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MBTHVBTEF

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QVTCUGPVKFCFGU
RTKXCFCU[CFOKPKUVTC
EKQPGURDNKECU%QP
GUVGOGTECFQNCDQTCN
INQDCN[ECODKCPVGUG
TGSWGTCQVTCHQTOCFG
CEVWCTWPUCNVQ
EWCNKVCVKXQEQPWPC
PWGXCHKNQUQHCHTGPVGCN
FGUGORNGQLWXGPKNSWG
GUUCPITCPVGGP
'URCC'NRCTQGTCGN
RTQDNGOC[NQU
FGUGORNGCFQUNC
UQNWEKP#UPCEKNC
RTKOGTCGZRGTKGPEKC
SWGTRKFCOGPVGUG
GZVGPFKRQTVQFCNC
IGQITCHCGURCQNC'P
UGRWUKGTQPGP
OCTEJCNCP\CFGTCU
GPFKUVKPVCUEKWFCFGU
ITCEKCUCN2TQITCOCFG
'ORNGCDKNKFCF,QXGPFG
NC(WPFCEKP6GNGHPK
EC6QFQU+PENWKFQU
7PCNCP\CFGTCGUWP
GSWKRQJGVGTQIPGQFG
RGTUQPCUFGUGORNGC
FCUEQPGURTKVW
FKPOKEQEQORTQOGVK
FQ[UQNKFCTKQSWG

EQQTFKPCFCURQTWPVEPKEQQOGPVQTTGHWGT\CP
UWUEQORGVGPEKCUIGPGTCPEQPQEKOKGPVQ
EQNGEVKXQUGJCEGPXKUKDNGU[EQNCDQTCPEQJGUKQ
PCFQURQTGNHKPEQOPWPGORNGQRCTCVQFQU
%CFCNCP\CFGTCNCHQTOCWPGSWKRQFG
RGTUQPCUFGJCUVCCQUSWGVTCDCLCPEKPEQ
OGUGUGPWPEQPLWPVQFGGZRGTKGPEKCUTGNCEKQPC
FCUEQPNCOGLQTCFGUWUQRQTVWPKFCFGURCTC
GPEQPVTCTGORNGQ
/QXKFQURQTWP
GURTKVWRCTVKEKRCVKXQ
UGQTICPK\CPEQOQUK
7PC.CP\CFGTC
HWGTCPWPCGORTGUC
FG'ORNGQGU
TGRCTVKGPFQUWUVCTGCU
GPFGRCTVCOGPVQU
GN
WPGURCEKQ
FGKPVGTOGFKCEKP
OWNVKRNKECFQT
WPCGPGTICSWG NCDQTCNEQOWPKECEKP
OCTMGVKPIGVE 'N
UGCFCRVCCN
QDLGVKXQEQOPFGGUVC
UKINQ::+WPC
GORTGUCGUSWGECFC
WPQFGUWUOKGODTQU
JGTTCOKGPVC
RWGFCNQITCTGN
CNUGTXKEKQFG
GORNGQ[SWGCNCXG\
NQULXGPGU
RWGFCPFGUCTTQNNCT
EQORGVGPEKCUENCXGU
EQOQNCEQPHKCP\CGNVTCDCLQGPGSWKRQNC
EQOWPKECEKPQNCIGUVKPFGNVKGORQ&GUCTTQNNCP
EQORGVGPEKCUFKIKVCNGUCRTGPFGPCGPHTGPVCTUGC
WPCGPVTGXKUVCCRNCPKHKECTHQECNK\CTNCUQHGTVCU
UQPRTQVCIQPKUVCUFGUWRTQRKCGUVTCVGIKC
%QORCTVGUEQPQEKOKGPVQU[GZRGTKGPEKCUEQPWP
QDLGVKXQENCTQTGHQT\CTNCUEQORGVGPEKCU
CWOGPVCTNCGORNGCDKNKFCF[NCUQRQTVWPKFCFGUFG
GPEQPVTCTVTCDCLQ2CTCGNNQEWGPVCPEQPGNVTCDCLQ
FGNVEPKEQEQPSWKGPUGTGPGPXCTKQUFCUCNC
UGOCPCLWPVQCNCC[WFCFGGURGEKCNKUVCU
XQNWPVCTKQU[GORTGUCUFGFKXGTUQUUGEVQTGU
WPKFQUCNCKPVGTOGFKCEKPFGGPVKFCFGU[
#[WPVCOKGPVQUEQPGNOWPFQGORTGUCTKCN'UVCU
C[WFCULWPVQCNCEWNVWTCEQNCDQTCVKXCKPJGTGPVG
NQUTGURCNFCGPWPCDUSWGFCFGVTCDCLQOU
QTFGPCFCEQQTFKPCFC[GHKEC\'ORKG\CP
JCEKGPFQWPOCRGQFGNCUGORTGUCUNQECNGUUG
GUVWFKCPUWUPGEGUKFCFGU[UGNCUXKUKVCFKUGCP
GUVTCVGIKCU[UGCRQ[CPWPQUCQVTQU7PC
NCP\CFGTCCECDCEQPXGTVKFCGPWPGURCEKQ
OWNVKRNKECFQTKPVGTXGPEKPSWGIGPGTCEQPQEK
OKGPVQ[OQXKNK\CEKPGPGTICSWGUGCFCRVCCNQU
RGTHKNGUNCDQTCNGUFGNUKINQ::+7PCJGTTCOKGPVCFG
EQPQEKOKGPVQCNUGTXKEKQFGNQULXGPGU

70#)7#2#4#.#'/2.'#$+.+&#&

DCNCPEGRQUKVKXQVTCUGNGUVWFKQFG
NCP\CFGTCU[WPCPNKUKUEQORCTCFQEQP
LXGPGUFGECTCEVGTUVKECUUKOKNCTGUSWGPQJCP
RCUCFQRQTGNRTQITCOC.QURCTVKEKRCPVGU
OGLQTCPNCCEVKVWFNCOQVKXCEKP[NCGORNGCDK
NKFCFCUEQOQNCURQUKDKNKFCFGUFGKPUGTVCTUG
GPGNOGTECFQNCDQTCNUGIPGNKPHQTOG

/QOGPVQGPGNSWGNQULXGPGUUGTGRCTVGPNCU
VCTGCUSWGFGDGPTGCNK\CTFGPVTQFGNRTQ[GEVQ

.CP\CFGTCU
RVFSFQFSDVUFO
FOMBTPDJFEBE
ZFMFNQMFP

'NHQTVCNGEKOKGPVQFGNCUECRCEKFCFGUFGGUVQU
LXGPGU
JCUVCCQU JCSWGFCFQFGOQUVTC
FQOGLQTCPFQUWUQRQTVWPKFCFGUFGGORNGQC
VTCXUFGWPRTQEGUQFGVTCDCLQSWGRQVGPEKC
UWFGUCTTQNNQ[CWVQPQOCRTQHGUKQPCN'N
GUVWFKQSWGTCEQORTQDCTUKNCUNCP\CFGTCU
HCEKNKVCDCPNCKPUGTEKPNCDQTCNRQTEWGPVC
RTQRKCQCLGPCFGUWUEQORQPGPVGUQTKGPVCP
FQUWECTTGTC[RTQOQXKGPFQNCCFSWKUKEKP[
FGUCTTQNNQFGEQORGVGPEKCUENCXGU.CVCUCFG
KPUGTEKPNCDQTCNGUFGNEQPWPFG
KORCEVQPGVQCVTKDWKDNGCNCUNCP\CFGTCU'UVC
KPUGTEKPNCDQTCNlGUENCTCOGPVGOGLQT|EQP
EQPVTCVQULQTPCFCU[EQDGTVWTCUQEKCNOGLQTGU
SWGNCFGNITWRQFGEQORCTCEKP#FGOUNC
VCUCFG4GVQTPQ5QEKCNFGNC+PXGTUKPOWGUVTC
SWGRQTECFCGWTQSWGUGKPXKGTVGGPGN
RTQ[GEVQTGVQTPCP
GWTQUCNCUQEKGFCF
.CUNCP\CFGTCUUQP
.CU.CP\CFGTCU WPKPUVTWOGPVQ
GHGEVKXQSWGTGVTKDW[G
FG'ORNGQ
CNCUQEKGFCF
OGLQTCPNC

CEVKVWFNC
EQPHKCP\C[NCU
RQUKDKNKFCFGU
FGGPEQPVTCT
WPGORNGQ
UGIPGNKPHQTOG
FG4GFETGC
WPEKQPCPNCU.CP\CFGTCUFG'ORNGQ!5QP
WPCJGTTCOKGPVCVKNFGKPUGTEKPNCDQTCN
GPVTGNQULXGPGU!.CUEQPENWUKQPGUFGN
+PHQTOGFG'XCNWCEKPFG+ORCEVQUQEKCNFGN
2TQ[GEVQFGNCU.CP\CFGTCU'ORNGQCUNQ
CVGUVKIWCP'NGUVWFKQGPECTICFQRQTNC
(WPFCEKP6GNGHPKEC[NC(WPFCEKP5CPVC
/CTCNC4GCNCNCEQPUWNVQTC4GFFG4GEWTUQU
FG'XCNWCEKP[#RTGPFK\CLG4GFETGCRCTC
GXCNWCTEQPTKIQTUWKORCEVQUQEKCNQVQTICWP

'NGORNGQVKRQ
EQPUGIWKFQlUG
RWGFGFGUETKDKTEQOQ
WPGORNGQEQPWP
EQPVTCVQVGORQTCNFG
LQTPCFCEQORNGVCRQT
EWGPVCCLGPCGP
VQTPQCNQUOGUGU
FGFWTCEKPEQPWP
UCNCTKQPGVQFGWPQUOGU[EQP
EQDGTVWTCFGNCUGIWTKFCFUQEKCN|#GUVQ
FGDGOQUCCFKTSWGGUVCDCTGNCEKQPCFQEQPGN
SWGNGUIWUVCTCVGPGTGPOWEJQUECUQU'N
ITWRQFGGFCFFGCCQUGUGNSWGOGLQT
VCUCFGKPUGTEKPRTGUGPVCNHKPCNFGNRTQITC
OC
 'PEWCPVQCGUVWFKQUlNQU
WPKXGTUKVCTKQUUQPNQUSWGOGLQTVCUCFG
KPUGTEKPRTGUGPVCP
 CWPSWGGN
KORCEVQPGVQGUOC[QTGPVTGNQUSWGVKGPGP

70#)7#2#4#.#'/2.'#$+.+&#&

+05'4%+0.#$14#.
Insercin
laboral
Tasa de insercin laboral (%)
Contrataciones de ms de 2 meses
de duracin.

61,6 %

Objetivo inicial del


progama de LANZADERAS

Grupo
Lanzaderas
Tiene una tasa
de insercin
laboral nal de:

39,2% 40%

61,6 -1,5=

60,1 %
Inicial
%

1,5

GRUPO DE COMPARACIN
Grupo
comparacin

39,2%

GRUPO LANZADERAS
Grupo
Lanzaderas

60,1 %

20,9%

IMPACTO NETO
(signicativo
estadsticamente)

GUVWFKQUUGEWPFCTKQU
 |CUGIWTCGN
KPHQTOG
5KPFWFCGPVTGNQUGHGEVQUFGUVCECFQUGPEQP
VTCOQUNQUTGNCEKQPCFQUEQPNCOQVKXCEKP
EQPHKCP\C[CWVQGUVKOC[UCVKUHCEEKPIGPGTCN'N
VKGPGWPCCEVKVWFOURQUKVKXCSWGCPVGU
HTGPVGCNCRQUKDKNKFCFFGGPEQPVTCTWPGORNGQ'N
EQPUKFGTCSWGVKGPGOUQRQTVWPKFCFGU
TGCNGU[NCOC[QTCCHKTOCSWGJCEQPUGIWKFQ

FGHKPKTUWRTQ[GEVQRTQHGUKQPCNKFGPVKHKECPFQ
OKGFQU[FGUCTTQNNCPFQHQTVCNG\CU5GCNCP
VCODKPSWGJCPNQITCFQOUGPVTGXKUVCUFG
GORNGQFWTCPVGGNRTQEGUQ6KGPGPOUENCTQ
EOQXGPFGTUG[OC[QTUGIWTKFCFGUVTWEVWTCP
OGLQTGNEWTTEWNWO[EQORTGPFGPNCUPGEGUKFC
FGUFGNCUGORTGUCU.QULXGPGUOCPVKGPGPUW
RTGQEWRCEKPRQTNCUKVWCEKPGEQPOKECRGTQ
XGPOUCEEGUKDNGGNOGTECFQFGNUGEVQTRCTCGN
SWGUGUKGPVGPOURTGRCTCFQU

70#)7#2#4#.#'/2.'#$+.+&#&

+OIGPGUFGCNIWPQUFGNQURTQ[GEVQUFGNCUNCP\CFGTCUFGGORNGQSWGUGRWUKGTQPGPOCTEJCGP

.CU.CP\CFGTCU
DPNPFYQFSJFODJB
FOSJRVFDFEPSB
PCGZRGTKGPEKCRQUKVKXCSWGTGHWGT\CNC
EQPHKCP\C[FGUCTTQNNCEQPEGRVQU[RWPVQUFG
XKUVCPWGXQUFGECTCCWPCOC[QTGORNGCDKNKFCF
.QURCTVKEKRCPVGU[NQUVEPKEQUFGNCU.CP\CFGTCU
FG'ORNGQFGNC(WPFCEKP(WPFCEKP5CPVC
/CTCNC4GCN[NC(WPFCEKP6GNGHPKECEQKPEKFGP
l'UCNIQEQORNGVCOGPVGFKHGTGPVGFGNQSWGJCDC
JCUVCCJQTCNCDUSWGFCCEVKXCFGGORNGQGUNQ
SWGPQUFKHGTGPEKCFGRGTUQPCUSWGPQGUVPCSW
FGPVTQ|GZRNKEC#NGLCPFTQFGNC.CP\CFGTCFG
%CTVCIGPCl5GPQUQNXKFCSWKPGUUQOQUJCEKC
FPFGSWGTGOQUKT[GPNC.CP\CFGTCUGVTCDCLC

OWEJUKOQGUQ|GZRNKEC%CTQNKPCFGNC.CP\CFGTC
FG$CTEGNQPCl5Q[OUGHKEC\GPNCVQOCFG
FGEKUKQPGU|CCFG+XPFGNCFG*WGUEC
6QFQUNQURCTVKEKRCPVGUEQKPEKFGPGPFGUVCECT
SWGNCU.CP\CFGTCUJCPRWGUVQCUWFKURQUKEKP
WPCUGTKGFGJGTTCOKGPVCUVEPKECU[GUVTCVIKECU
OW[VKNGUl8CUEQPWPCCEVKVWFICPCFQTC|
CRWPVC$GCVTK\FGNC.CP\CFGTCFG<CTCIQ\C
l%QPNCUUGUKQPGUFGEQCEJKPIKPFKXKFWCNGUOGJG
KFQEGPVTCPFQGPNQUQDLGVKXQU|EWGPVC$GCFGNC
.CP\CFGTCFG2NCUGPEKCl5GVTCDCLCOWEJQGN
PGVYQTMKPIUKPQVKGPGUEQPVCEVQUPQGTGU
PCFKG|CNGIC$QTLCFGNC.CP\CFGTCFG5GIQXKC
'UVGRWPVQFGXKUVCNQEQORCTVGPVCODKPNQU
VEPKEQU[GZRGTVQUSWGCRQ[CPCNQULXGPGUGP
NCU.CP\CFGTCU[SWGNQEQPUKFGTCPEQOQWP
lRCUQOUCNN|[WPCGZRGTKGPEKC
lCDUQNWVCOGPVGTGVCFQTC|l%QOQGODCLCFQTC
FGNC(WPFCEKP6GNGHPKECOGUKGPVQOW[
QTIWNNQUCOGRCTGEGHCPVUVKEQVQFQGNRTQITCOC
SWGGUVPJCEKGPFQ|GZRNKEC6GTGUC2GTCNGU
ECORGQPCRCTCNORKECGURCQNC

1VTQU

QSPHSBNBTEFMB
'VOEBDJO5FMFGOJDB

70#)7#2#4#.#'/2.'#$+.+&#&

,14)'2#45

6QFQUKPENWKFQUGP.KP

.CWPKPGPVTGNCOC[QTTGF
UQEKCNRTQHGUKQPCN[NC(WPFCEKP
6GNGHPKECJCETGCFQWPC
EQOWPKFCFGPNCSWGNQULXGPGU
UQPCUGUQTCFQU[EQPGEVCPUWU
RGTHKNGUEQPNCUGORTGUCU

KPCOK\CT%QPGEVCT#UGUQTCT4GUQNXGTFWFCU
%QPXQECT.CHWGT\CFGNCTGFUQEKCN.KPMGF+P
UGWPKCN2TQITCOCFG'ORNGCDKNKFCF,QXGPFGNC
(WPFCEKP6GNGHPKECGP6QFQU+PENWKFQUGP
.KPMGF+PDWUECPFQCWOGPVCTNCXKUKDKNKFCFFG
CSWGNNCURGTUQPCULXGPGUSWGGUVPDWUECPFQ
VTCDCLQ7PRTQITCOCSWGSWKGTGC[WFCTCNQU
LXGPGUCGPEQPVTCTWPGORNGQWUCPFQNCU
QRQTVWPKFCFGUFGKPVGTPGV%QPGNQDLGVKXQFG
KPUGTVCTNQUGPGNOGTECFQNCDQTCNVKGPGPCUW
FKURQUKEKPGNGURCEKQETGCFQRQTNCHWPFCEKP
FGPVTQFGNCRTKOGTCRNCVCHQTOCRTQHGUKQPCNFGN
OWPFQ.C(WPFCEKP6GNGHPKECUGGPECTICFG

&

70#)7#2#4#.#'/2.'#$+.+&#&

MGF+P
FKPCOK\CTNCRIKPCFG
.KPMGF+PFGNRTQITCOC
RCTCKPHQTOCTCNCU
RGTUQPCUKPVGTGUCFCU
GPDWUECTGORNGQQC
GZRGTVQUSWGSWKGTCP
CRQTVCTUWUEQPQEKOKGP
VQURCTCGUVGQDLGVKXQ
EQOP.QUEQOOWPKV[
OCPCIGTFGN2TQITCOC
FG'ORNGCDKNKFCF,QXGP
C[WFCPCOGLQTCTNQU
RGTHKNGUFGNQULXGPGU[
NQUCUGUQTCPRGTUQPCN
OGPVGUQDTGNCOGLQT
OCPGTCFGGPEQPVTCT
GORNGQFGPVTQ[HWGTC
FGGUVCTGFUQEKCN
7PCEQOWPKFCF
RCTVKEKRCVKXC+PVGTEQ
PGEVCFC'PRGTOCPGP
VGTGNCEKPGPVTGNQU
GZRGTVQUFG6GNGHPKEC
[QVTQURTQHGUKQPCNGU
EQPNQULXGPGU7P
RWPVQFGGPEWGPVTQGP
GNSWGRQFTPGPEQPVTCT
EQPVGPKFQUUQDTG
GORNGCDKNKFCFEQPUGLQU
RTEVKEQURNFQTCU
KPHQTOCVKXCUPQVKEKCU
OVQFQURCTCOGLQTCTNCRTGUGPVCEKPFGNQU
EWTTEWNWOTGEQOGPFCEKQPGURCTCGPHTGPVCTUGC
WPCGPVTGXKUVCFGVTCDCLQKPHQTOGUGUVWFKQU[VQFC
NCKPHQTOCEKPUQDTGNCUCEVKXKFCFGUFGNQU
RTQITCOCUFG'ORNGCDKNKFCF,QXGP.CP\CFGTCUFG
'ORNGQ6JKPM$KI2TQITCOCUFG#[WFCUCN
'UVWFKQFGNC(QTOCEKP2TQHGUKQPCN2TEVKECUFG
#RTGPFK\CLGGPVTGOWEJCUQVTCU
.QUUGIWKFQTGUFGNCRIKPCUQPRCTVGCEVKXCFGN
RTQ[GEVQGZRQPKGPFQFWFCUQHQTOWNCPFQ
RTGIWPVCU[RGVKEKQPGUGPNCURWDNKECEKQPGUSWGUG
XCPCEVWCNK\CPFQ.CEQOOWPKV[OCPCIGTXC

EQPQEKGPFQNCUPGEGUKFCFGUFGNQURCTVKEKRCPVGU[
TGURQPFKGPFQCUWUFWFCUOGFKCPVGGUVGUKUVGOC
.QULXGPGURWGFGPQDVGPGTKPHQTOCEKPFGEOQ
RNCPKHKECTUWDUSWGFCFGGORNGQ[FGUCTTQNNCT[
RQPGTGPRTEVKECGHKEKGPVGOGPVGCSWGNNCU
EQORGVGPEKCUJCDKNKFCFGU[EQPQEKOKGPVQUSWG
HQOGPVCPNCGORNGCDKNKFCF.C(WPFCEKP6GNGHPK
ECJCEGFGKPVGTOGFKCEKPEQPNCUGORTGUCU
RTGUGPVGUGP.KPMGF+PRCTCSWGNQUTGURQPUCDNGU
FGTGEWTUQUJWOCPQUFGNCUOKUOCURCTVKEKRGP[
UGEQOWPKSWGPEQPNQUITWRQUKPUETKVQU.CKFGCGU
KPVGTCEEKQPCTEQPNQUWUWCTKQU[SWGEQPQ\ECPUWU
RGTHKNGU.CRIKPC
TGCNK\CCFGOU
.#/#;144'&
RWDNKEKFCFFGNCU
51%+#.&'
EQPXQECVQTKCU[
'/2.'1
CEVKXKFCFGURTGUGPEKC
.KPMGF+PNCOC[QTTGF
NGUGPFKUVKPVCU
RTQHGUKQPCNFGNOWPFQ
EKWFCFGUUQDTG
SWGKPVGTEQPGEVCC
UGUKQPGUFGPGVYQTMKPI
RTQHGUKQPCNGUFGVQFQGN
[QVTCUVGOVKECU
INQDQHQTOCRCTVGFGNCU
EQORGVGPEKCUFKIKVCNGU
DUKECUSWGOGLQTCPNC
GORNGCDKNKFCF)TCEKCUCN
RTQITCOC6QFQU+PENWKFQU
NQULXGPGURQFTP
FGUEWDTKTPWGXCU
QRQTVWPKFCFGUNCDQTCNGU
OCPVGPGTUGCNFCFGNCU
PQVKEKCUFGNCGORTGUC[
CWOGPVCTUWUEQPVCEVQU
RTQHGUKQPCNGU2CTC
RCTVKEKRCTUQNQGU
PGEGUCTKQETGCTWPRGTHKN
GPNCTGFUQEKCN[UGIWKTNC
RIKPCFG.KPMGF+PFGNC
(WPFCEKP6GNGHPKEC&G
GUVGOQFQHQTOCTRCTVG
FGWPCEQOWPKFCFCNCSWG
UGJCPWPKFQRTQHGUKQPCNGU
FGTGEWTUQUJWOCPQU
GORTGUCUGKPUVKVWEKQPGU[
RGTUQPCUEQPKPSWKGVWFGP
OGLQTCTNCGORNGCDKNKFCF

.CRCTVKEKRCEKPGU
HWPFCOGPVCNGPGUVG
RTQ[GEVQ[CSWGGUNC
DCUGFGWPCUGUQTC
OKGPVQRVKOQ5G
ETGCPITWRQUFG
FGDCVGRQTUGEVQTGU[
GURGEKCNK\CEKP.QU
LXGPGURWGFGP
EQORCTVKTCUUWU
KPSWKGVWFGU[
EQPQEKOKGPVQU'UVQU
ITWRQUUQPCUWXG\
OQFGTCFQURQT
RTQHGUKQPCNGUFG
TGEWTUQUJWOCPQU[
GZRGTVQUSWGVKGPGPNC
QRQTVWPKFCFFG
EQPQEGTNCUEQORG
VGPEKCUFGNQU
RCTVKEKRCPVGU[
CEQPUGLCTNGUUQDTG
UWUECRCEKFCFGU

70#)7#2#4#.#'/2.'#$+.+&#&

6JKPM$KI
'ORTGPFKOKGPVQUQEKCN#[WFCT
CNQULXGPGUCFGUCTTQNNCTUWU
KFGCUCSWGNNQURTQ[GEVQUSWG
RWGFCPVGPGTWPKORCEVQGPUW
EQOWPKFCF[GPVQTPQ[SWG
RTQRKEKGPWPOWPFQOGLQT

JKPM$KI2KGPUCGPITCPFG6WUKFGCURWGFGP
ECODKCTGNOWPFQ6WCRQTVCEKPOGLQTCTVW
EQOWPKFCF'TGUECRC\FGUGTWPRQFGTQUQOQVQT
FGECODKQUKETGGUGPVWURQUKDKNKFCFGU$CLQGUVC
HKNQUQHCFGGORTGPFKOKGPVQUQEKCNUGQTICPK\CWP
RTQ[GEVQFGNC(WPFCEKP6GNGHPKECFGPVTQFGNC
KPKEKCVKXCFGGORNGCDKNKFCFLQXGP6QFQU+PENWKFQU5G
NNGXCFGUCTTQNNCPFQFGUFGJCEGCQUGP'URCC
4GKPQ7PKFQ[#NGOCPKC[NQITCHQTOCTCLXGPGU
GWTQRGQUGPGNFGUCTTQNNQFGUWUJCDKNKFCFGUEQOQ
GORTGPFGFQTGUUQEKCNGUC[WFPFQNGUCNNGXCTC
ECDQWPRTQ[GEVQRCTCOGLQTCTUWEQOWPKFCFQUW
GPVQTPQ.QULXGPGUFGDGPKPUETKDKTUG[RTGUGPVCT
UWKFGC;CJCPEQPUGIWKFQRQPGTRTQ[GEVQU
GPOCTEJCFGKFGCURTGUGPVCFCU

&WTCPVGVQFQGNRTQEGUQGUVQULXGPGUUQP
CEQORCCFQURCTCSWGNCGZRGTKGPEKCUGC
GPTKSWGEGFQTC[HQTOCVKXCTGEKDKGPFQOGPVQTK\C
EKPCRQ[QHKPCPEKGTQGKPUVKVWEKQPCNRCTCFGUCTTQ
NNCTUWRTQ[GEVQ'NRTQITCOCHQTOCVKXQCRQ[CC
RGTUQPCUFGGPVTG[CQUEQPKFGCUUQEKCNGU
SWGJCPRTGUGPVCFQUWRTQ[GEVQGPNCYGD
YYYVJKPMDKILQXGPGUEQO'NEQORTQOKUQFGNC
(WPFCEKP6GNGHPKECGUSWGGUVQUGORTGPFGFQTGU
CRTGPFCPOGFKCPVGVCNNGTGURTGUGPEKCNGU[QPNKPG
FGUCTTQNNGPNCUJCDKNKFCFGUSWGNQUC[WFCTPGPUW
HWVWTQRTQHGUKQPCN[RGTUQPCNEQPVCPFQEQPWP

GSWKRQFGGZRGTVQURCTCCUGUQTCTNGU[FCTNGUCRQ[Q
GPVQFQOQOGPVQ.CKFGCFGNLQXGPEQPVCTEQP
GWTQURCTCKPKEKCTUGGPGNPKXGN
WPCXG\
UGNGEEKQPCFQU FWTCPVGNQUUGKURTKOGTQUOGUGU5K
GNRTQ[GEVQRCUCCNUGIWPFQPKXGNFWTCPVGUGKU
OGUGUOUTGEKDKTCRQ[QRCTCEQPXGTVKTUWKFGCGP
WPRTQ[GEVQUQUVGPKDNGEQPOUHQTOCEKPWPRQQN
FGOGPVQTGUGURGEHKEQRCTCGUGQDLGVKXQ[WPC
C[WFCGEQPOKECFGJCUVCGWTQU
.CKFGCFGNLQXGPUKIWGUKGPFQUW[C/UFG
GORNGCFQUFGNCEQORCC[CJCPRCTVKEKRCFQ
GP6JKPM$KIEQOQOGPVQTGU[EWGPVCPEQPGN
TGURCNFQFGQTICPK\CEKQPGUEQNCDQTCFQTCU
RTKPEKRCNOGPVGFGNODKVQUQEKCN&GGUVGOQFQ
DWUECPSWGGNLQXGPOGLQTGUWUEQORGVGPEKCUFG
GORNGQ[CWVQGORNGQ
[CSWGITCEKCUCGUVG
#21;1;)4#0
CRTGPFK\CLGXCP
&+(75+0
FGUCTTQNNCPFQUWU
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RWGFGEQPXGTVKTNCGPWP
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SWGCUWXG\VGPICWP
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KORCEVQUQEKCN%CFC
QTICPK\CEKQPGURDNKECU
CQUGUGNGEEKQPCP
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RCTCPKQUEQPRTQDNGOCU
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SWGNGUFWPCQRQTVWPKFCF

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JCDNCOQUFGNQURTQHGUKQPCNGUFKIKVCNGU.C
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104#+.5EQPQEGTWPQFGNQUNGPIWCLGUFG
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NGPIWCLGUFGRTQITCOCEKPOURQVGPVGURCTCUKVKQU

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EQTTGIKTNCRKUCFCRCTCPQFCTRCUQUGPHCNUQEWPCU
RCTCDGDUSWGCXKUCPFGNNNCPVQGPVQVCNUG
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CEVKXCFGOWLGTGUEQPGNQDLGVKXQFGKORWNUCT
ECTTGTCU[EQPQEKOKGPVQUGPGUVCUFKUEKRNKPCUGP
NCUSWGVCPVQRWGFGPCRQTVCT/GFKCPVGWPRTQEGUQ
OQVKXCFQTNC(WPFCEKP6GNGHPKECTQORGGUVC
DTGEJCFGWPOQFQRTEVKEQ[GORTKEQ.QU
RCTVKEKRCPVGUNWGIQRCUCPCHQTOCTRCTVGFGWPC
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NCDQTCN7PCFKHKEWNVCFCNCSWGUGGPHTGPVCP
PWGUVTQULXGPGUCFKCTKQNCGUECUCQHGTVCFG
VTCDCLQNCVGEPKHKECEKPFGNOGTECFQNCDQTCNNCU
FKHKEWNVCFGURCTCCEEGFGTCNOGTECFQNCDQTCN
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CLXGPGUOGPQTGUFGCQUGPFGUGO
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KPHQTOVKEC
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CRWGUVCRQTNC
EQOWPKECEKP
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EKPGPGNCWNCSWGGU
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FGKPUVCNCEKQPGUFGHKDTC
RTEVKECUGTGCNK\CP
RVKECGP'URCC7P
RTEVKECUGPNCU
UGEVQTGPETGEKOKGPVQ
GORTGUCUSWGGPNC
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CEVWCNKFCFUGTPFG
RTQHGUKQPCNGU
JQTCU&WTCPVG
4GRTGUGPVCWPC
GUVGRGTQFQFG
QRQTVWPKFCFRCTC
RTEVKECUGNCNWOPQ
HQTOCTUG[TGCNK\CTNCU
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GEQPOKECRCTCNQU
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ICUVQUSWGNGUWRQPG
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HQTOCVKXQUFGNC
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RGTUQPCUEQPGUECUQUTGEWTUQUEQPGNQDLGVKXQFG
CWOGPVCTUWUQRQTVWPKFCFGUFGGORNGCDKNKFCFG
KPUGTEKPNCDQTCN

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2CU8CUEQUGJCPXKUVQDGPGHKEKCFQURQTGUVCU
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UCNKFCURTQHGUKQPCNGUGPGNOGTECFQNCDQTCN#UVWTKCU

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8CUEQGPVTGQVTCUEQOWPKFCFGUEWGPVCPEQPGUVC
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NQUICUVQUTGCNGUFGNQUCNWOPQUEQPOC[QTGU
FKHKEWNVCFGUFGCEEGUQCNCHQTOCEKPEQPWPC
FQVCEKPXKPEWNCFCCUWUPGEGUKFCFGURGTUQPCNGU
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EQPEGRVQUDUKEQURCTCGNEQTTGEVQFGUCTTQNNQFG
UWUGUVWFKQUEWQVCUTGINCFCUFGHQTOCEKP
VTCPURQTVGJGTTCOKGPVCUQDNKICVQTKCURCTCNQU
VCNNGTGUOCVGTKCNGUEQNCTNKDTQUFGVGZVQEQUVGUFG
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SWGUGGPEWGPVTGPGUVWFKCPFQ(QTOCEKP2TQHGUKQ
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2TEVKECUGPGORTGUCU
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CEQOGORNGCDKNKFCFRTC
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