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9 min read The Dime

The Dime💰- 3 Ways Drake Gets More Than $2 Billion

"If you look at his music, he's bigger than the 60s, 70s, and 80s, combined. I don't mean one artist from that era. I mean all of the artists from all of those eras, combined." - Larry Jackson

The Dime💰- 3 Ways Drake Gets More Than $2 Billion

Last week Drake dropped three albums in a single night on everyone's head topķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˇķ …™ķ „ĸķ …’ķ †€ķ †€ķ †Šķ ‡Ģķ ‡–ķ ‡–ķ „ˆķ „…ķ †„ķ †ķ ‡’ķ „‹ķ „‰ķ †“ī¸‰ķ …ŋķ ‡”ķ †Ÿķ …—ķ …Ļī¸€ķ „‚ķ „Œķ ‡„ī¸ķ †’ķ …’ķ …°ķ „˜ķ „šķ …­ķ …¤ķ …ƒķ †›ķ ‡Ģķ „Ļ. ICEMANķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ƒķ ‡…ķ †¤ķ ‡Ļī¸‹ī¸‰ķ ‡¨ķ …ŧī¸ķ „‡ķ ‡ķ „Ĩķ „„ī¸ķ …ģķ ‡ ķ …™ķ †ąķ †§ķ …Ēķ „—ķ „ķ ‡‡ķ …ƒķ †‚ķ „ŗķ „•ķ ‡‘ķ †Šķ †Ŗī¸ķ †Ģķ †•ķ †ˇķ †‚ķ ‡‹ķ „ƒķ „–ķ †ąķ ‡. HABIBTIķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „ķ †‘ķ …Šķ „šķ „’ķ „ˆķ †Ąķ †¤ķ †•ķ ‡Ąķ †Ŋī¸…ķ ‡…ķ …ķ †Ąķ †‹ķ …Žķ „Ŋķ †¸ī¸ķ „ ķ „Ÿķ …›ķ †Ģī¸„ķ †ķ …ģī¸…ķ …¯ķ ‡ķ †ēķ ‡Ŧķ ††ķ „ķ „˜ķ „Ŋķ …‘ķ ‡šķ ‡Ž. MAID OF HONOURķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ ‡Ÿķ …‰ķ „Žķ †ķ ‡“ī¸…ķ „šķ „¨ķ …„ī¸Šķ …›ķ ‡™ķ „Ēķ †Ŋķ †¯ķ ‡ķ †Ļķ „”ķ …™ķ †Ļķ ‡‡ķ …€ķ †˛ķ ‡ˆķ …¨ķ †žķ ‡Žķ †ƒķ ‡¨ķ „—ķ …“ķ „ąķ †ķ ‡˜ķ …Šķ …”ķ …´ķ ‡ ķ „­. Lit up the CN Tower in Torontoķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ķ ‡—ķ ‡Žķ …ŧķ „Žķ †ķ †•ī¸€ī¸ˆķ …œķ „ŧķ †žķ …Ēķ …„ķ …Ĩķ ‡ķ ‡‡ķ †ģķ …†ī¸ƒķ „ŗķ ‡˜ķ „ ķ ‡ķ „›ķ ‡†ķ †Ĩķ †Ÿķ …Žķ †Ŋķ ‡žī¸…ķ †Šķ †ĸķ ‡Ģķ †ķ „ąķ …ķ „‚ķ …Š. 43 new tracksķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ļķ ‡ķ ‡ˆķ …”ķ „Ēķ „€ķ …€ķ †ƒķ „Žķ „Ēķ „˜ķ †Žķ ‡™ķ ‡›ķ „€ķ …ķ „Žķ †•ķ ‡‹ķ „Ąķ …Šķ „ąķ „Ēķ †ŧķ „Ŋķ …ī¸Žķ †ēķ ‡—ķ ‡”ķ „Ŧķ „ˇķ …•ķ †ķ ‡Ŗķ †¨ķ „ƒķ …ŋķ ‡˜ī¸‹. In less than 24 hours, ICEMAN became the most streamed album of 2026 on Spotify in a single dayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ …Ģķ „‹ķ …Ŋķ „žķ „œķ †Ąķ …ļķ †˛ī¸ķ „ŧķ …Ĩķ †‡ķ †ēķ ‡Ļķ …ĩķ ‡ ķ †˛ķ ‡ķ …‘ķ ‡ƒķ ‡•ķ „Ÿķ †šķ ‡šķ „ēķ ‡ķ „„ķ „¯ķ …˛ķ ‡Ēķ ‡Œķ †ķ … ķ …ˇķ „‹ķ „Šķ †šķ …¨ķ †Ą. Drake became the most streamed artist of 2026 in a single dayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‹ķ …ķ ‡›ķ †¯ķ ……ķ …šī¸€ķ …ĸķ †ģī¸‹ķ †Ŗķ „˛ķ …¸ķ †Ŋķ ‡ķ †—ķ „šķ „ķ †Ĩķ „žķ ‡Šķ †Œķ …Ļķ „§ķ „“ķ …ˇķ †¤ķ …Ÿķ ‡ˆķ ††ķ ‡Ŗķ …ˆķ †ķ ‡ĸķ …Ēķ …ŋķ †šķ „Šķ „Ŋķ ‡™. Combined, the three projects generated 196 million Spotify streams before most people had eaten breakfast.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ēķ ‡ķ „ĩķ ‡ƒķ „€ķ †ĩķ †ķ ‡“ķ …žķ …¯ķ „ŗķ ……ī¸‹ķ „Ÿķ …Ŋķ …ķ …ķ „Ŧķ „‘ķ †šķ „•ķ „ˇķ …’ķ „–ķ ‡Ąī¸†ķ †™ķ …„ķ …ˇī¸„ķ ‡ ķ ‡Ŧķ †œī¸€ķ ‡Ĩķ †‹ī¸‹ķ †‰ķ …ķ …­First-week projectionsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ †€ķ „€ķ †‚ķ †ļķ ‡Œķ …‰ķ …Œķ ‡„ķ ‡œī¸„ķ …Šķ …ķ …ƒķ „ķ †€ī¸…ķ †Ļķ „˛ķ „Ÿķ †¯ķ …Ŗķ „Ŗķ ‡Šķ „ķ „§ķ „žķ ‡ƒķ ‡œķ †šķ „Ļķ ‡‰ķ †­ķ …Ĩķ „‘ķ …‘ķ …€ķ „€ķ …Ēķ †Œ? 705,000 to 785,000 combined equivalent unitsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ļķ †šķ ‡¤ķ …Œķ „°ķ †ķ …Ąķ „°ķ †°ķ ‡Ĩķ †ˆī¸Žķ ‡šķ „Ļķ …—ķ †Ēķ …¤ķ ‡Žķ „­ķ „Ĩķ „¸ķ ‡–ī¸ķ †›ī¸†ķ † ķ †Ģķ …ķ ‡ƒķ „Ąķ „˜ķ ‡ķ …´ķ „´ķ †ģķ „˜ķ …›ķ …œķ †ŗķ †ž. A potential 15th No. 1 on the Billboard 200, which would break Jay-Z's record for the most chart-topping albums by any rapper in history.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Šķ †Žķ ‡€ķ ‡Ĩķ ‡ˆķ …ˇķ „…ķ †”ķ ‡šķ †ķ „Œķ ‡¯ķ ‡Ļķ †Žķ †„ķ … ķ …‰ķ „¯ķ „ĸķ „ģķ ‡›ķ …Žķ ‡Šķ „–ķ ‡™ķ …Ĩķ †ŋķ „ķ „†ķ ‡–ķ ‡…ķ …ŧķ …€ķ …ļķ ‡ĸķ †§ķ …•ķ †Žķ „—ķ †ĩThose three albums are still credited to "OVO Sound under exclusive license to Republic Records," a division of Universal Music Group, the same company Drake is suingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ †ĸķ …‹ķ …Ąķ …‡ķ †ķ …šķ ‡–ķ †Ļķ ‡‚ī¸ˆī¸Šķ …Ļķ †ŧķ …ˆķ „Ēķ †Ļķ †Ÿķ †ķ …¨ī¸‚ķ ‡ķ …‡ķ …ˆķ ‡Ļķ †Ŋķ „¨ķ …ģķ …§ķ †ķ ‡‚ķ †ī¸Žķ …Šķ †™ķ ‡ƒķ †¨ķ …ļķ †‹ķ …ž. Industry folks believe this triple drop was designed to fulfill whatever album obligations remained in his $400 million UMG dealķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ †ķ †žķ ‡”ķ ‡‘ķ …Ŗķ „ī¸ˆķ †›ķ …“ķ „¨ķ …‰ķ ‡Ģķ …¤ķ ‡„ķ †‹ķ „™ķ „–ķ †¯ķ ‡Žķ …•ķ …˜ķ †Ĩķ „•ķ †Šķ ‡—ķ ……ķ †¸ķ „´ķ „†ķ †ĸķ …›ķ …ķ „Ŧķ ‡‚ķ †ĸķ †ŋķ …€ī¸ķ †Ĩ. In a fraction of the usual timeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ĸķ „–ķ †‚ķ …ŗķ „ąķ ‡ˆķ ‡§ķ ‡¯ķ †›ķ † ķ „ ķ ‡ķ †Šķ †ī¸Œķ ‡•ķ †ķ †Ąķ …‹ķ …–ķ ‡ķ †ĸķ …ąķ …¤ķ „ƒķ „ŗķ ‡¨ī¸ƒķ „šķ †ķ †€ķ ‡’ķ ‡ĸķ …¨ķ †ķ ‡‰ķ †‹ķ ‡ƒķ †˜ķ †¤. Which means the most commercially dominant artist in the streaming era might be walking out that door.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡žķ †žķ „—ķ ‡Žķ †¨ķ „›ķ † ķ „Žķ „Œķ †ķ „žķ †œķ †–ķ „ķ …ĸķ †ķ „§ķ ‡Ŗķ …Šķ „„ķ „žķ „‹ķ ‡Ŧķ „ĩķ „¯ķ „ģķ „ˇķ ‡Žķ †ķ „ąķ †Šķ …ˇķ ‡¨ķ …žķ †¨ķ …¯ķ „Ŋķ …ˇķ †™ķ „›That is where the money conversation starts.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …´ķ …Ÿķ †ąķ ‡ķ †¤ķ †Ŧī¸ķ ‡Ĩķ †ŋķ „“ķ …ƒķ ‡Ļķ …¯ķ †žķ ‡€ķ „ķ …•ķ †ī¸ī¸„ķ ‡Ĩķ …ąķ ‡›ķ „§ķ …™ķ ‡ī¸ķ …˜ķ …Ĩķ ‡ƒķ …ļķ „žķ …Žķ … ķ …‡ķ …ģķ †Ŧķ „¯ķ †‹ķ „ŧTHE NUMBERS

2025 Spotify streams: 17.6 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ …ˆī¸‚ķ „Ģķ ‡Ŧķ …žķ †„ķ „’ķ … ī¸Žķ †‡ķ †Ĩķ „¸ķ ‡Ģķ ‡–ķ „Ŗķ „‘ķ †‡ķ †Ÿķ „‹ķ †ˇķ …¨ķ „ķ „¸ķ ‡†ķ ‡Ąķ …šķ †‹ķ ‡ķ …ƒķ „ąī¸„ķ …œķ „ķ †ŧķ „¨ķ ‡—ķ „§ķ „Šķ †ˆ. Largest rap streaming year ever recordedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †§ķ …¸ī¸ķ †ˆķ …Ļķ …ķ …¨ķ ‡Ģķ …Ŋķ †“ķ „›ķ †šī¸†ķ „Šķ …žķ „˜ķ „„ķ …™ķ ‡Ŧķ „Ŧķ …„ķ …Ēķ ‡Ŧķ ‡€ķ …ķ „”ķ †¸ķ …ķ †ˇķ †Žķ ‡€ķ …žķ …šķ …˛ķ ‡Ļķ „–ķ „‰ķ …Ļķ „Ļķ †ž. (Source: AllHipHop, December 2025ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „›ķ …§ķ †ĸķ …§ķ †Ąķ …¨ī¸‡ķ †ƒķ ‡‰ķ …ļķ …ĸķ „„ķ …‘ī¸‡ķ ‡‡ķ „‡ķ „Ŧķ „Ąķ …Ĩķ ‡Ąķ …˜ķ …´ķ †ŧķ ……ķ „”ķ …ŋķ ‡ķ †¤ķ „Ģķ „ķ ……ķ „€ķ …ĸī¸€ķ …ŗķ †ƒķ ‡Ļķ †‡ķ …—.) Then he dropped 3 more albums.
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ƒķ …­ķ ‡•ķ †˜ķ …ī¸‡ķ †Ģķ …Ēī¸ķ „Žķ …Žķ †˛ķ †™ķ †˛ķ „ŗķ „Šķ …˜ķ …žķ †Œķ †ķ †–ķ „Žķ „‡ķ †˛ķ …—ķ ‡…ķ †ķ †žķ †Žķ „Ŋķ …ŧķ †ķ †ļķ „˜ķ …ĸķ „„ķ †Žķ ‡Šķ …—ķ „ˆTotal Spotify streams, all-time: 130 billion+ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĸķ …ˇķ †ˆķ †¯ķ „¨ķ †•ķ †¤ķ …ŗķ …Ēķ „Ģķ ‡Šķ †Ēķ ‡’ķ †ŧī¸€ķ …Ŋķ ‡ķ ‡›ķ ‡„ķ ‡—ķ †°ķ †–ķ …‹ķ …Ÿķ „ķ †•ķ ‡ķ †°ķ †Žķ ‡­ķ ‡–ķ ‡•ī¸‹ķ †ķ „Ĩķ †Žķ †ķ ‡¯ķ „¯ķ ‡˜. First artist in history to cross that numberķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ĩķ †Šķ …¸ķ „ĸķ „ķ …Šķ …¨ķ †ˆķ ‡¨ķ ……ķ „žķ †´ķ †‡ķ …ķ „˛ķ ‡‚ķ ‡šķ ‡Œķ ‡Žķ …”ķ ‡¤ķ †…ķ „ēķ †Ÿī¸…ķ ‡Ÿķ …Œķ …˜ķ ‡ ķ †‰ķ †Œķ …•ķ …ēķ …–ķ †Ŧķ „ŗķ „—ķ „™ķ …ļķ …. (Source: Hypebeast, March 2026.)
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ ‡Ŧķ ‡§ķ †ˆķ †˛ķ „ŗķ …ķ „¯ķ …šķ …ļķ †’ķ ‡žķ ‡˜ī¸„ķ „ķ †Ąķ …ļķ †‚ķ †šķ „Žķ „¸ķ „›ķ †“ī¸€ķ …ŋķ „ŋķ ……ķ …¨ķ †Ŧķ „¨ķ ‡Ģķ „€ķ ‡˜ķ …–ķ …ī¸ķ …™ķ ‡Œķ …ąķ ‡™Gross royalties per year, post-trilogy: $100 million+ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ „‚ķ †›ķ „€ķ †˜ķ †ķ …¸ķ „œķ …ķ „”ķ ‡“ķ †ĩķ †ķ †“ķ ‡‹ķ „ˆķ „Ĩī¸‡ķ †¸ķ „ķ „Ģķ …“ķ ‡‚ķ „ĸķ „Žķ „‚ķ …™ķ ‡ķ …„ķ ‡“ķ †¤ķ …˛ķ †œķ „šķ †„ķ †ƒķ ‡‘ķ …Ŧī¸Šķ †€. Estimatedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ ‡‡ķ ‡‡ķ †Œī¸†ī¸ķ †¨ķ „ąķ …™ķ „„ķ „‘ķ …ļķ …Šķ „’ķ ‡žķ †ķ †—ķ ‡ķ …ŗķ †€ī¸„ķ †§ķ „“ķ †ŗī¸†ķ †˛ķ „ēķ †žķ „´ķ †¨ķ ‡žķ …žķ …Ģķ †ī¸…ķ †Ŗī¸‰ķ ‡ķ …ēī¸„. Multiple industry sources put annual streaming royalties at $50 to $70 million pre-trilogyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ …‡ķ †Ŋķ „ēķ ‡’ķ …§ī¸‡ķ …ēī¸Žķ …Œķ †œķ „ ķ ‡Šķ ‡Ąķ …˛ķ …•ķ …¨ķ …–ķ †ŋķ „Œķ …ąķ †›ķ „Ŋķ †ĸķ …•ķ …ļķ …ēķ †“ķ …‰ķ †ĩķ ‡Žī¸„ķ †ˇķ †ĸķ …”ķ †§ķ „‘ķ ‡†ķ †šī¸‚. The three new albums push the year-1 gross past $100 million before co-writer splits and admin fees.
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ ‡ķ „†ķ ‡›ķ †ƒķ †ŗķ „°ķ ‡‡ķ „ķ …Šķ …ąķ ‡ķ …—ķ ‡Ģķ …‹ķ …Žķ …ķ „…ķ „‡ķ ‡˜ķ †Ąķ †‡ķ ‡ĸķ ‡”ķ †žī¸‰ķ …‰ķ ‡–ī¸Žķ „†ķ „ˆķ „ŧķ †¤ķ „ˇķ …Ēķ „ēķ †‡ķ †€ķ †ĸķ †ŋGross revenue Drake generates for UMG: ~$310 million annuallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †Ģķ †¯ķ …žķ ‡’ķ †Ąķ „†ķ …ˆķ „’ķ …œķ „ąķ „Ÿķ ‡ƒķ …†ķ „ģī¸Œķ „–ķ ‡‹ķ …•ī¸ķ …šķ …Žķ †Šķ „ģķ …šķ …œķ †ĸķ ‡Ģī¸ƒķ „Ŧķ †”ķ …Žķ †’ķ ‡Ēķ ‡†ķ †°ķ †‰ķ ‡˜ķ „•ķ ‡Š. (Derived estimate: 17.6 billion streams at $0.004 blended rate, ~52% label share, plus publishing and 360 deal income.)

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‡ķ †”ķ …´ķ ‡ķ …Ļķ „Ĩķ …ķ …ģķ …Ŧķ ‡ķ ‡ķ „Ĩķ ‡’ķ …–ķ ‡Šķ †°ķ †¨ķ †“ķ …¨ķ „—ķ †¸ī¸ķ ‡Ļķ „’ķ ‡ĸķ …Ÿķ …žķ …ƒķ †Œķ ‡‡ķ ‡ƒķ …ƒķ „Šķ …Ąķ …€ķ …ƒī¸…ķ …Šķ …ķ „ŦStrip out UMG's cut, co-writer splits, and admin fees and you're left with roughly $50 to $66 million in net publisher shareķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ŗķ …ķ „Ļķ ‡Žī¸‚ķ ‡¤ķ †ķ „ī¸Žķ „¨ķ „Ŋķ „ŗķ †•ķ „‹ķ ‡ƒķ „˜ķ ‡”ķ „ƒķ †ī¸…ķ …–ķ „‹ķ „”ķ …Ĩķ „•ķ …žķ †ŋķ „ĩķ …‚ķ „ ķ …¨ķ †´ķ …Ļķ †˜ķ †žķ †Ÿķ „ķ „Ēķ …ąķ „š. That's the number acquirers underwriteķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ † ķ „ļķ „ ķ …ĸķ †ŧķ †‚ķ „ķ „ ķ „˛ķ †‚ķ ‡”ķ …˛ķ †—ī¸‚ķ „‡ķ †Ÿī¸ķ …˛ķ …Ēķ †žķ „€ķ …Šķ …Žķ „ƒķ „…ķ ‡™ī¸ķ †¸ķ ‡ķ …ļķ ‡ķ „˜ī¸‰ķ „‰ķ „‹ķ †§ķ …‘ķ †Žķ …Ÿ. At 17× NPS, the current market average for icon-tier catalogs, the catalog alone is worth $850 million to $1.1 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ĩķ ††ķ †…ķ ‡œķ ††ķ †Ŧī¸ˆķ ‡…ķ „ī¸€ķ „™ķ †•ķ †Žķ †™ķ …ķ „¸ķ ‡œķ …Žķ ‡‡ķ …‰ķ …‹ķ „Šķ „ĩķ †žķ „ŧķ „¨ķ …•ķ …†ķ …“ķ „“ķ …­ķ ‡™ķ „¸ķ ‡Œķ …ˆķ „žķ …Žī¸„ķ ‡§ķ „Ē. Add OVO Sound, DreamCrew, the OVO brand, and NOCTA's Nike royalty stream and you're at $2 billion or more depending on structure.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „…ķ …€ķ †°ķ ‡Šķ †Ļī¸ķ „ˇķ ……ķ „Šķ „ĸķ ‡•ķ …—ķ „ķ „—ī¸‡ķ †„ķ …­ķ „Ģķ ‡ƒķ „‡ķ „˛ķ „‰ķ „‘ķ „°ķ „ķ …´ķ …‹ķ „‘ķ ‡‡ķ „—ķ …˜ķ †Ÿķ …—ķ † ķ …ŋķ …§ķ †­ķ „…ķ †ēķ †´Three ways he gets there.

PATH 1 : THE FULL BUYOUT

A Harbourview-led syndicate acquires 70 to 75 percent of Drake's full IP empireķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ †™ķ …ąķ …žī¸Šķ ‡Ļķ ‡ķ …Ŗķ †ķ „­ķ ‡—ķ …™ķ †ƒķ „Œķ ‡Ĩķ „Ĩī¸ķ ‡Ŧķ „´ķ †Šī¸Žķ †­ķ …¨ķ † ķ „Šķ …›ī¸Œķ „Ŗķ ‡œķ †­ķ †Šķ …ĸķ †‚ķ „œķ †ķ †Ĩķ „›ķ …Œķ „›ķ ‡›. Headline valuation: $2.0 to $2.4 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „“ķ †ĩķ ‡Ŗķ †‹ķ …ķ ‡‚ķ ‡‘ķ ††ķ …ƒķ ‡Ļķ …™ķ „Ļķ †žķ „’ķ ‡‘ī¸‹ķ ‡Ÿī¸„ķ „ēķ …Ļķ …‡ķ †ī¸ƒķ ‡¨ķ ‡Ēķ „‚ķ „Žī¸Šķ …“ķ …‹ķ ‡‹ķ …–ķ …ĩķ ‡›ķ ‡Ļķ „˜ķ „¨ķ †šķ „Ģķ „. Drake gets $1.4 to $1.7 billion at close and keeps 25 to 30 percent going forward.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ļķ …¨ķ „™ķ …ēķ „ŧķ …Ŗķ …Ĩķ „‡ī¸ˆķ †Žķ ‡˜ķ ‡¯ķ †Žķ …¤ķ ‡Ģķ ‡Žķ „§ķ †“ķ …“ī¸ķ †Ĩķ ‡ķ …ēķ †ŋķ †ąķ †œī¸‚ķ …‰ķ „‰ķ …Ŧķ ‡•ī¸‹ķ ‡‘ķ …–ķ …Ŧķ …Ļķ ‡Ļķ …ēķ …Žķ „ŠKKR royalty-backed ABS notes: $650M
Sony Music strategic equity: $450M
Harbourview GP equity: $150M
Sovereign LP pool (Bpifrance, ADIA, GIC): $350M
Drake retained equity: $400M
Total: ~$2.0 billion

The ABS structure is already provenķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ ķ …ŋķ „’ķ „¤ķ †ļķ ‡“ķ †˜ķ †•ķ ‡‹ķ ……ķ „Ÿķ …°ķ †ēķ †¤ķ †‰ķ „ąķ ‡‚ī¸Žķ ‡Ÿķ …‰ī¸‹ķ †ķ …˜ķ „Ģķ …Ŋķ …„ķ …Ēķ ‡Ĩķ „ŋķ …žī¸Œķ …ĸķ …¯ķ „Ļķ ‡„ķ …Ŋķ „Ĩķ †Žķ ‡Ĩķ ‡ž. Blackstone did $1.5 billion against the Hipgnosis catalogķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †šķ †‰ķ ‡Ļķ „Œķ †¯ķ †Šķ „Šķ ‡¨ī¸‡ķ „ķ ‡Ŗķ ‡‡ķ „ ķ „”ķ „‡ķ †‰ķ ‡Žķ …–ķ …ēķ „¤ī¸„ķ „šķ ‡•ķ …¯ķ …Žķ †ąī¸‰ķ „’ķ †ĩķ „ģķ ‡†ķ †Ŗķ „ķ „—ķ †„ķ „Ĩķ †…ķ „Žī¸…. Concord did $1.8 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †…ķ †Ŧķ „‘ķ †§ķ …ŋķ …ķ „…ķ ‡‘ķ †‡ķ †‰ķ „‡ķ †‚ķ †…ķ ‡…ķ ‡Šķ ‡ƒķ †‚ķ †ķ „Œķ …Šķ ‡Šī¸‚ķ †Ēķ „°ķ †Šķ ‡‰ķ „Šķ †°ķ …œķ …Žķ „žķ „›ķ …‹ķ „•ķ †Ąķ ‡Ąķ …žķ ‡˜ķ …ˇķ „Ž. KKR has done two consecutive $500 million financing rounds with Harbourviewķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ …”ķ †—ķ †‹ī¸Šķ „ŗķ †Žķ ‡„ķ †…ķ „‡ķ †ī¸ƒķ †‘ķ „Ĩķ †…ķ „­ķ „Ĩķ …§ķ ‡Šķ …‚ķ †œķ ‡˜ķ …Ēķ †˛ķ ‡˜ķ „Ąķ †ąķ „„ķ …ģķ …šķ …Žķ †›ī¸‡ķ ‡žī¸†ķ „šķ …ī¸ķ †šķ …–. The plumbing is there.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡­ķ …–ī¸ķ †ˆķ ‡Ÿķ …Šķ †Šķ „„ķ „ˆķ †Œķ …“ķ †šķ †§ķ …—ķ …Žķ „ķ „¤ķ ‡›ķ „—ķ †—ķ ‡ķ †­ķ „§ķ …ĸķ …´ī¸ƒķ †Ÿķ „˛ķ …Šķ ‡€ī¸Œķ „Ŗķ ‡ī¸Šķ ‡Ģķ „…ķ †ˆķ „¨ķ …Žķ …ģPATH 2: THE CREDIT FACILITY

Drake doesn't want to sellķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ …ˆķ …‚ķ †ĩķ †­ķ †’ķ †Žķ „ŋķ „›ķ †ŋķ †ŧķ „œķ …˜ķ „›ķ †¨ķ †ķ „‰ķ †ŋķ †ˇķ „ēķ „Žķ „šķ …¸ķ …Ēķ †”ķ †˛ķ †ĸķ „°ķ …ķ „“ķ ‡Ąī¸…ķ „Ŧķ „†ķ „Šķ ‡ķ †–ķ †ī¸€ķ ‡ĸ? He doesn't have toķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŧķ „•ķ ‡–ķ …Ŋķ ……ķ †Ŧķ †´ķ „“ķ …ķ †Ģķ …ģķ ‡ķ …Žķ †Ŋķ „‰ķ ‡’ī¸…ķ …ļķ †§ķ …ļķ †—ķ ‡€ķ ‡–ķ †ąķ …ĸķ …Žķ †Žī¸ˆķ †Žķ †Žķ „‡ķ …ŋķ ‡Ļķ †ƒķ †ŋķ †Ģķ ‡Ŗķ †¸ķ †™ķ †‹. A royalty-backed credit facility delivers $750 to $900 million in immediate liquidity while he keeps every song he's ever made.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ ‡Žķ „´ķ ‡§ķ „ķ †ķ ‡¤ķ ‡Ŧķ …Žķ ‡ķ …ģķ ‡Ēķ †Ŋķ ‡¨ķ …†ķ †¤ķ †™ķ „¤ķ †œķ ‡ ķ † ķ †Ąķ …Ēķ …ĩķ †šķ †Ŗķ †ēķ †‡ķ †˛ķ … ķ ‡œķ „Žķ …¨ķ ……ķ …˛ķ ‡“ķ †ķ ‡“ķ †§ķ ……The catalog generates $100 million or more annuallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ † ķ …†ķ †œķ †žī¸Žķ ‡Žī¸‡ķ „ķ „•ķ †ƒķ …‰ķ †Ģķ „ŧķ †¯ķ „­ķ ‡¨ī¸ƒķ …ƒķ ‡’ķ „¤ķ †ŋķ †ˆķ …žķ †’ķ „“ķ „™ķ †Ģķ „Œķ †Ēī¸ķ …ŗķ †¨ķ …ŋķ „€ķ „‚ķ ‡Œķ …Žī¸€ķ „Žķ „ŋ. Lenders extend a 5 to 7 year facility at 5.5 to 6.5 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ī¸ķ †‡ķ ‡‰ķ …¯ķ ‡‘ķ „ĩķ ‡–ķ †ĩķ „ēī¸„ķ „Ļķ …¤ī¸ƒķ „€ķ „Žķ „ķ ……ķ …Šķ ‡Žķ „¤ķ ‡–ķ …›ķ †­ķ …žķ †ēķ †ķ „–ķ „‡ķ †Šķ ‡†ķ „°ķ „ŧķ ‡Ŗķ †ŧķ †ŧķ „Žķ ‡Ĩķ „‘ī¸…. Debt service runs about $50 million per yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ …­ķ ‡˜ķ „ƒķ ‡Ēī¸„ķ „Šķ „›ķ …Ĩķ „ ķ …šķ ‡„ķ „›ķ …Šķ „¨ķ …‘ķ †ƒķ …Žķ …Ąķ ‡ķ „—ī¸€ķ „›ķ †Ŋķ „Ģķ †—ķ †Œķ …—ķ …œķ …šķ …ŗī¸ƒķ †ķ „ŗķ †´ķ „Ŧķ …‰ķ „–ķ †Ŗķ „§. His catalog covers it 2.5 times overķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ †ˆķ †ķ …ˆķ …–ķ …ķ †‰ķ †Ÿķ †´ķ ‡Ĩķ „Ēķ „ąķ †šķ „˛ķ ‡Ļķ ‡’ķ …šķ …ŗķ …ĩķ „Ŗķ ‡’ķ …ąķ †„ī¸ˆķ ‡Ŧķ „ļķ „ģķ „Ŧķ †€ķ „žķ „ąķ †¯ķ „„ķ ‡Žī¸Žķ †“ķ „´ķ ‡ķ ‡ķ †. Ownership stays at 100 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †´ķ †‚ķ ‡Ļķ ‡„ķ …Œķ ‡Ģī¸ķ „Ļķ ‡—ķ ……ķ †ēķ …ģķ …§ķ ‡ķ ‡•ķ …ģķ „ķ ‡“ķ †œķ „‰ķ †ąķ ‡¯ķ ‡Žķ …—ķ †ķ †ķ †“ķ „ĩķ „›ķ ‡Šķ „Ģķ …ķ …¯ķ † ķ „¨ķ †‚ī¸‹ķ „¸ķ „ĩķ „’. This would be the largest single-artist royalty credit facility ever arranged.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žī¸€ķ …Ŧķ …šī¸Šķ †ķ ‡Ÿķ †Ŋķ ‡˜ķ …ļķ †Œķ „‰ķ †™ķ …ƒī¸ķ „Ŋķ ‡Ļķ …‚ķ ††ķ †Ŗķ †ķ †‰ķ …ŋķ †Œķ „ķ „Ąķ …Ļķ „•ķ …ĩī¸€ķ …—ķ …œķ „†ķ †ˆķ ‡ķ †ļķ †ˇķ „‹ķ …”ķ „ģPATH 3: THE HYBRID

Drake sells 40 to 50 percent of his publishing catalog outright for $550 to $650 millionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ „“ķ „Œķ …¸ķ „“ķ „’ī¸ķ ‡œī¸‰ķ †‰ķ „Ĩķ †–ī¸ķ …­ķ †ˇķ ‡ˆķ ‡‘ķ „šķ … ķ „Ĩķ †’ķ †—ķ †­ķ „•ķ …Ģķ †Œķ „ŧķ …ĩķ †Ļķ …˜ķ „ķ ‡ķ †“ķ …†ķ …ŧķ …ˇķ „ŗķ …Ĩķ „›ķ „­. Signs a new frontline label deal with Sony or Warner for $200 to $250 million in advanceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …†ķ ‡Ŧķ ‡§ķ ‡Ąķ „‹ķ ‡Ļķ „˛ķ †¸ķ …¸ķ „Žķ …Ŗķ „Œķ „ķ „Žķ „Ģķ †“ķ …°ķ †ķ „€ķ „ģķ ‡Ŗķ ‡šķ …ąķ ‡‘ķ …”ķ „šķ „‰ķ ‡ķ …Žķ ‡†ķ ‡Šķ …ŧķ …ķ „ī¸…ķ …ƒķ „Ŋķ „šķ †ķ „ž. Takes a $400 million credit facility against the retained portion.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡–ķ „Šķ „­ķ „šķ „–ķ „ļķ ‡ķ …€ķ …¤ķ „ķ ‡”ķ …†ķ †˜ķ …šķ „¯ķ „¤ķ …˛ķ „ī¸Œķ …ˇķ „œķ †šķ †˛ķ ……ķ …ķ ‡†ķ ‡†ķ …Šķ …˜ķ „†ķ †Šķ †Œķ †ąķ …Ŧī¸‡ī¸‡ķ „§ķ „‰ķ „šķ …‹Catalog partial sale: $600M cash
New label advance: $225M cash
Royalty credit facility: $400M cash
Retained 50% catalog equity value: $650M
OVO Sound + DreamCrew + OVO brand: $500M
Total accessed and retained value: ~$2.375 billion

He doesn't need one buyer to write a $2 billion checkķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ÿķ …¯ķ ‡Ŗķ „˛ķ †ŧķ †ķ …ķ „ŧķ „Ēķ ‡¨ķ †“ķ …Ģķ …ŗķ „Žķ †­ķ …Šķ …Ģķ „ˇī¸‚ķ †ķ †ƒķ …Ēķ „ĩķ ‡ķ †…ķ …‘ķ …Žķ ‡›ķ „ķ †°ī¸ķ …ƒķ …Ļķ ‡žķ †›ķ ‡œķ „Ŗķ …¨ķ „ˇķ „ƒ. He needs a transaction structured intelligently enough to unlock $2 billion from assets he already controls.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ ķ „ĸķ „Ÿķ „Žķ …œķ †…ķ …ĸķ †Ŧķ „Ŗķ ‡Ŗķ …ĸķ „ģķ „§ķ „Žķ „¯ķ †„ķ ‡ī¸Žķ „‘ķ …‡ī¸‡ķ „Šķ †’ķ ‡ķ ††ķ †ŗī¸Žķ „ēķ ‡ķ †ąķ †ŋķ „“ķ †¨ķ †ĸķ …¤ķ †ķ „ēķ …‡ķ †ˇķ †€WHY DRAKE DESERVES A 30× MULTIPLE

When Sony paid Springsteen roughly $500 million in 2021, his catalog was generating approximately $15 million per yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ „ ķ ‡—ķ „Ąķ …Ĩķ …Ļķ ‡ ķ ‡Ēķ „Ŗķ ‡¨ķ †—ķ …„ķ ‡Ŗķ „…ķ ‡–ķ ‡ķ †ķ †”ķ †Œķ „šī¸†ķ ‡Ŧķ †Žķ †šķ …Ąķ †Ąķ …Šķ „Šī¸‰ķ †•ķ „°ķ ‡ķ ‡Šķ …¨ķ †Žķ †ļķ ‡ķ ‡’ķ †”ķ …‚. That's 33× on thin income, driven entirely by competitive panic after UMG got Dylanķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ļķ †§ķ …—ķ „Ŋķ †Ÿķ „­ķ „ķ „¸ķ „­ķ ……ķ ‡€ķ …Ąķ ‡¤ķ „ˆķ …—ķ …ķ „Ÿķ „„ķ „–ķ …žķ ‡“ķ †Šķ ‡˜ķ „•ķ †Œķ …°ķ „Žķ †œī¸Šī¸‹ķ †°ķ „ ķ †žķ ‡—ķ „•ķ …ĸķ …ŋķ †ķ ‡€ķ †Ģ. The music was iconicķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŧķ …Šķ „†ķ „Ŗķ „ŋķ ‡Šķ „Ąķ ‡Ģķ …ąķ …¤ķ ‡œķ …–ķ …Ēķ „ķ „§ķ †ķ †Œķ ‡ĸķ …“ķ ‡†ķ ‡–ķ …Ĩķ …ĩķ „•ķ ‡ķ †¨ķ †žķ †ļķ ‡‚ķ …Žķ †Šķ †˜ķ †ƒķ †˜ī¸‡ķ …Ŋķ ‡¨ķ „†ķ „ŋķ †ļ. The cash flow was not.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŗķ „ķ ‡’ī¸Œķ „ĸķ ‡Šķ „“ķ …™ķ …ƒķ …Žķ „§ī¸ˆķ …ąķ „†ķ „Ŋķ „ĩķ ‡†ķ …ķ „´ķ ‡„ķ …ŧķ „Ļķ „œķ ‡Šķ †œķ ‡œķ …”ķ †Žķ …ŧķ „‰ķ …Œķ †Žī¸ƒķ …›ķ ‡œķ „Ąķ „Ģķ … ķ ‡“ķ †‰Drake's catalog generates an estimated $50 to $66 million in net publisher share annuallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Šķ †Žķ „¸ķ „ī¸‡ķ …›ķ †ąķ †ąķ †¤ķ „Ēķ …’ķ …Ļī¸‰ķ „Ŗķ ‡Žķ †–ī¸…ķ „ˇķ „ĸķ …°ķ †°ķ …°ķ „›ķ „¯ī¸‹ķ ‡’ķ †Ļķ †„ķ …ąķ …ĩķ †šķ †ĸķ „Œķ †žķ „Ŋķ ‡ķ ‡ķ „Ÿī¸…ķ †ž. More than three times Springsteen's income baseķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …’ķ ‡‹ķ †Šķ „…ķ ‡…ķ ‡¨ķ ‡•ķ †Ÿķ „ķ „ķ ‡Ąķ †Šķ „™ķ ‡‹ķ …šķ ‡„ķ …ąķ …˛ķ †œķ †Ĩķ †—ķ †‚ķ †Ÿī¸ķ …Ąķ †ļķ †ķ „—ķ †€ķ „œķ …§ķ …Ąķ †ƒķ „ ķ „¯ķ †˜ķ ‡Šķ …ķ ‡žķ ‡. At 30×, you're paying $2 billion for a catalog generating real, documented, growing moneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ „‰ķ …žķ †ƒķ „”ķ ‡Ŗķ †ķ „Šī¸ķ †€ķ „ķ „˜ī¸ƒķ „Ÿķ „Ēķ …ķ …Ģķ †ˆķ …ŗķ „‚ķ …­ķ „™ķ †•ķ „Ŧķ ‡˜ķ „Ĩķ …§ķ ‡Ģķ …Žķ …Žķ „‹ķ ‡†ķ …´ķ †°ķ ‡œķ „Ļķ …—ķ …Ļķ …°ķ „Ž. The math is more defensible than Springsteen's was.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ …ŋķ …ŗķ †—ķ …ĩķ ‡¨ķ ‡…ķ †„ķ …‰ķ „…ķ †Ĩķ „Ģķ … ķ ‡šī¸ˆķ †´ķ †ŗķ …ģķ „ŗķ …ēķ „ŧķ †Šķ „ēķ †Ŋī¸ķ „ŗķ ‡‡ķ ‡‚ķ „Ŗķ „‡ķ †›ķ …Ŗķ „“ķ „Žķ ‡Ŗķ …¯ķ „…ķ …‰ķ …ĩķ †ĸBut the argument that really closes it isn't income. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ ‡Ąķ ‡‹ķ †ķ „Šķ ‡ ķ †ˇķ …ˆķ †¸ķ †Ŧķ †Ļķ †‡ķ ……ķ †ģķ †ˇķ „Ĩķ ‡ķ …Ąķ …‘ķ †ģķ †¨ī¸‹ķ ‡Šķ …Œī¸ķ ‡–ķ …ķ „ķ †˛ķ …ēķ ‡ķ ‡™ķ …ķ „”ķ „ĩķ †”ķ …“ķ †ļķ ‡šķ †°It's geography.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †´ķ „Ÿķ …ķ ‡„ķ †œķ ‡‹ķ …ĸķ †Žķ †¨ķ …‡ķ …žķ †ķ …ĩķ †ķ …ļķ †Ŗķ ‡Ąķ „Ēķ †ĩķ †ģī¸ˆķ …Ēķ ‡Ÿķ ‡€ķ …žķ „ŗķ …´ķ …™ķ „’ķ „‚ķ ‡„ķ „ķ „ķ „–ķ †¨ķ ‡”ķ †ŋķ ‡†ķ „›ķ „Sony bought Springsteen into a North American and European streaming base that has largely maturedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŗķ …Ŋķ † ķ †ƒķ …ˆķ „”ķ ‡—ķ ‡†ķ ‡›ķ †˜ķ …ˇķ †–ķ „Ąķ …´ķ „Ŗķ †‡ķ „Ļķ †ēī¸ˆķ „ŋķ „žķ „Šķ ‡œķ †¤ķ „Šķ „„ķ …Œķ ‡ĸķ „ąķ …Ąķ ‡’ķ †›ķ ‡Žķ †—ķ …šķ „Ļķ „ķ ‡”ķ „˛ķ …. The next 500 million Spotify subscribers are coming from Nigeria, South Africa, Brazil, India, and Indonesiaķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ ‡Ļķ „¯ķ …žķ …Ąķ …Œķ „ĩķ †žķ „°ķ … ķ †˜ķ „€ķ †°ī¸Šķ †ĩķ †Šķ †´ķ …›ķ ‡Žķ „¨ķ „­ī¸Šķ …žķ …Ÿķ „‘ķ „›ķ †Šķ ‡ĸķ …ŗķ ‡œķ †žķ …ģķ „†ķ …Šī¸Šķ ‡ķ †šķ „œķ „šķ ‡…. They are listening to hip-hop and R&B. Drake's genre blending, the dancehall on One Dance, the Afrobeats throughout the catalog, the R&B and trap fusion, Afrohouse connections with Black Coffee, Gordo, and Keinemusik travels into those markets in ways Born to Run never will.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ „€ķ …¤ī¸€ķ †ĩķ †ģī¸‚ķ †ˇķ ‡ĸķ †Ŧķ „‚ķ „—ķ …¸ķ ‡‡ķ „Œķ †§ķ …¨ķ „žķ †Ēķ †ķ „“ķ †§ķ …‚ķ †Ļķ „œķ †Ŋķ ‡ķ „§ķ …°ķ …ˇķ …ķ „Œķ „ŋķ †¸ķ „ļķ …§ī¸Žķ …—ī¸ī¸†For any buyer modeling royalty income to 2040, Drake's emerging market exposure is the single most important growth driver in the thesisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ļķ …Ģķ †´ķ …ķ †•ķ ‡„ķ „ķ „ķ †œķ „ˇķ †ƒķ „—ķ …Šķ …Ŋķ …Œķ „€ķ „´ķ ‡…ķ ‡ķ …‡ķ ‡Žķ „¨ķ „ŧķ ‡Ąķ …Ģī¸‡ī¸Žķ „¸ķ …ƒķ ‡ ķ …“ī¸ƒķ †§ķ …ˆķ †ĸķ †ĸķ „šķ „‘ķ ‡“ķ …‘. No previous catalog at this scale has been able to make that argument.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ ‡Šķ „¯ķ ‡Žķ ‡…ķ …‹ķ …­ķ †Ēķ „­ķ …¸ķ † ķ „Ąķ …œķ †Ąķ ‡Œķ ‡Ŗķ †Ŗķ †ąķ …‰ķ …—ķ „šķ …¯ķ ‡šķ ‡Ēķ …‰ķ ‡—ķ „˛ķ ‡Šķ „ˇķ „Œķ …‚ķ „ŋķ …Œķ …ķ „­ķ …ķ †‘ķ ‡—ķ „‚ķ …’What drives a 30× multiple is always the same thing: a competitive auction where multiple buyers have existential reasons to prevent their competitors from winningķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …“ķ „˛ķ †‘ķ ‡šķ †’ķ ‡¯ķ „Ÿķ †‚ķ „Šķ …Ĩķ …¯ķ …˜ķ „ˆķ …žķ „‘ķ „Žķ ‡œķ †šķ „Ąķ „ķ „ķ …˜ķ …ķ †Ąķ …“ķ ‡˜ķ †ĩķ †Ŋķ †Ŧķ ‡Žķ …°ķ †ķ „‘ķ „Ēķ „ļķ …—ķ …˛ķ †­ķ … ī¸ƒ. Dylan at 29.5×. Springsteen at 33×. That dynamic is starting to form around Drake right nowķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ĸķ „Žķ „…ķ …§ķ †ķ …§ķ ‡Šķ ‡ķ ‡ķ †–ķ ‡­ķ „˛ķ …Ŋķ …Ŧķ „ģķ … ķ …—ķ †“ķ …ķ ‡ķ †ēķ …‘ķ †ŧķ …ˇķ ††ķ …Ąķ ‡Ŧī¸‹ķ „œķ †Ŧķ †ķ …Ĩķ ‡­ķ †ķ …ļķ ‡ƒķ †Ŧī¸‚ķ †Šķ „ž. The triple-album drop just accelerated it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ †žķ ‡—ķ „›ķ †Ąķ „›ķ ‡ķ „ēķ ‡ķ †”ķ ‡„ķ ‡Œķ ‡Žķ †‹ķ …ĸķ „ŋķ „’ķ ‡ĸķ †šķ ‡šī¸‹ķ „Œķ ‡„ķ „‘ķ „šķ „Žķ …‚ķ …ģķ ‡€ī¸ķ …„ķ „Ŋķ …ļķ ‡Ĩķ ‡ ī¸ķ …Ŧķ †Ÿķ †…ķ …•THE BIDDERS

HARBOURVIEW EQUITY PARTNERS , Lead Operator GP , ~$150M equity

Newark-based, founded 2021 by CEO Sherrese Clarkeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ †ˆķ „¤ķ „¸ķ †…ķ †Ŗķ …§ī¸ˆķ „…ķ †Ŧķ †Šķ †¸ķ „¯ķ †˜ķ †‰ķ †€ķ „…ķ †Ŋķ ‡‹ķ …ˇķ …´ķ „ķ ‡—ķ „ķ „Žķ …Šķ „Ēī¸‡ī¸ķ …Ēķ †–ķ „­ķ „¯ķ …ģķ „‚ķ †ēķ †ĩķ „¸ī¸‹ķ „“. $2.67 billion in regulatory AUMķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †’ķ ‡›ķ …Ĩķ …Ŋķ †–ķ ‡žī¸Žķ …˛ķ …ĩķ †Ēķ …“ķ „ķ „Ĩķ †Ŧķ „ī¸†ķ ‡šķ „ĸķ …•ķ „ķ †žķ …šķ „šķ …‡ķ †Ąķ …•ķ †–ķ †…ķ ‡„ķ „ŋķ †Ŗķ †ŧķ ‡™ķ …•ķ …¤ķ †ąķ „˛ķ „Ŧķ …Š. Closed a $630 million fund in 2025 when fundraising was brutalķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …™ķ „Œķ „ēķ †šķ …ķ „’ķ „ģī¸…ķ …ģķ ‡Ģķ …Šķ ‡ˆī¸‡ķ ‡­ķ † ķ †‰ķ †‘ķ ‡†ķ …§ķ …€ķ …Ąķ ‡„ķ „§ķ „Ÿķ †¤ķ †ķ …Ēī¸€ķ „˜ķ …ķ …›ķ „Œķ „Ŗķ …ķ ‡’ķ †‰ķ †ķ …Žķ ‡ķ „ƒ. Two consecutive $500 million debt rounds from KKRķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „œķ …Ŗķ …ŗķ ‡ĸķ …’ķ …šķ „‚ī¸€ķ †Ŧķ …Šķ ‡ī¸ˆķ †€ķ ‡œķ ‡”ķ †¨ķ †Ŧķ „•ķ …ļķ †œķ ‡œķ †ŗķ „ŗķ „ĩķ …Ļķ ‡ķ „Žķ …ļķ …¸ķ „ļķ †ķ ‡œķ ‡Ĩķ †ĸķ †¨ķ …Žķ „–ķ …Šķ „ŋķ …‚. On paper they look like a financial fundķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …“ķ †”ķ …ķ „…ķ …“ķ …˛ķ „‰ķ †˜ķ †Ļķ †–ī¸ķ …ĸķ „Ŧķ ‡†ķ „†ķ ‡™ķ †Ģķ ‡Šī¸‡ķ ‡Šķ „ˇķ „‰ķ ‡¤ķ ‡ķ …ƒķ …žī¸‚ķ …¤ķ „ķ ‡¤ķ „ˇķ †ķ †ŗķ „Ļķ „‡ķ ‡Ÿķ …‡ķ …ˆķ ‡•ķ ‡œ. In practice they're an active media IP platformķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ „‡ķ †Ēķ …Ŗķ „’ķ …Ŋķ †Ŗķ † ķ †ąķ ‡ˆķ „¨ķ …Šķ „’ķ †ģķ …Žķ …Ŧķ „§ķ „œķ „ķ †€ķ †¨ķ …Ĩķ „ķ „Ŗķ …œī¸Œķ †¸ķ †°ķ …’ķ …°ķ ‡“ķ †Ļķ ‡¯ķ ‡Ąķ ‡¯ķ †Žķ …žķ „Ąķ †Ļķ †¨. They produced Usher's Rendezvous in Paris concert film, financed a Queen Latifah biopic, placed Fleetwood Mac's "The Chain" in the F1 movie trailer, and placed Daniel Caesar's "Blessed" in Netflix's Forever.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Žķ „ˇķ …Ļķ ‡‘ķ ††ķ …ŋī¸Žķ „‘ķ „¸ķ †˛ķ †“ķ „Žķ …ķ ‡Ŗķ „Ąī¸€ķ „´ķ …ķ „ŗķ †‹ķ „Ÿķ „´ķ †ŧķ …‡ķ †ēķ †¤ķ ‡œī¸ˆķ ‡‹ķ †˛ķ …€ķ ‡§ķ ‡Ąķ ‡ ķ ‡Ģķ „ķ ‡˜ķ „¨ķ „›ķ †¤Their role in a Drake deal is post-close value creation, sync placement, biopics, brand campaignsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ „ķ †ŗķ †Ļķ …ąķ „Ĩķ †‚ķ †‘ķ †ąķ †ēķ †Ŗī¸‚ķ †‘ķ …žķ …Ŧķ …Ŋķ † ķ „Ÿī¸‡ī¸‚ķ ‡ķ ‡“ķ „…ķ …ķ …”ķ †‚ķ …ŗķ †Ŋķ ‡•ķ …‘ķ †ļķ ‡Žķ …†ķ „´ķ ‡Ēķ „Ŧķ …ĩķ …„ķ …€ķ …ŗ. A Drake biopic, his Degrassi-to-global-superstar arc, would be the highest-grossing music biopic ever madeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‡ķ †‘ķ „‚ķ †Ŋī¸€ķ ‡‘ķ ‡ˆķ …ˆķ †–ķ ‡ķ †–ķ ‡Ģķ …‚ķ …°ķ †Ļķ †œī¸„ķ ‡ ķ „§ķ „˜ī¸€ķ „Šķ „ˆķ „˜ķ …‰ķ „­ķ …Ĩķ „Ŋķ „¤ķ …ēķ …¨ķ „…ķ ††ķ †ĸķ …°ķ †Žķ …žī¸…ķ …‘ķ †¨. The Bohemian Rhapsody effect took Queen's weekly streams from 15 million to 62 million overnightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ „œī¸ƒķ ‡§ķ „‡ķ „¤ķ „ķ „–ī¸Žķ „Ĩķ …’ķ ‡“ķ †­ķ †šķ †ŗķ „ŗķ ‡ķ „¨ķ …—ķ ‡Žī¸‹ķ „´ķ „žķ ‡‰ķ „ƒķ …Ŧķ „Žķ †œķ …Ŋī¸‹ķ ‡›ķ ‡€ķ †šī¸Šķ „Ģķ †­ķ †‰ķ „šķ ‡Ĩķ †Ÿ. The Michael Jackson biopic just did the same thingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ † ķ „ŗķ †˛ķ †Ŋķ „ƒķ …ŗķ ‡ˆķ „†ķ †‹ķ … ķ „ĩķ „ĸķ …ķ …´ķ …Ĩķ ‡Žķ „ŧķ ‡”ī¸…ķ „žķ „ĸķ †˛ķ †ķ †Ĩķ …ķ ‡šķ „Šķ †—ķ …Ąķ „¯ķ …€ķ …˛ķ †‚ķ ‡ˆķ …ķ ‡ķ …žķ ‡œķ †Š. Harbourview's check isn't the biggestķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „”ķ „ŋķ †ŋī¸Žķ ‡­ķ ‡€ķ …ŗķ „§ķ „ŧķ †ģķ †ķ †…ķ †ŗķ …¨ķ ‡¯ķ „ąķ „Ŗī¸ķ ‡Ŗķ †Ģķ „›ķ †™ķ †ķ ‡ķ ‡¤ķ ‡ķ †…ķ †…ķ …Ÿķ †Žķ ‡ī¸€ķ „Žķ „’ķ „†ķ †’ķ †Ŧķ …¤ķ †Ÿķ †ĩ. Their role is.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Žķ „™ķ †ŧķ †­ķ ‡Œķ …šķ †¨ķ ‡Žķ „Œī¸‹ķ ‡ ķ †“ķ ‡žķ …Ÿī¸†ķ †ŧķ †ļī¸ˆķ †Žķ ‡™ķ ‡ķ †Ģķ †°ķ †’ķ … ķ †ī¸ƒķ …Ŗķ „˛ķ †ķ ‡ķ † ķ …†ķ …­ķ ‡‘ķ …’ķ ‡ˆķ †‚ķ ‡‹ķ „SONY MUSIC , Strategic co-lead , $400 to $450M equity

Sony paid $1.27 billion for Queen and $400 million for Pink Floyd in 2024ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ †Ļķ „Ģķ „žķ „Ąķ …Šķ …ˇķ †šķ „Ģķ ‡•ķ †Šī¸ƒķ „Šķ …¨ķ …™ķ ‡šķ ‡„ķ ‡Ēķ …ŋķ †ˆķ ‡ķ …ķ †Ŧķ „”ī¸„ķ …Ŧķ †Žķ …•ķ „Œķ „Ļķ †™ī¸Šķ ‡Ŧķ …¨ķ …Œķ †žī¸‚ķ †ēī¸‡ķ †¯. Most aggressive icon-tier catalog buyer in the marketķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ †Šķ ‡Ģķ †˛ķ …žķ †€ķ …ŗķ ‡—ķ †‡ī¸‡ķ „­ķ …ķ †°ķ …ąķ …Ļķ †Ŧķ …žķ ‡Ēķ †ŋķ „žķ †œķ …ˆķ ‡Šķ „”ķ …Ģķ ‡šķ …ķ „ļķ „•ķ „Ŋķ ‡‹ķ …Œķ †˜ķ ‡Ēķ …Žķ „ķ „Ąķ ‡Šķ „šķ „ž. OVO Sound is already distributed through Sony's Santa Anna Label Group as of January 2024ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ēķ „Ŧķ …ŋķ †‰ķ ‡Ĩķ †‡ķ „¨ķ ‡„ķ ‡”ķ …Ĩķ †•ķ …Ģķ ‡›ķ „’ķ ‡’ķ „—ķ „§ķ „‹ķ „‚ī¸„ķ ‡ķ †Œķ „€ķ †Ąķ †Ŧķ …ŧķ …’ķ †˜ķ …ķ †ķ †ƒķ „ķ „”ķ „œķ ‡Œķ …Ŗķ †’ķ ‡‚ķ …­ķ †”. Sony is already in the buildingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ †žķ „Žķ „˛ķ ‡Žķ †œķ …’ķ †˜ķ …—ķ †ĸķ …Šķ „Ŗķ †ģķ †Žķ ‡”ķ ……ķ †Œķ „ŋķ …„ķ „‹ķ …ŋķ „Žķ †Ĩķ …ģķ †–ķ …ƒķ …‰ķ „¨ķ „Šķ ‡ƒķ …ķ „Žķ ‡ķ ‡¨ķ …œķ „¤ķ †–ķ ‡­ķ ‡’ķ †‰. A Drake acquisition would give them the most-streamed rapper alive and deal a competitive blow to Universal that no single acquisition since Springsteen has matched.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †ŋķ …„ķ †‚ķ …—ķ …‡ķ ‡ī¸Šķ „‡ķ …Žķ …„ķ ‡Ÿķ †ķ †‰ķ „ŧķ „‹ķ †Žķ †€ķ †Ŋķ „ķ † ķ †°ķ „”ķ …Ģī¸€ī¸ķ „Ŧķ „˜ķ …Šī¸Žķ ‡’ķ …ķ †œķ ‡­ī¸ķ †ƒķ „Ēķ ‡ˆķ ‡ķ …­BLACKSTONE / RECOGNITION MUSIC GROUP , Financial co-lead , $300M+ equity

Acquired Hipgnosis for $1.6 billion in 2024, rebranded it Recognition Music Group, built it into a $4 billion portfolio, issued $1.5 billion in ABS against the catalogķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡šķ †ķ „‚ķ „Ŧķ †˜ķ ‡ĸķ †ĩķ ‡ī¸ķ „Ŗķ ‡ķ ††ķ †Ÿķ „¤ķ †¸ķ „Šķ „¯ķ …ŋķ „˛ķ †‰ķ †‰ķ …˛ķ †›ķ †ƒķ ‡Šķ ‡‹ķ †ēķ †Ēķ „Žķ …¤ķ …šķ …Ÿī¸€ķ …œķ …Žķ … ķ ‡Ÿķ „Ļķ †“ķ …Ģ. The infrastructure is already doneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †‡ķ …‡ķ „—ķ †ąķ „ķ ‡Ĩķ …ļķ „‘ķ †™ķ ‡Œķ …Ŋķ …Ŗķ †—ķ „Ēķ †‘ķ ‡•ķ ‡ķ „ŧķ „‹ķ †…ķ „–ķ †Šķ …ŗķ …”ķ †‚ī¸ķ …­ķ †§ķ „‘ķ … ķ †ķ …ƒķ „¯ķ …´ķ …´ķ †Žķ „Ģķ „ļī¸…. A Drake acquisition deploys capital on an existing shelf at favorable terms.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‚ķ †’ī¸‰ķ ……ī¸ķ „•ķ ‡ĸķ „ŧķ …ķ „‘ķ …ķ „œķ „ŧķ ‡ ķ …Ģķ „ŗķ …Šķ …Ēķ ‡‡ķ …˜ķ …¯ķ „ąķ …žķ †ķ „˜ķ ‡Ēķ †Žķ …¨ķ †Ŋķ ‡—ķ „Žķ †ŋī¸Šķ „Ŋķ „ŗķ †šķ „„ķ ‡–ķ ‡„ķ ††KKR , Debt arranger , $650M ABS

Two consecutive $500 million debt rounds with Harbourviewķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡•ķ …™ķ †ŧķ †ĸķ †œī¸ƒķ …¸ķ …¯ī¸†ķ „Ŋķ …ˆķ †ƒķ „œķ …›ķ …ĸķ „Ēķ „†ķ „–ķ „Ĩī¸€ķ †¯ķ „ī¸ķ †Šķ ‡œī¸Œķ …ĩķ †ŧķ †šķ ‡¤ķ „ƒķ †Ēķ …Ŧī¸†ķ „Šķ †€ķ …–ķ †°ķ …™ķ „‡. The financing backbone of the entire transaction.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ …¸ķ ‡‡ķ ‡Ģķ …šķ †”ī¸‚ķ ‡Ÿķ †‚ķ „ķ †Ŗķ „“ķ †°ķ „…ķ †ˆķ …´ķ „–ķ †“ķ „œķ ‡”ķ „ŗķ …šķ „ēķ „§ķ „”ķ …Ÿķ †ķ †–ķ †˜ķ †’ķ †ģķ †Šķ …¯ķ …´ķ †ĸķ †šķ ††ī¸€ķ …•ķ †šWARNER MUSIC + BAIN CAPITAL , Competing bidder , $1.2B joint vehicle

Announced a $1.2 billion acquisition vehicle in early 2026ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ ķ „ˇķ …ƒķ †™ķ ‡…ī¸ķ „Ŋķ †ąķ …žī¸ī¸ķ „‰ķ „ķ …—ķ ‡Šķ †¨ķ †°ķ …ĩķ „†ķ …ŋķ †ŧķ †ļī¸ķ „”ķ †šķ „Žķ †Žķ ‡‹ķ ‡‹ķ „’ķ …ļķ …ķ †Ŋķ …Ēķ †°ķ ‡­ķ †Ŋķ …ŋķ ‡šī¸„. Warner has 16 percent global market share against UMG's 32 percentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‰ķ „šķ ‡žķ …Ÿķ „‘ķ ‡‰ķ † ķ …ŧķ …Ļķ †Ŋķ ‡¨ķ ‡Šķ …”ķ ‡„ķ †ķ „ķ „§ķ †ŧķ ‡Ĩķ …žķ …ˆķ „Ļķ „˛ķ †žķ „ļķ „Ļķ ‡ĸķ †ģī¸ķ †ŋķ †¤ķ „†ķ …ĸī¸‡ķ ‡”ķ …Žī¸ķ ‡ī¸„ķ †Ÿ. Their role in this auction is to keep every other bidder honestķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˇķ ‡…ķ …Ēķ …—ķ „˜ķ †­ķ ‡œķ …„ķ …’ķ „Žī¸†ķ †­ī¸‡ķ †žķ …´ķ ‡—ķ †žķ †–ķ †‰ķ „°ķ „Ģķ †ŋķ †­ķ ‡‡ķ …‘ķ „†ī¸ˆķ „Šķ ‡Ēķ …„ķ †ĸķ †Ģķ „ŋķ ‡ƒķ †¯ķ ‡–ķ …‰ķ …ēķ …ŋķ „¨. Sometimes the most important bidder is the one who drives the price, not the one who wins.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩī¸‰ķ †¨ķ †ķ „¤ķ „ķ †œķ ‡™ķ †›ķ „žķ ‡¤ķ „’ķ †°ķ †ˆķ …ĩķ „Ĩķ ‡§ķ ‡œķ †šķ „Ļķ ‡“ķ †Ģķ ‡„ķ …ˆķ „Ŧķ †œķ …‡ķ ‡ĸķ …†ķ †ļķ ‡‘ķ †Žķ †’ķ ‡”ķ …ˇķ ‡¤ķ „Ĩķ †ĸķ ‡Œķ †–WHY UMG HAS TO BID $2 BILLION

The most significant buyer in any Drake acquisition isn't Harbourview, Sony, or Blackstoneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‚ķ …ŧķ …¸ķ …Ÿķ …ˇķ †Ŋī¸„ķ †ķ „Ļī¸‹ķ …ĩķ ‡ķ ‡€ķ …—ķ „ąķ ‡›ķ ‡Ŧķ …ķ †Ŋī¸‹ķ †œķ …Šķ ‡¤ķ ‡‚ķ …Ŧī¸‰ķ …ŋķ „šķ ‡€ī¸‚ķ …Žķ …„ķ † ķ †‡ķ ‡Ģķ „†ķ †Šķ …šķ †Ÿķ ‡†. It's Universal Music Groupķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †™ķ …˜ķ …‰ķ …ˆķ †›ķ „Ąķ „¯ķ …‰ķ †°ķ ‡¨ķ ‡—ķ …Ąķ …‹ķ †˜ķ †œķ †‡ķ ‡›ķ †­ķ †ķ † ķ „‡ķ „ŧķ …ķ †ķ ‡¤ķ …Ŋķ …­ķ „§ķ …‚ķ …§ķ †ĸķ …´ķ †›ķ ‡‚ķ †Šķ †Ŗķ „Ŧķ ‡­ķ „¨ķ „. The company Drake is suingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ „Šķ †€ķ †”ķ †“ķ ‡–ķ †Ÿķ „ķ †Ŋķ ‡Žī¸ķ „žķ ‡‰ķ †Žķ †˛ķ † ķ …›ķ †˜ķ †´ķ …šķ †“ķ „šķ „œķ †Ļķ …˜ķ ‡Žķ …‚ķ ‡’ī¸€ķ „ķ ‡Ŧķ …ĸķ „ąķ †žķ „ķ †‡ķ „ķ ‡Žķ …ąķ …‚. The company that, if Drake walks, loses the most commercially dominant artist on their roster to a direct competitor.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †–ī¸‚ķ …œķ ‡ĸķ …•ķ „†ķ „ĸķ †‘ķ …ķ †ļķ „’ķ ‡Šī¸ķ …ķ ‡Œķ ‡“ķ †ģķ …Ÿķ ‡Ŗķ ‡”ķ „‰ķ …€ķ „†ķ …“ķ ‡ˆķ …›ķ „€ķ „ģķ „•ķ „ķ …Ąķ †ķ „´ķ ‡—ī¸ķ ‡„ķ †žķ †ƒķ …­ķ …€UMG total revenue (2025): $14.4 billion
Drake's US consumption share, 10-year average: at least 1.9 percent (cited in Drake's own lawsuit filings)
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‹ķ „Œķ „’ķ „Ĩķ …ķ …žķ †Žķ …œķ „ķ †‘ķ …ķ …“ķ …Žķ †Ŧķ †Ąķ „‡ķ †Ļķ „ēķ …Ļķ …ˆķ ‡‰ķ †´ķ †€ķ †¤ķ „Ĩķ ‡Ŧķ †Ģķ „Šķ ‡‘ķ „•ķ „œī¸ķ „ ķ „žķ „…ķ †­ķ …ĸķ ‡‘ķ „„ķ …Gross revenue Drake generates for UMG annually, post-trilogy: ~$310 to $360 million (derived estimate)
Net EBITDA contribution UMG retains: ~$130 to $170 million per year
Market cap headwind if Drake departs, base case: ~$740 million
Market cap headwind, bear case, Sony gets him: ~$1.1 billion

Here's where it gets interestingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¯ķ †ĸķ †Žķ †˜ķ †Ÿķ †ĩī¸Œķ †•ī¸‰ķ †ŧķ „†ķ „ķ …ķ …ĩķ †–ķ …Žķ …ļķ ‡‰ķ „ ķ …Žķ †„ī¸Œķ …ĩķ ‡ ķ …ŋķ …•ķ „§ķ †„ķ „Šķ ‡Œķ †¤ķ „…ī¸Šķ …€ķ …ķ „†ķ „˜ķ …ˆķ †Ĩķ …ŗ. Because the first reaction people have is wrongķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ļķ „ ķ †Œķ †‰ķ †­ķ …ŋķ ‡…ķ †¤ķ †ķ „ī¸ķ …Ļķ …¸ķ ‡§ķ †¨ķ †“ķ „Ĩķ „•ķ „˛ķ …ēķ …ķ „´ķ …’ķ ‡‹ķ †ŗķ „žķ …“ī¸ķ †Œķ ‡€ķ „†ķ „ļķ „ˆķ †ķ †ķ †…ķ ‡Ÿķ „¨ķ †‚ķ ‡Œ. And then there's a second thing that makes the first reaction even more wrong.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŋķ ‡Ŧķ †žķ „„ķ …ķ „ˆķ …Ŗķ …Žķ „ˆķ „ķ †§ķ …‡ķ †˜ķ …ƒķ „Ģķ „ĸķ …ˆķ †šķ †žķ „Ĩķ †™ķ „ˆķ ‡‘ķ „ĸķ †„ķ „´ķ „›ķ „ĸķ †‘ķ †ēķ †ƒķ †ĩķ ‡œķ ‡ķ ‡€ķ …ķ †ŧķ ‡Šķ „ˆķ †§UMG keeps Drake's pre-2021 master recordings permanentlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …€ķ …Ģķ …˜ķ ‡Ŧķ …—ķ ‡‡ķ …‹ī¸‰ķ …ĸķ †‚ķ „žķ …¸ķ „Ŋķ „ƒķ ‡“ķ †ļķ †ķ …ąķ „ģķ †’ķ „‡ķ …ˆķ „ķ …ˇķ …ģķ „ēķ †ąķ ‡•ķ ‡¤ķ „ŋķ …Žķ „ļķ †Ŋķ ‡žķ „ŗķ †–ķ „§ķ …§ķ …‚ķ †Ž. Thank Me Later through Scorpionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ ‡žķ …„ķ †´ķ …Ąķ …žķ †ģī¸ˆķ ‡‰ķ „†ķ „ŧķ ‡Ąķ ‡Ļķ †ī¸‰ķ „Ŋķ …Žķ „Žķ ‡Ąķ †Šķ …§ķ ‡¯ī¸Œī¸Œķ ‡¤ī¸‚ķ „¨ķ …žķ …ĸķ „­ķ †ēķ …‹ķ †›ķ …†ķ ‡Ŧķ †‡ķ „§ķ „ķ †ŗķ „Œ. God's Plan, Hotline Bling, One Danceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †’ķ „…ķ „ķ †šķ †–ķ …€ī¸ķ †•ķ †Ēķ …ˆķ …°ķ „”ķ …ķ †œķ „ˇķ ‡œķ ‡Ĩķ „Ÿķ †Žī¸ķ ‡”ķ †Ąķ ‡Ąķ …¤ķ …Ŧķ …•ķ „ŗķ ‡‚ī¸„ķ „žķ …§ī¸ķ ‡žķ †¨ķ †™ķ „ķ …‰ķ …‘ķ ‡Ēķ „ƒ. That's roughly $150 million per year in revenue that doesn't move no matter what Drake does nextķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡—ķ …ˇķ …˜ķ †Ĩķ …ąķ …ˇķ „ĩķ ‡“ķ … ķ ‡ķ …Ąķ †œķ „ąķ †œķ ††ķ †ķ …ķ …ķ …€ķ ‡‹ī¸ƒķ …ŗķ ‡•ķ „Ŧķ „ ķ …ģķ ‡ķ …Ŧķ „˜ķ †šķ †ŋķ „Ĩķ †Ŗķ „‚ķ „Ŧķ †žķ †œķ „§ķ ‡ĸķ …. The industry will tell you "they keep the catalog, it's fineķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „ēķ †ŗķ „—ķ †°ķ †”ķ ‡‰ķ „ˆķ †Žķ „ķ …­ķ …ķ „ˆķ ‡‘ķ …ŧķ ‡“ķ ‡ƒķ …œķ …ļķ …Ÿķ †žī¸Šķ †Ąķ †ąķ †œī¸‡ķ †Ąķ ‡ ķ …€ķ …—ķ ‡‚ķ †…ķ …§ķ ‡­ķ „™ķ „ŧķ ‡ˆī¸†ķ …¤ķ „¯."

It is not fine.

There is a federal law most people outside the music business have never heard ofķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‚ķ …ķ …Žī¸‚ķ …ĩķ …–ķ †Ŋķ „—ķ †Žķ …šķ „Ŋķ …¤ķ …ŋķ ‡šķ „‰ķ †ˆķ †—ķ ‡Ÿķ „ēķ ‡€ķ …ąķ „Ĩķ „¨ķ …°ķ „Žķ …ąī¸€ī¸„ķ „Ŋķ …ģķ „Ŗķ „Ąķ …›ķ „Ģķ †°ī¸‡ī¸‹ķ †Œķ „œķ †ž. Section 203 of the Copyright Act of 1976ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ēķ †ēķ ‡˜ķ …ŗķ †‡ķ ‡Ēķ „°ķ „Ļķ „›ķ „Ąķ ‡ĸķ …Ąķ ‡”ķ …„ķ „ēķ …Ĩķ …—ķ ‡ĸķ „Žķ „Ŧķ †Ŋķ †ķ „Šķ ‡†ķ †Žķ „™ķ „ŋķ …°ķ †šī¸‹ķ „ŧī¸ī¸‚ķ „Ļī¸„ķ …–ķ …Ÿķ „šķ …­ķ ‡§. Congress built a reversion right into copyright law specifically because artists sign deals when they're young and broke and have no idea what their music is worthķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸€ķ ‡‘ķ …ąķ „’ķ ‡˜ķ †Ąķ ‡¤ķ …Ģķ …˛ķ …ģķ †Žķ „˛ķ …ˇķ † ķ ‡œķ †žķ ‡˜ķ ‡ ķ †ŗķ …°ķ …ķ †›ķ †ķ ‡Ÿķ ‡ĸķ †žķ „ķ †Žķ „ŗķ „“ķ …˛ķ †Œķ „ķ „ķ ‡ ķ „™ķ †¸ķ …ŧķ „œķ †–. The law gives authors the inalienable right to terminate any copyright grant and reclaim full ownership 35 years after publicationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ ‡”ķ ‡–ķ †„ķ ‡—ķ †”ķ „ŗķ †§ķ †Ŋķ †ēķ …Ŧķ …ķ ‡§ķ ‡Ąī¸‰ķ †ķ ‡›ķ †Šķ „¸ķ ‡€ķ „žķ ‡‹ī¸‡ķ …¸ķ …ˆķ …“ķ „¸ķ „§ķ …Ļķ …†ķ …Žķ †¸ķ †ķ „ŋķ …Œķ …ģī¸Šķ ‡›ķ …ķ „. No matter what the contract saysķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ „‰ķ „€ī¸ķ „˛ķ …ģķ „ķ …Ģķ ‡”ķ ‡“ķ …–ķ †˛ķ ‡–ķ †—ķ ‡‡ķ …ĩķ ‡€ķ ‡™ī¸†ķ …“ķ „Žķ „’ķ †™ķ ‡˜ķ …ˆķ „Ģķ „ēķ ‡›ī¸…ķ „’ķ ‡Šķ „‡ķ …°ķ …–ķ ‡žī¸‚ķ †¨ķ †–ķ „ŧķ …Ž. No matter what "in perpetuity" language UMG's lawyers wrote inķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …†ķ ‡ˆķ …–ī¸…ķ …‡ķ …œī¸†ķ ‡‘ķ „ĸķ †§ķ …ķ †­ķ „€ķ …ĩķ …šķ ‡§ķ …Ēķ „†ķ ‡­ķ †˛ķ …›ķ …ŗķ „ķ „Ļķ …žķ …–ķ „¨ķ ‡Ģķ …ķ …’ķ …°ķ †•ķ …’ķ „¤ķ †Ēķ ‡¨ķ ‡Ģķ ‡‚ķ …‘ķ …ĸ. The termination right cannot be waived, contracted away, or signed offķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „šķ …Œķ †Ēķ „˛ķ „˛ķ …“ķ ‡Šķ †ķ …–ķ †Žķ „žķ „œķ ‡Ąķ †ēķ ‡ƒķ „°ķ ‡‚ķ „ķ „Žķ „ ķ „Ēķ †€ķ „ˆī¸ƒķ „‡ķ †ķ †°ķ ‡‘ķ …Ÿķ ‡ķ †ŗķ †Žķ ‡Šķ †¨ķ „‘ķ †€ķ …€ķ „ĩķ †›. It supersedes any private deal.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ …¸ķ †šķ …œķ †§ķ „‰ķ „§ķ „”ķ „ļķ …ģķ ‡˜ķ †…ķ „žķ „”ķ ‡¨ķ …–ķ „’ķ ‡ĸķ „ˆķ „–ķ …”ķ „Ļķ …€ķ „Ēī¸‡ķ †—ķ †ĸķ †Žķ …†ķ …šķ „Ÿķ …Šķ …‚ķ ‡ĸķ ‡¯ķ †™ķ …ķ †Šķ …ķ †‚Drake's pre-2021 albums start reverting starting in 2045.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¨ķ …ī¸ķ †ķ „°ķ † ķ …ĩķ ‡Žķ …ķ „œķ †ƒķ „–ķ …Šķ ‡–ī¸‚ķ …€ķ „˛ķ †‰ķ ‡‹ķ ‡™ķ ‡ķ „§ķ „–ķ †šķ †šķ „ƒķ …šķ …ŋķ †–ķ „ĩķ ‡‚ķ …›ķ „Ĩķ †Ĩķ …‚ķ „žķ …Ļķ ‡ƒķ †…ķ ‡ŸThank Me Later (June 2010): window opens June 2045
Take Care (November 2011): window opens November 2046
Nothing Was the Same (September 2013): window opens September 2048
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĸķ …ĸķ „ģķ „žķ †´ķ „‹ķ „žķ …ķ ‡’ķ †ķ „Ģķ †žķ „˜ķ †°ķ †´ķ †Ŋķ „ŗķ †™ķ „™ī¸ˆķ „ŗķ †‰ķ …€ķ …€ķ „•ķ †°ķ †Ģķ …šķ ‡‡ķ …´ķ „šķ „°ķ ‡žķ †œķ ‡ķ …ąķ „Žķ †Ģķ †—ķ …‘If You're Reading Thisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …–ķ „Šķ …ˇī¸ˆķ …˛ķ †¨ķ „ķ ‡ķ …‚ķ †ˆķ †ŧķ ‡“ķ …ĩķ …Ĩķ „ķ …°ķ †Žī¸ķ ‡…ī¸€ķ „—ķ …ģķ …‚ķ ‡¨ķ „ēķ „šķ „Žķ …“ķ „–ķ „Ģķ „ƒķ „¯ķ „Ŋķ „œķ †‚ķ …ļķ †­ķ ‡‰ķ †§ķ „¤ It's Too Late (February 2015): window opens February 2050
Views (April 2016): window opens April 2051
Scorpion (June 2018): window opens June 2053

UMG's "permanent" ownership of Drake's most commercially dominant masters lasts 19 to 27 more yearsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ ‡žķ †žķ ‡Ēķ …˛ķ …“ķ †‘ķ ……ķ …­ķ ‡ĸķ …ĸķ „Ģķ …šķ †ąķ †Ļķ „´ķ ‡˜ķ …ēķ †”ķ „“ķ „‘ķ „¨ķ „¯ī¸Šķ …‰ķ ‡žķ …­ķ „˛ķ „¨ķ ‡‹ķ …•ķ …Ŗķ „ģķ ‡–ķ …‚ķ ……ķ „Ÿķ …‘ķ „ļķ …Ą. Every album has a clock on itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ …Ļī¸ķ …™ķ ‡‰ķ ‡†ķ …›ķ …Žķ ‡Œķ …¯ķ ‡Œķ …“ķ ‡Ÿķ †ēķ ‡ķ „­ķ ‡ķ …‘ķ ‡Ąķ „‰ķ „”ķ †•ķ „ļķ ‡Ąķ †Ÿķ ‡”ķ †Šķ „ ķ ‡‘ķ ‡™ķ ‡„ķ …Ģķ †‡ķ †ŧķ „€ķ „˜ķ „°ķ †‚ķ †ĩķ †ŧ. Drake or his estate could start serving reversion notices as early as 2035.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †¸ķ †‡ķ „“ķ …†ķ †¤ķ †œķ †­ķ „ēī¸‡ķ …—ķ „„ķ …‚ķ „“ķ „€ķ …€ķ „Ŗķ ‡‰ķ ‡ķ ‡“ķ „ŧķ „’ī¸‚ķ „˜ķ …ēķ ‡„ķ ‡ķ ‡•ķ …‘ķ „”ķ „”ķ †žķ †¤ķ ‡šķ †œķ †˛ķ „°ķ „˛ķ …•ķ †UMG will argue work-for-hireķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „ ķ †–ķ …¨ķ …Œķ ‡Ŗķ ‡…ķ †ŗķ …ēķ †šķ †ļķ „§ķ †¨ķ „Šķ ‡Žī¸Žķ „ŋķ ‡ ķ „–ķ „ˇķ †˜ī¸„ķ „ˆķ ‡Žķ …ˇķ ‡˜ķ ‡‹ķ „Ŋķ ‡‚ķ †’ķ „†ķ †¸ķ …Ÿķ ‡€ķ „ķ †€ķ …šķ †Ÿķ ‡‰ķ †Š. Labels always doķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ †’ķ ‡Ąķ ‡„ķ …ˆķ …ŗķ †¤ķ …žķ „ŗķ †Ąķ …ƒķ …—ķ „žķ †Ģī¸ķ †žķ †’ķ ‡žķ „—ķ „ķ †ˇķ ‡¨ķ „Ÿī¸Žķ „Šķ „ˇķ …‰ķ „…ķ „Œķ ‡Ąķ …‡ķ „ŗķ „Œķ †ēķ †´ķ …–ķ †…ķ …Žķ …Žķ „Ĩ. But courts have been increasingly hostile to that argumentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ƒķ „ĸķ ‡Šī¸ķ „¨ķ …‘ķ …ŧķ ‡—ķ †‘ķ …–ī¸€ķ …ēķ „ˆķ „Šķ ‡ķ †ķ „Ĩķ „ķ †ąķ „ķ ‡ķ „€ķ …Ŋķ …Šķ ††ķ †‡ķ „¨ķ †ˇķ „›ķ †ļķ ‡Ģķ …Žķ „žķ …—ķ †´ķ †˜ķ „´ķ …ķ …ķ ‡ĸ. A federal class action against UMG itself, Waite v. UMG Recordings, established that artists can proceed with Section 203 claims despite work-for-hire language in their contractsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‚ķ „–ķ „ļķ …˛ķ …œķ …ĸķ …Ąķ …Ŋķ „™ķ †°ķ „ąķ „ķ † ķ …Ąķ …ƒķ †Ĩķ „Žķ †ƒķ †„ķ „¯ķ …Œķ †›ķ …™ķ ‡Ŧķ †ķ ‡žķ ‡Ŗķ ‡Ŧķ †ŗķ …˛ķ †ŧī¸Šī¸Œķ ‡˜ķ †‹ķ …Œķ …˛ķ „ĸķ …Šķ †ē. Drake was signed to Young Money, Lil Wayne's imprint, not directly employed by Universalķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „–ķ …žķ †ģķ „•ķ …¨ķ ‡Žķ ‡Ÿķ „‡ķ †˛ķ ‡Žķ †‰ķ ‡‹ķ †‹ķ ‡‡ķ ‡šķ …Ēķ ‡ ķ †˛ķ „ ķ „°ī¸‡ķ ‡ķ …ķ …ķ …ēķ †—ķ ‡¨ķ … ķ …ĩķ …”ķ „ ķ „žķ †Ļķ ‡ķ …ķ ‡—ķ ‡’ķ „ˆķ ‡šķ …–. The independent contractor argument is strongķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ „€ķ …•ķ …¯ķ †Ÿķ „ģķ ‡šķ †¸ķ …Ŧī¸Žķ †ƒķ ‡§ķ ‡•ķ † ķ „ģķ „Ļķ ‡šķ †ķ …Ŗķ ††ķ †°ķ …ˆķ …žķ …ŧķ ‡™ķ ‡šķ ‡Ĩķ „œķ …šķ ††ķ …­ķ ‡•ķ †Šķ ‡Ŗķ ‡Ÿī¸†ķ „ĸķ „‡ī¸ķ †ŧ. The 2024 2 Live Crew ruling reinforced it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ †¨ķ ‡ķ …ĸķ „„ķ „›ķ †€ķ „Ļķ „ąķ ‡Ÿķ †’ķ †‰ķ „ķ †Ŋķ †ŋķ †šķ ‡Ÿķ …´ķ ‡ĸķ ‡‹ķ ‡˜ķ …•ķ „´ķ ‡ƒķ ‡Žķ „Ąķ †œķ …žķ …ķ †Ēķ †ąķ „Ēī¸…ī¸Žķ ‡›ķ †“ķ „Žķ …Žī¸ƒķ †žAt a 7 percent discount rate, $150 million per year for the next 22 years is approximately $1.6 billion in present value that UMG stands to lose from the pre-2021 catalog if Drake exercises reversion rights in the 2040s.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †ŧķ „¸ķ „ˆķ †¯ķ „˜ķ …ƒķ †”ķ †Œķ „—ķ †Žķ …‹ķ †‘ķ …‡ķ …˛ķ †‹ķ „ŋķ † ķ †ƒķ …‰ķ †´ķ †Žķ „–ķ ‡ĸķ †—ķ …Ŗķ †¤ķ †Ĩķ †›ķ „‰ķ ‡Ļķ „†ķ ‡™ķ …¸ķ †§ķ ‡§ķ †ąķ †Žķ …‚ķ „ŧThat is the card Drake is holding that nobody is talking about.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡’ķ ……ķ …ˆķ †ˆķ †‰ķ …Ģķ „žķ …¸ķ †¤ķ …ēķ „ķ †Šķ „­ķ †˜ķ ‡Ŗķ „žķ † ķ ……ķ †€ķ …„ķ ‡Ąķ „™ķ …Žķ …ŋķ …˜ķ ‡Žķ ‡‘ķ ‡œķ …Ŗķ …‚ķ „¯ķ ‡ĸķ †ēķ „˜ķ †Ļķ …ķ †¤ķ …ŋķ †ēķ …‡The only way UMG permanently protects those recordings is to negotiate a comprehensive deal with Drake today that contractually resolves the reversion exposureķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …’ķ „†ķ †ķ †—ķ …ąķ ‡Šķ †Ĩķ †ˆķ †‰ķ †›ķ „Ģķ †Œķ „ķ …˛ķ †Ŋķ ‡Žķ ‡•ī¸‚ķ „“ķ †…ķ „Žķ †Ļķ „žķ …Ÿķ †žķ †™ķ †ˇķ †ēķ †“ķ †“ī¸Šķ „”ķ …›ķ „›ķ †Ŧķ ††ķ ‡ˆķ „žķ „¨ķ …Š. A $2 billion transaction, done right, could include a settlement of future termination rights that no court case can unwind.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ŋķ „Œķ ‡•ķ „šķ †ąķ „ˇķ †„ķ „ŧķ ‡•ķ †Œī¸Žķ …€ķ …Šķ ‡­ķ †¤ī¸…ķ †žķ …Ÿķ †ŧķ ‡¤ķ „ ķ „ļķ †›ķ …ĩķ ‡šķ †œķ „€ķ ‡‹ķ …žķ †™ķ †˜ķ „ĩķ „ŋķ †…ī¸†ķ …„ķ ‡“ķ …Ŧķ †“ķ †UMG's full exposure if they do not re-sign Drake, in present value terms:

Frontline revenue loss, 10 years: ~$500 to $600 million
DSP negotiation leverage lost: ~$200 to $400 million
Pre-2021 master reversion exposure, Section 203, 2045+: ~$1.0 to $1.6 billion
Total downside exposure: $1.7 to $2.6 billion

There's also Bill Ackman. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ „ŗķ †–ķ „˜ķ ‡¯ķ …›ķ ‡Ĩķ †Žķ ‡“ķ †“ķ ††ķ „ąķ „ēķ †™ī¸ķ †Žķ „¯ī¸…ķ …šķ ‡†ī¸ķ †ąķ …Œķ …Ŧķ ‡Ąķ ‡“ķ „ ķ „„ķ „˜ķ „†ķ ‡Ŧķ „€ķ †Ģķ „ˆķ „†ķ …‰ķ „´ķ …ˇķ …°ķ „Pershing Square just made a $64.7 billion bid for UMG. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ „ķ „´ķ …›ķ †œķ † ī¸ƒķ †Ģķ „ˆķ …ĸķ ‡ķ †ąķ †›ķ „¯ķ ‡—ķ …Ģķ ‡„ķ …ŗķ „ŗķ †‹ķ …ƒķ …ģķ „´ķ „´ķ „ĸķ „Šķ †•ķ …Ģķ †Ģī¸Šķ ‡–ķ †šķ „Šķ ‡ƒķ †ƒķ „ˆķ †ķ „ƒķ †‡ķ ‡‘A Drake departure, followed by reversion notices arriving in the 2030s, creates a liability that wasn't in Ackman's modelķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „„ķ †ķ …ŗī¸ķ †ąķ …Žķ „‹ķ „ēķ …°ķ ‡¤ķ †Ŧķ …Ģķ …Ĩī¸Œķ …†ķ …‡ķ …›ķ †°ķ ‡Žķ …Ŧķ …‚ķ †­ī¸…ķ …§ķ …Ąķ „Œķ †‚ķ „ƒķ ‡ ķ †„ķ †¨ķ †¸ī¸Œķ †™ķ †ąķ …Ļķ …Žķ ‡Œķ …–ķ †ˆ. UMG management cannot afford that right now.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‘ķ …Šķ …ĩķ …”ķ †žķ …Ģķ …´ķ „”ķ „Ŗķ ‡€ķ „Ģķ „ĸķ †‰ķ „­ķ …ļķ …Ŗķ …”ķ ‡ˆķ „Šķ ……ī¸‰ķ †‰ī¸ķ …§ķ „ŗķ …ķ „šķ …˛ķ ‡Ļķ …Ÿķ …ģķ „Šķ ‡ķ †Ļķ …žķ …†ķ †˛ķ „Ąķ „ƒķ ‡ŦTheir rational bid is not "what is this catalog worth on an income basisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ÿķ †™ķ †˛ķ …‡ķ †—ķ „žķ „ķ ‡’ķ …¸ķ †žķ …¤ķ ‡ĸķ …‰ķ …ķ †¸ķ „ĸķ †Ŋķ „Ļķ „ąķ †•ķ ‡¯ķ „ ķ †ŗķ „Ģķ †…ķ …Ŧķ …ŧī¸ķ „Ļķ …Žķ ‡Ąķ …Ŋķ „¤ķ †ļķ …šķ ‡§ķ „´ķ ‡Œķ „”ķ …Ŋ." It is "what is the total present value of everything we lose if Sony wins and Drake serves reversion notices in 20 yearsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ „ĩķ …Ļķ …ŗķ „Ļķ …Ŋķ …ķ …“ķ …“ķ † ķ ‡Œķ †§ķ „ˆķ „€ķ „ļķ …´ķ „™ķ …˜ķ ‡„ī¸‚ķ ‡œķ ‡„ķ …•ķ „Šķ †—ķ ‡Ÿķ …Ļķ ‡™ķ …¤ķ „‡ķ ‡“ķ †¸ķ …†ķ ‡Ÿķ „ĩķ „—ķ „Šķ †Šķ †ķ ‡Ÿ." That calculation lands UMG at $2 billion or above.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ †šķ †Žķ †ķ †‰ķ „‹ķ …ĸķ …–ī¸‡ķ †ĸķ …”ķ …ēķ …Ŗķ †‰ķ „‚ķ „“ķ …ēķ …¨ķ „ēķ †Œķ †Œķ „­ķ „ēķ „‚ķ ‡–ķ †€ī¸Šķ …‡ķ ‡’ķ „ģķ †Žķ …Šķ ‡ķ ‡ˆī¸„ķ „Ŗķ „˜ķ †‡ķ ‡™ķ ‡•The music industry spent five years watching catalog deals trade at multiples that seemed impossible until they happenedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …“ķ „ķ „Ÿķ ‡¤ķ …Šķ „¯ķ †“ķ †Žķ „ĩķ †ģķ †žķ ‡…ķ †ŗķ ‡Žķ ‡­ķ ‡Œī¸Šī¸„ķ ‡­ī¸ķ …ŧķ ‡€ķ …Ģķ „ķ ‡¨ķ „ķ ‡Œķ „ļķ …Ģķ †¸ķ ‡ķ „…ķ †ĸķ …ŋķ …‚ķ …žķ …Ŋķ ‡¯ķ „ŧķ …¤. Dylan at 29.5×. Springsteen at 33×. Queen at 25×. In every case, the multiple was not the conclusion of a financial modelķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ ‡Žķ …ļķ „´ķ ‡§ķ …‡ķ †–ī¸‡ķ †¨ķ ‡˜ķ …Ēķ „’ī¸Œķ ‡’ķ „ķ „‚ķ ‡Šķ „ąķ †“ķ †ēķ ‡•ķ ‡œķ †ķ …¨ķ …„ķ ……ķ †Šķ „°ķ †’ķ †ąķ †ĸķ ‡‹ķ …ēķ „ķ „ĸķ „¯ķ „›ķ ‡‚ķ …Žī¸ˆ. It was the price of a war where at least one buyer decided that losing was more expensive than winning.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩķ †¸ķ ‡„ķ †ķ ‡…ķ †ķ „Ąķ „ēķ …šķ ‡†ķ †Ļķ †Ļī¸ķ „Ŋķ „–ķ „ˆķ „‰ī¸†ķ „’ķ „Ļķ †¨ķ „ķ …‡ķ †”ķ …„ķ …ķ „¸ķ …žķ …ƒķ †šķ ‡„ķ †Ŋķ †ķ …Žķ ‡Šķ „Šķ †ļķ „­ī¸ƒķ …ŦDrake is 38ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „›ķ „ƒķ „˜ķ …šķ ‡Ŗķ …ˆķ ‡—ķ †ƒķ „§ķ „Ŗķ †Ŧķ …¸ī¸ķ …ģķ „ˆķ „‚ķ ‡¨ķ ‡™ķ „´ķ †Œķ †˛ķ …Žī¸‹ķ †¯ķ †¯ķ „Ĩķ „ŋķ ‡šķ „‚ķ ‡„ķ „ķ ‡Šķ „ļķ ‡Ĩķ †¤ķ †œķ „šķ …žķ „˛ķ …˜. Three albums in a single nightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡—ķ …ķ „­ķ „¨ķ …–ķ †ēķ ‡ƒķ „Ēķ „´ķ „Ģķ „ķ ‡’ķ …Ģī¸Žķ ‡Ēķ …ŗķ †ēķ „ķ …˛ķ „ķ …—ķ ‡™ķ …§ķ …šķ †”ķ †˜ķ …“ķ „šķ …¯ķ ‡‘ī¸ķ …­ķ …•ķ „‰ķ †Ļķ †ķ …šī¸‰ķ ‡‰ķ ‡‹. 2026ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒķ …ēķ …Ģķ †”ķ …‘ķ †‹ķ …Ŋķ …Šķ †ķ ‡ˆķ †ŧī¸‡ķ †¨ķ …žķ „ˆķ „‚ķ …Ļķ †¯ķ …‚ķ „‘ķ ‡ĸī¸Šķ ‡”ķ †ƒķ †œķ …Ļķ „€ķ „Ēķ … ķ †ŋķ † ķ „¤ķ …¨ķ …¤ķ ‡–ķ ‡ƒķ †žķ †ŧķ „ŗķ „Ÿ Spotify records for artist, album, and song simultaneouslyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ …žķ ‡‚ķ …“ķ „…ķ ‡Ąķ …œī¸…ķ ‡›ķ †˛ķ „ŋķ †•ķ ‡Ŧī¸ƒķ …ŗķ †—ķ ‡Œķ …Ēķ „ƒķ †–ķ ††ķ …Ąķ …ķ ‡ķ …´ķ …‚ķ …¯ķ ‡Ēķ ‡ķ …Ąķ ‡Šķ †˛ķ …Ģķ „Ļķ ‡Ŧķ …œķ „Ŋķ …Ļķ …Œķ …“. Nearly 800,000 combined first-week unitsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĩķ ‡ķ †¨ķ †€ķ …Ÿķ „ƒķ ‡Ąī¸Šķ †ŧķ …ķ ‡†ķ †›ķ ‡Ļķ „€ķ †¨ķ ‡ķ ‡Ēķ †ŧķ …‹ķ ‡¤ķ …Šķ „“ķ …Ąķ ‡ĸķ †ķ †Ĩķ „´ķ …ķ †žķ †ģī¸ķ †›ķ †‚ķ ‡¨ķ †Ļķ „‚ķ „¸ķ …ĩķ †ŗķ †¤. The most commercially dominant artist of the streaming eraķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‰ķ …žķ ‡Ĩķ …›ķ †¤ķ ‡ĸķ ‡Ēķ †Ŗķ „ąķ ‡‚ķ …›ķ ‡œī¸‡ķ …°ķ ‡›ķ †ēķ †šķ ‡ķ ‡˜ķ †­ķ …’ķ †ąķ „¤ī¸ˆķ …Šķ „›ķ †‘ķ ‡­ķ ‡Ąķ †ŋķ †žķ …ˆī¸ķ „™ķ †”ķ ‡ķ …ˇķ „Ŋķ …ļķ †ž. He may be available.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Žķ †Šķ ‡Ēķ †ķ …Šķ ‡ ķ ‡‰ķ …›ķ ‡•ķ ‡Ģķ „ƒķ ‡œķ †…ķ ‡Šķ „°ķ ‡‹ķ ‡Ļķ „–ķ „„ķ ‡ī¸„ķ …‚ķ †’ķ † ķ ‡¯ķ †­ķ „Žķ …ƒķ …¸ķ †…ķ „˛ķ „›ķ „¤ķ …ƒķ …Ŧķ †Ÿķ †Ÿķ ‡“ķ …˛ķ …žAnd now we know there's a copyright clock ticking on the catalog UMG thinks they own forever.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‚ķ †ķ …ķ „›ķ ‡žķ ‡§ī¸ķ †ķ „Žķ „›ķ †¸ķ „‹ķ …‰ķ †œķ ‡Žķ †ķ ††ķ „ŧķ „›ķ …ķ †ˆķ ‡—ķ „Œķ …ķ …ĩķ † ķ ‡•ķ …‚ī¸ˆķ ‡–ķ †„ķ „Ŋķ …žķ †žķ …ķ „ķ †¸ķ ‡Ŧķ ‡Ąķ †žI think the deal gets done above $2 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ †‰ķ …‰ķ ‡„ķ †›ķ „ƒķ …ŧķ „°ķ „ļķ „‰ķ „›ķ „”ķ …Ļķ ‡‹ķ †ŋķ „ļķ …ŋķ †ģķ ‡Šķ †™ķ „ķ ‡§ķ ‡Ŧķ †žķ †“ķ …‘ī¸Šķ †‰ķ „°ķ †˛ķ „˜ķ …ķ ‡ ķ ‡›ķ „°ķ †ģķ „€ķ …šķ „ķ „Ļ. The only remaining question is whose name ends up on the press release.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …°ķ ‡§ķ ‡ķ …Ļķ …—ķ ‡ˆķ „ ķ „ĸķ …­ķ …žķ …Ąķ †‰ķ †ˇķ †œķ …”ķ †ēķ …˜ķ †šķ …šķ †¤ķ „ķ †Ŋķ „Ŋī¸ķ „ģķ „Ŗķ „¸ķ ‡ˆķ …—ķ †žķ †—ī¸‚ķ „Ÿķ …†ķ ‡ƒķ †ķ †ˇķ †ķ …ģķ „ Don't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „“ķ „†ķ „–ķ †›ķ ‡Ģī¸Œķ †Ÿķ „Ąķ †•ķ …°ķ „Ļķ †ƒķ „Ģķ ‡‡ķ †‹ķ ‡¯ķ …­ķ †›ķ ‡ķ „˛ķ …‡ī¸ƒķ …“ķ ‡•ķ „‡ķ ‡ī¸‰ķ „œķ „Ŗķ †­ķ „ķ †¤ķ …ˇķ †žī¸Šķ ‡ķ …šķ …œķ †Šķ †Ē. Pass this to a friend.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šī¸Šķ …Ŋķ … ķ „ƒķ ‡­ķ …ēķ ‡­ī¸„ķ „Ąķ †•ķ †ˆķ ‡Ąī¸‡ķ ‡ķ …ēķ ‡Ĩķ †›ķ …€ķ „Ŗķ „ˆī¸…ķ „Žķ …ģķ †ķ †Ģķ …›ķ †‰ķ …ķ …§ī¸ķ †šķ †˛ķ ‡Ÿķ „Œķ ‡ķ ††ķ „€ķ „Ģķ …ŊSee y'all next week,
CJBķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡§ķ „°ķ „žķ †‚ķ …Ļķ †˛ķ ‡Šķ …Ļķ „–ķ ‡…ķ †Ŧķ ‡žķ ‡Ĩķ ‡—ķ „ŧķ † ķ ‡¤ķ ‡‹ķ …Šķ „ģķ †ĸķ †‚ķ †ˇķ †ķ „´ķ „ķ „°ķ †šķ …¸ķ ‡¤ķ „§ķ ‡€ķ „ķ †šķ „Ŗķ ‡Šķ †Ēķ †™ķ „ģķ „…īģŋķ „ŗķ „ĸķ …€ķ „ąķ …„ķ …ˆķ …„ī¸€ī¸ī¸€ī¸€ķ „Šķ †“ī¸€ī¸€ķ „Šķ †“ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „Žķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ … ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ī¸€ī¸€ī¸€ķ „Šķ …­ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ˇķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ „Šķ „¨ķ „Ŗķ …“ķ …•ķ …’ķ „§ķ „¤ķ „ķ „Ŗķ „Ąķ …‘ķ …•ķ „ķ „¤ķ …’ķ „Ŗķ …•ķ „ķ …’ķ …“ķ „ ķ „Ļķ „ķ „Ļķ „Ŗķ „Ąķ „Ļķ „ĸķ „Šķ …“ķ …”ķ …‘ķ „Ąķ …–ķ …•ī¸€ī¸€ī¸€ī¸†ķ „ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …‘ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗī¸€ī¸€ī¸€ī¸ķ „Ēķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸī¸€ī¸€ī¸€ī¸ī¸‰ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …—ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …˛ķ †“ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ĸķ „Ąķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ąķ „Ēķ „ĸķ „Ąķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …§ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ĩķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ „ąķ …€ķ „šķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …›ķ …“ķ „ĸķ … ķ …‘ķ „žķ …•ķ …”ķ …™ķ …¤ķ …•ķ …”ķ †”ķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ļķ …“ķ „ĸķ … ķ …‘ķ „žķ …§ķ …‘ķ …¤ķ …•ķ …ĸķ …ķ …‘ķ …ĸķ …›ķ …•ķ …”ķ „žķ …’ķ …Ÿķ …Ĩķ …žķ …”ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ĸķ „Ąķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ąķ „Ēķ „ĸķ „Ąķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …›ķ …”ķ …•ķ …Ŗķ …“ķ …ĸķ …™ķ … ķ …¤ķ …™ķ …Ÿķ …žķ …¨ķ „Ÿķ …„ķ …•ķ …¨ķ …¤ķ „ķ …•ķ …ķ …’ķ …•ķ …”ķ …”ķ …•ķ …”ķ „ķ …§ķ …™ķ …¤ķ …˜ķ „ķ ……ķ …žķ …™ķ …“ķ …Ÿķ …”ķ …•ķ „ķ …Ļķ …‘ķ …ĸķ …™ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „ķ …Ŗķ …•ķ …œķ …•ķ …“ķ …¤ķ …Ÿķ …ĸķ …Ŗķ „žī¸€ī¸€ī¸ķ „™ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „—ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ī¸€ī¸€ī¸€ī¸€ķ ‡Ēķ …“ķ …’ķ …Ÿķ …ĸķ †•ķ …˜ķ „°ķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …ĸķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ŗķ …“ķ …˜ķ …•ķ …ķ …‘ķ „žķ …Ÿķ …ĸķ …—ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŗķ …ĸķ …•ķ …‘ķ …¤ķ …™ķ …Ļķ …•ķ …‡ķ …Ÿķ …ĸķ …›ķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ ķ …”ķ „Ŗķ „Šķ …•ķ „§ķ …“ķ „Ĩķ „¨ķ …“ķ …’ķ …”ķ „ ķ „ ķ „ ķ „Ąķ …’ķ „Ŗķ …–ķ „Ļķ …”ķ „Ļķ …ķ …Ļķ „Ąķ „§ķ „§ķ „Šķ „Ŗķ „Ļķ „Ŗķ „ ķ „¨ķ „Ąķ …ķ „ ķ „Ļķ „¤ķ …•ķ …‘ķ „Ļķ „ĸķ „Šķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ ķ …”ķ „Ŗķ „Šķ …•ķ „§ķ …“ķ „Ĩķ „¨ķ …“ķ …’ķ …”ķ „ ķ „ ķ „ ķ „Ąķ …’ķ „Ŗķ …–ķ „Ļķ …”ķ „Ļķ …ķ …Ļķ „Ąķ „§ķ „§ķ „Šķ „Ŗķ „Ļķ „Ŗķ „ ķ „¨ķ „Ąķ …ķ „ ķ „Ļķ „¤ķ …•ķ …‘ķ „Ļķ „ĸķ „Šķ …™ķ … ķ …Ĩķ …’ķ …œķ …™ķ …Ŗķ …˜ķ …•ķ …ĸķ †’ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¤ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ī¸€ī¸€ī¸€ķ †Šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗī¸€ī¸€ī¸€ī¸€ķ …´ķ …“ķ …’ķ …Ÿķ …ĸķ †’ķ …¤ķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „ŗķ …ĸķ …•ķ …”ķ …•ķ …žķ …¤ķ …™ķ …‘ķ …œķ …¨ķ …€ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ļķ …•ķ …ĸķ …™ķ …–ķ …Šķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „Ÿķ …Ļķ „Ąķ „Ÿķ …œķ …™ķ …Ŗķ …¤ķ …Ŗķ „Ÿķ „¤ķ „Šķ „§ķ …‘ķ „Ŗķ „¨ķ …–ķ „Šķ „ķ „Šķ „§ķ …’ķ …–ķ „ķ „¤ķ …–ķ …’ķ „ ķ „ķ „¨ķ „ĸķ „§ķ „¨ķ „ķ …•ķ „Ąķ „¤ķ …”ķ …’ķ „¤ķ …–ķ „Ĩķ …’ķ „Ąķ „Ĩķ „Ĩķ …Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „šķ …žķ …”ķ …•ķ …¨ķ …“ķ „ĸķ „Šķ „§ī¸€ī¸€ī¸€ķ ‡˜ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąī¸€ī¸€ī¸€ī¸€ķ † ķ …“ķ …’ķ …Ÿķ …ĸķ †”ķ …™ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …˜ķ …‘ķ …Ŗķ …˜ķ …¨ķ „°ķ „ ķ …”ķ „ ķ „§ķ „Šķ …”ķ „¨ķ …’ķ „Ļķ „¨ķ „ ķ „ ķ …•ķ …’ķ …’ķ …•ķ …•ķ …‘ķ …’ķ „Ĩķ …’ķ „¨ķ „ ķ „ĸķ …“ķ …•ķ „Ļķ „Ąķ „ĸķ „Ĩķ …‘ķ …–ķ …•ķ „Ŗķ „Šķ …’ķ „Ąķ …‘ķ …•ķ …–ķ „¤ķ „Ĩķ …–ķ „ ķ „Šķ …–ķ „Ŗķ …”ķ „ ķ …•ķ „Šķ „Šķ „¨ķ …–ķ „Ļķ …”ķ …’ķ „ ķ „Ąķ …”ķ „Ļķ „¨ķ …“ķ „ ķ …žķ …¤ķ …Ÿķ …¤ķ …‘ķ …œķ …ķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …Ŗķ „ˆķ †“ķ …—ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …™ķ …”ķ …¨ķ „”ķ „ ķ …‘ķ …•ķ „Ąķ …”ķ „ ķ „¤ķ …“ķ „ķ …’ķ …“ķ „Ąķ …“ķ „ķ „¤ķ „ĸķ „Ąķ „Ąķ „ķ …’ķ „ ķ „¤ķ …•ķ „ķ „ ķ „Ĩķ …“ķ „¨ķ „¤ķ …•ķ …–ķ …”ķ „¨ķ „ĸķ „Ļķ „Ąķ …ĸķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …ķ …œķ …•ķ …Ļķ …•ķ …œķ …˜ķ …Ŗķ …•ķ …žķ …¤ķ …•ķ …žķ …“ķ …•ī¸€ī¸€ī¸€ķ …ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī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…‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ļķ „Ÿķ …‰ķ „°ķ †ŧķ †€ķ …ąķ „Ÿķ †ĸķ †‰ī¸‰ķ „ŧķ †‹ķ „°ķ ††ķ …Ŗķ „­ķ †ļķ „”ķ „ŋķ ‡žķ ‡ķ †œī¸ķ ‡Ĩķ …™ķ „ ķ „’ķ †ģķ †°ķ …ķ „‚ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „Žķ „Šķ …”ķ ‡šķ ‡˜ķ ‡ƒķ †Ŗķ ††ķ „ķ „ķ …ķ ‡†ķ „œķ …ķ „ļķ ‡Œķ „ŗķ ‡ˆķ †—ķ „ķ „§ķ „Šķ „¤ķ …•ķ †ģķ ‡•ķ „ģķ „ ķ ‡œķ „Ąķ „¤ķ ‡šķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļī¸€ī¸€ī¸ķ †šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „˜ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …“ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ī¸€ī¸€ī¸€ī¸ķ …Ēķ …“ķ …’ķ …Ÿķ …ĸķ …´ķ „´ķ †‘ī¸ķ „¨ķ „’ķ †‘ķ „ˆķ „‘ķ …ŗķ …‰ī¸ƒķ †´ķ „ ķ …˛ī¸ƒķ †°ķ „ ķ …˛ī¸ƒķ „ĩķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „„ķ †žķ †Ŗķ „Šķ †ąķ †ƒķ „Ŗķ „¤ķ †Ŋī¸‚ķ …Žķ …šķ „œķ ‡“ķ †Šķ …˜ķ ‡ ķ ‡—ķ …ķ „Žķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ŗķ „ ķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „‡ī¸ķ „ĸķ „§ķ „ ķ „Ĩķ „ ķ „Ąķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „ ķ „ģķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ …šķ ‡Šķ †‘ķ „Ŗķ …’ķ …¯ķ †˜ķ ‡™ķ †ķ †ļķ …„ķ „ķ ‡šķ †ŗķ †ķ …ķ †›ķ ‡‹ķ „Ŗķ …‘ķ …Ŧķ „Šķ „šķ †Šķ …šķ ‡˜ķ †ŧķ †ˇķ ‡‰ķ „¤ķ ‡™ī¸ķ „Žī¸Œķ „—ķ „ķ † ķ „‡ķ ‡†ķ ‡ķ …’ķ …ēķ †¨ķ …šķ …Œķ …°ķ †Ļķ †ŋķ …ĩķ †ŋķ …Ģī¸ˆķ †ļķ ‡ī¸‡ķ „Ēķ ‡’ķ …›ķ ‡Ąķ „Žķ ‡Šķ ‡Ąķ …ķ „‹ķ ‡‡ķ …ĩķ …‰ķ †Ŗķ ‡§ķ …žķ … ķ „Žķ „ąķ ‡…ķ ‡˜ķ „Žķ „„ķ …§ķ ‡Ģķ †‡ķ „‹ķ †‡ķ †ŧķ …‡ķ ‡Ēķ †´ķ †Ļķ †¨ķ †ēķ …žķ †Ēķ ‡‹ķ ‡Ļķ …ŧķ …‚ķ „ ķ †“ķ …˛ī¸ķ †‘ķ „ ķ …˛ī¸ķ †ķ „ ī¸Œī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸‚ķ „ ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸†ķ †°ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡™ķ ††ķ …Ŗķ †šķ †ļķ ‡Žķ …ŗķ ‡…ķ „Ÿķ †ēķ †ļķ „Ÿķ …Ģķ …’ķ …šķ …ķ …‹ķ ‡Šķ †žķ ‡‘ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „Ēī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „Ŗķ „ ķ „Ąķ „ ķ „Ÿķ †ķ „ķ †ķ „›ķ …ļķ „™ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ķ „‰ī¸†ī¸‰ķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸„ī¸Œī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸Šķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Ŧķ …ĩķ ‡Šķ „Šķ ‡€ķ †‚ķ ‡‚ķ „™ķ „Ąķ …–ķ …ˆī¸ķ „šķ …ˆķ ‡‚ķ „ĸķ †Ļķ „ŗķ ‡Ģī¸‰ķ ‡–ķ ‡–ķ …ąķ †ƒķ „ˆķ †Šķ …Ļķ „§ķ †ī¸Œķ …ˇķ †šķ …‘ķ „ ķ „¤ķ „Ŧķ …Žķ †°ķ …ŋķ „™ķ †”ķ ‡Ŗī¸ķ †°ķ †šķ ‡Žī¸Žķ ‡ī¸‚ķ „Ąī¸€ķ †žķ †–ķ ‡Šķ …˜ķ ‡‘ķ „„ķ ‡Ŧķ ††ķ …”ķ †”ķ †šķ †§ķ …ąķ „ ķ †¨ķ …Ŋķ †Ŗķ …‹ķ ‡¤ī¸Šķ †´ķ …šķ †˛ķ „—ķ „Ŋķ …Žī¸ķ †§ķ …“ķ †Šķ …‡ķ †šķ †šķ †ˇķ †…ķ ‡‹ķ …Ŗķ ‡Ĩķ ‡¯ķ …Ÿķ ‡Ģķ ‡Šī¸‰ķ …Ÿķ ‡ķ …¤ķ …¸ķ †ƒķ …‰ī¸ƒķ ‡Ÿķ „ ķ …˛ī¸ƒķ ‡›ķ „ ķ …˛ī¸ƒķ …Ąķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ī¸ƒķ „Šķ …žķ „¯ķ †¨ķ „˜ķ †ī¸‹ķ ‡Žķ „—ķ †ĸķ …ķ †‡ķ …Ēķ †ĩķ †ķ „Ÿķ †ąķ „¨ķ ‡ĸķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „‡ī¸ķ „Ŗķ „Ąķ „ ķ „¤ķ „Ąķ „Ļķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ ‡Ŗķ …†ķ …Šķ …¤ķ †´ķ …Žķ ‡’ķ „žķ †™ķ …‹ķ †•ķ ‡Žķ †€ķ †Šķ ‡ķ ‡’ī¸ƒķ „•ķ †‘ī¸†ķ „Šķ „€ķ „ģķ †Ąķ „Ģķ …‹ķ …¸ķ †§ķ ‡ ķ †€ķ ‡Ŧķ „ķ †ēķ †Ŗķ ‡Ēķ „ķ ‡ˆķ …ēķ ‡›ķ …Žķ …¸ķ †ĩķ …ķ „Ŋķ †ąī¸€ķ †Šķ ‡¯ī¸€ī¸ƒķ †šķ ‡ˆķ …‘ķ ‡—ķ …ąķ ‡Ēķ …€ķ †´ķ …´ķ …—ķ …‚ķ †šķ „žķ ‡‹ī¸€ķ †—ķ …€ķ „žķ „Šķ ‡Ļķ †œķ „ŧī¸ķ „œī¸Žķ …Ēķ „•ķ †‰ī¸ķ „Ŋķ †Ēķ †ŧī¸‰ķ ……ķ „šķ †¨ķ …Œķ †ēķ †•ī¸‹ķ „†ķ ‡šķ †Ĩķ …‘ķ ‡¤ķ …ŗķ †“ķ …˛ī¸ķ …šķ „ ķ …˛ī¸ķ …ĩķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „§ī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ ķ „ ķ „žķ „ ķ „œķ †ķ „šķ †ķ „˜ķ …ļķ „–ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …ĸķ …Ÿķ …Ÿķ …¤ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ķ „ˆī¸ƒķ „Žķ …´ķ „†ķ …ŧī¸„ķ „Ēķ …ģķ „°ķ †ļķ †´ķ †“ī¸Žķ †›ķ „Ēķ …ŗķ …Ĩķ …“ķ ‡œķ ‡ķ „Ąī¸ķ …‘ķ „žķ †€ķ …›ī¸„ķ †„ķ ‡”ī¸„ķ …•ķ †Ąķ †œķ …ŋķ †€ī¸‰ķ †­ķ †‹ķ †žķ „„ķ ‡ ķ …‚ī¸Œķ †Ÿķ ‡ķ †ąķ „•ī¸‚ķ „Ąī¸€ķ …žķ ‡’ķ †™ķ … ķ †—ī¸‡ķ …‡ķ „šķ †Ļķ „€ķ †ĸķ …ķ …—ķ ‡ ķ „¨ķ †ŧķ „ģķ †€ķ † ķ „ĩķ ‡€ķ †„ķ †Ąķ „žķ ‡Šķ …Œķ †ķ †Ŧķ ‡”ķ „‰ī¸‰ķ …­ķ „ŧķ ‡Ēķ †‚ķ …Žķ …Ŧķ †´ī¸Šķ …Šķ …¸ķ „¨ķ …ˇķ †§ķ †Ēķ ‡ƒī¸‰ķ †ˆķ …‰ī¸ƒķ „‰ķ „ ķ …˛ī¸ƒķ „…ķ „ ķ …˛ī¸‚ķ †Šķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „žķ …Žī¸„ķ †Ĩķ ‡›ī¸ˆķ …ķ ‡‚ķ …—ī¸ˆķ ‡“ķ …ķ „‰ķ …´ķ „žķ …ĩķ …˜ķ †ˇķ †ĩķ †Ŧķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „‡ī¸ķ „¤ķ „Ļķ „ ķ „¤ķ „Ąķ „ ķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ †ĸķ „œķ „Ļķ „ĸķ …‘ķ „ĩķ „ēķ ‡Šķ „Ēķ „Ŧķ …”ķ …Ģķ „ąķ †­ķ „ķ ‡™ķ †‰ķ ‡ķ „ˆī¸Šķ † ķ „¤ī¸Žķ †—ī¸„ķ ‡œķ ‡ķ ‡ ķ „’ķ …šķ †™ķ ‡–ķ †Ģķ …Ļķ …Šķ …Ŗķ „ ķ ‡Ēķ …Ąķ „ ķ …Ŧķ †Œķ †­ķ „“ķ „Ģķ ‡’ķ …žķ …šķ …œķ „­ķ …ˆķ „Žķ †›ķ …ĩķ †šķ „ēķ †Žķ „ŋķ †ģķ ‡ƒķ ‡Ŗķ ‡ˆķ „ąķ †”ķ …¯ķ †–ķ †˛ķ … ķ …œķ …›ķ …Šķ „€ķ …ąķ †Šķ †Šķ …™ķ ‡ƒķ „“ķ ‡šķ †šķ †“ķ ‡ķ …€ķ …Šķ …Œķ ‡ķ „žķ „­ķ „šķ „ģķ „ƒķ ‡‡ī¸ķ …¤ķ ‡§ķ …ķ †“ķ …ąķ †Ļķ „ ķ …ąķ †Ŗķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Žķ †‚ķ „ƒķ †Šķ †Ĩķ ‡§ķ …ƒķ †§ķ †Šķ „ŧķ †ĸķ ††ķ „Ĩī¸Žķ …‡ķ „”ķ „ķ „¸ī¸ķ …Šķ †‘ķ ‡›ķ †Žķ †ˇķ †—ķ „œķ „Ÿķ †¸ķ „‹ķ †…ķ ‡¤ķ …Žķ „šķ ‡ ķ …ĸī¸ˆķ ‡Šķ „ĸķ …–ķ ‡Ēķ ‡ķ „’ī¸ƒķ ‡†ī¸ˆķ ‡•ķ †ŗķ †Ĩī¸‚ķ „Ąī¸€ķ †Šķ …›ķ …Ÿķ …Ŧķ ‡Žķ …ĸķ †‘ī¸ī¸ķ „žķ ‡Žķ †ķ †‰ķ †Œķ ‡…ķ „ąķ „Ŗķ ‡Ÿķ ‡„ī¸‚ķ …Ēķ „ķ …°ķ ‡¤ķ †ŋķ †­ķ „ŗķ ‡Ÿī¸‚ķ †—ķ †œķ …’ķ „‘ķ „œķ …€ķ …™ī¸‚ī¸‹ķ …žķ †¯ķ „ķ †ĸķ †œī¸ķ „ŗī¸‡ķ „‘ķ „Ŋķ …‰ī¸„ķ „žķ †•ķ …šķ …™ķ …žķ …Ŗķ …¤ķ …‘ķ …žķ …“ķ …•ķ „šķ „´ķ …¨ķ „ķ …Ĩķ …ĸķ …žķ „Ēķ …Ĩķ …Ĩķ …™ķ …”ķ „Ēķ „Šķ „Ąķ „ ķ …–ķ „§ķ …‘ķ „Ĩķ …’ķ „ķ …’ķ „Ĩķ …‘ķ …‘ķ „ķ „¤ķ „Ŗķ „Šķ „Ąķ „ķ …‘ķ „Ąķ …“ķ „ĸķ „ķ …’ķ „¨ķ „ĸķ „¨ķ …•ķ …•ķ „¨ķ …‘ķ „ ķ „Ąķ …‘ķ …‘ķ …¤ķ …“ķ …œķ …‘ķ …™ķ …ķ …ķ …—ķ …•ķ …žķ …•ķ …ĸķ …‘ķ …¤ķ …Ÿķ …ĸķ …ķ …™ķ …žķ …–ķ …Ÿķ †“ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …—ķ …Ļķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „Ąķ „žķ „ ķ …›ķ …Ŗķ … ķ …•ķ …“ķ …†ķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „ĸķ „žķ „ĸķ …™ķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …¨ķ „ˇķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ „Šķ „¨ķ „Ŗķ …“ķ …•ķ …’ķ „§ķ „¤ķ „ķ „Ŗķ „Ąķ …‘ķ …•ķ „ķ „¤ķ …’ķ „Ŗķ …•ķ „ķ …’ķ …“ķ „ ķ „Ļķ „ķ „Ļķ „Ŗķ „Ąķ „Ļķ „ĸķ „Šķ …“ķ …”ķ …‘ķ „Ąķ …–ķ …•ķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …ĸķ …“ķ …ĸķ …•ķ …‘ķ …¤ķ …•ķ …”ķ …ķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …¸ķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „šķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …¤ķ †˜ķ …ķ „Žķ ‡€ī¸ķ …„ķ †ˆķ …‘ī¸ˆķ ‡”ķ „ķ „­ķ ‡Šķ †žķ …Ÿķ „¤ķ „’ķ †’ķ †™ķ †‚ķ „¸ķ „˛ķ ‡Ēķ †¤ķ †¨ķ †ˆī¸ķ †¯ķ ……ķ „ąķ ‡ƒķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „˜ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †§ķ …—ķ …ģķ „‰ķ „¯ķ †Ąķ „Ŧķ ……ķ „ĩķ ‡žķ „ķ …ĸķ †Žķ …­ķ „Ģķ „Ŋī¸Žķ †°ķ „’ķ „¤ķ …ī¸ķ „Œķ ‡•ķ ‡šķ †Ŗķ †Žķ „ˇķ …–ķ „‚ķ „°ķ †¨ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡“ķ †ąķ …žķ ‡ķ …§ķ †–ķ „¸ķ „„ķ ‡ķ ‡›ķ …Œķ ‡Œķ …€ī¸‰ķ …žķ †Ĩķ †Žķ „Žķ ‡ķ …ŗķ …‚ķ …”ķ ‡˜ķ †ƒķ „žķ „„ķ …˛ķ …‚ķ †ĩī¸ƒķ …ķ …ĩķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ąķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †Ļķ „ŗķ „ķ †”ķ …ēķ „†ķ ‡Ĩķ „ķ „Ąī¸‚ķ †Œķ „Œķ †€ķ ‡‰ķ …ˇķ †Šķ ‡Ŧķ …Ÿķ …ķ „„ķ „ˇķ †ģķ †°ķ …™ķ †Ēķ „´ķ ‡ĸķ ‡Ĩķ „´ķ ‡€ķ †´ķ †•ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ļķ „Ÿķ …‰ķ „°ķ †ŧķ †€ķ …ąķ „Ÿķ †ĸķ †‰ī¸‰ķ „ŧķ †‹ķ „°ķ ††ķ …Ŗķ „­ķ †ļķ „”ķ „ŋķ ‡žķ ‡ķ †œī¸ķ ‡Ĩķ …™ķ „ ķ „’ķ †ģķ †°ķ …ķ „‚ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „Žķ „Šķ …”ķ ‡šķ ‡˜ķ ‡ƒķ †Ŗķ ††ķ „ķ „ķ …ķ ‡†ķ „œķ …ķ „ļķ ‡Œķ „ŗķ ‡ˆķ †—ķ „ķ „§ķ „Šķ „¤ķ …•ķ †ģķ ‡•ķ „ģķ „ ķ ‡œķ „Ąķ „¤ķ ‡šķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …ˆķ …ķ ‡‘ķ †ˇķ „Žī¸ķ ‡™ķ …Ŗķ …ˆķ …¨ķ †žķ „Ŋķ „Žķ …—ķ …Ĩķ …Šķ ‡‘ķ †Ŗķ „ŧķ „ķ „§ķ „‚ķ †¨ķ ‡‡ķ ‡ĸķ †—ķ „ģķ …¯ķ †‰ķ …šķ †Žķ „ķ †Šķ „Œķ †¤ī¸…ķ †•ī¸„ķ „Ĩķ †žķ …šķ ‡‰ķ „ģķ ‡Ģķ …Šķ …›ķ …‚ķ …¸ķ †ˆķ †”ī¸ķ †ˆķ …ŗķ …”ķ „¯ķ †Šī¸ˆķ †°ķ „‹ķ …Ŋī¸‚ķ ‡ī¸‡ķ ‡¯ķ …€ķ „Œī¸‡ķ …–ķ „Šķ „Œķ …ˇķ ‡‹ī¸‡ķ ‡Ģķ ‡•ī¸€ķ ‡Ĩī¸Šķ „ŗī¸€ķ ‡žķ …—ī¸‡ī¸„ķ …ķ …Ŗķ †„ķ †ģķ †Ŋķ …ķ …Ŧķ †ĩķ „‹ķ …Šķ ‡­ķ †ŗķ †–ķ †‡ī¸€ī¸€ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯

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