IN DEFENSE OF LOOTING WITH VICKY OSTERWEIL

IN DEFENSE OF LOOTING WITH VICKY OSTERWEIL

The Final Straw Radio!"#$%&'()*+,$%"-,+."-(,+'(/"*%*(#.,)+/"*%0"*1,+*+$("2,#34"5)+'(6-',7"*8$9+".'("('#'%+74":987,).'0"8$$3"!"#$%&%"'%#(&#)((*+",-#.#/+(*(0'#1+'*(23#(&#4"5+6+7#85*+("9

Aired on Februray 28, 2021

1 of 24

The Final Straw Radio / In Defense of Looting with Vicky Osterweil

;.'" <$77$-,%1" :*1')" #$%+*,%" *" #$%&'()*+,$%" +.*+" -'".*0"-,+."-(,+'(/"*%*(#.,)+/"*%0"*1,+*+$("2,#34"5)+'(-',7"*8$9+".'("('#'%+74":987,).'0"8$$3"!"#$%&%"'%#(&#)((*:+",-#.#/+(*(0'#1+'*(23#(&#4"5+6+7#85*+("#:987,).'0"=>$70";4:'"?('))/"!919)+"@A@ABC"D'"1$+"+$"+*73"*8$9+"*"7$+"$<"0,E'('%+"+$:,#)",%"+.,)",%+'(&,'-/".$-"+.'"8$$3"'F'(1'0"<($F"*"G,%'"-(,++'%",%"+.'"F,007'"$<"+.'"H'(19)$%"I:6(,),%1"$<" +.'" )9FF'("$<" @AJK/" ,+)" ('#':+,$%"84" +.'" <*("(,1.+"*%0"84"#$F(*0')/".'(":($#'))",%"0'#,0,%1"-.*+"+$",%#790'",%"+.,)"8$$3/"+.'"'+4F$7$14"$<"+.'"-$(0"L7$$+M"*%0"'%)9,%1",F:7,#*+,$%)"+.'('$</"-.4"4$9").$970"+$+*7674"+(*%),+,$%",<"+.*+N)"+.'"(,1.+"+.,%1"<$("4$9"+$"0$/"*%0"F*%4"F$('"+$:,#)O

2,),+".++:)PQQ+.'R%*7)+(*-(*0,$C%$87$1)C$(1Q"*%0")'*(#."<$("+.'").$-N)"':,)$0'"+$"R%0"7,%3)"+$"F$('"$<"2,#34N)"-$(3O

2 of 24


!"#$%& !'()*& +,-& .,& /-0'& 1,2& (32445)3& 6,& 0,/4& ,)6,& !'4& "5)(7&#62(89&:,-7;&+,-&5)62,;-04&+,-2.471&1,2&75.64)42.&856'&()+&5)1,2/(<65,)&(=,-6&+,-2.471&+,-&8,-7;&75*4&6'4/&6,&=4&(8(24&,1>

?50*+&@.6428457%&S9('/" 4'*./" TNF")$"17*0" +$"8'".'('C" TNF"*" 7,)+'%'("$<"+.'").$-")$",+N)"&'(4"'U#,+,%1C"V4"%*F'",)"2,#34"5)+'(-',7/"TNF"*"-(,+'("*%0"'0,+$("*%0"*1,+*+$(C"TNF"8*)'0",%"?.,774C"T"*7)$"(9%"*":$0#*)+"-,+."F4"<(,'%0"W'(,)'"#*77'0"W'(,)'"!%0"2,#34"X*%3";.'"V$&,')/"-.'('"-'"*('"(*%3,%1"*77"$<"+.'"F$&,')"'&'("F*0'C"!%0"T"*7)$"+.,)"%'-"8$$3"+.*+"#*F'"$9+" 7*)+" 4'*(/" T%"Y'<'%)'"$<"Z$$+,%1"-.,#." T" 3%$-"-'"-,77" 8'" +*73,%1"*8$9+C"S$"T"-(,+'/"T"0$"+.'":$0#*)+"*%0"+.,%1)/"TNF"*($9%0C

!"#$%&!'(6A.&(/(B5)3C&D.&+,-2&E,;0(.6&(F(57(=74&,)&(77&,1&6'4&6'5)3.&,2&(&0426(5)&.624(/5)3&(EE>

?@%" T+N)" '&'(4-.'('/"-'" *('" *7)$" $%" S$9%0#7$90" *%0" *77" +.'" :$0#*)+"*::)C" T<" 4$9" 7,3'"F$&,')" *%0" +-$"*%*(#.,)+" 1,(7)" +*73,%1"F$)+74" *8$9+"F$&,')"-,+."+.',(":'():'#+,&'/",+N)"*"1$$0").$-"<$("+.*+C

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

3 of 24


<*)#,)F"*%0")+9EC"S$"TNF"*77"$&'("+.'":7*#'",%"+'(F)"$<"-(,+,%1/"TN&'"0$%'")$F'"*(+"-(,+,%1"*)"-'77/"89+"T"+.,%3"F$)+74",+N)"#97+9('"*%0"F$&'F'%+":$7,+,#)C

T%" +'(F)"$<"-.*+"1$+"F'" ,%+$"-(,+,%1/" T"-*)"*"8,1" ('*0'("1($-,%1"9:/"T"+.$91.+"TN0"8'"*"-(,+'("$<"%$&'7)"*%0":$'+(4/"89+"T"*7)$"7,3'0"('*0,%1"F$&,'"('&,'-)"*%0"+.*+"-*)".$-"T")+9F87'0",%+$"1'++,%1":*,0"+$"-(,+'C"T"'&'%+9*774"-*)":*(+"$<"+.'"'*(74"'0,+$(,*7"8$*(0"$<"+.'"F*1*G,%'";.'"]'-"T%\9,(4/" *%"$%7,%'"F*1*G,%'"8*)'0" ,%"]'-" $̂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

!"#$%&!'(6A.&(/(B5)39&R,-&/4)65,)4;&+,-&(24&()&()(20'5.69&D&E42<.,)(77+&7,F4&6'(69&:,-7;&+,-&.E4(*&(=,-6&+,-2&E2,04..&,1&2(;50(75B(<65,)>

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`",%"]'-"$̂(3/"89+"+.*+"'U:'(,'%#'"$<"'%#*F:F'%+"F$&'F'%+",%"@AJJ",%"S:*,%"*7)$"#$,%#,0'0"-,+."F4"R()+":($<')),$%*7"-(,+,%1"1,1C"T"1$+":*,0"aA"0$767*()"+$"-(,+'"R&'":*(*1(*:.)"*8$9+",+C"S$",+"-*)"*"<9%%4"F$F'%+C";.'%"T"#*F'"8*#3"+$"+.'"IS":('++4"#$%&,%#'0"+.*+",+"-*)"1$,%1"+$".*::'%".'('"*%0"+.('-"F4)'7<",%+$"$(1*%,G,%1"-.*+"'%0'0"9:"8',%1"+.'"8'1,%%,%1"$<"-.*+"-$970"8'"5##9:4"D*77"S+(''+C"

4 of 24


!%0"),%#'" +.'%/"'&'(4-.'('"T" 7,&'0/" TN&'"8''%":*(+"$<"*"&*(,'+4"$<"0,<6<'('%+"F$&'F'%+)/"$b'%"-,+."*" <$#9)"$%":$7,#'" *%0":(,)$%"*8$7,+,$%C"TNF" 7'))"$<"*" <$(F*7"$(" <$(F*7,)+"$(1*%,G'(/" T" +'%0'0"+$"8'"F$('")+(''+"*#+,$%6$(,'%+'0" ,%"F4" +.,%3,%1" *%0" $(1*%,G,%1C";.'"F$&'F'%+" $b'%").*:'0"-.*+"TNF"-$(3,%1"$%"*)"-'77C"S$"-.'%"T")*4"TNF"*%"*%*(#.,)+/"<$("F'"+.*+"F'*%)"*%+,6)+*+'"*77"+.'"-*4/"*%+,6#*:,+*7,)+"*77"+.'"+,F'/"*%+,6$:6:(')),$%"$<"*77"3,%0)C"!7)$/"T"0$%N+"7,3'"$(1*%,G,%1"+.*+",F*1,%')"+.*+"-'".*&'"+$"#*:+9('"+.'")+*+'"$%"$9("-*4"+$"#.*%1'/"TNF"('*774"*1*,%)+"+.*+C"!7)$/"*%*(#.,)+",)"[9)+"*"0')#(,:+$("+.*+".*)"#$F'"*($9%0"+$"8'"+.'":'$:7'"-.$"T"F$)+"$b'%"R%0"*c%,+4"*%0")$7,0*(,+4"-,+.C";.*+",)"%$+"'&'(4$%'",%"F4"7,<'"84"*%4"F'*%)C"T"[9)+"+.,%3"+.*+"$+.'("+.*%"*%+,6)+*+'"*%0"$86&,$9)74"*%+,6(*#,)+"*%0"*77"+.'"&*(,'+4"$<"*%+,6$::(')),$%":$7,+,#)/"<$("F'"+.'"\9')+,$%",)"*8$9+"-.$"T"R%0")4F:*+.'+,#"+$"F$&'"-,+./"+*73"-,+./"+.,%3"-,+."*%0"R1.+"-,+.C"

D.*+"T".*&'"<$9%0"$&'("+,F'",)"+.*+",+".*)"+'%0'0"+$"8'"*%*(#.,)+)/"89+"#'(+*,%74"%$+"'U#79),&'74/"*%0"+.'('N)"8''%"*"7$+"$<"*%*(#.,)+)"T"0$%N+"7,3'"',+.'(/")$",+N)"F$('"*8$9+"*")'%)'"$<")'%),8,7,+4"+.*+"T"('#$1%,G'",%"*%*(6#.,)F"*+",+)"8')+"+.*+"T"&,8'"-,+."+.*%"*"('*774")+($%1")'#+*(,*%"#$FF,+6F'%+C"!)"-'"+*73"*8$9+"+.'"8$$3/"<$("F'/"+.'"F$)+",F:$(+*%+".,)+$(,#*7"8$04"$<"+.'$(4"*%0":(*#+,#'".*)"#$F'"$9+"$<"+.'"87*#3"(*0,#*7"+(*0,+,$%",%"+.'"I%,+'0"S+*+')"*%0"+.'"W*(,88'*%/"*%0"+.*+"$b'%"$&'(7*:)"-,+."*%6*(#.,)+,#":(,%#,:7')"*%0",0'*)/"89+"%$+"*7-*4)/"*%0"T"+.,%3"+.*+"#$F8,%'0"-,+." ,%#('*),%174" +.,%3,%1" +.($91." ,%0,1'%$9)" ('),)+*%#'C" H$("F'/" )$"+.'%"+$"1$"*1*,%"*%0"#,(#7'"8*#3/"*"0,E'('%+"#7*,FC"T"*7)$"+.,%3"+.*+"$%'"$<"+.'"-*4)"+.*+".*0"('*774",%d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

!"#$%&!'()*&+,-&.,&/-0'&1,2&3,5)3&6'2,-3'&6'(69&D6A.&24(77+&5)642<4.65)3&6,&'4(2&',8&+,-&6(7*&(=,-6&',8&56&5)565(77+&'(EE4)4;&1,2&+,-&();&',8&+,-&8424& 5)&H(2047,)(& ();& 6'4&/,F4/4)6&,1& 6'4& .S-(24.&

5 of 24


/,/4)6&();&+,-2&E,75650(7&E2,324..5,)&,F42&6'4&+4(2.9&L);&+,-&.(5;&+,-&8424&.-E42&0,)F5)04;&6'(6&6'(6&*5);&,1&6'5)3&8(.&3,5)3&6,&'(E<E4)&'4249&D&'(64&6'4&E'2(.4&T6'4&/,/4)6&84&(24&5)&253'6&),8A&=40(-.4&.,/465/4.&D&6'5)*&6'(6&6'5.&E'2(.4&E(2650-7(27+&5.&(&756674&=56&/5..5)3&6'4&E,5)6&,1&.445)3&(&E,75650(7&();&'5.6,250(7&0,)65)-56+&,1&8'(6&84&(24&4GE4254)05)3&253'6&),8I&6,&.(+&75*4&U@'I&6'5.&(=422()6&/,/4)6&84&(24&5)VI&),I&56A.&(06-(77+&(&E2466+&7,350(7&0,)07-.5,)&,1&(&.4254.&,1&(77&6'4&.'56&.();850'4.&6'(6&84AF4&4(64)&1,2&/()+&34)42(65,).I&.,/4&,1&-.9&H-6&DA/&8,);425)3I&(.&.,/4=,;+&8',&8(.&5)&H(2047,)(&6'(6&E(2650-7(2&65/4I&;5;&+,-&.44&()+&.5/57(25654.& 6,&8'(6&'(.&'(EE4)4;&,2&8'(6& 5.&'(EE4)5)3&),8>

?@%& '̂*./"T" +.,%3" ,+"0$')" ,%<$(F"F4":'():'#+,&'" +$")$F'"0'1(''"-,+."*")'%)'"+.*+"-'"*('" ,%"+.'"F,007'"$<"6"*%0"T" +.,%3"F$)+":'$:7'"-$970"*1(''"-,+."+.,)"$%",+)"<*#'"89+"0$%N+"*#+9*774"#'%+'(",+"6",%"+.'"F,007'"$<"*%",%+'(%*+,$%*7"F$F'%+"$<"9:.'*&*7"*%0"('&$7+"+.*+",)"7*(1'74"9%:('#'60'%+'0/",+".*)"8''%"#'%+9(,')"),%#'"-'N&'")''%"*%4+.,%1"7,3'",+C"T"+.,%3"+.'":'(,$0"$<"+.'"8'1,%%,%1"$<"*%"*%+,6#$7$%,*7"9:(,),%1",%"+.'"aA)"+.($91."+.'"7$%1"eA)",%+$"+.'"f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

6 of 24


;.*+N)"%$+"%'#'))*(,74"<$("+.'"8'++'(/"89+",+",)"1$,%1"+$"8'"&'(4"0,E'('%+",%" )$F'"-*4)C";.'('" *('" *7)$" #$%+,%9,+,')" *%0" *"-*4" +$" .$70" 8$+." $<"+.')'"+.,%1)",%"+'%),$%/"+.*+"+.'('"*('"+.')'"7$%1"#$%+,%9,+,')"+.*+"-'"*('"*7)$"[9)+"*").*0$-"$<"JK`@C"D'"*('")+,77"7,&,%1"+.($91."+.'"*:$#*74:)'"$<"S'++7'(6W$7$%,*7"1'%$#,0'"$%"+.,)".'F,):.'('C";.*+"F$F'%+",)"$%'".,)6+$(,#*7"F$F'%+"+.*+".*)"89,7+"+$"+.,)":$,%+"$<"+$+*7"'#$7$1,#*7"0')+(9#+,$%"*%0"+.'"($7'"$<"*%+,687*#3%'))"*%0")7*&'(4",%"+.'":7*%+*+,$%",%"+.*+",)")$",F:$(+*%+C"

T"+.,%3"*%$+.'("-*4"-'"#$970"+.,%3"*8$9+"-.'('"-'N('"*+"(,1.+"%$-/":*(6+,#97*(74" ,%"!F'(,#*/" ,)"*" +.,(0" ('#$%)+(9#+,$%"-'"*('" ,%C"S$/"$8&,$9)674/" +.'"R()+" ('#$%)+(9#+,$%" ,)" +.'":'(,$0"$<" +.'"W,&,7"D*(C";.'"1'%'(*7")+(,3'"$<"+.'")7*&')/"*)"Y9">$,)"#*77'0",+/"+.*+"('*774"7*)+'0"<($F"+.'"J_aA)"+.($91."+.'"J_fA)C"!)"S*,0,4*"g*(+F*%".*)":$,%+'0"$9+/"+(*1,#*774"<*,7'0"+$"+(974"9:'%0"(*#'"('7*+,$%)/"89+"+.('*+'%'0"+$"<$("+.,)"+.,(+464'*(":'(,6$0"$<"('&$79+,$%*(4"9:.'*&*7/"0(,&'%"84"<$(F'(74"'%)7*&'0":'$:7'"*7F$)+"'U#79),&'74C"!%0"+.'%/"$<"#$9()'/"+.'")'#$%0"('#$%)+(9#+,$%",)"$b'%"+.'"#,&,7"(,1.+)"F$&'F'%+/"-.,#."'U+'%0)"<($F"J`Ka"9:"+.($91."J`fa"*%0"+.'"(':(')),$%"$<"+.'"F$&'F'%+"+.*+".*::'%)"+.'%C"S$/"*1*,%/"):'*3,%1"$:+,F,)+,#*774/"T"+.,%3"-'N('",%"*"+.,(0"('#$%)+(9#+,$%/"+.'"h'$(1'"H7$40"9:(,),%1)"7*)+"4'*("-'('/"84")$F'"F'*)9(')/"+.'"8,11')+",%"!F'(,#*%".,)6+$(4C"W'(+*,%74"+.'"7*(1')+"9:(,),%1"),%#'"+.'"7$%1".$+")9FF'()"$<"$<"+.'"eA)C"J`eK6e_/"89+":($8*874"-'('"$%":*(",%"+.'"I%,+'0"S+*+')"-,+."*".,)6+$(,#*7").,b"$<"+.*+"F*1%,+90'"$<"+.'"#,&,7"(,1.+)"F$&'F'%+/"$<"+.'"W,&,7"D*(C"!%0"T"+.,%3"+.*+"+.*+",)"'U#,+,%1"*%0"<(,1.+'%,%1"*%0"%'#'))*(4"*%0",)"*7)$",%"('):$%)'"+$"'%0)"#$F8,%'0"-,+."17$8*7"+('%0)",%"'#$7$14"*%0"#*:,+*7"+.*+"-'N('"-,+%')),%1C

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

7 of 24


?@%&T")+*(+'0"-$(3,%1"$%"*"8$$3",%"@AJa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b/"89+"i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

!"#$%&!'(6A.&.,&5)6424.65)3I&6'(6&+,-&(24&F42+&4/=74/(650&,1&8'424&84&8424&(77&(6&8'4)&6'4&!'52;&Y2405)06&8(.&,)&Z249&R,-A24&2-.'5)3&6,&346&6'5.&,-6&();&+,-A24&4GE4254)05)3&(77&,1&6'4.4&6'5)3.I&();&8'574&6'5.&F42+&E24.054)6&=,,*&+,-&'(F4&5.&=45)3&2-.'4;&6,&E-=750(65,)I&56A.&F42+&;2(/(650&5)&(&8(+9&#,I&6'4&2404E65,)&,1&6'4&=,,*&56.471&'(.&=44)&.,/46'5)3&6'(6&'(.&3,)4&(77&,F42&6'4&E7(04&();I&1,2&5).6()04I&8'4)&D&8(.&24.4(20'5)3&+,-2&6,E50.&,1&0,)F42.(65,)&1,2&6'5.&5)642F548I&D&0(/4&

8 of 24


(02,..&(&7,6&,1&24(77+&5)[(//(6,2+I&253'6<85)3&.0244;.&247(64;&6,&+,-2&=,,*9&:,-7;&+,-&6(7*&(=,-6&6'5.&();&8'+&6'4+&/53'6&'(F4&=44)&3(7<F()5B4;&5)&6'5.&8(+&();&(7.,&8'(6&6'4&2404E65,)&4);&,1&6'4&=,,*&'(.&=44)&=+&),)<4)4/54.I&0,/2(;4.>

?@%&58&,$9)74/",%"+.'",FF'0,*+'"*b'(F*+./",+"-*)":('++4",%+'%)'C";.'('"-'('"*"89%#."$<"0$U,%1"*++'F:+)/"F4"<*F,74"1$+".*(*))'0C"V4":*('%+)"1$+".*(*))'0CCC

!"#$%&!'(6A.&(81-79

?@%" '̂*./" +.'('"-*)" *" 7$+" $<" +(*%):.$8,#" *%0" *%+,)'F,+,#".*(*))F'%+"+.*+" T" 0$%N+"-*%+" +$"0$-%:7*4/" ,+"-*)" &'(4"9:)'++,%1C">9+" *7)$/" ,+"-*)"&'(4",%)+(9#+,&'C"S$"+.'"8$$3"#*F'"$9+",%"!919)+C";.'"F$&'F'%+"-*)"('*774" *+" ,+)".',1.+/" +.'" 7*)+"-''3"$<"V*4/" +.'"R()+" +-$"-''3)"$<" j9%'C">4"!919)+/" ,+" .*0" )+*(+'0" +$":'+'(" $9+" $<" +.'" )+(''+)/" +.'" '7'#+,$%"-*)"8'1,%%,%1" +$" +*3'"$%" +.'" *%+,6:$7,+,#*7":$-'(/" +$" ('#*:+9('" +.'"%*((*6+,&'/"*%0"T"+.,%3"-.*+".*::'%'0"-,+."F4"8$$3"-*)"+.*+",+"*#+9*774"$<6<'('0"*%"$::$(+9%,+4"<$("*"7$+"$<":'$:7'"-.$"$+.'(-,)'"0,0%N+"-*%+"+$"8'")''%/"+$"8'"+*73,%1"0$-%"*8$9+"+.,)"('*774":$-'(<97"*%0"&'(4":$:97*("F$&'F'%+C"V4"8$$3":($&,0'0"*%"$::$(+9%,+4" <$("*" 7$+"$<" 7'b,)+)"*%0"7,8'(*7)"-.$"-*%+'0"+$"0,)+*%#'"+.'F)'7&')"<($F"+.'"9:(,),%1"8'#*9)'"T"-*)"*"-.,+'"1,(7"-(,+,%1"*"8$$3" +.*+"F'*%+" +.*+" +.'4"#$970"*++*#3" ,+"-,+.$9+" +.',("*#+9*7" (*#,)+CCC" TNF"%$+" +(4,%1" +$")*4" +.*+":'$:7'"-.$"*+6+*#3'0/"-.$"0$%N+"7,3'"F4"8$$3"*('"(*#,)+)C";.*+",)"%$+"-.*+"TNF")*4,%1C"D.*+"TNF")*4,%1",)"+.'"-*4",+" <9%#+,$%'0",%"!919)+"$<"@A@A"'U#79),&'674"-*)"*)"*%"$8['#+"$<".*+'" <$(" +.'"F$&'F'%+"+.*+".*0" [9)+".*::'%'0C""

V4"8$$3"8'#*F'"*"&'(4")*<'"-*4"+$"*++*#3"+.'"F$&'F'%+/"*%0")$",+".*0"%$+.,%1"+$"0$"-,+."+.'"*#+9*7"#$%+'%+"$<"+.'"8$$3",%")$F'"-*4)/"'U#':+"+.*+"T"+.,%3"+.*+"+.'"7,8'(*7)"-.$"*++*#3'0",+"*%0"+.'"7'b,)+)"-.$"*++*#3'0",+"*))9F'0"+.*+",+"-*)".$+6+*3'6'4/"&*#9$9)"1*(8*1'"$<"+.'"3,%0"+.'4":9+"$9+C";.'4")*,0",+"-*)"0*%1'($9)/"+.*+",+".*0%N+"8''%"#*('<9774"(')'*(#.'0/"+.*+",+".*(074"-*)",%"+.'":($#'))"$<"4'*()"$<"*#+,&,)+"'U:'(,'%#'"*%0"*%"*F*+'9("(')'*(#.'(/"%$%6*#*0'F,#C"T"+.,%3"+.'4"<'7+",+"-*)"*"+*(1'+"-$(+.4"$<"+.',("0,)0*,%/"-.,#."'%0'0"9:/"T"+.,%3/"('*774"):('*0,%1"+.'"8$$3C"V4"<*&$(,+'"-*)"*"7$+"$<"(,1.+6-,%1'()"-$970").*('",+"$%";-,++'("8',%1"7,3'"L5./").'"#$:4(,1.+'0",+C"g'('N)"*"7,%3"+$"0$-%7$*0",+"<$("<(''MC"T"-*)"7,3'"

9 of 24


L5./"%$/"0$%N+"('*0"F4"8$$3/",+",)"+'((,87'MC"T+"*7)$"-*)"&'(4":7'*)9(*87'",%"*"#'(+*,%"-*4C"T")*,0"+.*+"<($F"+.'"7'b"+$"+.'"<*("<*("(,1.+/"-,+.,%"+-$"-''3)"*77"$<"+.'F".*0"#$%0'F%'0",+C"H($F")$F'")$#,*7,)+"$(1*%,G*+,$%)"*77"+.'"-*4"+$"7,3'"]'-+"h,%1(,#./"*77"+.'"-*4"+$"26Y*('/">(,*%"S#.*+G",%"g*-*,,/"7,+'(*7":$7,+,#,*%)C"!%0"+.'"-*4"+.'4"9%,R'0"*%0"0'F$%)+(*+'0"-.*+"T"#$%),0'("*"9%,R'0"#7*))"<(*1F'%+C"T"F'*%"%$+"+$"8'"+$$"V*(U,)+"*8$9+",+"$("-.*+'&'(/"89+"+.,)"#7*))",%+'(')+",%":(,&*+'":($:'(+4"-*)"('6&'*7'0"&'(4"\9,#374"84"*77"+.')'":'$:7'"#$%0'F%,%1"+.,)"8$$3/"*%0"+.*+"-*)"&'(4",%)+(9#+,&'"*%0",%+'(')+,%1C"S$"+.*+"-*)"+.'"'%'F,')C">*),#*774/"T".*0"$%'"]?X",%+'(&,'-"*%0"*77"$<"F4"'%'F,')",%"+.'"'%+,('"#$9%+(4"0($:"+.',("+($9)'()"*%0").$-'0"9)"-.*+"+.'4"-$('/"+.*+"-*)",%#('0,87'C"

!"#$%&\7(-3'.]&D&24(;&(=,-6&6'(6I&56A.&(/(B5)3C

?@%" 2'(4" :$-'(<97/" 89+" .$%')+74" +.*+"-*)" ('*774" +.'"F$&'F'%+/" +.*+"-*)%N+"('*774"F'/"(,1.+k"TNF"8',%1"#9+'/"89+"*)"*"(')97+/"*"7$+"$<"('*#+,$%"TN&'".*0"<($F"#$F(*0')"-*)"8',%1"7,3'"L]$/"+.,)"8$$3",)"#$$7/",+N)",%+'(6')+,%1MC"TN&'"8''%"&'(4"1(*+,R'0"TN&'".*0"*"7$+"$<"1('*+"#$%&'()*+,$%)"7,3'"+.,)"$%'"-,+.":'$:7'"-.$"('*0"*+C"D,+."+.'"\9*(*%+,%'/"T"0,0%N+"1'+"+$"0$"*"8$$3"+$9(/")$"T"0,0%N+"1'+"+$"1$"+$",%<$).$:)"*77"$&'("+.'"#$9%+(4"*%0"+*73"+$":'$:7'"-.,#."T".*0"8''%"7$$3,%1"<$(-*(0"+$C"h'++,%1"+$".*&'")$F'"$<"+.$)'"'U:'(,'%#')"'&'%"0,1,+*774".*)"8''%"&'(4":7'*)9(*87'C"

TNF"'U#,+'0"+$")+*(+")'',%1"('*7/"'%1*1'0"#(,+,\9'/":'$:7'":9).,%1"*1*,%)+"*%0"+.($91."+.'"8$$3"*%0"+.'"-$(3",%",+C"TNF"'U#,+'0"+$")+*(+")'',%1")$F'"$<"+.*+"'F'(1'"%$-C"T"+.,%3"-'N('")+*(+,%1"+$"1'+"+$"+.*+":'(,$0C"S$"TN&'"8''%"&'(4"1(*+,R'0"*%0"('#',&'0"*" 7$+"$<":$),+,&'" <''08*#3" <($F"#$F6(*0')/"*%0",+N)"*77$-'0"F'"+$"F''+"*%0"+*73"+$"*"7$+"$<":'$:7'"*77"$&'("+.'"#$9%+(4/"*%0"+.*+N)"8''%"('*774"'U#,+,%1C"

!"#$%&D&24(77+& 7,F4;&6'4& 5)642F548.&6'(6&+,-&();&^,4&#(/-;B5&;5;&(=,-6&6'4&=,,*I&5)&6'4&4(27542&;(+.9&

?@%"5."F4"1$0/"T"-*)")$"'U#,+'0"+$"1'+".'("+$"+*73"-,+.".'("*%0",+"-*)")9#."*%".$%$(C"!)"T")*,0/"TNF"*"H,%*7"S+(*-"<*%/")900'%74"*77"+.')'":'$:7'/"+.,%3'()"TNF")$"'U#,+'0"$<"-*%+"+$"+*73"+$"F'"*%0"-,+."F'/"*%0"+.*+N)")$"1(*+,<4,%1C";.*+"('*774"F*3')",+"*77"-$(+.",+C

10 of 24


!"#$%& L)+=,;+& 8',& 7,,*.& 4F4)& .753'67+& 07,.47+& (6& 6'4& 253'6<85)3&E-.'&=(0*I& 4.E405(77+& (_42&/,/4)6.& ,1& E,E-7(2&-E25.5)3&,2& 5).-2<24065,)I&,2&4F4)&5)&/,/4)6.&(_42&',2251+5)3&;5.(.642.&75*4&M-2250()4&`(625)(9&R,-&0()&.44&6'5.&1,0-.&,)&7,,65)3&();&6'4&7,,642&();&5)&/()+&8(+.I&56A.&82(EE4;&-E&5)6,&6'5.&24(77+&',225Z0&E2,E426+&8,2.'5E&();&(7.,&4S-(77+I&51&),6&/,24&.,&',225Z0&()65<=7(0*&2(05./9&#,&D&6'5)*&6'(6&6'(6& 5.& 75*4& .,/46'5)3& 6'(6&84& 0()A6& 4(27+&-);42.6(649&L);&84& 0()A6&24(77+&,F42.6(64&56I&2(6'429

?@%";$+*774C";.'"R%*7"#.*:+'("$<"F4"8$$3",)"*8$9+".$-",%"+.'"-*3'"$<"+.'"eA)"*%0",%":*(+,#97*("-,+."i*+(,%*/"89+"*7)$"+.'"87*#3$9+"(,$+,%1"*%0"7$$+,%1",%"]'-" $̂(3",%"J`ff"*%0",%"+.'"Z!"9:(,),%1",%"J``@/".$-"7$$+,%1"8'#*F'"+.'":'(<'#+"0$16-.,)+7'"<$(":('#,)'74"+(*#,%1"*%0/"F$('"8($*074/".,)+$(,#*774/" ,+".*)" <9%#+,$%'0"*)"*" +(*#,%1"$<" +.'" ('7*+,$%).,:"8'+-''%":($:'(+4/"-.,+'%'))/"-.,+'")9:('F*#4"*%0"*%+,687*#3%'))C"T"+.,%3/",%"+.'"-*3'"$<":*(+,#97*(74"h'$(1'"H7$40/"89+"'&'%">7*#3"Z,&')"V*++'(/"*"7$+"$<"-.*+"-.,+'"Z,8'(*7)"'&'%"9)'0"+$"9)'"*)"0$1"-.,)+7')"*8$9+"#(,F'"9(8*%"-.*+".*&'"4$9CCC"!"7$+"$<"+.$)'"0$1"-.,)+7')".*&'"8''%":($&'%"+$"8'"-.*+"+.'4"*('/"-.,#.",)"0$1"-.,)+7')/"(,1.+k"D.,#.",)"*"-*4"$<")*4,%1"(*#,)F"-,+.$9+"8',%1"(*#,)+C"Z$$+,%1".*)"('F*,%'0"*)"*"R%*7"0$1"-.,)+7'"+.*+N)"*&*,7*87'"+$":'$:7'/"'&'%":'$:7'"L-,+.,%"+.'"F$&'F'%+M/"+$"'U:('))"*%6+,687*#3%'))"*%0"'%0'0"*)"*"0'<'%)'"$<":($:'(+4C"

!"#$%&R4.&a&();&6'(6A.&/(+=4&(&E421406&.438(+&5)6,&6'5.&)4G6&S-4.65,)&D&'(F4&a&8'50'&5.%&=40(-.4&8,2;.&'(F4&/4()5)3&();&E,842&();&(7.,&743(054.& ();& 6'5)3.& 6'(6&84& 0()&E,5)6& 6,& 6'(6& (24& 62-4& (=,-6& 6'4/I&8,-7;&+,-&6(7*&(=,-6&6'4&,2535).&,1&6'4&8,2;&U7,,6V&();&U7,,65)3V>

?@%& '̂*./"*8)$79+'74C"Z$$+",)"+*3'%"<($F"*"g,%0,"-$(0/"+.'"-$(0"L79+M/"-.,#." R()+" *::'*()" ,%" *" .*%08$$3" <$(" T%0,*%" &$#*897*(4" <$(" l%17,)."#$7$%,*7" $c#'()C" ;.'"-$(0" 7,+'(*774" '%+'()" +.($91." #$7$%,G,%1" :$7,#'/"8*),#*774/":.$+$":$7,#'C";.'('N)"+.,)"('*774"+'77,%1"-$(0/"+.'"R()+"('#$(0'0"*::'*(*%#'"$<",+",%"l%17,).C"TNF",)"1$%%*"\9$+'".'('P"Lg'"*7-*4)"<$9%0"+.'"+*7,)F*%,#"1*+.'(,%16-$(0"7$$+/":79%0'(/"*")9c#,'%+"8$%0"$<"9%,$%",%"*%4":*(+"$<"T%0,*MC"D.*+"+.*+"\9$+'",)")*4,%1",)"+.*+"+.'"-$(0"L7$$+M/"+.'",0'*"$<"+.'"('7*+,$%).,:"+$":($:'(+4"*77$-)"#$7$%,*7"$c#'()"+$"9%,<4"-.*+"-$970"$+.'(-,)'"%$+"8'"*"9%,R'0":'$:7'C";.'"T%0,*%")98#$%+,%'%+"-*)"%$+"T%0,*"-.'%"l%17*%0"1$+"+.'('C"T"F'*%/"$8&,$9)74/",+"'F'(1')"$9+"

11 of 24


$<")$F'".,)+$(,#*7"#$%#':+,$%)"89+"+.'")+*+'"$<"T%0,*"*%0"+.'"%*+,$%*7,+4"T%0,*%/"-.,#."'F8(*#')"*"8,77,$%":'$:7'"*%0".9%0('0)"$<"7*%19*1')"*%0"('7,1,$9)":(*#+,#')"*%0"#97+9(')"-*)",F:$)'0"#$7$%,*774C"D.*+",)")$",%+'(6')+,%1",)"+.*+"+.'"-$(0"L7$$+M"-*)"*7('*04"('#$1%,G'0"<($F",+)"&'(4"($$+)"*)"*"-$(0"+.*+"#$970"0')#(,8'"*"('7*+,$%).,:"+$":($:'(+4"+.*+":($09#'0"(*#,*7,G*+,$%/"(*#,*7,G'0"T%0,*%":'$:7'/",+"-*)"*")9c#,'%+"8$%0"$<"9%,$%",%"*%4":*(+"$<"T%0,*C"S$"+.,)",0'*"$<"*"0'&,*%+"('7*+,$%).,:"+$":($:'(+4"+.*+",)":($['#+'0"$%+$"(*#,*7,G'0"$+.'()"84")'++7'(6#$7$%,*7"*%0"*%+,687*#3")$#,'+4",)":(')'%+"<($F"+.'"&'(4"R()+"*::'*(*%#'"$<"+.'"-$(0C"

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

!"#$%&!,6(77+9&:'4)&D&24(;&6'(6&5)&D)&J414).4&,1&K,,65)3I&56&=748&/+&/5);&=40(-.4& 6'424A.& (),6'42&8,2;& 6'(6& 5.& 5)& 6'4& 0,//,)& 74G50,)&,1&0,;4;&2(05.6&7()3-(34I&8'50'&(7.,&0,/4.&12,/&6'4&M5);5&();&'(.&;52406& 654.& 6,& 24.5.6()04& 6,&0,7,)5(7&F5,74)04& 5)& D);5(9&!'(6&8,2;& 5.&U6'-3V9&!'(6&8(.&.,&5)6424.65)3&6,&/4&=40(-.4&D&;5;)A6&*),8&(=,-6&6'4&46+/,7,3+&,1&6'4&8,2;&U7,,6VI&();&56&b-.6&.',8.&6,&/4&(.&.,/4=,;+&8',A.&J4.5&/+.471I&8',&5.&E(26&,1&6'4&D);5()&;5(.E,2(I&56&b-.6&0(774;&=(0*&6,&/4&',8&5)[-4)65(7&6'4&H2565.'&0,7,)5B(65,)&,1&D);5(&5.&.6577I&();&5.&.6577&8,27;85;49&D6A.&F42+& 5)6424.65)3&6,&/49&#,&6'()*&+,-&1,2&=25)35)3&6'(6&6,&753'6&();&1,2&6(7*5)3&(=,-6&569&

?@%" '̂*./" 0$,%1" (')'*(#." <$(" *"8$$3" ,)"%$+" $b'%" 7,3'" )9:'(" 'U#,+,%1/"89+"-.'%"T"'%#$9%+'('0"+.*+",%"+.'"5lY/"T"0,0"<('*3"$9+"*"7,++7'/"T"-*)"7,3'/"L5."F4"1$0/"+.,)",)")$"F9#."#7'*%'("+.*%"T"+.$91.+",+"-$970"8'MC"S$F'+,F')"4$9" +.,%3"4$9N('"1$%%*".*&'" +$":977" )$F'+.,%1"$9+/" +.*+N)"('*774")98+7'C"T+N)"1$,%1"+$"8'"('*774"#$F:7,#*+'0"*%0"4$9"$:'%"+.'".,)+$(4"8$$3)"m"+.*+N)"$%'"+.,%1")+904,%1".,)+$(4".*)"('*774"+*91.+"F'"m",+"-*)"

12 of 24


*#+9*774"F9#."F$('"$:'%" *%0"%*3'0" +.*%" 4$9" +.,%3/"-'" [9)+".*&'%N+"8''%"+*91.+",+C"n7*91.o

!"#$%&R4.I& 6'4& 6'2,-3'<75)4& 5.&.,&.5/E74& 6'(6& 56A.&(7/,.6&(& 756674&=56&.-.E505,-.9&M,8&0()&.,/46'5)3&=4&.,&.5/E7+&E24.4)64;&,2&24);424;&5)&7()3-(34&();&.,0546+&(.&6'4.4&68,&Z3-24.&,1&6'4&U7,,642V&();&6'4&U6'-3V>&R,-&6,-0'4;&,)&6'5.&.,/48'(6&=41,24&5)&6'4&5)642F548&();&(7.,&47.48'424&4G64).5F47+I&=-6&+,-&82564&(=,-6&6'4&2(;50(7&2407(/(<65,)&,1&6'4&Z3-24&,1&6'4&7,,6429&:,-7;&+,-&4GE();&,)&6'5.&6,E50>

?@%&5%'"$<"+.'"+.,%1)"+.*+"-*)/"T"+.,%3/"('*774":$-'(<97"*8$9+"+.'"$(,1,6%*7"'))*4"+.*+"T"+.'%"0'&'7$:'0",%+$"+.,)"8$$3"-*)"+.'"#7*,F"+.*+"+.'"R()+",F*1'",%"!F'(,#*"$<"*"87*#3"7$$+'("-*)"*%"'%)7*&'0":'()$%"<('',%1".'(6)'7<C";.*+"-*)",%<$(F'0"84"S*,0,4*"g*(+F*%N)"-$(3"S#'%')"$<"S98['#+,$%/"-.'('").'"+*73)"*8$9+".$-"+.'"'%)7*&'0")*-"+.'F)'7&')"*)")+'*7,%1"*-*4"$("'&'%"[9)+".*&,%1"*"F''+,%1"+.'4"('<'("+$"*)")+'*7,%1"+.'"F''+,%1/"-.,#."-*)"+.'"#$4"*%0",($%,#/"89+"*7)$"0'':74")98&'(),&'"-*4"$<"9%0'()+*%0,%1"+.*+"$%#'"*":'()$%".*)"8'#$F'":($:'(+4/"+.'%"*%4"*#+,$%"+.*+"+.'4"+*3'"%'#'))*(,74" *8)9(074" &,$7*+')" +.'" &'(4" :(,%#,:7'" $<" :($:'(+4" $%"-.,#.",+N)"8*)'0C"T"[9)+".*0"*"-.$7'"+*73"*8$9+"+.,)"('#'%+74"+.*+":'$:7'"#*%")''"$%" $̂9;98'"#*77'0"!1*,%)+"]$%62,$7'%#'C"5%'"$<"+.'"F*[$("-*4)",%"+.'"7*)+"eA"4'*()"'):'#,*774"+.*+"F$&'F'%+)".*&'"8''%"F*%*1'0"*%0"(':(')6),$%".*)"<9%#+,$%'0/",)"+.($91."+.,)"F4+."$<"%$%6&,$7'%#'/"-.,#."T"+.,%3"#(9#,*774"0$')%N+"F'*%"7'))"&,$7'%#'/"89+",)"*"):'#,R#",0'$7$14"*8$9+"*"#'(+*,%"3,%0"$<"#$%+($77'0"<$(F"$<"*#+,$%"+.*+"0$')%N+"('*774"&,$7*+'"+.'"7*-C"!%0"$%'"$<"+.'"+.,%1)"+.*+"+.*+".*)"0$%'".*)"8''%"+$"%*((*+,&'6,G'/",%":*(+,#97*(/" +.'"#,&,7" (,1.+)"F$&'F'%+C" T%" +.'"aA)/" +.'('" ,)" +.'"1$$0"%$%6&,$7'%+"+.,%1",%"+.'"S$9+."*%0",%"+.'"7*+'"eA)/"+.'('"-*)"+.,)"8*0/"&,$7'%+/"F,7,+*%+"87*#3":$-'(" +.,%1" ,%" +.'"]$(+.C";.*+"-*)"F,)+*3'%/"*%0" +.*+"-*)" +$$"'U+('F'C";.*+N)" +.'"%*((*+,&'" +.*+"-'".*&'/"-.,#." ,)"8*)'0"$%"*"<'-")'7'#+,&'".,)+$(,#*7"+(9+.)"89+",)"('*774"[9)+"+$+*774"F4+.,6#*7C"T+N)"*"+$+*774"F*0'69:"%*((*+,&'"*%0"$%'"$<"+.'"-*4)",+"<9%#+,$%)",)"+$"'U,7'"+.'"7$$+'("<($F"+.*+"F$&'F'%+"*%0"+$")*4/"-.'%"4$9"+*73"*8$9+"+.'"#,&,7"(,1.+)"F$&'F'%+"*%0":'$:7'"-.$"<$91.+"<$("<(''0$F",%"+.'"87*#3"<(''0$F"F$&'F'%+",%"+.'"aA)"*%0"eA)/"+.'",F*1'"+.*+"#$F')"+$"F,%0",)"+.'"V*(#."$%"D*).,%1+$%"$("+.'"<(''0$F"(,0'()/"$("+.'"79%#."#$9%+'("),+6,%"<$73)/"*77"$<"-.$F"-'('",%#('0,874"8(*&'"*%0":$-'(<97"*%0"-.$"*('"09'*)"F9#."('):'#+"*)"+.'4"('#',&'/"T"+.,%3/":($8*874"F$('/"89+":*(+"

13 of 24


$<"1,&,%1"+.'F"F$('"('):'#+" ,)"('#$1%,G,%1"+.*+"F*%4"$<"+.$)'":'$:7'"-$970"+.'%"1$"$%"+$":*(+,#,:*+'",%"9(8*%"('8'77,$%)C"V*%4"$<"+.$)'":'$6:7'"-$970":($+'#+"+.'F)'7&')"-,+."19%)"*%0"-$970"R1.+"8*#3"-,+."iii"],1.+"X,0'()" ,%" +.'"S$9+./"*)" +.'4"-'('"$(1*%,G,%1" +$" ('#$1%,G'" +.*+/"<$("+.'"&*)+"F*[$(,+4"$<":'$:7'" ,%"+.*+"F$&'F'%+/"%$%6&,$7'%#'"-*)"*"+*#+,#"+.*+"-*)"'E'#+,&'")$F'+,F')"$(",%'E'#+,&'"$+.'("+,F')C"T+"-*)%N+"*":.,7$)$:.4"*%0",+"-*)%N+"*"-*4"$<"8',%1C"S$/",<"-'"('#$1%,G'"+.*+"*%0",<"-'"8(,%1"+.'"7$$+'("8*#3",%+$"+.'",F*1'"$<"+.'"F$&'F'%+/"+.'%"T"+.,%3"-'")+*(+"+$")''/")$"+.'".,)+$(4"T"[9)+")3'+#.'0"m"1$$0",%"+.'"S$9+./"8*0",%"+.'"]$(+.C"D.*+"+.*+"+'%0)"+$"0$",)"*#+9*774")3,:"$&'("+.'"4'*()"JèK"+$"Jè_"&'(4"$b'%/"*%0"+.'"('*)$%"+.$)'"4'*()"1'+")3,::'0"$&'(/"T"+.,%3/",)"8'#*9)'"+.'4N('"*":'(,$0",%"-.,#."+.'('"*('"faA"87*#3"*%+,6:$7,#'"(,$+)"*%0"#,&,7"(,1.+)"(,$+)" ,%"+.'"#$9%+(4/"faA",%"*"R&'64'*(":'(,$0C"T+N)",%#('0,87'P",+N)"*"F*))"9:(,),%1"+.*+",%"Jè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èp/"V*(+,%"Z9+.'("i,%1N)">,(F,%1.*F"#*F:*,1%")+*(+)"%$%6&,$7'%+/"89+" ,+" '%0)"-,+."0*4)"$<" (,$+,%1/" +$(#.,%1":$7,#'" #*()/" +.($-,%1" ($#3)"8*#3"*+">977"W$%%$(/"*%0",+"F*3')")'%)'"+$"#$%),0'(">,(F,%1.*F/"!76*8*F*",%"Jèp"*)":'(.*:)"+.'"R()+"7*(1'"9(8*%"(,$+"$<"+.'":'(,$0C";.*+".,)+$(4",)"+$+*774"<$(1$++'%"*%0",1%$('0C"

S$/",<"-'"+*73"*8$9+"m"*%0"T"+.,%3"-'").$970"m"+.'"*#+,&,)+)",%">,(F,%16.*F/"+.'"87*#3"<$73)",%"*#+",%">,(F,%1.*F"R1.+,%1"<$("<(''0$F"*)"+.,)",F:$(+*%+" :,&$+*7"F$F'%+" ,%" !F'(,#*%" .,)+$(4" m"-.,#." ,+" -*)" m"-'".*&'"+$"'F8(*#'"+.'"(,$+'("*%0"+.'"7$$+'("-.$"-*)"+.'('"*%0"-.$"-*)"+.,)" #$('":*(+" $<" +.*+"F$&'F'%+C" T<"-'" [9F:" <$(-*(0" ,%".,)+$(4"%$-/"09(,%1"H'(19)$%/"09(,%1">7*#3"Z,&')"V*++'(" @AJK/" @AJa/" +.*+"-*&'"$<"F$&'F'%+/":'$:7'"('*774"0,)*&$-'0"(,$+'()/"+.'4")*,0"(,$+'()"*%0"7$$+'()"*('%N+":*(+"$<"+.'"F$&'F'%+/"+.'4"*('"%$+"*#+,%1":$7,+,#*774/"+.'4"*('"%$+"('*774"*#+,&,)+)"$(":($+')+'()/"-.'%",%"<*#+/" ,+"-*)":('#,)'74"(,$+,%1"*%0"

14 of 24


7$$+,%1"+.*+".*0"8($91.+"+.'"F$&'F'%+",%+$"'U,)+'%#'C"T+"-*)"+.'"8*),)"$<"+.'"F$&'F'%+C";.*+"+*#+,#"):('*0"+.'"F$&'F'%+"*%0"F*0'",+".*::'%C"S$"-.'%"T"+*73"*8$9+"('#7*,F,%1"+.'"7$$+'("$("+.,%3,%1"+.($91."+.'"R169('"$<"+.'"7$$+'(/"T"*F"+(4,%1"+$"+(*#'"*".,)+$(4"$<"*"<$(F"$<"('),)+*%#'"+.*+"1$')"8*#3"+$"+.'"'*(7,')+"0*4)"$<"+.'":7*%+*+,$%/"-.'('"87*#3"<$73)"('['#+6'0":($:'(+4"7*-/"('['#+'0"-.,+'")9:('F*#4"*%0"+.'"(97')"$<"-.,+'%'))"84"7$$+,%1"+.'F)'7&')"84"$(1*%,G'074"*%0"$:'%74")+'*7,%1"-.,+'":($:'(+4/"%*F'74" +.'F)'7&')/"*%0"+.'%"*++'F:+,%1"+$" ,F*1,%'"+$" 7,&'"$+.'(-,)'C"!%0".*&,%1"+.*+"*#+"$<"+.'b"*%0"7$$+,%1"*)"+.,)"R()+"F$F'%+"$<":$)),68,7,+4/"+.,)"%'#'))*(4"R()+"F$F'%+")+*(+)"+$"('*774"#.*%1'"+.'"-*4"+.*+"T"+.,%3"T"7'*(%'0"+$"+.,%3"*8$9+")+(9117'"*%0".,)+$(4C"!%0",<"-'")''"+.*+"+.*+"#$%+,%9')",%+$"+.'":(')'%+"$<"+.'"7$$+'(/"8$+.",%"+.'")7*%0'()"+.*+"('*#+,$%*(,')"9)'0"+$"*++*#3"7$$+,%1"*%0",%"+.'"R19('"$<"+.'"7$$+'(".'(6)'7<" *%0"-.*+" ).'" (':(')'%+)/" +.'%" T" +.,%3"-'" #*%"8'1,%" +$" 1'%9,%'74"'F8(*#'"*%0"7'*(%"<($F"+.'"('&$79+,$%*(4"+(*0,+,$%",%"+.,)"#$9%+(4"*%0"+.,)"-$(70C"

!"#$%& R4.I& (=.,7-647+9& :4A24& (77& E2,=(=7+& 1(/575(2& 856'& 56I& b-.6&6'2,-3'&,./,.5.&,2&E(..5F47+&0,).-/5)3&/(5).624(/&,2&253'6<85)3&/4;5(I&=-6&8'(6&(24&.,/4&4G(/E74.&,1&24(065,)(2+&E-.'<=(0*&(3(5).6&6'4&7,,642&();&/(+=4&.,/4&24.E,).4.&6'(6&+,-&/53'6&'(F4&6,&6',.4>

?@%&;$+*774C"T"+.,%3/"+.'('"*('")$F'"#$FF$%"$%')/"7,3'"(,$+'()"*('"0'6)+($4,%1" +.',(" $-%" %',1.8$(.$$0)C" T+N)" ('*774" #$FF$%"-.,#." T" +.,%3",)" 8*)'0" $%" ('*774"F,)9%0'()+*%0,%1".$-":$-'("-$(3)" ,%" +.'"I%,+'0"S+*+')/"89+"*7)$"*%4-.'('/"+.*+"1'$1(*:.4",)"'\9*7"+$":$-'(/":'$:7'"-.$"0$%N+"$-%"*%4+.,%1"7,&'",%"%',1.8$(.$$0)"+.'4"0$%N+"$-%/"+.$)'"%',1.68$(.$$0)"'U:7$,+"+.'F/"+.'4N('"%$+"+.',("%',1.8$(.$$0)/"*%0"+.'('N)"+.,)",0'*" +.*+/" 7,3'"5i/" ,<" +.'":'$:7'"-.$"$-%" +.$)'"89),%'))')"*('%N+" )96:'(6(,#./"+.'%")$F'.$-"+.'4N('"*7)$":*(+"$<"+.'"#$FF9%,+4"*%0"+.'%/"-.'%"7$$+'()"*++*#3'0"+.'F/"+.'4N('"0')+($4,%1"+.,)"#$FF9%,+4",%)+,+96+,$%/"-.'('*)"7,3'"-.*+"+.'"(')'*(#.").$-)"m"*%0"T"+.,%3"*"7$+"$<":'$:7'"'U:'(,'%#'"+.'")9FF'("m"8$+."+.*+"87*#3/" ,%0,1'%$9)"*%0":($7'+*(,*%"%',1.8$(.$$0)",%"!F'(,#*".*&'"*"F9#.".,1.'("#$%#'%+(*+,$%"$<"#.*,%")+$(')/":*-%).$:)/" ('*774"'U:7$,+*+,&'"89),%'))')C">9+"*7)$" +.*+" 7$$+'()"*%0"(,$+'()"3%$-"-.*+"+.'4N('"0$,%1/"+.'"+*(1'+)"+.'4N('".,++,%1C"T"F'*%/",<":'$:7'"('F'F8'(",%"V,%%'*:$7,)/"-.'('"*".91'")-*+."$<"+.'")'#+,$%"$<"+.'"#,+4"-*)"+$+*774"8*),#*774"7$$+'0"*%0"89(%'0"+$"+.'"1($9%0C";.'('"-*)"*%",%0':'%0'%+"8$$3)+$('"+.*+"[9)+")+*4'0")+*%0,%1"+.($91."

15 of 24


*77"$<"+.*+C"!%0"-'")*-"+.*+",%"+.'"eA)/"+$$"m")$F'"7$#*7"89),%'))')"-,77"8'":($+'#+'0/"$+.'()"-,77"8'"*++*#3'0C"!%0"+.*+N)"8'#*9)'":($8*874/",<"4$9"7,&'",%"+.*+"%',1.8$(.$$0/"4$9"1$",%+$"+.*+")+$('"-.'('"+.'":(,#')"*('"+$$".,1."*%0"4$9"1'+"<$77$-'0"*($9%0"84"+.'"F*%*1'(/"*%0"4$9"3%$-"+.*+"$%'"$<"+.'"F*%*1'()")'U9*774".*(*))')"+.'"'F:7$4'')/")$F'"$<"-.$F"*('"4$9("<(,'%0)C"T+N)"+.,)"('*774"8*#3-*(0"-*4"$<"+.,%3,%1"*8$9+"-.*+"#$F6F9%,+4"*%0"%',1.8$(.$$0"7$$3"7,3'C

!%$+.'("('*774"#$FF$%"$%'",)P"+.'4"*('"$::$(+9%,)+)/"+.'4N('"#(,F,%*7)/"+.'4N('"%$+":($+')+'()/"+.'4"0$%N+"3%$-"-.*+"+.'4N('"0$,%1/"+.'4N&'"%$+.6,%1"+$"0$"-,+."*")+(9117'C"T".$:'"+.*+".*)"8''%":($&'%CCC"j9)+"+.'").''("),G'"*%0"-,0'):('*0%'))"$<"+.'"h'$(1'"H7$40"9:(,),%1)/"T"+.,%3/"('*774":9+"+.*+"$%'"+$"(')+"*"8,+/"89+"+.'('",)")+,77"+.'",0'*"+.*+"+.'"7$$+'()"*('"L%$+"*#+,&,)+)M/"*('"L%$+"7'bMC"!%0"T".*&'"*"09*7"('):$%)'C"5%"+.'"$%'".*%0/",+N)"+(9'/"+.'4N('"*#+9*774"%$+"+.'"7'bC";.'"7'b",%"+.'"I%,+'0"S+*+')/"-.,#."0,0%N+"('*774"'U,)+"-.'%"T"-*)"#$F,%1"9:"89+"#'(+*,%74"'U,)+)"%$-/",)"7,3'"+.')'"&'(4"$(1*%,G'0":($['#+)/"F$)+74" <$#9)'0"$%"'7'#+$(*7,)F"*%0"('6#(9,+F'%+C"!%0"+.'":'$:7'"-.$"-'('"(,),%1"9:"$&'("+.'")9FF'("-'('%N+"+.'"7'bC";.'4"-'('%N+"+.'"$(1*%,G'()/"+.'4"-'('":$$(/"87*#3":'$:7'"*%0"+.',(" <(,'%0)"*%0"#$F(*0')"*#($))" +.'"#$9%+(4C"!%0"+.'" 7'b"-*)"$b'%"+(*,7,%1"8'.,%0"+.,%1)C">9+"+.*+",)"0,E'('%+"<($F"+.'F".*&,%1"%$+.,%1"+$"0$"-,+."+.'")+(9117'"$("+.'F"%$+"3%$-,%1"-.*+"+.'4N('"0$,%1"$("+.'4N('"[9)+"7,3'"*:$7,+,#*7"$("+.'4N('"#(,F,%*7C"

!77"$<"+.')'",0'*)/"T"+.,%3/"*('"[9)+"8'7,'0"84"+.'"<*#+"$<"+.'"-*4"+.*+/"$&'("*%0"$&'("*1*,%/"F$&'F'%+)"*('"8$(%'"84"+.$)'"*#+,$%)C"V$&'F'%+)"*('"7,3'"+.'"'%+,('":$7,+,#*7"%'U9)"$<"+.'"#$9%+(4",)").,b'0"84":'$:7'"7$$+,%1"*%0"(,$+,%1/",%"*"-*4"+.*+"+$"+.,%3"$<">,77"V#i,88'%".*0"l*(+."peA"+.,%1",%"]'-" $̂(3",%"@AJa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

16 of 24


;.'"$%'"+.*+"T"+.,%3"-'"*#+9*774"-,77".*&'"+$"-$((4"*8$9+"%$-/"+.$91.C"S$"+.'"$9+),0'"*1,+*+$("+($$:"*1*,%"h'$(1'"H7$40"('&$7+/",+"0,0%N+"('*774".$70"9:"8'#*9)'",+"-*)".*::'%,%1"'&'(4-.'('C"?'$:7'"*('"[$3,%1/"-.*+",)"+.'('/")$F'"!%+,<*"gq")$F'-.'('",%"T$-*")'%0,%1"$9+"+.$9)*%0"$<"+($$:)k"T+"$8&,$9)74"0$')%N+"F*3'")'%)'/"89+"-.*+".*)/",%"<*#+/"+.'")+*+'".*)"d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

V*48'"+.,)",)"1$%%*")$9%0"d,::*%+/"89+",+"F*3')"F'"+.,%3"$<"+.'('"-*)"+.,)" 8,1"F$&'F'%+/" 7,3'" *" #$%):,(*#4" +.'$(4" +$" ,F*1,%'" +.*+"D,77,*F"S.*3'):'*('"0,0%N+"-(,+'".,)":7*4)/"*%0",<"4$9"7$$3",%+$"+.,)"-.$7'"(*%1'"$<"*#*0'F,#"-$(3"*8$9+"+.*+CCC"T+"*#+9*774"[9)+"#$F')"<($F"*"#$%)'(&*+,&'"#$FF'%+*+$("8',%1"7,3'"LD'77/"D,77,*F"S.*3'):'*('"-*)"*":$$(/"9%'069#*+'0/"\9''("194C";.'('N)"%$"-*4"+.,)":$$(/"9%'09#*+'0"-',(0$"-($+'"+.')'"8$$3)M"*%0"+.'%/"<($F"+.'('"R%0,%1"*"-*4"+$"'U:7*,%".$-",%"<*#+".'"0,0%N+"-(,+'",+C"

;.*+N)"+.'"%,#')+"&'(),$%"$<"-.*+"T".'*("-.'%"T".'*(":'$:7'")*4,%1"+.*+"7$$+'()"-'('"-.,+'")9:('F*#,)+)C" $̂9")+*(+"<($F"+.'":('F,)'"+.*+"+.'4N('"%$+":*(+"$<"+.'"F$&'F'%+/"*%0"+.'%"4$9"R19('"$9+"*"-*4"+$"'U:7*,%"+.*+/"*%0"+.'")+*+'".*)"('*774"F*%,:97*+'0"+.*+C"T%"S':+'F8'(/"+.'('"-*)"+.,)":('))"('7'*)'"+.*+"#*F'"$9+"<($F"V,%%'*:$7,)")*4,%1P"L5."-'N&'"*((')+6'0"+.,)"194C"g'"-*)"*"-.,+'")9:('F*#,)+"8,3'(C"g'")+*(+'0"+.'"F$&'F'%+MC";.'('".*)%N+"8''%"*"+(,*7C";.'('".*)%N+"8''%"*%4"F$('"'&,0'%#'"1,&'%C"T"<$77$-'0"9:"$%",+"*"-''3"*1$/"T"#$970%N+"R%0"*%4+.,%1C";.'('",)"%$"+(9+."+$"+.*+/"89+",+N)"#,(#97*+'0C";.,)",0'*",)"#,(#97*+'0"+.*+"+.'"F$&'F'%+"-*)")+*(+'0"84"*"(*#,)+/"84"*"-.,+'")9:('F*#,)+C";.,)",)"&'(4"'E'#+,&'"<$("+.'")+*+'"*%0",+N)"*")+(9117'"+.*+"-'N('"1$%%*"<*#'",%"*77"$<"$9("F$&'F'%+)"+$"#$F'C"

17 of 24


!"#$%&!'()*&+,-&1,2&35F5)3&F,504&6,&6'5.&6,E50I&=40(-.4&D&1476&(&756<674&'4.56()6& 6,&(.*& 6'4&S-4.65,)& b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cI& 1,2&4G(/E74I&,2&()65</(.*42&.6-cI&1,2&4G(/E74I&5.&(77&'(.&24(77+&62,-=75)3&253'6<85)3&2,,6.9

?@%&T"+.,%3",<",+"-*)"$%74"(,1.+6-,%1":'$:7'"0$,%1",+/",+"-$970"8'"'*)6,'(" +$"*(19'"-,+." +.*+C">9+":*(+"$<" +.'" ('*)$%" ,+N)" )$" ,F:$(+*%+" +$" +*73"*8$9+",+"%$-/",<":'$:7'"('F'F8'("09(,%1"$&'("+.'")9FF'(/",%"F,06j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

g'(":*(+%'("-*)")+$7'%" <($F".'("*%0").'"-*)"R77'0"-,+."*"(*1'"*%0"*"+(*1'04/"*%0"*"<(9)+(*+,$%/"*%0"*"0'),('"<$("#.*%1'"+.*+"8(,%1)"*77"$<"9)",%+$"+.'")+(''+C">9+",+"-*)")$"0,('#+"*%0"7,&'0"<$(".'(C"!%0"+$"+.'%".*&'"L+.'"F$&'F'%+M"-$(3" <$(" +.'":$7,#'"*%0":9+".'(" ,%" [*,7/" *%0"%$-"'&6'(4$%'" )+$::'0" +*73,%1" *8$9+" ,+C"l&'(4$%'"-.$N)":*(+"$<" +.*+" )+$::'0"+*73,%1"*8$9+",+C";.'4"-'%+"),7'%+/",+".*)%N+"8''%"8($91.+"9:"*1*,%"8'6#*9)'"+.'4"-'('"-$(3,%1"*)":$7,#'C"!%0"-.'%"4$9"+.,%3"+.,)"-*4/"4$9"*('"+.,%3,%1"*)":$7,#'C"T+N)")$",F:$(+*%+"+$"9%0'()+*%0"+.*+",+N)"%$+"[9)+"(,1.+6-,%1/"+.*+"+.'('",)"+.,)"8,1"7'b")+(*,%"$<"+.,)")+9E/"*%0"+.*+"+.,)":*(6*%$,0"#$%):,(*#4")+9E",)"<9%0*F'%+*774"*%+,)'F,+,#/"89+"*7)$"*%+,687*#3"

18 of 24


*%0" ,)" <9%0*F'%+*774"*8$9+"0,)+(9)+,%1":$$(":'$:7'"*%0"87*#3":'$:7'"<$("3%$-,%1".$-"+$"(,)'"9:"$("3%$-,%1"-.*+"+.'4N('"0$,%1C"!%0",+N)")$",F:$(+*%+"+.*+"-'"R1.+"*1*,%)+"+.*+",<"-'"-*%+"+$".*&'"*"#.*%#'"$<"%$+"(':($09#,%1"+.')'"&,$7'%#')C

!"#$%&d-.6&6,&245642(64&.,/46'5)3&6'(6&+,-&.(5;I&/(*5)3&(&24(77+&074(2&;5.65)065,)& =46844)& (& 0,E& 5)Z762(65)3&/,F4/4)6.I& 8'50'& 5.& .,/4<6'5)3& 6'(6& ;,4.& '(EE4)I& ();& E4,E74& 856'5)& /,F4/4)6.& ;,5)3& 6'4&8,2*&,1&6'4&.6(64&5.I&D&6'5)*I&b-.6&02-05(7&();&(&0,2)42.6,)4&6,&'(F5)3&()+&/,F4/4)6&6'(6&5.&(EE2,(0'5)3&(&.6(64&,1&'4(76'&,2&'4(76'5)4..9&

?@%"5%'"+.,%1"+.*+",)"&*79*87'"+$"7'*(%"<($F"('&$79+,$%*(4".,)+$(4",)"+.*+"+.'('"*('"1$%%*"8'",%R7+(*+$()"*%0")%,+#.')"*+"'&'(4"7'&'7"*%0"8'.,%0"'&6'(4"<$(F"$<"+*#+,#/"9%<$(+9%*+'74C";.'"J`Aa"('&$79+,$%",%"X9)),*/"%$+"+$"8'"+$$"%'(04"*8$9+"+.,)/"89+"H*+.'("h*:$%"*%0"+.'".'*0"$<"+.'"7'b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

I%<$(+9%*+'74/" -'" 0$%N+" 3%$-"-.$" ,)" 1$,%1" +$" :($&'" $(" 1$,%1" +$" 1'+"d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

19 of 24


!"#$%&D6A.&'(2;&6,&*),8&8'424&6,&3,&12,/&6'(6I&=-6&b-.6&6,&.6(64&6'(6&6'5.&5.&(&6'5)3&6'(6&6'4&.6(64&;,4.&();&(&6'5)3&6'(6&84&(7.,&;,&6,&4(0'&,6'42&();&),6&6,&.(+&6'(6&()+,)4A.&(&=(;&E42.,)&,2&E7(04&(&F(7-4&b-;3</4)6&,)&()+&E42.,)&,2&8'(64F429&H-6&b-.6&6,&=4&(8(24&,1&56I&6'5.&5.&(&6(0650&6'(6&5.&4G624/47+&;4.6(=575B5)3&5.&F42+&5/E,26()69&

#,& 6'4& =,,*& 56.471& 3,4.& 6'2,-3'& F(25,-.& E,5)6.& ();&/,/4)6.& ();&64);4)054.&();&6()34)6.&5)&'5.6,2+&6,&.-EE,26&(&7,350(7&241,2/(65,)&,1&',8&84&6'5)*&(=,-6&-E25.5)3I&25,6I&();&F(25,-.&6(0650.&(..,05(64;&856'&6',.4&4F4)6.9&:,-7;&+,-&3,&6'2,-3'&+,-2&E2,04..&,1&0',,.5)3&6'4.4&'5.6,250(7&/,/4)6.&5)&;414).4&,1&7,,65)3>

?@%"D.'%"T")+*(+'0"$9+/"T"('*774"-*)"<$#9)'0"$%"+.'"W,&,7"D*(/"+.'"1'%6'(*7")+(,3'"$<"+.'")7*&')"<($F"Y9">$,)N)">7*#3"X'#$%)+(9#+,$%/"*%0"+.'%"+.,%3,%1" +.($91."('#$%)+(9#+,$%"*b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g'('N)"$%'":7*#'"-.'('" 7$$+,%1".*::'%'0/" *%0" ,+"-*)"1$$0/" *%0".'('N)"*%$+.'(":7*#'"-.'('" 7$$+,%1".*::'%'0"*%0" ,+"-*)"1$$0M/"-.,#."$<"#$9()'/"T"0$"*)"-'77C">9+"*)"*"(')97+/"T"'%0'0"9:"+.,%3,%1"+.($91."+.'"eA)"*"7$+/"89+"+$")$F'"'U+'%+/"+.'"8$$3"+9(%'0",%+$"3,%0"$<"+.'".,)+$(4"$<"+.'"7*)+"@AA"4'*()C";.'"7*)+"@AA"4'*()"$<"I%,+'0"S+*+')".,)+$(4C";.*+N)"-.*+"+.'"8$$3"'%0)"9:"8',%1/"<$("8'++'("*%0"<$("-$()'C"T"+.,%3"+.'('N)")$F'")+('%1+.)"+$"+.*+/"*%0"+.*+"F'*%)"+.*+"TN&'"17$))'0"$&'("*"7$+"$<")+9E",%/"*%0"<$(":'$:7'"-.$"*('"-'776&'()'0",%"+.,)".,)+$(4"+.'('N)":($8*874"*"7$+"$<"(':'+,+,$%"+.*+"+.'4N('"<*F,7,*("-,+."F4"8$$3C

20 of 24


T%"+'(F)"$<"F*3,%1"+.$)'"#.$,#')"+.$91./",+"*7)$"[9)+".*::'%'0")$F'6-.*+"%*+9(*774"*)"T"-*)"0$,%1"+.'"(')'*(#.C"T"-$970"[9)+"R%0")+9E"+.*+")''F'0"('*774",F:$(+*%+"+$",%#790'/"*%0"+.'%"+.*+"-$970"'U:*%0"*")'#6+,$%/"*%0"+.'%")900'%74"+.*+")'#+,$%"-$970"8'"*"-.$7'"#.*:+'(C"S$"T"#*F'"&'(4"$(1*%,#*774"+.($91."+.'":($#'))"$<"-(,+,%1C"5%'"$<"+.'"+.,%1)"+.*+"-*)"('*774",%+'(')+,%1"-*)"T"+.$91.+"T".*0"('*0"*"7$+"$<"8$$3)/"+.*+"T"-*)":('++4"-'776,%<$(F'0"*8$9+".,)+$(4"*7('*04"8'<$('"T")'+"$9+"+$"-(,+'"+.,)"8$$3C"Y,)#$&'(,%1".$-"7,++7'"T"3%'-"-*)"('*774"8'*9+,<97"*%0".9F87,%1"*%0",%+'(')+,%1C"D'"0$%N+"7'*(%"&'(4"F9#."*8$9+".,)+$(4",%"+.,)"#$9%+(4"<$("1$$0"('*)$%C"S$":*(+"$<"-.*+",%<$(F'0"F'"-.'%"T"-*)"-(,+,%1"*8$9+"-*)" +.*+" T"-*)" 7'*(%,%1C" T"-*)" 7'*(%,%1")$"F9#."09(,%1" +.,)" (')'*(#.C"T"-*)" 7'*(%,%1")$"F9#.C"T"3%'-")$"7,++7'"$<" +.,)/"*%0"'&'(4+.,%1"+.*+"T"7'*(%'0/" +.*+" T" <'7+" ('*774"#.*%1'0" +.'"-*4"T"9%0'()+$$0"*":'(,$0"$("*"+$:,#/"T"+(,'0"+$":9+",%"+.'"8$$3C"

!"#$%& D& 7,F4& 6'(6I& 56A.& =4(-651-7& ();& (7.,& 12-.62(65)39&H4(-651-7I& ,)&6'4&,)4&'();I&=40(-.4&+,-&(24&(=74& 6,&;,& 6'5.I&=-6&(7.,& 12-.62(65)3&=40(-.4&(77&,1&6'5.&.6-c&5.&.,&=-254;&();&+,-&24(77+&'(F4&6,&'-)6&1,2&56I&=-6&D&6'5)*&56A.&6'2,-3'&=,,*.&75*4&+,-2.&();&=,,*.&75*4&.,&/()+&,6'42&1,7*.&6'(6&84&0()&'(F4&(004..&6,&(77&,1&6'5.&'5.6,250(7&*),874;34I&8'50'&5.&.,&F56(77+&5/E,26()6&1,2&-);42.6();5)3&8'+&84&;,&6'4&6'5)3.&84&;,I&();&8'+&6'5)3.&(24&6'4&8(+&6'4+&(249

?@%&lU*#+74C"!%0"+.')'"8$$3)"*('"*&*,7*87'C"T".$:'"F4"8$$3"<9%#+,$%)"*)"8,87,$1(*:.4"*)"F9#."*)"*%4+.,%1C"5+.'(":'$:7'".*&'"0$%'")9#.",%#('06,87'/",F:$(+*%+"-$(3"*%0",+N)"*"#7,#.r/"89+")+*%0,%1"$%"+.'").$970'("$<"1,*%+)/"%$+"[9)+"+.'",%+'77'#+9*7"1,*%+)/"89+"*7)$"+.'"(,$+'()"*%0"+.'"7$$+'()"*%0" +.'"F*($$%)"*%0" +.'" ,%0,1'%$9)"R1.+'()C"!77"$<" +.'F".*&'"1,&'%"9)" +.,)"8'*9+,<97"8$04"$<"3%$-7'01'"*%0":$)),8,7,+4" +.*+" +.'" )+*+'"*%0"#*:,+*7".*&'"<*,7'0"+$"<9774")9::('))/"*%0"-'"#*%"*##'))",+/"*%0":'$:7'"*('"-$(3,%1"+$"0$"+.*+C

!"#$%&L=.,7-647+9&!'4&=,,*&0(/4&,-6&7(.6&+4(2&();&+,-&=43()&56A.&5)&6'4&/5;.6&,1& 6'4&"423-.,)&-E25.5)3&,1& 7(64& .-//42&OPef9&#5)04& 6'4&E-=750(65,)&,1&6'4&4..(+&();&6'4)&6'4&=,,*I&'(F4&+,-&'(;&+,-2&6'5)*<5)3&.-EE,264;&,2&.'5_4;&=+&()+6'5)3&+,-AF4&.44)&-)1,7;&5)&6'4&8,27;>

?@%&!8)$79+'74C"V4"+.,%3,%1"-*)")$"0'':'%'0"8'#*9)'"$<"+.'"F$&'F'%+"

21 of 24


,%"H'(19)$%C"T")+*(+'0"$%"+.,)":(*#+,#'"$<"(')'*(#./"-.,#."7'0"F'"+$"*77"$<" +.,)" .,)+$(4" *%0" +.,)" 87*#3" (*0,#*7" +(*0,+,$%C" >'<$('" T" .*0" ('*0"Y9">$,)"*%0"*" <'-"$+.'(" +.,%1)/"89+"('*774"0,&,%1" ,%+$" +.,)"8$04"$<"-$(3/"0,)#$&'(,%1"('*774"#*('<9774/"('*0,%1"+.($91.")$F'":'$:7'"7,3'"W.(,)+,%*"S.*(:'/"S*,0,4*"g*(+F*%"S47&,*"D4%+'(/"T0*">C"D'77)N)"-$(3"m"*77"$<"+.')'":'$:7'"<($F"+.'"eA)/"X$)*"?*(3)"*%0"h7$(,*"X,#.*(0)$%/"+.'('N)")$"F*%4":'$:7'",%"!F'(,#*"*%0"*8($*0/"7,3'"?*97"h,7($4"*%0"S47&,*"D4%+'("$8&,6$9)74",)"W*(,88'*%C">9+"+.'('",)"+.,)".91'"0'':'%,%1"$<"3%$-7'01'"+.*+"T"-*)"):9(('0"$%+$"8'#*9)'"$<">7*#3"Z,&')"V*++'(",%"@AJK6@AJa/"8'#*9)'"$<"+.'"('8'7)"$<"H'(19)$%/",+".*)"+$+*774"#.*%1'0"F'C"S,%#'"+.'%"*7)$"TN&'"8''%",%&$7&'0",%"*"7$+"$<":(,)$%"*8$7,+,$%,)+"*%0":$7,#'"*8$7,+,$%,)+"-$(3/"*1*,%"$b'%"0(,&'%"84"+.'"<*F,7,')"$<"+.'":'$:7'"-.$"*('",%#*(#'(*+'0/"*%0"+.*+".*)"0'':'%'0"F4"9%0'()+*%0,%1"*%0"F4"3%$-7'01'C"S+*%0,%1"X$#3"*%0"+.'"&*(,$9)",%0,1'%$9)"R1.+)/":*(+,#97*(74",%")$6#*77'0"W*%*60*/"+.'4N&'"8''%")$":$-'(<97"$<"+.'"7*)+"<'-"4'*()".*&'"*7)$"<$(#'0"F'"+$"('*774"('#3$%"-,+."+.'",%0,1'%$9)"($$+)"$<"*77"l9($:'*%":.,7$)$:.4"*%0"+.'"-*4",%"-.,#.")$"F9#."$<"7'b,)F"*%0"l9($:'*%"'%7,1.+'%F'%+"+.$91.+" ,)" 89,7+" $%" ,%0,1'%$9)" +.'$(,G,%1" *%0" 87*#3" +.'$(,G,%1" +.*+".*)"8''%"#*:+9('0"*%0"F*0'" ,%&,),87'" +.($91." +.'"-.,+'"*#*0'F4C"S$",%"F*%4"-*4)/"TN&'"'%1*1'0"$&'("+.')'"4'*()"-,+.")9#."*".91'"8$04"$<"-$(3C"T%"+.*+":'(,$0"TN&'"*7)$"+(*%),+,$%'0"*%0".*&'"('*774"+*3'%"*"7$+"$<"('&$79+,$%*(4"1'%0'("+.,%3,%1"*%0"+(*%)"+.$91.+"F$('"+$".'*(+"*)"-'77C"T"0$%N+"'&'%"3%$-".$-"+$"8'1,%"+$"0')#(,8'"+.'"0'':"#.*%1'"+.*+".*)".*:6:'%'0/"89+"T"+.,%3"-.*+"TN&'"('*774"7'*(%'0/",<"T"-'('"+.'")9FF*(,G'",+"*)"8(,'d4"*)":$)),87'/",)"+$"+(9)+"F$&'F'%+/"+$")+904"*%0"7$$3"*+"F$&'F'%+/"+$"+(4"*%0"+*3'",+"*)")'(,$9)74"*)":$)),87'"*)",+N)"1$,%1/"*%0"+$")''"-.*+":'$:7'"*('")*4,%1"*%0"+$"7,)+'%/"*%0"+.*+"+.'"8*),)"$<"*%4"7'*(%,%1"*8$9+"('&$79+,$%*(4":($#'))")+*(+)"+.'('C

!"#$%&L=.,7-647+I& ();& +,-& .(5;& (6& 6'4& 0,//4)6& (=,-6& 62().565,)<5)3I&.E4(*5)3&12,/&/+&,8)&4GE4254)04.I&(7.,&(&62().&E42.,)I&6'424&5.&),6'5)3&6'(6&8577&.'(E4&+,-2&F548&();&.,75;51+&+,-2&F548&,1&6'4&8,27;&/,24& 6'()&=45)3& 6'4&(06-(7&4/=,;54;&E42.,)&6'(6&+,-&(24&();&),6&'(F5)3&D&()&4/=,;54;&E42.,)',,;&6'(6&5.&35_4;&,2&1,5.64;&,)6,&+,-&=+&6'4&.6(64&();&6'4&/4;50(7<5);-.625(7&0,/E74G9&!'(6&24(77+&8(2/.&/+&'4(26&6,&'4(2&6'(6999&D&8())(&75*4&E-.'&(&7,6&,1&7,F4&5)&6'4&;5240<65,)&,1&E4,E74&=45)3&6'452&(06-(7&1-77&4/=,;54;&.47F4.&(.&/-0'&(.&5.&'-/()7+&E,..5=749

22 of 24


?@%";$+*774"*%0"+.*+"0,)#$9()'"#*%"8'"&'(4"<(9)+(*+,%1")$F'+,F')/"89+"+.'"8*),#)"*('"+.*+"R%0,%1"4$9("1'%0'("*%0"4$9(")'U9*7,+4/".*&,%1"+.$)'"'U:'(,'%#')"8'",%"7,%'"-,+."4$9(",%+'(%*7"'U:'(,'%#'/"T"0$%N+"3%$-".$-"+$"0')#(,8'",+"'U*#+74/",)",%#('0,874"7,8'(*+,%1"*%0",)"+.'"8*),)"<$(")$"F9#.C

!"#$%&R4('I&.,&'-34&E7-3&1,2&62().565,)5)3&51&6'(6A.&8'(6&+,-&)44;&6,&;,9

?@%"T+N)"%'&'("+$$"7*+'"+$")+$:"8',%1")+(*,1.+C"

!"#$%&J4Z)5647+C&R4.I& 56& 5.&)4F42&6,,&7(64&6,&.6,E&=45)3&.62(53'69&#,&(24&+,-&8,2*5)3&,)&()+&)4G6&E2,b406&+,-A;&75*4&6,&6477&75.64)42.&(=,-6>

?@%"!+"+.'"F$F'%+/"TNF"3'':,%1",+"*"7,++7'"#7$)'"+$"+.'"#.')+"#*9)'/"TNF"*":('++4"7*G4":'()$%C"T"7$&'"+$"%$+"-$(3C"TNF"+(4,%1"+$"-(,+'"*"8$$3"*8$9+"*%+,6-$(3/" 89+" ,+N)" :($&,%1" &'(4" )7$-/" )$"F*48'" +.'('"-,77" 8'" *%$+.'("8$$3"*+")$F'":$,%+/".$:'<9774",%"+.'"%'U+"<'-"4'*()/"89+"TNF"%$+")9:'("#$%#('+'"(,1.+"%$-C"T"0$"*":$0#*)+"*%0"*"89%#."$<"-(,+,%1/"*%0"T"<(''67*%#'"*"7$+C"S$/")+9E"#$F')"$9+":('++4"('197*(74/"*%0"T"0$"*F*G,%1",%+'(6&,'-)"7,3'"+.,)C

!"#$%&R4('C&

?@%&;.*+N)" *77" )+9E" +.*+" T" 7$&'" *%0" *F"-$(3,%1"$%" +.*+/" 89+"%$+.,%1"F$('"0,('#+"+$":791C

!"#$%&D&6'5)*&6'(6&84A24&.,&;25F4)&6,&8,2*&(77&6'4&65/4&();&6'4&/+6'&,1& E2,;-065F4& 5);5F5;-(7& 5.& .,/46'5)3& 6'(6& 5.& '(F5)3& E,*4;& /,24&',74.&5)6,I&=-6&D&6'5)*&1,2&/+.471&(.&(7.,&.,/4=,;+&8',&8,-7;&5;4)65<1+&.62,)37+&(.&=45)3&8,2*E',=50&,2&(&7(B+I&D&.,&.-EE,26&56&8'4)&E4,E74&6(*4&=24(*.I&D&.,&.-EE,26&56&8'4)&E4,E74&b-.6&=4I&;,&1-)&6'5)3.&,2&;,&),6'5)3&,2&(77&6'4&3,,;&.6-c9&#,&56A.&0,,7&6,&'4(2&+,-&6(7*&(=,-6&6'(6&6,,9&

?@%&D'"+.,%3"$<",+"*)"7,3'"+.'":9(,+*%"-$(3"'+.,#/"89+",+N)"*7)$"+.'"7,3'"S'++7'("W$7$%,*7"*%0"*%+,6>7*#3"-$(3"'+.,#C"D$(36).4",)"7,3'"*"<*F$9)74"(*#,)+":.(*)'"+.*+"*::7,'0"+$",%0,1'%$9)"*%0">7*#3":'$:7'C"!77"+.')'"#$%6#':+)"*('",%+'(7,%3'0/"+.'"-*4"+.*+"-'"+.,%3"*8$9+"+.,)"-$(70"$<"-$(3"*%0":($09#+,&,+4"*%0":($:'(+4",)"*77"#$%%'#+'0C"

23 of 24


!"#$%&L=.,7-647+I&D&6'5)*&56&8(.&/(+=4&5)&D)&J414).4&,1&K,,65)3I&=-6&D&24(;&(&.+),E.5.&,1&/,;42)&;(+&,1&8,2*5)3<07(..&8,2*&0,);565,).9&D6&0()&=4&.-//4;&-E&5)&6'4&E'2(.4&U51&+,-&'(F4&65/4&6,&74()I&+,-&'(F4&65/4&6,&074()VI&8'50'&5.&(&7,6&,1&-.&8',&8,2*&5)&6'4&24.6(-2()6&5);-.62+&'(F4&'4(2;&6'5.&E'2(.4&6'2,8)&(6&-.&=+&/()(342.&();&',8&6'(6&8',74&46'50&,1&75*4&U+,-&)44;&6,&=4&24.E406(=74&();&.6();5)3&(77&6'4&65/4&();&./575)3I&();&(77&6'(6&.6-cI&'(.&;52406&654.&6,&8'(6&8(.&4)1,204;&-E,)&E4,E74&8',&8424&=45)3&1,204;&6,&8,2*&,)&E7()6(65,).&1,2&12449

?@%"l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

!"#$%&D6A.&.,&4F57I&D&;,)A6&*),89

?@%& '̂*./" ,+" ,)"'U.*9)+,%1/" ,+"$8&,$9)74"0$')"F*3'"$%'"-*%+"+$"+*3'"*"%*:C

!"#$%&D6&;,4.C&L=.,7-647+I&();&D& 6'5)*&6'(6& 5.&(&E421406&24(065,)&6,&.,/46'5)3&75*4&6'(6I&75*4&Ug,I&1-0*&+,-I&DA/&3,5)3&6,&6(*4&(&)(E&),8V9&:'424& 0()& E4,E74& .44& +,-2& E(.6& =,;+& ,1& 82565)3& ();& 74(2)& /,24&(=,-6I&*44E&-E&856'&+,->&J,&+,-&'(F4&(&.,05(7&/4;5(&E24.4)04&6'(6&+,-&8()6&6,&.',-6&,-6&,2&()+6'5)3&75*4&6'(6>&

?@%" '̂*./"+$+*774C" $̂9"#*%"<$77$-"F'"$%";-,++'(C"TNF"s2,#34_!W!>"8'6#*9)'"*77" #*+)"*('"8'*9+,<97/"$8&,$9)74/" *%0" T" 7,3'"F$&,')"*" 7$+/" )$"4$9"#*%"R%0"F'"$%"Z'++'(8$U0"TNF"s%$#$:)G$%'"*%0"+.'%"s#'(,)'*%0&,#34"$%";-,++'(C";.*+N)"+.'":$0#*)+",<"4$9N('",%+'(')+'0",%"+.'"F$&,'"),0'"$<"+.,%1)C

!"#$%&DA/&3,))(&=4& 7,,*5)3&(6& 6'(6&E,;0(.6I&.,&6'4)&6'()*&+,-&.,&/-0'&1,2&+,-2&65/49&!'5.&8(.&.-0'&(&;4753'6&();&(&E74(.-24&6,&346&6,&0,))406&856'&+,-&;5356(77+9&D.&6'424&()+6'5)3&6'(6&84&/5..4;&,)&6'5.&5)642F548&6'(6&+,-A;&75*4&6,&35F4&F,504&6,&5)&07,.5)3>

24 of 24


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

!"#$%&!'()*&+,-&.,&/-0'9&D&24(77+&(EE2405(64&+,-&6(*5)3&6'4&65/4&,-6&,1&+,-2&;(+I&();&6'5.&8(.&.-0'&(&;4753'61-7&0,)F42.(65,)9&D&0()A6&8(56&1,2&E4,E74&6,&'4(2&569

The Final Straw is a weekly anarchist and anti-authoritarian radio show bringing you voices and ideas from struggle around the world. Since 2010, we’ve been broadcasting from occupied

Tsalagi land in Southern Appalachia (Asheville, NC).

We also frequently feature commentary (serious and humors) by anarchist prisoner, Sean Swain.

You can send us letters at:The Final Straw RadioPO Box 6004Asheville, NC 28816 USA

Email us at:

[email protected] [email protected]

To hear our past shows for free, visit:https://thefinalstrawradio.noblogs.org

IN DEFENSE OF LOOTING WITH VICKY OSTERWEIL

Documents

Transcript of IN DEFENSE OF LOOTING WITH VICKY OSTERWEIL