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FEVDBUJWPTBMPTNJTNPTBMVNOPT BMPTQBESFTEFGBNJMJBPBMBJOKFSFODJBEFM
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rt 1MBOFTUSBUnHJDPEFUSBOTGPSNBDJwOFTDPMBS
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MPT BMVNOPT MB UPNB EF EFDJTJPOFT NFEJBOUF MB DVBM TF EF¯OF MB PSHBOJ[B
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BDUPSFTFTDPMBSFTDPOTJEFSBMBQMBOFBDJwOZFWBMVBDJwODPNPIFSSBNJFOUBTEF
NFKPSB &OMPTFTQBDJPTRVFUJFOFOQBSBMBTSFVOJPOFTEFM$POTFKP5nDOJDP
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EFWBSJPTFMFNFOUPT FOUSFMPTRVFEFTUBDBOMPTWBMPSFTZMBTBDUJUVEFTRVFQSF
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TVTUFOUPTRVFMFTJSWFOBMBPSHBOJ[BDJwOFTDPMBSQBSBUPNBSMBTEFDJTJPOFTRVF
DPOTJEFSBONgTDPOWFOJFOUFTBMFOGSFOUBSEJWFSTBTTJUVBDJPOFT$PN|ONFOUF
MBTEFDJTJPOFTRVFTFUPNBOFODPMFDUJWP CVTDBOGBWPSFDFSBMPTEJSFDUJWPT
Z EPDFOUFT  Z OP OFDFTBSJBNFOUF MPT JOUFSFTFT EF MPT CFOF¯DJBSJPT EJSFDUPT
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B MPT CFOF¯DJBSJPT EFM TFSWJDJP Z B MB NJTJwO JOTUJUVDJPOBM QBSB TV DVNQMJ
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BMVNOPTMPHSPFEVDBUJWP MBPSHBOJ[BDJwOCVTDBSgQSPNPWFSOVFWPTDPOPDJ
NJFOUPT NBZPSEFTBSSPMMPEFIBCJMJEBEFTZNFKPSFTBDUJUVEFTRVFGBWPSF[DBO
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4F TBCF RVF FO MBT PSHBOJ[BDJPOFT EPOEF MBT SFMBDJPOFT TPO IPTUJMFT 
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MPTFTUVEJBOUFTBTJNJTNPOPHFOFSBFMJOWPMVDSBNJFOUPEFUPEPTMPTBMVNOPT
ZQBESFTEFGBNJMJBFOMBTUBSFBTEFMBFTDVFMBQBSBTVNFKPSBNJFOUP
6OBNCJFOUFPDMJNBSVUJOBSJPOPDSFBDPOEJDJPOFTQBSBMBNFKPSBDPOUJ
OVBEFUPEPTMPTQSPDFTPTRVFTFWJWFOFOMBFTDVFMBZEJGrDJMNFOUFTFPCUFO
ESgOSFTVMUBEPTRVFEFOTBUJTGBDDJwOBMPTSFTQPOTBCMFTEFMBFTDVFMB
-BTPSHBOJ[BDJPOFTFTDPMBSFTRVFBTVNFOQSPGFTJPOBMNFOUFMBNJTJwORVF
MFTIBTJEPFODPNFOEBEBTFFTGVFS[BOTJTUFNgUJDBNFOUFQPSNFKPSBSTVTQSP
DFTPTZSFTVMUBEPT TJFNQSFFODVFOUSBOPQPSUVOJEBEFTEFNFKPSB TFPSHBOJ
[BO QBSB DPODFOUSBSTF FO MP JNQPSUBOUF Z CVTDBO FTUSBUFHJBT QBSB JNQFEJS
RVFMPVSHFOUFTFDPOWJFSUBFOMBQSJPSJEBE EBOTFHVJNJFOUPTJTUFNgUJDPB
MPT BDVFSEPT Z BTVNFO DPNQSPNJTPT EF BDDJwO &WBM|BO DPO QFSJPEJDJEBE
TVTBWBODFT NPEJ¯DBOBRVFMMPRVFOPDPOUSJCVZFDPOMPFTQFSBEP VUJMJ[BO
MBBVUPFWBMVBDJwODPNPIFSSBNJFOUBEFNFKPSBZTVTJOEJDBEPSFTDPNPMBT
FWJEFODJBTEFMPHSP

rv 1MBOFTUSBUnHJDPEFUSBOTGPSNBDJwOFTDPMBS
$BCFTFvBMBSRVFFOUBMFTPSHBOJ[BDJPOFTFTUgOQSFTFOUFTMPTDPNQPOFO
UFTPIFSSBNJFOUBTEFMBHFTUJwOBTVNJEBDPNPVOGVFSUFMJEFSB[HPDPNQBS
UJEP VOUSBCBKPFOFRVJQPQSPGFTJPOBMRVFEFKBEFMBEPMBQPTUVSBQFSTPOBM 
MBBVUPFWBMVBDJwOQBSBMBNFKPSBQFSNBOFOUF MBQMBOFBDJwOFTUSBUnHJDBZMB
DPMBCPSBDJwOFJOWPMVDSBNJFOUPEFMPTCFOF¯DJBSJPTEFMBFTDVFMBFOMBUPNB
EFEFDJTJPOFT"TJNJTNP SFBMJ[BOTVTBDUJWJEBEFTDPOUSBOTQBSFODJBZSJOEFO
DVFOUBTTPCSFMPTMPHSPTEFMPTBMVNOPTBMPTRVFBUJFOEFO
5PNBSMBTEFDJTJPOFTZBTVNJSMPTDPNQSPNJTPTFOMPJOEJWJEVBMZDPMFD
UJWP SFRVJFSFBMHPNgTRVFWPMVOUBE DPNPSFDPOPDFSRVFTFOFDFTJUBNBZPS
DBQBDJUBDJwOZBDUVBMJ[BDJwOTPCSFMPRVFQVFEFBZVEBSBNFKPSBSMBTQSgDUJDBT
FOFMBVMB BEFTBSSPMMBSMBTIBCJMJEBEFTSFRVFSJEBTQBSBEJSJHJSMPTQSPDFTPT
EFFOTFvBO[BZEFBQSFOEJ[BKF QFSPUBNCJnOMPTEFPSHBOJ[BDJwOZBENJOJT
USBDJwOFTDPMBS BTrDPNPMPTRVFUJFOFORVFWFSDPOFMJOWPMVDSBNJFOUPEFMPT
QBESFTEFGBNJMJBFOMBTUBSFBTFEVDBUJWBTZRVFQFSNJUBOEBSDPOUJOVJEBE
BMPTBQSFOEJ[BKFTEFTVTIJKPTFOFMIPHBS
1PS PUSB QBSUF  FO FTUB EJNFOTJwO TF DPOTJEFSB UBNCJnO MB BTJHOBDJwO
EF SFTQPOTBCJMJEBEFT B MPT EJGFSFOUFT BDUPSFT EF MB FTDVFMB MBT DPNJTJPOFT
EPDFOUFT BDUPT DrWJDPT  TFHVSJEBE F IJHJFOF  DPPQFSBUJWB P UJFOEB FTDPMBS
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MBWJODVMBDJwODPOMB"TPDJBDJwOEF1BESFTEF'BNJMJBZ$POTFKP&TDPMBSEF
1BSUJDJQBDJwO4PDJBM
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MB FTDVFMB  ˜FO RVn Z B RVJnOFT GBWPSFDFO  ˜DVgOUP UJFNQP TF MFT EFEJDB
ZBDPTUBEFRVn ˜RVnUBOUPTFBSUJDVMBOPJOUFHSBOBMPTDPOUFOJEPTDVSSJDV
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SFUPNBFOBMHVOBEFMBTDMBTFT ˜DwNPTFBQSPWFDIBPNPUJWBBMPTBMVN
OPT QBSB SFWJTBSMB Z VUJMJ[BSMB FO BMH|O NPNFOUP EF MB DMBTF  FO DVBOUP
BMBTDFSFNPOJBTDrWJDBT QBSFDFONgTBDUJWJEBEFTRVFTFIBDFOQBSBDVNQMJS 
QPSDPTUVNCSF QFSPTJOTFOUJEPQBSBRVJFOFTQBSUJDJQBO ˜DwNPDPOWFSUJSMBT
FOBDUJWJEBEFTQSPWFDIPTBTRVFBOJNFOTJUVBDJPOFTEFBQSFOEJ[BKF 
3FTQFDUP EF MPT FTQBDJPT QBSB MBT SFVOJPOFT EFM $POTFKP 5nDOJDP $PO
TVMUJWP EF MB FTDVFMB  FT JNQPSUBOUF SFDPOPDFS MB VUJMJEBE RVF UJFOFO  QBSB
RVnTJSWFO RVnTJUVBDJPOFTZUFNgUJDBTTFBCPSEBO BRVnBDVFSEPTTFMMFHBO
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