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 K\Y <bYf[m N]h\]b ' K\Y E]bY :YbhfYg

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00
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01
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02
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03
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1+
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1/
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10
 <b[U[]b[ k]h\ C]ZY'K\Y DUb]ZYgh]b[ >YbYfUhcf

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20
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23
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g\ck id( 9ih ]Z mci UWh ]b \UghY& VY dfYdUfYX hc ZYY` h\Uh ]bbYf ZfighfUh]cb
UbX fYg]ghUbWY k\]W\ ]g mcif hfiY gY`Zrg kUm cZ gUm]b[4 qPci [ch ]h kfcb[
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h]U``m& bch\]b[ ]g \UddYb]b[ YlWYdh h\Y f]g]b[ UbX ZU``]b[ cZ kUjYg( K\Y
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bUhifU` h\]b[ ]b h\Y kcf`X( @h ]g U W`Uf]hm h\Uh fYgcibXg ]b mcif jYfm VY]b[(
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h]cbg gh]`` fi`Y UbX mci aigh gYY_ Yach]cbU` W`Uf]hm( J]h k]h\ mcif gYbgYg
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30
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W]UhY ]g h\Uh h\]g ]bbYf [i]XUbWY gmghYa ]g cb`m YjYf YZZYWh]jY k\Yb ]b
fYgdcbgY( @h ]g bch dfcUWh]jY& ]h ]g fYgdcbg]jY( K\ig& mcif Uih\cf]hm ]g
XYg][bYX hc kU]h ibh]` h\YfY ]g U W`YUf fYgdcbgY k\]W\ gdYU_g Zfca h\Y
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fYgdcbgY& h\]g ]b ]hgY`Z ]ad`]Yg U `UW_ cZ ]bhYfYgh Uh h\Uh h]aY(
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31
 ?cbcif]b[ mcif 8ih\cf]hm ' DU_]b[ N]gYf ;YW]g]cbg

k]h\ U WcbhU[]cig YlW]hYaYbh Wci`X aU_Y Ub ]XYU gcibX `]_Y h\Y VYgh
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g]jY Uf[iaYbh hc Wcaa]h mcif jUgh `]ZY'ZcfWY YbYf[m hc Ub ]adcfhUbh
dfc^YWh( 8h giW\ h]aYg& mcif Uih\cf]hm XYaUbXg h\Uh mci g]h UbX kU]h Zcf
mcif [ih fYgdcbgY hc aU_Y ]hg jc]WY _bckb( 9YWUigY& Ug kY U`fYUXm _bck&
cbWY mci Wcaa]h& h\YfY ]g bc ghcdd]b[ mci VY]b[ WUff]YX cbkUfX Vm h\Y
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aU_Y k]gYf XYW]g]cbg( DUbm dYcd`Y k]h\ U XYZ]bYX JUWfU` ghfi[[`Y hc X]Z
ZYfYbh]UhY VYhkYYb [ih fYgdcbgY UbX Yach]cbU` fYUWh]cb( 8 fYgdcbgY ]g
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U h]aY ]b mcif `]ZY k\Yb mci aUXY Ub ]adcfhUbh XYW]g]cb k\]W\ hifbYX
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g]cb7 ;]X mci& dYf\Udg& kU]h& hfigh mcif [ih UbX h\Yb [c Zcf ]h7
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32
 A63 @>:33<
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h\]b[ gaY``g Z]bY cf Z]g\m( Pcif hUghY _bckg k\Yh\Yf gcaYh\]b[ ]g gi]h
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33
 ?cbcif]b[ mcif 8ih\cf]hm ' DU_]b[ N]gYf ;YW]g]cbg

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cf ]adUh]Ybh5 ]hrg f][\h Zcf mci( Jc hfigh h\]g fY`]UV`Y QYb'`]_Y qbckr
dfcWYgg( Pci WUbbch UZZcfX hc VUgY U XYW]g]cb cb U dUgh dfYa]gY cf U
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+*0
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+*1
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++/
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++0
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+-*
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+-+
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+--
 Lb]eiY`m Pci ' K\Y -0 :\UbbY`g

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+-.
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+01
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+10
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+11
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+12
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

Pci UfY \Y`d]b[ dYcd`Y hc Z]bX h\Y]f difdcgY UbX X]fYWh]cb ]b `]ZY Vm
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+13
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+2*
 >UhYg cZ Kfih\ ' K\Y 0. >UhY g

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+2+
 5/A3@ D7A67<
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+2,
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+2-
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+2.
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+2/
 5/A3@ D7A67<
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+20
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+21
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+22
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+23
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+3*
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+3+
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+31
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+32
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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+33
 >UhYg cZ Kfih\ ' K\Y 0. >UhYg

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,*2
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gd]f]hYX VY]b[g& Vih Wca]b[ ]bhc WcbhUWh k]h\ mci WUb fYj]jY h\Uh XfU
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WUadU][bg k\]W\ WUb gUjY h\Y kcf`X& _b][\hg ]b g\]b]b[ Ufacif UbX
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,++
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UbX U``]UbWYg Uh YjYfm cddcfhib]hm( Pci a][\h kY`` fYWc[b]nY U hYbXYbWm
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,+-
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 ;Yg][b GfcZ]`]b[ ' K\Y +, GfcZ]`Yg

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 ;Yg][b GfcZ]`]b[ ' K\Y +, GfcZ]`Yg

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 ;Yg][b GfcZ]`]b[ ' K\Y +, GfcZ]`Yg

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N]h\ bc [UhYg hifbYX cb ]b h\Y :fckb& h\]g WYbhfY ]g cdYb& ]bX]WUh]b[
h\Uh g\Y `cjYg VY]b[ UfcibX ]bgd]f]b[ dYcd`Y UbX g]hiUh]cbg& UbX [UhY .
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k\]W\ ZcghYf gcW]U` \Ufacbm #[UhY ++$ UbX ]gbrh UZfU]X cZ Zcfa]b[ ghfcb[
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dfcVUV`m ghfi[[`Yg hc YldfYgg k\Uh \Yf a]bX ]g hfi`m Wcb^if]b[ ibh]` g\Y
fYWc[b]nYg h\YgY []Zhg UfY VYgh cZZYfYX hc ch\Yf dYcd`Yrg `]ZY g]hiUh]cbg(
N]h\ Ub ibXYZ]bYX JUWfU`& AYbb]ZYf k]`` Z]bX g\Y \Ug h\Y k]``dckYf cZ
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,13
 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

YbhYfhU]b f]g_m dUfhbYfg\]dg ]b `cjY& k]h\ Ub YldYf]aYbhU` UddfcUW\( J\Y

WUb ^iad ]bhc aUhhYfg cZ h\Y \YUfh UbX `YUfb Zfca h\Y YldYf]YbWY& hc \Yf
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a]b]'fYjc`ih]cbg ]b \Yf kcf`X( J\Y ZYY`g k\Yb gcaYh\]b[ ]gbrh kcf_]b[
UbX WUb hifb \Yf kcf`X idg]XY Xckb hc ]bgh][UhY W\Ub[Y UbX ZfYg\bYgg(
@ gigdYWh h\YfY ]g U ghfcb[ Z`]fhUh]cig g]XY hc \Yf W\UfUWhYf& k]h\ [UhY 0
YbhYfhU]b]b[ g`][\h`m f]geiY ]bhYfUWh]cbg VYZcfY [UhY .3 fY^YWhg k]h\ U
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U Vf]``]Ubh Vig]bYggkcaUb( @b cif [fcid cZ []f`Zf]YbXg& kY U`kUmg ^c_Y
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cVgYfjYfg XYgWf]VY \Yf Ug U h]fY`Ygg kcf_\cfgY k]h\ VcibX`Ygg YbYf[m(
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]b Zi`` Z`][\h kci`X hU_Y Ybcfacig YZZcfh ' UbX WUigY \Yf [fYUh Ubbcm
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,2,
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fYgdcbgY( LbXYZ]bYX Jd`YYb UbX <ach]cbg aYUb h\YfY ]g bch\]b[ Y`gY hc

hU_Y ]bhc UWWcibh& gc \Yf hfiY fYgdcbgYg YaUbUhY Zfca h\Y [ih( GYcd`Y cf
cddcfhib]h]Yg Y]h\Yf fYWY]jY U qmYgr cf U qbcr( K\YfYrg bc fcca Zcf ei]VV`]b[
UbX bc [fYm UfYUg( GYcd`Y UfcibX \Yf aigh `YUfb hc Ug_ eiYgh]cbg h\Uh
]``]W]h U qmYgr cf U qbcr UbgkYf ' U [ih fYgdcbgY(
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[Yhg ]b Zfcbh cZ U V][ UiX]YbWY k]h\ \Yf >YbYfUhcf Yb[]bY Zi``m kcibX id(
@h ]g h\Y UiX]YbWYrg dfYgYbWY h\Uh aU_Yg h\Uh WcbbYWh]cb VYhkYYb h\Y
JY`Z UbX K\fcUh& U``ck]b[ \Yf hc VY hchU``m YldfYgg]jY( DUXcbbUrg XYg][b
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h\Y >UhY cZ IYhfYUh& hifbYX cb ]b \Yf K\fcUh gi[[Yghg g\Y ]g Uh \Yf acgh
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h]bWh]jY g]b[]b[ jc]WY h\YfY ]g U [fYUh a]bX Uh kcf_( J\Y \UddYbg hc VY
Ybcfacig`m Vf][\h UbX& VYWUigY cZ U XYZ]bYX JY`Z& _bckg YlUWh`m k\YfY
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,2-
 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

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acbYm& Vih ]b UWhiU`]hm& UWWcfX]b[ hc \Yf XYg][b& g\Y ]g U hfiY Ufh]ghY ghf]
j]b[ hc []jY V]fh\ hc YadckYf]b[ Zcfag cZ bcjY` YldfYgg]cb& UbX ]h ]g h\Uh
difgi]h cZ cf][]bU`]hm h\Uh ^igh \UddYbg hc \UjY UWWfiYX [fYUh ZcfhibY UbX
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]ad`]Yg g\Y WUbbch U``ck \YfgY`Z hc \UjY dYcd`Y WcbghUbh`m X]gU[fYY]b[
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gdYU_g cZqYach]cbU` fYjc`ih]cbr& fYWc[b]n]b[ k\Yb gcaYh\]b[ cf gcaY
cbY \Ug [cbY VYmcbX ]hg gY``'Vm XUhY( Jc g\Yr`` h\]b_ bch\]b[ cZ h\fck]b[
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]b \Yf `]ZY W\Ufh& k]h\ Vch\ U g]lh\ `]bY UbX U gYWcbX `]bY( ;iU` UWh]jU
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j]XiU` WfYUh]j]hm ]bhc YjYfmh\]b[ g\Y XcYg( 8h h\Y gUaY h]aY& g\Y ]g cb U
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kcfh\( K\Y acfY YUg]`m g\Y U``ckg \YfgY`Z hc igY \Yf [ih fYgdcbgY hc
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BUbgUg aUXY \]ghcfm k\Yb \Y kUg Y`YWhYX Ug 8aYf]WUrg ..h\ GfYg]XYbh
UbX ]hg Z]fgh 8Zf]WUb'8aYf]WUb GfYg]XYbh( 9UfUW_ FVUaU gmaVc`]nYg
\cdY Zcf U Vfi]gYX UbX VUhhYfYX Wcibhfm UbX kcf`X( 8 gYbgY cZ fYjc`i
h]cb kUg ]b h\Y U]f k\Yb \Y UXXfYggYX h\Y bUh]cb Zfca :\]WU[c ' UbX
\]g ?iaUb ;Yg][b gi[[Yghg ]hrg bch aYfY`m f\Yhcf]W k\Yb \Y gdYU_g cZ
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cZ k\]hY UbX cb`m hkc XYZ]bYX WYbhfYg& Xc bch h\]b_ Zcf cbY acaYbh h\Uh
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@bXYYX& ]h aU_Yg GfYg]XYbh FVUaU bUhifU``m YadUh\]W& VYWUigY \]g gYjYb
k\]hY WYbhfYg Vf]b[ U Z`Yl]V]`]hm h\Uh W\Ub[Yg k]h\ h\Y X]ZZYfYbh Ybj]fcb
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,21
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hY``]b[ [UhYg& UbX h\]g Yld`U]bg k\m \Y ]g giW\ U [fYUh cfUhcf& UV`Y hc _YYd
UiX]YbWYg gdY``VcibX k]h\ \]g YldYf]YbWYg UbX j]g]cbg( @ kUhW\YX \]a
gdYU_ cb Wcibh`Ygg cWWUg]cbg Ug \Y ghfcXY hckUfXg h\Y GfYg]XYbWm UbX ]h
kUg Yj]XYbh h\Uh \YfY kUg U aUb k\c Wci`X gd]b U [ccX mUfb k]h\ Wcb
giaaUhY YUgY Zcf h\Y YbhYfhU]baYbh UbX YlW]hYaYbh cZ ch\Yfg( @rjY U`gc
bchYX h\Uh \Y \Ug [UhY + ]b h\Y ibXYZ]bYX JY`Z& dfcj]X]b[ \]a k]h\ WfY
Uh]jY Z`U]f UbX h\Y UV]`]hm hc VY ZfYY hc [c VYmcbX h\Y qhf]YX UbX h\Y hfiYr
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,22
 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

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h\Y GfYg]XYbhrg ?iaUb ;Yg][b& Vih YjYfmh\]b[ @ gYY WcffcVcfUhYg h\Y
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Xcig XYX]WUh]cb UbX ZcWig UbX kUbhg hc YbX U`` X]j]g]cbg ]b h\Y LJ UbX
UVfcUX UbX VY U dYcd`Yrg GfYg]XYbh( @ `cc_ Uh h\Y aUb& @ `cc_ Uh h\Y GfYg]
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W\U``Yb[Y ]b Zfcbh cZ \]a( 8bX h\Y UbgkYf h\Uh gdf]b[g Zfca \]g ?iaUb
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,23
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 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

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gYbgYX h\Uh g\Y ]g gcaY\ck X]ZZYfYbh UbX \Ug kcbXYfYX \ck g\Y k]`` Z]h
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XfU gdYbh aUbm mYUfg hfUjY``]b[ VYhkYYb \Yf ach\Yfrg fYW]hU`g ]b <ifcdY
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d]b_ UbX V`UW_& ]bX]WUh]b[ g]l UfYUg cZ \Yf `]ZY k\YfY h\YfY ]g U Wcb
gW]cig)ibWcbgW]cig cjYf`Um( K\]g aYUbg h\Uh g\Y ]g jYfm UhhibYX hc \Yf
ckb bUhifY( 8`` h\]g& WcaV]bYX k]h\ h\Y U``'k\]hY bUhifY cZ \Yf W\Ufh&
]ad`]Yg h\Uh g\Y ]g gcaYcbY k\c \Ug h\Y ]adYhig hc [fck ]b k]gXca jYfm
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fYZ`YWh UbX dYfZYWh Ubm fc`Y h\Uh U d`Umkf][\h cf X]fYWhcf Ug_g cZ \Yf( K\]g

,3+
 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

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h\Y fc`Yg g\Y hU_Yg cb& Vih k]`` U`gc f]XY h\Y YbYf[m cZ h\Y UWhcf g\Yrg d`Um
]b[ U[U]bgh& ih]`]n]b[ ]h hc Vf]b[ cih h\Y VYgh ]b Vch\ dYfZcfaUbWYg(
K\]g gYbg]h]jY qhib]b[ ]br hc h\Y YbYf[]Yg cZ ch\Yfg ]g k\m aUbm IYZ`YW
hcfg hYbX hc gYY_ gc`]hiXY& cf Uh `YUgh hc VY fYacjYX Zfca h\Y aUggYg(
8ZhYf Ub ]bhYbgY gdY`` cb gYh cf cb `cWUh]cb& @ra gifY h\Y cb`m h\]b[ JUb
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WYdh]V`Y hc Vcffck]b[ h\Y ]XYbh]h]Yg cZ ch\Yfg ib`Ygg g\Y `YUfbg hc hifb
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hfY XYZ]bYX& UbX gc cb UbX gc Zcfh\( J\Y ^igh bYYXg hc ghUbX VUW_& cVgYfjY&
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,3,
 8ddYbX]l ' ;Yg][bg cZ =Uacig GYcd`Y

ckb dYfgcb UbX \Yf VY\Uj]cif Ug U ZUacig UWhfYgg U]ag hc dcg]h]jY`m

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hiXY hckUfX ch\Yfg( J\Y ]g gcaYcbY k\c ]g bUhifU``m Wcaa]hhYX hc
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#h\Y +*$ Yjc`j]b[ ]bhc U ^cifbYm h\Uh YaVfUWYg YjYfmcbY #h\Y +/$(
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kcf_ ]b h\Y ]bhYfYghg cZ YjYfmcbY& XY`]jYf]b[ h\Y [ccXg YUW\ h]aY& Vih k]``
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k\]W\ aYUbg g\Y dfcVUV`m dcbXYfg k\Yh\Yf g\Y \Ug Ybci[\ fYgcifWYg
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cd]b]cbg cZ ch\Yfg& Xc fYgYUfW\ UbX fYZ`YWh XYYd`m cb h\Y aUhhYfg Uh \UbX(
@ kci`X [iYgg h\Uh ]Z g\Y \Ug \cbcifYX \Yf hfiY bUhifY& acgh V][ XYW]
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X]`YaaU cf eiYgh]cb Uh \UbX( IYZ`YWhcfg bYYX h]aY& gdUWY UbX ]gc`Uh]cb
hc X]gh]` UbX X]gh]b[i]g\ h\Y ]bZ`iYbWYg cZ ch\Yfg Zfca k\Uh Uih\Ybh]WU``m
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VY gYbg]h]jY hc Wf]h]W]ga UbX YUg]`m Vfi]gYX k\Yb a]gibXYfghccX( @h XcYg
brh gifdf]gY aY h\Uh g\Y \Ug hk]WY XcbUhYX `a hc h\Y 8aYf]WUb IYX

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:fcgg& Z]fgh hc Ugg]gh h\Y j]Wh]ag cZ 3)++ UbX h\Yb h\Y j]Wh]ag cZ h\Y 8g]Ub
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dfcZ]`Y UbX h\Y YadUh\m k]h\]b \Yf hmdY( 9ih h\Y dchYbh]U``m fYW`ig]jY
gYWcbX'`]bY Y`YaYbh U`gc fY]bZcfWYg \Yf bYYX hc \Ub[ h\Y q;c Ech ;]g
hifVr g][b cb h\Y Xccf UbX VY U`cbY(
IYZ`YWhcfg UfY _bckb Zcf h\Y]f dYbYhfUh]b[ ]bg][\hg UVcih `]ZY( JiW\
hU_Yg cb h\Y kcf`X WcaY j]U h\Y]f ckb ZU]`ifYg UbX hf]iad\g& k\]W\ UfY
X][YghYX UbX h\Yb fYZ`YWhYX VUW_ hc h\Y kcf`X Ug k]gXca( JUbXfUrg ckb
hU_Y cb h\Y YggYbWY cZ giWWYgg ]g4 q8`kUmg W\ccgY dYcd`Y h\Uh W\U``Yb[Y
mci UbX UfY gaUfhYf h\Ub mci( 8`kUmg VY h\Y ghiXYbh( FbWY mci Z]bX mcif
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h\Y gbUdg\ch WcbW`ig]cb ]g h\Uh JUbXfU 9i``cW_ ]g UVgc`ihY`m `]j]b[ \Yf
XYg][b Ug Ub YadUh\]W UWhfYgg k\c _bckg k\YfY g\Y ]g \YUXYX ]b `]ZY UbX
]g XYhYfa]bYX hc gYh h\Y f][\h YlUad`Y U`cb[ h\Y kUm( J\Y \Ug U [Yb
Yfcg]hm cZ gd]f]h UbX hfiY \iaUb]hUf]Ub cih`cc_ h\Uh Ugg]ghg h\Y `Ygg Zcf
hibUhY UbX gYY_g hc YadckYf ch\Yfg(

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mYUfg hc fYUX Zcf mci& cf U``ckYX aY hc cZZYf am hYUW\]b[g& @
h\Ub_ mci( @ \cdY mci \UjY VYYb UV`Y hc gYY mcifgY`Z ]b h\]g
Vcc_ UbX Z]bX gcaYh\]b[ hc W\iW_`Y UVcih(

@ U`kUmg k]g\YX hc g\UfY h\]g ZUgW]bUh]b[ gmghYa k]h\ U k]XYf UiX]YbWY&

WcbZ]XYbh h\Uh ]hg dckYf UbX UWWifUWm kci`X gdYU_ Zcf ]hgY`Z& UbX kUg
V`YggYX hc VY []ZhYX h\Uh cddcfhib]hm UZhYf gdYbX]b[ acfY h\Ub U XYWUXY
j]giU`]n]b[ h\Uh jYfm acaYbh( @h ]bhfcXiWYX aY hc h\Y kcf`X cZ diV`]g\
]b[ UbX aUXY aY fYU`]nY h\Y ?YfWi`YUb YZZcfh h\Uh [cYg ]bhc U Vcc_rg
WfYUh]cb UbX h\Y ai`h]hiXY cZ dYcd`Y k\c \Y`d aU_Y ]h \UddYb(
EcbY cZ h\]g kci`X \UjY WcaY hc VY k]h\cih h\Y j]g]cb& Ybh\ig]Uga&
XYX]WUh]cb UbX kf]h]b[ UV]`]h]Yg cZ U aUb WU``YX JhYjY ;Ybb]g( ?Y kUg ^igh
Ubch\Yf aU`Y Wmb]W WU^c`YX ]bhc \Uj]b[ U ?iaUb ;Yg][b fYUX]b[ Vm \]g
[]f`Zf]YbX ]b C8 ' UbX h\Uh kUg h\Y ghUfh cZ h\]g UaUn]b[ ^cifbYm( 8g]XY
Zfca Ugg]gh]b[ h\Y kf]h]b[ dfcWYgg& \Y Zcf[YX ]bhfcXiWh]cbg k]h\ h\Y fYgh
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U[Ybh AcbUh\Ub C`cmX& Uh :ifh]g 9fckb& CcbXcb& Zcf \]g giddcfh UbX VY`]YZ
]b h\]g dfc^YWh5 \]g Ugg]ghUbh& :Ua]``U >cg`Yhh5 diV`]g\Yf 9Y`]bXU 9iX[Y&
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h\]g dfc^YWh \UX ZcibX ]hg WcffYWh \caY UbX h\Y VYgh hYUa( @b h\Uh fY[UfX&
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,30
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