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WYFWXVEXIZSMHWEVIJMPPIH[MXLQSVXEV8LIEFMPMX]SJXLIKVSYX
XSHMWTPEGI[EXIVJVSQXLIZSMHWFIX[IIREKKVIKEXITEVXMGPIW
HYVMRKMRNIGXMSRQEOIWXLMWQEXIVMEPTEVXMGYPEVP]WYMXEFPIJSV
YRHIV[EXIVVITEMVW%'-6%'-6ERH%'-6
-RYRHIV[EXIVGSRWXVYGXMSRLMKLIVTPEGMRKVEXIWEXPS[IV
GSWXLEZIFIIREGLMIZIH[MXLTVITPEGIHEKKVIKEXIGSRGVIXI
GSQTEVIHXSGSRZIRXMSREPTPEGMRKQIXLSHW%'-6ERH
%'-6
ITS\]GSRGVIXIFEWIHSRJMIPHI\TIVMIRGITIVJSVQWMR
EQERRIVWMQMPEVXS4''YRHIVPSEH
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%TTPMGEXMSRW{4VITPEGIHEKKVIKEXIGSRGVIXIMWYWIHSR
PEVKIVITEMVTVSNIGXWTEVXMGYPEVP][LIVIYRHIV[EXIVGSRGVIXI
TPEGIQIRX MW VIUYMVIH SV [LIR GSRZIRXMSREP TPEGMRK SJ
GSRGVIXI[SYPHFIHMJJMGYPX8LIWIJEGXSVWQEOITVITPEGIH
EKKVIKEXIGSRGVIXIERMHIEPQEXIVMEPJSVETTPMGEXMSRW[LIVI
GSRWMHIVEFPIGSRKIWXMSRSJVIMRJSVGIQIRXSVSXLIVIQFIHQIRXW
I\MWXW SV [LIVI EGGIWW MW HMJJMGYPX 4VITPEGIHEKKVIKEXI
GSRGVIXITVSZMHIWEWSPYXMSRJSVWXVYGXYVEPVITEMVWVIUYMVMRK
MQQIHMEXI PSEH XVERWJIV GETEFMPMX] FIGEYWI SJ MXW PS[
WLVMROEKI 8]TMGEPETTPMGEXMSRWMRGPYHIYRHIV[EXIVVITEMVSJ
WXMPPMRK FEWMRW HEQW FVMHKIW EFYXQIRXW [EPPW FIEQW
GSPYQRW ERH JSSXMRKW 4VITPEGIHEKKVIKEXI GSRGVIXI LEW
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TPERXW [EXIV XEROW ERH SXLIV WMQMPEV JEGMPMXMIW EW [IPP EW
GEMWWSRWJSVYRHIVTMRRMRKI\MWXMRKWXVYGXYVIW
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0MQMXEXMSRW{*SVQ[SVOGSWXWJSVTVITPEGIHEKKVIKEXI
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MRWXEPPEXMSRSJJSVQMRKFIGEYWISJXLIRIIHXSTVITPEGIXLI
EKKVIKEXIERHTVIZIRXPIEOW&IGEYWISJXLIVIPEXMZIP]LMKL
[EXIVGSRXIRXGSQQSRP]YWIHXS]MIPHTYQTEFPIGIQIRXMXMSYW
QSVXEVWXLITIVQIEFMPMX]XSKEWSVZETSVSJXLIQSVXEVJVEGXMSR
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XLERXLEXSJRSVQEPGSRGVIXI[LMGLMWERMQTSVXERXJEGXSVXS
GSRWMHIV [LIVI MX MW XS FI YWIH MR I\XVIQI IRZMVSRQIRXW
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6ETMHWIXXMRKGIQIRXW{6ETMHWIXXMRKGIQIRXMXMSYW
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JSV EPSRKXMQI ERH LEWFIIRQSVI [MHIP]YWIHXLERQSWX
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EHZERXEKIMWMQTSVXERXMRVITEMVMRKLMKL[E]WFVMHKIWEMVTSVX
VYR[E]WERHMRHYWXVMEPTPERXWFIGEYWISJXLIVIHYGIHTVSXIG
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TVSTIVXMIWRSXGSZIVIHMRXLIWTIGMJMGEXMSREVIMQTSVXERXJSV
EKMZIRTVSNIGX7YFWXERXMEPEHZERGIWMRXLIGSQTSYRHMRKSJ
VETMHWIXXMRKGIQIRXWLEZIXEOIRTPEGIMRVIGIRX]IEVW
7LSXGVIXI{7LSXGVIXI MW E QM\XYVI SJ TSVXPERH
GIQIRX WERH ERH [EXIV XLEX MW TVSNIGXIH MRXS TPEGI F]
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4VSTIVP] ETTPMIH WLSXGVIXI MW E WXVYGXYVEPP] EHIUYEXI ERH
HYVEFPIVITEMVQEXIVMEPXLEXMWGETEFPISJI\GIPPIRXFSRH[MXL
I\MWXMRKGSRGVIXISVSXLIVGSRWXVYGXMSRQEXIVMEPW
E
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XLERQQMR
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FIQSVIIGSRSQMGEPXLERGSRZIRXMSREPGSRGVIXIFIGEYWISJ
XLIWEZMRKWMRJSVQMRKGSWXW
7LSXGVIXI GER FIETTPMIHSZIVLIEHMRRSVQEP ETTPMGEXMSRW
ERHQEXIVMEPWGERFIQM\IHERHXVERWTSVXIHWIZIVEPLYRHVIH
JIIXXSXLIRS^^PISTIVEXSVEXTVSNIGXWMXIW[MXLVIWXVMGXIHEGGIWW
1IGLERMGEPIUYMTQIRXMWEPWSEZEMPEFPIJSVVIQSXITPEGIQIRX
SJWLSXGVIXI*SVWLSXGVIXIHV]QM\VIJIVXS%'-6
F
0MQMXEXMSRW{8LIWYGGIWWJYPETTPMGEXMSRSJWLSXGVIXIMW
HITIRHIRXSRXLIXVEMRMRKWOMPPERHI\TIVMIRGISJXLIRS^^PI
STIVEXSV8LIRS^^PISTIVEXSVWLSYPHHIQSRWXVEXILMWSVLIV
WOMPPF]TPEGMRKEXIWXTERIPXLEXVIJPIGXWXLIWMXIGSRHMXMSRW
'32'6)8)6)4%-6+9-()
8LIRS^^PISTIVEXSVvWTIVJSVQERGIWLSYPHFIIZEPYEXIHERH
ETTVSZIHFIJSVILISVWLIMWEPPS[IHSRXLINSF8LIRS^^PI
STIVEXSVWLSYPHFI%'-GIVXMJMIHEWERS^^PISTIVEXSV
(YWX ERH VIFSYRH VIUYMVI WTIGMEP EXXIRXMSR MR MRHSSV
ETTPMGEXMSRW
G
%TTPMGEXMSRW{7LSXGVIXILEWFIIRYWIHXSVITEMVHIXI
VMSVEXIHGSRGVIXIFVMHKIWFYMPHMRKWTEVOMRKWXVYGXYVIW PSGO
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VITEMV LEW KIRIVEPP] FIIR KSSH LS[IZIV XLIVI EVI WSQI
MRWXERGIW SJ TSSV TIVJSVQERGI 1ENSV GEYWIW SJ TSSV
TIVJSVQERGIEVIMREHIUYEXITVITEVEXMSRSJXLISPHWYVJEGI
TSSV [SVOQERWLMT ERH RSX EGGSYRXMRK JSV XLI VIPEXMZIP]
MQTIVQIEFPI REXYVI SJ WLSXGVIXI 8LIVI LEZI FIIR WSQI
VITEMV JEMPYVIW [LIVI WLSXGVIXI [EW YWIH XS VIWYVJEGI SPH
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GEYWMRK XLI RSREMVIRXVEMRIH GSRGVIXI RIEV XLI VITEMV
MRXIVJEGIXSFIGSQIGVMXMGEPP]WEXYVEXIH7YFWIUYIRXG]GPIW
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7EXMWJEGXSV]WLSXGVIXIVITEMVMW
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RS^^PISTIVEXSV
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7XERHEVHW{%'-6ERH%'-TVSZMHIKYMHIW
ERH WTIGMJMGEXMSRW JSV WLSXGVIXI GSRWXVYGXMSR ERH GIVXMJMGE
XMSRVIUYMVIQIRXWJSVXLIRS^^PISTIVEXSV
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QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI 8LI FEWMG
QEXIVMEPWERHQIXLSHWEVIWMQMPEVXSXLSWIRIGIWWEV]XSTVSHYGI
LMKLUYEPMX] 4'' 'SRWIUYIRXP] XLI GLEVEGXIVMWXMGW SJ
WLVMROEKIGSQTIRWEXMRK GSRGVIXI EVI MR QSWX VIWTIGXW
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TVITEGOEKIHQSVXEVXLEXYWIWWSQIJSVQSJWLVMROEKIGSQTIR
WEXMRKGIQIRXXSGSYRXIVTSXIRXMEPWLVMROEKIMWEZEMPEFPIERH
LEW FIIR YWIH WYGGIWWJYPP] JSV ]IEVW *SV HIJMRMXMSRW SJ
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E
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XVMIWXSI\TERHEREQSYRXIUYEPXSSVWPMKLXP]KVIEXIVXLERXLI
ERXMGMTEXIH HV]MRK WLVMROEKI FYX FIGEYWI I\TERWMSR MW
PMQMXIH F] VIWXVEMRX VIMRJSVGIQIRX SV FSXL XLI GSRGVIXI
MRMXMEPP] HIZIPSTW GSQTVIWWMZI WXVIWWIW 7YFWIUYIRX HV]MRK
WLVMROEKI VIHYGIW XLIWI I\TERWMZI WXVEMRW GSQTVIWWMZI
WXVIWWIWSVFSXLFYXMHIEPP]EVIWMHYEPI\TERWMSRVIQEMRWMR
XLI GSRGVIXI XLIVIF] VIHYGMRK WLVMROEKI GVEGOMRK 8LI
NSMRXWYWIHXSGSRXVSPWLVMROEKIGVEGOMRKGERFIVIHYGIHSV
IPMQMREXIHEPSRK[MXLXLIRSVQEPTVSZMWMSRWJSV[EXIVWXSTW
ERHPSEHXVERWJIVQIGLERMWQW;LIVIE[EXIVXMKLXGSRHMXMSR
MW IWWIRXMEP LS[IZIV XLI IPMQMREXMSR SJ [EXIVWXSTW MW RSX
VIGSQQIRHIH
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0MQMXEXMSRW{%PXLSYKLMXWGLEVEGXIVMWXMGWEVIWMQMPEVXS
XLSWISJTSVXPERHGIQIRXGSRGVIXIXLIQEXIVMEPWWIPIGXMSRSJ
TVSTSVXMSRW TPEGIQIRX ERH GYVMRK WLSYPH FI WYGL XLEX
WYJJMGMIRX I\TERWMSR GSQTVIWWMZI WXVIWWIW SV FSXL EVI
SFXEMRIH XS GSQTIRWEXI JSV WYFWIUYIRX HV]MRK WLVMROEKI
6
8LIGVMXIVMEERHTVEGXMGIWRIGIWWEV]XSIRWYVIXLEXI\TERWMSR
SGGYVWEXXLIXMQIERHMRXLIEQSYRXVIUYMVIHEVIKMZIRMR
%'- 0S[ GYVMRK XIQTIVEXYVIW GER VIHYGI I\TERWMSR
7TIGMEPGPIERMRKSJXVERWMXQM\IVHVYQWQE]FIVIUYMVIHXS
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4VSZMWMSRWWLSYPHFIQEHIXSEPPS[JSVMRMXMEPI\TERWMSRSJ
XLIQEXIVMEP XSTVSZMHITSWMXMZIWXVEMR SRXLI MRXIVREP WXIIP
VIWXVEMRX'SRWIUYIRXP]WLVMROEKIGSQTIRWEXMRKGSRGVIXIMW
RSX IJJIGXMZI MR FSRHIH SZIVPE]W SR TSVXPERHGIQIRX
GSRGVIXI FIGEYWI XLI WYFWXVEXI TVSZMHIW XSSQYGL I\XIVREP
VIWXVEMRX 8LI TSXIRXMEP JSV XLI JSVGIW GVIEXIH HYVMRK XLI
I\TERWMSR TVSGIWW GSYPH TYWL SYX [EPPW SV JEMP XLI JSVQW
EPSRKXLITIVMQIXIVSJXLITSYVW
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QMRMQM^IW GVEGOMRK GEYWIH F] HV]MRK WLVMROEKI MR GSRGVIXI
WPEFW TEZIQIRXW FVMHKI HIGOW ERH WXVYGXYVIW %HHMXMSREPP]
WLVMROEKIGSQTIRWEXMRKGERVIHYGI[EVTMRKXIRHIRGMIW[LIVI
GSRGVIXI MW I\TSWIH XS WMRKPI JEGI HV]MRK ERH GEVFSREXMSR
WLVMROEKI
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7XERHEVHW{%781 ' TVSZMHIW WXERHEVHW JSV
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7MPMGEJYQIGSRGVIXI{7MPMGEJYQIEF]TVSHYGXMR
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GSQTVIWWMZI WXVIRKXL HIGVIEWIW TIVQIEFMPMX] ERH XLYW
MQTVSZIW HYVEFMPMX] %'- 6
7MPMGE JYQI MW RSVQEPP]
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ERHWXVIRKXLERHMRWSQIGEWIWEWEGIQIRXVITPEGIQIRXSV
TVSTIVX]IRLERGMRKQEXIVMEPXSMQTVSZIUYEPMX]ERHTIVJSV
QERGIMRE[MHIVERKISJETTPMGEXMSRW
6
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PEXI\IWEVIYWIHJSVJPSSVVITEMVERHTEXGLMRKERHEVITEVXMG
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GSPSVVIXIRXMSRMWMQTSVXERX
4''MWQSWXGSQQSRP]YWIHJSVSZIVPE]WERHMWRSVQEPP]
ETTPMIHMRWIGXMSRWVERKMRKJVSQXSQQXSMR
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RI[ LMKLWXVIRKXL [IEVMRK WYVJEGI XLEX MW ZIV] HYVEFPI
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HIGOW %781 ' MW XLI WTIGMJMGEXMSR JSV PEXI\ ERH
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GSZIVWXIWXQIXLSHWJSV4''
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GIQIRXTLEWIEPXLSYKLTSVXPERHGIQIRXGERFIYWIHEWER
EKKVIKEXI SV JMPPIV 8LI XIVQ 4' WLSYPH RIZIV WYKKIWX E
WMRKPI TVSHYGX FYX VEXLIV E JEQMP] SJ TVSHYGXW 9WI SJ XLI
XIVQ4'MRXLMWWIGXMSREPWSMRGPYHIWQSVXEV
4'LEWFIIRQEHI[MXLEZEVMIX]SJVIWMRWERHQSRSQIVW
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WX]VIRI%'-6
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KIRIVEPP]LMKLIVMRGSWXFYXQE]SJJIVEHZERXEKIWWYGLEW
PS[ WLVMROEKI [LMPI WSQI JSVQYPEXMSRW FSRH XS HEQT
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VIJIVXS%'-6
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4'QM\XYVIWI\LMFMXVETMHGYVMRKLMKLXIRWMPIJPI\YVEPERH
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JVII^MRKERHXLE[MRKVIWMWXERGIPS[TIVQIEFMPMX]XS[EXIV
ERHEKKVIWWMZIWSPYXMSRWERHKSSHGLIQMGEPVIWMWXERGI
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4' MW QM\IH TPEGIH ERH GSRWSPMHEXIH MR E QERRIV XLEX MW
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