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Dynamical horizons are considered in full, non-linear general relativity.Expressions of fluxes of energy and angular momentum carried by gravitationalwaves across these horizons are obtained. Fluxes are local, the energy flux ispositive and change in the horizon area is related to these fluxes. The fluxformulae also give rise to balance laws analogous to the ones obtained by Bondiand Sachs at null infinity and provide generalizations of the first and secondlaws of black hole mechanics.Comment: 4 pages, RevTeX4. Minor typos corrected. To appear in Phys.Rev.Let

Dynamical Horizons: Energy, Angular Momentum, Fluxes, and Balance Laws