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'IRXIVW'SRIWLETIHTMRWXLEXWYTTSVXE[ SVOTMIGIF]SRISVX[ SIRHWHYVMRKQ EGLMRMRK8LI

GIRXIVWJMXMRXSLSPIWHVMPPIHMRXLI[ SVOTMIGIIRHW'IRXIVWXLEXXYVR[ MXLXLI[ SVOEVIGEPPIH


wPMZIxGIRXIVWXLSWIXLEXHSRSXEVIGEPPIHwHIEHxGIRXIVW

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GYX

'LEQ JIVMRKXSSP'YXXIVSV[ LIIPXLEXGVIEXIWEFIZIPIHIHKISREXSSPSV[ SVOTMIGI

'LEXXIV-VVIKYPEVMX]MRGYXXMRKEGXMSRGEYWIHF]XSSPSV[ SVOTMIGIZMFVEXMSRVIWYPXMRKMRRSMWI
TSSVJMRMWLERHTSWWMFPIHEQ EKIXSXSSPERH[ SVO1 E]FIXLIVIWYPXSJMQ TVSTIVXSSPKISQ IXV]
XLI[ VSRKJIIHERHWTIIHEPSSWIWIXYTSV[ SVRQ EGLMRIV]

'LYGO; SVOLSPHMRKHIZMGIXLEXEJJM\IWXSEQ MPPPEXLISVHVMPPTVIWWWTMRHPI-XLSPHWEXSSPSV


[ SVOTMIGIF]SRIIRHEPPS[ MRKMXXSFIVSXEXIH1 E]EPWSFIJMXXIHXSXLIQ EGLMRIXEFPIXSLSPH
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'LMT7Q EPPTMIGISJQ EXIVMEPVIQ SZIHJVSQ E[ SVOTMIGIF]EGYXXMRKXSSP

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Q EGLMRI

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'2 'GSQ TYXIVRYQ IVMGEPGSRXVSP1 MGVSTVSGIWWSVFEWIHGSRXVSPPIVHIHMGEXIHXSEQ EGLMRI


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'SSPMRK8LITVSGIWWSJVIHYGMRKXLILIEXGSRXIRXSJEXSSPTEVXEWWIQ FP]SVQ EXIVMEP'SSPMRK
Q E]FIVIUYMVIHJSVEZEVMIX]SJVIEWSRWXSMQ TVSZIXSSPPMJIMRGVIEWIGYXXMRKWTIIHWERHIRWYVI
[ SVOTMIGIXSPIVERGIWF]GSRXVSPPMRKI\TERWMSR)PIGXVMGEPERHGSQ TYXIVIUYMTQ IRXVIUYMVIWGSSPMRK
XSQ EMRXEMREWEJISTIVEXMRKXIQ TIVEXYVI; LIRLIEXXVIEXMRKQ IXEPTEVXWTEVXSJXLITVSGIWWMW
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'SYRXIVFSVI8SSPKYMHIHF]ETMPSXXLEXI\TERHWELSPIXSEGIVXEMRHITXL

'SYRXIVFSVMRK8LITVSGIWWSJIRPEVKMRKSRIIRHSJEHVMPPIHLSPI[ LMGLMWGSRGIRXVMG[ MXLXLI


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XLI[ SVOTMIGIWYVJEGI7IIGSYRXIVFSVMRKWTSXJEGMRK

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Q SXMSRSJGLMTWQ SZMRKEGVSWWXLIXSSPvWWYVJEGI

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[ SVOEXWYJJMGMIRXHITXLSJGYXXSEGGSQ TPMWLMRSRITEWW[ LEXSXLIV[ MWI[ SYPHVIUYMVIVITIEXIH
TEWWIW

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EWMWJSYRHSRELSVM^SRXEPTSWXX]TIFERHQ EGLMRISVEPEVKILEGOWE[ 

'YXXIVGSQ TIRWEXMSR% JIEXYVIXLEXEPPS[ WXLISTIVEXSVXSGSQ TIRWEXIJSVXSSPHMEQ IXIV


PIRKXLHIJPIGXMSRERHVEHMYWHYVMRKETVSKVEQ Q IHQ EGLMRMRKG]GPI

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'YXXMRKZIPSGMX]ZIGXSV:IGXSVSVHMVIGXMSRXLIXSSPvWGYXXMRKIHKIXEOIWEWEVIWYPXSJXLI
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WITEVEXMRKMXJVSQ XLISVMKMREPWXSGO4IVJSVQ IHSRPEXLIWGLYGOMRKQ EGLMRIWEYXSQ EXMGWGVI[
Q EGLMRIWERHSXLIVXYVRMRKQ EGLMRIW% PWSTIVJSVQ IHSRQ MPPMRKQ EGLMRIWQ EGLMRIGIRXIVW
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WMQ TPIGYXSJJXEWOW

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8LI[ SVOTMIGIMWYWYEPP]G]PMRHVMGEPFYXMXQ E]FIXETIVIHSVGYVZMPMRIEVMRTVSJMPI7IIKVMRHMRK

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TIVQ MXXMRKFSXLWXVEMKLXERHXETIVIHKVMRHMRKSJVSYRHWXSGO

( 2 'HMVIGXRYQ IVMGEPGSRXVSP% GXMSRWSJQ YPXMTPIQ EGLMRIXSSPWGSRXVSPPIHF]EWMRKPIGSQ TYXIV


7II'2 'GSQ TYXIVRYQ IVMGEPGSRXVSP2 'RYQ IVMGEPGSRXVSP

( IMSRM^EXMSR6IQ SZEPSJMSRWJVSQ E[ EXIVFEWIHWSPYXMSR7IIWIQ MW]RXLIXMGGYXXMRKJPYMH


WSPYFPISMPGYXXMRKJPYMHW]RXLIXMGGYXXMRKJPYMH

( MEQ SRHFERHWE[ MRK1 EGLMRISTIVEXMSRMR[ LMGLEFERH[ MXLHMEQ SRHTSMRXWMWYWIHXSQ EGLMRI


GEVFMHIWGIVEQ MGWERHSXLIVI\XVIQ IP]LEVHQ EXIVMEPW

( MWGGYXXMRKEXXEGLQ IRX% HNYWXEFPIHIZMGIJSVEGSRXSYVFERHWE[ XLEXTSWMXMSRWWXSGOXSEPPS[


XLIWE[ MRKSJEVGWERHGMVGYPEVWLETIWSREGSRXSYVFERHWE[ 

( MWGKVMRHMRK3 TIVEXMSRMR[ LMGLXLI[ SVOTMIGIMWTPEGIHEKEMRWXXLIWMHISJE[ LIIPVEXLIVXLER


XLI[ LIIPvWTIVMTLIV]7IIKVMRHMRK

( MWL*SVQ SJVIPMIJKMZIRXSXLIJEGISJERIRHQ MPPXSTVIZIRXYRHIWMVEFPIGSRXEGX[ MXLXLI[ SVO


7MQ MPEVXSGPIEVERGI

( MZMHMRKLIEH% XXEGLIWXSEQ MPPMRKQ EGLMRIXEFPIERHTVIGMWIP]MRHI\IWXLI[ SVOTMIGI% PPS[ W


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IXG

( SZIXEMPGYXXIV'YXXIVJSVQ MPPMRKHSZIXEMPWPSXW7IIQ MPPMRKGYXXIV

( VIWWMRK6IQ SZEPSJYRHIWMVEFPIQ EXIVMEPWJVSQ wPSEHIHxKVMRHMRK[ LIIPWYWMRKEHMEQ SRHSV


SXLIVXSSPWMRKPISVQ YPXMTSMRX8LITVSGIWWEPWSI\TSWIWYRYWIHWLEVTEFVEWMZITSMRXW7II
PSEHMRKXVYMRK

( VMPPHVMPPFMXHVMPPMRKXSSP)RHGYXXMRKXSSPJSVHVMPPMRK8SSPLEWWLEROFSH]ERHERKPIHJEGI
[ MXLGYXXMRKIHKIWXLEXHVMPPXLILSPI( VMPPWVERKIMRWM^IJVSQ wQ MGVSHVMPPWxEJI[ XLSYWERHXLWSJ
ERMRGLMRHMEQ IXIVYTXSTWTEHIHVMPPW[ LMGLQ E]GYXLSPIWWIZIVEPMRGLIWMRHMEQ IXIV( VMPPWQ E]
LEZIXETIVIHWLEROW[ MXLEHVMZMRKXERKERHJMXHMVIGXP]MRXSEWTMRHPISVEHETXIVSVXLI]Q E]LEZI
WXVEMKLXWLEROWERHFIGLYGOQ SYRXIH8LIVEOIERKPIZEVMIW[ MXLXLIQ EXIVMEPHVMPPIH7X]PIW
MRGPYHIX[ MWXHVMPPWWXVEMKLXJPYXIHVMPPWLEPJVSYRHERHJPEXHVMPPWSMPLSPIHVMPPWERHWTIGMEPW

( VMPPNMK% GGIWWSV]XLEXLSPHWE[ SVOTMIGIWIGYVIP][ LMPIKYMHMRKEHVMPPSVSXLIVXSSPMRXSXLI


[ SVOTMIGIIRWYVIWEGGYVEXIVITIEXEFPIPSGEXMSR

( VMPPMRK3 TIVEXMSRMR[ LMGLEVSXEXMRKXSSPMWYWIHXSGVIEXIEVSYRHLSPIMRE[ SVOTMIGI( VMPPMRK


MWRSVQ EPP]XLIJMVWXWXITMRQ EGLMRMRKSTIVEXMSRWWYGLEWFSVMRKVIEQ MRKXETTMRKGSYRXIVFSVMRK
GSYRXIVWMROMRKERHWTSXJEGMRK

( VMPPMRKQ EGLMRIHVMPPTVIWW1 EGLMRIHIWMKRIHXSVSXEXIIRHGYXXMRKXSSPW'EREPWSFIYWIH


JSVVIEQ MRKXETTMRKGSYRXIVWMROMRKGSYRXIVFSVMRKWTSXJEGMRKERHFSVMRK

( VMZITPEXI% XXEGLIWXSEPEXLIWTMRHPILEWEWPSXSVWPSXWXLEXIRKEKIEHVMZMRKHSKXSXYVRXLI
[ SVO9 WYEPP]YWIHMRGSRNYRGXMSR[ MXLGIRXIVW7IIGIRXIVWHVMZMRKHSK

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( VMZMRKHSK( IZMGILEZMRKEVMRKSVGPEQ TSRSRIIRHXLEXWPMTWSZIVXLI[ SVOTMIGIXSFIXYVRIH
EWGVI[ WIGYVIWXLI[ SVOTMIGIMRTPEGI8LIHSKvWSTTSWMXIIRH XEMP JMXWMRXSEHVMZITPEXIEXXEGLIH
XSXLIQ EGLMRIWTMRHPI7IIGIRXIVWHVMZITPEXI

)Q YPWMSR7YWTIRWMSRSJSRIPMUYMHMRERSXLIVWYGLEWSMPMR[ EXIV

)RHQ MPP1 MPPMRKGYXXIVLIPHF]MXWWLEROXLEXGYXWSRMXWTIVMTLIV]ERHMJWSGSRJMKYVIHSRMXWJVII


IRH8EOIWEZEVMIX]SJWLETIW WMRKPIERHHSYFPIIRHVSYKLMRKFEPPRSWIERHGYTIRH ERHWM^IW
WXYFQ IHMYQ PSRKERHI\XVEPSRK % PWSGSQ IW[ MXLHMJJIVMRKRYQ FIVWSJJPYXIW7IIQ MPPMRK
GYXXIV

)'1 IPIGXVSGLIQ MGEPQ EGLMRMRK3 TIVEXMSRMR[ LMGLIPIGXVMGEPGYVVIRXJPS[ WFIX[ IIRE


[ SVOTMIGIERHGSRHYGXMZIXSSPXLVSYKLERIPIGXVSP]XI-RMXMEXIWEGLIQ MGEPVIEGXMSRXLEXHMWWSPZIW
Q IXEPJVSQ XLI[ SVOTMIGIEXEGSRXVSPPIHVEXI9 RPMOIXVEHMXMSREPGYXXMRKQ IXLSHW[ SVOTMIGI
LEVHRIWWMWRSXEJEGXSVQ EOMRK)'1 WYMXEFPIJSVQ EGLMRMRKXSYKLQ EXIVMEPW8EOIWWYGLJSVQ WEW
IPIGXVSGLIQ MGEPKVMRHMRKIPIGXVSGLIQ MGEPLSRMRKERHIPIGXVSGLIQ MGEPXYVRMRK

)( + IPIGXVMGEPHMWGLEVKIKVMRHMRK% TVSGIWWWMQ MPEVXSGSRZIRXMSREP)( 1 I\GITXEKVMRHMRK


[ LIIPX]TISJIPIGXVSHIMWYWIH

)( 1 JSVQ IHIPIGXVSHI% TVSGIWWYWMRKEWLETIHIPIGXVSHIQ EHIJVSQ GEVFSRSVGSTTIV8LI


IPIGXVSHIMWWITEVEXIHF]ERSRGSRHYGXMZIPMUYMHERHQ EMRXEMRIHEXEGPSWIHMWXERGI EFSYXx 
% LMKL( 'ZSPXEKIMWTYPWIHXSXLIIPIGXVSHIERHNYQ TWXSXLIGSRHYGXMZI[ SVOTMIGI8LIVIWYPXMRK
WTEVOWIVSHIXLI[ SVOTMIGIERHKIRIVEXIEGEZMX]MRXLIVIZIVWIWLETISJXLIIPIGXVSHISVEXLVSYKL
LSPIMRXLIGEWISJETPEMRIPIGXVSHI4IVQ MXWQ EGLMRMRKWLETIWXSXMKLXEGGYVEGMIW[ MXLSYXXLI
MRXIVREPWXVIWWIWGSRZIRXMSREPQ EGLMRMRKSJXIRKIRIVEXIW% PWSORS[ REWwHMIWMROIVxSVwWMROIVx
IPIGXVMGEPHMWGLEVKIQ EGLMRMRK

)( 1 WXERHEVHIPIGXVSHI[ MXL'2 '7MQ MPEVXSXLIWXERHEVHIPIGXVMGEPHMWGLEVKIQ EGLMRMRK


TVSGIWWFYXYWIWE'2 'XSKIRIVEXIWLETIW[ MXLWXERHEVHIPIGXVSHIW8LIGSRZIRXMSREPIPIGXVMGEP
HMWGLEVKIQ EGLMRMRKTVSGIWWQ YWXLEZIERIPIGXVSHIXLEXGSRJSVQ WXSXLIVIUYMVIHWLETI

)( 1 [ MVI% TVSGIWWWMQ MPEVXSGSRZIRXMSREPIPIGXVMGEPHMWGLEVKIQ EGLMRMRKI\GITXEWQ EPPHMEQ IXIV


GSTTIVSVFVEWW[ MVIMWYWYEPP]YWIHMRGSRNYRGXMSR[ MXLE'2 'ERH[ MPPSRP][ SVO[ LIRETEVXMWXS
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GSQ TSYRHW XLEXGLIQ MGEPP]VIEGX[ MXLXLI[ SVOTMIGIQ EXIVMEPXSQ MRMQ M^IGLMT[ IPHMRKKSSHJSV
LMKLWTIIHQ EGLMRMRK

)GSRSQ MIWSJWGEPI% GLMIZMRKPS[ TIVYRMXGSWXWF]TVSHYGMRKMRZSPYQ ITIVQ MXXMRKwJM\IH


GSWXWxXSFIHMWXVMFYXIHSZIVEPEVKIRYQ FIVSJTVSHYGXW-Q TPMIWMRJPI\MFPITVSHYGXMSRQ IXLSHW
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ERHMQ TEVXWQ EPPVEHMMXSGSVRIVW8LITVSGIWWRSVQ EPP]YWIWEWTIGMEPP]WLETIHIPIGXVSHIXSGEVIJYPP]
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HMWGLEVKIQ EGLMRMRK1 EXIVMEPMWVIQ SZIHF]FSXLTVSGIWWIW8LI[ SVOTMIGIERHXLIKVMRHMRK
[ LIIPRIZIVGSQ IMRXSGSRXEGXEWMRER]SXLIVIPIGXVMGEPHMWGLEVKIQ EGLMRMRKTVSGIWW

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)PIGXVSGLIQ MGEPKVMRHMRK% ZEVMEXMSRSRIPIGXVSGLIQ MGEPQ EGLMRMRKXLEXYWIWEGSRHYGXMZI
VSXEXMRKEFVEWMZI[ LIIP8LIGLIQ MGEPWSPYXMSRMWJSVGIHFIX[ IIRXLI[ LIIPERHXLI[ SVOTMIGI
8LIWLETISJXLI[ LIIPHIXIVQ MRIWXLIJMREPWLETI

)Q YPWMSR7YWTIRWMSRSJSRIPMUYMHMRERSXLIVWYGLEWSMPMR[ EXIV

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IRH8EOIWEZEVMIX]SJWLETIW WMRKPIERHHSYFPIIRHVSYKLMRKFEPPRSWIERHGYTIRH ERHWM^IW
WXYFQ IHMYQ PSRKERHI\XVEPSRK % PWSGSQ IW[ MXLHMJJIVMRKRYQ FIVWSJJPYXIW7IIQ MPPMRK
GYXXIV

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EVFSV'SQ Q SRP]EWWSGMEXIH[ MXLJEGMRKSTIVEXMSRWSREQ MPPMRKQ EGLMRI7IIQ MPPMRK

*1 7JPI\MFPIQ ERYJEGXYVMRKW]WXIQ % YXSQ EXIHQ ERYJEGXYVMRKW]WXIQ HIWMKRIHXSQ EGLMRI


EZEVMIX]SJWMQ MPEVTEVXW7]WXIQ MWHIWMKRIHXSQ MRMQ M^ITVSHYGXMSRGLERKISZIVXMQ I'SQ TYXIVW
PMROQ EGLMRIXSSPW[ MXLXLI[ SVOLERHPMRKW]WXIQ ERHTIVMTLIVEPW% PWSEWWSGMEXIH[ MXLXLIQ EGLMRI
XSSPWKVSYTIHMRwGIPPWxJSVIJJMGMIRXTVSHYGXMSR7IIGIPPQ ERYJEGXYVMRK

*EGI% JPEXWYVJEGIYWYEPP]EXVMKLXERKPIWERHEHNEGIRXXSXLIKVSYRHLSPI

*EGIQ MPP1 MPPMRKGYXXIVJSVGYXXMRKJPEXWYVJEGIW7IIQ MPPMRKGYXXIV

*EGIQ MPPMRK% JSVQ SJQ MPPMRKXLEXTVSHYGIWEJPEXWYVJEGIKIRIVEPP]EXVMKLXERKPIWXSXLIVSXEXMRK


E\MWSJEGYXXIVLEZMRKXIIXLSVMRWIVXWFSXLSRMXWTIVMTLIV]ERHSRMXWIRHJEGI7IIQ MPPMRK

*EGMRK4VIPMQ MREV]wGPIERYTxSTIVEXMSRXLEXTVSZMHIWEXVYIVIJIVIRGIWYVJEGIFIJSVIFIKMRRMRK
ERSXLIVSTIVEXMSR

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WXSGOMWQ EVOIHP]EW]Q Q IXVMGEPGSYRXIVFEPERGIWQ E]FIRIIHIHXSTVIZIRXZMFVEXMSR7IIHVMZI
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*MPIFERHW7IKQ IRXIHJMPIWQ SYRXIHSRERIRHPIWWFERHJSVYWISRETS[ IVIHFERHX]TIJMPMRK


Q EGLMRISVSREGSRXSYVFERHQ EGLMRI[ MXLJMPMRKEXXEGLQ IRX

*MPPIX6SYRHIHGSVRIVSVEVGXLEXFPIRHWXSKIXLIVX[ SMRXIVWIGXMRKGYVZIWSVPMRIW-RXLVII
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MRJPYIRGISJXIQ TIVEXYVIERHTVIWWYVIXSTVIZIRXQ IXEPXSQ IXEPGSRXEGX7IIFSYRHEV]EHHMXMZIW
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*MRMWLGYX*MREPGYXQ EHISRE[ SVOTMIGIXSKIRIVEXIJMREPHMQ IRWMSRWSVWTIGMJMIHJMRMWL3 JXIR


Q EHIYWMRKVIHYGIHJIIHWERHLMKLIVWTIIHW+ IRIVEPP]XLIFIXXIVXLIWYVJEGIJMRMWLVIUYMVIHXLI
PSRKIVXLIJMRMWLGYXXEOIW% PWSXLIJMREPGYXXEOIRSRERIPIGXVMGEPHMWGLEVKIQ EGLMRIHTEVX

*MRMWLJIIH *IIHMRKMRWQ EPPMRGVIQ IRXWJSVJMRMWLMRKXLITEVX

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Q EGLMRMRKWXITGYXSRE[ SVOTMIGI3 JXIRXEOIWXLIJSVQ SJEKVMRHMRKLSRMRKPETTMRKSVTSPMWLMRK
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GEYWIWXSSPJEMPYVI

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+ ERKGYXXMRKQ MPPMRKWPMXXMRK1 EGLMRMRK[ MXLWIZIVEPGYXXIVWQ SYRXIHSREWMRKPIEVFSV


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+ IEVGYXXIV'YXXIVW Q MPPWFVSEGLIWLSFWIXG HIWMKRIHJSVQ EGLMRMRKKIEVW

+ IEVWLETIV1 EGLMRIXLEXMRGSRXVEWXXSQ MPPWERHLSFFMRKQ EGLMRIWVIGMTVSGEXIWXLIXSSPXS


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+ VMRHMRK1 EGLMRMRKSTIVEXMSRMR[ LMGLQ EXIVMEPMWVIQ SZIHJVSQ XLI[ SVOTMIGIF]ETS[ IVIH


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+ VMRHMRKQ EGLMRI4S[ IVWEKVMRHMRK[ LIIPSVSXLIVEFVEWMZIXSSPJSVXLITYVTSWISJVIQ SZMRK


Q IXEPERHJMRMWLMRK[ SVOTMIGIWXSGPSWIXSPIVERGIW4VSZMHIWWQ SSXLWUYEVITEVEPPIPERHEGGYVEXI
[ SVOTMIGIWYVJEGIW; LIRYPXVEWQ SSXLWYVJEGIWERHJMRMWLIWSRXLISVHIVSJQ MGVSRWEVIVIUYMVIH
PETTMRKERHLSRMRKQ EGLMRIW TVIGMWMSRKVMRHIVWXLEXVYREFVEWMZIW[ MXLI\XVIQ IP]JMRIYRMJSVQ
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:EVMSYWWX]PIWEVIEZEMPEFPIFIRGLERHTIHIWXEPKVMRHIVWJSVWLEVTIRMRKPEXLIFMXWERHHVMPPWWYVJEGI
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NMKKVMRHIVWEFVEWMZIFIPX FEGOWXERHW[ MRKJVEQ IFIPXVSPP KVMRHIVWXSSPERHGYXXIVKVMRHIVWJSV
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GYXSJJWE[ W

+ VMRHMRKVEXMS6EXMSSJ[ SVOQ EXIVMEPVIQ SZIHXSKVMRHMRK[ LIIPQ EXIVMEPPSWX

+ VMRHMRK[ LIIP; LIIPJSVQ IHJVSQ EFVEWMZIQ EXIVMEPQ M\IHMREWYMXEFPIQ EXVM\8EOIWEZEVMIX]


SJWLETIWFYXJEPPWMRXSX[ SFEWMGGEXIKSVMIWXLSWIXLEXGYXSRXLIMVTIVMTLIV]EWMRVIGMTVSGEXMRK
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+ VMXWM^I7TIGMJMIHWM^ISJXLIEFVEWMZITEVXMGPIWMRKVMRHMRK[ LIIPWERHSXLIVEFVEWMZIXSSPW
( IXIVQ MRIWQ IXEPVIQ SZEPGETEFMPMX]ERHUYEPMX]SJJMRMWL

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GSRJMKYVEXMSRLSPIWXLVIEHWWM^IIXG FIJSVIGVIEXMRKJEQ MPMIWSJTEVXW[ MXLWTIGMEPGSRWMHIVEXMSR
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ERHSTIVEXMSRW1 E]MRZSPZIEYXSQ EXIH[ SVOLERHPMRK

+ YRHVMPP7IPJKYMHIHHVMPPJSVTVSHYGMRKHIITPSRKLSPIW[ MXLKSSHEGGYVEG]ERHJMRIWYVJEGI
JMRMWLLEWGSSPERXTEWWEKIWXLEXHIPMZIVGSSPERXXSXLIXSSP[ SVOTMIGIMRXIVJEGIEXLMKLTVIWWYVI

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+ YRHVMPPMRK( VMPPMRKTVSGIWWYWMRKEWIPJKYMHMRKXSSPXSTVSHYGIHIITTVIGMWILSPIW, MKLTVIWWYVI
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, EGOWE[ FPEHI7IVVEXIHFPEHIJSVEQ ERYEPSVTS[ IVLEGOWE[ XLEXGYXWSRXLIJSV[ EVHSVVIXYVR


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, IIPMRKLIIPHVEK6YFFMRKXLEXSGGYVWSRXLIGYXXIVvWLIIPXLIEVIENYWXFILMRHXLIXSSXLvW
GYXXMRKIHKI

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XLEXLEWKIEVMRKXSXYVRWQ EPPIRHQ MPPWEXLMKLWTIIHW7IIYRMZIVWEPQ MPPMRKEXXEGLQ IRX

, SF% VSXEXMRKXSSP[ MXLXIIXLEVVERKIHEPSRKELIPMGEPTEXLYWIHJYVGYXXMRK LSFFMRK [ SVQ 


WTYVERHLIPMGEPKIEVWWTPMRIWIXG

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, SRMRKXSSP% FVEWMZIWIKQ IRXWEJJM\IHXSXLITIVMTLIV]SJEXSSPLIEHERHYWIHXSFVMRKMRXIVREP


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Q E]FILERHLIPH

, SSO'SRGEZIWLETISRXLIJEGISJEGYXXMRKIHKISVFPEHIXSSXLXLEXXIRHWXSTYPPXLIGYXXIVSV
FPEHIMRXSXLI[ SVO
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, ]HVSH]REQ MGQ EGLMRMRK+ IRIVEPXIVQ JSVZEVMSYWJSVQ WSJ[ EXIVNIXERHEFVEWMZI[ EXIVNIX
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%; .EFVEWMZI[ EXIVNIX[ EXIVNIXGYXXMRK

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HIWMKRIHXSEGGSQ Q SHEXIMRWIVXW1 SWXMRWIVXWEVIQ EHISJGIQ IRXIHGEVFMHISJXIRXLI]EVI
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MWYWIHYRXMPHYPPXLIRMRHI\IHSVXYVRIHXSI\TSWIEJVIWLGYXXMRKIHKI; LIRXLIIRXMVIMRWIVXMW
HYPPMXMWYWYEPP]HMWGEVHIHWSQ IMRWIVXWGERFIVIWLEVTIRIH

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IRHQ MPPSVSXLIVGYXXIVLEZIFIIRTVSTIVP]KVSYRH7IIGPIEVERGIVIPMIJ

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XSFIWYFWXMXYXIHJSVSRIERSXLIV)WWIRXMEPXSQ EWWTVSHYGXMSRTIVQ MXXMRKXLILMKLZSPYQ ISYXTYX
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Q ERYJEGXYVMRKSTIVEXMSRWFYXJEGMPMXEXIWQ EMRXIRERGIERHVITEMV

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STIVEXMSRW7IIWLSGOPSEHMRK

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Q ERYJEGXYVISJETEVXSVHIZMGI-XLSPHWXLI[ SVOTMIGI[ LMPIKYMHMRKXLIGYXXMRKXSSP[ MXLEFYWLMRK
% NMKMWYWIHMRWYFEWWIQ FP]SVJMREPEWWIQ FP]Q MKLXTVSZMHIEWWIQ FP]EMHWWYGLEWEPMKRQ IRXWERH
EHNYWXQ IRXW7IIJM\XYVI

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TVIGMWMSRNMKWJM\XYVIWHMIWERHSXLIVXSSPMRKXLMWQ EGLMRIMWRS[ YWIHJSVTVSHYGXMSRQ EGLMRMRKSJ
TVIGMWMSRTEVXWI\XVIQ IP]EGGYVEXILSPIPSGEXMSRERHWMQ MPEVXEWOW)Q TPS]WETVIGMWMSRWTMRHPIXLEX
HVMZIWXLIGYXXMRKXSSPERHEREGGYVEXIWXEFPI[ SVOLSPHMRKXEFPI&EWMGX]TIWMRGPYHIJM\IHFVMHKI
STIRWMHISVw'JVEQ IxERHEHNYWXEFPIVEMPQ EGLMRIW3 JXIRYWIHYRHIVGPMQ EXIGSRXVSPPIHGSRHMXMSRW
7IIFSVMRKQ EGLMRIQ MPPQ MPPMRKQ EGLMRI

.MKFSVMRK, MKLTVIGMWMSRQ EGLMRMRK EWSTLMWXMGEXIHJSVQ SJQ MPPMRK XLEXSVMKMREPP]TIVXEMRIHXS


NMKERHJM\XYVIQ ERYJEGXYVMRK&EWMGNMKFSVMRKTVSGIWWIWMRGPYHIGIRXIVMRKHVMPPMRKVIEQ MRKXLVSYKL
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[ MXLMRQ ER]FVERGLIWSJQ IXEP[ SVOMRKLEZII\XIRHIHXLIETTPMGEXMSRTSWWMFMPMXMIWJSVNMKFSVMRK
Q EGLMRIW

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% TTPMIWXSQ EGLMRMRKTVSGIWWIWMRZIRXSV]GSRXVSPVINIGXWGLERKISZIVXMQ IERHSXLIVIPIQ IRXW
EJJIGXMRKTVSHYGXMSR

/ IVJ; MHXLSJGYXPIJXEJXIVEFPEHISVXSSPQ EOIWETEWW

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/ I]WIEXMRK1 MPPMRKSVKVMRHMRKERMRXIVREPOI][ E]7IIWPSXXMRK

/ RSGOSYX% Q IGLERMWQ JSVVIPIEWMRK[ SVOTMIGIWJVSQ EHMIMXMWEPWSGEPPIHINIGXSVOMGOSYX


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/ RYVPMRK6SPPMRKHITVIWWMSRWMRXSXLIWYVJEGISJELERHPISVWMQ MPEVTEVXXSTVSZMHIEFIXXIVKVMTTMRK
WYVJEGI-REYXSQ SXMZIQ EGLMRMRKXLMWTVSGIWWMWYWIHXSIRLERGIGPIEVERGIWERHLIPTTMWXSRWERH
ZEPZIKYMHIWVIXEMRSMP

/ RYVPMRKXSSP2 SVQ EPP]EPEXLIXSSPJSVMQ TVIWWMRKEHIWMKRSREVSHSVLERHPIXSMQ TVSZIKVMTTMRK


1 E]FIIMXLIVEGYXXMRKSVJSVQ MRKSTIVEXMSR

0ETTMRK*MRMWLMRKSTIVEXMSRMR[ LMGLEPSSWIJMRIKVEMREFVEWMZIMREPMUYMHQ IHMYQ EFVEHIW


Q EXIVMEP)\XVIQ IP]EGGYVEXITVSGIWWXLEXGSVVIGXWQ MRSVWLETIMQ TIVJIGXMSRWVIJMRIWWYVJEGIJMRMWLIW
ERHTVSHYGIWEGPSWIJMXFIX[ IIRQ EXMRKWYVJEGIW

0ETTMRKGSQ TSYRHTS[ HIV0MKLXEFVEWMZIQ EXIVMEPYWIHJSVJMRMWLMRKEWYVJEGI

0EWIVFIEQ Q EGLMRMRKGEZMX]X]TI% TVSGIWWXLEXVIQ SZIWQ EXIVMEPF]JSGYWMRKEGSRGIRXVEXIH


PEWIVFIEQ SRXSXLI[ SVOTMIGI8LIQ EXIVMEPMWQ IPXIHERHZETSVM^IH-RXLIGEZMX]TVSGIWWXLI
FIEQ MWGEVIJYPP]GSRXVSPPIHXSTVIZIRXFYVRMRKXLVSYKLXLI[ SVOTMIGI

0EWIVQ EGLMRMRK-RXIRWMJMIHTYPWIHFIEQ WSJPMKLXKIRIVEXIHF]PEWIVWX]TMGEPP]GEVFSRHMS\MHI


SVRISHMYQ HSTIH]XXVMYQ EPYQ MRYQ KEVRIX 2 H=% + XLEXHVMPP[ IPHIRKVEZIQ EVOWPMX
GEWILEVHIRIXG9 WYEPP]YRHIVGSQ TYXIVRYQ IVMGEPGSRXVSPSJXIREXFSXLLMKLGYXXMRKVEXIW 
PMRIEVMRWIG ERHLMKLTS[ IV O; SVQ SVI 0EWIVWEPWSEVIYWIHMRGSRNYRGXMSR[ MXLMRTVSGIWW
UYEPMX]GSRXVSPQ SRMXSVMRKW]WXIQ WEPPS[ MRKQ IEWYVMRKEGGYVEGMIWSJx

0EXLI8YVRMRKQ EGLMRIGETEFPISJWE[ MRKQ MPPMRKKVMRHMRKKIEVGYXXMRKHVMPPMRKVIEQ MRKFSVMRK


XLVIEHMRKJEGMRKGLEQ JIVMRKKVSSZMRKORYVPMRKWTMRRMRKTEVXMRKRIGOMRKXETIVGYXXMRKERH
GEQ ERHIGGIRXVMGGYXXMRKEW[ IPPEWWXITERHWXVEMKLXXYVRMRK'SQ IWMREZEVMIX]SJJSVQ WVERKMRK
JVSQ Q ERYEPXSWIQ MEYXSQ EXMGXSJYPP]EYXSQ EXMG[ MXLQ ENSVX]TIWFIMRKIRKMRIPEXLIWXYVRMRK
ERHGSRXSYVMRKPEXLIWXYVVIXPEXLIWERHRYQ IVMGEPGSRXVSPPEXLIW8LIIRKMRIPEXLIGSRWMWXWSJE
LIEHWXSGOERHWTMRHPIXEMPWXSGOFIHGEVVMEKI GSQ TPIXI[ MXLETVSR ERHGVSWWWPMHIW*IEXYVIW
MRGPYHIKIEV WTIIH ERHJIIHWIPIGXSVPIZIVWXSSPTSWXGSQ TSYRHVIWXPIEHWGVI[ ERHVIZIVWMRK
PIEHWGVI[ XLVIEHMRKHMEPERHVETMHXVEZIVWIPIZIV7TIGMEPPEXLIX]TIWMRGPYHIXLVSYKLXLIWTMRHPI
GEQ WLEJXERHGVEROWLEJXFVEOIHVYQ ERHVSXSVWTMRRMRKERHKYRFEVVIPQ EGLMRIW8SSPVSSQ ERH
FIRGLPEXLIWEVIYWIHJSVTVIGMWMSR[ SVOXLIJSVQ IVJSVXSSPERHHMI[ SVOERHWMQ MPEVXEWOWXLI
PEXXIVJSVWQ EPP[ SVOTMIGIW MRWXVYQ IRXW[ EXGLIW RSVQ EPP][ MXLSYXETS[ IVJIIH1 SHIPWEVI
X]TMGEPP]HIWMKREXIHEGGSVHMRKXSXLIMVwW[ MRKxSVXLIPEVKIWXHMEQ IXIV[ SVOTMIGIXLEXGERFIVSXEXIH
FIHPIRKXLSVXLIHMWXERGIFIX[ IIRGIRXIVWERHLSVWITS[ IVKIRIVEXIH1 SHIVRPEXLIWSJXIREVI
IUYMTTIH[ MXLHMKMXEPVIEHSYXWERHGSQ TYXIVRYQ IVMGEPGSRXVSPW

0EXLIFMXPEXLIXSSP'YXXMRKXSSPJSVPEXLIWERHSXLIVXYVRMRKQ EGLMRIW2 SVQ EPP]EWMRKPITSMRX


GYXXMRKXSSPWUYEVIMRGVSWWWIGXMSRERHKVSYRHXSEWLETIWYMXEFPIJSVXLIQ EXIVMEPERHXEWO-RXIRHIH
JSVWMQ TPIQ IXEPVIQ SZEPXLVIEHMRKWPSXXMRKSVSXLIVMRXIVREPSVI\XIVREPGYXXMRKNSFW'PIEVERGI
XSTVIZIRXVYFFMRKMWTVSZMHIHF]KVMRHMRKFEGOVEOIWMHIVEOIIRHVIPMIJERHWMHIVIPMIJEW[ IPPEW
WMHIERHIRHGYXXMRKIHKIW

0EXLIXYVRMRK1 EGLMRMRKSTIVEXMSRMR[ LMGLE[ SVOTMIGIMWVSXEXIH[ LMPIEGYXXMRKXSSPVIQ SZIW


Q EXIVMEPIMXLIVI\XIVREPP]SVMRXIVREPP]

0E]SYX9 WISJWGVMFIVWMROERHTVMGOTYRGLIWXSGVIEXIETEVXSYXPMRIXLEXQ EGLMRMWXWYWIXS


ZMWYEPP]GLIGOTEVXWLETIHYVMRKQ EGLMRMRKSJTVSXSX]TIWSVHYVMRKXSSPERHHMI[ SVO

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