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Daily Deals White Paper:
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Harvard Business School
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Edelman Field Study Fall 2010
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Erik Eliason, Yohanes Frezgi, Fatima Khan
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"#$%&!"'#%!()$*'!+#+',!       !       !      !        !        !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!

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Table of Contents
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    676 !"89:;!"<8:=!"<>9?<@!!!
    675 !"89:;!"<8:=!A=7!B:8=C!18:<=!!
    67D 1EFG<!F>!+8G<H!!
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2"# 345(6)01,74/816*6,,
    576 !4A<HA9<I!F>!$?@J=KH;!+:8;<H=!!
    575 !                     !!
    57D !BJKJH<!*H<?@=!!!
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    D76 !+HFE<==!>FH!L<HEC8?K=!
    D75 !-8:J<!+HFGF=9K9F?!>FH!L<HEC8?K=!
    D7D !'EF?FM9E=!F>!8!"<8:!!
    D7N !'>><EK9A<?<==!F>!"89:;!"<8:!-FJEC<H=!
    D7O ,-<?@FH!+H<><H<?E<!
    D7P !L<HEC8?K!3FMG:89?K=!!
    ,
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    N76 !3F?=JM<H!"<MFQH8GC9E=!!
    N75 !"<E9=9F?!L8R9?Q!)<JH9=K9E=!#GG:9<@!KF!"89:;!"<8:=!!
    N7D !3F?=JM<H!+JHEC8=9?Q!/<C8A9FH!!
    N7N !,<E<GK9A<?<==!F>!3F?=JM<H=!!
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    O76 !,<=J:K=!
    O75 !L<HEC8?K=!
    O7D !3F?=JM<H=!
    O7N !(<S=9K<!!
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"#$%&!"'#%!()$*'!+#+',!       !      !       !        !       !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!

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1.0 Executive Summary
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!"! B/*81,B&/86,B&C*4&5,,
*C<!@89:;!@<8:!EH8T<!9=!F?<!F>!KC<!MF=K!GFGJ:8H!EF?=JM<HU9?K<H?<K!KH<?@=!9?!5V6V7!!$K!9=!
<==<?K98::;!8!=8:<=!K8EK9E!<MG:F;<@!S;!I<S=9K<=!9?!IC9EC!KC<;!F>><H!:9M9K<@UK9M<!@9=EFJ?K=!F?!
EFJGF?=!KF!:FE8:!M<HEC8?K=7!!*C<!EFJGF?W!8:=F!R?FI?!8=!AFJEC<HW!>J?EK9F?=!=9M9:8H!KF!8!=KFH<@U
A8:J<!E8H@!S<E8J=<!9K!C8=!MF?<K8H;!A8:J<!8K!8!=G<E9>9E!M<HEC8?KW!9=!Q<?<H8::;!8?F?;MFJ=W!8?@!
MJ=K!S<!H<@<<M<@!I9KC9?!8!GH<@<K<HM9?<@!K9M<U>H8M<W!>FH!<X8MG:<W!=9X!MF?KC=7!!"89:;!@<8:!
I<S=9K<=!F>><H!EF?=JM<H=!@<<G!@9=EFJ?K=Y!8!K;G9E8:!@<8:!9=!ZOV!IFHKC!F>!>FF@!>FH!Z5OW!SJK!
EF?=JM<H=!F?:;!C8A<!5N!CFJH=!KF!GJHEC8=<!KC<!AFJEC<H!FH!KC<;!M9==!FJK7!!!
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!"2,B/*81,B&/86,+6",D8/6;,-/8&6,,
*F!<=K8S:9=C!KC<!G8H8M<K<H=!F>!KC9=!IC9K<!G8G<HW!9K!9=!9MGFHK8?K!KF!@<>9?<!KC<!@9>><H<?E<=!
S<KI<<?!@89:;!@<8:=!8?@!>:8=C!=8:<=7!!!
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    D/')>0,                         B/*81,B&/8,                  D8/6;,-/8&6,
    $%/.F8&,                        [HFJGF?W!%9A9?Q!1FE98:!      [9:K![HFJG<W!)8JK<%FFR!
    GF&44&66,                       4G<?!KF!8::!                 $?A9K<!4?:;!
    H&>E0/F;1,                      %FE8:!                       28K9F?8:!
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    -(FF8*&06,                      1M8::!M<HEC8?K=!             %8HQ<!SH8?@=!
    M/8(&,J0>F>6*)*>4,)>,
                                    [<K!?<I!EJ=KFM<H=!           1<::!GF=KUG<8R!9?A<?KFH;!
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    N0/456,                         ,<:8K9A<:;!J?R?FI?!          'XE:J=9A<!?8M<!SH8?@=!
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EC8??<:!KF!FGK9M9T<!9?A<?KFH;W!KC<!I8;!9?!IC9EC!KC9=!9=!<X<EJK<@!9=!A<H;!@9>><H<?K7!!*C<!=EFG<!F>!
KC9=!H<=<8HEC!G8G<H!9=!KF!8?8:;T<!KC<!@;?8M9E=!F>!KC<!@89:;!@<8:!8=!8?!9?@J=KH;!8?@!9K=!9MG8EK!F?!
M<HEC8?K=!8?@!EF?=JM<H=!8?@!@F<=!?FK!8?8:;T<!>:8=C!=8:<=!I<S=9K<=7!!!
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"#$%&!"'#%!()$*'!+#+',!       !       !      !          !     !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%!

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2.0 Industry Analysis
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I<S=9K<!^M<HEC8?K!9?K<HM<@98H;_!IFHR=!I9KC!:FE8:!M<HEC8?K=!^=<::<H=_!KF!?<QFK98K<!8!@<8:!
^GHF@JEK_!KC8K!9=!=F:@!KF!EF?=JM<H=!^SJ;<H=_7!!$?!KC9=!MF@<:!K;G9E8::;!KC<H<!9=!?F!@9H<EK!
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9=![HFJGF?!1KFH<=!IC9EC!FG<H8K<=!8=!8!MJ:K9U=9@<@!G:8K>FHM!^L1+_!9?!IC9EC!SJ;<H=!^EF?=JM<H=_!
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C8=!8?!8>>9:98K9F?!I9KC!KC<!L1+7!!!
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M8HR<K!:<8@<H!9?!KC<!@89:;!@<8:!=G8E<!I9KC!@<8:=!9?!FA<H!6WVVV!M8HR<K=!Q:FS8::;!8?@!<=K9M8K<@!
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SJ;!@<8:=![HFJGF?!J=<=!                   !KC8K!MJ=K!S<!H<8EC<@!S<>FH<!8?;F?<!ICF!C8=!
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8EEFJ?K!>FH!DOd!F>!KC<9H!@89:;!KH8>>9E7!0=<H=!8H<!8:=F!>JHKC<H!9?E<?K9A9T<@!KF!Q<K!FKC<H=!KF!SJ;!

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KC<9H!=9@<!S8H!IC9:<!8:<HK9?Q!KC<!M                                                     !
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39K;!I8=!>FHM<@7!!$?!8?!9?K<HA9<I!                                                [9:K!39K;W!C<!
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MJ:K9G:<!@<8:!=9K<=!FH!                                                              !
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    Subscriber size,             O!                        6!                 V7O!                   V7O!
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                                 6!                        5!                   5!                    D!
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                                 6!                        6!                   N!                    5!

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   Rigidity of
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                                 6!                        D!                   5!                    D!
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                                 N!                        N!                   O!                    D!

    Payment Terms,               D!                        D!                   D!                    D!
    Cannibalization
        Rate
                                 5!                        5!                   5!                    5!

    Retention Rate               5!                        5!                   N!                    5!

      Total Score               22,                        2!,                29"?,                 2!"?,
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                                                 6!
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!                                                 !
4.0 Consumer Analysis
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35-44                     18%              28%                 21%
45-54                     11%              18%                 14%
55+                       3%               18%                 8%
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$BS=7I3GO!                !                !                   !
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College Grad              50%              35%                 48%
Grad School               30%              15%                 25%
associate degree          5%               0%                  3%
vocational school         2%               0%                  1%
No college                1%               41%                 15%
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$30K-$39K                 12%              10%                 11%
$40K-$49K                 12%              10%                 11%
$50K-$69K                 21%              14%                 18%
$70K-$99K                 19%              29%                 22%
$100K+                    29%              32%                 30%
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Female                    77%              60%                 71%
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       Travel               13           5.08              51351          $33.46       $1,230,595                778

       Restaurant           37           5.30             124820          $15.57       $1,610,992                637

       Leisure              27           4.93              89024          $30.37       $2,346,713                669
       Fitness               9           6.11              20419          $38.78        $790,705                 371
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       Vouchers Sold                                           14
       Weekend ($149)                                          12
       Weekday ($119)                                           2
       Total Sales                                      $   2,026
       Susidy per Voucher                                      16
       Total Subsidies                                        224
       Total Revenue for Merchant                       $   2,250
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!                                                 !
Appendix for Weecation Case Study
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                      - business.weecation.com




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  • 2. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! Table of Contents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
  • 3. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! 1.0 Executive Summary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
  • 4. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! 2.0 Industry Analysis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`DWVVV ! aPVV ! PV999! $.F8>1&&, ,,,,,,,,,,,=*)*&6, `DVV9A! !!!!!!!!!!!!65NA! PA9! 7+&0/E&,B&/8,J0*'&, ZN6A99! ZDOA999! Z6DP9X! D(45*4E, 6b6LX! Z5D5LX9! !!!!!!!!!!!!!!2c#! Q,>C,6(P6'0*P&06, NVLX99! 6VLX999! 2c#! R,B/*81,B&/8,A&P, bdX9A! edXA! 2c#! I0/CC*',,*4,);&,S-T, ! H0>(F>4, [HFJGF?W!IC9EC!I8=!FH9Q9?8::;!=K8HK<@!8=!*C<!+F9?K!9?!5VVbW!9=!:8HQ<:;!EH<@9K<@!I9KC!<=K8S:9=C9?Q! KC<!:FE8:!@89:;!@<8:!=G8E<!8>K<H!FS=<HA9?Q!J=<H=!F>!*C<!+F9?K!EFMS9?<!KC<9H!<>>FHK=!KF!SJ;!QFF@=! 9?!SJ:R!8K!:8HQ<!@9=EFJ?K=7!$?!5VVe!KC<!EFMG8?;!G9AFK<@!8?@!H<?8M<@!9K=<:>![HFJGF?! ^Q<K;FJHQHFJGF?7EFM_W!>FEJ=9?Q!<XE:J=9A<:;!F?!@89:;!@<8:=7!19?E<!KC<?![HFJGF?!C8=!S<EFM<!KC<! M8HR<K!:<8@<H!9?!KC<!@89:;!@<8:!=G8E<!I9KC!@<8:=!9?!FA<H!6WVVV!M8HR<K=!Q:FS8::;!8?@!<=K9M8K<@! H<A<?J<!FA<H!O!K9M<=!:8HQ<H!KC8?!KC<!?<XK!S9QQ<=K!G:8;<HW!%9A9?Q1FE98:7!*F!9?E<?K9A9T<!J=<H=!KF! SJ;!@<8:=![HFJGF?!J=<=! !KC8K!MJ=K!S<!H<8EC<@!S<>FH<!8?;F?<!ICF!C8=! GJHEC8=<@!KC<!@<8:!9=!Q9A<?!8!@9=EFJ?K7!!$>!KC<!fJFK<!9=!?FK!H<8EC<@!<A<H;F?<!ICF!8QH<<@!KF! GJHEC8=<!KC<!@<8:!9=!?FK!EC8HQ<@!8?@!?F!F?<!Q<K=!KC<!@9=EFJ?K7!*F!C<:G!@9=KH9SJK<!KC<9H!@<8:=! [HFJGF?!H<:9<=!F?!8!=KHF?Q!<M89:=!S8=<!KC8K!EF?=9=K=!9?!FA<H!NV!M9::9F?!<M89:=!IFH:@I9@<!IC9EC! 8EEFJ?K!>FH!DOd!F>!KC<9H!@89:;!KH8>>9E7!0=<H=!8H<!8:=F!>JHKC<H!9?E<?K9A9T<@!KF!Q<K!FKC<H=!KF!SJ;! N! !
  • 5. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! @<8:=!KCHFJQC!8!H<><HH8:!GHFQH8M!KC8K!H<I8H@=!J=<H=!>FH!Q<KK9?Q!>H9<?@=!KF!=9Q?!JG!FH!GJHEC8=<!8! @<8:!KC8K!KC<;!C8A<!8:H<8@;!SFJQCK7!! , D*06),:>+&0,75+/4)/E&,, 19?E<![HFJGF?!I8=!KC<!>9H=K!MFA<H!9?!KC<!@89:;!@<8:!=G8E<!KC<;!C8A<!<?gF;<@!8!=9Q?9>9E8?K!>9H=K! MFA<H!8@A8?K8Q<!KC8K!EFMS9?<@!I9KC!KC<9H!FG<H8K9?Q!<X<EJK9F?!C8=!:<@!KF!KC<9H!EJHH<?K!M8HR<K! @FM9?8?E<7!*C<9H!@FM9?8?E<!E8?!:8HQ<:;!S<!=<<?!KCHFJQC!KC<!=9Q?9>9E8?K!@9>><H<?E<!9?!I<S=9K<! KH8>>9E7! , I0/CC*', !$?!8!H<E<?K!GF=K!S;!)9KI9=<W!8?!F?:9?<!@8K8!8?@!8?8:;K9E=!=<HA9E<!EFMG8?;Y!KC<;!H<GFHK<@!KC8K! [HFJGF?!EFMM8?@=!bd!F>!QHFJGUS8=<@!EFJGF?!KH8>>9EW!IC9:<!%9A9?Q1FE98:!C8=!gJ=K!ed!8=!F>! 2FA<MS<H!5bW!5V6V7! ! D*E(0&,9"#@!L8HR<K!1C8H<!F>!"89:;!"<8:!0?9fJ<!-9=9K=XA9!! ! ! *C<!I9@<!KH8>>9E!M8HQ9?!KC8K![HFJGF?!<?gF;=!E8?!M89?:;!S<!8KKH9SJK<@!KF!KC<9H!:8HQ<H!J=<H!S8=<7! (C9:<!%9A9?Q=FE98:!C8=!8EEHJ<@!8!S8=<!F>!FA<H!6V!M9::9F?!J=<H=!9?!KC<!0?9K<@!1K8K<=!=9?E<!9K=! :8J?EC!9?!#JQJ=K!5VVW![HFJGF?!C8=!8M8==<@!?<8H:;!NV!M9::9F?!=9?E<!2FA<MS<H!5VVe7!L8?;!F>! KC<=<!J=<H=!=9Q?<@!JG!IC<?![HFJGF?!>9H=K!9?KHF@JE<@!KC<!@89:;!@<8:!=G8E<!I9KC!@9=G:8;!8@=! ! ! ! O! !
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  • 30. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! Appendix for Weecation Case Study ! 3F?=JM<H!"<MFQH8GC9E=!F>!B8?G8Q<=!! ! ! ! 4?!38MGJ=!B:9<H! ! ! 'M89:!38GKJH<!F?!KFG!F>!<A<H;!G8Q<!F?!I<S=9K<!! ! ! DV! !
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  • 33. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! - business.weecation.com DD! !
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  •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fJ9H<@!S;!8GG:9E8S:<!:8I!8?@!<?>FHE<@!8=!=F!:9M9K<@7, ]",,$4)*0&,7E0&&.&4)",,*C9=!8QH<<M<?K!EF?=K9KJK<=!8?@!EF?K89?=!KC<!<?K9H<!8QH<<M<?K!8?@! J?@<H=K8?@9?Q!EF?E<H?9?Q!KC<!=JSg<EK!M8KK<H!8@@H<==<@!C<H<9?!S<KI<<?!KC<!G8HK9<=W!8?@!=JG<H=<@<=! 8?@!H<G:8E<=!8::!GH9FH!?<QFK98K9F?=!8?@!8::!8QH<<M<?K=!GHFGF=<@!FH!FKC<HI9=<W!IC<KC<H!IH9KK<?!FH!FH8:W! EF?E<H?9?Q!KC9=!=JSg<EK!M8KK<HW!8?@!KC<!8!G8HK9<=!C8A<!M8@<!?F!8QH<<M<?K=W!H<GH<=<?K8K9F?=!FH! I8HH8?K9<=!H<:8K9?Q!KF!KC<!=JSg<EK!M8KK<H!F>!KC9=!8QH<<M<?K!KC8K!8H<!?FK!=<K!>FHKC!9?!KC9=!8QH<<M<?K7! ! DP! !
  • 37. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! Endnotes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 9 !!!#M9H!'>H8K9!8?@![<F>>H<;!#7!BFI:<HW, 1KH<<K!iFJH?8:W!!"<E<MS<H!6W!5V6VW! CKKGhccF?:9?<7I=g7EFMc8HK9E:<c1/6VVV6N5NVO5bNebVNPb5VNObOPNbVDDVOONVO5e7CKM:W! 8EE<==<@!F?!"<E<MS<H!5V6V7!! ! 99 ! /:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:U EFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H! 5V6V7! ! 999 !#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7!! ! 9A !!1K8E;!3FI:<;W! [HFJGF?!I8:R=!8I8;!>HFM![FFQ:<!K8R<FA<H!K8:R=! ! "<E<MS<H!NW5V6VW!CKKGhccMF?<;7E??7EFMc5V6Vc65cVDcK<EC?F:FQ;cQHFJGF?qQFFQ:<c9?@<X7CKMW!! 8EE<=<@!F?!"<E<MS<H!5V6V7! ! A ! /:FFMS<HQW!"<E<MS<H!bW5V6VW!CKKGhccIII7S:FFMS<HQ7EFMc?<I=c5V6VU65UVbc:9A9?Q=FE98:U EFJ?K=UF?U8M8TF?UEFMU=UC<:GU9?UQHFJGF?UQJ?>9QCKUE<FU=8;=7CKM:W!8EE<==<@!F?!"<E<MS<H! 5V6V7! ! A9 !#?@H<I!jFECW!9?K<HA9<I!S;!&FC8?<=!BH<TQ9W!/F=KF?W!L#!"<E<MS<H!6W5V6V7! ! A99 ! CKKGhccK<ECEHJ?EC7EFMc5V6VcVOcV5cK<8H@FI?U QHFJGF?cW!8EE<==<@!2FA<MS<H!5V6V7! ! A999 !$S9@7W!G767! ! 9X !1FJHE<h!"8K8!>HFM!III7[9:K39K;7EFM!@<8:!G8Q<=W!8?@!8A<H8Q<!GH9E<!F>!C9QC:9QCK!@<8:7!!! ! X !3HJ?ECS8=< CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;c:9A9?Q=FE98:W!8EE<==<@!F?!2FA<MS<H!5V6V!! ! X9 ! CKKGhccIII7EHJ?ECS8=<7EFMcEFMG8?;cQHFJGF?W!8EE<==<@!F?!2FA<MS<H!5V6V!! ! X99 !#?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW! CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>U gFC?UIFF@r=UG6U=FU9VW!"<E<MS<H!VW5V6V! ! Db! !
  • 38. "#$%&!"'#%!()$*'!+#+',! ! ! ! ! !!!!!!!!!!!!!!)#,-#,"!.!/01$2'11!.!13)44%! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! X999 ! ! 5W5V6VW!CKKGhccS:FQ=7>FHS<=7EFMcM9R<9=88Ec5V6Vc65cV5c:9A9?Q=FE98:UH<E<9A<=U6bOUM9::9F?U 9?A<=KM<?KU>HFMU8M8TF?c! ! X9A U/J;9?Q!-9=9K=!-=7!ed!BFH! CKKGhccK<ECEHJ?EC7EFMc5V6Vc65cV5cC9KI9=<UQHFJGF?U:9A9?Q=FE98:c7! !!! XA !:S9@7W!G767! ! XA9 ! CKKGhccI<S:FQ=7C9KI9=<7EFMcS9::U K8?E<Hc5V6Vc65c:9A9?Qq=FE98:q8?@qKC<q8@FGK9F?7CKM:nJKMq=FJHE<s><<@SJH?<HtJKMqM<@9JM s><<@tJKMqE8MG89Q?sB<<@huC9KI9=<u^)9KI9=<u$?K<::9Q<?E<_7! ! XA99 =K ! W!5V6VW!F?!2F@8:!/9K=!/:FQW! CKKGhccIII7?F@8:S9K=7EFMcS9K=cCFIUC8=UQHFJGF?UQHFI?U=FU>8=Kc!8EE<==<@!F?!2FA<MS<H!5V6V7!! ! XA999 !![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?! utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7! X9X !![FQQ:<!*H<?@=W!CKKGhccIII7QFFQ:<7EFMcKH<?@=nfs%9A9?Q?W[HFJGF?! utEK8SsVtQ<Fs8::t@8K<s5V6Vt=FHKs6W!8EE<==<@!F?!"<E<MS<H!5V6V7! XX ! /:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U 8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!! ! XX9 ! (FH@=!#@A<HK9=<H=h!%<8R<@!"FEJM<?K!,<A<8:=!#@A<HK9=9?Q! /:FQW!CKKGhcc=<8HEC<?Q9?<:8?@7EFMcQFFQ:<=UKFGU8@IFH@=U8@A<HK9=<H=U:<8R<@U@FEJM<?KUH<A<8:=U 8@A<HK9=9?QU@F::8H=UN6eW!8EE<==<@!F?!2FA<MS<H!5V6V7!! ! XX99 ! +H<=<?K8K9F?!F?!=:9@<=C8H<W!#JQJ=K!6W5V6VW!CKKGhccIII7=:9@<=C8H<7?<Kc;9G9Kc;9G9KUI<S9?8HU e66VUOV6NNeP7!! ! XX999 !$S9@7W!G76V7! ! XX9A #?@H<I!L8=F?W!9?K<HA9<I!S;!3C8H:9<!,F=<W!*C<!3C8H:9<!,F=<!1CFIW! CKKGhccIII7CJ:J7EFMcI8KECc6VNcEC8H:9<UHF=<U8?@H<IUM8=F?UE<FUQHFJGF?U=K8E;U=EC9>>U gFC?UIFF@r=UG6U=FU9VW!8EE<==<@!F?!"<E<MS<H!VW!5V6V7! De! !
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