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FGHKPGU DWUJOGCV JWPVKPI CU VJG JCT 5QWVJGCUV#UKCYJGTGVJGUGXGTKV[QHVJG JWPVKPIQHHQTGUVYKNFNKHGKUUVKNNOQUVN[
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UWDVTQRKECN HQTGUVU HQT HQQF CPF PQP VKQPFGPUKVKGUCNQPIVTCFKVKQPQHEQPUWO DGECWUGQHNQYGTJWOCPFGPUKVKGU5RG
HQQFRWTRQUGUKPENWFKPIHQTOGFKEKPCN KPIYKNFNKHGRTQFWEVUHQTOGFKEKPCNWUG EKGUJCTXGUVKPITCVGUKPTGNCVKQPVQRTQ
WUG %$& +P%GPVTCN#HTKECCP GIVKIGTDQPGHQTCTVJTKVKUUPCMGDKNGCU FWEVKQPJCXGDGGPHQWPFVQDGVKOGU
GUVKOCVGFOKNNKQPHQTGUVOCOOCNU CVQPKE CPFGZEGGFKPIN[TCRKFGEQPQOKE NGUUKPVJG#OC\QPVJCPKPVJG%QPIQ
CTGEQPUWOGFCPPWCNN[ŌWRVQOKNNKQP ITQYVJ+P8KGV0COURGEKGUQHNCTIG $CUKP (C2GTGUCPF/GGWYKI
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DGPGHKVUHTQOGEQVQWTKUO QRRQTVWPKVKGU Ŗ UWRRQTV HQT NQECN EQPUGTXCVKQP GH
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RNQ[OGPVKPETGCUGFKPEQOGEQO HGTG YKVJ NQECN CEVKXKVKGU KPUWHſEKGPV OWPKVKGU
OGTEKCNQRRQTVWPKVKGUHQTNQECNUWR CVVGPVKQP VQ VJG PGGFU CPF TGSWKTGF Ŗ NQECN RCTVKEKRCVKQP KP FGEKUKQP
RNKGTUNQECNOCPWHCEVWTGQHIQQFU KPXQNXGOGPVQHNQECNRGQRNGD[IQXGTP OCMKPI
PGYOCTMGVUCPFHQTGKIPGZEJCPIG OGPVUVJCVRTKQTKVK\GUJQTVVGTOGEQPQOKE Ŗ GFWECVKQPCN EQORQPGPVU HQT DQVJ
KORTQXGFNKXKPIUVCPFCTFUVCZTGX ICKP HTQO VQWTKUVU FGPKCN QH CEEGUU VQ VTCXGNNGTUCPFNQECNEQOOWPKVKGU
GPWGU PGY UMKNNU CPF HWPFKPI HQT TGUQWTEGU KP RTQVGEVGF CTGCU VJCV JCXG 0QPGQHVJGCDQXGOGPVKQPGFRTQDNGOU
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Ŗ RTQVGEVKPIVJGPCVWTCNCPFEWNVWTCN RNG CPF NCTIG ICRU KP YGCNVJ DGVYGGP RNCPPGFCPFOCPCIGFKVECPQHVGPOCMG
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UKV[CVVJGNGXGNQHIGPGUURGEKGUCPF KPGZRNQKVCVKQPQHNQECNRGQRNGCPFKPFKH CDNG ſPCPEKPI QH C RTQVGEVGF CTGC CPF
GEQU[UVGOUDTKPIUQWVVJGXCNWGQH HGTGPEGVQVJGKTPGGFUCPFEQPEGTPU RTQXKFG OWNVKRNG UQEKQGEQPQOKE CPF
DKQFKXGTUKV[ RTQRCICVGU EQPUGTXC 6QWTKUOECPTGUWNVKPOCP[FKHHGTGPV GEQNQIKECN DGPGſVU 6JG RTGTGSWKUKVGU
VKQPXCNWGUCPFEQPVTKDWVGUVQRTQ HQTOU QH FCOCIG VQ VJG GPXKTQPOGPV KPENWFGUQNKFOCTMGVKPIUVTCVGIKGUVQETG
VGEVGFCTGCHKPCPEKPI RNCPVU CPF CPKOCNU CNKMG UWEJ CU FKU CVGCEEGUUVQUWHſEKGPVPWODGTUQHENKGPVU
Ŗ GPJCPEKPIVJGSWCNKV[QHNKHGD[RTQ TWRVKQPQHGEQU[UVGOUD[KPHTCUVTWEVWTG KPCPKPETGCUKPIN[EQORGVKVKXGOCTMGV
OQVKPICGUVJGVKEGVJKECNCPFURKTKVWCN FGXGNQROGPVUQKNGTQUKQPJCDKVCVFGI /CMKPIIQQFWUGQHVQWTKUVTGXGPWGUD[
XCNWGU RTQXKFKPI GPXKTQPOGPVCN TCFCVKQP YCVGT RQNNWVKQP FKUVWTDCPEG TGKPXGUVKPIVJGOKPVQKORTQXGFOCPCIG
GFWECVKQP KORTQXKPI KPVGTEWNVWTCN KPLWT[ CPF EQPVCIKQP YKVJ RQVGPVKCNN[ OGPVCEVKQPUECPEQPVTKDWVGOCTMGFN[VQ
WPFGTUVCPFKPIUVKOWNCVKPIVJGFGXG JCTOHWNRCVJQIGPUFKUGCUGU
NQROGPVQHCTVUCPFETCHVUCPFTCKUKPI +V KU KPFGGF CV VJG EGPVTG QH VJG EQP %QPVGORQTCT[GEQVQWTKUO
VJGGFWECVKQPCNNGXGNQHNQECNRGQRNG EGRVQHGEQVQWTKUOVJCVUWEJFGVTKOGPVCN GPEQORCUUGUCFKXGTUKV[QH
VJWUJGNRKPIVJGOVQXCNWGVJGKTQYP KORCEVUCTGCXQKFGF+HPCVWTGVQWTKUO GZRGTKGPEGUTCPIKPIHTQO
NWZWT[UCHCTKUVQTWIIGF
EWNVWTGCPFGPXKTQPOGPV CEVKXKVKGUCTGPQVDCUGFQPVJGHQNNQY YKNFGTPGUUVTGMUUJQYP
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VQWTKUODWUKPGUUGUQRGTCVQTUQHJQVGNU
CPFGCVKPIRNCEGUNQECNHQQFRTQFWEGTU
NQECN CTVKUCPU CPF RTQFWEGTU QH EWTKQU
HQT VQWTKUVU NQECN VQWTKUV IWKFGU CPF
RGQRNGCPFEQORCPKGUYQTMKPIKPVTCPU
RQTV HTQO PCVKQPCN CPF KPVGTPCVKQPCN
CKTNKPGUVQNQECNFTKXGTU ŌPQVVQHQTIGV
VJG PCVKQPCN CPF KPVGTPCVKQPCN VQWTKUVU
YJQDGPGHKVHTQOVJGKPVTKPUKEXCNWGQH
VJGHQTGUVGZRGTKGPEG
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KPXQNXGFKPCPFDGPGHKVHTQOVJGOCPCIG GXGT CNUQ KORNKGU C PGGF VQ UJCTG VJG
'EQVQWTKUOIGPGTCVGUGEQPQOKE OGPVQHPCVWTCNTGUQWTEGUVJG[CTGOQTG EQUVU UGGCTVKENGD[FG-QPKPI
DGPGſVUHQTNQECNIWKFGUCPF NKMGN[VQUWRRQTVEQPUGTXCVKQPGHHQTVU
VQWTQRGTCVQTUCPFEWNVWTCNCPF
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URKTKVWCNDGPGſVUHQTVJGPCVKQPCN
CPFKPVGTPCVKQPCNVQWTKUVUYJQ GXGT KV KU KORQTVCPV VQ CXQKF EGTVCKP 5KPEG VKOG KOOGOQTKCN RGQRNG JCXG
GPLQ[VJGGZRGTKGPEG 6JCKNCPF CUUWORVKQPU+VUJQWNFPQVDGCUUWOGF DGPGHKVGF KP C FKXGTUKV[ QH YC[U HTQO
HQTGZCORNGVJCVNQECNRGQRNGCPFVJGKT HQTGUVUCPFHQTGUVYKNFNKHGDWVKPVJGEQP
VJGNQPIVGTOKPVGITKV[QHCRTQVGEVGFCTGC NKXGNKJQQFRTCEVKEGUEQPUVKVWVGVJGOCKP VGORQTCT[YQTNFOWEJFCOCIGJCUDGGP
UGGCTVKENGD[$KGPKPVJKUKUUWG 2CTVKEW VJTGCVVQVJGDKQFKXGTUKV[TGUQWTEGUQHC FQPGVQDQVJHQTGUVUCPFYKNFNKHGVJTQWIJ
NCTGHHQTVUPGGFVQDGOCFGVQGPUWTGVJCV IKXGPCTGCUKPEGQWVUKFGCIGPVUUWEJCU WPUWUVCKPCDNGTGUQWTEGWUGYJKEJKUCNUQ
GEQPQOKEDGPGſVUQHVQWTKUOTGCEJVJG EQOOGTEKCNDWUJOGCVJWPVGTUOC[DG QHVGPKNNGICN7PNGUUOGCUWTGUCTGVCMGP
RQQT 70961CPF508 CDKIIGTVJTGCV0GYNKXGNKJQQFQRVKQPU VQ EWTVCKN WPUWUVCKPCDNG CPFQT KNNGICN
0QVCNNTWTCNCTGCUJQYGXGTCTGUWKV OC[PQVCEVWCNN[TGFWEGJWOCPRTGUUWTGU TGUQWTEG WUG VJG DGPGHKVU HTQO HQTGUV
CDNGHQTGEQVQWTKUOCEVKXKVKGU2NCPPGTU QPDKQFKXGTUKV[KHVJG[CTGUGGPD[VJG CPF YKNFNKHG YKNN EQPVKPWG VQ FYKPFNG
UJQWNFGXCNWCVGECTGHWNN[YJGVJGTGEQ EQOOWPKV[CUCFFKVKQPCNQRRQTVWPKVKGU KPOCP[ECUGUVQVJGFGVTKOGPVQHVJQUG
VQWTKUOKUCPQRVKQPKPCIKXGPNQECVKQP TCVJGT VJCP CNVGTPCVKXGU VQ GZRNQKVKPI YJQCTGCNTGCF[RQQT
CPFYJCVMKPFKUOQUVRTQOKUKPID[EQP DKQFKXGTUKV[#PFVJGECRCEKV[QHVTCFK 'ZRGTKGPEG UWIIGUVU VJCV DTGCMKPI
UKFGTKPIURGEKCNHGCVWTGUGZKUVKPIKPHTC VKQPCN CRRTQCEJGU GI RTQXKFKPI LQDU VJG UWRRN[ EJCKP KU CP GHHGEVKXG YC[
UVTWEVWTG CPF RCUV GZRGTKGPEGU *GCX[ CPF QRRQTVWPKVKGU HQT NQECN RGQRNG VQ QH TGF WEKPI KNNGICN CPF WPUWUVCKPCDNG
FGRGPFGPEG QP VQWTKUO TGXGPWGU ECP RTQFWEGIQQFUCPFUGTXKEGUHQTVQWTKUVU GZRNQKVCVKQP QH HQTGUV YKNFNKHG DWV
CNUQDGTKUM[DGECWUGQHHNWEVWCVKQPUKP VQIGPGTCVGUWUVCKPCDNGDGPGHKVUHQTNQECN CFFKVKQPCN OGCUWTGU WTIGPVN[ PGGF VQ
XKUKVQTPWODGTUCUCTGUWNVQHGEQPQOKE RGQRNGUJQWNFPQVDGQXGTNQQMGF DGCRRNKGF6JGUGKPENWFGKORTQXGFNCY
CPF RQNKVKECN EJCPIG UQEKCN WPTGUV QT 4GXKGYKPI +%&2U 5EJTGEMGPDGTI GPHQTEGOGPVECRCEKV[RWDNKECYCTGPGUU
GPXKTQPOGPVCNFKUCUVGTU&KXGTUKHKECVKQP .WVVTGNN CPF /QUU TGEQIPK\GF CPFGFWECVKQPECORCKIPUCPFIGPGTCVKPI
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RTQOQVKPIPQPYQQFHQTGUVRTQFWEVUKU DGPGHKVUHTQORCTVKEKRCVQT[HQTGUVOCP GORNQ[OGPV CPF KORTQXGF GEQPQOKE
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CTGCU Ō UWOOCT[ QH C UWTXG[ QH EQPUGTXCVKQP CPF FGXGNQROGPV RTQLGEVU
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