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x0004GSPPEFSVEXMSRx0004FIXIIRx0004 x0004GSPPEFSVEXMSRx0004FIXIIRx0004

x0004GSPPEFSVEXMSRx0004FIXIIRx0004 - PDF document

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Uploaded On 2021-09-13

x0004GSPPEFSVEXMSRx0004FIXIIRx0004 - PPT Presentation

x0003x0013x0003x0013x00039VFERx00044IEGIx00041SZIQIRXx0004x000C941x0004FYMPHWx0004SYXLx0004PIEHIVWLMTx0004MRx00043EOPERHx0004XSx0004XVERWJSVQx0004XLIx0004GYPXYVIx0004ERHx0004WSGMEPx0004GSRHMXMSRWx0004 ID: 879710

x0003 x0004 x0010 erh x0004 x0003 erh x0010 xli x0012 x0098 xlex jsv syxl x0027 syrk x0011 evi gsqqyrmx

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1 %GSPPEFSVEXMSRFIX[IIR&#x
%GSPPEFSVEXMSRFIX[IIR ÓşĎĆθĤĪ 9VFER4IEGI1SZIQIRX 941 FYMPHW]SYXLPIEHIVWLMTMR3EOPERHXS XVERWJSVQXLIGYPXYVIERHWSGMEPGSRHMXMSRWXLEXHVMZIGSQQYRMX]ZMSPIRGI 'IRXIVIH=SYXL3VKERM^MRKśWYTTSVXW]SYRKTISTPIXSJIIPWIPJGSRJMHIRX LSTIJYP[LMPIIQTS[IVMRKXLIQXS[SVOJSVLIEPMRKWSGMEPNYWXMGIERH EFVMKLXIVJYXYVIJSVEPP941ŘW]SYXLQIQFIVW[SVOSRE 4SPMG]  7]WXIQW'LERKI8SEHZSGEXIJSVWSGMEP IGSRSQMGNYWXMGIERHTYFPMG TSPMGMIWXLEXHMWVYTXXLIG]GPIWSJYVFERZMSPIRGIERHQEWWMRGEVGIVEXMSR XSGVIEXIVIEPSTTSVXYRMXMIWERHQSVITIEGIJYPGSQQYRMXMIWF ,IEPMRK  'YPXYVI'LERKI8SMQTVSZIXLI[E]XLEXGSQQYRMX]QIQFIVWVIPEXIXS SRIERSXLIVERHXSGLERKIXLIGYPXYVEPRSVQWXLEXKSZIVRSYV GSQQYRMXMIWŕXSFYMPHEGYPXYVISJTIEGIERHG 1SZIQIRX&YMPHMRKXS WXVIRKXLIRVIPEXMSRWLMTWFIX[IIR]SYXLWIVZMRKSVKERM^EXMSRWJSVE 'SQQYRMXMIW9RMXIHJSV6IWXSVEXMZI=SYXL.YWXMGI '96=. MWERSRTVSJMX XLIPIEHIVWLMTSJ]SYRKTISTPIXSHVIEQFI]SRHFEVW;IPSSOXS]SYRK TISTPIXSPIEHXLI[E]F]XVERWJSVQMRKSYVGSQQYRMX]ERHMRZIWXMRKMR LIEPMRKGMVGPIWPMJIGSEGLMRKJSVW]WXIQ

2 1;MQTEGXIHTISTPI
1;MQTEGXIHTISTPIERHTSPMXMGEP EHZSGEG]SRMWWYIWXLEXEJJIGXSYVGSQQYRMX];IEVIGSQQMXXIHXSIRHMRK QEWWMRGEVGIVEXMSRERHGVIEXMRKSTTSVXYRMXMIWJSVSYVGSQQYRMX]XLEX ĤÓ¸ą 8LMWTVSNIGX[SYPHRSXLEZIFIIRTSWWMFPI[MXLSYXXLILEVH[SVOI\TIVXMWIERHPSZISJ(V 4VMRGI;LMXI(ITYX](MVIGXSVSJ9VFER4IEGI1SZIQIRX(V;LMXI[EWSRISJXLIPIEHWXEJJ SRXLMWTVSNIGX;MXLEFEGOKVSYRHMRVIWIEVGLERHEGEHIQMELILIPTIHXSXVEMRERHWYTTSVX XLI]SYRKPIEHIVW[LSEYXLSVIHXLMWVITSVX-XMW[MXLMQQIEWYVEFPIWEHRIWWXLEX[IWLEVIXLI c4VMRGI[EWEJMIVGI[EVVMSVMRXLIJMKLXJSVWSGMEPNYWXMGIERHGEVIHHIITP]EFSYXIZIV]]SYXL QIQFIVXLEXLI[SVOIH[MXL,I[EWI\XVIQIP]TEWWMSREXIEFSYXXIEVMRKHS[RXLI[EPPWSJ QEWWMRGEVGIVEXMSRXLEXMQTEGXIHLMWS[RJEQMP],IPIHQER]GEQTEMKRWWYGLEWXLI .SFWJSV*VIIHSQ'EQTEMKRXSGVIEXIELMVMRKTVSKVEQJSVJSVQIVP]MRGEVGIVEXIHTISTPI [MXLMR%PEQIHE'SYRX]ERHXLI*VIIHSQJSV(ENSR'EQTEMKRXS[MRXLIVIPIEWISJE]SYXL c,IJSYKLXVIPIRXPIWWP]JSVNYWXMGIJSV&PEGOTISTPI]SYRKTISTPIERHGSQQYRMXMIWSJGSPSV XLVSYKL9VFER4IEGI1SZIQIRXERHXLI(IXIVQM2EXMSR&PEGO&#

3 x0004;1IRŘW+VSYT
x0004;1IRŘW+VSYTERHLIHIITP] ,IERHLMW[MJI'PEMVI;LMXIEGVMQMREPHIJIRWIEXXSVRI][SVOIHXSKIXLIVMRWYTTSVXSJ]SYRK QIRMQTEGXIHF]QEWWMRGEVGIVEXMSR,MWPSZMRKERHJMIVGITVIWIRGI[MXLMRXLIQSZIQIRX[MPP FIHIITP]QMWWIH4VMRGI[EWQSVIXLERNYWXXLI(ITYX](MVIGXSVSJ941LI[EWSYVJVMIRH Ä†Ã¾ÄŽÃˆÃ»ÃªÄ†Ã¡ıçÓ ĤÓ¸ą ;LSEVIXLI(VIEQ&I]SRH&EVW *MRHMRKWERH6IWIEVGL 9RHIVWXERHMRKXLI8VEYQE 'SQQYRMX]&EWIH7SPYXMSRW )\EQTPIWSJ'SQQYRMX]&EWIH 7SPYXMSRW 8LMW'SQQYRMX]&EWIH4EVXMGMTEXSV]6IWIEVGLVITSVXMWXLIGYPQMREXMSRSJQSRXLWSJMRXIRWMZI [SVOPIHF]SYV(VIEQ&I]SRH&EVW*IPPS[WJSVQIVP]MRGEVGIVEXIH]SYRKTISTPIXLEXLEZIHVE[RSR XLIMVS[RPMZIHI\TIVMIRGIW[MXLMRGEVGIVEXMSRERHZEPMHEXIHXLEXXLI]EVIR«XWYFNIGXWXSFIVIWIEVG F]SXLIVWMRWXIEHXLI]EVIXLII\TIVXWSJXLIMVS[RPMZIW8LI]LEZIEJJMVQIHXLEXXLSWIGPSWIWXXS TEMREVIGPSWIWXXSXLIWSPYXMSRERHXLVSYKLXLMWTVSGIWWLEZIVIJPIGXIHXLII\TVIWWMSR­RSXLMRK EFSYXYW[MXLSYXYW®Ü8LI]LEZIYRHIVKSRIEVMKSVSYWPIEHIVWLMTHIZIPSTQIRXTVSGIWWXLEXJSGYWIH SRTSPMXMGEPIHYGEXMSRGSQQYRMX]SVKERM^MRKTSPMG]EHZSGEG]TS[IVQETTMRKTYFPMGWTIEOMRK XIGLRSPSK]XVEMRMRK

4 0;HIGSPSRM^MRKVIWIEVGL&#
0;HIGSPSRM^MRKVIWIEVGLQIXLSHSPSKMIWERHQYGLQYGLQSVI-XMWTEVXSJSYV ;LMPI[ILEZIFIIRWYGGIWWJYPFSXLEWERSVKERM^EXMSRERHEWEQSZIQIRXMRTEWWMRKWMKRMJMGERX NYZIRMPIERHGVMQMREPNYWXMGIVIJSVQMRXLIPEWX]IEVWMXMWEPWSMQTSVXERXXSRSXIXLEXXLIVIEP XVERWJSVQEXMZI[SVOLETTIRWXLVSYKLGYPXYVEPWLMJXWSRXLIKVSYRHÜ-XMWXLSWIGYPXYVEPWLMJXWERH WSGMEPQSZIQIRXWXLEXGLERKIFSXLTISTPIERHMRWXMXYXMSRW8LVSYKLXLIMVTEVXMGMTEXMSRSYV]SYRK JIPPS[WLEZIHIZIPSTIHLEVHWOMPPWPIEHIVWLMTUYEPMXMIWERHEREP]WMWXLEX[MPPWXVIRKXLIRXLIMV GETEGMX]XSLIPTPIEHXLI­GMZMPVMKLXWQSZIQIRX®SJSYVKIRIVEXMSR0IEHIVWLMTMWERIWWIRXMEPTEVX SJ ER]EYXLIRXMGQSZIQIRX-XMWXLVSYKLWQEVXMRRSZEXMZIERHTEWWMSREXIPIEHIVW[LSVITVIWIRXXLSWI ZMWMSRXSEVXMGYPEXIVIWMWXEJJMVQERHJEGMPMXEXIXLIOMRHSJXVERWJSVQEXMZIWSGMEPGLERKIXLEXH IJMRIWE KIRIVEXMSR-GERRSXI\TVIWWIRSYKLLS[MQQIRWIP]TVSYH-EQSJXLIQERH-JIIPXVYP]LSRSVIHXS %XXLIWEQIXMQI-EPWSHSR«X[ERXXSKMZIEJEPWIERHVSQERXMGM^IHMQTVIWWMSRXLEXXLMWLEWFIIRER IEW]SVIZIRWQSSXLNSYVRI]1SWXXLMRKWSJEYXLIRXMGZEPYIHSR«XGSQI[MXLSYXWXVYKKPIÜ7IZIVEPS SYVJIPPS[WXLEX�

5 004;FIKER[MXLYW[
004;FIKER[MXLYW[IVIMRGEVGIVEXIHEKEMR*SVXLSWI[LSXVYP]ORS[XLMW[SVOERHXLI VIEPMXMIWXLEXSYV]SYRKTISTPIEVIGSRJVSRXIH[MXLSREHEMP]FEWMW-«QWYVIXLEXXLMWGSQIWEWRS WYVTVMWI%LIEPMRKNSYVRI]MWRIZIVEWXVEMKLXTEXL.YWXEWMRPMJIXLIVIEVIGYVZIWFYQTWHIEHI ERHWSQIXMQIWSRIXEOIWEWXITFEGO[EVHEWXLI]TVITEVIXSQEOIWIZIVEPWXVMHIWJSV[EVH.YWXEWMR PMJIXLIVIEVIGYVZIWFYQTWHIEHIRHWERHWSQIXMQIWSRIXEOIWEWXITFEGO[EVHEWXLI]TVITEVIXS ;LMPIW]WXIQW[MPPSJXIRFIUYMGOXSGSRHIQRE]SYRKTIVWSRTEVXMGYPEVP]MJXLI][IVIEJJSVHIH TSWMXMZIGSQQYRMX]IRKEKIQIRX[LEXMWRIKPIGXIHMWXLEXTEWXERHGYVVIRXXVEYQEHSIWR«XKIX QEKMGEPP]IVEWIHERHXLEXXLIWXITFEGO[EVH[LIRETTVSEGLIHMREVIWXSVEXMZI[E]GERFIETVSJSYRH LIEPMRKERHPIEVRMRKSTTSVXYRMX]Ü;LIRETIVWSRLMXWEVSYKLTEXGLXLEXMWR«XXLIXMQIXSTYPPE[E] WYTTSVX8LEXMWXLIXMQIXSHSYFPIHS[RIJJSVXWSJWYTTSVXERHHEVI-WE]MX±PSZI;IQYWXWLS[ PSZIÜ8LIGLEPPIRKIWEQSRKWXWSQISJSYVS[R*IPPS[WMWERI\EQTPISJ[L]XLMWVITSVXMWWSGVMXMGE PSWXSRISJSYVKVIEXGSQQYRMX]GLEQTMSRWJVSQSYVTEVXRIVMRXLMW�

6 4;TVSNIGX(V4VMRG
4;TVSNIGX(V4VMRGI;LMXI,I[EW EREGXMZMWXWGLSPEVXLEXFVSYKLXE]SYXLJYPTEWWMSRERHGSQQMXQIRXXSTVSQSXMRKIHYGEXMSRXSXLSWI QSWXQEVKMREPM^IHMRWSGMIX]8LIPSWW[EWHIZEWXEXMRKFYXEWLMW[MJIEXXSVRI]EGXMZMWX'PEMVI;L LEWJVIUYIRXP]VIQMRHIHYW­(IEXLMWRSXXLIIRH±®.YWXEWMRPMJIXLIVIEVIGYVZIWFYQTWHIEHIR ;LMPIW]WXIQW[MPPSJXIRFIUYMGOXSGSRHIQRE]SYRKTIVWSRTEVXMGYPEVP]MJXLI][IVIEJJSVHIH TSWMXMZIGSQQYRMX]IRKEKIQIRX[LEXMWRIKPIGXIHMWXLEXTEWXERHGYVVIRXXVEYQEHSIWR«XKIX QEKMGEPP]IVEWIHERHXLEXXLIWXITFEGO[EVH[LIRETTVSEGLIHMREVIWXSVEXMZI[E]GERFIETVSJSYRH LIEPMRKERHPIEVRMRKSTTSVXYRMX]Ü;LIRETIVWSRLMXWEVSYKLTEXGLXLEXMWR«XXLIXMQIXSTYPPE[E] WYTTSVX8LEXMWXLIXMQIXSHSYFPIHS[RIJJSVXWSJWYTTSVXERHHEVI-WE]MX±PSZI;IQYWXWLS[ PSZI8LIGLEPPIRKIWEQSRKWXWSQISJSYVS[R*IPPS[WMWERI\EQTPISJ[L]XLMWVITSVXMWWSGVMXMGEP PSWXSRISJSYVKVIEXGSQQYRMX]GLEQTMSRWJVSQSYVTEVXRIVMRXLMWTVSNIGX(V4VMRGI;LMXIÜ,I[EW EREGXMZMWXWGLSPEVXLEXFVSYKLXE]SYXLJYPTEWWMSRERHGSQQMXQIRXXSTVSQSXMRKIHYGEXMSRXSXLSWI QSWXQEVKMREPM^IHMRWSGMIX]8LIPSWW�

7 004;[EWHIZEWXEXMRK�
004;[EWHIZEWXEXMRKFYXEWLMW[MJIEXXSVRI]EGXMZMWX'PEMVI;L Ü2I[P]IPIGXIH+SZIVRSV+EZMR2I[WSQVIGIRXP]ERRSYRGIHLMWMRXIRXMSRXSXVERWMXMSRXLI(ITEVXQIRX SJ.YZIRMPI.YWXMGIJVSQXLI'EPMJSVRME(ITEVXQIRXSJ'SVVIGXMSRW 6ILEFMPMXEXMSRXSXLI(ITEVXQIRX SJ,IEPXL ,YQER7IVZMGIWERHXSIRH]SYXLMRGEVGIVEXMSRMR'EPMJSVRMEEW[IORS[MX8LMWMWE WMKRMJMGERXTSXIRXMEPTEVEHMKQWLMJXFYX-IQTLEWM^IXLEXXLIOI][SVHMW­TSXIRXMEP®;IHSR«X[E RXXS WIXXPIJSVEQSVILYQERIGEKIÜ;IGERRSXERH[MPPRSXWIXXPIJSVTMIGIQIEPVIJSVQ¨;I[ERXXS Ü8LMWQIERWIRHMRKXLIEHYPXMJMGEXMSRSJ]SYXL;I[ERXERIRHXSEPPEHYPXXVERWJIVLIEVMRKW/IIT ]SYXLMR]SYXLGSYVX%PWS[IRIIHXSVEMWIXLIEKIERHEPMKRLS[[IHIJMRI]SYXL[MXLXLIFVEMR WGMIRGIXLEXMRHMGEXIWXLEXXLIJYPPJVSRXEPPSFISJXLIFVEMRMWRSXJYPP]HIZIPSTIHYRXMPXLIEKI SJ ]IEVW;I[ERXXS'PSWI(..RSXQIVIP]TYX[MRHS[HVIWWMRKMRXLIGIPPÜ;IEPWSRIIHXSWXSTSYXS WXEXITPEGIQIRXWXLEXWITEVEXI]SYXLJVSQJEQMP]ERHSXLIVZEPYEFPIGSRRIGXMSRW-XMWI\TIRWMZIERH RSRWIRWMGEPTSPMG]-XLEWEPWSGSRXVMFYXIHXS'EPMJSVRMERSXMR

8 ZIWXMRKMRHIZIPSTMRK�
ZIWXMRKMRHIZIPSTMRKMXWS[RGETEGM JSVWTIGMEPWRIIHWTSTYPEXMSRWHIWTMXISYVWXEXIFIMRKXLIXLPEVKIWXIGSRSQ]MRXLIIRXMVI[SVPH 8LMWMW[L][IEHZSGEXMRKJSVENYWXMGIVIMRZIWXQIRXTSPMG]JSVEHSPPEVJSVHSPPEVQEXGLXSXVERWMX JVSQW]WXIQWGSRXVSPERHWYTIVZMWMSRXSFYMPHGETEGMX]JSVGSQQYRMX]PIHWSPYXMSRWEWEPXIVREXMZIWX Ü8LIVIMWR«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

9 WSPYXMSRWXSQEWWG
WSPYXMSRWXSQEWWGSRJMRIQIRX8 VITSVXMWETEVXMGMTEXSV]EGXMSRVIWIEVGLTVSNIGXPIHF]JSVQIVP]MRGEVGIVEXIH]SYRKPIEHIVW[MXLXL IMRXIRXMSR  8LMWVITSVXMWXLIGYPQMREXMSRSJE]IEVPSRKVIWIEVGLTVSNIGXYRHIVXEOIRF] XLI(VIEQ&I]SRH&EVW*IPPS[W;MXLJMVWXLERHORS[PIHKISJXLILEVQWSYV GYVVIRXŚNYWXMGIś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

10 ;-VZMRIJVSQ'IVIW&
;-VZMRIJVSQ'IVIW4SPMG]6IWIE ERH-QTEGX.YWXMGIc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�

11 04;LEZIFIIR MRZSPZIHMR&#
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

12 PPS[LEWFIIRWYGL&
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24 04;QEHIYTSJTEVXR
04;QEHIYTSJTEVXRIVWJVSQEGVSWWXLIWXEXIYRMXMRKXSWXST]SYXL MRGEVGIVEXMSR K ]SYXLPIEHIVWLMTHIZIPSTQIRXERHGYPXYVIGLERKIIZIRXW941IQTS[IVW]SYRKTISTPIXSSZIVGSQI MRXIVREPM^IHSTTVIWWMSRERH[SVOXS[EVHW.YWXMGIERH7SGMEP8VERWJSVQEXMSR 0E4PE^MXE%PFYUYIVUYI210E4PE^MXE-RWXMXYXI-RGMWERSRTVSJMXKVEWWVSSXWSVKERM^EXMSRMR %PFYUYIVUYI210E4PE^MXEIRKEKIW2I[1I\MGS«W]SYXLIPHIVWERHGSQQYRMXMIWMRE GSQTVILIRWMZILSPMWXMGERHGYPXYVEPETTVSEGL(IWMKRIHEVSYRHXLITLMPSWSTL]SJ­0E'YPXYVE'YVE® SVGYPXYVILIEPW0E4PE^MXETVSKVEQWIRKEKIW2I[1I\MGS«W]SYXLIPHIVWERHGSQQYRMXMIWXSHVE[ JVSQXLIMVS[RVSSXWERHLMWXSVMIWXSI\TVIWWGSVIXVEHMXMSREPZEPYIWSJVIWTIGXLSRSVPSZIERH JEQMP] 1-04%'SPPIGXMZI XI VOW[MXL RXSJ RSQMG 'VY^ &EVVMSW9RMHSW &9 WIXSYXXSLIEPSYVGSQQYRMXMIWFYMPHWYWXEMREFPITIEGIERHIRHMRXIVTIVWSREP MGIWEVI IWXIHMR =SYRK;SQIR*VIIHSQ =SYRK;SQIR«W*VIIHSQ'IRXIV7ER*VERGMWGS'%=SYRK;SQIR W*VIIHSQ'IRXIVGVIEXIW PIEHIVWLMTTEXL[E]WJSVW]WXIQMRZSPZIHERHJSVQIVP]MRGEVGIVEXIH[SQIRERHKMVPWSJGSPSVXS MRJSVQERHPIEHSYV[SVOE

25 RHXSPIEHXLI�
RHXSPIEHXLIQSZIQIRXJSVWSGMEPNYWXMGIEHZSGEXMRKSRFILEPJSJ XLIQWIPZIWXLIMVWMWXIVWERHPIEHMRKXLI[E]XS[EVHWJVIIHSQERHPMFIVEXMSRSJEPP[SQIRERH KMVPWÜ;IQIIX]SYRK[SQIR[LIVIXLI]EVIEXSRXLIWXVIIXWMRNEMPERHMRXLIGSQQYRMX];I [SVO[MXLXLIQSZIVXMQITVSZMHMRKWYTTSVXEHZSGEG]ERHSTTSVXYRMXMIWJSVLIEPMRK;ITVSZMHI IGSRSQMGSTTSVXYRMXMIWGSYTPIH[MXLTVSKVIWWMZIPIEHIVWLMTHIZIPSTQIRXXLVSYKLMRXIVRWLMTW LJEQMP] ERHJSVQIVP]ERHGYVVIRXP]MRGEVGIVEXIHTISTPI«WQSZIQIRXXSGLEPPIRKI%QIVMGE«WEHHMGXMSRXS IREXMSR«W LEXLEZI IRWYVIHXLIQEWWMZIPSGOYTSJTISTPISJGSPSV[MHIWTVIEHPE[IRJSVGIQIRXZMSPIRGIERHGSVVYTXMSR EZMGMSYW WGLSSPXSNEMPXVEGOERHXLIFYMPHYTSJXLI[SVPH«WPEVKIWXRIX[SVOSJNEMPWERHTVMWSRW;IYWI LXW PW ERH HEGXMZMWX 6IWMPMIRGI3VERKI IRX RX];IEVI RK 4VSFEXMSREROPIQSRMXSVWKVSYTLSQIWERHNYZIRMPIHIXIRXMSRWLSYPHFIIPMQMREXIHJSVEPPQMRSV ZMSPEXMSRW%R]XLMRKPIWWWIZIVIXLERE F SJJIRWIWLSYPHFIHMZIVXIHTVMSVXSEVVIWX%RIX[SVO SJWIVZMGITVSZMHIVWERH SVKERM^EXMSRWWLSYPHFIGVIEXIHXSEGXEW

26 ;ETSMRXSJJMVWX&#
;ETSMRXSJJMVWXGSRXEGX[LIRE]SYRKTIVWSRMWHMZIVXIHJ VSQXLIGVMQMREPNYWXMGI E (MZIVXEPP F SJJIRWIWTVMSVXSEVVIWX F 'VIEXIERIX[SVOSJWIVZMGITVSZMHIVWERHSVKERM^EXMSRW  Óą¸ĆÎĪ¸ĆÎkĎþêÈş 8LIVIMWEHMWXVYWXFIX[IIRGSQQYRMXMIWXLEXLEZIFIIRQEVKMREPM^IHERHXLINYWXMGIW]WXIQ=SYRK EVIGVMQMREPM^IHERHVIGIMZIELEVWLTYRMWLQIRXJSVER]FILEZMSVc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

27 #x0004;XSGEVIIVW
#x0004;XSGEVIIVW8LIW IIQTPS]QIRX %PEQIHE'SYRX]MWSRISJXLIQSWXI\TIRWMZITPEGIWXSPMZIMRXLIREXMSRERH[IQYWXSJJIVSTTSVXY JSVTISTPIXS[SVOERHPMZIGSQJSVXEFPIPMZIW[MXLSYXXLIWXVIWWJEGXSVWSJTVSZMHMRKXLIFEWMGRIGI WWMXMIW1ER]GVMQIW XLEXXLI]SYRKTISTPISJ%PEQIHE'SYRX]EVIGSQQMXXMRKEVISTTSVXYRMWXMGGVMQIWXSKIXWSQIMRGSQIE RH]SYRK  Óą¸ĆÎĪ¸ĆÎkĎþêÈş 4VSFEXMSREROPIQSRMXSVWKVSYTLSQIWERHNYZIRMPIHIXIRXMSRWLSYPHFIIPMQMREXIHJSVEPPQMRSV ZMSPEXMSRW%R]XLMRKPIWWWIZIVIXLERE F SJJIRWIWLSYPHFIHMZIVXIHTVMSVXSEVVIWX%RIX[SVO SJWIVZMGITVSZMHIVW ERHSVKERM^EXMSRWWLSYPHFIGVIEXIHXSEGXEWETSMRXSJJMVWXGSRXEGX[LIRE]SYRKTIVWSRMWHMZIVX IHJVSQXLIGVMQMREP cF 3TTSVXYRMXMIWJSVJVIWLWXEVXW 3YXSJWXEXITPEGIQIRXMWI\TIRWMZIJSVXLINYWXMGIW]WXIQERHJEQMP]QIQFIVW8LIXVEYQEMRJPMGXI HSR ]SYXLJVSQFIMRKE[E]JVSQXLIMVPSZIHSRIWMWJEV[SVWIXLERXLIFIRIJMXWSJFIMRKWIRXE[E]/IITM RK]SYXLGPSWIVXS LSQIEPPS[WJSVVIWXSVEXMZINYWXMGIXSFIKMR[MXLXLI]SYXLSJJIRHIVXLIMVJEQMP]ERHGSQQYRMX]EPS XWSSRIVXLERMJXLI] [IVIWIRXE[E]&#

28 x0012;%PEQIHE'SYR
x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b EA(IZIPSTEQSVEXSVMYQSREHYPXXVERWJIVLIEVMRKW b 8LIFVEMRSJE]SYXLERHIZIR]SYRKEHYPXQEOIIQSXMSREPHIGMWMSRW[MXLXLIEQ]KHEPEETEVXSJXL IFVEMR [LMGLPIEHWXSQSVIMQTYPWMZIERHIQSXMSREPHIGMWMSRW-XMWYRJEMVXSXV]ERHXVIEX]SYXLEWEHYPXW [LIRXLIMVTL]WMGEP FMSPSK]MWYRPMOIEREHYPX&]GSRXMRYMRKXLIWITVEGXMGIW[IEVIJSVGMRK]SYXLXSKVS[YTJEWXIV[LM GLSRP]LEW&#x

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