Fbgbkl_jkl\h h[jZah\ZgbyJhkkbckdhcN_^_jZpbb LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l
:D ;;D_...
1 downloads
129 Views
564KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
Fbgbkl_jkl\h h[jZah\ZgbyJhkkbckdhcN_^_jZpbb LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l
:<KHEHI:OH F:L?F:LBD:< WDHGHFBD? QZklv, Mq_[ghijZdlbq_kdh_ihkh[b_
LZf[h\ Ba^Zl_evkl\hL=LM
M>D ;;D<y F
F
J_p_ga_glu DZg^b^Zlwdhghfbq_kdbogZmd aZ\_^mxsbcdZn_^jhc ;momq_lb Zm^blL=LM E<IZjohf_gdh >hdlhjnbabdhfZl_fZlbq_kdbogZmd ijhn_kkhjL=Mbf=J>_j`Z\bgZ KF>ax[Z
FZl_fZlbdZ\ wdhghfbd_Mq_[ghijZdlbq_kdh_ihkh[b_ :\lkhkl:< KhehiZohLZf[h\Ba^\hLZf[]hkl_ogmglZQk ,6%1 Baeh`_gu hkgh\gu_ l_hj_lbq_kdb_ k\_^_gby b jZah[jZgu lbih\u_ aZ^Zqb ih i_j\hcqZklbdmjkZWdhghfbdhfZl_fZlbq_kdb_f_lh^uJZkkfZljb\Zxlky\hijhku b aZ^Zqb l_hjbb kbkl_f fZkkh\h]h h[kem`b\Zgby ebg_cgh]h ijh]jZffbjh\Zgby fh^_e_c hilbfbaZpbb ijhba\h^kl\_gguo ieZgh\ l_hjbb ]jZnh\ b l_hjbb b]j Ijb\h^ylky \ZjbZglu dhgljhevguo aZ^Zgbc ^ey klm^_glh\ \lhjh]h dmjkZ aZhqgh]h hl^_e_gbyki_pbZevghkl_c M>D ;;D<y
,6%1
LZf[h\kdbc]hkm^Zjkl\_gguc l_ogbq_kdbcmgb\_jkbl_l L=LM KhehiZoh:<
<>?GB?
F_lh^bq_kdb_ jZajZ[hldb ih dmjkm WdhghfbdhfZl_fZlbq_kdb_ f_lh^u kh^_j`Zl fZl_jbZe khhl\_lkl\mxsbc ijh]jZff_ lj_lv_]h k_f_kljZ ^ey klm^_glh\ aZhqgh]h hl^_e_gby DjZldh baeZ]Zxlky k\_^_gby ih ke_^mxsbf jZa^_eZf L_hjby kbkl_f fZkkh\h]h h[kem`b\Zgby Ebg_cgh_ ijh]jZffbjh\Zgb_ Fh^_eb hilbfbaZpbb ijhba\h^kl\_gguo ieZgh\ L_hjby ]jZnh\ b L_hjby b]j : lZd`_ ijb\h^ylky ijbf_ju lbih\uo aZ^Zq b ih^jh[gh jZkkfZljb\Zxlky bo j_r_gby qlh ihfh`_l klm^_glZfkZfhklhyl_evghkijZ\blvkyk \uiheg_gb_fdhgljhevguoaZ^Zgbc Dhgljhevgh_ aZ^Zgb_ khklhbl ba iylb aZ^Zq
L_hjbykbkl_ffZkkh\h]hh[kem`b\ZgbyKFH >@y\ey_lkyh^gbfbagZijZ\e_gbc ijbdeZ^ghc fZl_fZlbdb < g_c bamqZxlky \hafh`ghklb bkihevah\Zgby fZl_fZlbq_kdbo fh^_e_c ^ey jZkq_lZ jZaghh[jZaguo kbkl_f \ dhlhjuo ijhbkoh^bl ihklmie_gb_ b h[kem`b\Zgb_g_dhlhjh]hihlhdZaZy\hdlj_[h\Zgbc Ijbwlhfh[uqghij_^iheZ]Z_lky qlh aZy\db ihklmiZxl \ kemqZcgu_ fhf_glu \j_f_gb b \j_fy g_h[oh^bfh_ ^ey h[kem`b\Zgby dZ`^hc aZy\db lZd`_ kemqZcgh Ijbf_jh\ ih^h[guo kblmZpbc \_kvfZ fgh]hWlhb h[kem`b\Zgb_dZkkbjhfkemqZcgh]hihlhdZihdmiZl_e_cb ihklmie_gb_gZ l_e_nhggmx klZgpbx aZy\hd gZ kh_^bg_gby k Z[hg_glhf b hq_j_^v \ ihebdebgbd_ gZ ijb_fd \jZqml_hjbxKFHqZklhlZd`_gZau\Zxll_hjb_chq_j_^_c b l^
Ijb fh^_ebjh\Zgbb fgh]bo ijhp_kkh\ ijhbkoh^ysbo \ ijbjh^_ gZmd_ l_ogbd_ dhff_jq_kdhc ^_yl_evghklb bo fh`gh jZkkfZljb\Zlv dZd p_ib kh[ulbc \ dhlhjuo gZ dZ`^hfrZ]_kemqZcgufh[jZahfhkms_kl\ey_lkyi_j_oh^bah^gh]hkhklhygby\ ^jm]h_ ijbq_f ba\_klgZ \_jhylghklv lh]h bebbgh]hi_j_oh^ZKha^ZgZb rbjhdhbkihevam_lky fZl_fZlbq_kdZy l_hjby bamqZxsZy lZdb_ kemqZcgu_ ijhp_kku < qZklghklb wlZ l_hjby bkihevam_lky ijb bamq_gbb KFH ihwlhfm \\_^_f g_kdhevdh khhl\_lkl\mxsbo hij_^_e_gbcb nZdlh\ KemqZcgucijhp_kk ihkmlbfh`ghjZkkfZljb\ZlvdZdg_dhlhjmxkemqZcgmxnmgdpbx [W l_ nmgdpbx agZq_gbyfb dhlhjhc y\eyxlky kemqZcgu_ \_ebqbgu ijb wlhf Zj]mf_gl W h[uqgh jZkkfZljb\Zxl dZd \j_fy bgh]^Z dZd ijhkljZgkl\_ggmx i_j_f_ggmx :j]mf_gl W fh`_l y\eylvky g_ij_ju\guf beb ^bkdj_lguf \h \lhjhf kemqZ_ bf__lky ihke_^h\Zl_evghklv fhf_glh\ ^WL` b ]h\hjyl h ijhp_kk_ k ^bkdj_lguf \j_f_g_fbebkemqZcghcihke_^h\Zl_evghklb[WL IjhkljZgkl\hf khklhygbc gZau\Z_lky fgh`_kl\h \k_o \hafh`guo khklhygbc dhlhju_ fh`_lijbgbfZlvijhp_kkWlhfgh`_kl\hfh`_l[ulvdhg_qgufbebkq_lguf lh]^Z ]h\hjyl h ^bkdj_lghf kemqZcghf ijhp_kk_ beb g_ij_ju\guf lh]^Z kemqZcguc ijhp_kkgZau\Z_lkyg_ij_ju\guf >Ze__ [m^_f jZkkfZljb\Zlv lhevdh kemqZcgu_ ijhp_kku k dhg_qguf ijhkljZgkl\hf khklhygbcH[agZqbfV V1 khklhygby\ aZ^ZgghfijhkljZgkl\_1 khklhygbcAZibkvVL o VM[m^_lhagZqZlvqlhijhp_kki_j_oh^blbaL]hkhklhygby\ M_ KemqZcguc ijhp_kk gZau\Z_lky fZjdh\kdbf beb p_ivx FZjdh\Z _keb \uiheg_gh \Z`gh_mkeh\b_
3^[WQ
~[WQ VL Q VL
VL [W VL ` 3^[WQ Q
Q
~[WQ VL ` Q
l_\_jhylghklvihiZ^Zgbyijhp_kkZ\ dZdh_eb[hkhklhygb_gZke_^mxs_frZ]_aZ\bkbl lhevdh hl l_dms_]h khklhygby ijhp_kkZ b g_ aZ\bkbl gb hl h^gh]h ba khklhygbc ^hklb]gmluojZg__ ?keb wlb \_jhylghklb g_ baf_gyxlky k l_q_gb_f \j_f_gb l_ g_ aZ\bkyl hl Q lh lZdhc ijhp_kk gZau\Z_lky klZpbhgZjguf >ey klZpbhgZjguo fZjdh\kdbo ijhp_kkh\ fh`ghhij_^_eblv\_jhylghklvi_j_oh^ZbakhklhygbyVL \ VMaZh^bgrZ]g_aZ\bkysmx hlghf_jZrZ]Z jLM J^VL o VM`
Ijbwlhfhq_\b^gh \uihegyxlkymkeh\by 1 ¦ SLM M
L 1
SLM t L 1
Wlb khhlghr_gby \ujZ`Zxl lh qlh _keb ijhp_kk gZ g_dhlhjhf rZ]_ gZoh^blky \ khklhygbbVL lhgZke_^mxs_frZ]_hgk \_jhylghklvxi_j_oh^bl\ g_dhlhjh_^jm]h_ \hafh`gh_khklhygb_baijhkljZgkl\Zkhklhygbc \ qZklghklbijhp_kkfh`_lg_baf_gblv k\h_]hkhklhygby _keb SLL z GZah\_ffZljbpmJ ^jLM`jZaf_jZ1u 1 fZljbp_ci_j_oh^guo\_jhylghkl_c I_j\h_ khklhygb_ ba dhlhjh]h ijhp_kk gZqbgZ_lky hq_\b^gh ^he`gh [ulv lZd beb bgZq_ aZ^Zgh Wlh ^_eZ_lky k ihfhsvx g_dhlhjh]h \_dlhjZ Z Z Z1 ]^_ DM _klv\_jhylghklvlh]hqlh\ gZqZevgucfhf_glijhp_kkgZoh^beky\ khklhygbbVM ZM J^[W V M `GZijbf_j_keb^hklh\_jghlh_klvk \_jhylghklvx ba\_klghqlhi_j_^ i_j\uf rZ]hf ijhp_kk gZoh^beky \ khklhygbb VP ]^_ d P d Q lh DP Z ^jm]b_ dhfihg_glu wlh]h \_dlhjZ jZ\gu gmex AZ^Zgb_ gZqZevgh]h khklhygby ijhp_kkZ k ihfhsvx \_dlhjZ \_jhylghkl_c iha\hey_l bamqZlv b jZkkqblu\Zlv kemqZb dh]^Z i_j_^ gZqZehf ihke_^h\Zl_evghklb fhf_glh\ ^ey dhlhjhc fu jZkkfZljb\Z_f ijhp_kk ba\_klgh qlh ijhp_kk k ba\_klgufb \_jhylghklyfb fh`_l gZoh^blvky \ h^ghf ba g_kdhevdbokhklhygbcLZdZykblmZpbybf__lf_klhqZklh >Ze__ ykgh qlh ihkdhevdmkZfbi_j_oh^ukemqZcgulhkhklhygb_ijhp_kkZihke_N rZ]h\ fh`_l hibku\Zlvky lhevdh \_dlhjhf \_jhylghkl_c ih^h[guf \_dlhjm Z H[hagZqbf q_j_a DN Qf_jguc \_dlhj dhhj^bgZlu dhlhjh]h \ujZ`Zxl \_jhylghklb qlhijhp_kkgZoh^blky\ khklhygbbVL ihke_N rZ]h\HdZau\Z_lky\_dlhjDN fh`_l[ulv gZc^_gihnhjfme_ DN D 3 N
BlZdklZpbhgZjgZydhg_qgZyfZjdh\kdZyp_iviheghklvxhij_^_e_gZ_kebaZ^Zgu x dhg_qgh_ijhkljZgkl\hkhklhygbc x gZqZevguc\_dlhj\_jhylghkl_cZ x fZljbpZi_j_oh^guo\_jhylghkl_cJ
Ijbf_j < dZq_kl\_ ijbf_jZ hibr_f dZd fZjdh\kdmx p_iv ke_^mxsbc kemqZcguc ijhp_kk >\Z dhjZ[ey klj_eyxl ^jm] \ ^jm]Z h^gh\j_f_ggh b q_j_a jZ\gu_ ijhf_`mldb \j_f_gb Ijb dZ`^hf h[f_g_ \uklj_eZfb dhjZ[ev : ihjZ`Z_l dhjZ[ev < k \_jhylghklvxZ dhjZ[ev< ihjZ`Z_ldhjZ[ev: k \_jhylghklvxIj_^iheZ]Z_lky qlhijbex[hfihiZ^ZgbbdhjZ[ev\uoh^blbakljhyJZkkfZljb\Zxlkyj_amevlZluk_jbb
\uklj_eh\ KhklZ\vl_ ijhkljZgkl\h khklhygbc b fZljbpm i_j_oh^Z _keb khklhygbyfb p_ib[m^mldhf[bgZpbbdhjZ[e_chklZ\rboky\ kljhx IjhkljZgkl\hkhklhygbc[m^_l\dexqZlvke_^mxsb_khklhygby x VL ^p_euh[ZdhjZ[ey` x V ^: p_e< ihjZ`_g` x V ^: ihjZ`_g< p_e` x V ^h[ZdhjZ[eyihjZ`_gu` Ihkdhevdm\ khklhygbyoVVV \uklj_eug_ijhba\h^ylkylhihiZ\\ h^ghbwwlbo khklhygbck \_jhylghklvxp_evhklZg_lky\ lhf`_khklhygbbKe_^h\Zl_evghj j j D jLM L M z L Hij_^_ebf \_jhylghklv i_j_oh^Z ba V \ V V V <_jhylghklvlh]hqlhijb\uklj_eZoh[ZdhjZ[eymp_e_xlj <_jhylghklv lh]h qlh ijb \uklj_eZo [m^_l ihjZ`_g dhjZ[ev < Z dhjZ[ev : hklZg_lky p_e S \_jhylghklvlh]hqlh: [m^_lihjZ`_gZ < p_eS \_jhylghklv lh]h qlh [m^ml ihjZ`_gu h[Z dhjZ[ey j Lh]^Z fZljbpZi_j_oh^ZJ aZibr_lky\ \b^_ J
§ · ¨ ¸ ¸ ¨¨ ¸ ¨ ¸ ¨ ¸¹ ©
GZc^_f gZijbf_j khklhygb_ jZkkfZljb\Z_fh]h ijhp_kkZ ihke_ h^gh]h h[f_gZ \uklj_eZfb D D 3 3
a^_kvijbgylhD 3 ihkdhevdm^hh[f_gZ\uklj_eZfbh[ZdhjZ[ey[uebp_eu >Ze__ihke_^\moh[f_gh\\uklj_eZfb D D 3 D 3 3
wlh hagZqZ_l qlh ihke_ ^\mo \uklj_eh\ h[Z dhjZ[ey hklZgmlky p_eu k \_jhylghklvx lhevdh i_j\uc lhevdh \lhjhc h[Z [m^ml ihjZ`_gu k \_jhylghklvx :gZeh]bqgh fh`gh jZkkqblZlv \_jhylghklb khklhygbc ihke_ ex[h]hdhg_qgh]hdhebq_kl\Z\uklj_eh\ KlZpbhgZjgh_jZkij_^_e_gb_j_]meyjghcfZjdh\kdhcp_ib
E
KlZpbhgZjgh_ jZkij_^_e_gb_ kms_kl\m_l g_ \k_]^Z oZjZdl_jbklbdb ijhp_kkZ g_h[oh^bfu_b ^hklZlhqgu_^ey_]hkms_kl\h\ZgbyhibkZgugb`_
FZjdh\kdZy p_iv gZau\Z_lky wj]h^bq_kdhc _keb dZ`^h_ khklhygb_ ba ijhkljZgkl\Z khklhygbc 6 fh`_l [ulv ^hklb]gmlh ba ex[h]h ^jm]h]h khklhygby ba 6 Wj]h^bq_kdb_ p_ib [u\Zxl^\mo\b^h\ x pbdebq_kdhc gZau\Z_lky p_iv \ dhlhjhc dZ`^h_ khklhygb_ fh`_l ijbgbfZlvky q_j_ahij_^_e_ggu_i_jbh^bq_kdb_bgl_j\Zeu x j_]meyjghc gZau\Z_lkywj]h^bq_kdZyp_iv g_y\eyxsZykypbdebq_kdhc J_]meyjgZy p_iv beb j_]meyjguc fZjdh\kdbc ijhp_kk ^\b`_lky f_`^m \k_o khklhygbc \ ijhkljZgkl\_ khklhygbc ihiZ^Zy \ ex[h_ ^Zggh_ khklhygb_ q_j_a g_hij_^_e_ggh_ qbkeh g_i_jbh^bq_kdbo bgl_j\Zeh\ \j_f_gb FZljbpZ i_j_oh^h\ j_]meyjgh]hfZjdh\kdh]hijhp_kkZgZau\Z_lkyj_]meyjghcfZljbp_ci_j_oh^h\ GZijbf_j ijhp_kk hibkZgguc \ ij_^u^ms_f ijbf_j_ g_ y\ey_lky j_]meyjguf M[_^blvky \ wlhf g_ keh`gh ko_fZlbq_kdb bah[jZab\ fgh`_kl\h _]h \hafh`guo khklhygbc b i_j_oh^gu_ \_jhylghklb \ \b^_ jbk GZ wlhf jbkmgd_ g_ ihdZaZgu klj_edZfbi_j_oh^uk gme_\ufb\_jhylghklyfbLZdbfh[jZahfdZdfh`gh[uehihgylv b [_a jbkmgdZ ba khklhygbc V V V \ ^jm]b_ khklhygby m`_ ihiZklv g_\hafh`gh Z agZqbl^Zggucijhp_kkg_y\ey_lkywj]h^bq_kdbfb ke_^h\Zl_evgh j_]meyjguf
6
6
6
6
Jbk
Nmg^Zf_glZevgZyl_hj_fZ^eyj_]meyjguofZjdh\kdbop_i_cml\_j`^Z_lqlh_kebJ y\ey_lkyj_]meyjghcfZljbp_ci_j_oh^h\lh kms_kl\m_lij_^_e OLP 3 N % N of
dZ`^Zy kljhdZ fZljbpu < ijb wlhf _klv h^bg b lhl `_ \_dlhj E dhfihg_gludhlhjh]hm^h\e_l\hjyxlmkeh\byf
E E
1
EL t ¦ EL L
Ijb\_^_ggZy l_hj_fZ \ qZklghklb hagZqZ_l qlh \ kemqZ_ j_]meyjghc p_ib ihegu_ \_jhylghklbihiZ^Zgby \ jZaebqgu_khklhygbyijb^hklZlhqgh[hevrhfqbke_rZ]h\g_ aZ\bkylhlgZqZevgh]hkhklhygby >ey gZoh`^_gby klZpbhgZjgh]h jZkij_^_e_gby E j_]meyjghc p_ib m^h[gh ihevah\Zlvkyhq_\b^gufk\hckl\hfqlhE _^bgkl\_gguc\_jhylghklguc\_dlhjlZdhc qlh\uihegy_lky\_dlhjgh_jZ\_gkl\h EJ E < dhhj^bgZlghcnhjf_jZ\_gkl\h ijbf_l\b^
E S E S E1 S 1 E ° ° E S E S E1 S 1 E ® ° °E S E S 1 E1 S 11 E1 ¯ 1
Ijbf_j GZc^_f gZijbf_j klZpbhgZjgh_jZkij_^_e_gb_^eyj_]meyjghcp_ib bf_xs_cfZljbpmi_j_oh^Z § ¨
· ¸ ¸ ¨ ¸ © ¹
J ¨
ImklvE EE E bkdhfh_klZpbhgZjgh_jZkij_^_e_gb_
E E E
EEE E >h[Z\bfmkeh\b_ lh]hqlh\_dlhjE y\ey_lky\_jhylghklguf EEE J_rZy i_j\h_ \lhjh_ b q_l\_jlh_ mjZ\g_gby lZd dZd lj_lv_ mjZ\g_gb_ y\ey_lky ebg_cghc dhf[bgZpb_c i_j\h]h b \lhjh]h ihemqZ_f E E E E JZkkfhljbf klZpbhgZjgh_ jZkij_^_e_gb_ ^ey kemqZcgh]h ijhp_kkZ ko_fZlbq_kdb bah[jZ`_ggh]h gZ jbk
3 3
V 3
3 3
V 3
3
3NN
3
3NN
VN 3NN
3NN 3NN
Jbk
VN 3NN
H[hagZqbf q_j_a E EEN \_dlhj _]hklZpbhgZjgh]h jZkij_^_e_gbylh]^Z kbkl_fZmjZ\g_gbc aZibr_lky\ \b^_ E S ES E
ELSLLELSLLELSL L ELL N
ENSNNENSNN EN
¦ EL N
L
G_keh`ghijh\_jblvqlhj_r_gb_fwlhckbkl_fuy\eyxlky\_ebqbgu E E
S S
§ S S S S S S · ¨ N N ¸ ¨ ¸ S S S S S S N N © ¹
E E
S S S S
E EN
SN N S S SN N S S
E
Hkgh\gu_ihgylbyl_hjbbfZkkh\h]hh[kem`b\Zgby
I_j_c^_f l_i_jv g_ihkj_^kl\_ggh d KFH D hij_^_eyxsbf oZjZdl_jbklbdZf KFHhlghkylky x dhebq_kl\h h[kem`b\Zxsbo ijb[hjh\ JZaebqZxl h^ghdZgZevgu_ b fgh]hdZgZevgu_KFH x hj]ZgbaZpby hq_j_^b ?keb \gh\v ihklmiZxs__ lj_[h\Zgb_ g_ gZc^y k\h[h^gh]h h[kem`b\Zxs_]h ijb[hjZ ihdb^Z_l KFH lh lZdZy KFH gZau\Z_lky KFHk hldZaZfb_kebklZgh\blky\ hq_j_^vlh KFHk h`b^Zgb_fFh`_lbf_lv f_klh h]jZgbq_gb_ gZ ^ebgm hq_j_^b Lh]^Z _keb \gh\v ihklmiZxs__ lj_[h\Zgb_ ijboh^bl \ kbkl_fm \ fhf_gl dh]^Z ^ebgZ hq_j_^b aZy\hd h`b^Zxsbo h[kem`b\Zgby ^hklb]eZ fZdkbfZevgh ^himklbfhc \_ebqbgu lh aZy\dZ moh^bl g_ h[kem`_gghc x ^bkpbiebgZ h[kem`b\Zgby Lh _klv ihjy^hd \u[hjZ ba hq_j_^b aZy\db ^ey h[kem`b\Zgby Fh]ml bkihevah\Zlvky ijbgpbiu i_j\uc ijbr_e i_j\uc h[kem`bekybebi_j\ucijbr_e ihke_^gbch[kem`bekybeb^jm]b_ P_gljZevguf ihgylb_f bamqZ_fhc l_hjbby\ey_lkyihgylb_ ihlhdZ kh[ulbc ih^dhlhjufihgbfZ_lkyihke_^h\Zl_evghklvh^ghjh^guokh[ulbcijhbkoh^ysbo\ kemqZcgu_ beb g_ kemqZcgu_ fhf_glu \j_f_gb >@ Ihlhd gZau\Z_lky klZpbhgZjguf _keb _]h oZjZdl_jbklbdb g_ f_gyxlky kh \j_f_g_f
OW P OW H P
dhlhjZy gZau\Z_lky nhjfmehc ImZkkhgh\kdh]h jZkij_^_e_gby < khhl\_lkl\bb k fZl_fZlbq_kdh_ h`b^Zgb_ kemqZcghc \_ebqbgu P jZ\gh OW Lh _klv bgl_gkb\ghklv y\ey_lky _^bgkl\_gguf iZjZf_ljhf ihlhdZ LZd`_ \Z`gh qlh
l_i_jvfh`_l[ulvaZibkZgZ\_jhylghklvihy\e_gbyohly[uh^gh]hlj_[h\ZgbyaZ ijhf_`mlhd\j_f_gb' 'W 3'W H O'W
q_ff_gvr_\_ebqbgZ' 'W l_flhqg__ke_^mxs__ijb[eb`_gb_
3'W H O'W | O'W
?keb kqblZlv qlh ihlhd h[kem`_gguo aZy\hd lZd `_ y\ey_lky ijhkl_crbf k bgl_gkb\ghklvxP PlhZgZeh]bqghnhjfme_ fh`ghaZibkZlv\_jhylghklvqlhaZ \j_fyW [m^_lh[kem`_gZohly[uh^gZaZy\dZbebqlhlh`_kZfh_\_jhylghklvqlh \j_fyh[kem`b\Zgbyh^ghcaZy\dbL hdZ`_lkyf_gvr_W 37 W H PW Lh _klv nhjfmeZ ^Z_l nmgdpbx jZkij_^_e_gby \j_f_gb h[kem`b\Zgby aZy\db JZkij_^_e_gb_ kemqZcghc \_ebqbgu \b^Z gZau\Z_lky wdkihg_gpbZevguf < gZmqghc ebl_jZlmj_ qZklh bkihevamxlky hkh[u_ mkeh\gu_ h[hagZq_gby lbiZ KFH GZijbf_j FF hagZqZ_l KFH k imZkkhgh\kdbf ihlhdhf lj_[h\Zgbc wdkihg_gpbZevguf \j_f_g_f h[kem`b\Zgby b h^gbf h[kem`b\Zxsbf ijb[hjhf ?keb ijb wlhf ihlhd lj_[h\Zgbc y\ey_lky g_ kemqZcguf k ihklhygghc bgl_gkb\ghklvxj_]meyjguf lhlh]^Zkbkl_fZh[hagZqZ_lky>F Bkihevah\Zgb_fZjdh\kdbop_i_c^eyfh^_ebjh\ZgbyKFH
QZs_ \k_]h \klj_qZxlky b bkke_^mxlky KFH \ dhlhjuo eb[h \oh^ghc eb[h \uoh^ghcihlhdy\ey_lkyimZkkZgh\kdbfH^gZdhbgh]^Zfh`ghij_^iheh`blvqlh bf__lky g_dhlhjuc ^hklZlhqgh fZeuc ijhf_`mlhd \j_f_gb 'W ^ey dhlhjh]h \_jhylghklb dZd ijboh^Z lZd b h[kem`b\Zgby ^\mo b [he__ lj_[h\Zgbc fh`gh kqblZlv jZ\gufb gmex Lh]^Z _keb aZ^Zgu wlb \_jhylghklb ihklmie_gby h^ghc aZy\db S b h[kem`b\Zgby S aZ ijhf_`mlhd \j_f_gb 'W lh ^ey fh^_ebjh\Zgby \hagbdZxs_]hijhp_kkZfZkkh\h]hh[kem`b\Zgbyfh`ghbkihevah\ZlvfZjdh\kdmx p_iv Imklv \ hq_j_^b g_ fh`_l [ulv [he__ N lj_[h\Zgbc Lh]^Z ihemqZ_f p_iv ]jZnbq_kdb ij_^klZ\e_ggmx gZ jbkmgd_ dZd m`_ ]h\hjbehkv hgZ y\ey_lky j_]meyjghc IjhkljZgkl\h khklhygbc \dexqZ_l N we_f_glh\ ^VL L N ` We_f_glufZljbpui_j_oh^guo\_jhylghkl_cbf_xl\b^ jLM ~L M~ ! jLL S S L z N jLL S SLz jLL SS S S Lz N j S j S jNN S S S : we_f_glu\_dlhjZklZpbhgZjgh]hjZkij_^_e_gbyaZ^ZxlkynhjfmeZfb Ijbf_j < dZq_kl\_ ijbf_jZ lZdh]h ih^oh^Z d jZkq_lm KFH jZkkfhljbf ke_^mxsmx kblmZpbx Imklv \ ]ZjZ`_ fZkl_jkdhc ih j_fhglm Z\lhfh[be_c fh`_l jZaf_klblvky g_ [he__ ^\mo fZrbg < kj_^g_f gZ j_fhgl Z\lhfh[bey aZljZqb\Z_lky qZkh\ dZ`^uc qZk k \_jhylghklvx fh`_l ihklmiblv gh\Zy aZy\dZ gZ j_fhgl Z\lhfh[bey Ijb hldjulbb fZkl_jkdhc hq_j_^v [ueZ imklZ Hij_^_eblv \_jhylghklv lh]hqlh Z q_j_a^\ZqZkZihke_gZqZeZjZ[hlu\ fZkl_jkdhcg_ [m^_lZ\lhfh[be_c
[ \ hq_j_^bq_j_aqZkh\ihke_hldjulbyfZkl_jkdhc[m^_llj_[h\Zgby Ba mkeh\bc aZ^Zqb fh`gh hij_^_eblv \_ebqbgu j b j Bkihevamy nhjfmeuihemqbffZljbpmi_j_oh^guo\_jhylghkl_c 3
· § ¨ ¸ ¨ ¸ ¨ ¸¹ ©
Z <_jhylghklb lh]h qlh q_j_a ^\Z rZ]Z \ hq_j_^b klhyl beb lj_[h\Zgby aZ^Zxlky dhfihg_glZfb \_dlhjZ Z < khhl\_lkl\bb k mkeh\b_f aZ^Zqb \_dlhj gZqZevgh]hkhklhygbyD Kh]eZkgh Z D Jlh]^Z Z
· § ¨ ¸ ¨ ¸ ¨ ¸ © ¹
l_q_j_aqZkZihke_hldjulby\ hq_j_^bg_[m^_llj_[h\Zgbck \_jhylghklvx [ Ihke_ ^\_gZ^pZlb rZ]h\ fh`gh ijb[eb`_ggh kqblZlv qlh KFH \hc^_l \ klZpbhgZjguc j_`bf b \_jhylghklb lh]h qlh \ hq_j_^b [m^ml beb lj_[h\Zgby jZ\gu khhl\_lkl\mxsbf dhfihg_glZf \_jhylghklgh]h \_dlhjZ E Ih^klZ\eyy \ we_f_glufZljbpu3 SLM gZoh^bf E E E
Ke_^h\Zl_evgh ijb[eb`_ggh fh`gh kqblZlv qlh q_j_a qZkh\ ihke_ gZqZeZ jZ[hlufZkl_jkdhclj_[h\Zgby\ hq_j_^b[m^mlklhylvk \_jhylghklvx KFHlbiZFFk h`b^Zgb_f
KFH lbiZ FF lh _klv k h^gbf h[kem`b\Zxsbf ijb[hjhf gZb[he__ qZklh bkihevamxl dZd fh^_ev j_Zevguo kbkl_f h[kem`b\Zgby ihlhdZ aZy\hd JZkkfhljbf \ gZqZe_kemqZc hq_j_^bh]jZgbq_gghc^ebgug_[he__N aZy\hd Imklv ba\_klgh qlh bgl_gkb\ghklb khhl\_lkl\_ggh ihlhdZ aZy\hd b ijhp_kkZ h[kem`b\Zgby aZ^Zxlky \_ebqbgZfb O b P ?keb khhl\_lkl\mxs__ wlhc fh^_eb g_ij_ju\gh_ \j_fy jZa[blv gZ ihke_^h\Zl_evghklv \j_f_gguo bgl_j\Zeh\ ^hklZlhqgh fZehc\_ebqbgu'Wlh\_jhylghklvihklmie_gbyh^ghcaZy\dbaZ\j_fy'W ijb[eb`_ggh hij_^_ey_lkynhjfmehcZgZeh]bqghc J'W | O'W Z \_jhylghklvh[kem`b\ZgbyaZwlh\j_fyh^ghcaZy\db
J'W | P'W
Ijbwlhfq_ff_gvr_\_ebqbgZ'Wl_flhqg__^Zggu_ijb[eb`_gby
jLL O'W P'W L z N jLL O'W P 'WLz
jLL O'W P'W O'W P'W L z N j O'W j O'W
jNN O'W O'W P'W
< wlbo nhjfmeZo fu ij_g_[j_]eb keZ]Z_fufb i_j_oh^guo \_jhylghkl_c khhl\_lkl\mxsbfbihy\e_gbxaZ\j_fy'W ^\mob [he__lj_[h\Zgbcqlh\hh[s_]h\hjy \hafh`gh H^gZdh \ khhl\_lkl\bb k mkeh\b_f hj^bgZjghklb ijhp_kkZ ijb 'W o mdZaZggh_^hims_gb_h[hkgh\Zggh < p_ib dZ`^h_ khklhygb_ fh`_l [ulv ^hklb]gmlh ba ex[h]h ^jm]h]h khklhygby Ke_^h\Zl_evgh ijb ZgZeba_ ^Zgghc kbkl_fu fh`gh ihevah\Zlvky j_amevlZlZfb baeh`_ggufb ^ey j_]meyjguo fZjdh\kdbo p_i_c
EL
§ P'W · ¨ ¸ O 'W © O 'W ¹
L
§O· ¨¨ ¸¸ ©P¹
L
· ¸ ¸ ¸ ¸ ¸ ¹
EL N
>Zggu_\ujZ`_gbyijb[eb`_gghhij_^_eyxl\_jhylghklbkhklhygbcg_ij_ju\gh]h ijhp_kkZ Lhqghklv hij_^_ey_lky [ebahklvx \_ebqbg d bklbgguf \_jhylghklyf I_j_oh^y \ d ij_^_em ijb'W o ihemqZ_flhqgu_\ujZ`_gby^ey \_jhylghkl_ckhklhygbckbkl_fu\ klZpbhgZjghfj_`bf_ E
U UN
EL U L E L N
A^_kv bkihevah\Zghh[hagZq_gb_U
O wlm\_ebqbgmgZau\ZxlgZ]jmadhckbkl_fu P
L_i_jv ihevamykv ihemq_ggufb \_jhylghklyfb g_keh`gh ihemqblv \ujZ`_gby ^ey jZaebqguo\Z`guoiZjZf_ljh\KFH\ klZpbhgZjghfj_`bf_ <_jhylghklv hldZaZ l_ \_jhylghklv qlh aZy\dZ ihklmibl \ fhf_gl dh]^Z m`_ bf__lkyhq_j_^vbaN aZy\hd 3HLD UN E Hlghkbl_evgZy ijhimkdgZy kihkh[ghklv l_ ^hey h[kem`_gguo aZy\hd ba ihklmib\rbo\ kbkl_fm 4 3HLD
:[khexlgZy ijhimkdgZy kihkh[ghklv KFH l_ kj_^g__ dhebq_kl\h aZy\hd h[kem`b\Z_fuo\ _^bgbpm\j_f_gb
: O 3HLD Kj_^g__ qbkeh aZy\db \ hq_j_^b [_a mq_lZ h[kem`b\Z_fhc aZy\db l_ fZl_fZlbq_kdh_h`b^Zgb_wlhckemqZcghc\_ebqbgu /HQ U
> U N NU @ N
UN U
Kj_^g__ \j_fy h`b^Zgby h[kem`b\Zgby aZy\dhc g_ \dexqZy \j_f_gb kZfh]h h[kem`b\Zgby FQ /HQP
>hey ijhklh_\ h[kem`b\Zxs_]h ijb[hjZ \ujZ`Z_lky \_ebqbghc E lh _klv \_jhylghklvxlh]hqlhijb[hjk\h[h^_g JZkkfhljbf l_i_jv kemqZc dh]^Z g_l h]jZgbq_gby gZ ^ebgm hq_j_^b Hg e_]dh ihemqZ_lky ba ij_^u^msbo nhjfme dZd ij_^_evguc i_j_oh^ ijb Nov :gZeh]bqgu_ oZjZdl_jbklbdblZdhcKFHbf_xlgb`_ke_^mxsbc\b^ <_jhylghklbkhklhygbc E UEL UL EL f &j_^gyy^ebgZhq_j_^b\dexqZylj_[h\Zgb_gZoh^ys__kygZh[kem`b\Zgbb FQ
U U
&j_^g__ \j_fy h`b^Zgby h[kem`b\Zgby ^ey lj_[h\Zgby Z \j_fy h`b^Zgby ^ey lj_[h\Zgby FZ
U P U
&j_^gyy^ebgZhq_j_^bh`b^Zxs_ch[kem`b\Zgby U U
&j_^g__\j_fyijh\_^_ggh_lj_[h\Zgb_f\ kbkl_f_ P U
JZkkfhljbfke_^mxsbcijbf_j Ijbf_j Imklvlj_[h\ZgbyihklmiZxlgZh[kem`b\Zxs__mkljhckl\hkmi_jfZjd_lZ kemqZcghijbq_fkj_^gbcijhf_`mlhd\j_f_gbf_`^mihklmie_gbyfblj_[h\ZgbcjZ\_g fbg <j_fy h[kem`b\Zgby jZkij_^_e_gh wdkihg_gpbZevgh kh kj_^gbf agZq_gb_f jZ\guffbgHij_^_ebl_Z kj_^g__qbkehlj_[h\Zgbc\ kbkl_f_[ kj_^g__\j_fy h`b^Zgby h[kem`b\Zgby ^ey lj_[h\Zgby \ kj_^g__ \j_fy ijh\_^_ggh_ lj_[h\Zgb_f \ kbkl_f_] ^hex\j_f_gb\ l_q_gb_dhlhjh]hh[kem`b\Zxsbcijb[hjijhklZb\Z_l Kj_^gyy kdhjhklv \oh^gh]h ihlhdZ O ij_^klZ\ey_l kh[hc \_ebqbgm h[jZlgmx d kj_^g_c^ebg_ijhf_`mldZf_`^mihklmie_gbyfblj_[h\ZgbcO lj_[h\Zgbc\ fbgmlm Kj_^gyykdhjhklvh[kem`b\Zgbylj_[h\ZgbcjZ\gZP lj_[h\Zgbc\ fbgmlm Lh]^Z U
OP
LZd dZd U lh aZ ^hklZlhqgh [hevrh_ \j_fy kbkl_fZ h[kem`b\Zgby \hc^_l \ klZpbhgZjgucj_`bf Z Kh]eZkgh kj_^g__qbkehlj_[h\Zgbc\ kbkl_f_ U U
lj_[h\Zgb_
[ Kh]eZkgh kj_^g__\j_fyh`b^Zgbyh[kem`b\Zgby U P U
fbg
\ Kh]eZkgh kj_^g__\j_fyijh\_^_ggh_lj_[h\Zgb_f\ kbkl_f_ P U
] >heyijhklh_\h[kem`b\Zxs_]hijb[hjZJ U
L_fZEBG?CGH? IJH=J:FFBJH<:GB?
Khhl\_lkl\_ggh \hagbdZ_l ihlj_[ghklv \ fZl_fZlbq_kdhc l_hjbb iha\heyxs_c j_rZlv lZdb_ aZ^Zqb LZdZy l_hjby kms_kl\m_l b gZau\Z_lky ebg_cguf ijh]jZffbjh\Zgb_f > @ DZd hlf_qZ_lky fgh]bfb ^Zggh_ gZa\Zgb_ g_ y\ey_lky m^Zqguf Hgh \hagbdeh \ _ ]h^u dh]^Z ij_^klZ\e_gby h ijh]jZffbjh\Zgbb gZ dhfivxl_j__szg_kms_kl\h\Zeh< ^ZgghfkemqZ_ih^ijh]jZffbjh\Zgb_fnZdlbq_kdb ih^jZamf_\Z_lky ieZgbjh\Zgb_ H^gZdh wlhl l_jfbg m`_ mdhj_gbeky b g_ lhevdh \ ebg_cghf kemqZ_ Bf_xlky lZd `_ b lZdb_ gZa\Zgby fZl_fZlbq_kdbo l_hjbc j_r_gby aZ^Zq hilbfbaZpbb dZd g_ebg_cgh_ ijh]jZffbjh\Zgb_ beb ^bgZfbq_kdh_ ijh]jZffbjh\Zgb_ H[sZyihklZgh\dZaZ^Zqbebg_cgh]hijh]jZffbjh\Zgby
< h[s_f \b^_ aZ^ZqZ ebg_cgh]h ijh]jZffbjh\Zgby EI aZdexqZ_lky \ hlukdZgbb lZdbo g_hljbpZl_evguo qbk_e o o oQ dhlhju_ fZdkbfbabjmxl ^Zggmx ebg_cgmx nmgdpbx Q
& k[k[kQoQ ¦ FL [L L ijbmkeh\bb\uiheg_gbykbkl_fug_jZ\_gkl\
D[ D [ DQ [Q d E ° D ° [ D [ DQ [Q d E ° ° DN[ DN [ DNQ [Q d EN ° °D D [ [ DN Q [Q t EN ° N N ® ° D S[ D S [ D SQ [Q t E S ° ° °D S [ D S [ D S Q [Q E S ° ° DP[ DP [ DPQ [Q EP °¯
ELtL P
[LtL Q
Bkihevamxlke_^mxsb_hkgh\gu_ihgylbyb l_jfbgu x nmgdpby gZau\Z_lky p_e_\hc nmgdpb_c beb p_e_\uf nmgdpbhgZehf beb nmgdpbhgZehfdZq_kl\Z aZ^Zqb x g_jZ\_gkl\Zb jZ\_gkl\Z gZau\Zxlkyh]jZgbq_gbyfbaZ^Zqb x ex[hc gZ[hj qbk_e ^[L` m^h\e_l\hjyxsbc gZau\Z_lky ^himklbfuf j_r_gb_fbeb^himklbfufieZghf x ^himklbfh_ j_r_gb_ dhlhjh_ fZdkbfbabjm_l p_e_\mx nmgdpbx gZau\Z_lky hilbfZevgufj_r_gb_f x fZdkbfZevgh_agZq_gbyp_e_\hcnmgdpbbKPZo gZau\ZxlagZq_gb_fhilbfZevgh]h j_r_gbyaZ^Zqb H]jZgbq_gb_g_jZ\_gkl\h bkoh^ghc aZ^Zqb EI bf_xs__ \b^ d fh`gh ij_h[jZah\Zlv\ h]jZgbq_gb_jZ\_gkl\h^h[Z\e_gb_fd _]he_\hcqZklbg_dhlhjhcgh\hc g_hljbpZl_evghc i_j_f_gghc Z h]jZgbq_gb_g_jZ\_gkl\h \b^Z t \ h]jZgbq_gb_ jZ\_gkl\h\uqblZgb_fba_]he_\hcqZklbg_hljbpZl_evghci_j_f_gghcLZdbfh[jZahf h]jZgbq_gb_g_jZ\_gkl\h DL[ DL [ DLQ [Q d EL
fh`ghij_h[jZah\Zlv\ h]jZgbq_gb_jZ\_gkl\h Z h]jZgbq_gb_g_jZ\_gkl\h
DL[ DL [ DLQ [Q [Q
EL [Q
t
\ h]jZgbq_gb_jZ\_gkl\h
DL[ DL [ DLQ [Q t EL
I_j_f_ggu_ \\h^bfu_ ^ey ij_h[jZah\Zgby h]jZgbq_gbcg_jZ\_gkl\ \ h]jZgbq_gby jZ\_gkl\Z gZau\Zxl ^hihegbl_evgufb Ykgh qlh bo qbkeh jZ\gh qbkem ij_h[jZam_fuo g_jZ\_gkl\ <\h^bfu_^hihegbl_evgu_i_j_f_ggu_bf_xl\iheg_hij_^_e_ggucwdhghfbq_kdbc kfuke LZd _keb \ h]jZgbq_gbyo bkoh^ghc aZ^Zqb ebg_cgh]h ijh]jZffbjh\Zgby hljZ`Zxlky jZkoh^ b gZebqb_ ijhba\h^kl\_gguo j_kmjkh\ lh qbke_ggh_ agZq_gb_ g_dhlhjhc ^hihegbl_evghc i_j_f_gghc jZ\gh h[t_fm g_bkihevam_fh]h khhl\_lkl\mxs_]hj_kmjkZ ?keb i_j_f_ggZy oN g_ ih^qbg_gZ mkeh\bx g_hljbpZl_evghklb lh __ ke_^m_l aZf_gblv^\mfy\kihfh]Zl_evgufbg_hljbpZl_evgufbi_j_f_ggufbXN b YNijbgy\[N XN YN DL[ DL [ DLQ [Q [Q
EL [Qt
KlZg^ZjlgZyb hkgh\gZyaZ^Zqbebg_cgh]hijh]jZffbjh\Zgby ?keb\k_h]jZgbq_gby bf_xl\b^g_jZ\_gkl\dlhlZdZyaZ^ZqZEIgZau\Z_lky klZg^Zjlghc beb kbff_ljbqghc ?_ m^h[g__ aZibkZlv \ ]hjZa^h [he__ dhfiZdlghc fZljbqghcnhjf_ & F[!o PD[
$[d E [Lt L Q a^_kv F [! kdZeyjgh_ijhba\_^_gb_\_dlhjh\k k« kQ b [ [« [Q $ fZljbpZ jZaf_jghklb P u Q khklZ\e_ggZy ba dhwnnbpb_glh\ kbkl_fu h]jZgbq_gbc \ dhlhjhch^gZdh`_dZdfukqblZ_flhevdhg_jZ\_gkl\Z\b^Zd E \_dlhjklhe[_pE E« EP khklZ\e_ggucbaijZ\uoqZkl_ckbkl_fuh]jZgbq_gbc ?keb \k_ h]jZgbq_gby bf_xl \b^ jZ\_gkl\ lh lZdZy aZ^ZqZ EI gZau\Z_lky hkgh\ghc bebdZghgbq_kdhc ?_lZd`_m^h[g__aZibkZlv\ fZljbqghcnhjf_ & F[!o PD[ $[ E
[Lt L Q
=jZnbq_kdbcf_lh^j_r_gbyaZ^Zqbebg_cgh]h ijh]jZffbjh\Zgby
?KEB< G?DHLHJHCA:>:Q?EILHEVDH>I?J?F?GGU?;B ; LH?? FH@GHE?=DHJ?RBLVL:DG:AU<:?FUF =J:NBQ?KDBF KIHKH;HFWLHLKIHKH; HKGH<:GG:LHFN:DL?QLH< WLHF KEMQ:? FGH@?KLHIMKLBFUOJ?R?GBCFH@GHIHKLJHBLVG: ><MOF?JGHCIEHKDHKLBJ:KKFHLJBFKE?>MXSBC IJBF?J Ijbf_j Imklvlj_[m_lkyfZdkbfbabjh\ZlvnmgdpbhgZe ijbh]jZgbq_gbyo
& [[o PD[
J_r_gb_ ijyfu_
[ [ d ° °° [ [ d [ d ® ° [ t ° °¯ [ t
Ihkljhbf \ iehkdhklb [[ khhl\_lkl\mxsb_ h]jZgbq_gbyf aZ^Zqb [ [ [ [ [
[
[
DZ`^Zy ba gbo hij_^_ey_l ihemiehkdhklv \ dhlhjhc \uihegy_lky khhl\_lkl\mxs__ mkeh\b_Wlbijyfu_ij_^klZ\e_gugZjbk [
[ [ [ [ [ [ [ [ K
Jbk
G:WLHF@?JBKMGD?A:RLJBOH<:G:H;E:KLVY<EYXS:YKY I?J?K?Q?GB?FWLBOIHEMIEHKDHKL?CLH?KLV LHQDB A:RLJBOH<:GGHCH;E:KLBBF?XLDHHJ>BG:LU M>H<E?L:QB?KEBL?I?JV BAH;J:ABLVKHHL? + G?DHLHJ:Y?EBLVDJ:CGXX IHKE?>GXX LHQDMI?J?K?Q?GBYWLHC IJYFHCK A:RLJBOH<:GGHCH;E:KLVX WL:LHQD:B ;M>?LKHHL:QB < G:R?FKEMQ:? BKDHF:YLHQD:IHF?Q?G:G:JBKMGD?D:DK L?I?JV>EYHDHGQ:L?EVGH=HIHEMQ?GBYJ?R?GBY>HKL:LHQGH LHQG??J:KKQBL:LVDHHJ>BG:LU KJ?RB<KBKL?FMMJ:
ihemqZ_fagZq_gby[ [ Lh]^ZfZdkbfZevgh_agZq_gb_nmgdpbhgZeZKPD[ HibkZgguc f_lh^ bgh]^Z m^Z_lky ijbf_gblv b \ kemqZ_ _keb \ bkoh^ghc aZ^Zq_ [he__^\moi_j_f_gguoM`_]h\hjbehkv\ur_h i_j_oh^_hlh]jZgbq_gbcg_jZ\_gkl\d h]jZgbq_gbyfjZ\_gkl\Zf ijb wlhf \hajZklZ_l dhebq_kl\h i_j_f_gguo :gZeh]bqgh \
g_dhlhjuo kemqZyo _]h fh`gh mf_gvrblv gZijbf_j ^h ^\mo iml_f i_j_oh^Z hl h]jZgbq_gbcjZ\_gkl\ d g_jZ\_gkl\Zf H^gZdh lZd [u\Z_l \hafh`gh ihklmiblv ebrv \ j_^dbokemqZyo Kbfie_dkf_lh^j_r_gbyaZ^Zqbebg_cgh]h ijh]jZffbjh\Zgby JZajZ[hlZgb rbjhdhijbf_gy_lkymgb\_jkZevgucf_lh^j_r_gbyex[hcaZ^ZqbEI gZau\Z_fuc kbfie_dkf_lh^hf JZkkfhljbf _]h bkihevah\Zgb_ gZ ijbf_j_ j_r_gby dhgdj_lghcaZ^Zqb Ijbf_j >eyba]hlh\e_gbyjZaebqguoba^_ebc:< b & ij_^ijbylb_bkihevam_l ljb \b^Z h[hjm^h\Zgby Ghjfu aZljZl klZgdhqZkh\ dZ`^h]h \b^Z gZ h[jZ[hldm h^gh]h ba^_eby : < b K p_gZ h^gh]h ba^_eby Z lZd`_ h[s__ bf_xs__ky dhebq_kl\h klZgdh qZkh\ijb\_^_gu\ lZ[e
Rebnh\Zevgh_ P_gZ ba^_eby
h^gh]h
GhjfuaZljZl klZgdhqZkh\gZ h^ghba^_eb_ $%&
H[s__ dhebq_kl\h klZgdhqZkh\
LZ[ebpZ
KqblZ_lkyqlhk[ul h[_ki_q_gKhklZ\blvieZgijhba\h^kl\Zba^_ebcijbdhlhjhf klhbfhklvijh^mdpbb[m^_lfZdkbfZevghc J_r_gb_ KhklZ\bf fZl_fZlbq_kdmx fh^_ev aZ^Zqb Bkdhfuc \uimkd ba^_ebc : h[hagZqbf q_j_a [ ba^_ebc < q_j_a o ba^_ebc & q_j_a [ I_j_f_ggu_ ^he`gu m^h\e_l\hjylvke_^mxs_ckbkl_f_g_jZ\_gkl\ [ [ [ d [ [ [ d
[ [ [ d
H[sZyklhbfhklvijhba\_^_gghcijh^mdpbbkhklZ\bl Ykghqlh^he`gh\uihegylvky
K [[[
[ t [ t [ t
Fu ihemqbeb klZg^Zjlgmx aZ^Zqm ebg_cgh]h ijh]jZffbjh\Zgby ijb\_^_f __ d hkgh\ghc nhjf_ >ey wlh]h \\_^_f ljb ^hihegbl_evgu_ i_j_f_ggu_ \ j_amevlZl_ q_]h h]jZgbq_gbyaZibrmlky\ \b^_kbkl_fujZ\_gkl\ [ [ [ [
[ [ [ [
[ [ [ [
Wdhghfbq_kdbc kfuke \\_^_gguo ^hihegbl_evguo i_j_f_gguo khklhbl \ lhf qlh hgb\ujZ`Zxlkh[hcdhebq_kl\hg_bkihevam_fuoklZgdhqZkh\lh]hbebbgh]h\b^Zijb l_dms_fieZg_ijhba\h^kl\Z Kbfie_dkf_lh^ y\ey_lky bl_jZpbhgguf ijhp_kkhf l_ rZ]h\uf gZ dZ`^hf rZ]_ ijhbkoh^bl memqr_gb_ l_dms_]h ieZgZ beb ^_eZ_lky \u\h^ h lhf qlh wlh g_\hafh`gh l_ l_dmsbc ieZg m`_ y\ey_lky hilbfZevguf Qlh [u gZqZlv wlhl ijhp_kk \ gZqZe_ g_h[oh^bfh ijbgylv g_dhlhjuc ieZg ^ey i_j\h]h rZ]Z Ijbq_f wlhl ieZg ^he`_g m^h\e_l\hjylvg_dhlhjufmkeh\byf < qZklghklbhg^he`_gy\eylvkyg_\ujh`^_gguflh_klv\ g_f^he`gh[ulvjh\gh klhevdhg_gme_\uodhfihg_glkdhevdhh]jZgbq_gbc\ aZ^Zq_g_kqblZyh]jZgbq_gby[L t L Q l_ P LZdhc ieZg e_]dh ihkljhblv _keb \ fZljbp_ : h]jZgbq_gbc aZ^Zqb bf__lky P ebg_cghg_aZ\bkbfuo _^bgbqguo klhe[ph\ LZd b [u\Z_l _keb bkoh^gZy aZ^ZqZ bf__l nhjfm klZg^Zjlghc Lh]^Z ihke_ ijb\_^_gby _z d hkgh\ghc ihkj_^kl\hf \\_^_gbyP ^hihegbl_evguoi_j_f_gguo\k_]^Zihy\eyxlkylZdb_klhe[puGZijbf_j\ gZr_f kemqZ_ ljb klhe[pZ fZljbpu h]jZgbq_gbc khhl\_lkl\mxsb_ ^hihegbl_evguf i_j_f_gguf[[[ b y\eyxlkylZdbfbklhe[pZfb Dh]^Z bf_xlky lZdb_ klhe[pu \ dZq_kl\_ i_j\hgZqZevgh]h ieZgZ fh`gh ijbgylv ieZg ijb dhlhjhf g_ jZ\gu gmex lhevdh ^hihegbl_evgu_ i_j_f_ggu_ ijbq_f dZ`^Zy ba gbo ijbgbfZ_l agZq_gb_ jZ\gh_ \_ebqbg_ klhys_c \ ijZ\hc qZklb h]jZgbq_gby G_gme_\u_i_j_f_ggu_ieZgZgZau\Zxl[ZabkgufbZ bokh\hdmighklv[Zabkhf BlZd ijbgbfZ_f \ dZq_kl\_ i_j\hgZqZevgh]h hihjgh]h [ZabkZ [ [ [ b aZibku\Z_f^Zggu_aZ^Zqb\ lZ[ebpmgZau\Z_fmxkbfie_dklZ[ebp_c
[
[
RZ]Kbfie_dklZ[ebpZi_j\h]hrZ]Z [
[
[
[
3
K
LZ[ebpZ
:AB K [ [ [ ' < klhe[p_ K aZibku\Zxlky dhwnnbpb_glu k dhlhjufb [Zabkgu_ i_j_f_ggu_ \oh^yl\ p_e_\hcnmgdpbhgZeihkdhevdm^hihegbl_evgu_i_j_f_ggu_\ g_]hg_\oh^yl lh \ l_dms_f klhe[p_ K bf__f gmeb < klhe[p_ J aZibkZg l_dmsbc ieZg aZ^Zqb < gZklhysbc fhf_gl g_bkihevah\Zggufb hklZxlky \k_ j_kmjku qlh khhl\_lkl\m_l gme_\hfm ieZgm lh _klv gbq_]h g_ ijhba\h^blky ?kl_kl\_ggh lZdhc ieZg g_ fh`_l y\eylvkyhilbfZevguf <_ebqbgu ' L baihke_^g_ckljhdbjZkkqblu\Zxlkyihnhjfme_ ' L F DL ! FL ]^_ F DL ! kdZeyjgh_ ijhba\_^_gb_ klhe[pZ K b klhe[pZ kbfie_dk lZ[ebpu DL khhl\_lkl\mxs_]h i_j_f_gghc [L FL ± dhwnnbpb_gl ba p_e_\h]h nmgdpbhgZeZ ijb i_j_f_gghc[L?kebkj_^b\_ebqbg ' L _klvhljbpZl_evgu_ke_^h\Zl_evghl_dmsbcieZg fh`gh memqrblv Memqrblv iml_f \\_^_gby \ [Zabk i_j_f_gghc ^ey dhlhjhc ' L
hljbpZl_evgZ Ijbq_f \ [Zabk \\h^yl lm i_j_f_ggmx m dhlhjhc ' L gZb[hevrZy ih fh^mexGZijbf_j\ gZr_fkemqZ_wlh[ >Ze__g_h[oh^bfhhij_^_eblvi_j_f_ggmxdhlhjZy[m^_lbkdexq_gZba[ZabkZ>ey wlh]h gZoh^bf kljhdm \ dhlhjhc ^hklb]Z_lky fbgbfmf hlghr_gby khhl\_lkl\mxs_]h we_f_glZ klhe[pZ 3 ieZgZ d we_f_glm ba \\h^bfh]h \ [Zabk klhe[pZ ijb wlhf jZkkfZljb\Zxlky lhevdh iheh`bl_evgu_ we_f_glu wlh]h klhe[pZ Lh _klv gZoh^bf PLQSLDL ^ey\k_oDL ! < gZr_fkemqZ_wlhlfbgbfmf PLQ
^hklb]Z_lky \h \lhjhc kljhd_ l_ bkdexqZ_f ba [ZabkZ [ We_f_gl klhysbc gZ i_j_k_q_gbb \gh\v \\h^bfh]h \ [Zabk we_f_glZ b kljhdb bkdexqZ_fh]h we_f_glZ gZau\Z_lkyjZaj_rZxsbfm gZkwlh Ke_^mxsbf wlZihf y\ey_lky i_j_kq_l kbfie_dklZ[ebpu dhlhjuc ijh\h^blky lZdbfh[jZahf< klhe[p_[Zabkguoi_j_f_gguo\f_klh[ aZibku\Z_f[gh\ZykljhdZ[ ihemqZ_lky^_e_gb_fkljhdbklZjhckbfie_dklZ[ebpugZjZaj_rZxsbcwe_f_glLZdbf h[jZahf h^gZ kljhdZ gh\hc lZ[ebpu m`_ ihemq_gZ HklZevgu_ kljhdb gh\hc kbfie_dk lZ[ebpu ihemqZxlky ihkj_^kl\hf bkihevah\Zgby ij_h[jZah\Zgbc ZgZeh]bqguo we_f_glZjgufij_h[jZah\ZgbyfkljhdfZljbpIjbwlhfm`_jZkkqblZggZygh\ZykljhdZ mfgh`_ggZy gZ gm`gmx \_ebqbgm \uqblZ_lky ba kljhd klZjhc lZ[ebpu lZd qlh[u klhe[_p \gh\v \\_^_gghc \ [Zabk i_j_f_gghc klZe _^bgbqguf ijbq_f _^bgbpZ klhyeZ [u\ m`_ih^kqblZgghcgh\hckljhd_\\_^_gghci_j_f_gghc AZf_lbfqlh\ klZjhclZ[ebp_\k_[Zabkgu_i_j_f_ggu_bf_xl_^bgbqgu_klhe[pu Bf_ggh wlh]h fu b ^h[b\Z_fky \ gh\hc lZ[ebp_ ^ey \gh\v\\_^_gghci_j_f_gghcIjb wlhfklhe[puhklZ\rboky\ [Zabk_i_j_f_gguofh`ghg_i_j_kqblu\ZlvIjh\_jvl_qlh _keb wlh ihiulZlvky k^_eZlv bkihevamy mdZaZggu_ ij_h[jZah\Zgby lh hgb \k_ jZ\gh g_ baf_gylvky Klhe[_p K \h \k_o wlbo ij_h[jZah\Zgbyo g_ mqZkl\m_l \ g_f ebrv aZibku\Zxlky khhl\_lkl\mxsb_ dhwnnbpb_glu < gZr_f kemqZ_ \h \lhjhc kljhd_ aZibku\Z_lky dhwnnbpb_glk\f_klhk Ihke_^gxx kljhdm ' gh\hc kbfie_dklZ[ebpu fh`gh jZkkqblu\Zlv ^\mfy kihkh[Zfb eb[h lZd `_ dZd b hklZevgu_ ijbf_gyy we_f_glZjgu_ ij_h[jZah\Zgby lZd qlh[u ^h[blvky gmey \ klhe[p_ gh\hc [Zabkghc i_j_f_gghc eb[h bkihevamy jZkkfhlj_ggmxjZg__nhjfmem LZ[ebpZ
:AB K [ [ [ '
[
[
RZ] Kbfie_dklZ[ebpZ\lhjhcbl_jZpbb [
[
[
[
3
K
?s_ jZa ihykgbf dZd hgZ [ueZ ihemq_gZ ba klZjhc KljhdZ [ [ueZ ihemq_gZ ^_e_gb_fklZjhckljhdb[ gZjZaj_rZxsbcwe_f_glGh\Zyi_j\ZykljhdZihemq_gZba klZjhc i_j\hc \uqblZgb_fbag__kljhdb[ mfgh`_gghcgZLZdbfh[jZahfihemq_g ghev\ klhe[p_[Lj_lvy\uqblZgb_fbaklZjhckljhdbgh\hckljhdb[ mfgh`_gghcgZ Q_l\_jlZy\uqblZgb_fbaklZjhckljhdbkljhdb[ mfgh`_gghcgZLZdbfh[jZahf [m^mlh[gme_gu\k_we_f_gluklhe[pZ[djhf__^bgbpugZoh^ys_cky\ kljhd_[
>Ze__ fu kgh\Z \b^bf qlh \ ihke_^g_c kljhd_ _klv hljbpZl_evgu_ we_f_glu gZ wlhl jZa lZdhc we_f_gl _^bgkl\_gguc AgZqbl ieZg fh`gh memqrblv \\_^y \ [Zabk [ GZoh^bfPLQ^` agZqblbkdexqZ_fba[ZabkZ[JZaj_rZxsbc we_f_gl LZ[ebpZ RZ] Kbfie_dklZ[ebpZlj_lv_]hrZ]Z :AB K [ [ [ '
[
[
[
[
[
[
3
F
BF< IHKE?>G?CKLJHD?G?LHLJBP:L?EVGUOQBK?E AG:QBLL?DMSBCIE:G ; ; ; ; ; ;
Y<EY?LKYHILBF:EVGUF< KHHL?EBC :<B :KIJBWLHFHKL:GMLKY G?H<:GBYBA>?EBC :: IJHBABLVG?GM@GHEBFBL <J?F?GB NJ?A?JGH=HB LHD:JGH=HH;HJM>H<:GBY;M>?L IHEGHKLVXBKQ?JI:GIJB;UEVIJBWLHFKHKL:
JZkkfhlj_gguf kihkh[hf fh`gh j_rblv aZ^Zqb \ dhlhjuo i_j\hgZqZevgh \k_ bkoh^gu_ h]jZgbq_gby bf_xl \b^ g_jZ\_gkl\ d H^gZdh _keb g_dhlhju_ bkoh^gu_ h]jZgbq_gby bf_xl nhjfm jZ\_gkl\ beb g_jZ\_gkl\ \b^Z t lh b ihke_ ijb\_^_gby aZ^Zqb d dZghgbq_kdhfm \b^m fu g_ [m^_f bf_lv P _^bgbqguo klhe[ph\ \ fZljbp_ kbkl_fudZd\ ij_^u^ms_fkemqZ_ >ey ihykg_gby kdZaZggh]h ^_lZebabjm_f kblmZpbx < h]jZgbq_gb_jZ\_gkl\h ^hihegbl_evgmx i_j_f_ggmx \\_klb g_\hafh`gh \ lh \j_fy dZd \ g_f fh]ml hlkmlkl\h\Zlv i_j_f_ggu_\oh^ysb_ \ g_]h k dhwnnbpb_glhf b kdhwnnbpb_glhf\ ^jm]b_ h]jZgbq_gby : \ g_jZ\_gkl\Zo \b^Z t ^hihegbl_evgu_ i_j_f_ggu_ \hc^ml kh agZdhffbgmkB lh]^Zfug_kfh`_f\u[jZlvhibkZgguf\ur_h[jZahfbkoh^guc[Zabk ^eyj_r_gbyaZ^Zqbkbfie_dkf_lh^hf IhykgbfkdZaZggh_gZijbf_j_ Ijbf_j Imklv \ ij_^u^ms_c aZ^Zq_ \f_klh h]jZgbq_gby ih rebnh\Zevghfm h[hjm^h\Zgbx fu \u[jhkbf _]h ^ey mf_gvr_gby jZaf_jghklb aZ^Zqb gZklhys_]h ijbf_jZ lj_[m_lkyqlh[ukmffZjguch[t_f\uimkdZba^_ebc\b^h\: b < [ueg_f_g__ LZdh_ beb ih^h[gh_ h]jZgbq_gb_ fh`_l bf_lv f_klh gZijbf_j \ kbem m`_ aZdexq_gguoij_^ijbylb_f^h]h\hjh\Wlhh]jZgbq_gb_aZibr_lkyke_^mxsbfh[jZahf [ [ t
]^_ gZijbf_jkhihklZ\bfu_p_guijh^mdpbb
>EYIJB>?GBYD D:GHGBQ?KDHFMM<BF >HIHEGBL?EVGMXI?J?F?GGMX;IHEMQ:?FH=J:GBQ?GB? [ [ [ AG:QBLF:LJBP:KBKL?FUH=J:GBQ?GBCL?I?JV BF??L $
§ · ¨ ¸ ¨ ¸ ¨ ¸ © ¹
b \g_cg_llj_oihdhebq_kl\mh]jZgbq_gbc _^bgbqguoklhe[ph\ < wlhf b ZgZeh]bqguo kemqZyo bkihevamxl lZd gZau\Z_fuc f_lh^ bkdmkkl\_ggh]h [ZabkZ< h]jZgbq_gb_\ dhlhjhfg_li_j_f_gghc\oh^ys_c\ g_]hk dhwnnbpb_glhfb k dhwnnbpb_glhf \ ^jm]b_ h]jZgbq_gby \\h^yl lZd gZau\Z_fmx bkdmkkl\_ggmx i_j_f_ggmxGZijbf_j[t [ [ [ [
Ihke_ wlh]h kj_^b \hkvfb klhe[ph\ fZljbpu : m`_ hdZ`_lky q_luj_ ebg_cgh g_aZ\bkbfuo_^bgbqguo Bkdmkkl\_ggu_i_j_f_ggu_\\h^yl\ nmgdpbhgZek ^hklZlhqgh[hevrbfihfh^mex hljbpZl_evguf dhwnnbpb_glhf Lh]^Z ihke_ j_r_gby aZ^Zqb kbfie_dkf_lh^hf \ hilbfZevghf ieZg_ agZq_gby \k_o bkdmkkl\_gguo i_j_f_gguo h[yaZl_evgh hdZ`mlky jZ\gufb gmex B lh]^Z ihemqblky qlh nZdlbq_kdb bo \\_^_gb_ gbdZd g_ baf_gbeh bkoh^gmx aZ^Zqm Bgh]^Z ^Z`_ g_ aZ^Zxlky dhgdj_lguf agZq_gb_f mihfygmluo dhwnnbpb_glh\ Z aZibku\Zxl bo \ \b^_ kbf\heZ ih^ dhlhjuf ih^jZamf_\Zxl hljbpZl_evgh_qbkehij_\hkoh^ys__ihfh^mexex[h_gZi_j_^aZ^Zggh_< wlhfkemqZ_ g_kdhevdh baf_gy_lky kihkh[ aZibkb kbfie_dklZ[ebp b ihwlhfm m^h[g__ \k_ `_ ihevah\Zlvky dhgdj_lguf agZq_gb_f H^gZdh ijb wlhf fh`_l hdZaZlvky qlh \ dhgp_ j_r_gby aZ^Zqb g_ \k_ ba bkdmkkl\_gguo i_j_f_gguo jZ\gu gmex < lZdhf kemqZ_ ke_^m_lm\_ebqblvdhwnnbpb_glb i_j_j_rZlvaZ^ZqmaZgh\h Ijbf_jijh^he`_gb_ BlZdbf__faZ^Zqm ijbh]jZgbq_gbyo
K [[[ [ o PD[ [ [ [ [ [ [ [ [
[ [ [ [ [L t L
Gb`_ ijb\h^blky ihke_^h\Zl_evghklv kbfie_dklZ[ebp ihemq_gguo ijb j_r_gbb aZ^Zqb RZ] LZ[ebpZ ;Zabk [ [ [ [ [ [ [ 3
[
[
[ '
±
±
<\h^bf\ [ZabkoBkdexqZ_foJZaj_rZxsbcwe_f_gl Hlebqb_ bkdmkkl\_gguo i_j_f_gguo khklhbl \ lhf ihke_ lh]h dZd g_dhlhjZy bkdmkkl\_ggZy i_j_f_ggZy bkdexq_gZ ba [ZabkZ \ ke_^mxsbo kbfie_dklZ[ebpZo __ klhe[_pfh`gh[hevr_m`_g_ibkZlvlZddZdhgZ\ [Zabkg_\ha\jZlblvkyYkghqlhwlh kgb`Z_ldhebq_kl\hg_h[oh^bfuo\uqbke_gbcH^gZdh^eybeexkljZpbbhklZ\bf\k_`_ b [m^_fb ^Ze__i_j_kqblu\Zlvklhe[_po RZ] LZ[ebpZ ;Zabk [ [ [ [ [ [ [ 3 [ [ [
'
<\h^bf\ [ZabkoBkdexqZ_foJZaj_rZxsbcwe_f_gl RZ] ;Zabk
[
[
[
[
[
[
[
'
[
[
[
<\h^bf\ [ZabkoBkdexqZ_foJZaj_rZxsbcwe_f_gl RZ] ;Zabk
[
[
[
[
[ [ '
[
[
[
[
3
LZ[ebpZ 3
LZ[ebpZ
Ihemq_ggucieZgy\ey_lkyhilbfZevguf< khhl\_lkl\bbk gbfgm`gh\uimklblv _^bgbpuba^_eby\b^Z: \b^Z< \b^ZKIjb[uevijbwlhfkhklZ\bl_^bgbp
>\hckl\_ggZyaZ^ZqZebg_cgh]hijh]jZffbjh\Zgby
;hevrh_ agZq_gb_ \ l_hjbb aZ^Zq ebg_cgh]h ijh]jZffbjh\Zgby b]jZ_l ihgylb_ ^\hckl\_gghklb HdZau\Z_lky ex[hc aZ^Zq_ EI fh`gh khihklZ\blv lZd gZau\Z_fmx ^\hckl\_ggmx aZ^Zqm k dhlhjhc hgb h[jZamxl \aZbfh^\hckl\_ggmx iZjm Ijb wlhf kijZ\_^eb\Z ke_^mxsZy l_hj_fZ dhlhjZy gZau\Z_lky hkgh\ghc l_hj_fhc ^\hckl\_gghklb_kebh^gZ baaZ^Zq^\hckl\_gghciZjubf__lhilbfZevgh_j_r_gb_lh ^jm]Zy lZd`_ bf__l hilbfZevfh_ j_r_gb_ ijbq_f fZdkbfmf p_e_\hc nmgdpbb bkoh^ghcaZ^Zqbb fbgbfmf^\hckl\_gghcqbke_gghjZ\gu J_r_gby ijyfhc b ^\hckl\_gghc aZ^Zq k\yau\Zxl b ^jm]b_ \Z`gu_ khhlghr_gby ?keb h^gZ ba aZ^Zq khklhbl \ fZdkbfbaZpbb k\h_]h nmgdpbhgZeZ lh ^\hckl\_ggZy _c khklhbl \ fbgbfbaZpbb __ nmgdpbhgZeZ ?keb \ hilbfZevghf ieZg_ bkoh^ghc aZ^Zqb dZdh_eb[hM_ h]jZgbq_gb_\uihegy_lkydZdkljh]h_g_jZ\_gkl\hlhkhhl\_lkl\mxsZyM y i_j_f_ggZy\ hilbfZevghfieZg_^\hckl\_gghcaZ^Zqb^he`gZ[ulvjZ\gZgmex?keb `_ Ly i_j_f_ggZy bkoh^ghc aZ^Zqb g_ \oh^bl \ hilbfZevguc ieZg lh \ hilbfZevghf ieZg_ ^\hckl\_gghc aZ^Zqb khhl\_lkl\mxs__ L_ h]jZgbq_gb_ [m^_l \uihegylvky dZd kljh]h_g_jZ\_gkl\h aZbkdexq_gb_f\ujh`^_ggh]hkemqZy < h[s_f kemqZ_ ijZ\beZ ih dhlhjuf kljhblky ^\hckl\_ggZy aZ^ZqZ ^h\hevgh keh`gu b fu g_ [m^_f bo jZkkfZljb\Zlv H^gZdh jZkkfhljbf ^\Z \_kvfZ \Z`guo b ]hjZa^h[he__ijhkluokemqZyiZju\aZbfh^\hckl\_gguoaZ^Zq \hckl\_ggZyaZ^ZqZ
& F[ F[ FQ[Qo PD[ & E\ E\«EP\Po PLQ Q ¦ DLM [L d E M M P L
P ¦ DLM \ M t FL L Q M
[Lt L Q \Mt M P
>\hckl\_gghc ^ey \lhjhc aZ^Zqb y\ey_lky bkoh^gZy l_ dZd m`_ ]h\hjbehkv mdZaZggu_ aZ^Zqb h[jZamxl \aZbfh^\hckl\_ggmx iZjm aZ^Zq GZ wlhf ijbf_j_ \b^bf \Z`gu_k\yamxsb_fhf_gluf_`^maZ^ZqZfb\aZbfh^\hckl\_gghciZju< qZklghklb x dhebq_kl\hi_j_f_gguo\ h^ghcjZ\ghdhebq_kl\mh]jZgbq_gbc\ ^jm]hc x \ h^ghcbaaZ^ZqnmgdpbhgZeih^e_`blfZdkbfbaZpbb\ ^jm]hc fbgbfbaZpbb x \_dlhjdhwnnbpb_glh\nmgdpbhgZeZh^ghcaZ^Zqbhij_^_ey_lh]jZgbq_gby\lhjhc b gZh[hjhl MdZaZggu_ aZ^Zqb h[jZamxl lZd gZau\Z_fmx kbff_ljbqgmx iZjm \oZbfh^\hckl\_gguoaZ^Zq < dZq_kl\_\lhjh]hijbf_jZjZkkfhljbfke_^mxsmxgZau\Z_fmxg_kbff_ljbqghc iZjmaZ^Zqy\eyxsbokylZd`_\aZbfh^\hckl\_ggufb Bkoh^gZyaZ^ZqZ
>\hckl\_ggZyaZ^ZqZ
& F[ F[« FQ[Qo PD[ & E\ E\«EP\Po PLQ Q ¦ DLM [L L
[Lt L Q
E M M P
P ¦ DLM \ M t FL L Q M
DZd \b^bf a^_kv bkoh^gZy aZibkZgZ \ nhjf_ hkgh\ghc aZ^Zqb EI
HdZau\Z_lky _keb ijyfZy aZ^ZqZ j_rZeZkv kbfie_dkf_lh^hf lh j_r_gb_ ^\hckl\_gghc aZ^Zqb gZoh^blky \ kbfie_dklZ[ebp_ khhl\_lkl\mxs_c hilbfZevghfm j_r_gbx : bf_ggh \ ihke_^g_c kljhd_ kljhd_ ' \ P klhe[pZo khhl\_lkl\mxsbo i_j_f_ggufdhlhju_khklZ\eyebi_j\hgZqZevguc[Zabk_keblhevdhhgbijbwlhf[ueb _^bgbqgufb qlh h[uqgh b [u\Z_l Ijb wlhf d ^Zgghfm we_f_glm ihke_^g_c kljhdb ke_^m_l ijb[Z\blv dhwnnbpb_gl k dhlhjuf i_j_f_ggZy khhl\_lkl\mxs_]h klhe[pZ \oh^bl \ nmgdpbhgZe GZijbf_j ^ey ^hihegbl_evguo i_j_f_gguo fu ijb[Z\ey_f ijhklhghev
w&PD[ M P wE M
[L
w&PLQ L Q wFL
Lh _klv agZy \_ebqbgu ^\hckl\_gguo hp_ghd fu fh`_f kdZaZlv gZ kdhevdh ijb[ebabl_evgh baf_gblvky hilbfZevgh_ agZq_gb_ nmgdpbhgZeZ _keb baf_g_gblv \_ebqbgm khhl\_lkl\mxs_]h h]jZgbq_gby gZ _^bgbpm WlZ bgnhjfZpby bf__l ijZdlbq_kdmx agZqbfhklv AgZy agZq_gb_ j_r_gby ^\hckl\_gghc aZ^Zqb fu fh`_f k^_eZlv \u\h^ h lhf dZdb_ j_kmjku g_h[oh^bfh ij_`^_ \k_]h gZjZsb\Zlv beb dZdb_ h]jZgbq_gbyiulZlvkydZdbfeb[hh[jZahfkgbablv Ijbf_j >eyaZ^Zqbbaijbf_jZ
K [ [[o PD[ [ [ [ d [ [ [ d [ [ [ d
a &
>MXS:Y
\\\o PLQ \ \ \ t \ \ \ t \ \ \ t
?_ j_r_gb_ fu gZoh^bf \ lZ[ebp_ \ \ \ Ih^klZ\b\ \ h]jZgbq_gby \b^bf qlh dZd b ^he`gh [ulv ^\Z ba lj_o h]jZgbq_gbc \uihegyxlky k lhqghklvx^hjZ\_gkl\Zb agZq_gbynmgdpbhgZeh\kh\iZ^ZxlQlh`_dZkZ_lky\_ebqbg ^\hckl\_gguo hp_ghd lh fh`gh kdZaZlv qlh fZdkbfZevgh_ agZq_gb_ KPD[ fh`_l [ulv m\_ebq_gh gZ _keb i_j\h_ h]jZgbq_gb_ m\_ebqblv k ^h B gZ _keb \lhjh_ k ^hWlhfh`_l[ulvbkihevah\Zghijbijbgylbbj_r_gbyh lhfdZdhc baj_kmjkh\ij_`^_\k_]hke_^m_lm\_ebqb\Zlv Ijbf_j >eyaZ^Zqbbaijbf_jZ ijbh]jZgbq_gbyo
K [[[ [ o PD[
[ [ [ [ [ [ [ [ [ [ [ [
[L t L
>\hckl\_gghc_cy\ey_lkyke_^mxsZyaZ^ZqZ ijbh]jZgbq_gbyo
K \\\o PLQ \ \ \ t \ \ \ t \ \ t \t \t \t \t
BAL:;EBPUG:OH>BF?? J?R?GB? \ \ \ BGL?JIJ?L:PBYIHEMQ?GGH=HJ?AMEVL:L:D:D >GHCA:>:QB:G:EH=BQG: IJ?>U>MS?FMIJBF?JM J_r_gb_aZ^Zqbh ^b_l_Bkihevah\Zgb_^\hckl\_gguohp_ghd
< jy^_ kemqZ_\ ijZdlbq_kdb \hagbdZxsb_ aZ^Zqb hilbfbaZpbb EI hdZau\Zxlky lZdbfb qlh h]jZgbq_gby bf_xl \b^ g_jZ\_gkl\ kh agZdhf t Z p_e_\mx nmgdpbx lj_[m_lky g_ fZdkbfbabjh\Zlv dZd \ jZkkfhlj_gguo aZ^ZqZo Z fbgbfbabjh\Zlv JZkkfhljbfijbf_j Ijbf_j Ijbhldhjf_g_dhlhjuo`b\hlguodZ`^h_`b\hlgh_^he`ghihemqblv g_ f_g__ _^ iblZl_evgh]h \_s_kl\Z : g_ f_g__ _^ \_s_kl\Z < b g_ f_g__ _^ \_s_kl\Z K MdZaZggu_ iblZl_evgu_ \_s_kl\Z kh^_j`Zl ^\Z \b^Z dhjfZ Kh^_j`Zgb_ _^bgbp iblZl_evguo \_s_kl\ \ d] dZ`^h]h ba \b^h\ dhjfZ ijb\_^_gh \ ke_^mxs_c lZ[ebp_ LZ[ebpZ Ijh^mdl Kh^_j`Zgb_iblZl_evguo\_s_kl\_^ : < K , ,, KhklZ\blv ^g_\ghc jZpbhg h[_ki_qb\Zxsbc ihemq_gb_ g_h[oh^bfh]h dhebq_kl\Z iblZl_evguo\_s_kl\ijbfbgbfZevguo^_g_`guoaZljZlZo_kebp_gZd]dhjfZ,\b^Z khklZ\ey_l j,,\b^Z j J_r_gb_ H[hagZqbf q_j_a o kh^_j`Zgb_ dhjfZ \b^Z , \ ^g_\ghf jZpbhg_ `b\hlgh]h \ d] q_j_a o kh^_j`Zgb_ dhjfZ \b^Z ,, Lh]^Z \ ^g_\ghf jZpbhg_ `b\hlgh]h[m^_lkh^_j`Zlvky[ o _^\_s_kl\Z:o [ _^\_s_kl\Z< b [ [ _^\_s_kl\ZKAZ^ZqZ[m^_lbf_lvke_^mxsmxfZl_fZlbq_kdmxnhjfmebjh\dm ijbmkeh\byo
K [ [ o PLQ
[[ t [[ t [[ t [[ t Fu\b^bfki_pbnbq_kdb_q_jluihemq_gghcaZ^ZqbLZdh]hlbiZaZ^Zqbb gZau\Zxl aZ^ZqZ h ^b_l_ AZ^Zqb lZdh]h \b^Z \klj_qZxlky lZd`_ ijb khklZ\e_gbb kZfuo jZaebqguo kf_k_c dhlhju_ ^he`gu m^h\e_l\hjylv hij_^_e_gguf lj_[h\Zgbyf gZijbf_j kf_kb m]e_c jZaebqguo fZjhd [_gabgZ b l^ D wlhfm `_ \b^m k\h^ylky
ijZdlbq_kdb \Z`gu_ aZ^Zqb h jZkdjh_ fZl_jbZeZ ijb wlhf h[uqgh fbgbfbabjmxlky hloh^ubebklhbfhFlvg_h[oh^bfh]hfZl_jbZeZ < ijbgpbi_ mdZaZggmx aZ^Zqm fh`gh j_rblv kbfie_dkf_lh^hf k \\_^_gb_f bkdmkkl\_ggh]h[ZabkZJZkkfhljbfih^jh[g__wlhl\ZjbZgl Ijbf_jijh^he`_gb_ KgZqZeZ \\h^bfljb^hihegbl_evgu_i_j_f_ggu_^ey ij_h[jZah\Zgby d dZghgbq_kdhfm \b^m b mfgh`Z_f nmgdpbhgZe gZ ± qlh[u i_j_clb d aZ^Zq_fZdkbfbaZpbbIhemqZ_faZ^Zqm ijbmkeh\byo
K [ [ o PD[
[[ [ [[ [ [[ [ [L t L >Ze__fu\b^bfqlh^eyihkljh_gbyi_j\hgZqZevgh]h[ZabkZg_h[oh^bfh\\_klb_s_ bkdmkkl\_ggu_i_j_f_ggu_ [[[IhemqZ_faZ^Zqm ijbmkeh\byo
K [ [ [ [ [ o PD[
[[ [ [ [[ [ [ [[ [ [ [L t L L_i_jvfh`ghkhklZ\blvi_j\mxkbfie_dklZ[ebpmb ihemqblvj_r_gb_ AZf_lbf qlh \ ihemq_gghc aZ^Zq_ h]jZgbq_gby b i_j_f_gguo < ^_ckl\bl_evghklb]hjZa^h[he__wdhghfbqghk lhqdbaj_gbydhebq_kl\Zg_h[oh^bfuo \uqbke_gbc i_j_clb d jZkkfhlj_gbx ^\hckl\_gghc aZ^Zqb B bf_ggh __ j_rblv kbfie_dkf_lh^hf Z aZl_f gZclb j_r_gb_ bkoh^ghc aZ^Zqb \ ihke_^g_c kbfie_dk lZ[ebp_j_r_gby^\hckl\_gghcaZ^Zqb Ijbf_j ijh^he`_gb_ >\hckl\_ggZy aZ^ZqZ [m^_l \u]ey^_lv ke_^mxsbf h[jZahf K m mmo PD[ ijbh]jZgbq_gbyo m m m d \ m m d \\t <\h^bf dZd jZgvr_ ^\_ ^hihegbl_evgu_ i_j_f_ggu_ \ \ t b ijbgbfZy bo aZ [Zabkj_rZ_faZ^Zqmkbfie_dkf_lh^hfAZf_lbfqlhihemq_ggZyaZ^ZqZbf__llhevdh h]jZgbq_gbyb i_j_f_gguo Ijbf_jugZoh`^_gbyj_r_gbybaihke_^g_ckbfie_dklZ[ebpu^\hckl\_gghcaZ^Zqb [uebjZkkfhlj_gujZg__ L_fZWDHGHFBDHF:L?F:LBQ?KDB?FH>?EB NHJFBJH<:GBYHILBF:EVGUOIE:GH<IJHBAKL<:
Ijbbamq_gbbebg_cgh]hijh]jZffbjh\Zgbyfum`_]h\hjbebb \b^_ebgZijbf_jZo qlhebg_cgu_aZ^ZqbhilbfbaZpbbbf_xl[hevrh_wdhghfbq_kdh_agZq_gb_< qZklghklb d gbf k\h^ylky aZ^Zqb \ dhlhjuo lj_[m_lky gZclb dZdb_ ba^_eby b \ dZdhf dhebq_kl\_ gm`gh\uimkdZlvqlh[ufZdkbfbabjh\Zlvijb[uevbebh[t_f \uimkdZijh^mdpbbb l^ Ijbwlhfj_kmjkuij_^iheZ]Zebkvkljh]hh]jZgbq_ggufb
JZkkfhlj_\ ihklZgh\db wlbo aZ^Zq ih^ [he__ ijZdlbq_kdbf m]ehf aj_gby \ gbo fh`gh m\b^_lv p_euc jy^ b^_ZebaZpbc b mijhs_gbc hl^Zeyxsbo bamq_ggu_ f_lh^u b ih^oh^u hl \hafh`ghklb g_ihkj_^kl\_ggh]h ijZdlbq_kdh]h ijbf_g_gby KjZam ke_^m_l gZa\Zlv^\ZlbiZlZdbob^_ZebaZpbcb mijhs_gbcWlhg_\hafh`ghklvh]jZgbqblvkyijb hp_gd_ dZq_kl\Z ieZgZ ijhba\h^kl\Z lhevdh h^gbf ihdZaZl_e_f \ ^_ckl\bl_evghklb ke_^m_l bkihevah\Zlv p_euc bo gZ[hj Z lZd`_ wlh \ ^_ckl\bl_evghklb kemqZcguc oZjZdl_j fgh]bo iZjZf_ljh\ hij_^_eyxsbo ihklZgh\db aZ^Zq gZijbf_j lZdbo dZd ghjfhjZkoh^u klZgdhqZkh\ gZ ba]hlh\e_gb_ _^bgbpu ba^_eby beb jZkoh^ fZl_jbZeZ b l^ NZdlbq_kdZy gZ ijZdlbd_ kemqZcghklv klhoZklbqghklv wlbo iZjZf_ljh\ hq_\b^gh \e_q_lg_hilbfZevghklvbeb^Z`_g_\uihegbfhklvl_oieZgh\dhlhju_[uebihemq_gu \ j_amevlZl_j_r_gbyaZ^ZqbEI H^gZdh ijb hij_^_e_gghf jZa\blbb jZkkfZljb\Z_fuo b^_c b ih^oh^h\ fh`gh mkljZgblvfgh]b_g_^hklZldbkhhl\_lkl\mxsbofh^_e_c>@ Fh^_ev[_amq_lZb kmq_lhfj_Zebam_fhklbieZgZ
¦ WLM& ; M d N L L Q
M
P M
¦ WLM+ ; M d 7O O Q
M
¦ WLM0 ; M d 5J J Q
M
O J
IE ¦ P IE M ;M tP Q
M
¦ P KM ; M t P K Q
M
Q
G M d ; M d ' M M Q
A^_kvb ^Ze__bkihevamxlkyke_^mxsb_h[hagZq_gby ;M h[t_f ijhba\h^kl\Z lh\Zjghc ijh^mdpbb M]h \b^Z \ ieZgbjm_fhf ]h^m \ gZlmjZevghf baf_j_gbb IM h`b^Z_fZy \_ebqbgZ ijb[ueb hl j_ZebaZpbb _^bgbpu ba^_ebyM]h\b^Z0 qbkeh]jmii\aZbfhaZf_gy_fh]hl_ogheh]bq_kdh]hh[hjm^h\Zgby\ p_oZo ij_^ijbylby dhlhjh_ p_e_khh[jZagh mqblu\Zlv \ dZq_kl\_ h]jZgbq_gbc WLM& aZljZlu ljm^Z \ klZgdhqZkZo gZ _^bgbpm ijh^mdpbb M]h \b^Z ijb ba]hlh\e_gbb __ gZ \k_ohi_jZpbyo\uihegy_fuogZh[hjm^h\Zgbb Lc ]jmiiu N L ]h^h\hcjZkq_lgucnhg^ jZ[hq_]h \j_f_gb h[hjm^h\Zgby Lc ]jmiiu O qbkeh \k_o ijhn_kkbhgZevgh d\Zebnbpbjh\Zgguo ]jmii jZ[hqbok^_evsbdh\ \ hkgh\ghf ijhba\h^kl\_ g_ihkj_^kl\_ggh g_ k\yaZgguo k h[kem`b\Zgb_f l_ogheh]bq_kdh]h h[hjm^h\Zgby \ hkgh\guo p_oZo WO+M aZljZlu \ ghjfhqZkZo jZ[hq_]h \j_f_gb Oc ]jmiiu jZ[hqbo k^_evsbdh\ gZ _^bgbpm ijh^mdpbb M]h \b^Z 7O ]h^h\hc jZkq_lguc nhg^ jZ[hq_]h
\j_f_gb \ ghjfhqZkZo jZ[hq_]h \j_f_gb Oc ]jmiiu jZ[hqbok^_evsbdh\ J qbkeh \k_o h]jZgbq_gguo \b^h\ ijhba\h^kl\_gguo j_kmjkh\ mqblu\Z_fuo \ ^Zgghc aZ^Zq_ ieZgbjh\Zgby WJ0M aZljZlu ijhba\h^kl\_gguo j_kmjkh\ J]h \b^Z gZ _^bgbpm K ijh^mdpbb M]h \b^Z 5J \_jogyy ]jZgbpZ jZkoh^h\ J]h \b^Z j_kmjkh\ P IE M PM
khhl\_lkl\_ggh khihklZ\bfZy b ijbgylZy \ ieZg_ hilh\Zyp_gZba^_eby M]h\b^Z P IE PK
aZ^ZggZy gb`gyy ]jZgbpZ \uimkdZ lh\Zjghc ijh^mdpbb gZ ij_^ijbylbb \
ieZgbjm_fhf ]h^m \ khihklZ\bfuo b \ ijbgyluo \ ieZg_ hilh\uo p_gZo G M ' M khhl\_lkl\_ggh gb`gyy b \_jogyy ]jZgbpu h[t_fZ ijhba\h^kl\Z ijh^mdpbb M]h \b^Z \_jogyy ]jZgbpZ dZd ijZ\beh fh`_l [ulv h[mkeh\e_gZ mkeh\byfb k[ulZ ijh^mdpbb b \hafh`ghklyfb \kihfh]Zl_evgh]h ijhba\h^kl\Z gb`gyy `_ ]jZgbpZ ohayckl\_ggufb k\yayfbij_^ijbylbyk ^jm]bfbij_^ijbylbyfbb hj]ZgbaZpbyfb Wdhghfbq_kdbckfukedjbl_jbZevghcnmgdpbb b mkeh\bc ijb\_^_gghc fZl_fZlbq_kdhc fh^_eb hq_\b^_g Hlf_lbf ebrv qlh ^ey ihemq_gby [he__ dZq_kl\_ggh]h ]h^h\h]h ieZgZ ijhba\h^kl\Z p_e_khh[jZag__ [ueh [u bkihevah\Zgb_ fgh]hdjbl_jbZevghcfZl_fZlbq_kdhcfh^_eb>hihegbl_evghd djbl_jbx ihe_aguf [ueh [u jZkkfhlj_lv hilbfbaZpbx lZdbo djbl_jb_\ dZd h[t_f ijhba\h^kl\Z \ khihklZ\bfuop_gZok_[_klhbfhklvijh^mdpbbb l^
¦ Q
M
¦
¦
¦
O J § P · I M ; M : ¨ &L
¦ WLM& ; M d N L
M
P M Q
¦ WLM+ ; M d 7O
M
¦ WLM0 ; M d 5J <J J Q
M
O
J
IE ¦ P IE M ;M tP Q
M
¦ P KM ; M t P K Q
M
PD[
G M d ; M d ' M M Q
A^_kvbkihevamxlkyke_^mxsb_^hihegbl_evgu_i_j_f_ggu_
L P &O NL
O O &J 7O
J J 5J
>jm]bf \Z`g_crbf g_^hklZldhf fh^_eb y\ey_lky lh qlh \k_ __ iZjZf_lju ij_^iheZ]Zxlky ^_l_jfbgbjh\Zggufb l_ g_ kemqZcgufb kljh]h aZ^Zggufb Wlh hq_\b^gh iehoh kh]eZkm_lky k iheh`_gb_f \_s_c bf_xsbf f_klh gZ ijZdlbd_< ^_ckl\bl_evghklbfu\k_]^Zfh`_febrvij_^iheZ]Zlvg_dhlhjuckj_^gbc mjh\_gv lh]h beb bgh]h iZjZf_ljZ Wlh hlghkblky b d mjh\gx p_g dhlhjuc keh`blky\ [m^ms_f gZ jugd_ b d nhg^m h[hjm^h\Zgby dhlhjh_ kemqZcguf h[jZahf \uoh^bl ba kljhy beb ba j_fhglZ b l^ LZdbf h[jZahf ykgh qlh \hi_j\uo ieZg ihkljh_gguc ih \ur_ijb\_^_gguf^_l_jfbgbjh\Zgguffh^_eyf\ lhqghklbg_[m^_l\uiheg_ggbdh]^Z Z \h\lhjuoqlhiZjZf_ljujZkkfZljb\Z_fuogZfbfh^_e_cke_^m_lkqblZlvkemqZcgufb \_ebqbgZfb Ijb wlhf \hagbdZ_l \hijhk dZd bf_ggh fu fh`_f l_i_jv hoZjZdl_jbah\Zlv wlb dhwnnbpb_glu b iZjZf_lju"
Ykgh qlh ijb klhoZklbqghklb kemqZcghklb dhwnnbpb_glh\ fh^_eb khhl\_lkl\mxsb_ h]jZgbq_gby Z lZd `_ agZq_gb_ djbl_jbZevghc nmgdpbb fh`gh ihgbfZlv lhevdh \ \_jhylghklghf kfuke_ G_ h[yaZl_evgh \k_ iZjZf_lju kqblZlv kemqZcgufb >Ze__ fu [m^_f kqblZlv kemqZcgufb \_ebqbgZfb k ba\_klgufb iehlghklyfb ^ey ijhklhlu lhevdh ke_^mxsb_ iZjZf_lju IM WLM& N L Lh]^Z fh`_l [ulv bkihevah\ZgZgZijbf_jke_^mxsZyklhoZklbq_kdZyfh^_ev I
J P § O · § Q · ¸ ¨ ¨ 0 ¦ I M ; M : ¦ &L
§ 3¨ ¨ ©
¦ WLM& ; M d N L
Q
M
¹
P M
¦ WLM+ ; M d 7O
M
¦ WLM0 ; M d 5J <J J Q
M
Q
O
J
IE ¦ P IE M ;M tP Q
M
¦ P KM ; M t P K Q
M
t
G M d ; M d ' M M Q
t
<J
t ^ey \k_o L O J
A^_kvFJ khhl\_lkl\_gghhi_jZlhjufZl_fZlbq_kdh]hh`b^Zgbyb \_jhylghklb SL aZ^Z\Z_fuc gZfb `_eZ_fuc mjh\_gv \_jhylghklb \uiheg_gby khhl\_lkl\mxs_]h mkeh\by LZdbf h[jZahf fu \b^bf qlh \hi_j\uo a^_kv hl g_ihkj_^kl\_ggh]h agZq_gby nmgdpbhgZeZ ijb g_dhlhjuo mjh\gyo ijb[uevghklb ijh^mdlh\ k^_eZg i_j_oh^ d _]h kj_^g_fm agZq_gbx ijb kemqZcghklb wlh]h mjh\gy Hlf_lbf qlh ^ey djbl_jbZevghc nmgdpbb fh]ml bkihevah\Zlvky b ^jm]b_ klhoZklbq_kdb_ ZgZeh]b GZijbf_j fZdkbfbaZpby \_jhylghklb lh]h qlh ^_ckl\bl_evgh_ agZq_gb_ ijb[ueb ij_\ahc^_l g_dhlhjmx aZ^Zggmx \_ebqbgm H^gZdh i_j_oh^ d kj_^g_fm h`b^Z_fhfm agZq_gbx y\ey_lky \iheg_ _kl_kl\_gguf d lhfm `_ hg bf__l _s_ h^gh ^hklhbgkl\h h dhlhjhf [m^_lkdZaZghgb`_Ze__fu\b^bfqlhbaih^agZdZfZlh`b^Zgby\ nmgdpbhgZe_\ug_k_gu\_ebqbgu g_^hklZxsbo j_kmjkh\ ^ey l_o h]jZgbq_gbc iZjZf_lju dhlhjuo ijbgylu g_kemqZcgufb Wlh k^_eZgh ihkdhevdm \ lZdhf kemqZ_ wlb \_ebqbgu g_ y\eyxlky kemqZcgufbb bak\hckl\fZl_fZlbq_kdh]hh`b^Zgbyke_^m_llZdZy\hafh`ghkv Mkeh\by iheghklv khojZgbeb k\hx nhjfm < kemqZ_ _keb [u [ueh ijbgylh j_r_gb_ h g_h[oh^bfhklb kqblZlv \oh^ysb_ \ gbo iZjZf_lju kemqZcgufb bo nhjfZij_h[jZah\Zehkv[ukh\_jr_gghZgZeh]bqgufh[jZahf =h\hjyh j_r_gbbfh^_eb ke_^m_lkdZaZlvqlhg_kms_kl\m_lf_lh^h\ iha\heyxsbogZclb__ bebZgZeh]bqguog_ebg_cguofh^_e_c lhqgh_j_r_gb_ijblhc nhjf_\ dhlhjhchgZaZibkZgZWlhk\yaZghbf_gghkhklhoZklbqghklvxwlhcfh^_ebD kqZklvx \ gZr_f ebg_cghf kemqZ_ y\ey_lky \hafh`guf aZf_gblv jZkkfZljb\Z_fmx fh^_ev__ ^_l_jfbgbjh\Zggufwd\b\Ze_glhf
>_l_jfbgbjh\Zggucwd\b\Ze_glklhoZklbq_kdhcfh^_eb H[hagZqbf q_j_a W LM N L < L fZl_fZlbq_kdb_ h`b^Zgby khhl\_lkl\mxsbo kemqZcguo \_ebqbg GLM GLN GL< ^bki_jkbb khhl\_lkl\_ggh kemqZcguo \_ebqbg WLM&
&
N L
H[hagZqbfq_j_a I M M Q fZl_fZlbq_kdh_h`b^Zgb_kemqZcghc\_ebqbgu IM Lh]^Zihevamykvk\hckl\hfebg_cghklbhi_jZlhjZfZl_fZlbq_kdh]hh`b^Zgbyb l_fqlh \k_ kemqZcgu_ \_ebqbgu fu kqblZ_f g_aZ\bkbfufb ihemqZ_f qlh nmgdpbhgZem wd\b\Ze_gl_gke_^mxsbc
¦ Q
I NL
]^_ & L
M
I M ; M :
¦
¦
L
¦
J § O · & L < L : ¨ &O
P
PD[
Bf_ggh\hafh`ghklvba[Z\blvkyhlhi_jZlhjZfZl_fZlbq_kdh]hh`b^Zgby
b y\ey_lky\Z`guf^hklhbgkl\hfjZkkfZljb\Z_fh]hdjbl_jbydZq_kl\Z Hlghkbl_evgh kemqZcghc \_ebqbgu
¦
Q ijb WLM& ; M N L ° ° M ®Q Q ° W & ; N ijb W & ; t N L LM M L ° M LM M M ¯
ke_^mxsb_agZq_gby < L
¦
¦
Fh`gh mdZaZlv \_jhylghklb wlbo agZq_gbc ijb ba\_klguo iZjZf_ljZo W LM& b N L b
aZ^Zgguo ; M AgZq_gb_
°§ 3 ®¨ °¯¨©
¦ Q
M
½° · WLM& ; M N L ¸ ¾ ¸ °¿ ¹
) ]
S
]
³
f
W H GW ]^_
]
§ Q & · ¨¨ ¦ W LM ; M N L ¸¸ ©M ¹ a^_kv ) [ Q ¦ G LM ; M GL N M
S
[
³H
f
W
GW
bgl_]jZevgZynmgdpbyEZieZkkZg_dhlhju_agZq_gbydhlhjhcijb\_^_gu\ ijbeh`_gbb ;he__ ihegu_lZ[ebpu_z agZq_gbcfh`ghgZclbgZijbf_j\ >@b ^jm]boba^Zgbyo Lh]^Z^bki_jkbx\_ebqbgu
L <
§ 3 u 3 u ¨ ¨ ©
¦ GLM ; M GLN ¸¸ ·
Q
¹
M
>Ze__bak\hckl\ghjfZevgh]hjZkij_^_e_gbyba\_klghqlhmkeh\b_
¦
§ Q · 3¨ WLM& ; M d N L
wd\b\Ze_glghmkeh\bx
¦ W LM ; M d N L < L Q
M
&
) SL
¦ GLM ; M GLN GL< L Q
M
P
]^_ ) SL L P agZq_gby nmgdpbb h[jZlghc bgl_]jZevghc nmgdpbb EZieZkkZ dhlhju_fh`ghgZoh^blvihl_f`_lZ[ebpZf L_i_jv \f_klh fh^_eb fu ihemqZ_f wd\b\Ze_glgmx ^_l_jfbgbjh\Zggmxfh^_ev Ijbwlhf\Z`ghqlhihemq_ggZy fh^_ev g_ y\ey_lky ebg_cghc b l_f kZfuf g_ fh`_l [ulv j_r_gZ kbfie_dkf_lh^hf H^gZdh k ihfhsvx bl_jZpbhggh]h rZ]h\h]h ijhp_kkZ ih^[hjZ ieZgZ fh`gh gZclb __ ijb[eb`_ggh_ j_r_gb_ NZdlbq_kdb ieZg ^ey dhlhjh]h ]ZjZglbjh\ZggZ lZ beb bgZy
`_eZ_fZy \_jhylghklv _]h \uiheg_gby h^gZdh [ulv fh`_l g_ hilbfZevguc Ijb bkihevah\Zgbb W
GZij_^ijbylbb\uimkdZ_lkyljb\b^Zijh^mdpbbIj_^iheZ]Z_fZy\_ebqbgZijb[ueb hlj_ZebaZpbblukyqb_^bgbpba^_ebcM]h\b^Z M I I I AZljZluljm^Z\ klZgdhqZkZogZba]hlh\e_gb_lukyqb_^bgbpijh^mdpbbM]h\b^ZgZ h[hjm^h\Zgbb Lhc ]jmiiu L kqblZxlky ghjfZevgh jZkij_^_e_ggufb kemqZcgufb \_ebqbgZfbBokj_^gb_agZq_gbyb ^bki_jkbboZjZdlj_jbamxlkyfZljbpZfb &
W LM
§ · ¨¨ ¸¸ G LM © ¹
§ · ¨¨ ¸¸ © ¹
=h^h\hc jZkq_lguc nhg^ jZ[hq_]h \j_f_gb h[hjm^h\Zgby Lhc ]jmiiu kqblZ_lky kemqZcghc\_ebqbghck oZjZdl_jbklbdZfb NL
§ · ¨¨ ¸¸ G L N © ¹
§ · ¨¨ ¸¸ © ¹
AZljZlu\ ghjfhqZkZojZ[hq_]h\j_f_gbOc ]jmiiujZ[hqbok^_evsbdh\ O gZ lukyqm_^bgbpijh^mdpbbM]h\b^Zb h[sbc_]hnhg^ § · ¨¨ ¸¸ 7O © ¹
W O+M
§ · ¨¨ ¸¸ © ¹
KqblZ_lky p_e_khh[jZaguf h]jZgbqblv jZkoh^ lhevdh h^gh]h j_kmjkZ aZljZlu dhlhjh]hgZlukyqmba^_ebcM]h\b^Zb \_jogyy]jZgbpZjZkoh^ZaZ^Zxlky\_ebqbgZfb 5J W0 M KhihklZ\bfZy b ijbgylZy \ ieZg_ hilh\Zy p_gZ lukyqb ba^_ebc M]h \b^Z oZjZdl_jbam_lkykhhl\_lkl\_ggh\_dlhjZfb P KM P IE M P K aZ^ZggZy gb`gyy ]jZgbpZ \uimkdZ lh\Zjghc ijh^mdpbb gZ ij_^ijbylbb\ ieZgbjm_fhf]h^mkhhl\_lkl\_ggh\ ijbgyluo\ ieZg_b \khihklZ\bfuo hilh\uop_gZo G ' khhl\_lkl\_ggh gb`gyy b \_jogyy ]jZgbpu h[t_fZ ijhba\h^kl\Z ijh^mdpbb]h\b^Z\ lukrl ^ey^jm]hcijh^mdpbblZdboh]jZgbq_gbcg_l KhklZ\blv ^_l_jfbgbjh\Zgguc wd\b\Ze_gl fZl_fZlbq_kdhc klhoZklbq_kdhc fh^_eb nhjfbjh\Zgby hilbfZevgh]h ijhba\h^kl\_ggh]h ieZgZ k mq_lhf gZ^_`ghklb Ijbgylv \_jhylghklv \uiheg_gby ieZgZ ih bkihevah\Zgbx h[hjm^h\Zgby SL L Ij_^eh`blv^himklbfucieZgih\hafh`ghklb^hklZ\eyxsbcfZdkbfmfijb[ueb J_r_gb_ Ijbf_f \_ebqbgm rljZngh]h dhwnnbpb_glZ : Ih lZ[ebpZf gZoh^bf ) Lh]^Z khhlghr_gby ^_l_jfbgbjh\Zggh]h wd\b\Ze_glZ klhoZklbq_kdhcfh^_ebk mq_lhfj_Zebam_fhklbbf_xl\b^ GZclbfZdkbfmfdjbl_jbZevghcnmgdpbb P IE
I
; ; ;
· § ¨ < < < < < ¸ o PD[ © ¹
ijbh]jZgbq_gbyoih h[hjm^h\Zgbx
; ; ; d < ; ; ; G<
; ; ; d < ; ; ; G <
jZ[hq_fm\j_f_gb
; ; ; d <
fZl_jbZevgufj_kmjkZf
; ; ; d <
; ; ; d <
h[t_fmkhhl\_lkl\_ggh\ ieZgh\uob khihklZ\bfuop_gZf ; ; ; t ; ; ; t
ihh[t_fm\ gZlmjZevghf\ujZ`_gbb
d ; d
Ijbklmibfd ih^[hjm^himklbfh]hieZgZ RZ] ImklvgZijbf_j ;
;
;
Ih h[t_fm \ ieZgh\uo b khihklZ\bfuo p_gZf Z lZd `_ ih h[t_fm \ gZlmjZevghf \ujZ`_gbbieZgy\ey_lky^himklbfuf
Ih^kqblZ_fl_i_jv^ey 3
u u u
t
u u u
t
d ; d
<
) ]
S
]
³
f
W H GW ]^_
u u u
]
u u u
IhlZ[ebpZfgZoh^bf
3
L_i_jvgZoh^bfqlh G<
>ey <
3
Lh]^Z Lh]^Z
G <
)
Q
¦ GLM ; M GL N
M
u u u
) ] ]^_ ]
IhlZ[ebpZfgZoh^bf
§ Q & · ¨¨ ¦ W LM ; M N L ¸¸ ©M ¹
u u u
u u u 3
)
u u u
< <
u u u u u u
u u u u u u
u u u d < < u u u d < < u u u d < <
GZoh^bfl_i_jvagZq_gb_nmgdpbhgZeZ
u u u · § ¨ ¸ © ¹ I
;
;
Ih h[t_fm \ ieZgh\uo b khihklZ\bfuo p_gZf Z lZd `_ ih h[t_fm \ gZlmjZevghf \ujZ`_gbbieZgy\ey_lky^himklbfuf u u u
t
u u u
t
d ; d
Ih^kqblZ_f^ey < 3
) ] ]^_ ]
L_i_jvgZoh^bfqlh G<
u u u
u u u
3
)
u u u
>ey < 3
Lh]^Z <
) ] ]^_ ]
u u u u u u
G< u u u
3
)
u u u u u u
<
u u u u u u
u u u d < < u u u u u u
d
d < < < <
GZoh^bfl_i_jvagZq_gb_ nmgdpbhgZeZ I u u u · § ¨ ¸ ¹ ©
;
;
Ih h[t_fm \ ieZgh\uo b khihklZ\bfuo p_gZf Z lZd `_ ih h[t_fm \ gZlmjZevghf \ujZ`_gbbieZgy\ey_lky^himklbfuf
Ih^kqblZ_f^ey 3
u u u
t
u u u
t
d ; d
<
) ] ]^_ ]
u u u u u u 3
L_i_jvgZoh^bfqlh >ey
G<
<
Lh]^Z
3 3
u u u
) ] ]^_ ]
)
)
u u u
u u u
G < u u u
<
u u u u u u
<
u u u u u u
<
<
u u u u u u u u u
d < < d < < d < <
GZoh^bfl_i_jvagZq_gb_nmgdpbhgZeZ I
u u u
· § ¨ ¸ ¹ ©
Ihemq_ggh_agZq_gb_agZqbl_evghij_\urZ_lij_^u^msb_GZijZ\e_gbybaf_g_gby ieZgZ \_^msb_ d ^Zevg_cr_fm _]h memqr_gbx m`_ g_ klhev hq_\b^gu dZd gZ ij_^u^msborZ]ZoIhwlhfmhklZgh\bfkygZ^hklb]gmlhfj_amevlZl_ G_h[oh^bfh _s_ jZa kdZaZlv qlh j_r_gb_ jZkkfZljb\Z_fuo fh^_e_c hkh[_ggh \ kemqZ_ j_Zevguo aZ^Zq k [hevrbf dhebq_kl\hf i_j_f_gguo b h]jZgbq_gbc ij_^klZ\ey_lky \hafh`guf ebrv k bkihevah\Zgb_f W
H^gZ ba oZjZdl_jguo q_jl \kydh]h h[s_kl\_ggh]h beb khpbZevghwdhghfbq_kdh]h y\e_gby khklhbl \ fgh`_kl\_gghklb \ fgh]hklhjhgghklb bkoh^h\ wlh]h y\e_gby \ gZebqbbklhjhggZ^_e_gguojZaebqgufbbgl_j_kZfbbebohly[u\ gZebqbbg_kdhevdbo jZaebqguoZdlb\guolhq_daj_gbygZy\e_gb_b _]hbkoh^ LZd gZijbf_j ijboh^blky kqblZlvky k jZaebqb_f ebqguo dhee_dlb\guo b h[s_kl\_gguobgl_j_kh\< mkeh\byoieZgh\hckbkl_fuohayckl\Zg_h[oh^bfhkhq_lZlv hljZke_\u_ b j_]bhgZevgu_ bgl_j_ku Z lZd`_ ih^qZk ijhlb\hj_qZsb_ ^jm] ^jm]m bgl_j_ku hl^_evguo \_^hfkl\ Hkgh\gu_ ljm^ghklb \g_^j_gby b jZkijhkljZg_gby gh\h\\_^_gbc ij_^hij_^_eyxlky ijhlb\hj_qb_f f_`^m k_]h^gyrg_c \u]h^hc b [m^msbfwnn_dlhf< wlhfkfuke_fh`ghkdZaZlvqlhex[h_khpbZevghwdhghfbq_kdh_ y\e_gb_ gZ^_e_gh q_jlZfb dhgnebdlZ KblmZpby gZau\Z_lky dhgnebdlghc _keb \ g_c mqZkl\mxlklhjhgubgl_j_kudhlhjuoiheghklvxbebqZklbqghijhlb\hiheh`gu L_hjby b]j hlghkblky d fZl_fZlbq_kdhfm h[_ki_q_gbx fh^_ebjh\Zgby y\e_gbc \ hkgh\ghfkhpbZevghwdhghfbq_kdhc oZjZdl_jZ Hkgh\gu_ihgylbyb h[sZydeZkkbnbdZpbyb]j
Z^bf nhjfZevgh_ hibkZgb_ mdZaZgguo dhfihg_gl dhgnebdlZ \\h^y ijb wlhf ijbgylmxl_jfbgheh]bxb h[hagZq_gby AZbgl_j_kh\Zggu_ klhjhgu [m^ml ^Ze__ gZau\Zlvky b]jhdZfb beb ebpZfb Z fgh`_kl\h \k_o b]jhdh\ [m^_l h[hagZqZlvky q_j_a , >Ze__ fu h]jZgbqbfky jZkkfhlj_gb_f kemqZy dh]^Z fgh`_kl\h , dhg_qgh G_ gZjmrZy h[sghklb fh`gh ijbgbfZlvqlh, ^i` Ex[h_\hafh`gh_^eyb]jhdZL , ^_ckl\b_gZau\Z_lky_]hkljZl_]b_c Fgh`_kl\h \k_o kljZl_]bc b]jhdZ L h[hagZqbf q_j_a ;L < mkeh\byo dhgnebdlZ dZ`^uc b]jhd L , \u[bjZ_l g_dhlhjmx k\hx kljZl_]bx [L ;L \ j_amevlZl_ q_]h kdeZ^u\Z_lkygZ[hjkljZl_]bco [[[Q gZau\Z_fuckblmZpb_cFgh`_kl\h\k_o kblmZpbch[hagZqbf= AZbgl_j_kh\Zgghklv b]jhdh\ \ujZ`Z_lky \ lhf qlh dZ`^hfm b]jhdm L , \ lhc beb bghc kblmZpbb [ = ijbibku\Z_lky qbkeh \ujZ`Zxs__ kl_i_gv m^h\e_l\hj_gby _]h bgl_j_kh\ \ wlhc kblmZpbb Wlh qbkeh gZau\Z_lky \ub]jur_f b]jhdZ L \ kblmZpbb o b h[hagZqZ_lky q_j_a GLo <_ebqbgZ GLo gZau\Z_lky nmgdpb_c \ub]jurZ b]jhdZ L b
h[uqghy\ey_lky^_ckl\bl_evgufqbkehf < wlbomkeh\byoijhl_dZgb_dhgnebdlZkhklhbl\ \u[hj_dZ`^ufb]jhdhfL , _]h kljZl_]bb [L ;L b \ ihemq_gbb bf \ keh`b\r_cky kblmZpbb o [ [ [Q ba g_dhlhjh]hbklhqgbdZ\ub]jurZGLo LZdbfh[jZahffgh`_kl\hb]jhdh\bokljZl_]bc b bo nmgdpbc \ub]jurZ iheghklvx hibku\Zxl g_dhlhjmx b]jm = qlh nhjfZevgh aZibku\ZxllZd = , ^[L `L, ^+ L `L, !
Hij_^_e_gb_ B]jZ wlh ^_ckl\bl_evguc beb nhjfZevguc dhgnebdl \ dhlhjhf bf__lky ih djZcg_c f_j_ ^\Z b]jhdZ dZ`^uc ba dhlhjuo klj_fblky d ^hklb`_gbx kh[kl\_gguo p_e_c B]jZ dZd ijhp_kk ij_^klZ\ey_l kh[hc fgh]hdjZlgh ih\lhjyxsbcky \u[hjb]jhdZfbk\hbokljZl_]bc Ihke_^gyy njZaZ ijb\_^_ggh]h hij_^_e_gby hagZqZ_l qlh b]jm ke_^m_l kqblZlv g_ dZd h^ghdjZlguc h[f_g m^ZjZfb Z dZd ihklhyggh beb ih djZcg_c f_j_ fgh]hdjZlgh hkms_kl\ey_fucijhp_kk Hij_^_e_gb_ B]jZgZau\Z_lkyb]jhck gme_\hckmffhc _kebkmffZ\k_oieZl_`_c jZ\gZgmexl__kebkmffZijhb]jur_cijhb]jZ\rbob]jhdh\jZ\gZkmff_\ub]jur_c hklZevguob]jhdh\bafgh`_kl\Z,
Qlh[u khdjZlblv mihlj_[e_gb_ bg^_dkh\ fgh`_kl\Z kljZl_]bc b]jhdh\ b ZglZ]hgbklbq_kdhcb]j_[m^mlh[uqghh[hagZqZlvkyq_j_a; b <Z nmgdpby\ub]jurZGL q_j_a + >ey Zglh]hgbklbq_kdbo b]j k ^\mfy b]jhdZfb \\h^blky ke_^mxs__ hij_^_e_gb_ Hij_^_e_gb_ ImklvdZ`^hckljZl_]bb]hb]jhdZ\aZbfhh^ghagZqghihklZ\e_gZ\ khhl\_lkl\b_ kljhdZ g_dhlhjhc fZljbpu : Z dZ`^hc kljZl_]bb ]h b]jhdZ \aZbfhh^ghagZqghihklZ\e_g\ khhl\_lkl\b_klhe[_pwlhcfZljbpuFZljbpm: gZau\Zxl ieZl_`ghc beb fZljbp_c b]ju _keb _z we_f_gl DLM jZ\_g \ub]jurm ]h b]jhdZ l_ ijhb]jurm]h ijb\u[hj_f b]jhdhf Lc kljZl_]bbZ f Mc IhwlhfmZglZ]hgbklbq_kdZyb]jZiheghklvxhibku\Z_lky_^bgkl\_gghcfZljbp_cb \ khhl\_lkl\bbk wlbfgZau\Z_lkyfZljbqghc Ijbf_j R\_cgh_ij_^ijbylb_ieZgbjm_ld fZkkh\hfm\uimkdmgh\mxfh^_ev h^_`^u Kijhk gZ wlm fh^_ev g_ fh`_l [ulv lhqgh hij_^_e_g H^gZdh fh`gh
ij_^iheh`blv qlh _]h \_ebqbgZ oZjZdl_jbam_lkylj_fy\hafh`gufbkhklhygbyfb,,, ,,, K mq_lhf wlbo khklhygbc ZgZebabjmxlky ljb \hafh`guo \ZjbZglZ \uimkdZ ^Zgghc fh^_eb : ; < DZ`^uc ba wlbo \ZjbZglh\ lj_[m_l k\hbo aZljZl b h[_ki_qb\Z_l \ dhg_qghf kq_l_ jZaebqguc wnn_dl Ijb[uev luk j dhlhjmx ihemqZ_l ij_^ijbylb_ ijb^Zgghfh[t_f_\uimkdZfh^_ebb khhl\_lkl\mxs_fkhklhygbbkijhkZhij_^_ey_lky fZljbp_c , ,, ,,, : § · ¨ ¸ ; ¨ ¸ < ¨© ¸¹
L_hjby b]jdZdfZl_fZlbq_kdZy^bkpbiebgZ\ __kh\j_f_gghfkhklhygbb aZgbfZ_lky ghjfZlb\guf bamq_gb_f b]j l_ kqblZ_l k\h_c aZ^Zq_c mklZgh\blv dZdh_ ih\_^_gb_ b]jhdh\ke_^m_lkqblZlvhilbfZevgufjZamfgufp_e_khh[jZaguf HilbfZevghklv kljZl_]bb hq_\b^gh fh`gh ihgbfZlv ihjZaghfm Lh _klv ihgylby hilbfZevghklb\ l_hjbbb]jb hilbfZevgh]hj_r_gbyb]jug_y\eyxlkyh^ghagZqgufb Zijbhjgufb Z[khexlgufb
ijb ex[uo [ ; \ < M`_ ba lh]h qlh \ bkihevam_lky g_ kljh]h_ g_jZ\_gkl\h f_gvr_bebjZ\gh dke_^m_lqlhjZ\gh\_kguokblmZpbcfh`_l[ulvg_kdhevdh Hij_^_e_gb_ < kemqZ_ ZglZ]hgbklbq_kdhc b]ju kblmZpby jZ\gh\_kby gZau\Z_lky k_^eh\hclhqdhc HdZau\Z_lkyqlhnmgdpby\ub]jurZb]ju\h\k_o__ k_^eh\uolhqdZo ijbgbfZ_lh^ghb lh`_agZq_gb_dhlhjh_gZau\Z_lkyp_ghcb]ju bebagZq_gb_fb]ju Bf_ggh kblmZpbb jZ\gh\_kby fh]ml [ulv ij_^f_lhf mklhcqb\uo ^h]h\hjh\ f_`^m b]jhdZfb
Ba\_klguc fZl_fZlbd :
]^_ Pdhebq_kl\h kljhd \ fZljbp_ b]ju l_ dhebq_kl\h qbkluo kljZl_]bc ]h b]jhdZ Lh]^Zy ^he`_g\u[jZlvlZdmxkljhdml_,x kljZl_]bx L Q Q dhebq_kl\hklhe[ph\ \ fZljbp_b]ju ijbdhlhjhcwlhlfbgbfmffZdkbfZevguc Hij_^_e_gb_ Qbkeh D PD[ PLQ DLM gZau\Z_lky gb`g_c p_ghc b]ju beb L
M
fZdkbfbghfZ khhl\_lkl\mxsZy_fmkljZl_]bykljhdZ fZdkbfbgghc :gZeh]bqgh \lhjhc b]jhd lZd`_ bkoh^y ba gZbom^r_]h bkoh^Z ^he`_g jZkkm`^Zlv
ke_^mxsbfh[jZahf Ij_^iheh`bf qlh y \u[_jm Lx kljZl_]bx lh]^Z \ om^r_f ^ey f_gy kemqZ_ y ihl_jyx\_ebqbgm PLQ DLM L Q L
Lh]^Z y ^he`_g \u[jZlv lZdhc klhe[_p l_ Mx kljZl_]bx ijb dhlhjhc wlhl fZdkbfmffbgbfZevguc Hij_^_e_gb_ Qbkeh E PLQ PD[ DLM gZau\Z_lky \_jog_c p_ghc b]ju beb M
L
fbgbfZdkhf Z khhl\_lkl\mxsZy_fmkljZl_]byb]jhdZklhe[_p fbgbfZdkghc L_hj_fZ Gb`gyyp_gZb]ju\k_]^Zg_ij_\hkoh^bl\_jog_cp_gub]ju ?keb^eyg_dhlhjhcb]ju\_jogyyb gb`gyyp_gujZ\gul_\uihegy_lkyD Ebeb qlhlh`_kZfh_ PD[ PLQ DLM PLQ PD[ DLM D L M L
M
M
L
]^_ DL M khhl\_lkl\mxsbc we_f_gl fZljbpu b]ju lh hq_\b^gh ^ey wlh]h we_f_glZ \uihegy_lkyg_jZ\_gkl\h
D
L M
d DL M d DL M
KjZ\gb\Zy_]hk \b^bfqlhhdZau\Z_lkykblmZpby L M y\ey_lkyjZ\gh\_kghc l_hilbfZevghcl_j_r_gb_fb]ju<_ebqbgZ 9 D E ijbwlhfhq_\b^ghy\ey_lky p_ghcb]ju Lh _klv jZkkfZljb\Z_fu_ ijbgpbiu fZdkbfbgZ b fbgbfZdkZ ijb\_eb gZk d hilbfZevghfm b jZ\gh\_kghfm khklhygbx Wlh _s_ jZa k\b^_l_evkl\m_l h[ h[hkgh\Zgghklbbobkihevah\Zgbyijbijbgylbbj_r_gbc Hij_^_e_gb_ B]jZ^eydhlhjhcD EgZau\Z_lkyb]jhck k_^eh\hclhqdhc Ijbf_j >ey b]jh\hc fZljbpu ba ijbf_jZ gZclb k_^eh\u_ lhqdb _keb hgb _klv GZoh`^_gb_ gb`g_c b \_jog_c p_g b]ju jZ\gh dZd b ijh\_jdZ kms_kl\h\Zgby k_^eh\uo lhq_d b bo gZoh`^_gb_ ^ey fZljbqguo b]j m^h[gh ijh\h^blv ih ke_^mxs_c ko_f_ PLQ DLM M
§ · o ½ ¨ ¸ ° ¨ ¸ o ¾ PD[ PLQ DLM M L ¨ ¸ o ° © ¹ ¿ p p p PD[ DLM L PLQ PD[ DLM M L
B]jZaZ^ZggZyg_dhlhjhcfZljbp_cfh`_lg_bf_lvk_^eh\hclhqdb Ijbf_j JZkkfhljbffZljbpm $
§ · ¨ ¸ ¨ ¸ ¨ ¸ © ¹
>eyi_j\h]hb]jhdZgZoh^bffZdkbfbg
>ey\lhjh]h fbgbfZdk
PD[ PLQ DLM M
L
PLQ PD[ DLM M
L
PD[^` L
PLQ^` M
¦¦ DLM XL ] M Q
P
L M
8 $=
y\ey_lkyp_ghcb]ju
GZoh`^_gb_ lZdh]h j_r_gby k\h^blky d j_r_gbx aZ^Zqb ebg_cgh]h ijh]jZffbjh\Zgby lhqg__ ]h\hjy d j_r_gbx iZju \aZbfhkhijy`_gguo aZ^Zq JZkkfhljbfqlhwlhaZaZ^Zqb BlZdimklv$ ieZl_`gZyfZljbpZb]jujZaf_jghklb Q u P l_ $
§ D D ¨ ¨ D D ¨D © Q DQ
DP · ¸ D P ¸ DQP ¸¹
Ykgh qlh dhev kdhjh \ kf_rZgguo kljZl_]byo \k_]^Z kms_kl\m_l hilbfZevgZy kljZl_]byi_j\h]hb]jhdZb p_gZb]julh^eyg__^he`gh\uihegylvkyg_jZ\_gkl\h
¦ DLM XLc Q
L
t Y M
P
wlhhagZqZ_lqlhijbex[hcqbklhckljZl_]bb]hb]jhdZl_ex[h]hklhe[pZfZljbpu $ _]h ijhb]jur [m^_l g_ f_gvr_ p_gu b]ju l_ fZdkbfbgZ Ij_^iheh`bf ^ey hij_^_e_gghklbqlhY ! <\_^_fh[hagZq_gb_ XL Y
lh]^Z mkeh\b_
¦ XLc Q
L
\L
dZd m`_ ]h\hjbehkv hq_\b^gh kijZ\_^eb\h_ ^ey \_dlhjZ
\_jhylghklgh]hjZkij_^_e_gby fh`ghi_j_ibkZlv\ \b^_ ¦ \L Y Q
JZa^_eb\h[_qZklbg_jZ\_gkl\Z gZYihemqZ_f
¦ DLM \L t M Q
L
P
L
Ihkdhevdmp_evx]hb]jhdZy\ey_lkyfZdkbfbaZpby\_ebqbguYl_fbgbfbaZpby \_ebqbgu Y lh gZoh`^_gb_ _]h hilbfZevghc kf_rZgghc kljZl_]bb 8 X X X Q k\h^blkyd j_r_gbxke_^mxs_caZ^Zqbebg_cgh]hijh]jZffbjh\Zgby ijbh]jZgbq_gbyo
)
\ \ \Q o PLQ
¦ DLM \L Q
L
t M P
\L t L Q
GZc^yj_r_gb_ \ wlhcaZ^Zqbe_]dhi_j_oh^bfd 8 ihnhjfmeZf XL
\L
¦ Q
Y\L L Q
\L
L
Y
¦ Q
\L
L
JZkkm`^Zy kh\_jr_ggh ZgZeh]bqgh ihemqbf qlh aZ^ZqZ gZoh`^_gby hilbfZevghc kf_rZgghc kljZl_]bb ]h b]jhdZ = ] ] ]P k\h^blky d gZoh`^_gbx \_dlhjZ y\eyxs_]hky j_r_gb_f ke_^mxs_c aZ^Zqb ebg_cgh]h [ [ [ [P ijh]jZffbjh\Zgby [ [ [P o PD[
)
ijbh]jZgbq_gbyo
¦ DLM [ M d L P
L
Q
[ M t M P
GZc^yj_r_gb_ [ wlhcaZ^Zqbe_]dhi_j_oh^bfd = ihnhjfmeZf ] M
[ M
¦ P
M
[ M
Y[ M M P
Y
¦ P
M
[ M
Ijbf_j >eyfZljbpubaij_^u^ms_]hijbf_jZbf__fke_^mxsb_aZ^Zqb>ey ]hb]jhdZ ) \ \ \ o PD[ ) \ \ \ o PLQ ijbh]jZgbq_gbyo
>ey]hb]jhdZ
ijbh]jZgbq_gbyo
\ \ \ t ° ° \ \ \ t ® ° \ \ \ t °¯ \ \ t \L t L
)
[ [ [ [ o PD[
[ [ [ [ d ° d ® [ [ [ ° [ [ [ [ d ¯ [ M t M
DZd ke_^m_l ba kbfie_dkf_lh^Z e_]q_ j_rblv aZ^Zqm ^ey ]h b]jhdZ >ey wlh]h ^Z`_ g_ ihlj_[m_lky \\_^_gby bkdmkkl\_gguo i_j_f_gguo AZ bkoh^guc [Zabk fh`gh
ijbgylv ^hihegbl_evgu_ i_j_f_ggu_ g_h[oh^bfu_ ^ey i_j_oh^Z d dZghgbq_kdhc nhjf_ aZ^Zqb HimkdZy jZkq_lu ijb\_^_f ihke_^gxx kbfie_dklZ[ebpm dhlhjZy ihemq_gZgZq_l\_jlhfrZ]_ ;Zabk [
[
[
[
'
[
[
[
3
LZdbfh[jZahf [ ijblhfqlh) Hlkx^Z
¦ [ M M
\
[
[
[
Y
¦
M
[ M
=
Ijh\_jb\qlh
¦ ]L
L
m[_`^Z_fky\ ijZ\bevghklbihemq_ggh]hhl\_lZ Ba wlhc `_ lZ[ebpu gZoh^bf j_r_gb_ ^\hckl\_gghc aZ^Zqb IhemqZ_f qlh
ijblhf`_ ) Hlkx^ZihemqZ_f 8
Y\
b
¦ XL
L
LZdbf h[jZahf kf_rZggu_ hilbfZevgu_ kljZl_]bb ]h b]jhdZ 8 b ]h b]jhdZ = gZc^_gulZd`_dZdb p_gZb]juY B]jZk ijbjh^hc
Djhf_ Zglh]hgbklbq_kdbo jZkkfZljb\Zxl lZd gZau\Z_fu_ g_Zglh]hgbklbq_kdb_ b]ju< wlhfkemqZ_ij_^iheZ]Zxlqlh^_ckl\byijhlb\gbdZg_ghkyloZjZdl_jkljh]h]h ijhlb\hklhygby?]hbgl_j_kufh]ml[ulvjZagufbb \h[s_fkemqZ_g_kh\iZ^Zxsbfb k gZrbfb h^gZdh hgb g_ y\eyxlky aehgZf_j_ggh gZijZ\e_ggufb ijhlb\ gZk Ijhkl_crbfijbf_jhflZdhckblmZpbby\ey_lkyke_^mxsZy Ij_^iheh`bf qlh ba\_klgZ \ h[s_f kemqZ_ kf_rZggZy kljZl_]by ijbf_gy_fZy h^gbfbab]jhdh\GZijbf_jbahiulZij_^u^msbogZ[ex^_gbcWlhlb]jhdbkihevam_l k\hx kljZl_]bx \g_ aZ\bkbfhklb hl gZr_c kljZl_]bb LZdmx b]jm ijbgylh gZau\Zlv b]jhc kijbjh^hcIjbjh^ZdZd[ug_bf_y\ h[s_f`_eZgbygZfgZ\j_^blv^_ckl\m_lih k\hbfaZdhgZf ;m^_f ^ey hij_^_e_gghklb kqblZlv qlh ba\_klgZ kf_rZggZy kljZl_]by = ] ] ] P ihklhyggh ijbf_gy_fZy f b]jhdhf Ijbq_f hgZ kh\_jr_ggh g_ h[yaZl_evghy\ey_lkyhilbfZevghc^eyg_]h< wlbomkeh\byo\hagbdZ_l\hijhkdZdfm b]jhdm ihkljhblv kljZl_]bx 8 fZdkbfbabjmxsmx _]h h`b^Z_fuc \ub]jur Hl\_l gZ wlhl\hijhk^Zzlkyijhklh: bf_gghhilbfZevghc[m^_llZqbklZykljZl_]by^eyghf_jZ L dhlhjhc^hklb]Z_lkyfZdkbfmf Y PD[
PD[ L
¦ ] M D LM P
M
Dhhi_jZlb\gZyl_hjby
>jm]bfdeZkkhfg_Zglh]hgbklbq_kdbob]jy\eyxlkydhhi_jZlb\gu_b]ju DZ`^Zy [_kdhZebpbhggZy b]jZ hibku\Z_l g_dhlhjuc \hh[s_ ]h\hjy ^hklZlhqgh keh`gucdhgnebdlg_\k_]^Zih^^Zxsbckyg_lhevdh^_lZevghfmbamq_gbxghb ^Z`_ lhqghfm hibkZgbx Ihwlhfm bgh]^Z ij_^klZ\ey_lky _kl_kl\_gguf \u[bjZlv \ wlhf dhgnebdl_hl^_evgu__]h Zki_dlub ih^\_j]Zlvboki_pbZevghfmZgZebam ;ulv fh`_l kZfuf ijhkluf [m^_l ijb wlhf \u^_e_gb_ g_dhlhjh]h fgh`_kl\Z b]jhdh\D ,gZau\Z_fh]hdhZebpb_c [_kdhZebpbhgghklvjZkkfZljb\Z_fuob]j\ lhfb khklhbl qlh gbdZdb_ dhZebpbb i_j\hgZqZevgh \ ijZ\beZo b]ju g_ ij_^mkfhlj_gu b jZkkfhlj_gb_ ZglZ]hgbklbq_kdhc b]ju =D dhZebpbb D dZd _^bgh]h b]jhdZ ijhlb\ __ hdjm`_gby ?D \ p_ehf Ijb wlhf dhf[bgZpbb kljZl_]bc b]jhdh\ ba D b ba ?D khklZ\eyxlkljZl_]bbD khhl\_lkl\_gghkljZl_]bb?D Z kmffZ\ub]jur_cb]jhdh\ba . \ub]jur dhZebpbb . AgZq_gb_ YD wlhc b]ju _kl_kl\_ggh ihgbfZlv dZd kbem dhZebpbbD \ h[s_cb]j_= Khhl\_lkl\b_ D o YD ^ey dZ`^hc dhZebpbb D , \ mkeh\byo [_kdhZebpbhgghc b]ju= gZau\Z_lky__ oZjZdl_jbklbq_kdhcnmgdpb_c b h[hagZqZ_lkyq_j_aY= OZjZdl_jbklbq_kdZy nmgdpby Y= ^Z_l ij_^klZ\e_gb_ h \hafh`ghklyo dhZebpbc b hl^_evguob]jhdh\\ mkeh\byob]ju= ^Z`_[_amdZaZgbyfgh`_kl\ZkljZl_]bcb nmgdpbc \ub]jurZ \ g_c Ihwlhfm ]h\hjyl ^Z`_ h aZ^Zgbb b]j \ nhjf_ oZjZdl_jbklbq_kdhc nmgdpbbijhlb\hihklZ\eyy_]haZ^Zgbxb]j\ ghjfZevghcnhjf_b \^jm]bonhjfZo dhlhju_kms_kl\mxlghgZfbg_aZljZ]b\ZxlkyBamq_gb_oZjZdl_jbklbq_kdbonmgdpbc b]jb khklZ\ey_lkh^_j`Zgb_dhhi_jZlb\ghcl_hjbbb]j < jZfdZo lZdhc dhhi_jZlb\ghc l_hjbb bkoh^Zfb b]ju [m^ml g_dhlhju_ jZkij_^_e_gby kmffZjgh]h \ub]jurZ gZau\Z_fu_ ^_e_`Zfb OZjZdl_jbklbq_kdmx nmgdpbx jZkkfZljb\Z_fmx kh\f_klgh k g_dhlhjuf fgh`_kl\hf ^_e_`_c ijbgylh gZau\Zlv dhhi_jZlb\ghc b]jhc >ey dhhi_jZlb\guo b]j dhgkljmbjmxlky khhl\_lkl\mxsb_ ijbgpbiu hilbfZevghklb b jZkkfZljb\Z_lky k\yaZggZy k gbfb ijh[e_fZlbdZ < g_dhlhjuo ba wlbo ijbgpbih\ hilbfZevghklb \hiehsZxlky ij_^klZ\e_gby h[ mklhcqb\hklb dhlhju_ ihemqZxlky i_j_g_k_gb_f gZ khhlghr_gby f_`^m ^_e_`Zfb jZaebqguo \ZjbZglh\ hibkZgby fZdkbfmfZ nmgdpbb H^gZdh ijbf_gbl_evgh d ^_e_`Zf wlb \ZjbZglu hij_^_e_gby i_j_klZxl [ulv wd\b\Ze_glgufb b ihjh`^Zxl jZaebqgu_ ijbgpbiuhilbfZevghklb <\h^bfu_ ijbgpbiu hilbfZevghklb bf_xl g_dhlhju_ g_^hklZldb _keb \hh[s_ fh`gh ]h\hjblv h g_^hklZldZo ^hklZlhqgh _kl_kl\_ggh \hagbdZxsbo h[t_dlh\ hgb g_ \k_]^Zj_Zebam_fuZ \l_okemqZyodh]^Zj_Zebam_fufh]ml^himkdZlvp_eu_fgh`_kl\Z j_ZebaZpbb ijbq_f dZ`^Zy j_ZebaZpby fh`_l khklhylv ba fgh]bo ^_e_`_c D lhfm `_ j_ZebaZpbb wlbo ijbgpbih\ fh]ml g_ m^h\e_l\hjylv mkeh\byf kijZ\_^eb\hklb \ lhf kfuke_dZdhgZhij_^_eyeZkv\ur_
< g_dhlhjuo kemqZyo kblmZpby ijb dhlhjhc ^he`gh [ulv ijbgylh lh beb bgh_ j_r_gb_fh`_l[ulvijhfh^_ebjh\ZgZg_dhlhjhc]jZnbq_kdhckljmdlmjhc^eydhlhjhc \ fZl_fZlbq_kdhc l_hjbb bkihevam_lky gZa\Zgb_ ]jZn Lhqgh_ hij_^_e_gb_ wlh]h ihgylby [m^_l ^Zgh gb`_ D lZdbf kblmZpbyf hlghkylky ieZgbjh\Zgb_ fZjrjmlh\
ljZgkihjlguo i_j_\hahd beb bguo i_j_f_s_gbc h[t_dlh\ jZkq_l gZbemqrbo ko_f jZkiheh`_gby lh\Zjh\ ih iehsZ^b kdeZ^Z beb imgdlh\ ojZg_gby g_dhlhjuo aZiZkh\ H[uqghbf__lky\hafh`ghklvhkms_kl\blvg_h[oh^bfu_^_ckl\byfgh]bfbjZaebqgufb kihkh[Zfb b \hagbdZ_l aZ^ZqZ \u[hjZ gZbemqr_]h ba gbo Lh _klv \hagbdZ_l aZ^ZqZ hkh[h]h lbiZ hilbfbaZpbb ijbgbfZ_fh]h j_r_gby hilbfbaZpbhggZy aZ^ZqZ gZ ]jZn_ >@ Hkgh\gu_ihgylbyl_hjbb]jZnh\
Imklv bf__lky g_dhlhjh_ fgh`_kl\h lhq_d ; \ ijhkljZgkl\_ Bf__lky lZd`_ fgh`_kl\h8khklhys__bag_dhlhjuoiZjwe_f_glh\;Lh_klv_kebDb DijbgZ^e_`Zl ; lh iZju D D D D fh]ml ohly b g_ h[yaZl_evgh ijbgZ^e_`Zlv 8 =h\hjyl qlh fgh`_kl\Z; b 8 aZ^Zxl]jZn* ; 8 Ijb wlhf we_f_glu fgh`_kl\Z ; gZau\Zxl \_jrbgZfb ]jZnZ * We_f_glu fgh`_kl\Z8 gZau\Zxlj_[jZfb]jZnZ* =jZn fh`_l [ulv ^ey gZ]ey^ghklb bah[jZ`_g \ \b^_ g_dhlhjhc ]_hf_ljbq_kdhc kljmdlmju GZ bah[jZ`_gbyo ]jZnZ h[uqgh h[hagZqZxlky \_jrbgu kljhqgufb eZlbgkdbfb[md\Zfbk bg^_dkZfbbeb[_aGZijbf_jgZjbkmgd_bah[jZ`_g]jZn* ^[[[[[[`^[[ [[ [[ [[ [[ [[ ` l__]hfgh`_kl\h \_jrbg ; ^[ [[[[[`Z fgh`_kl\hj_[_j8 ^[[ [[ [[ [ [ [ [ [ [ ` IZjuDLDM fh]ml[ulvmihjy^hq_ggufbbebg_ll_we_f_glu DLDM b DMDL kqblZlvky jZagufb we_f_glZfb beb h^gbf b l_f `_ ?keb iZju mihjy^hq_gu ]h\hjyl qlh]jZnhjb_glbjh\Zgguchj]jZn J_[jZhj]jZnZgZau\Zxl^m]ZfbIjbwlhfh[uqgh ihjy^hd q_j_^h\Zgby \_jrbg mdZau\Zxl klj_edhc GZ jbkmgd_ ijb\_^_g ijbf_j hj]jZnZ* ^D E F G H I`^E D E G G E G F F H H F H G I H H I ` Kl_i_gvx GDL \_jrbgu DL gZau\Z_lky qbkeh g_ihkj_^kl\_ggh k\yaZgguo k g_c j_[_j GZijbf_j ^ey ]jZnZ k jbk kl_i_gv\_jrbgu[ jZ\gZGD ?keb]jZn hjb_glbjh\Zgguc lh kl_i_gvx gZau\Z_lky kmffZ qbkeZ \oh^ysbo b \uoh^ysbo ^m] Kl_i_gv\_jrbguH ]jZnZk jbkmgdZjZ\gZGH FZjrjmlhf \ ]jZn_ gZau\Z_lky ihke_^h\Zl_evghklv \_jrbg b j_[_j \ dhlhjhc ^ey \k_oj_[_jdjhf_i_j\h]hb ihke_^g_]hdhg_pij_^u^ms_]hj_[jZkh\iZ^Z_lk gZqZehf ke_^mxs_]h ?keb \ fZjrjml_ \k_ j_[jZ jZaebqgu lh hg gZau\Z_lky p_ivx =jZn gZau\Z_lkyk\yaguf_keb^eyex[uo^\mo_]h\_jrbgkms_kl\m_lkh_^bgyxsZybop_iv PbdehfgZau\Z_lky p_ivgZqZehb dhg_pdhlhjhckh\iZ^Zxl?kebpbde\dexqZ_l\ k_[y\k_j_[jZ]jZnZlhhggZau\Z_lkywce_jh\ufpbdehfbebwce_jh\hcp_ivx ?keb\ ]jZn_ bf__lky ohly [u h^bg wce_jh\ pbde lh hg gZau\Z_lky wce_jh\uf ]jZnhf KijZ\_^eb\Zke_^mxsZyl_hj_fZ [
[
F Z
[
[ [
[
E
H G
I
JbkJbk
L_hj_fZ Wce_jh\ pbde \ k\yaZgghf ]jZn_ kms_kl\m_l lh]^Z b lhevdh lh]^Z dh]^Zkl_i_gb\k_o_]h\_jrbg q_lgu_qbkeZ Kms_kl\m_l Ze]hjblf ih dhlhjhfm fh`gh ihkljhblv wce_jh\m p_iv _keb hgZ bf__lky < hj]jZn_fZjrjmlh[uqghgZau\ZxldhglmjhfZ p_iv iml_f GZoh`^_gb_djZlqZcr_]himlb\ ]jZn_
DZ`^hfm j_[jm ] fh`gh khihklZ\blv g_dhlhjh_ qbkeh O] ^ebgm wlhc ^m]b Lh]^Z fh`gh]h\hjblvb h^ebg_imlbPykghqlhwlZ\_ebqbgZ^he`gZ[ulvhij_^_e_gZlZd O P ¦ O ] ]P
l_dZdkmffZ^ebg\k_oj_[_j\oh^ysbo\ imlv EYEYDHLHJUO O- O, !/;, ;-
IHE:=:?FQLHf ff f M ?KVFBGBFMF;?J?LKY IH M=:F ;, ;- >EYDHLHJUO
:gZeh]bqgh ba \k_o ^m] \oh^ysbo \ \_jrbgm [S \u[jZlv lZdmx ^m]m [S [S qlh[u OS OSO[S [S b lZd^Ze__ Ihke_g_dhlhjh]hqbkeZ rZ]h\\_jrbgZ[SN kh\iZ^_lk D [ ImlvP ^D [SN [SN « [SE` y\ey_lkydjZlqZcrbf JZkkfhljbfbkihevah\Zgb_wlh]hZe]hjblfZgZijbf_j_ Ijbf_j GZc^_f ^ey ]jZnZ ij_^klZ\e_ggh]h gZ jbk djZlqZcrbc imlv hl \_jrbgu[ ^h\_jrbgu\_jrbgu[>ebgu^m]gZjbkmgd_mdZaZgupbnjZfbJ_r_gb_ [m^_faZibku\Zlv\ \b^_ihke_^h\Zl_evghklbrZ]h\
RZ] < khhl\_lkl\bb k Ze]hjblfhf kgZqZeZ ijbibku\Z_f f_ldb \k_f\_jrbgZf ]jZnZke_^mxsbfh[jZahf O OL f ijbL!
RZ] >ey[ gZoh^bf_^bgkl\_ggmx\_jrbgm[^eydhlhjhc O O !O[ [
ldO O v v !O[ [ IjbgbfZ_fO RZ] >ey [ gZoh^bf khhl\_lkl\mxsb_ \_jrbgu wlh [ [ Ijbibku\Z_f [ f_ldmO O PLQ^O O[ [ O O[ [ ` PLQ^`
AZf_qZgb_ < ijhp_kk_j_r_gbyqZklh[u\Z_lp_e_khh[jZaghhkms_kl\eylvi_j_[hj \_jrbg lZdbf h[jZahf qlh[u \ha\jZsZlvky d m`_ ihf_q_gguf dhg_qguf qbkehf \_jrbgZfi_j_^l_fdZd^\b]Zlvky^Zevr_ih]jZnmm\_ebqb\Zyghf_jjZkkfZljb\Z_fhc \_jrbgu Wlh qZklh iha\hey_l mf_gvrblv qbkeh g_h[oh^bfuo rZ]h\ ohly \ p_ehf Ze]hjblf^Zzlj_amevlZlg_aZ\bkbfhhlf_lh^bdbi_j_[hjZ\_jrbg
[
[
[
[
[
[
[
[ [
[
Jbk Jbk
RZ] >ey[ ijbibku\Z_ff_ldmO
[ RZ]
O PLQ^OO[ [ O O[ [ ` PLQ^`
[ >ey[ gZoh^bf\_jrbguwlh[ [ f_ldmO [[Ijbibku\Z_f [
O PLQ^OO[ [ O O[ [ ` PLQ^`
RZ] >ey[ gZoh^bf\_jrbguwlh[[Ijbibku\Z_f [ f_ldmO
O PLQ^O O[ [ OO[ [ ` PLQ^`
RZ] >ey[ gZoh^bf\_jrbgu[[[Ijbibku\Z_f[ f_ldmO O PLQ^O O[ [ O O[ [ O O[ [ ` PLQ^`
RZ] >ey[ gZoh^bf\_jrbgu[[Ijbibku\Z_f[ f_ldm
O PLQ^O O[ [ O O[ [ OO[ [ `
PLQ^` MdZau\Z_f gZ ]jZn_ jZkkqblZggu_ f_ldb \ kdh[dZo m gZa\Zgbc \_jrbg ?s_ jZa m[_`^Z_fky\ lhfqlh^eydZ`^hc^m]b[L [M kijZ\_^eb\hfg_jZ\_gkl\h OM OLd O[L[M RZ] L_i_jv\ khhl\_lkl\bbk Ze]hjblfhf^ey\_jrbgu[ gZoh^bflZdmx^m]m [S[ qlhkijZ\_^eb\hjZ\_gkl\h O OSO[S [
lZdhc ^m]hc y\ey_lky [ [ Ijba\h^y ZgZeh]bqgu_ ^_ckl\by ^ey \_jrbgu [ b ihke_^mxsboihemqZ_fbkdhfucimlvgZbf_gvr_c^ebgu P ^[[ [[ [[ [[ ` =Zfbevlhgh\u]jZnuAZ^ZqZh dhffb\hy`_j_
Imklv * ; 8 iheghklvx g_hjb_glbjh\Zgguc ]jZn P_iv ijhoh^ysZy q_j_a dZ`^mx\_jrbgmwlh]h]jZnZb ijblhflhevdhihh^ghfmjZamgZau\Z_lky]Zfbevlhgh\hc PbdeP ^[ [ [ [ [Q[Q `ijhoh^ysbcq_j_a\k_\_jrbgu]jZnZ* b ijblhf lhevdh ih h^ghfm jZam q_j_a dZ`^mx aZ bkdexq_gb_f [ [Q gZau\Z_lky ]Zfbevlhgh\ufpbdehf GZijbf_j ^ey ]jZnZ bah[jZ`_ggh]h gZ jbk ]Zfbevlhgh\uf y\ey_lky pbde P ^[ [ [ [ [ [ [ [ [ [ [ [ [ [ `
lh]jZnbf__l]Zfbevlhgh\mp_iv?keb`_^eyex[hc\_jrbgu[L G[L t
Q
lh]jZnbf__l]Zfbevlhgh\pbde AZ^ZqZ gZoh`^_gby ]Zfbevlhgh\uo p_i_c beb dhglmjh\ k\yaZgZ kh ke_^mxs_c ijZdlbq_kdb\Z`ghcaZ^Zq_cdhlhjmxgZau\ZxlaZ^Zq_ch [jh^yq_flhj]h\p_ bebqZs_ aZ^Zq_c dhffb\hy`_jZ JZchg dhlhjuc ^he`_g ihk_lblv [jh^yqbc lhj]h\_p kh^_j`bl g_dhlhjh_ dhebq_kl\h ]hjh^h\ jZkklhygby f_`^m dhlhjufb ba\_klgu Lj_[m_lky gZclb fZjrjml ijhoh^ysbc q_j_a \k_ imgdlu lhevdh ih h^ghfm jZam b \ha\jZsZxsbcky \ bkoh^guc?keblZdbofZjrjmlh\g_kdhevdhlj_[m_lkygZclbdjZlqZcrbcbagbo AZ^ZqZh dhffb\hy`_j_\hagbdZ_lg_lhevdh\ hibkZgghckblmZpbbD g_ck\h^blkyb hilbfbaZpby fZjrjmlZ jZa\hadb ijh^mdlh\ ih lhj]h\uf lhqdZf ]hjh^Z lZd qlh[u kmffZjgZy ^ebgZ ijh[_]Z fZrbg [ueZ [u fbgbfZevghc Beb gZijbf_j aZ^ZqZ hij_^_e_gby hilbfZevgh]h ihjy^dZ h[jZ[hldb ^_lZe_c \ dhebq_kl\_ Q rlmd _keb ba\_klgh \j_fy WLM i_j_gZeZ^db klZgdZ ^ey h[jZ[hldb Lc ^_lZeb ihke_ h[jZ[hldb Mc ^_lZeb dh]^Z lj_[m_lky mklZgh\blv lZdhc ihjy^hd jZ[hlu ijb dhlhjhf kmffZjgh_ \j_fygZi_j_gZeZ^dm[ueh[ufbgbfZevguf Ykgh qlh ^ey j_r_gby aZ^Zqb h dhffb\hy`_j_ lj_[m_lky gZclb ba bf_xsboky \ ]jZn_ ]Zfbevlhgh\ pbde fbgbfZevghc ^ebgu >ZggZy aZ^ZqZ y\ey_lky \_kvfZ keh`ghc
>hkboihjg_l^hklZlhqghwnn_dlb\guoZe]hjblfh\dhlhju_[uihh[t_fm\uqbke_gbc kms_kl\_ggh hlebqZebkv [u hl ijyfh]h i_j_[hjZ ]jhfZ^gh]h qbkeh \ZjbZglh\ Qbkeh wlbo\ZjbZglh\ijb[eb`Z_lkyd \_ebqbg_ Q u u «u Q ]h\hjylQ nZdlhjbZe Hgh \ lhqghklbjZ\ghQ^ey]jZnZex[ZyiZjZ\_jrbgdhlhjh]hk\yaZgZj_[jhflZdhc]jZn gZau\Z_lkyiheguf GZb[he__ wnn_dlb\guf Ze]hjblfhf j_r_gby aZ^Zqb dhffb\hy`_jZ kqblZ_lky lZd gZau\Z_fuc f_lh^ \_l\_c b ]jZgbp dhlhjuc h^gZdh lh`_ g_ ]ZjZglbjm_l hl ihegh]h i_j_[hjZ \ZjbZglh\ b y\eyykv ^hklZlhqgh keh`guf a^_kv g_ jZkkfZljb\Z_lky IjZdlbq_kdmx\Z`ghklvbf_xlZe]hjblfu^Zxsb_ijb[eb`_ggh_j_r_gb_aZ^Zqb Ke_^m_l hlf_lblv qlh ijb bkihevah\Zgbb kh\j_f_gghc dhfivxl_jghc l_ogbdb ijZdlbq_kdb \hafh`gh j_rblv mdZaZggmx aZ^Zqm ijyfuf i_j_[hjhf \ZjbZglh\ ^ey qbkeZimgdlh\^h b [he__>ZggZy\_ebqbgZQ \iheg_^hklZlhqgZ^ey[hevrbgkl\Z \hagbdZxsbogZijZdlbd_kblmZpbc Bf_xlky b ^jm]b_ lbiu hilbfbaZpbhgguo aZ^Zq gZ ]jZnZo GZijbf_j lZd gZau\Z_fZyaZ^ZqZh fZdkbfZevghfihlhd_>@ Bkihevah\Zgb_ebg_cgh]hijh]jZffbjh\Zgby^ey j_r_gbyhilbfbaZpbhgguoaZ^ZqgZ]jZnZo
DZd m`_ ]h\hjbehkv ebg_cgu_ aZ^Zqb hilbfbaZpbb \klj_qZxlky \ kZfuo jZaguo h[eZklyo fZl_fZlbq_kdhc l_hjbb ijbgylby j_r_gbc __ h[uqgh gZau\Zxl l_hjb_c bkke_^h\Zgby hi_jZpbc b hilbfbaZpbb JZkkfhljbf \hafh`ghklv bkihevah\Zgby ebg_cgh]hijh]jZffbjh\Zgby^eyg_dhlhjuoaZ^Zql_hjbb]jZnh\ >eyaZ^Zqbh djZlqZcr_fimlbH[hagZqbfq_j_a [LM i_j_f_ggmxdhlhjZyijbgbfZ_l agZq_gb__keb^m]ZLM \oh^bl\ bkdhfucfZjrjmlb _kebg_\oh^blH[hagZqbf q_j_a FLM ^ebgm ^m]b L M .L dhebq_kl\h \k_o \oh^ysbo \ Lmx \_jrbgm ^m] 0 L dhebq_kl\h \k_o \uoh^ysbo ba g_z ^m] Q dhebq_kl\h \_jrbg Lh]^Z fZl_fZlbq_kdZy nhjfmebjh\dZmdZaZgghcaZ^Zqbbf__l\b^kmffbjh\Zgb_ijhba\h^blkyih\k_f^m]Zf )
¦¦ FLM [LM o PLQ L
M
ijbh]jZgbq_gbyo\b^Z^eydZ`^hc\_jrbgu]jZnZ
¦ [NL ¦ [LP .L
0L
N
P
^ey gZqZevgh]h imgdlZ
^ey ijhf_`mlhqguo imgdlh\ ^ey dhg_qgh]h imgdlZ
Wlbh]jZgbq_gby\ujZ`ZxllhqlhbagZqZevgh]himgdlZ\uoh^blgZh^gm^m]m[hevr_ q_f \oh^bl < dhg_qguc gZ h^gm [hevr_ \oh^bl : ^ey ijhf_`mlhqguo \_jrbg dhebq_kl\h\oh^ysbob \uoh^ysbo^m]^he`gh[ulvjZ\gh Hq_\b^ghqlhlhqlhi_j_f_ggu_ [LM fh]mlijbgbfZlvlhevdhagZq_gbyb lZdb_ i_j_f_ggu_ gZau\Zxlky [me_\ufb y\ey_lky ^hihegbl_evguf h]jZgbq_gb_f hkh[h]h \b^Z J_rZlv aZ^Zqb k lZdbfb h]jZgbq_gbyfb \ h[s_f kemqZ_ ke_^m_l ihkj_^kl\hf bf_xsboky ki_pbZevguo fh^bnbdZpbc kbfie_dkf_lh^Z H^gZdh \ jZkkfZljb\Z_fhf kemqZ_ \ kbem nhjfu h]jZgbq_gbc fh`gh h]jZgbqblvky ebrv h[uqguf lj_[h\Zgb_fg_hljbpZl_evghklb [LM t L M Q >eyaZ^Zqbh dhffb\hy`_j_Ijbl_o`_h[hagZq_gbyo__ fh`ghaZibkZlv\ \b^_ ) ¦¦ FLM [LM o PLQ L
M
ijbh]jZgbq_gbyo
¦ [NL .
L
N
¦ [LP 0
L
P
dhlhju_\ujZ`Zxlqlh\ dZ`^mx\_jrbgm\oh^bllhevdhh^gZ^m]Zb lhevdhh^gZ^m]Z \uoh^bl ba g__ Wlb h]jZgbq_gby g_h[oh^bfh ^hihegblv mkeh\b_f [me_\hklb i_j_f_gguo Z lZd `_ ^hihegbl_evgufb mkeh\byfb g_ij_ju\ghklb fZjrjmlZ ^ey bkdexq_gby\hafh`ghklbkha^Zgbyih^pbdeh\ LZdbf h[jZahf ebg_cgh_ ijh]jZffbjh\Zgb_ y\ey_lky h^gbf ba wnn_dlb\guo kihkh[h\j_r_gbyaZ^ZqgZ]jZnZo <:JB:GLUA:>:QDHGLJHEVGH=HA:>:GBY
Ze__\_a^_1 ihke_^gyypbnjZwlh]hghf_jZ1 ij_^ihke_^gyy AZ^ZqZ IjhZgZebabjh\Zlv ijb\h^ysmxky gb`_ kblmZpbx k bkihevah\Zgb_f l_hjbb KFH Hl\_lblv gZ khhl\_lkl\mxsb_ \hijhku b jZkkqblZlv iZjZf_lju KFH GZ lhj]h\hc lhqd_ ij_^iheZ]Z_lky _^bgh\j_f_ggh bkihevah\Zgb_ lhevdh h^gh]h ijh^Z\pZBa\_klghqlh\ ^g_\gh_\j_fybgl_gkb\ghklvijboh^ZihdmiZl_e_ckhklZ\ey_l 1 1q_eh\_d\ qZkIjh^Z\_pfh`_lh[kem`blv\ qZk\ kj_^g_f 1 1ihdmiZl_e_c BkihevamxfZjdh\kdmxfh^_ev^ZgghcKFHhl\_lblvgZ\hijhku x DZdh\Z\_jhylghklvqlhq_j_a11fbgmlihke_hldjulbylhqdb\ hq_j_^b[m^_l ihdmiZl_ey" x DZdh\Z\_jhylghklvqlhijbr_^rbcq_j_aqZkZihdmiZl_evg_k^_eZ_lihdmihdl_ j_rblg_klZgh\blvky\ hq_j_^v " Ijb wlhf kqblZlv qlh ke_^mxsbc ihdmiZl_ev g_ klZgh\blky \ hq_j_^v _keb \ g_c m`_bf__lkyq_eh\_dZb qlhi_j_^hldjulb_flhqdb\ hq_j_^b[ueh^bgihdmiZl_evk \_jhylghklvx11 Bkihevamy fh^_ev FF jZkkqblZlv kj_^g__ qbkeh ihdmiZl_e_c \ hq_j_^bkj_^g__ \j_fyh`b^Zgbybfh[kem`b\Zgbykj_^g__\j_fyijh\_^_ggh_ihdmiZl_e_f\ fZ]Zabg_ ^hex \j_f_gb ijhklhy ijh^Z\pZ [_a jZ[hlu K^_eZlv wlh ^\mfy kihkh[Zfb khhl\_lk\mxsbfbke_^mxsbfij_^iheh`_gbyf x \ hq_j_^bg_fh`_l[ulv[he__ 1ihdmiZl_e_c x gZ^ebgmhq_j_^bh]jZgbq_gbcg_l AZ^ZqZ Ijb\_klbfZl_fZlbq_kdmxnhjfmebjh\dmaZ^ZqbJ_rblv__ kbfie_dk f_lh^hf KhklZ\blv ^\hckl\_ggmx aZ^Zqm GZclb _z j_r_gb_ Ijhbgl_jij_lbjh\Zlv ihemq_ggh_j_r_gb_^\hckl\_gghcaZ^Zqb >ey ba]hlh\e_gby jZaebqguo ba^_ebc : < b & ij_^ijbylb_ bkihevam_l ^\Z \b^Z j_kmjkh\klZghqgh_h[hjm^h\Zgb_b jZ[hqmxkbemGhjfuaZljZlklZgdhqZkh\b ghjfh qZkh\ g_h[oh^bfu_ ^ey ba]hlh\e_gby h^ghc lukyqb ba^_ebc dZ`^h]h \b^Z p_gZ h^ghc lukyqb ba^_ebc dZ`^h]h \b^Z Z lZd`_ h[s__ bf_xs__ky dhebq_kl\h j_kmjkh\ ijb\_^_gu\ lZ[ebp_ LZ[ebpZ
GhjfuaZljZlj_kmjkh\ gZh^ghba^_eb_
$%&
H[s__ dhebq_kl\h j_kmjkh\
KlZghqgh_ h[hjm^h\Zgb_ JZ[hqZykbeZ
P_gZ h^ghc lukyqb ba^_ebc lukj
11 11 1 11 11 1 1 1 1
Ba\_klghlZd`_qlhihjZg__aZdexq_gguf^h]h\hjZfkmffZjguch[t_f\uimkdZ\ ^_g_`ghf\ujZ`_gbbba^_ebc\b^h\$ b & g_fh`_l[ulvf_g__11lukj KqblZ_lkyqlhk[ulh[_ki_q_gKhklZ\blvieZgijhba\h^kl\Zba^_ebcijbdhlhjhf klhbfhklvijh^mdpbb[m^_lfZdkbfZevghc AZ^ZqZ KhklZ\blv ^_l_jfbgbjh\Zgguc wd\b\Ze_gl fZl_fZlbq_kdhc klhoZklbq_kdhc fh^_eb nhjfbjh\Zgby hilbfZevgh]h ijhba\h^kl\_ggh]h ieZgZ k mq_lhf gZ^_`ghklb Ijbgy\ \_jhylghklv \uiheg_gby h]jZgbq_gbc fh^_eb Z dhwnnbpb_gl rljZnZ : ij_^eh`blv ^himklbfuc ieZg dhlhjuc ih \hafh`ghklb^hklZ\eye[ufZdkbfmfijb[ueb GZ ij_^ijbylbb \uimkdZ_lky ljb \b^Z ijh^mdpbb Ij_^iheZ]Z_fZy \_ebqbgZ ijb[uebhlj_ZebaZpbblukyqb_^bgbpba^_ebc M]h\b^Z M
I 1 I 1 I 1
AZljZluljm^Z\ klZgdhqZkZogZba]hlh\e_gb_lukyqb_^bgbpijh^mdpbbM]h\b^ZgZ h[hjm^h\Zgbb Lc ]jmiiu L kqblZxlky ghjfZevgh jZkij_^_e_ggufb kemqZcgufb \_ebqbgZfbBokj_^gb_agZq_gbyb ^bki_jkbboZjZdlj_jbamxlkyfZljbpZfb 1 1 1 1 · § ¨ ¸ ¸ ¨ 1 ¨ ¸ ¨ ¸ © ¹ 1 1 1 · § ¨ ¸ ¸ ¨ 1 1 1 ¸ ¨ 1 ¨ ¸ ¹ ©
& W LM
GLM
=h^h\hc jZkq_lguc nhg^ jZ[hq_]h \j_f_gb h[hjm^h\Zgby Lc ]jmiiu kqblZ_lky kemqZcghc\_ebqbghck oZjZdl_jbklbdZfb NL
§ 1· ¨¨ ¸¸ GL N © 1 ¹
1 · § ¨ ¸ ¨ ¸ ¨ 1 ¸ ¨ ¸ ¹ ©
AZljZlu\ ghjfhqZkZojZ[hq_]h\j_f_gbOc ]jmiiujZ[hqbok^_evsbdh\ O gZ lukyqm_^bgbpijh^mdpbbM]h\b^Zb h[sbc_]hnhg^ WO+M
· § 1 1 ¨¨ ¸ 7O 1¸¹ 1 ©
§ 1 · ¨¨ ¸¸ © 1 ¹
KqblZ_lky p_e_khh[jZaguf h]jZgbqblv jZkoh^ lhevdh h^gh]h j_kmjkZ aZljZlu dhlhjh]hgZlukyqmba^_ebcM]h\b^Zb \_jogyy]jZgbpZjZkoh^ZaZ^Zxlky\_ebqbgZfb 1 1 1 5J 11 W0 M
KhihklZ\bfZy b ijbgylZy \ ieZg_ hilh\Zy p_gZ lukyqb ba^_ebc oZjZdl_jbam_lkykhhl\_lkl\_ggh\_dlhjZfb P IE M
1
1 1 P KM
1
M]h \b^Z
1 1
1 P K 1 aZ^ZggZy gb`gyy ]jZgbpZ \uimkdZ lh\Zjghc ijh^mdpbbgZij_^ijbylbb\ ieZgbjm_fhf]h^mkhhl\_lkl\_ggh\ ijbgyluo\ ieZg_b \ khihklZ\bfuohilh\uop_gZo G 1 ' khhl\_lkl\_ggh gb`gyy b \_jogyy ]jZgbpu h[t_fZ ijhba\h^kl\Z ijh^mdpbb]h\b^Z\ lukrl ^ey^jm]hcijh^mdpbb lZdboh]jZgbq_gbcg_l AZ^ZqZ Bkihevamy l_hjbx b]j ijhZgZebabjh\Zlv kblmZpbx b ijbgylv j_r_gb_ JZkkfhlj_lvkblmZpbxdZdZglh]hgbklbq_kdmxb]jmb b]jmk ijbjh^hc H[m\gZy nZ[jbdZ ieZgbjm_l \uimkd lj_o fh^_e_c h[m\b $ % & H[sbc h[t_f ijhba\h^kl\Zh[m\bh]jZgbq_gbf_xsbfbkyfhsghklyfbKijhkgZwlbfh^_ebaZ\bkbl hl kblmZpbb gZ jugd_ dhlhjmx fh`gh ijb[eb`_ggh oZjZdl_jbah\Zlv lZd `_ lj_fy khklhygbyfb , ,, ,,, Ba\_klgu hp_gdb \_ebqbgu kijhkZ gZ mdZaZggu_ fh^_eb h[m\b \ aZ\bkbfhklbhlkhklhygbyjugdZHgbaZ^ZxlkyfZljbp_c P IE
, ,, ,,, : § 1 1 1 · ¨ ¸ ; ¨ 1 1 1 1 ¸ < ¨© 1 1 1 1 ¸¹
Khklhygb_ jugdZ kemqZcguf h[jZahf f_gy_lky \ aZ\bkbfhklb hl g_mijZ\ey_fuo nZdlhjh\ GZclbhilbfZevgu_ijhihjpbb\uimkdZjZaebqguofh^_e_cdZdmxqZklvhlh[s_]h h[t_fZke_^m_lhl^ZlvgZ\uimkdlhcbebbghcfh^_eb \ kblmZpbyo Ih\_^_gb_jugdZg_ba\_klgh Ba\_klgh qlh \_dlhj hibku\Zxsbc qZklhlm ij_[u\Zgby jugdZ \ lhf beb bghf khklhygbbbf__l\b^ 1 § 1 1 1 1 · ¨ ¸ © 1 1 1 1 1 1 ¹
AZ^ZqZ J_rblvaZ^Zqmbkihevamyl_hjbx]jZnh\ GZclbbkihevamyZe]hjblfjZa^ djZlqZcrbcfZjrjmlf_`^m \_jrbgZfb[ b \ ]jZnZbah[jZ`_ggh]hgZgb`_ke_^mxs_fjbkmgd_
>ebgZ j_[jZ DE DG DH DF EI ò1ò1 ò1 1
GI ò1
GJ ó1
GK HK ò1
>ebgZ j_[jZ FK FM IN JN KN MN ó1ò1ò1 ò1
1 GZclb djZlqZcrbc DN EM IF EF IJ ND ME FI FE JI fZjrjmlf_`^m \_jrbgZfb
AgZq_gbybgl_]jZevghcnmgdpbbEZieZkkZ ) [ [
)[ [
[
[
)[
)[
)[
S
[
³
W H
f
IJBEH@?GB? GW
KIBKHDEBL?J:LMJU
L_jg_j > <_jhylghklv klZlbklbdZ b bkke_^h\Zgb_ hi_jZpbc F KlZlbklbdZ WdhghfbdhfZl_fZlbq_kdb_ f_lh^u b ijbdeZ^gu_ fh^_eb Ih^ j_^ < < N_^hk__\ZFXGBLB :dmebq B E FZl_fZlbq_kdh_ ijh]jZffbjh\Zgb_ \ ijbf_jZo b aZ^ZqZo F @ Mq_[gh_ba^Zgb_
F:L?F:LBD:< WDHGHFBD? QZklv Mq_[ghijZdlbq_kdh_ihkh[b_ :\lhjkhklZ\bl_ev KHEHI:OH:e_dkZg^j<eZ^bfbjh\bq J_^Zdlhj LFN_^q_gdh Bg`_g_jihdhfivxl_jghfmfZd_lbjh\Zgbx =XDhjZ[_evgbdh\Z