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UG EQTTGURQPFG EQP GN FG NC RQVGPEKC K  GZR FGDKFQ C NC EQPFKEKÎP GORNGCFC RCTC
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 2TQDNGOCUTGUWGNVQU7PKFCF&KF¶EVKEC+

K :
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x 5KIPQ
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 2TQDNGOCUTGUWGNVQU7PKFCF&KF¶EVKEC+

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'N TCPIQ FKURQPKDNG EQP GUVC EQFKHKECEKÎP GU OC[QT SWG GN EQPUGIWKFQ EQP NCU
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x DKVFGUKIPQ
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C 4GRTGUGPVCTGPDKPCTKQKN

%QOQ GP GUVG HQTOCVQ d_O_   GN GZRQPGPVG UG ECNEWNC EQOQ GN OC[QT
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RCTC GN E¶NEWNQ FGN GZRQPGPVG EQPNNGXC SWG GN RTKOGT FÈIKVQ UKIPKHKECVKXQ FG NC OCPVKUC
EQTTGURQPFCCNCRQVGPEKCKGZR'PVQPEGUNCVCDNCRCTCECNEWNCTNCOCPVKUCGU

K :
K K :
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 N N UÈ  N
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 N N UÈ  N
 N N UÈ  N
 N N UÈ  N
 N N UÈ  N
 N N PQ  N
 N N UÈ  N
 N N PQ  N
 2TQDNGOCUTGUWGNVQU7PKFCF&KF¶EVKEC+

K :
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'NDKVZGUGNDKVKORNÈEKVQFGNCOCPVKUC[EQPUVKVW[GUWRCTVGGPVGTCPQHQTOCPFQ
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x 5KIPQ
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2WGUVQSWGNCÕNVKOCFKHGTGPEKCECNEWNCFCGPNCVCDNCPQGUPWNCNCTGRTGUGPVCEKÎP
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D 1DVGPGTGNGSWKXCNGPVGFGEKOCNFG


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x 5KIPQoGNPÕOGTQGURQUKVKXQ
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x /CPVKUC  o O       
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'PVQPEGUUWTGRTGUGPVCEKÎPFGEKOCNGUOGZRNN
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6CPVQNCHKNCEQOQNCEQNWOPCTGEWCFTCFCURTGUGPVCPWPPÕOGTQKORCTFGWPQU
GPVCPVQGPEWCPVQNCRCTKFCFFGDGUGTRCT'NDKVGPPGITKVCUKVWCFQGPNCKPVGTUGEEKÎPFG
NCHKNC[NCEQNWOPCOCTECFCUGUGNDKVGTTÎPGQ.CEQTTGEEKÎPEQPUKUVKT¶UKORNGOGPVGGP
EQORNGOGPVCTFKEJQDKVEQPXKTVKÃPFQUGGNUGZVQD[VGFGNDNQSWGGP&
'UVTWEVWTC[6GEPQNQIÈCFG%QORWVCFQTGU+ 

5WRQPGTSWGGNEQORWVCFQTFGUETKVQGPGNECRÈVWNQFKURQPGFGWPCOGOQTKCQTICPK\CFCGPD[VGUEQP
WPVCOCÌQVQVCNFG-D[VGU
C 'UVWFKCTNCUFKOGPUKQPGUO¶UCFGEWCFCURCTCNQUDWUGUFGFCVQU[FKTGEEKQPGUGNQRGTCFQT[NQU
TGIKUVTQU
D #PCNK\CTGNHQTOCVQFGKPUVTWEEKÎPPGEGUCTKQRCTCFKURQPGTFGFKTGEEKQPCOKGPVQFKTGEVQCDUQNWVQ
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E %CNEWNCTGNPÕOGTQFGRGTÈQFQUFGTGNQLPGEGUCTKQURCTCNCGLGEWEKÎPFGWPCKPUVTWEEKÎPFGUWOC
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C &KOGPUKQPGUFGNQUDWUGUFGFCVQU[FKTGEEKQPGUGNQRGTCFQT[NQUTGIKUVTQU

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x 'NCPEJQFGNDWUFGFCVQUGUFGDKVU[CSWGNCOGOQTKCUGQTICPK\CGPD[VGU
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[GNEQPVCFQTFGRTQITCOC%2

'N TGIKUVTQ FG OGOQTKC 4/ VGPFT¶  DKVU GN CPEJQ FG RCNCDTC FG NC OGOQTKC 'N QRGTCFQT [ UWU
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'NVCOCÌQFGNQUTGIKUVTQUFGNCDCVGTÈCFGTGIKUVTQU$4FGRGPFGFKTGEVCOGPVGFGNCWVKNKFCFSWGUG
NGUSWKGTCFCT5KUGXCPCGORNGCTÕPKECOGPVGRCTCOCPKRWNCTFCVQUSWGFGDCPCVTCXGUCTGNQRGTCFQTNQO¶U
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'PRTKPEKRKQUGCUWOKT¶SWGNQUTGIKUVTQUFGNDCPEQVKGPGPDKVU'PGNCRCTVCFQUKIWKGPVGXGTGOQU
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D &KTGEEKQPCOKGPVQFKTGEVQCDUQNWVQ

'N HQTOCVQ FG KPUVTWEEKÎP PGEGUCTKQ RCTC CEEGFGT C VQFQ GN OCRC FG OGOQTKC OGFKCPVG
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EÎFKIQFGQRGTCEKÎP
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FKTGEEKÎPQDVGPKFCUGPFQUNGEVWTCUUWEGUKXCUGHGEVWCFCUUQDTGNCOGOQTKCCNDWUFGFKTGEEKQPGU'UVQJC[
SWG JCEGTNQ RQT UWRWGUVQ GP FQU EKENQU FG OGOQTKC FKHGTGPVGU 2CTC GNNQ GU RTGEKUQ FKURQPGT FG WP
GNGOGPVQ FG CNOCEGPCOKGPVQ KPVGTOGFKQ FG  DKVU FG CPEJQ SWG CFOKVC ECTICU FG FCVQU FG  DKVU
RTQEGFGPVGUFGN$&.CUECTICUFGDGPRQFGTTGCNK\CTUGCNVGTPCVKXCOGPVGGPNCRCTVGCNVCQGPNCRCTVGDCLC
FGFKEJQGNGOGPVQRCTCNQSWGUGT¶RTGEKUQFKURQPGTFGFQUUGÌCNGUFGECTICWPCRCTCIQDGTPCTNCGPVTCFC
FGKPHQTOCEKÎP GP NC RCTVG CNVC [ QVTC RCTC NC GPVTCFC GP NC RCTVG DCLC .C UCNKFC FGN GNGOGPVQ KPVGTOGFKQ
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/WEJQUOKETQRTQEGUCFQTGUFGDKVUEQPOCRCFGOGOQTKCFG-D[VGUFKURQPGPFGWPCDCVGTÈC
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KPFKXKFWCNGUEQPHQTOCWPÕPKEQTGIKUVTQFGDKVU'NHWPEKQPCOKGPVQFGNDCPEQFGTGIKUVTQUGUFWCN

x %WCPFQUGVTCVCFGKPVTQFWEKTKPHQTOCEKÎPGPGNDCPEQQDKGPTGEWRGTCTGNEQPVGPKFQFGCNIÕP
TGIKUVTQRCTCGPXKCTNQCNQRGTCFQTCTKVOÃVKEQNÎIKEQUGWVKNK\CEQOQWPDCPEQFGTGIKUVTQUFG
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x %WCPFQUGTGSWKGTGGPXKCTKPHQTOCEKÎPCNDWUFGFKTGEEKQPGUUGEQPVGORNCEQOQWPDCPEQFG
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HWPEKQPCOKGPVQFGNOKUOQ

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x 'N DCPEQ FG TGIKUVTQU FGDGT¶ VGPGT CN OGPQU WPC RCTGLC FG GNNQU FQVCFC FG HWPEKQPCOKGPVQ
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x 5$45CNCEVKXCTNQNCUCNKFCQDVGPKFCUGT¶FGDKVU[UGGPECOKPCT¶JCEKCGNTGIKUVTQ41CNC
GPVTCFCFGNQRGTCFQT

x 5$45 NC CEVKXCEKÎP FG GUVG ITWRQ FG UGÌCNGU RTQFWEKT¶ WPC UCNKFC FG  DKVU GPECOKPCFC
JCEKCGNDWUFGFKTGEEKQPGU

'UVQU FQU ITWRQU FG UGÌCNGU FG EQPVTQN UGT¶P KPEQORCVKDNGU GU FGEKT PQ RQFT¶P UGT CEVKXCFQU
UKOWNV¶PGCOGPVGGPWPOKUOQEKENQFGTGNQL

.CECTICFGTGIKUVTQUFGUFGGNDWUFGFCVQUUKGORTGUGGHGEVWCT¶GPOQFQDKVURCTCNQSWGUGT¶
RTGEKUQCEVKXCTGNITWRQFGUGÌCNGUFGEQPVTQN5$4'

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TGIKUVTQEQPRQUKPETGOGPVQRGTQGPEWCNSWKGTECUQJCDTÈCUKFQPGEGUCTKQEQPVTQNCTNCEQPFKEKÎPFGHKPFG
DWENG [ NC OCPGTC O¶U UGPEKNNC FG JCEGTNQ GU OGFKCPVG WP EQPVCFQT %QP GN FKTGEEKQPCOKGPVQ TGNCVKXQ C
TGIKUVTQEQPÈPFKEGGNRTQRKQÈPFKEGUGGORNGCEQOQEQPVCFQTFGNDWENG[EWORNGCUÈWPCFQDNGHWPEKÎP

1VTQU OQFQU GORNGCFQU UQP GN FKTGEEKQPCOKGPVQ OGFKCPVG TGIKUVTQ FG FCVQU GP NCU TGHGTGPEKCU CN
EQPVCFQT[CNCXCTKCDNGCWZKNKCTTGNCVKXQCTGIKUVTQEQPRQUKPETGOGPVQ[RTGFGETGOGPVQGPNCUQRGTCEKQPGU
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GUVTWEVWTC EQPUVC FG  RCNCDTCU NCTICU GP GN UKIWKGPVG QTFGP WP RWPVGTQ CN UKIWKGPVG GNGOGPVQ [ GN FCVQ
CUQEKCFQ 'N ÕNVKOQ GNGOGPVQ FG NC ECFGPC VKGPG WP RWPVGTQ KIWCN C  6QFQU NQU FCVQU FG NC ECFGPC UQP
RQUKVKXQU'NRWPVGTQCNEQOKGP\QFGNCGUVTWEVWTCUGGPEWGPVTCGPNCRQUKEKÎPGPJGZCFGEKOCN

5GSWKGTGPRQPGTGPWPCVCDNCSWGEQOKGPEGGPNCRQUKEKÎPVQFQUNQUFCVQUFGNCECFGPC
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GNGPWPEKCFQKPFKECPFQNQUVCOCÌQUGNGIKFQURCTCNQUOKUOQU
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  ,WUVKHKECTNCGNGEEKÎPFGNQUOQFQUFGFKTGEEKQPCOKGPVQGORNGCFQUGPNCUQNWEKÎP

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7PCECFGPCUKORNGGUWPCGUVTWEVWTCFGFCVQUGPNCSWGECFCGNGOGPVQEQPUVCFGFQUEQORQPGPVGU
QECORQU
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RCNCDTCUNCTICUFGDKVU

.CUKIWKGPVGHKIWTCTGRTGUGPVCWPCECFGPCUKORNGGPNCSWGGNRWPVGTQUGTGRTGUGPVCRQTWPCHNGEJC
SWGGPNC\CCNGNGOGPVQEQPGNUKIWKGPVGGPNCGUVTWEVWTC
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%#&'0# 5WRQPGOQUSWGGUVGFCVQQEWRCWPCRCNCDTCNCTICFGOGOQTKC
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GPFKUVKPVQUNGPIWCLGUFGRTQITCOCEKÎP0QUQVTQUFGUKIPCTGOQUGNRWPVGTQPWNQOGFKCPVGNCEQPUVCPVG0+.

.QU FKUVKPVQU GNGOGPVQU FG NC ECFGPC RWGFGP GUVCT CNOCEGPCFQU GP EWCNSWKGT WDKECEKÎP GP NC
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RQUKEKÎPFGOGOQTKCO¶UCNVC.CÕPKECTGUVTKEEKÎPGUSWGGNRWPVGTQ[GNFCVQFGWPGNGOGPVQFCFQFGDGP
RGTOCPGEGTGPRQUKEKQPGUFGOGOQTKCEQPVKIWCU[GPPWGUVTQECUQGNRWPVGTQRQTFGNCPVGFGNFCVQ

%QOQ FCVQU FG GPVTCFC GN RTQITCOC VKGPG QVTCU FQU XCTKCDNGU SWG NNCOCTGOQU /#:+/1 [
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PÕOGTQUEQPUKIPQ

x .QU FCVQU FGN RTQITCOC PQ UG JCP KPKEKCNK\CFQ GP PKPIÕP ECUQ [ UG JC UWRWGUVQ SWG NQU
GNGOGPVQU FG NC ECFGPC UQP CNOCEGPCFQU GP OGOQTKC RQT QVTQ RTQITCOC Q HTCIOGPVQ FG
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CNCGUVTWEVWTCFGFCVQUGPECFGPC[QVTCGPEWCPVQCNCKPUGTEKÎPFGGNGOGPVQUGPNCVCDNC'NTGEQTTKFQFGNC
GUVTWEVWTCGPECFGPCUGTGCNK\COGFKCPVGFKTGEEKQPCOKGPVQTGNCVKXQCTGIKUVTQ
NGEVWTCFGNRWPVGTQCNUKIWKGPVG
GNGOGPVQ VTCXÃU FGN EQPVGPKFQ FGN TGIKUVTQ #  [ FKTGEEKQPCOKGPVQ C TGIKUVTQ FG FKTGEEKQPGU
GUETKVWTC FGN
OKUOQGP# OKGPVTCUSWGGNCEEGUQCNECORQFGFCVQUFGECFCGNGOGPVQPGEGUKVCFGWPFKTGEEKQPCOKGPVQ
TGNCVKXQCTGIKUVTQEQPFGURNC\COKGPVQ2QTQVTCRCTVGNCKPUGTEKÎPGPNCVCDNCUGNNGXCCECDQWVKNK\CPFQWP
FKTGEEKQPCOKGPVQTGNCVKXQCNTGIKUVTQ#EQPRQUKPETGOGPVQ

1VTQU OQFQU GORNGCFQU GP NC UQNWEKÎP UQP GN FKTGEEKQPCOKGPVQ CDUQNWVQ GP NCU TGHGTGPEKCU C
XCTKCDNGUGPOGOQTKCGNFKTGEEKQPCOKGPVQTGNCVKXQCTGIKUVTQFGFCVQU[GNKPOGFKCVQ

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