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Natural Gas Drilling in the Marcellus Shale: Potential Impacts on the Tourism Economy of the Southern Tier
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Natural Gas Drilling in the Marcellus Shale: Potential Impacts on the Tourism Economy of the Southern Tier

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Study authored by Cornell doctoral candidate Andrew Rumbach looking at potential impacts of Marcellus Shale gas drilling on the tourism industry in the Finger Lakes region of Central New York.

Study authored by Cornell doctoral candidate Andrew Rumbach looking at potential impacts of Marcellus Shale gas drilling on the tourism industry in the Finger Lakes region of Central New York.

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  • 1. !"#$%"&(")*%+&&+,-+,#./0"%1/&&$)2."&/3 45#/,#+"&678"1#)5,#./95$%+)7:15,57;5<#./25$#./%,9+/% =,>%/?@$7A"1.B6,#%5>$1#+5,!"#$!%&($))*+!,#&)$!-+!&!.$/)/.-(!0/1&2-/3!2#&2!)-$+!*34$!)&.$!5/2-/3+!/0!6$7!8/9:!;$33+<)=&3-&:!&34!>$+2!?-.-3-&:!&34!+1&))$!5&2+!/0!@#-/!&34!?-.-3-&A!B/32&-3$4!7-2#-3!2#$!,#&)$!0/1&2-/3!&$!$+$=$+!/0!3&2*&)!.&+:!7#-(#!#&=$!/3)<!$($32)<!C$(/1$!$(/=$&C)$!4*$!2/!&!5/($++!93/73!&+!#/-D/32&)!4-))-3.!&34!#<4&*)-(!0&(2*-3.!EF0&(9-3.GHA!>#-)$!$+2-1&2$+!/0!2#$!2/2&)!*32&55$4!.&+!$+$=$+!=&<!7-4$)<:!-2!-+!.$3$&))<!&.$$4!2#&2!2#$<!&$!+-.3-0-(&32!I!&+!1&3<!&+!JKK!2-))-/3!(*C-(!0$$2!/0!.&+!1-.#2!C$!$(/=$$4!0/1!2#$!0/1&2-/3:!$3/*.#!3&2*&)!.&+!2/!1$$2!2#$!4/1$+2-(!3$$4+!/0!2#$!L3-2$4!,2&2$+!0/!/=$!MK!<$&+!EN3.$)4$!MKKOHA!!!P-))-3.!-3!2#$!%&($))*+!,#&)$!#&+!Q*-(9)<!C$(/1$!2#$!($32$!/0!(/32/=$+<!-3!6$7!8/9R!5/5/3$32+!&.*$!2#&2!.&+!4$=$)/51$32!(/*)4!5/=-4$!1*(#I3$$4$4!S/C+:!2&T!$=$3*$+:!&34!/<&)2-$+!0/!)&34I/73$+:!&34!7/*)4!C$!&!)/(&)!+/*($!0/!&!3&2*&)!$+/*($!2#&2!&((/*32+!0/!UKV!/0!6$7!8/9W+!5/7$!(/3+*152-/3A!@55/3$32+!&.*$!2#&2!2#$!0&(9-3.!5/($++!5/+$+!&!4&3.$!2/!2#$!)/(&)!&34!$.-/3&)!$3=-/31$32!&34!2#$&2$3+!2/!(/32&1-3&2$!2#$!+*0&($!&34!./*34!7&2$!$+$=/-+!2#&2!+*55)<!4-39-3.!7&2$!2/!(-2-$+!&34!(/11*3-2-$+!&(/++!2#$!+2&2$A!!!!>#-)$!1*(#!/0!2#$!4$C&2$!/=$!.&+!4-))-3.!-3!2#$!%&($))*+!,#&)$!0/(*+$+!/3!2#$!5/2$32-&)!$3=-/31$32&)!-15&(2+:!2#$$!-+!&)+/!(/3($3!2#&2!.&+!$T2&(2-/3!7-))!($&2$!&!FC//1IC*+2G!$(/3/1-(!4$=$)/51$32!5&22$3!+$$3!-3!1&3<!$+/*($!-(#!$.-/3+!&34!(/*32-$+!E$A.A!X&(Q*$2!MKKO:!Y&2#!MKZK:!B#-+2/5#$+/3!MKZZHA!,#&)$!.&+!4-))-3.!-3!+2&2$+!)-9$!></1-3.:!"$T&+:!&34!;$33+<)=&3-&!#&+!#&4!+$-/*+!$(/3/1-(!(/3+$Q*$3($+!0/!&4S&($32!-34*+2-$+!)-9$!&.-(*)2*$!&34!2/*-+1:!C$(&*+$!/0!2#$!7-4$+5$&4!-34*+2-&)!&(2-=-2<!2#&2!&((/15&3-$+!4-))-3.A!!"#-+!$5/2!($32$+!/3!2#$!5/2$32-&)!-15&(2+!/0!.&+!4-))-3.!/3!2#$!2/*-+1!-34*+2<!-3!2#$!2#$$I(/*32<!$.-/3!+$=$4!C<!2#$!,/*2#$3!"-$!B$32&)![$.-/3&)!;)&33-3.!&34!P$=$)/51$32!Y/&4!E,"BHA!"/*-+1!-+!&3!-15/2&32!&34!4-=$+$!+$(2/!/0!2#$!$(/3/1<!/0!2#$!,/*2#$3!"-$:!&34!*34$+2&34-3.!+/1$!/0!2#$!5/2$32-&)!-15&(2+!/0!.&+!4-))-3.!/3!2#$!2/*-+1!-34*+2<!-+!-15/2&32!0/!C*+-3$++!/73$+:!$)$(2$4!/00-(-&)+:!&34!5)&33$+!(/3($3$4!7-2#!$(/3/1-(!4$=$)/51$32!-3!2#$!$.-/3A!"#-+!5&5$!&44$++$+!2#$$!1&S/!Q*$+2-/3+!ZH!>#&2!-+!2#$!=&)*$!/0!2#$!2/*-+1!+$(2/!2/!2#$!$(/3/1<!/0!2#$!,"B!$.-/3]!MH!^3!7#&2!7&<+!1-.#2!.&+!4-))-3.!-3!2#$!%&($))*+!,#&)$!-15&(2!2#$!2/*-+1!$(/3/1<:!3/7!&34!-32/!2#$!0*2*$]!UH!^0!.&+!4-))-3.!(/*)4!Z!;$5&$4!0/!2#$!,/*2#$3!"-$!B$32&)![$.-/3&)!;)&33-3.!&34!P$=$)/51$32!Y/&4:!7-2#!+*55/2!0/1!2#$!_55&)&(#-&3![$.-/3&)!B/11-++-/3A!_34$7![*1C&(#!-+!&!4/(2/&)!(&34-4&2$!-3!2#$!P$5&21$32!/0!B-2<!&34![$.-/3&)!;)&33-3.!&2!B/3$))!L3-=$+-2<A!!! 1
  •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`-3&))<:!+/1$!$(/11$34&2-/3+!0/!5/)-(<!&34!5)&33-3.!&$!/00$$4A!!9./29C@/-+5,!,"B!+$=$+!B#$1*3.:!,(#*<)$:!&34!,2$*C$3!B/*32-$+:!-3!2#$!,/*2#$3!"-$!$.-/3!/0!*5+2&2$!6$7!8/9A!"#$!$.-/3!$3(/15&++$+!M:ZJZ!+Q*&$!1-)$+!&34!#&+!C/2#!*C&3!&34!*&)!(/11*3-2-$+A!^2!-+!#/1$!2/!+$=$&)!+1&))!(-2-$+!&34!2/73+:!-3()*4-3.!Y&2#:!B/3-3.:!N)1-&:!>&29-3+!a)$3I%/32/*!`&))+:!b/3$)):!&34!>&<)&34:!&+!7$))!&+!1/$!2#&3!M:UKK!0&1+!EL,P_!MKKcHA!!! !D+-$%/B39./29C%/-+5,25$%1/39./!/?E5%F2#"#/(62C&/"%+,-.5$)/G0"81%/"#/>A;"$#.5%5,HIBHIJKBB 2
  • 3. *"#"",>0/#.5>)!"#-+!$5/2!-+!C&+$4!/3!-30/1&2-/3!&34!4&2&!/C2&-3$4!0/1!2#$!0/))/7-3.!+/*($+!! ZA ;*C)-+#$4!$5/2+:!3$7+!&2-()$+:!&34!+2*4-$+!$)&2$4!2/!.&+!4-))-3.!-3!2#$! %&($))*+!,#&)$! MA P&2&!0/1!2#$!LA,A!B$3+*+:!2#$!_1$-(&3!B/11*3-2<!,*=$<:!B/*32<! Y*+-3$++!;&22$3+:!&34!/2#$!+/*($+!0/!-30/1&2-/3!$)$=&32!2/!.&+! 4-))-3.!&34!2/*-+1! UA a$/+5&2-&)!4&2&!0/1!2#$!6$7!8/9!,2&2$!a^,!B)$&-3.#/*+$!&+!7$))!&+! &.$3(<!+/*($+! d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`-+2:!2#$!6/2#$3!"-$:!&34!;$33+<)=&3-&!.$3$&))<:!#&+!+$$3!7-4$+5$&4!.&+!4-))-3.!+-3($!MKKc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
  • 4. 2/!&++*1$!2#&2!4-))-3.!7-))!C$!7-4$+5$&4!-3!2#$!,"B!$.-/3:!$+5$(-&))<!-3!B#$1*3.!&34!,2$*C$3!(/*32-$+A!!! !D+-$%/J39./0"%1/&&$)2."&/D5%7"#+5,25$%1/39./=7/%+1",=))51+"#+5,5<4/#%5&/$7(/5&5-+)#)6&2*&)!.&+!4-))-3.!-+!($2&-3)<!3/2!3$7!2/!2#$!$.-/3A!_((/4-3.!2/!2#$!_33*&)![$5/2!/0!2#$!P-=-+-/3!/0!%-3$&)![$+/*($+!/0!2#$!6$7!8/9!,2&2$!P$5&21$32!/0!B/3+$=&2-/3:!B#$1*3.:!,(#*<)$:!&34!,2$*C$3!B/*32-$+!&$!&))!-3!2#$!2/5!ZK!.&+!5/4*(-3.!(/*32-$+!/0!6$7!8/9!,2&2$!E68!PNB!MKKeR!Y&2#!MKZKHA!_+!/0!MKKe:!,2$*C$3!B/*32<!#&4!fO!&(2-=$)<!5/4*(-3.!=$2-(&))<!4-))$4!.&+!7$))+:!7#-)$!B#$1*3.!B/*32<!#&4!dU!&34!,(#*<)$!B/*32<!ZeA!!!"#/*.#!#/-D/32&)!4-))-3.!&34!#<4/0&(2*-3.!&$!3/2!5$1-22$4!-3!6$7!8/9:!&!3*1C$!/0!(/3=$32-/3&):!=$2-(&)!.&+!7$))+!#&=$!C$$3!4-))$4!/!5$1-22$4!-3!2#$!6$7!8/9!5/2-/3+!/0!2#$!%&($))*+!0/1&2-/3A!_((/4-3.!2/!2#$!68PNB:!eK!5$1-2+!#&=$!C$$3!-++*$4!0/!=$2-(&)!.&+!4-))-3.!-3!2#$!%&($))*+!0/1&2-/3!-3!2#$!,"B!E&+!/0!`$C*&<!MKZZH:!MU!/0!7#-(#!&$!(*$32)<!5/4*(-3.!.&+AM!!!b/-D/32&)!4-))-3.!/0!2#$!%&($))*+!,#&)$:!#/7$=$:!-+!1*(#!4-00$$32!2#&3!2#$!.&+!4-))-3.!2&4-2-/3&))<!4/3$!-3!6$7!8/9!,2&2$!EX&(Q*$2!MKZZHA!Y$(&*+$!#/-D/32&)!.&+!M!`/!2#$!1/+2!*5I2/I4&2$!-30/1&2-/3!&=&-)&C)$!/3!7$))!5$1-2+:!7$))!5/4*(2-/3:!&34!=/)*1$+!/0!.&+!5/4*($4:!=-+-2!#225gg777A+2(5)&33-3.A/.g-34$TA&+5]5&.$^4hZJU!&34!#225gg777A4$(A3<A./=g(01Tg$T2&55+ga&+@-)g+$&(#g7$))+g-34$TA(01A! 4
  •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cIMKKe!! D+-$%/N34/%7+##/>?/&&)+,O%"><5%>C5$,#;P4=QJKKRSJKBKT25$%1/34=*:4PO%"><5%>C5$,#;"#$!5/)-0$&2-/3!/0!7$))+!-3!Y&40/4!B/*32<!1-/+!&!2$34!#&55$3-3.!-3!1*(#!/0!3/2#$&+2!&34!+/*2#7$+2!;$33+<)=&3-&:!&34!2/!&!)$++$!$T2$32:!1/+2!/0!2#$!+2&2$AU!!"#$!6$7!8/9!,2&2$!P$5&21$32!/0!N3=-/31$32&)!B/3+$=&2-/3W+!E68PNBH!P&02!,*55)$1$32&)!a$3$-(!N3=-/31$32&)!^15&(2!,2&2$1$32!E,a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a-=$3!2#$!,"B!$.-/3W+!)/(&2-/3!-3!2#$!U!Y&40/4!B/*32<!-+!&C/=$!/3$!/0!+$=$&)!F+7$$2!+5/2+G!-3!2#$!%&($))*+!0/1&2-/3!*34$!;$33+<)=&3-&:!7#$$!.&+!5/4*(2-/3!-+!5/3/*3($4A!`/!&3!&3-1&2$4!1&5!/0!%&($))*+!+#&)$!5$1-2+!-++*$4!-3!;$33+<)=&3-&!+2&2$7-4$:!+$$!#225gg777A1&($))*+A5+*A$4*g-1&.$+g7$))i&3-1&2-/3A.-0A! 5
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  • 8. "A5%6,157/S9%"M/&V95$%+)7JKKR =%/" 2."%/ 2."%/ *+%/1# 95#"& Q*+%/1#T Q95#"&T B#$1*3.! mMc:MJJ:KKK!! mdf:UMf:KKK! MAKV! UAdV! ,(#*<)$! mf:fUO:KKK! mZZ:MeJ:KKK! dAfV! cAOV! ,2$*C$3! mUM:eOJ:KKK! mJJ:OZM:KKK! ZAOV! UAMV! 29C@/-+5, mff:ceO:KKK! mZZU:JMU:KKK! MAZV! UAJV!9"A&/J3"A5%6,157/-/,/%"#/>A;#./#5$%+)7)/1#5%PJKKR25$%1/395$%+)7:15,57+1)QJKK[T!_((/4-3.!2/!2#$!6$7!8/9!P@j:!OU!-34-=-4*&)!0-1+!/5$&2$4!-3!2#$!"&=$)!&34!"/*-+1!+$(2/!-3!MKZKA!!"#-+!4/$+!3/2!-3()*4$!+/)$!5/5-$2/+#-5+:!7#-(#!1&<!-3($&+$!2#$!3*1C$!/0!0-1+!C<!&+!1*(#!&+!MKV!E+$$!68P@j!EMKZZH!&34!"/*-+1!N(/3/1-(+!MKKO:!5A!UfHA!!N15)/<1$32!3*1C$+!0/!2#$!2/*-+1!&34!2&=$)!-34*+2-$+!$T()*4$!7-3$!5/4*(2-/3!&34!=-3$<&4+:!C$(&*+$!2#$<!&$!2&4-2-/3&))<!-3()*4$4!-3!1$&+*$+!/0!2#$!0//4!5/($++-3.!+$(2/!/0!2#$!$(/3/1<A!>-3$!&34!7-3$!2/*-+1!-+!&3!$1$.-3.!-34*+2<!-3!2#$!,"B!$.-/3:!#/7$=$:!&34!$15)/<1$32!-3!2#$!-34*+2<!-+!)&.$)<!4-=$3!C<!2/*-+1!4/))&+A!_((/4-3.!2/!2#$!6$7!8/9!,2&2$!P$5&21$32!/0!j&C/:!Ze!0-1+!-3!2#$!,"B!$.-/3!7$$!()&++-0-$4!&+!F7-3$-$+G!-3!MKZK!&34!$15)/<$4!McJ!5$/5)$A!_3!&44-2-/3&)!e!0-1+!7$$!()&++-0-$4!&+!F.&5$!=-3$<&4+G!&34!$15)/<$4!fU!5$/5)$Ae!!!3+4*56(0/*!"/*-+1!-+!&)+/!&3!-15/2&32!+/*($!/0!$=$3*$!0/!+2&2$!&34!)/(&)!./=$31$32+R!-3!MKKe:!2/*-+1!-3!6$7!8/9!,2&2$!.$3$&2$4!1/$!2#&3!mc!C-))-/3!-3!+2&2$!&34!)/(&)!2&T!$=$3*$+!E"/*-+1!N(/3/1-(+!MKKOHA!^3!2#$!,"B!$.-/3:!2#$!2&=$)!&34!2/*-+1!+$(2/!.$3$&2$4!3$&)<!mZf!1-))-/3!-3!+2&2$!2&T$+!&34!mZJ!1-))-/3!-3!)/(&)!2&T$+:!0/!&!2/2&)!/0!&)1/+2!mUZ!1-))-/3!-3!2&T!$=$3*$A!"#-+!$Q*&2$+!2/!&!2&T!C$3$0-2!/0!mZ:ZeZ!5$!#/*+$#/)4!-3!2#$!$.-/3A!e!N+2-1&2-/3+!7$$!1&4$!*+-3.!4&2&!0/1!2#$!n*&2$)<!B$3+*+!/0!N15)/<1$32!&34!>&.$+!EnBN>H:!-3!2#$!fI4-.-2!(&2$./-$+!/0!>-3$-$+!EUZMZUKH!&34!a&5$!?-3$<&4+!EZZZUUMHA!! 8
  • 9. ! 9%"M/&V95$%+)73=&&6,>$)#%;(%5$8)JKKR =%/" @/-+5, 2#"#/9"]/) 51"&9"]/) 95#"& 2."%/ B#$1*3.! mJ:eKJ:eOd! mJ:JJM:OJK! mZZ:UJe:edd! UfAOV! ,(#*<)$! mZ:cfZ:MJe! mZ:fdM:KUK! mU:dKU:Mee! ZZAZV! ,2$*C$3! me:UMJ:JMd! mc:fOU:deO! mZf:KZO:KZU! JMAKV! 29C @/-+5, mZJ:eOM:fcf! mZd:eee:dfO! mUK:ceZ:ZdJ! ZKKV!9"A&/N32#"#/",>51"&9"]/)-/,/%"#/>A;#./#5$%+)7)/1#5%PJKKR25$%1/395$%+)7:15,57+1)QJKK[T!72/80//2%(**"#/*.#!2#$!2/*-+1!+$(2/!($&2$+!&!+-.3-0-(&32!3*1C$!/0!S/C+!-3!2#$!,"B!$.-/3:!-2!-+!)-9$)<!2#&2!2#$!=&)*$!/0!.&+!4-))-3.:!1$&+*$4!+-15)<!C<!S/C+!($&2$4!&34!7&.$+!.$3$&2$4:!7-))!$T($$4!2#$!=&)*$!/0!2/*-+1!-3!2#$!+#/2!2$1A!^2!-+!&)+/!)-9$)<!2#&2!1&3<!2/*-+1!$)&2$4!C*+-3$++$+:!-3()*4-3.!#/2$)+:!$+2&*&32+:!&34!+#/55-3.!=$3*$+:!7/*)4!C$3$0-2!0/1!2#$!-30)*T!/0!.&+!7/9$+A!"#$+$!/C+$=&2-/3+!(/1$!7-2#!27/!1&S/!(&=$&2+:!#/7$=$A!!!`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d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  • 13. .&+!-34*+2<!#&+!F(#/+$3!oB#$1*3.p!B/*32<!&+!&!#*C!/0!/5$&2-/3+G!EB#$1*3.!B/*32<!MKZZHA!"#$!2&T!C/*.#2!-3!&55/T-1&2$)<!mJfJ:KKK!-3!$=$3*$!-3!MKZK:!&34!-+!$T5$(2$4!2/!&-+$!mcKK:KKK!-3!MKZZAZd!!!a&+!(/15&3-$+!7#/!#/*+$!2#$-!7/9$+!-3!#/2$)+g1/2$)+!/02$3!C//9!2#$!//1+!-3!)/3.I2$1!C)/(9+!2/!2&9$!&4=&32&.$!/0!2#$!$T()*+-/3A!`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`/1!&!$)&2-=$)<!+#/2!4-+2&3($:!2#$<!+2&34!-3!+2&9!(/32&+2!2/!2#$!+*/*34-3.!$3=-/31$32A!P*-3.!2#$!4-))-3.!5#&+$:!2#$+$!-.+!/5$&2$!MdI#/*+!5$!4&<:!($&2-3.!&44-2-/3&)!3-.#2I2-1$!-15&(2+:!-3()*4-3.!-.!)-.#2-3.!&34!/5$3!0)&-3.:!7#-(#!1&<!4$.&4$!3-.#2I+9<!$+/*($+!E+$$!0-.*$!UHA!!!Zd!B)$&)<:!3/2!&))!.&+!7/9$+!+2&<-3.!-3!B#$1*3.!B/*32<!Q*&)-0<!0/!5$1&3$32!$+-4$3($!$T()*+-/3:!&+!2&T!$=$3*$+!(/32-3*$!2/!-+$A!>#$2#$!$=$3*$+!&$!9$$5-3.!5&($!7-2#!/((*5&3(<:!#/7$=$:!-+!&3!-15/2&32!Q*$+2-/3!&34!4-00-(*)2!2/!&3+7$!7-2#!2#$!4&2&!&=&-)&C)$A! 13
  • 14. !! !!D+-$%/N3*%+&&+,-%+-)+,^").+,-#5,C5$,#;P4=25$%1/3???G7"%1/&&$)S)."&/G$)!`/1!&!.$&2$!4-+2&3($:!#/7$=$:!4-))-3.!+-2$+!#&=$!)$++!/0!&3!/=$&))!-15&(2!2#&3!1-.#2!C$!0$&$4A!_!=-+*&)!-15&(2!&++$++1$32!/0!4-))-3.!-3!Y&40/4!B/*32<:!;_!-3!MKZK!0/*34!2#&2!&2!4-+2&3($+!/0!1/$!2#&3!KAJ!1-)$+:!-.+!C$(&1$!4-00-(*)2!2/!+$$!-3! 14
  • 15. 2#$!+*/*34-3.!)&34+(&5$!E+$$!_55$34-T!PHA!^3!0&(2:!/2#$!(/11/3!1&3*0&(2*$4!0$&2*$+!-3!2#$!)&34+(&5$:!)-9$!5/7$!)-3$+:!($))!5#/3$!2/7$+:!&34!7-341-))+:!(&3!C$!1/$!=-+*&))<!-15&(20*)!2#&3!4-))-3.!$Q*-51$32!EL5&4#<&<!&34!Y*:!MKZKHA!Y$</34!4-))-3.:!#/7$=$:!3&2*&)!.&+!2&3+5/2&2-/3!-30&+2*(2*$!&34!+2/&.$!0&(-)-2-$+!7-))!&)+/!#&=$!&!)/3.I2$1!=-+*&)!-15&(2A!`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dH!2#$!$00/2+!1&4$!C<!4-))-3.!(/15&3-$+!&2!2#$!+-2$!/0!4-))-3.!&(2-=-2-$+:!+2/&.$!0&(-)-2-$+:!(/15$++/!+2&2-/3+:!$2(A!,-2$+!2#&2!&$!=-+*&))<!(&1/*0)&.$4:!#-44$3!0/1!/&47&<+:!&34!Q*-(9)<!$+2/$4!7-))!#&=$!1*(#!)$++!/0!&3!-15&(2!2#&3!2#/+$!2#&2!&$!3/2!E+$$!`-34-3.+!&34![$(/11$34&2-/3+HA!9%$1F9%"<<+1!"*(9!2&00-(!1&<!C$!/3$!/0!2#$!1/+2!7/-+/1$!4-1$3+-/3+!/0!.&+!4-))-3.!0/!2/*-+1!-3!2#$!,"B!$.-/3A!_!2<5-(&)!7$))!-3!2#$!%&($))*+!,#&)$!$Q*-$+!JAf!1-))-/3!.&))/3+!/0!7&2$!4*-3.!2#$!4-))-3.!5/($++:!&)1/+2!&)7&<+!4$)-=$$4!C<!2*(9!E[&34&)):!MKZKHA!"*(9+!&$!&)+/!*+$4!2/!+#-5!)-Q*-4!&44-2-=$+!2/!2#$!7$))!&34!2/!#&*)!&7&<!0)/7C&(9!7&2$A!FY$(&*+$!/0!-2+!7$-.#2:!2#$!-15&(2!/0!7&2$!o/3!/&4+:!5#<+-(&))<p!#&*)$4!2/!/3$!+-2$!EUfd!2-5+H!-+!2#$!$Q*-=&)$32!/0!3$&)<!UAJ!1-))-/3!(&!2-5+G!E^C-4A:!5A!MHA!Zf!!ZJ!`/!&44-2-/3&)!5#/2/.&5#+!/0!=-+*&)!-15&(2+!/0!4-))-3.!-3!Y&40/4!B/*32<:!;_!&34!/2#$!)/(&2-/3+:!+$$!_55$34-T!PA!!Zf!"#$$!&$!3$7!2$(#3/)/.-$+!0/!$(<()-3.!0)/7C&(9!7&2$!/3I+-2$!4*-3.!2#$!4-))-3.!5#&+$!2#&2!1&<!#$)5!2/!$)-1-3&2$!&!5/2-/3!/0!2*(9!2&00-(!2/!&34!0/1!2#$!+-2$R!2#$+$!2$(#3/)/.-$+!&$!3/2!<$2!+2&34&4!-3!2#$!-34*+2<:!#/7$=$:!2#/*.#!2#$<!&$!C$(/1-3.!1/$!(/11/3!-3!2#$!3/2#$&+2A! 15
  • 16. "*(9!2&00-(!-+!&2!-2+!5$&9!4*-3.!2#$!4-))-3.!&34!#<4/I0&(2*-3.!/0!7$))+:!/5$&2-/3+!2#&2!(/32-3*$!MdI#/*+!5$!4&<!0/!*5!2/!MIU!7$$9+AZc!Y<!/3$!(/*32:!&!=$#-()$!&-=$4!/!4$5&2$4!&3!&(2-=$!4-))-3.!+-2$!-3!Y&40/4!B/*32<!61&*9:;*"2(0)/*EL5&4#<&<!&34!Y*!MKZKHA!_!6$7!8/9!,2&2$!N3$.<![$+$&(#!&34!P$=$)/51$32!_*2#/-2<!$5/2!$+2-1&2$+!2#&2!0/!&!+-3.)$!7$)):!C$27$$3!eOK!&34!ZUdK!ZeI7#$$)$!2*(9!2-5+!&$!3$($++&<:!-3!&44-2-/3!2/!+*55/2!=$#-()$+:!$Q*-51$32!2&3+5/2&2-/3:!&34!&*2/1/C-)$!2&00-(!E6"B!MKKOHA!!!@=$&)):!2*(9!&34!=$#-()$!2&00-(!-+!2#$!)$&+2!)/(&)-D$4!/0!4-))-3.+!-11$4-&2$!$00$(2+:!C$(&*+$!2#$!=$#-()$+!+#&$!2#$!+&1$!-30&+2*(2*$!&+!(-2-D$3+!&34!=-+-2/+A!b$&=<!2*(9!2&00-(!&++/(-&2$4!7-2#!4-))-3.!7-))!)-9$)<!#&=$!1*)2-5)$!3$.&2-=$!$00$(2+!/3!2#$!,"B!$.-/3:!&34!+-.3-0-(&32)<!4$.&4$!2#$!2/*-+1!=-+-2/!$T5$-$3($A!"#$+$!$00$(2+!7-))!-3()*4$!ZH!#$&=-$!/&4!2&00-(:!/3!#-.#7&<+:!+$(/34&<!/&4+:!&34!(-2<!+2$$2+R!MH!-3($&+$4!&-!5/))*2-/3R!UH!-3($&+$4!3/-+$!5/))*2-/3R!dH!-3($&+$4!2&00-(!&((-4$32+!&34!+&0$2<!-+9+R!&34!JH!4&1&.$!2/!/&4+:!$+5$(-&))<!+$(/34&<!/&4+!E+$$![&34&))!MKZKHA!!! !D+-$%/H36,1%/")/>#%"<<+115,-/)#+5,+,O%"><5%>C5$,#;P4=>$/#50"%1/&&$)>%+&&+,-G25$%1/325$%1/3???G7"%1/&&$)S)."&/G$)Zc!"#-+!-+!0/!&!+-3.)$!7$))R!7#-)$!1*)2-5)$!7$))+!1-.#2!C$!4-))$4!5$!7$))!5&4:!/3)<!&!+-3.)$!7$))!-+!4-))$4!&34!0&(9$4!&2!&!2-1$A!! 16
  • 17. D+-$%/_3O/<5%/",>"<#/%8.5#5)5<2@NKJK+,O%"><5%>C5$,#;P4=P>$/#5./"M;#%$1F#%"<<+1>$%+,-#./>;,"7+1)8%+,-#."?G25$%1/34=*`9Ga$,#+,-PD+).+,-",>`$#>55%@/1%/"#+5,!b*32-3.:!0-+#-3.:!&34!/2#$!/*24//!$($&2-/3!(/32-C*2$+!1/$!2#&3!mf!C-))-/3!2/!2#$!6$7!8/9!$(/3/1<!&33*&))<:!&34!&$!-15/2&32!(/15/3$32+!/0!2#$!2/*-+1!$(/3/1<!-3!2#$!,"B!$.-/3A!@*24//!$($&2-/3!&34!+5/2-3.!&1$3-2-$+!&$!&)+/!=&)*&C)$!&++$2+!0/!,"B!$+-4$32+:!-15/=-3.!2#$!Q*&)-2<!/0!)-0$!0/!0&1-)-$+!&34!(/11*3-2-$+AZe!>-2#/*2!5/5$!5)&33-3.:!7-4$+5$&4!4-))-3.!-3!2#$!%&($))*+!,#&)$!7-))!)-9$)<!#&=$!3*1$/*+!3$.&2-=$!-15&(2+!/3!7&2$7&<+:!0/$+2+!&34!/5$3!+5&($:!&34!&+!&!$+*)2:!/3!#*32-3.:!0-+#-3.!&34!/2#$!/*24//!&(2-=-2-$+:!&+!7$))!&+!/3!2#$!C*+-3$++$+!2#&2!+*55/2!2#$1A!!!a&+!4-))-3.!-32/4*($+!+-.3-0-(&32!#*1&3!&(2-=-2<!2/!*&)!)&34:!0/1!3$7!/&4+!&34!2*(9!2&00-(!2/!3/-+$!&34!5/))*2-/3A!_+!&!$+*)2:!3&2-=$!#&C-2&2+!&34!$(/+<+2$1+!1&<!C$!4-+2*C$4:!5/++-C)<!0/!<$&+!&02$!2#$!$34!/0!4-))-3.!&(2-=-2-$+A!^3!,*C)$22$!B/*32<!></1-3.:!0/!$T&15)$:!4-))-3.!&(2-=-2<!-3!2#$!X/3&#!`-$)4!&34!2#$!;-3$4&)$!_32-()-3$!#&+!4-+*52$4!2#$!1-.&2/<!5&22$3+!/0!&32$)/5$:!1*)$!4$$!&34!/2#$!-34-.$3/*+!+5$(-$+:!7-2#!#$4+!4/73!&+!1*(#!&+!JKV!-3!2#$!5&+2!4$(&4$!E_)C$2!MKZZHA!_+!&!$+*)2:!3/3I$+-4$32!)-($3+$+!0/!1*)$!4$$!#&=$!0&))$3!0/1!Z:dKK!2/!eKKA!a&<!_1$-3$:!/73$!/0!a$<+![-=$!"/5#-$+!-3!P&3-$):!></1-3.:!+&<+!2#&2!3/3I$+-4$32!#*32$+!&$!./-3.!/2#$!5)&($+:!C$(&*+$!/0!2#$!4-1-3-+#$4!/55/2*3-2-$+A!,5/2+1$3!0/![$+5/3+-C)$!N3$.<!P$=$)/51$32!4/(*1$32!+-1-)&!+2/-$+!0/1!&(/++!2#$!7$+2$3!+2&2$+:!7#$$!3&2*&)!.&+!4$=$)/51$32!#&+!C$$3!-3!0*))!+7-3.!0/!()/+$!2/!&!4$(&4$!E,[NP!MKKOHA!!!Ze!`/!&!1&5!/0!+2&2$!5&9+:!#-+2/-(!+-2$+:!7&2$7&<+:!&34!/2#$!/*24//!&34!$($&2-/3!0&(-)-2-$+:!+$$!_55$34-T!BA! 17
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  •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`*@-?!B"CDCEF!J0.3*60&I"$10*@&<*"=="$%&"$&+,0&>)*60==3.&?,)=0F!!!0-+2)$$!>2%7)+*%34!0--?)+3%7)!Y^3)2*%-2!B00YE!B"CCaEF!K,0*0&".&+,0&>)*60==3.&?,)=0&I0"$%&<0#0=901L!X2$%2)!3!@33?LMM88)F8-+2)$$F)/1MY2)+(40$%&3)0@2()M31+$9*Q)7MQ-81&)23*M6Q:*MI@)+)b"C%*b"C3@)b"CA+8)$$1*b"C<@$)b"CG)%2(b"C/)7)$-?)/F?/,F!!Y2()$/)+5!K)++4!B"CCa5!#1(1*3EF![A+8)$$1*!"CCUL!=)?-+3!8+/!-2!3@)!G+)`-13!4)+!,-+!(*!?+-/183%-2!%2!3@)!#??$8@%2!.*%2F]!I)."$&M"=&N&;).F!!!9%$$%$2/5!Q-2$/!B"CDDEF!9*!/+%$$%2(!%2!6)22*4$72%!*33)!?+`*!/+N*!,%+)F!O,0&P)+*"+&Q0/.F!X2$%2)!3!@33?LMMNNNF?)22$%7)F8-&M&%/*33)M%2/)^F**,M"CDDMC"M(*_/+%$$%2(_%2_?)22*4$72%_*F@3&$F!!c)/N3)+*!Y8-2-&%8*!B"CCaEF!R.."=&R30=&(S+*)6+"$&).&)&C3$+E&(6$7"6&<0#0=970$+&?+*)+0%E@&4*0&($0*%ET:63."$%&C3$+"0.&I0$0:"+"$%L!X2$%2)!3!@33?LMM@)/N3)+*)8-2-&%8*F-+(M?1G*M)2)+(4Mc)/N3)+*Y8-2-&%8*_Y2)+(4:-81*%2(F?/,!!Pc<!9$-G$!P2*%(@3!B<)?3)&G)+!"CCaEF!O,0&C$+*"53+"$.&:&+,0&Q)+3*)=&;).&8$13.+*E&+&+,0&-D?D&Q)+"$)=&)$1&?+)+0&(6$7"0.F!#7%$G$)!-2$%2)!3!@33?LMMG%3F$4MGGad3#F!!!H8e1)35!H),,+)4!B"CCWEF!?35=0++0&C3$+E&U3."$%&J09*+@&?06$1&U70.&)$1&+,0&;).&I7&V&?399=EW&<07)$1W&)$1&P*"60.F!!! 33
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  • 35. !)N!i-+`!<33)!Q)?+3&)23!-,!fG-+!B"CDCEF!Q0/&Y*X&?+)+0A.&O*)#0=&N&O3*".7&?06+*W&5E&C3$+E&)$1&8$13.+*E&;*39&FGG[TFGGD!!!)N!i-+`!<33)!Q)?+3&)23!-,!K^3%-2!2/!:%228)!B2/EF!4&;3"10&+&?)=0.&O)S&:*&U+0=&)$1&>+0=&M90*)+*.D&X2$%2)!3!@33?LMMNNNF3^F24F(-7M?/,M?1G$%83%-2*M*$)*M?1GUZU_TCUF?/,F!!K0!0-2*1$323*!B"CCaEF!879)6+.&$&C773$"+E&C,)*)6+0*&:&U*"]$+)=&<*"=="$%&)$1&U"%,&Z=370&UE1*)3="6&R*)6+3*"$%&"$&>)*60==3.&?,)=0&)$1&M+,0*&!/TP0*70)5"="+E&;).&J0.0*#"*.D&X2$%2)!3!@33?LMMNNNF24*)+/F-+(M?1G$%83%-2*MCTb"C0@?3)+b"CTb"CSb"CK0b"C"CCaSaSDWF?/,F!!=%@5!<1*2!2/!.+%2!9!=@&!B"CDCEF!R*)70/*X&:*&4..0.."$%&K)+0*&J0.3*60&879)6+.&:*7&?,)=0&;).&<*"=="$%D!X2$%2)!3!(+))28@-%8)*F8-+2)$$F)/1F!!!=1G%2`&5!A%8@)$!B"CDC5!-7)&G)+!DUEF![0@)*?)`)!127)%$*![&2!8&?]!%2!.+/,-+/!0-1234F]!O,0&?+)*&;)]0++0D!!<8@%$$%2()+5!0@+$)*!B"CDC5!<)?3)&G)+!DCEF![c-3)$!3^!)^)&?3%-2!8-28)+2*!$-8$!-,,%8%$*F]!K-N2/!Q%$4!=)7%)NF!!!<8@14$)+!0-1234!B"CDCEF!FGHG&C3$+E&:&?6,3E=0*W&Q0/&Y*X&4$$3)=&I31%0+F!!!<?-+3*&)2!,-+!=)*?-2*%G$)!Y2)+(4!Q)7)$-?&)23!B"CCaEF!c123%2(!2/!:%*@%2(!P&?)+%$)/F!X2$%2)!3!@33?LMMNNNF*?-+3*&)2Z+)*?-2*%G$))2)+(4F-+(M+)?-+3M%23+-/183%-2F@3&$F!!<3)1G)2!0-1234!B"CCUEF!?377)*E&:&I31%0+&R3$1.&:*&FGG^D!#7%$G$)!-2$%2)!3!@33?LMMNNNF*3)1G)28-24F-+(MG1/()3F@3&$F!!K-1+%*&!Y8-2-&%8*!B"CCaEF!O,0&(6$7"6&879)6+&:&O3*".7&"$&Q0/&Y*X&?+)+0@&R"$%0*&!)X0.&R63.D&&!>2%3)/!<33)*!Q)?+3&)23!-,!#(+%81$31+)!B><Q#EB"CChEF!0)2*1*!-,!#(+%81$31+)F!#7%$G$)!-2$%2)!3!@33?LMMNNNF(8)2*1*F1*/F(-7F!=)3+%)7)/!-2!-7)&G)+!"Z3@5!"CDCF!!!>?/@445!<+%3!=-*)!2/!A%2!.1!B"CDCEF!Z".3)=&879)6+.&:&Q)+3*)=&;).&<*"=="$%&"$&+,0&>)*60==3.&?,)=0&J0%"$F!! 35