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   6XSHUPDUNHW(PSORHH7XUQRYHURVW                                                                                               

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   0RVWRPPRQ5HDVRQVIRU/HDYLQJ                                                                                                  

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   (IIHFWLYHQHVVRI5HWHQWLRQ7RROVDQG,QLWLDWLYH                                                                                  

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     RI7RS3HUIRUPLQJ(PSORHHV                                                                                                      

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   -RKQRNRDPD                                                                                                                     

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8VHIXOQHVV5DWLQJRIWKH(PSORHU%UDQG                                                     

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8VHIXOQHVV5DWLQJRIWKH(PSORHU%UDQG                                                                          

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8VHIXOQHVV5DWLQJRIWKHRUSRUDWH%UDQG                                                    

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8VHIXOQHVV5DWLQJRIWKH(PSORHU%UDQG                                                                          

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V/HWWHU3DJH                                                                                               

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V/HWWHU3DJH                                                                                               

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 'RGJH	6DYH0DUW6XSHUPDUNHWV1$6$56SRQVRUV                                                                                   

 7KH6DYH0DUWHQWHUDW)UHVQR6WDWH                                                                                              

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V,QYHVWPHQWLQ6NLOOV                                                                          

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RQWKHMREMXVWLQWLPH ,Q6WRUH7UDLQLQJ                                                             

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7RWDO1HZ+LUHVDQG3URMHFWHG1HZ+LUHVIRU                                                          

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5HHQHUJL]HG,Q6WRUH7UDLQLQJ3URJUDP                                                                    

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$FNQRZOHGJPHQWV                                                                                                                     LL

/LVWRI7DEOHV                                                                                                                      LLL

/LVWRI,OOXVWUDWLRQV                                                                                                              LY

,,QWURGXFWLRQ                                                                                                                    

        $    7KH)LVKLQJ$QDORJ                                                                                                 
        %    %DFNJURXQGRIWKH3UREOHP                                                                                           
            6WDWHPHQWRIWKH3UREOHP                                                                                            
        '    3XUSRVHRIWKH6WXG                                                                                                
                7RRPSDUHDQGRQWUDVW6WUDWHJLHV                                                                              
                7R(IIHFWDKDQJH                                                                                              
        (    6LJQLILFDQFHRIWKH6WXG                                                                                           
                $GGVWRWKH%RGRI.QRZOHGJHRI%XVLQHVVLQ*HQHUDO                                                            
        )    $VVXPSWLRQV                                                                                                         
                7KH6DPSOHLV5HSUHVHQWDWLYHRIWKH3RSXODWLRQ                                                                  
                $SSURSULDWH9DULDEOHVDQG0HDVXUHPHQW7RROV                                                                     
        *    /LPLWDWLRQV                                                                                                         
                *HRJUDSKLF/RFDWLRQV                                                                                            
                /LWHUDFDQG+RQHVW                                                                                            
        +   'HOLPLWDWLRQV                                                                                                       
                7KH1DWXUHDQG6L]HRIWKH6DPSOH                                                                               
                7KH8QLTXHQHVVRIWKH6HWWLQJ                                                                                   
                /LPLWDWLRQVRI0HWKRGV6HOHFWHG                                                                                 

3DUW2QH5HFUXLWPHQW	5HWHQWLRQ+LJKOLJKWV                                                                                     

,,/LWHUDWXUH5HYLHZ                                                                                                            

        $    *HQHUDO+LVWRURIWKH7RSLF                                                                                      
        %    XUUHQW6WDWH                                                                                                     
             5HODWHG)DFWRUVDQGLUFXPVWDQFHV                                                                                 
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               $WWUDFWLQJ([FHSWLRQDO(PSORHHV                                                                               
                           D(QJDJLQJ(PSORHHV7KURXJKRXU%UDQG                                                              
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               5HGXFLQJ(PSORHH7XUQRYHU5DWHVDQGRUUHVSRQGLQJDXVHVDQGRVWV                                            
                           D1HZ,GHDVIRU5HWDLQLQJ6WRUH/HYHO(PSORHHV                                                      
                           E6+505HWHQWLRQ3UDFWLFHV6XUYH                                                               
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VD3HRSOH7KLQJ                                                                                
                           E7KH5LJKW3DFNDJH                                                                                  
               8VLQJ5HZDUGVDV7RROVIRU,PSURYLQJ%XVLQHVV3HUIRUPDQFH                                                      
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3DUW6DYH0DUW6XSHUPDUNHWV6WRUH/HYHO$SSOLFDQW2SLQLRQ6XUYH                                                              

,,,0HWKRGRORJ                                                                                                                 

        $ 'HVFULSWLRQVRIWKH3DUWLFLSDQWVDQG%XVLQHVV                                                                        
        % ,QVWUXPHQWDWLRQXVHGWR2EWDLQ'DWD                                                                                  
         3URFHGXUHVLQRQGXFWLQJWKH6WXGDQG2EWDLQLQJ'DWD                                                                
             6DPSOH6L]H                                                                                                      
             6WUDWLILHG6DPSOLQJ                                                                                              
             6VWHPDWLF6DPSOLQJ                                                                                              
             7KH4XHVWLRQQDLUH	2SLQLRQ6XUYH3URFHVV                                                                       
        ' 'DWD$QDOVLV                                                                                                        

,9RQFOXVLRQVDQG'LVFXVVLRQ                                                                                                   

        $ 3RVVLEOH6ROXWLRQV3UHGLFWLRQVDQG([SODQDWLRQ                                                                     
             9DOHUR(QHUJ6DQ$QWRQLR7H[DV                                                                                
             DSLWDO2QH)LQDQFLDO)DOOVKXUFK9LUJLQLD                                                                    
             *HQHUDO(OHFWULF)DLUILHOGRQQHFWLFXW                                                                         
             6RXWKZHVW$LUOLQHV'DOODV7H[DV                                                                                
             +RPH'HSRW$WODQWD*HRUJLD                                                                                     
             6$6,QVWLWXWHDU1RUWKDUROLQD                                                                              
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             LVFR6VWHPV6DQ-RVHDOLIRUQLD                                                                             
             *ROGPDQ6DFKV1HZRUN1HZRUN                                                                               
        % 5HFRPPHQGDWLRQVDQG([SODQDWLRQ                                                                                     
             %XLOGWKH(PSORPHQW%UDQG                                                                                      
             'HILQH7DUJHW0DUNHWV                                                                                           
             /RFDWH7DUJHW0DUNHWV                                                                                           
             5HDFKWKH3DVVLYHDQGLGDWH                                                                                     
             :ULWH(IIHFWLYH-RE3RVWLQJVDQG6KRZ2II                                                                       
             3UDFWLFHDQGLGDWH5HWHQWLRQ                                                                                    
         *HQHUDO7RSLF5HYLHZDQG,PSRUWDQFH                                                                                   
        ' 5HFDSRI6LJQLILFDQW,VVXHV3UREOHPV                                                                                
        ( 5HFDSRI3RVVLEOH6ROXWLRQV                                                                                           
        ) )LQDO5HFRPPHQGDWLRQDQG5HDVRQLQJ                                                                                    
             ,QYHUWWKH3UDPLG                                                                                              
             %XLOGWKH%UDQG                                                                                                
        * ,PSOLFDWLRQVIRU0DQDJHPHQW%XVLQHVVHV                                                                             
             /HVVRQV/HDUQHG                                                                                                
             +RZ+LJK3HUIRUPHUVDUH'LIIHUHQW                                                                              

95HIHUHQFHV                                                                                                                  

9,$SSHQGLFHV                                                                                                                 
      $ $SSHQGL[$6DPSOH4XHVWLRQQDULH                                                                                      
      % $SSHQGL[%*HRJUDSKLF/RFDWLRQV	6DPSOH5HVSRQVHV                                                                   
       $SSHQGL[6VWHPDWLF6DPSOHRPSXWDWLRQV                                                                            
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3RRUPDQDJHPHQW                                                         
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5HWXUQLQJWRVFKRRO                                                     
5HWLUHPHQW                                                              
-REVHFXULWIHDUV                                                      
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KLOGFDUHLVVXHV                                                       
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+HDOWKUHODWHGUHDVRQV                                                  
(OGHUFDUHLVVXHV                                                  1HJOLJLEOH
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       +HDOWKFDUHEHQHILWV                                                               
       RPSHWLWLYHVDODULHV                                                               
       RPSHWLWLYHVDODULQFUHDVHV                                                      
       RPSHWLWLYHYDFDWLRQKROLGDEHQHILWV                                              
       5HJXODUVDODUUHYLHZV                                                             
       'HILQHGFRQWULEXWLRQUHWLUHPHQW                                                   
       3DLGSHUVRQDOWLPHRII                                                            
       )OH[LEOH:RUN6FKHGXOHV                                                           
       7UDLQLQJDQGGHYHORSPHQWRSSRUWXQLWLHV                                             
      2SHQGRRUSROLF                                                                   
      1HZKLUHRULHQWDWLRQ                                                               
      'HILQHGEHQHILWSODQ                                                              
      KLOGFDUHSDLGRQVLWH                                                             
      (DUOHOLJLELOLWIRUEHQHILWV                                                    
      :RUNSODFHORFDWLRQ                                                                
      7XLWLRQUHLPEXUVHPHQW                                                             
      5HWHQWLRQERQXVHV                                                                 
      KLOGFDUHVXEVLGLHV                                                               
      6SRWFDVK                                                                         
      6WRFNRSWLRQV                                                                     
      6XFFHVVLRQSODQQLQJ                                                              
      1RQHRUORZFDVKUHZDUGV                                                          
      DVXDOGUHVV                                                                      
      GHJUHHIHHGEDFN                                                              
      2QVLWHSDUNLQJ                                                                    
      'RPHVWLFSDUWQHUEHQHILWV                                                         
      (OGHUFDUHVXEVLGLHV                                                                
      $WWLWXGHVXUYHVIRFXVJURXSV                                                    
      $OWHUQDWLYHGLVSXWHUHVROXWLRQ                                                    
      7UDQVSRUWDWLRQVXEVLGLHV                                                          
      )LWQHVVIDFLOLWLHV                                                                
      6HYHUDQFH SDFNDJH                                                                 
      6DEEDWLFDOV                                                                       
      7HOHFRPPXWLQJ                                                                     
      1RQFRPSHWHDJUHHPHQWV                                                             
      RQFLHUJHVHUYLFHV                                                                 



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