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MI<L?;GILN?>I,;J;
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=IGI @?T
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);HC@?MN;M?IONL;P?TI
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KO?L
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=ILLCA?
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+
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+M>ICM=;MIM>?L??M=LCN;M[ICH>_=CIM>IJLI=?MMI=IHMN;HN?>?L?@F?R[I
HIKO;FG?LAOFB;I<FIAO?CLIKO;H>IJO<FC=;MO;JXACH;
!MJ?=C;FG?HN?HIKO?M?
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=IH>ON; >I ALOJI l IO M?D; M?OM ?NHIG]NI>IM
CH>; KO? M? =;L;=N?LCT? JIL MO;M
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?F;M>?P?GN?LFCGCN?M
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IH>? H;M=?O ; =?HMOL; ;I N?RNI ;HN?LCIL KO? =IGJ;L;P; I HIPI ,;J; ; $CNF?L ;I
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8
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FIA>I0;MIG?HNXLCIM>IJIMNm.;NT?HA?L?HNIIO
>IF@InL??M=LCNI=IGIm.;NT?HA?L?%N;G;Ln
L??M=LCN; H?MN? =;MI H[I M? >?O ?G <OM=; >? =ILL?\b?M ILNIALX@C=;M
AL;G;NC=;CMIO>?M?GZHNC=;
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J;LNCL>;L?;\[I?RJL?MM;IOJL?MOGC>;>IJc<FC=IF?CNIL;IMN?RNIM;FN?L;>IM
:?6>2m+=CH?G;;CH>;L?MJCL;nl,IMN
+ ,IMN KO? N?G N?GXNC=; CMIF;>; =IG?HN; I @CFG? m$IOM? I@ NB?
@FSCHA ;AA?LMn
0;MCH>C=;I@CFG?;IMF?CNIL?M;@CLG;H>IMO;?R=?F?HN?KO;FC>;>?
!F?>CTKO??HKO;HNI
IM N?`LC=IM @C=;G @;F;H>I HI @CG >I =CH?G; HI >IG_HCI >;M
HIMM;MG?HN?MJ?F;MCG;A?HM
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GIMNL;IJ;O
0O>I;IG?MGIN?GJI
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>?F?CN?
1G;BCMN`LC;MCGJF?M?=IGJF?R;;IG?MGIN?GJI=IGI
M?GJL?@IL;G;M<I;MBCMN`LC;M>?M>?IMAL?AIM
FIA>I0;Mm+=CH?G;;CH>;L?MJCL;n
0;M CHC=C; M?O =IG?HNXLCI L?@?L?H=C;H>I ;MMOHNIM >; ;A?H>; >; G_>C;
H;KO?F?>C;m/?PI=^;H>;=;HM;>I>?MM?J;JI>?J;J;N?F?PCM[I<CA<LINB?LFOF;?
MOJ?L;PCN@CM=;F
n
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?G OG =IHN?RNI M`=CI=OFNOL;F ? JIF_NC=I G;CM ;GJFI ;I G?MGI N?GJI ?G KO?
=IHMNCNOC OG =B;G;>I J;L; KO? NI>IM >?CR?G ?MM; L?;FC>;>? Y J;LN? ? JIMM;G
G?LAOFB;L H; @;HN;MC; >I =CH?G; =BCH^M
,;L; I <FIAO?CLI ?MM;M HIN_=C;M DX ?MN[I
?RJIMN;M JIL G;CM N?GJI KO? I >?PC>I =;OM;H>I OG; ?MJ]=C? >? MI<L?=;LA;
CH@ILG;=CIH;FHIJc<FC=I
F]G >? CH>C=;L I @CFG? 0;M N;G<]G CH>C=; OG; M;F; >? =CH?G;
J;OFCMN;H;;M;F;>I?HNL;F,F;T;H;2CF;,LO>?HN?;mG;CILN?F;>?/,n
0;HNI
MO;M=L_NC=;MJIMCNCP;M;I@CFG?KO;HNIYM;F;>?=CH?G;@IL;G ;FPI>IM=IG?HNXLCIM
>IMF?CNIL?M>I%/2*
FAOHM=IH=IL>;L;G=IG0;M>?KO?I@CFG??;M;F;>?=CH?G;
N^G<I;KO;FC>;>?=IGIIG?G<LIMCFP?L
/D:=G6C0/D2?E@2?5CSDA0/
0/6DEF52?E60
=IGJF?N;G?HN? FCH>I
M?AOC ; >C=; ? ;MMCMNC HI =?HNL;F JF;T; H;
M;F;
?MNIO?MNOJ?@;NI=IG;<?F?T;?I>?M?HLIF;L>;BCMN`LC;
KO?CHC=C;FG?HN?J;L?=?MCGJF?M
@CFG?FCH>I?JOLI
GOCNI<IG
FIA>I0;MIG?HNXLCIM>I,IMNm+=CH?G;;CH>;L?MJCL;n
*I ?HN;HNI F?CNIL?M =IGI ?HCM? >CM=IL>;G >; IJCHC[I ?RJL?MM; HI
%/2*;=?L=;>I@CFG?
7 ?HCM?87/[I,;OFI/,8
?M=OFJ?0;M
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N?G LIN?CLIM =?H;M M[I FCH>;M ;KO?F; >IM N;G<IL?M FIAI HI
CH_=CI >I @CFG? ] >? NL;T?L XAO; ;IM IFBIM
G;M ] JL?=CMI ;FAI
G;CMKO?CMMI
CGJL?MM[IKO?G?>X]KO?I@CFG?]OG;=IF=B;
>?L?N;FBIM>?=?H;M>?FON;
FIA>I0;MIG?HNXLCIM>I,IMNm+=CH?G;;CH>;L?MJCL;n
,IL M?L OG; N?GXNC=; JIO=I CHN?L?MM;HN? IO JIF^GC=; ?MN? JIMN ;NL;CO
G?HIM=IG?HNXLCIM?GL?F;\[I;IM>?G;CM
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J?L_I>I>?=IF?N;
C2F56m+F?[I>ICGJIMNI>?L?H>;N;>?<I<?CL;nl,IMN
IONL;N?GXNC=;CMIF;>;?GOGcHC=IJIMNJL?M?HN?HIFIA>I0;M?G
HIMMI J?L_I>I >? ;HXFCM? J;L?=? L?JLI>OTCL ;J?H;M G;CM OG; >;M CHcG?L;M
CH@ILG;\b?M;G;CILJ;LN?CHP?L_>C=;MKO?=CL=OF;GH;%HN?LH?NH;@ILG;>?63$06
0;M>?MN;=;?MM?@;NI;HN?M>?L?JLI>OTCLOG?G;CFKO?@;F;;=?L=;>?OG;JIMM_P?F
@L;O>? =IHNL; I CGJIMNI >? L?H>; >? J?MMI;M @;GIM;M
2;F? F?G<L;L KO? I G^M >?
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>?=F;L;\[I
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L?@?LC;G ;IM 32676 >I N?G; .;=CMGI l ;MI #L;@CN? =ODIM FCGCN?M >? =IG?HNXLCIM
@IL;G;NCHAC>IM@IL\;H>IIMF?CNIL?M;ONCFCT;L?GIONLIM 32676=IGII,IMNJ;L;
J;LNC=CJ;L>;>CM=OMM[I
3$06 M[I OG; ?MJ]=C? >? G;F; >CL?N; >? ?G;CF H[I ;ONILCT;>; A?L;FG?HN? =IG CH@ILG;\b?M H[I
=IH@CLG;>;M
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>IM?F?G?HNIMG;CM=IG<;NC>IMJ?F;M?GJL?M;M>?M?AOL;H\;PCLNO;F
&24:D>@`2D@C27:E6m.;=CMGIION?GJ?MN;>??G=IJI>eXAO;nl,IMNm,IL
KO?I#L;@CN?N?G;J?FC>I>?AL;@CN?nl,IMNm+L;=CMGI>?HNLI?@IL;>?H`Mnl
,IMNmHA?FC"IFB;nl,IMN
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DIA;>IL >? @ON?<IF ;LA?HNCHI ?MX<;NI =IHNL; I ;N;=;HN? >I /[I ,;OFI #L;@CN? @IC
M?G >cPC>; I >? G;CIL L?J?L=OMM[I HI FIA >I 0;M >OL;HN? I G^M >? ;<LCF
+
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=IG?HNXLCIMJIMM_P?CM
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0;\; (C<?LN;>IL?M >? G]LC=; >? "ON?<IF ?HNL? /[I ,;OFI ? I NCG? ;LA?HNCHI
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JL?MI?G/[I,;OFI
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I=ILL^H=C;>;;AL?MM[I>? ?MX<;NI=IHNL;#L;@CN?
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OG$CNF?LJL;GCGJ;MMIO>IJIHNI
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P?FI=C>;>??GKO?IM=IG?HNXLCIM@IL;GJIMN;>IM?IN?GJI?GKO?@IC;NCHAC>II
FCGCN? >? J;LNC=CJ;\[I >IM F?CNIL?M H?MN? JLI=?MMI I N?RNI @IC JO<FC=;>I YM B
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OG;BIL;?PCHN?>?JICMYMBGCH
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0;M=B?A;H>I;=IG?HNXLCIMHI,IMN
+ G?MGI LCNGI ? @FORI M? L?J?N?G HIM 32676 M?AOCHN?M
+M NL^M
JL`RCGIM32676JO<FC=;>IMHIFIA>I0;MNL;N;G;CH>;>;KO?MN[I#L;@CN?
+,IMN
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DOMNC@C=;NCP; >; JIMC\[I ;MMOGC>; JIL 0;M HI JIMN ;HN?LCIL DOFA;>; JIL GOCNIM
=IG?HN;>IL?M=IGIL;=CMN;
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L?@F?Rb?MMI<L?I=;MI
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MO; JL`JLC; L?@F?R[I ;=?L=; >? M?O N?RNI
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=IG=IG?HNXLCIM
CT0;M?GMO;>?@?M;
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;<;CRI
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