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͙Ǥ ‡ ƒ —•‡ ‘—” ‘™ ’‹ –—”‡ ƒ• ƒ †‡•–‘’ ™ƒŽŽ’ƒ’‡”Ǥ 
͚Ǥ ‡ ƒ Šƒ‰‡ –Š‡ ‘Ž‘” –Š‡‡Ǥ
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͖Ǥ Š‘™ ’’Ž‹ ƒ–‹‘•ǣ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ
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( $QVZHU WKH IROORZLQJ TXHVWLRQV
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͖Ǥ ƒ‡ –Š‡ ‘’‘‡–• ‘ˆ „—–—  †‡•–‘’Ǥ
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ
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ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ
͗Ǥ Šƒ– ‹• –Š‡ —•‡ ‘ˆ Šƒ‰‹‰ †‡•–‘’ „ƒ ‰”‘—†ǫ
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͘Ǥ Šƒ– ‹• –Š‡ ‡‡† ‘ˆ Ž‘ ‹‰ –Š‡ ‘’—–‡”ǫ
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ
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͙Ǥ Šƒ– ‹• –Š‡ „‡‡ˆ‹– ‘ˆ •‡––‹‰ —’ ™‘”•’ƒ ‡•ǫ
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ůŽĐŬƐ ĞƐĐƌŝƉƟŽŶ

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/ƚ ĂůůŽǁƐ LJŽƵ ƚŽ ĚŝƐƉůĂLJ ďŽƌĚĞƌ ĂƌŽƵŶĚ ƚŚĞ ŽďũĞĐƚ ĚĞƚĞĐƚĞĚ͘

/ƚĂůůŽǁƐƚŽƐĞƚƚŚĞĐŽŶĮĚĞŶĐĞůĞǀĞůŽĨƚŚĞƉƌŽŐƌĂŵŝŶ
ĚĞƚĞĐƟŶŐŽďũĞĐƚƐ͘
/ƚůŽĐĂƚĞƐŽďũĞĐƚƐĨƌŽŵĐĂŵĞƌĂŽƌƐƚĂŐĞ͘

/ƚĐŚĞĐŬƐǁŚĞƚŚĞƌƚŚĞŽďũĞĐƚŵĂƚĐŚĞƐǁŝƚŚƚŚŝƐďůŽĐŬ͛Ɛ
ůŝƐƚŽĨŽďũĞĐƚƐ͘

P
PM

/ƚƌĞƚƵƌŶƐƚŚĞŶĂŵĞŽĨƚŚĞĚĞƚĞĐƚĞĚŽďũĞĐƚ͘

/ƚƌĞƚƵƌŶƐƚŚĞyͲĂdžŝƐƉŽƐŝƟŽŶŽĨƚŚĞĚĞƚĞĐƚĞĚŽďũĞĐƚ͘

>Ğƚ͛ƐĐƌĞĂƚĞƚŚĞEĞǁƚŽŶΖƐ>ĂǁŽĨ'ƌĂǀŝƚLJ ƉƌŽŐƌĂŵƚŚĂƚLJŽƵŚĂǀĞĐƌĞĂƚĞĚŝŶ^ĐƌĂƚĐŚƵƐŝŶŐďůŽĐŬƐŽĨƚŚĞ
KďũĞĐƚĞƚĞĐƟŽŶ ĞdžƚĞŶƐŝŽŶŝŶůŽĐŬƐƵĚĚLJ͘
ϭ͘ KƉĞŶůŽĐŬƐƵĚĚLJ͘ĚĚƚǁŽƐƉƌŝƚĞƐŶĂŵĞĚdƌĞĞ ĂŶĚǀĞƌLJ ĨƌŽŵƚŚĞŚŽŽƐĞĂ^ƉƌŝƚĞ ї hƉůŽĂĚ^ƉƌŝƚĞ
ŽƉƟŽŶ͘ZĞŵŽǀĞƚŚĞĚĞĨĂƵůƚƐƉƌŝƚĞ͘
Ϯ͘ hƉůŽĂĚĂŶŝŵĂŐĞŽĨĂƌĞĂůĂƉƉůĞĂƐĂƐƉƌŝƚĞĨƌŽŵLJŽƵƌĐŽŵƉƵƚĞƌĂŶĚƐĞƚŝƚƐƐŝnjĞƚŽϱϬŝŶƚŚĞƐŝnjĞďŽdžŐŝǀĞŶ
ďĞůŽǁƚŚĞ^ƚĂŐĞ͘

+62.#0'6 5174%'%1&'2.75
ϯ
ϲ
ϯ͘ DŽǀĞ ƚŚĞ ƐƉƌŝƚĞƐ dƌĞĞ͕ ǀĞƌLJ ĂŶĚ
ƉƉůĞŽŶƚŚĞ^ƚĂŐĞĂŶĚƉůĂĐĞƚŚĞŵĂƐ
ƐŚŽǁŶ͘
ϰ͘ ůŝĐŬŽŶƚŚĞƉƉůĞ ƐƉƌŝƚĞ͘
ϱ͘ ĚĚ KďũĞĐƚ ĞƚĞĐƟŽŶ ĞdžƚĞŶƐŝŽŶ ďLJ
ĐůŝĐŬŝŶŐŽŶƚŚĞĚĚdžƚĞŶƐŝŽŶ ďƵƩŽŶ͘
ϲ͘ ƌĂŐƚŚĞǁŚĞŶĐůŝĐŬĞĚ ďůŽĐŬĨƌŽŵƚŚĞ
ǀĞŶƚƐ ĐĂƚĞŐŽƌLJ ĂŶĚ ĚƌŽƉ ŝƚ ŝŶ ƚŚĞ
^ĐƌŝƉƚƌĞĂ͘

ϱ ϰ

 ϴ ϳ͘ ůŝĐŬŽŶƚŚĞKďũĞĐƚĞƚĞĐƟŽŶ ĐĂƚĞŐŽƌLJ͘
ϴ͘ ƌĂŐ ƐĞƚ ǀŝĚĞŽ KE ĂŶĚ ƚƌĂŶƐƉĂƌĞŶĐLJ
ϵ ďůŽĐŬ ĂŶĚ ƐŶĂƉ ŝƚ ũƵƐƚ ďĞůŽǁ ǁŚĞŶ
ĐůŝĐŬĞĚ ďůŽĐŬ͘^ĞƚŝƚƐǀĂůƵĞK&&͘
ϭϬ ϵ͘ ƌĂŐƚŚĞƐĞƚŵŝŶŝŵƵŵĐŽŶĮĚĞŶĐĞƚŽ
ďůŽĐŬĂŶĚƐŶĂƉŝƚďĞůŽǁƚŚĞƐĞƚǀŝĚĞŽ
KEĂŶĚƚƌĂŶƐƉĂƌĞŶĐLJďůŽĐŬ͘dŚŝƐďůŽĐŬ
ϳ
ĂůůŽǁƐLJŽƵƚŽƐĞƚƚŚĞĐŽŶĮĚĞŶĐĞůĞǀĞů
ŽĨ ƚŚĞ ƉƌŽŐƌĂŵ ǁŚŝůĞ ĚĞƚĞĐƟŶŐ ƚŚĞ
ĂƉƉůĞ͘
ϭϬ͘ƌĂŐƚŚĞ^,KtůĂŶĚŵĂƌŬƐ ďůŽĐŬĂŶĚ
ƐŶĂƉ ŝƚ ďĞůŽǁ ƚŚĞ ƐĞƚ ŵŝŶŝŵƵŵ
ĐŽŶĮĚĞŶĐĞƚŽ ďůŽĐŬ͘
ϭϭ
ϭϯ ϭϭ͘ůŝĐŬ ŽŶ ƚŚĞ sĂƌŝĂďůĞƐ ĐĂƚĞŐŽƌLJ ĂŶĚ
ϭϮ
ĐƌĞĂƚĞƚǁŽǀĂƌŝĂďůĞƐŶĂŵĞĚĚĞůƚĂ ĂŶĚ
ϭϰ
ƐƉĞĞĚ͘
ϭϱ
ϭϮ͘ƌĂŐ ƐĞƚ ĚĞůƚĂ ƚŽ ďůŽĐŬ ĂŶĚ ƐŶĂƉ ŝƚ
ďĞůŽǁƚŚĞ^,KtůĂŶĚŵĂƌŬƐ ďůŽĐŬ͘
ϭϯ͘^Ğƚ ƚŚĞ ǀĂůƵĞ Ͳϭ ŝŶ ƚŚĞ ƐĞƚ ĚĞůƚĂ ƚŽ
ďůŽĐŬ͘
ϭϰ͘ƌĂŐƐĞƚĚĞůƚĂƚŽďůŽĐŬĂŐĂŝŶĂŶĚƐŶĂƉ
P
ŝƚďĞůŽǁƚŚĞĮƌƐƚƐĞƚĚĞůƚĂƚŽ ďůŽĐŬ͘
PM

ϭϱ͘ůŝĐŬŽŶƚŚĞĚŽǁŶͲĂƌƌŽǁŽĨƚŚĞƐĞƚĚĞůƚĂƚŽ ďůŽĐŬĂŶĚƐĞůĞĐƚƚŚĞƐƉĞĞĚ ǀĂƌŝĂďůĞŶĂŵĞ͘

ϭϲ͘^Ğƚ ƚŚĞ ǀĂůƵĞ ϭϬ ŝŶ ƚŚĞ ƐĞƚ ƐƉĞĞĚ ƚŽ
ďůŽĐŬ͘
ϭϳ͘ƌĂŐ ĨŽƌĞǀĞƌ ďůŽĐŬ ĨƌŽŵ ƚŚĞ ŽŶƚƌŽů
ĐĂƚĞŐŽƌLJĂŶĚƐŶĂƉŝƚũƵƐƚďĞůŽǁƚŚĞƐĞƚ
ϭϲ ƐƉĞĞĚƚŽ ďůŽĐŬ;ŶŽƚƐŚŽǁŶͿ͘
ϭϴ͘ůŝĐŬŽŶƚŚĞ KďũĞĐƚĞƚĞĐƟŽŶ ĐĂƚĞŐŽƌLJ
ϭϴ ĂŶĚĚƌĂŐůŽĐĂƚĞŽďũĞĐƚƐĨƌŽŵ ďůŽĐŬĂŶĚ
ϭϵ ĮƚŝƚŝŶƐŝĚĞƚŚĞĨŽƌĞǀĞƌ ďůŽĐŬ͘
ϭϵ͘^ĞůĞĐƚƚŚĞ^d' ŽƉƟŽŶĨƌŽŵƚŚĞĚƌŽƉͲ
ĚŽǁŶ ůŝƐƚ ŽĨ ƚŚĞ ůŽĐĂƚĞ ŽďũĞĐƚƐ ĨƌŽŵ
2/27$.+5*'45286.6&

ďůŽĐŬ͘
ϮϬ͘ƌĂŐƐĂLJ ďůŽĐŬĨƌŽŵƚŚĞ>ŽŽŬƐ ĐĂƚĞŐŽƌLJ
ĂŶĚ ƐŶĂƉ ŝƚ ďĞůŽǁ ƚŚĞ ůŽĐĂƚĞ ŽďũĞĐƚƐ
ĨƌŽŵ ďůŽĐŬ;ŶŽƚƐŚŽǁŶͿ͘
Ϯϭ͘ƌĂŐŐĞƚŶĂŵĞŽĨŽďũĞĐƚďůŽĐŬĨƌŽŵƚŚĞ
KďũĞĐƚĞƚĞĐƟŽŶ ĐĂƚĞŐŽƌLJĂŶĚƉůĂĐĞŝƚ
Ϯϭ ŝŶƐŝĚĞƚŚĞƐĂLJ ďůŽĐŬ͘


 ϮϮ
ϮϮ͘ůŝĐŬŽŶƚŚĞDŽƟŽŶ ĐĂƚĞŐŽƌLJ͘
Ϯϯ͘ƌĂŐĐŚĂŶŐĞLJďLJ ďůŽĐŬĂŶĚƐŶĂƉďĞůŽǁ
ƚŚĞƐĂLJ ďůŽĐŬ͘

Ϯϯ

Ϯϰ͘ůŝĐŬ ŽŶ ƚŚĞ KƉĞƌĂƚŽƌƐ ĐĂƚĞŐŽƌLJ ;ŶŽƚ

ƐŚŽǁŶͿ͘
Ϯϱ ƌĂŐ ŵƵůƟƉůLJ ŽƉĞƌĂƚŽƌ ĂŶĚ ƉůĂĐĞ ŝƚ
ŝŶƚŽĐŚĂŶŐĞLJďLJ ďůŽĐŬ;ŶŽƚƐŚŽǁŶͿ͘
Ϯϲ͘ůŝĐŬŽŶƚŚĞsĂƌŝĂďůĞƐ ĐĂƚĞŐŽƌLJ͘
Ϯϳ͘ƌĂŐĚĞůƚĂ ǀĂƌŝĂďůĞĂŶĚĚƌŽƉŝƚŝŶƚŚĞ
Ϯϲ ůĞŌǀĂůƵĞďŽdžŽĨƚŚĞŵƵůƟƉůLJ ŽƉĞƌĂƚŽƌ͘
Ϯϳ Ϯϴ Ϯϴ͘ƌĂŐƐƉĞĞĚ ǀĂƌŝĂďůĞĂŶĚĚƌŽƉŝƚŝŶƚŚĞ
ƌŝŐŚƚ ǀĂůƵĞ ďŽdž ŽĨ ƚŚĞ ŵƵůƟƉůLJ
P
ŽƉĞƌĂƚŽƌ͘
PM

Ϯϵ͘ůŝĐŬ ŽŶ ƚŚĞ ŽŶƚƌŽů ĐĂƚĞŐŽƌLJ ;ŶŽƚ

ƐŚŽǁŶͿ͘
ϯϬ͘ ƌĂŐ ŝĨ ƚŚĞŶ ĞůƐĞ ďůŽĐŬ ĂŶĚ ƐŶĂƉ ŝƚ
ďĞůŽǁ ƚŚĞ ĐŚĂŶŐĞ LJ ďLJ ďůŽĐŬ ;ŶŽƚ
ϯϭ ƐŚŽǁŶͿ͘
ϯϭ͘ůŝĐŬŽŶƚŚĞKƉĞƌĂƚŽƌƐ ĐĂƚĞŐŽƌLJ͘
ϯϮ͘ƌĂŐůĞƐƐƚŚĂŶ ŽƉĞƌĂƚŽƌĂŶĚĚƌŽƉŝƚŝŶ
ƚŚĞĐŽŶĚŝƟŽŶĂƌĞĂŽĨƚŚĞ ŝĨƚŚĞŶĞůƐĞ
ϯϮ
ďůŽĐŬ͘

ϯϯ ϯϯ͘ůŝĐŬŽŶƚŚĞDŽƟŽŶ ĐĂƚĞŐŽƌLJ͘ +62.#0'6 5174%'%1&'2.75

ϯϰ͘ƌĂŐLJƉŽƐŝƟŽŶ ǀĂƌŝĂďůĞďůŽĐŬĂŶĚĚƌŽƉ
ŝƚŝŶƚŚĞůĞŌǀĂůƵĞďŽdžŽĨƚŚĞůĞƐƐƚŚĂŶ
ŽƉĞƌĂƚŽƌ͘
ϯϱ͘dLJƉĞͲϭϯϬŝŶƚŚĞƌŝŐŚƚǀĂůƵĞďŽdžŽĨƚŚĞ
ůĞƐƐƚŚĂŶ ŽƉĞƌĂƚŽƌ͘

ϯϰ ϯϱ


 ϯϲ͘ůŝĐŬŽŶƚŚĞsĂƌŝĂďůĞƐ ĐĂƚĞŐŽƌLJ͘
ϯϳ͘ƌĂŐƚŚĞƐĞƚĚĞůƚĂƚŽďůŽĐŬĂŶĚƐŶĂƉŝƚ
ŝŶƐŝĚĞ ƚŚĞ ŝĨ ƉĂƌƚ ŽĨ ƚŚĞ ŝĨ ƚŚĞŶ ĞůƐĞ
ďůŽĐŬ͘
ϯϴ͘^ĞƚǀĂůƵĞϭŝŶƚŚĞƐĞƚĚĞůƚĂƚŽ ďůŽĐŬ͘
ϯϲ

ϯϳ ϯϴ

ϯϵ͘ůŝĐŬŽŶƚŚĞŽŶƚƌŽů ĐĂƚĞŐŽƌLJ͘
ϰϬ͘ƌĂŐŝĨƚŚĞŶ ďůŽĐŬĂŶĚƉůĂĐĞŝŶƐŝĚĞƚŚĞ
ϯϵ
ĞůƐĞ ƉĂƌƚŽĨƚŚĞŝĨƚŚĞŶĞůƐĞ ďůŽĐŬ͘

ϰϬ
P
ϰϭ͘ůŝĐŬŽŶƚŚĞKƉĞƌĂƚŽƌƐ ĐĂƚĞŐŽƌLJ͘
PM

ϰϮ͘ƌĂŐŐƌĞĂƚĞƌƚŚĂŶ ŽƉĞƌĂƚŽƌĂŶĚĚƌŽƉŝŶ
ƚŚĞĐŽŶĚŝƟŽŶĂƌĞĂŽĨƚŚĞŝĨƚŚĞŶďůŽĐŬ͘

ϰϭ

ϰϮ
ϰϯ
ϰϯ͘ůŝĐŬŽŶƚŚĞDŽƟŽŶ ĐĂƚĞŐŽƌLJ͘
2/27$.+5*'45286.6&

ϰϰ͘ƌĂŐLJƉŽƐŝƟŽŶ ǀĂƌŝĂďůĞďůŽĐŬĂŶĚĚƌŽƉ
ŝƚŝŶƚŚĞůĞŌǀĂůƵĞďŽdžŽĨƚŚĞŐƌĞĂƚĞƌ
ƚŚĂŶ ŽƉĞƌĂƚŽƌ͘
ϰϱ͘dLJƉĞ ϵϬ ŝŶ ƚŚĞ ƌŝŐŚƚ ǀĂůƵĞ ďŽdž ŽĨ ƚŚĞ
ŐƌĞĂƚĞƌƚŚĂŶ ŽƉĞƌĂƚŽƌ͘

ϰϰ ϰϱ


 ϰϲ͘ůŝĐŬŽŶƚŚĞsĂƌŝĂďůĞƐ ĐĂƚĞŐŽƌLJ͘
ϰϳ͘ƌĂŐ ƐĞƚ ĚĞůƚĂ ƚŽ ďůŽĐŬ ĂŶĚ ƐŶĂƉ ŝƚ
ŝŶƐŝĚĞƚŚĞŝĨƚŚĞŶ ďůŽĐŬ͘
ϰϴ͘dLJƉĞͲϭ ŝŶƚŚĞǀĂůƵĞďŽdžŽĨƚŚĞƐĞƚĚĞůƚĂ
ƚŽ ďůŽĐŬ͘
ϰϲ

ϰϳ ϰϴ

ϰϵ͘EŽǁ͕ĐůŝĐŬŽŶƚŚĞǀĞƌLJ ƐƉƌŝƚĞ͘
ϱϬ ϱϬ͘ůŝĐŬŽŶƚŚĞǀĞŶƚƐĐĂƚĞŐŽƌLJ͘
ϱϭ
ϱϭ͘ƌĂŐǁŚĞŶĐůŝĐŬĞĚ ďůŽĐŬ͘

P
ϰϵ
PM

ϱϮ͘ůŝĐŬŽŶƚŚĞŽŶƚƌŽů ĐĂƚĞŐŽƌLJ͘
ϱϯ͘ƌĂŐĨŽƌĞǀĞƌ ďůŽĐŬĂŶĚƐŶĂƉŝƚďĞůŽǁ
ƚŚĞǁŚĞŶĐůŝĐŬĞĚ ďůŽĐŬ͘
ϱϮ
ϱϯ

+62.#0'6 5174%'%1&'2.75
ϱϰ ϱϰ͘ůŝĐŬŽŶƚŚĞ>ŽŽŬƐ ĐĂƚĞŐŽƌLJ͘
ϱϱ͘ƌĂŐ ŶĞdžƚ ĐŽƐƚƵŵĞ ďůŽĐŬ ĂŶĚ Įƚ ŝƚ
ŝŶƐŝĚĞƚŚĞĨŽƌĞǀĞƌ ďůŽĐŬ͘
ϱϱ


 ϱϲ͘ůŝĐŬŽŶƚŚĞŽŶƚƌŽů ĐĂƚĞŐŽƌLJ͘
ϱϳ͘ƌĂŐƚŚĞǁĂŝƚ ďůŽĐŬĂŶĚƐŶĂƉŝƚďĞůŽǁ
ϱϲ ϱϳ ƚŚĞŶĞdžƚĐŽƐƚƵŵĞ ďůŽĐŬ͘
ϱϴ ϱϴ͘^ĞƚϭƐĞĐŽŶĚĂƐǁĂŝƚ ďůŽĐŬ͛ƐǀĂůƵĞ͘

ϱϵ ϱϵ͘ůŝĐŬŽŶƚŚĞ >ŽŽŬƐ ĐĂƚĞŐŽƌLJ͘

ϲϬ͘ƌĂŐ ƚŚĞ ƐĂLJ ďůŽĐŬ ĨƌŽŵ ƚŚĞ >ŽŽŬƐ
ĐĂƚĞŐŽƌLJ ĂŶĚ ƐŶĂƉ ŝƚ ďĞůŽǁ ƚŚĞ ǁĂŝƚ
ďůŽĐŬ͘
ϲϬ ϲϭ ϲϭ͘dLJƉĞ EĞǁƚŽŶ͛Ɛ >Ăǁ ŽĨ 'ƌĂǀŝƚLJ
ŵĞƐƐĂŐĞŝŶƚŚĞƐĂLJ ďůŽĐŬ͘

P
ϲϮ͘EŽǁ͕ĐůŝĐŬŽŶƚŚĞ'Ž ďƵƩŽŶ͘
ϲϮ dŚĞĂƉƉůĞƐƚĂƌƚƐŵŽǀŝŶŐĨƌŽŵƚŽƉƚŽĚŽǁŶ
PM

ĂŶĚǀŝĐĞǀĞƌƐĂ͕ĂŶĚǀĞƌLJ ƐĂLJƐEĞǁƚŽŶΖƐ
>ĂǁŽĨ'ƌĂǀŝƚLJ͘

'2,7<RXUVHOI
2/27$.+5*'45286.6&

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Ǥ ‹  ȏ9Ȑ –Š‡ ‘””‡ – ƒ•™‡”Ǥ 

͕Ǥ Ȁ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ƒ”† ‹• ƒ ‹” —‹–Ǧ„‘ƒ”† –Šƒ– ‹• ˆ‹––‡† ‹ ƒ •‘ ‡– ‘ –Š‡
‘–Š‡”„‘ƒ”†Ǥ
ƒǤ †‹• „Ǥ ƒ†ƒ’–‡” Ǥ 
͖Ǥ ƒ ˆ‹––‡† ‹•‹†‡ –Š‡ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‡‡’• –Š‡ ’‘™‡” •—’’Ž› ‘‘ŽǤ
ƒǤ Ǧ „Ǥ  Ǥ ‘”–•
͗Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• ƒ ˆ”‡‡ ‘’‡Ǧ•‘—” ‡ Ž‹—š †‹•–”‹„—–‹‘Ǥ
ƒǤ ‹†‘™• „Ǥ „—–— Ǥ ƒ  
͘Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ • ”‡‡ ’”‡˜‡–• ‘–Š‡”• ˆ”‘ ƒ ‡••‹‰ ‘—” ˆ‹Ž‡•Ǥ
ƒǤ ‘  „Ǥ ‡•–‘’ Ǥ ƒ”
͙Ǥ •‡”–‹‰ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ƒ‡• –Š‡ †‘ —‡– ‘”‡ ƒ––”ƒ –‹˜‡ ƒ† ’”‡•‡–ƒ„Ž‡Ǥ
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ƒǤ ™‘”†• „Ǥ •‡–‡ ‡• Ǥ ’‹ –—”‡•
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͚Ǥ Šƒ’‡• ‘ƒ† ‹• ƒ˜ƒ‹Žƒ„Ž‡ —†‡” ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ –ƒ„Ǥ

ƒǤ •‡”– „Ǥ ‡˜‹‡™ Ǥ ‘‡
͛Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• –Š‡ ’Žƒ ‡ ™Š‡”‡ ›‘— ”‡ƒ–‡ ’”‡•‡–ƒ–‹‘Ǥ
ƒǤ ‹„„‘ „Ǥ Ž‹†‡ ’ƒ‡ Ǥ ‘–‡• ’ƒ‡

Ǥ ”‹–‡ ̵̵ ˆ‘” ”—‡ ƒ† ̵ ̵ ˆ‘” ƒŽ•‡ •–ƒ–‡‡–•Ǥ

͕Ǥ  •–‘”‡• †ƒ–ƒ ƒ† ‹•–”— –‹‘• –‡’‘”ƒ”‹Ž›Ǥ

+62.#0'6 5174%'%1&'2.75
͖Ǥ ‘™‡” ’‘”– ‘‡ –• –Š‡ ‘’—–‡” •›•–‡ –‘ –Š‡ ’‘™‡” •—’’Ž›Ǥ
͗Ǥ ƒŽŽ’ƒ’‡” ‹• –Š‡ „ƒ ‰”‘—† ‹ƒ‰‡ ‘ –Š‡ †‡•–‘’Ǥ
͘Ǥ ‡ ƒ ƒ†Œ—•– –Š‡ ˜‘Ž—‡ ‘ˆ ƒ—†‹‘ ‹ –Š‡ ‘’—–‡”Ǥ
͙Ǥ ‡ˆ‘”‡ ™”ƒ’• –‡š– ‘ –Š‡ Ž‡ˆ– •‹†‡ ‘ˆ –Š‡ ‘„Œ‡ –Ǥ
͚Ǥ ŽŽ ˆ‘”ƒ––‹‰ ‘’–‹‘• ƒ”‡ ’”‡•‡– ‹ ‹Ž‡ –ƒ„Ǥ
͛Ǥ ”‹–‡ ’”‘˜‹†‡• ƒ› ‘’–‹‘• –‘ ™”ƒ’ –Š‡ –‡š– ƒ”‘—† ƒ ‹ƒ‰‡Ǥ
͜Ǥ  ‰”‘—’ ‘ˆ •Ž‹†‡• ‘ ƒ› ‘‡ –‘’‹  ‹• ƒŽŽ‡† ’”‡•‡–ƒ–‹‘Ǥ
͝Ǥ  ‹”‡•• ’”‡•‡–ƒ–‹‘ ‹• ƒ ‘„‹ƒ–‹‘ ‘ˆ ƒ› •Ž‹†‡•Ǥ

 ͕͔Ǥ Ž› ‘‡ •Ž‹†‡ ƒ „‡ ƒ††‡† ‹–‘ ƒ ‘™‡”‘‹– ’”‡•‡–ƒ–‹‘Ǥ
Ǥ ‹ŽŽ ‹ –Š‡ „Žƒ•Ǥ
͕Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• ƒ ’‘™‡” •—’’Ž› —‹– ‹ ƒ ‘’—–‡”Ǥ
͖Ǥ  ‹• ƒŽ•‘ ƒŽŽ‡† ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‘” ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
͗Ǥ Š‡ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• ƒ Ž‘‰ ˜‡”–‹ ƒŽ „ƒ” –Šƒ– ƒ’’‡ƒ”• ‘ –Š‡ Ž‡ˆ– •‹†‡ ‘ˆ –Š‡
• ”‡‡Ǥ
͘Ǥ ‘— ƒ Ž‘  ›‘—” ‘’—–‡” –‘ ‡•—”‡ ‹–• ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
͙Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ”‡˜‡”•‡• –Š‡ ƒ•‡ ‘ˆ Ž‡––‡”• ‘ˆ •‡Ž‡ –‡† –‡š–Ǥ
͚Ǥ › †‡ˆƒ—Ž–ǡ ™”‹–‡” ƒ••‹‰• –Š‡ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ƒŽ‹‰ ‘ƒ†Ǥ
͛Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ˜‹‡™ ‹• —•‡† –‘ ‰‹˜‡ –Š‡ ’”‡•‡–ƒ–‹‘ –‘ ƒ ‰”‘—’ ‘ˆ ’‡‘’Ž‡Ǥ
͜Ǥ Š‡ †‡ˆƒ—Ž– ‡š–‡•‹‘ ‘ˆ ‘™‡”‘‹– ͖͔͕͚ ˆ‹Ž‡ ‹• ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
Ǥ ‡ˆ‹‡ –Š‡ ˆ‘ŽŽ‘™‹‰Ǥ
͕Ǥ  ͖Ǥ  ͗Ǥ ƒŽŽ’ƒ’‡”
͘Ǥ ”ƒ’’‹‰ ͙Ǥ Š‡•ƒ—”—• ͚Ǥ Ž‹†‡ ’ƒ‡
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Ǥ ‹ˆˆ‡”‡–‹ƒ–‡ „‡–™‡‡ –Š‡ ˆ‘ŽŽ‘™‹‰Ǥ
͕Ǥ ƒ”† †‹• †”‹˜‡ ƒ† 
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͖Ǥ  ƒ† 

͗Ǥ ‘’›‹‰ –‡š– ƒ† ‘˜‹‰ –‡š–
͘Ǥ —ŽŽ‡–‡† Ž‹•– ƒ† —„‡”‡† Ž‹•–
͙Ǥ Ž‹†‡ ƒ† ”‡•‡–ƒ–‹‘
Ǥ •™‡” –Š‡ ˆ‘ŽŽ‘™‹‰ “—‡•–‹‘•Ǥ
͕Ǥ Šƒ– ‹• –Š‡ —•‡ ‘ˆ †‹• †”‹˜‡ǫ ‹˜‡ ‹–• ‡šƒ’Ž‡•Ǥ
͖Ǥ ”‹–‡ †‘™ –Š‡ ƒ‡• ‘ˆ •‘‡ ’‘”–•Ǥ
͗Ǥ ”‹–‡ •–‡’• –‘ —Ž‘  ›‘—” • ”‡‡
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͘Ǥ Šƒ– ƒ”‡ –Š‡ †‹ˆˆ‡”‡– –‡š– ƒŽ‹‰‡– ‘’–‹‘• ‹ ‘”†ǫ
͙Ǥ Šƒ– †‘ ›‘— ‡ƒ „› –‹–Ž‡ •Ž‹†‡ǫ
͚Ǥ Šƒ– †‘ ›‘—” ‡ƒ „› –‡š– ’Žƒ ‡Š‘Ž†‡”ǫ


 :RUNVKHHW,,
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Ǥ ‹  ȏ9Ȑ –Š‡ ‘””‡ – ƒ•™‡”Ǥ 

͕Ǥ Š‡ Š‹•–‘”› ‘ˆ –Š‡ –‡”‡– •–ƒ”–• ™‹–Š –Š‡ „‹”–Š ‘ˆ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
ƒǤ  „Ǥ –”ƒ‡– Ǥ ‡„•‹–‡
͖Ǥ Š‡ ‘’ƒ› –Šƒ– ’”‘˜‹†‡• –‡”‡– ‘‡ –‹‘ ‹• ƒŽŽ‡† ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
ƒǤ  „Ǥ  Ǥ  
͗Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• –Š‡ —‹“—‡ ƒ††”‡•• ‘ˆ ‡ƒ Š ™‡„ ’ƒ‰‡Ǥ
ƒǤ „Ǥ  Ǥ 
͘Ǥ Š‡ •–‡’Ǧ™‹•‡ ‹•–”— –‹‘• Š‡Ž’ ‹ ‘’Ž‡–‹‰ ƒ –ƒ• ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
 ƒǤ ‡ƒ•‹Ž› „Ǥ ‘’Ž‡š Ǥ Šƒ”†Ž›
͙Ǥ ƒ’’‹‰ –Š‡ „Ž‘ • –‘‰‡–Š‡” ‹–‘ •–ƒ • ‹• ƒŽŽ‡† ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
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ƒǤ ‘•–—‡ „Ǥ •–ƒ‰‡ Ǥ • ”‹’–
͚Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ •’”‹–‡ „—––‘ ‹• —•‡† –‘ ”‡ƒ–‡ ƒ ‡™ •’”‹–‡Ǥ
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ƒǤ ”ƒ™ ‡™ „Ǥ ƒ‹– ‡™ Ǥ ‡Ž‡ – ‡™

͛Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ „Ž‘  ”—• –Š‡ • ”‹’– ‘–‹—‘—•Ž› —–‹Ž –Š‡ –‘’ „—––‘ ‹•
’”‡••‡†Ǥ
ƒǤ ‘–‹‘ „Ǥ ‘‘• Ǥ ‘”‡˜‡”
͜Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• –Š‡ Š‡ƒ”– ‘ˆ ”–‹ˆ‹ ‹ƒŽ –‡ŽŽ‹‰‡ ‡Ǥ
ƒǤ ƒ–ƒ „Ǥ —–’—– Ǥ •–”— –‹‘

+62.#0'6 5174%'%1&'2.75
͝Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ƒ”‡ —•‡† ‹ •ƒ”– Š‘‡• –‘ †‡–‡ – ˆ‹”‡ ƒ† ‰ƒ• Ž‡ƒ ‹ ‹†‡–•Ǥ
ƒǤ ƒ”– Ž‹‰Š–‹‰• „Ǥ ‘‡ •‡•‘”• Ǥ ƒ”– Ž‘ •
͕͔Ǥƒ”– ˜‹”–—ƒŽ ƒ••‹•–ƒ– —•‡• ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ”‡ ‘‰‹–‹‘ –‡ Š‘Ž‘‰› –‘ ‹–‡”ƒ –
™‹–Š —•‡”•Ǥ
ƒǤ ˜‹•‹‘ „Ǥ ˆƒ ‡  Ǥ •’‡‡ Š
Ǥ ”‹–‡ ̵̵ ˆ‘” ”—‡ ƒ† ̵ ̵ ˆ‘” ƒŽ•‡ •–ƒ–‡‡–•Ǥ
͕Ǥ –‡”‡– ™ƒ• †‡˜‡Ž‘’‡† ‹ ͕͚͝͝Ǥ
͖Ǥ – ‹• †‹ˆˆ‹ —Ž– –‘ •‘Ž˜‡ ƒ ’”‘„Ž‡ ‹ •–‡’Ǧ™‹•‡ ƒ‡”Ǥ

͗Ǥ ’‡”ƒ–‘”• „Ž‘ • ’‡”ˆ‘” ƒ–Š‡ƒ–‹ ƒŽ ˆ— –‹‘•Ǥ
 ͘Ǥ ˜‡– ‹• ƒ ƒ –‹‘ ‘” ‘ —””‡ ‡ †‡–‡ –‡† „› ƒ ’”‘‰”ƒǤ
͙Ǥ   ƒ’’Ž‹ ƒ–‹‘ ‘Ž› ™‘”• ™‹–Š ’”‡•‡– ‘ƒ†•Ǥ
Ǥ ‹ŽŽ ‹ –Š‡ „Žƒ•Ǥ
͕Ǥ  ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• ƒ •‘ˆ–™ƒ”‡ –Šƒ– ‹• —•‡† –‘ ‘’‡ –Š‡ ™‡„•‹–‡•Ǥ
͖Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ™ƒ• –Š‡ ˆ‹”•– •— ‡••ˆ—Ž ‰”ƒ’Š‹ ƒŽ ™‡„ „”‘™•‡”Ǥ
͗Ǥ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ „Ž‘ • Šƒ‰‡ –Š‡ ƒ’’‡ƒ”ƒ ‡ ƒ† ‘•–—‡• ‘ˆ •’”‹–‡•Ǥ
͘Ǥ Š‡ ˆ‹Ž‡ ‡š–‡•‹‘ ‘ˆ  ”ƒ– Š ˆ‹Ž‡ ‹• ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
͙Ǥ Š‡ ƒ‹ ‰‘ƒŽ ‘ˆ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ ‹• –‘ ‘’› Š—ƒ ‹–‡ŽŽ‹‰‡ ‡Ǥ
͚Ǥ ‡‰—Žƒ” —•‡ ‘ˆ ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Šƒ• ”‡•—Ž–‡† ‹–‘ –Š‡ ‰‡‡”ƒ–‹‘ ‘ˆ ‡‘”‘—•
ƒ‘—– ‘ˆ †ƒ–ƒ ‡˜‡”›†ƒ›Ǥ
͛Ǥ  •ƒ”– ƒ‡”ƒ ‰‹˜‡• —• ‡ƒ•› ™ƒ› –‘ ƒ ‡•• –Š‡ ”‡ ‘”†‡† ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ Ǥ
Ǥ ‡ˆ‹‡ –Š‡ ˆ‘ŽŽ‘™‹‰Ǥ
͕Ǥ ‡„ „”‘™•‡” ͖Ǥ 
͗Ǥ ‘†‡ ͘Ǥ ‡ƒ” Š ‡‰‹‡
͙Ǥ ‘–”‘Ž „Ž‘ • ͚Ǥ ‘”‡˜‡” „Ž‘ 
͛Ǥ ƒ”– ••‹•–ƒ–
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Ǥ ‹ˆˆ‡”‡–‹ƒ–‡ „‡–™‡‡ –Š‡ ˆ‘ŽŽ‘™‹‰Ǥ
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͕Ǥ ‹ƒŽǦ—’ ‘‡ –‹‘ ƒ† ”‘ƒ†„ƒ† ‘‡ –‹‘

͖Ǥ ‡ƒ•‘‹‰ ƒ† –‡’Ǧ™‹•‡ Š‹‹‰
͗Ǥ –ƒ  Ž‘  ƒ† ‘‘Ž‡ƒ Ž‘ 
͘Ǥ ‘‘• Ž‘  ƒ† ‘—† Ž‘ 
͙Ǥ ƒ”–ƒ‡”ƒ ƒ† ƒ”– ‘ 
Ǥ •™‡” –Š‡ ˆ‘ŽŽ‘™‹‰ “—‡•–‹‘•Ǥ
͕Ǥ ”‹–‡ –Š”‡‡ ”‡•’‘•‹„‹Ž‹–‹‡• ‘ˆ ƒ †‹‰‹–ƒŽ ‹–‹œ‡Ǥ
͖Ǥ Šƒ– ƒ”‡ –Š‡ ƒ†˜ƒ–ƒ‰‡• ‘ˆ –‡”‡–ǫ
͗Ǥ ‘™ ƒ ™‡ •‡ —”‡ ‘—”•‡Ž˜‡• ™Š‹Ž‡ —•‹‰ –Š‡ –‡”‡– ƒ– ’—„Ž‹  ’Žƒ ‡•ǫ
2/27$.+5*'45286.6&

͘Ǥ Š› •Š‘—Ž† ™‡ Š‘‘•‡ •–”‘‰ ’ƒ••™‘”† ˆ‘” ‘—” ’‡”•‘ƒŽ ƒ ‘—–ǫ
͙Ǥ Šƒ– †‘‡• Šƒ‰‹‰ –Š‡ •’”‹–‡ǯ• ‘•–—‡ ‡ƒǫ
͚Ǥ Šƒ– ‹• ƒ ‡˜‡–•Ǧ„ƒ•‡† ’”‘‰”ƒ‹‰ǫ
͛Ǥ Šƒ– †‘ ›‘— ‡ƒ „› –Š‡ ‘”‡˜‡” „Ž‘ ǫ Š› ‹• ‹– —•‡†ǫ
͜Ǥ ƒ‡ ƒ› –Š”‡‡ •ƒ”– Š‘‡ ’”‘†— –•Ǥ
͝Ǥ Šƒ– ƒ”‡ –Š‡ ƒ‹ ‰‘ƒŽ• ‘ˆ ”–‹ˆ‹ ‹ƒŽ –‡ŽŽ‹‰‡ ‡ǫ
͕͔Ǥ ‘™ †‘‡• –Š‡   ƒ’’ ™‘”ǫ

 3URMHFW:RUN
3URMHFW ‡ƒ•‘‹‰
iÀiÊ ˆÃÊ >Ê `ˆvviÀi˜ÌÊ Ü>ÞÊ ÌœÊ vˆ˜`Ê œÕÌÊ Ãœ“iœ˜i½ÃÊ LˆÀÌ `>Þ°
• ›‘—” ˆ”‹‡†• –‘ ˆ‘ŽŽ‘™ –Š‡•‡ ‹•–”— –‹‘•ǣ
ƒǤ ”‹–‡ –Š‡ —„‡” –Šƒ– •–ƒ†• ˆ‘” –Š‡ ‘–Š ›‘—” ˆ”‹‡† ™ƒ• „‘”Ǥ ȋ ƒ—ƒ”› ‹• ͕ǡ
‡„”—ƒ”› ‹• ͖ǡ ƒ” Š ‹• ͗ǡ ƒ† •‘ ‘Ȍ
„Ǥ ‘—„Ž‡ –Š‡ —„‡” ƒ† ƒ†† ͚Ǥ
Ǥ —Ž–‹’Ž› –Š‡ ‡™ —„‡” „› ͙͔Ǥ
†Ǥ †† –Š‡ †ƒ› ›‘—” ˆ”‹‡† ™ƒ• „‘”ǡ •—„–”ƒ – ͚͙͗ ƒ† –Š‡ ƒ†† ͚͙Ǥ
‡Ǥ ƒ‡ ƒ •Žƒ•Š „‡–™‡‡ –Š‡ •‡ ‘† ƒ† –Š‹”† †‹‰‹– ˆ”‘ –Š‡ ”‹‰Š–Ǥ Š‡ —„‡”• –‘
–Š‡ Ž‡ˆ– ‘ˆ –Š‡ •Žƒ•Š •–ƒ† ˆ‘” –Š‡ ‘–Š ›‘—” ˆ”‹‡† ™ƒ• „‘”Ǣ –Š‡ —„‡”• –‘ –Š‡
”‹‰Š– •–ƒ† ˆ‘” –Š‡ †ƒ› ›‘—” ˆ”‹‡† ™ƒ• „‘”Ǥ

3URMHFW  ”ƒ–—š
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ÀÕ˜Ê Ì iÊ «ÀœiVÌ°
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+62.#0'6 5174%'%1&'2.75

3URMHFW –‡”‡–
’‡ –Š‡ –‡”‡– ƒ† ‘’‡ –Š‡ •‹–‡ ”‡Žƒ–‡† –‘ –Š‡ –‘’‹  Ǯ ‘‘† ƒ„‹–• ‘ˆ ‹‰‹–ƒŽ
‹–‹œ‡ǯ ƒ† ‘ŽŽ‡ – ‹ˆ‘”ƒ–‹‘ ‘ ‹–Ǥ ”› –‘ ƒ‡ ƒ ’”‡•• ’”‡•‡–ƒ–‹‘ ‘ ‹– ƒ†
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