!"#$%&%'()*)+,'($)(+-).#/)(++ $)+0&#$0$)1'2"#&%)++

Transcriptie

1 "#$%&%'(*+,'($(+-.#/(++ $+0&#$0$1'2"#&%++ "#$%&'$("**%#$#$+',%*-./,0$12",-.$ 3*"#$4'(*4$$"%$5.'"*4$+$#.*."6$#$%4*"# 3#0&"02"%4&%+3#"%/+5%6.0&"#&(+ 7'6"(#*%0&%/+(+5%6.+3$%# 7#(6#"%+89:;

2 3#0&"02"%4&%++ 7'6"(#*%0&%/+(+5%6.+3$%#+ 89+C#(6#"%+89:; DE*%$"F+G"H+IHJH3H+K'&0("6%C&"+.$+*L"F+G"H+7HMH+D6"E"+ + (%O"0%&%&+P%$(+ Q#26*&%&+$"+R0&0.&(02,#44(+ 3$%#+=&6$%0+ "

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

5 &$ C.;4*5$PO].;/-".$29/+$#.*K-%$,0- C.;4*5$TO].;/-".$29/+$#.*H$"L**5 C.;4*5$TO['#$$%."/-%2,-.$1*/$P C.;4*5$VO['#$$%."/-%2,-.$1*/$R C.;4*5$YOC$-%'29:**%0$.#/,.;1$%/ %

6 F'4(/(%*"- 4$5- '"#$%&'$(/;'2%"*4./- C*/L**"2.-9*-&.;"#%.;13$$%9*/*,0-$% &.;" 9$%( '3$% 9*- 4$.##$ -'- -9$$ '"#$%&'$($" "**% #$ &**( $" 0$- *1-%$#$" 3*" 3$%/,0.44$"#$ :$9."#/4.$#$"? H.- ;**% /,0%$$1 0.; $$" :'$( '3$% #$ 0$4$ *11*.%$< 9*- 9$#$%'+ 3$$4 /-'1 #$$# '89**.$"? C*/L**"./$$"-J8./,03''%:$$4#3*"$$";'2%"*4./-."&.;"9**(0'"#>%'4?H.-./$$"3$$45$:%2.(-$ -$%+3''%;'2%"*4./-$"<'+#*-&.;5$&.$"9'%#$"*4/#$9**(0'"#$"3*"'"&$#$+',%*-.$^b"#$9$5 3'45-Oad&e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c C2.;/<RWPT<TSQ_?H$-'$"*+$$"/"$40$.#3*"#$".$29/3$%/8%$.#."53.*."-$%"$-0$$1-."(4$."$%$ 5$+$$"-$":'3$"#.$""*29$4.;(/3''%".$29$."1'%+*-.$5$&'%5#^\.(<C*(($%cC2.;/<RWPT<TSQ_?`" #$&$5$+$$"-$"3$%/,0$$"3''%"*+$4.;('"4."$".$29/<9*-*4$$%#$%#''%$$"-%*#.-.'"$$4+$#.2+< &'*4/$$"#*5:4*#<"**%:2.-$"9*/5$:%*,0-? F''%"*+$4.;((4$."$5$+$$"-$"&.;"#$#28$3*"#$&$'"-9.(($4."5?`"$$"2.-&$"#."53*"6.$29/22% '+/,0%.;3$"#$8%'5%*++*+*($%/#$-%$"#*4/0$-2.-/-$%3$"3*"#$4'(*4$;'2%"*4./-^6.$29/22%< RS1$:%2*%.RWPV_?`"#$2.-&$"#."5&.$"9$'"#$%*"#$%$0'$f-*/;*\g04$%$4($9$$(."0**%$$"-;$ &

7 0$- 4**-/- '3$%5$:4$3$" 4'(*4$ 9$$(:4*# 3*" 2#$%>b+/-$4 3'4/,0%.;1-? D**% ".$- *44$$" (4$."$ 5$+$$"-$" 4.;($" -$ 9'%#$" 5$-%'11$" #''% #$&$ '"-9.(($4."5? '( 3''%+*4.5 9$-0'2#$% G*:." (+$ '(&$ 5&/,,*$.&&5"$ R(2'&*+$ 3&.&>.$.&&5;$ 6(2'&*+$ B(66&*$ 3(&0$ 6/&&;$ '0(&$ >&*+&*"$ =*$ >,&6$ 2&$.$ 7.(2$ B(2*"$ S,(6$ B6&*$ >&*+&*"P^6.$29/22%<RS1$:%2*%.RWPV_? H$5$+$$"-$8%':$$%- #*-5*-"2<+$-$$"4$5$%**",'++2".,*-.$+$#$9$%($%/< &$41 -$ #.,0-$"? A4($ 3.$% 9$($"."1'%+$$%- $$" /-*#/(%*"- #$ L*5$"*%$" '3$% #$ #.$"/-3$%4$"."5 $" 0$- 5$+$$"-$4.;( :$4$.# ^h$+$$"-$ H$" L**5< RWPQ_? D**% #$ 3%**5./ "*-22%4.;( '1 0$- 5*- 9$4 $,0-5$#.,0-9'%#-?\*"$$"5$+$$"-$&.,0&$419$4(%.-.$(5$3$"X1"$+$"#$4'(*4$$"%$5.'"*4$+$#.* #$&$%'4*4/"'5'8&.,0XA"+'$-#$:2%5$%0$-/4$,0-/#'$"+$--'8>#'9"."1'%+*-.$3''%&.$"."5<'1 ('+$"&$&$41''("'5$$"/**"0$-9''%#X\'%-'+O+*($"4'(*4$$"%$5.'"*4$;'2%"*4./-$"."$$" /-*#*4/H$"L**502"#$+',%*-./,0$12",-.$9$49**%XA"&';*<'89$4($+*".$%X `" 6$#$%4*"# "$+$" #$ 5$+$$"-$" /-$$#/ +$$% 9$%(&**+0$#$" '3$% 3*" 0$- G.;(? B4*""$" #.$ 3''%0$$" 9$%#$" 2.-5$3'$%# #''% #$ G.;(/'3$%0$.#< 9'%#$" "2 #''% #$ 4'(*4$ '3$%0$#$" 5$%$*4./$$%#?'#%*5$"5$+$$"-$"/."#/RWPY&$413$%*"-9''%#$4.;(0$.#3''%'"#$%*"#$%$#$&'%5 $" 9$%(5$4$5$"0$.# ^G.;(/'3$%0$.#< RWPQ_? H$&$ 3$%*"#$%."5 0$$1- *4/ 5$3'45 #*- 5'$#$ 4'(*4$ $" %$5.'"*4$;'2%"*4./-.$(".$-2.-+*5:4.;3$"^C'2+*"/cF4.$5$"-0*%-<RWPV<TYU_?D**%0'$9$4#$&$ "''#&**(./ -'$5$"'+$"< (*+8$" #$ 4'(*4$ $" %$5.'"*4$ +$#.* *4 ;*%$" +$- 8%':4$+$" '+-%$"- +$$"4*"53$%0**4('%--$+*($"O-.;#./5$4#$"$%./$$"5$:%$(**":$.#$? H''% #$&$ 5*"5 3*" &*($" /-**" %$#*,-.$/ 3**( 3''% 4*/-.5$ ($2&$/? i'2%"*4./-$" &.;" /-$$#/ +$$% *10*"($4.;(3*":%'""$"^=6$.44c=['""'%<RWWS<VUS_?H$&$*10*"($4.;(0$.#(*"$%3''%&'%5$"#*- #$."1'%+*-.$#.$#$+$#.*3$%/8%$.#$"$$"&.;#.5./<9**%#''%#$9**%0$.#/8$%,$8-.$3*"#$:2%5$%/ jj" %.,0-."5 '8 5**-? H.- (*" $$"&'%59$(($"#$'"-9.(($4."5&.;"3''% 0$- 82:4.$($ #$:*-$"#$ #$+',%*-.$? '

8 F''%4.55$"#'"#$%&'$(:$3*-."1'%+*-.$'3$%#$#$+',%*-./,0$12",-.$3*"#$4'(*4$$"%$5.'"*4$ +$#.*:.""$"jj"".$29/$,'/j/-$$+?h2.#$4.;(9'%#-'89$4($+*".$%#$4'(*4$$"%$5.'"*4$+$#.* :2%5$%/."1'%+$%$"'3$%0$-4'(*4$:$4$.#<'1$%/8%*($./3*"3$%/,0$.#$"0$.#.":%'"5$:%2.($"'1 #.-''(#**#9$%($4.;(3''%+$$%8$%/8$,-.$3$"&'%5--.;#$"/$$"".$29/5$:$2%-$"./? A$" $//$"-.k4$,'",42/.$ 2.- 0$- '"#$%&'$( 3*" ]*"#+*"< \.(<L$%+*"/cL.$-:%."(^RWPY_./#*- 3''%"*+$4.;( #$ (4$."$%$ 5$+$$"-$" 9'%#$" 5$-%'11$" #''% #$ '"-9.(($4."5." 0$- ;'2%"*4./-.$($ 9$%(3$4#? H$ -.-$4 3*" 0$- '"#$%&'$(/%*88'%-O lh$42((.5 &.;" 0.$% 5$$" ;'2%"*4./-$"m< 3$%%**#- *4 $".5/&."/ #$ 3$%#%.$-.5$ 2.-('+/-? 6.$29/,'"/2+$"-$"." 5$+$$"-$" +$- +."#$% #*" YW? :$/,0.(($" 3**( '3$%9$.".54'(**4".$29/?]**-/-**"'3$%".$29/+$-:$-%$((."5-'- 4'(**4 :$4$.#? `" 0$- '"#$%&'$( 9'%#- 5$"'$+# #*- #$ %$5.'"*4$ +$#.* 3''%"*+$4.;( a:.""$" #$ /-*#+2%$"=:4.;3$"^]*"#+*"<c\.(<RWPY<TT_?A%./$,0-$%"'5".$-."(**%-5$:%*,0-."0'$3$%%$$$" /-*#*4/H$"L**5'"#$%0$3.5./**"#$3$%*"#$%."5$"'1#$%$5.'"*4$+$#.*#$/-*##**#9$%($4.;( +$$% :$#.$"$"? H$&$ +*/-$%/,%.8-.$4$3$%-$$":.;#%*5$**"$$",'+84$-$%:$$4#3*"#$4'(*4$ ".$29/3''%&.$"."5."6$#$%4*"#? '( :$"*#%2(($" 3$%/,0.44$"#$ 9$-$"/,0*88$%/ #$ *19$&.50$.# 3*" 0$- :2%5$%8$%/8$,-.$1 ^C$%('9.-&<RWWUnC2.;/<RWPVn[*%4/'"<RWWUnG$.,0<RWPY_?A%9'%#-5$84$.-3''%+$$%5$:%2.(3*" :2%5$%:%'""$"?H.-&'2#$$E8%$//.$3$12",-.$-$"5'$#$('+$"?L$-3''%4.55$"#$'"#$%&'$(-''"- '"#$%&',0-$5$+$$"-$"5%'-$"#$$4/5$:*/$$%#./'8jj"'15$$":%'"?L$-./".$-#2.#$4.;('1#.- ''(#**#9$%($4.;(3''%+."#$%8$%/8$,-.$3$"&'%5-:.""$"$$"".$29/$,'/J/-$$+?K.-$%**%#./0$- +'5$4.;(#*-8$%:$%.,0-jj":%'"9'%#-5$:%2.(-<+**%#*--.;#$"/$$"".$29/5$:$2%-$"./+$$%#$%$ :%'""$"&.,0+$4#$"9**%#''%".$-jj"8$%/8$,-.$1#$'3$%0*"#0$$1-?`"#.-'"#$%&'$(('+-"**% 3'%$"'1#$+$#.*+$$%#$%$3./.$/:$4.,0-$"$"'89$4($+*".$%".$29$."1'%+*-.$0$-$,'/J/-$$+ :.""$"('+-? (

9 D$#.*0$::$"$$":$4*"5%.;($%'4:.""$"$$"#$+',%*-.$?h$&.$"#$02.#.5$1."*",.k4$8%':4$+*-.$(." #$ +$#.*/$,-'%<./ #$3%**5$,0-$% '1 #$ +$#.* #$&$ %'4 9$4 9**%+*($"? +#*- 4'(*4$ $" %$5.'"*4$ +$#.* $,'"'+./,0 0$- 0*%#/- 5$-%'11$" 9'%#$"< -$%9.;4 02" 82:4.$($ :$4*"5;2./-./ -'$5$"'+$"< 4.5- #$ 1',2/." 0$- 3''%4.55$"#$ '"#$%&'$( '8 #$ #$+',%*-./,0$ 12",-.$ 3*" #$&$ 4'(*4$ $" %$5.'"*4$ +$#.*? A$%#$% '"#$%&'$( /,0$-/- 5$$" %''/(4$2%.5 :$$4# 3*" #$ 4'(*4$ ".$29/3''%&.$"."5."(4$."$5$+$$"-$"?D**%0'$5**-0$-$%**"-'$."jj"3*"#$5%'-$/-$#$"2.- #$G*"#/-*#XL'$+*($"#$4'(*4$$"%$5.'"*4$+$#.*02"%'4:.""$"#$4'(*4$#$+',%*-.$9**%X H$'3$%('$8$4#$'"#$%&'$(/3%**542.#-#*"''(O S<$ /&.1&$ >*(&0$ &*$ 0&5(,*.&$ >&'($ 7(**&*$ LL*$ *(&8/+&-,+G+6&&>$ 38*$ '&>,-06(+-3&$?8*-6(&J$ H$&$ '"#$%&'$(/3%**5./ '85$/84.-/-." #%.$ #$$43%*5$"? h%'19$5 (*" #$ #$+',%*-./,0$12",-.$ "*+$4.;( 3$%#$$4# 9'%#$"." #$."1'%+*-.$3$ 12",-.$< #$ $E8%$//.$3$ 12",-.$ $" #$,'"-%'4$%$"#$ 12",-.$^'?*?H$C$2/<C%*"-/cF*"B%**5<RWPPnf,0'4-$"<PUSRnF*"h$/-$4<C?<RWWZ_?H$&$."#$4."5./ 4$.#$"# 3''% #$ #%.$ #$$43%*5$"? H$."1'%+*-.$3$ 12",-.$ /-**-,$"-%**4." #$ $$%/-$ #$$43%**5? H2.#$4.;( 9'%#- 0'$ #$ 4'(*4$ +$#.* :2%5$%/."1'%+$%$" '3$% 4'(*4$ :$4$.#/(9$/-.$/? H$ -9$$#$ #$$43%**5:$-%$1-#$$E8%$//.$3$12",-.$?A$"*"*4J/$3*"0$-:%'"5$:%2.(-''"-**"."9$4($+*-$ :2%5$%/$$"/-$+(%.;5$"?H''%#$4**-/-$#$$43%**5(%.;5$"9$."&.,0-."#$,'"-%'4$%$"#$12",-.$?A% 9'%#-5$o442/-%$$%#."9$4($+*-$;'2%"*4./-$"(%.-./,0$"8%'>*,-.$1&.;"$"0'$#$&$0'2#."5&.,02.-."#$:$%.,0-5$3."5? #" S<$ /&.1&$ >&'(6G<&*$ 7(**&*$ &&*$ " 9" +#$&$3%*5$"-$:$*"-9''%#$"<&.;"-9$$5%'-$6$#$%4*"#/$/-$#$"'"#$%&',0-*4/,*/$/-2#.$/ 3''%$$"5%'-$/-*#?H$*"*4J/$3*"0$-".$29/**":'#."#$&$-9$$/-$#$"5$$1-$$":%$#$%:$$4# 3*" #$ #$+',%*-./,0$ 12",-.$3*"#$4'(*4$+$#.*$" 5$$1-."&.,0-." #$,'+84$E$ **%# 3*" #$&$ 12",-.$?

10 A$%/- :$/,0%.;1-0$-3'45$"#$0''1#/-2(^A,,?'+681$ T$ R3&,0&6(+-3$ 1'&0_ #$ 9$-$"/,0*88$4.;($ -0$'%.$k"#.$"'#.5&.;"3''%0$-:$*"-9''%#$"3*"#$'"#$%&'$(/3%**5?H$"*#%2(."#.-0''1#/-2( 4.5-'80$-:%'"5$:%2.($"#$#$+',%*-./,0$12",-.$/3*"4'(*4$+$#.*?F$%3'45$"/./."A,,?'+681$9T$ %&63,'&* #$ '"#$%&'$(/+$-0'#$ 2.-$$"5$&$-? `" #.- 0''1#/-2(./ 2.-5$4$5# '8 9$4($ +*".$% #.- '"#$%&'$( 9'%#- 2.-5$3'$%#? L.$%"* 9'%#-." A,,?'+681$ DT$ C&+8.66&**"-9''%#5$5$3$"'8#$ 5$+$-$" #''% #$ 3$%0'2#."5-2//$" #$ '85$3'$%#$ :%'""$"." #$&$ :$%.,0-5$3."5 -$ /4'- 9'%#- #$,'"-%'4$%$"#$ 12",-.$ 9_ 5$+$-$"#''% #$ :$%.,0-5$3."5 3*" -9$$ 5%'-$ ".$29/5$:$2%-$".//$" -$ *"*4J/$%$"? 6* #$ %$/24-*-$" 3'45$" #$,'",42/.$ $" #./,2//.$ VA,,?'+681$IT$W,*-.8+(&$&*$'(+-8++(&X" *+

11 L$--0$'%$-./,0(*#$%:$/-**-2.-&$/#$4$"?H$&$#$4$":$3*--$":$5%.88$"$",'",$8-$"#.$3*" :$4*"5 &.;" 3''% 0$- :$*"-9''%#$" 3*" #$ '"#$%&'$(/3%**5? H$ -0$'%.$ :$5."- :%$$# $" /8.-/- 5**"#$9$5/-$$#/+$$%-'$'80$-$.5$"4.;($'"#$%9$%8<"*+$4.;(#$#$+',%*-./,0$12",-.$$"0$- :%'"5$:%2.(3*"4'(*4$$"%$5.'"*4$+$#.*."0$-:$4$.#/".$29/?b44$%$$%/-5**-#$$4R?P#.$8$%."'8 #$ -$%+$"O *5$"#*/$--."5 $" *5$"#*:2.4#."5? H2.#$4.;( 9'%#- #*- $% $$" 9.//$49$%(."5 :$/-**- -2//$"#$82:4.$($'8.".$$"0$-5$$"$%."#$+$#.*3$%/,0.;"-?H.-./:$4*"5%.;('+#*-+$#.*$$" $//$"-.$$4 '"#$%#$$4 &.;" :.; #$ :$5%.8/3'%+."5 3*" +**-/,0*88$4.;($ 8%':4$+$" $" #$ /',.*4$ 9$%($4.;(0$.#? L$- -9$$#$ #$$45$$1-2.-4$5'3$%#$12",-.$/3*"+$#.*#.$,%2,.**4&.;"3''%#$ 02.#.5$ #$+',%*-.$O #$."1'%+*-.$3$< #$ $E8%$//.$3$ $" #$,'"-%'4$%$"#$12",-.$^'?*? H$ C$2/< C%*"-/cF*"B%**5<RWPP<TSSnf,0'4-$"<PUSR<PZnF*"h$/-$4<C?<RWWZ<TW>TP_?`"#$$4R?T4.5-#$ "*#%2('8#$."34'$#3*":%'""$"?H$+*-$3*"*10*"($4.;(0$.#3*"$$":%'"(*":$8*4$"#&.;"3''% #$."0'2# 3*" $$" ".$29/:$%.,0-? H$$4 R?V :$/-$$#- **"#*,0- **" #$ :2%5$% *4/ :%'"? 7$-$"/,0*88$%/:$-'5$"#*-0$-5$:%2.(3*":2%5$%:%'""$"#$$E8%$//.$3$12",-.$-$"5'$#$(*" ('+$" ^C2.;/< RWPVn L.$-:%."( c L$%+*"/< RWPY_?@'-/4'-5**-#$$4R?Y'3$%#$ #$+',%*-./,0$ 12",-.$$"0$-:%'"5$:%2.(3*"4'(*4$$" %$5.'"*4$ +$#.*? h$#$$4-$ R?Z./ #$,'",42/.$3*"*40$- :'3$"/-**"#$? i'2%"*4./-$"$"".$29/'%5*"./*-.$/4$3$%$":.;#%*5$**"#$+*".$%9**%'89.;'"/&$41$"#$9$%$4# '+'"/0$$"#$1.".k%$"?i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

12 ^C$/-<RWWS<PU>RP_?D$#.*12"5$%$""*+$4.;(*4/8'#.*3''%,4*.++*($%/'+**"#*,0--$3$%5*%$" ^C$/-< RWWS< Y>PP_?H.-5$:$2%-&'9$4#''%#$+$#.*&$41< *4/ 3.* #$ +$#.* ^C$/-< RWWS< Y>PP_? H2/ 0'$9$4;'2%"*4./-$"$"".$29/'%5*"./*-.$/&$41,4*.+/(2""$"+*($"<9'%#$"&.;''(3**(5$:%2.(- *4/#''%5$$142.(3''%#$,4*.+/3*"*"#$%$"? A$" /*+$"4$3."5 0$,0- $,0-$% ".$- $3$"3$$4 9**%#$ **" $4($ 9.44$($2%.5$,4*.+? `" 0'$3$%%$ 0$- 5%'-$%$82:4.$($$"'"#$%9$%8*4/:$4*"5%.;($%3**%-<0*"5-'"#$%*"#$%$/*+$"+$-#$1%$p2$"-.$ $" #$ "*#%2( 3*" #$ :$%.,0-5$3."5 0.$%'3$%."#$+$#.*^['4$+*"<D,['+:/<f0*9c7$*3$%< RWWU< PVQ_? L'$9$4 $$" **"-*4 1*,-'%$"< 9**%'"#$% /,$8-.,./+$ -$5$"'3$%$$"+$#.2+ '1 5$'5%*1./,0$ "*:.;0$.#3*"#$".$29/5$:$2%-$"./< #$ +*-$3*"#.-$11$,- :$o"34'$#$" ^H$*%."5 c G'5$%/<PUUZnH2"*9*J<C%*"-'"cb:%*;*"'<RWPWn@/1*-.<RWWT_<:$8**4-#$*5$"#*3*"#$+$#.* #2/ #$$4/ 9*- $%."#$82:4.$($*5$"#*('+- -$ /-**"? H.- 8%',$/ 9'%#- *5$"#*/$--."5 5$"'$+# ^['4$+*"<D,['+:/<f0*9c7$*3$%<RWWU<PVQ_? K.- +$$%#$%$ /-2#.$/ :4.;(- #*- *5$"#*/$--."5 ''( '8 4'(**4 ".3$*2 3''%('+- ^'?*? h%'// c b#*j< RWWTn \.+< f0$21$4$ c f0*"*0*"< RWWR_? H$ /-2#.$ a@0."( *:' / 9*J= 3*" \.+<f0$21$4$c f0*"*0*"^rwwr_4**-'"/:'3$"#.$"&.$"#*-+$#.*".$-*44$$"."34'$#0$::$"'8#$'"#$%9$%8$" 9**%'3$%+$""*#$"(-+**%''(0'$+$"0.$%'3$%#$"(-?`"0$-'"#$%&'$(9$%#$"%$/8'"#$"-$" 5$3%**5#02"$3*42*-.$-$5$3$"3*"$$":'298%';$,-."`-0*,*<6$9q'%(?H$5%'$89$%#3$%#$$4#."+$"/$"#.$'8#$0''5-$9*%$"3*"0$-8%';$,-$"#$4'(*4$(%*"-3$$44*&$"<+$"/$"#.$'8#$ 0''5-$9*%$"3*"0$-8%';$,-+**%#$(%*"-9$.".54*&$"$"+$"/$"#.$#$(%*"-".$-4*&$"$"".(/ *19./-$" 3*" 0$- 8%';$,-? A$" :$4*"5%.;($,'",42/.$ 9*/ #*-."3*4/0'$($" '8 0$- :'298%';$,-< #.$ 3$$4."#$4'(*4$(%*"-9$%#$":$/8%'($"<:$4*"5%.;($%$%3*%$"9$%#$"#''%#$+$"/$"#.$#$4'(*4$ (%*"-3$$44*&$"^\.+<f0$21$4$cf0*"*0*"<RWWR<RW_?7*-#$*5$"#*/$--."5-0$'%.$'"/#2/4$$%-<./ #*- #$ 82:4.$($ '8.".$ :$o"34'$# (*" 9'%#$" #''% 0$-5$$" ;'2%"*4./-$" $" ".$29/'%5*"./*-.$/ 82:4.,$%$"? A$" :$4*"5%.;($ 3%**5./ "2O 0'$ ('+- #$ ".$29/*5$"#* -'- /-*"#X 1 *"#$%/ 5$1'%+24$$%#O 9.$ :$#$"(- 0$- ".$29/X H$ ".$29/*5$"#* 9'%#- :$8**4# #''%3$%/,0.44$"#$1*,-'%$"? H.- 8%',$/< 9**%:.;#$".$29/*5$"#*-'-/-*"#('+-<"'$+-+$"*5$"#*:2.4#."5^7$*3$%cA44.'--<PUSY<SS_? B'4.-.,.$":$#%.;3$"^[0$"5<L2*"c[0*"<RWPQ<QZZ_<$4.-$+$#.*$";'2%"*4./-.$($"'%+$"^7$*3$%< D,['+:/ c f0*9< RWWV< RZU_ +**% ''( #$ 82:4.$($ '8.".$^@*"c7$*3$%<RWWQ<QTU_(2""$" *44$+**4."34'$#0$::$"'8#$&$*5$"#*?D**%$$"".$29/%$#*,-.$:$/4./-2.-$."#$4.;(9$4(".$29/ 9'%#- 5$82:4.,$$%# $"."9$4($3'%+#.- 5$:$2%-? i'2%"*4./-$" /$4$,-$%$" #*5$4.;(/ 9$4($ *"

13 5$:$2%-$"./".$29/9**%#.5./$"9$4($".$-?h*4-2"5cG25$^PUZY_/-$4#$"-9**41".$29/9**%#$" /*+$"#.$;'2%"*4./-$":$4*"5%.;(*,0-$":.;#$".$29//$4$,-.$^h*4-2"5cG25$<."L*%,28c=6$.44< RWWP< RZT_? A$" **"-*4 3*" #$&$,%.-$%.* &.;" :.;3''%:$$4# "$5*-.3.-$.-< $4.-$8$%/'"$"<."-$"/.3.-$.-,'"-."2o-$.-$"^,24-2%$4$_"*:.;0$.#^h*4-2"5cG25$<."L*%,28c=6$.44<RWWP<RZT_? D$#.*0$::$"".$-*44$$"."34'$#'8#$82:4.$($*5$"#*<''(#$8'4.-.$($*5$"#*4.;(-/'+/5$:2(- -$ 5**" '"#$% #$ +*,0-3*" #$&$ (%*,0-.5$ /8$4$% ^L*%#J c f$3$"*"/< RWPY< TRW_? L'$ /-$%( #.- 8'4.-.$($*5$"#*/$--."5$11$,-./<0*"5-'"#$%*"#$%$*13*"0$--J8$+$#.2+<0$-'"#$%9$%8$"#$ 3*-:**%0$.#3*"#$8'4.-.$($*,-'%$"^L*%#Jcf$3$"*"/<RWPY<TRW_?H$8'4.-.$(<#$+$#.*$"0$- 82:4.$(&.;"#2/"*293$%:'"#$"$"$%3."#-9$#$%&.;#/$:$o"34'$#."584**-/?B'4.-.$($$"82:4.$($ *,-'%$" /8$4$" $$" %'4 -.;#$"/ *5$"#*:2.4#."5 $" :$8*4$" #$$4/ #$ *5$"#* 3*" #$ +$#.*< +**% '"#$%9$%8$"#.$."#$+$#.*3$%/,0.;"$"<3244$"''(#$8'4.-.$($$"82:4.$($*5$"#*?C.""$"$$" #$+',%*-./,0$/*+$"4$3."50$::$"+$#.*#*"''($$":$4*"5%.;($12",-.$?L$-3'45$"#$#$$45**- 0.$%#.$8$%'8."? C.""$" #$ 02.#.5$ #$+',%*-./,0$ /*+$"4$3."5 (2""$"+$#.*$$"9**%#$3'44$-**(3$%3244$" ^b"#$9$5c@0'+*//$"<rwpp<tsy_?'*4/."#$."4$.#."5/-**-:$/,0%$3$"<(*"'"&$#$+',%*-.$".$- :$/-**"&'"#$%$$"$11$,-.$3$%'43*"#$+$#.*?H$&$#$+',%*-./,0$12",-.$3*"#$+$#.*:$/-**- 2.- #%.$ :$4*"5%.;($ #$$412",-.$/O #$."1'%+*-.$3$< #$ $E8%$//.$3$ $" #$,'"-%'4$%$"#$ 12",-.$ ^H$ C$2/<C%*"-/cF*"B%**5<RWPP<TSSnf,0'4-$"<PUSR<PZnF*"h$/-$4<C?<RWWZ<TW>TP_?H$&$."#$4."5./''%/8%'"($4.;(:$/,0%$3$"$"'"#$%&',0-#''%#$H2.-/$'"#$%&'$($%/7.4#$"+*""$"\*4-$14$.-$%." PUQT $" 4*-$% '3$%5$"'+$" #''% 3$%/,0.44$"#$ 9$-$"/,0*88$%/^7.4#$+*""c\*4-$14$.-$%<." f,0'4-$"<pusr_? H$$$%/-$12",-.$:$-%$1-#$-'8>#'9"."1'%+*-.$3''%&.$"."53*"'3$%0$.#$"8'4.-.,."**%#$:2%5$% ^H$C$2/<C%*"-/cF*"B%**5<RWPP<TSS_?H''%#$&$3''%&.$"."5./#$:2%5$%."/-**-'+:$4*"5%.;($ 8'4.-.$($ '"-9.(($4."5$" -$ 3'45$" &'"#$% #**#9$%($4.;( :.; $4($ 3$%5*#$%."5 **" -$ +'$-$" /,02.3$"?H$-9$$#$12",-.$./#$%'4#.$#$+$#.*3$%3244$"."#$:'--'+>28,'++2".,*-.$/-%''+ ^H$C$2/<C%*"-/cF*"B%**5<RWPP<TSS_?7*-$%/8$$4-:.;#$:2%5$%(*"#''%#$+$#.*&.;"9$5 3."#$" "**% 0$- 5%'-$%$ 82:4.$( $" #$ :$/-22%#$%/ 3*" 0$- 4*"#? H.- "'$+- +$" #$ $E8%$//.$3$ *#

14 12",-.$?H$#$%#$12",-.$./#$,'"-%'4$%$"#$<'1-$9$4#$(%.-./,0$12",-.$^H$C$2/<C%*"-/cF*" B%**5< RWPP< TSS_? i'2%"*4./-$" (2""$"< :.; 5$:%$( **" :$4$.#< *2-'%.-$.-$" '8 #$ +*- %'$8$" '1 (%.-.$( 5$3$" '8 +.//-*"#$" :.""$" #$ '3$%0$.#? i'2%"*4./-$" 0$,0-$" &$41 3$$4 9**%#$ **" #$&$ 4**-/-$ -**( $" 0*"5$" +."#$% 5$9.,0- **" #$ $E8%$//.$3$ 12",-.$ ^H$ C$2/< C%*"-/ c F*" B%**5< #$8.;4$"/-$4-#$%.,0-."53*"#$:$%.,0-5$3."53''%?H$4."($%8.;4."1.522%P-''"-0'$$$":''#/,0*8 3*" #$ '3$%0$.# 3.* #$ +$#.* :.; #$ :2%5$% :$4*"#-? H$ +$#.*."1'%+$%$" #$ :$3'4(."5 '3$% 0$- '3$%0$.#/:$4$.#$"'$1$"$"."#$&$1.522%#2/02"."1'%+*-.$3$12",-.$2.-?H$%$,0-$%(*"-."1.522% P 9$$%/8.$5$4- #$ $E8%$//.$3$ 12",-.$? H$ %$,0-$%8.;4 -''"- 0'$ #$ +$#.*< 3.* :$%.,0-5$3."5< #$ '3$%0$.#."1'%+$%$" '3$% #$ :$0'$1-$" 3*" #$ :2%5$%/? `" 1.522% R '$1$"$" +$#.* 02",'"-%'4$%$"#$'1(%.-./,0$12",-.$2.-?H$8.;44**-&.$"0'$;'2%"*4./-$"2.-$.5$".".-.*-.$13$%/4*5#'$" -$"**"&.$"3*"0$-'3$%0$.#/:$4$.#?$,'"-%'4$%$"'10$-:$/-22%:$4'1-$/"*('+-$"5$3$"(%.-.$( 9*""$$%#.-".$-0$-5$3*4./? r.522%po`"1'%+*-.$3$$"$e8%$//.$3$12",-.$ P r.522%ro['"-%'4$%$"#$'1(%.-./,0$12",-.$ R C'3$"/-**"#$1.52%$"%$8%$/$"-$%$" $$".#$**4-J8$ #$+',%*-.$ ^F*" h$/-$4< C?<RWWZ<TR_?b44$ *,-'%$"." #$&$1.52%$"0*"#$4$"%*-.'"$$4< +$- *4/ #'$4 #*- #$ '3$%0$.#." "**+ 3*" 0$- 3'4( *,-./ "#$%&'(#*#"+(#,(-."/",0*"1#"12'922/:;1<.=6.>?@A?"++&?BA#*?C3=6./9;3?CD=;16A ",-./ "#$%&'(#*#"+(#,(-."/",0*"1#"12'922/:;1<.=6.>?@A?"++&?BA#"?C3=6./9;3?CD=;16A *$

15 %$5$$%- $" :2%5$%/ +$$:$/4.//$" '3$% 0$- :$4$.# 9**%3*" ''( &.;#$,'"/$p2$"-.$/&244$" #%*5$" ^F*" h$/-$4< RWWZ< TW_? L.$%." /,02.4- #$ 3$%'"#$%/-$44."5 #*-.$#$%$$" '8$" /-**- 3''% *"#$%$ +$"."5$"$":$4$.#/+**-%$5$4$"9'%#$"5$-%'11$"'8:*/./3*"#$,'"/$p2$"-$%$#$"$$%9.;&$3*" *44$ *,-'%$" ^F*" h$/-$4< RWWZ< TW_? `" #$ 8%*(-.;( 3$%4''8- #.- *"#$%/? 7*"-&'*4/:$/8%'($"." 8*%*5%**1 R?P?P 9'%#$" 8%':4$+$" > +$- #**%:.; 0'%$"#$ '84'//."5$" $" :$4$.#/+**-%$5$4$" > :$#*,0-#''%,4*.+/+*($%/^C$/-<RWWS<Y>PP_?H$3$%/,0.44$"#$*,-'%$"#$1.".k%$"#$&$8%':4$+$" $"'84'//."5$"*44$+**4'8$$"*"#$%$+*".$%? + $$" '"#$%9$%8 '1 3$%/,0.;"/$4-$#$1.".k%$"<./#$-$(/-3**(5$(*#$%#."$$",'"-$E-2$$4 #$"(%**+?H.-#$"(%**+<'1-$9$40$-1%*+$<5$$1-:$-$($"./**"#$."1'%+*-.$3$$4$+$"-$"."$$" -$(/-^F*"h'%8<RWWZ<RVU_?r%*+$/:$o"34'$#$"#**%'+'"&$."-$%8%$-*-.$3*"$$"'"#$%9$%8'1 3$%/,0.;"/$4^F*"h$/-$4<RWWZ<TV_?'(#$."1'%+*-.$#.$$$":%'"**"$$";'2%"*4./-3$%/,0*1-<./ 5$(*#$%#."$$"&'="1%*+$?b4/;'2%"*4./-$"#.-1%*+$'3$%"$+$"."02"8%'#2,-<:.$#$":%'""$" 0$-82:4.$(02"3$%/.$3*"#$9**%0$.#**"^F*"h'%8<RWWZ<RYW_? C.""$"$$"#$+',%*-./,0$/*+$"4$3."58%':$%$":2%5$%/<:$4*"5$"5%'$8$"<#$'3$%0$.#$"8'4.-.,. *44$+**402"1%*+$&.,0-:**%-$+*($"."#$+$#.*?H$'3$%0$.#9.45%**5/-$2"3''%0**%:$4$.##2/ 5$:%2.(- $$" 1%*+$ 9**%." #.- :$4$.# &' 5'$# +'5$4.;( 2.- #$ 3$%1 ('+- ^F*" h$/-$4< RWWZ< TY_? C2%5$%/ 8%':$%$" '8 02" :$2%- +$-$$"$.5$"1%*+$*"#$%$"-$'3$%-2.5$"$"#$($2&$/3*"#$ '3$%0$.#-$:$o"34'$#$"^F*"h$/-$4<RWWZ<TY_?D**%;'2%"*4./-$"1%*+$"&$41''(."1'%+*-.$?L$- 9$4 '1 ".$- 9$$%5$3$" 3*" $$",.-**- $" #$ ($2&$ 3''% $$" :$8**4#$ :%'" &.;" :.;3''%:$$4# ''( 3'%+$"3*"1%*+$"^F*"h'%8<RWWZ<RYW_? F*"h$/-$4^RWWZ_0$$1-#%.$'3$%&.,0-$4.;($1.52%$"5$+**(-9**%."#$#$+',%*-./,0$12",-.$/3*" +$#.*&.;"/*+$"5$3'$5#+$-:%'""$"$"0$-:$5%.81%*+."5?H$5%.;/5$(4$2%#$34*(($"-'"$"9.$ 0$-.".-.*-.$1 "$$+- 3''% #$ :$%.,0-5$3."5? H$ 8.;4$" 4*-$" &.$" 9*""$$%.$+*"#."34'$# (*" 2.- '$1$"$"'80$-1%*+$$"#2/'8#$."-$%8%$-*-.$3*"0$-82:4.$(^F*"h$/-$4<RWWZ<TQ_?`"1.522%T ^#$."1'%+*-.$3$12",-.$_"$$+-#$'3$%0$.#0$-.".-.*-.$13''%#$:$%.,0-5$3."5$"(*"&.;*4/$$%/-."34'$# 2.-'$1$"$"'80$-1%*+$< 5$3'45# #''% $$" ;'2%"*4./-? `" 1.522% V ^#$ $E8%$//.$3$ 12",-.$_ "$+$":2%5$%/0$-.".-.*-.$13''%#$:$%.,0-5$3."5?6*#*-&.;#$."1'%+*-.$0$::$"."5$(*#$%#<(*" $$";'2%"*4./-''(0.$%"'5."34'$#'82.-'$1$"$"?`"1.522%Y^#$,'"-%'4$%$"#$'1(%.-./,0$12",-.$_ "$$+-$$";'2%"*4./-&$410$-.".-.*-.$13''%#$:$%.,0-5$3."5?`"&'="/.-2*-.$(*"*44$$"$$";'2%"*4./-."34'$#2.-'$1$"$"'80$-1%*+$."0$-".$29/:$%.,0-? *%

16 r.522%tod$#.*'$1$"$"."1'%+*-.$3$12",-.$2.- T r.522%vod$#.*'$1$"$"$e8%$//.$3$12",-.$2.- V E5044/%7F.95;2.G.1.1D/565=HI.G41H % L$-./#2/".$-8$%#$1.".-.$&'#*-0$-**"3*"($4.;(5$:%2.(-$1%*+$3*"$$":%'"*4-.;#**"/42.-:.; 0$-#'+."*"-$1%*+$#*-#$;'2%"*4./-2.-$."#$4.;(0*"-$$%-."0$-8%'#2,-?7*""$$%3$%/,0.44$"#$ ".$29/'%5*"./*-.$/02"."1'%+*-.$$,0-$%'8#$&$41#$:%'""$":*/$%$"'1+$#.*(*"*4$"$4(**%*4/ :%'"5$:%2.($"<./0$-$%59**%/,0.;"4.;(#*-jj"1%*+$'3$%0$$%/-^F*"h'%8<RWWQ<ZS_?7*""$$%#.- 5$:$2%-< 9'%#- 0$- 82:4.$( 3*" #$&$ +$#.* ".$- :4''-5$/-$4# **" 3$%/,0.44$"#$ 3./.$/ '8 $$" #,-./ "#$%&'(#*#"+(#,(-."/",0*"1#"12'922/:;1<.=6.>?@A?"++&?BA#'?C3=6./9;3?CD=;16A $,-./ "#$%&'(#*#"+(#,(-."/",0*"1#"12'922/:;1<.=6.>?@A?"++&?BA#'?C3=6./9;3?CD=;16 %,-./ "#$%&'(#*#"+(#,(-."/",0*"1#"12'922/:;1<.=6.>?@A?"++&?BA#'?C3=6./9;3?CD=;16 *&

17 5$:$2%-$"./<9*-".$-:$3'%#$%$"#./3''%0$-82:4.$($#$:*-$"#2/''(".$-3''%#$#$+',%*-./,0$ 12",-.$3*"#$+$#.*? 7$9$-$""2#*-+$#.*#%.$:$4*"5%.;($.#$**4-J8./,0$12",-.$/0$::$":.""$"$$"#$+',%*-.$?'( 9$-$"9$#*-#$*5$"#*=/3*"#$:$-%'(($"*,-'%$"I#$".$29/*5$"#*<#$82:4.$($*5$"#*$"#$ :$4$.#/*5$"#*>$4(**%:$o"34'$#$"-.;#$"/#$-'-/-*"#('+."53*"/',.*4$8%':4$+$"$"#$#$1.".-.$ 3*"'"&$/',.*4$9$%($4.;(0$.#?i'2%"*4./-$"$":%'""$"1%*+$":$%.,0-5$3."59**%#''%02"3$%/.$ 3*" #$ 9**%0$.#."0$-".$29/3$%/,0.;"-? K.-5**"#$ 3*" #$.#$**4-J8./,0$ +$#.*12",-.$/< #*" +*($" ;'2%"*4./-$" $$" $3$"9.,0-.5$ ($2&$ 2.- #$ 2.-$$"4'8$"#$ +$"."5$" 3*" #$ :%'""$"^F*" h$/-$4< RWWZ TZ_? C'3$"#.$" &.;" #$ :%'""$"." #.- 84**-;$ *19*,0-$"#$."1'%+*-.$3$%/-%$(($%/ $" ;'2%"*4./-$"8%'>*,-.$3$."1'%+*-.$3$%&*+$4**%/^F*"h$/-$4<RWWZ<TZ_?`"#$8%*(-.;(3$%4''8-''( #.-3**(*"#$%/? `"9$%($4.;(0$.#./#$%$4*-.$-2//$";'2%"*4./-$"$":%'""$""*+$4.;(3$4$+*4$"5$,'+84.,$$%#$%? i'2%"*4./-$"0$::$":%'""$""'#.53''%0$-2.-'$1$"$"3*"02"8%'1$//.$?c%'""$"&.;".++$%/".$- *44$$"$//$"-.$$43''%0$-3$%(%.;5$"3*"."1'%+*-.$$"#$,'"-$E-2$4$#2.#."5<+**%12"5$%$"''( *4/ 3$%.1.,*-.$+*-$%.**4 $" 4$5.-.+$%$" #$ ;'2%"*4./-.$($ '"8*%-.;#.50$.# ^H.+.-%'3* c f-%g+:s,(< RWWU< QZ_? Aj" 3*" #$ 3''%9**%#$" 9**%,'44$5*>;'2%"*4./-$" $" 0$- 82:4.$( #$ (9*4.-$.- 3*" $$" ;'2%"*4./-.$(8%'#2,-**"*1+$-$"<./'"#$%*"#$%$0$-5$:%2.(3*"+$$%#$%$:%'""$"^H.+.-%'3*c f-%g+:s,(<rwwu<qz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o"34'$#$"^C$%('9.-&<RWWU<PPP_?"#$%&'$(9.;/-2.- #*-:%'""$"3**(+$$%4$.#$"#&.;"."#$'"-#$((."5/1*/$3*"".$29/$"#$;'2%"*4./-$"0$-/-'(;$ '3$%"$+$"."#$2.-9$%(1*/$^G$.,0<RWPY<YWV_? *'

18 H''%#$('+/-3*"."-$%"$-$"/',.*4$+$#.*&.;";'2%"*4./-$"".$-4*"5$%#$/,0*($4-2//$":$#%.;3$" '1'3$%0$.#/."/-$44."5$"$"#$,'++2".,*-.$+$-02"82:4.$(^C2.;/<RWPV<VR_?b4/#$5$+$$"-$H$" L**5 :.;3''%:$$4# ".$29/ 0$$1- '3$% $$" $3$"-2$$4 :$/-$++."5/84*" 3*" 0$-,$"-%2+< (*" #.- %$,0-/-%$$(/ 5$#$$4# 9'%#$" +$-.$#$%$ 5$o"-$%$//$$%#$ L*5$"**%? H$ 5$o"-$%$//$$%#$ L*5$"**% #$$4-0$-:$%.,0-3.*/',.*4$+$#.*+$-$$":$3%.$"#$L*5$"$$/$"0$-".$29/5**-*4/$$"4'8$"# 322%-;$?H.-0J8'-0$-./,0$".$29/:$%.,0-<'1".$29/*,0-.5$:$%.,0-<./**"3*"($4.;(5$/,0%$3$"#''% #$,'++2".,*-.$*1#$4."53*"#$5$+$$"-$$"#2/0''5/-9**%/,0.;"4.;(5$(*#$%#."$$"a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r?B?`?D?<cB%$"5$%<D?<RWWV<VT_? b4+$-*4&'%5$"#$14."($:$&2.".5."5$":.;#$/4."($"#$".$29/%$#*,-.$/$"$%&.;#/$"#$5%'$.3*" +'5$4.;(0$#$" 3*" #$&$,'++2".,*-.$*1#$4."5$" *"#$%&.;#/ $%3''% #*- ;'2%"*4./-$" &.,0." $$" *10*"($4.;($8'/.-.$:$5$3$"-$5$"'3$%#$&$".$29/:%'""$"<9*--$%25-$&.$"./."#$:$%.,0-5$3."5 ^C2.;/<RWPV<VV_? *(

19 b*"5$&.$":%'""$"#$$42.-+*($"3*"#$*5$"#*:2.4#."5$"+$#.*+$$#."5$":.;0$-3'%+$"3*" #$ 82:4.$($ '8.".$<./ 0$- 3''% #$ #$+',%*-./,0$ 12",-.$ 3*" +$#.* :$4*"5%.;( -$ 9$-$" 9$4($ :%'""$"$%."0$-".$29/5$:%2.(-9'%#$"?H$8%*(-.;(4$$%-#*-;'2%"*4./-$"3''%($2%0$::$"3''%."/-.-2-.'"$4$:%'""$"<&'*4/8'4.-.,.'10'5$*+:-$"*%$"^C$%('9.-&<RWWU<PWY_?H$9''%#3'$%#$%/ '1,'++2".,*-.$*1#$4."5$" 3*" '3$%0$.#/."/-$44."5$"< 5%'-$ '%5*"./*-.$/ '1 :$#%.;3$" 3*44$" ''( '"#$%#$&$"'$+$%^C2.;/<RWPV<RZ_?i'2%"*4./-$"8%$1$%$%$"#$&$."/-.-2-.'"$4$:%'""$"'+#*-&$ +$$/-*4 5'$# :$%$.(:**% &.;" $" 3**( /"$4 8$%/(4*%$."1'%+*-.$ 3$%/-%$(($" ^C2.;/< RWPV< RZ_? D$- #*"(**"02"0'5$84$(."#$/*+$"4$3."5$"#$&$3''%($2%3*";'2%"*4./-$"<('+$"."/-.-2-.'"$4$ :%'""$"0$-+$$/-**"0$-9''%#."#$+$#.*^[*%4/'"<RWWU<YTT_?H**%"**/-(%.;5$"#$&$:%'""$" 3**(*4/$$%/-#$(*"/'+$$"5$:$2%-$"./'802"+*".$%."-$(*#$%$"$"-$#$1.".k%$"^[*%4/'"< RWWU<YTT_?L.$%#''%9'%#$"&.;''(9$4a8%.+*%J#$1."$%/=5$"'$+#^[*%4/'"<RWWU<YTT_?b*"#$ $"$(*"-0$::$";'2%"*4./-$"#$&$."/-.-2-.'"$4$:%'""$""'#.5$"**"#$*"#$%$(*"-5$3$"&$#$&$ :%'""$"$$"(*"/'+#$:$%.,0-5$3."5-$1%*+$"?"#$%9$%8$"."#$+$#.*9'%#$"#**%'+3**( '8$$"-'8>#'9"+*".$%:$"*#$%#? `" -$5$"/-$44."5 -'- :.;3''%:$$4# 8'4.-.,. 0$::$" :2%5$%/ +."#$% (*"/ '+." #$ :$%.,0-5$3."5 $$" 5$:$2%-$"./*4/$$%/--$#2.#$"^]$9./<`"-0'%"c7*04>i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cL$%+*"/<RWPY<QZ_? 8-$,0"'4'5./,0<,24-2%$$4$"/',.**434*(&.;"$%/-$$#/+$$%:*%%.t%$/-2//$":2%5$%$";'2%"*4./- 3$%#9$"$"$"#$&$'"-9.(($4."5./"'5/-$$#/5**"#$^G$.,0<RWPY<RVRU_?H.-9$(-#$3$%9*,0-."5 #*- :2%5$%:%'""$" /-$$#/ 3*($% *4/ :%'" 5$:%2.(- 9'%#$"? "#$%&'$( "**% 0$- :%'"5$:%2.(." 6$#$%4*"#/-$4$3./.$".$29/-''"-**"#*-$%."3$%5$4.;(."5-'-PUUW$"PUUZ+."#$%$4.-$:%'""$" *

20 **"0$-9''%#('+$"^\4$$+*"/<f,0**8cL$%+*"/<RWPY<PZV_?`"0$-'"#$%&'$(('+-"**%3'%$" #*-$%%$4*-.$1+$$%**"#*,0-3''%#$:2%5$%./<9*-$$"5'$#-$($"./3''%#$8*%-.,.8*-.$? A$"+."82"-./9$4#*-#$:2%5$%:%'"<#.$#$*15$4'8$";*%$"$$"5%'-$%$%'4/8$$4-."#$+$#.*< $$%#$% a#$ 9.44$($2%.5$ 3''%:.;5*"5$% '8 #$ b+/-$%#*+/$ b4:$%- [2J8=./< #*" :.;3''%:$$4# $$" ''55$-2.5$< 8*%-.,.8*"- '1 3$%-$5$"9''%#.5$% 3*" $$" :$9$5."5 ^\4$$+*"/< f,0**8 c L$%+*"/< RWPY< PZY_? 7*""$$% #$ :2%5$% *4/ 3''%:.;5*"5$% 9'%#- 5$3%**5# "**% &.;" '1 0**% +$"."5< &.;" 5$:$2%-$".//$"3**(*45$#2.##''%*"#$%$*,-'%$"?@$%9.;4*4/#$:2%5$%$$"*,-.$3$%'40$$1-<&'*4/ $$"3$%-$5$"9''%#.5$%'18*%-.,.8*"-3*"$$"5%'$8<#$5$"$&$41''($$"8'5."5#'$--'-#$1.".k%$"? H$ /-*"#82"-$" 3*" 0$- 3'4( ('+$" #2/ 0$- +$$/- -'- &.;" %$,0-< *4/ #$ :2%5$%/." #$&$ %'44$" 9'%#$"'85$3'$%#? $($%+$-#$('+/-3*"#$/',.*4$+$#.*./0$-3''%;'2%"*4./-$":2%5$%/-$$#/+*(($4.;($%'++$- $4(**%.",'"-*,- -$ ('+$"? L'$9$4 F4**+/$ ;'2%"*4./-$"." RWWS /',.*4$ +$#.* "'5 ".$- 3**( *4/ :%'" %**#84$$5#$"< 4**- $$" /2%3$J." RWPT *"#$%$,.;1$%/ &.$" ^F*" ]$23$"< f?< c H$8%$&< b?< c G*$J+*$,($%/<\?<RWPY<QS_?F''%*49$:/.-$/*4/@9.--$%$"r*,$:''(+*($"/-$$#/3*($%#$$42.- 3*"0$-".$29/5*%."58%',$/^F*"]$23$"<H$8%$&cG*$J+*$,($%/<RWPY<QS_?B*242//$"$"L*%#$% ^RWPV_,'",42#$%$" #*- *4/ /',.*4$ +$#.* 9'%#$" 5$:%2.(- *4/ :%'"< &$." :.;"* #$ 0$41-3*" #$ 5$3*44$"3$%9.;&$""**%5$9'"$:2%5$%/^B*242//$"cL*%#$%<RWPV<YVS_?A,0-$%9'%#-."&'="5$3*4 3**( #$ a/-$+ 3*" 0$- 3'4(= 5$%$8%$/$"-$$%# ^B*242//$" c L*%#$%< RWPV< YVS_? i'2%"*4./-$" :$"*#$%$"#$:2%5$%/#*"*4/,'44$,-.$1$"3**(8*%*1%*/$%$"&$02"2.-/8%*($"<'+$$"3''%:$$4# -$5$3$"3*"9*-$%/8$$4-:.;#$+*"."#$/-%**-^B*242//$"cL*%#$%<RWPV<YVS_?`"&'="5$3*4./ #$&$ :2%5$%:%'" #2/ 3$%5$4.;(:**% +$- #$ 3''%:.;5*"5$% '8 #$ b4:$%- [2J8? H$ 8'/-/ 3*" 8'4.-.,.< :$($"#$/8'%-$%/'1*"#$%$:$($"#$"9'%#$"#**%$"-$5$"3*($%#.%$,-'3$%5$"'+$"^B*242//$"c L*%#$%<RWPV<YVU_?H2/0'$9$4#$:2%5$%/-$+."#$4''8#$%;*%$"9$4+$$%#''%#$+$#.*9'%#- 5$0''%#<./#$:2%5$%".$-3**($$"a8%.+*%J#$1."$%=? L'$9$4 0$- **":'# **" -%*#.-.'"$4$ +$#.* /."#/ RWWY./ *15$"'+$"<./ 0$- -'-*4$ 4'(*4$ ".$29/**":'# p2*'+3*"55$5%'$.#^\.(<c*(($%cc2.;/<rwpt<tuu_?h.-0$::$"#$:2%5$%/ 3''%"*+$4.;(-$#*"($"**"#$'"4."$".$29/3$%/8%$.#."5^\.(<C*(($%cC2.;/<RWPT<TUU_?80$- "+

21 $$%/-$5$&.,0-4.;(-0$-#2/$$"5$/4**5#$**"3244."5O'114."$".$29/./3$%3*"5$"#''%'"4."$".$29/? K.- #.-&$41#$ '"#$%&'$( :4$$( $,0-$% #*-." 3$$4 8%'3.",.$/ 9**% #$ -%*#.-.'"$4$ +$#.* &.;" 9$55$3*44$"<#$5*-$"".$-3*"&$41/8%$($"#&.;"'85$324##''%#$".$29$'"4."$>.".-.*-.$3$"?A%./ &$41/ $$" &9*( -$5$"'3$%5$/-$4# 3$%:*"# -$ &.$" -2//$" #$ -9$$O 3**( &.;" $% +$$% 3*" #$&$.".-.*-.$3$"'884**-/$"9**%$%''(+$$%-%*#.-.'"$4$+$#.**,-.$1&.;"^\.(<C*(($%cC2.;/<RWPT< TUU_? 7*-:4.;(-./#*-/'++.5$4'(*4$".$29/**":.$#$%/".$-*4-.;#&$41'%.5."$$4".$29/8%'#2,$%$"^\.(< C*(($%cC2.;/<RWPT<TUV_?'5$"**+#$*55%$5*-.$9$:/.-$/84**-/$"".$29/>'18$%/:$%.,0-$"#''% &'"#$% $".5$ **"8*//."5 $" -%*#.-.'"$4$ +$#.* 5$:%2.($" 02" :$%.,0-$" 3**( #2::$4? A$"&$41#$ :$%.,0-3$%/,0.;"-#*":.;3''%:$$4#."#$8*8.$%$"4'(*4$(%*"-<'8#$9$:/.-$3*"#$4'(*4$(%*"-$" '8r*,$:''(8*5."*3*"#$4'(*4$(%*"-?L$--'-*4$4'(*4$".$29/**":'#./#2/5$5%'$.#+**%#$&$ 5%'$.0$$1-".$-8$%#$1.".-.$3''%+$$%#.3$%/".$29/5$&'%5#? b4/$%/4$,0-/5$($($"9'%#-"**%0$-".$29/'3$%4'(**4:$4$.#<:4.;(-#*-4'(*4$$"%$5.'"*4$+$#.* +'$.-$0$::$"+$-#$3$%/8%$.#."53*"."0'2#$4.;($."1'%+*-.$#.$"'#.5./3''%$$"9$4'3$%9'5$" ($2&$ 3*" #$ :2%5$% ^L.$-:%."(< \$24$" c F*" F''%/-< RWPW< TY_? f4$,0-/ $$" (9*%- 3*" *44$ :$%.,0-5$3."55**-'3$%4'(**4:$4$.#^]*"#+*"<c\.(<RWPY<RT_?C'3$"#.$",'",42#$%$"L.$-:%."(c L$%+*"/^RWPY_#*-0$-".$29/'3$%#$4'(*4$8'4.-.$(:2.-$"#$3$%(.$&."5/8$%.'#$5%'-$"#$$4/2.- ('%-$ :$%.,0-$" $" ".$29/3$%0*4$" :$/-**-? b%-.($4$" +$- $$" *"#$% 5$"%$< &'*4/ $$" *,0-$%5%'"#*%-.($4'1$$"."-$%3.$9<&.;"5$#2%$"#$$$"%$524.$%$8$%.'#$/,0**%/-$%9.;4#$%5$4.;($ 5$"%$/ +$$% %2.+-$ :.$#$" 3''%."-$%8%$-*-.$ $" #$ :2%5$% 2.-5$:%$.#$%."1'%+$%$" ^L$%+*"/ c L.$-:%."(<RWPY<ZS>QP_? H$-%*#.-.'"$4$(%*"-:4.;(-."H$"$+*%($"0$-:$4*"5%.;(/-$+$#.2+9*-:$-%$1-0$-3$%/8%$.#$"3*" #.- 4'(*4$ 8'4.-.$($ ".$29/ ^6.$4/$"< RWPY< PR_? h$&.$" 0$- 3$%5$4.;(:*%$ +$#.*/J/-$$+ 3*" H$"$+*%($"$"6$#$%4*"#^L*44."cD*",.".<PUUU<YY_<./0$-**""$+$4.;(#*-#.-''(."6$#$%4*"# 0$-5$3*4./?+#*-;2./--%*#.-.'"$4$+$#.*<9**%'"#$%#$(%*"-$"<0$-$,'"'+./,0+'$.4.;(0$::$" $"&$41/3$%#9.;"$"<./0$-#2/#$3%**5'1#$4'(*4$$"%$5.'"*4$+$#.*02"."1'%+*-.$3$12",-.$9$4 9**%(2""$"+*($"? H*-;'2%"*4./-$":'3$"#.$"."-0$'%.$3$$49**%#$0$,0-$"**"#$,'"-%'4$%$"#$'1(%.-./,0$12",-.$ 4.;(-<&$($%'84'(**4".3$*2<".$-*4-.;#0$4$+**4'3$%$$"-$('+$"+$-9*-$%."#$8%*(-.;(5$:$2%-? i'2%"*4./-$" 3*" 4'(*4$ $" %$5.'"*4$ ".$29/'%5*"./*-.$/ (%.;5$" /'+/<." -$5$"/-$44."5 -'- #$ -$%+ "*

22 9**(0'"#<''(9$4#$-$%+/,0''-0'"#-'$:$#$$4#^L$44$(*"-<RWPZ<PV_?H$02.#.5$8%':4$+*-.$( 3*"".$29/'%5*"./*-.$/<9**%'"#$%-.;#>$"5$4#5$:%$(<-%$1-"*+$4.;(3''%*4#$4'(*4$$"%$5.'"*4$ +$#.*? ]'(*4$ $" %$5.'"*4$ ;'2%"*4./-$" &.;" #**%'+ /-$$#/ 3*($% *10*"($4.;( 3*" 02" :%'""$" ^=6$.44 c =['""'%< RWWS< VUS_? H$ ;'2%"*4./-$" 0$::$"5$$"-.;#'+,'"-*,-'8-$"$+$"+$- +$$%#$%$:%'""$"<&$84**-/$"8$%/:$%.,0-$"+$-5$%."5$**"8*//."5$"#''%$""$+$"/-2(($"3*" $4(**%'3$%? ' :4$$( #*-." #$ %$5.' 7$/- q'%(/0.%$." h%''->c%.--*"".k 0$- '3$%5%'-$ #$$4 3*" #$ ".$29/:$%.,0-$" 5$:*/$$%# 9*/ '8 jj" :%'" ^=6$.44 c =['""'%< RWWS< VUS_? D**% ''( 2.- '"#$%&'$(#.,0-$%:.;02./:4$$(#*-."ZS8%',$"-3*"#$4'(*4$$"%$5.'"*4$:$%.,0-5$3."5'8"24'1 jj":%'"5$5%'"#9*/^l.$-:%."(cl$%+*"/<rwpy<sp_?l$-5$+.##$4#**"-*4:%'""$"8$%:$%.,0- ('+-2.-'8P<RS."#$'114."$+$#.*<&'*4/5$8%."-$(%*"-$"$"#$%*#.'<$"'8P<PY:%'"8$%:$%.,0-." #$ '"4."$ +$#.* ^L.$-:%."( c L$%+*"/< RWPY< SP_? H$ 5$8%."-$ %$5.'"*4$ #*5:4*#$" /,'%$" :'3$"5$+.##$4#+$-P<ZV:%'"8$%:$%.,0-^L.$-:%."(cL$%+*"/<RWPY<ST_? L.$-:%."( c L$%+*"/ ^RWPY_,'",42#$%$" :'3$"#.$" #*- #$ 4'(*4$ $" %$5.'"*4$ +$#.*." #$ '"#$%&',0-$ 6$#$%4*"#/$ 5$+$$"-$" "*29$4.;(/ :2%5$%:%'""$" 5$:%2.($"? `" #$ 5$0$4$ :$%.,0-5$3."5.//4$,0-/-.$"8%',$"-3*"#$'85$3'$%#$:%'""$":2%5$%<3.;1-.$"8%',$"-:$0''%--'- 0$-+**-/,0*88$4.;(+.##$"3$4#$"3.;1$"&$3$"-.58%',$"-3*"#$:%'""$"#.$5$:%2.(-9'%#$"&.;"."/-.-2-.'"$$4^L.$-:%."(cL$%+*"/<RWPY<SV_?b4/:2%5$%/'85$3'$%#9'%#$"."4'(**4".$29/<./#.- +$$/-*4." #$ %'4 3*" ''55$-2.5$ '1 :$-%'(($"$ ^L.$-:%."( c L$%+*"/< RWPY< #$ 3$%(.$&."5$" 3$%*"#$%#$" #$ 3$%0'2#."5$" $"./ $% %$4*-.$1 +$$% **"#*,0-3''% :2%5$%3$%-$5$"9''%#.5$%/^L.$-:%."(cL$%+*"/<RWPY<UW_?H.-./$$"*,-.$3$%$%'49*-:$-%$1-#$ :2%5$%8*%-.,.8*-.$:.""$"#$4'(*4$#$+',%*-.$? \$$/C2.;/^RWPV_5$$1-$$"3$%(4*%."53''%0$-/,0**%/$5$:%2.(3*":2%5$%:%'""$"?L.;:$/-$$#-." &.;" 8%'$1/,0%.1- **"#*,0- **" #$ %'2-."$/ 3*" 4'(*4$ $" %$5.'"*4$ ;'2%"*4./-$"? H$ %$#*,-$2%$" 5$:%2.($" 3'45$"/ #$ '"#$%&'$($% 3**( :%'""$" " $.5$" "$-9$%(< 9*- $%'8 "$$% ('+- #*- a5$9'"$ 9.;(:$9'"$%/ $" #'%8$4."5$"=." #$ +."#$%0$.# &.;" ^C2.;/< RWPV< RPV_? L.; /-$4- #*- #$ '"#$%&',0-$%$5.'"*4$%$#*,-.$/"'5"*29$4.;(/0$-a:2%5$%+'#$4=-'$8*//$"<9*-&.,0'"#$%*"#$%$ ($"+$%(- #''% #$ :'--2+>28>:$"*#$%."5 3*" ".$29/3$%0*4$" ^C2.;/< RWPV< PTW_? A$" #$%5$4.;($ :'--'+>28>:$"*#$%."5 /-.+24$$%- #$ :2%5$%8*%-.,.8*-.$ ^C2.;/< RWPV< TS_ $"#2/#$$E8%$//.$3$ 12",-.$? $ ""

23 '*4/*4$$%#$%:$/8%'($"."uR?Y?P./#$(%*"-"'5/-$$#/0$-:$4*"5%.;(/-$+$#.2+*4/0$-5**-'+ :$%.,0-5$3."5'3$%4'(*4$:$4$.#/.//2$/?K.-'"#$%&'$(3*"]*,J$-*4?^RWPT_:4.;(-#**%"**/-#*-#$ (9*4.-$.-3*"0$-:%'"5$:%2.(."#$3$%/4*55$3."5'3$%4'(**4:$4$.#5$+.##$4#:$-$%."(%*"-$"./ #*"'8#$%*#.'^]*,J<f?<$-*4<RWPT<VQW_?D**%''(-2//$"#$3$%/,0.44$"#$%*#.'/-*-.'"/./$%$$" (9*4.-$.-/3$%/,0.49*-:$-%$1-0$-:%'"5$:%2.(?'5$:%2.($"82:4.$($%*#.'/-*-.'"/.".-$+/'3$% 4'(**4:$4$.#5$+.##$4#+$$%:%'""$"#*"02",'++$%,.k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

24 :*%%.t%$/ 0$$1- *4 $".5/&."/ 3''% $$" /-.;5."5 3*" :2%5$%:%'""$" 5$&'%5#? b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jj"1%*+$#$'3$%0*"#<9*-".$-:$3'%#$%4.;(./3''% 0$- 82:4.$($ #$:*-? "#$%&'$( -''"- **" #*- '114."$ +$#.* 5$+.##$4# +$$% :%'""$" 8$% :$%.,0-5$:%2.($"#*"'"4."$+$#.*?F*"#$&$'114."$ +$#.* 5$:%2.($" %$5.'"*4$#*5:4*#$"5$+.##$4##$ +$$/-$:%'""$"8$%:$%.,0-?A.5$"#'+/3'%+3*"$$"+$#.2+(*"#$(9*4.-$.-3*"0$-:%'"5$:%2.( :$o"34'$#$"? "$

25 `" #.- '"#$%&'$(./ 5$('&$" 3''% $$",*/$/-2#.$? + $$" :%$#$% :$$4# -$ (%.;5$" 3*" #$&$ 4'(*4$ +$#.*12",-.$/ :.""$" $$" ".$29/$,'/J/-$$+<./ 3*" -9$$ 5%'-$ /-$#$" jj" 9$$( ".$29/ '"#$%&',0-?K-%$,0-$"H$"L**5&.;":$.#$0''1#/-*#3*"02"8%'3.",.$$":$0'%$"-'-#$hV<#$ 3.$%5%''-/-$/-$#$"3*"6$#$%4*"#?L$-+$#.*4*"#/,0*8."#$-9$$/-$#$"./3$%5$4.;(:**%?C$.#$ /-$#$" :$/,0.(($" '3$% TZ +$#.*>*1&$"#$%/? H$&$ *1&$"#$%/ 3$%/8%$.#$" 02" :$%.,0-$" 3.* QY (*"*4$"." H$" L**5 $" 3.* QQ (*"*4$"." K-%$,0-? ' (*" $$" *1&$"#$% *4/ b45$+$$" H*5:4*# :.;3''%:$$4# #%.$ (*"*4$" 5$:%2.($" '+ 0$- ".$29/ '8 -$ 84**-/$"O #$ (%*"-< #$ 9$:/.-$ $" r*,$:''(?h$4.;/-$"+$-*44$".$29/+$#.*&.;"-$%25-$3."#$"."\(2.5&$#$]$? b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o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v/4*,0-'11$%< 8*%-.,.8*"- '1 3$%-$5$"9''%#.5$%? H$ 3'E>8'8./ $$" 8*//.$3$ 3''%:.;5*"5$%$"#2/$.5$"4.;("*29$4.;(/:$-%'(($":.;0$-".$29/'"#$%9$%8+**%#$8*%-.,.8*"-'1 "%

26 3$%-$5$"9''%#.5$%./ :2%5$%/,0*8-$,0"./,0 +$$% *,-.$1? H$ 3$%0'2#."5-2//$" #$ '85$3'$%#$ :%'""$"<+$-"*#%2('80$-**"-*4$"#$3*%.k-$.-**":2%5$%:%'""$"<&*4**"-'"$"."0'$3$%%$#$ $E8%$//.$3$12",-.$-'-&.;"%$,0-('+-?H$&$1*,-'%$"&244$"#*"''(#$9**%#$3*"#$&$-9$$#$ 3*%.*:$4$ :$8*4$"? 7$#$%'+ 9'%#- 5$9$%(- +$- #$ "$--' #*-*< #2/ #2::$4$ :$%.,0-$" &.;" $%2.- '"#$%&',0-?H$'"-9.(($4."53*"$$"L**5/$$"$$"K-%$,0-/$8'4.-.$($".$29/5$:$2%-$"././ '"#$%&',0-?`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v+ PS /$8-$+:$%RWPZ5$,'#$$%#<+.-/#$&$".$29/:$3*--$"'3$%#$5$+$$"-$H$"L**5$"#$5$+$$"-$ K-%$,0-? b44$ 4'(*4$ $" %$5.'"*4$ +$#.* :.""$" #$ ".$29/$,'/J/-$+$" &.;" '"#$%#$$43*"#.- '"#$%&'$(<."#.$"#$&$+."/-$"/9$($4.;(/,'"-$"-84**-/$"?H2/&'9$4'114."$$"'"4."$+$#.*<#*5> $" 9$$(:4*#$"< 0J8$%4',*4/< ".,0$ +$#.* $" '+%'$8$" -$44$" +$$ *4/ '"#$%&'$(/+*-$%.**4? h$+$$"-$:$%.,0-$" '1 8$%/:$%.,0-$" #.$ &'"#$% -'$3'$5."5$" &.;" #''%5$84**-/- &.;" :2.-$" :$/,0'29."5 5$4*-$"? '( &.;" /8'%-3$%/4*5$"< 02+*"."-$%$/- 3$%0*4$"< ('%-$ **"('"#.5."5$" '1 *#3$%-$"-.$/< 0./-'%./,0$ 3$%/4*5$" &'"#$% *,-2$$4 ".$29/1$.- $" :$%.,0-$" &'"#$% ;'2%"*4./-.$($."82-".$-+$$5$%$($"#*4/".$29/:$%.,0-? `" #$ $$%/-$ 1*/$ &.;" *44$ ".$29/:$%.,0-$" 5$,'#$$%# '8 -J8$ +$#.*< -.-$4 +$#.2+< "**+ $#.-.$< #*-2+ $" -.;#< -J8$ 5$"%$< '"#$%9$%8< 5$:%2.(-$ :%'""$"< %$*,-.$/ $" '1 0$- :$%.,0-4'(**4 :$4$.# :$-%'1 '1 ".$-? 4?7&&.'(*5$ #$ ]$ 5$3$"-$%3$%#2.#$4.;(."5$$"4$$5,'#$$%/;*:4''"9$$%?C.; 0$- +$#.2+-J8$<'"#$%9$%8<5$"%$$"#$5$:%2.(-$:%'""$"./'"#$%/,0$.#5$+**(--2//$"$$"**"-*4 /2:,*-$5'%.$k"?4?7&&.'(*5$9;$D;$I$]$^5$3$"-$3$"/-$%3$%#2.#$4.;(."5#$&$,*-$5'%.$k"9$$%?H$ "&

27 5$#$-*.44$$%#$,%.-$%.* 3''% #$."#$4."5 3*" #$,*-$5'%.$k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b1:$$4#."5poa$%/-0$41-4$$5,'#$$%/;*:4''" "'

28 b1:$$4#."5to[*-$5'%.$k"+$#.2+-j8$ b1:$$4#."5vo[*-$5'%.$"'"#$%9$%8 b1:$$4#."5yo[*-$5'%.$k"5$"%$ b1:$$4#."5zo[*-$5'%.$k":%'"5$:%2.( "(

29 h$&.$" #$ '+3*"5 3*" 0$- '"#$%&'$(/+*-$%.**4<./ 0$-,'#$$%9$%( 3$%#$$4# '3$% +$$%#$%$ 8$%/'"$"? H.- (*" 2.-$%**%# 3''% 3$%/,0.44$".",'#$$%/-.;4 &'%5$"? + #$&$ 3$%/,0$.#$"0$.#." -$ 8$%($"<&.;"#$,'#$2%/3''%*15**"#**"0$-'"#$%&'$(5$-%*."#$"5$-$/-?C'3$"#.$"+**(-$"#$,'#$2%/ 5$#2%$"#$ 0$-,'#$%$" 5$:%2.(3*"$$"#''%0$-f-.+24$%."5/1'"#/3''% #$ i'2%"*4./-.$( '"-9.(($4#$,'#$$%."/-%2,-.$/^&.$\(2.5&$9$]$D_?@'-/4'-&.;"".$29/:$%.,0-$"#.$4*/-.5-$,'#$%$" 9*%$"<(4*//.(**4:$/8%'($"? B$%'"#$%&'$(/3*%.*:$4$^4'(**4:$4$.#<'"#$%9$%8<5$"%$<**"-*4:%'""$"_./#$\b]BLb:$%$($"# '+.$-/ -$ (2""$" &$55$" '3$% #$ +*-$ 3*" :$-%'29:**%0$.# 3*" #$,'#$%."5 3*" #$,'#$2%/? \b]blb./\%.88$"#'%11=/b480*?l.$%+$$(2";$#$`[c:$%$($"$"3*"t'1+$$%,'#$2%/<*"#$%/#*" #$a5$9'"$=['0$"=/\bbbb9**%r,'#$2%/+$-$4(**%3$%5$4$($"9'%#$"?c.;$$"\b]blb3*"w?s /8%$$(- +$" 3*" $$" 5'$#$ :$-%'29:**%0$.#< -'- $$" +.".+2+ W?ZvW?ZQ? "#$% W?Z./ #$ :$-%'29:**%0$.#3*"#$,'#$%."5".$-5'$#5$"'$5'+0*%#$2.-/8%*($"-$#'$"? H$2.-/4*5$"3*"#$Z,'#$2%/2.-H$"L**5&.;"-$3."#$"."\(2.5&$IT$\&60,8/703&('+-(2?&0+?H$ \b]blb 3*" #$ L**5/$,'#$2%/./ 3''% $$" **"-*4 '"#$%#$4$" 4*5$% 2.-5$3*44$" #*" 3$%9*,0-? F$%5$4.;(:*%$ :$%$($"."5$" &.;"5$+**(-3''%#$,'#$2%/2.-K-%$,0-$"*44$,'#$2%/5$&*+$"4.;(? H$&$2.-/4*5$"&.;"'8-$3%*5$":.;0$-f-.+24$%."5/1'"#/3''%#$i'2%"*4./-.$(? H$5$('&$"'"#$%&'$(/+$-0'#$."#.-'"#$%&'$(0$$1-''($$"**"-*4:$8$%(."5$"?@$"$$%/-$./ $$",*/$/-2#.$ 8$% #$1.".-.$ $$" *"*4J/$ 3*" /4$,0-/ jj" '1 $"($4$ 5$3*44$"? A%./ #2/ 8$% ".$29/$,'/J/-$$+ /8%*($ 3*" '":$($"#$ 5$3*4/8$,.1.$($ ($"+$%($" $" 1*,-'%$"< #.$ 3*"."34'$# &.;" '8 #$ 5$,'#$$%#$ +$#.*>."0'2#? h$"$%*4./*-.$ 3*" #$ '"#$%&'$(/%$/24-*-$"./ #*" ''( ".$- $" %$5.'"*4$ +$#.*? L$- 5$:%2.( 3*" #$ ".$29/,'"/2+$"-./ :2.-$" :$/,0'29."5 5$4*-$"? L$- #**#9$%($4.;($$11$,-'80$-82:4.$(./#2/."#.-'"#$%&'$(/4$,0-/$$"**""*+$<9$4./9**%'8:*/./ :$%.,0-$"./:2.-$":$/,0'29."55$4*-$"?L$-./:.;3''%:$$4#5'$#+'5$4.;(#*-$$";'2%"*4./-jj" "

30 :%'""'$+-."$$":$%.,0-+**%'8#$%$#*,-.$(*+$%9$43.;1:%'""$"0$$1-5$%**#84$$5#?8#*- +'+$"-./#2/*44$$"#$:%'"#.$5$"'$+#./<+$$5$"'+$"."#.-'"#$%&'$(?K.-/8%*($"'3$%4'(*4$ #$+',%*-./,0$+$#.*12",-.$/&.;"#2/$"($4'8#$8%'#2,-$"3*"#$+$#.*5$12"#$$%#? #+

31 L'$9$4 0$- **"-*4 +$#.*(*"*4$"." H$" L**5 $"K-%$,0-'"5$3$$%0$-&$41#$./<9*%$"." #$ '"#$%&',0-$9$$(."H$"L**5QP3*"#$&$(*"*4$"*,-.$1$"."K-%$,0-/4$,0-/YV?H.-./''(-$%25-$ &.$"." #$ -'-*4$ :$%.,0-5$3."5 #.$ 9$$(? `" #$ '"#$%&',0-$ 9$$(&.;"."H$"L**5"*+$4.;(PQSW :$%.,0-$" 5$-$4#<-$%9.;4#.-$%."K-%$,0-PWSQ 9*%$"? b4/ $% 9'%#- 5$,'%%.5$$%# 3''% #.%$,-$ #''%84**-/."5$"$"0$%0*4."5$"<:4.;3$"$%."H$"L**5PVPR'%.5."$4$:$%.,0-$"'3$%$"."K-%$,0- SWT?B$%*,-.$1+$#.*(*"**4&.;"#*-5$+.##$4#'"5$3$$%RW:$%.,0-$"3''%#$L**5/$(*"*4$"$"PY 3''%#.$3*"K-%$,0-? `"0'$3$%%$#$4'(*4$$"%$5.'"*4$+$#.*:2%5$%/."1'%+$%$"'3$%5$+$$"-$4.;(:$4$.#<0*"5-*13*" #$ +*-$ 3*" +$#.*>**"#*,0-3''%#.-#'+$."? F*" #$ -'-*4$ L**5/$ :$%.,0-5$3."5 5."5."#$ #*-PQ<Pw3*"#$-'-*4$L**5/$:$%.,0-5$3."5$"U<Tw3*"#$-'-*4$K-%$,0-/$:$%.,0-5$3."5<'114."$ :$4$.#/".$29/./?L$-5$#$$4-$:$4$.#/".$29/#*-'8r*,$:''(3$%/,0.;"-./+$-T<Qw$"R<Rw3*"#$ Berichtgeving over lokaal beleid Online Online Facebook Offline Totaal Aantal berichten Aantal berichten over lokaal beleid Den Haag % over lokaal beleid per mediumsoort % over lokaal beleid van totale berichtgeving Den Haag Aantal berichten Aantal berichten over lokaal beleid Utrecht % over lokaal beleid per mediumsoort % over lokaal beleid van totale berichtgeving Utrecht ,9% 6,7% ,3% 5,1% ,4% 3,7% ,5% 2,2% ,1% 17,1% ,3% 9,3% ,5% 27,5% ,7% 16,7% #*

32 C$(.;($" 9$ 0$- **"#$$4 :$4$.#/".$29/ 8$% +$#.2+/''%-< #*" 4.55$" #$ 8$%,$"-*5$/ #.,0-$%:.; $4(**%?F*"*40$-'114."$".$29/#*-."K-%$,0-5$82:4.,$$%#./<5**-PQ<Tw'3$%0$-4'(*4$:$4$.#? H.-&$41#$8$%,$"-*5$5$4#-3''%0$-'"4."$".$29/?F*"*44$4'(*4$".$29/:$%.,0-$"'8r*,$:''(./." K-%$,0-PT<Yw:$4$.#/".$29/?L'$9$4*44$#%.$#$L**5/$+$#.*/''%-$"<&'9$4*:/'422-*4/%$4*-.$1< +$$%:$%.,0-$"3$%/8%$.#$"'3$%#$4'(*4$8'4.-.$(<5**-''(0.$%".$-+$$%#*"$$"#$%#$3*"0$- ".$29/'"4."$<'114."$'1'8r*,$:''('3$%0$-:$4$.#?H$'114."$+$#.*/8*""$"9$#$%'+#$(%''"O TW<Pw3*"0$-'114."$".$29/."H$"L**55**-'3$%4'(*4$:$4$.#/(9$/-.$/? 7$4( +$#.*-J8$ %$4*-.$1 0$- +$$/- '3$% 4'(**4 :$4$.# :$%.,0-< ('+- "**% 3'%$"." #$ 5%*1.$($" 0.$%'"#$%?h%*1.$(PcR-'"$"0'$#$:$%.,0-5$3."5'3$%#$3$%/,0.44$"#$+$#.*-J8$"./3$%#$$4#?`" H$" L**5 &.;" #%.$ #2.#$4.;($ 2.-/,0.$-$%/O 0$- '114."$ #*5:4*# $" #$ 4'(*4$ $"%$5.'"*4$%*#.'? A" 0'$9$4 0$- 5$8%."-$ ".$29/:4*# **" 0$- -'-**4 ".$-.++$"/ 3$$4 -'$3'$5-< 0$::$" PV 3*" #$ RT ".$29/:$%.,0-$"."0$-:4*# :$-%$((."5-'-0$-5$+$$"-$4.;(:$4$.#?G$4*-.$15$&.$"5**-#2/+$$% #*"#$0$41-3*"#$:$%.,0-5$3."5."0$-5$8%."-$".$29/:4*#'3$%4'(*4$:$4$.#/&*($"? h%*1.$(pob*"#*,0-3''%4'(**4:$4$.#8$%+$#.2+-j8$h$"l**5 C19./= P2D;;>J.>.59 "%+ "++ *%+ *++ %+ + " %" "" "+ ** *" "# "" && ** * " * *$ * % &+ * *' 9;0J>;9KG;H.J22DL 9;0J>;9KB/516L 9;0J>;9KM.J=56.L I45=;;1I45=J>;9KG;H.J22DL I45=;;1I45=J>;9KB/516L I45=;;1I45=J>;9KM.J=56.L IOB./>2H;>KG;H.J22DL IOB./>2H;>KM.J=56.L >2D;>.23/2.BKG;H.J22DL >2D;>.23/2.BK/;952L >2D;>.23/2.BK6.>.-5=5.L >2D;>.23/2.BKM.J=56.L 15HI.3.95;KG;H.J22DL 15HI.3.95;KM.J=56.L 15.4M=J>;9KB/516L 15.4M=J>;9KM.J=56.L /.0521;>.23/2.BKG;H.J22DL /.0521;>.23/2.BK/;952L /.0521;>.23/2.BK6.>.-5=5.L /.0521;>.23/2.BKM.J=56.L `"K-%$,0-./$$"*"#$%8*-%''"9**%-$"$+$"?L$-5$8%."-$#*5:4*#:4."(-2.-*4/3$%/8%$.#$%3*" #.--J8$".$29/?H**%"**/-./#$0J8$%4',*4%$4*-.$1$$":$4*"5%.;($%$/8$4$%?7*"-''(*4./#$-'-*4$ :$%.,0-5$3."53*"#$%$5.'"*4$%*#.'+$$%#*"3*"#$'3$%.5$+$#.*-J8$"<$%3$%/,0.;"-&'9$4'8 r*,$:''(*4/'8#$".$29//.-$3*"#$0j8$%4',*4+$$%:$4$.#/".$29/? #"

33 </;G5.D"7C;19;HI6-22/>2D;;>J.>.59B./ OB.Q6/.HI6 C19./= *&+ *$+ *"+ *++ (+ &+ $+ "+ + * #' *" $ *& *$ ( " * * *# # *# ( 6.$- *44$$" 0$- 3'42+$ 3*" #$ :$%.,0-5$3."5 '3$% 4'(**4 :$4$.# :$8**4- #$ (9*4.-$.- 3*" #$."1'%+*-.$3$ 12",-.$? '*4/." 0$- -0$'%$-./,0 (*#$% 2.-5$4$5#< 5$$1- $$" *,0-$%5%'"#*%-.($4 '1."-$%3.$9:.;3''%:$$4#3**(+$$%."&.,0-$"2.-4$5#*"$$"('%-".$29/:$%.,0-?A$":2%5$%./#*"#2/ 2.-5$:%$.#$%5$o"1'%+$$%#9*""$$%#$&$$$"8%'#2,-+$-+$$%."0'2#,'"/2+$$%-?`"@*:$4R./-$ &.$"#*-0$-L**5/$:$4$.#/".$29/3''%:.;"*#$0$41-:$/-**-2.-('%-$".$29/:$%.,0-$"?'(('%-$ ".$29/3$%0*4$" &.;" %2.+ **"9$&.5."#$5$,'#$$%#$#*-*? f*+$"./ #.- ('%-$ ".$29/ 5'$# 3''% QQ<Sw3*"*44$:$%.,0-5$3."5'3$%4'(**4:$4$.#?H.-8$%,$"-*5$./.$-/4*5$%#*"."K-%$,0-+**%&$($% 3$%5$4.;(:**%? H**% 3'%+$" #$&$ ('%-$ ".$29/:$%.,0-$" $" I3$%0*4$" SR<Pw 3*"0$--'-*4$ 4'(*4$ :$4$.#/".$29/? ##

34 @*:$4ROC$%.,0-5$3."54'(**4:$4$.#8$%5$"%$ Genre lokaal beleid Den Haag Utrecht Berichten Percentage Berichten Percentage achtergrondverhaal 26 6,7% 5 3,7% column 9 2,3% 5 3,7% commentaar 1 0,7% ingezonden brief 5 1,3% 1 0,7% interview 26 6,7% 5 3,7% nieuwsbericht ,2% 54 40,3% nieuwsverhaal ,6% 56 41,8% opiniestuk 1 0,7% talkshow 2 1,5% verslag 12 3,1% 4 3,0% (leeg 6 8 2,1% Eindtotaal ,0% ,0% `" H$" L**5 #$4$" *,0-$%5%'"#3$%0*4$" $"."-$%3.$9/ #$ #$%#$ 84$(< 5$3'45# #''%3$%/4*5$"?`" K-%$,0-9'%#- #$ #$%#$ 84$( 5$#$$4# #''% *,0-$%5%'"#3$%0*4$"<."-$%3.$9/ $",'42+"/? 7*- '3$%.5$"/ 9$4 '83*4-./ #*- 0'$9$4 #$ 8$%,$"-*5$/ > Z<Qw$"T<Qw> ".$- 5$( 3$$4 3*" $4(**% 3$%/,0.44$"<#$*:/'42-$**"-*44$"$$"*"#$%:$$4#/,0$-/$"?'&.;"$%."jj"9$$(:.;3''%:$$4#RZ *,0-$%5%'"#*%-.($4$"5$,'#$$%#."H$"L**5-$%9.;4#.-$%."K-%$,0-/4$,0-/Y9*%$"? 7'%#$"#$&$5$5$3$"/."$$"-*:$45$3'$5#+$-#$3$%/,0.44$"#$+$#.*-J8$"<#*"3$%/,0.;"-$%$$" +''.'3$%&.,0-&'*4/." -*:$4 Y c Z." \(2.5&$ ^T$ R7&..&*? H$&$."1'%+*-.$./ 3$%3'45$"/." #$ 5%*1.$($"0.$%'"#$%'85$/84.-/-."-9$$,*-$5'%.$k"?7$&.$"9$4($/8$4$%/0$-82:4.$(/4$,0-/3*" ('%-".$29/3''%&.$"$"9$4($''(+$$%#2.#."5'1$E-%*."1'%+*-.$5$3$"?h%*1.$(T5$$1-#$,.;1$%/ 3*" H$" L**59$$%? H$ 3$%/,0.44$"#$ 5$"%$/ &.;" '3$% 3$%/,0.44$"#$ +$#.*(*"*4$" 3$%/8%$.#-? H$ 4'(*4$$"%$5.'"*4$%*#.'&$"#$%/<0$-5$8%."-$$"'"4."$#*5:4*#<0$-5$8%."-$".$29/:4*#$"&$41/ 0$-5$8%."-$02./>**">02./:4*#9.//$4$"#$('%-$".$29/:$%.,0-$"$"I3$%0*4$"5$%$5$4#*1+$-$$" *"#$%5$"%$?`"-'-**43$%/,0.;"$"#$+$$/-$:$%.,0-$"+$-$$"*"#$%5$"%$'8#$%$5.'"*4$%*#.'? &<.1/.5= >9922/H29.4/.1;/65D.>5= / A #$

35 #% h%*1.$(toh$"%$8$%+$#.2+-j8$h$"l**5 `"K-%$,0-3$%/,0$"$"#$+$$/-$:$%.,0-$"+$-$$"*"#$%5$"%$#*"".$29/:$%.,0-'1>3$%0**4'8 #$9$:/.-$3*"#$%$5.'"*4$'+%'$8<'8#$r*,$:''(8*5."*3*"#$0J8$%4',*4$"."0$-5$8%."-$ #*5:4*#?`"-'-**484**-/-$#$0J8$%4',*43.;13*"#*-/''%-:$%.,0-$"<"$-jj"+$$%#*"#$*"#$%$ -9$$+$#.*-J8$"?A,0-$%:%*,0-0$-5$8%."-$#*5:4*#+$$%3*%.*-.$**"-2//$"#$&$3$%/,0.44$"#$ 5$"%$/?H.-./-$%25-$&.$"."-*:$4Z^\(2.5&$^T$R7&..&*_? h%*1.$(voh$"%$8$%+$#.2+-j8$k-%$,0- " *$ ( % " *# ' " *( # $ + *+ "+ #+ $+ %+ &+ '+ (+ P..0R C19./= S5.4M=J./5HI6T15.4M=-./I;;> $ " % * * * * " $ + % *+ *% "+ "% #+ #% $+ C19./= S5.4M=J./5HI6T15.4M=-./I;;>

36 =&*$A5TC.""$"0$-L**5/$".$29/$,'/J/-$$+5**-RQ<Yw3*"0$-".$29/'3$%4'(**4:$4$.#?H$ 3''%"**+/-$3$%/8%$.#$%/3*"#.-".$29/&.;"#$'114."$+$#.*?L$-5$8%."-$#*5:4*#<0$-5$8%."-$ ".$29/:4*#<#$4'(*4$%*#.'$"#$%$5.'"*4$%*#.':4."($"0.$%"*+$4.;(."2.-?L$-+$%$"#$$4I+**% 4.$1/-QQ<Sw>3*"#$&$:$%.,0-$"./'3$%.5$"/$$"('%-".$29/:$%.,0-'1".$29/3$%0**4?D$#.*-J8$" #.$#$&$('%-$:$%.,0-$"0$-+$$/-*19.//$4$"+$-$$"#.$85**"#$%$"."1'%+*-.$3$%5$"%$I&'*4/ $$"*,0-$%5%'"#*%-.($4'1."-$%3.$9I&.;"#$4'(*4$$"%$5.'"*4$%*#.'&$"#$%/<0$-5$8%."-$$"'"4."$ #*5:4*# $" 0$- 5$8%."-$ ".$29/:4*#?b15$&.$"3*" 0$- '"4."$ #*5:4*#< 9$#$%'+ *44$+**4 '114."$ +$#.*? _60&-36TC.""$"0$-K-%$,0-/$".$29/$,'/J/-$$+5**-PZ<Qw3*"0$-".$29/'3$%4'(**4:$4$.#?'(."#$&$/-*#3$%/8%$.#$"#$'114."$+$#.*5%'-$"#$$4/#.--J8$".$29/<*40'$9$4#$'"4."$+$#.*0.$% ''(%$4*-.$1$$"5%''-**"#$$4."0$::$"?L$-5$8%."-$#*5:4*#./0.$%"*+$4.;(#2.#$4.;(#$5%''-/-$ /8$4$% 9*- :$-%$1- #$ #./-%.:2-.$ 3*" #.- ".$29/< 5$3'45# #''% #$ 0J8$%4',*4? L$- 5$"%$ 3*" #$&$ 8'4.-.$($ :$%.,0-$"./ ''(." K-%$,0-5%'-$"#$$4/ $$" ('%- ".$29/:$%.,0- '1 ('%- ".$29/3$%0**4? f*+$"./ #.- ('%-$ ".$29/ "*+$4.;( 5'$# 3''% SR<Pw 3*" #$ :$4$.#/:$%.,0-5$3."5? `" K-%$,0-3$%/,0$"$" #$ +$$/-$ :$%.,0-$" +$- $$" *"#$% 5$"%$ #*" ".$29/:$%.,0- '1 ".$29/3$%0**4 '8 #$ 9$:/.-$ 3*" #$ %$5.'"*4$ '+%'$8< '8 #$ r*,$:''(8*5."* 3*" #$ 0J8$%4',*4 $"." 0$- 5$8%."-$ #*5:4*#? ( F$%2.-#$+$$/-$L**5/$:$%.,0-5$3."5'3$%4'(**4:$4$.#9*/5$:*/$$%#'8"24'1jj":%'"?f4$,0-/ TP<Yw3*"0$-:$4$.#/".$29/."H$"L**50*#"*+$4.;(-9$$'1+$$%:%'""$"?`"K-%$,0-9*/#.- VZ<Tw? 7*- ''( '83*4-." 5%*1.$( Z./#*-$%."K-%$,0-3%.; 9$.".5 :$%.,0-$" &'"#$% :%'" &.;" 5$,'#$$%# $";2./- $$" /-2( +$$% :$%.,0-$" +$- #%.$< 3.$% '1 +$$% :%'""$"? `" *:/'42-$ &." 3$%/,0$"$"$%."H$"L**5$,0-$%PRR:$%.,0-$"$"."K-%$,0-/4$,0-/ZR:$%.,0-$"'3$%4'(**4:$4$.# +$-+$$%#*"jj":%'"?'9$4."h$"l**5*4/."k-%$,0-9*%$"'3$%.5$"/#$+$$/-$:$%.,0-$"'8 jj":%'"5$:*/$$%#? #&

37 h%*1.$(yob*"-*4:%'""$"8$%:$%.,0-."4'(**4:$4$.#/".$29/ h$+.##$4#5$:%2.(-$"#$l**5/$+$#.*."02"".$29/'3$%4'(**4:$4$.#p<rz:%'"8$%:$%.,0-?`" K-%$,0-(9*+#.-5$+.##$4#$'8P<QY:%'"8$%:$%.,0-2.-?H$-*:$40.$%'"#$%&$-#$5$+.##$4#$" 3*"#$3$%/,0.44$"#$+$#.*-J8$"2.-$$"?83*44$"#5$"'$5:4.;(-#*-."H$"L**5".$-0$-5$8%."-$ #*5:4*##$+$$/-$:%'""$"8$%:$%.,0-5$:%2.(-<+**%#*-#$9$:/.-$3*"#$%$5.'"*4$'+%'$8+$- $$"5$+.##$4#$3*"R<VQ#$(%''"/8*"-?`"K-%$,0-5**"#$4'(*4$%*#.'$"0$-5$8%."-$#*5:4*# "$(>**">"$(<+$-R<RV:%'"8$%:$%.,0-."#$(%*"-$"R<RY:%'"8$%:$%.,0-'8#$%*#.'? $%?+U $+?+U #%?+U #+?+U "%?+U "+?+U *%?+U *+?+U %?+U +?+U +J/211.1 *J/21 "J/211.1 #J/211.1 $J/211.12G Gemiddeld aantal bronnen per medium Den Haag Gemiddeld aantal bronnen per bericht Utrecht Gemiddeld aantal bronnen per bericht dagblad (facebook 0 0 dagblad (print 1,5 2,24 dagblad (website 1,68 1,56 huis-aan-huisblad (facebook 0,78 huis-aan-huisblad (print 1,35 1,75 huis-aan-huisblad (website 1,27 1 hyperlocal (facebook 0,33 1,56 hyperlocal (website 0,57 1,93 lokale omroep (facebook 1,36 lokale omroep (radio 1,11 2,25 lokale omroep (televisie 0,64 1,50 lokale omroep (website 1,53 niche media (facebook 0 niche media (website 0 1 nieuwsblad (print 1,50 nieuwsblad (website 1 regionale omroep (facebook 2 0 regionale omroep (radio 1,10 1,31 regionale omroep (televisie 1,47 1 regionale omroep (website 2,47 2 Totaal 1,26 1,75 V.1W;;0 Q6/.HI6 #'

38 L$-+$%$"#$$43*"#$5$:%2.(-$:%'""$"."#$L**5/$$"K-%$,0-/$:$%.,0-5$3."5./."/-.-2-.'"$$4? `"H$"L**5./#.-"*+$4.;(ZT<Uw$"."K-%$,0-:$0''%-YYw3*"#$'85$3'$%#$:%'""$"-'-#$&$."/-.-2-.$/? C$"'$+."5/9**%#.5./#*-."#$L**5/$:$%.,0-5$3."50$-**"#$$48'4.-.,.$"**"#$$4 '3$%0$.#/:%'""$"5$4.;(+*-.5$%3$%#$$4#./#*"."0$-K-%$,0-/$".$29/?'./."H$"L**5'"5$3$$% #$$"$0$41-3*"#$."/-.-2-.'"$4$:%'""$"$$"'3$%0$.#/:%'"<$"#$*"#$%$0$41-$$"8'4.-.,2/?`" K-%$,0-./'+$""*:.;-9$$#$%#$3*"#$."/-.-2-.'"$4$:%'""$"$$"'3$%0$.#/:%'"$"$$"#$%#$ 8'4.-.,2/? `"5%*1.$(S./ &$41/ -$ &.$" #*- 3*" *44$ '85$3'$%#$ :%'""$"." 0$- :$4$.#/".$29/< #$ '3$%0$.#&$41/"$-.$-/3*($%**"0$-9''%#('+-."K-%$,0-?H.-3$%/,0.4./'3$%.5$"/<+$-TT<Rw." H$"L**5$"TV<Tw."K-%$,0-<$%5(4$."? h%*1.$(zof$%#$4."5:%'"5$:%2.(."".$29/'3$%4'(**4:$4$.# '+?+U &+?+U %+?+U $+?+U #+?+U "+?+U V.1W;;0 Q6/.HI6 *+?+U +?+U F;;6=HI;BB.>5XD Y1= >. J/211.1 h%*1.$(qof$%#$4."5."/-.-2-.'"$4$:%'""$"."".$29/'3$%4'(**4:$4$.# ^8$%,$"-*5$/&.;"3*"-'-**4**"-*4'85$3'$%#$:%'""$"."0$-".$29/'3$%4'(**4:$4$.#_ '+?+U &+?+U %+?+U $+?+U #+?+U "+?+U *+?+U #+?'U ##?"U "+?'U #$?#U B2>565H5 2-./I.59 +?+U V.1W;;0 Q6/.HI6 #(

39 G$4*-.$1&.;"$%.":$.#$/-$#$"9$.".5:2%5$%:%'""$"5$:%2.(-?`"0$-K-%$,0-/$".$29/./PQ<Vw3*" #$'85$3'$%#$:%'""$""*+$4.;(:2%5$%$"."H$"L**5./#.-&$41/+**%PP<Yw?`$-/9*-'83*4-." 5%*1.$(U<./#$3$%0'2#."5-2//$"#$'85$3'$%#$:2%5$%:%'""$"?`":$.#$/-$#$"./0$-**"#$$43*" :$-%'(($"$"'1''55$-2.5$"<5$0$$4."4.;"+$-#$-0$'%.$<0$-5%''-/-?H$L**5/$+$#.*5$:%2.($" #**%"**/-<''(5$0$$4."4.;"+$-#$-0$'%.$<%$4*-.$1+$$%:2%5$%/+$-$$"3'E>8'8%'4?C.;"*$$" #$%#$ 3*" #$ :2%5$%/ #.$." #$ L**5/$ +$#.* *4/ :%'" 12"5$%$" &.;" "*+$4.;( 3'E>8'8 '1 3''%:.;5*"5$%?A,0-$%./#.-."#$K-%$,0-/$+$#.*+**%$$"&$3$"#$?H$*,-.$3$8*%-.,.8$%$"#$'1 3$%-$5$"9''%#.5$"#$:2%5$%%'4(%.;5-."K-%$,0-%$4*-.$1;2./-+$$%**"#*,0-? h%*1.$(sof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

40 h%*1.$(uof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b"#$%$ +$#.2+/''%-$" #.$ #$."/-.-2-.$/$"0$-+**-/,0*88$4.;($+.##$"3$4#+$-:2%5$%/*19.//$4$"&.;"0$-5$8%."-$#*5:4*#<#$ 4'(*4$%*#.'<#$%$5.'"*4$-$4$3./.$$"0$-5$8%."-$02./>**">02./:4*#?6*5$"'$5*44$+**4-%*#.-.'"$4$ '114."$+$#.*#2/?`"K-%$,0-./$%9$#$%'+jj"2.-:4."($%O0$-5$8%."-$#*5:4*#? h%*1.$(pwoc%'"5$:%2.(8$%+$#.2+-j8$h$"l**5 + (+ '+ &+ %+ $+ #+ "+ *+ + F;;6=HI;BB.>5XD >9 $+

41 h%*1.$(ppoc%'"5$:%2.(8$%+$#.2+-j8$k-%$,0- + (+ '+ &+ %+ $+ #+ "+ *+ + F;;6=HI;BB.>5XD >9 b4/#$%'44$"3*"#$:2%5$%/'3$%.5$"/9'%#$"*,0-$%0**4#<:4.;(-#*-#$%$5.'"*4$%*#.'."h$"l**5 3''%"*+$4.;(:2%5$%/+$-$$"3'E>8'8%'4'83'$%$"?A"0'$9$40$-5$8%."-$#*5:4*#$"0$-5$8%."-$ 02./>**">02./:4*#%$4*-.$1+."#$%:2%5$%/**"0$-9''%#4*-$"<0$::$"#$&$9$4$$"*,-.$3$%$%'4? L$-5$8%."-$#*5:4*#:4.;(-."K-%$,0-#$:2%5$%%'44$"9$45$4.;(+*-.5-$3$%#$4$"? h%*1.$(prof$%#$4."5:2%5$%:%'""$"8$%+$#.2+-j8$h$"l**5 "% "+ *% *+ % + -2ZB2B -./6.0.1M22/950./ B;/65H5B;16 J.6/2DD.1.T $*

42 h%*1.$(ptof$%#$4."5:2%5$%:%'""$"8$%+$#.2+-j8$k-%$,0- "+ *( *& *$ *" *+ ( & $ " + J4/0./-22/J5X0;10./T-2ZB2B J4/0./-./6.0.1M22/950./ J4/0./B;/65H5B;16 J4/0./J.6/2DD.1.T =&*$ A5T F$%2.- #$ +$$/-$ L**5/$ :$4$.#/:$%.,0-5$3."5./ 5$:*/$$%# '8 "24 '1 jj" :%'"? H$ 9$:/.-$ 3*" #$ %$5.'"*4$ '+%'$8 3'$%-< +$- $$" 5$+.##$4#$ 3*" R<VQ< #$ +$$/-$ :%'""$" 8$% :$%.,0-'8?D$-ZT<Uw3*"*44$:%'""$"./#$5%'$8."/-.-2-.'"$4$:%'""$"0$-5%''-/-<5$3'45##''% 0$- +**-/,0*88$4.;( +.##$"3$4#?A$"(9*%-3*"#$'85$3'$%#$:%'""$":$0''%-"*+$4.;(-'-#.- +.##$"3$4#<9**%3*"+$$%#*"#$0$41-$$"+**-/,0*88$4.;($'%5*"./*-.$./?H$:2%5$%/('+$"0$- +."/-**"0$-9''%#?f4$,0-/PP<Yw3*"#$:%'""$"./:2%5$%$"3**(0$$1-#$&$$$"8*//.$3$%'4?H$ +$#.*-J8$" #.$#$."/-.-2-.$/$"0$-+**-/,0*88$4.;(+.##$"3$4#5$%$5$4#*19.//$4$"+$-$$" :2%5$% &.;" 3''%"*+$4.;('114."$+$#.*? H$ %$5.'"*4$%*#.'3'$%-#$+$$/-$:2%5$%:%'""$" '8< 9$4./9**%3**(*4/3'E>8'8?`"0$-5$8%."-$#*5:4*#'10$-5$8%."-$02./>**">02./:4*#('+$"+."#$% :2%5$%/ **" 0$- 9''%# *40'$9$4 &$ *44$+**4 9$4 $$" 3$%-$5$"9''%#.5$"#$ '1 8*%-.,.8$%$"#$ %'4 0$::$"? _60&-36T6$-*4/."H$"L**5./''(0.$%0$-+$$/-$4'(*4$:$4$.#/".$29/5$:*/$$%#'8jj":%'"?7$4 0$$1-:.;"*#$0$41-3*"*44$K-%$,0-/$:$4$.#/:$%.,0-$"-9$$'1+$$%:%'""$"?L$-5$8%."-$#*5:4*# $" #$ 4'(*4$ %*#.' 5$:%2.($" :$.#$ #$ +$$/-$ :%'""$" 8$% :$%.,0-? H.- &.;" #2/ :$.#$ '114."$ +$#.*-J8$"? H$5%''-/-$5%'$8'85$3'$%#$:%'""$"''( '3$%.5$"/ ''( 0.$%."/-.-2-.'"$$4? D**% 4.$1/-YYw3*"#$:%'""$":$0''%--'-#$'3$%0$.#'18'4.-.,.?L$-+**-/,0*88$4.;($+.##$"3$4#./#$ jj""*5%''-/-$5%'$8<5$3'45##''%#$:2%5$%/?h$&$5%'$8:2%5$%/(%.;5-9$4./9**%+$$%**"#*,0- #*"." 0$- L**5/$ :$4$.#/".$29/? D**% 4.$1/- PQ<Vw 3*" #$ '85$3'$%#$ :%'""$"./ :2%5$% $" &$ 0$::$"%$4*-.$1*,-.$3$:2%5$%/,0*8/%'44$"?`"0$-5$8%."-$#*5:4*#('+$"#$+$$/-$:2%5$%/**" 0$-9''%#<:'3$"#.$"9.//$4-#.-+$#.2+3**(-2//$"#$3$%/,0.44$"#$:2%5$%%'44$"? $"

43 `"&'9$4H$"L**5*4/K-%$,0-9*/#$-'$('+/-.5$:$5%'-."5jj"3*"#$5%'-$%$'"#$%9$%8$"+$- :$-%$((."5 -'- 4'(**4 :$4$.#? F$$4 ".$29/ #.$ 9$$( 5."5." #$ L**5/$ +$#.* "*+$4.;( '3$% #$ (2"/-:$5%'-."5$"."K-%$,0-9*/#$,24-22%:$5%'-."53$$4:$/8%'($"?+#$,'"-%'4$%$"#$12",-.$ +$$-:**%-$+*($"<./#$#*-*3*"#$&$-9$$5%'-$".$29/5$:$2%-$".//$"5$*"*4J/$$%#? h%*1.$(pvo6.$->'%.5."$$4".$29/ h%*1.$(pyo6.$29/&'"#$%".$29$."1'%+*-.$ + (+ '+ &+ %+ $+ #+ "+ *+ + ** &( *% %& (+ '+ &+ %+ $+ #+ "+ *+ + #+ #( "( "( V.1W;;0 Q6/.HI6 V.1W;;0 Q6/.HI6 2/5051..> 15.62/5051..> S5.4M.51G2 F*"#$QU:$%.,0-$"'3$%#$(2"/-:$5%'-."5."H$"L**5<:4$($"*,0-$%*1PP:$%.,0-$"".$-'%.5."$$4< $$"0$%0*4."5'1$$"8$%/:$%.,0--$&.;"?`"K-%$,0-9*%$"#.-$%PY3*"#$QP?H.-./8%',$"-2$$4PV 8%',$"-."H$"L**5$"RP8%',$"-."K-%$,0-?D**%''(#$&$'3$%5$:4$3$":$%.,0-5$3."53''%&.$- 0$-82:4.$(".$-8$%/$3*"".$29$."1'%+*-.$?'0$%/,0%.;3$"+$#.*:$%.,0-$"3*"$4(**%$":*/$%$" &$".$29/'8#$&$41#$8$%/:$%.,0-$"9**%#''%$%9$4./9**%".$29$:$%.,0-$"'"-/-**"+**%5$$" ".$29$."1'%+*-.$3''%#$4$&$%?b4/#$:$%.,0-$"2.-#$#*-*9'%#$"5$1.4-$%#9**%5$$"".$29$."1'%+*-.$."/-**-<:4.;3$"$%TS:$%.,0-$"'3$%3*"#$L**5/$:$%.,0-5$3."5$"RS3*"#$K-%$,0-/$? ieuwe info per mediumtype Den Haag Utrecht Aantal Percentage Aantal Percentage dagblad (print 3 7,9% 9 32,1% dagblad (twitter 3 7,9% dagblad (website 4 10,5% 3 10,7% huis-aan-huisblad (website 1 3,6% hyperlocal (twitter 1 2,6% hyperlocal (website 1 2,6% 3 10,7% landelijke media (print 1 2,6% landelijke media (website 1 3,6% LinkedIn 1 3,6% lokale omroep (radio 3 7,9% < M.51G2 $#

44 lokale omroep (website 5 13,2% 3 10,7% maatschappelijke organisatie (twitter 1 2,6% maatschappelijke organisatie (website 1 2,6% niche media (website 1 3,6% nieuwsblad (website 1 2,6% politici (twitter 4 10,5% raadslid (twitter 3 10,7% regionale omroep (radio 1 3,6% regionale omroep (televisie 1 2,6% 1 3,6% regionale omroep (twitter 4 10,5% regionale omroep (website 5 13,2% 1 3,6% Totaal ,0% ,0% $ H$:$4*"5%.;(/-$L**5/$+$#.2+-J8$/#.$#$&$".$29$."1'%+*-.$3$%&'%5$"&.;"#$9$:/.-$/3*"#$ 4'(*4$'+%'$8$"3*"#$%$5.'"*4$'+%'$8?H**%"*3'45-0$-'"4."$#*5:4*#$"#$-9.--$%>*,,'2"-/ 3*"8'4.-.,.$"#$%$5.'"*4$'+%'$8?`"K-%$,0-./0$-8*8.$%$"#*5:4*##$3''%"**+/-$3$%/8%$.#$% 3*"".$29$."1'%+*-.$<5$3'45##''%0$-'"4."$#*5:4*#<#$'"4."$0J8$%4',*4<#$9$:/.-$3*"#$ 4'(*4$'+%'$8$"-9.--$%>*,'2"-/3*"%**#/4$#$"? ( h$+.##$4#&.;"$%."#$:$%.,0-$"+$-".$29$."1'%+*-.$r<rp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b44$ ".$29$."1'%+*-.$." #$ K-%$,0-/$ ".$29/5$:$2%-$"././#**%$"-$5$"-$"+."/-$'8jj":%'"5$:*/$$%#? $$

45 h%*1.$(pzoc$4*"5%.;(/-$:%'""$".":$%.,0-$"+$- ".$29$."1'H$"L**5 h%*1.$(pqoc$4*"5%.;(/-$:%'""$".":$%.,0-$"+$- ".$29$."1'K-%$,0- %U #U *&U "$U #$U *(U "*U *(U 'U $U %+U J4/0./-./6.0.1M22/950./ 9.=D ;;6=HI;BB.>5XD.2/0;15=;65.= 2-./I.59KJ.=644/L B2>565H5 0..1J/21 J4/0./-22/J5X0;10./T-2ZB2B 9.=D ;;6=HI;BB.>5XD.2/0;15=;65.= 2-./I.59KJ.=644/L B2>565H5 6.$-*44$".$29$."1'%+*-.$."#$:$%.,0-5$3."5('+--'-/-*"#'+#*-;'2%"*4./-$"$%*,0-$%**";*5$"? C%'""$"&'%5$"/'+/&$41#*-#$&$."1'%+*-.$:.;#$+$#.*('+-<:.;3''%:$$4##''%$$"8$%/:$%.,0-? `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`" #$&$ /-*# &.;" 0$- #$ ;'2%"*4./-$" 3*" 0$- 5$8%."-$ #*5:4*#< 0$- '"4."$ #*5:4*#$"#$%$5.'"*4$-$4$3./.$#.$8%'>*,-.$13''%#$&$".$29$."1'%+*-.$&'%5$"? h%*1.$(psob%'>*,-.$3$;'2%"*4./-.$(.":$%.,0-$"+$-".$29$."1'%+*-.$ $+ #% #+ "% "+ *% *+ % + * * V.1W;;0 % "# Q6/.HI6 [/2;H65.G S5.6B/2;H65.G $%