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q& WR q& q& WR q& 5HY . (;$5 &RUSRUDWLRQ .DWR 5RDG )UHPRQW &$ ` ` ;57 9&& 9 *1' 9(( 9 & 7, 5, 5, 7; 72 72 52 72 72 52 72 72 52 5; & & 7, & 5, 5, & & 7; 5; & & & 7, 7; 5, 5, 5; & & 6(/ 6(/ 6(/ & & & & & & & & & &RQWURO %ORFN )LJXUH ;57 %ORFN 'LDJUDP 5HY ;57 3,1 &21),*85$7,216 9&& 9(( *1' 7, 7, 7, 6(/ 6(/ 52 52 52 6(/ 72 72 72 72 72 72 5, 5, 5, 5, 5, 5, 9&& 9(( *1' 7, 7, 7, 6(/ 6(/ 52 52 52 6(/ /HDG 3',3 µ 72 72 72 72 72 72 5, 5, 5, 5, 5, 5, /HDG 62,& µ 3,1 '(6&5,37,21 3LQ 6\PERO 7\SH 6LJQDO && 9(( 9 'HVFULSWLRQ p p 9 9 9 9 *1' *URXQG 7, , 77/ 7UDQVPLWWHU LQSXW 7, , 77/ 7UDQVPLWWHU LQSXW 7, , 77/ 7UDQVPLWWHU LQSXW 6(/ , 77/ 0RGH VHOHFW VHH 7DEOH IRU GHWDLOV 6(/ , 77/ 0RGH VHOHFW VHH 7DEOH IRU GHWDLOV 52 2 77/ 5HFHLYHU RXWSXW 52 2 77/ 5HFHLYHU RXWSXW 52 2 77/ 5HFHLYHU RXWSXW 6(/ , 77/ 0RGH VHOHFW VHH 5, , 9 5HFHLYHU QHJDWLYH LQSXW 5, , 9 5HFHLYHU SRVLWLYH LQSXW 5, , 9 5HFHLYHU QHJDWLYH LQSXW 5, , 9 5HFHLYHU SRVLWLYH LQSXW 5, , 9 5HFHLYHU QHJDWLYH LQSXW 5, , 9 5HFHLYHU SRVLWLYH LQSXW 72 2 9 7UDQVPLWWHU QHJDWLYH RXWSXW 72 2 9 7UDQVPLWWHU SRVLWLYH RXWSXW 72 2 9 7UDQVPLWWHU QHJDWLYH RXWSXW 72 2 9 7UDQVPLWWHU SRVLWLYH RXWSXW 72 2 9 7UDQVPLWWHU QHJDWLYH RXWSXW 72 2 9 7UDQVPLWWHU SRVLWLYH RXWSXW 5HY 7DEOH IRU GHWDLOV ;57 '& (/(&75,&$/ &+$5$&7(5,67,&6 7HVW &RQGLWLRQV 9&& 9 9(( 9 7$ q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³$ .: P9 &RQGLWLRQV 972 9 972 9 :KLOH GULYHU GLVDEOHG ) 0ESV P9 P$ .: 926 9 995, 95,9 995, 95,9 9 9 P$ ,2+ P$ ,2/ P$ 929&& ³$ 5HFHLYHU 'LVDEOHG 929&& 7,Q 6(/ 7,Q 6(/ 7,Q 6(/ $OO 2Q /RDGHG ) 0ESV $OO 2II $OO 2Q $OO 2II 9 9 ³$ P$ ³$ P$ ³$ 1RWHV $OO FXUUHQWV IORZLQJ LQWR WKH GHYLFH SLQV DUH PDUNHG SRVLWLYH $OO FXUUHQW IORZLQJ RXW RI WKH GHYLFH SLQV DUH PDUNHG QHJDWLYH %ROG IDFH SDUDPHWHUV DUH FRYHUHG E\ SURGXFWLRQ WHVW DQG JXDUDQWHHG RYHU WKH RSHUDWLQJ WHPSHUDWXUH UDQJH DUH JXDUDQWHHG RYHU WKH IXOO RSHUDWLQJ WHPSHUDWXUH UDQJH 6SHFLILFDWLRQV DUH VXEMHFW WR FKDQJH ZLWKRXW QRWLFH 5HY ,WDOLFL]HG SDUDPHWHUV ;57 $& (/(&75,&$/ &+$5$&7(5,67,&6 7HVW &RQGLWLRQV 9&& 9 9(( 9 7$ q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q& WR q& 2SHUDWLQJ 7HPSHUDWXUH q& WR q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q q 7KH FRQWURO GLPHQVLRQ LV WKH LQFK 5HY & D $ FROXPQ q q ;57 /($' 60$// 287/,1( 0,/ -('(& 62,& 5HY ' ( + & 6HDWLQJ 3ODQH % H $ D $ / 6<0%2/ $ ,1&+(6 0,1 0$; 0,//,0(7(56 0,1 0$; $ % & ' ( H %6& %6& + / D 1RWH q q q 7KH FRQWURO GLPHQVLRQ LV WKH PLOOLPHWHU FROXPQ 5HY q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·V VSHFLILF DSSOLFDWLRQ :KLOH WKH LQIRUPDWLRQ LQ WKLV SXEOLFDWLRQ KDV EHHQ FDUHIXOO\ FKHFNHG QR UHVSRQVLELOLW\ KRZHYHU LV DVVXPHG IRU LQDFFXUDFLHV (;$5 &RUSRUDWLRQ GRHV QRW UHFRPPHQG WKH XVH RI DQ\ RI LWV SURGXFWV LQ OLIH VXSSRUW DSSOLFDWLRQV ZKHUH WKH IDLOXUH RU PDOIXQFWLRQ RI WKH SURGXFW FDQ UHDVRQDEO\ EH H[SHFWHG WR FDXVH IDLOXUH RI WKH OLIH VXSSRUW V\VWHP RU WR VLJQLILFDQWO\ DIIHFW LWV VDIHW\ RU HIIHFWLYHQHVV 3URGXFWV DUH QRW DXWKRUL]HG IRU XVH LQ VXFK DSSOLFDWLRQV XQOHVV (;$5 &RUSRUDWLRQ UHFHLYHV LQ ZULWLQJ DVVXUDQFHV WR LWV VDWLVIDFWLRQ WKDW D WKH ULVN RI LQMXU\ RU GDPDJH KDV EHHQ PLQLPL]HG E WKH XVHU DVVXPHV DOO VXFK ULVNV F SRWHQWLDO OLDELOLW\ RI (;$5 &RUSRUDWLRQ LV DGHTXDWHO\ SURWHFWHG XQGHU WKH FLUFXP VWDQFHV &RS\ULJKW (;$5 &RUSRUDWLRQ 'DWDVKHHW 1RYHPEHU 5HSURGXFWLRQ LQ SDUW RU ZKROH ZLWKRXW WKH SULRU ZULWWHQ FRQVHQW RI (;$5 &RUSRUDWLRQ LV SURKLELWHG 5HY