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efUJSLFRGN FS FRUJ N JRF N UVdR V] SRe R V XXR SRc dVe RaEV]V V V UR]R a`af]Rd U f]R
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BNSLPF UJPJVOFFS 9YR FM J JRJS JSLFRGN FS FRUJ UVTUTV NTSF UJV JS J JRJS JSLFRGN FS FRUJ FSL NIFP UVTUTV NTSF

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JSLFRGN FS FRUJ H Y JV F Y FMFU IFS RY N FMFUBR dV RfY eV]RY V SRYRd aV XR S ]R dR aV]

]RdeVc dRef eRYRa& jR X V] SRe R aV SRX R a`af]Rd V UR]R ]RdeVc jR X dVdfR & V ] Y dVTRcR RTR f ]RY
]RdeVc jR X U aVc]f R dVSRXR dfS V dR aV] UR V jV] U dV fR V]V V U dVe Ra ]RdeVc jR X U a ] Y dVTRcR
RTR ( GV XR S ]R dR aV] T]fdeVc fXR URaRe U ]R f R UR]R SVSVcRaR eRYRa UR V fU R U V R] dVSRXR
UJSLFRGN FS FRUJ H Y JV GJV NSLPF ( D dR] jR& R eR V]R f R dfcgV Rd ` R] eVcYRURa cReR'cReR
d aR R SR Sf]R R & aV XR S ]R dR aV] ]RdeVc aVceR R'eR R R R U Xf R R f ef V ] Y ]` Rd XV`XcRW d
aVc `eRR & dV 'aVc `eRR & UR aVUVdRR f ef U aV]R Rc ( GRUR eRYRa dV]R fe jR& URVcRY'URVcRY eVceV ef U
Rd X' Rd X ]` Rd R R U a ] Y( GRUR eRYRa Ve XR& SR 'SR U dVe Ra h ]RjRY R R U a ] Y( ;V XR ReR ]R &
aV XR S ]R dR aV] ]RdeVc f]e eRYRa V] SRe R aV XR S ]R dR aV] ac`SRS ] eRd URc f e aV XR S ]R dR aV]
feR R5 URc Rd X' Rd X f e ac Vc & dR aV] ac`SRS ] eRd URc f e dR a] X dV f UVc V fU R U R S ]5
e X Re Ve XR URc dR a] X ac`SRS ] eRd U ]R f R URc Rd X' Rd X f e dV f UVc & UR dVeVcfd jR& dR aR
eR eV]RY V TRaR eRYRa R Y c aV XfcR R f e'f e dR aV]& Ve R eR V XR S ] dR aV] dVe Ra R XX`eR UR]R
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JSLFRGN FS AFRUJ 6FSIF

HV TR R eVcaR dR Ve R W`c Rd ]VS Y ]R fe U aVc]f R URc dfSdVe V]` a` URc R R SVSVcRaR

W`c Rd eV]RY U f af] R f ef defU jR X dR R( HR TR XR aV XR S ]R dR aV] U R R RhR] jR
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V fU R dfSdR aV] URc dR aV] feR R U Xf R R f ef V Vc dR RdR]RY dVTRcR ]VS Y c T & U dVSfe
UJSLFRGN FS FRUJ LFSIF( D dR] jR& hRhR TRcR eVcdecf efc f X V f f R SRYhR dfS V]` a`
cVda` UV V ] ]VS Y SR jR hRhRdR eV eR X RdR]RY `cXR dRd ( HVda` UV f X R R
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B8 90C0 34A08 A0 8 6 1018 8B0A

8UR UfR cV TR R aV XR S ]R dR aV] ac`SRS ] eRd URdRc4 aV XR S ]R dR aV] RTR e UR eVcSReRd
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UR dR R f ef U a ] Y dVSRXR dfS V ( HV TR R ac`SRS ] eRd ` a]V d eVcU c URc ] R UVdR
aV XR S ]R dR aV] jR X SVcSVUR( ;Rc V] R & UVdR dR a] X ]RdeVc f X jR X aR] X
fcRY UR fXR aR] X e UR URaRe U R UR] R & eVeRa U Xf R R Ve R e UR RUR URWeRc V]V V
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SRYhR f ef f ]RY dfS V dR aV] jR X dR R& R V RhRc R W`c Rd jR X eVaRe UR eVcaVc T (
;VdR aV XR S ]R dR aV] d deV Re d V ] SRYRjR SRhRR URc V f X R S Rd d deV Re d(
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; UR]R FRU NSL STS UVTGFGN N F UVdR & f dfc'f dfc UR]R a`af]Rd e UR V ] ac`SRS ] eRd
jR X V]V Re aRUR aV ] YR VcV R dVSRXR dfS V dR aV]( SVcRce SRYhR eV fR URc defU
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XV VcR] dRd URc aRUR V URaRe R SVSVcRaR W`c Rd RhR] UV XR TRcR jR X TVaRe UR fcRY( DVcV R V fU R f X
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V URaRe R UReR& dVaVce jR X R R U SRYRd R e (

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A0 4 :4 E0 0 0
IVaVce R R jR&UJSLFRGN FS FRUJ PJS FRFSFS V XRTf aRUR aV Xf af]R W`c Rd URc R XX`eR
a`af]Rd jR X fURY eVcdVU R f ef V jVU R R jR( GV V] e V XVeRYf SVcRaR SR jR dfS V
` df V & RcjRhR & S`]R ]R af$ f ef U Rdf R V UR]R dR aV] UR V]R fe R ac`dVd Y XXR
f fcR dR aV] jR X U SfefY R eVcTRaR ( :` gV V TV dR a] X fcRY UR fURY U ]R f R & eVeRa e UR
RUR TRcR f ef V XVeRYf dVSVcRaR cVacVdV eRe W YRd ] aV V] e R eVcdVSfe( dVc X U Xf R R f ef
V URaRe R SVSVcRaR W`c Rd TVaRe( ;R]R ac`dVd jR& eVc RUR X 8 UR f X V V f R SRYhR
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A0 4 C A85
8] Y'R] Y V URaRe R W`c Rd URc VcV R jR X aR] X d Ra ReRf eVcdVU R UV XR fURY& RUR X'
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VcV R jR X V ] jR& ReRf VcV R V V fY SVSVcRaR c eVc R jR X U eVeRa R `]VY aV V] e (
AV d UVdR dR a] X U dVSfeUJSLFRGN FS FRUJ GJV YOYFS& UR UfR V d feR R afca`d gV
dR a] X w fUXV V e dR a] X UR bf`eR dR a] X w dV RcR X R R U V]Rd R (

JSLFRGN FS AFRUJ Y Y FS

AfUX V e dR a] X V] SRe R a ] YR dfS V jR X aR] X V Xf ef X R U eV aRe R ReRf UR]R a`d d

eVcSR f ef V SVc R W`c Rd jR X U SfefY R ( D dR] jR& R dV`cR X aV V] e X V XVeRYf RaR
jR X U aVc]f R SRX R R Vc hR eR f ef V TRaR af TR & dRef'dRef jR `cR X jR X URaRe V SVc R
W`c Rd ]R Xdf X RUR]RY hR eR jR X eV]RY R V a`d d acVd UV & hR ] acVd UV & UR aV RSRe aV e X(
'e X Re V dV fe W UR]R `cXR dRd Vc R( DVcV R dVTRcR hR Rc URaRe U YRcRa R f ef V ]
aV XVeRYfR RY] RcV R eV]RY V]R]f aV XR]R R UR ac`dVd ef dV U c & UR f X URaRe V SVc R
UReR ReRf W`c Rd jR X SR VaRUR aV V] e ( ;V XR UV R &UJSLFRGN FS FRUJ UJSN FNFSUVdR
U Xf R R Ve R f ]RY ReRf ReVX`c `cR X jR X eVcSReRd V ] W`c Rd jR X U TRc ( ;R]R Rdfd
dVaVce ef& dV fR V d aV XR S ]R dR aV] ac`SRS ] eRd U dV]fcfY SRX R a`af]Rd e UR V ] ef fR
UR e UR SVcXf R(
IR a] X aV ]R R URaRe V SReRd XV VcR] dRd eV fR & RcV R WR eR SRYhR R V XXf R R dR aV]
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V URaRe R V d W`c Rd jR X U aVc]f R URc R e` X `cR X jR X dR XRe daVd W jR X V ] WR eR jR X
U SfefY R UR URaRe V SVc R W`c Rd jR X U TRc ( ;R]R aV XRefcR `cXR dRd & UR Yfdfd jR f ef c dVe
aRdRc& aRcR aV a `a jR X dR XRe SVcaV XVeRYfR eVc Rdf UR]R dR aV]( GV URaRe& aR UR XR & UR
aV XVeRYfR jR X eVcTVcRY R VcfaR R df SVc UReR jR X RjR(
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jR X V ] W`c Rd jR X U aVc]f R ( IVaVce jR X eV]RY U dVSfe R & UVdR dR a] X f X dRef'dRef jR jR X
SVcXf R f ef V RhRS V d aVceR jRR aV V] e R eVceV ef(

JSLFRGN FS AFRUJ :YT F

JSLFRGN FS FRUJ PYT F& V d afca`d gV dR a] X VUfR& V Rde R SRYhR V]` a` eVceV ef
eVchR ] dVTRcR V RUR UR]R aV V] e R V]R]f aV SVc R f`eR( K f jR f`eR
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eVeRa f ef dVe Ra dfS V]` a` U URdRc R aRUR f ]RY e`eR] dVe Ra V]` a` UR]R a`af]Rd ( ER f &
RcV R RUR]RY cV TR R aV XR S ]R dR aV] ` 'ac`SRS ] eRd& YRd ] jR e UR URaRe U XV VcR] dRd R
f ef a`af]Rd (
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dVSV]f jR U R S ] dR aV] jR URc V]` a` jR X SVcSVUR& eVeRa SVcURdRc R V jR R R ( D dR] jR& URaRe U UfXR SRYhR d Ra Vc R aV Vc R VcRY S cf UR]R

dVSfRY `cXR dRd dR XRe SVcSVUR UV XR aV Vc R VcRY afe Y( A R RUR 0 aVcdV aV Vc R VcRY S cf UR . aVcdV aV Vc R VcRY afe Y U `cXR dRd & UR R

e`eR] - `cR X R R U hRhR TRcR f ef V V f R RhRSR ReRd aVceR jRR aV V] e R & R R f`eR +2 aV Vc R VcRY S cf UR +, aV Vc R R e`cR R R V RU

dR aV]& RcV R f ]RY VhR ] 0 aVcdV UR . aVcdV URc f fcR dR aV]( +2 aV Vc R VcRY S cf jR X fURY eVcdVU R UR +, aV Vc R VcRY afe Y aVceR R

R R U R S ] dR aV] jR dVdfR UV XR f`eR ( JR aVc]f U ReR R & dR aV] f X e UR dVaV fY jR VhR ] a`af]Rd 5 RcV R jR XV VcR] dRd eV fR R R

U SReRd ( ER f & V fURYR jR X U eRhRc R jR UR]R YR] eV RXR& S RjR UR hR ef V SfRe aV XR S ]R dR aV] f`eR V Rc f ef SVSVcRaR faRjR

aV V] e R ( IR a] X f`eR fXR V RU VSfefYR Ve R dfSdVe a`af]Rd fcR X eVchR ] UR]R `cXR dRd w dR] jR& V]` a` `c eRd& R U`c& UR

dVSRXR jR( ;V XR ReR ]R & aV XR S ]R dR aV] f`eR V Rde R SRYhR dV fR dfS V]` a` UR]R a`af]Rd Tf fa eVchR ] UR]R dR aV]( IR aV] f`eR

aRUR URdRc jR RUR]RY dR aV] SVce X Re URc R R dfS V U a ] Y dVTRcR ` 'RTR ( S RjR UR hR ef V SfRe aV XR S ]R dR aV] f`eR V Rc f ef SVSVcRaR

faRjR aV V] e R ( IR a] X f`eR fXR V RU VSfefYR Ve R dfSdVe a`af]Rd fcR X eVchR ] UR]R `cXR dRd w dR] jR& V]` a` `c eRd& R U`c& UR

dVSRXR jR( ;V XR ReR ]R & aV XR S ]R dR aV] f`eR V Rde R SRYhR dV fR dfS V]` a` UR]R a`af]Rd Tf fa eVchR ] UR]R dR aV]( IR aV] f`eR

aRUR URdRc jR RUR]RY dR aV] SVce X Re URc R R dfS V U a ] Y dVTRcR ` 'RTR ( S RjR UR hR ef V SfRe aV XR S ]R dR aV] f`eR V Rc f ef SVSVcRaR

faRjR aV V] e R ( IR a] X f`eR fXR V RU VSfefYR Ve R dfSdVe a`af]Rd fcR X eVchR ] UR]R `cXR dRd w dR] jR& V]` a` `c eRd& R U`c& UR

dVSRXR jR( ;V XR ReR ]R & aV XR S ]R dR aV] f`eR V Rde R SRYhR dV fR dfS V]` a` UR]R a`af]Rd Tf fa eVchR ] UR]R dR aV]( IR aV] f`eR

aRUR URdRc jR RUR]RY dR aV] SVce X Re URc R R dfS V U a ] Y dVTRcR ` 'RTR (

; eV aRe Vc R UR RdjRcR Re$ jR X dV R YVeVc`XV RcV R UV `XcRW jR X SVcfSRY&

aV XR S ]R dR aV] f`eR U YRcRa R URaRe U Xf R R ]VS Y dVc X U RdR V UReR X( D dR] jR&
aV XR S ]R dR aV] f`eR URaRe U Xf R R f ef V URaRe R SVSVcRaR XRXRdR eV eR X
VTV UVcf XR aV SV] R URc SVcSRXR V]` a` Ve d& f ef V XVeRYf SRXR R R RcjRhR URc
SVcSRXR VXRcR V R UR X SfURjR `cXR dRd & UR dVeVcfd jR(
DVd af aV XR S ]R dR aV] f`eR e UR URaRe U XV VcR] dRd R dVaVce aV XR S ]R dR aV] RTR
SVce X Re& YR] ef V RhRc R SVSVcRaR W`c Rd & jR X V RU URdRc aV jV] U R ]VS Y ]R fe& R aVc]f& URaRe
U ]R fe R ( 8ce jR& RUR V f X R SRYhR eRYRa aVceR R aV V] e R R R V XXf R R UVdR ` 'ac`SRS ] eRd
dR a] X f`eR& UR dVeV]RY SVSVcRaR W`c Rd SVcXf R U aVc`]VY& UVdR ac`SRS ] eRd R R V X fe (
BVSR] R jR fXR dR XRe f X ( HR TR XR aV XR S ]R dR aV] ac`SRS ] eRd URaRe V f f R RcVR SRcf
f ef aV V] e R & UR UVdR aV XR S ]R dR aV] ` 'ac`SRS ] eRd URaRe U Xf R R f ef V XV da]`cRd
V]RjR R jR(

B8 90C0 34A08 A0 8 6 1018 8B0A

8UR UfR V d feR R UVdR ` 'ac`SRS ] ej dR a] X4 T` gV V TV dR a] X UR afca`d gV dR a] X(
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jR X TVaRe UR eVaRe hR ef U aVc]f R & ReRf f ef ef fR aV V] e R V da]`cRd ( HV TR R
aV XR S ]R dR aV] afca`d W eVcSRX UR]R UfR ReVX`c 4 aV ]R R UR UVdR aV XR S ]R dR aV]
f`eR( IR a] X aV ]R R & Vd af eVcSReRd UR]R XV VcR] dRd & eVc RUR X V RU a ] YR UVdR
aV XR S ]R dR aV] eVcSR & eVcfeR R Ve R RUR a`af]Rd eVcSReRd jR X URaRe V jVU R R
W`c Rd jR X U SfefY R ( GV XR S ]R dR aV] f`eR dVc X U Xf R R UV XR aVce SR XR S RjR
UR hR ef dVceR VSfefYR f ef VhR ] V]V V `c eRd dVTRcR V RUR UR]R a`af]Rd (
DVd af XV VcR] dRd URc dV fR UVdR dR a] X ` 'ac`SRS ] eRd dR XRe eVcSReRd&

JRSV] +.(, VcR X f UVdR dR a] X ac`SRS ] eRd UR ` 'ac`SRS ] eRd jR X U SRYRd dV RfY &
dVceR Vf ef XR UR VcfX R jR( R SRc +.(. V RhRc R SVSVcRaR a` a ] YR VafefdR eV eR X
UVdR R R jR X f X SVcXf R f ef ef fR aV V] e R eVceV ef(
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3J FNS FRUJ :J JVFSLFS :JYS YSLFS :JPYVFSLFS

AFRU NSL UVTGFGN N F

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f]Rd U a ] Y f]R URc e e S X R eVcdVU R(
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SVcRce 5 dVeV]RY ef dfS V dR aV] RTR dVUVcYR R ReRf aV XR S ]R dR aV]

Iec(HI( jR X ac`a`cd ` R] IV fR V]` a` V RUR
U eRc dVTRcR ac`a`cd ` R] d deV Re (
dR aV] UR
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R XX`eR V`fd aVceR R R] aV Xf af]R UReR Rd Y cV URY( dV fR UVdR aV XR S ]R dR aV]

U UV e W Rd 5 V fU R RUR jR X ac`SRS ] eRd RcV R Y af R SRX R URc
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h ]RjRY ReRf ]` R] eRd eVceV ef( VafefdR jR X SVc R eR ]fRd h ]RjRY(

UV XR ]` Rd eVceV ef(

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AFRU NSL STS UVTGFGN N F

1( IR a] X V jR R R OR X aR] X fURY U R dVd :VaRe& jR R & fcR X J UR S dR U XV VcR] dRd R dR R dV R] (

R XX`eR U a ] Y dVSRXR RYR](

dfSjV (

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