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 8SQSVVS[¸W-VER
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XVEQTPIH VMKLXW
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8LI 1SNELIHMR TVSJSYRHP] FIPMIZI XLEX XS EZSMH XLI HIZMEXMSRW XLEX FIWIX
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LSPHMRK JMVQP] XS SYV TVMRGMTPIW

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VITVIWWMSR QER] VIPEXMSRWLMTW SJ XVYWX WYGL EW IXLRMG ERH VIKMSREP
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;MXLSYX
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HIQSGVEG]ERHJPSYVMWLMRKXEPIRXWMRXSQSVVS[¸W-VERSRP]MJXLI
6IWMWXERGI QSZIQIRX¸W MRXIVREP VIPEXMSRW EVI HIQSGVEXMG XSHE]


 4EVXMGYPEVP] EJXIV XLI SZIVXLVS[ SJ XLI WLEL ERH XLIMV PIEHIV¸W
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VIPEXMSRW [MXLMR XLI 1SNELIHMR -X MW E 1SNELIHMR XVEHMXMSR XS LSPH
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1SNELIHMR JMVWX LERH ORS[ XLEX E QENSV TEVX SJ XLIMV XMQI MW WTIRX MR
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HIGMWMSR -X MW RS EGGMHIRX XLEX HIWTMXI XLI MRXIRWI WYTTVIWWMSR ERH
TVIWWYVIW SJ XLI TEWX  ]IEVW HMZIVKIRX ZMI[W ERH MHIEW LEZI RSX
PIH XS WTPMXW MR XLI SVKERM^EXMSR 8LI HMWGYWWMSRW SR VIWXVYGXYVMRK
XLI SVKERM^EXMSR ERH JSVQMRK ER EPPJIQEPI 0IEHIVWLMT 'SYRGMP SJ 
QIQFIVWERHGERHMHEXIQIQFIVWMRJSVI\EQTPIPEWXIH
X[SQSRXLW


 7XVYGXYVI
8LI 4ISTPI¸W 1SNELIHMR SJ -VER MW XLI JMVWX ERH SRP] SJ -VER¸W
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GPERHIWXMRI REXMSR[MHI EVQIH VIWMWXERGI
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SJ MQTVMWSRQIRX ERH WXVYKKPI WLIH PMKLX SR XLIMV UYEPMJMGEXMSRW ERH
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8SHE]¸WJIQEPI·PIEHIVW¸SJXLI1/3EVISJXIRTVIWIRXIHRSXEW
MRHMZMHYEPW[LSLEZIIEVRIHXLIMVTSWMXMSRWSRQIVMXFYXEW


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E WLIIV PMI 8LI 1SNELIHMR LEZI RIZIV LEH E µ1EV\MWX JEGXMSR¶ ERH
XLI1EV\MWXW[LSPEYRGLIHEGSYTMRXLISVKERM^EXMSRMRXLIW
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FIGEYWI SJ JEQMP] VIPEXMSRWLMTW ERH SRP] E WQEPP TIVGIRXEKI WSQI
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(ITEVXQIRX GSYPH IEWMP] LEZI MRZIWXMKEXIH XLI GPEMQ
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HMQIRWMSREP ]IEV TSPMXMGEP WSGMEP GYPXYVEP ERH QMPMXEV] FEXXPI [MXL
XLI/LSQIMRMVIKMQI8LI1SNELIHMRERH-VERMER6IWMWXERGIEVIE
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QIHMIZEPHMGXEXSVWLMT7YGLEQSZIQIRXGERRSXTEWWXLIVIMRWSJ
EYXLSVMX]XSYRUYEPMJMIHQIRSV[SQIR
-R XLI MHISPSK] SJ /LSQIMRM ERH XLI JYRHEQIRXEPMWQ VYPMRK -VER
[SQIREVIGSRWMHIVIHMRJIVMSVERHSJRIKEXMZIZEPYI8LIQSWX
HMWXMRGXMZIJIEXYVISJXLIQYPPELW¸IRQMX]XSHIQSGVEG]MWXLIMV
ERXEKSRMWQXS[EVHW[SQIR%XXLISTTSWMXIIRHSJXLIWTIGXVYQ
XLI 1SNELIHMR FSXL MR XLIMV MHISPSK] ERH MR XLIMV TSPMXMGEP ERH WSGMEP
GSRHYGXEGGSVH[SQIRXLIKVIEXIWXSJVIWTIGX8LMWWIVZIWEWE
QIEWYVISJXLIMVHIZSXMSRXSHIQSGVEG]8LIKVS[MRKVSPISJ[SQIR
MR XLI 6IWMWXERGI TEVXMGYPEVP] XLI VSPI SJ 4VIWMHIRXIPIGX 1EV]EQ
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XLI LMKLIWX VIKEVH


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FYXMXLEWVIQEMRIHXLIQEMRQSWXEGXMZIERHQSWXIJJIGXMZI
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XLIMV ZMI[W MR XLIMV TYFPMGEXMSRW ERH FSSOW ,S[ MW XLEX YRHIQSGVEXMG
ERH MRHMGEXMZI SJ µMRHSGXVMREXMSR¶#
8LIVITSVXLEWEPWSXVMIHXSGSRZMRGIXLIVIEHIVXLEXXLI
1SNELIHMREVIHITIRHIRXSR-VEU7YGLWXEXIQIRXWLS[IZIVEVI
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EWXLI1SNELIHMR3VKERM^EXMSRLEWµWIXYTMXWS[RGSQQYRIW
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7XEXIW 8LI 7XEXI (ITEVXQIRX QYWX FI LIPH EGGSYRXEFPI JSV LEZMRK
KMZIRXLIXEWOSJTVITEVMRKXLMWVITSVXXSMRHMZMHYEPW[LSLEZI
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SJ XLI WLEL¸W VIKMQI 8LI 2EXMSREP 0MFIVEXMSR %VQ] MW FEWIH SR XLI
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FIGEQIMQTSWWMFPIHYVMRKXLIYRTVIGIHIRXIHFSQFEVHQIRXSJXLI
4IVWMER +YPJ ;EV ERH LEW VIQEMRIH WS WMRGI HYI XS XLI MRXIVREXMSREP
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XLIQ;SYPHRSXWYGLEGLSMGILEZI[EVVERXIHXLIHMWETTVSZEPSJ
XLI7XEXI(ITEVXQIRX#
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HYVMRK XLI FSQFEVHQIRX -J XLI TVEGXMGI MW SFNIGXMSREFPI XLI 7XEXI
(ITEVXQIRXWLSYPHLEZIMWWYIHEWXEXIQIRXGVMXMGM^MRK;MRWXSR
'LYVGLMPP
'PIEVP]XLIQMPMXEV]GEQTWFSQFEVHIHMR1E]%TVMP
ERH 1E]  F] XLI /LSQIMRM VIKMQI¸W EMV JSVGI WLIPPIH [MXL QSVXEVW
MR2SZIQFIVERH3GXSFIVERHEXXEGOIH[MXL7GYH&
QMWWMPIW MR 2SZIQFIV  EVI RS TPEGI JSV JEQMP] PMJI SV JSV GLMPHVIR
;LIVI MR XLI [SVPH MW JEQMP] PMJI GEVVMIH SR MR QMPMXEV] GEQTW HYVMRK
[EVXMQISV[LIRQMPMXEV]QMWWMSRWEVIFIMRKGSRHYGXIH#%PXLSYKL
XLIMV [SVO MW TIEGIJYP IZIR 6IH 'VSWW IQTPS]IIW ZSPYRXEVMP] EZSMH
QEVVMEKI ERH JEQMP] PMJI HYVMRK XLIMV QMWWMSRW MR ZEVMSYW TEVXW SJ
XLI [SVPH ,S[ MW MX XLEX E 6IWMWXERGI QSZIQIRX MW I\TIGXIH XS TVSZMHI
JSV JEQMP] PMJI ERH XLI TVSXIGXMSR ERH GEVI SJ WQEPP GLMPHVIR#
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XIVVSVMWXW LEZI PEYRGLIH  EVQIH EXXEGOW SR XLI 1SNELIHMR SR -VEUM
WSMP 8LI] LEZI VITIEXIHP] PEYRGLIH EVQIH EXXEGOW SR JEQMPMIW [LSWI
VIWMHIRGIWLEHFIIRQSZIHJVSQXLI-VER-VEUFSVHIVWXVMTXS
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XLI QYPPELW¸ VIKMQI SV IZIR XS ZSMGI WSQI TVSXIWX XS XLI VIKMQI¸W
QMWWMPIEXXEGOWERHEMVVEMHWZMSPEXMRKMRXIVREXMSREPPE[ERH


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LEZI FIIR JSVGIH XS VIQEMR ETEVX 6EXLIV XLER MRWYPXMRK XLI QYPPELW¸
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JEREXMGMWQ

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8LI7XEXI(ITEVXQIRXSJJIVWEREYXSGVEXMGMQEKISJXLI
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[LMGLXLI]LEZIWIXRSTVIGSRHMXMSRWSXLIVXLERKYEVERXIIW
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XLIMVS[RXSVXYVIERHQEWWEGVISJTSPMXMGEPTVMWSRIVWXLEXXLI
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[I MRZMXI E HIPIKEXMSR SJ PE[]IVW VITSVXIVW ERH VITVIWIRXEXMZIW SJ
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XLI 2EXMSREP 0MFIVEXMSR %VQ] SJ -VER EPSRK XLI -VER-VEU JVSRXMIV
8LIHIPIKEXMSRGERWIIJMVWXLERHXLI1SNELIHMRERHXLI2EXMSREP
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YRHIVWXERHEFPI VIEWSRW XLEX VIPEXI XS XLIMV TIVWSREP GSRHYGX EVI
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JVSQ ER MREFMPMX] XS XSPIVEXI XLI HMJJMGYPX GSRHMXMSRW SJ WXVYKKPMRK
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