x0003x0013x0003x0013x00039VFERx00044IEGIx00041SZIQIRXx0004x000C941x0004FYMPHWx0004SYXLx0004PIEHIVWLMTx0004MRx00043EOPERHx0004XSx0004XVERWJSVQx0004XLIx0004GYPXYVIx0004ERHx0004WSGMEPx0004GSRHMXMSRWx0004 ID: 879710
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1 %GSPPEFSVEXMSRFIX[IIR
%GSPPEFSVEXMSRFIX[IIR ÃÅÄÄøĤĪ 9VFER4IEGI1SZIQIRX941 FYMPHW]SYXLPIEHIVWLMTMR3EOPERHXS XVERWJSVQXLIGYPXYVIERHWSGMEPGSRHMXMSRWXLEXHVMZIGSQQYRMX]ZMSPIRGI 'IRXIVIH=SYXL3VKERM^MRKÅWYTTSVXW]SYRKTISTPIXSJIIPWIPJGSRJMHIRX LSTIJYP[LMPIIQTS[IVMRKXLIQXS[SVOJSVLIEPMRKWSGMEPNYWXMGIERH EFVMKLXIVJYXYVIJSVEPP941ÅW]SYXLQIQFIVW[SVOSRE 4SPMG] 7]WXIQW'LERKI8SEHZSGEXIJSVWSGMEP IGSRSQMGNYWXMGIERHTYFPMG TSPMGMIWXLEXHMWVYTXXLIG]GPIWSJYVFERZMSPIRGIERHQEWWMRGEVGIVEXMSR XSGVIEXIVIEPSTTSVXYRMXMIWERHQSVITIEGIJYPGSQQYRMXMIWF ,IEPMRK 'YPXYVI'LERKI8SMQTVSZIXLI[E]XLEXGSQQYRMX]QIQFIVWVIPEXIXS SRIERSXLIVERHXSGLERKIXLIGYPXYVEPRSVQWXLEXKSZIVRSYV GSQQYRMXMIWÅXSFYMPHEGYPXYVISJTIEGIERHG 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 ĤÃÂ¸Ä 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;1IRÅW+VSYT
x0004;1IRÅW+VSYTERHLIHIITP] ,IERHLMW[MJI'PEMVI;LMXIEGVMQMREPHIJIRWIEXXSVRI][SVOIHXSKIXLIVMRWYTTSVXSJ]SYRK QIRMQTEGXIHF]QEWWMRGEVGIVEXMSR,MWPSZMRKERHJMIVGITVIWIRGI[MXLMRXLIQSZIQIRX[MPP FIHIITP]QMWWIH4VMRGI[EWQSVIXLERNYWXXLI(ITYX](MVIGXSVSJ941LI[EWSYVJVMIRH ÄþÄÃûêÄáıçà ĤÃÂ¸Ä ;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\TVIWWMSRÂRSXLMRK EFSYXYW[MXLSYXYW®Ã8LI]LEZIYRHIVKSRIEVMKSVSYWPIEHIVWLMTHIZIPSTQIRXTVSGIWWXLEXJSGYWIH SRTSPMXMGEPIHYGEXMSRGSQQYRMX]SVKERM^MRKTSPMG]EHZSGEG]TS[IVQETTMRKTYFPMGWTIEOMRK XIGLRSPSK]XVEMRMRK
4 0;HIGSPSRM^MRKVIWIEVGL
0;HIGSPSRM^MRKVIWIEVGLQIXLSHSPSKMIWERHQYGLQYGLQSVI-XMWTEVXSJSYV ;LMPI[ILEZIFIIRWYGGIWWJYPFSXLEWERSVKERM^EXMSRERHEWEQSZIQIRXMRTEWWMRKWMKRMJMGERX NYZIRMPIERHGVMQMREPNYWXMGIVIJSVQMRXLIPEWX]IEVWMXMWEPWSMQTSVXERXXSRSXIXLEXXLIVIEP XVERWJSVQEXMZI[SVOLETTIRWXLVSYKLGYPXYVEPWLMJXWSRXLIKVSYRHÃ-XMWXLSWIGYPXYVEPWLMJXWERH WSGMEPQSZIQIRXWXLEXGLERKIFSXLTISTPIERHMRWXMXYXMSRW8LVSYKLXLIMVTEVXMGMTEXMSRSYV]SYRK JIPPS[WLEZIHIZIPSTIHLEVHWOMPPWPIEHIVWLMTUYEPMXMIWERHEREP]WMWXLEX[MPPWXVIRKXLIRXLIMV GETEGMX]XSLIPTPIEHXLIÂGMZMPVMKLXWQSZIQIRX®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[MXLSYXWXVYKKPIÃ7IZIVEPS 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]Ã;LIRETIVWSRLMXWEVSYKLTEXGLXLEXMWR«XXLIXMQIXSTYPPE[E] WYTTSVX8LEXMWXLIXMQIXSHSYFPIHS[RIJJSVXWSJWYTTSVXERHHEVI-WE]MX±PSZI;IQYWXWLS[ PSZIÃ8LIGLEPPIRKIWEQSRKWXWSQISJSYVS[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]VIQMRHIHYWÂ(IEXLMWRSXXLIIRH±®.YWXEWMRPMJIXLIVIEVIGYVZIWFYQTWHIEHIR ;LMPIW]WXIQW[MPPSJXIRFIUYMGOXSGSRHIQRE]SYRKTIVWSRTEVXMGYPEVP]MJXLI][IVIEJJSVHIH TSWMXMZIGSQQYRMX]IRKEKIQIRX[LEXMWRIKPIGXIHMWXLEXTEWXERHGYVVIRXXVEYQEHSIWR«XKIX QEKMGEPP]IVEWIHERHXLEXXLIWXITFEGO[EVH[LIRETTVSEGLIHMREVIWXSVEXMZI[E]GERFIETVSJSYRH LIEPMRKERHPIEVRMRKSTTSVXYRMX]Ã;LIRETIVWSRLMXWEVSYKLTEXGLXLEXMWR«XXLIXMQIXSTYPPE[E] WYTTSVX8LEXMWXLIXMQIXSHSYFPIHS[RIJJSVXWSJWYTTSVXERHHEVI-WE]MX±PSZI;IQYWXWLS[ PSZI8LIGLEPPIRKIWEQSRKWXWSQISJSYVS[R*IPPS[WMWERI\EQTPISJ[L]XLMWVITSVXMWWSGVMXMGEP PSWXSRISJSYVKVIEXGSQQYRMX]GLEQTMSRWJVSQSYVTEVXRIVMRXLMWTVSNIGX(V4VMRGI;LMXIÃ,I[EW EREGXMZMWXWGLSPEVXLEXFVSYKLXE]SYXLJYPTEWWMSRERHGSQQMXQIRXXSTVSQSXMRKIHYGEXMSRXSXLSWI QSWXQEVKMREPM^IHMRWSGMIX]8LIPSWW
7 004;[EWHIZEWXEXMRK
004;[EWHIZEWXEXMRKFYXEWLMW[MJIEXXSVRI]EGXMZMWX'PEMVI;L Ã2I[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][SVHMWÂTSXIRXMEP®;IHSR«X[E RXXS WIXXPIJSVEQSVILYQERIGEKIÃ;IGERRSXERH[MPPRSXWIXXPIJSVTMIGIQIEPVIJSVQ¨;I[ERXXS Ã8LMWQIERWIRHMRKXLIEHYPXMJMGEXMSRSJ]SYXL;I[ERXERIRHXSEPPEHYPXXVERWJIVLIEVMRKW/IIT ]SYXLMR]SYXLGSYVX%PWS[IRIIHXSVEMWIXLIEKIERHEPMKRLS[[IHIJMRI]SYXL[MXLXLIFVEMR WGMIRGIXLEXMRHMGEXIWXLEXXLIJYPPJVSRXEPPSFISJXLIFVEMRMWRSXJYPP]HIZIPSTIHYRXMPXLIEKI SJ ]IEVW;I[ERXXS'PSWI(..RSXQIVIP]TYX[MRHS[HVIWWMRKMRXLIGIPPÃ;IEPWSRIIHXSWXSTSYXS WXEXITPEGIQIRXWXLEXWITEVEXI]SYXLJVSQJEQMP]ERHSXLIVZEPYEFPIGSRRIGXMSRW-XMWI\TIRWMZIERH RSRWIRWMGEPTSPMG]-XLEWEPWSGSRXVMFYXIHXS'EPMJSVRMERSXMR
8 ZIWXMRKMRHIZIPSTMRK
ZIWXMRKMRHIZIPSTMRKMXWS[RGETEGM JSVWTIGMEPWRIIHWTSTYPEXMSRWHIWTMXISYVWXEXIFIMRKXLIXLPEVKIWXIGSRSQ]MRXLIIRXMVI[SVPH 8LMWMW[L][IEHZSGEXMRKJSVENYWXMGIVIMRZIWXQIRXTSPMG]JSVEHSPPEVJSVHSPPEVQEXGLXSXVERWMX JVSQW]WXIQWGSRXVSPERHWYTIVZMWMSRXSFYMPHGETEGMX]JSVGSQQYRMX]PIHWSPYXMSRWEWEPXIVREXMZIWX Ã8LIVIMWR«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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 GYVVIRXÅNYWXMGIÅ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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&
PPS[LEWFIIRWYGLETS[IVJYPI\TIVMIRGI XLI XLI ]SYXLXSRSXSRP]HVIEQFYXEPWSLIEPERHXVERWJSVQFI]SRHFEVW 1]REQIMW(ERMIP1IRHS^EERH-[EWFSVRERHVEMWIHMR7ER*VERGMWGS'EPMJSVRME0EXIVMRPMJIQ] - LEZIFIIR[SVOMRKJSV'SQQYRMXMIW9RMXIHJSV6IWXSVEXMZI=SYXL.YWXMGI'96=. Ã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«W(%%GGSYRXEFMPMX] IJJSVXWERHEQEQIQFIVSJXLI(IXIVQMREXMSR&PEGO1IR«W+VSYT-EPWSPIEHGSQQYRMX]SYXVIEGLJSV
13 004; 941EW[IPP
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
14 04;-EQMQTVSZMRKQ
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26 ;ETSMRXSJJMVWX
;ETSMRXSJJMVWXGSRXEGX[LIRE]SYRKTIVWSRMWHMZIVXIHJ VSQXLIGVMQMREPNYWXMGI E (MZIVXEPPF SJJIRWIWTVMSVXSEVVIWX F 'VIEXIERIX[SVOSJWIVZMGITVSZMHIVWERHSVKERM^EXMSRW ÃÄ Â¸ÄÃĪ¸ÄÃkÄþêÃÅ 8LIVIMWEHMWXVYWXFIX[IIRGSQQYRMXMIWXLEXLEZIFIIRQEVKMREPM^IHERHXLINYWXMGIW]WXIQ=SYRK EVIGVMQMREPM^IHERHVIGIMZIELEVWLTYRMWLQIRXJSVER]FILEZMSVc,S[IZIVJI[GVMQIWXLEXPIEHXS MRGEVGIVEXMSREVI ZMSPIRX1SWXGVMQIWHSRSXGEYWIWIVMSYWMRNYV]SVLEVQ;IQYWXGLERKISYVEXXMXYHIJVSQGVMQMREPM ^MRK]SYRKTISTPI [LIRXLI]FILEZIMRE[E]XLEXMWRSVQEPJSVXIIREKIVWERHWIIMXEWERSTTSVXYRMX]XSLIPTERHGLER KIXLIEWTIGXWXLEX EPXIVREXMZIW[IQIERGSQQYRMX]FEWIHSVKERM^EXMSRWSVWIVZMGITVSZMHIVWXLEXWTIGMJMGEPP]EHHVIWWXL IZMSPEXMSR[MXLPMJI 4VSFEXMSRZMSPEXMSRWJYVXLIVGVMQMREPM^I]SYRKTISTPIERHTYPPXLIQHIITIVMRXSW]WXIQWXLEXEGGS VHMRKXS %PEQIHE'SYRX]ERHXLITVSFEXMSRHITEVXQIRXRIIHXSMRZIWXMRGSQQYRMX]FEWIHWSPYXMSRWF] WGEPMRKYTEPVIEH]I\MWXIRXSVKERM^EXMSRWXLEXLEZIVIPEXMSRWLMTW[MXLMQTEGXIHGSQQYRMXMIW8LIVIE PWSRIIHWXSFI PSRKXIVQMRZIWXQIRXMRIQTPS]QIRXXLEXTE]WPMZEFPI[EKIWERHIQTPS]QIRXXLEXPIEH&
27 #x0004;XSGEVIIVW
#x0004;XSGEVIIVW8LIW IIQTPS]QIRX %PEQIHE'SYRX]MWSRISJXLIQSWXI\TIRWMZITPEGIWXSPMZIMRXLIREXMSRERH[IQYWXSJJIVSTTSVXY JSVTISTPIXS[SVOERHPMZIGSQJSVXEFPIPMZIW[MXLSYXXLIWXVIWWJEGXSVWSJTVSZMHMRKXLIFEWMGRIGI WWMXMIW1ER]GVMQIW XLEXXLI]SYRKTISTPISJ%PEQIHE'SYRX]EVIGSQQMXXMRKEVISTTSVXYRMWXMGGVMQIWXSKIXWSQIMRGSQIE RH]SYRK ÃÄ Â¸ÄÃĪ¸ÄÃkÄþêÃÅ 4VSFEXMSREROPIQSRMXSVWKVSYTLSQIWERHNYZIRMPIHIXIRXMSRWLSYPHFIIPMQMREXIHJSVEPPQMRSV ZMSPEXMSRW%R]XLMRKPIWWWIZIVIXLEREF 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