Media ethics in wartime: the code for the coverage of the colombian armed conflict

Serrano, Yenny

Media ethics in wartime: the code for the coverage of the colombian armed conflict

Serrano, Yenny

Published: 2013
Publisher: Dykinson
Repository: idus.us.es
Language: es

Abstract

By analysing the "code for the coverage of the Colombian armed conflict", this paper argues that journalism ethics needs to be understood not only as a matter of journalists. Ethics also depends on the context which journalists do their job. For example, in wartime, the reporting of news is influenced not only by the economic, symbolic and media constraints, but also by the strategic aims of the armed groups. Thus, ethics codes are more than documents in which journalists state how to do their job in a right way. Like the case of the Colombian armed conflict illustrates, ethics codes are documents in which journalists defend their independence, protect themselves from threats and claim for better work conditions. In this sense, ethics codes in wartime function more as political acts of communications rather than just training documents.

Full text

! ! S)47+!)3:7,8!71!9+(372)A!3:)!,/4)!*/(!3:)!,/0)(+.)!! /*!3:)!,/6/2?7+1!+(2)4!,/1*67,3! ! 5$>R!;$##&>=1! ! ! >?83(+,3! ǇĂŶĂůǇƐŝŶŐƚŚĞĐŽĚĞĨŽƌƚŚĞĐŽǀĞƌĂŐĞŽĨƚŚĞŽůŽŵďŝĂŶĂƌŵĞĚĐŽŶĨůŝĐƚƚŚŝƐƉĂƉĞƌ &#)N$F! KO&K! b=N#>&<@FG! $KO@'F! >$$SF! K=! [$! N>S$#FK==S! >=K! =><R! &F! &! G&KK$#! =%! b=N#>&<@FKF(! 0KO@'F! &<F=! S$Z$>SF! =>! KO$! '=>K$VK! ^O@'O! b=N#>&<@FKF! S=! KO$@#! b=[(! Q=#! $V&GZ<$6!@>!^&#K@G$6!KO$!#$Z=#K@>)!=%!>$^F!@F!@>%<N$>'$S!>=K!=><R![R!KO$!$'=>=G@'6! FRG[=<@'!&>S!G$S@&!'=>FK#&@>KF6![NK!&<F=![R!KO$!FK#&K$)@'!&@GF!=%!KO$!&#G$S!)#=NZF(! -ONF6!$KO@'F!'=S$F!&#$!G=#$!KO&>!S='NG$>KF!@>!^O@'O!b=N#>&<@FKF!FK&K$!O=^!K=!S=! KO$@#! b=[! @>! &! #@)OK! ^&R(!C@A$! KO$! '&F$! =%! KO$! 4=<=G[@&>! &#G$S!'=>%<@'K! @<<NFK#&K$F6! $KO@'F!'=S$F!&#$!S='NG$>KF!@>!^O@'O!b=N#>&<@FKF!S$%$>S!KO$@#!@>S$Z$>S$>'$6!Z#=K$'K! KO$GF$<\$F!%#=G!KO#$&KF!&>S!'<&@G!%=#![$KK$#!^=#A!'=>S@K@=>F(!9>!KO@F!F$>F$6!$KO@'F! '=S$F!@>!^&#K@G$!%N>'K@=>!G=#$!&F!Z=<@K@'&<!&'KF!=%!'=GGN>@'&K@=>F!#&KO$#!KO&>!bNFK! K#&@>@>)!S='NG$>KF(! ! @)=!9/(48A!$KO@'F6!&#G$S!'=>%<@'K6!FK#&K$)R6!b=N#>&<@FKF6!4=<=G[@&6!>$^F(! ! ! "13(/4B,37/1! -O$!'=\$#&)$!=%!^&#F!&>S!@>K$#>&<!'=>%<@'KF![R!G&FF!G$S@&!@F!=%K$>!'#@K@'@D$S6!&F!@>!KO$! Z&#K@'N<&#!'&F$!=%!KO$!4=<=G[@&>!&#G$S!'=>%<@'K(!_=N#>&<@FKF!&#$![<&G$S![$'&NF$!KO$R! S@F#$FZ$'K!\@'K@GF!&>S!#$Z=#K!>$^F!@>!&!^&R!^O@'O!%&\=N#F!=>$!=%!KO$!Z&#K@$F!K=!KO$! '=>%<@'K!c+#@&F6!4O&'s>6!4#@FK&>'O=6!u!wN$[$S=6!HXXLh!?=>@<<&6!HXXHh!:&#'T&!,&R&!u! ,=G$#=!,=S#T)N$D6!HXXWd(!_=N#>&<@FKF!=%K$>!#$Z<R!KO&K!KO$R!S=!KO$@#![$FK!&>S![<&G$! KO$! Z#$FFN#$! ZNK![R! F=N#'$F! &>S!G$S@&! #&K@>)! #$`N@#$G$>KF(! -O$R! &<F=! &''NF$! KO$! G&>@ZN<&K@=>![R!KO$!&#G$S!)#=NZF!;'ŝƌĂůĚŽZŽůĚĄŶΘ&ůſƌĞǌ6!HXXLh!3""6!HXXPd(!9>! KO@F! '=>K$VK6! =>$! =%! KO$! G$&>F! KO&K! b=N#>&<@FKF! O&\$! %=N>S! K=! @GZ#=\$! KO$@#! b=[! '=>F@FK! =%! ^#@K@>)! $KO@'F! '=S$F(! /$\$#KO$<$FF6! $KO@'F! @>! b=N#>&<@FG! &#$! NFN&<<R! &FF='@&K$S!^@KO!@S$&F!=%!O=^!b=N#>&<@FKF!FO=N<S!S=!KO$@#!b=[!c;&>S$#F6!HXWX6!Z(!*LWd(! 3=#$=\$#6!S@F'NFF@=>F!&[=NK!b=N#>&<@FG!$KO@'F!&#$!>=K!>$^(!+'KN&<<R6!;K$ZO$>!M&#S! @S$>K@%@$F!%@\$!FK&)$F!@>!KO$!S$\$<=ZG$>K!=%!b=N#>&<@FG!$KO@'F1!! W( -O$!@>\$>K@=>!=%!&>!$KO@'&<!S@F'=N#F$!SN#@>)!KO$!F$\$>K$$>KO!'$>KN#R(!! H( dŚĞĐƌĞĂƚŝŽŶŽĨĂƉƵďůŝĐĞƚŚŝĐƐďĂƐĞĚŽŶƚŚĞŝĚĞĂƚŚĂƚƚŚĞƉƌĞƐƐƉůĂǇƐƚŚĞ #=<$!=%!&!Q=N#KO!;K&K$(! L( -O$!<@[$#&<!KO$=#R!=%!KO$!Z#$FF!SN#@>)!KO$!>@>$K$$>KO!'$>KN#R(!! J( -O$! S$\$<=ZG$>K! &>S! '#@K@'@FG! =%! KO@F! <@[$#&<! S='K#@>$! #$FN<K@>)! @>! &! Z#=%$FF@=>&<!$KO@'F!=%!=[b$'K@\$!b=N#>&<@FG(! *(  ŵŝǆĞĚBŵĞĚŝĂ ĞƚŚŝĐƐ ǁŚŝĐŚ ůĂĐŬƐ ĐŽŶƐĞŶƐƵƐ ŽŶ ǁŚĂƚ ƉƌŝŶĐŝƉůĞƐ ĂƉƉůǇ &'#=FF!S@%%$#$>K!KRZ$F!=%!G$S@&!cM&#S6!HXXU6!Z(!HU*d(! ! 9>!=KO$#!^=#SF6!F@>'$!KO$!Z#=%$FF@=>![$)&>6!b=N#>&<@FKF!O&\$!^=##@$S!&[=NK!KO$!#@)OK! ^&R!K=!#$Z=#K!>$^F(!-ONF6!$KO@'F!'=S$F!&#$!S='NG$>KF!^O@'O!'<&#@%R!Z#@>'@Z<$F!&>S! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! W!C$'KN#$#!&K!KO$!S$Z&#KG$>K!=%!9>%=#G&K@=>!&>S!4=GGN>@'&K@=>!;'@$>'$F!8>@\$#F@KR!=%!;K#&F[=N#)!! R$>R(F$##&>=iN>@FK#&(%#! ! ! ! ! ! FK&>S&#SF! &[=NK! ^O&K! b=N#>&<@FKF! FO=N<S! S=! @>! &! FZ$'@%@'! F@KN&K@=>! @>! =#S$#! K=! S=! ƌŝŐŚƚ ƚŚĞŝƌ ũŽď cM&#S6! HXXU6! Z(! HUPd(! /=>$KO$<$FF6! &! F@)>@%@'&>K! >NG[$#! =%! '&F$F! FO=^!KO&K!b=N#>&<@FKF!'=>FK&>K<R!K#&>F)#$FF!KO$@#!=^>!Z#=%$FF@=>&<!'=S$F6!$FZ$'@&<<R!@>! ^&#K@G$(! +F! @K! O&F! [$$>! F&@S! [$%=#$6! FN'O! @F! KO$! '&F$! =%! KO$! '=\$#&)$! =%! KO$! 4=<=G[@&>!&#G$S!'=>%<@'K(!MO@<$!4=<=G[@&>!b=N#>&<@FKF!'=GG@K!K=!#$Z=#K@>)!K#NKO%N<6! &''N#&K$! &>S! [&<&>'$S! @>%=#G&K@=>! @>! KO$@#! Z#=%$FF@=>&<! &>S! K#&@>@>)! S='NG$>KF! c4&FK#=6!Y@<<&G@D!,$FK#$Z=6!u!:N$##$#=6!HXX*h!4"?6!WUUXh!0<!4=<=G[@&>=6!HXXLh!0<! -@$GZ=6!HXXLh!3e#`N$D!:=>De<$D6!HXXLh!3""6!HXXPd6!KO$!&>&<RF@F!=%!>$^F!#$Z=#KF!O&F! FO=^>! KO&K! >$^F! &[=NK! KO$! '=>%<@'K! &#$! N>[&<&>'$S! &>S! [@&F$S! @>! &! ^&R! ^O@'O! %&\=N#F! =>$! =%! KO$! Z&#K@$F! K=! KO$! '=>%<@'K! cQ<=#$F! u! 4#&^%=#S6! HXXWh! CsZ$D6! HXXLh! ;$##&>=6!HXWHd(! ! DŽƌĞƐƉĞĐŝĨŝĐĂůůǇƚŚŝƐƉĂƉĞƌĂƌŐƵĞƐƚŚĂƚ85'!1%-'!4%(!+5'!1%&'(,$'!%4!+5'!7%/%*D0,)! ,(*'-!1%)4/01+!H!c3e#`N$D!:=>De<$D6!HXXLd!@F!>=K!&!Z#=%$FF@=>&<!S='NG$>K!&SS#$FF$S! K=!b=N#>&<@FKF!@>!=#S$#!K=!K$<<!KO$G!O=^!K=!'=\$#!KO$!'=>%<@'K(!-O$!'=S$!@F!&!Z=<@K@'&<!&'K! ŽĨĐŽŵŵƵŶŝĐĂƚŝŽŶĂĚĚƌĞƐƐĞĚƚŽƚŚĞĂƵĚŝĞŶĐĞƐĂƌŵĞĚŐƌŽƵƉƐ;ũŽƵƌŶĂůŝƐƚƐƐŽƵƌĐĞƐͿ G$S@&!=^>$#F!&>S!G&>&)$#F(!9>!%&'K6!KO$!&>&<RF@F!=%!KO$!'=>K$VK!@>!^O@'O!KO$!'=S$! ^&F! ^#@KK$>! &<=>)! ^@KO! @KF! '=>K$>K! FN))$ƐƚƐ ƚŚĂƚ ƚŚĞ ũŽƵƌŶĂůŝƐƚƐ ƉƌŝŶĐŝƉůĞƐ ŽĨ &''N#&'R6! @GZ&#K@&<@KR! &>S!>$NK#&<@KR! &#$! >=K! '=GZ&K@[<$! ^@KO! KO$! G@<@K&#R! FK#&K$)@'! &@GF! =%! KO$! &#G$S! )#=NZF! ^O=! &<F=! Z<&R! &! #=<$! =%! b=N#>&<@FK@'! F=N#'$F(! -ONF6! KO@F! Z&Z$#!F$$AF!K=!$VZ<&@>!^OR!KO$!Z#@>'@Z<$F!F$K!@>!KO$!'=S$!F$$G!K=![$!'=>K#&S@'K=#R!K=! KO$!'=>K$VK!@>!^O@'O!b=N#>&<@FKF!O&\$!K=!S=!KO$@#!b=[(!-O$!Z&Z$#!&<F=!FK&K$F!KO&K!KO$! FK#&K$)R!=%!KO$!'=S$!@F!K=!'<&@G!$S@K=#@&<!@>S$Z$>S$>'$!%#=G!G$S@&!=#)&>@D&K@=>F!&>S! &#G$S! F=N#'$F! &F! ^$<<! &F! K=! bNFK@%R! Z#=%$FF@=>&<! &>S! $KO@'&<! G@FK&A$F! K=! \&#@=NF! &NS@$>'$F(!! ! -O@F! &#)NG$>K! @F! '=>F@FK$>K! ^@KO! <@K$#&KN#$! &S\='&K@>)! %=#! &! G=#$! '=GZ#$O$>F@\$! &ZZ#=&'O!K=!$KO@'F!@>!b=N#>&<@FG!cM&#S6!HXX*d!&>S!KO$!S$%@>@K@=>!=%!b=N#>&<@FG!$KO@'F! '=S$F! &F! S='NG$>KF! %#&G$S! [R! FZ$'@%@'! @S$=<=)@'&<6! Z=<@K@'&<! &>S! F='@&<! @>%<N$>'$F! cM@<A@>F!u!?#$>>$>6!HXXJ6!Z(!LXEd(!Q=#!KO@F!ZN#Z=F$6!KO$!>$VK!F$'K@=>!S$F'#@[$F![#@$%<R! ƚŚĞĐŽŶƚĞǆƚĂŶĚƚŚĞĐŽŶƚĞŶƚŽĨƚŚĞĐŽĚĞĨŽƌƚŚĞĐŽǀĞƌĂŐĞŽĨƚŚĞŽůŽŵďŝĂŶĂƌŵĞĚ ĐŽŶĨůŝĐƚdŚĞŶƚŚĞƚŚŝƌĚƐĞĐƚŝŽŶĞǆĂŵŝŶĞƐŚŽǁƚŚĞĐŽŶƚĞǆƚŽĨǁĂƌŝŶĨůƵĞŶĐĞƐƚŚĞũŽď =%!b=N#>&<@FKF!&>S!^OR!KO$!'=S$!'&>>=K![$!&!K#&@>@>)!S='NG$>K(!-O$!Z&Z$#!'=>'<NS$F! [R!FNZZ=#K@>)!KO$!@S$&!=%!KO$!>$'$FF@KR!=%!&!O=<@FK@'!&ZZ#=&'O!K=!b=N#>&<@FG!$KO@'F!&>S! $KO@'F!'=S$F!&F!F=G$KO@>)!G=#$!KO&>!Z#=%$FF@=>&<!K#&@>@>)!S='NG$>KF(! ! ! %3:7,8!+14!J/B(1+6782!71!;/6/2?7+A!! <:)!,/4)!*/(!3:)!,/0)(+.)!/*!3:)!;/6/2?7+1!+(2)4!,/1*67,3! ?$%=#$! 4=<=G[@&>! b=N#>&<@FKF! ^#=K$! &>! $KO@'F! '=S$! FZ$'@%@'&<<R! &ZZ<@$S! K=! KO$! ĐŽǀĞƌĂŐĞŽĨƚŚĞĐŽŶĨůŝĐƚƚŚĞǇŚĂĚǁƌŝƚƚĞŶĂŵŽƌĞŐĞŶĞƌĂůĐŽĚĞŽĚĞŽĨĞƚŚŝĐƐĂŶĚ ƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨũŽƵƌŶĂůŝƐƚƐc4"?6!WUUXddŚĞƉƵƌƉŽƐĞŽĨƚŚŝƐĐŽĚĞŝƐƚŽƉŽŝŶƚŽƵƚƚŽ b=N#>&<@FKF!&!F$K!=%![&F@'!Z#@>'@Z<$F!=%![$O&\@=N#![&F$S!=>!#&K@=>&<!Z#@>'@Z<$F!=%!$KO@'&<! ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůďĞŚĂǀŝŽƵƌc4"?6!WUUXd(!-O$!'=S$!Z#='<&@GF!KO$!@S$&<!=%!KO$!\$#&'@KR! =%!>$^F6!@>S$Z$>S$>'$!%#=G!F=N#'$F(!9K!@F!F&@S!KO&K!KO$!G&@>!=[<@)&K@=>!%=#!b=N#>&<@FKF! @F!K=!@>%=#G!@>!&>!&''N#&K$!&>S!'=GZ#$O$>F@[<$!^&R(!-O@F!'=S$!@F!K&N)OK!@>!b=N#>&<@FG! F'O==<F! &>S! FK@<<! %N>'K@=>F! &F! &! #$%$#$>'$! %=#! b=N#>&<@FKF! '=>'$#>@>)! KO$! G&@>! Z#=%$FF@=>&<!Z#@>'@Z<$F(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! H!7e-0$%!.,(,!'/!1<D(0*0')+%!-'/!1%)4/01+%!,(*,-%!1%/%*D0,)%!c3e#`N$D!:=>De<$D6!HXXLd6!&\&@<&[<$!&K! OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#SFj4=S@)=tHXZ&#&t HX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@&>=(ZS%!! /$\$#KO$<$FF6! @>! HXXL! &! '=S$! %=#! '=\$#&)$! =%! KO$! 4=<=G[@&>! &#G$S! '=>%<@'K! ^&F! ^#@KK$>![R!KO$!O$&S!=%!KO$!7')+(%!-'!G%/0-,(0-,-!-'!/,!J'-'(,10e)!6)+'(),10%),/!-'! @'(0%-02+,2L!&>S!%=N>S$#!G$G[$#!=%!KO$!Z#=%$FF@=>&<!&FF='@&K@=>!O'-0%2!.,(,!/,!@,PJ! c3e#`N$D!:=>De<$D6!HXXLd(!+K!KO&K!K@G$6!KO$!F@KN&K@=>!%=#!b=N#>&<@FKF!@>!+#&N'&!c=>$!=%! KO$!#$)@=>F!^O$#$!KO$!'=>%<@'K!O&F![$$>!KO$!G=FK!@>K$>F$d!O&S![$'=G$!\$#R!S@%%@'N<K(! 3=FK! =%! KO$! b=N#>&<@FKF! '=\$#@>)!KO$! '=>%<@'K! @>! +#&N'&! O&S! <$%K! [$'&NF$!=%!KO#$&KF! %#=G!KO$!&#G$S!)#=NZF(!-O@F!^&F!KO$!#$&F=>!^OR!&!'=S$!&ZZ<R@>)!$V'<NF@\$<R!K=!KO$! '=\$#&)$!=%!KO$!&#G$S!'=>%<@'K!^&F!ZN[<@FO$S(!-O$!S='NG$>K!@F!=#)&>@F$S!@>!KO#$$! Z&#KF*1!&>!=NK<@>$!=%!KO$!@FFN$F6!&!<@FK!=%!FK&>S&#SF!KO&K!b=N#>&<@FKF!'=GG@K!K=6!&>S!&! '=>'<NF@=>(!-O$!%@#FK!Z&#K!FK&K$F!KO#$$!'=>F@S$#&K@=>F!=>!^O@'O!b=N#>&<@FKF![&F$!KO$! '=S$1!! W( -O$! #@)OK! K=! @>%=#G&K@=>! &>S! KO$! Z=<@K@'&<! '=GG@KG$>K! =%! b=N#>&<@FKF! K=! F='@$KR!&>S!K=!KO$!K#NKO!%#=G!&>!$KO@'&<!Z=@>K!=%!\@$^(! H( 4=\$#@>)! KO$! &#G$S! '=>%<@'K! FNZZ=F$F! KO&K! &>R! G$FF&)$! Z#=\@S$S! [R! &>! &#G$S!)#=NZ6!<$)&<!cKO$!G@<@K&#Rd!=#!@<<$)&<!cZ&#&G@<@K&#R!&>S!)N$##@<<&!)#=NZFd6! G&R! [$! Z#=Z&)&>S&! ^O@'O! F$$AF! K=! %&\=N#! KO$! Z&#K@'N<&#! @>K$#$FKF! =%! KO$! )#=NZ(! L( _=N#>&<@FKF!&#$!'@K@D$>F!^O=F$!G@FF@=>!@F!K=!@>%=#G!=KO$#!'@K@D$>F![R!^=#A@>)! K=^&#SF!KO$!'=GG=>!)==S(!Q=#!b=N#>&<@FKF!@>%=#G&K@=>!@F!&!F='@&<!)==S(!-O$R! '=>S$G>!\@=<$>'$!&F!&!G$KO=S!=%!F=<\@>)!'=>%<@'KF(!-O$R!#$'=)>@F$!KO&K!KO$@#! SNKR!@F!K=!'=\$#!^!^@KO=NK!O@S@>)!=#!$V&))$#&K@>)!@KF!'&NF$F6!'=>F$`N$>'$F! &>S!'=>K$VK(! ! -O$F$!KO#$$!%@#FK!'=>F@S$#&K@=>F!@<<NFK#&K$!KO$!@S$&<!=%!&''N#&K$6!K#NKO%N<!&>S![&<&>'$S! ƌĞƉŽƌƚŝŶŐ dŚŝƐ ĂƉƉƌŽĂĐŚ ƚŽ ũŽƵƌŶĂůŝƐƚƐ ǁŽƌŬ ŝƐ ǁŚĂƚ ^ƚĞƉŚĞŶ tĂƌĚ ĐĂůůƐ +5'! %D='1+0&0+9!,)-!2%10,/!('2.%)20D0/0+9!*%-'/!cM&#S6!HXXU6!ZZ(!HUEʹHUUd6!^O@'O!G$&>F! ƚŚĂƚ ũŽƵƌŶĂůŝƐƚƐ ĂĚŚĞƌĞ ƚŽ ŽďũĞĐƚŝǀŝƚǇ ĂƐ Ă ĚŽŵŝŶĂŶƚ ĞƚŚŝĐĂů ŝĚĞĂ dŚŝƐ ŝĚĞĂů ŽĨ =[b$'K@\$!>$^F!#$Z=#K@>)!@>'<NS$F!KO$!'<&@G!=%!@>S$Z$>S$>'$!%#=G!)=\$#>G$>K!&>S! [NF@>$FF! @>%<N$>'$! &>S! &! FK#@'K! S@FK@>'K@=>! [$K^$$>! >$^F! &>S! =Z@>@=>(! -O@F! G=S$<! ĐŽƌƌĞƐƉŽŶĚƐƚŽŽŶĞŽĨtĂƌĚƐĨŝǀĞĞƚŚŝĐƐĚĞǀĞůŽƉŵĞŶƚƐƚĂŐĞƐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ '#@K@'@FG! =%! KO$! <@[$#&<! S='K#@>$! SN#@>)! KO$! HXKO! '$>KN#R! #$FN<K@>)! @>! &! Z#=%$FF@=>&<! $KO@'F!=%!=[b$'K@\$!b=N#>&<@FG!cM&#S6!HXXU6!Z(!HU*d(!-O$F$!KO#$$!'=>F@S$#&K@=>F!&<F=! ƐŚŽǁ ũŽƵƌŶĂůŝƐƚƐ ĂǁĂƌĞŶĞƐƐ ŽĨ ƚŚĞ ŵĂŶŝƉƵůĂƚŝŽŶ ĞǆĞƌƚĞĚ ďǇ ƚŚĞ ĂƌŵĞĚ ŐƌŽƵƉƐ /$\$#KO$<$FF6! KO$! '=S$! @F! &! S='NG$>K! ^#@KK$>! =><R! [R! b=N#>&<@FKF(! +NS@$>'$F! &>S! &'K=#F!@>\=<\$S!@>!KO$!'=>%<@'K!S@S!>=K!Z&#K@'@Z&K$!@>!^#@K@>)!@K(!-ONF!FK&>S&#SF!F$K!@>! KO$!'=S$!'=##$FZ=>S!$V'<NF@\$<R!K=!b=N#>&<@FK@'!<=)@'(! ! -O$!F$'=>S!Z&#K!=%!KO$!'=S$!<@FKF!>@>$!Z#@>'@Z<$F!K=!^O@'O!b=N#>&<@FKF!'=GG@K(!Q@\$!=%! KO$G!'=>'$#>!KO$!#$<&K@=>FO@Z!^@KO!F=N#'$F!cFK&K$6!<$)&<!&>S!@<<$)&<!F='@&<!)#=NZFd1! W( tĞǁŝůů ŵĂŝŶƚĂŝŶĂ ƐƚƌŝĐƚůǇƉƌŽĨĞƐƐŝŽŶĂůƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚŽƵƌƐŽƵƌĐĞƐ;Ϳ M$!#$b$'K!S@F'#@G@>&K@=>6!'=$#'@=>6!@>K@G@S&K@=>!=#!&>R!Z#@\@<$)$!^O@'O!'=N<S! ĐŽŵƉƌŽŵŝƐĞŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ! H( tĞǁŝůůŶŽƚƌĞǀĞĂůƚŚĞŝĚĞŶƚŝƚǇŽƌůŽĐĂƚŝŽŶŽĨƐŽƵƌĐĞƐŝĨĂƐŬĞĚ;Ϳ! L( tĞǁŝůůŵĂŬĞĂƉĂƌƚŝĐƵůĂƌĞĨĨŽƌƚƚŽǀĞƌŝĨǇŝŶĨŽƌŵĂƚŝŽŶǁŝƚŚĚŝĨĨĞƌĞŶƚƐŽƵƌĐĞƐ M$!^@<<!'=GZ&#$!&>S!\$#@%R!&>R!FK&K$G$>K!Z#=\@S$S!SN#@>)!@>K$#\@$^F6!Z#$FF! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! L!4$>K#$!=%!;=<@S&#@KR!=%!KO$!9>K$#>&K@=>&<!Q$S$#&K@=>!=%!_=N#>&<@FKF(! J!3$S@&!%=#!"$&'$(! *!-O$!&NKO=#!=%!KO@F!Z&Z$#!K#&>F<&K$F!&>S!FNGG&#@D$F!KO$!G=FK!@GZ=#K&>K!Z&#KF!=%!KO$!K$VK(!-O$!=#@)@>&<! K$VK!@>!;Z&>@FO!'&>![$!S=^><=&S!&K1! OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#SFj4=S@)=tHXZ&#&t HX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@&>=(ZS%(!! ! ! ! ! ! '=>%$#$>'$F!=#!KO#=N)O!Z#$FF!#$<$&F$F(!c(((d!9%!^$!O&\$!=><R!=>$!F=N#'$6!^$! ǁŝůůĞǆƉůĂŝŶƚŚĂƚƚŚĞƌĞƉŽƌƚŝƐďĂƐĞĚŽŶŽŶůǇŽŶĞǀĞƌƐŝŽŶ! J( tĞ ǁŝůů ĞŶƌŝĐŚ ƚŚĞ ĂŐĞŶĚĂ ĂďŽƵƚ ƚŚĞ ǁĂƌ ďǇ ĂůůŽǁŝŶŐ ĂŶǇ ĐŝƚŝǌĞŶ ƚŽ $VZ#$FF@>)! KO$@#! =Z@>@=>! &>S! Z$&'$! Z#=Z=F&<F(! M$! KO@>A! KO&K! Z$&'$! @F! KO$! G=FK!@GZ=#K&>K!=NK'=G$!;Ϳ! *( hŶĚĞƌ ŶŽ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ǁŝůů ǁĞ ĂƐƐƵŵĞ ƚŚĞ ĨƵŶĐƚŝŽŶƐ ŽĨ ĂŶǇ ůĞŐĂů ƐƚĂƚĞ @>FK@KNK@=>! =#! &>! @<<$)&<! '$>K#$! =%! @>K$<<@)$>'$! =#! &>R! ONG&>@K&#@&>! ŽƌŐĂŶŝǌĂƚŝŽŶ;Ϳ! ! +!F$'=>S!)#=NZ!=%!Z#@>'@Z<$F!@>\=<\$F!KO$!%=#G&K!=%!>$^F1! W( tĞ ǁŝůů ƵƐĞ ĂŶ ĂĚĞƋƵĂƚĞ ůĞV@'=>!^O@'O! &\=@SF! `N&<@%R@>)! $VZ#$FF@=>F! &>S! &Sb$'K@\$F! NF$S! [R! KO$! )#=NZF! @>! '=>%<@'K(! M$! ^@<<! #$FZ$'K! KO$! #@)OK!K=!KO$! Z#$FNGZK@=>! =%! @>>='$>'$! &>S! #$%$#! K=! &! Z$#F=>! FNFZ$'K$S! =%! O&\$! ĐŽŵŵŝƚƚĞĚĂĐƌŝŵĞĂƐĂƐƵƐƉĞĐƚƵŶƚŝůƚŚĞŝƐƐƵŝŶŐŽĨĂĨŝŶĂůĂŶĚĂƉƉ$&<&[<$! ĐŽŶǀŝĐƚŝŽŶ&ŽƌŶŽƌĞĂƐŽŶƐŚŽƵůĚĂũŽƵƌŶĂůŝƐƚďĞĂŶŝŶƐƚƌƵŵĞŶƚŽĨǁĂƌ! H( tĞ ĂƌĞ ŶŽƚ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĨŝŶĂů ŶĞǁƐ ŽƵƚĐŽŵĞ ďĞĐĂƵƐĞ ƉƌŽĨĞƐƐŝŽŶĂů Z#&'K@'$!S$K$#G@>$F!KO&K!b=N#>&<@FKF!&#$!=><R!#$FZ=>F@[<$!=%!KO$!'=\$#&)$!&>S! ^#@K@>)!=%!>$^F(!-O$!K@K<@>)6!$S@K@>)!&>S![#=&S'&FK!=#!ZN[<@'&K@=>!=%!&!>$^F! ƌĞƉŽƌƚĂƌĞƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚǇŽĨŵĞĚŝĂŽǁŶĞƌƐĂŶĚŵĂŶĂŐĞƌƐ! ! dŚĞůĂƐƚƉƌŝŶĐŝƉůĞƐŝŶǀŽůǀĞǀŝĐƚŝŵƐŽĨƚŚĞĐŽŶĨůŝĐƚĂŶĚƚŚĞũŽƵƌŶĂůŝƐƚƐƌŽůĞǁŝƚŚƌĞŐĂƌĚ K=!KO$!G$S@&!&>S!KO$!FK&K$1! W( tĞǁŝůůƌĞƐƉĞĐƚƚŚĞZ#@\&'R!=%!'@K@D$>F!@>\=<\$S!@>!=#!&%%$'K$S![R!KO$!&#G$S! '=>%<@'K!Z#=\@S$S!KO&K!KO@F!F@<$>'$!^@<<!>=K!'=GZ#=G@F$!KO$!ZN[<@'!@>K$#$FK(!9>! ĂůůĐĂƐĞƐǁĞǁŝůůƌĞƐƉĞĐƚƚŚĞŐƌŝĞĨŽĨƚŚĞǀŝĐƚŝŵƐ! H( tĞ ǁŝůů ĨƵůĨŝů ŽƵƌ ĚƵƚŝĞƐ ŽĨ ůŽǇĂůƚǇ ĂŶĚ ĂǀĂŝůĂďŝůŝƚǇ ĂƐ ŵĞĚŝĂ ǁŝKO@>! KO$! %#&G$^=#A!=%!b=N#>&<@FG!$KO@'F6!^O@'O!#$`N@#$F!K#NKO%N<!@>%=#G&K@=>!&>S!F$KF! &F@S$!&>R!$'=>=G@'!@>K$#$FK6!^@KO@>!KO$!<@G@KF!=%!F$'N#@KR!m%=#!b=N#>&<@FKFn(!9>! =#S$#!K=!$>FN#$!=N#!@>S$Z$>S$>'$6!^$!>$$S!FN%%@'@$>K!&>S!&S$`N&K$!F&<&#@$F! ;Ϳ ĂŶĚ ĂůƐŽ ŵ$&>F! =%! K#&>FZ=#K! ^O@'O! &#$! >=K! =^>$S! [R! Z&#K@$F! K=! KO$! ĐŽŶĨůŝĐƚ! ! dŚĞĐŽĚĞĐŽŶĐůƵĚĞƐďǇƐƚĂƚŝŶŐƚŚĂƚǁŚĞŶĂŶĂƌŵĞĚŐƌŽƵƉƚŚŝŶŬƐƚŚĂƚƚŚĞǇŚĂǀĞƚŚĞ #@)OK!K=!NF$6!G&>@ZN<&K$!=#!@>K@G@S&K$!&!b=N#>&<@FK6!KO$R!S=!F=![$'&NF$!KO$R!KO@>A!KO&K! #$&F=>!'=G$F!%#=G!ǁĞĂƉŽŶƐ&ŽƌũŽƵƌŶĂůŝƐƚƐƌĞĂƐŽŶĐŽŵĞƐĞǆĐůƵƐŝǀĞůǇĨƌŽŵƚƌƵƚŚ c3e#`N$D!:=>De<$D6!HXXLd(! ! 9>! =KO$#! ^=#SF6! KO@F! '=S$! &<<=^F! b=N#>&<@FKF! K=! #$FZ=>S! K=! KO$! KO#$&KF! KO$R! O&S! #$'$@\$S![R![<&G@>)!KO$!G&>@ZN<&K@=>!=%!KO$!&#G$S!)#=NZF!&>S!KO$!NF$!=%!^$&Z=>F(! +K! KO$! F&G$! K@G$6! KO$R! FK&K$! O=^! K=! S=! KO$@#! b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b=N#>&<@FKF(!"#$\@=NF!#$F$&#'O! O&F! FO=^>! KO&K! KO$! %=#G! &>S! '=>K$>K! =%! KO$! >$^F! Z#=SN'$S! &>S! [#=&S'&FK! &#$! @>%<N$>'$S! [R! G$S@&6! b=N#>&<@FK@'! &>S! ^&#! '=GGN>@'&K@=>F! '=>F@S$#&K@=>F(! -O$F$! \&#@&[<$F!&<F=!Z<&R!&!#=<$!@>!b=N#>&<@FG!$KO@'F6!&F!KO@F!Z&Z$#!F$$AF!K=!FO=^(!! ! 3$S@&!&>S!b=N#>&<@FK@'!\&#@&[<$F!#$%$#!K=!KO$!=[<@)&K@=>!%=#!b=N#>&<@FKF!K=!%=<<=^!KO$! S$G&>SF! @GZ=F$S! [R! G$S@&! =#)&>@F&K@=>F! @>'<NS@>)! Z=<@K@'&<! [@&F6! %=#G&KK@>)! '=>FK#&@>KF!&>S!#&K@>)!#$`N@#$G$>KF!ʹ!^O@<$!K&A@>)!'&#$!K=!G&@>K&@>!'#$S@[@<@KR!&>S! S$&<@>)! ^@KO! KO$! Z#$FFN#$! $V$#K$S! [R! F=N#'$F! c?$#A=^@KD6! HXXUh! 4&#<F=>6! HXXUh! 3'wN&@<6!HXWX6!4O&ZK$#!WWd(!-ONF6!^O$>!b=N#>&<@FKF!FK&K$!@>!KO$@#!'=S$!KO&K!KO$R!^@<<! A$$Z!&>!@>S$Z$>S$>K!#$<&K@=>FO@Z!^@KO!F=N#'$F!&>S!\$#@%R!@>%=#G&K@=>!Z#=\@S$S![R! KO$G6! KO$R! &#$! F$KK@>)! Z#@>'@Z<$F! ^O@'O! N>S$#$FK@G&K$! KO$! '=>K$VK! @>! ^O@'O! KO$R! Z#=SN'$!>$^F(!Q=#!@>FK&>'$6!@>!4=<=G[@&6!>$^F!Z#=SN'K@=>!&>S![#=&S'&FK@>)!@F!KO$! %N>'K@=>!=%!Z#@\&K$!G$S@&!=^>$S![R!KO$!#@'O$FK!%&G@<@$F!@>!KO$!'=N>K#R!^O=!&<F=!O&\$! #$<&K@=>FO@ZF!^@KO!KO$!)=\$#>G$>K(!-O$!'N##$>K!Z#$F@S$>K!@F!&!G$G[$#!=%!KO$!%&G@<R! ^O=!=^>F!KO$!G=FK!@GZ=#K&>K!>$^FZ&Z$#6!"/!80'*.%(!! ! 3=#$=\$#6!F=G$!G$S@&!=^>$#F!O&\$!S$'@S$S!K=!FNZZ=#K!KO$!FK&K$!&>S!ZNK!Z#$FFN#$! =>! KO$@#! $GZ<=R$$F! cb=N#>&<@FKFd! K=! %&\=N#! =%%@'@&<! F=N#'$F! ^O$>! KO$R! '=\$#! KO$! '=>%<@'K(!9>!=KO$#!^=#SF6!'N##$>K!^=#A@>)!'=>S@K@=>F!&#$!@>!'=>K#&S@'K@=>!K=!KO$!$KO@'&<! Z#@>'@Z<$F!'<&@G$S![R!b=N#>&<@FKF(!9>!KO$@#!$KO@'&<!'=S$6!b=N#>&<@FKF!&'A>=^<$S)$!KO&K! )==S! F&<&#@$F! &>S! #$F=N#'$F! %=#! '=\$#@>)! KO$! '=>%<@'K! &#$! @>S@FZ$>F&[<$(! 7=^$\$#6! $'=>=G@'!'=>FK#&@>KF!<$&S!G$S@&!=^>$#F!K=!#$SN'$!ONG&>!&>S!K$'O>@'&<!#$F=N#'$F! &<<='&K$S!K=!'=\$#@>)!'=>%<@'K!D=>$F(!9>!=#S$#!K=!#$FZ=>S!K=!KO$!Z#$FFN#$!$V$#K$S![R! KO$!&#G$S!)#=NZF6!b=N#>&<@FKF!O&\$!'#$&K$S!F=G$!Z#=%$FF@=>&<!GRKOF(!Q=#!$V&GZ<$6! KO$R! Z#$%$#! K=! `N=K$! KO$! Z=F@K@=>! =%! KO$! 4ON#'O! [$'&NF$! @K! FO=N<S! [$! >$NK#&<(! _=N#>&<@FKF!&<F=!KO@>A!@K!@F![$KK$#!K=!\=@'$!KO$!=Z@>@=>!=%!=%%@'@&<!F=N#'$F![$'&NF$!KO$R! GNFK!K&A$!#$FZ=>F@[@<@KR!%=#!^O&K$\$#!@F!F&@S!c,@>'s>!u!,NTD6!HXXH&6!HXXH[d(!-O$!G&@>! Z#=[<$G! ^@KO! KO@F! @F! KO&K! =%%@'@&<! F=N#'$F6! )=\$#>G$>K6! G@<@K&#R! &>S! FK&K$! #$Z#$F$>K&K@\$F!&#$!&<F=!Z&#K@$F!K=!KO$!'=>%<@'K!&>S!&#$!KO$#$%=#$!>=K!@GZ&#K@&<(! ! -O@F! Z=@>K! @F! #$<&K$S! K=! KO$! KO@#S! )#=NZ! =%! \&#@&[<$F! @>\=<\$S! @>!KO$! Z#=SN'K@=>! =%! >$^F6! ^&#! '=GGN>@'&K@=>F! \&#@&[<$F6! [$'&NF$! &#G$S! )#=NZF! &>S! =%%@'@&<! F=N#'$F! @>\=<\$S! @>! KO$! '=>%<@'K! &#$! @>K$#$FK$S! @>! ^@>>@>)! KO$! ^&#! #&KO$#! KO&>! @>%=#G@>)! '@K@D$>F!;,ŽƐŬŝŶƐΘK>ŽƵŐŚůŝŶϮϬϭϬDĂůƚďǇΘ<ĞĞďůĞϮϬϬϳDĂůƚďǇϮϬWHd(!MO$>! KO$R! K&<A! K=! b=N#>&<@FKF6! KO$@#!G=K@\&K@=>! @F! K=!G&A$! b=N#>&<@FKF! K&<A! &[=NK! KO$! ^&#! %#=G! KO$@#! =^>! Z=@>K! =%! \@$^6! KO&K! @F! K=! bNFK@%R! KO$@#! \@=<$>'$! &>S! S@F'#$S@K! KO$! &S\$#F&#R(!9>!KO$!Z&#K@'N<&#!'&F$!=%!4=<=G[@&6!KO$!G@<@K&#R!#$`N@#$F!KO$!N>'=>S@K@=>&<! FNZZ=#K!=%!b=N#>&<@FKF!c?=>@<<&6!HXXHh!,@>'s>!u!,NTD6!HXXH&d(!-O$!)=\$#>G$>K!S=$F! >=K!&''$ZK!KO&K!b=N#>&<@FKF!FO=N<S!)@\$!KO$!F&G$!K#$&KG$>K!K=!<$)&<!&#G$S!%=#'$F!&>S! )N$##@<<&F(!-O$!4=<=G[@&>!FK&K$!O&F!G&S$!&##&>)$G$>KF!K=!Z#$\$>K!b=N#>&<@FKF!%#=G! NF@>)!G$G[$#F!=%!@<<$)&<!)#=NZF!&F!F=N#'$F!c4/-Y6!WUUIh!:@#&<S=!$K!&<(6!HXXLh!CsZ$D6! HXX*d(!9>!KO@F!F$>F$6!^O$>!b=N#>&<@FKF!F&R!@>!KO$@#!'=S$!KO&K!&#G$S!)#=NZF!NF$!KO$G! K=!S@FF$G@>&K$!Z#=Z&)&>S&6!KO$R!&#$!#$'=)>@F@>)!KO&K!>$^F!@F!>=K!=><R!KO$@#!Z#$F$#\$! [NK!KO&K!=KO$#!F='@&<!&'K=#F!Z<&R!&!#=<$!@>!KO$!#$Z=#K@>)!=%!>$^F(!.>$!G@)OK!KO$#$%=#$! &FA!^OR!b=N#>&<@FKF!KO$>!F$K!FK&>S&#SF!&F!@%!>$^F!#$Z=#K@>)!S$Z$>S$S!$V'<NF@\$<R!=>! KO$G(! :@\$>! KO&K! KO$R! &#$! >=K! &<<=^$S! [R! KO$! FK&K$! K=! @>K$#\@$^! &<<! KO$! &'K=#F! @>\=<\$S! @>! KO$! '=>%<@'K6! KO$R! &#$! >=K! &[<$! K=! #$FZ$'K! KO$! Z<N#&<@KR! &>S! [&<&>'$! =%! ƐŽƵƌĐĞƐ /Ŷ ƚŚŝƐ ƐĞŶƐĞ ƚŚĞ ĐŽŶƚĞǆƚ ŽĨ ǁĂƌ ŝŶƚĞƌĨĞƌĞƐ ǁŝƚŚ ũŽƵƌŶĂůŝƐƚƐ ĞƚŚŝĐĂů Z#@>'@Z<$F(!7=^$\$#!b=N#>&<@FKF!G&@><R!&S=ZK!&>!@>K$#>&<!&ZZ#=&'O!@>!KO$@#!S@F'NFF@=>F! &>S! @>@K@&ƚŝǀĞƐ ƌĞŐĂƌĚŝŶŐ ĞƚŚŝĐƐ ĐƚƵĂůůǇ ĂƐ ^ƚĞƉŚĞŶ tĂƌĚ ĂƌŐƵĞƐ ƚŚĞ ĞĨĨŽƌƚƐ ƚŽ #$%=#G!>$^F!G$S@&!Z#&'K@'$F!&#$!Z=<&#@D$S![$K^$$>!K^=!@>&S$`N&K$!&ZZ#=&'O$F6!&>! ŝŶƚĞƌŶĂů ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ũŽƵƌŶĂůŝƐŵ ĞƚŚŝĐƐ ƚŚĞ ĞǆĐůƵƐŝǀĞ ĚŽŵĂŝŶ ŽĨ ũŽƵƌŶĂůŝƐƚƐĂŶĚĂŶĞǆƚĞƌŶĂůŵŽĚĞůƚŚĂƚďĞůŝĞǀĞƐƌĞĨŽƌŵƌĞƋƵŝƌĞƐƚŚĞŝŵƉŽƐŝƚŝŽŶŽĨ ĞǆƚĞƌŶĂů ƌĞŐƵůĂƚŝŽŶƐ ĂŶĚ ƌĞŐƵůĂƚŽƌƐ ŽŶ ŶĞǁƐ ŵĞĚŝĂ ;tĂƌĚ ϮϬϬϱ Ɖ ϯϭϱͿ dŚĞ ƉƌŽďůĞŵǁŝƚŚƚŚĞƐĞŬŝŶĚƐŽĨĂƉƉƌŽĂĐŚĞƐŝƐƚŚĂƚƚŚĞǇŶĞŐůĞĐƚƚŚĞĨĂĐƚƚŚĂƚũŽƵƌŶĂůŝƐƚƐ ! ! ! ! ! b=[F!S$Z$>S!>=K!=><R!=>!^O&K! b=N#>&<@FKF!S=(!MO&K!b=N#>&<@FKF!S=!S$Z$>SF!=>!KO$! '=>K$VK!&>S!=KO$#!F='@&<!&'K=#F(! ! $78,B887/1! C==A@>)!%=#![$KK$#!N>S$#FK&>S@>)!KO$!#=<$!=%!KO$!$KO@'F!'=S$F!@>!KO$!#$Z=#K@>)!=%!>$^F! ĂďŽƵƚǁĂƌƐĂŶĚĂƌŵĞĚĐŽŶĨůŝĐƚƐƚŚŝƐƉĂƉĞƌĞǆĂŵŝŶĞĚƚŚĞĐĂƐĞŽĨƚŚĞĐŽĚĞ%=#!KO$! ĐŽǀĞƌĂŐĞ ŽĨ ƚŚĞ ŽůŽŵďŝĂŶ ĂƌŵĞĚ ĐŽŶĨůŝĐƚ dŚĞ Ăŝŵ ǁĂƐ ƚŽ ĂƌŐƵĞ ƚŚĂƚ ƚŚĞ '=>FK#&@>KF! =%! G&FF! G$S@&! cFRG[=<@'! &>S! $'=>=G@'&<! '=>FK#&@>KFd! &F! ^$<<! &F! KO$! FK#&K$)@'!&@GF!=%!KO$!&#G$S!)#=NZF!'&>>=K![$!'=GZ&K@[<$!^@KO![&<&>'$S6!>$NK#&<!&>S! &''N#&K$!#$Z=#K!=%!^&#F(!+'KN&<<R6![R!$V&G@>@>)!KO$!'=>K$VK!@>!^O@'O!KO$!'=S$!%=#!KO$! '=\$#&)$!=%!KO$!4=<=G[@&>!&#G$S!'=>%<@'K!^&F!^#@KK$>!&>S!KO$!A@>S!=%!Z#@>'@Z<$F!F$K! @>!@K6!=>$!'&>!&FA1! x MOR! FO=N<S! b=N#>&<@FKF! F$K! @>! KO$@#! $KO@'F! '=S$! Z#@>'@Z<$F! KO$R! A>=^! @>! &S\&>'$!KO$R!^@<<!>=K![$!&[<$!K=!%=<<=^![$'&NF$!=%!KO$!'=>FK#&@>KF!#$FN<K@>)! %#=G!KO$!'=>K$VK!=%!^&#r!! x MO&K!@F!KO$!#$&F=>!^OR!b=N#>&<@FKF!$FK&[<@FO!&!'=S$!@>!^O@'O!KO$R!'=GG@K!K=! #$Z=#K@>)!K#NKO%N<!&>S![&<&>'$S!@>%=#G&K@=>!^O$>!=%%@'@&<!F=N#'$F!&#$!S@#$'K<R! @>\=<\$S!@>!KO$!'=>%<@'K!&>S!O&\$!KO$!<$)@K@G&'R!K=!Z#$\$>K!b=N#>&<@FKF!%#=G! \$#@%R@>)! @>%=#G&K@=>! ^@KO! F=N#'$F! ^O=! S=! >=K! &)#$$! ^@KO! KO$@#! Z=@>K! =%! \@$^r! ! -O$!&#)NG$>K!=%!KO@F!Z&Z$#!@F!KO&K!KO$!^&R!@>!^O@'O!F'O=<&#F!&>S!b=N#>&<@FKF!O&\$! FKNS@$S! >$^F! #$Z=#KF! &>S! b=N#>&<@FG! $KO@'F! @>! ^&#K@G$! >$$S! K=! [$! S@F'NFF$S! @>! &! ŵŽƌĞĐŽŵƉƌĞŚĞŶƐŝǀĞǁĂǇ&ŝƌƐƚŶĞǁƐƌĞƉŽƌƚƐŽŶǁĂƌƌĞƐƵůƚŶŽƚŽŶůǇĨƌŽŵũŽƵƌŶĂůŝƐƚƐ ǁŽƌŬ ĂŶĚ ŵĞĚŝĂ ŽƌŐĂŶŝǌĂƚŝŽŶƐ ĐŽŶƐƚƌĂŝŶƚƐ /Ŷ ƚŝŵĞƐ ŽĨ ǁĂƌ ŵĞĚŝĂ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ǁĞĂƉŽŶƐ ƵƐĞĚ ďǇ ƚŚĞ ƉĂƌƚŝĞƐ ƚŽ ƚO$! '=>%<@'K! @>! =#S$#! K=! '=GGN>@'&K$! KO$@#! <$)@K@G@D@>)!S@F'=N#F$F!;,ŽƐŬŝŶƐΘK>ŽƵŐŚůŝŶϮϬϭϬͿ(!9>!KO@F!F$>F$6!KO$#$!@F!>=!#$&F=>! %=#! @)>=#@>)! KO@F! %&'K! ^O$>! S@F'NFF@>)! b=N#>&<@FG! $KO@'F! @>! ^&#K@G$(! ;$'=>S6! '=>'$#>@>)!KO$!'=S$!%=#!KO$!'=\$#&)$!=%!KO$!&#G$S!'=>%<@'K6!4=<=G[@&>!b=N#>&<@FKF! ^#=K$! KO@F! [$'&NF$! =%! KO$! KO#$&KF! KO$R! O&S! #$'$@\$S! %#=G! &#G$S! )#=NZF! &>S! KO$#$%=#$!KO$!'=S$!^&F!>=K!'#$&K$S!^@KO!KO$!ZN#Z=F$!=%!Z#=%$FF@=>&<!K#&@>@>)!=#!&F!&! )N@S$<@>$!%=#!b=N#>&<@FKF(! 3=#$! KO&>! &! S='NG$>K! K$<<@>)! b=N#>&<@FKF! O=^! K=! '=\$#! KO$! &#G$S! '=>%<@'K! @>! &! #$FZ=>F@[<$!^&R6! KO$! K&#)$KF!=%! KO$! '=S$! &#$!G$S@&! =^>$#F! &>S!G&>&)$#F6! &#G$S! ŐƌŽƵƉƐ ĂŶĚ ŵĞĚŝĂ ĂƵĚŝĞŶĐĞƐ /Ŷ ƚŚŝƐ ƐĞŶƐĞ ƚŚĞ ĐŽĚĞ ŝƐ Ă ƉŽůŝƚŝĐĂů ĂĐƚ ŽĨ ĐŽŵŵƵŶŝĐĂƚŝŽŶcM&#S6!HXXUd!#$FZ=>S@>)!K=!&!Z&#K@'N<&#!'=>K$VK!cM@<A@>F!u!?#$>>$>6! HXXJd(!M@KO!KO$!'=S$6!4=<=G[@&>!b=N#>&<@FKF!&#$!K$<<@>)!KO$!&#G$S!)#=NZF!KO&K!KO$@#! G=K@\&K@=>F!&>S!&@GF!&#$!>=K!KO$!F&G$6!KO&K!KO$R!S$%$>S!S@%%$#$>K!Z#@>'@Z<$F!&>S!KO&K! KO$R!S@F&ZZ#=\$!=%!KO$!'=$#'@=>!$V$#K$S![R!KO$!&#G$S!)#=NZF(!_=N#>&<@FKF!&#$!&<F=! K$<<@>)!KO$@#!&NS@$>'$!KO&K!KO$@#!G&#)@>F!%=#!G&>=$N\#$!&#$!<@G@K$S![$'&NF$!=%!KO$! Z#$FFN#$! =%! KO$! &#G$S! )#=NZF6! ^O@'O! '=N<S! $VZ<ĂŝŶ ƚŚĞŝƌ ŵŝƐƚĂŬĞƐ dŚƵƐ ŝĨ ƚŚĞǇ ZN[<@FO!@>%=#G&K@=>!^O@'O!@F!@>&''N#&K$!&>S![@&F$S!@K!@F!>=K!KO$@#!%&N<K6![NK!KO&K!=%!KO$! &#G$S!)#=NZF!^O=!G&>@ZN<&K$!KO$G!&>S!=%!KO$!G$S@&!=^>$#F!&>S!G&>&)$#F!^O=!S=! >=K!Z#=\@S$!KO$G!^@KO!&ZZ#=Z#@&K$!^=#A@>)!'=>S@K@=>F(!Q@>&<<R6!4=<=G[@&>!b=N#>&<@FKF! &#$!&<F=!S$G&>S@>)!$S@K=#@&<!@>S$Z$>S$>'$!%#=G!G$S@&!=^>$#F!&>S!G&>&)$#F(!9>!KO@F! ƐĞŶƐĞƚŚŝƐƐƚƵĚǇƐƵƉƉŽƌƚƐtĂƌĚƐƉƌŽƉŽƐĂůcM&#S6!HXX*d!#$)&#S@>)!KO$!>$$S!K=!&S=ZK! &! O=<@FK@'! $KO@'&<! &ZZ#=&'O! @>! =#S$#! K=! K&A$! @>K=! &''=N>K! KO$! #=<$! =%! F=N#'$F! &>S! &NS@$>'$F! @>! KO$! G&A@>)! =%! >$^F! #$Z=#KF! [R! b=N#>&<@FKF(! -O@F! O=<@FK@'! &ZZ#=&'O! K=! b=N#>&<@FG! $KO@'F! ^=N<S! &<<=^! b=N#>&<@FKF! K=! $FK&[<@FO! '<$&#$#! '=S$F! %=#! K#&@>@>)! @>! O=^!K=!#$FZ=>S!K=!KO$!'=>FK#&@>KF!=%!&!'=>K$VK!=%!^&#(! ! ! D)*)()1,)8!! +#@&F6! 0S)! 4O&'s>6! CN@F6! 4#@FK&>'O=6! Q#&>'@F'=6! u! wN$[$S=6! /=#[$R! cHXXLd1! -#&K&G@$>K=! S$! <=F! &'K=F! \@=<$>K=F! $>! <=F! >=K@'@$#=F! S$! <&! K$<$\@F@s>! '=<=G[@&>&6! 8>@\$#F@S&S!;$#)@=!+#[=<$S&6!?=)=Ke(! ?$#A=^@KD6!2&>@$<!cHXXUd1!g,$Z=#K$#F!&>S!!-O$@#!;=N#'$Fg6!@>!](!M&O<B_=#)$>F$>!u!-(! 7&>@KDF'O6!0S@K=#F1!-O$!7&>S[==A!=%!_=N#>&<@FG!;KNS@$F6!-&R<=#!u!Q#&>'@F!!/$^!5=#A6! cZZ(!WXHʹWW*d(! ?=>@<<&6!_=#)$!9\e>!cHXXHd1!g"$#@=S@FG=6!:N$##&!R!"&D(!4&GZ=!@>K$<$'KN&<!Z$#@=STFK@'=! R!&)$>S&F!S$!<&!@>%=#G&'@s>!$>!4=<=G[@&g6!;@)>=!R!"$>F&G@$>K=6!aa9cJXd6!c*LʹIXd(! 4&#<F=>6! 3&KK! cHXXUd1! g2N$<@>)6! 2&>'@>)6! =#! 2=G@>&K@>)r! _=N#>&<@FKF! &>S! -O$@#! ;=N#'$Fg6!;='@=<=)R!4=GZ&FF6!LcJd6!c*HPʹ*JHd(! 4&FK#=6! :$#Ge>6! Y@<<&G@D! 2&#@=6! ,$FK#$Z=6! +>S#ÖF6! u! :N$##$#=6! +#KN#=! cHXX*d1! 2@''@=>&#@=! Z&#&! S$F&#G&#! <&! Z&<&[#&! cH(! $S(d(! 4=#Z=#&'@s>! 3$S@=F! Z&#&! <&! "&D6! "<&>$K&6!?=)=Ke(! 4/-Y! cWUUId(! ;$#\@'@=! "ê[<@'=! R! 4=[$#KN#&6! ;@FK$G&! S$! -$<$\@F@s>! $>! 4=<=G[@&(! 4=G@F@s>!/&'@=>&<!S$!-$<$\@F@s>6!?=)=Ke(! 4"?!cWUUXd1!4sS@)=!S$!ÖK@'&!R!#$FZ=>F&[@<@S&S!S$<!Z$#@=S@FK&(!4T#'N<=!S$!"$#@=S@FK&F! S$!?=)=Ke6!?=)=Ke6!OKKZ1jj^^^(G$S@=F!Z&#&<&Z&D(=#)6!'=>FN<K$S!WLjXHjHXWX(! 0<!4=<=G[@&>=!cHXXLd1!3&>N&<!S$!$FK@<=!R!#$S&''@s>6!9GZ=<@[#=F!;(+(6!4=<=G[@&(! 0<!-@$GZ=!cHXXLd1!4=>%<@'K=!&#G&S=!R!K$##=#@FG=(!3&>N&<!S$!'N[#@G@$>K=1!0<!'=>%<@'K=! &#G&S=!$>!<&F!Ze)@>&F!S$!0<!-@$GZ=6!4&F&!0S@K=#@&<!0<!-@$GZ=!?=)=Ke(! Q<=#$F6!"&G$<&6!u!4#&^%=#S6!C@>\@>)FK=>!cHXXWd1!g0<!Z&Z$<!S$!<=F!#$<&K=F!>=K@'@=F=F!$>! <&!'=>FK#N''@s>!S$!N>!Z#=R$'K=!'=GN>@'&K@\=!Z&#&!<&!Z&D!$>!4=<=G[@&g6!2@e<=)=F!S$!<&! 4=GN>@'&'@s>6!PW6!cJPʹ**d(! :&#'T&6! 3&#T&! 0N)$>@&6! u! ,=G$#=6! 0S^&#S! cHXXWd1! gC&F! K#&GZ&F! S$! <&! &Z&#@'@s>(! 9>%=#G&'@s>!R!'=>%<@'K=!$>!4=<=G[@&g6!@>!?=>@<<&!_=#)$!9\e>!u!"&K@ñ=!:NFK&\=6!0S@K=#F1! 4=GN>@'&'@s>! R! "=<TK@'&(! Y@$b=F! 4=>%<@'K=F6! /N$\=F! 2$F&%T=F! 4$>K#=! 0S@K=#@&<! _&\$#@&>=6!?=)=Ke6!cZZ(!LPPʹLUWd(! 'ŝƌĂůĚŽŝĂŶĂZŽůĚĄŶ/ƐŵĂĞůΘ &ůſƌĞǌDŝŐƵĞůŶŐĞů;ϮϬϬϯͿWĞƌŝŽĚŝƐƚĂƐŐƵĞƌƌĂǇ ƚĞƌƌŽƌŝƐŵŽWůĂŶĞƚĂƐĐƵĞůĂĚĞŽŵƵŶŝĐĂĐŝſŶ^ŽĐŝĂůǇWĞƌŝŽĚŝƐŵŽhŶŝǀĞƌƐŝĚĂĚ^ĞƌŐŝŽ +#[=<$S&6!?=)=Ke(! 7=FA@>F6!+>S#$^ΘK>ŽƵŐŚůŝŶĞŶ;ϮϬϭϬͿtĂƌĂŶĚDĞĚŝĂWŽůŝƚǇWƌĞƐƐĂŵďƌŝĚŐĞ! CsZ$D6!Q&[@=!cHXXLd1!g•K@'&!Z$#@=STFK@'&6!\$#S&S!>=K@'@=F&!F=[#$!$<!'=>%<@'K=!&#G&S=!R! #$'=>'@<@&'@s>!>&'@=>&<!$>!4=<=G[@&g6!4&G@>=F!Z&#&!F&<@#!S$!<&!\@=<$>'@&6!Q#&>A%N#K(! CsZ$D6! Q&[@=! cHXX*d1! g+Z#$>S@D&b$F! R! $>'#N'@b&S&F! S$<! Z$#@=S@FG=(! 0>K#$! <&! Z&D! S$! "&FK#&>&!R!<&!F$)N#@S&S!S$G='#eK@'&!S$!8#@[$g6!"&<&[#&!4<&\$6!WL6!cIʹJ*d(! DĂůƚďǇ ^ĂƌĂŚ ;ϮϬϭϮͿ DŝůŝƚĂƌǇ DĞĚŝĂ DĂŶĂŐĞŵĞŶƚ EĞŐŽƚŝĂƚŝŶŐ ƚŚĞĨƌŽŶƚ ůŝŶĞ ŝŶ G$S@&K@D$S!^!,=NK<$S)$6!C=>S=>6!/$^!5=#A(! 3&<K[R6! ;&#&O6! u! ]$$[<$6! ,@'O&#S6! 0S@K=#F(! cHXXId1! 4=GGN>@'&K@>)! M! 3$G=#R6! 3$S@&!&>S!3@<@K&#R6!+#@G&!ZN[<@FO@>)6!;N%%=<A(! 3e#`N$D!:=>De<$D6!0SN&#S=!cHXXLd1!4sS@)=!Z&#&!$<!'N[#@G@$>K=!S$<!'=>%<@'K=!&#G&S=! '=<=G[@&>=6! OKKZ1jj^^^(N>$F'=(=#)j>$^j%@<$&SG@>j38C-93029+j7wj49j49jZS%jG$S@&yFK&>S&#S Fj4=S@)=tHXZ&#&tHX$<tHX'N[#@G@$>K=tHXS$<tHX'=>%<@'K=tHX&#G&S=tHX'=<=G[@ &>=(ZS%6!'=>FN<K$S1!WXjXHjHXWH(! DĐYƵĂŝů ĞŶŝƐ ;ϮϬϭϬͿ DĐYƵĂŝůƐ DĂƐƐ ŽŵŵƵŶŝĐĂƚŝŽŶ dŚĞŽƌǇ ^' WƵďůŝĐĂƚŝŽŶƐ CKS6!C=>S=>(! 3""! cHXXPd1! "#$>F&6! '=>%<@'K=! &#G&S=! R! #$)@s>(! +Z#$>S@D&b$F! S$<! S@Z<=G&S=! "$#@=S@FG=! #$FZ=>F&[<$! $>! $<! '=>%<@'K=! &#G&S=6! 4=#Z=#&'@s>! 3$S@=F! Z&#&! <&! Z&D6! ?=)=Ke(! ZŝŶĐſŶKŵĂƌΘZƵşǌDĂƌƚŚĂ;ϮϬϬϮĂͿĂũŽƚŽĚŽƐůŽƐĨƵĞŐŽƐථůŽƐƉĞƌŝŽĚŝƐƚĂƐĞŶĞů '=>%<@'K=!'=<=G[@&>=6!"#=RĞĐƚŽŶƚŽŶŝŽEĂƌŝŹŽ6!?=)=Ke(! ! ! ! ! ! ,@>'s>6!.G!u!,NTD6!3&#KO&!cHXXH[d1!g3eF!&<<e!S$!<&!<@[$#K&S(!9>%=#G&#!$>!G$S@=! S$<!'=>%<@'K=g6!;@)>=!R!"$>F&G@$>K=6!HWcJXd6!cIHʹEPd(! ;&>S$#F6! M@<<$G@$>! cHXWXd1! g2='NG$>K&#R! Q@<GG&A@>)! &>S! 0KO@'F1! 4=>'$ZKF6! ,$FZ=>F@[@<@K@$F6! &>S! KO$! /$$S! %=#! 0GZ@#@'&<! ,$F$&#'Og6! 3&FF! 4=GGN>@'&K@=>! &>S! ;='@$KR6!WLc*d6!c*HEʹ**Ld(! ;$##&>=6! 5$>R! cHXWHd1! /=GG$#! <$! '=>%<@K! &#G$! $K! F$F! &'K$N#F! $>! '=<=G[@$! ĐŽŵŵƵŶŝĐĂƚŝŽŶŽƵŝŶĨŽƌŵĂƚŝŽŶŵĞĚŝĂƚŝƋƵĞ>,ĂƌŵĂƚƚĂŶWĂƌŝƐ! M&#S6! ;K$ZO$>! cHXX*d1! g_=N#>&<@FG! ƚŚŝĐƐ ĨƌŽŵ ƚŚĞ WƵďůŝĐƐ WŽŝŶƚ ŽĨ sŝĞǁΗ _=N#>&<@FG!;KNS@$F6!PcLd6!cLW*ʹLLXd(! M&#S6! ;K$ZO$>! cHXXUd1! g_=N#>&<@FG! 0KO@'Fg6! @>! M&O<B_=#)$>F$>! ]&#@>! u! 7&>@KDF'O! -O=G&F6!0S@K=#F6!-O$!7&>S[==A!=%!_=N#>&<@FG!;KNS@$F6!-&R<=#!u!Q#&>'@F6!/$^!5=#A6! cZZ(!HU*ʹLXEd(!! M@<A@>F6! C$$6! u! ?#$>>$>6! ?=>>@$! cHXXJd1! g4=>%<@'K$S! @>K$#$FKF6! '=>K$FK$S! K$##&@>1! b=N#>&<@FG!$KO@'F!'=S$F!KO$>!&>S!>=^g6!_=N#>&<@FG!;KNS@$F6!*cLd6!cHUIʹLXUd(! !! ! ! ! !! ! ! ! !