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5 min read The Dime

The Dime💰- The Jalen Brunson Effect

"I just want to win" - Jalen Brunson

The Dime💰- The Jalen Brunson Effect

In the summer of 2024, Jalen Brunson signed a four-year, $156.5 million extension with the Knicksķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ „‡ķ †€ķ ‡‘ķ ……ķ ‡­ķ „Ąķ …Ģķ …“ķ „“ķ †„ķ …¯ķ ‡Ĩķ „™ī¸Œī¸‹ķ †›ķ „Ŋķ …•ķ †ķ …Ģķ ‡¤ķ „Žķ „ļķ †—ķ †ˇķ …”ķ ‡Žķ …¸ķ …°ķ †—ķ †œķ †Ŋķ †Ĩķ „ķ …€ķ …Ÿķ …‹ķ †¯ķ „Ē. On the surface that sounds like a lot of moneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¨ī¸†ķ …Ŧķ ‡ķ „Žķ …˜ķ …“ķ ‡šķ …Ŋķ †™ķ „Œķ …‘ķ ‡€ķ „­ķ †ĩķ …ķ … ķ †‹ķ ‡žķ ‡Ĩķ † ķ …ķ …Ēķ „ķ †Šī¸ķ … ķ †Œķ †ĩķ „“ķ „Ŋķ ‡ ķ †Žķ ‡“ķ †ĸķ ‡Šķ …­ķ „…ķ ‡šķ †. And it isķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Œķ †Ēķ „ąķ …ļķ …—ī¸ķ …ŋķ ……ķ „Šķ …ķ †Ēķ „†ķ ‡Šķ ‡œķ †Žķ „Šķ „šķ „Ŧķ †Ÿķ …ˆķ ‡žķ †¨ķ „ˆķ …€ķ „Šķ … ķ …ƒķ ‡Ļķ …ķ …¨ī¸Šķ „§ķ †Ŋķ ‡†ī¸„ķ ‡†ķ „Šķ …„ķ †ķ †ļ. But context matters hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‘ķ †Ģķ „¸ķ „Ļķ ‡ķ …ˇķ †˛ī¸Žķ †´ķ ††ķ …žķ †°ķ „ąķ „ĸķ †­ķ ‡Ļķ ‡œķ ‡Ŧķ „Ŧķ ‡ķ †„ķ …ķ …°ķ ‡„ķ †›ķ …ļķ „”ķ †Ÿķ …Ÿķ …žī¸ķ „ˆķ „Šķ †ŧķ „¨ķ ‡—ķ ‡Žķ „­ķ ‡•ī¸Š. He was eligible for a five-year, $269 million max deal the following offseasonķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‹ķ …ąķ „ƒķ „°ķ …žķ …Ŧī¸‰ķ ‡†ķ „Ŧķ „¨ī¸ķ „ķ †ŧķ ‡Ŧķ †–ķ ‡œķ ‡žķ ……ķ ‡Ŗķ …­ī¸‹ķ …‰ķ †¯ķ †Ŗķ †˛ķ †Šķ †ķ ‡§ķ ‡ķ †žķ …‡ķ …¯ķ …Ŗķ „Œķ …”ķ „‘ķ †¯ķ ‡œķ †Ŧķ ‡Ž. He walked away from itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ „¸ķ †ķ …ŗķ †¨ķ †—ķ †ēķ ††ķ ‡Šķ „’ķ †‚ķ †Ĩķ …ķ †™ķ …ŧī¸‚ķ †ķ †Ąķ †ˆķ „’ķ †Œķ „ŧķ „„ķ …ĸķ …‚ķ …¯ķ …ēķ …ēķ ‡˜ī¸…ķ „Žķ „ģķ †Ļķ ‡•ķ ‡§ķ †”ķ …“ķ †¤ķ ‡¨ķ ‡. Voluntarilyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ …”ķ ‡‚ķ „…ķ „­ķ …­ķ …ģķ …›ķ †šķ ‡žķ ‡Ÿķ „™ķ †¯ķ …ķ ‡Šķ …ļķ ‡Ēķ †šķ „ķ †šķ …Ÿķ „œķ …Œķ †šķ …ķ †ƒī¸ķ …¯ķ …˛ķ ‡œķ …Ŋī¸Šķ „Žķ „ƒķ „´ķ †ķ „žķ „šķ …Šķ ‡–. That is a $113 million headline gap, or roughly $37 million in real near-term dollars when you account for the fourth-year player option he keptķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ …‡ķ ‡”ķ …„ķ ‡Ÿķ …°ķ …ķ ‡”ķ …‚ķ …šī¸‰ķ …Ŋķ †„ķ ‡•ķ †Ĩķ …Žī¸ˆķ „’ķ …Ÿķ …Ļī¸‰ķ …§ķ †ĩķ „•ķ †¸ķ „´ķ ‡Ÿķ „‰ķ ‡Ąķ „™ķ „Ēķ †Šī¸€ķ …€ķ …ķ †Šķ „†ķ †Ĩī¸†ķ …’. Either way you cut it, no NBA star does this.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˜ķ †ķ …Œķ ‡“ķ …¸ķ „„ķ „ ķ …ˇķ †ˇķ ‡„ķ ‡Ŗķ †‹ķ „ķ …­ķ †Ĩķ †¨ķ ‡Ąķ „Ēķ †›ķ …Ÿķ …™ī¸‚ķ „•ķ …§ķ †—ķ †Œķ „ķ †Žķ ‡šķ †ģķ ‡¨ķ †šķ ‡™ķ „…ķ …ļķ „ēķ …Žķ …•ķ „•ķ …ģThe reason he gaveķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ …•ķ …–ķ …‡ķ †‹ķ …­ķ …‡ķ †Ēķ …†ķ … ķ …ŋķ ‡™ī¸‚ķ †ĸķ ‡‘ķ †Ĩķ „ˆķ „–ķ ‡¤ķ „Žķ ……ķ …šķ „Ąķ ‡Ŗķ †Šķ ‡Žķ …„ķ †§ķ ‡Œķ „’ķ …Ŋķ †šķ …ĸķ †ģķ ‡ķ ‡Žķ „ąķ …ķ „¸ķ †“? He wanted to winķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ģī¸‚ķ †´ķ ‡œķ „Ŧķ ‡‚ķ †ķ †‚ķ „°ķ „šķ …‰ķ „šķ ‡¨ķ ‡’ķ …Šķ ‡Ÿķ †‚ķ „ķ ‡ķ „Ļķ †Œķ „žķ †–ķ ‡Ąķ ‡Œķ „´ķ †ķ …Ĩķ „Ļķ ‡…ķ …ˆķ …¤ķ „ƒķ †Šķ †ēķ ‡ƒķ „•ķ …ķ ‡ķ „Œ. And he was honest about the psychology of it tooķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‡ķ „ļķ …ļķ …Ēī¸ˆķ †Žķ …šķ ‡Žķ …Ÿķ „ķ „šķ †Šķ „›ķ …ŗķ …ļķ †Ĩķ †”ķ „Ļķ „ķ †¤ķ „‘ķ †Ÿķ †´ķ „…ķ …ŋķ ‡Ÿķ †Ĩķ ‡†ķ „ĩķ ‡Ģķ ‡ķ †žķ †›ķ „Ēķ †¤ķ †šķ …Ĩķ …‹ķ „ŧķ †Ŧ. Playing without a contract hanging over his head freed him up mentallyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡šķ †¤ķ ‡Ąķ …Ŧķ †´ķ …œķ „Šķ …Œķ ‡†ķ †Œķ ‡’ķ †¸ķ ‡Ēķ …˜ī¸ķ †Œķ …Ÿķ …¸ķ „ƒķ …ąķ „ķ „Ēķ „ ķ ‡‘ķ †•ķ †šķ ‡›ī¸ķ †Ģķ ‡”ķ †§ķ ‡Ģķ …Šķ „™ķ …¸ķ …˛ķ …§ķ †¸ķ †‰ķ „Ē. No pressure to perform for a paycheckķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †Ģī¸Šķ …Ŗķ †ƒķ …Ŗķ „Ģķ ‡ķ „ˇķ …™ķ „°ķ „’ķ …Œķ †˜ķ …ĸķ ‡‡ķ ‡Ļķ „˜ķ ‡—ķ „ŗķ „•ķ …–ķ „ˆķ „ķ †Žī¸Žķ †‹ķ „¤ķ ‡Šķ †ĸķ „Ļī¸…ī¸Œķ ‡‚ķ †ķ …žī¸‰ķ ‡ī¸ķ †¤. Just basketballķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‰ķ ……ķ …Ļķ †ģķ …—ī¸‹ķ …ķ †˜ķ …•ķ …Šķ „Žķ ‡‹ķ †˜ķ …ķ †šķ ‡‹ķ †€ķ ‡Žķ …‡ķ ‡Ēķ „šķ …Ŗķ †žķ …ķ „¯ķ ……ķ „’ķ †Œķ „Žķ ‡‘ķ ‡•ķ …ķ …Ŗķ ‡¨ķ „“ķ †ˇķ †„ķ †ī¸…ķ …€. That mindset showed up in his game and it showed up in the Knicks' resultsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ …ˆķ „‘ķ „­ķ †‚ķ †”ī¸ˆķ ‡Ļķ †ŋķ „Ŋķ „ŧķ …žķ ‡Žķ …Ļķ „ēķ †šķ …Šķ ‡­ķ ‡¤ķ ‡¯ķ …ƒķ …ĸķ „‘ķ „œķ „¤ķ …Ģķ …—ķ ‡ķ …‹ķ „Šķ †Ĩķ ‡Ĩķ „€ķ …™ķ „˛ķ „­ķ „‘ķ †¤ķ ‡›ķ †‰. Here's this week's edition of The Dime💰, the Jalen Brunson Effect.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‹ķ „ˆķ †§ī¸€ķ †Ÿķ …”ķ …„ķ ‡Žķ †ķ †ģķ „ļķ …šķ ‡™ķ †ļķ †Ŋķ „—ķ †•ķ …­ī¸†ī¸†ķ ‡—ķ †ēķ „Šķ †ķ †–ķ …ķ …šī¸†ķ „†ķ …ŋķ †Ŗķ †Ŋķ †ēķ …‚ķ „ŗķ …ģķ †Ĩķ †¸ķ „˜ķ …ŖWHAT IT UNLOCKED

Here is where the business side gets interestingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ „Ēķ †“ķ †žķ …Ēķ ‡¤ķ …ļķ †ąķ †€ķ …§ķ †—ķ †€ķ †ĩķ „•ķ ‡Œķ †’ķ …„ķ †—ķ ‡§ķ …Ŗķ „†ķ ‡‹ķ †–ķ †­ķ …Ļķ ‡Ēķ …žķ ‡ķ ‡‚ķ ‡Ŧķ †ŋķ †¤ķ „§ķ ‡žķ „Žķ …Ĩķ „šķ ‡šķ †˜ķ ‡–. Brunson's deal kept his cap hit below 23% of the salary cap for the life of the contractķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‚ķ „ķ …Ŧķ ‡€ķ †šķ †Ÿķ „–ķ …šķ …ķ …ĩķ …ˆķ †€ķ …ĸķ ‡”ķ „“ķ …Ÿķ …ąķ †¤ķ ‡¨ķ ‡†ķ …´ķ …¯ķ ‡šķ „ŋķ …ˆķ „‚ī¸‡ķ … ķ …‰ķ …žķ „¤ķ „„ķ „´ķ „Ģķ †Šķ ‡€ķ ‡„ķ ‡“ķ „žķ …ž. That one decision created the structural room for everything else the Knicks built around him.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ †‰ī¸‚ķ „„ķ …Ŗķ †ķ …ŗī¸†ķ ‡“ķ „ģķ ‡žķ †‘ķ †Šī¸„ī¸ķ †‰ķ †ĩķ „€ķ …ēķ †ŋķ ‡§ķ ‡”ķ †ĸī¸ī¸ķ ……ī¸ķ ‡Œķ „ŋķ †Žķ „¨ķ †˜ķ …‚ķ ‡”ķ …Ŋķ …ąķ …”ķ †ĸķ „‚ķ „The O.G. Anunoby extensionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ēķ „ĩķ …˜ķ ‡ķ „§ī¸ķ …Ēķ „ˆķ …ēķ ††ķ …¯ķ ‡Ĩī¸‡ī¸ķ „ˇķ „…ī¸Œķ …šķ …Ģķ ‡šķ …•ķ …Žķ „´ķ „Ÿķ ††ķ „œī¸Šķ …ķ …“ķ †Ļķ †‰ī¸ķ …žķ †Žī¸‹ķ …ŗķ „°ķ †Ŗķ †šķ ‡•? Cap-dependentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ „¨ķ …Ļķ „ķ †¤ķ ‡˜ķ †°ķ ‡–ķ ‡‰ķ ‡‰ķ ‡ ķ …ķ …¨ķ …Ŗķ †Ģķ …ļķ …Œķ „¤ķ †‘ķ …ķ †ĩķ †ˆķ …‚ķ †ķ „¯ķ „‰ķ ‡‹ī¸‹ķ „žķ „™ī¸ķ …ļķ „šķ „“ķ ‡Ĩķ …¯ķ …Ÿķ †“ķ †ˇķ …. The Karl-Anthony Towns tradeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‹ķ ‡ˆķ †‰ķ …—ķ ‡Šķ …›ķ …¸ķ „ļķ …°ķ ‡‰ķ …Ŋķ †„ķ „§ķ †¸ķ ‡¯ķ „ĸķ ‡ķ …•ķ †ąķ …ķ …ķ „ģķ …†ķ … ķ „‘ķ …ķ ‡šķ „…ķ „Šķ †šķ …Ŋķ ‡’ķ ‡¯ķ …Ÿķ „™ķ „ˇķ „žķ …†ķ …€ķ †˛? Could not have happened at max Brunson moneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŧķ …žķ „ŗķ †‚ķ ‡‡ķ …ģķ …¤ķ …ēķ „“ķ „˛ķ †¤ķ …‚ķ †ķ ‡ķ †ļķ …žī¸ƒķ …ķ „ķ ‡ķ „™ķ …ĸķ …ķ ‡†ķ …”ķ †Žķ ‡†ķ †ˇķ …ļķ …“ķ „œķ „šķ „°ķ „ ķ ‡Ŗķ †ķ †›ķ …Ĩķ ‡Šķ …€. Under a full max deal, the Knicks would have been sitting above $205 million in payroll, locked above the second apron, and shut out of virtually every roster-building tool the new CBA offersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‡ķ „„ī¸ķ ‡˜ķ …žķ „Šķ †¯ķ …ēķ †‡ķ …§ķ ‡Žķ „ēķ …†ķ …Ĩī¸ķ †Œķ †ēķ …Ēķ ‡¤ķ „­ķ †Šķ †¸ķ …ķ ‡¨ķ †ēķ ‡Ąķ …šķ „žķ ‡ ķ „Ąķ †ŗķ „ķ …ķ „žķ „‹ķ ‡Žķ „—ķ „¯ķ …•ķ †”. Instead, they had flexibilityķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ ‡Žķ …•ķ †˛ķ †Ŋķ †ļķ …žķ „šķ „¨ķ „žķ „´ķ ‡¯ķ …—ķ † ķ †“ķ †ķ …Žķ „–ķ †žķ „˛ķ †ĸķ …´ķ „ķ †Ŧķ †ąķ ‡šķ …˛ķ …´ķ …ƒķ ‡‡ķ …¸ķ ‡†ķ †”ķ „‰ķ „šī¸‹ķ …´ķ „ĩķ †¤ķ †Ŧ. And they used it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¯ķ †—ķ …ķ „Ŗķ ‡ķ †˛ķ †´ķ „‹ķ „Ĩķ „‹ķ ‡…ķ …œķ „Šī¸ˆķ †Žķ „’ķ „ķ †œķ …Žķ …¤ķ „‹ķ … ķ „ļķ †˜ķ †•ķ ‡‹ķ ‡­ķ †Ļķ †ŋķ †‚ķ ‡—ķ …ķ ‡ˆķ ‡Ĩķ ‡„ī¸…ķ †ĩķ „ķ †™ķ „‘While other contenders were falling apart financially, the Knicks were quietly buildingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ ‡•ķ …–ķ ‡ ķ ‡ķ ‡Ēķ ‡ ķ ‡ķ †”ķ †Ģķ …¯ķ †‡ķ ‡Ēķ †Ąķ „Ēķ „€ķ ‡Ēķ „ąķ „Ŧķ „˜ķ „ŗķ †Ąķ †‚ķ „…ī¸ķ „Ŗķ …›ķ …™ķ †Ļķ „Žķ …ķ ‡žī¸…ķ †§ķ ‡¤ķ „Ąķ ‡…ķ …˜ķ †Ģķ …. The Celtics entered this offseason looking at a luxury tax bill approaching half a billion dollarsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ ‡‡ķ †„ķ „‡ķ …Ąķ „žī¸‡ķ „ƒķ ‡ķ …ƒķ †Ŗī¸‡ķ †ēķ †Ŧķ …‚ķ „¯ķ …žķ „´ķ †ķ ‡Ģī¸Žķ „›ķ …‹ķ …°ķ „ŋķ …ƒķ …ĩķ †Ąķ ††ī¸€ķ „ŗī¸Šķ …Ÿķ †žī¸ķ „ĸķ ‡˜ķ „Ļķ …ƒķ ‡¤. The Cavs and Nuggets had similar headachesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ …Žķ …ƒķ …˛ķ ‡Šķ …ƒķ …–ķ ‡…ķ †šķ …ķ †ķ …°ķ …‹ķ †ˇķ „šķ †šķ ‡ķ †Ŧķ ‡§ķ … ķ …ˇķ †ĸķ …´ī¸‹ķ „ķ „ƒķ …’ķ †Ąķ …™ķ …”ī¸…ķ †¨ķ „“ķ …Ąķ …“ķ …Ŗķ †‰ķ …¸ķ „¸ķ ‡Ÿ. The Knicks ran their core back intact and improvedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŧķ †Šķ †Ēķ „Ēī¸ˆķ †„ķ †•ķ …Žķ †Šķ „žķ †“ķ „Ąķ „šķ ‡ī¸ˆķ …ˇķ „ķ ‡Ŗķ „´ķ ‡‘ķ …Œķ ‡“ķ †Ÿķ „Žķ ‡˜ķ ‡“ķ ‡ķ „˜ķ †¤ķ „Ŧķ „¤ķ „ķ †ŧķ †ĸķ „ģķ „™ķ †ķ …ŋķ …˛ķ „¤. That is a direct result of Brunson's 2024 decision.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ „Šķ †ĩķ „ŋķ „ŧķ „Ļķ ‡Ŗķ †–ķ …ēķ ‡¯ķ †Œķ †ƒķ †’ķ …”ķ …‡ķ „ķ …¸ī¸‰ķ …šķ „ŗķ …ƒķ ‡‹ķ …€ķ „ķ …ƒķ …›ķ …Šķ „ƒķ „ēķ ‡Žķ ‡Žķ …šķ „’ķ ‡Ļī¸‰ī¸…ķ „†ī¸ķ ‡˜ķ ‡ŽWHAT IT DID TO THE STOCK

Now let's talk MSGSķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ …¤ķ †–ķ †ķ …Ŧķ …žķ „‡ķ …™ķ †žķ ‡Ģķ „Ĩķ †€ķ „Žķ †Ąķ †°ī¸‚ķ „ĸķ ‡ƒķ …¸ķ „‡ķ …˜ķ ‡‡ķ „ąķ †Šķ ‡ķ †ķ ‡€ī¸Šķ …—ī¸Œķ …ĸķ ‡‰ķ „ķ „¯ķ ‡žķ † ķ …Ēķ †Ēķ „ģķ †€. Madison Square Garden Sports Corp. trades on the NYSE and is the holding company for the Knicks and the Rangersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ …Ŧķ ‡…ķ „ģķ „Ēī¸ƒķ …Ŗī¸‰ķ …’ķ †Ÿķ ‡ķ †Ĩķ †Ŗķ …Ĩķ …’ķ ‡“ķ ‡Šķ „˛ķ „™ķ …—ķ „ĩķ †Šķ †Ģķ „ŧķ †…ķ …ŋķ ‡™ķ „°ķ …ķ …•ķ …Ąķ †¨ķ …€ķ †…ķ …Ÿķ †ķ …Šķ „Šķ ‡Ŧķ †Ŗ. It is one of only two publicly traded North American sports franchise holding companies in existenceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ēķ „¸ķ …‡ķ ‡Ÿķ ‡Šķ …Ēķ „‚ķ …™ķ „Ŗķ …šķ …‘ķ ‡Ļķ „‹ķ …ŋķ …Ŋī¸„ķ …Ÿķ „Ļķ „ŧķ „Ŗķ …”ķ ‡„ķ ‡‚ķ …‰ķ †°ķ …Žķ …˜ķ …Šķ …ķ ‡ķ †§ķ †¯ķ ‡•ķ …‰ķ …šķ ‡§ķ …¸ķ …Ŗķ †Ģķ ‡—. So when the Knicks win, the market pays attention.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˆķ †€ķ †´ķ …‚ķ „ˆī¸‡ī¸…ķ †Šķ …ƒķ †ķ †Ŧķ …”ķ ‡•ķ †°ķ †ŋķ ‡‰ķ †Ŧķ „›ķ …ķ „ŗķ †ˆķ …‚ķ …ēķ ‡‚ķ „Ēķ †™ķ „–ķ †ˆķ ‡Ģķ ‡Œķ ‡žķ …‚ķ †ˇķ †ƒķ „Ŋķ …ģķ †ēķ „‰ķ ‡ ķ „†After the Knicks swept the Cavaliers in the Eastern Conference Finals last week, MSGS hit an all-time high of $383 per shareķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ †”ķ …­ķ „œķ ‡Žķ †¤ķ ‡Ģķ …†ķ ……ī¸ķ †Ąķ „œķ †´ķ †™ķ †’ķ …™ķ …ķ …Žķ „Ŗķ …ķ ‡›ķ „‡ķ …žķ …¯ķ …ˆķ †¸ķ „’ķ ‡Œķ …Œķ …–ķ „¯ķ †‘ķ †•ķ ‡Ĩķ …Ģķ †ĸķ „‘ķ ‡Žķ †žķ …ˆ. The stock is up over 90% in the past year and roughly 40% year-to-dateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‘ķ „Ÿķ †šķ †¯ķ †‚ķ †ķ „‡ķ „ˇķ …”ī¸‡ķ †ŗķ …™ķ …ˇķ …˛ķ †ķ …Šķ „ŗķ „‹ķ †Šķ †™ķ †Ĩķ †…ķ ‡”ķ ‡ķ …ŧķ ‡‹ķ …°ķ …Žķ …­ķ …ŗķ †ķ †žķ …’ķ „ĩķ ‡’ķ †Ŋķ „Ąķ „‡ķ …ˇķ ‡. Analysts at Guggenheim have a price target of $470. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …œķ ‡€ķ „žķ ‡‘ķ „™ķ †‚ķ „ŗķ …Ÿķ ‡€ķ …•ķ „ģķ … ķ …ļķ …Ŧķ …Ĩķ …™ķ †šķ …“ķ …ķ †”ķ †ˆķ †Ēķ „šī¸‰ķ †˜ķ ‡™ķ †Ąķ ‡Ĩķ †‹ķ †ļķ ‡Ąķ †”ķ ‡ˆķ ††ķ †šķ …šķ …Ļķ †Ąķ ‡…ķ †ŧSportico values the Knicks alone at $9.85 billion, the Rangers at $3.65 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ĩķ …§ķ †‹ķ †Ĩķ „Œķ †°ķ …ēķ „Žķ „Šī¸Šķ ‡”ķ „Ŋķ †‡ķ „¯ķ ‡…ķ †´ķ „°ķ †™ķ …˛ķ ‡‡ķ †Ąī¸ˆķ †‚ķ †—ķ †‹ķ … ķ …ĸķ …¸ķ …”ķ ‡„ķ …­ķ †¤ķ „ĸķ …Ēķ …‚ķ †ˆķ …Ŧķ „ķ †ķ …‘. That is a combined $13.5 billion in private market value sitting inside a company whose enterprise value has persistently traded at a discount to that numberķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ „¤ķ †ēķ …™ķ ‡œķ „ŧķ ‡ķ …Ŗķ †ĩķ …´ķ †Ÿķ †™ķ …Œķ †°ī¸„ķ ‡¯ķ ‡Šķ „œķ „…ķ „•ķ …ĸķ „¤ķ „ŋķ …‚ī¸ķ … ķ „ ķ †‹ķ ‡ˆķ †ģķ ‡šķ †ķ †ĩķ ‡§ķ …Šķ „§ķ „‹ķ ‡Œķ ‡˜ķ „. That gap is the whole bull case for MSGS investors and it has been compressing fast.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ģķ „ķ … ķ „˛ķ „ŗķ …†ķ …šķ ‡Ÿī¸‹ķ …Œķ „ēķ ‡‚ķ …•ķ „‡ķ …—ķ †šķ ‡Ŧķ …˜ķ „Ÿķ †žķ „Žķ …ˇķ †‡ī¸Šķ †˜ķ …Žķ „‰ķ „”ķ †ŧķ „ģķ ‡›ķ … ķ „—ķ ‡†ķ …žķ ‡¨ķ „ģķ „€ī¸ƒķ †ąPlayoff basketball is not just good for the soul at MSGķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ŧķ ‡’ķ …ĸķ „†ī¸‰ī¸ķ †ģķ „—ķ ‡¤ķ …¤ķ „“ķ „˛ķ †ˆķ …ˆķ ‡ķ …¨ķ „˛ķ „†ķ †ŧķ †ķ …ŋķ „ķ …˜ķ †ƒķ …°ķ †žķ ‡ī¸€ķ „ŧķ ‡¤ķ ‡•ķ ‡¯ķ ‡•ķ ‡Ąķ †´ķ †ķ …ķ „ŗī¸Šķ „. It is a direct revenue driverķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ ‡Žķ …ēķ †˛ī¸Žķ „Ŋķ †Ŧķ „°ķ …Ŋķ „Ąķ ‡Ŗķ „„ķ †¤ķ „Žķ …ąķ ‡ķ „ˆķ †ˇķ †ēķ …Ŧķ ‡ķ „Ŗķ „›ķ †‰ķ ‡Ļķ …ģķ †ķ …ˇķ …ˆķ „ŋķ …šķ …’ķ …¯ķ „ŧķ †™ķ ‡•ķ †Žķ „•ķ †ŗķ …. Home games in the first round generate roughly $8 million per game in tickets, suites, concessions, and merchandiseķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ ‡Šķ „‘ķ †Šķ „ķ †“ķ ‡Ąķ „¸ķ „§ķ †˜ķ …žķ †Œķ „­ķ „•ķ „Ÿķ „…ķ …„ķ †Ĩķ ‡—ķ „´ķ „­ķ ‡œķ „›ķ „”ķ „‚ķ ‡–ķ …„ķ „ēķ †Ÿķ „Ļķ †‚ķ †ĩķ „ēķ „žķ „Žķ †ąķ „Ģķ „Ĩķ „ˇķ …. That jumps to $12 million per game in the second round and $17 million in the conference finalsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „€ķ †˜ķ ‡Šī¸€ķ †‰ķ †˛ķ ‡Ŗķ „ēķ „šķ …¸ķ †ķ …§ķ †Ļķ „˛ķ …˛ī¸‡ķ „Šī¸…ķ †ķ …•ķ „ƒķ ‡žķ „…ķ ‡Ģķ „“ķ „ˆķ †“ķ …žķ †™ķ „ŧķ †‰ķ „žī¸‡ķ ††ķ „ŋķ …žī¸†ķ „Ŧķ „‡ī¸‹. Finals games are expected to clear $20 million per contestķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šķ ‡Ģķ …ąķ „§ķ … ķ …Ĩķ …‹ķ …”ķ …™ķ „Ēķ „ĸķ ‡›ķ ‡”ķ …™ķ †žķ †žķ †ķ „„ķ ‡’ķ ‡Œķ „­ķ „Ąķ „ķ …´ķ †Šķ „­ķ †˛ī¸Šķ †¤ķ „ēķ „ĸķ …Šķ …˛ķ †¤ķ †ƒķ †Ŋķ †Ąķ †ķ ‡‡ķ „°. One deep run can produce $140 million or more in incremental operating incomeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ķ †‹ķ …Žķ ‡œķ …Ÿķ …’ķ …ķ „›ķ „˜ī¸€ķ …›ķ ‡ĸķ …„ī¸€ķ „“ķ ‡Žķ †ģķ …ˆķ „œī¸Žķ …™ķ „ĩķ …‡ķ †ŗķ †ŧķ …“ķ …ĩķ †…ķ †Ĩķ †Ŋķ „§ķ …Ļķ ‡Ŧķ †ĩķ †›ķ †—ķ †‘ķ †‘ķ ‡Ģī¸‚. That is real money flowing through to a publicly traded equity.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¨ķ ‡…ķ „¤ķ „Ēķ †…ķ ‡—ķ …ąķ „žķ „‚ķ †ŋķ ‡Ēķ …´ī¸‡ķ †¨ķ ‡ķ „¸ķ …—ķ ‡’ķ ‡Ģķ …Žķ „˛ķ †ēķ „žķ †Ÿķ …¸ķ †ŋī¸…ķ †‘ķ ‡’ķ …šķ ‡ķ …Ŧķ …˜ī¸Žķ ‡ ķ „Ļķ …ŧķ „šķ ‡ķ ‡“MSGS is also pursuing a tax-free spin-off of the Rangers into a standalone public entityķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ „´ķ ……ķ †ƒķ †¨ī¸…ķ ‡Ŗķ †ĩķ †Ąķ …‡ķ …ŗķ †…ķ ‡Œķ „•ķ †ąķ †ŗķ …Ģķ „ˇķ ‡€ķ „…ķ …‹ķ ‡ķ …ąķ …”ķ †‹ķ „žķ ††ķ „‚ī¸ƒķ ‡¯ķ „Šķ †ŧķ ‡„ķ „†ķ …ĸī¸‚ķ „ŗķ „Ÿķ †Ŋķ †˜. The idea is that separating the two franchises would force the market to value each independently and close the discount to private market valueķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ †”ķ †œķ …œķ …ķ †ķ †‘ķ „Šķ ‡Žī¸€ķ †›ķ „ŗķ „Ŋķ …šķ ‡Šķ †¨ī¸ķ †Ÿķ …ƒķ ‡ķ „˛ķ †ˇķ …˜ķ …ĸķ „˜ķ ‡‡ķ …˜ķ „‚ķ …ķ „žķ …„ķ …šķ ‡ĸķ …¤ķ †Œķ …—ķ †Œķ „ļķ †­ķ …€. The Knicks making the Finals right now is the best possible advertisement for that transaction.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ƒķ †Ąķ †™ķ …ŗķ …ĸķ †ķ †ˇķ …Ļķ …ģķ „Šķ „žķ ‡ĸķ …¸ķ „´ķ ‡¯ķ …šķ …žķ „Ŧķ „ķ †€ķ …ģķ †Ļķ „ˆķ ‡Ąķ …žķ ‡ ķ ‡Ģķ †žķ …Šķ „¨ķ …Ŧķ „ˆķ ‡žķ …¨ķ „¸ķ „­ķ †žķ „ˇī¸ī¸‚THE RULE CHANGE NOBODY IS TALKING ABOUT

Here is the part of this story that deserves a lot more attentionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „šķ ‡‡ķ „’ķ ‡•ī¸…ķ ‡“ķ …ˇķ …ģķ …Ŋķ ‡›ķ ‡‡ķ ‡€ķ …™ķ „€ķ „ļķ ‡ķ „ŗķ ‡Ŗķ „‚ķ ‡ķ „‡ķ …Ģķ ‡—ķ †Ÿķ †°ķ „ŧķ ‡‰ķ ‡”ķ …ŗķ …†ķ …†ķ ‡›ķ „Žķ „ƒķ …ģķ ‡‘ķ …›ī¸Žķ †…ķ „„. The 2023 NBA collective bargaining agreement introduced a provision that quietly changed the economics of what a player can own. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ķ ‡ˆķ …ĸķ †žķ …Ļī¸€ķ …“ķ …ˆķ „Šķ …œķ …‘ķ ‡€ķ …šķ †‡ķ …ƒķ ‡“ķ ‡Ŧķ …‚ķ †‰ķ „ķ …°ķ „ŧķ …“ķ †žķ ‡žķ „ģķ …˛ķ …¸ķ …€ķ „ķ …žķ „¨ī¸‰ī¸ˆķ „Šķ …ĩķ …´ķ „Ŋķ ‡Ģķ †™The rule sits in Article XXIX (Miscellaneous), Section 12, titled "Limitation on Player Ownershipķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ „„ķ †Šķ …ģķ †ąķ †Ŗķ …Ŧķ ‡¤ķ …˜ķ ‡¯ķ „Žķ …“ķ ……ķ ‡—ķ …­ķ „Ģķ „‹ķ †ŋķ „”ķ …´ķ ‡„ķ „ŗķ †€ķ …‘ķ „¤ķ „ķ „šī¸ķ †Ģķ ‡›ķ ‡†ī¸‚ķ …­ķ ‡žķ † ķ ‡ķ … ķ „Ŧķ …ˇķ †Ž." It is a new provision with no equivalent in the prior CBA (page 441).

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ēķ †Šķ „¤ķ ‡Žķ „¨ķ …šķ … ķ †ļķ …Ĩķ …ēķ †—ķ …€ķ „°ķ „°ķ …Ÿķ ‡§ķ †Šķ „§ķ ‡Šķ „Žķ †ķ †¤ķ †‰ķ †¸ķ †šķ …–ķ †´ķ …‘ķ „Ŗķ „ŗķ …¤ķ „‹ķ †™ķ …•ķ †°ķ …§ķ …Žī¸‚ķ ‡‡ķ „´2023 NBA CBA — ARTICLE XXIX, SECTION 12 (LIMITATION ON PLAYER OWNERSHIP)
ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ …Ŧķ †ķ …ŧķ †›ķ …Ŋķ ‡ķ „¤ī¸Šķ „‰ķ †ķ ‡žī¸‡ķ …‘ī¸‹ķ „Ŗķ „žķ „Ļķ „šķ ‡Ĩķ ‡ˆķ …ĩķ „ķ …žķ „™ķ …†ķ …Ļķ †‘ķ ‡‚ķ ‡Ēķ „¤ķ „Ÿķ ‡Ēķ „šķ …Ģķ †•ķ …žķ …€ķ ‡ĸķ „ŊUnder this section, NBA players are permitted to hold up to 1% of the publicly traded shares of a company that directly or indirectly owns an NBA teamķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ÿķ †¨ķ …ĩķ ‡…ķ …šķ „‚ķ †ŧķ …šķ „‘ķ ‡Ŧķ †œķ †ˆķ †‹ķ …Œķ ‡‡ķ ‡žķ …Ĩķ ‡ƒķ „‡ķ †ĩķ …Šī¸ˆķ †œķ „Ĩķ †ˆķ †ˇķ †ķ ‡žī¸Žķ …ēķ …ēķ „˛ķ ‡Ļķ „ēķ ‡Žķ „šķ „Šķ „°ķ ‡ˆķ †‰. Direct ownership of a team remains prohibitedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ …˛ķ „ķ „ķ „‰ķ „¸ķ †ķ ‡ķ … ķ „ķ †„ķ „‘ķ ‡¤ķ ‡œķ …ķ …ŗķ ‡‚ī¸„ķ „•ķ …ĸķ †‘ķ † ķ †ļķ ‡Šķ †ķ †Ēķ †Ēī¸€ķ †žķ †‹ķ …ŗķ „ĩķ †Ēķ „Šķ …°ķ „Ļķ †ķ ‡”ī¸ķ …. The section also authorizes the NBPA to passively invest on behalf of all players in approved private equity funds that take stakes in NBA franchises, capped at 5% of a fund's aggregate committed capital.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ąķ „‹ķ …Ģķ …šķ …ģķ …Ŗī¸ˆķ ‡™ķ ‡¤ķ …ī¸ķ „Ŗķ ‡’ķ †‹ķ …Žķ †ķ …ķ †­ķ „ķ „‘ķ …§ī¸ˆķ „ĩķ ‡€ķ …ļī¸‚ķ …ķ „ŗī¸‰ķ …–ķ „ĸķ †­ķ …“ķ †ˇķ …ĸķ †ŗķ ‡Ŧī¸Žķ „šķ „ MSGS is exactly the company this rule was built forķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ļķ …˛ķ †’ķ „‰ķ †ŋķ …ĸķ †Ŗķ …ķ …šķ „€ī¸Žķ ‡‘ķ †´ķ ‡ĸķ „ī¸‚ķ „†ķ †ŋķ „Œķ †”ī¸ˆķ †ˇķ …‚ķ ‡“ķ †ˆķ „‡ķ …ĸķ ‡Žķ …†ķ „‡ķ †ˆķ †žķ †‰ķ ……ķ …´ķ …ąķ „ĸķ †’ķ ‡ĸķ ‡­. It is the only publicly traded holding company of its kind in the NBA ecosystemķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¤ķ …Ÿķ ‡œķ †¨ķ „œķ ‡’ķ …ƒī¸…ķ †Žķ †šķ …—ķ „Šī¸ķ †Ģķ ‡Ŗķ †˛ķ †˛ķ †´ī¸Šķ †›ķ †ķ †Ŧķ †™ķ „–ķ „­ķ „”ķ †¯ķ …ŋķ …šķ …¯ķ …Šķ …‡ķ †­ī¸‰ķ †ļķ …žķ …¤ķ „ŋķ „Œķ †›. A direct ownership stake in the Knicks as a private entity is still off the tableķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŋķ †ēķ …ķ ‡Ĩķ †ķ …’ķ †¨ķ †ąķ „žķ …‘ķ …šķ ‡”ķ „§ķ „ļķ …­ķ ‡¤ķ …‡ķ …šī¸Žī¸Šķ …Ģķ †‰ķ ‡†ķ ‡Ŧķ …Ŧķ ‡ķ „ ķ „Ŋķ …“ķ †‡ķ „‰ķ „ˇķ ‡„ķ …ĩķ „†ķ „†ķ „šķ „´ķ …ļķ ‡Ą. But MSGS stock is liquid, transparent, and fully permissible under the rule as writtenķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŗķ …šķ ‡‹ī¸†ķ „Ąķ „¸ķ ‡ ķ ‡ķ ‡¨ķ …Šķ †ŧī¸†ķ „œķ …ĸķ †Ļķ †‰ķ †§ķ ‡ķ …Šķ ‡ķ „Žķ „Ŋķ „Ŋī¸Šķ ‡”ķ †Ŧķ „ķ †”ķ ‡ˆī¸Šķ † ķ …–ķ „ˇķ „’ķ ‡‹ķ „‚ķ ‡Šķ ‡ķ †Ŗķ †Œ. No other NBA player has a cleaner path to franchise equity than a Knick.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „›ķ …ēķ †¯ī¸‹ķ „Ģķ ‡Ŗķ „ķ …Žķ „ķ †ĸķ „ŗķ …Ģķ …ģī¸‹ķ †¯ķ „‰ķ ‡†ķ „‘ķ †‘ķ …Ļķ ‡Ĩķ ‡Ÿķ …•ķ …ƒī¸‚ķ „—ķ „•ķ †¨ķ †œķ †¨ķ †ˇķ „™ķ …ēķ ‡Ģķ †Ąķ „šķ …´ķ „‚ķ ‡„ķ ‡ĨSo here is the question worth sitting withķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …“ķ „‚ķ …œķ „Ĩķ „°ķ ‡—ķ …¯ķ …›ķ „°ķ „•ķ ‡•ķ †Šķ †ķ „ģķ †¯ī¸†ķ „Žķ …‚ķ †ŋķ †„ķ …Ŧķ „ŋķ „†ķ ‡ƒķ †ēķ †ŗķ …Ĩķ …¯ķ „¸ķ …€ķ „ī¸€ķ ‡‰ķ ‡˜ī¸‚ķ …­ķ ‡ķ …—ķ …•ķ †›. If the Knicks had awarded Brunson shares or an option grant at the time of the 2024 $156.5 million signing, as a form of equity compensation tied to his franchise-building sacrifice, what would that actually be worth?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸…ķ „žķ †ŧķ „™ķ „Ŧķ …žķ „ŧķ †„ķ †–ķ …—ķ †ķ …ˇķ ‡“ķ †Ĩķ …˜ķ †­ķ ……ķ ‡Ŗķ †ķ ‡Ąķ …’ķ …Žķ †¤ķ †Ŋķ „ŧķ …ķ „œķ …Žķ †“ķ …Ļķ †žķ †Ŧķ „Šķ „…ķ …šķ †ļķ †€ķ ‡Ĩķ ‡¨ķ ‡‰THE MATH

MSGS had approximately 24 million total shares outstanding in mid-2024ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …›ķ †ŗķ †Ÿķ …Ļķ †Ĩķ …ĩķ …˛ķ …“ķ …ķ ‡ˆķ „Œķ „†ķ „Ĩķ „Ŗķ „Šķ †Ŧķ …Ĩķ ‡­ķ †„ķ †­ķ …žķ „”ķ ‡”ķ …ķ „Ŗķ …­ķ ‡™ķ …ƒķ ‡”ķ „…ķ †Ĩķ †ˇķ ‡™ķ „—ķ …ķ †—ķ „‹ķ †›ķ †‘ķ „°. The stock was trading around $173 per share at the time, putting the market cap at roughly $4.1 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ †Ąķ ††ī¸‚ķ …ŧķ †‘ķ „¤ķ †„ķ ‡‘ķ …Ĩķ „Ļķ „Ŋķ ‡ķ „¸ķ „ ķ „˛ķ „¯ķ †’ķ †žķ „‘ķ …Ĩķ „¯ķ „ķ †Ŧķ …›ķ †Žķ „ēķ „Šķ …Ļķ †´ķ …‹ķ † ķ …ƒķ †“ķ …ĩķ …—ķ …°ķ „­ķ †ĸķ †Ĩ. At the current all-time high of $383 per share, market cap is sitting near $8.7 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ ‡‘ķ †Ĩķ ‡­ķ …ļķ …Žķ …ķ …°ķ †—ķ ‡ˆķ †Ŧķ „žī¸„ķ †“ķ „Ÿķ „­ķ ‡Žķ †–ķ „“ķ †’ķ ‡Ąķ „‹ķ …Ĩķ †ķ … ķ †˜ķ †˜ķ † ķ …Ÿķ †Ŧķ „Œķ …ŋķ †­ķ †Ĩķ †ŗķ †šķ …´ī¸ƒķ … ķ †’. Here is what a 1% grant at CBA ratification would look like today.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …›ķ ‡Šķ …ļķ †Ļķ …´ī¸‰ķ …‚ķ ‡¯ķ †§ķ „Ļķ „¤ķ ‡ķ „¨ķ ‡¤ķ …¤ķ …§ķ …›ķ „¯ķ †Ŋķ „¯ķ †§ķ †”ī¸ˆķ …Ÿķ ……ķ …ēķ †Ģī¸ķ …Ÿķ ‡ķ „ķ …°ī¸ķ …ķ †žķ †Šķ ‡žķ „žķ „Ŋķ …„If the award was structured as stock options struck at the 2023 price of $193, Brunson would be sitting on roughly $46 million in in-the-money value at today's all-time highķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ ‡…ķ ‡Œķ ‡¨ķ „‡ī¸„ķ „•ķ †ŗķ „°ķ …Ĩī¸‹ķ …ķ …žķ „Ļķ ‡‘ķ „žķ ‡€ķ …ķ †¤ķ †ģķ …Šķ …Ŋķ …Ąķ ‡‚ķ …„ķ ‡Ēķ …‚ķ †‰ķ …Ŧķ †ģķ …‰ķ †ķ „”ķ ‡—ķ …ƒķ „‘ķ …ķ …ŋķ „–ķ „ƒ. On top of his salaryķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ……ķ †ĸķ „Ĩķ ‡œķ †´ī¸ķ „ąķ †•ķ †”ī¸ķ …Ąķ „‘ķ „Šķ …€ķ …„ķ ‡Žķ †“ķ †Ŗķ …Žķ „Ĩķ …€ķ …›ķ †ķ „—ķ ‡¨ķ †‰ķ †’ķ †ŧķ †Ŧķ „ˇķ „ŧķ „­ī¸ķ „žķ †‹ķ †ĩķ ……ķ „˛ķ †‰ķ †Š. Before taxesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ †¸ķ …’ķ …Žķ ‡Ĩķ ‡Žķ † ķ …•ķ †‰ķ „›ķ ‡ĸķ ‡—ķ …šķ …‰ķ †˜ķ †œī¸ķ „“ķ ‡˜ķ „ąķ „žķ …Žķ „œķ †Šķ †ƒķ …›ķ ‡ ķ †¤ķ ‡†ķ †¯ķ †‹ī¸ˆķ „ŋķ „˛ķ „ķ ‡“ķ „¨ķ …ƒķ …ķ ‡Œ. Before a potential championship run pushes the stock even higherķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †•ķ †ģķ †ƒķ †ģķ …„ķ „ķ …šķ †ģķ †´ķ …ĩķ †žķ „ƒķ …ēķ ‡›ķ „°ķ …Ÿķ „„ķ „ŧķ …œķ †–ķ †Šķ …Ļī¸ˆķ …žķ †ģķ …Šķ †˛ķ †Šķ „˜ķ „¤ķ „•ķ †Ĩķ …žķ …Žķ ‡Žķ …šķ †Ąķ „˜ķ „ļķ †‡. Before any re-rating from the Rangers spin-offķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸„ķ †Œķ „ƒķ ‡…ķ †ˇķ …Ąķ †Ēķ …Ĩī¸‰ķ „‘ķ „˛ķ †„ķ ‡šī¸…ķ „ķ †…ķ „”ķ †Œķ „Ēķ … ķ „ģķ „Žķ ‡ķ „™ķ ‡Œķ †Ÿķ †ŧķ …Œķ … ķ †ķ †°ķ …Œī¸‚ķ †ķ …€ķ …Ĩķ †ēķ †‡ķ ‡Œķ …›. Before the next broadcast rights cycle, which the NBA is already in the middle of collecting on at roughly $76 billion over 11 years.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ …Ÿī¸ˆķ …Ēķ ‡Ŗķ „˛ķ ‡žķ ‡ķ …¯ķ †•ķ …Ŧķ ‡Žķ …”ķ †‡ķ „ļķ †ķ †´ī¸„ķ „°ķ …Ģķ „™ķ …ˆķ ‡“ķ †—ķ „‘ķ „ŗķ †Ĩķ ‡’ķ „–ķ …ˇķ †Ŧķ „Œķ †—ķ †Šķ ‡Ĩķ „ąķ „ēķ …ķ …˛ķ †•That is what equity does that salary cannotķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ †Žķ †ĩķ †­ķ †­ķ †žķ ‡Ŗķ †˜ķ †ĩķ …šķ …Ŋķ ‡Šķ …ģķ …ļķ †€ķ „ĩķ …ēķ †™ķ …ģķ …žķ „Žķ ‡ķ „Žķ „“ķ „›ķ ‡ķ †ŋķ …­ķ …žķ „šķ …”ķ „ĩķ „°ī¸‡ķ ‡„ķ „Ŧķ …Žķ †Ļķ ‡›ķ …‹. Salary compensates for performanceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ąķ ‡’ķ ‡œķ †›ķ ‡Ąķ ‡˜ķ ‡§ķ „„ķ …’ķ ‡Ēķ „ˆķ †Ŗķ „Ļķ „Ŋķ …¯ķ †™ķ …Žķ „‹ķ …˛ķ „Ģķ †Šķ †‘ķ „ąķ …˜ķ „‘ķ …ķ …‹ķ …Žķ …˛ķ …ąķ „€ķ …‰ķ ‡œķ ‡Žķ „„ķ …ķ …ģķ ‡Ŧķ „šķ †¤. Equity compounds with the assetķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ ‡Ŗķ †ƒķ „ĸķ †¯ķ „™ķ „‹ī¸Œķ †–ī¸‚ķ †Žķ …ĩķ †Ąķ …ēķ …˛ķ †“ķ ‡‹ķ ‡›ķ †Žķ „§ķ „šķ †œķ †ķ †´ķ „ ķ ‡—ķ †‹ķ †Œķ „Ŋķ †ĩķ †Žķ …ķ ‡Šķ „ ķ …œķ †¸ķ …­ķ †ƒķ †žķ ‡—. A player who takes less salary to build a better team directly increases the value of the franchise he plays forķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Žķ ‡žķ ‡”ķ …°ķ …‹ķ …ˆķ „°ķ †“ķ …˜ķ …ēķ ‡žķ …˜ķ …Ēī¸ķ …­ķ „§ķ …´ķ …”ķ …ēķ †Ŗķ … ķ †°ķ „ƒķ „…ī¸ķ ‡‰ķ …œķ …ķ … ķ †Ÿķ †Ĩķ ‡‰ķ „Ļķ …ˆī¸…ķ †ĸķ ‡ķ …´ķ …ģķ „°. Under the old model, he captures none of that upsideķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ †ŧķ …¯ķ …™ķ ‡¤ķ †ƒķ †´ķ …Ģķ „´ķ „ģķ ‡ĸķ †‚ķ …ŧķ †¤ķ ‡‚ķ …’ķ …Ĩķ ‡—ķ …—ķ „†ķ „œķ „ˇķ †‘ķ ‡Ÿķ „ķ …žķ ‡…ķ ‡‰ķ ‡œķ … ķ …–ķ …Žķ „¨ķ ‡¨ķ ‡ƒķ †•ķ ‡”ķ „ŧķ „Ŧķ „°. Under Article XXIX, Section 12, he can.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ģķ †ƒķ …Œķ ‡™ķ ‡šķ …ķ ‡™ķ „ˆķ „Ŋķ †¨ķ †Ŗķ „˛ķ †Ąķ „Ÿķ …Ąķ „Ąķ ‡›ķ „­ķ „Ÿķ …šķ ‡Ģķ „ĸķ …ĸķ †—ķ †¸ķ „§ķ „‚ķ …žķ †Ÿķ †‚ķ „´ķ „–ķ „Ēķ „¨ķ …™ķ …Šķ …—ķ „ˇķ …¸ī¸‡WHY THIS IS BIGGER THAN THE KNICKS

NBA franchise values have compounded at 15 to 20 percent annually for a decadeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ …šī¸ƒķ †žķ ‡•ķ „“ķ …Ąķ ‡‰ķ ‡¨ķ …ļķ …ĩķ ‡›ķ „ķ „ŧķ „‡ķ †ŧķ „žķ „šķ „ķ †ķ …ķ ‡Ŧķ „Šķ „žķ …Ÿķ †„ķ …ķ …ąķ …ģķ „ķ …Žķ …žķ „Ĩķ …‹ķ †˜ķ ‡€ķ †Ģķ †ĩķ ‡žī¸…. Players have received roughly 50% of basketball-related income under the salary cap system, which is a fixed share of revenue, not a claim on asset appreciationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Šī¸ķ „‹ķ …Žķ †„ķ …†ķ †œķ †ˇķ …Ģī¸ˆķ …•ķ „„ķ „‹ķ ‡§ķ ‡šķ … ķ ‡ĸķ …šķ „ ķ †ķ ‡ķ „Žķ …¸ķ …ˇķ „ķ …ļķ †Šķ ‡€ķ „‹ķ „¯ķ ‡ķ …¯ķ „†ķ „ąķ †Ŗķ †Ĩķ †˛ķ …Šķ †´ķ ‡Ŧ. The cap system was designed to split the pieķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĸķ …Šķ †˛ķ …ŧķ …ķ …¤ķ „žķ †“ķ †’ķ ‡ķ …‘ķ †Ÿķ †ģķ …˛ķ …˛ķ …ķ ‡Žķ „Žķ ‡Œķ †Ļķ ‡ˆķ ‡•ķ „°ķ †œķ …ķ …Ļķ ‡Ŧķ ‡Ÿķ „ƒķ …šķ ‡ķ …ŗī¸„ķ ‡ ķ „Ąķ „“ķ …žķ „›ī¸‚ķ „Ÿ. It was not designed to give players a seat at the table when the table itself grows in value.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „Ąķ †Ŋķ …Ÿķ ‡™ķ „‘ķ †Ļķ ‡ĸķ †¤ķ †…ī¸‰ī¸Šķ …™ķ ‡‹ķ …†ķ ‡›ķ ‡ķ …ąķ ‡žķ „žķ „Œķ „Žķ †„ķ ††ķ …¤ķ „Ŧī¸ƒķ ‡žķ †Šķ †ēķ †™ķ …™ķ „ĩķ …œķ …°ķ ‡›ķ †žķ ‡Ŧķ ‡€ķ „ļThat is the structural issue the 2023 CBA rule starts to addressķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˇķ „žķ †›ķ „•ķ †ŧķ …¨ķ „…ķ …Ēķ „˛ķ †ēķ „ķ „”ķ „ķ „Ąķ †Ŋķ ‡’ķ …–ķ „ŧķ † ķ „•ķ ‡€ķ „™ķ †€ķ …Ŋķ …Ÿķ „žķ …ēķ …¤ķ „†ķ …¤ķ ††ķ †•ķ „™ķ „Šķ „Žķ „Ēķ …°ķ „ĩķ †šķ …ž. Imperfectly, at a 1% ceiling, and only through public company sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ ķ †ĩķ ‡Œķ †ąķ …Ĩķ „Žķ „ķ … ķ …Ģķ †Žķ †ƒķ †‰ķ †ĩķ „˜ķ †Ŧķ ‡€ķ †ŧķ †Ŋķ ‡ ķ „Ąķ …¯ķ „ˆķ †ąķ †Ĩķ „˛ķ ‡Ēķ …ąķ „–ķ „¨ķ †¨ķ ‡Ĩķ …ēķ „ąķ „Ĩķ …§ķ „ˇķ …‚ķ „…ķ †€ķ „œ. But it is a startķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Œķ …ŋķ …¸ķ †’ķ „ąķ ‡…ķ …ķ …„ķ ‡­ķ „ƒķ „˜ķ †ƒķ „Šķ †žķ ‡Ēķ †¨ķ …Ŗķ …°ķ …Ŗķ †ĩī¸‚ķ …Šķ „˜ķ …•ķ †’ķ ††ķ …ķ †Ēķ …‰ķ †€ķ † ķ …ģķ „Ąķ †Ŗķ †Šķ …Ŗķ …ķ ‡¯ķ …Ģķ †–. And the Brunson situation is the clearest possible illustration of why the conversation mattersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˇķ †–ķ ‡‘ķ „Ąķ ‡–ķ ‡Ģķ †•ķ ‡†ķ †‘ķ „ˆķ „‹ķ ‡ĸķ …˛ķ ‡™ķ †Ģķ …ģķ „“ķ †ĩķ †•ķ „Ēķ …­ķ †Ļķ …ĩķ „˜ķ †€ķ „¸ķ „šķ †Žķ …‘ī¸‰ķ ‡Ģķ „Ļķ †§ķ †¸ķ †Ģķ †Ēķ …œķ „‰ķ ‡Ŧķ ‡…. A player voluntarily sacrifices salary, directly improves roster construction, helps drive on-court results, and those results flow directly into franchise valuation and stock price appreciationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŋķ …Šķ …†ķ †°ķ †—ķ ‡—ķ …´ķ ‡”ķ †Žķ „ŋķ …˛ķ †Šķ …ĩķ …†ķ †ī¸„ķ †Šķ ‡¤ķ †ąķ ‡¨ķ †žķ †•ķ …™ī¸ķ „‹ķ „ķ †¤ķ †Ŗķ ‡ķ …­ķ „šī¸Žķ †¯ķ †œķ …ŋķ ‡‘ķ „™ķ †„ķ †šķ …ˆ. The connection between player sacrifice and franchise equity value has never been more obvious or more quantifiable.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡œķ „–ķ †Žķ …šķ ‡Ļķ …•ķ …ķ †Šķ „†ķ ‡¯ķ ‡—ķ †Ģķ „Šķ …Ļķ †Œķ „’ķ …Ąķ †ī¸‚ķ †žķ ‡ ķ …Ÿķ „Žķ …­ķ „´ķ ‡˜ķ „ķ …­ķ …Šķ †ķ „šķ ‡ī¸‹ķ †’ķ …˜ķ †Šķ …§ķ „†ķ †‘ķ ‡›The next CBA negotiation is going to be a very different conversation than the last oneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „€ķ „…ķ „ ķ „‘ķ ‡ķ „Œķ …ˆķ †ķ „ˆķ „°ķ „”ķ …´ķ „¨ķ ‡Šķ „¯ķ …‚ķ …Ÿķ …­ķ …“ķ †ƒķ „ƒķ …Ŧķ †‰ķ †°ķ †žķ ‡Ÿķ „Ģķ …‚ķ „•ī¸ƒķ ‡•ī¸‹ķ †ī¸„ķ …”ķ …¸ķ ‡˜ķ †ˆķ „Žķ „…. The Jalen Brunson Effect is part of the reason why.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ÿķ ‡•ķ „›ķ „ķ †¨ķ „ŋķ „ ī¸ī¸„ķ „ĸķ †Ŧķ ‡—ķ …ģķ …Žķ †ŧķ †­ķ „’ķ ‡‰ķ …Ÿķ †Ģķ …’ī¸ƒķ …ļī¸‚ķ ‡™ķ ‡Ģķ †‡ķ …¸ī¸Šķ …§ķ …ĩķ …Ŧķ †šķ …—ķ …—ķ „—ķ †ˆķ †ƒķ „ƒķ ‡†Don't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡œķ „€ķ ‡ķ …€ķ …ˆķ „¯ķ ‡Ēķ ‡ķ „Ļķ …™ķ †¸ķ †Ēķ ‡”ķ …Ģķ ‡Žķ „‘ķ †¸ķ †šķ …‹ķ „’ķ „•ķ …“ķ ‡‡ī¸‰ķ ‡†ķ †”ķ …“ī¸€ķ …Ēķ †˛ķ …Šķ †ķ †Šķ …Šķ †—ķ †šķ ‡—ķ …ąķ †“ķ ‡Š. Pass this to a friend.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †­ķ „Ÿķ †Ŧķ †›ķ …ŧķ ‡”ķ ‡ķ „¤ķ †œķ …‹ķ †•ķ …Ŧķ „Ĩķ …“ķ ‡¯ķ …šķ ‡ķ „ŗķ …Šķ †Ŋķ …­ķ †Ÿķ †Œķ †ēķ ‡ĸķ …ŧķ …Žķ †ķ „ˆķ †­ķ ‡‹ķ …¨ķ …•ķ ‡Ļķ ‡žī¸Œķ †™ķ „ķ †ƒķ …ĢSee y'all next week.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †°ķ ‡ ķ „„ķ …Ŋķ ‡“ķ ‡ ķ …Ŧī¸Šī¸ƒķ ‡…ķ „ ķ „ˇķ „Ļķ „–ķ …Šķ …°ķ ‡‰ķ ††ķ „ĩķ ‡ķ †Ÿķ †‹ķ „Ĩķ „œķ †žķ ‡‚ķ ‡Ŗķ …Ŋķ …†ķ „šķ „–ī¸ˆķ ‡Œķ „ˇķ ‡Šķ ‡‹ķ …Ŧķ „ŧķ †ŧķ …™CJBķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ …Ĩķ „´ķ ‡”ķ „ķ ‡ƒķ …Ēķ „ŋķ †­ķ „Ąķ †ˇķ ‡‹ķ „Šķ …¯ķ …•ķ „ķ „°ķ ‡ƒķ …Ŋķ „­ķ ‡’ķ †Œķ „ēķ †›ķ …ķ …•ī¸‹ķ †Ÿķ „°ķ „‹ķ †–ķ †¨ķ …€ī¸€ķ …Žķ „ ķ †Ŧķ …žķ …ķ „‘īģŋķ „ŗķ „ĸķ …€ķ „ąķ …„ķ …ˆķ …„ī¸€ī¸ī¸€ī¸€ķ „Šķ †ī¸€ī¸€ķ „Šķ †ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „Žķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ … ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ī¸€ī¸€ī¸€ķ „Šķ …§ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ˇķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …”ķ …’ķ …•ķ „ ķ „Ļķ „Ąķ „¤ķ „Ąķ „ķ „Ĩķ …”ķ „¨ķ „¨ķ „ķ „¤ķ „Ĩķ „Ŗķ …–ķ „ķ …’ķ „Ĩķ …–ķ „Ĩķ „ķ …–ķ „¤ķ „¨ķ „¨ķ „§ķ …”ķ …•ķ „§ķ …”ķ „ ķ …‘ķ …“ī¸€ī¸€ī¸€ī¸†ķ „ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …‘ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗī¸€ī¸€ī¸€ī¸ķ „Ēķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸī¸€ī¸€ī¸€ī¸ī¸‰ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …—ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …˛ķ †“ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ļķ „ķ „ ķ „Ĩķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ŗķ „Ēķ „ ķ „Ąķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …§ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ĩķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ „ąķ …€ķ „šķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …›ķ …“ķ „ĸķ … ķ …‘ķ „žķ …•ķ …”ķ …™ķ …¤ķ …•ķ …”ķ †”ķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ļķ …“ķ „ĸķ … ķ …‘ķ „žķ …§ķ …‘ķ …¤ķ …•ķ …ĸķ …ķ …‘ķ …ĸķ …›ķ …•ķ …”ķ „žķ …’ķ …Ÿķ …Ĩķ …žķ …”ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ļķ „ķ „ ķ „Ĩķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ŗķ „Ēķ „ ķ „Ąķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ĸķ „žķ „ ķ …›ķ …”ķ …•ķ …Ŗķ …“ķ …ĸķ …™ķ … ķ …¤ķ …™ķ …Ÿķ …žķ …¨ķ „Ÿķ …„ķ …•ķ …¨ķ …¤ķ „ķ …•ķ …ķ …’ķ …•ķ …”ķ …”ķ …•ķ …”ķ „ķ …§ķ …™ķ …¤ķ …˜ķ „ķ ……ķ …žķ …™ķ …“ķ …Ÿķ …”ķ …•ķ „ķ …Ļķ …‘ķ …ĸķ …™ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „ķ …Ŗķ …•ķ …œķ …•ķ …“ķ …¤ķ …Ÿķ …ĸķ …Ŗķ „žī¸€ī¸€ī¸ķ „™ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „—ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ī¸€ī¸€ī¸€ī¸€ķ ‡Ēķ …“ķ …’ķ …Ÿķ …ĸķ †•ķ …˜ķ „°ķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …ĸķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ŗķ …“ķ …˜ķ …•ķ …ķ …‘ķ „žķ …Ÿķ …ĸķ …—ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŗķ …ĸķ …•ķ …‘ķ …¤ķ …™ķ …Ļķ …•ķ …‡ķ …Ÿķ …ĸķ …›ķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ĸķ „ĸķ „¤ķ …•ķ „Ŗķ …•ķ „Ļķ …’ķ „Ĩķ „¨ķ …•ķ …”ķ „ ķ „ ķ „ ķ „Ąķ „Ŗķ „Ĩķ …•ķ „§ķ „Ŗķ …‘ķ …ķ …Ļķ „Ąķ „§ķ „¨ķ „ ķ „Ļķ „Ĩķ „Šķ „Ąķ „¨ķ „ ķ …ķ …‘ķ „Ŗķ „Ąķ „¤ķ …“ķ „Ŗķ „ĸķ …‘ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ĸķ „ĸķ „¤ķ …•ķ „Ŗķ …•ķ „Ļķ …’ķ „Ĩķ „¨ķ …•ķ …”ķ „ ķ „ ķ „ ķ „Ąķ „Ŗķ „Ĩķ …•ķ „§ķ „Ŗķ …‘ķ …ķ …Ļķ „Ąķ „§ķ „¨ķ „ ķ „Ļķ „Ĩķ „Šķ „Ąķ „¨ķ „ ķ …ķ …‘ķ „Ŗķ „Ąķ „¤ķ …“ķ „Ŗķ „ĸķ …‘ķ …™ķ … ķ …Ĩķ …’ķ …œķ …™ķ …Ŗķ …˜ķ …•ķ …ĸķ †’ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¤ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ī¸€ī¸€ī¸€ķ †Šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗī¸€ī¸€ī¸€ī¸€ķ …´ķ …“ķ …’ķ …Ÿķ …ĸķ †’ķ …¤ķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „ŗķ …ĸķ …•ķ …”ķ …•ķ …žķ …¤ķ …™ķ …‘ķ …œķ …¨ķ …€ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ļķ …•ķ …ĸķ …™ķ …–ķ …Šķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „Ÿķ …Ļķ „Ąķ „Ÿķ …œķ …™ķ …Ŗķ …¤ķ …Ŗķ „Ÿķ „¤ķ „Šķ „§ķ …‘ķ „Ŗķ „¨ķ …–ķ „Šķ „ķ „Šķ „§ķ …’ķ …–ķ „ķ „¤ķ …–ķ …’ķ „ ķ „ķ „¨ķ „ĸķ „§ķ „¨ķ „ķ …•ķ „Ąķ „¤ķ …”ķ …’ķ „¤ķ …–ķ „Ĩķ …’ķ „Ąķ „Ĩķ „Ĩķ …Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „šķ …žķ …”ķ …•ķ …¨ķ …“ķ „¤ķ „Ĩķ „Ļī¸€ī¸€ī¸€ķ ‡˜ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąī¸€ī¸€ī¸€ī¸€ķ † ķ …“ķ …’ķ …Ÿķ …ĸķ †”ķ …™ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …˜ķ …‘ķ …Ŗķ …˜ķ …¨ķ „°ķ …“ķ „¨ķ „Ąķ …”ķ …“ķ …–ķ …“ķ „¤ķ „Ļķ „Ļķ „ ķ „ĸķ „ ķ …”ķ …’ķ …“ķ „Ĩķ …’ķ „Ąķ „Šķ „ ķ „§ķ …‘ķ …‘ķ …’ķ „ ķ …–ķ „Ļķ „¨ķ „§ķ „Ļķ „Ŗķ „Ļķ „Šķ …•ķ „ ķ …•ķ …‘ķ „Ļķ …’ķ „ ķ „¨ķ …•ķ „¨ķ „Ĩķ „Ąķ „§ķ …–ķ …–ķ „ĸķ „ ķ „ĸķ „Ąķ …•ķ …“ķ „¨ķ „Ąķ …‘ķ „Ąķ „Ŗķ …•ķ …‘ķ „Šķ „ĸķ …žķ …¤ķ …Ÿķ …¤ķ …‘ķ …œķ …ķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …Ŗķ „ˆķ …“ķ …—ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …™ķ …”ķ …¨ķ „”ķ …“ķ „§ķ „ĸķ „§ķ …‘ķ „§ķ …’ķ „§ķ „ķ „Ļķ „Ĩķ „§ķ „Ąķ „ķ „¤ķ „ĸķ …”ķ „¤ķ „ķ …‘ķ „¨ķ „Ĩķ …’ķ „ķ „Ĩķ „¨ķ …•ķ …•ķ „¨ķ „¤ķ „Ąķ „Ļķ „¨ķ „¤ķ „§ķ …’ķ …ĸķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …‘ķ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 …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „ēķ „Ĩķ ‡Ēķ …§ķ „­ķ …ŧķ †˛ķ ‡Ēķ …ķ ‡…ķ †‰ķ †ļķ †ˇķ …€ķ †›ķ †šķ ‡™ķ … ķ …™ķ „Žķ ‡šķ ‡šķ „„ķ ‡ķ „Ŋķ …ļķ „‚ķ „¨ķ „Ŧķ ‡œķ †Ŗķ „ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡ ķ …žķ ‡†ķ „šķ „ļķ †˛ķ …´ķ „´ķ †ēķ †…ķ …Žķ „‚ķ …ķ „Ąķ …˜ķ …Œķ ‡”ķ „¸ķ …˜ķ „Šķ „Ĩī¸†ķ †Šķ „ŋķ „€ķ †Ŋķ „ķ ‡…ī¸…ķ …¸ķ ‡­ķ ‡‡ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļī¸€ī¸€ī¸ķ †”ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „˜ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …“ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ī¸€ī¸€ī¸€ī¸ķ …¤ķ …“ķ …’ķ …Ÿķ …ĸķ …´ķ „´ķ †‘ī¸ķ „¨ķ „’ķ †‘ķ „ˆķ „‘ķ …ŗķ …‰ī¸ƒķ †¯ķ „ ķ …˛ī¸ƒķ †Ģķ „ ķ …˛ī¸ƒķ „˛ķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „ ķ „ķ †‘ķ …Ŧķ „Ŗķ †˜ķ †‰ķ „Ŋķ †‘ķ ‡Ģķ ‡‹ķ ‡Šķ †ŧķ …ķ ‡ ķ …Ļķ …ĩķ ‡¨ķ †ƒķ „ķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „Ĩķ „ĸķ „¨ķ „Ąķ „ĸķ „¤ķ „§ķ „ĸķ „Ļķ …Šķ „‡ī¸ķ „ĸķ „§ķ „ ķ „Ĩķ „ĸķ „Šķ „Ąķ „ĸķ „¤ķ „§ķ „ĸķ „Ļķ …Šķ „ ķ „¸ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „Šķ „ ķ „ˆī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œķ „ķ „´ķ …•ķ …ķ …Ÿķ „ķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ …›ķ †€ķ ‡“ķ ‡œķ …ŧķ …Ŧķ „Ŗķ †Ŧķ „ķ „’ķ …ķ †•ķ †Ŧķ ‡šķ †Ąķ ‡–ķ „Ĩķ ‡€ķ ‡€ķ ‡‰ķ †—ķ ‡‘ķ †‰ķ †Šķ †¸ķ …™ķ †ˇķ „žķ …šķ †šķ „‚ķ †Œķ …­ķ †–ķ †‰ķ „“ķ „ŧķ …‘ķ „ˇķ …¨ķ „†ī¸€ķ „Šķ „€ķ „‹ī¸ķ …ķ ‡˜ķ †ģķ „Ąķ ‡‡ķ †­ķ …Ąķ „ķ „ƒķ „‚ķ ‡…ķ „€ķ „Œķ ‡Ģķ „˛ķ …ķ †˛ķ …­ķ …¤ķ „Ģķ „ŧī¸Œķ †’ķ …§ķ †›ķ ‡ĸķ ‡ķ …Ąķ „Ēī¸ķ „ĸķ †“ķ „—ķ …Žķ †Ŋķ ‡ ķ ‡Ļķ …”ķ …‘ķ ‡Šķ †§ķ ‡ ķ ‡Ÿķ …•ķ …°ķ …ŋķ „–ķ „œķ †Ŋķ „ĸķ †“ķ …˛ī¸ķ †‘ķ „ ķ …˛ī¸ķ †ķ „ ī¸Œī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸‚ķ „ ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸†ķ †°ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ …žķ †Žī¸‰ķ ‡Ŗķ †Ŗķ †ķ …•ķ †ķ †…ķ „Ŋķ …›ķ …ķ „Šķ …Žķ „“ķ ‡›ķ †Ŗķ †­ķ †ģķ „Ŗķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ ‡Šķ „›ķ †Ąķ …˛ķ ‡ ķ …‘ķ ‡ķ „œķ „˜ķ „¨ī¸Šķ †‚ķ „Ēķ „Ģī¸ˆķ „Ŧķ †Šķ †§ķ †‰ķ ‡ ķ „ ķ „Ēī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „Ŗķ „ ķ „Ąķ „ ķ „Ÿķ †ķ „ķ †ķ „›ķ …ļķ „™ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ķ „‰ī¸†ī¸‰ķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸„ī¸Œī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸Šķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …—ī¸€ķ „ ķ …”ī¸‚ķ „ ķ …¨ķ †“ķ „ķ ‡ˆķ †˜ķ …Ÿķ ‡Ŗķ „Ļķ ‡Ŧķ †›ķ „ĸķ …Ŧķ †Ŗķ …ŧķ …ĩķ „ļķ „‘ķ ‡ķ „ŧķ ‡Ĩķ …­ķ ‡Ģķ ‡‚ķ ‡˜ķ „ƒķ ‡Œī¸‹ķ …˛ķ …Ÿķ †€ķ „ķ ‡Šķ ‡§ķ †Ŧķ ‡Ģķ ‡Ÿķ …ŗķ …Šķ ‡Ŗķ …•ķ †¯ķ „Ÿķ …Ģķ „œķ „­ķ ‡¤ķ †ąķ …‹ī¸‚ķ „ ķ „Šķ „•ķ „™ī¸ķ … ķ †™ķ „ī¸Žķ …”ķ „ēķ „–ķ …ķ „Ąķ …†ķ „¸ķ „šķ ‡›ķ ‡Ģķ „–ķ …‹ķ …Žķ †ŧķ †˜ķ ‡…ķ … ķ ‡šķ …¤ķ †•ķ ‡šķ „ēķ †ģķ „¤ķ „ąķ …Ĩķ ‡­ķ „ˆķ „Ÿķ …Žķ †™ķ …Žķ …¤ķ …Ÿķ †ƒķ †žķ „ ķ …ŋī¸ķ …Ŗķ …‰ī¸ƒķ ‡Ÿķ „ ķ …˛ī¸ƒķ ‡›ķ „ ķ …˛ī¸ƒķ …Ąķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ …ķ „Ŗī¸ˆķ „Šķ …Ŗķ †›ķ †‡ķ „“ķ †“ķ …Ŧķ †›ķ …‘ķ „ˆī¸ƒķ ‡‚ķ „¸ķ „ƒķ „Šķ †ķ …Ĩķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „Ĩķ „ĸķ „ĸķ „Ąķ „Ŗķ „¤ķ „Šķ „Ĩķ „Ļķ …Šķ „‡ī¸ķ „Ŗķ „Ąķ „ ķ „Ĩķ „ĸķ „Ŗķ „Ąķ „Ŗķ „¤ķ „Šķ „Ĩķ „Ļķ …Šķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ „ķ ‡ķ „žķ „€ķ ‡‘ķ ‡‰ķ „Ÿķ ‡Šķ „Ŧķ †Ŧķ †œķ †—ķ †•ķ …Ĩķ …­ķ „Ģķ ‡ķ „¨ķ †Ŗķ „ķ …¸ķ …ŋķ ‡•ķ †Žķ †šķ ‡‰ķ …ķ „ŧķ †˛ķ „ąķ „ĸķ „ˆķ †‰ķ ‡ ķ †¸ķ „´ķ †ēķ „˜ķ „Žķ ‡‘ķ „ķ „”ķ †ˆķ …šķ …‡ķ ‡­ķ „†ķ …“ķ …ąķ „”ķ †€ķ …ˇķ ‡Ļķ †€ķ ‡ķ ‡†ķ „™ķ †¯ķ ‡„ķ …ˇķ †ˇķ …Šķ ‡Ĩķ †§ķ …Ļķ †ķ „”ķ „ēķ …ķ …’ķ ‡¯ķ ‡“ķ …”ķ „Žī¸€ķ …­ķ ‡‘ķ …˛ķ ‡“ķ †Ŗķ †’ķ „ķ „ķ „Žķ †°ķ †‘ķ †ąķ …ˆķ „­ķ …Œķ …†ī¸Žķ †šķ †œķ …‹ķ ……ķ †“ķ …˛ī¸ķ …šķ „ ķ …˛ī¸ķ …ĩķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡Šķ „›ķ †Ąķ …˛ķ ‡ ķ …‘ķ ‡ķ „œķ „˜ķ „¨ī¸Šķ †‚ķ „Ēķ „Ģī¸ˆķ „Ŧķ †Šķ †§ķ †‰ķ ‡ ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ †§ķ …°ķ „žķ ‡™ķ †Ŗķ …¯ķ †ˇķ „ī¸†ķ ‡‹ķ ‡Žķ ‡›ķ †šķ „Ÿķ …ĩķ „Ŧķ …°ķ „Šķ †ēķ „€ķ „ ķ „§ī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ ķ „ ķ „žķ „ ķ „œķ †ķ „šķ †ķ „˜ķ …ļķ „–ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …ĸķ …Ÿķ …Ÿķ …¤ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ī¸ķ †žķ „‰ķ …ķ „˛ķ †ķ …ĸķ …šķ ‡ķ „šķ ‡”ķ „Ļķ „ŋķ „–ķ „ķ †‡ķ †­ķ …™ķ ‡ī¸ķ „ˇķ †“ķ ‡¯ķ …ŧķ †›ķ †Œķ ‡Šķ „€ķ …˛ķ ‡†ķ …‰ķ †Šķ ‡Šķ ‡ƒķ …†ī¸ķ …Œķ †ĸķ ‡šķ …ˆī¸‚ķ ‡‡ķ „ŗķ ‡ ķ „ĩķ …Ÿķ †€ķ †ī¸‚ķ „Ąī¸€ķ †ēķ …™ķ „‡ķ †‹ķ ‡…ķ ‡ķ ‡Ąķ …˜ķ …œķ †ĸķ †–ķ „Ÿķ „ˇķ †°ķ „ēķ †…ķ „ĩķ †‘ī¸‚ķ ††ķ „Šķ „™ī¸‚ķ …¸ķ „‹ķ ‡Ģķ †ĩķ …ķ †‘ķ „ļķ †ąī¸ķ ‡­ķ ‡–ķ „šķ ‡­ķ „›ķ „Šķ …†ī¸Žķ …ķ †Ÿķ …‘ķ …¨ķ „Ŋķ …ŗķ „ļķ „ŧķ …‰ī¸ƒķ „ˆķ „ ķ …˛ī¸ƒķ „„ķ „ ķ …˛ī¸‚ķ †Šķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „ģķ …œķ †žķ „‘ķ …´ķ „ēķ …™ķ †žķ …­ķ †ĸķ …Ĩķ „§ķ „Ĩķ †ŗķ „ĩķ …™ķ ‡‡ķ ‡ƒķ †Ļķ …°ķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „Ĩķ „ĸķ „ĸķ „Ąķ „Ŗķ „¤ķ „Šķ „Ĩķ „Ļķ …Šķ „‡ī¸ķ „¤ķ „Ļķ „ ķ „Ĩķ „Ąķ „§ķ „Ąķ „Ŗķ „¤ķ „Šķ „Ĩķ „Ļķ …Šķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ ‡‹ķ †Ĩķ ‡–ķ „´ķ „‡ķ „¨ķ †ˆķ „Ŋķ „ķ …‘ķ ‡Ĩķ „‘ķ „žķ „›ķ …ŋķ …¸ī¸‰ķ ‡ˆķ ‡Žķ ‡„ķ „ŗķ „ĸķ „ˇķ †­ķ …Ēķ ‡Ŧķ †•ī¸‡ķ ‡•ķ …ķ †¸ķ †ģķ „™ķ „ŋķ …‹ķ „Ÿķ „ˇķ ‡ˆķ …§ķ „™ķ …Ŧķ …›ķ ‡ĸķ ‡‰ķ †•ķ ‡Ģķ …Šī¸Œķ ‡Ŗķ …•ķ „‚ķ ‡Ēķ †Œķ „Ļķ …ŧķ †‡ķ †—ķ …­ķ „ŧķ …˜ķ …€ķ †ķ †…ī¸ķ …ŋķ ‡•ķ †¯ī¸‰ķ …Žķ ‡‘ī¸ķ †Ģķ †­ķ †œķ „‡ķ „…ķ ‡ķ †Ēķ †¸ķ ‡Ģķ ‡¯ī¸‰ī¸„ķ †—ķ …´ķ …ŋķ † ķ ‡ƒķ †ķ †ĸķ …šķ „˜ķ † ķ †ĸķ „‚ī¸Žķ †“ķ …ąķ †Ļķ „ ķ …ąķ †Ŗķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ †§ķ …°ķ „žķ ‡™ķ †Ŗķ …¯ķ †ˇķ „ī¸†ķ ‡‹ķ ‡Žķ ‡›ķ †šķ „Ÿķ …ĩķ „Ŧķ …°ķ „Šķ †ēķ „€ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ †§ķ …°ķ „žķ ‡™ķ †Ŗķ …¯ķ †ˇķ „ī¸†ķ ‡‹ķ ‡Žķ ‡›ķ †šķ „Ÿķ …ĩķ „Ŧķ …°ķ „Šķ †ēķ „€ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ķ …‘ķ ‡–ķ ‡Ŧķ ‡ķ …ąķ „‹ķ ‡Ŧķ ‡˜ķ …­ķ †¨ķ „˛ķ ‡žķ †Ŧķ ‡Ÿķ …“ķ †•ķ †¯ķ „Šķ †’ķ †¤ķ …†ķ …‰ī¸ˆķ †Œķ …Ēķ †—ķ ‡¤ķ † ķ „œķ „Ąķ †¤ķ †Œķ „¤ķ ‡Ÿķ ‡¨ķ „’ķ †ģķ „Ÿķ ‡‘ķ „“ķ …€ķ „ĩķ †­ķ †¤ķ „‰ķ …Ąķ ‡Šī¸‹ī¸‚ķ „Ąī¸€ķ …ŋķ †¸ķ ‡ķ †˛ķ ‡’ķ …‚ķ „—ķ ‡‚ķ ‡“ķ …Šķ ‡–ī¸‹ķ ‡­ķ ……ķ ‡‚ķ †Ĩī¸…ķ …ŗķ „ķ ‡œķ „Ąķ …œķ …ēķ „žķ „ķ †—ķ …ˆķ †•ķ „Ÿķ …‰ī¸†ķ „—ķ …™ķ †ĸķ „Ÿķ †¤ķ ‡†ķ ‡Šķ …€ķ …“ķ …ˆķ ‡Ģķ …šķ †‚ķ †°ķ …Œķ †ąķ †žķ …‰ī¸„ķ „žķ †•ķ …šķ …™ķ …žķ …Ŗķ …¤ķ …‘ķ …žķ …“ķ …•ķ „šķ „´ķ …¨ķ „ķ …Ĩķ …ĸķ …žķ „Ēķ …Ĩķ …Ĩķ …™ķ …”ķ „Ēķ „ ķ „Ļķ …–ķ „ĸķ „Ąķ „§ķ „Ąķ „ĸķ „ķ „Ĩķ „ĸķ …‘ķ „¤ķ „ķ „¤ķ „§ķ …’ķ „¨ķ „ķ „¨ķ „Ąķ …’ķ „Ļķ „ķ „¤ķ „Ĩķ …”ķ „¨ķ „Ļķ …–ķ „ ķ „Ąķ …‘ķ …–ķ „¨ķ …”ķ …¤ķ …“ķ …œķ …‘ķ …™ķ …ķ …ķ …—ķ …•ķ …žķ …•ķ …ĸķ …‘ķ …¤ķ …Ÿķ …ĸķ …ķ …™ķ …žķ …–ķ …Ÿķ †“ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ĸķ „žķ „ ķ …—ķ …Ļķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „Ąķ „žķ „ ķ …›ķ …Ŗķ … ķ …•ķ …“ķ …†ķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „ĸķ „žķ „ĸķ …™ķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …¨ķ „ˇķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …”ķ …’ķ …•ķ „ ķ „Ļķ „Ąķ „¤ķ „Ąķ „ķ „Ĩķ …”ķ „¨ķ „¨ķ „ķ „¤ķ „Ĩķ „Ŗķ …–ķ „ķ …’ķ „Ĩķ …–ķ „Ĩķ „ķ …–ķ „¤ķ „¨ķ „¨ķ „§ķ …”ķ …•ķ „§ķ …”ķ „ ķ …‘ķ …“ķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …ĸķ …“ķ …ĸķ …•ķ …‘ķ …¤ķ …•ķ …”ķ …ķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …¸ķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „šķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …¸ī¸‚ķ „ķ †›ķ …ķ †ŗķ …Ēķ ‡‡ķ †”ķ ‡ĸķ …Ļķ †ķ „Ąķ †¸ķ …Žķ „ķ „†ķ …›ķ „Ļķ …Žķ „™ķ …‡ķ †ēķ ‡Ÿķ „Ģķ …˜ķ †Ŧķ „Ÿķ „šī¸„ķ …ĸķ ‡šķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „˜ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „œķ †ˆķ ‡§ķ …Žķ †›ī¸Šķ …“ķ ‡Ĩķ ‡‘ķ „˛ķ ‡§ķ †žķ †“ķ „ļķ „Ĩķ …„ķ …–ķ ‡–ķ …€ī¸ķ ‡›ī¸€ķ „›ķ †…ķ …–ī¸ƒķ „ˆķ …Šķ „†ķ …ķ „ķ †ĩķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡‹ķ †›ķ …¨ķ …­ķ †­ķ ‡–ķ „žķ „¯ķ „¸ķ „œķ ‡Ļķ „Žķ „¨ķ …Œķ ‡•ī¸ƒķ „˛ķ ‡ĸķ „•ķ †–ķ …´ķ …’ķ †šķ „Šķ …‹ķ …Ŗķ ‡’ķ „ķ †“ķ „ĸķ „—ķ „°ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ąķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „‡ķ „‚ķ …‡ķ …¯ķ ‡ķ „Ēķ †ī¸€ķ ‡•ķ …šķ †„ķ „§ķ ‡Ŗķ …Šķ †—ķ †”ķ †„ķ ‡Ģķ †‚ķ „´ķ ‡ĸķ †„ķ †Šķ ‡Ąķ „Ÿķ † ķ †ˆķ ‡§ī¸ƒķ …¯ķ „´ķ ‡‹ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „ēķ „Ĩķ ‡Ēķ …§ķ „­ķ …ŧķ †˛ķ ‡Ēķ …ķ ‡…ķ †‰ķ †ļķ †ˇķ …€ķ †›ķ †šķ ‡™ķ … ķ …™ķ „Žķ ‡šķ ‡šķ „„ķ ‡ķ „Ŋķ …ļķ „‚ķ „¨ķ „Ŧķ ‡œķ †Ŗķ „ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡ ķ …žķ ‡†ķ „šķ „ļķ †˛ķ …´ķ „´ķ †ēķ †…ķ …Žķ „‚ķ …ķ „Ąķ …˜ķ …Œķ ‡”ķ „¸ķ …˜ķ „Šķ „Ĩī¸†ķ †Šķ „ŋķ „€ķ †Ŋķ „ķ ‡…ī¸…ķ …¸ķ ‡­ķ ‡‡ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …ˆķ …ķ …ļķ „œķ †Œķ …ˇķ „˜ķ …ŧķ „ŗķ †œķ „¸ķ †Ĩķ ‡•ķ „ļķ „ēķ ‡Šķ …–ķ „’ķ „ˆķ †ĸī¸‚ķ †ķ …žķ …—ķ …ˆķ †Ļķ ‡ķ …™ķ †ĩķ „ˆī¸‚ķ †Ĩķ …šķ „“ķ ‡Œķ ‡Ģī¸†ķ …‚ķ †°ķ ‡‘ķ …œķ …Œķ …¸ķ …ƒī¸‚ķ ‡˜ķ …‡ķ „°ķ †¨ķ †€ī¸ķ „€ķ „‘ķ ‡œī¸ƒķ „”ķ …ļķ †ēķ …ķ †˛ķ ‡Ąķ „ˆķ …šķ ‡Ēķ „™ķ „žķ „­ķ „°ķ „žķ †–ķ ‡˜ķ … ķ „€ķ „Ŗķ ‡’ķ ‡žķ …ĩķ †šķ „†ķ „Œķ …Ąķ …”ķ „Ļķ …Ĩķ †€ķ †­ķ †Ŗķ „ķ †Œķ „œķ †Ŗķ ‡­ķ „žķ †€ī¸ķ „•ķ ‡‡ķ †¨ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯

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