Intervento gdf su sport dilettantistico 09 2015

> 'h Z / / &/E E dhd > >>͛KZ /E Wh >/ K KEKD/ K E > ^ ddKZ >> dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ^ ,/^dKZz KKW Z/ DK W Z EKE ^ '>/ Z

Z > dKZ

' E͘ ͘ '/K ,/EK E' >KE/ KD E Ed WZKs/E / > >> 'h Z / / &/E E / dKZ/EK

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

ŽŵƉĂŐŶŝĂ ^ƵƐĂ Ͳ WŽůŝƐƉŽƌƚŝǀĂ ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽ ʹ /ƉƉŝĐĂ ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽ ʹ 'ĂƌĞ ĂƵƚŽŵŽďŝůŝƐƚŝĐŚĞ 'ƌƵƉƉŽ KƌďĂƐƐĂŶŽ ʹ ĂůĐŝŽ 'ƌƵƉƉŽ KƌďĂƐƐĂŶŽ ʹ dĞŶŶŝƐ 'ƌƵƉƉŽ KƌďĂƐƐĂŶŽ ʹ dĞŶŶŝƐ dĞŶĞŶnjĂ >ĂŶnjŽ ʹ ĂŶnjĂ dĞŶĞŶnjĂ >ĂŶnjŽ ʹ /ƉƉŝĐĂ ŽŵƉĂŐŶŝĂ /ǀƌĞĂ ʹ ĂůĐŝŽ dd/s/d >dZ WZKs/E

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϭ ʹ WŽůŝƐƉŽƌƚŝǀĂ ; ŽŵƉĂŐŶŝĂ ^ƵƐĂͿ ^ h /KE s Z/&/ &/^ > KE&ZKEd/ ͘^͘ ͘ ^ > '/K ,/ DW/ K KE EE ^^K Z /^ Z/dd > KE/͘ /^W /KE KE >h^ E > ϮϬϭϯ͘

K hD Ed /KE Z W Z/d /E ^ / ^^K W Z Z/ K^dZh/Z /> sK>hD ͛ && Z/ >> ͘^͘ ͗͘ ϭ͘ ^d dhdK >>͛ ^^K / /KE Ϯ͘ Zd/&/ dK / &&/>/ /KE >>͛ ^/ ϯ͘ Z '/^dZ/ /s Yh/^d/ KZZ/^W dd/s/ ϰ͘ s Z > / ^^ D > ^K / ϱ͘ > E K ^K / ϲ͘ & ddhZ / Yh/^dK ϳ͘ K hD Ed /KE ydZ KEd />

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϭ ʹ WŽůŝƐƉŽƌƚŝǀĂ ; ŽŵƉĂŐŶŝĂ ^ƵƐĂͿ ϭ͘ EKE , WZ ^ Ed dK / ,/ Z /KE/ EEh >/ /Z ͕ /s /Z W W Z >͛ dd/s/d ͛ KDD Z / > / ' ^d/KE Z /Ed ZEK ^dZhddhZ ͕ W Z '>/ EE/ / /DWK^d ϮϬϬϴ͕ ϮϬϬϵ͕ ϮϬϭϬ WZ ^ Ed dK > / ,/ Z /KE/ EEh >/ /E& >/ W Z '>/ EE/ ϮϬϭϭ ϮϬϭϮ͖ Ϯ͘ , KEd />/ dK /E ^^/ /E& Z/KZ/ Yh >>/ Z/> s d/ K hD Ed /KE ydZ KEd /> ͖ ϯ͘ Z/ s/ &/E/d/ ^h>> ^ '>/ Yh/^d/ / D Z / ^d/E d >> Z/s E /d Z/^h>d Ed/ >> & ddhZ W ^^/s KE^ Zs d Z '/^dZ d Ͳ y Zd͘ ϯϵ͕ ϭΣ KDD > dd Z ͕ > ͘W͘Z͘ ϲϬϬͬϳϯ͕ ;WK^d > '' ϳ >h'>/K ϮϬϬϵ͕ EZ͘ ϴϴ͕ Ͳ D dK K ͞ E >/d/ KͲ KEd /> ͘͟

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϭ ʹWŽůŝƐƉŽƌƚŝǀĂ ; ŽŵƉĂŐŶŝĂ ^ƵƐĂͿ KE^ 'h E ͗ ϭ͘ W Z /d ' sK> /KE/ WZ s/^d W Z ͘^͘ ͖͘ Ϯ͘ Z/ K^dZh /KE EdZ d Z hW ZK / ,/ Z d/ ; hZK Ϯϭϴ͘ϬϬϬͿ

Z/ s/ EKE

ϯ͘ KE^d d /KE /s Kshd ; hZK Ϯϭ͘ϴϬϬͿ ϰ͘ KD ^^ / ,/ Z /KE ;ϮϬϬϴ͕ ϮϬϬϵ Ğ ϮϬϭϬͿ ϱ͘ /E& > / ,/ Z /KE ;ϮϬϭϭ Ğ ϮϬϭϮͿ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K Ϯ ʹ /ƉƉŝĐĂ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ ^ h /KE s Z/&/ KE&ZKEd/ ͘^͘ ͘ &&/>/ d >> &͘/͘^͘ ͘ ;& Z /KE /d >/ E ^WKZd Yh ^dZ/Ϳ , s s KWd dK W Z /> Z '/D ' sK> dK / h/ >> > '' ϯϵϴͬϵϭ͘ KE >h^ ϮϬϭϯ͘ K hD Ed /KE Z W Z/d /E ^ / ^^K W Z Z/ K^dZh/Z /> sK>hD ͛ && Z/ >> ͘^͘ ͗͘ ϭ͘ ddK K^d/dhd/sK Ϯ͘ > E K ^K / ϯ͘ s Z > >> ^^ D > ϰ͘ & ddhZ W ^^/s ϱ͘ Z E / KEdK h^ /d ͬ EdZ d ϲ͘ Z '/^dZK Z/ Kͬ^ Z/ K Yh/EK ; ͘ ͘ Z '/^dZK / ^d >> Ϳ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K Ϯ ʹ /ƉƉŝĐĂ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ EKE s E/s ^sK>d > hE dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ EdZK &Zh/dK > hE/ ^^K / d/ d/dK>K W Z^KE > ^K / EKE WW Zd E Ed/ > KE^/'>/K /Z dd/sK EKE s s EK D / WZ ^ Ed dK > hE /^d E DD/^^/KE D ^K>K Z/ ,/ ^d &&/>/ /KE >> &͘/͘^͘ ͘ W Z &/E/ ^^/ hZ d/s/ ;> ^d ^^ ^ ͛ Z/^h>d d /^ Z/dd &͘/͘^͘ ͘ W Z hE ^K>K EEKͿ WZKs Ed/ /E ^^ d/ /Z dd D Ed ^h ͬ W Z^KE >/ D D Z/ KE^/'>/K

s Z >/ ^^ D > s E/s EK dd d/ Z d/&/ E K /^/KE/ WZ ^ > KE^/'>/K /Z dd/sK ^ E > hE W Zd /W /KE '>/ ^^K / d/ D D Z/ KE^/'>/K /Z dd/sK s s EK Z dK hE ^͘Z͘>͘ KE ^d ^^ EKD/E /KE ^ ͘^͘ ͘ ; E ,͛ ^^ ^KddKWK^d s Z/&/ Ϳ͕ > hW>/ ^ KWK / WKd Z &hZ/Z ' sK> /KE/ &/^ >/ >͘ϯϵϴͬϵϭ /E' E Z Z /> KEs/E /D EdK , WZ ^d /KE/ &K^^ ZK &KZE/d ^K / d ͛ KDD Z / > ^͘Z͘>͘ s s ^d/Wh> dK KEdZ ddK / ͨ^ Zs/ ͩ KE ͘^͘ ͘ W Z ^ Zs/ / hZ Yh/E/ ;& ZZ dhZ ͕ Yh/^dK &KZ ''/K͕ ' ^d/KE / Ky͕ ^ Zs/ / / ^d >> ''/K W E^/KE ͕ &&/ddK d ZZ E/ >K >/Ϳ ͨ KE KZ E Kͩ KE ^ KZZ/^W dd/sK Yh ^/ E >K'K Yh >>K / K^d/ ^K^d Ehd/ >> ^K / d ͛ , Z/WKZd s W Z /d K hd/>/ /ZZ/^KZ/ /DWhd /KE 'h 'E/ >>͛ ^ , E &/ / s /E /d D Ed >> ' sK> /KE/ &/^ >/

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K Ϯ ʹ /ƉƉŝĐĂ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ KE^ 'h E ͗ KE^/ Z d ^K / d ͛ / & ddK͕ y Zd͘ϱ d͘h͘/͘Z͘ Z/ KE Kdd/ / Z /d/ s ^/ /E WK / KDWKE Ed/ > KE^/'>/K /Z dd/sK W Z /d >> ' sK> /KE/ &/^ >/ / h/ >> >͘ ϯϵϴͬϵϭ Z/ s/ KE^ 'h/d/ > K> d/ ^h> EhD ZK / s >>/ WZ ^ Ed/ E >> ^ h Z/ >>͛ ^ ͕ E , ddZ s Z^K Z/^ KEdZK > Z '/^dZK ͨ / ^d >> ͩ KE > E ,/ / WZ >/ s/ W Z/K / / ^ E'h W Z d ^d ͨ K''/E^ͩ Yh/^/d/ WZ ^^K KDW d Ed ^> KE^d d d/ ͗ > D Ed/ WK^/d/s/ / Z /dK EKE / ,/ Z d/ EE/ ϮϬϬϴ͕ ϮϬϬϵ ϮϬϭϬ W Z KDW> ^^/s/ Φ͘ϭ͘Ϭϲϯ͘ϬϬϬ͘ > D Ed/ WK^/d/s/ Z /dK EKE KEd />/ d/ EEK ϮϬϭϭ W Z Φ͘Ϯϳϳ͘ϬϬϬ /͘s͘ ͘ Kshd W Z Φ͘ ϭϴϮ͘ϬϬϬ ^ 'E > d/ ϴ /DDK />/ W Zd/E E h^K /d d/sK / s >KZ KDW> ^^/sK Φ͘ϲϬϬ͘ϬϬϬ W Z WZKWK^d WW>/ /KE D/^hZ hd > Z/ y Zd͘ϮϮ ͘>'^͘ ϰϳϮͬϵϳ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϯ ʹ 'ĂƌĞ ĂƵƚŽŵŽďŝůŝƐƚŝĐŚĞ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ ^ h /KE s Z/&/ KE&ZKEd/ ͘^͘ ͘ , s s KWd dK W Z Z '/D ' sK> dK y > '' ϯϵϴͬϵϭ /^W /KE KE >h^ ϮϬϭϯ K hD Ed /KE Z W Z/d /E ^ / ^^K͗ ϭ͘ ddK K^d/dhd/sK Ϯ͘ > E K ^K / ϯ͘ & ddhZ D ^^ Z/ shd ϰ͘ Z E / KEdK EdZ d ͬh^ /d

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϯ ʹ 'ĂƌĞ ĂƵƚŽŵŽďŝůŝƐƚŝĐŚĞ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ

K^ ͛ D Z^K͗ ^ /^ Z/dd Z '/^dZK ^K / d ͛ ^WKZd/s ^h ^^/s D Ed /E/ /K s Z/&/ EKE ͛ Z/^h>d d ^^ Z &&/>/ d & Z /KE/ ^WKZd/s ͬK Ed/ / WZKDK /KE ^WKZd/s E ͛ ^KEK ^d d ss/ d > Z > d/s /^dZhddKZ/ ^^K / d/ EKE , EEK KZZ/^WK^dK YhKd ^^K / d/s E ͛ D / W Zd /W dK > hE dd/s/d ͛ ^K / > ^ EKE ^WKZ / , WZKs / 'h/ ͖ WZ d/ ^WKZd/s ^sK>d ^ >h^/s D Ed / D D Z/ > KE^/'>/K /Z dd/sK E >>͛ D /dK / KDW d/ /KE/ hdKDK />/^d/ , d/WK Z >>z Z > /Ed Z ^^ Yh ^d/ h>d/D/ KE^/^d s ^sK>'/D EdK dd/s/d ͛ KDD Z / > W Z &/E E / Z / K^d/ >> ' Z / Z >>z Kdd E Z D Z'/E/ ^WKE^KZ/ /KE/ ss > E K^/ > Z '/D / & sKZ WZ s/^dK >> >͘ ϯϵϴͬϵϭ͖ KZ^ s E/s EK &/E E / d /DWZ ^ ^WKE^KZ &ZKEd >>͛ WWK^/ /KE / >K',/ ^W / Wh >/ /d Z/ ^h ZZK Z/ >> hdKs ddhZ / Z/^W dd/s/ W/>Kd/ ^^ E / ͗ >/ Z W Z DD/^^/KE / EhKs/ ^K / KWK > K^d/dh /KE >>͛ ^ /^d E ^K / KE^/'>/K /Z dd/sK W Z DD/^^/KE s/d ^^K / d/s dd/ / ss Ehd dd /KE EKZD /DWK^d ^d dhdK Yh >^/ ^/ dd/s/d ͛ ^K / > /Z dd >> WZKDK /KE ^WKZd/s

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϯ ʹ'ĂƌĞ ĂƵƚŽŵŽďŝůŝƐƚŝĐŚĞ ; ŽŵƉĂŐŶŝĂ WŝŶĞƌŽůŽͿ KE^ 'h E ͗ KE^/ Z d ^K / d ͛ / & ddK͕ y Zd͘ ϱ d͘h͘/͘Z͕͘ / Z /d/ s ^/ dZ D/d >͛ dd/s/d ͛ KDD Z / > >>͛ ͘^͘ ͘ ^KEK ^d d/ Z/ KE Kdd/ /E WK / KDWKE Ed/ > KE^/'>/K /Z dd/sK /D EdK >> ' sK> /KE/ &/^ >/ y >͘ ϯϵϴͬϵϭ KE^d d d/ > D Ed/ WK^/d/s/ Z /dK EKE / ,/ Z d/ EE/ ϮϬϭϬ ϮϬϭϭ W Z KDW> ^^/s/ Φ͘ϰϴ͘ϬϬϬ KE^d d d /͘s͘ ͘ Kshd W Z Φ͘ ϵ͘ϱϬϬ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϰ ʹ ĂůĐŝŽ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ ^ h /KE / hE s Z/&/ E / KE&ZKEd/ ͘^͘ ͘ > /^d/ , s s KWd dK W Z /> Z '/D ' sK> dK / h/ >> > '' ϯϵϴͬϵϭ͘ /^W /KE KE >h^ E > ϮϬϭϰ͘ K hD Ed /KE Z W Z/d /E ^ / ^^K ͗ K hD Ed /KE ydZ KEd /> Z/D KZ^/ ^W ^ / /Z/' Ed/ ʹ ^d && ʹ '/K dKZ/ KEdZ dd/ / ^WKE^KZ/ /KE ͬWh >/ /d ͛ ^ Z/ddhZ WZ/s d KEs E /KE/ KE Ed/ >K >/ & ddhZ D ^^ Z/ shd Z '/^dZ/ /s ^ Z/ddhZ ^K / >/

EdZ d KDD Z / >/ Z/> s d hZ Ed >͛/^W /KE ͗ • /EdZK/d/ Z/s Ed/ ^WKE^KZ/ /KE/ Wh >/ /d ͖͛ • Z/^KZ^ Z/s Ed/ ' ^d/KE DW/ > /K KDhE >/͖ • D/^^/KE d/dK>/ ^^K /E K ^/KE / W Zd/d

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϰ ʹ ĂůĐŝŽ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ

^d dK Z/^ KEdZ dK , ͗ > EdZ d KDD Z / >/ х ϮϱϬ͘ϬϬϬΦ ;K>dZ ϰϬϬ͘ϬϬϬ Φ EEh/Ϳ /E KEd />/d ͛ /DWhd d/͕ KD EdZ d KDD Z / >/͕ ^ >h^/s D Ed /EdZK/d/ Z/s Ed/ ^WKE^KZ/ /KE/ Wh >/ /d ͛ EKE E , Yh >>/ Z/s Ed/ >> ' ^d/KE / DW/ KDhE >/ >>͛ D/^^/KE / /'>/ dd/͖ >͛/s ^h'>/ /EdZK/d/ Z/s Ed/ Wh >/ /d ͛ ^WKE^KZ/ /KE/ EKE ͛ ^d d KZZ dd D Ed s Z^ d ͗ d >/ KW Z /KE/ ^KEK ^d d ZZKE D Ed /DWhd d dZ > EdZ d KDD Z / >/ ' E Z/ , KE /s &KZ& dd/ d > ϱϬй E / , ͛ dZ > ^WKE^KZ/ /KE/ KE /s s Z^ Z > ϵϬй͖ > hE/ D D Z/ ^d && , EEK W Z W/dK Z/D KZ^/ ^W ^ EEh/ ^hW Z/KZ/ ϳ͘ϱϬϬ hZK K>dZ h/ KW Z Z Z/d Ehd > Ϯϯй͖ EKE , WZ ^ Ed dK DK ͘ϳϳϬ W Z ^d &&͕ '/K dKZ/ /Z/' Ed/ EKE , WZ ^ Ed dK / ,/ Z /KE //͘ ͘ EEh >/d ͛ ϮϬϬϵͬϭϬ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϱ ʹ dĞŶŶŝƐ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ ^ h /KE s Z/&/ KE&ZKEd/ /Z K>K d EE/^ , s s KWd dK W Z Z '/D ' sK> dK > '' ϯϵϴͬϵϭ͘ /^W /KE KE >h^ E > ϮϬϭϯ͘ K hD Ed /KE Z W Z/d /E ^ / ^^K͗ > E K ^K / s Z > >> ^^ D > >K ^d dhdK WZK^W ddK ^/ W Z > >/Yh/ /KE W Z/K / >>͛/s ' sK> d KEdZ dd/ / ^WKE^KZ/ /KE ͬWh >/ /d ͛ & ddhZ D ^^ ʹ Z/ shd K hD Ed /KE ydZ KEd />

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϱ ʹ dĞŶŶŝƐ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ ϭ͘ /> /Z K>K , ' ^d/dK DK>d dd/s/d ͛͗ ĐŽƌƐŝ ƚĞŶŶŝƐ͕ ĐŽƌƐŝ Ăůƚƌŝ ƐƉŽƌƚ͕ ƉŝůĂƚĞƐ Ğ ƐƉŝŶŶŝŶŐ͕ ƚŽƌŶĞŝ͕ ŐĞƐƚŝŽŶĞ ĐĂŵƉŝ ƚĞŶŶŝƐ͕ ĐĂŵƉŝ ďĞĂĐŚ ǀŽůůĞLJ͕ ƉĂůĞƐƚƌĂ͕ ĂĨĨŝƚƚŽ ĂƌŵĂĚŝĞƚƚŝ͕ ǀĞŶĚŝƚĂ ĂďďŝŐůŝĂŵĞŶƚŽ Ğ ŐĂĚŐĞƚ͕ ŐĞƐƚŝŽŶĞ Ăƚƚŝǀŝƚă ĞƐƚŝǀĞ ƉĞƌ ƌĂŐĂnjnjŝ Ͳ Đ͘Ě͘ ͨĞƐƚĂƚĞ ƌĂŐĂnjnjŝͩͿ Ϯ͘ EKE ^d dK ' sK> /^d/E'h Z > dd/s/d ͛ ^^K / d/s Z/ EdZ Ed/ E >>K ^d dhdK ;Yh/E / EKE ^^K'' dd />/ /DWK^/ /KE Ϳ Yh >> Z/s Ed/ dd/s/d ͛ KDD Z / >/ ϯ͘ /EK>dZ ͕ E >>͚ D /dK dd/s/d ͛ ^^K / d/s WZ s/^d >>K ^d dhdK͕ ^/ ͛ /^d/EdK dZ WZ ^d /KE/ Z ^ ^K / Yh >> Z ^ E / KE&ZKEd/ / EKE ^K /

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϱ ʹ dĞŶŶŝƐ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ Ͳ K^ ͛ D Z^K͗

/EdZK/d/ EKE / ,/ Z d/͕ Z/s Ed/ dd/s/d ͛ , EKE Z/ EdZ s EK E >>K ^d dhdK W Zd EdK KE^/ Z d KDD Z / >/ ;s E /d / ' ' d͕ /s/^ ͕ &&/ddK ZD / dd/͕ ^^KZ/ ^WKZd/s/Ϳ /EdZK/d/ Z/s Ed/ WZ ^d /KE/ &KZE/d / EKE ^K /͕ Yh/E / KE^/ Z d/ KDD Z / >/ EdZ d EKE /^d/E'h/ />/ dZ ^K / EKE ^K /͕ , ^KEK ^d d KE^/ Z d KDD Z / >/ KE^d d d/ Z/ s/ EKE / ,/ Z d/ W Z KDW> ^^/s/ ϱϬϬϬ hZK͘

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϲ ʹ dĞŶŶŝƐ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ ^ h /KE s Z/&/ KE&ZKEd/ /Z K>K d EE/^ , s s KWd dK W Z Z '/D ' sK> dK y > '' ϯϵϴͬϵϭ /^W /KE KE >h^ E > ϮϬϭϯ͘ W Zd/ K> Z/d ͛͗ ^^K / /KE ^WKZd/s &/dd/ / ; dd/s/d ͛ KDD Z / > dhdd/ '>/ && dd/Ϳ /E ^ / ^^K ^/ ͛ Yh/^/d > K hD Ed /KE ͗ Ͳ Z E / KEd/ &/E E / Z/ EEh >/ Ͳ ^d dhdK Ͳ K hD Ed /KE ydZ KEd /> /> /Z K>K ͛ Z/^h>d dK WZ/sK / K hD Ed /KE KEd /> / s Z >/ >> ^^ D > / ^K /

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϲ ʹ dĞŶŶŝƐ ;'ƌƵƉƉŽ KƌďĂƐƐĂŶŽͿ ^KEK D Z^

/&&KZD/d ͛ ^d dhdK KE Z/d Z/ K >/' dKZ/ ^d />/d/ > '' ;EKE Z ^d d /E^ Z/d > EKD/E /KE / ^^K / /KE ^WKZd/s /> dd Ed/^d/ ͕ D E s > KDhE/ /KE Ͳ Ed/ ^^K / d/s/ Ͳ >>͛ ' E / >> EdZ d Ϳ WZ WKE Z E dd/s/d ͛ KDD Z / >/ ;^WKE^KZ/ /KE/ ' ^d/KE /Z dd ZͬZ/^dKZ Ed Ϳ Z/^W ddK dd/s/d ͛ ^d dhd Z/ E ^^hE W Zd /W /KE ^K / ' ^d/KE ^ ;EK Z/EEKsK KZ' E/ ^K / >/͕ EK KEsK /KE ^^ D > ͕ ' ^dKZ/ KDWKE Ed/ & D/'>/ Ϳ

KE^ 'h E ͗ ϭ͘ ddZ/ h /KE Yh >/&/ Ed KDD Z / > W Z D E E Z Yh/^/d/ &KZD >/ ^K^d E / >/ W Z /d >> ' sK> /KE/ / h/ >> > '' ϯϵϴͬϭϵϵϭ Ϯ͘ W ^^ ''/K > Z '/D KZ /E Z/K / &/E/ //͘ ͘ /s ϯ͘ Z/ K^dZh /KE EdZ d Z hW ZK d ^^ /KE Z/ s/ EKE / ,/ Z d/ ϮϲϬ͘ϬϬϬ Φ ϰ͘ s/K> /KE/ KEd />/ ;KD ^^ /^d/dh /KE / Z '/^dZ/Ϳ ϱ͘ KE^d d /KE / /s /Z W W Z KDW> ^^/s/ ϲϰ͕ϬϬϬ Φ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϳ ʹ ĂŶnjĂ ;dĞŶĞŶnjĂ >ĂŶnjŽͿ ^ h /KE s Z/&/ KE&ZKEd/ ^ hK> E KE KW /KE Z '/D ' sK> dK y > '' ϯϵϴͬϵϭ EEK ϮϬϭϭ K hD Ed /KE Z W Z/d /E ^ / ^^K͗ ϭ͘ ddK K^d/dhd/sK Ϯ͘ >/ ZK ^K / ϯ͘ Z E / KEdK h^ /d ͬ EdZ d ϰ͘ KEdZ ddK >K /KE KDD Z / > ϱ͘ > dd Z / &&/>/ /KE > ͘K͘E͘/͘ ϲ͘ d ^^ Z ^^K / d/ ϳ͘ Z/ shd Z > d/s >>͛/^ Z/ /KE ^K / ϴ͘ Z/ ,/ ^d / /^ Z/ /KE >>͛ ^^K / /KE ϵ͘ K hD Ed /KE /E Z Ed W ' D Ed/ /^ Z/ /KE/

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϳ ʹ ĂŶnjĂ ;dĞŶĞŶnjĂ >ĂŶnjŽͿ ^d dK Z/^ KEdZ dK , ͗ ϭ͘^KEK ^d d KE^ 'h/d EdZ d / E dhZ KDD Z / > ͗ Ă͘ /EdZK/d/ Z/s Ed/ KZ' E/ /KE KZ^/ E ^^/ />/ EKE /^ Z/dd/͖ ď͘s E /d ^^KZ/ ' ' d W Z &Z Yh E KZ^/ ; /'>/ D EdK ^WKZd/sKͿ͖ Ϯ͘EKE ͛ ^d d WZ ^ Ed d / ,/ Z /KE W Z Ed/ EKE KDD Z / >/ ϯ͘WhZ ss > E K^/ / /^dZhddKZ/ / E ^d ZE/ Z 'K> ZD Ed Z DhE Z d/͕ ͛ ^d d KD ^^ > WZ ^ Ed /KE / DK >>/ ϳϳϬ ϰ͘EKE , && ddh dK / s Z^ D Ed/ / &/E/ /s ϱ͘^KEK ^d d/ s/K> d/ / WZ/E /W/ Z /E >>͛ ^^K / /KE ^ d/ ^h>>͛h'h '>/ E / dhdd/ / ^K /͕ WK/ , ͛ > ^^ D > , s E/s EK ^sK>d /E WZ ^ E > ^K>K WZ ^/ Ed ͕ > ^ 'Z d Z/K ;DK'>/ > WZ ^/ Ed Ϳ / > hE/ ^K / &KE dKZ/͖ ϲ͘> ^ EKE , WZ ^ Ed dK / ,/ Z /KE/ //͘ ͘ W Z /> W Z/K K s Z/&/ dK ϮϬϬϴͬϮϬϭϬ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϳ ʹ ĂŶnjĂ ;dĞŶĞŶnjĂ >ĂŶnjŽͿ KE^ 'h E ͗ ϭ͘ W Z /d ' sK> /KE >͘ϯϵϴͬϵϭ W ^^ ''/K Z '/D KZ /E Z/K͖ Ϯ͘ KE^d d /KE EdZ d ; KDW> ^^/s/ ϵϱ͕ϬϬϬ hZKͿ͖

KDD Z / >/

EKE

/ ,/ Z d

ϯ͘ KE^d d /KE /s /E /d D Ed dZ dd EKE s Z^ d ; hZK ϭϮ͕ϬϬϬͿ͖ ϰ͘ /Z W EKE s Z^ d ;W Z hZK ϰ͕ϬϬϬͿ ϱ͘ KD ^^ WZ ^ Ed /KE / ,/ Z /KE ϮϬϬϴͬϮϬϬϵ ϮϬϬϵͬϮϬϭϬ ϲ͘ /ZZ 'K> Z d Ehd KEd />/d ͛ ;ϯ EE/ ʹ ϮϬϬϴͬϮϬϬϵ͕ ϮϬϬϵͬϮϬϭϬ ϮϬϭϬͬϮϬϭϭͿ ϳ͘ Z hW ZK >> Z/d Ehd ;^h>> E / ϳ͘ϱϬϬΦͿ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϴ ʹ /ƉƉŝĐĂ;dĞŶĞŶnjĂ >ĂŶnjŽͿ ^ h /KE s Z/&/ KE&ZKEd/ /Z K>K /WW/ K , s s KWd dK W Z /> Z '/D ' sK> dK / h/ >> > '' ϯϵϴͬϵϭ KE >h^ E > ϮϬϭϯ͘ K hD Ed /KE Z W Z/d /E ^ / ^^K W Z Z/ K^dZ/Z /> sK>hD ͛ && Z/ > /Z K>K͗ ϭ͘ ddK K^d/dhd/sK Ϯ͘ >/ ZK ^K / ϯ͘ >/ ZK s Z >/ ^^ D > ^K / /Z dd/sK ϰ͘ Z/ shd D ^^ ϱ͘ & ddhZ W ^^/s ϲ͘ > dd Z / &&/>/ /KE >> &͘/͘^͘ ͘ ϳ͘ K Z E / KEd /KE EdZ d h^ /d ϴ͘ h^d W ' / /W E Ed/

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϴ ʹ /ƉƉŝĐĂ;dĞŶĞŶnjĂ >ĂŶnjŽͿ

^d dK Z/^ KEdZ dK , ͗ ϭ͘ EKE Z W Z^ 'h/dK ^ KWK ^^K / d/sK / WZ d/ WZKW ' E >>͛ dd/s/d ͛ ^WKZd/s Yh ^dZ ͖ Ϯ͘ /E Z >d ͛ /> /Z K>K K&&Z/s / ^ Zs/ / W Z /> Z/ Ks ZK / s >>/ ; , EKE Z/ EdZ EK dZ Yh >>/ /E / d/ E >>K ^d dhdK ^^K / d/sKͿ KE^ 'h E ^ E /KE/͗ W Z /d ' sK> /KE/ >͘ϯϵϴͬϵϭ W ^^ ''/K Z '/D KZ /E Z/K͖ KE^d d /KE EdZ d KDD Z / >/ EKE / ,/ Z d W Z Z/ Ks ZK s >>/ >dZ EdZ d KDD Z / >/ WK^d /^ KEK^ /D EdK ' sK> /KE ; hZK ϮϮϮ͕ϬϬϬͿ͖ KE^d d /KE /s /E /d D Ed dZ dd ͬEKE s Z^ d ; ϰϱ͕ϬϬϬͿ͖ /Z W EKE s Z^ d ; hZK ϴ͕ϱϬϬͿ͖ KD ^^ WZ ^ Ed /KE / ,/ Z /KE ; EE/ ʹ ϮϬϭϬ ϮϬϭϭͿ /ZZ 'K> Z d Ehd KEd />/d ͛ ;ϯ EE/ ʹ ϮϬϭϬͬϮϬϭϮͿ

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

^K ϵ ʹ ĂůĐŝŽ ; ŽŵƉĂŐŶŝĂ /ǀƌĞĂͿ

s Z/&/ KE&ZKEd/ ^K / d ͛ ^WKZd/s /> dd Ed/^d/ Z͘>͘ , s s KWd dK W Z /> Z '/D ' sK> dK > '' ϯϵϴͬϵϭ͘ KE >h^ ϮϬϭϯ Ͳ K hD Ed /KE Yh/^/d ͗ ϭ͘ & ddhZ dd/s W ^^/s Ϯ͘ K hD Ed/ / ^W ^ EKE ^K'' dd /s ϰ͘ /^d/Ed /'>/ dd/ WZ ^ Ed d >> ^͘/͘ ͘ ͘ ϱ͘ KEdZ dd/ Wh >/ /d ͛ ^WKE^KZ ϲ͘ Z '/^dZ/ /s ϳ͘ ^ Z/ddhZ ^K / >/ Z/^ KEdZ/͗ ^WKE^KZ/ /KE/ Z 'K> ZD Ed D dK K > K>K EdZ d KDD Z / >/ & ddhZ d d ZD/E /KE /EdZK/d/ Wh >/ /d ͛ EK /&& Z E ^/ ͬ KEd />/d ͛ ^WKE^KZ/ /KE/ ^h ^ K hD Ed > Z/> s d ZZ d /E / /KE Z/ s/ /E ZK /K d/ KE Yh >>/ >> ^͘/͘ ͘ ͘ /E / ,/ Z /KE EEh > KEs E /KE D͘ ͘&͘ Ͳ Zd͘ϭϳ WZ ϲϰϬͬϳϮ͖ Z 'K> ZD Ed WZ ^ Ed d

dhd > KZ /E Wh >/ K KEKD/ K Ͳ ^ ddKZ dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ͗ ^ ,/^dKZz

WZKs/E / / hE K͗ s Z/&/ , &/^ >/ KE&ZKEd/ ͘^͘ ͘ KWd Ed/ Z '/D ' sK> dK y > '' ϯϵϴͬϵϭ͘ KE >h^ dZ /> ϮϬϭϰ ϮϬϭϱ E > KZ^K >> dd/s/d ͛ /^W dd/s D Z^K͗ • /E /d /^dZ/ h /KE WZKs Ed/ dZ ^K / / hE W > ^dZ ;s/ d d >>͛ Zd͘ ϵϬ͕ ϭϴ ͘ > dd͘ Ϳ > '' ϮϴϵͬϮϬϬϮͿ͖ • /ZZ 'K> Z WK^/ /KE / ϱϲ dd/ ;W Z^KE > dZ /E ZͿ KE^/ Z d/ > sKZ dKZ/ /W E Ed/ W Z D Z d DWK͕ D E^/KE Z/͕ Wh>/ / s/'/> E ͖ • /^ KEK^ /D EdK ' sK> /KE/ > '' ϯϵϴͬϵϭ WW>/ E K Z '/D KZ /E Z/K KE^d d /KE / Z/ s/ EKE KEd />/ d/ W Z K>dZ ϭ͘ϬϬϬ͘ϬϬϬ / hZK͕ / /s Kshd W Z /Z ϯϬϬ D/> hZK /Z W W Z K>dZ ϱϬ D/> hZK͖ • KDhE/ /KE EKd/ / Z dK͘ • ^^K / /KE h>dhZ > Z/ Z d/s Z/^h>d d ^K / d ͛ / & ddK KE &/E >/d ͛ KDD Z / >/ KW Z Ed KD ' E / /E' ''/ E K ,K^d ^^ DK >> W Z &/ Z ͕ DK^dZ ͕ D E/& ^d /KE/ s Ed/ s Z/͘ >͛/^W /KE , W ZD ^^K / ddZ/ h/Z >>͛ ^^K / /KE > Yh >/&/ / Ed KDD Z / > W Z D E E / Z Yh/^/d/͕ KE > KE^ 'h Ed W Z /d >> ' sK> /KE/ y ϯϵϴͬϭϵϵϭ͘ • ^ D K hD Ed > s/ E / , EKE , WZ ^ Ed dK > hE >> / ,/ Z /KE/ EEh >/ K >/' dKZ/ WZ s/^d W Z ^K / d ͛ KDD Z / >/ KD dd E K / ,/ Z /KE Z/ s/ W Z K>dZ ϯϬϬ͘ϬϬϬ hZK͕ /s Ϯϳ͘ϬϬϬ hZK /Z W W Z ϭϭ͘ϬϬϬ hZK͖ • hd/>/ K ϰϰϵ > sKZ dKZ/ /ZZ 'K> Z/ KD ^^ Z/d Ehd W Z ϭϱϮ͘ϬϬϬ hZK͘

> 'h Z / / &/E E dhd > >>͛KZ /E Wh >/ K KEKD/ K E > ^ ddKZ >> dd/s/d ͛ ^WKZd/s /> dd Ed/^d/ , ^ ,/^dKZz KKW Z/ DK W Z EKE ^ '>/ Z

Z > dKZ

' E͘ ͘ '/K ,/EK E' >KE/ KD E Ed WZKs/E / > >> 'h Z / / &/E E / dKZ/EK

'Z / W Z >͛ dd E /KE