12/03/2025

˻ ͓͒ ˜ ͓͓͖͑

Û©´ ©º¢ j ’j€Øī€¨‰€²©º¢ €Û´ØÛ̉

UP

QSPNPUF

DPNNVOJUZ MFE

BVUIFOUJDJUZ

UIBU

USBEJUJPOBM

$0..&/5 #Z 4JPX :VFO $IJOH

WFSJGJDBUJPO FGGPSUT 5P CVJME B NPSF JOGPSNFE TPDJFUZ GBDU DIFDLJOH BOE FUIJDBM EJHJUBM DPNNVOJDBUJPO TIPVME CF JOUFHSBUFE JOUP UIF DVSSJDVMB JO TDIPPMT BOE IJHIFS FEVDBUJPO JOTUJUVUJPOT UP UFBDI TUVEFOUT UP DSJUJDBMMZ FWBMVBUF POMJOF TPVSDFT BOE FODPVSBHF SFTQPOTJCMF TPDJBM NFEJB VTF .FBOXIJMF BT BO JNNFEJBUF TUBSUJOH QPJOU UIF QVCMJD DBO VTF GBDU DIFDLJOH QMBUGPSNT TVDI BT TFCFOBSOZB NZ BOE KPNDIFDL PSH UP WFSJGZ SFQPSUT BOE EFCVOL WJSBM NJTJOGPSNBUJPO 4FCFOBSOZB NZ JT B GBDU DIFDLJOH XFCTJUF CZ UIF .BMBZTJBO $PNNVOJDBUJPOT BOE .VMUJNFEJB $PNNJTTJPO EFTJHOFE GPS UIF QVCMJD UP WFSJGZ GBDUT BOE DIFDL GPS GBLF WJSBM OFXT +PN$IFDL BMMJBODF JT UIF GJSTU BDBEFNF NFEJB DJWJM TPDJFUZ BMMJBODF JO .BMBZTJB UP NJUJHBUF UIF IBSN PG NJTJOGPSNBUJPO "T UIF EJHJUBM MBOETDBQF FWPMWFT CVJMEJOH B TPDJFUZ UIBU WBMVFT USVUI BDDVSBDZ BOE FUIJDBM DPNNVOJDBUJPO SFHBSEMFTT PG XIBU QPMJDJFT TPDJBM NFEJB QMBUGPSNT DIPPTF UP JNQMFNFOU JT NPSF DSVDJBM UIBO FWFS 3BUIFS UIBO XBJU GPS QMBUGPSNT UP SFHVMBUF NJTJOGPSNBUJPO .BMBZTJB NVTU UBLF PXOFSTIJQ PG JUT JOGPSNBUJPO MBOETDBQF UISPVHI FEVDBUJPO NFEJB JOUFHSJUZ BOE SFTQPOTJCMF DPOUFOU TIBSJOH ÓÙá ßÏØ ÒÓØÑ ÓÝ Ë ÝÏØÓÙÜ ÖÏÍÞßÜÏÜ ÓØ ÞÒÏ ÍÒÙÙÖ ÙÐ ÓÚÖÙ×Ë ËØÎ ÜÙÐÏÝÝÓÙØËÖ ÞßÎÓÏÝ ËÞ ËãÖÙÜ˪Ý ÙÖÖÏÑÏ˛ ÐÙÜ×ÏÜ ÔÙßÜØËÖÓÝÞ ËØÎ ÐÏËÞßÜÏÝ ÏÎÓÞÙܘ ÝÒÏ ÍßÜÜÏØÞÖã ÞÏËÍÒÏÝ ÔÙßÜØËÖÓÝ× ËØÎ ×ËÝÝ ÍÙ××ßØÓÍËÞÓÙØ ÓØ ÞÒÏ ÓÚÖÙ×Ë ÓØ Ù××ßØÓÍËÞÓÙØ ÚÜÙÑÜË××Ï˛ Ù××ÏØÞÝ˝ ÖÏÞÞÏÜÝ̶ ÞÒÏÝßØÎËÓÖã˛ÍÙ×

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iFEJCMF DPTNFUJDTu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

i"T UIF EJHJUBM MBOETDBQF FWPMWFT CVJMEJOH B TPDJFUZ UIBU WBMVFT USVUI BDDVSBDZ BOE FUIJDBM DPNNVOJDBUJPO SFHBSEMFTT PG XIBU QPMJDJFT TPDJBM NFEJB QMBUGPSNT DIPPTF UP JNQMFNFOU JT NPSF DSVDJBM UIBO FWFS

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

FOTVSF DSFEJCJMJUZ JO SFQPSUJOH .FEJB PVUMFUT DBO BMTP FTUBCMJTI EFEJDBUFE GBDU DIFDLJOH UFBNT XJUIJO UIFJS FEJUPSJBM EFQBSUNFOUT UP FOIBODF BDDVSBDZ BOE USBOTQBSFODZ JO UIFJS SFQPSUJOH 5P SFCVJME USVTU OFXTSPPN FEJUPST BOE KPVSOBMJTUT TIPVME BEPQU NPSF SJHPSPVT WFSJGJDBUJPO QSPDFEVSFT QSJPSJUJTF USBOTQBSFODZ JO UIFJS SFQPSUJOH BOE FOGPSDF TUSPOH FEJUPSJBM QPMJDJFT 5IJT XJMM IFMQ UIF QVCMJD UP EJTUJOHVJTI DSFEJCMF OFXT TPVSDFT GSPN VOWFSJGJFE PS BHFOEB ESJWFO DPOUFOU "T B SFTVMU UIJT DPNQFUJUJPO BNPOH NFEJB PVUMFUT GPS QVCMJD USVTU NBZ QVTI UIF JOEVTUSZ UPXBSET IJHIFS KPVSOBMJTUJD TUBOEBSET &ODPVSBHJOH FUIJDBM DPOUFOU TIBSJOH "DDPSEJOH UP UIF (MPCBM %JHJUBM 3FQPSU .BMBZTJB IBT POF PG UIF IJHIFTU TPDJBM NFEJB QFOFUSBUJPO SBUFT JO 4PVUIFBTU "TJB XJUI BCPVU PG UIF .BMBZTJBO QPQVMBUJPO IBWJOH B TPDJBM NFEJB JEFOUJUZ 5IF SFQPSU BMTP SFWFBMFE UIBU .BMBZTJBOT SFMZ IFBWJMZ PO QMBUGPSNT MJLF 'BDFCPPL *OTUBHSBN 5JL5PL BOE 8IBUT"QQ GPS TUBZJOH JO UPVDI XJUI GSJFOET BOE GBNJMZ LFFQJOH VQ XJUI DVSSFOU FWFOUT BOE GJOEJOH FOUFSUBJONFOU 5IF SJTF PG TPDJBM NFEJB IBT GVFMMFE UIF HSPXUI PG JOGMVFODFS NBSLFUJOH XIFSF JOGMVFODFST TIBQF QVCMJD QFSDFQUJPO PG QSPEVDUT BOE CSBOET CZ PGGFSJOH SFMBUBCMF BOE QFSTPOBM FOEPSTFNFOUT #Z TIBSJOH UIFJS FYQFSJFODFT EJSFDUMZ XJUI UIFJS BVEJFODF JOGMVFODFST DSFBUF B TFOTF PG USVTU BOE

$0..&/5 #Z "TTPD 1SPG %S %BOJFM -JN ,IJN )PDL BOE "TTPD 1SPG %S -BV .BZ /BL ¿ºĞØ Ðº¿¿ê‰ ¿º д‰‰É ¨j©ØÐ ĭ ب‰ç j̉ ²‰ç Ø¿ 剴´ī‰©º¢

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

1PPS TMFFQ RVBMJUZ MFBET UP EBZUJNF GBUJHVF BOE TJHOJGJDBOUMZ JODSFBTFT UIF SJTL PG NPUPS WFIJDMF DSBTIFT PS PDDVQBUJPOBM IB[BSET UIBU DBO CF GBUBM o 3&65&341*$

XFMM CFJOH 1SJPSJUJTJOH HPPE TMFFQ IBCJUT JT OPU KVTU B MVYVSZ CVU B OFDFTTJUZ GPS B IFBMUIJFS BOE NPSF QSPEVDUJWF MJGF -FU VT TUBSU NBLJOH CFUUFS DIPJDFT UPEBZ CFDBVTF PVS IFBMUI EPFT OPU QBVTF XIFO XF TMFFQ ÝÝÙÍ ÜÙÐ Ü ËØÓÏÖ Ó× ÒÓ× ÙÍÕ ÓÝ ÐÜÙ× ÞÒÏ ÏÚËÜÞ×ÏØÞ ÙÐ ÜËÖ ËØÎ ËâÓÖÖÙÐËÍÓËÖ ÖÓØÓÍËÖ ÍÓÏØÍÏݘ áÒÓÖÏ ÝÝÙÍ ÜÙÐ Ü Ëß Ëã ËÕ ÓÝ ÐÜÙ× ÞÒÏ ÏÚËÜÞ×ÏØÞ ÙÐ ËÏÎÓËÞÜÓÍ ÏØÞÓÝÞÜã ËØÎ ÜÞÒÙÎÙØÞÓÍݘ ËÍßÖÞã ÙÐ ÏØÞÓÝÞÜ㘠ØÓàÏÜÝÓÞÓ ËÖËã˲ Ù××ÏØÞÝ˝ ÖÏÞÞÏÜÝ̶ ÞÒÏÝßØÎËÓÖã˛ÍÙ×

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