Scenariusze zajęć na temat promocji zdrowia

Scenariusze zajęć na temat promocji zdrowia

^ĐĞŶĂƌŝƵƐnjĞnjĂũħđŶĂƚĞŵĂƚ
ƉƌŽŵŽĐũŝnjĚƌŽǁŝĂ
Scenariusz nr 2
tŝƚĂŵŝŶLJ͕ǁŝƚĂŵŝŶLJĚůĂ
ĐŚųŽƉĂŬĂŝĚnjŝĞǁĐnjLJŶLJ͊
ĚƌĞƐĂĐŝ͗
ƵĐnjŶŝŽǁŝĞŬůĂƐLJ//ƐnjŬŽųLJƉŽĚƐƚĂǁŽǁĞũ
ĞůĞůĞŬĐũŝ͗
ͻ
ͻ
ͻ
ǁLJũĂƑŶŝĞŶŝĞƉŽũħđ͗ƐŬųĂĚŶŝŬŝŽĚǏLJǁĐnjĞ͕ƉŝƌĂŵŝĚĂnjĚƌŽǁŝĂ͕ǁŝƚĂŵŝŶLJ͕ŵŝŶĞƌĂųLJ
ŽŵſǁŝĞŶŝĞƉƌŽĚƵŬƚſǁ͕ŬƚſƌĞƉŽǁŝŶŶLJďLJđƉƌnjĞnjĚnjŝĞĐŝƐƉŽǏLJǁĂŶĞŶĂũĐnjħƑĐŝĞũ
ŝŶĂũƌnjĂĚnjŝĞũ
ƵƑǁŝĂĚŽŵŝĞŶŝĞǁƉųLJǁƵƌĂĐũŽŶĂůŶĞŐŽŽĚǏLJǁŝĂŶŝĂŶĂnjĚƌŽǁŝĞĚnjŝĞĐŝ
WŽĚƐƚĂǁĂƉƌŽŐƌĂŵŽǁĂŬƐnjƚĂųĐĞŶŝĂŽŐſůŶĞŐŽʹ
ʹĞĚƵŬĂĐũĂǁĐnjĞƐŶŽƐnjŬŽůŶĂ
ĚƵŬĂĐũĂƉƌnjLJƌŽĚŶŝĐnjĂ͘hĐnjĞŷ͗
ͻ
ͻ
ͻ
ϴͿŶĂnjLJǁĂĐnjħƑĐŝĐŝĂųĂŝŽƌŐĂŶLJǁĞǁŶħƚƌnjŶĞnjǁŝĞƌnjČƚŝůƵĚnjŝ
;ŶƉ͘ƐĞƌĐĞ͕ƉųƵĐĂ͕ǏŽųČĚĞŬͿ
ϵͿnjŶĂƉŽĚƐƚĂǁŽǁĞnjĂƐĂĚLJƌĂĐũŽŶĂůŶĞŐŽŽĚǏLJǁŝĂŶŝĂƐŝħ͖ƌŽnjƵŵŝĞŬŽŶŝĞĐnjŶŽƑđ
ŬŽŶƚƌŽůŽǁĂŶŝĂƐƚĂŶƵnjĚƌŽǁŝĂŝƐƚŽƐƵũĞƐŝħĚŽnjĂůĞĐĞŷƐƚŽŵĂƚŽůŽŐĂŝůĞŬĂƌnjĂ
ϭϬͿĚďĂŽnjĚƌŽǁŝĞŝďĞnjƉŝĞĐnjĞŷƐƚǁŽƐǁŽũĞŝŝŶŶLJĐŚ;ǁŵŝĂƌħƐǁŽŝĐŚŵŽǏůŝǁŽƑĐŝͿ
tLJĐŚŽǁĂŶŝĞĮnjLJĐnjŶĞŝĞĚƵŬĂĐũĂnjĚƌŽǁŽƚŶĂ͘hĐnjĞŷ͗
ͻ
12
ϭϬ͘ϰ͘ďͿǁŝĞ͕ũĂŬŝĞnjŶĂĐnjĞŶŝĞĚůĂnjĚƌŽǁŝĂŵĂǁųĂƑĐŝǁĞŽĚǏLJǁŝĂŶŝĞ
ƐŝħŽƌĂnjĂŬƚLJǁŶŽƑđĮnjLJĐnjŶĂ
DĞƚŽĚLJŝƚĞĐŚŶŝŬŝ͗
ͻ
ͻ
ͻ
njŐĂĚLJǁĂŶŬĂ
ƉƌĂĐĂǁŐƌƵƉĂĐŚ
ŽĚŐƌLJǁĂŶŝĞƌſů
DĂƚĞƌŝĂųLJƉŽŵŽĐŶŝĐnjĞ͗
EƌϭʹǁŝĐnjĞŶŝĞͣnjĞŐŽũĞƑđǁŝħĐĞũ͕ĐnjĞŐŽŵŶŝĞũ͟
EƌϮʹǁŝĐnjĞŶŝĞĚůĂƵĐnjŶŝſǁͣtŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ͟
njĂƐ͗
ϭŐŽĚnjŝŶĂůĞŬĐLJũŶĂ
13
Przebieg lekcji:
ϭ͘
ZŽnjƉŽĐnjŶŝũůĞŬĐũħŬƌſƚŬČƌŽnjŵŽǁħŽnjĚƌŽǁLJŵƐƚLJůƵǏLJĐŝĂ͘ďLJƉƌnjLJƉŽŵŶŝĞđ
ǁŝĂĚŽŵŽƑĐŝŶĂƚĞŶƚĞŵĂƚ͕njĂƉLJƚĂũĚnjŝĞĐŝ͗
ͻ ŽŵƵƐŝŵLJƌŽďŝđ͕ǏĞďLJďLJđnjĚƌŽǁLJŵŝ͍
ͻ njĞŐŽƉŽǁŝŶŶŝƑŵLJƵŶŝŬĂđ͍
ͻ :ĂŬŝĞĚnjŝĂųĂŶŝĂƐČŶĂũǁĂǏŶŝĞũƐnjĞĚůĂnjĚƌŽǁŝĂ͍
;ƌƵĐŚ͕ƉŝĐŝĞǁŽĚLJ͕ŽĚƉŽǁŝĞĚŶŝĞǏLJǁŝĞŶŝĞͿ
Ϯ͘
<ŽŵĞŶƚƵũŽĚƉŽǁŝĞĚnjŝƵĐnjŶŝſǁ͘ǁƌſđƵǁĂŐħŶĂnjŶĂĐnjĞŶŝĞƌƵĐŚƵŝĂŬƚLJǁŶŽƑĐŝ
ĮnjLJĐnjŶĞũŽƌĂnjƉŝĐŝĂǁŽĚLJĚůĂŶĂƐnjĞŐŽnjĚƌŽǁŝĂ͘WƌnjLJƉŽŵŶŝũŝŵͣƉŝƌĂŵŝĚħnjĚƌŽǁŝĂ͕͟
ŬƚſƌČƉŽnjŶĂůŝǁĐnjĂƐŝĞƉŽƉƌnjĞĚŶŝĞũůĞŬĐũŝ͘WŽǁŝĞĚnj͕ǏĞǁĐnjĂƐŝĞůĞŬĐũŝƉŽnjŶĂũČnjĂƐĂĚLJnjĚƌŽǁĞŐŽŽĚǏLJǁŝĂŶŝĂƐŝħ͘ħĚČƚĞǏƵnjƵƉĞųŶŝĂđƉƵƐƚĞƉŽůĂͣƉŝƌĂŵŝĚLJnjĚƌŽǁŝĂ͘͟
ĂǁŝĞƑŬĂƌƚħŶĂƚĂďůŝĐLJ͘
ϯ͘
njŝĞĐŝŶĂĚĂůƉƌĂĐƵũČǁnjĞƐƉŽųĂĐŚ͕ŬƚſƌĞnjŽƐƚĂųLJƵƚǁŽƌnjŽŶĞǁĐnjĂƐŝĞƉŽƉƌnjĞĚŶŝĞũ
ůĞŬĐũŝ͘ZŽnjĚĂũŝŵũĞƐnjĐnjĞƌĂnjŽďƌĂnjŬŝ;ŬĂƌƚLJĚŽđǁŝĐnjĞŶŝĂŶƌϭnjƉŝĞƌǁƐnjĞũůĞŬĐũŝͿ͘
WŽůĞđ͕ďLJƵĐnjŶŝŽǁŝĞƉŽŶŽǁŶŝĞũĞŽďĞũƌnjĞůŝ͘
ϰ͘
tƌſđĚŽƉŝƌĂŵŝĚLJnjĚƌŽǁŝĂ͕njĂƉLJƚĂũƵĐnjŶŝſǁ͗:ĂŬƐČĚnjŝĐŝĞ͕ĐŽƉŽǁŝŶŶŝƑŵLJũĞƑđ
ƉƌĂǁŝĞǁŬĂǏĚLJŵƉŽƐŝųŬƵ͍njŝĞĐŝƐƚĂƌĂũČƐŝħnjŐĂĚŶČđ;ũĞƑůŝŝŵƐŝħŶŝĞƵĚĂʹƉŽĚƉŽǁŝĞĚnj͗ƉĞųŶŽnjŝĂƌŶŝƐƚĞƉŝĞĐnjLJǁŽ͕ŵĂŬĂƌŽŶLJ͕ŬĂƐnjĞ͕ƌLJǏͿ͘<ŝĞĚLJŽĐŚŽƚŶŝŬƵĚnjŝĞůŝ
ƉŽƉƌĂǁŶĞũŽĚƉŽǁŝĞĚnjŝ͕ŬůĂƐĂŶĂŐƌĂĚnjĂŐŽďƌĂǁĂŵŝ͘hĐnjĞŷǁLJďŝĞƌĂǁƚĞĚLJŽĚƉŽǁŝĞĚŶŝČŝůƵƐƚƌĂĐũħnjnjĞƐƚĂǁƵŽďƌĂnjŬſǁŝƵŵŝĞƐnjĐnjĂũČǁƉŽůƵƉŝƌĂŵŝĚLJnjĚƌŽǁŝĂ͘
ϱ͘
ĂƉLJƚĂũƚĞƌĂnjŽƚųƵƐnjĐnjĞ͕ŬƚſƌĞƉŽǁŝŶŶŝƑŵLJĐŽĚnjŝĞŶŶŝĞƐƉŽǏLJǁĂđ;ƚųƵƐnjĐnjĞƌŽƑůŝŶŶĞ͕
ŽůĞũ͕ŽůŝǁĂͿ͘WŽƉƌŽƑĚnjŝĞĐŝŽƵŵŝĞƐnjĐnjĞŶŝĞŽĚƉŽǁŝĞĚŶŝĞũŝůƵƐƚƌĂĐũŝŶĂƉůĂŶƐnjLJ͘
ϲ͘
EĂƐƚħƉŶŝĞnjĂƉLJƚĂũ͗ŽƉŽǁŝŶŶŝƑŵLJũĞƑđǁŬĂǏĚLJŵƉŽƐŝųŬƵ͍;ǁĂƌnjLJǁĂƐƵƌŽǁĞ
ůƵďŐŽƚŽǁĂŶĞ͕ŽǁŽĐĞͿ͘DŽǏĞƐnjƵnjƵƉĞųŶŝđŝŶĨŽƌŵĂĐũĞŶĂƚĞŶƚĞŵĂƚ͘WŽǁŝĞĚnj͕
ǏĞǁĂƌnjLJǁĂŵŽǏŶĂũĞƑđďĞnjŽŐƌĂŶŝĐnjĞŷ;ŽƉƌſĐnjnjŝĞŵŶŝĂŬſǁͿ͘EĂũůĞƉŝĞũƵĐnjƵĐŝĞ
ŐųŽĚƵnjĂƐƉŽŬĂũĂđǁĂƌnjLJǁĂŵŝ͘tĂƌnjLJǁĂƉŽǁŝŶŶLJďLJđƉŽĚĂǁĂŶĞǁƉŽƐƚĂĐŝƐƵƌŽǁĞũ;ƌſǁŶŝĞǏǁƉŽƐƚĂĐŝƐŽŬſǁǁLJĐŝƐŬĂŶLJĐŚǁĚŽŵƵͿŽƌĂnjŐŽƚŽǁĂŶĞũŶĂƉĂƌnjĞ
;njĂĐŚŽǁƵũČǁſǁĐnjĂƐǁŝħŬƐnjŽƑđǁŝƚĂŵŝŶͿůƵďŐŽƚŽǁĂŶĞũŽŬ͘ϭϱŵŝŶƵƚ͘EŝĞ
ƉŽǁŝŶŶLJďLJđƉŽĚĂǁĂŶĞǁƉŽƐƚĂĐŝƌŽnjŐŽƚŽǁĂŶĞũnjĚŽĚĂƚŬŝĞŵŶƉ͘njĂƐŵĂǏŬŝ͘
ϳ͘
WŽĚŬƌĞƑů͕ǏĞǁĂƌnjLJǁĂŝŽǁŽĐĞnjĂǁŝĞƌĂũČǁŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ͕ŬƚſƌĞĐŚƌŽŶŝČ
ŽƌŐĂŶŝnjŵƉƌnjĞĚƐnjŬŽĚůŝǁLJŵŝĐnjLJŶŶŝŬĂŵŝƑƌŽĚŽǁŝƐŬŽǁLJŵŝ͘_ǁŝĞǏĞǁĂƌnjLJǁĂƌĞŐƵůƵũČƉƌĂǁŝĚųŽǁČĨƵŶŬĐũħŽƌŐĂŶŝnjŵƵ͘EĂũůĞƉŝĞũĐŚƌŽŶŝČƉƌnjĞĚŽƚLJųŽƑĐŝČ͕ƉŽŶŝĞǁĂǏ
ϭϰ
njĂƐƉĂŬĂũĂũČŐųſĚ͕ĂŶŝĞnjĂǁŝĞƌĂũČƚųƵƐnjĐnjƵŽƌĂnjĐƵŬƌƵʹƐŬųĂĚŶŝŬſǁŶĂũďĂƌĚnjŝĞũ
ŽĚƉŽǁŝĞĚnjŝĂůŶLJĐŚnjĂďƵĚŽǁĂŶŝĞŬŽŵſƌĞŬƚųƵƐnjĐnjŽǁLJĐŚ͘KǁŽĐĞnjĂǁŝĞƌĂũČĨƌƵŬƚŽnjħ͕ŬƚſƌĂŶŝĞƉŽǁŝŶŶĂďLJđƐƉŽǏLJǁĂŶĂǁŶĂĚŵŝĂƌnjĞ͘ůĂƚĞŐŽŵŽǏŶĂƐƉŽǏLJǁĂđ
ŽŬŽųŽϯ͘ƌſǏŶLJĐŚŽǁŽĐſǁĚnjŝĞŶŶŝĞ͘ĞnjƉŝĞĐnjŶŝĞũƐnjĞƐČŽǁŽĐĞŬƌĂũŽǁĞ͕ƉŽŶŝĞǁĂǏ
ŶŝĞnjĂǁŝĞƌĂũČƚLJůƵƐƵďƐƚĂŶĐũŝŬŽŶƐĞƌǁƵũČĐLJĐŚ͘
ϴ͘
WŽƐƚħƉƵũnjŐŽĚŶŝĞnjƉŽǁLJǏƐnjČƉƌŽĐĞĚƵƌČƚĂŬĚųƵŐŽ͕ĂǏƵĐnjŶŝŽǁŝĞƵnjƵƉĞųŶŝČ
ŽďƌĂnjŬĂŵŝƉƌĂǁŝĞĐĂųČͣƉŝƌĂŵŝĚħnjĚƌŽǁŝĂ͘͟WLJƚĂũ͗
ĂͿ ŽũĞƐnjĐnjĞƉŽǁŝŶŶŝƑŵLJũĞƑđĐŽĚnjŝĞŶŶŝĞ͍;ƌŽƑůŝŶLJƐƚƌČĐnjŬŽǁĞ͕ŶĂƐŝŽŶĂ͕ŽƌnjĞĐŚLJ͖
ƉƌŽĚƵŬƚLJŵůĞĐnjŶĞʹƚǁĂƌſŐ͕ŵůĞŬŽ͕ŬĞĮƌ͕ũŽŐƵƌƚͿ
ďͿ ŽũĞŵLJĚǁĂƌĂnjLJǁƚLJŐŽĚŶŝƵ͍;ƌLJďLJ͕Ěƌſď͕ũĂũĂͿ
ĐͿ :ĂŬŝĞƉƌŽĚƵŬƚLJƉŽǁŝŶŶŝƑŵLJũĞƑđƚLJůŬŽŽĚĐnjĂƐƵĚŽĐnjĂƐƵ͍;ŵĂƐųŽ͕ĐnjĞƌǁŽŶĞ
ŵŝħƐŽ͕ƉƌŽĚƵŬƚLJnjŵČŬŝŽĐnjLJƐnjĐnjŽŶĞũʹƉŝĞĐnjLJǁŽ͕ŵĂŬĂƌŽŶ͕ďŝĂųLJƌLJǏ͖njŝĞŵŶŝĂŬŝ͖
ƐųŽĚLJĐnjĞ͕ĐŝĂƐƚĂ͕ƉŝnjnjħͿ
ϵ͘
tLJũĂƑŶŝũ͕ǏĞƐnjĐnjLJƚƉŝƌĂŵŝĚLJ͕ƚŽƉƌŽĚƵŬƚLJ͕ŬƚſƌĞŵŽŐČďLJđƐƉŽǏLJǁĂŶĞŽŬĂnjũŽŶĂůŶŝĞ͘
DŽǏĞƐnjĚŽĚĂđ͕ǏĞŶĂũůĞƉŝĞũ͕ĂďLJĚnjŝĞĐŝ;ƚĂŬũĂŬŶƉ͘ĚnjŝĞĐŝƐnjǁĞĚnjŬŝĞͿƐƉŽǏLJǁĂųLJ
ƉƌŽĚƵŬƚLJŶŝĞnjĚƌŽǁĞ͕ŶĂŬƚſƌĞŵĂũČŽĐŚŽƚħŶƉ͘ǁŶŝĞĚnjŝĞůħ͘tƚĞĚLJũĞƐƚƐnjĂŶƐĂ͕ǏĞ
ŽƌŐĂŶŝnjŵǁĐŝČŐƵŶĂƐƚħƉŶLJĐŚƐnjĞƑĐŝƵĚŶŝƵƐƵŶŝĞnjǁŝČnjŬŝƐnjŬŽĚůŝǁĞnjŽƌŐĂŶŝnjŵƵŝ
ŶŝĞďħĚnjŝĞƚŽŵŝĂųŽnjďLJƚĚƵǏĞŐŽǁƉųLJǁƵŶĂnjĚƌŽǁŝĞĚnjŝĞĐŬĂ͘
ϭϬ͘ tLJũĂƑŶŝũƵĐnjŶŝŽŵ͕ũĂŬǁĂǏŶĞnjŶĂĐnjĞŶŝĞĚůĂŶĂƐnjĞŐŽnjĚƌŽǁŝĂŵĂƉƌĂǁŝĚųŽǁĞ
ŽĚǏLJǁŝĂŶŝĞƐŝħ͘ĚƌŽǁĞƉƌŽĚƵŬƚLJnjĂǁŝĞƌĂũČǁŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ͘WŽŵĂŐĂũČŽŶĞ
ŶĂƐnjLJŵĐŝĂųŽŵƌŽnjǁŝũĂđƐŝħŝƐČƉŽƚƌnjĞďŶĞ͕ĂďLJƑŵLJďLJůŝnjĚƌŽǁŝ͘WŽǁŝĞĚnjĚnjŝĞĐŝŽŵ͕
ǏĞƉŽnjŶĂũČƚĞƌĂnjƌſǏŶĞǁŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ͘
ϭϭ͘ WŽƉƌŽƑϭϮŽĐŚŽƚŶŝŬſǁ͘WŽǁŝĞĚnj͕ǏĞŬĂǏĚLJnjŶŝĐŚŵŽǏĞĚŽďƌĂđƐŽďŝĞŬŽůĞǏĂŶŬħ
ůƵďŬŽůĞŐħͣƉŽŵŽĐŶŝŬĂ͘͟WŽƉƌŽƑ͕ďLJŽĐŚŽƚŶŝĐLJǁLJůŽƐŽǁĂůŝƌŽůĞ͘ZŽnjĚĂũŝŵƌſǁŶŝĞǏ
ŬĂƌƚĞĐnjŬŝͲͣŝĚĞŶƚLJĮŬĂƚŽƌLJ͟njŶĂnjǁČǁŝƚĂŵŝŶLJĐnjLJŵŝŶĞƌĂųƵŝƉŽůĞđ͕ďLJƉƌnjLJĐnjĞƉŝůŝ
ũĞĚŽƵďƌĂŷ͘
ϭϮ͘ <ĂǏĚLJŽĐŚŽƚŶŝŬŽƚƌnjLJŵƵũĞŽĚƉŽǁŝĞĚŶŝƚĞŬƐƚƌŽůŝ͘:ĞŐŽnjĂĚĂŶŝĞŵũĞƐƚƉƌnjĞĐnjLJƚĂŶŝĞ
ƚĞŬƐƚƵ͘WŽŵŽĐŶŝĐLJŵŽŐČǁLJŬŽƌnjLJƐƚĂđŽďƌĂnjŬŝ͕ŬƚſƌLJŵŝĚnjŝĞĐŝƉŽƐųƵŐŝǁĂųLJƐŝħ
ǁĐnjĂƐŝĞůĞŬĐũŝ͘KďƌĂnjŬŝƉŽŬĂnjƵũČ͕ǁũĂŬŝĐŚƉŽŬĂƌŵĂĐŚͣŵŝĞƐnjŬĂ͟ǁŝƚĂŵŝŶĂĐnjLJ
ƐŬųĂĚŶŝŬŵŝŶĞƌĂůŶLJ͘ŽƐƚĂǁƵĐnjŶŝŽŵĐnjĂƐ͕ďLJƉƌnjLJŐŽƚŽǁĂůŝƐŝħĚŽŽĚĞŐƌĂŶŝĂƌŽůŝ
ŝĚĞŵŽŶƐƚƌĂĐũŝ͘WŽŵŽĐŶŝĐLJǁƐƉŝĞƌĂũČŽƐŽďLJŐƌĂũČĐĞ͘
15
ϭϯ͘ ZŽnjƉŽĐnjŶŝũƉƌĞnjĞŶƚĂĐũħ͘hĐnjŶŝŽǁŝĞŶĂƑƌŽĚŬƵŬůĂƐLJŬŽůĞũŶŽŽĚŐƌLJǁĂũČƌŽůĞǁŝƚĂŵŝŶŝŵŝŶĞƌĂųſǁ͕ƉŽŬĂnjƵũČŽďƌĂnjŬŝ͘WŽnjŽƐƚĂůŝƵĐnjŶŝŽǁŝĞŵŽŐČnjĂĚĂǁĂđƉLJƚĂŶŝĂ͕
ŬŽŵĞŶƚŽǁĂđ͘tnjĂůĞǏŶŽƑĐŝŽĚŵŽǏůŝǁŽƑĐŝŝnjĂŝŶƚĞƌĞƐŽǁĂŷƵĐnjŶŝſǁƵnjƵƉĞųŶŝĂũ
ǁŝĂĚŽŵŽƑĐŝ͕ǁLJũĂƑŶŝũƚƌƵĚŶĞĚůĂƵĐnjŶŝſǁƐųŽǁĂ͘DŽǏĞƐnjƚĞǏnjĂƉŝƐLJǁĂđŶĂnjǁLJ
ǁŝƚĂŵŝŶŝŵŝŶĞƌĂųſǁƉƌnjLJƉƌŽĚƵŬƚĂĐŚ͕ŬƚſƌĞnjŽƐƚĂųLJǁĐnjĞƑŶŝĞũƵŵŝĞƐnjĐnjŽŶĞŶĂ
ͣƉŝƌĂŵŝĚnjŝĞnjĚƌŽǁŝĂ͟;ůƵďƚLJůŬŽůŝƚĞƌLJŶƉ͕͕͘‚Ϳ͘ŝůƵƐƚƌƵũĞƚŽ͕ũĂŬŝĞƉŽŬĂƌŵLJ
ƐČŶĂũďĂƌĚnjŝĞũǁĂƌƚŽƑĐŝŽǁĞ͘
ϭϰ͘ ĂnjŶĂĐnj͕ǏĞĂďLJĚnjŝĞĐŝďLJųLJnjĚƌŽǁĞ͕ƉŽǁŝŶŶLJŽĚƉŽǁŝĞĚŶŝŽƐŝħŽĚǏLJǁŝĂđ͘EĂũǁŝħĐĞũŵŝŶĞƌĂųſǁnjĂǁŝĞƌĂǁŽĚĂŵŝŶĞƌĂůŶĂ͕ĂǁŝƚĂŵŝŶʹŽǁŽĐĞŝǁĂƌnjLJǁĂ͘WŽǁŝĞĚnj͕
ǏĞŶĂŶĂƐƚħƉŶĞũůĞŬĐũŝĚŽǁŝĞĚnjČƐŝħ͕ŬƚſƌĞƉƌŽĚƵŬƚLJʹŽƉƌſĐnjǁĂƌnjLJǁʹŶĂũůĞƉŝĞũ
ƐųƵǏČŝĐŚnjĚƌŽǁŝƵ͘
16
DĂƚĞƌŝĂųLJƉŽŵŽĐŶŝĐnjĞ
DĂƚĞƌŝĂųƉŽŵŽĐŶŝĐnjLJŶƌϭ
ǁŝĐnjĞŶŝĞ͗tŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ
ZŽůĞĚůĂƵĐnjŶŝſǁ
A
:ĞƐƚĞŵǁŝƚĂŵŝŶČ͘WŽŵĂŐĂŵǁĂŵƌŽƐŶČđ͘DŝĞƐnjŬĂŵǁƑůŝǁŬĂĐŚ͕
ŵŽƌĞůĂĐŚ͕ŵĂƌĐŚǁŝ͘
C
:ĞƐƚĞŵǁŝƚĂŵŝŶČ͘KĐnjLJƐnjĐnjĂŵǁĂƐnjĞŽƌŐĂŶŝnjŵLJ͘DŝĞƐnjŬĂŵǁŽǁŽĐĂĐŚ
ŝǁĂƌnjLJǁĂĐŚ͘
B1
:ĞƐƚĞŵǁŝƚĂŵŝŶČϭ͘tnjŵĂĐŶŝĂŵǁĂƐnjĞŶĞƌǁLJ͘njŝħŬŝŵŶŝĞũĞƐƚĞƑĐŝĞ
ƐƉŽŬŽũŶŝŝĚŽďƌnjĞƐŝħnjĂĐŚŽǁƵũĞĐŝĞ͘DŝĞƐnjŬĂŵǁĚƌŽǏĚǏĂĐŚ͕ŬĂƐnjLJũĂŐůĂŶĞũ
ŝŐƌLJĐnjĂŶĞũ͘
B2
:ĞƐƚĞŵǁŝƚĂŵŝŶČϮ͘WŽŵĂŐĂŵǁĂƐnjĞũƐŬſƌnjĞ͕ďLJďLJųĂųĂĚŶĂŝnjĚƌŽǁĂ͘
DŝĞƐnjŬĂŵǁĚƌŽǏĚǏĂĐŚ͕ŵĂŬƌĞůĂĐŚ͕ǏſųƚŬĂĐŚ͕ĨĂƐŽůŝ͕ƉųĂƚŬĂĐŚŽǁƐŝĂŶLJĐŚ͘
B6
:ĞƐƚĞŵǁŝƚĂŵŝŶČϲ͘tnjŵĂĐŶŝĂŵǁĂƐnjČŽĚƉŽƌŶŽƑđ͘njŝħŬŝŵŶŝĞŶŝĞ
ƉŽĚĚĂũĞĐŝĞƐŝħĐŚŽƌŽďŽŵ͘DŝĞƐnjŬĂŵǁŬĂƐnjLJŐƌLJĐnjĂŶĞũ͕ĨĂƐŽůŝŝŐƌŽĐŚƵ͘
B12
:ĞƐƚĞŵǁŝƚĂŵŝŶČϭϮ͘njŝħŬŝŵŶŝĞŵĂĐŝĞnjĚƌŽǁČŬƌĞǁ͘DŝĞƐnjŬĂŵ
ǁƌLJďĂĐŚ͕ǏſųƚŬĂĐŚũĂũĞŬŝŵŝħƐŝĞ͘
D
:ĞƐƚĞŵǁŝƚĂŵŝŶČ͘tnjŵĂĐŶŝĂŵǁĂƐnjĞŬŽƑĐŝŝŵŝħƑŶŝĞ͘DŝĞƐnjŬĂŵ
ǁƌLJďĂĐŚ͕ƐĞƌnjĞǏſųƚLJŵŝǏſųƚŬĂĐŚũĂũ͘
E
:ĞƐƚĞŵǁŝƚĂŵŝŶČ͘njŝħŬŝŵŶŝĞũĞƐƚĞƑĐŝĞƐƉŽŬŽũŶŝŝŽĚƉŽƌŶŝ͘DŝĞƐnjŬĂŵ
ǁŽƌnjĞĐŚĂĐŚ͘
‚ĞůĂnjŽ
EĂnjLJǁĂŵƐŝħ‚ĞůĂnjŽ͘WŽnjǁĂůĂŵǁĂŵĚŽƚůĞŶŝđǁĂƐnjĞĐŝĂųĂ͘DŝĞƐnjŬĂŵ
ǁǁŽĚnjŝĞŵŝŶĞƌĂůŶĞũ͕ĨĂƐŽůĂĐŚŝŵŽƌĞůĂĐŚ͘
DĂŐŶĞnj
EĂnjLJǁĂŵƐŝħDĂŐŶĞnj͘tnjŵĂĐŶŝĂŵǁĂƐnjĞŶĞƌǁLJ͘njŝħŬŝŵŶŝĞũĞƐƚĞƑĐŝĞ
ƐƉŽŬŽũŶŝŝnjĚƌŽǁŝ͘DŽǏĞĐŝĞƐƉŽŬŽũŶŝĞƐƉĂđ͘DŝĞƐnjŬĂŵǁǁŽĚnjŝĞŵŝŶĞƌĂůŶĞũ͕ŬĂƐnjLJŐƌLJĐnjĂŶĞũ͕ĨĂƐŽůŝŝnjŝĞůŽŶLJŵŐƌŽƐnjŬƵ͘
LJŶŬ
EĂnjLJǁĂŵƐŝħLJŶŬ͘WŽŵĂŐĂŵǁĂŵƌŽƐŶČđ͘DŝĞƐnjŬĂŵǁŐƌLJĐĞ͕ŐƌŽĐŚƵ͕
ĨĂƐŽůŝ͕ǏſųƚŬĂĐŚũĂũĞŬ͘
tĂƉŷ
EĂnjLJǁĂŵƐŝħtĂƉŷ͘tnjŵĂĐŶŝĂŵǁĂƐnjĞŬŽƑĐŝŝnjħďLJ͘DŝĞƐnjŬĂŵǁǁŽĚnjŝĞ
ŵŝŶĞƌĂůŶĞũ͕ŵůĞŬƵ͕ƚǁĂƌŽŐƵŝũŽŐƵƌƚĂĐŚ͘
17
DĂƚĞƌŝĂųƉŽŵŽĐŶŝĐnjLJŶƌϮ
ŽƉŽǁŝŶŶŝƑŵLJũĞƑđŝƉŝđ͍
DĂƚĞƌŝĂųĚůĂŶĂƵĐnjLJĐŝĞůĂ
^ŬųĂĚŶŝŬŝŽĚǏLJǁĐnjĞʹƐČƚŽnjǁŝČnjŬŝǁLJƐƚħƉƵũČĐĞǁƉƌŽĚƵŬƚĂĐŚƐƉŽǏLJǁĐnjLJĐŚnjĂƌſǁŶŽ
ƉŽĐŚŽĚnjĞŶŝĂƌŽƑůŝŶŶĞŐŽũĂŬŝnjǁŝĞƌnjħĐĞŐŽ͕ŬƚſƌĞƉŽƐƉŽǏLJĐŝƵƵůĞŐĂũČƐƚƌĂǁŝĞŶŝƵŝƉƌnjLJƐǁŽũĞŶŝƵ;ǁLJũČƚĞŬƐƚĂŶŽǁŝďųŽŶŶŝŬ͕ŬƚſƌLJũĞƐƚŶŝĞƉƌnjLJƐǁĂũĂŶLJƉƌnjĞnjŽƌŐĂŶŝnjŵĐnjųŽǁŝĞŬĂͿ͘
KƌŐĂŶŝnjŵĐnjųŽǁŝĞŬĂnjĂǁŝĞƌĂ͗
ϮϬйďŝĂųŬĂ͕ϭϬͲϭϱйƚųƵƐnjĐnjƵ͕ϰͲϱйǁħŐůŽǁŽĚĂŶſǁ͕ϰͲϱйƐŬųĂĚŶŝŬſǁŵŝŶĞƌĂůŶLJĐŚ͕
ǁŽĚĂŽŬ͘ϳϬй͘
^ŬųĂĚŶŝŬŝĞŶĞƌŐĞƚLJĐnjŶĞ͗
ǁħŐůŽǁŽĚĂŶLJ͕ƚųƵƐnjĐnjĞƉŽŬƌLJǁĂũČnjĂƉŽƚƌnjĞďŽǁĂŶŝĞŶĂĞŶĞƌŐŝĞ͘
^ŬųĂĚŶŝŬŝďƵĚƵůĐŽǁĞ͕ŬƚſƌĞƐųƵǏČĚŽďƵĚŽǁLJŝŽĚŶŽǁLJŬŽŵſƌĞŬŽƌĂnjƚŬĂŶĞŬ͕ƚŽďŝĂųŬŽ͕
ǁĂƉŷ͕ĨŽƐĨŽƌ͕ǏĞůĂnjŽ͕ũŽĚŝŝŶŶĞ͘
^ŬųĂĚŶŝŬŝƌĞŐƵůƵũČĐĞƉƌĂĐħŽƌŐĂŶŝnjŵƵĐnjųŽǁŝĞŬĂ͗ǁŝƚĂŵŝŶLJŝŶŝĞŬƚſƌĞŵŝŶĞƌĂųLJŽƌĂnj
ďųŽŶŶŝŬƉŽŬĂƌŵŽǁLJ͘
tǁŽĚnjŝĞƐČŵŝŶĞƌĂųLJƚĂŬŝĞ͕ũĂŬ͗ǁĂƉŷ͕ǏĞůĂnjŽ͕ƉŽƚĂƐ͕ŵĂŐŶĞnj͘njLJƐƚĂ͕ĚŽďƌĂǁŽĚĂ
ũĞƐƚŶĂũůĞƉƐnjLJŵǍƌſĚųĞŵƵnjƵƉĞųŶŝĂũČĐLJŵƚĞƐŬųĂĚŶŝŬŝ͘tŽĚĂŵĂƌſǁŶŝĞǏǁųĂƑĐŝǁŽƑĐŝ
ŽĐnjLJƐnjĐnjĂũČĐĞ;ĚĞƚŽŬƐLJŬĂĐLJũŶĞͿ͘
tƉųLJǁǁLJďƌĂŶLJĐŚƐŬųĂĚŶŝŬſǁŶĂnjĚƌŽǁŝĞĐnjųŽǁŝĞŬĂ͗
‚ĞůĂnjŽʹũĞƐƚŽĚƉŽǁŝĞĚnjŝĂůŶĞnjĂĚŽƚůĞŶŝĞŶŝĞŽƌŐĂŶŝnjŵƵ͕ŶŝĞĚŽďſƌǏĞůĂnjĂǁƉųLJǁĂ
ŶĂƉŽŐŽƌƐnjĞŶŝĞƐŝħĨƵŶŬĐũŝƚĂƌĐnjLJĐLJ;ǍƌſĚųĂ͗ŐůŽŶLJŵŽƌƐŬŝĞ͕ĨĂƐŽůĞ͕ŵŽƌĞůĞͿ͘
WŽƚĂƐʹũĞƐƚŽĚƉŽǁŝĞĚnjŝĂůŶLJnjĂƉƌnjĞƐLJųĂŶŝĞŝŵƉƵůƐſǁŶĞƌǁŽǁLJĐŚ͕ƵƚƌnjLJŵĂŶŝĞ
ƌſǁŶŽǁĂŐŝŬǁĂƐŽǁŽͲnjĂƐĂĚŽǁĞũ;ǍƌſĚųĂ͗ƐƚƌČĐnjŬŽǁĞ͕ŽǁŽĐĞƐƵƐnjŽŶĞͿ͘
DĂŐŶĞnjʹŶŝĞĚŽďſƌǁLJƐƚħƉƵũĞƵŽƐſď͕ŬƚſƌĞŶŝĞƐƉŽǏLJǁĂũČƉƌŽĚƵŬƚſǁƉĞųŶŽǁĂƌƚŽͲ
ƑĐŝŽǁLJĐŚ͘WƌnjĞĚĞǁƐnjLJƐƚŬŝŵǁƉųLJǁĂŶĂƉƌĂǁŝĚųŽǁĞĨƵŶŬĐũŽŶŽǁĂŶŝĂƵŬųĂĚƵŶĞƌǁŽǁĞŐŽ͕ƌĞŐƵůƵũĞnjĂďƵƌnjĞŶŝĂƐŶƵ͕ŬƚſƌĞƚĂŬǏĞŶŝĞũĞĚŶŽŬƌŽƚŶŝĞĚŽƚLJŬĂũČĚnjŝĞĐŝ͕ŵĂĚnjŝĂųĂŶŝĞ
ƉƌnjĞĐŝǁĂůĞƌŐŝĐnjŶĞ͕ĐŽƚĂŬǏĞŵĂŝƐƚŽƚŶĞnjŶĂĐnjĞŶŝĞĚůĂĚnjŝĞĐŝ;ǍƌſĚųĂ͗ƐƚƌČĐnjŬŽǁĞ͕ŐƌLJŬĂ͕
ŐƌŽƐnjĞŬnjŝĞůŽŶLJͿ͘
ϭϴ
/ŶŶĞƉŽƚƌnjĞďŶĞŵŝŶĞƌĂųLJ͕ƚŽ͗
LJŶŬʹŽĚŐƌLJǁĂǁĂǏŶČƌŽůħǁƉƌŽĐĞƐŝĞǁnjƌŽƐƚƵŽƌŐĂŶŝnjŵƵ;ǍƌſĚųĂ͗ŐƌŽĐŚ͕ǏſųƚŬŽũĂũĂ͕
ĨĂƐŽůĞ͕ŐƌLJŬĂͿ͘
^ĞůĞŶʹǁƉųLJǁĂŶĂƉƌĂĐħƚĂƌĐnjLJĐLJ͕ĐŽŵĂŝƐƚŽƚŶĞnjŶĂĐnjĞŶŝĞƐnjĐnjĞŐſůŶŝĞĚůĂŽƚLJųLJĐŚ
ĚnjŝĞĐŝ͕ƉŽŶŝĞǁĂǏƚĂƌĐnjLJĐĂũĞƐƚŶĂũďĂƌĚnjŝĞũŽĚƉŽǁŝĞĚnjŝĂůŶĂnjĂŵĞƚĂďŽůŝnjŵ͘^ĞůĞŶũĞƐƚ
ŶŝĞnjďħĚŶLJŵƉŝĞƌǁŝĂƐƚŬŝĞŵƐnjĐnjĞŐſůŶŝĞĚůĂĚnjŝĞĐŝ͕ŬƚſƌĞŵŝĞƐnjŬĂũČƉƌnjLJƌƵĐŚůŝǁLJĐŚƵůŝĐĂĐŚ͕ƉŽŶŝĞǁĂǏǁŝČǏĞŽŶŽųſǁ͘<ŝĞĚLJǁŽƌŐĂŶŝnjŵŝĞǁLJƐƚħƉƵũĞŽƉƚLJŵĂůŶĂŝůŽƑđƐĞůĞŶƵ͕
ƵŶŝĞĐnjLJŶŶŝŽŶĞnjŽƐƚĂũČǁŝƌƵƐLJ;ǍƌſĚųĂ͗ƌLJďLJ͕ŐƌnjLJďLJ͕ĐnjŽƐŶĞŬ͕ƐƚƌČĐnjŬŽǁĞͿ͘
<ŽůŽƌŽǁĞŶĂƉŽũĞŐĂnjŽǁĂŶĞ͕ƐųŽĚnjŽŶĞǁLJƉųƵŬƵũČ;ƉŽĚŬƌĂĚĂũČͿnjũĞŐŽŽƌŐĂŶŝnjŵƵ
ǁŝƚĂŵŝŶLJ͕ƐnjĐnjĞŐſůŶŝĞnjŐƌƵƉ͘EŝĞĚŽďſƌǁŝƚĂŵŝŶnjƚĞũŐƌƵƉLJƉŽǁŽĚƵũĞƉƌŽďůĞŵLJ
njnjĂĐŚŽǁĂŶŝĞŵ͘^njĐnjĞŐſůŶŝĞƐČŽĚƉŽǁŝĞĚnjŝĂůŶĞnjĂĂŶƚLJƐƉŽųĞĐnjŶĞnjĂĐŚŽǁĂŶŝĞĚnjŝĞĐŝ͘EĂƉŽũĞƚĞnjĂǁŝĞƌĂũČĐƵŬŝĞƌ͘ϭůĞƵŬŽĐLJƚ;ǏŽųŶŝĞƌnjƵŬųĂĚƵŽĚƉŽƌŶŽƑĐŝŽǁĞŐŽͿŵŽǏĞ
njĂďŝđϭϰďĂŬƚĞƌŝŝ͘WŽƐƉŽǏLJĐŝƵϭϴųLJǏĞĐnjĞŬĐƵŬƌƵǁLJĚĂũŶŽƑđůĞƵŬŽĐLJƚſǁƐƉĂĚĂ
ĚŽϮďĂŬƚĞƌŝŝ͘
dLJůŬŽǁŽĚĂ͕ŬŽŵƉŽƚ͕ŚĞƌďĂƚŬŝŽǁŽĐŽǁĞŝnjŝŽųŽǁĞ͕ƐŽŬŝǁĂƌnjLJǁŶĞǁLJĐŝƐŬĂŶĞŐĂƐnjČ
ƉƌĂŐŶŝĞŶŝĞ͘
tĂƌnjLJǁĂŵŽǏŶĂũĞƑđďĞnjŽŐƌĂŶŝĐnjĞŷ;njŝĞŵŶŝĂŬŝƉŽǁŝŶŶLJďLJđŽŐƌĂŶŝĐnjŽŶĞ͕ƐČŶĂ
ƐnjĐnjLJĐŝĞƉŝƌĂŵŝĚLJͿ͘EĂũůĞƉŝĞũƵĐnjƵĐŝĞŐųŽĚƵnjĂƐƉŽŬĂũĂđǁĂƌnjLJǁĂŵŝ͘tĂƌnjLJǁĂƉŽǁŝŶŶLJ
ďLJđƉŽĚĂǁĂŶĞǁƉŽƐƚĂĐŝƐƵƌŽǁĞũ;ƌſǁŶŝĞǏƐŽŬŝǁLJĐŝƐŬĂŶĞǁĚŽŵƵͿŽƌĂnjŐŽƚŽǁĂŶĞũ
ŶĂƉĂƌnjĞ;njĂĐŚŽǁƵũČǁſǁĐnjĂƐǁŝħŬƐnjŽƑđǁŝƚĂŵŝŶͿůƵďŐŽƚŽǁĂŶĞŽŬ͘ϭϱŵŝŶƵƚ͘tĂƌnjLJǁĂŶŝĞƉŽǁŝŶŶLJďLJđƉŽĚĂǁĂŶĞǁƉŽƐƚĂĐŝƌŽnjŐŽƚŽǁĂŶĞũnjĚŽĚĂƚŬŝĞŵŶƉ͘njĂƐŵĂǏŬŝ͘
tĂƌnjLJǁĂŝŽǁŽĐĞnjĂǁŝĞƌĂũČǁŝƚĂŵŝŶLJŝŵŝŶĞƌĂųLJ͕ŬƚſƌĞĐŚƌŽŶŝČŽƌŐĂŶŝnjŵƉƌnjĞĚ
ƐnjŬŽĚůŝǁLJŵŝĐnjLJŶŶŝŬĂŵŝƑƌŽĚŽǁŝƐŬŽǁLJŵŝ͘_ǁŝĞǏĞǁĂƌnjLJǁĂƌĞŐƵůƵũČƉƌĂǁŝĚųŽǁČ
ĨƵŶŬĐũħŽƌŐĂŶŝnjŵƵ͘EĂũůĞƉŝĞũĐŚƌŽŶŝČƉƌnjĞĚŽƚLJųŽƑĐŝČ͕ƉŽŶŝĞǁĂǏnjĂƐƉĂŬĂũĂũČŐųſĚ͕
ĂŶŝĞnjĂǁŝĞƌĂũČƚųƵƐnjĐnjƵŽƌĂnjĐƵŬƌƵ͕ŬƚſƌĞƐČŶĂũďĂƌĚnjŝĞũŽĚƉŽǁŝĞĚnjŝĂůŶĞnjĂďƵĚŽǁĂŶŝĞŬŽŵſƌĞŬƚųƵƐnjĐnjŽǁLJĐŚ͘KǁŽĐĞnjĂǁŝĞƌĂũČĨƌƵŬƚŽnjħ͕ŬƚſƌĂŶŝĞƉŽǁŝŶŶĂďLJđ
ƐƉŽǏLJǁĂŶĂǁŶĂĚŵŝĂƌnjĞ͘ůĂƚĞŐŽŵŽǏŶĂƐƉŽǏLJǁĂđŽŬ͘ϯƌſǏŶLJĐŚŽǁŽĐſǁĚnjŝĞŶŶŝĞ͘
ĞnjƉŝĞĐnjŶŝĞũƐnjĞƐČŽǁŽĐĞŬƌĂũŽǁĞ͕ƉŽŶŝĞǁĂǏŶŝĞnjĂǁŝĞƌĂũČƚLJůƵƐƵďƐƚĂŶĐũŝŬŽŶƐĞƌͲ
ǁƵũČĐLJĐŚ͘KǁŽĐĞŝǁĂƌnjLJǁĂƐČŶĂũůĞƉƐnjLJŵǍƌſĚųĞŵǁŝƚĂŵŝŶ͘
ϭϵ
tƉųLJǁǁLJďƌĂŶLJĐŚǁŝƚĂŵŝŶŶĂnjĚƌŽǁŝĞĐnjųŽǁŝĞŬĂ͗
tŝƚĂŵŝŶĂʹŶŝĞnjďħĚŶĂĚŽƉƌŽĐĞƐſǁǁnjƌŽƐƚŽǁLJĐŚ;ǍƌſĚųĂ͗ŵĂƌĐŚĞǁ͕ŵŽƌĞůĞ͕ƑůŝǁŬŝͿ͘
tŝƚĂŵŝŶĂʹďŝĞƌnjĞƵĚnjŝĂųǁǁĐŚųĂŶŝĂŶŝƵǏĞůĂnjĂ͕ďƵĚŽǁĂŶŝƵŬŽůĂŐĞŶƵ͕
ǁĚĞƚŽŬƐLJŬĂĐũŝŽƌŐĂŶŝnjŵƵ͘
tŝƚĂŵŝŶĂϭʹŽĐŚƌĂŶŝĂŽƚŽĐnjŬħŵŝĞůŝŶŽǁČ͕ĚůĂƚĞŐŽũĞƐƚŽĚƉŽǁŝĞĚnjŝĂůŶĂnjĂnjŵŝĂŶLJ
ǁƵŬųĂĚnjŝĞŶĞƌǁŽǁLJŵ;ǍƌſĚųĂ͗ĚƌŽǏĚǏĞ͕ƐƚƌČĐnjŬŽǁĞ͕ŬĂƐnjĂũĂŐůĂŶĂ͕ŐƌLJĐnjĂŶĂͿ͘
tŝƚĂŵŝŶĂϮʹŽĚƉŽǁŝĞĚnjŝĂůŶĂnjĂƉƌĂǁŝĚųŽǁLJƐƚĂŶƐŬſƌLJ͕ĐŚƌŽŶŝƉƌnjĞĚǁŽůŶLJŵŝ
ƌŽĚŶŝŬĂŵŝ;ǍƌſĚųĂ͗ĚƌŽǏĚǏĞ͕ŵĂŬƌĞůĂ͕ǏſųƚŬŽũĂũĂ͕ƐƚƌČĐnjŬŽǁĞ͕ƉųĂƚŬŝŽǁƐŝĂŶĞͿ͘
tŝƚĂŵŝŶĂϲʹŶŝĞnjďħĚŶĂǁĨƵŶŬĐũŽŶŽǁĂŶŝƵƵŬųĂĚƵŽĚƉŽƌŶŽƑĐŝŽǁĞŐŽ;ǍƌſĚųĂ͗ŽƚƌħďLJ
ƉƐnjĞŶŶĞ͕njĂƌŽĚŬŝ͕ĚƌŽǏĚǏĞ͕ƐƚƌČĐnjŬŽǁĞ͕ŬĂƐnjĂŐƌLJĐnjĂŶĂͿ͘
tŝƚĂŵŝŶĂϭϮʹǁƉųLJǁĂŶĂƉƌŽĐĞƐLJŬƌǁŝŽƚǁſƌĐnjĞ;ǍƌſĚųĂ͗ƌLJďLJ͕ǏſųƚŬŽũĂũĂ͕ŵŝħƐŽͿ
&ŽůŝĂŶLJʹǁƉųLJǁĂũČŶĂƉƌĂǁŝĚųŽǁČĨƵŶŬĐũħƵŬųĂĚƵŬƌǁŝŽƚǁſƌĐnjĞŐŽ͕ǁƉųLJǁĂũČŶĂ
ŽĚƉŽƌŶŽƑđŽƌŐĂŶŝnjŵƵ;ǍƌſĚųĂ͗ĚƌŽǏĚǏĞ͕ŶĂđƉŝĞƚƌƵƐnjŬŝ͕ƐƚƌČĐnjŬŽǁĞ͕njŝĞůŽŶĞǁĂƌnjLJǁĂ͕
ƉųĂƚŬŝŽǁƐŝĂŶĞͿ͘
ZŽƑůŝŶLJƐƚƌČĐnjŬŽǁĞŝŽƌnjĞĐŚLJ͘
'ƌŽĐŚųƵƐŬĂŶLJʹnjǁŝħŬƐnjĂŽĚƉŽƌŶŽƑđŽƌŐĂŶŝnjŵƵ
&ĂƐŽůĂŵƵŶŐŝĂĚnjƵŬŝʹǁnjŵĂĐŶŝĂũČŶĞƌŬŝŝƵƐƵǁĂũČnjŽƌŐĂŶŝnjŵƵƐnjŬŽĚůŝǁĞƐƵďƐƚĂŶĐũħ
^ŽĐnjĞǁŝĐĂʹĚŽďƌnjĞǁƉųLJǁĂŶĂƐĞƌĐĞŝŬƌČǏĞŶŝĞ͘>ƵďŝĂŶĂƉƌnjĞnjĚnjŝĞĐŝ͕ďŽũĞƐƚĚĞůŝŬĂƚŶĂ
ŝůĞŬŬŽƐƚƌĂǁŶĂ͘
&ĂƐŽůĂ:ĂƑʹǁnjŵĂĐŶŝĂŶĞƌŬŝ͕ŬŽƌnjLJƐƚŶŝĞǁƉųLJǁĂŶĂǁČƚƌŽďħ͕ƉŽƐŝĂĚĂǁųĂƑĐŝǁŽƑĐŝ
ǁLJƐŽŬŽnjĂƐĂĚŽƚǁſƌĐnjĞ͘
'ƌŽƐnjĞŬnjŝĞůŽŶLJʹƌĞŐƵůƵũĞƚƌĂǁŝĞŶŝĞ͕ůƵďŝĂŶLJƉƌnjĞnjĚnjŝĞĐŝ͘
&ĂƐŽůŬĂƐnjƉĂƌĂŐŽǁĂʹƌĞŐƵůƵũĞƉŽnjŝŽŵĐƵŬƌƵǁĞŬƌǁŝ͘
WƌŽĚƵŬƚLJƐŽũŽǁĞʹƉŽǁŝŶŶLJďLJđƐƚŽƐŽǁĂŶĞǁĚŝĞĐŝĞĚnjŝĞĐŝďĂƌĚnjŽŽƐƚƌŽǏŶŝĞ͕ƉŽŶŝĞǁĂǏ
njĂǁŝĞƌĂũČĮƚŽĞƐƚƌŽŐĞŶLJ͕ŬƚſƌĞŵŽŐČǁƉųLJŶČđŶĂŐŽƐƉŽĚĂƌŬħŚŽƌŵŽŶĂůŶČĚnjŝĞĐŝ͘njŝĞĐŝ
ŵŽŐČƐƉŽǏLJǁĂđƚŽĨƵŶĂƚƵƌĂůŶĞŐŽƚŽǁĂŶĞǁnjĂůĞǁŝĞ͕ǁĨŽƌŵŝĞƉĂƐƚ͕ĐŽĐnjǁĂƌƚLJĚnjŝĞŷ͖
ƐŽƐƐŽũŽǁLJƚĂŵĂƌŝ;ǁŽŐƌĂŶŝĐnjŽŶLJĐŚŝůŽƑĐŝĂĐŚͿ͕ũĂŬŽĚŽĚĂƚĞŬƐŵĂŬŽǁLJ͘
ϮϬ
KƌnjĞĐŚLJƐČŶĂũůĞƉƐnjLJŵǍƌſĚųĞŵǁŝƚĂŵŝŶLJ͕ŬƚſƌĂĚnjŝĂųĂŽĐŚƌŽŶŶŝĞŶĂŶĞƌǁLJŝƉŽƉƌĂǁŝĂŽĚƉŽƌŶŽƑđ͘tŝƚĂŵŝŶĂŽĚŐƌLJǁĂĚĞĐLJĚƵũČĐĂƌŽůħǁƉŽǁƐƚĂǁĂŶŝƵƚĂŬŝĐŚĞŵŽĐũŝ
ũĂŬ͗njųŽƑđ͕ĚĞƉƌĞƐũĂ͕ŝƌLJƚĂĐũĂ͘EĂƚŽŵŝĂƐƚŶĂƐŝŽŶĂ͕ƚŽŝƐŬƌĂ͕ŬƚſƌĂĚĂũĞĞŶĞƌŐŝħĐĂųĞŵƵ
ŽƌŐĂŶŝnjŵŽǁŝ͕ƚŽďŽŐĂĐƚǁŽŶŝĞnjďħĚŶLJĐŚƐŬųĂĚŶŝŬſǁŽĚǏLJǁĐnjLJĐŚ͘
KƌnjĞĐŚſǁŵŽǏŶĂnjũĞƑđĐŽĚnjŝĞŶŶŝĞ͗ϮͲϯƐnjƚƵŬ͕ŽƌĂnjϭųLJǏŬħŶĂƐŝŽŶ͘
hǁĂŐĂŶĂnjũĞųĐnjĂųĞŶĂƐŝŽŶĂŝŽƌnjĞĐŚLJ͕ƉŽŶŝĞǁĂǏƚƌĂĐĂŽŶĞǁĂƌƚŽƑĐŝŽĚǏLJǁĐnjĞ͕ĚƌĂǏŶŝČ
ƑĐŝĂŶŬŝǏŽųČĚŬĂŽƌĂnjŵŽŐČƉƌnjLJĐnjLJŶŝđƐŝħĚŽŽƐųĂďŝĞŶŝĂŽĚƉŽƌŶŽƑĐŝ͘ůĂƚĞŐŽŽƌnjĞĐŚLJ
ŶĂůĞǏLJƉƌnjĞƚƌnjLJŵLJǁĂđǁųƵƉŝŶŬĂĐŚ͕ĂŶĂƐŝŽŶĂƉŽǁŝŶŶLJďLJđƉƌnjĞĐŚŽǁLJǁĂŶĞǁůŽĚſǁĐĞ͘
EŝŐĚLJŶŝĞŶĂůĞǏLJƉƌnjĞĐŚŽǁLJǁĂđŶĂƐŝŽŶŝŽƌnjĞĐŚſǁǁƉŽũĞŵŶŝŬĂĐŚƉůĂƐƚLJŬŽǁLJĐŚ͘
tĂƌnjLJǁĂƚĂŬŝĞũĂŬ͗ŐƌŽĐŚ͕ĨĂƐŽůĞ͕ƐŽĐnjĞǁŝĐĞ͕ƐŽũĂ;ƐƚƌČĐnjŬŽǁĞͿʹƚŽďŽŐĂƚĞǍƌſĚųŽ͗
ǁĂƉŶŝĂ͕ǏĞůĂnjĂ͕ďųŽŶŶŝŬĂƉŽŬĂƌŵŽǁĞŐŽŽƌĂnjǁŝƚĂŵŝŶnjŐƌƵƉLJ͕ŬƚſƌĞƐČŶŝĞnjďħĚŶĞ
ǁĚŝĞĐŝĞŵĂųĞŐŽĚnjŝĞĐŬĂ͕ƉŽŶŝĞǁĂǏƌĞŐƵůƵũČƉƌĂĐĞƵŬųĂĚƵŶĞƌǁŽǁĞŐŽ͘njŝĞĐŝǁŽďĞĐŶLJŵĐnjĂƐŝĞĐŝĞƌƉŝČŶĂŶĂĚƉŽďƵĚůŝǁŽƑđƉƐLJĐŚŽƌƵĐŚŽǁČ͕ĚůĂƚĞŐŽǁŝƚĂŵŝŶLJnjƚĞũŐƌƵƉLJ
ƐČǁƚLJŵŽŬƌĞƐŝĞŶŝĞnjďħĚŶĞ͘KŐſůŶŝĞƐƚƌČĐnjŬŽǁĞͲƌĞŐƵůƵũČƉŽnjŝŽŵĐƵŬƌƵǁĞŬƌǁŝ͕ĐŽ
ũĞƐƚďĂƌĚnjŽŝƐƚŽƚŶĞǁǏLJǁŝĞŶŝƵĚnjŝĞĐŝ͕ƉŽŶŝĞǁĂǏǁƉųLJǁĂƚŽŶĂŝĐŚnjĂĐŚŽǁĂŶŝĞ͕ųĂƚǁŽƑđ
ƵĐnjĞŶŝĂƐŝħ͕njĂƉĂŵŝħƚLJǁĂŶŝĂ͘KƐŽďLJ͕ŬƚſƌĞƌĞŐƵůĂƌŶŝĞƐƉŽǏLJǁĂũČƐƚƌČĐnjŬŽǁĞŶŝĞ
ĐŚŽƌƵũČŶĂĐƵŬƌnjLJĐħ͕ŵŝĂǏĚǏLJĐħ͕ŶŽǁŽƚǁŽƌLJ͘
<ĂǏĚĞŐŽĚŶŝĂǁĚŝĞĐŝĞƉŽǁŝŶŝĞŶǁLJƐƚħƉŽǁĂđŝŶŶLJƌŽĚnjĂũďŝĂųŬĂ͘
:ĞǏĞůŝǁĚĂŶLJŵĚŶŝƵƐČƌLJďLJ͕ƚŽǁƚLJŵĚŶŝƵŶŝĞƉŽĚĂũĞŵLJŵŝħƐĂůƵďũĂũ͘
ZLJďLJʹƐnjĐnjĞŐſůŶŝĞŵŽƌƐŬŝĞĚŽƐƚĂƌĐnjĂũČƚųƵƐnjĐnjĞ͕ŬƚſƌĞƐČŶŝĞnjďħĚŶĞǁĚŝĞĐŝĞĐnjųŽǁŝĞŬĂ͘
^njĐnjĞŐſůŶŝĞŝƐƚŽƚŶĞũĞƐƚĚnjŝĂųĂŶŝĞƚųƵƐnjĐnjƵKŵĞŐĂϯ͕ŬƚſƌLJnjĂǁŝĞƌĂũČƌLJďLJ͖ǁƉųLJǁĂŽŶŶĂ
ŶĂƌnjČĚǁnjƌŽŬƵ͘dųƵƐnjĐnjƌLJďŝĐŚƌŽŶŝǁnjƌŽŬƉƌnjĞĚŶĞŐĂƚLJǁŶLJŵĚnjŝĂųĂŶŝĞŵŶĂƚĞŶŶĂƌnjČĚ
ŶƉ͘ŬŽŵƉƵƚĞƌĂ͘
:ĂũĂʹnjĂǁŝĞƌĂũČůĞĐLJƚLJŶħ͕ŬƚſƌĂǁƉųLJǁĂŶĂũĂŬŽƑđƉĂŵŝħĐŝ͘:ĂũĂƉŽĚĂǁĂŶĞǁƉŽƐƚĂĐŝ
ƐŵĂǏŽŶĞũŶŝĞnjĂǁŝĞƌĂũČůĞĐLJƚLJŶLJ͘
ƌſďʹƉŽǁŝŶŶŽƐŝħŐŽƐƉŽǏLJǁĂđďĞnjƐŬſƌĞŬ͕ƉŽŶŝĞǁĂǏnjĂǁŝĞƌĂũČŶŝĞnjĚƌŽǁLJƚųƵƐnjĐnj͘
ĂǁŝĞƌĂǁŝƚĂŵŝŶLJnjŐƌ͘͘
DůĞŬŽŝũĞŐŽƉƌnjĞƚǁŽƌLJʹǁƐŬĂnjĂŶĞƐČĨĞƌŵĞŶƚŽǁĂŶĞƉƌŽĚƵŬƚLJŵůĞĐnjĞďĞnjĚŽĚĂƚŬƵ
ĐƵŬƌƵ͕ŬĂŬĂŽ͕ǁƐĂĚƵŽǁŽĐŽǁĞŐŽ͘&ĞƌŵĞŶƚŽǁĂŶĞƉƌŽĚƵŬƚLJŵůĞĐnjŶĞƚŽ͗ũŽŐƵƌƚLJ͕ďŝŽũŽŐƵƌƚLJ;njĂǁŝĞƌĂũČŽŶĞǁŝħŬƐnjČŝůŽƑđďĂŬƚĞƌŝŝŬǁĂƐƵŵůĞŬŽǁĞŐŽͿ͕ŬĞĮƌ͕njƐŝĂĚųĞŵůĞŬŽ͘
WŽůĞĐĂŶLJŵǁĚŝĞĐŝĞĚnjŝĞĐŝũĞƐƚƌſǁŶŝĞǏƚǁĂƌſŐ͘^ƵŐĞƌŽǁĂůŝďLJƑŵLJ͕ŶŝĞƵŵŝĞƐnjĐnjĂŶŝĞ
ǁƉųĂŬĂƚĂĐŚƐĞƌĂǏſųƚĞŐŽ͕ƉŽŶŝĞǁĂǏnjĂǁŝĞƌĂƐƉŽƌŽƚųƵƐnjĐnjƵŝŚŝƐƚĂŵŝŶħ͕ŬƚſƌĂƉŽďƵĚnjĂ
ƵŬųĂĚŶĞƌǁŽǁLJĚnjŝĞĐŝ͘
^njĐnjLJƚƉŝƌĂŵŝĚLJ͕ƚŽƉƌŽĚƵŬƚLJŬƚſƌĞŵŽŐČďLJđƐƉŽǏLJǁĂŶĞŽŬĂnjũŽŶĂůŶŝĞ͘EĂũůĞƉŝĞũ͕
ĂďLJĚnjŝĞĐŝƉƌnjLJŬųĂĚĞŵƐnjǁĞĚnjŬŝĐŚĚnjŝĞĐŝƐƉŽǏLJǁĂųLJƉƌŽĚƵŬƚLJŶŝĞnjĚƌŽǁĞ͕ŶĂŬƚſƌĞ
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ŵĂũČŽĐŚŽƚħŶƉ͘ǁŶŝĞĚnjŝĞůħ͘:ĞǏĞůŝĚnjŝĞĐŬŽũĂĚųŽďLJƚLJůŬŽǁŶŝĞĚnjŝĞůħƐųŽĚLJĐnjĞ͕ƉƌŽĚƵŬƚLJ
njďŽǏŽǁĞnjŵČŬŽĐnjLJƐnjĐnjŽŶLJĐŚ͕ĐŝĂƐƚĂ͕ƉŝnjnjĞŝƚƉ͕͘ǁƚĞĚLJũĞƐƚƐnjĂŶƐĂ͕ǏĞŽƌŐĂŶŝnjŵǁĐŝČŐƵ
ŶĂƐƚħƉŶLJĐŚƐnjĞƑĐŝƵĚŶŝƵƐƵŶŝĞnjǁŝČnjŬŝƐnjŬŽĚůŝǁĞnjŽƌŐĂŶŝnjŵƵŝŶŝĞďħĚnjŝĞƚŽŵŝĂųŽ
njďLJƚĚƵǏĞŐŽǁƉųLJǁƵŶĂnjĚƌŽǁŝĞĚnjŝĞĐŬĂ͘tƚĂŬŝŵǁLJƉĂĚŬƵŽƌŐĂŶŝnjŵĚnjŝĞĐŬĂďħĚnjŝĞ
ďĂƌĚnjŝĞũŽĚƉŽƌŶLJŶĂŝŶĨĞŬĐũħ͕ĂƵŬųĂĚŶĞƌǁŽǁLJŵŶŝĞũŶĂƌĂǏŽŶLJŶĂĚƌĂǏŶŝČĐĞĚnjŝĂųĂŶŝĞ
ƚŽŬƐLJŶnjƉŽǏLJǁŝĞŶŝĂ͕ĐŽŝƐƚŽƚŶŝĞƉƌnjĞųŽǏLJƐŝħŶĂǁLJŶŝŬŝŶĂƵĐnjĂŶŝĂ͘
WŽŶĂĚƚŽũĞƐƚƐnjĂŶƐĂ͕ǏĞĚnjŝĞĐŬŽ͕ŬƚſƌĞƐƉŽǏLJǁĂŶŝĞnjĚƌŽǁĞƉƌŽĚƵŬƚLJƌĂnjǁƚLJŐŽĚŶŝƵ
ųĂƚǁŝĞũƉƐLJĐŚŝĐnjŶŝĞƉŽƌĂĚnjŝƐŽďŝĞnjŽŐƌĂŶŝĐnjĞŶŝĂŵŝnjĚƌŽǁĞŐŽǏLJǁŝĞŶŝĂ͘<ƵďŬŝƐŵĂŬŽǁĞ
ĚnjŝĞĐŬĂƚĂŬǏĞƉŽǁŽůŝďħĚČƉƌnjLJnjǁLJĐnjĂũĂđƐŝħĚŽŝŶŶLJĐŚƐŵĂŬſǁŝũĞƐƚĚƵǏĂƐnjĂŶƐĂ͕
ǏĞĚnjŝĞĐŬŽǁųĂƑŶŝĞǁǁŝĞŬƵǁĐnjĞƐŶŽƐnjŬŽůŶLJŵŶĂƵĐnjLJƐŝħƐĂŵŽƌŽnjƉŽnjŶĂǁĂđƉƌŽĚƵŬƚLJ͕
ŬƚſƌĞŵƵƐnjŬŽĚnjČ͕ďŽďħĚČnjĂƐųŽĚŬŝĞ͕njĂƐųŽŶĞ͘<ƵďŬŝƐŵĂŬŽǁĞĚnjŝĞĐŬĂnjĂĐnjŶČƌŽnjƌſǏŶŝĂđĚŽĚĂƚŬŝĐŚĞŵŝĐnjŶĞĚŽƉƌŽĚƵŬƚſǁƉƌnjĞnjŶŝĞŐŽƐƉŽǏLJǁĂŶLJĐŚ͘
KƉƌĂĐŽǁĂųĂ͗ŽǏĞŶĂ<ƌŽƉŬĂ͕ĚŝĞƚĞƚLJŬŽƌĂnjƉƌŽŵŽƚŽƌnjĚƌŽǁŝĂ͘
ƵƚŽƌƉŽƌĂĚŶŝŬĂͣWŽŬŽŶĂũĂůĞƌŐŝħ͘͟
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