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;0)5$!nP!+7!)*$!Q0#05!K0-*)2!B4)!+7!@e^W3!)*%+,-*!0)2!%$-,5()0+/23!0/4+%9+%()$2!(!5$-(5!2)(/'(%'!?/+J/!(2!)*$!C('#$%2$!089(4)E!'+4)%0/$=!!./'$%!)*$!('#$%2$!089(4)!'+4)%0/$3!J*$/!(!%(40(55&!C/$,)%(5E!9+504&!+%!9%(4)04$!9%+',4$2!(!'029%+9+%)0+/()$5&!*(%87,5!089(4)!+/!2),'$/)2!+7!4+5+%3!)*$!6,%'$/!2*07)2!)+!)*$!24*++5!2&2)$8!)+!G,2)07&!0)2!9+504&!+%!9%(4)04$!,/'$%!(!%$5()0#$5&!*0-*!2)(/'(%'=!!;*$!('#$%2$!089(4)!'+4)%0/$!J(2!('+9)$'!6&!)*$!1,9%$8$!Q+,%)!0/!)*$!5(/'8(%?!4(2$!+7!P6)>>0$82$F-;#$D&:#6!0/!@e`@3!0/!(/!+90/0+/!J%0))$/!6&!)*$/!Q*0$7!f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

P7!#0-+%+,25&!$/7+%4$'3!)*$!('#$%2$!089(4)!2)(/'(%'!,/'$%!;0)5$!n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

!!! WA!

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

;*$%$!*(#$!6$$/!7$J!4+,%)!4(2$2!(995&0/-!;0)5$!nPL2!('#$%2$!089(4)!2)(/'(%'!)+!24*++5!'0240950/$!2&2)$82=!!]*05$!)*$!%$2,5)2!+7!)*$!4+,%)!4(2$2!(%$!80O$'3!)*02!(%$(!+7!5(J!*(2!)*$!9+)$/)0(5!)+!'$#$5+9!0/)+!(!20-/0704(/)!9%+)$4)0+/!(-(0/2)!6%,)(5!'0240950/$!2&2)$82!)*()!9%+',4$!*(%87,5!%(40(5!089(4)2=!!;0)5$!nP!50)0-()0+/!02!/+!9(/(4$(3!6,)!0)!02!(!5$-(5!)++5!)*()!0/!(99%+9%0()$!7(4),(5!20),()0+/2!8(&!6$!$O)%$8$5&!,2$7,5=!!!

;*$!H7704$!7+%!Q0#05!K0-*)2!SHQKT!+7!)*$!.=1=!Z$9(%)8$/)!+7!"',4()0+/!02!%$29+/2065$!7+%!$/7+%40/-!;0)5$!n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

H/$!6$/$7040(5!%$2,5)!+7!(995&0/-!;0)5$!nPL2!('#$%2$!089(4)!2)(/'(%'!02!)+!/,'-$!24*++5!2&2)$82!)+J(%'!8+%$!9+20)0#$!(99%+(4*$2!)+!)$(4*0/-!(/'!'0240950/$!)*()!9%+',4$!6$))$%!$',4()0+/(5!+,)4+8$2!+#$%(55=!!HQKL2!(4)0+/!+/!

!!! WR!

+/$!4+895(0/)!9%+#0'$2!(!-5088$%!+7!J*()!02!9+22065$=!!B4)0/-!+/!(!@ee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

;*$!B5(8$'(!4(2$!055,2)%()$2!)*$!9+)$/)0(5!+7!HQK!;0)5$!nP!$/7+%4$8$/)!)+!9%+',4$!+,)4+8$2!)*()!('#(/4$!%(40(5!G,2)04$!(/'!6$/$70)!2),'$/)2!(/'!24*++52=!!./7+%),/()$5&3!)*02!)&9$!+7!$/7+%4$8$/)!(99$(%2!)+!6$!(/!0//+#()0#$!$O4$9)0+/3!%()*$%!)*(/!4+88+/!9%(4)04$3!7+%!HQK=!!B/'3!$#$/!)*$!B5(8$'(!4(2$!055,2)%()$2!HQKL2!)080'0)&!(6+,)!$#$/!8$/)0+/0/-!)*$!('#$%2$!089(4)!'+4)%0/$!(/'!%$-,5()0+/2=!!

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nP!)+!9%+)$4)=!!H/$!9+22065$!('#+4(4&!2)%()$-&!J+,5'!6$!7+%!(4)0#02)2!)+!4++%'0/()$!)*$!7050/-!+7!(/!0/4%$(2$'!/,86$%!+7!2)%+/-!4+895(0/)2!J0)*!HQK3!4+,95$'!J0)*!9%$22,%$!+/!HQK!)+!089%+#$!0)2!$/7+%4$8$/)!9%(4)04$2=!!!!

1?P9;-$<P87A-5K-/76>?=7A-M<78-/O?B<9;-"??>A-

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!!! WW!

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