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  • 8/8/2019 BPL Letters

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    !"#$%&'((')*+,,-.%-/%0122-33

    #454%167')8997%+:'/%;=?%.'@)=AB=

    C-D;.E%+..1+&%&-33-,%3;%&FGF3-E%H+,3.-,C

    3>'%I'6')=J%C(9KB%G=)B'(%HLK(M)'%L6%!"#$

    F6%J=A(%N'=)OA%J'((')%(9%P=)(6')A?%F%A=L7%(>'%Q9JJ98L6RS

    GN%:L'8%9Q%(>'%R'6')=J%LA%:L'8%)'J=('A%(9%@JM'TK>LP%A'KM)L(L'A/%3>LA%:L'8?%LQ%=KKM)=('?%K=))L'A%8L(>%L(%(>'%P9AAL@LJL(N%9Q%=%AM@A(=6(L=J%7'KJL6'%L6%=JJ%A(9KB%P)LK'A?%@9(>%M67'):=JM'7%=67%9(>')8LA'/%F6%=6N%':'6(%F%(>L6B%(>'%P)9@=@LJL(N%LA%:')N%AJLR>(%(>=(%KM))'6(%9MR>(%9Q%=A%K>'=P%QL:'%N'=)A%Q)998':')?%A>9MJ7%69(%>M)(%(>'%'%R'6')=J%LA%9P')=(L96%=(%(>=(%(LLR>')%9M)%P9JLKN%8LJJ%@'%(9%)'7MK'%9M)%R'6')=J%LAAM'A%=A%P)9QL(A%P)'A'6(%(>''%89)BT9M(%P9)(Q9JL9/

    +JJ%9Q%(>'%=@9:'%LA%69(%L6('67'7%(9%L=(%=7%96JN%)'K'6(%'UP')L'6K'%8L(>%A(9KBA%89MJ7%('67%(9%K)'=('%=6%L=(%(>'%PM@JLK%LA%A(LJJ%:')N%@MJJLA>%96%@JM'%K>LP%A(9KBA%=67%(>'%R'6')=J%'K969=(%A(9KBA%>=:'%

    AMQQ')'7%=6N%7)=A(LK%7'KJL6'%9)%(>=(%(>'%R'6')=J%'%R'6')=J%LR>%AL7'%@=A'7%96%J96R%(')=:'%(=B'6%P9AL(L96A%L6%(89%AL(M=(L96A%8>LK>%>=:'%)'=K>'7%=%AL\'%8>')'%8'%'%P9)(Q9JL9%9Q%(>'%:=)L9MA%P=)(6')A>LPA%=67%(>'%9(>')%=KK9M6(A%Q9)%=@9M(%#]/%09(>%9Q%(>'A'%8LJJ%P)9@=@JN%(=B'%L6%(>'%6'LR>@9)>997%9Q%(>)''%(9%QL:'%N'=)A%9Q%89)B%@M(%(>'N%P)'A'6(JN%=PP'=)%(9%>=:'%P9('6(L=J%Q9)%=%>LR>%=:')=R'%=66M=J%)=('%9Q%)'(M)6%8L(>%=%'N%>=:'%:')N%JL((J'%

    !

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

    P=)(6')A>LPA%Q9)=(%(>'N%K9MJ7%96JN%(=B'%)'J=(L:'JN%A'A'%LAAM'A/%

    0=ALK=JJN?%=JJ%P=)(6')A>LPA%=)'%L6:'A('7%L6%(>'%A='%A='%L6L(L=J%A(=R'A?%'%N'=)A?%F%8LJJ%@'%XML('%A=(LAQL'7%8L(>%=%P')Q9)'A'%(>)''%P=)(6')A>LPA?%!"#$%8=A%=%AMKK'AAQMJ%=67%P)9@=@JN%@'((')%(>=6%=:')=R'?%N'=)/%

    389%P=)(6')A>LPA%8')'%A(=)('7%7M)L6R%(>'%'%+:')=R'A%8>LK>%8')'%7986%=@9M(%!4]%Q9)%(>'%P')L97%AL6K'%L6K'P(L96%9Q%(>'%!"#$%P=)(6')A>LPA/%3>'L)%P9)(Q9JL9A%=)'%698%A(=)(L6R%(9%=PP)9UL'%!"#Y%

    P=)(6')A>LPA%=67%P')Q9)9MJ7%@'%%'%QM(M)'/

    F6(')P)'(=(L96%9Q%)'AMJ(A

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    F%>=:'%()L'7%(9%K9:')%P9L6(A%8>LK>%F%Q'J(%(%@'%9Q%L6(')'A(%=67%7LAKJ9A'%=A%%9Q%9M)%P>LJ9A9P>N%=A%9M(%(=JBL6R%9Q%L67L:L7M=J%LAAM'A/%FQ%(>')'%=)'%=6N%XM'A(L96A%K96K')6L6R%=6N%P>=A'%9Q%(>'%9P')=(L96?%F%89MJ7%8'JK9

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    !"#[%&'((')*=))'6%-%0MQQ'((

    #454%167')8997%+:'/%;=?%.'@)=AB=

    3`-%I-.-,+&%C3;Da%G+,a-3%F.%!"#[

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h!4#%P')%A>=)'%K9

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    P=L7%69%K=A>%7L:L7'67%=(%=JJ%7'APL('%'=)6L6RA%9Q%=@9M(%h!5%P')%A>=)'%8>LK>%8=A%J=)R'JN%)'AP96AL@J'%Q9)%=%7'P)'AA'7%P)LK'%9Q%=@9M(%h#5%P')%A>=)'/%C9%>')'%8'%>=7%=%:')N%8'JJ%9J7')A%=67%)LAB%9Q%=6N%MJ(LLK>%>=7%7'AL)'7%=%')'%8=A%':L7'6K'%(>=(%(>LA%AL(M=(L96%89MJ7%69(%K96(L6M'%L67'QL6L('JN/%3>MA%8'%>=7%=%K9=)=K(')LA(LKAW%4/ I997%A9JL7%:=JM'%@MLJ7L6R%MP%=(%=%A=(LAQ=K(9)N%P=K'%=67WZ/ -:L7'6K'%(9%(>'%'QQ'K(%(>=(%':'6(M=JJN%(>LA%:=JM'%89MJ7%@'%M6J9KB'7%=J(>9MR>%L(%(%@'%96'%N'=)%9)%('6%

    N'=)A/%FQ%(>'%J=((')%8')'%()M'?%(>'%:=JM'%89MJ7%P)'AM=:'%@''6%@MLJ(%MP%(9%=%K96AL7')=@JN%J=)R')%QLRM)'?%A=N?%h4#5%P')%A>=)'/

    ;:')%=%P')L97%9Q%=%N'=)%9)%A9?%8'%8')'%AMKK'AAQMJ%L6%9@(=L6L6R%=@9M(%!4]%9Q%(>'%@=6B%=(%=%P)LK'%=:')=RL6R%=@9M(%h#!%P')%A>=)'/%;@:L9MAJN%L(%8=A%7'QL6L('JN%(9%9M)%=7:=6(=R'%(9%>=:'%(>'%A(9KB%)'%

    AMQQLKL'6(%:9(L6R%P98')%(9%8=))=6(%K96AMJ(=(L96%96%=6N%'%A(9KB%%)=LJ'7%(>'%P)LK'%(9%=@9M(%hY#%8>')'%8'%8')'%6'L(>')%@MN')%69)%A'JJ')/%l')N%A=6R'A%9Q%(>LA%LK>%'UPJ=L6A%(>'%L9J7L6RA/

    &=('%L6%(>'%N'=)%8'%8')'%AMKK'AAQMJ%L6%QL67L6R%=%AP'KL=J%AL(M=(L96%8>')'%8'%K9MJ7%@'K9%9@(=L6L6R%h[5%P')%A>=)'%=J(>9MR>%(>'%XM9('7%'%(L=PPN%8L(>%AMK>%=%P)9R)=9MR>%9M)%P')Q9)'%N'=)%8>'6%=%AL(M=(L96%AMK>%=(%D9=(%(>'%@MN')%9Q%(>'%A(9KB%=(%h[5%K=6%'UP'K(%(9%79%XML('%8'JJ%9:')%(>'%N'=)A/%`98':')?%(>'%)'J=(L:'%M67'):=JM=(L96%=(%h[5%8L(>%=6%L6()L6ALK%:=JM'%h!Z#%LA%XML('%7LQQ')'6(%Q)9LK>%)'PJ=K'7%L(/%

    3>LA%6'8%AL(M=(L96%LA%A9=6%D9'%=AA'(A%9Q%(>'%:=)L9MA%P=)(6')A>LPA/%*>LJ'%(>'%7'R)''%9Q%M67'):=JM=(L96%LA%69%R)'=(')%(>=6%L6%')%A'KM)L(L'A%8'%986%i9)%':'6%(>=6%A9LA%>=A%AM@A(=6(L=J%=7:=6(=R'A%=6%(>=(%9Q%(>'%E98T^96'A%Q9)%(>'%P')L97%8'%>9J7%L(/%

    3`-%D1,,-.3%CF31+3F;.

    3>'%>LR>')%(>'%J':'J%9Q%(>'%'%M67'):=JM'7%A'KM)L(L'A%=67%F%=

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    A'KM)L6R%=6%=7'XM=('%6M'%P')K'6(=R'%9Q%9M)%=AA'(A%L6%89)BT9M(A?%@M(%(>'A'%=)'%:')N%7LQQLKMJ(%(9%QL67%96%(>'%)LR>(%(')'%'U('6(%P9AAL@J'?%(>')'Q9)'?%F%=%=%P9JLKN%A>9MJ7%J'=7%(9%(>'%QMJQLJJ=:'%=6N%XM'A(L96A?%Q''J%

    Q)''%(9%=AB%(>'

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    !"#"%&'((')*+,,-.%-/%0122-33%

    #454%167')8997%+:'/%;=?%.'@)=AB=

    3>'%I'6')=J%C(9KB%G=)B'(%L6%!"#"S

    3>'%E98T^96'A%F67MA()L=J%+:')=R'?%M679M@('7JN%(>'%LA%L67'U%)'K9)7'7%=6%=7:=6K'%Q)9'%N'=)/%

    G9A(%9Q%N9M%B698%F%>=:'%@''6%:')N%=PP)'>'6AL:'%=@9M(%R'6')=J%A(9KB%'%P)'A'6(%J':'J%9Q%V@JM'%K>LPV%A'KM)L(N%P)LK'A%K96(=L6A%=%AM@A(=6(L=J%AP'KMJ=(L:'%K9LK>%8LJJ%P')L6B%A9/%F%'%P'6=J(L'A%)'AMJ(L6R%Q)9N%8>')'%()''A%)'=JJN%79%R)98%(9%(>'%ABN/%

    ,'AMJ(A%L6%!"#"S%

    3>')'%>=A%@''6%'

    =ALA%L6%P)':L9MA%J'((')A%96%=%AMRR'A('7%A(=67=)7%9Q%P')Q9)'%ALU%P=)(6')A>LPA%(>=(%9P')=('7%(>)9MR>9M(%(>'%N'=)%=K>L':'7%9:')=JJ%6'(%R=L6A%)=6RL6R%Q)9LPA%=)'%698%=@9M(%[5]K9%@'K9')'%>=A6O(%@''6%=6N%P=)(6')A>LP%8>LK>%>=A%K96ALA('6(JN%@''6%=(%(>'%(9P%9)%@9((9'%P9)(Q9JL9A%('67%(9%@'K9

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    3>'%9:')=JJ%6'(%R=L6%LA%7'(')'%R'6')=J%P=)(6')?%@M(%=Q(')%9P')=(L6R%'UP'6A'A/

    3>'%P)L6KLP=J%9P')=(L6R%'UP'6A'%LA%(>'%.'@)=AB=%F6(=6RL@J'A%3=U%8>LK>%='%'U('6(%9Q%/_]/

    3>'%P)'A'6(%P9)(Q9JL9S

    &=A(%N'=)?%F%LK>%L6:9J:'7%=@9M(%4#]%9Q%=AA'(A%9Q%(>'%:=)L9MA%P=)(6')A>LPA/%H)'A'6(JN%(>LA%L6:'A(LA%LA%=6%M6MAM=JJN%J=)R'%P')K'6(=R'?%@M(%>=A%@''6%LA%K9LR>%XM=JL(N/%;M)%L6:'A('%K9%9M)%L7'=A/%3>'%P)9@=@LJL(N%LA%'U()'LA%L6:'A(=(%(>LA%8LJJ%(=B'%PJ=K'%(>LA%N'=)/

    3>'%)''%P9)(Q9JL9%LA%L6%A'KM)L(L'A%8>LK>%F%K96AL7')%M67'):=JM'7%=67%89)BT9M(%9P')=(L96A/%39%(>'%'U('6(%P9AAL@J'?%F%K96(L6M'%(9%=(('LA%N'=)%AL6K'?%=(%(>LA%8)L(L6R?%(>'%E98T^96'A%F67MA()L=JA%>=:'%)'()=K'7%9:')%>=JQ%9Q%(>'L)%!"#"%=7:=6K'/

    C>9MJ7%N9M%>=:'%=6N%XM'A(L96A%9)%LQ%F%>=:'%69(%@''6%KJ'=)%L6%=6N%)'AP'K(?%F%89MJ7%@'%:')N%>=PPN%(9%>'=)%Q)9

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    !"Y5%&'((')*+,,-.%-/%0122-33%

    #454%167')8997%+:'/%;=?%.'@)=AB=

    3>'%I'6')=J%C(9KB%G=)B'(%L6%!"Y5S

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

    `98':')?%F%>=:'%P9L6('7%9M(%(>=(%=6N%AMP')L9)%)'K9)7%8>LK>%8'%(%=KK9%A>9MJ7%69(%@'%'UP'K('7%(9%@'%':L7'6K'7%@N%=%)'J=(L:'JN%K96A(=6(%=7:=6(=R'%L6%P')Q9)'%+:')=R'/%,=(>')%L(%LA%JLB'JN%(>=(%LQ%

    AMK>%=6%=7:=6(=R'%LA%=K>L':'7?%L(%8LJJ%@'%(>)9MR>%@'((')T(>=6T=:')=R'%P')Q9)=6T=:')=R'%P')Q9)LK>%8'%7'KJL6'7%!#]%=67%(>'%+:')=R'%Z5]%(9%@'%%AMP')L9)%(9%=%N'=)%8>'6%@9(>%8'%=67%(>'%+:')=R'%=7:=6K'7%45]/%;:')%=%P')L97%9Q%(L')'%LA%69(>L6R%(9%@'%R=L6'7%@N%R'((L6R%'6(>MA'7%9)%7'P)'AA'7%=@9M(%(>'%A'XM'6K'%L6%8>LK>%(>'N%9KKM)/%3>'%LL6R%LA%(9%@'%@'=(L6R%P=)W%=%Q9M)%96%=%P=)%(>)''%>9J'%LA%69(%=A%R997%=A%=%QL:'%96%=%P=)%QL:'%>9J'%=67%L(%LA%M6)'=JLA(LK%(9%=AAM=)'%9Q%@9(>%P=)%(>)''OA%=67%P=)%QL:'OA/

    3>'%=@9:'%79A'%9Q%P>LJ9A9P>N%LA%@'L6R%7LAP'6A'7%AL6K'%8'%>=:'%=%6M'%F67MA()L=J%+:')=R'?%8'%>=7%=%44/[]%R=L6%Q9)%(>'%A':'6%P=)(6')A>LPA%9P')=(L6R%(>)9MR>9M(%(>'%N'=)/%;M)%)'AMJ(A%Q9)%(>'%Q9M)%K9LP%9P')=(L96%=Q(')%'UP'6A'A%@M(%@'Q9)'%L6(')'A(%(9%JL'%R'6')=J%P=)(6')%=)'S

    !"#$ %#$&'"$()*+(,-+"$#&*'.,/'&*$",!"#$ %#$&'"$()*+,0#*' 123452'"(,0#*'

    !"#$ Z !5/_] T[/_]!"#[ # _5/"] Z[/#]

    )

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    !"#" Y 4#/"] !"/"]!"Y5 $ 44/[] TY/Z]

    F(%A>9MJ7%@'%'

    =AL\'7%=R=L6%(>=(%(>'A'%=)'%(>'%6'(%)'AMJ(A%(9%(>'%P=)(6')A>LPW%(>'%6'(%)'AMJ(A%(9%(>'%JL'%P=)(6')A>LP%=R)''=7%A'J'K('7/

    3>'%9:')=JJ%R=L6%9)%J9AA%LA%K9=(%89MJ7%>=:'%@''6%)'=JL\'7%MP96%JLXML7=(L96%9Q%(>'%P=)(6')A>LP%=(%(>'%@'RL66L6R?%9Q%(>'%N'=)%=67%8>=(%89MJ7%>=:'%@''6%)'=JL\'7%MP96%JLXML7=(L96%=(%N'=)%'67%=67%LA%7LQQ')'6(?%9Q%K9M)A'?%Q)9'%KM=:'%@''6S

    !"#$ %#$&'"$()*+,0#*' 123452'"(,0#*'

    !"#$ !5/_] T[/_]!"#[ ##/Y] 4Y/"]!"#" "#/"] #4/4]

    !"Y5 !_5/Y] _4/Y]

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    g9M%8LJJ%@'%)LR>(?%9:')%(>'%K9M)A'%9Q%NP9(>'A'A%=)'%K9))'K(?%N9M)%Q=K(A%=)'%K9))'K(?%=67%N9M)%)'=A96L6R%LA%K9))'K(/%3)M'%K96A'):=(LA=(%L6%69%8=N%79'A%(>'%Q=K(%(>=(%9M)%P9)(Q9JL9%LA%69(%K96:'6(L96=J%P)9:'%(>=(%8'%=)'%=6%A(=67=)7%LA%K=6%96JN%@'%7'(')97A%9)%'U='%)'AMJ(A/

    F%Q''J%(>'%)9MR>%':=JM=(L96%9Q%P')Q9)'A'%A>9MJ7%L6:9J:'%=%AM@A(=6(L=J%7'KJL6'%L6%(>'%E98/%;M)%P')Q9)')%=(%96%@=J=6K'%8'%>=:'%@''6%9P')=(L6R%L6%=6%MP%'A'%iN9M%=:'%Q9M67%9M(%=@9M(%=%Q'8%9Q%(>'A'%N9M)A'J:'Ak%A9%F%(>L6B%(>'%=@9:'%Q=K(A%>=:'%A9'%rM'A(L96%9Q%CL\'%

    +AL7'%Q)9'%XM'A(L96%=A%(9%8>=(%>=PP'6A%MP96%NALK=J%(8LA(?%LA%=%AM@b'K(%9Q%B''6%L6(')'A(%(9%'%)=PL7%R)98(>%9Q%P=)(6')A>LP%QM67A%R9L6R%(9%>=:'%MP96%P')Q9)(JN/%0MNL6R%!5?555%A>=)'A%9Q%I'6')=J%G9(9)A%LA%96JN%AJLR>(JN%LK>%8'%7'=J%i@M(%69(%=JJ%@N%=6N%LA%K=('R9)N%L6KJM7'A%')'8L(>=J/%GN%7'QL6L('%@'JL'Q%LA%(>=(%(>'%9PP9)(M6L(L'A%L6K)'=A'%L6%(>LA%QL'J7%=A%(>'%QM67A%L6K)'=A'/%3>LA%LA%7M'%(9%(>'%A>=)P%Q=JJT9QQ%L6%K9LP%9Q%(>=(%K9LK>%LA%'%L6K)'=AL6R%

    P)9AP'K(A%L6%K96()9J%L6:'A(LK>%8'%=)'%9P')=(L6R/%GN%P)'A'6(%9PL6L96%LA%(>=(%(>')'%LA%69%)'=A96%(9%(>L6B%(>'A'%A>9MJ7%69(%@'%9QQA'((L6R%Q=K(9)AW%LQ%9MJ7%K>=6R'?%N9M%8LJJ%@'%(9J7/%F%K=6%A=N?%=:'%@''6%@'((')%LQ%8'%>=7%@''6%9P')=(L6R%8L(>%(>'%%A

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    ,'RMJ=)%)'=7')A%iF%'6%F%A(=)(%(=JBL6R%=@9M(%P)'7LK(L96A/%3>LA%LA%96'%(>L6R%Q)9LK>%F%>=:'%=J8=NA%A>L'7%=8=N%=67%F%A(LJJ%79%L6%(>'%69)=:'%(>'%Q=L6('A(%L7'=/

    F%(>L6B%N9M%K=6%@'%XML('%AM)'%(>=(%9:')%(>'%6'U(%('6%N'=)A%(>')'%=)'%R9L6R%(9%@'%=%Q'8%N'=)A%8>'6%(>'%R'6')=J%'6%L(%LA%'%A==:'6O(%=6N%69(L96%=A%(9%(>'%A'XM'6K'%L6%8>LK>%(>'A'%8LJJ%9KKM)?%69)%79%F%(>L6B%L(%LA%9Q%=6N%R)'=(%L=(%(>'%E98%8LJJ%P)9@=@JN%P)97MK'%A9'%E98%8L(>9M(%89))NL6R%(99%%=@9M(%8>'(>')%(>'%=@A9JM('%)'AMJ(A%L6%=%RL:'6%N'=)%=)'%=%PJMA%9)%=%LK>%8'%8')'%7986%!#]%=67%(>'%E98%7'KJL6'7%4#]%(9%@'%%AMP')L9)%(9%=%N'=)%8>'6%@9(>%(>'%P=)(6')A>LP%=67%(>'%E98%

    =7:=6K'7%45]/%F%>=:'%A()'AA'7%(>LA%P9L6(%L6%(=JBL6R%8L(>%P=)(6')A%=67%>=:'%8=(K>'7%(>''L)%>'=7A%8L(>%:=)NL6R%7'R)''A%9Q%'6(>MAL=A')'Q9)'?%(>'%=7:=6(=R'%8'%A''B%8LJJ%P)9@=@JN%K9'6%8'%=)'%AM)P=AA'7%@N%(>'%E98?%@M(%LQ%9:')%=%J96R%P')L97%8'%K=6%=:')=R'%('6%P')K'6(=R'%P9L6(A%P')%N'=)%@'((')%(>=6%L(?%F%8LJJ%Q''J%(>'%)'AMJ(A%>=:'%@''6%A=(LAQ=K(9)N/%

    CP'KLQLK=JJN?%LQ%(>'%9P'%(9%@'%MP%=@9M(%('6%P')K'6(=R'%P9L6(A/%FQ%L(%LA%MP%45]%9)%'%K96A'XM'6K'%9Q%P')Q9)'%=@9:'%'UP'K(=(L96A%=(%(>'N%'6%:L'8'7%Q)9'%:=6(=R'%P9L6(%9Q%!"Y#%9)%!"$5/%F(%=(%F%==(%F%=L6BL6R%L6%(>LA%)'R=)7%':'6%(>9MR>%(>'%6=(M)'%9Q%(>'%@MAL6'AA%LA%AMK>%=A%(9%L6()97MK'%=%>LR>%P)9@=@LJL(N%9Q%'))9)%L6%AMK>%'UP'K(=(L96A/%F6%=6N96'%N'=)?%(>'%:=)L=(L96A%LA%>=PP'6'7%L6%!"Y!?%@M(%Q9)(M6=('JN%(>'%:=)L=(L96%8=A%96%(>'%PJ'=A=6(%AL7'/%3>'N%896O(%=JJ%@'s

    GLAK'JJ=6'9MA

    *'%=)'%698%L6A(=JJ'7%L6%=6%9QQLK'%=(%[!5%aL'8L(%HJ=\=%8L(>%=%QL)A(TKJ=AA%A'K)'(=)N?%0'(>%`'6J'N?%=67%=6%=AA9KL=('%8L(>%K96AL7')=@J'%'UP')L'6K'%L6%=)L6R%9QQLK'%AP=K'%8L(>%MA%i>'%=JA9%A>=)'A%(>'%'UP'6A'Ak%=67%79L6R%=%@)9B')=R'%@MAL6'AA%L6%A'KM)L(L'A/%.96'%9Q%9M)%@)9B')=R'%LA%796'%(>)9MR>%>L'=7?%'UKJM7L6R%L6(')'A(%96%@9))98L6RA%=67%.'@)=AB=%F6(=6RL@J'A%3=U?%(9%)M6%J'AA%(>=6%5/#%9Q%!]%9Q%6'(%=AA'(A/%*'%A>9MJ7%R'(%9M)%98%(>'%

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    24/152

    *L(>%9:')%"5%P=)(6')A%=67%P)9@=@JN%_5%9)%A9%A'KM)L(L'A?%N9M%K=6%M67')A(=67%(>=(%L(%LA%XML('%=%8'JK9=B'%J99A'%Q)9=:'%P=)(6')A%)'AL7L6R%L6%J9K=(L96A%Q)9'%P=)(6')A>LP%=')%)'J=(L:'A%9Q%'N%=AAM)'%=(%

  • 8/8/2019 BPL Letters

    25/152

    +HH-.EFt

    H=)(6')A>LPA%;P')=(L6R%3>)9MR>9M(%!"Y!

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    0MQQ'((%+AA9KL=('A _[Y?[$_/4$ 44#?Z[$/[5 _Y/Z]0MQQ'((%2M67 Z#!?[Z"/4" !#"?Y"Y/"Z _#/_]E=K'' 4Z#?_[5/Z! !!Y?#5_/_$ _"/#]-

  • 8/8/2019 BPL Letters

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    0122-33%H+,3.-,C`FH?%&3E/[!5%aF-*F3%H&+o+

    ;G+`+%Z!?%.-0,+Ca+

    ^MJN%Y?%!"Y4

    +%,'

  • 8/8/2019 BPL Letters

    27/152

    3>'%=@9:'%'UP'K(=(L96A%=(%(>'N%'6%:L'8'7%Q)9'%:=6(=R'%P9L6(%9Q%!"Y#%9)%!"$5/%F(%=(%F%==(%F%=L6BL6R%L6%(>LA%)'R=)7%':'6%(>9MR>%(>'%6=(M)'%9Q%(>'%@MAL6'AA%LA%AMK>%=A%(9%L6()97MK'%=%>LR>%P)9@=@LJL(N%9Q%'))9)%L6%AMK>%'UP'K(=(L96A/%F6%=6N96'%N'=)?%(>'%:=)L=(L96A%LA%>=PP'6'7%L6%!"Y!?%@M(%Q9)(M6=('JN%(>'%:=)L=(L96%8=A%96%(>'%PJ'=A=6(%AL7'/%3>'N%896O(%=JJ%@'s

    3>'%2L)A(%`=JQ%9Q%!"Y4S

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

    39%LJJMA()=('%(>LA%P9L6(?%8'%>=:'%K96(L6M=JJN%'%E98%=67%JL'%E98/%3>'A'%K9'%KJ9A'7T'67%K9%G=AA=K>MA'((A%F6:'A(9)A%3)MA(%>=:L6R%=%'%J'=7%=)(LKJ'%L6%(>'%*+&&%C3,--3%^;1,.+&%9Q%^M6'%!Z?%!"Y4%>'=7'7%V2M67A%:A/%G=)B'(/f%;Q%(>'%!$%J=)R'%K9=6%(>'%E98%Q)9'%P'=B%96%(>'%E98%9Q%$Z_?%(9%(>'%7=('%9Q%(>'%=)(LKJ'?%=J(>9MR>%L6%A9'%

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    H=)(LKMJ=)JN%>=)7%>L(%L6%(>'%QL)A(%>=JQ%8')'%(>'%A9TK=JJ'7%eR)98(>f%QM67A%8>LK>?%=J9M(%'UK'P(L96?%8')'%7986%K96AL7')=@JN%'%(>)''%J=)R'%VR)98(>V%i(>'%XM9(=(L96%'%P)'K'7L6R%Q'8%N'=)A?%2L7'JL(N%D=PL(=J%2M67?%%HM(6=%2M67?%=67%*'JJL6R(96%-XML(N%2M67%=:')=R'7%=6%9:')=JJ%'%QL)A(%>=JQ/%F(%LA%96JN%Q=L)%(9%P9L6(%9M(%(>=(%@'K=MA'%9Q%(>'L)%'UK'JJ'6(%)'K9)7A%L6%!"#"TY!?%(>'L)%9:')=JJ%P')Q9)=6%=:')=R'?%=A%L(%'%QM(M)'/%F)96LK=JJN?%>98':')?%(>LA%'=)JL')%AMP')L9)%P')Q9)%=%)MA>%9Q%6'8%

    L6:'A(9)A%(9%K9'%P99)%P')Q9)9J7')A%(>=6%'6b9N'7%(>'%'UK'JJ'6(%P')Q9)LA%'UP')L'6K'%('67A%(9%K96QL)'ALA%(>=(%L6:'A(%=%P')L97%L6KJM7L6R%@9(>%=7:=6KL6R%=67%7'KJL6L6R%=PA%@'((')%M67')A(997%698%(>=6%ALU%A%=R9/

    F6%9M(JL6L6R%(>'%)'AMJ(A%9Q%L6:'A(=(%'6':')%(>'%9:')=JJ%)'AMJ(A%Q9)%(>'%N'=)%=)'%69(%PJMA%Y]%96%=%%7'QLKL'6KL'A%K=))L'7%Q9)8=)7k%(>')'%LA%69%=JJ9K=(L96%(9%(>'%I'6')=J%H=)(6')/%3>')'Q9)'?%696T8L(>7)=8L6R%P=)(6')A%>=:'%>=7%=%7'K)'=A'%L6%(>'L)%7)=86%=(%(>'%)=('%9Q%Y]%P')%=66M=:'%>=7%=%7'K)'=A'%L6%(>'L)%=JQ%9Q%!5/#]/%C>9MJ7%9M)%)'AMJ(A%Q9)%(>'%N'=)%@'%J'AA%(>=6%PJMA%Y]%i=67%M6J'AA%(>')'%A>9MJ7%@'%=%'%E98?%(>LA%LA%:')N%P)9@=@J'k%P=)(6')A%)'K'L:L6R%JN%P=N=:'%=6%

    'XML(N%=(%E'K'MA?%8L(>%h[$?555%9Q%LK>%79%69(%P=)(LKLP=('%L6%P)9QL(A%9)%J9AA'A?%@M(%'=)6%=%A()=LR>(%Y]/

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  • 8/8/2019 BPL Letters

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    +HH-.EFt%0

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  • 8/8/2019 BPL Letters

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    ;G+`+%Z!?%.-0,+Ca+

    .9:''%=66M=J%P=P')%QJM))N/%389%K9PL'A%9Q%=6%='A'%JN%P=N'N%

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    8'%>=7%h!YY?555%9Q%K=A>%=67%h4?Z!#?555%9Q%JL=@LJL(L'A%=(%.9:''%(NP'%(>'%H=)(6')A>LP%@MNAk%=R=L6A(%(9(=J%JL=@LJL(L'A%9Q%h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

    796O(%'UP'K(%(>LA%96%=6N%J96RT('))98%L6%(>'%(98'J%=67%@MN%(>'%E98/

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    0122-33%H+,3.-,C`FH?%&3E/[!5%aF-*F3%H&+o+

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    JN%P=N9JJN%=%)'(M)6%9Q%K=PL(=J/%

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    N=)7A(LKBA?%8'%K96AL7')%L(%=%R997%N'=)%8>'(>')%8'%=)'%PJMA%9)%'%(9'%P=)(6')A>LP%P')Q9))''TN'=)%9)%J96R')%P')L97%P)97MK'A%P99)%)'AMJ(A?%8'%=JJ%A>9MJ7%A(=)(%J99BL6R%=)9M67%Q9)%9(>')%PJ=K'A%(9%>=:'%9M)%

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    .98%(>LA%N'=)?%9M)%89)BT9M(A%>=:'%796'%P99)')%(>=6%(>'%E98%=67%>=:'%@''6%=%7)=R%96%P')Q9)LJ'%L(%89MJ7%@'%:')N%6LK'%(9%@'%!55]%L6%R'6')=JA%L6%=7:=6KL6R%'%A(9KB%)''%9Q%9M)%K=('R9)L'A%(9%@'%R997%@MAL6'AA'A%96%=%J96RT(')9MR>%(>'L)%A>9)(T

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    L6:'A(9J7')A%9Q%)'K9)7%7M)L6R%N'=)/

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  • 8/8/2019 BPL Letters

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  • 8/8/2019 BPL Letters

    54/152

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    D96()9JA%L6%(>'%@MNL6R%A(=R'%%(>'%E98/%F6%(>'%J=(')%A(=R'A%(>'L)%@'>=:L9)%LA%R'=)'7%'(>')%8'%=)'%P)L=:'%=%R)'=(%7'=J%(9%79%8L(>%9M)%P')Q9)LA%LA%96'%9)%LK>%>')'(9Q9)'%>=:'%@''6%9M)%A'%QM(M)'%@'>=:L9)%9Q%(>'%=:'%=%L)7/

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  • 8/8/2019 BPL Letters

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  • 8/8/2019 BPL Letters

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  • 8/8/2019 BPL Letters

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