Distinguishing between Proactive (Stock) and Reactive (Flow) Adaptation

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(1)CERE Working Paper, 2011:8 . . Distinguishing Between Proactive (Stock) and Reactive (Flow) Adaptation. Kelly Chloe de Bruin, CERE, Centre for Environmental and Resource Economics, and Dept. of Economics, Umeå University. The Centre for Environmental and Resource Economics (CERE) is an inter‐disciplinary and inter‐university research centre at the Umeå Campus: Umeå University and the Swedish University of Agricultural Sciences. The main objectives with the Centre are to tie together research groups at the different departments and universities; provide seminars and workshops within the field of environmental & resource economics and management; and constitute a platform for a creative and strong research environment within the field.. Department of Economics, Umeå University, S‐901 87, Umeå, Sweden www.cere.se.

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(11) OBNFMZ JOWFTUNFOUT JO TUPDL BEBQUBUJPO IADt BOE FYQFOEJUVSFT PO ĘPX BE BQUBUJPO FADt ćF DIPJDF PG UIFTF UXP WBSJBCMFT JO UVSO EFUFSNJOF UIF MFWFMT PG PT t RDt SADt ćF DBMJCSBUFE WBMVFT PG UIF QBSBNFUFST PG UIF HSPTT EBNBHF FRVBUJPO Ƌ. UIF UPUBM QSPUFDUJPO FRVBUJPO ƌ BOE UIF BEBQUBUJPO DBQJUBM TUPDL FRVBUJPO Ƌ. BSF HJWFO JO 5BCMF Ɗ *O 5BCMF Ƌ XF BTTFTT UIF DBMJCSBUJPO ĕU PG UIF ĮııĶİĲƈƑ DPODFSOJOH CPUI UIF SFQMJDBUJPO PG UIF PSJHJOBM ıĶİĲ EBNBHFT BOE UIF SFQMJDB UJPO PG UIF FNQJSJDBM FTUJNBUFT EFTDSJCFE JO UIF BQQFOEJY BOE TVNNBSJTFE JO PUBM QSPUFDUJPO FRVBUJPO ƌ BOE UIF BEBQUBUJPO DBQJUBM TUPDL FRVBUJPO Ƌ BSF HJWFO JO 5BCMF Ǝ ćF DBMJCSBUFE SBUJP PG SFTJEVBM EBNBHFT UP BEBQUBUJPO DPTUT BOE UIF MFWFM PG BEBQUBUJPO XJUI UIF FTUJNBUFE WBMVFT CBTFE PO UIF MJUFSBUVSF SF WJFX BSF CPUI HJWFO BT XFMM BT UIF ĮııĶİĲƈƑ OFU EBNBHFT BOE UIF PSJHJOBM ıĶİĲ OFU EBNBHFT. ƍ 3FTVMUT 5P VOEFSTUBOE UIF FČFDUT PG BEBQUBUJPO BOE NJUJHBUJPO QPMJDJFT XF EFĕOF TJY SFGFSFODF TDFOBSJPT GPS ĮııĶİĲƈƑ OP DPOUSPMT PQUJNBM DPOUSPMT OP BEBQUBUJPO BOE OP NJUJHBUJPO OP ĘPX BEBQUBUJPO OP TUPDL BEBQUBUJPO *O UIF OP DPOUSPMT TDFOBSJP BEBQUBUJPO BOE NJUJHBUJPO MFWFMT BSF TFU BU [FSPƯ ćJT JT UIF DBTF XIFSF OP DMJNBUF DIBOHF QPMJDJFT BSF VOEFSUBLFO BOE CVTJOFTT BT VTVBM JT BTTVNFE *O UIF PQUJNBM DPOUSPMT TDFOBSJP CPUI BEBQUBUJPO BOE NJUJHBUJPO MFWFMT BSF EF UFSNJOFE FOEPHFOPVTMZ XJUIJO UIF NPEFM UP NBYJNJTF TPDJBM XFMGBSF VUJMJUZ. JF GPS CPUI WBSJBCMFT PQUJNBM MFWFMT BSF DIPTFO *O UIF OP BEBQUBUJPO TDFOBSJP NJUJHBUJPO JT BU JUT PQUJNBM MFWFM XIJMF UIF BEBQUBUJPO MFWFM JT [FSP *O UIF OP NJU JHBUJPO TDFOBSJP BEBQUBUJPO JT BU JUT PQUJNBM MFWFM XIJMF UIF NJUJHBUJPO MFWFM JT [FSP *O UIF OP ĘPX BEBQUBUJPO TDFOBSJP NJUJHBUJPO BOE TUPDL BEBQUBUJPO BSF BU UIFJS PQUJNBM MFWFMT XIJMF ĘPX BEBQUBUJPO MFWFMT BSF [FSP *O UIF OP TUPDL BEBQU BUJPO TDFOBSJP NJUJHBUJPO BOE ĘPX BEBQUBUJPO BSF BU UIFJS PQUJNBM MFWFMT XIJMF JOWFTUNFOUT JO TUPDL BEBQUBUJPO BSF OPU NBEF 8IFO POF PG UIF DMJNBUF DIBOHF DPOUSPMT NJUJHBUJPO TUPDL BEBQUBUJPO BOE ĘPX BEBQUBUJPO JT OPU BQQMJFE UIJT DBO CF DPNQFOTBUFE CZ BO JODSFBTF JO UIF PUIFS DPOUSPMT 8F VTF UIF ĮııĶİĲƈƑ NPEFM UP ĕSTUMZ JOWFTUJHBUF UIF DPNQPTJUJPO PG DMJNBUF DIBOHF DPTUT DPOTJTUJOH Ư *U TIPVME CF OPUFE UIBU JO ĮııĶİĲ NJUJHBUJPO XJMM OPU CF FYBDUMZ [FSP BT UIF NPEFM DPOUBJOT TPNF NJUJHBUJPO FČPSUT EVF UP UIF FYIBVTUJPO PG GPTTJM GVFMT UIF )PUFMMJOH SFOUT XIJDI EP OPU SFQSFTFOU B QPMJDZ PQUJPO . Ɖƈ.

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(25) VQ PG NJUJHBUJPO FYQFOEJUVSFT JT PQUJNBM 'PS BEBQUBUJPO UIJT JNQMJFT UIBU UIFSF XPVME CF B HSFBUFS FNQIBTJT PO BEBQUBUJPO JO FBSMJFS EFDBEFT JO SFTQPOTF UP UIF JNQBDUT PG DMJNBUJD DIBOHFT UIBU BSF BMSFBEZ MPDLFEJO *O UIF PQUJNBM NJY DMJ NBUF DIBOHF DPTUT DPOTJTUT GPS B MBSHF QBSU PG SFTJEVBM EBNBHFT 5PUBM BEBQUBUJPO DPTUT BOE NJUJHBUJPO DPTUT BSF PG UIF TBNF NBHOJUVEF XIFSF ĘPX BEBQUBUJPO DPTUT BSF TMJHIUMZ MBSHFS UIBO TUPDL BEBQUBUJPO DPTUT 4FDPOEMZ UIJT BOBMZTJT EFNPOTUSBUFT UIBU CPUI UZQFT PG BEBQUBUJPO PQUJPOT BSF JNQPSUBOU JO PČTFUUJOH TPNF PG UIF BEWFSTF JNQBDUT PG DMJNBUF DIBOHF ćFTF SBOHF GSPN BVUPOPNPVT SFBDUJWF NFBTVSFT ĘPX BEBQUBUJPO BU POF FOE UP BO UJDJQBUPSZ JOWFTUNFOUT JO BEBQUBUJPO TUPDL TUPDL BEBQUBUJPO TVDI BT DPBTUBM BEBQUBUJPO JOGSBTUSVDUVSF PO UIF PUIFS ćF DPTUT BOE UIF QPMJDZ NJY PG UIFTF JOWFTUNFOUT IPXFWFS WBSZ DPOTJEFSBCMZ BDSPTT SFHJPOT PWFS UJNF BOE EFQFOE VQPO UIF MFWFM PG NJUJHBUJPO BT XFMM BT BTTVNQUJPOT BCPVU DMJNBUF EBNBHFT BOE EJTDPVOU SBUFT ćFTF OVNFSJDBM FTUJNBUFT PG BEBQUBUJPO DPTUT TIPVME UIVT CF DPOTJEFSFE QSFMJNJOBSZ BOE DSJUJDBMMZ EFQFOEFOU VQPO UIF TQFDJĕDBUJPO PG UIF DMJNBUF EBNBHFT VTFE ćFSF JT BO VSHFOU OFFE GPS B DPNQSFIFOTJWF FČPSU UP VQEBUF JOGPSNBUJPO PO SFHJPOBM EBNBHFT UIBU BSF VTFE BT JOQVUT JOUP ĶĮĺT UP SF ĘFDU NPSF SFDFOU JOGPSNBUJPO .PSF JNQPSUBOU UIBO UIF TQFDJĕD OVNCFST UIJT QBQFS TFFLT UP IJHIMJHIU UIF LFZ ESJWFST CFIJOE UIF DIPJDF PG QPMJDZ PQUJPOT ćJSEMZ UIF UISFF EJČFSFOU DMJNBUF QPMJDZ PQUJPOT BSF TVCTUJUVUFT ćPVHI BOZ MFBTUDPTU QPMJDZ SFTQPOTF UP DMJNBUF DIBOHF XJMM OFFE UP JOWPMWF TVCTUBO UJBM BNPVOUT PG NJUJHBUJPO FČPSUT JOWFTUNFOUT JO BEBQUBUJPO TUPDL BOE SFBDUJWF BEBQUBUJPO NFBTVSFT UP MJNJU UIF SFNBJOJOH EBNBHFT ćFTF PQUJPOT BSF TVCTUJ UVUFT BT UIFZ DPNQFUF GPS MJNJUFE SFTPVSDFT BOE DBO TVCTUJUVUF FBDI PUIFS XIFO POF PQUJPO JT MJNJUFE FH JODSFBTFE BEBQUBUJPO DBO MJNJU UIF EBNBHFT PG OP NJUJHBUJPO BDUJPO 'VSUIFSNPSF TUPDL BEBQUBUJPO ĘPX BEBQUBUJPO BOE NJUJHB UJPO OFHBUJWFMZ BČFDU UIF NBSHJOBM CFOFĕUT PG FBDI PUIFS *ODSFBTFE NJUJHBUJPO XJMM EFDSFBTF UIF CFOFĕUT PG BEBQUBUJPO CZ EFDSFBTJOH UIF HSPTT EBNBHFT "E BQUBUJPO EFDSFBTFT UIF CFOFĕUT PG NJUJHBUJPO BT JU EFDSFBTFT HSPTT EBNBHFT UP SFTJEVBM EBNBHFT 'VSUIFSNPSF JODSFBTFE SFBDUJWF BEBQUBUJPO XJMM EFDSFBTF UIF NBSHJOBM CFOFĕUT PG TUPDL BEBQUBUJPO BOE WJDF WFSTB 'PVSUIMZ XIFO POF DMJNBUF DIBOHF QPMJDZ PQUJPO JT MJNJUFE UIF NPTU TJN JMBS BWBJMBCMF PQUJPO XJMM QMBZ B NPSF JNQPSUBOU SPMF JO DPNQFOTBUJOH %VF UP JODSFBTJOH NBSHJOBM DPTUT IPXFWFS CPUI BWBJMBCMF PQUJPOT XJMM CF BQQMJFE *G ĘPX BEBQUBUJPO JT MJNJUFE FH UIF TUPDL BEBQUBUJPO DPNQFOTBUFT GPS UIJT UP B IJHIFS EFHSFF UIBO NJUJHBUJPO EPFT *O UIF DBTF PG MJNJUFE NJUJHBUJPO TUPDL BE ƊƋ.

(26) BQUBUJPO JT UIF NPTU TJNJMBS EVF UP UIF EFMBZ PG CFOFĕUT 'JOBMMZ JO PVS TFOTJUJWJUZ BOBMZTJT XF JOWFTUJHBUFE IPX SPCVTU PVS ĕOEJOHT BSF 8F GPVOE UIBU UIF DIPJDF PG EJTDPVOU SBUF IBT JNNFOTF FČFDUT PO UIF SFT VMUT BOE QPMJDZ QSFTDSJQUJPOT PG PVS NPEFM ćF PQUJNBM NJY PG UIF UISFF DMJNBUF QPMJDZ PQUJPOT EFQFOET QSJNBSJMZ PO UIF EJTDPVOU SBUF " MPXFS EJTDPVOU SBUF XJMM SFTVMU JO B TIJę PG JNQPSUBODF BXBZ GSPN ĘPX BEBQUBUJPO BOE UPXBSET NJU JHBUJPO ćF 4UFSO EJTDPVOU SBUF TVHHFTUT BHHSFTTJWF NJUJHBUJPO BDUJPO XIFSFBT IJHIFS EJTDPVOU SBUFT TVHHFTU MFTT BHHSFTTJWF QPMJDJFT XIFSF BEBQUBUJPO BOE NJU JHBUJPO CPUI QMBZ BO JNQPSUBOU SPMF 'VSUIFSNPSF BO JODSFBTFE EBNBHF MFWFM JODSFBTFT UIF MFWFMT PG CPUI BEBQUBUJPO BOE NJUJHBUJPO JO UIF PQUJNVN BOE UIF FČFDU PO BEBQUBUJPO JT TUSPOHFS QBSUJDVMBSMZ JO FBSMZ QFSJPET 'JOBMMZ B IJHIFS EFQSFDJBUJPO SBUF PG BEBQUBUJPO DBQJUBM SFTVMUT JO IJHIFS JOWFTUNFOUT JO TUPDL BEBQUBUJPO UP DPNQFOTBUF 'VSUIFSNPSF ĘPX BEBQUBUJPO DPNQFOTBUFT GPS UIF EFDSFBTFE FČFDUJWFOFTT PG TUPDL BEBQUBUJPO " MPXFS EFQSFDJBUJPO SBUF IBT UIF PQQPTJUF FČFDU. Ɗƌ.

(27) " "QQFOEJY /PSEIBVT BOE #PZFS Ɗƈƈƈ FTUJNBUF DMJNBUF DIBOHF JNQBDUT GPS ƉƋ SFHJPOT EJ WJEFE JOUP Ə DBUFHPSJFT ćF SFHJPOT JODMVEFE JO UIF ĿĶİĲ NPEFM BSF +BQBO łŀĮ &VSPQF Ʊ 0UIFS )JHI *ODPNF $PVOUSJFT ļĵĶ Ʋ )JHI *ODPNF 0JM&YQPSUJOH 3FHJPOT ĵĶļ Ƴ .JEEMF *ODPNF $PVOUSJFT ĺĶ ƴ 3VTTJB -PX.JEEMF*ODPNF $PVOUSJFT ĹĺĶ Ƭƫ &BTUFSO &VSPQF ĲĲ -PX*ODPNF $PVOUSJFT ĹĶ ƬƬ $IJOB *OEJB BOE "GSJDBƬƭ 8F VTF UIFTF DBUFHPSJFT UP FTUJNBUF UIF DPTUT BOE CFOFĕUT PG BEBQUBUJPO QFS SFHJPO BOE GPS UIF HMPCF BT B XIPMF 8F EP OPU SFFTUJNBUF DMJNBUF DIBOHF EBN BHFT CVU VOSBWFM UIF OFU DMJNBUF DIBOHF EBNBHFT PG UIF ıĶİĲƊƈƈƏ NPEFM JOUP TUPDL BEBQUBUJPO DPTUT ĘPX BEBQUBUJPO DPTUT BOE SFTJEVBM EBNBHFT 8F XJMM EJT DVTT FBDI DBUFHPSZ JO UVSO BOE IPX UIF BEBQUBUJPO WBSJBCMFT XFSF FTUJNBUFE QBQFS "HSJDVMUVSF. /PSEIBVT BOE #PZFS VTF TVCSFHJPOBM BHSJDVMUVSBM JNQBDU. FTUJNBUFT JO NPTU DBTFT GSPN %BSXJO FU BM ƉƑƑƍ CVU BMTP GSPN %JOBS FU BM ƉƑƑƐ. BOE FTUJNBUFT PG TVCSFHJPOBM UFNQFSBUVSF UP QSPEVDF B SFMBUJPOTIJQ CFUXFFO BHSJDVMUVSBM EBNBHF BOE UFNQFSBUVSF DIBOHF ćF EBNBHFT JO BHSJ DVMUVSF BT B GSBDUJPO PG ĴıĽ BSF HJWFO BT B XJMMJOHOFTT UP QBZ ńŁĽ GVODUJPO GPS FBDI SFHJPO ćFTF EBNBHF FTUJNBUFT SFĘFDU UIF BEBQUBUJPO JODPSQPSBUFE JO UIF %BSXJO FU BM ƉƑƑƍ TUVEZ ćJT JODMVEFT GBSNFST TFMFDUJOH UIF NPTU QSPĕU BCMF NJY PG JOQVUT BOE PVUQVUT PO FYJTUJOH DSPQMBOE BEKVTUNFOUT JO EPNFTUJD NBSLFUT BOE JOUFSOBUJPOBM USBEF BOE JODSFBTFT JO UIF BNPVOU PG MBOE VOEFS DVM UJWBUJPO *ODPSQPSBUJOH BMM PG UIFTF BEBQUBUJPO PQUJPOT MFBET UP B TMJHIU JODSFBTF ƈƊƉƊŰ JO XPSME DFSFBMT QSPEVDUJPO VOEFS UIF DMJNBUF DIBOHF TDFOBSJPT %BS XJO FU BM ƉƑƑƍ DPOTJEFS *U TIPVME CF OPUFE UIBU İļ2 GFSUJMJ[BUJPO JT FYDMVEFE Ʊ "VTUSJB #FMHJVN %FONBSL 'JOMBOE 'SBODF (FSNBOZ (SFFDF (SFFOMBOE *DFMBOE *SFMBOE *UBMZ -JFDIUFOTUFJO -VYFNCPVSH /FUIFSMBOET /PSXBZ 1PSUVHBM 4QBJO 4XFEFO 4XJU[FSMBOE BOE UIF 6OJUFE ,JOHEPN Ʋ *ODMVEFT "VTUSBMJB $BOBEB /FX ;FBMBOE 4JOHBQPSF *TSBFM BOE SJDI JTMBOE TUBUFT Ƴ *ODMVEFT #BISBJO #SVOFJ ,VXBJU -JCZB 0NBO 2BUBS 4BVEJ "SBCJB BOE łĮĲ ƴ *ODMVEFT "SHFOUJOB #SB[JM ,PSFB BOE .BMBZTJB Ƭƫ *ODMVEFT .FYJDP 4PVUI "GSJDB ćBJMBOE NPTU -BUJO "NFSJDBO TUBUFT BOE NBOZ $BSJCCFBO TUBUFT ƬƬ *ODMVEFT &HZQU *OEPOFTJB *SBR 1BLJTUBO BOE NBOZ "TJBO TUBUFT Ƭƭ *ODMVEFT BMM TVC 4BIBSBO "GSJDBO DPVOUSJFT FYDFQU /BNJCJB BOE 4PVUI "GSJDB. Ɗƍ.

(28) ĿĶİĲ 3FHJPOT. 5BO BOE 4IJCBTBLJ SFHJPOT. łŀĮ İĵĶĻĮ ķĮĽĮĻ ĲłĿļĽĲ ĿłŀŀĶĮ ĶĻıĶĮ ļĵĶ ĵĶļ ĲĲ ĺĶ ĹĺĶ ĮĳĿĶİĮ ĹĶ. ĻļĿŁĵ ĮĺĲĿĶİĮ ĮŀĶĮ ĮŀĶĮ ĲłĿļĽĲ ĲłĿļĽĲ ĮŀĶĮ ĮłŀŁĿĮĹĶĮ "WFSBHF ĲłĿļĽĲ BOE ĮĳĿĶİĮ ĲłĿļĽĲ ŀļłŁĵ ĮĺĲĿĶİĮ "WFSBHF ĮŀĶĮ BOE ŀļłŁĵ ĮĺĲĿĶİĮ ĮĳĿĶİĮ "WFSBHF ĮĳĿĶİĮ BOE ĮŀĶĮ. 0QUJNBM "EBQUBUJPO MFWFM ƈƌƐ ƈƋƋ ƈƋƋ ƈƌƋ ƈƌƋ ƈƋƋ ƈƊƏ ƈƋƋ ƈƌƋ ƈƋƐ ƈƋƍƍ ƈƊƋ ƈƊƐ. 5BCMF ƍ "EBQUBUJPO FTUJNBUFT JO UIF BHSJDVMUVSBM TFDUPS 4PVSDF 0XO DBMDVMBUJPOT CBTFE PO 5BO BOE 4IJCBTBLJ ƊƈƈƋ EBUB GPS UIF ZFBS Ɗƈƍƈ BOE QSPUFDUJPO JT HJWFO BT B GSBDUJPO PG ZJFME MPTT BWPJEFE CZ BEBQUBUJPO JO UIJT TUVEZ "EBQUBUJPO DBO CF WFSZ FČFDUJWF JO DPNCBUJOH UIF FČFDUT PG DMJNBUF DIBOHF JO BHSJDVMUVSF .FBTVSFT TVDI BT JSSJHBUJPO DSPQ QMBOUJOH UJNF DIBOHFT DSPQ DIBOHFT BOE UIF VTF QSFWJPVTMZ JOBSBCMF MBOE DBO EFDSFBTF UIF EBNBHFT PS JO DSFBTF UIF CFOFĕUT JO BHSJDVMUVSF .BOZ TUVEJFT JODMVEF UIF FČFDUT PG BEBQUB UJPO JO SFEVDJOH UIF BHSJDVMUVSBM EBNBHFT PS FOIBODJOH UIF CFOFĕUT PG DMJ NBUF DIBOHF FH ,BOF FU BM ƉƑƑƊ 3FJMMZ ƉƑƑƌ 3PTFO[XFJH BOE 1BSSZ ƉƑƑƌ .PSF SFDFOU TUVEJFT JODMVEF $MJOF ƊƈƈƏ &BTUFSMJOH FU BM ƊƈƈƏ 'PS DPOTJTUFODZ XF VTF POF TUVEZ BT PQQPTFE UP WBSJPVT SFHJPOBM TUVEJFT. UP FTUJNBUF UIF FČFDUT PG BEBQUBUJPO 8F VTF UIF FTUJNBUFT CZ 5BO BOE 4IJCBTBLJ ƊƈƈƋ BT UIJT TUVEZ JODMVEFT WBSJPVT XPSME SFHJPOT ćFZ FTUJNBUF UIF FČFDUT PG DMJNBUF DIBOHF PO UIF BNPVOU PG DSPQ ZJFME GPS WBSJPVT SFHJPOT GPS UIF ZFBS Ɗƈƍƈ 5BCMF ƍ TIPXT UIF FČFDU PG BEBQUBUJPO GPS UIF WBSJPVT SFHJPOT PG 5BO BOE 4IJCBTBLJ ƊƈƈƋ BOE IPX UIFZ IBWF CFFO USBOTMBUFE JOUP UIF ĿĶİĲ SFHJPOT ćF GPSN PG BEBQUBUJPO UIBU 5BO BOE 4IJCBTBLJ ƊƈƈƋ DPOTJEFS JT UIF DIBOHJOH PG DSPQ QMBOUJOH EBUFT 5BO BOE 4IJCBTBLJ DPOTJEFS UIF BNPVOU PG XBUFS BWBJMBCMF JO SFHJPOT XJUIPVU JSSJHBUJPO BOE BTTVNF UIBU XBUFS JT BWBJMBCMF GPS SFHJPOT UIBU EP IBWF JSSJHBUJPO GBDJMJUJFT ćFZ EP OPU FTUJNBUF UIF FYUSB DPTUT PG XBUFS OFFEFE JO UIFTF SFHJPOT PS UIF DPTUT PG DIBOHJOH UIF QMBOUJOH UJNJOH BT UIFZ BTTVNF UIFTF BSF WFSZ TNBMM ƊƎ.

(29) $POTFRVFOUMZ XF BTTVNF IFSF UIBU UIF QFSDFOUBHF PG BEBQUBUJPO DPTUT JO UPUBM OFU EBNBHFT JT ƉƈŰ BOE UIVT SFTJEVBM EBNBHFT DPOTUJUVUF ƑƈŰ 5BCMF Ǝ HJWFT UIF EJČFSFOU FTUJNBUFT PG UIF BEBQUBUJPO WBSJBCMFT "T 5BO BOE 4IJCBTBLJ POMZ DPOTJEFS DFSUBJO MPX DPTU BEBQUBUJPO PQUJPOT XF FYUFOE PVS BTTFTTNFOU XJUI FTUJNBUFT CZ 3PTFO[XFJH BOE 1BSSZ ƉƑƑƌ XIP JODMVEF UXP GPSNT PG BEBQUBUJPO POF JODMVEJOH TNBMM DIBOHFT JO BHSJDVMUVSBM TZTUFNT BOE PUIFS NPSF TVCTUBOUJBM DIBOHFT ćF ĕSTU GPSN PG BEBQUBUJPO DPS SFTQPOET UP UIBU PG 5BO BOE 4IJCBTBLJ XF UIFSFGPSF BEEJUJPOBMMZ JODMVEF POMZ UIF TFDPOE GPSN PG BEBQUBUJPO JODMVEJOH |NPSF TVCTUBOUJBM DIBOHF UP BHSJDVMUVSBM TZTUFNT QPTTJCMZ SFRVJSJOH SFTPVSDFT CFZPOE UIF GBSNFSTh NFBOT JOWFTUNFOU JO SFHJPOBM BOE OBUJPOBM BHSJDVMUVSBM JOGSBTUSVDUVSF BOE QPMJDZ DIBOHFT 4VDI NFBTVSFT JODMVEF MBSHF TIJęT JO QMBOUJOH EBUFT > Ɖ NPOUI JODSFBTFE GFSUJM J[FS BQQMJDBUJPO JOTUBMMBUJPO PG JSSJHBUJPO TZTUFNT BOE UIF EFWFMPQNFOU PG OFX WBSJFUJFT 5BCMF Ǝ HJWFT UIF CSFBLEPXO PG OFU EBNBHFT JO SFTJEVBM EBNBHFT BOE BEBQUBUJPO DPTUT GPS UIF WBSJPVT SFHJPOT GPS UIF BHSJDVMUVSBM TFDUPS 0UIFS WVMOFSBCMF NBSLFUT. ćJT JNQBDU TFDUPS FYBNJOFT UIF FČFDUT PG DMJ. NBUF DIBOHF PO GPSFTUSZ FOFSHZ TZTUFNT XBUFS TZTUFNT DPOTUSVDUJPO ĕTIFSJFT BOE PVUEPPS SFDSFBUJPO )PXFWFS CBTFE PO FTUJNBUFT CZ $MJOF ƉƑƑƊ /PSE IBVT BOE ,PLLFMFOCFSH ƉƑƑƑ BOE .FOEFMTPIO BOE /FVNBOO ƉƑƑƑ XIJDI FTUJNBUF TNBMM MPTTFT [FSP JNQBDUT BOE TNBMM CFOFĕUT JO UIFTF TFDUPST GPS UIF łŀ ĿĶİĲ BTTVNFT UIBU UIF JNQBDUT JO UIJT DBUFHPSZ BSF OFHMJHJCMF GPS UFNQFSBUF DMJNBUFT ćF POMZ NBSLFU UIBU JT TVCTUBOUJBMMZ BČFDUFE BDDPSEJOH UP UIF BVUIPST JT UIBU PG FOFSHZ ćFZ FTUJNBUF B EFDMJOF PG ƍŰ JO FOFSHZ FYQFOEJUVSFT JO DPME DMJNBUFT BOE BO JODSFBTF PG ƐŰ JO USPQJDBM BOE TFNJUSPQJDBM DMJNBUFT GPS B Ɗƍ$ XBSNJOH /PUF UIBU NPSF SFDFOU TUVEJFT TIPX EJČFSFOU SFTVMUT %F $JBO FU BM ƊƈƈƏ 'BOLIBVTFS ƉƑƑƍ .FOEFMTPIO Ɗƈƈƈ 3PTFOUIBM FU BM ƉƑƑƍ 5P PVS LOPXMFEHF UIFSF BSF OP RVBOUBUJWF FTUJNBUFT PG UIF FČFDUT PG BE BQUBUJPO JO UIJT TFDUPS $PPMJOH BOE IFBUJOH IBWF B HSFBU QPUFOUJBM UP EFDSFBTF EBNBHFT BOE FOIBODF CFOFĕUT PG DMJNBUF DIBOHF &YQPTVSF UP IFBU DBO DBVTF EJTDPNGPSU JMMOFTT BOE FWFO EFBUI XIJDI DPPMJOH DBO QSFWFOU .BSUFOT ƉƑƑƐ .BSUFOT BOE .D.JDIBFM ƊƈƈƊ ćJT GPSN PG BEBQUBUJPO JO SFMBUJWFMZ FBTZ UP BQQMZ BT JU JT NPTUMZ BO FYUFOTJPO PG SFHVMBS CFIBWJPVS IFBUJOH BOE DPPMJOH XF UIFSFGPSF FTUJNBUF UIF BEBQUBUJPO QPUFOUJBM UP CF IJHI 8F BTTVNF UIBU UIF PQUJNBM MFWFM PG BEBQUBUJPO JT ƈƐ ćBU JT CZ DPOTVNJOH NPSF FOFSHZ POF DBO EFDSFBTF ƐƈŰ PG UIF EJTDPNGPSU BOE TJDLOFTT DBVTFE CZ UIF XBSNFS DMJNBUF "E BQUBUJPO XJMM NPTUMZ CF PG UIF ĘPX WBSJFUZ BT UIF JOGSBTUSVDUVSF FOFSHZ TVQQMZ. ƊƏ.

(30) ƊƐ. łŀĮ İĵĶĻĮ ķĮĽĮĻ ĲłĿļĽĲ ĿłŀŀĶĮ ĶĻıĶĮ ļĵĶ ĵĶļ ĲĲ ĺĶ ĹĺĶ ĮĳĿĶİĮ ĹĶ. 3FHJPOT. ƈƌƐ ƈƋƋ ƈƋƋ ƈƌƋ ƈƌƋ ƈƋƋ ƈƊƏ ƈƋƋ ƈƌƋ ƈƋƐ ƈƋƎ ƈƊƋ ƈƊƐ. 0QUJNBM ĘPX BEBQUBUJPO GSBDUJPO. ƈƉƈ ƈƋƈ ƈƉƈ ƈƈƍ ƈƈƍ ƈƋƈ ƈƉƍ ƈƉƍ ƈƈƍ ƈƊƈ ƈƋƈ ƈƋƈ ƈƋƈ. 0QUJNBM TUPDL BEBQUBUJPO GSBDUJPO. 'MPX BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƉ ƈƈƎ ƈƈƐ ƈƈƍ ƈƉƊ ƈƉƉ ƈƉƎ ƈƈƈ ƈƈƍ ƈƉƉ ƈƈƈ ƈƈƉ ƈƈƈ. 4UPDL BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƉ ƈƈƎ ƈƈƐ ƈƈƍ ƈƉƊ ƈƉƉ ƈƉƎ ƈƈƈ ƈƈƍ ƈƉƉ ƈƈƈ ƈƈƉ ƈƈƈ ƈƈƍ ƈƍƈ ƈƎƊ ƈƋƑ ƈƑƊ ƈƐƎ ƉƊƏ ƈƈƈ ƈƋƏ ƈƑƈ ƈƈƋ ƈƈƌ ƈƈƋ. 3FTJEVBM EBN BHFT ƒ PG PVUQVU. ƈƉƉ ƈƋƈ ƈƌƋ ƈƏƍ ƈƎƊ ƊƋƌ ƈƑƈ ƈƈƈ ƈƏƉ ƊƉƍ ƈƈƑ ƈƈƑ ƈƈƐ. (SPTT EBNBHFT ƒ PG PVUQVU. 4PVSDF 0XO DBMDVMBUJPOT CBTFE PO 5BO BOE 4IJCBTBLJ ƊƈƈƋ 3PTFO[XFJH BOE 1BSSZ ƉƑƑƌ BOE /PSEIBVT BOE #PZFS Ɗƈƈƈ . 5BCMF Ǝ "EBQUBUJPO FTUJNBUFT GPS UIF ĿĶİĲ SFHJPOT JO UIF BHSJDVMUVSBM TFDUPS GPS B Ɗƍ $ JODSFBTF JO UFNQFSBUVSF. /FU EBNBHFT /#. ƒ PG PVUQVU. ƈƈƎ ƈƋƏ ƈƌƎ ƈƌƑ ƈƎƑ ƉƈƐ ƈƑƍ ƈƈƈ ƈƌƎ ƉƉƋ ƈƈƌ ƈƈƍ ƈƈƌ.

(31) JT PęFO BMSFBEZ JO QMBDF *OWFTUNFOUT JO JOGSBTUSVDUVSF NBZ CF OFFEFE FTQF DJBMMZ TP JO EFWFMPQJOH SFHJPOT XIFSF FOFSHZ EFNBOE JT HSPXJOH GBTU #FDBVTF NPTU HSPTT EBNBHFT DBO CF SFEVDFE XF BTTVNF UIBU NPTU DPTUT JO UIJT DBUFHPSZ BSF BEBQUBUJPO DPTUT JF BEBQUBUJPO DPTUT DPNQPTF ƐƈŰ PG UPUBM OFU EBNBHFT /PUF UIBU TPNF SFHJPOT IBWF CFOFĕUT JO UIJT TFDUPS JF UIF DPTUT PG JODSFBTFE BJSDPOEJUJPOJOH BSF MPXFS UIBO UIF DPTUT TBWFE EVF UP EFDSFBTFE IFBUJOH ćF DPSSFTQPOEJOH FTUJNBUFT BSF HJWFO JO 5BCMF Ə $PBTUBM JNQBDUT. ĿĶİĲ FTUJNBUFT PG DPBTUBM EBNBHFT VTF UIF XPSL PG :PIF. BOE 4DIMFTJOHFS ƉƑƑƐ PO UIF JNQBDUT GSPN TFBMFWFM SJTF BOE B DPOTJEFSBUJPO PG ƉƑƐƏƉƑƑƍ TUPSN EBNBHFT GSPN UIF ĴĽļ ƉƑƑƏ CBTFE PO XIJDI UIFZ FTUJNBUF ƈƉŰ PG JODPNF BT B SFBTPOBCMF ńŁĽ GPS QSFWFOUJOH B Ɗƍ$ XBSNJOH GPS UIF łŀ 'PS PUIFS TVCSFHJPOT UIFZ TDBMF UIJT FTUJNBUF CBTFE PO UIF SBUJP PG |DPBTUBM BSFBh XJUIJO Ɖƈ LN PG UIF DPBTU UP UPUBM MBOE BSFB EJWJEFE CZ UIF TBNF SBUJP GPS UIF łŀ .BOZ TUVEJFT IBWF CFFO EPOF PO DPBTUBM BEBQUBUJPO UP TFB MFWFM SJTF FH #BBSTF ƉƑƑƍ %FLF FU BM ƊƈƈƉ 'BOLIBVTFS ƉƑƑƐ )PP[FNBOT FU BM ƉƑƑƋ /JDI PMMT BOE ,MFJO ƊƈƈƋ /JDIPMMT ƊƈƈƊ /JDIPMMT Ɗƈƈƌ /JDIPMMT BOE -FBUIFSNBO ƉƑƑƍ /JDIPMMT FU BM ƉƑƑƍ /JDIPMMT FU BM ƉƑƑƑ :PIF BOE 5PM ƊƈƈƊ :PIF FU BM ƉƑƑƎ ćF NBJO NFBOT UP BEBQU UP DPBTUBM UISFBUT JT UP CVJME TFB XBMMT CFDBVTF PG UIF IJHI QPUFOUJBM MPTTFT TVDI NFBTVSFT CFDPNF WFSZ CFOFĕDJBM *O NPTU SF HJPOT XJUI DPBTUMJOFT NPTU PG UIF DPBTU JT QSPUFDUFE "OPUIFS GPSN PG BEBQUBUJPO JT NJHSBUJPO SFTFUUMFNFOU 5P FTUJNBUF UIF BEBQUBUJPO DPTUT BEBQUBUJPO MFWFM BOE SFTJEVBM EBNBHFT XF VTF UIF ĳłĻı ƊƑ NPEFM ćF ĳłĻı NPEFM VTFT UIF GSBNFXPSL QSPQPTFE CZ 'BOLIBVTFS ƉƑƑƌ UP DBMDVMBUF UIF PQUJNBM MFWFM PG DPBTUBM BEBQUBUJPO ćF NFUIPEPMPHZ VTFE JO ĳłĻı ƊƑ JT EFTDSJCFE JO EFUBJM JO 5PM ƉƑƑƍ ćJT NPEFM FTUJNBUFT UIF DPTUT PG XFUMBOE MPTT ESZMBOE MPTT BEBQUBUJPO DPTUT NJHSBUJPO DPTUT BOE UIF BEBQUBUJPO MFWFM GPS NPSF UIBO Ɗƈƈ DPVOUSJFT 8FUMBOE MPTTFT BSF DBVTFE CZ CPUI UIF SJTJOH TFB MFWFM BOE UIF CVJMEJOH PG BEBQUBUJPO NFBTVSFT %SZMBOE MPTTFT BOE XFUMBOE MPTTFT EVF UP TFB MFWFM SJTF UPHFUIFS DPOTUJUVUF UIF SFTJEVBM EBNBHFT ćF BEBQUBUJPO DPTUT BOE XFUMBOE MPTTFT EVF UP BEBQUBUJPO BOE NJHSBUJPO DPTUT BT HJWFO CZ ĳłĻı BSF UPUBMFE UP HFU BEBQUBUJPO DPTUT ćF NJHSBUJPO DPTUT IPXFWFS BSF FYUSFNFMZ MPX DPNQBSFE UP TFB XBMM DPOTUSVD UJPO DPTUT ćF ĳłĻı FTUJNBUFT PG BEBQUBUJPO DPTUT EJČFS GSPN UIPTF PG UIF ĿĶİĲ NPEFM BT UIFZ BSF NPSF SFDFOU #FDBVTF XF XBOU UP SFQMJDBUF UIF PSJHJOBM ĿĶİĲ EBNBHF GVODUJPO BOE EJWJEF JU JOUP SFTJEVBM EBNBHFT BOE BEBQUBUJPO DPTUT XF ƊƑ.

(32) Ƌƈ. łŀĮ İĵĶĻĮ ķĮĽĮĻ ĲłĿļĽĲ ĿłŀŀĶĮ ĶĻıĶĮ ļĵĶ ĵĶļ ĲĲ ĺĶ ĹĺĶ ĮĳĿĶİĮ ĹĶ. 3FHJPOT. ƈƏƈ ƈƎƈ ƈƏƈ ƈƏƈ ƈƎƈ ƈƎƈ ƈƏƈ ƈƎƈ ƈƎƈ ƈƎƈ ƈƎƈ ƈƎƈ ƈƎƈ. 0QUJNBM ĘPX BEBQUBUJPO GSBDUJPO. ƈƉƈ ƈƊƈ ƈƉƈ ƈƉƈ ƈƊƈ ƈƊƈ ƈƉƈ ƈƊƈ ƈƊƈ ƈƊƈ ƈƊƈ ƈƊƈ ƈƊƈ. 0QUJNBM TUPDL BEBQUBUJPO GSBDUJPO. 'MPX BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƈ ƈƈƐ ƈƈƈ ƈƈƈ ƈƉƐ ƈƊƌ ƈƉƍ ƈƎƈ ƈƈƈ ƈƊƏ ƈƉƏ ƈƈƎ ƈƊƐ. 4UPDL BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƈ ƈƈƋ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƐ ƈƈƈ ƈƉƌ ƈƈƈ ƈƈƎ ƈƈƎ ƈƈƊ ƈƈƑ ƈƈƈ ƈƈƋ ƈƈƈ ƈƈƈ ƈƍƍ ƈƈƐ ƈƌƎ ƈƉƑ ƈƈƈ ƈƈƐ ƈƈƎ ƈƈƊ ƈƈƑ. 3FTJEVBM EBN BHFT ƒ PG PVUQVU. ƈƈƈ ƈƈƏ ƈƈƈ ƈƈƈ ƈƋƌ ƈƊƈ ƈƊƏ ƈƌƎ ƈƈƈ ƈƊƉ ƈƉƍ ƈƈƍ ƈƊƋ. (SPTT EBNBHFT ƒ PG PVUQVU. 4PVSDF 0XO DBMDVMBUJPOT CBTFE PO /PSEIBVT BOE #PZFS Ɗƈƈƈ . 5BCMF Ə "EBQUBUJPO FTUJNBUFT GPS UIF ĿĶİĲ SFHJPOT JO UIF PUIFS WVMOFSBCMF NBSLFUT TFDUPS GPS B Ɗƍ $ JODSFBTF JO UFNQFSBUVSF. /FU EBNBHFT /#. ƒ PG PVUQVU. ƈƈƈ ƈƉƋ ƈƈƈ ƈƈƈ ƈƋƏ ƈƌƈ ƈƋƉ ƈƑƋ ƈƈƈ ƈƌƉ ƈƊƑ ƈƈƑ ƈƌƎ.

(33) XJMM VTF UIF ĳłĻı EBUB POMZ UP FTUJNBUF UIF SBUJP PG BEBQUBUJPO DPTUT BOE SFTJEVBM EBNBHFT BOE SFUBJO UIF UPUBM OFU EBNBHFT PG UIF ĿĶİĲ NPEFM 5BCMF Ɛ HJWFT UIF SFTVMUT PCUBJOFE DPODFSOJOH UIF BEBQUBUJPO WBSJBCMFT "T DBO CF TFFO GSPN 5BCMF Ɛ UIF MFWFM PG BEBQUBUJPO JO UIF DPBTUBM TFDUPS JT FY USFNFMZ IJHI GPS NPTU SFHJPOT ćJT JT CFDBVTF UIFTF BSF UIF PQUJNBM BEBQUBUJPO MFWFMT XIFSF UIF DPTUT PG QSPUFDUJOH MBOE BSF NVDI MPXFS UIBO UIF DPTUT PG MPTJOH UIBU MBOE EVF UP TFB MFWFM SJTF 'PS 3VTTJB UIF MFWFM PG BEBQUBUJPO JT ƈ BT JU IBT OP WVMOFSBCMF DPBTUMJOFT BOE UIVT OP DPBTUBM EBNBHFT UP QSPUFDU JUTFMG BHBJOTU ćF MFWFMT PG &VSPQF BOE 0UIFS )JHI *ODPNF DPVOUSJFT BSF BMTP SFMBUJWFMZ MPX ćFTF SFHJPOT IBWF DPBTUBM BSFBT XIFSF UIF DPTUT PG QSPUFDUJOH BSF IJHIFS UIBO UIF DPTUT PG MPTJOH MBOE DSFBUJOH B MPXFS PQUJNBM BEBQUBUJPO MFWFM ćFSF JT B OFHMJHJCMF BNPVOU PG ĘPX BEBQUBUJPO BT NPTU DPBTUBM BEBQUBUJPO JT TUPDL JF CVJMEJOH PG TFBXBMMT TUSFOHUIFOJOH DPBTUMJOFT FUDFUFSB )FBMUI *O ĿĶİĲ IFBMUI JNQBDUT BSF BTTFTTFE CBTFE PO UIF PDDVSSFODF PG EJTFBTFT NBMBSJB EFOHVF BOE PUIFS USPQJDBM EJTFBTFT BOE QPMMVUJPO SFMBUFE JO ĘJDUJPOT )FBU BOE DPME EFBUIT BSF OPU DPOTJEFSFE %VF UP JODSFBTFE DMJNBUF DIBOHF UIF TQSFBE PG DFSUBJO EJTFBTFT XJMM JODSFBTF 1PMMVUJPO XJMM JODSFBTF SFT QJSBUPSZ EJTFBTFT DBSEJPWBTDVMBS EJTFBTFT BOE EBNBHF MVOHT ćF ĿĶİĲ JNQBDU FTUJNBUFT BSF CBTFE PO .VSSBZ BOE -PQF[ ƉƑƑƎ .VSSBZ BOE -PQF[ ƉƑƑƎ. BTTVNF B DFSUBJO BNPVOU PG BEBQUBUJPO UISPVHI UIFJS BTTVNQUJPO PG CBTFMJOF JNQSPWFNFOUT JO IFBMUI DBSF TVDI BT BOUJNJDSPCJBMT BOE WBDDJOFT VTJOH UJNF BT B QSPYZ CBTFE PO UIF SBUF PG JNQSPWFNFOU PWFS UIF ƊƈUI DFOUVSZ ćFZ BD DPVOU GPS FYQFDUFE BEEJUJPOBM JNQSPWFNFOUT JO QVCMJD IFBMUI JO UIF SFHJPO UIFTF JNQSPWFNFOUT SFEVDF UIF JODJEFODF PG DMJNBUFSFMBUFE EJTFBTFT 'VSUIFS NPSF .VSSBZ BOE -PQF[ FTUJNBUF XIBU UIFZ DPOTJEFS MJLFMZ UP IBQQFO JO UIF MJOF PG BEBQUBUJPO BOE JODPSQPSBUF UIBU JO UIFJS EBNBHF FTUJNBUFT ćFZ FTUJN BUF FH UIBU EBNBHFT XJMM CF SFEVDFE GPS "GSJDB GSPN ƌƎŰ UP ƋƈŰ ĴıĽ MPTT GPS B Ɗƍ$ XBSNJOH ćJT FTUJNBUF JT JO UIF TBNF PSEFS PG NBHOJUVEF BT UIF BEBQU BUJPO MFWFMT UP NBMBSJB FTUJNBUFE CZ UIF ńĵļ ƊƈƈƐ 8F VTF UIF ńĵļ SFQPSU UP FTUJNBUF UIF MFWFM PG BEBQUBUJPO JO UIF DBTF PG EJTFBTFT ćF DPTUT BOE CFOFĕUT PG BEBQUJOH UP DMJNBUF DIBOHF JO UIF IFBMUI TFDUPS SFNBJO IBSE UP BTTFTT BT JU JT IBSE UP EJTFOUBOHMF UIF FČFDUT PG DMJNBUF DIBOHF BOE PUIFS GBDUPST 8F BTTVNF UIBU UIF BEBQUBUJPO DPTUT BSF TP IJHI UIBU UIFZ BSF JO UIF TBNF PSEFS PG NBHOJUVEF BT UIF SFTJEVBM EBNBHFT GPS UIF QPMMVUJPO JNQBDUT "EBQUBUJPO NFBTVSFT JO UIF DBTF PG QPMMVUJPO JODMVEF XFBUIFS GPSFDBTUT UP QSFEJDU BJS RVBMJUZ MFWFMT UIF EFWFMPQNFOU PG BJS RVBMJUZ BEWJTPSZ TZTUFNT BOE ƋƉ.

(34) ƋƊ. łŀĮ İĵĶĻĮ ķĮĽĮĻ ĲłĿļĽĲ ĿłŀŀĶĮ ĶĻıĶĮ ļĵĶ ĵĶļ ĲĲ ĺĶ ĹĺĶ ĮĳĿĶİĮ ĹĶ. 3FHJPOT. ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ. 0QUJNBM ĘPX BEBQUBUJPO GSBDUJPO. ƈƑƎ ƈƑƍ ƈƑƍ ƈƍƎ ƈƈƈ ƈƑƍ ƈƉƌ ƈƑƐ ƈƑƍ ƈƐƑ ƈƑƍ ƈƑƑ ƈƑƍ. 0QUJNBM TUPDL BEBQUBUJPO GSBDUJPO. 'MPX BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƈ. 4UPDL BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƊ ƈƈƏ ƈƋƉ ƈƋƉ ƈƈƈ ƈƈƑ ƈƉƈ ƈƈƋ ƈƈƉ ƈƈƊ ƈƈƎ ƈƈƊ ƈƈƑ ƈƈƑ ƈƈƈ ƈƊƍ ƈƊƏ ƈƈƍ ƈƈƈ ƈƈƍ ƈƈƋ ƈƈƈ ƈƈƊ ƈƈƋ ƈƈƈ ƈƈƈ. 3FTJEVBM EBN BHFT ƒ PG PVUQVU. 4PVSDF PXO DBMDVMBUJPOT CBTFE PO /PSEIBVT BOE #PZFS Ɗƈƈƈ BOE ĳłĻı ƊƑ. 5BCMF Ɛ "EBQUBUJPO FTUJNBUFT GPS UIF ĿĶİĲ SFHJPOT JO UIF DPBTUBM TFDUPS GPS B Ɗƍ $ JODSFBTF JO UFNQFSBUVSF. /FU EBNBHFT /#. ƒ PG PVUQVU. ƈƉƉ ƈƈƏ ƈƍƎ ƈƎƈ ƈƈƑ ƈƈƑ ƈƉƎ ƈƈƎ ƈƈƉ ƈƈƌ ƈƈƑ ƈƈƊ ƈƈƑ ƊƉƍ ƈƈƎ ƌƑƋ ƈƎƉ ƈƈƍ ƈƈƈ ƈƈƎ ƉƏƉ ƈƈƈ ƈƉƏ ƈƎƍ ƈƈƎ ƈƈƏ. (SPTT EBNBHFT ƒ PG PVUQVU.

(35) QVCMJD FEVDBUJPO ćF FTUJNBUFT SFHBSEJOH BEBQUBUJPO DPTUT BOE CFOFĕUT XIFO BTTVNJOH UIF TBNF BEBQUBUJPO MFWFM BT JO .VSSBZ BOE -PQF[ ƉƑƑƎ BSF HJWFO JO 5BCMF Ƒ *O UIF DBTF PG EJTFBTFT BEBQUBUJPO JT SFMBUJWFMZ DIFBQ BT DPNQBSFE UP UIF EBNBHFT DSFBUFE CZ UIF EJTFBTFT 'PS FYBNQMF UIF DPTUT PG MPTJOH B ZFBS PG B MJGF EVF UP NBMBSJB JT UXP UJNFT UIF ĴıĽ QFS DBQJUB PG UIBU QFSTPO .VSSBZ BOE -PQF[ ƉƑƑƎ. XIFSFBT B NPTRVJUP OFU DPTUT ƌ EPMMBST BOE XJMM MJLFMZ QSFWFOU NBMBSJB *O UIJT DBTF XF BTTVNF UIBU BEBQUBUJPO DPTUT BSF ƊƈŰ PG OFU EBNBHFT JO UIF DBTF PG EJTFBTFT BOE ƈƋ JO UIF DBTF PG QPMMVUJPO "EBQUJOH UP QPMMVUJPO XJMM CF NPSF DPTUMZ BOE MFTT FČFDUJWF BOE XF BTTVNF UIBU BEBQUBUJPO DPTUT XJMM CF TPNF ƋƈŰ PG OFU EBNBHFT .PTU BEBQUBUJPO TUSBUFHJFT JO UIJT DBUFHPSZ BSF SFBDUJWF TUSBUFHJFT (FOFSBM GBDJMJUJFT TVDI BT IPTQJUBMT BOE JOTUJUVUJPOT XJMM IPXFWFS CF OFFEFE UP BEBQU FČFDUJWFMZ *O EFWFMPQJOH SFHJPOT IFBMUI JOGSBTUSVDUVSF JT TFWFSFMZ MBDLJOH /PONBSLFU UJNF VTF. ćF OPONBSLFU UJNF VTF JNQBDU TFDUPS GPDVTFT. PO PVUEPPS SFDSFBUJPO %VF UP B DIBOHF JO DMJNBUF QFPQMF DBO FOKPZ NPSF PVU EPPS BDUJWJUJFT JO DPME SFHJPOT BOE MFTT JO XBSN SFHJPOT /PSEIBVT BOE #PZFS Ɗƈƈƈ DJUF B TUVEZ CZ /PSEIBVT ƉƑƑƐ PO UIF WBMVF PG DMJNBUFSFMBUFE UJNF VTF JO UIF łŀ UIF BVUIPST FTUJNBUF B CFOFĕU PG ƈƋŰ ĴıĽ GPS B Ɗƍ$ XBSNJOH BOE B RVBESBUJD SFMBUJPOTIJQ CFUXFFO TVCSFHJPOBM NFBO UFNQFSBUVSF BOE UJNF VTF JNQBDUT ćFTF FTUJNBUFT BSF CBTFE PO JODSFBTFE PVUEPPS BDUJWJUJFT UIVT BT TVNJOH BEBQUBUJPO JO UIF GPSN PG QFPQMF FOHBHJOH JO NPSF PS GFXFS PVUEPPS BDUJWJUJFT ćJT FTUJNBUF JT FYUFOEFE UP PUIFS DPVOUSJFT BEKVTUJOH GPS EJČFSFODFT JO QFS DBQJUB ĴıĽ BOE BWFSBHF IPVSMZ FBSOJOHT /PUF UIBU JO NBOZ SFHJPOT UIJT DBUFHPSZ DSFBUFT CFOFĕUT PG DMJNBUF DIBOHF "EBQUBUJPO JO UIJT DBUFHPSZ JOWPMWFT BEKVTUJOH POFhT MFJTVSF BDUJWJUJFT *G JU JT OJDF XFBUIFS QFPQMF XJMM HP PVUEPPST NPSF XIFO JU JT UPP IPU QFPQMF XJMM TUBZ JOTJEF NPSF ćF BEBQUBUJPO MFWFM JT RVJUF IJHI IFSF BT BEBQUBUJPO JT OFFEFE UP FOKPZ NPTU CFOFĕUT PG CFUUFS XFBUIFS BOE BWPJE NPTU DPTUT PG TFWFSF IFBU 8F BTTVNF B MFWFM PG BEBQUBUJPO PG ƈƑ JO EFWFMPQFE SFHJPOT BOE ƈƎ JO EFWFMPQJOH SFHJPOT BT EFWFMPQJOH SFHJPOT IBWF MFTT ĘFYJCJMJUZ BOE MVYVSZ UP BEKVTU UIFJS MFJTVSF BDUJWJUJFT 'VSUIFSNPSF XF BTTVNF UIBU JU JT IBSEFS UP BEBQU UP TFWFSF IFBU XIFO UIFSF BSF EBNBHFT UIBO UP OJDFS XFBUIFS XIFO UIFSF BSF CFOFĕUT 8IFO UIFSF JT TFWFSF IFBU XF FTUJNBUF UIBU UIF BEBQUBUJPO MFWFM XJMM CF ƈƋ *U SFNBJOT IPXFWFS IBSE UP FTUJNBUF IPX NVDI PG UIF HSPTT EBNBHFT BSF BWPJEFE CZ BEBQUJOH POFhT BDUJWJUJFT JO UIJT DBTF 8F BTTVNF UIBU BEBQUBUJPO IFSF JT WJSUVBMMZ DPTU GSFF *U EPFT OPU DPTU NVDI ƋƋ.

(36) Ƌƌ. /FU EBNBHFT /#. ƒ PG PVUQVU. ƈƈƊ ƈƈƑ ƈƈƈ ƈƈƊ ƈƈƊ ƈƋƊ ƈƈƊ ƈƋƉ ƈƈƊ ƈƋƈ ƈƉƈ ƈƈƐ ƈƊƈ ƈƎƈ ƈƋƎ ƈƑƈ ƈƎƈ ƈƋƈ ƈƏƊ ƈƎƈ ƈƏƊ ƈƍƈ ƈƏƑ ƈƐƍ ƈƑƑ ƈƐƋ. 0QUJNBM ĘPX BEBQUBUJPO GSBDUJPO. ƈƈƈ ƈƉƍ ƈƈƈ ƈƈƈ ƈƉƈ ƈƉƍ ƈƈƈ ƈƉƈ ƈƉƈ ƈƉƈ ƈƉƍ ƈƉƍ ƈƉƍ. 0QUJNBM TUPDL BEBQUBUJPO GSBDUJPO. 'MPX BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƉ ƈƈƊ ƈƈƈ ƈƈƉ ƈƈƉ ƈƈƏ ƈƈƉ ƈƈƍ ƈƈƉ ƈƈƋ ƈƈƊ ƈƈƊ ƈƈƍ. 4UPDL BEBQUBUJPO DPTUT ƒ PG PVUQVU. ƈƈƈ ƈƈƉ ƈƈƈ ƈƈƈ ƈƈƈ ƈƈƏ ƈƈƈ ƈƈƉ ƈƈƈ ƈƈƈ ƈƈƊ ƈƋƈ ƈƈƏ ƈƈƉ ƈƈƎ ƈƈƈ ƈƈƉ ƈƈƉ ƈƊƌ ƈƈƉ ƈƊƏ ƈƈƉ ƈƊƏ ƈƈƐ ƈƈƎ ƈƉƎ. 3FTJEVBM EBN BHFT ƒ PG PVUQVU. ƈƈƌ ƈƉƈ ƈƈƋ ƈƈƌ ƈƈƊ ƈƐƎ ƈƈƌ ƈƑƎ ƈƈƋ ƉƋƈ ƈƍƌ ƌƉƊ ƈƑƉ. (SPTT EBNBHFT ƒ PG PVUQVU. 4PVSDF PXO DBMDVMBUJPOT CBTFE PO /PSEIBVT BOE #PZFS Ɗƈƈƈ ńĵļ ƊƈƈƐ BOE .VSSBZ BOE -PQF[ ƉƑƑƎ. 5BCMF Ƒ "EBQUBUJPO FTUJNBUFT GPS UIF ĿĶİĲ SFHJPOT JO UIF IFBMUI TFDUPS XIFO BEBQUBUJPO MFWFM JT TFU BU UIF FYQFDUFE MFWFM GPS B Ɗƍ$ JODSFBTF JO UFNQFSBUVSF. łŀĮ İĵĶĻĮ ķĮĽĮĻ ĲłĿļĽĲ ĿłŀŀĶĮ ĶĻıĶĮ ļĵĶ ĵĶļ ĲĲ ĺĶ ĹĺĶ ĮĳĿĶİĮ ĹĶ. 3FHJPOT.

(37) UP BEBQU POFT BDUJWJUJFT 8F UIFSFGPSF BTTVNF WFSZ MPX BEBQUBUJPO DPTUT JF ƉƈŰ PG UPUBM OFU EBNBHFT ćF FTUJNBUFT BSF HJWFO JO 5BCMF Ɖƈ "T UIJT GPSN PG BEBQUBUJPO DPOTJTUT PG UIF DIBOHJOH PG POFT MFJTVSF IBCJUT BOE EPFT OFFE B CFGPSFIBOE JOWFTUNFOU XF DBUFHPSJTF JU BT ĘPX $BUBTUSPQIJD SJTLT ćJT TFDUPS FTUJNBUFT UIF JNQBDUT PG BCSVQU DMJNBUF DIBOHF DSFBUJOH DBUBTUSPQIJD EBNBHFT &YBNQMFT BSF SBQJE TFBMFWFM SJTF GSPN BO JDF TIFFU DPMMBQTF TIJęJOH NPOTPPOT BOE DIBOHJOH PDFBO DVSSFOUT 0OMZ FWFOUT XJUI EBNBHFT PG ƋƈŰ PG ĴıĽ PS IJHIFS BSF DPOTJEFSFE /PSEIBVT BOE #PZFS BTTVNF UIBU UIFSF JT B MJOFBS EBNBHF GVODUJPO VQ UP Ƌ$ BOE BO VOTQF DJĕFE QPXFS GVODUJPO GPS UFNQFSBUVSFT BCPWF Ƌ$ /PSEIBVT BOE #PZFS CBTFT IJT FTUJNBUFT PG DBUBTUSPQIJD EBNBHFT PO UIF FYQFSU TVSWFZ CZ /PSEIBVT ƉƑƑƌ. XIJDI SFQPSUFE SFTVMUT GPS TDFOBSJPT PG Ƌ$ XBSNJOH CZ ƊƈƑƈ BOE Ǝ$ XBSNJOH CZ ƊƉƏƍ $JUJOH HSPXJOH DPODFSOT PWFS BCSVQU DIBOHFT TVDI BT TIVUEPXO PG UIF UIFSNPIBMJOF DJSDVMBUJPO TJODF UIF TVSWFZ XBT DPNQMFUFE /PSEIBVT BOE #PZFS FTUJNBUF UIF QSPCBCJMJUZ PG DBUBTUSPQIJD DIBOHF GPS Ɗƍ$ BT EPVCMF UIF PSJHJOBM QSPCBCJMJUZ FTUJNBUF GPS Ƌ$ XBSNJOH ƈƈƉƊ BOE UIF QSPCBCJMJUZ GPS Ǝ$ BT EPVCMF UIF PSJHJOBM FTUJNBUF GPS Ǝ$ ƈƈƎƐ ĿĶİĲ BMTP BTTVNFT UIBU TPNF TVC SFHJPOT TVDI BT *OEJB BOE ļĲİı &VSPQF IBWF B IJHIFS WVMOFSBCJMJUZ UIBO PUIFST 5P DBMDVMBUF ńŁĽ ĿĶİĲ BTTVNFT B SBUF PG SFMBUJWF SJTL BWFSTJPO PG ƌ BOE B MPTT PG ƋƈŰ PG HMPCBM ĴıĽ GPS B DBUBTUSPQIJD FWFOU EJTUSJCVUFE CFUXFFO TVCSFHJPOT CBTFE PO UIFJS SFMBUJWF WVMOFSBCJMJUZ (JWFO UIFTF BTTVNQUJPOT BOE UIF QSPCBC JMJUJFT PG PDDVSSFODF UIF BVUIPST DBMDVMBUF ńŁĽ GPS FBDI TVCSFHJPO UP BWPJE CPUI UFNQFSBUVSF MFWFMT ćF EJďDVMUZ PG BEBQUJOH UP TVDI JNQBDUT JT B DFOUSBM DSJUFSJPO GPS JODMVTJPO JO UIJT TFDUPS 8F BTTVNF UIBU TPNF UIF EBNBHFT PG B DBUBTUSPQIJD FWFOU DBO CF QSFWFOUFE UISPVHI LOPXMFEHF PG UIF GPSUIDPNJOH EJTBTUFS FBSMZ XBSOJOH TZT UFNT TDJFOUJĕD SFTFBSDI FUD ćPVHI FBSMZ XBSOJOH TZTUFNT IBWF CFFO GPVOE UP CF WFSZ FČFDUJWF GPS FYUSFNF FWFOUT FH "EBNT FU BM ƊƈƈƋ UIFZ XJMM OPU MJLFMZ CF WFSZ FČFDUJWF GPS TVDI DBUBTUSPQIFT BT DPOTJEFSFE IFSF 8F DPOTFSWBUJWFMZ BT TVNF UIBU JO UIF PQUJNVN TPNF ƉƈŰ PG EBNBHFT DBO CF SFEVDFE UISPVHI TUPDL BEBQUBUJPO JF UISPVHI BOUJDJQBUPSZ BEBQUBUJPO 8F BMTP BTTVNF UIBU HPPE BE BQUBUJPO TUSBUFHJFT BęFS B EJTBTUFS JF SFBDUJWF DBO GVSUIFS EFDSFBTF EBNBHFT CZ ƉƈŰ .PTU EBNBHFT XJMM CF JO UIF DBUFHPSZ PG SFTJEVBM EBNBHFT TP XF BT TVNF UIBU UIFZ DPNQSJTF ƑƈŰ PG UPUBM OFU EBNBHFT 5BCMF ƉƉ HJWFT PVS FTUJNBUFT SFHBSEJOH BEBQUBUJPO DPTUT BOE CFOFĕUT BOE EBNBHFT. Ƌƍ.

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