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10 min read The Dime

The Dime💰 - Fenty's Future

"The Beauty Industry is one of the most competitive spaces in which you can choose to do anything at all" - Jonathan Jackson

The Dime💰 - Fenty's Future

We did a whole episode on beauty companies. Tap in.

Rihanna built a beauty empire with LVMH's moneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ „šķ „›ī¸‰ķ „ķ „ķ ‡­ķ „‡ī¸Žī¸‰ķ … ķ …‹ī¸…ķ †˛ķ „ŧī¸ˆī¸‡ķ …Œķ „“ķ …Ÿķ „‘ķ †Ŧķ ‡Ļķ „Žķ †˜ķ „”ķ †Ēķ …Šķ †ķ „˜ķ †ģķ †¨ķ ‡ ķ †ŗķ …Ŋķ ‡Ąķ ‡‹ķ ‡—ķ …”ķ ‡…. Now LVMH wants out, and the leading bidder is a firm co-founded by Jay Zķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ †„ī¸‰ķ …šķ †œķ „’ķ …ķ …ĩķ †Ŋķ „Ŗķ …§ķ †—ķ „ķ †šķ ‡Ģķ …Ÿķ †Šķ „ˇķ †ˇķ †Ĩķ …–ķ †ąķ †ķ ‡…ķ …¤ķ …–ķ …ŋķ ‡Ēķ …Žķ „–ķ ‡˜ķ „™ķ …ĩķ †Ļķ †¯ķ „ķ ‡ķ „¨ķ ‡„ī¸‰. You can't make this stuff up.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˇķ ‡€ī¸Œķ †¸ķ †ŗķ …ķ †Žķ …¯ī¸Šķ †ķ †šķ ‡¤ķ ‡‹ķ …Žķ …Ĩķ ‡ˆķ „‚ķ †“ķ „ĸķ „žķ …Ŗķ † ķ †ƒķ …Žķ …ļī¸†ķ …ļķ †¸ķ †‡ķ „Ŋķ †ĩķ …Ŗķ …€ķ …‘ķ …žķ …Ĩķ …ļķ …ķ …Ļķ „ĻLet's break down what's actually happening, who MarcyPen Capital Partners really is, and the number everybody is dancing around: the discount.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ „œķ „ŋķ …‹ķ †–ķ †ŧķ †¯ķ …ķ ‡‚ķ …ąķ „ ī¸Œķ …Šķ …¤ķ †ˇķ ‡˜ķ ‡Ąķ …ˇķ ‡Žķ „†ķ ‡ī¸…ķ …°ķ „•ķ „—ķ ‡…ķ † ķ …Œķ „Žī¸Œķ „‡ķ …žķ ‡“ķ …Ŋķ …Ēķ „¨ķ „Šķ „ˇķ …ˇķ „žQuick intro if you're new hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ …§ķ ‡Œķ …Ąķ …Šķ …›ķ …Ÿķ …ĩķ …Ŧķ †‚ķ „ŧķ …˜ķ …Œķ †ēķ „ŋķ †ģķ †šķ †œķ …Ĩķ ‡›ķ …œķ „Ēķ †˛ķ …”ķ †´ķ ‡ķ …Ĩķ „ķ „—ī¸ķ …ĩķ †§ķ …Ŧķ †˜ķ ‡‰ķ †ˇķ ‡¨ķ …†ī¸ˆķ …ĸ. I'm Carl, by day I run Joseph Black Law PLLC, a New York Law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structuresķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ģķ „ąķ ‡ˆķ ‡’ķ †Ĩķ ‡™ķ „Ÿķ †ˆķ †Šķ †„ķ „¨ķ „Ąī¸‰ķ ‡“ķ ‡šķ …›ī¸ķ ‡˜ķ †Ŧķ † ķ †Šķ †„ķ …ķ …•ķ ‡™ķ …Žķ „ķ †ƒķ ‡›ķ „¤ī¸ķ ‡Ģķ †“ķ …Ēķ …ąķ †ķ …ŧķ ‡‹ķ „ķ „ē. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „…ķ †Ļķ †•ķ …Œķ „Žķ ‡Šī¸‹ķ „™ī¸‹ķ †›ķ ‡‰ķ †¸ķ „ąķ †ļķ †ĩķ †ˇī¸ķ „ķ …Ŧķ †˜ķ „­ķ …‘ķ …Ąķ …„ķ †Ĩķ …ī¸ķ „‘ķ †¸ķ „´ķ †Ÿķ …ˆķ ‡Ļķ „‹ķ †žķ … ķ …ŗķ …­ķ ‡˜ķ †ĄThe Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same timeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ ‡‚ķ „ģķ †¨ķ „ļķ †ąķ „ĩķ „ķ „Ŧķ †¯ķ ‡šķ „–ķ „ĸķ †Šķ †ī¸ƒķ …¤ķ ‡Ļķ …ŗķ „‰ķ „Šķ †™ķ †°ķ †ķ „ƒķ †ķ …ŋķ …Žķ …›ķ ‡¨ķ „„ķ †´ķ †›ķ †…ķ †›ķ „°ķ „Ŋķ †–ķ …„ķ †Š. The music press covers the artistķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‡ķ …Ŋķ …ī¸†ķ …„ķ „ļī¸ķ „šķ „Žķ †˛ķ ‡žķ †Šķ †…ķ †˜ķ ‡”ķ …¤ķ „¤ķ „¸ķ „ƒķ ‡„ķ ‡ķ †Ēķ †´ķ …–ķ ‡Ŧķ …ŗķ …ŗķ †„ķ †ēķ †Ŗķ †‡ķ „„ķ „Œķ …ŗķ …Žķ ‡­ķ …€ī¸ķ †ŧķ „Ÿ. The financial press covers the companiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „›ķ ‡™ī¸‰ķ …ˇķ ‡ķ †‘ķ …„ķ „†ķ …‡ķ ‡‹ķ †­ķ „˜ī¸Žķ „’ķ „šķ †§ķ ‡‡ķ …™ī¸ƒķ „Šķ …¸ķ …Šķ …‚ķ ‡šķ „œķ …¯ķ „˛ķ „‡ķ ‡•ķ „¸ķ „ˆķ ‡žķ ††ķ „“ķ „„ķ †‚ķ ‡“ķ †Ÿķ ‡ķ …ģ. The Dime💰 covers the dealķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŧķ †šķ …Ŧķ ‡“ķ ‡‰ķ „Œķ …šķ ‡›ī¸ƒķ …Šķ ‡­ķ …ķ …ķ ‡‘ķ „šķ …ķ ‡ˆķ …­ķ ‡œķ …ķ „žķ †¯ķ †Ŋķ †Šķ „Ÿķ ‡ˆī¸‚ķ †Žķ „ķ „˛ķ „˛ķ …ĩķ …Œķ …­ķ …Ĩķ …—ķ †Ŋī¸ķ †Ŧķ …Œ. The term sheets, the filings, the multiples, the leverageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩķ ‡Žķ †œķ „—ķ …ķ †Ļķ ‡ķ †€ķ …”ķ „–ķ †ķ ‡ķ …Ģķ „€ķ ‡Ĩķ ‡Œķ ‡ķ …Ŋķ „€ķ †ķ †ˆķ …•ķ †¤ķ †°ķ „Ļķ ……ķ ‡›ķ „”ķ †ēķ „ƒķ … ķ †—ķ ‡Ŗķ …¨ķ …šķ …˛ķ …žķ „–ķ …“ķ „ģ. Then I translate it so you don't need a law degree or a Bloomberg terminal to follow along.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ ‡Ļķ †šķ †”ķ †Šķ …˜ķ †ŋķ †‡ķ „¯ķ …¯ķ „¨ķ …Ļķ †Ąķ †§ķ ‡ķ „Ĩķ ‡Ŧķ ‡…ķ ‡Ēķ †“ķ ‡”ķ †žī¸…ķ ††ķ …›ķ †žķ „€ķ „šķ ‡Œķ „‰ķ …ƒķ †…ķ …žķ ‡€ķ ‡“ķ ‡ķ …šķ …Ÿķ „ķ †€This story is the purest version of what we do hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …€ķ †Ŧķ …†ķ ‡•ķ „ķ †˜ķ ‡Ēķ „ķ …Ŋķ …‹ķ ‡ĸķ …Šķ …Ÿķ …•ķ †ĩķ †Žķ …Ļķ †›ķ … ī¸ƒķ …¤ķ †‚ķ ‡ķ …‰ķ †„ķ ‡ˆķ ‡Ÿķ †šķ …—ķ „Ąķ „ŗķ „ēķ †¯ķ ‡ˆķ †Šķ †’ķ …žķ …Ÿķ …¤ķ ‡ƒ. A Brooklyn-born billionaire's investment firm bidding on a Barbados-born billionaire's beauty brand, with a French luxury conglomerate on the sell side and the paper trail sitting in plain sight on EDGARķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ ‡ ķ „žķ †°ī¸ˆķ ‡‡ķ ‡Ŗķ …ēķ …Ŋķ „šķ …‡ķ „ ķ ‡Šķ ‡‘ķ ‡šķ †˜ķ …ēķ ‡ķ …‹ķ …‘ķ †Šķ „¯ķ †¨ķ ‡‘ķ „ķ „”ķ „‰ķ „‚ķ ‡‚ķ „ąķ †ˆķ ‡ķ „€ķ „§ķ †›ķ „¨ķ †´ķ …šķ †›ķ …š. Culture on one hand, capital on the otherķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‚ķ ‡’ķ …­ķ „ķ …Ąķ …˜ķ „Ÿī¸ķ „Šķ †ķ ‡€ķ „ ķ …§ķ …Œķ …ķ „‚ķ „“ķ „˛ķ …‚ķ †šķ †™ķ ‡Žī¸Šķ ‡•ķ †žķ …‹ķ ‡˜ķ …ĸī¸Œķ „‚ķ ‡Ļķ „§ķ †€ķ „€ķ †Ŗķ „šķ ‡ķ „¤ķ †™ķ †. This is exactly what I do.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ †‘ķ „ģķ ‡ƒķ …›ķ „†ķ …Ąķ „•ķ …Ģķ ‡“ķ „Ģķ ‡˜ķ …Ļķ „´ķ „­ī¸ˆī¸‚ķ „ ķ „ŧķ †Ąķ …‚ķ ‡‘ķ †­ī¸€ķ „‡ķ …Ÿķ „ļķ …°ķ †˜ķ †¯ķ „‡ķ ‡ķ ‡‡ķ „ŋķ †°ķ †‘ķ „Šķ †­ķ „Ļķ ‡­The Headlineķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ēķ ‡Šķ …¨ķ ‡‰ķ „Žķ …Ŋķ „ąķ ‡‡ķ „ˆķ ‡Žķ †“ķ …ķ „Ŗķ †œķ „ ķ „ķ „ķ †ķ „¨ī¸ˆķ …ąī¸‚ķ …ƒķ ‡ķ „‚ķ †„ķ ‡‚ķ … ķ „‹ķ „´ķ †˜ķ „“ī¸ƒķ ‡œķ …Ÿķ ‡—ķ …­ķ …‰ķ †žķ ‡‚. MarcyPen Emerges as the Frontrunner for Fenty Beauty.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …’ķ ‡‘ķ †ķ …Žķ „‰ķ †­ķ †Ļķ „Žķ †¤ķ …šķ ‡‘ķ „—ķ „Œķ „Ÿķ †Ēķ †ƒķ …›ķ ‡Ģķ †ĸķ †”ķ ‡‚ķ „‡ī¸†ķ …žķ „Ēķ ‡œķ „ĸķ „Žķ „œķ ‡†ķ „„ķ …Šķ …ģķ … ķ …¯ķ …‰ī¸ķ †šķ †ˆķ ‡šOn June 10, 2026, Beauty Independent reported that MarcyPen Capital Partners, the investment platform backed by Jay Z, has emerged as a leading contender to acquire LVMH's 50% stake in Fenty Beautyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ ‡Ģķ …’ķ †šķ …œķ †ĸī¸ķ ‡¯ķ ‡ƒķ „Žķ …ˆķ „ķ †ī¸†ķ †Šķ ‡šķ ‡™ķ ‡Šķ ‡‘ķ …Žķ †Ģķ …“ķ „’ķ ‡Šķ „”ķ …•ķ ‡ˆķ „•ķ ‡ƒķ „˜ķ …†ķ †Žķ †§ķ ‡•ķ „Žķ „Žķ ‡—ķ ‡­ķ „ˆķ …Ÿ. Rihanna holds the other halfķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŧķ „žķ †¸ķ †”ķ …¨ķ …ŗķ „Ģķ „´ķ †ˇī¸Šķ †ķ „ēī¸Œķ „žķ „Ŧķ …Šķ „ŧķ †˛ķ …‘ķ †­ķ …Šķ †ģķ „ķ …Ģķ †Žķ …šķ ‡Ŗī¸„ī¸„ķ …ķ „ĸķ ‡ķ †Ŋķ ‡Ēķ …€ķ …Šķ †šķ †šķ †ĸķ …™. If the deal closes, Jay Z's firm sits across the cap table from Rihanna in one of the defining consumer brands of the last decade.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †”ķ †§ķ ……ķ …ˇķ „Ŗķ †Ēķ …Ŋķ „Ĩķ „’ķ ‡€ķ ‡‡ķ ‡ˆķ †Ŧķ †‰ķ †¸ķ „ķ †ŋķ …§ķ †ķ „žķ …ˆķ …ˆķ †˛ķ „–ķ ‡Šķ …‰ķ †œķ …¸ķ …ˆķ †ƒķ †Œķ †ķ „ī¸Žķ …—ķ ‡“ķ …¸ķ „ķ †ˇķ …ˇA few things you should know from the reporting:

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ …”ķ †ēķ †ģķ „¨ķ †Šķ † ķ †‘ķ …ŗķ †‚ķ „ĸķ …ŋķ …šķ †­ķ ‡›ķ …Ŗķ …–ķ ††ķ †ī¸„ķ ††ķ „•ķ †ƒķ „…ķ …ķ „ģķ †—ķ ‡Ģķ †ˆķ †ˇķ …¤ķ „´ķ †ķ …‹ķ …ēķ †‰ķ ‡Ÿķ ‡–ķ ‡‚ķ „There's also a relationship angle here that the market is underpricingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆķ †„ķ ‡˜ķ ‡šķ …ˆķ …Ŗķ „ŧķ „‡ķ …šķ „ŗķ „Ŗķ †Ÿķ ‡Ĩķ †ķ †Œķ ‡Ąķ ‡–ķ †Ąķ „Ÿķ †ļķ ‡…ķ „¸ķ ‡ ķ „ķ †Ĩķ …˜ķ …ģķ †žķ ‡ķ „ķ ‡†ķ ‡­ķ †Ĩķ ‡Ģķ ‡‘ķ …Ĩķ „—ķ „œķ …›ķ ††. Marcy Venture Partners, MarcyPen's predecessor, invested in Savage X Fenty in 2019 and again in 2022ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Œķ „‹ķ „’ķ „„ķ ……ķ †‹ķ ‡ķ „ąķ …Ÿķ „ˆķ „Œķ …­ķ ‡‚ķ †Šķ †­ķ „ƒķ †°ķ †‡ķ „ķ †˛ī¸Šī¸…ķ …™ķ ‡ƒķ …ķ †ķ …ąķ …“ķ „”ķ …‡ķ †ŗķ †Ĩķ †…ķ †¯ķ „Ēī¸€ķ †–ķ „Žķ …§ķ „ģ. Jay Z's firm has been in Rihanna's business for seven years.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ …Ĩķ †Šķ „”ķ ‡Ŗķ …šķ ‡§ķ †ķ ‡ķ ‡‹ī¸Žķ …ƒķ †ķ ‡‡ķ †Œķ … ķ ‡˜ķ …ˇķ „ˇķ „˜ķ ‡§ķ †¸ķ „ķ †˜ķ …Ŧķ †Ÿķ …ˆķ …˜ķ †—ķ †ēķ …Ĩķ …´ķ ‡¯ķ …Žķ ‡‚ķ „‰ķ †Šķ ‡‡ķ …´ķ †”Who Is MarcyPen Capital Partners?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ ‡¨ķ „ķ †„ķ †¨ķ †‰ķ †šķ ‡Ēī¸‡ķ †ąķ „ˇķ ‡ķ …‹ķ …´ķ …ŋķ …šķ „ąķ †€ķ …ŧķ †œķ „ˆķ …Œķ ‡Šķ „€ķ ‡Ÿķ „¤ķ †ēķ …ąķ …ķ …Žķ †šķ †œķ …Šķ „‹ķ „ŧķ †Žķ †„ķ „Ĩķ †Šķ †ąQuick history lesson, because the name is new but the players are not.

2018.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ …Ŋī¸Œķ †œķ ‡ˆķ ‡¨ķ …Œķ ‡’ķ †“ķ …‰ķ †ƒķ †„ķ …”ķ …ķ †ķ †Ąķ „šķ ‡Ąķ ‡‚ķ †ƒķ …ķ †­ķ „¨ķ †˜ķ „ķ ‡žķ …ąķ „ģķ „¸ī¸…ķ „‘ķ „Ŗķ „ˇķ …´ķ …ĩķ „°ķ ‡’ķ „˜ķ †›ķ …–Jay Z, Roc Nation co-founder Jay Brown, and Walden VC co-founder Larry Marcus launch Marcy Venture Partnersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ††ī¸€ķ †¤ķ „‘ķ …šķ „–ķ …¨ķ „Ļķ …ķ …ī¸…ī¸‹ķ †¸ķ „Ģī¸†ī¸‚ķ „‰ķ „Žķ „Œķ †˜ķ …­ķ ‡†ķ ††ķ „‰ķ „¯ķ …Šķ ‡Ŗķ …Šķ …Ģķ …Ŋķ … ķ …°ķ „Šķ …™ķ ††ķ „­ķ ‡€ķ „Ĩķ †´ķ …ą. The thesis: back consumer brands that create, move, and lead cultureķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ …¨ķ „…ķ ‡Ŧķ †›ķ †™ķ †§ķ …ģķ „ ķ „ķ †§ķ „˛ķ ‡›ķ ‡›ī¸…ķ †Šķ …°ķ …˜ķ †‰ī¸†ķ „ŧķ …°ī¸Šķ †ŧī¸„ķ …Ąķ †…ķ „Ŋķ †Žķ „Žķ †ķ …Ŗķ „—ķ …¤ķ ‡Ĩķ …–ķ „—ķ „ˇķ ††ķ …Ŋ. Portfolio names over the years included Savage X Fenty, Partake Foods, and others, typically with $5 million to $15 million checks for minority stakes.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸„ķ ‡­ķ ‡§ķ †Ļķ …ļī¸Šķ „„ķ „™ķ †šķ †›ķ „‘ķ ‡›ķ ‡Ēķ …Ģī¸ķ …ķ …Žķ …†ķ „Ŋķ …šķ …Œķ …ƒķ ‡‰ķ †ķ †ƒķ „Šķ …ŋķ …ŧķ ‡Ģķ †„ķ †ąķ …†ķ ‡Šķ ‡Œī¸Šķ †ƒķ …Žķ „›ķ …Ļī¸„September 2024.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‰ķ ‡›ķ †œķ „Ģķ „˛ķ …ŗķ ‡Ąķ ‡ķ ‡€ķ †ƒī¸‹ķ ‡¤ķ „–ķ †‚ķ † ķ …„ķ †Œķ †°ķ „¸ķ „„ķ „¤ķ ‡‡ķ … ķ ‡‚ķ †ŋķ …ķ ‡Šķ …Ŧķ „§ķ „Ÿķ †ķ †žķ „‹ķ †˛ī¸Œķ …™ķ „ˆķ …ķ ‡¯ķ ‡œMarcy Venture Partners merges with Pendulum Opportunities, the investment arm of Pendulum Holdings, the firm founded by Robbie Robinson, a former financial advisor to President Barack Obamaķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‚ķ ‡…ķ ‡Ÿķ ‡“ķ †ĸķ ‡‹ķ …ŧķ …¨ķ „”ķ †Ąķ „ąķ „ˇķ ‡§ķ „Œķ …ŋķ „Ąķ †ŗķ …„ķ …ŗķ †ˇķ …ŋķ „ĸķ †Ļķ ‡›ķ ‡¨ķ ‡˜ķ †¸ķ †Ŧķ †šķ …ķ †ąķ ‡ķ ‡‹ķ †‹ķ …„ķ …Ļķ „°ķ …Ąķ ‡•ķ ‡™. TechCrunch broke the story in December 2024ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ƒķ ‡§ķ …Ēķ †€ķ †ŧķ †ˆķ †—ķ †ģķ …’ķ …žķ …ŗķ „Ģķ …Œķ …‡ķ …œķ †ŗķ ‡Ģķ ‡†ķ …šķ †šķ †Ąķ „Ÿķ …ķ †Šķ †˛ķ ‡†ķ „ēķ „šķ †‘ķ †•ķ …°ī¸†ķ …‘ī¸€ķ ‡§ķ …’ī¸‹ķ …•ķ …´ķ ‡‹. The combined entity, MarcyPen Capital Partners, launched with roughly $900 million in assets under management per PitchBookķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †’ī¸†ķ †“ķ ‡ķ …—ķ …Ŧķ „ŗķ …ģķ †ŗķ ‡“ķ „ĩķ „ļķ „Ąķ …‚ķ ‡€ķ †„ķ †Œķ …Ģķ ‡Ÿķ …–ķ …ģķ „“ķ „žķ „šķ „“ķ †ˇķ ‡žķ …”ķ …ĸķ †Ÿķ …ģķ …´ķ …Ĩķ …Ÿķ ‡¤ķ †ķ „Šķ „’ķ „Ĩī¸Œ. The merger was confirmed through Preqin and California Secretary of State records.Today.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ ‡¤ķ …—ķ ‡‘ī¸ˆķ …ĩķ „‰ķ ‡“ķ …¤ķ †¯ķ …ŗķ ‡„ķ „ķ „ķ ††ķ †Žķ †™ķ „˛ķ …ģķ „ķ †­ī¸ķ „ˆķ …Ŧķ …Ēķ …›ķ ‡‘ķ …Ąķ …Œķ †–ķ „œķ †šķ †¯ķ †žķ …´ķ „°ķ …‘ķ …™ķ …Ąķ „ēMarcyPen's founders are listed as Jay Brown, Jay Z, D'Rita Robinson, and Robbie Robinson, with Robinson serving as Managing Partner and CEOķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †…ķ „”ķ …ķ ‡‰ķ …†ķ †­ķ …ķ ‡ķ †­ķ „ķ ‡ˆķ „ķ …°ķ „˜ķ …Ŋķ ‡‹ķ …¨ķ „ķ †‘ķ †‰ķ …†ķ ‡ķ „Ŗī¸ī¸Šī¸ķ „ĸķ …ˆķ „´ķ ‡Ŧķ „ŋķ „Ÿķ ‡ƒķ ‡‹ķ „’ķ ††ķ …ēķ …žķ „‰ķ ‡š. AUM is now approximately $1.1 billion per Beauty Independentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ †œķ „ļķ …ŋķ „–ķ †ēķ ‡ˆķ „‰ķ …ķ …˜ķ …‹ķ „Ģķ †…ķ …°ķ †¤ķ „Ēķ „Œķ ‡˜ķ „¨ķ ‡Œķ ‡žķ †Ļķ „°ķ …Žķ „œķ …ˇķ ‡…ķ ‡ ķ „ķ „šķ ……ķ …Ŋķ „“ķ „ƒķ ‡‰ķ …“ķ †ƒķ †žķ „Ąķ „™. The portfolio includes Merit Beauty and Rael, and earlier this year the firm participated in Quince's $500 million Series E. That Quince check was the first signal that MarcyPen had outgrown the $5 million to $15 million lane.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …œķ „˜ķ †Ļķ ‡§ķ …’ķ †–ķ „ĸī¸€ķ …‡ķ †¨ķ „šķ „†ī¸€ķ …ŗķ …ŋķ „ŗķ …¨ķ ‡’ķ „–ī¸ƒķ †•ķ ‡‘ķ „„ķ †ģķ …ŋķ „­ķ †­ķ †¸ķ †Žķ †˜ķ …ķ ‡Ļķ „Ĩķ †ĸī¸Œķ †Šķ †…ķ …Ąķ „Ŋķ †›The SEC and regulatory paper trail.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‡ķ „­ķ …¸ķ ‡†ķ †Ąķ ‡Šķ …ķ …ˆķ „°ķ …‚ķ …Ēķ †ļķ „€ķ „Ģķ …žķ †˛ķ …ˇķ „Œķ †€ķ „…ī¸Œķ †˜ķ „Žķ …ļķ †–ķ ‡Ÿķ †Ąķ „­ķ …ˇķ †˜ķ …´ķ „žķ „‚ķ †‡ķ ‡‘ķ „žī¸€ķ †ķ ‡ķ …ģHere's where it gets fun for those of us who read filings for sport:MarcyPen Capital Partners LLC appears in the SEC's Investment Adviser Public Disclosure system under CRD #306546ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ ‡†ķ „­ķ „ķ †¯ķ …˜ķ †Ēķ „˛ī¸ƒķ „´ķ „§ķ † ķ †›ķ „§ķ †ķ „Šķ „¯ķ …ķ †ģķ ‡Œķ …˛ķ †¤ķ ‡‡ķ „ŋķ „§ķ †ķ …—ķ … ķ „ķ †¨ķ „¨ķ ‡„ķ „‚ķ ‡ ķ ‡˜ķ ‡œķ ‡Ļķ ‡†ķ †ķ ‡Š. You can pull the current Form ADV there, which discloses AUM, fund structures, and ownershipķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …–ķ …€ķ ‡Ąķ ‡–ķ …™ķ †‘ķ …„ķ „–ķ †šķ …“ī¸ī¸Žķ …Œī¸‚ķ …Žķ ‡—ķ ‡™ķ „Ĩķ „‰ķ …™ķ …™ķ †Ŋķ ‡Žķ „ēķ ‡§ķ …­ķ …Œķ …Ąķ †ˇī¸ī¸„ķ ‡¯ķ „“ķ „­ķ ‡Žķ …ŋķ …Ŧķ ‡šķ …Šķ …Ž. Link:

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ …‹ķ …ķ †•ķ †ķ ‡Ŗķ …›ķ †Šķ „ķ …‹ķ †ĩķ „Ģķ †Œķ …ķ „§ķ ‡›ķ †¤ķ ‡Šķ †ŗķ †€ķ ‡‹ī¸…ķ …œķ †°ķ ‡Ļī¸…ķ „Ŗķ „›ķ ‡­ķ „ąķ …‚ķ †”ķ …Šķ …Ĩķ ‡Žķ „žķ ‡‹ķ ‡‘ķ „Šķ „ĻFenty Beauty and LVMHķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …œķ „šķ … ķ †Œķ †ŧķ ‡ ķ ‡ĸķ „ ķ …­ķ …ąķ †Žķ „“ķ ‡Ÿķ †‹ķ ‡ķ ‡†ķ …ˆķ … ķ ‡ķ ‡œķ …‘ķ „§ķ „ƒķ †Ŗķ „ĸķ „Ĩķ „‚ķ „žķ ‡žķ …¤ķ …‘ķ …€ī¸ƒķ „“ķ †­ķ †˜ķ „’ķ …Ąķ †ķ ‡€. The History of the Relationship.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ ‡ķ „Ēī¸…ķ …¨ķ …‚ķ †Ąķ †›ķ ‡Šķ „ˆķ ……ķ ‡Ģķ †€ķ …­ķ „Ÿķ …ąķ †€ķ …‡ī¸‚ķ …”ķ …›ķ ‡ƒķ †ģķ …€ķ „šķ †˛ķ …ģķ „ģķ …Ģķ …ˇķ ‡†ķ „ąķ ‡Ŧķ †ŋķ …Ŧķ …ļķ …žķ „Žķ …Ŗķ „ŒYou need the backstory to understand why this sale is happening.

2016.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ †Œķ †˜ķ †šķ „¤ķ ‡Šī¸‹ķ †”ķ ‡Žķ †°ķ „‚ķ ‡¨ķ …¸ķ …Ŧķ „Ąķ ‡“ķ …°ķ †Ŗķ …Žķ „–ķ …ˆī¸ķ ‡ˆķ ‡…ķ …¯ķ †˛ī¸„ķ …¤ķ „ŗķ ‡Žķ „‰ķ „…ķ „†ķ …Ģķ „ˆķ †Šķ ‡ ķ ‡ ķ †Ēķ ‡ŖRihanna and LVMH's beauty incubator, Kendo Brands, announce a partnershipķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ ‡Šķ †–ķ †Ąķ …ąķ …ļķ …Žķ …•ķ …•ķ †—ķ †“ķ …Žķ …ŋī¸ķ ‡„ķ ……ķ †Žķ „Ĩķ †ŋķ „”ī¸„ķ …–ķ †ƒķ „ąķ „€ķ ‡Šķ …ŧķ …žķ „Ąķ …ˇķ ‡‹ķ ‡Šķ †Ŗķ †›ķ †ķ „Œķ …ƒķ „…ķ …™ķ „ģ. Kendo is LVMH's brand factory, the same shop behind Marc Jacobs Beauty, Bite Beauty, and Kat Von D (later KVD) Beauty.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ƒķ „Ģķ „†ī¸„ķ „Ēķ …‡ķ „’ķ ‡‚ķ ‡‚ķ †’ī¸€ķ †žķ …ķ ‡€ķ †Ļķ †§ķ ‡‹ķ ‡”ķ ‡’ķ †Ąķ ‡–ķ „ŋķ …“ķ ‡ķ „˛ķ „°ķ „ķ „žķ ‡ķ „Ąķ †˛ķ „šķ …ēķ ‡ķ „ˆķ „ŗķ ‡†ķ †€ķ …Ĩķ †ŠSeptember 8, 2017.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †Ĩķ …•ķ …ķ …Œķ …¸ķ …€ķ …Ļķ †´ķ † ķ …ĩķ …Ēķ †˛ķ ‡Ąķ ‡˜ķ …†ķ †ķ †Žķ „Ĩī¸…ķ ‡Ąķ „ŋķ ‡ķ …—ķ ‡’ķ „ˆķ …¯ķ ‡•ķ †Ēķ †žķ ‡ķ „“ķ „ˆķ „ŋķ † ķ †§ķ †“ķ ‡‡ķ ‡˜ķ ‡§Fenty Beauty launches exclusively at Sephora, also LVMH-owned, with 40 shades of Pro Filt'R foundationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ „°ķ „‰ī¸‹ķ ‡Œķ „ˆķ †Žķ †„ķ …¯ķ †ŧī¸Žķ …„ķ ‡¨ķ ‡Ŗķ „ƒķ ‡¨ķ ‡’ķ „Ĩķ …‡ķ „˜ķ „ķ ‡­ķ †ķ ‡Ĩķ †žķ …—ķ „…ķ „œķ …žķ ‡‰ķ ‡­ķ …Šķ †ŋķ „´ķ „„ķ „˛ķ „Žķ „ƒķ ‡œķ „ŋ. The shade range wasn't a marketing gimmickķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ļķ †ƒķ ‡¨ķ „Ÿķ „Žķ „¨ķ „˛ķ ‡ƒķ …Šķ …žķ …ŋķ „Žķ „Ģķ †‹ķ †ļķ ††ķ †ĸķ „Ąķ †„ķ …Ąķ ‡Ēķ ‡Ĩī¸Žķ †ļķ ‡Žķ …™ī¸„ķ ‡¤ķ †ŋķ …Ŋķ „Žķ ‡ķ ‡“ķ …žķ „¯ķ †›ķ ‡ ķ ‡ķ †ļī¸…. It was a product decision that exposed how badly the industry had underserved deeper skin tones, and it reset the standardķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †ķ …¸ķ „žķ …‹ķ †Žķ †„ķ †ēķ „ēķ ‡€ķ …ŋķ „†ķ ‡žķ ‡‹ķ †˛ķ …­ķ †“ķ †Ĩķ „€ķ †§ķ ‡€ķ †ķ „Ĩķ †ķ …Žķ †ģķ …ˆķ …–ķ …‘ķ †Ģķ „¤ķ „“ķ ‡„ķ †­ķ …šķ †‡ķ †ˇķ …žķ „Šķ …’. The structure: a 50/50 joint venture between Rihanna and LVMH.2018.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ļķ „žķ …–ķ …›ķ †…ķ †—ķ „­ķ ……ķ …†ķ †Žķ …ģķ „†ķ „€ķ „›ī¸‚ķ ‡ƒķ „Ÿķ †œī¸‰ķ ‡‹ķ ‡œķ „…ķ †Ÿķ „Ģķ …˜ķ ‡žķ …ķ …ŋķ †ĸķ †Ĩķ …Ÿķ …“ķ ‡Œķ „ƒķ „ąķ „šķ †ĸķ …–ī¸‹ķ …ŠBernard Arnault himself bragged about it on LVMH's earnings call, citing roughly â‚Ŧ500 million in sales in year one, "starting from zeroķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „’ķ „ēķ „Ŧī¸‰ķ †ķ ‡Ēī¸ķ ‡›ķ …Žķ †Ļķ ‡‘ķ †—ķ „„ķ …Šķ „Šķ †œķ „ķ †Šķ „šī¸ƒķ …–ķ †­ķ …œķ †„ķ „ŗķ „‘ķ †Ģķ ‡‚ķ „–ķ „¨ķ †ĩī¸ī¸‹ķ †‰ķ …”ķ †°ķ …“ķ …ĸķ …¤ķ …ļ." Forbes-era reporting had first-full-year revenue around $550 million to $570 millionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „°ķ †‰ķ …ļķ …ĸķ †ąķ …ķ …Ģķ …”ķ ‡¯ķ „Šķ †‰ķ „Ēķ …“ķ „ķ †¤ķ „Œī¸ķ ……ī¸ķ ‡˜ķ „ˆķ …ŋķ „ģķ „ķ „˛ī¸Žķ ‡Ĩķ …ąķ „ŋķ „ĸķ ‡Œķ „“ķ …Ŗķ ‡’ķ „•ķ †›ķ …Žķ ‡Žķ …Ÿķ „—. For context, that's a faster zero-to-scale ramp than Kylie Cosmetics or KKW Beauty managed.2019 to 2021.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ …•ķ „„ķ †•ķ „—ķ †ƒķ ‡Žķ †Šķ „—ķ ‡ķ „ķ †‰ķ „ķ „Ŧī¸Œķ „ķ …Ŋķ ‡•ķ „ ķ …Žķ ‡ĸķ ‡”ķ †ģķ …Šķ …Ąī¸ķ ‡Ēķ ‡–ī¸Šķ †œķ ‡ƒķ …‚ķ „§ķ †–ķ †“ķ ‡Ÿķ †ķ …‹ķ †“ķ …’LVMH doubles down, launching Fenty the fashion maison in 2019, the first house LVMH built from scratch since Christian Lacroix in 1987ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¯ķ …ķ „ˆķ „¨ķ †Ŧķ …Ēķ †‰ķ ‡’ķ ‡™ķ „—ķ „ģķ ‡˜ķ ‡‹ķ „”ķ ‡ĸķ ‡¤ķ †‹ķ …•ķ „Ÿķ †’ķ „Ģķ …Žķ ‡Ļķ †Œķ „‘ķ …¨ķ †šķ „Œķ …ŗķ †Œķ †´ķ ‡ˆķ „ĸķ …ˇķ …ģī¸…ķ „ēķ …ĸķ †Žķ †ˆ. It shutters in 2021ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ …ŗķ †°ķ …¯ķ „•ķ ‡•ķ „žķ …Ŋī¸„ķ ‡¨ķ …”ķ …Ŧķ ‡–ķ „€ķ „‰ķ ‡›ķ †•ķ …ļķ ‡Ļķ †Ÿķ †ĸķ …¯ķ „˛ķ „—ķ †ƒķ …Ŧķ †Ŗķ ‡‘ķ „ĩķ „ģī¸ķ „Ÿķ †ƒķ † ķ †„ķ †Ÿķ †‚ķ …”ķ †ķ …Ŋ. The beauty business, meanwhile, keeps printingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸†ķ ‡Ļķ ‡˜ķ „ķ ‡“ķ „ķ ††ķ …Ąķ „Žķ …‘ķ †ĩķ †™ķ …–ķ †“ķ …™ķ … ķ „ ķ „ļķ …ļķ †Šķ „ŗķ „ąķ †’ķ …ˆķ „ķ „ļķ …ąķ ‡…ķ „Ŧī¸Žķ „Ēķ ‡™ķ …€ķ ‡§ķ †Šķ …™ķ …ŗķ …ķ †Ĩķ …ŗ. Fenty Skin launches in 2020, fragrance in 2021.

August 2021.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ī¸‰ķ „˜ķ „ļī¸ī¸‡ķ „ģķ †¸ķ …¸ķ †‚ķ ‡šķ …’ķ „Ŋķ …Žķ …ŗķ …ķ „¨ķ „Œķ …ēķ ‡–ķ †—ķ †ŧķ …”ķ ‡˜ķ ‡Ąķ …‰ķ „¸ķ …ķ †ƒķ †ŋķ „˜ķ „Ąķ …ƒķ †›ķ †Ÿķ „ķ †¸ķ †•ķ …’ķ †ŽForbes values Fenty Beauty at $2.8 billion and declares Rihanna a billionaire, with the brand as the core of her fortune.

2023 to 2025.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „™ķ ‡‹ķ †§ķ „°ķ † ī¸„ķ …¨ķ ‡Ģķ †žķ „Œķ …ŧķ …ķ „Ēķ „Žķ „Ŗķ †…ķ …‚ī¸…ķ ‡™ķ †ķ …™ķ …Œķ †¨ķ ‡¨ķ „¯ķ „Ēķ †„ķ …ąķ …™ķ ‡‘ķ „‹ķ ‡Ļķ …‡ķ …Šķ ‡ķ †¸ķ …œķ †ŧķ …Ģķ „žGrowth cools, particularly in North America, as the prestige makeup field gets crowded: Rhode, Rare Beauty, Makeup by Mario, Haus Labsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ˆķ …­ī¸†ķ ‡žķ …–ķ „ĸķ †ŗķ …§ķ …Ŋķ †ēķ ‡Œķ „Ŗķ ‡ķ †Ŋķ †‘ķ ‡šķ „†ķ …Žķ ‡Ÿķ „ƒķ ‡Ģķ …‘ķ ‡–ķ „ēķ †‡ķ „ˆķ ‡ ķ ‡Œķ †žķ †…ķ †ī¸ˆķ ‡žķ „ˆķ ‡ ķ ‡›ķ „‹ķ „¯ķ †Ąķ †•. Fenty expands into haircare in 2024 and launches at Ulta Beauty in 2025 with an exclusive body care lineķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‚ķ …Ēķ „’ī¸ƒķ „“ķ ‡Ēķ †Žķ ‡‚ķ ‡„ķ …¨ķ ‡Ŗķ …ļķ „Ąķ …˜ķ „Ŋķ †˛ķ †ķ †Žķ ‡€ķ †Ÿķ „‚ķ „­ķ ‡–ķ „Ŗķ …Ŋķ †‰ī¸ķ †ˇķ …Žķ †­ķ „Žķ …Ŗķ „Ĩķ …ļķ „ŋķ †”ķ †’ī¸Œķ †‘ķ † . Solid moves, but the brand is now fighting for share instead of defining the category.

October 2025.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ …ēķ †ķ …ŗķ …´ķ ‡›ķ ‡ķ „œķ …°ķ †Ļī¸‚ķ †œķ †‰ķ ‡„ķ …´ī¸‚ķ …‚ķ †Ŋķ „¤ķ ‡™ķ ‡œķ †ēķ †•ķ †Šķ †šķ ‡Ÿķ †–ķ „Œķ †“ķ †Šķ ‡Œķ …¯ķ …„ķ „‹ķ ‡—ķ „Ēķ ‡Ĩķ …´ķ ‡ ķ …ŖReuters, citing four people familiar with the matter, reports LVMH has

hired Evercore to explore a sale of its 50% stakeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ąķ …Ļķ „Šķ …ŧķ ‡ķ †ķ „žķ ‡€ķ †Ēķ †•ķ „‰ķ …¯ķ …“ķ … ķ ‡•ķ „Ĩķ „•ķ †’ķ „ŧķ „žķ „ķ …€ķ „ƒķ „žķ †Œķ „°ķ „‚ķ „€ķ ‡ķ …œķ „Ēķ …ĸī¸ķ „„ķ ‡‰ķ „ƒķ ‡„ķ …ēķ †ĸķ „Ē. The same reporting puts Fenty Beauty's 2024 net sales at roughly $450 millionand a potential valuation between $1 billion and $2 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ †šī¸Žķ †‘ķ ‡Ĩķ „ŧķ …§ī¸€ķ ‡›ķ ‡Ĩķ ‡Žķ „ąķ †Šķ ‡’ķ …‰ķ „žķ „ļķ ‡ĸķ †žķ †ķ †˜ķ †´ķ „ķ „ķ „Ŧķ †Šķ ‡œķ „™ķ ‡¨ķ †‹ķ †–ķ „ƒķ ‡¨ī¸…ķ …¤ķ †‡ķ …ī¸€ķ †ŗķ †‡. The context: LVMH's own revenue declined about 4% over the first nine months of 2025, and the group has been pruning anything outside its Dior-and-Sephora beauty axisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‹ķ …’ķ ††ķ †ķ … ķ ‡Ŧķ …ķ „€ķ …Ļķ …¸ķ „¸ķ †ķ …Ÿķ ‡ĸī¸‹ķ †¯ī¸ķ ‡—ķ „ŧķ †Ĩķ ‡‘ķ ‡ˆķ „Ģķ …žķ „“ķ ‡†ķ …„ķ …ķ †¤ķ „žķ „¤ķ †­ķ …Ĩķ …¨ķ †‘ķ …Ģķ „„ķ †šķ †Ŧķ …ˇ. Kendo sold KVD Beauty to Windsong Global, and reporting indicates Lip Lab is under strategic review tooķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †ķ „’ķ …ŗķ †ēķ †„ķ ‡“ķ „‘ķ ……ķ ‡Žķ †´ī¸Œķ …ļķ „Šķ ‡›ī¸ƒķ …Žķ „’ķ ‡ĸķ …Žķ „Ÿķ ‡Žķ …‡ķ †ķ „Ļķ ‡ķ ‡Œķ …Ŋķ …ƒķ „¸ķ †œķ ‡ķ „Žī¸„ķ „ķ ‡‘ķ …´ķ †Ļķ †‰ķ „­. Fenty isn't being dumped because it's brokenķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ĩķ †•ķ †Šķ „¤ķ †Ŗķ „Žķ †‹ķ †¨ķ „žķ ‡ķ …Ļķ †ĸķ „œķ …Ąķ ‡Œķ „ĸķ …ˇķ †ģķ ‡Ĩķ …‹ķ …¯ķ ‡Žķ „•ķ ‡œķ …Œķ „“ķ ‡€ķ ‡§ķ †ķ „˜ķ ……ķ …˜ķ „†ķ †ĩķ …¤ķ „ąķ ‡ˆķ „ŧī¸…ķ „Š. It's being sold because it's no longer core to the LVMH machine. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ †ŗķ …”ķ †Ąķ „žķ ‡€ķ †ˆķ ‡­ķ …ŧķ „¤ķ „ƒķ …˜ķ …—ķ ‡Œķ †“ķ „¯ķ „Ŗķ †›ķ ‡ī¸ķ ‡‰ķ …˜ķ †‡ķ …ˇķ „ĸķ ‡Œķ †Ÿķ …­ķ „ˇķ †˛ķ „ŧķ †Ÿķ …Ēķ …§ķ …­ķ ‡žķ †œķ †ķ …Žī¸How Beauty Brands Actually Get Valuedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Œķ „§ķ „‚ķ †…ķ „™ķ …¯ķ †ķ …Šķ …žķ „˜ķ …€ķ …˜ķ „‡ķ ‡“ķ ‡Ģķ ‡‡ķ …Ŗī¸…ķ †ŋķ ‡‘ī¸ķ ‡‚ķ †Šķ „ŧķ ‡ ķ …–ķ …ķ „”ķ …‚ķ ‡Šķ †Ÿķ …ˇķ „Ąī¸†ķ †”ķ …ˆķ †Ÿī¸‹ķ †¤ķ †. And Where Fenty Sits.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ „ģķ …‡ķ †ŋī¸€ķ †ģķ „˛ķ †ƒķ ‡–ķ …ƒķ †‚ķ ‡Ŧķ …žķ „ĸķ „¯ķ …”ķ †’ķ „žķ †‘ķ † ķ …•ķ †ķ …ƒķ †ŋķ †ī¸Œķ ‡”ķ „Ēķ †ƒķ ‡ķ †›ķ ‡§ķ „¸ķ †Šķ †€ķ „˛ķ …Ŧķ „žķ ‡”ķ ††Before you can judge whether MarcyPen is getting a deal, you need to know what a beauty company is supposed to costķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ †žķ „Ļķ „ĸķ „ģķ …ķ …Ŋķ „¤ķ …–ķ „‰ķ „žķ „Œķ †ēķ …ąķ …ŧķ „ķ †ķ †Œķ †ĩī¸‡ķ „Žķ ‡Ēķ „‹ķ ‡šķ †˜ķ ‡¯ķ …ŋķ ‡¯ķ †‘ķ …—ķ „§ķ …Ÿķ †ˆī¸…ķ „ļķ …„ķ „šķ …›ķ …ļķ ‡‹. The market has been generous lately, so the benchmarks are fresh.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ …ļķ †ģķ †Ģķ „–ķ †Ŧķ …¤ķ …’ķ …ĸķ …Ŗī¸Žķ …Œķ „ļķ ‡‰ķ „Ŧķ …Ÿķ …ļķ „ķ …ŧķ ‡…ķ …Ēķ †Žķ ‡žķ †ļķ †‰ķ „¸ķ „œķ ‡€ķ „ąķ †Ÿķ „“ķ …Ŧķ …—ķ „ĩķ †ķ †šķ …ķ „Ēķ …Ļī¸‚The headline number first: per

Capstone Partners' deal coverage, beauty M&A averaged about 3.6x EV/revenue from 2022 through 2025

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ …€ķ †¸ķ …—ī¸ķ †šķ †Ŧķ †§ķ †Ąķ †Ąķ …‹ķ ‡€ķ …¤ī¸†ķ …´ī¸ƒķ †„ķ „‡ķ †ēī¸ķ ††ķ …ŋķ ‡•ī¸‹ķ „”ķ …ģī¸ˆķ †ēķ ‡šķ …¤ķ †šķ †ķ ‡Œķ „…ķ „‚ķ „™ķ ‡ķ „§ķ ‡“ķ „¸. That's the sector's center of gravityķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ †¤ķ ‡Žķ „Šķ „ķ „Ļķ „¤ķ †“ķ †¨ķ „ķ ‡„ķ …˜ķ „Žķ …Ļķ …ĩķ „™ķ ‡¤ķ ‡€ķ „­ķ „‘ī¸‰ķ „Ģķ †ĸķ „ƒķ „ ķ …‹ķ „ŧķ „§ķ …Ŗķ ‡ ķ †ŋķ †Ĩķ ‡•ķ †Ŧķ …Ģķ ‡‰ķ †Šķ ‡­ķ †‚ķ …Ą. Breakout, founder-led, and celebrity brands clear well above it, routinely landing in the 5x to 8x rangeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ ‡‹ķ †Ŋķ †‰ķ ‡ķ ‡Ąķ …“ķ ‡§ķ †Ļķ ‡Šķ „˛ķ †ƒķ „‚ķ …¨ķ ‡™ķ †‡ķ …”ķ †Šķ ‡”ķ …ŋķ †ŗķ „…ķ …¸ķ †°ī¸ˆķ †›ķ †šķ †ķ †ąķ „†ķ „œķ „Ŗķ …´ķ †§ķ „´ķ †‰ķ ‡ķ †°ķ ‡Ĩķ ‡Ŧ. Here's the recent tape: ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ †Ÿķ …§ķ „ˇķ „°ī¸‹ķ †Šķ †ˇķ †Ģķ ‡­ķ …›ķ …ķ „„ķ „ķ ‡ķ „†ķ …¨ķ „Šķ …Ģķ †ˆķ ‡Ąķ …Ļķ ‡¨ķ ‡‡ķ „–ķ …ķ „ķ †€ķ †šķ ‡ķ †ēķ ‡¯ķ „ ķ …Ąķ …šķ †“ķ „¯ķ †Žķ …€ķ ‡…DealYear

PriceRevenueImplied Multiplee.l.fķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „´ķ …ŧķ ‡€ķ …Žķ „…ķ ‡‹ķ …°ķ †ķ ‡ ķ „ĩķ „‰ķ †¸ķ †Ąķ „ˇķ †¸ķ †Šķ †ķ „ēķ …Ŋķ …§ķ †Œķ †ļķ †‹ķ ‡‘ķ …†ķ „„ķ „Žķ …ķ †¯ķ …­ķ „›ķ …€ķ „ģķ †šķ …ƒķ „Ąķ †¯ķ †›ķ …™ķ „‘. Beauty buys Rhode (Hailey Bieber)2025
~$1B~$212M TTM net sales~4.7xL'OrÊal buys Aesop2023
$2.53B$537M (2022)~4.7xL'OrÊal buys Medik82025
~$1B (reported)n/a~5x (reported)Helen of Troy buys Olive & June2024
$240M$33.4M~7.2xUnilever buys Dr. Squatch2025
~$1.5B (reported)n/an/aLVMH's Fenty stake (implied)2026?
$1B-$2B brand value~$450M net sales (2024)ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ģķ †ƒķ …Žķ ‡Ŗķ …´ķ …ķ ‡˜ķ „ŧķ …Ąī¸‰ķ ‡•ķ …Šķ ‡¤ķ …‘ķ …Ģķ ‡Ŧī¸‡ķ †Žķ †ķ †´ķ †˛ķ …Ēķ „“ķ „¯ķ …Ģķ „ąķ †šī¸ķ †Œķ …šķ †™ķ †˜ķ †ķ „Ĩķ …ĩķ …Ĩķ „Ļķ †‡ķ …šķ „ ~2.2x to 4.4xNow run Fenty through that screen.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ ‡Ąķ †›ķ †‹ķ …—ķ „‹ķ „Ĩķ ‡ˆķ ‡ˆķ …ļķ …›ķ †…ķ „‡ķ †“ķ ‡Œķ †ķ ‡Ēķ „‚ķ †¨ķ …¤ķ …°ķ „ķ …Ĩķ …ŗķ „ķ „Ŧķ †’ķ †œķ †ķ …™ķ ‡†ķ „ī¸Œķ ‡‹ķ ‡‹ķ †›ķ ‡‘ķ †Ŋķ …Šķ ‡†At the top of the Reuters range, $2 billion on $450 million of sales, Fenty prices at roughly 4.4x revenueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „˜ķ †Šķ „•ķ …ˇķ „Ēķ †¯ķ †ŋķ †Ŋķ †•ķ †˛ī¸Œķ ‡Ÿķ „¸ī¸‚ķ †–ķ …ƒķ „‡ķ ‡…ķ „œķ ……ķ …Žķ …ĩķ †¤ķ …ģķ †’ķ †‰ķ †„ī¸…ķ …ŗķ „‡ķ …¯ķ ‡Ŧķ ‡†ķ …ĸķ ‡Ļķ …Šķ †ąķ † ķ …ķ …›. That's Rhode and Aesop territoryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ „˛ķ ‡Šķ †Ļķ ‡‚ķ „Šķ „Ąķ †Ŗķ …¯ķ †ķ †’ķ „Ŋķ ‡†ķ …ˇķ ‡šķ …ŗķ „•ķ …—ķ „Ĩķ „žķ …•ķ ‡Ąķ …ŧķ „ąī¸†ķ „”ķ ‡…ķ ††ķ ‡¨ķ †Œķ „¸ķ …†ķ „Ÿķ †„ķ „šķ …Žķ ‡ķ „¨ķ †ŧķ „ž. Premium, prestige-scale pricing.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ……ķ †€ķ „ķ „€ķ „žķ „ˇķ †ķ …Ĩķ †”ķ ‡„ķ …ŋķ †ĸķ †ƒķ ‡ƒķ „˛ķ ‡ķ …Ģķ …ˇķ †ŗķ „¸ķ …‡ķ ‡Šķ …¯ķ †ƒķ †ķ „Ŧķ …ŋķ †­ķ †Ąķ †ķ †ˇķ „Šķ ‡Ĩķ …šķ „ķ †ķ ‡”ķ …‰ī¸Žķ ‡At the midpoint, $1.5 billion, you're at 3.3xķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˛ķ †ķ †°ķ „¯ķ †Ģķ „ ķ ‡ķ †…ķ „Ąķ †—ķ †œķ ‡Ĩķ ‡…ķ … ķ …Ļķ †—ķ †ƒķ ‡ķ †ƒķ …Œķ ‡žķ †žķ „ĩķ ‡Ŗķ …ąķ „¤ķ …Ģķ †žķ †›ķ †žķ ‡ĸķ †Ąķ …šķ …Œķ ‡‹ķ „ķ „Šķ „¯ķ ‡§ķ „¸. Slightly below the sector averageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †­ķ …¨ķ …ŋķ „™ķ † ķ …•ķ †¯ķ †‚ķ „ķ ‡‘ķ †Ąķ „Šķ …„ķ ‡”ķ ‡Žķ †€ķ …°ķ …›ķ †žķ †Ģķ „ĸķ †‹ķ …ĩī¸Šķ ‡“ķ „“ķ „¤ķ †ķ ‡¨ķ …Šķ †‡ķ ‡Ąķ †ƒķ †ˇķ ‡Ļī¸…ī¸ķ ‡‡ķ ‡‡ķ …Ŋ. A globally recognized brand priced like an ordinary one.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ ‡Ģķ „§ķ ‡Šķ …ƒķ „Šķ †•ī¸„ķ …˛ķ †Ŋķ „—ī¸ķ „Ēķ †–ķ „¨ķ …Ąķ †ąķ „Ļķ „“ķ „˜ķ „ˆķ ‡‡ī¸…ķ †§ķ ‡‚ķ †ļķ „Žķ …ģķ †žķ …´ī¸†ķ …‡ķ †ĩķ ‡§ķ †€ī¸„ķ …ąķ †ķ ‡”ī¸At the bottom, $1 billion, Fenty trades at roughly 2.2x revenueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ ‡ķ „Œķ †Žķ †‘ķ „’ķ „‹ķ ‡Ŧķ †¸ķ †žķ †´ķ …€ķ ……ķ „¨ķ „ļķ ‡›ķ †€ķ †Œķ ‡ī¸€ķ †Ŧķ …˜ķ „ĸķ „ķ „ķ „Ĩķ …„ķ …™ķ ‡¨ķ ‡ī¸Œī¸Œķ „ˆķ „€ķ „ˆķ †Šķ ‡ ķ †ƒķ ‡Ąķ †—. That's not celebrity-brand pricingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ „ķ †˛ķ †Šķ ‡™ķ …”ķ ‡‰ķ …•ī¸‚ķ …ķ …Ŗķ „¨ķ ‡‰ķ †ģī¸„ķ …ķ †Ÿķ †Šķ ‡Ģķ †°ķ ‡Ļķ …‹ķ †€ī¸‰ķ ‡ĸķ …€ķ …”ķ „™ķ „†ķ „›ķ „Ŋķ †šķ …žķ „†ķ …™ķ „¨ķ …¤ķ †œķ †„ķ „€. That's not even average pricingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ …‡ķ …ļķ …šķ …ąķ ††ķ … ķ „ķ †•ķ †Ĩķ †§ķ †“ķ †Žķ …–ķ …°ķ …•ķ „„ī¸Šķ …ēķ †ēķ †ēķ †¯ķ …™ķ †ģķ „¨ķ …€ķ „Žķ …Œķ †šķ †—ķ „¨ķ „ķ …Ļķ ‡—ķ †¨ķ ‡ķ …‡ķ †‡ķ „žķ …ą. That's distressed-adjacent pricing for a brand that still does nine figures a year and has name recognition most acquirers would kill for.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˆī¸‡ķ ‡‰ķ …‘ķ …ŧķ „Ģķ „…ķ …‹ķ ‡ ķ …ķ †Ąķ …ˇķ †Žķ „‰ķ †ļķ ‡˜ķ †ŧķ „ķ „’ķ „„ķ †Ļķ „ŋķ …´ķ ‡ˆī¸ķ „Ÿķ …ģķ „Œķ „‘ķ †‘ķ „Ŗķ …•ķ †Žķ …ˇķ …Œķ …ŧķ …”ķ †…ķ …”ķ †And here's the perspective that should jump off the page: Rhode sold for $1 billion on $212 million of revenueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †´ķ …ŧķ …Šķ „™ķ †ŗī¸ķ „¸ķ …“ķ …Œķ „ŗķ …‚ķ …ķ „Ēķ †°ķ …¨ķ …¤ķ „†ķ „‰ķ ‡–ķ †§ķ …Ŋķ „ģķ …œķ „šķ „Šķ „Ēķ …™ķ „œķ ††ķ ‡œķ …‰ķ …Ŧķ …­ķ „ĩķ ‡Ŗķ ‡žķ †ŋķ …¸ī¸ƒķ …ą. Fenty's floor valuation is the same $1 billion on more than double the revenueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ļķ …•ķ „‹ķ „Šķ „Ąķ …ˇķ ‡–ķ „†ķ …„ķ ‡€ī¸ˆķ „ķ ‡Ļķ ‡Ēķ „ĸķ „žķ …¸ķ †‚ī¸…ī¸ƒķ ‡œķ ‡Ĩķ „ŧķ †´ķ †›ķ …Šķ „œķ ‡€ķ †ķ †‡ķ …˛ķ „ˆķ †¤ķ …ķ †ķ ‡“ķ …“ķ …‘ķ ‡‹ķ …‹. Hailey Bieber's three-year-old brand and Rihanna's nine-year-old institution potentially clearing the same price tagķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ļī¸Žī¸‰ķ … ķ „ķ †ķ †ēķ „ ķ „Šķ „ģķ †Ąķ …„ķ …°ķ †ēķ ‡ķ ‡”ķ „ķ †—ķ †Šķ †‚ķ †ĩķ ‡€ķ ‡“ķ „‘ķ ‡Žķ …ĸķ ‡Ąķ ‡Ĩķ …ĩķ †°ķ …€ī¸„ķ ‡Žķ „œķ …Ŋķ …ķ …¸ķ …‡ķ „ģķ ‡ˆ. The market is paying for one thing above all: growthķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ ‡‚ķ †œķ †ĩķ †’ī¸Œķ †´ķ …ˆķ …—ķ †Ÿķ „’ķ …Žķ „ķ „¸ķ „Ģķ „ŧķ †Œķ †ˇķ „‘ķ ‡¨ķ †‘ķ …‹ķ ‡Ŗķ ‡˜ķ „ˆķ „“ķ „Šķ †–ķ …‹ķ …Ļķ ‡žķ †€ķ „›ķ † ķ …“ķ ‡‚ķ ‡˜ķ „ąķ ††ķ ‡ž. Rhode was compoundingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ļķ „›ķ …Ļī¸„ķ …ģķ …ŋķ †ĩķ †ģķ †Œķ „™ķ ‡–ķ …‘ķ „ŋķ ‡Šī¸Žķ †¤ī¸ˆķ …¸ķ …¤ķ ‡›ķ ‡™ķ „ķ …ąķ „žķ †ĩķ †ĸķ ‡›ķ †Šķ „šķ †¸ķ …¨ķ ‡­ķ ‡›ķ †°ķ „ķ †¸ķ †–ķ ‡ķ „°ķ „”. Fenty is flat to down.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ †Ĩķ ‡šķ …Ĩķ ‡”ķ …¤ķ …ˇķ ‡Žķ ‡€ķ …„ķ „„ķ …Šķ …ˆķ „˛ķ …ģī¸Šķ ‡ķ …—ķ „ķ †ĩķ …”ī¸ķ †ˆķ …‚ķ ‡ķ „Ŋķ ‡Ŧķ „–ķ †…ķ …Ģķ ‡—ķ †ķ ‡Ģķ †Ŧķ ‡”ķ „—ķ ‡Ÿķ „Šķ „•ķ …ŦThat's the honest explanation for the gap, and it's worth saying plainlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „­ķ †Žķ †ķ …Ŋķ ‡—ķ …°ī¸‰ķ …ķ …ģķ …ąķ …—ķ …Šķ ‡Ąķ †ˆķ …ļķ †‚ī¸…ķ …Ÿķ „§ķ …Ąķ „˜ķ ‡¯ķ †Ĩķ ……ķ †¤ī¸ƒķ … ķ „­ķ „„ķ …šķ „‡ķ ‡„ī¸ƒķ †ŧķ †Žķ …ĸķ †´ķ „Šķ …—ķ „“. Multiples in beauty are driven by three inputs: gross margin, growth rate, and channel mixķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ŧķ „ļķ …ķ †ŧķ ‡ķ ‡ˆķ „‹ķ ‡“ķ „´ķ †žķ †‹ķ †ķ ‡žķ †ķ …Šķ ‡„ķ ‡žķ †‚ķ …Ĩķ „Ĩķ …˛ķ …„ķ …Ŗķ „ƒķ …‡ķ „ŋķ „Ÿķ †Ēī¸Œķ …šķ †ķ †ģķ …ķ …Žķ †™ķ …¨ķ ‡šķ „†ķ …¯ķ …‚. A brand growing 30% with strong margins gets 5x or betterķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ …§ķ ‡”ī¸ķ …˛ķ ‡“ķ „´ķ ‡œķ ‡Žķ ‡ƒķ „´ķ …¨ķ …—ķ †ķ … ķ …•ķ ‡Šķ „ģķ …ģķ †ąķ … ķ †…ķ …’ķ ‡Œķ …šķ †Ļķ ‡Žī¸‹ķ „ģķ †ēķ †Ļķ „ķ †ĸķ †Ŗķ †‘ķ „œķ …„ķ ‡‘ķ ‡Ąķ …‡. A brand with declining North American sales in a crowded prestige field gets penalized below the 3.6x average, no matter whose name is on the boxķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ †ŧķ …‚ķ …˜ķ †ķ „Ļķ ‡–ķ …Ĩķ „ēķ „‰ķ †„ķ „ķ …“ķ †˛ķ „´ķ …ēķ „“ķ „ĩķ ‡…ķ ‡‡ķ „˛ķ …Šķ †‰ķ …ĩķ „—ķ †¨ķ …­ķ †ƒķ †‰ķ ‡Ŧķ „ŋķ „Ēķ …šķ ‡Šķ …ģķ ‡Šķ „…ķ †ŗķ †”ķ …Ļ. The market isn't disrespecting Fentyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ ‡Ļķ †˛ķ ‡€ķ †‘ķ „žķ …¨ķ †žķ …ˆķ ‡‡ķ „Žķ „Šī¸„ķ …™ī¸ķ ‡žķ †Ēķ †€ķ „˜ķ „‰ķ ‡†ķ …ģķ „˜ķ †„ķ †‹ķ …§ķ …†ī¸‡ī¸€ķ ‡Ĩķ ‡žķ ‡Ļķ †ķ ‡—ķ „Šķ ‡Ģķ „šķ …‚ķ „ˇī¸„. It's pricing the trajectory.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ „ģķ „–ķ …œķ ‡‘ķ †™ķ „ĩī¸ˆķ …ˇķ ‡¯ķ …‚ķ „žķ „ƒķ „ˆķ ‡Žķ …‘ķ „¸ķ „‘ķ †ĩķ „žķ „œķ ‡€ķ …¯ķ ‡Ģķ †”ķ …žķ …‰ķ …”ķ „ķ ‡Ģķ …Ŗī¸Œķ …ˇķ ‡Ŗķ †•ķ …”ķ …ķ …Ŋķ ‡œī¸Two caveats before anyone quotes this table back at meķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ …ŧķ ‡Ļķ †Šķ †˜ķ …Ąķ ‡ƒķ „Ĩķ „ēķ „›ķ „–ķ †ķ ‡¤ķ …Žķ †Ŗķ †¯ķ ‡Žķ †…ķ †‘ķ „šķ ‡Žķ „Ŗī¸ƒķ …Ŗķ †ŗķ …ļī¸ķ †ģķ †Ŗķ …¯ī¸ķ „Žķ „›ķ …Ēķ „Ŗķ †‹ķ …˜ķ ‡ƒķ ‡‡ķ †Ļ. First, Fenty's profitability is undisclosedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ †Šī¸‚ķ „•ķ „›ķ „“ī¸ˆķ „Žķ ‡€ķ „€ķ ‡’ķ †¤ī¸…ķ †ģī¸‚ķ ‡Ĩī¸…ķ „˛ķ „Ąķ …’ī¸ķ „Žķ †‚ķ …­ķ …ŧķ …°ķ ‡ ķ ‡™ķ †ļķ …ˆķ …Ąķ …•ķ „Ēķ ‡”ķ …¨ķ ‡›ķ †Ēķ ‡ĸķ †Ļķ „. Most large beauty deals also get sanity-checked against EBITDA, typically low-to-mid teens multiples for healthy brandsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ †ˇķ …›ķ „ķ ‡‚ķ †€ķ „´ķ ‡’ķ …ŋķ †ķ †ŧķ ‡–ķ „Ąķ ‡§ķ „ĸī¸‡ķ †Ŧķ ‡Ĩķ †ļķ †¯ķ …°ķ …œķ ‡Ģķ ‡­ķ …“ķ ‡Ÿī¸‚ķ †Ēī¸Šķ ‡•ķ …šķ „Žķ †šķ †‘ķ †ˆķ …Šķ †Ĩķ „„ķ …™ķ †˜. Without Fenty's margins, revenue multiples are the only public handle we have, and a high-margin Fenty looks cheaper than this table suggests while a thin-margin Fenty looks fairly pricedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ „ˇķ „žķ …ƒķ „ŋķ …­ķ †™ķ „Ĩķ …ķ …žķ †ēķ †Ŗķ „—ķ „„ķ ‡–ķ „¤ķ †“ķ †ķ †Ąķ †ŧī¸‰ķ ‡Ÿķ ‡›ķ …–ķ „ķ ‡Ÿķ „ģķ …ķ „Ŧķ †‚ķ ‡‡ķ …­ķ ‡Ąī¸…ķ †…ķ …Ĩķ „‘ķ ‡‘ķ †°ķ †´. Second, these comps are 100% acquisitions of controlķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ ‡šķ …Ŋķ †™ķ „ĸķ …´ķ …Ŗķ …Ĩķ †Ŧķ …Ģķ ‡ķ …‚ī¸ķ …Ŧķ ‡Ÿķ „ķ …§ķ „Ĩķ †‘ķ ‡“ķ ‡Ļķ ‡˜ķ „ķ ‡„ķ ‡”ķ ‡‰ķ „Šķ ‡ķ †Ēķ „˜ķ …Ģķ …ķ †Ąķ …Ŗķ …ķ „‡ķ …–ķ ‡ĸķ ‡Ąķ ‡. MarcyPen would be buying a 50% stake into a JV with Rihanna, and minority or shared-control positions typically price at a discount to control dealsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ † ķ …ķ †€ķ ††ķ †Ŧķ †˜ķ „¯ķ „Ģķ …•ī¸ķ „šī¸ˆķ „œķ † ķ ‡Ēķ †˜ķ …Ģķ …Žī¸ķ †Ŋķ ‡–ķ ‡„ķ ‡…ķ †¯ī¸Žķ …Šķ „­ķ „“ķ …Žķ „¨ķ †Žķ †‰ķ †ƒķ …ĸķ †œķ †œķ ‡Ļķ †œķ …´ķ †…. Some of the "cheapness" here is structural, not a bargain.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ˆķ …„ķ ‡€ķ …Ÿķ †ˇķ †¤ķ †ķ „ļķ ‡Ŗķ …ˆķ „ķ „ƒķ …ķ †žķ …ˇķ „ķ †‰ķ ‡Šķ †Šķ ‡Ŗķ „˜ķ …ˇķ †Ĩķ „Ļķ ‡ķ …˜ķ „‚ķ „Œķ ……ķ †Žķ …˜ķ †ķ „Ģķ ‡­ķ „Ģķ „ķ … ķ …ˇķ †¯ķ „’But net it out and the thesis holdsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ …“ķ ‡’ķ „Žķ ††ķ „ˇķ †–ķ †‚ķ „Ĩķ … ķ †§ķ †Ĩķ …¯ķ †‚ķ †ī¸ƒķ …ˇķ †Ļķ …Ÿī¸‰ķ „›ķ †ŗķ „ī¸Šķ „¸ķ …´ķ ‡¤ķ †Šķ †ĩķ „ģķ „°ķ ‡…ķ …Ŧķ …Œķ „¤ķ …ŧķ …‘ķ …žķ †œķ †’. If the deal lands anywhere in the bottom half of the range, MarcyPen is buying a top-tier prestige beauty franchise below the sector's average multiple, at a fraction of the per-revenue-dollar price e.l.fķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †˜ķ …Ļķ †¤ķ …Žķ ‡Ŧķ †ļķ †ķ ‡†ķ ‡Œķ …“ķ †ēķ …ˆķ †­ķ †žķ †‹ķ †˜ķ †žķ „§ķ „‚ķ †ŧķ …Ŗķ ‡—ķ ‡Ļķ …ēķ ……ķ „ŋī¸‹ķ …Šķ „šķ †Ļķ †„ķ „ī¸Œķ ‡ķ †›ķ …§ķ … ķ „ēķ „€ķ †. just paid for Rhodeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸€ķ ‡Ĩķ „šķ †–ķ „ƒķ „ŧķ ‡Šķ „Ĩķ „¸ķ „­ķ …žķ „Ļķ ‡Šķ „Žī¸„ķ „žķ …‡ķ …Ÿķ „Žķ †Ēķ †¨ķ „˛ķ …ī¸ƒķ …“ķ †‰ķ …­ķ …Šķ …žķ ‡ ķ †Šī¸Žķ ‡Ąķ ††ķ …´ķ ‡Žķ ‡–ķ ‡…ķ †°ķ †š. The entry price assumes Fenty never grows againķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ „Œķ …Ļķ „Šķ †‚ķ †ĸķ †œķ †ķ †˛ķ …Ēķ †›ķ …ķ …§ķ †ēķ †ēī¸Žķ †€ķ ‡Ąķ ‡§ķ …€ķ ‡ķ …‚ķ ‡Ąķ …Šķ …§ķ ‡–ķ †žķ …Ŋķ ‡ķ „žķ …Žķ …ķ ‡ĸķ …§ķ …‹ķ …ļķ ‡‘ķ …Ĩķ …šķ ‡. MarcyPen, with a $500 million Asia vehicle and Rihanna across the table, is betting that assumption is wrongķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ ‡ˆķ …ŧķ †´ķ †Ŧķ †–ķ …¸ķ †ķ „¨ķ „‘ķ †›ķ ‡ˆķ ‡Šķ „ŧķ ‡Šķ „ˆķ †žķ †šķ „ķ „ąķ ‡Ĩķ „Žķ †Ąķ ‡‚ķ †…ķ ‡ķ …€ķ ‡Ļķ …ĩķ ‡”ī¸ˆķ †‚ķ „ēķ †žķ †­ķ …Šķ „“ķ „Ĩķ …—ķ †ĸ. That's the whole trade.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ †Šķ „ļķ …‹ķ †ķ …‡ķ „¯ķ ‡ķ „—ķ „ķ „žķ ‡€ķ ‡ˆķ …Šķ ‡Ēķ †šķ †“ķ „ķ †¯ī¸ķ ‡‰ķ †˜ķ ‡˜ķ †ŋķ ‡‘ķ „Žķ …šī¸Žķ †ŋķ …“ķ †Ŋķ „ķ „ąķ „Ģķ †–ķ †‰ķ …ģķ †Œķ „šī¸‰The Value and the Revenue Storyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …’ķ …ģķ …Žķ …‚ķ „¨ķ ‡ķ †ļķ ††ķ ‡¤ī¸‚ķ „°ķ ‡ ķ …ķ ‡ ķ †˜ķ …‚ķ †•ķ …‰ķ „“ķ … ķ „’ķ „–ķ …Žī¸ķ ‡¯ī¸ˆķ ‡Ļķ „ƒķ †Ļķ …†ķ †´ķ …†ķ „ķ †šķ „§ķ †Ÿķ ‡ķ ‡ķ …§ķ ‡“. Numbers On The Board.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¸ķ †Žķ †›ķ †Ļķ „€ķ …šķ „ˇķ †€ķ …ģķ …ƒķ …°ķ †Ŗķ †ƒī¸‚ķ †™ķ …‰ķ †–ī¸ķ †°ķ „Šķ ‡–ķ †Ÿķ †ĩķ „€ķ †Ēķ …¨ķ †–ķ …Žķ …‰ķ †ķ „Ĩī¸‡ķ ‡Ÿķ †Žķ ‡”ķ …´ķ …›ī¸Œķ „­ķ …¨Here's the trajectory in one table.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ ……ķ „Ŋķ ‡Ģķ „…ķ …šķ †ƒķ †Ĩķ …‘ī¸ˆķ …°ķ ‡ķ …­ķ „œķ †’ķ „Ĩķ †ŋķ ‡ĸī¸‚ķ ‡Ąķ „žķ …™ī¸ƒķ …ĩķ „„ķ …¯ķ ‡€ķ ‡ķ „Šķ ‡†ķ …–ķ …ī¸ƒķ …ŗķ ‡‚ī¸„ī¸…ķ „ĸķ ‡ĸī¸ŠYear

Revenue (reported/estimated)

Valuation marker2017 (launch)~$100M in the first 40 days (reported)
n/a2018 (first full year)~â‚Ŧ500M per Arnault; ~$550M-$570M per Forbes-era reporting
n/a2021n/a
$2.8B (Forbes estimate)2024~$450M net sales (Reuters)
$1B-$2B (Reuters-reported range)ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸…ķ †‹ķ †ŧķ ‡­ķ ‡œķ …’ķ „’ķ …‡ķ ‡Šķ †Ÿķ „¨ķ „ŧķ †Ŧķ ‡Ĩķ …Ŋķ „˛ķ „ķ …€ķ …Ÿķ †…ķ „§ķ …ļķ ‡œķ †‚ķ „Ļķ …Šķ …ˆķ …Šķ ‡™ķ †ŧī¸ķ „˛ķ „‘ķ …§ķ „ŋķ „¸ķ ‡­ķ ‡Ÿķ ‡Žī¸Fenty Beauty is a durable business, not a celebrity flashķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ķ …ĸķ ‡‘ķ ……ķ „˛ķ †Žķ „ŗī¸€ķ †‹ķ …–ķ …Ģķ †ĩķ …˛ķ ‡ķ ††ķ …§ķ …Ŗķ ‡—ķ …šķ † ķ …™ķ †œķ „ĩķ …€ķ „ąķ „„ķ „Ÿķ …—ķ „„ķ †ŋķ „“ķ †¯ķ …ąķ „Ģķ „‰ķ „šķ ‡¯ķ †Ŗķ †Ąķ „Ą. It has held a nine-figure revenue base for seven-plus years while most celebrity brands die within twoķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ „ĩķ ‡’ķ „­ķ ‡ķ „Ąķ …Ļķ ‡Žķ …†ķ „°ķ †šķ ‡Ģķ †Ŋķ …’ķ ‡‹ī¸ķ †…ī¸Œī¸‹ķ …ˆķ „™ķ „—ķ …ˇķ „ķ ‡ˆķ „žķ †°ķ „ēķ †ķ †‘ķ …°ķ … ķ †­ķ †Ĩķ ‡žķ †°ķ ‡•ķ „™ķ …—ķ ‡“. Kylie Cosmetics got marked from a $1.2 billion valuation to a $600 million sale price to Cotyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ƒķ „Ŧķ †•ķ ‡˜ķ ‡ƒķ …–ķ ‡ ķ ‡†ķ „Ÿķ ‡Ŗķ †§ķ „…ķ †ļķ †´ķ †‚ķ ‡‹ķ …ˇķ †Œķ ……ķ ‡ķ …ķ …†ķ „‡ķ †°ķ †­ķ †§ķ „¤ķ †Ļķ †ˆķ ‡¯ķ †˜ķ …ƒķ „Ĩķ ……ķ ‡¨ķ ‡’ķ †ķ ‡Ļķ …ēī¸†. Marc Jacobs Beauty, from the same Kendo incubator, got discontinued outright.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ †Ģī¸Šķ „–ķ …­ķ †ąķ „šķ …•ķ …Œķ ††ķ †ķ ‡“ķ ‡€ķ …—ķ …¯ķ †‘ķ „¸ķ „´ķ …Šķ „ī¸Šķ ‡ī¸ˆķ ‡‘ķ ‡ķ ‡ķ „Žķ …Ąķ …šķ „™ķ …˜ķ ‡ķ „ķ ‡Œķ †…ķ …Ļķ …°ķ ‡ķ „›ķ …ŠIf you take the ~$550 million 2018 figure and the ~$450 million 2024 net sales figure at face value, that's roughly an 18% decline from the early peak over six years, in a period when the prestige beauty category itself was growingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ „˜ķ ‡ĸī¸ˆī¸‹ķ „Žķ †€ķ …Ÿķ „´ķ †‚ķ …‘ķ ‡„ķ …œķ …Ŧķ †Šķ ‡ķ „­ķ …Ēķ „‘ķ „ƒķ …ŋķ „Šķ †Žķ …Šķ ‡Ģī¸ķ …Ŗķ „ķ …ĩķ ‡ķ „‚ī¸„ķ ‡Ąķ ‡‚ķ †œķ „žķ ‡–ķ ‡„ķ ‡ķ …ŧ. Flat-to-down revenue in a growing category means lost shareķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „†ķ …Ēķ „‰ķ …Ēī¸€ķ †Œķ ‡‹ķ ‡•ķ „…ķ †”ķ †¯ķ …šķ …”ķ ‡ĸķ †Ÿķ „•ķ …˛ķ „‹ķ …•ķ ‡¤ķ „¯ķ „ķ …¨ķ †ƒķ …ļķ …„ķ †¸ķ …Ĩķ „žķ „•ī¸„ķ ‡¨ķ †€ī¸Žķ †ēķ †Ēķ „Ļķ †˛ķ †šķ …. And the valuation followed: from $2.8 billion in 2021 to a $1 billion to $2 billion range todayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ …•ķ ‡¯ķ …ĸķ ‡”ķ …¨ķ …‰ķ „°ķ †„ķ …Ŋķ …ķ ‡ ķ †Ēķ †°ī¸ƒī¸‚ķ …ŗķ †žķ †ķ „ŗķ „šķ †°ķ ‡˜ķ „Ŧķ „‡ķ …ķ „¨ķ †¤ķ †„ķ ‡Ĩķ …Ŋķ †­ķ ‡¨ķ „ˇķ „Šķ „ķ …ĩķ ‡‡ķ †ŋķ †‡. Even the top of the current range is a 29% haircut from 2021ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „’ķ „šķ †ąķ …ŗķ †›ķ …–ķ ‡€ķ ‡¤ķ …ŧķ …•ķ …¨ķ „‘ķ †§ķ „Ģķ †Žķ „šķ „Ÿķ „™ķ ‡Ŗķ †Ÿķ „ēķ „ģī¸…ī¸Žķ ‡ ķ „Ŗķ ‡ƒī¸‚ķ ‡Šī¸ķ †–ķ „ļķ †™ķ „Ÿķ „ķ †ˆķ „ąķ …†ķ …Ĩķ …. The bottom is a 64% haircut.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ļķ …ļķ †‰ķ …–ķ „—ķ …´ķ …Šķ …€ķ †¨ķ „Ąķ …›ķ †„ķ †Šķ ‡ķ ‡ī¸ķ †ƒķ …Šī¸‚ķ †Žķ †ļķ ‡ķ †‹ķ †Ŧķ ‡›ķ …‰ķ ‡‹ķ †”ķ ‡Œķ …žķ „‘ķ ‡Ĩķ „…ķ …Ŋķ †Œķ †°ķ †‰ī¸†ķ ‡‰ķ †ēFor clarity though, Fenty Beauty is privateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …œķ „šķ †­ķ „ēķ †ƒķ ‡„ķ †›ķ ‡™ķ „ƒķ „ĸķ „‡ķ …ķ …žķ ‡¤ķ …¨ķ …ˆķ „Ÿķ ‡…ķ „´ķ ‡Ŧķ †šķ …‚ķ …ŋķ „žī¸‚ķ ‡€ķ …“ķ „€ķ †—ķ …ķ ‡™ķ ‡…ķ …ķ …ˆķ †˜ķ „ŗķ †‰ķ †Ĩķ ‡Ēķ „ƒ. Every revenue figure here is either an executive's remark, a journalist's sourced reporting, or an estimateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „„ķ ‡Žķ …›ķ ‡ķ …ąķ †•ķ …˜ķ „˜ķ ‡§ķ ‡ķ †¯ķ ‡Ģķ †žķ „¨ķ …ĩķ ‡Ĩķ †ģķ ‡“ķ †Žķ …ķ …Ļķ †­ķ …Ÿķ „¨ķ ‡•ķ …‚ķ „¨ķ …§ī¸‰ķ …Šķ …‰ķ †Šķ „ķ …†ķ †Šķ †Ēķ ‡§ķ „§ķ „•ķ …Ą. Comparing Arnault's 2018 euro figure to Reuters' 2024 net sales figure is directionally sound but not apples-to-apples accountingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ …ˇķ …’ķ ‡†ķ „‰ķ †ąķ „–ķ „ĸķ †ķ …˜ķ †ˇķ †˜ķ „€ķ ‡Žķ ‡¨ķ …ˇķ †—ķ „¸ķ ‡ ķ †ēķ „žķ „€ķ „°ķ †ķ †Ĩķ …‘ķ †Ŧķ …ˆķ †ŧķ „ŗķ ‡ĸķ …§ī¸ˆķ „Ŋķ „œķ „œķ … ķ †‹ķ „Ļķ ‡ . Nobody outside the deal room has audited numbersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŗī¸ˆķ …ļī¸ˆķ ‡ƒķ …œķ †Ŗķ „ļķ …ŧķ „°ķ ‡‹ķ †˛ķ †“ī¸‰ķ †¤ķ „Ēķ „ˆķ „‡ķ ‡Žķ †­ķ „ķ †Ŋķ „¯ķ „ĸķ …‹ķ „„ķ ‡ ķ †Žķ †ŧķ †ģī¸‡ķ †Ēķ …—ķ …‚ķ „§ķ „¨ķ †ŗķ …‹ķ „Žī¸ˆ. Including me.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ††ķ †žķ ‡žī¸‰ķ …ąķ …€ķ ‡ķ …”ķ …žķ †ąķ ‡ķ †’ķ †“ķ …Ļķ „Žķ „Ÿķ „œķ ‡ƒķ †ŧķ †…ķ †¸ķ †¤ķ „¯ķ „Ÿī¸ķ …ēķ …ŋķ „ķ ‡ķ †„ķ …¤ī¸ƒī¸…ķ †‚ķ ‡ƒķ ‡‚ķ „˛ķ †šķ †‰ķ …´What to Watch Next

A new Form D.

If MarcyPen raises a dedicated vehicle or SPV to fund the Fenty acquisition, it will likely show up on EDGAR within 15 days of first saleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ ‡Ÿķ ‡‘ķ …Žķ ‡‡ķ ††ķ ‡¨ķ †ˆķ †œķ †–ķ „„ķ …ķ †°ī¸ķ †§ķ ‡’ķ …—ķ ‡Œķ †°ķ †ķ „†ķ …ąķ …Žķ „“ķ ‡ķ ‡Ÿķ „„ķ …¨ķ „‰ķ ‡Œķ †ķ †Šķ …ŋķ †Ŋķ †Ģķ „­ķ ‡ ķ †Ąķ „´ī¸ƒ. The Fund II KE SPV filing from 2025 shows they already use this structureķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ ‡ˆķ „Žķ †Ŋķ †¤ķ †ķ †„ķ „Ļķ „¯ī¸†ķ „—ķ †‰ķ …Šī¸ˆķ „¯ķ …Ģķ …Ŋķ ‡§ķ ‡“ķ ‡ķ …ƒķ ‡•ķ „‰ķ „—ķ …§ķ ‡Žķ ‡Ēķ „–ķ …ŗķ „œķ †Žķ …ĸķ …šķ …Ąķ †Ĩķ „–ķ †‹ķ „ķ …™ķ „•. Search EDGAR full-text for "MarcyPen":

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‹ķ „ąķ „¤ķ †›ķ †ŗķ ‡Ÿķ „Šķ ‡Ļķ „Ŗķ †ķ …›ķ …ˇķ †€ķ „¤ķ …Ŋķ „ˇķ …ŧķ ‡˜ķ …šķ …Œķ …”ķ „Šķ †°ķ „¯ķ …Šķ …Šķ †ļķ „™ķ ‡™ī¸ˆķ …ķ „ģķ ‡Žķ …ĸķ ‡œķ „€ķ …šķ …ķ …ˇķ †€CJB

See y'all next week.

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