+PUVCNNCVKQP
5GVWR)WKFG
%QPVGPVU
+PVTQFWEVKQP
9JCV;QW0GGF
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5VGR%JGEMHQTWRFCVGU
5VGR2TGRCTG[QWT/CEHQT9KPFQYU
5VGR+PUVCNN9KPFQYU
5VGR+PUVCNNVJG9KPFQYUUWRRQTVUQHVYCTG
5VGR%JGEMHQT7RFCVGU
5VGR2TGRCTG;QWT/CEHQT9KPFQYU
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5VGR+PUVCNN9KPFQYU
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5VGR+PUVCNNVJG9KPFQYU5WRRQTV5QHVYCTG
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5VCTVKPI7R7UKPI/CE15:QT9KPFQYU
5GVVKPIVJG&GHCWNV1RGTCVKPI5[UVGO
5GNGEVKPICP1RGTCVKPI5[UVGO&WTKPI5VCTVWR
4GOQXKPI9KPFQYUHTQO;QWT%QORWVGT
.GCTPKPI/QTG5WRRQTVCPF(GGFDCEM
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%COR
6JKUFQEWOGPVUJQYU[QWJQYVQKPUVCNNCPFUGVWR
$QQV%CORUQ[QWECPWUG/KETQUQHV9KPFQYUQPC
/CEEQORWVGT
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$QQV%CORNGVU[QWKPUVCNN9KPFQYUQPC/CEEQORWVGTKPKVUQYPRCTVKVKQPWUKPIC
/KETQUQHV9KPFQYUKPUVCNNCVKQPFKUEVJCV[QWRTQXKFG#HVGTKPUVCNNCVKQP[QWECPWUG
GKVJGT9KPFQYUQT/CE15:QP[QWT/CEEQORWVGT
6JG$QQV%COR#UUKUVCPVCRRNKECVKQPCPFVJKUIWKFGYCNM[QWVJTQWIJVJGUVGRU
PGGFGFVQETGCVGC9KPFQYURCTVKVKQPQP[QWT/CECPFVJGPTGUVCTV[QWT/CEWUKPI
[QWT9KPFQYUKPUVCNNCVKQPFKUE6JGPHQNNQYVJKUIWKFGVQKPUVCNN9KPFQYUCPFKPUVCNN
UQHVYCTGFTKXGTUVJCVNGV9KPFQYUYQTMYKVJ[QWT/CEJCTFYCTG
9JCV;QW0GGF
#RTKPVGFEQR[QHVJKUFQEWOGPVYJKEJEQPVCKPUKPHQTOCVKQP[QWPGGFVQTGHGTVQ
YJGPKPUVCNNKPI9KPFQYU6JGKPHQTOCVKQPKPVJKUFQEWOGPVKUHQTURGEKEEQORWVGT
OQFGNU+H[QWTGPQVUWTGVJKUKUVJGFQEWOGPVHQT[QWTEQORWVGTIQVQ
YYYCRRNGEQOUWRRQTVDQQVECORHQTOQTGKPHQTOCVKQP
6JGMG[DQCTFCPFOQWUGQTVTCEMRCFVJCVECOGYKVJ[QWTEQORWVGT
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CTGPVCXCKNCDNGWUGC75$MG[DQCTFCPFOQWUG
#DWKNVKPQRVKECNFKUEFTKXGQTCEQORCVKDNGGZVGTPCNQRVKECNFTKXG
(QTKPHQTOCVKQPQPWUKPI[QWTEQORWVGTYKVJCPGZVGTPCNQRVKECNFTKXGUGGVJG
FQEWOGPVCVKQPVJCVECOGYKVJ[QWTEQORWVGT
#DNCPM%&QT&8&QTCPGZVGTPCNFTKXGHQTOCVVGFCU/5&15
(#6
$QQV%COR#UUKUVCPVUCXGU9KPFQYUUWRRQTVUQHVYCTGVQVJKUFKUMCPFNCVGT[QWNN
KPUVCNNVJCVUQHVYCTGQP[QWT9KPFQYURCTVKVKQP6QHQTOCVCPGZVGTPCNFTKXGCU
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(#6WUG&KUM7VKNKV[KPVJG7VKNKVKGUHQNFGTKPVJG#RRNKECVKQPUHQNFGT
9KPFQYU*QOG2TGOKWO2TQHGUUKQPCNQT7NVKOCVG
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CPWRITCFGXGTUKQPQH9KPFQYU6QUGGJQYOWEJHTGGURCEG[QWPGGFQP[QWTFKUM
HQT9KPFQYUTGHGTVQVJGFQEWOGPVCVKQPVJCVECOGYKVJ9KPFQYU
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5VGR%JGEMHQTWRFCVGU
5VGR2TGRCTG[QWT/CEHQT9KPFQYU
$QQV%COR#UUKUVCPV
KPVJG7VKNKVKGUHQNFGTKP[QWT#RRNKECVKQPUHQNFGTRTGRCTGU[QWT
/CEHQT9KPFQYUD[FQYPNQCFKPI9KPFQYUUWRRQTVUQHVYCTGETGCVKPICRCTVKVKQPHQT
9KPFQYUCPFVJGPUVCTVKPIVJG9KPFQYUKPUVCNNGT
5VGR+PUVCNN9KPFQYU
5VGR+PUVCNNVJG9KPFQYUUWRRQTVUQHVYCTG
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KPHQTOCVKQPQP[QWTEQORWVGT
5VGR%JGEMHQT7RFCVGU
$GUWTGVQKPUVCNNCNN/CE15:WRFCVGUUQ9KPFQYUKPUVCNNUUWEEGUUHWNN[
6QEJGEMHQTWRFCVGU
.QIKPVQCPCFOKPKUVTCVQTCEEQWPVQP[QWTEQORWVGTSWKVCNNQRGPCRRNKECVKQPUCPF
NQIQWVCP[QVJGTWUGTUQP[QWTEQORWVGT
%JQQUG#RRNG
5QHVYCTG7RFCVG
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#RRNG
5QHVYCTG7RFCVGCICKPVQKPUVCNNCP[CFFKVKQPCNWRFCVGU
)QVQJVVRYYYCRRNGEQOUWRRQTVDQQVECORCPFEJGEMYJGVJGT[QWPGGF
CFFKVKQPCNWRFCVGU
5VGR2TGRCTG;QWT/CEHQT9KPFQYU
$QQV%COR#UUKUVCPVJGNRURTGRCTG[QWT/CEHQT9KPFQYUD[FQYPNQCFKPI9KPFQYU
UWRRQTVUQHVYCTGETGCVKPICPGYRCTVKVKQPHQT9KPFQYUCPFVJGPUVCTVKPIVJG
9KPFQYUKPUVCNNGT
/CMGUWTG[QWJCXGCDNCPM%&QT&8&QTCPGZVGTPCNFTKXGHQTOCVVGFCU/5&15
(#6
YJGTG$QQV%COR#UUKUVCPVECPUCXGVJG9KPFQYUUWRRQTVUQHVYCTGYJKEJ[QWNNNCVGT
KPUVCNNQP[QWT9KPFQYURCTVKVKQP6QHQTOCVCPGZVGTPCNFTKXGCU/5&15
(#6WUG
&KUM7VKNKV[KPVJG7VKNKVKGUHQNFGTKPVJG#RRNKECVKQPUHQNFGT
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EQPVKPWKPI
6QRTGRCTG[QWT/CEHQT9KPFQYU
1RGP$QQV%COR#UUKUVCPV
KPVJG7VKNKVKGUHQNFGTKPVJG#RRNKECVKQPUHQNFGT
(QNNQYVJGQPUETGGPKPUVTWEVKQPUHQTFQYPNQCFKPIVJG9KPFQYUUWRRQTVUQHVYCTGCPF
UCXKPIKVVQC%&&8&QTGZVGTPCNFKUM
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(QNNQYVJGQPUETGGPKPUVTWEVKQPUHQTETGCVKPICRCTVKVKQPHQT9KPFQYU
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9KPFQYUKPUVCNNGTFQEWOGPVCVKQP
+PCNCVGTUVGR[QWNNHQTOCVVJGRCTVKVKQP[QWLWUVETGCVGF
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;QWT/CEUOWUVDGCUKPINGRCTVKVKQPHQTOCVVGFCU/CE15'ZVGPFGF
,QWTPCNGF
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;QWT/CEUFKUMOWUVDGCPKPVGTPCNFKUM;QWECPPQVWUG$QQV%COR#UUKUVCPVVQ
KPUVCNN9KPFQYUQPCPGZVGTPCNFKUM
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$QQV%CORQPCFKUMVJCVKUPVKPVJGTUVJCTFFTKXGDC[TGOQXGVJGFTKXGUKPVJG
NQYGTPWODGTGFDC[U;QWECPTGKPUVCNNVJGFTKXGUCHVGT[QWKPUVCNN$QQV%COR
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HCKNGFVT[TGRCKTKPIVJGFKUMWUKPI&KUM7VKNKV[CPFQRGPKPI$QQV%COR#UUKUVCPV
CICKP+HVJCVFQGUPVYQTMDCEMWRCNNVJGKPHQTOCVKQPQP[QWTEQORWVGTUVCTVWR
HTQO[QWT/CE15:KPUVCNNCVKQPFKUECPFGTCUGVJGFKUMWUKPI&KUM7VKNKV[4GUVQTG
VJGKPHQTOCVKQPVQ[QWTEQORWVGTHTQOVJGDCEMWRCPFVT[QRGPKPI$QQV%COR
#UUKUVCPVCICKP
5VGR+PUVCNN9KPFQYU
4GCFCPFECTGHWNN[HQNNQYVJGUGKPUVTWEVKQPUHQTKPUVCNNKPI9KPFQYUQP[QWT/CE
EQORWVGT4GHGTVQ[QWT9KPFQYUFQEWOGPVCVKQPHQTIGPGTCNKPHQTOCVKQPCDQWV
KPUVCNNKPICPFUGVVKPIWR9KPFQYU
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#UUKUVCPVCPFEQPVKPWGHTQOYJGTG[QWNGHVQ
6QKPUVCNN9KPFQYUQP[QWT/CEEQORWVGT
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;QWTEQORWVGTUVCTVUWRHTQOVJG9KPFQYUKPUVCNNCVKQPFKUE
(QNNQYVJGQPUETGGPKPUVTWEVKQPUWPVKN[QWTGCUMGFYJGTGVQKPUVCNN9KPFQYU
9JGP[QWTGCUMGFYJGTGVQKPUVCNN9KPFQYUUGNGEV&KUM2CTVKVKQP$116%#/2
016+%'&QPQVETGCVGQTFGNGVGCRCTVKVKQPQTUGNGEVCP[QVJGTRCTVKVKQP&QKPIUQ
OC[FGNGVGVJGGPVKTGEQPVGPVUQH[QWT/CE15:RCTVKVKQP
%NKEM&TKXGQRVKQPU
CFXCPEGF
%NKEM(QTOCVCPFVJGPENKEM1-
%NKEM0GZV
6JG9KPFQYURCTVKVKQPKUHQTOCVVGFWUKPIVJG06(5NGU[UVGO
(QNNQYVJGQPUETGGPKPUVTWEVKQPUVQPKUJKPUVCNNKPICPFEQPIWTKPI9KPFQYU
#HVGT[QWKPUVCNNVJG9KPFQYUUQHVYCTG[QWTEQORWVGTCWVQOCVKECNN[TGUVCTVUWUKPI
9KPFQYU7UGVJG9KPFQYUUGVWRUETGGPUVQEQPIWTG9KPFQYU
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/CMGUWTG[QWTGNQIIGFKPVQ/CE15:CUCPCFOKPKUVTCVQT
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8GTKH[VJCV[QWTGWUKPICPQTKIKPCNHWNNXGTUKQPQH9KPFQYU*QOG2TGOKWO
2TQHGUUKQPCNQT7NVKOCVG
4GUVCTV[QWTEQORWVGTCPFJQNFFQYPVJG1RVKQPMG[WPVKNQPGQTOQTGFKUMKEQPU
CRRGCTUQP[QWTUETGGP+PUGTVVJG9KPFQYUKPUVCNNCVKQPFKUE5GNGEVVJG9KPFQYU
KPUVCNNCVKQPFKUEKEQPCPFVJGPENKEMVJGCTTQYDGPGCVJKV3WKEMN[RTGUUCP[MG[QP
[QWTMG[DQCTFVQUVCTVVJGKPUVCNNGT(QNNQYVJGQPUETGGPKPUVTWEVKQPUVQTGRCKTQT
TGKPUVCNN9KPFQYU
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$GUWTG[QWCTGWUKPIVJGQTKIKPCNMG[DQCTFCPFOQWUGVJCVECOGYKVJ[QWTEQORWVGT
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KUEQPPGEVGFFKTGEVN[VQ[QWTEQORWVGT%QPPGEVVJGOQWUGVQVJG75$RQTVQP[QWT
MG[DQCTF
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'LGEVVJGFKUED[JQNFKPIFQYPVJG'LGEVMG[QP[QWTMG[DQCTFYJKNGTGUVCTVKPI
VJGEQORWVGT
5VGR+PUVCNNVJG9KPFQYU5WRRQTV5QHVYCTG
#HVGTKPUVCNNKPI9KPFQYUKPUVCNN/CEURGEKEFTKXGTUCPFQVJGTUWRRQTVUQHVYCTGHQT
9KPFQYUYKVJVJGUQHVYCTG[QWUCXGFYKVJ$QQV%COR#UUKUVCPV
6JGUWRRQTVUQHVYCTGKPUVCNNU$QQV%CORFTKXGTUVQUWRRQTV[QWT/CEUJCTFYCTG
KPENWFKPI#KT2QTVDWKNVKPK5KIJVECOGTCVJG#RRNG4GOQVGVJGVTCEMRCFQPCRQTVCDNG
/CECPFVJGHWPEVKQPMG[UQPCP#RRNGMG[DQCTF6JGUQHVYCTGCNUQKPUVCNNUVJG$QQV
%COREQPVTQNRCPGNHQT9KPFQYUCPFVJG#RRNG$QQV%CORU[UVGOVTC[KVGO
6QKPUVCNNVJG9KPFQYUUWRRQTVUQHVYCTG
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%COR#UUKUVCPVCPFFQYPNQCFVJGUQHVYCTGCICKP
;QWECPSWKVVJGCUUKUVCPVCHVGT[QWUCXGFVJGUQHVYCTGYKVJQWVETGCVKPICPGYRCTVKVKQP
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9KPFQYU'ZRNQTGTCPFFQWDNGENKEMVJGUGVWRGZGNGKPVJG$QQV%CORFKTGEVQT[
(QNNQYVJGQPUETGGPKPUVTWEVKQPU
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.QIQVGUVKPIENKEM%QPVKPWG#P[YC[
;QWFQPVPGGFVQTGURQPFVQKPUVCNNGTFKCNQIUVJCVCRRGCTQPN[DTKG[FWTKPIVJG
KPUVCNNCVKQP
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TGURQPFVQ%JGEMVJGVCUMDCTCPFNQQMDGJKPFQRGPYKPFQYU
#HVGT[QWTEQORWVGTTGUVCTVUHQNNQYVJGKPUVTWEVKQPUHQTCP[QVJGTKPUVCNNGTUVJCV
CRRGCT
%JGEMHQTWRFCVGF9KPFQYUUWRRQTVUQHVYCTGD[WUKPI#RRNG5QHVYCTG7RFCVGQT
IQKPIVQYYYCRRNGEQOUWRRQTVDQQVECOR
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UWRRQTVUQHVYCTGYCUPVUWEEGUUHWNN[KPUVCNNGFVT[TGRCKTKPIKV
6QTGRCKTVJG9KPFQYUUWRRQTVUQHVYCTG
5VCTVWR[QWTEQORWVGTKP9KPFQYU5GG5VCTVKPI7R7UKPI/CE15:QT9KPFQYUQP
RCIG
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9KPFQYU'ZRNQTGTCPFFQWDNGENKEMVJGUGVWRGZGNGKPVJG$QQV%CORFKTGEVQT[
%NKEM4GRCKTCPFHQNNQYVJGQPUETGGPKPUVTWEVKQPU
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.QIQVGUVKPIENKEM%QPVKPWG#P[YC[
6QTGKPUVCNNCURGEKEFTKXGT
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KHVJGDWKNVKPK5KIJVECOGTCKUPVYQTMKPI[QWECPTGKPUVCNNLWUVVJGK5KIJVFTKXGT
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9KPFQYUUWRRQTVUQHVYCTG
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3WKV#WVQ4WPKHKVQRGPU
7UKPI9KPFQYU'ZRNQTGTNQECVGVJGFTKXGTVJCV[QWYCPVVQTGKPUVCNN
1RGPVJGFTKXGTVQUVCTVVJGKPUVCNNCVKQP
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(QTOQTGVTQWDNGUJQQVKPIKPHQTOCVKQPIQVQYYYCRRNGEQOUWRRQTVDQQVECOR
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;QWOC[JCXGHQTOCVVGF[QWT$QQV%CORRCTVKVKQPKPEQTTGEVN[UQKVECPPQVUVCTVWR
[QWTEQORWVGT5VCTVWR[QWTEQORWVGTYKVJ/CE15:CPFQRGP$QQV%COR#UUKUVCPV
4GOQXGVJG$QQV%CORRCTVKVKQPCPFVJGPTGETGCVGKV+PUVCNN9KPFQYUCICKPDGKPI
UWTGVQHQTOCVVJGRCTVKVKQP
+HVJGUETGGPKUDNCPMQTFKUVQTVGF
5QOGITCRJKEUECTFUOC[PQVYQTMYKVJDQVJ/CE15:CPF9KPFQYUQPC/CE
EQORWVGT+H[QWTGJCXKPIVTQWDNGYKVJ[QWTUETGGPFKURNC[YJGPWUKPI9KPFQYUVT[
VJGHQNNQYKPI
7UGVJGITCRJKEUECTFVJCVECOGYKVJ[QWT/CE
/CMGUWTG[QWXGKPUVCNNGFVJG$QQV%CORFTKXGTU5GG5VGR+PUVCNNVJG9KPFQYU
5WRRQTV5QHVYCTGQPRCIG
#FLWUVVJGUETGGPTGUQNWVKQPUGVVKPIKPVJG&KURNC[EQPVTQNRCPGN
)QVQJVVRYYYCRRNGEQOUWRRQTVDQQVECORCPFEJGEMHQTEQORCVKDKNKV[
KPHQTOCVKQPCPFWRFCVGFUQHVYCTGHQT[QWTEQORWVGT
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;QWECPTGPCOGVJG9KPFQYURCTVKVKQPQPN[KP9KPFQYU5VCTVWRKP9KPFQYUCPF
TKIJVENKEMVJG%FTKXGKP9KPFQYU'ZRNQTGT6JGPV[RGCPCOG
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4#+&EQPIWTCVKQPUWUKPI$QQV%CORCTGPQVUWRRQTVGF(QTOQTGKPHQTOCVKQPIQVQ
YYYCRRNGEQOUWRRQTVDQQVECORCPFUGCTEJHQT4#+&
5VCTVKPI7R7UKPI/CE15:QT9KPFQYU
#HVGT[QWXGKPUVCNNGF9KPFQYUCPFVJGUWRRQTVUQHVYCTG$QQV%COROCMGUKVGCU[VQ
UVCTVWR[QWTEQORWVGTWUKPIGKVJGT/CE15:QT9KPFQYU6QUGVVJGQRGTCVKPIU[UVGO
HQT[QWTEQORWVGTEJQQUGCFKUMYKVJVJCVQRGTCVKPIU[UVGOKPUVCNNGFCU[QWTUVCTVWR
FKUMCPFVJGPTGUVCTV[QWTEQORWVGT
5GVVKPIVJG&GHCWNV1RGTCVKPI5[UVGO
6QUGVVJGFGHCWNVQRGTCVKPIU[UVGOKP/CE15:WUGVJG5VCTVWR&KUMRCPGQH5[UVGO
2TGHGTGPEGUKP/CE15:6QUGVKVKP9KPFQYUWUGVJG$QQV%COREQPVTQNRCPGN
6QUGVVJGFGHCWNVQRGTCVKPIU[UVGOKP/CE15:
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5GNGEVVJGUVCTVWRFKUMYKVJVJGQRGTCVKPIU[UVGO[QWYCPVVQWUGD[FGHCWNV
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6QUGVVJGFGHCWNVQRGTCVKPIU[UVGOKP9KPFQYU
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%QPVTQN2CPGN
5GNGEVVJGUVCTVWRFKUMYKVJVJGQRGTCVKPIU[UVGO[QWYCPVVQWUGD[FGHCWNV
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/CE15:
6JKUCNUQUGVUVJGFGHCWNVQRGTCVKPIU[UVGOVQ/CE15:
5GNGEVKPICP1RGTCVKPI5[UVGO&WTKPI5VCTVWR
;QWECPUGNGEVYJKEJQRGTCVKPIU[UVGOVQWUGFWTKPIUVCTVWRD[JQNFKPIFQYPVJG
1RVKQPMG[6JKUFKURNC[UKEQPUHQTCNNCXCKNCDNGUVCTVWRFKUMUCPFNGVU[QWQXGTTKFG
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$QQV%COREQPVTQNRCPGN
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6QUGNGEVCPQRGTCVKPIU[UVGOFWTKPIUVCTVWR
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5GNGEVVJGUVCTVWRFKUMYKVJVJGQRGTCVKPIU[UVGO[QWYCPVVQWUGCPFVJGPENKEMVJG
CTTQYDGPGCVJVJGKEQP
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JGTGKPOC[DGVTCFGOCTMUQHVJGKTTGURGEVKXGEQORCPKGU