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I\TSWIHXS[EXIVWSPYFPIWYPJEXI )\TSWYVIGPEWW 7 %XQSRXLW 7 7 2% 1E\MQYQI\TERWMSR[LIRXIWXIHYWMRK%781' %XQSRXLW %XQSRXLW 2% 2% 2% 2% 8LIQSRXLI\TERWMSRPMQMXETTPMIWSRP][LIRXLIQIEWYVIHI\TERWMSRI\GIIHWXLIQSRXLQE\MQYQI\TERWMSRPMQMX 'SRGVIXIXIQTIVEXYVI{;LIRXLIEZIVEKISJXLI LMKLIWX ERH PS[IWX EQFMIRX XIQTIVEXYVI JVSQ QMHRMKLX XS QMHRMKLXMWI\TIGXIHXSFIPIWWXLER*JSVQSVIXLERXLVII WYGGIWWMZI HE]W HIPMZIV GSRGVIXI XS QIIX XLI JSPPS[MRK QMRMQYQXIQTIVEXYVIWMQQIHMEXIP]EJXIVTPEGIQIRX e *JSVWIGXMSRWPIWWXLERMRMRXLIPIEWXHMQIRWMSR e *JSVWIGXMSRWXSMRMRXLIPIEWXHMQIRWMSR e *JSVWIGXMSRWXSMRMRXLIPIEWXHMQIRWMSRERH e *JSVWIGXMSRWKVIEXIVXLERMRMRXLIPIEWXHMQIRWMSR 8LI XIQTIVEXYVI SJ GSRGVIXI EW TPEGIH WLEPP RSX I\GIIH XLIWI ZEPYIW F] QSVI XLER * 8LIWI QMRMQYQ VIUYMVI QIRXW QE] FI XIVQMREXIH [LIR XIQTIVEXYVIW EFSZI * SGGYVHYVMRKQSVIXLERLEPJSJER]LSYVHYVEXMSR 9RPIWWSXLIV[MWIWTIGMJMIHSVTIVQMXXIHXLIXIQTIVEXYVI SJGSRGVIXIEWHIPMZIVIHWLEPPRSXI\GIIH* (YVEFMPMX] E 7YPJEXIVIWMWXERGI{9RPIWWSXLIV[MWIWTIGMJMIH TVSZMHIGSRGVIXIQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIE FEWIHSRI\TSWYVIGPEWWJSVI\TSWYVIXS[EXIVWSPYFPIWYPJEXIW HIJMRIH MR 'SRXVEGX (SGYQIRXW 7YFQMX HSGYQIRXEXMSR ZIVMJ]MRKGSQTPMERGI[MXLWTIGMJMIHVIUYMVIQIRXW F *VII^MRK ERH XLE[MRK VIWMWXERGI{9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI GSRGVIXI QIIXMRK XLI VIUYMVI QIRXWSJ8EFPIFFEWIHSRI\TSWYVIGPEWWJSVJVII^MRK ERH XLE[MRK I\TSWYVI HIJMRIH MR 'SRXVEGX (SGYQIRXW 7YFQMXHSGYQIRXEXMSRZIVMJ]MRKGSQTPMERGI[MXLWTIGMJMIH VIUYMVIQIRXW G 0S[TIVQIEFMPMX]{9RPIWWSXLIV[MWIWTIGMJMIH TVSZMHIGSRGVIXIQIIXMRKXLIVIUYMVIQIRXWSJ8EFPIG FEWIH SR I\TSWYVI GPEWW JSV WXVYGXYVEP QIQFIVW MR GSRXEGX [MXL [EXIV VIUYMVMRK PS[TIVQIEFMPMX] HIJMRIH MR 'SRXVEGX (SGYQIRXW 7YFQMX HSGYQIRXEXMSR ZIVMJ]MRK GSQTPMERGI [MXLWTIGMJMIHVIUYMVIQIRXW H 'SVVSWMSR TVSXIGXMSR SJ VIMRJSVGIQIRX{ 9RPIWW SXLIV[MWI WTIGMJMIH TVSZMHI GSRGVIXI QIIXMRK XLI VIUYMVIQIRXW SJ 8EFPI H JSV GSRHMXMSRW VIUYMVMRK GSVVSWMSR TVSXIGXMSR SJ VIMRJSVGIQIRX HIJMRIH MR 'SRXVEGX (SGYQIRXW 7YFQMX HSGYQIRXEXMSR ZIVMJ]MRK GSQTPMERGI [MXLWTIGMJMIHVIUYMVIQIRXW ;EXIVWSPYFPI GLPSVMHI MSR GSRXIRX GSRXVMFYXIH JVSQ GSRWXMXYIRXW MRGPYHMRK [EXIV EKKVIKEXIW GIQIRXMXMSYW QEXIVMEPW ERH EHQM\XYVIW WLEPP FI HIXIVQMRIH JSV XLI GSRGVIXI QM\XYVI F] %781 ''1 EX EKI FIX[IIRERHHE]W 7XVIRKXL ERH [EXIVGIQIRXMXMSYW QEXIVMEP VEXMS{ 8LIGSQTVIWWMZIWXVIRKXLERH[LIRVIUYMVIH[EXIVGIQIRXM XMSYWQEXIVMEPVEXMS [GQ SJXLIGSRGVIXIJSVIEGLTSVXMSRSJXLI ;SVOWLEPPFIEWWTIGMJMIHMR'SRXVEGX(SGYQIRXW E 9RPIWW SXLIV[MWIWTIGMJMIH WXVIRKXL VIUYMVI QIRXWWLEPPFIFEWIHSREHE]GSQTVIWWMZIWXVIRKXLHIXIV QMRIHSR\MRSV\MRG]PMRHVMGEPWTIGMQIRWQEHIERH XIWXIHMREGGSVHERGI[MXL%781''1ERH''1 VIWTIGXMZIP]%WXVIRKXLXIWXEXHIWMKREXIHEKIMWXLIEZIVEKISJ EXPIEWXX[S\MRG]PMRHIVWSVXLIEZIVEKISJEXPIEWXXLVII \MRG]PMRHIVWQEHIJVSQXLIWEQIGSRGVIXIWEQTPI 7XIIPJMFIVVIMRJSVGIHGSRGVIXI{;LIRVIUYMVIH TVSZMHI WXIIP JMFIVVIMRJSVGIH GSRGVIXI MR EGGSVHERGI [MXL 'SRXVEGX(SGYQIRXW 4VSTSVXMSRMRK 4VSTSVXMSR GSRGVIXI XS GSQTP] [MXL XS TVSZMHI [SVOEFMPMX] ERH GSRWMWXIRG] WS GSRGVIXI GER FI [SVOIHVIEHMP]MRXSJSVQWERHEVSYRHVIMRJSVGIQIRX[MXLSYX WIKVIKEXMSRERHXSTVSZMHIEREZIVEKIGSQTVIWWMZIWXVIRKXL %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK 74)'-*-'%8-327*367869'896%0'32'6)8) %'- 8EFPIF{*SV)\TSWYVI'EXIKSV]* *VII^MRKERHXLE[MRKI\TSWYVI )\TSWYVI 1E\MQY GPEWW Q [GQ * 2% * * * 1MRMQYQ JG TWM %MVGSRXIRX %HHMXMSREP VIUYMVIQIRXW 2% 2% 8EFPIF 8EFPIF 8EFPIF 8EFPIF 2% 2% 8EFPIF{8SXEPEMVGSRXIRXJSVGSRGVIXI I\TSWIHXSG]GPIWSJJVII^MRKERHXLE[MRK 2SQMREPQE\MQYQ EKKVIKEXIWM^IMRk %MVGSRXIRX j )\TSWYVI'PEWWIW*ERH * )\TSWYVI'PEWW* 8EFPIG{*SV)\TSWYVI'EXIKSV]4 -RGSRXEGX[MXL[EXIVVIUYMVMRKPS[TIVQIEFMPMX] GSRGVIXI )\TSWYVI GPEWW 4 4 1E\MQYQ [GQ 2% 1MRMQYQ JG TWM %HHMXMSREPQMRMQYQ VIUYMVIQIRXW 2% 2% 2% 8EFPIH{*SV)\TSWYVI'EXIKSV]' 'SRHMXMSRWVIUYMVMRKGSVVSWMSRTVSXIGXMSRSJ VIMRJSVGIQIRX )\TSWYVI 1E\MQYQ 1MRMQYQ JG TWM GPEWW [GQ ' ' ' 2% 2% ' ' ' 2% 2% 1E\MQYQ[EXIVWSPYFPIGLPSVMHI MSR 'Pz GSRXIRXMRGSRGVIXI TIVGIRXF][IMKLXSJGIQIRX 6IMRJSVGIHGSRGVIXI 2% 2% 4VIWXVIWWIHGSRGVIXI 2% 2% 8SPIVERGISREMVGSRXIRXEWHIPMZIVIHWLEPPFI *SV JG "TWMVIHYGMRKEMVGSRXIRXF] MWTIVQMXXIH k 6IJIVXS%781'JSVXSPIVERGISRSZIVWM^IJSVZEVMSYWRSQMREPQE\MQYQWM^I HIWMKREXMSRW 8LIWI EMVGSRXIRXWETTP]XS XSXEPQM\XYVI;LIRXIWXMRKXLIWIGSRGVIXIWLS[IZIV EKKVIKEXITEVXMGPIWPEVKIV XLERMREVI VIQSZIHF] WMIZMRKERHEMVGSRXIRXMW QIEWYVIHSRXLIWMIZIHJVEGXMSR XSPIVERGISREMVGSRXIRXEWHIPMZIVIHETTPMIWXSXLMW ZEPYI %MVGSRXIRXSJXSXEPQM\XYVIMWGEPGYPEXIHJVSQZEPYIQIEWYVIHSRXLIWMIZIH JVEGXMSRTEWWMRKXLIMRWMIZIMREGGSVHERGI[MXL%781' j 8EFPIF{1E\MQYQGIQIRXMXMSYW QEXIVMEPWVIUYMVIQIRXWJSVGSRGVIXII\TSWIH XSHIMGMRKGLIQMGEPW 1E\MQYQTIVGIRXSJXSXEP 'IQIRXMXMSYWQEXIVMEP GIQIRXMXMSYWQEXIVMEPF][IMKLX *P]EWLSVSXLIVTS^^SPERWGSRJSVQMRK XS%781' 7PEKGIQIRXGSRJSVQMRKXS%781 ' 7MPMGEJYQIGSRJSVQMRKXS%781 ' 8SXEPSJJP]EWLSVSXLIVTS^^SPERW j WPEKERHWMPMGEJYQI 8SXEPSJJP]EWLSVSXLIVTS^^SPERWERH j WMPMGEJYQI 7EQTPI WXERHEVHHIZMEXMSR E *MIPH XIWX HEXE{*MIPH XIWX VIGSVHW YWIH XS GEPGYPEXIWEQTPIWXERHEVHHIZMEXMSRWLEPPVITVIWIRXQEXIVMEPW UYEPMX]GSRXVSP TVSGIHYVIW ERH GPMQEXMG GSRHMXMSRW WMQMPEV XS XLSWI I\TIGXIH MR XLI ;SVO 'LERKIW MR QEXIVMEPW ERH GSRGVIXI TVSTSVXMSRW VITVIWIRXIH F] XIWX VIGSVHW WLEPP RSX LEZIFIIRQSVIVIWXVMGXIHXLERXLSWIMRXLITVSTSWIH;SVO 8IWXVIGSVHWWLEPPGSQTP][MXLSRISJXLIJSPPS[MRK e (EXE JVSQ E WMRKPI KVSYT SJ EX PIEWX GSRWIGYXMZI GSQTVIWWMZIWXVIRKXL XIWXW [MXL XLI WEQI QM\XYVI TVSTSVXMSRWSV e (EXE JVSQ X[S KVSYTW SJ GSRWIGYXMZI GSQTVIWWMZI WXVIRKXLXIWXWXSXEPMRKEXPIEWX GSQTVIWWMZIWXVIRKXL XIWXW 2IMXLIV SJ XLI X[S KVSYTW WLEPP GSRWMWX SJ PIWW XLERXIWXW F 'EPGYPEXI WEQTPI WXERHEVH HIZMEXMSR{ 'EPGYPEXIXLIWEQTPIWXERHEVHHIZMEXMSRWW SJXLIWXVIRKXL XIWXVIGSVHWEWJSPPS[W e *SVEWMRKPIKVSYTSJGSRWIGYXMZIXIWXVIWYPXW 8SXEP GIQIRXMXMSYW QEXIVMEP EPWS MRGPYHIW %781 ' ' ' ERH ' GIQIRX8LIQE\MQYQTIVGIRXEKIWEFSZIWLEPPMRGPYHI E *P]EWLSVSXLIVTS^^SPERWTVIWIRXMR'SV'8]TI-4FPIRHIHGIQIRX F 7PEKGIQIRXTVIWIRXMR'SV'8]TI-7FPIRHIHGIQIRXERH G 7MPMGE JYQI GSRJSVQMRK XS %781 ' TVIWIRXMR ' SV ' 8]TI-4 FPIRHIHGIQIRX j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z < WW ! M! Rz [LIVI WW ! WEQTPIWXERHEVHHIZMEXMSR R ! RYQFIVSJXIWXVIWYPXWGSRWMHIVIH ! EZIVEKISJR XIWXVIWYPXWGSRWMHIVIHERH < <M ! MRHMZMHYEPXIWXVIWYPX e *SVX[SKVSYTWSJGSRWIGYXMZIXIWXVIWYPXW WW ! R z W R z W R R z %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK [LIVI WW ! W W ! 74)'-*-'%8-327*367869'896%0'32'6)8) %'- WXERHEVHHIZMEXMSRJSVXLIX[SKVSYTWGSQFMRIH WXERHEVH HIZMEXMSRW JSV +VSYTW ERH VIWTIG XMZIP] GEPGYPEXIH MR EGGSVHERGI [MXL )U ERH R R ! RYQFIVSJXIWXVIWYPXWMR+VSYTWERHVIWTIGXMZIP] 6IUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL{'EPGYPEXI JGV JSV XLI WTIGMJMIH GPEWW SJ GSRGVIXI MR EGGSVHERGI [MXL ESVF E 9WIXLIWEQTPIWXERHEVHHIZMEXMSRGEPGYPEXIHMR EGGSVHERGI[MXL XSIWXEFPMWLJGV MREGGSVHERGI[MXL 8EFPI E 9WI XLI PEVKIV SJ XLI X[S ZEPYIW SJ JGV GEPGYPEXIH F;LIRJMIPHXIWXVIGSVHWEVIRSXEZEMPEFPIXS IWXEFPMWL E WEQTPI WXERHEVH HIZMEXMSR WIPIGX XLI VIUYMVIH EZIVEKIGSQTVIWWMZIWXVIRKXLJGV JVSQ8EFPIF (SGYQIRXEXMSRSJEZIVEKIGSQTVIWWMZIWXVIRKXL{ (SGYQIRXEXMSRMRHMGEXMRKXLITVSTSWIHGSRGVIXITVSTSVXMSRW [MPP TVSHYGI ER EZIVEKI GSQTVIWWMZI WXVIRKXL IUYEP XS SV KVIEXIVXLERXLIVIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLERH WLEPP GSRWMWX SJ JMIPH WXVIRKXL VIGSVHW SV XVMEP QM\XYVIW MR EGGSVHERGI[MXLESVFVIWTIGXMZIP] E *MIPHXIWXHEXE{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{)WXEFPMWLQM\XYVITVSTSVXMSRW FEWIH SR XVMEP QM\XYVIW MR EGGSVHERGI [MXL XLI JSPPS[MRK VIUYMVIQIRXW e 9WI QEXIVMEPW ERH QEXIVMEP GSQFMREXMSRW PMWXIH MR XLVSYKLTVSTSWIHJSVXLI;SVO e (IXIVQMRI JGV EGGSVHMRK XS E MJ WYMXEFPI JMIPH XIWXHEXEEVIEZEMPEFPISVYWI8EFPIF e 1EOI EX PIEWX XLVII XVMEP QM\XYVIW JSV IEGL GSRGVIXI GPEWW [MXL E VERKI SJ TVSTSVXMSRW XLEX [MPP TVSHYGI E VERKISJGSQTVIWWMZIWXVIRKXLWXLEX[MPPIRGSQTEWWJGV *SVGSRGVIXIQEHI[MXLQSVIXLERSRIX]TISJGIQIRXM XMSYWQEXIVMEPXLIGSRGVIXIWYTTPMIVQYWXIWXEFPMWLXLI [GQ ERH XLI VIPEXMZI TVSTSVXMSRW SJ XLI GIQIRXMXMSYW QEXIVMEPWERHEHQM\XYVIWMJER]XLEX[MPPTVSHYGIXLI VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXL e 4VSTSVXMSRXVMEPQM\XYVIWXSTVSHYGIEWPYQT[MXLMRMR SJ XLI QE\MQYQ WTIGMJMIH ERH JSV EMVIRXVEMRIH GSRGVIXIEREMVGSRXIRX[MXLMR SJXLIVIUYMVIHEMV GSRXIRX MRHMGEXIHMR 8EFPI F SV EWWTIGMJMIH 8LI XIQTIVEXYVI SJ JVIWLP] QM\IH GSRGVIXI WLEPP FI VIGSVHIH ERH WLEPP FI [MXLMR * SJ XLI MRXIRHIH QE\MQYQ XIQTIVEXYVI SJ XLI GSRGVIXI EW QM\IH ERH HIPMZIVIH 8EFPIE{6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL JGV [LIRHEXEEVIEZEMPEFPIXSIWXEFPMWLE WEQTPIWXERHEVHHIZMEXMSRTWM JGV TWM JG TWM SVPIWW 3ZIV 9WIXLIPEVKIVSJ JGV !JG'OWW )UYEXMSR JGV ! JG OWWz JGV ! JG OWW JGV !JG OWW 2SXIWJGV !VIUYMVIHEZIVEKIGSQTVIWWMZIWXVIRKXLJG !WTIGMJMIHGSRGVIXIWXVIRKXL O!JEGXSVJVSQ8EFPIEXSEHNYWXWXERHEVHHIZMEXMSRMJXSXEPRYQFIVSJXIWXW MWPIWWXLERERHWW!WXERHEVHHIZMEXMSRGEPGYPEXIHMREGGSVHERGI[MXL 8EFPIE{OJEGXSVJSVMRGVIEWMRKWEQTPI WXERHEVHHIZMEXMSRJSVRYQFIVSJXIWXWGSRWMHIVIH 8SXEPRYQFIVSJXIWXWGSRWMHIVIH SVQSVI OJEGXSVJSVMRGVIEWMRKWEQTPI WXERHEVHHIZMEXMSR 2SXI0MRIEVMRXIVTSPEXMSRJSVMRXIVQIHMEXIRYQFIVSJXIWXWMWEGGITXEFPI 8EFPIF{6IUYMVIHEZIVEKIGSQTVIWWMZI WXVIRKXL JGV JG TWM JGV TWM 0IWWXLER JG XS JG 3ZIV JG ;LIRHEXEEVIRSXIEZEMPEFPIXSIWXEFPMWLWXERHEVHHIZMEXMSR e *SVIEGLXVMEPQM\XYVIQEOIERHGYVIXLVIIGSQTVIWWMZI WXVIRKXLG]PMRHIVWJSVIEGLXIWXEKIMREGGSVHERGI[MXL %781''18IWXJSVGSQTVIWWMZIWXVIRKXLMR EGGSVHERGI[MXL%781''1EXHE]WSVEXXLI XIWXEKIJSV JG HIWMKREXIH MRXLI 'SRXVEGX(SGYQIRXW ERH e )WXEFPMWLQM\XYVI TVSTSVXMSRW FEWIH SR XLI XVMEP FEXGL HEXE XS EGLMIZI ER EZIVEKI GSQTVIWWMZI WXVIRKXL MR EGGSVHERGI[MXLJGV EWHIXIVQMRIHMRERHXSRSX I\GIIH XLI QE\MQYQ [GQERH SXLIVVIUYMVIQIRXW SJ [LIRETTPMGEFPI *MIPHZIVMJMGEXMSRSJWIPIGXIHQM\XYVITVSTSVXMSRW{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{;LIR GSRWIGYXMZIGSQTVIWWMZIWXVIRKXLXIWXVIWYPXWFIGSQIEZEMPEFPI JVSQ XLI JMIPH GEPGYPEXI XLI EZIVEKI GSQTVIWWMZI WXVIRKXL ERHWXERHEVHHIZMEXMSR'EPGYPEXIEVIZMWIHZEPYIJSVJGV MR %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{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{)\IGYXMSR 1IEWYVMRKFEXGLMRKERHQM\MRK{4VSHYGXMSRJEGMP MXMIW WLEPP TVSHYGI GSRGVIXI SJ XLI WTIGMJMIH UYEPMX] ERH GSRJSVQMRKXSXLMW7TIGMJMGEXMSR 6IEH] QM\IH ERH WMXITVSHYGIH GSRGVIXI{ 9RPIWW SXLIV[MWI WTIGMJMIH QIEWYVI FEXGL ERH QM\ GSRGVIXI QEXIVMEPW ERH GSRGVIXI MRGSRJSVQERGI XS %781 ''1 'SRGVIXITVSHYGIHF]ZSPYQIXVMGFEXGLMRKERH GSRXMRYSYW QM\MRK{;LIR GSRGVIXI QEHI F] ZSPYQIXVMG FEXGLMRK ERH GSRXMRYSYW QM\MRK MW EGGITXEFPI MX WLEPP GSRJSVQ XS XLI VIUYMVIQIRXW SJ %781 ''1 ERH WEXMWJ]XLIVIUYMVIQIRXWSJXLMW7TIGMJMGEXMSR 4VITEGOEKIHHV]QEXIVMEPWYWIHMRGSRGVIXI{-J TEGOEKIH HV]GSQFMRIH QEXIVMEPW EVI YWIH XLI] WLEPP GSRJSVQ XS XLI VIUYMVIQIRXW SJ %781 ' ERH WLEPP WEXMWJ]XLIVIUYMVIQIRXWSJXLMW7TIGMJMGEXMSR (IPMZIV]{8VERWTSVXERHHIPMZIVGSRGVIXIMRIUYMT QIRXGSRJSVQMRKXSXLIVIUYMVIQIRXWSJ%781''1 7PYQT EHNYWXQIRX{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{9RPIWWSXLIV[MWITIVQMXXIH XMQIJSVGSQTPIXMSRSJHMWGLEVKIWLEPPGSQTP][MXL%781 ''1;LIRHMWGLEVKIMWTIVQMXXIHEJXIVQSVIXLER QMRYXIWLEZIIPETWIHWMRGIFEXGLMRKSVEJXIVXLIHVYQLEW VIZSPZIH VIZSPYXMSRW ZIVMJ] XLEX EMV GSRXIRX SJ EMV IRXVEMRIHGSRGVIXIWPYQTERHXIQTIVEXYVISJGSRGVIXIEVI EWWTIGMJMIH 7)'8-32{,%2(0-2+40%'-2+ %2('327869'8-2+ {+IRIVEP (IWGVMTXMSR{8LMWWIGXMSRGSZIVWXLITVSHYGXMSRSJ GEWXMRTPEGIWXVYGXYVEPGSRGVIXI-RGPYHIHEVIQIXLSHWERH TVSGIHYVIW JSV SFXEMRMRK UYEPMX] GSRGVIXI XLVSYKL TVSTIV LERHPMRK TPEGMRK JMRMWLMRK GYVMRK ERH VITEMV SJ WYVJEGI HIJIGXW 7YFQMXXEPW 9RPIWW SXLIV[MWI WTIGMJMIH WYFQMX XLI HEXE WTIGMJMIHMREXLVSYKLJ E *MIPH GSRXVSP XIWX VITSVXW{1EMRXEMR ERH WYFQMXVIGSVHWSJUYEPMX]GSRXVSPXIWXERHMRWTIGXMSRVITSVXW F 8IQTIVEXYVI QIEWYVIQIRX{7YFQMX TVSTSWIH QIXLSH JSV GSQTP]MRK [MXL VIUYMVIQIRXW JSV QIEWYVMRKGSRGVIXIXIQTIVEXYVIW G 5YEPMJMGEXMSRW SJ JMRMWLIVW{7YFQMX UYEPMJM GEXMSRWSJXLIJMRMWLMRKGSRXVEGXSVERHSJJPEX[SVOJMRMWLIVW [LS[MPPTIVJSVQXLI;SVOEWWXMTYPEXIHMR H (VE[MRKWERHHEXE{7YFQMXWLSTHVE[MRKW SJTPEGMRKLERHPMRKERHGSRWXVYGXMSRQIXLSHWERHHEXEMR EGGSVHERGI[MXL'SRXVEGX(SGYQIRXW I 4PEGIQIRXRSXMJMGEXMSR{7YFQMX RSXMJMGEXMSR SJGSRGVIXITPEGIQIRXEXPIEWXLSYVWFIJSVITPEGIQIRX J 4VITPEGIQIRX VIUYMVIQIRXW{7YFQMX E VIUYIWXJSVEGGITXERGISJTVITPEGIQIRXEGXMZMXMIW 7YFQMX XLI HEXE WTIGMJMIH MR E XLVSYKL K[LIRVIUYMVIH E 'SRZI]MRK IUYMTQIRX{7YFQMX HIWGVMTXMSR SJGSRZI]MRKIUYMTQIRX F 6ITEMVQIXLSHW{;LIRWXEMRWVYWXIJJPSVIW GIRGIERHWYVJEGIHITSWMXWQYWXFIVIQSZIHEWHIWGVMFIHMR WYFQMXXLITVSTSWIHQIXLSHSJVIQSZEP G ;IX[IEXLIV TVSXIGXMSR{;LIR WTIGMJMIH WYFQMX VIUYIWX JSV EGGITXERGI SJ TVSTSWIH [IX[IEXLIV TVSXIGXMSREGXMZMXMIW H ,SX[IEXLIV TPEGIQIRX{;LIR WTIGMJMIH WYFQMXVIUYIWXJSVGSRGVIXIXIQTIVEXYVIPMQMXI\GIIHMRKXLEX WTIGMJMIH MR G MRGPYHMRK HIWGVMTXMSR SJ TVSTSWIH TVIGEYXMSRWJSVLSX[IEXLIVGSRGVIXITPEGIQIRX I 'SPH[IEXLIV TPEGIQIRX{;LIR WTIGMJMIH WYFQMX VIUYIWX JSV EGGITXERGI SJ TVSTSWIH GSPH [IEXLIV TVSXIGXMSREGXMZMXMIW J 1EXGLMRK WEQTPI JMRMWL{;LIR VIUYMVIH F] 'SRXVEGX(SGYQIRXWWYFQMXWEQTPIJMRMWLEWHIWGVMFIHMR K )\TSWIHEKKVIKEXI WYVJEGI{;LIR ER I\TSWIHEKKVIKEXIWYVJEGIMWWTIGMJMIHERHEWYVJEGIVIXEVHIV MWTVSTSWIHJSVYWIWYFQMXWTIGMJMGEXMSRERHQERYJEGXYVIVvW HEXESRXLIVIXEVHIVERHXLITVSTSWIHQIXLSHSJVIXEVHIVYWI ;LIREPXIVREXMZIWEVITVSTSWIHWYFQMXXLIHEXE WTIGMJMIHMREXLVSYKLK E 'SRWXVYGXMSRNSMRXW{7YFQMXMRJSVQEXMSRJSV EGGITXERGISJTVSTSWIHPSGEXMSRERHXVIEXQIRXSJGSRWXVYGXMSR NSMRXWRSXMRHMGEXIHMR'SRXVEGX(SGYQIRXW F 8[SGSYVWI WPEFW{;LIR E FSRHMRK EKIRX SXLIV XLER GIQIRX KVSYX MW TVSTSWIH WYFQMX WTIGMJMGEXMSR ERHQERYJEGXYVIVvWHEXESRFSRHMRKEKIRX G 9RHIV[EXIV TPEGIQIRX{;LIR YRHIV[EXIV TPEGIQIRX MW TPERRIH WYFQMX VIUYIWX JSV EGGITXERGI SJ TVSTSWIHQIXLSH H 'SRXVEGXMSR SV I\TERWMSR NSMRXW{;LIR GSRXVEGXMSRSVI\TERWMSRNSMRXWSXLIVXLERXLSWIMRHMGEXIHMR 'SRXVEGX (SGYQIRXW EVI TVSTSWIH WYFQMX PSGEXMSRW JSV EGGITXERGI %QIVMGER'SRGVIXI-RWXMXYXI'ST]VMKLXIH1EXIVMEP{[[[GSRGVIXISVK 74)'-*-'%8-327*367869'896%0'32'6)8) %'- I 'YVMRK QIXLSH{;LIR E QSMWXYVITVIWIVZMRK QIXLSHSXLIVXLERWTIGMJMIH MR MWTVSTSWIHWYFQMX VIUYIWXSJXLITVSTSWIHQIXLSH J 'SEXIH XMIW{;LIR GSEXIH JSVQ XMIW EVI TVSTSWIH XS TVIGPYHI XLI VIUYMVIQIRX XS TEXGL XMI LSPIW WYFQMXTVSTSWIHGSEXIHXMIHIWGVMTXMSR K 6ITEMV QEXIVMEPW{;LIR E VITEMV QEXIVMEP SXLIVXLERXLEXHIWGVMFIHMRMWTVSTSWIHWYFQMXXLI VITEMV QEXIVMEP WTIGMJMGEXMSR QERYJEGXYVIVvW HEXE SR XLI TVSTSWIH TEXGLMRK QEXIVMEP ERH XLI TVSTSWIH TVITEVEXMSR ERHETTPMGEXMSRTVSGIHYVI (IPMZIV]WXSVEKIERHLERHPMRK (IPMZIV]{4PEGIGSRGVIXI[MXLMRXLIXMQIPMQMXW VIUYMVIHMR 7XSVEKIERHLERHPMRK{7XSVIERHLERHPITVSHYGXW XSVIXEMRSVMKMREPUYEPMX](SRSXYWITVSHYGXWWXSVIHFI]SRH XLIQERYJEGXYVIVvWVIGSQQIRHIHWLIPJPMJI {4VSHYGXW 1EXIVMEPW ;EXIV JSV GYVMRK{9RPIWW SXLIV[MWI WTIGMJMIH [EXIV GSQTP]MRK [MXL XLI VIUYMVIQIRXW SJ %781 ' '1MWEGGITXEFPIEWGYVMRK[EXIV 'YVMRKGSQTSYRHW{9WIGYVMRKGSQTSYRHWXLEX GSRJSVQXS%781'SV%781' ;EXIVTVSSJ WLIIX QEXIVMEPW{9WI [EXIVTVSSJ WLIIXQEXIVMEPWXLEXGSRJSVQXS%781' 6ITEMVQEXIVMEPW{9RPIWWSXLIV[MWIWTIGMJMIHSV TIVQMXXIH YWI WMXIQM\IH TSVXPERHGIQIRX VITEMV QSVXEV GSRWMWXMRKSJSRITEVXGIQIRXXSX[SERHSRILEPJTEVXWWERH F]HEQTPSSWIZSPYQI9RPIWWSXLIV[MWITIVQMXXIHQEXGL GSPSVXSI\MWXMRKGSRGVIXI[LIRGSRGVIXIMWI\TSWIHXSZMI[ &SRHMRKKVSYX{*SVFSRHMRKKVSYXQEXIVMEPQM\ TEVX GIQIRX ERH TEVX WERH TEWWMRK XLI QQ 2S WMIZI9WIWYJJMGMIRX[EXIVXSEGLMIZIXLIGSRWMWXIRG] SJXLMGOTEMRX 7GVYF GSEX{*SV WGVYF GSEX QEXIVMEP QM\ SRI TEVX TSVXPERH GIQIRX ERH SRI TEVX WERH F] HEQT PSSWI ZSPYQI [MXL [EXIV XS TVSHYGI XLI GSRWMWXIRG] SJ XLMGO GVIEQ9WIWERHQIIXMRKXLIVIUYMVIQIRXWSJ%781' SV%781' 4IVJSVQERGIERHHIWMKRVIUYMVIQIRXW 'SRWXVYGXMSRERHGSRXVEGXMSRNSMRXW{1EOIERH PSGEXIGSRWXVYGXMSRERHGSRXVEGXMSRNSMRXWXLEXEVITVSTSWIH FYXRSXMRHMGEXIHMR'SRXVEGX(SGYQIRXWMREGGSVHERGI[MXL (SRSXMQTEMVWXVYGXYVIWXVIRKXL[MXLNSMRXW {)\IGYXMSR 4VITEVEXMSR (SRSXTPEGIGSRGVIXIYRXMPHEXESRQEXIVMEPWERH QM\XYVITVSTSVXMSRWEVIEGGITXIH 6IQSZILEVHIRIHGSRGVIXIERHJSVIMKRQEXIVMEPW JVSQXLIMRRIVWYVJEGIWSJGSRZI]MRKIUYMTQIRX &IJSVITPEGMRKGSRGVIXIMRJSVQWGSQTPIXIXLI JSPPS[MRK e 'SQTP] [MXL JSVQ[SVO VIUYMVIQIRXW WTIGMJMIH MR 7IGXMSR e 6IQSZI WRS[ MGI JVSWX [EXIV ERH SXLIV JSVIMKR QEXIVMEPWJVSQWYVJEGIWEKEMRWX[LMGLGSRGVIXI[MPPFI TPEGIHERHJVSQVIMRJSVGIQIRXERHIQFIHHIHMXIQW e 'SQTP] [MXL VIMRJSVGIQIRX TPEGIQIRX VIUYMVIQIRXW WTIGMJMIHMR7IGXMSRERH e 4SWMXMSRERHWIGYVIMRTPEGII\TERWMSRNSMRXQEXIVMEPW ERGLSVWERHSXLIVIQFIHHIHMXIQW &IJSVI TPEGMRK E GSRGVIXI WPEFSRKVSYRH VIQSZIJSVIMKR QEXIVMEPW JVSQ XLI WYFKVEHI ERH GSQTPIXI XLIJSPPS[MRK e 7YFKVEHIERHFEWIWLEPPFITVITEVIHMREGGSVHERGI[MXL XLI'SRXVEGX(SGYQIRXW e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{(S RSX TPEGI GSRGVIXI [LMPI VEMRWPIIXSVWRS[MWJEPPMRKYRPIWWTVSXIGXMSRMWTVSZMHIH ERH[LIRVIUYMVIHEGGITXERGISJTVSXIGXMSRMWSFXEMRIH(S RSXEPPS[VEMR[EXIVXSMRGVIEWIQM\MRK[EXIVSVXSHEQEKI XLIGSRGVIXIWYVJEGI F 'SPH [IEXLIV{'SRGVIXI XIQTIVEXYVIW EX HIPMZIV]WLEPPQIIXXLIVIUYMVIQIRXWSJ9RPIWWSXLIV [MWI TIVQMXXIH HS RSX TPEGI GSRGVIXI MR GSRXEGX [MXL WYVJEGIWPIWWXLER* G ,SX[IEXLIV{9RPIWWSXLIV[MWIWTIGMJMIHSV TIVQMXXIHGSRGVIXIXIQTIVEXYVIEWTPEGIHWLEPPRSXI\GIIH *;LIRXIQTIVEXYVISJVIMRJSVGIQIRXIQFIHQIRXWSV JSVQW MW KVIEXIV XLER * YWI E JMRI QMWX SJ [EXIV XS QSMWXIR XLI LSX WYVJEGIW MQQIHMEXIP] FIJSVI TPEGMRK GSRGVIXI6IQSZIWXERHMRK[EXIVFIJSVITPEGMRKGSRGVIXI 'SRZI]MRK{6ETMHP] GSRZI] GSRGVIXI JVSQ QM\IVXSJMREPHITSWMXMSRF]QIXLSHWXLEXTVIZIRXWIKVIKEXMSR SV PSWW SJ GSRWXMXYIRXW ERH IRWYVI XLI VIUYMVIH GSRGVIXI UYEPMX]9WISJEPYQMRYQTMTIWSVGLYXIWMWTVSLMFMXIH 'SRZI]MRKIUYMTQIRX{9WIGSRZI]MRKIUYMTQIRX SJWYJJMGMIRXGETEGMX]XSQIIXXLIVIUYMVIQIRXWSJ E 9WIFIPXGSRZI]SVWXLEXEVILSVM^SRXEPSVEXE WPSTI XLEX [MPP RSX GEYWI I\GIWWMZI WIKVIKEXMSR SV PSWW SJ GSRWXMXYIRXW4VSXIGXGSRGVIXIXSQMRMQM^IHV]MRKERHIJJIGXW SJ XIQTIVEXYVI VMWI 9WI ER EGGITXEFPI HMWGLEVKI 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