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PW 0MWXE PSW JMGLIVSW HI YR HMVIGXSVMS GSRGVIXS


PW P 0MWXE XEQFMqR PEW TVSTMIHEHIW ] EXVMFYXSW
PW PE 0MWXE JMGLIVSW MRGPYMHSW PSW SGYPXSW HI WMWXIQE
PW PE ` QSVI 0MWXE PSW JMGLIVSW HI YR HMVIGXSVMS HI JSVQE TEKMREHE

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TEWEV HI TjKMRE GSR PE FEVVE IWTEGMEHSVE PIWW EHIQjW TYIHI MV LEGME
PIWW JMGLIVS EXVjW GSR PE F 'SR PIWW EP JMREP HIP EVGLMZS RSW HMGI IRH SJ XLI JMPI TEVE
ZSPZIV E PE WLIPP TYPWEV U

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IGLS GEHIRE IGLS RSW QYIWXVE IR TERXEPPE IP XI\XS UYI PI WMKE


KVIT GEHIRE EVGLMZS 1YIWXVE PEW PuRIEW HIP EVGLMZS UYI GSRXMIRIR PE GEHIRE )N TEVE
UYI QYIWXVI PEW PuRIEW HIP EVGLMZS QIQS UYI GSRXMIRIR PE TEPEFVE S GSRNYRXS HI PIXVEW GVIHMX
KVIT GVIHMX QIQS
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WXEX JMGLIVS 1YIWXVE IP IWXEHS HI YR JMGLIVS
WXEX J JMGLIVS 1YIWXVE IP IWXEHS HIP WMWXIQE HI JMGLIVSW
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XEMP EVGLMZS 1YIWXVE PEW •PXMQEW PuRIEW HI YR EVGLMZS TSV HIJIGXS


XEMP R EVGLMZS 1YIWXVE PEW R •PXMQEW PuRIEW HIP JMGLIVS

LIEH JMGLIVS 1YIWXVE PEW TVMQIVEW PuRIEW HI YR JMGLIVS


LIEH R JMGLIVS 1YIWXVE PEW TVMQIVEW R PuRIEW HI YR JMGLIVS
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JG P 1YIWXVE IP PMWXEHS HI PSW •PXMQSW GSQERHSW INIGYXEHSW

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INIGX X GHVSQ 'MIVVE PE FERHINE HIP GHVSQ

GH RSQCHMVIGXSVMS 'EQFME HI HMVIGXSVMS


GH :YIPZIW EP ERXIVMSV
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GH LSQI TEGS QS^MPPE )RXVEW EP HI QS^MPPE MRHMGERHS PE VYXE GSQTPIXE
GH )RXVEW IR IP HMVIGXSVMS TIVWSREP

GT HT6 JMGLIVS VYXECJMGLIVS 6IEPM^E YRE GSTME HIP JMGLIVS E VYXECJMGLIVS GEQFMjRHSPI IP
RSQFVI 7M IP JMGLIVS HI HIWXMRS I\MWXMIVE PS WSFVIIWGVMFMVuE
GT HT6 JMGLIVS HMVIGXSVMS 'STME JMGLIVS E HMVIGXSVMS GSRWIVZERHS JMGLIVS IP RSQFVI
6 'STME YR HMVIGXSVMS VIGYVWMZEQIRXI WEPZS PSW JMGLIVSW IWTIGMEPIW
T 'STME TVIWIVZERHS TIVQMWSW TVSTMIXEVMS KVYTSW ] JIGLEW
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HIWXMRS I\MWXMIVE PS WSFVIIWGVMFMVuE 9WERHS PE STGMzR ²M RSW TVIKYRXEVuE ERXIW HI WSFVIIWGVMFMV
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WMWXIQE HI EVGLMZSW
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HMJIVIRGMEW
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XSYGL ? EQA? XA JMGLIVS 'EQFME PEW JIGLEW HI EGGIWS E ] S QSHMJMGEGMzR Q HI YR
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%%11((LLQQ WW 7M RS WI IWTIGMJMGER PSW WIKYRHSW XSQEVuE GSQS ZEPSV
XSYGL JMGLIVS 9WEHS WMR STGMSRIW GVIEVuE YR JMGLIVS GSR PE JIGLE EGXYEP
WTPMX F QS^EVX SKK QS^EVX 4EVXMV YR EVGLMZS

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GEX QS^EVX " QS^EVX SKK 9RMV PEW HMWXMRXEW TEVXIW HI YR JMGLIVS GSVXEHS GSR WTPMX
GLS[R ? 6A YWYEVMS JMGLIVS 'EQFME IP TVSTMIXEVMS HI YR JMGLIVS S HMVIGXSVMS
GLKVT ? 6A KVYTS JMGLIVS 'EQFME IP KVYTS HI YR JMGLIVS S HMVIGXSVMS
GLQSH \\\ JMGLIVS 'EQFME PSW TIVQMWSW HI EGGIWS HI YR JMGLIVS 'EHE \ IW YR R•QIVS )P Ÿ LEGI
VIJIVIRGME E PSW TIVQMWSW HIP YWYEVMS TVSTMIXEVMS HIP EVGLMZS IP Ÿ E PSW TIVQMWSW HIP KVYTS EP UYI
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PIGXYVE XMIRI YR ZEPSV HI IP HI IWGVMXYVE ] IP HI INIGYGMzR 'EHE \ WIVj IP VIWYPXEHS HI WYQEV PSW
ZEPSVIW HI PSW TIVQMWSW UYI WI ZER E SXSVKEV EP YWYEVMS EP KVYTS ] EP VIWXS 4SV IN WM UYIVIQSW UYI IP
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XMIRIR IP HI PIGXYVE
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WzPS IP TVSTMIXEVMS XMIRI HIVIGLSW HI PIGXYVE IWGVMXYVE ] INIGYGMzR IP KVYTS ] PSW
HIQjW WzPS HI PIGXYVE ] INIGYGMzR %TPMGEHS E YR HMVIGXSVMS XSHSW TYIHIR PIIV IP
HMVIGXSVMS TIVS WzPS IP TVSTMIXEVMS TYIHI GEQFMEV IP GSRXIRMHS
YQEWO RRR )WXEFPIGI UYq TIVQMWSW WIVjR HIWLEFMPMXEHSW TEVE PSW EVGLMZSW
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`
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`
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`
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` VIWXE 7MR IQFEVKS PSW HI YR JMGLIVS WSR V[ V V fWXS IW EWu TSVUYI WI GSRWMHIVE
` UYI PS RSVQEP TEVE YR JMGLIVS IW UYI RS WIE INIGYXEFPI HI QERIVE UYI PE VIWXE TEVE EZIVMKYEV PSW
` TIVQMWSW HI YR JMGLIVS WIVuE !
`
` 7M IWGVMFS IR YRE GSRWSPE YQEWO ] E GSRXMRYEGMzR QOHMV RYIZSHMVIGXSVMS qWXI XIRHVj XSHSW PSW
` TIQMWSW V[\ V[\ V[\ TIVS £] PSW JMGLIVSW UYI GVIIQSW HIRXVS HI HMGLS HMVIGXSVMS# TYIW qWXSW
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`
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`
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` FEWLCTVSJMPI HI XY LSQI

-QTVMQMIRHS
PTV JMGLIVS %yEHI YR HSGYQIRXS E PE GSPE HI MQTVIWMzR
PTV JMGLIVS 6IEPM^E GSTMEW HIP JMGLIVS
PTV 4PEWIV JMGLIVS JMGLIVS -QTVMQI PSW JMGLIVSW IR PE MQTVIWSVE PEWIV
PTU 1YIWXVE PSW HSGYQIRXSW IR GSPE
PTVQ 'ERGIPE PE MQTVIWMzR HIP HSGYQIRXS EGXMZS
PTVQ 'ERGIPE PE MQTVIWMzR HIP XVEFENS RŸ

)QTEUYIXEHS ] GSQTVIWMzR
'SQTVMQMV ^MT ^MT V JMGLIVS ^MT JMGLIVSCECGSQTVMQMV INIQTPS ^MT V WMREXVE ^MT
WMREXVE
(IWGSQTVMQMV ^MT YR^MT EVGLMZS ^MT
:IV GSRXIRMHS ^MT YR^MT Z EVGLMZS ^MT

(IWGSQTVMQMV VEV YRVEV I V EVGLMZS VEV I I\XVEI IR IP HMVIGXSVMS EGXYEP


(IWGSQTVMQMV VEV YRVEV \ V EVGLMZS VEV HMVIGXSVMS HI HIWXMRS \ I\XVEI HSRHI WI
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(IWGSQTVMQMV F^ F^MT H JMGLIVS F^ S FYR^MT JMGLIVS F^ WI FSVVEVj IP EVGLMZS
GSQTVMQMHS
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4EVE GSQTVMQMV ZEVMSW JMGLIVSW ] IQTEUYIXEVPSW IR YR WSPS EVGLMZS LE] UYI GSQFMREV IP XEV ] IP K^MT S IP
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ZE]E E GSRXMRYEGMzR HI PE J
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Z QYIWXVE IP TVSGIWS HI EVGLMZS HI PSW JMGLIVSW
\ I\XVEI PSW JMGLIVSW HI YR EVGLMZS
^ GSQTVMQI IP JMGLIVS XEV GSR K^MT
N GSQTVMQI IP JMGLIVS XEV GSR F^MT

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# 7YWXMXY]I YR WSPS GEVEGXIV )NIQTPSW


PW T#TI QSWXVEVuE XSHSW PSW JMGLIVSW GY]SW Ÿ Ÿ ] Ÿ GEVEGXIVIW JYIWIR T T ] I
PW #ITI QSWXVEVuE XSHSW PSW JMGLIVSW EGEFEHSW IR ITI

7YWXMXY]I GYEPUYMIV WYGIWMzR HI GEVEGXIVIW )NIQTPSW


PW FE QYIWXVE XSHSW PSW HMVIGXSVMSW S JMGLIVSW UYI GSQMIRGIR GSR
FE
PW QYIWXVE XSHSW PSW EVGLMZSW SGYPXSW
VQ V SXVE QERIVE HI HIWMRWXEPEV IP WMWXIQE STIVEXMZS
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4YIWXS IRXVI HSW GSQERHSW LEGI UYI XVEW IP TVMQIVS WI INIGYXI IP WIKYRHS )NIQTPSW

RERS RYIZS X\X GEX RYIZS X\X


RSW EFVMVj IP IHMXSV RERS TEVE UYI IWGVMFEQSW PS UYI UYIVEQSW IR YR RYIZS EVGLMZS UYI WI PPEQEVj
RYIZS X\X ] XVEW KYEVHEV ] WEPMV HIP IHMXSV GEX RSW QSWXVEVj IP GSRXIRMHS HI PS UYI EGEFEQSW HI
GVIEV

WPIIT Q \QQW GERGMzR QT XVEW QMRYXSW WI MRMGMEVj IP \QQW

%PMEW
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PPEQEVPS TSV WY QSXI )WGVMFMIRHS EPMEW WMR TEVjQIXSW RSW ETEVIGIR PE PMWXE HI EPMEW UYI XIRIQSW )NIQTPSW

7M INIGYXS
EPMEW VQ! QZ XEVKIX HMVIGXSV]! LSQI TEGS TETIPIVECVQ PI LI
TYIWXS IP QSXI VQ E QZ XEVKIX HMVIGXSV]! LSQI TEGS TETIPIVECVQ %Wu PE TVz\MQE ZI^
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RSXE IP QSXI ] IP GSQERHS EP UYI WYWXMXY]I FMIR TIKEHMXSW EP WMKRS MKYEP


RSXE IP GSQERHS IRXVI GSQMPPEW WMQTPIW

'SRGITXSW HI IRXVEHE WEPMHE - 3 ) 7


WXHMR IRXVEHE IWXERHEV TEVE HEXSW IP XIGPEHS
WXHSYX WEPMHE IWXERHEV TEVE PSW TVSKVEQEW PE TERXEPPE
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6IHMVIGGMSRIW YR VIHMVIGGMSREHSV VIHMVMKI PE WEPMHE HI YR GSQERHS E YR JMGLIVS

→ GSQERHS JMGLIVS
" `→ 7Y WMRXE\M\ WYIPI WIV → GSQERHS " JMGLIVS
"" → GSQERHS "" JMGLIVS
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7M IWI JMGLIVS ]E I\MWXuE LE WMHS WSFVIIWGVMXS WY GSRXIRMHS TIVS WM YWEQSW "" RS FSVVEVj REHE ] EyEHMVE
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IGLS JMR HI PE PMWXE HI TVSKVEQEW MRWXEPEHSW "" TVSKVEQEWCMRWXEPEHSW X\X IR ZI^ HI QSWXVEV
IR TERXEPPE IP XI\XS PS EyEHI EP JMREP HIP JMGLIVS TVSKVEQEWCMRWXEPEHSW X\X
4EVE HIWTMWXEV PSW HI 9RM\ WI LER MRZIRXEHS IP QMWQS GEVEGXIV TIVS EP VIZqW
GEX TVSKVEQEWCMRWXEPEHSW X\X
IR HSRHI TVSKVEQEWCMRWXEPEHSW LEGI RS HI WEPMHE WMRS HI IRXVEHE TEVE GEX IP GYEP PS QYIWXVE IR TERXEPPE
]E UYI PE WEPMHE REXYVEP HI GEX IW PE IWXERHEV WXHSYX S TERXEPPE
7M UYIVIQSW UYI PE WEPMHE HI IVVSV RS ETEVI^GE IR TERXEPPE WMRS UYI ZE]E E YR EVGLMZS HI XI\XS
GSQERHS " JMGLIVS X\X INIQTPS \QQW " IVVSVC\QQW X\X

8YFIVuEW 9RE XYFIVuE LEGI UYI PE WEPMHE HI YR TVSKVEQE WIE PE IRXVEHE HI SXVS 7Y WMRXE\MW WYIPI WIV
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TV P H GSQERHSW X\X ` PTV 9RE ZI^ JSVQEXIEHS IP HSGYQIRXS TV PS QERHE E PE GSPE HI MQTVIWMzR
PTV

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MQEKIR MWS
RVK MWS MQEKIR RVK MQEKIR MWS 'SRZMIVXI YRE MQEKIR RVK E MWS
FMR MWS MQEKIR GYI 'SRZMIVXI YRE MQEKIR FMR GYI E MWS
GGH MWS MQEKIR MQK MQEKIR MWS 'SRZMIVXI YRE MQEKIR MQK GGH WYF GYI E MWS
QHJ MWS MQEKIR QHJ MQEKIR MWS 'SRZMIVXI YRE MQEKIR QHJ QHW E MWS
QSYRX X MWS S PSST MQEKIR MWS T QSRXENI 1SRXE YRE MQEKIR
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QH WYQ EVGLMZS MWS " EVGLMZS MWS X\X +IRIVEV PE WYQE GSRXVSP 1( HI YR EVGLMZS
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7-78)1%
1ERYEPIW GSQERHSW
QER GSQERHS
QER LIPT `→ 1YIWXVE MRJSVQEGMzR WSFVI IP GSQERHS
MRJS GSQERHS
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ETVSTSW TEPEFVECGPEZI &YWGE HIRXVS HI PEW HIWGVMTGMSRIW HI QER PE TEPEFVE GPEZI
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,SVE JIGLE ] GEPIRHEVMS


GEP Q] 1YIWXVE IP GEPIRHEVMS
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GEVKE QIHME
X^GSRJMK X^WIPIGX 4VSKVEQEW MRXIVEGXMZSW UYI TIVQMXIR WIPIGMSREV PE ^SRE LSVEVME
KVIT 98' IXG HIJEYPX VG7 'SQTVSFEQSW WM IP VIPSN LEVH[EVI QERXMIRI PE LSVE PSGEP S
YRMZIVWEP 98'
HEXI 1YIWXVE PE JIGLE ] LSVE HIP WMWXIQE IR JSVQEXS PSGEP
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L[GPSGO WLS[ 1YIWXVE IP VIPSN LEVH[EVI XEQFMqR PPEQEHS VIPSN HI PE &-37 ] VIPSN
'137
L[GPSGO W]WXSLG 4SRI IP VIPSN LEVH[EVI E PE LSVE HIP WMWXIQE
RXTHEXI WIVZMHSV 284 %NYWXE HMVIGXEQIRXI PE LSVE HIP WMWXIQE WMRGVSRM^jRHSPE GSR PE HI
YR WIVZMHSV 284
RXTH (IQSRMS UYI ENYWXE IP VIPSN HI JSVQE KVEHYEP WMRGVSRM^jRHSPS GSR
WIVZMHSVIW 284
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YWIVW 1YIWXVE MRJSVQEGMzR HI PSW YWYEVMSW GSRIGXEHSW EP WMWXIQE
MH 1YIWXVE MRJSVQEGMzR HIP YWYEVMS EGXYEP KVYTSW E PSW UYI TIVXIRIGI YMH KMH
KVSYTW 1YIWXVE PSW KVYTSW E PSW UYI TIVXIRIGI YR YWYEVMS

EHHYWIV YWYEVMS 'VIE YR RYIZS YWYEVMS


EHHYWIV YWYEVMS KVYTS %yEHI YR YWYEVMS I\MWXIRXI E YR KVYTS ]E I\MWXIRXI
EHHYWIV RS GVIEXI LSQI YWYEVMS 'VIE YR YWYEVMS TIVS WMR HMVIGXSVMS TIVWSREP LSQI
EHHKVSYT KVYTS 'VIE YR RYIZS KVYTS
HIPYWIV YWYEVMS )PMQMRE YR YWYEVMS
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HIPYWIV VIQSZI LSQI YWYEVMS )PMQMRE YR YWYEVMS ] WY HMVIGXSVMS LSQI
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YWIVQSH P RYIZSCPSKMR 'EQFME IP RSQFVI HIP YWYEVMS 7IVuE FYIRS GSQFMREVPS GSR H
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XVERWJMVMIRHS IP GSRXIRMHS
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JSVQEXS %%%% 11 ((
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WGVMTX )NIGYXE YR WGVMTX HI WLIPP


NEZE NEV JMGLIVS NEV )NIGYXE YR TVSKVEQE NEZE

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(MWGS HYVS

HJ 1YIWXVE MRJSVQEGMzR WSFVI TEVXMGMSRIW QSRXEHEW


GJHMWO 1YIWXVE MRJSVQEGMzR WSFVI TEVXMGMSRIW ,IVVEQMIRXE TEVE TEVXMGMSREV IR
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QSYRX T HI QSRXENI 1SRXE YR HMWTSWMXMZS ]E IWXEFPIGMHS IR IP JWXEF
YQSYRX T HI QSRXENI (IWQSRXE YR HMWTSWMXMZS ]E IWXEFPIGMHS IR IP JWXEF
QSYRX X I\X HIZ LHE QMGEEWE 1SRXE IP HMWTSWMXMZS HIZ LHE GY]S WMWXIQE HI JMGLIVSW IW I\X
IR IP TYRXS HI QSRXENI QMGEEWE
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JWGO HIZ LHE\ 'LIUYIE ] VITEVE IP WMWXIQE HI EVGLMZSW HI YRE TEVXMGMzR 23
1328%(%
JWGO I\X ZTJ HIZ LH\ 'LIUYIE ] VITEVE IP WMWXIQE HI EVGLMZSW HI YRE TEVXMGMzR I\X 23
1328%(%
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1328%(%

QOJW I\X HIZ LHF 'VIE YR WMWXIQE HI JMGLIVSW 0MRY\ I\X IR PE TVMQIVE TEVXMGMzR HIP
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XYRI JW 3 BLEWCNSYVREP HIZ LHE 'SRZMIVXI LHE HI I\X E I\X


XYRI JW N HIZ LHE 'SRZMIVXI LHE HI I\X E I\X
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HTOK M TEUYIXI -RWXEPEGMzR HI TEUYIXIW HIF


HTOK V TEUYIXI (IWMRWXEPE YR TEUYIXI
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HTOK JSVGI V TEUYIXI *YIV^E PE HIWMRWXEPEGMzR HI YR TEUYIXI 1jW MRJSVQEGMzR
HTOK JSVGI LIPT
HTOK JSVGI EPP V TEUYIXI *YIV^E E•R QjW PE HIWMRWXEPEGMzR HI YR TEUYIXI 7Y YWS TYIHI HEyEV
IP WMWXIQE
HTOK G TEUYIXI 1YIWXVE IP GSRXIRMHS JMGLIVSW HI YR TEUYIXI
HTOK 0 TEUYIXI 1YIWXVE XSHSW PSW JMGLIVSW UYI WI MRWXEPEVSR GSR YR TEUYIXI
HTOK 7 JMGLIVS 1YIWXVE E UYq TEUYIXI TIVXIRIGI YR JMGLIVS
HTOK KIX WIPIGXMSRW 1YIWXVE XSHSW PSW TEUYIXIW MRWXEPEHSW IR IP WMWXIQE
HTOK VIGSRJMKYVI TEUYIXI 6IGSRJMKYVE TEUYIXIW MRWXEPEHSW )NIQTPS HTOK VIGSRJMKYVI
PSGEPIW

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IW ETX KIX ?STGMSRIWA EGGMzR

ETX KIX YTHEXI (IWGEVKE ] EREPM^E PE PMWXE HI RYIZSW TEUYIXIW HIWHI PSW VITSWMXSVMSW
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TEUYIXIW
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EGGMzR 7MQYPE WMR PPIZEV E GEFS PE EGGMzR 4SV INIQ ETX KIX W MRWXEPP TEUYIXI
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HIWMRWXEPEV REHE
ETX KIX MRWXEPP VIMRWXEPP TEUYIXI 6IMRWXEPE YR TEUYIXI
ETX KIX VIQSZI TEUYIXI (IWMRWXEPE YR TEUYIXI
ETX KIX VIQSZI TYVKI TEUYIXI (IWMRWXEPE YR TEUYIXI ] WYW EVGLMZSW HI GSRJMKYVEGMzR
ETX KIX GPIER )PMQMRE XSHSW PSW TEUYIXIW HIF HIWGEVKEHSW ] EPQEGIREHSW IR
ZEV GEGLI ETX EVGLMZIW
ETX KIX EYXSGPIER )PMQMRE PSW TEUYIXIW SFWSPIXSW HI ZEV GEGLI ETX EVGLMZIW
ETX GEGLI IW YRE YXMPMHEH UYI QERMTYPE PE GEGLq HI TEUYIXIW HI %48 IR FYWGE HI MRJSVQEGMzR
ETX GEGLI WIEVGL TEPEFVE &YWGE IR PSW TEUYIXIW ] IR PEW HIWGVMTGMSRIW PE TEPEFVE
ETX GEGLI WLS[ TEUYIXI 1YIWXVE PE HIWGVMTGMzR GSQTPIXE HIP TEUYIXI
ETX GEGLI WLS[TOK TEUYIXI 1YIWXVE WY VIPEGMzR GSR SXVSW TEUYIXIW
ETX GEGLI HITIRH TEUYIXI 1YIWXVE PEW HITIRHIRGMEW HIP TEUYIXI
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HI qP

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STGMSRIW ] EGGMSRIW HI ETX 0E WMRXE\MW IW ETXMXYHI ?STGMSRIWA EGGMzR
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IWXEQSW
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T 7MIQTVI TMHI GSRJMVQEGMzR HI PEW EGGMSRIW
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J 8VEXE HI EVVIKPEV TEUYIXIW VSXSW HI JSVQE EKVIWMZE
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( 1YIWXVE PEW HITIRHIRGMEW HI PSW TEUYIXIW GEQFMEHSW EYXSQjXMGEQIRXI
X VEQE )WXEFPIGI PE VEQE HI (IFMER HIWHI PE UYI WI MRWXEPER PSW TEUYIXIW

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