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GF 9 H=<=KL9D >GJ MF<=J ;GMFL=J
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/@=J= 9J= LOG KL9;CAF? CALK 9N9AD9:D= >GJ
KL9;CAF? L@= <JQ=J GF LGH G> L@= O9K@=J
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H=<=KL9D >GJ KL9;C=< AFKL9DD9LAGFK
/@= O9K@=J EMKL FGL := KL9;C=< GF
LGH G> L@= <JQ=J .=JAGMK AFBMJQ 9F<
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HHDA9F;= EMKL FGL := EGMFL=<
GF 9 H=<=KL9D >GJ MF<=J;GMFL=J
AFKL9DD9LAGFK
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LL9;@ L@= <JQ=J O9L=J KMHHDQ @GK= LG 9
;GD< O9L=J >9M;=L L@= >9M;=L EMKL :=
DG;9L=< OAL@AF >L E G> L@= O9L=J
AFD=L N9DN= GF L@= :9;C G> L@= <JQ=J
$L AK J=;GEE=F<=< LG @9N= 9 O9L=J
KMHHDQ HJ=KKMJ= G> HKA
:9J >GJ :=KL H=J>GJE9F;=
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;GD< O9L=J >9M;=L MK=< :Q L@= ;DGL@=K
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9DGF? OAL@ 9 K@GJL @GK= A> F==<=< AF
GJ<=J LG ;GFF=;L L@= O9L=J KMHHDQ @GK=
LG L@= ;GD< O9L=J >9M;=L
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S4 ;GFF=;LGJ
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K=H9J9L=DQ @=J= >GJ HMJHGK=K G>
;D9JALQ
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i
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L@= S4 ;GFF=;LGJ MKAF? L@= O9L=J
KMHHDQ @GK= HJGNA<=< G FGL MK=
9F GD< @GK=
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J=EGN= L@= O9K@=J O9L=J KMHHDQ
@GK= >JGE L@= L9H
@=;C LG := KMJ= L@9L L@= JM::=J
O9K@=J AK >MDDQ AFK=JL=< 9F< K=9L=<
AF L@= >=E9D= =F< G> L@= K@GJL @GK=
HJAGJ LG ;GFLAFMAF? /@= JM::=J
O9K@=J AK K@GOF 9K AL=E AF L@=
KMHHDA=< H9JLK ADDMKLJ9LAGF $L AK
ADDMKLJ9L=< K=H9J9L=DQ >JGE L@= @GK=
>GJ ;D9JALQ
$> KH9;= H=JEALK 9LL9;@ L@=
AFL=JF9DDQ L@J=9<=< >=E9D= =F< G>
L@= S4 ;GFF=;LGJ <AJ=;LDQ LG L@=
;GD< O9L=J >9M;=L GHLAGF 9K
K@GOF AF L@= ADDMKLJ9LAGF 9:GN=
9F< ;GFLAFM= LG KL=H
?B ?@D9?>1< >CD1<<1D9?> G9D8 /
?>>53D?B
$> L@= S4 ;GFF=;LGJ ;9FFGL :=
9LL9;@=< <AJ=;LDQ MK= L@= K@GJL
@GK= HJGNA<=< LG ;GFF=;L L@= S4
;GFF=;LGJ LG L@= ;GD< O9L=J >9M;=L
GHLAGF 9K K@GOF AF L@=
ADDMKLJ9LAGF :=DGO 1>4 3?>D9>E5
G9D8 CD5@C D8B?E78
LL9;@ L@= K@GJL @GK= LG L@= ;GD<
O9L=J >9M;=L /A?@L=F L@=
;GFF=;LAGF :Q @9F< MFLAD L@=
;GMHDAF? AK K=9L=< GF L@= >9M;=L
0K= HDA=JK LG LA?@L=F L@=
;GFF=;LAGF 9F 9<<ALAGF9D
LOGL@AJ<K LMJF
+C5 @<95BC ?><I D? 69>9C8
D978D5>9>7 C DEB> 6?B
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3?>>53D9?>C
i
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L@= ;GMHDAF? ;GMD< J=KMDL
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@9F< MFLAD AL AK >AJEDQ K=9L=< GF L@=
@GK=
i
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L@J=9<=< >ALLAF?K GFLG HD9KLA; GJ
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i
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L@= <JQ=J
i
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HJGH=JDQ K=9L=< AF L@= JA?@L9F?D=
;GFF=;LGJ
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>?D EC5 @<95BC @9F< LA?@L=F GFDQ
i
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L@= ;GMHDAF? ;GMD< J=KMDL
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;GFF=;LGJ >9M;=L 9F< 9DD @GK=K
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-($$
+GO=J ;GJ< EMKL := ;GFF=;L=<
:Q 9 IM9DA>A=< L=;@FA;A9F GJ 9
DA;=FK=< =D=;LJA;A9F GFDQ
GFF=;L LG AF<ANA<M9D :J9F;@
;AJ;MAL
G FGL MK= 9F 9<9HL=J
G FGL MK= 9F =PL=FKAGF ;GJ<
G FGL J=EGN= ?JGMF< HJGF?
4GMJ <JQ=J ;GE=K OAL@GML 9 HGO=J
KMHHDQ ;GJ< /@= HGO=J ;GJ< EMKL
E==L L@= >GDDGOAF? J=IMAJ=E=FLK
0' DAKL=< AF L@= 0.
NGDL J9L=< EAFAEME
9EHK
/QH= .-/ GJ -/ 9F< E9JC=< >GJ
MK= OAL@ ;DGL@=K <JQ=JK
!AN= >==L DGF? EAFAEME
,
-($$
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:Q 9 IM9DA>A=< L=;@FA;A9F GJ 9
DA;=FK=< =D=;LJA;A9F GFDQ
0K= GFDQ 9 0' 9HHJGN=<
9EH HGO=J ;GJ< OAL@ KLJ9AF
J=DA=> ;D9EH
FGL= E9FM>9;LMJ=JK AFKLJM;LAGFK
G FGL J=MK= GD< HGO=J ;GJ<
GJ< EMKL @9N= ;DGK=< DGGH GJ
MHLMJF=< =F< OAJ= L=JEAF9LAF?
;GFF=;LGJK
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;JAEH OAJAF?;GF<M;LGJ 9L
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;9K=K L@= J=IMAJ=< 9;;=KKGJQ
?JGMF< OAJ= ;D9EH 9F< K;J=O
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GFL9;L QGMJ DG;9D <=9D=J GJ
;MKLGE=J K=JNA;= >GJ 9<<ALAGF9D
<=L9ADK K== H9?=
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HDME:AF? DAF=K ?9K DAF=K GJ O9L=J
HAH=K
B?E>49>7 9>CDBE3D9?>
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L@= =N=FL G> 9 E9D>MF;LAGF GJ
:J=9C<GOF ?JGMF<AF? OADD J=<M;= L@=
JAKC G> =D=;LJA; K@G;C :Q HJGNA<AF? 9
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9<@=J=< LG OAL@GML =P;=HLAGF
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(0./ 3#0./
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;9J?9
i
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KA =D
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K=9 9;;=KA:D= HGJ E=<AGK J9RGF9:D=K G IM= K=9 H=DA?JGKG @GKLAD G 9JJA=K?9<G =F ;M9DIMA=J ;9KG 9 KM KGDA;ALM< GK;@ <= LG<9K
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H=JG MKL=< K=?MAJ` KA=F<G LGL9DE=FL= J=KHGFK9:D= HGJ =D LA=EHG <= NA9B= Q <=E`K ;9J?GK =KH=;A9D=K <= D9 ;GEH9cb9 <= K=JNA;AG
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1B1>DR1 <9=9D141 5HD5>4941
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2T@D 56 82C2?ES2 =:>:E252
2 A2CE:C 56 =2 76492 56 4@>AC2
@D49 AC@G66CQ C6AF6DE@D D:? 42C8@ 56 =@D 4@>A@?6?E6D BF6 D6
6?4F6?EC6? 56764EF@D@D 6? 4@?5:4:@?6D 56 FD@ 5@>RDE:4@ ?@C>2= 5FC2?E6
=@D 5@D AC:>6C@D 2T@D 2 A2CE:C 56 =2 76492 56 4@>AC2 :?4=F:5@D =@D 4@DE@D
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@3C2
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2 A2CE:C 56 =2 76492 56 4@>AC2
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E23=6C@ 56 4:C4F:E@D :>AC6D@ BF6 D6 6?4F6?EC6 56764EF@D@ 6? 4@?5:4:@?6D
56 FD@ 5@>RDE:4@ ?@C>2= 5FC2?E6 =@D 5@D AC:>6C@D 2T@D 2 A2CE:C 56 =2
76492 56 4@>AC2 D:? :?4=F:C =@D 42C8@D A@C >2?@ 56 @3C2
2T@D 56 82C2?ES2 =:>:E252 A2C2 6= >@E@C
2 A2CE:C 56 =2 76492 56 4@>AC2
@D49 C6A2C2CQ @ C66>A=2K2CQ D:? 42C8@ 4F2=BF:6C >@E@C @ 4@>A@?6?E6
56 F? >@E@C BF6 D6 6?4F6?EC6 56764EF@D@ 6? 4@?5:4:@?6D 56 FD@
5@>RDE:4@ ?@C>2= 5FC2?E6 =@D 5@D AC:>6C@D 2T@D 2 A2CE:C 56 =2 76492 56
4@>AC2 D:? :?4=F:C =@D 42C8@D A@C >2?@ 56 @3C2
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