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OC[GXGPDGEQORNGVGN[QTRCTVKCNN[EQXGTGF
YKVJCTQQHOCMKPICXGTCPFC5ETGGPU
OC[DGWUGFVQGPENQUGVJGDKTFUKPCYKP
VGTICTFGPQTEWTVCKPUECPDGWUGF6JKU
CNNQYUCEEGUUVQUWPNKIJVCPFHTGUJCKTYJKNG
RTQVGEVKPI DKTFU HTQO YGCVJGT CPF YKNF
NKHG+PUQOGECUGUCUETGGPGFRQTEJYKVJ
COGUJQQTCNNQYUOCPWTGVQRCUUVJTQWIJ
UQKVECPDGEQNNGEVGFCPFTGOQXGF

PVOHQVM
MFUTPSCSPJM
FSTBSF
NPSFTVTDFQUJCMF
UPQBUIPHFOTUIBO
PMEFSCJSET

"TDSFFOFEQPSDIXJUIBNFTInPPS

"WFSBOEBQSPWJEFTBUSBOTJUJPOBSFBUPGSFFSBOHFPS
BXJOUFSHBSEFO1IPUPCZ/'1-FECVSZ
XXXOGQMFECVSZDPVLQSPEVDUTQPVMUSZ
DPNNFSDJBMWFSBOEBIUN

$775$

1BHF

5IJTNPCJMFIPVTFIBTBSPPGFEWFSBOEBXJUIDVSUBJOT
UIBUDBOCFMPXFSFEJODPPMXFBUIFS1IPUPCZ4,"

1PSUBCMF)PVTFT

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IPVTFT
IBWFTLJET
PSXIFFMTUPNPWF
UIFN

/QDKNGJQWUGUCTGPGEGUUCTKN[UOCNNUKPEG
VJG[CTGDWKNVVQDGOQXGFTGIWNCTN[VQC
PGYNQECVKQPWUWCNN[YKVJCVTCEVQTRKEMWR
CNNVGTTCKPXGJKENGQTFTCHVCPKOCN2QTVC
DNGJQWUKPITCPIGUHTQOETWFGUJGNVGTUVQ
YGNNEQPUVTWEVGFKPUWNCVGFJQWUGU*QWUGU
OC[JCXGYJGGNUQTUMKFUCPFCTGOQXGF
GXGT[HGYFC[UQTNGUUHTGSWGPVN[

$775$

VQHQWTFC[UHQNNQYKPIITC\KPIECVVNG1NF
OQDKNGJQOGVTCKNGTHTCOGUCPFQNFECOR
GTU JCXG CNUQ DGGP WUGF HQT GIIOQDKNGU
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CETGU KUPGGFGFKPQTFGTVQOQXGVJG
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VJGRTGXKQWUURQVQTKFGPVKH[CHCXQTKVGURQV
UWEJCUCICTFGP*GOQXGUJKUGIIOQDKNG
GXGT[HGYFC[U

2CUVWTGUWUWCNN[JCXGCRGTKOGVGTHGPEGVQ
EQPVCKPECVVNGQTQVJGTNKXGUVQEMCPFFGVGT
RTGFCVQTU  )GPGTCNN[ RQWNVT[ RTQFWEGTU
EQPPGDKTFUCVPKIJVVQRTQVGEVVJGOHTQO
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5MKFJQWUKPIKUIGPGTCNN[OQXGFNGUUQHVGP
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XGPVU VJG RCUVWTG WPFGTPGCVJ VJG JQWUG JCTF VQ FTCI  +H YQQFGP UMKFU CTG WUGF
HTQOF[KPI+VTGEQXGTUKPCDQWVCOQPVJ KPQTICPKERTQFWEVKQPVJG[UJQWNFPQVDG
FGRGPFKPI QP VJG ENKOCVG  +H VJG JQWUG RTGUUWTGVTGCVGF YKVJ EQRRGTEJTQOKWO
UVC[UKPQPGNQECVKQPHQTNQPIGTVJCPQPG CTUGPCVGQTQVJGTRTQJKDKVGFOCVGTKCNU5GG
YGGM VJG HQTCIG RNCPVU WPFGT VJG JQWUG #664#U 1TICPKE #NVGTPCVKXGU VQ 6TGCVGF
OC[PGGFVQDGTGUGGFGFCPFKVOC[VCMGC .WODGT/GVCNRKRGUCTGCPQVJGTQRVKQPCPF
EQWRNGQH[GCTUVQTGGUVCDNKUJPGYRCUVWTG CTGUOQQVJGTVQFTCIVJCPYQQF
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CP GIIOQ KUFGUETKDGFKP(TGG4CPIG2QWNVT[2TQFWE
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UJGNVGTUVQHTGUJRCUVWTGGXGT[HQWTYGGMU

8IFFMFEIPVTJOH

1BHF

&HHNPCJMFT

"QPSUBCMFTIFMUFSXJUIBnPPS

"MUFSOBUJWF1PVMUSZ1SPEVDUJPO4ZTUFNTBOE0VUEPPS"DDFTT

VQRTGXGPVVWTHFCOCIGCPFOCKPVCKPUCV
NGCUVHGGVDGVYGGPGCEJJQWUGVQMGGR
QEMUUGRCTCVG$GEM%JGPQYGVJUU[UVGO
KUFGUETKDGFQPJKUYGDUKVGYYYHTGGTCPIG
RQWNVT[EQO

#PF[.GGRKQPGGTGFVJGWUGQHGNGEVTQPGV
HQT RQWNVT[ KP VJG 75 WUKPI VJG VGTO
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PGVVKPI CU HGPEKPI CNNQYU DKTF CEVKXKV[ VQ
DGRNCEGFYJGTGFGUKTGFTGFWEGURTGFC
VKQPCPFKUGCU[VQOQXG#HQQVTQNNQH
PGVVKPIGPENQUGUCPCTGCTQWIJN[HGGVD[
HGGV
6JGGNGEVTQPGVOC[EQORNGVGN[GPEKTENGVJG
JQWUGQTKVECPDGNQQRGFQHHQPGUGEVKQPQH
VJGJQWUG6GORQTCT[HGPEKPIOCMGUOCP[
EQPIWTCVKQPUQHRCFFQEMUKPEQPLWPEVKQP
YKVJCOQDKNGJQWUG6JGGNGEVTQPGVUJQWNF
DGOQXGFDGHQTGVJGITCUUUVCTVUITQYKPI
KPVQVJGPGVVKPIYJKEJYKNNUJQTVKVQWVCPF
OCMGKVJCTFVQOQXG2WVVKPIVJGJQWUKPI
KPVJGOKFFNGQHVJGGPENQUWTGYKNNTGFWEG
DKTFUHTQO[KPIQWV
5CNCVKPJCUCPGIIRTQFWEVKQPU[UVGOWUKPI
PGVHGPEKPIVJCVJGECNNUVJGHGCVJGTPGV
5CNCVKPOQXGUJKUHGCVJGTPGVJQWUGCPF
PGVVKPIVQCPGYUKVGGXGT[VJTGGFC[UOCM
KPICIWTGGKIJVYKVJVYQHQQVEKTENGU
QHPGVVKPI
WUKPIVJTGGTQNNUGCEJ UQJGECP
OQXGVJGJQWUKPIKPVQCPGYEKTENGYKVJQWV
NGVVKPIDKTFUGUECRG5GG#664#U2QWN
VT['SWKROGPVHQT#NVGTPCVKXG2TQFWEVKQPHQT
OQTGKPHQTOCVKQPCDQWVHGPEKPI

IFVTFPG
QPSUBCMF
FMFDUSJmFE
OFUUJOHBTGFODJOH
BMMPXTCJSEBDUJWJUZ
UPCFQMBDFEXIFSF
EFTJSFE SFEVDFTQSF
EBUJPO BOEJTFBTZ
UPNPWF

5IJT'SFODIIPVTFJTQPSUBCMF*UIBTOPnPPSCVUVTFT
MJUUFSBOEIBTBVUPNBUFEGFFEJOHFRVJQNFOU

4BMBUJOTiGFBUIFSOFUw

*QWUKPIKUUQOGVKOGUFGUKIPGFVQTGOCKP
QRGP CV PKIJV KP QTFGT VQ RTQXKFG NQPIGT
JQWTUQHQWVFQQTCEEGUUCPFGNKOKPCVGVJG
"OBUUSBDUJWFGSFFSBOHFIPVTFJOUIF6,
VCUMUQHQRGPKPICPFENQUKPIFQQTU$KTFU
HQTCIG CEVKXGN[ CV FWUM  '7 NGIKUNCVKQP
(QTOCP[CVVTCEVKXGFGUKIPUHQTUOCNNRQWN CNNQYUCITGCVGTKPFQQTUVQEMKPIFGPUKV[KH
VT[JQWUGUWUGFHQTHTGGTCPIGRTQFWEVKQP VJGJQWUGTGOCKPUQRGPCVPKIJV(NCRUQXGT
KPVJG7PKVGF-KPIFQOUGGYYYHQTUJCO VJGGZKVUECPFGVGTRTGFCVQTUUWEJCUQYNU
EQVVCIGCTMUEQWM9GDUKVG
HTQOGPVGTKPIVJGJQWUGCPFJGNROCKPVCKP
XXXBUUSBODBUPSH

$775$

1BHF

VGORGTCVWTGUKPVJGJQWUGCPFGNGEVTQPGV
VKPIFGVGTUITQWPFRTGFCVQTU

BTUVSFQFOT
BSFTFUJOB
QBTUVSF POB
MBXO PSJOBHBSEFO
5IFZBSFBGBWPSJUF
PGTNBMMTDBMFQSP
EVDFSTEVFUPUIFJS
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JCJMJUZ

6JG JQWUKPI FGUKIP OC[ KORCEV RQT


VCDKNKV[  2QTVCDNG JQWUGU WUWCNN[ JCXG
NKVVGTEQXGTGF QQTU VQ RTQVGEV DKTFU CPF
MGGRVJGOQHHYGVITQWPF(NQQTUKPETGCUG
VJGUVTWEVWTCNUVCDKNKV[VQMGGRVJGJQWUG
HTQORWNNKPICRCTVYJGPOQXGF*QYGXGT
JQWUGU YKVJQWV QQTU CTG NGUU GZRGPUKXG
VQDWKNFCPFTGFWEGRQVGPVKCNJCDKVCVHQT
TQFGPVU+HCRQTVCDNGJQWUGJCUPQQQTKV
KUKORQTVCPVVQMGGRTCKPYCVGTHTQOUGGR
KPIKPVQVJGJQWUGVJTQWIJVJGITQWPF#
VTGPEJCDQXGVJGJQWUGQPCJKNNUKFGECP
FKXGTVYCVGTQYHTQOJGCX[TCKPQTKFG
CNN[VJGJQWUGKURNCEGFQPITQWPFVJCVKU
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EQPUVTWEVGFRCFQHGCTVJ

QTKPVJGRCUVJQTUG #EEQTFKPIVQ2NC
OQPFQP YJGP [QW JCXG OQTG GIIU VJCP
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WUGQQTUQTNKVVGTCNVJQWIJPGUVKPIJQWUGU
JCXGNKVVGTVQENGCPDKTFUHGGV9JGPJG
OQXGU VJG JQWUG VJGTG KU C  VQ KPEJ
NC[GTQHOCPWTGNGHVYJKEJJGUETCRGUYKVJ
JKUVTCEVQTCPFKPEQTRQTCVGUKPVQVJGRCU
VWTG6JGJQWUGUUJQWNFDGMGRVHGGV
HTQO DCTPU ICTCIGU CPF QVJGT RNCEGU
YJGTG[QWFQPVYCPVDKTFUVQTQQUV*G
MGGRUJGPUKPGCEJUOCNNJQWUGCPF
JKU EQNQPKGU EQPUKUV QH  JGPU GCEJ

1MBNPOEPOTDPMPOZTZTUFNIBTBDFOUSBMOFTUJOH
IPVTFHSPVQFEXJUIGPVSTNBMMSPPTUJOHIPVTFT

1BTUVSF1FOT
2CUVWTGRGPUCTGUOCNNQQTNGUURGPUVJCV
CTGOQXGFFCKN[WUWCNN[D[JCPFVQHTGUJ
RCUVWTG  6JGUG KPGZRGPUKXG UJGNVGTU CTG
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HQTHTGGTCPIGGIIRTQFWEVKQPFGUETKDGFD[ FWGVQVJGKTNQYEQUVCPFGZKDKNKV[
1TGIQPRTQFWEGT4QDGTV2NCOQPFQP
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RTQFWEVKQPWUGUOCP[UOCNNJQWUGUCNQPI D[,QGN5CNCVKPQH8KTIKPKC5CNCVKPYTQVG
YKVJCEQOOQPPGUVJQWUGCPFHGGFCTGC CDQQMECNNGF2CUVWTGF2QWNVT[2TQVU
 
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KPVJGGCTN[UKPVJG%CNKHQTPKCRQWN ECTGOCTMGVGVE6JGRGPUJCXGDGGPUQ
VT[ KPFWUVT[ EGPVGTGF PGCT 2GVCNWOC +V RQRWNCTYKVJUOCNNHCTOGTUVJCV5CNCVKPKU
YCUFGUKIPGFVQTGFWEGNCDQTKPICVJGTKPI ETGFKVGFYKVJUVCTVKPICRCUVWTGFRQWNVT[
GIIUHTQOUOCNNRQTVCDNGJQWUGUQPTCPIG OQXGOGPVKPVJG75*GWUGUCHQQV
%QNQPKGUQHUOCNNTQQUVKPIJQWUGUUJCTGC D[HQQVD[HQQVYQQFGPRGP6JGVQR
EQOOQPPGUVKPIJQWUGCPFHGGFCTGC2NC QHVJGRGPKUCVCPFRCTVKCNN[EQXGTGFD[
OQPFQPOQXGUJKUJQWUGUGXGT[HGYYGGMU TQQPI*GUVQEMUCVCOCZKOWOFGPUKV[
VQCPGYURQVCDQWVHGGVCYC[6JGRTQ QHCDQWVDKTFURGTUSWCTGHQQVHQTOGCV
FWEGTXKUKVUQPN[QPGJQWUGVJGPGUVJQWUG EJKEMGPU  2TQFWEGTU HQNNQYKPI JKU DQQM
VQEQNNGEVGIIU6JGRTQFWEGTEQNNGEVUVJG QHVGPJCXGCJKIJTCVGQHUWEEGUUDWVOQX
GIIUQPVQCVUHQTRKEMWRD[VTWEMQT#68 KPIVJGRGPUFCKN[KUXGT[NCDQTKPVGPUKXG
"QPSUBCMFIPPQIPVTF1IPUPCZ-VLF&MMJPUU

1BHF

$775$

"MUFSOBUJWF1PVMUSZ1SPEVDUJPO4ZTUFNTBOE0VUEPPS"DDFTT

TGEVCPINGHTCOGVJCVKUEQXGTGFYKVJJCTF
YCTGENQVJUQFTQRRKPIUUVKNNHCNNVJTQWIJVQ
VJGITQWPF#NVJQWIJVJGDKTFUCTGPQVHTGG
VQTQCOKPCRCUVWTGRGPVJG[UVKNNJCXGVJG
CFXCPVCIGUQHHTGUJCKTCPFUWPNKIJV*QY
GXGTVJGEQPPGFURCEGQHVJGRGPKUCYGN
HCTGEQPEGTP.CTIGTRGPUCTGPGGFGFHQT
VWTMG[UDGECWUGQHVJGKTYKPIURCPU
1BTUVSF1FOT1IPUPCZ1JMHSJNT8BZ'BSN

#GNFRGPIGPGTCNN[RTQXKFGUIQQFRTGF
CVQTEQPVTQNDWVUQOGRTGFCVQTU
PCOGN[
TCEEQQPU ECPITCDEJKEMGPUVJTQWIJVJG
YKTG+HVJGTGCTGNQYURQVUKPVJGRCUVWTG
JQNGUDGVYGGPVJGDQVVQOQHVJGRGPCPFVJG
ITQWPFPGGFVQDGUVQRRGFWRYKVJUETCRU
QHYQQFQTQVJGTOCVGTKCNU5QOGRTQFWEGTU
TWPCPGNGEVTKEYKTGCTQWPFVJGRGPCTGCC
BTUVSFQFOT
HGYKPEJGUQHHVJGITQWPFVQMGGRRTGFCVQTU
BSFHPPE
CYC[QTUWTTQWPFVJGRGPUYKVJGNGEVTQPGV
HGPEKPI5QOGRTQFWEGTUWUGCEQODKPCVKQP
GPSTFBTPOBM
QHGNFRGPUCPFHGPEKPIQRGPKPIWRGNF QSPEVDUJPO CVU
RGPUYKVJKPC[CTFGPENQUGFD[GNGEVTQPGV NPWJOHUIFQFOT
VJGDKTFUTCPIGKPVJGGPVKTGGPENQUWTGFWT
EBJMZJTWFSZMBCPS
KPIVJGFC[

1BTUVSFQFOTBSFNPWFEEBJMZUPGSFTIQBTUVSF

6JGRGPUCTGOQXGFOCPWCNN[D[RWVVKPIC
FQNN[QPQPGGPFCPFNKHVKPID[CJCPFNGQP
VJGQVJGT$KTFUNGCTPVQYCNMCNQPIYKVJ
VJGRGPCUKVKUFTCIIGFCETQUUVJGGNF
DWVQEECUKQPCNN[CDKTFYKNNGUECRGQTDG
KPLWTGFFWTKPICOQXG

JOUFOTJWF

6JGDCUKERGPFGUKIPECPDGOQFKGFKP
OCP[YC[U2NCUVKE
28% RKRGCPFTGDCT
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0Q NKVVGT KU WUGF UQ DKTFU ECP HQTCIG HQT VJGUVTWEVWTG*QYGXGTKPCTGCUYKVJUVTQPI
ITCUU CPF VJG RGP KU OQXGF FCKN[  6JG YKPFUNKIJVRGPUPGGFVQDGUVCMGFFQYP
FCKN[OQXGUEQPVTQNEQEEKFKQUKUCRCTCUKVKE
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YKVJVJGKTQYPOCPWTG5CNCVKPCFXKUGUVQ
TGVWTPVQVJGUCOGRNQVQHNCPFQPN[QPEG
RGT[GCT
"QFOCVJMUGSPNQMBTUJDQJQF

5KPEGVJGGNFRGPKUQPN[CUJGNVGTVJGDKTFU
CTGWUWCNN[TCKUGFQPN[KPYCTOYGCVJGT
1PTCKP[FC[URTQFWEGTURWVJC[DGFFKPI
QPVJGITQWPFWPFGTVJGEQXGTGFUGEVKQPQH
VJGRGPVQJGNRMGGRDKTFUFT[1PGRTQ
FWEGTWUGUCUNGFWPFGTVJGRGPCIQQF
YC[VQIGVVJGDKTFUQHHVJGITQWPFKPTCKP[
YGCVJGT6JGUNGFKUUOCNNGTKPFKOGPUKQPU
VJCPVJGRGP5JGNKHVUWRQPGGPFQHVJG
RGP CPF RWUJGU VJG UNGF KP  5JG WUGU C
XXXBUUSBODBUPSH

)PPQIPVTFQFOTBSFQPQVMBS

$775$

1BHF

5QOGRTQFWEGTURGCMVJGTQQHVQCNNQYOQTG
JGCVVQGUECRGVQMGGRTCKPYCVGTHTQORQQN
KPIQTVQMGGRIQCVUQHH5MKFUQTYJGGNU
ECP DG OQWPVGF QP VJG RGP KPUVGCF QH C
FQNN[VQOQXGVJGRGP6JGGNFRGPECP
CNUQDGCFCRVGFHQTGIIRTQFWEVKQPD[CFF
KPIPGUVDQZGU6JGTGCTGOCP[QVJGTGNF
RGPFGUKIPUVJCVCTGCVRGCMGFFQOGFQT
JQQRGF$WKNFKPIOCVGTKCNUKPENWFGYQQF
28%TGDCTGNGEVTKECNEQPFWKVCPFDCODQQ
2NCOQPFQPJCUCJQQRFGUKIPQPJKUYGD
UKVGVJCVWUGUECVVNGRCPGNU5GG#664#U
4CPIG2QWNVT[*QWUKPIHQTRGPFGUKIPUCPF
EQPUVTWEVKQPFGVCKNU

PVMUSZTQF
DJFTTIPVME
OPUCF
NJYFE OPSTIPVME
nPDLTPGEJFSFOU
BHFTDPNJOHMF

XGIGVCDNGRTQFWEVKQPKPRGTOCEWNVWTGU[U
VGOUVJCVKPVGITCVGRTKPEKRNGUQHPCVWTCNU[U
VGOUYKVJCITKEWNVWTG5QOGQTICPKERTQ
ITCOUTGSWKTGVJCVCVNGCUVRGTEGPVQH
VJGRQWNVT[HGGFEQOGHTQOVJGHCTOYJGTG
VJGDKTFUCTGTCKUGFQTCPGCTD[HCTO
KP QTFGT VQ MGGR VJG PWVTKGPVU E[ENKPI KP
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PWVTKGPVU VQ DG TGE[ENGF DGVYGGP RNCPVU
CPFCPKOCNU

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GZRGPUKXGRGPU  5QOG JCXG CVVCEJGF
JQWUKPI 6JGUG 'WTQRGCP CTM JQWUGU
CTG CXCKNCDNG VJTQWIJ 75 FKUVTKDWVQTU
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756JG*GPURC
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4IFFQDBOCFJOUFHSBUFEXJUIGSFFSBOHFQPVMUSZBOE
IFMQUPDPOUSPMUIFGPSBHFGPSQPVMUSZ
1IPUPCZ-JOEB$PFZ

6SCBOQSPEVDFSTPGUFOVTFTNBMMQFOTXJUIBUUBDIFE
IPVTFT1IPUPCZ0NMFU


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QRGFD[VJG0CVKQPCN%GPVGTHQT#RRTQRTKCVG
6GEJPQNQI[
0%#6 HQT*GKHGT+PVGTPCVKQPCN
KUCXCKNCDNGHTQO#664#+VRTGUGPVUECUG
UVWFKGUHTQOC*GKHGTRTQLGEVFGUETKDKPIVJG
GZRGTKGPEGUQHRTQFWEGTUKPVJG5QWVJ
YJQGCEJTCKUGFCDCVEJQHRCUVWTGFRQWNVT[
KPGNFRGPUCPFKPENWFGUUGEVKQPUQPOQT
VCNKV[YGCVJGTRGPEQPUVTWEVKQPGEQPQOKE
CPCN[UKUCPFOQTG


&KXGTUKGFU[UVGOUHQEWUQPUGTXKEGUVJCV
RQWNVT[ ECP RTQXKFG UWEJ CU HGTVKNK\C
VKQPVKNNCIGCPFKPUGEVCPFYGGFEQPVTQN
TCVJGTVJCPQPN[OGCVRTQFWEVKQP#RGT
OCEWNVWTGEQPEGRVECNNGFUVCEMKPIEQO
DKPGUUGXGTCNGPVGTRTKUGUQPVJGUCOGRKGEG
QH ITQWPF  8CTKQWU URGEKGU QH FQOGUVKE
CPKOCNU ECP DG TCKUGF VQIGVJGT VQ EQO
RNGOGPV GCEJ QVJGT ETGCVKPI OWVWCNN[
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&KUGCUG E[ENGU ECP DG DTQMGP YJGP VJG
UCOGURGEKGUFQGUPQVQEEWR[VJGUCOGUKVG
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*QYGXGTRQWNVT[URGEKGU
EJKEMGPVWTMG[U
FWEMUGVE UJQWNFPQVDGOKZGFPQTUJQWNF
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FKUGCUGVQ[QWPIGTDKTFU

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UWUVCKPCDNG CITKEWNVWTG CPF RQWNVT[ ECP TCDDKVECIGUCPFCTGEQXGTGFYKVJYKTGVQ
DG KPVGITCVGF YKVJ NKXGUVQEM ETQR CPF MGGREJKEMGPUQWV+PVJGURTKPICHVGTVJG
1BHF

$775$

"MUFSOBUJWF1PVMUSZ1SPEVDUJPO4ZTUFNTBOE0VUEPPS"DDFTT

CPKOCNUCTGTGOQXGFVJGJQQRJQWUGKUWUGF
HQTGCTN[XGIGVCDNGRTQFWEVKQP5CNCVKPWUGU
FQWDNGNC[GTUQPVJGJQQRJQWUGCUJCFG
ENQVJCPFCENGCTVCTR6JGUJCFGENQVJECP
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$775$

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