Mas Alla Del Estres.pdf

D^>> > ^dZ^

dŽŵĄƐ'ĂƌĐşĂĂƐƚƌŽ

ƐƚĞůŝďƌŽŶŽƉŽĚƌĄƐĞƌƌĞƉƌŽĚƵĐŝĚŽ͕ŶŝƚŽƚĂůŶŝƉĂƌĐŝĂůŵĞŶͲ ͘ ƚĞ͕ƐŝŶĞůƉƌĞǀŝŽƉĞƌŵŝƐŽĚĞƐƵĂƵƚŽƌ ͘ dŽĚŽƐůŽƐĚĞƌĞĐŚŽƐƌĞƐĞƌǀĂĚŽƐ ͘ ΞdŽŵĄƐ'ĂƌĐşĂĂƐƚƌŽ͕ϮϬϭϭ ͗ ĞƉſƐŝƚŽůĞŐĂůDͲϰϯϳϱϳͲϮϬϭϭ ͘ ͘ ͘ ͗͘ /^EϵϳϴͲϴϰͲϵϬϬϵͲϴϮϮͲϲ ͗ ͘͘ ͘ ͘ /^EĞďŽŽŬϵϳϴͲϴϰͲϵϬϬϵͲϴϮϯͲϯ ͘͘ ĚŝƚĂĚŽƉŽƌƵďŽŬWƵďůŝƐŚŝŶŐ͕^> ͘ /ŵƉƌĞƐŽĞŶƐƉĂŹĂ 

ŵŝŵƵũĞƌ͕^ŽĨşĂ͕ĂŵŝŚŝũŽ͕dŽŵĄƐ͕ǇĂŵŝŚŝũĂ͕ĞůŝĂ͕ ĂƵƚĠŶƚŝĐŽƐ ͞ ƐƵĨƌŝĚŽƌĞƐĚĞůĂƐŚŽƌĂƐǇŚŽƌĂƐĚĞƚƌĂďĂũŽƋƵĞ ͟ ŚĞĚĞĚŝĐĂĚŽĂĞƐƚĞůŝďƌŽ͕ǇƐŝŶĐƵǇŽĐĂƌŝŹŽǇĂƉŽǇŽŶƵŶĐĂ ͘ ŚƵďŝĞƌĂǀŝƐƚŽůĂůƵǌ

Ì1',&( 35Ð/2*2

&DUWDGHXQHVWUHVDGR««««««««««« 3$57(, (/(675e6 ͗ W1dh>K/>WZK^K>^dZ^ hE Z/ME /Es/d>

Ϯϭ

$QGUHVWUpVµXQSRUWHQWRSROLFLDO

͗ W1dh>K//>^dZ^E>D/dK>KZ> ͗ dZ:K͞>dKZ/^'K ^dZ^ ͟

Ϯϵ

5HWUDWRGHXQSROLFtDHVWUHVDGR

͗ W1dh>K///^dZ^KZ^/E,ZEd^>dZ Z/^'K^ z W>/'ZK^ /E,ZEd^ dKD  /^/KE^ sZ/͕ /Ed/ z &< KEdZK> ^KZ > dZ Z>/KE^ KE > KDhE/ Z>/KE^ KE DME Wj>/

ϯϳ ϰϱ ϰϴ ϱϯ ϱϲ ϲϳ

&RQODPXHUWHHQORVWDORQHV (OVXLFLGDGHOJDV 8QOLEURH[WUDRUGLQDULR £(OGHWHQLGRVHKDHVFDSDGR 9tFWLPDV\WHVWLJRVGHOGHVDVWUH (OPDILRVRGH*UDFLD

͗ W1dh>K/s^dZ^KZ^KZ'E//KE>^ ͘ ^dZhdhZKZ'z>/D>KZ> ϳϱ ^d/>K  DEK ϴϭ ͞DK/E'͕͟>K^KW^/K>M'/K ϵϭ Z>/KE^ /EdZWZ^KE>^ ϵϴ ^ZZK>>KZZZWZK&^/KE> ϭϬϰ

6LQGHVSDFKR -HIHEXHQR-HIHPDOR (OXOWLPiWXPGHOPHGLRFUH 6DELQRHOWUHSD 8QFXDUWHOGHLGD\YXHOWD

KE//KE^  dZ:K D/K^ DdZ/>^ ,KZZ/K  dZ:K D/Ed^  dZ:K ZdZ/h/KE^ D/'m^ > ZK> KE&>/dK^ > ZK> ͘ /Eh/ME>WdKdZ:K Z'  dZ:K

ϭϭϯ ϭϭϳ ϭϮϲ ϭϯϭ ϭϯϰ ϭϯϴ ϭϱϬ ϭϱϲ ϭϲϵ

(OSRVLWLYRGHVLGD /DYXHOWDDOSDWUXOODMH (QWUHXQVXLFLGD\XQTXHPDGR ¢3RUTXpQRPHD\XGD" £6XPDULGRKDVXIULGRXQDFFLGHQWH

(OERUUDFKRGHVLHPSUH 0LUHFRUGDGR\DGPLUDGRPDHVWUR 5pTXLHPSRUXQMRYHQSROLFtD £3DSiSRUIDYRUQRPHSHJXHV

͗ W1dh>Ks>K^^dZ^KZ^ydZKZ'E//KE>^ hE dZ^s^  ^dZ^^

ϭϴϯ

£6yORWLHQHVWLHPSRSDUDHOWUDEDMR

͗ W1dh>Ks/>^KE^hE/^>^dZ^ > ^dZ^ 'hK > ZME/K ͗  ͞ hZEKhd YhDKE>dZ:K ͟

HK^ZZ>^z>'KD^

ϭϴϵ ϭϵϴ ϮϬϰ ϮϬϵ Ϯϭϳ ϮϮϯ ϮϯϮ Ϯϯϳ Ϯϯϵ Ϯϰϲ ϮϱϬ Ϯϱϯ Ϯϱϳ ϮϲϬ Ϯϲϰ Ϯϲϳ ϮϳϮ Ϯϳϳ

&RPSDxHURHVWiVDJRWDGR 5HFXHUGRGHXQTXHPDGR (ODQFLDQRFRQ$O]KHLPHU 8QDLQWXLFLyQSROLFLDOSURGLJLRVD (ODQDJUDPD
3$57(,, 35(9(1&,Ð1<0$1(-2'(/(675e6$1,9(/ ,1',9,'8$/ ͗ W1dh>K/YhWhK,ZzKWZWZsE/ZzZh/ZD/ ^dZ^ ͘ Ϯϴϯ h^d^Z>WZ/E/W>WZ:h/K^/EKdKDD/^ ͙

͗ W1dh>K//MDKZKEKZ>K^^1EdKD^D/^dZ^ ƵĞƐƚŝŽŶĂƌŝŽĚĞƐŝŶƚŽŵĂƚŽůŽŐşĂĨşƐŝĐĂ͕ĐŽŐŶŝƚŝǀĂ͕ĞŵŽĐŝŽŶĂů ͘͘ Ϯϴϳ ǇĐŽŶĚƵĐƚƵĂůĚĞůĞƐƚƌĠƐ ͙ ͙ ͙ ͙ ͙ ͙ ͗ ͙ ͙ W1dh>K///dE/^'EZ>^ ͙ ͙ ͘͘ Ϯϵϯ ͙ ͙ ͎^h^dhE/dK>dZ:K ͙ ͙ ͍͙ ͙ ͙ ͘  Ϯϵϰ ^ZZK>>K>hE^dK&1^/K ͙ ͙ ͙ ͙ ͙ ͘  Ϯϵϴ /dhz/M^>^//KE^ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͘  ϯϬϭ ͙ ͙ WKzK^K/> ͙ ͙ ͙͘ ͙ ͙ ͘ ϯϬϮ ͙ hE,hDKZ͙ >WKZ>Z/^ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͘ ϯϬϱ /^dZ/MEzd/DWKK/K ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͗ ͙ ͙ ͙ ͙ W1dh>K/sdE/^K'E/d/s^ ͙ ͙ ͘ϯϬϵ W ͎ KZYhs^^KDK^dEE'd/sK^͙ ͙ ͍͙ ͘ ϯϭϯ ZKZ'E//MEK'E/d/s ͙ ͙ ͙ ͬ ͙ ͙ ͙ DK/&//MEWE^D/EdK^hdKDd/K^ &KZDK^ ͙ ͙ϯϭϲ ͙ ͙ ͙ ͘ ϯϭϳ ^E^//>//ME^/^dDd/ ͙ ͙ ͘͘ ͙ ͙ ͙ /EKh>/ME^dZ^ ϯϭϴ ͙ ͘ ͙ ͙ ͙ ͙ ͘ ͙ ͙ ͘ ͘͘ dE/ME>WE^D/EdK ϯϭϵ ͙ ͙ ͙ ͙ ͙ ͘ ͙ ͙ ͙ ͙ ͙ ͙ ͘ ͙ ͙ ͘͘ ͙ ͙ ͙ ͙ ͘ ͙ ͙ ͗ ͙ ͙ ͘͘ ͙ ͙ W1dh>KsdE/^&/^/K>M'/^ ͙ ͘ dE/^KEdZK>>Z^W/Z/ME͘͘ ϯϮϯ ͘ ϯϮϱ dE/^Z>:/ME&1^/ ͙ ͙ ͙ ϯϮϴ dE/^Z>:/MEDEd>;D/d/MEͿ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͘ ϯϯϬ /K&< ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙

͗ W1dh>Ks/dE/^KEhdh>^ ͗

dE/^ZdZKZ'E/d/sK  ͘͘ ͘  ϯϯϭ 'ĞƐƚŝſŶĚĞƚŝĞŵƉŽ ͙ ͙ ͙ ϯϯϲ ZĞĚƵĐĐŝſŶĚĞĚĞŵĂŶĚĂƐĚĞƚƌĂďĂũŽĞǆƚĞƌŝŽƌĞƐ ͙ ͙ ͙ ͙ ͙ ͙ ^h,d/s͕DWd1z^Zd/s/ ͙ ͙ ϯϯϴ ͙ ͙ ͙ ͙ ͙ ͙ ͙ EdZED/EdKE,/>/^^K/>^ ϯϰϭ  ͙ ͙ ͙ ͙ ͙ ͙ ͘ ͙  ϯϰϯ ^K>h/MEWZK>D^ ͙ ͙͙ ͙ ͙ ͙ ͙ ͙ ͙ Z^K>h/MEKE&>/dK^ ͙ ͙ ϯϰϱ ͙ ͙ ͙ ͙ ͙ ϯϰϳ hdKKEdZK> ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙ DK>D/EdKEh/ZdK ϯϰϴ ͙ ͙͙ ͙͙ ͙ ͙ ͙ ͙ ͙ ͙ ͙͙ ͙ ͙ ͙ ͗ ͙ ͙ ͙ ͙ ͙ W1dh>K s//dE/^ D/yd^͙ ͙ ͙ ͙ ͙͘ zK'  ϯϰϵ ͙ ͙ ͙ ͙͘ W/>d^  ϯϱϬ ͙ ͙ ͙ ͙ d/,/ ͙ ͙ ͙͘ ͙ ͙ ϯϱϭ ͙ ͙ ͙ ͙ ͙ ͙͙ ͙  ϯϱϭ ,/
(/'(6(1/$&(

PHVHVGHVSXpV«««««««««««

ϯϱϱ

/,67$'2'(3(5621$-(6'(/$129(/$««

ϯϳϳ

'Z/D/EdK^͙ ͙͘

ϯϳϵ

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ϯϴϭ

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Tue, 23 Jun 2009 13:49:13 +0000 [23/06/09 15:49:13 CEST]

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SOY POLICÍA

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͗ WĂƌƚĞƐĂůƚĞƌŶĂƚŝǀĂƐĚĞĞƐƚĂƐĞĐĐŝſŶ  ͬ ƐŝŶŶŽŵďƌĞ΀ƚĞǆƚŚƚŵů΁ϲ͕ϵϱ<

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,ĞƌĞĐŽŐŝĚŽĐƵĞƌƉŽƐĚĞƐƚƌŽǌĂĚŽƐĞŶůĂƐĐĂƌƌĞƚĞƌĂƐ͕ƉĞƌŽƚĂŵďŝĠŶ ͘ ƚĞŚĞĂǇƵĚĂĚŽĂĐĂŵďŝĂƌůĂƌƵĞĚĂƉŝŶĐŚĂĚĂĚĞƚƵĐŽĐŚĞ ,ĞĞƐƚĂͲ ĚŽĞŶŵĄƐƉĞůĞĂƐĚĞůĂƐƋƵĞƉƵĞĚŽĐŽŶƚĂƌǇĞŶŵĄƐĐĂƚĄƐƚƌŽĨĞƐ ͘ ĚĞůĂƐƋƵĞŚƵďŝĞƌĂĚĞƐĞĂĚŽ>ĂƐůůĂŵĂƐĚĞƵŶŝŶĐĞŶĚŝŽŚĂŶƋƵĞͲ ŵĂĚŽŵŝƉŝĞů͕ǇůĂƐĂŶŐƌĞĚĞƵŶĂǀşĐƚŝŵĂ͕ŝŶĐůƵƐŽĚĞƵŶĐŽŵƉĂŹĞͲ ͘ ƌŽ͕ŚĂŶŵĂŶĐŚĂĚŽŵŝƵŶŝĨŽƌŵĞĚĞŵĂƐŝĂĚĂƐǀĞĐĞƐ ,ĞǀŝƐƚŽĐĂƐŝĐĂĚĂƚŝƉŽĚĞŵƵĞƌƚĞƋƵĞƉƵĞĚĂĞǆŝƐƚŝƌǇŵĄƐĚĞůĂƐ ͘ ƋƵĞ ƉƵĞĚĂƐ ŝŵĂŐŝŶĂƌ ,Ğ ĐĂŵŝŶĂĚŽ ĞƐĞ ůĂƌŐŽ ƉĂƐĞŽ ŚĂƐƚĂ ůĂ ƉƵĞƌƚĂ ƉĂƌĂ ĚĞĐŝƌůĞ Ă ƵŶĂ ŵĂĚƌĞ͕ ƉĂĚƌĞ͕ ĞƐƉŽƐĂ͕ ŚŝũŽ Ž ĨĂŵŝůŝĂƌ ͘ ƋƵĞƐƵƐĞƌĂŵĂĚŽŶƵŶĐĂǀŽůǀĞƌĄĂĐĂƐĂ,ĞĂŐƵĂŶƚĂĚŽůĂĂŐŽŶşĂ ǀĞƌďĂů͕ĞŝŶĐůƵƐŽůĂƐĂŵĞŶĂǌĂƐ͕ĚĞĞƐĂƉŽďƌĞŐĞŶƚĞƋƵĞŶŽƉƵĞĚĞ ƐŽƉŽƌƚĂƌƐƵĚŽůŽƌǇůŽƉƌŽǇĞĐƚĂĐŽŶƚƌĂůĂƉƌŝŵĞƌĂƉĞƌƐŽŶĂĐŽŶƚƌĂ ͘ ůĂƋƵĞƉƵĞĚĞ͕ĞůŵĞŶƐĂũĞƌŽĚĞůĂŶŽƚŝĐŝĂ͕ǇŽ ,ĞǀŝƐƚŽĞůŵĂůƚƌĂƚŽǇůĂǀŝŽůĞŶĐŝĂĞŶƚƌĞƉĞƌƐŽŶĂƐƋƵĞƵŶĚşĂƐĞ ƉƌŽŵĞƚŝĞƌŽŶĂŵŽƌ͕ ĞŶƚƌĞƉĂĚƌĞƐĞŚŝũŽƐ͕ĞŶƚƌĞŚĞƌŵĂŶŽƐǇĞŶƚƌĞ ͘ ĂŵŝŐŽƐ ,Ğ ǀŝƐƚŽ ůŽƐ ĂĐƚŽƐ ŵĄƐ ĐƌƵĞůĞƐ Ǉ ŵĞǌƋƵŝŶŽƐ ĚĞů ƐĞƌ ͘ ŚƵŵĂŶŽ ,ĞǀŝƐƚŽůŽƐŽũŽƐĚĞƵŶƉĂĚƌĞĐƵĂŶĚŽůĂĚƌŽŐĂƐĞŚĂůůĞǀĂĚŽĂƐƵ ͘ ŚŝũŽ,ĞǀŝƐƚŽĐƌşŵĞŶĞƐƋƵĞŶƵŶĐĂƐŽŹĂƌşĂƐǇƋƵĞŶƵŶĐĂǀĞƌĄƐĞŶ ͘ ƐĞƌŝĞƐŶŝƉĞůşĐƵůĂƐĚĞƚĞůĞǀŝƐŝſŶ ͗ hŶ ĐŽŵƉĂŹĞƌŽ ƵŶĂ ǀĞǌ ŵĞ ĚŝũŽ ͞>ŽƐ ͘ƉŽůŝĐşĂƐ ǀŝǀĞŶ ůŽƐ ǀĞŝŶƚĞ ͘ ƉĞŽƌĞƐŵŝŶƵƚŽƐĚĞůĂƐǀŝĚĂƐĚĞŽƚƌŽƐ^ş ͟ WƵĞĚĞ ƋƵĞ ƚĞŚĂǇĂ ƉĞĚŝĚŽ ůĂ ĚŽĐƵŵĞŶƚĂĐŝſŶ ĂůŐƵŶĂ ǀĞǌ͕ ŵŝĞŶͲ ͘ ƚƌĂƐƚĞŝŶĚŝĐĂďĂƋƵĞƐĂĐĂƌĂƐůĂƐŵĂŶŽƐĚĞůŽƐďŽůƐŝůůŽƐ WƵĞĚĞƋƵĞ ƚĞŚĂǇĂƐĂĐĂĚŽĚĞƚƵĐŽĐŚĞĞŶƉůĞŶĂŶŽĐŚĞŵŝĞŶƚƌĂƐƚĞŝŶĚŝĐĂďĂ ͘ ƋƵĞŵĂŶƚƵǀŝĞƌĂƐůĂƐŵĂŶŽƐĂůĂǀŝƐƚĂWƵĞĚĞ͕ŝŶĐůƵƐŽ͕ƋƵĞƚĞŚĂǇĂ

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ƉĞĚŝĚŽƋƵĞĞǆƚĞŶĚŝĞƌĂƐůŽƐďƌĂǌŽƐƉĂƌĂůƵĞŐŽĐĂĐŚĞĂƌƚĞ ͕ ƚŽĚŽĞůůŽ ͘ ƐŝŶŵŽƚŝǀŽĂƉĂƌĞŶƚĞƉĂƌĂƚŝWĞƌŽƚƷŶŽŚĂƐƐŝĚŽĂƉƵŹĂůĂĚŽĞŶƵŶ ĚĞƐĐƵŝĚŽƉŽƌŶŽĐĂĐŚĞĂƌĂƵŶĐŝƵĚĂĚĂŶŽĂƉĂƌĞŶƚĞŵĞŶƚĞŶŽƌŵĂů  ͖ ŶŽŚĂƐǀŝƐƚŽĐſŵŽƵŶĐŽŵƉĂŹĞƌŽĐĂşĂĂůƐƵĞůŽĚĞƵŶƚŝƌŽĞŶůĂ ĐĂďĞǌĂƉŽƌŶŽƚŽŵĂƌŵĞĚŝĚĂƐĚĞƐĞŐƵƌŝĚĂĚŶŽŚĂƐŝĚŽĂǀŝƐŝƚĂƌĂ ͖ ƵŶĐŽŵƉĂŹĞƌŽŝŶǀĄůŝĚŽƉŽƌĞůĂƚƌŽƉĞůůŽĚĞƵŶĐŽŶĚƵĐƚŽƌƋƵĞƐĞ ͘ ĚŝŽĂůĂĨƵŐĂ͕ƐŝŵƉůĞŵĞŶƚĞƉŽƌƋƵĞĞƐƚĂďĂĞďƌŝŽ ,Ğ ĞƐĐƵĐŚĂĚŽ ĚĞ ĂŵŝŐŽƐ Ǉ ĨĂŵŝůŝĂƌĞƐ ĐſŵŽ ͞ůĂ ƉŽůŝĐşĂ ŶŽ ŚĂĐĞ ŶĂĚĂ͕ĐſŵŽ ͞ ŵĂůƚƌĂƚĂŵŽƐǇ ͞ ŶŽƐƋƵĞĚĂŵŽƐĐŽŶĚƌŽŐĂ͕ĐſŵŽ ͟ůůĞŐĂŵŽƐƚĂƌĚĞĂƉƌŽƉſƐŝͲ ͟ ŽĐſŵŽ ƚŽƌƚƵƌĂŵŽƐĂůŽƐĚĞƚĞŶŝĚŽƐ ͕ ͞ ͘ ͟ ƚŽ ͟ ,Ğ ǀŝƐƚŽ Ă ŵŝ ĞƐƉŽƐĂ ĞƐĐĂƚŝŵĂƌ ŝŶƚĞŶƚĂŶĚŽ ƐĂĐĂƌ ĂĚĞůĂŶƚĞ Ă ͘ ŶƵĞƐƚƌŽƐŶŝŹŽƐ ĐŽŶ ĞůƐƵĞůĚŽĚĞƵŶƉŽůŝĐşĂ,ĞǀŝƐƚŽĂ ŵŝƐ ĐŚŝĐŽƐ ůůŽƌĂƌĐƵĂŶĚŽƐƵƉŝĞƌŽŶƋƵĞŶŽƉŽĚƌşĂŝƌĂƐƵƐĂĐƚŽƐĞƐĐŽůĂƌĞƐƉŽƌͲ ͘ ƋƵĞ ͞ WĂƉĄŶŽƚŝĞŶĞƵŶŚŽƌĂƌŝŽŶŽƌŵĂů,ĞǀŝƐƚŽƚĂŵďŝĠŶĂŵŝƐ ͟ ŚŝũŽƐůůĞǀĂƌƵŶĂĐĂƌŐĂƋƵĞŶŽĚĞďĞƌşĂŶŚĂďĞƌůůĞǀĂĚŽ ͕ ĐƵĂŶĚŽƵŶŽ ĚĞƐƵƐĐŽŵƉĂŹĞƌŽƐŽĂŵŝŐŽƐŚĂĚŝĐŚŽƋƵĞ ͞ dŽĚŽƐůŽƐƉŽůŝĐşĂƐƐŽŶ ͘ ƵŶŽƐ ͙ǇĚĞďĞƌşĂŶĞƐƚĂƌŵƵĞƌƚŽƐ ͟ ,ĞƚƌĂďĂũĂĚŽŶŽĐŚĞƐ͕ĨŝŶĞƐĚĞƐĞŵĂŶĂǇǀĂĐĂĐŝŽŶĞƐ͕ŶŽĐŚĞǀŝĞũĂ͕ ŶĂǀŝĚĂĚǇŚĂƐƚĂĞůĚşĂƋƵĞƚƵǀĞŵŝƉƌŝŵĞƌŚŝũŽ͕ŵŝĞŶƚƌĂƐƚƷĞƐƚĂͲ ͘ ďĂƐ ĐſŵŽĚŽ ǇƐĞŐƵƌŽĞŶƚƵĐĂƐĂ ĐŽŶ ƚƵĨĂŵŝůŝĂDŝĨĂŵŝůŝĂĐŽŵͲ ͘ ƉůĞƚĂĐĂŵŝŶſƐŝŶŵşĚĞŵĂƐŝĂĚŽƚŝĞŵƉŽ͕ĚĞŵĂƐŝĂĚŽƚŝĞŵƉŽ ,ĞǀŝƐƚŽůĂƐĐĂƌĂƐĚĞŶŝŹŽƐƋƵĞĞƐƚĂďĂŶƉĞƌĚŝĚŽƐ͕ǇƋƵĞŵŝƐĐŽůĞͲ ŐĂƐǇǇŽƚƵǀŝŵŽƐĞůƉƌŝǀŝůĞŐŝŽĚĞĚĞǀŽůǀĞƌĂůŽƐďƌĂǌŽƐĚĞƐƵĚĞƐͲ ͘ ĞƐƉĞƌĂĚĂŵĂĚƌĞ,ĞǀŝƐƚŽŚĞŵŽƌƌĂŐŝĂƐƋƵĞŚĞĂǇƵĚĂĚŽĂƉĂƌĂƌ͕ ĐŽƌĂǌŽŶĞƐĂůŽƐƋƵĞŚĞĚĂĚŽƵŶĂƐĞŐƵŶĚĂŽƉŽƌƚƵŶŝĚĂĚƉĂƌĂǀŽůͲ ǀĞƌĂĞŵƉĞǌĂƌ͕ǇĂůĂƐǀşĐƚŝŵĂƐĚĞůĐƌŝŵĞŶƋƵĞŚĞŵŽƐƐŝĚŽĐĂƉĂͲ ͘ ĐĞƐ ĚĞ ƉƌŽƚĞŐĞƌ dĞŶŐŽ ŐƌĂďĂĚĂƐ ĞŶ ŵŝ ŵĞŶƚĞ ůĂƐ ĐĂƌĂƐ ĚĞ ůĂƐ

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͘ ƉĞƌƐŽŶĂƐĐƵǇĂƐǀŝĚĂƐ͕ŵŝƐĐŽŵƉĂŹĞƌŽƐǇǇŽ͕ƐĂůǀĂŵŽƐ^ş͕ƚĞŶŐŽ ͘ ŚŝƐƚŽƌŝĂƐĚĞĠǆŝƚŽ͕ƉĞƌŽƚĂŵďŝĠŶĚĞĨƌĂĐĂƐŽƐ dĞŶŐŽŶŽĐŚĞƐĞŶůĂƐƋƵĞŶŽƉƵĞĚŽĚŽƌŵŝƌƉŽƌƋƵĞǀĞŽůĂƐĐĂƌĂƐ ĚĞůŽƐƋƵĞŶŽƉƵĚĞĂǇƵĚĂƌ͕ƉŽƌƋƵĞŶŽůůĞŐƵĠĂƚŝĞŵƉŽŽ͕ƐŝŵƉůĞͲ ŵĞŶƚĞ͕ƉŽƌƋƵĞƉŝĞŶƐŽĞŶƵŶ ͞ ǇƐŝ͙͕ƉĂƌĂĐĂĚĂĐĂƐŽĞŶĞůƋƵĞ ͘ ͟ ĨƌĂĐĂƐĠzƐŝƚƷŶƵŶĐĂǀĞƐƵŶĂŵŝůĠƐŝŵĂƉĂƌƚĞĚĞĞƐƚŽ ͕ ĞƐƉŽƌƋƵĞ ůĂƉŽůŝĐşĂŚĂŚĞĐŚŽƐƵƚƌĂďĂũŽ ͙ ^ŝĨĂůůŽ ʹŽĂƷŶƐŝŶĨĂůůĂƌ ʹƉƵĞĚŽƐĞƌĨĄĐŝůŵĞŶƚĞĚĞŶƵŶĐŝĂĚŽĂŶƚĞ ƵŶĂũƵƐƚŝĐŝĂƋƵĞŶŽƐĠƐŝĞƐƚĂƌĄĂŵŝůĂĚŽ͕ƉŽŶŝĞŶĚŽĞŶƌŝĞƐŐŽŵŝ ͘ ƚƌĂďĂũŽ͕ ŵŝ ĨĂŵŝůŝĂ Ǉ ŵŝ ƉƌŽƉŝĂ ǀŝĚĂ WƵĞĚŽ ŝŶĐůƵƐŽ ƉĞƌĚĞƌ ŵŝ ůŝďĞƌƚĂĚ ƉŽƌ ƵŶĂ ĐŽŵƉůŝĐĂĚĂ ƐŝƚƵĂĐŝſŶ ƋƵĞ ƌĞƋƵŝĞƌĞ ƚŽŵĂƌ ƵŶĂ ĚĞĐŝƐŝſŶ ĞŶ ƉŽĐŽƐ ƐĞŐƵŶĚŽƐ͕ Ǉ ƋƵĞ Ă ƵŶ :ƵĞǌ ůĞ ůůĞǀĂƌşĂ ĂŹŽƐ ͘ ĂĚŽƉƚĂƌ ^ŝĐŽŵĞƚŽĞůŵĄƐŵşŶŝŵŽĨĂůůŽ͕ůŽƉĂŐĂƌĠĚŽƐǀĞĐĞƐǇ͕ĂƷŶĂƐş͕ŵĞ ͘ ƉŽŶĚƌĠŵŝ ƵŶŝĨŽƌŵĞ͕ŵĞ ĞŶĨƵŶĚĂƌĠŵŝ ĂƌŵĂ Ǉ ƐĂůĚƌĠ ĚĞ ŶƵĞǀŽ ͘ WŽƌƋƵĞĞƐůŽƋƵĞůŽƐƉƌŽĨĞƐŝŽŶĂůĞƐŚĂĐĞŶ͕ƉŽƌƋƵĞzK^KzWK>/1 (OLPLQDU | 5HVSRQGHU | 5HHQYLDU | 5HGLULJLU T | 2ULJHQGHOPHQVDMH | *XDUGDUFRPRZ | ,PSULPLU

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ƵĂŶĚŽĚĞƐƉĞƌƚſƉŽƌůĂŵĂŹĂŶĂƌĞĐŽŐŝſĂƋƵĞůůĂŶŽƚĂ͕ ƋƵĞ ƐŽŶĄŵďƵůŽŚĂďşĂĞƐĐƌŝƚŽĞŶŵĞĚŝŽĚĞůĂŶŽĐŚĞ͕ǇůĂůĞǇſĚĞŶƵĞͲ ͘ ǀŽĐŽŶĂƚĞŶĐŝſŶ>ĂƷůƚŝŵĂǀĞǌƋƵĞŚĂďşĂƚĞŶŝĚŽƵŶƐƵĞŹŽƐŝŵŝůĂƌ͕ ͘ ƚŽĚĂǀşĂƐŝĞŶĚŽƵŶŶŝŹŽ͕ŚĂďşĂƌĞƐƵůƚĂĚŽƐĞƌƵŶĂƉƌĞŵŽŶŝĐŝſŶ Y ͞ ƵĠ͕ĐƵĄŶĚŽ͕ƋƵŝĠŶ͕ĐſŵŽ͕ĚſŶĚĞǇƉŽƌƋƵĠ͕ƐĞĚŝũŽĚĞƐͲ ͟ ƉƵĠƐĚĞůĞĞƌǀĂƌŝĂƐǀĞĐĞƐĞůĞǆƚƌĂŹŽƚĞǆƚŽ͕ ǇƉĞƌĐĂƚĂƌƐĞĚĞƋƵĞ ĂƋƵĠůůĂƐĞƌĂŶůĂƐƉĂůĂďƌĂƐƋƵĞĞŶĐĂďĞǌĂďĂŶůŽƐƐĞŐƵŶĚŽƐǀĞƌƐŽƐ ͘ ĚĞĐĂĚĂƵŶŽĚĞůŽƐƉĂƌĞĂĚŽƐ͞^ŽŶůĂƐƉƌĞŐƵŶƚĂƐĚĞůŝŶǀĞƐƚŝŐĂͲ ͊ ͘ ĚŽƌ͋YƵĠĐƵƌŝŽƐŽ YƵŝǌĄƐƐĞĂůĂĐůĂǀĞƉĂƌĂƌĞƐŽůǀĞƌĂůŐƷŶĐĂƐŽ͕  ͘ ͟ ƉĞŶƐſDĞƚŝſůĂŶŽƚĂĞŶůĂďŝůůĞƚĞƌĂĚĞƐƵĐĂƌƚĞƌĂǇƐĞŵĂƌĐŚſĂůĂ ͘ ĐŽŵŝƐĂƌşĂ ŶĚƌĠƐ ůďĞƌŽ ƚĞŶşĂϰϳĂŹŽƐ͕ǇĚĞƐĚĞŚĂĐşĂ ŵĄƐ ĚĞϮϬĞƐͲ ͗ ͘ ƚĂďĂĚĞĚŝĐĂĚŽĂƐƵŐƌĂŶƉĂƐŝſŶůĂƉŽůŝĐşĂƵƌĂŶƚĞĞůƷůƚŝŵŽůƵƐͲ ƚƌŽ ŚĂďşĂ ĞƐƚĂĚŽ ĐŽŶƐĂŐƌĂĚŽ Ă ůĂ ŝŶǀĞƐƚŝŐĂĐŝſŶ͕ ƵŶĂ ůĂďŽƌ ƋƵĞ ͘ ŽĐƵƉĂďĂĐĂƐŝƉŽƌĐŽŵƉůĞƚŽƐƵǀŝĚĂ ƋƵĞůůĂŵĂŹĂŶĂ͕ĐŽŵŽĚĞĐŽƐƚƵŵďƌĞ͕ŶŽƉĂƌſƵŶƐŽůŽŝŶƐͲ ͗ ƚĂŶƚĞŝŶƚĞƌƌŽŐſĂĚŽƐĚĞƚĞŶŝĚŽƐ͕ƐĞĞŶƚƌĞǀŝƐƚſĐŽŶŽƚƌŽƐƚĂŶƚŽƐ ƚĞƐƚŝŐŽƐ͕ ƌĞŐŝƐƚƌſ ƵŶĂ ǀŝǀŝĞŶĚĂ͕ ƌĞĂůŝǌſ ƵŶĂ ĚĞĐĞŶĂ ĚĞ ůůĂŵĂĚĂƐ ͘͘ ƚĞůĞĨſŶŝĐĂƐ͕ ƌĞĚĂĐƚſƚƌĞƐŝŶĨŽƌŵĞƐzĂĂůŵĞĚŝŽĚşĂĐŽŵŝſĞŶůĂ ŚĂŵďƵƌŐƵĞƐĞƌşĂƋƵĞŚĂďşĂĨƌĞŶƚĞĂůĂĐŽŵŝƐĂƌşĂ͕ǇƉĂƐſƉŽƌĐĂƐĂ ʹƵŶƉŝƐŽĚĞϵϬŵĞƚƌŽƐĐƵĂĚƌĂĚŽƐƐŝƚƵĂĚŽĞŶƵŶ ďĂƌƌŝŽĚĞ ĐůĂƐĞ ͘ ŵĞĚŝĂĚĞůĂĐŝƵĚĂĚʹƉĂƌĂĚƵĐŚĂƌƐĞ ǇĐĂŵďŝĂƌƐĞ ĚĞƌŽƉĂ EŽƐĂͲ

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͘ ďşĂĐƵĄŶĚŽƌĞŐƌĞƐĂƌşĂƋƵĞůůĂĐŽŵƉůŝĐĂĚĂŝŶǀĞƐƚŝŐĂĐŝſŶůŽƚĞŶşĂ ĂďƐŽůƵƚĂŵĞŶƚĞĞƐƚƌĞƐĂĚŽ͕ĂƵŶƋƵĞŶŽŵƵĐŚŽŵĄƐƋƵĞŽƚƌĂƐĂŶͲ ƚĞƌŝŽƌĞƐ͕ƉŽƌƋƵĞĠƐĂĞƌĂƐƵĨŽƌŵĂŚĂďŝƚƵĂůĚĞĂĨƌŽŶƚĂƌĐĂĚĂĐĂƐŽ ͗ ͘ ƋƵĞĐĂşĚĂĞŶƐƵƐŵĂŶŽƐĐŽŵŽƐŝĞŶĞůůŽůĞĨƵĞƌĂƐƵƉƌŽƉŝĂǀŝĚĂ ʹƐƉĞƌŽƋƵĞĂůŐƷŶĚşĂƚƵŵƵũĞƌǇƚƵƐŚŝũŽƐƐĞĂŶƚĂŶŝŵƉŽƌͲ ƚĂŶƚĞƐƉĂƌĂƚŝĐŽŵŽůŽĞƐĂŚŽƌĂƚƵƚƌĂďĂũŽʹůĞƌĞĐƌŝŵŝŶſ>ŽůĂ͕ ƐƵ ŵƵũĞƌ͕ĐƵĂŶĚŽƐĂůŝſĚĞĐĂƐĂĐĂƐŝƐŝŶĚĞƐƉĞĚŝƌƐĞʹ͘EŽĞƌĂůĂƉƌŝͲ ͘ ŵĞƌĂǀĞǌƋƵĞůŽŚĂĐşĂ DĄƐďŝĞŶƐĞƉŽĚşĂĚĞĐŝƌƋƵĞĞƌĂ ůŽĂĐŽƐͲ ͘ ƚƵŵďƌĂĚŽ zĞƐƋƵĞůĂǀŝĚĂĚĞŶĚƌĠƐůďĞƌŽĐŽŵĞŶǌĂďĂǇƚĞƌŵŝŶĂďĂ ĐĂĚĂ ĚşĂ͕ ƐŝŶ ĞǆĐĞƉĐŝſŶ͕ ĞŶ ƐƵ ƚƌĂďĂũŽ͕ ƵŶĂ ĐŝƌĐƵŶƐƚĂŶĐŝĂ ƋƵĞ ͗ ĚĞƐĚĞŚĂĐşĂŵƵĐŚŽƚŝĞŵƉŽĞƐƚĂďĂŵĂƌĐĂŶĚŽĐƵĂŶƚŽ ůĞƌŽĚĞĂďĂ ƐƵƌĞůĂĐŝſŶĨĂŵŝůŝĂƌ͕ƐƵƐĂŵŝƐƚĂĚĞƐ͕ƐƵƐŚŽƌĂƌŝŽƐ ͘͘ ͕ ƐƵƐĐŽŵŝĚĂƐ͕ƐƵƐ ǀŝĐŝŽƐ͕ƐƵƐĂůĞŐƌşĂƐ͕ƐƵƐƚĞŵŽƌĞƐ͕ƐƵƐĂůƵĚ dƌĂďĂũĂďĂŵĄƐĚĞĚŽĐĞŚŽƌĂƐƚŽĚŽƐůŽƐĚşĂƐ͕ĐĂŶƚŝĚĂĚƋƵĞ͕ ĞŶĞůŵĞũŽƌĚĞůŽƐĐĂƐŽƐ͕ĞƌĂƚĂŶƐſůŽůĂŵŝƚĂĚĚĞůŽƐĐŝŐĂƌƌŝůůŽƐ ͘ ƋƵĞĐŽŶƐƵŵşĂĚƵƌĂŶƚĞƐƵŝŶƚĞŶƐĂũŽƌŶĂĚĂůĂďŽƌĂů WƌŽĐƵƌĂďĂ͕ŶŽ ŽďƐƚĂŶƚĞ͕ƉŽƌĞůďŝĞŶĚĞƐƵƐĂůƵĚʹƐĞŐƷŶĚĞĐşĂʹ͕ŶŽƚŽŵĂƌŵĄƐ ĚĞƵŶĐĂĨĠƉŽƌĐĂĚĂĚŽƐŚŽƌĂƐĚĞƚĂƌĞĂ͕ƋƵĞĂŵĞŶƵĚŽĂĐŽŵƉĂͲ ŹĂďĂ͕ĐƵĂŶĚŽƐĞĞŶĐŽŶƚƌĂďĂĞŶůĂĐŽŵŝƐĂƌşĂ͕ĐŽŶĂůŐƷŶƋƵĞŽƚƌŽ ƉĂƐƚĞůŝƚŽĚĞůĂŵĄƋƵŝŶĂĞǆƉĞŶĚĞĚŽƌĂĞƐƚƌĂƚĠŐŝĐĂŵĞŶƚĞĐŽůŽĐĂĚĂ ũƵŶƚŽĂůĂĚĞůĐĂĨĠǇ͕ĞƐŽƐş͕ĠƐƚĞƐŝĞŵƉƌĞĞĚƵůĐŽƌĂĚŽĐŽŶƐĂĐĂƌŝͲ ͖ ͘ ŶĂŶŽĞƐƚĂďĂĚŝƐƉƵĞƐƚŽĂƐƵƉĞƌĂƌůŽƐĐŝĞŶƚŽǀĞŝŶƚĞŬŝůŽƐĂĐƚƵĂůĞƐ  ͖ ĚĞŵĄƐ͕ĐŽŵŽŵĞĚŝĚĂĂŶƚŝͲĞƐƚƌĠƐǇƐŝŐƵŝĞŶĚŽůŽƐĐŽŶƐĞũŽƐĚĞƵŶ ƉƐŝĐſůŽŐŽĂŵŝŐŽ͕ĐĂĚĂĚŽƐŚŽƌĂƐŶĚƌĠƐĚĞƐĐĂŶƐĂďĂʹǇƐƵƐŝůůĂ ƚŽĚĂǀşĂŵĄƐʹůĞǀĂŶƚĄŶĚŽƐĞĚĞůĂŵĞƐĂĚĞƚƌĂďĂũŽƉĂƌĂŚĂĐĞƌƵŶ ƌĞĐĞƐŽǇĞƐƚŝƌĂƌůĂƐƉŝĞƌŶĂƐ͕ĂƵŶƋƵĞůŽƋƵĞĞŶƌĞĂůŝĚĂĚďƵƐĐĂďĂ ͘ ĞƌĂƌĞŐĞŶĞƌĂƌƐƵƐĂŶƐŝĂƐĚĞĨƵŵĂƌƵŶƉŝƚŝůůŽŵĄƐ ƌĂ ƵŶ ƉŽůŝĐşĂ ĞŶŽƌŵĞ͕ Ǉ ŶŽ ƐſůŽ ƉŽƌ Ğů ǀŽůƵŵĞŶ ĚĞ ƐƵ ͘ ĐƵĞƌƉŽWĂƌƌŝĐŝĚŝŽƐ͕ǀŝŽůĂĐŝŽŶĞƐ͕ƐĞĐƵĞƐƚƌŽƐ͕ ĂƐĞƐŝŶĂƚŽƐ ͙ ƌĂƌĞƐͲ ƉŽŶƐĂďůĞĚĞůĂƌĞƐŽůƵĐŝſŶĚĞůĂƐŵĞũŽƌĞƐǇŵĄƐƐŽŶĂĚĂƐĂĐƚƵĂͲ ͘ ĐŝŽŶĞƐĚĞĂƋƵĞůŐƌƵƉŽĚĞŝŶǀĞƐƚŝŐĂĐŝŽŶĞƐ^ƵŝŶĐĂŶƐĂďůĞĐŽŶƐƚĂŶͲ ĐŝĂ ĞŶ ůĂ ůĂďŽƌ ŝŶǀĞƐƚŝŐĂƚŝǀĂ Ǉ͕ ƐŽďƌĞ ƚŽĚŽ͕ ƐƵ ŝŶŝŐƵĂůĂďůĞ ʹǇ ĞŶ 


ŽĐĂƐŝŽŶĞƐŝŶĞǆƉůŝĐĂďůĞʹŝŶƚƵŝĐŝſŶƉŽůŝĐŝĂů͕ƋƵĞƐŽůşĂŵĂƚĞƌŝĂůŝǌĂƌƐĞ ĞŶ ůŽ ƋƵĞ Ġů ĚĞŶŽŵŝŶĂďĂ ͞ĨůĂƐŚĞƐ͕ ůĞ ŚĂďşĂŶ ůůĞǀĂĚŽ Ă ůŽ ŵĄƐ ͘ ͟ ĂůƚŽ ƵĂŶĚŽůůĞŐĂďĂĞůĚşĂĚĞůĂƉŽůŝĐşĂ͕ ĐŽŵŽĐĂĚĂĂŹŽ͕ůŽƐŶŽͲ ǀĂƚŽƐĚĞ ůĂĐŽŵŝƐĂƌşĂ ĞƐƉĞƌĂďĂŶ ĞǆƉĞĐƚĂŶƚĞƐĂƋƵĞ ĞůŝŶƐƉĞĐƚŽƌ ͘ ůďĞƌŽ ůůĞŐĂƌĂ ůƵĐŝĞŶĚŽƚŽĚĂƐƐƵƐ ĐŽŶĚĞĐŽƌĂĐŝŽŶĞƐ ƋƵĞůůŽ ĞƌĂ ͗ ƚŽĚŽƵŶĞƐƉĞĐƚĄĐƵůŽŶĚƌĠƐʹƚĂŵďŝĠŶĐŽŶŽĐŝĚŽ͕ĐĂƌŝŹŽƐĂŵĞŶƚĞ͕ ĐŽŵŽ ͞Ğů ĐŚĂƉĂƐ ƉŽƌ ůĂ ŝŶŐĞŶƚĞ ĐĂŶƚŝĚĂĚ ĚĞ ƌĞĐŽŶŽĐŝŵŝĞŶƚŽƐ ͟ ƋƵĞŚĂďşĂƌĞĐŝďŝĚŽĚƵƌĂŶƚĞƐƵĐĂƌƌĞƌĂƉƌŽĨĞƐŝŽŶĂůʹĂƉĞŶĂƐƉŽĚşĂ ŵĂŶƚĞŶĞƌĞůĞƋƵŝůŝďƌŝŽƉŽƌůĂĐĂŶƚŝĚĂĚĚĞŵĞƚĂůƋƵĞĚĞďşĂƐŽƉŽƌͲ ƚĂƌůĂƉĂƌƚĞĚĞƌĞĐŚĂĚĞƐƵƉĞĐŚŽ͕ĚĞƐŶŝǀĞůĂĚĂƉŽƌĞůƉĞƐŽĚĞůĂƐ ͘ ŵĞĚĂůůĂƐĂůĂƐƋƵĞƐĞŚĂďşĂŚĞĐŚŽĂĐƌĞĞĚŽƌ ŶĂůŐƵŶĂŽĐĂƐŝſŶ͕ůŽƐĂŐĞŶƚĞƐŵĄƐ ǀĞƚĞƌĂŶŽƐ ĚĞůĂĐŽŵŝͲ ƐĂƌşĂŚĂďşĂŶƌĞĨĞƌŝĚŽƋƵĞůĂĐĂŶƚŝĚĂĚĚĞŵĞƚĂůƋƵĞ͞ ĞůĐŚĂƉĂƐ ͟  ůůĞǀĂďĂĨƵĞƌĂĚĞůĐƵĞƌƉŽĞůĚşĂĚĞůĂƉŽůŝĐşĂŶŽĞƌĂ͕ŶŝĐŽŶŵƵĐŚŽ ͕ ůĂŵŝƚĂĚĚĞůĂƋƵĞ͕ĂĚŝĂƌŝŽǇĚĞƐĚĞŚĂĐşĂŵƵĐŚŽƐĂŹŽƐ͕ƉŽƌƚĂďĂ ͊ ͘ ĞŶƐƵŝŶƚĞƌŝŽƌ͋͞EŽĞƐŵĄƐƋƵĞƵŶĂůĞǇĞŶĚĂƵƌďĂŶĂ͕ĂĨŝƌŵĂďĂŶ ͘ ͟ ĞƌĂƋƵĞŶͲ ĂůŐƵŶŽƐWĞƌŽůŽĐŝĞƌƚŽ͕ǇĞƐŽŶĂĚŝĞƉŽĚşĂŶĞŐĂƌůŽ ͕ ĚƌĠƐŚĂďşĂƉĞƌŵĂŶĞĐŝĚŽĚĞƐƚŝŶĂĚŽĞŶŵƵĐŚĂƐŽƚƌĂƐǇĐŽŵƉůĞũĂƐ ƵŶŝĚĂĚĞƐĂŶƚĞƐĚĞĞƐƚĂƌůŽĞŶĂƋƵĠůůĂ͕ ǇƋƵĞƐƵĚĞƐŐĂƐƚĞƉŽƌĞůůŽ ͗ ͘ ŚĂďşĂƐŝĚŽŝŶĞǀŝƚĂďůĞ^ĞĚĞĐşĂƋƵĞŚĂďşĂƉĂƐĂĚŽĐĂƐŝƉŽƌƚŽĚŽ  ƋƵĞŚĂďşĂƐŽďƌĞǀŝǀŝĚŽĂǀĂƌŝŽƐĂƚĞŶƚĂĚŽƐƚĞƌƌŽƌŝƐƚĂƐ͕ĂůĂƐƌĞƉƌĞͲ ƐĂůŝĂƐĚĞŵĄƐĚĞƵŶŵĂĨŝŽƐŽ͕ĂƵŶƉĂƌĚĞƚĞŶƚĂƚŝǀĂƐĚĞƐƵŝĐŝĚŝŽ͕Ăů ƐşŶĚƌŽŵĞĚĞůƋƵĞŵĂĚŽ͕Ăů͞ŵŽďďŝŶŐ ͙zƋƵĞƚŽĚŽĞůůŽŶŽŚĂďşĂ ͘ ͟ ƐŝĚŽĞŶďĂůĚĞ EŽĞƌĂŶ ƉŽĐŽƐůŽƐƋƵĞƐĞŹĂůĂďĂŶ ƐŝŶ ƚĂƉƵũŽƐƋƵĞ ƐƵƐĐŽŶƚŝŶƵŽƐĨůŝƌƚĞŽƐĐŽŶĞůĞƐƚƌĠƐĂĐĂďĂƌşĂŶƉĂƐĄŶĚŽůĞ͕ ƚĂƌĚĞŽ ͘ ƚĞŵƉƌĂŶŽ͕ĨĂĐƚƵƌĂĞŚĞĐŚŽ͕ǇĂůŽŚĂďşĂŶŚĞĐŚŽ͕ĂůŵĞŶŽƐĨşƐŝͲ ĐĂŵĞŶƚĞ͕ƉŽƌƋƵĞĞŶůŽƐƷůƚŝŵŽƐĂŹŽƐƐƵĐŽŵƉůĞǆŝſŶĨƵĞƌƚĞʹϭ͕ϴϬ ŵĞƚƌŽƐĚĞĞƐƚĂƚƵƌĂǇϴϬŬŝůŽƐĚĞƉĞƐŽʹ͕ĐĂďĞůůŽŶĞŐƌŽĂďƵŶĚĂŶƚĞ͕  ƐĞŵďůĂŶƚĞ ĂůĞŐƌĞ Ǉ ĂƉĂƌŝĞŶĐŝĂ ƐĂůƵĚĂďůĞ͕ ƐĞ ŚĂďşĂŶ ƚŽƌŶĂĚŽ ĞŶ ƵŶĂ ŵŽƌĨŽůŽŐşĂ ƉşĐŶŝĐĂ Ǉ ƌĞĐŚŽŶĐŚĂ͕ ĞŶ ŵĄƐ ďůĂŶĐŽ ƋƵĞ ŶĞŐƌŽ ƐŽďƌĞ ůĂ ĐĂďĞǌĂ͕Ǉ ĞŶ ƵŶ ƌŽƐƚƌŽ ĐŽŶ ĞǀŝĚĞŶƚĞƐ ƐŝŐŶŽƐ ĚĞ ĂŐŽƚĂͲ ŵŝĞŶƚŽǇĚĞďŝůŝĚĂĚ͕ŝŶĐůƵǇĞŶĚŽĚŽƐĞŶŽƌŵĞƐďŽůƐĂƐďĂũŽůŽƐŽũŽƐ 


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ZĞƚƌĂƚŽĚĞƵŶƉŽůŝĐşĂĞƐƚƌĞƐĂĚŽ ƵĂŶĚŽŶĚƌĠƐǀŽůƚĞſůĂƉŽƌƚĂĚĂĚĞůůŝďƌŽƋƵĞĂĐĂďĂďĂĚĞ ĞŶĐŽŶƚƌĂƌĞŶĞůďĂŶĐŽĚĞŵĂĚĞƌĂǇůĞǇſƐƵƉƌŝŵĞƌĂƉĄŐŝŶĂ͕ ƋƵĞͲ ͘ ͘ ĚſƉĞƌƉůĞũŽ͞zŽ͕ĚĞŵĂǇŽƌ͕ƋƵŝĞƌŽƐĞƌƉŽůŝĐşĂ ͟ ƉĂƌƚſůĂǀŝƐƚĂĚĞůƚĞǆƚŽ͕ǇƐƵŵŝƌĂĚĂƐĞƉĞƌĚŝſƵŶĂǀĞǌŵĄƐ ͘ ĞŶůĂůşŶĞĂĚŝǀŝƐŽƌŝĂĚĞĐŝĞůŽǇŵĂƌ ůƐĞŐƵŝŵŝĞŶƚŽǀŝƐƵĂůĚĞůĂ ŵŽƐĐĂǀŽůĂŶƚĞƋƵĞĚĞƐĚĞŚĂĐşĂƚĂŶƚŽƚŝĞŵƉŽůŽĂĐŽƐĂďĂĞŶůŽƐ ŵŽŵĞŶƚŽƐ ĚĞ ŵĂǇŽƌ ŝŶĐĞƌƚŝĚƵŵďƌĞ ŚŝǌŽ ƋƵĞ ƐƵ ŽũŽ ƐŝŶŝĞƐƚƌŽ͕ ͘ ĐŽŵŽĂůŐƵŶŽƐůŽůůĂŵĂďĂŶ͕ǀŽůǀŝĞƌĂĂďƌŝůůĂƌ >ĞƌĞƐƵůƚſĞǆƚƌĂŹŽŶŽƚĞŶĞƌ͕ĐŽŵŽĚĞĐŽƐƚƵŵďƌĞ͕ĂůŐƵŝĞŶĂ ƐƵůĂĚŽƋƵĞůĞƉƌĞŐƵŶƚĂƌĂ͕ƚƌĂƐĞůĐĞŶƚĞůůĞŽŽĐƵůĂƌ͕ƋƵĠĞƌĂůŽƋƵĞ ͘ ƐƵĐĂƉĂĐŝĚĂĚŝŶƚƵŝƚŝǀĂĂĐĂďĂďĂĚĞƌĞǀĞůĂƌůĞ zĞƐƋƵĞĂƋƵĞůĞǆͲ ƚƌĂŽƌĚŝŶĂƌŝŽ ƌĞƐƉůĂŶĚŽƌ ƋƵĞ͕ ĐŽŝŶĐŝĚŝĞŶĚŽ ĐŽŶ ƐƵƐĐĞƌƚĞƌĂƐ ƉƌĞͲ ŵŽŶŝĐŝŽŶĞƐ͕ůĂŶǌĂďĂƐƵŵŝƌĂĚĂƐĞŚĂďşĂĐŽŶǀĞƌƚŝĚŽĐŽŶĞůƚŝĞŵƉŽ 


͘ ĞŶƵŶĂƐĞŹĂĚĞŝĚĞŶƚŝĚĂĚůĞŐĞŶĚĂƌŝĂĚĞůŝŶƐƉĞĐƚŽƌŶĚƌĠƐůďĞƌŽ  ƋƵĞůůĂƐŽƌƉƌĞŶĚĞŶƚĞƉĞĐƵůŝĂƌŝĚĂĚŚĂďşĂƌĞĐŽƌƌŝĚŽůĂƐĐŽŵŝƐĂƌşĂƐ ĚĞůƉĂşƐĚĞEŽƌƚĞĂ^ƵƌǇĚĞƐƚĞĂKĞƐƚĞĞŶƐĂůǌĂŶĚŽĂůŝŶƐƉĞĐƚŽƌ ͘ ĂůĂĐĂƚĞŐŽƌşĂĚĞůĞǇĞŶĚĂ,ĂƐƚĂůŽƐŵĄƐĂĨĂŵĂĚŽƐĚĞůŝŶĐƵĞŶƚĞƐ ŚĂďůĂďĂŶ͕ ĂƐƵƐƚĂĚŝǌŽƐ͕ ĚĞ ĂƋƵĞůůĂ ƐĞŹĂů͕ ĚĞ ĂƋƵĞů ƐŝŐŶŽ͕ ƋƵĞ ͘ ŚĂďşĂĂĐĂďĂĚŽůůĞǀĂŶĚŽĂƚĂŶƚŽƐŵĂůŚĞĐŚŽƌĞƐĂƉƌŝƐŝſŶ ͘ ͞zŽ͕ ĚĞ ŵĂǇŽƌ͕ ƋƵŝĞƌŽ ƐĞƌ ƉŽůŝĐşĂ >Ă ǀŽĐĞĐŝƚĂ ĚĞ ƐƵŚŝũĂ ͟ ƌĞƐŽŶſŶƵĞǀĂŵĞŶƚĞĞŶĞůŝŶƚĞƌŝŽƌĚĞƐƵĐĂďĞǌĂ ͕ ƌĞƉŝƚŝĞŶĚŽĂƋƵĞͲ ůůĂƐƉĂůĂďƌĂƐƋƵĞůĂƉĞƋƵĞŹĂůĞŚĂďşĂĚŝĐŚŽ ĞƐĂ ŵŝƐŵĂŵĂŹĂŶĂ͕ ͘ ũƵƐƚŽĂŶƚĞƐĚĞ ƋƵĞ ŶĚƌĠƐ ƐĞ ŵĂƌĐŚĂƌƐĞĂ ƚƌĂďĂũĂƌWŽƌƵŶ ŵŽͲ ͘ ͘ ŵĞŶƚŽ ĐƌĞǇſ ĞƐƚĂƌ ƐŽŹĂŶĚŽ EŽ ƉŽĚşĂ ƐĞƌ͕ ĞƌĂ ŝŵƉŽƐŝďůĞ ĂũŽ ĂƋƵĞůĚĞƐĞŽŝŶĨĂŶƚŝůĚĞƐƵŚŝũĂ͕ƋƵĞŚĂďƌşĂũƵƌĂĚŽĞƐƚĂďĂĞƐĐƌŝƚŽ ĞŶĂƋƵĞůůĂƉƌŝŵĞƌĂƉĄŐŝŶĂĚĞůůŝďƌŽĚĞƉƵŹŽǇůĞƚƌĂĚĞůĂŶŝŹĂĚĞ ͗ ƐƵƐ ŽũŽƐ͕ ŚĂďşĂ ĂůŐŽ ŵĄƐ ƐŽƌƉƌĞŶĚĞŶƚĞ ƚŽĚĂǀşĂ ĞƌĂ ƐƵ ĚŝďƵũŽ͕ ĞǆĂĐƚĂŵĞŶƚĞůĂ ŵŝƐŵĂĐĂƌŝĐĂƚƵƌĂƋƵĞ ůĂƉĞƋƵĞŹĂůĞŚĂďşĂŵŽƐͲ ƚƌĂĚŽŚŽƌĂƐĂŶƚĞƐ͕ĂůƚŝĞŵƉŽƋƵĞůĞĚĞĐşĂƋƵĞ ĐƵĂŶĚŽĨƵĞƌĂŵĂͲ ͕ ͗ ͘ ǇŽƌ͕ƋƵĞƌşĂŚĂĐĞƌůŽŵŝƐŵŽƋƵĞĠůƐĞƌƉŽůŝĐşĂſŵŽĞƌĂƉŽƐŝďůĞ ͎ ƋƵĞĂƋƵĞůůĂĞƐĐĞŶĂĂƉĂƌĞĐŝĞƌĂĂŚŽƌĂĞŶƵŶůŝďƌŽ hŶůŝďƌŽĞŶǀĞͲ ͍ ͘͎YƵĠĞƌĂ ũĞĐŝĚŽ͕ƉŝƌŽůŝǌĂĚŽ͕ĂŵĂƌŝůůĞŶƚŽƉŽƌĞů ƉĂƐŽĚĞůƚŝĞŵƉŽ ƚŽĚŽĂƋƵĞůůŽ ͍ ůĚĞƐĐŽŶĐŝĞƌƚŽůŽĂďƌƵŵſ ͕ĐŽŵŽĂĐŽƐͲ ͕ ǇĐŽŵĞŶǌſĂƐĞŶƚŝƌ ͘͘ ƚƵŵďƌĂďĂ͕ůĂƚĂƋƵŝĐĂƌĚŝĂ͕ĞůƐƵĚŽƌ͕ĞůŵĂƌĞŽzĞƐƋƵĞŶĚƌĠƐ ůůĞǀĂďĂƚŝĞŵƉŽƉĂĚĞĐŝĞŶĚŽůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞƐƵĞƐƚĂĚŽĨşƐŝĐŽ͕  ĚĞ ƐƵ ĞƐƚƌĞƐĂŶƚĞ ƌŝƚŵŽ ůĂďŽƌĂů͕ ĚĞ ƐƵ ĨĂůƚĂ ĚĞ ĚĞƐĐĂŶƐŽ͕ ĚĞ ƐƵ ͘ ĞƐƚŝůŽĚĞǀŝĚĂĚĞĂůƚŽƌŝĞƐŐŽ ůĚŽĐƚŽƌǇĂůĞŚĂďşĂĂĚǀĞƌƚŝĚŽĞŶ ŵĄƐĚĞƵŶĂŽĐĂƐŝſŶƋƵĞĂůŐƷŶĚşĂ͕ ƐŝŶŽƉŽŶşĂƌĞŵĞĚŝŽ͕ĚĞũĂƌşĂ ͘ ĚĞƉĂĚĞĐĞƌƉĂƌĂƐŝĞŵƉƌĞ ,ĂĐşĂĂƉĞŶĂƐǀĞŝŶƚĞĚşĂƐ͕ŶĚƌĠƐ͕ĚƵƌĂŶƚĞůĂĚĞĐŝƐŝǀĂƚŽŵĂ ͘ ĚĞŵĂŶŝĨĞƐƚĂĐŝſŶĚĞƵŶƉĞůŝŐƌŽƐŽĐƌŝŵŝŶĂů͕ƐĞƐŝŶƚŝſŵĂů>ĂƚĂͲ ƋƵŝĐĂƌĚŝĂ ƋƵĞ ĐŽŶ ĨƌĞĐƵĞŶĐŝĂƐƵĨƌşĂ ʹǇƋƵĞ͕ĚĞďŝĚŽ ĂƐƵƌĞŝƚĞƌĂͲ ĐŝſŶ͕ Ġů ǇĂ ŚĂďşĂ ĂĐĞƉƚĂĚŽ ĐŽŵŽ ĂůŐŽ ŚĂďŝƚƵĂůʹ ƐĞ ĂŐƌĂǀſ ĐŽͲ ͖ ŵĞŶǌſĂĂĐĞůĞƌĄƌƐĞůĞůĂƌĞƐƉŝƌĂĐŝſŶ͕ĂƐĞŶƚŝƌƉƌŝŵĞƌŽĐĂůŽƌǇŵĄƐ ƚĂƌĚĞĨƌşŽ͕ĂƚĞŶĞƌǀŝƐŝſŶďŽƌƌŽƐĂ͕ƚĞŵďůĞƋƵĞĞŶůĂƐƉŝĞƌŶĂƐ͕ŚŽƌͲ 


ŵŝŐƵĞŽĞŶůĂƐŵĂŶŽƐ͕ƉŝƚŝĚŽƐĞŶůŽƐŽşĚŽƐ ͙&ŝŶĂůŵĞŶƚĞ͕ŶĚƌĠƐ ƚƵǀŽƋƵĞĚŝƐĐƵůƉĂƌƐĞĂŶƚĞĞůĂďŽŐĂĚŽǇĂŶƚĞĞůƉƌŽƉŝŽĚĞƚĞŶŝĚŽ͕  Ǉ ĂďĂŶĚŽŶĂƌ ůĂ ƐĂůĂ ĚĞ ŝŶƚĞƌƌŽŐĂƚŽƌŝŽƐ ƉŽƌƋƵĞ ůĂ ƐĞŶƐĂĐŝſŶ ĚĞ ͘ ŵĂƌĞŽĐĂƐŝůĞŚŝǌŽĐĂĞƌĂůƐƵĞůŽůĐĂƌĚŝſůŽŐŽŶŽĞŶĐŽŶƚƌſƉĂƚŽͲ ůŽŐşĂĂůŐƵŶĂ͕ǇƚĂŶƐſůŽůĞĂĐŽŶƐĞũſƋƵĞďĂũĂƌĂƐƵĞƐƚƌĞƐĂŶƚĞƌŝƚͲ ͘ ŵŽ ĚĞ ƚƌĂďĂũŽ ƋƵĞů ĞƉŝƐŽĚŝŽ ƐƵŐĞƐƚŝŽŶſ ƉƌŽĨƵŶĚĂŵĞŶƚĞ Ăů ƉŽůŝĐşĂ͕ƋƵĞĂůŽůĂƌŐŽĚĞůŽƐĂŹŽƐŚĂďşĂŵĄƐƋƵĞĚĞŵŽƐƚƌĂĚŽ͕ĞŶ ŵƵůƚŝƚƵĚĚĞŽĐĂƐŝŽŶĞƐ͕ƐƵƐĞƌĞŶŝĚĂĚǇĐĂďĞǌĂĨƌşĂĞŶůŽƐŵŽŵĞŶͲ ͘ ƚŽƐĚĞŵĂǇŽƌƚĞŶƐŝſŶǇĚŝĨŝĐƵůƚĂĚ ͘ hŶĂƐĞŵĂŶĂŵĄƐƚĂƌĚĞƐƵĨƌŝſƵŶŝŶĐŝĚĞŶƚĞƉĂƌĞĐŝĚŽŵĞͲ ĚŝŽĚşĂ ĞŵƉůĞſ ĂƉĞŶĂƐ ǀĞŝŶƚĞ ŵŝŶƵƚŽƐĞŶĐŽŵĞƌ ĞŶƵŶĂƉŝǌǌĞƌşĂ ĐĞƌĐĂŶĂĂůĂĐŽŵŝƐĂƌşĂŚĂďşĂƋƵĞĚĂĚŽĐŽŶƐƵĐŽŵƉĂŹĞƌŽĂůĂƐ ͖ ĐƵĂƚƌŽ ĚĞ ůĂ ƚĂƌĚĞ ƉĂƌĂ ǀŽůǀĞƌ Ă ǀŝƐŝƚĂƌ ƵŶĂǀŝǀŝĞŶĚĂ ĞŶ ůĂ ƋƵĞ͕ ƉŽĐŽƐ ĚşĂƐ ĂŶƚĞƐ͕ ŚĂďşĂ ĂƉĂƌĞĐŝĚŽ Ğů ĐĂĚĄǀĞƌ ĚĞ ƵŶ ũŽǀĞŶ ĐŽŶ ͘ ƐŝŐŶŽƐĚĞǀŝŽůĞŶĐŝĂǇĞŶĞǆƚƌĂŹĂƐĐŝƌĐƵŶƐƚĂŶĐŝĂƐ dŽŵĂƌŽŶĐĂĨĠǇ ĨƵŵĂƌŽŶƵŶƉĂƌĚĞƉŝƚŝůůŽƐĞŶĞůďĂƌĚĞůĂĞƐƋƵŝŶĂŵŝĞŶƚƌĂƐĚĞďĂͲ ͘ ƚşĂŶƐŽďƌĞůĂƌĞƐŽůƵĐŝſŶĚĞůĐĂƐŽ dĂŶƐſůŽƋƵŝŶĐĞŵŝŶƵƚŽƐĚĞƐͲ ƉƵĠƐĚĞĂďĂŶĚŽŶĂƌĞůůŽĐĂů͕ǇĂĞŶƌƵƚĂ͕ƐƵĐŽůĞŐĂƚƵǀŽƋƵĞĚĞƚĞͲ ŶĞƌĞůĐŽĐŚĞƉƌĞĐŝƉŝƚĂĚĂŵĞŶƚĞƉĂƌĂƋƵĞŶĚƌĠƐǀŽŵŝƚĂƌĂĞŶƵŶĂ ͘ ĐƵŶĞƚĂ ůĚŽĐƚŽƌůĞĚŝĂŐŶŽƐƚŝĐſƵŶĞƉŝƐŽĚŝŽǀĂƐŽǀĂŐĂůĐĂƵƐĂĚŽƉŽƌ ƐƵƐĐŽŶƚŝŶƵĂƐƉƌŝƐĂƐ͕ǇůĞĂĐŽŶƐĞũſ͕ĐŽŵŽĞůĐĂƌĚŝſůŽŐŽ ͕ ƋƵĞƐĞƌĞͲ ͘ ŶĂƌĂƐƵƌŝƚŵŽĚĞǀŝĚĂ͕ ĞŶĞƐƉĞĐŝĂůĞůůĂďŽƌĂů DĠŶĚĞǌ͕ ƋƵĞĞƌĂ ĐŽŵŽ ƐĞ ůůĂŵĂďĂ Ğů ŵĠĚŝĐŽ͕ ƋƵĞĚſ ƐŽƌƉƌĞŶĚŝĚŽ ĐƵĂŶĚŽ ǀŝŽ Ğů ͘ ĞƐƚĂĚŽĞŶĞůƋƵĞŶĚƌĠƐƐĞĞŶĐŽŶƚƌĂďĂůŐĂůĞŶŽ͕ŐƌĂŶĂŵŝŐŽĚĞ ůĂĨĂŵŝůŝĂĚĞƐƵƉĂĐŝĞŶƚĞ͕ŚĂďşĂƉĞƌŵĂŶĞĐŝĚŽĚƵƌĂŶƚĞǀĂƌŝŽƐĂŹŽƐ ĞŶĨƌŝĐĂ͕ĐŽůĂďŽƌĂŶĚŽĐŽŶƵŶĂKE'ĚĞĂǇƵĚĂĂůƚĞƌĐĞƌŵƵŶĚŽ͕Ǉ ͘ ŚĂďşĂ ƌĞŐƌĞƐĂĚŽ ƉŽĐŽ ĂŶƚĞƐ Ăů ƉĂşƐ ZĞĐŽƌĚĂďĂ ůĂ ǀŝƚĂůŝĚĂĚ ĚĞ ŶĚƌĠƐĂŹŽƐĂƚƌĄƐ͕ƐƵĂƐƉĞĐƚŽƐĂůƵĚĂďůĞ͕ƐƵĂƉĂƌŝĞŶĐŝĂĚĞŵĞŶŽƌ ͘ ĞĚĂĚĚĞůĂƋƵĞĞŶƌĞĂůŝĚĂĚƚĞŶşĂŚŽƌĂ͕ƐŝŶĞŵďĂƌŐŽ͕ĂƉĂƌĞŶƚĂͲ ďĂĐŽŶƚĂƌĐŽŶ ĚŝĞǌŵĄƐĚĞůŽƐƋƵĞƌĞĐŝĞŶƚĞŵĞŶƚĞŚĂďşĂĐƵŵƉůŝͲ ͘ ĚŽ͕ Ǉ ƐƵ ƐĞŵďůĂŶƚĞ ĞƌĂ ĚĞ ĂŐŽƚĂŵŝĞŶƚŽ Ǉ ĚĞďŝůŝĚĂĚ ĞǀŝĚĞŶƚĞƐ DĠŶĚĞǌ͕ĂůǀĞƌůŽ͕ůĞƉƌĞƐĐƌŝďŝſǀĂƌŝĂƐƉƌƵĞďĂƐĚŝĂŐŶſƐƚŝĐĂƐƋƵĞĞů 


ƉŽůŝĐşĂĂƐĞŐƵƌſƐĞŚĂƌşĂĞŶĐƵĂŶƚŽĞůƚƌĂďĂũŽƐĞůŽƉĞƌŵŝƚŝĞƌĂ͕ ĞƐ ͘ ĚĞĐŝƌ͕ŶƵŶĐĂ ͗ zĞƐƋƵĞŶĚƌĠƐŶŽƐĞĐƵŝĚĂďĂ ŶĂĚĂĨƵŵĂďĂĐŽŵŽƵŶĐĂͲ ƌƌĞƚĞƌŽĚŽƌŵşĂƉŽĐŽǇŵĂůƐĞĂůŝŵĞŶƚĂďĂĐĂƐŝĐŽŶĞǆĐůƵƐŝǀŝĚĂĚĂ ͖ ͖ ďĂƐĞ ĚĞ ĐŽŵŝĚĂ ďĂƐƵƌĂ ƚŽŵĂďĂ ĐĂĨĠ ĞŶ ĞǆĐĞƐŽ ĞŵƉůĞĂďĂ Ğů ͖ ͖ ĂƵƚŽŵſǀŝů ƉĂƌĂ ŝƌ Ă ůƵŐĂƌĞƐ ŵĄƐ ƋƵĞ ĐĞƌĐĂŶŽƐ ͙ ^ƵƐ ĐŽŶƚŝŶƵŽƐ ƌĞƐĨƌŝĂĚŽƐ͕ƋƵĞĠůĂĐŚĂĐĂďĂĂƵŶĂĞǆƚƌĂŹĂĂůĞƌŐŝĂĂŶŽƐĂďşĂŵƵǇ ďŝĞŶƋƵĠ͕ŚĂďşĂŶĐŽŵĞŶǌĂĚŽĂŝŶƋƵŝĞƚĂƌůĞ͕ŶŽƉŽƌƐƵƐĂůƵĚ͕ƐŝŶŽ ƉŽƌƋƵĞ ʹƐĞŐƷŶ ĚĞĐşĂʹ ŶŽ ůĞ ĚĞũĂďĂŶ ĚŝƐĨƌƵƚĂƌ ĐŽŵŽ ĂŶƚĞƐ ĚĞů ͘ ƚĂďĂĐŽ͕ĚĞůĐĂĨĠǇĚĞƐƵƐƉĂƐƚĞůŝƚŽƐ ͘ ͞dĂŶͲƚĂŶ͕ ƚĂŶͲƚĂŶ͕ƚĂŶͲƚĂŶƵŶƋƵĞĂĐĂďĂďĂƌĞŶĚŝĚŽĐĂĚĂ ͟ ũŽƌŶĂĚĂʹĞƌĂƌĂƌĂůĂŶŽĐŚĞƋƵĞŶŽƐĞĚŽƌŵşĂĞŶĞůƐŽĨĄǀŝĞŶĚŽůĂ ƚĞůĞǀŝƐŝſŶʹ͕ ůŽĐŝĞƌƚŽĞƐƋƵĞ ůĂƉƌŝŵĞƌĂŵĞĚŝĂ ŚŽƌĂĚĞĐĂŵĂĞƌĂ ͗ ĂŐŽďŝĂŶƚĞ ůŽ ƋƵĞ ƚĂƌĚĂďĂ ƐƵ ĐĂďĞǌĂ ĞŶ ƚŽĐĂƌ ůĂ ĂůŵŽŚĂĚĂ ĐŽͲ ŵĞŶǌĂďĂŶ Ă ĚĞƐĨŝůĂƌ ƉŽƌ ĞůůĂ ĚĞůŝŶĐƵĞŶƚĞƐ͕ ǀşĐƚŝŵĂƐ͕ ũƵĞĐĞƐ͕ ĨŽͲ ƌĞŶƐĞƐ͕ƚĞƐƚŝŐŽƐ͕ĂƌŵĂƐ͕ĂƚĞƐƚĂĚŽƐ͕ƐĂŶŐƌĞ͕ůůĂŶƚŽƐ ͙hŶĐŽŵƉĂŹĞͲ ƌŽůĞŚĂďşĂĚŝĐŚŽƋƵĞŽşƌůŽƐƉƌŽƉŝŽƐůĂƚŝĚŽƐĚĞůĐŽƌĂǌſŶŵŝĞŶƚƌĂƐ ŝŶƚĞŶƚĂďĂƐ ĚŽƌŵŝƌ ĞƌĂ ƐşŶƚŽŵĂ ĚĞ ŶŽ ĞƐƚĂƌ ďŝĞŶ͕ Ǉ ĂƋƵĞůůŽ ůĞ ͘ ŚĂďşĂƐƵŐĞƐƚŝŽŶĂĚŽĂƷŶŵĄƐ dŽĚŽ ĞƌĂ ĐŽŶƐĞĐƵĞŶĐŝĂ ĐĂƐŝ ĞŶ ĞǆĐůƵƐŝǀĂ ĚĞ ƐƵ ƚƌĂďĂũŽ͕ Ǉ ͘ ŶĚƌĠƐůŽƐĂďşĂ^ƵĂĚŝĐĐŝſŶĂůƚĂďĂĐŽǇĂůĐĂĨĠ͕ƐƵƐŵĂůŽƐŚĄďŝƚŽƐ ĂůŝŵĞŶƚŝĐŝŽƐ͕ƐƵƐĐŽŶƚŝŶƵŽƐƌĞƐĨƌŝĂĚŽƐ͕ƐƵŵĂůŚƵŵŽƌ͕ƐƵŝŶĐĂƉĂͲ ĐŝĚĂĚƉĂƌĂĚĞƐĐŽŶĞĐƚĂƌĚĞůƚƌĂďĂũŽŚĂƐƚĂĚƵƌŵŝĞŶĚŽ͕ ƐƵĂŐŽƚĂͲ ͗  ƐƵ ĚĞƐŵĞĚŝĚĂ ŵŝĞŶƚŽ ĞǆƚƌĞŵŽ dŽĚŽ ƚĞŶşĂ ƵŶ ŵŝƐŵŽ ŽƌŝŐĞŶ ͙ ͘ ŽďƐĞƐŝſŶƉŽƌůĂƚĂƌĞĂƉŽůŝĐŝĂů ůƌĞƐƵůƚĂĚŽŶŽƐſůŽŚĂďşĂƉĂƐĂĚŽĨĂĐƚƵƌĂ ĂƐƵĞƐƚĂĚŽ ĨşƐŝͲ ͗ ĐŽ ůĂƐ ƌĞůĂĐŝŽŶĞƐĐŽŶ ƐƵŵƵũĞƌ ĞƐƚĂďĂŶĐĂĚĂĚşĂ ŵĄƐ ĚĞƚĞƌŝŽƌĂͲ ĚĂƐĚĞůĂůŝďŝĚŽ͕ŵĞũŽƌŶŝŚĂďůĂƌŚĂďşĂĚşĂƐĞŶůŽƐƋƵĞŶŽůůĞŐĂďĂ ͖ ͖ ŶŝĂǀĞƌĂƐƵƐŚŝũŽƐ͕ ƋƵĞĚŽƌŵşĂŶƚĂŶƚŽĂƐƵƉĂƌƚŝĚĂĐŽŵŽĂƐƵ ƌĞŐƌĞƐŽ ĂĐĂƐĂƉƌĄĐƚŝĐĂŵĞŶƚĞŚĂďşĂƌŽƚŽůĂƐ ƌĞůĂĐŝŽŶĞƐ ĐŽŶ ƐƵƐ ͖ ĂŵŝŐŽƐĚĞƚŽĚĂůĂǀŝĚĂ͕ĂůŽƐƋƵĞŶŽǀĞşĂŶƵŶĐĂ ͙^ƵŵƵŶĚŽƐĞ ƌĞĚƵĐşĂĂƐƵƚƌĂďĂũŽǇ ƉŽĐŽŵĄƐ͕ƵŶĐşƌĐƵůŽĐĞƌƌĂĚŽ͕ŝŵƉĞƌŵĞĂͲ ͘ ďůĞ͕ĚĞůƋƵĞůĞĞƌĂŝŵƉŽƐŝďůĞĞƐĐĂƉĂƌ 


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͘ ƋƵĞůůŽ ŶŽ ŚŝǌŽ ƐŝŶŽ ĂƵŵĞŶƚĂƌ ƐƵ ĐŽŶĨƵƐŝſŶ h ͎͞ ŶĂ ƉƌĞͲ ŵŽŶŝĐŝſŶƐĞƉƌĞŐƵŶƚſƵŶĂǀĞǌŵĄƐ͕ƚƵƌďĂĚŽ͕ŵŝĞŶƚƌĂƐĚĞǀŽůͲ ͘ ͍͕͟ ǀşĂůĂŶŽƚĂĂůĂďŝůůĞƚĞƌĂ zĞŶƐƵŵĞŶƚĞĐŽŵĞŶǌĂƌŽŶĂĞŵĞƌŐĞƌ ŝŵĄŐĞŶĞƐĚĞůƉĂƐĂĚŽƋƵĞĞǀŽĐĂďĂŶĐſŵŽƐƵĞǆĐĞƉĐŝŽŶĂůĐĂƉĂĐŝͲ ĚĂĚŝŶƚƵŝƚŝǀĂŚĂďşĂŽĐƵƉĂĚŽ͕ǇĂĚĞƐĚĞƐƵŝŶĨĂŶĐŝĂ͕ƵŶůƵŐĂƌƉƌŝǀŝͲ ͘ ůĞŐŝĂĚŽĞŶƐƵǀŝĚĂ dŽĚŽ ŚĂďşĂ ĐŽŵĞŶǌĂĚŽ ĂůƌĞĚĞĚŽƌ ĚĞ ůŽƐ ĐŝŶĐŽ ĂŹŽƐ ĚĞ ĞĚĂĚ͕ƵŶĂĠƉŽĐĂĞŶůĂƋƵĞ͕ĂůƉƌŝŶĐŝƉŝŽ͕ůŽƐĞǆƚƌĂŹŽƐĂĐŝĞƌƚŽƐĚĞů ƉĞƋƵĞŹŽ ŶĚƌĠƐ ŶŽ ŚĂĐşĂŶ ƐŝŶŽ ƉƌŽǀŽĐĂƌ ůĂƐ ƌŝƐŽƚĂĚĂƐ ĚĞ ůŽƐ ͊ ͘ ĂĚƵůƚŽƐ ƋƵĞ ĞƐƚĂďĂŶ ĞŶ ƐƵ ƉƌĞƐĞŶĐŝĂ ͋͞ ƐƚĞ ŶŝŹŽ ĞƐŵƵǇ ůŝƐƚŽ ͊ ͋sĂǇĂ ͊͘͘ ͕ ŶŽŚĂǇƋƵŝĞŶ ůŽĞŶŐĂŹĞ ͋>ŽƐŶŝŹŽƐĚŝĐĞŶ ƐŝĞŵƉƌĞůĂǀĞƌͲ ĚĂĚ>ŽƐĐŽŵĞŶƚĂƌŝŽƐĚĞĐƵĂŶƚŽƐƋƵĞĚĂďĂŶƐŽƌƉƌĞŶĚŝĚŽƐƉŽƌ ͟ ĂƐŝŵƉůĞǀŝƐƚĂŶŽƉĂƌĞĐşĂŵĄƐƋƵĞĂǌĂƌĞƌĂŶǀĂƌŝŽƉŝŶƚŽƐ͘ ůŽƋƵĞ ͕ ͕ ͕ zŵƵǇƉŽƐŝďůĞŵĞŶƚĞĨƵĞĞůĂǌĂƌ ůŽƋƵĞŚŝǌŽ ƋƵĞ ĞůƉĞƋƵĞŹŽŶͲ 


ĚƌĠƐĨƵĞƌĂĂĐŽŝŶĐŝĚŝƌ͕ĂůŽƐƐŝĞƚĞĂŹŽƐĚĞĞĚĂĚ͕ĐŽŶĚŽŶƵůĂůŝŽ͕ ƵŶ ũŽǀĞŶ ŵĂĞƐƚƌŽ ǀĞŝŶƚĞĂŹĞƌŽ͕ ůĂƌŐƵŝƌƵĐŚŽ͕ ĞŶĐůĞŶƋƵĞ Ǉ ĐŽŶ ŐĂĨĂƐ ƌĞĚŽŶĚĂƐ ĚĞ ĞŵƉŽůůſŶ ͘ ͕  ƋƵĞ ƉŽƌ ĂƋƵĞů ĞŶƚŽŶĐĞƐ ĞƐƚĂďĂ ƌĞĐŝĠŶ ůůĞŐĂĚŽĂůĂĐŝƵĚĂĚ^ƵĞŶĐƵĞŶƚƌŽ ŵĂƌĐĂƌşĂƉĂƌĂƐŝĞŵƉƌĞ ͘ ƐƵƐǀŝĚĂƐ ͘ ʹDƵǇďŝĞŶ͕ũŽǀĞŶĐŝƚŽzƚƷƉŽƌƋƵĠƚĞŚĂƐƐĞŶƚĂĚŽĞŶĞƐĞ ͎ ƉƵƉŝƚƌĞ ͎EŽ ǀĞƐ ƋƵĞ ƚŽĚŽƐ ƚƵƐ ĐŽŵƉĂŹĞƌŽƐ ĞƐƚĄŶ ĞƐƉĞƌĂŶĚŽ ͍ ƉĂƌĂǀĞƌĚſŶĚĞĚĞďĞŶƐĞŶƚĂƌƐĞ ʹůĞƌĞĐƌŝŵŝŶſĞůƉƌŽĨĞƐŽƌĞůƉƌŝͲ ͍ ŵĞƌĚşĂĚĞĐůĂƐĞĂůƉĞƌĐĂƚĂƌƐĞ͕ĐŽŶĞǆƚƌĂŹĞǌĂ ͕ ĚĞĐſŵŽƐĞŚĂďşĂ ĐŽůŽĐĂĚŽ͕ƐŝŶŝŶĚŝĐĂĐŝſŶƉƌĞǀŝĂĂůŐƵŶĂ͕ĞŶƵŶŽĚĞůŽƐƉƵƉŝƚƌĞƐĚĞů ͘ ĂƵůĂ ʹƐƚĞƐĞƌĄŵŝƐŝƚŝŽ͕ƐĞŹŽƌʹůĞƌĞƐƉŽŶĚŝſĞůƉĞƋƵĞŹŽŶĚƌĠƐ ͘ ĐŽŶƵŶĂŝŶƵƐƵĂůĐŽŶǀŝĐĐŝſŶƚĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂƐƵĐŽƌƚĂĞĚĂĚ ʹWŽƌĨĂǀŽƌ͕ůĞǀĄŶƚĂƚĞĚĞĞƐĞƉƵƉŝƚƌĞǇǇĂǀĞƌĞŵŽƐƐŝĞƐĠƐĞ ͘ ƚƵƐŝƚŝŽŽŶŽ ͘ ͘ ʹDƵǇďŝĞŶ͕ƐĞŹŽƌWĞƌŽĠƐƚĞƐĞƌĄŵŝƐŝƚŝŽʹŝŶƐŝƐƚŝſĞůŶŝŹŽ s ͞ ĂǇĂ͕ƐŝĂůĨŝŶĂůǀĂĂƌĞƐƵůƚĂƌƋƵĞĞƐĞĚŝĐŚŽƐŽŵŽĐŽƐŽůůĞǀĂ ƌĂǌſŶ͕ƉĞŶƐſĞůĞĚƵĐĂĚŽƌƚƌĂƐƵďŝĐĂƌ͕ůŝƐƚĂĚŽĞŶŵĂŶŽ͕ĂĐĂĚĂ ͟ ƵŶŽĚĞůŽƐǌĂŐĂůĞƐĞŶůŽƐƉƵƉŝƚƌĞƐĚĞůĂƵůĂ ͕ ǇĐŽŵƉƌŽďĂƌĐſŵŽ͕ ĐŝĞƌƚĂŵĞŶƚĞ͕ŶĚƌĠƐŚĂďşĂŝĚŽĂĐĂĞƌĞŶůĂŵĞƐĂĚŽŶĚĞĚĞƐĚĞĞů ͘ ƉƌŝŶĐŝƉŝŽƐĞŚĂďşĂĐŽůŽĐĂĚŽ ͘ ʹŝĞŶ͕ ǀĂŵŽƐ Ă ŝŶƚĞŶƚĂƌůŽ ĚĞ ŽƚƌŽ ŵŽĚŽ ƌĞŽ ƋƵĞ͕ ƚĂů Ǉ ĐŽŵŽŚĂďĠŝƐƋƵĞĚĂĚŽ͕ŶŽĞƐƚĄďŝĞŶĚĞůƚŽĚŽʹƌĞĐƚŝĨŝĐſĞůĚŽĐĞŶͲ ͘ ƚĞĂŶƚĞƐƵƐŶƵĞǀŽƐĂůƵŵŶŽƐ ͘ dŽĚŽůŽƋƵĞƐŝŐƵŝſĂĂƋƵĞůůĂƐŝƚƵĂĐŝſŶĨƵĞŝŶĞǆƉůŝĐĂďůĞ ů ŵĂĞƐƚƌŽĞƐƚĂďĂƉĞƌƉůĞũŽ͕ƉŽƌƋƵĞƚƌĞƐŽĐĂƐŝŽŶĞƐĞŶůĂƐƋƵĞƚƌĂƚſ ĚĞ ƌĞƵďŝĐĂƌ Ă ůŽƐ ŵƵĐŚĂĐŚŽƐ ĞŶ Ğů ĂƵůĂ͕ ĞŵƉůĞĂŶĚŽ ƉĂƌĂ ĞůůŽ ĐƌŝƚĞƌŝŽƐĚŝĨĞƌĞŶƚĞƐ͕ƚƌĞƐŽĐĂƐŝŽŶĞƐĞŶůĂƐƋƵĞŶĚƌĠƐůďĞƌŽĨƵĞ ͘ ĂĐĂĞƌ͕ƐŝŶ ĞǆƉůŝĐĂĐŝſŶĂƉĂƌĞŶƚĞ͕ ĞŶĂƋƵĞůŵŝƐŵŽƉƵƉŝƚƌĞ͞ƐƚŽ ͘ ŶŽƉƵĞĚĞƐĞƌ͕ƐĞĚĞĐşĂĞůƉƌŽĨĞƐŽƌ͕ƐŽƌƉƌĞŶĚŝĚŽWĂƌĞĐşĂŝŶĐƌĞşͲ ͗ ͟ ďůĞ͕ƉĞƌŽĞůƌĞƐƵůƚĂĚŽ ŚĂďşĂƐŝĚŽƐŝĞŵƉƌĞĞůŵŝƐŵŽĂƋƵĞůĐŚŝĐŽ ƐŝĞŵƉƌĞŝďĂĂĐĂĞƌĞŶĞůƉƵƉŝƚƌĞĞŶĞůƋƵĞŝŶŝĐŝĂůŵĞŶƚĞ͕ ƐŝŶŝŶƐͲ 


͘ ƚƌƵĐĐŝſŶĚĞŶŝŶŐƷŶ ƚŝƉŽ͕ƐĞŚĂďşĂƐĞŶƚĂĚŽƉŽƌƐşƐŽůŽƌĂůĂƉƌŝͲ ŵĞƌĂ ǀĞǌ ƋƵĞ ŵƵĐŚŽƐ ĚĞ ĂƋƵĞůůŽƐ ǌĂŐĂůĞƐ ƐĞ ǀĞşĂŶ ŝŐŶŽƌĂďĂŶ ͖ ĐƵĄůĞƐĞƌĂŶƐƵƐŶŽŵďƌĞƐǇĂƉĞůůŝĚŽƐʹĞůĐƌŝƚĞƌŝŽŝŶŝĐŝĂůƉŽƌĞůƋƵĞ ŝďĂŶ Ă ƐĞƌ ĐŽůŽĐĂĚŽƐ ĞŶ ĐůĂƐĞʹ͖ ĂƉĞŶĂƐ Ɛŝ ĐŽŶŽĐşĂŶ͕ ŝŶĐůƵƐŽ͕ Ğů ĂůĨĂďĞƚŽ ͙ ͎ſŵŽ ĞƌĂ ƉŽƐŝďůĞ ƋƵĞ ĂƋƵĞů ĐƌşŽ ƐƵƉŝĞƌĂ ĚĞƐĚĞ Ğů ƉƌŝŶĐŝƉŝŽĐƵĄůƐĞƌşĂƐƵůƵŐĂƌůŝŶƚĞŶƚŽƉŽƌŽƌĚĞŶĂƌĂůŽƐĂůƵŵŶŽƐ ͍ ƐĞŐƷŶůĂƐĐĂůŝĨŝĐĂĐŝŽŶĞƐĚĞůĐƵƌƐŽĂŶƚĞƌŝŽƌ ͕ǇŚĂƐƚĂůĂůŝďƌĞĞůĞĐͲ ĐŝſŶƉŽƌƉĂƌƚĞĚĞůŽƐƉƌŽƉŝŽƐŵƵĐŚĂĐŚŽƐĚĞƐƵƉƵƉŝƚƌĞ͕ ĚĞũĂŶĚŽ ĂŶĚƌĠƐĞůƷůƚŝŵŽĚĞƚŽĚŽƐĞůůŽƐ͕ŚĂďşĂŶƚĞŶŝĚŽŝĚĠŶƚŝĐĂĐŽŶƐĞͲ ͘ ĐƵĞŶĐŝĂ ͘ ʹ^ĞŹŽƌ͕ĠƐƚĞ ƐĞƌĄ ŵŝ ƐŝƚŝŽ W ͎ ƵĞĚŽƋƵĞĚĂƌŵĞ ǇĂ ĂƋƵş ŝŶͲ ͍ ƋƵŝƌŝſ Ğů ĂůƵŵŶŽ ůďĞƌŽ Ă ĚŽŶ ƵůĂůŝŽ ĚĞƐƉƵĠƐ ĚĞ ůĞǀĂŶƚĂƌƐĞ Ǉ ͘ ǀŽůǀĞƌĂƐĞŶƚĂƌƐĞĞŶůĂŵŝƐŵĂŵĞƐĂƉŽƌƚĞƌĐĞƌĂǀĞǌĐŽŶƐĞĐƵƚŝǀĂ  ͘ ͘ ůŵĂĞƐƚƌŽůĞĨĂůƚĂďĂŶůĂƐƉĂůĂďƌĂƐ EŽůŽƉŽĚşĂĐƌĞĞƌ ů ďƌŝůůŽ ƋƵĞ ƉƵĚŽ ǀĞƌ ĞŶ ůŽƐ ŽũŽƐ ĚĞů ĐŚĂǀĂů͕ƐſůŽ ƌĞƐĞƌǀĂĚŽ ĂůĂƐ ƉĞƌƐŽŶĂƐŵĄƐĐƌĞĂƚŝǀĂƐĞŶƐƵƐŝŶƐƚĂŶƚĞƐĚĞŵĄǆŝŵĂŝŶƐƉŝƌĂĐŝſŶ͕  ͘ ŚŝǌŽĞůƌĞƐƚŽ͞ƐĞĐŚŝĐŽĞƐĚŝĨĞƌĞŶƚĞ͕ĞƐƉĞĐŝĂů͕ƐĞĚŝũŽĞŶƷůƚŝŵĂ ͘ ͟ ŝŶƐƚĂŶĐŝĂĞůĚŽĐĞŶƚĞ WƌŽŶƚŽƐĞĚŝŽĐƵĞŶƚĂĚĞƋƵĞƐƵƐĐŽŶĐůƵƐŝŽŶĞƐŝŶŝĐŝĂůĞƐŶŽ ͗ ŚĂďşĂŶƐŝĚŽĞƋƵŝǀŽĐĂĚĂƐƐƵĞŶŽƌŵĞĐƵƌŝŽƐŝĚĂĚ͕ƐƵĞǆƚƌĂŽƌĚŝŶĂͲ ƌŝĂĐĂƉĂĐŝĚĂĚŝŶƚƵŝƚŝǀĂ͕ƐƵĚŝƐƉŽƐŝĐŝſŶƉĂƌĂĐƵĞƐƚŝŽŶĂƌůŽŝŶĐƵĞƐͲ ƚŝŽŶĂďůĞ͕ ƐƵ ŝŶĐůŝŶĂĐŝſŶ ƉŽƌ ůĂ ĐŽŵƉůĞũŝĚĂĚ͕ ƐƵ ĨĂůƚĂ ĚĞ ƌĞƐƉĞƚŽ ƉŽƌ ƚŽĚŽ ůŽ ĞƐƚĂďůĞĐŝĚŽ ͙ ů ƉƌŽĨĞƐŽƌ Ă ŵĞŶƵĚŽ ĐŽŶĨŝƌŵĂďĂ ƐƵ ĐƌĞĞŶĐŝĂĞŶůĂƐĐĂƉĂĐŝĚĂĚĞƐĐƌĞĂƚŝǀĂƐĚĞůŝŶĨĂŶƚĞĐŽŶƉĞƋƵĞŹĂƐ ͘ ƉƌƵĞďĂƐƋƵĞĠƐƚĞƌĞƐŽůǀşĂĐŽŶƵŶĂƐŽůǀĞŶĐŝĂŶĂƚƵƌĂůŵĂƌĂǀŝůůŽƐĂ ͞ƌĞĂ͕ ůďĞƌŽ͕ ĐƌĞĂ͕ ƐŽůşĂ ĚĞĐŝƌůĞ ĚŽŶ ƵůĂůŝŽ ƉĂƌĂ ĞƐƚŝŵƵůĂƌůŽ ͘ ͟ ĚƵƌĂŶƚĞůĂďƷƐƋƵĞĚĂĚĞůĂƐŽůƵĐŝſŶ  Ŷ ƉŽĐŽ ƚŝĞŵƉŽ͕ Ğů ĞĚƵĐĂĚŽƌ ĐŽŶƐŝŐƵŝſ ĞŶĐĂƌƌŝůĂƌ Ăů ŵƵͲ ĐŚĂĐŚŽ͕ƋƵĞƐŝĞŵƉƌĞ͕ĂŶƚĞƐĚĞƐƵĞŶĐƵĞŶƚƌŽ͕ƐĞŚĂďşĂŵŽƐƚƌĂĚŽ ƉƌŽďůĞŵĄƚŝĐŽ͕ĚŝĨşĐŝůĞŶƐƵĐŽŵƉŽƌƚĂŵŝĞŶƚŽ͕ƌĞƚƌĂşĚŽĞŶƐƵƐƌĞůĂͲ ĐŝŽŶĞƐ ĐŽŶ ŽƚƌŽƐ ŶŝŹŽƐ Ǉ ƌĞƚƌĂƐĂĚŽ ĞŶ ƐƵ ĂƉƌĞŶĚŝǌĂũĞ͕ ƐĞŐƷŶ ůĞ ͘ ŚĂďşĂŶĂĚǀĞƌƚŝĚŽƐƵƐƉĂĚƌĞƐ EŽƐĞƉƌĞŽĐƵƉĞŶ͕ƐƵŚŝũŽĞƐĐŽŵͲ ͞ ͘ ƉůĞƚĂŵĞŶƚĞŶŽƌŵĂůƵĞŶŽ͕ůŽĐŝĞƌƚŽĞƐƋƵĞƚĞŶŐŽƌĂǌŽŶĞƐƉĂƌĂ 


ƉĞŶƐĂƌƋƵĞŶŽĞƐŶŽƌŵĂů͕ƉĞƌŽĞŶƐĞŶƚŝĚŽĐŽŶƚƌĂƌŝŽĂůƋƵĞŚĂƐƚĂ ͘ ĂŚŽƌĂƉƵĞĚĞŶŚĂďĞƌƉĞŶƐĂĚŽƵƐƚĞĚĞƐ ƌĞŽƋƵĞƐƵŚŝũŽĞƐŵĄƐ ͘ ŝŶƚĞůŝŐĞŶƚĞƋƵĞĞůƌĞƐƚŽĚĞůŽƐŶŝŹŽƐ^ĂďşĂŶƋƵĞŵƵĐŚŽƐĚĞůŽƐ ͎ ƋƵĞ ůƵĞŐŽ ĨƵĞƌŽŶ ŐƌĂŶĚĞƐ ŐĞŶŝŽƐ ĚĞ ůĂ ŚŝƐƚŽƌŝĂ ƚƵǀŝĞƌŽŶ ĞŶ ƐƵ ŝŶĨĂŶĐŝĂƉƌŽďůĞŵĂƐƉĂƌĞĐŝĚŽƐĂůŽƐƋƵĞĂŚŽƌĂŵƵĞƐƚƌĂƐƵŚŝũŽů ͘ ͍ Ǉ ŵŝƐŵşƐŝŵŽ ůďĞƌƚ ŝŶƐƚĞŝŶ ĨƵĞ ƵŶŽ ĚĞ ĞůůŽƐ ĞŶŵĞ ƚŝĞŵƉŽ ƉŽĚƌĞŵŽƐĐŽŵƉƌŽďĂƌŵŝƚĞŽƌşĂ͕ ŚĂďşĂĚŝĐŚŽĞůƉƌŽĨĞƐŽƌĂƐƵƐ ͘ ͘ ͟ ƉƌŽŐĞŶŝƚŽƌĞƐzĞůƚŝĞŵƉŽĂĐĂďſĚĄŶĚŽůĞůĂƌĂǌſŶ  ʹDŝƌĂ͕ŶĚƌĠƐʹůĞĚŝũŽƵŶĚşĂĚŽŶƵůĂůŝŽĚĞƐƉƵĠƐĚĞƌĞƐŽůͲ ǀĞƌĐŽŶďƌŝůůĂŶƚĞǌƵŶŽĚĞƐƵƐĐŽŵƉůŝĐĂĚŽƐĂĐĞƌƚŝũŽƐ͕ ǇĂƉĂƐĂĚĂƐ ůĂƐĚŝĞǌƉƌŝŵĂǀĞƌĂƐʹ͕ůŽƐŐƌĂŶĚĞƐŐĞŶŝŽƐƐĞŚĂŶǀĂůŝĚŽ͕ ĂůŽůĂƌŐŽ ĚĞ ůĂ ŚŝƐƚŽƌŝĂ͕ ĚĞ ƵŶĂ ƐĞƌŝĞ ĚĞ ĐƵĂůŝĚĂĚĞƐ ƋƵĞ ƚƷ ƉŽƐĞĞƐ ĚĞƐĚĞ ͗ ͘ ƋƵĞ ŶĂĐŝƐƚĞ ŽďƐĞƌǀĂĐŝſŶ͕ ĂƐŽĐŝĂĐŝſŶ͕ ĚĞĚƵĐĐŝſŶ z ĂůŐŽ ŵĄƐ ͙ ͘ ůŐŽƋƵĞƚƷ ͙ƵĞŶŽ͕ĂůŐŽƋƵĞƚƷĚĞƌƌŽĐŚĂƐdƵŝŶƚƵŝĐŝſŶĞƐƉƌŽͲ ĚŝŐŝŽƐĂ͕ǇĚĞďĞƐǀĂůĞƌƚĞĚĞĞůůĂ͕ƉŽƌƋƵĞƚĞůůĞǀĂƌĄŵƵǇůĞũŽƐ ƚĞ ͖ ĂǇƵĚĂƌĄ͕ƚĂŶƚŽĂƚŝĐŽŵŽĂƚŽĚŽƐůŽƐƋƵĞƚĞƌŽĚĞĞŶ͕ĚĞƵŶŵŽĚŽ ͘ ͘ ĞǆƚƌĂŽƌĚŝŶĂƌŝŽ ƐƚŽǇƐĞŐƵƌŽ ĚĞĞůůŽĞĚŝĐĂĐŝſŶ͕ĚŝƐĐŝƉůŝŶĂ͕ ƚƌĂͲ ͘ ďĂũŽ͕ĞƐĨƵĞƌǌŽƐĂƐƐŽŶůĂƐĐůĂǀĞƐĐŽŶůĂƐƋƵĞƉŽĚƌĄƐĐŽŶƐĞŐƵŝƌͲ ͘ ůŽ ŶĚƌĠƐŶŽƐſůŽŶŽŚĂďşĂŽůǀŝĚĂĚŽŶƵŶĐĂĂƋƵĞůůĂƐƉĂůĂďƌĂƐ ĚĞ ƐƵ ĞŶƚƌĂŹĂďůĞ ŵĂĞƐƚƌŽ͕ ƐŝŶŽ ƋƵĞ͕ ĂĚĞŵĄƐ͕ ĚĞƐĚĞ ĞŶƚŽŶĐĞƐ͕ ŚĂďşĂƉƌŽĐƵƌĂĚŽĐƵůƚŝǀĂƌĞƐĂƐĐƵĂůŝĚĂĚĞƐƉĂƌĂůŽŐƌĂƌĂǇƵĚĂƌƐĞĂ ͘ ƐşŵŝƐŵŽǇĂůŽƐĚĞŵĄƐ ĞƌĞƉĞŶƚĞ͕ ƵŶĂ ĨƵĞƌƚĞ ƌĄĨĂŐĂ ĚĞǀŝĞŶƚŽƐĂĐſĂůƉŽůŝĐşĂĚĞ ƐƵƐ ŶŽƐƚĄůŐŝĐŽƐ ƌĞĐƵĞƌĚŽƐ͕ Ǉ ŽƚƌŽƐ ƉĞŶƐĂŵŝĞŶƚŽƐ ŽĐƵƉĂƌŽŶ Ğů ůƵŐĂƌƋƵĞŚĂƐƚĂĞƐĞŵŽŵĞŶƚŽŚĂďşĂŶůůĞŶĂĚŽůĂƐĞǀŽĐĂĐŝŽŶĞƐĚĞ ͘ ƐƵ ƉŽƌƚĞŶƚŽƐĂ ŝŶƚƵŝĐŝſŶ ͞zŽ͕ ĚĞ ŵĂǇŽƌ͕ ƋƵŝĞƌŽ ƐĞƌ ƉŽůŝĐşĂ͕ ůĂƐ ͟ ƐŽƌƉƌĞŶĚĞŶƚĞƐ ƉƌŝŵĞƌĂƐ ƉĂůĂďƌĂƐ ĚĞů ůŝďƌŽ͕ ĐŽŝŶĐŝĚĞŶƚĞƐ ĐŽŶ ĂƋƵĞůůĂƐŽƚƌĂƐƋƵĞƐƵƉĞƋƵĞŹĂŚŝũĂůĞŚĂďşĂĚŝĐŚŽĂůƉĂƌƚŝƌĂƉƌŝͲ ŵĞƌĂŚŽƌĂĚĞůĂŵĂŹĂŶĂ͕ĚĞƐƉůĂǌĂƌŽŶĞŶƐƵĐĂďĞǌĂůŽƐƌĞĐƵĞƌĚŽƐ ͘ ͘ ĚĞƐƵŝŶĨĂŶĐŝĂ͞ſŵŽĚŝĂďůŽƐĞƐƉŽƐŝďůĞƉĞŶƐſ͞zĞůŶŝŹŽ ͎ ͎ ͘ ͍͕͟ ĚĞƌŽƐƚƌŽŝŶĐŝĞƌƚŽůŝŶƐƉĞĐƚŽƌůďĞƌŽƐĞŐŝƌſŝŶƚĞŶƚĂŶĚŽ ĐŽŵͲ ͍͟ 


͘ ƉƌŽďĂƌ Ɛŝ ĞƐƚĞ ƷůƚŝŵŽ ĂƷŶ ĐŽŶƚŝŶƵĂďĂ ĞŶ ůĂ ƉůĂǇĂ WĞƌŽ ǇĂ ĞƌĂ ͘ ĚĞŵĂƐŝĂĚŽƚĂƌĚĞ^ĞŚĂďşĂĂůĞũĂĚŽĚĞůůƵŐĂƌǇůĂŽƐĐƵƌŝĚĂĚĚĞůĂ ŶŽĐŚĞůĞŝŵƉĞĚşĂǀĞƌŵƵĐŚŽŵĄƐĂůůĄĚĞĚŽŶĚĞƐĞĞŶĐŽŶƚƌĂďĂ͕ ǇĂ ͘ ĐĂŵŝŶŽĚĞĐĂƐĂWŽƌƵŶŵŽŵĞŶƚŽƉĂƐſƉŽƌƐƵĐĂďĞǌĂƋƵĞůĂůůĞͲ ŐĂĚĂĚĞůĂƐĂŵďƵůĂŶĐŝĂƐ͕ĚĞůŽƐĐƵƌŝŽƐŽƐ͕ĚĞůŽƐƉŽůŝĐşĂƐůŽĐĂůĞƐ͕ ͘ ĞƐƚƵǀŝĞƌĂ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ Ğů ƉĞƋƵĞŹŽ EŽ ůŽ ŚĂďşĂ ǀŝƐƚŽ ĞŶ ůĂ ƉůĂǇĂĚĞƐƉƵĠƐĚĞƚŽĚŽĂƋƵĞůĂůďŽƌŽƚŽ͕ǇƋƵŝǌĄƐdƵǀŽůĂƚĞŶƚĂͲ ͎ ͍ ĐŝſŶĚĞǀĞƌĞůƌĞĨůĞũŽĚĞƐƵƉƌŽƉŝĂĐĂƌĂĞŶĞůĐƌŝƐƚĂůĚĞƵŶĐĂƌƚĞů ƉƵďůŝĐŝƚĂƌŝŽƋƵĞƚĞŶşĂĂƐƵůĂĚŽƉĂƌĂĐŽŵƉƌŽďĂƌƐŝ͕ĂůƚŝĞŵƉŽƋƵĞ ƉĞŶƐĂďĂĞŶĞůƉŽƐŝďůĞƚƌĄŐŝĐŽĚĞƐĞŶůĂĐĞĚĞůŶŝŹŽ͕ ƐƵŽũŽĐĞŶƚĞͲ ͘ ůůĞĂďĂƋƵĞůůŽƉŽĚƌşĂƐĞƌůĂƉƌƵĞďĂĚĞƋƵĞƐƵŝŶƚƵŝĐŝſŶ͕ ĞŶĞƐĂ ͘ ŽĐĂƐŝſŶ ĚĞƐŐƌĂĐŝĂĚĂ͕ ŚĂďşĂ ƐŝĚŽ ĐĞƌƚĞƌĂ ƵŶĂ ǀĞǌ ŵĄƐ WƌĞĨŝƌŝſ ͘ ƋƵĞĚĂƌƐĞĐŽŶůĂĚƵĚĂ WŽƌ ůĂ ŶŽĐŚĞ͕ Ă ƉĞƐĂƌ ĚĞ ƐƵ ĂďĂƚŝŵŝĞŶƚŽ Ǉ ĚĞ ƐƵ ƉĞŶƐĂͲ ŵŝĞŶƚŽŝŶŝĐŝĂůĚĞŵĂƌĐŚĂƌƐĞĂĚĞƐĐĂŶƐĂƌ͕ĂƷŶĞƐƚƵǀŽǀĂƌŝĂƐŚŽƌĂƐ ĚĞĂŵďƵůĂŶĚŽ ƉŽƌ ůĂ ĐŝƵĚĂĚ͕ ƌĞĨůĞǆŝŽŶĂŶĚŽ ƐŽďƌĞ ƚŽĚŽ ĐƵĂŶƚŽ ͘ ŚĂďşĂŽĐƵƌƌŝĚŽĂƋƵĞůůĂƚĂƌĚĞ ͘ ƵĂŶĚŽůůĞŐſĂĐĂƐĂ͕ǇĂƚŽĚŽƐĞƐƚĂďĂŶĞŶůĂĐĂŵĂ^ĞĂĐŽƐͲ ͘ ƚſǇŶŽƚĂƌĚſĞŶĚŽƌŵŝƌƐĞ

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ůŵĂĨŝŽƐŽĚĞ'ƌĂĐŝĂ ƵĂŶĚŽŶĚƌĠƐǇǇŽĂďĂŶĚŽŶĂŵŽƐĞůĚĞƐƉĂĐŚŽĚĞů:ƵĞǌ͕ƐƵ ͘ ŵĂůĞƐƚĂƌ ĞƌĂ ĞǀŝĚĞŶƚĞ EƵŶĐĂ ůŽ ŚĂďşĂ ǀŝƐƚŽ ŝŐƵĂů͕ ƉĂƌĞĐşĂ ƵŶĂ ͘ ŽůůĂ Ă ƉƌĞƐŝſŶ Ă ƉƵŶƚŽ ĚĞ ĞǆƉůŽƚĂƌ >Ă ĐŽŶǀĞƌƐĂĐŝſŶ ŚĂďşĂ ŝĚŽ ƐƵďŝĞŶĚŽ ĚĞ ƚŽŶŽ ƉŽĐŽ Ă ƉŽĐŽ͕ ƐŝŶ ƋƵĞ ŵŝ ĐŽŵƉĂŹĞƌŽ ŶŽƚĂƌĂ ĐſŵŽǇŽůĞ ĚĂďĂƉĂƚĂĚŝƚĂƐ ĞŶĞůǌĂƉĂƚŽ͕ŝŶƚĞŶƚĂŶĚŽ͕ ƐŝŶ ƐƵĞƌƚĞ͕ ĂĚǀĞƌƚŝƌůĞĚĞƋƵĞĞƐƚĂďĂƉĞƌĚŝĞŶĚŽĞůĐŽŶƚƌŽůŚĂƐƚĂĞůƉƵŶƚŽĚĞ ͘ ƐĞƌŝƌƌĞƐƉĞƚƵŽƐŽĐŽŶĞůŵĂŐŝƐƚƌĂĚŽ͞ƐůĂƐĞŐƵŶĚĂǀĞǌƋƵĞĞƐĞ ŵĂůĚŝƚŽũƵĞǌŶŽƐĚĞŶŝĞŐĂůĂĂƵƚŽƌŝǌĂĐŝſŶĚĞƌĞŐŝƐƚƌŽĞŶůĂĐĂƐĂ͕  ͘ DĂƌşĂ͕ĞƐůĂƐĞŐƵŶĚĂǀĞǌʹŵĞĚĞĐşĂǇĂĨƵĞƌĂĚĞůũƵǌŐĂĚŽ ͟ ƐƚĄďĂŵŽƐĞŶƉƵŶƚŽŵƵĞƌƚŽ ŶŽƐĂďşĂŵŽƐƋƵĠŵĄƐŚĂĐĞƌ ͖ ƉĂƌĂĐŽŶĐůƵŝƌĂƋƵĞůůĂŝŶǀĞƐƚŝŐĂĐŝſŶƋƵĞŶŽƐŚĂďşĂƚĞŶŝĚŽŵĄƐĚĞ ͘ ƚƌĞƐŵĞƐĞƐŝŶƚĞŶƐĂŵĞŶƚĞŽĐƵƉĂĚŽƐ ŶĚƌĠƐ͕ŵŝũĞĨĞǇĐŽŵƉĂŹĞƌŽĚĞĨĂƚŝŐĂƐĞŶůĂhŶŝĚĂĚĚĞĞͲ ůŝƚŽƐ ĐŽŶſŵŝĐŽƐ͕ ƐĞ ŚĂďşĂ ƉƌŽƉƵĞƐƚŽ ůůĞŐĂƌ ŚĂƐƚĂ Ğů ĨŝŶĂů ĚĞ ĂƋƵĞůƚƵƌďŝŽĂƐƵŶƚŽƉĞƌŽƚŽĚŽĞƌĂŶŝŵƉĞĚŝŵĞŶƚŽƐ͕ƚƌĂďĂƐǇŵĄƐ ͖ ƚƌĂďĂƐ͕ƋƵĞĠůĞƐƚĂďĂƐĞŐƵƌŽŶŽĞƌĂŶƐŝŶŽǌĂŶĐĂĚŝůůĂƐŵĂůŝŶƚĞŶͲ ͘ ĐŝŽŶĂĚĂƐ ƉĂƌĂ ƋƵĞ ŶƵŶĐĂ ƉƵĚŝĠƌĂŵŽƐ ůůĞŐĂƌ Ă ƌĞƐŽůǀĞƌ Ğů ĐĂƐŽ E ͞ ŽǀĂŶĂƉŽĚĞƌĐŽŶŶŽƐŽƚƌŽƐ͕DĂƌşĂ͕ƉŽƌŵƵǇƉŽĚĞƌŽƐŽƋƵĞĞƐĞ ƚşŽƐĞĂʹŵĞŚĂďşĂĚŝĐŚŽĚĞƐƉƵĠƐĚĞĚĞƐƉĂĐŚĂƌĐŽŶĞůŽŵŝƐĂƌŝŽ͕ ͟ 


ƚƌĞƐ ŵĞƐĞƐ ĂƚƌĄƐ͕ ƉĂƌĂ ĐŽŵƵŶŝĐĂƌůĞ ƋƵĞ ŚĂďşĂŵŽƐƌĞĐŝďŝĚŽ ƵŶĂ ĨŝĂďůĞ ĐŽŶĨŝĚĞŶĐŝĂ ĚĞ ƋƵĞ Ğů ŵĂǇŽƌ ƚĞƌƌĂƚĞŶŝĞŶƚĞ ĚĞ ůĂ ĐŝƵĚĂĚ ĞƐƚĂďĂ ŝŵƉůŝĐĂĚŽ ĞŶ ǀĂƌŝŽƐ ĚĞůŝƚŽƐ ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůĂ ŝŶƚĞŶƐĂ ͘ ĂĐƚŝǀŝĚĂĚƵƌďĂŶşƐƚŝĐĂĚĞůĂǌŽŶĂ 'ƌĂĐŝĂ͕ŶƵĞƐƚƌŽƐŽƐƉĞĐŚŽƐŽ͕ĂŶƚĞƐĚĞŚĂĐĞƌĨŽƌƚƵŶĂĐŽŶůĂ ĐŽŵƉƌĂǇǀĞŶƚĂĚĞƚŝĞƌƌĂƐ͕ŚĂďşĂŽĐƵƉĂĚŽƵŶŝŵƉŽƌƚĂŶƚĞĐĂƌŐŽ ƉŽůşƚŝĐŽĞŶůĂĐŝƵĚĂĚ͕ ǇĂĐƚƵĂůŵĞŶƚĞĞƌĂďĞŶĞĨĂĐƚŽƌĚĞƵŶďƵĞŶ ŶƷŵĞƌŽ ĚĞĂƐŽĐŝĂĐŝŽŶĞƐ ŚƵŵĂŶŝƚĂƌŝĂƐ͕ůŽĐƵĂůůĞŚĂďşĂǀĂůŝĚŽ Ğů ͘ ƌĞƐƉĞƚŽǇůĂĂĚŵŝƌĂĐŝſŶĚĞůĂĐŽŵƵŶŝĚĂĚ ŶĚƌĠƐ ǇǇŽ ĞƐƚĄďĂŵŽƐ ĐŽŶǀĞŶĐŝĚŽƐĚĞ ƋƵĞ ůĂƐƵŐĞƌĞŶĐŝĂ ĚĞůŽŵŝƐĂƌŝŽĚĞĚĂƌĐĂƌƉĞƚĂǌŽĂůĂƐƵŶƚŽƉŽƌĨĂůƚĂĚĞƉƌƵĞďĂƐŶŽ ĞƌĂ ŵĄƐ ƋƵĞ ƵŶĂ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞů ƚĞŵŽƌĚĞŶƵĞƐƚƌŽƐƵƉĞƌŝŽƌĂ ƉŽƐŝďůĞƐƌĞƉƌĞƐĂůŝĂƐĚĞůĂƐĂƵƚŽƌŝĚĂĚĞƐƉŽůşƚŝĐĂƐƋƵĞ͕ ƉŽĐŽƚŝĞŵͲ ƉŽĂŶƚĞƐ͕͘ůŽŚĂďşĂŶĐŽůŽĐĂĚŽĞŶƐƵĂĐƚƵĂůũĞĨĂƚƵƌĂĚĞůĂƉŽůŝĐşĂĞŶ ůĂĐŝƵĚĂĚ>ŽƐĞŶĐĂƌŐŽƐŵĞŶŽƌĞƐĚĞŝŶǀĞƐƚŝŐĂĐŝſŶƋƵĞĐŽŶƉŽƐƚĞͲ ƌŝŽƌŝĚĂĚ ŶŽƐ ĞŶĐŽŵĞŶĚſ͕ ŝŶŚĂďŝƚƵĂůĞƐ ƉŽƌ ƐƵ ƉŽĐĂ ĞŶƚŝĚĂĚ͕ ŶŽ ͗ ŚŝĐŝĞƌŽŶƐŝŶŽĐŽŶĨŝƌŵĂƌŶƵĞƐƚƌŽƐƌĞĐĞůŽƐĞƌĂŶŝŶƚĞŶƚŽƐĚĞƌĞĚƵͲ ĐŝƌŶƵĞƐƚƌŽƚŝĞŵƉŽĚĞĚĞĚŝĐĂĐŝſŶĂůĐĂƐŽĚĞůƉŽĚĞƌŽƐŽƚĞƌƌĂƚĞͲ ͘ ŶŝĞŶƚĞ DĄƐĞǆƚƌĂŹĂĞƌĂƚŽĚĂǀşĂůĂĂĐƚŝƚƵĚĚĞůũƵĞǌ͕ ƋƵĞůůĞŐĂďĂĂ ƌĞƐƵůƚĂƌŶŽƐ ƐŽƐƉĞĐŚŽƐĂŵĞŶƚĞ ŝŶĚŝĨĞƌĞŶƚĞ ĂŶƚĞ ƵŶŽƐ ĚĞůŝƚŽƐ ĚĞ ͘ ƚĂŶƚŽĐĂůĂĚŽ>ĞŚĂďşĂŵŽƐƉƌĞƐĞŶƚĂĚŽǀĂƌŝŽƐŝŶĚŝĐŝŽƐĚĞůĂƉŽƐŝͲ ďůĞŝŵƉůŝĐĂĐŝſŶĚĞ'ƌĂĐŝĂĞŶůĂĐŽŵƉƌĂͲǀĞŶƚĂŝůĞŐĂůĚĞƚĞƌƌĞŶŽƐ͕  ĚĞƐƵƉƵĞƐƚĂƐĐŽŵŝƐŝŽŶĞƐŵŝůůŽŶĂƌŝĂƐƉĂŐĂĚĂƐĂǀĂƌŝŽƐĞŵƉƌĞƐĂͲ ƌŝŽƐǇĂƵƚŽƌŝĚĂĚĞƐƉƷďůŝĐĂƐ͕ĚĞŶƵŵĞƌŽƐĂƐĨĂůƐĞĚĂĚĞƐĚŽĐƵŵĞŶͲ ƚĂůĞƐƉĂƌĂƉƌŽƉŝĐŝĂƌůĂŽƉĞƌĂĐŝſŶƵƌďĂŶşƐƚŝĐĂ ͙dŽĚŽŝŶƐƵĨŝĐŝĞŶƚĞ͕ ͘ ƐĞŐƷŶĞůũƵĞǌŶĚƌĠƐŚĂďşĂŝŶĐůƵƐŽůůĞŐĂĚŽĂƉĞŶƐĂƌƋƵĞĞůŵĂͲ ŐŝƐƚƌĂĚŽ ƉŽĚşĂ ĞƐƚĂƌ ĂŵĞŶĂǌĂĚŽ ƉĂƌĂ ŶŽ ŝŵƉƵůƐĂƌ ůĂ ŝŶǀĞƐƚŝŐĂͲ ĐŝſŶŽ͕ĞŶĞůƉĞŽƌĚĞůŽƐĐĂƐŽƐ͕ŝŵƉůŝĐĂĚŽĚĞĂůŐƷŶŵŽĚŽĞŶůŽƐ ͘ ŚĞĐŚŽƐ >ŽŵĄƐĨƌƵƐƚƌĂŶƚĞĚĞƚŽĚŽĞƌĂƋƵĞŶĚƌĠƐǇǇŽƐĂďşĂŵŽƐ ƉŽƐŝƚŝǀĂŵĞŶƚĞ ĚĞ ůĂ ĞǆŝƐƚĞŶĐŝĂ͕ ŶŽ ƐſůŽ ͘ ĚĞů ĚĞůŝƚŽ ƵƌďĂŶşƐƚŝĐŽ͕ ƐŝŶŽĚĞŽƚƌŽĚĞŵƵĐŚĂŵĂǇŽƌŐƌĂǀĞĚĂĚdƌĂƐůĂƉƌŝŵĞƌĂŶĞŐĂƚŝǀĂ 


ĚĞůŵĂŐŝƐƚƌĂĚŽĂĂƵƚŽƌŝǌĂƌŶŽƐĞůƌĞŐŝƐƚƌŽĞŶĞůĚŽŵŝĐŝůŝŽĚĞ'ƌĂͲ ĐŝĂ͕ŚĂďşĂŵŽƐŚĞĐŚŽŶƵĞƐƚƌĂƐŐĞƐƚŝŽŶĞƐĂůŵĂƌŐĞŶĚĞĚŝĐŚĂĂƵƚŽͲ ͘ ƌŝǌĂĐŝſŶdĞŶşĂŵŽƐůĂƉƌƵĞďĂƉĂůŵĂƌŝĂĚĞƋƵĞ'ƌĂĐŝĂ͕ĂĚĞŵĄƐĚĞ ƐĞƌƌĞƐƉŽŶƐĂďůĞĚĞůŽƐĚĞůŝƚŽƐƋƵĞŚĂƐƚĂĞƐĞŵŽŵĞŶƚŽŝŶǀĞƐƚŝŐĄͲ ďĂŵŽƐ͕ƚĂŵďŝĠŶůŽĞƌĂĚĞůĂĚĞƐĂƉĂƌŝĐŝſŶĚĞƵŶŽĚĞƐƵƐĞŵƉůĞĂͲ ͘ ͘ ͗ ĚŽƐ>ĂĐĂƵƐĂĚĞƐƵŵŝƐƚĞƌŝŽƐĂĂƵƐĞŶĐŝĂƐĂďşĂĚĞŵĂƐŝĂĚŽWŽƌ ͎ ͍ ŚĂďşĂŵŽƐ ǀĂůŝĚŽ ƉĂƌĂ ĚĞƐŐƌĂĐŝĂ͕ Ğů ŵŽĚŽ ŝƌƌĞŐƵůĂƌ ĚĞů ƋƵĞ ŶŽƐ ŽďƚĞŶĞƌĂƋƵĞůůĂƉƌƵĞďĂŝƌƌĞĨƵƚĂďůĞŝŵƉĞĚşĂƐƵƉƌĞƐĞŶƚĂĐŝſŶĂŶƚĞ ͘ ĞůũƵĞǌƉĂƌĂƉŽĚĞƌĂĐƚƵĂƌĐŽŶƚƌĂŶƵĞƐƚƌŽƐŽƐƉĞĐŚŽƐŽ WĞƌŽ ůŽ ŵĄƐ ƉƌĞŽĐƵƉĂŶƚĞ ĚĞ ƚŽĚŽ ĂƋƵĞůůŽ ĞƌĂ ƋƵĞ ŚĂďşĂ ͘ ůůĞŐĂĚŽĂůƉůĂŶŽƉĞƌƐŽŶĂů dĂŶƚŽŶĚƌĠƐĐŽŵŽǇŽŵŝƐŵĂŚĂďşĂͲ ŵŽƐ ƌĞĐŝďŝĚŽ ƵŶĂ ůůĂŵĂĚĂ ƚĞůĞĨſŶŝĐĂ ĂĚǀŝƌƚŝĠŶĚŽŶŽƐ ĚĞ ƋƵĞ͕ Ž ĚĞũĄďĂŵŽƐĚĞƉĞƌƐĞŐƵŝƌ͞ĨĂŶƚĂƐŵĂƐ͕ŽŶƵĞƐƚƌĂƐĨĂŵŝůŝĂƐƌĞƐƵůƚĂͲ ͘ ͟ ƌşĂŶŵĂů ƉĂƌĂĚĂƐŶŵŝĐĂƐŽ͕ ũƵŶƚŽĐŽŶůĂĂŵĞŶĂǌĂ ͕ ŝŶĐůƵƐŽŵĞ ŚĂďşĂŶĚŝĐŚŽĐŽŶƚŽƚĂůƉƌĞĐŝƐŝſŶĐƵĄůĞƌĂůĂĚŝƌĞĐĐŝſŶĚĞŵŝĚŽŵŝͲ ĐŝůŝŽ͕ ĞůŚŽƌĂƌŝŽ ĚĞů ĐŽůĞŐŝŽĚĞŵŝŚŝũŽ ǇĞůƚƌĂǇĞĐƚŽƋƵĞĐĂĚĂ ĚşĂ ͘ ƐĞŐƵşĂŵŽƐĂŵďŽƐŚĂƐƚĂĞůŵŝƐŵŽ EƵĞƐƚƌĂ ĨƌƵƐƚƌĂĐŝſŶ ĞƌĂ ĂďƐŽůƵƚĂ ƵŶĂ ĨƌƵƐƚƌĂĐŝſŶ ƉŽƌ ƐĞƌ ͖ ĐŽŶŽĐĞĚŽƌĞƐĚĞƵŶŽƐŚĞĐŚŽƐĚĞĞǆƚƌĞŵĂŐƌĂǀĞĚĂĚƋƵĞŶŽƉŽͲ ĚşĂŵŽƐ ĚĞŵŽƐƚƌĂƌ ƵŶĂ ĨƌƵƐƚƌĂĐŝſŶ ƉŽƌ ĞŶĐŽŶƚƌĂƌ ƚƌĂďĂƐ Ǉ ŵĄƐ ͖ ƚƌĂďĂƐ ƉĂƌĂ ĐŽŶĐůƵŝƌ ŶƵĞƐƚƌĂ ŝŶǀĞƐƚŝŐĂĐŝſŶ ƵŶĂ ĨƌƵƐƚƌĂĐŝſŶ ƉŽƌ ͖ ǀĞƌůŝƋƵŝĚĂĚŽĞůƚƌĂďĂũŽĚĞŵƵĐŚŽƐŵĞƐĞƐǇŶŽƉŽĚĞƌĚĂƌďƵĞŶĂ ͘ ĐƵĞŶƚĂĚĞƵŶĂĐŽƌƚĞĚĞĐƌŝŵŝŶĂůĞƐ ƵĂŶĚŽĂůĨŝŶĐŽŶƐĞŐƵŝŵŽƐĚĞŵŽƐƚƌĂƌƚŽĚĂƐŶƵĞƐƚƌĂƐƐŽƐͲ ͘ ͘ ƉĞĐŚĂƐ͕ ǇĂ ĞƌĂ ĚĞŵĂƐŝĂĚŽ ƚĂƌĚĞ 'ƌĂĐŝĂ ĞƐƚĂďĂ ĨƵĞƌĂ ĚĞů ƉĂşƐ ͘ :ƵƌſƋƵĞƐſůŽǀŽůǀĞƌşĂƉĂƌĂǀĞŶŐĂƌƐĞĚĞŶŽƐŽƚƌŽƐ ͊ ͋ ƐĞĚşĂŚĂůůĞŐĂĚŽ͕ŶĚƌĠƐ͕ĞƐĞĚşĂŚĂůůĞŐĂĚŽ ͘ ŶĚƌĠƐ ĚĞƐƉĞƌƚſ ƐŽďƌĞƐĂůƚĂĚŽ ƵƌĂŶƚĞ ƵŶŽƐ ŵŝŶƵƚŽƐ͕ ƉĞƌŵĂŶĞĐŝſ ƐĞŶƚĂĚŽĞŶůĂĐĂŵĂŝŶƚĞŶƚĂŶĚŽĂƵƚŽĐŽŶǀĞŶĐĞƌƐĞĚĞ ƋƵĞ͕ĂƵŶƋƵĞĂƋƵĞůƐƵĞŹŽĞƌĂĐŝĞƌƚĂŵĞŶƚĞĨŝĞůƌĞĨůĞũŽĚĞůĂƌĞĂůŝͲ ͘ ĚĂĚ͕ ŶŽ ƉĞƌƚĞŶĞĐşĂ ŵĄƐ ƋƵĞ Ă ƐƵ ƉĂƐĂĚŽ dŽĚŽ ĞƌĂ ƉĂƌƚĞ ĚĞů ͘ ĂǇĞƌdŽĚŽ͕ƐĂůǀŽĞůĂŶƵŶĐŝŽĚĞůĂŝŶŵŝŶĞŶƚĞǀĞŶŐĂŶǌĂĚĞ'ƌĂĐŝĂ͕ 


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ʹWĞƌŽ͕͎ƋƵĠ'ƌĂĐŝĂ͎ĞƋƵĠŚĂďůĂƐʹĞůŝŶƐƉĞĐƚŽƌƐĞŐŝƌſ ͍ ͍ ĂƚŽĚĂǀĞůŽĐŝĚĂĚƉĂƌĂĐŽŵƉƌŽďĂƌƋƵŝĠŶĞƌĂĞůƋƵĞƐĞĚŝƌŝŐşĂĂĠů  ͕ ͘ ƉĞƌŽŶŽƉƵĚŽǀĞƌĂŶĂĚŝĞ ĞƌĞƉĞŶƚĞ͕ƌĞĐŝďŝſĞŶƐƵĐĂďĞǌĂĞůĨůĂƐŚĚĞůĂƐĐŝŶĐŽůĞƚƌĂƐ ƋƵĞ͕ǀŝƐƵĂůŵĞŶƚĞƉƌŝŵĞƌŽǇĂĐƷƐƚŝĐĂŵĞŶƚĞĚĞƐƉƵĠƐ͕ ŚĂďşĂŶƉƌŽͲ ͘ ͗ ǀŽĐĂĚŽ ƐƵƐ ĚƵĚĂƐ ͞'Z/ ƋƵĠů ĞƌĂ Ğů ůĞƚƌĞƌŽ ƋƵĞ ĂůŐƵŝĞŶ ͟ ŚĂďşĂĐŽůŽĐĂĚŽĞŶůĂƉƵĞƌƚĂĚĞƐƵĚĞƐƉĂĐŚŽ ͕ ǇĂƋƵĠůĞƌĂĞůŶŽŵͲ ͘ ďƌĞƋƵĞĂůŐƵŝĞŶŚĂďşĂŶŽŵďƌĂĚŽĂƐƵƐĞƐƉĂůĚĂƐ ͎͞'ƌĂĐŝĂ ƐĞ ƉƌĞŐƵŶƚſ ĚĞƐĐŽŶĐĞƌƚĂĚŽ ƌĞĐŽƌĚĂŶĚŽ ƋƵŝĞŶ ͘ ͍͕͟ ŚĂďşĂƐŝĚŽĞůƉƌŽƚĂŐŽŶŝƐƚĂĚĞƐƵƐƐƵĞŹŽƐůĂƉĂƐĂĚĂŶŽĐŚĞ ͞EŽ ͘ ƉƵĞĚĞƐĞƌ͕ƐĞĚŝũŽŝŶĐƌĠĚƵůŽƉĞƐĂƌĚĞĞůůŽ͕ƚĂŶƚĞſůĂŝĚĞĂĚĞ ͟ ƋƵĞĂŵďĂƐƉĞƌƐŽŶĂƐƉƵĚŝĞƌĂŶƐĞƌůĂŵŝƐŵĂ ͕ ƵŶĂƐƵƉŽƐŝĐŝſŶŶĂĚĂ ĚĞƐĐĂďĞůůĂĚĂ ƚĞŶŝĞŶĚŽ ĞŶ ĐƵĞŶƚĂ ƋƵĞ͕ ĚƵƌĂŶƚĞ ƵŶ ƉĞƌşŽĚŽ ĚĞ ƚŝĞŵƉŽĐŽŶƐŝĚĞƌĂďůĞ͕ƐĞŚĂďşĂĐŽƌƌŝĚŽĞůƌƵŵŽƌĚĞƋƵĞĞůƉƌŝŶĐŝͲ ƉĂůďĞŶĞĨĂĐƚŽƌʹĂŶſŶŝŵŽ͕ƉŽƌƐƵƉƵĞƐƚŽʹĚĞĂƋƵĞůůĂŝŶŶŽǀĂĚŽƌĂǇ ĐŽƐƚŽƐĂ ĐŽŵŝƐĂƌşĂ͕ ĚĞ ĂƉĞŶĂƐ ƵŶ ůƵƐƚƌŽ ĚĞ ĞĚĂĚ͕ ĞƌĂ Ğů ĂŚŽƌĂ ͘ ƉƌſĨƵŐŽ'ƌĂĐŝĂ ĞƐƉƵĠƐĚĞƐƵďŝƌƉŽƌůĂƐĞƐĐĂůĞƌĂƐŚĂƐƚĂůĂǌŽŶĂŶŽďůĞĚĞů ĞĚŝĨŝĐŝŽ͕ ĐŽŵŽ ƐŽůşĂŶ ůůĂŵĂƌůĂ͕ ĐŽŶ ƐŽƌŶĂ͕ ĂůŐƵŶŽƐ ƉŽůŝĐşĂƐ ĚĞ ͘ ďĂƐĞ͕ŶĚƌĠƐƐĞƉůĂŶƚſĨƌĞŶƚĞĂůĂƉƵĞƌƚĂĚĞůũĞĨĞ EŽƐĂďşĂƋƵŝĠŶĞƌĂĞƐĞ͞'ƌĂĐŝĂĐŽŶĞůƋƵĞŚĂďşĂƐŝĚŽƌĞͲ ͟ ďĂƵƚŝǌĂĚŽƐƵĚĞƐƉĂĐŚŽ͕ǇůŽĐŝĞƌƚŽĞƐƋƵĞŶŽƋƵĞƌşĂƐĂĐĂƌĐŽŶĐůƵͲ ƐŝŽŶĞƐƉƌĞĐŝƉŝƚĂĚĂƐĚĞƚŽĚŽĂƋƵĞůůŽ͕ĂƐşƋƵĞĚŝŽƉŽƌŚĞĐŚŽƋƵĞůŽ ŵĄƐƌĂǌŽŶĂďůĞƐĞƌşĂƉĞĚŝƌƵŶĂĞǆƉůŝĐĂĐŝſŶĂůĂƉĞƌƐŽŶĂƋƵĞƉŽͲ ͘ ĚƌşĂĚĄƌƐĞůĂ^ŝŶĞŵďĂƌŐŽ͕ĐŽŶŽĐŝĞŶĚŽĂƋƵŝĠŶƚĞŶşĂĂůŽƚƌŽůĂĚŽ ͘ ĚĞůĂƉƵĞƌƚĂ͕ĞƌĂĐŽŶƐĐŝĞŶƚĞĚĞƋƵĞĐƵĂůƋƵŝĞƌĐŽƐĂĞƌĂƉŽƐŝďůĞ  ŶĚƌĠƐŝŶƚĞŶƚſǀŝƐƵĂůŝǌĂƌŵĞŶƚĂůŵĞŶƚĞ͕ĐŽŵŽĐĂĚĂǀĞǌƋƵĞĚĞďşĂ ĂĨƌŽŶƚĂƌƚĂŵĂŹŽƚƌĂŶĐĞ͕ůĂŝŵĂŐĞŶǇĞůĐŽŵƉŽƌƚĂŵŝĞŶƚŽĚĞĂƋƵĠů ĂůƋƵĞƐĞĚŝƐƉŽŶşĂĂĞŶĨƌĞŶƚĂƌƐĞ͕ĞůƐƵďĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽ͕ƐƵũĞĨĞ ͗ ŝŶŵĞĚŝĂƚŽƉŽĐŽŵĄƐĚĞƵŶŵĞƚƌŽǇŵĞĚŝŽĚĞŽƌŐƵůůŽ͕ ŶĂƌĐŝƐŝƐͲ ŵŽ͕ŵĞĚŝŽĐƌŝĚĂĚǇŵĂůŐĞŶŝŽĚĞŵŽƐƚĂĐŚŽĐĂŶŽƐŽǇĞŶƚƌĂĚĂƐĚĞ ͖ ĐĂďĞůůŽƉƌŽŵŝŶĞŶƚĞƐƋƵĞ͕ĚĞƐĚĞƐƵůůĞŐĂĚĂ Ă ĂƋƵĞůůĂ ĐŽŵŝƐĂƌşĂ͕ ŶŽŚĂďşĂŚĞĐŚŽƐŝŶŽƉŽŶĞƌůĞǌĂŶĐĂĚŝůůĂƐǇŵĄƐǌĂŶĐĂĚŝůůĂƐĞŶĞů 


͘ ĚĞƐĞŵƉĞŹŽ ĚĞƐƵǇĂĚĞƉŽƌƐşĐŽŵƉůŝĐĂĚĂůĂďŽƌƉŽůŝĐŝĂů^ƵƐĂĐͲ ĐĞƐŽƐ ĚĞ ŝƌĂ͕ ĨƌĞĐƵĞŶƚĞƐ ĐŽŶ Ğů ŝŶƐƉĞĐƚŽƌ ůďĞƌŽ͕ ŚĂďşĂŶ ŚĞĐŚŽ ͗ ͘ ƋƵĞĠƐƚĞůŽĂƉŽĚĂƌĂĐŽŶƵŶĂůŝĂƐŵĄƐƋƵĞĞůŽĐƵĞŶƚĞ͞ĞůĐĂĨƌĞ ͟ ʹŽŶƉĞƌŵŝƐŽ͕ƐĞŹŽƌʹŵƵƐŝƚſŶĚƌĠƐƐŽůŝĐŝƚĂŶĚŽĂƵƚŽƌŝǌĂͲ ͘ ĐŝſŶƉĂƌĂĂĐĐĞĚĞƌĂůĚĞƐƉĂĐŚŽ ʹĚĞůĂŶƚĞ͕ůďĞƌŽ͕ĂĚĞůĂŶƚĞʹůĞ ƌĞƐƉŽŶĚŝſĞů ƐƵďĐŽŵŝƐĂƌŝŽ ĐŽŶ ǀŽǌ ĨŝƌŵĞ ŵŝĞŶƚƌĂƐ ůŽ ŵŝƌĂďĂ ƉŽƌ ĞŶĐŝŵĂ ĚĞ ůĂƐ ŐĂĨĂƐ ĚĞ ͘ ƉƌĞƐďŝĐŝĂƋƵĞƐŽůşĂƵƐĂƌƉĂƌĂůĞĞƌ ůĚĞƐƉĂĐŚŽĚĞůƐƵďĐŽŵŝƐĂƌŝŽĞƌĂůƵũŽƐŽ͕ĂŵƉůŝŽ͕ĐŽŶƐƵĞůŽ ĚĞƉĂƌƋƵĠǇƉĂƌĞĚĞƐĨŽƌƌĂĚĂƐŚĂƐƚĂĞůƚĞĐŚŽĐŽŶŵĂĚĞƌĂĚĞĐŽůŽƌ ͘ ͘ ŵĂƌƌſŶƌŽũŝǌŽdĞŶşĂĚŽƐĂŵďŝĞŶƚĞƐďŝĞŶĚŝĨĞƌĞŶĐŝĂĚŽƐůƉƌŝŵĞͲ ƌŽĞƐƚĂďĂĨŽƌŵĂĚŽƉŽƌƵŶĂĞŶŽƌŵĞŵĞƐĂƌĞĐƚĂŶŐƵůĂƌĚĞŵĂĚĞƌĂ ĚĞĐĂŽďĂƚƌĂƐůĂƋƵĞƐĞƐĞŶƚĂďĂ͕ĞŶƵŶĞŶŽƌŵĞƐŝůůſŶĚĞƉŝĞůŶĞͲ ͘ ŐƌĂ͕ĞůŝŶƋƵŝůŝŶŽ ĚĞůĂĞƐƚĂŶĐŝĂ ůƐĞŐƵŶĚŽĚĞůŽƐ ĂŵďŝĞŶƚĞƐ ĞƌĂ ĞůĚĞƐƚŝŶĂĚŽĂůĂƐƌĞƵŶŝŽŶĞƐƋƵĞĞůƐƵďĐŽŵŝƐĂƌŝŽƐŽůşĂŵĂŶƚĞŶĞƌ ĐŽŶ ŽƚƌĂƐƉĞƌƐŽŶĂƐ͕ ǇĞƐƚĂďĂ ĐŽŵƉƵĞƐƚŽ͕ďĄƐŝĐĂŵĞŶƚĞ͕ ƉŽƌ ƵŶĂ ŵĞƐĂƌĞĚŽŶĚĂĚĞůŵŝƐŵŽŵĂƚĞƌŝĂůǇĐŽůŽƌ͕ǇŶƵŵĞƌŽƐĂƐƐŝůůĂƐĂƐƵ ͘ ͘ ĂůƌĞĚĞĚŽƌůƌĞƐƚŽĚĞůŵŽďŝůŝĂƌŝŽĞƌĂƚĂŵďŝĠŶĚĞŵĂĚĞƌĂĐĂŽďĂ  >ĂƐĐŽƌƚŝŶĂƐĞƌĂŶďůĂŶĐĂƐ͕ĚĞƐĞĚĂ͕ǇĐƵďƌşĂŶůĂƚŽƚĂůŝĚĂĚĚĞůŐƌĂŶ ͘ ǀĞŶƚĂŶĂůĚĞůƋƵĞĚŝƐƉŽŶşĂĞůĚĞƐƉĂĐŚŽ ʹ^ŝƚŝĞŶĞƵŶŵŝŶƵƚŽ͕ŵĞŐƵƐƚĂƌşĂŚĂďůĂƌĐŽŶƵƐƚĞĚƐŽďƌĞůŽ ĚĞŵŝĚĞƐƉĂĐŚŽʹƉŝĚŝſĞůŝŶƐƉĞĐƚŽƌŵŝĞŶƚƌĂƐĐŽůŽĐĂďĂƐƵƐŵĂŶŽƐ ͘ ĂůĂĞƐƉĂůĚĂĞŶƐĞŹĂůĚĞƌĞƐƉĞƚŽŚĂĐŝĂƐƵƐƵƉĞƌŝŽƌ ů ƐƵďĐŽŵŝƐĂƌŝŽ ĞƐƚĂďĂ ƐĞŶƚĂĚŽ ĞŶ ƐƵ ƐŝůůſŶ Ǉ ŶĚƌĠƐ ƐĞ ͘ ŚĂďşĂƉŽƐŝĐŝŽŶĂĚŽĨƌĞŶƚĞĂĠů͕ĚĞƉŝĞ ʹ͎^Ƶ ĚĞƐƉĂĐŚŽhƐƚĞĚ ŶŽ ĚĞďĞƌşĂ Ŷŝ ƚĞŶĞƌ ĚĞƐƉĂĐŚŽƉƌŽͲ ͍ ƉŝŽʹƌĞƐƉŽŶĚŝſĞůƐƵďĐŽŵŝƐĂƌŝŽĐŽŶƚŽŶŽƉƌĞƉŽƚĞŶƚĞǇƌĞĐƌŝŵŝŶĂͲ ƚŽƌŝŽʹ͘ ĠũĞƐĞ ĚĞƚŽŶƚĞƌşĂƐ Ǉ ŚĂďůĞŵŽƐĚĞĂƐƵŶƚŽƐ ŝŵƉŽƌƚĂŶƚĞƐ ͘ ͘ ĚĞǀĞƌĚĂĚƐƚĂďĂďƵƐĐĄŶĚŽůĞſŶĚĞƐĞŚĂďşĂŵĞƚŝĚŽ ͎ ͍ ŶĚƌĠƐĐŽŵĞŶǌſĂǀĞƌĐſŵŽůĂĚŽďůĞĂƌƌƵŐĂƋƵĞƐƵũĞĨĞĞƐͲ ĐŽŶĚşĂĞŶĞůĞŶƚƌĞĐĞũŽ͕ǇƋƵĞĐŽŶŽĐşĂŵƵǇďŝĞŶ͕ƐĞŚĂĐşĂĐĂĚĂǀĞǌ ͘ ŵĄƐƉƌŽĨƵŶĚĂ^ĞƉƌĞƉĂƌſƉĂƌĂĂŐƵĂŶƚĂƌĞůĐŚĂƉĂƌƌſŶƋƵĞŝŶƚƵşĂ ͘ ůĞǀĞŶşĂĞŶĐŝŵĂ 


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ʹ͎Ă ƐƵ ƉĞƌŵŝƐŽ͕ ƐĞŹŽƌ ĐŽŵŝƐĂƌŝŽ ʹƐŽůŝĐŝƚſ ŶĚƌĠƐ͕ ƚƌĂƐ ͘ ͍ ůůĂŵĂƌǇĞŶƚƌĞĂďƌŝƌůĂƉƵĞƌƚĂĚĞůĚĞƐƉĂĐŚŽ >ĂĞƐƚĂŶĐŝĂĞƌĂƵŶĂ ͘ ƌĠƉůŝĐĂĐĂƐŝĞǆĂĐƚĂĚĞůĂƋƵĞĂĐĂďĂďĂĚĞĚĞũĂƌ ʹWŽƌƐƵ ƐƵƉƵĞƐƚŽ͕ĂĚĞůĂŶƚĞʹƌĞƐƉŽŶĚŝſ ĐŽƌƚĠƐŵĞŶƚĞĞů ƐƵͲ ͘ ƉĞƌŝŽƌ ůŽŵŝƐĂƌŝŽĂŶƚſŶĞƌĂĞůŵĄǆŝŵŽƌĞƐƉŽŶƐĂďůĞĚĞůĂĐŽͲ ͘ ŵŝƐĂƌşĂ ĚĞ ůĂ ĐŝƵĚĂĚ ,ŽŵďƌĞ ĐƵůƚŽ͕ ĞĚƵĐĂĚŽ Ǉ ĚĞ ƐŽŶƌŝƐĂ ĐĂƐŝ ĐƌſŶŝĐĂ͕ƐƵĨŝŐƵƌĂǇƐƵǀŝĚĂĞƐƚĂďĂŶƌŽĚĞĂĚĂƐĚĞƵŶĞǆƚƌĂŹŽŚĂůŽ ͘ ĚĞ ŵŝƐƚĞƌŝŽ ĚŝĨşĐŝů ĚĞ ĞǆƉůŝĐĂƌ ƵŶƋƵĞ ƐĞ ĚĞĐşĂ ĚĞ Ġů ƋƵĞ ĂŹŽƐ ĂƚƌĄƐŚĂďşĂƐŝĚŽƵŶŐƌĂŶĂŐĞŶƚĞ͕ƐƵůĂďŽƌƉŽůŝĐŝĂůĞŶůĂĂĐƚƵĂůŝĚĂĚ ĞƌĂ ŵĄƐ ďŝĞŶ ĞƐĐĂƐĂ Ǉ ƐĞ ĐŝƌĐƵŶƐĐƌŝďşĂ͕ŵĄƐ ƋƵĞ ŶĂĚĂ͕ Ă ƚĂƌĞĂƐ ͘ ƌĞƉƌĞƐĞŶƚĂƚŝǀĂƐ ,ĂĐşĂ Ǉ ĚĞũĂďĂ ŚĂĐĞƌ Ă ůŽƐ ĚĞŵĄƐ͕ ƐŝĞŵƉƌĞ Ǉ ͘ ĐƵĂŶĚŽ͕ĐůĂƌŽĞƐƚĄ͕ĐĂĚĂƵŶŽĐƵŵƉůŝĞƌĂĐŽŶƐƵŽďůŝŐĂĐŝſŶůŐƵͲ ŶŽƐĞƌĂŶĚĞůĂŽƉŝŶŝſŶĚĞƋƵĞƋƵŝĞŶĚŝƌŝŐşĂĞŶƌĞĂůŝĚĂĚůĂĐŽŵŝƐĂͲ ƌşĂ ĞƌĂ Ğů ƐƵďĐŽŵŝƐĂƌŝŽ dƌĞǀŝŹŽ͕ ƵŶĂ ƚĞŽƌşĂ ŶŽ ĚĞů ƚŽĚŽ ĐůĂƌĂ͕ ƐŽďƌĞƚŽĚŽƐŝƐĞƚĞŶşĂĞŶĐƵĞŶƚĂĞůŐƌĂŶƌĞƐƉĞƚŽǇŽďĞĚŝĞŶĐŝĂƋƵĞ ͘ ĠƐƚĞ ůĞ ƉƌŽĨĞƐĂďĂ z ĞƐ ƋƵĞ Ğů ĐŽŵŝƐĂƌŝŽ ĂŶƚſŶ ŝŵƉƌĞƐŝŽŶĂďĂ͕ ĂĚĞŵĄƐĚĞƉŽƌůĂĐŽƌƌĞĐĐŝſŶĚĞƐƵƐŵĂŶĞƌĂƐǇůĂĞŶŝŐŵĄƚŝĐĂĂƵͲ ͘ ƌĞŽůĂĚĞƐĞĐƌĞƚŝƐŵŽƋƵĞůŽƌŽĚĞĂďĂ͕ ƉŽƌƐƵĂƐƉĞĐƚŽĨşƐŝĐŽƵŶͲ ƋƵĞƌŽǌĂďĂǇĂůŽƐϲϬĂŹŽƐĚĞĞĚĂĚʹĞƐƚĂďĂĞŶůĂƐƉŽƐƚƌŝŵĞƌşĂƐĚĞ ƐƵĐĂƌƌĞƌĂƉƌŽĨĞƐŝŽŶĂůʹ͕ƚŽĚĂǀşĂĚĞƐůƵŵďƌĂďĂŶ ƐƵƐŵĄƐ ĚĞϭ͕ϴϬ ŵĞƚƌŽƐĚĞĞƐƚŝůŝǌĂĚĂĞƐƚĂƚƵƌĂ͕ ůĂďůĂŶĐƵƌĂĚĞƐƵƚĞǌ͕ĞůƌƵďŝŽĚĞ ͘ ƐƵĐĂďĞůůŽǇĞůǀĞƌĚŽƌĚĞƐƵƐŽũŽƐ͞hŶŐĂůĄŶĞŶƚŽĚĂƌĞŐůĂ͕ĐŽŵŽ ͘ ĂůŐƵŶĂƐ ĚĞ ůĂƐ ŵƵũĞƌĞƐ ĚĞ ůĂ ĐŽŵŝƐĂƌşĂ ůŽ ĐĂůŝĨŝĐĂďĂŶ͟ dĂŶ ƐſůŽ ƵŶĂ ůůĂŵĂƚŝǀĂ ŵĂŶĐŚĂ ĞŶƐƵŵĞũŝůůĂĚĞƌĞĐŚĂƉĂƌĞĐşĂ ĞŶƐŽŵďƌĞͲ ĐĞƌ ƐƵƐĞŵďůĂŶƚĞƉĞƌĨĞĐƚŽ͕ ǇůŽĞƌĂ͕ ŶŽŽďƐƚĂŶƚĞ͕ƚĂŶƐſůŽĂ ƉƌŝͲ ŵĞƌĂǀŝƐƚĂ͕ƉŽƌƋƵĞůĂĞǆƉůŝĐĂĐŝſŶĚĞƐƵĞǆŝƐƚĞŶĐŝĂĞŶĂƋƵĞůƌŽƐƚƌŽ ĚĞĐĞƌĂ͕ƐĞŐƷŶƐĞĚĞĐşĂ͕ŶŽĞƌĂƐŝŶŽƵŶŵŽƚŝǀŽŵĄƐĚĞĂƚƌĂĐƚŝǀŽ ͘ ŚĂĐŝĂƐƵƉŽƌƚĂĚŽƌĞƐĚĞŚĂĐşĂĂŹŽƐ͕ĞůĐŽŵŝƐĂƌŝŽĞŵƉůĞĂďĂƐƵƐ ǀĂĐĂĐŝŽŶĞƐ ĞƐƚŝǀĂůĞƐ ƉĂƌĂ ǀŝĂũĂƌ ŚĂƐƚĂ ƵŶĂ ĂŶƚŝŐƵĂ ůĞƉƌŽƐĞƌşĂ ůĂƚŝŶŽĂŵĞƌŝĐĂŶĂĚĞƵďŝĐĂĐŝſŶƐſůŽĐŽŶŽĐŝĚĂƉŽƌƐƵƐŵĄƐĂůůĞŐĂͲ ĚŽƐ͕ ĚŽŶĚĞ ĐŽůĂďŽƌĂďĂ ĞŶ Ğů ĐƵŝĚĂĚŽ ĚĞ ĞŶĨĞƌŵŽƐ ĞǆƚƌĞŵĂĚĂͲ ŵĞŶƚĞĐŽŶƚĂŐŝŽƐŽƐĚĞƐĂŚƵĐŝĂĚŽƐĞŶŽƚƌŽƐŚŽƐƉŝƚĂůĞƐƉŽƌƐƵĐŽŶͲ 


͘ ĚŝĐŝſŶĚĞĂƉĞƐƚĂĚŽƐzŚĂďşĂƐŝĚŽĂƐƵƌĞŐƌĞƐŽĚĞƵŶŽĚĞĚŝĐŚŽƐ ǀŝĂũĞƐĐƵĂŶĚŽĂŶƚſŶʹĂďƵĞŶƐĞŐƵƌŽǀşĐƚŝŵĂĚĞůĐŽŶƚĂĐƚŽĐŽŶ ĂůŐƵŶĂĞŶĨĞƌŵĞĚĂĚĞǆƚƌĂŹĂʹŚĂďşĂƚƌĂşĚŽĐŽŶƐŝŐŽ͕ŝŵƉƌĞƐĂĞŶƐƵ ĐĂƌĂ͕ĂƋƵĞůůĂƐĞŹĂů͕ĂƋƵĞůůĂŚĞƌŝĚĂĚĞŐƵĞƌƌĂ͕ĐŽŵŽĂĠůůĞŐƵƐƚĂͲ ͘ ďĂĐĂůŝĨŝĐĂƌůĂ>ŽŵĄƐƐŽƌƉƌĞŶĚĞŶƚĞ ĚĞƚŽĚŽ ĞƌĂ ƋƵĞ͕ĂƉĞƐĂƌĚĞ ƚŽĚŽƐƐƵƐĞŶĐĂŶƚŽƐ͕ĞůĐŽŵŝƐĂƌŝŽĐŽŶƚŝŶƵĂďĂƐŽůƚĞƌŽ͕ƵŶĂĐŝƌĐƵŶƐͲ ƚĂŶĐŝĂĞŶůĂƋƵĞŚĂďşĂƚĞŶŝĚŽŵƵĐŚŽƋƵĞǀĞƌƐƵƉůĞŶĂǇĂďƐŽůƵƚĂ ͘ ĚĞĚŝĐĂĐŝſŶĂůĂĐĂƌƌĞƌĂƉŽůŝĐŝĂů ʹƵĞŶŽ͕ ŶĚƌĠƐ͕ ďƵĞŶŽ ʹĞů ĐŽŵŝƐĂƌŝŽ ƐŽůşĂ ůůĂŵĂƌ Ăů ŝŶƐͲ ƉĞĐƚŽƌƉŽƌƐƵŶŽŵďƌĞĚĞƉŝůĂ͕ĂƵŶƋƵĞŶŽĨƵĞƌĂůŽŵĄƐĐŽƌƌĞĐƚŽʹ͕ Ś ͎ ĂŚĂďůĂĚŽǇĂĐŽŶĞůƐƵďĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽ ͍ ʹ>ŽŚĂĐşĂŵŽƐĐƵĂŶĚŽƌĞĐŝďŝſƐƵůůĂŵĂĚĂƉĂƌĂƋƵĞǀŝŶŝĞƌĂĂ ͘ ǀĞƌůĞ͕ƐĞŹŽƌ ʹŝĞŶ͕ ǇĂ ĚĞďĞ ƐĂďĞƌ ĞŶƚŽŶĐĞƐ ƋƵĞ 'ƌĂĐŝĂ ŚĂ ƋƵĞĚĂĚŽ ůŝͲ ͘ ďƌĞĚĞƚŽĚŽƐůŽƐĐĂƌŐŽƐ ͘ ʹdĞŶŐŽĞŶƚĞŶĚŝĚŽƋƵĞĞƐƐſůŽƉƌŽǀŝƐŝŽŶĂůŵĞŶƚĞ͕ƐĞŹŽƌ ʹEŽƐĞũƵƐƚŝĨŝƋƵĞ͕ŶĚƌĠƐ͕ƐĂďĞƋƵĞĐŽŶŵŝŐŽŶŽĞƐŶĞĐĞƐĂͲ ͘ ƌŝŽʹĂƐĞǀĞƌſĞůĐŽŵŝƐĂƌŝŽʹ͘^ĠĚĞƐƵǀĂůşĂƉƌŽĨĞƐŝŽŶĂůƐƚŽǇƐĞŐƵͲ ƌŽ ĚĞ ƋƵĞ ƚĂŶƚŽ ƵƐƚĞĚ ĐŽŵŽ ƐƵ ĐŽŵƉĂŹĞƌĂ DĂƌşĂ ŚŝĐŝĞƌŽŶ ƵŶ ƚƌĂďĂũŽĐĂďĂůĞŶƐƵĂŶƚĞƌŝŽƌƵŶŝĚĂĚ͕ůĂhŶŝĚĂĚĚĞĞůŝƚŽƐĐŽŶſͲ ͘ ŵŝĐŽƐEŽĚĞďĞĂƌƌĞƉĞŶƚŝƌƐĞĚĞŶĂĚĂƐŝĞƐƚĄĐŽŶǀĞŶĐŝĚŽĚĞƋƵĞ ͘ ŚŝǌŽůŽƋƵĞĚĞďşĂ͕ǇǇŽŶŽƚĞŶŐŽĚƵĚĂĚĞƋƵĞĨƵĞĂƐş ůĐŽŵŝƐĂƌŝŽĂŶƚſŶĂďĂŶĚŽŶſ͕ĐŽŶƉĂƐŽĐŽƌƚŽǇŵŝƌĂĚĂĨŝͲ ũĂĞŶŶĚƌĠƐ͕ƐƵƉŽƐŝĐŝſŶƚƌĂƐůĂŽƐƚĞŶƚŽƐĂŵĞƐĂĚĞĐĂŽďĂĚĞƐƵ ͘ ĚĞƐƉĂĐŚŽ ʹsĂŵŽƐŚŽŵďƌĞ͕ŶŽƐĞƉƌĞŽĐƵƉĞ͕ƐĂďĞƋƵĞƚŝĞŶĞƚŽĚŽŵŝ ĂƉŽǇŽ ʹĚŝũŽ Ğů ĐŽŵŝƐĂƌŝŽ ĞŶ ƚŽŶŽ ĚĞƐĞŶĨĂĚĂĚŽ͕ Ăů ƚŝĞŵƉŽ ƋƵĞ ĐŽůŽĐĂďĂƐƵŵĂŶŽĞŶĞůŚŽŵďƌŽĚĞůŝŶƐƉĞĐƚŽƌĐŽŵŽŵƵĞƐƚƌĂĚĞ ĐƵĂŶƚŽ ĚĞĐşĂʹ͘ z ůĞǀĂŶƚĞ ĞƐĂ ŵŝƌĂĚĂ͕ ŶŽ ƚŝĞŶĞ ŶĂĚĂ ĚĞ ůŽ ƋƵĞ ĂǀĞƌŐŽŶǌĂƌƐĞʹŝŶƐŝƐƚŝſĞůĐŽŵŝƐĂƌŝŽĂůƉĞƌĐĂƚĂƌƐĞĚĞůĂƉƌĞŽĐƵƉĂͲ ĐŝſŶĚĞƐƵŝŶƚĞƌůŽĐƵƚŽƌƉŽƌůĂĞǆĐƵůƉĂĐŝſŶĚĞ'ƌĂĐŝĂʹ͘ƐƚŽǇĐŽŶͲ ͘ ǀĞŶĐŝĚŽĚĞƋƵĞŶŽƐĞƚƌĂƚĂŵĄƐƋƵĞĚĞƚƌĂďĂƐƉƌŽĐĞƐĂůĞƐ^ĞŐƵƌŽ

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͘ ƋƵĞƵƐƚĞĚĞƐŚŝĐŝĞƌŽŶďŝĞŶƐƵŝŶǀĞƐƚŝŐĂĐŝſŶdŽĚŽƐƐĂďĞŵŽƐĐſŵŽ ͘ ĨƵŶĐŝŽŶĂŶĂůŐƵŶŽƐũƵǌŐĂĚŽƐ ͘ ͘ ʹ'ƌĂĐŝĂƐ͕ƐĞŹŽƌ^ƵĂƉŽǇŽĞƐŵƵǇŝŵƉŽƌƚĂŶƚĞƉĂƌĂŵş ͘ ʹWƵĞĚĞĐŽŶƚĂƌĐŽŶŵŝŐŽƉĂƌĂůŽƋƵĞŶĞĐĞƐŝƚĞƐƵƐƚĞĚƚƌĂͲ ͘ ďĂũĂĚŽƌǇďƌŝůůĂŶƚĞDĞŐƵƐƚĂƐƵŝŶŝĐŝĂƚŝǀĂ͕ƐƵĚĞƐƉĂƌƉĂũŽ͕ƐƵĐƌĞĂͲ ƚŝǀŝĚĂĚʹĂďƵŶĚſĞůĐŽŵŝƐĂƌŝŽĂůƚŝĞŵƉŽƋƵĞ ŐƵŝŹĂďĂƵŶŽ ĚĞƐƵƐ ŽũŽƐĂŶĚƌĠƐǇůĞĚĂĚĂƵŶĂƉĂůŵĂĚŝƚĂĞŶůĂĞƐƉĂůĚĂŝŶǀŝƚĄŶĚŽůĞĂ ͘ ĂďĂŶĚŽŶĂƌĞůĚĞƐƉĂĐŚŽ ʹ>ĞĚĞƐĞĂƌşĂƐƵĞƌƚĞ͕ƉĞƌŽƵƐƚĞĚŶŽůĂŶĞĐĞƐŝƚĂʹĚŝũŽĞůĐŽͲ ͘ ŵŝƐĂƌŝŽĨŝŶĂůŵĞŶƚĞŵŝĞŶƚƌĂƐůĞĂĐŽŵƉĂŹĂďĂĂůĂƉƵĞƌƚĂĚĞƐĂůŝĚĂ  zĞůŝŶƐƉĞĐƚŽƌǇĂƐĞĚŝƐƉŽŶşĂĂĂďĂŶĚŽŶĂƌůĂĞƐƚĂŶĐŝĂĐƵĂŶͲ ĚŽ͕ĚĞƌĞƉĞŶƚĞ͕ ƐĞƉĂƌſĞŶƐĞĐŽǇƐĞŐŝƌſĐŽŵŽƵŶƌĞůĄŵƉĂŐŽ ͘ ďƵƐĐĂŶĚŽĂůŐŽĂƐƵƐĞƐƉĂůĚĂƐ ʹ͎YƵĠ ůĞ ŽĐƵƌƌĞ͕ ƋƵĠ ďƵƐĐĂ ʹŝŶƋƵŝƌŝſ ƐŽƌƉƌĞŶĚŝĚŽ Ğů ĐŽͲ ͍ ŵŝƐĂƌŝŽĂŶƚſŶǀŝĞŶĚŽĞůŝŶĞƐƉĞƌĂĚŽŵŽǀŝŵŝĞŶƚŽĚĞƐƵƐƵďŽƌĚŝͲ ͘ ŶĂĚŽ ʹWĞƌĚŽŶĞ͕ƐĞŹŽƌ͕ŵĞƉĂƌĞĐşĂŚĂďĞƌǀŝƐƚŽĂĂůŐƵŝĞŶƌĞĨůĞũĂͲ ĚŽĞŶĞůĐƌŝƐƚĂů͕ƚƌĂƐŶŽƐŽƚƌŽƐ͕ƐĞŶƚĂĚŽĞŶƐƵƐŝůůſŶʹŝŶƚĞŶƚſũƵƐƚŝͲ ĨŝĐĂƌƐĞĂůĐŽŵƉƌŽďĂƌƋƵĞŶĂĚŝĞŵĄƐŽĐƵƉĂďĂĂƋƵĞůůĂŚĂďŝƚĂĐŝſŶ͕ ĂƉĞƐĂƌĚĞƋƵĞĞůƐŝůůſŶĚĞůƋƵĞĂĐĂďĂďĂĚĞůĞǀĂŶƚĂƌƐĞĞůĐŽŵŝƐĂͲ ͘ ƌŝŽŐŝƌĂďĂĚĞĨŽƌŵĂŝŶĞǆƉůŝĐĂďůĞ ͘ ͘ ʹƵĞŶŽ͕ŶĚƌĠƐ͕ ďƵĞŶŽ dƌĂŶƋƵŝůşĐĞƐĞ dŽĚŽƐŚĞŵŽƐ ƚĞŶŝͲ ͘ ĚŽ ŵĂůŽƐ ŵŽŵĞŶƚŽƐ ĞŶ ĂůŐƵŶĂ ŽĐĂƐŝſŶ ĚĞ ŶƵĞƐƚƌĂ ǀŝĚĂ ů ĞƐͲ ͘  ƚƌĠƐ zĂ ƐĂďĞ ƉƵĞĚĞ ůůĞŐĂƌ Ă ƐĞƌ ĚĞŵŽůĞĚŽƌ ^ŝ ŶĞĐĞƐŝƚĂ ƵŶŽƐ ͕ ͙ ĚşĂƐĚĞĚĞƐĐĂŶƐŽ ͙ ͲEŽ͕ŶŽ͕ƚĂŶƐſůŽŚĂƐŝĚŽ ͙ ͘ ʹŽŶĨşĞ ĞŶ ƵƐƚĞĚ ŵŝƐŵŽ͕ŶĚƌĠƐ  ǀĞĐĞƐ͕ ůĂ ǀŝĚĂ ŶŽƐ ƐŽͲ ŵĞƚĞ Ă ƉƌƵĞďĂƐ͕ Ă ƐŝƚƵĂĐŝŽŶĞƐ͕ Ă ŽďƐƚĄĐƵůŽƐ͕ ƋƵĞ ƐſůŽ ůŽƐ ŵĄƐ ͘ ƉƌĞƉĂƌĂĚŽƐƉƵĞĚĞŶƐƵƉĞƌĂƌEŽƚŽĚŽůŽƋƵĞǀĞĂƉƵĞĚĞƐĞƌƌĞĂů ͘ ͕ ĂůŝŐƵĂůƋƵĞŶŽƐŝĞŵƉƌĞƉŽĚĞŵŽƐůůĞŐĂƌĂǀĞƌƚŽĚĂůĂƌĞĂůŝĚĂĚ  ůŝŶƐƉĞĐƚŽƌƐĞƋƵĞĚſĐŽŵŽƵŶƉĂƐŵĂƌŽƚĞŵŝƌĂŶĚŽĞǆƚƌĂͲ ŹĂĚŽĂůĐŽŵŝƐĂƌŝŽĂŶƚſŶŵŝĞŶƚƌĂƐĠƐƚĞĐĞƌƌĂďĂůĂƉƵĞƌƚĂĚĞƐƵ

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͊ ͋͞ůĐĂƐŽ'ƌĂĐŝĂʹŶĚƌĠƐĐĂǇſĞŶůĂĐƵĞŶƚĂĚĞƋƵĞĚĞďşĂ ͟ ĚĞů ƐƵďĐŽŵŝƐĂƌŝŽ dƌĞǀŝŹŽ ƉĂƌĂ ĂĐĂďĂƌ ĚĞ ƌĞŐƌĞƐĂƌ Ă ƉƌĞƐĞŶĐŝĂ ͘ ƌĞĐŝďŝƌĞůĐŚŽƌƌĞŽĚĞƐƵƐƵƉĞƌŝŽƌ ʹ͎WŽƌ ĚſŶĚĞ ŶŽƐ ŚĂďşĂŵŽƐ ƋƵĞĚĂĚŽ ʹƉƌĞŐƵŶƚſ Ğů ƐƵďͲ ͊ ͍ ͋͘ŚƐş^ĞĞƐƚĂͲ ĐŽŵŝƐĂƌŝŽĂŶĚƌĠƐǇĂĚĞǀƵĞůƚĂĂƐƵĚĞƐƉĂĐŚŽʹ ͘ ďĂƵƐƚĞĚĞǆĐƵƐĂŶĚŽƉŽƌƐƵŶĞĨĂƐƚĂĂĐƚƵĂĐŝſŶĞŶĞůĐĂƐŽ'ƌĂĐŝĂ  ʹŶ ŵŝ ŽƉŝŶŝſŶ͕ ǇŽ ŶŽ ƚĞŶŐŽ ƋƵĞ ĞǆĐƵƐĂƌŵĞ ĚĞ ŶĂĚĂ ĞŶ ĂďƐŽůƵƚŽʹĐŽŶƚƌĂĂƚĂĐſĞůŝŶƐƉĞĐƚŽƌʹ͘,ŝĐĞĐƵĂŶƚŽĚĞďşĂŚĂĐĞƌ͕Ŷŝ ͘ ŵĄƐŶŝŵĞŶŽƐ ʹEŽƐĞũƵƐƚŝĨŝƋƵĞůďĞƌŽ͕ǇŽůĞĐŽŶŽǌĐŽĂůĂƉĞƌĨĞĐĐŝſŶʹůĞ ŝŶĐƌĞƉſ Ğů ƐƵďĐŽŵŝƐĂƌŝŽ ŝŶƚĞŶƚĂŶĚŽ ƌĞĂĐĐŝŽŶĂƌ Ă ůĂ ŝŵƉƵůƐŝǀĂ ƌĞƐƉƵĞƐƚĂ ĚĞ ƐƵ ŝŶƚĞƌůŽĐƵƚŽƌʹ͘ hƐƚĞĚ ĞƐ ĚĞ ůŽƐ ƋƵĞ ĐƌĞĞ ƚĞŶĞƌ ͘ ͘ ƐŝĞŵƉƌĞůĂƌĂǌſŶ^ĞĐŽŶƐŝĚĞƌĂƐƵƉĞƌŝŽƌĂůŽƐĚĞŵĄƐůũĞĨĞĚĞƐƵ ĂŶƚĞƌŝŽƌ ƵŶŝĚĂĚ͕ ůĂ hŶŝĚĂĚ ĚĞ ĞůŝƚŽƐ ĐŽŶſŵŝĐŽƐ͕ ǇĂ ŵĞ ŚĂ ƉƵĞƐƚŽĂůĚşĂĚĞƚŽĚŽůŽŽĐƵƌƌŝĚŽǇ͕ůĂǀĞƌĚĂĚ͕ǀĞŽƋƵĞƐƵĂĐƚŝƚƵĚ ŶŽĚŝĨŝĞƌĞŵƵĐŚŽĚĞůĂƋƵĞŚĂůůĞǀĂĚŽĞŶĞƐƚĂƵŶŝĚĂĚĚĞƐĚĞƐƵ ͘ ůůĞŐĂĚĂ >Ă ŝŶƐƵďŽƌĚŝŶĂĐŝſŶ ĞƐ ƐƵ ƉƌŝŶĐŝƉĂů ǀŝƌƚƵĚ͕ ůďĞƌŽ ŶŽ ͖ ƌĞƐƉĞƚĂůĂũĞƌĂƌƋƵşĂǀĂĂƐƵĂŝƌĞŶŽƐĞƐŽŵĞƚĞĂĚŝƌĞĐƚƌŝĐĞƐĚĞ ͖ ͖ ŶŝŶŐƷŶƚŝƉŽŶŽĂƚŝĞŶĚĞĂůŽƐƌĞƋƵĞƌŝŵŝĞŶƚŽƐĚĞƐƵƐƐƵƉĞƌŝŽƌĞƐ ͙ ͖ EŽůŽŚŝǌŽĞŶƐƵĂŶƚĞƌŝŽƌƵŶŝĚĂĚǇƚĂŵƉŽĐŽůŽǀŝĞŶĞŚĂĐŝĞŶĚŽĞŶ ͘ ĠƐƚĂz͕ĐůĂƌŽ͕ĂƐşůĞĨƵĞĞŶĂƋƵĠůůĂǇĂƐşůĞǀĂĞŶĠƐƚĂ ŶĚƌĠƐ͕ƋƵĞŚĂďşĂĐŽŵĞŶǌĂĚŽĂƐĞŶƚŝƌĐſŵŽƐƵƌĞƐƉŝƌĂĐŝſŶ ǇƐƵĐŽƌĂǌſŶƐƉƌŝŶƚĂďĂŶƚĂůĐƵĂůǀĞůŽĐŝƐƚĂĞŶůĂƌĞĐƚĂĨŝŶĂůĚĞƐƵ ĐĂƌƌĞƌĂ͕ĂƉƌŽǀĞĐŚſĞůŵĄƐŵşŶŝŵŽŝŶƐƚĂŶƚĞƋƵĞƐƵƐƵƉĞƌŝŽƌĐĂͲ ͘ ůůĂďĂƉĂƌĂƚŽŵĂƌĂŝƌĞ͕ǇĐŽŶƚƌĂĂƚĂĐſ ʹ^ĞŹŽƌ͕ŶŽŝŶƚĞŶƚŽŵĄƐƋƵĞŚĂĐĞƌŵŝƚƌĂďĂũŽĐŽŶůĂŵĂǇŽƌ ͘ ĚŝŐŶŝĚĂĚ ƉŽƐŝďůĞ >Ž ŝŶƚĞŶƚŽ ŚŽǇ͕ ůŽ ŝŶƚĞŶƚĠ ĂǇĞƌ Ǉ ůŽ ŝŶƚĞŶƚĂƌĠ ͘ ƐŝĞŵƉƌĞƵĂŶĚŽũƵƌĠƐĞƌǀŝƌĂŵŝƉĂşƐǇĂůĂ>ĞǇĐŽŵŽƉŽůŝĐşĂ ͙ ͊ ͋ ʹĄůůĞƐĞ͕ůďĞƌŽ͕ĐĄůůĞƐĞʹůĞŝŶƚĞƌƌƵŵƉŝſĚĞƐƉſƚŝĐĂŵĞŶƚĞ ĞůƐƵďĐŽŵŝƐĂƌŝŽʹ͘EŽĞƐĐĂƉĂǌŶŝĚĞƌĞĐŽŶŽĐĞƌƐƵƐŵĄƐĞůĞŵĞŶƚĂͲ ͘ ůĞƐĞƌƌŽƌĞƐ>ĞƌĞƉŝƚŽƵŶĂǀĞǌŵĄƐƋƵĞůĂƵĚŝĞŶĐŝĂůĞŚĂƋƵŝƚĂĚŽ ůĂƌĂǌſŶ'ƌĂĐŝĂŚĂƋƵĞĚĂĚŽůŝďƌĞĚĞůŽƐĐĂƌŐŽƐĐƌŝŵŝŶĂůĞƐƋƵĞƐĞ ͖ ͘ ůĞŝŵƉƵƚĂďĂŶ^ĂďĞƵƐƚĞĚƋƵĠƉĞƌũƵŝĐŝŽƐŚĂĐĂƵƐĂĚŽĂĞƐĞŚŽŵͲ ͎ 


ďƌĞǇĂƐƵĨĂŵŝůŝĂzĂĞƐƚĞĐƵĞƌƉŽĚĞƉŽůŝĐşĂĂůƋƵĞƚĂŶĂůĂůŝŐĞƌĂ ͍ ĂĨŝƌŵĂŚĂďĞƌũƵƌĂĚŽůĞĂůƚĂĚ ͕͎ƐĂďĞĞůŵĂůƋƵĞƵƐƚĞĚůĞŚĂŽĐĂƐŝŽͲ ͘ ŶĂĚŽ,ĞŵŽƐƋƵĞĚĂĚŽĞŶĞůŵĄƐĂďƐŽůƵƚŽ ĚĞůŽƐƌŝĚşĐƵůŽƐ DĂͲ ͘ ŹĂŶĂ͍͕ ůĂƉƌĞŶƐĂŶŽƐŚĂƌĄƚƌŝǌĂƐƐƵŶŝŶƷƚŝů͕ŶŽŵĞƌĞĐĞĞůƵŶŝĨŽƌͲ ͘ ŵĞƋƵĞǀŝƐƚĞŶŝĞůƐĂůĂƌŝŽƋƵĞĞƐƚĞďĞŶĚŝƚŽĐƵĞƌƉŽůĞƌĞŐĂůĂ DşͲ ƌĞƐĞ͕ ĚĞďĞƌşĂ ƐĞŶƚŝƌ ƉĞŶĂ ĚĞ ͘ ƵƐƚĞĚ ŵŝƐŵŽ͕ ŶŽ ĞƐ ŵĄƐ ƋƵĞ ƵŶ ĚĞƐƉŽũŽ͕ƵŶĚĞƐĞĐŚŽƉŽůŝĐŝĂůWŽƌƋƵĠŶŽĂďĂŶĚŽŶĂĞƐƚĂƵŶŝĚĂĚ ͎ ǇŶŽƐŚĂĐĞƵŶĨĂǀŽƌĂƚŽĚŽƐ ͘ ŶĚƌĠƐŶŽƉƵĚŽŵĄƐ͍ƉƌĞƚſůŽƐƉƵŹŽƐŚĂƐƚĂĚĞũĂƌƐĞŵĂƌͲ ĐĂĚĂƐůĂƐƵŹĂƐƐŽďƌĞůĂƐƉĂůŵĂƐĚĞůĂƐŵĂŶŽƐǇƐĞĂďĂůĂŶǌſƐŽďƌĞ ͘ ĞůƐƵďĐŽŵŝƐĂƌŝŽ>ŽĂŐĂƌƌſĚĞůĐƵĞůůŽ͕ůŽƚŝƌſĂůƐƵĞůŽǇĐŽŵĞŶǌſĂ ŐŽůƉĞĂƌůĞĞŶůĂďŽĐĂŚĂƐƚĂŚĂĐĞƌůĞƚƌĂŐĂƌ͕ƵŶŽĂƵŶŽ͕ĐĂĚĂƵŶŽĚĞ ͊ ͘ ƐƵƐĚŝĞŶƚĞƐ͋͞DĂůĚŝƚŽĐĂĨƌĞ͕ǀĂƐĂŵĂĐŚĂĐĂƌĂƋƵŝĞŶǇŽƚĞĚŝŐĂ ͟ ^ƵŝůƵƐŝſŶ͕ ĞƐĂ ǀŝŽůĞŶƚĂĂďƐƚƌĂĐĐŝſŶ ŵĞŶƚĂů ĐŽŶ ůĂƋƵĞŶͲ ĚƌĠƐĐŽŶƐĞŐƵşĂĞǀĂĚŝƌƐĞŝŵĂŐŝŶĂƌŝĂŵĞŶƚĞǇƐƵƉĞƌĂƌůŽƐŚĂďŝƚƵĂͲ ůĞƐ ŝŶƐƵůƚŽƐ Ǉ ĂŵĞŶĂǌĂƐ ĚĞů ƐƵďĐŽŵŝƐĂƌŝŽ͕ ƋƵĞĚſ ƉĂƌĂůŝǌĂĚĂ ĚĞ ƌĞƉĞŶƚĞ͕ĐƵĂŶĚŽƐĞƉĞƌĐĂƚſĚĞƋƵĞĞŶůĂƉĂƌĞĚƋƵĞƚĞŶşĂũƵƐƚŽ ĚĞůĂŶƚĞ͕ƐŽďƌĞĚĞůƐŝůůſŶĚĞƐƵƐƵƉĞƌŝŽƌ͕ŚĂďşĂƵŶĂƉĞƋƵĞŹĂƉŝǌĂͲ ͗ ƌƌĂƋƵĞĐŽŶƚĞŶşĂƵŶĂĨƌĂƐĞƉŽƌŶĚƌĠƐĐŽŶŽĐŝĚĂ͞zŽ͕ĚĞŵĂǇŽƌ͕ ͘ ƋƵŝĞƌŽƐĞƌƉŽůŝĐşĂ ͘ ͘ EŽ ƉŽĚşĂ͟ƐĞƌ ƌĂ ŝŶĐƌĞşďůĞ Ŷ ůĂ ƉŝǌĂƌƌĂ ƌĞǌĂďĂ͕ ƚĂů ĐƵĂů͕ ĂƋƵĞůůĂĨƌĂƐĞĂƋƵĠůůĂƋƵĞƵŶĚşĂĂŶƚĞƐƐƵŚŝũĂůĞŚĂďşĂŵƵƐŝƚĂĚŽ ͖ ĂůĂďĂŶĚŽŶĂƌƐƵĚŽŵŝĐŝůŝŽĂƋƵĠůůĂƋƵĞĞůůŝďƌŽĚĞůďĂŶĐŽĚĞŵĂͲ ͖ ĚĞƌĂ ĚĞů ƉĂƐĞŽ ŵĂƌşƚŝŵŽ ƚĂŵďŝĠŶ ƌĞĐŽŐşĂ ĞŶ ůĂ ƉƌŝŵĞƌĂ ĚĞ ƐƵƐ ͘ ƉĄŐŝŶĂƐzŚĂďƌşĂũƵƌĂĚŽĞŶĂƋƵĞůŵŽŵĞŶƚŽƋƵĞůĂůĞƚƌĂĚĞĂƋƵĞů ͘ ƉĞƋƵĞŹŽĞŶĐĞƌĂĚŽŶŽĞƌĂĚĞŽƚƌĂƉĞƌƐŽŶĂŵĄƐƋƵĞĚĞƐƵŚŝũĂ DŝĞŶƚƌĂƐ͕ĞůƐƵďĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽ͕ ĨŝĞůĂůĞŶĞƌŐƷŵĞŶŽ ƋƵĞ ůůĞǀĂďĂ ĚĞŶƚƌŽ͕ ĐŽŶƚŝŶƵĂďĂ ůĂŶǌĂŶĚŽ ŝŵƉƌŽƉĞƌŝŽƐ Ă ĚŝĞƐƚƌŽ Ǉ ͘ ƐŝŶŝĞƐƚƌŽĐŽŶƚƌĂƐƵƐƵďŽƌĚŝŶĂĚŽ

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ƚĂďĂĞŶĚĞŵŽŶŝĂĚŽ͕ƋƵĞĂƋƵĞůůŽƐŝŶĐƌĞşďůĞƐůĂƚŝŐĂǌŽƐĚĞŝŶƚƵŝĐŝſŶ ƋƵĞůĞůůĞǀĂďĂŶĂƌĞƐŽůǀĞƌĚĞƵŶŵŽĚŽƚĂŶƐŽƌƉƌĞŶĚĞŶƚĞůŽƐŵĄƐ ĞŶƌĞǀĞƐĂĚŽƐ ĐƌşŵĞŶĞƐ͕ ŶŽ ĞƌĂŶ ƐŝŶŽ ĨƌƵƚŽ ĚĞ ƵŶ ƉĂĐƚŽ ĐŽŶ Ğů ŵŝƐŵşƐŝŵŽ ĚŝĂďůŽ͕ ƋƵĞ ůĞ ƐƵƐƵƌƌĂďĂ Ăů ŽşĚŽ ůĂ ƉŝƐƚĂ ĐůĂǀĞ͕ ĞƐĞ ǀĞƐƚŝŐŝŽŝŶĂůĐĂŶǌĂďůĞĂůŽƐĚĞŵĄƐ͕ƉĂƌĂůůĞŐĂƌĂůĞƐĐůĂƌĞĐŝŵŝĞŶƚŽ ͘ ĚĞĐĂĚĂĐĂƐŽ͞ƐĞďƌŝůůŽĞŶĞůŽũŽĞƐƐŝŶŝĞƐƚƌŽ ŶŽƉƵĞĚĞƐĞƌĚĞ ͖ ĞƐƚĞŵƵŶĚŽʹƐŽůşĂƌĞƉĞƚŝƌĐŽŶĚĞƐĐĂƌŽʹ͘zĞƐƋƵĞĐƵĂůƋƵŝĞƌĞƐͲ ͟ ƚƌĂƚĞŐŝĂ͕ƉŽƌŝŶĐŽŶĐĞďŝďůĞƋƵĞƉĂƌĞĐŝĞƌĂ ͕ ĞƌĂďƵĞŶĂƐŝĞŵƉƌĞƋƵĞ ƐŝƌǀŝĞƌĂƉĂƌĂĚĞƐĂĐƌĞĚŝƚĂƌĂŶĚƌĠƐůďĞƌŽǇ͕ ĚĞƉĂƐŽ͕ŐĂŶĂƌƐĞůĂ ͘ ĐŽŶĨŝĂŶǌĂĚĞƐƵĞŶĚŝŽƐĂĚŽdƌĞǀŝŹŽ EŽĞŶǀĂŶŽ͕ĂŵďŽƐŚĂďşĂŶ ͗ ƐĞŐƵŝĚŽ ŚĂƐƚĂĞŶƚŽŶĐĞƐƵŶĂ ĐĂƌƌĞƌĂ ƉĂƌĞĐŝĚĂ ƵŶŝǀĞƌƐŝƚĂƌŝĂ͕ƉŽƌ ƐƵƉƵĞƐƚŽ ʹĚĞ ĂŚş͕ ƐĞŐƷŶ ƉŽƐƚƵůĂďĂŶ͕ ƐƵ ƐĂďŝĚƵƌşĂ ƵŶŝǀĞƌƐĂůʹ͖ ĞŶĐŚƵĨĞƚƌĂƐĞŶĐŚƵĨĞĞŶƐƵƐĚĞƐƚŝŶŽƐƉĞůŽƚĞŽƐŝƐƚĞŵĄƚŝĐŽĂƐƵƐ ͖ ƌĞƐƉĞĐƚŝǀŽƐ ƐƵƉĞƌŝŽƌĞƐ Ǉ͕ ĞŶ ƷůƚŝŵĂ ŝŶƐƚĂŶĐŝĂ͕ Ɛŝ ĞƌĂ ŵĞŶĞƐƚĞƌ͕ ͘ ĂĐŽƐŽǇĚĞƌƌŝďŽĂƋƵŝĞŶƐĞŝŶƚĞƌƉƵƐŝĞƌĂĞŶƐƵĐĂŵŝŶŽ sĂŵŽƐ͕ůŽ ƋƵĞƐƵĞůĞĐŽŶŽĐĞƌƐĞĐŽŵŽƵŶŽƐƚƌĞƉĂƐĞŶƚŽĚĂƌĞŐůĂ͕ ƵŶŽƐŝŶƚĞͲ ƌĞƐĂĚŽƐ͕ ĐĂƌĞŶƚĞƐ ĚĞ ĞƐĐƌƷƉƵůŽƐ͕ Ǉ ŽďƐĞƐŝŽŶĂĚŽƐ ƉŽƌ ĂƐĐĞŶĚĞƌ ͘ ƐŽĐŝĂůǇƉƌŽĨĞƐŝŽŶĂůŵĞŶƚĞĂĐŽƐƚĂĚĞůŽƋƵĞĨƵĞƌĂ ^ŝŶĞŵďĂƌŐŽ͕ ĂŵďŽƐĞƐƚĂďĂŶʹǇůŽƐĂďşĂŶʹĂĂŹŽƐůƵǌĚĞ ŶĚƌĠƐĚĞƐƵĐĂƉĂĐŝĚĂĚĚĞƚƌĂďĂũŽǇůŝĚĞƌĂǌŐŽ͕ĚĞƐƵŝůƵƐŝſŶ͕ĚĞ ͖ ƐƵďƌŝůůĂŶƚĞǌ͕ĚĞ ƐƵŐĞŶŝĂůŝĚĂĚ͕ĚĞ ƐƵĨƌĞƐĐƵƌĂǇ ĐƌĞĂƚŝǀŝĚĂĚĚĞƐͲ ͘ ďŽƌĚĂŶƚĞƐ͕ĚĞƐƵŝŶƚƵŝĐŝſŶƉŽƌƚĞŶƚŽƐĂůƉƌĞƐƚŝŐŝŽĚĞůŝŶƐƉĞĐƚŽƌ ůďĞƌŽŚĂďşĂůůĞŐĂĚŽĂƚĂůƉƵŶƚŽƋƵĞŝŶĐůƵƐŽĞůŵŝƐŵşƐŝŵŽĐŽŵŝͲ ƐĂƌŝŽĂŶƚſŶƐŽůşĂƌĞƋƵĞƌŝƌůŽĂƐƵƉƌĞƐĞŶĐŝĂ͕ ĐŽŶĐƵĂůƋƵŝĞƌĞǆĐƵͲ ͘ ƐĂ͕ƉĂƌĂƉĞĚŝƌůĞŽƉŝŶŝſŶĂŶƚĞƐĚĞƚŽŵĂƌƵŶĂĚĞĐŝƐŝſŶŝŵƉŽƌƚĂŶƚĞ z ƚĂů ŶŽƚŽƌŝĞĚĂĚ͕ ƚĂů ƌĞƉƵƚĂĐŝſŶ Ǉ ƚĂů ƉŽƉƵůĂƌŝĚĂĚ͕ ŝŶĐƵĞƐƚŝŽŶĂͲ ďůĞƐƉĂƌĂůĂŵĂǇŽƌşĂ͕ŶŽŚĂĐşĂŶƐŝŶŽƉƌŽǀŽĐĂƌůĞƐĂĞůůŽƐĚŽƐ͕dƌĞͲ ǀŝŹŽǇ^ĂďŝŶŽ͕ůĂƉĞůƵƐĂŝƌƌĞĨƌĞŶĂďůĞ͕ŝŶƐƵƉĞƌĂďůĞ͕ƉƌŽƉŝĂĚĞůĂƐ ƉĞƌƐŽŶĂƐ ŵĞĚŝŽĐƌĞƐ ƋƵĞ ŶŽ ĂĐĞƉƚĂŶ ĐŽŶ ŚƵŵŝůĚĂĚ ůĂ ǀĂůŝŽƐĂ ĂƉŽƌƚĂĐŝſŶĚĞĂůŐƵŝĞŶƐŝƚƵĂĚŽĞŶƵŶŶŝǀĞůŝŶĨĞƌŝŽƌĚĞů ĞƐĐĂůĂĨſŶ ͘ ũĞƌĄƌƋƵŝĐŽ

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ƐĂďşĂĂƋƵŝĠŶĂĐƵĚŝƌ͕ ĂƋƵŝĠŶĐŽŶƚĂƌ ĐƵĂŶƚŽ ĞƐƚĂďĂ ƐƵĐĞĚŝĞŶĚŽ ͖ ͘ ĚĞƐĐŽŶĨŝĂďĂĚĞƚŽĚŽǇĚĞƚŽĚŽƐYƵĠƉĞŶƐĂƌşĂŶƐŝůůĞŐĂƌĂĂĚĞƚĂͲ ͎ ůůĂƌ Ğů ĞƉŝƐŽĚŝŽ ĚĞů ůŝďƌŽ hŶ ůŝďƌŽ ƋƵĞ ƌĞŵĞŵŽƌĂďĂĞů ƉĂƐĂĚŽ͕ ͍ ŶĂƌƌĂďĂĞůƉƌĞƐĞŶƚĞǇƉƌĞĚĞĐşĂĞůĨƵƚƵƌŽ zƋƵĠĚĞĐŝƌĚĞƐƵƐǀŝͲ ͎ ƐŝŽŶĞƐĚĞƵŶŶŝŹŽĐƵǇŽƌŽƐƚƌŽŶŽĞƌĂĐĂƉĂǌĚĞŝĚĞŶƚŝĨŝĐĂƌ ĚĞͲ ͍ ŵĄƐ͕ĐĂƐŝĐŽŶƚŽĚĂƐĞŐƵƌŝĚĂĚ͕ĞůůĞŐĂŹŽƐŽĚĞ^ĂďŝŶŽǇĂƐĞŚĂďƌşĂ ĞŶĐĂƌŐĂĚŽĚĞƋƵĞƚĂŶƐſůŽĚŽƐĐůĂƐĞƐĚĞƉĞƌƐŽŶĂƐĐŽŶŽĐŝĞƌĂŶƐƵƐ ǀŝƐŝŽŶĞƐƐŽďƌĞĞůĞŶŝŐŵĄƚŝĐŽĐĂŵďŝŽĚĞŶŽŵďƌĞĚĞůĐĂƌƚĞůĚĞƐƵ ͗ ͘ ĚĞƐƉĂĐŚŽůŽƐǀŝǀŽƐǇůŽƐŵƵĞƌƚŽƐ͋͞sĂŵŽƐ͕ĐſŵŽŝďĂ^ĂďŝŶŽĂ ƉĞƌĚĞƌůĂŽƉŽƌƚƵŶŝĚĂĚĚĞĚĞũĂƌůŽ͕ĐŽŵŽĚĞĐŽƐƚƵŵďƌĞ͕ĞŶƌŝĚşĐƵͲ ͊ ͘ ůŽʹƉĞŶƐĂďĂŶĚƌĠƐ͕ƉĞƐŝŵŝƐƚĂ ͟ ƵƌĂŶƚĞƋƵŝŶĐĞŵŝŶƵƚŽƐĞƐƚƵǀŽƌĞĐŽƌƌŝĞŶĚŽƚŽĚŽƐǇĐĂĚĂ ƵŶŽĚĞůŽƐƉĂƐŝůůŽƐĚĞůĂĐŽŵŝƐĂƌşĂƐŝŶĂƚƌĞǀĞƌƐĞĂĞŶƚƌĂƌĞŶŶŝŶͲ ŐƵŶĂĚĞƐƵƐŽĨŝĐŝŶĂƐŶŝĂŝŶƚĞƌĐĂŵďŝĂƌ ƵŶĂ ƐŽůĂƉĂůĂďƌĂĐŽŶŶŝŶͲ ͘ ͘ ŐƵŶŽĚĞƐƵƐĐŽŵƉĂŹĞƌŽƐ&ŝŶĂůŵĞŶƚĞ͕ĞŶƚƌſĞŶƐƵĚĞƐƉĂĐŚŽ^ŝŶ ĞůƉĂƌƋƵĞƚ͕ƐŝŶůĂƐĐŽƌƚŝŶĂƐĚĞĨŝŶĂƚĞůĂǇƐŝŶůŽƐŵƵĞďůĞƐĚĞĐĂŽďĂ ĐŽŶůŽƐƋƵĞƐşĐŽŶƚĂďĂŶůŽƐĚŽƐĚĞƐƉĂĐŚŽƐĚĞƐƵƐƐƵƉĞƌŝŽƌĞƐƋƵĞ ƉŽĐŽĂŶƚĞƐĂĐĂďĂďĂĚĞĂďĂŶĚŽŶĂƌ͕ĂƋƵĞůůĂĞƐƚĂŶĐŝĂĞƌĂďĂƐƚĂŶƚĞ ŵĄƐƐĞŶĐŝůůĂǇĨƵŶĐŝŽŶĂů͕ĐŽŵŽůĞŐƵƐƚĂďĂĂƐƵŝŶƋƵŝůŝŶŽ͕ĂƵŶƋƵĞ ůŽĐŝĞƌƚŽĞƐƋƵĞĞƐƚĞƷůƚŝŵŽĚĞƚĂůůĞŚƵďŝĞƌĂŝŵƉŽƌƚĂĚŽƉŽĐŽƉĂƌĂ ƋƵĞ ůĂ ĐŽŵƉŽƐŝĐŝſŶ ĚĞ ůĂ ŚĂďŝƚĂĐŝſŶ ŚƵďŝĞƌĂ ƐŝĚŽ ĚŝĨĞƌĞŶƚĞ Ă ͘ ĐŽŵŽ ĞŶ ǀĞƌĚĂĚ ĞƌĂ hŶ ĞƐƚŽƌ ƋƵĞ ĂŹŽƐ ĂƚƌĄƐ ĞƐ ƉŽƐŝďůĞ ƋƵĞ ŚƵďŝĞƌĂ ƐŝĚŽ ĚĞ ĐŽůŽƌ ďůĂŶĐŽ ƵŶĂ ĞƐƚĂŶƚĞƌşĂ ĐŽŶ ĐŝŶĐŽ ďĂůĚĂƐ ͖ ĂƌƋƵĞĂĚĂƐƉŽƌĞůƉĞƐŽƵŶĂƌĐŚŝǀĂĚŽƌŵĞƚĄůŝĐŽĐŽŶƌĂůůĂĚƵƌĂƐƉŽƌ ͖ ƚŽĚĂƐƉĂƌƚĞƐƵŶĂŵĞƐĂĚĞĐŽůŽƌĐůĂƌŽĐŽŶƵŶƉĂƌĚĞĐĂũŽŶĞƐƋƵĞ ͖ ĂĚƵƌĂƐƉĞŶĂƐƉŽĚşĂŶĂďƌŝƌƐĞƵŶƐŝůůſŶĚĞƚĞůĂǀĞƌĚĞƌĂşĚĂǇĚŽƐ ͖ ƐŝůůĂƐ ƚŝƉŽĐŽŶĨŝĚĞŶƚĞĐŽŶ ďĂƐƚĂŶƚĞŵƵŐƌĞ ͙ůĚĞƐƉĂĐŚŽĚĞůŝŶƐͲ ƉĞĐƚŽƌůďĞƌŽ͕ĚĞƉŽĐŽŵĄƐĚĞĚŝĞǌŵĞƚƌŽƐĐƵĂĚƌĂĚŽƐĚĞƐƵƉĞƌͲ ͘ ĨŝĐŝĞ͕ĞƌĂŵĄƐďŝĞŶŵŽĚĞƐƚŽ͞sĂƐĂƐĞƌĞůƷŶŝĐŽŝŶƐƉĞĐƚŽƌĚĞĞƐƚĂ ͊ ͘ ĐŽŵŝƐĂƌşĂƋƵĞŶŽĐŽŵƉĂƌƚĂŽĨŝĐŝŶĂ͋ŶŚŽƌĂďƵĞŶĂ^ƵƉŽŶŐŽƋƵĞ ƚƵ ĞƐƉůĠŶĚŝĚĂ ƚƌĂǇĞĐƚŽƌŝĂ ƚĞŶĚƌĄ ŵƵĐŚŽ ƋƵĞ ǀĞƌ ĐŽŶ ĞůůŽ ʹůĞ ͟ ŚĂďşĂŶĚŝĐŚŽĂůĐŽŵƵŶŝĐĂƌůĞƚĂůŚŽŶŽƌ͕ĞůĚşĂĚĞƐƵůůĞŐĂĚĂĂůĂ ĐŽŵŝƐĂƌşĂʹ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ƵŶŽƐ ĐƵĂŶƚŽƐ ĂŹŽƐ ŵĄƐ ƚĂƌĚĞ ĚĞ ƐƵ 


ŝŶŐƌĞƐŽ ĞŶ ůĂ ƵŶŝĚĂĚ͕ ůŽ ƋƵĞ ͘ ŵĞŶŽƐ ůůĂŵĂďĂ ůĂ ĂƚĞŶĐŝſŶ ĚĞ͘ ůĂ ŚĂďŝƚĂĐŝſŶĞƌĂƐƵĂƵƐƚĞƌŝĚĂĚ͞ĞƚĞŶŝĚŽĞůĂƐĞƐŝŶŽĚĞůƉĠŶĚƵůŽ ͟ ͞>Ă ƉŽůŝĐşĂĂƌƌĞƐƚĂĂůǀŝŽůĂĚŽƌŶŽĐƚƵƌŶŽ͕ ͞>ŽƐ ĚŽƐ ƐĞĐƵĞƐƚƌĂĚŽƐ ͟ ƐŽŶůŝďĞƌĂĚŽƐƉŽƌůĂƉŽůŝĐşĂ͕͞ĞƐĂƌƚŝĐƵůĂĚĂůĂŵĂǇŽƌƌĞĚĚĞƚƌĄͲ ͘ ͟ ƌĂŶƚĂŶƐſůŽĐƵĂƚƌŽĚĞůŽƐŶƵͲ ĨŝĐŽĚĞƐĞƌĞƐŚƵŵĂŶŽƐĚĞůƉĂşƐ ŵĞƌŽƐŽƐ ƌĞĐŽƌƚĞƐ ĚĞ ƉƌĞŶƐĂ ͟ƌĞůĂĐŝŽŶĂĚŽƐ ĐŽŶ ůŽƐ ĐƌşŵĞŶĞƐ ƌĞͲ ƐƵĞůƚŽƐƉŽƌŶĚƌĠƐĞŶůŽƐƷůƚŝŵŽƐƚŝĞŵƉŽƐǇƋƵĞ͕ ĐůĂǀĂĚŽƐĐŽŶ ůůĂŵĂƚŝǀĂƐĐŚŝŶĐŚĞƚĂƐĚĞǀŝǀŽƐĐŽůŽƌĞƐ͕ƉŽĚşĂŶůĞĞƌƐĞĞŶĞůƚĂďůſŶ ͘ ĚĞ ĐŽƌĐŚŽ ƋƵĞ ůƵĐşĂ ĞŶ ĂƋƵĞůůĂ ƐŽďƌŝĂ ĞƐƚĂŶĐŝĂ hŶ ĞŶƚƌĂŹĂďůĞ ĚŝďƵũŽ͕ƚŽĚĂǀşĂŵĄƐ ǀŝǀĂǌĞŶ ƐƵƐĐŽůŽƌĞƐƋƵĞ ůĂƐ ĐŚŝŶĐŚĞƚĂƐ ĐŽŶ ůĂƐƋƵĞůĂƐŶŽƚŝĐŝĂƐƉĞƌŝŽĚşƐƚŝĐĂƐƐĞƐƵũĞƚĂďĂŶĂůƉĂŶĞůĚĞĐŽƌĐŚŽ͕ ͘ ĚĞĐŽƌĂďĂĂũƵĞŐŽĞůƉĞƋƵĞŹŽĚĞƐƉĂĐŚŽ>ĂĚĞĚŝĐĂƚŽƌŝĂƋƵĞƌĞǌĂͲ ďĂďĂũŽůĂĐŽůŽƌŝĚĂĐĂƌŝĐĂƚƵƌĂŶŽĚĞũĂďĂůƵŐĂƌĂĚƵĚĂƐƐŽďƌĞƐƵ ͘ ͗ ͘ ĂƵƚŽƌşĂ͞WĂƌĂĞůŵĞũŽƌƉĂƉĄĚĞůŵƵŶĚŽdĞƋƵĞƌĞŵŽƐhŶĂŹĂͲ ĚŝĚŽĂĚŝĐŚĂĚĞĚŝĐĂƚŽƌŝĂ͕ĐŽŶůĞƚƌĂŵƵĐŚŽŵĄƐĨŝƌŵĞ͕͟ĐŽŵƉůĞƚĂďĂ ĞůĚŝďƵũŽĐŽŶƵŶĐůĂƌŽŵĞŶƐĂũĞĚĞƋƵĞ͕ĞŶĐƵĞƐƚŝŽŶĞƐĐŽŶǇƵŐĂůĞƐ͕ ͘ ĐƵĂůƋƵŝĞƌ ƚŝĞŵƉŽ ƉĂƐĂĚŽ ƉĂƌĞĐşĂ ŚĂďĞƌ ƐŝĚŽ ŵĞũŽƌ ͞z ƉĂƌĂ Ğů ͘ ͘ ŵĞũŽƌŵĂƌŝĚŽĚĞůŵƵŶĚŽzŽƚĂŵďŝĠŶƚĞƋƵŝĞƌŽ ͟ ŶĚƌĠƐƐĞƐĞŶƚſĞŶƐƵƐŝůůſŶǇĞŶĐĞŶĚŝſĞůŽƌĚĞŶĂĚŽƌĐŽŶůĂ ͘ ŝŶƚĞŶĐŝſŶ ĚĞĞŶǀŝĂƌ ƵŶĐŽƌƌĞŽ ĞůĞĐƚƌſŶŝĐŽĂ DĂƌşĂDŝĞŶƚƌĂƐůŽƐ ĐŝƌĐƵŝƚŽƐ ĞůĞĐƚƌſŶŝĐŽƐ ĚĞ ůĂ ĐŽŵƉƵƚĂĚŽƌĂ ŽƌŐĂŶŝǌĂďĂŶ ƐƵ ŝŶĨŽƌͲ ŵĂĐŝſŶ͕ĞůŝŶƐƉĞĐƚŽƌŝŶƚĞŶƚĂďĂ͕ ĞŵďĞůĞƐĂĚŽ͕ƉŽŶĞƌĞŶŽƌĚĞŶůĂ ͗ ĚĞ ƐƵƐ ĐŝƌĐƵŝƚŽƐ ŶĞƵƌŽŶĂůĞƐ ͞ŶƵŶĐĂ ŚĂďşĂ ǀŝǀŝĚŽ ƵŶĂ ƐŝƚƵĂĐŝſŶ ƚĂŶ ĐŽŵƉůĞũĂ ĐŽŵŽ ĠƐƚĂ ʹƐĞ ƌĞƉĞƚşĂ ĐŽŶ ŝŶƐŝƐƚĞŶĐŝĂ Ăů ƚŝĞŵƉŽ ƋƵĞ ĐŽůŽĐĂďĂ ƐƵ ŵĂŶŽ͕͟ ǇĂ ĐĂƐŝ ŝŶƐƚŝŶƚŝǀĂŵĞŶƚĞ͕ ĞŶ ůĂ ƉĂƌƚĞ ŝǌͲ ƋƵŝĞƌĚĂ ĚĞ ƐƵ ƉĞĐŚŽ ƚƌĂƚĂŶĚŽ ĚĞ ĂůŝǀŝĂƌ ĞƐĞ ŵĂůĚŝƚŽ ĚŽůŽƌ ƋƵĞ ͘ ĐŽŶƉĞƌƐŝƐƚĞŶĐŝĂŵĂĐŚĂĐŽŶĂƐĂĐƵĚşĂƐƵƚſƌĂǆ ͗ ͗ ͞Z//EKhEEhsKDE^:ʹŶĚƌĠƐWZŶĚƌĠƐ ͗ ͗ ͘ ͟ ͟ Es/K>1ŚŽǇ͕ŚĂĐĞϭŵŝŶƵƚŽ^hEdK ůĂƌŽƋƵĞŚĂƐǀŝǀŝĚŽ ͟ ǇĂůĂƐŚĂƐŽůǀŝĚĂĚŽ ͘͟ ƐŝƚƵĂĐŝŽŶĞƐƚĂŶĐŽŵƉůĞũĂƐĐŽŵŽĠƐƚĂ ͕͎ ͍

ŶĚƌĠƐ ĞŶƚŽƌŶſůŽƐ ŽũŽƐ͕ŝŶĐƌĠĚƵůŽ ĂŶƚĞůŽƋƵĞĞůŵŽŶŝƚŽƌ ͘ ůĞĞƐƚĂďĂŵŽƐƚƌĂŶĚŽ 


´0HMRUDUHVFDPELDU VHUSHUIHFWRHVFDPELDUDPHQXGRµ ´´ 0HMRUDUHVFDPELDUVHUSHUIHFWRHVFDPELDUDPHQXGR 0HMRUDUHVFDPELDU VHUSHUIHFWRHVFDPELDUDPHQXGR µ µ  :LQVWRQ&KXUFKLOO :LQVWRQ&KXUFKLOO      3ROtWLFREULWiQLFR 3ROtWLFREULWiQLFR ^ZZK>>K>ZZZWZK&^/KE>

hŶĐƵĂƌƚĞůĚĞŝĚĂǇǀƵĞůƚĂ ůŝŶƐƉĞĐƚŽƌĐŽŵĞŶǌſĂůĞĞƌĂƋƵĞůŵŝƐƚĞƌŝŽƐŽŵĞŶƐĂũĞƋƵĞ͕ ͘ ƐĞŐƷŶůĂĐŽŵƉƵƚĂĚŽƌĂ͕ƐĞĂĐĂďĂďĂĚĞƌĞĞŶǀŝĂƌĂƐşŵŝƐŵŽ ͘  ŶƵĞƐƚƌĂ ůůĞŐĂĚĂ͕ ŶĂĚŝĞ ŶŽƐ ĞƐƉĞƌĂďĂ ů ĐĂŵŝſŶ ƋƵĞ ŚĂďşĂŵŽƐĐŽŶƚƌĂƚĂĚŽƉĂƌĂůĂŵƵĚĂŶǌĂŚĂďşĂƐƵĨƌŝĚŽƵŶĂĂǀĞƌşĂ Ǉ͕ƐĞŐƷŶŶŽƐĂĐĂďĂďĂĚĞĚĞĐŝƌƉŽƌƚĞůĠĨŽŶŽƐƵĐŽŶĚƵĐƚŽƌ͕ƚĂƌĚĂƌşĂ ͘ ǀĂƌŝĂƐ ŚŽƌĂƐ ĞŶ ůůĞŐĂƌ dƌĂƐ ĂƉĞĂƌŵĞ ĞŶ ůĂ ƉƵĞƌƚĂ ĚĞů ĐƵĂƌƚĞů Ǉ ƉƌĞƐĞŶƚĂƌŵĞĂů ŐƵĂƌĚŝĂĚĞ ůĂ ĞŶƚƌĂĚĂ͕ĐŽŵĞŶĐĠĂ ĚĞƐĐĂƌŐĂƌůŽƐ ͘ ƉŽĐŽƐďĄƌƚƵůŽƐƋƵĞŚĂďşĂŵŽƐůŽŐƌĂĚŽŵĞƚĞƌĞŶĞůĐŽĐŚĞĂƌŵĞŶ͕ ŵŝŵƵũĞƌ͕ǇůŽƐƉĞƋƵĞŹŽƐŶĚƌĠƐǇĚĞůĂĞƐƉĞƌĂďĂŶĞŶƐƵŝŶƚĞƌŝŽƌ ͘ ƌĞƐŐƵĂƌĚĄŶĚŽƐĞĚĞůĂůůƵǀŝĂ ͗ ŽŵŽ ĞƐƉĞƌĂďĂ͕ ůĂ ůůĞŐĂĚĂ ŶŽ ĨƵĞ ŶĂĚĂ ŚĂůĂŐƺĞŹĂ ůĂ ǀŝͲ ǀŝĞŶĚĂ ĞƐƚĂďĂ ĨƌşĂ Ǉ ĚĞƐƉƌĞŶĚşĂ Ğů ŵŝƐŵŽ ƉĞŶĞƚƌĂŶƚĞ ŽůŽƌ Ă ŚƵŵĞĚĂĚ ƋƵĞ ĚŽƐ ƐĞŵĂŶĂƐ ĂŶƚĞƐ͕ ĐƵĂŶĚŽ ǇŽ ŵŝƐŵŽ ʹŶƵĞƐƚƌĂ ĞĐŽŶŽŵşĂŶŽĞƌĂƉƌĞĐŝƐĂŵĞŶƚĞďŽǇĂŶƚĞʹŚĂďşĂĞƐƚĂĚŽƉŝŶƚĄŶĚŽͲ ͘ ůĂƋƵĞůĚĞƐĂŐƌĂĚĂďůĞŚĞĚŽƌ͕ƋƵĞǇŽƋƵĞƌşĂĐƌĞĞƌŶŽĞƌĂƉĞƌŵĂͲ ŶĞŶƚĞ͕ƐŝŶŽƚĂŶƐſůŽŽƌŝŐŝŶĂĚŽƉŽƌůĂƐƉĞƌƚŝŶĂĐĞƐůůƵǀŝĂƐĚĞůĂĠƉŽͲ ĐĂŝŶǀĞƌŶĂůĞŶůĂƋƵĞŶŽƐĞŶĐŽŶƚƌĄďĂŵŽƐ͕ŶŽŚĂďşĂĚĞƐĂƉĂƌĞĐŝĚŽ ͘ ŶŝĐŽŶĚŽƐŵĂŶŽƐĚĞƉŝŶƚƵƌĂ>ĂĐĂƌĂĚĞĂƌŵĞŶ͕ƋƵĞŚĂƐƚĂĞŶͲ ͘ ƚŽŶĐĞƐŶŽŚĂďşĂǀŝƐƚŽůĂĐĂƐĂ͕ĞƌĂƚŽĚŽƵŶƉŽĞŵĂĞďŽƌĞĐŽŶŽͲ ĐĞƌ ƋƵĞ͕ ƐŝŶ ĞŶƐĞƌĞƐ ĚĞ ŶŝŶŐƷŶ ƚŝƉŽ͕ ƉƌŽǀŽĐĂďĂ ƵŶĂ ŝŶĞǀŝƚĂďůĞ ƐĞŶƐĂĐŝſŶĚĞĚĞƐĂƐŽƐŝĞŐŽƋƵĞŝŶƚĞŶƚĠĂƚĞŶƵĂƌĞŶŵŝƐƚƌĞƐĐŽŵͲ 


͘ ƉĂŹĞƌŽƐĚĞǀŝĂũĞĂŶŝŵĄŶĚŽůŽƐĐŽŶĐĂƌŝŹŽ>ĂŵĄƐŵĞŶƵĚĂŚĂďşĂ ĐŽŵĞŶǌĂĚŽ Ă ůůŽƌĂƌ͕ Ăů ƚŝĞŵƉŽ ƋƵĞ ĐŽŵƉĂƌĂďĂ ŶƵĞƐƚƌĂ ŶƵĞǀĂ ŵŽƌĂĚĂĐƵĂƌƚĞůĞƌĂĐŽŶůĂƋƵĞĂĐĂďĄďĂŵŽƐĚĞĚĞũĂƌĂƚƌĄƐƉĂƌĂ ͘ ͘ ƐŝĞŵƉƌĞ>ŽƐůĂŵĞŶƚŽƐĚĞƐƵŵĂĚƌĞĞƌĂŶƉĂƌĞĐŝĚŽƐ ͊ ʹŶĚƌĠƐ͕͋ƉŽƌŝŽƐƐƚŽŶŽĞƐůŽƋƵĞŵĞŚĂďşĂƐĚŝĐŚŽʹŵĞ ͘ ƌĞĐƌŝŵŝŶĂďĂĂƌŵĞŶĚĞƐĐŽŶƐŽůĂĚĂĐŽŶůŽƐŽũŽƐĞŶƌŽũĞĐŝĚŽƐ  ͘ ,ĂďşĂ ŵƵĐŚŽ ƚƌĂďĂũŽ ƉŽƌ ŚĂĐĞƌ͕ Ǉ ĂƋƵĞů ĚşĂ ĨƵĞ ůĂƌŐŽ ͘ ƵĂŶĚŽ Ğů ĐĂŵŝſŶ Ăů ĨŝŶ ůůĞŐſ͕ ǇĂ ŚĂďşĂ ĂŶŽĐŚĞĐŝĚŽ ^ĞŝƐ ŚŽƌĂƐ ĚĞƐƉƵĠƐ ĚĞ ŶƵĞƐƚƌĂ ůůĞŐĂĚĂ Ă ŵŝ ŶƵĞǀŽ ĚĞƐƚŝŶŽ͕ ŶƵĞƐƚƌŽ ŚŽŐĂƌ ͘ ĞƐƚĂďĂ ůŝƐƚŽ ůŝƐƚŽ ƉĂƌĂ ƉŽĚĞƌ͕ Ăů ŵĞŶŽƐ͕ ĚŽƌŵŝƌ ƐƚƵǀŝŵŽƐ ĚŽƐ ͖ ƐĞŵĂŶĂƐŵĄƐĚĞƐĞŵďĂůĂŶĚŽƚƌĂƐƚŽƐ͕ŚĂĐŝĞŶĚŽĂƌƌĞŐůŽƐ ͕ĐŽůŐĂŶͲ ͘͘ ĚŽǇǀŽůǀŝĞŶĚŽĂĐŽůŐĂƌĐŽƌƚŝŶĂƐ͕ĐƵĂĚƌŽƐ͕ůĄŵƉĂƌĂƐů ͞ ƌĞĐƵĞůͲ ŐƵĞ͕ ĐŽŵŽ ǇŽ ůŽ ďĂƵƚŝĐĠ͕ ƐĞ ĐŽŶǀŝƌƚŝſ ĞŶ ĂůŐŽ ĐĂƐŝ ŚĂďŝƚƵĂů Ăů ͟ ƉƌŝŶĐŝƉŝŽ ǇĞƐƋƵĞĞƌĂƌĂƌŽĞůĚşĂƋƵĞ͕ƚƌĂƐƌĞŐƌĞƐĂƌĚĞŵŝĂŐŽƚĂͲ ͖ ĚŽƌĂũŽƌŶĂĚĂĚĞƚƌĂďĂũŽ͕ĂƌŵĞŶŶŽŵĞĂŶƵŶĐŝĂďĂƋƵĞƚĞŶşĂƋƵĞ ǀŽůǀĞƌĂĐŽůŽĐĂƌĂůŐƵŶĂĐŽƌƚŝŶĂƋƵĞƐĞŚĂďşĂĚĞƐĐŽůŐĂĚŽĚĞůƚĞͲ ͘ ĐŚŽ͕ĐŽŶĂůĐĂǇĂƚĂǇƚĂĐŽŝŶĐůƵŝĚŽƐ͕ƉŽƌůĂĚŝĐŚŽƐĂŚƵŵĞĚĂĚKƚƌĂƐ ǀĞĐĞƐĞƌĂůĂĐĂƉƌŝĐŚŽƐĂĐĂŹĞƌşĂĚĞůďĂŹŽ͕ƋƵĞƉŽƌŵĄƐƋƵĞĞŶŵĂͲ ƐŝůůĂďĂŶŽĚĞũĂďĂĚĞƚŝƌĂƌĂŐƵĂŽƚƌĂƐǀĞĐĞƐ͕ĞƌĂŽƚƌĂĐŽƐĂ͕ǇŽƚƌĂ͕ ͖ ͘ ǇŽƚƌĂ ͞ů ŵĞŶŽƐ ŶŽ ŚĂďşĂŵŽƐ ƚĞŶŝĚŽ ƉƌŽďůĞŵĂĞŶ ŵĂƚƌŝĐƵůĂƌ Ă ŶĚƌĠƐǇĚĞůĂĞŶƵŶďƵĞŶĐŽůĞŐŝŽ͕ƉĞŶƐĂďĂŝŶƚĞŶƚĂŶĚŽƐĞƌƉŽƐŝͲ ͟ ƚŝǀŽĐŽŶĂƋƵĞůŶƵĞǀŽĚĞƐƚŝŶŽ͕ĂƵŶƋƵĞĞŶĞůĨŽŶĚŽƐĂďşĂƋƵĞŶŽ ĞƌĂŵĄƐƋƵĞƵŶĂďƐƵƌĚŽŵŽĚŽĚĞĐŽŶƐŽůĂƌŵĞ͕ĐŽŶŽĐĞĚŽƌĚĞƋƵĞ ĞůĐĞŶƚƌŽŶŽĞƌĂŶŝŵĞũŽƌŶŝƉĞŽƌƋƵĞŽƚƌŽƐ͕ƐŝŶŽĞůƷŶŝĐŽĞǆŝƐƚĞŶƚĞ ͘ ĞŶĂƋƵĞůƉĞƋƵĞŹŽƉƵĞďůŽ ͘ ůƉƌŝŵĞƌĚşĂĚĞƚƌĂďĂũŽƚĂŵƉŽĐŽŚĂďşĂƐŝĚŽƉƌŽŵĞƚĞĚŽƌ  ĞƐƉƵĠƐĚĞŵŝƌĞĐŝĞŶƚĞĂƐĐĞŶƐŽ͕ŵŝŶƵĞǀŽĐĂƌŐŽĐŽŵŽ^ƵďŽĨŝĐŝĂů ͘ :ĞĨĞĚĞƵŶĂƵŶŝĚĂĚĚĞƐĞŐƵƌŝĚĂĚĐŝƵĚĂĚĂŶĂŵĞŝůƵƐŝŽŶĂďĂ^ĂďşĂ ƋƵĞ ůŽƐ ĚĞƐĞŶĐƵĞŶƚƌŽƐ ĞŶƚƌĞ ŵŝ ƉƌĞĚĞĐĞƐŽƌ Ǉ ůŽƐ ŐƵĂƌĚŝĂƐ Ăůůş ͗ ĚĞƐƚŝŶĂĚŽƐ ŚĂďşĂŶ ƐŝĚŽ ĐĂƐŝ ĐŽŶƐƚĂŶƚĞƐ ǀĂƌŝŽƐ ĚĞ ĞůůŽƐ ŚĂďşĂŶ ƐŝĚŽƐĂŶĐŝŽŶĂĚŽƐƉŽƌƐƵƚŝďŝĞǌĂĞŶ ĞůƚƌĂďĂũŽ ĞůĂďƐĞŶƚŝƐŵŽĞƌĂ ͖

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Ŷ ƉŽĐŽ ƚŝĞŵƉŽ ƉƵĚĞ ĐŽŵƉƌŽďĂƌ ĐſŵŽ Ğů ƉĞƌƐŽŶĂů ĚĞ ŵŝ ͗ ŶƵĞǀĂƵŶŝĚĂĚĞƌĂĚŝƐƉĂƌĂůŐƵŶŽƐ͕ůŽƐƋƵĞŚĂƐƚĂĞŶƚŽŶĐĞƐŚĂďşĂŶ ĂƐƵŵŝĚŽ ĞůŐƌƵĞƐŽ ĚĞů ƚƌĂďĂũŽ͕ĞƐƚĂďĂŶ ĂĐĞƉƚĂďůĞŵĞŶƚĞ ĨŽƌŵĂͲ ĚŽƐǇŵŽƚŝǀĂĚŽƐŽƚƌŽƐĚŝƐƉŽŶşĂŶĚĞƵŶĂďƵĞŶĂĨŽƌŵĂĐŝſŶ͕ƉĞƌŽ ͖ ƐƵĞƐƚşŵƵůŽƉŽƌƉŽŶĞƌůĂĞŶƉƌĄĐƚŝĐĂĞƌĂĐĂƐŝŝŶĞǆŝƐƚĞŶƚĞ ƵŶƚĞƌĐĞƌ ͖ ŐƌƵƉŽ ůŽ ĐŽŵƉŽŶşĂŶ ǀĂƌŝŽƐ ŐƵĂƌĚŝĂƐ ǀĞŝŶƚĞĂŹĞƌŽƐ͕ ĐŽŶ ŵƵĐŚŽ ƚŽĚĂǀşĂƉŽƌĂƉƌĞŶĚĞƌĚĞďŝĚŽĂƐƵĞƐĐĂƐŽďĂŐĂũĞƉƌŽĨĞƐŝŽŶĂů͕ƉĞƌŽ ĐŽŶ ŐĂŶĂƐ͕ ĄǀŝĚŽƐ ĚĞŚĂĐĞƌ ŐƌĂŶĚĞƐĐŽƐĂƐ ƉŽƌ ƷůƚŝŵŽ͕ŚĂďşĂƵŶ ͖ ŐƌƵƉŽ͕ ƉŽƌ ĨŽƌƚƵŶĂ ƌĞĚƵĐŝĚŽ͕ ƋƵĞ Ŷŝ ƐĂďşĂ Ŷŝ ƋƵĞƌşĂ Ǉ ƋƵĞ͕ ĂĚĞͲ ŵĄƐ͕ƉĞƌƚƵƌďĂďĂŶůŽƐĄŶŝŵŽƐĚĞŵĞũŽƌĂĚĞĂůŐƵŶŽƐĚĞƐƵƐĐŽŵͲ ͘ ƉĂŹĞƌŽƐ ŽŶĞƐƚĞƉĂŶŽƌĂŵĂ͕ŵŝĐŽŶĨƵƐŝſŶĚƵƌĂŶƚĞůŽƐƉƌŝŵĞƌŽƐŵĞͲ ͘ ƐĞƐ͕ĞŶĐƵĂŶƚŽĂůĞƐƚŝůŽĚĞŵĂŶĚŽĂƉƌĂĐƚŝĐĂƌ͕ĨƵĞĚĞƐĐŽŶĐĞƌƚĂŶƚĞ h ͞ ŶĞƐƚŝůŽĚĞŵĂŶĚŽĚĞŵŽĐƌĄƚŝĐŽ͕ƉĂƌƚŝĐŝƉĂƚŝǀŽ͕ŽƚŽƌŐĂŶĚŽĂƵƚŽͲ ŶŽŵşĂĂůƉĞƌƐŽŶĂů͕ůŝĚĞƌĂŶĚŽƉŽƌĐŽŶǀĞŶĐŝŵŝĞŶƚŽ ͙>ĂƐĞŶƐĞŹĂŶͲ ͟ ǌĂƐ ĚĞůĂĂĐĂĚĞŵŝĂĚĞƐƵďŽĨŝĐŝĂůĞƐ͕ƋƵĞ ƉŽĐŽĂŶƚĞƐŚĂďşĂ ĂďĂŶͲ ͘ ĚŽŶĂĚŽ͕ĞƌĂŶĐůĂƌĂƐƉĞƐĂƌĚĞĞůůŽ͕ůŽĐŝĞƌƚŽĞƐƋƵĞůĂƚĞŽƌşĂƐĞ ĂƉƌĞŶĚĞĐŽŶĨĂĐŝůŝĚĂĚ ͕ ƉĞƌŽƐƵĂƉůŝĐĂĐŝſŶŶŽĞƐƐĞŶĐŝůůĂƵŶĂǀĞǌ ͘ ĞŶůĂƵŶŝĚĂĚſŵŽƉŽŶĞƌĞŶƉƌĄĐƚŝĐĂƚŽĚŽĂƋƵĞůůŽĐŽŶƵŶŐƌƵƉŽ ͎ ƚĂŶĚĞƐŝŐƵĂů ͍ WŽĐŽĂƉŽĐŽ ͕ ǇĐŽŶĞůĂƉŽǇŽĚĞůŽƐŐƵĂƌĚŝĂƐŵĄƐƉƌŽĐůŝǀĞƐĂ ƉƌĞƐƚĂƌŵĞƐƵĂǇƵĚĂ͕ĐŽŶƐĞŐƵşŝƌŐĂŶĂŶĚŽůĂĐŽŶĨŝĂŶǌĂĚĞůŽƐŵĄƐ ĚĞƐŵŽƚŝǀĂĚŽƐ͕ ĐŽŶĐĞĚŝĠŶĚŽůĞƐƵŶŽƐƌĂǌŽŶĂďůĞƐ ŶŝǀĞůĞƐ ĚĞ ĂƵƚŽͲ ͘ ŶŽŵşĂ ƋƵĞ ĂŐƌĂĚĞĐşĂŶ ƉƌĞƐƚĂŶĚŽ ĐĂĚĂ ǀĞǌ ŵĞũŽƌ ƐƵ ƐĞƌǀŝĐŝŽ  ŵĞŶƵĚŽůĞƐƉĞĚşĂƐƵŽƉŝŶŝſŶƐŽďƌĞůŽƐĂƐƵŶƚŽƐĐŽƚŝĚŝĂŶŽƐĚĞůĂ ƵŶŝĚĂĚ͕Ǉ ƐŝĞŵƉƌĞ ŝŶƚĞŶƚĂďĂ ʹĂƵŶƋƵĞŶŽƐŝĞŵƉƌĞůŽĐŽŶƐĞŐƵşĂʹ ͘ ƋƵĞĞŶƚĞŶĚŝĞƌĂŶĐĂĚĂƵŶĂĚĞŵŝƐĚĞĐŝƐŝŽŶĞƐWƌŽĐƵƌĂďĂ ͞ ĞŵƉĂͲ ƌĞũĂƌĂůŽƐŵĞŶŽƐĐƵĂůŝĨŝĐĂĚŽƐƚĠĐŶŝĐĂŵĞŶƚĞĐŽŶĂƋƵĞůůŽƐŽƚƌŽƐ ͟ ĨŽƌŵĂĚŽƐ Ǉ ĞǆƉĞƌŝŵĞŶƚĂĚŽƐ ĚĞ ŵŽĚŽ ƋƵĞ ĞŶ ŶŽ ŵƵĐŚŽ ŵĄƐ ͕ ͕ ͘ ƚŝĞŵƉŽ͕ ĞƋƵŝůŝďƌĂƌŽŶ ƐƵƐ ĐĂƉĂĐŝĚĂĚĞƐ dƌĂƚĠ ƋƵĞ ĐĂĚĂ ƵŶŽ ƐĞ ĚĞĚŝĐĂƌĂĞŶĞƐƉĞĐŝĂůĂ ĂƋƵĞůůŽƉĂƌĂůŽƋƵĞŵĄƐ ƉƌĞƉĂƌĂĚŽ ĞƐƚĂͲ ďĂ͕ǀŝŐŝůĂŶĚŽ͕ŶŽŽďƐƚĂŶƚĞ͕ůĂĂƉĂƌŝĐŝſŶʹĂůŐƵŶŽŚƵďŽʹĚĞĂŐƌĂͲ ͘ ǀŝŽƐĐŽŵƉĂƌĂƚŝǀŽƐEŽĨĂůƚĂƌŽŶĚĞƐĞŶĐƵĞŶƚƌŽƐĐŽŶůŽƐƋƵĞŶŝƐĂͲ 


ďşĂŶ Ŷŝ ƋƵĞƌşĂŶ͕ ǇƉĂƌĂ ůŽƐĐƵĂůĞƐ ĞŵƉůĞĠ ʹŵƵǇ Ăŵŝ ƉĞƐĂƌʹ ƵŶ ĞƐƚŝůŽƋƵĞ͕ƐŝŶůůĞŐĂƌĂƐĞƌĚĞƐƉſƚŝĐŽ͕ƐŝĞƌĂĂƵƚŽƌŝƚĂƌŝŽ͕ƐŝŶĐŽŶĐĞͲ ͘ ƐŝŽŶĞƐŶŽŵĞƌĞĐŝĚĂƐůŐƵŶŽƐĚĞůŽƐĚĞĞƐƚĞƷůƚŝŵŽŐƌƵƉŽĂĐĂďĂͲ ƌŽŶ ƉŽƌ ĂďĂŶĚŽŶĂƌ ůĂ ƵŶŝĚĂĚ͕ ůŽ ĐƵĂů ŵĞũŽƌſ ƐŽďƌĞŵĂŶĞƌĂ Ğů ͘ ĐůŝŵĂůĂďŽƌĂů͕ŚĂƐƚĂĞŶƚŽŶĐĞƐŶĞŐĂƚŝǀŽ>ŽƐƌĞƐƚĂŶƚĞƐƚĞƌŵŝŶĂƌŽŶ ͘ ƉŽƌ ĐŽŶƚĂŐŝĂƌƐĞ ĚĞů ĄŶŝŵŽ ĚĞ ŵĞũŽƌĂ ĚĞ ƐƵƐ ĐŽŵƉĂŹĞƌŽƐ ŶƚĞ ƚŽĚŽ͕ŝŶƚĞŶƚĂďĂĐŽŶŽĐĞƌǇĞŶƚĞŶĚĞƌůĂƐĐƵĂůŝĚĂĚĞƐǇůŝŵŝƚĂĐŝŽŶĞƐ ĚĞ ĐĂĚĂ ƵŶŽ ĚĞ ĂƋƵĞůůŽƐ ŚŽŵďƌĞƐ Ǉ ŵƵũĞƌĞƐ͕ ĞǆŝŐŝĞŶĚŽ Ă ĐĂĚĂ ĐƵĂůůŽŵĄǆŝŵŽƋƵĞƉŽĚşĂĂƉŽƌƚĂƌĂůŐƌƵƉŽǇĂůĂƵŶŝĚĂĚ͕ ŶŝŵĄƐ ͘ ŶŝŵĞŶŽƐŶŽĐĂƐŝŽŶĞƐ͕ĐƵĂŶĚŽǀĞşĂůŽƐďƵĞŶŽƐƌĞƐƵůƚĂĚŽƐƋƵĞ ŽďƚĞŶşĂ ĐŽŶ ĂůŐƵŶŽƐ ĚĞ ůŽƐ ĂŶƚĂŹŽ ƉĞŽƌ ĐŽŶƐŝĚĞƌĂĚŽƐ͕ ŵĞ ƉƌĞͲ ŐƵŶƚĂďĂƐŝ͕ ƉŽƌ ĂƋƵĞůĞŶƚŽŶĐĞƐ͕ ĞŶůĂĠƉŽĐĂĚĞů ĂŶƚĞƌŝŽƌƐƵďŽĨŝͲ ĐŝĂů͕ĂůŐƵŝĞŶůĞƐƉƌĞŐƵŶƚĂďĂƐŝƐĂďşĂŶǇƉŽĚşĂŶŚĂĐĞƌŵƵĐŚĂƐĚĞ ůĂƐƚĂƌĞĂƐƋƵĞƐĞůĞƐĞŶĐŽŵĞŶĚĂďĂŶǇƋƵĞ͕ ĞŶƷůƚŝŵĂŝŶƐƚĂŶĐŝĂ͕ ͘ ĂĐĂďĂďĂŶƉŽƌŚĂĐĞƌŵĂůŽ͕ƐŝŵƉůĞŵĞŶƚĞ͕ƉŽƌŶŽŚĂĐĞƌ &ƵĞƌŽŶŵĞƐĞƐŵƵǇŝŶƚĞŶƐŽƐ͕ĐŽŶĨƌĞĐƵĞŶƚĞƐƚƌŽƉŝĞǌŽƐƉƌŽͲ ƉŝŽƐǇĂũĞŶŽƐ͕ƉĞƌŽĚƵƌĂŶƚĞůŽƐƋƵĞ͕ƐŽďƌĞƚŽĚŽ͕ƉƌĞĚŝƋƵĠĐŽŶĞů ĞũĞŵƉůŽ͕ĂĐƵĚŝĞŶĚŽĂĐƵĂůƋƵŝĞƌŝŶĐŝĚĞŶĐŝĂƌĞůĞǀĂŶƚĞƋƵĞƐĞƉƌŽͲ ͘ ĚƵĐşĂ ĞŶ Ğů ĚĞƐĞŵƉĞŹŽ ĚŝĂƌŝŽ ĚĞ ůĂƐ ƚĂƌĞĂƐ ĚĞ ůĂ ƵŶŝĚĂĚ ƷŶ ƌĞĐƵĞƌĚŽƵŶĚşĂĞŶĞůƋƵĞ͕ĂƉƌŝŵĞƌĂŚŽƌĂĚĞůĂŵĂŹĂŶĂ͕ŚĂůůĂͲ ŵŽƐĞůĐƵĞƌƉŽƐŝŶǀŝĚĂĚĞƵŶĐŽŶŽĐŝĚŽĐŽŶƐƚƌƵĐƚŽƌĚĞůĂůŽĐĂůŝĚĂĚ ͘ ĐŽůŐĂĚŽĚĞƵŶĂŚŝŐƵĞƌĂĐĞŶƚĞŶĂƌŝĂƉĞŶĂƐƐŝĞůũƵĞǌŚĂďşĂŽƌĚĞͲ ŶĂĚŽĞůůĞǀĂŶƚĂŵŝĞŶƚŽĚĞĐĂĚĄǀĞƌ͕ǇĂƉĂƐĂĚŽĞůŵĞĚŝŽĚşĂ͕ĐƵĂŶͲ ĚŽŶŽƐĂǀŝƐĂƌŽŶĚĞůĂĚĞƐĂƉĂƌŝĐŝſŶĚĞƵŶŶŝŹŽĚĞϭϭĂŹŽƐĞŶƵŶĂ ͘ ƐŝĞƌƌĂĐĞƌĐĂŶĂdĂƌĚĂŵŽƐŵĄƐĚĞŶƵĞǀĞŚŽƌĂƐĞŶůŽĐĂůŝǌĂƌĂůƉĞͲ ͘ ƋƵĞŹŽ EƵŶĐĂŽůǀŝĚĂƌĠ ůĂĐĂƌĂĚĞƐƵŵĂĚƌĞ ĂůĚĞǀŽůǀĞƌůŽƐĂŶŽǇ ͘ ƐĂůǀŽĂƐƵƐďƌĂǌŽƐ:ƵƐƚĂŵĞŶƚĞĐƵĂŶĚŽ͕ƌĞŶĚŝĚŽƉŽƌĂƋƵĞůůĂũŽƌͲ ŶĂĚĂĚĞƚƌĂďĂũŽ͕ŝďĂĂĚĞũĂƌĐĂĞƌŵŝĞǆƚĞŶƵĂĚŽĐƵĞƌƉŽƐŽďƌĞůĂ ͘ ĐĂŵĂ͕ƵŶŝŶĐĞŶĚŝŽĨŽƌĞƐƚĂůĂĐĂďſĚĞƌĞŵĂƚĂƌůĂĨĂĞŶĂ ƋƵĞůĚşĂ ͘ ŶŽĐŽŵş͕ŶŽĐĞŶĠǇŶŽĚŽƌŵş>ŽƋƵĞƐşŚŝĐĞĨƵĞŐĂŶĂƌŵĞĞůƌĞƐƉĞͲ ƚŽĚĞĂůŐƵŶŽƐĚĞŵŝƐŚŽŵďƌĞƐ͕ƚŽĚĂǀşĂĚƵĚŽƐŽƐĚĞŵŝĐŽŵƉƌŽŵŝͲ ͘ ƐŽĐŽŶƚŽĚŽƐĞůůŽƐǇĐŽŶŶƵĞƐƚƌŽƚƌĂďĂũŽ

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ŶĚƌĠƐĐŽŵƉƌĞŶĚŝſƋƵĞŶŽƐĞĞƐƚĂďĂŶƌĞĨŝƌŝĞŶĚŽĂůŵŝƐŵŽ ĐŽƌƌĞŽĞůĞĐƚƌſŶŝĐŽǇ͕ŵĄƐƚƌĂŶƋƵŝůŽĂůĞŶƚĞŶĚĞƌƋƵĞĞůĚŽĐƚŽƌĂƷŶ ͘ ĐŽŶƚŝŶƵĂďĂĞŶĞůŵƵŶĚŽĚĞůŽƐǀŝǀŽƐ͕ůĞĞƐƚƌĞĐŚſůĞŵĂŶŽ ʹ͎YƵĠƚĂů YƵĠƚĂůĚŽĐƚŽƌ ĚŽĐƚŽƌEŽĞƌĂ EŽ ĞƌĂŵĄƐƋƵĞ ŵĄƐƋƵĞ ƵŶĂďƌŽŵĂʹĚŝũŽ ƵŶĂ ďƌŽŵĂʹĚŝũŽ ĞůŝŶƐͲ Ğů ŝŶƐͲ ͘ ͍ ƉĞĐƚŽƌĂůŵĠĚŝĐŽŝŶƚĞŶƚĂŶĚŽĚŝƐŝŵƵůĂƌƐƵŵĂůĞŶƚĞŶĚŝĚŽ  ͊ ͘ ͘ ͘ ʹ͋ŚzĂƵĞŶŽ^ŝĠŶƚĂƚĞŶĚƌĠƐ ůĚŽĐƚŽƌƐĞŶƐŝŽůůĞǀĂďĂĞŶůĂĐŽŵŝƐĂƌşĂĚĞĂƋƵĞůůĂĐŝƵĚĂĚ ͘ ĚĞƐĚĞĐĂƐŝƐŝĞŵƉƌĞ ĚĞƐĚĞĐĂƐŝƐŝĞŵƉƌĞƐƵƐĐĞƌĐĂĚĞƐĞƐĞŶƚĂĂŹŽƐ ƐƵƐĐĞƌĐĂĚĞƐĞƐĞŶƚĂĂŹŽƐ͕ ĞƐƚĂď ĞƐƚĂďĂĚĞǀƵĞůͲ ĂĚĞǀƵĞůͲ ƚĂĚĞƚŽĚŽ͕ ǇƐƵĐĂƌĄĐƚĞƌĂĨĂďůĞǇƐƵĨŝŶŽƐĞŶƚŝĚŽĚĞůŚƵŵŽƌůĞ ŚĂďşĂŶŐƌĂŶũĞĂĚŽĞůƌĞƐƉĞƚŽǇĞůĂƉƌĞĐŝŽĚĞƉŽůŝĐşĂƐǇƉĞƌƐŽŶĂů ͘ Đŝǀŝ Đŝǀŝůů ƐŝŶ ĞǆĐĞ ĞǆĐĞƉĐ ƉĐŝſ ŝſŶ Ŷ ƌĂ ƌĂ ĂůƚŽ ĂůƚŽ Ǉ ĨƵĞƌ ĨƵĞƌƚĞ ƚĞ͕  ĐŽŶ ĐŽŶ ƉĞůŽ ƉĞůŽ ĐĂŶŽ ĐĂŶŽ Ǉ ŐĂĨĂ ŐĂĨĂƐ Ɛ ĚĞ ͘ ŚŝƉĞ ŚŝƉĞƌŵ ƌŵĠƚ ĠƚƌŽ ƌŽƉĞ ƉĞ ^Ƶ ĨŝŐƵ ĨŝŐƵƌĂ ƌĂ͕  ĐĂƌĂ ĐĂƌĂĐƚ ĐƚĞƌ ĞƌşƐ şƐƚŝ ƚŝĐĂ ĐĂ ƉŽƌ ƉŽƌ ƐƵ ŝŵƉŽ ŝŵƉŽůƵ ůƵƚĂ ƚĂ ďĂƚĂ ďĂƚĂ ďůĂŶĐĂ͕ƐƵƐŵĂŶŽƐĞŶůŽƐďŽůƐŝůůŽƐǇƐƵƉĂƌƐŝŵŽŶŝĂĂůĐĂŵŝŶĂƌ͕ĞƌĂ ͘ ŝŶĐŽŶĨƵŶĚŝďůĞƉĂƌĂĐƵĂůƋƵŝĞƌĂĞŶůĂĐŽŵŝƐĂƌşĂ ʹƵĞŶŽ͕ ŶĚƌĠƐ ŶĚƌĠƐ͕ ƚĞ ƚĞĚĞĐşĂ ĚĞĐşĂƋƵĞ ƋƵĞƚĞ ƚĞŚĂďşĂ ŚĂďşĂĞŶǀŝĂĚŽ ĞŶǀŝĂĚŽĞƐĞ ĞƐĞĐŽƌƌĞŽ ĐŽƌƌĞŽ ͘ ĞůĞĐƚƌſŶŝĐŽƉĂƌĂ ͙ƵĞŶŽ ͙ƉŽƌƋƵĞƚĞŶŐŽƋƵĞĚĂƌƚĞƵŶĂŶŽƚŝĐŝĂ ʹ͎hŶĂ hŶĂŶŽƚŝĐŝĂ ŶŽƚŝĐŝĂƌĞş  ƌĞşƋƵĞ ƋƵĞĂĐĂďĂďĂ ĂĐĂďĂďĂĚĞ ĚĞĚĞĐŝƌ ĚĞĐŝƌƋƵĞ ƋƵĞƐſůŽ ƐſůŽƋƵĞƌşĂ ƋƵĞƌşĂ ͘ ͍ ĚĂƌŵĞůŽƐƌĞƐƵůƚĂĚŽƐĚĞůŽƐĂŶĄůŝƐŝƐƋƵĞŵĞƉƌĞƐĐƌŝďŝſ  ůŐƵŶĂƐƐĞŵĂŶĂƐĂŶƚĞƐ͕ĞůĚŽĐƚŽƌƐĞŶƐŝŽŚĂďşĂƉĞĚŝĚŽĂ ŶĚƌĠƐǇĂƚƌĞƐĐŽŵƉĂŹĞƌŽƐŵĄƐƋƵĞƐĞŚŝĐŝĞƌĂŶƵŶĂŶĄůŝƐŝƐĚĞ ƐĂŶŐƌĞƚƌĂƐůĞĞƌĞůŝŶĨŽƌŵĞƋƵĞŚĂďşĂŶĞůĂďŽ ƐĂŶŐƌĞƚƌĂƐůĞĞƌĞůŝŶĨŽƌŵĞƋƵĞŚĂďşĂŶĞůĂďŽƌĂĚŽƐŽďƌĞ ƌĂĚŽƐŽďƌĞůĂƐůĞƐŝŽͲ ůĂƐůĞƐŝŽͲ ͘ ŶĞƐƐƵĨƌŝĚĂƐĐŽŶŽĐĂƐŝſŶ ŶĞƐƐƵĨƌŝĚĂƐĐŽŶŽĐĂƐŝſŶĚĞůŝŶĐŝĚĞŶƚĞĐŽŶ ĚĞůŝŶĐŝĚĞŶƚĞĐŽŶƵŶ ƵŶĚĞƚĞŶŝ ĚĞƚĞŶŝĚŽ ĚŽzĞƐƋƵĞ ͗ ĂůŐƵŶĂƐĚĞůĂƐƉĂƌƚĞƐĚĞĂƋƵĞůŝŶĨŽƌŵĞŶŽƚĞŶşĂŶĚĞƐƉĞƌĚŝĐŝŽ  ͞ƐƉĞƌĄďĂŵŽƐ͕ĞŶůĂĂŶƚĞƐĂůĂĚĞůŽƐĐĂůĂďŽǌŽƐĚĞůƉĂůĂĐŝŽ ĚĞũƵƐƚŝĐŝĂ͕ĂƋƵĞƐƵƐĞŹŽƌşĂĚŝƐƉƵƐŝĞƌĂƋƵĞĞůĚĞƚĞŶŝĚŽĨƵĞƌĂůůĞͲ ǀĂĚŽĂƐƵƉƌĞƐĞŶĐŝĂ͕ĐƵĂŶĚŽĞůĂƌƌĞƐƚĂĚŽŶŽƐƉŝĚŝſĐŽŶƵƌŐĞŶĐŝĂ ͘ ŝƌĂůĂƐĞŽ&ƵĞƌŽ &ƵĞƌŽŶƵŶŽƐŝŶƐƚĂŶƚ ŶƵŶŽƐŝŶƐƚĂŶƚĞƐ ĞƐ͕ƐſůŽƵŶŽƐƐĞŐƵŶĚŽƐ ƐſůŽƵŶŽƐƐĞŐƵŶĚŽƐ͕ůŽƋƵĞƚĂƌͲ ůŽ ƋƵĞƚĂƌͲ ĚſĞŶƚĂũ ĚſĞŶ ƚĂũĂƌǀĂƌŝ ĂƌǀĂƌŝĂƐǀĞĐĞ ĂƐǀĞĐĞƐ ƐƐƵĂďĚŽ ƐƵĂďĚŽŵĞŶ ŵĞŶ ĐŽŶ ƵŶĂ ĐƵĐŚŝů ĐƵĐŚŝůůĂĚĞ ůĂĚĞĂĨĞ ĂĨĞŝƚĂ ŝƚĂƌ ƌ ƋƵĞ ƋƵĞ͕ ƉƌŽď ƉƌŽďĂď ĂďůĞ ůĞŵĞ ŵĞŶƚ ŶƚĞĞ͕ ŚĂďş ŚĂďşĂ Ă ĞŶĐŽ ĞŶĐŽŶƚ ŶƚƌĂ ƌĂĚŽ ĚŽ ĞŶ Ğů ƉƌŽƉ ƉƌŽƉŝŽ ŝŽ ĐƵĂƌ ĐƵĂƌƚŽ ƚŽ ĚĞ ͘ ďĂŹŽKƚƌŽƐƉŽĐŽƐƐĞŐƵŶĚŽƐĨƵĞƌŽŶůŽƐƋƵĞƚƌĂŶƐĐƵƌƌŝĞƌŽŶĂŶƚĞƐ ĚĞƋƵĞƚŽĚŽƐůŽƐĂŐĞŶƚĞƐƋƵĞĂůůşŶŽƐĞŶĐŽŶƚƌĄďĂŵŽƐĂĐƵĚŝĠƌĂͲ ŵŽƐĞŶĂǇƵĚĂĚĞůƋƵĞŚĂďşĂĂĐŽŵƉĂŹĂĚŽĂůƉƌĞƐƵŶƚ ŵŽƐĞŶĂǇƵĚĂĚĞůƋƵĞŚĂďşĂĂĐŽŵƉĂ ŹĂĚŽĂůƉƌĞƐƵŶƚŽĚĞůŝŶĐƵĞŶ ŽĚĞůŝŶĐƵĞŶͲͲ 


͘ ƚĞŚĂƐƚĂĞůůĂǀĂďŽ͕ƋƵĞŐƌŝƚĂďĂƉŝĚŝĞŶĚŽŶƵĞƐƚƌŽĂƵǆŝůŝŽŶƉŽĐŽƐ ŵŝŶƵƚŽƐ ŵŝŶƵƚ ůĂĂŵďƵůĂŶĐŝĂƚƌĂƐůĂĚſĂůĂƵƚŽůĞƐŝŽ ĚſĂůĂƵƚŽůĞƐŝŽŶĂĚŽŚĂƐƚĂĞůŚŽƐƉŝͲ ŶĂĚŽŚĂƐƚĂĞůŚŽƐƉŝͲ ͘ ŽƐ͕ůĂĂŵďƵůĂŶĐŝĂƚƌĂƐůĂ ƚĂůdŽĚŽƐŶŽƐŽƚƌŽƐĂĐĂďĂŵŽƐĞŵďĂĚƵƌŶĂĚŽƐĚĞƐĂŶŐƌĞ͕ƐĂŶŐƌĞ ĚĞů ĚĞů ĚĞƚĞŶ ĞƚĞŶŝĚ ŝĚŽ Ž Ǉ ƐĂŶ ƐĂŶŐƌĞ ŐƌĞ ƉƌŽ ƉƌŽƉŝĂ ƉŝĂ ĐŽŶ ĐŽŶƐĞĐƵ ƐĞĐƵĞĞŶĐŝĂ ŶĐŝĂ ĚĞ ůŽƐ ůŽƐ ĐŽƌ ĐŽƌƚĞƐ ƚĞƐ ƋƵĞ ƋƵĞ ͘ ĂƋƵĞůůĂĐƵĐŚŝůůĂ͕ĞŶŵĂŶŽƐĚĞůĂƌƌĞƐƚĂĚŽ͕ŶŽƐŚĂďşĂŽĐĂƐŝŽŶĂĚŽ ͟ ůŵŝƐŵŽĚşĂĞŶĞůƋƵĞĞůĚŽĐƚŽƌƐĞŶƐŝŽŚĂďşĂƚĞŶŝĚŽŶŽƚŝͲ ĐŝĂĚĞůŝŶĨŽƌŵĞƌĞƋƵŝƌŝſůĂƉƌĞƐĞŶĐŝĂĚĞůŽƐƉŽůŝĐşĂƐŝŵƉůŝĐĂĚŽƐĞŶ ͘ ůŽŽĐƵƌƌŝĚŽƵĂŶĚŽůĞƐĐŽŵƵŶŝĐſƋƵĞ͕ĂůƉĂƌĞĐĞƌ͕ĞůĚĞƚĞŶŝĚŽŶŽ ŚĂďşĂĞŶĐŽŶƚƌĂĚŽ ŚĂďşĂĞŶĐŽŶƚƌĂĚŽĂƋƵĞůůĂĐƵĐŚŝůů ĂƋƵĞůůĂĐƵĐŚŝůůĂĚĞ ĂĚĞĂĨĞŝƚ ĂĨĞŝƚĂƌĞŶĞů ĂƌĞŶĞůĂƐĞŽ ĂƐĞŽ͕ƐŝŶŽƋƵĞ ůĂŚĂďşĂĞƐƚĂĚŽŽĐƵůƚĂŶĚŽƉĂĐŝĞŶƚĞŵĞŶƚĞĚƵƌĂŶƚĞŚŽƌĂƐďĂũŽĞů ůĂďŝ ůĂďŝŽ Ž ƐƵƉĞƌ ƐƵƉĞƌŝŽ ŝŽƌ ƌ ĚĞ ƐƵ ďŽĐĂ ďŽĐĂ͕  ƚŽĚŽ ƚŽĚŽƐ Ɛ ĞůůŽ ĞůůŽƐ Ɛ ƉĞŶƐ ƉĞŶƐĂƌ ĂƌŽŶ ŽŶ ƋƵĞ ŶŽ ŚĂďƌ ŚĂďƌşĂ şĂ ͘ ŵĄƐ ŵĄƐ ƐŽƌƉƌ ƐŽƌƉƌĞƐ ĞƐĂƐ ĂƐ ƌĞůĂ ƌĞůĂĐŝ ĐŝŽŶ ŽŶĂĚ ĂĚĂƐ ĂƐ ĐŽŶ ĐŽŶ ĂƋƵĞ ĂƋƵĞůů ĐĂƐŽ ĐĂƐŽ zĂ ƐĞ ŵĂƌĐ ŵĂƌĐŚĂ ŚĂďĂ ďĂŶ Ŷ͕ ͘ ĐƵĂŶĚŽƐƵƉŝĞƌŽŶƋƵĞŚĂďşĂĂůŐŽŵĄƐ͞ĞďĠŝƐŚĂĐĞƌŽƐůĂƉƌƵĞďĂ ĚĞů ĚĞů ^/ ^/ Ǉ ĚĞ ůĂ ŚĞƉĂ ŚĞƉĂƚŝ ƚŝƚŝ ƚŝƐƐ͕ Ğů ĚĞƚĞ ĚĞƚĞŶŝ ŶŝĚŽ ĚŽ ĞƌĂ ĞƌĂ ƉŽƌƚ ƉŽƌƚĂĚ ĂĚŽƌ Žƌ ĚĞ ĂŵďĂ ĂŵďĂƐ Ɛ ĞŶĨĞƌŵĞĚĂĚĞƐʹůĞƐĚŝũŽĞůĨĂĐƵůƚĂƚŝǀŽʹ͘ůŵƵŶĚŽƐĞǀŝŶŽĞŶĐŝŵĂ ͘ ͟ ĚĞŶĚƌĠƐ͞DŝŵƵũĞƌ ͕ŵŝƐŚŝũŽƐʹĨƵĞĞůƉƌŝŵĞƌƉĞŶƐĂŵŝĞŶƚŽƋƵĞ ͟ ƌŽŶĚſƐƵĐĂďĞǌĂʹ͘>ŽƐƉƌŝŵĞƌŽƐŝŶƐƚĂŶƚĞƐĨƵĞƌŽŶĚĞŵƵĐŚĂ ŵƵͲ ͕ ͘ ĐŚĂĂŶŐƵƐƚŝĂůŚĂďşĂƐƵĨƌŝĚŽǀĂƌŝĂƐŚĞƌŝĚĂƐĞŶĞůĨŽƌĐĞũĞŽĐŽŶ ĂƋƵĞů ĂƋƵĞůĚĞů ĚĞůŝŶĐ ŝŶĐƵĞŶ ƵĞŶƚĞ ƚĞ͕ ǇƐŝ Ǉ Ɛŝ͙ >ĂƐ ƉĂůĂďƌ ƉĂůĂďƌĂƐ ĂƐĨŝŶ ĨŝŶĂůĞ ĂůĞƐ ƐĚĞů ĚĞů ĚŽĐƚŽƌ ĚŽĐƚŽƌ ƐĞŶƐŝŽ ƐĞŶƐŝŽ ͘ ĂĐĂďĂƌŽŶƉŽƌƚƌĂŶƋƵŝůŝǌĂƌĂůŝŶƐƉĞĐƚŽƌǇĂƐƵƐĐŽŵƉĂŹĞƌŽƐ͞ƐƵŶ ͘ ͘ ĂŶĄůŝƐŝƐƉƌĞǀĞŶƚŝǀŽEŽĚĞďĠŝƐƉƌĞŽĐƵƉĂƌŽƐĂŶƚĞƐĚĞƚŝĞŵƉŽ>Ž ͘ ŵĄƐƉƌŽďĂďůĞĞƐƋƵĞƚŽĚŽĞƐƚĠďŝĞŶ ͟ ,ĂďşĂŶƉĂƐĂĚŽĐĂƐŝĚŽƐƐĞŵĂŶĂƐǇĐƵĂŶĚŽŶĚƌĠƐǀŝŽĐſͲ ŵŽĞůĚŽĐƚŽƌĂďƌşĂĞůĐĂũſŶǇƐĂĐĂďĂƵŶƐŽďƌĞĚĞƐƵŝŶƚĞƌŝŽƌ͕ƐĞ ͘ ƚĞŵŝſůĂƉĞŽƌ ʹŶĚƌĠƐʹĞů ʹŶĚƌĠƐ ʹĞůĚŽĐƚŽƌŚĂďůĂďĂ ĚŽĐƚŽƌŚĂďůĂďĂ ĐŽŶǀŽǌƉĂƵƐĂĚĂʹ ĐŽŶ ǀŽǌƉĂƵƐĂĚĂʹ͕ ůŽƐƌĞƐƵůƚĂͲ ůŽƐ ƌĞƐƵůƚĂͲ ͘ ĚŽƐĚĞƚƵĂŶĄůŝƐŝƐƐŽŶƉŽƐŝƚŝǀŽƐƉĂƌĂĞů^/ ^ĞƚƌĂƚĂƐſůŽĚĞůŽƐ ͘ ͘ Ɖƌŝŵ ƉƌŝŵĞƌ ĞƌŽƐ ŽƐ ƌĞƐƵ ƌĞƐƵůƚ ůƚĂĚ ĂĚŽƐ ŽƐ ĞďĞ ĞďĞŵŽ ŵŽƐ Ɛ ŚĂĐĞ ŚĂĐĞƌ ƌ ǀĂƌŝ ǀĂƌŝĂƐ ĂƐ ƉƌƵĞ ƉƌƵĞďĂ ďĂƐ Ɛ ŵĄƐ ŵĄƐ Ŷ ͘ ŽĐĂƐŝŽŶĞƐ͕ƐĞƉƌŽĚƵĐĞŶĨĂůƐŽƐƉŽƐŝƚŝǀŽƐ ʹWĞƌŽ Ƌ ͎ ƵĠ ĚŝĐĞ ʹĞǆĐůĂŵſ Ğů ƉŽůŝĐşĂ͕ ĂƐŽŵďƌĂĚŽʹ͘ E ͋ Ž ͘ ͍ ĠũĞŵĞǀĞƌ͊ ƉƵĞĚĞƐĞƌhƐƚĞĚĚŝũŽƋƵĞ ͙

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ʹŶĚƌĠƐ͕  ƚĞ ĚŝŐŽ ƋƵĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ƐŽŶ ƉŽƐŝƚŝǀŽƐ ŶŽ ĞƐ ͖ ͘ ŶĞĐĞƐĂƌŝŽƋƵĞǀĞĂƐĞůŝŶĨŽƌŵĞĚĞůůĂďŽƌĂƚŽƌŝŽ ŽŶĨşĂĞŶŵş͕ƉŽƌ ͘ ͘ ĨĂǀŽƌĞďĞƐŚĂĐĞƌƚĞƵŶŶƵĞǀŽĂŶĄůŝƐŝƐƐƉŽƐŝďůĞƋƵĞƐĞƚƌĂƚĞĚĞ ͘ ƵŶĨĂůƐŽƉŽƐŝƚŝǀŽ ůŵĠĚŝĐŽŐƵĂƌĚſĞůƐŽďƌĞĞŶĞůĐĂũſŶ͕ƐĞůĞǀĂŶƚſǇƐĞĂĐĞƌͲ ͘ ĐſĂůƉƌĞƐƵŶƚŽŝŶĨĞĐƚĂĚŽ ʹYƵŝǌĄƐĚĞďĞƌşĂƐƚŽŵĂƌƚĞƵŶĂƐǀĂĐĂĐŝŽŶĞƐ͕ĂůŵĞŶŽƐŚĂƐƚĂ Ăů ŵĞŶŽƐŚĂƐƚĂ ͘ ƋƵĞ ƋƵĞ ƚŽĚŽ ƚŽĚŽ ĞƐƚŽ ĞƐƚŽ ƐĞ ĂĐůĂ ĂĐůĂƌĞ ƌĞ Ŷ ĞƐƚĞ ĞƐƚĞ ƚŝƉŽ ƚŝƉŽ ĚĞ ƐŝƚƵ ƐŝƚƵĂĐ ĂĐŝŽ ŝŽŶĞ ŶĞƐƐ͕ Ğů ĞƐƚƌ ĞƐƚƌĠƐ ĠƐ ͘ ƉƵĞĚ ƉƵĞĚĞ Ğ ũƵŐĂ ũƵŐĂƌ ƌ ƵŶĂ ƵŶĂ ŵĂůĂ ŵĂůĂ ƉĂƐĂ ƉĂƐĂĚĂ ĚĂ ,Ăďů ,ĂďůĂƌ ĂƌĠ Ġ ƉĞƌƐ ƉĞƌƐŽŶ ĂůŵĞ ŵĞŶƚ ŶƚĞ Ğ ĐŽŶ ĐŽŶ Ğů ͘ŽŶĂů ƐƵďĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽƐĞŐƵƌŽƋƵĞůŽĞŶƚĞŶĚĞƌĄ ͖ ʹůĂƌŽƋƵĞ ʹůĂƌŽ ƋƵĞŶŽ ŶŽʹƌĞƐƉŽŶĚŝſ ʹƌĞƐƉŽŶĚŝſĞů ĞůŝŶƐƉĞĐƚŽƌ ŝŶƐƉĞĐƚŽƌůĞǀĂŶƚĄŶĚŽƐĞ ůĞǀĂŶƚĄŶĚŽƐĞĚĞ ĚĞůĂ ůĂ ͘ ƐŝůůĂĞŶůĂƋƵĞĞƐƚĂďĂƐĞŶƚĂĚŽ ͘ ƵƌĂŶƚĞƵŶŽƐƐĞŐƵŶĚŽƐƐĞŚŝǌŽĞůƐŝůĞŶĐŝŽĞŶůĂŚĂďŝƚĂĐŝſŶ ů ƉŽůŝ ƉŽůŝĐş ĐşĂĂ͕ ĐĂďŝ ĐĂďŝǌď ǌďĂũ ĂũŽ Ž͕ ŵĞŶĞ ŵĞŶĞĂď ĂďĂ Ă ůĂ ĐĂďĞ ĐĂďĞǌĂ ǌĂ ĞŶ ƐĞŹĂ ƐĞŹĂůů ĚĞ ŶĞŐĂ ŶĞŐĂĐŝ ĐŝſŶ ſŶ͕  ŝŶƚĞŶƚĂŶĚŽĐŽŵƉƌĞŶĚĞƌĐſŵŽůĂĚĞƐŐƌĂĐŝĂƐĞƉŽĚşĂĐĞďĂƌĐŽŶĠů ͘ ĚĞ ĞƐĞ ĞƐĞ ŵŽĚŽ ŵŽĚŽ ^Ğ ŚĂďş ŚĂďşĂ Ă ƋƵĞĚ ƋƵĞĚĂĚ ĂĚŽ Ž ƉĄůŝ ƉĄůŝĚŽ ĚŽ͕  ĚĞƐĐ ĚĞƐĐŽŵ ŽŵƉƵ ƉƵĞƐ ĞƐƚŽ ƚŽ ƉŽƌ ƉŽƌ ůĂ ͘ ďƌƵƚĂůŶŽƚŝĐŝĂ ʹWŽƌĨĂǀŽƌ͕ĚŽĐƚŽƌ͕ŶŽƋƵŝĞƌŽƋƵĞĚŝŐĂŶĂĚĂĚĞƚŽĚŽĞƐƚŽĂ ŶŽƋƵŝĞƌŽƋƵĞĚŝŐĂŶĂĚĂĚĞ ƚŽĚŽĞƐƚŽĂ ͘ ŶĂĚŝĞzĞůƌĞƐƚŽƐƉĞƌŽƋƵĞŚĂǇĂŶƚĞŶŝĚŽŵĞũŽƌƐƵĞƌƚĞƋƵĞǇŽ ͎ ͍ ͘ ʹƉƌĞŐƵŶƚſŶĚƌĠƐ ʹ^ƵĂŶĄůŝƐŝƐ ʹ^Ƶ ĂŶĄůŝƐŝƐĞƐ ĞƐŶĞŐĂƚŝǀŽ ŶĞŐĂƚŝǀŽʹƌĞƐƉŽŶĚŝſ ʹƌĞƐƉŽŶĚŝſĞů ĞůŵĠĚŝĐŽʹ ŵĠĚŝĐŽʹ͘EŽ EŽĚĞďĞƐ ĚĞďĞƐ ͘ ƉƌĞŽĐƵƉĂƌƚĞ͕ŶĂĚŝĞƐĂďƌĄŶĂĚĂŚĂƐƚĂƋƵĞƚƷŶŽůŽƋƵŝĞƌĂƐ^ſůŽƚĞ ͘ ƉŝĚŽƋƵĞƚŽŵĞƐĂůŐƵŶĂƐƉƌĞĐĂƵĐŝŽŶĞƐ ͘ WĞƌŽŶĚƌĠƐŶŽĞƐĐƵĐŚĂďĂǇĂĂůĚŽĐƚŽƌ

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ŵĄƐǀƵĞůƚĂƐĂůŽƋƵĞĞůĚŽĐƚŽƌĂĐĂďĂďĂĚĞĚĞĐŝƌůĞƚƌĂƚĂŶĚŽĚĞ ͘ ĂƐŝŵŝůĂƌƚĂŵĂŹĂƌĞǀĞůĂĐŝſŶůƐŚŽĐŬŚĂďşĂƐŝĚŽĚĞƚĂůĞŶǀĞƌŐĂĚƵͲ ƌĂƋƵĞŝŶĐůƵƐŽŚĂďşĂŽůǀŝĚĂĚŽůĂĐĂƵƐĂƌĞĂůĚĞƐƵǀŝƐŝƚĂĂůďŽƚŝͲ ͘ ͗ ƋƵşŶƐƵƉĞƌƐŝƐƚĞŶƚĞǇĐĂĚĂǀĞǌŵĄƐĂŐƵĚŽĚŽůŽƌĞŶĞůƉĞĐŚŽ ͞ƌĂŵŽƐƉŽĐŽƐǇ ʹƐĞĚŝũŽƉƌŽĐƵƌĂŶĚŽŶŽƉĞƌĚĞƌĞůƐĞŶͲ ͙ ͘ ͟ ƚŝĚŽĚĞůŚƵŵŽƌʹ͘WĞƌŽĠůƐĂďşĂƋƵĞĞƌĂƉĂƌĂƉĞƌĚĞƌůŽ ƐƵƐƵͲ ƉƵĞƐƚĂĚŽůĞŶĐŝĂĐĂƌĚŝĂĐĂǇƐƵƉŽƐŝďůĞĐŽŶƚĂŐŝŽĚĞ^/ƐĞŚĂďşĂŶ ĂŚŽƌ ĂŚŽƌĂ Ă ĂŹĂĚ ĂŹĂĚŝĚ ŝĚŽ Ž ƵŶĂ ƵŶĂ ĚĞƐĂ ĚĞƐĂŐƌ ŐƌĂĚ ĂĚĂď ĂďůĞ ůĞ ƐĞŶƐĂ ƐĞŶƐĂĐŝ ĐŝſŶ ſŶ ĚĞ ŶƵĚŽ ŶƵĚŽ ĞŶ ůĂ ŐĂƌͲ ŐĂƌͲ ŐĂŶƚ ŐĂŶƚĂ Ă Ǉ ƵŶ ĚŽůŽ ĚŽůŽƌ ƌ ĚĞ ĐĂďĞ ĐĂďĞǌĂ ǌĂ ƋƵĞ ƋƵĞ ŵĂƌƚ ŵĂƌƚŝůŝůůĞ ůĞĂď ĂďĂ Ă ƐĞĐƵ ƐĞĐƵĞŶ ĞŶĐŝ ĐŝĂů ĂůŵĞ ŵĞŶƚ ŶƚĞ Ğ͕ ĐŽŶ ĐŽŶ ůĂ ƉƌĞĐ ƉƌĞĐŝƐ ŝƐŝſ ŝſŶ Ŷ ƚĞŵƉ ƚĞŵƉŽƌ ŽƌĂů Ăů ƉƌŽƉŝ ƉƌŽƉŝĂ Ă ĚĞ ƵŶ ƌĞůŽ ƌĞůŽũũ ƐƵŝǌ ƐƵŝǌŽ Ž͕ ƵŶĂ ƵŶĂ ĚĞ ƐƵƐ ƐƵƐ ͘ ƐŝĞŶĞƐ͞ƐŽĞƐůŽƋƵĞŚĞƐĂĐĂĚŽƉŽƌĂĐƵĚŝƌĂĞƐĞŵĂůĚŝƚŽŵĂƚĂͲ ͘ ƐĂŶŽƐ͕ƐĞůĂŵĞŶƚĂďĂƉƌĞƐŽĚĞůĂŝŶĚŝŐŶĂĐŝſŶ ͟ ĞƐĐŽŶĐĞƌƚĂĚŽĞŶĐĞŶĚŝſƵŶĐŝŐĂƌƌŝůůŽũƵƐƚŽĂůůĂĚŽĚĞƵŶĂ ͕ ĚĞůĂƐŵƵĐ ĚĞůĂƐ ŵƵĐŚĂƐ ŚĂƐ ƐĞŹĂůĞ ƐĞŹĂůĞƐ ƐĚĞƉƌŽŚŝď ĚĞƉƌŽŚŝďŝĚŽ ŝĚŽ ĨƵŵĂƌƋƵĞ ĨƵŵĂƌƋƵĞƐĞƌĞƉĂƌƚ ƐĞƌĞƉĂƌƚşĂŶ şĂŶ ƉŽƌ ͘ ůĂƐƉĂƌĞĚĞƐĚĞůĂĐŽŵŝƐĂƌşĂ^ƵƐĞŶƐĂĐŝſŶĚĞĂŐŽďŝŽĞƌĂĚĞƐĞƐƉĞͲ ͗ ƌĂŶƚĞŵŝĞĚŽ͕ŝŵƉŽƚĞŶĐŝĂ͕ƉĞŶƐĂŵŝĞŶƚŽƐŶĞŐĂƚŝǀŽƐƐŽďƌĞƐşŵŝƐͲ ŵŽ͕ƐŽďƌĞƐƵĨĂŵŝůŝĂ͕ƐŽďƌĞĞůĨƵƚƵƌŽĚĞƚŽĚŽǇĚĞƚŽĚŽƐ ͙ ʹsĞŽ ƋƵĞ ƚĂŶ ƐŝƋƵŝĞƌĂ ĞƌĞƐ ĐĂƉĂǌ ĚĞ ƌĞƐƉĞƚĂƌ ůĂƐ ŶŽƌŵĂƐ ŵĄƐĞůĞŵĞŶƚĂůĞƐĚĞƌĞƐƉĞƚŽĂůŽƐĚĞŵĄƐʹŽǇſŶĚƌĠƐĂƐƵƐĞƐͲ ͘ ƉĂůĚĂƐ ͘ ůŝŶƐƉĞĐƚŽƌŶŝƉĂƌƉĂĚĞſ͕ĂƉĞƐĂƌĚĞĞƐĐƵĐŚĂƌůĂĐƌşƚŝĐĂ ͊ ʹ͋KĂƉĂŐĂƐĚĞŝŶŵĞĚŝĂƚŽĞƐĞĐŝŐĂƌƌŽŽ KĂƉĂŐĂƐĚĞŝŶŵĞĚŝĂƚŽĞƐĞĐŝŐĂƌƌŽŽ ͙ ʹK͎ ʹK Ƌ ͎ ƵĠ͕ ŵĂůĚŝƚŽ ŵĂůĚŝƚŽĐĂĨƌĞ ĐĂĨƌĞʹƌĞƐƉŽŶĚŝſ ʹƌĞƐƉŽŶĚŝſŶĚƌĠƐ ŶĚƌĠƐŐŝƌĄŶĚŽƐĞ ŐŝƌĄŶĚŽƐĞĐŽͲ ĐŽͲ ͍ ŵŽƵŶĂĐĞŶƚĞůůĂǇĐůĂǀĂŶĚŽƐƵƐŽũŽƐĞŶǀĞŶĞŶĂĚŽƐĞŶůĂƉĞƌƐŽŶĂ ͘ ƋƵĞůĞƌĞĐƌŝŵŝŶĂďĂ ůƐƵďĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽʹƋƵĞŶŽĞƌĂŽƚƌŽĞůĐĞŶƐŽƌʹŶŽĨƵĞ ĐĂƉĂǌĚĞĂƌƚŝĐƵůĂƌůĂŵĄƐŵşŶŝŵĂƉĂůĂďƌĂĚĞƌĞƐƉƵĞƐƚĂĂůĂƉƌĞĐŝĂƌ ͗ ĞůĞƐƚĂĚŽĚĞƐƵ ĞůĞƐƚĂĚŽĚĞƐƵƐƵďŽƌĚ ƐƵďŽƌĚŝŶĂĚŽ ŝŶĂĚŽůŽƐƉƵŹŽƐĚĞĂŵďĂƐŵĂŶŽƐĂƉƌĞƚĂͲ ůŽƐƉƵŹŽƐĚĞĂŵďĂƐŵĂŶŽƐĂƉƌĞƚĂͲ ĚŽƐ ĚŽƐ͕ ůĂ ďŽĐĂ ďŽĐĂ ĞŶƚƌ ĞŶƚƌĞĂ ĞĂďŝ ďŝĞƌ ĞƌƚĂ ƚĂ ĞŶƐĞ ĞŶƐĞŹĂ ŹĂŶĚ ŶĚŽ Ž ĐŽŶ ĐŽŶ ƌĂďŝ ƌĂďŝĂ Ă ůŽƐ ůŽƐ ĚŝĞŶƚ ĚŝĞŶƚĞƐ ĞƐ͕  ůŽƐ ůŽƐ ͘ ŽũŽƐ ŽũŽƐ ůůŽƌ ůůŽƌŽƐ ŽƐŽƐ ŽƐ ĂŐƌĞƐŝǀ ƐŝǀŝĚ ŝĚĂĚ ĂĚ ĞƌĂ ĞƌĂ͕ ƉŽƌ ƉŽƌ ŵŽŵĞŶƚ ŶƚŽƐ ŽƐ͕  ĂƚĞƌ ĂƚĞƌƌĂ ƌĂĚŽ ĚŽƌĂ ƌĂ ͙ ^Ƶ ĂŐƌĞ ͘ ŵŽŵĞ dƌĞǀŝŹŽĚŝŽŵĞĚŝĂǀƵĞůƚĂǇƐĞŵĂƌĐŚſ EŽŚĂďşĂƉĂƐĂĚŽŶŝƵŶĂŚŽƌĂ EŽŚĂďşĂƉĂƐĂĚŽŶŝƵŶĂŚŽƌĂĐƵĂŶĚŽŶĚ ĐƵĂŶĚŽŶĚƌĠƐƌĞĐŝďŝſ ƌĠƐƌĞĐŝďŝſƵŶĞƐͲ ƵŶĞƐͲ ĐƌŝƚŽƉŽƌĞůĐƵĂůĞůĐŽŵŝƐĂƌŝŽĂŶƚſŶ͕ĂƉƌŽƉƵĞƐƚĂĚĞůƐƵďĐŽŵŝƐĂͲ 


ƌŝŽ dƌĞǀŝŹŽ͕ĂĐŽƌĚĂďĂ ƐƵĐĞƐĞƚĞŵƉŽƌĂůĞŶ ůĂƐ ƚĂƌĞĂƐ ĚĞŝŶǀĞƐƚŝͲ ͘ ŐĂĐŝſŶǇƐƵƉĂƐĞĂůĂhŶŝĚĂĚĚĞWĂƚƌƵůůĂũĞWƌĞǀĞŶƚŝǀŽ͞ůƉƌŝŵĞƌ ͗ ƐĞƌǀŝĐŝŽĞŶƐƵŶƵĞǀŽĚĞƐƚŝŶŽĐŽŵĞŶǌĂƌĄĂůĂƐϬϲϬϬŚŽƌĂƐĚĞůĚşĂ ͘ ĚĞŵĂŹĂŶĂ͕ĚŝƐƉŽŶşĂůĂƌĞƐŽůƵĐŝſŶ ͟ ͞DŝŐƌĂŶŝůƵƐŝſŶ ͕ ŵƵƐŝƚſĞůŝŶƐƉĞĐƚŽƌƌĞĐŽƌĚĂŶĚŽůĂƐƉĂůĂͲ ͟ ďƌĂƐĚĞůƚĞƌĐĞƌŽĚĞůŽƐƉĂƌĞĂĚŽƐƋƵĞĞůĨĂƚşĚŝĐŽƐƵĞŹŽƉƌĞŵŽŶŝͲ ͘ ƚŽƌŝŽůĞŚĂďşĂƌĞǀĞůĂĚŽƵŶƉĂƌĚĞŶŽĐŚĞƐĂŶƚĞƐ dƵƐĂůƵĚƐĞƌĄŵĂůƚƌĞĐŚĂ͕ƉŽƌĐƵůƉĂĚĞƵŶƐƵƉĞƌŝŽƌ͕ ƋƵŝĞŶƚĞůůĞǀĂƌĄĚĞůĂĐƵŵďƌĞĂůǀĂůůĞ͕ĂĚŝſƐĂƚƵŐƌĂŶŝůƵƐŝſŶ

ŶĚƌĠƐƌĞĐŽŶŽĐŝſĂůŝŶƐƚĂŶƚĞĐĂĚĂƵŶŽĚĞůŽƐĞůĞŵĞŶƚŽƐĚĞ ͗ ĂƋƵĞůůŽƐĚŽƐǀĞƌƐŽƐĞůƐƵƉĞƌŝŽƌ͕dƌĞǀŝŹŽ͕͞ĞůĐĂĨƌĞůĂĐƵŵďƌĞ͕ůĂ ͖ hŶŝĚĂĚ ĚĞ/ŶǀĞƐƚŝŐĂĐŝŽŶĞƐĞůǀĂůůĞ͕ ůĂhŶŝĚĂĚ͟ĚĞWĂƚƌƵůůĂũĞWƌĞͲ ͖ ͘ ǀĞŶƚŝǀŽƐƵŐƌĂŶŝůƵƐŝſŶ͕ĂŚŽƌĂƉŽƌƚŝĞƌƌĂ͕ůĂŝŶǀĞƐƚŝŐĂĐŝſŶ ͖ WƌĞƐŽĚĞ ƵŶ ĂƚĂƋƵĞ ĚĞ ŝƌĂ͕ŶĚƌĠƐ ƌŽŵƉŝſ Ğů ĞƐĐƌŝƚŽǇƐĞ ͘ ŵĂƌĐŚſ ĚĞ ůĂ ĐŽŵŝƐĂƌşĂ ƵƌĂŶƚĞ ƐƵ ƌĞŐƌĞƐŽ Ă ĐĂƐĂ͕ ŵĞĚŝƚſ Ɛŝ ŚĂďůĂƌ ĐŽŶ >ŽůĂ͕ ƐƵ ŵƵũĞƌ͕ ƐŽďƌĞ ƐƵ ƉŽƐŝďůĞ ĐŽŶƚĂŐŝŽ͕ ƐŽďƌĞ ƐƵ ĚĞƐƚŝƚƵĐŝſŶĚĞůĂhŶŝĚĂĚĚĞ/ŶǀĞƐƚŝŐĂĐŝŽŶĞƐ͕ƐŽďƌĞĞůůŝďƌŽ͕ƐŽďƌĞ ͘ ĐƵĂŶƚŽŚĂďşĂĂĐŽŶƚĞĐŝĚŽĞŶĞůƷůƚŝŵŽĚşĂ ĞĐŝĚŝſŶŽĚĞĐŝƌůĞŶĂͲ ͘ ĚĂ ͘ WŽƌůĂŶŽĐŚĞ͕ĂƉĞŶĂƐƉƵĚŽƉĞŐĂƌŽũŽ^ĞƐĞŶƚşĂƐƵƉĞƌĂĚŽ ͘ ƉŽƌ ĂƋƵĞů ĐƷŵƵůŽ ĚĞ ƐŝƚƵĂĐŝŽŶĞƐ ŶĞŐĂƚŝǀĂƐ Ǉ ĐĂƐŝ ŝŶĞǆƉůŝĐĂďůĞƐ ͘ ^ƵĨƌƵƐƚƌĂĐŝſŶǇƐƵĂŶƐŝĞĚĂĚĞƌĂŶĂŐŽďŝĂŶƚĞƐ >ĂƉƵŶƚŝůůĂ ŚĂďşĂƐŝĚŽůĂ ĚĞĐŝƐŝſŶĚĞůĐŽŵŝƐĂƌŝŽ ĂŶƚſŶĚĞ ͘ ĐĞƐĂƌůĞ ĚĞ ƐƵ ƉƵĞƐƚŽ ĚĞ ƚƌĂďĂũŽ ƋƵĞůůŽ ůĞ ŚĂďşĂ ĚĞĨƌĂƵĚĂĚŽ ͘ ƉƌŽĨƵŶĚĂŵĞŶƚĞůĐŽŵŝƐĂƌŝŽƐŝĞŵƉƌĞůĞŚĂďşĂĂǇƵĚĂĚŽǇĂƉŽǇĂͲ ĚŽǇ͕ƐŝŶĞŵďĂƌŐŽ͕ĞŶĂƋƵĞůůĂŽĐĂƐŝſŶ ͋͞ hŶŝŶƐƉĞĐƚŽƌƉƌĞƐƚĂŶͲ ͙ ͊ ĚŽƐĞƌǀŝĐŝŽĚĞƉĂƚƌƵůůĞƌŽƵĄŶĚŽƐĞŚĂǀŝƐƚŽĂůŐŽŝŐƵĂůƐĂůŐŽ ͎ ͘ ƋƵĞƌŽǌĂůĂŚƵŵŝůůĂĐŝſŶ͕ƵŶĂŵĞĚŝĚĂĚĞƐƉƌŽƉŽƌĐŝŽŶĂĚĂ͍ƵĚŽĚĞ ƋƵĞ ŝŶĐůƵƐŽ ƐĞĂ ůĞŐĂů͕ ƌƵŵŝĂďĂ ŶĚƌĠƐ͕ ĚĂŶĚŽ ǀƵĞůƚĂƐ Ǉ ŵĄƐ ͘ ͟ ǀƵĞůƚĂƐ Ăů ĂƐƵŶƚŽ ƌĂ ĐŝĞƌƚŽ ƋƵĞ ŚĂďşĂ ĨƵŵĂĚŽ ĞŶ ƵŶ ůƵŐĂƌ ƉƌŽŚŝďŝĚŽǇƋƵĞŚĂďşĂƌĞƉůŝĐĂĚŽĚĞƵŶŵŽĚŽĚĞƐĂƚĞŶƚŽĂůƐƵďͲ ĐŽŵŝƐĂƌŝŽdƌĞǀŝŹŽ͕ƉĞƌŽŶŝĠƐƚĞŶŝĞůĐŽŵŝƐĂƌŝŽĂŶƚſŶĐŽŶŽĐşĂŶ 


ƋƵĞƚĂŶƐſůŽƵŶŽƐŵŝŶƵƚŽƐĂŶƚĞƐĞůĚŽĐƚŽƌƐĞŶƐŝŽĂĐĂďĂďĂĚĞ ͘ ĚĂƌůĞůĂĨĂƚĂůŶŽƚŝĐŝĂĚĞƐƵƉŽƐŝƚŝǀŽĚĞ^/zĂƋƵĠůĞƌĂĞůŵŽƚŝǀŽ ͘ ĚĞƐƵƐĂůŝĚĂĚĞƚŽŶŽ͕ĚĞƐƵŝŶĐŽŶĐĞďŝďůĞďƌĂǀĂƚĂĂƐƵƐƵƉĞƌŝŽƌ  ŶĚƌĠƐƐƵƉŽŶşĂƋƵĞ͕ĂĚĞŵĄƐĚĞƚŽĚŽĞůůŽ͕ĞůƐƵďĐŽŵŝƐĂƌŝŽŚĂďƌşĂ ĞǆĂŐĞƌĂĚŽ ůŽ ŽĐƵƌƌŝĚŽ ŚĂďƌşĂ ĞƐŐƌŝŵŝĚŽ ĂŶƚĞ Ğů ĐŽŵŝƐĂƌŝŽ Ğů ͖ ŐƌĂǀĞƉĞƌũƵŝĐŝŽƋƵĞƐƵĨƌŝƌşĂůĂĚŝƐĐŝƉůŝŶĂǇůĂũĞƌĂƌƋƵşĂĚĞůĂŝŶƐƚŝͲ ƚƵĐŝſŶ Ɛŝ ĂƋƵĞůůĂ ĐŽŶĚƵĐƚĂ ĚĞƐĐŽŶƐŝĚĞƌĂĚĂ ƋƵĞĚĂďĂ ŝŵƉƵŶĞ ͖ ŚĂďƌşĂ ĐŽŶǀĞŶĐŝĚŽĂ ƐƵƐƵƉĞƌŝŽƌ ƉĂƌĂĂĐŽƌĚĂƌƐƵĐĞƐĞ ĞŶůĂhŶŝͲ ͘ ĚĂĚĚĞ/ŶǀĞƐƚŝŐĂĐŝŽŶĞƐƐŝŶŶŝƚĂŶƐŝƋƵŝĞƌĂŽşƌƐƵǀĞƌƐŝſŶ WŽƌƵŶ ŵŽŵĞŶƚŽ͕ĐŽŶǀĞŶĐŝĚŽĚĞƋƵĞĂƋƵĞůůĂĚĞĐŝƐŝſŶĞƌĂƵŶĂĂďƐŽůƵƚĂ ŝŶũƵƐƚŝĐŝĂ͕ ƚƵǀŽ ůĂ ƚĞŶƚĂĐŝſŶ ĚĞ ƉƌĞƐĞŶƚĂƌƐĞ ĂŶƚĞ Ğů ĐŽŵŝƐĂƌŝŽ Ǉ ͗ ƌĞǀĞůĂƌůĞůŽƐƵĐĞĚŝĚŽĐſŵŽƚŽĚŽĂƋƵĞůůŽŶŽŚĂďşĂƐŝĚŽŵĄƐƋƵĞ ƵŶĂ ĐŽŶƐĞĐƵĞŶĐŝĂ ĚĞƐƵĞƐƚĂĚŽ ĚĞƚĞŶƐŝſŶĚĞƐƉƵĠƐĚĞƌĞĐŝďŝƌ ůĂ ͘ ŶŽƚŝĐŝĂ ĚĞ ƐƵ ĐŽŶƚĂŐŝŽ ĚĞ ^/ WĞƌŽ ƐĂďşĂ ƋƵĞ ĞƐƚŽ ƷůƚŝŵŽ ŶŽ ͘ ƉŽĚşĂ ŚĂĐĞƌůŽ ,ĂďşĂ ƉĞĚŝĚŽ Ăů ĚŽĐƚŽƌ ƐĞŶƐŝŽ ƋƵĞ ŵĂŶƚƵǀŝĞƌĂ ĞŶƐĞĐƌĞƚŽƐƵƐƵƉƵĞƐƚĂŝŶĨĞĐĐŝſŶǇ͕ƐŝĂŚŽƌĂĠůůĂƌĞǀĞůĂďĂĂůĐŽͲ ŵŝƐĂƌŝŽ͕ ĐŽƌƌşĂ Ğů ƌŝĞƐŐŽ ĚĞ ƋƵĞ ŵĄƐ ŐĞŶƚĞ ůůĞŐĂƌĂ Ă ĐŽŶŽĐĞƌ ůĂ ͘ ŶŽƚŝĐŝĂ ůĂƐƐĞŝƐĚĞůĂŵĂŹĂŶĂĚĞůĚşĂƐŝŐƵŝĞŶƚĞ͕ĞůŝŶƐƉĞĐƚŽƌůďĞͲ ƌŽǀĞƐƚşĂĞůƵŶŝĨŽƌŵĞƉŽůŝĐŝĂůƉƌŽƉŝŽĚĞůĂhŶŝĚĂĚĚĞWĂƚƌƵůůĂũĞ ͘ WƌĞǀĞŶƚŝǀŽ ͊ ʹ͋,ŽŵďƌĞ͕ ŶĚƌĠƐ͕ Ğ ͞ ů ŚĂƉĂƐ DĞ ĂůĞŐƌŽ ĚĞ ǀĞƌƚĞ ĚĞ ͟ ƐƵĐŽŵƉĂŹĞƌŽĞŶĂƋƵĞůƉƌŝͲ ŶƵĞǀŽƉŽƌĂƋƵşʹůĞĚŝũŽ&ĞƌŶĄŶĚĞǌ ͕ ͘ ŵĞƌƚƵƌŶŽĚĞƚƌĂďĂũŽĐŽŵŽƉĂƚƌƵůůĞƌŽ ʹzŽƚĂŵďŝĠŶŵĞĂůĞŐƌŽĚĞǀĞƌƚĞĂƚŝ ͕ĂƵŶƋƵĞŶŽƚĂŶƚŽĚĞ ͘ ĞƐƚĂƌĂƋƵş ʹƵĞŶŽ͕ ǇĂ ŵĞ ŚĂŶ ĚŝĐŚŽ ƋƵĞ ƚƵ ƌĞŐƌĞƐŽ ŶŽ ĞƐ ƉƌĞĐŝƐĂͲ ͘ ŵĞŶƚĞƵŶĂƌĞĐŽŵƉĞŶƐĂ ͘ ʹzĂƐĂďĞƐ ͙ů͞ĐĂĨƌĞ ͟ ŶŽ ƉĂƌĞĐĞƐ ƚĞŶĞƌ ŵƵǇ ďƵĞŶ ĂƐƉĞĐƚŽ͘ ʹ>Ă ǀĞƌĚĂĚ ĞƐ ƋƵĞ d͎ĞĞŶĐƵĞŶƚƌĂƐďŝĞŶ ͍ zĞƐƋƵĞĞůŝŶƐƉĞĐƚŽƌůďĞƌŽ ͕ ĂĚĞŵĄƐĚĞĞǆŚŝďŝƌůĂƐĐŽŶƐĞͲ ĐƵĞŶĐŝĂƐĚĞŚĂďĞƌƉĂƐĂĚŽƚŽĚĂƵŶĂŶŽĐŚĞĚĞŝŶƐŽŵŶŝŽ͕ ƉƌĞƐĞŶͲ 


ƚĂďĂůŽƐŝŶĞǀŝƚĂďůĞƐĞĨĞĐƚŽƐĚĞŝƌĞŵďƵƚŝĚŽĞŶƵŶƵŶŝĨŽƌŵĞĚŝƐĞͲ ͘ ŹĂĚŽƉĂƌĂƵŶĂƉĞƌƐŽŶĂĚĞĐĂƐŝůĂŵŝƚĂĚĚĞƐƵƉĞƐŽ>ĂĐŽŶŐĞƐƚŝſŶ ĚĞƐƵĐĂƌĂ͕ĨƌƵƚŽĚĞůĂĨĂůƚĂĚĞƌŝĞŐŽƉŽƌůĂƉƌĞƐŝſŶĚĞůƵŶŝĨŽƌŵĞ͕  ĞƌĂ ŵĄƐ ƋƵĞ ĞǀŝĚĞŶƚĞ͕ Ǉ ƐƵ ĐŽŵƉĂŹĞƌŽ ƐĞ ŚĂďşĂ ƉĞƌĐĂƚĂĚŽ ĚĞ ͘ ŝŶŵĞĚŝĂƚŽ ʹ^ŝ ƚĞ ƉĂƌĞĐĞ͕ ŶĚƌĠƐ͕ ƉŽĚĞŵŽƐ ĂĐĞƌĐĂƌŶŽƐ Ă ĐĂƐĂ ƚĞŶŐŽ ͖ ƵŶƵŶŝĨŽƌŵĞƋƵĞŵĞĞƐƚĄŐƌĂŶĚĞǇŶŽǀŽǇĂƵƐĂƌ ŵĞůŽĚŝĞƌŽŶ ͖ ƉŽƌĞƌƌŽƌǇĞƐƚĄƐŝŶĞƐƚƌĞŶĂƌʹůĞĚŝũŽ&ĞƌŶĄŶĚĞǌĐŽŶůĂŵĂǇŽƌĚĞ ͘ ůĂƐĚŝƉůŽŵĂĐŝĂƐ ʹdĞ ůŽ ĂŐƌĂĚĞĐĞƌşĂ ʹůĞ ƌĞƐƉŽŶĚŝſ ŶĚƌĠƐ ŝŶƚĞŶƚĂŶĚŽ ĚŝƐŝͲ ŵƵůĂƌ ƐƵƐ ĚŝĨŝĐƵůƚĂĚĞƐ ƌĞƐƉŝƌĂƚŽƌŝĂƐ ŵŝĞŶƚƌĂƐ ƐĞ ĐĂůĂďĂ ůĂ ŐŽƌƌĂ ͘,ĂĐşĂŵĄƐĚĞĚŝĞǌĂŹŽƐƋƵĞŶŽŵĞĞŶĨƵŶĚĂďĂĞů ŚĂƐƚĂůĂƐĐĞũĂƐʹ ͘͘ ƵŶŝĨŽƌŵĞǇĞŶĨŝŶ͕ƐĞǀĞƋƵĞĞƐƚĞƚŝƉŽĚĞƚĞũŝĚŽƐĞŶĐŽŐĞŶĐŽŶĞů ͘ ƉĂƐŽĚĞůƚŝĞŵƉŽ ʹzĂ ĞŶƚŝĞŶĚŽ ʹĚŝũŽ &ĞƌŶĄŶĚĞǌ͕ ĐŽŶĚĞƐĐĞŶĚŝĞŶƚĞ͕ ĞůƵĚŝĞŶͲ ĚŽ ŚĂĐĞƌ ŵĂǇŽƌĞƐ ĐŽŵĞŶƚĂƌŝŽƐ ƐŽďƌĞ ůĂ ĐĂƵƐĂ ƌĞĂů ĚĞ ůĂ ĞƐƚƌĞͲ ĐŚĞǌĚĞůƵŶŝĨŽƌŵĞĚĞƐƵĐŽůĞŐĂʹ͘ĞƐĚĞůƵĞŐŽ͕ĐƌĞŽƋƵĞůŽŵĞũŽƌ ƐĞƌĄƋƵĞƚĞƉƌƵĞďĞƐĞƐĞƵŶŝĨŽƌŵĞƋƵĞĂŵşŵĞƐŽďƌĂ͕ ƉŽƌƋƵĞƐŝ ĂůŐƵŝĞŶŵĄƐƚĞǀĞĐŽŶĞƐĞƋƵĞĂŚŽƌĂůůĞǀĂƐ͕ŵĞƉĂƌĞĐĞƋƵĞǀĂƐĂ ͘ ƋƵĞĚĂƌĂůĂĂůƚƵƌĂĚĞůĂƚƷŶ >ŽƐ ƉŽůŝĐşĂƐƐĞ ƋƵĞĚĂƌŽŶŵŝƌĄŶĚŽƐĞĨŝũĂŵĞŶƚĞ ƚƌĂƐůĂƐ ƉĂͲ ůĂďƌĂƐĚĞ&ĞƌŶĄŶĚĞǌ͕ŚĂƐƚĂƋƵĞĂŵďŽƐĐŽŵĞŶǌĂƌŽŶĂĐĂƌĐĂũĞĂƌ ͘ ĚĞĨŽƌŵĂĞƐƉŽŶƚĄŶĞĂ ͊ ʹ͋ĂƐŝŚĂďşĂ ŽůǀŝĚĂĚŽĂƋƵĞůůĂĂŶĠĐĚŽƚĂʹĞǆĐůĂŵſŶĚƌĠƐ ͘ ĚĞƐƉƵĠƐĚĞĞƐƚĂƌƵŶďƵĞŶƌĂƚŽƌŝĞŶĚŽ ʹƐ ƋƵĞ ŚĂĐĞ ŵĄƐ ĚĞ ƵŶĂ ĚĠĐĂĚĂ ƋƵĞ ĂƋƵĞů ŝŶĨĞůŝǌ ĚŝũŽ ͗ ĂƋƵĞůůĂƐŽůĞŵŶĞƚŽŶƚĞƌşĂ͕ ůŽƌĞĐƵĞƌĚĂƐ͞ŐĞŶƚĞ͕ŶŽƐĂďĞƵƐͲ ͎ ͘ ͍ ƚĞĚĐŽŶƋƵŝĞŶĞƐƚĄŚĂďůĂŶĚŽ hŶĂůůĂŵĂĚĂĂƐƵũĞĨĞǇ ͕ ĂŶƚĞƐĚĞ ƋƵĞůůĞŐƵĞĂůĂĐŽŵŝƐĂƌşĂ͕ĞƐĂĚĞŶƵŶĐŝĂƋƵĞŵĞĞƐƚĄĨŽƌŵƵůĂŶĚŽ ͘ ĞƐƚĂƌĄ ĞŶ ůĂ ƉĂƉĞůĞƌĂ z ƵƐƚĞĚ ŚĂďƌĄ ƋƵĞĚĂĚŽ Ă ůĂ ĂůƚƵƌĂ ĚĞů ͊ ͊ ͘ ĂƚƷŶ͋ůĂĂůƚƵƌĂĚĞůĂƚƷŶ͋WŽƌŝŽƐEƵŶĐĂŵĞŚĂďşĂĐŽƐƚĂĚŽ ͘ ͟ ƚĂŶƚŽĐŽŶƚĞŶĞƌůĂƌŝƐĂ ͕ ĐĂƐŝŵĞŵĞĠĞŶůŽƐƉĂŶƚĂůŽŶĞƐ

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͊ ůĂ ƌĞƉŽŶŐĂŶ ʹƐĞ ůĂŵĞŶƚſ &ĞƌŶĄŶĚĞǌ ƵŶĂ ǀĞǌ ƋƵĞ ǇĂ ŚĂďşĂŶ ƉƵĞƐƚŽĂůǀŽƌĂǌŐƌĂŶƵũĂĂďƵĞŶƌĞĐĂƵĚŽĞŶĞůĐĂůĂďŽǌŽĚĞůĂĐŽͲ ͘ ŵŝƐĂƌşĂ ʹ^ƵƉŽŶŐŽƋƵĞĞƐƚĄƐǀĂĐƵŶĂĚŽĚĞŚĞƉĂƚŝƚŝƐǇĞƐĂƐĐŽƐĂƐʹůĞ ƉƌĞŐƵŶƚſ ŶĚƌĠƐ͕ ƐĂďĞĚŽƌ͕ ƉŽƌ ĞǆƉĞƌŝĞŶĐŝĂ ƉƌŽƉŝĂ͕ ĚĞ ůĂƐ ƉŽƐŝͲ ͘ ďůĞƐĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞůŽƋƵĞŚĂďşĂŽĐƵƌƌŝĚŽ ͊ ʹ͋sĂĐƵŶĂĚŽ ĞƐƚŽǇ ĐŽŶƚƌĂ ĞƐƚĞ ƚŝƉŽ ĚĞ ĐĂŶĂůůĂƐ ʹůĞ ƌĞƐͲ ͘ ƉŽŶĚŝſĞůŚĞƌŝĚŽĞŶƵŶĨŽŐŽŶĂǌŽĚĞŝƌĂ ůĂƐƚƌĞƐǇŵĞĚŝĂĚĞůĂƚĂƌĚĞ͕ĚĞƐƉƵĠƐĚĞƉĂƐĂƌƉŽƌĞůƐĞƌͲ ͘ ǀŝĐŝŽĚĞƵƌŐĞŶĐŝĂƐĚĞůŚŽƐƉŝƚĂů͕ůŽƐĚŽƐƉŽůŝĐşĂƐƐĞĚĞƐƉŝĚŝĞƌŽŶ͘  ůĂƐĚŝĞǌĚĞůĂŶŽĐŚĞ͕ĂŵďŽƐƉĂƚƌƵůůĂďĂŶŶƵĞǀĂŵĞŶƚĞůĂĐŝƵĚĂĚ ʹsĞƚĞĂĐŽƐƚƵŵďƌĂŶĚŽĂĞƐƚĞƚŝƉŽĚĞƚƵƌŶŽƐʹĚŝũŽ&ĞƌŶĄŶͲ ͘ ĚĞǌĂƐƵĐŽŵƉĂŹĞƌŽʹ͕ƉŽƌƋƵĞǀĂƐĂŚĂƌƚĂƌƚĞĂĚŝƐĨƌƵƚĂƌůŽƐ

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>ŽƐĚŽƐĂŐĞŶƚĞƐƐĞŵŝƌĂƌŽŶŵƵƚƵĂŵĞŶƚĞƐŽƌƉƌĞŶĚŝĚŽƐƉŽƌ Ğů ŚĞĐŚŽĚĞ ƋƵĞ Ğů ŚĞƌŝĚŽĐŽŶŽĐŝĞƌĂ Ğů ŶŽŵďƌĞ ĚĞů ƉƌŝŵĞƌŽĚĞ ͘ ĞůůŽƐ ͊ ʹ͋ŶĚƌĠƐʹƌĞƉŝƚŝſĞůŝŶĚŝŐĞŶƚĞĐŽŶŝŶƐŝƐƚĞŶĐŝĂʹ͋͘ůůŝďƌŽ͕Ğů ůŝďƌŽ͕ĚĞďĞƐƌĞĐƵƉĞƌĂƌĞůůŝďƌŽ͕ĞŶĞůůŝďƌŽĞŶĐŽŶƚƌĂƌĄƐůĂƌĞƐƉƵĞƐͲ ͊ ƚĂ ůŝŶƐƉĞĐƚŽƌƐŽůƚſĞůĂƐŝĚĞƌŽĚĞƐƵƉĂƌƚĞĚĞůĂĐĂŵŝůůĂĐŽŵŽ Ɛŝ ĂĐĂďĂƌĂ ĚĞ ƌĞĐŝďŝƌ ƵŶĂ ĚĞƐĐĂƌŐĂ ĞůĠĐƚƌŝĐĂ͕ Ǉ ƐĞ ƉĂƌſ ĞŶ ƐĞĐŽ ŵŝĞŶƚƌĂƐŵŝƌĂďĂĐſŵŽůŽƐĚŽƐĞŶĨĞƌŵĞƌŽƐǇ&ĞƌŶĄŶĚĞǌŝŶƚƌŽĚƵͲ ͘ ĐşĂŶĂůŵĞŶĚŝŐŽĞŶůĂƉĂƌƚĞƚƌĂƐĞƌĂĚĞůĂĂŵďƵůĂŶĐŝĂ ʹ͎Ɛ ƋƵĞ ĐŽŶŽĐşĂƐ Ă ĞƐĞ ƉŽďƌĞ ĚŝĂďůŽ ʹůĞ ƉƌĞŐƵŶƚſ &ĞƌͲ ͘ ͍ ŶĄŶĚĞǌĐƵĂŶĚŽǇĂĞůǀĞŚşĐƵůŽƐĂŶŝƚĂƌŝŽŚĂďşĂƉĂƌƚŝĚŽĚĞůůƵŐĂƌ  ʹƐƉŽƐŝďůĞƋƵĞůŽŚƵďŝĞƌĂĚĞƚĞŶŝĚŽĞŶĂůŐƵŶĂŽĐĂƐŝſŶĚƵͲ ƌĂŶƚĞŵŝĞƚĂƉĂĞŶůĂhŶŝĚĂĚĚĞ/ŶǀĞƐƚŝŐĂĐŝŽŶĞƐʹƌĞƐƉŽŶĚŝſŶͲ ĚƌĠƐ ĐŽŶ ƉŽĐĂ ĐŽŶǀŝĐĐŝſŶ͕ ĐŽŶŽĐĞĚŽƌ ĚĞ ƐƵ ŵĞŶƚŝƌĂʹ͘ ^ƵƉŽŶŐŽ ƋƵĞŶŽƚĞŶĚƌĄƐŽƚƌŽƵŶŝĨŽƌŵĞƋƵĞƚĞǀĞŶŐĂŐƌĂŶĚĞǇŵĞƉƵĞĚĂƐ ͘ ƉƌĞƐƚĂƌʹƉƌĞŐƵŶƚſĂƐƵĐŽŵƉĂŹĞƌŽŝŶƚĞŶƚĂŶĚŽĐĂŵďŝĂƌĚĞƚĞŵĂ  ͘ ʹ^ŝůŽĚŝĐĞƐƉŽƌƋƵĞĞƐƚĄŵŽũĂĚŽ͕ŶŽƚĞƉƌĞŽĐƵƉĞƐDŝƌĂĂůůş ʹĚŝũŽ &ĞƌŶĄŶĚĞǌƐĞŹĂůĂŶĚŽƵŶĂ ŐƌĂŶ ĐŽůƵŵŶĂĚĞ ŚƵŵŽ ŶŽ ŵƵǇ ͘ ůĞũŽƐĚĞĚŽŶĚĞƐĞĞŶĐŽŶƚƌĂďĂŶ >ĂĞƐƚƌŝĚĞŶƚĞƐŝƌĞŶĂĚĞůǀĞŚşĐƵůŽƉŽůŝĐŝĂůĐŽŵĞŶǌſĂƐŽŶĂƌ ĂƚŽĚŽŐĂƐǇ͕ƐĂůƚĄŶĚŽƐĞǀĂƌŝŽƐƐĞŵĄĨŽƌŽƐǇĞƐƋƵŝǀĂŶĚŽůŽƐĚĞͲ ŵĄƐĂƵƚŽŵſǀŝůĞƐƋƵĞĐŝƌĐƵůĂďĂŶƉŽƌůĂƐĐĂůůĞƐĚĞůĂĐŝƵĚĂĚ͕ ůŽƐ ͘ ĚŽƐĂŐĞŶƚĞƐůůĞŐĂƌŽŶĂůůƵŐĂƌĚĞůĂĚĞƐŐƌĂĐŝĂ ƵƌĂŶƚĞŵĄƐĚĞƵŶĂŚŽƌĂ͕ůŽƐĚŽƐƉŽůŝĐşĂƐĐŽůĂďŽƌĂƌŽŶĐŽŶ ůŽƐ ďŽŵďĞƌŽƐĞŶůĂƐ ƚĂƌĞĂƐ ĚĞĚĞƐĂůŽũŽ ĚĞĂƋƵĞůůĂĐĂƐĂƋƵĞƉŽƌ ͘ ŵŽŵĞŶƚŽƐƉĂƌĞĐşĂĞůŵŝƐŵşƐŝŵŽŝŶĨŝĞƌŶŽ^ƵƐƵŶŝĨŽƌŵĞƐ͕ĂƵŶƋƵĞ ĂůŐŽ ĂĐĂƌƚŽŶĂĚŽƐ͕ ĂĐĂďĂƌŽŶ ƐĞĐŽƐ ƉŽƌ ĐŽŵƉůĞƚŽ ƐƵƐ ŶĞƌǀŝŽƐ͕ ͖ ƐŽďƌĞĐĂƌŐĂĚŽƐƉŽƌůĂƚĞŶƐŝſŶǇĞůĞƐƚƌĠƐƉƌŽƉŝŽƐĚĞůĂĨƌŽŶƚĂŵŝĞŶͲ ͘ ƚŽĚĞĚŽƐƐŝƚƵĂĐŝŽŶĞƐƚĂŶĂƌƌŝĞƐŐĂĚĂƐǇƉƌſǆŝŵĂƐĞŶĞůƚŝĞŵƉŽ  zĂƐĞĚŝƐƉŽŶşĂŶĂĂďĂŶĚŽŶĂƌĞůůƵŐĂƌĚĞůƐŝŶŝĞƐƚƌŽĐƵĂŶĚŽ ƵŶŽĚĞůŽƐŵĠĚŝĐŽƐ͕ƋƵĞĂƚĞŶĚşĂĞŶĞůŝŶƚĞƌŝŽƌĚĞƵŶĂĂŵďƵůĂŶĐŝĂ ͘ ĂƵŶŽĚĞůŽƐƋƵĞŵĂĚŽƐ͕ƌĞƋƵŝƌŝſůĂĂǇƵĚĂĚĞŶĚƌĠƐ 


ʹWŽƌĨĂǀŽƌ͕ĂĐĠƌƋƵĞŵĞůĂʹůĞƉŝĚŝſĞŶĠƌŐŝĐĂŵĞŶƚĞĞůĚŽĐƚŽƌ ƐĞŹĂůĂŶĚŽƵŶĂŵĂƐĐĂƌŝůůĂĚĞŽǆşŐĞŶŽƋƵĞŚĂďşĂƋƵĞĚĂĚŽůĞũŽƐĚĞ ͘ ƐƵĂůĐĂŶĐĞ ^ŝŶĚŝůĂĐŝſŶ͕ĞůŝŶƐƉĞĐƚŽƌĞŶƚƌĞŐſĂůŵĠĚŝĐŽůĂŵĂƐĐĂƌŝůůĂ͕  ͘ ƋƵĞůĂĐŽůŽĐſĞŶůĂďŽĐĂĚĞůĂĨĞĐƚĂĚŽƉŽƌĞůĨƵĞŐŽ ŶƵŶĂďƌŝƌǇ ĐĞƌƌĂƌĚĞŽũŽƐ͕ĞůŚĞƌŝĚŽĂŐĂƌƌſĐŽŶƵŶĂĨƵĞƌǌĂŝŵƉƌŽƉŝĂĚĞƵŶ ŵŽƌŝďƵŶĚŽůĂŵƵŹĞĐĂĚĞůƉŽůŝĐşĂ͕ǇůŽĂƚƌĂũŽŚĂĐŝĂƐşƚƌĂƚĂŶĚŽĚĞ ͘ ŵƵƌŵƵƌĂƌůĞĂůŐŽĂůŽşĚŽ ʹ͋ŶĚƌĠƐ͕ůĂŚŽƌĂǇĞůůƵŐĂƌ͕ƌĞĐƵĞƌĚĂůĂŚŽƌĂǇĞůůƵŐĂƌĞŶ ͊ ͘ ůŽƐƋƵĞŚĂůůĂƐƚĞĞůůŝďƌŽʹĐƌĞǇſĞƐĐƵĐŚĂƌĚĞďŽĐĂĚĞůƋƵĞŵĂĚŽ ů ŝŶƐƉĞĐƚŽƌ ƐĞ ĚĞƐŚŝǌŽ ĐŽŶ ƵŶ ĨƵĞƌƚĞ ƚŝƌſŶ ĚĞů ƉŽĚĞƌŽƐŽ ͘ ĂŐĂƌƌĞĚĞůŚĞƌŝĚŽǇƌĞƚƌŽĐĞĚŝſǀŝŽůĞŶƚĂŵĞŶƚĞŚĂƐƚĂĐĂĞƌĂůƐƵĞůŽ  dƌĂƐ ƵŶŽƐ ŝŶƐƚĂŶƚĞƐ ĚĞ ĐŽŶŵŽĐŝſŶ ŝŶŝĐŝĂů ƉŽƌ ůĂƐ ƉĂůĂďƌĂƐ ĚĞů ŵŽƌƚĞĐŝŶŽ͕ ƐĞ ůĞǀĂŶƚſ ǇƐĞ ĂƐĞŐƵƌſĚĞ ƋƵĞ ŶĂĚŝĞ ŵĄƐ ƋƵĞ&ĞƌͲ ͘ ŶĄŶĚĞǌǇĞůŵĠĚŝĐŽŚĂďşĂŶŽďƐĞƌǀĂĚŽůĂĞƐĐĞŶĂ ʹ͎EŽŵĞĚŝŐĂƐƋƵĞƚĂŵďŝĠŶůŽŚĂďşĂƐĚĞƚĞŶŝĚŽĞŶĂůŐƵŶĂ ŽĐĂƐŝſŶ ʹůĞ ŝŶƋƵŝƌŝſ ĐŽŶ ŝƌŽŶşĂ &ĞƌŶĄŶĚĞǌ ƌĞůĂĐŝŽŶĂŶĚŽ ůŽƋƵĞ ͍ ĂĐĂďĂďĂĚĞƉƌĞƐĞŶĐŝĂƌĐŽŶůŽǀŝǀŝĚŽƉŽĐŽĂŶƚĞƐĞŶůĂŽƌŝůůĂĚĞůƌşŽ ͘ ĐŽŶĞůŝŶĚŝŐĞŶƚĞƐƵŝĐŝĚĂ ʹdĂŶƐſůŽŵĞŚĂĚĂĚŽůĂƐŐƌĂĐŝĂƐƉŽƌůĂĂǇƵĚĂʹƌĞƐƉŽŶĚŝſ ŶĚƌĠƐŵŝĞŶƚƌĂƐƐĞůůĞǀĂďĂůĂŵĂŶŽĂůĂƉĂƌƚĞŝǌƋƵŝĞƌĚĂĚĞůƉĞͲ ͘ ĐŚŽŝŶƚĞŶƚĂŶĚŽĐĂůŵĂƌĞůĚŽůŽƌƋƵĞƐĞŶƚşĂ ʹ/ŶĐƌĞşďůĞ ʹďƌŽŵĞſ͕ ƐĂƌĐĄƐƚŝĐŽ͕ &ĞƌŶĄŶĚĞǌʹ͘ ƐĞ ƉŽďƌĞ ͘ ŚŽŵďƌĞƚĞŶşĂůĂŵĂƐĐĂƌŝůůĂĚĞŽǆşŐĞŶŽĞŶůĂďŽĐĂ ĞďĞŚĂďĞƌƚĞ ͘ ŚĂďůĂĚŽƉŽƌƚĞůĞƉĂƚşĂ ͘ ůŝŶƐƉĞĐƚŽƌůďĞƌŽŶŽƌĞƐƉŽŶĚŝſ

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Mas Alla Del Estres.pdf

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