1DKDDLQD
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9,,/:-0:5<2;
:PFGSXGSR, 3CIUGMGPKPI, 0IGPFCPVOOGS,
;SQLGEU ACCSFGSGP QR QRRGSWNCMUG && QMUQDGS &$%+ %+#%$#$*
3G SCCF WCP FG IGOGGPUG 0TUGP-
IG[KGP JGU WQQSTUGN WCP JGU EQNNGIG WCP DVSIGOGGTUGS GP XGUJQVFGST WCP %$ TGRUGODGS
&$%+ OGU [CCMPVOOGS &$%+$('%$&-
IGJQQSF JGU CFWKGT WCP FG EQOOKTTKG 0NIGOGPG [CMGP GP 2QPUSQN WCP %$ QMUQDGS &$%+-
DGTNVKU,
GGP MSGFKGU DGTEJKMDCCS TUGNNGP WCP \ +$#$$$!. WQQS FG VKUWQGSKPI WCP JGU RSQLGEU ACCSFGSGP QR QRRGSWNCMUG GP JGU MSGFKGU UG FGMMGP VKU FG <GTGSWG 4GPOCNKIG 1GTUGFKPIGP#
0NFVT WCTUIGTUGNF KP FG QRGPDCSG WGSICFGSKPI WCP FG SCCF WCP FG IGOGGPUG 0TUGP WCP
&& QMUQDGS &$%+#
3G SCCF WQQSPQGOF!
ISKHHKGS!
OS#H8#1#A# WCP 4SR"=QPPGOCPT
WQQS[KUUGS!
OS# 6#5# @QT
1DKDDLQD
9,,/:=889:;05
-23 ?,,47<6609+ '%&*%)(&%'
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:PFGSXGSR, 1KLNCIG P , @GSICFGSKPI
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PVOOGS,
R#J#
;SQLGEU ACCSFGSGP QR QRRGSWNCMUG && QMUQDGS
&$%+ !#"! " " 68
FG SCCF
WCP FG IGOGGPUG 0TUGP
:@KDLS@QQGLE
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
@QQS FG VKUWQGSKPI WCP FKU RSQLGEU KT GGP MSGFKGU WCP \ +$#$$$!. DGPQFKIF# 3G FGMMKPI WCP FKU MSGFKGU MCP RNCCUTWKPFGP VKU FG <GTGSWG 4GPOCNKIG 1GTUGFKPIGP <41 #
-DPJGPNRLQDL
%# 4GP MSGFKGU DGTEJKMDCCS TUGNNGP WCP \ +$#$$$!. WQQS FG VKUWQGSKPI WCP JGU RSQLGEU ACCSFGSGP QR QRRGSWNCMUG GP JGU MSGFKGU UG FGMMGP VKU FG <GTGSWG 4GPOCNKIG 1GTUGFKPIGP#
2LJDGCGLE
:R * TGRUGODGS &$%) JGGHU FG ACCSFGSKPITMCOGS DGTNQUGP FCU JGU UCYGSGP WCP XQPKPIGP QR IGDSVKMTQRRGSWNCMUG 5: WGSRNKEJU XQSFU# 3G 5: KT PGU CNT JGU DQVXLCCS GGP 105 IGIGWGP GP XQSFU FQQS FG IGOGGPUG DGJGGSF# @QQS FG A:B QDLGEUGP XQSFU IGDSVKM IGOCCMU WCP FG 105 IGIGWGPT# 3G A:B UCYCUKG XQSFU Q#C# IGDCTGGSF QR 105 IGIGWGPT GP FG[G XCCSFGSKPI XQSFU FQQS 1GNCTUKPITCOGPXGSMKPI :QTU"1SCDCPU 1=:1 VKUIGWQGSF#
>QU QR JGFGP XQSFGP CNNG QDLGEUGP WQQS FG A:B UCYCUKGT IGSGIKTUSGGSF QR KPJQVF#
9#C#W# JGU DGTNVKU WCP FG ACCSFGSKPITMCOGS OQGUGP CNNG 105 QDLGEUGP GP A:B QDLGEUGP QOIG[GU XQSFGP PCCS IGNKLMG IGDSVKMGSTQRRGSWNCMUG#
3KU WGSGKTU GGP VKUIGDSGKFG CPCNZTG WCP FG 105 QDLGEUGP GP FG A:B QDLGEUGP GP KT UGWGPT GGP WGSDGUGSTNCI WQQS FG QDLGEUSGIKTUSCUKGT KP FG DCTKTSGIKTUSCUKGT 105 GP A:B#
@CPCH % LCPVCSK &$&& KT JGU WGSRNKEJU FCU FG XQPKPIGP QR DCTKT WCP QRRGSWNCMUG IGXCCSFGGSF XQSFGP KP FG A:B! XCU FG DCTKT KT WQQS FG :PSQGSGPFG [CCMDGNCTUKPI# :O FG[G QO[GUUKPI WQQS FG 1=:1 SGCNKTGGSDCCS UG JQVFGP OQGUGP FG DGTUCPFGP QR % LCPVCSK &$&% QOIG[GU [KLP#
GJJJJJ
V 8 & * 8 : ( & & &
<GFGP WQQS FG QO[GUUKPI PCCS IGDSVKMGSTQRRGSWNCMUG KT FCU FG[G KPHQSOCUKG DGUGS CCPTNVKU DKL FG OCSMU# 7P WGSMQQRCFWGSUGPUKGT XQSFU OGNFKPI IGOCCMU WCP FG IGDSVKMGSTQRRGSWNCMUG WCP XQPKPIGP# 3CCSPCCTU XQSFU FG IGDSVKMGSTQRRGSWNCMUG QQM IGDSVKMU KP FG DCTKTSGIKTUSCUKGT#
3G XCCSFGSKPITMCOGS WKPFU JGU WCP DGNCPI FCU FG QWGSICPI PCCS FG SGIKTUSCUKG WCP GP UCYCUKG QR DCTKT WCP IGDSVKMGSTQRRGSWNCMUG DGJGGSTU GP EQPUSQNGGSDCCS XQSFU VKUIGWQGSF# 3G
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
>@Q TGJJDL TD ADODGIDL
@QNFQGP CCP FG XGUUGNKLMG WGSRNKEJUKPI QO PC % LCPVCSK &$&& XQPKPIGP QR DCTKT WCP QRRGSWNCMUG UG XCCSFGSGP KP FG A:B#
>@Q E@@L TD C@@OSMMO CMDL
?KUWQGSKPI IGWGP CCP JGU RSQLGEU ACCSFGSGP QR QRRGSWNCMUG#
6MEDJGHID @JQDOL@QGDSDL 9KGU CCPXG[KI#
9GPGBM P
6GU PKGU UKLFKI QOIG[GU JGDDGP WCP FG 105" GP A:B QDLGEUGP XCCSFQQS PKGU WQNFCCP XQSFU CCP FG XGUUGNKLMG WGSRNKEJUKPI WCP FG ACCSFGSKPITMCOGS#
.MKKRLGB@QGD
2QOOVPKECUKG QWGS FKU RSQLGEU KT PKGU WCP UQGRCTTKPI#
>@Q K@E FDQ IMPQDL
\ +$#$$$! . # 4P FG[G MQTUGP UG FGMMGP VKU FG <GTGSWG 4GPOCNKIG 1GTUGFKPIGP#
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