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ȇȣșȝȓıIJݳ$872´ıIJȠȞʌȓȞĮțĮİȜȑȖȤȠȣIJȠȣșİȡȝĮȞIJȒȡĮ
ȉȠʌȠșİIJȒıIJİ IJȠ İȡȖĮȜİȓȠ ıIJȠ IJȗȐȝȚ ıİ ĮʌȩıIJĮıȘ Įʌȩ IJȠ ʌİȡȚșȫȡȚȠ ȩʌȦȢ ıIJȘȞ
ǼǿȀ)țĮȚʌȚȑıIJİIJȠʌȜȒțIJȡȠȒIJȠȤİȚȡȚıȝȩȝİʌİȞIJȐȜțĮȚʌȜȘıȚȐıIJİIJȠİȡȖĮȜİȓȠ
ʌĮȡȐȜȜȘȜĮıIJȠʌİȡȚșȫȡȚȠǵIJĮȞȘȝȘȤĮȞȒĮȞĮȖȞȦȡȓȗİȚIJȘȜĮȝĮȡȓȞĮİȞİȡȖȠʌȠȚİȓIJĮȚ
țĮȚʌĮȡȐȖİȚȑȞĮĮțȠȣıIJȚțȩıȒȝĮİȞȫIJĮȜİȞIJȢĮȞȐȕȠȣȞįȚĮįȠȤȚțȐȝȑȤȡȚ³2.´
ǼǿȀ
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įİȓȤȞȠȞIJĮȢȑIJıȚIJȘȞʌİȡȚȠȤȒȩʌȠȣȝʌȠȡİȓȞĮȕȡȓıțİIJĮȚȘțȠȜȜȘIJȚțȒȠȣıȓĮ
ǼʌĮȜȘșİȪıIJİȩIJȚȘșȑıȘIJȘȢțȩȜȜĮȢİȓȞĮȚʌȠȜȪțȠȞIJȐıIJȠİȡȖĮȜİȓȠțĮȜȪIJİȡĮĮȞ
ȕȡȓıțİIJĮȚțȐIJȦĮʌȩIJȠİȡȖĮȜİȓȠȤȡȘıȚȝȠʌȠȚȫȞIJĮȢȑȞĮȞĮȞȚȤȞİȣIJȒȩʌȦȢıIJȘȞǼǿȀ
)ǼȞįİȤȠȝȑȞȦȢʌȜȘıȚȐıIJİIJȠİȡȖĮȜİȓȠıIJȠʌİȡȚșȫȡȚȠIJȠȣIJȗĮȝȚȠȪȝȑȤȡȚFP
ĮʌȩIJȠĮȝȐȟȦȝĮǹȞİȓıIJİĮȞĮȖțĮıȝȑȞȠȚȞĮİȡȖȐȗİıIJİȝİIJȠİȡȖĮȜİȓȠʌȠȜȪțȠȞIJȐ
ıIJĮĮțȐȜȣʌIJĮȝȑȡȘIJȠȣĮȝĮȟȫȝĮIJȠȢıȣȝȕȠȣȜİȪİIJĮȚȞĮțȡȣȫıİIJİIJȠȕİȡȞȓțȚȝİȑȞĮ
ȣȖȡȩʌĮȞȓȒȥİțȐȗȠȞIJĮȢȑȞĮȜİʌIJȩıIJȡȫȝĮȞȑijȠȣȢȞİȡȠȪ
ȄİțȚȞȒıIJİĮʌȩȝȚĮȖȦȞȓĮIJȠȣIJȗĮȝȚȠȪIJȠʌȠșİIJȫȞIJĮȢIJȠİȡȖĮȜİȓȠʌĮȡȐȜȜȘȜĮıIJȠ
ʌİȡȚșȫȡȚȠıIJȘȞĮʌȩıIJĮıȘĮʌȩIJȠĮȝȐȟȦȝĮʌȠȣȕȡȒțĮIJİʌȡȠȘȖȠȣȝȑȞȦȢʌȚȑıIJİ
IJȠ ʌȜȒțIJȡȠ țĮȚ țȚȞȒıIJİ ĮȝȑıȦȢ ȝʌȡȠȢ ʌȓıȦ IJȠ İȡȖĮȜİȓȠ ȖȚĮ İȓțȠıȚ İțĮIJȠıIJȐ
ʌȡȠıʌĮșȫȞIJĮȢȞĮĮțȠȜȠȣșȒıİIJİIJȘșȑıȘIJȘȢțȩȜȜĮȢȩʌȦȢıIJȘȞǼǿȀ*
ȈȘțȫıIJİİȜĮijȡȐȤȦȡȓȢȞĮİȟĮȞĮȖțȐıİIJİIJȘȖȦȞȓĮIJȠȣIJȗĮȝȚȠȪȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ
IJȠȞİȚįȚțȩȝȠȤȜȩĮʌȩʌȜĮıIJȚțȩțĮȚIJĮȣIJȩȤȡȠȞĮıʌȡȫȟIJİIJȘȖȦȞȓĮȝİIJȠȤȑȡȚĮʌȩ
IJȠİıȦIJİȡȚțȩȂȩȜȚȢIJȠIJȗȐȝȚıȘțȦșİȓȤȫıIJİĮȞȐȝİıĮIJȠȝȠȤȜȩȖȚĮȞĮįȚĮIJȘȡȒıİIJİ
IJȘșȑıȘǹȞIJȠIJȗȐȝȚįİȞıȘțȫșȘțİĮʌȩIJȘșȑıȘIJȠȣĮțȠȣȝʌȒıIJİIJȠȞİʌĮȖȦȖȑĮțĮȚ
șİȡȝȐȞİIJİʌȐȜȚIJȘȞʌİȡȚȠȤȒțȐȞȠȞIJĮȢİȜĮijȡȐȑȜȟȘȝİIJȠȞʌȜĮıIJȚțȩȝȠȤȜȩ
ȈȣȞİȤȓıIJİȞĮȟİțȠȜȜȐIJİȝİIJȠȞȓįȚȠIJȡȩʌȠIJȠȣʌȩȜȠȚʌȠIJȗȐȝȚʌȡȠȤȦȡȫȞIJĮȢĮȞȐ
ȝȚțȡȐİȣșȪȖȡĮȝȝĮįȚĮıIJȒȝĮIJĮFPʌİȡȓʌȠȣıİIJĮȤȪIJȘIJĮFPV
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ǹijĮȚȡȑıIJİİȞįİȤȩȝİȞĮȝİIJĮȜȜȚțȐʌİȡȚșȫȡȚĮĮʌȩIJȠʌĮȡȝʌȡȓȗʌȡȚȞĮȡȤȓıİIJİ
IJȘ șȑȡȝĮȞıȘ ĮȜȜȚȫȢ Ș İʌĮȖȫȖȚȝȘ șİȡȝȩIJȘIJĮ ȝʌȠȡİȓ ȞĮ ȕȜȐȥİȚ IJȠ ȓįȚȠ IJȠ
IJȗȐȝȚ
ȉȠ ȠʌȓıșȚȠ IJȗȐȝȚ İȓȞĮȚ ȑȞĮ ıțȜȘȡȣȝȑȞȠ ȖȣĮȜȓ ʌȠȣ ȝʌȠȡİȓ ȞĮ ȠįȘȖȘșİȓ ıİ
șȡĮȪıȘ ĮȞ ȣʌȠıIJİȓ ʌȠȜȪ ȑȞIJȠȞİȢ țȡȠȪıİȚȢ ȤȡȘıȚȝȠʌȠȚȒıIJİ IJȠȣȢ ȝȠȤȜȠȪȢ
ȤȦȡȓȢİȟĮȞĮȖțĮıȝȩ
ȋȇǾȈǾȉȅȊǼȇīǹȁǼǿȅȊǹȆȅȀȅȁȁǾȈǾȈȂȆȅȊȁȅȃǿȍȃ
ȉȠ İȡȖĮȜİȓȠ
ǼȚț 'E
İȓȞĮȚ ıİ șȑıȘ ȞĮ ıȣȖțİȞIJȡȫıİȚ IJȘ ȡȠȒ ıIJȠ ʌĮȟȚȝȐįȚ ʌȠȣ
įȚĮıIJȑȜȜİIJĮȚ ıİ ıȣȞȑʌİȚĮ IJȘȢ șİȡȝȩIJȘIJĮȢ țĮȚ IJİȓȞİȚ ȞĮ įȚĮȤȦȡȚıIJİȓ Įʌȩ IJȘ ȕȓįĮ
ĮijĮȚȡȫȞIJĮȢ ȑIJıȚ İȞįİȤȩȝİȞİȢ İʌȚțĮșȓıİȚȢ Įʌȩ ıțȠȣȡȚȐ Ȓ țȩȜȜĮǹȣIJȩ İʌȚIJȡȑʌİȚ IJȠ
ȟİȕȓįȦȝĮIJȠȣʌĮȟȚȝĮįȚȠȪʌȠȣʌȡȚȞȒIJĮȞĮțȚȞȘIJȠʌȠȚȘȝȑȞȠ
ȉȠİȡȖĮȜİȓȠȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮIJȠȟİȕȓįȦȝĮıțȠȣȡȚĮıȝȑȞȦȞʌĮȟȚȝĮįȚȫȞ
IJȠ ȟİȝʌȜȠțȐȡȚıȝĮ IJȦȞ ıIJȡȠijİȓȦȞ ʌȩȡIJĮȢ țĮȚ ȖİȞȚțȩIJİȡĮ ȖȚĮ ȞĮ ıȣȖțİȞIJȡȫȞİIJĮȚ Ș
șİȡȝȩIJȘIJĮıİȝȚțȡȐȝİIJĮȜȜȚțȐȝȑȡȘ
Ǿ
ǼǿȀ,
įİȓȤȞİȚIJȘȞİȞIJȩʌȚıȘIJȘȢșİȡȝȩIJȘIJĮȢıIJȠʌĮȟȚȝȐįȚ
ǻȚĮįȚțĮıȓĮ
ȆȚȐıIJİIJȠİȡȖĮȜİȓȠȝȑıȦIJȘȢİȚįȚțȒȢȜĮȕȒȢ
ȇȣșȝȓıIJİIJȠȞIJȡȩʌȠ$872
ǹțȠȣȝʌȒıIJİIJȚȢʌȡȠİțIJȐıİȚȢıIJȚȢʌȡȠıȩȥİȚȢIJȠȣʌĮȟȚȝĮįȚȠȪȩʌȦȢijĮȓȞİIJĮȚıIJȘȞ
ǼǿȀ,
.
ǼȞİȡȖȠʌȠȚȒıIJİ IJȠ İȡȖĮȜİȓȠ ȝİ IJȠȞ İȚįȚțȩ ȤİȚȡȚıȝȩ ȝİ ʌİȞIJȐȜ ȖȚĮ ȝİȡȚțȐ
įİȣIJİȡȩȜİʌIJĮ țĮȚ ʌȡȠıʌĮșȒıIJİ ȞĮ įȚĮIJȘȡȒıİIJİ ȝȚĮ ȝȚțȡȒ ĮʌȩıIJĮıȘ Įʌȩ IJȠ
ʌĮȟȚȝȐįȚ
ȆİȡȚıIJȡȑȥIJİIJȠİȡȖĮȜİȓȠȖȪȡȦĮʌȩIJȠʌĮȟȚȝȐįȚĮȞİȓȞĮȚįȣȞĮIJȩȞ
ǹʌİȞİȡȖȠʌȠȚȒıIJİIJȠİȡȖĮȜİȓȠțĮȚįȠțȚȝȐıIJİȞĮȟİȕȚįȫıİIJİIJȠʌĮȟȚȝȐįȚ
ǼʌĮȞĮȜȐȕİIJİIJȘȞİȞȑȡȖİȚĮIJȘȢȑȞįİȚȟȘȢĮȞIJȠʌĮȟȚȝȐįȚįİȞĮijĮȚȡİȓIJĮȚ
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
İʌİȞįȪİIJİʌȐȞIJĮIJȚȢʌȡȠİțIJȐıİȚȢIJȠȣİȡȖĮȜİȓȠȣȝİIJȘȞİȚįȚțȒʌȡȠıIJĮIJİȣIJȚțȒ
ȜȦȡȓįĮ
įİȞ İȓȞĮȚ ĮȞĮȖțĮȓȠ ȞĮ șİȡȝȐȞİIJİ IJȠ ʌĮȟȚȝȐįȚ ȝȑȤȡȚ ȞĮ ȖȓȞİȚ țȩțțȚȞȠ
ʌȣȡĮțIJȦȝȑȞȠȖȚĮȞĮțĮIJĮijȑȡİIJİȞĮIJȠȟİȝʌȜȠțȐȡİIJİȘİțʌİȝʌȩȝİȞȘĮʌȩIJȠ
ȣȜȚțȩșİȡȝȩIJȘIJĮȝʌȠȡİȓȞĮȕȜȐȥİȚIJȚȢʌȡȠİțIJȐıİȚȢIJȠȣİȡȖĮȜİȓȠȣ
ȋȇǾȈǾȉȅȊĬǼȇȂǹȃȉǿȀȅȊȆǹȃǿȅȊ
ȉȠ İȡȖĮȜİȓȠ
ǼȚț 'F
İȓȞĮȚ ıİ șȑıȘ ȞĮ ĮijĮȚȡȑıİȚ IJȚȢ ʌȜİȣȡȚțȑȢ țȠȡȞȓȗİȢ ıȒȝĮIJĮ
ĮȣIJȠțȩȜȜȘIJİȢIJĮȚȞȓİȢĮȣIJȠțȩȜȜȘIJĮĮʌȩȕȚȞȪȜȚȠʌȜĮıIJȚțȑȢȪȜİȢțĮȚȖȩȝİȢțȠȜȜȘȝȑȞİȢ
ʌȐȞȦıIJȘȜĮȝĮȡȓȞĮIJȠȣĮȣIJȠțȚȞȒIJȠȣ
Ǿ
ǼǿȀ+
įİȓȤȞİȚIJȠʌĮȞȓțĮȚIJȘȞİȞIJȩʌȚıȘIJȘȢșİȡȝȩIJȘIJĮȢıIJȘȜĮȝĮȡȓȞĮȘʌĮȡĮȖȩȝİȞȘ
șİȡȝȩIJȘIJĮțĮIJĮȞȑȝİIJĮȚıݳįĮțIJȪȜȚȠ´țȐIJȦĮʌȩȩȜȘIJȘȞİʌȚijȐȞİȚĮIJȠȣʌĮȞȚȠȪțĮȚİȓȞĮȚ
ȜȚȖȩIJİȡȠıȣȖțİȞIJȡȦȝȑȞȘıİıȤȑıȘȝİIJĮȐȜȜĮİȡȖĮȜİȓĮ
ǻȚĮįȚțĮıȓĮ
ȈIJİȡİȫıIJİIJȠİȡȖĮȜİȓȠıIJȠȤȑȡȚʌȡȠıĮȡȝȩȗȠȞIJĮȢIJȘȡȣșȝȚȗȩȝİȞȘȜȦȡȓįĮ
ǼʌȚȜȑȟIJİIJȠȞIJȡȩʌȠ³$872´ĮʌȩIJȠȞʌȓȞĮțĮIJȘȢȝȘȤĮȞȒȢ
ȋȡȘıȚȝȠʌȠȚȒıIJİIJȠȤİȚȡȚıȝȩȝİʌİȞIJȐȜȖȚĮȞĮİȞİȡȖȠʌȠȚȒıİIJİIJȠʌĮȞȓ
ȉȠʌȠșİIJȒıIJİIJȠʌĮȞȓȩıȠIJȠįȣȞĮIJȩȞʌȚȚȠțȠȞIJȐıIJȠĮȞIJȚțİȓȝİȞȠʌȠȣʌȡȑʌİȚȞĮ
ĮijĮȚȡȑıİIJİțĮȚʌĮȡȐȜȜȘȜĮıIJȘȜĮȝĮȡȓȞĮ
ǼȞİȡȖȠʌȠȚȒıIJİ IJȠ ʌĮȞȓ țĮȚ țȐȞIJİ țȣțȜȚțȑȢ țȚȞȒıİȚȢ Ȓ țȚȞȒıIJİ IJȠ ȝʌȡȠȢ ʌȓıȦ
ĮȞȐȜȠȖĮȝİIJȠĮȞIJȚțİȓȝİȞȠʌȠȣʌȡȑʌİȚȞĮĮijĮȚȡȑıİIJİ
ǼȜȑȖȟIJİ țĮIJȐ IJĮțIJȚțȐ įȚĮıIJȒȝĮIJĮ ȝİȡȚțȫȞ įİȣIJİȡȠȜȑʌIJȦȞ IJȠ ĮʌȠIJȑȜİıȝĮ IJȘȢ
șȑȡȝĮȞıȘȢȖȚĮȞĮȝȘȞțȐȥİIJİIJȠȕİȡȞȓțȚȒIJȠĮȞIJȚțȑȚȝİȞȠʌȠȣșȑȜİIJİȞĮĮijĮȚȡȑıİIJİ
ȈȘțȫıIJİIJȠIJȝȒȝĮIJȠȣĮȞIJȚțİȚȝȑȞȠȣıİșȑȡȝĮȞıȘțĮȚıȣȞİȤȓıIJİȝİIJȠȞȓįȚȠIJȡȩʌȠ
ȝȑȤȡȚ IJȘȞ ȠȜȚțȒ ĮijĮȓȡİıȘ Ȉİ ʌİȡȓʌIJȦıȘ įȣıțȠȜȓĮȢ İʌĮȞĮȜȐȕİIJİ IJȘȞ İȞȑȡȖİȚĮ
șȑȡȝĮȞıȘȢ
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ȂȘȞ ȤȡȘıȚȝȠʌȠȚİȓIJİ IJȠ ʌĮȞȓ Įʌȩ IJȘ ȜĮȞșĮıȝȑȞȘ ʌȜİȣȡȐ Ș ʌȜİȣȡȐ ȝİ IJȘ
ȡȣșȝȚȗȩȝİȞȘȜȦȡȓįĮȤȡİȚȐȗİIJĮȚȖȚĮȞĮĮțȠȣȝʌȐIJİIJȠȤȑȡȚ
ǹȞįİȞİȓıIJİʌȠȜȪʌİʌİȚȡĮȝȑȞȠȚİȜȑȖȟIJİıȣȤȞȐIJȠĮʌȠIJȑȜİıȝĮIJȘȢșȑȡȝĮȞıȘȢ
țĮȚĮijȒıIJİIJȠʌİȞIJȐȜȫıIJİȞĮĮʌİȞİȡȖȠʌȠȚȒıİIJİIJȠİȡȖĮȜİȓȠıİʌİȡȓʌIJȦıȘ
ʌȠȣȕȜȑʌİIJİțĮʌȞȩȞĮʌȡȠȑȡȤİIJĮȚĮʌȩIJȠȕİȡȞȓțȚ
ȋȇǾȈǾ ȉȅȊ ǼȇīǹȁǼǿȅȊ ǹȆȅȀȅȁȁǾȈǾȈ ȉǽǹȂǿȍȃ ȆǼȇǿȅȇǿȈȂǼȃȅȊ
ȆǼǻǿȅȊ
ȂȠȞȫȞİȚ IJȘ ȕİȡȞȚțȦȝȑȞȘ ȜĮȝĮȡȓȞĮ Įʌȩ IJȠ ȝĮȖȞȘIJȚțȩ ʌİįȓȠ ʌȠȣ IJİȓȞİȚ ȞĮ țȜİȓıİȚ
ʌȐȞȦIJȘȢʌȡȠıIJĮIJİȪȠȞIJȐȢIJȘȞĮʌȩIJȘȞȣʌȑȡșȑȡȝĮȞıȘ
ȆĮȡȐȖİȚșİȡȝȩIJȘIJĮȝİİʌȚȝȒțȘțĮIJĮȞȠȝȒʌȐȞȦıIJȘȜĮȝĮȡȓȞĮȫıIJİȞĮĮțȠȜȠȣșİȓ
țĮȜȪIJİȡĮIJȠıȤȒȝĮIJȠȣȝȠȞȦIJȚțȠȪʌȡȠȢĮʌȠțȩȜȜȘıȘ
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įİȓȤȞİȚIJȠİȡȖĮȜİȓȠĮʌȠțȩȜȜȘıȘȢIJȗĮȝȚȫȞțĮȚIJȘȞİȞIJȩʌȚıȘIJȘȢșİȡȝȩIJȘIJĮȢ
ıIJȘȜĮȝĮȡȓȞĮȘțĮIJĮȞȠȝȒİȓȞĮȚȠȝȠȚȩȝȠȡijȘțĮIJȐȝȒțȠȢȩȜȠȣIJȠȣİʌĮȖȦȖȑĮ
ǻȚĮįȚțĮıȓĮ
ǹijĮȚȡȑıIJİIJȚȢIJıȚȝȠȪȤİȢʌȠȣijĮȓȞȠȞIJĮȚIJȚȢȜĮıIJȚȤȑȞȚİȢȒȝİIJĮȜȜȚțȑȢțȠȡȞȓȗİȢIJȠȣ
IJȗĮȝȚȠȪȫıIJİȞĮİijĮȡȝȩıİIJİIJȚȢİȚįȚțȑȢʌȜĮıIJȚțȑȢıijȒȞİȢĮȞȐȝİıĮıIJȠIJȗȐȝȚțĮȚ
IJȘȜĮȝĮȡȓȞĮ
ǹʌȠıȣȞįȑıİIJİIJȘȞțİȡĮȓĮIJȠıȑȞıȠȡĮȕȡȠȤȒȢIJȠȣȢȣĮȜȠțĮșĮȡȚıIJȒȡİȢțĮȚȩȜĮ
IJĮİȟĮȡIJȒȝĮIJĮʌȠȣİȞįİȤȠȝȑȞȦȢȕȡȓıțȠȞIJĮȚțȠȞIJȐıIJȠIJȗȐȝȚ
ȀĮșĮȡȓıIJİțĮȜȐIJȠIJȗȐȝȚțĮIJȐȝȒțȠȢIJȦȞʌİȡȚșȦȡȓȦȞǼȞįİȤȠȝȑȞȦȢʌȡȠıIJĮIJȑȥIJİ
ȝİțĮIJȐȜȜȘȜȘIJĮȚȞȓĮIJĮĮțȐȜȣʌIJĮIJȝȒȝĮIJĮIJȠȣĮȝĮȟȫȝĮIJȠȢțȠȞIJȐıIJȠIJȗȐȝȚȫıIJİ
ȞĮȝȘȞȖȡĮIJȗȠȣȞȓȗİIJĮȚIJȠȕİȡȞȓțȚțĮIJȐIJȘȞțĮIJİȡȖĮıȓĮ
ǺİȕĮȚȦșİȓIJİ ȩIJȚ Ș ʌȡȠıIJĮIJİȣIJȚțȒ IJĮȚȞȓĮ IJȠʌȠșİIJȘȝȑȞȘ ıIJȘ ȕȐıȘ IJȠȣ İʌĮȖȦȖȑĮ
İȓȞĮȚțĮșĮȡȒțĮȚĮțȑȡĮȚĮǼȞįİȤȠȝȑȞȦȢİijĮȡȝȩıIJİȝȚĮȞȑĮIJĮȚȞȓĮȫıIJİȞĮȝȘȞ
ȖȡĮIJȗȠȣȞȓȗİIJĮȚIJȠȖȣĮȜȓ
ȇȣșȝȓıIJݳ$872´ıIJȠȞʌȓȞĮțĮİȜȑȖȤȠȣIJȠȣșİȡȝĮȞIJȒȡĮ
ȉȠʌȠșİIJȒıIJİ IJȠ İȡȖĮȜİȓȠ ıIJȠ IJȗȐȝȚ ʌĮȡȐȜȜȘȜĮ ıIJȠ ʌİȡȚșȫȡȚȠ ȝİ IJȘȞ ʌȜİȣȡȐ
³*/$66´ʌȡȠȢIJȠțȑȞIJȡȠIJȠȣIJȗĮȝȚȠȪȩʌȦȢıIJȘȞǼǿȀ0
ȆȚȑıIJİ IJȠ ʌȜȒțIJȡȠ Ȓ IJȠ ȤİȚȡȚıȝȩ ȝİ ʌİȞIJȐȜ țĮȚ ʌȜȘıȚȐıIJİ IJȠ İȡȖĮȜİȓȠ ıIJȠ
ʌİȡȚșȫȡȚȠIJȠȣIJȗĮȝȚȠȪǵIJĮȞȘȝȘȤĮȞȒĮȞĮȖȞȦȡȓȗİȚIJȘȜĮȝĮȡȓȞĮİȞİȡȖȠʌȠȚİȓIJĮȚ
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įİȓȤȠȞIJĮȢȑIJıȚIJȘȞʌİȡȚȠȤȒȩʌȠȣȝʌȠȡİȓȞĮȕȡȓıțİIJĮȚȘțȠȜȜȘIJȚțȒȠȣıȓĮ
ǼȜȑȖȟIJİ ȩIJȚ Ș șȑıȘ IJȘȢ țȩȜȜĮȢ İȓȞĮȚ ʌȠȜȪ țȠȞIJȐ ıIJȠ İȡȖĮȜİȓȠ țĮȜȪIJİȡĮ ĮȞ
ȕȡȓıțİIJĮȚ țȐIJȦ Įʌȩ IJȠ İȡȖĮȜİȓȠ ȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ ȑȞĮȞ ĮȞȚȤȞİȣIJȒ ȩʌȦȢ ıIJȘȞ
ǼǿȀ)ǼȞįİȤȠȝȑȞȦȢʌȜȘıȚȐıIJİIJȠİȡȖĮȜİȓȠıIJȠʌİȡȚșȫȡȚȠIJȠȣIJȗĮȝȚȠȪ
ȄİțȚȞȒıIJİĮʌȩȝȚĮȖȦȞȓĮIJȠȣIJȗĮȝȚȠȪIJȠʌȠșİIJȫȞIJĮȢIJȠİȡȖĮȜİȓȠʌĮȡȐȜȜȘȜĮıIJȠ
ʌİȡȚșȫȡȚȠıIJȘȞĮʌȩıIJĮıȘĮʌȩIJȠĮȝȐȟȦȝĮʌȠȣȕȡȒțĮIJİʌȡȠȘȖȠȣȝȑȞȦȢʌȚȑıIJİ
IJȠ ʌȜȒțIJȡȠ țĮȚ țȚȞȒıIJİ ĮȝȑıȦȢ ȝʌȡȠȢ ʌȓıȦ IJȠ İȡȖĮȜİȓȠ ȖȚĮ İȓțȠıȚ İțĮIJȠıIJȐ
ʌȡȠıʌĮșȫȞIJĮȢȞĮĮțȠȜȠȣșȒıİIJİIJȘșȑıȘIJȘȢțȩȜȜĮȢȩʌȦȢıIJȘȞǼǿȀ*
ȈȘțȫıIJİİȜĮijȡȐȤȦȡȓȢȞĮİȟĮȞĮȖțȐıİIJİIJȘȖȦȞȓĮIJȠȣIJȗĮȝȚȠȪȤȡȘıȚȝȠʌȠȚȫȞIJĮȢ
IJȠȞİȚįȚțȩʌȜĮıIJȚțȩȝȠȤȜȩțĮȚIJĮȣIJȩȤȡȠȞĮıʌȡȫȟIJİIJȘȖȦȞȓĮȝİIJȠȤȑȡȚĮʌȩIJȠ
İıȦIJİȡȚțȩȂȩȜȚȢIJȠIJȗȐȝȚıȘțȦșİȓȤȫıIJİĮȞȐȝİıĮIJȠȝȠȤȜȩȖȚĮȞĮįȚĮIJȘȡȒıİIJİ
IJȘșȑıȘǹȞIJȠIJȗȐȝȚįİȞıȘțȫșȘțİĮʌȩIJȘșȑıȘIJȠȣĮțȠȣȝʌȒıIJİIJȠȞİʌĮȖȦȖȑĮ
țĮȚșİȡȝȐȞİIJİʌȐȜȚIJȘȞʌİȡȚȠȤȒțȐȞȠȞIJĮȢİȜĮijȡȐȑȜȟȘȝİIJȠȞʌȜĮıIJȚțȩȝȠȤȜȩ
ȈȣȞİȤȓıIJİȞĮȟİțȠȜȜȐIJİȝİIJȠȞȓįȚȠIJȡȩʌȠIJȠȣʌȩȜȠȚʌȠIJȗȐȝȚʌȡȠȤȦȡȫȞIJĮȢĮȞȐ
ȝȚțȡȐİȣșȪȖȡĮȝȝĮįȚĮıIJȒȝĮIJĮFPʌİȡȓʌȠȣıİIJĮȤȪIJȘIJĮFPV
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ǹijĮȚȡȑıIJİİȞįİȤȩȝİȞĮȝİIJĮȜȜȚțȐʌİȡȚșȫȡȚĮĮʌȩIJȠʌĮȡȝʌȡȓȗʌȡȚȞĮȡȤȓıİIJİ
IJȘșȑȡȝĮȞıȘĮȜȜȚȫȢȘİʌĮȖȫȖȚȝȘșİȡȝȩIJȘIJĮșĮȝʌȠȡȠȪıİȞĮȕȜȐȥİȚIJȠȓįȚȠ
IJȠIJȗȐȝȚ
ȉȠ ȠʌȓıșȚȠ IJȗȐȝȚ ȑȞĮ ȑȞĮ ıțȜȘȡȣȝȑȞȠ ȖȣĮȜȓ ʌȠȣ ȝʌȠȡİȓ ȞĮ ȠįȘȖȘșİȓ ıİ
șȡĮȪıȘĮȞȣʌȠıIJİȓʌȠȜȪȑȞIJȠȞİȢȝȘȤĮȞȚțȑȢțȡȠȪıİȚȢȤȡȘıȚȝȠʌȠȚȒıIJİIJȠȣȢ
ȝȠȤȜȠȪȢȤȦȡȓȢİȟĮȞĮȖțĮıȝȩ
īȚĮIJȘıȦıIJȒȤȡȒıȘțĮIJİȣșȪȞİIJİʌȐȞIJĮIJȘȞʌȜİȣȡȐ³*/$66´IJȠȣİʌĮȖȦȖȑĮ
ʌȡȠȢIJȠțȑȞIJȡȠIJȠȣIJȗĮȝȚȠȪ
ȋȇǾȈǾȉȅȊǼȇīǹȁǼǿȅȊĬǼȇȂǹȃȉǿȀȅȈȉȊȁȅ
ȉȠ İȡȖĮȜİȓȠ
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ĮȝȐȟȦȝĮțĮȚȖȚĮIJȘȞĮʌȠțĮIJȐıIJĮıȘIJȘȢȜĮȝĮȡȓȞĮȢȖİȞȚțȐ
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ʌĮȡĮȖȩȝİȞȘșİȡȝȩIJȘIJĮıȣȖțİȞIJȡȫȞİIJĮȚțȣțȜȚțȐțȐIJȦĮʌȩIJȘȞĮȚȤȝȒIJȠȣİʌĮȖȦȖȑĮ
ȈȣȝȕȠȣȜİȣȩȝİȞȘįȚĮįȚțĮıȓĮȖȚĮȞĮĮijĮȚȡȠȪȞIJĮȚȠȚȜĮțȠȪȕİȢ
ȆȚȐıIJİIJȠİȡȖĮȜİȓȠĮʌȩIJȘȞİȚįȚțȒȜĮȕȒ
ȆȡȠȖȡĮȝȝĮIJȓıIJİIJȠȞIJȡȩʌȠ$872
ǹțȠȣȝʌȒıIJİIJȘȞȐțȡȘIJȠȣİȡȖĮȜİȓȠȣıIJȠțȑȞIJȡȠIJȘȢțȠȡȫȞĮȢʌȠȣıȤȘȝĮIJȓȗİIJĮȚ
ȖȪȡȦĮʌȩIJȘȜĮțȠȪȕĮȩʌȦȢıIJȘȞǼǿȀ2
ǼȞİȡȖȠʌȠȚȒıIJİIJȠİȡȖĮȜİȓȠįȚĮIJȘȡȫȞIJĮȢʌȚİıȝȑȞȠIJȠʌȜȒțIJȡȠȝȑȤȡȚȞĮıIJĮȝĮIJȒıİȚ
IJȠĮțȠȣıIJȚțȩıȒȝĮįȣȠįİȣIJİȡȩȜİʌIJĮʌİȡȓʌȠȣ
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ʌȠȣȘȜĮțȠȪȕĮİȟĮijĮȞȓȗİIJĮȚ
ȈIJȠIJȑȜȠȢțȡȣȫıIJİĮȝȑıȦȢIJȠȕİȡȞȓțȚȝİȑȞĮȣȖȡȩʌĮȞȓȒȝİİȚįȚțȩȥȣțIJȚțȩıʌȡȑȚ
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ȅIJȡȩʌȠȢ$872įȚİȣțȠȜȪȞİȚIJȘȞİȞȑȡȖİȚĮıIJȠȜȚȖȩIJİȡȠʌİʌİȚȡĮȝȑȞȠȤİȚȡȚıIJȒ
ȡȣșȝȓȗȠȞIJĮȢ IJȘ ȝȘȤĮȞȒ ıİ İȞįȚȐȝİıȘ ȚıȤȪ țĮȚ ʌİȡȚȠȡȓȗȠȞIJĮȢ IJȠ ȤȡȩȞȠ
ȜİȚIJȠȣȡȖȓĮȢ ıİ ȜȓȖĮ įİȣIJİȡȩȜİʌIJĮ ȫıIJİ ȞĮ ȝȘȞ ȕȜȐʌIJİIJĮȚ IJȠ ȕİȡȞȓțȚ IJȠȣ
ȠȤȒȝĮIJȠȢ
ȅ IJȡȩʌȠȢ 0$18$/ ʌȡȠȠȡȓȗİIJĮȚ ıIJȠȞ ʌİʌİȚȡĮȝȑȞȠ ȤİȚȡȚıIJȒ įȚȩIJȚ Ș ȚıȤȪȢ
ȝʌȠȡİȓȞĮȡȣșȝȚıIJİȓıIJȘȝȑȖȚıIJȘIJȚȝȒȤȦȡȓȢȤȡȠȞȚțȩʌİȡȚȠȡȚıȝȩ
ȅȚ ȜĮȝĮȡȓȞİȢ ȝİ ĮȚȤȝȘȡȑȢ Ȓ ʌȠȜȪ ȕĮșȚȑȢ ȜĮțȠȪȕİȢ įİȞ ȟĮȞĮȖȓȞȠȞIJĮȚ IJȑȜİȚİȢ
ȩʌȦȢ ʌȡȫIJĮ șİȡȝȐȞİIJİ IJȘ ȜĮȝĮȡȓȞĮ țĮȚ țĮIJİȡȖĮıIJİȓIJİ IJȘȞ İıȦIJİȡȚțȒ İʌȚijȐȞİȚĮ
ıʌȡȫȤȞȠȞIJȐȢIJȘȞʌȡȠȢIJĮȑȟȦȝİİȚįȚțȐİȡȖĮȜİȓĮ
ȅȚȜĮțȠȪȕİȢıİĮțȡȚĮȞȐȒȖȦȞȚĮțȐıȘȝİȓĮIJȘȢȜĮȝĮȡȓȞĮȢİȓȞĮȚʌȠȜȪįȪıțȠȜȠȞĮ
ĮijĮȚȡİșȠȪȞȝİĮȣIJȩIJȠıȪıIJȘȝĮ
ȉĮ ȜİȣțȐ ȕİȡȞȓțȚĮ İȓȞĮȚ ʌȚȠ İȣĮȓıșȘIJĮ Įʌȩ IJĮ ıțȠȪȡĮ ȕİȡȞȓțȚĮ ȖȚĮIJȓ IJİȓȞȠȣȞ ȞĮ
țȚIJȡȚȞȓȗȠȣȞȒȞĮıțȠȣȡĮȓȞȠȣȞȆİȡȚȠȡȓȗİIJİIJȠȤȡȩȞȠșȑȡȝĮȞıȘȢıİȜȓȖĮįİȣIJİȡȩȜİʌIJĮ
ȫıIJİȞĮİȜȑȖȤİIJİIJȘȞțĮIJȐıIJĮıȘIJȠȣȕİȡȞȚțȚȠȪ
ȋȇǾȈǾȉȅȊǼȇīǹȁǼǿȅȊ+($77:,67(5
ȉȠ İȡȖĮȜİȓȠ ǼȚț 'L İȓȞĮȚ ȚțĮȞȩ ȞĮ IJȣȜȓȟİȚ IJȠ ʌĮȟȚȝȐįȚ ıȣȖțİȞIJȡȫȞȠȞIJĮȢ IJȘ ȡȠȒ
țĮȚ ʌȡȠțĮȜȫȞIJĮȢ ȑIJıȚ IJȘ įȚĮıIJȠȜȒ IJȠȣ ȦȢ ıȣȞȑʌİȚĮ IJȘȢ șİȡȝȩIJȘIJĮȢ İʌȚIJȣȖȤȐȞİIJĮȚ
ȜȠȚʌȩȞ Ƞ įȚĮȤȦȡȚıȝȩȢ Įʌȩ IJȘ ȕȓįĮ ĮijĮȚȡȫȞIJĮȢ ȑIJıȚ İʌȚțĮșȓıİȚȢ ıțȠȣȡȚȐȢ Ȓ
țȩȜȜĮȢĮȞȣʌȐȡȤȠȣȞǹȣIJȩİʌȚIJȡȑʌİȚIJȠȟİȕȓįȦȝĮIJȠȣʌĮȟȚȝĮįȚȠȪʌȠȣʌȡȫIJĮȒIJĮȞ
ȝʌȜȠțĮȡȚıȝȑȞȠ
ȉȠİȡȖĮȜİȓȠȝʌȠȡİȓȞĮȤȡȘıȚȝȠʌȠȚȘșİȓȖȚĮȞĮȟİȕȚįȫȞȠȞIJĮȚıțȠȣȡȚĮıȝȑȞĮʌĮȟȚȝȐįȚĮ
ȞĮ ȟİȝʌȜȠțȐȡȠȞIJĮȚ ıIJȡȠijİȓĮ ʌȠȡIJȫȞ țĮȚ ȖİȞȚțȩIJİȡĮ ȩIJĮȞ Ș șİȡȝȩIJȘIJĮ ʌȡȑʌİȚ ȞĮ
ıȣȖțİȞIJȡȫȞİIJĮȚıİȝȚțȡȐȝİIJĮȜȜȚțȐȝȑȡȘ
ǻȚĮįȚțĮıȓĮ
ǼȖțĮIJĮıIJȒıIJİıIJȘȞȐțȡȘIJȠȣİȡȖĮȜİȓȠȣIJȚȢıʌİȓȡİȢʌȠȣIJĮȚȡȚȐȗȠȣȞțĮȜȪIJİȡĮıIJȘȞ
țĮIJİȡȖĮıȓĮʌȠȣʌȡȩțİȚIJĮȚȞĮİțIJİȜȑıİIJİ
ȆȚȐıIJİIJȠİȡȖĮȜİȓȠĮʌȩIJȘȞİȚįȚțȒȜĮȕȒ
ȆȡȠȖȡĮȝȝĮIJȓıIJİțĮIJȐʌȡȠIJȓȝȘıȘIJȠȞIJȡȩʌȠ$872ȖȚĮįȚĮȝȑIJȡȠȣȢıʌİȚȡȫȞȝȑȤȡȚ
PPǼǿȀ4
ȆȡȠȖȡĮȝȝĮIJȓıIJİIJȘȞȚıȤȪIJȘȢȝȘȤĮȞȒȢıIJȠȝȑȖȚıIJȠıİ0$18$/ȖȚĮįȚĮȝȑIJȡȠȣȢ
ĮȞȫIJİȡİȢIJȦȞPPǼǿȀ4
ȉȣȜȓȟIJİȝİIJȚȢıʌİȓȡİȢIJȠʌĮȟȚȝȐįȚȒIJȠȝİIJĮȜȜȚțȩȝȑȡȠȢʌȠȣʌȡȑʌİȚȞĮșİȡȝĮȞșİȓ
ȫıIJİȞĮȣʌȐȡȤİȚȩıȠIJȠįȣȞĮIJȩȞȝȚțȡȩIJİȡȘĮʌȩıIJĮıȘĮȞȐȝİıĮıIJȚȢıʌİȓȡİȢțĮȚ
IJȠȣȜȚțȩ
ǼȞİȡȖȠʌȠȚȒıIJİIJȠİȡȖĮȜİȓȠȝİIJȠȤİȚȡȚıȝȩʌȜȒțIJȡȠȣȖȚĮȝİȡȚțȐįİȣIJİȡȩȜİʌIJĮ
ǹʌİȞİȡȖȠʌȠȚȒıIJİIJȠİȡȖĮȜİȓȠțĮȚįȠțȚȝȐıIJİȞĮȟİȕȚįȫıİIJİIJȠʌĮȟȚȝȐįȚ
ǼʌĮȞĮȜȐȕİIJİIJȘȞİȞȑȡȖİȚĮIJȘȢȑȞįİȚȟȘȢĮȞIJȠʌĮȟȚȝȐįȚįİȞȟİțȠȜȜȐİȚ
ȆȇȅǼǿǻȅȆȅǿǾȈǼǿȈ
ǻİȞ İȓȞĮȚ ĮȞĮȖțĮȓȠ ȞĮ șİȡȝȐȞİIJİ IJȠ ʌĮȟȚȝȐįȚ ȝȑȤȡȚ ȞĮ ȖȓȞİȚ țȩțțȚȞȠ
ʌȣȡĮțIJȦȝȑȞȠȖȚĮȞĮțĮIJĮijȑȡİIJİȞĮIJȠȟİȝʌȜȠțȐȡİIJİıȣȞȒșȦȢĮȡțȠȪȞįȑțĮ
įİȣIJİȡȩȜİʌIJĮȖȚĮȞĮʌİIJȪȤİIJİIJȠıȦıIJȩĮʌȠIJȑȜİıȝĮ
ǹȞ IJȠ ȝȑIJĮȜȜȠ įİȞ șİȡȝĮȓȞİIJĮȚ ȖȡȒȖȠȡĮ ȕİȕĮȚȦșİȓIJİ ȩIJȚ ȣʌȐȡȤİȚ ıȦıIJȒ
ıȪȗİȣȟȘĮȞȐȝİıĮıİȝȑIJĮȜȜȠțĮȚıʌİȓȡİȢțĮȚȩIJȚIJȠȝİIJĮȜȜȚțȩȣȜȚțȩʌȠȣʌȡȑʌİȚ
ȞĮșİȡȝĮȞșİȓȓİȓȞĮȚıȚįȘȡȠȝĮȖȞȘIJȚțȩȩȤȚĮȜȠȣȝȓȞȚȠȤĮȜțȩȠȡİȓȤĮȜțȠȢțȜʌ
ȂȘȞȟİʌİȡȞȐIJİʌȠIJȑIJȠȝȑȖȚıIJȠȤȡȩȞȠȤȡȒıȘȢʌȠȣĮȞĮȖȡȐijİIJĮȚıIJȘȞǼǿȀ4
