On this page of StockholderLetter.com we present the latest annual shareholder letter from RECURSION PHARMACEUTICALS, INC. — ticker symbol RXRX. Reading current and past RXRX letters to shareholders can bring important insights into the investment thesis.

 •  4/23/2024 Letter Continued (Full PDF)
 •  4/28/2023 RXRX Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  RXRX Benford's Law Stock Score = 86

RXRX Shareholder/Stockholder Letter Transcript:

7 BXggXe Yeb Ehe
9b& bhaWXe TaW 9;E
_[l ]oll_hn il jlimj_]ncp_ mb[l_bif^_l)
N_]olmcih ]_f_ l[n_^ cnm n_hnb [hhcp_lm[ls ch /-/0) [h^ [m E l_ f_]n []e ih nb_ j[mn ^_][^_ i ocf^cha [h^ fiie ilq[l^ ni nb_ h_rn
^_][^_) cn __fm ch]l_[mchafs ]f_[l nb[n q_ [l_ ch nb_ gc^mn i [ nl_g_h^iom n_]bhifias [h^ =E*^lcp_h nl[hmcncih ch iol mi]c_ns+
Ghiqf_^a_ qile_lm [l_ ih nb_ jl_]cjc]_ i [ g[mmcp_ nl[hm ilg[ncih ch nb_cl qile8 go]b i nb_ nicf _g _^^_^ chni nb_ jli]_mm_m)
msmn_gm [h^ ^_fcp_ls ni^[s qcff acp_ q[s ni bcab_l _ c]c_h]s) gil_ ]l_[ncpcns [h^ mg[ln lcme*n[echa qcnb h_q niifm nb[n qcff _h[ f_ l[jc^
[h^ ^__j _rj_lcg_hn[ncih [h^ [mn [cfol_+ Bil g[hs) _g l[]cha nbcm _pifpcha f[h^m][j_ i qile qcff _ nogofnoiom) on il nbim_ qbi
[l_ ij_h ni nb_ jimmc cfcnc_m n_]bhifias lcham) [h _r]cncha h_q onol_ [q[cnm+
Hce_ [ff g[dil j[mn mbc nm ch mi]c_ns) q_ qcff []_ g[hs h_q ]b[ff_ha_m [h^ i mn[]f_m [m q_ ]ig_ ni n_lgm qcnb nb_ lcmem [h^
ijjilnohcnc_m i nb_ h_q niifm nb[n [l_ _]igcha ch]l_[mchafs [p[cf[ f_ [n iol cha_lncjm+
Pb_ li[^ nl[hm ilg[ncihm ch mi]c_ns qcff _ gcllil_^ ch nb_ fc _ m]c_h]_m qcnb nb_ _pifoncih i >ciP_]b chni P_]b>ci ip_l nb_ ]igcha
^_][^_+ Pb_ ^cacnct[ncih i cifias [h^ ]b_gcmnls qcff _h[ f_ om ni jl_^c]n q[sm ni g[j [h^ h[pca[n_ cn) [ffiqcha om ni ^_mcah l[nb_l
nb[h ^cm]ip_l _nn_l g_^c]ch_m [mn_l qcnb f_mm [cfol_+ =^p[h]_g_hnm ch f[ il[nils [onig[ncih) cifiac][f niifm [h^ ko[hnc c_^ bog[h
b_[fnb qcff [ffiq il nb_ _g_la_h]_ i g[mmcp_ ^[n[m_nm i bog[h b_[fnb [h^ ^cm_[m_ nb[n qcff __^ nb_ =E*^lcp_h chmcabnm nl[hm ilgcha
fc _ m]c_h]_m+
K ]iolm_) nb_ c^_[ nb[n [h =E f[]e* ir qcff jij ion h_q ]ol_m [n m][f_ ch nb_ ]igcha ./*/1 gihnbm cm [ [ff[]s [h^ q_ b[p_ ni _
][l_ of hin ni _ ][oabn oj ch nb[n miln i bsj_+ loa ^cm]ip_ls cm nii ]igjf_r) b[m nii g[hs mn_jm [h^ b[m nii fiha i [ __^ []e
fiij il nb[n miln i ip_lhcabn mbc n+ >on fiiecha []e [n biq [l q_ b[p_ ]ig_ [h^ nb_ ]igjioh^cha cgjlip_g_hnm q_ m__ ni^[s) E
_fc_p_ nb[n iol ch^omnls qcff mbc n gil_ ch nb_ ]igcha ^_][^_ nb[h cn _p_l b[m _ il_+
= ]iggih [laog_hn lig me_jnc]m cm nb[n cifias cm nii ]igjf_r [h^ b_[fnb][l_ nii
]igjfc][n_^ il mo]b [ ^cmlojncp_ n_]bhifiac][f nl[hm ilg[ncih ni _ jimmc f_+ >on fce_ ch
jlcil ch^omnlc[f l_pifoncihm) [ h_q n_]bhifias %il n_]bhifiac_m& b[m m_n ch gincih [ ]oll_hn
nb[n qcff oh^[g_hn[ffs l_mb[j_ nb_ il]_m [h^ [mmogjncihm nb[n ^lcp_ p[lciom c_f^m)
ch]fo^cha iol iqh+ D_l_ [l_ [ _q []nm nb[n mcah[f nbcm nl[hm ilg[ncih cm b[jj_hcha lcabn
hiq7
4H H
J>; MEHB: >7I =;D;H7J;: CEH;
:7J7 D J>; F7IJ - CEDJ>I nb[h ch
[ff i bog[h bcmnils _ il_ nb[n
3VTW L.

Pb_ qilf^ b[m a_h_l[n_^ gil_ ^[n[ ch nb_ j[mn /1 gihnbm nb[h ch [ff i bog[h
bcmnils _ il_ nb[n

Pb_ qilf^ b[m ]ihmog_^ gil_ ]igjon[ncih[f ]s]f_m ch nb_ f[mn ./ gihnbm nb[h
ch [ff i bog[h bcmnils _ il_ nb[n
2PVSVNP HS CVVS .

?NEOLN* [m_^ a_h_ _^cncha b[m) ch domn nb_ f[mn cp_ s_[lm) _h[ f_^ il nb_ clmn
ncg_ [ll[s_^ a_hig_*qc^_ a_h_nc] m]l__hm

Ehhip[ncihm ch ch^o]_^ jfolcjin_hn mn_g ]_ffm [ffiq om ni a_h_l[n_ bcab*ko[fcns)
^c _l_hnc[n_^ bog[h ]_ffm [n g[mmcp_ m][f_
1 VTH PVU HUK ALHNLU .

Ni inc] f[ il[nils msmn_gm [h^ mi nq[l_ _h[ f_ bcabfs mn[h^[l^ct_^ [h^
ko[fcns*]ihnliff_^ bcab*nblioabjon m]l__hcha ni a_h_l[n_ l_f[n[ f_ ^[n[ [n m][f_

Sb[n m gil_) nb_ mcahm i =E*_h[ f_^ jichn*mifoncihm [l_ [fl_[^s jf_hnc of []limm iol
ch^omnls7

Llin_ch if^cha

O][f_^ jlin_ch*fca[h^ chn_l[]ncih jl_^c]ncih

C_h_l[ncp_ =E il ]b_gcmnls il nl[]n[ f_ n[la_nm

Pb_ B = cm [fl_[^s ^cm]ommcha nb_ om_ i HHIm il jlial[g l_pc_q

I[dil jb[lg[ ]igj[hc_m [l_ ^l[ ncha l_aof[nils cfcham fce_ EJ m s HHIm
Pb_m_ []nm f[s ion [ ]f_[l onol_ qb_l_ _ c]c_h]c_m [h^ cgjlip_g_hnm []limm nb_ g[hs
]oll_hn =E*_h[ f_^ jichn*mifoncihm qcff _ach ni ]ig ch_ chni chn_al[n_^ n_]b*mn[]em [h^
qile fiqm nb[n qcff l_mofn ch ]igjioh^cha cgjlip_g_hnm ch iol [ cfcns ni ^loa bcmnilc][ffs
oh^loaa[ f_ n[la_nm) oh^_lmn[h^ nb_ oh^_lfscha h_nqilem i cifias qcnb ch]l_[mcha
c^_fcns) [mn* iffiq h_qfs p[fc^[n_^ cifias) ]b[l[]n_lct_ ^cm_[m_ ch ch]l_[mchafs li omn
q[sm [h^ ofncg[n_fs ^_fcp_l gil_) _nn_l g_^c]ch_m ni j[nc_hnm ni [ff_pc[n_ mo _lcha [n
m][f_+ Pb_ ko_mncih cm hi fiha_l qb_nb_l nbcm miln i onol_ cm _ il_ om) on qb_h [h^
qbi qcff f_[^ cn+
Bbb aZ 8TV Tg ) , TaW 8XYbeX
N_ f_]ncha []e ih f[n_ /-.0 qb_h N_]olmcih q[m ioh^_^ [h^ biq [l q_ b[p_ ]ig_) cn
cm mcgofn[h_iomfs ch]l_^c f_ [h^ ohmoljlcmcha ni m__ qb_l_ q_ [l_ ni^[s+ N_]olmcih q[m
nb_h [ Qn[b* [m_^ mn[lnoj ioh^_^ s nqi al[^o[n_ mno^_hnm [h^ [ jli _mmil+ Kol clmn
i c]_ q[m [ ]ih _l_h]_ liig ch nb_ h_[l s Qhcp_lmcns N_m_[l]b L[le [h^ iol clmn
f[ il[nils q[m [ ]ihp_ln_^ mnil[a_ liig+ Pi^[s) N_]olmcih cm [ gofnch[ncih[f) ]fchc][f*
mn[a_ ]igj[hs f_[^cha nb_ nl[hmcncih i >ciP_]b chni P_]b>ci+ S_ b[p_ ip_l 2-_gjfis__m) cp_ ]fchc][f mn[a_ jlial[gm) ih_ i nb_ qilf^ m f[la_mn cifiac][f [h^
]b_gc][f ^[n[m_nm [h^ nqi i nb_ f[la_mn ^cm]ip_ls ]iff[ il[ncihm ch nb_ ch^omnls qcnb
Ni]b_,C_h_hn_]b [h^ >[s_l+
=h^ ch /-/0) nb_ ijjilnohcns [b_[^ __fm mi go]b al_[n_l nb[h cn ^c^ ch /-.0) nb[n ch
mig_ q[sm cn mncff __fm fce_ q_ [l_ domn a_nncha mn[ln_^+ Eh []n) lig [h chn_lh[f
j_lmj_]ncp_) /-/0 _fn fce_ ih_ i nb_ _mn s_[lm ch iol bcmnils+ Eh /-/0 q_ []bc_p_^ [ fin
i cgjiln[hn gcf_mnih_m) [h^ [ fin i nbcham q_ p_ __h qilecha ni ocf^) ch mig_ ][m_m
il s_[lm) l_[ffs m__g_^ ni mn[ln bcnncha nb_cl mnlc^_) ch]fo^cha7
?PWLSPUL

Bcp_ jb[m_ / ]fchc][f*mn[a_ jlial[gm qcnb gofncjf_ oj]igcha ^[n[ l_[^ionm
_rj_]n_^) ch]fo^cha NA?*661 ch ]_l_ l[f ][p_lhiom g[f ilg[ncih %??I& ch M0
/-/1) NA?*//5/ ch h_oli c lig[nimcm nsj_ / %JB/& ch M1 /-/1) NA?*155. ch
[gcfc[f [^_hig[niom jifsjimcm %B=L& ch D. /-/2) [h^ NA?*155. ch =TEJ. il
=L? gon[hn mifc^ nogilm ch D. /-/2

?igjf_n_^ [ Lb[m_ . mno^s il NA?*0631 ch b_[fnbs pifohn__lm il nb_ jin_hnc[f
nl_[ng_hn i ?fimnlc^cic^_m ^c c]cf_ %?+ ^c c]cf_& ch _]ncih qcnb [ [pil[ f_ m[ _ns
[h^ nif_l[ cfcns jli cf_

=^p[h]_^ iol N>I06 jlial[g ch bigifiaiom l_]ig ch[ncih jli c]c_hn ip[lc[h
][h]_l [h^ inb_l mifc^ nogilm ni EJ *_h[ fcha mno^c_m

Eh*fc]_hm_^ [ jlial[g %P[la_n Ajmcfih& nb[n _g_la_^ lig iol c limcm
]iff[ il[ncih qcnb >[s_l nb[n l_jl_m_hnm [ hip_f [jjli[]b ni nl_[ncha c linc]
^cm_[m_m qcnb ]igj_ffcha _[lfs ^[n[
L; F>7I; 9B D 97B&IJ7=;
FHE=H7CI qcnb gofncjf_ oj]igcha ^[n[
l_[^ionm _rj_]n_^

?H UL OPW
Kol ?iff[ il[nilm
HbV[X TaW =XaXagXV[
8TlXe
DL : 7
JX chf
;aT aX

I[^_ mcahc c][hn jlial_mm [a[chmn inb nb_ a[mnlichn_mnch[f*ih]ifias [h^
h_olim]c_h]_ jilncihm i iol ]iff[ il[ncih qcnb Ni]b_ [h^ C_h_hn_]b) ch]fo^cha
Ni]b_ _r_l]cmcha cnm Og[ff Iif_]of_ R[fc^[n_^ Dcn Kjncih ni olnb_l [^p[h]_ iol
clmn j[lnh_lmbcj jlial[g ch CE*ih]ifias

Qj^[n_^ iol ]iff[ il[ncih qcnb >[s_l ni i]om ih ]b[ff_hacha ih]ifias
ch^c][ncihm qcnb bcab ohg_n h__^) ]igg_hmol[n_ qcnb bcab_l j_l jlial[g
gcf_mnih_ j[sg_hnm

Ahn_l_^ chni [ ]iff[ il[ncih qcnb JRE E= ni []]_f_l[n_ nb_ ]ihmnlo]ncih)
ijncgct[ncih [h^ ^_jfisg_hn i ioh^[ncih gi^_fm il cifias [h^ ]b_gcmnls [m
q_ff [m bimn N_]olmcih* ocfn ]igjon[ncih[f [h^ ^[n[ niifm ih >ciJ_Ii
%JRE E= m ^loa ^cm]ip_ls jf[n ilg& [^^cncih[ffs) JRE E= chp_mn_^ 2- gcffcih ch
N_]olmcih pc[ [ jlcp[n_ jf[]_g_hn

Ahn_l_^ chni [ ]iff[ il[ncih qcnb P_gjom acpcha N_]olmcih []]_mm ni ip_l /j_n[ sn_m i jlijlc_n[ls ^_*c^_hnc c_^) gofncgi^[f j[nc_hn ih]ifias ^[n[ il nb_
joljim_ i nl[chcha ][om[f =E gi^_fm il nb_ ^cm]ip_ls i hip_f nb_l[j_onc]
bsjinb_m_m) cig[le_l mnl[n_ac_m [h^ j[nc_hn ]ibiln m_f_]ncih

Ahn_l_^ chni [ j[lnh_lmbcj qcnb Ah[gch_ ni a_h_l[n_ _hlc]b_^ m]l__hcha
fc l[lc_m qcnb chmcabnm lig N_]olmcih m jlin_ch*fca[h^ chn_l[]ncih jl_^c]ncihm
mj[hhcha []limm Ah[gch_ m g[mmcp_ fc l[ls i [jjlircg[n_fs 03 cffcih
]igjioh^m
AL
BEM; B7H=; B7D=K7=; CE:;B&
EH9>;IJH7J;: MEHA BEM ;D= D;$
cm ]ihh_]ncha q_n*f[ [h^ ^ls*f[
]igjih_hnm i nb_ N_]olmcih KO omcha [
h[nol[f f[hao[a_ chn_l []_ ni mnl_[gfch_
]igjf_r ^loa ^cm]ip_ls n[mem
6 Je __ ba
>KC7D D:K9;: FBKH FEJ;DJ
IJ;C 9;BB %bcLO?&*^_lcp_^ h_olih[f ]_ffm
jli^o]_^ mch]_ /-//
PVU
B

>ocfn) m][f_^ [h^ ch^omnlc[fct_^ gofncjf_ niifm [h^ n_]bhifiac_m ni b_[pcfs
[onig[n_ qile fiqm []limm nb_ ^loa ^cm]ip_ls jli]_mm) ]l_[ncha ih_ i nb_
gimn ]igjf_n_ off*mn[]e P_]b>ci mifoncihm

?l_[n_^ HKSA %H[la_ H[hao[a_ Ii^_f*Kl]b_mnl[n_^ Sile fiq Ahach_&
]ihh_]ncha q_n*f[ [h^ ^ls*f[ ]igjih_hnm i nb_ N_]olmcih KO omcha [ h[nol[f
f[hao[a_ chn_l []_ ni mnl_[gfch_ ]igjf_r ^loa ^cm]ip_ls n[mem

_jfis_^ f[la_ f[hao[a_ gi^_fm %HHIm& ni g[j m]c_hnc c] fcn_l[nol_ ch
]ihdoh]ncih qcnb iol chn_lh[ffs ^_lcp_^ jlijlc_n[ls g[jm il nb_ joljim_ i
[onihigiomfs c^_hnc scha hip_f ijjilnohcnc_m ch [l_[m i ohg_n h__^

_jfis_^ Lb_hig*.) [ pcmcih nl[hm ilg_l oncfctcha boh^l_^m i gcffcihm i
j[l[g_n_lm nl[ch_^ ih cffcihm i cifiac][f cg[a_m lig iol jlijlc_n[ls ^[n[)
qbc]b q_ _fc_p_ ni _ nb_ qilf^ m f[la_mn jb_higc]m ioh^[ncih gi^_f [n nbcm
ncg_

_jfis_^ h_q ^cacn[f ]b_gcmnls niifm ni jl_^c]n nb_ fca[h^*jlin_ch chn_l[]ncihm il
[jjlircg[n_fs 03 cffcih ]igjioh^m ch nb_ Ah[gch_ NA=H Oj[]_) l_jiln_^ ni
_ nb_ f[la_mn mshnb_mct[ f_ ]b_gc][f fc l[ls

Lli^o]_^ ip_l . nlcffcih bog[h ch^o]_^ jfolcjin_hn mn_g ]_ff %bcLO?&*^_lcp_^
h_olih[f ]_ffm mch]_ /-//) fce_fs g[echa N_]olmcih ih_ i nb_ qilf^ m f[la_mn
jli^o]_lm i h_olih[f ]_ffm

>_a[h nl[chcha ][om[f =E gi^_fm f_p_l[acha ip_l /- j_n[ sn_m i gofnc*gi^[f
jl_]cmcih ih]ifias j[nc_hn ^[n[ lig P_gjom ni mojjiln nb_ ^cm]ip_ls i
jin_hnc[f cig[le_l*_hlc]b_^ nb_l[j_onc]m [n m][f_

79GK H;: 9O9B 97 7D: L7B;D9;
: I9EL;HO JE 8EBIJ;H ^cacn[f
]b_gcmnls [h^ a_h_l[ncp_ =E ][j[ cfcnc_m
3VTWHU 2 PSKPUN

=]kocl_^ ?s]fc][ [h^ R[f_h]_
a_h_l[ncp_ =E ][j[ cfcnc_m
cm]ip_ls ni ifmn_l ^cacn[f ]b_gcmnls [h^

Arj[h^_^ iol ij_l[ncihm ch O[fn H[e_ ?cns [h^ Iihnl [f [h^ ij_h_^ iol
?[h[^c[h b_[^ko[ln_lm ch Pilihni qcnb [ i]om ih aliqcha iol g[]bch_ f_[lhcha
[h^ ^cacn[f ]b_gcmnls n_[gm

?iggcnn_^ ni ko[^lojfcha nb_ ][j[]cns i iol moj_l]igjon_l) >ciDcp_*.) ni
mojjiln iol jcj_fch_) j[lnh_lmbcjm [h^ nb_ ]ihmnlo]ncih i ioh^[ncih gi^_fm
[]limm nb_ gofncjf_ gi^[fcnc_m i cifias) ]b_gcmnls [h^ j[nc_hn*]_hnlc] ^[n[
q_ _fc_p_ nb[n nbcm _rj[hmcih mbiof^ g[e_ iol moj_l]igjon_l [ nij 2moj_l]igjon_l []limm [hs ch^omnls []]il^cha ni nb_ PKL2-- fcmn
=m ih_ i nb_ f_[^cha P_]b>ci ]igj[hc_m) N_]olmcih b[m jf[s_^ [ ]lcnc][f lif_ ch ^lcpcha
nb_ j[]_ [h^ m][f_ i [^ijncih i h_q P_]b>ci niifm []limm nb_ ch^omnls+ =h^ qbcf_ E [g
p_ls jlio^ i biq iol n_[g ^_fcp_l_^ ch /-/0) nb_ gimn cgjiln[hn mbc n il iol omch_mm
b[jj_h_^ ionmc^_ iol q[ffm nbcm s_[l+ S_ ch[ffs ioh^ nb_ c^_[m _g _^^_^ ch P_]b>ci)
[h^ ch j[lnc]of[l nb_ _fc_ ch nb_ oncfcns i =E ch iol ch^omnls) ch^cha g[chmnl_[g mojjiln
[giha mig_ i nb_ f[la_l [h^ gil_ nl[^cncih[f ]igj[hc_m ch nb_ mj[]_+
Sbcf_ nb_l_ cm hi ^io n nb_l_ qcff _ g[mmcp_ mbiln*n_lg pif[ncfcns ch nb_ mj[]_) nb_l_ cm [h
ch]l_[mcha ]ihm_hmom [giha f_[^_lm ch >ciLb[lg[ nb[n IH [h^ =E [l_ aicha ni jf[s [
p_ls cgjiln[hn lif_ ip_l nb_ ]igcha ^_][^_+ Sbcf_ q_ b[p_ ch]l_^c f_ qile _ il_ om) cn
__fm [m c q_ [l_ hi fiha_l m[cfcha chni nb_ qch^) on hiq nb_ qch^ cm mn[lncha ni mbc n ni
iol []em+ =h^ E _fc_p_ nb[n nb_l_ cm hi n_[g ch nb_ qilf^ _nn_l jl_j[l_^ ni m[cf [mn ch
nbcm h_q _hpclihg_hn [h^ ]ihncho_ ni jon ^__j fo_ q[n_l _nq__h om [h^ g[hs i iol
]igj_ncnilm [m q_ fiie ion ip_l nb_ ]igcha s_[lm+
Bbb aZ Ehg Tg ) - TaW 8XlbaW
Uio ]iof^ [fgimn n[mn_ nb_ mbc n ch m_hncg_hn [lioh^ P_]b>ci [n nb_ F+L+ Iila[h
D_[fnb][l_ ?ih _l_h]_ [n nb_ _achhcha i nbcm s_[l qb_h ]igj[l_^ ni s_[lm jlcil+ Sbcf_
mig_ me_jnc]cmg mncff jl_p[cfm) cn hi fiha_l ][llc_m nb_ liig ch gimn jf[]_m [m [ mbc n
niq[l^m ][onciom ijncgcmg j_lg_[n_m nb_ _r_]oncp_ n_[gm [h^ i[l^m i nb_ gimn
jiq_l of ]igj[hc_m ch iol mj[]_+
Biffiqcha nb_ [hhioh]_g_hn i iol j[lnh_lmbcj qcnb JRE E= ch /-/0) q_ ]i*bimn_^ [h
_p_hn qcnb nb_g [n nb_ FL Iila[h ]ih _l_h]_+ S_ lioabn nia_nb_l g_g _lm i nb_
_r_]oncp_ n_[gm [h^ i[l^m i g[hs i nb_ f[la_mn cijb[lg[ ]igj[hc_m ch nb_ qilf^)
g[hs i nb_ ?AKm i f_[^cha P_]b>ci ]igj[hc_m) _r_]oncp_m i f_[^cha n_]b ]igj[hc_m)
[h^ chp_mnilm [h^ [h[fsmnm qbi _cnb_l [fl_[^s chp_mn ch il ]ip_l nbcm ]ihp_la_h]_ il [l_
n_gjn_^ ni ^i mi+
Pb[n _p_hcha) [nn_h^__m b_[l^ lig fc _ m]c_h]_ fogch[lc_m fce_ O]inn Cinnfc_ ) =pcp N_a_p
[h^ =gs = _lh_nbs [m q_ff [m F_hm_h Do[ha) nb_ ?AK i JRE E=+ Pb_s b_[l^ ]ihpc]ncih
lig nbim_ f_[^_lm [ ion biq ]f_[lfs nb_ nl_h^ i IH [h^ =E qcff cgj[]n iol ch^omnls aicha
ilq[l^+ Sb[n E ioh^ gimn chn_l_mncha q[m biq fo_hn nb_ n_]b f_[^_lm [giha nb_ alioj
q_l_ ch mj_[echa nb_ f[hao[a_ i cijb[lg[+ B[l gil_ fo_hn) E qiof^ [lao_) nb[h nb_
f_[^_lm i cijb[lg[ [l_ ch mj_[echa n_]b+ =h^ nb[n jl_m_hnm [ lcme il cijb[lg[ [h^
[h ijjilnohcns il ]igj[hc_m fce_ N_]olmcih nb[n [l_ jimcncih_^ [m f_[^_lm ch P_]b>ci+



 4/23/2024 Letter Continued (Full PDF)