Citation
Radio Frequency Circuits for Tunable Multi-Band CMOS Receivers for Wireless LAN Applications

Material Information

Title:
Radio Frequency Circuits for Tunable Multi-Band CMOS Receivers for Wireless LAN Applications
Creator:
LI, ZHENBIAO ( Author, Primary )
Copyright Date:
2008

Subjects

Subjects / Keywords:
Capacitors ( jstor )
Down converters ( jstor )
Electric potential ( jstor )
Inductors ( jstor )
Injection locking ( jstor )
Insertion loss ( jstor )
Low noise ( jstor )
Receivers ( jstor )
Signals ( jstor )
Transistors ( jstor )

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright Zhenbiao Li. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Embargo Date:
12/31/2005
Resource Identifier:
436098112 ( OCLC )

Downloads

This item is only available as the following downloads:


Full Text

PAGE 2

!"#$ % #&'%(

PAGE 3

) *+,-,.&$&/ !&001-&& "!($$+-&('-( !&2($'$1(-30!4!5&0 0!)&''&$#)645!#0 ($&'$42'0$('$&'2+!("&1&'$('--&3$'6&"+-&-1& $#!+"#$#&$!('0$'5!1(%2#&12(,&'"'&&!$('&,&2$!2(,&'"'&&!6'-&!#0 0+ &!30'4#(!$+'$&0$*!.'12!&,&2$!'204*#2#&3&'$+(,,%&2(1&( 75!1&6(,0*+,-,.&$$#('.!5&00!8&'0#(''45!#0#&, 5+,0+""&0$'0 5!1#660$+-('-2(!&&!6*('$$$#('.!5&00!"('-&,(,5!$#&!'$&!&0$' $#0*!.('-0&!3'"'1#660+ &!30!211$$&&6 *+,-,.&$$#('.(,,$#&5!1&!('-2+!!&'$2,,&("+&0'$#&!&0&(!2# "!+ 5!$#&!#&, 5+,-02+00'04(-32&4%(0.&$%(,,"(1&0('-5!&'-0# 61&'(1&0 (!&,0$&-#&!&9:4!(',-4##'"+'"4&'"8+'"+('"4)#'")14 +''42#+,4(1.+(!.4(!(01#('!2#(7(" (,4 (.&$#($(4 &'"14'"8+'('"4:(,'"+4#.+('"+4(5&'":+4('42.0'48(0'!('2#48(1&0(0&!$(4('&10$(-4!(3'-+"(3('(148&#&'4 8(+8!'4#('"#+((4(' '"'"4++4+'+'"&.4)*('"#+'8+'"4 *(1'($#('('.(!('4#+'"(4&'*('"('-+'"*('*('"6 (,0*('$$$#('.1('5!&'-0'$#&-& (!$1&'$565&*'(1&0(!&1&'$'&#&!&9('1'":(4:+&"&('"4'"1'":+4:'"4,('"#+48(2.#+4 +'8+0'"+4:(2#+('"+4'"&('-(#('"6#&!0+ !$('5!&'-0# #(3&%&&'("!&($#&, 6

PAGE 4

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

PAGE 5

3 ("& )6666666666666666666666666666666666666666666666666 6666666666666666666666666666666666666666666666666666663 666666666666666666666666666666666666666666666666666666/ 6666666666666666666666666666666666666666666666666666666666/ 3 =66666666666666666666666666666666666666666666666666666= =6=!&,&00$('-(!-0!&5666666666666666666666666666666666666= =6=6=B6==%6666666666666666666666666666666666666666666= =6=6B6==(6666666666666666666666666666666666666666666A =6=6AB6=="6666666666666666666666666666666666666666666D =6=6E6666666666666666666666666666666666666666666B =6!&,&00&0"'#(,,&'"&66666666666666666666666666666666B =6A3&!3&*5$#&00&!$($'66666666666666666666666666666666666666C 6666666666666666666== 6='$!-+2$'666666666 666666666666666666666666666666666666666666== 6&2&3&!!2#$&2$+!&3&!3&*6666666666666666666666666666666= 66=+ &!#&$&!-'&&2&3&!66666666666666666666666666666666= 661("&&7&2$'&2&3&!66666666666666666666666666666666= 66A*&2&3&!6666666666666666666666666666666666666666=> 66!&2$'3&!0'&2&3&!6666666666666666666666666666666=C 6A! 0&-+'(%,&+,$%('-&2&3&!0$&1666666666666666666666A 6A6=+,$%('-+(,'3&!0'&!&2&3&!66666666666666A 6A6&2&3&!!&F+&'2,('666666666666666666666666666666666> 6A6A&0"'00+&0666666666666666666666666666666666666666666C A6666666666666666666666666AA A6='$!-+2$'666666666 666666666666666666666666666666666666666666AA A6>6B?6=B 1*$2#&066666666666666666666666666666666A> A66=&0"'5>6B?*$2#&0666666666666666666666666A>

PAGE 6

3 A66b/ &!&'$(,&0+,$05$#&>6B?f*$2#&0666ACA66A02+00'0'>6B?f*$2#&0666666 A6A6?6> 1*$2#&0*$#1 &-('2&!('05!1&!06666 A6A6=&0"'6?*$2#&0*$#1 &-('2&!('05!1&!066A6A66?b/ &!1&'$(,&0+,$066666666666DA6A6Af'2,+0'666666666666666>= =>nrbbffb6666666> ='$!-+2$'666666666 66666666666666> 6=>?f*$2#*$#( 2(, ,"666666>A6A=>?f*$2#*$#6666666666>D 6 A 6 = ' $ & " ! ( $ & f 1 & ( ' 2& ! ( ' 0 5 ! 1( $ ' & $ * ! . ; ) 6 6 6 6 6 > D 6A6f*$2#*$#'$&"!($&-666666666>C6A6Ab/ &!&'$(,&0+,$0!f*$2#&0666666@= 6f*$2#0,($'66666666666666@6>f'2,+0'666666666666666666@D >bnbffb66666666@B >6='$!-+2$'666666666 66666666666666@B >6C?-&+''"('"&ff6666666666666 666@C >66=f1(,,"'(,-&,666666666666@C>66*$2#&-&0'($!f'2& $6666666666DA>66Af!2+$&0"'-&+''"('"&f666666D>66b/ &!&'$(,&0+,$06666666666666D@>66>+11(!66666666666666666B >6Af*$#3-&!(0t+(-!($+!&&'&!($!666666666B= @bbbnff66B@ @6='$!-+2$'666666666 66666666666666B@ @6,,('-ff1 (!0'666666666BD@6A+,$('-f6666666666666666C= @6A6=+,$('-ff!2+$0&0"'666666666C=@6A6*$2#&-f( (2$!66666666666666C@6A6A*$2#&-'-+2$!66666666666666C@ @6+,$('-fb/ &!1&'$(,&0+,$0666666666CD@6>f'2,+0'666666666666666666== DnfEfbb6666666=A D6='$!-+2$'666666666 66666666666666=A D6>?'",&('-*0&1 ,5&!6666666666= D66=>?f!2+$&0"'6666666666=D66>?b/ &!&'$(,&0+,$06666666666=D D6A+(,%('-fE*'f'3&!$&!*$#('f'$!, 66== D6A6=+(,('-E*'f'3&!$&!f!2+$&0"'6666==A

PAGE 7

3 D6A6/ &!1&'$(,&0+,$066666666666666666666666666666666666==C D6A6A'2,+0'6666666666666666666666666666666666666666666=> B8)666=D B6='$!-+2$'666666666 66666666666666666666666666666666666666666=D B6#&!&$2(,'(,005'7&2$'"2.'"'55&!&'$(,666=C B66=55&!&'$(,02,,($!66666666666666666666666666666666=C B66'7&2$''$$#&+!!&'$+!2&66666666666666666666666666=A= B66A'7&2$''$$#&!&!('00$!06666666666666666666666666= B6A&0$'"5'7&2$'2.'"'55&!&'$(,666666666666666= B6A6=#&'7&2$'2.'"&0$!2+$0666666666666666666666666= B6A6'7&2$'2.'"&0$'"&$+ 666666666666666666666666666=D B6A6A&0$'"5$#&'7&2$'2.'"6666666666666666666666=B B6+11(!6666666666666666666666666666666666666666666666666666=>> C)666666666666666666666666666666666666=>@ C6=+11(!6666666666666666666666666666666666666666666666666666=>@ C6+$+!&!.6666666666666666666666666666666666666666666666666=>C C66='$'+$5'7&2$'2.'"&0$'"66666666666666666666=>C C66!('-!'$'-666666666666666666666666666666=>C C66A'$&"!($&-+,$('-&2&3&!66666666666666666666=@ 6666666666666666666666666666666666666666666666666=@ )6666666666666666666666666666666666666666666666=D=

PAGE 8

3 (%,& ("& ==6&2&3&! &!5!1('2&!&F+!&1&'$66666666666666666666666666666666666666@ =6#&5!&F+&'2 ,('51+,$%('-!&2&3&!666666666666666666666666D A=6+11(!5*$2#&!5!1('2&0($>6B>?666666666666666666666666666= A6&(0+!&-3,$("&-+%,&!+$ +$3&!0+0 *&!0+ ,3,$("&666666666666666@ AA6&(0+!&-'0&!$',0040,($'('-=-3&!0+0 *&!0+ ,6666666666666B A6*$2##(!1'2!&0 '0&($==% 0)' +$0"'(,6666666666666666666C =6&!5!1('2&0+11(!5=>?*$2#&0('-(0*$2#66666666@A >=6+11(!51&(0+!&-2#(!(2$&!0$20666666666666666666666666666666DC >6&(0+!&--3-&!+$ +$5!&F+&'2&0(02'$!,3,$("&0666666666666666BA @=6+,$%('-&!5!1('2&+11(!66666666666666666666666666666666CD D=6&(0+!&&!5!1('2&0+11(!5>?6666666666666666666666666=B D6 &!($'2'-$'06666666666666666666666666666666666666666666==> DA6+11(!5$#&-+(,%('-E-*'2'3&!$&!2#(!(2$&!0$20666666666666= B=60+11(!5!$#&'7&2$''$$#&2+!!&'$0+!2&6666666666666666666=AB B60+11(!5$#&211'1-&'7&2$''$$#&2!&$!('00$!06666666666= BA6+11&!5$#&-55&!&'$(,1-&'7&2$''$$#&2!&$!('00$!06666666666=A B6&(0+!&-,2.'"%('-*-$#+'-&!$#&5+'-(1&'$(,'7&2$'6666666666=C B>6&(0+!&-,2.'"%('-*-$#+'-&!$#&'-0+ &!#(!1'2'7&2$'6666=C B@6&(0+!&-G0$('-(!-,2.'"%('-*-$#*$#$#&0(1&' +$3,$("&66666=>A

PAGE 9

/ "+!& ("& ==6B6==%(-7(2&'$2#(''&,!&7&2$'$&0$' +$0"'(,066666666666666666666 =6B6==%!('01$0 &2$!+11(0.6666666666666666666666666666666666666666A =A601 ,5&-B6==(00$&10+%2(!!&!05!&F+&'2(,,2($'66666666666 =6B6==(00$&12#(''&,5!&F+&'2,2($'06666666666666666666666666> =>6B=6==($!('01$+$ +$ *&!1(0.6666666666666666666666666666666666666D =61 ,&0+ &!#&$&!-'&!&2&3&!666666666666666666666666666666666666666=A 61 ,&&(3&!1("&!&7&2$!&2&3&!666666666666666666666666666666666666= A6#&-*'2'3&!0' !2&00666666666666666666666666666666666666666=@ 6*!&2&3&!66666666666666666666666666666666666666666666666666666= B >6!&2$2'3&!0'!&2&3&!66666666666666666666666666666666666666666666=C @6($#0$"&'&!($&550&$'-!&2$2'3&!0'!&2&3&!66666666666666666666= D6! 0&-1+,$%('-0'",&2# -+(,2'3&!0'?&!!&2&3&!%,2.-("!(16A B6$ 2(,%('(005,$&!$!('05&!5+'2$'66666666666666666666666666666666D C6#&%(0&%('-2!'&!5!&F+&'2-&2!&(0&0(0$#&0$("&"('('-'0&5"+!&66A A=6$!('02&3&!*$#$*('$&''(0'0'",&%('-1 ,&1&'$($'66666666666AA A6>6B?0*$2#&002#&1($2*$#,*('-#"#0+%0$!($&!&00$('2&6666666666A@ AA6>6B?0*$2#,(+$04',0#* (-0('-0+%0$!($&2'$(2$0666666666666666AD A6(-&'2& &2$!&001+,($'00#*$#&!&,($'0# %&$*&&'('-"-4('('-=-66666666666666666666666666666666666666666666666666AC

PAGE 10

/ A>612! #$"!( #5;(<$#&4('-;%<$#&666666666666666666AC A@6&(0+!&-'0&!$',00('-0,($'5!('-666666666666666 AD6&(0+!&-' +$('-+$ +$!&$+'&,00($>6B>?66666666666666666= AB6#&+$ +$=-21 !&00' '$('-A1&(0+!&1&'$05;(<('-;%< ($>6B>?666666666666666666666666666666666666666666666666 AC66?0*$2#6;(<02#&1($24;%<552# 1 &-('2&$!('05!1&!66 A=602#&1($252'$!,,"22!2+$666666666666666666666666666666666666@ A==6&(0+!&0*$2#'0&!$',00('-0,($'*#&'0A6666666666666666D A=6&(0+!&-0*$2#=-21 !&00' '$($6?66666666666666666666666B A=A6&(0+!&-$!('01$$&!+$ +$0 &2$!+16666666666666666666666666666666666> A=612! #$"!( #56?0*$2#666666666666666666666666666666666> =602#&1($25=>?0*$2#4*$#($ 2(,'$&"!($&-0*$2#$ ,"66>A 6#&=>?0*$2#'0&!$',00666666666666666666666666666666666>> A6&(0+!&-'0&!$',0040,($'('-!&$+!',00&05!=>?0*$2#*$#( $ 2(,0*$2#$ ,"666666666666666666666666666666666666666666666666>@ 6#&-& #$5$#&=>?0*$2#4*#2#0-&0"'&-*$#($ 2(, '$&"!($&-0*$2#2!2+$$ ,"6666666666666666666666666666666666666666>D >6#&'2# 1 &-('2&$!('05!1($''&$*!.;<66666666666666666666666>B @602#&1($25=>?0*$2#66666666666666666666666666666666666>C D6#&-& #$5$#&=>?0*$2#4*$#'$&"!($&-1 &-('2& $!('05!1($''&$*!.066666666666666666666666666666666666666666666666@ B6&(0+!&(!(1&$&!05!$#&0*$2#*$#'$&"!($&-1 &-('2&$!('05!1($'6@= C6&(0+!&-=-('-A5!$#&0*$2#*$#1 &-('2&$!('05!1($''&$*!.0666@ =6'",&$!('00$!0*$2#66666666666666666666666666666666666666666@ ==6$!('00$!2!000&2$'*$# (!(0$206666666666666666666666666666@>

PAGE 11

/ >=601(,,0"'(,1-&,6666666666666666666666666666666666666666666666D >6#&0*$2#&-!&0'($!66666666666666666666666666666666666666666666666DA >A602#&1($25C?3,$("&2'$!,,&-02,,($!6666666666666666666666D >6&(0+!&-$+''"2#(!(2$&!0$20666666666666666666666666666666666666D@ >>6&(0+!&-+$ +$0 &2$!+1($==>?66666666666666666666666666666DD >@6&(0+!&#(0&'0&+0'"0 &2$!+1('(,?&!66666666666666666666666DB >D6&(0+!&#(0&'0&3&!0+0+$ +$5!&F+&'2666666666666666666666666DC >B62# 12! #$"!( #6666666666666666666666666666666666666666666B >C602#&1($25-3-&-%2!2+$04$$(.&0(-55&!&'$(,' +$05!1$#&('"&'&!($&0-55&!&'$(,('-+$ +$0666666666666666666666666666666666666B= >=6-& #$"!( #5('--3-&!4%$#0'&('-20'&*(3&0(!&"&'&!($&-($ -3-&!+$ +$0666666666666666666666666666666666666666666666666666666B >==63-&!+$ +$0*#&'!+'0($$06666666666666666666666666666666666BA >=6&(0+!&-('--3-&! #(0&'0&($AA?6#& #(0&'0&0==6>-2E ?($=.?550&$66666666666666666666666666666666666666666666666666B @=6'",&%('->?H0666666666666666666666666666666666666666666666BC @6&(0+!&#(0&'0&050'",&%('->?H066666666666666666666666C @A602#&1($25$#&1+,$%('-6666666666666666666666666666666666666C @6F+3(,&'$2!2+$1-&,0($;(<0*2I0*,I4('-;%<0*2I0*,I=6B6666C @>6#&*$2#&-2( (2$!6;(<,,+0$!($'4('-$02!2+$1-&,;%<*#&'$#&0*$2#0 554;2<*#&'$#&0*$2#0'6666666666666666666666666666666666666666666C> @@6#&0*$2#&-'-+2$!666666666666666666666666666666666666666666666666C@ @D6&(0+!&-1+,$%('#(0&'0&($6D?('-6?4($=--4('-@ ('-6@1%(02+!!&'$4!&0 &2$3&,6666666666666666666666666666666666666CB @B6&(0+!&-1+,$%('#(0&'0&($6D?6666666666666666666666666CC @C6+,$%('--& #$"!( #6#&2# 0?&06B/6B116666666666666==

PAGE 12

/ D=6>?*0&1 ,5&!;<6666666666666666666666666666666666=> D6>?-& #$6#&(!&(0BA/BA 16666666666666666666666=@ DA6&(0+!&->? (!(1&$&!066666666666666666666666666666666666=B D6&(0+!&->?"('('-'0&5"+!&066666666666666666666666666666=C D>6&(0+!&->?=-"('21 !&00' '$66666666666666666666666== D@6&(0+!&->?$#!-!-&!'$&!2& $ '$6666666666666666666666666== DD6&(0+!&->?0&2'-'$&!2& $ '$;<6#&' +$0"!&($&!$#('@ -1+0'"?'$&!1-+,($' !-+2$666666666666666666666666666666=== DB602#&1($25-+(,%('-*0&1 ,5&!66666666666666666666666666==A DC6*$2#&-!&0'($!!&0'($&0($-55&!&'$%('-09;(<#&'0554$!&0'($&0($6 ?4('-;%<#&'0'4$!&0'($&0($>6=>?6666666666666666666666== D=6;(<(--0 (!(0$22( (2$('2&*#&'$0554('-;%<(--00&!&0!&00$('2&*$# *#&'$0'6666666666666666666666666666666666666666666666666666==@ D==602#&1($25$#&-+%,%(,('2&-1/&!666666666666666666666666666666==B D=6-& #$"!( #5$#&-+(,%('-E-*'2'3&!$&!666666666666666666==C D=A6 #$"!( #5!'$&-!2+$(!-;<*$#(-*'2'3&!$&!6666666= D=6&(0+!&-' +$==5!$#&-+(,%('-E-*'2'3&!$&!6666666666666666== D=>6&(0+!&*&!"('3&!0+05!&F+&'2666666666666666666666666666666666= D=@6&(0+!&-' +$!&5&!!&-A!-!-&!'$&!2& $ '$;A<6666666666666666666=A D=D6&(0+!&-E-*'2'3&!$&! *&!"('3&!0+02'$!,3,$("&6666666666= B=6-&,5!(''7&2$',2.&-02,,($!666666666666666666666666666666=C B601 ,5&--55&!&'$(,02#&1($266666666666666666666666666666=A= BA6#&!&-!(*'02#&1($266666666666666666666666666666666666666666=A B6&-!(*'02#&1($2$0#*$#&'7&2$''$2!&$!('00$!666666666666== B>6#&02#&1($25$#&'7&2$',2.'"$&0$'"666666666666666666666666=>

PAGE 13

/ B@65+,,"!+'-0#&,-&-'-+2$!9$#&'-+2$!0'0-&("!+'-0#&,-21 0&-5 ,43(0('-1&$(,@66666666666666666666666666666666666666666666666=@ BD6#&,(+$5G0$('-(!-666666666666666666666666666666666666666666=D BB6#&'7&2$',2.'"1&(0+!&1&'$0&$+ 666666666666666666666666666=B C=602#&1($25$!%('-,*'0&(1 ,5&!666666666666666666666666666666=@

PAGE 14

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

PAGE 15

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

PAGE 16

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

PAGE 17

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

PAGE 18

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

PAGE 19

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

PAGE 20

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

PAGE 21

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

PAGE 22

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

PAGE 23

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

PAGE 24

C $(2#&3&$#&!&F+!&&!5!1('2&+0'"(,*20$$&2#',",.&0(2#(, ,&'"&5!-&0"'&!06 '$#&!-&0"' !&00+!&0$#&!( (2&($*#2#$#&1(!.&$0&3,3 '"6#&1(!.&$0','"&!$&/ &2$&-$%&-1'($&-%%(0&!-+2$0 (,'&6'2!&(0'",4$*,,%&2-!3&'%E('-2'0+1&!1&-(-&32&04,.& 5,($ ('&,02!&&'0404"(1'"-&32&04('-&$26+!$#&!1!&4$*,,%&'2! !($&-'$2&,,+,(! #'&0$ !3-&#"#0 &&-'$&!'&$(22&006#($!&F+!&0 %(0&!-+2$0'$',1%,&4%+$(,0&(0,2(!!&-; !$(%,&<6#&#(0$%& 01(,,&!('-,*&! *&!6 .&$#&$#&!*!&,&0000$&104$#&2&/0$&'2&51+,$0$('-(!-0 &!($'"($ 1+,$ ,&5!&F+&'2%('-02#(,,&'"&2!2+$-&0"'&!06#&!&(!&(,!&(!-+2$0'* $(!"&$'"1+,$%('-( ,2($'06#&#*&3&!+$,?&1+,$ ,&2#('0$ 0+ !$$#&1+,$ ,&5!&F+&'2%('-( ,2($'06#01(.&0$#&2# 0('-00$&10,(!"& ('-'2!&(0&020$6#&0'",&2# $+'(%,&1+,$%('-0($$!(2$3&5!$001(,,&!(!&( ('-,*&!20$6 =6A3&!3&*5$#&00&!$($' #0#66*!.2'2&'$!($&0'$#&-&0"'00+&05$+'(%,&1+,$%('!&2&3&!2!2+$!&04(0*&,,(0!&2&3&!00$&1-&0"'( !(2#&06#&*!&,&00 ( ,2($'0(!&+0&-(0$#&-&1'0$!($'3,&6#&&3(,+($'55&(0%,$5!1 ,& 1&'$'"($+'(%,&1+,$%('-1+,$0$('-(!-*!&,&000'",&2# !&2&3&!0&!3&0(0 $#&5!0$0$& 5!01&-(!&(,?'"($+'(%,&1+,$%('-1+,$5+'2$'$!('02&3&!6 ' #( $&! 4($+'(%,&1+,$%('-1+,$0$('-(!-!&2&3&!(!2#$&2$+!&5!*!&,&00 ( ,2($'0-&02!%&-6#&.&%,2.0(!&0*$2#&04($+'(%,&1+,$%('-E

PAGE 25

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

PAGE 26

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

PAGE 27

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
PAGE 28

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

PAGE 29

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

PAGE 30

=> '0$&(-5'&1/&!('-'&5,$&!'(0+ &!#&$&!-'&(!2#$&2$+!&!&2&3&!6#0-&0 !(0& *&!-00 ($'('-2# (!&(6 #&1("&!&7&2$'!($5('1("&!&7&2$!&2&3&!-& &'-0' #(0&('-(1 , $+-&1($2#'"65 #(0&(22+!(2('-(1 ,$+-&%(,('2&(!& &!5&2$4$#&1("&*,,%& %,2.&-$$(,,6+$'!&(,$4*$#+$2(!&5+,-&0"'4$#&1($2#'"2('%& !''$& "!($&-2!2+$06'1("&!&7&2$'!($5-#(0%&&'!& !$&-'+('-(?(3MBN6 #+"#('1("&!&7&2$5,$&!0&,1'($&-'('1("&!&7&2$'!&2&3&!4$#& 2#(''&,0&,&2$5,$&!00$,,'&&-&-(5$&!$#&-*'2'3&!0'$6'2& !3-&0 1("&!&7&2$'(0*&,,4$#&1("&!&7&2$5,$&!2('%&(!&,($3&,,*;5,$&!F+(,$5(2 $!<5,$&!4*#2#0'&/ &'03&6+$$#&2#(''&,0&,&2$5,$&!'10$2(0&0'&&-0#"# ('-01 ,&1&'$&-*$#(0+!5(2&(2+0$2*(3&;<5,$&!65,$&!0#(3&$#& #"#&0$%+$(!&1!&&/ &'03&6#&1$3($'$'$&"!($&$#&2#(''&,0&,&2$5,$&! '2# ,&-$(,$&!'($3&!&2&3&!(!2#$&2$+!&06'&5$#&10$#&,*!&2&3&!(!2# $&2$+!&6 66A*&2&3&! #&,*!&2&3&!+$,?&0(,*'$&!1&-($&5!&F+&'2;<4*#&!&$#&2#(''&, 0&,&2$5+'2$'2('%&!&(,?&-%+0'"'2# (2$3&5,$&!06+$,*'$&!1&-($&5!& F+&'21&('0$#&-&0!&-0"'(,('-1("&0"'(,(!& ,(2&-3&!2,0&$&(2#$#&!6$ !&F+!&0('+,$!(#"#1("&!&7&2$5,$&!4*#2#020$,6$#&!$&2#'F+&0(!&'&&-&$0+ !&00$#&1("&0"'(,6 #&1("& !%,&1 !&0&'$'$!(-$'(,0+ &!#&$&!-'&!&2&3&!00,,+0$!($&'"+!&A;(<6#&-*'2'3&!0'0(221 ,0#&-%1+,$ ,'"(0'+0-(,0" '(,*$#$#&'21'"0"'(,6'5!&F+&'2-1('4$#00!& !&0&'$&-%($*-&,$(5+'2

PAGE 31

=@ $'' 0$3&('-'&"($3&5!&F+&'26+!'"$#&-*'2'3&!0'41+,$ ,2($'*$# ( 0$3&5!&F+&'20"'(,13&0$#&1("&('--&0!&-0"'(,0*$#'&"($3&5!&F+&'2&0 $*(!-$#&!"#$T1+,$ ,2($'*$#('&"($3&5!&F+&'20"'(,13&0$#&1("&('-&0!&-0"'(,0*$# 0$3&5!&F+&'2&0$*(!-$#&,&5$6#&!&0+,$0$#($%$#$#&1("& ('--&0!&-0"'(,0(!& !&0&'$($$#& 0$3&5!&F+&'20-&4('-%$#$#&1("&('-&0!&-0"'(,0(!& !&0&'$($$#&'&"($3&5!&F+&'20-&6#&(!&21%'&-'0+2#( *($#($2(''$%&0& (!($&-%('5,$&!'"$&2#'F+&0(00#*''"+!&A;(<6 "+!&A#&-*'2'3&!0' !2&00';(<(0+ &!#&$&!-'&!&2&3&!6 ;%<(,*!&2&3&! " &

PAGE 32

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

PAGE 33

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

PAGE 34

=C #&,*!&2&3&!0#*0$#& $&'$(,5!(#"#&!,&3&,5'$&"!($'4*#2# 2+,-,*&!$#&20$6+$$#& , #(0&5,$&!('--+%,&-*'2'3&!$&!!&F+!&1!& *&!2'0+1 $'$21 &'0($&$#&5,$&!,00('-$-!3&$#&5+!1/&!06'$#&!!&, ($3&01 ,&(!2#$&2$+!&*$#(#"#,&3&,5'$&"!($'0$#&-!&2$2'3&!0'!&2&3&! (!2#$&2$+!&6#+"#4(-!&2$2'3&!0'!&2&3&!!&F+!&05&*&!2!2+$0$#(',* !&2&3&!04$#(001&-&0"'-552+,$&06#00(--!&00&-''&/$0&2$'6 66!&2$'3&!0'&2&3&! #&-!&2$2'3&!0'!&2&3&!00#*''"+!&>6#&-!&2$2'3&!0'(!2# $&2$+!&2('%&$!&($&-(0(0 &2(,2(0&5(,*!&2&3&!(!2#$&2$+!&*$#( !(2# '"$?&!6#&-*'2'3&!0'00$,,%$#&1&('051+,$ ,2($'0*$#( 0$3& 5!&F+&'24(0,,+0$!($&-5!$#&,*!&2&3&!(!2#$&2$+!&6+$'-!&2$2'3&!0' !&2&3&!4$#&1!!!0"'(,;2(,,&-1("&0"'(,'$#&,*(!2#$&2$+!&<0$#&-&0!&0"'(,$0&,54$#+0$#&>-1!!!0"'(,0+ !&00'00+552&5!10$( ,2($'0MCN6 4',(F+(-!($+!&-*'2'3&!$&!0'&&-&-'(-!&2$2'3&!0'!&2&3&!'0$&(-5( ) ($ ($*' ) &' &' "+!&>!&2$2'3&!0'!&2&3&!

PAGE 35

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

PAGE 36

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

PAGE 37

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

PAGE 38

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

PAGE 39

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

PAGE 40

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

PAGE 41

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

PAGE 42

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

PAGE 43

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

PAGE 44

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

PAGE 45

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

PAGE 46

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

PAGE 47

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

PAGE 48

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
PAGE 49

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

PAGE 50

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

PAGE 51

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

PAGE 52

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

PAGE 53

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

PAGE 54

AC "+!&A(!&'$&"!($&-6#&2# (!&(0$#&0(1&5!('-4('DA/>= 16 A66/ &!1&'$(,&0+,$05$#&>6B?*$2#&0 #&0*$2#1&(0+!&1&'$0(!& &!5!1&-'*(5&!6"+!&A@0#*0$#&1&(0+!&'0&!$',00('-0,($'6#&'0&!$',000(%+$6B-5!('-0=65!4('-$#&0,($'01!&$#('C-5!('-0D-5!4 /91 /@1 /:1 .1 ..1 117/1/17.1 /1 .1 61 91 71 + ! + (.>(6+ /# "+!&A(-&'2& &2$!&001+,($'00#*$#&!&,($'0# %&$*&&' ('4('('-=;(< ;%< "+!&A>12! #$"!( #5;(<$#&4('-;%<$#&6 / / / /

PAGE 55

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

PAGE 56

= *&!&0$!&00&-5!'&#+!($' +$ *&!5=D-15!('-5=B-15! 4!&0 &2$3&,6-&"!(-($'*(0%0&!3&-''0&!$',00('-0,($'(5$&! $#&0$!&006 &0-&0$#&#"#&!'0&!$',005!4('$#&!-552+,$5!0 *#&'$#&0*$2#0'$&"!($&-*$#$#&$#&!2!2+$045!&/(1 ,&4(,*'0&(1 ,5&! ;6B>? *#&'0*$2#&0(!&'6 7171971:A=!&34 /1 /.1 /91 /@1 /:1-= <0-0// <..(%,&A=+11(!5*$2#&!5!1('2&0($>6B>? *$2# '0&!$'00;-<6B= 0,($';- &$+!'00;-<9==E=6DE=6B=6BE=6 =-;-1<=D=B A;-1
PAGE 57

0+%0$!($&!&00$('2&04-&"!(-'"0*$2# &!5!1('2&4*#,&$#0*,,0,"#$, 1 !3&$#& &!5!1('2&56&2(+0&5$#&0&4,*0+%0$!($&!&00$('2&,(+$0 (!& !&5&!!&-5!0*$2#&0'$#&6=B 1 !2&00MAN6 A66A02+00'0'>6B?*$2#&0 *0'",& ,&4-+%,&$#!*$!('01$E!&2&3&0*$2#&0*&!&-&0"'&-('-5(%! 2($&-*$#-55&!&'$0+%0$!($&!&00$('2&0+0'"(6=B 1 0+%0$!($& !2&006#& 0*$2#*$#,*0+%0$!($&!&00$('2&0&/#%$06B-'0&!$',00('-=D-1=-($ ;(< ;%< "+!&AB#&+$ +$=-21 !&00' '$('-A1&(0+!&1&'$05 ;(<('-;%<($>6B>?

PAGE 58

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

PAGE 59

A6A6?6> 1*$2#&0*$#1 &-('2&!('05!1&!0 A6A6=&0"'56?*$2#&0*$#1 &-('2&!('05!1&!0 '&*($%0$0*$2# *&!#('-,'"2( (%,$0$+0&1 &-('2&$!('05! 1($'M4D4BN66?0*$2#!& !$&-%('-+('"MDN#(0=6='0&!$',00('-6@-1=-4*#2#0(-&F+($&5!( ,2($'06*&3&!4( @%(00+0&-MDN6$01+2##"#&!$#('$#&'!1(, *&!0+ ,!('"&;6DLA6@< 5! !-+2$06#&0*$2# !&0&'$&-'$#00&2$''2! !($&0(3,$("&-+%,&! ('-2'$!,,"22!2+$!4$#+0*!.0*$#',0'",& *&!0+ ,('-'&%$2'$!, 0"'(,6#&=-1=-#(0%&&'(2#&3&-*$#1 &-('2&$!('05!1($'6#&2!2+$ *(05(%!2($&-'(6> 15+'-! !2&006 #&0*$2#02#&1($200#*''"+!&AC;(<61 (!&-$$#&6?0*$2# 5MDN('-$#&>6B?0*$2#4$#&$*0#+'$$!('00$!0;A4'"+!&A< (!&1$$&-6#&0*$2#2!&',2'$('0$*$!('00$!04=5!$#&$!('01$$&!2#(' ('-5!$#&!&2&3&!6=('-(!&-&'$2(,*$#(0?&5> 1E6 16 (. (/ < -$ ' +'<-&.-&/+'<' ' <$ *' *'#1<# "+!&AC6?0*$2#6;(<02#&1($24;%<552# 1 &-('2&$!('05!1&!6 ' !! BB;(< ;%<

PAGE 60

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

PAGE 61

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

PAGE 62

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

PAGE 63

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

PAGE 64

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

PAGE 65

> #(3&%&&'%0&!3&-6#&0*$2##(0(,0%&&'0$!&00&-%101($2#'"$#&+$ +$$9= 6#&0*$2#0+!33&-$#&0$!&00($-1+$ +$ *&!6 #&-& #$"!( #5$#&0*$2#00#*''"+!&A=6#&3,$("&-+%,&!(',"22'$!,2!2+$0(!&'$ ,(2&-2,0&$$#&0*$2#4('-'$0#*''$#& #$"!( #6 :.1//==#D"+!&A=A&(0+!&-$!('01$$&!+$ +$0 &2$!+14$0($05&0B6==%0 &2$!(, 1(0.!&F+!&1&'$6 "+!&A=12! #$"!( #56?0*$2#6#&3,$("& -+%,&!('-,"22'$!,2!2+$(!&'$0#*'6< <$ -$

PAGE 66

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

PAGE 67

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

PAGE 68

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

PAGE 69

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

PAGE 70

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

PAGE 71

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

PAGE 72

>D ( ,2($'06n!&F+!&0(,*$!('01$$&! *&!%+$,(!"&%('-*-$#!A6=$=6@?6#0*$2#0$#&!0$f0*$2#$#($#(00+552&'$ &!5!1('2&!n( ,2($'06#00(,0$#&!0$f0*$2#$#($#(0&/2&,,&'$'0&!$',005!1f$=>?6 #&-& #$5$#&0*$2#00#*''"+!&6#&2# (!&(06/6>16 6A=>?f*$2#*$# 6 A 6 = ' $ & " ! ( $ & f 1 & ( ' 2& ! ( ' 0 5 ! 1 ( $ ' & $ * ! . ; < #& &-('2&$!('05!1($''&$*!.0;H0<#(3&%&&'+0&-$1 !3& f0*$2# *&!#('-,'"2( (%,$MA4D4AAN6+$4$#0&1 ,&1&'$($'0+0&"+!&#&-& #$5$#&=>?f0*$2#4*##0-&0"'&*$#($ (,'$&"!($&-0*$2#2!2+$$ ,"6&= &= f< <0 -0 &=&= +!b+b+!(/(.

PAGE 73

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

PAGE 74

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

PAGE 75

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

PAGE 76

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

PAGE 77

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

PAGE 78

@A $#($$#&0*$2#*$#H0021 &$$3&$$#&211&!2(,(00*$2#6#& 0*$2#*$#H0#(06('--*!0&'0&!$',00('-' +$=-$#('(00*$2#4 !&0 &2$3&,6+$4$#&(00*$2#!&F+!&0'&"($3&>2'$!,3,$("&4*#2#1(.&0$ -552+,$$+0&'211&!2(,( ,2($'06#&0*$2#&0',!&F+!&(0'",&A *&!0+ ,6#&01+,($&-0*$2#'"$1&5!$#&0*$2#*$#H00=6'61 (! '"$$#&A'1&(0+!&-0*$2#'"$1&5(00*$2#4$#(01(!"'6$#0*$2#&0 (2#&3&-"-!&$+!',00($=>?6 #&',0 &252($'*#2#$#&(00*$2##(00"'52('$,%&$$&! &!5!1('2& $#('$#&0*$2#&000,($'6#&1&(0+!&-0,($'5(00*$2#0@-%&$ $&!$#('$#&0*$2#*$#6+&$$#&,00'($+!&50,2'0+%0$!($&40*$2#&0 +0+(,,-'$#(3&"-0,($'($#"#5!&F+&'2&06+$*#($!&(,,-&$&!1'&0$#& 0*$2#0,($'W!&('(,0&0(!&"3&''$#&'&/$0&2$'6 (%,&=&!5!1('2&0+11(!5=>?*$2#&0('-(0 *$2# *$2#'H0H0(0 '0&!$'00;-<($=>?=6B=6B=6@ 0,($';-<($=>?A=D6B &$+!'00;-<*#&'$#&0*$2# 0';==E<($=>? BECE=6>E ' +$=-;-1<($=>?=>=6>> ' +$A;-1<($=>?A6>A '455 ;>K$CE=K<;'< 6>46> ;01+,($&< =646B ;01+,($&< A '$!,,$("&; +!!&'$;1<>

PAGE 79

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

PAGE 80

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

PAGE 81

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

PAGE 82

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

PAGE 83

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

PAGE 84

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

PAGE 85

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

PAGE 86

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

PAGE 87

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

PAGE 88

DA 'F6;>6@<45 ('-2('%&01+,$('&+0,2#('"&-4"1$#+0 *&!2'0+1 $'2('%& $1?&-5!$#&$*&'-05$+''"!('"&6#&0*$2#&-!&0'($!4'*#2# %$#'-+2$('2&('-2( (2$('2&2('%&01+,$('&+0,2#('"&-4('-$0+0&$!&(,?&( *-&$+''"!('"&0-&02!%&-'$#&'&/$0+%0&2$'6 >66*$2#&-&0'($!'2& $ #"#$+''"!('"&*$#'-+2$('2&$+''"#(0%&&' ! 0&-M>N6* &3&!4$#&#(0*$#3&! ! #(0&'0& &!5!1('2&601&'$'&-4'$#0*!.4 $#&0*$2#&-!&0'($!2'2& $MN,,+0$!($&-'"+!&>0+$,?&-$'2!&(0&$#&$+' '"!('"&('-$(2#&3&,* #(0&'0&3&!$#&$+''"!('"&($!&(0'(%,& *&!2' 0+1 $'6#&'-+2$('2&0&&'%&$*&&' !$0=('-(!&2#('"&-%$+!''"='('556#&'$#&$!('00$!0554$#&'-+2$('2&0( !/1($&,$#&0+15=('-6#& . / +! 1/1.1+!+ .17 61 617 91=!!3 1/1.1+!+ 1 17 /1 /17'!! (//. ! "+!&>#&0*$2#&-!&0'($!6;(<02#&1($24('-01+,($&;%<'-+2$('2&4;2<2( (2$('2&

PAGE 89

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

PAGE 90

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

PAGE 91

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

PAGE 92

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

PAGE 93

DB -2E?('-=6-2E?4!&0 &2$3&,4*#2#(!&"-6"+!&>D0#*0$#& #(0& '0&($(@.?550&$3&!0+002,,($'5!&F+&'26#& #(0&'0&0&00&'$(,,5,($ 3&!$#&&'$!& &!($'"5!&F+&'2!('"&6 (%,&>=0+11(!?&0 #(0&'0& &!5!1('2&05!%('-0=('-601&'$'&&(!,&!4*#&'0*$2#'"$!('00$!0A('-(!&'4(--$'(,0&!&0!&00$('2&0(!0'" 5!1$#&$!('00$!02+,-'2!&(0& #(0&'0&6#&2'-$'0;%<('-;2<($$&1 $&/7/@6E/9/7!347 /6 // 8 2*A=!34 /7/@6E/9/7!347 /6 // 8 2*A=!34;(< ;%<"+!&>@&(0+!&#(0&'0&+0'"0 &2$!+1('(,?&!($;(<==> ?('-;%<@@@?6

PAGE 94

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

PAGE 95

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

PAGE 96

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

PAGE 97

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

PAGE 98

BA %)/))56 # =-))>56?@=-)>56#=1)/) #%)/))56 AA --:/%;56 1/; ?A-) $) , (-/). --:/%;56 , 1)/) #=AAA =-))>56?@=-)>56#=1)/) #%)/))56 AA 1;)/.156 1/) ?A-) $) , (:/;. 1;)/.156 # , "+!&>==3-&!+$ +$0*#&'!+'0($$0;(<,*&0$5!&F+&'2(';%<#"#&0$5!&F+&'26;(< ;%<(%,&>&(0+!&--3-&!+$ +$5!&F+&'2&0(02'$!,3,$("&0 2$! $+'&;< &(0+!&-5!&F+&'2 '"+!&>>;?< &(0+!&--3-&!+$ +$ 5!&F+&'2;?< *@@DAA *=6BC@@ "#B=AACD "#=6B==>@>@=

PAGE 99

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

PAGE 100

B> *$#(0+552&'$,*-&$+''"!('"&('#(0&'0&'&&-&-5!$#& ! 0&!&2&3&!' #( $&! 2('%&1 ,&1&'$&-'$&2#',"65(#"#5!&F+&'2 !+'''"($(5/&-5!&F+&'22('%&!&(,?&-*$#,* #(0&'0&4$#&'$#& #(0&'0& ('-$+''"!('"&2+,-%&$!(-&-55%&$*&&'$#&#"#('-,*5!&F+&'2H06#& #"#5!&F+&'21+,$%('-0-&0"'&-('--&1'0$!($&-' #( $&!@ 6

PAGE 101

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

PAGE 102

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

PAGE 103

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

PAGE 104

BC $#& '3(!(2$!--&06#0*+,-#(3&,*&!&-$#&$('.('-$+''"!('"&6#&1&( 0+!&-3(!(2$!0D($>?0$#&$('.0,1$&-%$#($5!$#&-55&!&'$(, '-+2$!6$=--('-61%(02+!!&'$4$#& #(0&'0&0JC*!0&$#('$#($5!$#&5!550&$5!&F+&'2&0!('"'"5!1=.?$=? *+ *+ "+!&@='",&%('->?H06;(<02#&1($24 ;%<02#&1($26 + (9(6(.(/*= /./.+=9127 ''-/*= /8.127 /9D.1/: .1/: 123 123 ++(@(7 69'/'. + (9(6(.(/*= ./9127 ''-/*= /8.127 /9D.1/: .1/: 123 123 (@(7 69'/'. '+/'+.+=

PAGE 105

C (00#*''"+!&@;(<6+&$$#&,(!"&$+'(%,$53(!(2$!4$#& (2#&3&0(=>K$+''"!('"&6#&,(!"&!$+''"!('"&-&"!(-&0 #(0&'0&6 '$#&*!0$2(0&45(,,'0&21&05!1$#&2'$!, ($#4*#&'$#&"('0 "+!&@&(0+!&#(0&'0&050'",&%('->?H06;(< ('#(0&'0&($=--('-612+!!&'$4;%< #(0&'0&($6@@--('-=6B12+!!&'$6 /9/7/@/2*A=!34 /7 /6 // 8 2 7!34 (*+'* (*+'* /9/7/@/2*A=!34 /9 /. / :!34 *+ *+2

PAGE 106

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

PAGE 107

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

PAGE 108

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

PAGE 109

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

PAGE 110

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

PAGE 111

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

PAGE 112

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

PAGE 113

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

PAGE 114

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

PAGE 115

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

PAGE 116

== 01(,,&!$#('$#&(!&($#($*+,-#(3&%&&'22+ &-%$*0& (!($&H0 &!($'" '&(!6('->6?6 @6>'2,+0' 5+!%('-;646>46D4('->6?<6=B 1(,, &!($'"*$# ('= *&!0+ ,0 !&0&'$&-6+$ +$5!&F+&'2&0(!&2,0&$$#&!&F+!&-5!& F+&'2&0% ! 0&-1+,$%('-!&2&3&!6!&-+2'"$#&'-+2$('2&('-E! 2( (2$('2&5$('.4$#02('%&+0&-(0='$#&1+,$%('-!&2&3&!6 /2&,,&'$ #(0&'0& &!5!1('2&0%$('&-5!1$#04*#2#02!&-$$$#& (,,$ ,"('-,*"('6+ &!!2,0&' #(0&'0&0(,0 (2(7(@ '/'.(/(./.69= ="+!&@C+,$%('--& #$"!( #6#&2# 0?&06B/6B11

PAGE 117

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

PAGE 118

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

PAGE 119

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

PAGE 120

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

PAGE 121

=@ 6;D6< &!& 3420$#&(1 ,$+-&'3,60'"(01,(!( !(2#4 342('%&5+'-$%& 6;D6A< #&(1 ,$+-&50&2'-('-$#!-!-&! !-+2$0(!&-&$&!1'&-%$#&!2!!& 0 '-'""('4 ('26#&$#!-!-&!'$&!1-+,($' !-+2$0;A<#(3&5!&F+&' 2&02,0&$$#&5+'-(1&'$(,4$#+0$+'&-+$ +$1($2#'"'&$*!.0#(3&,$$,&&55&2$0' 26#& 34201(',-&$&!1'&-%$#&$!('00$!,'&(!$('-' +$1($2#'"'&$*!. M>>N6 (/>(.'' "+!&D>?-& #$6#&(!&(0BA/BA 16 34 A A =A I 34 = I

PAGE 122

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

PAGE 123

=B (%,&D=&(0+!&&!5!1('2&0+11(!5>? !&F+&'2;?<>6=>>6>>6A> --;<=6B=6B=6B +!!&'$;1<>6B>6B>6B ==;-<==6==>6C@6A ;-<=6=6B6@ =;-<=>6>=@6==>6 =;-<6C=6B 0&"+!&;-<66=@6A ' +$=-;-1<=A6@ =-;-1<=6> ' +$A;-1<6A A;-1<==6B ' +$;-1? (!(1&$&!0

PAGE 124

=C $#&'#+('-+MDN!&F+!&0(0 &2(,0+%0$!($&$#'''"0$& $(2#&3&$#&,* '0&5"+!&6!&1 !$('$,4+',.&'#+('-+MDN4$#&'$#0 ( &!01&( 0+!&-'(%(!-6 ' +$=-"('21 !&00' '$;=-<#(0%&&'$&0$&-%( ,'"(0' ",&$'&>6>?0'+0-0"'(,6#&1&(0+!&-' +$=-0=A6@-1('-=-0=6@ -1(00#*''"+!&D>6 #&,'&(!$*(02#(!(2$&!?&-+0'"($*$'&$&0$6' +$5!&F+&'2&0(!& >6?('->6?6#&$#!-!-&!'$&!1-+,($' !-+2$0(!&($>6=B?('>6?6#&1&(0+!&-' +$A06A-1(0,,+0$!($&-'"+!&D@6#&A 0==6C-16 91771717@1A=!&34 /71 71 71 /71 & 1 91 :1 /.1%= ./ "+!&D&(0+!&->?"('('-'0&5"+!&06

PAGE 125

== .71.1/71/171= # /1 71 1 71 /1*== # "+!&D>&(0+!&->?=-"('21 !&00' '$6=/?/61@# /?/1@# 671.71/7171= # :1 @1 91 .1 1 .1 91*== # "+!&D@&(0+!&->?$#!-!-&!'$&!2& $ '$66?//18#

PAGE 126

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

PAGE 127

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

PAGE 128

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

PAGE 129

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

PAGE 130

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

PAGE 131

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

PAGE 132

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

PAGE 133

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

PAGE 134

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

PAGE 135

= 71/7&34 .19&34 *== * ' = = "+!&D=A #$"!( #5!'$&-!2+$(!-;<*$#(-*' 2'3&!$&!6 (%,&DA+11(!5$#&-+(,%('-E-*'2'3&!$&!2#(!(2$&!0$20 !&F+&'2;?<6>6=> (''$!,-&"#*"#* *&!(';-<@6>C6>=D= ,$("&(';-6= '3&!$&-5!1 ;-< 6@@6 ' +$=-;-1<==D=C6> =-;-1<6>B6>6> ' +$A;-1<=6D@6@6== A;-1<=A6B6C=6CC ==;- ;<=6B=6B=6B=6B +!!&'$;1
PAGE 136

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

PAGE 137

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

PAGE 138

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

PAGE 139

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

PAGE 140

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

PAGE 141

=@ -6$$#&,*"('1-&43,$("&"('0(%+$-5!$#&%$#%('-06$#(=6B 0+ ,3,$("&4$#&2!2+$2'0+1&01('-=15!$#&6?('->6=>? %('&!($'4!&0 &2$3&,6&0 $&$#&!&,($3&,#"#'0&5"+!&($>6=>?%('-4 $#&"('0('-'0&5"+!&0(!&(22& $(%,&5!B6==(('-B6==%( ,2($'06 .&$#&1+,$%('--&02!%&-' #( $&!@ 4$#0-+(,%('-E -*'2'3&!$&!'$',-&1'0$!($&0$#&5&(0%,$5(2#&3'"1+,$%('&!($'' ($&2#',"4(,0,,+0$!($&$#&5&(0%,$5+0'"(0'",&0&$51+,$%('%,2.0*$#0*$2#&-2'$!,$!&-+2&'$&"!($&-2!2+$(!&(6

PAGE 142

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

PAGE 143

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

PAGE 144

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
PAGE 145

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

PAGE 146

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

PAGE 147

=A '0 &2$'4$#&2!2+$0(0'",&%(,('2&-1/&!6'0"'(,'7&2$&-'$$#& 2+!!&'$0+!2&1/&0*$#$#&0"'(,!+$ +$6,0-& &'-'"'$#&'7&2$' 0"'(,5!&F+&'2&04$#&-55&!&'$'7&2$' '$00#+,-#(3&-55&!&'$1/&!"('6$#$#& !"#$' +$5!&F+&'24 '$0#+,-#(3&$#&,(!"&0$1/&!"('6'2&'7&2$''$ '$4('-(!&&00&'$(,,$#&0(1&4*$#+$,0'""&'&!(,$4 '$0+0&-$ ('(,?&#*$#&'7&2$''$2+!!&'$0+!2&(55&2$0$#&6 0,,+0$!($&-'"+!&BA4$#&1/&!+$ +$2+!!&'$+$2('%&5+'-(0 +$I=LI'7Z;=L
PAGE 148

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

PAGE 149

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
PAGE 150

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

PAGE 151

=A@ *(3&*$#>K22,&-+$42&552&'$0%4%('-%0#+,-%&?&!6'!&(,$4*$#-55&! &'$(,$ ,"4$#&&3&'!-&!2&552&'$0%4%('-%*,,%&01(,,&!$#('$#&-!-&!2&552&'$0%=('-%A6('$#&!0&$51('-'#(0$%&2'0-&!&-$"3&$#& -1'('$$&!15!$#&1/&!"('5'-0+%#(!1'2'7&2$',2.'"6#00&$01I ('-'I=4*#2#2!!&0 '-0$$#&20 20 $&!16#&2&552&'$520 20 $&!10 =E[;=EB( <;%=SAE%A A
PAGE 152

=AD %,&%(,('2&-,%&!$2&,,1/&!4$#&0,($'2('%&(0%(-(0',B-MCBN6#+04 $#0$&!12(''$%&01 ,"'!&-('-1+0$%&'2,+-&-6 #&'&/$0&$51('-'$0($05$#&&F+($'01I('-'I=6#02!!&0 '-0$ $#&20 20 $&!1'$#&1/&!+$ +$6#&2&552&'$520 20 0 =E[;=E( S=E( <;%=SAE%A A< '2&("('$#&#"#&!'+1%&!51('-'(!&"'!&-(00+1'"$#&01(,,2'$!%+$'6 #+0$#&1/&!"('5!$#&5+'-(1&'$(,'7&2$',2.'"0 )5+'-I=E[;=E( S=E( <;%=SAE%A A
PAGE 153

=AB ('-$#&'6#&01(,,&0$1('-'$0($05$#02'-$'(!&A('-=4 !&0 &2$3&,6#02!!&0 '-0$$#&20A 20 $&!1'1/&!+$ +$6$#&2&552&'$5 20A 20 $&!10$#&1/&!"('5!EA5!(2$'(,'7&2$',2.'" )EAI=E[;=E(A A<;%=SAE%A A!(2$'(,'7&2$',2.'";2(0&< &2'-,4,&$+0,.($ 2(0&6#&2'-$'5!,2.'"0 4;B6< ('-$#&'6#&01(,,&0$1('-'$0($05$#02'-$'(!&('-4 !&0 &2$3&,6#02!!&0 '-0$$#&20 20 $&!1'1/&!+$ +$6#&2&552&'$5 20 20 $&!10=E[;=E( S=E( <[;=E% S=E% <6"'!'"#"#&! !-&!2&552&'$04 )AEIJ=E[;=E( <;=E%
PAGE 154

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

PAGE 155

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

PAGE 156

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

PAGE 157

= 2!2+$%&#(3!0(!&-55&!&'$5!$#&211'1-&'7&2$'('--55&!&'$(,1-&'7&2 $'4('-(!&$!&($&-0& (!($&,%&,*6 B66A6=11'1-&'7&2$''$2!&$!('00$!0 !$#&211'1-&'7&2$'43 I31('-3 I316!2'3&'&'2&4 3 310-&5'&-(03('-3 I31(036'-&!$#02'-$'4+$2('%&&/ !&00&-(0 +$I(=3S(;33;3 >S=3 A3 S>33 < "('4,&$3I20 4('-3I20 6'2&$#&2&552&'$05201 20' !-+2$0(!&-&!3&-4$#&!&,($3&1 !$('2&5-55&!&'$$ &05,2.'"2('%&&3(,+ ($&-6#&!&0+,$05!$#&211'1-&'7&2$''$2!&$!('00$!(!&,0$&-' (%,&B6 B66A655&!&'$(,1-&'7&2$''$2!&$!('00$!0 !$#&-55&!&'$(,1-&43 I316&5''"3 31I3('-3 31I34 +$I(=3S(=3S(A3 ASA(A3 3SA(A33 S(A3 A4\ (=IV(=4=(=4V40$#&101($2#5(=%&$*&&'=('-6 (%,&B0+11(!5$#&211'1-&'7&2$''$$#&2!&$!('00$!0 '-&/ '7&2$' & !-+2$$&!1 (' +%#(!1'2 '7&2$' '7I=E 20 20 >EB(> 5+'-(1&'$(,'7&2$' '7I 20 20 ('-20 AE(A S>E( S =>E(> A S (=\ 0+ &!#(!1'2'7&2$' '7I 20 20 (SA( AS A( A5!(2$'(,'7&2$' '7IEA 20A 20 ( A5!(2$'(,'7&2$' '7IAE 20 20 & &'-0'1($2#%&$*&&' ('4=('-('4

PAGE 158

=A '2&("('40+%0$$+$'"3I20 ('3I20 4('-(,,$#&2&552&'$05! $#&-55&!&'$$ &05'7&2$'0(!&-&!3&-6#&0+11(!0"3&''(%,&BA6 !1(%,&B('-(%,&BA40&3&!(,%0&!3($'02('%&1(-&5!$#&'7&2$' '$$#&2!&$!('00$!09 =4'&&/ &2$0$#&*&(.&0$'7&2$'0$#&'-!-&! 0+%#(!1'2'7&2$'('-$#&*!0$0$#&'-!-&!0+ &!#(!1'2'7&2$'6#& !%+0$'&00("('0$'7&2$'1 !3&0'$#&5,,*'"!-&!5$#&2!2+$0011&$ !295+'-(1&'$(,'7&2$'4EA5!(2$'(,'7&2$'('-'-!-&!0+%#(!1'2'7&2 $'6#&AE5!(2$'(,'7&2$'('-$#&5+'-(1&'$(,'7&2$'-& &'-'2!2+$ 011&$!6 $#!-&! !-+2$0('-0&/ &2$&-$%&01(,,6 (%,&BA+11&!5$#&-55&!&'$(,1-&'7&2$''$$#&2!&$!('00$!0 '-&/ '7&2$' & !-+2$$&!1 (' +%#(!1'2 '7&2$' '7I=E 20 20 >EB(> 5+'-(1&'$(,'7&2$' '7I 20 20 ('-20 (=SAE(A S >E(> S>(> A 0+ &!#(!1'2'7&2$' '7I 20 20 & &'-0'1($2#%&$*&&' ('4=('-('45!(2$'(,'7&2$' '7IEA 20A 20 & &'-0'1($2#%&$*&&' ('4=('-('45!(2$'(,'7&2$' '7IAE 20 20 & &'-0'1($2#%&$*&&' ('4=('-('4

PAGE 159

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

PAGE 160

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

PAGE 161

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

PAGE 162

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

PAGE 163

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

PAGE 164

=C 51&(0+!&-0$!+2$+!&00A/I=6#&0&#(3&%&&'$&0$&-5!%$#$#&211' 1-&'7&2$'('--55&!&'$(,1-&'7&2$'6#&%(02'-$'0+'-&!$#&1&(0+!& 1&'$5!(,,H0(!&=6>--('-12+!!&'$6 !$#&5+'-(1&'$(,'7&2$'4$#&'7&2$'0"'(,02,0&$$#&5!&&!+'''" 5!&F+&'2*#2#0(!+'->6B?4('-$0 *&!,&3&,05/&-6#&1&(0+!&-,2. '"%('-*-$#0+'-&!-55&!&'$0$+($'0(!&0+11(!?&-'(%,&B6#&0(1&,2.'" (%,&B&(0+!&-,2.'"%('-*-$#+'-&!$#&5+'-(1&'$(,'7&2$' & *$#(,, % (00 2( *$#+$ % = ;%(0< *$#+$ % ;11< *$#+$ % A ;$+'&< '7&2$' &+'-(1&'$(,'7&2$';J>6B?< 11' -& '7&2$' G0$('-(!-;?<@6@B6@>6BD G'-;?<=6C=6DA6=A6C G0+%2'$;?@6@C6B 55&!&' $(,-& '7&2$' G0$('-(!-;?<6C6A=C6=>6B G'-;?C6DB G0+%2'$;?<>6@A6>C6 (%,&B>&(0+!&-,2.'"%('-*-$#+'-&!$#&'-0+ &!#(!1'2'7&2$' & *$#(,, % (00 2( *$#+$ % = ;%(0< *$#+$ % ;11< *$#+$ % A ;$+'&< '7&2$' &'-+ &!#(!1'2'7&2$';J==6@?< 11' -& '7&2$' G0$('-(!-;?6@ G'-;?<6C 6= A6AA6D G0+%2'$;?<@ 6B D6>==6D 55&!&' $(,-& '7&2$' G0$('-(!-;?<==6>==6B A6 B6 G'-;?<6DA6@ 6D A G0+%2'$;?<=>6=>6C @6= =B6@

PAGE 165

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

PAGE 166

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
PAGE 167

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

PAGE 168

=>A 0+%#(!1'245+'-(1&'$(,4'-0+ &!#(!1'2('-A!-0+ &!#(!1'2'7&2$'T('$#!&&-55&!&'$% (002( (2$!2'5"+!($'0(!&&/(1'&-9*$#(,,% (002( (2$!04 *$#+$% =('-*$#+$% 6 !1(%,&B@401&%0&!3($'2('-!(*'6 =@6@6A *$#+$% = ;%(0<;?< $ %0&!3&@6B 6 A6B *$#+$% ;11<;?< $ %0&!3&@>6B6@ 55&!&' $(,-& '7&2$' *$#(,,% (00 2( ;?< $ %0&!3&==>6>6 *$#+$% = ;%(0<;?< $ %0&!3&A==> *$#+$% ;11<;?< $ %0&!3&=B6>>6B 6

PAGE 169

=> (!&'$0+""&0$&-6 A<3-$#&-55&!&'$(,1-&'7&2$'65 00%,&4$#& *&!(1 ,5&!0#+,-%&0' ",&&'-&-'0$&(-5-55&!&'$(,6#& #02(,-0$('2&%&$*&&'$#& *&!(1 ,5&! ('-0#+,-%&'2!&(0&-$!&-+2&$#&2+ ,'"6

PAGE 170

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

PAGE 171

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

PAGE 172

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

PAGE 173

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

PAGE 174

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

PAGE 175

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

PAGE 176

=@= 3&!21&6+$%(0&-'$#&5&(0%,$0$+-5'-3-+(,%,2.04(5+,,'$&"!($&1+,$%('-!&2&3&!0 00%,&6

PAGE 177

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

PAGE 178

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

PAGE 179

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

PAGE 180

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

PAGE 181

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

PAGE 182

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

PAGE 183

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

PAGE 184

=@C MDDN6('-)6)64O (2.("&-'",&'-&-*0&1 ,5&!*$# 6A-0&"+!&('-@-14 P 499') 43,646=4 6D=LD=A48+'&46 MDBN6)6#(&55&!('-66&&4O=6>4=6>?*0&1 , 5&!4P &0"()&4 +( 4 6ALAA4=CC@6 MDCN6646('486,3'461$##0,&!4('-)6)64OA1 ,& 1&'$&-0'"(6B 1!2&00*$##!&&&$(,(&!05!C? &!($'4P 499') 43,6A46=A4 6==C=L==CA48+'&4=CC@6 MBN66,-486&#$(46(1&!4('-)6)64OC?46B 1 *0&1 ,5&!*$#=6-0&"+!&4P 4999"4), )+)4 4 6@@=L@@4(=CCC6 MB=N6&!+/4868('00&'04('-6$&(&!$4O6B!$&2$&-C1 4P 4999 4)) )'&' ,& )+4&& + (* 6=L==4=6 MBN664O1 ,&1&'$($'('-1 !3&1&'$5!*0&1 ,5&!0' '3&'$'(,&2#',"&04P#6600&!$($'4'3&!0$5,! -(4('&03,,&446 MBAN6$!&$46#'-!(46(#'462#++!('-6+4O&!'",& # !('02&3&!5!+ $%E0)B6==%!&,&004P 4999 4)) )'&' ,& )+4&& +( 4 6L >4=6 MBN(/1'$&"!($&-!-+2$04'264:BE:B='",&# 6? B6==%&!!('02&3&!0($(#&&$6 MB>N646+'$(,('-)6)64O +(,('-!'$'-*$#* ('-&05!!&,&00 ,2($'04 P 4999-&' ,& 4' !&0046 MB@N6#,(46.$(0486,0'4)6(468'00'46!,(&'46!,'46 (.(,(46!1('46(.'&1486('?&46('-&'46(,,'&!46+46 ("&!0$(146"+&!46)'++$$,(46,500'('-601(,4O'",& # !('02&3&!5!B6==(E%E"04P 4999 4)) )'&' , & )+4&& +( 4 CCA4 MBDN6&!!(+-46'($&,46&2+,486''$46!''46&'0$46 (00&('-6%!($4O+(,('-B6==(E%E"(-'6=B 14P 4999 4)) )'&' ,& )+4&& +( 4 CC>4

PAGE 185

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

PAGE 186

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