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RVLQVHFWRV Iruhvwdohv Frphvwleohvxqd Ixhqwhghsurwhtqdv Txhvhvxhohsdvdu Srudowr

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/RVLQVHFWRV /WEJCURGTUQPCU[CNIWPQUTGURQPUCDNGUFG
NCIGUVKPHQTGUVCNGUVKOCPSWGNQUKPUGEVQU
TTQNNCFQU
RQTGLGORNQ,CRP .QUKPUGEVQU
RWGFGPEQPUVKVWKTWPCRCTVGTGIWNCTGUVCEKQPCN
IRUHVWDOHV UQPUQDTGVQFQRNCICU0QQDUVCPVGNQUKPUGE
VQU FGUGORGCP OWEJCU HWPEKQPGU DGPGHK
WQECUKQPCNFGNCFKGVCPQPGEGUCTKCOGPVG
RQTSWGPQUGVGPICPCNKOGPVQUETPKEQUSWG
FRPHVWLEOHVXQD EKQUCURQTGLGORNQHCEKNKVCPNCRQNKPK\CEKP EQOGTUKPQRQTSWGNQUKPUGEVQUUGEQPUKFGTCP
FKUGOKPCP NCU UGOKNNCU OGLQTCP NC VGZVWTC
IXHQWHGHSURWHtQDV
WPOCPLCTGZSWKUKVQ.QUKPUGEVQUOUEQOP
FGNUWGNQ[FGUEQORQPGPNCEWDKGTVCXGIGVCN OGPVGEQPUWOKFQUUQPNQUUCNVCOQPVGUNQU

TXHVHVXHOHSDVDU
OWGTVC2TQRQTEKQPCPRTQFWEVQUVCNGUEQOQ JWGXQUFGVGTOKVCUNCUNCTXCUFGGUECTCDCLQ
NCOKGNNCEGTCFGCDGLCU[NQUVKPVGU#NIWPQU [FGCDGLCNQUIWUCPQUFGUGFC[NCUQTW

SRUDOWR KPUGEVQU UG CRTQXGEJCP VCODKP EQP HKPGU


OGFKEKPCNGU
XCUG GN 4GEWCFTQ  #FGOU
ICU1VTQUKPUGEVQUWVKNK\CFQUEQOQCNKOGPVQ
JWOCPQEQORTGPFGPNQUGUEQTRKQPGUITKNNQU
OWEJQUKPUGEVQUFGUGORGCPWPCKORQTVCPVG NCPIQUVCUCXKURCUEKICTTCUJQTOKICUEQTVC
HWPEKP GP NC CNKOGPVCEKP FGN UGT JWOCPQ FQTCUFGJQLCUNKDNWNCU[RKECRKU
28CPVQOOG [ FG NQU CPKOCNGU FQOUVKEQU [C SWG UQP .QUKPUGEVQUUGEQPUWOGPRTKPEKRCNOGPVG
WPCGZEGNGPVGHWGPVGFGRTQVGPCUJKFTCVQU GPNQURCUGUVTQRKECNGUFQPFGNCUGURGEKGU
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5GIPUGFKEGOUFG COKPQEKFQUFGNCOC[QTCFGNQUCNKOGPVQU NCFKURQPKDKNKFCFFGKPUGEVQUGUEQPUVCPVGC
GURGEKGUFGKPUGEVQUUQP CDCUGFGKPUGEVQUTGUWNVCUGTOGLQTSWGNC NQNCTIQFGVQFQGNCQ'PNCUTGIKQPGUHTCU
EQPUWOKFCURQTGNUGTJWOCPQGP TGHGTGPEKCGUVPFCTTGEQOGPFCFCRQTNC(#1 [VGORNCFCUNCURQDNCEKQPGUFGKPUGEVQUUQP
VQFQGNOWPFQ[NCOC[QTRCTVGGU [NC1TICPK\CEKP/WPFKCNFGNC5CNWF
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.QUKPUGEVQUEQPVTKDW[GPUKIPKHKECVKXCOGPVG IGPGTCNOGPVGPQHQTOCDCRCTVGFGNCUGUVTCVG
CNCUGIWTKFCFCNKOGPVCTKC[CNQUOGFKQUFG IKCUFGUWRGTXKXGPEKCFGNQURTKOGTQURWGDNQU
XKFC FG NCU RGTUQPCU GP OWEJQU RCUGU GP SWGEQNQPK\CTQPNCUTGIKQPGUHTCU[VGORNCFCU
FGUCTTQNNQ RTKPEKRCNOGPVG GP HTKEC [ #UKC FG'WTQRCCUEQOQNCCEQUVWODTCFCCXGT
RGTQVCODKPUGEQPUWOGPGPEKGTVCU\QPCU UKPEWNVWTCNFGNGWTQRGQRQTNCGPVQOQHCIKC
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WPCJQTOKICFGVCNHQTOCSWGUWURQFGTQUCUOCPFDWNCUCEGTECP[EKGTTCPNQUDQTFGUFGNC
RKGN5GIWKFCOGPVGNCECDG\CUGUGEEKQPC[NCUOCPFDWNCURGTOCPGEGPTOGOGPVGLCFCU
CNCJGTKFCJCUVCSWGUVCUCPC
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GNWUQFGNCTXCUXKXCURTKPEKRCNOGPVGFG
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RTQFWEVQUHQTGUVCNGUPQOCFGTGTQU &KXKUKP UGECFQUCNCKTG
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GPITCPECPVKFCF[EQOQVCNGUGUVPCNCNECPEG
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NGURGTOKVGPEQPUGIWKTEQPUKFGTCDNGUICPCP
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EQPUWOQJWOCPQ[RQEQUGUCDGUQDTGNC
OCPGTCFGCRTQXGEJCTRNGPCOGPVGGNRQVGP
EKCN FG NQU KPUGEVQU EQOQ EWNVKXQ CNKOGPVC
TKQ'PVTGNCUGZEGREKQPGUECDGOGPEKQPCTC
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2QRWNCT .CQ [ UQDTG VQFQ 6CKNCPFKC FQPFG

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CNOGUOKGPVTCUSWGGNEWNVKXQCVKGORQRCTEKCN
RWGFGCRQTVCTGPVTG[75&OGPUWCNGU
1TWICUUGECFCURCTC
GZVTCWPCUECPVKFCFGUPQKPUKIPKHKECPVGUGP
XGPVCGPWPOGTECFQ WPCTGIKPGPNCSWGGNRTQFWEVQKPVGTPQDTWVQ
FG-KPUJCUC
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VTGCOGPWFQGPDQUSWGU.QUTGEQNGEVQTGU WPCGPEWGUVCUQDTGGNEQOGTEKQFGRTQFWEVQU UWRNGOGPVQRTQVGPKEQFGRKGPUQUCPKOCNGU

UQDTG VQFQ OWLGTGU [ PKQU  UCDGP FPFG HQTGUVCNGUPQOCFGTGTQUGPVTGGNHTKECEGP .CEQPVTKDWEKPFGNQUKPUGEVQUCNCECFGPC


[EWPFQGUEQIGTNQUKPFKXKFWQUSWGUGCNK VTCN['WTQRC
6CDWPC GXKFGPEKSWG CNKOGPVCTKCRQECUXGEGUUGKPENW[GGPNQURTQ
OGPVCPFGRNCPVCUSWGPQUQPPQEKXCU[PQ (TCPEKC[$NIKECKORQTVCPCPWCNOGPVGCNTG ITCOCUPCEKQPCNGUFGUGIWTKFCFCNKOGPVCTKC
JCPUKFQEQPVCOKPCFCURQTKPUGEVKEKFCU.QU FGFQTFG[VQPGNCFCUTGURGEVKXCOGPVG FG NQU RCUGU GP NQU EWCNGU NC GPVQOQHCIKC
KPUGEVQUUGTGEQIGPEQPHKPGUFGUWDUKUVGPEKC FG QTWICU +ODTCUKC UGECFCU RTQXGPKGPVGU GUVFKHWPFKFCRGUGCSWGGNCRQTVGFGNQU
RCTCUWXGPVCGPOGTECFQUNQECNGU[CXGEGU FGNC4GRDNKEC&GOQETVKECFGN%QPIQ
SWG KPUGEVQUCNQUUWRNGOGPVQUVQVCNGUFGRTQVGPC
RCTCUGTGZRQTVCFQU CNECP\CP WP RTGEKQ RTQOGFKQ FG  75& GUEQPQEKFQFGUFGJCEGVKGORQ
XCUGRQT
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SWGU[XKFCUKNXGUVTGUGEQPUWOGPITCPFGU 2QTCCFKFWTCQCECWUCFGUWKORQTVCP EKC FG NQU KPUGEVQU EQOGUVKDNGU VCODKP UG
ECPVKFCFGUFGKPUGEVQUGPGURGEKCNNCQTWIC EKCEQOQCNKOGPVQNQUKPUGEVQUEQOGUVKDNGU KIPQTCGPITCPOGFKFCGPNQUHQTQUFGFGDCVG
+ODTCUKC UR SWG UG CNKOGPVC FG NCU JQLCU RWGFGPVCODKPVGPGTTGRGTEWUKQPGUHCXQTC UQDTGQTFGPCEKPFGNCXKFCUKNXGUVTGQGPNCU
FGN UCRGNK
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 7PGUVWFKQFGNC(#1
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OCPKHKGUVQSWGGPNCEKWFCFFG$CPIWK
4GR GP NCU \QPCU FQPFG UG EQUGEJCP QTWICU DQUSWG 5K NC EQPVTKDWEKP FG NQU KPUGEVQU
DNKEC%GPVTQCHTKECPC NQUKPUGEVQUEQOGUVKDNGU RQTSWG NQU CNFGCPQU DWUECDCP RTQVGIGT NC EQOGUVKDNGU UG KPENW[GTC GP NQU RTQITCOCU
CRQTVCDCP JCUVC WP VGTEKQ FG NC KPIGUVC FG UQUVGPKDKNKFCF FG NCU RQDNCEKQPGU FG KPUGE PCEKQPCNGUFGUGIWTKFCFCNKOGPVCTKCUGC[WFC
RTQVGPCFWTCPVGNCGUVCEKPJOGFCEWCPFQ VQU .QU GPECTICFQU FG NC RNCPKHKECEKP FG TCCNCUCVKUHCEEKPFGNCETGEKGPVGFGOCPFC
NQUUWOKPKUVTQUFGECTPGFGCPKOCNGUUKNXGU NCUGIWTKFCFCNKOGPVCTKC[NQUTGURQPUCDNGU FGRTQVGPCURCTCGNJQODTG[GNICPCFQ[
VTGU[RGUECFQFKUOKPW[GP[SWGNCUQTWICU FGNCIGUVKPHQTGUVCNUCECTCPRTQXGEJQFG UGUCNXCIWCTFCTCGPRCTVKEWNCTNCUGIWTKFCF
+ODTCUKCUGXGPFCPGP$CPIWKCWPRTGEKQ WPCOC[QTVQOCFGEQPEKGPEKCFGNCOCPGTC CNKOGPVCTKC FG NCU RGTUQPCU SWG FGRGPFGP
SWGNNGICDCCNQU75&RQTMKNQITCOQNQ GP SWG GP NCU GEQPQOCU TWTCNGU GN XCNQT FGNDQUSWG
SWGNCUEQPXGTVCGPWPCFGNCURTKPEKRCNGU FG NQU KPUGEVQU EQOGUVKDNGU CHGEVC [ GU
HWGPVGUFGFKPGTQGHGEVKXQRCTCNCUOWLGTGU CHGEVCFQ C UW XG\ RQT NCU GUVTCVGIKCU FG
TWTCNGU.CUQTWICUOQRCPGFGNCOCTKRQUC QTFGPCEKPFGNQUTGEWTUQUPCVWTCNGUNQECNGU
GORGTCFQT+ODTCUKCDGNKPCUQPVCODKPWP KPENWKFCNCCRNKECEKPFGHWGIQGPNCUITCPLCU
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FG#UKCUWFQTKGPVCNVCNGUEQOQNC4GRDNKEC FGOCPQFGQDTCSWGPQTGSWKGTGPITCPFGU 7PCU[NXC
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FKGV PWVTKVKQPCN CURGEVU 'P /) 2CQNGVVK RWDNKECVKQP  $CPIMQM 6CKNCPFKC
GF'EQNQIKECNKORNKECVKQPUQHOKPKNKXGUVQEM 1EKPC 4GIKQPCN FG NC (#1 RCTC #UKC [ GN
TQNG QH TQFGPVU HTQIU UPCKNU CPF KPUGEVU 2CEEQ
HQT UWUVCKPCDNG FGXGNQROGPV RR  5QEKGFCF +PVGTPCEKQPCN FG $KQVGTCRKC 
'PGNF 0GY *CORUJKTG ''77 5EKGPEG +PUGEV UWTIGQPU 0GYUNGVVGT  ,GTWUCNP
2WDNKUJGTU +UTCGN &KURQPKDNG GP DKQVJGTCR[OFJWLK
(#1  %QPVTKDWVKQP FGU KPUGEVGU FG NC CEKNPGYUNGVVGTJVO
HQTV  NC UEWTKV CNKOGPVCKTG .GZGORNG -PGNN 4 UH /QRCPG YQQFNCPFU CPF VJG
FGU EJGPKNNGU F#HTKSWG EGPVTCNG &QEWOGPV OQRCPG YQTO GPJCPEKPI TWTCN NKXGNKJQQFU
FG6TCXCKNPQ4QOC CPF TGUQWTEG UWUVCKPCDKNKV[ 2TQLGEV 4
*CPFYGTM$/GFKECNOCIIQVUVTGCVCUVJG[ #[NGUHQTF 4GKPQ 7PKFQ (QTGUVT[ 4GUGCTEJ
GCV0CVKQPCN)GQITCRJKE0GYUFGQEVWDTG 2TQITCOOG&GRCTVCOGPVQFGN4GKPQ7PKFQ
&KURQPKDNG GP PGYUPCVKQPCNIGQITCRJKE RCTCGN&GUCTTQNNQ+PVGTPCEKQPCN4GKPQ7PKFQ
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VJGQTKIKPCNYJKVGOGCV 
CITQHQTGUVT[TGUQWTEG!6JG[CTGCRRTGEKCVGF 5EKGPEG0GYU
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UQOGDCODQQYQTOURNGCUG+4+00GYU #IGPEKC RCTC GN &GUCTTQNNQ +PVGTPCEKQPCN
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HQTGUVOCPCIGOGPVEWTTGPVUVCVWUCPFHWVWTG 4GKPQ 7PKFQ +PUVKVWVQ FG &GUCTTQNNQ FG
RQVGPVKCN 'P 2$ &WTUV &8 ,QJPUQP 7NVTCOCT &KURQPKDNG GP YYYQFKQTIWM
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TGEQNGEEKPEQUGEJCGNCDQTCEKPEQOGTEKCNK\C
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WULEXFLyQDORVPHGLRVGHYLGDUXUDOHV\HVWXGLD 2CTCUQNKEKVCTGLGORNCTGUUGTWGICFKTK
ORVQH[RVHQWUHLQVHFWRVIRUHVWDOHVFRPHVWLEOHV\ IKTUGC2CVTKEM&WTUV"HCQQTI
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