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<ƻƌLJďŝŶŝŽ ƐƉĂůǀŝŶŝŵŽ ŬŶLJŐĞůĦĚƵŽĚĂŝŵƉƵůƐƵƐŬƻƌLJďĂŝ͘ :ŝ ťŬǀĞƉŝĂƉƌĂƐŵŝŶŐČ
ƐƉĂůǀƿƉĂƐŝƌŝŶŬŝŵČŝƌĚŝŶĂŵŝƓŬĂƐůŝŶŝũĂƐ͘EĞŐĂŶĂƚŽ͕ũŝƉĂƐŬĂƟŶĂĂƚǀĂŝnjĚƵŽƟŝƌ
ƐĂǀŽƉĂēŝƿƉŽƚLJƌŝƵƐ͘
dŝŬƐůĂƐ
dŝŬƐůĂƐ  LJƌĂ  ŬƵŽ  ĂƐŵĞŶŝƓŬŝĂƵ  ƉĂũƵƐƟ  ĞƐĂŵČ͕  ƚƵŽŵĞƟŶť  ƉĂƐĂŬŽƐ  ŵŽŵĞŶƚČ͘
<ŽĚĦů͍
ΗEĦƌĂƉĂǎŝŶŝŵŽďĞĞŵŽĐŝũŽƐΗLJƌĂĨƵŶĚĂŵĞŶƚĂůƵƐŶĞƵƌŽďŝŽůŽŐŝũŽƐĚĦƐŶŝƐ͕ŬƵƌŝŽ
ŶĂƵĚČŐĂƵŶĂŵĞǀLJŬĚLJĚĂŵŝƓŝČǀĞŝŬůČ͘
<ƵŽƐƟƉƌĞƐŶŝƐĞŵŽĐŝŶŝƐťƐŝũƵŶŐŝŵĂƐ͕ƚƵŽƐƟƉƌĞƐŶŝƐďƵƐ
ŵŽŬLJŵŽƐŝƉŽǀĞŝŬŝƐ͘
ĂďĂƌŐĂůĦƚƵŵĦƚĞŐŝŶēLJƟƐ͕ŬĂĚůĂŝŬĂƐ͕ƉƌĂůĞŝƐƚĂƐƉŝĞƓŝĂŶƚ͕LJƌĂŶĞƉƌŽƉŽƌĐŝŶŐĂŝŝůͲ
ŐĂƐ͘  <Ğůŝ  ƉĂƉƌĂƐƟ  ƌĂŝĚĦƐ  ũƵĚĞƐŝĂŝ  ŐĂůŝ  ďƻƟ  ŬĂƌƚŽũĂŵŝ  ŐƌĞŝƚĂŝ͕  ŬĂŝ  ƚƵŽ  ƚĂƌƉƵ
ƉĂǀĞŝŬƐůŽƉŝĞƓŝŵĂƐƚƌƵŶŬĂŝůŐČůĂŝŬČ͕ƉĞƌŬƵƌťŶĞŬĂƌƚŽũĂŵĂƐŶĞŝǀŝĞŶĂƐƌĂŝĚĦƐ
ƌĂƓLJŵŽũƵĚĞƐLJƐ͊
:ĞŝŐƵƌĞŝŬĦƚƿŝƓŵŽŬƟƟŬϮĂƌϯǎĞŶŬůƵƐ͕ƚĂŝďƻƚƿƌĂĐŝŽŶĂůƵƐƉŽǎŝƻƌŝƐ͘dĂēŝĂƵ
ƌĞŝŬŝĂŝƓŵŽŬƟϮϴĂƌĚĂƵŐŝĂƵǎĞŶŬůƿ͕ŝƌũŝĞĚĂƌƚƵƌŝĞŝůħƉƌŝĞĚƿ͘
>ŝŶŝũŽƐ͕ďĞƚŬĂŝƉƉĂƌĂƓLJƚŽƐĂŶƚƉŽƉŝĞƌŝĂƵƐ͕LJƌĂŬĂŝƉƉĂůĂŝĚĂŝťĚŝƌǀČŶƵŵĞƐƚŽƐ
ƐĦŬůŽƐ͕ŬƵƌŝĂƐďůĂƓŬŽǀĦũŽŐƻƐŝĂŝŝƌŬƵƌŝƿŶĞďĞŐĂůŝŵĞĂƚƐŬŝƌƟǀŝĞŶŽƐŶƵŽŬŝƚŽƐ͘
WĂƐŝŵĞƟŵĂƐ͕ƐƵŬĞůƚĂƐƉŝƌŵƿũƿďĂŶĚLJŵƿƌĂƓLJƟ͕ŐĂůŝǀĦůŝĂƵʹũĞŝŐĂůŝŝƓǀŝƐʹďƻƟ
ŝƓƚĂŝƐLJƚĂƐ  ƟŬ  ĚŝĚĞůĦŵŝƐ  ƉĂƐƚĂŶŐŽŵŝƐ͘  dĂŝ  LJƌĂ  ƉƌŝĞǎĂƐƟƐ͕ ĚĦů  ŬƵƌŝŽƐ  ǀŝĞŶĂƐ  ŝƓ
ƉĞŶŬŝƿϭϱʹŵĞēŝƿ͕ŬƵƌŝĞďƵǀŽŵŽŬŽŵŝŶƵŽƓĞƓĞƌŝƿŵĞƚƿĂŵǎŝĂƵƐ͕ŶĞŐĂůŝŶĂƵͲ
ĚŽƟƐƌĂƓLJŵƵŬĂŝƉŬŽŵƵŶŝŬĂĐŝũŽƐƉƌŝĞŵŽŶĞ͘
<ŝĞŬǀŝĞŶĂƐƐŽĚŝŶŝŶŬĂƐǎŝŶŽ͗ĚŝƌǀŽƐƉĂƌƵŽƓŝŵĂƐŝƌŬƌƵŽƉƓƟƐĦũĂLJƌĂǀŝƐŬĂƐ͕ƉŽƚŽ
ǀŝƐŬĂƐĂƵŐĂƐĂǀĂŝŵĞ͘
dĂŝŶŝĞŬƵŽŶĞƐŝƐŬŝƌŝĂŶƵŽƐŵĞŐĞŶƿ͗ĞŵŽĐŝũŽƐĂƉƌƻƉŝŶĂƐŵĞŐĞŶŝƐ͞ƚƌČƓŽŵŝƐ͕͟
ŶĞƵƌŽŶƿ  ĂƵŐŝŵĂƐ  LJƌĂ   ƐŬĂƟŶĂŵĂƐ  ťƐŝƚƌĂƵŬŝŵƵ  ť  ŝƐƚŽƌŝũČ͘  dĂŝ  ŝƓƓĂŬŽũĂ  ŶĞƌǀƿ
ƐŬĂŝĚƵůĂƐŬĂŝƉƓĂŬŶŝƐĞŵŽĐŝƓŬĂŝ;сŚŽƌŵŽŶĂŝƐͿƉĂƚƌħƓƚƵŽƐĞĂƵĚŝŶŝƵŽƐĞ͘
dŽĚĦůƓŝŽƐŝƐƚŽƌŝũŽƐƉĂŐĂůďĂƌĂŝĚĦƐƐŵĞŐĞŶLJƐĞƚĂŵƉĂŐĞƌĂŝťƐŝƓĂŬŶŝũƵƐŝĂŝƐĂƵͲ
ŐĂůĂŝƐ͕ƚǀĂƌŬŝŶŐĂŝŝƓĚĦůŝŽƚĂŝƐŶƵŽŝŬŝƉĂƐĂŬŽũĞ͕ŬƵƌŶŝĞŬĂƐũƿŶĞďĞŐĂůŝƐƵͲ
ũĂƵŬƟ͘
>ĂŝŬĂƐ͕ƉƌĂĚǎŝŽũĞƐƵŐĂŝƓƚĂƐĞŵŽĐŝŶŝĂŵťƐŝŐŝůŝŶŝŵƵŝ͕LJƌĂŐĞƌĂŝŶǀĞƐƟĐŝũĂ͘
<ŽŬŝĂŵĞĂŵǎŝƵũĞ͍
WŝƌŵŝĂƵƐŝĂʹŬĂůďĂŬĂŝƉŐĂƌƐŝŶĦƉĂƟƌƟƐ͘
<ŝĞŬǀŝĞŶĂ  ĂŵǎŝĂƵƐ  ŐƌƵƉĦ͕  ƓŽŬĚĂŵŝ  ƉĂŐĂů  ƌĂŝĚĦƐ  ŵƵnjŝŬČ͕   ŵŽŬŽƐŝ  ƐĂǀŽ  ůLJŐͲ
ŵĞŶLJũĞ͗
Ͳ8ƚƌĂƵŬŝĂŵĞũĂƵŶŝĂƵƐŝƵƐ͕ũƿĚǎŝĂƵŐŝŵČƐŝƉĂēŝƵƌĂŝĚĦƐŐĂƌƐƵŝƓƌLJƓŬŝŶĚĂŵŝƌĂŝĚĦƐ
ŐĂƌƐČďĞǀĞŝŬŝŬŝŬŽŵĞĚŝũŽƐ͘
ͲŝŬĐŝũĂƐƵƐƟƉƌŝŶĂŵĂŬƻŶŽũƵĚĞƐŝĂŝƐŝƌŐĞƐƚĂŝƐŬĂůďŽƐƌŝƚŵĞ;ƚĂŝƉƉĂƚŝƌůŽŐŽƉĞͲ
ĚŝŶŝĂŝƐƚĞƌŵŝŶĂŝƐͿ͘
ͲdŽůŝĂƵƉĂǎĞŶŐƵƐŝƿǀĂŝŬƿĞŶƚƵnjŝĂnjŵĂƐŝŶƐƉŝƌƵŽũĂƚĞŬƐƚČƉĂǀĞƌƐƟŐƌĞŝƚĂŬĂůďĞ͗
͞<ƵƌŝƐŐĂůŝƉĂƐĂŬLJƟƚĂŝƚĂŝƉŐƌĞŝƚĂŝ͍͕͟
͗͞/ƌĚĂƌŐƌĞŝēŝĂƵ͍͊͟;LJƌĂŐƌĂǎŝƿŐƌĞŝƚĂŬĂůďŝƿͿ͘
ͲdĂŵ͕ŬĂĚŵŽŬLJƟƚŽŬŝƿƐǀĂƌďŝƿƐŵƵůŬŝŽƐŝŽƐŵŽƚŽƌŝŬŽƐťŐƻĚǎŝƿ͕ǀĂŝŬĂƐǀŝĞŶČƉŽ
ŬŝƚŽŐĂůŝƓŽŬƟŝƌǀĂŝĚŝŶƟƉĂƉƌĂƐƚĂƌĂŶŬŝŶĞƌĂŝĚĦƐůĦůĞ͕ŬŝƟĞŵƐďĞƐŝŵŽŬĂŶƚƚĞŬƐƚČ
ƐƵŵƵnjŝŬĂ͘
WĂƐĂŬĂŬĂŝƉƉĂƟƌƟƐ
sĂŝŬĂŵƐŶƵŽϰŝŬŝϲŵĞƚƿƉƌŝƉŝůĚŽŵĞŝƐƚŽƌŝũČĚĞƚĂůĦŵŝƐ͘
DƻƐƿŬůĂƵƐŝŵĂŝƐŬĂƟŶĂǀĂŝŬƵƐƉƌŝƐŝĚĦƟƐĂǀŽƉĂŶĂƓŝĂŝƐŝƓŐLJǀĞŶŝŵĂŝƐ͕ƚĂŝŐŝũŝĞŝƌ
ũƿŝƓŐLJǀĞŶŝŵĂŝĂƚƐŝĚƵƌŝĂƓŝŽũĞŝƐƚŽƌŝũŽũĞ͘
/ŶĚŝǀŝĚƵĂůƵƐƉĂƐĂŬŽƐĂƚƐŬůĞŝĚŝŵĂƐƉĂƌƵŽƓŝĂŶĂƵĚŽũŝŵƵŝƐŝƐƉĂůǀŝŶŝŵŽŬŶLJŐĞůĞ͘
<ƻƌLJďŝŶĦƐƉĂůǀŝŶŝŵŽŬŶLJŐĞůĦ
aĂďůŽŶĂƐƉĂĚĞĚĂƉĂƚĂůƉŝŶƟƉĂŐƌŝŶĚŝŶŝƵƐǀĞŝŬĦũƵƐťƚĞŝƐŝŶŐČǀŝĞƚČ͕ŬĂĚũŝĞĂƟͲ
ƟŬƚƿƌĂŝĚǎŝƿůŝŶŝũĂƐĂŶƚƉĞƌŵĂƚŽŵŽůĂŬƓƚŽ͕ŶĂƵĚŽũĂŵŽǀĦůŝĂƵ͘
aŝĂƐĮŐƻƌĂƐƐƵƉĂƚƵƓēŝĂĞƌĚǀĦ͕ƐŬŝƌƚĂǀĂŝŬƵŝĂƚǀĂŝnjĚƵŽƟƐĂǀƵƐťƐƉƻĚǎŝƵƐ͕ŝƓƐĂŬLJͲ
ƚƵƐŝƐƚŽƌŝũŽƐƉĂƐĂŬŽũŝŵŽŵĞƚƵ͘
ƚŬƌĞŝƉŝĂŵĞ  ǀĂŝŬƿ  ĚĦŵĞƐť  ť  ƚĂŝ͕  ŬĂŝƉ  ƐƉĂůǀŽƐ  ƉĂƌLJƓŬŝŶĂ  ŬŝĞŬǀŝĞŶČ  ŶƵŽƚĂŝŬČ
;ƉĂǀLJnjĚǎŝƵŝ͕͕ŵĦůLJŶĂͲƉĂŐƵŽĚĂĂƌƓĂůƟƐ͕ƌĞĚĂĐƟǀĞŽƌŚĞĂƚĞĚƌĂƵĚŽŶĂʹĂŬͲ
ƚLJǀƵŵĂƐ  ĂƌďĂ  ŬĂŝƚƌĂ ͕ ŐĞůƚŽŶĂ  ůŝŶŬƐŵLJďĦ  Ăƌ  ƓǀŝĞƐĂ͕ ǀŝŽůĞƟŶĦ  ƌĂŵLJďĦ  ŝƌ
ƓŝůƵŵĂ͕ ŽƌĂŶǎŝŶĦʹŬƻƌLJďŝŶŐƵŵĂƐŝƌůĂŝŵĦ͕ ǎĂůŝĂʹƓǀĞůŶƵŝƌůĞŶŐǀĂͿ͘ WĂƚĂƌŝͲ
ĂŵĞĂƚƌĂƐƟƐƉĂůǀĂƐŬĂŝƉĞŵŽĐŝũƿŝƓƌĂŝƓŬČŝƌƚĂŝƉƉƌĂƐŵŝŶŐĂŝĞŝŶĂŵĞƚŽůŝĂƵƵǎ
ŽďũĞŬƚƿƐƉĂůǀŝŶŝƿƌŝďƿ͘
dŽůŝĂƵ  ƉĂƚƌĂƵŬŝĂŵĞ  ĚĦŵĞƐť  ť  ůŝŶŝũƿ  ĚŝŶĂŵŝŬČ͘  /ƐƚŽƌŝũĂ  ŶĂƵĚŽũĂ  ĂƟƟŶŬĂŵĂƐ
ƌĂŝĚĞƐ  ŬĂŝƉ  ŝůŝƵƐƚƌĂƚLJǀƿ  ƚƌŝƵŬƓŵČ͕  ůLJĚŝŶƧ  ƌĂŝĚĦƐ  ƉŝĞƓŝŵŽ  ũƵĚĞƐť͘   WĂǀLJnjĚǎŝƵŝ͕
ƉůĂƵŬŝĂŶƟƐŐĂƌƐŽsssũƵĚĞƐLJƐĂƌďĂŝŵƉƵůLJǀƵƐ&&&&͕ƟŬƐůƵƐŶƵƐŝůĞŝĚŝŵĂƐĂŶƚd
Ăƌ<͕ŝƌƚ͘ƚ͘
ĦŵĞƐLJƐƓŝĞŵƐĚĂůLJŬĂŵƐťŐĂůŝŶĂǀĂŝŬƵƐŐŝůŝŶƟũƿŵĞŶŝŶŝƵƐťŐƻĚǎŝƵƐ͘
sŝƐĂŵŽŬŽŵŽũŝŵĞĚǎŝĂŐĂLJƌĂŶƵƉŝĞƓƚĂƌĂŶŬŽŵŝƐ͕ŬĂĚĂŶŐŝƚĂŝƐƟŵƵůŝƵŽũĂǀĂŝŬŽ
ƌĂŶŬŽƐǀĞŝĚƌŽĚŝŶŝƵƐŶĞƵƌŽŶƵƐŝƌƐŬĂƟŶĂũƵŽƐƐŝĞŬƟƌĂƓŝŬůŝŽ͘
dĂƌƉĚŝƐĐŝƉůŝŶŝƓŬƵŵĂƐ
/ƐƚŽƌŝũĂLJƌĂƐƚƌƵŬƚƻƌŝnjƵŽƚĂƚĂŝƉ͕ŬĂĚƉĂĚĦƚƿĂƐŵĞŶŝŶŝĂŵǀLJƐƚLJŵƵŝƐŝ͘ƌƓŽŬŝƐ͕Ăƌ
ĚĂŝŶĂǀŝŵĂƐ͕ŵƵnjŝŬĂǀŝŵĂƐ͕ƉůŽũŝŵĂƐ͕ŐƌŝŵĂƐŽƐ͕ƉŝĞƓŝŵĂƐ͕ƐŬĂŝƚLJŵĂƐĂƌƌĂƓLJŵĂƐ
ʹƓŝƐĂƐŵĞŶŝŶŝƐ
ĚĂůLJǀĂǀŝŵĂƐĚĂůLJŬƵƐĂƉŝďĞŶĚƌŝŶĂ͘:ŝƐĂƉũƵŶŐŝĂǀŝƐĂƐǀĞŝŬůĂƐťŬŝĞŬǀŝĞŶĂŵŝŶĚŝͲ
ǀŝĚƵĂůŝĂŝŝƐƵŬƵƌƚČƉĂƟƌƧ͕ťŐĂůŝŶĂŶēŝČĂƐŵĞŶŝŶŝŽƉŽƚĞŶĐŝĂůŝŽǀLJƐƚLJŵČƐŝ͘
ϮͲŽũŝƚĂŝƐLJŬůĦ͗ũŽŬŝƿŬŝƚƿ͕ƟŬƉƵŝŬƻƐŝƓŐLJǀĞŶŝŵĂŝ͊
ĞƚŬŽŬƐǀĂŝŬŽƉĂƚLJƌŝŵĂƐƉĂĚĞĚĂ͕LJƌĂůĂƵŬŝĂŵĂƐ͕LJƌĂ͞ƚĞŝƐŝŶŐĂƐ͟;ĂƚŵŝŶŬŝƚĞ͗ƚĂŝ
ŬĂǎŬĂƐ͕ŬČũŝƐƉĂƚLJƌĦƌĞĂůŝĂŵĞŐLJǀĞŶŝŵĞ͕͊ŽŶĞŝƓŐĂůǀŽũŽͿ͘
'ĂůŝĂƵƐŝĂŝ͕ƐƵƐƵŵƵŽũĂŵĞƓŝƵŽƐŝŶĚĦůŝƵƐƉĂŬĂƌƚŽĚĂŵŝƌĂŝĚĦƐƚĞŬƐƚČ͕ƉƌĂĚĞĚĂŶƚ
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