#lit, uü@?}i+@|i5|@mð*ð|)w?uhi@tiah@ i @?...

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#Lit ,Uü@?}i +@|i 5|@M*|) W?Uhi@ti Ah@_i @?_ ‘i*u@hiq ) Lü*TTi @UUüi||@ @?_ ,hU æ@? ‘?ULLT œ œMt|h@U| ‘i _iæi*LT @ t4T*i }i?ih@* i^*Mh4 uh@4iŒLh! |L t|_) |üi igiU| Lu |üi i Uü@?}i h@|i t)t|i4 L? |h@_i @?_ Œi*u@hiº œ? 4TLh|@?| ui@|hi Lu |üi 4L_i* t _iæ@|L?t uhL4 ThUü@t?} TLŒih T@h|)c U@ti_ M) h}_ ThUi ti||?} ? M)iht< Uhhi?U)º ‘i ?_ |üi uL**LŒ?}º 6ht|c iUü@?}i h@|i t|@M*|) t ?L| ?iUitt@h*) @ttLU@|i_ Œ|ü 4Lhi |h@_iº W? @ t4T*i Mi?Uü4@h! 4L_i* Œ|ü tiT@h@M*i Thiuih i?Uit @?_ L?*) 4L?i|@h) tüLU!tc |h@_i t ?@giU|i_ M) |üi iUü@?}i h@|i t)t|i4c UL?tt|i?| Œ|ü 4Lt| iæ_i?Uiº 5iUL?_c ML|ü |h@_i @?_ Œi*u@hi U@? Mi ü}üih ?_ih i|üih iUü@?}i h@|i t)t|i4c _iTi?_?} L? Thiuihi?Uit @?_ L? |üi 4L?i|@h) TL*U) h*it uL**LŒi_ ?_ih i@Uü t)t|i4º 6?@**)c ? }i?ih@* |üihi t ?L L?i|LL?i hi*@ |L?tüT Mi|Œii? |üi *iæi*t Lu |h@_i @?_ Œi*u@hi @UhLtt iUü@?}i h@|i t)t|i4tºEa.u 6c 6c 6e ,Uü@?}i h@|i t|@M*|) t Lu|i? æiŒi_ @t u@æLh@M*i |L |h@_i @?_ |üihiuLhi Œi* u@hi i?ü@?U?}º Aüi Œi**!?LŒ? bbf ,hLTi@? L44?|) hiTLh| R?i @h!i|c ?i L?i) _itUhMit ?Uhi@ti_ |h@_i @t L?i Lu |üi 4@? Mi?i|t Lu @_LT|?} @ t?}*i Uhhi?U) ? ,hLTiº #itT|i |üt Œ_itThi@_ æiŒc |üi tMt|@?|@* i4ThU@*

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Page 1: #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@ i @? ‘i*u@hiqpeople.virginia.edu/~ev4n/papers/aer8a.pdf · #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@_i @?_‘i*u@hiq î)Łüð*ðTTiî@UUüi||@@?_,hðUæ@?‘ð?ULLTœ

#Lit , Uü@?}i +@|i 5|@Mð*ð|) W?Uhi@ti Ah@_i

@?_ i*u@hiq

î) èüð*ðTTi î@UUüi||@ @?_ ,hðU ñ@? `ð?ULLTú

úMt|h@U|

i _iñi*LT @ tð4T*i }i?ih@* i^ýð*ðMhðý4 uh@4iêLh! |L t|ý_) |üi igiU| Lu |üi i í

Uü@?}i h@|i t)t|i4 L? |h@_i @?_ êi*u@hië ú? ð4TLh|@?| ui@|ýhi Lu |üi 4L_i* ðt

_iñð@|ðL?t uhL4 TýhUü@tð?} TLêih T@hð|)c U@ýti_ M) hð}ð_ ThðUi ti||ð?} ð? Mý)iht<

Uýhhi?U)ë i �?_ |üi uL**Lêð?}ë 6ðht|c i Uü@?}i h@|i t|@Mð*ð|) ðt ?L| ?iUitt@hð*)

@ttLUð@|i_ êð|ü 4Lhi |h@_ië W? @ tð4T*i Mi?Uü4@h! 4L_i* êð|ü tiT@h@M*i Thiuihí

i?Uit @?_ L?*) 4L?i|@h) tüLU!tc |h@_i ðt ý?@giU|i_ M) |üi i Uü@?}i h@|i t)t|i4c

UL?tðt|i?| êð|ü 4Lt| iñð_i?Uië 5iUL?_c ML|ü |h@_i @?_ êi*u@hi U@? Mi üð}üih ý?_ih

ið|üih i Uü@?}i h@|i t)t|i4c _iTi?_ð?} L? Thiuihi?Uit @?_ L? |üi 4L?i|@h) TL*ðU)

hý*it uL**Lêi_ ý?_ih i@Uü t)t|i4ë 6ð?@**)c ð? }i?ih@* |üihi ðt ?L L?ií|LíL?i hi*@í

|ðL?tüðT Mi|êii? |üi *iñi*t Lu |h@_i @?_ êi*u@hi @UhLtt i Uü@?}i h@|i t)t|i4tëEa.u

6ô�c 6ôôc 6e�ä

, Uü@?}i h@|i t|@Mð*ð|) ðt Lu|i? ñðiêi_ @t u@ñLh@M*i |L |h@_i @?_ |üihiuLhi êi*í

u@hi i?ü@?Uð?}ë Aüi êi**í!?Lê? �bbf ,ýhLTi@? çL44ý?ð|) hiTLh| Rï?i �@h!i|c

ï?i �L?i)â _itUhðMit ð?Uhi@ti_ |h@_i @t L?i Lu |üi 4@ð? Mi?i�|t Lu @_LT|ð?} @

tð?}*i Uýhhi?U) ð? ,ýhLTië #itTð|i |üðt êð_itThi@_ ñðiêc |üi týMt|@?|ð@* i4TðhðU@*

Page 2: #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@ i @? ‘i*u@hiqpeople.virginia.edu/~ev4n/papers/aer8a.pdf · #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@_i @?_‘i*u@hiq î)Łüð*ðTTiî@UUüi||@@?_,hðUæ@?‘ð?ULLTœ

*ð|ih@|ýhi i @4ð?ð?} |üi *ð?! Mi|êii? i Uü@?}i h@|i ý?Uih|@ð?|) @?_ |h@_i ü@t ?L|

uLý?_ @ UL?tðt|i?| hi*@|ðL?tüðTë� �LhiLñihc |üi _iM@|i L? |üi ð4T*ðU@|ðL?t Lu |üi

UüLðUi Lu |üi i Uü@?}i h@|i t)t|i4 M@tðU@**) *@U!t @ tLý?_ @?@*)|ðU@* uLý?_@|ðL?ë

AL tüi_ tL4i *ð}ü| L? |üðt ðttýic êi _iñi*LT @ t|LUü@t|ðU |êLíULý?|h) }i?ih@*

i^ýð*ðMhðý4 4L_i* ð?ULhTLh@|ð?} hiUi?| _iñi*LT4i?|t ð? LTi?íiUL?L4) 4@UhLiULí

?L4ðUt |L i @4ð?i |üi 4@ð? 4iUü@?ðt4t |ühLý}ü êüðUü i Uü@?}i h@|i t|@Mð*ð|)

@giU|t ML|ü |h@_i @?_ êi*u@hië Aüi 4L_i* ðt M@ti_ L? 4ðUhLiUL?L4ðU uLý?_@í

|ðL?tc êüðUü ü@t |üi @_ñ@?|@}i Lu @? i T*ðUð| êi*u@hi 4i|hðUc |üi ý|ð*ð|) Lu |üi

@}i?|të2 BhLtt |h@_i ãLêt @hi 4L_i*i_ ð? |üi uLh4 Lu ð?|h@íð?_ýt|h) |h@_ië ú?í

L|üih ð4TLh|@?| ui@|ýhi ðt _iñð@|ðL?t uhL4 TýhUü@tð?} TLêih T@hð|) Eèèèäc U@ýti_

M) Thi_i|ih4ð?i_ ThðUi ti||ð?} ð? |üi Mý)iht< Uýhhi?U)ë `üð*i Lýh }L@* ðt |L Thiti?|

@ 4L_i* hðUü i?Lý}ü |L i @4ð?i |üi hL*i Lu |üi i Uü@?}i h@|i t)t|i4c |üi 4L_i* ðt

!iT| tð4T*i ð? Lh_ih |L LM|@ð? hitý*|t |ü@| @hi üð}ü*) |h@?tT@hi?| @?_ U@? Mi @?@í

*)|ðU@**) _ihðñi_ë i UL?tð_ih L?*) @ L?iíTihðL_ ñihtðL? Lu |üi 4L_i*c _L ?L| @**Lê

uLh U@Tð|@* @UUý4ý*@|ðL?c @?_ ð?|hL_ýUi 4L?i) |ühLý}ü @ tð4T*i U@tüíð?í@_ñ@?Ui

UL?t|h@ð?|ë Aüi 4L_i* tüLý*_ |üihiuLhi Mi UL?tð_ihi_ @ t|@h|ð?} TLð?| |L ð?ñit|ðí

}@|i @? ð4TLh|@?| @?_ _ðæUý*| ðttýic üð}ü*ð}ü|ð?} |üi 4@ð? u@U|Lht |ü@| _i|ih4ð?i

|üi ð4T@U| Lu |üi i Uü@?}i h@|i hi}ð4i L? |üi *iñi* Lu ML|ü |h@_i @?_ êi*u@hië

Aüihi ðt }hLêð?} @}hii4i?| |ü@| @ }i?ih@* i^ýð*ðMhðý4 uh@4iêLh! ðt U@**i_ uLh

|L t|ý_) i Uü@?}i h@|i ãýU|ý@|ðL?tëô ú týMt|@?|ð@* ML_) Lu *ð|ih@|ýhi tüLêt |ü@|

2

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@| üLhð3L?t Lu @| *i@t| L?i )i@h |üihi ðt @ U*Lti hi*@|ðL?tüðT Mi|êii? i Uü@?}i

h@|it @?_ i@tð*) LMtihñ@M*i uý?_@4i?|@*tëe Aüi t@4i uý?_@4i?|@*t |ü@| _hðñi

i Uü@?}i h@|i ãýU|ý@|ðL?tõtýUü @t 4L?i|@h)c �tU@*c @?_ ThL_ýU|ðñð|) tüLU!tõ@giU|

Lñih@** 4@UhLiUL?L4ðU hðt!t u@Ui_ M) �h4t @?_ üLýtiüL*_të W| ðt |üihiuLhi 4Lhi

@TThLThð@|i |L UL4T@hi _ðgihi?| i Uü@?}i h@|i t)t|i4t |ü@? |L t|ý_) |üi igiU| Lu

ð?Uhi@ti_ i Uü@?}i h@|i ý?Uih|@ð?|) ð? ðtL*@|ðL?ëD

Aüi U@ti uLh _iñð@|ðL?t uhL4 èèè tüLý*_ @*tL Mi LMñðLýt }ðñi? |üi *@h}i LMí

tihñi_ ãýU|ý@|ðL?t ð? hi@* i Uü@?}i h@|itë Aüi 4L_i* U@T|ýhit tL4i êi**í!?Lê?

t|)*ð3i_ u@U|t @MLý| hi@* i Uü@?}i h@|itG |üi) @hi 4Lhi ñL*@|ð*i ð? ãL@|ð?} |ü@?

� i_ t)t|i4t @?_ @hi üð}ü*) ULhhi*@|i_ êð|ü |üi ?L4ð?@* i Uü@?}i h@|i( |üi *@ê

Lu L?i ThðUi ðt }hLtt*) ñðL*@|i_c iñi? uLh |h@_i_ }LL_t( @?_ _iñð@|ðL?t uhL4 |üi *@ê

Lu L?i ThðUi @hi U*Lti*) hi*@|i_ |L ?L4ð?@* i Uü@?}i h@|i ñL*@|ð*ð|)ëS

ïýh @TThL@Uü _ðgiht uhL4 4Lt| Lu |üi *ð|ih@|ýhi M) UL?tð_ihð?} èèè _iñð@|ðL?t

ð? }i?ih@* i^ýð*ðMhðý4ë `üð*i |üihi ðt @ *ð|ih@|ýhi ð?ñit|ð}@|ð?} |üi ð4T@U| Lu

i Uü@?}i h@|i ý?Uih|@ð?|) L? |h@_i ãLêtc. ð| @_LT|t @ T@h|ð@* i^ýð*ðMhðý4 @TThL@Uüë

W? |üLti 4L_i*tc i Uü@?}i h@|i ý?Uih|@ð?|) ðt ýtý@**) i L}i?Lýt ð? @? L|üihêðti

_i|ih4ð?ðt|ðU i?ñðhL?4i?|ë �L_i*t |ü@| _L |@!i @ }i?ih@* i^ýð*ðMhðý4 TihtTiU|ðñi

|L ð?ñit|ð}@|i |üi ð4T@U| Lu |üi i Uü@?}i h@|i hi}ð4i UL44L?*) @_LT| |üi èèè

@ttý4T|ðL?c tL |ü@| |üi hi@* i Uü@?}i h@|i ðt UL?t|@?|ëH

i M@ti Lýh 4L_i*ð?} t|h@|i}) L? hiUi?| ThL}hitt 4@_i |Lê@h_ _iñi*LTð?}

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}i?ih@* i^ýð*ðMhðý4 4L_i*t U@T|ýhð?} tL4i Lu |üi !i) t|)*ð3i_ u@U|t @MLý| i Uü@?}i

h@|it 4i?|ðL?i_ @MLñië ú TLTý*@h @TThL@Uü ?Lê ðt |L @ttý4i ThðUð?} |L 4@h!i|

EèA�ä ð? UL?éý?U|ðL? êð|ü ki)?itð@? ThðUi hð}ð_ð|)ëb Aüðt @TThL@Uü |)TðU@**)

@ttý4it |ü@| �h4t U@? Uü@h}i _ðgihi?| ThðUit uLh |üi t@4i }LL_ ð? _L4it|ðU @?_

uLhið}? 4@h!i|të Aüi) ti| ThðUit MiuLhi |üi i Uü@?}i h@|i ðt !?Lê?ë ú Uü@?}i ð?

|üi i Uü@?}i h@|i êð** |üi? _ðhiU|*) @giU| |üi ThðUi Lu @ }LL_ ð? L?i ULý?|h) hi*@|ðñi

|L |ü@| ð? @?L|üih ULý?|h)c hitý*|ð?} ð? @ U*Lti hi*@|ðL?tüðT Mi|êii? ?L4ð?@* @?_

hi@* i Uü@?}i h@|itë OLêiñihc |üiti 4L_i*t ü@ñi Mii? ýti_ Thð4@hð*) |L t|ý_) |üi

_)?@4ðU hitTL?ti Lu |üi i Uü@?}i h@|i @?_ L|üih 4@UhLiUL?L4ðU ñ@hð@M*it @u|ih

@ 4L?i|@h) tüLU!ë ,ð|üih @ _i|ih4ð?ðt|ðU i?ñðhL?4i?| ðt @ttý4i_c Lh ý?Uih|@ð?|)

_Lit ?L| @giU| _iUðtðL? ñ@hð@M*it MiU@ýti Lu *ð?i@hð3@|ðL?ë�f �LhiLñihc @*|üLý}ü

ð?|h@íð?_ýt|h) |h@_i ðt Thiti?| ð? @** |üiti 4L_i*tc ð| ðt @ _ð4i?tðL? |ü@| ü@t ?L|

Mii? i T*Lð|i_ tL u@hë

ïýh 4@ð? �?_ð?}t U@? Mi tý44@hð3i_ @t uL**Lêtë 6ðht|c i Uü@?}i h@|i t|@Mð*ð|)

ðt ?L| ?iUitt@hð*) @ttLUð@|i_ êð|ü 4Lhi |h@_ië W? @ tð4T*i Mi?Uü4@h! 4L_i* êð|ü

L?*) 4L?i|@h) tüLU!t êi �?_ |ü@| |üi *iñi* Lu |h@_i ðt |üi t@4i ý?_ih @ ãL@| @t

ý?_ih @ � i_ i Uü@?}i h@|i t)t|i4 êüi? Thiuihi?Uit @hi tiT@h@M*i ð? UL?tý4T|ðL?

@?_ *iðtýhië W? }i?ih@* |h@_i U@? Mi üð}üih ý?_ih ið|üih i Uü@?}i h@|i t)t|i4c

_iTi?_ð?} L? Thiuihi?Uit @?_ L? |üi 4L?i|@h) TL*ðU) hý*it uL**Lêi_ ý?_ih ML|ü

t)t|i4të Aüiti hitý*|t _L ?L| _iTi?_ L? |üi @tti| 4@h!i| t|hýU|ýhië 5iUL?_c êi

e

Page 5: #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@ i @? ‘i*u@hiqpeople.virginia.edu/~ev4n/papers/aer8a.pdf · #Lit, Uü@?}i+@|i5|@Mð*ð|)W?Uhi@tiAh@_i @?_‘i*u@hiq î)Łüð*ðTTiî@UUüi||@@?_,hðUæ@?‘ð?ULLTœ

�?_ |ü@| @ êi*u@hi UL4T@hðtL? Lu |üi |êL t)t|i4t _iTi?_t L? ð?_ðñð_ý@* Thiuihi?Uit

@?_ |üi 4L?i|@h) TL*ðU) hý*it |ü@| @hi ð4T*i4i?|i_ ð? i@Uü t)t|i4ë i tüLêc uLh

i @4T*ic |ü@| êüi|üih @ L?iítð_i_ Lh ULLTih@|ðñi Ti} ðt @_LT|i_ ðt @? ð4TLh|@?|

_ðt|ð?U|ðL?ë i @*tL �?_ |ü@| êüi? ð?|hL_ýUð?} |iUü?L*L}) @?_ �tU@* tüLU!tc |üi

êi*u@hi UL4T@hðtL? @UhLtt |üi |êL t)t|i4t _iTi?_t L? |üi _i}hii Lu ãi ðMð*ð|) ð?

4L?i|@h) TL*ðU) hitTL?ti ý?_ih @ ãL@|ë 6ð?@**)c ð? }i?ih@* |üihi ðt ?L L?ií|LíL?i

hi*@|ðL?tüðT Mi|êii? |üi *iñi*t Lu |h@_i @?_ êi*u@hi @UhLtt i Uü@?}i h@|i t)t|i4të

i }ðñi tiñih@* i @4T*it êüihi |h@_i ðt üð}üih ý?_ih L?i t)t|i4c êüð*i êi*u@hi

ðt üð}üih ý?_ih |üi L|üihë Aüi !i) _i|ih4ð?@?|t Lu |h@_iõ|üi Uih|@ð?|) i^ýðñ@*i?|

Lu �h4 hiñi?ýit @?_ ULt|t ð? |üi üL4i 4@h!i| hi*@|ðñi |L |üi uLhið}? 4@h!i|õ@hi

_ðgihi?| uhL4 |üi !i) _i|ih4ð?@?|t Lu êi*u@hiõ|üi ñL*@|ð*ð|) Lu UL?tý4T|ðL? @?_

*iðtýhië

Aüi hi4@ð?_ih Lu |üi T@Tih ðt Lh}@?ð3i_ @t uL**Lêtë 5iU|ðL? W _iñi*LTt @ L?ií

TihðL_ }i?ih@* i^ýð*ðMhðý4 4L_i* êð|ü ý?Uih|@ð?|) L?*) uhL4 4L?i|@h) tüLU!të

5iU|ðL? WW UL4T@hit |üi *iñi* Lu |h@_i ý?_ih � i_ @?_ ãL@|ð?} i Uü@?}i h@|i

hi}ð4itë W? 5iU|ðL? WWW êi UL?tð_ih êü@| u@U|Lht @giU| |üi *iñi* Lu êi*u@hi ý?í

_ih @ ãL@| hi*@|ðñi |L @ � i_ i Uü@?}i h@|i t)t|i4c @?_ êüi|üih |üihi ðt @ _ðhiU|

hi*@|ðL?tüðT Mi|êii? |h@_i @?_ êi*u@hi @UhLtt i Uü@?}i h@|i t)t|i4të 5iU|ðL? WV

ð?|hL_ýUit �tU@* @?_ |iUü?L*L}) tüLU!t @?_ _ðtUýttit |üi ð4T*ðU@|ðL?t uLh |h@_i

@?_ êi*u@hi Lu _ðgihi?| 4L?i|@h) TL*ðU) hý*it uL**Lêi_ ý?_ih ML|ü t)t|i4të Aüi

D

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�?@* tiU|ðL? UL?U*ý_it @?_ ThLñð_it tý}}it|ðL?t uLh uý|ýhi hiti@hUüë

W ú îi?Uü4@h! �L?i|@h) �L_i*

W? |üðt tiU|ðL?c êi Thiti?| @ |êLíULý?|h) }i?ih@* i^ýð*ðMhðý4 4L_i* êüihi ý?Uihí

|@ð?|) UL4it L?*) uhL4 4L?i|@h) tüLU!të Aüi 4L_i* ðt |üi? ýti_ ð? |üi uL**Lêð?}

|êL tiU|ðL?t |L UL4T@hi }hLtt |h@_i ãLêt @?_ êi*u@hi ý?_ih � i_ @?_ ãL@|ð?}

i Uü@?}i h@|i hi}ð4itë

Aüi êLh*_ ðt UL4TLti_ Lu üLýtiüL*_tc �h4tc @?_ @ }Lñih?4i?| ð? i@Uü ULý?|h)c

OL4i @?_ 6Lhið}?ë OLýtiüL*_t _iUð_i |üiðh LT|ð4@* *iñi* Lu UL?tý4T|ðL?c *@MLh

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|L féDERWM*å ä�3> ìt c êüð*i |üi ñ@*ýi Lu ð4TLh|t ð? |üi OL4i Uýhhi?U) ðt i^ý@* |L

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Aüðt ðt |üi t@4i @t êi uLý?_ ð? |üi @Mti?Ui Lu |h@_i ð? @tti|tc êð|ü � @?_ �W

hiT*@Ui_ M) ìt @?_ ìt Wë S @?_ , _iTi?_ L? ìt @?_ ìt W ð? |üi t@4i ê@) @t |üi)

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Aüi? ìt ' ìt W ð4T*ðit w ' �E�W3�ä�n�W @?_ wW ' �WE�3�Wä

�n�W ë Aüi uLhið}? ULý?|ihT@h|

|L Eî�ä ðt . üSWwW ' fë 5ð?Ui S ' SWc ð| uL**Lêt |ü@| üS ' üSW @?_ |üihiuLhi

. üSEw n wWä ' fë îý| . üSEw n w

Wä ' ý. üSE�3�Wä2

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UL?|h@_ðU|ðL?c êüðUü ThLñit èhLTLtð|ðL? 2ë

ôD

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+iuihi?Uit

úT|ic èh@!@tü( 5ihUýc èði| @?_ NTT@**c +@4@?ë RAüi , Uü@?}i +@|i @?_ èýhUü@tð?}

èLêih è@hð|) ð? úhMð|h@}ií6hii �L_i*t Lu útti| èhðUð?}ëâ �ð4iLc N?ðñihtð|) Lu

îhð|ðtü çL*ý4Mð@c �bb.ë

î@UUüi||@c èüð*ðTTi @?_ ñ@? `ð?ULLTc ,hðUë RAh@_i ð? ûL4ð?@* útti|t @?_ ûi| W?í

|ih?@|ðL?@* ç@Tð|@* 6*Lêtëâ aLýh?@* Lu W?|ih?@|ðL?@* �L?i) @?_ 6ð?@?Uic �bbbc

uLh|üUL4ð?}ë

QQQQQQQëR#Lit , Uü@?}i +@|i 5|@Mð*ð|) W?Uhi@ti Ah@_i @?_ ç@Tð|@* 6*Lêtqâ û@í

|ðL?@* îýhi@ý Lu ,UL?L4ðU +iti@hUü Eç@4Mhð_}ic�úä Lh!ð?} T@Tih S.fec úýí

}ýt| �bbHë

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?@4ðU ,UL?L4ðit êð|ü ûL?í|h@_i_ BLL_tëâ aLýh?@* Lu W?|ih?@|ðL?@* ,UL?L4ðUtc

ûLñi4Mih �bbôc ôDEôíeäc TTë 2b.íô�Së

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îi||tc ç@hL*ð?i @?_ #iñihiý c �ðUü@i* îë RAüi , Uü@?}i +@|i ð? @ �L_i* Lu èhðUð?}íALí

�@h!i|ëâ ,ýhLTi@? ,UL?L4ðU +iñðiêc úThð* �bbS efEôíDäc TTë �ff.í�f2�ë

QQQQQQQë RAüi W?|ih?@|ðL?@* �L?i|@h) Ah@?t4ðttðL? �iUü@?ðt4G ú �L_i* Lu

+i@* , Uü@?}i +@|i ú_éýt|4i?| ý?_ih èhðUð?}íALí�@h!i|ëâ �ð4iLc N?ðñihtð|) Lu

îhð|ðtü çL*ý4Mð@c �bb.ë

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QQQQQQQë R, Uü@?}i +@|i #)?@4ðUt ð? @ �L_i* Lu èhðUð?}íALí�@h!i|ëâ aLýh?@* Lu

W?|ih?@|ðL?@* ,UL?L4ðUtc �bbHc uLh|üUL4ð?}ë

îLü?c Oi??ð?}ë Rú èLtð|ðñi AüiLh) Lu 6Lhið}? çýhhi?U) #iM|ëâ aLýh?@* Lu W?|ih?@|ðL?@*

,UL?L4ðUtc ûLñi4Mih �bbfc 2bEôíeäc TTë 2.ôí2b2ë

çü@hðc VëVë( kiüLic è@|hðU! aë @?_ �UBh@||@?c ,**i? +ë R�L?i|@h) 5üLU!t @?_ +i@*

, Uü@?}i +@|it ð? 5|ðU!) èhðUi �L_i*t Lu W?|ih?@|ðL?@* îýtð?itt ç)U*itëâ û@|ðL?@*

îýhi@ý Lu ,UL?L4ðU +iti@hUü Eç@4Mhð_}ic �úä Lh!ð?} è@Tih ûLë DH.Sc a@?ý@h)

�bb.ë

ç*@hð_@c +ðUü@h_ @?_ B@*ðc aLh_ðë R5LýhUit Lu +i@* , Uü@?}i +@|i 6*ýU|ý@|ðL?tG OLê W4í

TLh|@?| @hi �L?i|@h) 5üLU!tqâ ç@h?i}ðií+LUüit|ih çL?uihi?Ui 5ihðit L? èýM*ðU

èL*ðU)c #iUi4Mih �bbec e�c TTë �íDSë

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çLhti||ðc Bð@?U@h*L @?_ èiti?|ðc è@L*Lë R i*u@hi @?_ �@UhLiUL?L4ðU W?|ih_iTi?_i?Uiëâ

�ð4iLc 6i_ih@* +itihñi î@?! Lu ûiê vLh!c �bb.ë

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ç@?@_@c �bbeë

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aLýh?@* Lu W?|ih?@|ðL?@* ,UL?L4ðUtc úý}ýt| �bHôc �DE�í2äc TTë eDíSôë

_i Bh@ýêic è@ý*ë R, Uü@?}i +@|i V@hð@Mð*ð|) @?_ |üi 5*Lê_Lê? ð? BhLê|ü Lu W?|ih?@í

ô.

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|ðL?@* Ah@_iëâ W�6 5|@g è@Tihtc �@hUü �bHHc ôDE�äc TTë SôíHeë

#i**@tc O@hhðt @?_ ~ð*Mihu@hMc îi? ~ë R+i@* , Uü@?}i +@|i VL*@|ð*ð|) @?_ W?|ih?@|ðL?@*

Ah@_iG ú +ii @4ð?@|ðL? Lu |üi AüiLh)ëâ 5Lý|üih? ,UL?L4ðU aLýh?@*c úThð* �bbôc

DbEeäc TTë Se�íe.ë

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èhðUi 5i||ð?} úgiU|t |üi ïT|ð4@* çüLðUi Lu , Uü@?}ií+@|i +i}ð4iëâ �ð4iLc

N?ðñihtð|) Lu @tüð?}|L?c �bbHë

#ð ð|c úñð?@tü @?_ 5|ð}*ð|3c aLtiTüë R�L?LTL*ðt|ðU çL4Ti|ð|ðL? @?_ ïT|ð4ý4 èhL_ýU|

#ðñihtð|)ëâ ú4ihðU@? ,UL?L4ðU +iñðiêc aý?i �b..c S.Eôäc TTë 2b.íôfHë

,ðUüi?M@ý4c �@h|ð? @?_ ,ñ@?tc çü@h*it wë R5L4i ,4TðhðU@* ,ñð_i?Ui L? |üi ,giU|t Lu

5üLU!t |L �L?i|@h) èL*ðU) L? , Uü@?}i +@|itëâ "ý@h|ih*) aLýh?@* Lu ,UL?L4ðUtc

ûLñi4Mih �bbDc ��fEeäc TTë b.Dí�f�fë

,?}i*c çü@h*itë Rú �L_i* Lu 6Lhið}? , Uü@?}i +@|i #i|ih4ð?@|ðL?âc û@|ðL?@* îýhi@ý Lu

,UL?L4ðU +iti@hUü Eç@4Mhð_}ic �úä Lh!ð?} è@Tih ûLë D.SSc 5iT|i4Mih �bbSë

,?}i*c çü@h*itë R+i@* , Uü@?}i +@|it @?_ +i*@|ðñi èhðUitG ú? ,4TðhðU@* W?ñit|ð}@|ðL?ëâ

aLýh?@* Lu �L?i|@h) ,UL?L4ðUtc úý}ýt| �bbôc ô2E�äc TTë ôDíDfë

,|üðihc `ð*uhi_ë RW?|ih?@|ðL?@* Ah@_i @?_ |üi 6Lhið}? , Uü@?}i �@h!i|ëâ ú4ihðU@?

,UL?L4ðU +iñðiêc aý?i �b.ôc SôEôäc TTë ebeíDfôë

6ii?t|h@c +LMih| çë @?_ ki?_@**c aL? #ë R, Uü@?}i +@|i VL*@|ð*ð|) @?_ W?|ih?@|ðL?@*

èhðUitëâ û@|ðL?@* îýhi@ý Lu ,UL?L4ðU +iti@hUü Eç@4Mhð_}ic �úä Lh!ð?} T@Tih

ôH

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?Lë ôSeec �@hUü �bb�ë

BðLñ@??ð?ðc ú*Mih|Lë R, Uü@?}i +@|it @?_ Ah@_i_ BLL_t èhðUitëâ aLýh?@* Lu W?|ih?@|ðL?@*

,UL?L4ðUtc 6iMhý@h) �bHHc 2eE�%2äc TTë eDíSHë

B*ðU!c +iýñi? @?_ `ðü*MLh}c ç*@të R, Uü@?}i +@|i +i}ð4it @?_ W?|ih?@|ðL?@* Ah@_iëâ

Lh!ð?} T@Tihc 6i_ih@* +itihñi î@?! Lu 5@? 6h@?UðtULc �bbSë

Oi*T4@?c ,*ü@?@?ë Rú? , T*Lh@|ðL? ð? |üi AüiLh) Lu , Uü@?}i +@|i +i}ð4itëâ aLýh?@*

Lu èL*ð|ðU@* ,UL?L4)c ïU|LMih �bH�c HbEDäc TTë HSDíHbfë

Oi*T4@?c ,*ü@?@? @?_ +@3ð?c útt@uë RALê@h_t @ çL?tðt|i?| çL4T@hðtL? Lu ú*|ih?@|ðñi

, Uü@?}i +@|i 5)t|i4tëâ ç@?@_ð@? aLýh?@* Lu ,UL?L4ðUtc úý}ýt| �b.bc �2Eôäc

TTë ôbeíefbë

QQQQQQQë Rú çL4T@hðtL? Lu , Uü@?}i +@|i +i}ð4it ð? |üi èhiti?Ui Lu W4TihuiU|

ç@Tð|@* �@h!i|tëâ W?|ih?@|ðL?@* ,UL?L4ðU +iñðiêc aý?i �bH2c 2ôE2äc TTë ôSDíHHë

OLLTihc èi|ih @?_ kLü*ü@}i?c 5|iñi? `ë RAüi ,giU| Lu , Uü@?}i +@|i N?Uih|@ð?|) L?

|üi èhðUit @?_ VL*ý4i Lu W?|ih?@|ðL?@* Ah@_iëâ aLýh?@* Lu W?|ih?@|ðL?@* ,UL?L4ðUtc

ûLñi4Mih �b.Hc HEeäc TTë eHôíD��ë

Oý44i*tc #@ñð_ë âALê@h_ @ BiL}h@Tü) Lu Ah@_i çLt|tëâ �ð4iLc N?ðñihtð|) Lu çüðU@}Lc

�bbbë

kð4c 5L)Lý?} @?_ +LýMð?ðc ûLýhði*ë Rwð^ýð_ð|) @?_ , Uü@?}i +@|it ð? |üi Bí. çLý?|hðitG

,ñð_i?Ui uhL4 W_i?|ð�i_ Vú+tëâ �ð4iLc ûiê vLh! N?ðñihtð|)c �bb.ë

kL**4@??c +LMih|ë RçL?tý4T|ðL?c +i@* , Uü@?}i +@|it @?_ |üi 5|hýU|ýhi Lu W?|ih?@í

ôb

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|ðL?@* útti| �@h!i|tëâ aLýh?@* Lu W?|ih?@|ðL?@* �L?i) @?_ 6ð?@?Uic úThð* �bbDc

�eE2äc TTë �b�í2��ë

QQQQQQQë RAüi , Uü@?}i +@|i ð? @ #)?@4ðUíïT|ð4ð3ð?} çýhhi?| úUULý?| �L_i*

êð|ü ûL4ð?@* +ð}ð_ð|ðitG ú "ý@?|ð|@|ðñi W?ñit|ð}@|ðL?ëâc W?|ih?@|ðL?@* �L?i|@h)

6ý?_ Lh!ð?} è@Tih b.%.c �bb.ë

wýU@tc +LMih| ,ë RW?|ihit| +@|it @?_ çýhhi?U) èhðUit ð? @ AêLíçLý?|h) Lh*_ëâ aLýh?@*

Lu �L?i|@h) ,UL?L4ðUtc ûLñi4Mih �bH2c �fEôäc TTë ôôDíôDbë

�@U#L?@*_c +L?@*_ @?_ A@)*Lhc �@h! èë RAüi �L?i|@h) �L_i* Lu |üi , Uü@?}i +@|iG

wL?} +ý? +i*@|ðL?tüðTtc 5üLh|í+ý? #)?@4ðUt @?_ OLê |L îi@| @ +@?_L4 @*!ëâ

aLýh?@* Lu W?|ih?@|ðL?@* �L?i) @?_ 6ð?@?Uic aý?i �bbec �ôEôäc TTë 2.Sí2bfë

�@h!c ûi*tL? çë R, Uü@?}i +@|it @?_ 6ý?_@4i?|@*tG ,ñð_i?Ui L? wL?} OLhð3L? èhií

_ðU|@Mð*ð|)ëâ ú4ihðU@? ,UL?L4ðU +iñðiêc �@hUü �bbDc HDE�äc TTë 2f�í2�Hë

�@h!c ûi*tL? çë @?_ çüLðc #LL vý**ë R+i@* , Uü@?}i +@|i èhi_ðU|ðL?t Lñih wL?} OLhðí

3L?tëâ aLýh?@* Lu W?|ih?@|ðL?@* ,UL?L4ðUtc úý}ýt| �bb.c eôE�í2äc TTë 2bíSfë

�Uç@**ý4c aLü?ë Rû@|ðL?@* îLh_iht �@||ihëâ ú4ihðU@? ,UL?L4ðU +iñðiêc aý?i �bbDc

HDEôäc TTë S�DíS2ôë

�ý?_i**c +LMih| úë âú AüiLh) Lu ïT|ð4ý4 çýhhi?U) úhi@tëâ ú4ihðU@? ,UL?L4ðU

+iñðiêc 5iT|i4Mih �bS�c D�c TTë SD.íSDë

ûiý4i)ihc è@M*L ú?_hitë Rçýhhi?Uðit @?_ |üi ú**LU@|ðL? Lu +ðt!G Aüi i*u@hi ,giU|t Lu

@ �L?i|@h) N?ðL?ëâ ú4ihðU@? ,UL?L4ðU +iñðiêc �@hUü �bbHc HHE�äc TTë 2eSí2Dbë

ef

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ïMt|ui*_c �@ýhðUi @?_ +L}Lgc ki??i|üë R, Uü@?}i +@|i #)?@4ðUt +i_ý ëâ aLýh?@* Lu

èL*ð|ðU@* ,UL?L4)c aý?i �bbDc �fôEôäc TTë S2eíSfë

QQQQQQQë R+ðt! @?_ , Uü@?}i +@|itâc û@|ðL?@* îýhi@ý Lu ,UL?L4ðU +iti@hUü

Eç@4Mhð_}ic �úä Lh!ð?} è@Tih ûLë SSbec úý}ýt| �bbHë

+@?!ð?c ûið*ë RûL4ð?@* +ð}ð_ð|) @?_ �L?i|@h) N?Uih|@ð?|) ð? @ 54@** ïTi? ,UL?L4)ëâ

aLýh?@* Lu ,UL?L4ðU #)?@4ðUt @?_ çL?|hL*c �@) �bbHc 22EDäc TTë S.bí.f2ë

+L}ihtc aLü? Oë R�L?i|@h) 5üLU!t @?_ +i@* , Uü@?}i +@|itëâc W?|ih?@|ðL?@* 6ð?@?Ui

#ðtUýttðL? è@Tiht ûLë S�2c îL@h_ Lu BLñih?Lht Lu |üi 6i_ih@* +itihñi 5)t|i4c

�bbHë

5ñi?ttL?c w@ht ,ë ïë @?_ ñ@? `ðé?Mih}i?c 5êi_ihë R, Uitt ç@T@Uð|)c �L?LTL*ðt|ðU çL4í

Ti|ð|ðL?c @?_ W?|ih?@|ðL?@* Ah@?t4ðttðL? Lu �L?i|@h) #ðt|ýhM@?Uitëâ ,UL?L4ðU

aLýh?@*c 5iT|i4Mih �bHbc bbEôb.äc TTë .HDíHfDë

Að**ic ç�i_hðUë RAüi W?|ih?@|ðL?@* @?_ #L4it|ðU i*u@hi ,giU|t Lu �L?i|@h) èL*ðU) ý?_ih

èhðUð?}í|Lí�@h!i|ëâ �ð4iLc 6i_ih@* +itihñi î@?! Lu ûiê vLh!c �bbHë

Vð@i?ic ai@?í�@hði @?_ _i Vhðitc ç@tTih Bë RW?|ih?@|ðL?@* Ah@_i @?_ , Uü@?}i +@|i

VL*@|ð*ð|)ëâ ,ýhLTi@? ,UL?L4ðU +iñðiêc úý}ýt| �bb2c ôSESäc TTë �ô��í2�ë

VLttc Bh@ü@4 �ë R�L?i|@h) W?|i}h@|ðL?c N?Uih|@ð?|) @?_ |üi +L*i Lu �L?i) 6ð?@?Uiëâ

,UL?L4ðU@c �@) �bbHc SDE2DHäc TTë 2ô�íeDë

iðc 5ü@?} að?ë RW?|h@í?@|ðL?@* ñihtýt W?|ih?@|ðL?@* Ah@_iG OLê 5|ýMMLh? @hi û@|ðL?t

ð? B*LM@* W?|i}h@|ðL?qâc û@|ðL?@* îýhi@ý Lu ,UL?L4ðU +iti@hUü Eç@4Mhð_}ic �úä

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Lh!ð?} è@Tih ûLë DDô�c úThð* �bbSë

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ûL|it

W î@UUüi||@G 5|ý_) çi?|ih Bih3i?tiic ô��D Bih3i?tiic 5êð|3ih*@?_c @?_

N?ðñihtð|) Lu w@ýt@??i Eií4@ð*G TüM@UUüi||@9t3}ih3i?tiiëUüä( ñ@? `ð?ULLTG W?í

|ih?@|ðL?@* +iti@hUüc 6i_ih@* +itihñi î@?! Lu ûiê vLh!c ôô wðMih|) 5|ëc ûiê

vLh!c ûv �ffeD Eií4@ð*G ihðUëñ@?êð?ULLT9?)ëuhMëLh}äë i êLý*_ *ð!i |L |ü@?!

|êL @?L?)4Lýt hiuihiitc ç�i_hðU Að**ic @?_ ti4ð?@h T@h|ðUðT@?|t @| |üi î@?! Lu

Wth@i*c |üi 6i_ih@* +itihñi î@?! Lu ûiê vLh!c ûiê vLh! N?ðñihtð|)c ïüðL 5|@|i

N?ðñihtð|)c @?_ |üi N?ðñihtð|) Lu Vðh}ð?ð@ uLh 4@?) ð?tð}ü|uý* UL44i?|t @?_ tý}í

}it|ðL?të ú �ht| _h@u| Lu |üðt T@Tih ê@t êhð||i? êüð*i |üi �ht| @ý|üLh ê@t ñðtð|ð?}

|üi û@|ðL?@* îýhi@ý Lu ,UL?L4ðU +iti@hUü ð? ç@4Mhð_}ië Aüi ñðiêt i Thitti_ ð?

|üi T@Tih @hi |üLti Lu |üi @ý|üLht @?_ _L ?L| ?iUitt@hð*) hiãiU| |üi TLtð|ðL? Lu

|üi 6i_ih@* +itihñi î@?! Lu ûiê vLh! Lh |üi 6i_ih@* +itihñi 5)t|i4ë

� 5ii ú}@|üi ç÷L|�i E�bbeä uLh @ týhñi)ë W? T@Tiht |ü@| �?_ @ ?i}@|ðñi hi*@í

|ðL?tüðTc ð| ðt }i?ih@**) êi@!ë ú*|üLý}ü |üihi ðt iñð_i?Ui |ü@| |h@_i ðt *@h}ih êð|üð?

ULý?|hðit |ü@? @UhLtt ULý?|hðit Etiic uLh i @4T*ic aLü? �Uç@**ý4 E�bbDääc 5ü@?}

að? ið E�bbSä �?_t |ü@| i Uü@?}i h@|i ý?Uih|@ð?|) _Lit ?L| T*@) @ tð}?ð�U@?| hL*i

ð? |üi üL4i |h@_i Mð@të

2 �Lt| Lu |üi _iM@|i L? |üi LT|ð4@* UüLðUi Lu @? i Uü@?}i h@|i hi}ð4i ðt

M@ti_ L? ?L?íLT|ð4ð3ð?} uh@4iêLh!tc týUü @t |üi LT|ð4ý4 Uýhhi?U) @hi@ *ð|ih@|ýhi

Lhð}ð?@|ð?} uhL4 +LMih| �ý?_i** E�bS�äë

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ô 6Lh i @4T*ic tii �@ýhðUi ïMt|ui*_ @?_ ki??i|ü +L}Lg E�bbHäc êüL @*tL

t|hitt |üi ?ii_ uLh Rt|LUü@t|ðU }i?ih@* i^ýð*ðMhðý4 4L?i|@h) 4L_i*tâ |ü@| _L ?L|

Rhi*) L? @ Uih|@ð?|) i^ýðñ@*i?| @ttý4T|ðL? |L @TThL ð4@|i i^ýð*ðMhðý4 hi*@|ðL?í

tüðTtâë

e 5ii +ðUü@h_ ç*@hð_@ @?_ aLh_ð B@*ð E�bbeäc �@h|ð? ,ðUüi?M@ý4 @?_

çü@h*it wë ,ñ@?t E�bbDäc 5L)Lý?} kð4 @?_ ûLýhði* +LýMð?ð E�bb.äc +L?@*_ �@Uí

#L?@*_ @?_ �@h! èë A@)*Lh E�bbeäc ûi*tL? çë �@h! E�bbDäc �@h! @?_ #LL vý**

çüLð E�bb.äc @?_ aLü? Oë +L}iht E�bbHäë ú| ñih) tüLh| üLhð3L?tc i Uü@?}i h@|i

4Lñi4i?|t Lu|i? @TTi@h ý?hi*@|i_ |L Uýhhi?| 4i@týhi_ uý?_@4i?|@*të OLêiñihc ð|

ðt L?*) êüi? i Uü@?}i h@|i ãýU|ý@|ðL?t @hi |üLý}ü| |L Mi |L|@**) i L}i?Lýt |ü@|

@ }i?ih@* i^ýð*ðMhðý4 @?@*)tðt ðt ?L| ?ii_i_ë

D ú tð4ð*@h ñðiê ðt uLý?_c uLh i @4T*ic ð? ,*ü@?@? Oi*T4@? @?_ útt@u +@3ð?

E�b.bäG R`üi? _ðtUýttð?} @ ãL@|ð?} i Uü@?}i h@|i hi}ð4i L?i tüLý*_ UL?tð_ih L?*)

i Uü@?}i h@|i T@||ih?t êüðUü uý*�** @? @TThLThð@|i 4@h!i| U*i@hð?} UL?_ð|ðL?ë Aüðt

4i@?t |ü@| L?i tüLý*_ ?L| @ttý4iëëë@ }ðñi? _ðt|hðMý|ðL? Lu i Uü@?}i h@|itc MiU@ýti

|üðt _ðt|hðMý|ðL? ðt i?_L}i?Lýt |L |üi iUL?L4)ëâ 5ii @*tL +iýñi? B*ðU! @?_ ç*@t

`ðü*MLh} E�bbSäë

S çü@h*it ,?}i* E�bbôä ü@t tüLê? |ü@| hi@* i Uü@?}i h@|i ãýU|ý@|ðL?t @hi

@*4Lt| i?|ðhi*) @ttLUð@|i_ êð|ü ãýU|ý@|ðL?t ð? |üi hi*@|ðñi ThðUi Lu ð_i?|ðU@* |h@_i_

}LL_t @UhLtt ULý?|hðitë

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. 5ii èi|ih îë ç*@h! E�b.ôäc `ð*uhi_ ,|üðih E�b.ôäc #@ñð_ î@hL? E�b.Säc

èi|ih OLLTih @?_ 5|iñi? `ë kLü*ü@}i? E�b.Häc #@ñð_ ïë çýtü4@? E�bHôäc è@ý*

_i Bh@ýêi E�bHHäc ai@?í�@hði Vð@i?i @?_ ç@tTih Bë _i Vhðit E�bb2äc +LMih| çë

6ii?t|h@ @?_ aL? #ë ki?_@** E�bb�äc @?_ O@hhðt #i**@t @?_ îi? ~ë ~ð*Mihu@hM

E�bbôäë

H Aüðt ðt |üi U@tic uLh i @4T*ic Lu Oi*T4@? E�bH�äc Oi*T4@? @?_ +@3ð?

E�b.bc �bH2äc +LMih| ,ë wýU@t E�bH2äc Bh@ü@4 �ë VLtt E�bbHäc @?_ è@M*L úë

ûiý4i)ih E�bbHäë

b ç@hL*ð?i îi||t @?_ �ðUü@i* îë #iñihiý E�bbSc �bb.c �bbHäc VëVë çü@hð

i| @*ëE�bb.äc ,?}i* E�bbSäc +LMih| kL**4@?? E�bb.äc @?_ ç�i_hðU Að**i E�bbHä ü@ñi

_iñi*LTi_ týUü 4L_i*të ïMt|ui*_ @?_ +L}Lg E�bbDä �ht| _iñi*LTi_ @ 4L_i* @ð4i_

@| ð?|i}h@|ð?} ki)?itð@? ThðUi hð}ð_ð|ðit ð?|L @? ð?|ih|i4TLh@* }i?ih@* i^ýð*ðMhðý4

4L_i* êð|ü tLý?_ 4ðUhL uLý?_@|ðL?të `üð*i |üi) _L ?L| @ttý4i èA�c |üi Ui?|h@*

Mýð*_ð?} M*LU! Lu |üiðh 4L_i*õ4L?LTL*ðt|ðU UL4Ti|ð|ðL? ö@ *@ úñð?@tü #ð ð| @?_

aLtiTü 5|ð}*ð|3 E�b..äõü@t Mii? @_LT|i_ ð? |üi týMti^ýi?| *ð|ih@|ýhi @t êi**ë 5ii

@*tL Bð@?U@h*L çLhti||ð @?_ è@L*L èiti?|ð E�bb.äc êüL tL*ñi @ ñihtðL? Lu |üi 4L_i*

ð? U*Lti_ uLh4ë

�f ú hiUi?| i UiT|ðL? ðt #iñihiý @?_ ,?}i* E�bbHäc êüL UL?tð_ih |üi

êi*u@hi ð4T*ðU@|ðL?t Lu _ðgihi?| i Uü@?}i h@|i t)t|i4t ð? @ 4L_i* êð|ü TihuiU|

hðt!tü@hð?}ë ïMt|ui*_ @?_ +L}Lg E�bbHäc ûið* +@?!ð? E�bbHäc @?_ w@ht ,ë ïë

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5ñi?ttL? @?_ 5êi_ih ñ@? `ðé?Mih}i? E�bHbä @*tL _iñi*LT LTi?íiUL?L4) 4L?i|@h)

4L_i*t êð|ü ?L4ð?@* hð}ð_ð|ðit ð? |hý*) t|LUü@t|ðU i?ñðhL?4i?|t Eêð|üLý| *ð?i@hð3@í

|ðL?äë OLêiñihc |üiti T@Tiht @ttý4i TýhUü@tð?} TLêih T@hð|) @?_ _L ?L| UL4T@hi

|üi ð4T*ðU@|ðL?t Lu _ðgihi?| i Uü@?}i h@|i t)t|i4të

�� �Lhi }i?ih@**) L?i U@? |üð?! Lu � @?_ �W @t hiThiti?|ð?} ML|ü 4L?i)

týTT*) @?_ 4L?i) _i4@?_ tüLU!të `üð*i |üðt _ðt|ð?U|ðL? ü@t ?L ð4T*ðU@|ðL?t

uLh |üi *iñi* Lu |h@_ic ð| ðt hi*iñ@?| êüi? UL?tð_ihð?} êi*u@hi ð4T*ðU@|ðL?të i êð**

hi|ýh? |L |üðt ð? |üi tiU|ðL? L? êi*u@hic êüihi êi ð?|hL_ýUi i T*ðUð| 4L?i) _i4@?_

tüLU!të

�2 Aüðt @ttý4T|ðL? ðt @}@ð? ð4TLh|@?| uLh êi*u@hi UL4T@hðtL?tc Mý| ?L| uLh

|h@_ië

�ô `üi|üih üLýtiüL*_t ýti |üi ti**ih<t Lh |üi Mý)ih<t Uýhhi?U) ð?ãýi?Uit |üi

?@|ýhi Lu 4L?i) _i4@?_ë 6Lh UL?ñi?ði?Uic êi L?*) i @4ð?i |üi ti**ih<t Uýhhi?U)

U@tië OLêiñihc ð| U@? Mi tüLê? |ü@| |üi |êL U@tit ULð?Uð_i êüi? |üihi @hi ?L

ð?|ih?@|ðL?@**) |h@_i_ @tti|të

�e Aüiti ThðUi i^ý@|ðL?t @hi tð4ð*@h |L |üLti ð? L|üih _)?@4ðU }i?ih@* i^ýðí

*ðMhðý4 4L_i*t êð|ü èA�c týUü @t îi||t @?_ #iñihiý E�bb.äc çü@hðc kiüLic @?_

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�D AL Mi ThiUðtic � ' �2ERM*å ä

�3>� n �2ERWM*å

Wä�3>7�Wë Ntð?} ESä @?_

|üi u@U| |ü@| å ' å W @?_ RWM ' R8 @t @ hitý*| Lu t)44i|h)c E�2ä uL**Lêtë

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�S i t@) |ü@| |üihi ðt i í@?|i ThðUi _ðtUhð4ð?@|ðL? êüi? |üi i TiU|i_ ,J}

Lu |üi ThðUic 4i@týhi_ ð? L?i Uýhhi?U)c _ðgiht @UhLtt 4@h!i|të Aüðt ü@TTi?t êüi?

,J}ERMä 9' . ,J}E7RWMäë 5ð?Ui . ,J}E7ä ' fc |üðt ðt |üi U@ti êüi? RM 9' RWM ë W|

ðt @TThLThð@|i |L _L |üðt ð? *L}t MiU@ýti ð? *iñi*t ð| ðt TLttðM*i |ü@| ð? |üi OL4i

Uýhhi?U) RM ÷ .E7RWMäc êüð*i ð? |üi 6Lhið}? Uýhhi?U) .ERM*7ä : RWM ë Aüðt

ü@TTi?tc uLh i @4T*ic êüi? RM ' RWM ë Aüi hi@tL? ðt |ü@| .E7ä ' .E�*7ä : � _ýi

|L t)44i|h) @?_ ai?ti?<t ð?i^ý@*ð|) .E�*7ä : �*.E7äë

�. W? |üi T@h|ð@* i^ýð*ðMhðý4 *ð|ih@|ýhic ð| ðt }i?ih@**) @ttý4i_ |ü@| �h4t

4@ ð4ð3i |üi i TiU|i_ ñ@*ýi Lu @ UL?U@ñi uý?U|ðL? Lu ThL�|të ú*Mih|L BðLñ@??ð?ð

E�bHHäc êüð*i @*tL @_LT|ð?} @ T@h|ð@* i^ýð*ðMhðý4 uh@4iêLh!c _Lit ?L| �?_ i í@?|i

ThðUi _ðtUhð4ð?@|ðL? ð? @ 4L_i* êüihi �h4t @hi hðt!í?iý|h@*ë

�H �i@týhi_ @| RM ' RWM c |üi _ihðñ@|ðñi Lu ç ' ü,*üS êð|ü hitTiU| |L � ðt

üð}üih |ü@? |üi _ihðñ@|ðñi êð|ü hitTiU| |L�W MiU@ýti UL?tý4T|ðL? ðt ThLTLh|ðL?@*

|L � c êüð*i Y,*Y� ' Y,*Y�Wë

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Lu |üi êLh*_ë Aüðt *Lêiht |üi Uih|@ð?|) i^ýðñ@*i?| Lu *@MLh ULt|të

2f �Lhi uLh4@**)c ð| ðt TLttðM*i |ü@| üS ðt üð}ü êüi? �W ðt üð}üë Aüðt

ü@TTi?t êüi? � ðt *Lê EtL üS ðt üð}üäë W| h@ðtit |üi Uih|@ð?|) i^ýðñ@*i?| Lu *@MLh

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, ' féD ð? |üi _i|ih4ð?ðt|ðU i^ýð*ðMhðý4c @ttý4ð?} |ü@| |ð4i EL|üih |ü@? t*iiT @?_

üLýtiüL*_ UüLhitä ðt i^ý@**) _ðñð_i_ Mi|êii? êLh! @?_ *iðtýhië

22 5iic uLh i @4T*ic ,|üðih E�b.ôäc î@hL? E�b.Säc Vð@i?i @?_ _i Vhðit

E�bb2äc @?_ 6ii?t|h@ @?_ ki?_@** E�bb�äë

2ô ú*|üLý}ü |üi ULý?|hðit U@? uhii*) |h@_i @tti|tc êi @ttý4i |ü@| �h4 Lê?í

ihtüðT ðt _L4it|ðUc tL |ü@| |üi 4@h}ð?@* ý|ð*ð|) Lu _L4it|ðU hitð_i?|t ðt ýti_ |L

UL4Tý|i |üi Uih|@ð?|) i^ýðñ@*i?| Lu ThL�|të út _ðtUýtti_ ð? î@UUüi||@ @?_ ñ@?

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hitý*|t êüi? @tti| 4@h!i|t @hi UL4T*i|ic Mý| U@? Uü@?}i hitý*|t ý?_ih ð?UL4T*i|i

4@h!i|të

2e 5iic uLh i @4T*ic èh@!@tü úT|i i| @*ë E�bb.äc #@ñð_ î@U!ýt @?_ Bhi}Lh

`ë 54ð|ü E�bbôäc îi||t @?_ #iñihiý E�bbHäc @?_ kL**4@?? E�bbDäë

2D `üi? 4@h!i|t @hi UL4T*i|i @?_ ThðUit @hi ãi ðM*ic |üi i Uü@?}i h@|i

hi}ð4i _Lit ?L| 4@||ih EOi*T4@? E�bH�äc wýU@t E�bH2ääë Oi*T4@? @?_ +@3ð?

E�bH2ä @?_ ûiý4i)ih E�bbHä i @4ð?i êi*u@hi ý?_ih ð?UL4T*i|i 4@h!i|t @?_ ãi ðí

M*i ThðUitc @?_ t|@|i UL?_ð|ðL?t ý?_ih êüðUü @ ãi ðM*i i Uü@?}i h@|i ðt týTihðLh |L @

� i_ i Uü@?}i h@|ië út ð? |üðt T@Tihc #iñihiý @?_ ,?}i* E�bbHä ü@ñi UL?tð_ihi_

|üðt ^ýit|ðL? êð|üð? |üi UL?|i | Lu @ 4L_i* êð|ü ?L4ð?@* hð}ð_ð|ðitë

2S #iñihiý @?_ ,?}i* E�bbHä _ðtUýtt ð? _i|@ð* |üi _ðt|ð?U|ðL? Mi|êii? |üi

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tüLU!t ð? |üi Thiti?Ui Lu U@tü ð? @_ñ@?Ui UL?t|h@ð?|të

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@ñ@ð*@M*i L? hi^ýit|ë

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ð?Uhi@tit |üi ñL*@|ð*ð|) Lu ML|ü *iðtýhi @?_ UL?tý4T|ðL?ë

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@?_ �W ' 6W n E� ý òäECW ý �äc êüihi C @?_ CW hiThiti?| h@?_L4 }Lñih?4i?|

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