DIPDPMBUF
DIPDPMBUF
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DIPDPMBUF
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ยช "$1 1VCMJTIJOH 1UZ -JNJUFE "#/ 5IJT QVCMJDBUJPO JT DPQZSJHIU /P QBSU PG JU NBZ CF SFQSPEVDFE PS USBOTNJUUFE JO BOZ GPSN XJUIPVU UIF XSJUUFO QFSNJTTJPO PG UIF QVCMJTIFST 'JSTU QVCMJTIFE JO 'SPOU DPWFS $IPDPMBUF TPVรทร QBHF #BDL DPWFS $IPDPMBUF CVOT QBHF
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DIPDPMBUF
DPOUF OU T EFTTFSUT JDF DSFBN DBLFT CJTDVJUT CSFBE QBTUSJFT UBSUT QFUJUT GPVST ESJOLT TBVDFT JOEFY HMPTTBSZ DPOWFSTJPO DIBSU
DPOUF OU T EFTTFSUT JDF DSFBN DBLFT CJTDVJUT CSFBE QBTUSJFT UBSUT QFUJUT GPVST ESJOLT TBVDFT JOEFY HMPTTBSZ DPOWFSTJPO DIBSU
D IPD PMBUF -JUUMF XPOEFS UIF 4QBOJTI USJFE UP LFFQ DIPDPMBUF UP UIFNTFMWFT "GUFS CSJOHJOH JU CBDL GSPN UIFJS /FX 8PSME DPMPOJFT JO UIF UI DFOUVSZ UIFZ TXFFUFOFE JU XJUI TVHBS BEEFE DJOOBNPO BOE WBOJMMB UP GVSUIFS FOIBODF JUT EJWJOF GMBWPVS UIFO QSPNQUMZ NPOPQPMJTFE UIJT EFMJDJPVT TVCTUBODF GPS UIF OFYU ZFBST -VDLJMZ UIFJS QMPZ EJEO U XPSL o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o VOMJLF UIF 4QBOJTI XF GFFM UIFTF SFDJQFT BSF UPP HPPE UP LFFQ UP PVSTFMWFT
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%&44&354
$IPDPMBUF FTQSFTTP BOE IB[FMOVU QBWMPWB 4PGU CVUUFS GPS HSFBTJOH FHH XIJUFT H › DVQT DBTUFS TVHBS › UFBTQPPOT XIJUF XJOF WJOFHBS › UFBTQPPOT WBOJMMB FYUSBDU UBCMFTQPPOT DPDPB TJGUFE NM QPVSJOH DSFBN UBCMFTQPPOT JDJOH TVHBS TJGUFE UBCMFTQPPOT GSFTIMZ CSFXFE FTQSFTTP DPGGFF DPPMFE H SPBTUFE QFFMFE IB[FMOVUT DPBSTFMZ DIPQQFE *DJOH TVHBS PQUJPOBM GPS EVTUJOH
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
%&44&354
$IPDPMBUF FTQSFTTP BOE IB[FMOVU QBWMPWB 4PGU CVUUFS GPS HSFBTJOH FHH XIJUFT H › DVQT DBTUFS TVHBS › UFBTQPPOT XIJUF XJOF WJOFHBS › UFBTQPPOT WBOJMMB FYUSBDU UBCMFTQPPOT DPDPB TJGUFE NM QPVSJOH DSFBN UBCMFTQPPOT JDJOH TVHBS TJGUFE UBCMFTQPPOT GSFTIMZ CSFXFE FTQSFTTP DPGGFF DPPMFE H SPBTUFE QFFMFE IB[FMOVUT DPBSTFMZ DIPQQFE *DJOH TVHBS PQUJPOBM GPS EVTUJOH
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
%&44&354
4UJDLZ DIPDPMBUF DBLFT XJUI DBSBNFM NVTDBU DSFBN H GSFTI EBUFT QJUUFE BOE DIPQQFE H DVQ QJUUFE QSVOFT DIPQQFE UFBTQPPO CJDBSCPOBUF PG TPEB H TPGU VOTBMUFE CVUUFS QMVT FYUSB GPS HSFBTJOH H £ DVQ GJSNMZ QBDLFE CSPXO TVHBS FHHT H DVQ TFMG SBJTJOH GMPVS H EBSL DPVWFSUVSF DIPDPMBUF DIPQQFE BOE SFGSJHFSBUFE GPS IPVS $BSBNFM NVTDBU DSFBN H DVQ DBTUFS TVHBS H TPGU VOTBMUFE CVUUFS DVQ QPVSJOH DSFBN H NBTDBSQPOF UBCMFTQPPOT MJRVFVS NVTDBU
$PNCJOF EBUFT QSVOFT BOE NM XBUFS JO B TNBMM TBVDFQBO BOE CSJOH KVTU UP UIF CPJM UIFO TUJS JO CJDBSCPOBUF PG TPEB 1SPDFTT EBUF NJYUVSF JO B GPPE QSPDFTTPS VOUJM TNPPUI 6TJOH BO FMFDUSJD NJYFS CFBU CVUUFS BOE TVHBS VOUJM MJHIU BOE GMVGGZ UIFO BEE FHHT POF BU B UJNF CFBUJOH XFMM BGUFS FBDI 4UJS JO XBSN EBUF NJYUVSF BOE GMPVS BOE NJY VOUJM XFMM DPNCJOFE "EE DIJMMFE DIPDPMBUF BOE TUJS VOUJM KVTU JODPSQPSBUFE %JWJEF NJYUVSF BNPOH HSFBTFE NM EBSJPMF NPVMET PS IPMFT PG NVGGJO UJOT BOE QMBDF PO BO PWFO USBZ #BLF BU $ GPS NJOVUFT PS VOUJM B DBLF UFTUFS XJUIESBXT XJUI NPJTU DSVNCT BUUBDIFE 4UBOE DBLFT GPS NJOVUFT UIFO UVSO PVU POUP B XJSF SBDL JOWFSU POUP B QMBUF BOE DPPM .FBOXIJMF GPS DBSBNFM NVTDBU DSFBN DPNCJOF TVHBS BOE DVQ CPJMJOH XBUFS JO B TNBMM TBVDFQBO BOE TUJS PWFS MPX IFBU VOUJM TVHBS EJTTPMWFT $PWFS BOE TJNNFS GPS NJOVUFT UIFO SFNPWF MJE BOE CPJM XJUIPVU TUJSSJOH VOUJM TZSVQ UVSOT B EBSL DBSBNFM DPMPVS 3FNPWF GSPN IFBU BOE JNNFEJBUFMZ TUJS JO CVUUFS BOE c DVQ DSFBN UBLJOH DBSF BT NJYUVSF XJMM TQJU VOUJM XFMM DPNCJOFE UIFO DPPM TMJHIUMZ 4QMJU DBLFT UIFO VTJOH B QBTUSZ CSVTI UIJDLMZ DPBU UPQT PG DBLFT XJUI DBSBNFM $PPM SFNBJOJOH DBSBNFM UP SPPN UFNQFSBUVSF $PNCJOF SFNBJOJOH DSFBN NBTDBSQPOF NVTDBU BOE DBSBNFM BOE XIJTL VOUJM NJYUVSF KVTU UIJDLFOT 1MBDF TNBMM TQPPOGVMT PG DBSBNFM NVTDBU DSFBN PWFS CPUUPN IBMWFT PG DBLFT BOE SFQMBDF UPQT 4FSWF XJUI SFNBJOJOH DBSBNFM NVTDBU DSFBN QBTTFE TFQBSBUFMZ .BLFT TNBMM DBLFT
%&44&354
4UJDLZ DIPDPMBUF DBLFT XJUI DBSBNFM NVTDBU DSFBN H GSFTI EBUFT QJUUFE BOE DIPQQFE H DVQ QJUUFE QSVOFT DIPQQFE UFBTQPPO CJDBSCPOBUF PG TPEB H TPGU VOTBMUFE CVUUFS QMVT FYUSB GPS HSFBTJOH H £ DVQ GJSNMZ QBDLFE CSPXO TVHBS FHHT H DVQ TFMG SBJTJOH GMPVS H EBSL DPVWFSUVSF DIPDPMBUF DIPQQFE BOE SFGSJHFSBUFE GPS IPVS $BSBNFM NVTDBU DSFBN H DVQ DBTUFS TVHBS H TPGU VOTBMUFE CVUUFS DVQ QPVSJOH DSFBN H NBTDBSQPOF UBCMFTQPPOT MJRVFVS NVTDBU
$PNCJOF EBUFT QSVOFT BOE NM XBUFS JO B TNBMM TBVDFQBO BOE CSJOH KVTU UP UIF CPJM UIFO TUJS JO CJDBSCPOBUF PG TPEB 1SPDFTT EBUF NJYUVSF JO B GPPE QSPDFTTPS VOUJM TNPPUI 6TJOH BO FMFDUSJD NJYFS CFBU CVUUFS BOE TVHBS VOUJM MJHIU BOE GMVGGZ UIFO BEE FHHT POF BU B UJNF CFBUJOH XFMM BGUFS FBDI 4UJS JO XBSN EBUF NJYUVSF BOE GMPVS BOE NJY VOUJM XFMM DPNCJOFE "EE DIJMMFE DIPDPMBUF BOE TUJS VOUJM KVTU JODPSQPSBUFE %JWJEF NJYUVSF BNPOH HSFBTFE NM EBSJPMF NPVMET PS IPMFT PG NVGGJO UJOT BOE QMBDF PO BO PWFO USBZ #BLF BU $ GPS NJOVUFT PS VOUJM B DBLF UFTUFS XJUIESBXT XJUI NPJTU DSVNCT BUUBDIFE 4UBOE DBLFT GPS NJOVUFT UIFO UVSO PVU POUP B XJSF SBDL JOWFSU POUP B QMBUF BOE DPPM .FBOXIJMF GPS DBSBNFM NVTDBU DSFBN DPNCJOF TVHBS BOE DVQ CPJMJOH XBUFS JO B TNBMM TBVDFQBO BOE TUJS PWFS MPX IFBU VOUJM TVHBS EJTTPMWFT $PWFS BOE TJNNFS GPS NJOVUFT UIFO SFNPWF MJE BOE CPJM XJUIPVU TUJSSJOH VOUJM TZSVQ UVSOT B EBSL DBSBNFM DPMPVS 3FNPWF GSPN IFBU BOE JNNFEJBUFMZ TUJS JO CVUUFS BOE c DVQ DSFBN UBLJOH DBSF BT NJYUVSF XJMM TQJU VOUJM XFMM DPNCJOFE UIFO DPPM TMJHIUMZ 4QMJU DBLFT UIFO VTJOH B QBTUSZ CSVTI UIJDLMZ DPBU UPQT PG DBLFT XJUI DBSBNFM $PPM SFNBJOJOH DBSBNFM UP SPPN UFNQFSBUVSF $PNCJOF SFNBJOJOH DSFBN NBTDBSQPOF NVTDBU BOE DBSBNFM BOE XIJTL VOUJM NJYUVSF KVTU UIJDLFOT 1MBDF TNBMM TQPPOGVMT PG DBSBNFM NVTDBU DSFBN PWFS CPUUPN IBMWFT PG DBLFT BOE SFQMBDF UPQT 4FSWF XJUI SFNBJOJOH DBSBNFM NVTDBU DSFBN QBTTFE TFQBSBUFMZ .BLFT TNBMM DBLFT
1&5*54 '0634
$IPDPMBUF BMNPOE GVEHF H VOTBMUFE CVUUFS DIPQQFE › DVQT NJML H › DVQ %VUDI QSPDFTT DPDPB LH DBTUFS TVHBS H £ DVQ DIPQQFE CMBODIFE BMNPOET UFBTQPPO WBOJMMB FYUSBDU
$PNCJOF CVUUFS NJML DPDPB BOE TVHBS JO B MBSHF IFBWZ CBTFE TBVDFQBO BOE TUJS PWFS NFEJVN IFBU VOUJM TVHBS EJTTPMWFT BOE NJYUVSF JT TNPPUI #SJOH NJYUVSF UP UIF CPJM BOE DPPL VODPWFSFE TUJSSJOH PDDBTJPOBMMZ VOUJM NJYUVSF SFBDIFT $ TPGU CBMM TUBHF PO B TVHBS UIFSNPNFUFS PS VOUJM B TNBMM QJFDF ESPQQFE JOUP DPME XBUFS GPSNT B TPGU CBMM 3FNPWF NJYUVSF GSPN IFBU BOE DPPM GPS NJOVUFT UIFO VTJOH B XPPEFO TQPPO CFBU GPS NJOVUFT PS VOUJM NJYUVSF JT UIJDL CVU TUJMM HMPTTZ 4UJS JO BMNPOET BOE WBOJMMB BOE NJY VOUJM XFMM DPNCJOFE 1PVS NJYUVSF JOUP B HSFBTFE TIBMMPX Y DN QBO TNPPUI UPQ BOE DPPM GPS IPVST PS VOUJM TFU 5P SFNPWF GVEHF GSPN QBO SVO B LOJGF BSPVOE FEHF PG QBO BOE JOWFSU POUP B DIPQQJOH CPBSE UIFO DVU GVEHF JOUP DN TRVBSFT 'VEHF XJMM LFFQ SFGSJHFSBUFE JO BO BJSUJHIU DPOUBJOFS GPS VQ UP XFFLT .BLFT BCPVU QJFDFT
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