[go: up one dir, main page]
Academia.eduAcademia.edu
Download Free PDF
paper cover icon
Download Free PDF
paper cover thumbnail

(2017) A.G. Vlachopoulos, "Winged Hybrid Creatures of the Prehistoric Aegean. Animal – Man – Monster", in P. Soucacos et al. (eds), Hybrid and Extraordinary Beings. Deviations from "Normality" in Ancient Greek Mythology and Modern Medicine, University of Ioannina, 2017, pp. 13-29.

(2017) A.G. Vlachopoulos, "Winged Hybrid Creatures of the Prehistoric Aegean. Animal – Man – Monster", in P. Soucacos et al. (eds), Hybrid and Extraordinary Beings. Deviations from "Normality" in Ancient Greek Mythology and Modern Medicine, University of Ioannina, 2017, pp. 13-29.

Profile image of Andreas VlachopoulosAndreas Vlachopoulos

During the third and second millennium BCE a number of otherworldly winged beings made their way to the Aegean from the Middle East. Receptive as they were to new ideas, the Aegean islands gave these monsters a new lease of life while creating altogether new ones. Of course the most famous are the griffin and the sphinx. Hybrid figures of physical and metaphysical elements, these composite monsters were aclimatized in the human world as symbols of hegemonic power. As such they are featured in narrative representations of nature while interacting with divine beings and heroes. The representations of these beings were naturalized in the Aegean at times almost completely deprived of all their daemonic might.

Related Papers

The Asian Conference on Film and Documentary, Kobe, Japan: Official Conference Proceedings

The Reception of the Weird Sisters in Welles's Macbeth and Kurosawa's Throne of Blood

2016 •

Buket AKGUN

View PDF
Online Forums as a Mirror reflecting the World of ESP

Agnieszka Dzięcioł-Pędich

View PDF
A Multidisciplinary Experience in the European Context

Cristina M. Gámez-Fernández

View PDF
Kelios išgyvenamumo funkcijos su atsitiktiniu efektu

2020 •

Rokas Puišys

View PDF
Guía para la aplicación e interpretación del cuestionario de apego CaMir-R

Rocío Baeza

View PDF

Jewish Thought: Journal of the Goldstein-Goren International Center for Jewish Thought Editors

False Dreams in the Thought of Menahem Shalem

2023 •

Tamás Visi

Menahem Shalem (Prague/Central Europe, ca. 1350 – ca. 1420) formulated theoretical positions about dreams and imaginations on the basis of Maimonides and Narboni, which can be read against the background of the Hussite revolution as a critique of religious phantasmagorias and fanaticism. Shalem identified a mechanism of symbolic institution that takes place in dreams: the “prior opinions” (or prejudices) of human beings leave traces in their imaginative faculties; these traces impact the dreams they have, and the dreams lend a semblance of objective reality or truth to their prior opinions. As a consequence, their prior opinions are engraved in the mind and become firm convictions that cannot be refuted by rational arguments.

View PDF

Chemosphere

Exploiting fly ash as an ecofriendly pesticide/nematicide on Abesmoschus esculuntus: Insights into soil amendment-induced antioxidant fight against nematode mediated ROS

2024 •

Dr Manish Kumar

Conventional pest control measures, such as chemical pesticides and nematicides, have limited efficacy and raise environmental concerns, necessitating sustainable and eco-friendly alternatives for pest management. Therefore, to find a complementary eco-friendly pesticide/nematicide, this study investigated the role of fly ash (FA) in managing a notorious pest, Meloidogyne javanica and its impact on the growth and physiology of Abelmoschus esculentus. Molecular characterization using SSU and LSU rDNA gene markers confirmed the identity of Indian M. javanica as belonging to the same species. Biotic stress induced by nematode infection was significantly alleviated (P < 0.05) by FA application at a 20% w/v, regulating of ROS accumulation (44.1% reduction in superoxide anions and 39.7% reduction in hydrogen peroxide content) in the host plant. Moreover, FA enhanced antioxidant defence enzymes like superoxide dismutase (46.6%) and catalase (112%) to combat nematode induced ROS. Furthermore, the application of FA at a 20% concentration significantly improved the biomass and biochemical attributes of okra. Fly ash also upregulated the activity of the important osmo-protectant proline (11.5 μmol/g FW) to mitigate nematode stress in host cells. Suppression of disease indices like gall index and reproduction factor, combined with in-vitro experiments, revealed that FA exhibits strong nematode mortality capacity and thus can be used as a sustainable and eco-friendly control agent against root-knot nematodes.

View PDF

مجلة نزوى

مفارقة باحثي الفيسبوك: من قانون تبادل الإعجاب إلى مبدأ الاستجابة البليغة

2018 •

Emad Abdul Latif د. عماد عبد اللطيف

تشهد المجتمعات العربية انخراطًا متزايدًا في وسائل التواصل الاجتماعي، وبخاصة الفيسبوك. يتجلى ذلك في اتساع دائرة المسجلين في الموقع؛ فبحسب مؤسسة ويدو للتقنيات، بلغ عدد المشتركين العرب في الفيسبوك، في فبراير 2017، 156 مليونًا، وهو ما يكاد يقترب من 45 % من إجمالي عدد سكان العالم العربي في الفترة نفسها. تتوافق هذه الزيادة العامة في أعداد المسجلين في الموقع، مع تضخم أعداد الباحثين العرب النشطين فيه. وهو ما يُمكننا رصده من خلال ملاحظة تزايد عدد المجموعات العلمية المتخصصة التي تظهر تقريبًا كل يوم، وبخاصة في حقل العلوم الإنسانية والاجتماعية. ويكشف النشاط المتنامي للباحثين العرب على الفيسبوك عن رغبة قوية في تعزيز التواصل بين الباحثين، ولكنه يضعنا أمام ما يمكن عدُّه مفارقةً مهمة، هي احتمال وجود علاقة عكسية بين درجة انخراط الأفراد في وسائل التواصل الاجتماعي، وجودة البحوث العلمية التي يقدمونها. وهي مفارقة سوف أسميها «مفارقة باحثي الفيسبوك». وسوف أُخصص هذا المقال لشرح هذه المفارقة، وتتبع أثرها في البحث العلمي، وكيفية مقاومتها في العالم العربي. إسهام وسائل التواصل الاجتماعي في خلق مجتمع بحثي عربي

View PDF
Ấn Dộ Việt Nam

Thảo Nguyễn

View PDF

L Antiquite Classique

Margalit FINKELBERG, Greeks and Pre-Greeks. Aegean Prehistory and Greek Heroic Tradition

2007 •

Yves Duhoux

View PDF
–ÉÓÁÇÖǼ Introduction ȈİĮȞIJȓșİıȘȝİIJȠȣȢįȡȐțȠȣȢIJȘȢıȪȖȤȡȠȞȘȢȞİĮȞȚțȒȢ ȜȠȖȠIJİȤȞȓĮȢțĮȚIJȦȞțȚȞȘȝĮIJȠȖȡĮijȚțȫȞȝİIJĮijȠȡȫȞ IJȘȢȠȚȠʌȠȓȠȚțĮIJȠȚțȠȪȞıȣȞȒșȦȢıİȑȞĮȞĮʌȩȜȣIJĮ ʌȜĮıȝĮIJȚțȩțȩıȝȠıȣȤȞȐĮıijȣțIJȚțȐȖİȝȐIJȠĮʌȩ İțįȘȜȫıİȚȢIJȠȣșĮȣȝĮıIJȠȪ İȟȦʌȡĮȖȝĮIJȚțȑȢȣȕȡȚįȚ­ țȑȢȝȠȡijȑȢȝȘȤĮȞȑȢțĮȚȩʌȜĮȝİșĮȣȝĮIJȠȣȡȖȚțȒȜİȚ­ IJȠȣȡȖȓĮțȜʌ ıIJȠȣȢĮȡȤĮȓȠȣȢİȜȜȘȞȚțȠȪȢȝȪșȠȣȢ IJĮĮȜȜȩțȠIJĮțĮȚșĮȣȝȐıȚĮȩȞIJĮʌȡȠIJȠȪIJȠȣȜȐȤȚ­ ıIJȠȞȖȓȞȠȣȞȜİȓĮIJȦȞʌĮȡĮįȠȟȠȖȡȐijȦȞįİȞĮȞȒțĮȞ ıİȝȚĮȐȜȜȘįȚȐıIJĮıȘĮȜȜȐıȣȞȣʌȒȡȤĮȞIJȠțĮșȑȞĮ ȟİȤȦȡȚıIJȐȝİȐijșȠȞĮȡİĮȜȚıIJȚțȐıIJȠȚȤİȓĮǹȟİįȚȐ­ ȜȣIJĮıȣȞįİįİȝȑȞİȢȖȚĮʌȠȜȜȠȪȢĮȚȫȞİȢȝİIJȠȚıIJȠȡȚțȩ ʌĮȡİȜșȩȞțĮȚIJȘȞʌȡĮȖȝĮIJȚțȒȖİȦȖȡĮijȓĮIJȠȣĮȡȤĮȓȠȣ İȜȜȘȞȚțȠȪțȩıȝȠȣȠȚȝȣșȚțȑȢĮijȘȖȒıİȚȢȝȑıȦʌȠȚ­ țȓȜȦȞİțijȡĮıIJȚțȫȞIJȡȩʌȦȞĮʌȠIJȑȜİıĮȞĮȞĮʌȩıʌĮ­ ıIJȠIJȝȒȝĮIJȠȣĮȡȤĮȓȠȣİȜȜȘȞȚțȠȪʌȠȜȚIJȚıȝȠȪ ȆĮȡȐȜȜȘȜĮȝİĮȣIJȐIJĮIJȩıȠȝĮțȡȚȞȐĮȜȜȐțĮȚȖȞȫ­ ȡȚȝĮʌȜȐıȝĮIJĮIJȘȢijĮȞIJĮıȓĮȢ ȩʌȦȢȠȚȀȪțȜȦʌİȢȠȚ īȓȖĮȞIJİȢȘȋȓȝĮȚȡĮțȐ IJĮ©IJȑȡĮIJĮªIJȘȢʌȡĮȖȝĮIJȚțȩ­ IJȘIJĮȢʌȠȣıȣȞįȑȠȞIJĮȚȝİ©ĮȞȫȝĮȜİȢªȖİȞȞȒıİȚȢțĮȚ ĮȞĮțĮȜȪȥİȚȢʌİȡȓİȡȖȦȞĮʌȠȜȚșȦȝȐIJȦȞʌȡȠțĮȜȠȪȞ İʌȓıȘȢIJȘıțȑȥȘțĮȚIJȠıȣȞĮȓıșȘȝĮÂȐȜȜȠIJİİȡȝȘ­ ȞİȪȠȞIJĮȚȝİȕȐıȘȑȞĮȞșȡȘıțİȣIJȚțȩțȫįȚțĮȐȜȜȠIJİ ȖȓȞȠȞIJĮȚĮȞIJȚțİȓȝİȞȠIJȘȢijȚȜȠıȠijȓĮȢțĮȚIJȘȢȚĮIJȡȚ­ țȒȢȆȩıȠȠȚȜİȚIJȠȣȡȖȓİȢIJȦȞȚįȚȩIJȣʌȦȞȒȣȕȡȚįȚțȫȞ ȩȞIJȦȞIJȠȣȝȪșȠȣțĮȚIJȘȢIJȑȤȞȘȢȝʌȠȡȠȪȞȞĮıȣıȤİ­ IJȚıIJȠȪȞȝİIJȘȞȣʌȠįȠȤȒIJȘȢʌȡĮȖȝĮIJȚțȒȢıȦȝĮIJȚțȒȢ ȚįȚȠȝȠȡijȓĮȢıIJȘȞǹȡȤĮȚȩIJȘIJĮțĮȚIJȚȝʌȠȡȠȪȝİȞĮįȚĮ­ ʌȚıIJȫıȠȣȝİĮȞIJȓıIJȠȚȤĮıIJȠıȘȝİȡȚȞȩțȩıȝȠ ȅʌȜȠȪıȚȠȢʌȡȠȕȜȘȝĮIJȚıȝȩȢʌȠȣȖİȞȞȐȘȝİȜȑIJȘ ʌȡĮȖȝĮIJȚțȫȞȖİȞİIJȚțȫȞıȣȞįȡȩȝȦȞțĮȚįȣıʌȜĮıȚȫȞ İʌȚIJȡȑʌİȚȞĮĮȞȚȤȞİȪıȠȣȝİIJȘıȘȝİȡȚȞȒıIJȐıȘĮʌȑ­ ȞĮȞIJȚıIJȘȞİțȐıIJȠIJİ©ĮʌȩțȜȚıȘªIJĮȚĮIJȡȚțȐijȚȜȠ­ ıȠijȚțȐȘșȚțȐțȠȚȞȦȞȚțȐțĮȚȣʌĮȡȟȚĮțȐʌȡȠȕȜȒȝĮIJĮ ʌȠȣİȖİȓȡİȚĮȜȜȐțĮȚIJȚȢįȘȝȚȠȣȡȖȚțȑȢʌȡȠțȜȒıİȚȢ ȝİIJȚȢȠʌȠȓİȢȑȡȤȠȞIJĮȚĮȞIJȚȝȑIJȦʌİȢȠȚıȘȝİȡȚȞȑȢ țȠȚȞȦȞȓİȢ ǼȟĮȓȡİıȘĮȜȜȐʌĮȡȐȜȜȘȜĮʌȠȜȪIJȚȝȘȝĮȡIJȣȡȓĮȖȚĮ ,QFRQW UDVWZLWKWKHG UDJRQVRIFRQWHPSRUDU \ FKLOGUHQ¶VOLWHUDWXUHDQGLWVFLQHPDWLFUHQGLWLRQV ZKRXVXDOO\GZHOOLQDFRPSOHWHO\DUWLILFLDOZRUOG FKDUDFWHUL]HGE\PLUDFXORXVPDQLIHVWDWLRQVRI XQUHDOK\EULGIRUPVPDFKLQHVDQGZHDSRQVZLWK H[WUDRUGLQDU\SRZHUDQGFDSDFLWLHVDQGHYHU\RWKHU NLQGRILPDJLQDU\WKLQJVLQJHQHUDOWKHVWUDQJHDQG IRUPLGDEOHEHLQJVRIDQFLHQW*UHHNP\WKVGLGQRW FRPHIURPDGLIIHUHQWGLPHQVLRQEXWUDWKHUFRH[­ LVWHGLQGHSHQGHQWO\ZLWKDPXOWLWXGHRIUHDOOLIHHOH­ PHQWV7KDWZDVDWOHDVWWKHFDVHEHIRUHWKH*UHHN P\WKVIHOOSUD\LQWKHKDQGVRIWKHSDUDGR[RJUDSKHUV 7KHP\WKLFDOQDUUDWLYHVZHUHLQVHSDUDEO\OLQNHG IRUPDQ\FHQWXULHVZLWKWKHKLVWRULFDOSDVWDQGWKH DFWXDOJHRJUDSK\RIWKHDQFLHQW*UHHNZRUOG&RQ­ VHTXHQWO\WKH*UHHNP\WKVEHFDPHSDUWDQGSDUFHO RIWKHDQFLHQW*UHHNFLYLOL]DWLRQDQGLQIDFWLQPDQ\ GLIIHUHQWPDQQHUVRIH[SUHVVLRQ ,QSDUDOOHOZLWKWKHVHVRGLVWDQWEXWDOVRVRZHOO NQRZQFUHDWXUHVRIWKHLPDJLQDWLRQ VXFKDV&\FORSV *LDQWV&KLPDLUDHWF ZHDUHDOVRLQWULJXHGQRZ­ DGD\VE\WKH³PRQVWHUV´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­ VLDVHQJHQGHUVDULFKDFDGHPLFGLVFXVVLRQWKDWDOORZV XVWRGHWHFWRQWKHRQHKDQGPRGHUQDSSURDFKHV WRZDUGVWKHFRQFHSWRI³GHYLDQFH´DQGWRKLJKOLJKW RQWKHRWKHUWKHPHGLFDOSKLORVRSKLFDOVRFLDODQG vii viii –ÉÓÁÇÖǼ,QWURGXFWLRQ IJȘȞʌȠȜȣȝȠȡijȓĮIJȘȢijȪıȘȢȘ©ĮʌȩțȜȚıȘªįİȞȝʌȠ­ ȡİȓʌĮȡȐȞĮĮȞIJȚȝİIJȦʌȚıIJİȓțĮIJȐʌİȡȓʌIJȦıȘțĮȚȝİ İʌȚıIJȡȐIJİȣıȘıIJȡĮIJȘȖȚțȫȞʌȠȣıIJȠȤİȪȠȣȞĮʌȩIJȘ șİȡĮʌİȓĮIJȘȢȑȦȢIJȘȞʌȡȠıĮȡȝȠȖȒIJȠȣʌİȡȚȕȐȜȜȠȞIJȠȢ ıǯĮȣIJȒȞȅȕĮșȝȩȢİȟȐȜȜȠȣıIJȠȞȠʌȠȓȠȘIJİȤȞȠȜȠ­ ȖȓĮȝʌȠȡİȓȞĮʌĮȡȑȝȕİȚıIJȘijȪıȘİȓIJİįȘȝȚȠȣȡȖȫ­ ȞIJĮȢȞȑĮİȓįȘİȓIJİȣʌȠțĮșȚıIJȫȞIJĮȢĮȞșȡȫʌȚȞĮȝȑȜȘ țĮȚijȣıȚțȑȢȜİȚIJȠȣȡȖȓİȢĮȞĮįİȚțȞȪİȚIJȘȞțȡȚıȚȝȩ­ IJȘIJĮİȞȩȢʌȡȠȕȜȘȝĮIJȚıȝȠȪȠȠʌȠȓȠȢĮʌȠIJȣʌȫȞİIJĮȚ țĮȚıIJȚȢĮȞĮȗȘIJȒıİȚȢIJȘȢıȪȖȤȡȠȞȘȢIJȑȤȞȘȢȖȪȡȦĮʌȩ IJȠȣȕȡȚįȚțȩ ȅįȚİʌȚıIJȘȝȠȞȚțȩȢįȚȐȜȠȖȠȢʌȠȣİʌȚȤİȚȡȠȪȝİȣʌĮ­ ȖȠȡİȪİIJĮȚʌȜȒȡȦȢĮʌȩIJȘȞȓįȚĮIJȘȞʌȠȜȣȝȠȡijȓĮIJȠȣ ĮȞIJȚțİȚȝȑȞȠȣǾİȝȕȐșȣȞıȘıIJȘȞijĮȞIJĮıȓĮțĮȚIJȘȞ ʌȡĮȖȝĮIJȚțȩIJȘIJĮIJȘȢĮʌȩțȜȚıȘȢțĮIJȐIJȘȞǹȡȤĮȚȩ­ IJȘIJĮĮʌȠțĮȜȪʌIJİȚȩIJȚțĮȝȓĮĮȞIJȓįȡĮıȘĮʌȑȞĮȞIJȚıIJȠ įȚĮijȠȡİIJȚțȩįİȞİȓȞĮȚĮȣIJȠȞȩȘIJȘțĮȚȩIJȚİȟȐȜȜȠȣ IJȓʌȠIJĮįİȞİȓȞĮȚįȚĮijȠȡİIJȚțȩțĮIJȐIJȡȩʌȠĮʌȩȜȣIJȠțĮȚ ĮȣIJȠȞȩȘIJȠǹȞIJȚıIJȡȩijȦȢȠȚʌȡȠıİȖȖȓıİȚȢIJȘȢıȪȖ­ ȤȡȠȞȘȢİʌȚıIJȒȝȘȢȝʌȠȡȠȪȞȞĮijȦIJȓıȠȣȞIJȠȞIJȡȩʌȠ ȝİIJȠȞȠʌȠȓȠȠʌȜȠȪıȚȠȢıİıȣȝȕȠȜȚıȝȠȪȢțȩıȝȠȢIJȠȣ ȝȪșȠȣĮȖțĮȜȚȐȗİȚİȡȝȘȞİȪİȚțĮȚȝİIJĮȝȠȡijȫȞİȚIJȘȞ İȝʌİȚȡȓĮ 4ʴˆ˅ˇʢʥˊʿ˅˂˅ʺʶʸ ȅȉȩȝȠȢİʌȚȝİȡȓȗİIJĮȚıİIJȑııİȡȚȢİȞȩIJȘIJİȢʌȠȣĮțȠ­ ȜȠȣșȠȪȞIJȘșİȝĮIJȚțȒıȣȞȠȤȒIJȦȞȝİȜİIJȫȞǾʌȡȫIJȘ İȓȞĮȚĮijȚİȡȦȝȑȞȘıIJȚȢĮȡȤĮȚȠİȜȜȘȞȚțȑȢĮȞIJȚȜȒȥİȚȢ ʌİȡȓȚįȚĮȚIJİȡȩIJȘIJĮȢįȘȜĮįȒıIJȠʌȫȢȘȝȣșȚțȒȘ İȚțĮıIJȚțȒȘijȚȜȠıȠijȚțȒțĮȚȖİȞȚțȩIJİȡĮȘțȠȚȞȦ­ ȞȚțȒıțȑȥȘʌȡȠȕȜȘȝĮIJȓıIJȘıİʌȐȞȦıIJȚȢʌİȡȚʌIJȫ­ ıİȚȢȚįȚȩIJȣʌȦȞʌȜĮıȝȐIJȦȞʌȠȣĮʌȠțȜȓȞȠȣȞĮʌȩIJȘȞ ©țĮȞȠȞȚțȩIJȘIJĮªȦȢʌȡȠȢIJȠȝȑȖİșȠȢIJȘıȦȝĮIJȚțȒ įȚȐʌȜĮıȘIJȘȞȣȕȡȚįȚțȒijȪıȘțȜʌ ȂİȠįȘȖȩIJȩıȠIJȘȞĮȡȤĮȚȠİȜȜȘȞȚțȒȠȡȠȜȠȖȓĮ IJȑȡĮȢșĮ૨ȝĮʌȑȜȦȡțȜʌ ȩıȠțĮȚIJĮįȚĮțȡȚIJȐʌİįȓĮ İȝijȐȞȚıȘȢIJȠȣIJİȡĮIJȫįȠȣȢ ȝȣșȠȜȠȖȓĮijȚȜȠıȠijȓĮ ȚıIJȠȡȚȠȖȡĮijȓĮ ȘǹȡȚȐįȞȘīțȐȡIJȗȚȠȣȉȐIJIJȘțĮȚȘ ǹșĮȞĮıȓĮǽȦȖȡȐijȠȣİʌȚȤİȚȡȠȪȞȝȚĮĮįȡȒȤĮȡIJȠ­ ȖȡȐijȘıȘIJȦȞȚįȚȩIJȣʌȦȞȩȞIJȦȞıIJȘȞĮȡȤĮȓĮǼȜȜȐįĮ ǼȚįȚțȩIJİȡĮİʌȚıȘȝĮȓȞȠȣȞıȣȞȒșİȚȢȝİșȠįȠȜȠȖȚțȠȪȢ ȣijȐȜȠȣȢĮȜȜȐțĮȚİȞįȚĮijȑȡȠȣıİȢʌȡȠȠʌIJȚțȑȢıȤİIJȚțȐ ȝİIJȘȝİȜȑIJȘIJȦȞȝȣșȠȜȠȖȚțȫȞIJİȡȐIJȦȞ ȅǹȞįȡȑĮȢīǺȜĮȤȩʌȠȣȜȠȢįȚİȡİȣȞȐIJȠʌȦȢIJĮ ȝȚȟȠȖİȞȒIJȑȡĮIJĮȠȚȣȕȡȚįȚțȑȢȝȠȡijȑȢijȣıȚțȫȞȣʌİȡ­ ijȣıȚțȫȞțĮȚȝİIJĮijȣıȚțȫȞȣʌȠıIJȐıİȦȞȩʌȦȢȖȚĮ ʌĮȡȐįİȚȖȝĮȘȈijȓȖȖĮțĮȚȠīȡȪʌĮȢ©ʌȡȠıȖİȚȫșȘțĮȞª ĮʌȩIJȠȞțȩıȝȠIJȘȢǹȞĮIJȠȜȒȢıIJȠȞțȩıȝȠIJȦȞĮȞșȡȫ­ ʌȦȞIJȠȣʌȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣȍȢıȪȝȕȠȜĮȘȖİȝȠȞȚ­ țȒȢȚıȤȪȠȢȝİIJȑȤȠȣȞıIJȚȢĮijȘȖȘȝĮIJȚțȑȢĮʌİȚțȠȞȓıİȚȢ H[LVWHQWLDOSUREOHPVLWJHQHUDWHV0RUHJHQHUDOO\ WKLVGLVFXVVLRQEULQJVIRUZDUGWKHFUHDWLYHFKDO­ OHQJHVWKDWPRGHUQVRFLHWLHVFRQVWDQWO\IDFH 'HYLDQFHEHLQJERWKDFDVHRIH[FHSWLRQDQGDQ LQYDOXDEOHWHVWLPRQ\WRWKHFRPSOH[LW\RIQDWXUHKDV WREHDGGUHVVHGDGKRFE\PHDQVRIVWUDWHJLHVWKDWRQ WKHRQHKDQGFXUHWKHGHYLDWLRQZKLOHRQWKHRWKHU DGDSWWKHHQYLURQPHQWWRLW&RQVLGHULQJWKHGHJUHH WRZKLFKPRGHUQWHFKQRORJ\FDQQRZLQWHUYHQHLQ QDWXUHZKLFKUDQJHVIURPFUHDWLQJQHZVSHFLHVWR UHSODFLQJERG\SDUWVDQGIXQFWLRQVEXWDOVRWDNLQJ LQWRDFFRXQWWKHH[SORUDWLRQRIWKHQRWLRQRI³K\EULGV´ E\FRQWHPSRUDU\DUWLVWVWKHVLJQL¿FDQFHRIWKHGLV­ FXVVLRQWKURXJKRXWWKLVSXEOLFDWLRQEHFRPHVHYLGHQW 7KHLQWHUGLVFLSOLQDU\GLDORJXHWKDWXQGHUOLHVWKLV FROOHFWLYHYROXPHKDVEHHQGLFWDWHGVROHO\E\WKH FRPSOH[LW\RIWKHVXEMHFWLWVHOI2XUIRFXVRQWKH LPDJLQDWLRQDQGWKHUHDOLW\RIGHYLDQFHLQDQWLTXLW\ UHYHDOVWKDWWKHUHLVQRREYLRXVUHDFWLRQWRZDUGV WKH³GLIIHUHQW´DVQRWKLQJLVWUXO\³GLIIHUHQW´LQD PDQQHUWKDWLVERWKFRPSOHWHDQGVHOIHYLGHQW2Q WKHRWKHUKDQGZHDUHDEOHWRXVHWKHGLVFRYHULHVRI PRGHUQVFLHQFHLQRUGHUWRVKHGOLJKWRQKRZWKHULFK V\PEROLVPRIWKHP\WKLFDOZRUOGLQWKHVHQVHRIKLV SHUFHSWLRQE\WKHDQFLHQWSHRSOH±LQWHUSUHWHGDQG WUDQVIRUPHGWKHLUH[SHULHQFHVRIWKHXQXVXDO  7HY[ʢ4`[OVSVN` 7KLVYROXPHLVGLYLGHGLQWRIRXUVHFWLRQVWKDWFRUUH­ VSRQGWRUHVSHFWLYHPDLQWKHPDWLFILHOGV7KHILUVW VHFWLRQRIWKHERRNFRYHUVWKH$QFLHQW*UHHNQRWLRQ RIRGGLWLHV7KHSDSHUVLQWKLVVHFWLRQGHVFULEHKRZ WKHP\WKRORJLFDODUWLVWLFSKLORVRSKLFDODQGRYHUDOO VRFLDOFRQFHSWVRIWKHWLPHHQFDSVXODWHGWKHQRWLRQ RIWKHVHVWUDQJHK\EULGFUHDWXUHVWKDWGHYLDWHGIURP WKHQRUPDOLQWHUPVRIVL]HVKDSHIRUPDQGRWKHU 2QWKHEDVLVRIUHOHYDQWDQFLHQW*UHHNWHUPV ³WHUDV´ PRQVWHU³WKDXPD´PLUDFOH³SHORU´JLDQW DPRQJ RWKHUV DVZHOODVWKURXJKVXUYHLQJGLVWLQFW¿HOGVOLNH P\WKRORJ\SKLORVRSK\KLVWRULRJUDSK\LQZKLFKWKH QRWLRQRIPRQVWURXVLVSUHVHQWAriadne Gartziou –TattiDQGAthanassia ZografouDWWHPSWDEURDG PDSSSLQJRIWKHZRUOGRIH[WUDRUGLQDU\FUHDWXUHVLQ $QFLHQW*UHHFH7KHDXWKRUVSRLQWRXWVRPHFRPPRQ PHWKRGRORJLFDOSLWIDOOVLQWKHVWXG\RIWKHVHRGGEHLQJV DVZHOODVDWWHPSWWRKLJKOLJKWVRPHLQWHUHVWLQJSHU­ VSHFWLYHVFRQFHUQLQJWKHVWXG\RIP\WKLFDOPRQVWHUV Andreas G. Vlachopoulos,GHPRQVWUDWHVKRZ WKHZLQJHGEHLQJVK\EULGILJXUHVRISK\VLFDODQG HYHQPHWDSK\VLFDOHOHPHQWVVXFKDVWKHVSKLQ[DQG –ÉÓÁÇÖǼ,QWURGXFWLRQ IJȘȢijȪıȘȢțĮȚıȣȝʌȜȑțȠȞIJĮȚȝİIJȚȢȝȠȡijȑȢIJȦȞșİȫȞ țĮȚIJȦȞȘȡȫȦȞİȟİȜȚııȩȝİȞĮıİȠȚțİȓİȢʌĮȡĮıIJȐıİȚȢ ǾǹQQHWWD$OH[DQGULGLVʌĮȡȠȣıȚȐȗİȚIJȚȢȝȣșȠȜȠ­ ȖȚțȑȢĮijȘȖȒıİȚȢțĮȚIJȚȢİȚțȠȞȠȖȡĮijȚțȑȢĮȞĮʌĮȡĮıIJȐ­ ıİȚȢIJȘȢǼȣȡȫʌȘȢțĮȚIJȘȢȆĮıȚijȐȘȢʌȠȣȝʌȠȡȠȪȞȞĮ ıȣȞįİșȠȪȞİȞȞȠȚȠȜȠȖȚțȐȝİIJȘȞȣȕȡȚįȚțȩIJȘIJĮțĮȚIJȘ ȝİIJĮȝȩȡijȦıȘ 2ȃȐıȠȢȆĮʌĮȜİȟȐȞįȡȠȣıȣȗȘIJȐIJȚȢʌȠȜȣıȦȝĮ­ IJȚțȑȢȝȠȡijȑȢȩȞIJȦȞIJȘȢȂİıȠȖİȚĮțȒȢİıȤĮIJȚȐȢțĮȚ ȚįȚĮȓIJİȡĮIJȠȞIJȡȩʌȠʌȠȣȠȚĮȡȤĮȓȠȚDzȜȜȘȞİȢțĮȚȩȜȠȚ ȠȚȜĮȠȓʌȠȣıȣȞİIJȑȜİıĮȞıIJȠȞȂİıȠȖİȚĮțȩʌȠȜȚIJȚıȝȩ IJȘȢʌȡȫIJȘȢȤȚȜȚİIJȓĮȢʌȓıIJİȥĮȞıİĮȣIJȐIJĮȩȞIJĮȖȚĮIJȓ IJĮįȣıʌȜĮıIJȚțȐIJȠȣȢıIJȠȚȤİȓĮȒIJĮȞıȣȝȕĮIJȐȝİʌȡĮȖ­ ȝĮIJȚțȑȢİțijȐȞıİȚȢIJȘȢĮȞșȡȫʌȚȞȘȢȗȦȒȢțĮȚİȝʌİȚ­ ȡȓĮȢǼʌȚȤİȚȡİȓȝȓĮįȚİȟȠįȚțȒȝİȜȑIJȘIJȠȣĮȞĮșȒȝĮIJȠȢ IJȠȣȀȦȜĮȓȠȣıIJȠǾȡĮȓȠIJȘȢȈȐȝȠȣʌȠȣʌȡĮȖȝĮIJİȣȩ­ IJĮȞȦȢȕȚȦȝĮIJȚțȒĮʌIJȒİȝʌİȚȡȓĮIJȘȞĮʌȩțIJȘıȘĮʌȓ­ ıIJİȣIJȠȣʌȜȠȪIJȠȣıIJȘȞıijĮȓȡĮȪʌĮȡȟȘȢĮȣIJȫȞIJȦȞ IJİȡȐIJȦȞdzIJĮȞțĮȚĮȣIJȩȑȞĮʌȠȜȣțȑijĮȜȠIJȑȡĮȢʌȜȠȪ­ IJȠȣʌȠȣțĮșȚıIJȠȪıİȣʌȑȡȠȤĮȝȣșȚțȩțĮȚIJȠȞȓįȚȠIJȠȞ ȤȫȡȠIJȠȣțȠıȝȠʌȠȜȓIJȚțȠȣȚİȡȠȪȝȑıĮıIJȠȞȠʌȠȓȠ ȒIJĮȞıIJȘȝȑȞȠ +ǼȣȡȣįȓțȘȀİijĮȜȓįȠȣȝİIJȘȕȠȒșİȚĮIJȘȢİȚțȠ­ ȞȠȖȡĮijȓĮIJȘȢțİȡĮȝȚțȒȢĮʌȩIJĮȝȑıĮIJȠȣȠȣĮȚȫȞĮ ȑȦȢIJȠIJȑȜȠȢIJȠȣȠȣĮȚȫȞĮʌȋȝİȜİIJȐIJȚȢĮʌİȚțȠ­ ȞȓıİȚȢĮIJȩȝȦȞȝİįȚȐijȠȡİȢȝȠȡijȑȢıȦȝĮIJȚțȒȢĮȞĮ­ ʌȘȡȓĮȢȒțĮȚįȣıȝȠȡijȓĮȢ ȩʌȦȢİȓȞĮȚȠȚıȚĮȝĮȓȠȚ įȓįȣȝȠȚȐIJȠȝĮȝİȖȚȖĮȞIJȚıȝȩȒȞĮȞȚıȝȩ ȒįȚȐijȠȡĮ ʌȡȠȕȜȒȝĮIJĮıIJĮȐțȡĮıIJȘȞıʌȠȞįȣȜȚțȒıIJȒȜȘțĮȚ ıIJȠțİijȐȜȚIJĮȠʌȠȓĮȝʌȠȡȠȪȞȞĮĮʌȠįȠșȠȪȞİȓIJİıİ ĮıșȑȞİȚĮİȓIJİıIJȘȞȖİȡȠȞIJȚțȒȘȜȚțȓĮ  ȈIJȚȢĮȞIJȚțȡȠȣȩȝİȞİȢĮʌȩȥİȚȢʌİȡȓIJȘȢȖȑȞȞȘ­ ıȘȢįȚįȪȝȦȞıIJȠȞĮȡȤĮȓȠİȜȜȘȞȚțȩțȩıȝȠȠȚȠʌȠȓİȢ ʌȠȚțȓȜȜȠȣȞĮʌȩIJȘȞĮʌȩȡȡȚȥȘȑȦȢIJȘȞİțIJȓȝȘıȘ ıIJȡȑijİIJĮȚȘVéronique DasenȑȤȠȞIJĮȢȦȢȕĮıȚțȩ ʌĮȡȐįİȚȖȝĮIJȘıȤȑıȘȝİIJĮȟȪȚĮIJȡȚțȠȪȜȩȖȠȣțĮȚ İȚțRȞȠȖȡĮijȓĮȢ +ȈȣȜȕȐȞĮȋȡȣıĮțȠʌȠȪȜȠȣİʌȚȤİȚȡİȓȞĮȡȓȟİȚ ʌİȡȚııȩIJİȡȠijȦȢıİȐȖȞȦıIJİȢʌIJȣȤȑȢIJȘȢİȝʌİįȩ­ țȜİȚĮȢțȠıȝȠȖȠȞȓĮȢįȚȐIJȠȣʌȜĮIJȦȞȚțȠȪȈȣȝʌȠıȓȠȣ ȊʌȠıIJȘȡȓȗİȚȩIJȚȘIJİȡĮIJȠȖȑȞİıȘıIJȘȞțȠıȝȠȖȠȞȓĮ IJȠȣǼȝʌİįȠțȜȒĮȞĮįİȚțȞȪİIJĮȚȦȢĮʌĮȡĮȓIJȘIJȠıIJȐ­ įȚȠIJȘȢȗȦȠȖȠȞȓĮȢIJȠȣțĮȚıȣȞIJİȜİȓıIJȘȞțĮIJĮȞȩȘıȘ IJȘȢĮȞșȡȦʌȠȖȠȞȓĮȢIJȠȣǼȝʌİįȠțȜȒțĮȚIJȘȢȞȑĮȢșȡȘ­ ıțİȓĮȢʌȠȣȠijȚȜȩıȠijȠȢʌȡȠIJİȓȞİȚİȞȠȞȩȝĮIJȚIJȘȢ ǹijȡȠįȓIJȘȢ ǾȋȜȩȘȂʌȐȜȜĮʌȡȠIJİȓȞİȚȝȚĮijȚȜȠıȠijȚțȒʌİȡȚ­ ȒȖȘıȘıIJȘȞȑȞȞȠȚĮIJȠȣIJİȡĮIJȫįȠȣȢȩʌȦȢĮȣIJȒıȣȞ­ įȑİIJĮȚȝİIJȘȗȦȠȖȠȞȓĮIJȠȣǼȝʌİįȠțȜȒāIJȘijȣıȚțȒ ijȚȜȠıȠijȓĮIJȠȣǹȡȚıIJȠIJȑȜȘāIJȘijȚȜȠıȠijȓĮIJȘȢȖȜȫı­ WKHJULIILQPDGHWKHLUZD\IURPWKH0LGGOH(DVW LQWRWKHSUHKLVWRULF$HJHDQ7KHVHFUHDWXUHVEHFDPH DFFOLPDWL]HGLQWRWKHKXPDQZRUOGDVV\PEROVRI KHJHPRQLFSRZHUDQGDVVXFKWKH\DUHIHDWXUHGLQ QDUUDWLYHUHSUHVHQWDWLRQVRIQDWXUHZKLOHLQWHUDFWLQJ ZLWKGLYLQHEHLQJVDQGKHURHVDWWKHVDPHWLPH ǹQQHWWD$OH[DQGULGLVH[SORUHVKRZK\EULGLW\ DQGPHWDPRUSKRVLVFDQEHUHODWHGFRQFHSWXDOO\WR WKHP\WKRORJLFDOWDOHVRI(XURSDDQG3DVLSKDHDV ZHOOWRWKHLUYLVXDOUHSUHVHQWDWLRQV 1DVVRV3DSDOH[DQGURXGLVFXVVHVPXOWLFRUSR­ UHDOIRUPVRIGLVWDQWP\WKLFDOEHLQJVORFDWHGDURXQG RUEH\RQGWKHZHVWHUQHGJHRIWKH0HGLWHUUDQHDQ,Q SDUWLFXODUKHIRFXVHVRQWKHZD\LQZKLFKWKHDQFLHQW *UHHNVEXWDOVRDOOWKRVHRWKHUDQFLHQWSHRSOHVZKR FRQWULEXWHGWRWKH0HGLWHUUDQHDQFXOWXUHRIWKHILUVW PLOOHQQLXP%&JDYHFUHGHQFHWRQDUUDWLYHVDERXW WKHVHDEHUUDQWEHLQJVQRWDEO\EHFDXVHWKH\ZHUH FRPSDWLEOHZLWKLPSRUWDQWGLPHQVLRQVRIUHDOOLIH HLWKHUELRORJLFDORUVRFLDOǾHSURYLGHVXVZLWKD FDUHIXODQGGHWDLOHGDQDO\VLVRIWKH.RODLRVYRWLYH DWWKH6DPLDQ+HUDLRQZKLFKDVDYLVXDOH[SHULHQFH UHI OHFWHGWKHDFTXLVWLRQRILQFUHGLEOHZHDOWKLQWKH VSKHUHRIWKHVHPRQVWURXVEHLQJV0XOWLFRUSRUHDO DQGSRO\FHSKDORXVLQLWVYLVXDOLW\DQGPDWHULDOLW\ LQDQGRILWVHOIWKHPRQXPHQWZDVPHDQWWREHSHU­ FHLYHGDVDYHULWDEOHPRQVWHUDPDUYHORXVPDWHULDO EHLQJZRUWK\RIWKHJUHDW6DPLDQVDQFWXDU\DQGLWV FRVPRSROLWDQFKDUDFWHU Eurydice Kefalidou,H[SORUHVWKHLFRQRJUDSK\RI SHRSOHZLWKSK\VLFDOGLVDELOLWLHVDQGRUGHIRUPLWLHV GHSLFWHGPDLQO\RQYDVHVIURPWKHPLGWKFHQWXU\ WRWKHODWHWKFHQW XU \%&6KHPRYHVRQZLWK KHUGLVFXVVLRQLQWRWKHPRVWFRPPRQRUWKHPRVW VLJQLILFDQWFDVHVRIERWKFRQJHQLWDODQGDFTXLUHG GLVDELOLWLHVVXFKDVWKH6LDPHVHWZLQVJLJDQWLVP DQGGZDUILVPDVZHOODVVRPHSUREOHPVZLWKWKH OLPEVVSLQHDQGKHDGZKLFKLQFHUWDLQFDVHVFDQEH DVVRFLDWHGHLWKHUZLWKGLVHDVHRUZLWKVHQLOHDJH Véronique Dasen, FRQFHQWUDWHVRQWKHDQFLHQW *UHHNPHGLFDOWKHRULHVZKLFKSURYLGHFRQI OLFWLQJ YLHZVDERXWWKHELUWKRIWZLQVZKLFKYDULHGIURP UHMHFWLRQWRDSSUHFLDWLRQ)RUWKLVSXU SRVHVKH IRFXVHVRQWKHUHODWLRQVKLSEHWZHHQPHGLFDOGLV­ FRXUVHDQGLFRQRJUDSK\ Sylvana ChrysacopoulouDWWHPSWVWRVKHGPRUH OLJKWRQ(PSHGRFOHV¶FRVPRJRQ\WKURXJK3ODWR¶V 6\PSRVLXP 6KHDUJXHVWKDW7HUDWRJHQHVLVPD\EH H[SODLQHGDVDQHFHVVDU\VWDJHLQKLV]RRJRQ\ZKLOH LWFDQDOVRSURYLGHDQHZXQGHUVWDQGLQJRIKLVDQWKUR­ ix x –ÉÓÁÇÖǼ,QWURGXFWLRQ ıĮȢțĮȚIJȘȞʌȡȫȚȝȘİʌȚȤİȚȡȘȝĮIJȠȜȠȖȓĮȖȪȡȦĮʌȩIJȠ ʌȡȩȕȜȘȝĮIJȘȢĮȞĮijȠȡȐȢāIJȠȞİȟȠȡșȠȜȠȖȚıȝȩȝȑıĮ ĮʌȩIJȘȤȡȒıȘİIJȣȝȠȜȠȖȚȫȞ ȆĮȜĮȓijĮIJȠȢ  2ǾȜȓĮȢȀȠȣȜĮțȚȫIJȘȢȝİĮijȠȡȝȒȝȚĮȥİȣįİʌȓ­ ȖȡĮijȘİʌȚıIJȠȜȒIJȠȣǹȜİȟȐȞįȡȠȣʌȡȠȢIJȠȞǹȡȚıIJȠ­ IJȑȜȘȖȡĮȝȝȑȞȘıIJĮȁĮIJȚȞȚțȐİʌȚȤİȚȡİȓȞĮțĮIJĮȞȠȒıİȚ IJȘȞțĮIJȘȖȠȡȚȠʌȠȓȘıȘIJȦȞįȚĮijȩȡȦȞIJİȡȐIJȦȞʌȠȣ ȤĮȡĮțIJȘȡȓȗȠȞIJĮȚĮʌȩȣȕȡȚįȚțȩIJȘIJĮ ʌȤțȣȞȠțȑijĮ­ ȜȠȚıİȚȡȒȞİȢ țĮșȫȢțĮȚIJȘȜȠȖȚțȒĮȣIJȒȢIJȘȢȕȚȠ­ ȜȠȖȓĮȢIJȠȣıȣȖȖȡĮijȑĮʌȠȣİȓȞĮȚıȣȞįİįİȝȑȞȘȝİIJȚȢ ĮȞIJȚȜȒȥİȚȢȖȚĮIJȠȞİȟȦIJȚțȩȤȫȡȠIJȘșȡȘıțİȓĮțĮȚIJȠȞ ʌȠȜȚIJȚțȩȕȓȠ ȅȋȡȒıIJȠȢ0İȡȐȞIJȗĮȢĮȞĮijȑȡİIJĮȚıIJȠȝȣșȚțȩ țȪțȜȠıȤİIJȚțȐȝİIJȘijȪıȘțĮȚIJȠȤĮȡĮțIJȒȡĮIJȠȣǹțİ­ ijȐȜȠȣıIJȠȣȢʌȡȫIJȠȣȢȤȡȚıIJȚĮȞȚțȠȪȢĮȚȫȞİȢʌȠȣ ıȣıȤİIJȓıIJȘțİȝİIJȘȞȣʌȑȡIJĮIJȘĮȡȤȒIJȠȣțȩıȝȠȣǼʌȚ­ ıȘȝĮȓȞİȚİʌȓıȘȢȩIJȚȘİȜȜȘȞȠȡȦȝĮȧțȒĮȡȤĮȚȩIJȘIJĮ įȚȑıȦıİȝĮȗȓȝİIJȠȞǹțȑijĮȜȠțĮȚȑȞĮʌȜȒșȠȢȝȣșȚ­ țȫȞțĮȚijĮȞIJĮıIJȚțȫȞȩȞIJȦȞȩʌȦȢȠȈțȚȐʌȠįĮȢȠ ȂĮȡIJȚȤȩȡĮȠȀȣȞȠțȑijĮȜȠȢȠȂȠȞȩțİȡȦȢʌȠȣİʌȚ­ ȕȓȦıĮȞıIJĮȝİıĮȚȦȞȚțȐȤȡȩȞȚĮțĮȚıȣȞȑȤȚıĮȞIJȠȞ İȚțĮıIJȚțȩțĮȚȜȠȖȠIJİȤȞȚțȩIJȠȣȢȕȓȠțĮȚʌȠȜȪĮȡȖȩ­ IJİȡĮĮțȩȝȘțĮȚȝİIJȐIJȚȢȖİȦȖȡĮijȚțȑȢĮȞĮțĮȜȪȥİȚȢ IJȦȞǼȣȡȦʌĮȓȦȞ 2ǻȘȝȒIJȡȚȠȢȀȇȐȚȠȢİȟİIJȐȗİȚIJȠȝȪșȠIJȘȢ ȜȣțĮȞșȡȦʌȓĮȢʌȠȣİʌȚȕȚȫȞİȚĮʌȠIJȘȞĮȡȤĮȚȩIJȘIJĮȑȦȢ ıȒȝİȡĮȑȤȠȞIJĮȢİȚıįȪıİȚıIJȘıijĮȓȡĮIJȘȢĮȞșȡȦʌȠ­ ȜȠȖȓĮȢIJȘȢșȡȘıțİȓĮȢIJȘȢȝĮȖİȓĮȢIJȘȢȜȠȖȠIJİȤȞȚțȒȢ ȒʌȠȜȚIJȚțȒȢĮȜȜȘȖȠȡȓĮȢIJȘȢIJȑȤȞȘȢțĮȚIJȘȢȚĮIJȡȚțȒȢ 7ȑȜȠȢȘǻȒȝȘIJȡĮȂȒIJIJĮʌĮȡȠȣıȚȐȗİȚȑȞĮȝȚțȡȩ ȝȣșȠȜȠȖȚțȩȜİȟȚțȩIJȦȞıȘȝĮȞIJȚțȩIJİȡȦȞʌİȡȚʌIJȫ­ ıİȦȞĮʌȠțȜȓıİȦȞIJȠȣĮȡȤĮȓȠȣİȜȜȘȞȚțȠȪțȩıȝȠȣ  ʥʴˆ˅ˇʢʢʢʸˉˆˀˁʵ ȈIJȠįİȪIJİȡȠȝȑȡȠȢȠȚıȣȖȖȡĮijİȓȢʌĮȡȠȣıȚȐȗȠȣȞțĮȚ ʌȡȠȕȜȘȝĮIJȓȗȠȞIJĮȚʌȐȞȦıIJȠȣȢIJȡȩʌȠȣȢʌȠȣȘıȪȖ­ ȤȡȠȞȘȚĮIJȡȚțȒĮȞIJȚȝİIJȫʌȚıİIJȘȞIJİȡĮIJȠȖȑȞİıȘIJȚȢ ȝİșȩįȠȣȢʌȡȠıȑȖȖȚıȘȢIJȦȞʌİȡȚıIJĮıIJȚțȫȞȒIJȦȞ ıȣȞįȡȩȝȦȞʌȠȣįȚĮʌȓıIJȦıİIJȘȞȠȡȠȜȠȖȓĮʌȠȣıIJȘ­ ȡȓȗİIJĮȚıȣȞȒșȦȢıIJȘȞĮȡȤĮȓĮİȜȜȘȞȚțȒȝȣșȠȜȠȖȓĮ țĮșȫȢțĮȚIJĮșİȡĮʌİȣIJȚțȐıȤȒȝĮIJĮʌȠȣĮțȠȜȠȣșȠȪ­ ȞIJĮȚȫıIJİȞĮʌȡȠȜȐȕȠȣȞIJȘȞİʌȚįİȓȞȦıȘȒĮțȩȝȘțĮȚ ȞĮȕİȜIJȚȫıȠȣȞIJȘȞȣȖİȓĮIJȦȞ©ĮıșİȞȫȞª ȍȢȖȞȦıIJȩȞȠȚıȣȖȖİȞİȓȢĮȞȦȝĮȜȓİȢįȚĮIJȡȑȤȠȣȞ ȩȜĮIJĮȝȑȡȘIJȠȣĮȞșȡȫʌȚȞȠȣıȫȝĮIJȠȢDzIJıȚȠȆĮȞĮ ȖȚȫIJȘȢȃȈȠȣțȐțȠȢȟİIJȣȜȓȖİȚIJĮȚįȚȩIJȣʌĮȤĮȡĮIJȘ­ ȡȚıIJȚțȐIJȦȞıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞIJȦȞȐȞȦțĮȚțȐIJȦ ȐțȡȦȞȩʌȦȢʌİȡȚȖȡȐijȠȞIJĮȚIJȩıȠĮʌȩIJȚȢʌĮȜĮȚȩIJİȡİȢ ȝȣșȚțȑȢĮijȘȖȒıİȚȢȩıȠțĮȚĮʌȩIJȘıȪȖȤȡȠȞȘȚĮIJȡȚțȒ ȆĮȡȠȣıȚȐȗİȚİȞįȚĮijȑȡȠȞIJĮıIJȠȚȤİȓĮʌȠȣıȣȞįȑȠȞIJĮȚ SRJRQ\DQGWKHUHOLJLRQZKLFK(PSHGRFOHVSURSRVHV WREHVHWXQGHU$SKURGLWH¶VUXOHDQGZRUVKLS Chloe BallaDW WHPSWVDEU LHIVXU YH\RIWKH GLIIHUHQWFRQWH[WVLQZKLFKWKHILUVWSKLORVRSKHUV (PSHGRFOHVWKURXJK$ULVWRWOH H[SORLWWKHQRWLRQRI PRQVWURVLW\ZKLFKUHODWHVWR(PSHGRFOHV¶]RRJRQ\ $ULVWRWOH¶VQDWXUDOVFLHQFHSKLORVRSK\RIODQJXDJH DQGHDUO\DUJXPHQWDWLRQRQWKHSUREOHPRIUHIH UHQFHUDWLRQDOL]DWLRQWKURXJKWKHXVHRIHW\PRORJLHV 3DODHSKDWXV  Elias KoulakiotisH[DPLQHVWKHVSXULXV/HWWHU RI$OH[DQGHUWRKLVWHDFKHU$ULVWRWOH ZULWWHQLQ /DWLQLQDQDWWHPSWWRXQGHUVWDQGWKH“DUFKHRORJ\” DQGWKHFDWHJRUL]DWLRQRIWKHYDULRXVPRQVWHUV HJ F\QRFHSKDOXVVLUHQV 7KHORJLFEHKLQGWKHDXWKRU¶V ³PRQVWURXV´ELRORJ\PD\EHDVVRFLDWHGZLWKWKH QRWLRQVRIWKHSDUDGR[LFDOODQGVFDSHUHOLJLRQDQG SROLWLFDOOLIH &KULVWRVȂHUDQW]DVGLVFXVVHVWKHP\WKLFF\FOH RIWKHJRG$FHSKDOXVRQHRIWKHRGGHVWIRUPVRIWKH PDJLFDO*UHFȠ(J\SWLDQSDQWKHRQZKLFKSURSD­ JDWHGEURDGO\LQODWHDQWLTXLW\7KHDXWKRUSRLQWV RXWWKDWDWWKHVDPHWLPHDORQJZLWK$FHSKDOXV *UHFR5RPDQDQWLTXLW\KDVVDYHGIRURXUEHQHILWD P\ULDGRIP\WKLFDODQGLPDJLQDU\EHLQJVVXFKDVWKH 6FLDSRGXVWKH0DQWLFKRUHWKH&\QRFHSKDOXVDQG WKH8QLFRUQZKRVXUYLYHGWKURXJKPHGLHYDOWLPHV LQWRPXFKODWHU\HDUVQDPHO\HYHQDIWHUWKHQHZ JHRJUDSKLFDOGLVFRYHULHVRIWKH(XURSHDQVFRQWLQX­ LQJWKHLUDUWLVWLFDQGOLWHUDU\OLIH Dimitrios K. RaiosH[SORUHVWKHP\WKRIWKH ZHUHZROIZKLFKKDVVXUYLYHGWRGDWHDQGKDVHQWHUHG WKHVSKHUHRIDQWKURSRORJ\UHOLJLRQPDJLFDQGOLW­ HUDU\RUSROLWLFDODOOHJRU\DUWDQGPHGLFLQH )LQDOO\Dimitra MittaSURYLGHVDEULHIP\WKR­ ORJLFDOGLFWLRQQDU\RIWKHPRVWLPSRUWDQWK\EULGV DQGH[WUDRUGLQDU\EHLQJVRIWKHDQFLHQW*UHHNZRUOG  7HY[004LKPJPUL ,QWKHVHFRQGSDUWWKHDXWKRUVSUHVHQWDQGDQDO\]H WKHZD\VLQZKLFKPRGHUQPHGLFLQHHQFRXQWHUHGWKH WHUDWRJHQLFLW\WKHPHWKRGVRIUHFRJQLVLQJWKHFDVHV RUWKHV\QGURPHVZKLFKLWKDVLGHQWLILHGWRGD\WKH WHUPLQRORJ\WKDWXVXDOO\GHULYHVIURPWKHDQFLHQW *UHHNP\WKRORJ\DVZHOODVWKHWUHDWLQJSURWRFROV ZKLFKFDQSUHYHQWWKHGHWHULRUDWLRQRUHYHQIDFLOLWDWH WKHLPSURYHPHQWRI“SDWLHQW V”KHDOWK $VLVZHOON QRZ QFRQJHQLWDODQRPDOLHVDUH IRXQGWKURXJKRXWWKHHQWLUHKXPDQERG\Panayotis N. SoucacosXQUDYHOVWKHP\VWHULHVDQGXQLTXH –ÉÓÁÇÖǼ,QWURGXFWLRQ ȝİIJȘȞĮȚIJȚȠʌĮșȠȖȑȞİıȘIJȘıȣȤȞȩIJȘIJĮțĮȚIJȘȞIJĮȟȚ­ ȞȩȝȘıȘĮȣIJȫȞIJȦȞĮȞĮIJȠȝȚțȫȞĮʌȠțȜȓıİȦȞǿįȚĮȓIJİȡȘ ȑȝijĮıȘʌȡȠıįȓįİIJĮȚıIJȘȤȡȘıȚȝȠʌȠȚȠȪȝİȞȘįȚİșȞȫȢ ȠȡȠȜȠȖȓĮȘȠʌȠȓĮİȓȞĮȚțĮIJȐȝİıIJȘĮʌȩĮȖȖȜȩijȦȞİȢ ȜȑȟİȚȢİȜȜȘȞȚțȒȢȡȓȗĮȢțĮȚİIJȣȝȠȜȠȖȓĮȢǾĮȞșȡȦ­ ʌȠȜȠȖȚțȒțĮȚțȠȚȞȦȞȚțȒıȘȝĮıȓĮIJȦȞȐȞȦțĮȚțȐIJȦ ȐțȡȦȞțĮȚȚįȚĮȓIJİȡĮIJȠȣȤİȡȚȠȪıȣȞįȑİIJĮȚȝİĮȡȤĮȚ­ ȠȖȞȦıIJȚțȑȢİȚțȩȞİȢȝȪșȦȞșȡȪȜȦȞȜĮȠȖȡĮijȚțȫȞ ĮijȘȖȒıİȦȞțĮȚįİȚıȚįĮȚȝȠȞȚȫȞĮijȠȪIJȠĮȞșȡȫʌȚȞȠ ȤȑȡȚȜİȚIJȠȣȡȖİȓıȣȝȕȠȜȚțȐIJȩıȠȦȢİȡȖĮȜİȓȠȩıȠ țĮȚȦȢȩʌȜȠȉȠʌİȡȚİȤȩȝİȞȠIJȠȣțİȚȝȑȞȠȣIJȠȣĮijȒ­ ȞİȚIJȘıțȑȥȘȞĮʌȜȠȘȖİȓIJĮȚıİĮȡȤĮȚȠȖȞȦıIJȚțȑȢțĮȚ ȝȣșȠȜȠȖȚțȑȢȥȘijȓįİȢĮʌȩIJȚȢȠʌȠȓİȢĮȞĮȖȞȦȡȓȗȠȞIJĮȚ İȞIJȣʌȦıȚĮțȑȢȠȝȠȚȩIJȘIJİȢȝİIJȘıȪȖȤȡȠȞȘȚĮIJȡȚțȒ ǵȜĮĮȣIJȐıȣȞIJİȜȠȪȞıİįȚİȪȡȣȞıȘIJȘȢʌĮȚįİȓĮȢIJȦȞ İʌȚıIJȘȝȩȞȦȞ ȤİȚȡȠȣȡȖȫȞȖİȞİIJȚıIJȫȞİȡİȣȞȘIJȫȞ  ʌȠȣĮıȤȠȜȠȪȞIJĮȚȝİIJȠȖȞȦıIJȚțȩĮȞIJȚțİȓȝİȞȠIJȦȞ ıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞțĮȚȚįȚĮȓIJİȡĮIJȠȣȝȣȠıțİȜİIJȚ­ țȠȪıȣıIJȒȝĮIJȠȢ ȅȂȐȡȚȠȢȂĮȡıȑȜȠȢȝİIJȘȞĮįȚĮȝijȚıȕȒIJȘIJȘ ʌȠȜȪȤȡȠȞȘİȝʌİȚȡȓĮIJȠȣșȑIJİȚIJȠİȡȫIJȘȝĮțĮȚʌȡĮȖ­ ȝĮIJİȪİIJĮȚIJȠțĮIJȐʌȠȜȜȠȪȢĮȝijȚȜİȖȩȝİȞȠșȑȝĮIJȘȢ İʌȓįȡĮıȘȢIJȠȟȚțȫȞȠȣıȚȫȞȕȜĮʌIJȚțȫȞʌĮȡĮȖȩȞIJȦȞ țĮȚʌİȡȚȕĮȜȜȠȞIJȚțȫȞȡȪʌȦȞıIJȘȞĮȞȐʌIJȣȟȘıȣȖ­ ȖİȞȫȞĮȞȦȝĮȜȚȫȞțĮȚȝȠȡijȫȞIJİȡĮIJȠȖȑȞİıȘȢțĮIJȐ IJȘȞİȞįȠȝȒIJȡȚĮȗȦȒȅȚʌȠȜȣʌĮȡĮȖȠȞIJȚțȠȓȝȘȤĮȞȚ­ ıȝȠȓıIJȘȞĮȞȐʌIJȣȟȘĮȞĮIJȠȝȚțȫȞĮʌȠțȜȓıİȦȞĮʌȩ IJȘȞțĮȞȠȞȚțȩIJȘIJĮșİȦȡİȓIJĮȚȩIJȚʌĮȓȗȠȣȞıȘȝĮȞIJȚțȩ ȡȩȜȠİȞȫİȟ¶ȓıȠȣȚıȤȣȡȒıȣȝȝİIJȠȤȒȑȤȠȣȞȠȚʌȐıȘȢ ijȪıİȦȢȖİȞİIJȚțȑȢİʌȚįȡȐıİȚȢțĮȚȖȠȞȚįȚĮțȑȢȝİIJĮȜ­ ȜȐȟİȚȢțĮȚȝȘȤĮȞȚıȝȠȓ ȅȈIJȑȡȖȚȠȢǺȂʌȠȪıȚȠȢȣʌȠȖȡĮȝȝȓȗİȚIJȘȞȠıȠ­ ȜȠȖȚțȒıȠȕĮȡȩIJȘIJĮʌȠȣʌȡȠțȪʌIJİȚĮʌȩIJȘįȚȐȖȞȦıȘ ıȣȞȪʌĮȡȟȘȢțĮȡțȓȞȠȣțĮȚİȖțȣȝȠıȪȞȘȢǾșİȡĮʌİȣ­ IJȚțȒĮȞIJȚȝİIJȫʌȚıȘĮʌȠIJİȜİȓțĮȓȡȚȠįȚĮțȪȕİȣȝĮȖȚĮIJȓ İȝʌȜȑțİȚįȪȠȣʌȐȡȟİȚȢIJȘȝȘIJȑȡĮțĮȚIJȠȑȝȕȡȣȠǾ ıȣȤȞȩIJȘIJĮIJȠȣțĮȡțȓȞȠȣıIJȘȞțȪȘıȘİȝijĮȞȓȗİȚĮȣȟȘ­ IJȚțȒIJȐıȘIJȚȢIJİȜİȣIJĮȓİȢįİțĮİIJȓİȢȜȩȖȦIJȘȢțĮșȣ­ ıIJȑȡȘıȘȢIJȘȢİȖțȣȝȠıȪȞȘȢıIJĮȝİIJĮȖİȞȑıIJİȡĮ ĮȞĮʌĮȡĮȖȦȖȚțȐȑIJȘȉĮįȚĮȖȞȦıIJȚțȐțĮȚȚįȚĮȓIJİȡĮIJĮ șİȡĮʌİȣIJȚțȐıȤȒȝĮIJĮĮʌĮȚIJȠȪȞıȤȠȜĮıIJȚțȒİʌȚȝȑ­ ȜİȚĮȜȩȖȦIJȘȢʌȚșĮȞȩIJȘIJĮȢĮȞȐʌIJȣȟȘȢIJİȡĮIJȠȖİȞȑ­ ıİȦȞțĮȚİȝijȐȞȚıȘȢıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞ ȅȚȂȘȞȐȢȆĮıȤȩʌȠȣȜȠȢȆĮȞĮȖȚȫIJȘȢȀĮȞĮ ȕȐȡȠȢțĮȚǹȜİȟȐȞįȡĮȂʌĮȡȝʌȠȪIJȘʌȡȠıįȓįȠȣȞ ȑȝijĮıȘıIJȘȞİȝȕȡȣȠıțȩʌȘıȘʌȠȣȦȢİȜȐȤȚıIJĮİʌİȝ­ ȕĮIJȚțȒįȚĮȖȞȦıIJȚțȒȝȑșȠįȠȢİʌȚIJȡȑʌİȚIJȘȞȐȝİıȘ ʌĮȡĮIJȒȡȘıȘțĮȚİȟȑIJĮıȘIJȠȣĮȞĮʌIJȣııȩȝİ ȞȠȣ İȝȕȡȪȠȣțȣȒȝĮIJȠȢȝȑıĮıIJȘȝȒIJȡĮȆȡȑʌİȚȩȝȦȢȞĮ ȤȡȘıȚȝȠʌȠȚİȓIJĮȚȝİĮȣıIJȘȡȐțȡȚIJȒȡȚĮİȞįİȓȟİȚȢȜȩȖȦ IHDWXUHVRIFRQJHQLWDODEQRUPDOLWLHVRIWKHXSSHU DQGORZHUH[WUHPLWLHVDVGHVFULEHGIURPWKHWLPHV RIDQFLHQWP\WKRORJ\DQGVFLHQFHGRZQWRPRG­ HU QGD\PHGLFLQH+HFODULI LHVDSHFWVRIUHFHQW WKRXJKWUHODWHGWRWKHHWLRSDWKRJHQHVLVIUHTXHQF\ DQGFODVVLILFDWLRQRIWKHVHDQDWRPLFDOGHYLDWLRQV 7KHDXWKRUSD\VSDUWLFXODUDWWHQWLRQWRWKHLQWHU­ QDWLRQDOJORVVDU\XVHGWRGHVFULEHWKHVHSDUWLFXODU DQDWRPLFDODQRPDOLHVDQGXQGHUVFRUHVWKDWWKHWHU­ PLQRORJ\XVHGLVPRVWO\EDVHGRQ*UHHNURRWVDQG ZRUGV7KHDQWKURSRORJLFDODQGVRFLDOVLJQLILFDQFH RIWKHXSSHUDQGORZHUOLPEVDQGHVSHFLDOO\RIWKH KDQGLVDVVRFLDWHGZLWKDQFLHQWLPDJHVIRXQGLQ P\WKVOHJHQGVIRONORUHDQGVXSHUVWLWLRQVDVWKH KXPDQKDQGDFWVV\PEROLFDOO\ERWKDVDWRRODQGDV DZHDSRQ7KHFRQWHQWRIWKHDXWKRU¶VWH[WHQFRXU­ DJHVWKHUHDGHUWRH[SORUHDUFKDHRORJLFDODQGP\WK­ RORJLFDOWKRXJKWDQGWRXOWLPDWHO\WRQRWHWKHLU LPSUHVVLYHVLPLODULWLHVWRPRGHUQPHGLFLQH7KH DXWKRU¶VPDLQDLPLVWRFRQWULEXWHWRWKHHGXFDWLRQ RIWKRVHVFLHQWLVWVVXFKDVVXUJHRQVJHQHWLFLVWV UHVHDUFKHUVZKRDUHIDFHGZLWKWKHFRPSOH[LWLHVRI FRQJHQLWDODEQRUPDOLWLHVSDUWLFXODUO\WKRVHRIWKH PXVFXORVNHOHWDOV\VWHP Marios MarselosZLWKKLVXQTXHVWLRQDEOHH[SH­ ULHQFHDGGUHVVHVTXHVWLRQVSHUWDLQLQJWRWKHFRQWUR­ YHUVLDOLVVXHRIWKHHIIHFWVRIWR[LFVXEVWDQFHVDQG HQYLURQPHQWDOSROOXWDQWVRQWKHGHYHORSPHQWRIFRQ­ JHQLWDODEQRUPDOLWLHVDQGWHUDWRJHQLFLW\LQHQGRPH­ WULDOOLIH$YDVWDUUD\RIPXOWLIDFWRULDOPHFKDQLVPV LVFRQVLGHUHGWREHSOD\LQJDQLPSRUWDQWUROHLQWKH GHYHORSPHQWRIDQDWRPLFDOGHYLDWLRQVIURPQRUPDO­ LWL\,QDGGLWLRQWRSLQSRLQWLQJWKHHQYLURQPHQWDO IDFWRUVWKHDXWKRUXQGHUVFRUHVWKHUROHRIJHQHWLF IDFWRUVDQGJHQHPXWDWLRQVDVFDXVHVRIFRQJHQLWDO PDOIRUPDWLRQV Stergios B. BousiosKLJKOLJKWVWKHVHYHULW\RI WKHGLVHDVHUHVXOWLQJIURPDGLDJQRVLVRIFDQFHU FRH[LVWLQJZLWKSUHJQDQF\7UHDWPHQWLVFULWLFDODVLW LQYROYHVWZRRUJDQLVPVQDPHO\ERWKWKHPRWKHUDQG WKHIHWXV7KHLQFLGHQFHRIFDQFHUDPRQJSUHJQDQW PRWKHUVKDVLQFUHDVHGLQUHFHQW\HDUVDVDUHVXOWRI PDP\IHPDOHV¶GHFLVLRQWRGHOD\SUHJQDQF\IRUD ODWHUWLPHLQWKHLUUHSURGXFWLYHSHULRG'LDJQRVWLF DQGLQSDUWLFXODUWKHUDSHXWLFSURWRFROVUHTXLUH PHWLFXORXVFRPSOLDQFHGXHWRWKHLQFUHDVHGSRVVL­ ELOLW\RIWHUDWRJHQHVLVDQGFRQJHQWLDODEQRUPDOLWLHV Minas Paschopoulos, Panagiotis Kanavaros DQG$OH[DQGUD%DUERXWLIRFXVRQWKHDSSOLFDWLRQ RIHPEU\RVFRS\DPLQLPDOO\LQYDVLYHGLDJQRVWLF xi xii –ÉÓÁÇÖǼ,QWURGXFWLRQ IJȠȣĮȣȟȘȝȑȞȠȣțȚȞįȪȞȠȣĮʌȠȕȠȜȒȢȆĮȡȐIJĮȪIJĮıİ ʌĮșȠȜȠȖȚțȑȢțȣȒıİȚȢțĮȚıİıȣȞįȣĮıȝȩȝİȣʌİȡȘȤȠ­ ȖȡĮijȚțȐĮʌİȚțȠȞȚıIJȚțȐİȣȡȒȝĮIJĮʌĮȡȑȤİȚıȘȝĮȞIJȚțȒ ȝȠȡijȠȜȠȖȚțȒʌȜȘȡȠijȩȡȘıȘȖȚĮIJȘȞțĮIJȐıIJĮıȘIJȠȣ İȝȕȡȪȠȣ ȅĬȦȝȐȢǺȡİțȠȪıȘȢțĮȚȘǼȚȡȒȞȘȀĮȡĮIJȗȑȞȘ İȡİȣȞȠȪȞțĮȚĮȞĮȜȪȠȣȞIJȘȞʌȠȜȜĮʌȜȩIJȘIJĮIJȦȞȝȘȤĮ­ ȞȚıȝȫȞʌȠȣʌİȡȚȜĮȝȕȐȞȠȣȞʌȠȜȣıȪȞșİIJȠȣȢȤȡȦȝȠ­ ıȦȝȚțȠȪȢıȣȞįȣĮıȝȠȪȢȖȠȞȚįȚĮțȑȢȝİIJĮȜȜȐȟİȚȢțĮȚ İȞȗȣȝȚțȑȢįȚİȡȖĮıȓİȢȖȚĮIJȠȞțĮșȠȡȚıȝȩIJȠȣijȪȜȠȣ īİȞİIJȚțȑȢȒİȞȗȣȝȚțȑȢįȚĮIJĮȡĮȤȑȢʌȠȣȝʌȠȡİȓȞĮȠįȘ­ ȖȒıȠȣȞıİĮʌȠIJȣȤȓĮIJȠȣțȜĮıȚțȠȪijĮȚȞȩIJȣʌȠȣIJȠȣ ȐȡȡİȞȠȢȒșȒȜİȠȢİȓȞĮȚȖȞȦıIJȑȢĮțȩȝȘțĮȚțĮIJȐIJȘȞ ĮȡȤĮȚȩIJȘIJĮțĮȚȚıIJȠȡȚȠȖȡĮijȠȪȞIJĮȚȦȢİȡȝĮijȡȠįȚIJȚțȐ ȩȞIJĮȅțȠȚȞȦȞȚțȩȢĮȞIJȓțIJȣʌȠȢĮȣIJȫȞIJȦȞįȚĮIJĮȡĮ­ ȤȫȞİȓȞĮȚıȘȝĮȞIJȚțȩȢțĮȚįİȞʌȡȑʌİȚȞĮȣʌȠIJȚȝȐIJĮȚ ȈİĮȞȐȜȠȖȠȝȒțȠȢțȪȝĮIJȠȢțȚȞȠȪȞIJĮȚȠīİȫȡȖȚȠȢ ǹȞįȡȠȪIJıȠȢțĮȚȘȂĮȡȚȐȞȞĮȀĮȡĮȝȐȞȠȣʌİȡȚȖȡȐ­ ijȠȞIJĮȢİȡȝĮijȡȩįȚIJĮȚıIJȠȡȚțȐțĮȚȝȣșȠȜȠȖȚțȐȩȞIJĮ țĮIJȐIJȘȞĮȞȐʌIJȣȟȘțĮȚįȚĮįȡȠȝȒĮȡȤȑȖȠȞȦȞțȠȚȞȦ­ ȞȚȫȞțĮȚʌȠȜȚIJȚıȝȫȞǾİȡȝĮijȡȠįȚIJȚțȒȝȠȡijȒIJȠȣ ijȪȜȠȣİȡȑșȚȗİIJȘȞĮȞșȡȫʌȚȞȘijĮȞIJĮıȓĮțĮȚȖȞȫȡȚıİ ʌȠȚțȓȜİȢİȡȝȘȞİȓİȢȦȢʌȡȠȢIJȘȖȑȞİıȒIJȘȢ±ıȘȝȐįȚ șİȧțȒȢȠȡȖȒȢİʌȚȞȩȘȝĮįȚʌȜȒȢijȪıȘȢțĮȚĮțȩȝȘĮȟȚȠ­ ʌİȡȓİȡȖȠijȣıȚțȩijĮȚȞȩȝİȞȠ ȅȃȚțȩȜĮȠȢǹȆĮʌĮįȩʌȠȣȜȠȢȘǿȠȣȜȓĮǿȦĮȞ ȞȓįȠȣȂĮȡĮșȚȫIJȠȣțĮȚȠȂȩıȤȠȢǹȆĮʌĮįȩʌȠȣ ȜȠȢʌȡĮȖȝĮIJİȪȠȞIJĮȚIJȚȢıȤȚıIJȓİȢʌȠȣıȣȖțĮIJĮȜȑȖȠȞIJĮȚ ȝİIJĮȟȪIJȦȞıȣȞȘșȑıIJİȡȦȞıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞțĮȚ İȞIJȠʌȓȗȠȞIJĮȚıIJȘȞĮȞĮIJȠȝȚțȒʌİȡȚȠȤȒIJȠȣıʌȜĮȤȞȚțȠȪ țȡĮȞȓȠȣțĮȚİȓȞĮȚțĮIJ¶İȟȠȤȒȞȠȡĮIJȑȢȅȚıȤȚıIJȓİȢİțIJȩȢ ĮʌȩIJȚȢİȝijĮȞİȓȢįȣıȝȠȡijȓİȢIJȠȣʌȡȠıȫʌȠȣʌȡȠțĮ­ ȜȠȪȞıİȚȡȐȜİȚIJȠȣȡȖȚțȫȞįȚĮIJĮȡĮȤȫȞıİıȤȑıȘȝİIJȘȞ ȠȝȚȜȓĮțĮȚIJȘȞĮțȠȒțĮȚȑȤȠȣȞıȘȝĮȞIJȚțȒİʌȓʌIJȦıȘıIJȠ ȥȣȤȚıȝȩIJȠȣĮIJȩȝȠȣȅǻȘȝȠıșȑȞȘȢ ʌ; Ƞ ʌİȡȓijȘȝȠȢȡȒIJȠȡĮȢIJȘȢĮȡȤĮȚȩIJȘIJĮȢȑʌĮıȤİĮʌȩıȤȚ­ ıIJȓĮ ȡȚȞȠȜĮȜȓĮ IJȘȞȠʌȠȓĮʌȡȠıʌĮșȠȪıİȞĮįȚȠȡșȫıİȚ IJȠʌȠșİIJȫȞIJĮȢȕȩIJıĮȜĮıIJȠıIJȩȝĮIJȠȣ ȅȚȋȡȒıIJȠȢǻȀĮȜȠȖİȡȩʌȠȣȜȠȢțĮȚǻȘȝȒIJȡȚȠȢ ȋȀĮȜȠȖİȡȩʌȠȣȜȠȢĮȞĮijȑȡȠȞIJĮȚıIJȚȢıȣȖȖİ­ ȞȠȪȢĮȚIJȚȠȜȠȖȓĮȢįȣıȝȠȡijȓİȢIJȦȞȠijșĮȜȝȫȞțĮȚIJȦȞ ȠijșĮȜȝȚțȫȞțȩȖȤȦȞȠȚȠʌȠȓİȢİȓȞĮȚıȤİIJȚțȐıʌȐȞȚİȢ țĮȚıȣȞȠįİȪȠȞIJĮȚĮʌȩȐȜȜİȢıȣȖȖİȞİȓȢĮȞȦȝĮȜȓİȢǾ ĮȡȤĮȓĮİȜȜȘȞȚțȒȝȣșȠȜȠȖȓĮʌȡȠıijȑȡİȚȤĮȡĮțIJȘȡȚ­ ıIJȚțȐʌĮȡĮįİȓȖȝĮIJĮIJİȡĮIJȠȝȠȡijȓĮȢIJȦȞȠijșĮȜȝȫȞ ȝİțȪȡȚȠİțʌȡȩıȦʌȠIJȠȖȓȖĮȞIJĮȆȠȜȪijȘȝȠʌȠȣİȓȤİ ȑȞĮȞȠijșĮȜȝȩıIJȘȝİıȩIJȘIJĮIJȘȢȝİIJȦʌȚĮȓĮȢȤȫȡĮȢ țĮȚIJȣijȜȫșȘțİĮʌȩIJȠȞʌȠȜȣȝȒȤĮȞȠȅįȣııȑĮ ȅȂĮȞȠȪıȠȢȀĮȝʌȠȪȡȘȢțĮȚȠīİȫȡȖȚȠȢīĮȧIJȐ ȞȘȢįȚİȡİȣȞȠȪȞțĮȚİʌİȟİȡȖȐȗȠȞIJĮȚIJȠʌȠȜȪİȞįȚĮijȑ­ PHWKRGZKLFKDOORZVGLUHFWREVHUYDWLRQDQGH[DP­ LQDWLRQRIWKHJURZLQJIRHWXVLQXWHUR7KHDXWKRUV HPSKDVL]HWKHQHHGWRDSSO\WKLVPHWKRGRQWKHEDVLV RIVWULFWFULWHULDDQGLQGLFDWLRQVGXHWRWKHLQFUHDVHG ULVNRIPLVFDUULDJHDVVRFLDWHGZLWKWKHDIRUHPHQ­ WLRQHGPHWKRG+RZHYHULQDEQRUPDOSUHJQDQFLHV DQGLQFRQMXQFWLRQZLWKXOWUDVRXQGLPDJLQJHPEU\­ RVFRS\PD\SURYLGHVLJQLILFDQWPRUSKRORJLFDOLQIRU­ PDWLRQRQWKHFRQGLWLRQRIWKHIHWXV Thomas VrekousisDQGIrene KaratzeniLQYHV­ WLJDWHDQGDQDO\]HWKHPXOWLSOLFLW\RIPHFKDQLVPV LQYROYLQJFRPSOH[FKURPRVRPDOFRPELQDWLRQVJHQH PXWDWLRQVDQGHQ]\PDWLFSDWKZD\VWRGHWHUPLQH VH[*HQHWLFRUHQ]\PDWLFGLVRUGHUVWKDWPD\OHDG WRIDLOXUHRIWKHFODVVLFPDOHRUIHPDOHSKHQRW\SH ZHUHNQRZQHYHQLQDQWLTXLW\DQGZHUHUHIHUUHGWRDV KHUPDSKURGLHV7KHDXWKRUVXQGHUVFRUHWKHVLJQLIL­ FDQFHRIWKHVRFLDOLPSDFWRIWKHVHGLVRUGHUVZKLFK VKRXOGQRWEHXQGHUHVWLPDWHG ,QDVLPLODUIUDPHZRUNGeorgios Androutsos DQGMarianna KaramanouGHVFULEHKHUPDSK­ URGLWHVLQWKHIRUPRIKLVWRULFDODQGP\WKRORJLFDO EHLQJVWKURXJKWKHWLPHOLQHRIHDUO\VRFLHWLHVDQG FXOWXUHV7KHKHUPDSKURGLWHIRUPLQWULJXHGWKH KXPDQLPDJLQDWLRQZKLFKLQHYLWDEO\UHVXOWHGLQ YDULRXVLQWHUSUHWDWLRQVRILWVJHQHVLVVRPHFRQVLG­ HUHGLWDVLJQRIGLYLQHDQJHUZKLOHRWKHUVGHHPHGLW DFRQFHSWRIGXDOQDWXUH 1LNRODRV$ 3DSDGRSXORV,RXOLD,RDQQLGRX0DUD thiotouDQGMoschos A. PapadopoulosGHDOZLWK FOHIWSDODWHVWKDWDUHDPRQJWKHPRVWFRPPRQFRQJH QLWDODEQRUPDOLWLHVORFDWHGLQWKHIDFLDOVNHOHWRQ YLV­ FHURFUDQLXP ZKLFKIRUWKHPRVWSDUWLVYLVLEOH7KH FOHIWSDODWHDSDUWIURPWKHREYLRXVIDFLDOPDOIRUPD­ WLRQVLVDOVRDVVRFLDWHGZLWKYDULRXVGLVWXUEDQFHV LQFOXGLQJVSHHFKKHDULQJZKLOHLWRIWHQHIIHFWVWKH LQGLYLGXDOVSV\FKRORJLFDOZHOOEHLQJ'HPRVWKHQHV %& DIDPRXVRUDWRULQDQFLHQWWLPHVVXI­ IHUHGIURPFOHIWSDODWH QDVDOYRLFH WKHV\PSWRPVRI ZKLFKKHDWWHPSWHGWRPLWLJDWHE\SXWWLQJSHEEOHVLQ KLVPRXWK Christos D. KalogeropoulosDQGDimitrios C. KalogeropoulosZULWHDERXWWKHFRQJHQLWDOHWLRORJ\ RIPDOIRUPDWLRQVRIWKHH\HVDQGWKHRUELWZKLFK DUHUHODWLYHO\UDUHDQGDUHIUHTXHQWO\DVVRFLDWHG ZLWKRWKHUFRQJHQLWDODEQRUPDOLWLHV$QFLHQW*UHHN P\WKRORJ\SURYLGHVFKDUDFWHULVWLFH[DPSOHVRIH\H WHUUDWRORJLHV2QHSULPDU\H[DPSOHGHVFULEHGE\ WKHDXWKRUVLVWKDWRIWKHJLDQW3RO\SKHPXVZKRKDG DVLQJOHH\HLQWKHPLGGOHRIKLVIRUHKHDGEXWZDV –ÉÓÁÇÖǼ,QWURGXFWLRQ ȡȠȞșȑȝĮIJȠȣȝȓȖȝĮIJȠȢIJȘȢĮȞșȡȫʌȚȞȘȢțĮȚİȡʌİIJȚțȒȢ ijȪıȘȢǿıIJȠȡȚȠȖȡĮijȚțȐțĮȚȝȣșȠȜȠȖȚțȐįȚĮțȡȓȞȠȣȞ įȪȠIJȪʌȠȣȢIJȠȞİȟĮȡIJȘȝĮIJȚțȩțĮȚIJȠȞįȚijȣȒȋĮȡĮ­ țIJȘȡȚıIJȚțȩʌĮȡȐįİȚȖȝĮİȟĮȡIJȘȝĮIJȚțȠȪIJȪʌȠȣȒIJĮȞȘ ȂȑįȠȣıĮʌȠȣİȓȤİijȓįȚĮĮȞIJȓȖȚĮȝĮȜȜȚȐıIJȘțİijĮȜȒ țĮȚįȚijȣȠȪȢȠȀȑțȡȦȥǹȕĮıȚȜȚȐȢIJȦȞǹșȘȞȫȞʌȠȣ İȓȤİȝȠȡijȒȠijȚĮȞșȡȫʌȠȣțĮȚȣʌȒȡȟİȝȑȖĮȢȞȠȝȠșȑ­ IJȘȢțĮȚʌȠȜȚIJȚțȩȢțĮȚİʌȑȕȜİȥİȝİIJĮȟȪȐȜȜȦȞIJȘįȚĮ­ ȝȐȤȘǹșȘȞȐȢțĮȚȆȠıİȚįȫȞĮȖȚĮIJȘȞȠȞȠȝĮıȓĮIJȘȢ ʌȩȜȘȢʌȠȣȠȓįȚȠȢȓįȡȣıİ ȅȚıȣȖȖİȞİȓȢțĮȡįȚȠʌȐșİȚİȢĮȞĮȖȞȦȡȓȗȠȞIJĮȚĮʌȩ ȩȜȠȣȢȩIJȚțĮIJȑȤȠȣȞIJȘȞȝİȖĮȜȪIJİȡȘıȣȤȞȩIJȘIJĮıIJȠ ȤȫȡȠIJȦȞıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞțĮȚİȓȞĮȚıȘȝĮȞIJȚ­ țȑȢįȚȩIJȚșȑIJȠȣȞıİțȓȞįȣȞȠIJȘȗȦȒIJȠȣĮȞșȡȫʌȠȣțĮȚ ıȣȞįȑȠȞIJĮȚȝİIJȘȞİʌȚȕȓȦıȒIJȠȣȅȚȈʌȣȡȓįȦȞȇȐȝ ȝȠȢțĮȚȀȦıIJĮȞIJȓȞȠȢǼǹȞĮȖȞȦıIJȩʌȠȣȜȠȢĮʌȠ­ įȓįȠȣȞıIJȠʌȡȦIJȠʌȠȡȚĮțȩȑȡȖȠIJȦȞ:LOOLDP+DUYH\  țĮȚ:LOOLDP2VOHU ³&RQJHQLWDODIIHFWLRQRIWKH KHDUW´ıIJȠ7KHSULQFLSOHVDQGSUDFWLFHRIPHGLFLQH  IJȘıȘȝĮȞIJȚțȩIJİȡȘıȣȝȕȠȜȒıIJȘȞʌİȡȚȖȡĮijȒ IJȦȞıȣȖȖİȞȫȞĮȞȦȝĮȜȚȫȞțĮȚIJȘȞĮȞIJȚȝİIJȫʌȚıȒIJȠȣȢ ǼʌȚıȘȝĮȓȞȠȣȞȚįȚĮȓIJİȡĮIJȘıȣȝȕȠȜȒIJȠȣǿʌʌȠțȡȐIJȘ ȠʌȠȓȠȢʌİȡȚȑȖȡĮȥİİțIJİȞȑıIJĮIJĮıIJȠȆİȡ੿ȀĮȡįȓȘȢ  ȜİʌIJȠȝȑȡİȚİȢȖȚĮIJȘȞțĮȡįȚĮȖȖİȚĮțȒĮȞİʌȐȡțİȚĮțĮȚ țȣȐȞȦıȘțĮȚȐȜȜȠȣȢʌĮȡȐȖȠȞIJİȢțĮȡįȚĮțȠȪțȚȞįȪ­ ȞȠȣȠȚȠʌȠȓȠȚİȓȞĮȚįȣȞĮIJȩȞȞĮȠįȘȖȒıȠȣȞıİĮȚijȞȓįȚȠ țĮȡįȚĮțȩșȐȞĮIJȠ ʥʴˆ˅ˇʢʢʢʝʼ˃ʼˉˀˁʵ 2ȚȝİȜȑIJİȢIJȠȣIJȡȓIJȠȣȝȑȡȠȣȢİȓȞĮȚĮijȚİȡȦȝȑȞİȢ ıIJȘȞıȪȖȤȡȠȞȘȖİȞİIJȚțȒȝĮIJȚȐıIJȠȣȢ©ʌĮȡȐȟİȞȠȣȢª ĮȣIJȠȪȢijĮȚȞȠIJȪʌȠȣȢȈȒȝİȡĮȖȞȦȡȓȗȠȣȝİȩIJȚȘİȝijȐ­ ȞȚıȘʌȠȜȜȫȞĮʌȩIJĮȚįȚȩIJȣʌĮĮȣIJȐȩȞIJĮȠijİȚȜȩIJĮȞıİ ȖİȞİIJȚțȑȢȝİIJĮȜȜȐȟİȚȢțĮȚȩIJȚıIJȘȞʌȡĮȖȝĮIJȚțȩIJȘIJĮ ȑʌĮıȤĮȞĮʌȩȖİȞİIJȚțȐıȪȞįȡȠȝĮ +DZȞ ȞĮȂʌĮIJȚı IJȐIJȠȣțĮȚȘȂĮȡȓțĮȈȪȡ  ȡȠȣįȓȞȠȣȞȠȡȚıȝȑȞĮıIJȠȚȤİȓĮȩʌȠȣĮȞĮȖȞȦȡȓ­ ȗȠȞIJĮȚİȝijĮȞİȓȢȠȝȠȚȩIJȘIJİȢȝİIJĮȟȪ©ĮȜȜȩțȠIJȦȞª ʌȜĮıȝȐIJȦȞĮʌȩIJĮȠʌȠȓĮʌȚșĮȞȐĮȞIJȜȒșȘțİȘĮȡȤȚțȒ ʌȜȘȡȠijȠȡȓĮ ıİȚȡȘȞȠȝİȜȓĮȖȚȖĮȞIJȚıȝȩȢĮȤȠȞįȡȠ­ ʌȜĮıȓĮıȪȞįȡȠȝȠ:LOOLDPVȣʌİȡIJȡȓȤȦıȘʌȠȡijȣ­ ȡȓĮțȣțȜȦʌȓĮțȜʌ țĮȚȖİȞİIJȚțȫȞıȣȞįȡȩȝȦȞțĮȚ ȞȠıȘȝȐIJȦȞ ǾȁȚȐȞĮĭȚįȐȞȘİȟİIJȐȗİȚIJȠʌȫȢȠȚıȪȖȤȡȠȞİȢ ȖȞȫıİȚȢȖȚĮIJȘȖİȞİIJȚțȒțĮȚIJĮȖİȞİIJȚțȐıȪȞįȡȠȝĮ İʌȚIJȡȑʌȠȣȞȞĮįȠșİȓİʌȚıIJȘȝȠȞȚțȒİȟȒȖȘıȘȖȚĮIJȘȞ İȝijȐȞȚıȘIJȦȞijĮȞIJĮıIJȚțȫȞĮȣIJȫȞʌȜĮıȝȐIJȦȞ ǾȂĮȡȓțĮȈȪȡȡȠȣʌĮȡȠȣıȚȐȗİȚIJȚȢʌİȡȚȠįİȪ­ ȠȣıİȢ©ıȣȜȜȠȖȑȢªțĮȚİțșȑıİȚȢʌĮȡĮįȠȟȠIJȒIJȦȞȝİ ȐIJȠȝĮȝİįȣıʌȜĮıȓİȢțĮȚĮȞĮʌȘȡȓİȢĮȜȜȐțĮȚȐIJȠȝĮ EOLQGHGE\WKHSRO\PHWLV2G\VVHXV 0DQRXVRV.DPERXULVDQGGeorgios Gaitanis LQYHVWLJDWHDQGGHOLQHDWHWKHYHU\LQWHUHVWLQJPL[­ WXUHRIKXPDQUHSWOLDQQDWXUHV7KHDXWKRUVGLVWLQ­ JXLVKKLVWRULFDOO\DQGP\WKRORJLFDOO\WZRW\SHVRI WKLVNLQGRIFUHDWXUHVWKHDGMHFWLYHDQGWKHWZLQ$ W\SLFDOH[DPSOHRIWKHDGMHFWLYHW\SHZDV0HGXVD ZKRZRUHVQDNHVUDWKHUWKDQKDLURQKHUKHDG2Q WKHRWKHUKDQG&HFURSVWKHP\WKLFDONLQJRI$WK­ HQVZDVRIWKHWZLQW\SH&HFURSVZDVKDOIVQDNH DQGKDOIPDQDQGZDVFRQVLGHUHGDJUHDWODZPDNHU DQGSROLWLFLDQZKRLQWHUDOLD DUELWUDWHGWKHFRQI OLFW EHWZHHQ$WKHQDDQG3RVHLGRQRYHUWKHQDPHRIWKH FLW\ZKLFKKHKDGIRXQGHGKLPVHOI &RQJHQLWDOKHDUWGLVHDVHUHFRJQL]HGDVKDYLQJ WKHKLJKHVWLQFLGHQFHDPRQJF RQJHQLWDODQRPDOLHV LVRIFULWLFDOLPSRUWDQFHVLQFHWKHVHPDOIRUPDWLRQV FDQHQGDQJHUKXPDQOLIHDQGVXUYLYDOSpyridon RammosDQGKostantinos E. Anagnostopoulos FRQVLGHUWKHSLRQHHULQJZRUNVRI:LOOLDP+DUYH\  DQG:LOOLDP2VOHU ³&RQJHQLWDODIIHFWLRQ RIWKHKHDUW´LQWKH7KHSULQFLSOHVDQGSUDFWLFHRI PHGLFLQH DVFRQVLVWLQJWKHPRVWVLJQLILFDQW FRQWULEXWLRQVWRWKHGHVFULSWLRQRIFRQJHQLWDOKHDUW DEQRUPDOLWLHVDQGWKHLUWUHDWPHQW7KHDXWKRUVDOVR QRWHWKDW+LSSRFUDWHVH[WHQVLYHO\GHVFULEHGLQKLV ZRUN³2QWKH+HDUW´WKHKHDUWDQGLWVGLVRUGHUV LQFOXGLQJFDUGLRYDVFXODUIDLOXUHF\DQRVLVDQGRWKHU ULVNIDFWRUVWKDWPD\OHDGWRVXGGHQFDUGLDFGHDWKLQ KLVZRUN³2QWKH+HDUW´ 7HY[000.LUL[PJZ 7KHWKLUGSDUWLVFRQFHUQHGZLWKDFWXDONQRZOHGJH DERXWJHQHWLFVDQGJHQHWLFV\QGURPHV,QWKHUHDOLW\ WKHPDMRULW\RIWKHVHLQGLYLGXDOVZLWKGHIRUPLWLHV VXIIHUHGIURPJHQHWLFFRQGLWLRQVDQGWKHLUSKHQR­ W\SHVDUHVFLHQWLILFDOO\H[SODLQHGE\JHQHWLFPXWD­ WLRQVDQGFRQGLWLRQV Anna BatistatouDQG0DULND6\UUȠXSUHVHQWDQ LQWURGXFWLRQZKHUHLWLVREYLRXVWKDW³RGG´FUHDWXUH SKHQRW\SHVSUHVHQWVLPLODULWLHVWRJHQHWLFV\QGURPHV DQGGLVHDVHV VLULQRPHOLDJLJDQWLVPDFKRQGURSOD­ VLD:LOOLDPVV\QGURPHKLUVXWLVP K\SHUWULFKRVLV  SRUSK\ULDF\FORSLDHWF  Liana Fidani,H[DPLQHVKRZWKHHOXFLGDWLRQRI WKHJHQHWLFHWLRORJ\RIGLVHDVHDQGFRQJHQLWDOPDO­ IRUPDWLRQVFRXOGSURYLGHZLWKDVFLHQWLILFH[SOD­ QDWLRQRIRULJLQRIPDQ\³ȠGG´EHLQJVIHDWXULQJLQ DQFLHQWWDOHVPD\ILQDOO\EHSURYLGHGZLWKDVFLHQ­ WLILFH[SODQDWLRQ xiii xiv –ÉÓÁÇÖǼ,QWURGXFWLRQ ĮʌȩįȚĮijȠȡİIJȚțȠȪȢʌȠȜȚIJȚıȝȠȪȢȝİ©ʌİȡȓİȡȖȘªİȝijȐ­ 0DULțD6\UURXSUHVHQWVWRXULQJ³FROOHFWLRQV´RI ȞȚıȘʌȠȣȐȞșȘıĮȞıIJȘȞǼȣȡȫʌȘțĮȚıIJȚȢǾȆǹțĮIJȐ IUHDNVRIQDWXUH PRQVWHUVKXPDQRGGLWLHV ZKLFK IJȠȞȠțĮȚȠĮȚǹȞĮįİȚțȞȪİȚIJȠʌȫȢȘʌİȡȓİȡȖȘ I ORXULVKHGGXULQJWKHWKDQGWKFHQWXULHVLQ İȝijȐȞȚıȘIJȠȣțȐșİĮȜȜȩțȠIJȠȣʌȜȐıȝĮIJȠȢʌȠȣʌȡȠ­ ERWK(XURSHDQGWKH86$,QWKHVHVKRZVLQGLYLGXDOV țĮȜȠȪıİȝȠȞĮįȚțȩİȞįȚĮijȑȡȠȞĮʌȠįȚįȩIJĮȞİȓIJİıIJȘ ZLWKERG\GLVDELOLWLHVEXWDOVRSHRSOHIURPGLIIHUHQW įȚĮıIJĮȪȡȦıȘȝİIJĮȟȪİȚįȫȞıIJȘȞțĮIJĮȖȦȖȒIJȠȣȢĮʌȩ FXOWXUHVDQGZLWKDQRGGDSSHDUDQFHZHUHH[KLE­ ȝĮțȡȚȞȑȢİȟȦIJȚțȑȢijȣȜȑȢȒȤȫȡİȢıIJȚȢȠʌȠȓİȢȗȠȪ­ LWHGDVIUHDNV(DFK³IUHDN´ZDVRIWHQDFFRPSDQLHG ıĮȞ©ĮȜȜȩțȠIJİȢªijȣȜȑȢȒıIJȠİȟİȜȚțIJȚțȩIJȠȣȢıIJȐ­ RIWHQE\DVFLHQWLILFH[SODQDWLRQDQGZDVDGYHUWLVHG įȚȠ ȤĮȝȑȞȠȢțȡȓțȠȢIJȘȢĮȜȣıȓįĮȢIJȘȢĮȞșȡȫʌȚȞȘȢ E\PHDQVRIDVWUDQJHVWRU\WKDWDWWUDFWHGWKHDWWHQ­ İȟȑȜȚȟȘȢĮʌȩIJȠȞʌȓșȘțȠıIJȠȞȐȞșȡȦʌȠ ȒĮțȩȝĮțĮȚ WLRQRIWKHDXGLHQFH7KHLURGGDSSHDUDQFHZDV ıIJȠȩIJȚĮʌȠIJİȜȠȪıĮȞȞȑĮİȓįȘȈȒȝİȡĮİȓȞĮȚȖȞȦıIJȩ DWWULEXWHGWRPL[HGDQFHVWU\WRQHZVSHFLHVWRWKHLU ȩIJȚȘʌȠȜȜȐĮʌȩIJĮȐIJȠȝĮĮȣIJȐȑʌĮıȤĮȞĮʌȩȖİȞİIJȚțȐ HYROXWLRQDU\VWDJHRUHYHQWRDQFHVWU\IURPGLVWDQW ȞȠıȒȝĮIJĮ H[RWLFWULEHVRUFRXQWULHVKHQFHWKHLUDSSHDUDQFH ȉȑȜȠȢȠ;ȡȒıIJȠȢīȚĮʌȚIJȗȐțȘȢĮȞĮįİȚțȞȪİȚIJȚȢ LQSXEOLFVHUYHGWKHGXDOSXUSRVHRIHQWHUWDLQPHQW ĮʌȩȥİȚȢIJȦȞȝİȖȐȜȦȞİȜȜȒȞȦȞijȚȜȠıȩijȦȞ ȆȜȐIJȦȞĮ DQGHGXFDWLRQ1RQHWKHOHVVZHNQRZQRZDGD\VWKDW ǹȡȚıIJȠIJȑȜȘțĮȚǼʌȓțȠȣȡȠȣ ʌİȡȓ©İȣȖȠȞȓĮȢªțĮșȫȢ WKHPDMRULW\RIWKHVHSHRSOHVLPSO\VXIIHUHGIURP țĮȚIJȠʌȫȢȘİijĮȡȝȠȖȒIJȦȞʌȜĮIJȦȞȚțȫȞȚįİȫȞıIJȘȞ JHQHWLFGLVRUGHUV ȃĮȗȚıIJȚțȒīİȡȝĮȞȓĮʌȡȠțȐȜİıİIJȘȞȝİIJȠȞȠȝĮıȓĮIJȘȢ )LQDOO\Christos YapijakisH[SORUHVWKHLGHDV İʌȚıIJȒȝȘȢIJȘȢțȜȘȡȠȞȠȝȚțȩIJȘIJĮȢĮʌȩǼȣȖȠȞȚțȒıİ RIPDMRU*UHHNSKLORVRSKHUV 3ODWR$ULVWRWOH(SL­ FXUXV DERXWWKHQRWLRQRI³HXJRQ\´DQGGHPRQ­ īİȞİIJȚțȒȝİIJȐĮʌȩIJȠȞǻİȪIJİȡȠȆĮȖțȩıȝȚȠȆȩȜİȝȠ VWUDWHVKRZWKHLPSOHPHQWDWLRQRISODWRQLFLGHDVLQ  ʥʴˆ˅ˇ0=ʬʴˌ˃ʾʰˊˌ˅˂˅ʺʶʸʣ˅ˀ˃ˎ˃ˀ˅˂˅ʺʶʸ 1D]L*HUPDQ\UHVXOWHGLQUHQDPLQJWKHVFLHQFHRI ȉȑȜȠȢıIJȠIJȑIJĮȡIJȠȝȑȡȠȢʌĮȡȠȣıȚȐȗȠȞIJĮȚȝİȜȑ­ KHUHGLW\IURP(XJHQLFVWR*HQHWLFVDIWHUWKH:RUOG IJİȢʌȠȣĮȞĮijȑȡȠȞIJĮȚȒʌȡȠıʌĮșȠȪȞȞĮİȡȝȘȞİȪıȠȣȞ :DU,, ȚĮIJȡȚțȐıȪȞįȡȠȝĮȒȞȠıȒȝĮIJĮĮʌȩIJȘȞʌȜİȣȡȐIJȘȢ ȚıIJȠȡȓĮȢIJȘȢȚĮIJȡȚțȒȢIJȘȢIJȑȤȞȘȢțĮȚIJȘȢʌȠȜȚIJȚțȒȢțĮȚ 7HY[0=(Y[7Z`JOVSVN`:VJPVSVN` )LQDOO\LQWKHSDUWLYDUHLQFOXGHGSDSHUVZKLFK țȠȚȞȦȞȚțȒȢİʌȚıIJȒȝȘȢ 2;ȡȒıIJȠȢǻİȡȝİȞIJȗȩʌȠȣȜȠȢRȃȓțȠȢȀĮIJıȚ SUHVHQWRUDWWHPSWWRH[SODLQV\QGURPHVRUGLVHDVHV țȠȪįȘȢțĮȚȘǺȚțIJȫȡȚĮĭİȡİȞIJȓȞȠȣĮȞȚȤȞİȪȠȣȞ LQWKHFRQWH[WRIWKHKLVWRU\RIPHGLFLQHDUWDQG ȩȥİȚȢIJȘȢİIJİȡȩIJȘIJĮȢȩʌȦȢĮʌȠIJȣʌȫȞİIJĮȚıIJȘȞIJȑȤȞȘ SROLWLFDODQGVRFLDOVFLHQFH ĮʌȩIJȘȞĮȡȤĮȚȩIJȘIJĮȑȦȢIJȠȞȠĮȚȫȞĮıİįȚĮijȠȡİ­ Christos Dermentzopoulos1LNRODRV.DWVL IJȚțȐțĮȜȜȚIJİȤȞȚțȐİȓįȘțĮȚșİȐȝĮIJĮȆĮȡȠȣıȚȐȗȠȣȞ koudisDQG9LFWȠULD)HUHQWLQRXH[SORUHDVSHFWV IJȡİȚȢȝİȜȑIJİȢʌİȡȓʌIJȦıȘȢ ȈȐIJȣȡȠȚ2GLOH5HGRQ RIDOWHULW\DVPDQLIHVWHGIURPDQWLTXLW\WRWKHWK țȚȞȘȝĮIJȠȖȡȐijȠȢ ʌȠȣĮȞĮįİȚțȞȪȠȣȞIJȠȣȢįȚĮijȠȡİ­ FHQWXU\LQYDULRXVDUWLVWLFJHQUHVDQGVSHFWDFOHV IJȚțȠȪȢțĮȚʌȠȚțȓȜȠȣȢIJȡȩʌȠȣȢȝİIJȠȣȢȠʌȠȓȠȣȢȘİIJİ­ 7KHDXWKRUVSUHVHQWWKUHHFDVHVWXGLHV 6DW\UV ȡȩIJȘIJĮʌȡȠıȜĮȝȕȐȞİIJĮȚțĮȚȠʌIJȚțȠʌȠȚİȓIJĮȚȝȑıĮĮʌȩ 2GLORQ5HGRQPRGHUQQDUUDWLYHFLQHPD WKDWZHDYH IJȘȞIJȑȤȞȘțĮȚIJȠȜĮȧțȩșȑĮȝĮʌȡȠıijȑȡȠȞIJĮȢȝȚĮĮʌȠ­ WRJHWKHUWKHGLIIHUHQWDQGPXOWLSOHZD\VLQZKLFKWKH țȡȠȣıIJȚțȒĮȜȜȐȖȠȘIJİȣIJȚțȒİȚțȩȞĮIJȘȢıȦȝĮIJȚțȒȢ 2WKHUZDVFRQFHSWXDOLVHGDQGYLVXDOL]HGWKURXJKDUW țĮȚȥȣȤȚțȒȢʌĮȡȑțțȜȚıȘȢ DQGVSHFWDFOHVSURYLGLQJXOWLPDWHO\DUHSXOVLYH\HW ǾDZȞȞĮȂʌĮIJȚıIJȐIJȠȣİıIJȚȐȗİȚıIJȘıIJİȞȒıȤȑıȘ IDVFLQDWLQJLPDJHRIDEHUUDWLRQ ȚĮIJȡȚțȒȢțĮȚIJȑȤȞȘȢĮʌȩIJȘȞİʌȠȤȒIJȦȞȝİȖȐȜȦȞİʌȚ­ ǹQQD%DWLVWDWRXIRFXVHVRQWKHFORVHUHODWLRQ­ ıIJȘȝȩȞȦȞțĮȜȜȚIJİȤȞȫȞIJȘȢĮȞĮȖȑȞȞȘıȘȢȦȢıȒȝİȡĮ VKLSEHWZHHQPHGLFLQHDQGDUWIURPWKHWLPHVRIWKH ǼįȫȘıȤȑıȘĮȣIJȒʌĮȡȠȣıȚȐȗİIJĮȚĮʌȩIJȘȞȠʌIJȚțȒ JUHDWVFLHQWLVWVDUWLVWVLQWKH5HQDLVVDQFHGRZQWR ȖȦȞȓĮʌȠȣijȦIJȓȗİȚIJȚȢȞȩıȠȣȢʌȠȣĮȞĮʌĮȡȓıIJĮȞIJĮȚıİ WKHSUHVHQWGD\+HUHLQWKLVUHODWLRQVKLSLVSUHVHQWHG ȑȡȖĮIJȑȤȞȘȢĮțȩȝĮțĮȚıİĮȞȪʌȠʌIJȠȤȡȩȞȠ IURPDSRLQWRIYLHZWKDWLOOXPLQDWHVWKHZRUNVRI +ǺĮıȚȜȚțȒȈȚĮijȐțĮȑȤȠȞIJĮȢȦȢĮijİIJȘȡȓĮIJȚȢ YLVXDODUWDVDYLVXDOWHVWLPRQ\RIGLVHDVH șİȦȡȓİȢIJȠȣ6)UHXGıȤİIJȚțȐȝİIJȠȞȐȡȡȘțIJȠįİıȝȩ Vasiliki SiafakaEDVHGRQ6)UHXG¶WKHRULHV ıȫȝĮIJȠȢțĮȚȥȣȤȒȢĮȞȚȤȞİȪİȚIJȠʌȫȢIJȠĮʌȠIJȑȜİ­ DERXWWKHSURIRXQGOLQNEHWZHHQWKHERG\DQGWKH ıȝĮĮȣIJȫȞIJȦȞįȚİȡȖĮıȚȫȞĮȜȜȘȜİʌȓįȡĮıȘȢȠįȘȖİȓ PLQGDWWHPSWVWRH[DPLQHKRZWKHHIIHFWRIWKLV ıIJȘȞİȖțĮIJȐıIJĮıȘȐȜȜȠIJİȝȚĮȢĮȞĮʌĮȡȐıIJĮıȘȢIJȠȣ PRGHRILQWHUDFWLRQFDQOHDGWRWKHLQVWDOODWLRQRI –ÉÓÁÇÖǼ,QWURGXFWLRQ ıȫȝĮIJȠȢİʌİȞįȣȝȑȞȘȢșİIJȚțȐȝİȚıȩȡȡȠʌȘıȪȞșİıȘ țȚȐȜȜȠIJİĮȡȞȘIJȚțȐȝİĮȓıșȘȝĮįȣıĮȡȝȠȞȓĮȢıȪȖȤȣ­ ıȘȢțĮȚĮʌȠȟȑȞȦıȘȢĮʌȩIJȠıȫȝĮ ǾȂȐȡșĮīȆĮʌĮįȠʌȠȪȜȠȣİʌȚıȘȝĮȓȞİȚIJȘȞİȟȑ­ ȜȚȟȘIJȦȞİʌȚıIJȘȝȫȞțĮȚIJȘȢȚĮIJȡȚțȒȢțĮIJȐIJȠȠĮȚ ȉĮȜȠȖȠIJİȤȞȚțȐțİȓȝİȞĮȝİĮȞĮijȠȡȑȢıIJȘȞȚıIJȠȡȓĮ IJȠȞțȚȞȘȝĮIJȠȖȡȐijȠțĮȚIJȚȢijȣıȚțȑȢİʌȚıIJȒȝİȢʌȡȠ­ ıȑȜțȣıĮȞIJȠİȞįȚĮijȑȡȠȞIJȦȞĮȞĮȖȞȦıIJȫȞȝİȟȣȜȠ­ ȖȡĮijȓİȢȜȚșȠȖȡĮijȓİȢțĮȚijȦIJȠȖȡĮijȓİȢǾʌȡȩȠįȠȢ IJȦȞİʌȚıIJȘȝȫȞȚįȚĮȓIJİȡĮıIJȘıIJȡĮIJȚȦIJȚțȒȤİȚȡȠȣȡ­ ȖȚțȒIJȘȞʌĮșȠȜȠȖȚțȒĮȞĮIJȠȝȚțȒIJȘȝȚțȡȠȕȚȠȜȠȖȓĮ țĮȚIJȘijȣıȚȠȜȠȖȓĮȑȤİȚıȣȞIJİȜȑıİȚıIJȘȞʌİȡĮȚIJȑȡȦ țĮIJĮȞȩȘıȘIJȘȢĮȞșȡȫʌȚȞȘȢijȪıȘȢ ȉȑȜȠȢRĬİȩįȦȡȠȢȆȆĮʌĮșİȠįȫȡȠȣʌĮȡȠȣ­ ıȚȐȗİȚIJȘșİȦȡȓĮIJȠȣ&/RPEURVRıȪȝijȦȞĮȝİIJȘȞ ȠʌȠȓĮȠİȖțȜȘȝĮIJȓĮȢȐȞșȡȦʌȠȢijȑȡİȚıIJȘȞȚįȚȠıȣ­ ıIJĮıȓĮIJȠȣIJĮ©ıʌȑȡȝĮIJĮIJȠȣİȖțȜȒȝĮIJȠȢªʌȠȣIJȠȣ ȝİIJĮȕȚȕȐıIJȘțĮȞĮʌȩIJȠȣȢȞȩȝȠȣȢIJȘȢțȜȘȡȠȞȠȝȚțȩ­ IJȘIJĮȢǻȚĮțȡȓȞİIJĮȚįİĮʌȩIJȠȣȢțĮȞȠȞȚțȠȪȢĮȞșȡȫ­ ʌȠȣȢȕȐıİȚȠȡȚıȝȑȞȦȞȝȠȡijȠȜȠȖȚțȫȞțĮȚĮȞĮIJȠȝȚțȫȞ ©ıIJȚȖȝȐIJȦȞªIJĮȠʌȠȓĮțĮȚțĮșȠȡȓȗȠȣȞIJȘȞʌȡȠįȚȐ­ șİıȒIJȠȣțĮȚIJȘȡȠʌȒIJȠȣʌȡȠȢIJȠȑȖțȜȘȝĮ ǼȜʌȓȗȠȣȝİȩIJȚȘıȪȞȠȜȘıȣȗȒIJȘıȘʌȠȣĮʌȠIJȣʌȫ­ șȘțİıIJȠȞıȣȜȜȠȖȚțȩĮȣIJȩȉȩȝȠȝʌȠȡİȓİȞįİȤȠȝȑȞȦȢ ȞĮȝĮȢȕȠȘșȒıİȚȞĮțĮIJĮȞȠȒıȠȣȝİİȡȦIJȒȝĮIJĮȩʌȦȢ  IJȚȝʌȠȡȠȪȝİȞĮįȚįĮȤIJȠȪȝİĮʌȩȑȞĮ©ȜȐșȠȢIJȘȢ ijȪıȘȢªȒĮʌȩȑȞĮȐȜȝĮIJȘȢijĮȞIJĮıȓĮȢ IJȚıȣȞȚıIJȐ IJȘȞĮȞșȡȦʌȚȞȩIJȘIJĮıȪȝijȦȞĮȝİIJȚȢĮȟȓİȢțȐșİʌȠȜȚ­ IJȚıȝȠȪțȠȚȞȦȞȓĮȢ IJȚİȓȞĮȚĮȣIJȩʌȠȣȖİȞȞȐijȩȕȠ ĮʌȑȞĮȞIJȚıIJȘȞİIJİȡȩIJȘIJĮ HLWKHUDERG\UHSUHVHQWDWLRQWKDWLVSRVLWLYHDQGED ODQFHGRULQFRQWUDVWWRDERG\LPDJHZKLFKLVQH JDWLYHODGHQZLWKDVHQVHRIGLVKDUPRQ\FRQIXVLRQ DQGDOLHQDWLRQ Martha G. PapadopoulouXQGHUOLQHVWKHHYROX­ WLRQRIVFLHQFHDQGPHGLFLQHLQWKHWKFHQWXU\/L WHUDU\WH[WVZLWKUHIHUHQFHVWRKLVWRU\FLQHPDDQG QDWXUDOVFLHQFHVKDYHDWWUDFWHGUHDGHUV¶LQWHUHVWLQ ZRRGFXWVOLWKRJUDSKVDQGSKRWRJUDSKV6FLHQWLILF SURJUHVVHVSHFLDOO\LQPLOLWDU\VXUJHU\SDWKRORJ\ PLFURELRORJ\DQGSK\VLRORJ\VFLHQFHKDVDGYDQFHG RXUXQGHUVWDQGLQJRIKXPDQQDWXUH )LQDOO\7KHRGRUȠV33DSDWKHRGRURXSUHVHQWV &/DPEURVR¶VWKHRU\DFFRUGLQJWRZKLFKWKHFUL PLQDOPDQFDUULHVLQKLVRZQFRQVWLWXWLRQWKH³VHHGV RIFULPH´WKDWZHUHWUDQVIHUUHGWRKLPWKURXJKWKH ODZVRIKHUHGLW\,QWKDWFDVHWKH³FULPLQDO´LVGLVWLQ­ JXLVKHGIURPQRUPDOSHRSOHRQWKHEDVLVRIFHUWDLQ PRUSKRORJLFDODQGDQDWRPLFDO³VWLJPDWD´ZKLFK GHWHUPLQHWKHLUSUHGLVSRVLWLRQDQGWKHLUSURSHQVLW\ WRFULPH $VDFRQFOXGLQJUHPDUNZHZRXOGOLNHWRVWUHVV RXUKRSHWKDWWKHRYHUDOOGLVFXVVLRQHSLWRPL]HGLQ WKLVFROOHFWLYHYROXPHZLOOKHOSXVWRXQGHUVWDQG EHWWHUDQXPEHURITXHVWLRQVVXFKDV :KDWFDQ ZHOHDUQIURPWKH³PLVWDNHVRIQDWXUH´RUIURPD VLPSOHOHDSRIWKHLPDJLQDWLRQ" :KDWFRQVWLWXWHV KXPDQLW\DFFRUGLQJWRWKHYDOXHVRIHYHU\VLQJOH FXOWXUHDQGVRFLHW\" )LQDOO\ZKDWLVLWWKDWPDNHV XVEHDIUDLGRIVRPHRQHRUVRPHWKLQJ³GLIIHUHQW´" ǹȡȚȐįȞȘīțȐȡIJȗȚȠȣȉȐIJIJȘ ȆĮȞĮȖȚȫIJȘȢȃȈȠȣțȐțȠȢ ȂȘȞȐȢȆĮıȤȩʌȠȣȜȠȢ ǹULDGQH*DUW]LRX7DWWL Panayotis N. Soucacos Minas Paschopoulos xv ›–¦’œ’š %*#26'4 2 ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣ ȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣ ǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ Winged Hybrid Creatures of the Prehistoric Aegean Animal – Man – Monster ’ž•¢–’ £”“œ ’ § ¡ ¥œ £ ANDREAS G. VLACHOPOULOS „ÂϺÉÅÀÅ Abstract ƚƮƈƨƢƠрƮƲƦưƦưƩƠƨƦưƵƨƪƨƤƲрƠư›ƝƳ›ƮƣоƵƧƦƩƤ Ơ›фƲƦƬƈƬƠƲƮƪпƱƳƬƣƨƠƫфƯƴƷƱƤƱƲƮƳưƠƬƮƨƩƲƮхư ƮƯрƥƮƬƲƤưƲƷƬƬƦƱƨцƬƲƮƳƩƠƨƢоƬƬƦƱƤƱƤфƪƦƲƦƬ Ƥ›ƨƩƯнƲƤƨнƲƮƳƤƭцƩƮƱƫƠ›ƲƤƯƷƲнфƬƲƠƫƤ›ƨƮ ƢƬƷƱƲнƲƮƬƢƯх›ƠƩƠƨƲƦƱƴрƢƢƠƈƳƲнƲƠƫƨƭƮƢƤƬп ƲоƯƠƲƠƳơƯƨƣƨƩоưƫƮƯƴоưƴƳƱƨƩцƬƳ›ƤƯƴƳƱƨƩцƬ ƩƠƨƫƤƲƠƴƳƱƨƩцƬƳ›ƮƱƲнƱƤƷƬ©›ƯƮƱƢƤƨцƬƮƬƲƠƨª ƱƲƮƬƩфƱƫƮƲƷƬƠƬƧƯц›ƷƬƷưƱхƫơƮƪƠƦƢƤƫƮƬƨƩпư ƨƱƵхƮưƫƤƲоƵƮƳƬƱƲƨưƠƴƦƢƦƫƠƲƨƩоưƠ›ƤƨƩƮƬрƱƤƨưƲƦư ƴхƱƦưƩƠƨƱƳƫ›ƪоƩƮƬƲƠƨƫƤƲƨưƫƮƯƴоưƲƷƬƧƤцƬƩƠƨ ƲƷƬƦƯцƷƬƤƭƤƪƨƱƱфƫƤƬƠƱƤƮƨƩƤрƤư›ƠƯƠƱƲнƱƤƨư ƵƷƯрưƱƵƤƣфƬƲр›ƮƲƠƲƮƣƠƨƫƮƬƨƩф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‚¸ÇÂÆÔ—ÉÂÆÁƝ ƈƨƢƠƨƠƩп›ƯƮтƱƲƮƯрƠ›ƲƤƯƷƲфƮƬƢƯх›ƠưƱƴрƢƢƠƣƠрƫƷƬ  ʝˀʸˉʾˈˊɤɤʼˉ˅ˌʵɤ˅ˊˈʼʸˊˉˑˉ˅˃ŸˆˎˉˑˉˊŸ˅ˁʸˀʿʼɤʸˉ˅˂˅ʺˀˁʳʼʻˀʸˋʴˆ˅˃ˉʸ ʼ˅ˆˉʸˈɤˑˉˎ˃ˌˆˑ˃ˎ˃ˉʾˇʢʸˉˆˀˁʵˇʫˌ˅˂ʵˇˉ˅ˊʩʸ˃ʼŸˀˈˉʾɤʶ˅ˊɤʸˇ ʼˊˌʸˆˀˈˉ˓ˉ˅ˊˇʼŸˀˈˉʾɤ˅˃ˀˁ˅˒ˇ˅ˆʺʸ˃ˎˉʴˇˉ˅ˊˈˊɤŸ˅ˈʶ˅ˊˁʸʿʾʺʵˉˆˀʼˇ ʛˆˀʳʻ˃ʾʝˁʳˆˉʽˀ˅ˊ;ʳˉˉʾʛʿʸ˃ʸˈʶʸʟˎʺˆʳˋ˅ˊˁʸˀʥʸˆʶˁʸʫ˒ˆˆ˅ˊʞŸʶˈʾˇ ˉ˅˃ʸʺʸŸʾˉˑˋʶ˂˅ʦʳˈˈ˅ʩʸŸʸ˂ʼ˄ʳ˃ʻˆ˅ˊ<UP]LYZP[`VM;L_HZH[(\Z[PUʺˀʸ ˉʾ˃ʸˁʸʻʾɤʸˏˁʵˈˊ˃ˉˆ˅ˋˀʳɤʸˇˈˉ˅ˈˊɤŸˑˈˀ˅ˁʸˀˉʾ˃ʸʺʺ˂ˀˁʵʸŸˑʻ˅ˈʾˉ˅ˊ ˁʼˀɤʴ˃˅ˊˉʾˇ˅ɤˀ˂ʶʸˇɤ˅ˊ ,FZ8PSET $HJHDQSUHKLVWRU\ZLQJHGEHLQJJULIILQVSKLQ[GDHPRQ  0^PZO[V[OHUR7YVMLZZVYZ(YPHKUL.HY[aPV\;H[[P([OHUHZZPHAVNYHMV\HUK 4HYPRH:`YYV\TLTILYZVM[OLZJPLU[PÄJJVTTP[[LLVM[OPZNYV\UKIYLHRPUN JVUMLYLUJLMVYPU]P[PUNTL[VKLSP]LYHWHWLY4`[OHURZHSZVNV[VT`KLHY MYPLUK7YVMLZZVY5HZZVZ7HWHSL_HUKYV\<UP]LYZP[`VM;L_HZH[(\Z[PUMVY QVPUPUN\ZH[[OLJVUMLYLUJLHUKMVY[OL,UNSPZO[YHUZSH[PVUVMT`[HSR 13 14 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ƗƨƧƠƬфƲƠƲƠƦƢоƬƬƦƱƦƲƷƬфƬƲƷƬƠƳƲцƬƠƬнƢƤƲƠƨ ƱƲƦƬƤ›ƮƵпƲƦư›ƯцƲƦưƠƬƠƩнƪƳƶƦưƥƷƨƩцƬƠ›ƮƪƨƧƷ ƫнƲƷƬƠ›фƲƮƬ›ƯƮтƱƲƮƯƨƩфнƬƧƯƷ›ƮƫƨƠƱƳƬнƬƲƦƱƦ ›ƮƳ›ƨƧƠƬфƬƣƤƬƱƳƬоơƦƫфƬƮƫƨƠƴƮƯнƩƠƨƫфƬƮƱƤ оƬƠƫоƯƮưƊƬƷƯрƥƮƳƫƤфƲƨƱƲƦƬƤ›ƮƵпƲƮƳ›ƤƯƨƦƢƦƲп ƗƠƳƱƠƬрƠ ƮưƠƨƫƝ Ơ›ƮƪƨƧцƫƠƲƠƤ›ƨƣƤƨƩƬхƮƬƲƠƬ ƢƨƠƬƠƲƤƩƫƦƯƨцƱƮƳƬƲƦƬх›ƠƯƭƦƫƳƧƨƩцƬƲƤƯнƲƷƬƲƠ Ʈ›ƮрƠƮƨƠƯƵƠрƮƨƤрƵƠƬƤƬƲнƭƤƨƱƲƮƳưƩƮƱƫƮƢƮƬƨƩƮхư ƲƮƳưƫхƧƮƳưƩƠƨƲƦƫƳƧƮƪƮƢƨƩпƩƠƨƧƯƦƱƩƤƳƲƨƩпƤƨƩƮ ƬƮƢƯƠƴрƠƲƮƳư ƚƠ›ƠƪƠƨƮƬƲƮƪƮƢƨƩнƠ›ƮƪƨƧцƫƠƲƠƩƳƯрƷưƲƮƳ ƗƪƤƨƱƲфƩƠƨƬƮƳƱƲƦƬƌƪƪнƣƠƠƴƧƮƬƮхƬƫƤ›ƨƮƱƳƵƬн ƫƤƢƠƪфƱƷƫƠƤрƣƦƲƮƳưƤƪоƴƠƬƲƤưƲƠƫƠƫƮхƧƲƮƳư ƯƨƬфƩƤƯƮƳưƲƮƳư›нƬƧƦƯƤưƲƨưхƠƨƬƤưƲƨưƩƠƫƦƪƮ›ƠƯ ƣнƪƤƨưƩƠƨƲƠƤƪнƴƨƠƤƬцƱƤ›ƤƯƨƮƵоưƫƤ›Ʈƪх›ƪƮхƱƨ ƮƳưƮƯрƥƮƬƲƤưƠ›ƮƪƨƧƷƫнƲƷƬƥцƷƬф›ƷưƦƑƯпƲƦƲƠ ƤƩƠƲƮƬƲнƣƤưƱ›пƪƠƨƠƲƮƳƬƦƱƨƮхƠ›ƮƲоƪƤƱƠƬƧхƪƠ ƩƤưƤƳƯƦƫнƲƷƬ›ƤƯƨоƯƢƤƨƠưƠƪƪнƩƠƨƣƨƠƫфƯƴƷƱƦư ƣƮƭƠƱƨцƬƢƨƠƲƨưƲƮ›ƨƩоưƩƮƨƬƷƬрƤưƖƨƑƯпƲƤưƠ›фƲƦ ƓƤƱƮƪƨƧƨƩпƲƮƳƪнƵƨƱƲƮƬƤ›ƮƵпƤрƵƠƬƠƬƠ›ƲхƭƤƨƱƲƤƬоư ƱƵоƱƤƨưƫƤƲƮƳưƩƠƯƱƲƨƩƮхưƱƵƦƫƠƲƨƱƫƮхưƲƮƳƬƦƱƨƮх ƵƯƦƱƨƫƮ›ƮƨцƬƲƠưƲƮƳưƷưƩƠƲƠƴхƢƨƠƵцƯƮƳưƲƠƴпư Ơ›ƮƧпƩƤưƠƢƯƮƲƨƩцƬƩƠƨƩƲƦƬƮƲƯƮƴƨƩцƬƤƨƣцƬƱƦƫƤрƠ ƳƣƯƮƪƦƶрƠưƲф›ƮƳưƪƠƲƯƤрƠưƩƠƨƵцƯƮƳưƲƤƪƤƲƮƳƯƢƨцƬ ƫхƦƱƦư ƑƠƲнƲƨưƣƨƠƣƨƩƠƱрƤưƠƳƲоưƤ›фƫƤƬƮƤрƬƠƨƮƨ нƬƧƯƷ›ƮƨƬƠƠƬƠƫƮƵƪƤхƮƳƬ›ƮƪхƱƳƵƬнƲƠƩƠƲцƲƤƯƠ ƱƲƯцƫƠƲƠƲƷƬƱ›ƦƪƠрƷƬƩƠƨƬƠ›ƤƯƨƤƯƢнƥƮƬƲƠƨƲƮƳư Ơ›ƮƪƨƧƷƫƠƲƮƴфƯƮƳưƮƯрƥƮƬƲƤưф›Ʒư›ƯфƱƴƠƲƠƠ›Ʈ ƣƤрƵƲƦƩƤƱƲƮƬƮƨƩƨƱƫфƑƠƧƠƯнƣƤưƲƦưƔƮƲƨƮƠƬƠƲƮƪƨ ƩпưƑƯпƲƦưф›ƮƳƲƠƣƨƠƩƯƨƲнƮƱƲнƥцƷƬпƲƠƬƲфƱƠ цƱƲƤƮƨƩнƲƮƨƩƮƨƩƳƯƨƮƪƤƩƲƨƩн›ƠƲƮхƱƠƬƤ›нƬƷƲƮƳư ƢƨƠƬƠƤƨƱоƪƧƮƳƬƠ›фƲƦƬ›хƪƦƲƮƳƠƫƳƬƲƨƩƮхƲƤрƵƮƳư ƲƮƳƮƨƩƨƱƫƮхƲƮƳư4 ƓƤƲƨưƠƢƯƮƲƮƩƲƦƬƮƲƯƮƴƨƩоưƤƩƤрƬƤưƩƮƨƬƷƬрƤưƬƠ ƱƳƬƣƨƠƪоƢƮƬƲƠƨƫƤƲƮƠ›цƲƠƲƮ›ƠƯƤƪƧфƬƲƦưƢƦưƲƮƳư ƠƪƪнƵƷƯрưƬƠƫ›ƮƯƮхƬƬƠƲƮƤƯƫƦƬƤхƱƮƳƬƮƨнƬƧƯƷ ›ƮƨƲƦưƌ›ƮƵпưƲƮƳƝƠƪƩƮх ƦƩƠƨƦƵƨƪƨƤƲрƠ›Ɲ  ƫоƱƠƠ›фƤƳƴнƬƲƠƱƲƤưƳ›ƤƯơƮƪоưƫƳƧƮ›ƪƠƱƲƨƩоư ƣƨƦƢпƱƤƨưƩƠƨƴƠƬƲƠƱрƠ›ƮƳƩƠƫрƠƮƯƧƮƪƮƢƨƩпƢƬцƱƦ ƣƤƬƫ›ƮƯƮхƱƤƬƠƱƳƢƩƯƠƲпƱƤƨƱƳƫơƨƮхƱƠƬƫƤƲƠƠ›Ʈ ƪƨƧцƫƠƲƠƎ›ƮƪƳƫƮƯƴрƠƲƮƳưƦƲƫƦƫƠƲƨƩпƠƬƠƢƬц ƯƨƱƦƲƷƬƱƲƮƨƵƤрƷƬƲƮƳư ƮƱƲнƣфƬƲƨƠƩоƯƠƲƠ Ơƪƪн фƵƨƲƮƳфƪƮƳƩƠƨƦƠƬƤƯƫнƲƨƱƲƦƬƮƦƲƨƩп›ƯфƱƪƦƶƦ ƲƮƳƠ›цƲƠƲƮƳ›ƠƯƤƪƧфƬƲƮưƮ›ƷƱƣп›ƮƲƤ›оƯƠƱƤƱƲƦ ƱƴƠрƯƠƲƷƬƩƠƪƪƨƲƤƵƬцƬ›ƮƳƣƦƫƨƮхƯƢƦƱƠƬƤƭƷƲƨ 7KHRULJLQVRIWKHVHPRQVWHUVFDQYHU\SRVVLEO\ EHWUDFHGEDFNWRWKHHDUO\SUHKLVWRULFSHULRGZKHQ KXPDQVFDPHDFURVVDQLPDOIRVVLOVFKDQFHGLVFRY HULHVPXVWKDYHKDSSHQHGPRUHWKDQRQFHDQGLQ PXOWLSOHORFDWLRQV,WLVNQRZQWKDWLQ3DXVDQLDV·WLPH QGFHQWXU\$' SDODHROLWKLFIRVVLOVZHUHVKRZQWR FRUURERUDWHWKHH[LVWHQFHRIWKHVHEHLQJVRIP\WKWKDW KDGDOUHDG\PDGHWKHLUZD\WRFRVPRORJLFDOP\WKVDV ZHOODVWRP\WKRORJLFDODQGUHOLJLRXVLFRQRJUDSK\RI WKH*UHDFRURPDQFXOWXUH ,Q*UHHFHSDODHRQWRORJLFDOIRVVLOVHVSHFLDOO\ WKRVHGDWLQJWRWKH3OHLVWRFHQHDUHDEXQGDQW0RUH IUHTXHQWGLVFRYHULHVLQFOXGHODUJHVL]HGDQLPDOVVXFK DVHOHSKDQWVPDPPRWKUKLQRVSDQWKHUVK\DLQDV JLUUDIHVDQGGHHU,QDUHDVULFKLQIRVVLOFDUU\LQJKRUL ]RQVVXFKDV&UHWHQXPHURXVFDYHVZHUHUHSRVLWRULHV RIIRVVLOILQGVWKDWIHGWKHVXUURXQGLQJVRFLHWLHV·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·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·ʡ,6ɣ£ʪʨʭɣʞʪʥʢʬʟʛʣʠʫ · 7ʨ<3(2(20:3@4),9(20:-(::6<3(:ʜ˂ʺʼ˃ˀˁʳʛʡʛʦʛʫʢʨʭ ʣ@ʩʛʪʢʫʫʠʛʩʨʫʬʨʤʢʣʛ  -ʛ<9,   :*3(.,9  +,940;A(20:7(7(+76<36<  "ʡ,6ɣ£ʪʨʭɣʞʪʥʢʬʟʛʣʠʫ " 7ʨ<3(2(20:3@4),9(20:-(::6<3(:(SZVZLLʛʡʛʦʛʫʢʨʭ ʣʭʩʛʪʢʫʫʠʛʩʨʫʬʨʤʢʣʛ  -ʛ<9,   :*/3(.,9 —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ƩƮхư›ƯƮƢƮƬƨƩƮхưƩфƱƫƮƳưƩƠƨƫƤƲƠƴƳƱƨƩнƴƳƱƨƩн ›ƤƯƨơнƪƪƮƬƲƠƢƨƠƲƠфƬƲƠƠƳƲн ƊƨƢƠƬƲƨƠрƠƠ›ƮƪƨƧƷƫоƬƠƮƱƲнƱƤƤ›ƨƴƠƬƤƨƠƩоư Ơ›ƮƧоƱƤƨưƠ›ƮƲƤƪƮхƬƱрƢƮƳƯƠ›ƤƨƱƲƨƩоưƤƬƣƤрƭƤƨư фƲƨơƮпƧƦƱƠƬƬƠƢƤƬƬƦƧƮхƬƫхƧƮƨпƯƷƤưƩƠƨ›ƠƯƠ ƣфƱƤƨưƗƨƧƠƬп›ƯƮоƪƤƳƱƦƲƮƳƫхƧƮƳƲƷƬƑƳƩƪц›ƷƬ ƤрƬƠƨƦƤхƯƤƱƦƱƤƣƨнƴƮƯƠƱƦƫƤрƠƲƦưƓƤƱƮƢƤрƮƳ ƑƯпƲƦƑх›ƯƮưƙƨƩƤƪрƠƓнƪƲƠƩƪ› ƩƯƠƬƨƠƩцƬ ƮƱƲцƬƬнƬƷƬƤƪƤƴнƬƲƷƬ5ƎƩƮƨƪфƲƦƲƠƲƦư›ƯƮơƮƱƩр ƣƠư›ƨƱƲƤƳфƲƠƬфƲƨƤрƬƠƨƩƮƨƪфƲƦƲƠƲƮƳƤƬфưƩƤƬƲƯƨƩƮх ƫƠƲƨƮхƱƠƬƠƳƲфƲƮƳƗƮƪхƴƦƫƮƳƩƠƨƲƠƢƨƢƠƬƲƨƠрƠ ƮƱƲнƠ›ƮƣрƣƮƬƲƠƬƱƤƢрƢƠƬƲƤưпƲоƯƠƲƠф›ƷưƳ›Ʈ ƱƲƦƯрƥƮƳƬƮƨ›ƠƪƠƨƮƬƲƮƪфƢƮƨƮƨоƯƤƳƬƤư›ƤƣрƮƳƲƷƬ Ʈ›ƮрƷƬƱƲƦƬƌƪƪнƣƠƫфƪƨưƲƠƲƤƪƤƳƲƠрƠƵƯфƬƨƠƮƣп ƢƦƱƠƬƱƤƱƳƱƲƦƫƠƲƨƩоưƠƬƠƱƩƠƴоư6ƗƪоƮƬ›ƯфƱƴƠƲƦ ƠƬƠƱƩƠƴпƤрƬƠƨƠƳƲпƱƲƮƪƨƢƬƨƲƷƯƳƵƤрƮƲƦưƠƯƩƠƣƨƩпư ƓƤƢƠƪф›ƮƪƦư7Ʃн›ƮƲƤƪрƫƬƦưƠ›фф›ƮƳ›ƨƧƠƬфƲƠƲƠ ƤрƵƠƬ›ƯƮоƪƧƤƨƲƠƳ›ƤƯƫƤƢоƧƦƮƱƲн›ƮƳƮƗƠƳƱƠƬрƠư ƫƬƦƫƮƬƤхƤƨфƲƨƤ›ƨƣƤƨƩƬхƮƬƲƠƬƷưƪƤрƶƠƬƠƢƨƢнƬƲƷƬ ƩƠƨƲƨƲнƬƷƬƱƲƮƤƩƤрƨƤƯфƲƮƳƈƱƩƪƦ›ƨƮх8 ƈƬƠƳƲфưƮƯƠƲƨƮƬƠƪƨƱƲƨƩфưƲƯф›Ʈư›ƯƮƱоƢƢƨƱƦư ƲƮƳƲƤƯƠƲƮƢƮƬƨƩƮхƤƯƤрƥƤƲƠƨƱƲƦƪƮƢƨƩпƲƮƳƳƪƨƩƮх ƤƳƯпƫƠƲƮưƠƳƲфƣƤƬƱƦƫƠрƬƤƨфƲƨƦƤƬƮƯƠƲƨƩп›Ưф ƱƪƦƶƦƫƤƲƠƴƳƱƨƩцƬфƬƲƷƬƷư›ƬƤƳƫƠƲƨƩпƠƬƠƢƩƠƨ фƲƦƲƠƫхƧƮưпƤƩƲƯƮ›пƠ›фƲƦƬƩƠƬƮƬƨƩфƲƦƲƠ9ƣƤƬ ›ƠƯƠƫоƬƤƨƦ›ƠƯƠƣƮƱƨƠƩпƮƣфưƣƦƫƨƮƳƯƢрƠưƲƷƬ ›ƪƠƱƫнƲƷƬƠƳƲцƬƱƲƨưƩƮƨƬƷƬрƤưƲƮƳ›ƯƮтƱƲƮƯƨ ƩƮхƈƨƢƠрƮƳƫƤ›ƪоƮƬƩƮƨƬнƲƠƨ›ƲнƫƤƬƠƫƦ©ƤƬƣƮ ƢƤƬпªфƬƲƠƠƴƮхƤƭрƱƮƳ›ƠƯƠƣƮƱƨƠƩпƠƪƪнƩƠƪн ƲƤƩƫƦƯƨƷƫоƬƦƤрƬƠƨƦƣƤхƲƤƯƦƮƣфưƤƫƴнƬƨƱпưƲƮƳư ƣƦƪƠƣпƮƩфƱƫƮưƲƦưƓƤƱƮ›ƮƲƠƫрƠưƲƦưƙƳƯрƠưƩƠƨ ƲƦưƈƨƢх›ƲƮƳ10 Ï½Í¾Ô ƖƢƯх›ƠưƴƠƬƲƠƱƲƨƩфƮƬƫƤƩƤƴнƪƨƠƤƲƮхпƢх›ƠƩƠƨ ƱцƫƠƪƨƮƬƲƠƯƨƮхƤрƬƠƨƣƦƫƨƮхƯƢƦƫƠƲƦưƌƢƢхưƈƬƠ ƲƮƪпưƗƯцƨƫƤưƠ›ƤƨƩƮƬрƱƤƨưƲƮƳф›ƷưоƬƠƱƴƯнƢƨ ƱƫƠƠ›фƲƠƙƮхƱƠ›ƮƳƵƯƮƬƮƪƮƢƤрƲƠƨƱƲƦƬƦƵƨƪƨƤƲрƠ ›ƝƲƮƬрƥƮƳƬƲƦƪƤƮƬƲƨƩпƲƮƳƳ›фƱƲƠƱƦƠƪƪнƱƲƠƣƨ ƠƩнƮƢƯх›ƠưƤƬƨƱƵхƤƨƲƮƬƳơƯƨƣƨƱƫфƲƮƳƫƤƲƠƱƲƮƨ ƵƤрƠƲƮƳƠƯ›ƠƩƲƨƩƮх›ƲƦƬƮх11ƖƫƤƲƠƱƵƦƫƠƲƨƱƫфư       11 964(56(=(5A050 ʛʡʛʦʛʫʢʨʭʣ@ʩʛʪʢʫʫʠʛʩʨʫʬʨʤʢʣʛ 7ʛ5(.676<36<L[HS ʩʸˊˈʸ˃ʶʸˇ */(930,9 ;A(ʜʞʤʛ¶ʞ=1,5  ·)3(2634,9 :ʠʛʦʣʼˀˁʝˀʸˉ˅ʿʴɤʸʹ˂-9(52-69;   ʦʼˑˉʼˆʾʹˀʹ˂ˀ˅ʺˆʸˋʶʸˈˉ˅)3(2634,9ˈʾɤ  DQFHVWUDOZRUOGVDVZHOODVPHWDSK\VLFDOQDWXUDO HQYLURQPHQWVSRSXODWHGE\WKHPRQVWHUVRIWKHLU LPDJLQDWLRQ *LJDQWLFIRVVLOVIURPVXUIDFHGHSRVLWVRIIHUSURRI RIWKHLUUROHLQWKHVKDSLQJRIP\WKVKHURLFWDOHV DQGOHJHQGV,WLVSUREDEOHWKDWWKHRULJLQRIWKH P\WKRIWKH&\FORSHVKDGWRGRZLWKWKHGLVFRYHU\ RIGZDUIHOHSKDQWVNXOOVDOODURXQGWKH0HGLWHUUD QHDQ &UHWH&\SUXV6LFLO\HWF 57KHFDYLW\RIWKH SURERVFLVIRUH[DPSOHPLJKWKDYHEHHQSHUFHLYHG DVWKHFDYLW\RIWKHPRQVWHU·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´UDWLRQDOL]LQJµZD\VRI FRPLQJWRWHUPVZLWKWHUDWRJHQHVLV PRQVWHUFUHD WLRQ +RZHYHULQWKH%URQ]H$JHVRFLHWLHVRIWKH $HJHDQWKHWUDGLWLRQDOZD\IRUWKHFUHDWLRQRIIDQ WDVWLFPRQVWHUV VSLULWXDOHQWLWLHVP\WKVV\PEROV RUGHYLDWLRQIURPQRUPDOLW\ 9 DOZD\VKDGWRGRZLWK SURFHVVHVRIFRJQLWLYHUHFHSWLRQ7KLVLVHVSHFLDOO\ WKHFDVHZKHQLWFRPHVWRWKHLQWURGXFWLRQRIIRUHLJQ IO\LQJEHLQJV HJJULIILQVSKLQ[ WKHGHULYDWLRQRI ZKLFKLQWKH1HDU(DVW 0HVRSRWDPLD6\ULDDQG (J\SW LVZHOOGRFXPHQWHG10 5IF(SJGGJO 7KHJULIILQDIDQWDVWLFEHLQJZLWKDQHDJOH·VRUYXO WXUH·VKHDGDQGOHRQLQHERG\LVD1HDU(DVWHUQFUH DWLRQ(DUO\UHSUHVHQWDWLRQVOLNHDFOD\VHDOLQJIURP 6XVDGDWLQJWRWKHIRXUWKPLOOHQLXP%&(HPSKD VL]HLWVOHRQLQHQDWXUHEXWWKHJULIILQJUDGXDO\ZDV K\EULGL]HGPRUHZLWKHPSKDVLVRQIHDWXUHVRIELUGV       964(56(=(5A050 ʛʡʛʦʛʫʢʨʭʣʭʩʛʪʢʫʫʠʛʩʨʫʬʨʤʢʣʛ 7(5(.676<36<L[HS 7H\ZHUPHZ=000 */(930,9 ;A(ʜʞʤʛ¶ʞ=1,5  ")3(2634,9 15 16 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ʞˀˁˑ˃ʸʞ˂ʼˋʳ˃ˉˀ˃˅Ÿ˂ʸˁʶʻˀ˅ʸŸˑˉʾ˃ʞʺʺ˒ˇʛ˃ʸˉ˅˂ʵ˅ˇʸˀŸʯ4L[YVWVSP[HU4\ZL\TVM(Y[ -PN\YL0]VY`(UH[VSPHUWSHX\L[OJLU[\Y`)*4L[YVWVSP[HU4\ZL\TVM(Y[ ʩʾʺʵ!1(9<A2),5A,314,=(5:LKZ)L`VUK)HI`SVU!(Y[;YHKLHUK+PWSVTHJ`PU[OL:LJVUK4PSSLUUP\T )*,_OPIP[PVUOLSKH[[OL4L[YVWVSP[HU4\ZL\TVM(Y[5L^@VYR5V]LTILY4HYJO 5L^@VYR;OL 4L[YVWVSP[HU4\ZL\TVM(Y[5L^@VYR @HSL<UP]LYZP[`7YLZZMPN ƲƮƳƧоƫƠƲƮưƧƠƤрƬƠƨƣƨƠƯƩпưƱƲƦƬƈƬƠƲƮƪпƫƤƲƦƪƤƮ ƬƲпƬƠƳ›ƮƵƷƯƤрƵнƯƨƬнƪƪƷƬƱƲƮƪƨƣƨцƬф›ƷưƲƮ›ƲƤ ƯƷƲфƪƮƴрƮ ƌƐƑ  ƖƨƢƯх›ƤưнƯƵƨƱƠƬƬƠ›ƤƲƮхƬ›нƬƷƠ›фƲƮƈƨƢƠрƮ ƫоƱƠƱƲƮ›ƯцƲƮƫƨƱфƲƦưƦưƵƨƪƨƤƲрƠư›ƝƫƤƲƠ ›ƯцƲƠƠƳƲнƴƠƬƲƠƱƲƨƩн›ƲƤƯƷƲнƪƨƮƬƲнƯƨƠƬƠ›ƯƮƱ ƢƤƨцƬƮƬƲƠƨƱƲƨưƑƳƩƪнƣƤưƱƲƮƤƨƩƮƬƨƱƲƨƩфƯƤ›ƤƯƲф ƯƨƮƲƦưƓƤƱƮƩƳƩƪƠƣƨƩпưƩƤƯƠƫƨƩпưƲƦưƏпƯƠưƩƠƨ ƲƦưƓпƪƮƳ ›Ɲ ƫƠƥрƫƤнƪƪƠƴƠƬƲƠƱƲƨƩн фƬƲƠ14Ǝ›ƠƯƮƳƱрƠƲƮƳƢƯх›ƠƲƤƩƫƦƯƨцƬƤƲƠƨƱƤƠƴƦ ƢƦƫƠƲƨƩоưƱƩƦƬоưƲƮƳƮƳƩƠƨƮƳƠƨ›ƝƱƲƮƨƵƤрƮ ›ƮƳƣƤрƵƬƤƨфƲƨƲƮƤƭƷƲƨƩфƠƳƲфƫƮƲрơƮƤƬƤƢƯнƴƦƱƲƦ ƧƦƯƠтƩпƤƨƩƮƬƮƢƯƠƴрƠфƵƨƷưƠƬƤƭнƯƲƦƲƮƧоƫƠф›Ʒư ƲƮƠƤƲфƫƮƯƴƮ›ƲƦƬфƱƲƦƣƤхƲƤƯƦфƶƦƲƦư©›ƯфƵƮƳƲƮƳ ƊƠƬƳƫпƣƦªƠƪƪнƤƬƲƠƢƫоƬƮƫоƱƠƱƲƮƤƭƷƲƨƩф›ƠƯƠ ƣƤрƱƨƮƴƳƱƨƩф›ƤƯƨơнƪƪƮƬƠ›фф›ƮƳƤƧƤƷƯƤрƲƮфƲƨƲƮ ›ƤƯпƴƠƬƮƠƳƲфƮƬ›ƯƮоƯƵƤƲƠƨ15 ƌƐƑ  ƚƮƴƳƱƨƩфƠƳƲфƲƮ›рƮƳ›ƮƲƯƮ›ƨƩф›ƤƣрƮп›ƠƯн ƩƲƨƮƠƫƫцƣƤưƫƤƴƮрƬƨƩƤươƯнƵƮƳưƩƠƨƱ›ƤрƯƤưоƢƨƬƤ 12 :ʠʛʦʣʼˀˁ·(9<Aʸˆ 13 ;A(ʜʞʤʛ¶ʞ=1,5     7(7(.0(55676<36<ʼˀˁ·)(9),9 ʼˀˁ   +6<4(:ʼˀˁ·7(7(.0(55676<36< ʼˀˁʝˀʸˉ˅ʿʴɤʸʹ˂=3(*/676<36:ʼˀˁHI RISUH\117KHWUDQVIRUPDWLRQRIWKLVPRWLIUHPDLQHG FRQVWDQWLQWKH1HDU(DVWDVZHJUDGXDOO\ZLWQHVVIRU H[DPSOHWKHOLRQ·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ʠʛʦʣÄN6U[OPZPZZ\LZLL-9(52-69;   4VYLYLJLU[IPISPVNYHWO`PU)3(2634,9UV[L  12 :ʠʛʦʣÄN"(9<AUV 13 ;A(ʜʞʤʛ¶ʞ=1,5     7(7(.0(55676<36<ÄNZ")(9),9 ÄNZ   +6<4(:ÄNZ"7(7(.0(55676<36< ÄNZ6U[OPZPZZ\LZLL=3(*/676<36:ÄNZHI —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ʞˀˁˑ˃ʸʛˁˆˎˉʵˆˀʡʵˆʸˇʥʼˈ˅ˁˊˁ˂ʸʻˀˁˑˇŸʶʿ˅ˇŸŸʯɤʼŸʸˆʳˈˉʸˈʾʺˆˊŸ˓˃ʸ˃ʳɤʼˈʸˈʼˋ˅ʶ˃ˀˁʼˇ ʫˌʴʻˀ˅!(ʣ˅˃ˉ˅˃ʵˇʛˆˌʼʶ˅ʛ˃ʸˈˁʸˋʵˇʛˁˆˎˉʾˆʶ˅ˊ -PN\YL(RYV[PYP;OLYH4PKKSL*`JSHKPJWP[OVZJ)*KLJVYH[LK^P[ONYPMMPUZIL[^LLUWHST[YLLZ +YH^PUN!(2VU[VUPZ(RYV[PYP,_JH]H[PVUZ(YJOP]L ƱƲƮƳưƠƨцƬƤư›ƮƳƠƩƮƪƮхƧƦƱƠƬƣƦƪƠƣпƱƲƦƬ›Ưц ƨƫƦƛƱƲƤƯƮƵƠƪƩп›ƤƯрƮƣƮ ››Ɲ ƱƵƤƣфƬ ƱƲƤƯƤƮƲƳ›ƨƩфƩƠƨƮƨƢƯх›ƤưƫƤƲƠ›пƣƦƱƠƬƱƲƦƫƬƦƫƤƨ ƠƩпƩƪрƫƠƩƠƲƦưƤ›ƨƲƮрƵƨƠưƥƷƢƯƠƴƨƩпưƣƦƪƠƣпƲƦư ƲƮƨƵƮƢƯƠƴрƠư ƓоƵƯƨƲƦƱƲƨƢƫпƤƩƤрƬƦƦƓƨƬƷƨƩпƑƯпƲƦƣƤƬƤрƵƤ ƠƬƠ›ƲхƭƤƨƲƦƬƤƨƩƮƬƨƱƲƨƩпƲƦưƲоƵƬƦƷƱƲфƱƮƮƨƢƯх ›ƤưƤрƵƠƬƤƫƴƠƬƨƱƲƤрƱƲƦƫƨƩƯƮƢƯƠƴƨƩпƲоƵƬƦƲƷƬ ›пƪƨƬƷƬƱƴƯƠƢƨƱƫнƲƷƬƲƦưƜƠƨƱƲƮхƩƠƨƫƤƯƨƩцƬ ƪрƧƨƬƷƬƱƴƯƠƢƨƣƮƪрƧƷƬƤƯƢƠƪƤрƠƤƬфưƱƳƱƲпƫƠƲƮư ƢƯƠƴƤƨƮƩƯƠƲƨƩƮхƤƪоƢƵƮƳ›ƮƳƤ›рƱƦưƤƨƱнƢƤƲƠƨƠ›ф ƲƦƬƈƬƠƲƮƪп16 ƙƲƨưƲƮƨƵƮƢƯƠƴрƤưƲƮƳƈƩƯƷƲƦƯрƮƳƲƦưƏпƯƠưƦ ›ƯƷƨƫфƲƤƯƦ›ƠƯнƱƲƠƱƦƢƯх›ƠƤрƬƠƨ›ƨƧƠƬфƲƠƲƠƠƳƲп ƱƲƦƪƤƢфƫƤƬƦƓƨƩƯƮƢƯƠƴƨƩпƍƷƴфƯƮƲƦưƋƳƲƨƩпư ƖƨƩрƠư17ф›ƮƳƲƮƥцƮƩƠƪ›нƥƤƨƩƠƨр›ƲƠƲƠƨƲƠƳƲƮ ƵƯфƬƷưƱƤоƬƠ›ƠƯƠ›ƮƲнƫƨƮƱƩƦƬƨƩф›ƮƳƧƠоƫƮƨƠƥƤ ƤƭƷƲƨƩфƱƲƮƳưƈƨƢƠрƮƳưƲƷƬƫƨƩƯцƬнƬƳƣƯƷƬƬƦƱƨцƬ ƚƮƢƤƢƮƬфưфƲƨƲƮ›ƠƯфƵƧƨƮƲƮ›рƮ›ƠƯƤƫơнƪƪƤƲƠƨ ƫƤƲƠƭхƲƷƬƲƮрƵƷƬф›ƮƳƱƲƮƪƨƱƫоƬƠ›ƪƮрƠƤƬцƬƮƳƬƱƤ оƬƠƬƱƳƬƤƵфƫƤƬƮƠƴƦƢƦƫƠƲƨƩфƨƱƲф›ƮƪхơƮƳƤư›ƠƯн ƩƲƨƤư›фƪƤƨư18ƤрƬƠƨƠƯƩƤƲфƢƨƠƬƠƳ›ƮƣƦƪцƱƤƨфƲƨƲƮ ƴƠƬƲƠƱƲƨƩф›ƲƦƬфƤ›ƨƲƤрƬƤƨƲƮƬƤƭƷƲƨƩфƮƯƨƤƬƲƠƪƨ ƱƲƨƩфƵƠƯƠƩƲпƯƠƲƷƬƵƠƯƲƮƢƯƠƴфƫƤƬƷƬ©ƵƷƯцƬªƲƦư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´ODQGVµPDSSHGRXWLQWKLV´FDUWRJUDSKLFµSDLQWLQJ 7KLVLVRQHRIWKHUDUHFDVHVLQZKLFKJULIILQVGRQRW  ;A(ʜʞʤʛ¶ʞ=1,5  ʸˆ·044,9>(/9 ¶ʼˀˁ · ʛ5(:;(:0(+6< ¶·=3(*/676<36:ʝˀʸˉ˅˃ʺˆ˒Ÿʸˈˉʾ ˈˋˆʸʺˀʻ˅ʺ˂ˊˋʶʸʹ˂*96>3,@,  +6<4(: ʼˀˁ·ʬʞʤʞʜʛʦʬʨʭ ʴʺˌˆ Ÿʶ˃  +6<4(:  ʼˀˁ·ʬʞʤʞʜʛʦʬʨʭ ʴʺˌˆ Ÿʶ˃  ;A(ʜʞʤʛ¶ʞ=1,5  UV"044,9>(/9 ¶ÄNZ " ʛ5(:;(:0(+6< ¶"=3(*/676<36:-VY[OLNYPɉU TV[PMVUZLHSZZLL*96>3,@,  +6<4(: ÄNZ"ʬʞʤʞʜʛʦʬʨʭ JVS WS  +6<4(:  ÄNZ"ʬʞʤʞʜʛʦʬʨʭ JVS WSZ 17 18 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ʞˀˁˑ˃ʸʛˁˆˎˉʵˆˀʡʵˆʸˇʧʼˈˉʵʭˈˉʼˆ˅ˁˊˁ˂ʸʻˀˁʵʢˉ˅ˀˌ˅ʺˆʸˋʶʸŸŸʯɤʼŸʸˆʳˈˉʸˈʾˁʸʿˀˈˉʵˇʿʼˑˉʾˉʸˇ ʩˑˉ˃ˀʸˇʸ˃ʳɤʼˈʸˈʼʺʸ˂ʳʽˀ˅Ÿʶʿʾˁ˅ˁʸˀʺˆ˒Ÿʸʫˌʴʻˀ˅!ʥʣˆʶʺˁʸʛˆˌʼʶ˅ʛ˃ʸˈˁʸˋʵˇʛˁˆˎˉʾˆʶ˅ˊ -PN\YL(RYV[PYP;OLYH?LZ[L3H[L*`JSHKPJ0^HSSWHPU[PUNJ)*KLWPJ[PUNHZLH[LKNVKKLZZ7V[UPH IL[^LLUHIS\LTVURL`HUKHNYPMMPU+YH^PUN!42YPNOH(RYV[PYP,_JH]H[PVUZ(YJOP]L ƲƮƨƵƮƢƯƠƴрƠưƱƤƫƨƠƠ›фƲƨưƪрƢƤư›ƤƯƨ›ƲцƱƤƨưф›ƮƳƮ ƢƯх›ƠưƣƤƬƤрƬƠƨƠƩфƪƮƳƧƮưƧƤцƬпƦƢƤƫфƬƷƬ ƖƢƯх›ƠưƲƦưƕƤƱƲпưƩƠƲнƢƯƠƴƮƳƣƦƫфƱƨƮƳƩƲƦ ƯрƮƳф›ƮƳƲƤƪƮхƬƲƠƬƫƳƦƲƨƩоưƩƠƨƣƨƠơƠƲпƯƨƤưƲƤƪƤ ƲоưƤƨƱнƢƤƨƲƦƬƤƨƩƮƬƮƢƯƠƴрƠƲƮƳƠƤƲфƫƮƯƴƮƳƪоƮƬƲƠ ƱƤƣƨƠƴƮƯƤƲƨƩфƤƬƬƮƨƮƪƮƢƨƩф›ƤƯƨơнƪƪƮƬ ƌƐƑ  ƚƮ›ƲƤƯƷƲфƪƨƮƬƲнƯƨ›ƠƯƨƱƲнƬƤƲƠƨƱƤƤƬƲƳ›ƷƱƨƠƩп ƱƲнƱƦ›рƱƷƠ›фƲƦƬоƬƧƯƮƬƦƢƮƬƨƫƨƩпƧƤфƲƦƲƠ19ƲƦƬ ©ƗфƲƬƨƠªƲƮƳ›ƯƮтƱƲƮƯƨƩƮхƈƨƢƠрƮƳфƬƲƠưƲƠƳƲƮ ƵƯфƬƷưƮнƢƯƳ›ƬƮưƴхƪƠƩнưƲƦưƩƠƨƮƳ›ƮƲƠƢƫоƬƮư ƠƤƯƮƫƤƲƠƴƮƯоƠưф›ƷưƢƬƷƯрƥƮƳƫƤƠ›фƫƨƠƱƤƨƯн ›ƠƯƠƱƲнƱƤƷƬ›ƮƳƮƧƤƠƲпưƲƷƬƲƮƨƵƮƢƯƠƴƨцƬƠƬƠ ƢƬƷƯрƥƤƨƠƳƲфƫƠƲƠƷưƲƫпƫƠƲƦưƤƨƩƠƱƲƨƩпưƲƮƳ›Ơƨ ƣƤрƠưƣƨнƲƷƬƱƲƤƯƤƮƲƳ›ƨƩцƬƤƨƩфƬƷƬƲƮƳƣфƢƫƠƲƮư ф›ƷưƱƳƫơƠрƬƤƨƱƤфƪƤưƲƨưƧƯƦƱƩƤрƤưƎƧƤнƤƫƴƠƬр ƥƤƲƠƨƷưƠ›ƮƣоƩƲƦưƲƷƬ›ƮƯƴƳƯцƬƠƬƧоƷƬƲƦưƤƮƯ ƲƠƱƲƨƩпưƩƯƮƩƮƱƳƪƪƮƢпưƱƲƠơƯнƵƨƠƲƮƳƬƦƱƨƮхƠ›ф ƢƳƬƠрƩƤưфƪƷƬƲƷƬƦƪƨƩƨцƬƤ›ƨƬƤхƮƬƲƠưƲƦƣƨƠƣƨƩƠ ƱрƠ›ƮƳƦƱхƢƵƯƮƬƦ›ƯƮƱоƢƢƨƱƦƠ›ƮƣрƣƤƨƷưƫƨƠƣƨƠ ơƠƲпƯƨƠƲƤƪƤƲп›ƮƳƧƠƩƠƲƠƱƲпƱƤƨƲƠƬƤƠƯнƩƮƯрƲƱƨƠ ›ƪпƯƦƫоƪƦƲƦưƩƮƨƬфƲƦƲƠư DFFRPSDQ\JRGVRUUXOHUV 7KHJULIILQLQ;HVWHDKLVWRULDWHGEXLOGLQJXVHG IRULQLWLDWLRQDQGULWHRISDVVDJHULWXDOVLQWURGXFHV DGLIIHUHQWFRQFHSWXDOGLPHQVLRQWRWKHVWDQGDUG LFRQRJUDSK\RIWKHOHRQLQHHDJOH ),* 7KH ZLQJHGEHLQJLVLPSUHVVLYHO\SRVLWLRQHGEHKLQG WKHHQWKURQHGIHUWLOLW\JRGGHVVWKHJUHDW3RWQLDRI WKHSUHKLVWRULF$HJHDQ19+HUHKHLVERWKDZDWFK IXOJXDUGDQGDQDLUERUQHPHVVDQJHUDVVKRZQLQ QXPHURXVVFHQHVRQRWKHUPHGLDFRPSULVLQJWKH DVVRFLDWLYHUHJLVWHUWKDWZRXOGKDYHDXWRPDWLFDOO\ LQIRUPHGWKHYLHZHUV·HQFRXQWHUZLWKWKLVVSHFLILF VFHQH7KHJRGGHVVDSSHDUVWRUHFHLYHWKHSURGXFHRI WKHIHVWLYHFURFXVKDUYHVWRQWKHLVODQG·VFUDJVWKH SXUSOHEORVVRPVRIFURFXVFROOHFWHGE\IHPDOHVRIDOO DJHV6KHVDQFWLRQVZKDWVFKRODUVWRGD\LQWHUSUHWDVD ULWHRISDVVDJHIRUWKHLQGXFWLRQRI\RXQJJLUOVWRWKH FLYLFERG\RIWKLVLPSRUWDQWSUHKLVWRULFFRPPXQLW\ $YHU\IUDJPHQWDU\ZDOOSDLQWLQJFRPSRVLWLRQ IURPWKHVRFDOOHG´3RUWHU·V/RGJHµDW$NURWLULIHD WXUHVDJULIILQSUREDEO\DFFRPSDQ\LQJDPDOHILJXUH   +6<4(: ʼˀˁ·=3(*/676<36: ʼˀˁ ·=3(*/676<36:ʼˀˁHI  =3(*/676<36:·=3(*/676<36:A69A6:· =3(*/676<36:   +6<4(: ÄNZ"=3(*/676<36: ÄNZ "=3(*/676<36:ÄNZHI  =3(*/676<36:"=3(*/676<36:A69A6:" =3(*/676<36: —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ƙƲƮƈƩƯƷƲпƯƨƤ›рƱƦưƫƨƠнƩƯƷưƱ›ƠƯƠƢƫƠƲƨƩп ƱхƬƧƤƱƦƠ›фƲƮƪƤƢфƫƤƬƮ©ƏƳƯƷƯƤрƮªƤƫƴƠƬрƥƤƨƲƮƬ ƢƯх›Ơ›ƨƧƠƬфƱƳƬƮƣфƲƦưƠƬƣƯƨƩпưƫƮƯƴпưƠƳƲпƲƦ ƴƮƯнƮƮ›ƮрƮư›ƪƦƱƨнƥƤƨƫƨƠƱƳƱƲнƣƠƩƠƯ›ƨƱƫоƬƷƬ ƴƮƨƬрƩƷƬƩƠƨƫнƪƪƮƬƨƤƯƮƳƯƢƤрƈƬ›ƠƯƠƲƦƯпƱƮƳƫƤ ƲƮƪƮƴрƮƱƲƦƬƩƤƴƠƪпƲƮƬƫƤƢнƪƮƵƯƳƱфƩƯрƩƮƱƲƮ ƠƳƲрƩƠƨƲƠƩƮƱƫпƫƠƲƠƱƲƠƱƴƳƯнƧƠƣƨƠ›ƨƱƲцƱƮƳƫƤ фƲƨƠƳƲфưƠƬпƩƤƨƱƲƦƬƩƠƲƦƢƮƯрƠƲƷƬƪƤƢфƫƤƬƷƬ©›Ưƨ ƢƩр›ƷƬªƬƤƠƯцƬƫƮƯƴцƬƣƦƪƠƣп›ƮƳƦƤƨƩƮƬƮƢƯƠƴрƠ ƲƮƳưƤƫƴƠƬрƥƤƨƱƤƲƤƪƤƲƮƳƯƢƨƩп›Ʈƫ›пƱƳƬƮƣƤƳфƫƤ ƬƮƳưƠ›фƨƤƯнƥцƠф›ƷưƮƢƯх›ƠưƩƠƨƦƱƴрƢƢƠ ƙƲƦƴƳƱƨƩпƩƪрƫƠƩƠƲƦưƤ›ƨƲƮрƵƨƠưƥƷƢƯƠƴƨ Ʃпư›ƮƳƣƨƠƩƮƱƫƮхƱƤƲƦƬфƲƨƠƤрƱƮƣƮƲƮƳƠƬƠƩƲф ƯƮƳƲƦưƑƬƷƱƮхƳ›пƯƵƤƫƨƠƲоƲƮƨƠƠƬƣƯƨƩп›Ʈƫ›п Ơ›фƲƠƱ›ƠƯнƢƫƠƲƠƲƦưƮ›ƮрƠưƮƨƱƳƬƲƦƯƦƲоưƲƮƳ $(YDQVƠ›ƮƩƠƲоƱƲƦƱƠƬƲƮƬƪƤƢфƫƤƬƮ©›ƯрƢƩƨ›ƠƫƤ ƲƠƩƯрƬƠªп©ƦƢƤƫфƬƠƨƤƯоƠª ´SULHVWNLQJµ ƠƬнƪƮƢƠ ƫƤƲƦƬ›ƤƯƨƢƯƠƴƨƩппƲƦƬƤƯƫƦƬƤƳƲƨƩп›ƯƮƱоƢƢƨƱƦ›ƮƳ ƩƠƬƤрưƤ›ƨƪоƢƤƨƢƨƠƲƦƬƠƯƨƱƲƮƲƤƵƬƨƩпƠƳƲпƠƬнƢƪƳƴƦ ƲƮƨƵƮƢƯƠƴрƠ ƈƬ›ƯнƢƫƠƲƨƣƨƩƠƨцƱƮƳƫƤфƱƮƳưƤƩƲƨƫƮхƬфƲƨƲƮ ƴƲƤƯƷƲф›ƮƪхƵƯƷƫƮƱƲоƫƫƠƣƤƬƠƬпƩƤƨƱƲƮƬнƬƣƯƠ ƩƠƨфƲƨƱхƫƴƷƬƠƫƤƲƠƤƨƩƮƬƮƢƯƠƴƨƩн›ƠƯнƪƪƦƪƠ ƲƷƬƱƴƯƠƢрƣƷƬ›Ưо›ƤƨƬƠƠ›ƮƩƠƲƠƱƲпƱƮƳƫƤƠƳƲфƬ Ʒư›ƯƮ›ƮƯƤƳфƫƤƬƮƤƬфưƪƮƴƨƮƴфƯƮƳƢƯх›Ơ›ƮƳ ƠƩƮƪƮƳƧƤрƵƠƪƠƯнƣƤƫоƬƮưƫƤƪƮƳƯр ƠƳƲƮƫнƲƷưƮ ƩƠƲƠƱƲфƪƨƱƲƮư©›ƯрƢƩƨ›ƠưªƫƤƨцƬƤƨƲƦƴƨƪнƯƤƱƩƦ›ƤƯ ›ƠƲƦƱƨнƲƮƳƩƠƨƢрƬƤƲƠƨƮƱƳƬƮƣфưƲƮƳƫƤрƥƮƬƮưƦƢƤ ƫƮƬƨƩƮхƱƳƫơфƪƮƳƲƦưƑƬƷƱƮхƫƤƲнƲƮƬƲƠхƯƮ›ƮƳ ›ƠƯƨƱƲнƬƤƲƠƨƤ›рƱƦưƠƬнƢƪƳƴƮưƱƲƮƬƠƩƯƨơцưƠ›оƬƠ ƬƲƨƳ›ƤƯƳƶƷƫоƬƮƣƨнƣƯƮƫƮƲƦươфƯƤƨƠưƤƨƱфƣƮƳƲƮƳ ƠƬƠƩƲфƯƮƳƈƬƦƠ›ƮƩƠƲнƱƲƠƱƦƲƮƳƢƯх›ƠƤƳƱƲƠ ƧƤрƮнƬƣƯƠưƩƠƨƲƮƱƳƬƮƣфƫƳƧƨƩфƥцƮƩƠƲƤƳƧхƬƮ ƬƲƠƨ›ƯƮưƲƦƬƩƤƬƲƯƨƩпƠƳƪпƲƮƬƥƷƲƨƩфƲƤƯƮƵцƯƮƲƮƳ ƠƬƠƩƲфƯƮƳф›ƮƳƲƤƪƮхƬƲƠƨƩƮƱƫƨƩнƩƠƨƧƯƦƱƩƤƳƲƨƩн ƣƯцƫƤƬƠƱƤнƫƤƱƦ›ƯфƱơƠƱƦƫƤƲƮƬƵцƯƮƲƷƬƨƤƯцƬ ƩƠƨƲƦƬƠрƧƮƳƱƠƲƮƳƧƯфƬƮƳƲƮƳƌнƬƴƠƬƲƠƱƲƮхƫƤ фƲƨƲƮƬƮƦƲƨƩф›оƯƠưƲƦư›Ʈƫ›пưƲƮƳ©нƬƣƯƠªƩƠƨƲƮƳ ©ƢƯх›ƠªƱƳƬƲƤƪƤрƲƠƨƱƲƦƬƠрƧƮƳƱƠƲƮƳƧƯфƬƮƳƦƣƨƠ ƩфƱƫƦƱƦƲƮƳƲƤƪƤƳƲƠрƮƳƵцƯƮƳƫƤƠƬƠƩƤƩƪƨƫƫоƬƮƳư ƢƯх›ƤưƤƩƠƲоƯƷƧƤƬƲƦưоƣƯƠưƲƮƳƦƢƤƫфƬƠƤ›ƠƪƦ ƧƤхƤƨƱƲƮо›ƠƩƯƮƲƦƬƩхƩƪƨƠƤ›ƠƬнƪƦƶƦƲƷƬƩƤƬƲƯƨ ƩцƬƧƤƫнƲƷƬƲƦưƤƨƩƮƬƮƢƯƠƴрƠư›ƮƳƲƮƠƬнƩƲƮƯƮ 21 =3(*/676<36:Ÿʶ˃·=3(*/676<36: ʼˀˁ  22 ʫ(ʣʞʤʤʛʪʢʨʭ ·=3(*/676<36: 23 :/(>  ʠʳŸ˅ˍʾʸˊˉʵˊŸ˅ˈˉʾˆʶˌˉʾˁʼʸŸˑˉ˅˃ʸ˃ʸˈˁʸˋʴʸˉʾˇʣ˃ˎˈ˅˒(,=(5:   00ʜ˂ʼŸʶˈʾˇ;A(ʜʞʤʛ¶ʞ=1,5 · ʛʤʞʧʢʨʭ  ·=3(*/676<36:·(9<A ʸˆ  /ʛ33(.,9/(33(.,9 ·ʫʢʣʤʛ·)3(2634,9  :ʠʛʦʣʼˀˁ ZKRVHHPVWREHDSSURDFKLQJDJURYHRIIUXLWEHDULQJ SDOPVZKLOHSHUIRUPLQJDULWH 7KHODWWHUEHDUV GLDJQRVWLFWUDLWVHQDEOLQJKLVFKDUDFWHUL]DWLRQDVD ´SULQFHµKLJKO\SOXPHGKDLUGUHVVODUJHJROGHQULQJ KXQJLQJIURPKLVHDUDQGDQNOHWV,Q0LQRDQLFRQRJ UDSK\VLPLODUILJXUHVSDUWLFLSDWHLQULWXDOSURFHVVLRQV DFFRPSDQLHGE\VDFUHGDQLPDOVOLNHWKHJULIILQRUWKH VSKLQ[ $VLPLODUSURFHVVLRQRIOLIHVL]HPDOHILJXUHV DGRUQHGWKHVRXWKHQWUDQFHRIWKH.QRVVRVSDODFH &RQVHUYDWRUVZRUNLQJIRU$UWKXU(YDQVUHVWRUHG QXPHURXVIUDJPHQWVRIZDOOSDLQWLQJVLQDFRPSR VLWLRQIHDWXULQJHLWKHUWKHVRFDOOHG´3ULQFHZLWKWKH /LOOLHVʮRU´3ULHVW.LQJʮWKHODEHOYDULHVDFFRUGLQJ WRWKHGHVFULSWLYHRULQWHUSUHWLYHDSSURDFKRQHRSWVWR VLGHZLWKZKHQLWFRPHVWRXQGHUVWDQGLQJWKLVPDJLV WHULDOUHOLHISDLQWLQJ 6FKRODUVKDYHUHFHQWO\DUJXHGWKDWWKHZLQJHG SOXPHGFURZQGRHVQRWEHORQJWRWKH´FUHVWHGʮ RU ´NLQJʮ DQGWKDWLFRQRJUDSKLFFRPSDUDQGDVXJJHVW WKDWKHVKRXOGEHUHVWRUHGLQVWHDGDVDILJXUHOHDGLQJ DJULIILQE\DOHDVK ,IWKH\DUHULJKWWKHQWKH´FUHVW HGʮVHHPVWREHORRVLQJVRPHWKLQJRIKLVVHOIFRQ VFLRXVEHDULQJDVKHOHDGVDJULIILQWKHVHFRQGPRVW LPSRUWDQWKHJHPRQLFV\PERORI.QRVVRVQH[WWRWKH EXOOVLPLODUO\UHQGHUHGLQUHOLHILQWKHUDLVHGFRUULGRU OHDGLQJIURPWKHQRUWKHQWUDQFHRQWKHRSSRVLWHVLGH RIWKHSDODFH,IWKLVUHVWRUDWLRQLVWUXHWKHPDOH ´FUHVWHGʮDQGWKHIDEXORXVDQLPDOPDNHWKHLUZD\ WRWKHFHQWUDOFRXUWWKHPRVWLPSRUWDQWSHUIRUPD WLYHVSDFHRIWKHSDODFHULJKWQH[WWRWKHPDLQSDODFH VKULQHDQGWKH7KURQH5RRP/HW·VLPDJLQHWKDWWKH WKURQHURRPZDVWKHXOWLPDWHSURJUDPPDWLFGHVWLQD WLRQRIWKH´FUHVWHGʮDQGKLVJULIILQ,QWKLVFDVHWKH UHFOLQLQJJULIILQVRQHLWKHUVLGHRIWKHWKURQHFDQEH VHHQWRUHVRQDWHWKHFRUHHOHPHQWVRIWKHUHGXQGDQW V\PEROLFPRWLIVZLWKLQWKHYLVXDOHFRQRP\RIDSDOD WLDOSURSDJDQGDGHVWLQHGIRUDVVHPEOHGFURZGVDQG IRUHLJQGHOHJDWLRQV7KHJULIILQVDW.QRVVRVHLWKHU ZLWKRXWZLQJVDVXVXDOO\XQGHUVWRRGRUZLWKZLQJVDV UHFHQWO\VXJJHVWHGZHUHWKHJXDUGLDQVDQGGHIHQGHUV RIWKHKHJHPRQLFLQVWLWXWLRQ5HVWLQJV\PPHWULFDOO\ 21 =3(*/676<36:WSZ"=3(*/676<36: ÄN  22 ʫʛʣʞʤʤʛʪʢʨʭ "=3(*/676<36: 23 :ʠʛ>  ;OPZ]PL^^HZZ\WWVY[LKI`[OLL_JH]H[VYVM2UVZZVZ(,=(5:  00 :LLHSZV;A(ʜʞʤʛʞ=1,5 "ʛʤʞʯʢʨʭ  " =3(*/676<36:"(9<A UV  /(33(.,9/(33(.,9 "ʫʢʣʤʛ")3(2634,9  :/(52ÄNZ  :ʠʛʦʣÄNZ ".(3(5(20:;:0;:(.l52,3 4(:*/,2 19 20 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ʞˀˁˑ˃ʸʣ˃ˎˈˑˇʝˆ˒ŸʸˇʸŸˑˉʾ˃ʛʶʿ˅ˊˈʸˉ˅ˊʡˆˑ˃˅ˊŸŸʯ -PN\YL2UVZZVZ.YPMMPU-YLZJVMYVT[OL;OYVUL9VVTJ)* ʩʾʺʵ!(1,=(5:;OL7HSHJLVM4PUVZ!(*VTWHYH[P]L(JJV\U[VM[OL:\JJLZZP]L:[HNLZVM[OL,HYS`*YL[HU*P]PSPaH[PVUHZ 0SS\Z[YH[LKI`[OL+PZJV]LYPLZH[2UVZZVZ=VS\TL0=3VUKVU WS???00 оƵƤƨ›ƯƮƲнƭƤƨƷư›ƤƣрƮƤƴƠƯƫƮƢпưƲƦưƮ›ƲƨƩпư›ƯƮ ›ƠƢнƬƣƠư›ƯƮưƲƠƱƳƢƩƤƬƲƯƷƫоƬƠ›ƪпƧƦƩƠƨƲƨưƭоƬƤư ƠƬƲƨ›ƯƮƱƷ›ƤрƤưƖƨƢƯх›ƤưƲƦưƑƬƷƱƮхƤрƲƤн›ƲƤƯƮƨ ф›ƷưƲƮƳưƢƬƷƯрƥƠƫƤоƷưƲцƯƠƤрƲƤ›ƲƤƯƷƲƮрф›Ʒư ›ƯфƱƴƠƲƠ›ƯƮƲнƧƦƩƠƬƤрƬƠƨƮƨƴƯƮƳƯƮрƩƠƨƧƤƫƠ ƲƮƴхƪƠƩƤưƲƮƳƦƢƤƫƮƬƨƩƮхƧƤƱƫƮхƈƬƠ›ƠƳфƫƤƬƮƨ ƱƳƫƫƤƲƯƨƩнƤƩƠƲоƯƷƧƤƬƲƷƬƩƠƯ›ƨƱƫоƬƷƬƴƮƨƬрƩƷƬ Ƴ›ƮƫƬƦƫƠƲрƥƮƳƬƲƮƬƧƯƦƱƩƤƳƲƨƩфƵƠƯƠƩƲпƯƠƲƮƳ Ơ›ƤƨƩƮƬƨƥфƫƤƬƮƳƲƮ›рƮƳƩƠƨƣƨ·ƠƳƲƮхƲƦƬ›ƠƯнƪƪƦƪƦ ƨƤƯƠƲƨƩпƨƣƨфƲƦƲƠƤƩƤрƬƮƳ›ƮƳƧƠƩƠƧрƱƤƨƱƲƮƬƠƪƠơн ƱƲƯƨƬƮƧƯфƬƮƲƮƳƠƬƠƩƲфƯƮƳ ƌƐƑ  ԜƲƠƬƣƤƬ›ƪƠƨƱƨцƬƤƨƤ›ƨƲƮрƵƨƤư›ƠƯƠƱƲнƱƤƨưƦƢƤƫƮ ƬƨƩцƬƮрƩƷƬп›ƤƨƧƠƯƵƤрƱƤƧƤфƲƦƲƤưƩƠƨƨƤƯƤрưƮƠƨƢƠƨ ƠƩфưƢƯх›Ơư›ƠƯƨƱƲнƬƤƲƠƨƱƤƨ›ƲнƫƤƬƮƩƠƪ›ƠƱƫфƲƦƬ ƩрƬƦƱƦ›ƮƳƤ›ƨƲƯо›ƤƨƱƲƮ›ƲƤƯƷƲфƥцƮƬƠƠƬƠ›Ʋх RQHLWKHUVLGHRIIUXLWODGHQSDOPVWKH\SXQFWXDWHWKH UHOLJLRXVQDWXUHRIWKHDPELHQWVSDFHWKXVHPSKD VL]LQJWKHVDFUDOUROHRIWKHWKURQH·VVXSUHPHKROGHU ),*  :KHQQRWDJXDUGLDQRUDQDWWHQGDQWWKH$HJHDQ JULIILQLVUHQGHUGLQIO\LQJJDOORSDPRYHPHQWWKDW XQGHUVFRUHVWKHEHLQJ·VFHOHVWLDOGLPHQVLRQ ,FDQ QRWSXUVXHKHUHWKHZKHQDQGZK\RIWKHLQWURGXFWLRQ RIWKH$HJHDQ´IO\LQJʮJULIILQZLWKSOXPHGFUHVW WR(J\SWXQGRXEWHGO\DQLPSRUWDQWFRXQWHUORDQ RIUXOHULFRQRJUDSK\7KH$HJHDQJULIILQ·VPRVW IRUPDOIOLJKWLVUHJLVWHUHGLQWKH$KPRVLVD[H FD %& HPSKDWLFDOO\LQFRQMXQFWLRQZLWKWKH ZLQJOHVV(J\SWLDQVSKLQ[DTXLQWHVVHQWLDOV\PERO  :ʠʛʦʣʼˀˁ ·.(3(5(20:;:0;:(.l52,34(:*/,2   50,4,0,9 ʼˀˁ  5ʢʞʥʞʢʞ9 ÄN   ʬʞʤʞʜʛʦʬʨʭ "ʫʛʣʞʤʤʛʪʛʣʠʫʫʛʩʨʭʦʛ ʫʛʣʞʤʤʛʪʛʣʠ ÄNZ  —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ƭƤƨƲƦƬƮƳƯнƬƨƠƨƣƨфƲƦƲнƲƮƳƈ›ƮƲƤƪƤрƭƤƵƷƯƨƱƲф ƠƬƲƨƩƤрƫƤƬƮƫƤƪоƲƦưƢƨƠƲƮƳưƤƨƣƨƩƮхưƲƮ›фƲƤƩƠƨƲƮ ƢƨƠƲрƮƩƠƪ›нƥƷƬƢƯх›ƠưƲƮƳƈƨƢƠрƮƳƫƤƲƮƯƨ›ƨƣƷƲф ƪƮƴрƮƤƫƴƠƬрƥƤƲƠƨƱƲƦƬƈрƢƳ›ƲƮƫƤƲƦƫƮƯƴпƠƬƲƨ ƣƠƬƤрƮƳƦƢƤƫƮƬƨƩпưƤƨƩƮƬƮƢƯƠƴрƠưƎ›ƪоƮƬƤ›рƱƦƫƦ ›ƲпƱƦƲƮƳƩƠƲƠƢƯнƴƤƲƠƨƱƲƮƬ›оƪƤƩƳƲƮƳӳƵƫƷƱƨ› ›ƝƩƠƨƫнƪƨƱƲƠ›рƱƷƠ›фƲƦƬн›ƲƤƯƦƠƨƢƳ›Ʋƨ ƠƩпƱƴрƢƢƠƧƤƫƤƪƨцƣƮƳưƱƳƫơфƪƮƳƲƦưƴƠƯƠƷƬƨƩпư ƨƱƵхƮưƌƪƩƳƱƲƨƩп›ƠƯƠƫоƬƤƨƦƱхƬƣƤƱƦƲƮƳƴƠƯƠц ƠƳƲƮхƫƤƲƦƬƩƠƲнƩƲƦƱƦƲƦư›фƪƦưӳơƠƯƨư ƱƦƫ7HOOHO 'DED ф›ƮƳƮƨ›ƯфƱƴƠƲƤưƠƬƠƱƩƠƴоưоƴƤƯƠƬƱƲƮƴƷư ƫƨƬƷƨƩпưƲƤƵƬƮƲƯƮ›рƠưƩƠƨƧƤƫƠƲƮƪƮƢрƠưƲƮƨƵƮƢƯƠ ƴрƤưƫƤƠƬƲƷ›ƮхưƢƯх›ƤưƬƠƣƨƠƩƮƱƫƮхƬƲƮƬƧƯфƬƮ ƲƮƳƤƩƤрƠƬƠƩƲфƯƮƳƤхƯƦƫƠ›ƮƳƤƢƩƠƨƬƨнƥƤƨƲƦƬ›Ưф ƱƪƦƶƦƫƨƠư©ƦƢƤƫƮƬƨƩпưƩƮƨƬпưªƱƲƦƬƤƨƩƮƬƮƢƯƠƴрƠ ƲƦưƈƬƠƲƮƪƨƩпưƓƤƱƮƢƤрƮƳ •ˆÃºÄľ ƙƲƦƬрƣƨƠƤƨƩƮƬƮƢƯƠƴƨƩпƩƠƨƨƣƤƮƪƮƢƨƩп©ƩƮƨƬпªƠƬп ƩƤƨƦƱƴрƢƢƠƫƨƭƮƢƤƬоưƮƬƫƤƱцƫƠƪƨƮƬƲƠƯƨƮхпƠрƢƠư ƩƠƨƩƤƴнƪƨƠƬƧƯц›ƨƬƮƫƤƵƠƯƠƩƲƦƯƨƱƲƨƩф›фƪƮƫƤ ƪƮƴрƮ›ƮƳƤƫƴƠƬрƥƤƲƠƨƱƲƮƈƨƢƠрƮƱƲƦƬƤ›ƮƵпƲƷƬ ›ƯцƲƷƬƠƬƠƩƲфƯƷƬƲƦưƑƯпƲƦư ›Ɲ  ӻƬƠ›пƪƨƬƮ›ƪƠƩрƣƨƮƠ›фƲƠƓнƪƨƠƱƳƬƣоƤƲƠƨƷư›ƯƮư ƲƠƠƬƠƲƮƪƨƩнƵƠƯƠƩƲƦƯƨƱƲƨƩнƲƮƳƫƤƲƦƬƲƤƵƬƮƲƯƮ›рƠ ƠƬнƢƪƳƴƷƬƩƤƯƠƫƨƩцƬƠƢƢƤрƷƬƠ›фƫƨƠơƨƮƲƤƵƬƨƩп ƱƳƬƮƨƩрƠƲƮƳ›ƠƪƠƨƮхƠƬƠƩƲфƯƮƳ›ƮƳƱƳƬƣƳнƥƮƳƬ ƲƮƬƤƭƷƲƨƱƫфƲƷƬƬƤƨƪƷƲƨƩцƬƲƮ›рƷƬƫƤƲƮƬƱƳƫơƮ ƪƨƩфƩфƱƫƮƲƷƬƠƢƠƧцƬƣƠƨƫфƬƷƬƱƲƮƳưƮ›ƮрƮƳư ƱƳƢƩƠƲƠƪоƢƮƬƲƠƨƮƨƱƴрƢƢƤư ƒƨƢфƲƤƯƮƱƳƵƬпƱƲƦƬƤƫƴнƬƨƱпƲƦưƱƲƠƵƯфƬƨƠ ƲƷƬƫƨƬƷƨƩцƬƠƬƠƩƲфƯƷƬƩƠƨƤƬƲƮƬфƲƤƯƦƱƲƠƵƯфƬƨƠ ƲƦưƪƤƢфƫƤƬƦư©ƓƳƩƦƬƠтƩпưƩƮƨƬпưª ƮưƮưƠƨ ›Ɲ фƲƠƬƣƦƪƠƣпƦƬфƲƨƠƦ›ƤƨƯƷƲƨƩпƵцƯƠƩƠƨфƪƮ ƲƮƈƨƢƠрƮƧƠƵƯƦƱƨƫƮ›ƮƨƤрƲƦƬрƣƨƠƤƨƩƮƬƮƢƯƠƴрƠƩƠƨ ƲƮƳưрƣƨƮƳưƧƯƦƱƩƤƳƲƨƩƮхưƱƳƫơƮƪƨƱƫƮхưƦƱƴрƢƢƠ ƱƲƠƣƠƩƲƳƪрƣƨƠƲƨưƱƴƯƠƢрƣƤưƩƠƨƲƠƤƪƤƴƠƬƲƮƳƯƢп ƫƠƲƠƫƮƨнƥƤƨƬƠƮƯрƥƤƨƲƦƬƨƤƯфƲƦƲƠƲƷƬƵцƯƷƬпƲƷƬ ƩƲƦƯрƷƬ›ƠƯнƬƠƱƳƬƣƨƠƪоƢƤƲƠƨƫƤƲƮƬƩфƱƫƮƲƷƬ   ʬʞʤʞʜʛʦʬʨʭ ·ʫʛʣʞʤʤʛʪʛʣʠʫʫʛʩʨʭʦʛ ʫʛʣʞʤʤʛʪʛʣʠ ʼˀˁ   :(3,/:6<96<A0(5 ʸˆ·469.(5·90;5,9 ʼˀˁ 31 469.(5 32 90;5,9ʜ˂)3(2634,9ˈʾɤ  33 +,::,55, ·;A(ʜʞʤʛ¶ʞ=1,5 ʝˀʸˉʾˈˋʶʺʺʸˈˉʾ˃ ʛʶʺˊŸˉ˅ʹ˂>(94,5)63  76<9:(;ʸˆ·(9<Aʼˀˁ  ʥʭʤ£ʦʛʫ ·)3(2634,9ʜ˂ɣʠʥʛʣʨʩʨʭʤʨʭ  ʸˆʸˆ RISKDUDRQLFPLJKW 7KHDVVRFLDWLRQRIWKLVSKDUDRK ZLWKWKHFRQTXHVWRI$YDULV QRZ7HOOHO'DED LVYHU\ SURPLVLQJ5HFHQWH[FDYDWLRQVDW7HOOHO'DEDKDYH EURXJKWWROLJKWZDOOSDLQWLQJVRI0LQRDQVW\OHDQG LFRQRJUDSKLFFRQWHQWIHDWXULQJDPRQJRWKHUWKHPHV DQWLPHWRSDOJULIILQVLQWKHWKURQHURRP 7KLVILQG VHHPVWRUHIOHFWWKHUHFHSWLRQRID´NRLQHʮ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´0\FHQDHDQNRLQHµ WKWKF%& D SHULRGGXULQJZKLFKWKHVRXWKRIPDLQODQG*UHHFH DQGWKH$HJHDQHPSOR\VFRPPRQLFRQRJUDSK\DQG FRPPRQV\PEROV,QWKLVSHULRGWKHVSKLQ[GHFRUDWHV ULQJVVHDOVDQGLYRU\ZRUNVLQRUGHUWRVLJQDOWKHVDQF WLW\RIVDFUHGVSDFHVRUEXLOGLQJVVKHLVQRWFRQYHUVDQW ZLWKWKHZRUOGRIKXPDQPRUWDOEHLQJV,QPDLQODQG *UHHNLFRQRJUDSK\WKHVSLQ[LQKDELWVLPDJLQDU\RU P\WKRORJLFDOFRQWH[WVWKDWPD\EHUHODWHGWRGLYLQH EHLQJVEXWQRWH[FOXVLYHWRWKHP6KHLVUHSUHVHQWHGDV DJXDUGLDQRIWKH´VDFUHGWUHHµRURI´SLOODUVKULQHµ WKDWLVV\PEROVWKDWUHIHUHQFHUHDORULPDJLQDU\VSDFHV RIWKHSDODFHWKHVDQFWXDU\DQGWKHJUDYH 7KHVSKLQ[DSSHDUVIUHTXHQWO\RQWKHFOD\FRIILQV ODUQDNHV IURP7DQDJUD%RHRWLDLQ0\FHQDHDQ *UHHFHDXQLTXHFRUSXVRIFOD\ER[HVIRUWKHEXULDO  :(3,/:6<96<A0(5 UV"469.(5"90;5,9 ÄN 31 469.(5 32 90;5,9:LLHSZV)3(2634,9UV[L  33 +,::,5, ";A(ʜʞʤʛ¶ʞ=1,5 6U[OL,N`W[PHU ZWOPU_ZLL>(94,5)63  76<9:(;UV"(9<AÄN  ʥʭʤ£ʦʛʫ ")3(2634,9:LLHSZV ɣʠʥʛʣʨʩʨʭʤʨʭ UVUV  ;A(ʜʞʤʛʞ=1,5  "ʥʭʤ£ʦʛʫ "*96>3,@ ,"(9<AUV"(ʪʛʜʛʦʬʢʦʨʫ  +,::,5, "(ʪʛʜʛʦʬʢʦʨʫ-VYH[OVYV\NO HUHS`ZPZZLLʬʨʭʪʦʛʜʢʬʨʭ  21 22 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ƧƬƦƲцƬƙƲƦƬƤƪƪƠƣƨƩпƤƨƩƮƬƮƢƯƠƴрƠƠ›ƮƣрƣƤƲƠƨ ƱƲƮƬƵцƯƮƲƮƳƴƠƬƲƠƱƲƨƩƮхƩƠƨƫƳƧƮƪƮƢƨƩƮх›ƮƳƠƬ ƩƠƨƱƳƬƣоƤƲƠƨƫƤƲƦƧƤфƲƦƲƠƣƤƬƲƠƳƲрƥƤƲƠƨƫƤƠƳƲпƬ ƗƠƯƨƱƲнƬƤƲƠƨƱƠƬƴхƪƠƩƠưƲƮƳ©ƨƤƯƮхƣоƬƲƯƮƳªƩƠƨ ƲƮƳ©ƩрƮƬƠƨƤƯƮхª›ƯƮƱƣƨƮƯƨƱƲƨƩнƱхƫơƮƪƠƩн›ƮƨƷƬ ƴƠƬƲƠƱƨƠƩцƬп›ƯƠƢƫƠƲƨƩцƬƵцƯƷƬ›ƮƳƱƳƬƣоƮƬƲƠƨ ƫƤƲƮƠƬнƩƲƮƯƮƲƮƨƤƯфƩƠƨƲƮƬƲнƴƮ ƙƲƨư›пƪƨƬƤưƪнƯƬƠƩƤưƲƦưƚƠƬнƢƯƠưƫƮƬƠƣƨƩфƢƨƠ ƲƦƓƳƩƦƬƠтƩпƌƪƪнƣƠƱцƫƠ›пƪƨƬƷƬƩƨơƷƲрƷƬƢƨƠ ƲƦƬƲƠƴпƲƷƬƬƤƩƯцƬƲƮƳ›ƝƦƱƴрƢƢƠ Ơ›ƠƬƲнƠƯƩƤƲнƱƳƵƬнƏƠƱƲƠƧƮхƫƤƱƤоƬƠƠƫƴр ƢƯƠƴƮ›ƠƯнƣƤƨƢƫƠƪнƯƬƠƩƠưф›ƮƳƱƲƦƫƨƠфƶƦƤƨƩƮ ƬрƥƤƲƠƨƱƴрƢƢƠƧƦƪƳƩпƩƠƨƱƲƦƬнƪƪƦфƶƦƱƴрƢƢƠ ƠƯƱƤƬƨƩпф›ƷưƣƦƪцƬƤƨƲƮƳ›ƮƢоƬƤƨƮ ƌƐƑƈƉ  ƎƳ›ƮƣпƪƷƱƦƲƮƳƴхƪƮƳƤрƬƠƨƱ›нƬƨƠƩƠƧцưƲƮƮƬ ƧƤƷƯƤрƲƠƨ пƢƨƠƲƦƬƠƩƯрơƤƨƠ›ƯƮƱƪƠƫơнƬƤƲƠƨƠ›ф Ƥƫнư ƷưƧƦƪƳƩфơнƱƤƨƲƮƳƪƮƴƨƮƴфƯƮƳƩƠƪхƫƠƲƮư ƲƦưƩƤƴƠƪпư›ƮƳфƫƷưƣƤƬƠƯƩƤрƢƨƠƬƠ›ƯƮƱƣƨƮƯр ƱƤƨƲƮƴхƪƮ 40ƌƬƣƤƨƩƲƨƩф›ƠƯнƣƤƨƢƫƠƲƮƳоƫƴƳƪƮƳ ƳơƯƨƣƨƱƫƮхƱƲƠƫƨƭƮƤƢƤƬпƠƳƲнфƬƲƠƲƮƳƈƨƢƠрƮƳ ƤрƬƠƨƲƮ›пƪƨƬƮƩƤƴнƪƨƢƬƷƱƲфƷư©нƯƵƷƬƲƦưƈƱр ƬƦưªƤхƯƦƫƠƲƮƳ›ƝƠ›фƲƮƮƨƩƨƠƩфƨƤƯфƤƬфư ƫƳƩƦƬƠтƩƮхƱ›ƨƲƨƮхƲƦưƠƯƢƮƪƨƩпưƠƩƯф›ƮƪƦư41›ƮƳ ƫƤƪƤƲƦƫоƬƮ›ƯфƱƴƠƲƠƱƤƱхƢƩƯƨƱƦƫƤ›пƪƨƬƠƤƨƣцƪƨƠ ƲƦưƑƯпƲƦưƠƪƪнƩƠƨƱƳƢƩƯƨƬфƫƤƬƮƫƤƲƮƫƮƬƠƣƨƩф ƠƱơƤƱƲƮƪƨƧƨƩфƩƤƴнƪƨƠ›фƲƦƬƠƩƯф›ƮƪƦƲƷƬƓƳƩƦ ƬцƬ›ƯƮƱƴоƯƤƨơнƱƨƫƦƲƦƬ›Ƥ›ƮрƧƦƱƦфƲƨ›ƠƯƨƱƲн ƬƤƨƱƴрƢƢƠ ƙƤƱƩƦƬпƤ›ƨƲнƴƨƮƳƧƯпƬƮƳ›нƪƨƱƤƪнƯƬƠƩƠƲƦư ƚƠƬнƢƯƠưƦƱƴрƢƢƠоƵƤƨ›ƯƮƱƣƤƧƤрƱƲƦƫоƱƦƫƨƠưƠ›ф ƲƨưƢƳƬƠрƩƤưƧƯƦƬƷƣƮхư44ƩƠƲнƲƮƬƲƯф›Ʈ›ƮƳƮƧƦƯƠ тƩфưƢƯх›ƠưоƵƤƨƣƤƧƤрƠ›фƲƮƪƮƳƯрƲƮƳ›рƱƷƠ›фƲƦƬ ƗфƲƬƨƠƲƦưƕƤƱƲпư›ƮƳƤрƣƠƫƤ›ƨƮ›нƬƷ Ɨцưƫ›ƮƯƤрфƫƷưƬƠƱƳƬƣоƤƲƠƨƦƱƴрƢƢƠƫƤƲƦƧƯƦ ƬƦƲƨƩпƣƨƠƣƨƩƠƱрƠƲƷƬƧƬƦƲцƬƩƠƨƫнƪƨƱƲƠƵƷƯрưƱƲƦ ƱƩƦƬпƬƠƳ›нƯƵƤƨрƵƬƮưƫƤƲƠƴƳƱƨƩпưƨƣƨƠƨƲƤƯфƲƦƲƠư ƙхƫơƮƪƮƲƮƳƧƠƬнƲƮƳƦрƣƨƠƱƳƬƮƣфưƴƯƮƳƯфưƲƮƳ ƲнƴƮƳпƫƤƲƠƴƳƱƨƩпƠ›ƤƨƩфƬƨƱƦƲƦưƫƮрƯƠư45ƤрƬƠƨ ƱƦƫƠƬƲƨƩпƦƧоƱƦƲƦưƱƲƦƬƲƠƴƨƩпƤƨƩƮƬƮƢƯƠƴрƠƲƷƬ  ;A(ʜʞʤʛ¶ʞ=1,5  ·ʥʭʤ£ʦʛʫ ·*96>3,@ ,·(9<Aʸˆ·(ʪʛʜʛʦʬʢʦʨʫ  +,::,55, ·(ʪʛʜʛʦʬʢʦʨʫʜ˂ʸ˃ʸ˂ˊˉˀˁʳ ʬʨʭʪʦʛʜʢʬʨʭ   ʬʨʭʪʦʛʜʢʬʨʭ    ʬʨʭʪʦʛʜʢʬʨʭ ʼˀˁ·(ʪʛʜʛʦʬʢʦʨʫ  ʥʭʤ£ʦʛʫ ʝˀʸˉ˅ʿʴɤʸˉ˅ˊ­ˋ˒˂˅ˊ®ˉʾˇˈˋʶʺʺʸˇʹ˂ ʬʨʭʪʦʛʜʢʬʨʭ ˈʾɤ  +»(.(;/( ʜ˂ɣʠʥʛʣʨʩʨʭʤʨʭ   ʸˆʝˀʸˉ˅ʿʾ˂ˊˁˑ ­ˋ˒˂˅®ˈˉ˅ˊˇʺˆ˒Ÿʼˇʹ˂*96>3,@,  ʬʫʨʭʦʬʛʫ ʛ˃ˉʶʿʼˉʾʳŸ˅ˍʾˁʼˋʸ˂ʵʸʺʳ˂ɤʸˉ˅ˇʿʼʳˇʼˁˋˆʳʽʼˀ˅ ʥʭʤ£ʦʛʫ Ÿʶ˃   +»(.(;/(   ʬʨʭʪʦʛʜʢʬʨʭ ʼˀˁ  ʬʨʭʪʦʛʜʢʬʨʭ   RIGHDGFD%&/HW·VWDNHDFORVHUORRNDW DELIDFLDOH[DPSOHZLWKDIHPDOHVSKLQ[RQRQHVLGH DQGDPDOHVSKLQ[RQWKHRWKHUWKHODWWHUGHILQHGE\ DJRDWLH ),*$% 7KHLQGLFDWLRQRIVH[LVUDUH DVWKHVSKLQ[LVXVXDOO\FRQVLGHUHGDVIHPDOHRQWKH EDVLVRILWVFUHVWHGKHDGGUHVVDQLQVXIILFLHQWDWWULEXWH IRUWKHGHILQLWLRQRIWKHILJXUHV·VH[40$FKDUDFWHULVWLF H[DPSOHRIWKHJHQGHUHGK\EULGLVPRIWKHVH$HJHDQ FRPSRVLWHPRQVWHUVLVWKLVFOD\KHDGWKHVRFDOOHG ´PDVWHURI$VLQHµ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´0LQRDQGDHPRQµRU´0LQRDQGUDJRQµ)RURWKHU PRUHUDUHEHLQJVZHXVHDZNZDUGFRQYHQWLRQDOWHUPV OLNH´ZRPDQELUGµ´PDQOLRQµRU´PDQJRDWµHWF46  ʬʨʭʪʦʛʜʢʬʨʭ    ʬʨʭʪʦʛʜʢʬʨʭ ÄN"(ʪʛʜʛʦʬʢʦʨʫ  ʥʭʤ£ʦʛʫ 6U[OL¸ZL_¹VM[OLZWOPU_ZLLʬʨʭʪʦʛʜʢʬʨʭ  UV[L  +»(.(;/( :LLHSZVɣʠʥʛʣʨʩʨʭʤʨʭ   UV6U[OL MLTHSL¸ZL_ϮVM[OLNYPɉUZZLL*96>3,@,  ʬʫʨʭʦʬʛʫ .4`SVUHZOV^L]LYPU[LYWYL[Z[OPZHY[PMHJ[HZ[OLOLHKVM HKLP[`»ZZ[H[\LZLLʥʭʤ£ʦʛʫ WS   +»(.(;/(   ʬʨʭʪʦʛʜʢʬʨʭ ÄN  ʬʨʭʪʦʛʜʢʬʨʭ    ;A(ʜʞʤʛ¶ʞ=1,5   "*96>3,@;  —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ʞˀˁˑ˃ʸʬʸ˃ʳʺˆʸʩʵ˂ˀ˃ʾ˂ʳˆ˃ʸˁʸɤʼŸʸˆʳˈˉʸˈʾˈˋˀʺʺ˓˃˅ˇʸˀŸʯʛˆˌʸˀ˅˂˅ʺˀˁˑʥ˅ˊˈʼʶ˅ʡʾʹ˓˃ -PN\YL;HUHNYH*SH`SHYUH_KLWPJ[PUNZWOPU_LZ[OJ)*;OLILZ(YJOHLVSVNPJHS4\ZL\T ʩʾʺʵ!ʜʛʪʛʜʛʦʬʢʦʨʫʬ˅ʛˆˌʸˀ˅˂˅ʺˀˁˑʥ˅ˊˈʼʶ˅ʡʾʹ˓˃ʣ˅ˀ˃ˎˋʼ˂ʴˇʖʻˆˊɤʸʢʤʳˉˈʾ¶ʬˆʳŸʼʽʸ,-.,\YVIHUR ʞYNHZPHZ(,ʛʿʵ˃ʸ 23 24 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ơƮƨƷƲƨƩцƬƪƠƯƬнƩƷƬƩƠƨƣƨƣƠƩƲƨƩпƠƩƯƨơцưƪфƢƷ ƲƦưƤƭцƩƮƱƫƦưƮƨƩƤƨфƲƦƲƠư›ƮƳƤƩ›оƫ›Ƥƨ ªÉɾ¶ËѾ ƌƭƤƲнƥƮƬƲƠưƲƮƬƢƯх›ƠƲƦƱƴрƢƢƠƲƮƬ›ƯƷƲƮ ƩоƬƲƠƳƯƮƩƠƨнƪƪƠƴƠƬƲƠƱƲƨƩнфƬƲƠƲƦưƤƨƩƮƬƮ ƢƯƠƴрƠƲƦưƌ›ƮƵпưƲƮƳƝƠƪƩƮхƵƯƦƱƨƫƮ›ƮƨƮхƫƤ ƩƠƲƠƵƯƦƱƲƨƩнƲƠƮƬфƫƠƲƠƲƷƬфƬƲƷƬƤƩƤрƬƷƬ ›ƮƳƫƠưƤрƬƠƨƢƬƷƱƲнƠ›фƲƦƬƨƱƲƮƯƨƩпƢƯƠƫƫƠ ƲƤрƠƤ›ƤƨƣпƦƤƨƩƮƬƮƢƯƠƴрƠƲƮƳưƣƨƠƲƦƯпƧƦƩƤƱƤ ƫƤƢнƪƮơƠƧƫфƠƬƠƪƪƮрƷƲƦƊƨƠнƪƪƠƫƨƭƮƢƤƬпп ƳơƯƨƣƨƩнфƬƲƠƵƯƦƱƨƫƮ›ƮƨƮхƫƤ›ƤƯƨƴƯƠƱƲƨƩƮхưп ›ƠƯƠơƮƪƨƩƮхưфƯƮƳưф›Ʒư©ƫƨƬƷƨƩфưƣƠрƫƮƬƠưª ©ƫƨƬƷƨƩфưƣƯнƩƮưªƤƬцƢƨƠƪƨƢфƲƤƯƮƠ›ƠƬƲцƫƤƬƠ ƫƨƭƮƢƤƬпƤрƣƦƲƮƳưƠƫпƵƠƬƮƳưфƯƮƳư©ƢƳƬƠрƩƠ ›ƮƳƪрª©нƬƣƯƠưƪоƷƬª©нƬƣƯƠưƩƯƨфưªƩƪ›46 ƙƤƠƬƲрƧƤƱƦƫƤƲƮƬƳơƯƨƣƨƩфƱƳƬƣƳƠƱƫфƠƬƧƯц ›ƮƳƩƠƨƪоƮƬƲƮưпƠрƢƠư›ƮƳƠ›ƮƣрƣƤƨƦƱƴрƢƢƠƩƠƨ ƠƬƧƯц›ƮƳ›ƲƦƬƮх›ƮƳƠ›ƮƣрƣƤƨƦ›ƯцƨƫƦƱƤƨƯпƬƠ ƩƠƨƲƠƮ›ƮрƠ›ƠƯƨƱƲнƬƮƬƲƠƨƱƵƤƣфƬ›нƬƲƠƩƠƧƨƱƫоƬƠ ƩƠƨƦƱƳƵнƥƮƬƲƠƮƩƯƦƲƮƫƳƩƦƬƠтƩфưƩфƱƫƮưƣƦƫƨ ƮхƯƢƦƱƤƩƠƨƨƱƲнƫƤƬƤưƫƮƯƴоưƠƬƧƯц›ƷƬƲƠхƯƷƬ ›ƮƳƧƳƫрƥƮƳƬƓƨƬцƲƠƳƯƮƳư47ƊƨƠƠƳƲоưƧƠƪоƢƠƫƤ фƲƨƤрƬƠƨƠƬƣƯƨƩоư48ƩƠƨфƲƨ›ƯƮơнƪƪƮƳƬоƬƠƬƣƳƬƠƫƨ ƱƫфƤƬƤƯƢƤƨцƬ ›ƵƫƤƲƠƴоƯƮƳƬƬƤƩƯƮхư49 пƫƨƠƫƬƦ ƫƤƨƠƩпƫƤƲƷ›ƨƩфƲƦƲƠƱƲƮƨƵƤрƠ›ƮƳƳ›ƮƣƦƪцƬƮƳƬ ƲƦƫƳƧƮƪƮƢƨƩпƲƮƳưƳ›фƱƲƠƱƦƣƦƪƠƣпƲƦƬƤƫ›ƪƮƩп ƲƮƳưƱƤ›ƯƷƲƳ›Ʈ›ƮƨƦƫоƬƤưƠƴƦƢƦƫƠƲƨƩоưƨƱƲƮƯрƤư ƠƯƵоƢƮƬƷƬƩƠƲƠơƮƪцƬƫƤƲƠƴƳƱƨƩцƬƱƳƪƪпƶƤƷƬп ƧƤтƩцƬƢƤƬƦƲфƯƷƬ50 Ɩ›ƪоƮƬƢƬƷƱƲфưƱƴƯƠƢƨƣфƪƨƧƮưƫƤƠƬнƪƮƢƦ ›ƠƯнƱƲƠƱƦƠ›ƤƨƩƮƬрƥƤƨƲƮƱцƫƠƲƮƳнƬƣƯƠƬƠƢрƬƤ ƲƠƨƦоƣƯƠƠ›фƲƦƬƮ›ƮрƠƬƤƩƴхƮƬƲƠƨƱƳƫƫƤƲƯƨƩн ƲƠхƯƮưƩƠƨƠрƢƠƢƯƮư51 ƌƐƑƈƉ ƲƠƣхƮƥцƠ›ƮƳ ƱƲƦƬƤƨƩƮƬƮƢƯƠƴрƠƱƳƵƬнƱƳƪƪƠƫơнƬƮƬƲƠƨƠ›фƬƤƠ ƯƮхưнƬƣƯƤưƷưƣƨƠơƠƲпƯƨƮƨнƧƪƮƨ ƕƤƵƷƯƨƱƲпƤрƬƠƨƦ›ƤƯр›ƲƷƱƦƲƮƳƪƤƢфƫƤƬƮƳ  ;A(ʜʞʤʛ¶ʞ=1,5   ·*96>3,@;  0 0 ,, ·)3(2634,9  29A@:A26>:2(  *96>3,@,   *96>3,@: H  ʥʼˉˎŸˀˁʳʸŸ˅ʻ˅ˈɤʴ˃ʼˇʻʸˀɤ˅˃ˀˁʴˇɤ˅ˆˋʴˇʼʶ˃ʸˀʼ˄ʸˀˆʼˉˀˁʳˈŸʳ˃ˀʼˇˈˉʾ˃ ʼˀˁ˅˃˅ʺˆʸˋʶʸˉ˅ˊʛˀʺʸʶ˅ˊʹ˂;A(ʜʞʤʛ¶ʞ=1,5 ʸˆ · *96>3,@0ʔ˃ʸˉʴˉ˅ˀ˅˅˃ɤʼˉʼˆʸˉ˓ʻʾˑˍʾɤʸˈˉ˅˒ˇ˓ˆˀɤʾˇ ʺˊ˃ʸʶˁʸˇˁʸˀʸˁʸ˃ʿˎˉˑŸʼˆʶʺˆʸɤɤʸŸ˅ˊŸʸˆʸŸʴɤŸʼˀˈʼˁˆ˅ˁˑʻʼˀ˂˅ʵʳ˂˂˅ ˂ʼŸˀʻˎˉˑʽ˓˅ʹˆʴʿʾˁʼŸˆˑˈˋʸˉʸˈˉ˅˃ʩʼˉˆʳˉʾˇʣˆʵˉʾˇˁʸˀˌˆ˅˃˅˂˅ʺʼʶˉʸˀ ˈˉˀˇʸˆˌʴˇˉʾˇʾˇˌˀ˂ˀʼˉʶʸˇŸʯO[[W!^^^J\S[\YLNYLS0UMVYTH[PVU :P[L7HNLZ]PL^HZW_&U0+$  *4:=00·29A@:A26>:2(ʸˆ ʴʺˌˆŸʶ˃·*96>3,@ ,H  =3(*/676<36:ʼˀˁ·=3(*/676<36:  ʼˀˁ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´0LQRDQGDHPRQµ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·VWXUQRXWDWWHQWLRQRQFHPRUHWRWKHZLQJHG EHLQJVRIWKH$HJHDQ$VQRWHGDERYHLQWKH/DWH 0 0 ,, ")3(2634,9  29A@:A26>:2(  *96>3,@,   *96>3,@: H  -YVU[HSS`KLWPJ[LKKHLTVUPJÄN\YLZHYLYHYLPU[OL(LNLHUPJVUVNYHWO` ZLL;A(ʜʞʤʛ¶ʞ=1,5 UVZ "*96>3,@0 6ULZ\JOILPUN^P[OTVU[YLV\ZMHJLIYLHZ[ZVMHTH[\YLMLTHSLHUK[OVYU` JVU[V\Y[OH[HSS\KLZ[VHJYVJVKPSL^HZYLJLU[S`YLWVY[LKMYVT7L[YHZ *YL[LHUKKH[LZ[V[OLLHYS`UKTPSSLUUP\T)*O[[W!^^^J\S[\YLNYLS 0UMVYTH[PVU:P[L7HNLZ]PL^HZW_&U0+$  *4:=00"29A@:A26>:2(UV JVSWS"*96>3,@ ,H  =3(*/676<36:ÄNZ"=3(*/676<36:  ÄNI  >,05.(9;,5 ">,05.(9;,5"*96>3,@," )3(2634,9UV[L  2ʛʪʞʬʫʨʭL[HSUVZ"(9<A UV[LZ  )(<9(05+(9*8<,   >,05.(9;,5   2ʛʪʞʬʫʨʭL[HS;PY`UZYPUNUVZʹ"(9<A ÄN —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ʞˀˁˑ˃ʸʥˀ˃ˎˀˁʵˈˋˆʸʺʶʻʸɤʼŸʸˆʳˈˉʸˈʾˊʹˆˀʻʶ˅ˊʳ˃ʻˆʸˉʸ˒ˆ˅ˊʸˀʺʳʺˆ˅ˊ -PN\YL4PUVHUZLHSKLWPJ[PUNHO`IYPKTHUI\SS^PSKNVH[ ʩʾʺʵ!ʨ29A@:A26>:2((LNLHUZLHSZ(UPU[YVK\J[PVU3VUKVUUV JVSWS ©ƓƨƬƷƨƩƮхƣƠрƫƮƬƠª›ƮƳƠƬƩƠƨфƵƨ›ƲƤƯƷƲфưƱƳƬƨ ƱƲнƫƤрƥƮƬƳơƯрƣƨƮƲƦưƩƯƦƲƮƫƳƩƦƬƠтƩпưƠƬƨƫƠƪƨ ƱƲƨƩпưƤƨƩƮƬƮƢƯƠƴрƠưƗƯфƩƤƨƲƠƨƢƨƠƲƦƱƲƠƣƨƠƩп ƫƤƲƠƫфƯƴƷƱƦƲƦưƠƨƢƳ›ƲƨƠƩпưƚƠƮхƯƲпƚƠƮƳƤƯоƲ ƧƤфƲƦƲƠưƲƮƳƲƮƩƤƲƮх›ƮƳƣƠƬƤрƥƤƲƠƨƲƦƬƠƬƧƯƷ›Ʈ ƫƨƫƦƲƨƩпƫƮƯƴпƲƦưƠ›фƲƦƱƲƮƯƢƨƩпƫƦƲоƯƠƨ››Ʈ›ф ƲƠƫƮƱƲƦƬфƶƦƩƠƨƠ›фƲƮƬƩƯƮƩфƣƤƨƪƮƱƲƮ›ƲƤƯхƢƨƮ ƲƦư›ƪнƲƦưƠƫƴфƲƤƯƠƳƣƯфơƨƠƥцƠƲƮƳƔƤрƪƮƳ54ƙƲƮ ƈƨƢƠрƮƦƫƮƯƴпƠƳƲпƤƩ›р›ƲƤƨƲƦưƧƤтƩпưƲƦưƳ›фƱƲƠ ƱƦưƩƠƨƤƬцƠƭƨцƬƤƨƠƳƲƮƲƤƪпƤƨƩƮƬƮƢƯƠƴрƠф›Ʒư ƱƲƮ›ƤƯрƴƦƫƦưƲоƵƬƦưƪрƧƨƬƮƯƳƲфƱƤƱƵпƫƠƲƯрƲƷƬƠ Ơ›фƲƠƓнƪƨƠ55ƮƯфƪƮưƲƦưƤрƬƠƨƠƳƲфưƲƮƳƱƳƬƮƣƮх ƣƠрƫƮƬƠƱƤƨƤƯƮƳƯƢрƤưƱ›ƮƬƣцƬ56ƛ›фƠƳƲпƲƦƬƨƣƨ фƲƦƲƠƮƨƫƨƬƷƨƩƮрƣƠрƫƮƬƤưƱƳƢƩƯƮƲƮхƬƧƨнƱƮƳưƩƠƨ ƤƫƴƠƬрƥƮƬƲƠƨƤƬц›ƨƮƬƲƦưƩƠƧƨƱƲпưƗфƲƬƨƠưƫƤƲƠ ƪƠƫơнƬƮƬƲƤưƲƷƬƱ›ƮƬƣƨƩцƬƲƤƪƤƲцƬ›ƮƳƤƩƤрƬƦ Ƥ›ƨƬƤхƤƨф›ƷưƱƳƫơƠрƬƤƨƱƲƮƢƬƷƱƲфƣƠƩƲƳƪрƣƨƲƦư ƚрƯƳƬƧƠư57ф›ƮƳƤ›ƨ›ƪоƮƬƦơƪƠƱƲƨƩпƢƮƬƨƫƨƩпƨƣƨф ƲƦƲƠƲƷƬфƬƲƷƬƠƳƲцƬƤ›ƠƬоƯƵƤƲƠƨ ƈưƤ›ƠƬоƪƧƮƳƫƤƱƲƠ›ƲƤƯƷƲнфƬƲƠфƫƷưƢƨƠƬƠ ƲƠ›ƯƮƱƢƤƨцƱƮƳƫƤƱƲƮƧоƫƠƫƠưƙƲƦƬƤƭоƪƨƭпƲƮƳ  >,05.(9;,5 ·>,05.(9;,5·*96>3,@,· )3(2634,9ˈʾɤ  2ʛʪʞʬʫʨʭˁʳʸˆ·(9<A ʸˆ  )(<9(05+(9*8<,   >,05.(9;,5   2ʛʪʞʬʫʨʭˁʳʻʸˁˉˊ˂ʶʻˀˉʾˇʬʶˆˊ˃ʿʸˇʸˆʹ (9<Aʼˀˁ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´4XHHQ·VPHJDURQµ 59WKLVWLPHWKRXJK LQWKHFRPSDQ\RIOLRQVV\PEROL]LQJUR\DOPLJKW60 'XULQJWKHGLVDVWURXVFRQIODJUDWLRQRIFD %&(WKHSDODFH·VZDOOSDLQWLQJVVXIIHUHGGDPDJH DVVHYHUHDVWKDWRIWKH/LQHDU%DUFKLYDOFOD\WDE OHWV/LNHZLVHDOOPDWHULDORUYLVXDOPHDQVIRUWKH UHJLVWUDWLRQRIWKHSUHVWLJHDQGV\PEROVRIWKHDQD[ DQGKLVDGPLQLVWUDWLYHMXULVGLFWLRQVFDPHWRDKDOW PRVWFKDUDFWHULVWLFDOO\WKHPDQXIDFWXUHDQGXVDJHRI  ʬʨʭʪʦʛʜʢʬʨʭ ÄNÄN    +(=0: ÄNZ    :ʠʛʦʣ:LLHSZVʬʞʤʞʜʛʦʬʨʭ ")3(2634,9  25 26 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ƫоƱƠƱƲƮƳưƠƨцƬƤưƲƦưԔƱƲƤƯƦưƌ›ƮƵпưƲƮƳƝƠƪ ƩƮхƣƦƪƠƣпƠ›фƲƮƬƮоƷưƲƮƬ›ƯцƨƫƮƮƠƨ›Ɲ ƤрƣƠƫƤфƲƨƮƢƯх›ƠưƩƠƨƦƱƴрƢƢƠƠ›ƠƬƲƮхƬƷưƤƫơƪп ƫƠƲƠƤƭƮƳƱрƠưƴхƪƠƩƤưƲƷƬƧƤƱƫцƬƱƳƬƮƣƮрƧƤцƬ пƴƠƬƲƠƱƨƠƩƮрƠƩфƪƮƳƧƮƨƱƤ›Ʈƫ›оưƩƠƨƨƤƯƮƳƯ ƢрƤưԜƲƠƬƲƠƥцƠƠƳƲн›ƯƮƱƣоƬƮƬƲƠƨпƠƩƮƪƮƳƧƮхƬ ƠƬƧƯц›ƮƳưƩƠƧƳ›ƮƲнƱƱƮƬƲƠƨƱƲƮƬƠƬƧƯц›ƨƬƮпƲƮƬ ƧƤтƩфоƪƤƢƵƮԜƲƠƬƤрƬƠƨƣƤƫоƬƠƱƤƩƲпƯƨƠпƩрƮƬƤư ƲфƲƤƠƳƲнƳ›ƤƯƠƱ›рƥƮƬƲƠƨп›ƯƮƱƲƠƲƤхƮƳƬƲƮƳưƠƬƲр ƱƲƮƨƵƮƳưƵцƯƮƳưƩƮƱƫƨƩƮхưпƧƯƦƱƩƤƳƲƨƩƮхư58 ƙƲƦƬƤƨƩƮƬƮƢƯƠƴрƠ›ƮƳƣƨƠƩƮƱƫƤрƲƮƩƠƪх ƲƤƯƠƣƨƠƲƦƯƦƫоƬƮƫƳƩƦƬƠтƩфƠƬнƩƲƮƯƮƠƳƲфƲƮƳ ƔоƱƲƮƯƠƱƲƮƬƪфƴƮƲƮƳƗƳƪƨƠƩƮхƌƢƩƪƨƠƬƮхƮƢƯх ›Ơư›ƠƯƨƱƲнƬƤƲƠƨƱƲƨưƲƮƨƵƮƢƯƠƴрƤưƲƷƬƣхƮơƠƱƨƩцƬ ƦƢƤƫƮƬƨƩцƬƵцƯƷƬƱƲƦƬƠрƧƮƳƱƠƲƮƳƧƯфƬƮƳƩƠƨƱƲƮ ƪƤƢфƫƤƬƮƫоƢƠƯƮƲƦươƠƱрƪƨƱƱƠư59ƠƬƠ›ƠƯнƢƮƬƲƠư ƲƮƩƬƷƱƨƠƩфƲƮƳ›ƯфƲƳ›ƮƠƪƪнƱƳƬƲƯƮƴƤхƮƬƲƠưƤ›р ƱƦưƪƨƮƬƲнƯƨƠƲƮ›ƠƯƠ›ƪƦƯƷƫƠƲƨƩфƱхƫơƮƪƮƲƦư ơƠƱƨƪƨƩпưƨƱƵхƮư60 ƓƤƲƦƬƩƠƲƠƱƲƯƮƴƨƩп›ƳƯƩƠƢƨнƲƮƳ›ƝƮƲƮƨ ƵƮƢƯƠƴƨƩфưƣƨнƩƮƱƫƮưƲƮƳƠƬƠƩƲфƯƮƳƩƮƬƨƮƯƲƮ›ƮƨƤр ƲƠƨф›ƷưƮƨ›пƪƨƬƤưƪƮƢƨƱƲƨƩоư›ƨƬƠƩрƣƤưƲƦưƊƯƠƫƫƨƩпư ƉƢƯƠƴпưƓƠƥрƫƤƠƳƲнƤƭƠƴƠƬрƥƤƲƠƨƩƠƨƩнƧƤƳƪƨƩф ©ƫоƱƮƬª›ƮƳƠ›ƮƲƳ›цƬƤƨƲƮƩхƯƮưƲƨưƨƣƨфƲƦƲƤưƩƠƨ ƲƠƱхƫơƮƪƠƲƮƳнƬƠƩƲƠƩƠƨƲƮƳƣƨƮƨƩƦƲƨƩƮхƱƳƱƲп ƫƠƲƮưƲƮƳƮ›ƮрƮƳƦƢƤрƲƠƨƫƤƱƦƫƠƬƲƨƩфƲƤƯƤưƲƨưƪрƧƨ ƬƤưƱƴƯƠƢрƣƤưƈƬнƪƮƢƤưƩƠƲƠƱƲƯƮƴоưƱƳƫơƠрƬƮƳƬƲƦƬ рƣƨƠƤ›ƮƵпƱƤфƪƠƲƠƫƳƩƦƬƠтƩнƠƬнƩƲƮƯƠƱƦƫƠƲƮ ƣƮƲцƬƲƠưƲƮƲоƪƮưƫƨƠưƨƣƨфƲƳ›ƦưƱƲƦƬƤƱƷƲƤƯƨƩпƲƦư ƱƳƬƮƵпƠƪƪнƤƳƯхƲƠƲƦưƱƲƦƬƤ›ƨƩƯнƲƤƨнƲƦư©ƫƳƩƦƬƠ тƩпưƠƳƲƮƩƯƠƲƮƯрƠưª61Ԝ›ƷưфƪƠƲƠƱхƫơƮƪƠоƲƱƨƩƠƨ ƮƢƯх›ƠưƠ›ƮƣƮƫƤрƲƠƨƤƨƩƮƬƮƢƯƠƴƨƩнƠƪƪнƣƤƬƤƭƠƴƠ ƬрƥƤƲƠƨƓƠƥрƫƤƲƦƬƲоƵƬƦƲƦưƤ›ƨƲƮрƵƨƠưƥƷƢƯƠƴƨƩпư ƩƠƨƲƦƬƩƮƱƫƦƫƠƲƮƲƤƵƬрƠ›ƮƳоƷưƲфƲƤпƲƠƬƱƳƪƪƤƨ ƲƮƳƯƢƮхƱƤưƤƨƩƮƬƮƢƯƠƴƨƩнƲƮƫƮƲрơƮƲƮƳƢƯх›ƠƵнƬƤƨ ƲƠƱƳƫơƮƪƨƩнƱƲƮƨƵƤрƠƲƦưƦƢƤƫƮƬƨƩпưƲƮƳƳ›фƱƲƠƱƦư ƠƪƪнƣƨƠƲƦƯƤрƠƯƩƤƲнƱƲƮƨƵƤрƠƲƦưƧƯƦƱƩƤƳƲƨƩпưф›Ʒư ƣƤрƵƬƤƨоƬƠưƤƨƩƮƬƨƱƲƨƩфưƩƯƠƲпƯƠưƠ›фƲƮƒƤƳƩƠƬƲр ƲƦưƌхơƮƨƠưƲƷƬƫоƱƷƬƲƮƳƮƳƠƨ›ƝƈƬ›ƠƯƠƲƦ ƯпƱƮƳƫƤƫнƪƨƱƲƠƲƮƬƫƨƩƯфƢƯх›Ơ›ƮƳ›ƠƯƨƱƲнƬƤƲƠƨ ƱƤƱƲнƱƦƧƦƪƠƱƫƮхпƫƦƲƯƨƩпưƴƯƮƬƲрƣƠưƠ›фƲƦƬƱƳƬ ƨƤƯƮƳƯƢƮхƱƠƱƲƦƱ›ƮƬƣпƫƦƲоƯƠƲƮƳƧƠƣƮхƫƤфƲƨƤƣц ƲƮƴƠƬƲƠƱƲƨƩфƥцƮ›ƯƮơнƪƪƤƨƫнƪƪƮƬƲƦƴƳƱƨƩпƲƮƳ Ƴ›фƱƲƠƱƦ²ƷưƠƳƲфƬƠпƲƠƬƠƬƠ›ƠƯƠƢƷƢƨƩфƲƤƲƯн ›ƮƣƮ²›ƠƯнƲƦƴƠƬƲƠƱƲƨƩп  ʬʨʭʪʦʛʜʢʬʨʭ ʼˀˁʼˀˁ    +ʛ=0: ʼˀˁ    :ʠʛʦʣ)˂ʬʞʤʞʜʛʦʬʨʭ ·)3(2634,9  =3(*/676<36:  *96<>,3.Ÿʶ˃ ʞˀˁˑ˃ʸʤʼˊˁʸ˃ˉʶʬ˅­ʸ˂ʳʹʸˈˉˆ˅ˉˎ˃ʺˆˊŸ˓˃® ŸŸʯʛˆˌʸˀ˅˂˅ʺˀˁˑʥ˅ˊˈʼʶ˅ʞˆʴˉˆˀʸˇ ʮˎˉ˅ʺˆʸˋʶʸ!ʛʫˁˀʸʻʸˆʴˈˈʾˇ -PN\YL3LMRHUKP;OL¸NYPMMPUHSHIHZ[LY¹JH)*, ,YL[YPH(YJOHLVSVNPJHS4\ZL\T 7OV[V!(:RPHKHYLZZPZ VWRQHVHDOV$OO0\FHQDHDQSDODFHVVXIIHUHGVLPLODU GHVWUXFWLRQVZKLFKZHUHV\PSWRPDWLFRIWKHGHPLVH RIDQLQWHUQDOO\LGLRV\QFUDWLF\HWWHUULWRULDOO\ZLGH ´0\FHQDHDQHPSLUHµ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´JULIILQDODEDVWHUµIURP/HI NDQGL FD %&( ZKLFKGHSLFWVDSDLURIJULIILQVIHHGLQJWKHLU  =3(*/676<36:  *96<>,3.WS —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ƎƩƠƨƬƮƴƠƬпưƠƳƲпƤƨƩƮƬƮƢƯƠƴрƠƲƤƩƫƦƯƨцƬƤƲƠƨ ƱƲƮƢƬƷƱƲф©ƠƪнơƠƱƲƯƮƲƷƬƢƯƳ›цƬªƠ›фƲƦƬрƣƨƠ ƧоƱƦƩƠƨƲƦưрƣƨƠƤ›ƮƵпưƲƮƳ›ƤƯр›ƮƳ›Ɲф›ƮƳ ›ƠƯƨƱƲнƬƤƲƠƨƥƤхƢƮưƢƯƳ›цƬ›ƮƳƲƠкƥƮƳƬƲƠƫƷƯн ƲƮƳưƱƲƦƴƷƪƨн ƌƐƑ ƖƨƬƤƮƱƱƮрƢƯх›ƤưоƵƮƳƬ ›ƪпƯƷưƮƯƬƨƧƮ›ƮƨƦƧƤрƴƷƪƨнƥƮƳƬƱƠƬ›ƮƳƪƨнƤƬцƮƨ ƢƮƬƤрưƠƢƢрƥƮƬƲƠƨƫƤƲƠƭхƲƮƳưƲƯƳƴƤƯнƫƤƲƠƫ›ƯƮ ƱƲƨƬн›фƣƨƠƎ›ƯƮơƮƪпƫƨƠưƱƩƦƬпưƠ›фƲƦƬƮ›ƮрƠ оƵƤƨƵƠƧƤрƲƮƲƤƯƠƲƮƢƮƬƨƩфƱƲƮƨƵƤрƮƩƠƨƮƵƠƯƠƩƲпƯƠư ƲƦưƤрƬƠƨ›ƪоƮƬƣƨƣƠƩƲƨƩфưƩƠƨ›ƠƯƠƣƤƨƢƫƠƲƨƩфưƫоƱƷ ƲƷƬƠƯƤƲцƬƲƦưƢƮƬƨƩпưƴƯƮƬƲрƣƠưƩƠƨƤƩ›ƠрƣƤƳƱƦư64 ƱƦƫƠƲƮƣƮƲƤрƲƦƬ›ƪпƯƦƠ›ƮƣƠƨƫƮƬƮ›ƮрƦƱƦƲƷƬ›ƲƤƯƷ ƲцƬфƬƲƷƬƲƮƳ›ƯƮтƱƲƮƯƨƩƮхƈƨƢƠрƮƳƩƠƲнƲƦƬƤƩ›ƬƮп ƲƦư›ƤƯƨфƣƮƳ›ƮƳƮƬƮƫнƥƮƳƫƤƌ›ƮƵпƲƮƳƝƠƪƩƮхƚƮ рƣƨƮнƪƪƷƱƲƤ›ƠƯƠƲƦƯƤрƲƠƨƩƠƨƱƤƫƨƠнƪƪƦоƩƴƠƬƱƦ ƲƦưƩƤƯƠƫƨƩпưƲƠƱƩƤхƦ›ƮƳƮƬƮƫнƥƮƳƫƤ©›ƲƦƬфƱƵƦƫƠ ƠƢƢƤрƠª65Ơ›фƲƠƮ›ƮрƠоƵƤƨƵƠƧƤрƮƲƨƣп›ƮƲƤƣƠƨƫƮƬƨƩф ƈƳƲпфƫƷưƦƲнƱƦƣƤƬƧƠƩƯƠƲпƱƤƨ›ƮƪхƠƴƮх Ʋр›ƮƲƠƣƤƬƤрƬƠƨƱƲƠƱƲƨƩфƱƲƨưƠƬƠƥƦƲпƱƤƨưƲƷƬ›Ưц ƨƫƷƬƤƪƪƦƬƨƩцƬƩƮƨƬƷƬƨцƬƓоƱƠƠ›фƲƠƵƯфƬƨƠ›ƮƳ ƤƫƤрưƮƬƮƫнƥƮƳƫƤƊƤƷƫƤƲƯƨƩнƩƠƨ²ƩƠƲнƲƯф›ƮƧƠƳ ƫƠƱƲфƠƪƪнƪƮƢƨƩф²ƱƲƮƬрƣƨƮƲф›ƮƲƮƒƤƳƩƠƬƲрƲƦư ƝƠƪƩрƣƠưƮнƬƧƯƷ›ƮưƧƠƱƫрƭƤƨƠƳƲпƲƦƴƮƯнƫƤƲƮ нƪƮƢƮƩƠƨƧƠƢƤƬƬпƱƤƨƲƮƬ›ƯцƲƮƑоƬƲƠƳƯƮ66оƬƠƠƬн ƱƲƯƮƴƮƳơƯрƣƨƮ›ƤƯƨƱƱфƲƤƯƮ©нƬƧƯƷ›ƮưªƩƠƨƪƨƢф ƲƤƯƮ©ƥцƮª›ƮƳƫƮƨнƥƤƨƬƠƠ›ƮƣрƣƤƨƤƬƱƳƬƧоƱƤƨƲƮƬ ƨ››оƠƩƠƨƲƮнƪƮƢфƲƮƳƲƠƣхƮ›ƠƯƠ›ƪƦƯƷƫƠƲƨƩн ƱƲƮƨƵƤрƠƲƦưƠƯƨƱƲƮƩƯƠƲрƠư67ƲƮƳ›ƮƪƨƲƨƩƮхƱƳƱƲпƫƠ ƲƮư›ƮƳƠ›фƤƣцƩƠƨƤƫ›ƯфưƧƤƫƤƪƨцƬƤƨƲƮƬ›ƯцƨƫƮ ƤƪƪƦƬƨƩфƩфƱƫƮ \RXQJLQVLGHWKHQHVW  ),* 7KHQHVWOLQJVKDYH EHFRPHIXOO\DYLDQVQRZWKH\QHVWOLNHELUGVDQGWKH SDUHQWVWHQGHUO\WRXFKHDFKRWKHUZLWKWKHLUIURQWOHJV 'HSULYHGDOWRJHWKHURIWKHPRQVWURXVWKLVVFHQHZDV FRQFHLYHGDVLQVWUXFWLYHLQQDWXUHSUHPLVHGDVLWLVRQ SDUHQWDOYDOXHVRIFDUHDQGWUDLQLQJ 64,WLVLQGLFDWLYH RIKRZPXFKWKHZLQJHGEHLQJVRIWKH%URQ]H$JH $HJHDQKDGORVWWKHLUGDHPRQLFPRQVWURXVTXDOLWLHV GXULQJWKHGHFDGHVRIWKHZDQLQJ%URQ]H$JH7KH VDPHSKHQRPHQRQLVDOVRHYLGHQWLQSRWWHU\DVLWLV EHVWH[HPSOLILHGLQWKHFDWHJRU\RI´ELUGYDVHVµ 65 WKDWDSSHDUQRZFRPSOHWHO\GHSULYHGRIGDHPRQLF HOHPHQWV 7KLVWHQGHQF\ZLOOQRWODVWORQJDVQRWKLQJLV VWDJQDQWLQWKHH[SHULPHQWDOZRUOGRIHDUO\*UHHN VRFLHWLHV,WLVZRQGURXV\HWDORJLFDOFRQVHTXHQFHRI WKHSURFHVVHVGHOLQHDWHGDERYHWKDWGXULQJWKH(DUO\ ,URQ$JHLWZDVDW/HINDQGLWKDWWKHKXPDQILJXUHZDV IXVHGZLWKWKHKRUVHWRJLYHIRUWKWKHHDUOLHVW&HQWDXU 66 7KLVLVDUHYHUVHK\EULGEHLQJDVLWLVPRUH´KXPDQµ WKDQ´DQLPDOµ,WVHHPVWRUHQGHUDFRPELQDWLRQRIWKH ULGHUDQGKLVKRUVHWZRFRPSOHPHQWDU\FRQVWLWXWLYH HOHPHQWVRIWKHDULVWRFUDF\67DQGDSROLWLFDOV\VWHPWKDW IURPQRZRQSURSVWKHHDUO\*UHHNZRUOG  ɣʠʥʛʣʨʩʨʭʤʨʭ ʸˆ·*96<>,3. Ÿʶ˃  9<;;,9 ʼˀˁʝˀʸˉ˅ʶʻˀ˅Ÿ˃ʼ˒ɤʸˈˉˀˇŸʸˆʸˈˉʳˈʼˀˇɤʼ ˈˋʶʺʺʼˇʹ˂9<;;,9ʼˀˁ  =3(*/676<36:  +,:)696<./50*/633:767/(4   3,46:  ɣʠʥʛʣʨʩʨʭʤʨʭ UV"*96<>,3. WS  9<;;,9 ÄN6UZPTPSHYYLWYLZLU[H[PVUZ^P[O ZWOPU_LZZLL9<;;,9ÄN  =3(*/676<36:  +,:)696<./50*/633:767/(4   3,46: 27 28 «•¤™ƒ™šš™™ƒ™£¦«‡£¡¦‡£š ™‹–™‹‡£¦˜¡§š¡£¡™š£¦˜¦¨‹¦˜¡¤¬™– ˜¡™š˜›«„£ £‚™š™‹¦˜‹«‚¬¤£¡˜™¦¤™š˜ +<%5,'$1'–;75$25',1$5<•(,1*6'(9,$7,216)520²¡250$/,7<³,1$1&,(17*5((.0<7+2/2*<$1'›2'(510(',&,1( ʫʭʦʬʨʥʨʝʪʛʮʢʞʫʜʢʜʤʢʨʝʪʛʮʢʛ ())9,=0(;065:)0)306.9(7/@ Aș ǹĬǹȃǹȈǿȅȊ ȃ ȀȊȆǹȇǿȈȈǾǹȆȅȈȉȅȁǿȀǹ ³ȈIJİȡİȐ ǼȜȜȐįĮ țĮȚ ǼȪȕȠȚĮ īİȦȜȠȖȓĮ  ȆĮȜĮȚȠȞIJȠȜȠȖȓĮ  ȈʌȘȜĮȚȠ ʌİȡȚȕȐȜȜȠȞ´ LQ ǹ ǺȁǹȋȅȆȅȊȁȅȈ HG  ǹȡȤĮȚȠȜȠȖȓĮ  ǼȪ ȕȠȚĮ țĮȚ ȈIJİȡİȐ ǼȜȜȐįĮ  ǹșȒȞĮ ǼțįȩıİȚȢ ȂȑȜȚııĮ   ³&HQWUDO*UHHFHDQG(XERHD*HRORJ\3DOHRQWRORJ\&DYH HQYULURQPHQW´ LQ $ 9/$&+2328/26 HG  ǹUFKDHRORJ\  (XERHD DQG &HQWUDO *UHHFH 0HOLVVD 3XEOLVKLQJ +RXVH $WKHQV ȈIJ ǹȁǼȄǿȅȊ ³ǼȞ ʌĮȡȐȜȜȘȜȠȞ įȚȐ IJȠȞ µǺĮıȚȜȑĮǿİȡȑĮ¶ IJȘȢ ȀȞȦıȠȪ´ AAA    Ȃ ǹ1$67$6,$'28 7KH 0LGGOH 0LQRDQ 7KUHH6LGHG 6RIW 6WRQH3ULVP$6WXG\RI6W\OHDQG,FRQRJUDSK\ &06%HLKHIW  YROV0DLQ] % $ȇǹǺǹȃȉǿȃȅȈ ȉȠ ǹȡȤĮȚȠȜȠȖȚțȩ ȂȠȣıİȓȠ ĬȘȕȫȞ ȀȠȚȞȦijİȜȑȢ ǴįȡȣȝĮ ǿ ȁȐIJıȘ  ȉȡȐʌİȗĮ ()* (XUREDQN ǼUJDVLDV$(ǹșȒȞĮ 5 /1 %$5%(5 ³6XEMHFW DQG 6HWWLQJ (DUO\ 5HSUHVHQWD WLRQDO0RWLIVRQ3RWWHU\IURP3K\ODNRSL (&,,,%0& DQGWKHLU 5HOHYDQFH WR )UHVFR 6FHQHV´ LQ $ 9/$&+2328/26 HG  ȋȇȍȈȉǾȇǼȈ  3$,17%586+(6 :DOO3DLQWLQJ DQG 9DVH 3DLQWLQJRIWKHQG0LOOHQQLXP%&LQ'LDORJXH$NURWLUL7KHUD 0D\$WKHQV IRUWKFRPLQJ  &O %$85$,1 3 '$5&48( ³8Q WULWRQ j SLHUUH j 0DOOLD´ %&+    ) %/$.2/0(5 ³+LHUDUFK\ DQG V\PEROLVP RI DQLPDOV DQG P\WKLFDO FUHDWXUHV LQ WKH $HJHDQ %URQ]H $JH D VWDWLVWLFDO DQGFRQWH[WXDODSSURDFK´LQǼ$/5$067(51)%/$.2/ 0(56'(*(5-$/.27=<5/$)),1(85-:(,/+$57 1(5 HGV  0(7$3+<6,65LWXDO0\WKDQG6\PEROLVPLQWKH $HJHDQ %URQ]H $JH WK ,QWHUQDWLRQDO $HJHDQ &RQIHUHQFH ,QVWLWXWHIRU0HGLWHUUDQHDQDQG3UHKLVWRULF$UFKDHRORJ\'H SDUWPHQW IRU $HJDHDQ DQG 0\FHQDHDQ 5HVHDUFK $XVWULDQ $FDGHP\ RI 6FLHQFHV DQG WKH ,QVWLWXWH RI &ODVVLFDO $UFKDH RORJ\ 8QLYHUVLW\ RI 9LHQQD RQ  $SULO  $HJDHXP $QQDOHV G¶DUFKpRORJLH pJpHQQH GH O¶8QLYHUVLWp GH /LqJH HW 873$63    - &528:(/ ³/DWH 0\FHQDHDQ SLFWRULDO SRWWHU\´ LQ ' (9(/< HG  /HINDQGL,97KH%URQ]H$JH7KH/DWH+HOODGLF ,,,&6HWWOHPHQWDW;HURSROLV%6$6XSSO   ǹȡȤĮȚȠȜȠȖȚțȩȂȠȣıİȓȠǹșȒȞĮ &'280$6 7KH:DOO3DLQWLQJVRI7KHUD$WKHQV 7KH($5/<+LVWRU\RIWKH$HJHDQLQWKH/LJKWRIWKH5HFHQW )LQGVIURP$NURWLUL7KHUD$WKHQV $- (9$16 7KH 3DODFH RI 0LQRV $ &RPSDUDWLYH $FFRXQW RI WKH 6XFFHVVLYH 6WDJHV RI WKH (DUO\ &UHWDQ &LYLOL]DWLRQ DV ,OOXVWUDWHG E\ WKH 'LVFRYHULHV DW .QRVVRV  YROV LQ  SDUWV /RQGRQ īǼĬǼȅǻȍȇȅȊȂǻǻǼȇȂǿȉǽǹȀǾȈ³ǹʌRȜȚșȦȝȑȞĮıʌȠȞ įȣȜȦIJȐıİıʌȒȜĮȚĮIJȘȢȀȡȒIJȘȢǹʌȠIJİȜȑıȝĮIJĮIJȦȞİȡİȣȞȫȞ țĮȚ ʌȡȠȠʌIJȚțȑȢ´ ȆİʌȡĮȖȝȑȞĮ IJȠȣ Ȉȉǯ ȀȡȘIJȠȜȠȖȚțȠȪ ȈȣȞİ įȡȓȠȣ ǹȋĮȞȚȐ 3 )$85( ǿİȡȐ ıʌȒȜĮȚĮ IJȘȢ ȀȡȒIJȘȢ  ǺȚțİȜĮȓĮ ǺȚȕȜȚȠșȒțȘ ǻȒȝȠȣǾȡĮțȜİȓȠȣǾȡȐțȜİȚȠ Ǿ )5$1.)257 ³1RWHV RQ WKH &UHWDQ *ULIILQ´ %6$    < *$/$1$.,6 ( 76,76$ 8 *h1.(/0$6&+(. ³7KH SRZHU RI LPDJHV UHH[DPLQLQJ WKH ZDOO SDLQWLQJV IURP WKH 7KURQH 5RRP DW .QRVVRV´ $QQXDO RI WKH %ULWLVK 6FKRRO DW $WKHQV   IRUWKFRPLQJ %3 +$//$*(5 ( +$//$*(5 ³7KH .QRVVLDQ %XOO 3ROL WLFDO 3URSDJDQGD LQ 1HZ 3DODFH &UHWH"´ LQ 5 /$)),1(85 :' 1,(0(,(5 HGV  32/,7(,$ 6RFLHW\ DQG 6WDWH LQ WKH $HJHDQ %URQ]H $JH 3URFHHGLQJV RI WKH WK ,QWHUQDWLRQDO $HJHDQ &RQIHUHQFH 8QLYHUVLW\ RI +HLGHOEHUJ $UFKlROR JLVFKHV,QVWLWXW$SULO/LqJHDQG$XVWLQ8QLYHUVLWp GH/LqJH8QLYHUVLW\RI7H[DV 6,00(5:$+5$HJHDQ3DLQWLQJLQWKH%URQ]H$JH8QLYHU VLW\3DUN3HQQ $ .ǹȇǼȉȈȅȊ Ȃ ǹȃǻȇǼǹǻǹȀǾǺȁǹǽǹȀǾ ȃ Ȇ$Ȇǹǻǹ ȀǾȈ HGV  ȀȡȒIJȘǹȓȖȣʌIJȠȢȆȠȜȚIJȚıȝȚțȠȓįİıȝȠȓIJȡȚȫȞȤȚȜȚ İIJȚȫȞ ȀĮIJȐȜȠȖȠȢǾȡȐțȜİȚȠ 2.5=<6=.2:6.$$HJHDQVHDOV$QLQWURGXFWLRQ/RQGRQ  , /(026 7KH 3URWRJHRPHWULF $HJHDQ 7KH $UFKDHRORJ\ RI WKH/DWH(OHYHQWKDQG7HQWK&HQWXULHV%&2[IRUG -&52:/(< 7KH,FRQRJUDSK\RI$HJHDQ6HDOV$HJDHXP   /HXYHQ/LqJH / 025*$1 ³$Q $HJHDQ *ULIILQ LQ (J\SW 7KH +XQW )ULH]H DW7HOOHO'DED´ bJ\SWHQXQG/HYDQWH   $/'¶$*$7$³7KH/RUGRI$VLQH5HFRQVLGHUHG7HFKQLTXH 7\SH DQG &KURQRORJ\´ LQ 5 +$(** * 125'48,67 % :(//6 HGV  $VLQH ,,, 6XSSOHPHQWDU\ 6WXGLHV RQ WKH 6ZHGLVK([FDYDWLRQV6WRFNKROP ī Ǽ ȂȊȁȍȃǹȈ ³.ȡȘIJȠȂȣțȘȞĮȧțȒ ȈijȓȖȟ´ ȆİʌȡĮȖȝȑȞĮ IJȠȣ ǻǯǻȚİșȞȠȪȢȀȡȘIJȠȜȠȖȚțȠȪȈȣȞİįȡȓȠȣǾȡȐțȜİȚȠ ǹșȒȞĮ -'$9,6³ȉȠµǹȞȐțIJȠȡȠIJȠȣȃȑıIJȠȡĮ¶ıIJȠȞǼȖțȜȚĮȞȩ´LQ$ ǺȁǹȋȅȆȅȊȁȅȈ HG  ǹȡȤĮȚȠȜȠȖȓĮȆİȜȠʌȩȞȞȘıȠȢ ǹșȒȞĮ  0' '(50,7=$.,6 ( 3$3$'2328/28 ³*LDQWV 'UD JRQV 6DLQWV DQG *HRORJLFDO 3KDHQRPHQD´ %XOOHWLQ RI WKH *HRORJLFDO6RFLHW\RI*UHHFH  í 95'¶$'(6%2528*+591,&+2//605323+$0 ³$(XERHDQ&HQWDXU´ %6$    $'(66(11( /H6SKLQ[eWXGHLFRQRJUDSKLTXH,'HVRUL JLQHV j OD ILQ GX VHFRQG PLOOpQDLUH %LEOLRWKqTXHV GH O¶(FROH IUDQoDLVHG¶$WKqQHVHWGH5RPH6pULH$WKqQHV . ǻǾȂǹȀȅȆȅȊȁȅȊ HG  ȅ ȂȣțȘȞĮȧțȩȢ țȩıȝȠȢ ȆȑȞIJİ ĮȚȫȞİȢʌȡȫȚȝȠȣİȜȜȘȞȚțȠȪʌȠȜȚIJȚıȝȠȪʌȋǼșȞȚțȩ :' 1,(0(,(5 ³2Q WKH )XQFWLRQ RI WKH µ7KURQH 5RRP¶ LQ WKH 3DODFH DW .QRVVRV´ LQ 5 +b** 1 0$5,1$726 HGV  7KHIXQFWLRQRIWKH0LQRDQSDODFHV3URFHHGLQJVRIWKHIRXUWK ,QWHUQDWLRQDO 6\PSRVLXP DW WKH 6ZHGLVK LQVWLWXWH LQ $WKHQV -XQH$WKHQV ( 3$1$*2328/28 9 7285/28.,6 1 7+203621 $ $7+$1$66,28 * 76$576,'28 *( .21,'$5,6 ' *,867, 3 .$5.$1$6 . +$59$7, ³0DUDWKRXVD  D QHZ 0LGGOH 3OHLVWRFHQH DUFKDHRORJLFDO VLWH IURP *UHHFH´ $QWLTXLW\)HEXUDU\3URMHFW*DOOHU\ $ 3$3$*,$112328/28 ³)URP 3RWV WR 3LFWXUHV 0LGGOH &\FODGLF)LJXUDWLYH$UW´LQ1-%52',(-'22/(**$ 9$/$6&5(1)5(: HGV  +RUL]RQȅȡȓȗȦȞ$&ROORTXLXP RQ WKH 3UHKLVWRU\ RI WKH &\FODGHV 8QLYHUVLW\ RI &DPEULGJH 0F'RQDOG,QVWLWXWH0RQRJUDSKV&DPEULGJH —“™$) ȆIJİȡȦIJȐȊȕȡȚįȚțȐǵȞIJĮIJȠȣȆȡȠȧıIJȠȡȚțȠȪǹȚȖĮȓȠȣǽȫȠ±DZȞșȡȦʌȠȢ±ȉȑȡĮȢ :LQJHG+\EULG&UHDWXUHVRIWKH3UHKLVWRULF$HJHDQ$QLPDO±0DQ±0RQVWHU ȃ 3ȅ8/$.$.,6 3 /<0%(5$.,6 &K )$6628/$6 ³'HL QRWKHULXPJLJDQWHXP 3URERVFLGHD'HLQRWKHULLGDH IURPWKH ODWH 0LRFHQH RI &UHWH´ -RXUQDO RI 9HUWHEUDWH 3DOHRQWRORJ\  6HSWHPEHU  -& 32856$7 ³ȂȐȜȚĮ țĮȚ ǹȓȖȣʌIJȠȢ´ LQ $ .ǹȇǼȉȈȅȊ Ȃ ǹȃǻȇǼǹǻǹȀǾǺȁǹǽǹȀǾ ȃ Ȇ$ȆǹǻǹȀǾȈ HGV  ȀȡȒIJȘ  ǹȓȖȣʌIJȠȢ ȆȠȜȚIJȚıȝȚțȠȓ įİıȝȠȓ IJȡȚȫȞ ȤȚȜȚİIJȚȫȞ ȀĮIJȐȜȠȖȠȢ ǾȡȐțȜİȚȠ 0 520$12 0 $9$1=,1, ³7KH VNHOHWRQV RI &\FORSV DQG /HVWULJRQV PLVLQWHUSUHWDWLRQ RI 4XDWHUQDU\ YHUWHEUDWHV DV UHPDLQV RI WKH P\WKRORJLFDO JLDQWV´ +LVWRULFDO %LRORJ\  KWWSZZZWDQGIRQOLQHFRPGRLIXOO   - 5877(5 ³5HDGLQJ 3RVWSDODWLDO 0\FHQDHDQ LFRQRJUDSK\ VRPHOHVVRQVIURP/HINDQGL´LQ-*$/$1$.,67:,/.,1621 -%(11(77 HGV  ǹĬȊȇȂǹȉǹ&ULWLFDO(VVD\VRQWKH$UFKDH RORJ\RIWKH(DVWHUQ0HGLWHUUDQHDQLQ+RQRXURI(6XVDQ6KHU UDWW$UFKDHRSUHVV$UFKDHRORJ\ ī ȈǹȀǼȁȁǹȇǹȀǾȈ Ǽ ȈǹȆȅȊȃǹȈǹȀǼȁȁǹȇǹȀǾ ǹȡȤȐȞİȢ ȂȚĮȞȑĮȝĮIJȚȐıIJȘȂȚȞȦȚțȒȀȡȒIJȘǼțįȩıİȚȢDZȝȝȠȢǴįȡȣȝĮǼȜȑ ȞȘȢȃȐțȠȣǹșȒȞĮ $Ȉ$.(ȁȁǹȇǿȅȊ ȂȣțȘȞĮȧțȒȈijȡĮȖȚįȠijȜȣijȓĮǹșȒȞĮ 0 6$/(+ + 628528=,$1 7KH (J\SWLDQ 0XVHXP &DLUR 2IILFLDO&DWDORJXH0DLQ]3KLOLSSYRQ=DEHUQ 1 6&+/$*(5 ³0\VWHULRXV FUHDWXUHV $ 3DODHRQWRORJLFDO $SSURDFK´ ǼȉǼȅȀȇǾȉǿȀǹ    (%6+$1.³7KURQHURRPJULIILQVIURP3\ORVDQG.QRVVRV´ LQ3%(7$1&28570&1(/621+:,//,$06 HGV  .UL QRLNDL/LPHQHV6WXGLHVLQ+RQRURI-RVHSKDQG0DULD6KDZ 3UHKLVWRU\0RQRJUDSKV 3KLODGHOSKLD ǼǺ 6ǾǹȃȀ ³7KH JULIILQ 0RWLI  $Q (YROXWLRQDU\ WDOH´ LQ $9/$&+2328/26 HG ȋȇȍȈȉǾȇǼȈ3$,17%586+(6 :DOO3DLQWLQJ DQG 9DVH3DLQWLQJ RI WKH VHFRQG 0LOOHQQLXP %&LQ'LDORJXH7KHUD0D\ $WKHQV IRUWK FRPLQJ  Ȃ& 6+$: ³7KH µ3ULHVW.LQJ¶ )UHVFR IURP .QRVVRV 0DQ :RPDQ 3ULHVW .LQJ RU 6RPHRQH (OVH"´ LQ $3 &+$3,1 HG ȋǹȇǿȈ (VVD\VLQ+RQRXURI6DUD$,PPHUZDKU  +HV SHULD6XSSO 3ULQFHWRQ Ǽ ȈǿȀȁǹ ³ĬȡȘıțİȣIJȚțȩȢ ıȣȝȕȠȜȚıȝȩȢ țĮȚ ȚįİȠȜȠȖȓĮ IJȘȢ İȟȠȣıȓĮȢ ıIJȘ ȝȚȞȦȚțȒ ĮȞĮțIJȠȡȚțȒ ȀȡȒIJȘ ȅ IJĮȪȡȠȢ ȦȢ ıȪȝȕȠȜȠIJȠȣĮȞĮțIJȩȡȠȣIJȘȢȀȞȦıȠȪ´LQ$ǺȁǹȋȅȆȅȊȁȅȈ Ȁ ȂȆǿȇȉǹȋǹ HGV  ǹȡȖȠȞĮȪIJȘȢ ȉȚȝȘIJȚțȩȢ IJȩȝȠȢ ȖȚĮ IJȠȞ țĮșȘȖȘIJȒ ȋȡȓıIJȠ ī ȃIJȠȪȝĮ Įʌȩ IJȠȣȢ ȝĮșȘIJȑȢ IJȠȣ ıIJȠ ȆĮȞİʌȚıIJȒȝȚȠǹșȘȞȫȞ  ǹșȒȞĮ ȋȡ ȉǼȁǼǺǹȃȉȅȊ ǹțȡȦIJȒȡȚ ĬȒȡĮȢ ȅȚ ȉȠȚȤȠȖȡĮijȓİȢ IJȘȢ ǻȣIJȚțȒȢ ȅȚțȓĮȢ ǺȚȕȜȚȠșȒțȘ IJȘȢ İȞ ǹșȒȞĮȚȢ ǹȡȤĮȚȠȜȠȖȚțȒȢ ǼIJĮȚȡİȓĮȢ ǹșȒȞĮ ; 7=$ǺǼȁǹǼ9-(1 ȉĮ ʌIJİȡȦIJȐ ȩȞIJĮ IJȘȢ ʌȡȠȧıIJȠȡȚțȒȢ İʌȠȤȒȢIJȠȣǹȚȖĮȓȠȣǺȚȕȜȚȠșȒțȘIJȘȢİȞǹșȒȞĮȚȢǹȡȤĮȚȠȜȠȖȚțȒȢ ǼIJĮȚȡİȓĮȢ ǹșȒȞĮ ,ȉȅȊȇȃǹǺǿȉȅȊ³ǽȫĮDZȞșȡȦʌȠȚțĮȚĬȐȞĮIJȠȢȅȇȩȜȠȢIJȦȞ ǽȫȦȞıIJȚȢȉĮijȚțȑȢȁȐȡȞĮțİȢIJȘȢȉĮȞȐȖȡĮȢȘȆİȡȓʌIJȦıȘIJȘȢ ȈijȓȖȖĮȢ´ıIJȠǹȂǹǽǹȇǹȀǾȈǹǿȃǿǹȃ HG ȆȡĮțIJȚțȐIJȠȣȠȣ ǹȡȤĮȚȠȜȠȖȚțȠȪǼȡȖȠȣĬİııĮȜȓĮȢțĮȚȈIJİȡİȐȢǼȜȜȐįĮȢȉȩȝȠȢ ǿ ȋȡȉȈȅȊȃȉǹȈ³ȀİijĮȜȒİțȂȣțȘȞȫȞ´ǹȡȤĮȚȠȜȠȖȚțȒǼijȘȝİȡȓȢ  $ 9/$&+2328/26 ³0\WKRV /RJRV DQG (LNRQ 0RWLIV RI (DUO\ *UHHN 3RHWU\ LQ WKH :DOO 3DLQWLQJV RI ;HVWH  DW $NURWLUL 7KHUD´ LQ 5 /$)),1(85 6 3 0255,6 HGV  (326 5HFRQVLGHULQJ *UHHN (SLF DQG $HJHDQ %URQ]H $JH $UFKDHRORJ\ 3URFHHGLQJV RI WKH WK ,QWHUQDWLRQDO $HJHDQ &RQIHUHQFH /RV $QJHOHV 8&/$  7KH - 3DXO *HWW\ 9LOOD  $SULO  /LqJH DQG $XVWLQ 8QLYHUVLWp GH /LqJH  8QLYHUVLW\RI7H[DV$HJDHXP    ³/¶ HVSDFH ULWXDO UHYLVLWp DUFKLWHFWXUH HW LFRQRJUDSKLH GDQVOD;HVWqG¶$NURWLUL7KpUD´LQ,%2(+060h//(5 &(/.$ HGV  (VSDFH FLYLO HVSDFH UHOLJLHX[ HQ eJpH GXUDQW ODSpULRGHP\FpQLHQQH$SSURFKHVpSLJUDSKLTXHOLQJXLVWLTXH HWDUFKpRORJLTXH$FWHVGHVMRXUQpHVG¶DUFKpRORJLHHWGHSKL ORORJLH P\FpQLHQQHV WHQXHV j OD 0DLVRQ GH O¶2ULHQW HW GH OD 0pGLWHUUDQpH-HDQ3RXLOORX[OHVHUIpYULHUHWHUPDUV 702/\RQ ³'HWHFWLQJ µ0\FHQDHDQ¶HOHPHQWVLQWKHµ0LQRDQ¶ZDOOSDLQW LQJVRIDµ&\FODGLF¶VHWWOHPHQW7KHZDOOSDLQWLQJVDW$NURWLUL 7KHUD ZLWKLQ WKHLU LFRQRJUDSKLF NRLQH´ LQ + %5(&28/$., - '$9,6 6 672&.(5 HGV  0\FHQDHDQ :DOO 3DLQWLQJV LQ &RQWH[W 1HZ 'LVFRYHULHV DQG 2OG )LQGV 5HFRQVLGHUHG $WKHQV  ǼșȞȚțȩ ǴįȡȣȝĮ ǼȡİȣȞȫȞ ǹșȒȞĮ   ³,PDJHV RI3K\VLVRU3HUFHSWLRQVRI0HWDSK\VLV"7KH,FR QRJUDSK\ RI WKH ;HVWH  %XLOGLQJ DW $NURWLUL 7KHUD´ LQ ( $/5$067(51 ) %/$.2/0(5 6 '(*(5-$/.27=< 5/$)),1(85 - :(,/+$571(5 HGV   0(7$3+<6,6 5LWXDO 0\WK DQG 6\PEROLVP LQ WKH $HJHDQ %URQ]H $JH WK ,QWHUQDWLRQDO $HJHDQ &RQIHUHQFH ,QVWLWXWH IRU 0HGLWHUUDQHDQ DQG 3UHKLVWRULF $UFKDHRORJ\ 'HSDUWPHQW IRU $HJDHDQ DQG 0\FHQDHDQ 5HVHDUFK $XVWULDQ $FDGHP\ RI 6FLHQFHV DQG WKH,QVWLWXWHRI&ODVVLFDO$UFKDHRORJ\8QLYHUVLW\RI9LHQQDRQ  $SULO  $HJDHXP $QQDOHV G¶DUFKpRORJLH pJpHQQH GHO¶8QLYHUVLWpGH/LqJHHW873$63    $ 9/$&+2328/26 / =25=26 ³ 3K\VLV DQG 7HFKQH RQ 7KHUD 5HFRQVWUXFWLQJ %URQ]H $JH HQYLURQPHQW DQG ODQG XVH EDVHG RQ QHZ HYLGHQFH IURP SK\WROLWKV DQG WKH $NURWLUL ZDOOSDLQWLQJV´LQ*ȉȅ8&+$,65/$)),1(85)528*( 0217 HGV 3+<6,6 /¶(QYLURQQHPHQW1DWXUHOHWOD5HODWLRQ +RPPH0LOLHX GDQV OH 0RQGH eJpHQ 3URWRKLVWRULTXH $FWHV GH OD H 5HQFRQWUH pJpHQQH LQWHUQDWLRQDOH 3DULV ,QVWLWXW 1DWLRQDOG¶+LVWRLUHGHO¶$UW ,1+$ GpFHPEUH$H JDHXP $QQDOHV G¶DUFKpRORJLH pJpHQQH GH O¶8QLYHUVLWp GH /LqJHHW873$63    ( :$50(1%2/ 6SKLQ[ /HV *DUGLHQV GH O¶eJ\SWH %UXV VHOV,1*%HOJLTXH - :(,1*$57(1 7KH WUDQVIRUPDWLRQ RI (J\SWLDQ 7DZHUHW LQWR WKH 0LQRDQ *HQLXV D VWXG\ LQ FXOWXUDO WUDQVPLVVLRQ LQ WKH0LGGOH%URQ]H$JH6,0$3DUWLOOH ³7KH WUDQVIRUPDWLRQRI(J\SWLDQ7DZHUHWLQWRWKH0LQRDQ*H QLXV´ LQ $ .$ȇǼȉȈȅȊ HG  ȀȡȒIJȘ  ǹȓȖȣʌIJȠȢ ȆȠȜȚIJȚıȝȚțȠȓ įİıȝȠȓIJȡȚȫȞȤȚȜȚİIJȚȫȞȂİȜȑIJİȢǾȡȐțȜİȚȠ 29

RELATED PAPERS

Lo sviluppo della comprensione sociale. Una rassegna narrativa focalizzata sul linguaggio nella fascia 0-6 anni

2024 •

Ilaria Grazzani, Elisabetta Conte

View PDF
42º Encontro Anual da ANPOCS GT8 -Democracia e desigualdades A quarta onda do feminismo

Olivia Cristina Perez

View PDF
Sql tutorial

Augusto Guzman

View PDF
Quy dịnh thống dốc bao thanh toan

Uyên Phương Trần Ngọc

View PDF
Deep Learning with TensorFlow

2017 •

Giancarlo Zaccone

View PDF
ÔN TẬP TỔ CHỨC ĐIỀU HÀNH SX PHẦN 1 : CÂU HỎI LÝ THUYẾT

kinhtexaydung2017 logo

View PDF
(Ebook - Crc Press) Mechanical Engineering Handbook (2000)

Leonardo Alonso

View PDF
A maneira antiga no Salon de 1789: Joseph Marie Vien, Denis Diderot e a maneira antiga

2000 •

Frédéric René Guy Petitdemange

View PDF
PSP3329: Programe Monitoring and Evaluation COURSE TITTLE: PROGRAMME MONITORING AND EVALUATION COURSE CODE: PSP 3329 Public Health/BSc Community Health & Development

Charles Orora,PhD.

View PDF
Oracle Database 12c Concepts

Hậu Nguyễn Phước

View PDF

Journal of Modelling in Management

Evidence Based Modelling in Management

2017 •

anil bhat

View PDF

Journal of Cystic Fibrosis

General introduction to section C: Biochemistry and Biophysics of CFTR

2004 •

Aleksander Edelman

View PDF

The Keio Journal of Medicine

What Are the Limits of Endoscopic Sinus Surgery?: The Expanded Endonasal Approach to the Skull Base

2009 •

Carl Snyderman

View PDF

AlQalam Journal of Medical and Applied Sciences

Synthesis, Characterization, Antimicrobial Activity, DFT, Molecular Docking, and ADMET of 4-Chlorophenyazolquniolin-8-ol and Its Metal Complexes

2024 •

Saleh Bufarwa

View PDF
UB学位证【95270640微信】UB成绩单 哈特福德大学毕业证认证，制作 UB学位证，办理英国文凭学位证书|在线购买 UB哈特福德大学毕业证本科学位证书University of Hartford

ghkgf gfhrg

View PDF

Vunoklang Multidisciplinary Journal of Science & Technology Education

CHALLENGES AND MERITS OF VARIATIONS IN DEGREE NOMENCLATURE AND CURRICULUM CONTENT IN NIGERIAN TERTIARY EDUCATION

2017 •

Mohammed A Auta

View PDF

פורום עיוני משפט מ"ו

גבריאל בך ומשפטי השואה: ארבע פרשות וזיכרון אחד

2022 •

Yehudit Dori Deston

View PDF

Climatic Change

The impact of climate change on budget balances and debt in the Middle East and North Africa (MENA) region

ELEFTHERIOS GIOVANIS

View PDF

IEEE Symposium Conference Record Nuclear Science 2004.

Systematic comparison of electromagnetic physics between Geant4 and EGS4 with respect to protocol data

Nobuyuki Kanematsu

View PDF

Ambio

Placing diverse knowledge systems at the core of transformative climate research

Neil Dawson

View PDF