Demographic, Economic Historical Evidence Vs Rh Bill

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µXSS QER] TISTPI¶ QIERW µQSVI TSSV TISTPI¶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´[LMGL PIEHW XS GSVVYTXMSR TSSV XE\ GSPPIGXMSRW PEGO SJ IHYGEXMSR ERH VSEHW PEGO SJ MVVMKEXMSR W]WXIQW´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

8LI TSTYPEXMSR LMWXSV] SJ HIZIPSTIH GSYRXVMIW WLS[W XLEX MQTPIQIRXMRK E X[S GLMPH TSPMG] ZME XLI GSRWSPMHEXIH FMPP [MPP TPEGI XLI GSYRXV] MR E ZMVXYEPP] MVVIZIVWMFPI GSYVWI SJ TSTYPEXMSR HIGPMRI ERH EKIMRK XLEX GEVVMIW [MXL MX EPP OMRHW SJ TVSFPIQW ERH XLYW XLI GSYRXV] [SYPH FI [IPP EHZMWIH XS EZSMH MX EPXSKIXLIV 8LI GSYRXV]¸W TSTYPEXMSR WMXYEXMSR´[LIVI XLI PEFSV JSVGI MW KVS[MRK JEWXIV XLER XLI HITIRHIRX ]SYXL ERH IPHIVP] TSTYPEXMSR´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

,MKLIV TSTYPEXMSR KVS[XL PIEHW XS WPS[IV IGSRSQMG KVS[XL

)GSRSQMG WXYHMIW HS RSX WYTTSVX XLMW WIIQMRKP] PSKMGEP EWWIVXMSR 2SFIP TVM^I [MRRIV 7MQSR /Y^RIXW¸W TMSRIIVMRK WXYH] GSRXEMRIH MR LMW FSSO 1SHIVR )GSRSQMG +VS[XL 6EXI 7XVYGXYVI ERH 7TVIEH TT WLS[IH XLEX µ?RAS GPIEV EWWSGMEXMSR ETTIEVW XS I\MWX MR XLI TVIWIRX WEQTPI SJ GSYRXVMIW SV MW PMOIP] XS I\MWX MR XLI SXLIV HIZIPSTIH GSYRXVMIW FIX[IIR VEXIW SJ KVS[XL SJ TSTYPEXMSR ERH SJ TVSHYGX TIV GETMXE ¶ 3XLIV WXYHMIW LEZI GSRJMVQIH /Y^RIXW¸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}QQERR WXYH] JSYRH XLEX XSXEP JIVXMPMX] VEXIW [LMGL GER FI WIIR EW ER EPXIVREXMZI QIEWYVI SJ TSTYPEXMSR KVS[XL HMH RSX LEZI E WXEXMWXMGEPP] WMKRMJMGERX EWWSGMEXMSR [MXL IGSRSQMG KVS[XL

7MQMPEV GSRGPYWMSRW LEZI FIIR EVVMZIH EX F] XLI 97 2EXMSREP 6IWIEVGL 'SYRGMP MR ERH MR XLI 92 4STYPEXMSR *YRH 92*4% 'SRWYPXEXMZI 1IIXMRK SJ )GSRSQMWXW MR 1SVISZIV XLIWI WXYHMIW WYTTSVX /Y^RIXW¸W I\TPEREXMSR SJ [L] RS HMVIGX VIPEXMSRWLMT GSYPH FI I\TIGXIH FIX[IIR TSTYPEXMSR KVS[XL ERH IGSRSQMG KVS[XL 4STYPEXMSR KVS[XL ERH IGSRSQMG KVS[XL EVI PMROIH XLVSYKL µE GSQQSR WIX SJ TSPMXMGEP ERH WSGMEP MRWXMXYXMSRW ¶ 8LYW ER] µHMVIGX GEYWEP VIPEXMSR¶ FIX[IIR XLIQ µQE] FI UYMXI PMQMXIH ¶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¸X EJJIGX IGSRSQMG KVS[XL [LEX [MPP# +SSH KSZIVRERGI ERH [IPP MQTPIQIRXIH IGSRSQMG TSPMGMIW 8LIWI XLMRKW YWYEPP] KIX HSRI MR E GPMQEXI SJ TSPMXMGEP ERH IGSRSQMG JVIIHSQ -R LMW FSSO 8LI 9PXMQEXI 6IWSYVGI .YPMER 7MQSR KMZIW IZMHIRGI JSV XLI GVYGMEP VSPI XLEX TSPMXMGEP IGSRSQMG W]WXIQW TPE] MR IGSRSQMG KVS[XL [LIR LI GSQTEVIW XLVII TEMVW SJ GSYRXVMIW XLEX LEZI XLI WEQI GYPXYVI ERH LMWXSV] ERH TVEGXMGEPP] LEH XLI WEQI WXERHEVH FIJSVI XLI] WTPMX EJXIV ;SVPH ;EV --´)EWX ERH ;IWX +IVQER] 2SVXL ERH 7SYXL /SVIE ERH 8EM[ER ERH 'LMRE -R FSXL XLI GSQQYRMWX ERH RSR GSQQYRMWX GSYRXVMIW LEH TVEGXMGEPP] XLI WEQI FMVXLVEXIW ERH XLI GIRXVEPP] TPERRIH IGSRSQMIW LEH PIWW TSTYPEXMSR TVIWWYVI XLER XLIMV QEVOIX HMVIGXIH GSYRXIVTEVXW EW QIEWYVIH F] TSTYPEXMSR TIV WUYEVI OMPSQIXIV =IX XLI IGSRSQMG KVS[XL SJ ;IWX +IVQER] 7SYXL /SVIE ERH 8EM[ER [EW FIXXIV XLER XLIMV GSYRXIVTEVX GIRXVEPP] TPERRIH IGSRSQMIW (YI XS JEWXIV IGSRSQMG KVS[XL TIVWSREP MRGSQIW MR 8EM[ER ERH 7SYXL /SVIE [IVI VSYKLP] HSYFPI 'LMRE ERH 2SVXL /SVIE VIWTIGXMZIP] [LMPI XLSWI MR ;IWX +IVQER]¸W [EW QSVI XLER PEVKIV XLER )EWX +IVQER] MR XLI IEVP] W WII 8EFPI 8EFPI

4STYPEXMSR HIRWMX] ERH

ERH VIEP MRGSQI TIV GETMXE JSV WIPIGXIH GSYRXVMIW

)EWX +IVQER] ;IWX +IVQER] +IVQER] 4STYPEXMSR HIRWMX] 6IEP KRT TIV GETMXE 6IEP KRT TIV GETMXE 2SVXL /SVIE

7SYXL /SVIE

'LMRE

8EM[ER

4STYPEXMSR HIRWMX] 6IEP KRT TIV GETMXE 6IEP KRT TIV GETMXE

4STYPEXMSR HIRWMX] 6IEP KHT TIV GETMXE 6IEP KHT TIV GETMXE

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

%WWIVXMSR 2S

% PEVKIV TSTYPEXMSR QIERW QSVI LYRKV] ERH QEPRSYVMWLIH TISTPI

3R XLI GSRXVEV] *SSH ERH %KVMGYPXYVEP 3VKERM^EXMSR *%3 WXEXMWXMGW MRHMGEXI XLEX XLI JSSH WYTTP] EZEMPEFPI JSV GSRWYQTXMSR LEW MRGVIEWIH ERH XLI LMWXSVMGEP XVIRH WLS[W MX GER GSRXMRYI XS SYXTEGI TSTYPEXMSR KVS[XL MR XLI JYXYVI 8LI *%3 WXEXMWXMGW JSV XLI 4LMPMTTMRIW JVSQ XS WLS[ XLEX XLI JSSH WYTTP] EZEMPEFPI JSV GSRWYQTXMSR MRGVIEWIH MR XLVII GEXIKSVMIW GEPSVMIW TIV TIVWSR TIV HE] JVSQ

XS

KVEQW SJ TVSXIMR TIV TIVWSR TIV HE] JVSQ KVEQW SJ JEX TIV TIVWSR TIV HE] JVSQ

XS XS

8LIWI REXMSREP XVIRHW JSPPS[ [SVPH XVIRHW &EWIH SR JSSH ERH RYXVMXMSR WXEXMWXMGW JSYRH MR *%378%8 XLI SRPMRI *%3 MRXIVRIX HEXEFEWI [I JMRH XLEX JVSQ XS EZEMPEFPI [SVPH JSSH WYTTP] TIV TIVWSR LEW KSRI YT F] ERH IRSYKL JSSH MW FIMRK TVSHYGIH JSV IZIV]SRI SR IEVXL XS IRNS] E LIEPXL] HMIX 8LI *%3 VITSVXW MR 8LI 7XEXI SJ *SSH ERH %KVMGYPXYVI µ3ZIV XLI TEWX X[S HIGEHIW TVSKVIWW LEW FIIR QEHI MR VIHYGMRK YRHIVRSYVMWLQIRX MR HIZIPSTMRK GSYRXVMIW 8LI MRGMHIRGI SJ YRHIVRSYVMWLQIRX LEW HIGPMRIH JVSQ TIVGIRX SJ XLI TSTYPEXMSR X[S HIGEHIW EKS XS TIVGIRX EGGSVHMRK XS HEXE JVSQ ¶ 8LIWI XVIRHW SJ JSSH WYTTP] SYXTEGMRK TSTYPEXMSR KVS[XL GPIEVP] TVSZI )WXIV &SWIVYT¸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

-J XLI WXEXMWXMGW WLS[ XLEX JSSH WYTTP] MW EHIUYEXI XS KMZI IZIV] *MPMTMRS E LIEPXL] HMIX [L] EVI WSQI JEQMPMIW WXMPP IEXMRK PIWW# *SV MRWXERGI *%3¸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¸W PS[ TSTYPEXMSR HIRWMX] RSX IRSYKL VSEHW ERH XVERWTSVX WIVZMGIW [IVI QEHI EZEMPEFPI MR XLI EVIE -R XLI GEWI SJ XLI 4LMPMTTMRIW JEQMPMIW RIIH XS TE] LMKLIV JSSH TVMGIW HYI XS [EWXEKIW XLEX GER FI EZSMHIH MJ XLIVI [IVI QSVI JSSH TVSGIWWMRK ERH WXSVEKI JEGMPMXMIW *SSH TVMGIW EVI EPWS LMKLIV HYI XS E JVEKQIRXIH XVERWTSVXEXMSR W]WXIQ [LMGL MW RS[ FIMRK VIQIHMIH F] XLI VSPP SR VSPP SJJ VSVS WIVZMGIW SJ XLI KSZIVRQIRX¸W 7XVSRK 6ITYFPMG 2EYXMGEP ,MKL[E] TVSNIGX 1SVISZIV MR LMW FSSO 8LI 9PXMQEXI 6IWSYVGI .YPMER 7MQSR LEW WLS[R XLEX MR EHHMXMSR XS JSSH WYTTP] XLI WYTTP] SJ SMP GSTTIV EPYQMRYQ ERH SXLIV VIWSYVGIW LEZI QSVI XLER OITX YT [MXL HIQERHW SJ ER MRGVIEWMRK TSTYPEXMSR 7MQSR LEW WLS[R XLEX EQMH TSTYPEXMSR KVS[XL VIWSYVGIW LEZI FIGSQI PIWW WGEVGI SV EVI MR KVIEXIV WYTTP] VIPEXMZI XS XLI XIGLRSPSK] YWIH XS I\XVEGX ERH XS IQTPS] XLI VIWSYVGI F] WLS[MRK XLEX XLIMV TVMGIW LEZI KSRI HS[R SZIV XMQI 8LIWI XVIRHW FSPWXIV LMW EVKYQIRX JMVWX TSMRXIH SYX F] 7MQSR /Y^RIXW XLI 2SFIP TVM^I [MRRIV µ1SVI TISTPI ERH MRGVIEWIH MRGSQI GEYWI TVSFPIQW MR XLI WLSVX VYR 8LMW MRGVIEWIH WGEVGMX] SJ VIWSYVGIW GEYWIW TVMGIW XS VMWI 8LI LMKLIV TVMGIW TVIWIRX STTSVXYRMX] ERH TVSQTX MRZIRXSVW ERH IRXVITVIRIYVW XS WIEVGL JSV WSPYXMSRW 1ER] JEMP EX GSWX XS XLIQWIPZIW &YX MR E JVII WSGMIX] WSPYXMSRW EVI IZIRXYEPP] JSYRH %RH MR XLI PSRK VYR XLI RI[ HIZIPSTQIRXW PIEZI YW FIXXIV SJJ XLER MJ XLI TVSFPIQW LEH RSX EVMWIR 8LEX MW TVMGIW IRH YT PS[IV XLER FIJSVI XLI MRGVIEWIH WGEVGMX] SGGYVVIH ¶ -R SXLIV [SVHW EHHMXMSREP TIVWSRW FSVR MR E HIQSGVEXMG WSGMIX] QIER QSVI QMRHW ERH LERHW XS JIIH EHHMXMSREP QSYXLW WLIPXIV ERH GPSXLI EHHMXMSREP FSHMIW ERH IHYGEXI EHHMXMSREP QMRHW )EGL EHHMXMSREP TIVWSR MW E RIX TVSHYGIV SJ MHIEW ERH VIWSYVGIW 8LMW MW TVSZIR F] LMWXSV] [LIVIMR IZIV] PEVKIV KIRIVEXMSR LEW PIJX XLI [SVPH MR E FIXXIV WXEXI JSV RI\X SRI 3RI KSSH TVSSJ SJ XLMW MW XLEX XLI PMJI I\TIGXERG] SJ XLI *MPMTMRS LEW MRGVIEWIH JVSQ ]IEVW MR XS ]IEVW MR %WWIVXMSR 2S

3YV TSTYPEXMSR KVS[XL MW SYX SJ GSRXVSP

7SQI TIVWSRW TSMRX SYX XLEX [I RIIH XS QEREKI XLI 4LMPMTTMRI TSTYPEXMSR FIGEYWI MX MW WMQTP] KVS[MRK XSS JEWX JSV MXW S[R KSSH [MXLSYX GPIEVP] WXEXMRK [L] *SV MJ [I HSR X XLI] [EVR XLEX XLI TSTYPEXMSR [MPP VIEGL QMPPMSR MR HSYFPI XLI QMPPMSR MR ;I WLSYPHR¸X [SVV] EFSYX XLMW EX EPP WMRGI XLMW JMKYVI MW [E] EFSZI XLI 92 LMKL ZEVMERX TVSNIGXMSR SJ QMPPMSR JSV ;L] XLI [MHI HMJJIVIRGI# 3R SRI LERH XLI TSTYPEXMSR HSYFPIW TVSNIGXMSR EWWYQIW XLEX XLI ERRYEP TSTYPEXMSR KVS[XL VEXI SJ [MPP LSPH WXIEH] JSV XLI RI\X ]IEVW 3R XLI SXLIV LERH XLI 92 LMKL ZEVMERX TVSNIGXMSR EWWYQIW XLEX XLIWI KVS[XL VEXIW [MPP GSQI HS[R JVSQ MR XS MR 8LI PEXXIV EWWYQTXMSR WIIQW XS FI E QSVI VIEWSREFPI SRI WMRGI 4LMPMTTMRI ERRYEP

TSTYPEXMSR KVS[XL VEXIW LEZI FIIR HIGVIEWMRK JVSQ MR HS[R XS MR &EWIH SR XLI PEWX GIRWYW MX LEW KSRI HS[R IZIR JYVXLIV XS MR ;LEX TISTPI HSR¸X VIEPM^I EFSYX ER MRGVIEWMRK TSTYPEXMSR MW XLEX MX MW GEYWIH F] PIWW FEFMIW H]MRK ERH QSVI TISTPI PMZMRK PSRKIV 4IXIV &EYIV LEW [VMXXIR µ'PIEVP] XLI QYGL HITPSVIH TSTYPEXMSR I\TPSWMSR¬WLSYPH FI WIIR EW E FPIWWMRK VEXLIV XLER E HMWEWXIV FIGEYWI MX WXIQW JVSQ E JEPP MR QSVXEPMX] E TVMQE JEGMI MQTVSZIQIRX MR TISTPI¸W [IPJEVI RSX E HIXIVMSVEXMSR ¶ *SV MRWXERGI MRJERX QSVXEPMX] VEXIW MR XLI 4LMPMTTMRIW RYQFIV SJ HIEXLW TIV FMVXLW FIX[IIR FMVXL ERH YT XS EKI SRI ]IEV LEZI KSRI HS[R JVSQ MR XS MR ERH JYVXLIV HS[R XS MR 0MJI I\TIGXERGMIW JVSQ FMVXL LEZI MRGVIEWIH JVSQ ]IEVW MR XS ]IEVW MR %WWIVXMSR 2S

0EVKIV JEQMPMIW EVI TSSV JEQMPMIW

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

4VSTSVXMSR SJ JEQMPMIW XLEX EVI TSSV ERH TVSTSVXMSR SJ TSSV JEQMPMIW [LSWI LIEHW LEH RS LMKL WGLSSP HMTPSQE F] RYQFIV SJ GLMPHVIR

8LMW WEQTPI VITVIWIRXW QMPPMSR JEQMPMIW [MXL ^IVS XS WIZIR GLMPHVIR [LSWI LIEHW EVI QEVVMIH EKIH ERH LIPH E NSF % JEQMP] MW GPEWWMJMIH EW µTSSV¶ [LIR MXW ERRYEP MRGSQI JEPPW FIPS[ XLI JEQMP] TSZIVX] XLVIWLSPH MRGSQI 8LI PEXXIV JMKYVI GER FI GEPGYPEXIH F] QYPXMTP]MRK XLI RYQFIV SJ JEQMP] QIQFIVW F] XLI TIV GETMXE TSZIVX] XLVIWLSPH MRGSQI 8LI PEXXIV [EW IWXMQEXIH XS FI 4 MR ERH VITVIWIRXIH XLI QMRMQYQ EQSYRX SJ QSRI] RIIHIH XS IREFPI E TIVWSR XS IEX IRSYKL JSSH XLEX [SYPH KMZI XLI QMRMQYQ EQSYRX SJ GEPSVMIW ERH RYXVMXMSREP VIUYMVIQIRXW ERH XS FY] IWWIRXMEP RSR JSSH MXIQW

4VSTSVXMSR SJ JEQMPMIW XLEX EVI TSSV MR 4VSTSVXMSR SJ TSSV JEQMPMIW [LSWI LIEHW LEH RS ,MKL 7GLSSP HMTPSQE MR 8LMW WEQTPI GSRWMWXW SJ JEQMPMIW [MXL QEVVMIH LSYWILSPH LIEHW EKIH ERH LIPH E NSF EX XLI XMQI SJ XLI WYVZI] 4SZIVX] MRGMHIRGI [EW JEQMPMIW XLEX IEVRIH ERRYEP MRGSQIW FIPS[ XLI JEQMP] TSZIVX] XLVIWLSPH PIZIP MR 4 XMQIW XLI RYQFIV SJ JEQMP] QIQFIVW 7SYVGI

*-)7 EYXLSVW¸ GEPGYPEXMSR

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´E WXEKI MR E TSTYPEXMSR [LIVI TSXIRXMEP [SVOIVW WYTTSVX VIPEXMZIP] JI[IV RYQFIV SJ GLMPH ERH IPHIVP] HITIRHIRXW´F] IHYGEXMRK SYV TISTPI JSV [IPP TEMH NSFW ERH EXXVEGXMRK XLI MRZIWXQIRXW RIIHIH XS KIRIVEXI XLI EHHMXMSREP NSFW JSV XLI QMPPMSR IRXVERXW MRXS XLI [SVOJSVGI IEGL ]IEV ;LEX JSPPS[W MW ER IPEFSVEXMSR SJ XLMW UYMGO VIZMI[

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µYRQIX RIIH¶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µHIWMVIH PIZIPW SJ JIVXMPMX] EGGSYRX JSV SJ XLI HMJJIVIRGIW EGVSWW GSYRXVMIW MR XSXEP JIVXMPMX] VEXIW ¶ -R SXLIV [SVHW GSYTPIW LEZI PEVKI JEQMPMIW FIGEYWI XLI] [ERX PEVKI JEQMPMIW -X QEOIW TIVJIGX WIRWI JSV I\EQTPI XLEX *MPMTMRS JEVQIVW QE] [ERX PEVKIV JEQMPMIW FIGEYWI XLI] [ERX QSVI LERHW XS LIPT XLIQ MR XLI JEVQ EW [IPP EW GLMPHVIR [LS GER XEOI GEVI SJ XLIQ MR XLIMV SPH EKI 8LMVH MQTPIQIRXMRK E X[S GLMPH TSPMG] EW TEVX SJ E TSTYPEXMSR QEREKIQIRX TVSKVEQ WIXW XLI GSYRXV] SR E GSYVWI SJ TSTYPEXMSR HIGPMRI ERH EKIMRK XLEX MX [SYPH [ERX XS EZSMH WMRGI MX [SYPH FI HMJJMGYPX XS VIZIVWI ,IVI¸W [L] .SWITL 'LEQMI HMVIGXSV SJ XLI 92 4STYPEXMSR (MZMWMSR MR E TETIV TVIWIRXIH XS XLI 4STYPEXMSR %WWSGMEXMSR SJ %QIVMGE MR %TVMP WE]W µ7M\X] GSYRXVMIW´EFSYX SRI XLMVH SJ XLI GSYRXVMIW MR XLI [SVPH´ LEZI TIVMSH JIVXMPMX] VEXIW FIPS[ ERH LEPJ SJ XLSWI GSYRXVMIW LEZI PIZIPW SJ SV PIWW ¶ *IVXMPMX] VEXIW FIPS[ XLI VITPEGIQIRX VEXI SJ QIERW XLEX XLIWI GSYRXVMIW [MPP IZIRXYEPP] I\TIVMIRGI XLI HIGPMRI ERH EKIMRK SJ XLIMV TSTYPEXMSRW *SV I\EQTPI WM\XIIR GSYRXVMIW EVI TVSNIGXIH XS PSWI EX PIEWX SRI QMPPMSR TISTPI SZIV XLI TIVMSH *SYV GSYRXVMIW GSYPH I\TIVMIRGI TSTYPEXMSR HIGPMRIW EX KVIEXIV XLER QMPPMSR .ETER QMPPMSR 6YWWME QMPPMSR 9OVEMRI QMPPMSR ERH +IVQER] QMPPMSR -R XLI WEQI TETIV 'LEQMI TVIWIRXW E XEFPI XLEX MRHMGEXIW XLEX SJ XLI GSYRXVMIW [MXL FIPS[ VITPEGIQIRX JIVXMPMX] VEXIW EVI MQTPIQIRXMRK TVSKVEQW XS VEMWI JIVXMPMX] VEXIW )\GIVTXW JVSQ RI[WTETIV ERH QEKE^MRI EVXMGPIW XLEX KMZI E WEQTPI [LEX WSQI SJ XLIWI TVSKVEQW EVI TVIWIRXIH MR 8EFPI -X GERRSX FI SZIVIQTLEWM^IH XLEX XLI GSYRXVMIW GYVVIRXP] I\TIVMIRGMRK FIPS[ VITPEGIQIRX VEXIW WXEVXIH SR XLMW TEXL [MXL E X[S GLMPH TSPMG] %GXMRK MR LMW TIVWSREP GETEGMX] 'LEQMI GSRGPYHIW MR XLMW TETIV XLEX XLI IJJSVXW SJ GSYRXVMIW XS VEMWI JIVXMPMX] VEXIW [MPP RSX FI IRSYKL XS FVMRK XLIQ FEGO XS VITPEGIQIRX PIZIPW 8LYW XLI

4LMPMTTMRIW WLSYPH PIEVR JVSQ XLI I\TIVMIRGI SJ GSYRXVMIW [LS EVI RS[ XV]MRK XS VEMWI XLIMV JIVXMPMX] VEXIW EJXIV YWMRK E X[S GLMPH TSPMG] XS VIHYGI XLIQ F] RSX EHSTXMRK XLI X[S GLMPH TSPMG] EPXSKIXLIV -RWXIEH SJ MQTPIQIRXMRK E X[S GLMPH TSTYPEXMSR TSPMG] [I WLSYPH JSGYW SYV IJJSVXW SR GEWLMRK MR SR E TSWWMFPI µHIQSKVETLMG HMZMHIRH ¶ % GLERGI XS VIET E HIQSKVETLMG HMZMHIRH I\MWXW [LIR E TVIZMSYWP] JEWX KVS[MRK TSTYPEXMSR HIGVIEWIW MXW KVS[XL VEXI MX [EW RSXIH IEVPMIV XLEX XLI 92 TVSNIGXW XLEX XLI ERRYEP KVS[XL VEXI MR [MPP KS HS[R XS MR ERH XLYW VIWYPXW MR XLI PEFSV JSVGI KVS[MRK JEWXIV XLER XLI HITIRHIRX XLYW IGSRSQMGEPP] YRTVSHYGXMZI TSTYPEXMSR SJ GLMPHVIR ERH IPHIVP] -R SXLIV [SVHW XLI TSTYPEXMSR MW MR E TLEWI [LIVI XLI TSXIRXMEP [SVOJSVGI TSTYPEXMSR EKIH ]IEVW MW WYTTSVXMRK E VIPEXMZIP] WQEPPIV RYQFIV SJ HITIRHIRXW TSTYPEXMSR EKIH ]IEVW GLMPH HITIRHIRXW ERH ]IEVW ERH SZIV IPHIVP] HITIRHIRXW -J XLI TVSTIV TSPMGMIW EVI MR TPEGI HYVMRK XLMW HIQSKVETLMG WXEKI XLIR XLI I\TIGXIH MRGVIEWI MR WEZMRKW ERH PEFSV WYTTP] GER FI LEVRIWWIH XS WYWXEMR VETMH IGSRSQMG KVS[XL XLEX VIHYGIW TSZIVX] 8EFPI

8SXEP JIVXMPMX] VEXIW 8*6 ERH TSTYPEXMSR ERH TVSNIGXIH TSTYPEXMSR GLERKI MR WIPIGXIH GSYRXVMIW

'SYRXV]

8*6

4STYPEXMSR MR QMPPMSRW

4VSNIGXIH 'LERKI MR QMPPMSRW

.ETER 6YWWME 9OVEMRI +IVQER] 7SYXL /SVIE 8EM[ER 6SQERME 7TEMR &YPKEVME &IPEVYW 7IVFME +ISVKME 'YFE 4SVXYKEP ,YRKEV] '^IGL 6ITYFPMG 7SYVGI 8EFPI

;SVPH 4STYPEXMSR (EXE 7LIIX )\GIVTXW SJ RI[W EVXMGPIW SR JIVXMPMX] VEMWMRK TVSKVEQW MR WIPIGXIH GSYRXVMIW

%WMER IGSRSQMIW HIWTIVEXI JSV µ·3YV JEPPMRK FMVXL VEXI MW E GEYWI SJ KVIEX GSRGIVR ¸ 7MRKETSVI FEFMIW 4VMQI 1MRMWXIV +SL 'LSO 8SRK WEMH MR E VIGIRX PYREV RI[ (EMP] )\TVIWW 2I[W *IFVYEV] ]IEV QIWWEKI MR [LMGL LI MWWYIH E JVIWL ETTIEP JSV LMW TISTPI XS TVSHYGI QSVI FEFMIW ¶

*VERGI SJJIVW ) VI[EVH JSV µ8LI *VIRGL 4VMQI 1MRMWXIV .IER 4MIVVI 6EJJEVMR ERRSYRGIH IEGL RI[ FEF] PEWX [IIO XLEX E FSRYW SJ õ † [MPP FI E[EVHIH &VMXMWL 1IHMGEP .SYVREP 1E] QSXLIVW JSV IEGL FEF] FSVR EJXIV .ERYEV] 8LI FSRYW MW TEVX SJ E WIVMIW SJ QIEWYVIW XS IRGSYVEKI JEQMPMIW XS LEZI QSVI GLMPHVIR ¶ µ,EZI XLVII FEFMIW¶ XS WYWXEMR µ;SQIR [LS EVI JIVXMPI [MPP RIIH XS LEZI XLVII GLMPHVIR IEGL XLI TSTYPEXMSR XS WYWXEMR XLI GYVVIRX TSTYPEXMSR SJ &VMXEMR EX EVSYRH (EMP] 8IPIKVETL (IGIQFIV QMPPMSR XLI 3JJMGI SJ 2EXMSREP 7XEXMWXMGW WE]W ¶ 'SYRXVMIW TPE] XLI HEXMRK KEQI µ;LIR KSZIVRQIRXW WXEVX VYRRMRK HEXMRK TVSKVEQQIW ]SY XS LEPX XLI FEF] FPYIW ORS[ XLEX TSPMG]QEOIVW EVI [SVVMIH EFSYX PS[ FMVXL VEXIW *MRERGMEP 8MQIW (IGIQFIV 7MRGI XLI PEXI W .ETERIWI TVIJIGXYVIW LEZI FIIR SVKERM^MRK LMOMRK XVMTW ERH GVYMWIW JSV WMRKPI TISTPI¶ -XEP] SJJIVW GEWL XS FSSWX MXW µ8LI FYHKIX TEGOEKI MRGPYHIW E SRI XMQI IYVSW FMVXL VEXI TE]QIRX XS -XEPMERW SR XLI FMVXL SJ XLIMV WIGSRH 6IYXIVW (IGIQFIV GLMPH E QIEWYVI WIX XS VYR JVSQ (IGIQFIV YRXMP XLI IRH SJ ¬ 1E]SV 6SGGS *EPMZIRE SJ 0EZMERS HMKKMRK HIIT MRXS XS[R GSJJIVW MW SJJIVMRK GSYTPIW IYVSW JSV IZIV] RI[FSVR FEF] ¶ ,EZI QSVI FEFMIW WE] XLI µ;SQIR WLSYPH LEZI QSVI FEFMIW XS WXEZI SJJ XLI PSSQMRK 8SVMIW GVMWMW SJ ER EKIMRK TSTYPEXMSR XLI 8SVMIW [MPP WE] XSHE] 8LI (EMP] 1EMP 7ITXIQFIV GEPP XS KS JSVXL ERH QYPXMTP] GSQIW JVSQ [SVO ERH TIRWMSRW WTSOIWQER (EZMH ;MPPIXXW [LS [ERXW GSYTPIW XS WIRH FMVXL VEXIW WSEVMRK ¶ 'LMPH JVMIRHP] TSPMGMIW GER¸X µ8LI TSTYPEXMSR SJ 7GSXPERH [MPP JEPP FIPS[ JMZI QMPPMSR F] HIJYWI E TSTYPEXMSR XMQIFSQF EGGSVHMRK XS E VIGIRX EVXMGPI 1SVI [SVV]MRK XLER XLI 7GSXPERH SR 7YRHE] JEGX XLI TSTYPEXMSR MW KIXXMRK WQEPPIV MW XLEX MX¸W EPWS KIXXMRK *IFVYEV] SPHIV EW XLI FMVXL VEXI JEPPW WMKRMJMGERXP] %PP XLMW WYKKIWXW XLEX F] XLI ]IEV XLIVI¸PP FI X[S TISTPI PIJX MR 7GSXPERH TVSFEFP] E QEVVMIH GSYTPI MR XLIMV W PMZMRK MR &IEVWHIR ¶ 7ISYP XS YWI XE\ FVIEOW XS µ8LI KSZIVRQIRX TPERW XS I\TERH XE\ FVIEOW JSV JEQMPMIW MRGVIEWI FMVXL VEXI [MXL ]SYRK GLMPHVIR ERH MRGVIEWI WYTTSVX JSV HE]GEVI GIRXIVW /SVIE ,IVEPH %YKYWX MR SVHIV XS LIPT [SVOMRK [SQIR ERH FSSWX /SVIE W JEPPMRK FMVXL VEXI XLI 1MRMWXV] SJ *MRERGI ERH )GSRSQ] WEMH ]IWXIVHE] ¶ ;L] LEZI GYTMH ERH XLI WXSVO µ'YTMH ERH XLI WXSVO JPI[ MRXS 4EVPMEQIRX JSV E WGSPHMRK JEMPIH# ]IWXIVHE] EW 14W UYIWXMSRIH [L] 7MRKETSVI¸W ETTVSEGL XS 8LI 7XVEMXW 8MQIW 1EVGL KIX WMRKPIW XS XMI XLI ORSX ERH LEZI FEFMIW LEW JEMPIH 8LI] HMH RSX LSPH FEGO XLIMV TYRGLIW EW XLI] GEPPIH SR XLI +SZIVRQIRX XS VIPSSO MXW TSPMGMIW XLEX LEZI RIMXLIV WXSTTIH RSV VIZIVWIH XLI HIGPMRMRK QEVVMEKI ERH JIVXMPMX] VEXIW %RH 14W [IVI RSX WLSVX SJ TSPMGMIW XS TYQQIP [VIWXPMRK [MXL MWWYIW WYGL EW EFSVXMSR GLMPHGEVI MRJERX GEVI ERH QEXGLQEOMRK EKIRGMIW ¶ -R EHHVIWW XS )WXSRMERW µ;SVVMIH EFSYX E HIGPMRMRK TSTYPEXMSR )WXSRME W TVIWMHIRX 4VIWMHIRX GEPPW SR GMXM^IRW XS LEW YVKIH XLI GSYRXV] W QMPPMSR VIWMHIRXW XS QEOI QSVI LEZI QSVI FEFMIW FEFMIW ·0IX YW VIQIQFIV XLEX MR NYWX E GSYTPI SJ HIGEHIW 2I[ =SVO 8MQIW XLI RYQFIV SJ )WXSRMERW WIIMRK XLI 2I[ =IEV [MPP FI SRI .ERYEV] JMJXL PIWW XLER XSHE] ¸ 4VIWMHIRX %VRSPH 6YYXIP WEMH MR E WTIIGL FVSEHGEWX PMZI SR REXMSREP XIPIZMWMSR ;IHRIWHE] ¶

7SYVGI .SWITL 'LEQMI µ0S[ *IVXMPMX] 'ER +SZIVRQIRXW 1EOI E (MJJIVIRGI ¶ % TETIV TVIWIRXIH XS XLI %RRYEP 1IIXMRK SJ XLI 4STYPEXMSR %WWSGMEXMSR SJ %QIVMGE &SWXSR %TVMP

;I VIGOSR XLEX XLI 4LMPMTTMRIW LEW E ]IEV [MRHS[ SJ STTSVXYRMX] XS VIET XLMW TSWWMFPI HIQSKVETLMG HMZMHIRH &EWIH SR XLI 92 LMKL ZEVMERX TVSNIGXMSR XLI XSXEP HITIRHIRG] VEXMS XSXEP RYQFIV SJ HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW MW I\TIGXIH XS IEWI JVSQ MR XS MXW PS[IWX PIZIP SJ MR 3ZIV XLI WEQI ]IEV TIVMSH XLI 92 TVSNIGXW XLEX XLI GLMPH HITIRHIRG] VEXMS RYQFIV SJ GLMPH HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW [MPP KS HS[R JVSQ XS 8LI IPHIVP] HITIRHIRG] VEXMS RYQFIV SJ IPHIVP] HITIRHIRXW JSV IZIV] TSXIRXMEP [SVOIVW SJ WM\ MR MW I\TIGXIH XS MRGVIEWI XS E WXMPP QEREKIEFPI VEXMS SJ MR 8LIWI JMKYVIW GPIEVP] WLS[ XLEX XLI 4LMPMTTMRIW MW RSX WYJJIVMRK JVSQ E µHIQSKVETLMG SRYW¶ EW WSQI TISTPI EVI GPEMQMRK 6EXLIV [I EVI EGXYEPP] WMXXMRK SR XST SJ E TSWWMFPI ]IEV µHIQSKVETLMG FSRYW ¶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