12'4#6+10
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ŏ%QPUWNVVJG#%%'5514+'5CPF#66#%*/'065
UGEVKQPQHVJKU+PUVTWEVKQP/CPWCNHQTTGEQOOGPFGF
CEEGUUQTKGU(QNNQYVJGKPUVTWEVKQPUVJCVEQOGYKVJ
VJGCEEGUUQT[6JGWUGQHKORTQRGTCEEGUUQTKGUOC[
ECWUGTKUMQHKPLWT[VQRGTUQPU
ŏ%JQQUGVJGEQTTGEVKPOOFKCOGVGTDNCFG
HQTVJGOCVGTKCNCPFVJGV[RGQHEWVVKPI[QWRNCPVQFQ
&QPQVWUGVJKPMGTHDNCFGU
ŏ/CMGUWTGVJGDNCFGKUUJCTRWPFCOCIGFCPF
RTQRGTN[CNKIPGF9KVJVJGUCYWPRNWIIGFRWUJVJG
EWVVKPICTOCNNVJGYC[FQYP/CPWCNN[URKPVJGDNCFG
CPFEJGEMHQTENGCTCPEG6KNVVJGEWVVKPICTOVQu
DGXGNCPFTGRGCVVJGVGUV
ŏ/CMGUWTGVJGDNCFGCPFCTDQTEQNNCTUCTGENGCP
ŏ/CMGUWTGCNNENCORUCPFNQEMUCTGVKIJVCPFVJGTGKU
PQGZEGUUKXGRNC[KPCP[RCTVU
-''2;174914-#4'#%.'#0
%NWVVGTGFCTGCUCPFDGPEJGUKPXKVGCEEKFGPVU
6QCXQKFDWTPUQTQVJGTſTGFCOCIGPGXGTWUGVJG
OKVGTUCYPGCTƀCOOCDNGNKSWKFUXCRQTUQTICUGU
ŏ2NCPCJGCFVQRTQVGEV[QWTG[GUJCPFUHCEGCPF
GCTU
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+PUVTWEVKQP/CPWCNCPFNCDGNUCHſZGFVQVJGVQQN
.GCTPKVUCRRNKECVKQPCPFNKOKVCVKQPUCUYGNNCUVJG
URGEKſERQVGPVKCNJC\CTFURGEWNKCTVQVJKUVQQN6Q
CXQKFKPLWT[HTQOCEEKFGPVCNEQPVCEVYKVJOQXKPI
RCTVUFQPŏVFQNC[QWVCUUGODN[QTUGVWRYQTMQP
VJGOKVGTUCYYJKNGCP[RCTVUCTGOQXKPI
ŏ#XQKFCEEKFGPVCNUVCTVKPI/CMGUWTGVJGVTKIIGT
UYKVEJKUFKUGPICIGFDGHQTGRNWIIKPIVJGOKVGTUCY
KPVQCRQYGTQWVNGV
2.#0;174914-
ŏ7UGVJGTKIJVVQQN&QPŏVHQTEGCVQQNQTCVVCEJOGPV
VQFQCLQDKVYCUPQVFGUKIPGFVQFQ7UGCFKHHGTGPV
VQQNHQTCP[YQTMRKGEGVJCVECPŏVDGJGNFKPCUQNKFN[
DTCEGFſZGFRQUKVKQP
6JKUOCEJKPGKUPQVFGUKIPGFHQTEWVVKPIOCUQPT[
OCUQPT[RTQFWEVUHGTTQWUOGVCNUUVGGNKTQPCPF
KTQPDCUGFOGVCNU
7UGVJKUOKVGTUCYVQEWVQPN[YQQFYQQFNKMG
RTQFWEVUQTPQPHGTTQWUOGVCNU1VJGTOCVGTKCNOC[
UJCVVGTDKPFVJGDNCFGQTETGCVGQVJGTFCPIGTU
4GOQXGCNNPCKNUVJCVOC[DGKPVJGYQTMRKGEGVQ
RTGXGPVURCTMKPIVJCVEQWNFECWUGCſTG4GOQXG
FWUVDCIYJGPEWVVKPIPQPHGTTQWUOGVCNU
5#('6;+05647%6+105(14$#5+%5#9
12'4#6+10
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6QCXQKFOKUVCMGUVJCVEQWNFECWUGUGTKQWU
RGTOCPGPVKPLWT[FQPQVRNWIVJGVQQNKPWPVKNVJG
HQNNQYKPIUVGRUCTGEQORNGVGF
ŏ%QORNGVGN[CUUGODNGCPFCFLWUVVJGUCY
HQNNQYKPIVJGKPUVTWEVKQPU5''#55'/$.;#0&
#&,756/'0655'%6+105
ŏ.GCTPVJGWUGCPFHWPEVKQPQHVJG101((UYKVEJ
NQEMQHHUYKVEJWRRGTCPFNQYGTDNCFGIWCTFUUVQR
NCVEJDGXGNNQEMJCPFNGCPFEQXGTRNCVGUETGYU
ŏ4GXKGYCPFWPFGTUVCPFCNNUCHGV[KPUVTWEVKQPUCPF
QRGTCVKPIRTQEGFWTGUKPVJKU+PUVTWEVKQP/CPWCN5''
5#('6;12'4#6+1055'%6+105
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$'(14''#%*75'+052'%6;1745#9
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&KUEQPPGEVVJGOKVGTUCY6QCXQKFKPLWT[HTQO
CEEKFGPVCNUVCTVKPIWPRNWIVJGUCYDGHQTGCP[
CFLWUVOGPVUKPENWFKPIUGVWRCPFDNCFGEJCPIGU
ŏ
%QORCTGVJGFKTGEVKQPQHTQVCVKQPCTTQYQPVJG
IWCTFVQVJGFKTGEVKQPCTTQYQPVJGDNCFG6JGDNCFG
VGGVJUJQWNFCNYC[URQKPVFQYPYCTFCVVJGHTQPVQH
VJGUCY
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6KIJVGPVJGCTDQTDQNV
ŏ
6KIJVGPVJGEQXGTRNCVGUETGY
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%JGEMHQTFCOCIGFRCTVUKPENWFKPI
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#NKIPOGPVQHOQXKPIRCTVU
ŏ
&COCIGFDNCFGVGGVJ
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&COCIGFGNGEVTKEEQTFU
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$KPFKPIQHOQXKPIRCTVU
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/QWPVKPIJQNGU
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(WPEVKQPQHCTOTGVWTPURTKPICPFNQYGTIWCTF
2WUJVJGEWVVKPICTOCNNVJGYC[FQYPCPFVJGPNGV
KVTKUGWPVKNKVUVQRU6JGNQYGTIWCTFUJQWNFENQUG
HWNN[(QNNQYVJGKPUVTWEVKQPUKPVJG6TQWDNGUJQQVKPI
)WKFGHQTCFLWUVOGPVKHPGEGUUCT[
ŏ1VJGTEQPFKVKQPUVJCVOC[CHHGEVVJGYC[VJGOKVGT
UCYYQTMU
ŏ-GGRCNNIWCTFUKPRNCEGKPYQTMKPIQTFGTCPF
RTQRGTN[CFLWUVGF+HCP[RCTVQHVJKUOKVGTUCYKU
OKUUKPIFCOCIGFQTDTQMGPQTCP[GNGEVTKECNRCTVU
FQPQVYQTMVWTPQHHVJGUCYCPFWPRNWIKV4GRNCEG
FCOCIGFOKUUKPIQTFGHGEVKXGRCTVUDGHQTGWUKPIVJG
UCYCICKP
ŏ
/CKPVCKPVQQNUYKVJECTG-GGRVJGOKVGTUCYENGCP
HQTDGUVCPFUCHGUVRGTHQTOCPEG(QNNQYKPUVTWEVKQPU
HQTNWDTKECVKPI&QPQVCRRN[NWDTKECPVUVQVJGDNCFG
YJKNGKVKUURKPPKPI
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4GOQXGCNNCFLWUVKPIYTGPEJGUHTQOVJGVQQNDGHQTG
VWTPKPIKVQP
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