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+PFKECEKQPGUFGCNCTOC[CFXGTVGPEKC

9#4070)'0 9#4070)&KG)GDTCWEJUCPYGKUWPIGPWPFFKG 5EJPKVVUVGNNGPURGKƂMCVKQPGPFGTKP-QODKPCVKQP XGTYGPFGVGP/GFKKPRTQFWMVGUKPFIGPCWGUVGPUW DGCEJVGP 9#4070)'KPGUKEJGTJGKVUVGEJPKUEJG7PDGFGPM NKEJMGKVDGK-QODKPCVKQPGPXQP/GFKKPRTQFWMVGPKUV PWTFCPPIGIGDGPYGPP r FKGUGKPFGPLGYGKNKIGP)GDTCWEJUCPYGKUWPIGP CNUUQNEJGCWUIGYKGUGPUKPFQFGT r FKG<YGEMDGUVKOOWPIWPFFKG5EJPKVVUVGNNGP URGKƂMCVKQPFGTKPFGT-QODKPCVKQPXGTYGPFGVGP 2TQFWMVGFKGUWNÀUUV XIN+'%|  9#4070)2TØHGP5KGFKGUGU)GTÀVXQTLGFGT #PYGPFWPICWHUGKPG(WPMVKQPUHÀJKIMGKV5QNNVGFCU $KNFYÀJTGPFFGU'KPITKHHUWPDTCWEJDCTnYGTFGP MCPPFKG-COGTCXQO'PFQUMQRCDIGPQOOGP WPFFGT'KPITKHHQRVKUEJHQTVIGUGVVYGTFGP+UVFKGU PKEJVOÒINKEJUQQDNKGIVGUFGT'PVUEJGKFWPIFGU 1RGTCVGWTUYKGCODGUVGPHQTVWHCJTGPKUV(ØT FKGUGP(CNNGORHGJNGPYKTFKG8GTHØIDCTMGKVGKPGU 'TUCVU[UVGOU 9#4070)$GK8GTYGPFWPIØPFHÀJKIGT0CTMQUG ICUGKPFGTWPOKVVGNDCTGP7OIGDWPIFGU)GTÀVGU DGUVGJV'ZRNQUKQPUIGHCJT 9#4070))GHCJTGKPGUGNGMVTKUEJGP5EJNCIGU )GTÀVPKEJVÒHHPGP.CUUGP5KG5GTXKEG#TDGKVGPPWT FWTEJCWVQTKUKGTVGU2GTUQPCNFWTEJHØJTGP,GFGU ²HHPGPFGU)GTÀVGUFWTEJWPCWVQTKUKGTVG2GTUQPGP HØJTVWO'TNÒUEJGPFGT)CTCPVKG'KPKIG#WUPCJ OGFKGKPFKGUGT)GDTCWEJUCPYGKUWPIDGUEJTKGDG PGP6ÀVKIMGKVGP 9#4070)&CU)GTÀVKUVPWTFCPPWXGTNÀUUKI IGGTFGVYGPPGUCPGKPGTGKPYCPFHTGKKPUVCNNKGT VGP5EJWVMQPVCMV5VGEMFQUGCPIGUEJNQUUGPKUV 5VGEMGTWPF-CDGNTQWVKPGOÀ»KIRTØHGPWPFDGK $GUEJÀFKIWPIPKEJVXGTYGPFGP 9#4070)&KGGNGMVTKUEJGP+PUVCNNCVKQPGPFGU 1RGTCVKQPUUCCNUKPFGOFCU)GTÀVCPIGUEJNQUUGP WPFDGVTKGDGPYKTFOØUUGPFKG#PHQTFGTWPIGPFGT IGNVGPFGP+'%0QTOGPGTHØNNGP

9#40+0)5 9#40+0)6JGKPUVTWEVKQPUCPFKPVGTHCEGURGEK ƂECVKQPUHQTOGFKECNFGXKEGUWUGFKPEQODKPCVKQP OWUVDGQDUGTXGFRTGEKUGN[ 9#40+0)%QODKPCVKQPUQHOGFKECNFGXKEGUCTG QPN[CUUWTGFVQDGUCHGKH r VJG[CTGKFGPVKƂGFCUUWEJKPVJGTGURGEVKXG KPUVTWEVKQPOCPWCNUQT r VJGKPVGPFGFRWTRQUGCPFKPVGTHCEGURGEKƂEC VKQPUQHVJGFGXKEGUWUGFKPEQODKPCVKQPRGTOKV VJKU ER+'%|  9#40+0)6GUVVJKUGSWKROGPVRTKQTVQGCEJUWTIK ECNWUG+PVJGGXGPVVJCVVJGKOCIGDGEQOGUWPWU CDNGFWTKPIUWTIGT[VJGECOGTCOC[DGFKUGPICIGF HTQOVJGGPFQUEQRGCPFVJGRTQEGFWTGEQPVKPWGF QRVKECNN[+HVJKUKUPQVRQUUKDNGKVKUNGHVVQVJGFKUETG VKQPQHVJGUWTIGQPJQYDGUVVQRTQEGGF#XCKNCDKNKV[ QHCURCTGU[UVGOKUTGEQOOGPFGF 9#40+0)&QPQVWUGKPVJGRTGUGPEGQHƃCO OCDNGCPGUVJGVKEU6JGTGKUCTKUMQHGZRNQUKQP 9#40+0)&CPIGTQHGNGEVTKEUJQEM&QPQVQRGP VJGWPKV4GHGTUGTXKEKPIQPN[VQSWCNKƂGFRGTUQPPGN #P[QRGPKPIQHVJGWPKVD[WPCWVJQTKGFRGTUQPU XQKFUVJGIWCTCPVGG6JGQPN[GZEGRVKQPVQVJKUCTG CEVKXKVKGUFGUETKDGFKPVJKUKPUVTWEVKQPOCPWCN 9#40+0))TQWPFKPITGNKCDKNKV[ECPQPN[DG CEJKGXGFYJGPVJGGSWKROGPVKUEQPPGEVGFVQ CRTQRGTN[KPUVCNNGFp*QURKVCN1PN[qQTp*QURKVCN )TCFGqTGEGRVCENG KGCRRTQXGFHQTWUGKPCP QRGTCVKPITQQOGPXKTQPOGPV 4QWVKPGN[KPURGEV GNGEVTKECNRNWICPFEQTF&QPQVWUGKHKPURGEVKQP TGXGCNUFCOCIG 9#40+0)6JGGNGEVTKECNKPUVCNNCVKQPUKPVJG QRGTCVKPITQQOKPYJKEJVJGWPKVKUEQPPGEVGFCPF QRGTCVGFOWUVEQORN[YKVJVJGCRRNKECDNG+'%|UVCP FCTFU

#8+515 %7+&#&1&GDGPQDUGTXCTUGEQPNCO½ZKOC GZCEVKVWFNQU/CPWCNGUFGKPUVTWEEKQPGU[NCU GURGEKƂECEKQPGUFGKPVGTHCEGFGNQURTQFWEVQU OÅFKEQU[QEQORQPGPVGUFGUKUVGOCWVKNKCFQUGP EQODKPCEKQPGUGPVTGUÉ %7+&#&17PCCRNKECEKÏPVÅEPKEC[FGUGIWTKFCF UKPQDLGEKQPGUGPGNECUQFGEQODKPCEKQPGUFG RTQFWEVQUOÅFKEQURWGFGFCTUGÖPKECOGPVGUK r NQUOKUOQUGUV½PKPFKECFQUGZRTGUCOGPVGEQOQ VCNGUGPNQU/CPWCNGUFGKPUVTWEEKQPGUTGURGEVK XQUQ r UKNCFGVGTOKPCEKÏPFGCRNKECEKÏP[NC GURGEKƂECEKÏPFGKPVGTHCEGFGNQURTQFWEVQU WVKNKCFQUGPEQODKPCEKÏPNQRGTOKVGP XÅCUG %'+|  %7+&#&18GTKƂSWGNCECRCEKFCFFGHWPEKQPC OKGPVQFGGUVGGSWKRQCPVGUFGECFCWVKNKCEKÏP 5KFWTCPVGNCKPVGTXGPEKÏPSWKTÖTIKECNCKOCIGPUG XQNXKGTCpKPUGTXKDNGqUGRWGFGTGVKTCTNCE½OCTCFGN GPFQUEQRKQ[RTQUGIWKTNCKPVGTXGPEKÏPDCLQEQPVTQN XKUWCN5KGUVQPQHWGTCRQUKDNGGNEKTWLCPQJCDT½ FGFGEKFKTNCOGLQTHQTOCFGRTQUGIWKT2CTCGUVQU ECUQUTGEQOGPFCOQUFKURQPGTFGWPUKUVGOCFG TGECODKQ %7+&#&1'ZKUVGRGNKITQFGGZRNQUKÏPUKUGGO RNGCPICUGUPCTEÏVKEQUKPƃCOCDNGUGPNCUKPOGFKC EKQPGUFGNGSWKRQ %7+&#&1}0QCDTKT2GNKITQFGFGUECTICGNÅEVTKEC .QUVTCDCLQUFGUGTXKEKQVÅEPKEQFGDGPUGTTGCNK CFQUÖPKECOGPVGRQTRGTUQPCNCWVQTKCFQRQTGN HCDTKECPVG5KGNGSWKRQGUCDKGTVQRQTRGTUQPCUPQ CWVQTKCFCUKORNKECNCGZVKPEKÏPFGNQUFGTGEJQUFG ICTCPVÉC7PKECGZEGREKÏPNCUVCTGCUFGUETKVCUGP GUVGOCPWCN %7+&#&1.CEQPGZKÏPCVKGTTCFGGUVGGSWKRQGU ÖPKECOGPVGƂCDNGUKUGGPEWGPVTCEQPGEVCFQCWP GPEJWHGEQPRWGUVCCVKGTTCFGDKFCOGPVGKPUVCNCFQ %QPVTQNGGNECDNG[GNGPEJWHGEQPTGIWNCTKFCF[PQ NQUWVKNKEGUKGUV½PFGVGTKQTCFQU %7+&#&1.CKPUVCNCEKÏPGNÅEVTKECFGNSWKTÏHCPQ FQPFGGNCRCTCVQGUV½EQPGEVCFQ[GPUGTXKEKQ FGDGEWORNKTNQUTGSWKUKVQUGZKIKFQURQTNCUPQTOCU %'+XKIGPVGU



5KEJGTJGKVUJKPYGKUG

5CHGV[KPUVTWEVKQPU

+PUVTWEEKQPGUFGUGIWTKFCF

9CTPWPF8QTUKEJVUJKPYGKUG

9CTPKPIUCPFECWVKQPU

+PFKECEKQPGUFGCNCTOC[CFXGTVGPEKC

9#4070)8QTUÀOVNKEJGP#TDGKVGPCO)GTÀVKUV FKG0GVXGTDKPFWPIWVTGPPGP 9#4070))GTÀVCW»GTJCNDFGT4GKEJYGKVGXQP 2CVKGPVGPCWHUVGNNGP 9#4070)#WU5KEJGTJGKVUITØPFGPFØTHGPDGKGK PGT#PYGPFWPIFKG#WUICPIUDWEJUGPFGU)GTÀVGU WPFFGT2CVKGPVPKEJVINGKEJGKVKIDGTØJTVYGTFGP 9#4070)$GKFGT4GKPKIWPIFGU)GTÀVGUWPF DGKFGT#WHDGTGKVWPI5VGTKNKUCVKQPXQP)GTÀVGWDG JÒT —-COGTCMQRH'KPJGKV‡ WPDGFKPIVFKG)G DTCWEJUCPYGKUWPIDGCEJVGP 9#4070)#NNG#DYGKEJWPIGPXQPFGPGOR HQJNGPGP8GTHCJTGPHØTFKG5VGTKNKUKGTWPIUKPFXQO $GPWVGTWXCNKFKGTGP 9#4070)&KGCP#PCNQIWPF&KIKVCNUEJPKVV UVGNNGP 5KIPCNGKPWPFCWUIÀPIG CPUEJNKG»DCTGP <WUCVIGTÀVGOØUUGPIGOÀ»FGT+'%HØT GNGMVTQOGFKKPKUEJG)GTÀVGWPFWUÀVNKEJFGT+'% HØT&CVGPXGTCTDGKVWPIUIGTÀVGCWHIGDCWVWPF IGRTØHVUGKP#W»GTFGOOØUUGPCNNG-QODKPCVKQPGP FGT5[UVGOPQTO+'%GPVURTGEJGP9GT WUÀVNKEJG)GTÀVGCPFKG5KIPCNGKPQFGTCWUIÀPIG CPUEJNKG»VMQPƂIWTKGTVGKPOGFKKPKUEJGU5[UVGO WPFKUVFGUJCNDFCHØTXGTCPVYQTVNKEJFCUUFCU5[U VGOFKG#PHQTFGTWPIGPIGO+'%GTHØNNV +O<YGKHGNUHCNNUKPF#PHTCIGPCPFKGVGEJPKUEJG#D VGKNWPIQFGTFGPWUVÀPFKIGP8GTVTGVGTWTKEJVGP 9#4070)<WT8GTOGKFWPIXQP8GTDTGPPWPIGP DGKGPFQUMQRKUEJGP'KPITKHHGPOØUUGP1RGTCVGWTG FCPPDGUQPFGTUXQTUKEJVKIUGKPYGPPGNGMVTKUEJG 1RGTCVKQPUKPUVTWOGPVGXGTYGPFGVYGTFGPFKGPKEJV XQO6[R$(%(UKPF 9#4070)&CUFWTEJFCU'PFQUMQRCWUIG UVTCJNVG*QEJNGKUVWPIUNKEJVMCPPCO.KEJVCWUICPI CPFGP'PFƃÀEJGPFGU.KEJVMCDGNUWPFCPFGT5RKV GFGU'PFQUMQRUWJQJGP6GORGTCVWTGPHØJTGP 7OFCU4KUKMQXQP8GTDTGPPWPIGPIGTKPIWJCNVGP FKG.KEJVSWGNNGKOOGTOKVFGTMNGKPUVOÒINKEJGP*GN NKIMGKVUGKPUVGNNWPIDGVTGKDGPFKGHØTQRVKOCNGP$G NGWEJVWPIFGUGPFQUMQRKUEJGP)GDKGVUGTHQTFGTNKEJ KUVYGPPFKGUGOKVFGT8KFGQMCOGTCIGMQRRGNVKUV

9#40+0)#NYC[UWPRNWIVJGWPKVDGHQTGRGTHQTO KPICP[OCKPVGPCPEGKPENWFKPIENGCPKPI 9#40+0)-GGRQWVQHTGCEJQHRCVKGPVU

%7+&#&1#PVGUFGEWCNSWKGTOCPKRWNCEKÏPFGU EQPGEVGGNGSWKRQFGNCTGF %7+&#&1/CPVGPICNCWPKFCFNGLQUFGNCNECPEG FGNQURCEKGPVGU %7+&#&12QTTCQPGUFGUGIWTKFCFPQUGFGDG 9#40+0)(QTTGCUQPUQHUCHGV[FQPQVUKOWNVC GPVTCTGPEQPVCEVQUKOWNV½PGCOGPVGEQPNQUEQPGE PGQWUN[VQWEJVJGFGXKEGQWVRWVEQPPGEVQTUCPF VQTGUFGUCNKFCFGNCRCTCVQ[EQPGNRCEKGPVG VJGRCVKGPV %7+&#&1#NGHGEVWCTNCNKORKGCFGNCRCTCVQ 9#40+0)+VKUGUUGPVKCNVQHQNNQYVJGKPUVTWE [NCRTGRCTCEKÏPGUVGTKNKCEKÏPFGCEEGUQTKQUFG VKQPOCPWCNENQUGN[YJGPENGCPKPIVJGWPKVCPF RTGRCTKPIUVGTKNKKPIWPKVCEEGUUQTKGU nECOGTCJGCF CRCTCVQU pWPKFCFFGNECDGCNFGE½OCTCq QDUGTXG KORTGUEKPFKDNGOGPVGNCUKPFKECEKQPGUEQPVGPKFCUGP CUUGODN[o  9#40+0)#P[FGXKCVKQPUHTQOVJGTGEQOOGPFGF GN/CPWCNFGKPUVTWEEKQPGU %7+&#&1%WCNSWKGTFGUXKCEKÏPFGNQURCT½OGVTQU RCTCOGVGTUHQTUVGTKNKCVKQPUJQWNFDGXCNKFCVGFD[ FGGUVGTKNKCEKÏPTGEQOGPFCFQUFGDGT½UGTXCNKFCFC VJGWUGT RQTGNWUWCTKQ 9#40+0)#EEGUUQT[GSWKROGPVEQPPGEVGFVQ %7+&#&1.QUGSWKRQUCEEGUQTKQUEQPGEVCFQUC VJGCPCNQICPFFKIKVCNKPVGTHCEGU UKIPCNKPRWVUCPF NCUKPVGTHCEGUCPCNÏIKEC[FKIKVCN GPVTCFCU[UCNKFCU QWVRWVU OWUVDGUGVWRCPFVGUVGFCEEQTFKPI FGUGÍCNGU FGDGPJCDGTUKFQEQPUVTWKFQU[ VQ+'%HQTOGFKECNGNGEVTKECNGSWKROGPV CPFCFFKVKQPCNN[VQ+'%HQTFCVCRTQEGUUKPI 8'4+(+%#&15EQPHQTOGCNCPQTOC%'+ GSWKROGPV(WTVJGTOQTGCNNEQPƂIWTCVKQPUUJCNN RCTC EQORN[YKVJVJGU[UVGOUVCPFCTF+'%| #2#4#615GNÅEVTKEQUOÅFKEQU[CUKOKUOQNCPQT #P[RGTUQPYJQEQPPGEVUCFFKVKQPCNGSWKROGPVVQ VJGUKIPCNKPRWVRCTVQTUKIPCNQWVRWVRCTVEQPƂIWTGU OC%'+RCTCGSWKRQRTQEGUCFQTFGFCVQU #UKOKUOQVQFCUNCUEQPƂIWTCEKQPGUFGDGPEWORNKT COGFKECNU[UVGOCPFKUVJGTGHQTGTGURQPUKDNGHQT EQPNCPQTOC%'+RCTCUKUVGOCU%WCN GPUWTKPIVJCVVJGU[UVGOEQORNKGUYKVJVJGTGSWKTG SWKGTRGTUQPCSWGEQPGEVGWPGSWKRQCFKEKQPCNC OGPVUQHVJGU[UVGOUVCPFCTF+'%+HKP NCUGPVTCFCUQUCNKFCUFGUGÍCNGUGUV½EQPƂIWTCPFQ FQWDVEQPUWNVVJGVGEJPKECNUGTXKEGFGRCTVOGPVQT WPUKUVGOCOÅFKEQ[GURQTNQVCPVQTGURQPUCDNG [QWTNQECNTGRTGUGPVCVKXG FGSWGGNUKUVGOCEWORNCEQPNQUTGSWKUKVQUFGNC 9#40+0)6QCXQKFDWTPUFWTKPIGPFQUEQRKE PQTOC%'+'PECUQFGFWFCEQPUWNVG RTQEGFWTGUQRGTCVQTUOWUVWUGECWVKQPYJGP EQPGNFGRCTVCOGPVQFG5GTXKEKQ6ÅEPKEQQEQPUW GORNQ[KPIPQP$(%(V[RGGSWKROGPVYJKNGWUKPI TGRTGUGPVCPVGNQECN GNGEVTQUWTIKECNFGXKEGU %7+&#&1%QPGNƂPFGGXKVCTSWGOCFWTCU FWTCPVGNCUKPVGTXGPEKQPGUGPFQUEÏRKECUNQU 9#40+0)*KIJGPGTI[TCFKCVGFNKIJVVJTQWIJ EKTWLCPQUFGDGPVGPGTGZVTGOCRTGECWEKÏPCNWVKNKCT GPFQUEQRGUOC[IKXGTKUGVQJKIJVGORGTCVWTGU KPUVTWOGPVQUSWKTÖTIKEQUGNÅEVTKEQUSWGPQUGCPFGN KPHTQPVQHVJGNKIJVQWVNGVCPFVQVJGVKRQHVJG VKRQ$(%( GPFQUEQRG6QOKPKOKGVJGTKUMQHDWTPUCNYC[U %7+&#&1.CNWFGCNVCRQVGPEKCSWGUGGOKVGC CFLWUVVJGNKIJVUQWTEGVQVJGOKPKOWOKNNWOKPCVKQP KPVGPUKV[PGEGUUCT[VQCEJKGXGQRVKOWOKNNWOKPCVKQP VTCXÅUFGNGPFQUEQRKQRWGFGRTQFWEKTVGORGTCVW QHVJGGPFQUEQRKEUEGPGYJGPEQWRNGFVQVJGXKFGQ TCUGNGXCFCUGPNCUCNKFCFGNWGPNCUUWRGTƂEKGU FGNQUGZVTGOQUFGNECDNGFGNW[GPNCRWPVCFGN ECOGTC GPFQUEQRKQ2CTCTGFWEKTGNTKGUIQFGSWGOCFWTCU WVKNKEGUKGORTGNCHWGPVGFGNWEQPGNCLWUVGFG DTKNNQOÉPKOQRQUKDNGPGEGUCTKQRCTCNCKNWOKPCEKÏP ÏRVKOCFGN½TGCGPFQUEÏRKECEWCPFQNCHWGPVGGUVÅ CEQRNCFCCNCE½OCTCFGXÉFGQ



5KEJGTJGKVUJKPYGKUG

5CHGV[KPUVTWEVKQPU

+PUVTWEEKQPGUFGUGIWTKFCF

9CTPWPF8QTUKEJVUJKPYGKUG

9CTPKPIUCPFECWVKQPU

+PFKECEKQPGUFGCNCTOC[CFXGTVGPEKC

9#4070)2CVKGPVGPCDNGKVUVTÒOGMÒPPGPUKEJ CFFKGTGPYGPP'PFQUMQRGOKVGPGTIGVKUEJDGVTKG DGPGOGPFQUMQRKUEJXGTYGPFDCTGO<WDGJÒTXGT YGPFGVYGTFGP&CUKUVDGUQPFGTUYKEJVKIYGPPGKP 'PFQUMQR#PYGPFWPIUVGKNFGU6[RU%(GKPIGUGVV YKTF+PFKGUGO(CNNUQNNVGCWEJGKPGPFQUMQRKUEJ XGTYGPFDCTGU<WDGJÒTXQO6[R%(XGTYGPFGV YGTFGPWOFGPIGUCOVGP2CVKGPVGPCDNGKVUVTQOW OKPKOKGTGP 9#4070)8QTLGFGT8GTYGPFWPIUKPFFKG #W»GPƃÀEJGPFGT6GKNGFGU'PFQUMQRUWPFFGU 'PFQUMQR<WDGJÒTUFKGKPFGP2CVKGPVGPGKPIG HØJTVYGTFGPUQNNGPCWHHGJNGTJCHVGTCWJG(NÀEJGP UEJCTHGP-CPVGPQFGT8QTURTØPIGWØDGTRTØHGPWO 5KEJGTJGKVUTKUKMGPCWUWUEJCNVGP 9#4070)$GKPKEJVXQTDGTGKVGVGP2CVKGPVGPMÒP PGPKO)CUVTQKPVGUVKPCNVTCMVOCPEJOCNØPFHÀJKIG )CUGXQTJCPFGPUGKP&WTEJDGUVKOOVG5WDUVCPGP HØTFKG8QTDGTGKVWPIFGUWPVGTGP8GTFCWWPIUVTCMVGU MCPPFKG'TGWIWPIXQP/GVJCPIGHÒTFGTVYGTFGP &KGUIKNVKODGUQPFGTGP/C»GHØTFKG-QNQUMQRKGKUV CDGTCWEJXQOQDGTGP)CUVTQKPVGUVKPCNVTCMVDGTKEJVGV YQTFGP9GKVGTJKPKUVDGKFGTVTCPUWTGVJTCNGP4GUGM VKQPFGT2TQUVCVCDGQDCEJVGVYQTFGPFCUUUKEJKP FGT$NCUGQDGTJCNDFGT5RØNƃØUUKIMGKV9CUUGTUVQHH CPUCOOGNPMCPP'PVHGTPGP5KGXQT8GTYGPFWPIXQP *QEJHTGSWGP1RGTCVKQPUKPUVTWOGPVGPCNNGDTGPP DCTGP)CUGKO&KEMFCTOFGT$NCUGQFGTCPFGTGP -ÒTRGTMCXKVÀVGP 9#4070)9KTFFCU-COGTCU[UVGODGKGKPGO EJKTWTIKUEJGP'KPITKHHWPVGTINGKEJGKVKIGT8GTYGPFWPI GKPGU.CUGTUDGPWVVUKPFFKG#WIGPFGU1RGTCVGWTU KPDGUQPFGTGT9GKUGWUEJØVGP'TUQNNVGKOOGT FCPPGKPGP#WIGPUEJWVVTCIGPYGPPGTFCU1RGTC VKQPUIGDKGVFKTGMVFWTEJFCU'PFQUMQRDGVTCEJVGV 8145+%*6&KGUGU)GTÀVFCTHYÀJTGPFFGT'PVNC FWPIGKPGU&GƂDTKNNCVQTUPKEJVXGTYGPFGVYGTFGP #NNGGPFQUMQRKUEJGP)GTÀVGXQO2CVKGPVGPWPFCWU FGO1RGTCVKQPUDGTGKEJGPVHGTPGP 8145+%*6'KP'KPFTKPIGPXQP(NØUUKIMGKVKPFCU )GJÀWUGKUVWPDGFKPIVWXGTOGKFGP-GKPG(NØUUKI MGKVCWHQFGTØDGTFGO)GTÀVNCIGTP 8145+%*6&CU)GTÀVPWTOKVFGTCWHFGO6[RGP UEJKNFCPIGIGDGPGP5RCPPWPIDGVTGKDGP 8145+%*6$GK5KEJGTWPIUYGEJUGNPWT5KEJGTWP IGPOKVFGPCPIGIGDGPGP9GTVGPXGTYGPFGP

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ƃCOOCDNGICUUGUKP VJGEQNQPDNCFFGTQTQVJGTDQF[ECXKVKGURTKQTVQ WUGQHJKIJHTGSWGPE[UWTIKECNGSWKROGPV 9#40+0)9JGPWUKPIVJGECOGTCU[UVGOKPC UWTIKECNFKUEKRNKPGGORNQ[KPICNCUGTECWVKQPUJQWNF DGVCMGPVQRTGXGPVG[GFCOCIGVQVJGQRGTC VQT6JGQRGTCVQTUJQWNFYGCTRTQVGEVKXGINCUUGU YJGPGXGTXKGYKPIVJGUWTIKECNUKVGFKTGEVN[VJTQWIJ VJGGPFQUEQRG  

%7+&#&1.CUEQTTKGPVGUFGHWICFGNRCEKGPVG RWGFGPCEWOWNCTUGUKUGWVKNKCPGPFQUEQRKQUEQP CEEGUQTKQURCTCWUQGPFQUEÏRKEQCEVKXCFQURQT GPGTIÉC'UVQGURCTVKEWNCTOGPVGKORQTVCPVGUKUG WVKNKCWPCRKGCFGCRNKECEKÏPGPFQUEÏRKECFGNVKRQ %('PGUVGECUQJCFGGORNGCTUGVCODKÅPWPCEEG UQTKQRCTCWUQGPFQUEÏRKEQFGNVKRQ%(EQPGNƂPFG OKPKOKCTNCEQTTKGPVGVQVCNFGHWICFGNRCEKGPVG %7+&#&1#PVGUFGECFCCRNKECEKÏPEQORTWGDGUK NCUUWRGTƂEKGUGZVGTKQTGUFGNCURKGCUFGNGPFQU EQRKQ[NQUCEEGUQTKQUGPFQUEÏRKEQUSWGJC[CPFG KPVTQFWEKTUGGPWPRCEKGPVGRTGUGPVCPUWRGTƂEKGU½U RGTCUFGHGEVWQUCUDQTFGUCƂNCFQUQRTQVWDGTCPEKCU SWGRWFKGTCPTGRTGUGPVCTWPTKGUIQRCTCGNRCEKGPVG %7+&#&1#XGEGUUGGPEWGPVTCICUEQODWUVKDNG GPGNVTCEVQICUVTQKPVGUVKPCNFGWPRCEKGPVGPQRTGRC TCFQ.CRTQFWEEKÏPFGICUOGVCPQRWGFGCWOGPVCT EQPGNWUQFGEKGTVCUUWUVCPEKCURCTCNCRTGRCTCEKÏP FGNVTCEVQICUVTQKPVGUVKPCNKPHGTKQT'UVQ GURCTVKEWNCTOGPVGTGNGXCPVGGPEQNQPQUEQRKCRGTQ VCODKÅPUGJCTGRQTVCFQGPGNVTCEVQICUVTQKPVGUVKPCN UWRGTKQT#FGO½UGZKUVGPKPHQTOGUFGSWGRWGFG CEWOWNCTUGJKFTÏIGPQGPNCXGLKICRQTGPEKOC FGNCUQNWEKÏPFGKTTKICEKÏPFWTCPVGNCTGUGEEKÏPVTCP UWTGVTCNFGNCRTÏUVCVC#PVGUFGWVKNKCTKPUVTWOGPVQU SWKTÖTIKEQUFGCNVCHTGEWGPEKCGNKOKPGVQFQUNQU ICUGUKPƃCOCDNGUFGNKPVGUVKPQITWGUQFGNCXGLKICQ FGQVTCUECXKFCFGUEQTRQTCNGU %7+&#&15KUGWVKNKCGNUKUVGOCFGE½OCTCGPWPC KPVGTXGPEKÏPSWKTÖTIKECUKOWNV½PGCOGPVGEQPWP CRCTCVQFGN½UGTJC[SWGRTQVGIGTFGDKFCOGPVG NQUQLQUFGNEKTWLCPQ'NEKTWLCPQFGDGNNGXCTUKGORTG WPCRTQVGEEKÏPQEWNCTCNQDUGTXCTNCQPCFG QRGTCEKÏPFKTGEVCOGPVGCVTCXÅUFGNGPFQUEQRKQ

%#76+106JKUGSWKROGPVOC[PQVDGWUGFFWTKPI VJGFKUEJCTIGQHCECTFKCEFGƂDTKNNCVQT4GOQXGCNN GPFQUEQRKEGSWKROGPVHTQORCVKGPVEQPVCEVCPF HTQOVJGUWTIKECNUKVG %#76+10&QPQVUVQTGNKSWKFUQPQTCDQXGVJG FGXKEG#XQKFCNNQYKPIƃWKFUVQGPVGTVJGWPKV %#76+101PN[QRGTCVGVJGWPKVYKVJVJGXQNVCIG UVCVGFQPVJGWPKVoUKFGPVKƂECVKQPRNCVG %#76+109JGPTGRNCEKPIHWUGUWUGQPN[HWUGUQH VJGUCOGTCVKPI

#&8'46'0%+#'UVGGSWKRQPQRWGFGWUCTUG FWTCPVGNCFGUECTICFGWPFGUƂDTKNCFQT/CPVGP ICVQFQUNQUCRCTCVQUGPFQUEÏRKEQUCNGLCFQUFGN RCEKGPVG[FGNCQPCFGQRGTCEKÏP #&8'46'0%+#'XKVGCVQFCEQUVCSWGRGPGVTGPNÉ SWKFQUGPGNKPVGTKQTFGNGSWKRQ0QFGRQUKVGNÉSWKFQU GPEKOCFGQUQDTGNCWPKFCF #&8'46'0%+#%QPGEVGCNCTGFUÏNQEQPNCVGP UKÏPKPFKECFCGPNCRNCECFGGURGEKƂECEKQPGU #&8'46'0%+#7VKNKEGUÏNQHWUKDNGUEQPNCUECTCE VGTÉUVKECUKPFKECFCU



5KEJGTJGKVUJKPYGKUG

5CHGV[KPUVTWEVKQPU

+PUVTWEEKQPGUFGUGIWTKFCF

/CEJGP5KGUKEJXQTFGTGTUVGP#PYGPFWPI FGU)GTÀVGUCO2CVKGPVGPWPDGFKPIVOKVFGT (WPMVKQPUYGKUGWPF$GFKGPWPIFGU)GTÀVGUXGT VTCWV

$GHQTGWUKPIVJGWPKVQPVJGRCVKGPVKVKUKORGTCVKXG VJCV[QWDGCESWCKPVGFYKVJJQYVJGWPKVQRGTCVGU CPFKUEQPVTQNNGF

(COKNKCTÉEGUGCHQPFQEQPNQUOQFQUFGHWPEKQPC OKGPVQ[GNOCPGLQFGNGSWKRQCPVGUFGGORNGCTNQ RQTRTKOGTCXGEQPWPRCEKGPVG

$GUVKOOWPIUIGOÀ»G 8GTYGPFWPI

+PVGPFGFWUG

'ORNGQRTGXKUVQ

&KG6'.'%#/5.++%%7KUVGKPG8KFGQMCOGTC FKGCPGKPUVCTTGUQFGTHNGZKDNGU'PFQUMQRCPIG UEJNQUUGPYKTFWPFHØTFGP'KPUCVDGKCNNIG OGKPGPGPFQUMQRKUEJGP'KPITKHHGPMQPKRKGTV KUV&KG8GTYGPFWPIFGT-COGTCHØTCPFGTG #PYGPFWPIUIGDKGVGKUVCWU5KEJGTJGKVUITØPFGP PKEJVWNÀUUKI &KGUG%%7FCTHPWTOKV<WDGJÒT8GTUEJNGK» WPF'KPYGICTVKMGNPDGVTKGDGPYGTFGPFKGXQP -#4.|5614<HØTFGP)GDTCWEJOKVFGT-COGTC CNUIGGKIPGVDGGKEJPGVYGTFGPQFGTFGTGPUKEJGTG 8GTYGPFWPIPCEJIGYKGUGPKUV'KIGPOÀEJVKIG 7ODCWVGPQFGT8GTÀPFGTWPIGPFGU)GTÀVGUUKPF CWU5KEJGTJGKVUITØPFGPWPVGTUCIV

6JG6'.'%#/5.++%%7KUCXKFGQECOGTCYJKEJ KUCVVCEJGFVQGKVJGTCTKIKFQTHNGZKDNGGPFQUEQRG CPFKUKPVGPFGFCPFFGUKIPGFHQTWUGFWTKPI IGPGTCNGPFQUEQRKERTQEGFWTGU7UGQHVJGECOGTC KPQVJGTCRRNKECVKQPUKUPQVCNNQYGFHQTUCHGV[ TGCUQPU 6JKU%%7OC[QPN[DGWUGFYKVJCEEGUUQTKGU YGCTKPIRCTVUCPFFKURQUCDNGKVGOUYJKEJCTG FGUKIPCVGFD[-#4.|5614<CUUWKVCDNGHQTVJG ECOGTCQTVJGUCHGWUGQHYJKEJKURTQXGP(QT UCHGV[TGCUQPUFQPQVRGTHQTOWPCWVJQTKGF EQPXGTUKQPUQTOQFKHKECVKQPUVQVJGECOGTC

.C%%7RCTC6'.'%#/5.++GUWPCE½OCTCFG XÉFGQSWGUGEQPGEVCCWPGPFQUEQRKQTÉIKFQQ HNGZKDNG[SWGJCUKFQFKUGÍCFCRCTCUWCRNKECEKÏP GPKPVGTXGPEKQPGUSWKTÖTIKECUGPFQUEÏRKECUGP IGPGTCN2QTTCQPGUFGUGIWTKFCFPQGUV½RGTOK VKFQWVKNKCTNCE½OCTCGPQVTQUECORQUFGCRNKEC EKÏP 'UVC%%7FGDGWVKNKCTUGÖPKECOGPVGEQPCEEGUQ TKQURKGCUFGTGRWGUVQ[CTVÉEWNQUFGUGEJCDNGU SWG-#4.|5614<JC[CKFGPVKHKECFQEQOQCFGEWC FQURCTCUWWUQEQPNCE½OCTCQEW[CCRNKECEKÏP UGIWTCJC[CUKFQRTQDCFC2QTTCQPGUFGUGIW TKFCFGUV½RTQJKDKFQGHGEVWCTTGHQTOCUQECODKQU CTDKVTCTKQUGPGNCRCTCVQ

3WCNKHKMCVKQPFGU#PYGPFGTU

7UGTSWCNKHKECVKQP

%CRCEKVCEKÏPFGNWUWCTKQ

&KG6'.'%#/5.++-COGTCMQPVTQNNGKPJGKVFCTHPWT XQP TVGPWPFOGFKKPKUEJGO#UUKUVGPRGTUQPCN CPIGYGPFGVYGTFGPFKGØDGTGKPGGPVURTGEJGPFG HCEJNKEJG3WCNKHKMCVKQPXGTHØIGPWPFCPFGP)GTÀVGP GKPIGYKGUGPUKPF

6JG6'.'%#/5.++%%7OC[QPN[DGWUGFD[ RJ[UKEKCPUCPFOGFKECNCUUKUVCPVUYJQJCXGC EQTTGURQPFKPIURGEKCNKGFSWCNKHKECVKQPCPFYJQ JCXGDGGPKPUVTWEVGFKPWUGQHVJGWPKV

.CWPKFCFFGEQPVTQNFGNCE½OCTC6'.'%#/5.++ UÏNQRWGFGUGTGORNGCFCRQTOÅFKEQU[RGTUQPCN FGCUKUVGPEKCOÅFKECSWGFKURQPICPFGWPCEWCNK HKECEKÏPRTQHGUKQPCNCFGEWCFC[SWGJC[CPTGEKDKFQ KPUVTWEEKQPGUUQDTGNCWVKNKCEKÏPFGNQUCRCTCVQU

60˚



5KEJGTJGKVUJKPYGKUG

5CHGV[KPUVTWEVKQPU

+PUVTWEEKQPGUFGUGIWTKFCF

5KEJGTJGKVUOC»PCJOGPCO #WHUVGNNQTV

5CHGV[RTGECWVKQPUCVVJGUKVGQH KPUVCNNCVKQP

/GFKFCUFGUGIWTKFCFGPGNNWICT FGGORNCCOKGPVQ

&CU)GTÀVFCTHPWTKPOGFKKPKUEJIGPWVVGP 4ÀWOGPDGPWVVYGTFGPFGTGPGNGMVTKUEJG #PNCIGPPCEJFGPPCVKQPCNIØNVKIGP8QTUEJTKHVGP KPUVCNNKGTVUKPF &CU)GTÀVKUVOKVGKPGT5VGEMXQTTKEJVWPIHØT FGP2QVGPVKCNCWUINGKEJCWUIGTØUVGV&KGUGPCEJ /C»ICDGFGTPCVKQPCNIØNVKIGP8QTUEJTKHVGP CPUEJNKG»GP 'UKUVPKEJVHØTFGP$GVTKGDKPGZRNQUKQPUIGHÀJT FGVGP$GTGKEJGPDGUVKOOV&KGUDGFGWVGVWC $GK8GTYGPFWPIXQPNGKEJVDTGPPDCTGPWPFGZRNQ UKQPUHÀJKIGP+PJCNCVKQPU#PÀUVJGUKGOKVVGNPWPF FGTGP)GOKUEJGPFCTHFCU)GTÀVPKEJVKPFGTFCT IGUVGNNVGP)GHCJTGPQPGDGVTKGDGPYGTFGP&KGUGU IKNVCWEJHØTNGKEJVDTGPPDCTGWPFGZRNQUKQPUHÀ JKIG%JGOKMCNKGP$*CWVFGUKPHGMVKQPUWPF (NÀEJGPUEJPGNNFGUKPHGMVKQPUOKVVGN

6JGWPKVOC[QPN[DGWUGFKPOGFKECNTQQOU YJQUGGNGEVTKECNU[UVGOUJCXGDGGPKPUVCNNGFKP CEEQTFCPEGYKVJCRRNKECDNGPCVKQPCNTGIWNCVKQPU 6JGWPKVKUGSWKRRGFYKVJCEQPPGEVQTHQTCVVCEJKPI CITQWPFNKPG+VUJQWNFDGEQPPGEVGFDGHQTGRQYGT KUCRRNKGFVQVJGWPKVKPEQORNKCPEGYKVJEWTTGPV PCVKQPCNTGIWNCVKQPU +VKUPQVKPVGPFGFHQTWUGKPJCCTFQWUQPGU 6JKUOGCPUHQTGZCORNGVJCVYJGPWUKPIGCUKN[ EQODWUVKDNGCPFGZRNQUKXGKPJCNCVKQPCPGUVJGVKEU QTOKZVWTGUVJGTGQHVJGWPKVOWUVPQVDGQRGTCVGF KPUKFGVJGJCCTFQPGUJQYPKPVJGFKCITCO6JKU CNUQCRRNKGUHQTGCUKN[EQODWUVKDNGCPFGZRNQUKXG EJGOKECNUGIUMKPFKUKPHGEVCPVUCPFHCUVCEVKPI UWTHCEGFKUKPHGEVCPVU

'NGSWKRQUÏNQRQFT½UGTWVKNKCFQGPGURCEKQU OÅFKEQUEW[CKPUVCNCEKÏPGNÅEVTKECJC[CUKFQGHGE VWCFCFGCEWGTFQEQPNCUPQTOCUPCEKQPCNGUFG UGIWTKFCFXKIGPVGU 'NGSWKRQGUV½RTQXKUVQFGWPCEQPGZKÏPGSWKRQ VGPEKCN.CEQPGZKÏPFGDGGHGEVWCTUGFGCEWGTFQ EQPNCUPQTOCUPCEKQPCNGUFGUGIWTKFCFSWGGUVÅP XKIGPVGU 'NGSWKRQPQGUV½RTGXKUVQRCTCUGTWVKNKCFQGP QPCUGZRWGUVCUCRQUKDNGUGZRNQUKQPGU'UVQUKI PKHKECGPVTGQVTCUEQUCU 5KUGGORNGCPRTQFWEVQUCPGUVÅUKEQURCTCKPJC NCEKÏPH½EKNOGPVGKPHNCOCDNGU[GZRNQUKXQUQUWU OGENCUPQRQFT½WVKNKCTUGGNGSWKRQGPNCUQPCU ECNKHKECFCUEQOQRGNKITQUCURQTGUVGOQVKXQ'UVQ GUX½NKFQVCODKÅPRCTCRTQFWEVQUSWÉOKEQUH½EKN OGPVGKPHNCOCDNGU[GZRNQUKXQUVCNGUEQOQRGL RTQFWEVQURCTCFGUKPHGEEKÏPFGNCRKGN[FGUKPHGE VCPVGUT½RKFQURCTCUWRGTHKEKGU

5KEJGTJGKVUOC»PCJOGPDGKO 'KPUCVFGU)GTÀVGU

5CHGV[RTGECWVKQPUYJGP QRGTCVKPIVJGWPKV

/GFKFCUFGUGIWTKFCFFWTCPVGGN GORNGQFGNGSWKRQ

&GT#PYGPFGTJCVUKEJXQTFGT#PYGPFWPIFGU )GTÀVGUXQPFGT(WPMVKQPUUKEJGTJGKVWPFFGO QTFPWPIUIGOÀ»GP<WUVCPFFGU)GTÀVGUWØDGT GWIGP 9ÀJTGPFFGT$GJCPFNWPIWPVGT8GTYGPFWPIFGT 6'.'%#/5.++OWUUFGT2CVKGPVOKVFGTØDNKEJGP OGFKKPKUEJGP5QTIHCNVDGJCPFGNVWPFDGQDCEJVGV YGTFGP&CWIGJÒTVKPUDGUQPFGTGFKG5QTIGWO UVGTKNG#RRNKMCVKQPUDGFKPIWPIGPUQHGTPFKG#TVFGU 'KPITKHHUFKGUGTHQTFGTV &KGUGU)GTÀVYWTFGIGRTØHVWPFGPV URTKEJVFGP'/8)TGPYGTVGPIGOÀ»FGO /GFKKPRTQFWMVGIGUGV'9) '0 %NCUU#WPF'0|  $GCEJVGP5KGFKG*KPYGKUGWT'NGMVTQOCIPGVK UEJGP8GTVTÀINKEJMGKVKO#PJCPI 5 

+VKUVJGWUGToUTGURQPUKDKNKV[VQOCMGUWTGVJG GSWKROGPVKUUCHGCPFQRGTCVGURTQRGTN[DGHQTG WUG &WTKPIVTGCVOGPVYKVJVJG6'.'%#/5.++VJG RCVKGPVOWUVDGVTGCVGFCPFMGRVWPFGTQDUGTXCVKQP YKVJVJGWUWCNOGFKECNECTG6JKUKPENWFGUMGGRKPI CEJGEMQPVJGRTQITGUUQHVTGCVOGPVCUYGNNCU OQPKVQTKPIUVGTKNGCRRNKECVKQPEQPFKVKQPUYJGTG TGSWKTGFD[VJGV[RGQHKPVGTXGPVKQP %'OCTMGFGSWKROGPVJCUDGGPVGUVGFCPFHQWPF VQEQORN[YKVJVJG'/%NKOKVUHQTVJG/GFKECN &GXKEG&KTGEVKXG''% '0%NCUU# CPF'0|  2NGCUGTGCFVJG'NGEVTQOCIPGVKE%QORCVKDKNKV[ +PHQTOCVKQPKPVJGCRRGPFKZ R 

'NWUWCTKQFGDGEQORTQDCTNCUGIWTKFCFFGHWP EKQPCOKGPVQ[GNDWGPGUVCFQFGNCRCTCVQCPVGUFG ECFCCRNKECEKÏP &WTCPVGGNVTCVCOKGPVQGORNGCPFQNC6'.'%#/5. ++GNRCEKGPVGFGDGUGTVTCVCFQ[QDUGTXCFQEQP NQUEWKFCFQUOÅFKEQUJCDKVWCNGU'UVQKPENW[GGP RCTVKEWNCTGNEQPVTQNFGNCUEQPFKEKQPGUGUVÅTKNGUFG CRNKECEKÏPGPVCPVQSWGGNVKRQFGKPVGTXGPEKÏPCUÉ NQTGSWKGTC 'UVGGSWKRQJCUKFQRTQDCFQ[EWORNGEQPNQU XCNQTGUNÉOKVGU%'/UGIÖPNCUGURGEKHKECEKQPGU FGNC&KTGEVKXC%'' '0%NCUG#[ '0|| RCTC'SWKRQ/ÅFKEQ 1DUGTXGNCUKPFKECEKQPGUUQDTGEQORCVKDKNKFCF GNGEVTQOCIPÅVKECGPGN#PGZQ R½IU 



#WHUVGNNGPWPF $GFKGPWPIUJKPYGKUG

+PUVCNNCVKQPCPF QRGTCVKPIKPUVTWEVKQPU

/QPVCLGG KPUVTWEEKQPGUQRGTCVKXCU

#WURCEMGP

7PRCEMKPIVJGGSWKROGPV

&GUGODCNCLG

'PVPGJOGP5KGFKG6'.'%#/5.++ -COGTCMQPVTQNNGKPJGKV %%7 WPFFCU<WDGJÒT XQTUKEJVKIFGT8GTRCEMWPI¸DGTRTØHGP5KGFKG .KGHGTWPICWH8QNNUVÀPFKIMGKVWPFCWHGXGPVWGNNG $GUEJÀFKIWPIGP 5QNNVGFKG.KGHGTWPI#PNCUUWT4GMNCOCVKQPIGDGP UQYGPFGP5KGUKEJDKVVGWOIGJGPFCPFGP *GTUVGNNGTQFGT.KGHGTCPVGP 9GPPOÒINKEJDGYCJTGP5KGFKG 1TKIKPCNXGTRCEMWPICWHUKGMCPPDGKGKPGO 6TCPURQTVFGU)GTÀVGUPØVNKEJUGKP

%CTGHWNN[WPRCEMVJG6'.'%#/5.++ECOGTC EQPVTQNWPKV %%7 CPFTGOQXGVJGWPKVCPFKVU CEEGUUQTKGUHTQOVJGKTRCEMCIKPI%JGEMHQT OKUUKPIKVGOUCPFGXKFGPEGQHUJKRRKPIFCOCIG (KNGCP[EQORNCKPVUYKVJVJGOCPWHCEVWTGTQT UWRRNKGTKOOGFKCVGN[ +HRQUUKDNGTGVCKPVJGQTKIKPCNRCEMKPIOCVGTKCNUHQT NCVGTWUGVJGUGECPEQOGKPJCPF[KHVJGWPKVJCU VQDGVTCPURQTVGF

'ZVTCKICEWKFCFQUCOGPVGNCWPKFCFFGEQPVTQNFG NCE½OCTC %%7 6'.'%#/5.++[UWUCEEGUQTKQU FGNCECLC4GXKUGUKGNGPXÉQGUV½EQORNGVQ[EQO RTWGDGRQUKDNGUCXGTÉCUFGVTCPURQTVG 'PECUQFGTGENCOCEKQPGUFKTÉLCUGKPOGFKCVCOGPVG CNHCDTKECPVGQCNRTQXGGFQT 5KGURQUKDNGGUTGEQOGPFCDNGIWCTFCTGNGODC NCLGQTKIKPCNRCTCXQNXGTCWVKNKCTNQGPWPRQUKDNG VTCPURQTVGRQUVGTKQTFGNGSWKRQ

)TWPFCWUUVCVVWPI

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