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ȆȁǾȇȅĭȅȇǿǼȈțĮȚīǼȃǿȀǼȈȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ȉȠ ʌĮȡȩȞ İȖȤİȚȡȓįȚȠ ʌȡȑʌİȚ ȞĮ șİȦȡȘșİȓ ĮȞĮʌȩıʌĮıIJȠ ȝȑȡȠȢ IJȠȣ İȖȤİȚȡȚįȓȠȣ
ȠįȘȖȚȫȞİȖțĮIJȐıIJĮıȘȢțĮȚȤȡȒıȘȢIJȠȠʌȠȓȠıȣȞȠįİȪİȚIJĮIJİȡȝĮIJȚțȐIJȘȢȝȠȞȐįĮȢ
2/,03,$63/(1','ıİȚȡȐ%LȀĮȚIJĮįȪȠİȖȤİȚȡȓįȚĮșĮʌȡȑʌİȚȞĮijȣȜĮȤșȠȪȞȝİ
ʌȡȠıȠȤȒțĮȚșĮʌȡȑʌİȚȞĮıȣȞȠįİȪȠȣȞȆǹȃȉǹIJȘıȣıțİȣȒĮțȩȝȘțĮȚıİʌİȡȓʌIJȦıȘ
İțȤȫȡȘıȒȢIJȘȢıİȐȜȜȠȞȚįȚȠțIJȒIJȘȒȤȡȒıIJȘȒıİʌİȡȓʌIJȦıȘȝİIJĮijȠȡȐȢıİȐȜȜȘ
ȝȠȞȐįĮȈİʌİȡȓʌIJȦıȘʌȠȣijșĮȡİȓȒȤĮșİȓȗȘIJȒıIJİȑȞĮȐȜȜȠ ĮȞIJȓIJȣʌȠĮʌȩ IJȘȞ
ȊʌȘȡİıȓĮȉİȤȞȚțȒȢǺȠȒșİȚĮȢ2/,03,$63/(1','IJȘȢʌİȡȚȠȤȒȢıĮȢ
ȉȠ ʌĮȡȩȞ İȖȤİȚȡȓįȚȠ ʌȡȠȠȡȓȗİIJĮȚ ĮʌȠțȜİȚıIJȚțȐ ȖȚĮ IJȠȞ İʌĮȖȖİȜȝĮIJȓĮ țĮȚ
İȟȠȣıȚȠįȠIJȘȝȑȞȠ IJİȤȞȚțȩ İȖțĮIJȐıIJĮıȘȢ Ƞ ȠʌȠȓȠȢ șĮ ʌȡȑʌİȚ ȞĮ ȑȤİȚ țĮIJȐȜȜȘȜȘ
țĮIJȐȡIJȚıȘțĮȚȞĮțĮIJȑȤİȚȩȜİȢIJȚȢȥȣȤȠijȣıȚțȑȢĮʌĮȚIJȒıİȚȢʌȠȣȠȡȓȗȠȞIJĮȚĮʌȩIJȠȞȩȝȠ
ǵȜȠȚȠȚȤİȚȡȚıȝȠȓİȖțĮIJȐıIJĮıȘȢʌȠȣʌİȡȚȖȡȐijȠȞIJĮȚșĮʌȡȑʌİȚȞĮİțIJİȜİıIJȠȪȞȝİ
ijȡȠȞIJȓįĮțĮȚıȪȝijȦȞĮȝİIJȠȣȢțĮȞȩȞİȢIJȘȢIJȑȤȞȘȢĮțȠȜȠȣșȫȞIJĮȢIJȠȣȢȚıȤȪȠȞIJİȢ
țĮȞȩȞİȢĮıijȐȜİȚĮȢİȡȖĮıȓĮȢ
īȚĮȩȜİȢIJȚȢȐȜȜİȢʌȜȘȡȠijȠȡȓİȢțĮȚȖİȞȚțȑȢʌȡȠİȚįȠʌȠȚȒıİȚȢʌȠȣʌȡȑʌİȚȞĮIJȘȡȘșȠȪȞ
țĮIJȐIJȘȞİȖțĮIJȐıIJĮıȘțĮȚȤȡȒıȘIJȠȣțȚIJǺįİȓIJİıȤİIJȚțȐIJȠȕȚȕȜȓȠȠįȘȖȚȫȞʌȠȣ
ıȣȞȠįİȪİȚIJĮIJİȡȝĮIJȚțȐIJȘȢȝȠȞȐįĮȢ2/,03,$63/(1','ıİȚȡȐ%L
ȈȊȂȂȅȇĭȍȈǾ
ȉĮĮİȡȩșİȡȝĮțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡİȢĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ%L2/,03,$63/(1','
ʌȠȣįȚĮșȑIJȠȣȞȘȜİțIJȡȠȞȚțȩțȚIJǺİȓȞĮȚıȣȝȕĮIJȐȝİIJȚȢǼȣȡȦʌĮȧțȑȢȅįȘȖȓİȢ
ȅįȘȖȓĮȤĮȝȘȜȒȢIJȐıȘȢǼȀ
ȅįȘȖȓĮȘȜİțIJȡȠȝĮȖȞȘIJȚțȒȢıȣȝȕĮIJȩIJȘIJĮȢ(&
ȅǻǾīǿǼȈȉȅȆȅĬǼȉǾȈǾȈ
ǹȃȅǿīȂǹȆȁǹȎȃȍȃ
ǹʌȠıȣȞĮȡȝȠȜȠȖȒıIJİIJȘȞȐȞȦıȤȐȡĮİȚțıȤ$ȟİȕȚįȫȞȠȞIJĮȢIJȚȢįȪȠȕȓįİȢ
ıIJİȡȑȦıȘȢİȚțıȤ%
ǹȞȠȓȟIJİIJȘȞʌȜĮȧȞȒșȣȡȓįĮİȚțıȤ&
ȈIJȘȞĮȡȚıIJİȡȒʌȜİȣȡȐȟİȕȚįȫıIJİIJȘȕȓįĮİȚțıȤ)ʌȠȣıIJİȡİȫȞİȚIJȠĮȡȚıIJİȡȩ
ʌȜĮȧȞȩİȚțıȤ*ȝİIJĮțȚȞȒıIJİIJȠİȜĮijȡȐʌȡȠȢIJĮĮȡȚıIJİȡȐțĮȚıȘțȫıIJİIJȠ
ȈIJȘȞĮȞIJȓșİIJȘʌȜİȣȡȐȟİȕȚįȫıIJİIJȘȕȓįĮıIJİȡȑȦıȘȢIJȠȣʌȜĮȧȞȠȪİȚțıȤ/
ȂİIJĮțȚȞȒıIJİİȜĮijȡȐʌȡȠȢIJĮįİȟȚȐIJȠʌȜĮȧȞȩțĮȚıȘțȫıIJİIJȠİȚțıȤ3
ǻǿǹȂȅȇĭȍȈǾ
ǾȘȜİțIJȡȠȞȚțȒʌȜĮțȑIJĮIJȠȣʌȓȞĮțĮ%ʌȡȑʌİȚȞĮįȚĮȝȠȡijȦșİȓ ıȪȝijȦȞĮȝİ
IJȠ ȝȠȞIJȑȜȠ ĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡ ĮȞİȝȚıIJȒȡĮ ĮȖȦȖȫȞ șİȡȝȩIJȘIJĮȢ %L ıIJȠ
ȠʌȠȓȠșĮİȖțĮIJĮıIJĮșİȓȒȅȚIJȡİȚȢİʌȚȜȠȖİȓȢʌȡȑʌİȚȞĮ
IJȠʌȠșİIJȘșȠȪȞĮțȠȜȠȣșȫȞIJĮȢIJȠȞʌȓȞĮțĮIJȘȢİȚțȩȞĮȢȈİʌİȡȓʌIJȦıȘʌȠȣȤȡİȚĮıIJİȓ
ȤȡȘıȚȝȠʌȠȚȒıIJİIJȠȣȢİʌȚȜȠȖİȓȢĮȜȜĮȖȒȢʌȠȣʌĮȡȑȤȠȞIJĮȚȝİIJȠȞİȟȠʌȜȚıȝȩ
ȆȡȚȞ țȐȞİIJİ IJȘȞ İȞȑȡȖİȚĮ ĮȣIJȒ ȕİȕĮȚȦșİȓIJİ ȩIJȚ Ș ıȣıțİȣȒ įİȞ İȓȞĮȚ
ıȣȞįİȝȑȞȘȝİIJȠȘȜİțIJȡȚțȩįȓțIJȣȠIJȡȠijȠįȠıȓĮȢ
ǼīȀǹȉǹȈȉǹȈǾ
ȉȠʌȠșİIJȒıIJİIJȠȞʌȓȞĮțĮİȜȑȖȤȠȣıIJȘȞȑįȡĮIJȠȣıIJȠİʌȐȞȦȝȑȡȠȢIJȠȣĮİȡȩșİȡȝȠȣ
țĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢțĮȚıIJİȡİȫıIJİIJȠȞȝİIJȚȢįȪȠȕȓįİȢʌȠȣ
ʌĮȡȑȤȠȞIJĮȚ ȝİ IJȠȞ İȟȠʌȜȚıȝȩ İȚț ıȤ$ ıIJȠ ʌȜĮȧȞȩ IJȠȓȤȦȝĮ Ǿ IJİȜȚțȒ
IJȠʌȠșȑIJȘıȘIJȠȣʌȓȞĮțĮȤİȚȡȚıȝȠȪșĮʌȡȑʌİȚȞĮİȓȞĮȚțȩȞIJȡĮıIJȘȞʌȜĮȧȞȒʌȜİȣȡȐ
īȚĮ ȞĮ IJȠʌȠșİIJȒıİIJİIJȠȞȘȜİțIJȡȠȞȚțȩȑȜİȖȤȠıIJȠįİȟȚȩʌȜĮȧȞȩIJȘȢıȣıțİȣȒȢ
įİȓIJİıȤİIJȚțȐIJȚȢȠįȘȖȓİȢʌȠȣʌİȡȚȑȤȠȞIJĮȚıIJȠȕȚȕȜȓȠİȖțĮIJȐıIJĮıȘȢțĮȚȤȡȒıȘȢ
ʌȠȣıȣȞȠįİȪİȚIJȠĮİȡȩșİȡȝȠțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ%L
ǾȁǼȀȉȇǿȀǼȈȈȊȃǻǼȈǼǿȈ
ȆȡȚȞ țȐȞİIJİ IJȘȞ İȞȑȡȖİȚĮ ĮȣIJȒ ȕİȕĮȚȦșİȓIJİ ȩIJȚ Ș ıȣıțİȣȒ įİȞ İȓȞĮȚ
ıȣȞįİȝȑȞȘȝİIJȠȘȜİțIJȡȚțȩįȓțIJȣȠIJȡȠijȠįȠıȓĮȢ
ȈIJİȡİȫıIJİIJȠțĮȜȫįȚȠȖİȓȦıȘȢıIJȘȞįȠȝȒIJȘȢıȣıțİȣȒȢȤȡȘıȚȝȠʌȠȚȫȞIJĮȢIJȘȕȓįĮ
țĮȚIJȘȡȠįȑȜĮʌȠȣʌĮȡȑȤȠȞIJĮȚȝİIJȠȞİȟȠʌȜȚıȝȩȘİȜȐȤȚıIJȘįȪȞĮȝȘʌȠȣʌȡȑʌİȚ
ȞĮĮıțȘșİȓȖȚĮIJȠȕȓįȦȝĮʌȡȑʌİȚȞĮİȓȞĮȚʌİȡȓʌȠȣȃPȕȜȑʌİİȚțıȤ$
ıȣȞįȑıIJİIJȠȞıȪȞįİıȝȠʌȩȜȦȞıIJȠțĮȜȫįȚȠțȚȞȘIJȒȡĮİȚțıȤ%
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İȚțıȤ&
ʌİȡȐıIJİIJȠțȠȜȐȡȠıȣȖțȡȐIJȘıȘȢ țĮȜȦįȓȦȞʌȠȣʌĮȡȑȤİIJĮȚȝİ IJȠȞİȟȠʌȜȚıȝȩ
ıIJȘȞȠʌȒʌȠȣȣʌȠįİȚțȞȪİIJĮȚıIJȘȞİȚțıȤ$
ıȣȞįȑıIJİIJȠțĮȜȫįȚȠIJȡȠijȠįȠıȓĮȢıIJȘȞİȚįȚțȒʌȜĮțȑIJĮĮțȡȠįİțIJȫȞİȚțıȤ
% țĮȚ ıIJİȡİȫıIJİ IJȠ ȝİ IJȠ țȠȜȐȡȠ ıȣȖțȡȐIJȘıȘȢ țĮȜȦįȓȦȞ ȋȡȘıȚȝȠʌȠȚȒıIJİ
țĮȜȫįȚĮȝİİȜȐȤȚıIJȘįȚĮIJȠȝȒPP
2
,
ıȣȞįȑıIJİ IJȘȞ İȞįİȤȩȝİȞȘ įȚȐIJĮȟȘ İȞİȡȖȠʌȠȓȘıȘȢ ȜİȚIJȠȣȡȖȓĮȢ WLPHU
ĮʌȠȝĮțȡȣıȝȑȞȠȢįȚĮțȩʌIJȘȢțȜʌȒȑȞĮȞșİȡȝȠıIJȐIJȘİȟȦIJİȡȚțȠȪʌİȡȚȕȐȜȜȠȞIJȠȢ
ıIJȘȞİȚįȚțȒʌȜĮțȑIJĮ ĮțȡȠįİțIJȫȞ İȚțıȤ& Ǿ İʌĮijȒȘȠʌȠȓĮ ıȣȞįȑİIJĮȚ
ȝİĮȣIJȒȞIJȘȞʌȜĮțȑIJĮĮțȡȠįİțIJȫȞʌȡȑʌİȚȞĮȤĮȡĮțIJȘȡȓȗİIJĮȚĮʌȩȑȞĮİȜȐȤȚıIJȠ
ȠȞȠȝĮıIJȚțȩȡİȪȝĮʌȠȣİȓȞĮȚȓıȠȝİǹ9DFǼȐȞȤȡȘıȚȝȠʌȠȚİȓIJĮȚĮȣIJȒȘ
İȓıȠįȠȢ İȟĮȜİȓȥIJİ IJȘ ȖȑijȣȡĮ ʌȠȣ ʌĮȡȑȤİIJĮȚ ȝİ IJȠȞ İȟȠʌȜȚıȝȩ țĮȚ İȓȞĮȚ
IJȠʌȠșİIJȘȝȑȞȘȝİIJĮȟȪIJȦȞĮțȡȠįİțIJȫȞǹțĮȚǺİȚțıȤ;
ȀȁǼǿȈǿȂȅȈȊȈȀǼȊǾȈ
ȟĮȞĮIJȠʌȠșİIJȒıIJİIJȠįȚĮțȠıȝȘIJȚțȩʌȜĮȧȞȩIJȠȣĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡĮȞİȝȚıIJȒȡĮ
ĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢ
ȕȚįȫıIJİIJȘȞİʌȐȞȦȕȓįĮıIJİȡȑȦıȘȢIJȠȣʌȜĮȧȞȠȪİȚțıȤ/ȒıȤ)
IJȠʌȠșİIJȒıIJİțĮȚʌȐȜȚIJȘıȤȐȡĮʌȡȠıIJĮıȓĮȢİȟȩįȠȣĮȑȡĮİȚțıȤ$
ǾȁǼȀȉȇǿȀȅȈȋǼǻǿȅİȚț
M1ȀȚȞȘIJȒȡĮȢĮȞİȝȚıIJȒȡĮ
Y1ǾȜİțIJȡȠȕĮȜȕȓįĮȞİȡȠȪ9+]PD[:
S1ȂȚțȡȠįȚĮțȩʌIJȘȢĮıijĮȜİȓĮȢıȤȐȡĮȢĮȞĮȡȡȩijȘıȘȢ
S2ǼȟȦIJİȡȚțȒİʌĮijȒİȜȐȤȚıIJȘ ʌĮȡȠȤȒ $9 șİȡȝȠıIJȐIJȘȢʌİȡȚȕȐȜȜȠȞIJȠȢ
WLPHU țȜʌ ǼȐȞ İȓȞĮȚ ıȣȞįİȝȑȞȘ İȟĮȜİȓȥIJİ IJȘ ȖȑijȣȡĮ ȋ ȝİIJĮȟȪ IJȦȞ
ĮțȡȠįİțIJȫȞǹțĮȚǺ
ȋȇǾȈǾ
īǼȃǿȀȅǹȃǹȂȂǹ
īȚĮIJȘįȚĮȤİȓȡȚıȘIJȠȣĮȞİȝȚıIJȒȡĮĮȖȦȖȫȞșİȡȝȩIJȘIJĮȢĮİȡȩșİȡȝȠȣțĮȜȠȡȚijȑȡ%L
ȝȑıȦIJȠȣʌȓȞĮțĮİȜȑȖȤȠȣ%ȘıȣıțİȣȒʌȡȑʌİȚȞĮ ıȣȞįİșİȓıIJȠȘȜİțIJȡȚțȩ
įȓțIJȣȠȈİʌİȡȓʌIJȦıȘʌȠȣȑȤİȚʌȡȠȕȜİijșİȓȑȞĮȢȖİȞȚțȩȢįȚĮțȩʌIJȘȢıIJȘȞȘȜİțIJȡȚțȒ
ȖȡĮȝȝȒIJȡȠijȠįȠıȓĮȢĮȣIJȩȢʌȡȑʌİȚȞĮİȞİȡȖȠʌȠȚȘșİȓ
ȉȇȅȆȅȈȁǼǿȉȅȊȇīǿǹȈ
ǼȞİȡȖȫȞIJĮȢıIJȠȞİʌȚȜȠȖȑĮ$İȚțȝʌȠȡİȓIJİȞĮȝİIJĮȕȐȜȜİIJİIJȘȞIJĮȤȪIJȘIJĮĮİȡȚıȝȠȪ
ʌȠȣİʌȚșȣȝİȓIJİĮʌȩȝȓĮİȜȐȤȚıIJȘIJȚȝȒ ȝȑȤȡȚȝȓĮȝȑȖȚıIJȘIJȚȝȒ ǵIJĮȞİȓȞĮȚ
IJȠʌȠșİIJȘȝȑȞȠȢıIJȠ İʌȚȜȠȖȑĮȢIJİȜİȓȦȢĮȡȚıIJİȡȐȘıȣıțİȣȒĮʌİȞİȡȖȠʌȠȚİȓIJĮȚ
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