŽůŝƚŝĐĂů ƉůĂƚĨŽƌG6! ^O@'O! @F! [=KO! &>K@B @GG@)#&K@=>!&>S!&>K@B9F<&G(!! ! -O$!^=G$>!@>!KO$![N#`&F!&#$!>=K!F@GZ<R!#$Z#$F$>K&K@\$F!=%!&!Z&#K@'N<&#![=SR!Z=<@K@'! =#!&F!&!KO#$&K!K=!Z&K#@=K@FGh!@>FK$&S6!KO$R!F$#\$!&F!&!Z=@>K!=%!F='@&<!#$%$#$>'$(!-O$! G=[!@F!&<F=!#$Z#$F$>K&K@\$!=%!>&K@=>&<@FK!F$>K@G$>K6!Z=F@K@=>$S![$K^$$>!S@F'=N#F$F! =%! &NKO=#@KR! &>S! =[b$'KF! =%! F@)>@%@'&K@=>(! -O#=N)O! &! Z#='$FF! =%! F@)>@%@'&K@=>6! KO$! [N#`&B^$&#$#! [$'=G$F! &! FN[b$'K! '=>FK@KNK$S! ^@KO@>! S@F'=N#F$! &>S! KO$! %=#GF! =%! #$Z#$F$>K&K@=>!KO&K!&''=GZ&>R!@K![NK!&<F=!KO#=N)O!KO$!Z#='$FF!=%!F@)>@%@'&K@=>(!-O&K! F@)>@%@'&K@=>! [$'=G$F! &! F@)>! =%! O=^! >&K@=>&<@FK! S@F'=N#F$! @>! ;^$S$>! @K$#&K$F! &>S! #$@K$#&K$F! &<K$#@K@$F! Z=F@K@=>$S! &<=>)! KO$! <@>$F! =%! 'N<KN#&<! Z#&'K@'$F(! -O#=N)O! KO$! Z#='$FF! =%! @K$#&K@=>! &>S! #$@K$#&K@=>6! FRG[=<F! =%! G&#)@>&<@KR6! &F! @>! KO@F! &S! ^@KO! KO$! [N#`&6! &#$! NF$S! K=! Z#$F$>K! KO$! =KO$#(! 7$#$6! KO$! G=[! [$'=G$F! Z$#%=#G&K@\$(! -O$! %#&G@>)! =%! KO$! [N#`&! @F! ^O&K! G&A$F! KO$! &S\$#K! F@)>@%@'&>K1! KO$! '=>K#=\$#F@&<! #$Z#$F$>K&K@=>! =%! KO$! G=[! &>S! KO$! FK=#R! KO&K! %=<<=^$S! ^$#$! KO$! '=#$! @FFN$F! @>! '$>F=#@>)!KO$!&S(!MO$>!KO$!;^$S@FO!K$<$\@F@=>![#=&S'&FK$#!#$%NF$S!K=!K$<$\@F$!KO$! &S\$#K![$'&NF$!@K!^&F!S$$G$S!K=!'=>K&@>!#&'@&<!O&K#$S6!KO$!&S\$#K!`N@'A<R![$'&G$! KO#NFK! @>K=! KO$! @>K$#>&K@=>&<! G$S@&(! -O$! &'K! =%! '$>F=#FO@Z! &F! &! #$)N<&K@=>! =%! KO$! S=G&@>!=%!FZ$&A&[<$!S@F'=N#F$!@F!KO$!%='NF!=%!KO$!>$VK!F$'K@=>(! ! %L,73+?6)!E5)),:! ǇƌĞĂĚŝŶŐƚŚĞĐĂŵƉĂŝŐŶĂĚĂůŽŶŐƐŝĚĞ:ƵĚŝƚŚƵƚůĞƌƐ"K10+,D/'!G.''156!9!^@<<!S@F'NFF! O=^! KO$! #$)N<&K@=>! =%! FZ$$'O! \@&! '$>F=#FO@Z! S@FZ<&'$F! Z=FF@[@<@K@$F! =%! '=>K$FK@>)! FZ$$'O!SĞĞŵĞĚŚĂƚĞĨƵůŝŶƚŚĞƉƵďůŝĐƐƉŚĞƌĞĂƐǁĞůůĂƐƚŚĞŽƌŝǌŝŶŐŚŽǁ!FZ$$'O!&>S! #$Z#$F$>K&K@=>!'=N<S![$!S$G='#&K@'!F@K$F!=%!'=>K$FK&K@=>6!>$\$#!%@V$S!=#!S$<@>$&K$S!@>! &S\&>'$(! 7$#$6! 9! &G! >=K! FN))$FK@>)! &<<! %=#GF! =%! S@F'NFF@=>! '=>'$#>@>)! %=#GF! =%! #$Z#$F$>K&K@=>! &>S! K$VKN&<! >&##&K@\$! O&\$! [$$>! #$G=\$S! KO#=N)O! '$>F=#FO@Z6! [NK! #&KO$#!KO&K!FN'O!Z=FF@[@<@K@$F!&#$!&<^&RF!&<#$&SR!)=\$#>$S![R!KO$!<$)@[<$!FZ$$'O!=%! FN[b$'KF(!! ! +<KO=N)O!'=>\$>K@=>&<!S@F'NFF@=>F!=%!'$>F=#FO@Z!NFN&<<R!%#&G$!KO$!&'K!&F!F=G$KO@>)! $V$#'@F$S![R!ĨŽƌŵƐŽĨŐŽǀĞƌŶŵĞŶƚ;ƵƚůĞƌϭϵϵϳͿƚŚĞĐĞŶƐŽƌƐŚŝƉĞŶĂĐƚĞĚďǇ^ǁĞĚĞŶƐ