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6 min read The Dime

The Dime💰 - Sony Just Got A US License To Print Money

Also, come hang out with the Dilly boys next Friday.

The Dime💰 - Sony Just Got A US License To Print Money
Before we get into Sony, a quick noteķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ …•ķ †Ēķ „šķ …‘ķ †‰ķ …Žķ …”ķ ‡Šķ …Ŋķ ‡€ķ †§ķ †œķ „§ķ †Šķ …•ķ ‡ķ …€ķ †ķ †“ķ †™ķ ‡…ķ …˛ķ …šķ …¨ķ „„ī¸ķ ‡Žķ „ģī¸€ķ …Ļķ „ķ †Šķ †ķ ‡‹ķ …–ķ †´ķ ‡ī¸ķ †ĸ. We're launching the Due Dilly Supper Club, an intimate evening with friends and supporters of this communityķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ ‡Ģķ …¯ķ …¯ķ „Ŗķ …¯ķ †ŗķ „…ķ …ŋķ „ŧķ …ĩķ …ēķ „Šķ ‡‡ķ †ŗķ †›ķ „šķ „ˆķ „˜ķ „Šķ „“ķ ‡Žķ ‡™ķ †ˇķ †ąķ „ķ „“ķ †Ēķ „‹ķ †´ķ †Ĩķ „”ķ „ķ †¨ķ …¨ķ ‡€ķ …¨ķ …ąķ †´ķ †¤. Think food, drinks, and real conversation in a private space in Brooklynķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „…ķ †šķ …‚ķ ‡Ÿķ …ˆķ …Ąķ …ķ ‡¯ķ …ķ …Ŧķ ‡€ķ ‡Ģķ ‡‡ķ …‘ķ †ķ ‡ķ ‡­ķ „Ŗķ ‡Ģķ „€ķ †žķ …•ķ †Šķ „´ķ …šķ †ŋķ „ ķ „ ķ …ķ „ˆķ …ƒķ …ķ ‡€ķ †Ąķ „§ķ …ļķ ‡Ąķ ‡”ķ †‚ķ „ą. No big stage, no panel, just people who read this newsletter sitting around a table talking about money, culture, and everything in betweenķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ „ēķ †‡ķ …”ķ †ķ ‡Ŗķ †ĩķ † ķ †¤ķ ‡¨ķ †Ŋķ †„ķ „›ķ …°ķ †Œķ …¯ķ …ąķ …Žķ ‡“ķ „œķ …´ķ „ķ …Ŋī¸ķ „Šķ …Šķ „Šķ „›ķ …¨ķ „‚ķ ‡Ÿķ „…ķ †€ķ †…ķ †–ī¸ķ †“ķ ††ķ ‡…ķ ‡ĸ. First one goes down next week and tickets are $60ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ģķ „€ķ ‡­ķ …‚ķ „Ĩķ ‡”ķ …‹ķ …†ķ …žī¸ƒķ ‡ĸķ ‡œķ „“ķ ‡‘ķ …›ķ …“ī¸‡ķ ‡Ĩķ ‡Ģķ …ļķ …‚ķ †œķ …ŋķ ‡Ēķ †ļķ †™ķ „žķ ‡Žķ ‡­ķ †„ķ †œķ †ąķ †Ŧķ „”ķ …™ķ „›ķ „ēķ ‡ƒķ ‡‘ķ „Ŧ. Grab yours hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŗķ † ķ …ˆķ ‡¨ķ …Ĩķ †Ļķ „…ķ „Ŋķ „Ļķ …”ķ ‡œķ ‡Šķ ‡ķ „°ķ „§ķ †Ļķ „Ĩķ †šķ „ ķ †Šķ †šķ „ŗķ „’ķ …ĩķ †ŋķ †ĩķ †˛ķ „ąķ …Šī¸ˆķ „ļī¸€ķ ‡Ŧķ ‡‰ķ „ĩķ …ˇī¸Šķ „ŋķ †ƒķ †›. Space is very limited so don't sleep on it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˜ķ †žķ „€ķ ‡™ķ ‡Ģķ „šķ ‡›ķ †ķ …Ĩķ „§ķ „Ÿķ „ŧķ ‡ķ †­ķ „Žī¸Œķ „—ķ „Ŋķ †Ŗķ …„ķ †¯ķ †ļķ „ˆķ „Ĩķ …­ķ „ķ …žī¸Œķ …žķ †“ķ †ŋķ „­ķ „šķ „Šķ „‹ķ ‡Žķ „šī¸‡ī¸€ķ „”On July 7, 2026, Sony Bank got word from Washington that most Sony shareholders never saw coming:the OCC handed it conditional approvalto stand up a national trust bank called Connectia Trust, whose entire job is issuing a dollar-backed stablecoinķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ēķ „ķ „ŧķ …†ķ †—ķ †ķ …­ķ †‘ķ …¯ķ …ƒķ †–ķ ‡ ķ „Ēķ †ąķ †ąķ †¨ķ …˛ķ ‡„ķ ‡–ķ …ƒķ „“ķ †‘ķ ‡Ģķ „Ŋķ †ļķ …„ķ …žķ ‡Šķ ††ķ †ˇķ …ˆķ †…ķ „žķ ‡ķ ‡¯ķ …ķ †…ķ „ˇī¸€ķ „Ž. That sentence reads like a banking trade storyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ †™ķ ‡’ķ „­ķ ‡“ķ †Žī¸ƒķ …›ķ …šķ …˛ķ †˜ķ †ˆķ …†ķ „ŧķ †§ī¸ƒķ †€ķ †Ļķ „Ŋķ ‡œķ †ķ †ķ †Šķ „Ŗķ „ķ …Ĩķ †Šķ ‡ķ …Žķ †…ķ …´ķ †Ĩķ †ĸī¸‹ķ …Ļī¸‡ķ …ĩķ „Ÿķ …žķ ‡™. It isn'tķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‹ķ …šķ …‡ķ …Ÿķ …†ķ †ļķ ‡ķ †ķ †Ąķ …ļķ …ķ „ķ ‡¤ķ „•ķ …Œķ …™ķ …œķ …Žķ …Ŋķ „’ķ †¨ķ „ĩķ „§ķ ‡‹ķ ‡¨ķ „“ķ ‡ƒķ „Ÿķ …šķ ‡‹ķ †’ķ ‡„ķ ‡ķ †¯ķ …´ķ ‡§ķ „ˇķ ‡¨ķ „ŋī¸…. It's an entertainment story, and it's one that touches PlayStation, anime, music royalties, and eventually your credit card statement.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ĩī¸„ī¸ķ „ļķ …•ķ …Ļķ †ŋķ ‡†ķ …ĸķ ‡Žķ ‡ˆķ …ģī¸„ķ „Ļķ „„ķ ‡Ÿī¸ƒī¸…ķ …ķ †Ŗķ …˛ķ …”ķ †ēī¸„ķ †‰ķ ‡Šķ „Ĩķ „Šķ „†ķ …‹ķ …ķ …‰ķ „˛ķ †ƒķ „†ķ „Žķ ‡Šķ †´ī¸ķ †ĩQuick intro if you're new hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŗķ † ķ „ģķ „ķ ‡ķ …”ķ …§ķ …ģķ …œī¸ƒķ „…ķ ‡Ąķ …šķ … ķ ‡‰ķ ‡ƒķ †‘ķ „„ķ †‰ķ †Ļķ „…ķ ‡žķ †ĸķ ‡­ķ ‡†ķ „ķ „žķ …§ķ „‚ī¸ī¸Œķ ‡Šķ „•ķ †ķ „ ķ …†ķ …ēķ „ąķ ‡œķ „‹. 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 …‡ķ ‡—ķ …Ÿķ ‡Šķ „ŋķ †¸ķ …Šķ …¯ķ „¤ķ ‡ķ „ģķ „Ŋķ „¤ķ „Œķ †Ļķ ‡–ī¸‚ī¸€ķ „‚ķ ‡œķ …´ķ „­ķ …¤ķ „§ķ ‡Žķ „Žķ ‡Ŧķ …–ķ ‡ ķ „ĩķ †–ķ „šī¸ī¸€ī¸ī¸€ķ „’ķ ‡­ķ †Ąķ …‰. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ † ķ „“ķ ‡ķ „…ķ „‚ķ …§ķ „Ĩķ „¸ķ †ļķ „ŗķ †Ÿķ …ƒķ ‡šķ „•ķ ‡„ķ …žķ …Ŗķ ‡ķ †ķ …ķ …ˆķ „Šķ †Ģķ ‡¯ķ †ŧķ †Ąī¸‹ķ ‡“ķ …˛ķ ‡‘ķ „ĸķ ‡€ķ †‰ķ ‡Šķ …ģķ …ķ †¨ķ „“ķ …°ķ …˛The 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 „Ŧķ †œķ „–ķ †ķ …€ķ …Žķ †œķ †§ķ …€ķ …¨ķ …¨ķ †ƒķ †‹ķ „§ķ „ˆķ …žķ ‡Ŗķ †Žķ ‡ƒķ ‡Žķ †´ķ …Šķ †Žķ †Šķ †Ģķ †Šķ ‡–ī¸€ķ †Ŗķ „´ķ „§ķ †ķ „žķ ‡ķ †ī¸ī¸„ķ ‡’ķ †ķ …Ą. The music press covers the artistķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ †‰ķ ‡‚ķ †¯ķ …Ŋķ †Žķ ‡žķ …ļķ †Ļķ ‡€ķ †–ķ ‡€ķ „…ķ „ˇķ …ˇķ †„ķ †‡ķ …žķ …–ķ „ģķ …šķ †žķ „¨ķ …ąķ „‘ķ „Ŧķ ‡Žķ …šķ ‡Ąķ „ķ …ŗķ ‡™ķ „ķ „œī¸‰ķ †Ļķ „…ķ „‚ķ „ī¸„. The financial press covers the companiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †­ķ …˛ķ „„ī¸‹ķ „ķ †›ķ … ķ †“ķ „´ķ …„ķ ‡€ķ †˜ķ ‡„ķ „ ķ „ĩķ …¸ķ †­ķ „žķ †—ķ „ŗķ †¸ķ ‡Ąķ †ķ „Ļī¸‰ķ †•ķ …›ķ ‡“ķ ‡‚ķ †•ķ †Ļķ ‡‡ķ ††ķ †—ķ †—ķ „‘ķ …ŋķ †Žķ †¯ķ ‡Ē. Sports covers the teams and athletesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „§ķ †Ÿķ †žķ ‡ ķ †šķ †ļķ ‡Ŧķ †œķ †ŋķ „žķ „ąķ „„ķ ‡œķ …¤ķ …–ķ „¨ķ †™ķ ‡¨ķ …ˆķ ‡Ģķ …ąķ ‡Ēķ „ŧķ „ĩķ ‡Ąķ „Ąķ „Žķ „ķ …ĸķ …¨ķ ‡Šķ †—ī¸‡ķ …‹ķ †˜ķ ‡šī¸Œķ ‡ķ ‡˜ķ …ē. The Dime💰 covers the dealsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ †žķ †‚ķ „™ķ ‡—ķ …ēķ ††ķ †¤ķ „ąķ …­ķ „Ąķ …œķ …Šķ †Ļķ …—ķ „­ķ „ķ „„ķ ‡€ķ …Ÿķ …‘ķ „Ÿķ …ĸķ „ŋķ ‡Ēķ ‡…ķ †ąķ …Ŋķ …Ŋķ „Ąķ †ąķ „ŗķ „Žķ †Ģķ †€ķ …­ķ …—ķ ‡Ēķ „ąķ †œ. The term sheets, the filings, the multiples, the leverage.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‡ķ …Ĩķ †´ķ …žī¸‡ķ †›ķ †˛ķ „ƒķ ‡ķ †Ŋķ „¸ķ …„ķ ‡Ąķ ‡•ī¸Œķ „Ŗķ †Ŗķ „’ķ „€ķ …Šķ †Ēķ „žķ †ƒķ ‡Šī¸Žķ „€ķ „¸ķ ††ķ †ˇķ ‡—ķ …†ķ …ˇī¸Œķ ‡Žķ „Ģķ †‰ķ †žķ ‡Ģķ „„ķ ‡ĢToday we talk about Sony's setup, the corporate maze behind it, and why every major media company just got a preview of where their payment rails are headedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ „ķ „„ķ …Ąķ „Ēķ …˜ķ …šķ …ķ „˜ķ …ĩķ ‡§ķ …ˇķ „Ģķ †˜ķ †šī¸„ķ †œķ †’ķ †ŋķ „‡ķ †™ķ …ģķ †Ÿķ †ķ „ģķ …•ķ …–ķ †–ķ †Ŗķ ‡¨ķ „†ķ ‡ķ „ˇķ †Ģī¸ī¸Šķ „šķ †™ķ …Ÿķ ‡. Here's this week's edition of The Dime💰.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …—ķ ‡Ģķ „Ĩķ „´ķ …—ķ †°ķ ‡Ēķ …‹ķ †Šķ ‡Ēķ ‡Šķ ‡Žķ „Šķ …§ķ „ĸķ „•ķ „€ķ …´ķ †Ŗķ „¸ķ †”ķ „Žķ …ƒī¸ķ ‡Žķ …—ķ …°ī¸Žķ „€ķ „ģķ „ķ ‡ķ ‡žķ †Ŗķ ‡‰ī¸ˆķ †šķ †ļķ „Œķ „ŧTHE NUMBERS

Sony Group FY25 total sales:ÂĨ12,479.6 billion (~$82.6B), a recordķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „§ķ ††ķ †ĸķ †‘ķ …ēķ „¤ķ …“ķ …˛ķ ‡ķ †™ķ …ŋī¸Žķ „Ąķ …Šķ „‡ķ „™ķ †ŋķ †Žķ †ŧķ „ŧķ ‡…ķ †¯ķ „˛ķ …ĸķ „—ķ ‡Žķ „­ķ …šķ ‡Ŗķ ‡‰ķ …šķ „ķ „‡ķ „™ķ „—ī¸‡ķ …ēķ …›ķ †¨ķ …Ŋ. Operating income:ÂĨ1,447.5 billion, also a recordķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¯ķ „ĸī¸ķ ‡–ķ …ŋķ …ˇķ ‡—ķ †€ķ …’ķ …ķ ‡Ÿī¸‰ķ †Šķ †¨ķ „Ąķ ‡Ļķ …•ķ „¤ķ ‡­ķ „Ēķ „ˆķ …´ķ ‡›ķ †‚ķ „Ÿķ …Ģķ „’ķ „Ąķ „Šķ †Šķ „žķ ‡Ÿķ „ķ ‡…ķ †‘ķ †Ļķ …ˆķ ‡Ąķ …Šķ ‡. (Source: Sony Group Corp consolidated results,May 8, 2026.)

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ †‹ķ †Ĩī¸‹ķ ‡ķ †‘ķ …Ŗķ ‡Šī¸ķ ‡‡ķ †Ŗķ „˛ķ „ēķ ‡Ŗķ „Žķ ‡Žķ †•ī¸ˆķ †šķ „žī¸‰ķ ‡‹ķ ‡Ĩī¸‡ķ †Žķ „šķ ‡“ķ †—ķ „Œķ ‡ƒķ †Ļķ „Žķ ‡ĸķ …˛ķ …ĸķ †´ķ „Ļķ …Šķ †žķ …€Game & Network Services (PlayStation):ÂĨ4,685.7B (~$31B)in sales, record operating income of ÂĨ463.3B. PlayStation Network hit132 million monthly active accountsin December 2025.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Œķ †ķ …›ķ †ēķ †Ąķ †–ķ †ķ „‡ķ „¨ķ †‘ķ ‡Ŧķ †ŗķ ‡œī¸ķ „Šķ „’ķ ‡‘ķ ††ķ „‰ķ …Žķ …‰ī¸‰ī¸„ķ ‡‡ķ …Ąķ ‡Ēķ †ˆķ …œķ †Ļķ †ķ „“ķ ‡‘ķ „Ļķ †€ķ †ķ „žī¸ķ †ˇķ …ķ †–Music segment:ÂĨ2,120.1B, up 15%ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ ‡§ķ „ŧķ †’ķ ‡Ŗķ „ļķ †”ī¸‹ķ ‡¤ķ ‡Œķ „Žķ „–ī¸ˆķ ‡•ī¸Œķ †Ŋķ „—ī¸ķ …‹ķ ‡Ēķ †€ķ †Žķ „†ķ …žķ …ĸķ …ģķ †¨ķ … ķ ‡Ŧķ „”ķ †ķ …ĩķ †žķ …›ķ „ĸķ †ˇī¸ˆķ …˜ķ „ƒķ …Ē. Pictures:ÂĨ1,499.3Bķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‚ķ ‡¯ķ …Žķ †ŧī¸ķ †Ĩķ „“ķ †‰ķ ‡–ķ …‘ķ „¯ķ …•ķ †ŧķ „–ķ ‡•ķ ‡€ī¸ˆķ †–ķ ‡…ķ „…ķ …¯ķ †ķ „†ķ …‡ķ …—ī¸‰ķ „ēķ „•ķ …ķ „¨ķ ‡…ķ ‡‚ķ …ŧķ …ķ …™ķ „Ģķ …ˆķ „ļķ „‹ķ †ˆ. Combined, Sony's entertainment businesses now dwarf its hardware legacy.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ …ģķ „„ķ …°ķ …˜ķ „ŋķ „‡ķ …‰ķ ‡žķ „€ķ „ķ …Ąķ †Ĩķ ‡ķ …—ķ …“ķ „ąķ ‡ˆķ †ĸķ ‡ķ „¯ķ ‡Ĩķ …“ķ †…ī¸…ķ „ˆķ †¤ķ †ī¸Žķ †ĸķ „ģķ „†ķ „€ķ †ƒķ …Ąķ … ķ †­ķ „¤ķ „ķ „›Sony's U.S. business alone generatesmore than 30% of the parent company's external sales, most of it running through credit card networks today.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĸķ „œī¸…ķ …ˇķ …—ķ „†ķ „žķ †”ķ †‘ķ ‡Œķ „ķ …Ÿķ „™ī¸…ķ ‡œķ …¯ķ †šķ …™ķ …ŋķ †…ķ „ˆķ †™ķ †œķ „œķ …žķ …‹ķ ‡Ĩķ †Šķ †ģķ ……ķ †Ąķ ‡‘ķ ‡’ķ „ĩķ ‡¤ķ „´ķ „Œī¸‹ķ ‡ˆķ †ŊConnectia Trust's starting capital:$40 millionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ †žķ †­ķ „ˇķ †…ķ ‡Ĩķ ‡„ķ …˜ķ †¤ķ †ēķ †Œķ †Ŋķ „žķ †Ģķ ‡†ķ …ˆķ „°ķ …Šķ „ĩķ „Šķ „§ī¸Šī¸ƒķ „Ĩī¸‰ķ †˜ķ „Ÿķ †ąķ ‡¯ķ ‡’ķ ‡–ķ ‡Ÿķ „”ķ †…ķ †Ļī¸…ķ „—ķ …™ķ „ķ …¤. Sony's market cap as of this week:roughly $125 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ „…ķ „¯ķ ‡ ķ ‡œķ …ĩķ †ķ …†ķ ‡Žķ …–ķ …Ŋķ ‡ ķ „Ģķ …šķ †Ąī¸‹ī¸ķ ‡™ķ †šķ ‡˜ķ †ĸķ ‡ķ †Ŋķ †‚ķ ‡ ķ ‡Žķ †™ķ „€ķ „‰ķ †„ķ ‡‚ķ ‡Šķ „‰ķ †ēķ …ēķ …Ŋķ „™ķ †šķ „‡ķ ‡…. This is a rounding error dressed up as a strategic pivot, which is exactly why it's worth paying attention to.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †•ķ ‡­ķ „Ģķ †ąķ „ˇķ …šķ …ŋķ …˜ķ †ķ …ĩķ ‡•ķ ‡Ĩķ †´ķ †Œķ †Œī¸ƒķ †ĸķ …¸ķ †Ŧķ „…ķ ‡‚ī¸†ī¸ķ „€ķ …Ŋķ ‡žķ †¯ķ ‡Ēķ †´ķ …¸ķ †Šī¸Šķ ‡Ĩķ ‡Šķ „¯ķ †˜ķ …‘ķ …Šķ „Ŧķ „ēWHAT THE OCC ACTUALLY APPROVED

Connectia Trust, National Association won't take deposits, won't make loans, and won't touch a traditional checking accountķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ēķ ‡Ĩķ †Šķ „ŧķ …ķ „Ļķ …ąķ ‡˜ī¸ķ †¨ķ †ģķ …˜ķ …Ēķ …Ŗķ …Žķ …‡ķ „€ķ ‡Ÿķ †ŋķ …Ąī¸‹ķ „¸ķ …’ķ …ķ „Ļķ †‹ķ „ŗķ †–ķ †–ķ †„ķ †šķ †Ŗķ „­ķ †šķ ‡ķ †„ķ „†ķ †‚ķ „ŗķ †š. Under its charter it can do exactly four things: issue a dollar-pegged stablecoin, hold the reserves backing it, provide custody for digital assets, and manage fiduciary accounts for Sony affiliatesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡—ķ „„ķ „–ķ …ĩķ …†ķ „ĩķ …Ĩķ „ēķ ‡ķ …—ķ …Ŋķ …Šķ „Ÿķ …ļķ †¤ķ ‡ ķ †ķ †…ķ ‡žķ †ŧķ …Ÿķ „™ķ „ī¸ˆķ ‡ ķ „Ģķ ‡™ķ ‡ĸī¸ƒķ „›ķ ‡ķ „†ķ ‡Ŧķ „Ĩķ „ĸķ †ģķ ‡§ķ …Ĩķ „Ŗķ „Š. That's itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¸ķ ‡Ŗķ †œķ „–ķ …ˇķ …ķ †¸ķ „Ģķ …—ķ †¨ķ „Ģķ †‚ķ †šķ …€ī¸€ķ ‡žķ ††ķ …´ķ „Žķ „ąķ †ķ „•ķ †Ģķ …‹ķ …§ķ ‡ķ †—ķ …œķ †ēķ †’ķ ‡›ķ †¸ī¸Œķ ‡ķ „§ķ †ŋķ „ĩķ †Ģķ †§ķ ‡Ĩ. It's a purpose-built utility, not a bank in the way you'd recognize one.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „’ķ †ŧķ …Ģķ †ļķ ‡§ķ …™ķ ‡Ŗķ „ķ ‡Ĩķ …šī¸‰ķ …Žķ „°ķ †ąķ ‡ķ †˛ķ „™ķ †ķ „ķ „ķ †ąķ †ļķ …‘ķ …ķ …œķ „’ī¸€ķ ‡­ķ †ģķ „¯ķ …Ļķ ‡ķ …šķ †ĸķ …¨ķ †Ŋķ „šķ …ļķ „žķ ‡•The whole thing exists because of theGENIUS Act, signed into law in July 2025, which for the first time gave the U.S. a real regulatory lane for "permitted payment stablecoin issuers": 1:1 reserve backing in cash or short-term Treasuries, monthly disclosure, auditsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĸķ ‡ķ †´ķ †¸ķ …’ķ „€ķ …ŗķ …Ŋķ „„ķ …˜ķ „¯ķ „‰ī¸Šķ …‰ķ ‡¯ķ „ąķ …Šķ „ŗķ …ķ †Ŗķ …Ŗķ ‡§ķ …˛ķ „šķ „¨ķ „‚ķ …˜ķ „‚ķ †™ķ „€ķ †™ķ „›ķ †—ķ „Šķ „„ķ ‡›ķ ‡ķ …­ķ „„ķ ‡’. Klaros Group's Roman Goldstein put the strategic logic bluntly: a national charter makes Sony the"issuer of record"instead of a tenant on somebody else's license.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆī¸‰ķ „Ŗī¸†ķ ‡‰ķ ‡…ķ †ķ …šķ …’ķ ……ķ …šķ †–ķ †Ÿķ „­ķ †˛ķ „ļķ …™ķ „ķ …’ķ „Ļķ „‡ķ †°ķ …”ķ †‘ķ †Žķ „ĩī¸Žī¸ķ ‡Šķ ‡”ķ †Šī¸Žī¸Žķ ‡‰ī¸Œķ …™ķ …œķ †‡ķ †¨ķ †‚Sony isn't building the plumbing itself.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ ‡“ķ ‡Ļī¸€ķ „Šķ †šķ „ķ ‡Ÿķ †Ļķ „§ķ ‡–ķ …Œķ ‡™ķ ‡¯ķ ††ķ †Ąķ ‡”ķ †›ķ ‡ķ †‹ķ ‡Šķ …ēķ …ķ …ēķ …Šķ …ķ …šķ „ĩķ †€ķ ‡¨ķ ‡Ģķ ‡Ģķ ‡¨ķ ‡ķ ‡Šķ ‡Šķ „ŋķ „†ķ ‡Ģķ …ˇBastion Platforms, a stablecoin infrastructure company, will handle issuance, custody, and reserve management under a deal announced in December 2025ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ …Ŗķ † ķ …ēī¸‚ķ „’ī¸‡ķ …ąķ …Ēķ …Žķ …˛ķ „šķ …Ĩķ …˜ķ …„ķ †žķ ‡œķ †…ķ „–ķ ‡Ĩķ „Žķ …¨ķ „–ķ †“ķ …žī¸ķ …Ŗķ ‡’ī¸ķ †ĩķ ‡Ŧī¸Œķ „ ķ †—ķ „•ķ †ŗķ †´ķ „¯ķ …Šķ †Ŧ. Sony's own venture arm, Sony Innovation Fund, had already bought into Bastion's $14.6 million funding round three months earlier, alongside Coinbase Ventures, a16z crypto, and Samsung NEXTķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŗķ …°ķ †‚ķ …Ąī¸Žķ „‰ķ ††ķ †Ŋķ ‡ķ †ŗķ „Ŋī¸€ķ …§ķ …Šķ …¨ķ ‡’ķ ‡Šķ „¨ķ „‹ķ ‡Ŗķ …ąķ …•ķ „¤ķ ‡—ķ †‡ķ ‡ƒķ ‡Žī¸ˆķ „ŧķ †™ķ †žķ …ķ †•ķ †‚ķ †Ŗķ †˛ķ „°ķ †ˇķ †žķ …Ž. Sony is simultaneously Bastion's customer and one of its investors.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡“ķ †Ēķ …°ī¸Šķ ‡ķ ‡žķ †ŗķ †šķ …Šķ ‡˜ķ „Ąķ „Žķ „”ķ …˜ķ †Ēķ …ēķ …—ķ „€ķ †Ŋķ …˜ķ …­ķ †´ķ ‡…ķ ‡Ŧī¸‡ķ ‡™ķ „ķ †˛ķ „Ŗķ ‡Šķ „ī¸…ķ „‰ķ „ķ …Ļķ …ˇķ ‡žī¸‹ķ †¸ķ „ąTHE CORPORATE MAZE

Here's where it gets genuinely interesting for anyone trying to map who owns what, because Sony's stablecoin doesn't actually sit inside "Sony" the way most coverage implies.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ ‡Œķ „¸ķ …ąķ „¨ķ „§ķ …’ķ …›ī¸ķ ††ķ „–ķ ‡‹ķ …ˆķ †Žķ †Ÿķ „ĸķ ‡Ģķ †¨ķ ‡Žķ …•ķ †€ķ „Ēķ †žķ ‡­ķ ‡’ķ †™ķ „‘ķ ‡‰ķ …Ŋķ ‡€ķ „ŗķ „Šķ ‡ķ ‡›ķ „‡ķ ‡žķ …žķ ‡‘ķ …¨ķ †ŽOn October 1, 2025,Sony Group Corporation spun off its entire financial services divisioninto a standalone, separately listed company: Sony Financial Group Inc., now trading on the Tokyo Stock Exchange under ticker 8729ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ …™ķ ‡”ķ †ŋķ †žķ †¸ķ „Žķ …Ąķ ‡§ķ „¨ķ †Žķ †ģķ ‡‡ķ †˜ķ †šķ † ķ „˜ķ †Œķ ‡Ĩķ …ķ „¸ķ ‡›ī¸ķ „Ēī¸†ķ …†ķ „žķ „§ķ „ˇī¸…ķ ‡•ķ ‡’ķ …ēķ „šķ †ķ …Žķ …ģķ …¯ķ …€ķ …Ÿ. Sonydistributed roughly 83.6% of SFGI's sharesto its own shareholders as a stock dividend and kept about 16.4% for itselfķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ƒķ †‡ķ †Šķ „„ķ …žķ †„ī¸…ķ …Ĩķ …ķ …˛ķ ††ķ †•ķ …ˇķ „°ķ „€ķ †žķ ‡Ÿķ †ŗķ „¸ķ ‡‘ī¸ķ „ˇķ †Ģī¸Œķ †—ķ „°ķ †Ŗķ …ķ ‡§ķ „ķ …¤ķ ‡Ąķ ‡‚ķ „Ŧī¸Šķ ‡ķ ‡¨ķ „ī¸€ķ „Ĩ. SFGI is now an equity-method affiliate, not a consolidated subsidiaryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ „Žķ …›ķ „´ķ … ķ …žķ „Šķ „Žķ „Ŋķ …­ķ „‚ķ ‡†ķ …Šķ ‡ƒī¸‚ķ ‡Ąķ †Ŗķ †ģķ „Ŗķ ‡Œķ †Šķ „ŧķ †‡ķ ‡šķ ‡Šķ …Šī¸Œķ „ŧķ †‡ķ …ąķ „Ÿķ „Šķ …„ī¸‰ķ „Ļķ „›ķ †’ķ „˜ķ †Šķ †”. Sony Bank, and therefore Connectia Trust, sits underneath SFGI, two ownership layers removed from Sony Group Corporation itself.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †°ķ „Žķ †›ķ „­ķ „ļķ ‡˜ķ …‹ķ †ļķ …ŋķ …´ķ …Šķ †œķ ‡–ķ †§ķ …–ķ …‰ķ „žķ „ŋī¸Žķ ‡•ķ „Šķ †‚ī¸ķ „˜ķ „¨ķ …ŋķ †šķ ‡¤ķ …ļķ †Ŧķ …ƒķ †€ķ …Ŧķ …›ķ …ļķ …Ŋķ „ŋķ …­ķ …Šķ †ģThat matters because every press release about this stablecoin describes it serving "the Sony Group ecosystemķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †­ķ †…ķ †Ÿķ †§ķ „ƒķ …¸ķ „Ÿķ †ƒķ †´ķ †Ŧķ †žķ …žķ ‡„ķ …’ķ †Ŧķ ‡–ī¸…ī¸‡ķ „Ÿķ †˛ķ …ķ …­ķ …­ķ „‹ķ ‡ƒķ ‡–ķ ‡Œķ …ķ …™ķ ……ķ „˜ķ „ķ †Ļķ „ˆķ †€ķ …‡ķ †™ķ †¨ķ …€ķ „ŧ." Legally, Sony Group Corporation doesn't control the entity issuing it anymoreķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ …´ķ ‡Œķ …Šķ ‡’ķ ‡šķ †•ķ ‡“ķ …ĸķ „ŧķ …žķ †°ķ ††ķ ‡¤ķ †¨ķ „‚ķ ‡¤ķ ‡”ķ ‡”ī¸Œķ †ģķ „Ŗķ „•ķ ‡Ģķ ‡‚ķ †Ģķ †‰ķ ††ķ ‡„ķ ‡œķ †´ķ †‘ķ ‡ķ ‡”ķ †Ÿķ †ķ †”ķ †ĩķ „Šķ †Ļ. It's a 16.4% shareholder relying on a brand-licensing and commercial relationship to make the whole thing work.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †šķ …ĸķ †ķ …Ēķ …Ĩķ „€ķ ‡›ķ „ĸķ „’ī¸†ķ „šķ …Šķ …Žķ †‹ķ ‡Ŧķ …žķ †¤ķ …ƒķ ‡ķ †„ķ „žķ „Ąķ ‡–ķ †ŧķ …žķ †šķ †Ŧķ ‡Œķ „¯ķ ‡‰ķ †¤ķ …Žķ „Ĩķ ‡ĸķ …•ī¸„ī¸‹ķ ‡ƒķ „’Here's how the pieces actually connect:

Sony Bank isn't new to thisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ „¤ķ †ļķ †ķ „ķ ‡šķ ‡Ļķ „žķ …•ķ ‡Ÿķ ††ķ „Ģķ ‡™ķ „‘ķ ‡šķ „ģķ „Ļķ † ķ †ģķ ‡Ąķ †Šķ ‡Ŗķ †ŗķ †Žķ ‡Ļķ ‡€ķ „€ķ …Žķ ‡“ķ „Ēķ „‹ķ ‡–ķ „šķ ‡§ķ †—ķ …†ķ †ķ †‹ķ …ˇķ …”. It built a Web3 subsidiary calledBlockBloom in June 2025with a modest ÂĨ300 million in capital, aimed at wallets, NFTs, and fan-facing crypto productsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‹ī¸ķ „ķ †‡ķ ‡Ąķ …™ķ ‡‘ķ …ģķ †ļķ ‡•ķ † ķ … ķ †Žķ †¯ķ †ķ „Žķ †ŧķ ‡ķ …‹ķ „Ĩķ … ķ „€ķ ‡Ēķ „ƒķ „ ķ †Œķ „—ķ …œķ „‘ķ ……ķ …šķ „¯ķ ‡—ķ ‡Ąķ „ˇķ †•ķ ‡…ķ ‡”ķ …ĩķ ‡‚. It also runs its own Ethereum layer-2 chain, Soneium, launched back in January 2025ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‘ķ †ķ ‡žķ ‡ī¸Œķ †šķ …ļķ †šķ †ˆķ …ąķ …•ī¸ķ …Žķ ‡ƒķ ‡‹ķ ‡Ļķ †‡ķ „­ķ …›ķ …Žķ „Šķ †ļķ …žķ „’ķ „•ķ …žķ ‡Ĩķ …Ÿķ „“ī¸ƒķ †¨ī¸ķ ‡ĸī¸‡ķ †œķ ‡œī¸ķ †Ŋķ †Ÿķ †…. Connectia Trust is the third and most consequential piece: the one with an actual federal bank charter attached to it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡­ķ †¨ī¸‹ī¸ķ „ĩķ „‘ķ ‡Žķ …’ķ „—ķ ‡”ķ †ĩķ †­ķ „ˇķ †–ķ „žķ ‡ķ ‡…ķ „€ķ „ƒķ „Žķ †´ķ …Ģķ …Ļķ †Ŧķ ‡ķ „ķ †”ķ ‡¨ķ †Žķ ‡•ķ …ĩķ „ŗķ †ƒķ †ŗķ …€ķ …”ķ …Šķ „˛ķ „†ķ †¸WHY THIS BLEEDS INTO PLAYSTATION, ANIME, AND MUSIC

Sony has said the stablecoin is meant for PlayStation purchases, anime and streaming subscriptions, and Sony Group's own treasury and cross-border paymentsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ļķ †€ķ ‡ĸķ †¸ķ ‡‰ķ …ī¸„ķ †˛ķ ‡Ŧķ „Œķ †ĸķ …ēķ ‡€ī¸ķ „ŋķ ‡Ŧķ „§ķ ‡†ķ …Žķ …Žķ †•ķ „—ķ …Ŋķ †…ķ „Ļķ „Œķ „Žķ ‡Œķ †‡ķ „­ķ †ķ ‡Ŗķ …›ķ „ķ „ ķ „¯ķ †ŧķ †Œķ †•ķ „°. That's not filler languageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ĩķ †‡ķ …ŗķ ‡Šķ „™ķ ‡›ķ …˛ķ …ķ „‹ķ ‡Ĩķ …Ĩķ …Ģķ …‰ķ „Žķ †Ļķ …ˇķ …ķ †šķ …›ķ …„ķ †˜ķ …•ķ …œķ †ŗķ „Ÿķ …‹ķ „™ķ …žķ „Ļķ ‡Žķ †Œķ …’ķ …Œķ „¤ķ …ŋķ …Ģķ „’ķ „•ķ †‹ī¸Œ. It lines up with where Sony's actual money is.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ąī¸ķ „‰ķ ‡‘ķ …ĸķ …´ķ …Ąķ †‡ķ †Ąķ †œķ „¨ķ ‡€ķ …šķ †™ķ „ĸķ …˛ķ ‡Ŗķ „›ķ †žķ ‡ƒī¸…ķ †ˆķ †™ķ …Ŧķ „”ķ „”ī¸Šķ …€ķ ‡”ķ ‡¤ķ „žķ ‡œķ †–ī¸ķ ‡™ķ †­ķ ‡ ķ ‡–ķ ‡ˆķ „†It also lines up with a decision Sony made three days before the OCC approval landed:ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ …Ÿķ † ķ ‡­ķ †Ŗķ „œķ …°ķ …˜ķ †ļķ „‹ķ „€ķ …™ķ „ŋķ …˛ķ …ĸķ …šī¸‹ķ ‡†ķ †”ķ †ŋķ …Ēķ …Žķ ‡ƒķ †ƒķ …ķ „ąķ „žī¸„ķ …•ķ †§ķ „Ģķ …—ķ †ˇķ ††ķ „ķ ‡ƒī¸Šķ „Ÿķ †Ŗķ „ŒPlayStation is ending physical disc production entirely by January 2028, citing how far digital preference now outpaces physical mediaķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡“ķ ‡„ķ „°ķ „Žī¸€ķ †ķ …Ÿķ †‚ķ †žķ ‡œķ …Šķ †Šķ ‡™ķ ‡šķ „Ēķ …—ķ ‡ ķ „…ķ „Ĩķ ‡—ķ …´ķ †ĸķ ……ķ …‚ķ †šķ ‡Ĩķ „žķ „™ķ „”ķ †‰ķ „ŋķ …°ķ ‡ķ ‡Ĩķ †ļķ „ķ „ļķ …ķ †™ķ ‡–. Read those two announcements together and the strategy gets clearer: an entertainment company going fully digital on the product side has every incentive to go fully digital on the payment rail underneath it too, especially one currently paying 2 to 3 percent of every transaction to Visa and Mastercard.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ …„ķ ‡Ļķ †šī¸‰ķ …ķ „Žķ †˛ķ „‘ķ …•ķ †šķ ‡¤ķ …Šķ …›ķ †§ī¸Žķ …ļķ „ĩķ „­ķ „ˇķ †˜ķ †Ÿķ ‡ˆķ ‡‰ķ „¤ķ „´ķ ‡‰ķ ‡Ēķ ‡†ķ †Žķ „–ķ …Ļķ …ŧķ „ŗķ †ąķ ‡’ī¸ķ ‡‹ķ †ˇķ …šThe anime side of the business adds a wrinkle that makes an internal settlement currency genuinely useful, not just a consumer gimmickķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ „ī¸‹ī¸‚ķ †ŋķ …ˆķ ‡•ķ …€ķ …ƒķ „ķ „ŗķ †ķ „ŋķ †ƒķ ‡Ŗķ †Ąķ …Ŧķ †ēķ „ķ …ļķ †“ķ „’ķ …—ķ „ĩķ …‹ķ „ŧī¸†ī¸ķ ‡šķ …‚ķ ‡€ķ †Šķ …šķ „žķ „Ēī¸‹ķ †”ķ „ĸķ †Œķ ‡. Crunchyroll is a 50/50 joint venture between Sony Pictures Entertainment and Aniplex, which itself sits inside the Music segment under Sony Music Entertainment Japanķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …œķ †Ģķ …˜ķ ‡§ķ „Ĩķ …‘ķ †ŧķ „ŋķ † ķ …Œķ ‡ķ „”ī¸‡ķ …Ŋķ „‹ķ …Ēķ ‡˜ķ „‰ķ …Žķ ‡Ŗķ …›ķ „„ķ ‡‰ķ „žķ „”ī¸ķ †Ģķ „†ķ …”ķ „ąķ †Ŧķ †Žķ …•ķ …Šķ …ķ ‡ķ ……ķ „˛ķ ‡…ķ „Ļ. One writer covering the anime businessdescribed the problem well: unlike a rival like Toho, which operates as a single pocket, Sony has to pass money formally across divisional lines, with arm's-length documentation, every time a hit likeDemon Slayergenerates revenue across Aniplex, Sony Pictures, and Crunchyroll simultaneouslyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‡ķ †‘ķ …šķ …Šķ „ˆķ …ķ †˜ī¸Žķ †Ļķ „˛ķ …ŗķ …†ķ ‡™ķ „„ķ …ķ …‘ķ † ķ †‚ķ …Ąķ …Ÿī¸‡ī¸Žī¸ķ ‡‘ķ „‰ķ …¨ī¸Žķ …”ķ …„ķ ‡§ķ ‡ķ „€ķ †˛ķ „šķ …›ķ ‡“ķ ‡—ķ ‡¨ī¸Šķ „¯. A programmable, Sony-branded settlement asset doesn't just save PlayStation users a card feeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡­ķ ‡Œķ „Ļķ …ķ „´ī¸„ķ „†ķ ‡–ķ …Ēķ ‡ķ „Ąķ †“ķ …­ķ „šķ ‡…ķ ‡›ķ „Ÿķ …­ķ …Ēķ „‘ķ „Ąķ „˜ķ „Ģķ †‡ķ „Ŋķ …œķ „ŧķ ‡ķ …‘ķ †Ģķ …šķ †‘ķ …­ķ ‡ķ †‰ķ ‡ˆķ „Ÿķ …Ŗķ †Ÿķ †›. It's a plausible fix for exactly that kind of intercompany friction.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ ‡Ēķ …Šķ …´ķ „•ķ …­ķ ‡ķ †Ŋķ „Œķ „ļķ †Ŗķ …ĩķ …ŗķ ‡‰ķ …Ēķ ‡œķ „’ī¸‚ķ …“ķ †Šķ ‡Ļķ …”ķ …ļķ „ķ …­ķ ‡žķ †‘ķ …˜ķ †Ģķ …Ģķ …‘ķ †§ķ …—ķ „¤ķ †ģķ ‡œķ †¤ķ ‡›ķ …Ĩķ ‡—WHAT CHANGES FOR THE INDUSTRY

Sony isn't first to the stablecoin idea generallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ī¸‡ķ …Žķ …†ī¸ˆķ …šķ ‡œķ …‡ī¸‚ķ …ļķ ‡¯ķ ‡¤ķ ‡šķ …Šķ ‡Žķ …†ķ …ēķ „§ķ …’ķ …›ķ …ĩķ …Ŧķ …ŧķ …ŋķ †¤ķ †–ķ ‡Žķ „›ķ „¨ķ „ŗķ ‡Ĩķ „ƒķ …‹ķ …ŗī¸ˆķ ‡†ķ „žķ …Šķ „‡ī¸. It's first among legacy entertainment conglomerates to actually secure a federal bank charter to do it, rather than just partnering with an existing issuer.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Œķ „˜ķ †­ī¸‚ķ …ķ „‘ķ ‡ ķ ‡­ķ †ŋķ „ ķ †Šķ …Ēķ …Žķ …Šķ ‡—ķ †°ķ „ĸķ …ąķ „Šī¸Œī¸ƒķ …Ąķ „ķ ‡ķ …šķ „’ķ …ļķ …Ēķ …Ŋķ ‡„ķ „™ķ …‹ķ „…ķ …œķ ‡Ąķ ‡•ķ ‡„ķ †Ĩķ …ĩķ †–The broader corporate stablecoin land grab is already crowded.ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ …Ŋķ …Ŧķ „•ķ ‡—ķ …™ķ …˛ķ „Šķ †Ŧķ †žķ …ķ „¤ķ †Šķ ‡šķ ‡›ķ „ĩķ „´ķ …Ļķ „šķ „˜ķ †°ķ …¨ķ †ŧķ ‡Ģķ „“ķ „€ķ ‡Ģķ …Ŧķ „ĸķ „¤ķ ‡›ī¸ķ †•ķ †…ķ †Ŧķ ‡„ķ †‡ķ …ļķ …šķ …‹Amazon and Walmart have explored issuing their ownfor internal settlementķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡™ķ „‹ķ ‡Ēķ †žķ ‡‚ķ †„ķ †°ķ ‡Ļķ …ĸķ „Ļķ …°ķ „°ķ „ ķ ‡ˆķ †Šķ …Šķ …­ī¸‚ķ †Ŧķ ‡¯ķ †Ĩķ …Žķ †™ķ †„ķ …†ķ „ģķ ‡ˆķ …Žķ „Ŗķ †Žķ …ķ †ˇķ „ĸķ „ģķ „ķ ‡œķ ‡Œķ ‡˜ķ †ąķ „ŧ. JPMorgan has JPMD, a tokenized deposit productķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ „•ķ †Šķ ‡Ŗķ „ķ …Žķ …€ķ ‡Ŗķ …‹ķ ‡Šķ …Žķ ‡ ī¸Šķ †˜ķ „„ķ …Ŗķ „‘ķ †ķ „ƒķ „˛ķ ‡–ķ …ķ …–ķ „¸ķ †–ī¸ƒķ †Ąķ †Šķ †›ķ ‡ķ „ŧķ †ĸķ †ķ … ķ †˜ķ „žķ …Šķ †—ķ …˛ķ „œ. Klarna launched KlarnaUSDķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „§ķ „…ķ ‡Ąī¸Šī¸ķ † ķ …Ģķ …ļķ „˛ķ ‡›ī¸ķ „šķ …ĸķ †Šķ ‡‰ķ †ķ †œķ ‡ƒķ ‡ķ …ķ ‡†ī¸ķ „ˇķ „¯ķ „ˇķ „–ķ „˜ķ †‰ī¸ƒķ …‡ķ „‹ķ …šķ …ŋī¸Šķ †ŧķ „¨ķ ‡¤ķ …Ļķ †Žķ …¯. Stripe and Visa just backed a 140-company consortium calledOpen USD to compete directly with Tether and Circleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ †ķ „‘ķ …ĩķ †§ķ „Ēī¸ˆķ …‘ķ †¨ķ …Šķ †™ķ … ķ ‡”ķ …ķ …ģķ …Ēķ „‚ķ „‡ķ …ˇķ …Ŗķ ‡¨ī¸ƒķ ‡—ķ †ŋķ †ŋķ ‡–ķ …ĩķ ‡‚ķ †Ąķ „ļķ †˛ķ …›ķ …ĸķ „†ķ †žī¸Œķ †œķ †ēķ †Ÿķ †. The global market for dollar-pegged stablecoins sits around $291 billion today and is projected to push toward $1.9 trillion by 2030.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‘ķ „‚ķ …šķ …ēķ …Ģķ …Ģķ …´ķ „Ŗķ †ŋķ …ŋķ „‰ķ „‰ķ …Ēķ ‡”ķ „ļķ ‡“ķ †¨ķ …°ķ †€ī¸†ķ †Ģķ †ļķ …€ķ ……ķ ‡™ķ …Ŧķ „‘ķ …ķ „˜ķ ‡­ķ †œķ „Œķ „˛ķ …Ŧķ †Ļķ †‰ķ „¤ķ †˛ķ …‰ķ „§None of Sony's peer media companies (Disney, Warner Music, Live Nation) have announced anything comparable yetķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „Ģķ ‡˜ķ ‡‹ķ „‘ķ „›ķ ††ķ ‡­ķ …’ķ ‡žī¸Œķ †šķ …˛ķ ‡­ī¸ˆķ „˜ķ ‡ķ „—ķ …“ķ …ąķ ‡„ķ „ˆķ „¨ķ ‡„ķ †ģķ …Ļķ ‡–ī¸ƒķ †Ŧķ †ŗķ †•ķ ‡§ķ „šķ …Ĩķ †Ÿķ ‡Ŗķ …Ąķ ‡€ķ ‡‰ī¸‹. If Sony's PlayStation stablecoin actually reduces card fees at scale on tens of billions of dollars in annual digital sales, expect that to change fastķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸€ķ †œķ †•ķ ‡’ķ …´ī¸„ķ †”ķ „ķ …Ŗķ „Œķ †œķ ‡—ķ …ĩķ „Žķ …ƒķ „‰ķ †Šķ †–ķ …ąī¸ˆķ ‡Ÿķ „œķ ‡ķ „‚ķ …ŋķ ‡Ąķ …‰ķ „Ŧķ „Žķ …–ķ „‡ķ …ŗķ …¯ķ ‡ĸķ †Ÿķ …ĸķ „Šķ †Ģķ ‡œķ …¤. Korea's gaming industry is already having the same conversation at a policy level, treating stablecoins as payment infrastructure rather than the speculative play-to-earn tokens that defined the last cycle.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †¤ķ …ŗķ ‡Ļķ †™ķ ‡•ķ „°ķ „­ķ …•ķ ‡€ī¸ˆķ „ĩķ ‡™ķ …Žķ ‡¨ķ „€ķ ‡Ļķ †Šķ †Žķ ‡‘ķ †•ķ †Ÿķ †Œķ ‡–ķ †ąķ …Ąķ ‡˜ķ „žķ ‡ ķ ‡Œķ …Ŋķ …šķ †ŧķ „‘ķ …™ķ „°ķ †€ķ „œķ …ģķ ‡”THE CATCH

Nothing about this is live yet, and the caveats matter as much as the ambition.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ …Ĩķ †”ķ …Šķ ‡¤ķ ‡ķ „•ķ †‡ķ ‡™ķ †Šķ „‹ķ …ģķ „ķ …¨ķ …‡ķ „•ķ „ŗķ …Žķ „¨ķ …„ķ „’ķ ‡¨ķ ‡Ŗķ †ķ „˜ķ ‡›ķ ‡Ģķ ‡ ķ †¤ķ …–ķ …Ŧķ †Ŋķ …’ķ ‡…ķ †›ī¸ƒķ ‡Ļķ „Šķ …ķ „Š"Conditional approval" is not a final charterķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ŋķ ……ķ „šķ …™ī¸‚ķ †žķ …ĩķ ‡Ĩķ …¤ķ †™ķ „ķ „–ķ …œķ …Œķ „¯ķ †Žķ †„ķ „Šķ „Ŗķ „Šķ ‡ ī¸ķ ‡Ļķ „œķ ‡ ķ ‡ķ …ķ …„ķ †¨ķ ‡ķ …žķ ‡ķ …‰ķ „‘ķ †Ŋķ †Žķ ‡¯ķ „¤ķ …žķ †­. Sony still needs the OCC's final sign-off, plus clearance from Japanese regulators, before Connectia Trust can issue anythingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „˜ķ „ēķ †šķ †ķ …Ģķ „™ķ †€ķ ‡Ąķ …ķ „‰ī¸€ķ †Žķ ‡‰ķ „Ąķ …Ŋķ …ŗķ †°ķ †Ģķ …Žķ „€ķ …¨ķ …¤ķ …Ŧķ „ŋķ †§ķ †•ķ …šķ …•ķ †Šķ ‡‹ķ †˜ķ …Ÿķ ‡ķ †›ī¸€ķ „ģķ …•ķ …ģķ „˛ķ ††. Sony's own language has been careful on this point: no stablecoin business happens until every authorization is in handķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡­ķ …Ĩķ „˛ķ …›ķ †„ķ †Ąķ †‘ķ †Ŋķ „Ēķ …˛ķ †“ķ † ķ †’ķ †‰ķ †Ļķ „Ēķ †´ķ „ŋķ „¸ķ †Ļķ ‡•ķ †ŗķ †•ķ …žķ ‡¯ķ „’ķ „Ŗķ … ķ †ļī¸ī¸‰ķ „‘ķ †ī¸ķ „´ķ …’ķ ‡Šķ …Ŧķ †›ķ †š. The company's internal target is 2027, and Bastion is simultaneously trying to convert its own New York trust charter to a national one, adding a second layer of regulatory dependency to a plan that already depends on one.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ …ŋķ ‡™ķ „Ģķ ‡Ŗķ …‘ķ „¯ķ ††ķ †šķ †ĩķ …ˇķ „›ķ …šķ †ŋķ …Ŧķ †‚ķ ‡Žķ „ˇķ …‰ķ „…ķ †’ķ †œķ ‡ķ „’ķ „Ļķ †‘ķ …Ēķ †Žķ …žķ ‡’ķ †€ķ „ƒķ …˜ķ „Ÿķ †Œķ …ķ „†ķ ‡Ąķ †Šķ ‡„What we do see from this is the ambition to create a clean internal ecosystem that runs on product paymentsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Žķ ‡”ķ †ˇī¸…ķ †Ŗķ ‡ˆķ „‹ī¸€ķ †‹ķ ‡Šķ „œķ …ˇķ …ŋķ …ŗī¸„ķ ‡“ķ …Ŗķ …Žķ „§ķ ‡Ŧķ „Šķ „ ķ ‡ī¸‡ķ ‡¯ķ †‚ķ ‡Ļķ „ķ †Žķ ‡ˆķ „­ī¸ķ „ķ ‡€ķ …ļķ „´ķ …‚ķ „ļķ †“ķ ‡†. This structure allows Sony to operate like an airline where it prints its own points system, so long as it is backed 1 for 1 in its treasuryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ †ēķ „’ķ ‡Šķ „ķ †•ķ ‡„ķ †—ķ ‡ķ …´ķ †•ķ „Ŗķ …Šķ †Ēķ …Ļķ ‡Ÿķ ‡¨ķ †ģķ ‡ ķ …–ķ ‡ķ „‚ķ …Ļķ †ēķ … ķ …ŧķ „šķ ‡Šķ …ĩķ „Ąķ „‡ķ ‡‚ķ †˛ķ …šķ …‰ķ …ģķ „Ĩķ ‡‚ķ †’ķ †Š. This is something that shouldn't be taken lightly, because it's a blueprint for how many entities with different lines of business will operateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ąī¸Žķ ‡–ķ ‡˜ķ †œķ ‡’ķ …Ąķ ‡‚ķ †¨ķ „§ķ †‰ķ …šķ …ļķ †šķ ‡Žķ …¤ķ „Ĩķ †ĸķ ‡›ķ †—ķ ‡Ŗķ ††ķ …ŋķ …€ķ †´ķ …—ķ †­ķ ‡žķ ‡”ķ †ēķ ‡Ŗī¸€ķ ‡Œķ …ąķ ‡“ķ „´ķ †šķ … ķ †„ķ …­. Excited to see where this goes over time.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „Ēķ ‡­ķ …Ŋķ …žķ „“ķ ‡Šķ †’ķ ‡Ģķ …‡ķ …˜ķ †­ķ „˛ķ †¸ķ …–ķ „Ļī¸ƒķ †­ķ ‡…ķ „ķ …ˇķ …§ķ „”ķ †ƒķ ‡€ķ ††ķ ‡ķ ‡ķ „˛ķ „Žķ „…ķ …Ŧķ „ķ …ˆķ †ŧķ ‡ķ †›ķ …Ļķ „›ķ …ĸDon't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †™ķ …Ģķ … ķ †¨ķ †Ŋķ †“ķ …ˆķ †žķ †°ķ …•ķ „ˆķ †Ģķ „‡ķ „¤ķ „¯ķ „‰ķ †Šķ …Šī¸ˆķ „ąķ †ŗķ ‡–ķ „•ķ †‹ķ †•ķ …Žķ ‡œķ …‚ķ „Žķ „žķ ‡”ķ …Ēķ …Ąķ ‡Žķ ‡ķ „ ķ ‡ƒķ ‡‹ī¸‡ķ …•. Pass this to a friend.

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