/
10 Visionary Leaders Driving Change in Real Estate 10 Visionary Leaders Driving Change in Real Estate

10 Visionary Leaders Driving Change in Real Estate - PDF document

ciolook
ciolook . @ciolook
Follow
65 views
Uploaded On 2023-12-21

10 Visionary Leaders Driving Change in Real Estate - PPT Presentation

This edition features a handful of business Visionary Leaders Driving Change in Real Estate that are at the forefront of leading us into a digital future ID: 1035463

#internationalbusinessmagazine #Globalbusinessmagazine #topbusinessmagazine #BestBusinessMagazineforentrepreneurs

Share:

Link:

Embed:

Download Presentation from below link

Download Pdf The PPT/PDF document "10 Visionary Leaders Driving Change in R..." is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.


Presentation Transcript

D}Œvt}Œl‰DvP]vPv�]vPZu}šZoššdu &OSJRVF &OSJRVF +6C2? +6C2?úôú¥88\rúÒ-+fpÒpúí—”B‘îÒf8\rJ88BÒpB8Ò8ô+–îú--ú8îúÖÕ&0&,+/6 #6256CDC:G:?8 #6256CDC:G:?8 %+$"&+ )62=DE2E6 )62=DE2E6 (QULTXH7HUDQ&RIRXQGHU%URNHU$VVRFLDWH$YDQWL:D\*URXS 92/,,668(, ^µš]vo�]À]vPdZZ}o}(^µš]v]o]šÇ]všZZošš/vµšŒÇ 6XFFHVVLVQRWMXVW DERXWPDNLQJPRQH\ ,W\nVDERXWPDNLQJDGLIIHUHQFH 6XFFHVVLVQRWMXVW DERXWPDNLQJPRQH\ ,W\nVDERXWPDNLQJDGLIIHUHQFH ,LUH “¬†Ù†“âÙŽYن¯Å VNLOO ™¯âÊÙªÜ�Ê❠LAà� 7 KHUHDOHVWDWHLQGXVWU\LVG\QDPLFUHTXLULQJOHDGHUVZLWKDXQLTXHVHWRIVNLOOVDQGDWWULEXWHVWRWKULYHLQWKLVFRPSHWLWLYHODQGVFDSH6XFFHVVIXOOHDGHUVLQUHDOHVWDWHSRVVHVVDFRPELQDWLRQRIEXVLQHVVDFXPHQLQWHUSHUVRQDOVNLOOVDQGDGDSWDELOLW\/HDGHUVLQWKHUHDOHVWDWHLQGXVWU\DUHYLVLRQDULHVZKRFDQDQWLFLSDWHPDUNHWWUHQGVDQGLGHQWLI\OXFUDWLYHRSSRUWXQLWLHV7KH\KDYHDNHHQXQGHUVWDQGLQJRIWKHHYHUFKDQJLQJODQGVFDSHDQGFDQIRUPXODWHVWUDWHJLHVWKDWDOLJQZLWKWKHORQJWHUPYLVLRQRIWKHLURUJDQL]DWLRQV7KLVIRUHVLJKWDOORZVWKHPWRPDNHLQIRUPHGGHFLVLRQVDQGVWD\DKHDGRIWKHFXUYH&RPPXQLFDWLRQLVDFRUQHUVWRQHRIVXFFHVVIXOOHDGHUVKLSLQDQ\LQGXVWU\DQGUHDOHVWDWHLVQRH[FHSWLRQ/HDGHUVPXVWHIIHFWLYHO\FRPPXQLFDWHZLWKGLYHUVHVWDNHKROGHUVLQFOXGLQJFOLHQWVLQYHVWRUVHPSOR\HHVDQGUHJXODWRU\DXWKRULWLHV7KHDELOLW\WRFRQYH\FRPSOH[LQIRUPDWLRQLQDFOHDUDQGFRQFLVHPDQQHUIRVWHUVWUXVWDQGFROODERUDWLRQHVVHQWLDOFRPSRQHQWVLQEXLOGLQJDQGVXVWDLQLQJVXFFHVVIXOUHDOHVWDWHYHQWXUHV7KHUHDOHVWDWHPDUNHWLVVXEMHFWWRH[WHUQDOIDFWRUVVXFKDVHFRQRPLFXFWXDWLRQVUHJXODWRU\FKDQJHVDQGWHFKQRORJLFDODGYDQFHPHQWV/HDGHUVZKRFDQDGDSWWRWKHVHVKLIWVDQGSURDFWLYHO\DGMXVWWKHLUVWUDWHJLHVDUHEHWWHUSRVLWLRQHGIRUVXFFHVV%HLQJDGDSWDEOHDOORZVOHDGHUVWRQDYLJDWHXQFHUWDLQWLHVFDSLWDOL]HRQHPHUJLQJWUHQGVDQGOHDGWKHLUWHDPVWKURXJKFKDQJLQJPDUNHWFRQGLWLRQV6XFFHVVIXOOHDGHUVUHFRJQL]HWKHLPSRUWDQFHRIQHWZRUNLQJLQWKHUHDOHVWDWHLQGXVWU\%\FXOWLYDWLQJDVWURQJQHWZRUNRILQGXVWU\SURIHVVLRQDOVLQYHVWRUVDQGRWKHUVWDNHKROGHUVOHDGHUVJDLQDFFHVVWRYDOXDEOHUHVRXUFHVLQIRUPDWLRQDQGRSSRUWXQLWLHV6WUDWHJLFQHWZRUNLQJFDQRSHQGRRUVWRSRWHQWLDOSDUWQHUVKLSVFROODERUDWLRQVDQGLQVLJKWVWKDWFDQEHLQVWUXPHQWDOLQDFKLHYLQJORQJWHUPVXFFHVV$GHHSXQGHUVWDQGLQJRIQDQFLDOSULQFLSOHVLVFULWLFDOIRUUHDOHVWDWHOHDGHUV)URPEXGJHWLQJDQGQDQFLDOPRGHOLQJWRQDYLJDWLQJFRPSOH[QDQFLQJVWUXFWXUHVVXFFHVVIXOOHDGHUVFDQDQDO\]HWKHQDQFLDOKHDOWKRIWKHLUSURMHFWVDQGRUJDQL]DWLRQV7KLVQDQFLDODFXPHQHQDEOHVWKHPWRPDNHVWUDWHJLFGHFLVLRQVWKDWRSWLPL]HUHWXUQVDQGHQVXUHWKHORQJWHUPYLDELOLW\RIWKHLUYHQWXUHV6SRWOLJKWLQJWKHMRXUQH\RIH[WUDRUGLQDU\SHUVRQDOLWLHVLQWKHQLFKH&,2/RRNIHDWXUHVWKHHQWKUDOOLQJVWRULHVRI9LVLRQDU\/HDGHUV'ULYLQJ&KDQJHLQ5HDO(VWDWH7KHVHOHDGHUVOHDGE\H[DPSOHIRVWHULQJKLJKSHUIRUPLQJWHDPVWKURXJKHIIHFWLYHOHDGHUVKLSDQGFRQWLQXRXVSURIHVVLRQDOGHYHORSPHQW0RUHRYHUWKH\PDLQWDLQDJOREDOSHUVSHFWLYHUHFRJQL]LQJWKHLQWHUFRQQHFWHGQDWXUHRIWKHUHDOHVWDWHPDUNHWRQDJOREDOVFDOH)OLSWKURXJKWKHSDJHVDQGH[SORUHWKHRG\VVH\RIVXFFHVV+DYHD'HOLJKWIXO5HDG %""*/()"/&10,#")011"&1+0 %""*/()"/&10,#")011"&1+0 ,LUH “¬†Ù†“âÙŽYن¯Å VNLOO ™¯âÊÙªÜ�Ê❠LAà�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úôú¥88\rúÒ-+fpÒpúí—”B‘îÒf8\rJ88BÒpB8Ò8ô+–îú--ú8îúD}Œvt}Œl‰DvP]vPv�]vPZu}šZoššdu^µš]vo�]À]vPdZZ}o}(^µš]v]o]šÇ]všZZošš/vµšŒÇ  !/&++&")&KDPSLRQLQJ-XVWLFHDQG([FHSWLRQDO2XWFRPHV "3,)21&,+&7&+$")011":ULWWHQE\0LFKDHO$WHI&(2DW&LWDGHO  %,+10,21," ,*"12-&!2U7KH5HODWLRQVKLS9HQRP\RXPXVW$YRLG&OSJRVF+6C2?úôú¥88\rúÒ-+fpÒpúí—”B‘îÒf8\rJ88BÒpB8Ò8ô+–îú--ú8îúD}Œvt}Œl‰DvP]vPv�]vPZu}šZoššdu^µš]vo�]À]vPdZZ}o}(^µš]v]o]šÇ]všZZošš/vµšŒÇ dpoufou‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ eftjhos]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo tcmft^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒd]utoZ^oÆµŸÀÀ]XU^]u}vWX ufdiojdcmdZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v'HFHPEHU jÊ=18¤—ûùûü S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9gpmmpxvtpoÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}ltZ�^Ks/��KE(PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}udpoucduvtpo 3RRMD0%DQVDOf„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ tnftnpZŒZvoǐš(ULF6PLWK^KƵŸÀ$OHQ6SHQFHU %ULHI &KDUOHVYDQ7KLHO'LUHFWRU&KDUOHVYDQ7KLHOLVDGLVWLQJXLVKHGSURIHVVLRQDONQRZQIRUKLVVLJQL¿FDQWFRQWULEXWLRQVLQWKHUHDOPRIVXVWDLQDEOH¿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¿HOGRIUHDOHVWDWHGHYHORSPHQWFXUUHQWO\VHUYLQJDVWKH+HDGRI5HDO(VWDWH'HYHORSPHQWDW6WRQHVKLHOG&DSLWDO6WRQHVKLHOG&DSLWDOVWRQHVKLHOGFDSLWDOFRP)HDWXUHG3HUVRQ 0HLU(]UD)RXQGHU0HLU(]UDLVDUHQRZQHGHQWUHSUHQHXUDQGWKHIRXQGHURI*XDUDQWHHG3URVSHULW\DQRUJDQL]DWLRQGHGLFDWHGWRHPSRZHULQJLQGLYLGXDOVDQGEXVLQHVVHVWRDFKLHYHVXFFHVVDQG¿QDQFLDOSURVSHULW\.ULV'HHSFKDQG5HDO(VWDWH0DQDJHU(0($,QKLVFDSDFLW\DV5HDO(VWDWH0DQDJHU.ULVLVUHVSRQVLEOHIRURYHUVHHLQJDQGRSWLPL]LQJ:RUOH\\n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rvFHUVWHHULQJWKHFRPSDQ\ZLWKDYLVLRQDQGOHDGHUVKLSWKDWUHÀHFWVDFRPPLWPHQWWRH[FHOOHQFHDQGLQQRYDWLRQ0$*5( 6216PDJUH\FRP dpoufou‰µšÇ]š}Œv]ZD]ooŒDvP]vP]š}ŒšZŒ]v}Œ eftjhos]µo]ÌŒÀšŒš˜]Pv]Œš}ŒÀ]DŒŸv}]š]PvŒ:u}vŒo tcmft^v]}Œ^oDvPŒt]o}vdXU,µvšŒXµš}uŒ^µDvPŒd]utoZ^oÆµŸÀÀ]XU^]u}vWX ufdiojdcmdZv]o,WšŒ,ÇvdZv]o}vµošvšs]š}Œ}oo]v'HFHPEHU jÊ=18¤—ûùûü S~g~~e4TT=18¤˜˜Ã9¹8\nj_¤_¤î_=]î1˜¬˜=_¤8=˜]î1îÔ=_˜8j¬T_j¤ j¬\nj¤î_˜]=¤¤=_î_Ê0j]j Êî_Ê]î_˜4T\n¤j_=\n4]\n8î_=\nîT48j¤j\njÊ=_14\nj=_1jj¤8Ä=˜4Ä=¤8j¬¤=j]=˜˜=j_0j] S~g~~e9¤=_¤=18¤˜]î=_˜jTTÊÄ=¤8 S~g~~e9gpmmpxvtpoÁÁÁX(}}lX}ul]}o}}lÁÁÁXšÁ]©ŒX}ul]}o}}ltZ�^Ks/��KE(PDLO]v(}›]}o}}lX}u&}Œ^µŒ]‰Ÿ}vÁÁÁX]}o}}lX}udpoucduvtpo 3RRMD0%DQVDOf„Š„‰dƒ„€ Ž|‡€Ž'~„Š‡ŠŠ† ~Šˆ tnftnpZŒZvoǐš(ULF6PLWK^KƵŸÀ$OHQ6SHQFHU %ULHI &KDUOHVYDQ7KLHO'LUHFWRU&KDUOHVYDQ7KLHOLVDGLVWLQJXLVKHGSURIHVVLRQDONQRZQIRUKLVVLJQL¿FDQWFRQWULEXWLRQVLQWKHUHDOPRIVXVWDLQDEOH¿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¿HOGRIUHDOHVWDWHGHYHORSPHQWFXUUHQWO\VHUYLQJDVWKH+HDGRI5HDO(VWDWH'HYHORSPHQWDW6WRQHVKLHOG&DSLWDO6WRQHVKLHOG&DSLWDOVWRQHVKLHOGFDSLWDOFRP)HDWXUHG3HUVRQ 0HLU(]UD)RXQGHU0HLU(]UDLVDUHQRZQHGHQWUHSUHQHXUDQGWKHIRXQGHURI*XDUDQWHHG3URVSHULW\DQRUJDQL]DWLRQGHGLFDWHGWRHPSRZHULQJLQGLYLGXDOVDQGEXVLQHVVHVWRDFKLHYHVXFFHVVDQG¿QDQFLDOSURVSHULW\.ULV'HHSFKDQG5HDO(VWDWH0DQDJHU(0($,QKLVFDSDFLW\DV5HDO(VWDWH0DQDJHU.ULVLVUHVSRQVLEOHIRURYHUVHHLQJDQGRSWLPL]LQJ:RUOH\\n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rvFHUVWHHULQJWKHFRPSDQ\ZLWKDYLVLRQDQGOHDGHUVKLSWKDWUHÀHFWVDFRPPLWPHQWWRH[FHOOHQFHDQGLQQRYDWLRQ0$*5( 6216PDJUH\FRP &OSJRVF +6C2?úôú¥88\rúÒ-+fpÒpúí—”B‘îÒf8\rJ88BÒpB8Ò8ô+–îú--ú8îú +/&.2"-) "001/,+$"*-%0&0,+%&0&)&161, ,++" 14&1%1%"6,2+$"/$"+"/1&,+ý ""+',60"+$$&+$4&1%-",-)"þ$&+&+$&+0&$%10&+1,1%"&/!&›"/"+1-"/0-" 1&3"0þ+!0%/&+$%&03&0&,+4&1%1%"*ý e e e e &29(56725 (QULTXH7HUDQ&RIRXQGHU%URNHU$VVRFLDWH$YDQWL:D\*URXS &OSJRVF +6C2?úôú¥88\rúÒ-+fpÒpúí—”B‘îÒf8\rJ88BÒpB8Ò8ô+–îú--ú8îú +/&.2"-) "001/,+$"*-%0&0,+%&0&)&161, ,++" 14&1%1%"6,2+$"/$"+"/1&,+ý ""+',60"+$$&+$4&1%-",-)"þ$&+&+$&+0&$%10&+1,1%"&/!&›"/"+1-"/0-" 1&3"0þ+!0%/&+$%&03&0&,+4&1%1%"*ý e e e e &29(56725 (QULTXH7HUDQ&RIRXQGHU%URNHU$VVRFLDWH$YDQWL:D\*URXS ( QULTXH7HUDQWKH&RIRXQGHUDQG%URNHU$VVRFLDWHRI$YDQWL:D\*URXSLVDYLVLRQDU\OHDGHUZKRLVGHHSO\SDVVLRQDWHDERXWFKDOOHQJLQJWKHVWDWXVTXRDQGUHVKDSLQJWKHODQGVFDSHRIWKHUHDOHVWDWHLQGXVWU\:LWKDQXQZDYHULQJFRPPLWPHQWWRFUHDWLQJXQSDUDOOHOHGFRQVXPHUH[SHULHQFHVKHKDVVHW$YDQWL:D\*URXSRQDUHOHQWOHVVTXHVWIRUH[FHOOHQFH(QULTXH\nVYLVLRQLVUPO\JURXQGHGLQWKHEHOLHIWKDWWKHUHDOHVWDWHLQGXVWU\KDVWKHSRWHQWLDOWRHQJDJHLQDSURIRXQGWUDQVIRUPDWLRQWKDWFDQEHQHWDOOVWDNHKROGHUV+HKDVFXOWLYDWHGDQHFRV\VWHPLQZKLFKSURIHVVLRQDODJHQWVDQGFXVWRPL]HGWHFKQRORJLHVFROODERUDWHWRGHOLYHUYDOXHWRFRQVXPHUVWKURXJKDQXQSDUDOOHOHGH[SHULHQFHWKDWUHLPDJLQHVHYHU\IDFHWRIWKHUHDOHVWDWHMRXUQH\VWULYLQJWRPDNHLWVWUDLJKWIRUZDUGVLPSOLHGDQGJUHDWO\HQKDQFHGIRUDOOLQYROYHG(QULTXH\nVXQZDYHULQJFRPPLWPHQWWRH[FHOOHQFHDQGVXFFHVVVHUYHVDVWKHGULYLQJIRUFHEHKLQGWKH$YDQWL:D\*URXS2QHRI(QULTXH\nVNH\VWUHQJWKVOLHVLQKLVDELOLW\WRWKLQNRXWVLGHWKHER[DQGDSSURDFKSUREOHPVROYLQJZLWKDXQLTXHSHUVSHFWLYH+HKDVPDGHLWKLVPLVVLRQWREUHDNDZD\IURPWUDGLWLRQDOQRUPVDQGUHVKDSHPLQGVHWVZLWKLQWKHLQGXVWU\8QGHU(QULTXH\nVOHDGHUVKLS$YDQWL:D\*URXSKDVFRQVLVWHQWO\H[FHHGHGWUDGLWLRQDOUHVXOWVVHWWLQJQHZEHQFKPDUNVDQGFKDOOHQJLQJLQGXVWU\VWDQGDUGV+LVWHDPVDUHGULYHQE\DVKDUHGYLVLRQWRPDNHHYHU\WKLQJHDVLHUVLPSOHUDQGPRUHHQMR\DEOHIRUDOOVWDNHKROGHUVLQWKHUHDOHVWDWHSURFHVV7KH%LUWKRI$YDQWL:D\5HDOW\(QULTXH\nVMRXUQH\LQWRWKHUHDOHVWDWHEXVLQHVVEHJDQDWD\RXQJDJHDVKLVIDPLO\RZQHGDUHDOHVWDWHFRPSDQ\$VD\RXQJVWHUKLVSDUHQWVDOZD\VIRXQGZD\VWRKDYHKLPDQGKLVVLEOLQJVSDUWLFLSDWHLQWKHEXVLQHVVZLWKWULYLDOEXWFKDOOHQJLQJWDVNVWKDWSURYLGHGGHHSOHVVRQVRQKDUGZRUNGLVFLSOLQHDQGWKHUHVSRQVLELOLWLHVRIEXVLQHVVRZQHUVKLS'XULQJKLVFROOHJH\HDUVDW$PHULFDQ,QWHUFRQWLQHQWDO8QLYHUVLW\GXULQJZKLFKKHVWXGLHGWREHFRPHDV\VWHPVHQJLQHHUKHDFWLYHO\VRXJKWRXWZD\VWRKHOSWKHFRPSDQ\LPSURYH$IWHUKLVSDUHQWV\n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n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nVHGXFDWLRQDOEDFNJURXQGLQWHFKQRORJ\HQGRZHGKLPZLWKWKHH[SHUWLVHDQGNQRZKRZWRFROODERUDWHZLWKGHYHORSHUVSURJUDPVRIWZDUHDQGRYHUVHHWKHGHYHORSPHQWSURFHVVIURPVWDUWWRQLVK7KLVIRXQGDWLRQKDVSURYHQLQGLVSHQVDEOHLQKLVHIIRUWVWRFUHDWHDQGLPSURYHWKHWHFKQRORJ\SODWIRUPVHPSOR\HGLQWRGD\\nVUHDOHVWDWHLQGXVWU\)URP&HOO3KRQHVWR6PDUWSKRQHV(QULTXHVHHVWKHUHDOHVWDWHLQGXVWU\\nVHYROXWLRQLQWKHFRQWH[WRIWHFKQRORJ\DVDVLJQLFDQWMRXUQH\GUDZLQJSDUDOOHOVWRWKHHYROXWLRQRIWKHFHOOSKRQH:KHQKH+/&.2"")&"3"01%"*,010&$+&œ +1&*- 1%" +*("&06!"!& 1&+$%&01&*"+!/"0,2/ "01,")"31"1%"/")"011"*/("1ý e e e e ( QULTXH7HUDQWKH&RIRXQGHUDQG%URNHU$VVRFLDWHRI$YDQWL:D\*URXSLVDYLVLRQDU\OHDGHUZKRLVGHHSO\SDVVLRQDWHDERXWFKDOOHQJLQJWKHVWDWXVTXRDQGUHVKDSLQJWKHODQGVFDSHRIWKHUHDOHVWDWHLQGXVWU\:LWKDQXQZDYHULQJFRPPLWPHQWWRFUHDWLQJXQSDUDOOHOHGFRQVXPHUH[SHULHQFHVKHKDVVHW$YDQWL:D\*URXSRQDUHOHQWOHVVTXHVWIRUH[FHOOHQFH(QULTXH\nVYLVLRQLVUPO\JURXQGHGLQWKHEHOLHIWKDWWKHUHDOHVWDWHLQGXVWU\KDVWKHSRWHQWLDOWRHQJDJHLQDSURIRXQGWUDQVIRUPDWLRQWKDWFDQEHQHWDOOVWDNHKROGHUV+HKDVFXOWLYDWHGDQHFRV\VWHPLQZKLFKSURIHVVLRQDODJHQWVDQGFXVWRPL]HGWHFKQRORJLHVFROODERUDWHWRGHOLYHUYDOXHWRFRQVXPHUVWKURXJKDQXQSDUDOOHOHGH[SHULHQFHWKDWUHLPDJLQHVHYHU\IDFHWRIWKHUHDOHVWDWHMRXUQH\VWULYLQJWRPDNHLWVWUDLJKWIRUZDUGVLPSOLHGDQGJUHDWO\HQKDQFHGIRUDOOLQYROYHG(QULTXH\nVXQZDYHULQJFRPPLWPHQWWRH[FHOOHQFHDQGVXFFHVVVHUYHVDVWKHGULYLQJIRUFHEHKLQGWKH$YDQWL:D\*URXS2QHRI(QULTXH\nVNH\VWUHQJWKVOLHVLQKLVDELOLW\WRWKLQNRXWVLGHWKHER[DQGDSSURDFKSUREOHPVROYLQJZLWKDXQLTXHSHUVSHFWLYH+HKDVPDGHLWKLVPLVVLRQWREUHDNDZD\IURPWUDGLWLRQDOQRUPVDQGUHVKDSHPLQGVHWVZLWKLQWKHLQGXVWU\8QGHU(QULTXH\nVOHDGHUVKLS$YDQWL:D\*URXSKDVFRQVLVWHQWO\H[FHHGHGWUDGLWLRQDOUHVXOWVVHWWLQJQHZEHQFKPDUNVDQGFKDOOHQJLQJLQGXVWU\VWDQGDUGV+LVWHDPVDUHGULYHQE\DVKDUHGYLVLRQWRPDNHHYHU\WKLQJHDVLHUVLPSOHUDQGPRUHHQMR\DEOHIRUDOOVWDNHKROGHUVLQWKHUHDOHVWDWHSURFHVV7KH%LUWKRI$YDQWL:D\5HDOW\(QULTXH\nVMRXUQH\LQWRWKHUHDOHVWDWHEXVLQHVVEHJDQDWD\RXQJDJHDVKLVIDPLO\RZQHGDUHDOHVWDWHFRPSDQ\$VD\RXQJVWHUKLVSDUHQWVDOZD\VIRXQGZD\VWRKDYHKLPDQGKLVVLEOLQJVSDUWLFLSDWHLQWKHEXVLQHVVZLWKWULYLDOEXWFKDOOHQJLQJWDVNVWKDWSURYLGHGGHHSOHVVRQVRQKDUGZRUNGLVFLSOLQHDQGWKHUHVSRQVLELOLWLHVRIEXVLQHVVRZQHUVKLS'XULQJKLVFROOHJH\HDUVDW$PHULFDQ,QWHUFRQWLQHQWDO8QLYHUVLW\GXULQJZKLFKKHVWXGLHGWREHFRPHDV\VWHPVHQJLQHHUKHDFWLYHO\VRXJKWRXWZD\VWRKHOSWKHFRPSDQ\LPSURYH$IWHUKLVSDUHQWV\n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n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nVHGXFDWLRQDOEDFNJURXQGLQWHFKQRORJ\HQGRZHGKLPZLWKWKHH[SHUWLVHDQGNQRZKRZWRFROODERUDWHZLWKGHYHORSHUVSURJUDPVRIWZDUHDQGRYHUVHHWKHGHYHORSPHQWSURFHVVIURPVWDUWWRQLVK7KLVIRXQGDWLRQKDVSURYHQLQGLVSHQVDEOHLQKLVHIIRUWVWRFUHDWHDQGLPSURYHWKHWHFKQRORJ\SODWIRUPVHPSOR\HGLQWRGD\\nVUHDOHVWDWHLQGXVWU\)URP&HOO3KRQHVWR6PDUWSKRQHV(QULTXHVHHVWKHUHDOHVWDWHLQGXVWU\\nVHYROXWLRQLQWKHFRQWH[WRIWHFKQRORJ\DVDVLJQLFDQWMRXUQH\GUDZLQJSDUDOOHOVWRWKHHYROXWLRQRIWKHFHOOSKRQH:KHQKH+/&.2"")&"3"01%"*,010&$+&œ +1&*- 1%" +*("&06!"!& 1&+$%&01&*"+!/"0,2/ "01,")"31"1%"/")"011"*/("1ý e e e e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nVUVWLQWHOOLJHQWFRQWUDFWV\VWHPZKLFKDOORZVUHDOWRUVDQGFRQVXPHUVWRFRQGHQWO\QDYLJDWHWKHLUUHDOHVWDWHWUDQVDFWLRQV)XUWKHUPRUH$YDQWL:D\LVFXUUHQWO\IRFXVLQJLWV$,HIIRUWVRQPDUNHWLQJDQGFRPPXQLFDWLRQE\GHYHORSLQJWHFKQRORJLHVWKDWIDFLOLWDWHFRQWHQWFUHDWLRQVXFKDVFUDIWLQJSURSHUW\GHVFULSWLRQVDQGJHQHUDWLQJDGVIRUVRFLDOPHGLDSODWIRUPV7KLVDSSURDFKUHHFWVWKHLUFRPPLWPHQWWRVLPSOLI\LQJDQGHQKDQFLQJWKHUHDOHVWDWHH[SHULHQFHWKURXJKLQQRYDWLYHWHFKQRORJ\6LPSOLI\LQJ5HDO(VWDWH7KHFRPSDQ\\nVSULPDU\IRFXVKDVEHHQRQFRQWLQXRXVO\LPSURYLQJDQGUHQLQJWKLVSODWIRUPWRGHOLYHULQFUHDVHGYDOXHWRFRQVXPHUVDQGDJHQWVDOLNH7KHFRPSDQ\\nVZRUNFHQWHUVDURXQGVLPSOLI\LQJYDULRXVDVSHFWVRIWKHUHDOHVWDWHSURFHVVZKLOHEXLOGLQJRQLQGXVWU\WUDGLWLRQVDQGSUDFWLFHVWRHQKDQFHWKHRYHUDOOUHDOHVWDWHH[SHULHQFH7KH\KDYHFRLQHGDWHUPWREULQJWKLVFRQFHSWWROLIHHQHUJ\HIFLHQWUHDOHVWDWLQJ$YDQWL:D\RSHUDWHVZLWKDGXDOIRFXVHQFRPSDVVLQJERWKDPSOLFDWLRQRILWVYLVLRQWRUHYROXWLRQL]HWKHUHDOHVWDWHLQGXVWU\DQGWKHDJHQW\nVUROHLQGHOLYHULQJYDOXHWRFRQVXPHUV7KHFRPSDQ\FRQWLQXRXVO\DVNVLWVHOIZKDWYDOXHLWFDQRIIHUWRFRQVXPHUVLQLWVPLVVLRQWRSURYLGHDXQLTXHDQGGDWDGULYHQUHDOHVWDWHH[SHULHQFHWKDWVLPSOLHVDFRPSOH[SURFHVV/LVWHQLQJWRWKH:RUOG(QULTXH\n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nVODUJHVWORFDOUHDOHVWDWHDVVRFLDWLRQZKLFKKDVPHPEHUV+LVFRPPLWPHQWH[WHQGVWRVFUXWLQL]LQJYDULRXVDVSHFWVRIWKHLQGXVWU\DQGDGRSWLQJDKROLVWLFDSSURDFKWRGULYHFKDQJHVERWKZLWKLQKLVRUJDQL]DWLRQDQGDVDPRGHOIRUWKHUHDOHVWDWHLQGXVWU\1RZPRUHWKDQHYHU(QULTXHLVDFXWHO\DZDUHRIWKHXUJHQWQHHGIRUG\QDPLFLQQRYDWLRQZLWKLQWKHUHDOHVWDWHLQGXVWU\+HHPSKDVL]HVWKDWRYHUPDQ\GHFDGHVEURNHURZQHUVKDYHRIWHQSOD\HGDOHVVSURPLQHQWUROHLQLQQRYDWLQJWKHYDOXHSURSRVLWLRQIRUFRQVXPHUVDQGDJHQWVDQGLQVKDSLQJWKHLQGXVWU\\nVIXWXUH7KLVGLPLQLVKLQJLQYROYHPHQWKDVVHWWKHLQGXVWU\RQDFRXUVHRIVLJQLFDQWFKDQJHVZKLFKMHRSDUGL]HWKHUROHSOD\HGE\EURNHUVDQGDJHQWV(YHQZRUVHLWKDVOHGWRDQDOOWLPHORZLQEURNHU+/&.2"")&"3"0%&0 ,*-+6&0)"00"!1,"%&$%)6&++,31&3"þ-,0&1&,+&+$1%"*%"!,#*2 %,#1%" ,*-"1&1&,+ý e e e e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nVUVWLQWHOOLJHQWFRQWUDFWV\VWHPZKLFKDOORZVUHDOWRUVDQGFRQVXPHUVWRFRQGHQWO\QDYLJDWHWKHLUUHDOHVWDWHWUDQVDFWLRQV)XUWKHUPRUH$YDQWL:D\LVFXUUHQWO\IRFXVLQJLWV$,HIIRUWVRQPDUNHWLQJDQGFRPPXQLFDWLRQE\GHYHORSLQJWHFKQRORJLHVWKDWIDFLOLWDWHFRQWHQWFUHDWLRQVXFKDVFUDIWLQJSURSHUW\GHVFULSWLRQVDQGJHQHUDWLQJDGVIRUVRFLDOPHGLDSODWIRUPV7KLVDSSURDFKUHHFWVWKHLUFRPPLWPHQWWRVLPSOLI\LQJDQGHQKDQFLQJWKHUHDOHVWDWHH[SHULHQFHWKURXJKLQQRYDWLYHWHFKQRORJ\6LPSOLI\LQJ5HDO(VWDWH7KHFRPSDQ\\nVSULPDU\IRFXVKDVEHHQRQFRQWLQXRXVO\LPSURYLQJDQGUHQLQJWKLVSODWIRUPWRGHOLYHULQFUHDVHGYDOXHWRFRQVXPHUVDQGDJHQWVDOLNH7KHFRPSDQ\\nVZRUNFHQWHUVDURXQGVLPSOLI\LQJYDULRXVDVSHFWVRIWKHUHDOHVWDWHSURFHVVZKLOHEXLOGLQJRQLQGXVWU\WUDGLWLRQVDQGSUDFWLFHVWRHQKDQFHWKHRYHUDOOUHDOHVWDWHH[SHULHQFH7KH\KDYHFRLQHGDWHUPWREULQJWKLVFRQFHSWWROLIHHQHUJ\HIFLHQWUHDOHVWDWLQJ$YDQWL:D\RSHUDWHVZLWKDGXDOIRFXVHQFRPSDVVLQJERWKDPSOLFDWLRQRILWVYLVLRQWRUHYROXWLRQL]HWKHUHDOHVWDWHLQGXVWU\DQGWKHDJHQW\nVUROHLQGHOLYHULQJYDOXHWRFRQVXPHUV7KHFRPSDQ\FRQWLQXRXVO\DVNVLWVHOIZKDWYDOXHLWFDQRIIHUWRFRQVXPHUVLQLWVPLVVLRQWRSURYLGHDXQLTXHDQGGDWDGULYHQUHDOHVWDWHH[SHULHQFHWKDWVLPSOLHVDFRPSOH[SURFHVV/LVWHQLQJWRWKH:RUOG(QULTXH\n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nVODUJHVWORFDOUHDOHVWDWHDVVRFLDWLRQZKLFKKDVPHPEHUV+LVFRPPLWPHQWH[WHQGVWRVFUXWLQL]LQJYDULRXVDVSHFWVRIWKHLQGXVWU\DQGDGRSWLQJDKROLVWLFDSSURDFKWRGULYHFKDQJHVERWKZLWKLQKLVRUJDQL]DWLRQDQGDVDPRGHOIRUWKHUHDOHVWDWHLQGXVWU\1RZPRUHWKDQHYHU(QULTXHLVDFXWHO\DZDUHRIWKHXUJHQWQHHGIRUG\QDPLFLQQRYDWLRQZLWKLQWKHUHDOHVWDWHLQGXVWU\+HHPSKDVL]HVWKDWRYHUPDQ\GHFDGHVEURNHURZQHUVKDYHRIWHQSOD\HGDOHVVSURPLQHQWUROHLQLQQRYDWLQJWKHYDOXHSURSRVLWLRQIRUFRQVXPHUVDQGDJHQWVDQGLQVKDSLQJWKHLQGXVWU\\nVIXWXUH7KLVGLPLQLVKLQJLQYROYHPHQWKDVVHWWKHLQGXVWU\RQDFRXUVHRIVLJQLFDQWFKDQJHVZKLFKMHRSDUGL]HWKHUROHSOD\HGE\EURNHUVDQGDJHQWV(YHQZRUVHLWKDVOHGWRDQDOOWLPHORZLQEURNHU+/&.2"")&"3"0%&0 ,*-+6&0)"00"!1,"%&$%)6&++,31&3"þ-,0&1&,+&+$1%"*%"!,#*2 %,#1%" ,*-"1&1&,+ý e e e e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n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nDQGFRPPXQLWLHV\nJURZWKDQGFUHDWHDSRVLWLYHLPSDFW(QULTXHUHFDOOVDVSHFLFVLWXDWLRQZKHUHKLVOHDGHUVKLSDSSURDFKWUXO\VKRQH,WLQYROYHGZRUNLQJZLWKDQLQGLYLGXDOZKRPKLVPDQDJHPHQWWHDPEHOLHYHGPLJKWQRWEHWKHEHVWWIRUDSDUWLFXODUUROHGXHWRWKHLUOLPLWHGUHDOHVWDWHH[SHULHQFHDQGXQIDPLOLDULW\ZLWK$PHULFDQFXVWRPV:KHUHDVRWKHUVRQO\VDZWKLVSHUVRQ\nVOLPLWDWLRQV(QULTXHWRRNWKHWLPHWRLQWHUYLHZDQGDVVHVVWKHP+HGLVFHUQHGVRPHWKLQJXQLTXHæDVSDUNRIGHWHUPLQDWLRQZLWKLQWKHLQGLYLGXDO5HFRJQL]LQJWKLVSRWHQWLDO(QULTXHGHGLFDWHGWLPHDQGHIIRUWWRPHQWRUWKLVSHUVRQ,QVWHDGRIIROORZLQJWKHFRQYHQWLRQDOURXWHRIQRWLQYHVWLQJLQVXFKSHUVRQQHO(QULTXHFKRVHWRLQYHVWLQWKHLUGHYHORSPHQW7RGD\WKDWLQGLYLGXDOKDVEHFRPHDQLQYDOXDEOHSDUWRI$YDQWL:D\5HDOW\7KLVVWRU\XQGHUVFRUHV(QULTXH\nVEHOLHILQDVNLQJWKHULJKWTXHVWLRQVDQGDSSURDFKLQJFKDOOHQJHVIURPWKHULJKWSHUVSHFWLYH+HXQYHLOHGKLGGHQSRWHQWLDOWUDQVIRUPHGDQLQGLYLGXDO\nVOLIHDQGSURSHOOHGKLVFRPSDQ\IRUZDUGVHUYLQJDVDWHVWDPHQWWRWKHSRZHURIUHFRJQL]LQJWKHSRWHQWLDOLQLQGLYLGXDOVZKRPRWKHUVPLJKWRYHUORRN3HUVSHFWLYHRQ/HDGHUVKLS(QULTXHHPSKDVL]HVWKHLPSRUWDQFHRIKDYLQJDQH[FHSWLRQDOWHDPIRUVXSSRUWLQJDQGGULYLQJWKHFRPSDQ\\nVVXFFHVV+HLVSURXGRIKLVFRPSDQ\\n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nOLYHVDVSRVVLEOHQDWLRQZLGHUHHFWLQJLWVFRPPLWPHQWWRSURYLGLQJFRQVXPHUVZLWKDXQLTXHWHFKGULYHQH[SHULHQFH7KHIXWXUHORRNVSURPLVLQJDVWKH\ZRUNWRZDUGWKLVDPELWLRXVJRDOOHDGHUVKLSDQGPDQDJHULDOWHDPUHFRJQL]LQJWKHLUFROOHFWLYHHIIRUWVKDYHEHHQLQVWUXPHQWDOLQWKHFRPSDQ\\nVDFKLHYHPHQWV+HDFNQRZOHGJHVWKDWOHDGHUVGRQ\nWUHDFKWKHLUJRDOVE\WKHPVHOYHVDQGWKDWWKH\UHO\RQLQFUHGLEOHOHDGHUVZKRZRUNDORQJVLGHWKHP+HYDOXHVKLVWHDP\n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×ÕÕÜ4&1%3&0&,+,# /"1&+$!&$&1)-)1#,/*1%14&))0&$+&œ +1)6&*- 11%")&3"0,#/")"011"$"+10+! ,+02*"/0ý e e e e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n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nDQGFRPPXQLWLHV\nJURZWKDQGFUHDWHDSRVLWLYHLPSDFW(QULTXHUHFDOOVDVSHFLFVLWXDWLRQZKHUHKLVOHDGHUVKLSDSSURDFKWUXO\VKRQH,WLQYROYHGZRUNLQJZLWKDQLQGLYLGXDOZKRPKLVPDQDJHPHQWWHDPEHOLHYHGPLJKWQRWEHWKHEHVWWIRUDSDUWLFXODUUROHGXHWRWKHLUOLPLWHGUHDOHVWDWHH[SHULHQFHDQGXQIDPLOLDULW\ZLWK$PHULFDQFXVWRPV:KHUHDVRWKHUVRQO\VDZWKLVSHUVRQ\nVOLPLWDWLRQV(QULTXHWRRNWKHWLPHWRLQWHUYLHZDQGDVVHVVWKHP+HGLVFHUQHGVRPHWKLQJXQLTXHæDVSDUNRIGHWHUPLQDWLRQZLWKLQWKHLQGLYLGXDO5HFRJQL]LQJWKLVSRWHQWLDO(QULTXHGHGLFDWHGWLPHDQGHIIRUWWRPHQWRUWKLVSHUVRQ,QVWHDGRIIROORZLQJWKHFRQYHQWLRQDOURXWHRIQRWLQYHVWLQJLQVXFKSHUVRQQHO(QULTXHFKRVHWRLQYHVWLQWKHLUGHYHORSPHQW7RGD\WKDWLQGLYLGXDOKDVEHFRPHDQLQYDOXDEOHSDUWRI$YDQWL:D\5HDOW\7KLVVWRU\XQGHUVFRUHV(QULTXH\nVEHOLHILQDVNLQJWKHULJKWTXHVWLRQVDQGDSSURDFKLQJFKDOOHQJHVIURPWKHULJKWSHUVSHFWLYH+HXQYHLOHGKLGGHQSRWHQWLDOWUDQVIRUPHGDQLQGLYLGXDO\nVOLIHDQGSURSHOOHGKLVFRPSDQ\IRUZDUGVHUYLQJDVDWHVWDPHQWWRWKHSRZHURIUHFRJQL]LQJWKHSRWHQWLDOLQLQGLYLGXDOVZKRPRWKHUVPLJKWRYHUORRN3HUVSHFWLYHRQ/HDGHUVKLS(QULTXHHPSKDVL]HVWKHLPSRUWDQFHRIKDYLQJDQH[FHSWLRQDOWHDPIRUVXSSRUWLQJDQGGULYLQJWKHFRPSDQ\\nVVXFFHVV+HLVSURXGRIKLVFRPSDQ\\n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nOLYHVDVSRVVLEOHQDWLRQZLGHUHHFWLQJLWVFRPPLWPHQWWRSURYLGLQJFRQVXPHUVZLWKDXQLTXHWHFKGULYHQH[SHULHQFH7KHIXWXUHORRNVSURPLVLQJDVWKH\ZRUNWRZDUGWKLVDPELWLRXVJRDOOHDGHUVKLSDQGPDQDJHULDOWHDPUHFRJQL]LQJWKHLUFROOHFWLYHHIIRUWVKDYHEHHQLQVWUXPHQWDOLQWKHFRPSDQ\\nVDFKLHYHPHQWV+HDFNQRZOHGJHVWKDWOHDGHUVGRQ\nWUHDFKWKHLUJRDOVE\WKHPVHOYHVDQGWKDWWKH\UHO\RQLQFUHGLEOHOHDGHUVZKRZRUNDORQJVLGHWKHP+HYDOXHVKLVWHDP\n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×ÕÕÜ4&1%3&0&,+,# /"1&+$!&$&1)-)1#,/*1%14&))0&$+&œ +1)6&*- 11%")&3"0,#/")"011"$"+10+! ,+02*"/0ý e e e e $GULDQ6'DQLHOLVDOHJDOYLUWXRVRDQGD-XQLRU3DUWQHUDWWKHHVWHHPHGODZUPæ'DQLHO%UDQWOH\+LVSDVVLRQIRUKHOSLQJFOLHQWVQDYLJDWHWKHFRPSOH[WHUUDLQRIOHJDOGLVSXWHVLVQRWKLQJVKRUWRIUHPDUNDEOH$GULDQè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èVH[SORUH$GULDQè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nVYDOXHVDQGYLVLRQ"'DQLHO%UDQWOH\$WWRUQH\V$W/DZVWDUWHGVRPH\HDUVDJRE\WKH5LJKW([FHOOHQW'U6LPRQ'DQLHODQG+RQ0DUN%UDQWOH\DVDIXOOVHUYLFHODZUPSUDFWLFLQJLQ&LYLOODZLQWKH)HGHUDWLRQRI6W&KULVWRSKHUDQG1HYLV7KH)LUPKDVDYLEUDQWDQGULFKKLVWRU\RIDVVLVWLQJDZLGHUDQJHRIFOLHQWVDQGKDVGHYHORSHGDUHSXWDWLRQIRUSHUIRUPLQJDWDKLJKOHYHORIHIFLHQF\ Œ]v^Xv]o:µv]}ŒWŒšvŒv]oŒvšoÇU©}Œvǐrš�rÁ ZZZFLRORRNFRP_'HFHPEHU_ ZZZFLRORRNFRP__'HFHPEHU $GULDQ6'DQLHOLVDOHJDOYLUWXRVRDQGD-XQLRU3DUWQHUDWWKHHVWHHPHGODZUPæ'DQLHO%UDQWOH\+LVSDVVLRQIRUKHOSLQJFOLHQWVQDYLJDWHWKHFRPSOH[WHUUDLQRIOHJDOGLVSXWHVLVQRWKLQJVKRUWRIUHPDUNDEOH$GULDQè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èVH[SORUH$GULDQè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nVYDOXHVDQGYLVLRQ"'DQLHO%UDQWOH\$WWRUQH\V$W/DZVWDUWHGVRPH\HDUVDJRE\WKH5LJKW([FHOOHQW'U6LPRQ'DQLHODQG+RQ0DUN%UDQWOH\DVDIXOOVHUYLFHODZUPSUDFWLFLQJLQ&LYLOODZLQWKH)HGHUDWLRQRI6W&KULVWRSKHUDQG1HYLV7KH)LUPKDVDYLEUDQWDQGULFKKLVWRU\RIDVVLVWLQJDZLGHUDQJHRIFOLHQWVDQGKDVGHYHORSHGDUHSXWDWLRQIRUSHUIRUPLQJDWDKLJKOHYHORIHIFLHQF\ Œ]v^Xv]o:µv]}ŒWŒšvŒv]oŒvšoÇU©}Œvǐrš�rÁ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è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·³©=à=K·K³à³rS5³l5õ³Œ°³K5·ŒK³·Œ©Ú³Œ°³·k·5r³©ùà·K³·4SŒùùr³5·ÒŒ5°ù·==³Ñ³KÚ·³©à5©S=KŒ©·=k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è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·³©=à=K·K³à³rS5³l5õ³Œ°³K5·ŒK³·Œ©Ú³Œ°³·k·5r³©ùà·K³·4SŒùùr³5·ÒŒ5°ù·==³Ñ³KÚ·³©à5©S=KŒ©·=k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n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n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n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n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