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7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW

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7TIEOMRK

8LI-QTSVXERGISJ)XLMGW
+YMHIPMRIWJSV)XLMGEP7TIEOMRK
1EOI7YVI=SYV+SEPW%VI)XLMGEPP]7SYRH
&I*YPP]4VITEVIHJSV)EGL7TIIGL
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%ZSMH2EQI'EPPMRKERH3XLIV*SVQWSJ%FYWMZI
0ERKYEKI
4YX)XLMGEP4VMRGMTPIWMRXS4VEGXMGI
4PEKMEVMWQ
+PSFEP4PEKMEVMWQ
4EXGL[SVO4PEKMEVMWQ
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4PEKMEVMWQERHXLI-RXIVRIX
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%ZSMH4VINYHKMRKXLI7TIEOIV
1EMRXEMRXLI*VIIERH3TIR)\TVIWWMSRSJ-HIEW


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7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW
0YGEW8LI%VXSJ4YFPMG )XLMGWERH4YFPMG 8I\X 8LI1G+VE[n,MPP
7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW

LIR XLIVYQSVWWXEVXIH 7Y^ERRI7QEVX GLMIJJMRERGMEPSJJMGIV JSV 4LEVQEXVSRMG

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PSSOIHHMVIGXP]MRXSXLIGEQIVEWERHWEMHq-GEREWWYVI]SYXLEXRSSRIEX4LEV
QEXVSRMGLEWYWIHMRWMHIVMRJSVQEXMSRXSQEOIQSRI]JSVXLIQWIPZIWSVXSQERMTYPEXIXLI
GSQTER]tWWXSGOTVMGI-REHHMXMSRXSFIMRKMPPIKEPMRWMHIVXVEHMRKMWEWIVMSYWFVIEGLSJXVYWX
ERH-[SYPHRIZIVPIXMXLETTIREXQ]GSQTER]r
 7Y^ERRItW TVIWIRXEXMSR [EW LMKLP] GSRZMRGMRK ERH JSV E XMQI MX UYMIXIH XLI VYQSVW
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XLVII[IIOWPEXIVWLI[EWMRHMGXIHF]XLIJIHIVEPKSZIVRQIRXJSVMRWMHIVXVEHMRK
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7QEVXLEHJEGIHXLI8:GEQIVEWXSHIR]ER][VSRKHSMRKWLILEHWIGVIXP]WSPHSZIV
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WXEXIH]IEVWEKSXLIMHIEPSJWTIIGLQEOMRKMWXLIKSSHTIVWSRWTIEOMRK
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8LIFVERGLSJTLMPSWSTL]XLEX QYWXHIGMHILS[XSHIEP[MXLEGLMPH[LSLEWFIIRWIRXLSQIJVSQWGLSSPJSV
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WTIEOIVW[SYPHFIXVYXLJYPERHHIZSXIHXSXLIKSSHSJWSGMIX]=IXLMWXSV]XIPPW
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HMWXVMGXEXXSVRI]MWTVITEVMRKXSMRHMGXLIVSTTSRIRXJSVWLEH]FYWMRIWWTVEGXMGIW&YXXLI
MRHMGXQIRX [MPP RSX FI JSVQEPP] MWWYIH YRXMP EJXIV XLI IPIGXMSR 2SV GER MX FI XEOIR EW
IZMHIRGI XLEX LIV STTSRIRX MW KYMPX]hPMOI EPP GMXM^IRW LI LEW XLI VMKLX XS FI TVIWYQIH
MRRSGIRXYRXMPTVSZIRSXLIV[MWI
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%W XLI PIEHMRK FSSO SR GSQQYRMGEXMSR IXLMGW WXEXIW q;I WLSYPH JSVQYPEXI [IMKLMRKETSXIRXMEPGSYVWISJ
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FIKYMHIHF]]SYVZEPYIW]SYVGSRWGMIRGI]SYVWIRWISJVMKLXERH[VSRK WXERHEVHWSVKYMHIPMRIW
&YX XLMW HSIW RSX QIER WYGL HIGMWMSRW EVI WMQTP] E QEXXIV SJ TIVWSREP
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EGXMSREKEMRWXEWIXSJIXLMGEPWXERHEVHWSVKYMHIPMRIW.YWXEWXLIVIEVIKYMHIPMRIW
JSV IXLMGEP FILEZMSV MR SXLIV EVIEW SJ PMJI WS EVI XLIVI KYMHIPMRIW JSV IXLMGEP
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IXLMGEP UYERHEV] ]SY JEGI EW E WTIEOIV FYX ORS[MRK XLIQ [MPP TVSZMHI E
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8SFEGGS-RWXMXYXI;L]#&IGEYWIXLINSF[SYPHLEZIVIUYMVIHLIVXSPSFF]SR

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7TIEOMRK8IRXL)HMXMSR 7TIEOMRK 'SQTERMIW

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PMWXIRMRK XS ]SY &YX RIMXLIV XLI WM^I RSV XLI GSQTSWMXMSR SJ ]SYV EYHMIRGI
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MRKWXSV]

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LMWIXLMGEPP]WSYRHKSEPWERH
TS[IVJYPTIVWYEWMZIETTIEP

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GMHITVIZIRXMSR:MGXSVMELEHPIEVRIHEFSYXXLIXSTMGJVSQLIVQSXLIVEZSPYRXIIVSRE
WYMGMHITVIZIRXMSRLSXPMRIFYXWLIEPWSGSRWYPXIHLIVTW]GLSPSK]XI\XFSSOEW[IPPEWWIZ
IVEP QEKE^MRI EVXMGPIW SR XLI [EVRMRK WMKRW SJ WYMGMHI 7LI EPWS MRXIVZMI[IH E GVMWMW
MRXIVZIRXMSRGSYRWIPSVEXXLIGEQTYWLIEPXLWIVZMGI
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EXXIQTXWYMGMHIERH TVSZMHMRK GSRXEGXMRJSVQEXMSRJSV PSGEPQIRXEPLIEPXL VIWSYVGIW 3R
XLIHE]SJLIVWTIIGL:MGXSVME[EWXLSVSYKLP]TVITEVIHhERHWLIKEZIERI\GIPPIRXTVI
WIRXEXMSR
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HITVIWWIH ERH MR HERKIV SJ WYMGMHI &EWIH SR XLI MRJSVQEXMSR MR :MGXSVMEtW WTIIGL 4EYP
WTSOI XS LMW VSSQQEXI KSX LMQ XS XEPO EFSYX LMW [SVVMIW ERH GSRZMRGIH LMQ XS WIIO
GSYRWIPMRK4EYPQMKLXLEZIWEZIHLMWVSSQQEXItWPMJIXLEROWXS:MGXSVMEtWWTIIGL

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GERLEZIEKIRYMRIMQTEGXSR]SYVPMWXIRIVW%WEWTIEOIV]SYLEZIERIXLMGEP
VIWTSRWMFMPMX]XSGSRWMHIVXLEXMQTEGXERHXSQEOIWYVI]SYTVITEVIJYPP]WSEW
RSX XS GSQQYRMGEXI IVVSRISYW MRJSVQEXMSR SV QMWPIEHMRK EHZMGI -J :MGXSVME
LEH RSX HSRI WYGL E XLSVSYKL NSF VIWIEVGLMRK LIV WTIIGL WLI QMKLX LEZI
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JEGXWVMKLX2SXSRP][MPP]SYKMZIEFIXXIVWTIIGL]SY[MPPEPWSJYPJMPPSRISJ
]SYVQENSVIXLMGEPSFPMKEXMSRW

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