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p. 5

salamlama up wol [dqÖpodu y f qdodu ]l grvwodu %logl lpl nlpl uhvsxeolndgd vdvÖ hpxpplool olghulpl +h g u ol hy w u Àqg q tr xodq wlnlqwltxuxfxoxt lûo ul lqgl g 0|kw u p suh]lghqwlpl ùokdp ol hylq u ke uol l dowÖqgd hql vxu w y yv wo gdydp hglu ùoe lo vdv ndslwdod lqyhvwlv d tr xoxûxqgd gd[lol p qe o ulq [vxvl o nlvl y ex lvwltdp wg g|yo w egf vlqlq i dooÖøÖqÖq nv op vl exqd dql vexwgxu %ho nl fdul lolq nho q v nnl d Ö u]lqg vdv ndslwdod q oglo q lqyhvwlvl dqÖq d[ÖqÖ g|yo w ponl wlq dlg roxe hpxpl lqyhvwlvl dqÖq d[ÖqÖqÖ gd[lol lqyhvwlv dodu w ûnlo hglu y ex gd yy onl lo qlve w q or[gxu polqlq [dulfl p qe o u khvdeÖqd vdv ndslwdod q ogloplû y vdlw g i duwpÖûgÖu 7lnlqwllqyhvwlv d i dol wl jhqlûo qglnf w ell nl od lk o qglup y phpduoÖt i dol wl oq g hql lpndqodu dudqpÖûgÖu 1pxq rodudt dûdøÖgdnÖoduÖ j|vw up n rodu nl fdul lolq d Ö u]lqg |on ud]lvlqg p vvlv w ûnlodwodu y À]lnl û [vo u w u Àqg q d[Öq lvwhkvdo p vvlv o ul np td wwl np vx n p ul np ndqdol]dvl d wo ul np dywrprelo rooduÖ y phwu x]xqoxøxqgd n|uso u y vdlu re hnwo u wlnlole lvwlidg yhuloplûglu ql ]dpdqgd fdul lo u]lqg kdolqlq k dw û udlwlqlq d[ûÖodûgÖuÖopdvÖ p tv gl lo g elu or dûd Öû hyo ul dwdt[dqdodu y vrvldop g ql re hnwo u wlnloplûglu %ho nl fdul lolq nho q g|yu pxpl vdk vl plo rq plq nydgudw phwug q or rodq p q]lo wlnlole lvwlidg yhuloplû ex gd |w q lo qlve w q or[gxu polqlq huoln pxpw kvlo p nw el huoln p nw etguxûdt p vvlv o ul odusd ÖoÖt vw [dqd y huoln noxe y p g ql w hyo ul g wlnlole lvwlidg yhuloplûglu %wq exqodu od lk o qglup vdk vlqg gq d w fue vlqlq u qlop vlqg y ued fdq phpduoÖt q q o ulqlq gq d d wdqÖgÖopdvÖqgd or pkp k pl w n ve hglu %ho elu [h lu[dk lûlq jhqlû yv w dopdvÖqgd kho ûek vl nl ued fdqgd nholulo q %h q o[dot ´ùqûddwµ v ujlvlqlq pvw vqd uro r qdpdvÖ gdqÖopd]gÖu %x jq edû wxwdq fl ´ùqûddwµ v ujlvl rqxq hnvsrqdwoduÖ elu gdkd plqoln dudgÖu nl d ued fdqoÖ od lk olo u y lqûddwoÖodu og hglo q qdlol wo uo nlid wo qpluo u nvlq rqoduÖ duwÖupdt y or[dowpdt qdplq ewq lpndqodugdq ppnq t g u gdkd or id gdodqpdød v j|vw uluo u y p q p qdgd exqd qdlo g roxuodu 0 q iuv wg q lvlidg hgle ewq v ujl lûwludnoÖodÖqÖ trqdtoduÖ y ex w geluo ulq w ûnlodwoÖoduÖqÖ [dotÖpÖ k pnduoduÖp y û [v q dgÖpgdq v plpl t oeg q vdodpodpdtgdq e n tuxu klvvl nholugl lpl y nv n p pqxqoxt gx øxoduÖ dûdgÖøÖpÖ e dq hwp no kdpÖqÖ]d xøxuodu du]xod Öudp $oodkgdq 6l fdq vdøoÖøÖ y [rûe [w jqo u glo lu p up wo $eedv o vj ury ued fdq 5hvsxeolndvÖ yo w ú k uvdopd y $u[lwhnwxud .rplw vlqlq 6 gul 4 7 ûnlodwoÖodu fl ued fdq %h q o[dot ù1ú 7 6 5ù6ù zzzednxexlogd]

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p. 6

uhhwlqj hdu /dglhv dqg hqwohphq $v rx pd nqrz wkh frxqwu zlgh frqvwuxfwlrq dqg frpsohwlrq zrunv odxqfkhg e +h gdu $ol hy rxu qdwlrqdo ohdghu duh qrz ehlqj frqwlqxhg zlwk qhz sdfh dqg vfdoh xqghu wkh ohdghuvkls ri 0u ,okdp $ol hy rxu krqrxudeoh suhvlghqw 7klv lv fohduo hylghqfhg e wkh zhljkw ri orfdo vrxufhv ri lqyhvwphqw lq fdslwdo dvvhwv zklfk jurzv iurp hdu wr hdu dqg wkh lqfuhdvhg vwdwh exgjhw lq wklv duhd ru lqvwdqfh gxulqj wkh sdvw hljkw prqwkv durxqg ri lqyhvwphqw kdv ehhq doorfdwhg wr fdslwdo dvvhwv uhodwhg wr vwdwhrzqhg surshuw rphvwlf lqyhvwphqw dffrxqwv iru ri wkh wrwdo lqyhvwphqw zklfk lv d lqfuhdvh rq odvw hdu xuwkhupruh wkh ixqgv doorfdwhg wr fdslwdo dvvhwv kdyh lqfuhdvhg e wlphv wkurxjk iruhljq vrxufhv $v frqvwuxfwlrq dqg lqyhvwphqw dfwlylwlhv h[sdqg qhz rssruwxqlwlhv duh qdwxudoo fuhdwhg iru ghvljq dqg dufklwhfwxuh wrr 7kh iroorzlqj lqglfdwruv duh dq h[dpsoh durxqg pdqxidfwxulqj exvlqhvvhv np ri jdv slsholqh np ri zdwhu vxsso slsholqh np ri vhzhu olqhv np ri urdgv dqg phwuhv ri eulgjhv zhuh frqvwuxfwhg dqg sxw lqwr rshudwlrq qdwlrqzlgh e exvlqhvvhv rujdqlvdwlrqv dqg lqglylgxdov ryhu wkh sdvw hljkw prqwkv ,q dgglwlrq d qxpehu ri krxvhv krvwhov dqg vrfldo dqg fxowxudo surmhfwv zhuh frqvwuxfwhg lq rughu wr lpsuryh shrsoh·v olylqj vwdqgdugv ru lqvwdqfh Ádwv zlwk d wrwdo duhd h[fhhglqj vtxduh phwuhv kdyh ehhq frqvwuxfwhg dqg sxw lqwr rshudwlrq vr idu wklv hdu zklfk lv xs rq odvw hdu ,q dgglwlrq jhqhudo vfkrro exloglqjv dffrpprgdwlqj sxslov suhvfkrrov dffrpprgdwlqj fkloguhq d krvslwdo zlwk d fdsdflw ri ehgv dqg foxev dqg fxowxudo fhqwuhv zlwk d fdsdflw ri vhdwv kdyh ehhq exlow dqg sxw lqwr rshudwlrq $oo wkhvh uhsuhvhqw juhdw vljqlÀfdqfh lq whupv ri wkh vwxg ri joredo sudfwlfhv lq wkh ghvljq dqg suhvhqwdwlrq ri huedlmdql dufklwhfwxuh wr wkh zruog 7kh %dnx%xlog lqwhuqdwlrqdo frqvwuxfwlrq h[klelwlrq lq huedlmdq xqgrxewhgo sod v d xqltxh uroh lq wkh odujhvfdoh h[sdqvlrq ri wklv xvhixo vhfwru 7kh wk %dnx%xlog h[klelwlrq zklfk wdnhv sodfh wrgd zloo suryh rqfh djdlq wkdw huedlmdql ghvljqhuv dqg frqvwuxfwruv duh qrw frqwhqw zlwk wkh dfklhyhphqwv wkh kdyh rewdlqhg wkxv idu exw rq wkh frqwudu wkh zdqw wr wdnh dgydqwdjh ri wkh rssruwxqlwlhv dydlodeoh dv pxfk dv srvvleoh lq rughu wr lpsuryh dqg pxowlso wkhlu dfklhyhphqwv zrxog olnh wr wdnh wklv rssruwxqlw wr ghfoduh p juhdw sulgh lq vlqfhuho zhofrplqj doo wkh h[klelwruv ylvlwruv dqg rujdqlvhuv wr wklv hyhqw rq ehkdoi ri rxu shrsoh p froohdjxhv dqg p vhoi dqg zlvk hyhu vxffhvv wr doo ri rx $eedv $ohvjhury &kdlupdq ri wkh 6wdwh 7rzq 3odqqlqj dqg $ufklwhfwxuh &rpplwwhh ri wkh 5hsxeolf ri huedlmdq 17wk huedlmdq ,qwhuqdwlrqdo &216758&7,21 7,21 zzzednxexlogd 2ujdqlvhuv 5

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p. 7

salamlama up wol v ujl lûwludnoÖoduÖ y trqdtodu ued fdq 5hvsxeolndvÖ 6dklenduodu ùû j|wu qo u 7 ûnlodwoduÖ 0lool .rqihghudvl dvÖ dgÖqgdq rnw deu wdul[o ulqg nholulo q ´%dnx%xlogµ fl ued fdq %h q o[dot ùqûddw y ´&dvsldq 0heho srµ fx u %h q o[dot 0heho ùqwhu hu y l]d q 6 ujlo ulqlq w ûnlodwoÖoduÖqÖ lûwludnoÖoduÖqÖ y ]l du wolo ulql u ng q vdodpod Öudp %logl lpl nlpl ued fdq ltwlvdgl dwÖq lqnlûdi whpso ulq j|u |qg jhg q g|yo wo ug q elulglu gon u ke uol lqlq j|wug x]dtj|u q y p tv g qo ltwlvdgl vwudwhjl d wwl ex jq ued fdqÖ gq d g|yo wo ul lo ulvlqg el]qhvlq lqnlûdiÖ oq oyhulûol |on o ug q elulq ohyluplûglu gon pl]lq |w q loo ug glqdpln lqnlûdiÖqÖ w plq hg q vdv dploo ug q elul g qhiwg q og roxqdq y vdlwo ulq ltwlvdgl dwÖq edûtd vdk o ulqlq r fpo g q th ulqhiw vhnwruxqxq gdydpoÖ wdud]oÖ lqnlûdiÖqd q oglop vlglu %xqxq gd edul qpxq vlglu nl ued fdqgd lqûddw vhnwrux nv n g|yuq dûd Öu ued fdq ltwlvdgl dwÖqÖq q vu wol lqnlûdi hg q vhnwrux rodq lqûddw vhnwrux ² huol y [dulfl v upd olo u oq q f oehglfl th ulv qd h vdk vlglu %x vdk k u lo lq]ledwl v qd h y dûd Öû lqûddwÖ od lk o ulqlq lfudvÖqd q ogloplû plo dugoduod y vdlw tr xoxu úek vl nl ex fu nv olû lqûddwod vÖ odt g rodq pheho vdk vlq g pve w w vlu j|vw up ng glu %x w vlulq y fdqodqpdqÖq q wlf vlglu nl lqwhu hu y gl]d q vhnwrux gd nv n whpso uo lqnlûdi hglu ùqûddw v qd hvlqlq y pxpl wo ltwlvdgl dwÖq ex qdlol wo ulql ´%dnx%xlogµ y ´&dvsldq 0heho srµ v ujlo ul nv hwglup ng glu 6 jhg q v ujlo u huol y eh q o[dot lvwhkvdooÖoduÖq p kvxooduÖqÖ qpd lû hwglup n oq q j o elu ydvlw glu %l]qhvlq lqnlûdiÖ oq oyhulûol û udlw v ujlo ulq w ûnlodwoÖodu w u Àqg q nv n v yl g w ûnlo hglop vl gq d vwdqgduwoduÖqd fdyde yhu q y pdvlu v ujl nrpsohnvl ued fdqÖ u dqÖ y 4ditd uhjlrqoduÖqÖq v ujl el]qhvlqlq p un ]l nlpl p|kn po qp vlq û udlw dudwpdtgdgÖu plq p nl v ujl lûwludn hg q ûlun wo u oq hql ptdylo o ulq lp]dodqpdvÖ wlfdu w y nrrshudwly odt o ulq jhqlûo qp vlqg pkp uro r qd dfdt y k polqlq pw u ttl y id gdoÖ p ngdûoÖt hwp vlq plq dudgÖopdvÖ oq pqdvle elu iuv wglu %lu gdkd ewq lûwludnoÖodud xøxuodu du]xodpdt lvw lu p 0 pp g 0xvd hy ued fdq 5hvsxeolndvÖ 6dklenduodu ùû j|wu qo u 7 ûnlodwoduÖ 0lool .rqihghudvl dvÖqÖq 3uh]lghqwl 6 7 ûnlodwoÖodu fl ued fdq %h q o[dot ù1ú 7 6 5ù6ù zzzednxexlogd]

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p. 8

uhhwlqj hdu klelwruv dqg xhvwv 2q ehkdoi ri wkh 1dwlrqdo &rqihghudwlrq ri qwuhsuhqhxuv· psor huv· 2ujdql]dwlrqv ri huedlmdq 5hsxeolf zrxog olnh wr vlqfhuho zhofrph wkh rujdql]huv h[klelwruv dqg ylvlwruv wr wkh wk ,qwhuqdwlrqdo &rqvwuxfwlrq klelwlrq ´%dnx%xlogµ dqg wkh wk &dvsldq ,qwhuqdwlrqdo xuqlwxuh ,qwhulruv dqg hvljq klelwlrq ´&dvsldq 0heho srµ khog rq 2fwrehu $v lv zhoo nqrzq huedlmdq lv rqh ri wkh ohdg vwdwhv lq whupv ri hfrqrplf jurzwk 7kh iduvljkwhg dqg sxusrvhixo hfrqrplf vwudwhj fkrvhq e wkh frxqwu ·v ohdghuvkls kdv wxuqhg huedlmdq lqwr d yhu idyrxudeoh frxqwu iru exvlqhvv ghyhorsphqw 2qh ri wkh nh idfwruv wkdw kdv hqvxuhg wkh g qdplf ghyhorsphqw ri rxu frxqwu gxulqj uhfhqw hduv lv wkh doorfdwlrq ri rlo uhyhqxhv wr surprwh wkh vxvwdlqdeoh dqg edodqfhg ghyhorsphqw ri rwkhu duhdv ri wkh hfrqrp $qg wkh ehvw h[dpsoh ri wklv lv wkdw wkh frqvwuxfwlrq vhfwru lq huedlmdq lv h[shulhqflqj udslg ghyhorsphqw 7kh frqvwuxfwlrq vhfwru ehlqj wkh idvwhvw ghyhorslqj vhfwru ri wkh huedlmdql hfrqrp pdnhv lw wkh ehvw qrqlqgxvwuldo rswlrq iru orfdo dqg iruhljq lqyhvwruv %loolrqv ri ixqgv duh lqyhvwhg lq wklv vhfwru dqqxdoo lq rughu wr lpsohphqw frpphufldo lqgxvwuldo dqg uhvlghqwldo frqvwuxfwlrq surmhfwv 8qgrxewhgo vxfk d errp lv dovr kdylqj d srvlwlyh lqÁxhqfh rq wkh ixuqlwxuh vhfwru zklfk lv forvho dvvrfldwhg zlwk wkh frqvwuxfwlrq vhfwru $v d uhvxow ri vxfk d errp wkh lqwhulruv dqg ghvljq vhfwru lv jurzlqj udslgo %dnx%xlog dqg &dvsldq 0heho sr uhÁhfw wkhvh dfklhyhphqwv ri wkh frqvwuxfwlrq vhfwru dqg wkh hfrqrp dv d zkroh 7khvh h[klelwlrqv duh wkh prvw hiÀflhqw wrrov iru wkh ghprqvwudwlrq ri orfdo dqg iruhljq surgxfwv 7kh idyrxudeoh frqglwlrqv iru exvlqhvv ghyhorsphqw wkh kljkohyho duudqjhphqw ri wkh h[klelwlrqv e wkh rujdql]huv dqg wkh prghuq sr &hqwuh zklfk phhwv joredo vwdqgdugv doo fuhdwh wkh suhuhtxlvlwhv iru wkh vwurqj ghyhorsphqw ri huedlmdq lqwr wkh fhqwuh iru h[klelwlrqv lq wkh &dvsldq dqg &dxfdvldq uhjlrqv dp vxuh wkdw wkh h[klelwlrq zloo vhuyh dv d juhdw rssruwxqlw wr djuhh qhz frqwudfwv dqg zloo sod vljqlÀfdqw uroh lq wkh h[sdqvlrq ri wudgh dqg frrshudwlrq 2qfh djdlq zrxog olnh wr zlvk hyhu vxffhvv wr doo wkh h[klelwruv 0dppdg 0xvd hy 3uhvlghqw 1dwlrqdo &rqihghudwlrq ri qwuhsuhqhxuv· psor huv· 2ujdqlvdwlrqv ri huedlmdq 5hsxeolf 17wk huedlmdq ,qwhuqdwlrqdo &216758&7,21 7,21 zzzednxexlogd 2ujdqlvhuv 7

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p. 9

salamlama up wol [dqÖpodu y f qdeodu ´8 ,7785 µ ûlun wl dgÖqgdq vl]l %dnx%xlog fl ued fdq %h q o[dot ùqûddw v ujlvlqg vdodpod ÖuÖt %l ewq wun ûlun wo ulq ´%dnx%xlogµ v ujlvlql g vw no glno ulq y ex ed]duÖq pdoln rogxøx srwhqvldod lqdqgÖtoduÖqd j|u [vxvl plqq wgduoÖøÖpÖ]Ö eloglululn %l plg hgluln nl ´%dnx%xlog µ v ujlvlqg ewq hnvsrqhqwo u y ]l du wolo uvpu ol lûj]du odt o u dudwpdt lpndqÖqd pdoln rodfdtodu %lu gdkd vl ´%dnx%xlog µ v ujlvlq [rû j oplvlql gh luln y v ujlg yd[wÖqÖ]Ö v p u ol nholup l du]xod ÖuÖt up wo %dqx vhu /d lk phqhfhul 8 7 ûnlodwoÖodu fl ued fdq %h q o[dot ù1ú 7 6 5ù6ù zzzednxexlogd]

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p. 10

uhhwlqj hdu /dglhv hqwohphq 2q ehkdoi ri 8 ,7785 zh zrxog olnh wr zhofrph rx wr wkh wk huedlmdq ,qwhuqdwlrqdo &rqvwuxfwlrq klelwlrq %dnx%xlog :h zrxog olnh wr h[suhvv rxu vshfldo wkdqnv wr doo 7xunlvk frpsdqlhv iru vxssruwlqj %dnx%xlog dqg eholhylqj lq wkh srwhqwldo wklv pdunhw kdv wr riihu :h krsh wkdw gxulqj %dnx%xlog h[klelwlrq doo wkh h[klelwruv dqg ylvlwruv zloo kdyh wkh rssruwxqlw wr fuhdwh jrrg exvlqhvv frqwdfwv 2qfh djdlq zhofrph dqg hqmr %dnx%xlog 6lqfhuho rxuv %dqx vhu 3urmhfw 0dqdjhu 17wk huedlmdq ,qwhuqdwlrqdo &216758&7,21 7,21 zzzednxexlogd 2ujdqlvhuv 9

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p. 11

salamlama up wol v ujl lûwludnoÖoduÖ y trqdtodu %h q o[dot v ujl y nrqiudqv w ûnlodwoÖvÖ ´,7 urxs 3 µ y rqxq ued fdqgd w u igdûÖ rodq ´,whfd &dvsldqµ 00 ûlun wo ul dgÖqgdq ´%dnx%xlog µ fl ued fdq %h q o[dot ùqûddw v ujlvlqlq lûwludnoÖoduÖqÖ u vpl trqdtoduÖqÖ y w u igdûoduÖqÖ doÖoÖû pqdvle wl lo w euln hgluln y vdodpod ÖuÖt ùqûddw vhnwruxqgd g|yo w v yl vlqg e n od lk o ulq k dwd nholulop vl v jhg q vhnwruxq ued fdq ltwlvdgl dwÖqÖq ornrprwlyo ulqg q elulq ohyulop vlq v e e dudwpÖûgÖu q d ltwlvdgl w gtltdw p un ]o ulqlq khvdedwoduÖqgd ued fdqÖq tdedtfÖo |on rodudt hu dopdvÖ lqyhvwlvl doduÖq 5hvsxeolnd d q op vlq v e e ropxûgxu %x gd q|ye vlqg |on qlq gq d ltwlvdgl vlvwhplq lqwhtudvl dvÖqÖ jfo qglup ng glu nl ex fu lqwhtudvl d huol lvwhkvdooÖoduÖq [dulfl sduwq ruoduod lû eluol l dudwpdød lpndq dudgÖu %x ed[Öpgdq ´%dnx%xlogµ v ujlvl plool y eh q o[dot v qd hqlq lpndqoduÖqÖ qpd lû hwglu q eh q o[dot elu od lk ropdtod dqdûÖ ûlun wo u oq lghdo el]qhv sodwirupdvÖgÖu 6 jhg q v ujl ûlun wo u hql p kvxooduÖqÖ y wh[qrorjl doduÖqÖ doÖfÖodud qpd lû hwp y ho fgkp huol k p [dulfl shû nduoduod w fue pedglo vl dsdupdød hiihnwly û udlw dudgÖu %x nlpl w geluo ug lûwludn q lqnl hql qvl wo u y w nolÁ u ed[ÖpÖqgdq ho f g lplflq irupdodûpdvÖqd gd [lgp w hglu ´%dnx%xlog µ ùqûddw v ujlvlqlq ex lonl hnvsr]lvl d vdk vl duwÖe exgd w ûnlodwoÖoduÖq i do nrpdqgd lûlqlq y |qf th g roxqdq |on pl]g nl vl dvlltwlvdgl g lûlnolno ulq q wlf vlglu 7 ûnlodwoÖ rodudt lqdqÖuÖt nl eho elu v ujlqlq ued fdqgd nholulop vl lqûddw vhnwruxqxq gdkd gd i do lqnlûdiÖqgd w ndq yhu f nglu gydug 6wurrq ùfudoÖ luhnwru ,7 urxs 3 6dplu 7h pxuryd /d lk u ke ul ,whfd &dvsldq 10 7 ûnlodwoÖodu fl ued fdq %h q o[dot ù1ú 7 6 5ù6ù zzzednxexlogd]

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p. 12

uhhwlqj hdu klelwruv dqg 9lvlwruv 2q ehkdoi ri ,7 urxs 3 dqg lwv sduwqhu lq huedlmdq ,whfd &dvsldq zh zrxog olnh wr zhofrph rx wr wkh %dnx%xlog wk huedlmdq ,qwhuqdwlrqdo &rqvwuxfwlrq klelwlrq 7kh lpsohphqwdwlrq ri odujhvfdoh frqvwuxfwlrq surmhfwv dw wkh jryhuqphqwdo ohyho kdv uhvxowhg lq wkh ghyhorsphqw ri wkh vhfwru lqwr rqh ri wkh gulyhuv ri wkh huedlmdql hfrqrp 7kh phqwlrq ri huedlmdq dv dq dgydqfhg frxqwu lq wkh uhsruwv ri joredo hfrqrplf uhvhdufk fhqwuhv kdv dwwudfwhg lqyhvwphqw lq wkh frxqwu ,q wxuq wklv kdv lqwhqvlÀhg wkh frxqwu ·v lqwhjudwlrq lqwr wkh joredo hfrqrplf v vwhp jlylqj orfdo surgxfhuv wkh rssruwxqlw wr hvwdeolvk frrshudwlrq zlwk iruhljq sduwqhuv ,q wklv uhvshfw %dnx%xlog lq dgglwlrq wr ehlqj dq lqwhuqdwlrqdo surmhfw ghprqvwudwlqj wkh srwhqwldo ri wkh qdwlrqdo dqg joredo frqvwuxfwlrq lqgxvwulhv lv dq lghdo exvlqhvv sodwirup iru h[klelwlqj frpsdqlhv 7kh h[klelwlrq surylghv dq h[fhoohqw hqylurqphqw iru frpsdqlhv wr ghprqvwudwh wkhlu qhz surgxfwv dqg whfkqrorjlhv wr ex huv dqg wr vkduh h[shulhqfhv 3duwlflsdwlrq lq vxfk hyhqwv qrw rqo hqdeohv qhz frqwdfwv wr eh pdgh dqg sursrvdov riihuhg exw dovr dlgv wkh ghyhorsphqw ri d frusrudwh lpdjh 7klv hdu wkh h[klelwlrq duhd ri %dnx%xlog kdv lqfuhdvhg e shufhqw dv d uhvxow ri wkh kdug zrun ri wkh rujdqlvhuv dqg wkh qdwlrqdo vrflrhfrqrplf fkdqjhv phqwlrqhg deryh :h eholhyh wkdw wkh rujdqlvwlrq ri vxfk dq h[klelwlrq lq rxu frxqwu kdv sod hg dqg zloo frqwlqxh wr sod d vljqlÀfdqw uroh lq wkh lqwhqvlyh ghyhorsphqw ri wkh frqvwuxfwlrq vhfwru gzdug 6wudfkdq hfxwlyh gluhfwru ,7 urxs 3 6dplud 7h pxuryd 3urmhfw pdqdjhu ,whfd &dvsldq 17wk huedlmdq ,qwhuqdwlrqdo &216758&7,21 7,21 zzzednxexlogd 2ujdqlvhuv 11

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p. 13

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p. 14

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p. 15

pavilyonun plani · hall 1 zal 14

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