Г.А.Медведев
МАТЕМАТИЧЕСКИЕ ОСНОВЫ ФИНАНСОВОЙ ЭКОНОМИКИ
Учебное пособие Часть 2
Медведев Г.А. Математические основы финансовой экономики [Электронный ресур]: Учебное пособие: Часть 2: Определение рыночной стоимости ценных бумаг. — Электрон. текст. дан. (3,5 Мб). — Мн.: Научно-методический центр “Электронная книга БГУ”, 2003. — Режим доступа: http://anubis.bsu.by/publications/elresources/AppliedMathematics/medvedev3.pdf . — Электрон. версия печ. публикации, 2003. — PDF формат, версия 1.4 . — Систем. требования: Adobe Acrobat 5.0 и выше.
МИНСК «Электронная книга БГУ» 2003
© Медведев Г.А., 2003 © Научно-методический центр «Электронная книга БГУ», 2003 www.elbook.bsu.by
[email protected]
M>D ;;D\y F
J _ p _ g a _ g l u dZn_^jZijbdeZ^ghcfZl_fZlbdbbwdhghfbq_kdhcdb[_jg_lbdb ;_ehjmkkdh]h]hkm^Zjkl\_ggh]hwdhghfbq_kdh]hmgb\_jkbl_lZ aZ\dZn_^jhc^jwdhggZmdijhnGBOheh^ ^jnbafZlgZmdijhnF:FZlZeupdbc =jh^g_gkdbc]hkm^Zjkl\_ggucmgb\_jkbl_l
F_^\_^_\=: F FZl_fZlbq_kdb_hkgh\unbgZgkh\hcwdhghfbdbMq_[ihkh [b_ < q Q Hij_^_e_gb_ jughqghc klhbfhklb p_gguo [m fZ]=:F_^\_^_\±Fg;=M±kbe ,6%1q BaeZ]Zxlky hkgh\gu_ jZa^_eu dmjkh\ ©FZl_fZlbq_kdb_ hkgh\u nb
gZgkh\hcwdhghfbdbªb©>bgZfbq_kdZyl_hjbyhp_gb\ZgbynbgZgkh\uoZd lb\h\ª dZkZxsb_ky fZl_fZlbq_kdbo fh^_e_c hij_^_e_gby jughqguo p_g nbgZgkh\uo Zdlb\h\ b nbgZgkh\uo ijhba\h^guo ^_jb\Zlh\ gZ hkgh\_ k\hckl\ klhoZklbq_kdbo ijhp_kkh\ oZjZdl_jbamxsbo baf_g_gb_ ijhp_gl guoklZ\hd^hoh^ghklbgZnbgZgkh\hfjugd_ >eyklm^_glh\\ukrbomq_[guoaZ\_^_gbcihki_pbZevghklb©:dlmZj gZy fZl_fZlbdZª Z lZd`_ ^ey ki_pbZebklh\ gZjh^gh]h ohayckl\Z jZ[hlZx sbo\h[eZklbnbgZgkh\ M>D ;;D\y
,6%1q ,6%1
F_^\_^_\=: ;=M
HL:
GZklhysZy dgb]Z y\ey_lky \lhjhcqZklvxmq_[gh]hihkh[by ©FZl_fZlbq_kdb_hkgh\unbgZgkh\hcwdhghfbdbª<i_j\hcqZk lbgZhkgh\_fZjlbg]Zevgh]hih^oh^Z[uebjZkkfhlj_gufZl_fZ lbq_kdb_ijh[e_fuh[tykgyxsb_ihq_fmijhp_kkugZnbgZgkh \hfjugd_hibku\Zxlky\g_ij_ju\ghf\j_f_gbGZwlhc[Za_\h \lhjhc qZklb bamqZxlkyijZdlbq_kdb_\hijhkufZl_fZlbq_kdh]h fh^_ebjh\Zgby j_Zevguo jughqguo dhlbjh\hd ijbgpbiu bo hibkZgbybfZl_fZlbq_kdb_f_lh^uhij_^_e_gbyp_gnbgZgkh\uo Zdlb\h\ \ h[klZgh\d_ klhoZklbq_kdh]h ih\_^_gby ijhp_glguo klZ\hd Ihkh[b_ ihfh`_l klm^_glZf hk\hblv dmjku e_dpbc ©FZl_ fZlbq_kdb_ hkgh\u nbgZgkh\hc wdhghfbdbª b ©>bgZfbq_kdZy l_hjby hp_gb\Zgby nbgZgkh\uo Zdlb\h\ª h[mq_gb_ dhlhjuf ij_^mkfZljb\Z_lky mq_[guf ieZghf ih ki_pbZevghklb ©:dlmZj gZyfZl_fZlbdZª Ihkdhevdm gZ jmkkdhf yaud_ ^h kbo ihj fZeh mq_[gbdh\ b ^jm]bo dgb] ih klhoZklbq_kdhc nbgZgkh\hc fZl_fZlbd_ Z\lhj ihklZ\be i_j_^ kh[hc p_ev ihagZdhfblv klm^_glh\ k ^hklb`_ gbyfb\wlhch[eZklb\hkgh\ghfbghkljZgguoZ\lhjh\Ebl_jZ lmjgu_bklhqgbdbgZdhlhjuohkgh\Zghmq_[gh_ihkh[b_ijb\_ ^_gu \ [b[ebh]jZnbq_kdhf kibkd_ dZd hkgh\gZy ebl_jZlmjZ <kibkhd ^hihegbl_evghc ebl_jZlmju \dexq_gu dgb]b ihfh ]Zxsb_ihgylvfZl_fZlbq_kdb_^_lZebmq_[gh]hihkh[bybklZ lvb \ dhlhjuo ijb\h^ylky \u\h^u beb h[h[s_gby dhgdj_lguo j_amevlZlh\ :\lhjgZ^__lkyqlhmq_[gh_ihkh[b_[m^_lihe_aghg_lhev dh klm^_glZf bamqZxsbf klhoZklbq_kdb_ f_lh^u nbgZgkh\hc fZl_fZlbdb gh b ki_pbZebklZf dhlhjuf ih jh^m k\h_c jZ[hlu g_h[oh^bfhZgZebabjh\ZlvnbgZgkh\u_j_r_gby
HKGH
H>M ±h[udgh\_ggh_^bnn_j_gpbZevgh_mjZ\g_gb_ INF ijhba\h^ysZynmgdpbyfhf_glh\ KIJ ±khklZ\gh_imZkkhgh\kdh_jZkij_^_e_gb_ MQI ±mjZ\g_gb_\qZklguoijhba\h^guo NI nbgZgkh\Zyijhba\h^gZy P; ±p_ggZy[mfZ]Z $', ±f_lh^i_j_f_gguogZijZ\e_gbcDOWHUQDWLQJ GLUHFWLRQLPSOLFLW %(64 ±d\Z^jZlbqgucijhp_kk;_kk_ey%HVVHOVTXDUHG K:JF ± fh^_evhij_^_e_gbyp_gZdlb\h\hkgh\ZggZygZ jZkkfhlj_gbbdZiblZeZ&DSLWDO$VVHW3ULFLQJ0RGHO &,5 ±&R[-&,QJHUVROO-(5RVV6$Z\lhjufh^_eb&,5 &./6 ±&KDQ.&.DURO\L*$/RQJVWDII)$6DQGHUV$% Z\lhjuwfibjbq_kdh]hbkke_^h\Zgby^hoh^ghklbP; +-0 ±+HDWK'-DUURZ50RUWRQ$Z\lhjufh^_eb+-0 FK ±0HGYHGHY*$&R[6+Z\lhjufh^_ebFK FRY;< ±dh\ZjbZpbykemqZcguo\_ebqbg;< ?>O@ fZl_fZlbq_kdh_h`b^Zgb_kemqZcghc\_ebqbguK< O ?>O_<@ mkeh\gh_fZl_fZlbq_kdh_h`b^Zgb_K<O ijbnbdkbjh\ZgghfagZq_gbbK<< FO W INFK<O 1PV ghjfZevgh_]Zmkkh\h jZkij_^_e_gb_K< kfZl_fZlbq_kdbfh`b^Zgb_fPb^bki_jkb_cV J bkoh^gZy\_jhylghklgZyf_jZ 3 4 wd\b\Ze_glgZyfZjlbg]ZevgZyg_cljZevgZydjbkdm \_jhylghklgZyf_jZ VK ±]bi_j[hebq_kdbckbgmk YZU>O@ ^bki_jkbyK<O
<>?GB?
H^gZ ba hkgh\guo aZ^Zq k dhlhjufb klZedb\Zxlky nbgZgkh\u_ ZgZeblbdb ± \uqbke_gb_ gZklhysbo klhbfhkl_c jZaebqguo ihlhdh\ ieZl_`_cG_aZ\bkbfhhllh]hgZkdhevdhkeh`gZfh^_evihlhdh\ieZ l_`_c ijb ^_l_jfbgbjh\Zgguo mkeh\byo gZ nbgZgkh\hf jugd_ wlh j_rZ_lkyg_ihkj_^kl\_ggufijbf_g_gb_fl_ogbdb^bkdhglbjh\Zgby < j_Zevghf fbj_ gZebqb_ klhoZklbq_kdbo ijhp_glguo klZ\hd agZqb l_evghmkeh`gy_l^_eh^Z`_^eyijhkl_crboihlhdh\ieZl_`_c<ih ke_^g__\j_fy\hagbdehfgh]h_s_[he__keh`guoijh[e_f\nbgZg kh\hc wdhghfbd_ \ k\yab k g_h[oh^bfhklvx ZgZebaZ nbgZgkh\uo ijhba\h^guo>Zggh_ihkh[b_agZdhfblklm^_glh\kjZa\blb_ffZl_ fZlbq_kdbo f_lh^h\ bkihevam_fuo ^ey j_r_gby ijh[e_f \ wlhf gZ ijZ\e_gbb Hkgh\gh_ \gbfZgb_ h[jZs_gh gZ hij_^_e_gb_ p_g qbklh ^bkdhglguo [_kdmihgguo h[eb]Zpbc beb wd\b\Ze_glgh \j_f_gghc kljmdlmjuijhp_glguoklZ\hd
ihfhqvmf_gvrblvk\hxih^\_j`_gghklvjbkdm<ihkh[bbhij_^_e_ gb_ klhbfhklbhipbhgh\^_lZevghg_h[km`^Z_lkyh^gZdh^eyj_r_ gbywlhcaZ^ZqbagZgb_baeh`_gguofZl_fZlbq_kdbof_lh^h\g_h[oh ^bfh <[he__jZgg_cnbgZgkh\hcZgZeblbq_kdhcebl_jZlmj_kqblZehkv qlh b^_glbnbdZpby \j_f_gghc kljmdlmju fh`_l [ulv ijh\_^_gZ lhevdh \ jZfdZo h[s_c fh^_eb jZ\gh\_kby wdhghfbdb H^gZdh \ ih ke_^g__ \j_fy nbgZgkh\ufb ZgZeblbdZfb bkihevamxlky ih^oh^u k\yaZggu_ k ZgZebahf mkeh\bc hlkmlkl\by Zj[bljZ`Z b hij_^_e_gby klhbfhklbZdlb\h\\g_ij_ju\ghf\j_f_gbIhwlhfm\gbfZgb_khkj_ ^hlhqb\Z_lkybf_gghgZwlhfih^oh^_d\j_f_gghckljmdlmj_J_amev lZlu fh^_ebjh\Zgby \j_f_gghc kljmdlmju \ ^_l_jfbgbjh\Zgghc ih klZgh\d_[uebhibkZgujZg__kf=:F_^\_^_\jZa^ ih wlhfm \ gZklhys_f ihkh[bb jZkkfZljb\Zxlky lhevdh klhoZklbq_kdb_ ihklZgh\dbKhhlghr_gbyf_`^mZj[bljZ`gufih^oh^hfbljZ^bpb hggufb jZ\gh\_kgufb l_hjbyfb \j_f_gghc kljmdlmju ijZdlbq_kdb g_aZljhgmluohlyg_dhlhju_k\_^_gbyh[wlhffh`ghgZclb\gZqZe_ ]e < ex[hf kemqZ_ Zj[bljZ`gu_ fh^_eb g_ij_ju\gh]h \j_f_gb hlebqZxlkyhljZggbol_hjbcl_fqlh\gbo^himkdZ_lky\hafh`ghklv \hkijhba\_^_gby \k_o h[eb]Zpbc ^jm]bfb j_Zebam_fufb dhgljZdlZ fbZbop_gu±khhl\_lkl\_gghklhbfhklyfbwlbodhgljZdlh\
`blvkyH[uqghmqZklgbdjugdZohl_e[ubf_lvfh^_evdhlhjZyy\ ey_lky Z ^hklZlhqgh]b[dhcqlh[uho\Zlblv[hevrbgkl\hkblmZpbc\ha gbdZxsbogZijZdlbd_ [ ^hklZlhqghijhklhcqlh[u[ueh\hafh`ghihemqZlvj_r_gby \qbke_gghf\b^_aZijb_fe_fh_\j_fy \ ohjhrh hij_^_e_gghc \ dhlhjhc bkihevamxlky gZ[ex^Z_fu_ ^Zggu_beb_klv\hafh`ghklvhp_gb\Zlv\oh^gu_^Zggu_ ] j_Zebklbqghc dhlhjZy g_ iha\heyeZ [u kh\_jrZlv g_jZpbh gZevgu_^_ckl\by Djhf_lh]hijZdlbdjZa^_ey_llhqdmaj_gbywdhghf_ljbdZdhlh jucohl_e[u ^ ohjhrhijbkihkh[blvfh^_evdwfibjbq_kdbf^Zgguf Zl_hj_lbdwdhghfbkllZd`_ihlj_[h\Ze[u _ jZ\gh\_kgh]hihemq_gbyfh^_eb >eyijZdlbdZk\hckl\ZD ^ khklZ\eyxlg_^hklb`bfmxf_qlm Nmg^Zf_glZevguc h[t_dl bamq_gby \j_f_gghc kljmdlmju ijh p_kk l_dms_c ijhp_glghc klZ\db dhlhjuc y\ey_lky kemqZcguf ijh p_kkhfkg_ij_ju\guf\j_f_g_fbg_ij_ju\gufbljZ_dlhjbyfbohly bgh]^Z lZd`_ fh^_ebjm_lky [he__ j_Zebklbqgh kh kdZqdZfb L_dm sZy ijhp_glgZy klZ\dZ ij_^klZ\ey_l kh[hc f]gh\_ggmx klZ\dm [_a jbkdh\h]h \haf_s_gby \ khhl\_lkl\mxsbc fhf_gl \j_f_gb dhlhjZy iha\hey_lhij_^_eblvgZdhie_gb_^_g_`ghcbg\_klbpbbhlgZklhys_ ]h\j_f_gb^hg_dhlhjhc[m^ms_c^ZluLZdh_gZdhie_gb_\uqbkey_l ky ^ey ^_l_jfbgbjh\Zggh]h ijhp_kkZ ijhp_glghc klZ\db ?keb `_ ijbgylv qlh ijhp_kk l_dms_c ijhp_glghcklZ\dby\ey_lkyklhoZklb q_kdbfijhp_kkhfijh[e_fZhij_^_e_gbyp_guh[eb]ZpbbklZgh\blky g_ljb\bZevghc :j[bljZ`gZyl_hjbyhij_^_e_gbyp_gij_^mkfZljb\Z_lqlhp_gZ ^he`gZ [ulv mkeh\guf fZl_fZlbq_kdbf h`b^Zgb_f ieZl_`Z \ ^Zlm ih]Zr_gby ^bkdhglbjh\Zggh]h ijb ijhp_glghc klZ\d_ kemqZcgh ba f_gyxs_cky\l_q_gb_i_jbh^Z^bkdhglbjh\ZgbygZqbgZykl_dms_c ^Zlu^h^Zluih]Zr_gbykmq_lhflh]hdZdjZa\b\Zekyijhp_kkijh p_glghcklZ\db^hl_dms_c^ZluA^_kvijh[e_fguc\hijhkaZdexqZ _lky \ lhf qlh mdZaZggh_ fZl_fZlbq_kdh_ h`b^Zgb_ ^he`gh \uqbk eylvkyih\_jhylghklghcf_j_©g_cljZevghcdjbkdmªLZdh\hcy\ey _lky fZjlbg]ZevgZy \_jhylghklgZy f_jZ wd\b\Ze_glgZy h[t_dlb\ghc \_jhylghklghc f_j_ hibkZgby ijhp_kkh\ gZ jugd_ Ke_^h\Zl_evgh p_gljZevguc\hijhk±dZdfh^_ebjh\ZlvaZdhgbaf_g_gbyf]gh\_gghc
klZ\db[_ajbkdh\h]h\haf_s_gbyijbg_cljZevghcdjbkdmf_j_kl_f qlh[u^hklbqv\uiheg_gbyimgdlh\D H FZl_fZlbq_kdb_ijh[e_fuk\yaZggu_kkms_kl\h\Zgb_fwd\b\Z e_glghc fZjlbg]Zevghc \_jhylghklghc f_ju b __ hlghr_gb_f d hl kmlkl\bxZj[bljZ`ZgZjugd_[uebij_^f_lhfi_j\hcqZklbgZklhy s_]h ihkh[by
ey ijh[e_fu hij_^_e_gby p_g nbgZgkh\uo Zdlb\h\ lZdbfb ^Zggufb y\eyxlky lZd gZau\Z_fu_ djb\u_ ^hoh^ghklb dhlhju_ ih dZau\Zxl dZdb_ klZ\db ^hoh^ghklb ^h ih]Zr_gby bf_xl k\h[h^gu_ hlg_mieZlu[_kdmihggu_^bkdhglgu_ h[eb]ZpbbjZaebqguokjhdh\ ih]Zr_gby<j_f_ggZykljmdlmjZijhp_glguoklZ\hd±wlhihkms_ kl\m k_f_ckl\h djb\uo ^hoh^ghklb ^ey jZaebqguo ©l_dmsboª ^Zl Ijh[e_fZ \ lhf qlh ihemq_ggZygZjugd_\j_f_ggZykljmdlmjZijh p_glguoklZ\hdy\ey_lkyj_ZebaZpb_ck_f_ckl\ZkemqZcguoijhp_kkh\ b ba\_klgZ lhevdh ^ey ijhreuo ^Zl Z ^ey hij_^_e_gby p_gu Zdlb\Z g_h[oh^bfh agZlv \j_f_ggmx kljmdlmjm ijhp_glguo klZ\hd ^ey [m ^ms_]h\j_f_gb\iehlv^h^Zluih]Zr_gby Ihkljh_gb_ fZl_fZlbq_kdbo fh^_e_c klhoZklbq_kdh]h jZa\blby \j_f_gghckljmdlmjuijhp_glguoklZ\hdgZqbgZykg_dhlhjh]hnbd kbjh\Zggh]h \j_f_gb ± ij_^f_l \lhjhc qZklb ihkh[by A^_kv [m^ml ij_^klZ\e_gugZb[he__jZkijhkljZg_ggu_ih^oh^uihkljh_gbyfZl_ fZlbq_kdbo fh^_e_c \j_f_gguokljmdlmjijhp_glguoklZ\hdkg_h[ oh^bfufb\u\h^Zfbb^hdZaZl_evkl\ZfbH^gbbawlboih^oh^h\klZ ebm`_deZkkbq_kdbfbZ^jm]b__s_lhevdhjZajZ[Zlu\ZxlkyDZdm`_ [ueh kdZaZgh fZl_fZlbq_kdZy hkgh\Z bkihevam_fZy ijb jZajZ[hld_ fh^_e_c\j_f_gghckljmdlmjubaeh`_gZ\i_j\hcqZklbihkh[byih wlhfm g_h[oh^bfu_ kkuedb gZ wlb j_amevlZlu ^_eZxlky gZ i_j\mx qZklvkmdZaZgb_f]eZ\bebiZjZ]jZnh\
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
DJBHOH>GHKLBB<J?F?GG:Y KLJMDLMJ:IJHP?GLGUOKL:HOH>GHKLBBWE?F?GLU KLHO:KLBQ?KDH=H:G:EBA:
Djb\Zy ^hoh^ghklb wlh kh\hdmighklv ^hoh^ghkl_c k\h[h^guo hljbkdZg_mieZlu^bkdhglguol_[_kdmihgguo h[eb]ZpbcGHIDXOW ULVNIUHHGLVFRXQWERQG \aZ\bkbfhklbhljZaebqguokjhdh\ih]Zr_gby kfjbk Djb\u_^hoh^ghklbhij_^_eyxlp_gu^bkdhglguoh[eb ]Zpbc Z lZd`_ dmihgguo h[eb]Zpbc ihkdhevdm ex[Zy dmihggZy h[eb]Zpby fh`_l [ulv aZf_g_gZ ihjln_e_f ^bkdhglguo h[eb]Zpbc Qlh[u hp_gblv ^jm]b_ qm\kl\bl_evgu_ d ijhp_glghc klZ\d_ p_ggu_ [mfZ]b P; gm`gZ fh^_ev lh]h dZd djb\Zy ^hoh^ghklb fh`_l jZa \b\Zlvky\h\j_f_gb?kl_kl\_gghfh^_ebjh\Zgb_djb\hc^hoh^ghklb wd\b\Ze_glgh fh^_ebjh\Zgbx kh\hdmighklb p_g^bkdhglguoh[eb]Z pbc beb fh^_ebjh\Zgbx djb\hc nhj\Zj^ghc klZ\db b fu fh`_f khkj_^hlhqblv\gbfZgb_gZh^ghfeb[hgZ^jm]hf\p_eyom^h[kl\Z
>hoh^ghklbbdjZldhkjhqgu_ ijhp_glgu_klZ\db
H[hagZqbfq_j_aWl_dmsmx^Zlmbq_j_aL!W^Zlm\dhlhjmx h[eb]Zpby ih]ZrZ_lky lZd qlh L ± W y\ey_lky \j_f_gguf kjhdhf h[uqghbaf_jy_fuf\]h^ZohklZxsbfky^hih]Zr_gby>hoh^ghklv \LHOG mWL h[eb]Zpbbk\yaZgZk__p_ghcSULFH 3WL khhlghr_ gbyfb ORJ 3 W L 3WL H[S^±mWL L±W `mWL LW 3W L h[hagZqZ_l \ fhf_gl \j_f_gb W p_gm h[eb]Zpbb k ghfb gZevghcklhbfhklvx^_g_`gZy_^bgbpZih]ZrZ_fhc\^ZlmL<ih ke_^mxs_f ghfbgZevgZy klhbfhklv \k_]^Z [m^_l [jZlvky jZ\ghc lZdqlhwlhml\_j`^_gb_g_[m^_lih\lhjylvkyH]jZgbq_gb_©k\h[h^
JbkDjb\Zy^hoh^ghklbp_gguo[mfZ]DZagZq_ckl\ZKR:gZk_gly[jy ]FZjd_jukhhl\_lkl\mxlke_^mxsbfkjhdZf^hih]Zr_gby f_kypZf_kyp_\]h^]h^Z]h^Ze_le_le_le_le_l
gZyhljbkdZg_mieZluªlZd`_g_[m^_lih\lhjylvkylZddZdjbkdg_ mieZlu\wlhc]eZ\_g_jZkkfZljb\Z_lky >eyp_e_cfh^_ebjh\Zgbym^h[ghij_^iheh`blvqlhkms_kl\mxl ^bkdhglgu_h[eb]Zpbb\k_okjhdh\ih]Zr_gby<qZklghklbij_^ih eh`bfqlh\dZ`^ucfhf_glWbf__lkyh[eb]ZpbydhlhjZyih]ZrZ_lky \wlhl`_fhf_gl\j_f_gblh]^Z__^hoh^ghklv\wlhlfhf_gl\j_f_gb UW { OLP \ W 7 Dh]^Z h[eb]Zpby ih]ZrZ_lky __ ghfbgZevgZy klhb 7F W
fhklv \k_]^Z \uieZqb\Z_lky Ihwlhfm wlZ djZldhkjhqgZy h[eb]Zpby y\ey_lky [_ajbkdh\hc b __ ijhp_glgZy klZ\dZ ^hoh^Z UDWH RI \LHOG jZ\gZ __ ^hoh^ghklb Ijhp_glgZy klZ\dZ ^hoh^Z gZau\Z_lky djZldh kjhqghcbebijhklhdhjhldhcVKRUW klZ\dhc LZdbf h[jZahf ZgZeblbq_kdbc \b^ djb\hc ^hoh^ghklb aZ^Z_lky nmgdpb_cmWL ]^_^ZlZih]Zr_gbyLkqblZ_lkyZj]mf_glhfZl_dm sZy ^ZlZ beb ^ZlZ dhlbjh\db ^hoh^ghkl_c W y\ey_lky iZjZf_ljhf djb\hc^hoh^ghklbQZklhwlZnmgdpbyaZibku\Z_lky\\b^_mWWW ]^_W LWf__lkfukekjhdZ\j_f_gb ^hih]Zr_gbyGZjbk ij_^klZ\e_gZdjb\Zy^hoh^ghklb^ey^Zludhlbjh\dbk_gly[jy] <j_f_gghckljmdlmjhcijhp_glguoklZ\hdgZau\Z_lkykh\hdmighklv djb\uo^hoh^ghklb^eyjZaebqguo^Zldhlbjh\dbBgZq_]h\hjy\j_ f_ggZykljmdlmjZijhp_glguoklZ\hdwlhnmgdpbymWL hl^\moZj ]mf_glh\Ihwlhfm\j_f_ggZykljmdlmjZh[h[sZ_lih\_^_gb_djb\uo
f¶ÈÑÀÄȾÆĸÀ¾
Á»È ¹Äº¶
fÄËĺÃÄÇÈÒ
sÆÄÀ¾ ÅĹ¶Î»Ã¾µ
Jbk<j_f_ggZykljmdlmjZijhp_glguoklZ\hd^eyp_gguo[mfZ] DZagZq_ckl\ZKR:aZbxev]
^hoh^ghkl_cjbk Ihkdhevdmf_`^mnmgdpbyfbmWL bJWL hij_^_ey_fufb khhlghr_gbyfb bf__lky \aZbfgh h^ghagZqgh_ khhl\_lkl\b_ ih^ \j_f_gghc kljmdlmjhc ijhp_glguo klZ\hd qZklh ihgbfZxlnmgdpbxp_gu^bkdhglghch[eb]ZpbbJWL
Fh^_ebg_ij_ju\gh]h\j_f_gb
<gZklhys_c]eZ\_k^_eZgh[ahjfh^_e_cdjb\hc^hoh^ghklbg_ ij_ju\gh]h\j_f_gb<g_dhlhjuohlghr_gbyofh^_ebg_ij_ju\gh]h \j_f_gb[he__ijhklu_q_ffh^_eb^bkdj_lgh]h\j_f_gbihkdhevdm bf_xlkyZgZeblbq_kdb_f_lh^udhlhju_fh]mlijbf_gylvkydnmgd pbyfg_ij_ju\gh]h\j_f_gbQbke_ggh_j_r_gb_fh^_e_cg_ij_ju\ gh]h \j_f_gb qZklh \dexqZ_l dZdmxeb[h ^bkdj_lbaZpbx \j_f_gb H^gZdhj_r_gb_^bkdj_lgh\j_f_gghc\_jkbbg_ij_ju\gh\j_f_gghc fh^_eb ± g_ \k_]^Z wnn_dlb\gZy ijhp_^mjZ Ihwlhfm g_ij_ju\gh \j_f_ggu_ fh^_eb ij_^klZ\eyxl agZqbl_evguc bgl_j_k _keb ^Z`_ g_h[oh^bfuqbke_ggu_j_r_gbyG_^hklZlhdg_ij_ju\gh\j_f_gguo fh^_e_c \ lhf qlh hgb lj_[mxl ^h\hevgh Z[kljZdlguo fZl_fZlbq_ kdbokj_^kl\ZgZebaZ
>ey m^h[kl\Z gb`_ ^Zxlky k\_^_gby h fZl_fZlbq_kdbo f_lh^Zo klhoZklbq_kdh]hZgZebaZfh^_e_cg_ij_ju\gh]h\j_f_gbDexq_\ufb j_amevlZlZfb a^_kv y\eyxlky nhjfmeZ Blh lZd gZau\Z_fZy ©e_ffZ Blhª bl_hj_fZ=bjkZgh\Z
;jhmgh\kdh_^\b`_gb_
jm]Zy\_jkbykemqZcgh]h[em`^Z gbygZdhlhjhcfukhkj_^hlhqbf\gbfZgb_hkgh\u\Z_lkygZij_^ih eh`_gbb qlh p_gu baf_gyxlky g_ij_ju\gh Z g_ ^bkdj_lgh Kfuke wlh]h ij_^iheh`_gby khklhbl \ lhf qlh[u k^_eZlv fh^_ev [he__
m^h[ghc^eyZgZebaZ>eywlh]hihlj_[m_fqlh[uhgZij_^mkfZljb\Z eZke_^mxsb_k\hckl\Z G_ij_ju\ghklvljZ_dlhjbbl_nmgdpbyWoOW g_ij_ju\ gZ\dZ`^hfkhklhygbbkj_^u KlhoZklbq_kdbcijhp_kkOy\ey_lkyfZjlbg]Zehf D\Z^jZlbq_kdZy\ZjbZpbydhlhjZy[m^_lhij_^_e_gZgb`_^ey dZ`^hc^ZluWjZ\gZW Lh]^Z jZkij_^_e_gb_ klhoZklbq_kdh]h ijhp_kkZ O hij_^_ey_lky _^bgkl\_gguf h[jZahf LZdhc ijhp_kk gZau\Z_lky [jhmgh\kdbf ^\b`_gb_f ;jhmgh\kdh_^\b`_gb_fh`ghkdhgkljmbjh\Zlviml_fij_^_evgh ]h i_j_oh^Z \ kemqZcghf [em`^Zgbb kqblZy \_ebqbgu kdZqdh\ jZ\ gufb iexk beb fbgmk d\Z^jZlghfm dhjgx \j_f_gb f_`^m kdZqdZfb ijb klj_fe_gbb dgmex\j_f_gbf_`^mkdZqdZfbGZw\jbklbq_kdhf mjh\g_kdZqdb[jhmgh\kdh]h^\b`_gbyfh`ghkqblZlvjZ\gufbr GW \dZ`^hfbgnbgbl_abfZevghfbgl_j\Ze_GWwlZbgl_jij_lZpby\^_c kl\bl_evghklbfh`_l[ulvk^_eZgZfZl_fZlbq_kdbkljh]hc < ^hiheg_gb_ d k\hckl\Zf ± [jhmgh\kdh_ ^\b`_gb_ y\ey_lky fZjdh\kdbfijhp_kkhfbijbjZs_gbyOb OW ^eyb!WghjfZevgh jZkij_^_e_guk^bki_jkb_cbWWlhke_^m_lbak\hckl\±kemqZcgh ]h[em`^ZgbyGhjfZevghklvfh`ghjZkkfZljb\ZlvdZdke_^kl\b_p_g ljZevghcij_^_evghcl_hj_fukqblZyOb OW kmffhcg_aZ\bkbfuo h^bgZdh\hjZkij_^_e_gguokemqZcguo\_ebqbgkhagZq_gbyfbr GW K\hckl\h[jhmgh\kdh]h^\b`_gbydZ`_lky^h\hevghki_pbnbq guf b dZd [m^lh g_l dZdboeb[h hkh[uo ijbqbg ijbgbfZlv _]h ^ey p_gZdpbcbeb^eyeh]Zjbnfh\p_gZdpbc H^gZdh\^_ckl\bl_evgh klb hgh y\ey_lky lhevdh ghjfbjh\dhc Ex[hc ^jm]hc g_ij_ju\guc fZjlbg]Ze fh`_l [ulv ij_h[jZah\Zg \ [jhmgh\kdh_ ^\b`_gb_ \k_]h ebrv iml_f ^_nhjfbjh\Zgby \j_f_gghc rdZeu Fh`gh lZd`_ ij_^ klZ\blv fgh]b_ g_ij_ju\gu_ fZjlbg]Zeu dZd klhoZklbq_kdb_ bgl_ ]jZeu hlghkbl_evgh [jhmgh\kdbo ^\b`_gbc LZdbf h[jZahf lZdbeb bgZq_ [jhmgh\kdh_ ^\b`_gb_ ± hkgh\ghc kljhbl_evguc [ehd ^ey g_ ij_ju\guofZjlbg]Zeh\
NhjfmeZBlh
Bgl_j_kdfZjlbg]ZeZf\uau\Z_l©nmg^Zf_glZevgZyl_hj_fZhi j_^_e_gby p_g Zdlb\h\ª kf '\EYLJ5RVV Kh]eZkghwlhcl_h j_f_ _keb hlkmlkl\mxl Zj[bljZ`gu_ \hafh`ghklb lh ghjfbjh\Zg
gu_khhl\_lkl\mxsbfh[jZahfp_guZdlb\h\[m^mlfZjlbg]ZeZfbijb g_dhlhjhc \_jhylghklghc f_j_ GZk bgl_j_km_lbf_gghg_ij_ju\gZy fh^_ev \ke_^kl\b_ mihfygmlh]h\ur_mijhs_gbyZgZebaZ<qZklgh klb kms_kl\m_l l_hjby g_ij_ju\guo fZjlbg]Zeh\ hkgh\ZggZy gZ klhoZklbq_kdhf ZgZeba_ jZajZ[hlZgghf Blh Hkgh\guf kj_^kl\hf wlh]h ZgZebaZ y\ey_lky nhjfmeZ ^bnn_j_gpbjh\Zgby ba\_klgZy dZd nhjfmeZBlh
D\Z^jZlbqgucijbf_j
<\_^_f nhjfmem Blh ihkj_^kl\hfklZg^Zjlgh]hijbf_jZImklv O[m^_lg_dhlhjhcnmgdpb_c\j_f_gbHij_^_ebf<W OW kqblZy< keh`ghc nmgdpb_c l _ <W IOW ]^_ I ± d\Z^jZlbqgZy nmgdpby JZkkfhljbf^bkdj_lgh_jZa[b_gb_ WW«W1 L\j_f_ggh]h bgl_j\ZeZ>L@Fufh`_fgZibkZlv
<W < ¦ '< W
]^_'<WL {<WL <WL >eyex[uo\_s_kl\_gguoqbk_eZbE EZ ZEZ EZ ihwlhfm'<WL {OWL OWL OWL 'OWL >'OWL @Hlkx^Z
<7 < ¦ O W 'O W ¦ >ûO W @
?kebi_j_clbdij_^_em1oflZdqlh[uWLWL olh]^Z\ ij_^_e_ihemqbf
<7 < ³ ; W G; W O O 7
]^_ O O 7 ±©d\Z^jZlbq_kdZy\ZjbZpbyªmihfbgZ\rZykyjZg__b
hij_^_ey_lkydZdij_^_e ¦ >'O W @ ijb1of
KjZ\gbf ihemq_ggmx nhjfmem k h[uqghc nhjfmehc ^bnn_j_g pbjh\Zgbykeh`ghcnmgdpbb?kebOg_ij_ju\gh^bnn_j_gpbjm_fZy
nmgdpby \j_f_gb lh]^Z ih nhjfme_ ^bnn_j_gpbjh\Zgby keh`ghc nmgdpbb G<W I c OW GOW OW GOW Ijhbgl_]jbjh\Z\h[_qZklbjZ\_gkl\Zihemqbf
<7 < ³ G< W < ³ ; W GOW JZaghklvf_`^mkhhlghr_gbyfb b hq_\b^ghkhklhbl\ gZebqbbqe_gZd\Z^jZlbq_kdhc\ZjbZpbb\ MjZ\g_gb_ y\ey _lkydhjj_dlguf^Z`_^eyg_ij_ju\gh^bnn_j_gpbjm_fuonmgdpbc ihkdhevdm d\Z^jZlbq_kdZy \ZjbZpby g_ij_ju\gh ^bnn_j_gpbjm_fhc nmgdpbb jZ\gZ gmex LZdbfh[jZahfkhhlghr_gby b h^b gZdh\u^eyg_ij_ju\gh^bnn_j_gpbjm_fhcnmgdpbbH^gZdhjZ\_g kl\h kijZ\_^eb\h \ [he__ h[s_f kemqZ_ Ke_^m_l aZf_lblv qlh ij_^_ehij_^_eyxsbcbgl_]jZe\\ujZ`_gbb fh`_lkms_kl\h \Zlvlhevdh\\_jhylghklghfkfuke_ZO^he`_g[ulv^hklZlhqghj_ ]meyjgufklhoZklbq_kdbfijhp_kkhf Ih^q_jdg_f ihq_fm fu g_ h]jZgbqb\Z_fky ijhkljZgkl\hf g_ ij_ju\gh^bnn_j_gpbjm_fuonmgdpbcqlh[ubkihevah\Zlvh[uqguc ZgZebaIjbqbgZ\lhfqlhg_kms_kl\m_lfZjlbg]Zeh\kg_ij_ju\gh ^bnn_j_gpbjm_fufb ljZ_dlhjbyfb bkdexqZy ljb\bZevguc kemqZc dh]^Z ijhp_kk \ujh`^Z_lky \ dhgklZglm DZd m`_ [ueh aZf_q_gh gm`gh bamqZlv fZjlbg]Zeu _keb bkke_^mxlky p_gu Zdlb\h\ lZd qlh g_evayij_^iheZ]Zlvg_ij_ju\gmx^bnn_j_gpbjm_fhklvZgm`ghbk ihevah\Zlv[he__h[smxnhjfmem
H[sZyh^ghf_jgZynhjfmeZ
>eyd\Z^jZlbqghcnmgdpbbInhjfmem fh`_fgZibkZlvdZd
L
I cc> ; W @ G O O W
<7 < ³ I c> ; W @ G; W ³
L
ihkdhevdm I c o oIIo b ³ G O O W O O 7 JZ\_gkl\h
y\ey_lky h[s_c nhjfhc nhjfmeu Blh ^ey nmgdpbb \_s_kl\_g ghci_j_f_gghcO>bnn_j_gpbZevgZynhjfZnhjfmeuBlhbf__l\b^ G<W I c OW GOW I cc OW G O O W
Bgl_]jZeBlh >eylh]hqlh[ujZ\_gkl\h [uehkijZ\_^eb\hi_j\ucbgl_ ]jZe\g_f^he`_g[ulvhij_^_e_gki_pbZevgufh[jZahf?kebOg_ ij_ju\gh^bnn_j_gpbjm_fhg_bf__lagZq_gby\uqbkey_lkyebij_ ^_ekmffu
¦ O W 'O W
dZd\ij_^klZ\e_gbb beb\uqbkey_lkyij_^_e
¦ O W 'O W
H^gZdhwlhbf__lagZq_gb_\h[s_fkemqZ_<nhjfme_Blh\u [jZg i_j\uc \ZjbZgl kmffbjh\Zgby OW gZ e_\hc ]jZgbp_ dZ`^h]h \j_f_ggh]hbgl_j\ZeZ>WL WL@<hlebqb_hlkmff b JKljZ lhgh\bqij_^eh`bekj_^gxxlhqdmqlhijb\h^bldbgl_]jZemKljZ lhgh\bqZ Djhf_lh]hfh`ghbkihevah\ZlvijZ\mx]jZgbpmqlhijb \h^bldbgl_]jZemBlhkaZ^_j`dhcH^gZdhlhevdh\u[hjDBlhy\ ey_lkyih^oh^ysbf^eynbgZgkh\uoijbeh`_gbcIjbaZf_g_bgl_] jbjm_fhc nmgdpbb \ nhjfme_ [he__ h[s_c nmgdpb_c \j_f_gb kdZ`_fTW kmffm
¦ TW 'OWL
fh`ghjZkkfZljb\ZlvdZdfh^_ev^hoh^Zhllhj]h\hckljZl_]bb\dh lhjhcTh[hagZqZ_lqbkehZdpbcb'Obaf_g_gb_p_guBkihevah\Z gb_ e_\hc ]jZgbpu WL \j_f_ggh]h bgl_j\ZeZ b lj_[h\Zgb_ qlh[u TWL aZ\bk_ehlhevdhhlbgnhjfZpbbbf_xs_ckydfhf_glm\j_f_gb WL ijb\h^yldlhfmqlhqbkehZdpbcdhlhju_gm`gh^_j`Zlvi_j_^ baf_g_gb_fp_guklZgh\blkyba\_klgufHq_\b^ghwlhy\ey_lkykm s_kl\_gghcoZjZdl_jbklbdhcex[hcfh^_eblhj]h\ebP;
Fgh]hf_jgZynhjfmeZ
NhjfmeZBlh ijbf_gbfZbdif_jguf\_dlhjZfO O« Oi _kebbgl_jij_lbjh\Zlv__we_f_gluke_^mxsbfh[jZahf
wI ; W
I c OW GOW ¦
b
w;
G; W
w I ; W
I cc ; W G O O W ¦ ¦
w; w;
G ; ;
]^_\_ebqbgZ ; ; hij_^_ey_lkydZdij_^_ekmffuijhba\_^_gbc 'OWL 'OWM >eylh]hqlh[uijbf_gblvnhjfmemgm`ghagZlvdZd\u qbkeylv ^bnn_j_gpbZeu ©ijhp_kkZ \ m]eh\uo kdh[dZoª Bkihevamy lhl nZdl qlh ijhp_kk \ m]eh\uo kdh[dZo hij_^_ey_lky dZd ij_^_e kmffijhba\_^_gbc^bkdj_lguobaf_g_gbch[uqghibrml G; LG; M
G ;L ; M
qlh k^_eZ_f b fu ©IjZ\beZ mfgh`_gbyª dhlhju_ bkihevamxlky a^_kvke_^mxsb_ ?keb < [jhmgh\kdh_ ^\b`_gb_ lh]^Z G<W G<W GW ih kdhevdm d\Z^jZlbq_kdZy \ZjbZpby ^h ^Zlu W jZ\gZ W dZd m`_ ]h\hjb ehkv\ur_ eyex[h]h[jhmgh\kdh]h^\b`_gby<\uihegy_lkyjZ\_gkl\h G<W GW Djhf_lh]hGWGW L_i_jv bf__f \k_ qlh[u ijb aZ^Zgguo [jhmgh\kdbo ^\b`_gbyo <M\uqbkeylv©ijhp_kkm]eh\uokdh[hdª^eyex[uoijhp_kkh\
Q W
M
OLW ³ I V GV ¦ ³ TLM V G% M V i_j_oh^yd^bnn_j_gpbZeZf
GOLW I W GW ¦ T W G% W
bijbf_gyyijZ\beZ±
G ; L ; M GOLGO M ¦
¦ T W T W U W GW
Ijhp_kku\b^Z gZau\Zxlkyijhp_kkZfbBlhby\eyxlky^hk lZlhqghh[sbfbh[uqgh\klj_qZxsbfbky\fh^_eyohij_^_e_gbyp_g Zdlb\h\
Nmgdpbb\j_f_gb
QZklguckemqZch[s_cnhjfmeuBlhdhlhjucqZklh\klj_qZ_lky ihemqZ_lkydh]^Z<W IW=W ]^_=y\ey_lkyh^ghf_jgufijhp_k khf < wlhf kemqZ_ \ nhjfme_ ^ey if_jgh]h kemqZy i OW W OW =W blh]^Z G<W
wI W = W wI W = W GW G= W wW w= w I W = W G = = W w=
Ijbf_jgZqbke_gb_ijhp_glh\^bkdhglbjh\Zgb_ieZl_`Z Imklv<W _DW=W ^eydhgklZgluDLh]^ZIW= _DW=Ijbf_g_gb_ nhjfmeuBlh ^Z_l G<W D_DW=W GW_DWG=W qlhfh`ghaZibkZlvdZd G< W < W
DGW
G= W = W
AZf_lbfqlhkihkh[ihemq_gbywlh]hmjZ\g_gbylhqghlZdhc`_ dZdb\h[uqghfZgZeba_ Ijbf_jwdkihg_gpbZevgucfZjlbg]Ze JZkkfhljbfijhp_kk <W H V
V
]^ZIW< H V
^eydhgklZgluV]^_<[jhmgh\kdh_^\b`_gb_Lh V
bnhjfmeZBlhbf__l\b^
G<W V<W GWV<W G%W V<W G < < W V<W G%W
LZdbfh[jZahf
G< W < W
V G%W
?keb [u ijhp_kk < [ue g_ij_ju\gh ^bnn_j_gpbjm_fuf Z g_ [jhmgh\kdbf ^\b`_gb_f lh]^Z ihke_^g__ keZ]Z_fh_ \ ijZ\hc qZklb i_j\h]hjZ\_gkl\Z hlkmlkl\h\Zeh[ubke_^h\Zl_evghg_fh]eh [ukhdjZlblvkyki_j\ufkeZ]Z_fufH^gZdhwlhkhdjZs_gb_ijb\h ^bl d lhfm qlh < klZgh\blky fZjlbg]Zehf Ke_^h\Zl_evgh ^ey b ! W ijbjZs_gb_%b %W bf__lghjfZevgh_jZkij_^_e_gb_khkj_^gbf jZ\gufgmexb^bki_jkb_cbW<j_amevlZl_ihemqZxlkyjZ\_gkl\Z ?><b <W _<W @ ?> H V HV
b V
b V b
H V
V
_<W @
?> H V b < H V _<W @
LZdbf h[jZahf ih^l\_j`^Z_lky mjZ\g_gb_ b _]h fh`gh bgl_jij_lbjh\ZlvlZdkj_^gyykdhjhklvbaf_g_gby<jZ\gZgmex
L_hj_fZ=bjkZgh\Z
L_hj_fZ =bjkZgh\Z y\ey_lky dexq_\uf j_amevlZlhf ^ey g_c ljZevgh]hdjbkdmhij_^_e_gbyp_gu\g_ij_ju\ghf\j_f_gbHgZih dZau\Z_ldZdbaf_gylv^j_cnijhp_kkZBlhkihfhsvxbaf_g_gby\_ jhylghklghcf_ju Ijb\_^_fw\jbklbq_kdh_h[tykg_gb_l_hj_fu=bjkZgh\ZImklvO y\ey_lkydhgklZglhcb<\bg_jh\kdbcijhp_kkhlghkbl_evghbkoh^ ghc \_jhylghklghc f_ju J Imklv < W <W OW Lh]^Z < bf__l ^j_cnkj_^g__baf_g_gb_ OGWaZbgnbgbl_abfZevgucbgl_j\Ze\j_ f_gb GW L_hj_fZ =bjkZgh\Z ihdZau\Z_l dZd baf_gblv ^j_cn < ^h gmeyl_dZdk^_eZlv< fZjlbg]ZehfGZihfgbfqlhijbjZs_gbyG< gZwfibjbq_kdhfmjh\g_kljh]hklbij_^klZ\eyxlky\\b^_r GW Lh ]^Z G< OGW r GW ?keb fu baf_gbf \_jhylghklv iheh`bl_evgh]h ijbjZs_gbygZO GW Z\_jhylghklvhljbpZl_evgh]hijbjZs_ gby ± gZ O GW lh]^Z kj_^g__ baf_g_gb_ ijhp_kkZ < [m^_l jZ\gh O GW OGW GW O GW OGW GW
Ke_^h\Zl_evgh < ±fZjlbg]Zehlghkbl_evghwlbokdhjj_dlbjh \Zgguo\_jhylghkl_c >hkboihjfujZkkfZljb\Zeblhevdh\_jhylghklbgZhl^_evguo ©\_l\yo ^_j_\Zª \hafh`guo ljZ_dlhjbc <_jhylghklv hl^_evghcljZ _dlhjbbq_j_a\k_^_j_\hy\ey_lkyijhba\_^_gb_f\_jhylghkl_cZkkh pbbjh\Zgguo k \_l\yfb khklZ\eyxsbfb ljZ_dlhjbx Imklv J h[h agZqZ_lkdhjj_dlbjh\Zggu_\_jhylghklbZJbkoh^gu_\_jhylghklb dZ`^uckdZqhd\\_jobeb\gbaijhbkoh^blk\_jhylghklvx Lh ]^Z[m^_fbf_lv J ljZ_dlhjbyaZ\j_fy W J ljZ_dlhjbyaZ\j_fy W
J ljZ_dlhjbyaZ\j_fy W GW J i_j_oh^\fhf_gl W u J ljZ_dlhjbyaZ\j_fy W GW J i_j_oh^\fhf_gl W
AZf_lbfqlh^eyh[_bo\_l\_c\\_jobeb\gba J i_j_oh^\fhf_gl W Ji_j_oh^\fhf_gl W
OG<W
Ihwlhfm J ljZ_dlhjbyaZ\j_fy W J ljZ_dlhjbyaZ\j_fy W
J ljZ_dlhjbyaZ\j_fy W GW J ljZ_dlhjbyaZ\j_fy W GW
uOG<W
?keb h[hagZqblv q_j_a <W hlghr_gb_ \_jhylghkl_c ljZ_dlhjbc aZ\j_fyWihemq_ggh_\ujZ`_gb_ihdZau\Z_lqlhhlghkbl_evgh_ba f_g_gb_<\fhf_gl\j_f_gbWjZ\ghOG<W l_ G< W < W
O G%W
J_r_gb_wlh]hmjZ\g_gbyijb< y\ey_lkywdkihg_gpbZev guffZjlbg]Zehf <W H O
O
Ba ij_^klZ\e_gguo \ur_ w\jbklbq_kdbo jZkkm`^_gbc fh`gh aZ dexqblvqlhijhp_kk hij_^_ey_lhlghr_gb_\_jhylghkl_cljZ_d lhjbcJ dJlZdh_qlh< y\ey_lkyfZjlbg]Zehfhlghkbl_evghJ LZd dZd < g_ij_ju\_g b _]h d\Z^jZlbq_kdZy \ZjbZpby ^h dZ`^hc ^Zlu W jZ\gZ W aZf_lbf qlh ^h[Z\e_gb_ OW d < g_ baf_gy_l d\Z^jZlbq_kdmx \ZjbZpbx< < gZkZfhf^_e_^he`_g[ulv[jhmgh\kdbf^\b`_gb_f hlghkbl_evgh J DklZlb wlh ihdZau\Z_l qlh kms_kl\m_l g_ _^bgkl \_gguc kihkh[ aZ^Zgby [jhmgh\kdh]h ^\b`_gby q_j_a bgnbgbl_ab fZevgu_baf_g_gbyA^_kvfubf__f^\Zkihkh[ZaZ^Zgby[jhmgh\kdh]h ^\b`_gbyijbjZs_gbyr GW kjZ\gufbJ\_jhylghklyfbbijbjZs_ gby OGW r GW k J \_jhylghklyfb Wlh b _klv kh^_j`Zgb_ l_hj_fu =bjkZgh\Z<nhjfmebjh\d_l_hj_fug_lkkuedbgZhlghr_gb_\_jhyl ghkl_c ljZ_dlhjbc ihkdhevdm bg^b\b^mZevgu_ ljZ_dlhjbb \ ^_ckl\b l_evghklb bf_xl gme_\mx \_jhylghklv ih dZ`^hc ba \_jhylghklguo f_jJ bJ
[ue fZjlbg]Zehf AZf_lbf qlh ijhp_kk ± \k_]^Z ©ehdZevguc fZjlbg]Zeª>hklZlhqgh_mkeh\b_lh]hqlh[uijhp_kk ^_ckl\b l_evgh[uefZjlbg]ZehflZdgZau\Z_fh_mkeh\b_Gh\bdh\ZaZibku\Z _lky\nhjf_ ª L ½º ? «_oj® ³ O X GX ¾» f ¿¼» ¬« ¯
L_hj_fZ =bjkZgh\Z Imklv %W d W d 7 [m^_l [jhmgh\kdbf ^\b`_gb_fhlghkbl_evgh\_jhylghklghcf_juJbimklvO[m^_lklh oZklbq_kdbfijhp_kkhflZdbfqlhijhp_kk<W hij_^_ey_fucjZ\_g kl\hf y\ey_lkyfZjlbg]ZehfHij_^_ebf
% W %W ³ OX GX
bgh\mx\_jhylghklgmxf_jmJ dhgkljmdlb\gh^eyex[h]hkh[ulby :khhlghr_gb_f J : (>< 7 $@ J : Lh]^Zijhp_kk% W dWd7 y\ey_lky[jhmgh\kdbf^\b`_gb_fhl ghkbl_evgh\_jhylghklghcf_juJ
G?CLJ:EVGH?DJBKDM HIJ?>?E?GB?P?G
Ijb hij_^_e_gbb klhbfhklb P; hq_gv m^h[gh ^_ckl\h\Zlv dZd [m^lh\k_h`b^Z_fu_^hoh^ghklbjZ\gyxlky[_ajbkdh\hcklZ\d_qlh lh`_dh]^Z\k_bg\_klhjug_cljZevgudjbkdmWlhgZau\Z_lkyijbg pbihfhij_^_e_gbyp_gg_cljZevgufdjbkdmQlh[uhij_^_eblvp_gu g_cljZevghdjbkdmgm`ghi_j_clbd\_jhylghklghcf_j_dhlhjZygZ au\Z_lky©g_cljZevghcdjbkdm\_jhylghklghcf_jhcªG_cljZevgZyd jbkdm\_jhylghklvkms_kl\m_l_kebgZjugd_g_bf__lkygbdZdboZj [bljZ`guo\hafh`ghkl_cqlhdhg_qghy\ey_lkyhq_gvkeZ[ufij_^ iheh`_gb_fb[he__j_ahggufq_fij_^iheh`_gb_hlhfqlhj_Zev gu_ bg\_klhju g_cljZevgu d jbkdm Wlhl f_lh^ hij_^_e_gby p_g \i_j\u_[ueij_^eh`_g>`DhdkhfbKJhkkhfkfq]e ?keb bf__lky g_h]jZgbq_ggh_ qbkeh \hafh`guo khklhygbc kj_^u kms_kl\h\Zgb_ \_jhylghklb g_cljZevghc d jbkdm aZ\bkbl hl g_ kdhevdh[he__kbevgh]hij_^iheh`_gbyq_fh[uqgh_mkeh\b_hlkml kl\by Zj[bljZ`guo \hafh`ghkl_c H^gZdh fu [m^_f b]ghjbjh\Zlv wlhlnZdlbijhklhih^jZamf_\Zlv[he__kljh]h_ij_^iheh`_gb_dh ]^Z ml\_j`^Z_lky qlh ©gbdZdb_ Zj[bljZ`gu_ \hafh`ghklb g_ kms_ kl\mxlª<_jhylghklbg_cljZevgu_djbkdml_kghk\yaZguk©p_gZfb khklhygbyª
P_gukhklhygbybg_cljZevgu_ djbkdm\_jhylghklb JZkkfhljbf ex[u_ nbgZgkh\u_ ijhba\h^gu_ NI FRQWLQJHQW FODLPV bihlhdbieZl_`_cFDVKIORZVWUHDP dZdihjln_ebP;dhlh ju_gZau\Zxlky©Zdlb\ZfbWjjhmª$UURZVHFXULW\ \k\yabkl_fqlh hgb\i_j\u_[ueb\\_^_guDWjjhm$UURZ IhZdlb\ZfWjjhm \uieZqb\Z_lky_^bgbpZ\hkh[mx^Zlm_kebhkh[h_kh[ulb_\klj_qZ _lky\wlm^Zlmb\uieZqb\Z_lkygmev\h\k_^jm]b_^Zlubijb\k_o ^jm]bo khklhygbyo kj_^u P_gu Zdlb\h\ Wjjhm gZau\Zxlky ©p_gZfb khklhygbyª VWDWH SULFH Ijb ij_^iheh`_gbb h[ hlkmlkl\bb Zj[bl jZ`guo\hafh`ghkl_cgZjugd_p_gZZdlb\Z^he`gZjZ\gylvkykmff_ p_g khklZ\guo qZkl_c Zdlb\h\ Wjjhm Wlh hagZqZ_l qlh kms_kl\m_l kemqZcguc ijhp_kk U dhlhjuc hij_^_ey_l p_gu gZ _^bgbpm \_jhyl ghklbZdlb\ZWjjhm lZdhcqlhp_gZ\^ZlmnbgZgkh\hcijhba\h^ghc <ihdhlhjhc^_eZ_lky\uieZlZ\g_dhlhjmx^ZlmW7]^_7y\ey_l kyaZ^ZggufjZ\gZ(>UW <@DZdh[uqghfuy\ghg_mdZau\Z_faZ\b kbfhklvihlhdZieZl_`_c<hlkhklhygbykj_^ubg_mdZau\Z_fih ^h[gmxaZ\bkbfhklvp_guhlkhklhygbyKemqZcgucijhp_kkUgZau \Z_lky ©ijhp_kkhf iehlghklb p_gu khklhygbyª L_jfbg ©iehlghklvª hlghkblkydlhfmnZdlmqlhU±p_gZgZ_^bgbpm\_jhylghklbby\ey _lkyZgZeh]b_cdagZq_gbxkeh\Z©iehlghklvª\klZlbklbd_\\ujZ`_ gbb ©nmgdpby iehlghklb \_jhylghkl_cª dhlhjZy hagZqZ_l \_jhyl ghklvgZ_^bgbpmf_juE_[_]Z °% ½° Hij_^_ebf[L {_oj ®³ U W GW ¾ U7 b^eyex[h]hkh[ulby:h[h ¯° ¿° agZqbf J : ?>:[L @]^_:±kemqZcgZy\_ebqbgZdhlhjZyijb gbfZ_lagZq_gb__keb\kh[ulb_:\dexqZ_lkybklbggh_khklhygb_ kj_^ubagZq_gb_\^jm]bokemqZyo Ihlj_[m_f qlh[u J y\eyeZkv g_cljZevghc d jbkdm \_jhylgh klvx?^bgkl\_gghcijh[e_fhcbf_xs_chlghr_gb_dlhfmqlhJ ± \_jhylghklvdhlhjZyg_hq_\b^gZ[m^_lebJ \_jhylghklv^hklh\_j gh]hkh[ulbyjZ\gZQlh[uihdZaZlvwlhjZkkfhljbfNI<hij_^_ ey_fmx bg\_klbjh\Zgb_f h^ghc ^_g_`ghc _^bgbpu ijb djZldhkjhq ghcklZ\d_\fhf_gl\j_f_gbbg_ij_ju\gufijhdjmqb\Zgb_fbg\_ klbpbbKlhbfhklvwlhcNI\fhf_gl\j_f_gbL ½ [L < _oj ® ³ U W GW ¾ { L U ¯ ¿
Ihkdhevdm p_gZ lZdh]h Zdlb\Z \ fhf_gl \j_f_gb jZ\gZ fu ^he`gubf_lv ?>UL <@ ?>[L @ Bawlh]hke_^m_lqlhJ \_jhylghklv^hklh\_jgh]hkh[ulbyjZ\gZ dZdb^he`gh[ulv^ey\_jhylghklbQlh[uihdZaZlvqlhJ y\ey_lky g_cljZevghcdjbkdm\_jhylghklvxg_h[oh^bfhqlh[u\^Zlmp_gZ ex[hcNI<ihdhlhjhc^_eZxlky\uieZlu\^ZlmWd7[ueZjZ\gZ fZl_fZlbq_kdhfmh`b^Zgbxklhbfhklb<^bkdhglbjh\ZgghcihdjZl dhkjhqghcijhp_glghcklZ\d_ijhdjmldbl_ ª ½ º ( «H[S® ³ U X GX ¾< » «¬ ¯ ¿ »¼ ]^_ ( h[hagZqZ_l fZl_fZlbq_kdh_ h`b^Zgb_ ih \_jhylghklghc f_j_ J WlhlnZdlg_ihkj_^kl\_gghke_^m_lbahij_^_e_gbyJ q_j_aijh p_kkiehlghklbp_gukhklhygbyU
P_gu^bkdhglghch[eb]Zpbb
P_ghc\^ZlmWex[hcNIihdhlhjhc\uieZqb\Z_lky<\ex[mx ^Zlmb >WL@y\ey_lkyfZl_fZlbq_kdh_h`b^Zgb_ihg_cljZevghcd jbkdm\_jhylghklghcf_j_\uieZlu<^bkdhglbjh\ZgghcijbdjZldh kjhqghcijhp_glghcklZ\d_l_ ª ° X ½° º (W «H[S ® ³ U V GV¾< » °¯ W °¿ »¼ «¬
]^_ (W hagZqZ_lmkeh\gh_fZl_fZlbq_kdh_h`b^Zgb_ih\_jhylghklghc f_j_J kmq_lhfbgnhjfZpbbbf_xs_ckygZfhf_gl\j_f_gbW <qZklghklb\fhf_gl\j_f_gbWp_gZ3Wb ^bkdhglghch[eb]Z pbbk^Zlhcih]Zr_gbyb ª ° X ½°º
3Wb (W «H[S ® ³ U V GV¾» °¯ W °¿»¼ «¬ Ke_^h\Zl_evghfh^_evdjb\hc^hoh^ghklb^he`gZ[ulvfh^_evx lZdbog_cljZevguodjbkdmfZl_fZlbq_kdboh`b^Zgbc
P_gZjbkdZ Ij_^iheh`bfqlhihZdlb\mg_\uieZqb\Z_lkygbdZdbo^b\b^_g ^h\b_]hp_gZOm^h\e_l\hjy_lkhhlghr_gbx G; W PW GWVW G<W ; W ^ey g_dhlhjuo klhoZklbq_kdboijhp_kkh\PbVb[jhmgh\kdh]h^\b `_gby<GZijbf_j_keb\mjZ\g_gbb PbV±dhgklZglulh]^Z Oy\ey_lky]_hf_ljbq_kdbf[jhmgh\kdbf^\b`_gb_fIjhp_kkPW bg l_jij_lbjm_lky dZd kj_^gyy f]gh\_ggZy klZ\dZ ^hoh^ghklb Z VW dZdklZg^Zjlgh_hldehg_gb_f]gh\_gghcklZ\db^hoh^ghklb Hij_^_ebf PW U W OW VW Ijhp_kk OW ba\_kl_g dZd ©p_gZ jbkdZª ihkdhevdm jbkdh\Zy ij_fby PW UW y\eyxsZyky dhfi_gkZpb_c aZ \dexq_gb_ jbkdZ \ Zdlb\ jZ\gZdhebq_kl\mjbkdZVW mfgh`_ggh]hgZ\_ebqbgmOW dhlhjmx _kl_kl\_gghbgl_jij_lbjh\ZlvdZdp_gmaZ_^bgbpmjbkdZ P_gZ jbkdZ l_kgh k\yaZgZ k g_cljZevghc d jbkdm \_jhylghklvx Wlh ke_^m_l ba l_hj_fu =bjkZgh\Z Hij_^_eb\ < lZd dZd \ ml\_j `^_gbbl_hj_fu=bjkZgh\ZklZ\dm^hoh^ghklbfh`ghaZibkZlvdZd G; W PW GWVW G< W VW OW GW UW GWVW G< W ; W Dh]^Zijhp_kkp_gujbkdZlZdhcqlhmjZ\g_gb_ hij_^_ey_l fZjlbg]Zeijhp_kk< y\ey_lky[jhmgh\kdbf^\b`_gb_fhlghkbl_ev gh\_jhylghklghcf_juJ hij_^_e_gghc\l_hj_f_=bjkZgh\ZLZdbf h[jZahfbamjZ\g_gby \ul_dZ_lqlhkj_^gyyklZ\dZ^hoh^ghklb ih J ^ey Zdlb\Z y\ey_lky [_ajbkdh\hc klZ\dhc UW Ke_^h\Zl_evgh fu bf__f g_cljZevgh_ d jbkdm hij_^_e_gb_ p_gu ijb J l _ J ± g_cljZevgZydjbkdm\_jhylghklgZyf_jZ Fu fh`_f khhlg_klb g_cljZevgmx d jbkdm \_jhylghklv b p_gm jbkdZ \ l_jfbgZo bkoh^gh]h [jhmgh\kdh]h ^\b`_gby < ke_^mxsbf h[jZahf ijb g_cljZevghc d jbkdm \_jhylghklghc f_j_ fZl_fZlbq_ kdh_h`b^Zgb_G<W jZ\ghOW GW
< [he__ h[s_c ihklZgh\d_ k p_gZfb l Zdlb\h\ OL b i g_aZ\bkb fufb[jhmgh\kdbfb^\b`_gbyfb<Mfh`ghgZibkZlvl\_dlhjklZ\hd ^hoh^ghklbdZdPW VW <W ]^_PW h[hagZqZ_ll\_dlhjfZl_fZlb q_kdbo h`b^Zgbc klZ\hd ^hoh^ghklb<i\_dlhj[jhmgh\kdbo^\b `_gbcZVW y\ey_lkyluifZljbp_c<wlhfkemqZ_p_gZjbkdZZkkh pbbjm_lkykdZ`^ufbklhqgbdhfjbkdZ<MIjhp_kkp_gujbkdZy\ey _lkyi\_dlhjhfhij_^_ey_fufbamjZ\g_gby PW UW VW OW ]^_UW bgl_jij_lbjm_lkydZdl\_dlhjdZ`^ucwe_f_gldhlhjh]hjZ \_gdjZldhkjhqghcijhp_glghcklZ\d_ MjZ\g_gb_ fh`ghbgl_jij_lbjh\ZlvlZdjbkdh\Zyij_fby dZ`^h]h Zdlb\Z y\ey_lky kmffhc bf_xsboky jbkdh\ Zdlb\h\ mfgh `_gguogZp_gujbkdh\ ?kebZj[bljZ`gu_\hafh`ghklbhlkmlkl\mxllhihdjZcg_cf_j_ h^gh j_r_gb_ O mjZ\g_gby bf__lky Djhf_ lh]h kms_kl\m_l j_r_gb_lZdh_qlhfgh]hf_jgucZgZeh] l_ ½° ° <W {_oj ® ¦ ³ O X GX ¦ ³ O X G% X ¾ °¿ °¯
y\ey_lkyfZjlbg]ZehfWlhlijhp_kk<hij_^_ey_lg_cljZevgmxdjbk dm\_jhylghklvlZd`_dZd\h^ghf_jghfkemqZ_jZkkfhlj_gghf\u r_?kebbklhqgbdh\jbkdZ[m^_l[hevr_q_fbf__lkyZdlb\h\[he__ lhqgh_kebdhebq_kl\hbklhqgbdh\jbkdZ[hevr_q_febg_cghg_aZ \bkbfuo kljhd fZljbpu V lh]^Z fh`_l [ulv fgh`_kl\h j_r_gbc bfgh`_kl\hg_cljZevguodjbkdm\_jhylghkl_c<wlhfkemqZ_ bf_xlkynbgZgkh\u_ijhba\h^gu_dhlhju_g_ho\Zlu\Zxlkyijh\_ ^_ggufZgZebahfbke_^h\Zl_evghbop_gug_fh]ml[ulvhij_^_e_ guiml_fZj[bljZ`guojZkkm`^_gbc AZf_lbfqlh^bki_jkbbklZ\db^hoh^ghklbdZdijbbkoh^ghclZd b ijb g_cljZevghc d jbkdm \_jhylghklghc f_j_ h^bgZdh\u Lhevdh kfukeboklZgh\blkyjZaebqgufWlhlnZdly\ey_lky\Z`gufijb\u [hj_ ihjln_eybebijb\uqbke_gbbklhbfhklbijbjbkd_ihkdhevdm lZdb_hi_jZpbb^_eZxlky^eybkoh^ghc\_jhylghklghcf_ju
Hij_^_e_gb_p_gnbgZgkh\uoijhba\h^guo Qlh[u hij_^_eblv p_gm Zdlb\Z klhbfhklv dhlhjh]h aZ\bkbl hl ^jm]boi_j_f_gguoOg_h[oh^bfh\uqbkeylvfZl_fZlbq_kdh_h`b^Z gb_ ^bkdhglbjh\Zgghc klhbfhklb nbgZgkh\hc ijhba\h^ghc hlghkb l_evgh g_cljZevghc d jbkdm \_jhylghklghc f_ju >ey wlh]h gm`gh agZlvjZkij_^_e_gb_Oijbg_cljZevghcdjbkdm\_jhylghklghcf_j_ ?keb O ± p_gZ jughqgh]hZdlb\Zlhh`b^Z_fZyf]gh\_ggZyklZ\dZ± [_ajbkdh\ZyklZ\dZlZdqlhgm`ghagZlvlhevdh^bki_jkbx<qZklgh klbg_lg_h[oh^bfhklbagZlvp_gujbkdh\ KblmZpbyf_gy_lky_kebOg_y\ey_lkyp_ghcjughqgh]hZdlb\Z LZdhc kemqZc \ qZklghklb [m^_l dh]^Z O ± ^hoh^ghklv h[eb]Zpbb gZijbf_jdjZldhkjhqgZyijhp_glgZyklZ\dZ<wlhfkemqZ_fh`gh\u \_klb kj_^g__ b ^bki_jkbx f]gh\_ggh]h baf_g_gby O ijb g_cljZev guodjbkdm\_jhylghklyobakj_^g_]hb^bki_jkbbijbbkoh^guo\_ jhylghklyo b p_g jbkdh\ >ey hij_^_e_gby p_g fh`gh b]ghjbjh\Zlv bkoh^gu_\_jhylghklbbp_gujbkdh\bjZ[hlZlvkjZkij_^_e_gb_fO ijb g_cljZevghc d jbkdm \_jhylghklghc f_j_ ?keb k^_eZlv ij_^ih eh`_gb_hlghkbl_evghjZkij_^_e_gbyOijbbkoh^ghc\_jhylghklghc f_j_gZijbf_j^ey\uqbke_gbyklhbfhklbijbjbkd_ lh]^Zg_y\gh ^_eZxlkyij_^iheh`_gbyhp_gZojbkdh\
:j[bljZ`gh_bjZ\gh\_kgh_j_r_gby
QZklh^_eZxljZaebqb_f_`^mZj[bljZ`gufih^oh^hfdhij_^_ e_gbxp_guZdlb\h\bjZ\gh\_kgufih^oh^hfbebf_`^mZj[bljZ` gufbfh^_eyfbbjZ\gh\_kgufbfh^_eyfbG_\_jgh_ihgbfZgb_wlh ]hjZaebqbyfh`_lijb\_klbdimlZgbp_ :j[bljZ`guc ih^oh^ d hij_^_e_gbx p_g h[eb]Zpbc \\_eb \ ijZdlbdm nbgZgkh\h]h ZgZebaZ F ;j_ggZg b ? R\Zjp %UHQQDQ 6FKZDUW] E>hlZg'RWKDQ KJbqZj^5LFKDUG b H`Dhdkhf>`Bg]_jkheehfbKJhk
khf&R[,QJHUVROO5RVV&,5 kf]e dhlhju_jZatykgyxl kblmZpbxg_kdhevdh^jm]bfkihkh[hfq_fa^_kv<qZklghklbhgbg_ kkueZxlky gZ l_hj_fm =bjkZgh\Z Z ij_^eZ]Zxl jZ\gh\_kgmx hkgh\m ^eydeZkkZfh^_e_cdjb\uo^hoh^ghklbijb^Z\ZyagZq_gb_hij_^_e_ gbx kihkh[ghkl_c b ij_^ihql_gbc mqZklgbdh\ jugdZ dhlhju_ dhg dmjbjmygZjugd_ihjh`^Zxlij_^eZ]Z_fmxfh^_evdjb\uo^hoh^gh klb<jZ\gh\_kbbg_fh`_l[ulvZj[bljZ`guo\hafh`ghkl_clZdqlh \ wlhf hlghr_gbb ih^oh^ &,5 ihkljh_g gZ [he__ kheb^ghc hkgh\_ q_fZj[bljZ`guc Ihwlhfm m^h[gh ijhklh ijbgylv hlkmlkl\b_ Zj[bljZ`guo \ha fh`ghkl_c>_ckl\bl_evghwlhwd\b\Ze_glghjZ\gh\_kghfmih^oh^m ihkdhevdmijbjZ\gh\_kbbhlkmlkl\mxlZj[bljZ`gu_\hafh`ghklbb gZh[hjhl_kebg_lZj[bljZ`guo\hafh`ghkl_clh]^Zfh^_evy\ey_l kyjZ\gh\_kghc^eyg_dhlhjuokihkh[h\dhgdj_lbaZpbbkihkh[ghkl_c b ij_^ihql_gbc bg\_klhjh\ H[ wlhf ]h\hjblky \ mihfygmlhc \ur_ ©nmg^Zf_glZevghcl_hj_f_hij_^_e_gbyp_gZdlb\h\ª GZ wd\b\Ze_glghklv wlbo ij_^iheh`_gbc bgh]^Z g_ h[jZsZxl \gbfZgbybkhkj_^hlhqb\ZxlkygZjZaebqbbf_`^mjZ\gh\_kgufbZj [bljZ`gufih^oh^Zfbk^_eZgghfDhdkhfBg]_jkheehfbJhkkhfg_ meZ\eb\Zy lhgdh]h jZaebqby f_`^m Zj[bljZ`guf ih^oh^hf b hlkml kl\b_fZj[bljZ`guo\hafh`ghkl_c DZd h[tykgyehkv \ur_ hlkmlkl\b_ Zj[bljZ`guo \hafh`ghkl_c wd\b\Ze_glghkms_kl\h\Zgbxg_cljZevghcdjbkdm\_jhylghklghcf_ julZdqlhjZ\gh\_kgucih^oh^dhij_^_e_gbxp_gZdlb\h\wd\b\Z e_gl_gg_cljZevghfmdjbkdmhij_^_e_gbxp_g <ebl_jZlmjguobklhqgbdZo^_eZ_lkyjZaebqb_f_`^mZj[bljZ` gufbbjZ\gh\_kgufbfh^_eyfb\dhlhjuol_jfbg©Zj[bljZ`gZyfh ^_evªg_hlghkblkygbdZj[bljZ`ghfmih^oh^mgbdhlkmlkl\bxZj [bljZ`guo \hafh`ghkl_c \ lhf kfuke_ \ dZdhf hg bkihevam_lky \ wlhc]eZ\_LZdh_jZaebqb_gZqZehkvkhklZlvbLOhbKEbGh/HH ]^_Z\lhjubkihevamxll_jfbg©k\h[h^guchlZj[bljZ`ZªDU ELWUDJHIUHH ^eyh[hagZq_gbyhlkmlkl\byZj[bljZ`guo\hafh`ghkl_c wd\b\Ze_glghjZ\gh\_kbx lZd`_dZdbij_^r_kl\mxsb_bfZ\lhju
Ke_^h\Zeh [u kdZaZlv qlh jZaebqb_ f_`^m jZ\gh\_kgufb b Zj [bljZ`gufbfh^_eyfbg_bf__l[hevrh]hagZq_gbyihkdhevdmdex [hcfh^_ebfh`gh^h[Z\blviZjZf_ljulZdqlh[ufh`gh[uehijb kihkh[blv__dl_dms_cdjb\hc^hoh^ghklbNZdlbq_kdbwlhm`_[ueh ijh^_fhgkljbjh\Zgh Dhdkhf Bg]_jkheehf b Jhkkhf \ k\yab k bo ©jZ\gh\_kghcfh^_evxªb[m^_ljZkkfhlj_gh\
N:DLHJGU?FH>?EB
Fh`gh ij_^iheh`blv qlh djb\Zy ^hoh^ghklb hij_^_ey_lky dh g_qguf qbkehf i_j_f_gguo nZdlhjh\ b fh^_ebjh\Zlv w\hexpbx wlbo i_j_f_gguo Fh`gh lZd`_ g_ihkj_^kl\_ggh fh^_ebjh\Zlv w\h expbx\k_cdjb\hc^hoh^ghklbp_ebdhfI_j\ucih^oh^bf__lhq_ \b^gu_ij_bfms_kl\Z\\uqbkebl_evghfhlghr_gbbohlyihke_^gbc ih^oh^lZd`_ihimeyj_g Bkihevam_fijbgpbig_cljZevgh]hdjbkdmhij_^_e_gbyp_g>b gZfbdZ ijhp_kkh\ [m^_l hibku\Zlvky hlghkbl_evgh g_cljZevghc d jbkdm\_jhylghklghcf_ju>eyhij_^_e_gghklbdZ`^h_[jhmgh\kdh_ ^\b`_gb_^he`ghihgbfZlvkydZd[jhmgh\kdh_^\b`_gb_hlghkbl_ev ghg_cljZevghcdjbkdm\_jhylghklghcf_juIhwlhfm\^Zevg_cr_f ^eydjZldhklbh[hagZqbfkbf\hehf?fZl_fZlbq_kdh_h`b^Zgb_hlgh kbl_evgh g_cljZevghc d jbkdm \_jhylghklghc f_ju \f_klh kbf\heZ ? ijbf_gy\r_]hkyjZg__ Ij_^iheh`bfqlhkms_kl\m_ldhg_qgh_qbkehinZdlhjh\bh[h agZqbf bo kbf\heZfb O « Oi Imklv O [m^_l \_dlhjklhe[phf O«Oi Lkhklhysbfba\k_onZdlhjh\ Ij_^iheh`bf qlh O m^h\e_l\hjy_l klhoZklbq_kdhfm ^bnn_j_g pbZevghfmmjZ\g_gbx GOW POW GWVOW G<W ]^_ POW ± if_jguc \_dlhj VOW iui fZljbpZ < iu \_dlhjg_aZ\bkbfuo[jhmgh\kdbo^\b`_gbc Bgl_jij_lbjh\Zlv mjZ\g_gb_ fh`gh ke_^mxsbf h[jZahf h`b^Z_fh_baf_g_gb_OaZ_^bgbpm\j_f_gb^j_cnO jZ\ghPOW Z fZljbpZdh\ZjbZpbcijhp_kkZOaZ_^bgbpm\j_f_gbbebfZljbpZ\h eZlbevghklb jZ\gZ VOW VOW L A^_kv b ^Ze__ \_jogbc bg^_dk L h[hagZqZ_l hi_jZpbx ljZgkihgbjh\Zgby Ijhp_kk O hij_^_ey_fuc
mjZ\g_gb_f ijbgZ^e_`bl d deZkkm ^bnnmabhgguo ijhp_kkh\ dhlhju_y\eyxlkyfZjdh\kdbfb
DjZldhkjhqgZyklZ\dZ\nZdlhjghcfh^_eb
Klhqdbaj_gbyij_^klZ\e_gby djb\Zy^hoh^ghklbhij_^_ ey_lkyjZkij_^_e_gb_fdjZldhkjhqghcklZ\dbijbg_cljZevghcdjbk dm\_jhylghklghcf_j_ ImklvUW 5OW ^eyg_dhlhjhcnmgdpbb5 Lh]^Z^bgZfbdZUW bke_^h\Zl_evghfZl_fZlbq_kdb_h`b^Zgby\u jZ`Zxsb_ p_gm ^bkdhglghc h[eb]Zpbb nhjfmehc ZgZeblbq_ kdb\ujZ`Zxlkyq_j_anmgdpbb5PbV
Hkgh\gh_^bnn_j_gpbZevgh_mjZ\g_gb_ \qZklguoijhba\h^guo
<nZdlhjguofh^_eyop_gu^bkdhglguoh[eb]Zpbc\uqbkeyxlky lhevdh q_j_a nZdlhju Ihwlhfm ^he`gZkms_kl\h\ZlvlZdZynmgdpby p_gujqlh[u\dZ`^ucfhf_gl\j_f_gbWb^eydZ`^hc^Zluih]Zr_ gbyb!Wp_gZ^bkdhglghch[eb]Zpbb JWb jOW bW Kljh]h_ ^hdZaZl_evkl\h kms_kl\h\Zgby nmgdpbb jo W kh^_j `blky\q]e AZnbdkbjm_f^Zlmih]Zr_gbybbij_^iheh `bfqlhj^hklZlhqghj_]meyjgZlh]^Zfh`ghhij_^_eblv^bgZfbdm p_guh[eb]ZpbbkihfhsvxnhjfmeuBlh<j_amevlZl_ihemqbf wS w S wS G; ¦ ¦ G ; ; GJWb GW ¦ ; ; w w ; w wW
WlhmjZ\g_gb_fh`ghij_^klZ\blv\[he__y\ghcnhjf__kebbkihev ah\Zlv ijZ\beZ ^ey \uqbke_gby ^bnn_j_gpbZeh\ lbiZ G ; ; ijb\_^_ggu_ jZg__ k mq_lhf jZ\_gkl\Z >ey dhfiZdlghklb wS § wS wS · ¨¨ ¸ iui fZljbpm m^h[gh \\_klb i\_dlhjkljhdm w; © w; w; ¸¹
w S w S kwe_f_glZfb dLdidMdibWU:ke_^fZljbpu: w; w; w; Lh]^ZbajZ\_gkl\Z bk\hckl\ G ; ; ke_^m_lqlh GJWb
ª wS wS §¨ L w S ; W ·¸º GW ; W ; W > @ WU > @ P V V> @ ¸» « ¨ W W w w ; w ¹¼» © ¬«
wS V>OW @G<W w;
LZddZdfu^_ckl\m_f\jZfdZog_cljZevghcdjbkdm\_jhylghkl ghc f_ju ^j_cn ^he`_g [ulv jZ\guf UW JW b UW jOW b W IjbjZ\gb\Zy^j_cndUjihemqZ_fmjZ\g_gb_\qZklguoijhba\h^guo MQI hlghkbl_evgh j dhlhjh_ gZau\Z_lky hkgh\gufMQI^ey hij_ ^_e_gbyp_gu^bkdhglghch[eb]Zpbb ·º § wS wS w S ¸» UW jOW bW ; W > @ P>OW @ WU¨¨ V> ; W @L V ¸ © w; wW w; ¹»¼ <ebl_jZlmj_qZklh\u\h^ylhkgh\gh_MQIbkihevamyZj[bljZ` gucih^oh^hibkZggucjZg__FZl_fZlbq_kdh_h`b^Zgb_ y\ey _lky j_r_gb_f hkgh\gh]h MQI b gZau\Z_lky j_r_gb_f N_cgfZgZ ± DZpZWlhg_ijyfh_^hdZaZl_evkl\h fh`ghk^_eZlv[he__y\guf kihfhsvxijbgpbiZg_cljZevgh]hdjbkdmhij_^_e_gbyp_gbadhlh jh]h ihemqZ_f dZd nhjfmem h`b^Zgby lZd b hkgh\gh_ MQI Fh`gh gZoh^blv p_gu h[eb]Zpbc k ihfhsvx \uqbke_gby fZl_fZlbq_kdh]h h`b^Zgby beb ihkj_^kl\hf j_r_gby MQI < aZ\bkbfhklb hl fh^_eb [he__e_]dbf[m^_leb[hi_j\h_eb[h\lhjh_lhb^jm]h_[m^_lijh ^_fhgkljbjh\Zghgb`_
:nnbggu_nZdlhjgu_fh^_eb
;hevrbgkl\h nZdlhjguo fh^_e_c jZkkfhlj_gguo \ ebl_jZlmj_ ihiZ^Z_l\deZkkgZau\Z_fuc©ZnnbggufbnZdlhjgufbfh^_eyfbª NZdlhjgZyfh^_ev±ZnnbggZy_keb5PbVVLy\eyxlkyZnnbggufb ebg_cgufb iexk dhgklZglZ nmgdpbyfb OW :nnbggZy nZdlhjgZy fh^_evbf__lk\hckl\hkhklhys__\lhfqlh^hoh^ghklb±lZd`_Zn nbggu_ nmgdpbb \_dlhjZ OW Wlh hagZqZ_l qlh kms_kl\mxl ^_l_j
fbgbjh\Zggu_nmgdpbb\j_f_gbkdZ`_fZbEZkdZeyjgZyZE±i \_dlhj lZdb_qlh^eydZ`^uoWbW! mWWW ZW EW LOW > >Znnb b J DZg ihdZaZeb kf ]e dZd \uqbkeylv nmgdpbb ZnnbgghckljmdlmjuZbEq_j_a5PbV
<W :%OW
]^_<W ±\_dlhj<W «ZnnbbDZgihdZaZebqlhijhba\hevghhij_^_eylv5PbVg_ ^himklbfh dh]^Z \ dZq_kl\_ nZdlhjh\ ijbgbfZxlky^hoh^ghklblZd dZdgm`gh]ZjZglbjh\Zlv\uiheg_gb_jZ\_gkl\Z _kebOW <W l_<W :%<W LZddZd:b<hij_^_eyxlkykihfhsvx5PV wlhlj_[h\Zgb_gZeZ]Z_lg_dhlhju_h]jZgbq_gbygZ5PbV >hoh^ghklvx dhlhjZy h[uqgh \dexqZ_lky \ qbkeh i_j_f_gguo khklhygbyy\ey_lkydjZldhkjhqgZyijhp_glgZyklZ\dZWlhhij_^_ey_l 5 GZijbf_j ijb \u[hj_ djZldhkjhqghc klZ\db \ dZq_kl\_ i_j\h]h nZdlhjZOW UW ke_^m_lqlh5OW OW Ihwlhfm^eydhgdj_ lbaZpbbfh^_ebhklZ_lkyhij_^_eblvPbV<qZklghklbh^ghnZdlhj gu_fh^_ebeyfh^_e_ceylh]hqlh[uVVL[ueZZnnbgghcnmgdpb_cijhp_kkZOW dh lhjucfh`_l[ulvbebg_[ulv\_dlhjhf^hoh^ghkl_c dZ`^ZykljhdZ
V^he`gZkhklhylvba\_ebqbgbf_xsboihjy^hdd\Z^jZlgh]hdhjgy baZnnbgghcnmgdpbbOW Wlhh[tykgy_lihimeyjghklvh^ghnZdlhj guofh^_e_ckihklhygghc\heZlbevghklvxb\heZlbevghklvxkd\Z^ jZlgufdhjg_f\i_j\u_\\_^_gguo`OZeeb:MZcl+XOO:KLWH ZlZd`_g_ij_ju\gh\j_f_ggmx\_jkbxfh^_ebOhEb dh]^ZN ^eyE ±fh^_evK,5^eyE fh^_evF;j_ggZgZb ?R\ZjpZ%UHQQDQ6FKZDUW] AZf_lbfqlh^eyE j_ r_gb_ mjZ\g_gby g_ y\ey_lky _^bgkl\_gguf kf gZijbf_j :UQhOG k ihwlhfm wlhl kemqZc jZkkfZljb\Zlv g_ bf__l kfukeZ
kemqZ_\ijb\_^_ffh^_ebN;ewdZbIDZjZkbgkdh]h%ODFN.DUDVLQ VN\ Z lZd`_ D KZg^fZggZ b < Ahg^_jfZggZ 6DQGPDQQ 6RQ GHUPDQQ \ dhlhjuo ^bnnmabhggu_ ijhp_kku djZldhkjhqguo klZ\hd hij_^_eyxlky khhl\_lkl\_ggh klhoZklbq_kdbfb ^bnn_j_gpb ZevgufbmjZ\g_gbyfb GUW UW >TW NOQUW V @GWUW VG<W GUW _ UW ^>TW _ UW V@GWVG<W ` AZf_lbfqlhdjZldhkjhqgu_ijhp_glgu_klZ\dbhij_^_ey_fu_wlbfb mjZ\g_gbyfbbf_xleh]ghjfZevgh_jZkij_^_e_gb_
Fh^_ev
H
Ub T_ Nb W ^T UW `V ³ H G% V
^eyex[uofhf_glh\\j_f_gbb!WHlkx^Zh]jZgbqb\ZykvbgnhjfZ pb_c\fhf_gl\j_f_gbWfh`gh\u\_klbqlhbgl_]jZe
W
³ U X GX ^ey
dZ`^h]hW!y\ey_lkyghjfZevghjZkij_^_e_gghckemqZcghc\_ebqb ghckhkj_^gbfagZq_gb_f b^bki_jkb_c
lUW W TW _ NW ^T UW `N YW V _ NW_ NWNW
Wlhlj_amevlZliha\hey_lhij_^_eylvp_gu^bkdhglguoh[eb]Zpbcim l_f \uqbke_gby fZl_fZlbq_kdh]h h`b^Zgby lZd dZd nhjfmeZ ^ey fZl_fZlbq_kdh]h h`b^Zgby wdkihg_glu ghjfZevgh jZkij_^_e_g ghc kemqZcghc \_ebqbgufh`_ljZkkfZljb\ZlvkydZdINFghjfZev gh]hjZkij_^_e_gbyJ_amevlZlhfy\ey_lky\ujZ`_gb_ JWWW _oj^lUW W YW ` Bawlhcnhjfmeufh`ghe_]dhhij_^_eblvnmgdpbbZbE\\ujZ `_gbb Ih^jh[gh_hibkZgb_fh^_eb`Zfrb^bZghf-DPVKLGLDQ Nhj fmeZhij_^_e_gbyp_guhipbhgh\ihoh`ZgZnhjfmem;ewdZ±Rhme kZlZddZdp_gu^bkdhglbjh\Zgghch[eb]Zpbb\fh^_eb
Fh^_evDhdkZ±Bg]_jkheeZ±JhkkZ&,5
>` Dhdk >` Bg]_jkhee b K Jhkk &R[ ,QJHUVROO 5RVV \\_eb h^ghnZdlhjgmx fh^_ev\dhlhjhcdjZldhkjhqgZyklZ\dZm^h\ e_l\hjy_lmjZ\g_gbx GUW N^T UW `GWV U W G%W ]^_NTbV±iheh`bl_evgu_dhgklZgluZ<±ijhp_kk[jhmgh\kdh]h ^\b`_gby Ijhp_kkUW hij_^_ey_fucmjZ\g_gb_f qZklhgZau\Z_lky ^bnnmab_ckd\Z^jZlgufdhjg_fVTXDUHURRWGLIIXVLRQ DZdb\fh^_ eb
e_jhf Ij_bfms_kl\hfh^_eb\lhfqlhdjZldhkjhqgZyklZ\dZ gbdh]^Zg_fh`_l[ulvhljbpZl_evghcGZbglmblb\ghfmjh\g_kljh ]hklbwlhh[tykgy_lkyl_fqlh\heZlbevghklvVUW klZgh\blkyhq_gv fZe_gvdhcdh]^ZklZ\dZUW [ebadZdgmexlZdqlhjhev^j_cnZ[m^_l ^hfbgbjh\Zlv \ baf_g_gbb ijhp_kkZ UW b hg [m^_l ih^lZedb\Zlv ijhp_kkUW dmjh\gxT Ke_^mxs__ij_h[jZah\Zgb_Uij_^eh`_ggh_O;xevfZghfijb \h^bl d ohjhrh bamq_gghfm ijhp_kkm Hij_^_ebf nmgdpbx KW jZ \_gkl\hfKW V _NW NbimklvKh[hagZqZ_lh[jZlgmxnmgd pbxP_evwlhc]jhfha^dhcdhgkljmdpbb±h[e_]q_gb_ihke_^mxs_]h kjZ\g_gby k fh^_evx bf_xs_c baf_gyxsb_ky \h \j_f_gb dhwnnb pb_gluA^_kvdhg_qghfh`gh\uibkZlvh[jZlgmxnmgdpbx\y\ghc nhjf_dZdKb OQ^NXV `NHij_^_ebf a U X _oj^NKb `UKb Fh`ghihdZaZlvqlh
U X G=b Ga U X GGb a
^ey [jhmgh\kdh]h ^\b`_gby = ]^_ G hij_^_ey_lky dZd NTV Ijh p_kk a U ijbgZ^e_`bl deZkkm %(64Gd\Z^jZlbqguo[_kk_e_\uoijh p_kkh\ %HVVHO VTXDUHG kl_i_gb G IZjZf_lj G hij_^_ey_l fh`_l eb ijhp_kkU^hklb]Zlvgmey?kebGtlhk\_jhylghklvx_^bgbpZijh p_kkU\k_]^Zkljh]hiheh`bl_e_g\lh\j_fydZd_kebGlhkih eh`bl_evghc\_jhylghklvxijhp_kkUbgh]^ZihiZ^Z_l\gmevghgb dh]^Zg_klZgh\blkyhljbpZl_evguf<qZklghfhq_gvj_^dhf kemqZ_ dh]^Z G y\ey_lky p_euf d\Z^jZl ^ebgu Gf_jgh]h \_dlhjZ g_aZ\bkb fuo ijhp_kkh\ [jhmgh\kdbo ^\b`_gbc y\ey_lky ijhp_kkhf m^h\e_ l\hjyxsbf mjZ\g_gbx Ih wlhc ijbqbg_ ijhp_kk ijhp_glghc klZ\db&,5bgh]^ZgZau\Zxl©d\Z^jZlbqghc]Zmkkh\hcfh^_evxª NmgdpbbZbE\\ujZ`_gbb fh]ml[ulvhij_^_e_gukih fhsvx ih^klZgh\db \ hkgh\gh_ MQI Ijb _^bgkl\_gghf nZd lhj_Um^h[ghh[hagZqblvi_j\mxb\lhjmxqZklgu_ijhba\h^gu_ih i_j_f_gghcUnmgdpbbjUbW dZdjUbjUU]^_bh[hagZqZ_lnbd kbjh\Zggmx ^Zlm ih]Zr_gby Ijbf_g_gb_ nhjfmeu Blh ihdZau\Z_l qlhfZl_fZlbq_kdh_h`b^Zgb_l_fiZbaf_g_gbyp_guh[eb]ZpbbjZ\gh ^jWNT U jUVUjUU `j IjbjZ\gb\Zywlhd[_ajbkdh\hcklZ\d_UihemqZ_fhkgh\gh_MQI^ey hij_^_e_gbyp_gu^bkdhglghch[eb]Zpbb
Uj jWN6 U jU8 UjUU A^_kvqZklgZyijhba\h^gZyih\j_f_gbjWjZ\gZfbgmkijhba\h^ghcj ih\lhjhfmZj]mf_glmW bW\j_fy^hih]Zr_gby Wlhijb\h^bld \b^m Uj jW NT U jUV UjUU Hij_^_ebf DW WZW b EW WEW Ba Znnbgghc nhjfmeu ^ey^hoh^ghklbke_^m_lqlh JUW _oj^DW EW U` >eylh]hqlh[u]ZjZglbjh\ZlvjZ\_gkl\hJU g_h[oh^bfh bf_lvD E E_]dhijh\_jblvqlhnmgdpby m^h\e_l\h jy_lhkgh\ghfmMQI_kebblhevdh_keb EcW NEW V EW DcW NTEW ]^_rljboh[hagZqZ_lijhba\h^gmx MjZ\g_gb_ y\ey_lkymjZ\g_gb_flbiZJbddZlbbbf__lj_ r_gb_ EW _JW kW ]^_kW NJ _JW JbJ NJ Lh]^Zbgl_]jbjh\Zgb_ mjZ\g_gby ^Z_l DW
J · NT § N J W OQ ¨ ¸ ¨ FW ¸¹ V ©
&,5 lZd`_ ^Zxl nhjfmem ^ey p_gu hipbhgZ gZ ^bkdhglbjh\Zg gmxh[eb]Zpbx
Fh^_evFK
Fh^_eb&,5 b
nmgdpbyfb djZldhkjhqghc ijhp_glghc klZ\db qlh h[_ki_qb\Z_l Zn nbgghklvfh^_eb Lh_klv PUW DUEVUW JUG ]^_ D E J b G ± dhgklZglu dhlhju_ m^h\e_l\hjyxl hij_^_e_gguf h]jZgbq_gbyf I_j_qbkebf \djZlp_ wlb h]jZgbq_gby >ey lh]h qlh[u ijhp_kk djZldhkjhqghc ijhp_glghc klZ\db [ue mklhcqb\uf l _ ^bki_jkby ijhp_kkZkh\j_f_g_fg_m\_ebqb\ZeZkvg_h]jZgbq_gghZmklZgZ\eb \ZeZkv gZ g_dhlhjhf mjh\g_ g_h[oh^bfh qlh[u D Ijb wlhf kj_^g__agZq_gb_djZldhkjhqghcijhp_glghcklZ\db[m^_lmklZgZ\eb \Zlvkydmjh\gxEDdh]^ZWofBahij_^_e_gbylZd`_\ul_dZ_l g_h[oh^bfh_mkeh\b_VUW JUGtKfuke_]hkhklhbl\ke_ ^mxs_fK^_eZ_f_kl_kl\_ggu_ij_^iheh`_gbyqlhbkoh^gh_agZq_ gb_djZldhkjhqghcijhp_glghcklZ\dbU [uehlZdbfqlh[uwlhmk eh\b_ \uihegyehkv JU G t b qlh wlh g_jZ\_gkl\h \uihegy_lky kljh]h ijb mklZgh\b\r_fky agZq_gbb djZldhkjhqghc ijhp_glghc klZ\dbU EDl_GEJD!Lh]^Zbak\hckl\klhoZklbq_kdh]h mjZ\g_gby ke_^m_l qlh \ [m^ms_f wlh mkeh\b_ [m^_l m^h\e_ l\hjylvky\k_]^ZNbabq_kdbagZq_gb_klZ\dbU GJy\ey_lkyhljZ `Zxs_c]jZgbp_cijhp_kkZdjZldhkjhqghcijhp_glghcklZ\dbDh]^Z ijhp_kkUW ^hklb]Z_lwlh]hmjh\gyf]gh\_ggZy\heZlbevghklvijh p_kkZVUW h[jZsZ_lky\gmevijhp_kkUW i_j_klZ_l[ulvklhoZklb q_kdbf b gZqbgZ_l ^_l_jfbgbjh\Zggh baf_gylvky \ klhjhgm k\h_]h mjh\gymklZgh\e_gbyl_m^Zey_lkyhlwlhc]jZgbpu\gmljvh[eZklb ]^_\uihegy_lkymkeh\b_JUG! Fh^_evFKij_\jZsZ_lky\fh^_ev
< fh^_eb &,5 hljZ`Zxs_c ]jZgbp_c ijhp_kkZ djZldhkjhqghc ijhp_glghcklZ\dby\ey_lkyU GJ >eyfh^_ebFKnmgdpbbZW bEW bf_xlke_^mxsbc\b^ H HW H E W D J HW H - H ZW
G W E W Z J J
ª § GEW ·º OQ DW ¨ ¸» « © GW ¹¼ ¬
< wlbo khhlghr_gbyo ^ey dhfiZdlghklb bkihevah\Zgu h[hagZq_gby Z DG EJ - H D Ih^agZdhfeh]ZjbnfZa^_kv^eydjZldhklbih klZ\e_gZijhba\h^gZynmgdpbbEW lZddZdhgZ\y\ghcnhjf_\uib ku\Z_lkyq_j_aEW bai_j\h]hmjZ\g_gbyNmgdpby EW ^eyfh^_eb FKbf__llhl`_\b^qlhb\fh^_eb&,5lZddZdD N IhkdhevdmjZkkfhlj_ggu_\ur_h^ghnZdlhjgu_fh^_ebijhp_k kh\djZldhkjhqghcijhp_glghcklZ\dbhlebqZxlkyl_fqlh\gboijh p_kk djZldhkjhqghc klZ\db UW bf__l l_g^_gpbx baf_gylvky hdheh mklZgh\b\r_]hkykj_^g_]hagZq_gbyTwlbijhp_kkubgh]^ZgZau\Zxl ijhp_kkZfb \ha\jZsZxsbfbky d kj_^g_fm PHDQUHYHUWLQJ SURFHVV Ih^jh[guc kjZ\gbl_evguc ZgZeba fh^_e_c
Fh^_ev
?keb D E V 5 o 5 ± ijhba\hevgu_ ehdZevgh h]jZgbq_ggu_ nmgdpbblh]^ZklhoZklbq_kdh_^bnn_j_gpbZevgh_mjZ\g_gb_ GUW VWG:WDW EWUW GW ^eyUbf__l_^bgkl\_ggh_j_r_gb_dhlhjh_y\ey_lky]Zmkkh\ufijh p_kkhf WlZ fh^_ev jZkkfhlj_gZ >` OZeehf b : MZclhf +XOO :KLWH h[h[sb\rbfbfh^_ev
qbf.W{ ³ E GX bmfgh`bfmjZ\g_gb_ gZ_oj.W Lh]^Zihem qbf
G >H U @ W
H V G: D GW W
hldm^Z UW H
W
V G: D GX ½ U H ® ³ ¾
¯ ¿ X
Wlhy\ey_lky]Zmkkh\ufijhp_kkhf^eydhlhjh]h ½ PW{?UW H ®U ³ H D GX ¾ ¯ ¿ W
X
U{khYUVUW H
V
W
³H
X
V GX
LZdbfh[jZahf=W{ ³ U GX ghjfZevghjZkij_^_e_gk1lWYW ]^_
lW{ ³ H
V
½
V ®U ³ H D GX ¾ GV YW { ³ GV ³ G\ ³ GX H ¯ ¿ X
X
V
\
bke_^h\Zl_evghp_gZh[eb]Zpbb ª 9 º · § ?H[S « ³ 7: /:» _oj ¨ 29 ; 9 ¸ ¹ © ¬ ¼ _oj>U<W :W @
]^_^eydWdL
<WL { ³ H[S . . GX
:WL { ³ GX ³ GV ®D H ³ G\V H ¯ V
X
V
X
\
½ ¾ ¿
LZdbf h[jZahf fh^_ev OZeeZ ± MZclZ djZcg_ ijhklZy b eh]Z jbnfbq_kdbghjfZevgh_jZkij_^_e_gb_p_gh[eb]Zpbcijb\h^bldg_ keh`ghfm kihkh[m hij_^_e_gby p_gu NI P; GZijbf_j p_gZ \ fh f_glW_\jhi_ckdh]hhipbhgZdheedhlhjucbkl_dZ_l\fhf_gl\j_f_ gbLkp_ghcbkiheg_gbyOgZ^bkdhglgmxh[eb]Zpbxk^Zlhcih]Z r_gbyL?tLjZ\gZ
ª § º · ¨ ¸ c c ? «H[S¨ ³ U GX ¸>H[S^ U % 7 7 $7 7 ` ; @ ) » «¬ © »¼ ¹ qlhfh`gh\uqbkeblv\y\ghcnhjf_:gZeh]bqghklhbfhklv\fhf_gl \j_f_gbWnvxq_jkgh]hdhgljZdlZk^Zlhc^hklZ\dbLgZ^bkdhglgmx h[eb]Zpbx k ^Zlhc ih]Zr_gby L? ! L \ujZ`Z_lky \ nhjf_dhlhjZy lZd`_^himkdZ_l\uqbke_gb_\y\ghf\b^_ ?>JLL? _)W@ ?>_oj^UL <LL? :LL? `_)W@ Y\ey_lkyebwlZfh^_evohjhrhhij_^_e_gghc"OZeebMZcl^hdZ au\Zxl qlh _keb \ g_dhlhjuc fhf_gl \j_f_gb kdZ`_f ba\_klgZ \heZlbevghklvklZ\dbUb\heZlbevghklvh[eb]Zpbc\k_okjhdh\ih]Z r_gbylh]^ZlZddZd GJWL JWL GUW<WL :WL JWL <WL G:W \heZlbevghklv^bkdhglghch[eb]Zpbbkhkjhdhfih]Zr_gbyLjZ\gZ V< L J L blZddZdwlhba\_klghfh`gh\u\_klb <L ^ey \k_oLIhkdhevdm<L klZeZba\_klghcfh`ghi_j_ibkZlv:L kihfhsvxnhjfmeu Ghl_i_jvagZy<L fufh`_fgZclb .ZihlhfbEbajZ\_gkl\Z Lh]^Zi_j\h_^bnn_j_gpbjh\Zgb_ :L ^Z_l H $c 7 .7
7
V § . . ³ ¨© D VH ³ V \ H V
Z\lhjh_± .7
H >E7 $c 7 $cc 7 @ D7 H
.7
\
.V
· G\ ¸ GV ¹
7
³ V \ H
. \ .7
G\
lj_lv_^bnn_j_gpbjh\Zgb_ijb\h^bld\ujZ`_gbx H . >E7 $c 7 E7 $cc 7 Ec7 $c 7 $ccc 7 @ 7
Dc7 E7 D7 V7 H . 7
WlhmjZ\g_gb_fh`_lg_bf_lv_^bgkl\_ggh]hj_r_gbyhlghkbl_evgh DbVghhgh^Z_lgZfjZ\_gkl\h Dc7 EL DL V7 ML
^ey g_dhlhjhc ba\_klghc nmgdpbb dhlhjh_ m^h\e_l\hjy_lky _keb \aylvgZijbf_j V7 HML Dc7 EL DL HML ^eyg_dhlhjh]hnbdkbjh\Zggh]hH!Hq_\b^ghqlhwlZfh^_evbk dexqbl_evgh]b[dZyb^eyex[hcbkoh^ghcdjb\hc^hoh^ghklbfh`_l [ulv kh]eZkh\ZgZ k ex[hc bkoh^ghc\j_f_gghckljmdlmju\heZlbev ghklbH^gZdhhp_gdZfh^_ebgZhkgh\_j_Zevguo^Zgguog_y\ey_lky ijZdlbq_kdhc
W
g_gbx kh klZg^Zjlguf hldehg_gb_f V E lh fh`_f ij_^klZ\blv qlh hljbpZl_evgu_ ijhp_glgu_ klZ\db [m^ml fZeh\_jhylgu H^gZdh \u[jZ\ qbke_ggu_ agZq_gby D E V bf__f DE V E DE W OQ 3 W o Wlh
]h\hjbl h lhf qlh \hi_j\uo \ klZpbhgZjghf j_`bf_ \_jhylghklv hljbpZl_evguo ijhp_glguo klZ\hd hq_gv fZeZ hdheh î \h \lhjuokj_^g__agZq_gb_UjZ\ghbg_y\ey_lkyg_[eZ]hjZamfghc ]h^h\hcklZ\dhcZ\lj_lvbop_guh[eb]ZpbcjZklmlwdkihg_gpbZev ghqlhy\ey_lkyZ[kmj^guf P_gZJL g_ih^gbfZ_lky^h_^bgbpu \ l_q_gb_ hq_gv ^ebl_evgh]h \j_f_gb b fh^_ev ^ey dhlhjhc fh`_l lZdihemqZlvky^he`gZ[ulvbebhl\_j]gmlZbebbkihevah\Zlvkykhk lhjh`ghklvx Wlh]h g_^hklZlhqgh qlh[u ijh[e_fhc fh`gh [ueh ij_g_[j_qv JZkkfhljbfijhp_kkkihlklZ\dbU \f_klhijhp_kkZU ghlh]^Z ijhklh_ ]Zmkkh\h ih\_^_gb_ bkq_aZ_l H^gZdh fu fh`_f mklZgh\blv ke_^mxsbcj_amevlZl Ij_^iheh`bf qlh U ± ]Zmkkh\ ijhp_kk ?U P khYU U U Lh]^Z
W
W
W
W
V
W
VW
§ % · § % · d?_oj ¨¨ ³ 7: /: ¸¸ ?_oj ¨¨ ³ 7: /: ¸¸ d © ¹ © ¹ d 0
]^_
#7
° § § #7 % · # ¨ ® H[S¨ ¨¨ 0 ³ 7: /: ¸¸ 0 7 °¯ ¹ ©
©
7 ° § 7 §§ · (H 57 ® H[S¨ ³ U VV * ¨ ¨¨ P V ³ U VW GW ¸¸ ¨ ¨ °¯ ¹ ©© © 7
5L{ ³ UX GX * D { ( : D
HD
· ½° ¸¾ ¸° ¹¿ · ·½° U VV ¸GV ¸¾ ¸ ¸° ¹ ¹¿
S D) D
b ) y\ey_lky ^hiheg_gb_f nmgdpbbklZg^Zjlgh]hghjfZevgh]hjZk ij_^_e_gby LZdbfh[jZahf ª § % ·º d «H[S¨¨ ³ 7: /: ¸¸» ¹¼» ¬« ©
ª § % ·º «H[S¨¨ ³ 7: /: ¸¸» d ¹¼» ¬« ©
7 ª 7 §§ · ¨ d H[S« ³ U VV * ¨¨ P V ³ U VW GW ¸¸ ¨ «¬ ¹ ©©
· º U VV ¸GV » ¸ » ¹ ¼
Ijbf_g_gb_g_jZ\_gkl\Z
HD D * D d S D ^Z_l ohjhr__ h[hkgh\Zgb_ ^ey \u[hjZ bkihevam_fuo \_ebqbg GZ ijbf_j^eyfh^_eb H EV H E7 VK EV @ GW ³ VW E IjbgbfZy agZq_gby iZjZf_ljh\ ba \ur_ijb\_^_ggh]h ijbf_jZ D E V ihemq_gb_p_guh[eb]Zpbbkh kjhdhfL ^Z_l^eyL ±b^eyL ± Ij_^klZ\e_ggh_ml\_j`^_gb_^hdZau\Z_lkykbkihevah\Zgb_fg_ jZ\_gkl\ZB_gk_gZblh]hnZdlZqlh_kebOb=y\eyxlkyghjfZevgu fbkgme_\ufkj_^gbf?O lh]^Z^eyex[uoT V
VW
?_ OT _oj?= *T khYO= =
Hp_gdZk\_jom fh`_l[ulvohjhr_cZiijhdkbfZpb_cjZa ghklbf_`^mp_gZfbh[eb]Zpbcijbbkihevah\Zgbb]Zmkkh\Zijhp_kkZ U b iheh`bl_evghc qZklb U Wlh h[tykgy_lky l_f qlh _^bgkl\_gghc bkihevam_fhc ZiijhdkbfZpb_c ^ey ihemq_gby g_jZ\_gkl\Z y\ ey_lky_ OdO>eyfZeuoO!jZaghklvO _ Obf__lihjy ^hdHO b^ey[hevrboagZq_gbcOhgZjZ\gZHO ghijbmkj_^ g_gbb jZkij_^_e_gb_ \_ebqbgu U [m^_l bf_lv [ukljh mf_gvrZx sbckyo\hkl_kebfu\u[_j_fiZjZf_ljudhlhju_h[_ki_qb\ZxlfZ eu_ agZq_gby \_jhylghklb hljbpZl_evguo agZq_gbc kihlklZ\db LZ dbfh[jZahfZiijhdkbfZpby^he`gZ[ulvlhqghc V
Dhf[bgbjh\Zgb_g_aZ\bkbfuonZdlhjh\ Ijb h^ghf_jguo fh^_eyo g_y\gh ih^jZamf_\Z_lky qlh ehdZev gu_ baf_g_gby p_gu h[eb]Zpbb \k_o kjhdh\ ih]Zr_gby iheghklvx dhjj_ebjh\ZguHgblZd`_^hg_dhlhjhckl_i_gbh]jZgbq_gunhjfZ fbdjb\uo^hoh^ghklbdhlhju_bfbfh]mlihjh`^Zlvky>eyihemq_ gbyf_g__h]jZgbqbl_evguofh^_e_cijboh^blkyi_j_oh^blvdfgh]h f_jguffh^_eyfDh]^Zdhebq_kl\hnZdlhjh\m\_ebqb\Z_lkyqbke_g gucZgZebafh^_e_cklZgh\blky\k_[he__b[he__ljm^gufihwlhfm \hajZklZ_l \Z`ghklv ihemq_gby j_r_gbc \ aZfdgmlhc nhjf_ beb [ebadbodaZfdgmlhcnhjf_<k\yabkwlbfkgZqZeZijhbeexkljbjm_f ih^oh^&,5gZijbf_j_^\monZdlhjh\Ihke_wlh]hjZkkfhljbffgh ]hnZdlhjgu_fh^_eb^eydhlhjuofh`ghgZclbj_r_gby\aZfdgmlhc nhjf_Ihwlhfm\fgh]hnZdlhjghfkemqZ_h]jZgbqbfky]Zmkkh\ufbb K,5fh^_eyfb LZd dZd ]Zmkkh\u fh^_eb ij_^iheZ]Zxl [hevr_ \ha fh`ghkl_c^eyihemq_gbyZgZeblbq_kdh]hj_r_gbyb^eylh]hqlh[u k^_eZlv fh^_eb dhebq_kl\_ggh khihklZ\bfufb gZqg_f k fgh]hnZd lhjghc\_jkbbfh^_ebK,5 ZaZl_fihkljhbf]Zmkkh\mfh^_evdhlh jmxijbkihkh[bfdlhc`_bkoh^ghc\j_f_gghckljmdlmj_bihemqbf kh]eZkh\Zggu_oZjZdl_jbklbdbnZdlhjh\ >`Dhdk>`Bg]_jkheebKJhkkK,5 ij_^eh`bebdhgkljmb jh\Zlvfgh]hnZdlhjgmxfh^_eviml_f^h[Z\e_gbyg_aZ\bkbfuonZd lhjh\<kemqZ_^\monZdlhjh\wlhhagZqZ_lhij_^_e_gb_djZldhkjhq ghcklZ\dbdZd ]^_
UW 5OW OW OW OW GOW POW GWVOW G<W GOW POW GWVOW G<W
^eyg_dhlhjuonmgdpbcPPVbVbg_aZ\bkbfuoijhp_kkh\[jh mgh\kdbo^\b`_gbc<b< G_aZ\bkbfhklvnZdlhjh\ObO^Z_l\hafh`ghklvaZibkZlvp_gm ^bkdhglbjh\Zgghch[eb]Zpbb\\b^_ § ° X ½· X ½· § JWb ? ¨ H[S® ³ ; V GV ¾ ¸ ? ¨ H[S ® ³ ; V GV°¾ ¸ ¸ ¨ ¨ ¸ ¯ W ¿¹ © ¯° W ¿° ¹ © W
W
b^hoh^ghklvjZ\gZ mWb mWb mWb
]^_m Wb ±^hoh^ghklvgZh[eb]Zpbxk^Zlhcih]Zr_gbyb\fhf_gl \j_f_gbW_keb[uijhp_kkdjZldhkjhqghcklZ\dbijbgyeagZq_gb_O LZdbfh[jZahf_kebbf__lkyj_r_gb_^eydjb\hc^hoh^ghklbdh]^Z djZldhkjhqgZyklZ\dZke_^m_lijhp_kkm lh]^Zbf__lkyj_r_gb_ ^eydjb\hc^hoh^ghklbb\fgh]hnZdlhjghcfh^_eb NZdlhjgZy fh^_ev k ^\mfy g_aZ\bkbfufb ^bnnmabyfb k d\Z^ jZlguf dhjg_f dhlhjZy [ueZ \\_^_gZ &,5 bamqZeZkv \ ^Zevg_cr_f NEhg]klZnhf b ? R\Zjp_f /RQJVWDII 6FKZDUW] Z lZd`_ JQ_ghfbEKdhllhf&KHQ6FRWW Ij_^iheZ]ZehkvqlhdZ` ^uc ba ijhp_kkh\ O m^h\e_l\hjy_l mjZ\g_gbx \b^Z k jZaebq gufbNTbVbg_aZ\bkbfufb[jhmgh\kdbfb^\b`_gbyfbEhg]klZn bR\Zjpihemqbebnhjfmeu^eyhipbhgh\gZ^bkdhglbjh\Zggmxh[ eb]ZpbxZQ_gbKdhll\u\_ebnhjfmeu^eyhipbhgh\gZ^jm]b_NI ijhp_glguo klZ\hd Ehg]klZn b R\Zjp aZf_lbeb qlh \heZlbevghklv djZldhkjhqghc klZ\db y\ey_lky lZd`_ ebg_cghc dhf[bgZpb_c ^\mo nZdlhjh\ ihwlhfm djZldhkjhqgmx klZ\dm b __ \heZlbevghklv fh`gh ijbgylv \ dZq_kl\_ ^\mo nZdlhjh\ lZd `_ dZd \_dlhj ^hoh^ghkl_c fh`ghijbgbfZlv\dZq_kl\_nZdlhjh\\ex[hcZnnbgghcnZdlhjghc fh^_ebH^gZdhdZdmdZau\ZxlQ_gbKdhllklhqdbaj_gbyijh\_^_ gby \uqbke_gbc ijhs_ jZ[hlZlv k g_aZ\bkbfufb nZdlhjZfb q_f k djZldhkjhqghc klZ\dhc b __ \heZlbevghklvx dhlhju_ y\eyxlky dhj j_ebjh\Zggufb L
L
L
Fgh]hnZdlhjgZyfh^_ev\j_f_gghckljmdlmju ©kd\Z^jZlgufdhjg_fª A^_kvij_^iheZ]Z_lkyqlhf]gh\_ggZydjZldhkjhqgZyijhp_glgZy klZ\dZy\ey_lkykmffhcg_aZ\bkbfuoi_j_f_gguokhklhygbybebnZd lhjh\ U W
Q
¦ ] M W M
>bgZfbdZi_j_f_gguokhklhygbyijbgbfZ_lkydZd\fh^_ebK,5 G] W T D ] W GWV M
M
M
M
M
] M W G< W M
beb\\_dlhjghcnhjf_ § ] W · ¨ ¸ G=W T:=W GW9 ¨ ¸ G<W ¨ ¸ © ]Q W ¹ AZf_lbfqlh:b9y\eyxlky^bZ]hgZevgufbfZljbpZfb>eylh ]h qlh[u h[_ki_qblv fh^_eb \hafh`ghklv ZgZeblbq_kdh]h j_r_gby ijbf_fqlhTb9g_aZ\bkylhl\j_f_gbWlhijb\h^bldlhfmqlh\ h[s_f kemqZ_ ijbkihkh[blv fh^_ev d ijhba\hevghc bkoh^ghc \j_ f_gghckljmdlmj_g_\hafh`ghH^gZdhlZddZdgZr_cp_evxy\ey_lky ZgZeba baf_g_gbc \j_f_gghc kljmdlmju ihjh`^Z_fuo \gmlj_gg_c kljmdlmjhcfh^_ebwlhg_[m^_lk_jv_agufh]jZgbq_gb_f NhjfmeZ fh^_eb K,5 ^ey p_gu ^bkdhglghc h[eb]Zpbb k ^Zlhc ih]Zr_gbyL\fhf_gl\j_f_gbWh[h[s_ggZy^eyfgh]hf_jgh]hkem qZy^ZgZQ_ghfbKdhllhf J=W WL :WL _oj^EWL =W `
]^_
^
`
§ · :WL $ W 7 $M W 7 ¨ F M Z M H[S F M D M 7 W ¸ © ¹ Q
M
M
6 M 8M
A^_kvEWL y\ey_lky\_dlhjkljhdhckdhfihg_glZfb E WL Z _oj^k L W ` M
M
M
]^_Z >k Z _oj^k L W `k Z @ k D M V M M
M
M
M
M
M
M
Imklv a ] M 7 ] L Z V M _oj^k L W ` E WL ] L V M M
M
M
M
M
lh]^ZhdZau\Z_lky-ZPVKLGLDQ qlh a ] M 7 mkeh\ghijbnbdkbjh \Zgghf ] W hlghkbl_evgh \_jhylghklghc f_ju T hlj_]mebjh\Zgghc jbkdhfnhj\Zj^ghcklZ\dbbf__lg_p_gljZevgh_obd\Z^jZljZkij_ ^_e_gb_kY kl_i_gyfbk\h[h^ubiZjZf_ljhfg_p_gljZevghklbO dh lhju_aZ^ZxlkyjZ\_gkl\Zfb M
M
M
Y T V M O ] W ZM F M _oj^k L W ` V M E WL M
M
M
M
M
M
Djhf_lh]h^bki_jkbbnZdlhjh\ a ] M 7 aZ\bkylhl\j_f_gbWijbf_j_ Tke_^mxsbfh[jZahf YZU> a ] M L _ a ] M W @ Y O M
M
YZU>] L _] W @ V M E WL >T E WL ] W Z M F M _oj^k L W `@ M
M
M
M
M
M
M
KhihklZ\bfZy]Zmkkh\Zfh^_ev
Kgh\Zij_^iheh`bfqlhdjZldhkjhqgZyijhp_glgZyklZ\dZhij_ ^_ey_lky g_aZ\bkbfufb nZdlhjZfb gh l_i_jv^bgZfbdZi_j_f_gguo khklhygbyfh^_eb[m^_lkhhl\_lkl\h\Zlvh[h[s_gghcfh^_eb
M
M
M
M
M
H^gh b ^\monZdlhjgu_ \_jkbb wlhc fh^_eb ijhZgZebabjh\Zgu Wev DZjmb b ^j ?O .ZUhXL _W ZO QnZdlhjgZy \_jkby fh`_l [ulv jZkkfhlj_gZ ZgZeh]bqguf h[jZahf >ey lh]h qlh[u wlZ fh^_ev [ueZ khihklZ\bfhc k fh^_evx ©k d\Z^jZlgufdhjg_fªk^_eZ_fke_ ^mxs__
M
M
Q W VM D 7 V D W V ¦ ³ > H M H M @ GV M DM Q W
VM
M
M
¦
³D
H
D M 7 V
H
D M W V
G: M V
AZf_lbf qlh aZ\bkbfhklv hl T W mqblu\Z_lky \ eh]Zjbnf_ bk oh^ghc p_gu h[eb]Zpbb k khhl\_lkl\mxs_c ^Zlhc ih]Zr_gby Baf_ gyydh\j_f_gbL nhj\Zj^gmxf_jmT ]^_ M
G<6M W G< M W
VM DM
> H
D M 7 W
@ GW
y\eyxlkyg_aZ\bkbfufbklZg^Zjlgufb\bg_jh\kdbfbijhp_kkZfbfu fh`_fgZibkZlv OQJ=W WL OQ
3 = 7 3 = W
Q 7 VM D 7 V D W V ¦ ³ > H M H M @ GV M DM
Q 7
¦
V M
³ D H
M
D M 7 V
>H
D M 7 V
H
D M W V
@ GV
M
Q
¦
W
VM
³ D M >H
D M 7 V
D M W V
H
M
@ G<6M V
>bki_jkbbi_j_f_gguokhklhygbyh^bgZdh\uijbg_cljZevghcd jbkdm b hlj_]mebjh\Zgghc nhj\Zj^guf jbkdhf f_jZo b aZ^Zxlky jZ\_gkl\Zfb W V M D M W V D W V M GV H M YZU>] W @ ³ H D M M
YZU>] W @ YDUF >] W @ M
LZdbfh[jZahf
V M Z 0 M
M
, M 9
YDUF >] W @ M
]^_ YDUF >] W @ aZ^Z_lky lZd `_ dZd \ fgh]hnZdlhjghc fh^_eb \j_ M
f_gghckljmdlmju©kd\Z^jZlgufdhjg_fª
>\monZdlhjgu_fh^_eb < fgh]hnZdlhjguofh^_eyobf__lky[hevr_\hafh`ghkl_cijb kihkZ[eb\Zlv fh^_ev d j_Zevghc jughqghc kblmZpbb h^gZdh ihem qZ_fu_j_r_gbyklZgh\ylky^h\hevghkeh`gufbG_dhlhjufdhfijh fbkkhfy\ey_lkybkihevah\Zgb_^\monZdlhjguofh^_e_cqbkehiZjZ f_ljh\ihkjZ\g_gbxkh^ghnZdlhjghcfh^_evxm\_ebqb\Z_lkyZm\_ ebq_gb_ keh`ghklb ihemqZ_fh]h j_r_gby fh`_l hdZaZlvky g_agZqb l_evguf<dZq_kl\_ijbf_jZijb\_^_f^\_qZs_^jm]bopblbjm_fu_ fh^_eb
Fh^_evEhg]klZnZ±R\ZjpZ
NEhg]klZnb?R\Zjp/RQJVWDII6FKZDUW] jZajZ[hlZeb h[sb_ jZfdb jZ\gh\_kby ^ey hij_^_e_gby klhbfhklb nbgZgkh\uo ijhba\h^guoqm\kl\bl_evguodbaf_g_gbyfijhp_glghcklZ\dbHgb bkihevah\Zeb\ZjbZgl^\moi_j_f_gguokhklhygby\wdhghfbd_baf_ gyxs_ckyg_ij_ju\gh\h\j_f_gbWlbfb^\mfynZdlhjZfby\eyxlky djZldhkjhqgZy klZ\dZ U b ^bki_jkby baf_g_gbc djZldhkjhqghc ijh p_glghcklZ\dbYiha\heyylZdbfh[jZahfp_gZfnbgZgkh\uoijhba \h^guo hljZ`Zlv dZd l_dmsbc mjh\_gv ijhp_glghc klZ\db lZd b l_ dmsbc mjh\_gv \heZlbevghklb ijhp_glghc klZ\db KgZqZeZ Z\lhju jZajZ[hlZeb^bgZfbdm^\mowdhghfbq_kdbonZdlhjh\dhlhju_w\hex pbhgbjmxlg_aZ\bkbfh^jm]hl^jm]Zbbkihevamxlky^eyoZjZdl_jb klbdbijhp_kkZhibku\Zxs_]hj_ZebaZpbx^hoh^ZgZbg\_klbpbx G[ JG[ GW [ G< G\ KI\ GW \ G< JGK bI ± iZjZf_lju hlj_]mebjh\Zggh]h jbkdhf ijhp_kkZ ^ey g_ dhjj_ebjh\Zgguoi_j_f_gguokhklhygby Hkgh\gh_^bnn_j_gpbZevgh_mjZ\g_gb_\qZklguoijhba\h^guo ^eyklhbfhklbG\k_ok\h[h^guohlg_mieZlunbgZgkh\uoijhba\h^ guohlijhp_glguoklZ\hdbf__l\b^ oGoo mGmm JG[ +oKI\ +m D[E\ + + 7
DjZldhkjhqgZy ijhp_glgZy klZ\dZ b ^bki_jkby baf_g_gbc wlhc klZ\db^ZxlkydZd\a\_r_ggu_kmffui_j_f_gguokhklhygby[b\\
dhlhjuo\_kZy\eyxlkyiZjZf_ljZfbijhp_kkZ^hoh^ghklbnbabq_kdhc bg\_klbpbb U D[E\Y D[E\
D G \
E T N JGI KT\
Ihwlhfm p_gZ ^bkdhglbjh\Zgghc h[eb]Zpbb aZ\bkbl hl r_klb iZjZf_ljh\ ± DEJGKbT >hoh^ghklb gZ h[eb]Zpbx k ^Zlhc ih]Zr_gbyLihemqZ_fbamjZ\g_gby NW J OQ $W K% W & W U 'W Y mWL W ?keb W g_h]jZgbq_ggh m\_ebqb\Z_lky ^hoh^ghklv ^h ih]Zr_gby gZ[_kkjhqgmxh[eb]ZpbxLQILQLWHO\PDWXULQJERQG koh^blkydihklh ygghc\_ebqbg_g_aZ\bkys_chlUbY\\b^mwlh]hagZq_gb_djb\hc ^hoh^ghklb^ey^he]hkjhqguoh[eb]Zpbchij_^_ey_lkykjZam`_dZd lhevdhhij_^_e_guiZjZf_ljuijhp_kkZ mf JIG K\T >ey hq_gv dhjhldbo kjhdh\ ih]Zr_gby baf_g_gby \heZlbevghklb djZldhkjhqghcklZ\dbg_\ebyxlgZp_guh[eb]Zpbc AZ\bkbfhklv djb\hc ^hoh^ghklb hl djZldhkjhqghc klZ\db b __ \heZlbevghklb iha\hey_l \j_f_gghc kljmdlmj_ ijbgbfZlv [hevr__ jZaghh[jZab_ nhjf q_f \ kemqZ_ wd\b\Ze_glghc h^ghnZdlhjghc fh ^_eb >himklbfu_ djb\u_ hij_^_ey_fu_ mjZ\g_gb_f djb\hc ^hoh^ ghklb fh]ml [ulv fhghlhggh \hajZklZxsbfb beb m[u\Zxsbfb bf_lvfZdkbfmfbebfbgbfmfbebbodhf[bgZpbxBaf_g_gbyh[_bo i_j_f_gguokhklhygbydh]^Z^jm]b_i_j_f_ggu_nbdkbjh\Zgufh]ml bf_lvagZqbl_evgh_\ebygb_gZnhjfmdjb\hc^hoh^ghklb
§ EI<% W D\ ;$ W · º ª§ DE\ ;$ W DEI<% W · «¨ ¸ U ¨ ¸ Y» W ¬© I\ E D I \ E D ¹ © ¹ ¼ ]^_; H[SIW b< H[S\W Ba wlbo j_amevlZlh\ \b^gh qlh ^ey hij_^_e_gby p_gu ^bkdhgl ghch[eb]Zpbb3WL lj_[m_lkyagZlvmjh\_gvdjZldhkjhqghcklZ\db \heZlbevghklv klZ\db b r_klv ^hihegbl_evguo iZjZf_ljh\ Iha`_ Ehg]klZnbR\Zjp hibkZebf_lh^hp_gdbiZjZf_ljh\kihfh svxgZ[ex^_gbc\j_f_ggh]hjy^Zijhp_glguoklZ\hdbhp_ghd\j_ f_ggh]h jy^Z \heZlbevghkl_c ijhp_glguo klZ\hd JZkkfhlj_\ wlb \j_f_ggu_jy^ubbkihevah\Z\ijb\_^_ggu_\ur_h]jZgbq_gbygZY
DbEfh`ghhp_gblvkhhl\_lkl\_gghdZdfbgbfmfbfZdkbfmfhlgh r_gby YU KlZpbhgZjgu_ jZkij_^_e_gby ^eyU bYb^hoh^ghklv[_k kjhqghc ^bkdhglghc h[eb]Zpbb y\eyxlky \ujZ`_gbyfbaZ\bkysbfb lhevdh hl iZjZf_ljh\ hlj_]mebjh\Zggh]h jbkdhf ijhp_kkZ b D b E Ij_h[jZah\u\Zywlb\ujZ`_gbyihemqZ_fke_^mxsb_khhlghr_gby G
[
GE(>U @ (>Y@ DD E E (>U @ (>Y@ J DE D E YDU>U @ YDU>Y@ [ (>Y@ D(>U @ ED E (>Y@ D(>U @ K EE D YDU>Y@ D YDU>Y@
Lh]^Z ^ey hp_gb\Zgby ihke_^g_]h hklZxs_]hky iZjZf_ljZ T fh`gh bkihevah\Zlv hp_gdm ih djb\uf ^hoh^ghklb jZaebqguo kjhdh\ ih]Z r_gbyFURVVVHFWLRQ dZdagZq_gb_dhlhjh_fbgbfbabjm_lg_dhlhjmx hrb[dm ^ey jZaebqguo kjhdh\ ih]Zr_gby ^bkdhglguo h[eb]Zpbc
Fh^_evNhg]Z±
< k_jbb hlghkysboky d ijh[e_f_ klZl_c O Nhg] b H
KemqZcgZykhklZ\eyxsZyijhp_kkZ\heZlbevghklbbf__l^bki_j kbx ijhihjpbhgZevgmx l_dms_fm mjh\gx \heZlbevghklb H[Z ijh p_kkZhibku\Zxlkyf_jhcg_cljZevghcdjbkdmKlhoZklbq_kdh_ijb jZs_gb_G< djZldhkjhqghcklZ\dbbklhoZklbq_kdh_ijbjZs_gb_G< ijhp_kkZ\heZlbevghklbdhjj_ebjh\Zgukdhwnnbpb_glhfU H^ghc ba aZ^Zq kh\f_klgh]h hij_^_e_gby i_j_f_gguo khklhy gby aZ^Z\Z_fuo wlbfb mjZ\g_gbyfb y\ey_lky lh qlh ijhp_glgu_ klZ\db fh]ml klZlv hljbpZl_evgufb Ijhp_kk ^ey djZldhkjhqghc klZ\db ih kms_kl\m lZdhc `_ dZd b \ fh^_eb hihegb l_evgZyg_hij_^_e_gghklv\\h^blkykihfhsvxij_^iheh`_gbyhlhf qlh ^bki_jkby djZldhkjhqghc klZ\db kZfZ ke_^m_l klhoZklbq_kdhfm ijhp_kkmij_^iheZ]Zxs_fmqlh\_jhylghklvihy\e_gbyhljbpZl_ev guo klZ\hd \ur_ \ ^\monZdlhjghc fh^_eb q_f \ __ h^ghnZdlhjghf wd\b\Ze_gl_ Ijb\_^_ggu_\ur_ij_^iheh`_gbyhibku\Zxlfh^_evNhg]Zb
U
Y
UU
UY
YY
3WV H[S^U'W Y)W *W ` ]^_ 'W H DW D ± f_jZ ^xjZpbb ba fh^_eb hoh^ghklb gZ ^bkdhglbjm_fmx h[eb]Zpbx ihke_ ijbf_g_gby khhlghr_gby \ujZ`ZxlkyjZ\_gkl\hf mWV >U'W Y)W *W @W iha\heyxsbf djb\hc ^hoh^ghklb ijbgbfZlv l_ `_ \hafh`gu_ nhj fu dZd b\ij_^u^ms_c^\monZdlhjghcfh^_eb
'W U[) W 'W [ ) W Y W
< iheguc gZ[hj hp_gb\Z_fuo iZjZf_ljh\ \oh^yl \hk_fv \_eb qbgiZjZf_ljuijhp_kkZhlj_]mebjh\Zggh]hjbkdhfdhjj_eypbyf_ `^mi_j_f_ggufbkhklhygbybdhwnnbpb_gluij_fbcnZdlhjh\jbkdZ BlZd ^\monZdlhjgu_ fh^_eb \j_f_gghc kljmdlmju iha\heyxl [he__j_Zebklbqghij_^klZ\eylvdjb\mx^hoh^ghklbq_fboh^ghnZd lhjgu_ wd\b\Ze_glu Hgb h[jZsZxlky d wfibjbq_kdbf k\b^_l_evkl \ZfhlhfqlhgZj_ZevguojugdZo^_ckl\m_l[he__q_fh^bgnZdlhj Ijb\_^_ggu_ fh^_eb h[_ki_qb\Zxl rbjhdh_ jZaghh[jZab_ ^himklb fuodjb\uo^hoh^ghklbb\j_f_gguokljmdlmj\heZlbevghklbbijb \h^yl d ^h\hevgh ijhkluf \uqbke_gbyf gh g_^hklZlhqgh ih^oh^yl ^eyijZdlbq_kdhcj_ZebaZpbbg_gZ[ex^Z_fhklvb[hevrh_qbkehiZ jZf_ljh\
Kh]eZkh\Zgb_djb\hc^hoh^ghklb
GZ ijZdlbd_ `_eZl_evgh kh]eZkh\u\Zlv fh^_ev k nZdlbq_kdhc djb\hc^hoh^ghklb\^Zluih]Zr_gby^eydhlhjuo^hoh^ghklb^hklh \_jgh ba\_klgu DZd mdZau\Zehkv \ur_ wlh y\ey_lky hkh[_gghklvx lZdgZau\Z_fuo©fh^_e_ck\h[h^guohlZj[bljZ`ZªBf_xlkyjZagh h[jZagu_kihkh[ufh^bnbdZpbbnZdlhjguofh^_e_cqlh[ukh]eZkh \u\Zlvbokdjb\hc^hoh^ghklb <f_lh^_ij_^eh`_gghf&,5gm`ghdhf[bgbjh\Zlv^\Zg_aZ\b kbfuonZdlhjZdZdhibkZgh\ur_dh]^Zh^bgbanZdlhjh\±wlh^_ l_jfbgbjh\ZggZy nmgdpby \j_f_gb >ey m^h[kl\Z jZkkfhljbf h^gh nZdlhjgmx fh^_ev &,5 ohly f_lh^ ijbf_gbf d ex[uf fh^_eyf Ij_^iheh`bfqlhdjZldhkjhqgZyklZ\dZy\ey_lkykmffhc^bnnmabbk d\Z^jZlgufdhjg_fUhij_^_ey_fhcmjZ\g_gb_f b^_l_jfbgb jh\ZgghcnmgdpbbH[hagZqbfq_j_aW^Zlm\dhlhjmxfuohlbfkh ]eZkh\Zlv djb\mx ^hoh^ghklb >_l_jfbgbjh\Zggmx nmgdpbx fh`gh aZibkZlv dZd OW b Z djZldhkjhqgmx klZ\dm ± dZd Ub OWb ^ey b t W Hij_^_ebf OW W ^ey lh]h qlh[u UW kh\iZ^Zeh k djZldh kjhqghcklZ\dhc\fhf_gl\j_f_gbWNhjfmeZ ^ey^hoh^ghklb ij_h[jZam_lkyd\b^m X mWb ZW EW UW ³ ; W V GV WW ]^_ZbE±l_`_qlhb\h^ghnZdlhjghcfh^_eb&,5bW{bW
>eyex[uoagZq_gbciZjZf_ljh\NTbVfh`gh\u[jZlvOlZd qlh[u kh\iZ^Zeh k gZ[ex^Z_fhc djb\hc ^hoh^ghklb \ fhf_gl \j_f_gbWJ>Zc[\b]'\EYLJ jZkkfZljb\Z_lhij_^_e_gb_p_g nbgZgkh\uoijhba\h^guoijhp_glguoklZ\hd\jZfdZolZdhcfh^_eb Ijb ^jm]hf ih^oh^_ dhlhjuc ijbf_gyeky ^ey h^ghnZdlhjghc fh^_eb&,5ij_^iheZ]Z_lkyqlhiZjZf_ljuNTbVbaf_gyxlkykh \j_f_g_f &,5 ij_^eh`beb ijbgylv T \ dZq_kl\_ i_j_f_ggh]h iZjZ f_ljZZNbVkqblZlvdhgklZglZfbIj_bfms_kl\hfh^bnbdZpbbkh klhbl\lhfqlhnmgdpbyEg_aZ\bkblhlTdZdwlh\b^ghbamjZ\g_ gby LZdbf h[jZahf bgl_]jbjh\Zgb_ mjZ\g_gby ihdZau \Z_lqlhdjb\Zy^hoh^ghklb^eyfh^bnbpbjh\Zgghcfh^_eb mWb Z W EW UW NW ]^_ Z W ³ TW V EW V GV ZEW WEW dZdbij_`^_ W N >`Zfrb^bZg -DPVKLGLDQ jZkkfhlj_e ^jm]mx fh^bnb dZpbxh^ghnZdlhjghcfh^_eb&,5Hgij_^eh`be\u[bjZlviZjZf_l juNTbVlZdqlh[u^eyg_dhlhjhcdhgklZgluG\uihegyehkvjZ \_gkl\hNW TW VW GHkh[_gghklvwlhcfh^bnbdZpbb\lhfqlh hgZy\ey_lkyij_h[jZah\Zgb_f\ijhp_kk%6(4GlZd`_dZd\i_j\hgZ qZevghch^ghnZdlhjghcfh^_eb&,5A^_kvijhp_kk%6(4Ghij_^_ey _lky\ujZ`_gb_f °K X ½° U X { U K X H[S® ³ N V GV ¾ ]^_ KW °¯ °¿
§ · T H[S N X X N V GV ¨ ¸¸ ¨³ G ³ © ¹ W
X
F?LH>+-0
Hkgh\ghcfhlb\Zpb_cjZ[hlu>OblZJ>`Zjjhmb:FhjlhgZ +HDWK-DUURZ0RUWRQ ^Ze__+-0y\ey_lkylhqlh\nZdlhjghc fh^_eb^j_cnnZdlhjh\ijbg_cljZevghcdjbkdm\_jhylghklghcf_j_ g_ba\_kl_g beb p_gu jbkdh\ g_ba\_klgu qlh wd\b\Ze_glgh Fh`gh \u\_klb^j_cnbap_gGZijbf_j\h^ghnZdlhjghcfh^_eb&,5fh`gh \u[jZlv NbTlZdqlh[udjb\Zy^hoh^ghklbihjh`^Z_fZyfh^_evx kh\iZ^ZeZknZdlbq_kdhcdjb\hc^hoh^ghklbgZkdhevdhwlh\hafh`gh AZf_lbfqlhV\h^ghnZdlhjghcfh^_eb&,5fh`ghhp_gblvih\u[h jhqguf^ZggufdjZldhkjhqghcklZ\dblZddZdf]gh\_ggu_^bki_jkbb
g_ f_gyxlky ijb i_j_oh^_ hl bkoh^ghc \_jhylghklghc f_ju d g_c ljZevghcdjbkdmf_j_>eyemqr_]hkh]eZkh\ZgbyknZdlbq_kdhcdjb \hc^hoh^ghklbfh`gh\\_klb\lhjhc^_l_jfbgbjh\ZggucnZdlhjdZd hibkZgh\ur_H^gZdhObl>`ZjjhmbFhjlhgml\_j`^Zxlqlhwlhl f_lh^ \u[hjZ ^j_cnZfh`_l[ulvkeh`guf\\uqbkebl_evghfhlgh r_gbb G_dhlhju_ k\hckl\Z ^j_cnZ ijb g_cljZevghc d jbkdm \_jhylgh klghcf_j_gZfm`_ba\_klgu<qZklghklbh`b^Z_fucl_fibaf_g_ gbyp_gu^bkdhglbjh\Zgghch[eb]Zpbbijbg_cljZevghcdjbkdm\_ jhylghklghcf_j_jZ\_gdjZldhkjhqghcijhp_glghcklZ\d_WlhlnZdl bf__lihke_^kl\by^ey^j_cnZ\_ebqbgaZ\bkysbohlp_gh[eb]Zpbc gZijbf_j ^hoh^ghkl_c b nhj\Zj^guo klZ\hd Hkgh\ghc j_amevlZl OblZ>`ZjjhmbFhjlhgZkhklhbl\lhfqlh^j_cnnhj\Zj^guoklZ \hdijbg_cljZevghcdjbkdm\_jhylghklghcf_j_iheghklvxhij_^_ ey_lkybo\heZlbevghklvxLZddZd\heZlbevghklbijbg_cljZevghcd jbkdm \_jhylghklghc f_j_ hklZxlky lZdbfb `_ dZd b ijb nZdlbq_ kdhc \_jhylghklghc f_j_ hgb fh]ml hp_gb\Zlvky ih \u[hjhqguf ^Zgguf nhj\Zj^guo klZ\hd H^gZdh nhj\Zj^gu_ klZ\db y\eyxlky kdhjhklyfb baf_g_gby eh]Zjbnfh\ p_g h[eb]Zpbc kf hij_^_e_gb_ ihwlhfm hgb hq_gv qm\kl\bl_evgu d hrb[dZf \ hij_^_e_gbb p_gh[eb]ZpbcZlZd`_bdf_lh^Zfbgl_jiheypbbih^ZlZfih]Zr_ gbybkdZ`_gbynhj\Zj^guoklZ\hdfh`ghjZkkfZljb\Zlv\bklhjbq_ kdhfieZg_Lh]^Zl_dmsZydjb\Zynhj\Zj^ghcklZ\dbkem`blgZqZev gufmkeh\b_flZdbfh[jZahf]ZjZglbjmykh]eZkh\Zgb_fh^_ebknZd lbq_kdbfb p_gZfb \bkoh^gucfhf_gl\j_f_gbE_]dhklvkdhlhjhc kh]eZkh\u\Z_lkydjb\Zy^hoh^ghklb±^jm]Zyfhlb\Zpbyijbf_g_gby f_lh^Z+-0ohlydZd[uehihdZaZgh\ur_wlhlZd`_e_]dhk^_eZlvb \kemqZ_nZdlhjguofh^_e_c
Nhj\Zj^gu_klZ\db
Nhj\Zj^ghcdjb\hc\^ZlmWgZau\Z_lkynmgdpbyIWX ^eyXtW hij_^_ey_fZyjZ\_gkl\hf G OQ 3W X IWX GX Ba wlh]h ke_^m_l qlh p_gu ^bkdhglbjh\Zgguo h[eb]Zpbc \ujZ `Zxlky\\b^_ X ½ JWX _oj ® ³ I W V GV ¾ ¯ W ¿
DjZldhkjhqgZy klZ\dZ \ fhf_gl \j_f_gb W y\ey_lky nhj\Zj^ghc klZ\dhc^ey^Zluih]Zr_gbyWl_UW IWW
>j_cnnhj\Zj^guoklZ\hd
JZkkfhljbf dZd w\hexpbhgbjm_l nhj\Zj^gZy klZ\dZ IW X ijb baf_g_gbb W ^ey nbdkbjh\Zgghc ^Zlu ih]Zr_gby b >ey ijhklhlu ijbf_f qlh bf__lkylhevdh_^bgkl\_ggucbklhqgbdg_hij_^_e_ggh klb l _ _^bgkl\_gguc ijhp_kk[jhmgh\kdh]h^\b`_gby mijZ\eyx sbc djb\hc ^hoh^ghklb H[h[s_gb_ gZ kemqZc g_kdhevdbo bklhqgb dh\g_hij_^_e_gghklb^_eZ_lkyh[uqgufkihkh[hf >eylh]hqlh[u[ueh\b^ghqlh^ZlZih]Zr_gbybnbdkbjh\ZgZ h[hagZqbfnhj\Zj^gmxklZ\dmdZdIW_X bp_gm^bkdhglbjh\Zgghch[ eb]ZpbbdZdJW_X Fh`ghijbgylvqlhw\hexpbynhj\Zj^ghcklZ\db hij_^_ey_lkymjZ\g_gb_f GIW_X PW_X GWVW_X G%W ^ey g_dhlhjuo klhoZklbq_kdbo ijhp_kkh\ PW_X b VW_X ijbq_f ^ey dZ`^uoWbXtWijhp_kkuPW_X bVW_X ^he`guaZ\bk_lvlhevdhhl bgnhjfZpbb ^hklmighc d fhf_glm \j_f_gb W gZijbf_j hl djb\uo ^hoh^ghklb^eyfhf_glh\\j_f_gbVdWP_evbkke_^h\Zgby±ihgylv qlhfh`ghkdZaZlvhlghkbl_evghPW_X H[hagZqbf <W_X {
X
³W
I W V GV lZd qlh p_gu ^bkdhglbjh\Zgghc
h[eb]Zpbb\uqbkeyxlkyihnhjfme_JW_X _oj^<W_X `Ijbf_gb\d JW_X nhjfmemBlhihemqbf G3W X 3W X
G< W X G < W X < W X
Bkihevamyl_hj_fmNm[bgb^eyklhoZklbq_kdbobgl_]jZeh\b^_ eZyih^klZgh\dmIWW UW ihemqZ_f § · § · G<W_X UW GW ¨ ³ PW V GV ¸ GW ¨ ³ VW V GV ¸ G%W ¨ ¸ ¨ ¸ © ¹ © ¹ qlh\e_q_l G < W X < W X GW
X
X
W
W
§ · ¨¨ ³ VW V GV ¸¸ © ¹ X
W
§ · ³ ¨ VW V ³ VW Y GY ¸ GV ¨ ¸ © ¹ X
V
W
W
Ihke_^g__jZ\_gkl\hihemqZ_lkybgl_]jbjh\Zgb_fihqZklyf LZdbf h[jZahf h`b^Z_fZy f]gh\_ggZy klZ\dZ ^hoh^ghklb ^bk dhglghch[eb]ZpbbjZ\gZ § · § · UW ¨ ³ PW V GV ¸ GW ³ ¨ VW V ³ VW Y GY ¸ GV ¨ ¸ ¨ ¸ © ¹ © ¹ IjbjZ\gb\Zgb_wlh]h\ujZ`_gbyddjZldhkjhqghcklZ\d_UW \e_q_l X§ V § · · ¨¨ ³ PW V GV ¸¸ GW ³ ¨¨ VW V ³ VW Y GY ¸¸ GV ¹ W© W © ¹ WlhkijZ\_^eb\h^ey\k_oXtW_kebblhevdh_keb^ey\k_oXtW X
X
V
W
W
W
X
W
X
PW_X VW_X ³ VW V GV W
JZ\_gkl\h gZau\Z_lkynhjfmehc+-0^ey^j_cnZnhj\Zj^ ghcklZ\db\l_jfbgZo\heZlbevghklbnhj\Zj^ghcklZ\dbb\heZlbev ghkl_c ijhf_`mlhqguo nhj\Zj^guo klZ\hd Ih^klZ\eyy ijbjZs_ X
gb_ \ ihemqbfqlh ³W VW V GV hdZau\Z_lkyklZg^Zjlguf
hldehg_gb_f^hoh^ghklb^bkdhglghch[eb]Zpbbk^Zlhcih]Zr_gbyb Ke_^h\Zl_evgh jZ\_gkl\h mklZgZ\eb\Z_l qlh ^j_cn nhj\Zj^ ghc klZ\db±wlhijhba\_^_gb_klZg^Zjlguohldehg_gbcnhj\Zj^ghc klZ\dbb^hoh^ghklb^bkdhglghch[eb]Zpbb
DjZldhkjhqgZyklZ\dZ
NhjfmeZ^eyPW_X \e_q_l W
IW_X I_X ³ GI V X W
X
W § · I_X ³ ¨¨ V V X ³ V V Y GY ¸¸ GV ³ V V X G% V ¹ V ©
IheZ]ZyX WihemqZ_fIW_W UW b
W
W § · ¨ UW I_W ³ ¨ V V W ³ V V Y GY ¸¸ GV ³ V V W G% V ¹ V ©
W
IhwlhfmjZkij_^_e_gb_djZldhkjhqghcklZ\dblZd`_hij_^_ey_l kylhevdh\heZlbevghklyfbnhj\Zj^guoklZ\hd
NZdlhjgu_fh^_eb
F_lh^ +-0 fh^_ebjh\Zgby djb\hc ^hoh^ghklb khklhbl \ lhf qlh[uhij_^_eblv\dZ`^mx^ZlmW^eydhlhjhc^he`gu[ulvgZc^_gu p_guZdlb\h\qm\kl\bl_evguodijhp_glghcklZ\d_nhj\Zj^gmxdjb \mx IW_X b ijhp_kk VW_X \heZlbevghklb nhj\Zj^ghc klZ\db Ih^ q_jdg_fqlhfu]h\hjbfhf_lh^_fh^_ebjh\ZgbyZg_hfh^_ebih kdhevdmhgg_k\yaZgkdZdhclhdhgdj_lghcfh^_evx>_ckl\bl_evgh ex[Zy fh^_ev djb\hc ^hoh^ghklb \ dhlhjhc hlkmlkl\mxl Zj[bljZ` gu_\hafh`ghklby\ey_lkykh]eZkh\Zgghckwlbff_lh^hfijbmkeh \bb i_j_dZeb[jh\db iZjZf_ljh\ \ dZ`^mx ^Zlm W < qZklghklb nZd lhjgu_ fh^_eb fh]ml [ulv aZibkZgu \ nhjf_ +-0 >ey ihykg_gby wlh]hml\_j`^_gbyjZkkfhljbfh^ghnZdlhjgmxfh^_ev&,5\dhlhjhc d djZldhkjhqghc klZ\d_ ^h[Z\ey_lky ^_l_jfbgbjh\ZggZy nmgdpby ^OW b _ b t W` LZdZy fh^_ev m`_ jZkkfZljb\ZeZkv \ur_ < g_c ^h oh^ghklv hij_^_ey_lky nhjfmehc DZd b ij_`^_ bkihevam_f h[hagZq_gby W b W DW WZW b EW WEW Lh]^Z nhj\Zj^gZy klZ\dZaZibr_lky\\b^_ IW_X DcW EcW UW OWb Bkihevamynhjfmeu b ^eyDcbEcfh`ghijh\_jblv qlhklZg^Zjlgh_hldehg_gb_nhj\Zj^ghcklZ\dbjZ\gh VW_X VEcW U W Z^j_cn PW_X V EW EcW UW ]^_V\ijZ\uoqZklyowlbojZ\_gkl\y\ey_lkydhgklZglhchij_^_e_g ghc\mjZ\g_gbb^bnnmabbkd\Z^jZlgufdhjg_f
JZ\_gkl\h kh]eZkm_lkyknhjfmehc+-0 lZddZdgZf ba\_klghqlhnhjfmeZ kijZ\_^eb\Z^eyex[hcfh^_eb\dhlh jhchlkmlkl\mxlZj[bljZ`gu_\hafh`ghklb Wlb j_amevlZlu ihdZau\Zxl dZdbf h[jZahf ijb aZ^Zgghc djZl dhkjhqghc ijhp_glghc klZ\d_ UW \ fhf_gl \j_f_gb W \ujZ`Zxlky nhj\Zj^gu_ djb\u_ b ijhp_kku \heZlbevghklb nhj\Zj^ghc klZ\db q_j_aiZjZf_ljuNTVbnmgdpbxOWb GZkZfhf^_e_iZjZf_ljT y\ey_lkyba[ulhqgufbg_\eby_lgZ\heZlbevghklvnhj\Zj^ghcklZ\ db Z _]h \ebygb_ gZ nhj\Zj^gmx djb\mx aZf_gy_lky kh]eZkh\Zgb_f \u[hjZOknZdlbq_kdhcnhj\Zj^ghcdjb\hcLZdb_jZkkm`^_gbyijb f_gbfu d ex[hc nZdlhjghc fh^_eb GZijbf_j \ fh^_eb
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
NMGDPBBIHE?AGHKLB
NMGDPBBIHE?AGHKLBBBOKZgbbem ;_jgmeeb dhlh juc ihdZaZe qlh ebg_cgZy rdZeZ baf_j_gby klhbfhklb ^_g_] g_ j_ rZ_lijh[e_fmba\_klgh]hKZgdlI_l_j[mj]kdh]hiZjZ^hdkZHgij_^ eh`be \ dZq_kl\_ hkgh\u jZkkm`^_gbc ©fhjZevgmx klhbfhklvª ^_ g_]IhbgnhjfZpbbD;hjqZ%RUFK \;,;\g_dhlhju_fZl_ fZlbdb gZijbf_j I EZieZk ihevah\Zebkv ijbgpbihf ;_jgmeeb b jZkkfZljb\Zeb ijb]h^ghklv _]h ijbf_g_gby \ kbkl_fZo kljZoh\Zgby < ] D ;Zjjhm ij_^klZ\be iheghklvx jZajZ[hlZggmx l_hjbx kljZoh\Zgby hkgh\Zggmx gZ jZ[hl_ EZieZkZ ih ijbgpbim ;_jgmeeb IhijbqbgZfdhlhju_ljm^ghh[tykgblvijbgpbi;_jgmeeb[ueihq lbiheghklvxaZ[ulwdhghfbklZfb\ihke_^h\Z\r_fklhe_lbb L_hjbyihe_aghklb[ueZ\ua\ZgZd`bagb\k_j_^bg_;;\AZkem ]Z\wlhfijbgZ^e_`bl>`nhgG_cfZgmbHFhj]_grl_jgm dhlhju_^hdZaZebqlhnmgdpbxihe_aghklbfh`gh\u\_klbbagZ[hjZ Zdkbhf hij_^_eyxsbo ihjy^hd ij_^ihql_gby D ;hjq ihdZaZe dZd fh`gh bkihevah\Zlv l_hjbx ihe_aghklb ^ey ihklZgh\db b j_r_gby aZ^ZqhlghkysbokydkljZoh\Zgbx <wlhc]eZ\_^Z_lkydjZldbch[ahjj_amevlZlh\\h[eZklbnmgdpbc ihe_aghklbbboijbf_g_gbcdhlhju_fh]ml[ulvbgl_j_kguZdlmZj ghc b nbgZgkh\hc gZmd_ KgZqZeZ \\h^blky kbkl_fZ h[hagZq_gbc nmgdpbb ihe_aghklb b Zkkhpbbjh\Zgghc k g_c nmgdpbb g_ijbylby jbkdZL_hjbybeexkljbjm_lkyijbf_jZfb\dhlhjuojZkkfZljb\Zxl ky wdkihg_gpbZevgu_ nmgdpbb ihe_aghklb kl_i_ggu_ nmgdpbb ih e_aghklbi_j\h]hjh^Z\dexqZyd\Z^jZlbqgmxnmgdpbxihe_aghklb bkl_i_ggu_nmgdpbbihe_aghklb\lhjh]hjh^Z\dexqZyeh]Zjbnfb q_kdmxnmgdpbxihe_aghklb KemqZcgu_^hoh^umihjy^hqb\Zxlkyihkj_^kl\hfboh`b^Z_fuo ihe_aghkl_c<qZklghklbkemqZcgmxijb[uevfh`ghaZf_gblvwd\b \Ze_glghc nbdkbjh\Zgghc kmffhc Wlh ihgylb_ fh`_l [ulv bkihev ah\Zghihlj_[bl_e_f`_eZxsbfhij_^_eblvfZdkbfZevgmxij_fbx dhlhjmxhgfh][uaZieZlblv^eyihemq_gbykljZoh\h]hijbdjulby
Ij_fbykijZ\_^eb\Zy\l_jfbgZoh`b^Z_fhcihe_aghklbh[uqgh kh^_j`bl gZ^[Z\dm dhlhjZy aZ\bkbl hl kl_i_gb g_ijbylby kljZoh\ sbdhf jbkdZ b hl kh\f_klgh]h jZkij_^_e_gby bkdh\ 6 b kemqZcgh]h [h]Zlkl\Z : i_j_^ ih^ibkZgb_f gh\h]h dhgljZdlZ >ey hij_^_e_gby lZdhc gZ^[Z\db fh`gh knhjfmebjh\Zlv wfibjbq_kdb_ ijZ\beZ q_j_a YDU>6@bkRY6: b^hdZaZlvdeZkkbq_kdbcj_amevlZlh[hilbfZevgh klbkljZl_]bb©klhiehkkª Ijb jZkkfhlj_gbb i dhfiZgbc kh kemqZcguf [h]Zlkl\hf \hagb dZ_l\hijhkfh`ghebihemqblvijb[uevh^gh\j_f_gghlhj]myjbk dZfb" WlZ ijh[e_fZ j_rZ_lky gZ hkgh\_ l_hj_fu ;hjqZ hdeZkk_h[ f_gh\hilbfZevguoihIZj_lhIjbwlhf^himklbfu^\Zg_klZg^Zjl guo j_r_gby B^_y i_j\h]h ± bkihevah\Zlv kh\f_klguc ihl_gpbZe bf_xsbc kfuke gZb[hevr_c kmffu dhlhjZy fh`_l [ulv batylZ ba kbkl_fu i dhfiZgbc [_a ms_fe_gby dZdhceb[h ba gbo AZl_f wlZ kmffZ i_j_jZkij_^_ey_lky f_`^m dhfiZgbyfb hij_^_e_gguf kih kh[hf
m\_ebq_gby^_g_`ghckmffugZJ[uehm[u\Zxs_cnmgdpb_c[h]Zl kl\Zo Ijbf_j Wdkihg_gpbZevgZy nmgdpby ihe_aghklb iZjZf_lj nmgdpbbihe_aghklbZ! bo _oj^D[` Df[f AZf_lbfqlh^eyoofihe_aghklvh]jZgbq_gZbklj_fblkydij_ ^_evghfmagZq_gbxD Ijbf_jKl_i_ggZynmgdpbyihe_aghklbi_j\h]hjh^ZiZjZ f_ljuV!k! bo
V F V [ F F V F
[V
Hq_\b^ghqlh\ujZ`_gb_ g_fh`_l[ulvfh^_evxihe_aghklb aZij_^_eZfb[ V?^bgkl\_gguckihkh[jZkrbj_gbywlh]hhij_^_e_gby aZij_^_euagZq_gby[ Vqlh[unmgdpbybo [ueZg_m[u\Zxs_cb\h ]gmlhc mklZgh\blv __ jZ\ghc bo VF ^ey \k_o [ t V Lh]^Z V fh`gh bgl_jij_lbjh\Zlv dZd mjh\_gv gZkus_gby fZdkbfZevgZy ih e_aghklv ^hklb]Z_lky m`_ijbdhg_qghf[h]Zlkl\_VQZklguckemqZc k bf__lki_pbZevgucbgl_j_k<wlhfkemqZ_ bo ooV[V y\ey_lkyd\Z^jZlbqghcnmgdpb_cihe_aghklb Ijbf_j Kl_i_ggZy nmgdpby ihe_aghklb \lhjh]h jh^Z iZ jZf_ljk! >eykzhij_^_ebf bo >eyk mklZgh\bf
ok o! k
bo OQoo!
Hq_\b^ghqlh y\ey_lkyij_^_ehf ijbko AZf_lbfqlh\kydZynmgdpbyihe_aghklbbo fh`_l[ulvaZf_g_ gZwd\b\Ze_glghcnmgdpb_cihe_aghklb\b^Z ba o :bo < ]^_:!Z<±ijhba\hevgh_
Ke_^h\Zl_evghfh`ghklZg^Zjlbah\Zlvnmgdpbbihe_aghklbgZ ijbf_jihlj_[h\Z\qlh[u b[ bc[ ^ey dhgdj_lghc lhqdb [ >ey nmgdpbc b wlh fh`_l [ulv k^_eZghijb[ Z^eynmgdpbb ijb[ ?keb\ijbf_j_fui_j_c^_fdij_^_emijbDobebmklj_ fbfVof\ijbf_j_lhihemqbfbo oebg_cgmxnmgdpbx ihe_aghklbdhlhjZyij_\jZsZ_lky\\ujh`^_ggmxnmgdpbxihe_agh klb\khhl\_lkl\mxs_fkfuke_rdZeZihe_aghklbij_\jZsZ_lky\^_ g_`gmxrdZem :gZeh]bqghij_^_ehfijbko\ijbf_j_hdZ au\Z_lkynmgdpbybo o <ihke_^mxs_fg_y\gh[m^_fij_^iheZ]Zlvqlh[V_kebbo ± kl_i_ggZynmgdpbyihe_aghklbi_j\h]hjh^Zbqlho!_kebbo y\ ey_lky kl_i_gghc nmgdpb_c ihe_aghklb \lhjh]h jh^Z :gZeh]bqgu_ ij_^iheh`_gby ^_eZ_f dh]^Z jZkkfZljb\Z_f ihe_aghklv kemqZcguo \_ebqbg K aZ^Zgghc h^gbf ba i_j_qbke_gguo \ur_ kihkh[h\ nmgdpb_c ihe_aghklbbo [m^_fZkkhpbbjh\Zlvnmgdpbx To
b cc o b c o
G OQ X c [ G[
gZau\Z_fmxnmgdpb_cg_ijbylbyjbkdZULVNDYHUVLRQIXQFWLRQ AZf_ lbf qlh kh]eZkgh k\hckl\Zf bbf__lf_klhg_jZ\_gkl\hTo ! H[jZlbfkydijbf_jZfjZkkfhlj_gguf\ur_ >eywdkihg_gpbZevghcnmgdpbbihe_aghklb iZjZf_ljZ! ihemqZ_fnmgdpbx ke_^mxs_]h\b^Z To Zf[f LZdbf h[jZahf wdkihg_gpbZevgZy nmgdpby ihe_aghklb ^Z_l ih klhyggh_g_ijbylb_jbkdZ >ey kl_i_gghc nmgdpbb ihe_aghklb i_j\h]h jh^Z iZjZf_lju nmgdpbbV!k! ihemqZ_f To kVo [V A^_kv g_ijbylb_ jbkdZ \hajZklZ_l k [h]Zlkl\hf b klZgh\blky g_h]jZ gbq_ggufijb[oVWlhbf__lke_^mxsmxbgl_jij_lZpbx_keb[h
]Zlkl\h [ebadh d mjh\gx gZkus_gby V m\_ebq_gb_ dhebq_kl\Z ^_g_] ijb\h^bl d hq_gv fZehc ihe_aghklb hlkx^Z g_l ijbqbgu bf_lv dZ dhceb[hjbkd >eykl_i_gghcnmgdpbbihe_aghklb\lhjh]hjh^Zdh]^ZiZjZf_lj nmgdpbbk! ihemqbfqlh To ko[! A^_kv g_ijbylb_jbkdZy\ey_lkym[u\Zxs_cnmgdpb_c[h]Zlkl\Zdh lhjh_fh`_l[ulvlbibqguf^eyg_dhlhjuobg\_klhjh\ ?keb bo aZf_gy_lky gZ wd\b\Ze_glgmx nmgdpbx ihe_aghklb Zkkhpbbjh\ZggZy nmgdpby g_ijbylby jbkdZ hklZ_lky lZdhc `_ H[jZlgh_kebaZ^Z^bfnmgdpbxg_ijbylbyjbkdZTo baZohlbfgZc lbe_`Zsmx\hkgh\_nmgdpbxihe_aghklblhgZc^_fqlh^eynmgd pbbbo bf__lf_klh^bnn_j_gpbZevgh_mjZ\g_gb_ bso To bco Wlh^bnn_j_gpbZevgh_mjZ\g_gb_bf__l^\moiZjZf_ljbq_kdh_k_f_c kl\h j_r_gbc Qlh[u ihemqblv _^bgkl\_ggh_ j_r_gb_ fu fh`_f ijbgylvklZg^ZjlbaZpbxkh]eZkghlj_[h\Zgbyf ^eyg_dhlhjh]h [Lh]^Zj_r_gb_f[m^_lke_^mxsZynmgdpby § ] · bo ³ H[S¨ ³ T \ G\ ¸G] ¨ [ ¸ [ © ¹ [
L_i_jvij_^iheh`bfqlhTo bTo y\eyxlky^\mfynmgdpbyfb g_ijbylbyjbkdZijbq_f To dTo ^ey\k_oo Imklv bo b bo [m^ml ^\mfy e_`Zsbfb \ hkgh\_ nmgdpbyfb ihe_aghklb BaaZ g_h^ghagZqghklb bo g_evay kjZ\gb\Zlv [_a ijbgy lby dZdboeb[h ^hihegbl_evguo ij_^iheh`_gbc H^gZdh _keb ij_^ iheh`blvqlhbo bbo klZg^Zjlbah\Zgu\h^ghcblhc`_lhqd_[ l_ b [ b c[ L L
L
lh]^Zihke_^m_lqlhbo tbo ^ey\k_oo >ey^hdZaZl_evkl\Zwlh]haZf_lbfqlh
ª ] º T \ G\ ³ H[S« ³ L » G] _kebo![ «¬ [ »¼ [ [ [ ª º b o ³ H[S «³ T \ G\» G] _kebo[ «¬ »¼ [
b o L
L
L
[
]
bbkihevam_fij_^iheh`_gb_
MIHJY>HQ?GB?IJ?>IHQL?GBC BGHOH>:FB
JZkkfhljbf^_ckl\bybg\_klhjZkgZqZevguf[h]Zlkl\hfZdhlh juc fh`_l \u[bjZlv f_`^m hij_^_e_gguf qbkehf bg\_klbpbhgguo ijh_dlh\ kh kemqZcgufb hl^ZqZfb K ihfhsvx nmgdpbb ihe_aghklb ^\Z ijh_dlZ kh kemqZcgufb hl^ZqZfb fh`gh kjZ\gb\Zlv g_ihkj_^kl \_gghbg\_klhjij_^ihqblZ_lijh_dlk*ijh_dlmk*_keb ?>bZ* @!?>bZ* @ l__kebh`b^Z_fZyihe_aghklvijh_dlZk*ij_\urZ_lh`b^Z_fmx ihe_aghklv ijh_dlZ k * Dh]^Z h`b^Z_fu_ ihe_aghklb h^bgZdh\u bg\_klhjm[m^_l[_ajZaebqghdZdhcijh_dl\u[bjZlvLZdbfh[jZahf iheghklvx hij_^_ey_lky ihjy^hd ij_^ihql_gby f_`^m fgh`_kl\hf bg\_klbpbhgguoijh_dlh\khkemqZcghchl^Zq_c ?keb mfgh`blv g_jZ\_gkl\h gZ iheh`bl_evgmx dhgklZglm : b ijb[Z\blv dhgklZglm < d h[_bf qZklyf g_jZ\_gkl\Z lh ihemqbf g_jZ\_gkl\h hlghkbl_evgh nmgdpbb ba o wd\b\Ze_glgh_ Ke_ ^h\Zl_evgh nmgdpbb bo b ba o hij_^_eyxl h^bg b lhl`_ihjy^hd ij_^ihql_gbcbkqblZxlkywd\b\Ze_glgufb Ijbf_jIj_^iheh`bfqlhbg\_klhjbkihevam_lwdkihg_gpb Zevgmx nmgdpbx ihe_aghklb k iZjZf_ljhf Z b bf__l \u[hj f_`^m ijh_dlZfb k ghjfZevgh jZkij_^_e_ggufb \_ebqbgZfb * b * ijb q_f?>* @ P YDU>* @ V L Ihkdhevdm L
L
L
L
(>H D* @ H[S^DP D VL ` L
lh
L
?>bZ* @ >H[S^DZ DP D VL `@Z L
L
LZdbf h[jZahf * ij_^ihqlbl_evg__q_f*_kebm^h\e_l\hjy _lky l__keb PD V !P D V Ihg_jZ\_gkl\mB_gk_gZbf__fqlh^eyex[uokemqZcguo\_eb qbg* bZ?>*@ !?>bZ* @ Ke_^h\Zl_evgh_kebbg\_klhjfh`_l\u[bjZlvf_`^mijh_dlZfb khkemqZcghchl^Zq_c*b^_l_jfbgbjh\Zgghchl^Zq_cjZ\ghcfZl_ fZlbq_kdhfmh`b^Zgbx?>*@hgij_^ihql_lihke_^gbcWlh^Z_lgZf ke_^mxs__hij_^_e_gb_^_l_jfbgbjh\Zggucwd\b\Ze_glSZkkhpbb jh\Zgguc k * hij_^_ey_lky mkeh\b_f qlh bg\_klhjm [_ajZaebqgh ihemqZlvkemqZcgmxhl^Zqm*bebnbdkbjh\ZggmxkmffmSFZl_fZ lbq_kdbwlhmkeh\b_aZibku\Z_lky\\b^_ bZS ?>bZ* @ Ba \b^bf qlh S ?>*@ JZkkfhljbf ^\Z ijbf_jZ \ dhlh juofh`ghihemqblvy\gu_\ujZ`_gby^eyS >eywdkihg_gpbZevghcnmgdpbbihe_aghklb^_l_jfbgbjh\Zgguc wd\b\Ze_gljZ\_g S OQ (>H D* @ Z AZf_lbfqlhhgg_aZ\bkblhljZaf_jZ[h]Zlkl\ZZIml_fjZaeh`_gby wlh]h\ujZ`_gby\kl_i_gghcjy^ihZfuihemqbfijhklmxZiijhd kbfZpbx S|?>*@DYDU>*@ kijZ\_^eb\mx^ey^hklZlhqghfZeuoagZq_gbcZ >ey d\Z^jZlbq_kdhc nmgdpbb ihe_aghklb mkeh\b_ ijb\h^bldd\Z^jZlghfmmjZ\g_gbx^eyS?]hj_r_gb_fh`ghaZib kZlvke_^mxsbfh[jZahf S ?>*@V Z?>*@ O]^_ O
YDU>* @ V Z (>* @
>ey[hevrboagZq_gbcVfh`ghjZaeh`blvd\Z^jZlgucdhj_gvbgZclb ijb[eb`_gb_ YDU>* @ S|?>*@ V Z (>* @
BkihevamyjZ\_gkl\h wlmnhjfmemfh`ghij_^klZ\blvdZd S|?>*@TZ?>*@ YDU>*@ dhlhjZyZgZeh]bqgZnhjfme_ >eynmgdpbbihe_aghklbh[s_]h\b^Zbahij_^_e_gby bf_ _fjZ\_gkl\h S b ?>bZ* @ Z ?keb * y\ey_lky hl^Zq_c k ©fZeufª jbkdhf bf__l f_klh ke_ ^mxsZy[he__y\gZyZiijhdkbfZpby S|?>*@TZ?>*@ YDU>*@ Qlh[umlhqgblvagZq_gb_wlh]hkhhlghr_gbyh[hagZqbf * P]9]! ]
]^_ P y\ey_lky dhgklZglhc Z 9 kemqZcgZy \_ebqbgZ k ?>9@ b YDU>9@ ?>9@ V Hlkx^Z?>* @ PbYDU>* @ ] V Imklv S] [m^_l ^_l_jfbgbjh\Zgguf wd\b\Ze_glhf * hij_^_ ey_fufmjZ\g_gb_f ]
]
]
bZS] ?>bZ* @ ]
B^__cy\ey_lkyjZaeh`blvnmgdpbxS] \kl_i_gghcjy^ih] S] ZE]F] « ?keb\ iheh`blv] lh bZZ bZP bebZ P Ijh^bnn_j_gpbjh\Z\ ih]ihemqbf Sc] bcZS] ?>9bcZ* @ ]
Ih^klZgh\dZ] ^Z_l EbcZP ?>9@bcZP bebE GZdhg_pijh^bnn_j_gpbjh\Z\jZ\_gkl\h ihemqbf Ss] bcZS] >Sc] @bsZS] ?>9 bsZ* @ ]
Ih^klZ\eyy\wlhjZ\_gkl\h] gZoh^bf kbcZP ?>9 @bsZP
beb k
Xcc Z P V TZP V Xc Z P
Ih^klZgh\dZ\ujZ`_gbc b \jZaeh`_gb_ ^Z_lZiijhdkbfZpbx S] |PTZP ] V ?>* @TZ?>* @ YDU>* @ ]
]
]
qlhmlhqgy_lnhjfmem L_i_jv jZkkfhljbf ^\_ nmgdpbb ihe_aghklb bo b bo lZdb_ qlh To dTo ^ey\k_oo bimklvSbSh[hagZqZxlkhhl\_lkl\mxsb_bf^_l_jfbgbjh\Zggu_ wd\b\Ze_gluLh]^Zfh`ghh`b^Zlvqlh StS Qlh[uijh\_jblvwlhkhhlghr_gb_ijbf_fqlhe_`Zsb_\hkgh \_nmgdpbbihe_aghklbklZg^Zjlbah\Zgu\g_dhlhjhclhqd_[ ZS Lh]^Z bo tbo ^ey\k_oo Hlkx^Zbbahij_^_e_gbySbSke_^m_lqlh bZS bZS ?>bZ* @t?>bZ* @ bZS LZd dZd b y\ey_lky \hajZklZxs_c nmgdpb_c g_jZ\_gkl\h ^_ckl\bl_evghbf__lf_klh
IJBF?G?GB?NMGDPBCIHE?AGHKLB DKLJ:OH<:GBX
JZkkfhljbf kljZoh\mx dhfiZgbx k gZqZevguf [h]Zlkl\hf Z DhfiZgby^he`gZaZkljZoh\Zlvjbkdbh[yam_lkyhieZlblvbkd6kem qZcgZy \_ebqbgZ \ dhgp_ i_jbh^Z DZdhc ^he`gZ [ulv khhl\_lkl \mxsZyij_fbyJ\wlhfdhgljZdl_"Hl\_lfh`ghihemqblv_kebih klmebjh\Zlv kijZ\_^eb\hklv \ l_jfbgZo ihe_aghklb b hij_^_eblv nmgdpbx ihe_aghklb bo Wlh hagZqZ_l qlh h`b^Z_fZy ihe_aghklv
[h]Zlkl\Z_kebaZdexqblvdhgljZdl^he`gZ[ulvjZ\gZihe_aghklb \kemqZ_dh]^ZdhgljZdlg_aZdexqZ_lky ?>bZJ 6 @ bZ LZdhcih^oh^gZau\Z_lkyijbgpbihfwd\b\Ze_glghcihe_aghklb MjZ\g_gb_ hij_^_ey_l J _^bgkl\_gguf h[jZahf gh hgh \ h[ s_f kemqZ_ g_ bf__l y\gh]h j_r_gby Bkdexq_gb_ khklZ\eyxl kem qZbdh]^Zbo y\ey_lkywdkihg_gpbZevghcijbwlhf J OQ (>H D6 @ Z bebd\Z^jZlbqghcdh]^Z ° YDU> 6 @ ½° J ?>6@VZ ® ¾ °¯ V Z °¿ ?keb 6 y\ey_lky ©fZeufª jbkdhf fh`gh gZclb ijb[eb`_ggh_ j_r_gb_mjZ\g_gby J|?>6@TZ YDU>6@ qlh[um\b^_lvwlh^hklZlhqghiheh`blv6 P]9k?>9@ bjZa eh`blvJihkl_i_gyf] b:J 6 @ ?>b: @ AZf_lbfqlhl_i_jvJhij_^_ey_lkykh\f_klgufjZkij_^_e_gb_fkem qZcguo\_ebqbg:b6 H[jZlbfkydjZkkfhlj_gbxijbf_jh\\dhlhjuoij_fbyJfh`_l [ulv\uqbke_gZ\y\ghcnhjf_ Ijbf_j?kebbo _oj^D[` DgZoh^bf (>H D 6 : @ J OQ D (>H D: @ ?keb Z fZeh fh`_f jZaeh`blv wlh \ujZ`_gb_ ih kl_i_gyf Z b ihemqblvZiijhdkbfZpbx J|?>6@ZYDU>6 :@ZYDU>:@ ?>6@ZYDU>6@ZkRY>6:@
AZf_lbfqlhnhjfmeZ k\h^blkyd\ujZ`_gbx \kem qZ__keb:b6g_aZ\bkbfu_kemqZcgu_\_ebqbguAZf_lbflZd`_ qlhZiijhdkbfZpby y\ey_lkylhqgufj_r_gb_f\kemqZ_dh]^Z : b 6 khklZ\eyxl ^\mof_jgmx ghjfZevgh jZkij_^_e_ggmx kemqZc gmx\_ebqbgm Ijbf_j?kebbo ooVlh]^Z ]^_
J ?>6@V?>:@ O O
YDU> 6 @ FRY> 6 : @ V (>: @
AZf_lbf qlh wlh \ujZ`_gb_ k\h^blky d nhjfme_ k aZf_ghc ?>:@gZZ\kemqZ_dh]^Z:b6g_dhjj_ebjh\Zggu_kemqZcgu_\_ ebqbgu>ey[hevrboagZq_gbcVj_r_gb_ ^himkdZ_lZiijhdkb fZpbx YDU> 6 @ FRY> 6 : @ J|?>6@ V (>: @ ?>6@T?>:@ ^YDU>6@kRY>6:@` JZkkfhljbfkljZoh\mxdhfiZgbxdhlhjZy^he`gZaZieZlblvh[ smxkmffmbkdh\6kemqZcgZy\_ebqbgZ k\hbfdeb_glZf\dhgp_]h ^ZJZkkfhljbf^\Zkh]eZr_gby DhgljZdl ©klhiehkkª k m^_j`Zgb_f G Ijb wlhf dhfiZgby [_j_l gZ k_[y \uieZlm bkdh\ _keb bo h[sZy kmffZ 6 d G < kemqZ_ gZjmr_gby wlh]h jZ\_gkl\Z kmffm 6 G \uieZqb\Z_li_j_kljZoh\hq gZy dhfiZgby 6G @ ?>K6 @
Djhf_ lh]h k^_eZ_f m^h[gh_ gh fh`_l [ulv g_j_Zebklbqgh_ ij_^iheh`_gb_qlhh[_i_j_kljZoh\hqgu_ij_fbbh^bgZdh\u_Lh]^Z \l_jfbgZoihe_aghklbdhgljZdl©klhiehkkª[he__ij_^ihqlbl_e_gl_ ?>bZK6 6 @d?>bZ6G 6 @ <wlhfdhgl_dkl_Zij_^klZ\ey_l[h]Zlkl\hi_j_kljZoh\hqghcdhfiZ gbb\dexqZyihemq_ggmxij_fbx >hdZaZl_evkl\h gZqg_f k aZf_qZgby qlh \h]gmlZy djb\Zy e_`blih^dZkZl_evghcdg_cl_ bm dbo bco m o ^ey\k_oobm Bkihevamywlhkhhlghr_gb_^eym ZK6 6o Z6G 6 ihemqZ_f bZK6 6 dbZ6G 6 bcZ6G 6 K6 6G d dbZ6G 6 bcZG K6 6G >eyijh\_jdb\lhjh]hg_jZ\_gkl\ZjZkkfhljbf^\ZkemqZy6!G dh]^Zg_jZ\_gkl\hhq_\b^gh\uihegy_lkyb6dG^eydhlhjh]h bcZ6G 6 K6 6G bcZ 6 K6 d dbcZ G K6 bcZ G K6 6G 6@ ij_^iheh`bfqlh\dhgp_]h^Zij_fb_cMJijbdju\Z_l a hilbfZevgh_agZq_gb_M ky^heyM6\k_ckmffudMd Lh]^Z M [m^_l\_ebqbghcdhlhjZyfZdkbfbabjm_l ?>bZMJ M 6 @ ]^_ bo ± khhl\_lkl\mxsZy nmgdpby ihe_aghklb b ]^_gZqZevgh_[h ]Zlkl\hZ\dexqZ_lihemq_ggu_ij_fbb
<qZklghfkemqZ_dh]^Zbo y\ey_lkywdkihg_gpbZevghcnmgdpb _cihe_aghklbkiZjZf_ljhfZZ6bf__lghjfZevgh_jZkij_^_e_gb_kh kj_^gbfPb^bki_jkb_cV\uqbke_gbyfh]ml[ulvk^_eZgu\ZgZeb lbq_kdhcnhjf_L_i_jvh`b^Z_fZyihe_aghklv ?^H[S>DZDM3DM 6@` D H[S>DZDM3DM PD VM @D HgZfZdkbfZevgZijb
a J P DV M
Wlhl j_amevlZl bf__l ijb\e_dZl_evgmx bgl_jij_lZpbx Hilb fZevgZyhklZxsZyky^heyijhihjpbhgZevgZgZ^[Z\d_dhlhjZykh^_j `blky \ ij_fbb i_j_kljZoh\Zgby ^ey ihegh]h ijbdjulby b h[jZlgh ijhihjpbhgZevgZ g_ijbylbx jbkdZ dhfiZgb_c b ^bki_jkbb ihegh]h bkdZ <nbgZgkZonhjfmeZZgZeh]bqgZy ba\_klgZdZdhlghr_gb_ F_jlhgZkf3DQMHUHWDO]e Hlebqb_khklhbl\lhfqlh^ey nhjfmeu F_jlhgZ nmgdpby ihe_aghklb kl_i_ggZy Z 6 jZkij_^_e_gh eh]Zjbnfbq_kdbghjfZevgh\lh\j_fydZda^_kvnmgdpbyihe_aghklb wdkihg_gpbZevgZyZ6jZkij_^_e_ghghjfZevgh
H;F?GJBKD:FBHILBF:EVGUC IHI:J?LH
JZkkfhljbfidhfiZgbcbebZ]_glh\ Ij_^iheh`bfqlhdhfiZ gbyLbf__l[h]Zlkl\h: \dhgp_]h^Zbhkgh\u\Z_lk\hbj_r_gbygZ nmgdpbb ihe_aghklb b o A^_kv : « :i ± kemqZcgu_ \_ebqbgu k ba\_klghckh\f_klghcnmgdpb_cjZkij_^_e_gbyH[hagZqbfh[s__[h ]Zlkl\hdhfiZgbcq_j_a: :«:iH[f_gjbkdZfbij_^mkfZl jb\Z_l i_j_jZkij_^_e_gb_ h[s_]h [h]Zlkl\Z LZdbf h[jZahf ihke_ h[f_gZjbkdZfb[h]Zlkl\hdhfiZgbbL[m^_lO a^_kv\_ebqbguO« Oifh]ml[ulvkemqZcgufbghlZdbfbqlh[uh[s__[h]Zlkl\hhklZ\Z ehkvl_f`_ O«Oi : L
L
L
AgZq_gb_ lZdh]h h[f_gZ ^ey dhfiZgbb L baf_jy_lky \_ebqbghc a a ?>b O @=h\hjylqlhh[f_gjbkdZfb ; ; Q y\ey_lkyhilbfZev gufihIZj_lh_kebg_\hafh`ghmemqrblviheh`_gb_h^ghcdhfiZ L
L
gbb [_a mom^r_gby iheh`_gby ohly [u h^ghc ^jm]hc dhfiZgbb Lh _klv g_ bf__lky gbdZdh]h ^jm]h]h h[f_gZO« Oi m^h\e_l\hjyx s_]hkbkl_f_g_jZ\_gkl\ a ?>b O @t?>b O L @^eyL «i L
L
L
Ijbq_fihdjZcg_cf_j_h^ghg_jZ\_gkl\h\uihegy_lkykljh]h?keb dhfiZgbb`_eZxldhhi_jbjh\Zlvkyhgb^he`gu\u[bjZlvh[f_gjbk dZfbhilbfZevgucihIZj_lh HilbfZevgu_ ih IZj_lh h[f_gu g_ _^bgkl\_ggu_ Z khklZ\eyxl k_f_ckl\hh[f_gh\jbkdZki iZjZf_ljZfbLZdh_k_f_ckl\hfh `_l[ulvihemq_ghke_^mxsbff_lh^hf
Q
¦ NL ?>b O @ L
L
L
]^_fZdkbfmf\uqbkey_lkyih\k_fh[f_gZfjbkdZfbO«Oi WlZ aZ^ZqZbf__lhlghkbl_evghijhklh_j_r_gb_ a a L_hj_fZ%RUFK H[f_gjbkdZfb ; ; Q fZdkbfbabjm_l a \ujZ`_gb_ _keb b lhevdh _keb kemqZcgu_ \_ebqbgu N XLc O L h^bgZdh\u^ey\k_oL «i a a >hdZaZl_evkl\h Z Ij_^iheh`bf qlh ; ; Q fZdkbfbab jm_l ImklvMzKb9[m^_lijhba\hevghckemqZcghc\_ebqbghc a a a Hij_^_ebfO O L ^eyLzMKO O M W9; O K W9]^_Wy\ ey_lkyiZjZf_ljhfImklv L
L
M
K
Q
IW ¦ N L ?>b O @ L
L
L
<khhl\_lkl\bbkgZrbfij_^iheh`_gb_fnmgdpbyIW bf__lfZd kbfmfijbW Ke_^h\Zl_evghI?W beb a a N ?>9b c O M @N ?>9b c O K @ M
M
K
K
Ihe_aghi_j_ibkZlvihemq_ggh_jZ\_gkl\hdZd a a ?>9^N b c O M N b c O K `@ M
M
K
K
LZddZdhghbf__lf_klh^eyijhba\hevguo9lh a a N b c O M N b c O K M
M
K
K
a Ihkdhevdm M b K \u[bjZebkv ijhba\hevgh \_ebqbgZ N X c O L g_ aZ\bkblhlL a a [ H[jZlghimklv ; ; Q lZdhch[f_gjbkdZfbqlh a N X c O L / L
L
L
L
y\ey_lkyh^ghcblhc`_kemqZcghc\_ebqbghc^ey\k_oL Imklv O « Oi [m^_l ex[uf ^jm]bf h[f_ghf jbkdZfb Ba ke_^m_lqlh a a a b O db O L b c O L O O L L
L
L
L
L
?kebmfgh`blvwlhg_jZ\_gkl\hgZN ijhkmffbjh\ZlvihLbbkihev ah\ZlvjZ\_gkl\h lhihemqbfg_jZ\_gkl\h L
Q Q Q a a a N b N X O O ; / O d ¦ L ¦ L ¦ L L ¦ NL X O L L Q
L
L
L
L
L
L
L
L
Ke_^h\Zl_evgh Q
Q a N ?>b O @d ¦ L ¦ NL ?>b O L @ L
L
L
L
L
a a hldm^Z \b^gh qlh h[f_g jbkdZfb ; ; Q \ ^_ckl\bl_evghklb fZdkbfbabjm_l\ujZ`_gb_ Ijbf_jIj_^iheh`bfqlh\k_dhfiZgbbbkihevamxlwdkih g_gpbZevgmx nmgdpbx ihe_aghklb b o _oj^ D [` D ]^_ D y\ey_lky dhgklZglhc g_ijbylby jbkdZ dhfiZgb_c M M « i Ba ihemqZ_f a N _ojD O M / beb a O M OQ/D OQN D M
M
M
M
M
M
M
M
M
KmffbjmyihMihemqZ_fmjZ\g_gb_^eyhij_^_e_gby/ Q
Q
: ¦ D OQ/ ¦ OQ N M D M
M
M
M
<\_^_f\_ebqbgmZkihfhsvxjZ\_gkl\Z Q
D ¦D M
L
lh]^ZbamjZ\g_gby ke_^m_lqlh Q
OQ/ Z:Z ¦ OQ N D M
M
M
Ih^klZgh\dZ\jZ\_gkl\h ^Z_l OQ N L D D a OL : DL DL DL
Q
OQ N M
M
DM
¦
^ey L « i LZdbf h[jZahf dhfiZgby L [m^_l ijbgbfZlv ^hex d\hlm T ZD h[s_]h[h]Zlkl\Z:iexk\hafh`ghhljbpZl_evguc ^hihegbl_evgucieZl_` OQ NL D Q OQ N M G ¦ DL DL M D M E_]dhijh\_jblvqlh L
L
L
T«Ti bG«Gi AZf_lbf qlh T h[jZlgh ijhihjpbhgZevgu dhwnnbpb_glZf g_ ijbylbyjbkdZbqlhhgbh^bgZdh\u^ey\k_oh[f_gh\jbkdZfbhilb fZevguo ih IZj_lh HilbfZevgu_ ih IZj_lh h[f_gu jbkdZfb hleb qZxlkylhevdhk\hbfb^hihegbl_evgufbieZl_`Zfb Ijbf_jL_i_jvij_^iheh`bfqlh\k_dhfiZgbbbkihevamxl kl_i_ggmxnmgdpbxihe_aghklbi_j\h]hjh^ZlZdmxqlh L
b o M
V M F V M [ F F V M F
M «i
]^_V y\ey_lkymjh\g_fmklZgh\e_gby^eydhfiZgbbM BajZ\_gkl\Z ihemqbf a N O M V k / beb a O M ±V N / V M
M
M
F
M
F
M
M
KmffbjmyihMihemqZ_fmjZ\g_gb_^eyhij_^_e_gby/ Q
Q
: ¦ V M N M F / ¦ V M F
M
M
Imklv
V V«Vi
h[hagZqZ_lh[t_^bg_ggucmjh\_gvmklZgh\e_gbyLh]^ZbamjZ\g_gby ke_^m_lqlh Q VM / V : ¦ F M NM Ih^klZgh\dZwlh]h\ujZ`_gby\nhjfmem ^Z_l F
VL
F
NL
a ;L
Q
VM
M
N M F
¦
VL
NL F : VL Q V VM
¦
M
N M F
a a ^eyL «iKe_^h\Zl_evghkgh\Z O L bf__l\b^ O L T :G H^ gZdhl_i_jvdZdd\hlulZdb^hihegbl_evgu_ieZl_`bbaf_gyxlkyb ihwlhfmG V T V ?kebgZibkZlvwlhlj_amevlZl\nhjf_ a V O L T V : L
L
L
L
L
L
L
a lh]^Z\hafh`gZke_^mxsZy_]hbgl_jij_lZpby
M
BajZ\_gkl\Z \b^ghqlh a a N O M F /l_ O M N M F / F
M
Kmffbjh\Zgb_ihM^Z_l Q
: ¦ N M F / beb/ F
F
M
:
Q
¦ N M F M
?kebih^klZ\blvwlh\ujZ`_gb_\jZ\_gkl\h lhihemqbfqlh a O L T : L
]^_ TL
NL F
Q
¦ N M F M
Ke_^h\Zl_evgh dZ`^uc bg\_klhj ijbgbfZ_l nbdkbjh\Zggmx d\hlmihegh]h[h]Zlkl\ZDZdb\kemqZ_kl_i_gghcnmgdpbbihe_agh klbi_j\h]hjh^Zd\hlubaf_gyxlkyghl_i_jvg_lgbdZdbo^hihegb l_evguoieZl_`_c Ijbf_jJZkkfhljbfkemqZc^\modhfiZgbci Ij_^ih eh`bfqlhbo oZbo bo ±nmgdpbyihe_aghklb\kh[kl\_g ghfkfuke_kbso Lh]^Zmkeh\b_ ij_\jZsZ_lky\ke_^mx a a s__ N N Xc O Gh wlh hagZqZ_l qlh O ± dhgklZglZ kdZ`_f a jZ\gZy G Lh]^Z O : G Wlhl j_amevlZl \ ^_ckl\bl_evghklb g_ m^b\bl_e_glZddZdi_j\ZydhfiZgby\hkijbbfqb\ZdjbkdmHgZ[m ^_lijbgbfZlv\_kvjbkd Fu ij_^klZ\beb ijbf_ju \ dhlhjuo hilbfZevgu_ ih IZj_lh h[f_gujbkdZfbbf_xlbkdexqbl_evghijhklhc\b^<h[s_fkemqZ_ wlhg_lZdKe_^mxsbcijbf_jbeexkljbjm_lwlh Ijbf_j Imklv i Ij_^iheh`bf qlh nmgdpbb bo b bo y\eyxlkykl_i_ggufbnmgdpbyfbihe_aghklb\lhjh]hjh^ZkiZ jZf_ljZfbk bk l_bo OQobo o^eyo! BajZ\_gkl\Z ihemqZ_fmkeh\b_ a a O N O N a a D D: D@ O > D D: D@ a a ]^_Z NNA^_kv O b O y\eyxlkyhq_\b^ghg_ebg_cgufbnmgd pbyfb[h]Zlkl\Z: Ijbf_jihfh]Z_lihgylvh[sb_k\hckl\ZhilbfZevguoihIZ j_lhh[f_gh\jbkdZfbImklvbo «bio ±ijhba\hevgu_nmgdpbb a a ihe_aghklbZ ; ; Q hilbfZevgucihIZj_lhh[f_gjbkdZfb
a a >ey aZ^Zggh]h : Z h[f_g ; ; Q fZdkbfbabjm_l \ujZ`_gb_ a a Ke_^h\Zl_evgh O L O L Z ± nmgdpby h[s_]h [h]Zlkl\Z Z ImklvMzKKh]eZkghl_hj_f_ a a N b c> O M Z @ N b c> O K Z @ M
M
K
K
>bnn_j_gpbjh\Zgb_wlh]hjZ\_gkl\ZihZ^Z_l a a G; M G; K a a N b s> O M Z @ N b s> O K Z @ GZ GZ M
M
K
K
JZa^_eb\ e_\mx b ijZ\mx qZklb jZ\_gkl\Z gZ khhl\_lkl \mxsb_qZklbjZ\_gkl\Z ihemqbf a a G; M G; K a a T > O M Z @ T > O K Z @ GZ GZ M
K
Hlkx^Zbbalh]hqlh
a a GO « GO Q GZ
ke_^m_lkhhlghr_gb_ a G; M
a T M ; M Q
¦ T ;a K K K
GZ M «i
LZdbfh[jZahfk_f_ckl\hhilbfZevguoihIZj_lhh[f_gh\jbkdZ fh`_l[ulvihemq_ghke_^mxsbfkihkh[hf>eyex[h]hdhgdj_lgh]h a a a a Z Zfh`_f\u[jZlv O Z « O i Z Lh]^Z O Z « O i Z hi j_^_ey_lky dZd j_r_gb_ ^bnn_j_gpbZevgh]h mjZ\g_gby k ]jZ gbqgufmkeh\b_fZ Z < dZq_kl\_ beexkljZpbb ijbf_g_gby h[jZlbfky d ijbf_ jZfb>eymgbnbdZpbbZgZebaZij_^iheh`bfqlh T [ D[E M «i M
M
Fuohlbfijh\_jblvqlhhilbfZevgucihIZj_lhh[f_gjbkdZfb bf__l\b^ a O L T :G L
L
bebqlhwd\b\Ze_glgh
a GO M T GZ L
^eygZ[hjZd\hlT«Tib^hihegbl_evguoieZl_`_cG«GiBakh hlghr_gbc b ihemqZ_f a a D; M E M D; M E M a G; M GZ GZ Q D: E a ¦ D; K E K K
]^_E E«EiHlkx^Zkihfhsvxh[f_gZ gZoh^bfqlh DT M: DG M E M
a G; M
D: E
GZ
Qlh[u m[_^blvky qlh jZ\_gkl\h kijZ\_^eb\h gZf gm`gh ihdZaZlvqlh^jh[v\\ujZ`_gbb jZ\gZT JZkkfhljbf^\Zkem qZy _kebEz^eywlh]hgm`ghqlh[uT DG E EL «i _keb E lh]^ZT«Ti±ijhba\hevgu_d\hluZ^hihegb l_evgu_ieZl_`bhij_^_eyxlkyjZ\_gkl\ZfbG E DL «i <l_hj_f_nZdlbq_kdbml\_j`^Z_lkyqlh^eyhilbfZevgh]hih a a IZj_lh h[f_gZ jbkdZfb ; ; Q bf__lky kemqZcgZy \_ebqbgZ / lZdZyqlh a / N X c O L ^eyL «i L
L
L
L
L
L
L
L
a a LZddZd O L O L Z y\ey_lkynmgdpb_ch[s_]h[h]Zlkl\ZZbawlh]h ke_^m_lqlh/ /Z lZd`_[m^_lnmgdpb_cZ>bnn_j_gpbjh\Zgb_ jZ\_gkl\ ^Z_l a a /c N X s O L O Lc L
L
>_e_gb_e_\hcbijZ\hcqZkl_cwlh]hjZ\_gkl\Zkhhl\_lkl\_gghgZe_ \mxbijZ\mxqZklbjZ\_gkl\Z bbkihevah\Zgb_nhjfmeu iha\heyxlihemqblvkhhlghr_gb_ c
§ Q · ¨¨ ¦ a ¸¸ © K TK ; K ¹
JZ\_gkl\h ihdZau\Z_lqlh/y\ey_lkym[u\Zxs_cnmgdpb _cihegh]h[h]Zlkl\Z
Kh\f_klgucihl_gpbZe
Kgh\Z jZkkfhljbf i kljZoh\uo dhfiZgbc b ij_^iheh`bf qlh bkoh^gucgZ[hj:«:il_jZkij_^_e_gb_boihegh]h[h]Zlkl\Z :g_y\ey_lkyhilbfZevgufihIZj_lhGZkdhevdhm\_ebqZlk\hc^h oh^dhfiZgbbijbdhhi_jZpbb" Hl\_lfh`_l[ulvihemq_gkihfhsvxkh\f_klgh]hihl_gpbZeZ V\QHUJ\ SRWHQWLDO K Hg baf_jy_lky gZb[hevr_c kmffhc o dhlhjZy fh`_l[ulvba\e_q_gZbakbkl_fu[_ams_fe_gbydZdhceb[hbadhf iZgbcl_lZdqlh[uihke_h[f_gZjbkdZfbijbmkeh\bb O«Oi :o \_ebqbguO«Oim^h\e_l\hjyebg_jZ\_gkl\Zf ?>b O @t?>b : @^eyL «i L
L
L
L
Ykghqlh^eyo Kfu^he`gubf_lvjZ\_gkl\h\khhlghr_gbb bh[f_gjbkdZfbO«Oi^he`_g[ulvhilbfZevgufihIZj_ lh^ey:K Ijbf_jijh^he`_gb_ijbf_jZ Ij_^iheh`bfqlh\k_ a a nmgdpbb ihe_aghklb wdkihg_gpbZevgu_ LZd dZd ; ; Q y\ey_lky hilbfZevguf ih IZj_lh h[f_ghf jbkdZfb ^ey [h]Zlkl\Z : K ba ke_^m_lqlh D a O L : K GL ^eyL «i DL AZl_ffubkihevam_fmkeh\b_ \\b^_jZ\_gkl\ a ?>b O @ ?>b : @ L
hldm^Z\b^ghqlh
L
L
?>_ Z @_oj^DK D G ` ( >H D : @ :
L
beb
L
D K GL DL
L
L
L
OQ (>H D : @ OQ (>H D: @ DL DL L
L
Kmffbjh\Zgb_ihL^Z_ly\gh_\ujZ`_gb_^eykh\f_klgh]hihl_gpbZeZ Q
K
Q
¦
L
(>H
D : D L
L
@
OQ ( >H D : @ OQ (>H D: @ OQ L D: D DL D (>H @ L
L
L
Ijbf_jijh^he`_gb_ijbf_jZ Ij_^iheh`bfqlhdhf iZgbb bkihevamxl kl_i_ggmx nmgdpbx ihe_aghklb i_j\h]h jh^Z < khhl\_lkl\bbkjZ\_gkl\hf a V O L T V :K a Ba?>b O @ ?>b Z @l_i_jvke_^m_lqlh L
L
L
L
L
T
F L
L
(>V :K
F
@ (>V :
F
L
@
L
Ba\e_q_gb_dhjgykl_i_gbk bkmffbjh\Zgb_ihL^Z_l (>V :K
F
F
@
Q
¦ ? >V : @ F
L
F
L
L
WlhjZ\_gkl\hy\ey_lkymjZ\g_gb_f^eykh\f_klgh]hihl_gpbZeZK Ijbf_jijh^he`_gb_ijbf_jZ Ij_^iheh`bfqlhdZ `^uc ba bg\_klhjh\ bf__l kl_i_ggmx nmgdpbx ihe_aghklb \lhjh]h jh^ZIhwlhfm a O L T :K L
a Ba?>b O L @ ?>b : @ihemqZ_f L
b
L
T
k L
L
(>: K k@ (>: k@_kebkz L
OQT (>OQ: K @ (>OQ: @_kebk L
L
Ba\e_dZydhj_gvkl_i_gbk \jZ\_gkl\_ bkmffbjmyih LihemqZ_fmjZ\g_gb_^eyhij_^_e_gbykh\f_klgh]hihl_gpbZeZK\ kemqZ_kz k k
(>: K
@
Q
¦ ?> : k @ k L
L
:gZeh]bqghbajZ\_gkl\Z ihemqbfmjZ\g_gb_^eyK\kemqZ_k Q
H[S^(>OQ: K @` ¦ _oj^(>OQ: @` L
L
Ijbf_j<ijbf_j_jZ\_gkl\hh`b^Z_fuoihe_aghkl_c ijb\h^bldlhfmqlh a a O : (>:@b O G ]^_Ghij_^_ey_lkybamjZ\g_gbybG (>b: @ LZdbfh[jZahfG S^_l_jfbgbjh\Zgghfmwd\b\Ze_glm:Hl kx^Zke_^m_lqlh a K : O S (>:@S Fu fh`_f bkihevah\Zlv kh\f_klguc ihl_gpbZe ^ey ihkljh_gby dhgdj_lgh]hhilbfZevgh]hihIZj_lmh[f_gZjbkdZfbB^_ykhklhbl\ lhfqlh[uba\e_qvKbah[s_]h[h]Zlkl\ZdhfiZgbcbaZl_fjZkij_ ^_eblv_]hf_`^mdhfiZgbyfbkh]eZkghkhhlghr_gbx J_amev a a lbjmxsbchilbfZevgucihIZj_lhh[f_gjbkdZfb ; ; Q ^ey[h ]Zlkl\Z:oZjZdl_jbam_lkymkeh\b_f ?^b > O :K @` ?>b : @^eyL «i L
L
L
L
Ijbf_jijh^he`_gb_ijbf_jZ <kemqZ_wdkihg_gpb a Zevguonmgdpbcihe_aghklbbf__f O L D : K DL G L Qlh[u hij_^_eblv ^hihegbl_evgu_ ieZl_`b ih^klZ\bf wlh \u jZ`_gb_\jZ\_gkl\h bihemqbf ?>_ Z @_oj^DK D G ` (>H D : @ :
L
L
L
L
Bawlh]hke_^m_lqlh GL
D K OQ ( >H D : @ OQ ( >H D: @ DL DL DL L
L
Ih^klZ\eyy\wlmnhjfmemagZq_gb_K\\b^_ ihemqZ_fhdhgqZ l_evgucj_amevlZl GL
D DL
Q
D : OQ (>H @ OQ ( >H D : @ ^eyL «i DL DM
¦ M
M
M
L
L
Ijbf_j >ey kl_i_gguo nmgdpbc ihe_aghklb i_j\h]h jh^Z a a fu gZreb qlh hilbfZevguc ih IZj_lh h[f_g jbkdZfb ; ; Q a lZdh\qlhV O L T V : Hlkx^Zbbamkeh\by ihemqZ_fjZ \_gkl\h TLF (>V :K @ (>V : @ L
L
F
F
L
LZdbfh[jZahf
L
F
§ (> VL :L F @ · ¸ ¨ ¨ (> V : K F @ ¸ ¹ ©
TL
GZdhg_pqlh[uhdhgqZl_evghihemqblvy\gmxnhjfmem^eyd\h lubkihevam_fmjZ\g_gb_ (> VL :L F @ F
TL
Q
¦ (>V M : M M
F F
L «i
@
Ijbf_j >ey kl_i_gguo nmgdpbc ihe_aghklb \lhjh]h jh^Z a gZc^_ghqlh O L T :BajZ\_gkl\Z \b^ghqlh L
F
§ (>:L F @ · ¨ ¸ ¨ (>: K F @ ¸ © ¹
TL b TL
_kebkz
H[S^(>OQ :L @` _kebk H[S^(>OQ: K @`
BamjZ\g_gbc b ke_^m_lqlh (>:L F @ F TL _kebkz Q ¦ (>: M F @ F M
b TL
H[S^(>OQ :L @` Q
¦ H[S^(>OQ : M @` M
_kebk
JUGHDBJ:<<@ A^_kv < y\ey_lky iheh`bl_evghc kemqZcghc \_ebqbghc Ij_^iheh `bf qlh G< ij_^klZ\ey_l kh[hcp_gm\dhgp_]h^ZLh]^Zp_gZ^_ l_jfbgbjh\Zggh]h ieZl_`Z ^he`gZ [ulv dhgklZglhc Ihwlhfm fu ^he`gubf_lv?><@ I_j_ibr_fijZ\mxqZklvjZ\_gkl\Z \ \b^_?><@?><<@?><@?><@lh]^Zke_^m_lqlhp_gZieZl_`Z<fh `_l[ulvaZibkZgZdZd G< ?><@kRY<< l_p_gZieZl_`ZjZ\gZ_]hfZl_fZlbq_kdhfmh`b^Zgbxfh^bnbpb jh\Zgghfmkmq_lhfjughqguomkeh\bcK^jm]hcklhjhgufufh`_f bgl_jij_lbjh\Zlvp_gmieZl_`ZdZd_]hfZl_fZlbq_kdh_h`b^Zgb_hl ghkbl_evghfh^bnbpbjh\Zgghc\_jhylghklghcf_ju4dhlhjZyhij_ ^_ey_lkykhhlghr_gb_f ? < ?><<@^ey\k_o< 4
>jm]bfbkeh\Zfb<_klvijhba\h^gZyJZ^hgZ±Gbdh^bfZf_ju4hl ghkbl_evghbkoh^ghc\_jhylghklghcf_juIhwlhcijbqbg_;xevfZg gZa\Ze<iehlghklvxp_guSULFHGHQVLW\ DhfiZgby L [m^_l klj_fblvky dmiblv ieZl_` < ^ey lh]h qlh[u fZdkbfbabjh\Zlv ?>b : < G< @ L
L
L
L
L
a IeZl_` b c:
L
L
L
Qlh[uihdZaZlvg_h[oh^bfhklvwlh]hmkeh\byij_^iheh`bfqlh a b : < G< @ijbgbfZ_lk\h_fZdkbfZevgh_ agZq_gb_\lhqd_W Ke_^h\Zl_evgh a a I? ?^b c>: <9@ ` L
L
L
L
L
L
L
L
WlhjZ\_gkl\hfh`ghi_j_ibkZlvlZd a a a a ?>9^b c: b c:
L
L
L
LZddZdhghkijZ\_^eb\h^ey\k_o9\ujZ`_gb_\nb]mjguokdh[dZo ^he`gh[ulvjZ\ghgmexbaq_]hke_^m_lmkeh\b_ Qlh[uihdZaZlv^hklZlhqghklvmkeh\by jZkkfhljbfieZl_` a
L
L
L
L
L
L
a a a a a a b c:
L
L
L
L
L
a a a a <?> X c :
L
L
L
b : < G< @d?>b :
L
L
L
L
L
qlhaZ\_jrZ_l^hdZaZl_evkl\h a AZf_lbfqlhhilbfZevgh_
a
a
¦ >
y\ey_lky ba[ulhqguf ihlj_[e_gb_f H[FHVV GHPDQG DhfiZgbb fh ]mlfZdkbfbabjh\Zlvh^gh\j_f_gghk\hbh`b^Z_fu_ihe_aghklb_keb lhevdhba[ulhqgh_ihlj_[e_gb_klZgh\blkyjZ\gufgmexqlhwd\b\Z e_glgh mkeh\bx jughqgh]h debjbg]Z PDUNHW FOHDULQJ FRQGLWLRQ Wlh ijb\h^bldke_^mxs_fmhij_^_e_gbx a Iehlghklvp_gu<bieZl_`b^
Lh]^Zmkeh\b_ mklZgZ\eb\Z_lqlh a a b c O L <?>b c O L @L «i Ba mkeh\by l_hj_fu ke_^m_l qlh h[f_g jbkdZfb ihjh`^Z_ fucjZ\gh\_kb_fhilbfZevgucihIZj_lhAZf_lbflZd`_qlhjZ\_g kl\h ihkms_kl\mwd\b\Ze_glghhij_^_e_gbx ZagZqbl jZ\_gkl\h m^h\e_l\hjy_lkyijb/ <<qZklghklbwlhihdZau \Z_lqlh<±m[u\ZxsZynmgdpbyh[s_]h[h]Zlkl\Z H[jZlgh_ kijZ\_^eb\h \ ke_^mxs_f kfuke_ Ij_^iheh`bf qlh jZkij_^_e_gb_:«:im`_hilbfZevghihIZj_lhLh]^Z:«:i b<khklZ\yljZ\gh\_kb__kebhij_^_eblv a a < b c O L ?>b c O L @ L
L
L
L
a a Ijbq_f
L
L
L
]^_N y\ey_lkydhgklZglhc Ke_^h\Zl_evghqbklZyihlj_[ghklvdhfiZgbbLjZ\gZ a a <: @?>
L
L
L
L
IjbjZ\gh\_kbbkmffZihL^he`gZ[ulvjZ\gZgmexIhwlhfm : ?><@ hlkx^Zke_^m_lqlhjZ\gh\_kgZyiehlghklvp_gu < _ Z ?>_ Z @ :
:
GZdhg_pg_keh`gucjZkq_lihdZau\Z_lqlh\jZ\gh\_kbb a a a O L : <: @Z?><:@D Z:D G: ZG: D L
L
L
L
L
L
L
Ijbf_jijh^he`_gb_ijbf_jZ Ij_^iheh`bfqlhdhf iZgbbbkihevamxlkl_i_ggu_nmgdpbbihe_aghklbi_j\h]hjh^ZIh wlhfmb co VL [ F VLF L «ibbajZ\_gkl\Z L
a V O L T V : L «i L
L
Lh]^Zkh]eZkghmkeh\bx jZ\gh\_kgZyiehlghklvp_g a a < b c O L ?>b c O L @ V : k?>V : k@ L
L
JZ\gh\_kgu_ d\hlu emqr_]h \k_]h hij_^_eylv ba mkeh\by qlh a G: G O L beb L
G: GV T V : V T VT G: L
L
L
L
L
L
Ke_^h\Zl_evgh T L
VL + :L V + :
(>< VL :L @ L «i (>< V : @
Ijbf_jijh^he`_gb_ijbf_jZ ?keb\k_dhfiZgbbbk ihevamxlh^bgZdh\u_kl_i_ggu_nmgdpbbihe_aghklb\lhjh]hjh^Z b co o kL «i L
a lh]^Z ba nhjfme O L T : L « i Hlkx^Z jZ\gh\_kgZy iehlghklvp_g a a < b c O L ?>b c O L @ : k?>: k@ L
L
L
< wlhf kemqZ_ jZ\gh\_kgu_ d\hlu emqr_ \k_]h gZoh^blv ba mkeh\by a G: G O L T G: LZdbfh[jZahf L
L
+ :L T + : L
(>: F:L @
(><:L @ (><: @
(>: F @
L «i
BajZ\_gkl\Z ke_^m_lqlh^eykemqZcghc\_ebqbgu< G< ?< EG: ?:
]^_
E kRY<< kRY:<
Z<jZ\gh\_kgZyiehlghklvp_gNhjfmeZ [ebadZdhkgh\ghfm j_amevlZlm rbjhdh ba\_klghc jughqghc fh^_eb p_ghh[jZah\Zgby &$30&DSLWDO$VVHW3ULFLQJ0RGHO <dZq_kl\_beexkljZpbbfuh[ jZlbfky d lj_f ij_^r_kl\mxsbf ijbf_jZf < wlhf kemqZ_ ^ey ijb f_jZbf__f E kRY<_ Z kRY:_ Z ^eyijbf_jZ E kRY<V : k kRY:V : k :
^eyijbf_jZ
:
E kRY<: k kRY:: k
AZf_lbfqlhijbk d\Z^jZlbqgZynmgdpbyihe_aghklb nhj fmeZ k\h^blkyddeZkkbq_kdhcnhjfme_&$30
E kRY<: YDU>:@
HIJ?>?E?GB?P?GNBG:GKHGUO
Ijb jughqghf jZ\gh\_kbb p_gZieZl_`Z<jZ\gZG< bhij_^_ ey_lkyihnhjfmeZf b ]^_<±jZ\gh\_kgZyiehl ghklvp_gH[uqghkemqZcgZy\_ebqbgZ<y\ey_lkyklhbfhklvxZdlb\Z DVVHW beb nbgZgkh\hc ijhba\h^ghc GHULYDWLYH VHFXULW\ \ dhgp_ i_
jbh^Z Ijb hij_^_e_gguo ij_^iheh`_gbyo p_gZ nbgZgkh\hc ijhba \h^ghc fh`_l [ulv \ujZ`_gZ q_j_a p_gm e_`Zs_]h \ hkgh\_ Zdlb\Z XQGHUO\LQJDVVHW KgZqZeZij_^iheh`bfqlhkemqZcgZy\_ebqbgZ<bf__leh]ghj fZevgh_jZkij_^_e_gb_l_ < _ =
]^_=bf__lghjfZevgh_jZkij_^_e_gb_gZijbf_jk^bki_jkb_cY LZddZd (><@ H[S^(>=@Y` ^he`gh[ulvjZ\ghhlkx^Zke_^m_lqlh(>=@ Y<khhl\_lkl\bb k nhjfmeZfb ± ij_^iheh`_gb_ eh]Zjbnfbq_kdhc ghj fZevghklb<hagZqZ_lqlh\ijbf_j_\_ebqbgZ:ghjfZevgZy\ ijbf_j_ eh]ghjfZevgZy Z \ ijbf_j_\_ebqbgZV : eh] ghjfZevgZy JZkkfhljbfdhgdj_lgucZdlb\H[hagZqbf_]hklhbfhklv\dhgp_ i_jbh^Zq_j_a6bij_^iheh`bfqlhkemqZcgZy\_ebqbgZ6bf__leh] ghjfZevgh_jZkij_^_e_gb_Lh]^Zfh`ghgZibkZlv6 V_ ]^_Vy\ ey_lky gZ[ex^Z_fhc p_ghc Zdlb\Z \ gZqZe_ i_jbh^Z b 5 bf__l ghj fZevgh_jZkij_^_e_gb_kdZ`_fkhkj_^gbfPb^bki_jkb_cV Ij_^iheh`bfqlhkh\f_klgh_jZkij_^_e_gb_=5 ±^\mof_jgh_ ghjfZevgh_kdhwnnbpb_glhfdhjj_eypbbULh]^Z^eyijhba\h^ys_c nmgdpbb fhf_glh\ 5 hlghkbl_evgh f_ju 4 ihemqbf ke_^mxs__ \u jZ`_gb_ 5
( >_ @ (><_ @ (>_ W5
W5
@ H[S^WPUYV W V`
= W5
4
Wlh ihdZau\Z_l qlh hlghkbl_evgh f_ju 4 jZkij_^_e_gb_ 5 hklZ_lky ghjfZevgufklhc`_^bki_jkb_cVbgh\ufkj_^gbfP PUYV D kqZklvx fh`gh \uibkZlv [he__ ih^oh^ys__ k ijZdlbq_kdhc lhqdb aj_gby \ujZ`_gb_ ^ey P LZd dZd V y\ey_lky p_ghc Zdlb\Z \ gZqZe_i_jbh^Zlh V _ +6 _ ( >6@ 4
4
U
U
4
]^_U[_ajbkdh\Zyijhp_glgZyklZ\dZ Hlkx^ZihemqZ_fmjZ\g_gb_ V _ V( >_ @ _ VH[S^P V` 5
U
U
4
dhlhjh_^Z_l
4
P U V 4
L_i_jvjZkkfhljbfNIklhbfhklvdhlhjhc\dhgp_i_jbh^ZjZ\ gZI6 nmgdpbbp_gue_`Zs_]h\hkgh\_Zdlb\ZP_gZZdlb\Z\gZqZ e_i_jbh^Z _ +I6 _ ( >IV_ @ U
5
U
4
]^_5ghjfZevghjZkij_^_e_ghkhkj_^gbf b^bki_jkb_cVGZ ijbf_j^ey_\jhi_ckdh]hhipbhgZdheekp_ghcbkiheg_gby.nmgd pbyI6 6 . Lh]^Z\ujZ`_gb_ fh`_l[ulv\uqbke_gh\ y\ghf\b^_qlhijb\h^bldnhjfme_;ewdZ±RhmekZ HibkZggucf_lh^fh`ghh[h[sblvqlh[uhij_^_eylvp_gunb gZgkh\uoijhba\h^guodhlhju_aZ\bkylhlg_kdhevdbokdZ`_flZd lb\h\Imklv 6 VL H 5 L
L
h[hagZqZ_l klhbfhklv Zdlb\Z L \ dhgp_ i_jbh^Z ]^_ V y\ey_lky gZ [ex^Z_fhcp_ghcZdlb\ZL\gZqZe_i_jbh^ZL «lL_i_jvij_^ iheh`bfqlh=5«5l bf__lfgh]hf_jgh_kh\f_klgh_ghjfZev gh_jZkij_^_e_gb_Lh]^Zhlghkbl_evghf_ju4fgh]hf_jgh_jZkij_ ^_e_gb_5«5l hklZg_lkyghjfZevgufkg_baf_gghcdh\ZjbZpbhg ghcfZljbp_cgh\_dlhjkj_^gboklZg_l^jm]bflZdbfqlh L
( >5 @ U YDU>5 @L «P 4
L
L
<dhgl_dkl_ijbf_jh\±ijZdlbq_kdb_j_amevlZlufh`gh lZd`_ihemqblv^eynbgZgkh\uoijhba\h^guogZZdlb\u^eydhlhjuo 6y\ey_lkyebg_cghcnmgdpb_c: <ijbf_j_ij_^iheh`bfqlh6 T:Lh]^Z ( >6@ 4
(> 6H D: @ (>H D: @
(> 6H D6 @ (>H D6 @
]^_ D ZT Kh]eZkgh jZ\_gkl\m agZq_gb_ D hij_^_ey_lky ba mkeh\by (> 6H D6 @ _ V (>H D6 @ U
Lh]^Z p_gZ nbgZgkh\hc ijhba\h^ghc k ieZl_`hf I6 hij_^_ey_lky \ujZ`_gb_f D6 @
U ( > I 6 H _ ( >I6 @ H (>H D6 @ U
4
HibkZggucih^oh^±wlhf_lh^Wkr_jZAZf_lbfqlhhgjZ[hlZ_l lZd`_ ^ey Zdlb\h\ dh]^Z 6 b: 6 ± g_aZ\bkbfu_ kemqZcgu_\_eb qbgu<wlhfkemqZ_ ( >6@ 4
(> 6H D6 H D : 6 @ (>H D6 H D : 6 @
(> 6H D6 @(>H D : 6 @
(> 6H D6 @
(>H
(>H
D6
@(>H
D : 6
@
D6
@
Ke_^h\Zl_evghZhij_^_ey_lkybajZ\_gkl\Z ]^_DaZf_gy _lkygZZ <ijbf_j_ij_^iheh`bfqlh6 TV : Lh]^Z (> 6 V : F @
( >6@ 4
(> 66 F @
F
F
(> V : @
(> 6 @
AgZq_gb_khij_^_ey_lkybamkeh\byqlh (> 6 F @ (> 6 F @
_ V U
bp_gZnbgZgkh\hcijhba\h^ghckieZl_`hfI6 hij_^_ey_lky\ujZ `_gb_f F
U (> I 6 6 @ _ ( >I6 @ H (> 6 F @ U
4
<ijbf_j_fukgh\Zij_^iheh`bfqlh6 T:Lh]^Z ( >6@ 4
(> 6: F @ (>:
F
@
(> 66 F @ (> 6
F
@
AgZq_gb_kl_i_jvhij_^_ey_fbamkeh\by (> 6 F @ (> 6 F @
_ V U
bp_gZnbgZgkh\hcijhba\h^ghckieZl_`hfI6 gZoh^blkyihnhjfme_
U
_ ( >I6 @ H 4
U
(> I 6 6 F @ (> 6 F @
I 6 H D6 @ _ ( >I6 @ V (> 6H D6 @
U
4
:gZeh]bqghfh`ghi_j_ibkZlvbmjZ\g_gb_ (> I 6 6 F @ _ ( >I6 @ V (> 6 F @
U
4
Fh`_l ihdZaZlvky m^b\bl_evguf qlh U \ wlbo \ujZ`_gbyo ^ey p_gg_ihy\ey_lkyh^gZdh\_ebqbguDbkaZ\bkylhlU L_hjbyihe_aghklbbf__l\Z`gh_ijbf_g_gb_ijbdhgkljmbjh\Z gbbhilbfZevguoihjln_e_cl_ihjln_e_cdhlhju_fZdkbfbabjm xlh`b^Z_fmxihe_aghklvbg\_klhjZWlZijh[e_fZjZkkfZljb\ZeZkv \bJZkkfhljbfbg\_klhjZk[h]Zlkl\hfZ\fhf_gl\j_f_gb bnmgdpb_cihe_aghklbbo dhlhjuchij_^_ey_ll_jfbgZevgh_[h]Zl kl\h \ fhf_gl \j_f_gb L Imklv U ! h[hagZqZ_l [_ajbkdh\mx ijh p_glgmx klZ\dm GZ nbgZgkh\hf jugd_ fh`gh ihdmiZlv kemqZcgu_ ieZl_`b Bo p_gZ aZ^Z_lky q_j_a iehlghklv \_jhylghkl_c p_g < LZ dbfh[jZahfp_gZ\fhf_gl\j_f_gb ieZl_`Z<\fhf_gl\j_f_gb L jZ\gZH (><<@?kebbg\_klhjihdmiZ_l<lh_]h[h]Zlkl\h\fh f_gl\j_f_gbL[m^_ljZ\guf U7
: ZH < (><<@ U7
7
AZ^ZqZ khklhbl \ lZdhf \u[hj_ < dhlhjuc fZdkbfbabjm_l (>b: @IhZgZeh]bbkmkeh\b_f j_r_gb_oZjZdl_jbam_lkymk eh\b_f bc: <(>bc: @ 7
7
7
]^_: hij_^_ey_lkynhjfmehc >ey nmgdpbc ihe_aghklb ijbf_jh\ ± fh`gh ihemqblv y\ gu_\ujZ`_gby^ey\_ebqbguhilbfZevgh]hl_jfbgZevgh]h[h]Zlkl\Z >eywdkihg_gpbZevghcnmgdpbbihe_aghklbbco _ ZoZhilbfZevgh_ l_jfbgZevgh_[h]Zlkl\h 7
: ZH (>
7
>eykl_i_gghcnmgdpbbihe_aghklbi_j\h]hjh^Zbco oV [V ihemqbf F
: V 7
V ZH U7 F (> F @
b^eykl_i_gghcnmgdpbbihe_aghklb\lhjh]hjh^Zbco o kj_amev lZlhf[m^_l\ujZ`_gb_ : 7
ZH U7 F F (> @
AZf_lbfqlh: y\ey_lkyj_r_gb_fklZlbq_kdhcaZ^Zqbhilbfb aZpbb ?keb k^_eZlv khhl\_lkl\mxsb_ ^hihegbl_evgu_ ij_^iheh`_ gby h jugd_ fh`gh hij_^_eblv hilbfZevgmx kljZl_]bx bg\_klbjh \Zgby l _ ^bgZfbq_kdmx kljZl_]bx dhlhjZy \hkijhba\h^bl hilb fZevgh_l_jfbgZevgh_[h]Zlkl\h: <jZa^_e_dgb]b+3DQMHUHW DO ij_^iheZ]Z_lky qlh ^\Z Zdlb\Z ijh^Zxlky ihdmiZxlky \ g_ij_ju\ghf\j_f_gbbg\_klbpby[_ajbkdh\ZydhlhjZyaZjZ[Zlu\Z_l k ihklhygghc klZ\dhc U b Zdpbb g_ \uieZqb\Zxsb_ ^b\b^_g^u bf_xlp_gm6W dWd7Fuk^_eZ_fdeZkkbq_kdh_ij_^iheh`_gb_h lhfqlh^6W `±]_hf_ljbq_kdh_[jhmgh\kdh_^\b`_gb_l_ 7
7
6W 6 _O W
]^_ ^OW ` y\ey_lky \bg_jh\kdbf ijhp_kkhf k iZjZf_ljZfb P b V Z ijbg_cljZevghcdjbkdmf_j_4±kiZjZf_ljZfbP U VbV Lh]^Z < _,L67 6 K P P V K
]^_Dy\ey_lkylZdbfqlh[u?< AZf_lbf qlh iZjZf_lj K hij_^_ey_lky dZd agZq_gb_ iZjZf_ljZ Wkr_jZK^eydhlhjh]h^bkdhglbjh\Zggucijhp_kkp_guZdpbby\ey _lkyfZjlbg]Zehfihke_ij_h[jZah\Zgbyf_jukfq]e KgZqZeZ gZihfgbfj_amevlZldZkZxsbckylZdh]hkZfhnbgZgkbjmxs_]hihjl n_ey dhlhjuc \hkijhba\h^bl ieZl_` NI _\jhi_ckdh]h lbiZ JZk kfhljbf _\jhi_ckdmx NI k ^Zlhc ih]Zr_gby L bnmgdpb_cieZl_`Z I] l_\fhf_gl\j_f_gbL^he`gZ[ulvk^_eZgZ\uieZlZI67 Imklv9]W ±p_gZieZl_`Z\fhf_glWZK]W kmffZbg\_klbjh \ZggZy\Zdpbb\\hkijhba\h^ys_fihjln_e_\fhf_gl\j_f_gbW_keb 6W ]Ohjhrhba\_klghkfgZijbf_jdgb]mG3DQMHUHWDO qlh K]W ]w9]W w] H[jZlbfkyl_i_jvdlj_fmihfygmluf\ur_ijbf_jZfBa\ujZ `_gbc b ihemqbf : ZH (>
7
JZkkfhljbf _\jhi_ckdmx NI k ^Zlhc ih]Zr_gby L b nmgdpb_c ieZl_`Z I] ZH (>
7
9] ZH K D OQ] U7
Ke_^h\Zl_evgh \\b^m k\hckl\Z gZqZevgZykmffZbg\_klb jm_fZy\Zdpbx^he`gZ[ulvjZ\gZK] H K D :gZeh]bqgh\ fhf_gl \j_f_gb W kmffZ bg\_klbjm_fZy \ Zdpbb\\hkijhba\h^ys_f ihjln_e_jZ\gZ U7
H
U
7 W
K D H
U
7 W
P P ZV dWd7
>ey kl_i_gghc nmgdpbb i_j\h]h jh^Z ba khhlghr_gbc b ihemqZ_fqlhhilbfZevgh_l_jfbgZevgh_[h]Zlkl\h V ZH U7 D7 F § 6 7 · : V H ¸¸ ¨¨ (> F @ © 6 ¹
K F
7
L_i_jv jZkkfhljbf _\jhi_ckdmx NI k l_jfbgZevghc ^Zlhc L b nmgdpb_cieZl_`Z
AZf_lbfqlh
V ZH U7 D7 F K F I] H ] (> F @ I>6L @ V : 6 K F 7
Hlkx^Zke_^m_lqlhgZqZevgZyp_gZnbgZgkh\hcijhba\h^ghc 9] VH U7 Z ] K F k6 ]Lh]^Zkh]eZkgh [m^_fbf_lv K] K k VH U7 Z ] K F Qlh[u hij_^_eblv \hkijhba\h^ysbc ihjln_ev ^ey : i_j_ib r_f \\b^_ : V I>6L @ 6 K F 7
7
Hlkx^ZkmffZbg\_klbjh\ZggZy\Zdpbb\fhf_gl\j_f_gb^he`gZ [ulvjZ\ghcK6 6 K F qlhkmq_lhfjZ\_gkl\Z mijh sZ_lkyd\ujZ`_gbx K k VH U7 Z :gZeh]bqgh\fhf_gl\j_f_gbWkmffZbg\_klbjh\ZggZy\Zdpbb \hkijhba\h^ys_]hihjln_eyjZ\gZ VH U 7 W :W K k VH U 7 W :W P P kV
]^_: [h]Zlkl\h\fhf_gl\j_f_gbWihklhyggZy^heydhlhjh]hhl kmlkl\m_l^eyihegh]hm^h\e_l\hj_gby W
>eykl_i_gghcnmgdpbb\lhjh]hjh^ZhilbfZevgh_l_jfbgZevgh_ [h]Zlkl\h ZH U7 D7 F § 6 7 · : H ¨¨ ¸¸ 6 (> F @ © ¹ 7
K F
GZ wlhl jZa jZkkfhljbf _\jhi_ckdmx NI k ^Zlhc bkl_q_gby L b nmgdpb_cieZl_`Z ZH U7 H D 7 F ] K F F (> @ <fhf_gl\j_f_gbp_gZNIjZ\gZ9] Z ] K F Hlkx^Zih nhjfme_ bf__fK] K k 9] >eyihjln_ey\hkijh ba\h^ys_]h: kmffZbg\_klbjh\ZggZy\ZdpbbjZ\gZlhc`_ihklh ygghc^he_ihegh]h[h]Zlkl\Zl_K k Z\fhf_gl\j_f_gbZ\ fhf_gl\j_f_gbW I]
7
K k : : PP kV W
W
GZi_j\uc\a]ey^\ujZ`_gby b kbevghjZaeb qZxlky H^gZdh hgb fh]ml [ulv gZibkZgu \ h^bgZdh\hc nhjf_ \h \k_olj_okemqZyohilbfZevgZylhj]h\ZykljZl_]bykhklhbl\bg\_klb jh\Zgbb\fhf_gl\j_f_gbWdWd7\Zdpbbkmffu P P H U 7 W U 7 W :W V T H
]^_Ty\ey_lkynmgdpb_cg_ijbylbyjbkdZIjh\_jblvwlhfh`ghkih fhsvxnhjfme ± Wlb j_amevlZlu fh`gh h[h[sblv gZ kemqZc i t jZaebqguolb ih\gZoh^ysboky\ijh^Z`_ZdpbcImklv6 W h[hagZqZ_lp_gmZdpbb lbiZNIj_^iheh`bfqlh^6W «6 W `y\ey_lkyif_jguf]_hf_l jbq_kdbf [jhmgh\kdbf ^\b`_gb_f k iZjZf_ljZfb ^j_cnZ P « Pi P « P Q ijbg_cljZevghcdjbkdm\_jhylghklghcf_j_ bdh\ZjbZ pbyfbV Ij_^iheZ]Z_lkyqlhdh\ZjbZpbhggZyfZljbpZbf__lh[jZl gmx fZljbpm k we_f_glZfb W Lh]^Z fh`gh hij_^_eblv ke_^mxs__ h[h[s_gb_\ujZ`_gby N
Q
LN
LN
KN
§ 6 7 ·
< H,7 ¨ N ¸ KN 6 ¹ N © N Q
Q
¦ P P W L
LN
kfq]e bkgh\ZD\u[bjZ_lkylZdbfqlh[u?><@ < khhl\_lkl\bbk hilbfZevgh_l_jfbgZevgh_[h]Zlkl\h^ey wdkihg_gpbZevghcnmgdpbbihe_aghklb Q Q KN KN DL : ZH (>
7
N
N
^eykl_i_gghcnmgdpbbihe_aghklbi_j\h]hjh^Z V ZH HD : V (>< @ U7
7
§ 6 7 · ¨ 6 ¸ © ¹ Q
7 F
F
KN
N
N
F
N
^eykl_i_gghcnmgdpbbihe_aghklb\lhjh]hjh^Z ZH : HD (> @ U7
7
§ 6 7 · ¨ 6 ¸ © ¹ Q
7 F
F
N
N
KN
F
N
< dZ`^hf ba wlbo kemqZ_\ fh`gh khihklZ\blv hilbfZevgh_ l_j fbgZevgh_ [h]Zlkl\h k \uieZlhc ih khhl\_lkl\mxsbf h[jZahf \u [jZgghc_\jhi_ckdhcNILZdZy\uieZlZfh`_l[ulv\hkijhba\_^_gZ kihfhsvx^bgZfbq_kdh]hihjln_ey\dhlhjhfkmffZK bg\_klbjm _lky\ZdpbblbiZN\fhf_gl\j_f_gbWH[hagZqbfp_gmlZdh]hihjl n_ey\fhf_gl\j_f_gbWihkj_^kl\hf9]«]iW ijbmkeh\bbqlh 6 W ] N «iLh]^Z N
N
N
K ]«]iW ] w9]«]iW w] N «i N
N
N
Ihjln_ev dhlhjuc \hkijhba\h^bl : y\ey_lky hilbfZevghc bg\_klbpbhgghc kljZl_]b_c >ey wdkihg_gpbZevghc nmgdpbb ihe_a ghklbihemqZ_lkyqlhkmffZ 7
H
U
7 W
KN D
^he`gZ [ulv bg\_klbjh\ZgZ \ Zdpbb lbiZ N \ fhf_gl \j_f_gb W >ey kl_i_gghcnmgdpbbihe_aghklbi_j\h]hjh^Zkhhl\_lkl\mxsZykmffZ jZ\gZ VH U 7 W :W KN k
Z ^ey kl_i_gghc nmgdpbb ihe_aghklb \lhjh]h jh^Z kmffZ bg\_klb jm_fZy\ZdpbblbiZN\fhf_gl\j_f_gbWjZ\gZ KN k :W
K
H
N
T H
W
U 7
:
¦ P
U 7 W
L
L
T H
W
P W L
LN
W
U 7
:
H
W
U 7
W
\ZdpbblbiZN\fhf_gl\j_f_gbWHlkx^Zke_^m_lqlhihegZykmffZ bg\_klbjh\ZggZy\Zdpbb\fhf_gl\j_f_gbWjZ\gZ Q
Q
¦¦ P N
L
L
T H
P W L
LN
H
W
U 7
:
W
U 7
W
Ihwlhfm\ex[hcfhf_gl\j_f_gbkmffZbg\_klbjm_fZy\ZdpbblbiZ N^he`gZ[ulvihklhygghc^he_c Q
¦ P L
Q
L
P W L
Q
¦¦ P
L
N
LN
P W L
LN
L
hl iheghc kmffu bg\_klbjm_fhc \ Zdpbb AZf_lbf qlh wlZ ^hey g_ aZ\bkbl hl nmgdpbb ihe_aghklb ?keb jZa^_eblv \ujZ`_gby beb gZ :W ihemqZxlky hlghr_gby F_jlhgZ dhlhju_ hagZqZxl qlh bg\_klhj kh kl_i_gghc nmgdpb_c ihe_aghklb \lhjh]h jh^Z bkihevam_l ijhihjpbhgZevgmx kljZl_]bx bg\_klbjh\Zgby \ Zd lb\uWlhlj_amevlZl[ueihemq_gF_jlhghfkihfhsvx[he__keh` ghcl_ogbdbhkgh\ZgghcgZmjZ\g_gbb;_eefZgZF_jlhglZd`_ihdZ aZeqlhbg\_klhjkwdkihg_gpbZevghcnmgdpb_cihe_aghklb\jbkdh \ucZdlb\bg\_klbjh\Ze[uihklhyggmxkmffm
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
J:?EVHIJ?>?E?GBY P?G:DLB
J:?EVHIJ?>?E?GBY KLHBFHKLB
JZkkfhljbf h[smx jZ\gh\_kgmx fh^_ev klhbfhklb Zdlb\h\ ij_^gZagZq_ggmx ^ey bkihevah\Zgby \ ijbdeZ^guo bkke_^h\Zgbyo `DhdkZ>`Bg]_jkheeZbKJhkkZ&R[,QJHU VROO5RVV GZb[he__[ebadbfbdwlhfmih^oh^Zfby\eyxlkyjZ [hlu ih ^bgZfbq_kdhfm hij_^_e_gbx p_g Zdlb\h\ J F_jlhgZ 0HUWRQ b J EmdZkZ/XFDV IjbgbfZy \j_fy g_ij_ju\ guf F_jlhg ihemqZ_l khhlghr_gb_ f_`^m h`b^Z_fufb jZ\gh\_k gufb^hoh^ghklyfbZdlb\h\HgihdZau\Z_lqlhdh]^Z\hafh`ghklb bg\_klbpbc \k_ \j_fy baf_gyxlky kemqZcgh wlh khhlghr_gb_ [m^_l \dexqZlv wnn_dlu ZgZeh]h\ dhlhjuf g_l \ klZlbklbq_kdhc h^ghi_ jbh^ghcfh^_ebEmdZkjZkkfZljb\Z_lwdhghfbdmkh^ghjh^gufbbg
^b\b^mmfZfbb_^bgkl\_gguflh\Zjhfihlj_[e_gby^eyijhba\h^kl \Z dhlhjh]h lj_[m_lky g_kdhevdh ijhp_kkh\ _[jx$UURZ'HEUXH bh[km`^_gZjhev nbjf < aZ\_jr_gb_ ijb\h^blky g_kdhevdh aZdexqbl_evguo aZf_qZ gbcbh[km`^Zxlky\hafh`ghklbh[h[s_gbyj_amevlZlh\ Fh^_evh[s_]hjZ\gh\_kbyjZajZ[Zlu\Z_lky\ijhklhcwdhghfb q_kdhcihklZgh\d_>eyihkljh_gbyfh^_ebwdhghfbdbbkihevamxlky ke_^mxsb_ij_^iheh`_gby Ij_^iheh`_gb_Lhevdhh^bgnbabq_kdbclh\Zjfh`_l[ulv ihlj_[e_g beb bg\_klbjh\Zg eyjZkijhkljZg_ gbyZgZebaZgZaZ^Zqmkljm^h\ufbj_kmjkZfbbg_ebg_cgufbl_ogh eh]byfbbf_xlkyebrvg_kms_kl\_ggu_ljm^ghklb Ij_^iheh`_gb_Ijhba\h^kl\_ggu_\hafh`ghklbkhklhylba jy^Z ebg_cguo hi_jZpbc Ij_h[jZah\Zgb_ bg\_klbpbb \_dlhjZ K dh ebq_kl\Zlh\Zjh\\Qijhba\h^kl\_gguoijhp_kkh\mijZ\ey_lkykbkl_ fhcklhoZklbq_kdbo^bnn_j_gpbZevguomjZ\g_gbc\b^Z G KW
, KD < W GW , K* < W GZW
]^_,K±^bZ]hgZevgZyfZljbqgZynmgdpbyhl\_dlhjghci_j_f_gghcK ^bZ]hgZevguc we_f_gl dhlhjhc y\ey_lky Lc dhfihg_glhc K < ± N f_jguc \_dlhj i_j_f_gguo khklhygby baf_g_gb_ dhlhjuo [m^_l djZldh hibkZgh gb`_ D< W >D < W @ ± h]jZgbq_gguc if_jguc \_dlhj y\eyxsbcky nmgdpb_c hl < b W *< W >J < W @ ± h]jZgb q_ggZyfZljbpZjZaf_jghklbQuQN y\eyxsZykynmgdpb_c<bW ZW \bg_jh\kdbc ijhp_kk jZaf_jghklb Q N \ ijhkljZgkl\_ 5 FZljbpZ dh\ZjbZpbb nbabq_kdbo klZ\hd ^hoh^ghklb gZ ijhba\h^kl \_ggu_ijhp_kku**ciheh`bl_evghhij_^_e_gZ IjbhibkZgbb\_jhylghklghckljmdlmjuwdhghfbdbg_y\gh[m^_f ih^jZamf_\Zlvbkoh^gh_\_jhylghklgh_ijhkljZgkl\h^:#`A^_kv :y\ey_lkyfgh`_kl\hf_klvVZe]_[jZih^fgh`_kl\ba:b#y\ey _lky\_jhylghklghcf_jhcgZImklv>WWc@[m^_l\j_f_ggufbgl_j \ZehfbF±ihegufk_iZjZ[_evguff_ljbq_kdbfijhkljZgkl\hfIh^ klhoZklbq_kdbf ijhp_kkhf ]W [m^_l ihgbfZlvky nmgdpby hlh[jZ `ZxsZy>W Wc@ u : \ F lZdZyqlh]W y\ey_lkybaf_jbfufhlghkb l_evgh b VZe]_[ju [hj_e_\kdbo ih^fgh`_kl\ ba F < dZq_kl\_ F ijbgbfZ_fijhkljZgkl\h5 if_jgh__\deb^h\hijhkljZgkl\h=h\h jyl qlh ijhp_kk ]W g_ij_ju\guc _keb _]h \hafh`gu_ j_ZebaZpbb l_ \u[hjhqgu_ ljZ_dlhjbb g_ij_ju\gu k \_jhylghklvx _^bgbpZ Ijhp_kkZk\_s_kl\_ggufbagZq_gbyfbgZ>WWc@[m^_l\bg_jh\kdbf ijhp_kkhf _keb ZW _klv g_ij_ju\guc ijhp_kk b ZV ZW bf__l ghjfZevgh_ jZkij_^_e_gb_ k gme_\uf kj_^gbf b ^bki_jkb_c VW Ijhp_kky\ey_lkyif_jguf\bg_jh\kdbfijhp_kkhf_keb_]h dhfihg_glu±g_aZ\bkbfu_h^ghf_jgu_\bg_jh\kdb_ijhp_kku KlhoZklbq_kdb_ ^bnn_j_gpbZevgu_ mjZ\g_gby bkihevam_fu_ \ ZgZeba_ ihgbfZxlky ke_^mxsbf h[jZahf Imklv oW lf_jguc klhoZklbq_kdbcijhp_kkdhlhjucm^h\e_l\hjy_lkbkl_f_klhoZklbq_ kdbo^bnn_j_gpbZevguomjZ\g_gbc
G[ D[W GW%[W GZW ]^_D[W _klvl\_dlhjklhe[_p%[W lul fZljbqgZynmgdpby ZW ± if_jguc \bg_jh\kdbc ijhp_kk J_r_gb_ wlhc kbkl_fu k gZ qZevguf khklhygb_f oW y\ey_lky j_r_gb_f kbkl_fu bgl_]jZevguo mjZ\g_gbc [V
V
V
W
W
[W ³ D [X X GX ³ % [ X X GZ X
]^_ihke_^gbcbgl_]jZehij_^_ey_lkynhjfmehcBlh
Ij_^iheh`bfqlhZb<baf_jbfugZ>WWc@u5lbm^h\e_l\hjyxl ke_^mxsbfmkeh\byfjhklZbEbirbpZ Kms_kl\m_ldhgklZglZNlZdZyqlh^ey\k_ooV ba>WWc@u5l D [ V d N [ b % [ V d N [ >eyh]jZgbq_gguoih^fgh`_kl\45lbf__lkydhgklZglZN\ha fh`ghaZ\bkysZyhl4bVlZdZyqlh^ey\k_o[\4bWdVdWc D [ V D \ V d N [ \ % [ V % \ V d N [ \ Ih^jh[ghklb ih \k_f ijh[e_fZf klhoZklbq_kdbo ^bnn_j_gpb Zevguo mjZ\g_gbc fh`gh gZclb \ dgb]_ B =bofZgZ b : Kdhjhoh^Z < jZkkfZljb\Z_fhf ZgZeba_ klhoZklbq_kdbo ^bnn_j_gpbZevguo mjZ\g_gbc ih^ DoW W ihgbfZ_lky \_dlhj h`b^Z_fuo ^hoh^h\ hl o ih^<oW W Zggh_ ij_^iheh`_gb_ g_ hagZqZ_l qlh bg^b\b^mmfu beb nbjfu [m^ml h[yaZl_evgh aZgh\h bg\_klbjh\ZlvlZdbf`_h[jZahfIjhba\h^kl\_ggu_ijhp_kkubf_xl klhoZklbq_kdb_ ihklhyggu_ ^hoh^u gZ _^bgbpm \ lhf kfuke_ qlh jZkij_^_e_gb_^hoh^ghklbgZbg\_klbpbx\ex[hfijhp_kk_g_aZ\b kblhljZaf_jZbg\_klbpbc LZdZynhjfmebjh\dZ^himkdZ_lkZfh_h[s__\_jhylghklgh_ih\_ ^_gb_Zdpbhg_jgh]hdZiblZeZH^gZdhlZddZdklhoZklbq_kdb_^bnn_ j_gpbZevgu_ mjZ\g_gby dhgkljmbjmxlky k ihfhsvx \bg_jh\kdbo ijhp_kkh\\g_aZigu_kdZqdhh[jZagu_baf_g_gbyZdpbhg_jgh]hdZib lZeZbkdexqZxlkyAZf_lbfqlhijbjZs_gb_ijb[uebgZbg\_klbpbx \dZdhceb[hijhba\h^kl\_ggucijhp_kkfh`_l[ulvhljbpZl_evguf nbabq_kdbhljZ`ZylZdbfh[jZahfkemqZcgh_h[_kp_gb\Zgb_
Ij_^iheh`_gb_ Baf_g_gb_ Nf_jgh]h \_dlhjZ i_j_f_gguo khklhygby < hibku\Z_lky kbkl_fhc klhoZklbq_kdbo ^bnn_j_gpbZev guomjZ\g_gbc\b^Z G< W P< W GW 6 < W GZW ]^_>P <W @±Nf_jguc\_dlhjZ6<W >V <W @±fZljbpZjZaf_j ghklbQuQN FZljbpZdh\ZjbZpbbbaf_g_gbyi_j_f_gguokhklhygby66?g_hl jbpZl_evgh hij_^_e_gZ Ij_^iheh`bf qlh kbkl_fZ g_ h[yaZ l_evghebg_cgZyh^ghjh^gZybqlh<g_bf__l^himklbfuoh]jZgbq_ gbcIjhp_kk<bkh\f_klgucijhp_kkK< ±fZjdh\kdb_ GZrZ dhgkljmdpby \dexqZ_l dZd g_hij_^_e_ggh_ ijhba\h^kl\h lZd b kemqZcgu_ l_ogheh]bq_kdb_ baf_g_gby JZkij_^_e_gb_ \_jhyl ghkl_cl_dms_c\uimkdZ_fhcijh^mdpbbaZ\bkblhll_dms_]hmjh\gy i_j_f_gguo khklhygby < dhlhju_ kZfb ih k_[_ lZd`_ baf_gyxlky kemqZcgh\h\j_f_gbLZdbfh[jZahfw\hexpby<hij_^_ey_lijhba \h^kl\_ggu_ \hafh`ghklb dhlhju_ [m^ml ^hklb`bfu\wdhghfbd_\ [m^ms_f<h[s_fkemqZ_wlb\hafh`ghklbfh]mldZdmemqrZlvkylZd bmom^rZlvky ?keb*6?g_gme_\ZyfZljbpZbaf_g_gbyi_j_f_gguokhklhygby k\h_\j_f_gghkh]eZkh\ZgukijbjZs_gb_f^hoh^h\hlijhba\h^kl\_g guo ijhp_kkh\ >_ckl\bl_evgh dh]^Z 6 lh`^_kl\_ggh jZ\gh * hgb iheghklvx dhjj_ebjh\Zgu b agZq_gb_ < \ ex[hc fhf_gl \j_f_gb iheghklvx hij_^_ey_lky ij_^u^msbfb ^hoh^Zfb hl ijhba\h^kl\_g guo ijhp_kkh\ Ke_^h\Zl_evgh gZr_ hibkZgb_ l_ogheh]bq_kdbo ba f_g_gbc fh`_l e_]dh ij_^klZ\eylv kblmZpbb \ dhlhjuo kemqZcgu_ \hafms_gby ex[uo bg^b\b^mZevguo ijhba\h^kl\_gguo ijhp_kkh\ dhjj_ebjh\Zgu \ l_q_gb_ \j_f_gb < dZq_kl\_ ijhklh]h ijbf_jZ fh`gh\aylvN iD <P <b6 *]^_*±ihklhyggZy^bZ]h gZevgZy fZljbpZ Lh]^Z < klZgh\blky if_jguf Z\lhj_]j_kkbhgguf ijhp_kkhf i_j\h]h ihjy^dZ b fh`gh i_j_ibkZlv dZd G K W , KG< W <\_dlhj<fh]mllZd`_\dexqZlvkyi_j_f_ggu_khklhygbydhlh ju_ g_ \ha^_ckl\mxl gZ ijhba\h^kl\_ggu_ \hafh`ghklb gh l_f g_ f_g__ aZljZ]b\Zxl bgl_j_ku bg^b\b^mmfh\ Hleh`bf ^Zevg_cr__ h[km`^_gb_wlboi_j_f_gguo^hih^oh^ys_]hfhf_glZ Ij_^iheh`_gb_>eybg\_klhjh\bf__lkyk\h[h^guc^hklmi dex[hfmijhba\h^kl\_gghfmijhp_kkmBg^b\b^mmfufh]mlbg\_klb
jh\Zlv \ nbabq_kdh_ ijhba\h^kl\h dhk\_gguf h[jZahf dZd q_j_a nbjfu lZd b ijyfh nZdlbq_kdb kha^Z\Zy kh[kl\_ggu_ nbjfu Fu ijbgbfZ_fihke_^gxx\_jkbxbkg_dhlhjufbaZf_qZgbyfbi_j\mx Bg^b\b^mmfubnbjfudhgdmj_glhkihkh[gub^_ckl\mxllZd`_dZd gZex[hfjugd_ Ij_^iheh`_gb_ Bf__lky jughd ^ey f]gh\_gguo aZcfZ b kkm^ukijhp_glghcklZ\dhcUJughqgZyijhp_glgZyklZ\dZhij_^_ey _lkydZdwe_f_gldhgdmj_glgh]hjZ\gh\_kby\wdhghfbd_ Ij_^iheh`_gb_JZkkfZljb\Zxlkyjugdbkfgh`_kl\hfkem qZcguo bkdh\ FRQWLQJHQW FODLPV d dhebq_kl\m lh\ZjZ Hgb y\eyxlky p_ggufb [mfZ]Zfb dhlhju_ \uimkdZxlky b ihdmiZxlky bg^b\b^mm fZfbbnbjfZfb<^Zevg_cr_f^eyijhklhlu[m^_fgZau\ZlvboZd lb\Zfb Ki_pbnbdZpby dZ`^h]h Zdlb\Z \dexqZ_l ihegh_ hibkZgb_ \k_o\uieZldhlhju_fh]ml[ulvihemq_guihwlhfmZdlb\m
G) ) E ±G GW) K GZW
]^_K ±QN f_jgZy\_dlhjkljhdZ <mjZ\g_gbb h[sZyijb[uevE ) gZZdlb\Lhij_^_ey_lkydZd ihemq_ggu_\uieZluG iexkkj_^g__baf_g_gb_p_guE ) ±G >bk i_jkby ^hoh^ghklb Zdlb\Z L jZ\gZ K K c NhjfmeZ Blh ij_^iheZ]Z_l dhgdj_lgh_ khhlghr_gb_ f_`^m E b K k qZklgufb ijhba\h^gufb klhbfhklbZdlb\h\bf]gh\_ggufbagZq_gbyfbkj_^gbobdh\ZjbZpbc i_j_f_gguohldhlhjuohgZaZ\bkblghk_cqZk ke_^m_ljZkkfZl jb\Zlv dZd mkeh\gmx aZibkv hibku\Zxsmx g_dhlhjuc wdhghfbq_ kdbch[t_dldhlhjuc^_lZevgh[m^_ljZkkfhlj_giha^g__Wlhg_ha gZqZ_lqlhbaf_g_gb_p_guhij_^_ey_lkywdah]_gghJZ\gh\_kgu_E b Uy\eyxlkyklhoZklbq_kdbfbijhp_kkZfbdhlhju_^he`gu[ulvhij_ ^_e_guwg^h]_ggh NhjfmeZ Blh fh`_l [ulv ihemq_gZ ke_^mxsbf h[jZahf Imklv ijhp_kk[W m^h\e_l\hjy_lmjZ\g_gbxG[ D[W GW%[W GZW ]^_ D [ W ±Lcwe_f_gl\_dlhjZZbE [W ±LM cwe_f_glfZljbpu< ?kebI[W y\ey_lkyg_ij_ju\ghcnmgdpb_ckg_ij_ju\gufbqZklgu fbijhba\h^gufbI I I gZ>WWc@u5llh]^Z
P ª GI[W W « I W [ W ¦ I [ [ W DL [ W L ¬ L
P P P º P I [ W E [ W E [ W GW » ¦ [[ ¦ NM ¦ ¦ I [ [ W E ML [ W GZL W LM L N »¼ L M M L
N
M
Ij_^iheh`_gb_ Bf__lky nbdkbjh\Zggh_ dhebq_kl\h bg^b \b^mmfh\ h^bgZdh\uo ih k\hbf ij_^ihql_gbyf b \deZ^Zf
( ³8 >& V < V V@GV W
<\ujZ`_gbb (y\ey_lkyhi_jZlhjhfmkeh\gh]hfZl_fZlbq_ kdh]hh`b^Zgbyihl_dms_fm\deZ^mbkhklhygbxwdhghfbdb&V ± ihlhd ihlj_[e_gby \ fhf_gl V 8 ± nmgdpby ihe_aghklb nhg G_cfZ gZFhj]_grl_jgZIj_^iheh`bfqlh8±\hajZklZxsZykljh]h\h ]gmlZy^\Z`^u^bnn_j_gpbjm_fZynmgdpbym^h\e_l\hjyxsZymkeh\bx 8 & V < V V d N & V < V N ]^_NN±g_dhlhju_iheh`bl_evgu_dhgklZglu A^_kvijbgylZnhjfmebjh\dZh]jZgbq_ggh]h\j_f_ggh]h]hjbahg lZ^eylh]hqlh[ujZkkfhlj_lv\ebygb_ijh^he`bl_evghklb]hjbahglZ gZklhbfhklbkemqZcguobkdh\Zdlb\h\ Ijbg_h[oh^bfhklbfh`gh ^h[Z\blvnmgdpbxhij_^_eyxsmxihe_aghklvnbgZevgh]h[h]Zlkl\Z KemqZc g_h]jZgbq_ggh]h ]hjbahglZ jZkkfZljb\Z_lky lZdbf `_ h[jZ ahfkkhhl\_lkl\mxsbfbnhjfZevgufbfh^bnbdZpbyfb Ij_^iheh`_gb_Nbabq_kdb_bg\_klbpbbbmieZlZihbkdZf ijhbkoh^ylg_ij_ju\gh[_aj_]mebjh\ZgbybjZkoh^h\gZk^_edmLhj ]h\ey\_^_lkylhevdhihjZ\gh\_kgufp_gZf GZqg_f ZgZeba hibkZgghc wdhghfbdb k jZkkfhlj_gby ijh[e_fu bg^b\b^mZevgh]hjZkij_^_e_gbyLZddZdbf_xlf_klhkemqZcgu_bk dblhijh[e_fZ\u[hjZbg^b\b^mZevgh]hihjln_eyg_bf__l_^bgkl \_ggh]hj_r_gbyKe_^h\Zl_evghm^h[gh\u[jZlv[Zabk^eyjy^Zbg \_klbpbhgguo\hafh`ghkl_c\dexqZyijhba\h^kl\_ggu_ijhp_kkub
Zdlb\u kemqZcgu_ bkdb ;Zabk hij_^_ey_lky dZd gZ[hj ijhba\h^kl \_gguoijhp_kkh\bgZ[hjZdlb\h\k\_dlhjkljhdhcK dZd\\ujZ`_ gbb h[jZamxs_c fZljbpm + lZdmx qlh K fh`_l [ulv aZibkZg dZdebg_cgZydhf[bgZpbykljhd*b+L_i_jvmjZ\g_gb_ [m^_l jZkkfZljb\Zlvky hlghkbl_evgh Zdlb\h\ ba ijbgylh]h [ZabkZ Y\gZy kljmdlmjZ[ZabkZ\l_q_gb_\j_f_gbg_\Z`gZihdZjZaf_jghklvhklZ _lkyg_baf_gghcEx[h_ih^ibkZgb_gh\h]hdhgljZdlZ\uimkdZdlb \Z beb bkl_q_gb_ ^_ckl\mxs_]h \uau\Zxs__ baf_g_gb_ [ZabkZ ijb\h^bl d baf_g_gbx \hafh`ghkl_c o_^`bjh\Zgby ^hklmiguo bg ^b\b^mmfm >ey ijhklhlu ij_^iheh`bf qlh [Zabk khklhblbaQijh ba\h^kl\_gguoZdpbcbNZdlb\h\kemqZcguobkdh\ DZd^eybg^b\b^mZevgh]h\u[hjZlZdb^eyjZ\gh\_kghcklhbfh klb ^hklZlhqgh hij_^_eblv _^bgkl\_ggh_ j_amevlbjmxs__ jZaf_s_ gb_ j_kmjkh\ ijb dhlhjhf gZ[hj \hafh`ghkl_c h]jZgbq_g [Zabkhf Ex[h_ jZaf_s_gb_ j_kmjkh\ \dexqZxs__ g_[Zabkguc Zdlb\ fh]eh [u\hkijhba\h^blvkymijZ\ey_fufihjln_e_f[ZabkguoZdlb\h\DZd lhevdhex[h_bawlbojZaf_s_gbc^Z_lbg^b\b^mmfmh^bgZdh\h_ih \_^_gb_ ihjln_ey \h \j_f_gb b h^bgZdh\uc kihkh[ ihlj_[e_gby hg [m^_l[_ajZaebq_gdgbfIjblZdhfiheh`_gbb\_s_cg_lijbqbg^ey kms_kl\h\ZgbyZdlb\h\ghlZd`_g_lijbqbgb^eylh]hqlh[uhgbg_ kms_kl\h\Zebihwlhfmfh`ghij_^iheh`blvqlh\h[s_fkemqZ_[m ^_l [_kqbke_ggh_ fgh`_kl\h wlbo Zdlb\h\dZ`^ucbadhlhjuo^he `_gihke_^h\Zl_evghhp_gb\ZlvkyijbjZ\gh\_kbbWlh[m^_lgZijb f_j \ kemqZ_ dh]^Z jZkkfZljb\Zxlky h[eb]Zpbb k dhglbgmmfhf ^Zl ih]Zr_gbybebhipbhgukdhglbgmmfhfp_gbkiheg_gbyLh]^Zfh` gh[ueh[uhibkZlvbg^b\b^mZevgu_ohe^bg]b\l_jfbgZof_jufgh `_kl\ZZgkZf[e_c^himkdZylZdbfh[jZahfdhg_qgu_ohe^bg]bdZd\ lhqdZolZdbgZbgl_j\ZeZo Ihke_ hij_^_e_gby gZ[hjZ \hafh`ghkl_c lZdbf kihkh[hfbg^b \b^mmf jZkij_^_ey_l k\h_ [h]Zlkl\h kj_^b Q N [Zabkguo \hafh` ghkl_cbQN c[_ajbkdh\hc\hafh`ghklbaZgbfZybebh^Ze`b \Zy<\_^_fke_^mxsb_h[hagZq_gby:±wlhl_dms__h[s__[h]Zlkl \hbg^b\b^mmfZD :±qZklv[h]Zlkl\Zbg\_klbjh\Zggh]h\Lcijhba \h^kl\_ggucijhp_kkE :±qZklv[h]Zlkl\Z\eh`_ggh]h\LcZdlb\ Bg^b\b^mmf `_eZ_l \u[jZlv mijZ\e_gby D: E: b & dhlhju_ [u fZdkbfbabjh\Zebh`b^Z_fmxbfihe_aghklvijb[x^`_lguoh]jZgb q_gbyo
G:
N º ªQ D : D U : U U: & E E ¦ ¦ L L L L » GW « L ¼ ¬L § QN · N § QN · ¨ ¸ ¦ DL: ¦ J LM GZ M ¦ EL: ¨ ¦ KLM GZ M ¸ { ¨M ¸ L ¨M ¸ L © ¹ © ¹ Q
{ :P: GW :
Q N
¦ TL GZ M
M L_i_jv k^_eZ_f ij_^iheh`_gb_ qbklh l_ogbq_kdh]h oZjZdl_jZ dhlhjh_^ZklgZf\hafh`ghklvijbf_gblvklZg^Zjlgu_j_amevlZluba deZkkbq_kdhcl_hjbb\_jhylghkl_cdwlhcaZ^Zq_ Ij_^iheh`_gb_<aZ^Zq_fZdkbfbaZpbb\ujZ`_gby bg ^b\b^mmfh]jZgbqb\Z_lkyjZkkfhlj_gb_fdeZkkZ^himkdZxsboh[jZl gmxk\yavmijZ\e_gbc9>himklbfh_mijZ\e_gb_kh[jZlghck\yavxY y\ey_lkybaf_jbfhc[hj_e_\kdhcnmgdpb_cgZ>WWc@u5 dhlhjZy m^h\e_l\hjy_l mkeh\bx EbirbpZ ijb\_^_gghfm \ur_ Djhf_ lh]h ^himklbfu_ g_jZ\gh\_kgu_ EbUh]jZgbq_gubm^h\e_l\hjyxlmkeh \bxEbirbpZ Baf_jbfhklvih^jZamf_\Z_l_kl_kl\_ggh_h]jZgbq_gb_mijZ\e_ gb_\ex[h_\j_fy^he`ghaZ\bk_lvlhevdhhlbgnhjfZpbb^hklmighc dwlhfm\j_f_gb Hij_^_ebf ½° °W c . Y W : W < W W ( ®³ 8 Y V < V V GV : < W ¾ °¿ °¯ W
]^_YW ±^himklbfh_mijZ\e_gb_h[jZlghck\yavxbimklv/ W .[m ^_l^bnn_j_gpbZevgufhi_jZlhjhf^_ckl\mxsbfgZ.k\yaZggufk wlbfmijZ\e_gb_f N N Q Y / W . : :.: ¦ L .< : .:: ¦ TL L L N QN QN N N ¦ :.:< ¦ TL VLM ¦ ¦ .< < ¦ VLP V MP L M L M P L_i_jv knhjfmebjm_f ke_^mxsb_ hkgh\gu_ mkeh\by hilbfZev ghklb^eyaZ^Zqbbg^b\b^mZevgh]hmijZ\e_gby
L
L
L
M
E_ffZImklv-:<W y\ey_lkyj_r_gb_fmjZ\g_gby;_ee fZgZ PD[ ª/Y W - 8 Y < W º -W ¼» Y 9 ¬« ^eyW:< '{>WWc uf u5 k]jZgbqgufbmkeh\byfb
- < W
°Wc ( ®³ 8 < V V GV < ¯° W
½° W ¾ b - : < W c ¿°
lZdbfbqlh-\f_kl_ki_j\ufbqZklgufbijhba\h^gufbihW<:b \lhjufb ijhba\h^gufb ih : < g_ij_ju\gZ gZ ' - g_ij_ju\gZ gZ aZfudZgbb ' b^eyg_dhlhjuodhgklZglNbN\uihegy_lkyg_jZ\_g N kl\h - : < W d N : < Lh]^Z -:<W t.Y:<W ^eyex [h]h ^himklbfh]h mijZ\e_gby k h[jZlghc k\yavx Y b gZqZevgh]h khklhygby:< _keb YÖ ±^himklbfh_mijZ\e_gb_kh[jZlghck\yavx lZdh_qlh /YÖ W - 8 YÖ < W PD[> /Y W - 8 Y < W @ Y9 \uihegy_lky^eyex[uoW:< 'lh-:<W . YÖ :<W ^ey ex[uoW:< 'b YÖ ±hilbfZevgh >hdZaZl_evkl\hkf)OHPLQJ5LVKHO Fh`ghlZd`_ihdZaZlvqlh\dhgl_dkl_gZrbojZkkm`^_gbcex [Zy ^hklZlhqgh ]eZ^dZydhk\_ggZynmgdpbyihe_aghklb^he`gZm^h\ e_l\hjylvmjZ\g_gbx;_eefZgZ >ey gZk ij_^klZ\ey_l bgl_j_k oZjZdl_jbaZpby jZ\gh\_kby ih wlhfm \h ba[_`Zgb_ ^Zevg_crbo l_ogbq_kdbo ^_lZe_c k^_eZ_f ke_ ^mxs__ij_^iheh`_gb_ Ij_^iheh`_gb_ Kms_kl\m_l _^bgkl\_ggZy nmgdpby - b mijZ\e_gb_ YÖ m^h\e_l\hjyxsb_ mjZ\g_gbx ;_eefZgZ b mklZgh\e_g gufmkeh\byfj_]meyjghklb Ke_^mxsZy e_ffZ ih^l\_j`^Z_l qlh - dhk\_ggZy nmgdpby ih e_aghklbgZke_^m_lg_dhlhju_badZq_kl\_gguok\hckl\nmgdpbbih e_aghklb8 E _ f f Z Nmgdpby-_klv\hajZklZxsZykljh]h\h]gmlZynmgd pby:
> h d Z a Z l _ e v k l \ h Ij_^iheh`bfqlhl_dms__[h]Zlkl\hbg\_ klhjZ : ! : Ihkdhevdm ^himklbfh_ fgh`_kl\h 9 \uimdeh_ bg\_ klhjfh`_l\u[jZlv &Ö : &Ö : : DÖ : : DÖ : : : : EÖ : : EÖ : : :: Ke_^h\Zl_evgh -: t. YÖ : YÖ : : : !. YÖ : : -: hldm^Z-\hajZklZxsZynmgdpby:L_i_jvij_^iheh`bfqlhl_dm s__[h]Zlkl\hbg^b\b^mmfZjZ\ghO: O :Ihkdhevdmhg\k_ ]^Zfh`_l\u[jZlvmijZ\e_gb_ O &Ö : O &Ö : O DÖ : : O DÖ : : O EÖ : : O EÖ : : lh -O: O : t.O YÖ : : O YÖ : O: O : ! !O. YÖ : : O . YÖ : : O-: O -: LZdbfh[jZahf-±kljh]h\h]gmlZynmgdpbyi_j_f_gghc: Ijhihjpbb ihjln_ey D ij_^klZ\eyxl bg\_klbpbb \ nbabq_kdb_ ijhba\h^kl\_ggu_ ijhp_kku ihwlhfm hgb ^he`gu [ulv g_hljbpZ l_evgufbIjhs_]h\hjyhljbpZl_evgh_ihlj_[e_gb_g_bf__lkfuk eZ GZjy^m k wlbfb ml\_j`^_gbyfb g_h[oh^bfufb b ^hklZlhqgufb mkeh\byfb^eyfZdkbfbaZpbbnmgdpbbM{/ -8dZdnmgdpbb&D E[m^ml \ 8 - d &\ \ >DU@:- >**cD*+cE@:- *6c:- d Dc\ \ >EU@:- >+*cD++cE@:- +6c:- ]^_E\_dlhjklhe[_pjZaf_jghklbNq_cLcwe_f_gljZ\_gE - \_dlhjklhe[_pjZaf_jghklbNq_cLcwe_f_gljZ\_g -:< \_dlhj
L
klhe[_pjZaf_jghklbNkhklZ\e_ggucba_^bgbp
JZaj_rb\kbkl_fm hlghkbl_evgh &Ö DÖ EÖ \l_jfbgZo:<W bqZklguoijhba\h^guo-bih^klZ\b\ihemq_ggu_j_r_gbyh[jZlgh\ mjZ\g_gb_ ihemqbf ^bnn_j_gpbZevgh_ mjZ\g_gb_ \ qZklguo ijhba\h^guo ^ey - Ih^klZ\b\ j_r_gb_ ^ey - ba wlh]h mjZ\g_gby h[jZlgh \ &Ö DÖ EÖ ihemqbf bo dZd nmgdpbb lhevdh : < b W : b - [m^ml khhl\_lkl\_ggh l_dmsbf [eZ]hkhklhygb_f b dhk\_gghc nmgd pb_cihe_aghklbj_ij_a_glZlb\gh]hbg^b\b^mmfZ Bg\_klhj hij_^_ey_l &Ö DÖ EÖ \u[bjZy agZq_gby U DElZdbfb dhlhju_ ijbgbfZebkv \ur_ JZ\gh\_kb_ \ wdhghfbd_ hij_^_ey_l qbklmx jughqgmx ijhp_glgmx klZ\dm jZ\gh\_kgmx h`b^Z_fmx ^h oh^ghklv ih kemqZcguf bkdZf h[sbc ijhba\h^kl\_gguc ieZg b h[sbc ihlj_[bl_evkdbc ieZg < p_ehf qbklh_ ij_^eh`_gb_ kemqZc guobkdh\b[_ajbkdh\uoaZcfh\^he`gh[ulvjZ\gufNhjfZevgh fubf_fke_^mxs__hij_^_e_gb_ Hij_^_e_gb_JZ\gh\_kb_hij_^_ey_lkydZdfgh`_kl\hklhoZ klbq_kdbo ijhp_kkh\ U E D & m^h\e_l\hjyxsbo kbkl_f_ b qbklufjughqgufmkeh\byf6D E ^ey\k_oL DZd kdhjh klZg_l hq_\b^guf wlh hij_^_e_gb_ wd\b\Ze_glgh hij_^_e_gbx jZ\gh\_kby \ l_jfbgZofgh`_kl\ZklhoZklbq_kdboijh p_kkh\U)D&Kms_kl\h\Zgb_b_^bgkl\_gghklvjZ\gh\_kbyb_]h oZjZdl_jbaZpby ihkj_^kl\hf hkgh\gh]h mjZ\g_gby ^bgZfbq_kdh]h ijh]jZffbjh\ZgbynZdlbq_kdb^himkdZ_lky\ij_^iheh`_gbb< wlhf h^ghjh^ghf h[s_kl\_ jZ\gh\_kb_ y\ey_lky qbklh hilbfZevguf ih IZj_lh ihkdhevdm ^ey ex[uo U E \k_ bg^b\b^mmfu bf_xl \ha fh`ghklv ^hklb]gmlv gZb[he__ [eZ]hijbylguo mkeh\bc khhl\_lkl\by aZ^ZqbieZgbjh\Zgby[_akkm^aZcfh\bkemqZcguobkdh\ L_i_jvij_^iheh`bfqlhbg\_klbpbb^_eZxlkyq_j_adhgdmj_g lhkihkh[gu_ fZdkbfbabjmxsb_ ijb[uev nbjfu >ey ijhklhlu [m ^_fkqblZlvqlhdZ`^ZynbjfZbg\_klbjm_llhevdh\h^bgijhp_kkb imklv ijhfure_gghklv khklhbl ba \k_o nbjf mqZkl\mxsbo \ ijh ba\h^kl\_gghfijhp_kk_Khk\h[h^guf^hklmihfbklhoZklbq_kdbfb ihklhyggufb^hoh^ghklyfb^eynbjfg_[m^_lklbfmeZ\klmiZlvbeb ihdb^Zlv ijhfure_gghklv _keb b lhevdh _keb ijb[uev gZ Zdpbb dZ`^hc nbjfu \ kjhdb \ l_q_gb_ dhlhjuo ih gbf ihemqZ_lky dZiblZe l_ogheh]bq_kdb b^_glbqgZ hij_^_e_gguf nbabq_kdbf ijb [ueyf gZ wlhl ijhp_kk Lh]^Z rdZeZ jZ\gh\_kby \ dZ`^hc ijhfur e_gghklb hij_^_eyeZkv [u ij_^eh`_gb_f bg\_klbjh\Zgby dhlhjh_ [ueh [u lZdbf `_ dZd ijb jZ\gh\_kbb k ijyfuf bg\_klbjh\Zgb_f bg^b\b^mmfZfb >jm]bfb keh\Zfb \ lZdhc ijhklhc wdhghfbd_ j_
r_gb_ aZ^Zqb ieZgbjh\Zgby [m^_l wd\b\Ze_glgh dhgdmj_glghfm jZ\ gh\_kbx <_jg_fkydhij_^_e_gbxjZ\gh\_kguoagZq_gbcDUbEHq_\b^ ghqlhjZ\gh\_kgh_j_r_gb_^eygbo\l_jfbgZo-qZklbqghjZa^_eb fhIjbE mjZ\g_gby hij_^_eyxlDUDh]^ZUbDba \_klgumjZ\g_gb_ y\ey_lkyebg_cghckbkl_fhchlghkbl_evghE H^gZdh wlh g_ hagZqZ_l qlh j_r_gby ihlj_[e_gby bbg\_klbjh\Zgby jZa^_evgu_lZddZd-^he`gh[ulvhij_^_e_ghkh\f_klghGZhkgh\Z gbb k\hckl\ k_iZjZ[_evghklb fh`gh ihgylv jZ\gh\_kb_ emqr_ jZk kfZljb\Zy^\_k\yaZggu_aZ^Zqb aZ^ZqmieZgbjh\ZgbyklZdbfb`_ nbabq_kdbfbijhba\h^kl\_ggufb\hafh`ghklyfbgh[_aaZcfh\kkm^ bkemqZcguobkdh\b ZgZeh]bqgmxaZ^ZqmkaZcfZfbbkkm^Zfbgh [_akemqZcguobkdh\ JZkkfhljbf hilbfZevgmx kljZl_]bx nbabq_kdh]h bg\_klbjh\Z gbyZ hilbfZevgmxkljZl_]bxihlj_[e_gbyK bkhhl\_lkl\mxsmx dhk\_ggmx nmgdpbx ihe_aghklb - \ujZ`Zxsmx bg^b\b^mZevgh_ j_r_gb_ aZ^Zqb ieZgbjh\ZgbyJZkij_^_e_gb_khklZ\eyxsboihjl n_eyfh`_l[ulvaZibkZghdZdaZ^ZqZd\Z^jZlbqgh]hijh]jZffbjh\Z gby PD[ Dc Dc'D D ijb h]jZgbq_gbyo Dc D t ]^_ J jZ\gh D:- *6c:- ' jZ\gh**c:- ±_^bgbqguc\_dlhjLZddZdZ hilbfZevghlh ihl_hj_f_DmgZLZd_jZkms_kl\m_lO lZdh_qlh JO 'Z dZ cJO Z cZ c'Z JZkkfhljbfl_i_jvaZ^ZqmkhklZ\dhcaZcfZbkkm^uU bkdhk \_gghcnmgdpb_cihe_aghklb-
Bkke_^h\Zgb_ihdZau\Z_lqlh_keb -
- bU O :- lh]^ZU D & y\ey_lkyjZ\gh\_kb_f^ey aZ^Zqb JZ\gh\_kgZy klZ\dZ ijhp_glZ U ijhihjpbhgZevgZ fgh `bl_ex EZ]jZg`Z k\yaZgghfm k h]jZgbq_gb_f Dc LZdbf h[jZ ahf jZ\gh\_kb_ \ gZr_c wdhghfbd_ \ujZ`Z_lky ke_^mxsbfb jZ\_g kl\Zfb- - -
DÖ D &Ö & bU U H[km^bf kgZqZeZ g_dhlhju_ k\hckl\Z jZ\gh\_kghc ijhp_glghc klZ\dbbaZl_f\_jg_fkydjZ\gh\_kghc^hoh^ghklbgZkemqZcgu_bk dbJZ\gh\_kgZyijhp_glgZyklZ\dZfh`_l[ulvy\gh\ujZ`_gZ\ke_ ^mxs_f\b^_
:- Z
U : < W
§D c . D c **cD : ¨¨ :: © -:
§ -:: ·§ YDU : · N § -:< ¸¸¨ D c . ¨¨ ¸ ¦ ¨¨ © -: ¹© : ¹ L © -:
L
§· ¸¸ D c *6 c¨¨ :< © -: ¹
· ¸¸ ¹
·§ FRY:
]^_ FRY: < hagZqZ_l dh\ZjbZpbx baf_g_gby hilbfZevgh bg\_klb jh\Zggh]h [h]Zlkl\Z k baf_g_gb_f i_j_f_gghc khklhygby < b lh `_ ^ey YDU: b < < ?keb kms_kl\m_l ehdZevgh [_ajbkdh\uc ijhba \h^kl\_ggucijhp_kklh_]h^hoh^ghklvgb`_]jZgbpu^eyijhp_gl ghcklZ\dbIjhp_glgZyklZ\dZhdZ`_lkygZwlhcgb`g_c]jZgbp_dZd lhevdh\jZ\gh\_kbb[m^_lbkihevah\ZlvkyehdZevgh[_ajbkdh\ucijh p_kkFh`ghijh\_jblvqlhjZ\_gkl\h ijbwlhf\uihegy_lky hoh^ghklv wlh]h ijhp_kkZ ih hij_^_e_gbx jZ\gZ U Ijh\_jdZkihfhsvx ihdZau\Z_lqlh
U : < W
§U : < W ¨¨ :: © -:
·§ YDU : · ¸¸¨ ¸ ¹© : ¹
Ke_^mxsZy l_hj_fZ ^Z_l bglmblb\gmx bgl_jij_lZpbx jZ\gh\_k ghcijhp_glghcklZ\dbKgZqZeZk^_eZ_fh^ghZgZeblbq_kdh_ij_^ih eh`_gb_dhlhjh_[m^_lgm`ghebrvijb^hdZaZl_evkl\_l_hj_fu
Ij_^iheh`_gb_ - - - - D b K bf_xl h^gm g_ ij_ju\gmxijhba\h^gmxih:gZ' L_hj_fZIjbjZ\gh\_kbbbf__f U h`b^Z_fucl_fibaf_g_gbyjhklZij_^_evghcihe_aghklb [h]Zlkl\Z h`b^Z_fZy^hoh^ghklv[h]Zlkl\Z dh\ZjbZpbyf_`^m^hoh^ghklvx[h]Zlkl\Zbl_fihfbaf_g_gby jhklZij_^_evghcihe_aghklb[h]Zlkl\Z >hdZaZl_evkl\h Ih nhjfme_ Blh - [m^_l m^h\e_l\hjylv klh oZklbq_kdhfm^bnn_j_gpbZevghfmmjZ\g_gbx
G-
- /- GW>-
Z c*:-c 6@GZW
]^_/±wlhhi_jZlhj^bnn_j_gpbjh\Zgbyhij_^_e_gguckhhlghr_gb _f Ke_^h\Zl_evghh`b^Z_fZyghjfZbaf_g_gbyihe_aghklbhi j_^_ey_lky dZd - /- - >bnn_j_gpbjmy mjZ\g_gb_ ih : bkihevamy kbkl_fm b ^_eZy i_j_klZgh\dm keZ]Z_fuo \ ihemq_g ghf\ujZ`_gbbgZoh^bf
U
ª § -:: « D c. ¨ © -: ¬
· § YDU : · N § -:< ¸¨ : ¸ ¦¨ ¹ L © -: ¹©
L
· § FRY:
N ª « YDU : -::: ¦ FRY:
L
FRY D D: & : < W @- :: ¦¦ L M N
N
?
L
M
N º ¦ PL < -:< -: » -: -: /-: -: L ¼ qlh ^hdZau\Z_l i_j\mx qZklv Ihkdhevdm ijhp_kku:b<hij_^_ey xlkymjZ\g_gbyfb L
W
W
G: Z cD:& GWZ c*:GZW bG< PGW6GZW
gZoh^bfdh\ZjbZpbx^hoh^ghklb[h]Zlkl\Zkl_fihfbaf_g_gbyjhklZ ij_^_evghcihe_aghklb[h]Zlkl\Z
§ FRY: -: · § ·
c 6 D c* c ¨ ¸ ¨ ¸ -:: D c*: -:< © :-: ¹ © -: ¹ ª§ «¨ :: ¬© - :
· § YDU : ¸¨ ¹© :
· § FRY:
· N § -:< ¸ ¦¨ ¹ L © -:
L
Kj_^gyy^hoh^ghklv[h]Zlkl\ZjZ\gZZ cDH[t_^bgyybobkjZ\ gb\Zyk\ujZ`_gb_f ^hdZau\Z_fkijZ\_^eb\hklv\lhjhcqZklb ?keb8>&V <V V@ H U 8>&V <V @lhi_j\h_\ujZ`_gb_ijZ \hc qZklb nhjfmeu fh`_l [ulv i_j_ibkZgh dZd U fbgmk h`b ^Z_fuc l_fi baf_g_gby jhklZ g_^bkdhglbjh\Zgghc ij_^_evghc ih e_aghklb[h]Zlkl\Z WlZ bgl_jij_lZpby ijb\h^bl dhg_qgh d klZg^Zjlguf j_amevlZ lZfdh]^Zg_hij_^_e_gghklvhlkmlkl\m_l L_i_jvh[jZlbfkydjZ\gh\_kghch`b^Z_fhcijb[uebgZkemqZc gu_bkdb
EL U ) L ]^_ 3:
ª§ -:: «¨ ¬© - :
>M: M< M< @> ):L )
N
N · § -:< : YDU ¸ ¨ ¦ -: L © ¹
L
N º · § -:< · : < : < 3< FRY FRY ¸ ¨ ¸ ¦ L L » L ¹ © : ¹ ¼ >hdZaZl_evkl\hIh^klZ\eyyD bU\ ihemqZ_f L
ª§ -:: «¨ ¬© - :
º · : < FRY ¸ L » ¹ ¼ L
§ · E: < W D cD ¨ ¸>D c*6 c-:< +6 c-:< @ © -: ¹ § : ¨ :: © -:
·
¸ > D c**cD +*cD @ ¹
Bkihevah\Z\nhjfmemBlhqlh[uihemqblv+\y\ghf\b^_baZ l_f i_j_]jmiibjh\Z\ keZ]Z_fu_ ihemqbf qlh h`b^Z_fuc ^hoh^ gZ
ex[hckemqZcgucbkdgZijbf_jLc fh`_l[ulvaZibkZg\ke_^mx s_f\b^_ EL )
L
ª§ U) ): «¨ :: ¬ © -: L
L
N ª§ ¦ ):L «¨ :: L ¬© -:
N º · § -:< · : : < YDU FRY » ¸ ¨ ¸ ¦ L -: ¹ L © ¹ ¼ N º · § -:< · : < FRY ¸ ¨ ¸ FRY:
L
qlhfh`ghaZibkZlv\dhfiZdlghcnhjf_ EL U ) L
>I: I< I< @> ):L )
N
JZ\gh\_kgZyh`b^Z_fZyijb[uevgZkemqZcgu_bkdbg_ba[ZabkZ hij_^_ey_lky _^bgkl\_gguf h[jZahf q_j_a jZ\gh\_kgu_ h`b^Z_fu_ ^hoh^ghklb \ [Zabk_
wlb\ujZ`_gbybbkihevamyjZ\_gkl\hE UihemqZ_f E U ) >E U ) E U ) E N U ) N @>TT T N @c
ª ) « : >I: I< I
):N º » » » )
ª T º « » « » «¬TN »¼
JZ\_gkl\h ke_^m_lba Kgh\ZbkihevamynhjfmemBlh fufh`_faZibkZlvT \ke_^mxs_f\b^_
ª T º « » « » «T » ¬ N ¼
ª ): « « )< ¬
N
):N º ª ): º » « » )
N
Dhf[bgbjmyjZ\_gkl\Z b ihemqZ_f E U )
>I: I< I< @> ): )< )< @c N
N
WlhihdZau\Z_lqlhnhjfmeZ kh^_j`bl\k_kemqZcgu_bkdb JZ\gh\_kgZyh`b^Z_fZyijb[uevgZex[hckemqZcgucbkdfh`_l [ulv aZibkZgZ dZd [_ajbkdh\Zy ijb[uev iexk ebg_cgZy dhf[bgZpby i_j\uoqZklguoijhba\h^guoklhbfhkl_cZdlb\h\ih:b<IhdZwlb ijhba\h^gu_ aZ\bkyl hl h[_ki_q_gby Zdlb\h\ ih dhgljZdlm dhwnnb pb_glu \ ebg_cghc dhf[bgZpbb g_ba\_klgu lZd `_ dZd b ^ey \k_o kemqZcguobkdh\ Dhwnnbpb_glu ebg_cghc dhf[bgZpbb \ nhjfme_ fh]ml [ulv ^Zgu \ l_jfbgZo jZ\gh\_kguo h`b^Z_fuo ^hoh^ghkl_c gZ hl ^_evgu_p_ggu_[mfZ]bbebboihjln_evBakhhlghr_gby bf_ _f qlh I: D c D U : _klv h`b^Z_fh_ m\_ebq_gb_ ijb[ueb ih [_ajbkdh\hc klZ\d_ gZ bg\_klbjh\Zggh_ [h]Zlkl\h Dhwnnbpb_gl I< h`b^Z_fZy ba[ulhqgZyhl^ZqZgZp_ggu_[mfZ]blZdZyqlh_]h L
agZq_gb_ \k_]^Z jZ\gh
^Z_fhc ^hoh^ghklb gZ ex[u_ ^jm]b_ p_ggu_ [mfZ]b beb ihjln_ev qvbagZq_gbyaZ\bkyllhevdhhl
Ba^hdZaZl_evkl\Z\lhjhcqZklbl_hj_fu\b^ghqlh I: wlh dh\ZjbZpby f_`^m baf_g_gb_f [h]Zlkl\Z b ghjfhc baf_g_gby ij_ ^_evghc ihe_aghklb [h]Zlkl\Z \aylZy k ijhlb\hiheh`guf agZdhf Hq_\b^gufh[jZahf^hdZau\Z_lkyqlh I< _klvdh\ZjbZpbybaf_g_gby Lci_j_f_gghckhklhygbybghjfubaf_g_gbyij_^_evghcihe_aghklb [h]Zlkl\Z \aylZy k ijhlb\hiheh`guf agZdhf Bkihevamy nhjfmem Blhqlh[u\ujZablvmjZ\g_gb_ \y\ghcnhjf_dZd\^hdZaZl_ev kl\_l_hj_fubf__f EL U FRY ) L -: ) L -: LZdbf h[jZahf ba[ulhqgZy h`b^Z_fZy ^hoh^ghklv gZ Lc Zdlb\ jZ\gZ dh\ZjbZpbb _]h ^hoh^ghklb b ghjfu baf_g_gby ij_^_evghc ihe_aghklb [h]Zlkl\Z \aylhc k ijhlb\hiheh`guf agZdhf DZd fu b h`b^Zeb bg^b\b^mmfu `_eZxl ijbgbfZlv [he__ gbadmx kj_^gxx ^hoh^ghklv gZ p_ggu_ [mfZ]b ih dhlhjuf \uieZlu [he__ \ukhdb_ dh]^Z ij_^_evgZy ihe_aghklv \ur_ Ke_^h\Zl_evgh ijb jZ\gh\_kbb lZdb_ p_ggu_ [mfZ]b [m^ml bf_lv [he__ gbadmx h[smx ij_fbx aZ jbkd ?kebij_^_evgZyihe_aghklv8g_aZ\bkblhli_j_f_gguokhklhy gby<b_kebb8bnmgdpbyhilbfZevgh]hihlj_[e_gby& bf_xllj_ [m_fu_ijhba\h^gu_lhijbf_g_gb_nhjfmeuBlhdij_^_evghcih e_aghklbihlj_[e_gby8K& ^Z_lqlh L
G8&
> /8& 8& @GW 8&& >&: D c*: &< 6 @GZW
]^_ &: ± qZklgZy ijhba\h^gZy & ih : &< uN \_dlhj q_c Lc we_f_glwlh &< L qZklgZyijhba\h^gZy & ih
L
L
i_j_ibkZlvij_fbxaZnZdlhjjbkdZ\\b^_
I<
§ 8 && & · ¨ ¸ FRY & < © 8 & & ¹
I:
§ 8 && & · ¨¨ ¸¸FRY & : © 8 & & ¹
]^_ FRY& : h[hagZqZ_l dh\ZjbZpbx f_`^m baf_g_gb_f ihlj_[e_ gby b baf_g_gb_f [h]Zlkl\Z b FRY& < hij_^_e_gZlZdbf`_h[jZ ahf>Ze__ke_^m_lqlh EL U ) L
§ 8 && & · L ¨ ¸ FRY & ) © 8 & & ¹
lZd qlh h`b^Z_fZy ba[ulhqgZy ijb[uev gZ ex[mx p_ggmx [mfZ]m ijhihjpbhgZevgZ__dh\ZjbZpbbkhilbfZevgufihlj_[e_gb_f >\Z ke_^mxsbo aZf_qZgby ih l_hj_f_ aZkem`b\Zxl \gbfZ gbyAZf_lbf\hi_j\uoqlhlZddZdij_^ihql_gby\_^mldg_cljZev ghklbdjbkdm\ihlj_[bl_evkdhfhlghr_gbbgbdZdb_nZdlhjgu_jbk dh\u_ij_fbbg_bkq_aZxlBg^b\b^mmfudhlhju_g_cljZevgudjbk dm \ ihlj_[bl_evkdhf hlghr_gbb g_ [ueb [u g_cljZevgu dg_hij_ ^_e_gghklb \ baf_g_gbb l_ogheh]bb b nZdlhjgu_ jbkdh\u_ ij_fbb hljZ`Zeb [u bo `_eZgb_ o_^`bjh\Zlv wlm g_hij_^_e_gghklv
HKGH
L_i_jv fh`gh bkihevah\Zlv ihemq_ggu_ j_amevlZlu qlh[u ih emqblvh^bgbahkgh\guoj_amevlZlh\]eZ\uWlhhkgh\gh_mjZ\g_gb_ hij_^_e_gbyklhbfhklbZdlb\h\hkgh\Zggh_gZke_^mxs_cl_hj_f_ L_hj_fZ Klhbfhklv ex[h]h kemqZcgh]h bkdZ m^h\e_l\hjy_l ^bnn_j_gpbZevghfmmjZ\g_gbx\qZklguoijhba\h^guo N N N YDU : ):: ¦FRY:
L
M
>U : < W : & : < W @):
N
ª § ¦ )< «PL ¨¨ :: L ¬ © -: L
N § -:< · ¸¸FRY:
L
)W U : < W ) G: < W
º · ¸¸FRY
]^_U:<W ihemqZ_fbamjZ\g_gby \\b^_ § U : < W D cD ¨ :: © -:
· § YDU : · N § -:
>hdZaZl_evkl\hBkihevamynhjfmemBlhihemqZ_f
N N E) G YDU : ):: ¦ FRY:
L
M
L
K ^jm]hc klhjhgu \ l_hj_f_ ]h\hjblky qlh ijb jZ\gh\_kbb h`b^Z_fZyijb[uevgZ)^he`gZ[ulvlZdhc ª§ U) ): «¨¨ :: ¬© - :
E)
ª§ ¦ )< «¨ :: L «¬© - : N
L
N § -:< · ¸¸YDU : ¦ ¨¨ L © -: ¹
L
N § · :< ¸ FRY:
M
º · ¸¸FRY:
º · ¸¸ FRY
H[t_^bgyyjZ\_gkl\Z b ihemqZ_flj_[m_fh_mjZ\g_ gb_ MjZ\g_gb_ hij_^_e_gby klhbfhklb kijZ\_^eb\h ^ey ex[h]h Zd lb\Z W7 u=]^_ =±hldjulh_fgh`_kl\hk]jZgbp_c w= Imklv wÖ = ±aZfdgmlh_fgh `_kl\hlZdh_qlh:W <W wÖ = ^ey\k_o:W <W ]^_W±\j_fy i_j\h]h\uoh^Zba=LZdbfh[jZahfmjZ\g_gb_ [m^_lkijZ\_^ eb\uf^ey\k_oV:V <V >W7 u=kdhgljZdlgufbmkeh\byfb hij_^_eyxsbfb]jZgbqgmxbgnhjfZpbx ):7 <7 7 T:7 <7 :7 <7 =
):W <W W <:W <W W :W <W wÖ = >jm]bfbkeh\ZfbZdlb\)^Z_l_]h\eZ^_evpmijZ\hihemqZlvljb lbiZieZl_`Z _keb e_`Zsb_ \ hkgh\_ i_j_f_ggu_ g_ ihdb^Zxl hij_^_e_g gmx h[eZklv ^h gZklmie_gby ^Zlu ih]Zr_gby 7 \ ^Zlm ih]Zr_gby hkms_kl\ey_lkyieZl_`T _keb e_`Zsb_ \ hkgh\_ i_j_f_ggu_ \k_ `_ ihdbgml hij_^_ e_ggmxh[eZklv\fhf_glW^hgZklmie_gby^Zluih]Zr_gby7\^Zlm Lhkms_kl\ey_lkyieZl_`< ihlhdieZl_`_cGhkms_kl\ey_lky^h\j_f_gb7beb^h\j_f_gb W\aZ\bkbfhklbhllh]hdZdhcfhf_glgZklmibljZgvr_ =jZgbpuh[eZklbfh]ml[ulvhij_^_e_gu\dhgljZdl_beb\u[jZ gu\eZ^_evp_fZdlb\Zqlh[ufZdkbfbabjh\ZlvklhbfhklvZdlb\Z
Kms_kl\h\Zgb_ b _^bgkl\_gghklv j_r_gby hkgh\gh]h mjZ\g_gby hij_^_e_gby klhbfhklb fh]ml [ulv mklZgh\e_gu ijb ihfhsb ^hihegbl_evguo mkeh\bc j_]meyjghklb Qlh[u bgl_jij_lbjh\Zlv j_ r_gb_ jZkkfhljbf ^\_ kbkl_fu klhoZklbq_kdbo ^bnn_j_gpbZevguo mjZ\g_gbc kbkl_fZ,
G: W >D cD: & @GW D c*:GZW G< W P< W GW 6 < W GZW
kbkl_fZ,, G: W >D c D: I: & @GW D c *:GZW G< W >P< W >I< I< I< @GW 6 < W GZW N
]^_ ijhp_kku y\eyxsb_ky j_r_gbyfb kbkl_f , b ,, hij_^_e_gu gZ h^ghf b lhf `_ \_jhylghklghf ijhkljZgkl\_ b bf_xl h^gb b l_ `_ gZqZevgu_mkeh\byKbkl_fZ,hibku\Z_lnZdlbq_kdh_baf_g_gb_:b < ^h fhf_glZ dh]^Z \i_j\u_ : \ lh \j_fy dZd kbkl_fZ ,, hib ku\Z_lbaf_g_gb_ZgZeh]bqgh]hijhp_kkZ^j_cndhlhjh]h\b^hbaf_ gy_lkynZdlhjghcjbkdh\hcij_fb_cIj_^iheh`bfqlhh[eZklvaZ^Z gby dhwnnbpb_glh\ jZkrbj_gZ hl f u 5 ^h5 ijhba\hevguf h[jZahflZdqlh[umkeh\byj_]meyjghklb\ij_^iheh`_gbbm^h\ e_l\hjyebkv b iheh`bl_evgu_ agZq_gby : [ueb g_^hklb`bfu ijb g_iheh`bl_evguogZqZevguomkeh\byoKn_jZgZrbobgl_j_kh\[m^_l h]jZgbq_gZ ih\_^_gb_f j_r_gbc kbkl_f , b ,, ih = DZ`^uc ba ijh p_kkh\MM ihjh`^Z_l\_jhylghylvI gZ &7N 4 ]^_ &7N ijhkljZgkl\hg_ij_ju\guonmgdpbcIV hlh[jZ`Zxsbo>W7@gZ5 b 4 _klv VZe]_[jZ ihjh`^_ggZy fgh`_kl\Zfb IV % ]^_ % ± ex[h_[hj_e_\kdh_fgh`_kl\h\5 bV>W7@ >eylh]hqlh[umklZgh\blvkms_kl\h\Zgb_b_^bgkl\_gghklvj_ r_gbymjZ\g_gby k^_eZ_fg_kdhevdh^hihegbl_evguol_ogbq_ kdbo ij_^iheh`_gbc b [m^_f kqblZlv qlh hgb \uihegyxlky \kx^m iha`_Imklvfgh`_kl\h=[m^_lh]jZgbq_ggufb< = aZfudZ gbxfgh`_kl\Z=ImklvdZ`^ZylhqdZ wÖ = bf__l[Zjv_jb[Zjv_jI [ \ lhqd_ \ w= y\ey_lky g_ij_ju\ghc g_hljbpZl_evghc nmgdpb_c gZ = dhlhjZy mf_gvrZ_lky^hgmeylhevdh\lhqdZo\b^eydhlhjhc /I [ dIj_^iheh`bflZd`_qlh nmgdpbyieZl_`_cGjZ\gh f_jghg_ij_ju\gZih=zev^_jmgZ:<V = u>W7@ nmgdpbyT g_ij_ju\gZgZfgh`_kl\_ = nmgdpby<g_ij_ju\gZgZ wÖ = u>W7@ b <:7 <7 7 T:7 <7 7 _keb:7 <7 wÖ = Ij_ ^u^msb_ ij_^iheh`_gby ih^jZamf_\Zxl qlh dhwnnbpb_glu ) b /) jZ\ghf_jgh g_ij_ju\gu ih Ebirbpm ^ey \k_o : < V = Lh]^Z kf =bofZg b Kdhjhoh^ kms_kl\m_l _^bgkl\_ggh_ j_r_gb_ k]jZgbqgufbmkeh\byfb Kbkl_fu , b ,, fh]ml [ulv bkihevah\Zgu ^ey bgl_jij_lZpbbj_ r_gby mjZ\g_gby hij_^_e_gby klhbfhklb WlZ bgl_jij_lZpby kh^_j`blky\ke_^mxsbo^\moe_ffZo
E_ffZ?^bgkl\_ggh_ j_r_gb_ mjZ\g_gby k ]jZgbq gufbmkeh\byfb bf__lke_^mxsbc\b^ ):<W7
( ^T : 7 < 7 u
ª ·º § % u « H[S ¨¨ ³ E : X < X X GX ¸¸ » , W t 7 < : W < W W u «¬ ¹ »¼ © 9
W7 ª §W ·º u «H[S ¨ ³ E: X < X X GX ¸» , W 7 ³ G: V < V V u ¨ ¸» ¹¼ W ¬« © W
½° ª § 8 ·º u « H[ S ¨ ³ E : X < X X GX ¸ » GV : < W ¾ «¬ © 9 ¹ »¼ °¿
]^_(hagZqZ_lfZl_fZlbq_kdh_h`b^Zgb_ihhlghr_gbxdkbkl_f_, , bg^bdZlhjgZynmgdpbyW\j_fyi_j\h]hdZkZgby wÖ = >hdZaZl_evkl\h >ey ^hdZaZl_evkl\Z g_h[oh^bfh \kihfgblv hij_^_e_gb_EblhlnZdlqlhkh]eZkghnhjfme_Blhbf__lf_klh\u jZ`_gb_ /) )W G ) Lh]^Z ihemqbf lj_[m_fuc j_amevlZl kf =bofZgbKdhjhoh^
ª
¯°
¬«
§ ¨ ©
%
·º ¸» ¹¼
):<W7 ( ®° T : 7 < 7 « H[ S ¨ ³ U : X < X X GX ¸ » u 9
u , W t 7 < : W < W W u ª § 9 u « H[S ¨¨ ³ U : X < X X GX «¬ © 9
W% ·º ¸ » , W 7 ³ G : V < V V u ¸ 9 ¹ »¼
ª
§
¬«
©
V
·º
°½
W
¹ ¼»
°¿
³
u « H[S ¨ U : X < X X GX ¸ » GV : < W ¾
]^_ ( hagZqZ_lfZl_fZlbq_kdh_h`b^Zgb_ihj_r_gbxkbkl_fu,,, bWhij_^_e_gu\\ujZ`_gbb >hdZaZl_evkl\h >ey ^hdZaZl_evkl\Z g_h[oh^bfh ijbf_gblv d mjZ\g_gbx j_amevlZlul_hjbbklhoZklbq_kdbo^bnn_j_gpbZev guomjZ\g_gbckf=bofZgbKdhjhoh^ Ba mjZ\g_gby \b^gh qlh jZ\gh\_kgZy p_gZ Zdlb\Z ^Z_lky _]hh`b^Z_fuf^bkdhglbjh\ZggufagZq_gb_fijb[_ajbkdh\hcklZ\ d_ dh]^Z fZl_fZlbq_kdh_ h`b^Zgb_ [_j_lky ih hlj_]mebjh\Zgghfm jbkdhfijhp_kkm^ey[h]Zlkl\Zbi_j_f_gguokhklhygbyJ_]mebjh\Z gb_ jbkdhf ^hklb]Z_lky mf_gvr_gb_f baf_g_gby dZ`^hc hij_^_e_g ghc i_j_f_gghc k ihfhsvx khhl\_lkl\mxs_c nZdlhjghc jbkdh\hc ij_fbb
K?EVXWJJHM±>?;JX BJHEVNBJF
Ij_^klZ\e_ggZy a^_kv fh^_ev kh]eZkm_lky k l_hjb_c DWjjhm $UURZ b = >_[jx 'HEUXH b ke_^mxsZy l_hj_fZ ih^ l\_j`^Z_lqlhj_r_gb_ fh`_l[ulvbgl_jij_lbjh\Zgh\l_jfb gZo \a\_r_gghc ij_^_evghc ihe_aghklb h`b^Z_fuo klhbfhkl_c < oh^_ __ ^hdZaZl_evkl\Z \kihfgbf hij_^_e_gb_ / ba ij_^klZ\e_gby b\\_^_fFdZd\_dlhjjZaf_jghklbN u ª§ Fc «¨¨ :: ¬© -:
· § -:< ¸¸ ¨¨ ¹ © -:
· § -:
·º ¸¸» ¹¼
ªD c *: º b6dZdfZljbpmjZaf_jghklbN uQN 6 « » « » «¬ 6 »¼ Ij_^iheh`bfqlh(^H[SO_FcV 6V _ _:<W`dG^eyg_dhlhjuo O!G!b\k_oVlZdboqlhWdVd7
L_hj_fZP_gZex[h]hkemqZcgh]hbkdZ^Z_lky\ujZ`_gb_f
) : < W 7 § - : 7 < 7 7 · ( ®T : 7 < 7 ¨ : ¸ , W t 7 : W < W W © : ¹ ¯ § - : 7 < 7 7 · ¸¸ , 2 7 < : W < W W u ¨¨ : : W < W W © : ¹
7
³ W
§ - : V < V V · /: V < V V ¨ : ¸ GV : < © - : : W < W W ¹
½° W ¾ °¿
]^_dZdbjZg__(fZl_fZlbq_kdh_h`b^Zgb_ihj_r_gbxkbkl_fu, , bWhij_^_e_gu\\ujZ`_gbb >hdZaZl_evkl\hKh]eZkghnhjfme_Blhbf__f § -: : V < V V · ¨¨ ¸¸ : W < W W © : ¹ H[S ORJ -: : V < V V ORJ -: : W < W W
V ªV§ º w ORJ -: X · c $ H[S « ³ ¨ /ORJ -: X GX GZ X » ³ ¸ w W © ¹ W ¬« W ¼» L_i_jv / ORJ - :
N § -:
§ ¨¨ © -:
§· ¸¸ /- : YDU : ¨¨ :: © -: ¹
·§ -:: ¸¸¨¨ ¹© -:
· ¸¸ ¹
§ -:
· ¸¸ /-: $ c c$ ¹
§ ¨¨ © -:
·§ -:< M ¸¸¨ ¨ ¹© -:
· ¸¸ /-: $ c ¹
· ¸ ¸ ¹
>Ze__bal_hj_fu § ¨¨ © -:
· ¸¸ /-: -:W U : < W ¹
§ - : V < V V · ¸¸ fh`_l [ulv aZ LZdbf h[jZahf \ujZ`_gb_ ¨¨ : : W < W W ¹ © : ibkZgh\\b^_ § -: : V < V V · ¨¨ ¸¸ © -: : W < W W ¹
ª § W ·º «H[S¨¨ ³ U : X < X X GX ¸¸» u «¬ © W ¹»¼
ª §V ·º V ¨ c u «H[S¨ ³ $ GZX ³ $ c GX ¸¸» W «¬ © W ¹»¼ >Ze__ g_ihkj_^kl\_gghbal_hj_fu=bjkZgh\Z \ujZ`_gb_ wd\b\Ze_glgh \ujZ`_gbx hldm^Z b ke_^m_l qlh hgh y\ ey_lkyj_r_gb_f < jZ[hlZo Wjjhm b >_[jx & WNc wlh ijhkljZgkl\h khklhygbc Kbkl_fZklhbfhklb\^ZgghfijhkljZgkl\__klvf_jZSdhlhjZyohlyb g_hljbpZl_evgZygh\h[s_fkemqZ_g_y\eyxsZyky\_jhylghklvxgZ &WNc 4W c f_jZ S Z[khexlgh g_ij_ju\gZ k h`b^Zgb_f ih nZdlbq_ kdhckbkl_f_\_jhylghklbSbijhba\h^gZyJZ^hgZ±Gbdh^bfZihS jZ\gZGSGS -:V -: W < mjZ\g_gbyo b ]h\hjblky qlh klhbfhklv ex[h]h ieZl_`Z jZ\gZ fZl_fZlbq_kdhfm h`b^Zgbx kemqZcgh]h dhebq_kl\Z ijh^mdlZfgh`bl_ey^bkdhglbjh\Zgbyih\j_f_gbbfgh`bl_eyj_]m ebjh\ZgbyjbkdZFgh`bl_ev^bkdhglbjh\Zgbyih\j_f_gbij_^klZ\ ey_l kh[hc kh\f_klgh_ \ebygb_ ehdZevguo ij_^kdZam_fuo ijhp_gl guobaf_g_gbc[h]Zlkl\ZWlhgZ\h^blgZfukevhijhp_^mj_dhlhjZy hkms_kl\ey_lhl^_evgu_ihke_^h\Zl_evgu_j_]mebjh\dbih\j_f_gbb g_hij_^_e_gghklb gh g_ \e_q_l bo ihkdhevdm \ h[s_f kemqZ_ gb h^bgfgh`bl_evg_fh`_l[ulv\ug_k_gbaih^agZdZfZl_fZlbq_kdh ]h h`b^Zgby Ih^jm]hfm mklZgh\blv j_amevlZlu fh`gh lZd _keb klhbfhklbbaf_jbfu\l_jfbgZoihe_aghklbdh]^Z_^bgbp_cbaf_j_ gbyy\ey_lkyieZgbjm_fZyp_gZ-:lh]^Zp_gu\k_oZdlb\h\hij_^_
eyxlkylZdqlh[uboh`b^Z_fZy^hoh^ghklvaZex[hci_jbh^\eZ^_ gbybfbjZ\gyeZkvgmex Ihoh`Zy bgl_jij_lZpby ijbf_gy_lky dh]^Z bg\_klbpbb kh\_j rZxlky q_j_a nbjfu fZdkbfbabjmxsb_ klhbfhklv Fu fh`_f [_a ihl_jbh[sghklbjZkkfZljb\Zlvnbjfudhlhju_h]jZgbqb\Zxlk\hb bg\_klbpbb h^gbf ijhba\h^kl\_gguf ijhp_kkhf DZd mihfbgZehkv jZg__lZdb_nbjfu[m^mlbf_lvklbfmejZkrbjylvbebkhdjZsZlvbg \_klbpbb\dZ`^ucijhp_kk_kebkh\hdmigh_jZaf_s_gb_g_khhl\_l kl\m_lijyfufbg\_klbpbyfbg^b\b^mmfh\ Qlh[u k\yaZlv wlh k mjZ\g_gb_f hij_^_e_gby klhbfhklb jZk kfhljbf kh\hdmigh_ jZaf_s_gb_ ijhihjpbhgZevgh_ nbabq_kdhfm [h]Zlkl\mbg\_klbjh\Zgghfm\dZ`^ucijhp_kkaZ^Zggh_\_dlhjhf D P_guZdpbcnbjffh]ml[ulvhij_^_e_gulZd`_dZdbp_guZdlb\h\ H^gZdhboqbklh_ij_^eh`_gb_[m^_lkdhj__iheh`bl_evgufq_fgm e_\ufH`b^Z_fZy^hoh^ghklvELgZZdpbbnbjfu\Lfijhba\h^kl\_ [ueZ [u aZ^ZgZ ]bihl_lbq_kdbf agZq_gb_f DL dhlhjh_ j_rZeh [u mjZ\g_gby b FD D Kljh]Zy\h]gmlhklv-ih^jZamf_\Z_l qlh wlhEL[m^_lhlebqZlvkyhl^_ckl\bl_evgh]hl_ogheh]bq_kdbhij_ ^_e_ggh]hDL\kydbcjZadh]^Z D hlebqZ_lkyhlD Dhebq_kl\h bf_xsboky lh\Zjh\ g_ij_ju\gh j_bg\_klbjm_fh_ nbjfhc \ Lc ijhba\h^kl\_gguc ijhp_kk fh`_l [ulv \aylh dZd ^h ihegbl_evgZy i_j_f_ggZy khklhygby bf_xsZy h`b^Z_fmx ghjfm ijb[uebDL Ijbf_gyymjZ\g_gb_hij_^_e_gbyklhbfhklbdnbjf_h[gZjm`b \Z_fqlh__jughqgZyklhbfhklvjZ\gZnbabq_kdhfmdhebq_kl\mijh ba\h^bfuolh\Zjh\iexkklhbfhklvg_ij_ju\gh]hihlhdZ\uieZlDL EL JughqgZyklhbfhklv[m^_llZdbfh[jZahfhlebqZlvkyhlnbabq_kdh]h dhebq_kl\Zlh\Zjh\\kydbcjZadh]^ZDLzELKe_^h\Zl_evgh\jZ\gh \_kbb\k_nbjfu[_a\kydh]hklbfmeZ[m^mljZkrbjylvbebkhdjZsZlv bg\_klbpbblhevdhdh]^Z D D Wlbf aZ\_jrbf jZajZ[hldmh[s_cjZ\gh\_kghcfh^_ebijhklhc ghiheghcwdhghfbdbdhlhjZybkihevah\ZgZ^eybamq_gbyklhbfhklb Zdlb\h\H^bgbaijbgpbibZevguoj_amevlZlh\]eZ\u^bnn_j_gpb Zevgh_mjZ\g_gb_\qZklguoijhba\h^guodhlhjhfm^he`gum^h\e_ l\hjylvklhbfhklbZdlb\h\J_r_gb_wlh]hmjZ\g_gbyhij_^_ey_ljZ\ gh\_kgmxp_gm^ZgguoZdlb\h\q_j_ae_`Zsb_\hkgh\_j_Zevgu_i_ j_f_ggu_ wdhghfbdb H[t_^bgyy wlh j_r_gb_ k \_jhylghklghc bg nhjfZpb_c h[ wlbo i_j_f_gguo fh`gh ihemqblv hl\_l gZ rbjhdbc ki_dlj\hijhkh\hklhoZklbq_kdhckljmdlmj_klhbfhklbZdlb\h\
JZajZ[hlZgghc fh^_eb ^ZgZ h[l_dZ_fZy nhjfZ qlh[u kdhgp_g ljbjh\ZlvkygZkZfuo\Z`guoaZ^ZqZo>hihegbl_evgu_^_lZebfh]ml [ulv ^h[Z\e_gu h[uqguf h[jZahf GZijbf_j fu fh]eb [u \\_klb fgh`_kl\_ggu_ lh\Zju beb g_ebg_cgu_ ijhba\h^kl\_ggu_ l_ogheh ]bb<^jm]hfijbf_j_fufh]eb[ubkke_^h\ZlvdZdq_j_^h\Zgb_jZ [hlub^hkm]Zfh]eh[u\ha^_ckl\h\ZlvgZklhbfhklbZdlb\h\\dex qZyjZ[hlm\ijhba\h^kl\_ggmxnmgdpbxb^hkm]\ijyfmxnmgdpbx ihe_aghklb >Zevg_cr__h[h[s_gb_ke_^m_lbalh]hnZdlZqlhfuk\h[h^gh fh`_f\dexqZlvi_j_f_ggu_khklhygbydhlhju_g_hdZau\Zxl\eby gbygZijhba\h^kl\_ggu_\hafh`ghklbghl_fg_f_g__gZoh^ylky\ kn_j_ bgl_j_kh\ bg^b\b^mmfh\ G_ kms_kl\m_l ijbqbg ih dhlhjuf baf_g_gb_wlbo^hihegbl_evguoi_j_f_gguokhklhygbyg_\ebyeh[u gZbg^b\b^mZevgu_j_r_gbyihihlj_[e_gbxGZijbf_j_kebfuhi j_^_ebfG<MW &W GWlhbaf_g_gb_<MaZex[hcijhf_`mlhd\j_f_gb [m^_lg_hl^_ebfhhlihlj_[e_gbyaZwlhlijhf_`mlhd\j_f_gb>Ze__ ]b[dhklv fh`_l [ulv ihemq_gZ ijb \dexq_gbb nmgdpbb ihe_aghklb \j_f_ggh]h[h]Zlkl\Z%:Wc <Wc aZ\bkys_chlkhklhygby<dZq_kl \_ijhklh]hijbf_jZhij_^_ebf 8&V <V %:Wc <Wc J<MWc bG<M W >JORJ&W @<M W GW ]^_JdhgklZglZf_gvr_ khhl\_lkl\m_lfmevlbiebdZlb\gufnmgd pbyfihe_aghklbbamq_gguf\dgb]_=IZcb3\H LZdbf h[jZahf fh`gh \\_klb fgh]h lbih\ ^bgZfbq_kdbo aZ\b kbfhkl_c ihkj_^kl\hf ij_^ihql_gbc ijb dhlhjuo gZrZ [Zah\Zy fh ^_ev\k__s_e_]dhih^^Z_lkyZgZebam
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
L?HJBY<J?F?GGHCKLJMDLMJU IJHP?GLGUOKL:
HKGH?EV
<wlhc]eZ\_h[sZyjZ\gh\_kgZyfh^_evhij_^_e_gbyp_guZdlb\Z ij_^u^ms_c ]eZ\u bkihevam_lky ^ey bamq_gby \j_f_gghc kljmdlmju ijhp_glguoklZ\hd<^Zgghcfh^_ebij_^\b^_gbyg_ijbylb_jbkdZ bg\_klbpbhggu_ Zevl_jgZlb\u b ij_^ihql_gby hlghkbl_evgh fhf_g lh\ ihlj_[e_gby ± \k_ b]jZxl k\hx jhev \ hij_^_e_gbb \j_f_gghc kljmdlmju Fgh]b_ ba nZdlhjh\ ljZ^bpbhggh mihfbgZ_fuo dZd \ebyxsb_ gZ \j_f_ggmx kljmdlmjm \dexqZxlky kihkh[hf dhlhjuc y\ey_lkyiheghklvxkh]eZkh\ZggufkhilbfZevgufih\_^_gb_fbjZ pbhgZevgufb h`b^Zgbyfb Fh^_ev ijb\h^bl d dhgdj_lguf nhjfm eZf^eyp_gh[eb]Zpbcm^h[guf^eyijZdlbq_kdh]hijbf_g_gby <j_f_ggZy kljmdlmjZ ijhp_glguo klZ\hd baf_jy_l khhlghr_gb_ f_`^m^hoh^ghklyfbk\h[h^guohlg_mieZluP;dhlhju_hlebqZxlky lhevdhk\hbfbkjhdZfb^hih]Zr_gbyHij_^_ebl_ebwlh]hkhhlghr_ gby \ l_q_gb_ ^ebl_evgh]h \j_f_gb [ueb djZcg_ bgl_j_kgufb ^ey wdhghfbklh\Ij_^hklZ\eyyihegh_jZkibkZgb_ijhp_glguoklZ\hdih \j_f_gb \j_f_ggZy kljmdlmjZ \hiehsZ_l jughqgu_ h`b^Zgby [m^m sbokh[ulbcH[tykg_gb_\j_f_gghckljmdlmju^Z_lgZfkihkh[ba \e_q_gbywlhcbgnhjfZpbbbij_^kdZaZgbylh]hdZdbaf_g_gbye_`Z sbo\hkgh\_i_j_f_gguo[m^ml\ebylvgZdjb\u_^hoh^ghklb < ^_l_jfbgbjh\Zgghc kj_^_ jZ\gh\_kgu_ nhj\Zj^gu_ klZ\db ^he`gukh\iZ^Zlvk[m^msbfbkihlklZ\dZfbghdh]^Z\\h^blkyg_ hij_^_e_gghklvhlghkbl_evgh[m^msbokihlklZ\hdZgZebaklZgh\bl ky [he__ keh`guf ;hevrbgkl\h kms_kl\mxsbo l_hjbc \j_f_gghc kljmdlmju [_jml ^_l_jfbgbjh\Zggmx fh^_ev dZd hlijZ\gmx lhqdm b jZa\b\Zxl __ iml_f jZkkfhlj_gby h[h[s_gbc ^_l_jfbgbjh\Zgguo jZ\gh\_kguo khhlghr_gbc Ebl_jZlmjZ \ wlhc h[eZklb h]jhfgZ b __ kh\j_f_gguc h[ahj ihlj_[h\Ze [u hl^_evghc ]eZ\u H^gZdh ijb b^_glbnbdZpbb ba\_klgu_ j_amevlZlu \ jZkkfZljb\Z_fhc h[eZklb h[uqghhlghkyldh^ghcbaq_luj_odZl_]hjbc
`Obdkhf+LFNV ohlybmqblu\Z_lky\Z`ghklvh`b^Z_ fuo[m^msbokihlklZ\hdgh[hevrbc\_kijb^Z_lky\ebygbxjbkdh \uoij_^ihql_gbcmqZklgbdh\jugdZKh]eZkghwlhc]bihl_a_g_ijb ylb_ jbkdZ [m^_l ijb\h^blv d lhfm qlh nhj\Zj^gu_ klZ\db ^he`gu [ulvkbkl_fZlbq_kdb[hevr_q_fh`b^Z_fu_kihlklZ\dbbwlZjZa gbpZ h[uqgh ^he`gZ m\_ebqb\Zlvky kh kjhdhf ih]Zr_gby LZdZy ©ij_fbykjhdZªy\ey_lkyijb[Z\dhclj_[m_fhc^eyih[m`^_gbybg\_ klhjh\ijbh[j_lZlv^he]hkjhqgu_©jbkdh\Zggu_ª P; <lj_lvbo bf__lky ]bihl_aZ jughqghc k_]f_glZpbb >` DZe [_jlkhgZ &XOEHUWVRQ \ dhlhjhc ij_^eZ]Z_lky ^jm]h_ h[tykg_ gb_ij_fbbkjhdZA^_kvml\_j`^Z_lkyqlhbg\_klhjubf_xlkljh]b_ ij_^ihql_gby hlghkbl_evgh kjhdh\ ih]Zr_gby b qlh h[eb]Zpbyfb jZaguokjhdh\ih]Zr_gbylhj]mxlgZjZaebqguojugdZoIj_^iheZ]Z _lkyqlhkijhkbij_^eh`_gb_h[eb]Zpbcdhgdj_lgh]hkjhdZih]Zr_ gby keZ[h \ebyxl gZ p_gu h[eb]Zpbc ^jm]bo kjhdh\ ih]Zr_gby Dh g_qghl_i_jvg_lijbqbg^eylh]hqlh[uij_fbbkjhdZ[uebiheh`b l_evgufb beb m\_ebqb\Zebkv kh kjhdhf ih]Zr_gby G_ iulZykv ^_ lZevghdjblbdh\Zlvwlmlhqdmaj_gbyaZf_lbfqlh_klvij_^_elhfm gZkdhevdh^Ze_dhfh`ghihclbqlh[uh[eb]Zpbb[ebadbokjhdh\ih ]Zr_gbyg_fh]ebaZf_gylvky
l_hjbcFh^b]ebZgbbKZlqij_^eh`bebk\hcih^oh^hij_^_e_gbyjZ pbhgZevguo ij_fbc kjhdZ dhlhjuc h]jZgbqb\Z_l bo g_ \ agZd_ beb fhghlhgghklbZ\g_h[oh^bfhklbh[tykg_gbyijbqbgghklb <lh\j_fydZdbgl_j_kdlZdhfmkh\j_f_gghfmb\k_klhjhgg_fm ZgZebam\j_f_gghckljmdlmju^eyh[hkgh\Zgbyij_fbckjhdZ`_eZl_ e_g bf_xlky ^\_ ljm^ghklb wlh]h ih^oh^Z
ijhba\h^kl\_ggu_ \hafh`ghklb dhlhju_ [m^ml ^hklmigu ijhba\h^ kl\m\[m^ms_f<_dlhjPhij_^_ey_lh`b^Z_fu_baf_g_gby<Zdh\Z jbZpbhggZyfZljbpZwlbobaf_g_gbcjZ\gZ66? WdhghfbdZh[t_^bgy_lh^bgZdh\uobg^b\b^mZeh\dZ`^ucbadh lhjuo^_ckl\m_lqlh[ufZdkbfbabjh\Zlvnmgdpbxp_eb\b^Z c
( ³8 & V < V V GV
]^_ 8 ± nmgdpby ihe_aghklb G_cfZgZ ± Fhj]_grl_jgZKV ±ihlhd ihlj_[e_gby\fhf_glVW?±^ZlZaZ\_jr_gby^_yl_evghklb Ijb ijh\_^_gbb wlhc fZdkbfbaZpbb dZ`^uc bg\_klhj \u[bjZ_l k\h_ hilbfZevgh_ ihlj_[e_gb_ K hilbfZevgmx ^hex Z [h]Zlkl\Z : dhlhjmx hg bg\_klbjm_l \ dZ`^uc ijhba\h^kl\_gguc ijhp_kk b hilbfZevgmx^hexE [h]Zlkl\Zdhlhjmxhgbg\_klbjm_l\dZ`^uc Zdlb\WlbZdlb\uh[jZamxlkywg^h]_gghaZ^ZggufbP;ieZl_`bih dhlhjuf y\eyxlky nmgdpbyfb : b < HklZxs__ky [h]Zlkl\h bg\_ klbjm_fh_\aZ_fbebkkm^mijbijhp_glghcklZ\d_Uhij_^_ey_lkyba [x^`_lguo h]jZgbq_gbc Dhk\_ggZy nmgdpby ihe_aghklb - aZ^Z_lky dZdj_r_gb_wdklj_fZevghcaZ^Zqb IjbjZ\gh\_kbb\wlhfh^ghjh^ghfh[s_kl\_ijhp_glgZyklZ\dZ b h`b^Z_fZy ^hoh^ghklv Zdlb\h\ ^he`gu ih^kljZb\Zlvky ihdZ \k_ [h]Zlkl\h g_ [m^_l bg\_klbjh\Zgh \ nbabq_kdb_ ijhp_kku ijhba\h^ kl\ZWlZbg\_klbpbyfh`_l[ulvk^_eZgZbebg_ihkj_^kl\_gghbg^b \b^mmfhf beb dhk\_ggh q_j_a nbjfm Ke_^h\Zl_evgh jZ\gh\_kgZy klhbfhklv - ^Z_lky j_r_gb_f aZ^Zqb ieZgbjh\Zgby lhevdh k ^hklmi gufb nbabq_kdbfb ijhba\h^kl\_ggufb ijhp_kkZfb >ey [m^ms_]h aZf_lbfqlhmkeh\byhilbfZevghklb^eybg\_klbjm_fuo^he_c[h]Zl kl\Zlh]^Z[m^mlbf_lv\b^ <{D:-*6?:-**?Z : -O dZ c< ]^_ bg^_dku m - h[hagZqZxl qZklgu_ ijhba\h^gu_ - ± N u \_dlhjq_cLcwe_f_gljZ\_g - ±Nu \_dlhjkhklZ\e_ggucba L
_^bgbpO ±fgh`bl_evEZ]jZg`Z Ijb y\gh hij_^_e_gghc - ZgZeh]bqgu_ mkeh\by hilbfZevghklb aZ^Zqb^eyZdlb\h\aZcfh\bkkm^fh`ghh[t_^bgblvkmkeh\byfbju
ghqgh]hdebjbg]Z^eylh]hqlh[uihemqblvjZ\gh\_kgu_ijhp_glgmx klZ\dmbh`b^Z_fu_^hoh^ghklbZdlb\h\ Ijb\_^_f ^\Z ijbgpbibZevguo j_amevlZlZ ]e dhlhju_ [m^ml gm`gu^eyihke_^mxs_]hbaeh`_gby
§D c. D c**cD : ¨ © -
:-
§D c . ¨ © -
· § YDU : · § ¸¨ ¸ ¦¨ © ¹© : ¹
L
· §c c D *6
¸ ¨ ¹ © -
· ¸ ¹
· § FRY: < · ¸¨ ¸ ¹ ¹© :
]^_FRY:< ±\aZbfgZydh\ZjbZpbybaf_g_gbc\hilbfZevghbg\_ klbjh\Zgghf [h]Zlkl\_ k baf_g_gbyfb i_j_f_gguo khklhygby Z YDU: b FRY < < hij_^_eyxlky ZgZeh]bqguf h[jZahf aZf_lbf qlhZ cDy\ey_lky^hoh^ghklvxgZhilbfZevghbg\_klbjh\Zggh_[h ]Zlkl\h ey^Zev
g_cr_]haZf_lbfqlhmjZ\g_gb_ fh`_l[ulvaZibkZgh\^jm]hc nhjf_ N N N YDU : ):: ¦ FRY:
L
M
>U : < W : & : < W @):
N ª § ¦ )< «PL ¨ :: © -: L ¬ L
N § -:< · : < FRY ¦¨ ¸ L ¹ : L ©
L
º · < < FRY ¸ L M » ¹ ¼
) U : < W ) G: < W
>eyijbf_g_gbynhjfme b \aZ^Zq_ihemq_gby\j_f_g ghckljmdlmjuijhp_glguoklZ\hdhij_^_ebfkljmdlmjmij_^ihql_gby kgZqZeZdkemqZxnmgdpbcihe_aghklbijbihklhygghchlghkbl_evghc g_jZkiheh`_gghklbdjbkdmZaZl_fdeh]Zjbnfbq_kdhcnmgdpbbih e_aghklb<qZklghklbij_^iheh`bfqlh8KV <V V g_aZ\bkblhl i_j_f_gghckhklhygby< J U § & V · ¸ ¨ 8KV V H ¸ ¨ J ¹ © ]^_UnZdlhj^bkdhglbjh\Zgbydhlhjucy\ey_lkyihklhygguf E_]dhihdZaZlvqlh\wlhfkemqZ_dhk\_ggZynmgdpbyihe_aghklb ijbgbfZ_l\b^ -:<W I<W 8:W J<W WlhlqZklguckemqZcijb\h^bld^\mf\Z`gufmijhs_gbyf
±H[S^UW? W `@ULZdbfh[jZahf aZ\bkbfhklvdhk\_gghcnmgdpbbihe_aghklbhlkhklhygbyijhy\ey_lky lhevdh q_j_a J< W Ihwlhfm I k\h^blky d Z c*6 Djhf_ lh]h qZkl guc\b^dhk\_gghcnmgdpbbihe_aghklbiha\hey_lgZfj_rblvmjZ\ g_gb_ hlghkbl_evghZ \y\ghcnhjf_ § c**c D ·
¸ **c Z **c D ¨¨ ¸ © c**c ¹ dh]^Z \k_ ijhba\h^kl\_ggu_ ijhp_kku y\eyxlky Zdlb\gufb ZgZeh ]bqgh_j_r_gb_bf__lf_klhdh]^Zg_dhlhju_ijhp_kkug_Zdlb\gu <^Zevg_cr_f[m^_faZgbfZlvkyhij_^_e_gb_fklhbfhklblhevdh lZdbo P; dhgljZdlgu_ kjhdb dhlhjuo y\gh g_ aZ\bkyl hl [h]Zlkl\Z LZd dZd ijb ihklhygghc hlghkbl_evghc g_jZkiheh`_gghklb d jbkdm gbijhp_glgZyklZ\dZUgbnZdlhjgZyjbkdh\Zyij_fbyIg_aZ\bkyl hl [h]Zlkl\Z lh ^ey lZdbo P; qZklgu_ ijhba\h^gu_ ) ) b ) jZ\gu gmex bkhhl\_lkl\mxsb_keZ]Z_fu_\mjZ\g_gbb ^eyhi j_^_e_gbyklhbfhklbbkq_aZxl <wlhfqZklghfkemqZ_fuihemqZ_fmjZ\g_gb_ ^eyhij_^_ e_gbyklhbfhklb\\b^_ WU66? ) Pc Z c*6? ))G U) MjZ\g_gb_ [m^_l hkgh\guf mjZ\g_gb_f hij_^_e_gby klhb fhklb \ wlhc ]eZ\_ Fu bkihevam_f _]h ijb gZoh`^_gbb \j_f_gghc
kljmdlmju ijhp_glguo klZ\hd ijb jZaebqguo dhgdj_lguo ij_^iheh `_gbyohoZjZdl_j_l_ogheh]bq_kdbobaf_g_gbc
H>GHN:DLHJG:YFH>?EV<J?F?GGHC KLJMDLMJU
<i_j\hcfh^_eb\j_f_gghckljmdlmjuijhp_glguoklZ\hdij_^ iheh`bfqlhkhklhygb_l_ogheh]bbfh`ghij_^klZ\blv_^bgkl\_gghc ^hklZlhqghcklZlbklbdhcbebi_j_f_gghckhklhygbyWlhgZrZkZfZy hkgh\gZyfh^_evbfujZkkfhljbf__[he__^_lZevghHgZ[m^_lkem `blvbeexkljZpb_clh]hdZdih^jh[gucZgZeh]bqgucZgZebafh`gh ijh\_klb^ey[he__keh`guofh^_e_c K^_eZ_fke_^mxsb_ij_^iheh`_gby Ij_^iheh`_gb_ Baf_g_gb_ ijhba\h^kl\_gguo \hafh`gh kl_c\h\j_f_gbhibku\Z_lkyh^ghci_j_f_gghckhklhygby<{< Ij_^iheh`_gb_ Kj_^gb_ b ^bki_jkbb ^hoh^ghkl_c ijhba \h^kl\_gguoijhp_kkh\ijhihjpbhgZevgu<<lZdhfkemqZ_gbkj_^ gb_ gb ^bki_jkbb g_ [m^ml ^hfbgbjh\Zlv \ ihjln_evghf j_r_gbb ^ey[hevrbo<I_j_f_ggmxkhklhygbyfh`ghij_^klZ\eylvdZd\_eb qbgm hij_^_eyxsmx kdhjhklv w\hexpbb Zdpbhg_jgh]h dZiblZeZ \ ke_^mxs_f kfuke_ ?keb fu kjZ\gbf kblmZpbx dh]^Z < jZ\gh dhg a a klZgl_ < kkblmZpb_c\dhlhjhc< < lh]^Z\i_j\hckblmZpbb[m ^_llh`_kZfh_jZkij_^_e_gb_^hoh^ghklbgZnbdkbjh\Zggmxbg\_k lbpbx\ex[hfijhp_kk_\l_q_gb_^\moe_lg_]hi_jbh^ZdZdb\h\lh jhckblmZpbbghaZh^gh]h^bqguci_jbh^Ij_^iheh`bfwe_f_gluD b*y\eyxlkylZdbfbqlhwe_f_gluZ aZ^Z\Z_fu_jZ\_gkl\hf iheh`bl_evgu_lZdqlh\k_ijhp_kku\k_]^ZZdlb\gubqlhc**c D [hevr__^bgbpuMkeh\b_c**c D!g_h[oh^bfhqlh[uijhp_gl gZy klZ\dZ [ueZ \k_]^Z g_hljbpZl_evghc < ijhlb\ghf kemqZ_ dh]^Z c**c Dijhp_glgZyklZ\dZ[m^_l\k_]^Zg_iheh`bl_evghc Ohly gZrb ij_^iheh`_gby g_ m^h\e_l\hjyxl \k_f l_ogbq_kdbf h]jZgbq_gbyfjhklZgZeh`_ggufgZnmgdpbxihe_aghklbbdhwnnb pb_glu ijhba\h^kl\_gghc nmgdpbb \ ij_^u^ms_c ]eZ\_ bo h[t_^b g_gb_ ijb\h^bl d dhjj_dlgh ihklZ\e_gghc aZ^Zq_ bf_xs_c hilb fZevgh_j_r_gb_khfgh]bfbihe_agufbk\hckl\ZfbNmgdpbyhilb fZevgh]hihlj_[e_gbybf__l\b^ K :<W >UH[SUW W? @:
Zdhk\_ggZynmgdpbyihe_aghklbbf__l\b^ -:<W ZW OQ:EW <FW ]^_ZW EW FW nmgdpbb\j_f_gbhij_^_ey_fu_\y\ghcnhjf_ Ij_^iheh`_gb_ Baf_g_gb_ i_j_f_gghc khklhygby aZ^Z_lky klhoZklbq_kdbf^bnn_j_gpbZevgufmjZ\g_gb_f G<W >[<]@GWY < GZW ]^_[]dhgklZglub]tZY±>uiN @\_dlhjdZ`^Zydhfihg_g lZdhlhjh]hy\ey_lkyihklhygghcbjZ\ghcY LZdZy kljmdlmjZ iha\hey_l \\_klb [he__ m^h[gu_ ^ey ZgZebaZ h[hagZq_gbyD{ D <**?{:<*6?{6<]^_dhwnnbpb_glu D :b 6y\eyxlkydhgklZglZfb KlZdbfbij_^iheh`_gbyfbhlghkbl_evghl_ogheh]bq_kdboijh p_kkh\bijbgylufbjZg__ij_^iheh`_gbyfbhij_^ihql_gbyofh`gh ihevamykv jZ\_gkl\hf \uibkZlv \ujZ`_gb_ ^ey jZ\gh\_kghc ijhp_glghcklZ\db\\b^_ · § c D ¸ ¨ U < ¨ ¸ < c
¹ ©
LZdbfh[jZahfijhp_glgZyklZ\dZke_^m_l^bnnmabhgghfmijh p_kkmk^j_cnhf GULIW U
· § c D ¸ ¨ ¨ c ¸ [< ] { N T U ¹ © YDU U
· § c: D ¨ ¸ Yc< { V U
© c: ¹
]^_NTbVy\eyxlkydhgklZglZfblZdbfbqlhNTtV! M^h[gh hij_^_eblv gh\uc h^ghf_jguc \bg_jh\kdbc ijhp_kk G]W lZdhcqlh V U G] W { Y < GZW
Wlh\hafh`ghlZddZddZ`^Zydhfihg_glZZW y\ey_lky\bg_jh\ kdbfijhp_kkhf>bgZfbdZijhp_glghcklZ\dblh]^Zfh`_l[ulv\u jZ`_gZdZd GU NT U GWV U G]W >ey N T ! wlh khhl\_lkl\m_l ijhp_kkm Z\lhj_]j_kkbb i_j\h]h ihjy^dZ\g_ij_ju\ghf\j_f_gbdh]^ZkemqZcghbaf_gyxsZykyijh p_glgZyklZ\dZweZklbqghijbly]b\Z_lkydp_gljZevghfmmjh\gxbeb mklZgh\b\r_fmkyagZq_gbxTIZjZf_ljNhij_^_ey_lkdhjhklvwlh]h mklZgh\e_gby Ijh\_jdZ\uiheg_gbymkeh\bcdeZkkbnbdZpbb]jZgbpihdZau\Z _lqlhUfh`_l^hklb]Zlvgmey_kebV !NT?kebV dNTklj_f e_gb_ ^j_cnZ \\_jo ^hklZlhqgh \_ebdh qlh ^_eZ_l gme_\hc mjh\_gv g_^hklb`bfuf)HOOHU
©X¹
]^_
, XY
NT N
Y{FUV T{ X{FUW H V V > H @ Z, ±fh^bnbpbjh\ZggZynmgdpby;_kk_eyi_j\h]hjh^Zihjy^dZT Nmgdpby jZkij_^_e_gby y\ey_lky g_p_gljZevguf ob d\Z^jZljZkij_^_e_gb_fF >FUV TX@kTkl_i_gyfbk\h [h^ubiZjZf_ljhfg_p_gljZevghklbXijhihjpbhgZevgufl_dms_c F{
kihlklZ\d_Ijhp_kkZgZeh]bqguc ih^jh[ghbamq_g<N_ee_ jhf Bfihemq_ghij_h[jZah\Zgb_EZieZkZiehlghklb Ijyfu_ \uqbke_gby ^Zxl fZl_fZlbq_kdh_ h`b^Zgb_ b ^bki_j kbxUV \ke_^mxs_cnhjf_ (UV ~UW UW H T H § V · § V · YDUUV ~UW UW ¨¨ ¸¸ H H T ¨¨ ¸¸ H © N ¹ © N ¹ K\hckl\ZjZkij_^_e_gby[m^msboijhp_glguoklZ\hdihemqZxl ky lZd dZd b h`b^Z_lky Dh]^Z N g_h]jZgbq_ggh \hajZklZ_l kj_^g__ agZq_gb_klj_fblkydTZ^bki_jkby±dgmex<lh`_\j_fydh]^ZN h[jZsZ_lky \ gmev mkeh\gh_ kj_^g__ ij_\jZsZ_lky \ l_dms__ agZq_ gb_ijhp_glghcklZ\dbZ^bki_jkbyjZ\gZVUW VW ?kebijhp_glgZyklZ\dZijhy\ey_lk\hckl\h\ha\jZs_gbydkj_^ g_fm N T ! lh]^Z _keb V klZgh\blky [hevrbf __ jZkij_^_e_gb_ [m^_lijb[eb`Zlvkyd]ZffZjZkij_^_e_gbxIehlghklv\_jhylghkl_c agZq_gbcmklZgh\b\r_ckyijhp_glghcklZ\dbbf__l\b^ Z Z U H IUf fUW W * Y ]^_Z{NVbY{NTVMklZgh\b\rbfbkyagZq_gbyfbkj_^g_]hb ^bki_jkbbkhhl\_lkl\_gghy\eyxlkyTbVTN L_i_jvjZkkfhljbfijh[e_fmhij_^_e_gbyklhbfhklbk\h[h^ghc hlg_mieZlu[_kdmihgghch[eb]Zpbbihdhlhjhc\uieZqb\Z_lkyh^gZ ^_g_`gZy _^bgbpZ \ fhf_gl \j_f_gb L Mkeh\bc dhgljZdlZ h[uqgh ^hklZlhqgh qlh[u ij_^hl\jZlblv jbkd ^_nhelZ b k^_eZlv klhbfhklv h[eb]Zpbbg_aZ\bkbfhchl[h]Zlkl\Z__ijh^Z\pZGZijbf_jmkeh\by \uimkdZh[eb]Zpbbfh]mlhij_^_eylvkylZdqlhijh^Z\_p^he`_g\u dmiblvh[eb]Zpbxihkh]eZkh\Zgghcp_g_dh]^Z_]h[h]Zlkl\hmf_gv rZ_lky^hhij_^_e_ggh]hmjh\gyP_guwlboh[eb]Zpbc^ey\k_oL[m ^mliheghklvxhij_^_eylvky\j_f_gghckljmdlmjhcIjbgZrboij_^ iheh`_gbyonZdlhjgZyij_fbyjbkdZ\ jZ\gZ · º ª § c D ¸c 6 »< { O< «Dc 6 ¨¨ ¸ »¼ «¬ © c ¹
Bkihevamy mjZ\g_gb_ b \ujZ`_gb_ ^ey ijhp_glghc klZ\db fh`_f aZf_lblv qlh hkgh\gh_ mjZ\g_gb_ p_gu J ^bkdhglghc h[eb]Zpbbm^h[g__aZibkZlvdZd w3 w3 w3 w3 V U N T U OU U3 wU wW wU wU k ]jZgbqguf mkeh\b_f JU 7 7 I_j\u_ ljb qe_gZ \ mjZ\g_gbb kh]eZkghnhjfme_Blhhij_^_eyxlh`b^Z_fh_baf_g_gb_p_gu h[eb]Zpbb LZdbf h[jZahf h`b^Z_fZy ^hoh^ghklv h[eb]Zpbb jZ\gZ OU w3 U F]gh\_ggZy ij_fby ^hoh^ghklb h[eb]Zpbb ijhihjpbh 3 wU gZevgZ weZklbqghklb __ ijhp_glh\ Fgh`bl_ev OU y\ey_lky dh\ZjbZ pb_cf_`^mbaf_g_gb_fijhp_glghcklZ\dbbbaf_g_gb_f^hebhilb fZevghbg\_klbjh\Zggh]h[h]Zlkl\Z©jughqgh]hihjln_eyª LZddZd ihwdhghfbq_kdhfmkfukemijhba\h^gZywJwUij_fbb[m^mlih eh`bl_evgufb_kebwlZdh\ZjbZpbyhljbpZl_evgZyO BamjZ\g_gby fh`ghm\b^_lvqlhp_guh[eb]ZpbbaZ\bkyl lhevdh hl h^ghc kemqZcghc i_j_f_gghc l_dms_c kihl ijhp_glghc klZ\dbdhlhjZykem`bl\dZq_kl\_bgkljmf_glZevghci_j_f_gghc^ey hkgh\ghcl_ogheh]bq_kdhcg_hij_^_e_gghklbOhlyij_^iheh`_gb_h lhf qlh l_dmsb_ b [m^msb_ ijhp_glgu_ klZ\db b]jZxl \Z`gmx jhev \ hij_^_e_gbb \j_f_gghc kljmdlmju \ h[s_f ih^l\_j`^Z_lky h^gZdhwlhkljh]h\_jghlhevdhijbhij_^_e_gguomkeh\byo<jZfdZo wlh]hZgZebaZgZb[he__\Z`gu_h[klhyl_evkl\Z^hklZlhqgu_^eylh]h qlh[u p_gu h[eb]Zpbb aZ\bk_eb lhevdh hl kihlijhp_glghc klZ\db ke_^mxsb_ bg\_klhju bf_xl ihklhyggh_ hlghkbl_evgh_ g_ijb ylb_ jbkdZ l_ogheh]bq_kdZy g_hij_^_e_gghklv fh`_l [ulv hibkZgZ _^bgkl\_gghc i_j_f_gghc b ijhp_glgZyklZ\dZy\ey_lkyfhghlhgghc nmgdpb_cwlhci_j_f_gghc l_ogheh]bq_kdb_baf_g_gbyg_klhoZk lbq_kdb_bijhp_glgZyklZ\dZ±fhghlhggZynmgdpby[h]Zlkl\Z
JUW7 $W7 H[S>%W7 U@
ª J H[S>N O J 7 W @ º $W7 { « » ¬ J N O H[S>J 7 W @ J ¼
T V
<W7 {
H[S>J 7 W @ J N O H[S>J 7 W @ J J{ N O V
P_gZh[eb]Zpbb[m^_lm[u\Zxs_c\uimdehcnmgdpb_cijhp_gl ghc klZ\db b \hajZklZxs_c m[u\Zxs_c nmgdpb_c \j_f_gb kjhdZ ih]Zr_gby IZjZf_ljuijhp_kkZijhp_glghcklZ\db\ebyxlke_^mx sbf h[jZahf P_gZ h[eb]Zpbb y\ey_lky m[u\Zxs_c \uimdehc nmgd pb_ckj_^g_]hmjh\gyijhp_glghcklZ\dbTb\hajZklZxs_c\h]gmlhc m[u\Zxs_c \uimdehc nmgdpb_c iZjZf_ljZ kdhjhklb mklZgh\e_gby N_kebijhp_glgZyklZ\dZ[hevr_f_gvr_ q_fTH[Zwlbj_amevlZlZ g_ihkj_^kl\_gghke_^mxlbalh]hdZdwlbiZjZf_lju\ebyxlgZh`b ^Z_fmx [m^msmx ijhp_glgmx klZ\dm P_gZ h[eb]Zpbb y\ey_lky m\_ ebqb\Zxs_cky \h]gmlhc nmgdpb_c iZjZf_ljZ ©jughqgh]hª jbkdZ O Bglmblb\ghwlh\hkgh\ghfh[tykgy_lkyl_fqlh[he__\ukhdb_agZ q_gbyO^Zxl[he__\ukhdmxdh\ZjbZpbxijhp_glghcklZ\dbk[h]Zl kl\hfLZdbfh[jZahfijb[hevr_fO[he__\_jhylghqlhp_gZh[eb ]Zpbb[m^_l\ur_dh]^Z[h]Zlkl\hgZgbadhfmjh\g_bke_^h\Zl_ev ghbf__l[hevrmxfZj]bgZevgmxihe_aghklvP_gZh[eb]Zpbb±\ha jZklZxsZy\h]gmlZynmgdpby^bki_jkbbijhp_glghcklZ\dbVA^_kv bf__lky g_kdhevdh wnn_dlh\ GZb[he__ \Z`guf y\ey_lky lh qlh [hevr__ agZq_gb_ V k\b^_l_evkl\m_l h [hevr_c g_hij_^_e_gghklb hlghkbl_evgh [m^msbo \hafh`ghkl_c j_Zevgh]h ijhba\h^kl\Z b h [hevr_c g_hij_^_e_gghklb [m^ms_]h ihlj_[e_gby GZ lZdhf jugd_ hl\_j]Zxsb_jbkdbg\_klhjup_gbeb[u]ZjZglbjh\Zggmxhl^Zqmh[ eb]Zpbb[he__\ukhdh >bgZfbdZp_guh[eb]Zpbbhij_^_ey_lkyklhoZklbq_kdbf^bnn_ j_gpbZevgufmjZ\g_gb_f G3 U>O<W7 @3GW <W7 3V U G] >ey wlhc fh^_eb k h^ghc i_j_f_gghc khklhygby ^hoh^ghklv h[eb]Z pbb kljh]h hljbpZl_evgh dhjj_ebjh\ZgZ k baf_g_gbyfb ijhp_glghc klZ\db>hoh^ghklvbaf_gy_lkyf_gvr_dh]^Zijhp_glgZyklZ\dZgba dZy>_ckl\bl_evghhgbklZgh\ylky^Z`_^_l_jfbgbjh\Zggufbdh]^Z
ijhp_glgZy klZ\dZ^hklb]Z_lgmeylZddZdlh]^Zbaf_g_gbyijhp_gl ghcklZ\dbklZgh\ylky^_l_jfbgbjh\ZggufbBglmblb\ghh`b^Z_lky qlh dZdb_ [u agZq_gby g_ ijbgbfZeb ^jm]b_ i_j_f_ggu_ baf_gqb \hklv ^hoh^ghklb mf_gvrZ_lky dh]^Z h[eb]Zpby ^hklb]Z_l ih]Zr_ gbyGZkZfhf^_e_iha\heyyW^hklb]Zlv7bh[hagZqZy7 Wq_j_aW gZoh^bfqlhh`b^Z_fZy^hoh^ghklvjZ\gZUW2W b^bki_jkby^h oh^ghklbbf__lihjy^hd2W Zg_2W dZd[ueh[u\kemqZ_^hoh^ ghklbgZbg\_klbpbx\ijhba\h^kl\_ggucijhp_kk\l_q_gb_dhjhldh ]hbgl_j\ZeZ<wlhfkfuke_^hoh^ghklvgZhq_gvdjZldhkjhqgmxh[ eb]ZpbxklZgh\blky^_l_jfbgbjh\Zgghc H[eb]Zpbbh[uqghdhlbjmxlky\l_jfbgZo^hoh^ghkl_cZg_p_g >ey [_kdmihgguo h[eb]Zpbc \k_]^Z dhlbjm_lky ^hoh^ghklv ^h ih]Z r_gby\LHOGWRPDWXULW\ 5UW7 dhlhjZyhij_^_ey_lkyba\ujZ`_gby JUW7 _oj>7 W 5UW7 @LZdbfh[jZahf 5UW7 >U<W7 OQ$W7 @7 W Dh]^Z ijb[eb`Z_lky ih]Zr_gb_ ^hoh^ghklv ^h ih]Zr_gby ijb [eb`Z_lky d l_dms_c ijhp_glghc klZ\d_ g_aZ\bkbfh hl lh]h dZdb_ agZq_gby ijbgbfZxl ^jm]b_ iZjZf_lju ?keb `_ jZkkfZljb\Zlv m\_ ebq_gb_\j_f_gb^hih]Zr_gby^hoh^ghklv^hklb]Z_lij_^_eZdhlh jucg_aZ\bkblhll_dms_cijhp_glghcklZ\db 5UWf
NT JN O
Dh]^Z kihlklZ\dZ f_gvr_ ^he]hkjhqghc ^hoh^ghklb \j_f_ggZy kljmdlmjZ jZ\ghf_jgh m\_ebqb\Z_lky Ijb ijhp_glghc klZ\d_ ij_ \urZxs_cNTNO \j_f_ggZykljmdlmjZihgb`Z_lky>eyijhf_ `mlhqguoagZq_gbcijhp_glghcklZ\dbdjb\Zy^hoh^ghklbbf__lwdk lj_fmf >jm]mxkjZ\gbl_evgmxklZlbdm^eydjb\hc^hoh^ghklbihemqZ_f ba \b^Z nmgdpbb p_gu h[eb]Zpbb hoh^ghklv^hih]Zr_gbym[u\Z_ldh]^ZVbO\hajZklZxl\lh\j_
fydZd\ebygb_baf_g_gbyNfh`_l[ulvjZaebqguf\aZ\bkbfhklbhl l_dms_]hagZq_gbyijhp_glghcklZ\db Ze__ [m^msb_ h`b^Z_fu_ kihlklZ\db aZ^Z\Z_fu_ nhjfmeZfb k\h^ylkydke_^mxs_fm ?U7 _UW UW H
N ³ T V H GV
NhjfmeZ ^eyp_guh[eb]Zpbb\k\hxhq_j_^vij_h[jZam _lkyd\b^m JUW7 $ W7 H[S>%W7 U@ ]^_ §
· $ W7 _oj ¨¨ N ³ T V % V 7 GV ¸¸ © ¹
qlh ij_\jZsZ_lky \ jZ\_gkl\h dh]^Z nmgdpby TW klZgh\blky dhgklZglhc Ij_^iheZ]Zy ^ey ijbf_jZ qlh ^jm]b_ iZjZf_lju ijhp_kkZ ba \_klgu fh`gh bkihevah\Zlv \j_f_ggmx kljmdlmjm ^ey hij_^_e_gby g_kf_s_ggh]h ijh]ghaZ [m^msbo ijhp_glguo klZ\hd Kh]eZkgh nhj fme_ $ W 7 y\ey_lky gZ[ex^Z_fhc nmgdpb_c i_j_f_gghc L ijbaZ^Zgghc\j_f_gghckljmdlmj_bba\_klghf\b^_nmgdpbb%W7 klZg^Zjlguc f_lh^ fh`gh ijbf_gblv ^ey bg\_jkbb b ihemq_
gby \ujZ`_gby ^ey TW q_j_a $ W 7 b %W 7 MjZ\g_gb_ l_ i_jv fh`gh bkihevah\Zlv ^ey ihemq_gby ij_^kdZaZgby h`b^Z_fuo agZq_gbc[m^msbokihlklZ\hdg_y\ghkh^_j`Zsboky\l_dms_c\j_ f_gghckljmdlmj_ AZf_lbfqlhihemqZxlkyg_l_`_agZq_gbydhlhju_aZ^Z\Zebkv [uljZ^bpbhggufbij_^iheh`_gbyfbh[h`b^Zgbyoqlhh`b^Z_fu_ agZq_gby[m^msbokihlklZ\hdkh^_j`Zlky\h\j_f_gghckljmdlmj_\ \b^_ ih^jZamf_\Z_fuo nhj\Zj^guo klZ\hd < fh^_eb g_ij_ju\gh]h w3 \j_f_gbnhj\Zj^gZyklZ\dZ U 7 aZ^Z_lky\ujZ`_gb_f Lh]^Z 3 w7 iml_f^bnn_j_gpbjh\ZgbyjZ\_gkl\Z ihemqbf
w3U W 7 w%W 7 w% V 7 U 7 U N GV T V ³ 7 w7 w 3 U W 7 w7 KjZ\gb\Zy \ujZ`_gby b fu \b^bf qlh hgb bf_xl h^bgZdh\mxkljmdlmjmH^gZdh\ljZ^bpbhgghfijh]gha_nhj\Zj^ghc w% V 7 klZ\db bkihevam_lky \_kh\hc dhwnnbpb_gl z H w7 qlhijb\h^bldkf_s_ggufij_^kdZaZgbyf JZkkfhljbf jy^ ^jm]bo dhgdj_lbaZpbc \j_f_gghc aZ\bkbfhklb iml_fg_[hevrhcfh^bnbdZpbbfh^_ebQZklgufkemqZ_ffh`_lkem `blvij_^iheh`_gb_qlhijhp_glgZyklZ\dZbf__l\b^ U W J W ]^_ U W aZ^Z_lky mjZ\g_gb_f Z JW ± nmgdpby h[_ki_qb\ZxsZy iheh`bl_evghklvgb`g_c]jZgbpuijhp_glghcklZ\dbKms_kl\_gguf fhf_glhf \ wlhf kemqZ_ y\ey_lky lh qlh \ fh^_eb jZpbhgZevgh]h h`b^Zgby l_dmsZy \j_f_ggZy kljmdlmjZ hebp_l\hjy_l bgnhjfZpbx lj_[m_fmx ^ey hij_^_e_gby jughqgh]h jZkij_^_e_gby \_jhylghkl_c [m^ms_]hdmjkZijhp_glghcklZ\dbDjhf_lh]h\j_f_ggZykljmdlmjZ fh`_l[ulvbg\_jlbjh\ZgZ^eygZoh`^_gbywlboh`b^Zgbc >jm]b_ fh^bnbdZpbb l_ogheh]bq_kdbo baf_g_gbc k _^bgkl\_g ghci_j_f_gghc[m^ml\k\hxhq_j_^v\uau\Zlv^jm]b_klhoZklbq_ kdb_ k\hckl\Z ijhp_glghc klZ\db E_]dh ijh\_jblv qlh \ gZr_c fh ^_eb_kebDb ** c ijhihjpbhgZevgug_dhlhjhcnmgdpbbK<W lh ]^Z ijhp_glgZy klZ\dZ [m^_l lZd`_ ijhihjpbhgZevgZ wlhc nmgdpbb Iml_fm^h[gh]h\u[hjZnmgdpbcK<W P<W b6<W fh`ghij_^m kfhlj_lv rbjhdbc ^bZiZahg Zijbhjguo k\hckl\ baf_g_gbc ijhp_gl ghcklZ\db^eyihkljh_gbyiheghklvxkhklhyl_evghcfh^_eb
HIJ?>?E?GB?KLHBFHKLB:DLB
JZajZ[hlZggmx ko_fm hij_^_e_gby klhbfhklb fh`gh ijbf_gblv d^jm]bfP;\uieZludhlhjuoaZ\bkylhlijhp_glghcklZ\dbdlZdbf dZd hipbhgu gZ h[eb]Zpbb b nvxq_jku gZ h[eb]Zpbb WlZ ]b[dhklv iha\hey_l kha^Z\Zlv fh^_eb ij_^kdZaZgby hlghkbl_evgh p_g Zdlb\h\ h^gh\j_f_gghgZg_kdhevdbonbgZgkh\uojugdZoKe_^h\Zl_evghijb f_g_gb_ d ^jm]bf P; fh`_l ^himkdZlv [he__ fhsgu_ wfibjbq_kdb_ l_kluq_fl_dhlhju_ijbf_gyxlkylhevdhdh^ghch[eb]Zpbb < dZq_kl\_ ijbf_jZ hij_^_e_gby klhbfhklb ^jm]h]h khjlZ Zdlb \h\aZ\bkbfuohlijhp_glghcklZ\dbjZkkfhljbfhipbhgugZh[eb ]ZpbbH[hagZqbfq_j_aKUW7V. klhbfhklv\fhf_glWhipbhgZ dhee gZ ^bkdhglgmx[_kdmihggmx h[eb]Zpbx k ^Zlhc ih]Zr_gbyV p_ghcbkiheg_gby.b^Zlhcbkl_q_gbyLLZddZde_`Zsbc\hkgh\_ Zdlb\^bkdhglgZyh[eb]Zpbyg_^_eZ_lieZl_`_c\l_q_gb_kjhdZ^_c kl\by hipbhgZ ZgZeba F_jlhgZ kf q ]e ihdZau\Z_l qlh ij_`^_\j_f_ggh_ bkiheg_gb_ gbdh]^Z g_ y\ey_lky hilbfZevguf b ke_^h\Zl_evgh Zf_jbdZgkdbc b _\jhi_ckdbc dheeu bf_xl h^bgZdh \mx klhbfhklv P_gZ hipbhgZ m^h\e_l\hjy_l hkgh\ghfm mjZ\g_gbx hij_^_e_gbyklhbfhklbkdjZ_\ufmkeh\b_f
KUW7V. PD[>3U7V ±.@
Ihgylgh qlh V t L t W b . g_ ij_\urZ_l :7 V fZdkbfZevgh \hafh`ghcp_guh[eb]Zpbb\fhf_gl\j_f_gbLlZddZd\ijhlb\hih eh`ghfkemqZ_hipbhggbdh]^Zg_[m^_lbkiheg_gb[ue[u[_kihe_ a_gKgh\Ziml_f\uqbke_gbykhhl\_lkl\mxsbofZl_fZlbq_kdboh`b ^Zgbcihemqbfke_^mxsmxnhjfmem^eyp_guhipbhgZ
KUW7V. JUWV u § N T I UH · uF ¨ U >I \ %7 V @ V I \ %7 V ¸ © ¹ J
§ N T I UH
.JUW7 F ¨ U >I \ @ V I\ ©
J
· ¸ ¹
]^_ J{ N O V I {
J
V H J
\ {
N OJ V
ª § $7 V ·º U { «OQ¨ ¸» % 7 V ¬ © . ¹¼
F ±\\_^_ggZyjZg__nmgdpbyg_p_gljZevgh]hobd\Z^jZljZkij_^_ e_gbyU ±djblbq_kdh_agZq_gb_ijhp_glghcklZ\dbgb`_dhlhjh]h [m^_lijhbkoh^blvbkiheg_gb_l_. JU 7V KlhbfhklvhipbhgZdhee±\hajZklZxsZynmgdpbykjhdZbkl_q_ gbydh]^Z^ZlZih]Zr_gbye_`Zs_c\hkgh\_h[eb]ZpbbhklZ_lkynbd kbjh\Zgghc Klhbfhklb hipbhgh\dhee gZ Zdpbb ± \hajZklZxsb_ nmgdpbb ijhp_glghc klZ\db ihkdhevdm m\_ebq_gb_ klZ\db kgb`Z_l gZklhysmx klhbfhklv p_gu bkiheg_gby H^gZdh a^_kv m\_ebq_gb_ ijhp_glghc klZ\db [m^_l lZd`_ mf_gvrZlv p_gm e_`Zs_c \ hkgh\_ h[eb]Zpbb Qbke_gguc ZgZeba ihdZau\Z_l qlh ihke_^gbc wnn_dl kbevg__ b qlh klhbfhklv hipbhgZ y\ey_lky m[u\Zxs_c \uimdehc nmgdpb_cijhp_glghcklZ\db
KJ:?E?GB?FP?GU H;EB=:PBB:J;BLJ:@GUFB F?LH>:FB
DjZldh kjZ\gbf jZajZ[hlZggmx f_lh^heh]bx k g_dhlhjufb ^jm ]bfbkihkh[Zfbhij_^_e_gbyp_guh[eb]Zpbb\g_ij_ju\ghf\j_f_gb Ihe_agh k^_eZlv wlh l_i_jv Z g_ iha`_ ihkdhevdm fh^_ev ij_^klZ\ e_ggZy\]e y\ey_lkyb^_ZevgufklZg^Zjlhf^eykjZ\g_gby GZqg_fk^_lZevgh]hhibkZgbye_`Zs_c\hkgh\_wdhghfbdbHgh iha\hey_lgZfb^_glbnbpbjh\Zlvke_^mxsb_khklZ\eyxsb_ijhp_^m juhij_^_e_gbyp_guh[eb]Zpbb Z i_j_f_ggu_hldhlhjuoaZ\bkblp_gZh[eb]Zpbb [ klhoZklbq_kdb_k\hckl\Ze_`Zsbo\hkgh\_i_j_f_gguodhlh ju_hij_^_eyxlkywg^h]_gghHQGRJHQRXVO\ \ y\guc\b^nZdlhjguojbkdh\uoij_fbcIDFWRUULVNSUHPLXP J F_jlhg ihdZau\Z_l qlh _keb gZqbgZlv \f_klh wlh]h lhevdhkijbgylbyij_^iheh`_gbcZ b[ lh]^ZnhjfmemBlhfh`gh
bkihevah\Zlvqlh[umklZgh\blvij_\ur_gb_h`b^Z_fh]h^hoh^ZgZh[ eb]Zpbx \ lhf `_ \b^_ qlh b e_\Zy qZklv mjZ\g_gby ?keb nmgd pbhgZevguc \b^ ijZ\hc qZklb mjZ\g_gby ba\_kl_g lh]^Z fh`gh ihemqblv mjZ\g_gb_ ^ey hij_^_e_gby p_gu h[eb]Zpbb GZijbf_j _keb ijhba\hevgh ij_^iheh`blv qlh p_gZ h[eb]Zpbb aZ\bkbl lhevdh hl l_ dms_c ijhp_glghc klZ\db U dhlhjZy ke_^m_l ijhp_kkm m^h\e_l\hjyx s_fmmjZ\g_gbx bqlhij_\ur_gb_h`b^Z_fh]h^hoh^ZgZh[eb ]Zpbxk^Zlhcih]Zr_gbyLjZ\gh<UW7 lh]^ZihemqZ_f w3 w3 w3 V U N T U U3 < U W 7 wU wW wU ?keb bf__lky dZdh_eb[h e_`Zs__ \ hkgh\_ jZ\gh\_kb_ m^h\e_ l\hjyxs__ij_^iheh`_gbyfZ b[ lh]^Z^he`gZkms_kl\h\Zlvg_dh lhjZy nmgdpby < ^ey dhlhjhc p_gZ h[eb]Zpbb aZ^Z_lky mjZ\g_gb_f H^gZdhdZdaZf_qZ_lF_jlhgwlhl\u\h^kZfihk_[_g_h[_k i_qb\Z_l gbdZdh]h kihkh[Z hij_^_eblv nmgdpbx < beb hlg_klb __ d e_`Zsbf\hkgh\_i_j_f_gguf :j[bljZ`gucih^oh^hij_^_e_gbyp_guh[eb]Zpbb[uejZajZ[h lZg\klZlvyoF%UHQQDQ?6FKZDUW] /'RWKDQ 0*HU PDQ 65LFKDUG 9DVLþHN Ijb_]hijbf_g_gbbZj ]mf_glu ih^h[gu_ l_f dhlhju_ [ueb \ ^hdZaZl_evkl\_ l_hj_fu ]e bkihevamxlky qlh[u ihdZaZlv _keb g_ bf__lky Zj[bljZ`guo \hafh`ghkl_cnmgdpby<^he`gZbf_lv\b^ <UW7 \UW
w3U W 7 wU
]^_\UW y\ey_lkynmgdpb_caZ\bkys_clhevdhhldZe_g^Zjgh]h\j_ f_gbbg_aZ\bkys_chl^Zluih]Zr_gbyh[eb]ZpbbWlhgZeZ]Z_lg_ dhlhju_h]jZgbq_gbygZ\b^ij_\ur_gbyh`b^Z_fh]h^hoh^ZlZddZd g_ \k_ nmgdpbb < [m^ml m^h\e_l\hjylv h^gh\j_f_ggh mjZ\g_gbyf b H^gZdh bf_xlky g_dhlhju_ ihl_gpbZevgu_ ijh[e_fu \ ^Zev g_cr_fijh^\b`_gbbbbkihevah\ZgbbZj[bljZ`gh]hih^oh^Z^eyhi j_^_e_gby iheghklvx dhgdj_lbabjh\Zgghc fh^_eb \j_f_gghc kljmd lmjuKZfih^oh^g_kh^_j`blgbdZdh]hkihkh[Z]ZjZglbjmxs_]hgZ ebqb_g_dhlhjh]he_`Zs_]h\hkgh\_jZ\gh\_kby^eydhlhjh]hij_^ iheh`_gbyZ b[ y\eyxlkykhklhyl_evgufbHklZ\eyywlmijh[e_fm\
klhjhg_ klZedb\Z_fky k ^jm]hc ljm^ghklvx ijhbkl_dZxs_c ba lh]h nZdlZqlhZj[bljZ`gucih^oh^g_ij_^iheZ]Z_lqlh\kydbc\u[hj\ \khhlghr_gbb ijb\_^_ldp_g_h[eb]ZpbbdhlhjZyg_^himkdZ _l Zj[bljZ`guo \hafh`ghkl_c >_ckl\bl_evgh hij_^_e_gb_ fh^_eb ihkj_^kl\hfdhgdj_lbaZpbbnmgdpbhgZevgh]h\b^Z\fh`_lijb\_klb d\gmlj_gg_cg_khklhyl_evghklb < dZq_kl\_ ijbf_jZ ihl_gpbZevguo \hafh`ghkl_c f_lh^Z jZk kfhljbfmjZ\g_gb_ knmgdpb_c<hij_^_ey_fhckhhlghr_gb_f Wlh^Z_lmjZ\g_gb_hij_^_e_gbyklhbfhklb\\b^_ w3U W 7 w3 w3 w3 V U N T U U3 \UW wU wW wU wU dhlhjh_ b^_glbqgh mjZ\g_gbx k lhqghklvx ^h dhgdj_lbaZpbb nmgdpbb\Fu^he`gul_i_jvdhgdj_lbabjh\Zlvfh^_eviml_fij_^ iheh`_gby h lhf qlh \ y\ey_lky ebg_cghc hlghkbl_evgh l_dms_c ijhp_glghcklZ\db\UW \ OULh]^Zj_r_gb_mjZ\g_gby bf__l\b^ 3 U W 7 > $W 7 @ T \ T H[S>U%W 7 @ Z^bgZfbdZih\_^_gbyp_guh[eb]ZpbbaZ^Z_lkymjZ\g_gb_f G3 >U \OU %W7 @3GW %W7 V U 3G] Ebg_cgZynhjfZjbkdh\hcij_fbbhdZau\Z_lkyjZamfghcb[ueZ [uih^oh^ys_c^ey\u[hjZijbwfibjbq_kdhcjZ[hl_ghgZijZdlbd_ hgZihjh`^Z_lg_`bag_kihkh[gmxfh^_evWlhijhs_\k_]hm\b^_lv dh]^ZU <lZdhfkemqZ_^hoh^ghklvh[eb]Zpbb\ihke_^mxsb_fh f_glu\j_f_gby\ey_lky[_ajbkdh\hcl_fg_f_g__hgZih\urZ_lky\ p_g_ijbklZ\d_ \%W7 dhlhjZyhlebqZ_lkyhlijhp_glghcklZ\db ij_\urZxs_c gme_\hc mjh\_gv DZd [ueh mklZgh\e_gh jZg__ gme_ \hcmjh\_gv^hklb]Z_lky_kebV!NTFh`ghbkihevah\Zlvg_dhlh ju_[he__keh`gu_Zj]mf_gluqlh[uihdZaZlvqlhfh^_evg_`bag_ kihkh[gZ^Z`__kebgme_\hcmjh\_gvg_^hklb`bfLZdbfh[jZahffu bf__f fh^_ev dhlhjZy ]ZjZglbjm_l Zj[bljZ`gu_ \hafh`ghklb Z g_ boij_^hl\jZs_gb_Ljm^ghklvxdhg_qghy\ey_lkylhqlhg_le_`Z s_]h\hkgh\_jZ\gh\_kbydhlhjh_m^h\e_l\hjyeh[uij_^iheZ]Z_fuf ij_fbyf LZdbfh[jZahfjZajZ[hlZgguc\wlhc]eZ\_jZ\gh\_kgucih^oh^ bf__l ^\Z \Z`guo ij_bfms_kl\Z i_j_^ ^jm]bfb f_lh^Zfbhij_^_e_
gby p_guh[eb]Zpbb\g_ij_ju\ghf\j_f_gb
FGH=HN:DLHJG:YFH>?EV<J?F?GGHC KLJMDLMJUBBKIHEVAH<:GB?P?G D:DBGKLJMF?GL:EVGUOI?J?F?GGUO
< fu dhgdj_lbabjh\Zeb ko_fm h[s_c jZ\gh\_kghc fh^_eb kf ]e ^ey jZajZ[hldb iheghc fh^_eb hij_^_e_gby p_gu h[eb]Z pbb Fu ki_pbZevgh \u[jZeb ijhklhc kemqZc ^ey lh]h qlh[u ihdZ aZlv\^_lZeyodZdlZdZyfh^_evfh`_l[ulvihkljh_gZ<fh^_ebp_ guh[eb]Zpbb\k_okjhdh\ih]Zr_gbyaZ\bk_ebhl_^bgkl\_ggh]hkem qZcgh]h \hafmsZxs_]h nZdlhjZ l_dms_c kihl ijhp_glghc klZ\db Ohlyj_amevlbjmxsZy\j_f_ggZykljmdlmjZfh`_lijbgbfZlvjZaebq gu_nhjfu^eyfh^_ebk_^bgkl\_gguf\hafmsZxsbfnZdlhjhfoZ jZdl_jghlhqlhbaf_g_gbyp_gh[eb]Zpbb\k_okjhdh\ih]Zr_gbykh \_jr_gghdhjj_ebjh\ZguLZdZyfh^_evlZd`_ih^jZamf_\Z_lqlhp_ gu h[eb]Zpbb g_ aZ\bkyl hl ljZ_dlhjbb dhlhjhc ke_^h\ZeZ kihl klZ\dZij_`^_q_f^hklbqvl_dms_]hagZq_gby<g_dhlhjuokemqZyo wlbk\hckl\Zfh]mlh]jZgbqblvijbf_g_gb_fh^_eb H^gZdh [he__ h[sb_ ZgZeblbq_kdb_ \hafh`ghklb [m^ml \ k\hx hq_j_^vih^jZamf_\Zlv[he__h[sb_fh^_ebhij_^_e_gbyp_gh[eb]Z pbcIhemqZ_fu_\j_amevlZl_fgh]hnZdlhjgu_\j_f_ggu_kljmdlmju [m^ml [he__ ]b[dbfb q_f h^ghnZdlhjgZy fh^_ev gh hgb g_ba[_`gh [m^mllZd`_[he__]jhfha^dbfbb[he__ljm^gufb^eyZgZebaZ >ey beexkljZpbb \hafh`ghkl_c jZajZ[hlZgghc fh^_eb fu jZk kfhljbf ^\Z __ g_ihkj_^kl\_gguo h[h[s_gby Ij_^iheh`bf qlh \ gZr_fhibkZgbbl_ogheh]bq_kdh]hbaf_g_gby\mjZ\g_gbb bkh hlghr_gbyo kZf iZjZf_lj mklZgh\b\r_]hky kj_^g_]h T fh`_l baf_gylvkykemqZcgufh[jZahfkh]eZkghmjZ\g_gbx GT Y< T GW ]^_Yy\ey_lkyiheh`bl_evghcdhgklZglhcWlhagZqblqlhfuiheZ]Z _fT{< bP Y< < LZdbfh[jZahfagZq_gb_T\ex[hcfhf_gl \j_f_gb [m^_l bgl_]jZehf wdkihg_gpbZevgh \a\_r_gguo ijhreuo agZq_gbc < Fh`gh ijh\_jblv qlh lh]^Z ijhp_glgZy klZ\dZ U kgh\Z
hij_^_ey_lky mjZ\g_gb_f b qlh p_gZ h[eb]Zpbb J [m^_l bf_lv ke_^mxsbc\b^ JUTW7 _oj>UIW7 TJW7 @ ]^_nmgdpbb\j_f_gbIbJhij_^_eyxlky\y\ghf\b^_<wlhfkemqZ_ dZd ^hoh^ghklv ^h ih]Zr_gby ^bkdhglghc h[eb]Zpbb lZd b h`b^Z_ fu_agZq_gby[m^msbokihlklZ\hdy\eyxlkyebg_cgufbnmgdpbyfb l_dms_cbijhreuoagZq_gbckihlklZ\hd <dZq_kl\_\lhjh]hh[h[s_gbyij_^iheh`bfqlhdhwnnbpb_glu ijhba\h^kl\Z D b **? ijhihjpbhgZevgu kmff_ ^\mo g_aZ\bkbfuo kemqZcguo \_ebqbg < b < dZ`^Zybagbom^h\e_l\hjy_lmjZ\g_gbx \b^Z Lh]^Zfh`ghihdZaZlvqlhijhp_glgZykihlklZ\dZU[m^_l ijhihjpbhgZevgZ kmff_ < b < b qlh p_gZ h[eb]Zpbb [m^_l kgh\Z bf_lvwdkihg_gpbZevguc\b^ JU<W7 KW7 _oj>UIW7 TJW7 @ ]^_KIbJ±^jm]b_nmgdpbb\j_f_gbhij_^_ey_fu_\y\ghf\b^_< lZdhcfh^_ebbaf_g_gbyp_gh[eb]ZpbcjZaebqguokjhdh\ih]Zr_gby [hevr_g_y\eyxlkyiheghklvxdhjj_ebjh\Zggufb DZ`^h_ ba h[h[s_gbc ^Z_l ^\monZdlhjgmx fh^_ev \j_f_gghc kljmdlmjubj_amevlbjmxsb_djb\u_^hoh^ghklbfh]mlij_^iheZ]Zlv rbjhdh_jZaghh[jZab_nhjfLZdbf`_kihkh[hffh]ml[ulvkdhgkl jmbjh\Zgu^Zevg_crb_fgh]hnZdlhjgu_h[h[s_gby <dZ`^hcbajZkkfhlj_gguofh^_e_ch^gZbai_j_f_gguog_gZ [ex^Z_lkyg_ihkj_^kl\_gghFgh]hnZdlhjgu_h[h[s_gby[m^mlh[uq gh gZke_^h\Zlv wlhl g_^hklZlhd \ m\_ebqb\Zxs_cky k qbkehf nZdlh jh\ kl_i_gb Ke_^h\Zl_evgh ^ey wfibjbq_kdbo ijbf_g_gbc fh`_l [ulvhq_gvm^h[ghbkihevah\Zlvg_dhlhju_wg^h]_gghhij_^_ey_fu_ p_gu dZd bgkljmf_glZevgu_ i_j_f_ggu_ ^ey lh]h qlh[u mkljZgylv i_j_f_ggu_dhlhju_g_fh]mlgZ[ex^Zlvkyg_ihkj_^kl\_ggh<hij_ ^_e_gguokemqZyowlh[m^_lk^_eZlv\hafh`gh
Ij_^iheh`bfqlhbf_xlky^\_i_j_f_ggu_khklhygby<b<b qlh ihe_aghklv jZ\ghf_jgh weZklbqgZ lZd qlh mjh\_gv [h]Zlkl\Z g_ kms_kl\_gLh]^Z^eykdZeyjguobgkljmf_glZevguoi_j_f_gguoUbO ijyfu_\uqbke_gbyihdZau\ZxlqlhmjZ\g_gb_hij_^_e_gbyklhbfh klb fh`ghi_j_ibkZlvdZd w) w) w) YDUU kRYUO YDUO wUwO wU wO >P O UO @
w) w) w) >P O UO @ U) G wU wO wW
NmgdpbbObO b]jZxljhevdhwnnbpb_glh\jbkdh\uoij_fbc\ khhlghr_gbyo Hgbk\yaZgukdhwnnbpb_glZfbjbkdh\uoij_fbc Ikhhlghr_gbyfb wI º ª wJ \ » ' OUO «\ wO ¼ ¬ wO wJ º ª wI O UO «\ \ » ' wU ¼ ¬ wU ]^_ \UOW I <<W \UOW I <<W <{IUOW < {JUOW ' {
wI wJ wI wJ wU wO wO wU
LZdbf h[jZahf ihkdhevdm fu g_ bkihevam_f lh qlh O y\ey_lky ijhp_glghcklZ\dhcij_h[jZah\Zgb_ \ fh`ghi_j_nhjfm ebjh\Zlv ^ey ijhba\hevghc bgkljmf_glZevghc i_j_f_gghc _keb bg \_jkby\hafh`gZIj_bfms_kl\h\u[hjZijhp_glghcklZ\db\dZq_kl \_bgkljmf_glZevghci_j_f_gghckhklhbl\lhfqlh\lhjhcdhwnnb pb_gljbkdh\hcij_fbbO b^j_cnP fh`ghbkdexqblvbamjZ\g_gby ke_^mxsbfh[jZahf Imklv 4h[hagZqZ_lklhbfhklvdhgdj_lghch[eb]Zpbb^eydhlh jhc O ± g_ij_ju\gh dhg\_jlbjm_fZy ^hoh^ghklv ^h ih]Zr_gby H[h agZqbfihlhdieZl_`_ch[eb]Zpbb\dexqZydZddmihgulZdb^hoh^ hlbg\_klbjh\Zggh]hdZiblZeZq_j_akW <h[s_fkemqZ_wlhlihlhd [m^_l gme_\uf [hevrmx qZklv \j_f_gb k bfimevkZfb ij_^klZ\eyx
sbfb g_h]jZgbq_ggmx bgl_gkb\ghklv \uieZl \ fhf_glu ieZl_`_c
Ihhij_^_e_gbx 4 { ³ F V H[S>O V W @GV bfufh`_fgZibkZlv w4 4{/O wO w4 wW
/O
w 4 wO
/O
FW O/O GO/O w4 wU
w 4
w 4 wUwO
wU
]^_ 7
/i{ ³ W V Q F V H O V W GV W
b bgl_]jZe ^he`_g bgl_jij_lbjh\Zlvky ih Klbevlv_km ?keb wlb \u jZ`_gbyih^klZ\blv\ lhihemqbf P O UO
U O / O YDU O / O / O
b g_gZ[ex^Z_fuc dhwnnbpb_gl jbkdh\hc ij_fbb fh`gh aZf_gblv gZ[ex^Z_fhcnmgdpb_c ?keb4y\ey_lkydhgkhevghc[_kkjhq ghc h[eb]Zpb_ckdmihgZfb\uieZqb\Z_fufbg_ij_ju\ghkghjfhc klh]^Z/ kO/ kO/ kObjZ\_gkl\h fh`ghi_j_ib kZlvdZdkf%UHQQDQ6FKZDUW] P O UO
YDUO OO U O
Wlb ij_^klZ\e_gby fh]ml [ulv ihe_aghc klZjlh\hc lhqdhc ^ey wfibjbq_kdhc jZ[hlu H^gZdh \Z`gh \kihfgblv qlh hgb g_ fh]ml [ulviheghklvxhijZ\^Zgu[_ajZkkfhlj_gbyoZjZdl_jbklbde_`Zs_c \hkgh\_wdhghfbdb<^hiheg_gb_dijh\_^_gghfmZgZebam^\mof_j guo fh^_e_c jZkkfhljbf g_dhlhju_ fgh]hf_jgu_ fh^_eb dhlhju_ fh`ghi_j_nhjfmebjh\ZlvlZdbf`_h[jZahf
KEMQ:CG:YBGNEYPBY BHIJ?>?E?GB?P?GU GHFBG:EVGUOH;EB=:PBC Fh^_evij_^klZ\e_ggZya^_kvk\yaZgZkj_Zevghcwdhghfbdhc\ dhlhjhc ^_gv]b g_ y\eyxlky kZfhp_evx Qlh[u h[_ki_qblv h[hkgh \Zggmxjhev^_gv]ZfgZfgm`gh[ueh[u\\_klb^hihegbl_evgu_ih dZaZl_ebdhlhju_m\_eb[u^Ze_dhhlgZr_]hi_j\hgZqZevgh]hgZf_ j_gbyH^gZdh^eywdhghfbq_kdhckj_^u\dhlhjhcbaf_g_gb_aZiZkZ ^_g_]g_bf__ldZdh]heb[hj_Zevgh]h\ebygbyfh`gh\\_klbg_dhlh ju_k\hckl\Z^_g_]bbgneypbxbkdmkkl\_ggufkihkh[hfkihfhsvx ij_^iheh`_gbchlhfqlhh^gZbai_j_f_gguokhklhygbyihdZau\Z_l mjh\_gvp_gbqlh\uieZluihg_dhlhjufdhgljZdlZfbf_xlj_Zevgu_ klhbfhklbaZ\bkysb_hlwlh]hmjh\gyp_gLh_klvhgbhij_^_eyxlky \ghfbgZevguol_jfbgZoGbh^ghbawlboij_^iheh`_gbcg_\e_q_l dZdboeb[hbaf_g_gbc\h[s_cl_hjbb Ij_^iheh`bfqlhNyi_j_f_ggZykhklhygbyoZjZdl_jbam_lmjh \_gv p_g j LZd dZd fu ij_^iheh`beb qlh wlZ i_j_f_ggZy g_ bf__l gbdZdh]h\ebygbygZe_`Zs__\hkgh\_j_Zevgh_jZ\gh\_kb_nmgdpbb DP*6b-g_[m^mlaZ\bk_lvhljDhg_qghwlhg_hagZqZ_lqlhba f_g_gbyjklZlbklbq_kdbg_dhjj_ebjh\Zgukbaf_g_gbyfbj_Zevgh]h [h]Zlkl\Z b ^jm]bfb i_j_f_ggufb khklhygby < lZdbo h[klhyl_evkl \Zoj_ZevgZyklhbfhklvZdlb\Z\uieZluihdhlhjhfmhij_^_eyxlky\ ghfbgZevguol_jfbgZo_s_m^h\e_l\hjyxlmjZ\g_gbx jm]bfb keh\Zfb mjZ\g_gb_ hij_^_e_gbyklhbfhklb [m^_l\k__s_kijZ\_^eb\uf_kebjy\ ey_lky ^bnn_j_gpbjm_fhc nmgdpb_c : < b W ?keb `_eZl_evgh ih^ ^_j`b\Zlv[ZeZgk\j_Zevguo^_gv]Zoq_j_aijyfmxnmgdpbxihe_a ghklb8a^_kvwlhfh`ghk^_eZlvg_ihkj_^kl\_gghKljZl_]byfZdkb fbaZpbb ihe_aghklb ^_g_`gh]h aZiZkZ aZ\bk_eZ [u lhevdh hl i_j_ f_gguo khklhygby j_Zevgh]h [h]Zlkl\Z b \j_f_gb ihwlhfm bg^mpb jm_fucmjh\_gvp_glZd`_aZ\bk_e[ulhevdhhlwlboi_j_f_gguo Ijhbeexkljbjm_f g_dhlhju_ ba wlbo iheh`_gbc hlghkbl_evgh fh^_eb ij_^klZ\e_gghc \ ]e
q_j_a1USW7 Ij_^iheh`bfqlhmjh\_gvp_gjbaf_gy_lky\khhl \_lkl\bbkmjZ\g_gb_f GS PS GWVS GZ W bqlhhgg_dhjj_ebjh\Zgk:b<Ij_^iheh`bflZd`_qlhdhwnnb pb_glu\mjZ\g_gbb y\eyxlkylZdbfbqlh(>S V @kms_kl\m_l ^ey\k_odhg_qguoV Lh]^Z[m^_fbf_lvmjZ\g_gb_hij_^_e_gbyklhbfhklb^ey1 w1 w1 w1 w1 w 1 V U V S >NT N O U @ P S U1 wU wS wW wU wS
k djZ_\uf mkeh\b_f 1U S L 7 jL Fh`gh g_ihkj_^kl\_ggh ijh\_jblvqlhj_r_gb_fy\ey_lky 1USW7 JUW7 (>S L _WjW @ ]^_J±p_gZj_Zevghc^bkdhglghch[eb]Zpbbhij_^_ey_fhc\ujZ`_ gb_f < wlhc nhjfmebjh\d_ h`b^Z_fZy klZ\dZ bgneypbb baf_gy_lky lhevdhkbaf_g_gb_fmjh\gyp_guH^gZdh^eyh[uqghbkihevam_fh]h kemqZyeh]Zjbnfbq_kdbjZkij_^_e_gguop_gPS PjSVS VjSb 1USW7 H
JUW7 jW
P S V S
lZd qlh \ wlhf kemqZ_ p_gZ ghfbgZevghc h[eb]Zpbb \ ghfbgZevguo l_jfbgZo 1 { SW 1 [m^_lg_aZ\bkbfhchll_dms_]hmjh\gyp_gIjb eh]Zjbnfbq_kdb jZkij_^_e_gguo p_gZo h`b^Z_fZy klZ\dZ bgneypbb y\ey_lky ihklhygghc ohly dhg_qgh j_Zebam_fZy bgneypby lZdh\hc g_[m^_l < dZq_kl\_ g_dhlhjh]h [he__ h[s_]h ijbf_jZ \u^_ebf fgh`b l_evh`b^Z_fhcklZ\dbbgneypbbbamjh\gyp_gbb^_glbnbpbjm_f__ dZd lj_lvx i_j_f_ggmx khklhygby Kgh\Z gbdZdh]h baf_g_gby \ h[ s_cl_hjbbg_ihgZ^h[blkyH`b^Z_fmxklZ\dmbgneypbbh[hagZqbf q_j_a m Ij_^iheh`bf kms_kl\h\Zgb_ ^\mo Zevl_jgZlb\guo fh^_e_c ih\_^_gbyklZ\dbbgneypbb fh^_evG\ N\T±\ GWV \G] fh^_evG\ N\T±\ GWV \G]
kh klhoZklbq_kdbf ^bnn_j_gpbZevguf mjZ\g_gb_f mijZ\eyxsbf baf_g_gbyfbmjh\gyp_g\dZ`^hcbafh^_e_c Gj \jGWVjj\G]
ijbq_fFRY\S {UVV\ S\fh^_ebFRY\S {UVV\ S\fh^_eb bVA^_kvdZdb\mjZ\g_gbb ^eym^h[kl\ZaZibkbbkihev am_f]W b]W h[hagZqZxsb_ebg_cgu_dhf[bgZpbbZ W bZ W Fh^_ev fh`_l hdZaZlvky wfibjbq_kdb emqrbf \u[hjhf lZd dZdg_nhjfZevgu_k\b^_l_evkl\ZihdZau\Zxlqlhhlghkbl_evgZyijh p_glgZy ^bki_jkbyh`b^Z_fhcklZ\dbbgneypbbm\_ebqb\Z_lkykih \ur_gb_f__mjh\gyFh^_evbf__lwlhk\hckl\h\lh\j_fydZdfh ^_ev_]hg_bf__lH^gZdhj_r_gb_fh^_ebijhs_kZgZeblbq_kdhc lhqdbaj_gbyihwlhfmke_^m_ljZkkfhlj_lvh[_fh^_eb^ey\hafh`gh ]h ijZdlbq_kdh]h bkihevah\Zgby <h[_bofh^_eyoh`b^Z_fZyklZ\dZ bgneypbb klj_fblky d mklZgh\b\r_fmky jZ\gh\_kghfm mjh\gx H[_ fh^_ebh[gZjm`b\ZxllZd`_dhjj_eypbxf_`^mbaf_g_gbyfbklZ\db bgneypbb b mjh\gy p_g ^himkdZy lZdbf h[jZahf iheh`bl_evgmx bebhljbpZl_evgmxkbem\ugm`^Zxsmxmjh\_gvp_gbaf_gylvky MjZ\g_gb_ hij_^_e_gby klhbfhklb ^ey j_Zevghc klhbfhklb gh fbgZevghch[eb]Zpbbdhgdj_lbabjh\Zggh_^eyfh^_ebbf__l\b^
w 1 w 1 w 1 w 1 V U V \ UVV \ S V S \ w\wS wU w\ wS
>NT N O U @
w1 w1 w1 w1 N \ T \ \S U1 wU w\ wS wW
k djZ_\uf mkeh\b_f 1U m S L 7 jL J_r_gb_f mjZ\g_gby y\ey_lkynmgdpby
G
§ FW · *Y G ª FW º 1UmSW7 0 ¨¨ G Y ¸ JUW7 jW « » \ ¸¹ * Y ¬ \ ¼ © ]^_ FW {
NT V H T
G{^>NUVV V V V @
±NUVV V ` V
Y{>G V NUVV@ V
0 ±dhgnex_glgZy]bi_j]_hf_ljbq_kdZynmgdpbyZ* ]Zf fZnmgdpby :gZeh]bqgu_^_ckl\bykfh^_evxijb\h^yldmjZ\g_gbx
w1 w 1 w 1 w1 V U V \ UV V \S V S \ w\wS wSwS wU w\ >NT N O U @
w1 w1 w1 w1 N \ T \ \S U1 wU w\ wS wW
kdjZ_\ufmkeh\b_f1UmSL7 jL Khhl\_lkl\mxs_cnhjfm ehcklhbfhklbhdZau\Z_lkyke_^mxsZy > UV V [ § · H [ ¨ ¸ 1UmSW7 ¨ [ N UV V H[ [ ¸ © ¹ S
T V
V \ · § H ¸ JUW7 jW ¨ uH[S ¨ [ N UV V H [ [ ¸ ¹ ©
u
[
]^_ [{>NUVV V V @ <j_f_ggZy kljmdlmjZ ijhp_glguo klZ\hd ihjh`^Z_fZy mjZ\g_ gbyfb b fh`_l ij_^iheZ]Zlv rbjhdh_ jZaghh[jZab_ nhjf\aZ\bkbfhklbhlhlghkbl_evguoagZq_gbci_j_f_gguobiZjZ f_ljh\;he__keh`gu_fh^_ebmqblu\Zxsb_\ebygb_[hevr_]hqbk eZ^_lZe_cfh`ghihkljhblvZgZeh]bqgufkihkh[hf < ^Zgghc ]eZ\_ [ueb bkihevah\Zgu jZaebqgu_ qZklgu_ kemqZb hkgh\gh]hmjZ\g_gbyhij_^_e_gbyklhbfhklb WlhmjZ\g_gb_hi
j_^_ey_lj_ZevgmxklhbfhklvZdlb\ZdZdnmgdpbbj_Zevgh]h[h]Zlkl \Zbi_j_f_gguokhklhygbyKijZdlbq_kdhclhqdbaj_gby\hafh`gh m^h[g__bf_lvkhhl\_lkl\mxs__mjZ\g_gb_hij_^_e_gbyklhbfhklb\ dhlhjhf \k_ klhbfhklb \ujZ`Zxlky \ ghfbgZevguo l_jfbgZo < gZ r_c ihklZgh\d_ hgh aZ^Z_lky ke_^mxsbf ml\_j`^_gb_f < wlhf ml \_j`^_gbbhij_^_ey_fghfbgZevgh_[h]Zlkl\hdZdO{S:dhk\_ggmx nmgdpbxihe_aghklb\l_jfbgZoghfbgZevgh]h[h]Zlkl\ZdZd9;< W {-;S<W {-:<W bghfbgZevgmxklhbfhklvZdlb\Zq_j_agh fbgZevgh_[h]Zlkl\hdZdG;<W {S);S<W {S):<W DZdb ^h kbo ihj kqblZ_f qlh Ny khklZ\eyxsZy \_dlhjZ i_j_f_gguo kh klhygby<ij_^klZ\ey_lmjh\_gvp_gj Ml\_j`^_gb_ GhfbgZevgZy klhbfhklv Zdlb\Z \ l_jfbgZo ghfbgZevgh]h [h]Zlkl\Z G; < W m^h\e_l\hjy_l mjZ\g_gbx \ qZkl guoijhba\h^guo
N N N YDU ; + ;; ¦ FRY ;
L
M
ª § 9 ¦ + «P ¨ © 9 ¬
L
· § 9 ; < FRY ¦ ¨ 9 ¸ ¹ ©
L
· ¸ FRY< < ¹
K; S& + + SG K+
º » ¼
]^_ghfbgZevgZyijhp_glgZyklZ\dZKaZ^Z_lky\ujZ`_gb_f § 9 K D ¨ © 9
· § YDU ; ¸¨ ¹© ;
§ 9 · ¸ ¦¨ ¹ © 9
L
· § FRY ; < · ¸¨ ¸ ; ¹ ¹©
bDOy\ey_lkyh`b^Z_fhc^hoh^ghklvxghfbgZevgh]h[h]Zlkl\Z § P S · § FRY S ; · § YDU S · DO D cD ¨ ¸ ¨ ¸ ¨ ¸ S; ¹ © S ¹ © S¹ © >hdZaZl_evkl\hBaijZ\bemfgh`_gbyBlhke_^m_lqlh
YDU: S YDU; ±;S FRY;S ; S YDUS
FRY:S S FRY;S ±; S YDUS
FRY:< S FRY;< ±;S FRY<S b § P S · § FRY S ; · § YDU S · DO D cD ¨ ¸ ¨ ¸ ¨ ¸ S; ¹ © S ¹ © S¹ © Ijb-:<W {-;S<W {9;<W bf__f - 9 S
9 -
- -
S
9
9
9
9
; 9
S S 9
MjZ\g_gb_ ihemqblky_kebi_j_ibkZlvijhba\h^gu_nmgd pbb ): < W q_j_a ijhba\h^gu_ nmgdpbb G; < W b bkihevah\Zlv \ur_ijb\_^_ggu_khhlghr_gby\mjZ\g_gbb GhfbgZevgZyijh p_glgZy klZ\dZ lh]^Z fh`_l [ulv b^_glbnbpbjh\ZgZ dZd ghfbgZev guc ihlhd \uieZl g_h[oh^bfuc ^ey ih^^_j`db ghfbgZevghc klhb fhklbZdlb\ZKdhlhjZyhij_^_e_gZnhjfmehc KjZ\g_gb_ \ujZ`_gbc b k b ihdZau\Z_l qlhmjZ\g_gb_ijhp_glghcklZ\dbbhkgh\gh_mjZ\g_gb_hij_^_e_gby klhbfhklbbf_xlh^bgZdh\uc\b^dh]^Z\k_i_j_f_ggu_\ujZ`Zxlky \j_Zevguol_jfbgZoBkihevamyjZkkm`^_gbyijb\_^_ggu_\^hdZaZ l_evkl\_ml\_j`^_gbyghfbgZevgmxijhp_glgmxklZ\dmfh`gh\ujZ ablv\l_jfbgZoj_Zevgh]h[h]Zlkl\Z\ke_^mxs_f\b^_ § § ·ª K U ¨ ¸ «P ¨ © S ¹¬ © -
· § : S FRY ¸ ¦ ¨ ¹ ©
L
· § YDU S · º < S FRY ¸ ¨ S ¸ » © ¹¼ ¹
]^_Uj_ZevgZyijhp_glgZyklZ\dZaZ^Z_lkymjZ\g_gb_f <_ebqb gZ Pjj y\ey_lky h`b^Z_fhc klZ\dhc bgneypbb HklZevgu_ qe_gu fh]ml \ h[s_f kemqZ_ bf_lv khhl\_lkl\mxsbc agZd lZd qlh ghfb gZevgZyijhp_glgZyklZ\dZfh`_l[ulvbeb[hevr_bebf_gvr_kmf fuj_Zevghcijhp_glghcklZ\dbbh`b^Z_fhcklZ\dbbgneypbb < wlhc ]eZ\_ bkke_^h\ZgZ jZpbhgZevgZy fh^_ev hij_^_e_gby p_ gu Zdlb\Z ^ey bamq_gby \j_f_gghc kljmdlmju ijhp_glguo klZ\hd \ dhlhjhcl_dmsb_p_gubklhoZklbq_kdb_k\hckl\Z\k_oZdlb\h\\dex
qZyh[eb]ZpbbihemqZxlkywg^h]_gghIjbihfhsbdhgdj_lguoijb f_jh\ ihemq_gu ijhklu_ y\gu_ nhjfu j_r_gby ^ey p_g h[eb]Zpbc dhlhju_aZ\bkylhlgZ[ex^Z_fuowdhghfbq_kdboi_j_f_gguobfh]ml ijh\_jylvky Dhf[bgZpby jZ\gh\_kguo ijbgpbih\ hij_^_e_gby p_g Zdlb\h\bkhhl\_lkl\mxs__fh^_ebjh\Zgb_e_`Zsbo\hkgh\_klhoZk lbq_kdbo ijhp_kkh\ h[_ki_qb\Zxl fhsgh_ kj_^kl\h ^ey ihemq_gby khklhyl_evguol_hjbc Ke_^m_lhlf_lblvqlhg_dhlhju_nhjfudeZkkbq_kdhc]bihl_au h`b^Zgbc kh]eZkh\Zgu k jZajZ[hlZgghc jZ\gh\_kghc fh^_evx \ lh \j_fydZd^jm]b_nhjfu\h[s_fkemqZ_g_kh]eZkmxlkyKihfhsvx jZajZ[hlZgghcjZ\gh\_kghcfh^_ebm^Z_lkylZd`_gZclbkhhlghr_gb_ f_`^mg_dhlhjufbjZ\gh\_kgufbfh^_eyfbg_ij_ju\gh]h\j_f_gbb ljZ^bpbhggufb ih^oh^Zfb dhlhju_ \ujZ`Zxl h`b^Z_fu_ [m^msb_ kihlklZ\dbdZdebg_cgu_dhf[bgZpbbijhreuokihlklZ\hd
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
KJ:GHN:DLHJGUOFH>?E?C<J?F?GGUO KLJMDLMJ:NNBGGH=HDE:KK:
:NNBGGU?<J?F?GGU?KLJMDLMJU FH>?E?CKIHKLHYGGUFB DHWNNBPB?GL:FB
>ey ZgZebaZ \j_f_gguo kljmdlmj Znnbggh]h deZkkZ ^hoh^ghklb bf__lkyg_kdhevdhkihkh[h\ihkljh_gbyfh^_e_cdjZldhkjhqghcijh p_glghcklZ\db<wlhc]eZ\_ijb\h^blkykjZ\gbl_evgucZgZebalj_o ba gbo fh^_eb
pbbgZhkgh\_klZlbklbq_kdh]hZgZebaZ\u[hjhqguo^Zgguo^hoh^gh klb ^h ih]Zr_gby J_r_gb_ lZdhc aZ^Zqb ^_fhgkljbjm_lky ^ey mdZ aZgguo \ur_ fh^_e_c K wlhc p_evx ihkljh_gu jZaghklgu_ \_jkbb klhoZklbq_kdbo ^bnn_j_gpbZevguo mjZ\g_gbc Ziijhdkbfbjmxsb_ ijhp_kk ^hoh^ghklb AZl_f ijbf_gy_lky f_lh^ fZdkbfZevgh]h ijZ\ ^hih^h[by ^ey hp_gdb iZjZf_ljh\ jZaghklguo \_jkbc fh^_eb LZdZy klZlbklbq_kdZyijhp_^mjZbkihevam_lky^eyZgZebaZ\u[hjhqguo^Zg guohibku\Zxsbo^hoh^ghklv^hih]Zr_gby^_kylbP;DZagZq_ckl\Z KR:aZiylbe_lgbci_jbh^ :nnbggucdeZkk^hoh^ghklbfh^_e_c\j_f_gguokljmdlmj\i_j \u_ [ue \\_^_g J ;jZmghf b K R_cn_jhf %URZQ 6FKDHIHU aZf_lb\rbfqlhg_dhlhju_fh^_eb\j_f_gguokljmdlmjhij_^_eyxl ky\y\ghcZgZeblbq_kdhcnhjf_HgbihdZaZebqlhwlhbf__lf_klh _keb^j_cnbd\Z^jZl\heZlbevghklbdjZldhkjhqghcklZ\dby\eyxlky ebg_cgufb nmgdpbyfb djZldhkjhqghc klZ\db b g_ aZ\bkyl y\gh hl \j_f_gb > >Znnb b J DZg 'XIILH .DQ jZkijhkljZgbeb wlb b^_b gZ fgh]hf_jguc kemqZc Ijbf_jZfb lZdbo h^ghnZdlhjguo fh ^_e_cy\eyxlkyfh^_evH
kdbf jZkij_^_e_gb_f k wdkihg_gpbZevguf jZkij_^_e_gb_f keZ]Z_ fuo Ijb i_j_oh^_ d klZpbhgZjghfm j_`bfm \lhjZy khklZ\eyxsZy bkq_aZ_l ?keb agZq_gb_ iZjZf_ljZ k^\b]Z \ i_j\hc khklZ\eyxs_c \hajZklZ_l ^h [_kdhg_qghklb lh]^Z djZldhkjhqgZy klZ\dZ klZgh\blky lZdhcdZd\fh^_ebU<WL :WL @LW Lhl nZdl qlh klZ\dZ ^hoh^ghklb mW U L ebg_cgh aZ\bkbl hl agZq_gbydjZldhkjhqghcijhp_glghcklZ\dbU UW bhij_^_ey_lgZ a\Zgb_deZkkZ^hoh^ghklbJZaebqgu_Zki_dluk\hckl\Znnbgguofh ^_e_c jZkkfZljb\Zebkv \ fgh]hqbke_gguo klZlvyo kf gZijbf_j %URZQ6FKDHIHU Nmgdpbb:WL b<WL ^eydjZldhklb\^Zev g_cr_f[m^_fgZau\ZlvnmgdpbyfbZnnbgghc\j_f_gghckljmdlmju Wlbnmgdpbbhij_^_eyxlkybalZdgZau\Z_fh]hmjZ\g_gby\qZklguo ijhba\h^guo ^ey \j_f_gghc kljmdlmju ijb mkeh\bb hlkmlkl\by Zj [bljZ`Z J >PWU OWU VWU @J òVWU J UJ ]^_^eydjZldhklbhims_guZj]mf_glumnmgdpbbJWUL bqZklgu_ ijhba\h^gu_ ih i_j_f_gguf W b U h[hagZq_gu \ \b^_ khhl\_lkl\mx sbobg^_dkh\ W
U
UU
=jZgbqgufmkeh\b_fmjZ\g_gby y\ey_lkyjZ\_gkl\h JLUL ^eyex[uoU NmgdpbbPWU bVWU \mjZ\g_gbb y\eyxlky^j_cnhfb \heZlbevghklvx djZldhkjhqghc ijhp_glghc klZ\db UW dhlhjZy ke_ ^m_l ^bnnmabhgghfm ijhp_kkm hij_^_ey_fhfm klhoZklbq_kdbf ^bn n_j_gpbZevgufmjZ\g_gb_f GU PWU GWVWU G:W NmgdpbyOWU y\ey_lkyjughqghcp_ghcjbkdZbaZ^Z_lkyba\g_ lZd`_dZdbnmgdpbbPWU bVWU P_gZJWUL lZd`_ke_^m_l^bn nmabhgghfm kemqZcghfm ijhp_kkm Ijb hlkmlkl\bb Zj[bljZ`Z ^j_cn eh]ZjbnfZwlhcp_guhij_^_ey_lky\ujZ`_gb_f PWU OWU VWU >ey lh]h qlh[u j_r_gb_ mjZ\g_gby bf_eh\b^ ^hklZ lhqghqlh[unmgdpbbPWU OWU VWU bVWU [uebZnnbggu fbl_ebg_cgufbhlghkbl_evghUWlh]hfh`gh^hklbqv_kebih eh`blv PWU DW UEW
VWU JW UGW
OWU VWU [W UKW
<^Zevg_cr_f^eydjZldhklbDW EW JW GW [W bKW [m^_fgZ au\Zlvdhwnnbpb_glZfbZnnbgghckljmdlmju?keb\mjZ\g_gb_ ih^klZ\blv\ujZ`_gby ± bjZkkfZljb\ZlvWbUdZdg_aZ \bkbfu_i_j_f_ggu_kmq_lhf]jZgbqgh]hmkeh\by lhwlhmjZ\ g_gb_jZkiZ^Z_lkygZ^\Zke_^mxsbomjZ\g_gby^eynmgdpbcZnnbg ghc\j_f_gghckljmdlmju G% JW <WL >DW [W @<WL <LL GW G$ GW <WL >EW KW @<WL :LL GW NZdlbq_kdbmjZ\g_gb_fy\ey_lkylhevdh J_rb\_]hbgZc^y <WL fh`ghgZclb:WL ijhbgl_]jbjh\Z\ Ihwlhfm $W 7
7
ª
³ «¬ G V % W
º V 7 >E V K V @% V 7 » GV ¼
MjZ\g_gb_ y\ey_lky mjZ\g_gb_f JbddZlb b \ h[s_f kemqZ_ g_bf__ly\gh]hj_r_gbyH^gZdh\h^ghf\Z`ghfkemqZ_lZdh_j_r_ gb_fh`ghihemqblv Ml\_j`^_gb_ ?keb kms_kl\m_l dhgklZglZ k z lZdZy qlh bf__lf_klhjZ\_gkl\h kJW k>DW [W @ lh]^Zj_r_gb_mjZ\g_gby bf__l\b^ % W 7 ]^_ - W 7
F- W 7 F - W 7
° \ § F · ½° [ J H[S ¨ ¸G[ ¾G\ ³ ®°³ © F ¹ °¿ W ¯W
7
>hdZaZl_evkl\h wlh]h ml\_j`^_gby ijhs_ \k_]h ihemqblv g_ih kj_^kl\_gghcih^klZgh\dhc\ujZ`_gbc \mjZ\g_gb_ mqblu\Zy_^bgkl\_gghklvj_r_gbywlh]hmjZ\g_gby AZf_lbf qlh nhjfZevghfm mkeh\bx fh`gh ijb^Zlv ke_ ^mxsbckfuke?kebnmgdpbyZnnbgghckljmdlmju<WL bf__lmk lZgh\b\r__ky agZq_gb_ l_ klj_fblky d g_dhlhjhc dhgklZgl_ ijb m\_ebq_gbbjZaghklbZj]mf_glh\LWof lhmkeh\b_ bf__l f_klh b iheh`bl_evgZy dhgklZglZ khij_^_ey_fZybawlh]hmkeh\by kh\iZ^Z_lkmklZgh\b\rbfkyagZq_gb_f<fL l_ OLP % W 7 F 9
of
GZkZfhf^_e_^eyij_^_evgh]hagZq_gby<fL e_\ZyqZklvmjZ\ g_gby klZgh\blkygme_fZijZ\ZyqZklv ±mkeh\b_f Ij_^iheh`bfqlhdhwnnbpb_gluZnnbgghckljmdlmjuDEJG [bKy\eyxlkyihklhyggufb\_ebqbgZfbFh^_eb\j_f_gghckljmd lmju \ lZdhf kemqZ_ gZau\Zxlky h^ghjh^gufb ih \j_f_gb %URZQ 6FKDHIHU Ij_`^_q_fi_j_oh^blvdZgZeblbq_kdhfmjZkkfhlj_ gbxwlh]hkemqZyijhdhff_glbjm_fkfukedhwnnbpb_glh\ K^_eZ_f _kl_kl\_ggh_ ij_^iheh`_gb_ h lhf qlh fh`_l kms_kl \h\Zlv klZpbhgZjguc j_`bf ijhp_kkZ djZldhkjhqghc ijhp_glghc klZ\dbUW l_kh\j_f_g_f^bki_jkbyijhp_kkZUW g_fh`_lm\_eb qb\Zlvky g_h]jZgbq_ggh Z mklZgZ\eb\Z_lky d g_dhlhjhfm dhg_qghfm agZq_gbx<wlhfkemqZ_iZjZf_ljD^he`_g[ulvhljbpZl_evgufZ _]hZ[khexlgZy\_ebqbgZhij_^_ey_lkdhjhklvijb[eb`_gbydklZpbh
gZjghfm j_`bfm qlh wd\b\Ze_glgh \u[hjm fZkrlZ[Z \j_f_gb Ijb fZeuoZ[khexlguoagZq_gbyoDijhp_kkmklZgh\e_gbydklZpbhgZj ghfmj_`bfmijhl_dZ_lf_^e_gghZijb[hevrbo±[ukljh>eym^h[ kl\Zh[hagZqbfD NN! FZl_fZlbq_kdh_h`b^Zgb_ijhp_kkZUW \klZpbhgZjghfj_`bf_ gZoh^blky ba mjZ\g_gby ?>PW U @ D?>UW @ E Hlkx^Z \b^_g kfuke iZjZf_ljZ E >ey m^h[kl\Z h[hagZqbf ?>U@ T lh]^Z [m^_f bf_lvE DT NTLZddZdihkfukemkj_^g__agZq_gb_djZldhkjhq ghc klZ\db ^he`gh [ulv iheh`bl_evguf lh E ! Ijhp_kk djZldh kjhqghc ijhp_glghc klZ\db UW h[eZ^Zxsbc lZdbfb k\hckl\Zfb h[uqghgZau\Zxlijhp_kkhf\ha\jZsZxsbfkydkj_^g_fmbebijh p_kkhfHjgrl_cgZ±Me_g[_dZ IZjZf_lju J b G \f_kl_ kh agZq_gbyfb UW hij_^_eyxl d\Z^jZl \heZlbevghklb ijhp_kkZ djZldhkjhqghc ijhp_glghc klZ\db dZd wlh \b^gh ba jZ\_gkl\Z Ihwlhfm ^he`gh \uihegylvky g_jZ\_gkl\h JUGt^eyex[uoUI_j_ibku\Zyg_jZ\_gkl\h\nhjf_UtGJ\b ^bfqlh\_ebqbgZGJ ^he`gZjZkkfZljb\ZlvkydZdgb`gyy]jZgbpZ \hafh`guo agZq_gbc djZldhkjhqghc ijhp_glghc klZ\db Ihkdhevdm h[uqgh agZq_gby U y\eyxlky iheh`bl_evgufb wlh g_jZ\_gkl\h gZ ijbf_j \uihegy_lky dh]^Z iZjZf_lju J b G g_hljbpZl_evgu_ l_ JtbGt DZdke_^m_lba iZjZf_lju[bK\f_kl_khagZq_gbyfbijh p_kkZUW b\heZlbevghklvxVWU hij_^_eyxljughqgmxp_gmjbkdZ DZdijhp_glgmxklZ\dmlZdb\heZlbevghklv_kl_kl\_gghkqblZlvg_ hljbpZl_evgufbeyJ!hgb bf_xl\b^ F
§ ¨D [ J©
D [ J ·¸ F ¹
§ ¨D [ J©
D [ J ·¸ ¹
H[hagZqbf ^ey djZldhklb H D [ J ! Lh]^Z bgl_]jZe -W L \uqbkey_fuc ih nhjfme_ ijbgbfZ_l ^ey wlbo dhjg_c khhl\_lkl\_gghagZq_gby - WL >H H7 W @ - WL > H H7 W @ H H
Ih^klZ\eyy \ \ujZ`_gb_ \_ebqbguk b- WL ihemqZ_f nmgdpbx<WL \\b^_
>HH7 W @ % W 7 H H D [ >H H7 W @ Ih^klZgh\dZ\\ujZ`_gb_ \_ebqbgk b- WL ijb\h^bld nmgdpbb hlebqZxs_cky hl lhevdh ijhlb\hiheh`guf agZdhf H^gZdhhljbpZl_evgZynmgdpby<WL ijhlb\hj_qblwdhghfbq_kdhfm kfukem p_gu lZd dZd k m\_ebq_gb_f ijhp_glghc klZ\db U p_gZ h[eb]Zpbb\^ZgghfkemqZ_[m^_lm\_ebqb\ZlvkyIhwlhfmlZdZy\_j kbyg_fh`_l[ulvijbgylZbfubf__f_^bgkl\_ggh_j_r_gb_mjZ\ g_gby \\b^_ DZd b ke_^h\Zeh h`b^Zlv \ kemqZ_ ihklhygguo dhwnnbpb_glh\ Znnbgghckljmdlmjunmgdpby<WL aZ\bkblg_hlagZq_gbcdZ`^hc ba^\mok\hboi_j_f_gguoWbLZhlbojZaghklbLWl_y\ey_lky nmgdpb_ch^gh]hZj]mf_glZ<LW H[hagZqbfW LWLh]^Z[m^_f G%7 W G%W bf_lv MjZ\g_gb_ \wlhfkemqZ_aZibr_flZd GW GW G% D[ <W J<W < Wt GW Ij_^klZ\eyywlhmjZ\g_gb_\kbff_ljbqghcnhjf_bf__f GW
G%W Wt D [ %W J% W
BamjZ\g_gby ke_^m_lbgl_]jZevgh_khhlghr_gb_ W
%W
³
G% Wt D [ % J%
dhlhjh_y\ey_lkyihe_agufijb\uqbke_gbbnmgdpbb:
L_i_jv h[jZlbfky d mjZ\g_gbx ^ey nmgdpbb Znnbgghc \j_f_gghckljmdlmju:WL IjZ\ZyqZklvmjZ\g_gby aZ\bkblhl i_j_f_gghcWlhevdhq_j_anmgdpbx<ihwlhfmnmgdpby:WL [m^_l aZ\bk_lv lh`_ lhevdh hl jZaghklb k\hbo Zj]mf_glh\ Z g_ hl dZ`^hc i_j_f_gghc\hl^_evghklbl_:WL :LW :W Hiylvbkihev G$7 W G$W amyjZ\_gkl\h fh`ghaZibkZlvmjZ\g_gb_ \ GW GW kbff_ljbqghcnhjf_ G$W : Wt G% W E K %W
GW
Dhf[bgbjmy mjZ\g_gby b ihemqZ_f ^ey nmgdpbb :W bgl_]jZevgh_khhlghr_gb_ke_^mxs_]h\b^Z $W
%W §
³
· ¨ G% E K % ¸ G% ¨ D [ % J% ¸ ¹ ©
Ij_bfms_kl\h khhlghr_gby i_j_^ khklhbl \ lhf qlh y\ey_lky bgl_]jZehf ^h\hevgh keh`ghc nmgdpbb ih i_j_ f_gghcW\lh\j_fydZd y\ey_lkybgl_]jZehfihi_j_f_gghc< hlijhklh]hjZpbhgZevgh]h\ujZ`_gbyNZdlbq_kdb y\ey_lkylZ[ ebqgufbgl_]jZehf<\_^_f^eydjZldhklbke_^mxsb_h[hagZq_gby H
D [ J
-
Z J E K G D [ -
H D [ H D [
Lh]^Z bgl_]jZe fh`_l [ulv ij_^klZ\e_g \ \b^_ h^gh]hba ke_^mxsbowd\b\Ze_glguo\ujZ`_gbc G $W >W %W @ Z ª«D [ W OQ§¨ D [ %W J % W ·¸º» J J ¬ © ¹¼ G $W >W %W @ Z ª«- OQ§¨ - %W ·¸ - OQ§¨ - %W ·¸º» J HJ ¬ © ¹ © ¹¼
$W
G >W %W @ Z J J
ª § - ·º % W W OQ ¨ ¸» « © ¹¼ ¬
$W
G >W %W @ Z J J
ª § - ·º «- W OQ¨ %W ¸» © ¹¼ ¬
Ih^klZ\b\ \ wlb \ujZ`_gby y\guc \b^ nmgdpbb <W \ nhjf_ ihemqbfy\gu_\ujZ`_gbynmgdpbb:W q_j_akjhd^hih]Zr_ gbyW K^jm]hcklhjhgubabgl_]jZevgh]hkhhlghr_gby ihemqZ _fjZ\_gkl\h W
ª § - ·º · § - % % W W OQ OQ ¨ ¸ ¨ ¸» H «¬ © © ¹¼ ¹
bkihevamydhlhjh_fh`gh\ujZablvnmgdpbx:W lhevdhq_j_anmgd pbx<W AZf_lbf qlh nmgdpbb Znnbgghc \j_f_gghc kljmdlmju ^ey jZk kfhlj_ggh]hkemqZy[uebihemq_gujZg__\nhjf_ b kf 0HGYHGHY &R[ < ^Zevg_cr_f [m^_f mihfbgZlv wlm fh^_ev Znnbgghc\j_f_gghckljmdlmjudZdfh^_evFKIjb\_^_flZd`_^\Z qZklguokemqZydhlhju_qZklhbkihevamxlkyijbZgZeba_djZldhkjhq guoijhp_glguoklZ\hdbklZ\hd^hoh^ghklb Dh]^Z\heZlbevghklvbjughqgZyp_gZjbkdZg_aZ\bkylhlagZ q_gbcdjZldhkjhqghcijhp_glghcklZ\dbUl_J b[ fuihem qZ_f fh^_ev H @ >H DW @ Wt D D $W
G § G · % W Wt E K ¸>W % W @ ¨ D © D D ¹
Nhjfmem ijhs_ ihemqZlv g_ ba ± lZd dZd \ wlhfkemqZ_^ey\uqbke_gbyij_^_eh\ijbJo\hagbdZxlg_dhlhju_ keh`ghklbZg_ihkj_^kl\_gghba iheh`b\J b[ <^jm]hfqZklghfkemqZ_ij_^iheZ]Z_lkyqlhG bK WlZ \_jkbyfh^_eb\j_f_gghckljmdlmjuijhp_glguoklZ\hdh[uqghmih
fbgZ_lkydZdfh^_evK,5&R[,QJHUVROO5RVV bih^jh[ghhib kZgZ\]e<lZdhfkemqZ_nmgdpby<W g_mijhsZ_lkybbf__l\b^ Znmgdpby:W ijbbkihevah\Zgbb ijbh[j_lZ_lnhjfm $W
E ª § · § ·º - OQ¨ %W ¸ - OQ¨ %W ¸» « HJ ¬ © ¹ © ¹¼
bebijbijbf_g_gbb $W
Eª § ·º - W OQ¨ %W ¸» Wt « J¬ © ¹¼
AZf_lbfqlhbf_xlf_klhjZ\_gkl\ZihemqZxsb_kykihfhsvx § · § · OQ¨ %W ¸ HW OQ¨ >HHW @ ¸ H © ¹ © ¹ § · OQ¨ %W ¸ © ¹
§ · OQ¨ >H HW @ ¸ H © ¹
Bkihevamy wlb jZ\_gkl\Z ba \ujZ`_gby beb fh`gh ihemqblvy\gh_\ujZ`_gb_:W q_j_aW\\b^_ $W
E- E § · W OQ¨ >H HW @ ¸ J J © H ¹
· E §¨ HH- W ¸ OQ¨ J © H - >H HW @ ¸¹
dhlhjh_ijb\_^_gh\]e AZf_lbfqlhf_`^mZgZeblbq_kdbfb\ujZ`_gbyfbnmgdpbb:W ^eyfh^_e_cFKbK,5bf__lkyke_^mxs__nhjfZevgh_khhlghr_gb_ G Z :FKW >W %W @ :K,5W J JE >ey nbdkbjh\Zgguo agZq_gbc dhwnnbpb_glh\ Znnbgghc kljmd lmjuDEJGfh`ghmklZgh\blvb^jm]b_ihe_agu_khhlghr_gbyf_` ^mnmgdpbyfb:W b<W jZaebqguofh^_e_cdjZldhkjhqghcijhp_gl ghc klZ\db >ey wlh]h nmgdpbb kgZ[^bf bg^_dkZfb mklZgZ\eb\Zx
sbfbddZdhcfh^_ebhlghkblkykhhl\_lkl\mxsZynmgdpbydZdm`_ k^_eZgh \ nhjfme_ Fh`gh ^hdZaZlv kijZ\_^eb\hklv ke_^mx sboml\_j`^_gbc Ml\_j`^_gb_Nmgdpby<W hij_^_ey_fZynhjfmehc y\ey_lkyfhghlhggh\hajZklZxs_c\uimdehc\\_jonmgdpb_cbf_x s_c]hjbahglZevgmxZkbfilhlm OLP %W H D [ Ijbwlhf^ey Wof
\kydh]hWtkijZ\_^eb\ug_jZ\_gkl\Zd<W dD < f >hdZaZl_evkl\hNhjfmeZ fh`_l[ulvaZibkZgZ\\b^_ 9
HD[· § H <W ¨ HW ¸ © H ¹ >\Z`^u^bnn_j_gpbjmywlmnmgdpbxgZoh^bfqlhi_j\Zy__ijhba \h^gZyy\ey_lkyiheh`bl_evghcZ\lhjZy±hljbpZl_evghcWlh^hdZ au\Z_li_j\mxqZklvml\_j`^_gby Ml\_j`^_gb_ HibkZgb_ ZgZeblbq_kdbo k\hckl\ nmgdpbc :W ^ey jZaebqguo fh^_e_c djZldhkjhqghc ijhp_glghc klZ\db ijb \h^blky\lZ[e LZ[ebpZ
:gZeblbq_kdb_k\hckl\Znmgdpbb:9 Ih\_^_gb_ nmgdpbb:W Fhghlhggh_ m[u\Zgb_
Fh^_ev9
Fh^_evK,5
Fh^_evFK
EK d D G
^eyex[uo DJ![d
EK d G -
EK G D EK d d D G
^eyex[uo DJ![d
EK - G EK d d G -
d
g_kms_kl\m_l
EK d G D
g_kms_kl\m_l
EK
g_kms_kl\m_l
d
EK d G -
EK
Fbgbfmf nmgdpbb :W b __ i_j_]b[ _keb hgb bf_xlky ^hklb ]Zxlky^eyagZq_gbci_j_f_ghcWmdZaZgguo\lZ[e
LhqdbfbgbfmfZbi_j_]b[Z Lhqdb
LhqdZfbgbfmfZ
Fh^_ev9 § E K· OQ¨ D ¸ G ¹ D ©
LhqdZi_j_]b[Z
§ E K· OQ¨ D ¸ D © G ¹
LZ[ebpZ
Fh^_evFK
§ G E K - · ¸ OQ¨ H ¨© G E K - ¸¹
§ G E K - · ¸ OQ¨ H ¨© G E K - ¸¹
Ml\_j`^_gb_ Nmgdpbb :W hij_^_ey_fu_ nhjfmeZfb ± bf_xlgZdehggu_ZkbfilhluaZ^Z\Z_fu_ijyfufbeb gbyfb ZWEAgZq_gbyiZjZf_ljh\ZbE^eyjZaebqguofh^_e_c djZldhkjhqghcijhp_glghcklZ\dbijb\h^ylky\lZ[e LZ[ebpZ
IZjZf_ljuZkbfilhlnmgdpbb:9 IZjZf_lju Z E
Fh^_ev9 EK G D D E K G D D
Fh^_evK,5 E J E § H · OQ¨ ¸ J ¨© - ¸¹
Fh^_evFK G Z- J J
G Z § H · OQ¨ ¸ J- J ¨© - ¸¹
Ml\_j`^_gby±fh`gh^hdZaZlvh[uqgufbZgZeblbq_kdbfb f_lh^Zfb >ey wlh]h ^hklZlhqgh \uqbkeblv i_j\mx b \lhjmx ijhba \h^gu_nmgdpbc:W b<W bbkke_^h\Zlvboih\_^_gb_
?kebnmgdpbb^j_cnZPWU b\heZlbevghklbVWU djZldhkjhq ghc klZ\db UW \ mjZ\g_gbb y\eyxlky ^bnn_j_gpbjm_fufb ih \lhjhfmZj]mf_glmlhiehlghklv\_jhylghkl_cIUW ijhp_kkZUW gZ oh^blkybamjZ\g_gby
I UW >VWU IUW @ >PWU IUW @ W
UU
U
]^_dZdbij_`^_bg^_dkh[hagZqZ_lqZklgmxijhba\h^gmxihkhhl \_lkl\mxs_ci_j_f_gghc <l_hjbbkemqZcguoijhp_kkh\mjZ\g_gb_ gZau\Z_lkyijy fuf mjZ\g_gb_f Dhefh]hjh\Z Z \ l_hjbb ^bnnmabb ± mjZ\g_gb_f Nhdd_jZ IeZgdZ < kemqZ_ ihklhygguo dhwnnbpb_glh\ Znnbgghc kljmdlmjumjZ\g_gb_ ijbgbfZ_l\b^ I UW >JUG IUW @ >DUE IUW @ W
UU
U
<\_^_fh[hagZq_gby F [ H iehlghklv \_jhylghkl_c ]ZffZjZkij_ Jo_T k * T ^_e_gbykiZjZf_ljhfnhjfuTbiZjZf_ljhffZkrlZ[Zkot X M X H jZkij_^_e_gb_ \_jhylghkl_c ImZkkhgZ k iZjZ jM_b M f_ljhfb!M « *T M M T T T hljbpZl_evgh_ [bghfbZevgh_ jZk EM_TT M *T ij_^_e_gb_\_jhylghkl_ckiZjZf_ljZfbT!T M « Ml\_j`^_gb_?kebJUG!l_UGJf lhmkeh\gZy iehlghklv \_jhylghkl_c I U W_UV 5 V W y\eyxsZyky j_r_gb_f mjZ\g_gby bf__l\b^
X F U G J IUW_UV E ¦ H * T M M
f
H
G J
B
¦ S M X J U G J T M F GJUf M
]^_h[hagZq_gh X
F 5 G J H D W V F
D D W V @ T >H J
JE DG J
Kh\f_klgZy iehlghklv \_jhylghkl_c I U W 5 V V W agZq_gbc djZldhkjhqghcijhp_glghcklZ\dbUW UUV 5bf__lij_^klZ\e_ gb_^eyGJUfGJ5f
IUW5V
f
¦ E M T HD W V u
M
§ · § · G G u J ¨¨ U T M F ¸¸ J ¨¨ 5 T M F ¸¸ J J © ¹ © ¹ Ijbl_o`_mkeh\byofZj]bgZevgZyiehlghklv\_jhylghkl_cIUW wlhc kh\f_klghc iehlghklb y\ey_lky iehlghklvx k^\bgmlh]h ]ZffZ jZkij_^_e_gbykiZjZf_ljhfk^\b]ZGJiZjZf_ljhfnhjfuTb iZjZf_ljhffZkrlZ[Zk l_ FT U G J T F U G J H IUW GJUf *T D D D W V @ D >H W V o f J J
]^_k OLP
>hdZaZl_evkl\h MjZ\g_gb_ ^ey G J ! U f jZkkfZljb\Zehkv<N_ee_jhf)HOOHU dhlhjucihdZaZeqlhmk eh\gZyiehlghklv\_jhylghkl_cIUW_UV 5 VWbf__l\b^\bg l_jij_lZpbb]e IUW_UV 5 ]^_ k
D
J H
D W V
X
FH :
;
§Y· ¨ ¸ ©X ¹
6
, XY 6
E F5 H , Y kUT J W
V
Z, fh^bnbpbjh\ZggZynmgdpby;_kk_eyi_j\h]hjh^Zihjy^dZT Iehlghklv\_jhylghkl_c y\ey_lkyiehlghklvxg_p_gljZev gh]hobd\Z^jZljZkij_^_e_gbykTkl_i_gyfbk\h[h^ubiZjZf_l jhfg_p_gljZevghklbbAZf_lbfqlhijbWVofijZ\ZyqZklvjZ \_gkl\Z koh^blkyd]ZffZjZkij_^_e_gbxkiZjZf_ljhfnhjfu E J biZjZf_ljhffZkrlZ[Z_D_J F_lh^N_ee_jZfh`ghbkihevah\Zlvb\[he__h[s_fkemqZ_dh ]^ZGzJUG!GJUf>_ckl\bl_evgh\\_^_f\mjZ\g_gb_ gh\mxi_j_f_ggmxo UGJbg_kdhevdhi_j_h[hagZqbfiZ T
a jZf_lju Da J! E D Fa EDGJLh]^Zmkeh\gZyiehlghklv Xa [ W IoGJW_UV 5 VW[m^_lm^h\e_l\hjylvmjZ\g_gbx a XaW > Dao XaoW @oo> E o Fa XaoW @oof dhlhjh_ iheghklvx kh\iZ^Z_l k mjZ\g_gb_f jZkkfhlj_gguf N_ee_ jhfIhwlhfmj_r_gb_fmjZ\g_gby [m^_llh`_j_r_gb_N_ee_ jZgh\dhlhjhfl_i_jvi_j_f_ggu_bYbiZjZf_ljTke_^m_lih gbfZlvih^jm]hfm
X { F 5 G J H , 9 8 Y{kUGJ T{JEDG J >Z^bf ihemq_gghc iehlghklb \_jhylghkl_c ^jm]mx bgl_jij_lZ pbx \ hlebqb_ hl ijb\_^_gghc \ur_ Fh^bnbpbjh\ZggZy nmgdpby ;_kk_ey, o fh`_l[ulvij_^klZ\e_gZ\\b^_jy^Z T
,
M T
[ [ ¦
M * M T f
T
M
Bkihevam_fwlhjZaeh`_gb_\\ujZ`_gbb bijh\_^_fg_h[ oh^bfu_ ij_h[jZah\Zgby qlh[u ij_^klZ\blv dZ`^h_ keZ]Z_fh_ jZa eh`_gby \ \b^_ ijhba\_^_gby ^\mo khfgh`bl_e_c h^bg ba dhlhjuo aZ\bk_e[uhli_j_f_gghc5Z^jm]hc±hli_j_f_gghcUWlhiha\h ey_lihemqblvij_^klZ\e_gb_mkeh\ghciehlghklb\_jhylghkl_c\\b^_ kmq_lhf Ijbm\_ebq_gbbWV aZ\bkbfhklvf_`^mUW UbUV 5bk q_aZ_lihwlhfm[_amkeh\gmxfZj]bgZevgmx iehlghklv\_jhylghkl_c fh`ghihemqblvdZdij_^_e IUW OLP IUW_UV 5 JUGJ_Tk W V o f
qlhbijb\h^bldiehlghklb\_jhylghkl_c Ihhij_^_e_gbxkh\f_klgZyiehlghklv\_jhylghkl_c\ujZ`Z_lky \\b^_ IUW5V IUW_UV 5 I5V Bkihevamy \ wlhf jZ\_gkl\_ \ujZ`_gby ^ey I U W_UV 5 b ^eyI5V bijhba\h^yg_h[oh^bfu_ij_h[jZah\Zgby\\ujZ`_ gbb
B
¦ S M X u J U G J T M F îJ5GJ_Tk M
fh`ghihemqblvij_^klZ\e_gb_ Ml\_j`^_gb_Ijhba\h^ysZynmgdpbyfhf_glh\INF mk eh\ghciehlghklb\_jhylghkl_c \ujZ`Z_lky\nhjf_ F W_b U
§ HGW J ¨
F · ¸ ©F W¹
6
H[S
^ `
XW Wk FW
INFkh\f_klghciehlghklb\_jhylghkl_c bf__l\b^
F om H [ \ G U5
§ · ¨ ¸ D W V H J¨ ¸ ¨ § [ ·§ \ · D W V ¸ ¨ ¨ F ¸¨ F ¸ H ¸ ¹© ¹ ©© ¹
T
WlZ ijhba\h^ysZy nmgdpby kms_kl\m_l \ h[eZklb hij_^_ey_fhc g_ jZ\_gkl\hfok mk ! H D W V INFfZj]bgZevghciehlghklb\_jhylghkl_c hij_^_ey_lky \ujZ`_gb_f F W H U
F · ¨¨ ¸¸ © F W ¹
GW J §
T
Wk
IZjZf_lju ijhba\h^ysbo nmgdpbc hij_^_eyxlky lhqgh lZd `_ dZdb\ij_^u^ms_fml\_j`^_gbb >hdZaZl_evkl\h NhjfmeZ y\ey_lky hq_\b^ghc lZd dZd wlhh[uqgZynhjfmeZ^eyijhba\h^ys_cnmgdpbbk^\bgmlh]h]ZffZ jZkij_^_e_gby >ey^hdZaZl_evkl\Znhjfmeu ^hklZlhqgh \kihfgblvqlhihk\hckl\Zf]ZffZjZkij_^_e_gbyiehlghklv\_jhyl ghkl_cJo_TMk fh`ghjZkkfZljb\ZlvdZdk\_jldmiehlghkl_c\_jh ylghkl_cJo_Tk bJo_Mk Ihwlhfm\ujZ`_gb_ fh`ghjZk kfZljb\ZlvdZdk\_jldmiehlghklb\_jhylghkl_cJo_Tk biehlghklb \_jhylghkl_cbf_xs_c\b^
X FF[ H G [ ¦ H u H * M M f
Iehlghklv \_jhylghkl_c y\ey_lky iehlghklvx \_jhylgh kl_c kmffu kemqZcgh]h qbkeZ 1 g_aZ\bkbfuo h^bgZdh\h jZkij_^_ e_gguokemqZcguo\_ebqbgIjbq_fkemqZcgh_qbkeh1jZkij_^_e_gh kh]eZkgh aZdhgm ImZkkhgZ k iZjZf_ljhf b dhlhjh_ \ gZr_f kemqZ_ ijhihjpbhgZevghagZq_gbxijhp_glghcklZ\dbUV \fhf_gl\j_f_gb V KeZ]Z_fu_ kmffu bf_xl wdkihg_gpbZevgh_jZkij_^_e_gb_kiZjZ f_ljhfkAZf_lbfqlhkmffZMlZdbo\_ebqbgbf__liehlghklv\_jh ylghkl_c ]ZffZjZkij_^_e_gby Jo_M k LZdh_ jZkij_^_e_gb_ ba \_klghdZdkhklZ\gh_imZkkhgh\kdh_jZkij_^_e_gb_KIJ hKIJkf gZijbf_j F_^\_^_\ Ijhba\h^ysZy nmgdpby fhf_glh\ KIJ bf__l\b^_oj^b>lW @`]^_b±imZkkhgh\kdbciZjZf_ljZlW INFkeZ]Z_fuo<gZr_fkemqZ_lW y\ey_lkyINFwdkihg_gpbZev F gh]hjZkij_^_e_gbykiZjZf_ljhfkl_lW LZdbfh[jZahf FW iehlghklv \_jhylghkl_c ± wlh iehlghklv \_jhylghklb kmffu ^\mo g_aZ\bkbfuo kemqZcguo \_ebqbg h^gZ ba dhlhjuo bf__l iehl ghklv\_jhylghkl_cJo_Tk Z^jm]ZyiehlghklvkhklZ\gh]himZkkh gh\kdh]hjZkij_^_e_gby WlhlnZdlb\ujZ`Z_lnhjfmeZ k mq_lhf lh]h qlh \ gZr_f kemqZ_ ]ZffZjZkij_^_e_gb_ y\ey_lky k^\bgmlufl_o UGJ Qlh[u ^hdZaZlv nhjfmem bkihevam_f ^\mof_jgmx ijhba \h^ysmxnmgdpbx^eyiehlghklb iheZ]Zyqlhi_j_f_ggu_ob mm^h\e_l\hjyxlg_jZ\_gkl\mok mk ! H D W V VW F om (^H U[ 5\ ` U5
H
G J
H
f
§ F F · ¦ ¨ ¸ © F [ F \ ¹
G J
§ F > HD @ · ¨ ¸ © F [ F \ ¹
H [ \ G
*T M > HD @ HD M *T
* T M § F HD · ¦ ¨ ¸ M T F [ F \ * © ¹ f
D W V · @¸ J §¨ F > H ¨ F [ F \ ¸ ¹ ©
T
D W V · § ¸ ¨ F H ¨ F [ F \ ¸ ¹ ©
T
Ihemq_ggh_\ujZ`_gb_wd\b\Ze_glgh\ujZ`_gbx
Iehlghklv g_aZ\bkblhlWb__INFy\ey_lkyi_j\ufkh fgh`bl_e_f\ij_^klZ\e_gbb IhkdhevdmDimZkkhgh\kdbc iZjZf_lj b \h \lhjhf khfgh`bl_e_ [m^_l klj_fblvky d gmex dh]^ZWV ofijbwlhf\lhjhckhfgh`bl_ev\ \ujh`^Z_lky \_^bgbpmLZdbfh[jZahfiehlghklv ±wlhiehlghklv\_jhylgh klb mklZgh\b\r_]hky ijhp_kkZ djZldhkjhqghc ijhp_glghc klZ\db Z \lhjhckhfgh`bl_ev\ oZjZdl_jbam_li_j_oh^gucj_`bfhlkh klhygbyijhp_kkZ\fhf_gl\j_f_gbVdklZpbhgZjghfmj_`bfm Ke_^m_l aZf_lblv qlh h^bg ba j_amevlZlh\ N_ee_jZ ^ey gZr_]h kemqZy fh`gh bgl_jij_lbjh\Zlv lZd _keb Fa E DGJ ! Da J lh mjh\_gvU GJgb`g_chljZ`Zxs_c]jZgbpuy\ey_lkyg_^hklb`b fuf Ihwlhfm _keb \uihegy_lky g_jZ\_gkl\h ED ! GJ JD b djZldhkjhqgZy ijhp_glgZy klZ\dZ \ g_dhlhjuc fhf_gl \j_f_gb ijb gbfZeZ agZq_gb_ ij_\urZxs__ GJ lh __ \_ebqbgZ \k_]^Z [m^_l [hevr_GJ Ke_^kl\b_ JZkij_^_e_gb_ \_jhylghkl_c ijhp_kkZ djZldh kjhqghcijhp_glghcklZ\dbUW hij_^_ey_fh]hmjZ\g_gb_f kdh wnnbpb_glZfb b bf__lke_^mxsb_mkeh\gu_fhf_gluijb UV EVW T X G fZl_fZlbq_kdh_h`b^Zgb_? F J
^bki_jkby9
T X F
dhwnnbpb_gldhjj_eypbb H D W V
dhwnnbpb_glZkbff_ljbb
dhwnnbpb_glwdkp_kkZ
T X T X
T > T X @ X X T X
IZjZf_ljubkbThij_^_eyxlky\ujZ`_gbyfb >hdZaZl_evkl\h >hdZaZl_evkl\h khklhbl \ lhf qlh[u \uqbk eylvkhhl\_lkl\mxsb_ijhba\h^gu_INF \lhqd_W ^eygZ
oh`^_gbygZqZevguofhf_glh\ZaZl_fijbg_h[oh^bfhklbi_j_kqb lu\Zlvbo\p_gljZevgu_fhf_glu>eyihemq_gbydhwnnbpb_glZdhj j_eypbbbkihevam_lkyINF Ke_^kl\b_ Fhf_glu kemqZcghc \_ebqbgu k fZj]bgZevghc iehlghklvx \_jhylghkl_c \uqbkeyxlky ih nhjfmeZf fZl_fZ JE DG E lbq_kdh_h`b^Zgb_T ^bki_jkby' dhwnnbpb_glZkbf D D J f_ljbb J dhwnnbpb_glwdkp_kkZ JE DG JE DG >hdZaZl_evkl\h >hdZaZl_evkl\h ijhba\h^blky lZd `_ dZd b \ ke_^kl\bb Nhjfmeu ^ey fhf_glh\ \ ke_^kl\bb fh`gh ihem qblvbanhjfmeke_^kl\by_kebi_j_clbdij_^_emWVofIjb wlhfboZkoDJD AZf_lbfqlh_kl_kl\_ggh_lj_[h\Z gb_ iheh`bl_evghklb ^bki_jkbb JE ! DG khhl\_lkl\m_l lj_[h\Zgbx qlh[u mjh\_gv fZl_fZlbq_kdh]h h`b^Zgby [ue \ur_ mjh\gy hljZ `Zxs_c]jZgbpuED!GJ GZdhg_p aZf_lbf qlh ml\_j`^_gb_ ke_^kl\by hlghkblky d fh^_eb FK dh]^Z \k_ q_luj_ dhwnnbpb_glZ Znnbgghc kljmdlmju \ ij_^klZ\e_gbb^j_cnZb\heZlbevghklb\jZ\_gkl\Zo fh]ml hlebqZlvkyhlgmey>eyfh^_e_c
LZ[ebpZ Fhf_gludjZldhkjhqghcklZ\db ^eyfh^_e_cbki_jkby' Dhwnnbpb_glZkbff_ljbb Dhwnnbpb_glwdkp_kkZ
GD
JED J E
JE
Ml\_j`^_gb_Mkeh\gZyiehlghklv\_jhylghkl_cdjZldhkjhq ghc ijhp_glghc klZ\db ijb J o koh^blky d iehlghklb ghj
fZevgh]hjZkij_^_e_gbykfZl_fZlbq_kdbfh`b^Zgb_f?b^bki_jkb _c9hij_^_ey_fufbke_^kl\b_fIjbwlhf ? 5 H D
9
E > HD @ ^eyex[uoJ 8
9
8
D
9 J o o
G D >H @ D
>hdZaZl_evkl\h INF ghjfZevgh]h jZkij_^_e_gby ^ey ? b 9 bake_^kl\bybf__l\b^ § T X G · T X ½ F1W H[S®¨ W ¾ ¸W F J F ¹ ¯© ¿
Qlh[u^hdZaZlvml\_j`^_gb_^hklZlhqghihdZaZlvqlhF1 W bhij_^_ey_fZyihnhjfme_ INFFUW_b ijbJobf_xlh^bg blhl`_ij_^_el_ OLP OQ>0 W 0 W X @ J o
Ijb\_^_f^hdZaZl_evkl\hml\_j`^_gbylhevdh^eyg_hljbpZl_ev guoW>hdZaZl_evkl\hml\_j`^_gby^eyg_iheh`bl_evguoWijhba\h ^blkyZgZeh]bqgufh[jZahfBanhjfmeu ^eyWkbf__f OQFUW_b f
X W F GW § W· T OQ¨ ¸ W F J © F¹
f W § W · GW § · X ¦ ¨ ¸ T ¦ ¨ ¸ J © F ¹ M©F¹
T X T X GW W W F J F
f
§ T ·§ W · ¦ ¨¨ X M ¸¸¨ F ¸ ¹© ¹ ©
Hlkx^Zke_^m_lqlh 0 W OQ 0 W
f
§ T ·§ W · ¦ ¨¨ X M ¸¸¨ F ¸ ¹© ¹ ©
f
§X T ·§ W · ¸¨ ¸ W ¦ ¨¨ ¸ F M F © ¹© F ¹
G_ljm^ghihdZaZlvqlh W X u d F FW
f
§X T ·§ W · T X W ¸ ¨ u ¨ ¸ d ¦¨ ¸ FW M F ¹© F ¹ F © F
Bkihevamy y\gu_ \ujZ`_gby \_ebqbg b T b k q_j_a iZjZf_lju fh^_ebdjZldhkjhqghcklZ\dbihnhjfmeZf ihemqZ_fke_^mx sb_ij_^_evgu_khhlghr_gby X F
G D W V D W V J5 G D W V D W V H >H H >H @ o @ J o D D T F
G D W V JE DG D W V > H @ >H o @ Jo D D
W FW
WJ D W V WJ D W V § · >H >H @ ¸ @ ¨ o Jo D © D ¹
Ijbf_g_gb_wlbog_jZ\_gkl\bij_^_evguokhhlghr_gbc\\ujZ `_gbb^eyeh]ZjbnfZhlghr_gbyINF^hdZau\Z_lg_h[oh^bfucj_ amevlZl OLP OQ>0 W 0 W X @ qlhhagZqZ_lkoh^bfhklvmkeh\ghc J o
iehlghklb\_jhylghkl_c dghjfZevghciehlghklb<aZdexq_gb_ aZf_lbf qlh fZl_fZlbq_kdh_ h`b^Zgb_ ? b ^bki_jkby 9 bf_xl ke_ ^mxsb_ y\gu_ \ujZ`_gby q_j_a iZjZf_lju fh^_eb djZldhkjhqghc ijhp_glghcklZ\db ? 9
T X F
T X G 5H, F J
9
8
E > H, D
9
8
@
JE DG D W V J5 G D W V D W V >H H >H @ @ D D
G D >H @ J o D Ml\_j`^_gb_IjbGJofkh\f_klgZyiehlghklv\_jhylgh kl_c djZldhkjhqghc ijhp_glghc klZ\db koh^blky d iehlghklb ^\mof_jgh]hghjfZevgh]hjZkij_^_e_gbyk\_dlhjhffZl_fZlbq_kdbo h`b^ZgbcTT bdh\ZjbZpbhgghcfZljbp_c LZdbfh[jZahf?g_aZ\bkblhlJZ 9 o
'U · §' ¸¸ U _ , W V 6 ¨¨ © 'U ' ¹ ]^_Tb'hij_^_eyxlkyke_^kl\b_f > h d Z a Z l _ e v k l \ h Qlh[um[_^blvky\ijZ\bevghklbwlh]hml \_j`^_gby ^hklZlhqgh ihdZaZlv qlh INF kh\f_klghc iehlghklb \_jhylghkl_c ijbGJofkoh^blkydijhba\h^ys_cnmgdpbb fhf_glh\^\mof_jgh]hghjfZevgh]hjZkij_^_e_gby § T· § ' 'U ·§ X ·½ ¸¸¨¨ ¸¸¾ F1 bY _oj ®X Y ¨¨ ¸¸ X Y ¨¨ © T¹ © 'U ' ¹© Y ¹¿ ¯
_oj^bY T'bUbYY `
H[hagZqbf^eym^h[kl\Zo GJKh]eZkgh h[hagZq_gb yf b ke_^kl\bx INF FU5 b Y kh\f_klghc iehlghklb \_jhylghkl_cfh`_l[ulvaZibkZgZ\\b^_ § · ¨ ¸ U ¨ ¸ FU5bY H ¨§ ¸ ' U ·§ ' U · ¨ ¨ X T [ ¸¨ Y T [ ¸ U ¸ ¹© ¹ ©© ¹ § ' § ' · H ¨ X Y XY U ¨ ¸ ¨ [ [ T T © ¹ ©
· ¸ ¸ ¹
T
T
< khhl\_lkl\bb k h]jZgbq_gbyfb gZ INF wlZ nmgdpby hij_^_e_gZ gZ fgh`_kl\_ i_j_f_gguo m^h\e_l\hjyxsbo g_jZ\_g kl\m
' § ' · X Y XY U ¨ ¸ T [ ©T [¹
GZf^hklZlhqghihdZaZlvqlh OLP OQ > 0 X Y 0 X Y @ >ey of
B
wlh]h aZf_lbf \gZqZe_ qlh ba ij_^klZ\e_gby OQ ]
¦ ] N N N
ijb_]_ke_^m_lqlh^ey]bf_xlf_klhg_jZ\_gkl\Z
] ] ] f ] !] !OQ] ] ¦ ] N ] ] ] f ] OQ] ] ¦ ] ] N
Hp_gbfl_i_jvOQFU 5 bY OQFU 5 bY bY o
T [
§ ' § ' · ·¸ ¨ OQ X Y XY U ¨ ¸ ¸ ¨ [ [ T T © ¹ ¹ ©
'
T [ §¨ X Y bY o ¨
'
©
T [ §¨ X Y ¨
'
©
T [
'
' § ' · XY U ¨ ¸ T [ ©T [¹
' § ' · XY U ¨ ¸ T [ ©T [¹
f
· ¸ ¸ ¹
· ¸ ¸ ¹
§ ' · § § ' ·· ¦ N ¨ T [ ¸ ¨ X Y XY U ¨ T [ ¸ ¸ © ¹ © © ¹¹
' bY T 'bbYUY bYbY U T [
§ ' · bY U ' ¨ ¸ ©T [¹
f
'¦
§ ' · ¨ ¸ N ©T [¹
§ § ' ·· ¨ X Y XY U ¨ ¸¸ © T [ ¹¹ ©
Ihwlhfm
0 X Y ' § ' · OQ XYX Y U XY U '¨ ¸ 0 X Y T [ ©T [¹
f
'¦
§ ' · § § ' ·· ¨ ¸ ¨ X Y XY U ¨ ¸¸ N ©T [¹ © © T [ ¹¹
Hlkx^Zbke_^m_lqlh
§ ' · H ¨ ¸ ©T [¹
0 X Y OLP OQ 1 [ o f 0 U 5 X Y
l_kijZ\_^eb\hml\_j`^_gb_ Ml\_j`^_gb_IjbGJofiehlghklv\_jhylghkl_cdjZldh kjhqghcijhp_glghcklZ\db koh^blkydiehlghklbghjfZevgh]h jZkij_^_e_gbykfZl_fZlbq_kdbfh`b^Zgb_fTb^bki_jkb_c'hi j_^_ey_fufbke_^kl\b_f >hdZaZl_evkl\hQlh[um[_^blvky\wlhf^hklZlhqghihdZaZlv qlhijhba\h^ysZynmgdpbyfhf_glh\iehlghklb\_jhylghkl_cdjZldh kjhqghcijhp_glghcklZ\db ijbGJofkoh^blkydINFghj fZevgh]hjZkij_^_e_gby F1 W _oj^TW'W ` Ijhba\h^ysZy nmgdpby iehlghklb \_jhylghkl_c \ujZ`Z_lky \ \b^_ Ihkdhevdm FUW y\ey_lky ijhba\h^ys_c nmgdpb_c k^\b gmlh]h ]ZffZjZkij_^_e_gby lh f_`^m fZl_fZlbq_kdbf h`b^Zgb_f T ^bki_jkb_c ' b iZjZf_ljZfb wlh]h jZkij_^_e_gby T k o GJ bf_xlf_klhkhhlghr_gby T [ T T [ T G T ' k T ' ' J F F INFFUW fh`_l[ulvaZibkZgZq_j_aiZjZf_ljuTb'ke_^mx sbfh[jZahf 'W · § FUW H W ¨ ¸ © T [¹
T
W
T [ '
JZkkfhljbfeh]Zjbnfhlghr_gbyINFF1 W FU W T [ § 'W · 0 1 W OQ¨ OQ TW 'W [W ¸ ' 0 U W © T [¹ · 'W T [ §¨ 'W § 'W · § 'W · ¸ T [ W ¨ ¸ ¨ ¸ ¸ ' ¨© T [ © T [ ¹ © T [ ¹ ¹ · 'W §¨ § 'W · § 'W · ¸ ¨ ¸ ¨ ¸ ¨ ¸ T [© ©T [¹ ©T [¹ ¹
KmffZjy^Z\kdh[dZoe_]dhhp_gb\Z_lkyk\_jombkgbamK^_eZ_f wlh lhevdh ^ey iheh`bl_evguo W>eyhljbpZl_evguoWwlh^_eZ_lky ZgZeh]bqgh
§ 'W · § 'W · ¨ ¸ ¨ ¸ 'W 'W [ [ T T © ¹ © ¹ T [ T [ Ihwlhfm 'W 0 1 W 'W OQ T [ 'W T [ 'W 0 U W Hlkx^Z ke_^m_l qlh ijb o GJ o f bf__l f_klh koh^bfhklv 0 W OQ 1 obeb OLP 0 U W 0 1 W qlhblj_[h\ZehkvihdZaZlv G Jof 0 U W
KnbgZgkh\hclhqdbaj_gbyfh^_evkhljbpZl_evghchljZ`Zxs_c ]jZgbp_cg_j_ZebklbqgZH^gZdhlZdZyfh^_evfh`_lhdZaZlvky[he__ ijZ\^hih^h[ghc ^ey g_dhlhjuo j_Zevguo \u[hjhqguo ^Zgguo ^ey ^hoh^ghklb GZ kZfhf ^_e_ _keb g_dhlhjZy fh^_ev k hljbpZl_evghc hljZ`Zxs_c]jZgbp_c^hklZlhqghlhqghhibku\Z_lj_Zevgucijhp_kk b h[_ki_qb\Z_l hq_gv fZemx \_jhylghklv hljbpZl_evguo agZq_gbc ijhp_glguo klZ\hd lh]^Z lZdZy fh^_ev fh`_l bkihevah\Zlvky gZ ijZdlbd_kf]e HdhgqZl_evgh_j_r_gb_wlhcijh[e_fufh `_l[ulvk^_eZghkihfhsvxklZlbklbq_kdh]hZgZebaZ Qlh dZkZ_lky fh^_eb FK lh ke_^m_l hlf_lblv qlh ijbkmsZy _c hljZ`ZxsZy]jZgbpZg_h[yaZl_evghhljbpZl_evgZDZd[uehmdZaZgh \ur_ mkeh\b_f kms_kl\h\Zgby hljZ`Zxs_c ]jZgbpu y\ey_lkyg_jZ \_gkl\hTo !'AgZq_gbyiZjZf_ljZoh[_ki_qb\Zxsb_iheh`b l_evghklvijhp_glghcklZ\d_e_`Zl\bgl_j\Ze_T Ijbo mk eh\b_ \uihegy_lky _keb klZg^Zjlgh_ hldehg_gb_ p_gu Zdlb\Z [m^_l f_gvr_ kj_^g_]h __ agZq_gby qlh gZ ijZdlbd_ h[uqgh \k_]^Z bf__l f_klh Ihwlhfmkms_kl\m_lg_dhlhjZy©gbrZª^eyijbf_g_gbyfh^_ ebFKhij_^_ey_fZyg_jZ\_gkl\hf ' T [
KI?PBNBD:PBYDHWNNBPB?GLH< :NNBGGHCKLJMDLMJU >EYJ?:EVGUOIJHP?KKH<
>ey \kydhc aZ^Zgghc\j_f_gghckljmdlmjubgl_j_kgh\uykgblv gZkdhevdh ohjhrh __ bgl_jij_lbjm_l lZ beb bgZy fh^_ev Ijb Zi ijhdkbfZpbbijhp_kkZdjZldhkjhqghcijhp_glghcklZ\dbhij_^_ey_ fh]hmjZ\g_gb_f jZaebqgufbfh^_eyfbh^gbbl_`_dhwnnb pb_gluZnnbgghckljmdlmju^eyjZaguofh^_e_cg_h[yaZl_evghijb gbfZxl h^bgZdh\u_ agZq_gby Ihwlhfm ijb kjZ\gbl_evghf ZgZeba_ m^h[g__hlijbgyluodhwnnbpb_glh\Znnbgghckljmdlmjui_j_clbd iZjZf_ljZf oZjZdl_jbamxsbf kZf ijhp_kk djZldhkjhqghc ijhp_gl ghcklZ\dbLZdbfbiZjZf_ljZfbfh]mlkem`blvmklZgh\b\rb_kyagZ q_gby kj_^g_]h T b ^bki_jkbb ' ijhp_kkZ b kdhjhklv mklZgh\e_gby klZpbhgZjgh]hj_`bfZNIhnbabq_kdhfmkfukemwlbiZjZf_ljuy\ eyxlky iheh`bl_evgufb >ey hibkZgby fh^_eb FK ke_^m_l \\_klb _s_h^bgiZjZf_ljmjh\_gvhljZ`Zxs_c]jZgbpuoo GJLh]^Z gZhkgh\Zgbbke_^kl\bykhhl\_lkl\b_f_`^mdhwnnbpb_glZfbZn nbgghc kljmdlmju b iZjZf_ljZfb ijhp_kkZ djZldhkjhqghc ijhp_gl ghcklZ\dbmklZgZ\eb\Z_lkyihlZ[e
LZ[ebpZ Khhl\_lkl\b_f_`^mdhwnnbpb_glZfbZnnbgghckljmdlmju bdhwnnbpb_glZfbfh^_eb Dhwnnbpb_glu Fh^_ev9
D E J G
Fh^_evK,5
Fh^_evFK
N NT N'T
N NT N'To N'oTo
N NT N'
LZdbfh[jZahfmjZ\g_gb_ ijhp_kkZdjZldhkjhqghcijhp_gl ghcklZ\db^eyjZkkfZljb\Z_fuofh^_e_c\gh\uoh[hagZq_gbyoijb h[j_lZ_l\b^^eyfh^_eb
U[ G:W T [
AZf_lbfqlhijb\_^_ggh_\ur_mkeh\b_ED!GJJDg_ ^hklb`bfhklb gb`g_c hljZ`Zxs_c ]jZgbpu \ gh\uo h[hagZq_gbyo ij_\jZsZ_lky\g_jZ\_gkl\hTo !'Djhf_lh]hg_ljm^ghaZf_ lblv qlh fh^_ev FK ijbooij_\jZsZ_lky\fh^_evK,5Zdh]^Z oo f fh^_ev FK ij_h[jZam_lky \ fh^_ev
[U K [ KJ [G V U J VU JVU
Hq_\b^gh_keb\heZlbevghklvdjZldhkjhqghcijhp_glghcklZ\db VU klj_fblky d gmex lh i_j_oh^bf d ^_l_jfbgbjh\Zgghfm jugdm ihwlhfm jughqgZy p_gZ jbkdZ OU b ij_fby aZ jbkd ^he`gZ klj_ fblvkydgmexBanhjfmeu ke_^m_lqlhwlhlnZdl[m^_lbf_lv f_klhlh]^Zblhevdhlh]^Zdh]^ZkijZ\_^eb\hjZ\_gkl\hKJ[G l_KG [JB\ujZ`_gb_^eyOU ij_h[jZam_lkyd\b^m [ K J [ G U U OU VU J J J G G >ey kjZ\g_gby ih\_^_gby nmgdpbc Znnbgghc kljmdlmju \ jZa ebqguo fh^_eyo ijb ZgZeba_ h^ghc b lhc `_ j_ZebaZpbb ijhp_kkZ djZldhkjhqghcijhp_glghcklZ\dbg_h[oh^bfhlZd`_mklZgh\blvagZ q_gbydhwnnbpb_glh\[bKZnnbgghckljmdlmju\wlbofh^_eyolZd qlh[u hgb h[_ki_qb\Zeb gZkdhevdh wlh \hafh`gh h^bgZdh\uc mjh \_gv jughqghc p_gu jbkdZ ?kl_kl\_ggh h`b^Zlv qlh jbkdh\Zy ij_ fbyijbdjZldhkjhqghcijhp_glghcklZ\d_jZ\ghckj_^g_fm__mjh\ gx\mklZgh\b\r_fkyj_`bf_[m^_lh^bgZdh\hc^ey\k_okjZ\gb\Z_ fuofh^_e_cDjhf_lh]hqlh[ujbkdh\Zyij_fby[ueZiheh`bl_ev ghc g_h[oh^bfh \uiheg_gb_ mkeh\by OU kfgZijbf_jK,5 Ihwlhfmihlj_[m_fqlh[u^ey\k_olj_ojZkkfZljb\Z_fuofh ^_e_cOT OO!DZdm`_[ueh\ur_kdZaZghfh^_evK,5ij_ h[jZam_lkybafh^_ebFKijbo GJoZfh^_evFK\fh^_ev
Fh^_ev9
OU
O
[
K
O N'
Fh^_evK,5
U N' O ±
LZ[ebpZ Fh^_evFK
U[ T [ N' O [ N' Oo [
O
LZdbfh[jZahfbaijb\_^_gguolZ[ebfh`ghaZdexqblv qlhdhwnnbpb_gluZnnbgghckljmdlmjuDEJG[bK\aZbfghh^gh agZqgh \ujZ`Zxlky q_j_a iZjZf_lju kemqZcgh]h ijhp_kkZ djZldh kjhqghcijhp_glghcklZ\dbbjughqghcp_gujbkdZNT'obO Ml\_j`^_gb_>eyex[h]hnbdkbjh\Zggh]hgZ[hjZiheh`b l_evguoagZq_gbciZjZf_ljh\NT'OnmgdpbbZnnbgghckljmdlmju :W b <W ijb \kydbo W ! b d o fm^h\e_l\hjyxlke_^mxsbf g_jZ\_gkl\Zf :W t:FKW t:K W Nt<W thdZaZl_evkl\hAZnbdkbjm_f g_dhlhjh_ agZq_gb_ W ! b \u qbkebf ijhba\h^gu_ nmgdpbc :W b <W hij_^_ey_fuo nhjfmeZfb b ih iZjZf_ljm o HdZau\Z_lky qlh ^ey ex[h]h gZ[hjZ iheh`bl_evguoagZq_gbciZjZf_ljh\NT'Oijhba\h^gu_y\eyxlky g_hljbpZl_evgufbWlhb^hdZau\Z_lml\_j`^_gb_ihkdhevdm^eyfh ^_ebK,5o Z^eyfh^_eb
J:AGHKLGU?BNN?J?GPB:EVGUOMJ:HOH>GHKLB>HIH=:R?GBY GZj_ZevghfnbgZgkh\hfjugd_djZldhkjhqgZyijhp_glgZyklZ\ dZUW h[uqghg_dhlbjm_lkyQZs_\k_]hgZZmdpbhgZoP;hij_^_ey xlkybop_guJWUWW bebklZ\db^hoh^ghklbmWUWW Ihwlhfm kl_i_gv Z^_d\Zlghklb lhc beb bghc fh^_eb hij_^_eblv g_ihkj_^kl \_gghihdhlbjh\dZfg_m^Z_lky<qZklghklbDZagZq_ckl\hKR:\u imkdZ_l ljb lbiZ P; [be_lu ELOOV \_dk_ey QRWHV b h[eb]Zpbb ERQGV dhlhju_ ijh^Zxlky q_j_a Zmdpbhg gZ hkgh\_ gZagZq_gby ^h oh^ghklb \ujZ`Z_fhc\ijhp_glZoklhqghklvx^h\lhjh]h^_kylbq gh]h agZdZ Ihwlhfm ^ey \uy\e_gby kl_i_gb Z^_d\Zlghklb lhc beb
bghcfh^_ebdjZldhkjhqghcijhp_glghcklZ\dbUW fh`gh\hkihevah \ZlvkygZ[ex^_gbyfbaZklZ\dZfb^hoh^ghklbBanhjfmeu bf__f m>WUW WW@ mWW >UW <W :W @W Ihwlhfm^eyex[h]hnbdkbjh\Zggh]hkjhdZ^hih]Zr_gbyWkih fhsvxmjZ\g_gby ihemqZ_fke_^mxs__klhoZklbq_kdh_^bnn_ j_gpbZevgh_mjZ\g_gb_hij_^_eyxs__ijhp_kkbaf_g_gbyklZ\db^h oh^ghklb\h\j_f_gb Gm NTmm GW N'
\ [ T [
G:W
]^_Tm >T<W :W @Wom >:W o<W @W'm '<W W KjZ\g_gb_ mjZ\g_gby k mjZ\g_gb_f iha\hey_l k^_ eZlvaZdexq_gb_qlhk\hckl\Zijhp_kkZklZ\db^hoh^ghklbmWW [m ^ml kh\iZ^Zlv kh k\hckl\Zfb djZldhkjhqghc ijhp_glghc klZ\db UW _keb aZf_gblv agZq_gby iZjZf_ljh\ T'bogZagZq_gbyiZjZf_ljh\ Tm'mbomLZdbfh[jZahf_kebdjZldhkjhqgZyijhp_glgZyklZ\dZUW ke_^m_l ijhp_kkm lh]^Z klZ\dZ ^hoh^ghklb mW W ke_^m_l kem qZcghfm ijhp_kkm k iehlghklvx \_jhylghkl_c kf_s_ggh]h ]ZffZ jZkij_^_e_gby Jmmom_bY
Y \ [ *X
H[S>Y \ [ @ omdmf
khkf_s_gb_fom iZjZf_ljhfnhjfub Tmom 'mbiZjZf_ljhf fZkrlZ[ZY Tmom 'mKj_^g__agZq_gb_klZ\db^hoh^ghklb[m^_l jZ\ghTmZ__^bki_jkby±'m:gZeh]bqghwlhfmfh`ghgZibkZlvmk eh\gmxbkh\f_klgmxiehlghklb\_jhylghkl_c^ey^hoh^ghkl_cmW b mV V W gZ hkgh\_ iehlghkl_c \_jhylghkl_c ^ey UW b UV \ nhjf_ bebqlhlh`_\nhjf_ AgZgb_fh^_eb kijZdlbq_kdhclhqdbaj_gbyfh`_lihfhqv nbgZgkh\hfmZgZeblbdmijh]ghabjh\Zlv^hoh^ghklbh[eb]Zpbb\[m ^ms_fIhwlhfm\Z`ghjZkkfhlj_lvijh[e_fmb^_glbnbdZpbbfh^_eb H^gZdh dZd m`_ [ueh kdZaZgh \ur_ ^hoh^ghklb h[eb]Zpbb \uykgyxlky\j_amevlZl_Zmdpbhgh\ijhbkoh^ysboq_j_ahij_^_e_g gu_ i_jbh^u \j_f_gb Ihwlhfm iZjZf_lju fh^_eb fh]ml hp_ gb\ZlvkylhevdhgZhkgh\_g_dhlhjhc\u[hjdbgZ[ex^_gbc^hoh^gh kl_c ^h ih]Zr_gby mW \ fhf_glu \j_f_gb khklZ\eyxsb_ dhg_qgh_
fgh`_kl\hL ^WWW«WQ`>eyjZkkfhlj_gbywlhcijh[e_fug_ h[oh^bfhihkljhblv\_jkbxfh^_eb ^ey^bkdj_lgh]h\j_f_gb Ijhkl_crbfkihkh[hf^eywlh]hy\ey_lkyaZf_gZ\fh^_eb bgnbgbl_abfZevguo ijbjZs_gbc gZ dhg_qgu_ l _ GW gZ 'W Gm gZ 'm mW'W mW G:gZ': :W'W :W Lh]^Z[m^_fbf_lv 'm mW'W mW N>TmmW @'W N'
\ W [ T [
':
?keb dhlbjh\db ijhbkoh^yl q_j_a bgl_j\Ze \j_f_gb 'W _kl_kl \_ggh ij_^iheh`blv qlh agZq_gby ^hoh^ghkl_c ba\_klgu lhevdh \ fhf_glu\j_f_gbWbafgh`_kl\ZL ^WL L'WL «`H[hagZ qZy^eydjZldhklbmL'W mLihemqZ_f \ke_^mxs_f\b^_ mL N'W mLN'WTm N 'W '\
\L [\ T \ [\
[L
]^_ 'W [L ': :L'W'W :L'W ihwlhfmbak\hckl\ijbjZs_ gbc \bg_jh\kdh]h ijhp_kkZ ke_^m_l qlh ^[L` ihke_^h\Zl_evghklv \aZbfghg_aZ\bkbfuoklZg^ZjlguoghjfZevguokemqZcguo\_ebqbg AZf_lbfqlhiZjZf_ljN\khhlghr_gbb \klj_qZ_lkylhev dhdZdkhfgh`bl_ev\ijhba\_^_gbbN'Wihwlhfmm^h[gh\\_klb\f_ klh N iZjZf_lj K { N'W Lh]^Z khhlghr_gb_ fh`gh aZibkZlv \ gZb[he__ijhklhf\b^_ mL K mLKTm]L
]^_ ^]L` g_aZ\bkbfu_ ghjfZevgh jZkij_^_e_ggu_ kemqZcgu_ \_eb \ [ WlZjZaghklgZy qbgukgme_\ufkj_^gbfb^bki_jkb_c K' T [ ko_fZfh`_l[ulvbkihevah\ZgZlhevdh\kemqZ_dh]^ZiZjZf_ljK H^gZdhb\wlhfkemqZ_hgZg_hljZ`Z_lZ^_d\Zlghk\hckl\ijhp_kkZ ^hoh^ghklb lZd dZd \ klZpbhgZjghf j_`bf_ ihjh`^Z_l ihke_^h\Z l_evghklv^hoh^ghkl_ckghjfZevgufjZkij_^_e_gb_f Lhqgmx jZaghklgmx \_jkbx mjZ\g_gby fh`gh ihemqblv bkoh^yba_]hj_r_gbyKh]eZkghl_hjbbklhoZklbq_kdbo^bnn_j_gpb
Zevguo mjZ\g_gbc kf gZijbf_j < 2NV_QGZO j_r_gb_ fh`_l[ulvaZibkZgh\\b^_ \ W
\ V H T > H @
W
³ N'\ V
\ X [\ T \ [\
H N W X G: X
Iheh`bf\wlhcnhjfme_W WLV WLNWV K+ _ K Lh]^Zkhhlghr_gb_ fh`ghaZibkZlv\\b^_ mL G mLGTm=L ]^_^=L`ihke_^h\Zl_evghklv\aZbfghg_aZ\bkbfuokemqZcguo\_ebqbg Ijb nbdkbjh\Zgghf agZq_gbb mLkemqZcgu_\_ebqbgu=LjZkij_ ^_e_gu\khhl\_lkl\bbkhkf_s_ggufg_p_gljZevgufobd\Z^jZljZk ij_^_e_gb_f kh kf_s_gb_f om ?m iZjZf_ljhf g_p_gljZevghklb bbT kl_i_gyfbk\h[h^u<_ebqbgu=Lbf_xlgme_\h_fZl_fZ lbq_kdh_h`b^Zgb_bmkeh\gmx^bki_jkbx § \ [ · ¸ 9m +' ¨ + + ¨ ¸ [ T
¹ © Iehlghklv \_jhylghkl_c wlh]h jZkij_^_e_gby hij_^_ey_lky \u jZ`_gb_f beb \ dhlhjhf iZjZf_lju bf_xl ke_^mxsb_ agZq_gby^eyom?md]f X
F
\ [ T [ ' T [ +'
T
+ Y
T [ '
] [ ( T [ +'
?m G mLGTm
IhdZaZlv wlh fh`gh ke_^mxsbf h[jZahf
^ey wlbo ijhp_kkh\ K ^jm]hc klhjhgu dZd \b^gh ba khhlghr_gby ijbnbdkbjh\ZgghfmLkemqZcgZy\_ebqbgZ=LhlebqZ_lkyhlmL lhevdh gZ nbdkbjh\Zggmx \_ebqbgm ?m Ihwlhfm mkeh\gh_ jZkij_^_ e_gb_ \_jhylghkl_c kemqZcghc \_ebqbgu =L [m^_l lZd`_ kf_s_gguf g_p_gljZevguf obd\Z^jZl jZkij_^_e_gb_f k ^hihegbl_evguf kf_ s_gb_f?m
HP?GDBF:DKBF:EVGH=H IJ:<>HIH>H;BY>EYI:J:F?LJH< FH>?E?C>HOH>GHKLB>HIH=:R?GBY
Ihkdhevdm mkeh\gZy iehlghklv \_jhylghkl_c I=] _ mL kemqZcguo \_ebqbg=LgZc^_gZbhgby\eyxlky\aZbfghg_aZ\bkbfufb^ey\u [hjdb ^m m m « mQ` fh`ghihkljhblvnmgdpbxijZ\^hih^h[by\ \b^_ / + T ' [ \ \
I \ ( \
]^_iehlghklvI=]_mL hij_^_ey_lky\ujZ`_gbyfb beb \ dhlhjuoagZq_gbyi_j_f_gguobiZjZf_ljh\hij_^_eyxlkynhjfmeZ fb Hq_\b^gh qlh lZdZy nmgdpby ijZ\^hih^h[by y\ey_lky ^h\hevgh keh`ghc b __ ijZdlbq_kdh_ ijbf_g_gb_ ij_^klZ\ey_l agZqbl_evgu_ \uqbkebl_evgu_keh`ghklbIhwlhfmbf__lkfukejZkkfhlj_lvdZdb_ gb[m^vZiijhdkbfZpbbdhlhju_kh^ghcklhjhgu[ueb[u^hklZlhq ghijhklufbZk^jm]hc±^hklZlhqghlhqghhljZ`Zebk\hckl\Zijh p_kkZ ^hoh^ghklb mW Ijhkl_crZy ZiijhdkbfZpby g_ fh`_l [ulv ijbgylZ [_ah]h\hjhqgh lZd dZd \hi_j\uo wlh j_dmjj_glgh_ khhlghr_gb_hij_^_ey_lihke_^h\Zl_evghklvghjfZevguokemqZcguo \_ebqbg \ lh \j_fy dZd lhqgZy jZaghklgZy fh^_ev ihjh`^Z_l ihke_^h\Zl_evghklvkemqZcguo\_ebqbgkhkf_s_gguf]ZffZjZkij_ ^_e_gb_f\h\lhjuokhhlghr_gb_ ©jZ[hlZ_lªlhevdhijbK JZkkfhljbfg_dhlhju_^jm]b_ZiijhdkbfZpbb <\_^_f klmi_gqZlmx ZiijhdkbfZpbx \ W kemqZcgh]h ijhp_kkZ ^hoh^ghklb mW ke_^mxsbf h[jZahf ;m^_f kqblZlv qlh agZq_gby wlh]hijhp_kkZ\nhjfme_ aZ^Zxlkykhhlghr_gbyfb
b
a\ W mW m ^eyL « L L
a \ X mL^eybWLWL ]^_WL WL'W
Lh]^ZklhoZklbq_kdZykhklZ\eyxsZy\ ijbh[j_lZ_l\b^ · \ [ §¨ N' H G: X ¸ ¸ T [ ¨ ³ © ¹ L
L
L
Z kemqZcgu_ \_ebqbgu =L [m^ml ihij_`g_fm \aZbfgh g_aZ\bkbfu fb gh l_i_jv jZkij_^_e_ggufb ghjfZevgh k gme_\uf fZl_fZlbq_ kdbfh`b^Zgb_fb^bki_jkb_c '
\ [ T [
H '\
\L [ \ T \ [\
+ +
LZdZyZiijhdkbfZpbyg_kdhevdhmemqrZ_lijhkl_crmxihkdhev dmkh^ghcklhjhgugZiZjZf_ljKg_gZdeZ^u\Z_lkyh]jZgbq_gbcZk ^jm]hc±ijhp_kk a \ W kh\iZ^Z_lkijhp_kkhfmW gZfgh`_kl\_LIh kdhevdm=L[m^_ljZkij_^_e_ghghjfZevghlhnmgdpbyijZ\^hih^h [by ^ey lZdhc ZiijhdkbfZpbb [m^_l kms_kl\_ggh ijhs_ q_f nmgd pby Fh`gh\\_klbZiijhdkbfZpbx a \ W kemqZcgh]hijhp_kkZ^hoh^ ghklbmW g_kdhevdhbgZq_;m^_fkqblZlvqlhagZq_gbyijhp_kkZmW \nhjfme_ aZf_gyxlkyagZq_gbyfbdmkhqghg_ij_ju\gh]hijh p_kkZ \ W dhlhjucaZ^Z_lkykhhlghr_gbyfb b
\ WL mWL mL^eyL «
\ X ?m b H \ > H @ Tm^eybWLWL L
L
Kfukewlh]hkhklhbl\lhfqlhgZbgl_j\Ze_WLbWL\dZq_kl\_Zi ijhdkbfZpbb ijhp_kkZ mW ijbgbfZ_lky mkeh\gh_ fZl_fZlbq_kdh_ h`b^Zgb_?mb ?>mb _mL@Lh]^ZklhoZklbq_kdZykhklZ\eyxsZy\jZ \_gkl\_ ij_h[jZam_lkyd\b^m WL
³ WL
N'
( X [ \
\
T [ \
\
\
H
N W X L
G: X
<wlhf\ZjbZgl_kemqZcgu_\_ebqbgu=Lkgh\ZklZgh\ylkyjZkij_^_ e_ggufb ghjfZevgh bf_xl ihij_`g_fm gme_\h_ fZl_fZlbq_kdh_ h`b^Zgb_Zmkeh\gZy^bki_jkby\uqbkey_lkyihnhjfme_ ' H '
\ [ T [
H H
HdZau\Z_lkyqlh\ujZ`_gb_ \lhqghklbkh\iZ^Z_lk\ujZ `_gb_f _kebmq_klvqlh_ K GWlhhagZqZ_lqlh^bki_j kby kemqZcghc\_ebqbgu=LijbwlhcZiijhdkbfZpbbjZ\gZ^bki_j kbbklhoZklbq_kdhckhklZ\eyxs_c\ujZ`_gby l_^Z_l__lhq gh_ agZq_gb_ gh jZkij_^_e_gb_ \_jhylghkl_c dZd b \ ij_^u^msbo ZiijhdkbfZpbyoy\ey_lkyghjfZevguf :iijhdkbfZpbb b aZf_gyxl bkoh^guc kemqZcguc ijhp_kk mW kdZqdhh[jZagufb ijhp_kkZfb \ W L_i_jv jZkkfhljbf ZiijhdkbfZpbx ijhp_kkZ mW g_ij_ju\guf ijhp_kkhf \ W ijbih fhsbebg_cghcbgl_jiheypbb a\ W mW m ^eyL « b
L
L
W X XW a \ \ ^eybWLWL \ X W W W W L
L
L
L
L
L
L
L
KlhoZklbq_kdZykhklZ\eyxsZy\jZ\_gkl\_ ij_h[jZam_lkyd \b^m W L
³W L
N'\ § WL X · N W X X WL \L \L [ \ ¸H G: X ¨ WL WL T \ [ \ © WL WL ¹
L
bbf__lgme_\h_fZl_fZlbq_kdh_h`b^Zgb_b^bki_jkbx '
\ [ T [
> H @ '
\ \ §¨ H ·¸ K ¸¹ T [ ¨©
LZdbfh[jZahf\k_q_luj_ZiijhdkbfZpbb b ijb\h^yldnmgdpbbijZ\^hih^h[by^eyghjfZevgh]hjZkij_^_ e_gby \ hlebqb_ hl lhqghc jZaghklghc \_jkbb dhlhjZy ^Z_l nmgdpbxijZ\^hih^h[by keh`ghcnhjfuH[hkgh\Zggh_kjZ\ g_gb_ dZq_kl\Z ij_^eh`_gguo ZiijhdkbfZpbc fh`gh k^_eZlv \b^b
fhlhevdhijbZgZeba_j_Zevguo^ZgguoAZf_lbfebrvqlhijbfZ euoagZq_gbyoiZjZf_ljZKdh]^Zqe_gZfbihjy^dZHK fh`ghij_ g_[j_]ZlvihkjZ\g_gbxkKZiijhdkbfZpby ij_\jZsZ_lky\Zi ijhdkbfZpbx Ijb [hevrbo agZq_gbyo iZjZf_ljZ om dZd [ueh ihdZaZgh \ ml\_j`^_gbb kf_s_ggh_ g_p_gljZevgh_ obd\Z^jZl jZkij_^_e_gb_ koh^blky d ghjfZevghfm Z nmgdpby ijZ\^hih^h[by ±dnmgdpbbijZ\^hih^h[by^eyghjfZevgh]hjZkij_^_e_gby< wlhf kemqZ_ \b^bfh ij_^ihqlbl_evghc [m^_l ZiijhdkbfZpby lZddZdhgZh[_ki_qb\Z_lkh\iZ^_gb_^bki_jkbb klhoZklbq_kdhc khklZ\eyxs_ck__lhqgufagZq_gb_f Imklv^bki_jkbyklhoZk lbq_kdhckhklZ\eyxs_c\jZkkfhlj_gguoZiijhdkbfZpbyo\ujZ`Z_l ky \ \b^_ V MmL ImL Ij_^klZ\e_gb_ dhwnnbpb_glh\ V M b I q_j_aiZjZf_ljuGTm'mom ^eylhcbebbghcZiijhdkbfZpbbe_]dh hij_^_eblv kjZ\gb\Zy \ujZ`_gb_ V MmL ImL k nhjfmehc ^ey khhl\_lkl\mxs_c^bki_jkbbLh]^ZnmgdpbyijZ\^hih^h[by/Zihem qZ_fZygZhkgh\_ZiijhdkbfZpbc[m^_lbf_lv\b^ /D + T \ '\ [ \ \ \Q
° \L + \L + T \ ½° H[S ® ¾ Q V M\L I\L °¯ °¿ SV M\L I\L L DZd h[uqgh ijb hp_gb\Zgbb iZjZf_ljh\ ghjfZevguo jZkij_^_ e_gbcm^h[g__ihevah\Zlvkyg_nmgdpb_c Z__eh]Zjbnfhflhq g__nmgdpb_c OD + T \ '\ [\ \ \Q OQ>S Q /D + T \ '\ [\ \ \Q @
· § \L + \L +T \ OQ>V M\L I\L @ ¸ ¦¨ ¸ ¨ V M\L I\L L © ¹ Q
Bkihevamy nmgdpbx \f_klhgZ[hjZiZjZf_ljh\GTm'mom ijhs_hp_gb\ZlvgZ[hjiZjZf_ljh\GTm VbMWlhwd\b\Ze_glghih kdhevdm f_`^m lZdbfb gZ[hjZfb iZjZf_ljh\ bf__lky \aZbfgh h^gh agZqgh_ khhl\_lkl\b_ Qlh dZkZ_lky iZjZf_ljZ I lh ^ey ZiijhdkbfZ pbc b wlhliZjZf_ljjZ\_ggmex>eyZiijhdkbfZ pbb iZjZf_ljuMbIk\yaZguf_`^mkh[hckhhlghr_gb_f
K H K I M KH K H K Hp_gdZfb fZdkbfZevgh]h ijZ\^hih^h[by + T \ V b M iZjZ f_ljh\ GTm V b M y\eyxlky lZdb_ agZq_gbywlbo\_ebqbgdhlhju_ ^hklZ\eyxlfbgbfmfnmgdpbbOZ>eyihemq_gbywlboagZq_gbc\\_ ^_fkbkl_fm\kihfh]Zl_evguoklZlbklbd 6
\L Q ¦ Q L M\L I\L
6
\L Q ¦ Q L M\L I\L
6
Q ¦ Q L M\L I\L
6
\L Q ¦ Q L M\L I\L
6
\L Q ¦ Q L M\L I\L
6
\L \L Q ¦ Q L M\L I\L
>bnn_j_gpbjmynmgdpbx ihiZjZf_ljZfTm GVbijbjZ\ gb\Zy ihemq_ggu_ ijhba\h^gu_ gmex ihemqZ_f mjZ\g_gby ^ey hp_ ghd KgZqZeZ m^h[g__ j_rblv mjZ\g_gb_ ^ey hp_gdb T \ dhlhjZy \u jZ`Z_lkyq_j_aklZlbklbdb bhp_gdm + AZl_fbamjZ\g_gby^ey hp_gdb + gZoh^bf __ q_j_a klZlbklbdb GZdhg_p j_rZ_lky mjZ\g_gb_ ^ey hp_gdb V dhlhjZy hij_^_ey_lky q_j_a klZlbklbdb b m`_ gZc^_ggu_ hp_gdb + b T \ Wlh ijb\h^bl d lhfm qlh hp_gdbfZdkbfZevgh]hijZ\^hih^h[byiZjZf_ljh\GTmb V\ujZ`Z xlkyq_j_aklZlbklbdb ke_^mxsbfh[jZahf 6 6 6 6 6 + 6 T\ + +6 6 6 6 V 6 + 6 + T\ 6 + 6
+T \ 6 + + T \ 6
Ih^klZ\eyyhp_gdb b \ fh`ghihemqblveh]Z jbnfbq_kdmxnmgdpbxijZ\^hih^h[byOZdZdnmgdpbxlhevdhh^gh]h iZjZf_ljZM Q O, M \ \3 Q ¦ OQ> M\L !\L @ L
iZjZf_lj I g_ y\ey_lky g_aZ\bkbfuf Z hij_^_ey_lky ih nhjfme_ q_j_a K OQ + FbgbfbaZpbx ihiZjZf_ljmMfh`ghhkms_kl\blvlhevdh qbke_gghIh^klZgh\dhcqbke_ggh]hagZq_gbyhp_gdb M \\ujZ`_gby b aZ\_jrZ_lkyijhp_^mjZhp_gb\ZgbyiZjZf_ljh\G ±_ KTm VbMIhke_wlh]hhklZ_lky\ujZablv'mbomq_j_agZc ^_ggu_hp_gdb >eyZiijhdkbfZpbb hp_gdbwlboiZjZf_ljh\bf_xl\b^ V MT \ '\ [ \ M K >eyZiijhdkbfZpbb bf__f V MT \ [ \ '\ + +
M
>eyZiijhdkbfZpbb kihfhsvxnhjfmeu ihemqZ_f V MT \ + + [ \ T\ '\ M + + + + GZdhg_p^eyZiijhdkbfZpbb hp_gdbihemqZxlky\\b^_ V MT \ V * '\ [ \ M + + + + * ]^_bkihevah\Zghh[hagZq_gb_ + + + * K
LZdbfh[jZahfjZaghklgu_ZiijhdkbfZpbb b iha\heyxlhp_gb\ZlviZjZf_ljuNT\'\b[\fh^_ebklZ\db^hoh^gh klb ?keb hp_gdZ [\ bf__l l_g^_gpbx [ulv [_kdhg_qgh [hev rhclh]^Z fh^_ev [ebadZ d fh^_eb
HibkZl_evgZyklZlbklbdZ^Zgguo^hoh^ghklbp_gguo[mfZ] Kjhd ih]Zr_gby W f_kypZ f_kyp_\ ]h^ ]h^Z ]h^Z e_l e_l e_l e_l e_l
<_jhylghklv 1^\` ( ( ( ( ( ( (
IZjZf_lju]ZffZ jZkij_^_e_gby nhjfu fZkrlZ[Z X Y
DZ`^Zy kljhdZ lZ[e kh^_j`bl ^Zggu_ hlghkbl_evgh klZ\db ^hoh^ghklb^eyg_dhlhjh]hkjhdZih]Zr_gby±hlf_kyp_\^he_l <dhehgdZoijb\h^ylkyke_^mxsb_^Zggu_ Kjhdih]Zr_gby±kjhdbih]Zr_gbyP;DZagZq_ckl\ZKR: Zggu_lZ[eihdZau\ZxlqlhghjfZevgh_jZkij_^_e_gb_fh `_lbkihevah\ZlvkydZdh^ghba\hafh`guojZkij_^_e_gbc^eyhibkZ gby ijhp_kkh\ klZ\hd ^hoh^ghklb P; DZagZq_ckl\Z KR:ihkdhevdm \_jhylghklv lh]h qlh ijhp_kk klZ\hd ^hoh^ghklb kh kj_^gbf b ^bk i_jkb_cdZd^ey\u[hjhqgh]hfgh`_kl\Zijhp_glguoklZ\hd^hoh^gh klbijbgbfZ_lhljbpZl_evgu_agZq_gbyhq_gvg_agZqbl_evgZWlhha gZqZ_l qlh ijb[eb`_gby b fh]ml [ulv ijbgylu dZdhkgh\Z^eyhp_gb\Zgbyg_ba\_klguoiZjZf_ljh\ H[jZlbf\gbfZgb_lZd`_qlh^eyiZjZf_ljh\lZ[ejZaebqb_ f_`^m ghjfZevguf b ]ZffZjZkij_^_e_gb_f fbgbfZevgh Wlh ihdZ aZghgZjbkKe_^h\Zl_evghfh`ghbkihevah\Zlviehlghklv\_jh ylghklb beb ^eyhp_gdbiZjZf_ljh\fh^_eb LZdb_ hp_gdb ij_^klZ\e_gu \ lZ[e b [ueb hij_^_e_gu k ihfhsvx Zi ijhdkbfZpbb Ihkdhevdm h[eb]Zpbb DZagZq_ckl\Z KR: kjhdZ ih]Zr_gby e_l [ueb \\_^_gu lhevdh gZqbgZy k hdly[jy ] ^Zggu_lZ[e[uebjZkkqblZgu^eyi_jbh^Zkhdly[jy]^h hdly[jy]^_eh\uo^g_c
JbkNmgdpbbghjfZevgh]hb]ZffZjZkij_^_e_gbc^eyiZjZf_ljh\ lZ[e^eylj_okjhdh\ih]Zr_gbyf_kypZ]h^Ze_l ÃÄƶÁÒÃÄ» ƶÇÅÆ»º»Á»Ã¾»
¹¶Â¶ƶÇÅÆ»º»Á»Ã¾»
§ ÇÆÄÀ »ǵ̶ § ÇÆÄÀ ¹Äº¶ § ÇÆÄÀ Á»È
§ ÇÆÄÀ »ǵ̶ § ÇÆÄÀ ¹Äº¶ § ÇÆÄÀ Á»È
LZ[ebpZ Hp_gdbiZjZf_ljh\fh^_eb^hoh^ghklb Kjhd ih]Zr_gby W f_kypZ f_kyp_\ ]h^ ]h^Z ]h^Z e_l e_l e_l e_l e_l
Hp_gdbiZjZf_ljh\ ^eyZiijhdkbfZpbb '\ [\ K T\ ± ± ± ± ± ± ± ±
LZdbfh[jZahf^Zggu_lZ[eiha\heyxlhij_^_eylviZjZf_l ju nmgdpbb iehlghklb k^\bgmlh]h ]ZffZjZkij_^_e_gby ^ey \u[h jhqgh]hfgh`_kl\Zijhp_glguoklZ\hd^hoh^ghklbP;DZagZq_ckl\Z
JbkK^\bgmlu_nmgdpbb]ZffZjZkij_^_e_gby^eylj_okjhdh\ih]Zr_gby f_kypZ]h^Zbe_l dhlhju_[uebjZkkqblZgukh]eZkghnhjfme_ b^ZgguflZ[ebpu^eyi_jbh^Zkhdly[jy]^hhdly[jy] >eywlbokemqZ_\ij_^klZ\e_gulZd`_agZq_gbywfibjbq_kdbo jZkij_^_e_gbc\j_f_gguojy^h\^Zgguo ¹¶Â¶ƶÇÅÆ»º»Á»Ã¾»
ÓžƾͻÇÀÄ» ƶÇÅÆ»º»Á»Ã¾»
§ ÇÆÄÀ »ǵ̶ § ÇÆÄÀ ¹Äº¶ § ÇÆÄÀ Á»È
§ ÇÆÄÀ »ǵ̶ § ÇÆÄÀ ¹Äº¶ § ÇÆÄÀ Á»È
KR:iZjZf_ljk^\b]Z[\ iZjZf_ljnhjfuX Tmom 'm biZjZ f_ljfZkrlZ[ZY Tmom 'mJbk^eyijbf_jZij_^klZ\ey_lljb ]jZnbdZk^\bgmluonmgdpbc]ZffZjZkij_^_e_gby^eylj_okjhdh\ih ]Zr_gbyf_kypZ]h^Zbe_lGZwlhfjbkmgd_lZd`_ij_^klZ\e_ guwfibjbq_kdb_nmgdpbbjZkij_^_e_gby^eywlbokjhdh\ih]Zr_gby LZdbf h[jZahf k\hckl\Z ijhp_kkh\ djZldhkjhqghc ijhp_glghc klZ\dbiha\heyxlihemqZlvnmgdpbxiehlghklb\_jhylghklbk^\bgm lh]h ]ZffZjZkij_^_e_gby ^ey ijhp_kkZ klZ\db ^hoh^ghklb dhlhjuc fh`_lgZ[ex^Zlvky\j_Zevghffbj_lhevdh\g_dhlhju_^bkdj_lgu_ fhf_glu\j_f_gbHibkZggu_jZaghklgu_\_jkbbijhp_kkZklZ\db^h oh^ghklb iha\heyxl kljhblv khhl\_lkl\mxsb_ ZiijhdkbfZpbbfh^_ ebkms_kl\_gghmijhsZxsb_ijhp_^mjmf_lh^ZfZdkbfZevgh]hijZ\ ^hih^h[byLZdhcih^oh^bkihevah\Zg^eyqbkeh\h]hZgZebaZ^Zgguo ZmdpbhgZP;DZagZq_ckl\ZKR:Fh^_evijhp_kkZklZ\db^hoh^ghklb ijbkihkh[e_gZ d ^Zgguf ^_kylb P; DZagZq_ckl\Z KR: ^ey
hp_gdbiZjZf_ljh\wlhcfh^_ebHdZaZehkvqlhhp_gdb]jZgbphljZ `_gby[\dhg_qgubg_jZ\gugmexWlhhagZqZ_lqlhgZb[he__\_jh ylghcfh^_evxy\ey_lkyfh^_ev0& Bajbk\b^ghqlhZiijhdkbfZpbyk^\bgmlufb]ZffZjZkij_ ^_e_gbyfb g_ hq_gv ohjhrZ ^ey e_\uo o\hklh\ jZkij_^_e_gbc >ey h[tykg_gby wlh]h nZdlZ fh`gh ij_^iheh`blv qlh h^ghnZdlhjgu_ fh^_ebijhp_glguoklZ\hdkihklhyggufbdhwnnbpb_glZfbg_^hklZ lhqgh ]b[db qlh[u [ulv ^h\hevgh ohjhrbfb ijb[eb`_gbyfb ijh p_kkh\ijhp_glguoklZ\hdIhwlhfm\_jhylghg_h[oh^bfhjZa\b\Zlv bkke_^h\Zgby^Ze__\lhfgZijZ\e_gbbqlh[ujZkkfhlj_lvfgh]hnZd lhjgu_ fh^_eb b fh^_eb k i_j_f_ggufb nZdlhjZfb :gZeba wlbo fh^_e_cdhg_qgh[m^_l[he__keh`guf < aZdexq_gb_ aZf_lbf qlh l_dmsZy djZldhkjhqgZy ijhp_glgZy klZ\dZ ebg_cgh k\yaZgZ k l_dms_c klZ\dhc ^hoh^ghklb \ Znnbgguo fh^_eyo kf gZijbf_j Ihwlhfm ihke_ lh]h dZd \uiheg_gZ hp_gdZ iZjZf_ljh\ fh^_eb ijhp_kkZ ijhp_glghc klZ\db ^hoh^ghklb fh`ghihijh[h\Zlvhp_gblviZjZf_ljufh^_ebijhp_kkZdjZl dhkjhqghcijhp_glghcklZ\db DZdke_^m_lba ^eydZ`^h]h ^Zggh]hkjhdZih]Zr_gbyWiZjZf_ljuwlbofh^_e_ck\yaZguhlghr_ gbyfb Tm >T<W :W @Wom >:W o<W @W'm '<W W < wlbo khhlghr_gbyo nmgdpbb :W b <W hij_^_eyxlky q_j_a iZjZf_lju fh^_eb djZldhkjhqghc ijhp_glghc klZ\db T ' [ b iZjZ f_ljZjughqghcp_gujbkdZOkfnhjfmeu blZ[eb IZjZf_ljK N'W\wlbofh^_eyoh^bgZdh\ucH^gZdhijbhij_ ^_e_gbb^jm]boiZjZf_ljh\bf__lkyke_^mxsZyljm^ghklviZjZf_lju T\'\b[\fh^_ebklZ\db^hoh^ghklbhij_^_eyxlkyq_j_aq_luj_iZ jZf_ljZfh^_ebdjZldhkjhqghcklZ\dbT'[bOLZdbfh[jZahfagZ gbylj_oiZjZf_ljh\T\'\b[\g_^hklZlhqghqlh[uhij_^_eblvq_lu j_iZjZf_ljZT'[bO
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
FGH=HN:DLHJG:YFH>?EV>HOH>GHKLB IJHP?GLGUOKL:
N:DLHJGU?FH>?EB<J?F?GGHC KLJMDLMJU
JZkkfhljbf ijhklmx fgh]hnZdlhjgmx fh^_ev\j_f_gghckljmd lmjuijhp_glguoklZ\hd<dZq_kl\_nZdlhjh\fh^_ebijbf_f^hoh^ ghklbO OO«OQ [_kdmihgguoh[eb]ZpbcQjZaebqguonbdkb jh\Zgguokjhdh\ih]Zr_gby^WW«WQ`GZijbf_jh^gbfbanZd lhjh\ fh`gh kqblZlv l_dmsmx iylbe_lgxx [_kdmihggmx ^hoh^ ghklvNZdlhju^hoh^ghklbh[jZamxlfZjdh\kdbcijhp_kkhibku\Z_ fucgb`_dhlhjucfh`_lkqblZlvkyfgh]hf_jghc\_jkb_ch^ghnZd lhjghc fh^_eb K,5 kf ]e < ijhlb\hiheh`ghklv [hevrbgkl\m fgh]hnZdlhjguo fh^_e_c \j_f_gguo kljmdlmj nZdlhju fZjdh\kdb_ i_j_f_ggu_khklhygby gZ[ex^Zxlkyq_j_al_dmsb_djb\u_^hoh^gh klb gh bo ijbjZs_gby fh]ml bf_lv ijhba\hevgh hij_^_e_ggmx dhj j_eypbhggmxfZljbpmFh^_ev\dexqZ_lklhoZklbq_kdb_nZdlhju\h eZlbevghklb dhlhju_ hij_^_eyxlky ebg_cgufb dhf[bgZpbyfb nZd lhjh\^hoh^ghklbP_gu^bkdhglguoh[eb]Zpbc^eyex[h]hkjhdZih ]Zr_gby aZ^Zxlky dZd j_r_gby h[udgh\_gguo ^bnn_j_gpbZevguo mjZ\g_gbc JbddZlb b aZ\bkbfu_ hl ljZ_dlhjbb p_gu ijhba\h^guo fh]ml[ulvgZc^_gugZjy^mk^jm]bfbf_lh^ZfbdZdg_y\gu_dhg_q ghjZaghklgu_ j_r_gby ©h[uqguoª mjZ\g_gbc \ qZklguo ijhba\h^ guoMQI f_lh^hfi_j_f_gguogZijZ\e_gbcGb`_[m^mlijb\_^_gu ijbf_juj_r_gbywlbomjZ\g_gbcJbddZlbbMQI Fh^_ev ^hoh^ghklb y\ey_lky Znnbgghc \ lhf kfuke_ qlh ^ey dZ`^h]hkjhdZih]Zr_gbybf__lkynmgdpby<95Qo5lZdZyqlh^ey ex[h]hfhf_glZ\j_f_gbW^hoh^ghklv\kydhc[_kdmihgghch[eb]Zpbb kh kjhdhf ih]Zr_gby W jZ\gZ <9OW >_ckl\bl_evgh aZ bkdexq_gb_f \ujh`^_gguo kemqZ_\ ih kms_kl\m ex[u_ Q ^hoh^ghkl_c kem`beb [unZdlhjZfbbijbbkdZ`_gbbdZdhceb[hfh^_eb[ueh[uwfibjb q_kdhc ijh[e_fhc dZdb_ Q ^hoh^ghkl_c [m^ml kem`blv gZbemqrbf h[jZahf ;he__ lh]h \\b^m ebg_cghklb fZjdh\kdb_ i_j_f_ggu_ kh
klhygbyfh]mlijbgbfZlvky\dZq_kl\_nhj\Zj^guoklZ\hdijbaZ^Zg ghfkjhd_ih]Zr_gbylZdqlhfh^_evfh`_ljZkkfZljb\ZlvkydZdfgh ]hnZdlhjgZyfZjdh\kdZyiZjZf_ljbaZpbyfh^_ebG-F QZklgufb kemqZyfb jZkkfZljb\Z_fhc fh^_eb y\eyxlky fh^_eb E Q_gZ KK_Q J Q_gZ b E KdhllZ KK_Q 6khWW K,5 \__fgh]hf_jghcihklZgh\d_ KO_klhgZG_VWhQ Wev DZjmbb>`Jhq_lZ?O.ZUhXL5RFKHW N>`Zfrb^bZgZ-DP VKLGLDQ LEZg]_lb]Z/DQJHWLHJ NEhg]klZnZb?R\Zj pZ/RQJVWDII6FKZDUW] =I_gZqqb3HQQDFKL
pbb fh^_eb wlZ b^_glbnbdZpby g_ j_Zebam_fZ gZ ijZdlbd_ >eylh]h qlh[uhp_gblvih\_^_gb_ijhp_kkZkhklhygbcOijbbkoh^ghc\_jhyl ghklghcf_j_Jke_^m_lh[jZlblvkydgZ[ex^_gbyf\j_f_gguojy^h\ k l_f qlh[u ho\Zlblv ih^jZamf_\Z_fu_ h]jZgbq_gby gZ ^j_cn ijh p_kkZYOhlyh^ghcbagZrbop_e_cy\ey_lkydeZkkbnbdZpbyk_f_ckl \Zfh^_e_cdhlhju_m^h[gu^eywfibjbq_kdhcjZ[hlua^_kvfug_ ihkj_^kl\_gghg_dZkZ_fkyijh[e_fhp_gb\ZgbyLZdb_ijh[e_fuj_ rZxlky wfibjbq_kdbfb bkke_^h\Zgbyfb kf ]e H]jZgbqbf gZr_ \gbfZgb_ ih\_^_gb_f ijb h^ghc qZklghc wd\b\Ze_glghc fZj lbg]Zevghcf_j_4<g_dhlhjuokemqZyofh`_l[ulvfgh`_kl\hlZ dbo f_j gZijbf_j \ kemqZ_ kdZqdhh[jZaghc ^bnnmabb jZkkfhlj_g ghc\^Zgghc]eZ\u >ey \k_o fgh]hnZdlhjguo fh^_e_c djhf_ fh^_e_c g_dhlhjuo lbih\NIj_r_gb_hdZau\Z_lkydZq_kl\_gguf\\uqbkebl_evghfhl ghr_gbb>eywlbop_e_cgb`_[m^_lij_^klZ\e_gijZdlbqgucdhg_q ghjZaghklgucZe]hjblf Dhjhq_]h\hjy[m^_ljZkkfZljb\Zlvkyfh^_evhij_^_eyxsZyijhk lu_ khhlghr_gby f_`^m ^hoh^ghklyfb b iha\heyxsZy hij_^_eylv \j_f_ggmxkljmdlmjmp_gNIdhlhjZye_]dhih^^Z_lky\uqbke_gbyf bkh]eZkm_lkykhlkmlkl\b_fZj[bljZ`Z<lh`_\j_fyfug_hibku\Z _f wdhghfbdm h[s__ jZ\gh\_kb_ dhlhjhc ih^jZamf_\Z_l ih\_^_gb_ \j_f_gghc kljmdlmju \hagbdZxs_c \ jZkkfZljb\Z_fhc fh^_eb qlh e_]dh k^_eZlv ih f_lh^m K,5 kf ]e beb O_klhgZ G_VWhQ Wlh^h[Z\blebrvg_fgh]hdij_^eZ]Z_fhfm < fh^_ebOblZ±>`Zjjhm±FhjlhgZG-F+HDWK-DUURZ0RU WRQ i_j_f_gghc khklhygby ih kms_kl\m y\ey_lky \ky l_dmsZy djb\Zy^hoh^ghklbIhwlhfmex[Zybkoh^gZydjb\Zy^hoh^ghklbijb mkeh\byoj_]meyjghklbkh]eZkm_lkykfh^_evxG-F<ihklZgh\d_dh g_qghf_jgh]hijhkljZgkl\ZkhklhygbcgZrZfh^_evbf__llhlg_^hk lZlhdqlhg_\kydZybkoh^gZydjb\Zy^hoh^ghklbkh]eZkm_lkykaZ^Zg ghciZjZf_ljbaZpb_cfh^_ebGZijZdlbd_wlhqZklhmkljZgy_lkyim l_f©dZeb[jh\dbªhagZqZxs_c^h[Z\e_gb_\j_f_gghcaZ\bkbfhklbd dhwnnbpb_glZf fh^_eb lZd qlh[u kh]eZkh\Zlv k aZ^Zgghc bkoh^ghc djb\hc ^hoh^ghklb LZdZy ijhp_^mjZ bf__l hq_\b^gu_ g_^hklZldb G_^hklZlhd ihklZgh\db dhg_qghf_jgh]h ijhkljZgkl\Z khklhygbc \ k\hx hq_j_^v fh`_l [ulv h^gbf ba ^hklhbgkl\ gZijbf_j \ \uqbk ebl_evghfieZg_<ex[hfkemqZ_jZkkfZljb\Z_fucih^oh^bkihevah \Zgby ^hoh^ghkl_c dZd Znnbgguo nZdlhjh\ [ue \uiheg_g \ jZfdZo G-F ihklZgh\db ?O .ZUhXL 9 /DFRVWH \ay\rbo qZklguc
]Zmkkh\kemqZckihklhygghc\heZlbevghklvx BojZ[hlZ[ueZh[h[ s_gZ gZ kemqZc klhoZklbq_kdhc \heZlbevghklb $ )UZkKhW ' -ZQkL 9/DFRVWH
H[sb_nZdlhjgu_fh^_eb \j_f_gghckljmdlmju
>ey nhjfbjh\Zgby iZjZf_ljbq_kdhc fh^_eb gZqg_f k h[s_c b^_b nZdlhjghc fh^_eb ^ey djb\hc ^hoh^ghklb Ijb aZ^Zgghf ihe ghf\_jhylghklghfijhkljZgkl\_:)J bihihegy_fhcnbevljZpbb ^)W Wt`ihjh`^Z_fhcklZg^Zjlguf[jhmgh\kdbf^\b`_gb_f: \ 5Q ij_^iheh`bf qlh bf__lky h^ghjh^guc \h \j_f_gb fZjdh\kdbc ijhp_kkOijbgbfZxsbcagZq_gby\g_dhlhjhfhldjulhfih^fgh`_ kl\_'ba5QlZdhcqlh^eyex[uofhf_glh\\j_f_gbWbWjughqgZy klhbfhklv jW9 \ fhf_gl W [_kdmihgghc h[eb]Zpbb ih]ZrZ_fhc \ fh f_glWW^Z_lky\\b^_I OWW ]^_IK'u>f Ijhp_kkdjZl dhkjhqghcklZ\dbUij_^iheZ]Z_lkyhij_^_eylvq_j_ag_ij_ju\ghklvk bkihevah\Zgb_f baf_jbfhc nmgdpbb 5 ' o 5 hij_^_ey_fhc dZd ij_^_e^hoh^ghklbdh]^Zkjhdih]Zr_gbyklj_fblkydgmexbeb OQ I [ W o' Wp W
5o OLP
DZdke_^m_lbafZl_jbZeh\]eZ\bq gm`gZlhevdhl_ogb q_kdZy j_]meyjghklv ^ey wd\b\Ze_glghklb f_`^m hlkmlkl\b_f Zj[bl jZ`Z bkms_kl\h\Zgb_fwd\b\Ze_glghcfZjlbg]Zevghcf_jul_\_ jhylghklghc f_ju 4 wd\b\Ze_glghc J ijb dhlhjhc ijhp_kk p_gu ex[hc P; y\ey_lky 4fZjlbg]Zehf ihke_ ghjfbjh\db \ dZ`^uc fh §W · f_gl \j_f_gb W agZq_gb_f _oj ¨¨ ³ 5 ; V GV ¸¸ g_ij_ju\gh]h j_bg\_klb © ¹ jh\Zgbyijhp_glh\hlh^ghc^_g_`ghc_^bgbpugZkq_l_gZqbgZyhl \j_f_gbijbdjZldhkjhqghcklZ\d_ Imklv O m^h\e_l\hjy_l klhoZklbq_kdhfm ^bnn_j_gpbZevghfm mjZ\g_gbx GOW YOW GWVOW G:W ]^_Y'o5QbV'o5QKQ^hklZlhqghj_]meyjgu_qlh[umjZ\g_gb_ bf_eh_^bgkl\_ggh_kljh]h j_r_gb_>hihegbl_evgu_lj_[h\Z
gby j_]meyjghklb ih^jZamf_\Zxl qlh kms_kl\m_l klZg^Zjlgh_ [jhm gh\kdh_^\b`_gb_:\5Qijb4lZdh_qlh
GOW POW GWVOW G:W
]^_P'o5Q±wlhnmgdpbydhlhjmxfh`gh\uqbkeblvq_j_aYVbI H[sb_ jZ\gh\_kgu_ fh^_eb lZdh]h \b^Z ^ey hibkZgby Zdlb\h\ p_gu dhlhjuo hij_^_eyxlky ^Zgu \ klZlvyo K,5 b K GXDQJ Fh^_eb \ wlbo klZlvyo y\eyxlky nZdlbq_kdb fh^_eyfb \ ih klZgh\d_kh]jZgbq_gguf]hjbahglhfbaZ\bkbfufbhl\j_f_gbdhwn nbpb_glZfbghfh]ml[ulvjZkijhkljZg_gugZh^ghjh^gu_\h\j_f_ gbfh^_eb\ihklZgh\d_kg_h]jZgbq_gguf]hjbahglhfHibku\Z_fuc ih^oh^fh`gh[ueh[ujZkijhkljZgblvgZkemqZcaZ\bkbfuohl\j_ f_gb dhwnnbpb_glh\ ijhklh iml_f baf_g_gby h[hagZq_gbc b g_agZ qbl_evgh]h baf_g_gby mkeh\bc j_]meyjghklb LZdZy \j_f_ggZy aZ\b kbfhklv iml_f ©klZg^ZjlbaZpbbª y\ey_lky klZg^Zjlghc ijhp_^mjhc ijb ljZ^bpbhgghf dhgkljmbjh\Zgbb fh^_e_c \j_f_gghc kljmdlmju kf gZijbf_j L Gh 6 /__ beb )
]^_?h[hagZqZ_lfZl_fZlbq_kdh_h`b^Zgb_ih4 eyfgh ]hf_jguofh^_e_cfubf__fijbf_ju\dhlhjuoOy\ey_lky]Zmkkh \hfZjdh\kdbfihklhyggh_VZnnbggh_P b5±ebg_cghd\Z^jZlbq
ghcnhjfhcIh^©ZnnbgghcªPihgbfZ_fdZdh[uqghqlhbf_xlky ihklhyggZy fZljbpZ Z b \_dlhj E lZdb_ qlh Po Zo E *KhQ VWZQWLQLG_V ^Z_l h[smx jZ\gh\_kgmx k j_ij_a_glZlb\gufb Z]_glZfb iZjZf_ljbq_kdmxfh^_evdhlhjZyihjh`^Z_llZdh]hkhjlZeb g_cghd\Z^jZlbqgh]Zmkkh\hih\_^_gb_djZldhkjhqghcklZ\dbBf_xlky lZd`_ZgZeh]bqgu_h[sb_jZ\gh\_kgu_fh^_eblZdb_dZdK,5 6G_VWhQ )/RQJVWDII?6FKZDUW] b^jm]b_^himkdZx sb_ \ujZ`_gb_ ih^h[gh_ \ dhlhjhf fh`gh gZibkZlv 5o ¦ [ ]^_khklZ\eyxsb_ijhp_kkuOO«OQ±kdZeyjgu_ijh L
L
p_kkum^h\e_l\hjyxsb_K,5mjZ\g_gbx G;WL DLEL;WL GWFL G L ; WL G:WL;L !
khkdZeyjgufbdhwnnbpb_glZfbZLELkLbGLMihfygmlu_fh^_eby\ eyxlkyqZklgufkemqZ_ffh^_ebij_^klZ\e_gghc\wlhc]eZ\_ ?kebdZdZyeb[h\_ebqbgZij_l_g^mxsZygZjhevijhp_kkZdjZl dhkjhqghc klZ\db U m^h\e_l\hjy_l mf_j_gguf mkeh\byf j_]meyjgh klb e_]dh h[hkgh\u\Zlv U \ h[s_c jZ\gh\_kghc fh^_eb hkgh\Zgghc gZj_ij_a_glZlb\ghfZ]_gl_kihe_aghklvxG:5:K\SHUEROLFDEVROXWH ULVN DYHUVLRQ ]bi_j[hebq_kdh_ Z[khexlgh_ g_ijbylb_ jbkdZ b ijh p_kkhf ihlj_[e_gby kdhgkljmbjh\Zgguf q_j_a U >hklZlhqgh jZ\gh \_kgu_ fh^_eb ^Zxl ihe_agu_ l_hj_lbq_kdb_ khhlghr_gby f_`^m \j_f_gghc kljmdlmjhc ij_^ihql_gbyfb bg\_klhjh\ l_ogheh]b_c b lZdbfb fZdjhi_j_f_ggufb dZd ihlj_[e_gb_ b fh]ml ^h[Z\blv _s_ fgh]h_ d ijZdlbq_kdbf ih\k_^g_\guf aZ^ZqZf hij_^_e_gby p_g b mijZ\e_gbyjbkdhf^eybgkljmf_glh\knbdkbjh\Zgguf^hoh^hf>ey gZrbo p_e_c fu ihke_^m_f \u\h^m^jm]bofh^_e_cmihfygmluojZ g__gZqbgZyg_ihkj_^kl\_gghkg_dhlhjhckh\f_klbfhcfh^_ebIP V Fu\qZklghklb[m^_fbgl_j_kh\ZlvkydeZkkhffh^_e_cdhlhju_ \_jhylghe_]dhih^^Zxlkyh[jZ[hld_qbke_gghbwfibjbq_kdbbgZ dhg_p\dhlhjuo\_dlhjkhklhygbcOWfh`_ljZkkfZljb\ZlvkydZdgZ [ex^_gb_kZfhc\j_f_gghckljmdlmjulZdhcdZdZyih^jZamf_\ZeZkv\ i_j\hc fh^_eb wlh]h lbiZ ij_^eh`_gghc F hoh^ghklv gZ dhgkhev ± wlh h[jZlgZy \_ebqbgZ ih hlghr_gbx d __ p_g_ ?keb \uqbkey_lkyp_gZdhgkheb\fh^_eb;j_ggZgZR\ZjpZlhg_lgbdZ dboijbqbgh`b^Zlvqlhj_amevlZl[m^_lh[jZlgufihhlghr_gbxd
bo i_j_f_gghc khklhygby O dhlhjZy gZau\Z_lky ©klZ\dhc dhgkhebª ;j_ggZgZ±R\ZjpZ
:nnbggu_nZdlhjgu_fh^_eb
JZkkfhljbfdeZkkkh\f_klbfuofh^_e_cIPV k IoW _oj>:W <W o@
^eydhlhjhc\kbemijbgylh]hij_^iheh`_gbyqlhIK 'u>f fu agZ_f qlh : b < ± K nmgdpbb gZ > f Wlhl iZjZf_ljbq_kdbc deZkk fh^_e_c dhlhjuc gZah\_f wdkihg_gpbZevghZnnbgguf baaZ Znnbggh]hkhhlghr_gbyf_`^m^hoh^ghklyfbbnZdlhjZfby\ey_lky hlghkbl_evgh ijhklh ZgZebabjm_fuf b bf__l g_dhlhju_ wfibjbq_ kdb_ ij_bfms_kl\Z < jZkkfZljb\Z_fhc fh^_eb [m^_f bkihevah\Zlv lhlnZdlqlh_keb^ey\k_oo\g_dhlhjhfg_imklhfhldjulhf_\deb ^h\hf fgh`_kl\_ bf_xlky Znnbggu_ khhlghr_gby lbiZ D Eo lh]^ZD bE GZah\_fwlh©ijbgpbihfkh]eZkh\Zgbyª LZd dZd Io ^ey \k_o o ba ' dhlhjh_ y\ey_lky hldjuluf fgh`_kl\hf b ijbgpbi kh]eZkh\Zgby ih^jZamf_\Zxl \uiheg_ gb_]jZgbqguomkeh\bc : <
Ihkdhevdm5iheghklvxhij_^_ey_lkyihkj_^kl\hf lh5y\ ey_lkyZnnbgghcnmgdpb_cgZ' JZkkfhljbf^eynbdkbjh\Zgghc^Zluih]Zr_gbyLijhp_kkp_gu [_kdmihgghch[eb]ZpbbjW )OWW {IOWLW WdLIhe_ff_Blh GjW )WOWW GW)oOWW VOW G:W ]^_
)oW )WoW )ooW Po WU>)oooW Vo Vo L@
Kihfhsvx fh`gh\u\_klbqlh
)oW )oW >:cLW
Q
¦ ¦ % 7 W % 7 W V [ V [ 7 @ L
M
L
M
L
M
Ba ij_^klZ\e_gby ke_^m_l qlh )OW W 5OW )OW W LZddZd)y\ey_lkykljh]hiheh`bl_evghcbajZ\_gkl\Z bf__f 5o :cW
Q
¦ ¦ % W % W V [ V [ 7 oW 'u>f L
M
L
M
L
M
Wlh mjZ\g_gb_ ijbf_gbfh ^ey \k_o W f lZd dZd L y\ey_lky ijh ba\hevguf IjbkeZ[uomkeh\byog_\ujh`^_gghklbbajZ\_gkl\Z ke_^m _lqlhnmgdpbbPbVVLgZ'y\eyxlkyZnnbggufbQlh[uihdZaZlv wlhi_j_ibr_fjZ\_gkl\h ke_^mxsbfh[jZahf Q
ZoW ¦ % W P [ L
L
L
¦ ¦ % W % W J [ Q
Q
L
L
M
LM
M
]^_ZoW 5o :cW f Ba\_klgh qlh 5 y\ey_lky Znnbgguf ihwlhfm ^ey dZ`^h]h nbd kbjh\Zggh]h W nmgdpby Zo W ± ZnnbggZy Imklv G [m^_l nmgdpb_c gZ ih^fgh`_kl\_ ' ba51ijb1 QQQ hij_^_ey_fhcjZ \_gkl\hf Go >Po Po «PQo Jo Jo «JQQo @L ]^_ Zj]mf_glu \dexqZxl lhevdh ©\_jogbc lj_m]hevgbdª JLMo k L d M FuohlbfihdZaZlvqlhdZ`^ucwe_f_glGy\ey_lkyZnnbggufiho Fu fh`_f jZkkfZljb\Zlv dZd kbkl_fm mjZ\g_gbc hlghkb l_evghWbo\b^Z ZoW kW LGo oW 'u>f ]^_k>f o51GZijbf_jkW <W we_f_glGo Po \lh \j_fydZdkQW <W dhwnnbpb_glijbJo Fufh`_fgZib kZlvmjZ\g_gb_ ^eyex[h]hba1kjhdh\ih]Zr_gbyl«l1 b ihemqbf Kl«l1 Go >Zol Zol «Zol1 @Lo' ]^_ Kl « l1 ± 1 u 1 fZljbpZ qvy Ly kljhdZ _klv klL L ?keb Kl« l1 fh`gh \u[jZlv g_\ujh`^_gghc lh]^ZG^he`gh[ulv Znnbgghc dZd knhjfmebjh\Zgh b ^hdZaZgh \ ke_^mxs_f ml\_j`^_
gbb dhlhjh_ h[h[sZ_l h^ghf_jguc j_amevlZl 5 eyex[uonbdkbjh\ZgguoLfufh`_fkh[jZlv\ \k_ qe_gu kh^_j`Zsb_ oL \ \ujZ`_gb_ \b^Z >
M
M
MN
MN
M
N
\Zgguo dhwnnbpb_glh\ Z EM b GMN Lh _klv 4L y\ey_lky ebg_cgh d\Z^jZlbqghc nhjfhc LZd dZd mjZ\g_gb_ bf__l f_klh ^ey o ba hldjulh]h fgh`_kl\Z fu ^he`gu bf_lv >Ze__ keZ]Z_fh_ \ mjZ\g_gbb g_ kh^_j`Zs__ o bf__l \b^ a a :cW 4 <W ]^_hlh[jZ`_gb_ 4 5Eo5ElZd`_y\ey_lkyebg_c ghd\Z^jZlbqghc nhjfhc Kgh\Z wlh keZ]Z_fh_ ^he`gh [ulv lZd`_ jZ\gh gmex ba ijbgpbiZ kh]eZkh\Zgghklb ^ey lh]h qlh[u m^h\e_ l\hjyehkvmjZ\g_gb_ Wlhijb\h^bldmjZ\g_gbx a :cW 4 <W : hlghkbl_evgh:k_^bgkl\_ggufj_r_gb_f W
a :W ³ 4 % V GV
]^_<±j_r_gb_mjZ\g_gby Ijh[e_fZkms_kl\h\Zgbydhg_qguoj_r_gbcmjZ\g_gbcJbddZlb y\ey_lky g_ljb\bZevghc lZd dZd dhwnnbpb_glu g_ ebirbpb_\u J_ r_gby kms_kl\mxl \h \k_c \j_f_gghc h[eZklb ^ey qZklguo kemqZ_\ lZdbodZd\]eZ\^jm]boqZklguokemqZyohgbkms_kl\mxl^hg_
a dhlhjh]h \j_f_gb L ! lZd dZd dhwnnbpb_glu mjZ\g_gby eh dZevghebirbpb_\u<ke_^mxs_fml\_j`^_gbbfug_y\ghij_^iheZ a ]Z_fqlh L fghj_amevlZluijbf_gy_f\[he__h[sbokemqZyo h]jZgbqb\Zy L Ml\_j`^_gb_ Ij_^iheh`bf qlh ljhcdZ I P V y\ey_lky nZdlhjghcfh^_evxkkh]eZkh\Zgghc\j_f_gghckljmdlmjhcbbf__l ky dhg_qgh_ j_r_gb_ h[udgh\_ggh]h ^bnn_j_gpbZevgh]h mjZ\g_gby ?keb P VVL b 5 ± Znnbggu_ lh]^Z I ± wdkihg_gpbZevgh ZnnbggZy H[jZlgh _keb I ± wdkihg_gpbZevghZnnbggZy b kms_kl \mxl^Zluih]Zr_gbyll«l1lZdb_qlhfZljbpZKl«l1 g_\ujh`^_ggZylh]^ZPVVLb5y\eyxlkyZnnbggufb >hdZaZl_evkl\h ey h^gh f_jguo kemqZ_\ jZkkfhlj_gguo
L
L
L
ijbf_gy_lky^eykemqZydh]^ZPbVVLZnnbggu_ghaZ\bkysb_ hl \j_f_gb k mjZ\g_gbyfb JbddZlb lZd`_ bf_xsbfb i_j_f_ggu_ dhwnnbpb_glu
:NNBGGH?KLHO:KLBQ?KDH? >BNN?J?GPB:EVGH?MJ:
DZd ihdZaZgh \ ml\_j`^_gbb Znnbgguc deZkk fh^_e_c \j_ f_gghckljmdlmjudZ`_lkym^h[guf^eyZgZebaZbij_^iheZ]Z_lZgZ eblbq_kdh_j_r_gb_mjZ\g_gbc L_i_jvh[jZlbfkydmk eh\byfgZh[eZklb'bdhwnnbpb_glZfZnnbgguonhjfPbVVL ijb dhlhjuo ^_ckl\bl_evgh kms_kl\m_l _^bgkl\_ggh_ kljh]h j_r_gb_ klhoZklbq_kdh]h^bnn_j_gpbZevgh]hmjZ\g_gby ;_aihl_jbh[sghklb^eygZrbop_e_c[m^_fkqblZlvVkbff_l jbqghc ihkdhevdm ^ey wfibjbq_kdbo aZ^Zq beb p_e_c hij_^_e_gby p_g Zdlb\h\ jZaebqb_ f_`^m Vo b d\Z^jZlguf dhjg_f ba Vo Vo L g_kms_kl\_gghGb`_[m^_lihdZaZghqlh_kebfZljbpZVVLZnnbggZy ih o lh]^Z ijbmkeh\bbg_\ujh`^_gghklbb\hafh`ghci_j_gmf_jZ pbbbg^_dkh\fh`gh\u[jZlvmjZ\g_gb_ \\b^_ § Y ; ¨ ¨ G;W D;WE GW6 ¨ ¨ ¨ © W
Y ; W
Y ; Q
W
· ¸ ¸ ¸ G:W ¸ ¸¹
]^_O'Z5iKiE5ib65iKiZ YL DLEL [ ]^_^eydZ`^h]hLiZjZf_ljDLy\ey_lkykdZeyjgufZEL5i >eykms_kl\h\Zgby_^bgkl\_gguoj_r_gbcgZdhwnnbpb_glugZ deZ^u\Zxlkyh]jZgbq_gbyijb\_^_ggu_gb`_ <_dlhju dhwnnbpb_glh\ E « Ei ihjh`^Zxl ©klhoZklbq_kdmx \heZlbevghklvª_keblhevdhhgbg_jZ\gugmex \wlhfkemqZ_mjZ\ g_gb_ hij_^_ey_lijhp_kk=ZmkkZ±FZjdh\Z=Zmkkh\hfZjdh\ kdbc kemqZc ijb ihklhygghc \heZlbevghklb i_j\hgZqZevgh bkke_^h \Zg
j_r_gbc ijb mkeh\bb ' 5i H^gZdh kemqZc klhoZklbq_kdhc \heZlbevghklbij_^klZ\ey_lkms_kl\_ggmxijh[e_fm Bf_xlky^\Zs_dhleb\uo\hijhkZdhlhju_gZ^hij_h^he_lvqlh [u ]ZjZglbjh\Zlv kljh]b_ j_r_gby eylh]hqlh[uj_r_gb_kms_kl \h\Zehgm`ghij_^iheh`blvqlh^eydZ`^h]hL^«Q`ijhp_kk YL;W bf__l ^hklZlhqguc kljh]h iheh`bl_evguc ^j_cn gZ k_]f_gl_ a Lc]jZgbpuw'L ^[ ' YL[ ` Mkeh\b_:>ey\k_oL Z ^ey\k_oolZdboqlhYL[ ELLDoE !ELL66LEL [ ^ey\k_oM_kebELL6 MzlhYL YM H[_qZklbmkeh\by:y\eyxlkyg_h[oh^bfufbqlh[u]ZjZglbjh \Zlvkljh]hiheh`bl_evgmx\heZlbevghklvQZklv[ ]ZjZglbjm_lqlh qe_g Lc \heZlbevghklb dh]^Z hg h[jZsZ_lky \ gmev g_ ijb\h^bl d hljbpZl_evghklbbaaZaZ\bkbfhklbijhp_kkZhl^jm]bog_gme_\uo\h eZlbevghkl_cWlmqZklv[ fh`ghhkeZ[blvaZf_gb\YL YMgZ©YL NYM ^ey g_dhlhjh]h iheh`bl_evgh]h kdZeyjgh]h Nª gh wlh kdZeyjgh_ N fh`_l[ulvmql_gh\ihklhygghcfZljbp_6baZf_g_gh_^bgbp_c[_a ihl_jbh[sghklbMkeh\b_:g_m^h\e_l\hjy_lky\h[s_fkemqZ_by\ ey_lkyagZqbl_evgufh]jZgbq_gb_ffh^_ebIjbf_j\uiheg_gbymkeh \by:djhf_hq_\b^gh]h]Zmkkh\ZkemqZydh]^ZEL ^ey\k_oL ^Z_lky iha`_
>hdZaZl_evkl\h ijb\_^_gghcgb`_l_hj_fujZkrbjy_lwlmb^_x gZ fgh]hf_jguc kemqZc bkihevamy qZklv Z mkeh\by : Bglmblb\gh ykgh qlh ^hklZlhqgh iheh`bl_evguc ^j_cn ijhp_kkZ YL;W \[ebab ]jZgbpu]^__]hkh[kl\_ggZy©\heZlbevghklvªjZ\gZgmex[m^_l]Z jZglbjh\ZlvqlhwlZ]jZgbpZg_^hklb`bfZ L_hj_fZ Ijb \uiheg_gbb mkeh\by : kms_kl\m_l _^bgkl\_g gh_kljh]h j_r_gb_OklhoZklbq_kdh]h^bnn_j_gpbZevgh]hmjZ\g_ gby \h[eZklb'Djhf_lh]h^eywlh]hj_r_gbyObex [h]hLbf__fYL;W !^ey\k_oWihqlbgZ\_jgh_ KlhblaZf_lblvqlh^eyijhp_kkZkhklhygbcOaZ^Z\Z_fh]hwlhc l_hj_fhc \k_]^Z kms_kl\m_l kljh]h iheh`bl_evguc g_ihklhygguc ijhp_kkdjZldhkjhqghcklZ\db5;W Wlhke_^m_lbal_hj_fuh[hl^_ ebfhklb]bi_jiehkdhklbblh]hnZdlZqlh'dZdi_j_k_q_gb_hldju luo ihemijhkljZgkl\ y\ey_lky \uimdeuf fgh`_kl\hf GZijbf_j fh`gh[ueh[u\aylv5o ¦ J Y [ ^eyg_hljbpZl_evguoJL L
L
L
>hdZaZl_evkl\hl_hj_fuy\ey_lky^h\hevghkeh`gufihlhfmqlh d\Z^jZlguc dhj_gv nmgdpbb ihy\eyxs_cky \ ^bnnmabb bf__l ijh ba\h^gmx dhlhjZy ^hklb]Z_l [_kdhg_qghklb dh]^Z qe_g klhoZklbq_ kdhc \heZlbevghklb YLo klj_fblky d gmexQblZl_evg_aZbgl_j_kh \Zgguc ih^jh[ghklyfb fh`_l ijhklh ijhimklblv ^hdZaZl_evkl\h b [_a\kydboihl_jvi_j_clbdihke_^mxs_fml_dklm Ij_`^_ q_f ijbklmiZlv d ^hdZaZl_evkl\m l_hj_fug_ihkj_^ kl\_gghg_h[oh^bfhihemqblvjy^\kihfh]Zl_evguoj_amevlZlh\Ih wlhfmkgZqZeZh[jZlbfkydijh[e_f_kms_kl\h\Zgby©Znnbgguoklh oZklbq_kdbo ^bnn_j_gpbZevguo mjZ\g_gbcª dhlhju_ \ g_dhlhjhc h[eZklbkhklhygbc'5ibf_xl\b^
GOW POW GWVOW G:WO'
]^_P'o5ibVVL'oFV±Znnbggu_q_j_aFh[hagZqZ_lkyijh kljZgkl\h\_s_kl\_gguoiuifZljbpZFVFh[hagZqZ_lih^fgh `_kl\hkbff_ljbq_kdbofZljbp LZd dZd fZljbpZ T { VVL y\ey_lky Znnbgghc ^ey L b M bf__f TLMo ZLM ELMo^eyg_dhlhjuoZLMba5bELMba5i>eydZ`^h]hLbafgh `_kl\Z / ^L ELL z ` Znnbggh_ ijhkljZgkl\h :L 5i dhjg_c
mjZ\g_gbyZLL ELLo y\ey_lkyi f_jguffgh]hh[jZab_fhij_ ^_eyxsbflhqdbijhkljZgkl\Zkhklhygbcdhlhju_[ueb[uk\yaZguk gme_\hc©f]gh\_gghcª^bki_jkb_cbaf_g_gbcijhp_kkZkhklhygbcO AZnbdkbjm_f dhgdj_lgh_ ©dZghgbq_kdh_ª ijhkljZgkl\h khklhy gbc65iIhkdhevdm^bZ]hgZevgu_we_f_glufZljbpuTo Znnbg gu_ ih o b ^he`gu [ulv g_hljbpZl_evgufb ^ey \k_o o ihemqZ_lky qlh ijhkljZgkl\h khklhygbc 6 kh^_j`blky \ i_j_k_q_gbb ihemijh kljZgkl\ 6 ^[ TLLo t L /` >_ckl\bl_evgh ^ey aZfudZgby j_ ahgghij_^iheh`blvqlh6 6 lZddZdlhqdZogZ]jZgbp_6dhlhjZy g_ e_`bl gZ ]jZgbp_ 6 y\ey_lky \gmlj_gg_c lhqdhc 6 < lZdhc gZ qZevghc lhqd_ aZ bkdexq_gb_f \ujh`^_gguo ijhp_kk khklhygbc O [m^_l\uoh^blvba6IhwlhfmijbgbfZ_fdZghgbq_kdh_ijhkljZgkl\h 6kh\iZ^Zxsbfk 6 >himkdZy\hafh`ghklv:L :M^eyg_dhlhjuoLzMfu\k_]^Zfh `_f\u[jZlvg_dhlhjh_fbgbfZevgh_ih^fgh`_kl\h./lZdh_qlh [u 6 ^[TLLo tL.` Ijbf_fg_\ujh`^_gghklvTFgh`_kl\h^ELL L.`5iebg_c ghg_aZ\bkbfhG_\ujh`^_gghklv\qZklghklbbkdexqZ_liZjZee_ev gu_]jZgbpuijhkljZgkl\Zkhklhygbcqlh^hdZau\Z_lky\ex[hfkem qZ_ ihkj_^kl\hf jZkkfhlj_gby kms_kl\h\Zgby j_r_gbc klhoZklbq_ kdbo ^bnn_j_gpbZevguo mjZ\g_gbc ^ey ; _keb lhevdh ^\Z dhhj^b gZlguoijhp_kkZOLbOMg_ijhihjpbhgZevgu^jm]^jm]mIjbg_\u jh`^_gghklbfgh]hh[jZab_ $ :L 6[m^_llZd`_i f_jguf =jZgbpm ijhkljZgkl\Z khklhygbc 6 h[jZam_l * $ >ey g_dhlhjuo L
L
.
L
i
k5G5bebg_cghcnmgdpbbb5 o5gZah\_fihehkhcVWULS fgh`_kl\h^[5ikdbo dG`5i E_ffZ ?kebTy\ey_lkyg_\ujh`^_gghclh]^Z6g_kh^_j `blky\ihehk_ >hdZaZl_evkl\h Ij_^iheh`bf h[jZlgh_ Lh]^Z [m^_l kms_kl \h\Zlvg_dhlhjZyebg_cgZynmgdpbyb5io5lZdZyqlhkdbo dG ^ey\k_oo\6ImklvlZd`_m[m^_lg_\ujh`^_ggufebg_cgufij_h[ jZah\Zgb_fokm bo Lh_klvfu\u[_j_fg_dhlhjmxbg\_jlbjm_ fmxebg_cgmxnmgdpbx<5io5ilZdmxqlh<o bo [5i eydZ`^h]hL.bf__fELL o E m^eyg_dhlhjh]h E 5iBa L
L
a g_\ujh`^_gghklbke_^m_lqlh^ E L.`ebg_cghg_aZ\bkbfhLh]^Z a kms_kl\mxlg_dhlhju_L.b m 5ik m zlZdb_qlh E \ ^ey a \k_oMzLb E \ tKe_^h\Zl_evgh^eyex[uom<6 kijZ\_^eb\h m m <6 Lh]^Z ^ey lh]h qlh[u m t k m ^he`gh [ulv iheh`b l_evgufGh^eylh]hqlh[ubf_lvmdG m ^he`gh[ulvhljbpZl_ev gufqlhijb\h^bldijhlb\hj_qbx Fu[m^_f]h\hjblvqlhj_amevlZlijbf_gy_lkydT©klhqghklvx ^hi_j_gmf_jZpbbbg^_dkh\ª_kebj_amevlZlijbf_gy_lkyihke_aZf_ gu T gZ nmgdpbx o o ^To 5 L 5 M` ^ey g_dhlhjhc i_j_klZgh\db S ^«i`o^«i` LZd dZd [_a ihl_jb h[sghklb ^ey gZrbo p_e_c V aZf_gy_lky gZ ex[hc ©d\Z^jZlguc dhj_gvª T [_a ihl_jb h[sghklb fh`gh ij_^ih eh`blvqlhVo y\ey_lkykbff_ljbq_kdhc^ey\k_oo E_ffZ ?kebTg_\ujh`^_ggZylh]^Zklhqghklvx^hi_j_ gmf_jZpbbbg^_dkh\ L
M
L
L
§ %X [ ¨ % X [ ¨ To ¨ ¨¨ ©
· ¸ ¸ ¸ [6 ¸ %. X . [ ¸¹
]^_dFdib^eyL^«F`
L
Znnbggu_ gZ 5i \ 5 k ihiZjgh ebg_cgh g_aZ\bkbfufb ebg_cgufb dhfihg_glZfb >hdZaZl_evkl\hLZddZdVo y\ey_lkykbff_ljbq_kdhcbf__f Q
TLMo ¦ V [ V [ N
LN
NM
Q
¦V N
<qZklghklb Q
TLLo ¦ V [ N
LN
LN
[ V [ MN
Ke_^h\Zl_evgh ^ey o lZdbo qlh TLLo fu ^he`gu bf_lv V [ ^ey\k_oNblZdbfh[jZahfTLMo ^ey\k_oMIhdZ`_f qlhTLM ijhihjpbhgZevgZTLL ^hdZau\Zylj_[m_fucj_amevlZlBf_ xlky^\Z\hafh`guokemqZy Ij_^iheh`bfqlhTLL g_y\ey_lkyihklhygghcBa\ur_ijb \_^_gguojZkkm`^_gbcbg_\ujh`^_gghklbdZdTLL lZdbTLM jZ\gu gmex \kx^m gZ $ dhlhjh_ y\ey_lky hlghkbl_evgh hldjuluf ih^ fgh`_kl\hfi f_jgh]hZnnbggh]hijhkljZgkl\Z:LFh`ghjZk kfZljb\Zlv:LdZdi_j_ghkkihfhsvxg_dhlhjh]h\hafh`ghgme_\h ]h i_j_kq_lZ ELL ebg_cgh]h ih^ijhkljZgkl\Z FL hjlh]hgZevgh]h ELL LZd dZd fgh`_kl\h $ hlghkbl_evgh hldjulh_ b we_f_gl TLM jZ\_g gmex \kx^m gZ $ ELM ^he`_g [ulv lZd`_ hjlh]hgZevguf d ih^ijh kljZgkl\mFLblZdbfh[jZahfELM NLMELL^eyg_dhlhjhcdhgklZgluNLM L_i_jvbf__fZLL ELL o ZLM NLMELL o^ey\k_oo\ $ Wlhfh`_l[ulv kijZ\_^eb\uf _keb lhevdh ZLM NLMZLL LZdbf h[jZahf ^ey g_dhlhjhc kdZeyjghcdhgklZgluNLM\hafh`ghgme_\hc bf__fTLM NLMTLL Ij_^iheh`bfqlhTLL ihklhyggZy<wlhfkemqZ_TLMo ^he`gZ [ulvlh`_ihklhygghc?kebg_lfZljbpZ
LN
L
L
L
L
§ T [ T [ · ¨ T [ T [ ¸ © ¹ LL
LM
ML
MM
g_fh`_l[ulvihemiheh`bl_evghhij_^_e_gghcIhdZ`_fwlhGZ^h jZkkfhlj_lv^\ZkemqZy?kebTMMo TMMihklhyggZyZTLMg_llh]^Z lhl nZdl qlh 6 g_ kh^_j`blky \ ihehk_ \e_q_l gZjmr_gb_ iheh`b l_evghc ihemhij_^_e_gghklb ?keb TLM g_ ihklhyggZy lh ba kemqZy TLMo TML fh`_l [ulv aZibkZgZ dZd NLMTMMo ^ey g_dhlhjhc kdZeyjghc dhgklZglu NLM Lh]^Z hij_^_ebl_ev jZkkfZljb\Z_fhc \ur_ fZljbpu [m^_l jZ\_g TLLo TMMo N T [ Wlhl hij_^_ebl_ev fh`_l [ulv \ LM
MM
h[s_f kemqZ_ hljbpZl_evguf ihkdhevdm 6 g_ kh^_j`blky \ ihehk_ H^gZdhwlhijhlb\hj_qbliheh`bl_evghcihemhij_^_e_gghklbTo Ml\_j`^_gb_Ij_^iheh`bfqlhTg_\ujh`^_ggZybbf__l kyg_dhlhjh_ a o 6lZdh_qlhT a o y\ey_lkyiheh`bl_evghhij_^_e_g ghcLh]^Zkms_kl\m_lg_\ujh`^_ggZyihklhyggZyfZljbpZ4lZdZy qlh
§ Y [ ¨ Y [ ¨ 4To 4L ¨ ¨¨ ©
· ¸ ¸ [5i ¸ ¸ Y [ ¸¹ Q
]^_^eydZ`^h]hMnmgdpby Ya 5io5 ZnnbggZy >hdZaZl_evkl\h
0
0
0
]^_^eydZ`^h]h[ehdZLfZljbqgu_[ehdb:Ly\eyxlky^bZ]hgZevgufb Zeyg_dhlhjh]h a o a ihij_^iheh`_gbxnmgdpbb:L
fh`ghiheh`blv
L L
L
L L
§ 4 ¨ ¨ 4 4 ¨ ¨¨ ©
L
L
L
· ¸ ¸ J ¸ ¸ 4 ¸¹ .
LZddZd^bZ]hgZevgZyfZljbpZy\ey_lky^bZ]hgZevghc^Z`_ihke_ i_j_gmf_jZpbbbg^_dkh\ihemqZ_fg_h[oh^bfucj_amevlZl
Ke_^kl\b_<ij_^iheh`_gbyoml\_j`^_gby § Y [ ¨ ¨ Vo 6 ¨ ¨ ¨ ©
Y [
· ¸ ¸ ¸ [6 ¸ Y [ ¸¹
Q
]^_6±g_\ujh`^_ggZyfZljbpZY«Yi±Znnbggu_nmgdpbb >hdZaZl_evkl\h Ih ml\_j`^_gbx kms_kl\m_l g_\ujh` ^_ggZyfZljbpZ4lZdZyqlh4To 4L <o ^ey\k_oo]^_<o ^bZ ]hgZevgZy^ey\k_oobZnnbggZyihoImklvYLo
a [ To ¦ 9 9 7 Z L
L
L
L
a Z a ± ]^_\_dlhju9«9i±ebg_cghg_aZ\bkbfu_\5inmgdpbb Z Znnbggu_gZ5ibg_hljbpZl_evgu_gZ6kms_kl\m_l\gmlj_ggyylhq a tL^«i`` dZ\fgh`_kl\_^[ Z L_i_jvbf_xlkyoZjZdl_jbah\Zggu_TbV ijbg_y\ghfij_^ih eh`_gbb h lhf qlh ijhkljZgkl\h khklhygbc ' bf__l nhjfm ijbgy lmx ^ey 6 l _ aZfdgmlh_ i_j_k_q_gb_ ihemijhkljZgkl\ >_ckl\b l_evghfufh`_fb^he`gu\aylv'dZd\gmlj_gghklv6bijbf_gblv mkeh\b_:ij_^hl\jZsZxs__^hklb`_gby]jZgbpu6 >eylh]hqlh[uknhjfmebjh\Zlve_ffmkjZ\g_gbybkihevam_fmx \^hdZaZl_evkl\_l_hj_fu\uibr_fke_^mxs__k\hckl\hnmgdpbb ^bnnmabb Mkeh\b_ YfZ^u Nmgdpby V 5 o 5 m^h\e_l\hjy_l mkeh\bx YfZ^u _keb hgZ h]jZgbq_gZ b baf_jbfZ b_kebkms_kl\m_lnmgdpby U5o5kljh]h\hajZklZxsZyg_ij_ju\gZykhk\hckl\ZfbU Q
L
³ Ub
GX fb_Vb VY _dU_bY_ ^ey\k_obbY
GZijbf_jVm^h\e_l\hjy_lmkeh\bxYfZ^u_keb^eyg_dhlhjhc dhgklZgluNhgZhij_^_e_gZjZ\_gkl\hfVb PLQ X N
E_ffZIj_^iheh`bfqlh=±klZg^Zjlgh_[jhmgh\kdh_^\b `_gb_ V m^h\e_l\hjy_l mkeh\bx YfZ^u b P 5 o 5 ± ebirbpb_\Z Lh]^Z bf__lky _^bgkl\_ggh_ kljh]h j_r_gb_ klhoZklbq_kdh]h ^bn n_j_gpbZevgh]hmjZ\g_gby G<W P<W GWV<W G=W<! Djhf_ lh]h ij_^iheh`bf qlh < y\ey_lky ijhp_kkhf m^h\e_ l\hjyxsbfmjZ\g_gbx <
W
W
W
< ³ K GV ³ V< G= V
W
W
]^_K±ijh]j_kkb\ghbaf_jbfucijhp_kklZdhcqlh^ey\k_oWbf__l f_klhg_jZ\_gkl\hKWtP<W Lh]^Z <W t<W^ey\k_oWihqlbgZ\_jgh_ >hdZaZl_evkl\h>hdZaZl_evkl\hijb\_^_ggh_\dgb]_1,NHGD 6:DWDQDEH \e_q_lkms_kl\h\Zgb_b_^bgkl\_gghklvj_r_gby >ey\lhjh]hml\_j`^_gbyfh`ghjZkijhkljZgblvklZg^Zjlguc j_amevlZl kjZ\g_gby j_r_gbc klhoZklbq_kdh]h ^bnn_j_gpbZevgh]h mjZ\g_gby JZkijhkljZg_gb_ lj_[m_lky ^ey ihke_^mxs_]h h[uqgh]h hkgh\Zggh]h gZ g_jZ\_gkl\_ =jhg\heeZ ^hdZaZl_evkl\Z \uiheg_gby mkeh\byEbirbpZ^ey^bnnmabb>hklZlhqghihdZaZlvqlhfZl_fZlb q_kdh_h`b^Zgb_?><W <W @ ^eyex[h]hfhf_glZ\j_f_gbWWlh k^_eZ_f k g_[hevrbf hldehg_gb_f hl ^hdZaZl_evkl\Z g_jZ\_gkl\Z Bd_^u±
[
\
³ ³\
Q
X GXG\ [5
]^_\ihij_^_ey_lkylhqghlZd`_dZd\dgb]_Bd_^ubMi<W <W @ ? «³ Mc < < >P< K @GV» ¬« ¼» W
Q
V
V
V
V
W ( ³ Mcc < < >V< V< @ GV d Q W
Q
V
V
V
V
JZ\_gkl\h ihemqZ_lky k ihfhsvx e_ffu Blh bkihevamy lhl nZdl qlh McQ b V h]jZgbq_ggu_ G_jZ\_gkl\h ke_^m_lbahljbpZl_ev ghklbi_j\h]hfZl_fZlbq_kdh]hh`b^Zgbymkeh\byYfZ^ublh]hnZd lZ qlh MccQ b d U _b_ i ke_^my \uqbke_gbyf Bd_^u ± <W <W @ OLP ?>Mi<W <W @d OLP Q
of
Q
of
W Q
qlhy\ey_lkylj_[m_fufj_amevlZlhf >hdZaZl_evkl\h l_hj_fu KgZqZeZ jZkkfhljbf kemqZc \ dhlhjhfYLo Yo DE [^ey\k_oLAZl_fh[h[sbfj_amevlZl Imklv ^HQ` [m^_l kljh]h iheh`bl_evgZy m[u\ZxsZy ihke_^h\Z l_evghklv \_s_kl\_gguo qbk_e koh^ysZyky d gmex >ey dZ`^h]h i imklvOi[m^_lj_r_gb_fklhoZklbq_kdh]h^bnn_j_gpbZevgh]hmjZ\ g_gby ^eyWdWi LQI^VY;Vi HQ`bOiW OiWi ^eyW!Wi LZdhc ijhp_kk [m^_l m^h\e_l\hjylv mjZ\g_gbx b ih]ehsZlvky gZ ]jZgbp_ ^o Yo HQ` LZd dZd nmgdpbb dhwnnbpb_glh\ hij_^_ eyxsbomjZ\g_gb_ jZ\ghf_jghebirbpb_\ugZ^oYo tHQ` Oi y\ey_lky _^bgkl\_gguf \iheg_ hij_^_e_gguf b kljh]h fZjdh\ kdbfijhp_kkhfqlhke_^m_lbaklZg^Zjlguoj_amevlZlh\l_hjbbklh oZklbq_kdbo^bnn_j_gpbZevguomjZ\g_gbc >eyW fh`ghhij_^_eblv_^bgkl\_ggucijhp_kkOgZ\j_f_g ghfbgl_j\Ze_>f@ijbgy\OW OWi^eyWi dWdWibOW o^eyW! !W{ OLP Wi?kebW fihqlbgZ\_jgh_lh]^ZO_^bgkl\_ggufh[jZ Q
of
ahf jZaj_rZ_l mjZ\g_gb_ gZ > f b y\ey_lky kljh]h fZjdh\ kdbf Imklv9W YOW ±ijhp_kk\heZlbevghklbHij_^_ebf G9W KOW GW 9 EL6G:W W
]^_Ko ELZEo ;_a ihl_jb h[sghklb fh`gh ij_^iheh`blv qlh H ^hklZlhqgh [ebadh d gmex ihwlhfm bkihevamy mkeh\b_ : bf__f \_s_kl\_ggmx a !E L66 LElZdmxqlh\uihegyxlkyg_ iheh`bl_evgmxdhgklZglm K a !^ey\k_oo\ihehk_^[dY[ dH `LZd`_[_a jZ\_gkl\ZKo t K ihl_jbh[sghklbij_^iheh`bfqlhY[ !HGb`_ihkljhbfkljh]h
a iheh`bl_evgucijhp_kk©kjZ\gbl_evghc\heZlbevghklbª9 lZdhcqlh a a 9Wt 9 ihqlbgZ\_jgh_^ey\k_oW>eyg_]hWi t aWE LQI^W 9 HQ`of ihqlbgZ\_jgh_qlhaZ\_jrZ_l^hdZaZl_evkl\h >eylh]hqlh[uihkljhblv 9 kgZqZeZihkljhbf©hldehg_gb_ªO hij_^_ey_fh_ i_j_oh^hf YOW hl H ^hH<j_f_ggufbbgl_j\ZeZfb hldehg_gbyy\eyxlky>LL L L @]^_L Z^eyLt W
W
LL LQI^WtL L YOW H`L L LQI^WtLL YOW H` >eyW>LL L L @ijbf_f a a 9 HWLL K W
W
³
a 9 G= W
W
7 L
]^_ = E6: l _ = y\ey_lky fgh]hf_jguf klZg^Zjlguf [jhmgh\ kdbf^\b`_gb_f >ey fhf_glZ \j_f_gb W \ ^jm]bo g_ hldehg_gby bgl_j\ZeZo a a >L L LL @iheh`bf 9 9WIjhp_kk9 ±kljh]hiheh`bl_evguc Hghq_\b^ghy\ey_lkyhldehg_gbyfbbijh^he`bl_evghklvhldehg_ gbchij_^_ey_lky\dgb]_GBd_^ubK
W
9W H
W
³ K ;
V
7 L
GV
W
³
9 G= V
V
7 L
a KO ^ey \k_o W >LL L L @ e_ffZ kjZ\g_gby LZd dZd K W knhjfmebjh\ZggZy i_j_^ gZklhysbf ^hdZaZl_evkl\hf ihdZau\Z_l a qlh\l_q_gb_hldehg_gby 9 d9WihqlbgZ\_jgh_>hdZaZl_evkl\haZ \_jrZ_lky\jZkkfZljb\Z_fhfkemqZ__^bgkl\_ggh]hklhoZklbq_kdh]h nZdlhjZ\heZlbevghklb L_i_jv^eyh[s_]hkemqZyiheh`bf W
'Q ^['YLo tHQL^«i`` DZdbij_`^_bf__lky_^bgkl\_ggh_j_r_gb_OiklhoZklbq_kdh ]h^bnn_j_gpbZevgh]hmjZ\g_gby \'Q\iehlv^hfhf_glZi_j \h]hihiZ^ZgbyWi LQI^WPLQLYL;Wi HQ`bimklvOiW OiWi ^ey
\k_oW!WiKgh\Zfuhij_^_ebfij_^_evgucijhp_kkO>hdZaZl_evkl \hijh^he`Z_lkydZdbij_`^_bkdexqZylhlnZdlqlhk_cqZkbf__l a kyijhp_kkkjZ\g_gby\heZlbevghkl_c 9 ^eydZ`^h]hLhij_^_ey_fuc q_j_a L Ijb bkihevah\Zgbb qZklb [ mkeh\by : ih kms_kl\m l_ `_ jZkkm`^_gbydZdb\ur_ihdZau\Zxlqlh^ey\k_oLbf__lf_klhg_ a jZ\_gkl\h YL;W t 9 ! ^ey \k_o W ihqlb gZ\_jgh_ Lh]^Z j_amevlZl ke_^m_l dZd b \ [he__ ijhklhf kemqZ_ jZkkfhlj_gghf \gZqZe_ L_h j_fZ^hdZaZgZ L
LW
:NNBGGU?N:DLHJGU?FH>?EB >HOH>GHKLB
< ij_^u^msbo iZjZ]jZnZo ij_^klZ\e_gZ hlghkbl_evgh h[sZy l_hjbyZnnbgguofh^_e_c\j_f_gghckljmdlmjukZ[kljZdlgufbnZd lhjZfb K wlhc lhqdb aj_gby ihe_agh jZkkfhlj_lv kblmZpbb \ dhlh juo ^ey nbdkbjh\Zgguo kjhdh\ ih]Zr_gby W « Wi ^ey \k_o L b W fh`gh jZkkfZljb\Zlv ;LW dZd ^hoh^ghklv \ fhf_gl \j_f_gb W gZ ^bk dhglgmx h[eb]Zpbx kh kjhdhf ih]Zr_gby WL IjZdlbq_kdb_ ij_bfm s_kl\Z \u[hjZ \ dZq_kl\_ nZdlhjh\ ^hoh^ghkl_c k nbdkbjh\Zgguf kjhdhfih]Zr_gbyhq_\b^gu>eylh]hqlh[uljhcdZIPV [ueZZn nbgghcnZdlhjghcfh^_evxkIoW _oj>:W <W o@b oL >OQIoWL @W L['L^«Q` gZfgm`gug_lhevdhgZqZevgu_mkeh\by: b< ^eymjZ\ g_gbc ghbqlh[u^ey\k_oL :W M
gh\hfm \_dlhjm khklhygby ^hoh^ghkl_c <W 5i hij_^_ey_fhfm jZ \_gkl\hf :WL <WL ;W@WL Ijbmkeh\bbqlhfZljbpZ.LM we_f_glZfbdhlhjhcy\eyxlky nmgdpbb<M WL WLg_\ujh`^_ggZyihemqZ_fqlh;W . <WN ]^_ NL :WL WLqlh^_eZ_l\hafh`ghcaZf_gmi_j_f_gghc<wlhfkemqZ_ fh`ghgZibkZlv G<W P <W GWV <W G:W ]^_ P m .P>. mN @V m .V>. mN @ dhlhju_\iheg_hij_^_e_gu\h[eZklb' ^.[N['`Wd\b\Z e_glghcfh^_evx\j_f_gghckljmdlmjuy\ey_lkyI P V ]^_ I mW _oj>: W < W m@ Znmgdpbb: W :W <W L. Nb< W L <W L. Hq_\b^ghqlhI P V ±ZnnbggZynZdlhjgZyfh^_ev^hoh^ ghklb G_kfhljy gZ lh qlh fu ^hklb]eb p_eb g_ ijyfh Z ihkj_^kl\hf aZf_gui_j_f_gguokijZdlbq_kdhclhqdbaj_gbynmgdpby©dh\ZjbZ pbbªV V Lhij_^_ey_fZykhhlghr_gb_f fh`_l[ulv]jh fha^dhc ijb ©dZeb[jh\d_ª gZ[ex^Z_fuo \heZlbevghkl_c beb dhjj_ eypbcgZhkgh\_l_dmsbobebijhreuo^ZgguodZkZxsbokyp_glZd dZdfZljbpZ.aZ\bkblhli_j\hgZqZevguoiZjZf_ljh\hij_^_eyxsbo PbVq_j_aj_r_gbymjZ\g_gbyJbddZlb Lh]^Zbf_xlky ijZdlbq_kdb_hkgh\ZgbygZqbgZlvkZnnbgghcnZdlhjghcfh^_ebIP V ^ey dhlhjhc \_dlhjhf khklhygbc ;W y\ey_lky \_dlhj ^hoh^ghkl_c ^eynbdkbjh\Zgguokjhdh\ih]Zr_gbyW«WiFZljbpZ6bhlghky sb_ky d \heZlbevghklb dhwnnbpb_glu DL b EL fh]eb [u \u[bjZlvky ijyfh ba dZeb[jh\db beb wdhghfbq_kdh]h hp_gb\Zgby beb ba lh]h b ^jm]h]hH^gZdhhklZ_lky\hijhkkh]eZkh\Zgghklbkhij_^_e_gb_f;LW dZd ^hoh^ghklb ^bkdhglghc h[eb]Zpbb ^ey kjhdZ ih]Zr_gby WL l _ k]jZgbqgufb mkeh\byfb Lhevdh k ihfhsvx j_]mebjh\db dh wnnbpb_glh\ \ P b V fh`gh ^h[blvky qlh[u j_r_gb_ mjZ\g_gbc m^h\e_l\hjyeh h[hbf gme_\uf gZqZevguf mkeh\byf Z lZd`_]jZgbqghfmmkeh\bx <lh`_\j_fygZfgm`ghg_gZjm rZlvmkeh\b_:dhlhjh_]ZjZglbjm_lkms_kl\h\Zgb_j_r_gbyklhoZk lbq_kdh]h^bnn_j_gpbZevgh]hmjZ\g_gbyhij_^_ey_fh]hPV IhdZ
g_ll_hj_lbq_kdboj_amevlZlh\hibku\ZxsbodZdfh`ghaZjZg__mk lZgZ\eb\Zlv hij_^_e_ggu_ dhwnnbpb_glu Z ^jm]b_ ih^[bjZlv lZd qlh[u ^hklbqv kh]eZkby k wlbfb jZaebqgufb mkeh\byfb H^gZdh gZ ijZdlbd_ fu g_ klZedb\Z_fky k dZdbfbeb[h ijh[e_fZfb ijb mklZ gh\e_gbbdhwnnbpb_glh\^eyVbihke_^mxs_fih^[hj_dhwnnbpb_g lh\^j_cnZlZdqlh[uihemqblvkh]eZkb_ihdjZcg_cf_j_^ey^\mo nZdlhjgh]hkemqZy>Ze__[m^_lh[tykg_ghdZdwlhk^_eZlv^ey^\mo nZdlhjghcfh^_eb
Ijhklu_ijbf_ju
<dZq_kl\_ijbf_jZ^eybeexkljZpbbf_lh^Z^Z^bf[he__y\gh_ bkke_^h\Zgb_ qZklguo kemqZ_\ \dexqZxsbo _^bgkl\_gguc nZdlhj \heZlbevghklbbebkemqZcg_klhoZklbq_kdhc\heZlbevghklbE < ihke_^g_fkemqZ_j_r_gb_klhoZklbq_kdh]h^bnn_j_gpbZevgh]hmjZ\ g_gby^eynZdlhjh\y\ey_lky]Zmkkh\uf<klZlv_?O.ZUhXL9/DFRVWH jZkkfhlj_gwlhl]Zmkkh\kemqZcohlyhgbjZ[hlZebkfh^_eyfb nhj\Zj^ghc klZ\db \ jZfdZo f_lh^Z +-0 Lh _klv nZdlbq_kdb \ dZq_kl\_ nZdlhjh\ hgb \ayeb nhj\Zj^gu_ klZ\db hij_^_e_gguo kjhdh\ih]Zr_gby\jZfdZoih^oh^Z+-0LZddZd^hoh^ghklv^eyex [h]h kjhdZ ih]Zr_gby y\ey_lky Znnbgghc hlghkbl_evgh nZdlhjh\ nZdlhjgu_ fh^_eb ^hoh^ghklb b nhj\Zj^ghc klZ\db \ gZr_c ihklZ gh\d_fZl_fZlbq_kdbwd\b\Ze_glgu_H^gZdhih^oh^+-0\uoh^blaZ __ij_^_euihkdhevdm^himkdZ_lex[mxbkoh^gmx\j_f_ggmxkljmd lmjm?O.ZUhXL9/DFRVWHlZd`_ih^jh[ghjZkkfhlj_ebijh[e_fm\u [hjZnZdlhjh\ Kwlhclhqdbaj_gby^eyijhklhluijbf_f;W ;W;W«;i W ijb5;W ;WWlhagZqblqlh\dZq_kl\_h^gh]hbanZdlhjh\ijbgb fZ_lky kZfZ djZldhkjhqgZy klZ\dZ G_agZqbl_evgh_ baf_g_gb_ \ h[h agZq_gbyo \ua\Zggh_ wlbf hq_\b^gh b g_ lj_[m_l ^Zevg_crbo dhf f_glZjb_\ _ckl\bl_evgh \ay\ djZldhkjhqgmxklZ\dm\dZq_kl\_i_j_f_gghckhklhygbyfh`gh \ua\Zlvwfibjbq_kdb_ljm^ghklbihdjZcg_cf_j__kebfh^_evijb kihkh[e_gZ d ©djZldhkjhqghc klZ\d_ª ^Zgguo dhlhju_ qZklh bf_xl hkh[_gghklbBa\_klghqlhdjZldhkjhqgZyklZ\dZg_ihkj_^kl\_gghg_ gZ[ex^Z_lky b y\ey_lky ij_^_ehf ^hoh^ghklb Z g_ kZfhc ^hoh^gh klvx
<wlhfqZklghfkemqZ_mjZ\g_gby fh`ghaZibkZlv\ \b^_ $cW E%W DTW ° ®%c W D %W E TW ° ¯%cW D W %W E TW L ^ Q ` ]^_ L
L
TW
L
Q
Q
¦ ¦ 7 % W %
L
L
M
M
L
M
W
>eykemqZy^_l_jfbgbjh\Zgghc\heZlbevghklbhij_^_ey_fhcih kj_^kl\hfE ihke_^gb_imjZ\g_gbch[jZamxlijhklmxebg_cgmx kbkl_fmdhlhjZybf__lklZg^Zjlgh_j_r_gb_
Q
LM
M
LQ
]^_^\LM`±dhgklZgludhlhju_fh]ml[ulve_]dh\uqbke_gub^O«Oi` y\eyxlky i dhjgyfb djZlghklv g_ ij_^iheZ]Z_lky oZjZdl_jbklbq_ kdh]hmjZ\g_gby D § D O ¨ D O ¨ D GHW¨ ¨ ¨D D © Q
Q
D · ¸ D ¸ ¸ ¸ D O ¸¹ Q
Q
Q
Q
J_r_gb_ ^ey < aZl_f ih^klZ\ey_lky \ i_j\h_ mjZ\g_gb_ qlh[uihemqblv:ihkj_^kl\hfijhklh]hbgl_]jbjh\Zgby ?kebbkihevamxlkylhevdh^\Zi_j\uonZdlhjZobolhihemqZ _lky O DDr û ]^_' D D DDDD Lh]^Zh]jZgbq_gby fh`gh\uibkZlvy\ghdZdh]jZgbq_gby gZdhwnnbpb_glu^j_cnZ\b^Z
DD û DD û _ojOW D û DD û DD û _ojOW
DDD û _ojOW DDD û _ojOW û >DWDDDD @ Wlhlijbf_j^_l_jfbgbjh\Zgghc\heZlbevghklbjZkrbjy_lkygb `_dh]^Zfuij_^eZ]Z_fy\gh_bqbke_ggh_j_r_gby^eyp_ghipbh gh\gZh[eb]Zpbbiml_fZ^ZilZpbbdgZr_cfh^_ebj_amevlZlh\-DP VKLGLDQ ?O.ZUhXL5RFKHW b^jm]bo
>\monZdlhjgZyfh^_evklhoZklbq_kdhc\heZlbevghklb
Khkj_^hlhqbf\gbfZgb_gZ^\monZdlhjghfkemqZ_KgZqZeZjZk kfhljbf h]jZgbq_gb_ gZ dhwnnbpb_glu lj_[m_fh_ ^ey g_hljbpZ l_evghklb\heZlbevghklb<wlhfkemqZ_]bi_jiehkdhklvhij_^_eyx sZygme_\mx\heZlbevghklvaZ^Z_lkyjZ\_gkl\hf G ^oo DEoEo ` ;_aihl_jbh[sghklb_kebEz\havf_fE lZdqlhgZGfu bf__fo DEo GZG^ey9W DEOWEOWnmgdpby^j_cnZ ke_^h\Zl_evghjZ\gZ EPo EPo E>EDoDDEo @ ]^_
EDoDDEo @ NNo N EEDEDEDD N EDEDDED
<wlhfkemqZ_nZdlhjgZyZnnbggZyfh^_ev^hoh^ghklbij_^mkfZljb \Z_l^eyEZb6gZfgh]hh[jZabbm^h\e_l\hjyxs_f \uiheg_ gb_ b N!N Gb`_[m^_lijb\_^_gqbke_ggucijbf_j
Dhg_qghjZaghklgh_j_r_gb_p_g nbgZgkh\uoijhba\h^guo
Ihhij_^_e_gbxwd\b\Ze_glghcfZjlbg]Zevghcf_juZdlb\ij_ ^mkfZljb\ZxsbcieZl_`b\fhf_gl\j_f_gbLbf__lp_gm\ex[hc fhf_gl\j_f_gbWLaZ^Z\Z_fmxjZ\_gkl\hf
ª § º · ¨ ¸ ( «H[S¨ ³ 5 ; GV ¸ u X ) » «¬ © »¼ ¹ 7
V
W
W
?kebbkemqZcgZy\_ebqbgZdhlhjZyy\ey_lkybaf_jbfhcnmgd pb_c \j_f_gghc kljmdlmju \ fhf_gl \j_f_gb L lh]^Z lZd dZd \j_ f_ggZykljmdlmjZkZfZbaf_jbfZynmgdpbyi_j_f_gguokhklhygbyOL fh`ghgZibkZlvb JOL b\ujZablvp_gm\\b^_ ) ; W W
ª § · ( «H[S¨¨ ³ 5 ; GV ¸¸ u J ; ; «¬ © ¹ 7
V
7
W
W
º » »¼
Ijb keZ[uo mkeh\byo j_]meyjghklb kf gZijbf_j =bofZg b Kdhjhoh^ _^bgkl\_ggh_j_r_gb_ m^h\e_l\hjy_lMQI )[W 5[ )[W [' ]^_)[W hij_^_ey_lkyjZ\_gkl\hf k]jZgbqgufmkeh\b_f )[W Jo [' Bf_xlky ohjhrh ba\_klgu_ dhg_qghjZaghklgu_ Ze]hjblfu ^ey j_r_gbyiZjZ[hebq_kdboMQIwlh]h\b^Z>eylh]hqlh[umijhklblv qbke_ggh_ j_r_gb_ \ ^\monZdlhjghf kemqZ_ hibkZgghf \ ij_^u^m s_fih^iZjZ]jZn_m^h[ghk^_eZlvaZf_gmi_j_f_gguo m
] DUFWJ>KT[T[ @ N D E [ E[
]^_iZjZf_ljuT E66LE66LbT E66LE66LE_]dh\b ^_lvqlhdmdbSd]dS Bg\_jkbywlh]hij_h[jZah\Zgbyhij_^_ey_lky\ujZ`_gbyfb [
[ K
]^_ [ K
\ WJ ] ] [ K N \
DT [ ET ET
T ] ET ET
[ K
\ WJ ] ] K N \
DT K ET ET
E ] ET ET
T ET ET E ET ET
a Lh]^Z aZibku\Z_lky^ey ) \]W {)[[W \\b^_ a a a a a a P ) PW ) P\ ) P] ) V\ ) V] ) W
]^_
\
]
\\
]]
PW N\\ FRV] P N\[\ FRV] K\ FRV] N\]\ VLQ] K
P\ N\ P\N\FRV] P\\ FRV] P\N\VLQ] K N \ 66E 66E 66EE \ FRV] P] K\ FRV] P]N\FRV] P]\ FRV] P]N\VLQ] K K66T 66T 66TT \ FRV ] VLQ] V\ N \ E66 EE66E66 \ FRV] ijb
V] K T66 TT66T66 \ FRV] P\ EEEEED[ED[ED[ED[ P\ EDKEDKEDKEDK P\ ED]ED]ED]ED] P] TETETD[TD[TD[TD[ P] TDKTDKTDKTDK P] TD]TD]TD]TD]
I_j_oh^hlmjZ\g_gby dmjZ\g_gbx bf__l^\Zhkgh\ guoij_bfms_kl\Z
Ijbf_jklhoZklbq_kdhc\heZlbevghklb Ijb\_^_f ijbf_j ^\monZdlhjghc fh^_eb jZkkfhlj_gghc \ ij_ ^u^ms_fih^iZjZ]jZn_ KgZqZeZ fu j_rZ_f kbkl_fm h[udgh\_gguo ^bnn_j_gpbZevguo mjZ\g_gbcH>M
]^_
%c W D % W D % W E TW %c W D W % W D W % W ETW TW 66<W 66%W 66%W %W
ijb gZqZevguo mkeh\byo < < bkihevamy f_lh^ Jmg]_ ± DmllZ q_l\_jlh]h ihjy^dZ Ihemq_ggh_ j_r_gb_ < < aZ\bkbl hl \_dlhjZ iZjZf_ljh\ Z 6 AZl_f nbdkbjmy 6 bkihevam_f Ze]hjblf GvxlhgZ±JZnkhgZqlh[ugZclbZlZdqlh[ukh]eZkh\Zlvkhhl\_lkl \b_ mkeh\byf <W b <W W DZd ohjhrh ba\_klgh dZq_kl\h fgh]hf_jgh]h Ze]hjblfZ GvxlhgZ ± JZnkhgZ kms_kl\_ggh aZ\bkblhllhqghklbbkoh^ghclhqdbIj_^iheh`bfqlhj_r_gb_^ey kemqZy^_l_jfbgbjh\Zgghc\heZlbevghklbgZc^_ghbbkihevam_f_]h a^_kv\dZq_kl\_bkoh^ghclhqdbJ_r_gb_H>Mf_lh^hfJmg]_±Dml lZq_l\_jlh]hihjy^dZbZe]hjblfihbkdZGvxlhgZ±JZnkhgZfh`gh gZclb\khhl\_kl\mxsbomq_[gbdZoih\uqbkebl_evghcfZl_fZlbd_ Ihke_j_r_gbymjZ\g_gby hlghkbl_evgh<fh`ghqbke_ggh bgl_]jbjh\Zlv $cW E % W E% W DT W :
qlh[u gZclb : Z aZl_f \u[jZlv E b E lZd qlh[u kh]eZkh\Zlv khhl \_lkl\b_mkeh\bx:W >eyijbf_jZaZnbdkbjm_fiZjZf_ljuE D 66 66 66 D E bE Bkihevam_fZe ]hjblf GvxlhgZ ± JZnkhgZ ^ey gZoh`^_gby D b D m^h\e_l\hjyx sbogZqZevgufmkeh\byf>eyaZ\_jr_gbybl_jZpbcZe]hjblfZGvx lhgZ±JZnkhgZbkihevam_lkyijZ\behhklZgh\dbdh]^Z_<W _ b _<W W_
<lZ[eij_^klZ\e_guj_amevlZlu\uqbke_gbc JZaf_jk_ldby\ey_lkyh[jZlghijhihjpbhgZevgufjZaf_jmrZ]Zbk ihevah\Zgghfm ^ey qbke_ggh]h j_r_gby H>M Dhwnnbpb_gl D \u qbkey_lkyih^klZgh\dhcN kh]eZkghmkeh\bx \lh\j_fydZd
E\uqbkey_lkyih^klZgh\dhc:W Ihemq_ggucgZ[hjiZjZf_ljh\ m^h\e_l\hjy_l mkeh\bx : kms_kl\h\Zgby b _^bgkl\_gghklb j_r_gby klhoZklbq_kdbo^bnn_j_gpbZevguomjZ\g_gbc LZ[ebpZ Qbkeh\u_iZjZf_ljuj_r_gby D D E JZaf_jk_ldb1 D
Ijbf_gyy iZjZf_lju ijb\_^_ggu_ \ur_ bkihevam_f g_y\guc f_lh^i_j_f_gguogZijZ\e_gbcDOWHUQDWLQJGLUHFWLRQLPSOLFLW$', ^ey j_r_gbyMQI \\b^_ <hlghkbl_evguo\_ebqbgZoiZjZ f_ljuEbZihemqZxlky]hjZa^h[uklj__q_fijbj_r_gbbMQIijb Z[khexlghf aZ^Zgbb iZjZf_ljh\ DZd ba\_klgh ihdZ g_ bf__lky h[ s_c l_hjbb ]ZjZglbjmxs_c koh^bfhklv Ze]hjblfZ $', dh]^Z hg ijbf_gy_lky d hij_^_e_gguf aZ^ZqZf < gZr_f kemqZ_ wlhl f_lh^ \ ^_ckl\bl_evghklbjZkoh^blky\[ebabg_dhlhjuo]jZgbp[ulvfh`_l a baaZ[ukljh]hbaf_g_gbyagZq_gby ) \[ebabwlbo]jZgbpGZkZfhf a ^_e_ ) g_h]jZgbq_ggZy\^hevg_dhlhjuo]jZgbpbaaZlh]hqlhobo fh]ml[ulvhljbpZl_evgufb\jZkkfZljb\Z_fhcgZfbiZjZf_ljbaZpbb fh^_eb >eylh]hqlh[u\hkklZgh\blvkoh^bfhklvijbf_gy_lkyZe]h jblf$',\h[eZklb^m>GG@b]>SG SG @`]^_G G G bG ±fZeu_g_hljbpZl_evgu_qbkeZIml_fkhhl\_lkl\mxs_]h \u[hjZwlbofZeuoqbk_efh`gh^_ckl\bl_evghihemqblvkoh^bfhklv dZdihdZaZghgb`_<ijbgpbi_\j_fy\uqbke_gbcfh`ghmf_gvrblv f_lh^hfq_j_^h\Zgbyg_y\guoby\guorZ]h\ LZ[ebpZ Ijbf_jdhg_qghjZaghklgh]hj_r_gbyMQI^eyp_gh[eb]Zpbb bhipbhgZgZh[eb]Zpbxp_guhipbhgZgZh[eb]Zpbx^Zgu\kdh[dZo Lhqgh_ j_r_gb_ ^he]hkjhqgZyo f
KlZ\dZ djZldhkjhqgZyo
JZaf_jk_ldb1
>eylh]hqlh[uij_^klZ\eylvlhqghklvjZkkfZljb\Z_fh]hf_lh^Z \ lZ[e ijb\h^ylky qbke_ggu_ j_amevlZlu ^ey p_gu ^bkdhglghc h[eb]Zpbbk_^bgbqgufkjhdhfih]Zr_gbyLhqgucj_amevlZl^Z_lky nhjfmehc_ojo <djm]euokdh[dZolZd`_^Z_lkyqbke_ggh_j_r_ gb_ MQI ^ey p_gu Zf_jbdZgkdh]h hipbhgZdhee gZ wlm h[eb]Zpbx ih]ZrZ_fh]h \ fhf_gl k p_ghc bkiheg_gby A^_kv lZd`_ \u [jZghN K G G G bG
Ijbf_jhij_^_e_gbyp_guhipbhgZgZh[eb]Zpbx ijb^_l_jfbgbjh\Zgghc\heZlbevghklb >ey ijhp_kkZ djZldhkjhqghc klZ\db dhlhjuc fh`_l jZkkfZljb \Zlvky dZd khklZ\eyxsZy fgh]hf_jgh]h ijhp_kkZ =ZmkkZ ± FZjdh\Z )-DPVKLGLDQ ?O.ZUhXL-5RFKHW b^jm]b_\uqbk eyebp_guhipbhgh\gZh[eb]Zpbxlhqgh<wlhcihklZgh\d_fufh `_f bkihevah\Zlv gZrb j_amevlZlu qlh[u \u[jZlv dhwnnbpb_glu ijhp_kkZ=ZmkkZ±FZjdh\ZlZdqlh[ui_j_f_ggu_khklhygbyijbgb fZebkv dZd ^hoh^ghklb < k\yab k wlbf ihemqbf m^h[guc ijbf_j \ dhlhjhf p_gu hipbhgh\ gZ h[eb]Zpbx fh]ml \uqbkeylvky q_j_a ^h oh^ghklb^ey[Zabkguokjhdh\ih]Zr_gbyblZdbfh[jZahfkfh`_f ijh\_jblvlhqghklvgZr_]hqbke_ggh]hj_r_gby^eyp_ghipbhgh\ >ey ijbf_jZ \u[_j_f ^\monZdlhjgmx fh^_ev ^hoh^ghklb k ^_ l_jfbgbjh\Zgghc\heZlbevghklvxkD bE E Ijbij_h[jZ ah\Zgbbi_j_f_gguo a L [ @ m DUFWJN[ ] DUFWJ>K6 6 7 [ 6 V
MQI fh`ghaZibkZlv\\b^_ \dhlhjhf PW NKFRV\ FRV] P KVLQ\ FRV] P\ NKFRV\ FRV] >NEFRV\ DVLQ\ N6 6 7 FRV\ VLQ\ ND6 6 7 FRV\ >K6 6 7 VLQ\ FRV] NFRV\ VLQ] @ P] NKFRV\ FRV ] >E6 6 7 E6 67 KFRV] VLQ] 6 6 7 6 67 6 67 6 67 @KFRV ] VLQ\ D6 6 7 D6 67 K V 6 7 D6 6 7 D6 67 K6 67 VLQ\ FRV] NFRV\ VLQ] V\ N K6 6 7 FRV\ FRV] V] NK 6 6 7 >6 6 7 6 67 6 67 @FRV\ FRV]
Qlh[u h[_ki_qblv koh^bfhklv \uqbke_gbc h]jZgbqbfky lhevdh h[eZklvxm>SGSG@]>SG SG @ Ijbf_gyyj_amevlZlu)-DPVKLGLDQ fh`ghihdZaZlv qlh\fhf_glWp_gZ_\jhi_ckdh]hhipbhgZdheegZ^bkdhglgmxh[eb ]ZpbxkieZl_`hf\fhf_glLkp_ghcbkiheg_gby.b^Zlhcbkl_q_ gbyW L^Z_lky\ujZ`_gb_f KOWW IOWLW 1>/OWW V OWW @ .IOWW W 1>/OWW V OWW @ § I ; 7 W · ¸ 1>@ h[hagZqZ_l nmgdpbx jZk OQ¨¨ V W © .I ; W W ¸¹ ij_^_e_gby klZg^Zjlgh]h ghjfZevgh]h jZkij_^_e_gby Z V y\ey_lky
]^_ /OW W
W
W
W
nmgdpb_cgZ>W @aZ^Z\Z_fhcjZ\_gkl\hfV OWW ³ + V GV ]^_ W
+V 6 6 7 >% 7V % W V @6 67 >%7V %W V @ 6 67 >% 7V % W V @u>%7V %W V @ ]^_% b% aZ^Zxlkykhhlghr_gb_f NhjfmeZ^eyhij_^_e_gbyp_guhipbhgZ y\ey_lky\_jkb_c nhjfmeu;ewdZ±RhmekZ >eygZr_]hqbke_ggh]hijbf_jZ\havf_fE E D D D D 6 6 7 6 67 6 67 N K G G G G <lZ[eijb\h^ylky\uqbke_ggu_p_gu_\jhi_ckdh]hdheeZk p_ghc bkiheg_gby . \j_f_g_f bkl_q_gby hipbhgZ W b kjhdhfih]Zr_gbyh[eb]ZpbbL LZ[ebpZ P_guh[eb]ZpbbbhipbhgZgZh[eb]Zpbxijb^_l_jfbgbjh\Zgghc \heZlbevghklbp_guhipbhgh\gZh[eb]Zpbb^Zgu\kdh[dZo Lhqgh_ j_r_gb_ djZldhkjhqgZyo ^he]hkjhqgZyo f KlZ\dZ
JZaf_jk_ldb1
KD:QDHH;J:AGU?>BNNMABHGGU? IJHP?KKU BaaZ\hafh`ghklb\g_aZiguobaf_g_gbc^eyb^_glbnbdZpbb[m ^msbo ijhp_glguo klZ\hd fh`gh ^himklblv ©g_h`b^Zggu_ª kdZqdb \_dlhjZkhklhygbyOGZijbf_jfh`ghbkihevah\ZlvZnnbggmxnZd lhjgmxfh^_ev^hoh^ghklbkhklZg^Zjlghcfh^_evxkdZqdhh[jZaguo ^bnnmabhgguoijhp_kkh\Ohkgh\ZggmxgZbgnbgbl_abfZevghfhi_ jZlhj_ hij_^_ey_fhfjZ\_gkl\hf )oW )oW Oo ³ > ) [ ] W ) [ W @ GY ] '
]^_±^bnnmabhgguchi_jZlhjhij_^_e_gguckhhlghr_gb_f O ' o # ± ZnnbggZy nmgdpby hij_^_eyxsZy bgl_gkb\ghklv OOW \hagbdgh\_gbykdZqdh\ijhp_kkZO\fhf_glWY±hij_^_e_ggZy\_jh ylghklgZyf_jZgZ5ihij_^_eyxsZyjZkij_^_e_gb_\_ebqbgukdZqdh\ DZd b ^h kbo ihj ^bkdhglgZy h[eb]Zpby k ^Zlhc ih]Zr_gby L bf__lp_gm)oW \fhf_gl\j_f_gbWdh]^Zijbg_h[oh^bfuomkeh \byoj_]meyjghklb)y\ey_lkyj_r_gb_fMQI )oW 5o )oW k]jZgbqgufmkeh\b_f )o7 Dh]^ZPVVLUbOy\eyxlkyZnnbggufbnmgdpbyfb\ijhkljZg kl\_khklhygbc'MQI ijbg_h[oh^bfuomkeh\byoj_]m eyjghklbbf__lj_r_gb_\h[uqghcwdkihg_gpbZevghcnhjf_ )oW _oj>Z7W E7W o@ ]^_Z>7@o5 bE>7@o5i±j_r_gbyH>Mdhlhju_\hfgh]bo kemqZyo ^hklZlhqgh ijhklh j_rZxlky qbke_ggufb f_lh^Zfb DZd wlh fh`gh\b^_lvih^klZ\eyynmgdpbx \mjZ\g_gb_ ^eylh]h qlh[u ihemqblv H>M ^ey E m^h[gh \u[bjZlv jZkij_^_e_gb_ Y lZdbf qlh[u_]hij_h[jZah\Zgb_EZieZkZT \ujZ`Zehkv\y\ghcnhjf_lZd qlh[u ba[_`Zlv qbke_gguo jZkq_lh\ qe_gZ T>E7 W @ Ih^oh^ysbfb [m^mldhf[bgZpbbwdkihg_gpbZevguo]Zmkkh\uo[bghfbZevguob\u
jh`^_gguo dh]^Z \_ebqbgu kdZqdh\ nbdkbjh\Zgu jZkij_^_e_gbc ohlygm`gh[ulv\gbfZl_evgufijb\u[hj_jZkij_^_e_gbylZdqlh[u ]ZjZglbjh\Zlv ijhp_kkm khklhygbc O hklZ\Zlvky \ ijhkljZgkl\_ kh klhygbc ' ijb ihy\e_gbb kdZqdh\ \ ex[hc lhqd_ ijhkljZgkl\Z kh klhygbc >ey qZklgh]h ]Zmkkh\Z kemqZy \ dhlhjhf VVL y\ey_lky ih klhygghcZY±]Zmkkh\ufjZkij_^_e_gb_fgZ' 5i j_r_gb_\y\ ghfZgZeblbq_kdhf\b^_ihemq_gh\jZ[hl_6'DV J_r_gb_\ y\ghc ZgZeblbq_kdhc nhjf_ lZd`_ ihemqZ_lky dh]^Z \u[bjZ_lky dZd hi_jZlhj Zkkhpbbjh\Zgguc k fgh]hnZdlhjghc fh^_evx &,5 Z Y \u[bjZ_lkydZdijhba\_^_gb_iwdkihg_gpbZevguojZkij_^_e_gbc Iml_f baf_g_gby ]jZgbqguo mkeh\bc ^eyh[_ki_q_gbyaZ ^ZgguoieZl_`_cnbgZgkh\uoijhba\h^guofh`ghlZd`_hij_^_eblv klhbfhklv nbgZgkh\hc ijhba\h^ghc Qbke_ggh_ j_r_gb_ MQI k ih fhsvx dhg_qguo jZaghkl_c g_ \uau\Z_l hkh[uo ljm^ghkl_c ohly h[uqguc rZ]h\uc Ze]hjblf h[jZs_gby g_y\guo jZaghklguo rZ]h\ ijb g_\ujh`^_gguo jZkij_^_e_gbyo kdZqdh\ ijbf_gy_lky g_ijyfh Bf__lky ^hklZlhqgh ijZdlbqguc qbke_gguc Ze]hjblf ^ey hij_^_e_ gby klhbfhklb hipbhgh\ \ ^\mof_jguo qZklguo kemqZyo kwdkihg_g pbZevghjZkij_^_e_ggufb\_ebqbgZfbkdZqdh\ Ke_^m_laZf_lblvlZd`_qlhijbgZebqbbkdZqdh\fh`_lhdZaZlv ky g_\hafh`guf iheghklvx o_^`bjh\Zlv aZ^Zgguc bkd k f_gvrbf dhebq_kl\hf ihabpbc \ ^jm]bo bkdZo q_f dhebq_kl\h we_f_glh\ gZ dhlhjuohij_^_e_ghjZkij_^_e_gb_\_ebqbgkdZqdh\Y
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
MKEH?EYO <J?F?GGHCKLJMDLMJU IJHP?GLGUOKL:GHN:DLHJGHCFH>?EB
GZnbgZgkh\hfjugd_Zj[bljZ`_fgZau\Zxl\hafh`ghklvihem q_gby lhj]h\hc ijb[ueb [_a dZdboeb[h ihl_jv B^_y \ujZ`Z_fZy mkeh\b_fhlkmlkl\byZj[bljZ`ZaZdexqZ_lky\lhfqlhgZjZ\gh\_k ghfjugd_^\Zihjln_eyP;dhlhju_h[_ki_qb\Zxlh^bgZdh\u_ieZ l_`b^he`gubf_lv\dZ`^ucfhf_gl\j_f_gbh^bgZdh\mxp_gmBg lmblb\gh ykgh qlh lZdh_ hij_^_e_gb_ p_gu bkdexqZ_l Zj[bljZ` < ihke_^g__\j_fyy\ey_lkyihimeyjghcZj[bljZ`gZyl_hjbyhij_^_e_ gby p_g jughqguo Zdlb\h\ dhlhjZy [Zabjm_lky gZ ij_^iheh`_gbb qlhnbgZgkh\ucjughdk\h[h^_ghlZj[bljZ`Z>eyijh\_jdb\uihe g_gby lZdh]h ij_^iheh`_gby ke_^m_l bf_lv mkeh\by hlkmlkl\by Zj [bljZ`ZWlbfbh[tykgy_lkybgl_j_kdnhjfbjh\ZgbxlZdbomkeh\bc Ijb jZkkfhlj_gbb fZl_fZlbq_kdbo fh^_e_c baf_g_gby p_g gZ nbgZgkh\hf jugd_ k g_ij_ju\guf \j_f_g_f h[uqgh ijbgbfZ_lky qlh ijhp_kku ijhp_glguo klZ\hd gZ jugd_ ke_^mxl klhoZklbq_kdbf ^bnn_j_gpbZevguf mjZ\g_gbyf Wlh ijb\h^bl d lhfm qlh ijhp_kk p_gujughqgh]hZdlb\ZlZd`_ke_^m_lklhoZklbq_kdhfm^bnn_j_gpb ZevghfmmjZ\g_gbxLZdb_kemqZcgu_ijhp_kkuhibku\Zxlkyg_dhlh jhch[t_dlb\ghc\_jhylghklghcf_jhcH[uqghmkeh\b_fhlkmlkl\by Zj[bljZ`Z y\ey_lky ij_^iheh`_gb_ h kms_kl\h\Zgbb wd\b\Ze_glghc fZjlbg]Zevghcf_jukfq]e Wlhmkeh\b_^hklZlhqghh[s__ gh ljm^gh ijh\_jy_fh_ lZd dZd \hijhk h ihkljh_gbb wd\b\Ze_glghc fZjlbg]Zevghc g_cljZevghc d jbkdm f_ju \ y\ghf ZgZeblbq_kdhf \b^_ ihdZ _s_ `^_l k\h_]h jZaj_r_gby Ihwlhfm g_h[oh^bfh ihem qblvmkeh\byhlkmlkl\byZj[bljZ`Z\y\ghcnhjf_g_ijb[_]Zydih kljh_gbxwd\b\Ze_glghcfZjlbg]Zevghcf_ju
GZb[he__ ba\_klgu mkeh\by hlkmlkl\by Zj[bljZ`Z ^ey h^ghnZd lhjguo fh^_e_c \j_f_gghc kljmdlmju ijhp_glguo klZ\hd k g_ij_ ju\guf \j_f_g_f kf ]e H[uqgh wlb mkeh\by ihemqZxlky ^ey ihjln_eyba^\monbgZgkh\uobgkljmf_glh\gZnbgZgkh\hfjugd_gZ dhlhjhfbf__lkylZd`_[_ajbkdh\ucZdlb\LZdh_mkeh\b_aZdexqZ_l ky \ lhf qlh ij_\ur_gb_ kj_^g_c ^hoh^ghklb jbkdh\h]h Zdlb\Z gZ^ [_ajbkdh\hcijhp_glghcklZ\dhcgZ_^bgbpm\heZlbevghklbjbkdh\h ]h Zdlb\Z g_ ^he`gh aZ\bk_lv hl kjhdZ ih]Zr_gby jbkdh\h]h Zdlb\Z Ba\_klgh lZd`_ jZkijhkljZg_gb_ mkeh\by hlkmlkl\by Zj[bljZ`Z gZ jughdkbgneypb_ckf5LkKZUG <lZdhfkemqZ_mkeh\b_nhj fmebjm_lky[_a^hdZaZl_evkl\Z ^eyihjln_eybalj_ojbkdh\uoZdlb \h\baZdexqZ_lky\lhfqlhij_\ur_gb_kj_^g_c^hoh^ghklb[_ajbk dh\h]hZdlb\ZgZ^ghfbgZevghcijhp_glghcklZ\dhc^he`gh[ulveb g_cghc dhf[bgZpb_c \heZlbevghkl_c ijhp_kkZ j_Zevghc ^hoh^ghklb jbkdh\h]h Zdlb\Z khhl\_lkl\mxsbo klhoZklbq_kdhfm baf_g_gbx j_ Zevghc ijhp_glghc klZ\db b klZ\db bgneypbb Dhwnnbpb_glu wlhc ebg_cghc dhf[bgZpbb g_ ^he`gu aZ\bk_lv hl kjhdZ ih]Zr_gby b bf_xlkfuke©jughqguop_gjbkdZªbaaZklhoZklbq_kdh]hbaf_g_gby j_Zevghcijhp_glghcklZ\dbbklZ\dbbgneypbb <gZklhys_c]eZ\_\y\ghcnhjf_ihemq_gumkeh\byhlkmlkl\by Zj[bljZ`Z gZ jugd_ dh]^Z bg\_klhjZf ^ey khklZ\e_gby ihjln_e_c P; ^hklmigu [_kdmihggu_ h[eb]Zpbb Q jZaebqguo kjhdh\ ih]Zr_ gbyIj_^iheZ]Z_lkyqlhbg\_klhj\ex[hcfhf_gl\j_f_gbWbf__l \hafh`ghklv khklZ\blv kZfhnbgZgkbjmxsbc ihjln_ev klhbfhklvx 6W \dexqb\\g_]h^bkdhglgu_h[eb]ZpbbkhkjhdZfbih]Zr_gbyL Q dMdQgZkmffm6 6W ¦ M 6 M KqblZ_lkyqlhijhp_kkudjZldh
kjhqghcijhp_glghcklZ\dbbklZ\dbbgneypbbke_^mxlklhoZklbq_ kdbf^bnn_j_gpbZevgufmjZ\g_gbyfZp_guh[eb]Zpbc\ujZ`Zxlky ^_l_jfbgbjh\Zggufb nmgdpbyfb bf_xsbfb ijhba\h^gu_ g_h[oh ^bfh]hihjy^dZ JZkkfhljbflhj]h\exk\h[h^gufbhlg_mieZlu^bkdhglgufbh[eb ]ZpbyfbkjZaebqgufbkjhdZfbih]Zr_gbygZjugd_dhlhjuchibku \Z_lky h^ghnZdlhjghc fh^_evx >ey bkdexq_gby Zj[bljZ`guo \ha fh`ghkl_cihjln_evkhklhysbcbaex[hcdhf[bgZpbbh[eb]Zpbc\ dZ`^uc fhf_gl \j_f_gb ^he`_g aZjZ[Zlu\Zlv lhl `_ ^hoh^ qlh b [_ajbkdh\ucZdlb\lZdhc`_klhbfhklb<wlhfkemqZ_^eyijhba\hev gh]hdhebq_kl\Z[hevr_^\mo ijh^Z\Z_fuogZjugd_h[eb]Zpbcm^Z _lkyihemqblvh[s__mkeh\b_hlkmlkl\byZj[bljZ`Zijbhij_^_e_gbb p_g h[eb]Zpbc dhlhjh_ lj_[m_l qlh[u ij_\ur_gb_ h`b^Z_fhc ^h
oh^ghklbh[eb]ZpbbgZ^djZldhkjhqghcijhp_glghcklZ\dhc^_e_ggh_ gZ\heZlbevghklv^hoh^ghklbwlhch[eb]Zpbbg_aZ\bk_ehhl^Zluih ]Zr_gbyh[eb]Zpbb Qlh[u ijh^_fhgkljbjh\ZlvwlhfZl_fZlbq_kdb^eydZ`^hc^Zlu ih]Zr_gbyLtij_^iheh`bfqlhijhp_kkp_gu^JWL WdL`k\h [h^ghchlg_mieZlu^bkdhglghch[eb]Zpbbih]ZrZ_fhc\fhf_glL y\ey_lkyijhp_kkhfBlh GJWL PLJWL W GWV LJWL W G:W
bg^_dkLih^q_jdb\Z_laZ\bkbfhklv^j_cnZb\heZlbevghklbhl^Zlu ih]Zr_gby h[eb]Zpbb L JZa^_ebf wlh jZ\_gkl\h gZ p_gm h[eb]Zpbb JWL G3W 7 3 W 7
P 3 W 7 W V 3 W 7 W GW G: W 3 W 7 3 W 7
<ihemq_gghfjZ\_gkl\_e_\ZyqZklvjZ\gZf]gh\_gghcklZ\d_^hoh^ ghklbh[eb]Zpbb>eyijhklhlubkihevam_fkbf\heuPLW bVLW ^ey P 3W 7 W V 3W 7 W h[hagZq_gby khhl\_lkl\_ggh b Lh]^Z 3W 7 3W 7 ihemqbf G3W 7 3 W 7 L
P W GW V W G: W
L
Lh_klvP W bV W y\eyxlkykhhl\_lkl\_ggh^j_cnhfb\heZlbevgh klvxf]gh\_gghcklZ\db^hoh^ghklbh[eb]Zpbb L_i_jvjZkkfhljbfkemqZcdh]^ZgZjugd_lhj]mxlP;kQ^ZlZ fbih]Zr_gbyL M QImklvbg\_klhjbf__lg_dhlhjmxkmffm 6W dhlhjmx hg fh`_l ihljZlblv gZ ihdmidm p_gguo [mfZ] gZ wlhf jugd_bljZlblkmffm6 1 JWL gZihdmidm1 P;k^Zlhcih]Zr_ gbyL lZdqlh
6 W
¦6
¦ 1 3W 7
IjbjZs_gb_ klhbfhklb ihjln_ey wlbo P; aZ bgnbgbl_abfZev gucbgl_j\Ze\j_f_gbhij_^_ey_lkyjZ\_gkl\hf
G6W ¦ 1 G3W 7
G3W 7
3W 7
¦6
qlhkmq_lhfmjZ\g_gby ijb\h^bldkhhlghr_gbx
¦ 6 >P W GW V W G: W @
G6W
¦ 6 P
§ · W GW ¨¨ ¦ 6 V W ¸¸G: W © ¹
]^_P W bV W y\eyxlky^j_cnhfb\heZlbevghklvx^hoh^ghklbP; k^Zlhcih]Zr_gbyL M Q>eyihemq_gby[_ajbkdh\h]h^hoh^Z g_h[oh^bfhqlh[ukmffZ\kdh[dZo\klhoZklbq_kdhfkeZ]Z_fhf[ueZ jZ\gZ gmex Lh _klv ^ey ihemq_gby [_ajbkdh\hc ijb[ueb gm`gh lZ dbf h[jZahf jZkij_^_eylv bf_xsmxky kmffm 6W qlh[u \uihegy
ehkvjZ\_gkl\h ¦ 6 V W
G_gZjmrZyh[sghklbij_^iheh`bfqlhV W zlZdqlh
6
V
W
¦ 6 V W
LZdhc\u[hj6 h[_ki_qb\Z_lgZ\j_f_gghfbgl_j\Ze_WWGW [_ajbkdh\h_ihemq_gb_ijb[uebjZ\gh_
G6W
¦ 6 P
P W W GW ¦ 6 V W V W
ª § P W ·¸º ¨ « ¦ 6 ¨ P W V W ¸» GW V W «¬ © ¹»¼
Ijb hlkmlkl\bb Zj[bljZ`Z [_ajbkdh\uc ihjln_ev ^he`_g aZjZ [Zlu\Zlv ijhp_glu kh]eZkgh djZldhkjhqghc klZ\d_ U UW Wlh agZ qblqlhgZjugd_[m^mlhlkmlkl\h\Zlvmkeh\byZj[bljZ`Zlhevdhlh ]^Z dh]^Z dZdbf [u gb \u[bjZe bg\_klhj jZkij_^_e_gb_ ^6 ` k\hbo ^_g_] ih lbiZf ijbh[j_lZ_fuo P; ^ey ihemq_gby [_ajbkdh\hc ijb
[uebijbjZs_gb_kmffu6W [m^_l\lhqghklbjZ\gufijbjZs_gbx [_ajbkdh\h]h Zdlb\Z lZdhc `_ klhbfhklb l _ ^he`gh \uihegylvky jZ\_gkl\h
G6W 6W UW GW ¦ 6 U W GW
¦ 6 U W GW
U W ¦ 6 V W GW V W
ª § U W ·º « ¦ 6 ¨¨ U W V W ¸¸» GW V W «¬ © ¹»¼
IjbjZ\gb\Zy ihemq_ggu_ nhjfmeu ^ey [_ajbkdh\h]h ijbjZs_ gbyklhbfhklb6W ijboh^bfdjZ\_gkl\m ª § P W ·¸º ¨ « ¦ 6 ¨ P W V W ¸» GW V W «¬ © ¹»¼ hldm^Z
ª Q § U W M · º 6 U W V W ¸ » GW «¦ M ¨ Q W V M © ¹¼ ¬
· § U W P W ¦ 6 ¨¨ P W V W U W V W ¸¸ V W V W © ¹ § P W U W P W U W · ¸ 6 W V ¦ ¨¨ V V W W ¸¹ © Ihkdhevdm wlh jZ\_gkl\h ^he`gh \uihegylvky ^ey ex[h]h jZk ij_^_e_gby^6 dMdQ`bf_xs_ckykmffu6^W`ihlbiZfP;lh dZ`^h_keZ]Z_fh_wlhckmffu^he`gh[ulvjZ\ghgmexHlkx^Zijb oh^bfdke_^mxs_fmmkeh\bxhlkmlkl\by[_ajbkdh\h]hZj[bljZ`Z
P W U W V W
P W U W dMdQ V W
LZdbf h[jZahf hlghr_gb_ ij_\ur_gby kj_^g_c ^hoh^ghklb P W P;k^Zlhcih]Zr_gbyL gZ^djZldhkjhqghcijhp_glghcklZ\dhc UW d \heZlbevghklb V W ijhp_kkZ baf_g_gby ^hoh^ghklb wlhc P; ijb hlkmlkl\bb [_ajbkdh\h]h Zj[bljZ`Z g_ ^he`gh aZ\bk_lv hl ^Zlu ih]Zr_gbyb^he`gh[ulvh^bgZdh\uf^ey\k_o^Zlih]Zr_gbyH[h
agZqbfwlmnmgdpbxq_j_aOUW bihemqbf^eyex[uoLtWjZ \_gkl\h P W U W V W
OU W W
dhlhjh_jZkkfZljb\Z_lkydZdhij_^_e_gb_nmgdpbbOUW gZau\Z_fhc jughqghcp_ghcjbkdZPDUNHWSULFHRIULVN bebij_fb_caZjughqguc jbkdPDUNHWULVNSUHPLXP WlhhagZqZ_lqlhkijZ\_^eb\hke_^mxs__ ml\_j`^_gb_ Ml\_j`^_gb_ Ijb hlkmlkl\bb Zj[bljZ`guo \hafh`ghkl_c kms_kl\m_lnmgdpbyOUW lZdZyqlhbf__lf_klhjZ\_gkl\h PLW UW OUW W V LW ^eyex[uo^Zlih]Zr_gbyL WlhjZ\_gkl\hgZau\Z_lkyehdZevguf mkeh\b_fhlkmlkl\byZj [bljZ`ZOhkZOQhZUELWUZJ_khQGLWLhQ
VMKEH
IjbgZebqbbbgneypbbghfbgZevgZyijhp_glgZyklZ\dZ5W bk ihevam_fZy ^ey ihemq_gby ^bkdhglbjh\Zgghc p_gu h[eb]Zpbb hij_ ^_ey_lky g_ lhevdh j_Zevghc ijhp_glghc klZ\dhc UW gh b klZ\dhc bgneypbb LW dhlhjZy hljZ`Z_l hlghkbl_evgh_ baf_g_gb_ bg^_dkZ p_g ihlj_[bl_evkdbo lh\Zjh\ b mkem] H[uqgh k\yav f_`^m wlbfb klZ\dZfbhibku\Z_lkylZdgZau\Z_fufmjZ\g_gb_fNbr_jZ 5W >UW @>LW @>JW @ ]^_JW h[hagZqZ_l©klZ\dmjbkdh\hcij_fbbª >ey[_ajbkdh\hclhj]h\ebJW Djhf_lh]hh[uqghgZjugdZo mklhcqb\hcwdhghfbdbagZq_gbyUW bLW ^hklZlhqghfZeubfh`gh bkihevah\Zlv ebg_cgmx ZiijhdkbfZpbx wlhc nhjfmeu
GUW P UW W GWV UW W G: W
:gZeh]bqgh iheZ]Z_f qlh ijhp_kk klZ\db bgneypbb LW m^h\e_ l\hjy_l ke_^mxs_fm klhoZklbq_kdhfm ^bnn_j_gpbZevghfm mjZ\g_ gbx GLW P LW W GWV LW W G: W
Gb`gb_ bg^_dku \ wlbo mjZ\g_gbyo ihdZau\Zxl dZdhc ijhp_kk oZ jZdl_jbamxl khhl\_lkl\mxsb_ nmgdpbb ^j_cnZ b \heZlbevghklb Z lZd`_\bg_jh\kdb_ijhp_kkuIhkdhevdmf_oZgbafue_`Zsb_\hkgh \_ klhoZklbq_kdh]h baf_g_gby ijhp_kkh\ UW b LW \ h[s_f kemqZ_ jZaebqgu_b\hij_^_e_gghckl_i_gbg_aZ\bkbfu_lhijhp_kku: W b: W lZd`_y\eyxlkyjZaebqgufbbfh]ml[ulvaZ\bkbfufblhevdh \g_dhlhjhckl_i_gbIhwlhfm\h[s_fkemqZ_\bg_jh\kdb_ijhp_kku : W b: W fh`ghij_^klZ\blv\\b^_
: W U:W U :W : W U:W U :W
]^_ :W :W b:W ±g_aZ\bkbfu_klZg^Zjlgu_\bg_jh\kdb_ijh p_kku Z U ij_^klZ\ey_l kh[hc dhwnnbpb_gl dhjj_eypbb f_`^m ijh p_kkZfb: W b: W >eyijhklhluij_^iheh`bfqlhU J_amevlZl\[he__h[s_f kemqZ_ dh]^Z U z fh`_l [ulv ihemq_g dZd qZklguc kemqZc ba j_ amevlZlh\^Zgghc]eZ\u Ihkdhevdm \ jZkkfZljb\Z_fhf kemqZ_ p_gZ ^bkdhglbjh\Zgghc h[eb]Zpbbhij_^_ey_lkyghfbgZevghcijhp_glghcklZ\dhclh^ey^Z lu ih]Zr_gby L hgZhibku\Z_lkynmgdpb_cJULWL ^eydhlhjhc mjZ\g_gb_ \ij_^iheh`_gbbqlhJULWL y\ey_lky^bnn_j_g pbjm_fhcihWb^\Z`^u^bnn_j_gpbjm_fhcihUbL iml_fijbf_g_ gbynhjfmeu^bnn_j_gpbjh\ZgbyBlhij_h[jZah\u\Z_lkyd\b^m
G3W 7 3 W 7
P W GW V W G: W V W G: W
]^_^eydjZldhklbhims_guZj]mf_gluUbLmnmgdpbcPbVdhlhju_ hij_^_eyxlkyihnhjfmeZf V W V U W
w3 w3 V W V L W 3U L W 7 w U 3U L W 7 w L
PLW
w3 w3 § w3 P U W P L W ¨ 3 © wW wU wL
w3 w 3 ·¸ V U W V L W ¸ wU wL ¹ J_ZevgZy p_gZ h[eb]Zpbb <U L WL fh`_l[ulvhij_^_e_gZ^_ e_gb_fghfbgZevghcp_guJULWL gZmjh\_gvihlj_[bl_evkdbop_g KW dhlhjuc jZkl_l kh]eZkgh klZ\d_ bgneypbb LW 5LkKZUG Wlhljhklhij_^_ey_lkymjZ\g_gb_f GKW LW KW GW LZdbf h[jZahf <U L W L JU L W L KW Ijbf_gyy kgh\Z nhjfmemBlhihemqbfmjZ\g_gb_^eyijhp_kkZj_Zevghcp_guh[eb ]Zpbbk^Zlhcih]Zr_gbyL\\b^_ G%W 7 >P W L W @GW V W G: W V W G: W %W 7 L_i_jvkgh\ZjZkkfhljbfkemqZcdh]^ZgZjugd_lhj]mxlP;kQ ^ZlZfbih]Zr_gbyL M QQ!Imklvbg\_klhjljZlblgZih dmidmP;^_g_`gmxkmffm6W ihdmiZy1 P;k^Zlhcih]Zr_gbyL lZdqlh6 1 JWL l_
6 W
¦6
¦ 1 3W 7
IjbjZs_gb_ klhbfhklb ihjln_ey wlbo P; aZ bgnbgbl_abfZev gucbgl_j\Ze\j_f_gbhij_^_ey_lkydZdbjZg__jZ\_gkl\hf
G6W ¦ 1 G3W 7
G3W 7
3W 7
¦6
Ij_^iheh`bfqlhijhp_kkup_gh[eb]Zpbckex[ufkjhdhfih ]Zr_gby ihjh`^Zxlky h^ghc b lhc `_ djZldhkjhqghc ijhp_glghc klZ\dhc ke_^mxs_c ijhp_kkm Lh]^Z k mq_lhf mjZ\g_gby fh`ghihemqblvkhhlghr_gb_ G6W
¦ 6 >P W GW V W G: W V W G: W @
§ · § · ¨ ¸ ¨ 6 W GW 6 W G: W 6 W P V V ¦ ¦ ¸ ¦ ¸¸G: W ¨ ¨ © ¹ © ¹
]^_P W bV W y\eyxlky^j_cnhfb\heZlbevghklvx^hoh^ghklbP; k^Zlhcih]Zr_gbyL M Q >eyihemq_gby[_ajbkdh\h]h^hoh^Zg_h[oh^bfhqlh[ukmffZ\ kdh[dZo \ klhoZklbq_kdbo keZ]Z_fuo [ueZ jZ\gZ gmex Wlh agZqbl qlh ^ey ihemq_gby [_ajbkdh\hc ijb[ueb gm`gh lZdbf h[jZahf jZk ij_^_eylvbf_xsmxkykmffm6W qlh[u\uihegyebkvjZ\_gkl\Z
¦ 6 V
W ¦ 6 V W
H[hagZqbfq_j_aVW îQ fZljbpm § V W V W V W · ¸ VW ¨¨ ¸ © V W V W V W ¹ Ij_^iheh`bf qlh jZg] fZljbpu VW jZ\_g ihkdhevdm \ ijh lb\ghf kemqZ_ kljhdb wlhc fZljbpu y\eyxlky ebg_cgh aZ\bkbfufb hlebqZykv lhevdh gZ fgh`bl_ev g_ aZ\bkysbc hl^Zluih]Zr_gbyb jZ\_gkl\Z ij_\jZsZxlky\_^bgkl\_ggh_jZ\_gkl\h<lZdhfkem qZ_ k fZl_fZlbq_kdhc lhqdb aj_gby jZkkfZljb\Z_fZy ijh[e_fZ ij_ \jZsZ_lky\aZ^Zqmij_^u^ms_]hiZjZ]jZnZ BajZ\_gkl\ ke_^m_lqlhkj_^bbg\_klbpbc^6 dMdQ`g_ aZ\bkbfhfh]ml[ulvmklZgh\e_gulhevdhQ Z^\_bagbo^he`gu hij_^_eylvky ba Ij_^iheh`bf ^ey hij_^_e_gghklb qlh wlbfb ^\mfyy\eyxlky6 b6 Lh]^ZjZaj_rZyjZ\_gkl\Z hlghkbl_ev ghwlbo\_ebqbg[m^_fbf_lv
6Q
6Q
Q
¦ M
Q
¦ M
Q
M
Q
M
V U VL VL V U 6M Q Q Q Q V U VL V L V U
Q
M
Q
M
VL V U V U VL 6M Q Q Q Q V U VL V L V U
Q
¦ M
Q
¦ M
' M Q 6 M ' Q Q ' M Q 6 M ' Q Q
>ey djZldhklb aZibkb \ jZ\_gkl\Zo b q_j_a 'M N h[hagZq_ghij_^_ebl_evkhklZ\e_ggucba^\moklhe[ph\fZljbpuVW
kghf_jZfbMbNIjbihemq_gbbwlbojZ\_gkl\g_y\ghij_^iheh`_gh qlh^\Zihke_^gboklhe[pZfZljbpuVW y\eyxlkyebg_cghg_aZ\bkb fufb < jZ\_gkl\Zo b bgb`_Zj]mf_glmV W bP W ^ey djZldhklb himkdZ_lky LZdbf h[jZahf hij_^_eyy bg\_klbpbb kh ]eZkghkhhlghr_gbyf b fh`gh^hklbqv[_ajbkdh\h ]h ihemq_gby ^hoh^Z >ey lh]h qlh[u ijb wlhf hlkmlkl\h\Ze Zj[bl jZ`g_h[oh^bfhqlh[u[_ajbkdh\ucihjln_evaZjZ[Zlu\Zeijhp_glu kh]eZkgh ghfbgZevghc ijhp_glghc klZ\d_ 5 5W Lh _klv ^he`gh \uihegylvkyjZ\_gkl\h
G6W 6W 5W GW
¦ 6 5W GW
§ ' M Q ' M Q · ¸5W 6 GW ¦ ¨¨ 'Q Q 'Q Q ¸¹ ©
¦ 6 P W GW
§ ' M Q Q ' M Q Q · P P ¸ 6 M GW ¦ ¨ P M ' Q Q 'Q Q M © ¹ Q
IjbjZ\gb\Zy b ihemqZ_fmkeh\b_hlkmlkl\byZj[bl jZ`Z\\b^_
¦ >P 5 'Q Q P 5 ' M Q
P 5 ' M Q @ 6 Ihkdhevdm^6 dMdQ`y\eyxlkyg_aZ\bkbfufblhdhwnnb pb_glui_j_^\_ebqbgZfb6 \kmff_ ^he`gu[ulvjZ\gugmex ^ey\k_oMl_
P 5 'Q Q P 5 ' M Q P 5 ' M Q
WlhjZ\_gkl\hfh`ghaZibkZlv\g_kdhevdhbghcnhjf_ § P 5 P 5 P 5 · ¨ ¸ ¸ dMdQ V V G_W ¨ V ¨¨ ¸ ¸ V V V © ¹ AZf_lbf qlhjZ\_gkl\Z b [uebihemq_gu^ey6 b 6 lhevdhbaaZkhh[jZ`_gbcm^h[kl\ZaZibkbLZdb_khhlghr_gbyfh ]ml[ulvihemq_gu^eyex[hciZju6 b6 ^eydhlhjhc'MN zK mq_lhfwlh]hbihkdhevdmfZljbpZVW ihij_^iheh`_gbxbf__ljZg] lh kh\hdmighklvjZ\_gkl\ wd\b\Ze_glgZml\_j`^_gbx+RUQ -RQVRQ qlhfZljbpZ
§ P 5 P 5 P 5 P 5 · ¨ ¸ ¨ V V V V ¸ ¨¨ ¸¸ V V V V © ¹ bf__l jZg] Wlh \ k\hx hq_j_^v wd\b\Ze_glgh ml\_j`^_gbx qlh i_j\Zy kljhdZ fZljbpu y\ey_lky ebg_cghc dhf[bgZpb_c ^\mo hklZevguol_ P W 5W O W5 V W O W5 V W dMdQ
Dhwnnbpb_glu O W 5 b O W 5 g_ aZ\bkysb_ hl ^Zlu ih]Zr_ gby bf_xl kfuke jughqghc p_gu jbkdZ \ k\yab kh klhoZklbq_kdbf baf_g_gb_fkhhl\_lkl\_gghijhp_glghcklZ\dbbbgneypbb
VMKEH
Ij_^u^msb_ jZkkm`^_gby kh]eZkmxlky k l_hjb_c \j_f_gghc kljmdlmjuijhp_glguoklZ\hdhkgh\ZgghcgZlZdgZau\Z_fhc]bihl_ a_h`b^ZgbcH[SHFWDWLRQVK\SRWKHVLV Kh]eZkghwlhcl_hjbbnhj\Zj^ gu_ijhp_glgu_klZ\dbjZkkfZljb\ZxlkydZdg_kf_s_ggu_hp_gdbh`b ^Z_fuo [m^msbo agZq_gbc djZldhkjhqguo ijhp_glguo klZ\hd Ih wlhfm _kl_kl\_ggh ij_^iheh`_gb_ qlh \ mjZ\g_gbyo ^ey ijhp_kkh\ p_gh[eb]Zpbckex[ufbkjhdZfbih]Zr_gbyfh`ghbkihevah\Zlvh^ gh b lh `_ mjZ\g_gb_ ijhp_kkZ djZldhkjhqghc ijhp_glghc klZ\db
H^gZdh g_ \k_]^Z j_amevlZlu wlhc l_hjbb kh]eZkmxlky k jughqgufb j_Zebyfb < k\yab k wlbf kms_kl\mxl b ^jm]b_ l_hjbb \j_f_gghc kljmdlmju kf ]e Kh]eZkgh l_hjbb jughqghc k_]f_glZpbb PDUNHW VHJPHQWDWLRQ iZjZee_evgh kms_kl\m_l g_kdhevdh g_aZ\bkb fuoijhp_kkh\djZldhkjhqguoijhp_glguoklZ\hdkhhl\_lkl\mxsbo jZaebqgufkjhdZf^hih]Zr_gbybmijZ\ey_fuokijhkhfbij_^eh`_ gb_f^eyZdlb\h\kwlbfbkjhdZfbQZs_\k_]hZdlb\udhlhjufblhj ]mxlgZjugd_jZa^_eyxlkygZljbk_]f_glZdjZldhkjhqgu_kj_^g_ kjhqgu_b^he]hkjhqgu_Zdlb\uBaaZg_aZ\bkbfhklbf_oZgbafh\mk lZgh\e_gbyp_ggZZdlb\u\gmljbdZ`^h]hbak_]f_glh\fh`ghij_^ iheh`blv qlh klhoZklbq_kdb_ ijhp_kku djZldhkjhqguo ijhp_glguo klZ\hd \gmljb jZaebqguo k_]f_glh\ ihjh`^Zxlky g_aZ\bkbfufb \b g_jh\kdbfbijhp_kkZfbJZkkfhljbfmkeh\byhlkmlkl\byZj[bljZ`Z\ wlhfkemqZ_ ;m^_f ihij_`g_fm ij_^iheZ]Zlv qlh gZ jZkkfZljb\Z_fhf nb gZgkh\hf jugd_ lhj]mxl ^bkdhglgufb h[eb]Zpbyfb kh kjhdZfb ih ]Zr_gby khklZ\eyxsbfb fgh`_kl\h ^L d M d Q` Ij_^iheh`bf lZd`_qlhwlbkjhdbih]Zr_gbyjZa^_eyxlkygZlg_i_j_k_dZxsboky k_]f_glh\ 7 d N d l l Q < ij_^_eZo N]h k_]f_glZ j_ZevgZy djZldhkjhqgZyijhp_glgZyklZ\dZU W ke_^m_lklhoZklbq_kdhfm^bn n_j_gpbZevghfmmjZ\g_gbx
GU W P >UW W@GWV >UW W@G: W dNdl
Kh]eZkgh wlhfm p_gZ h[eb]Zpbb kh kjhdhf ih]Zr_gby L 7 hij_^_ey_lkyklhoZklbq_kdbf^bnn_j_gpbZevgufmjZ\g_gb_f
G3W 7 3W 7
P U W GW V U W G: W
Ijbbgneypbb\f_klhj_Zevghcijhp_glghcklZ\dbU W \mjZ\g_ gbb g_h[oh^bfhbkihevah\ZlvghfbgZevgmxijhp_glgmxklZ\dm 5 W U W LW ]^_klZ\dZbgneypbbbaf_gy_lkykh]eZk ghijhp_kkm <wlhfkemqZ_mjZ\g_gb_ ^he`gh[ulvfh^b nbpbjh\Zghd\b^m b mqblu\Zxs_fmklhoZklbq_kdh_ih\_ ^_gb_ klZ\db bgneypbb Ihkdhevdm p_ev gZklhys_]h iZjZ]jZnZ±^_ fhgkljZpbynhjfbjh\Zgbymkeh\byhlkmlkl\byZj[bljZ`Z^eyk_]f_g lbjh\Zggh]hjugdZfug_[m^_fmqblu\Zlvbgneypbx
DZd b ^h kbo ihj ij_^iheh`bf qlh bg\_klhj khklZ\ey_l ihjl n_evh[eb]Zpbcklhbfhklvx6W ijbh[j_lZy1 P;khkjhdhfih]Z r_gbyL ihp_g_JWL lZdqlh6 1 JWL
6 W
¦ 6 ¦ 1 3W 7
Bkihevamyl_ogbdmdhlhjZyijbf_gyeZkv\ij_^u^msboiZjZ]jZ nZofh`ghihemqblv ijbjZs_gb_klhbfhklbwlh]hihjln_eyh[eb]Z pbcaZbgnbgbl_abfZevgucbgl_j\Ze\j_f_gb\\b^_ G6W
¦
¦ , P U W 6 GW ¦
¦ , V U W 6 G: W
]^_, y\ey_lkybg^bdZlhjhf
_keb 7 7 ® 7 _keb 7 ¯
,
Kgh\Z ^ey ihemq_gby [_ajbkdh\hc ijb[ueb g_h[oh^bfh qlh[u ^6 ` \u[bjZebkv lZdbf h[jZahf qlh[u klhoZklbq_kdb_ keZ]Z_fu_ \ jZ\_gkl\_ h[jZsZebkv \ gmev Ihwlhfm fu bf__f l mkeh\bc [_ajbkdh\h]hihemq_gbyijhp_glh\
¦ > , V U W @6
dNdl
DZd b \ m^h[gh \\_klb \jZkkfhlj_gb_lîQ fZljbpmVW k we_f_glZfb V W , V U W ?keb \k_ ih^fgh`_kl\Z 7 d N d l kjhdh\ ih]Zr_gby y\eyxlky g_imklufb lh jZg] fZljbpu VW [m^_l jZ\_glKdZaZggh_e_]dhihdZaZlv_kebkhklZ\blvfbghjwlhcfZljb pu kh^_j`Zsbc ih h^ghfm klhe[pm khhl\_lkl\mxs_fm kjhdm ih]Z r_gby ba dZ`^h]h ih^fgh`_kl\Z 7 Hlkx^Z ke_^m_l qlh kj_^b ^6 ` bf__lkyl\_ebqbgebg_cghaZ\bkbfuohlhklZevguoQ l \_ebqbg Fh`ghi_j_gmf_jh\Zlvh[eb]ZpbblZdbfh[jZahfqlh[uwlbfb\_eb qbgZfb [ueb ihke_^gb_ l \_ebqbg >ey ^Zevg_cr_]h \\_^_f ke_ ^mxsb_h[hagZq_gby
VW VW VW PW PW PW
]^_VW VW ±khhl\_lkl\_gghfZljbqgu_[ehdbjZaf_jh\lîQ l blîlIjbq_fVW g_\ujh`^_ggZyfZljbpZ ImklvlZd`_PW y\ey_lkyQ\_dlhjkljhdhckwe_f_glZfbP W
¦ , P U W dMdQZP W bP W \_dlhjklhe[pukhhl\_lkl
\_gghkjZaf_jZfbQ l blgmf_jZpbywe_f_glh\dhlhjuokh]eZ kh\ZgZkgmf_jZpb_cklhe[ph\\fZljbqguo[ehdZoVW bVW GZdh g_pimklv6W b6W \_dlhjklhe[pukjZaf_jZfbkhhl\_lkl\_ggh Q l blkhklZ\e_ggu_ba\_ebqbg^6 `lZdbfh[jZahfqlh[ugm f_jZpbybg^_dkh\[ueZkh]eZkh\ZgZkgmf_jZpb_cklhe[ph\\fZljbq guo[ehdZoVW bVW <ijbgyluoh[hagZq_gbyojZ\_gkl\h fh`_l[ulvaZibkZgh \fZljbqghcnhjf_ke_^mxsbfh[jZahf
VW 6W VW 6W hldm^Z 6W >VW @ VW 6W LZdbf h[jZahf ijhp_glu [_ajbkdh\h]h ihjln_ey aZ bgnbgbl_ abfZevgucbgl_j\Ze[m^mlhij_^_eylvkyjZ\_gkl\hf G6W PW 6W PW 6W GW PW PW >VW @ VW 6W GW >eylh]hqlh[uZj[bljZ`hlkmlkl\h\Ze^he`gh\uihegylvkyjZ \_gkl\h
G6W ¦
¦ , U W 6 GW ¦ U W 6 GW >U 6W U 6W @GW
>U U >VW @ VW @6W GW
]^_bkihevah\Zguke_^mxsb_h[hagZq_gbyU W ¦ , U W ZU b
U \_dlhjkljhdb k we_f_glZfb U W b jZaf_jZfb khhl\_lkl\_ggh Q l blghf_jZdhfihg_gldhlhjuokh]eZkh\Zgukgmf_jZpb_c klhe[ph\\fZljbqguo[ehdZoVW bVW
IjbjZ\gb\Zy ijbjZs_gby b ihemqZ_f mkeh\b_ hl kmlkl\byZj[bljZ`Z >PW PW >VW @ VW @6W >U U >VW @ VW @6W Wlhfm mkeh\bx fh`gh ijb^Zlv [he__ ijb\e_dZl_evgmx nhjfm H[h agZqbf a W P W U W P
¦ >P U W U W @ ,
]^_ P O W O \_dlhjkljhdbhlebqZxsb_kyhlP W lhevdhl_f a W qlh\f_klhP W klhyl P
Lh]^Zmkeh\b_hlkmlkl\byZj[bljZ`ZaZibku\Z_lky\\b^_ a W P a W >V W @ V W `6 W ^P
Ihkdhevdmdhfihg_glu\_dlhjZ6W y\eyxlkyg_aZ\bkbfufb\_ ebqbgZfblhbamkeh\by ke_^m_lqlhfgh`bl_ebi_j_^dZ`^hc dhfihg_glhc 6 \_dlhjZ 6W ^he`gu [ulv jZ\gu gmex l _ ^he`gh \uihegylvkyjZ\_gkl\h
a W P a W >V W @ V W P
]^_V W klhe[_pfZljbpuVW khhl\_lkl\mxsbcdhfihg_gl_6 H^gZdh jZ\_gkl\h wd\b\Ze_glgh lj_[h\Zgbx qlh[u [ueZ \ujh`^_gghcfZljbpZ
a W P a W · §P ¸ ¨ ¨ V W V W ¸ ¹ © >_ckl\bl_evghihij_^iheh`_gbxlîl fZljbpZVW y\ey_lky g_\ujh`^_gghcIhwlhfmbf__lf_klhjZ\_gkl\h a W P a W · §P a W P a W >V W @ V W `îG_WV W ¸ ^ P ¨ G_W ¨ ¸ W W V V ¹ ©
b^eylh]hqlh[ufZljbpZ [ueZ\ujh`^_gghcg_h[oh^bfh\u iheg_gb_jZ\_gkl\Z WlhjZ\_gkl\h^he`gh\uihegylvky^eybg ^_dkh\ M khhl\_lkl\mxsbo \k_f dhfihg_glZf 6 \_dlhjZ 6W b ^ey
\k_ojZa[b_gbc\_ebqbg^6 `gZ\_dlhju6W b6W ^eydhlhjuokm s_kl\m_lg_\ujh`^_ggZyfZljbpZVW Wlhwd\b\Ze_glghke_^mxs_ fmml\_j`^_gbx_kebjZg]fZljbpuVW jZ\_glmkeh\b_fhlkmlkl \byZj[bljZ`Zy\ey_lky\ujh`^_gghklvfZljbpu
a W P a W P a W P a W · §P ¸ ¨ ¨ V W V W V W V W ¸ ¹ © a W ]^_ P
¦ >P U W U W @ , dMdQV
W ±l\_dlhjklhe[_p
kdhfihg_glZfbV W , V U W dNdl Gh\ujh`^_gghklvfZljbpuwd\b\Ze_glgZlhfmqlhi_j\Zykljh dZfZljbpuy\ey_lkyebg_cghcdhf[bgZpb_chklZevguo__kljhdBgZ q_]h\hjybf_xlf_klhjZ\_gkl\Z
a W P
¦ >P U W U W @ ,
¦ O U W V U W , dMdQ
Ihkdhevdmh[eb]Zpbykg_dhlhjufdhgdj_lgufkjhdhfih]Zr_ gbyL fh`_lijbgZ^e_`Zlvlhevdhh^ghfmk_]f_glmlhkmffu\jZ \_gkl\_ kh^_j`Zl lhevdh ih h^ghfm g_gme_\hfm keZ]Z_fhfm ^eykhhl\_lkl\mxs_]hwlhfmkjhdmih]Zr_gbyghf_jmN N Hlkx^Z mkeh\b_hlkmlkl\byZj[bljZ`ZihemqZ_lky\\b^_ke_^mxs_]hml\_j` ^_gby Ml\_j`^_gb_GZk_]f_glbjh\Zgghfjugd_Zj[bljZ`hlkml kl\m_l_keb^eydZ`^hciZjuMN \uihegy_lkyjZ\_gkl\h
P U W U V U W
O U W dMdQdN dl
WlhhagZqZ_lqlh^eydZ`^h]hk_]f_glZnbgZgkh\h]hjugdZbf_ _lkyk\hyjughqgZyp_gZjbkdZh^bgZdh\Zy^eyh[eb]Zpbc\k_okjhdh\ ih]Zr_gby wlh]h k_]f_glZ gh \ h[s_f kemqZ_ jZaebqgZy ^ey jZaguo k_]f_glh\
MKEHEYFGH=HN:DLHJGUOFH>?E?C <J?F?GGHCKLJMDLMJU IJHP?GLGUOKL:
GU W P U W GW V U W G:W ]^_ P U W ±l\_dlhj^j_cnZkwe_f_glZfbP U W V U W ±lîT fZljbpZ \heZlbevghkl_c k we_f_glZfb V U W d N d l d O d T :W Tf_jguckemqZcgucijhp_kkdhfihg_glZfbdhlhjh]hy\eyxl kykdZeyjgu_g_aZ\bkbfu_klZg^Zjlgu_\bg_jh\kdb_ijhp_kku: W P G_dhlhju_ Z\lhju ij_^iheZ]Zxl qlh UW ¦ N DN UN W Dh]^Z l T fh^_ev ij_\jZsZ_lky \ h^ghnZdlhjgmx < wlbo mkeh\byo klhoZklbq_kdh_^bnn_j_gpbZevgh_mjZ\g_gb_^eyp_guJUWL [_k dmihgghch[eb]Zpbbkhkjhdhfih]Zr_gbyL bf__l\b^
G3W 7 3 W 7
P W GW V W G: W
]^_bkihevah\Zgumijhs_ggu_h[hagZq_gbyJWL {JUWL
M
P W
§ w3 w3 P w3 § P · · ¨ ¦ P N UN W wU ¨ ¦ VNO UN W ¸ ¸¸ 3W 7 M ¨© wW wU N © N ¹ ¹
V
V W
W G: W
¦ V W G: W
w3 ¦ V U W dOdT 3W 7 wU
Kgh\Z ij_^iheh`bf qlh ^ey khklZ\e_gby kZfhnbgZgkbjmxs_]h ihjln_ey klhbfhklvx 6W bg\_klhjm ^hklmigu h[eb]Zpbb Q jZaebq
guokjhdh\ih]Zr_gbyL dMdQ<dZ`^ucfhf_gl\j_f_gbhgbk ihevam_lkmffm6 gZijbh[j_l_gb_h[eb]Zpbckhkjhdhfih]Zr_gbyL ihp_g_JWL IjbjZs_gb_klhbfhklblZdh]hihjln_eyh[eb]ZpbcaZ bgnbgbl_abfZevgucbgl_j\Ze\j_f_gbhij_^_ey_lkyjZ\_gkl\hf
G3W 7
3W 7
G6W ¦
¦P
6 ¦ >P W GW V W G: W @6
§ · W 6 GW ¦ ¨¨ ¦ V W 6 ¸¸G: W
© ¹
>eyihemq_gby[_ajbkdh\hcijb[uebg_h[oh^bfhqlh[u\uihe gyebkvjZ\_gkl\Z
¦ V W 6
dOdT
<\_^_f \ jZkkfhlj_gb_ TîQ fZljbpm V k we_f_glZfb VO M W dOdTdMdQbQ\_dlhjklhe[_p6kdhfihg_glZfb6 Lh]^Zmk eh\by fh]ml [ulv aZibkZgu \ fZljbqghc nhjf_ dZdmjZ\g_gb_ V6 WlhmjZ\g_gb_bf__lg_ljb\bZevgh_j_r_gb_6_kebblhevdh _kebUZQNVQ LZdbfh[jZahfg_jZ\_gkl\hUZQNVQy\ey_lkyg_h[oh^bfufb ^hklZlhqguf mkeh\b_f kms_kl\h\Zgby [_ajbkdh\h]h kZfhnbgZgkb jm_fh]hihjln_eyh[eb]ZpbckhkjhdZfbih]Zr_gbyL dMdQFZl jbpmVfh`ghbgl_jij_lbjh\ZlvdZdfZljbpm\heZlbevghkl_c^hoh^ ghkl_ch[eb]ZpbcbadhlhjuokhklZ\ey_lkyihjln_ev ImklvUZQN V UQHlkx^ZlZd`_ke_^m_lqlhUdT<lZdhf kemqZ_ ijb ihfhsb ih^oh^ys_c gmf_jZpbb h[eb]Zpbc fh`gh ij_^ klZ\blvfZljbpmVb\_dlhj6\kh]eZkh\Zgghc[ehqghcnhjf_ V · §V §$ · ¸¸ 6 ¨¨ ¸¸ V ¨¨ © V V ¹ © $ ¹ ]^_Vy\ey_lkyg_\ujh`^_gghcUîU fZljbp_cLh]^Zkbkl_fZmjZ\ g_gbcV6 fh`_l[ulvi_j_ibkZgZ\\b^_ V6 V 6 V 6 V 6
Ba i_j\h]h jZ\_gkl\Z ke_^m_l qlhdhfihg_glu\_dlhjZ6 fh]ml[ulv\ujZ`_guq_j_adhfihg_glu\_dlhjZ6 6 V V 6
G6W
¦ P W 6 GW
P6P6 GW
PPV V 6GW Ijb hlkmlkl\bb Zj[bljZ`Z wlh ijbjZs_gb_ ^he`gh [ulv lZdbf `_ dZd b ijbjZs_gb_ Zdlb\Z klhbfhklb 6W kh]eZkgh [_ajbkdh\hc klZ\d_UW Ihwlhfm^he`gh\uihegylvkyjZ\_gkl\h G6W
¦ P W 6 GW UW 6W GW ¦ U W 6 GW
BgZq_]h\hjymkeh\b_hlkmlkl\byZj[bljZ`Zk\h^blkydke_^mx s_fmjZ\_gkl\m
¦ >P W U W @ 6
Imklv U b U h[hagZqZxl \_dlhjkljhdb jZaf_jghklb khhl\_lkl \_ggh U b Q U \k_ dhfihg_glu dhlhjuo h^bgZdh\u b jZ\gu UW Lh]^Zbakhhlghr_gby ke_^m_lqlhjZ\_gkl\h fh`_l[ulv aZibkZgh\\b^_ PUPU V V 6
IhkdhevdmjZ\_gkl\h ^he`gh[ulv^eyex[h]h\_dlhjZ6 lhdZ`^ucwe_f_gl\_dlhjkljhdbPUPU V V ^he`_g [ulvjZ\_ggmexWlhlnZdlwd\b\Ze_gl_glhfmqlh^eydZ`^h]hMkh hl\_lkl\mxs_]hdhfihg_gl_6 \_dlhjZ6bf__lf_klhjZ\_gkl\h
§ P W U W P U · ¸ G_W ¨¨ V ¸¹ © V îG_WV P W UW PU V V
]^_ V h[hagZqZ_lklhe[_pfZljbpuVkghf_jhfM Ihkdhevdm kijZ\_^eb\h ^ey \k_o \hafh`guo bg^_dkh\ M b \k_o \hafh`guo kihkh[h\ khklZ\e_gby fZljbpu V agZqbl mkeh\b_ hlkmlkl\byZj[bljZ`Z\uihegy_lky_kebfZljbpZ
§ P W U W ¨ ¨ V W ¨ ¨¨ © V7 W
P W U W P Q W U W P Q W U W · ¸ V W V Q W V Q W ¸ ¸ ¸¸ V7 W V7Q W V7Q W ¹
bf__ljZg]UGhwlh\k\hxhq_j_^vwd\b\Ze_glghlhfmqlhi_j\Zy kljhdZ fZljbpu y\ey_lky ebg_cghc dhf[bgZpb_c hklZevguo U kljhd iha\heyxs_c knhjfmebjh\Zlv mkeh\b_ hlkmlkl\by Zj[bljZ`Z ke_^mxsbfh[jZahf Ml\_j`^_gb_>eylh]hqlh[ugZnbgZgkh\hfjugd_hibku \Z_fhffgh]hnZdlhjghcfh^_evx hlkmlkl\h\ZebZj[bl jZ`gu_\hafh`ghklbg_h[oh^bfhqlh[u\uihegyebkvjZ\_gkl\Z 7
P W UW ¦ O U W V W
<_ebqbguO UW dOdU\\ujZ`_gbb bf_xlkfukejughqghc p_gujbkdZbaaZkemqZcgh]hih\_^_gbyOcg_aZ\bkbfhckhklZ\eyxs_c klhoZklbq_kdhc^hebijbjZs_gby^hoh^ghklb\mjZ\g_gbb Ih^klZgh\dZ \ jZ\_gkl\h \ujZ`_gbc ^ey P W b V W hij_^_ey_fuo khhlghr_gbyfb ^Z_l ihke_ khhl\_lkl\mxsbo ij_h[jZah\Zgbchkgh\gh_mjZ\g_gb_\qZklguoijhba\h^guohlghkb l_evghp_guJUWL
Ke_^m_laZf_lblvqlhqZklhjZkkfZljb\Z_lkykemqZcdh]^Zp_gu h[eb]Zpbc aZ\bkyl hl nZdlhjh\ q_j_a _^bgkl\_ggmx i_j_f_ggmx Wlhc i_j_f_gghc h[uqgh y\ey_lky ghfbgZevgZy ijhp_glgZy klZ\dZ NZdlbq_kdbijbf_jlZdh]hkemqZy[uejZkkfhlj_gjZg__\^Zgghc ]eZ\u>eywlh]hkemqZyfh`ghijbgylvqlhghfbgZevgZyijhp_glgZy klZ\dZ 5W hij_^_ey_lky nZdlhjZfb U W d N d P dZd \a\_r_ggZy P kmffZ 5W D U W ¦ N DN UN W Lh]^Z p_gZ ^bkdhglghc h[eb]Zpbb hij_^_ey_fZy^ey^Zluih]Zr_gbyLhibku\Z_lkynmgdpb_c35W7 < lh `_ \j_fy jZkkfZljb\Z_fuc kemqZc y\ey_lky qZklguf kemqZ_f fgh]hnZdlhjghc fh^_eb b ihemq_gguc \ur_ j_amevlZl a^_kv lh`_ bf__l f_klh Ihwlhfm mjZ\g_gb_ [m^_l kijZ\_^eb\h gh \ujZ `_gby ^he`gu[ulvmlhqg_gu
P
W
3
· § w3 w3 3 w 7¸ ¨ D P U W DV U W >DV U W @ ¸ ¨ wW 5 w 5 w ¹ ©
V W
w3 DVU W 3 w5
]^_D D D«D y\ey_lky\_dlhjhf3 35W7 ZfZl_fZlbq_ w! w! kdb_ ijhba\h^gu_ y\eyxlky kdZeyjgufb \_ebqbgZfb b w# w# Lh]^Z\ujZ`_gb_ fh`_l[ulvaZibkZgh\\b^_
M
P W 5W w3
M
DV U W O U W dMdQ
3 w5
A^_kv OU W O U W O U W « O U W y\ey_lky \_dlhjklhe[ phf jughqguo p_g jbkdZ baaZ gZebqby klhoZklbq_kdh]h keZ]Z_fh]h V U W G:W ijbjZs_gby nZdlhjh\ \ mjZ\g_gbb AZf_lbf qlh w OQ ! w! LZdbfh[jZahffuihemqZ_fke_^mxsmxbgl_jij_ ! w# w# lZpbxkhhlghr_gby Ml\_j`^_gb_Mkeh\b_hlkmlkl\byZj[bljZ`Zijbhij_^_e_ gbb p_gu h[eb]Zpbb mklZgZ\eb\Z_l qlh ij_\ur_gb_ h`b^Z_fhc ^h 7
M
M
M
oh^ghklbh[eb]ZpbbP W gZ^ghfbgZevghcijhp_glghcklZ\dhc5W ih^_e_ggh_gZfZl_fZlbq_kdmx ijhba\h^gmxeh]ZjbnfZp_guh[eb ]Zpbb3 ihghfbgZevghcijhp_glghcklZ\d_5W g_aZ\bkblhl^Zlu ih]Zr_gbyh[eb]Zpbb7 Khhlghr_gb_ y\ey_lky[Zah\ufijbkhklZ\e_gbbhkgh\gh]h mjZ\g_gby \ qZklguo ijhba\h^guo ^ey hij_^_e_gby p_gu 35 W 7 >eywlh]h^hklZlhqghih^klZ\blvy\gmxnhjfmP W ba b\ih emq_gghf \ujZ`_gbb i_j_klZ\blv keZ]Z_fu_ H^gZdh ke_^m_l aZf_ lblvqlhp_gZh[eb]Zpbb[m^_lbf_lv\b^35W7 _keblhevdh\u jZ`_gby >D P U W @ >D V U W D V U W 7@ b >D V U W OU W @ y\eyxlky nmgdpbyfb 5W D U W Wlh [m^_l gZijbf_j _keb P U W VU W OU W hij_^_eyxlkyke_^mxsbfh[jZahf Z±\_dlhjkljhdZkdhfihg_glZfbD dNdP P U W \_dlhjkdhfihg_glZfbDU W E dNdP
V U W ^bZ]hgZevgZylul fZljbpZkwe_f_glZfb V U W G ^eydNdP T OU W \_dlhjkdhfihg_glZfb O U W G dNdT P >eylZdbonmgdpbcj_r_gb_35W7 mjZ\g_gby^eyp_guh[eb ]Zpbb ijbgZ^e_`bl d Znnbgghfm deZkkm AZf_lbf qlh h[uqgh gZ jugdZo mklhcqb\hc wdhghfbdb agZq_gby djZldhkjhqghc klZ\db UW b klZ\db bgneypbb LW ^hklZlhqgh fZeu b fh`gh bkihevah\Zlv ebg_c gmxZiijhdkbfZpbxnhjfmeu
=E:<:
±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±±
HIJ?>?E?GB?P?G:DLB:IJHP?KKUIJHP?GLGUOKL:BNN?J?GPBJM?FUFB
I?J?F?GGU?KHKLHYGBY
JZkkfhljbf aZ^Zqm hij_^_e_gby p_gu nbgZgkh\h]h Zdlb\Z dh]^Z ijhp_kkdjZldhkjhqghcijhp_glghcklZ\dbg_bf__lfZjdh\kdh]hk\hc kl\Z<wlhfkemqZ_p_gZfh`_lhij_^_eylvkylZd`_i_j_f_ggufbkh klhygbybagbog_dhlhju_g_y\eyxlkygZ[ex^Z_fufb<lh`_\j_fy kijZdlbq_kdhclhqdbaj_gbyfZl_fZlbq_kdh_\ujZ`_gb_^eyp_guZd lb\Zijb_fe_fh^eymqZklgbdh\jugdZ_kebhgh\dexqZ_llhevdhgZ [ex^Z_fu_i_j_f_ggu_Ihwlhfm^he`gZ[ulvjZajZ[hlZgZijhp_^m jZ bkdexq_gby ba wlh]h fZl_fZlbq_kdh]h \ujZ`_gby \k_o g_gZ[ex ^Z_fuokhklZ\eyxsbo\_dlhjZi_j_f_gguokhklhygby<klhoZklbq_ kdbo aZ^ZqZo ijbgylh bkdexqZlv g_gZ[ex^Z_fu_ ihdZaZl_eb iml_f \uqbke_gby mkeh\guo fZl_fZlbq_kdbo h`b^Zgbc < wlhc ]eZ\_ bk ihevam_lky bf_ggh lZdhc ih^oh^ Ij_^iheh`bf qlh ijhp_kk ijh p_glguo klZ\hd ^bnn_j_gpbjm_fuc gh _]h fZl_fZlbq_kdZy ijhba \h^gZyg_dhlhjh]hihjy^dZ±^bnnmabhggucijhp_kkAgZq_gbylZdh]h ijhp_kkZ\[m^msb_fhf_glu\j_f_gbaZ\bkylhlagZq_gbcijhp_kkZb _]hijhba\h^guo\gZklhys__\j_fyKe_^h\Zl_evghbf__lkyaZ\bkb fhklvhlljZ_dlhjbbijhp_kkZb\hagbdZ_lijh[e_fZhij_^_e_gbyp_ guZdlb\Z\wlbomkeh\byoHdZau\Z_lkyqlh\lZdhfkemqZ_^hklZlhq ghdh[uqghcnhjfme_^eyp_guZdlb\Z^h[Z\blvg_dhlhjucfgh`b l_ev aZ\bkysbc hl klhoZklbq_kdbo k\hckl\ fZl_fZlbq_kdbo ijhba \h^guo ijhp_kkZ ijhp_glghc klZ\db GZ wlhc hkgh\_ fh`gh jZkrb jblvba\_klgu_fh^_ebgZijbf_jfh^_ev
]^_ d l d F ijbq_f F ± ihegh_ qbkeh jughqguo i_j_f_gguo hl dhlhjh]haZ\bkblp_gZZdlb\ZZl±qbkehbawlboi_j_f_gguodhlh ju_dhlbjmxlkygZ[ex^Zxlky gZjugd_<h^ghnZdlhjguofh^_eyo \j_f_gghckljmdlmjuijhp_glguoklZ\hdF l l_\_dlhj5\u jh`^Z_lky \ _^bgkl\_ggmx i_j_f_ggmx b wlhc _^bgkl\_gghc i_j_ f_gghckhklhygbyy\ey_lkydjZldhkjhqgZyijhp_glgZyklZ\dZ KijZdlbq_kdhclhqdbaj_gbyfZl_fZlbq_kdh_\ujZ`_gb_^eyp_ guZdlb\Zijb_fe_fh^eymqZklgbdh\jugdZ_kebhgh\dexqZ_llhev dhgZ[ex^Z_fu_i_j_f_ggu_Ihwlhfm^he`gZ[ulvjZajZ[hlZgZijh p_^mjZ bkdexq_gby ba wlh]h fZl_fZlbq_kdh]h \ujZ`_gby \k_o g_gZ [ex^Z_fuodhfihg_gl\_dlhjZi_j_f_gguokhklhygby G_qlhih^h[gh_bf__lf_klhb\h^ghnZdlhjghcfh^_eb\j_f_g ghckljmdlmjuijhp_glguoklZ\hdP_gZ^bkdhglbjm_fhch[eb]Zpbbk ^Zlhc ih]Zr_gby L \ fhf_gl \j_f_gb W kljh]h ]h\hjy hij_^_ey_lky dZd __ ghfbgZevgZy klhbfhklv ^bkdhglbjh\ZggZy \ hlj_]mebjh\Zg ghcdjbkdmkj_^_ dfhf_glmWl_ihbgl_j\Zem\j_f_gb>WL@H^ gZdh\fhf_glWba\_klghlhevdhagZq_gb_djZldhkjhqghcijhp_glghc klZ\dbUW Ubg_ba\_klgu__agZq_gby\[m^msb_fhf_glu\j_f_gb \iehlv^hfhf_glZLIhemqZxsZyky\wlbomkeh\byonhjfmeZ^eyp_ gu h[eb]Zpbb ijb_fe_fZy ^ey mqZklgbdh\ jugdZ y\ey_lky ijhklh mkeh\guf fZl_fZlbq_kdbf h`b^Zgb_f ih hlj_]mebjh\Zgghc jbkdhf \_jhylghklghc f_j_ ^bkdhglbjh\Zgghc ghfbgZevghc klhbfhklb ih g_gZ[ex^Z_fuf[m^msbfagZq_gbyfdjZldhkjhqghcijhp_glghcklZ\ db^UV WVd7`ijbmkeh\bbUW UIjbbkihevah\Zgbbh[t_dlb\ ghc \_jhylghklghc f_ju \hh[s_ ]h\hjy ijhbkoh^bl lh `_ kZfh_ lhevdh^bkdhglbjh\Zgbxih^\_j]Z_lkyklhbfhklv\a\_r_ggZy\h\j_ f_gb dhwnnbpb_glhf aZ\bkysbf hl jughqghc p_gu jbkdZ kf 9DVLþHN$UW]QHU'HOEDHQ LZdbfh[jZahfnZdlbq_kdbbk dexq_gb_ ba fZl_fZlbq_kdh]h \ujZ`_gby agZq_gbc g_gZ[ex^Z_fuo i_j_f_gguo ijhbkoh^bl iml_f mkj_^g_gby ^bkdhglbjh\Zgghc ghfb gZevghcklhbfhklbh[eb]Zpbbihwlbfg_gZ[ex^Z_fufi_j_f_gguf LZdZyijhp_^mjZfh`_l[ulvijbgylZb\fgh]hnZdlhjghcfh^_ebhi j_^_e_gby p_gu nbgZgkh\h]h Zdlb\Z Lh]^Z g_gZ[ex^Z_fufb i_j_ f_ggufb [m^ml g_ lhevdh [m^msb_ agZq_gby \k_o0i_j_f_gguokh klhygbyghbgZklhysb_agZq_gbyl_o0P i_j_f_gguokhklhygby dhlhju_g_gZ[ex^Zxlkyb\fhf_gl\j_f_gbWLZdZyijhp_^mjZnZd lbq_kdb y\ey_lky ijh_dlbjh\Zgb_f nmgdpbb p_gu aZ^Zgghc \ ©ihe ghfªijhkljZgkl\_i_j_f_gguokhklhygbygZih^ijhkljZgkl\hgZ[ex ^Z_fuoi_j_f_gguokhklhygby:hi_jZlhjhflZdh]hijh_dlbjh\Zgby
ijbh^ghnZdlhjghcfh^_ebklZgh\blky\uqbke_gb_mkeh\gh]hfZl_fZ lbq_kdh]h h`b^Zgby < wlhf kfuke_ \ ^Zevg_cr_f [m^_f gZau\Zlv iheghcp_ghcZdlb\ZfZl_fZlbq_kdh_\ujZ`_gb_^eyp_guZdlb\ZaZ ^Zggh_ \ ©iheghfª ijhkljZgkl\_ i_j_f_gguo khklhygby Z p_ghc Zd lb\Z ± __ ijh_dpbx gZ ih^ijhkljZgkl\h gZ[ex^Z_fuo i_j_f_gguo khklhygby Ij_^iheh`bfqlh\_dlhj5baf_gy_lky\h\j_f_gbkh]eZkghke_ ^mxs_fmklhoZklbq_kdhfm^bnn_j_gpbZevghfmmjZ\g_gbx
G5 P5W GWV5W G:W
]^_P5W ±F\_dlhjnmgdpbb^j_cnZi_j_f_gguokhklhygbyV5W ± FuT fZljbpZ bo \heZlbevghklb G:W ± \_dlhj ijbjZs_gbc T f_jgh]hklZg^Zjlgh]h\bg_jh\kdh]hijhp_kkZk\aZbfghg_aZ\bkbfu fbdhfihg_glZfb Ij_^iheh`bf ^Ze__ qlh ihegZy p_gZ Zdlb\Z fh`_l [ulv ij_^ klZ\e_gZ dZd ^_l_jfbgbjh\ZggZy nmgdpby hl 5 W b L ^bnn_j_gpb jm_fZy ih \k_f k\hbf i_j_f_gguf g_h[oh^bfh_ qbkeh jZa A^_kv b ^Ze__ij_^iheh`bfqlhihZdlb\mg_\uieZqb\Z_lkygbdZdboijhf_ `mlhqguoieZl_`_cZ\k_\uieZlu^_eZxlky\^Zlmih]Zr_gbyLLh ]^Z nmgdpby iheghc p_gu Zdlb\Z J5 W L { JL kh]eZkgh nhjfme_ Blh [m^_l baf_gylvky \h \j_f_gb dZd ijhp_kk m^h\e_l\hjyxsbc klhoZklbq_kdhfm^bnn_j_gpbZevghfmmjZ\g_gbx
GJL JLPLW GWJLVLW G:W
\ dhlhjhf kdZeyjguc dhwnnbpb_gl ^j_cnZ PLW b T\_dlhjkljhdZ \heZlbevghklb VLW y\eyxlky djZldbfb h[hagZq_gbyfb ke_^mxsbo \ujZ`_gbc\_jogbcbg^_dk\kdh[dZohagZqZ_lqlhPLbVLoZjZdl_ jbamxlZdlb\k^Zlhcih]Zr_gbyL\_jogbcbg^_dkL[_akdh[hdhagZ qZ_lljZgkihgbjh\Zgb_ P W
·· §¨ w3 w3 §¨ w 3 7 ¸ ¸ 5 W 5 W 5 W P V V WU ¸¸ w5 ¨© w5 3 ¨© wW ¹¹ V W
w3 V 5 W 3 w5
>eyhij_^_e_gghklbaZf_lbfqlha^_kv
w3 7 y\ey_lkyF\_dlhj w5
w 37 kljhdhcZ FuF fZljbp_cWU:±ke_^fZljbpu: w5
MKEHEYFGH=HN:DLHJGHC<J?F?GGHC KLJMDLMJU
<Zj[bljZ`ghcl_hjbbhij_^_e_gbyp_guZdlb\h\h[uqgufkih kh[hfihemq_gbymjZ\g_gby^eyhij_^_e_gbyp_guy\ey_lkylj_[h\Z gb_hlkmlkl\byZj[bljZ`ZgZjugd_]^_lhj]mxldhg_qgufgZ[hjhf 1P;jZaebqZxsbokylhevdh^ZlZfbih]Zr_gbyLMdMd1Kh[kl \_ggh mkeh\b_ hlkmlkl\by Zj[bljZ`Z b y\ey_lky mjZ\g_gb_f \ qZkl guoijhba\h^guo^eyiheghcp_guZdlb\Z<^Zevg_cr_f^eydjZl
dhklb\f_klh 3 P V [m^_fibkZlvkhhl\_lkl\_gghJMPMVM dMd1 >ey ihemq_gby mkeh\by hkmlkl\by Zj[bljZ`Z kgZqZeZ gm`gh kh klZ\blv [_ajbkdh\uc ihjln_ev Zdlb\h\ Z aZl_f ihlj_[h\Zlv qlh[u ^hoh^ghklv lZdh]h ihjln_ey \ lhqghklb jZ\gyeZkv [_ajbkdh\hc ijh p_glghcklZ\d_ Ij_^iheh`bf qlh g_dhlhjuc bg\_klhj khklZ\be ihjln_ev P; bg\_klbjmy \ fhf_gl \j_f_gb W \ Zdlb\ k ^Zlhc ih]Zr_gby LM kmffm \_ebqbghc9MW ij_^iheZ]Z_lkyqlh9MW !_kebbg\_klhjijbh[j_ lZ_l Zdlb\ ih dhlhjhfmhg\^ZlmLMihemqblkhhl\_lkl\mxsmxkmf fmb9MW _kebbg\_klhj\uimkdZ_lZdlb\l_\^ZlmLMh[yam_lky \uieZlblv ih wlhfm Zdlb\m iheZ]Zxsmxky kmffm Lh]^Z klhbfhklv wlh]hihjln_ey\fhf_gl\j_f_gbW M
M
M
Y ¦ 9 W
¦ 1 W 3 5 W 7
¦ 1 W 3
]^_1Mh[hagZqZ_ldhebq_kl\hP;k^Zlhcih]Zr_gbyLMkh^_j`Zsboky \ihjln_e_\fhf_gl\j_f_gbWIjbjZs_gb_klhbfhklblZdh]hihjl n_eyaZbgl_j\ZeWWGW khklZ\bl\_ebqbgm
GY ¦ 1 W G3
G3 ¦ 9 W 3
Bkihevamy mjZ\g_gb_ hij_^_eyxs__ ijbjZs_gb_ p_gu Zd lb\Zk^Zlhcih]Zr_gbyLMihemqZ_fklhoZklbq_kdh_^bnn_j_gpbZev gh_mjZ\g_gb_^eyklhbfhklbihjln_ey\\b^_ G3 GY ¦ 9 W 3
¦9 W P
M
W GW ¦ 9 W V
M
W G: W
LZdhcihjln_ev[m^_l[_ajbkdh\uf_kebklhoZklbq_kdZykhklZ\ 1
eyxsZy\wlhfmjZ\g_gbb[m^_ljZ\gZgmexl_ ¦ 9 M W V W M
M
>ey^Zevg_crbojZkkm`^_gbcm^h[gh\\_klb1\_dlhjkljhdm9W k dhfihg_glZfb 9MW d Md 1 1uF fZljbpm w3 w5 k we_f_glZfb
w3 w5
w OQ 3 w5 d Md 1 d N d F 1 u T fZljbpm VW
w3 w5 V5 W kh kljhdZfb VMW d M d 1 hij_^_ey_fufb khhl ghr_gb_f Lh]^Z mkeh\b_f lh]h qlh ihjln_ev [m^_l [_ajbkdh \ufy\ey_lkyjZ\_gkl\h9W VW Hghfh`_ljZkkfZljb\ZlvkydZd mjZ\g_gb_ hij_^_eyxs__ \_dlhj 9W bg\_klbpbc \ [_ajbkdh\uc ihjln_evHlkx^Z\b^ghqlhg_h[oh^bfufmkeh\b_fkms_kl\h\Zgby [_ajbkdh\h]hihjln_eyy\ey_lkyg_jZ\_gkl\h UDQNVW PLQ^UDQN w3 w5 UDQNV5W ` U1
Fu dhg_qgh g_ jZkkfZljb\Z_f \ZjbZgl dh]^Z \_dlhj bg\_klbpbc y\ey_lky gme_\uf BlZd imklv g_h[oh^bfh_ mkeh\b_ kms_kl\h\Zgby [_ajbkdh\h]hihjln_eyU1bf__lf_klhIj_^klZ\bffZljbpmVW \ [ehqghcnhjf_\kemqZ_dh]^ZUT
V · §V ¸¸ VW ¨¨ V V © ¹
]^_ V ij_^klZ\ey_l kh[hc g_\ujh`^_gguc [ehd jZaf_jhf UuU Wlh]h \ gZrbo mkeh\byo \k_]^Z fh`gh ^hklbqv i_j_gmf_jZpb_c Zdlb\h\ Khhl\_lkl\_gghwlhfmij_^klZ\e_gbxaZibr_f\[ehqghcnhjf_ \_dlhjbg\_klbpbc\ihjln_ev9W 99 Lh]^Zmkeh\b_kms_kl\h \Zgby[_ajbkdh\h]hihjln_ey9W VW ijbh[j_lZ_l\b^ 9V 9V
9V 9V
Hlkx^Z ke_^m_l qlh f_`^m 9 b 9 ^he`gZ kms_kl\h\Zlv ebg_cgZy aZ\bkbfhklv 9 9VV Z\_dlhj9m^h\e_l\hjy_lmjZ\g_gbx 9V VV V dhlhjh_ bf__l k_f_ckl\h g_gme_\uo j_r_gbc \\b^m \ujh`^_gghklb fZljbpuV VV V LZdbfh[jZahffgh]hh[jZab_[_ajbkdh\uoihjln_e_chij_^_ey _lky fgh]hh[jZab_f j_r_gbc 9 mjZ\g_gby h^ghagZqghhij_^_ eyxs_]h 9 ih nhjfme_ Z agZqbl b \_kv \_dlhj 9W < kemqZ_ dh]^ZU T\fZljbp_ [ehdbVbVhlkmlkl\mxl\lhjh_mjZ\ g_gb_\ bmjZ\g_gb_ lZd`_hlkmlkl\mxlZ\dZq_kl\_9fh `_l[ulv\u[jZgex[hcg_gme_\hc1U \_dlhj Ijb hlkmlkl\by Zj[bljZ`Z lj_[m_lky qlh[u ^hoh^ghklv ex[h]h [_ajbkdh\h]hihjln_ey\lhqghklbjZ\gyeZkv[_ajbkdh\hcijhp_glghc klZ\d_ agZq_gb_ dhlhjhc \ fhf_gl \j_f_gb W [m^_f h[hagZqZlv kbf \hehf UW DZd ijZ\beh [_ajbkdh\Zy ijhp_glgZy klZ\dZ y\ey_lky h^ ghcbadhfihg_gl\_dlhjZi_j_f_gguokhklhygby5W Ba khhlghr_gbc b ke_^m_l qlh mjZ\g_gb_ ^bgZfbdb klhbfhklb[_ajbkdh\h]hihjln_eybf__l\b^
GY ¦ 9 W P
M
W GW 9 P 9P GW 9P PV V GW
>eydjZldhklbaZibkbkgh\Zbkihevah\ZgZ[ehqgZykljmdlmjZ\_dlhjZ PW L PW PW P1W PL PL >ey lh]h qlh[u hlkmlkl\h\Ze Zj[bljZ`^he`gh\uihegylvkymkeh\b_
GY ¦ 9 W P
M
W GW YW UW GW
¦ 9 W U W GW
?keb\\_klb\_dlhjklhe[puUbUkh^bgZdh\ufbdhfihg_glZfb UW \dZ`^hfkjZaf_jghklyfbkhhl\_lkl\_gghUb1U lh]^Zih ke_^g__\ujZ`_gb_\ fh`ghaZibkZlvdZd
1
¦ 9 M W U W GW M
9 U 9U GW 9U UV V GW
Lh]^ZbajZ\_gkl\ b [m^_lke_^h\ZlvjZ\_gkl\h 9>PU PU V V@
dhlhjh_ ^he`gh \uihegylvky ^ey ex[h]h [_ajbkdh\h]h ihjln_ey l_^eyex[h]hg_gme_\h]h\_dlhjZ9bafgh]hh[jZabyaZ^Z\Z_fh ]hmjZ\g_gb_f Bawlh]hke_^m_lqlhdZ`^Zydhfihg_glZ\_d lhjZPU PU V V^he`gZ[ulvjZ\gZgmexWlhlj_[h\Z gb_ wd\b\Ze_glgh lhfm qlh ^ey ex[h]h M khhl\_lkl\mxs_]h dhfih g_gl_9M W \_dlhjZ9bf__lf_klhjZ\_gkl\h § P W U W V W · GHW ¨ ¸ U P V © ¹ M
M
PMW UW PU V V uGHWV M
]^_ V h[hagZqZ_lkljhdmfZljbpuVkghf_jhfMHlkx^Zke_^m_l qlhmkeh\b_hlkmlkl\byZj[bljZ`Z\uihegy_lky_kebfZljbpZ § P W U W P W U W P W U W P W U W · ¨ ¸ V W V W V W ¨ V W ¸ ¨ ¸ ¨¨ ¸¸ VU W VU W VU W © VU W ¹ M
1
1
1
1
1
1
bf__l jZg] U < k\hx hq_j_^v wlh wd\b\Ze_glgh lhfm qlh i_j\Zy kljhdZ fZljbpu y\ey_lky ebg_cghc dhf[bgZpb_c hklZevguo U kljhd We_f_glu fZljbpu hij_^_eyxlky jZ\_gkl\Zfb ijbq_f V y\ey_lkyNcdhfihg_glhckljhdbVMW Hlkx^ZihemqZ_f mkeh\b_hlkmlkl\byZj[bljZ`Z\hdhgqZl_evghf\b^_ U
P M W UW ¦ V W O 5 W dMd1
A^_kvON5W \hh[s_]h\hjyfh]ml[ulvex[ufbnmgdpbyfbg_aZ \bkysbfbhlMKe_^m_laZf_lblvqlhqbkehkeZ]Z_fuo\ijZ\hcqZklb jZ\ghUdTl_g_h[yaZl_evghkh\iZ^Z_lkqbkehfTg_aZ\bkb fuoklhoZklbq_kdbokhklZ\eyxsbomjZ\g_gby lZddZdUy\ey_lky
jZg]hffZljbpu khklZ\e_gghcbakljhdVMW hij_^_ey_fuojZ \_gkl\hf Ba \ur_ijb\_^_ggh]h ZgZebaZ g_ \ul_dZ_l gbdZdbo j_dhf_g^Z pbc hlghkbl_evgh aZ^Zgby nmgdpbc ON5 W ihwlhfm kqblZ_lky qlh hgb^he`gu[ulvaZ^ZgubadZdbolh^jm]bokhh[jZ`_gbcby\eyxlky lZdbfb`_\g_rgbfbnZdlhjZfbdZdnmgdpbb^j_cnZb\heZlbevgh klb \ mjZ\g_gbb Nmgdpbx ON5 W ijbgylh gZau\Zlv jughqghc p_ghc jbkdZ k\yaZgghc k \ebygb_f g_hij_^_e_gghklb ihjh`^Z_fhc klhoZklbq_kdhckhklZ\eyxsg_ckghf_jhfN
MJ:EYP?GU:DLB<: <H;S?CFGH=HN:DLHJGHCFH>?EB
JZ\_gkl\h fh`gh jZkkfZljb\Zlv dZd mjZ\g_gb_ \ qZklguo ijhba\h^guo^eyp_guZdlb\Zk^Zlhcih]Zr_gbyLM_kebih^klZ\blv\ g_]h y\gu_ agZq_gby dhwnnbpb_glh\ ^j_cnZ PMW b \heZlbevghklb VMW ba jZ\_gkl\ >ey dhfiZdlghklb aZibkb \\_^_f U\_dlhj klhe[_pO5W O5W O5W OU5W LLh]^ZjZ\_gkl\h fh`ghaZibkZlv\\b^_^eyU T · w3 w3 §¨ w 3 7 ¸ UW J P 5 W WU¨ V V 5 W 5 W ¸ wW w5 © w5 ¹ w3 V 5 W O5W w5 MjZ\g_gb_ b y\ey_lky mjZ\g_gb_f ^ey hij_^_e_gby p_gu Zdlb\Zk^Zlhcih]Zr_gbyL\h[s_cihklZgh\d_^eyfgh]hnZdlhjghc fh^_eb D mjZ\g_gbx g_h[oh^bfh ^h[Z\blv lZd`_ ]jZgbqgh_ mkeh\b_J5LL <L dhlhjh_hij_^_ey_lieZl_`b\^Zlmih]Zr_ gby bkiheg_gby dhgljZdlZ b hljZ`Z_l h]h\hj_ggu_ jZg__ mkeh\by dhgljZdlZ Dkh`Ze_gbxj_r_gb_mjZ\g_gby \y\ghcnhjf_^eyh[ s_]h \b^Z g_ \uibku\Z_lky Fh`gh ]h\hjblv lhevdh h j_r_gbyo \ ZgZeblbq_kdhf\b^_^eyg_dhlhjuoqZklguokemqZ_\JZkkfhljbf^\Z bagbo FZljbpZ \heZlbevghkl_c V5 W g_ aZ\bkbl hl 5 \_dlhjgu_ nmgdpbb P5 W b V5 W O5 W ± ebg_cgu_ hlghkbl_evgh 5 < lZdhf kemqZ_wlbnmgdpbbaZ^Zxlkykhhlghr_gbyfb V5W VL5W GP5W PP5V5W O5W OO5
]^_ G P P O O±\_dlhjubfZljbpukhhl\_lkl\mxsbojZaf_jh\ dhlhju_\h[s_fkemqZ_fh]mlaZ\bk_lvhl\j_f_gbW Ij_^iheh`bfqlh[_ajbkdh\Zyijhp_glgZyklZ\dZUW hij_^_ey _lkyg_dhlhjhcdhf[bgZpb_cwe_f_glh\\_dlhjZ5beby\ey_lkyh^gbf ba wlbo we_f_glh\ Ihwlhfm \\_^_f lZd`_ F\_dlhjkljhdm Z lZdmx qlh[uZ5W UW ?kebUW y\ey_lkyh^ghcbadhfihg_gl\_dlhjZ5 lhwe_f_gluZy\eyxlkygmeyfbaZh^gbfbkdexq_gb_fwe_f_glkgh f_jhfdhlhjuc[_ajbkdh\Zyijhp_glgZyklZ\dZUW bf__l\\_dlhj_5 jZ\_g_^bgbp_ Lh]^Zj_r_gb_fmjZ\g_gby y\ey_lkynmgdpby J5WL <L _oj^:WL <WL 5` ]^_kdZeyjgZynmgdpby:WL F\_dlhjkljhdZ<WL bkbff_ljbqgZy FuF fZljbpZKWL gZoh^ylkybake_^mxsbo^bnn_j_gpbZevguo mjZ\g_gbcrljboh[hagZqZ_lijhba\h^gmxih\j_f_gb :c <O P <J
V5W VL5W G 5JP5W ED5V5W O5W K[5
]^_ D EGJK[ ± \_dlhju b fZljbpu khhl\_lkl\mxsbo jZaf_jh\ dhlhju_\h[s_fkemqZ_fh]mlaZ\bk_lvhl\j_f_gbWKbf\he'h[h agZqZ_lljZgknhjfZpbx\_dlhjZ\^bZ]hgZevgmxfZljbpmgZijbf_j
§ J · ¨ ¸ ¨ J ¸ J ¨ J ¸ ¨¨ ¸¸ J © ¹
§ J · ¨ ¸ ¨ J ¸ ¨ ¸ ¨¨ ¸¸ J © ¹
< jZkkfZljb\Z_fhf kemqZ_ nmgdpby lZd`_ y\ey_lky j_r_ gb_fmjZ\g_gby h^gZdh\wlhfkemqZ_fZljbpZK kdZeyjgZy
nmgdpby :W L b F\_dlhj <W L gZoh^ylky ba ke_^mxsbo ^bnn_ j_gpbZevguomjZ\g_gbc :c <KE <Jey[he__keh`guokblmZpbcfh`ghihemqZlvj_r_gb_mjZ\ g_gbyJbddZlblhevdhqbke_ggufbf_lh^ZfbNmgdpby:ijbba\_kl guo<bKhij_^_ey_lkyijhklufbgl_]jbjh\Zgb_fdhlhjh_h^gZdh fh`_lijb\_klbdbgl_]jZeZfg_\uqbkey_fuf\d\Z^jZlmjZoGb`_ jZkkfhljbf_s_h^bgkemqZcdh]^Zj_r_gb_mjZ\g_gby fh`_l [ulvgZc^_gh\aZfdgmlhcnhjf_^eyijZdlbq_kdb\Z`gh]hkemqZy
MKLJ:G?GB?G?G:;EX>:?FUO DHFIHG?GL
GZc^_ggh_hibkZggufkihkh[hfj_r_gb_mjZ\g_gby hij_ ^_ey_l ©ihegmxª p_gm Zdlb\Z Hgh [m^_l ijb_fe_fh ^ey mqZklgbdh\ jugdZ _keb \k_ we_f_glu \_dlhjZ 5 y\eyxlky gZ[ex^Z_fufb ?keb jy^ we_f_glh\ wlh]h \_dlhjZ g_ gZ[ex^Z_lky gZ jugd_ jZg__ fu bo
hij_^_eyebdZdFlihke_^gbowe_f_glh\\_dlhjZ5 lhg_h[oh^b fh _s_ gZclb jZkij_^_e_gb_ \_jhylghkl_c wlbo we_f_glh\ b \uqbk eblv mkeh\gh_ fZl_fZlbq_kdh_ h`b^Zgb_ j_r_gby ih gZc^_g ghfm jZkij_^_e_gbx ijb nbdkbjh\Zgguo gZ[ex^Z_fuo i_j_f_gguo khklhygby LZdZy ijhp_^mjZ iha\hebl ihemqblv nhjfmem ^ey p_gu ijb_fe_fmx^eymqZklgbdh\jugdZ JZkkfhljbf wlm ijhp_^mjm ^ey h^gh]h \Z`gh]h kemqZy ghjfZev gh]hjZkij_^_e_gby\_dlhjZi_j_f_gguokhklhygby5W WlhhagZqZ_l qlhiehlghklv\_jhylghkl_c\_dlhjZ5bf__l\b^ I5W >S GHW @ _oj^5? L65? ` ]^_ ? (W ±\_dlhjfZl_fZlbq_kdboh`b^Zgbci_j_f_gguokhklhy gby6 6W fZljbpZbodh\ZjbZpbb K p_evx m^h[kl\Z jZkqe_gbf \_dlhj 5 gZ ^\_ qZklb gZ[ex^Z_ fmx* 5 5 5l Lbg_gZ[ex^Z_fmxG 5l 5l 5F LKhhl \_lkl\_gghwlhfm\[ehqghcnhjf_ij_^klZ\bf\_dlhj?bfZljbpm6 · § § · ? ¨ ¸ 6 ¨ ¸ © ¹ © ¹ J
J
JK
K
KJ
K
]^_?Jb?K±fZl_fZlbq_kdb_h`b^Zgbykhhl\_lkl\_gghgZ[ex^Z_fhc bg_gZ[ex^Z_fhcqZkl_c6Jb6KbofZljbpudh\ZjbZpbc6JKb6KJ± fZljbpu \aZbfguo dh\ZjbZpbc gZ[ex^Z_fuo b g_gZ[ex^Z_fuo qZk l_c\_dlhjh\ Lh]^Z iehlghklv \_jhylghkl_c i_j_f_gguo khklhygby fh`_l [ulvaZibkZgZ\nhjf_ ° § * ( · § · §* ( H[S ® ¨ ¸ ¨ ¸¹ ¨© + ( °¯ © + ( ¹ © I*+W · § S GHW ¨ ¸¹ ©
7
J
J
JK
J
K
KJ
K
K
0
J
JK
KJ
K
· ½° ¸¾ ¹ °¿
Wlmiehlghklv\_jhylghkl_c^eygZrbop_e_cm^h[ghij_^klZ\blv \nhjf_ijhba\_^_gby[_amkeh\ghc^ey* bmkeh\ghc^ey+ijbnbd kbjh\Zgghf* iehlghkl_ckfgZijbf_jL:g^_jkhg
½ H[S® * ( 7 * ( ¾ ¯ ¿ u I* I+~* S GHW
^
`
H[S + ( + ( u S GHW 7
K
0
K
KJ
J
JK
KJ
J
K
P
K
JK
]^_^eydjZldhklbbkihevah\Zghh[hagZq_gb_ (
( * (
<jZkkfZljb\Z_fhfkemqZ_ihegmxp_gmZdlb\Z fh`ghaZ ibkZlv\\b^_ § * ·½ J*GWL <L _oj ® $W 7 % % ¨ ¸ ¾ © + ¹¿ ¯ J
K
]^_\_dlhj<ij_^klZ\e_g\[ehqghcnhjf_kh]eZkghjZa[b_gbx\_dlh jZi_j_f_gguokhklhygbygZqZklb*bG >ey ihemq_gby nhjfmeu p_gu Zdlb\Z dhlhjmx fh`gh [ueh [u bkihevah\ZlvgZjugd_hklZ_lky\uqbkeblvmkeh\gh_fZl_fZlbq_kdh_ h`b^Zgb_nmgdpbbJ*GWL ihjZkij_^_e_gbx\_dlhjZGijbnbd kbjh\Zgghf\_dlhj_*Lh]^Z J*WL <L _oj^:WL <J *`?* W ^_oj
GZihfgbf qlh \_dlhj * khklZ\e_g ba gZ[ex^Z_fuo jughqguo ihdZaZl_e_c l _ * 5 5 5l L LZdbf h[jZahf \ wlhc nhjfme_ ^ey p_gu bkihevamxlky beb nmgdpbb hij_^_ey_fu_ ijbgylhc fh^_ evxdh]^ZhgZ^himkdZ_lghjfZevgh_jZkij_^_e_gb_i_j_f_gguokh lhygby bebgZ[ex^Z_fu_jughqgu_ihdZaZl_eb5 5 5lIhwlh fm ijb aZ^Zgghc fh^_eb jZa\blby jughqguo ihdZaZl_e_c nhjfmeZ fh`_lbkihevah\Zlvky\j_Zevghch[klZgh\d_
>BNN?J?GPBJM?FU?IJHP?KKU DJ:LDHKJHQGUOIJHP?GLGUOKL:
< ih^Z\eyxs_f [hevrbgkl\_ kemqZ_\ klhoZklbq_kdb_ fh^_eb ^bgZfbdbdjZldhkjhqghcijhp_glghcklZ\dbhkgh\ZgugZijhp_kkZok g_aZ\bkbfufb ijbjZs_gbyfb ^bnnmabhgguo ijhp_kkZo dhlhju_ y\eyxlky g_ij_ju\gufb g_^bnn_j_gpbjm_fufb fZjdh\kdbfb ijh p_kkZfb b hibku\Zxlky mjZ\g_gbyfb \b^Z dh]^Z \_dlhj i_j_ f_gguokhklhygby5W \ujh`^Z_lky\_^bgkl\_ggmxi_j_f_ggmxUW ey lh]h qlh[u \ jZkkfZljb\Z_fhf kemqZ_ ihemqblv mjZ\g_gb_ ^eyhij_^_e_gbyp_guZdlb\Z^himkdZxs__j_r_gb_\y\ghcnhjf_ jZkkfhljbf ebg_cgh_ klhoZklbq_kdh_ ^bnn_j_gpbZevgh_ mjZ\g_gb_ ihjy^dZ F hlghkbl_evgh U k g_aZ\bkbfhc hl U \heZlbevghklvx b g_ ij_ju\gufb^_l_jfbgbjh\Zggufbdhwnnbpb_glZfbl_ GUFW ZFW UFW GWZW UW GW
EW GWVW G:W
lZdqlhg_ij_ju\gu_ijhba\h^gu_UNW dNdFbf_xl^bnn_ j_gpbZeuGUNW UNW GWZijhba\h^gZyihjy^dZF bf__lklh oZklbq_kdbc^bnn_j_gpbZe
GUFW ZFW UFW GW ZW UW GWEW GWVW G:W AZf_lbf qlh ijb VW { mjZ\g_gb_ klZgh\blky h^ghjh^ guf h[udgh\_gguf ^bnn_j_gpbZevguf mjZ\g_gb_f ^ey ^_l_jfbgb jh\ZgghcnmgdpbbdhlhjZybf__lFijhba\h^guo G0U GU D W D W U W 0 GW GW
H[s__j_r_gb_mjZ\g_gby fh`ghij_^klZ\blv\\b^_ UW
¦
X W V U V VdW
q_j_aagZq_gbyijhp_kkZUW {UW bijhba\h^guoUNW dNdF \gZqZevgucfhf_gl\j_f_gbVZlZd`_qZklgu_j_r_gbyXNWV khhl \_lkl\mxsb_ ki_pbZevghfm gZ[hjm gZqZevguo mkeh\bc UNV UMV ^ey\k_oMzNIj_^iheh`bfqlh^UNV dNdF`y\ey xlkykemqZcgufb\_ebqbgZfbLh]^Znmgdpbyhij_^_ey_fZykhhlgh r_gb_f [m^_l bf_lv g_ij_ju\gu_ \ kj_^g_d\Z^jZlbqghf ijhba\h^gu_UNW ^hihjy^dZF \dexqbl_evghby\ey_lky_^bg kl\_ggufj_r_gb_fh^ghjh^gh]hklhoZklbq_kdh]hmjZ\g_gby kh kemqZcgufbgZqZevgufbmkeh\byfb^UNV dNdF` J_r_gb_klhoZklbq_kdh]h^bnn_j_gpbZevgh]hmjZ\g_gby k gme_\ufb gZqZevgufb mkeh\byfb hij_^_ey_lky nhjfmehc X JhaZ gh\
UW ³ X W V V V G: V VdW
]^_^eyex[h]hnbdkbjh\Zggh]hVnmgdpbyXWV i_j_f_gghcWWtV y\ey_lkyj_r_gb_fh^ghjh^gh]h^bnn_j_gpbZevgh]hmjZ\g_gby kgZqZevgufbmkeh\byfb XVV XVV XFVV XFVV LZdbfh[jZahf_keb\aylvj_r_gb_ mjZ\g_gby kgm e_\ufbgZqZevgufbmkeh\byfb^UNV dNdF`b^h[Z\blvd g_fmj_r_gb_ h^ghjh^gh]hmjZ\g_gby lh]^Zihemq_ggZy
kmffZ^Zklj_r_gb_mjZ\g_gby khkemqZcgufbgZqZevgufbmk eh\byfb^UNV dNdF` >eybkihevah\Zgbywlh]hj_r_gbyijb\u\h^_mjZ\g_gbyhij_^_ e_gby p_gu Zdlb\Z ^himkdZxs_]h ihemq_gb_ nhjfme \ y\ghf \b^_ j_r_gb_mjZ\g_gby [he__m^h[ghgZibkZlv\^jm]hcnhjf_Hi j_^_ebf F\_dlhj i_j_f_gguo khklhygby 5 djZldhkjhqghc ijhp_gl ghcklZ\dbUW ke_^mxsbfh[jZahf G N U W 5W UW 5NW dNdF GW N <wlboh[hagZq_gbyobgnbgbl_abfZevgu_ijbjZs_gbyi_j\uoF dhfihg_gl\_dlhjZ5[m^mlhij_^_eylvkyke_^mxsbfh[jZahf G5N W 5N W GWdNdF Zihkdhevdmihij_^iheh`_gbxihke_^gyydhfihg_glZ5F W UFW m^h\e_l\hjy_lklhoZklbq_kdhfm^bnn_j_gpbZevghfmmjZ\g_gbx nhjfmeu iha\heyxl gZibkZlv \f_klh mjZ\g_gby ke_^mxsmx kbkl_fm F ^bnn_j_gpbZevguo mjZ\g_gbc i_j\h]h ihjy^dZ\^bnn_j_gpbZeZo G5 W 5 W GW G5 F W 5F W GW G5F W ZF W 5 F W GWZ W 5 W GWEW GWVW G:W
J_r_gb_ ^Zgghc kbkl_fu mjZ\g_gbc m^h[gh ij_^klZ\blv \ fZl jbqghcnhjf_>eywlh]hi_j_ibr_f dZd § G5 ¨ ¨ G5 ¨ ¨¨ © G5
· ¸ ¸ ¸ ¸¸ ¹
§ ¨ ¨ ¨ ¨¨ © D W
D W
D W
·§ 5 ¸¨ ¸¨ 5 ¸¨ ¸¨ D W ¸¹¨© 5
§ · § · ¸ ¨ ¸ ¨ ¨ ¸ ¨ ¸ GW ¨ G: W ¨ ¸ ¸ ¸¸ ¨¨ ¸¸ ¨¨ © VW ¹ © EW ¹
· ¸ ¸ ¸GW ¸¸ ¹
?kebl_i_jv^eydhfiZdlghklbaZibkb]jhfha^dbo\ujZ`_gbc\\_k lbfZljbqgu_h[hagZq_gbylhwlhmjZ\g_gb_aZibr_lky\\b^_ G5 DW 5GWEW GWGW G:W
]^_bkihevah\Zguh[hagZq_gby § 5 W · ¨ 5 W ¸ ¨ ¸ ¸ EW 5W ¨ ¨ ¸ ¨ 5 W ¸ ¨ 5 W ¸ © ¹
0
0
§ ¨ ¨ DW ¨ ¨ ¨ ¨ D W ©
§ · ¨ ¸ ¨ ¸ ¨ ¸ GW ¨ ¸ ¨ ¸ ¨ EW ¸ © ¹
D W
D W
§ · ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ ¸ ¨ VW ¸ © ¹
· ¸ ¸ ¸ ¸ ¸ D W ¸¹ 0
WlhhagZqZ_lqlhmjZ\g_gb_ khhl\_lkl\m_lmjZ\g_gbx \dhlhjhfP5W DW 5EV5W GW h^gZdhkj_^bFdhfihg_gl lhevdhh^gZbf__lklhoZklbq_kdh_ih\_^_gb_J_r_gb_kbkl_fu kgZqZevgufbmkeh\byfb
^5N V UNV dNdF`
\bgl_]jZevghcnhjf_bf__l\b^
5W 8WV 5V ³ 8 W W EW GW ³ 8 W W GW G: W
]^_8WV y\ey_lkynmg^Zf_glZevghcfZljbp_cj_r_gbch^ghjh^ghc kbkl_fu h[udgh\_gguo ^bnn_j_gpbZevguo mjZ\g_gbc 5c D5 5c h[hagZqZ_lijhba\h^gmx\_dlhjZ5W ihW
Ijb\_^_f g_dhlhju_ ihe_agu_ k\hckl\Z nmg^Zf_glZevghc fZl jbpuj_r_gbc w8 W V w8 W V DW 8WV 8WV DV wW wV 8WV 8WW 8WV ^eyex[uoWWV 8WV 8VW 8WW ,,±_^bgbqgZyfZljbpZ
GHW8WV _oj ³ WU DW GW
Djhf_lh]h_kebfZljbpZDW Dg_aZ\bkblhlWlh]^ZfZljbpZ 8WV aZ\bkbllhevdhhlh^ghci_j_f_gghcjZaghklbWV WZg_ hl^\moi_j_f_gguo<wlhfkemqZ_bf__f8WV 8WV 8 , 8WV 8W 8V 8W 8W D8W 8W D H[jZlbfky l_i_jv d j_r_gbx DZd b ke_^h\Zeh h`b^Zlv \\b^mebg_cghklbmjZ\g_gby _]hj_r_gb_±ghjfZevghjZkij_ ^_e_gguckemqZcgucijhp_kkkmkeh\gufbijbnbdkbjh\Zgghf5V fZl_fZlbq_kdbfh`b^Zgb_fbfZljbp_cdh\ZjbZpbb
?^5W _5V ` 8WV 5V ³ 8 W W EW GW
YZU^5W _5V ` ³ 8 W W GW G7 W 8 7 W W GW
GZ ijZdlbd_ bgl_j_k ij_^klZ\eyxl ijhp_kku kms_kl\mxsb_ \ lZdgZau\Z_fuomklZgh\b\rbokyj_`bfZodh]^ZgZ^hklZlhqgh[hev rhfbgl_j\Ze_\j_f_gbw\hexpbbijhp_kkZgbfZl_fZlbq_kdh_h`b ^Zgb_ijhp_kkZgb_]hdh\ZjbZpbbg_bf_xll_g^_gpbbdg_h]jZgb q_gghfmm\_ebq_gbxBgZq_]h\hjybgl_j_kgumklhcqb\u_ijhp_kku < lZdhf kemqZ_ bgl_]jZeu \ jZ\_gkl\Zo b ijb V o f ^he`gukms_kl\h\ZlvWlh[m^_lbf_lvf_klh_keb^ey\kydh]hWfZl jbpZ8WV oijbVofLh]^ZaZ\bkbfhklvhl5V l_jy_lkybijb ij_^_evghf i_j_oh^_ ihemqZxlky [_amkeh\gu_ fZl_fZlbq_kdh_ h`b ^Zgb_bfZljbpZdh\ZjbZpbb_kebhgbkms_kl\mxl W
?^5W ` ³ 8 W W EW G W f
W
YZU^5W ` ³ 8 W W GW G W 8 W W G W 7
7
f
LZdbfh[jZahfijh[e_fZj_r_gbymjZ\g_gby ij_\jZsZ_l ky\aZ^ZqmgZoh`^_gbynmg^Zf_glZevghcfZljbpuj_r_gbc8WV < h[s_f kemqZ_ gZclb wlm fZljbpm g_ m^Z_lky H^gZdh hlghkbl_evgh ijhklu_j_r_gbyihemqZxlky\lhfkemqZ__kebfZljbpZ g_aZ \bkbl hl W l _ dhwnnbpb_glu mjZ\g_gby y\eyxlkydhgklZglZ fb<lZdhfkemqZ_kijZ\_^eb\Zke_^mxsZynhjfmeZ^ey8WV 8WV 8WV 9_/W V9
]^_
§ H W § · ·¸ ¨ ¨ ¸ Y Y ¸ ¨ H W ¸ ¨ Y /W _ ¨ ¸ 9 ¨ ¸ ¨ ¸ ¨¨ ¸ ¸ W¸ ¨ Y Y Y H © ¹ © ¹ A^_kv^YNdNdF`y\eyxlkykh[kl\_ggufbqbkeZfbfZljbpuD l_dhjgyfbmjZ\g_gbyGHWDY, Nhjfmeu aZibkZ gu ^ey gZb[he__ ijhklh]h kemqZy dh]^Z \k_ kh[kl\_ggu_ qbkeZ jZa ebqguAZf_lbfqlh^eykms_kl\h\ZgbymklZgh\b\r_]hkyj_`bfZ^ey ijhp_kkZ\wlhfkemqZ_l_^eykms_kl\h\Zgbybgl_]jZeh\\ b g_h[oh^bfhqlh[u\k_kh[kl\_ggu_qbkeZfZljbpuDeb[h[u eb hljbpZl_evgufb eb[h bf_eb hljbpZl_evgu_ \_s_kl\_ggu_ qZklb \kemqZ_dhfie_dkguoqbk_e
0
IJBF?JIJHP?KKIJHP?GLGHCKL:GMIJHBAGMX
Imklv ijhp_kk [_ajbkdh\hcijhp_glghcklZ\dbUW bf__lijhba \h^gmx U?W dhlhjZyke_^m_l^bnnmabhgghfmijhp_kkm GU?W ZU?W GWZ UW GWEGWVG:W bf_xs_fmoZjZdl_jbklbq_kdbcihebghfY ZYZ dhjgbdh lhjh]hbf_xl\b^
D D Y * D
<fZljbqghcnhjf_mjZ\g_gb_ ijbh[j_lZ_l\b^ § GU W · ¨ GU W ¸ © ¹
· § U W · § · § · GW GW ¨E¸ ¨ V ¸ G:W D ¸¹ ¨© U W ¸¹ © ¹ © ¹
§ ¨ ©D
Ba nhjfmeu ke_^m_l qlh ^ey kms_kl\h\Zgby mklhcqb\h]h ijhp_kkZ[_ajbkdh\hcijhp_glghcklZ\dbg_h[oh^bfhqlh[udhwnnb pb_gluZb Z\mjZ\g_gbb [uebhljbpZl_evgufbFZljbpu9b 9\ bf_xl\b^ § 9 ¨ ©Y
· 9 ¸ Y¹ Y Y
§Y ¨ Y ©
· ¸¹
Znmg^Zf_glZevgZyfZljbpZj_r_gbc 8W Y Y
· §H W ¨ Y ¸¹ ©
§ ¨Y ©
Y
·§Y ¸¨ H W ¹ © Y
· ¸¹
Y
H W H W ·¸ §¨ YH W YH W Y Y ¨© YY H W H W YH W YH W ¸¹
J_r_gb_mjZ\g_gby \nhjf_ ihemqZ_lky\\b^_ YH § U W · § YH ¨ U cW ¸ Y Y ¨ H © ¹ © Y Y H Y W
V
Y W
Y W
V
Y W
V
V
H YH
Y W
Y W
V
Y W
Y W
V
E § H Y H ¨ Y Y © H H Y W
V
V
Y W
V
H YH
Y W
V
Y W
V
V
· § U V · ¸ ¨ c ¸ ¹ © U V ¹
Y · ¸ ¹
V §¨ H H ·¸ G: X ³ Y Y ¨© YH YH ¸¹
ijbgZqZevguomkeh\byoUV bU?V ^eyfhf_glZ\j_f_gbV DZd ke_^m_l ba nhjfme b i_j\u_ ^\Z keZ]Z_fuo \ § U W · § U V ·½ h[jZamxl fZl_fZlbq_kdh_ h`b^Zgb_ ? ®¨ ¸ ¨ U c V ¸¾ Z dh\Z c U W ¹© ¹¿ ¯©
°§ U W · § U V ·½° § U V · ¸¸ ¨¨ ¸¸¾ g_aZ\bkblhl ¨ jbZpbhggZyfZljbpZ YDU®¨¨ ¸ b\ujZ °¯© U cW ¹ © U c V ¹°¿ © U c V ¹ `Z_lky\nhjf_ °§ U W · ½° ¸ V¾ YDU®¨¨ °¯© U cW ¸¹ °¿
FRY^U W U cW V`· § YDU^U W V` ¸ ¨¨ ¸ c c U W U W V U W V FRY ^ ` YDU ^ ` © ¹
§ V · § H W H W · ¸ > H W H ¸¸ ³ ¨ W ¨¨ W ¨ ¸ © Y Y ¹ © YH YH ¹
W
YH W YH W @ GW
Y\guc \b^ we_f_glh\ fZljbpu aZ^Z_lky ke_^mxsbfb jZ \_gkl\Zfb YDU^UW _V` § V · ¨¨ ¸¸ © Y Y ¹
§ Y Y H H H ·¸ ¨ ¨ Y Y Y Y Y ¸ Y Y Y © ¹
YDU^U?W _V` § V · ¨¨ ¸¸ Y Y © ¹
§ Y Y Y Y YY ¨ H H ¨ Y Y H Y Y ©
§ V · § ¸¸ ¨ H kRY^UW U?W _V` ¨¨ H H Y Y © © ¹
·¸
¸ ¹
·
¸ ¹
AZf_lbf qlh ijb W o V \k_ we_f_glu dh\ZjbZpbhgghc fZljbpu klj_fylkydgmexqlhbke_^h\Zehh`b^ZlvlZddZd\wlhfkem qZ_ijbnbdkbjh\ZgguoUV bU?V g_hij_^_e_gghklvkhklhygbybkq_ aZ_lNhjfmeu^ey[_amkeh\gh]hfZl_fZlbq_kdh]hh`b^Zgbyb[_amk eh\ghc dh\ZjbZpbhgghc fZljbpu ijb hljbpZl_evguo dhjgyo Y b Y ihemqZxlky _keb \ \ujZ`_gbyo ^ey wlbo oZjZdl_jbklbd i_j_clb d ij_^_emijbVofIjbwlhf_kebmq_klvqlhdhjgboZjZdl_jbklbq_ kdh]h mjZ\g_gby Y b Y k\yaZgu k dhwnnbpb_glZfb mjZ\g_gby khhlghr_gbyfb YY Z Y Y ZY Y ZZijbq_f \wlhfkemqZ_ihij_^iheh`_gbxZ Z lh^ey[_amkeh\guofZ
l_fZlbq_kdh]h h`b^Zgby b dh\ZjbZpbhgghc fZljbpu \_dlhjZ i_j_ f_gguokhklhygbyihemqbfke_^mxsb_\ujZ`_gby § U W ·½ ? ®¨ ¸¾ ¯© U cW ¹¿
§E D ¨ ©
§ U W ·½ · V ¸ YDU®¨¨ U cW ¸¸¾ D ¹ ¹¿ ¯©
§ D ¨¨ ©
· ¸ ¸¹
LZdbfh[jZahf\mklZgh\b\r_fkyj_`bf_ijhp_glgZyklZ\dZUW y\ey_lkyg_aZ\bkbfhchlk\h_cijhba\h^ghcU?W lZddZdbodh\ZjbZ pbbjZ\gugmex bf__lfZl_fZlbq_kdh_h`b^Zgb_E_D_b^bki_jkbx V_DZ_ \ lh \j_fy dZd ijhba\h^gZy ijhp_glghc klZ\db U W bf__l gme_\h_fZl_fZlbq_kdh_h`b^Zgb_b^bki_jkbxV_Z_ <h[hagZq_gbyonhjfmeu ^eywlh]hkemqZy?J E_D_b?K 6J V_DZ_6K V_Z_b6JK 6KJ Dh]^ZgZ[ex^Z_fufihdZaZ l_e_fy\ey_lkyijhp_glgZyklZ\dZUW Z__fZl_fZlbq_kdZyijhba\h^ gZyU?W g_gZ[ex^Z_lkylh* UZ+ U?Lh]^Zp_gZh[eb]Zpbb[m ^_l\ujZ`Zlvkynhjfmehc J*WL <L _oj^:U<J`u_oj^
MJ:EYP?GU:DLB<: IJB>BNN?J?GPBJM?FUO DJ:LDHKJHQGUOIJHP?GLGUOKL:
Ijb ^bnn_j_gpbjm_fuo djZldhkjhqguo ijhp_glguo klZ\dZo bo ih\_^_gb_\h\j_f_gbm`_g_h[eZ^Z_lfZjdh\kdbfbk\hckl\Zfbih wlhfm_kl_kl\_gghkqblZlvqlh©ihegZyªp_gZZdlb\ZaZ\bkblg_lhev dhhlijhp_glghcklZ\dbghbhl__ijhba\h^guol_hl\k_odhfih g_gl \_dlhjZ 5 NhjfZevgh wlhl \_dlhj m^h\e_l\hjy_l mjZ\g_gbx dhlhjh_ y\ey_lky qZklguf kemqZ_f mjZ\g_gby Ihwlhfm mjZ\g_gb_^eyhij_^_e_gbyp_guZdlb\Zijbijhp_glghcklZ\d_hib ku\Z_fhc mjZ\g_gb_f kijZ\_^eb\h b ^ey ijhp_glghc klZ\db hibku\Z_fhcmjZ\g_gb_f HklZ_lkylhevdh\uykgblvdZd\eby xl hkh[_gghklb mjZ\g_gby gZ \b^ nhjfmeu ^ey p_gu _keb __ fh`gh[m^_lihemqblv\y\ghcnhjf_ H[jZlbfky d jZkkfhlj_gbx mjZ\g_gby ^ey kemqZy dh]^Z ijhp_kk baf_g_gby [_ajbkdh\hc djZldhkjhqghc ijhp_glghc klZ\db
hibku\Z_lky mjZ\g_gb_f Z i_j_f_ggufb khklhygby y\eyxlky kZfZdjZldhkjhqgZyijhp_glgZyklZ\dZUW b\k___ijhba\h^gu_UNW d Nd F dhlhju_ khklZ\eyxl \_dlhj 5 Ba khhlghr_gbc ke_^m_lqlh\wlhfkemqZ_T ZF\_dlhjgZynmgdpby^j_cnZ P5W bfZljbpZ\heZlbevghkl_chgZa^_kv\ujh`^Z_lky\F\_dlhj V5W \mjZ\g_gbb [m^mlbf_lv\b^ § ¨ ¨ P5W ¨ ¨ ¨ ¨ D W ©
D W
D W
·§5 ¸¨5 ¸¨ ¸ ¨ ¸¨ ¸¨5 D W ¸¹ ¨© 5
0
0
§ · ¨ ¸ ¨ ¸ V5W ¨ ¸ V5W VL5W ¨ ¸ ¨ ¸ ¨ VW ¸ © ¹
§ ¨ ¨ ¨ ¨ ¨ ¨ ©
0
· § · ¸ ¨ ¸ ¸ ¨ ¸ ¸ ¨ ¸ ¸ ¨ ¸ ¸ ¨ ¸ ¸ ¨ EW ¸ ¹ ¹ ©
· ¸ ¸ ¸ ¸ ¸ V W ¸¹
Hlkx^Zke_^mxlg_dhlhju_mijhs_gbymjZ\g_gby dhlhju_ hij_^_eyxlkyki_pbnbq_kdbf\b^hf \_dlhjh\bfZljbp 0 w3 7 § 0 w3 7 · w3 7 w3 ¦ DN W 5N ¸ EW P 5 W ¦ 5N w5N ¨© N w50 w5 N ¹ w50
7 · § w 3 3 w 7 ¸ WU¨¨ V 5 W V 5 W ¸ V W w5 w 5 0 ¹ ©
w3 7 w3 V 5 W O5W VW O5W w5 w50
< ijZ\uo qZklyo jZ\_gkl\ \k_ i_j_f_ggu_ b nmgdpbb y\ eyxlky kdZeyjgufb \dexqZy jughqgmx p_gm jbkdZO5W Ih^klZ\ eyy \ujZ`_gby \ mjZ\g_gb_ ihemqZ_f _]h \ ke_^mxs_c
nhjf_gZihfgbfqlh\khhl\_lkl\bbkgZrbfbh[hagZq_gbyfba^_kv UW 5 w3 7 wW
0
¦ 5N N
§ · w3 w3 7 ¨ ¦ D W 5 EW VW O 5 W ¸ w5N © ¹ w5
0
7
N
N
N
0
w 37 5JL V W w50
>eydhgdj_lgh]hjZkkfhlj_gbyijh[e_fuj_r_gby^bnn_j_gpb Zevgh]hmjZ\g_gby g_h[oh^bfhqlh[unmgdpbyO5W [ueZhi j_^_e_gZ \ y\ghc nhjf_ DZd [ueh ijbgylh jZg__ \ khhlghr_gbyo ij_^iheh`bf qlh hgZ ebg_cgZ hlghkbl_evgh \_dlhjZ 5 l_ V5W O5W K[5[ [[[0 LZdbfh[jZahfihkdhevdm\ ^Zgghf kemqZ_ \k_ ij_^iheh`_gby \uiheg_gu lh \ujZ`_gb_ fh`_l jZkkfZljb\Zlvky dZd j_r_gb_ mjZ\g_gby Lh]^Z mjZ\g_gby b ^ey:WL b<WL <<
^¦ 0
N
`
% W 7 5 N
N
]^_i_j_f_ggu_5NdNdFg_gZ[ex^ZxlkyIhwlhfmhklZ_lky\u qbkeblv fZl_fZlbq_kdh_ h`b^Zgb_ ih g_gZ[ex^Z_fuf i_j_ f_gguf Wlh ijb\_^_l d ihemq_gbx hdhgqZl_evghc nhjfmeu lbiZ < jZkfZljb\Z_fhf kemqZ_ gZ[ex^Z_lky lhevdh i_j\Zy dhfih g_glZ \_dlhjZ i_j_f_gguo khklhygby djZldhkjhqgZy ijhp_glgZy klZ\dZUW ZhklZevgufbi_j_f_ggufbkhklhygbyy\eyxlky__ijhba \h^gu_ Ihkdhevdm dhwnnbpb_glu \ mjZ\g_gbyo b y\eyxlky dhgklZglZfbnmgdpbb:WL b<WL [m^mlaZ\bk_lvlhevdhhlh^gh]h
Zj]mf_glZL W Wl_:WL :L W :W b<WL <L W <W Ijb wlhf w$ wW G$ GW w% wW G% GW >Ze__ jZkkfhljbf ke_^mxsbcqZklguckemqZc Ij_^iheh`bf qlh jughqgZy p_gZ jbkdZ y\ey_lky ihklhygghc b g_aZ\bkblhldjZldhkjhqghcijhp_glghcklZ\dbb__fZl_fZlbq_kdbo ijhba\h^guoLh]^Z[ bmjZ\g_gby b \f_kl_khk\hbfb gZqZevgufbmkeh\byfbkhklZ\eyxlkbkl_fm <cW Z
]^_fZljbpZkbkl_fuwlbomjZ\g_gbciheghklvxkh\iZ^Z_lkfZljbp_c D hij_^_e_gghc \ujZ`_gb_f Ihwlhfm hdZau\Z_lky qlh mjZ\ g_gby b hij_^_e_gu^eyh^ghcblhc`_fZljbpuDb\ wlbo mjZ\g_gbyo nmg^Zf_glZevgu_ fZljbpu j_r_gbc hkgh\u\Zxlky gZh^gbobl_o`_kh[kl\_gguoqbkeZodhlhju_^eyjZkkfZljb\Z_fh]h kemqZy ij_^iheZ]Zxlky jZaebqgufb b hljbpZl_evgufb eb[h bf_xl hljbpZl_evgu_ \_s_kl\_ggu_ qZklb \ kemqZ_ dhfie_dkguo dhjg_c LZdqlhnmgdpbb
<W
§ W ¨ H H D Y Y ¨© Y Y
W·
¸¸ ¹
W·
¸¸ ¹
]^_ Y Y dhjgb oZjZdl_jbklbq_kdh]hihebghfZkbkl_fu hi j_^_ey_fu_\ujZ`_gb_f Nmgdpby:\uqbkey_lkydZdbgl_]jZe W
:W ³ > K E <V V<V @GV
Ih^klZgh\dZ \ujZ`_gbc b \ ij_^klZ\e_gb_ k mq_lhf lh]h qlh <J < b eywlh]h\dZq_kl\_ijbf_jZjZkkfhl jbffh^_ev
J:KRBJ?GB?FH>?EB<:KBQ?D:
< fh^_eb TUW @GWVG:W ]^_N!T!V! KqblZ_lky qlh lZdhc ijhp_kk gZ[ex^Z_lky lh]^Z p_gZ ^bkdhgl ghch[eb]Zpbb\fhf_gl\j_f_gbW_kebUW Uhij_^_ey_lkyihnhj fme_ ]^_
J UW _oj^: W U< W ` W
: W ³ > O NT < V V< V @GV< W _ NW N
A^_kv O ihklhyggZy jughqgZy p_gZ jbkdZ DZd ba\_klgh ijhp_kk bf__lagZq_gbymklZgh\b\r_]hkykj_^g_]h?>Uf @ TbmklZgh \b\r_cky^bki_jkbbYZU>Uf @ VN L_i_jvihkljhbfijhp_kklbiZ dhlhjuc[ue[uwd\b\Ze_g l_gijhp_kkm \lhfkfuke_qlhagZq_gbymklZgh\b\r_]hkykj_^ g_]h?>Uf @ TbmklZgh\b\r_cky^bki_jkbbYZU>Uf @ VNmgbo [ueb[uh^bgZdh\ufbHq_\b^ghqlh^eywlh]h^hklZlhqghiheh`blv Z NZ E NTWlhijb\h^bldmjZ\g_gbx GUcW >NTUW UcW @GWVG:W MjZ\g_gb_ fh`gh jZkkfZljb\Zlv dZd jZkrbj_gb_ fh^_eb eyijhp_kkZ dhjgb oZjZdl_jbklbq_kdh]hihebgh fZbf_xl\b^ Y N Y N
Znmgdpbb< b<\uqbkeyxlkyihnhjfmeZf §Y W Y W· <W ¨ H H ¸ N Y N © Y ¹
Y
<W N N
Y
§ W W· ¨ H H ¸ Y ©Y ¹ Y
Y
IhegucZgZeba^eyijhba\hevguoagZq_gbciZjZf_ljZN\uoh^bl aZjZfdbgZr_]hbkke_^h\Zgbyihwlhfmij_^iheh`bfqlhwlhliZjZ f_ljijbgbfZ_l^hklZlhqghfZeu_agZq_gbywfibjbq_kdb_j_amevlZ luih^l\_j`^ZxllZdhc\u\h^ b[m^_fkqblZlvN >ey ihemq_gby ZgZeblbq_kdbo j_amevlZlh\ ijb kjZ\g_gbb k fh ^_evx
§ · NH W ¨ N ¸H W HN N ©N ¹
§ · N H W ¨ N ¸H W HN N ©N ¹
KjZ\gb\Zywlbnmgdpbbknmgdpb_c fh`ghaZibkZlv <W < 9 N>H W H W @ HN < W HW <W < W N >H W H W @ HN < W HW
]^_ nmgdpbb HW b HW fh]ml jZkkfZljb\Zlvky dZd g_dhlhju_ ih ijZ\db ihdZau\Zxsb_ hlebqb_ nmgdpbc <W b <W hl nmgdpbb < W WlbihijZ\dby\eyxlkyg_hljbpZl_evgufbblZdbfbqlh\_eb qbguH Hf Hgbh]jZgbq_guk\_jomagZq_gbyfb PD[ H W NHN PD[ H W NHN W
W
LZdbfh[jZahfp_gZh[eb]Zpbb\fh^_eb
J UW _oj^U< W ³ > O NT < V V< V @GV`
]^_ < W hij_^_e_gZ \ \ lh \j_fy dZd \ jZkkfZljb\Z_fhc fh^bnbpbjh\Zgghcfh^_ebhgZ\uqbkey_lkyihnhjfme_ JUW J UW u W ½ § · V V u_oj ®UH W % W ³ ¨ N T O % V H V ¸H V GV¾ N © ¹ ¯ ¿
9
Ihke_^gbckhfgh`bl_evhljZ`Z_l\ebygb_fh^bnbdZpbbfh^_eb gZ p_gm h[eb]Zpbb l _ \ebygb_ lh]h qlh klhoZklbq_kdbc ijhp_kk djZldhkjhqghcklZ\dbg_y\ey_lkyfZjdh\kdbfZy\ey_lkyijhp_kkhf bf_xsbf i_j\mx fZl_fZlbq_kdmx ijhba\h^gmx Ke_^m_l h`b^Zlv qlhi_j\h_keZ]Z_fh_\ihdZaZl_e_g_[m^_lb]jZlvkms_kl\_gghcjh ebZhkgh\ghc\deZ^\hlebqb_fh^bnbpbjh\ZgghcnhjfmeuhlljZ ^bpbhgghc[m^mlb]jZlv^\Z^jm]bokeZ]Z_fuoihdZaZl_eyIhkdhevdm hgbfh]mlbf_lvjZagu_agZdb\ebygb_wlh]hkhfgh`bl_eyih^e_`bl \gbfZl_evghfmbkke_^h\Zgbx
EBL?J:LMJ: Hkgh\gZy %DFN.
>hihegbl_evgZy
:g^_jkhg L <\_^_gb_ \ fgh]hf_jguc klZlbklbq_kdbc ZgZeba F NbafZl]ba ;_eefZgJ<\_^_gb_\l_hjbxfZljbpFGZmdZ =bjkZgh\B<Hij_h[jZah\Zgbbh^gh]hdeZkkZkemqZcguoijhp_kkh\kihfhsvx Z[khexlghg_ij_ju\ghcaZf_guf_juL_hjby\_jhylghkl_cb__ijbf_g_ gbyLK± =bofZgBBKdhjhoh^:<KlhoZklbq_kdb_^bnn_j_gpbZevgu_mjZ\g_gbyDb _\GZmd^mfdZ
G_cfZg>`Fhj]_grl_jgHL_hjbyb]jbwdhghfbq_kdh_ih\_^_gb_FGZmdZ JhaZgh\ X : L_hjby \_jhylghkl_c kemqZcgu_ ijhp_kku b fZl_fZlbq_kdZy klZ lbklbdZFGZmdZ L_jim]h\:NFZl_fZlbdZjugdZp_gguo[mfZ]LhfkdBa^\hL=IM N_ee_j<<\_^_gb_\l_hjbx\_jhylghkl_cb__ijbeh`_gby<lLFFbj Rbjy_\:GHkgh\uklhoZklbq_kdhcnbgZgkh\hcfZl_fZlbdb<lLNZdlu Fh^_ebLL_hjbyFNZabk :UQhOG/6WRFKDVWLFGLIIHUHQWLDOHTXDWLRQV1HZ
'DV 6 -XPS'LIIXVLRQ 3URFHVVHV DQG WKH %RQG 0DUNHWV :RUNLQJ SDSHU +DUYDUG %XVLQHVV6FKRRO 'HEUXH*7KH7KHRU\RI9DOXH1HZ
/XFDV 5 ( $VVHW 3ULFHV LQ DQ ([FKDQJH (FRQRP\ (FRQRPHWULFD 9hO J± 0HGYHGHY*$&R[6+7KHPDUNHWSULFHRIULVNIRUDIILQHLQWHUHVWUDWHWHUPVWUXF WXUHV3URFRIWKHWK,QWHUQ$),56\PSRVLXP1XUHPEHUJJ± 0HUWRQ 5 7KHRU\ RI 5DWLRQDO 2SWLRQ 3ULFLQJ %HOO -RXUQDO RI (FRQRPLFV DQG 0D QDJHPHQW6FLHQFH9hOJ± 0HUWRQ5&RQWLQXRXV7LPH)LQDQFH2[IRUG%ODFNZHOO 0RGLJOLDQL)6XWFK5,QQRYDWLRQVLQ,QWHUHVW5DWH3ROLF\$PHULFDQ(FRQRPLF5H YLHZ9hOJ± 2NV_QGZO%6WRFKDVWLF'LIIHUHQWLDO(TXDWLRQV$Q,QWURGXFWLRQZLWK$SSOLFDWLRQV%HU OLQ6SULQJHU9HUODJ 3DQMHU+HWDO)LQDQFLDO(FRQRPLFV6FKDXPEXUJ7KH$FWXDULDO)RXQGDWLRQ 3HDUVRQ 1 ' 6XQ 76 ([SORLWLQJ WKH &RQGLWLRQDO 'HQVLW\ LQ (VWLPDWLQJ WKH 7HUP 6WUXFWXUH$Q$SSOLFDWLRQWRWKH&R[,QJHUVROODQG5RVV0RGHO-RXUQDORI)L QDQFH9hOJ± 3HQQDFKL * ,GHQWLI\LQJ WKH '\QDPLFV RI 5HDO ,QWHUHVW 5DWHV DQG ,QIODWLRQ (YLGHQFH 8VLQJ6XUYH\'DWD7KH5HYLHZRI)LQDQFLDO6WXGLHV9hOJ± 3\H * /LIHWLPH 3RUWIROLR 6HOHFWLRQ LQ &RQWLQXRXV 7LPH IRU D 0XOWLSOLFDWLYH &ODVV RI 8WLOLW\)XQFWLRQV$PHULFDQ(FRQRPLF5HYLHZ9hOJ± 5LFKDUG6)$Q$UELWUDJH0RGHORIWKH7HUP6WUXFWXUHRI,QWHUHVW5DWHV-RXUQDORI )LQDQFLDO(FRQRPLFV9hOJ± 5LWFKNHQ 3 6DQNDUDVXEUDPDQLDQ / 9RODWLOLW\ 6WUXFWXUHV RI )RUZDUG 5DWHV DQG WKH '\QDP\FVRIWKH7HUP6WUXFWXUH0DWKHPDWLFDO)LQDQFH9hOJ± 5RJHUV/&*:KLFK0RGHOIRU7HUP6WUXFWXUHRI,QWHUHVW5DWHV6KRXOG2QH8VH" 0DWKHPDWLFDO )LQDQFH ?G 0 'DYLV HW DO 1HZ
H=E:<E?GB?
HL:?GB?«««««««««««««««««««««««««« =eZ\ZDJBHOH>GHKLBB<J?F?GG:Y KLJMDLMJ:IJHP?GLGUOKL:?EVHIJ?>?E?GBY P?G:DLB_[jxbjhevnbjf««««««««« =eZ\ZL?HJBY<J?F?GGHCKLJMDLMJU IJHP?GLGUOKL:
KjZ\g_gb_khij_^_e_gb_fp_guh[eb]ZpbbZj[bljZ`gufb f_lh^Zfb««««««««««««««««««««««««« Fgh]hnZdlhjgZyfh^_ev\j_f_gghckljmdlmjubbkihevah\Zgb_ p_gdZdbgkljmf_glZevguoi_j_f_gguo«««««««««««« KemqZcgZybgneypbybhij_^_e_gb_p_gughfbgZevguo h[eb]Zpbc«««««««««««««««««««««««« =eZ\ZKJ:GHN:DLHJGUO FH>?E?C<J?F?GGUOKLJMDLMJ :NNBGGH=HDE:KK: :nnbggu_\j_f_ggu_kljmdlmjufh^_e_ckihklhyggufb dhwnnbpb_glZfb«««««««««««««««««««««« <_jhylghklgu_oZjZdl_jbklbdbijhp_kkh\djZldhkjhqghc ijhp_glghcklZ\db««««««««««««««««««««« Ki_pbnbdZpbydhwnnbpb_glh\Znnbgghckljmdlmju ^eyj_Zevguoijhp_kkh\««««««««««««««««««« JZaghklgu_\_jkbbklhoZklbq_kdbo^bnn_j_gpbZevguo mjZ\g_gbc^hoh^ghklb^hih]Zr_gby««««««««««««« Hp_gdbfZdkbfZevgh]hijZ\^hih^h[by^eyiZjZf_ljh\fh^_e_c ^hoh^ghklb^hih]Zr_gby«««««««««««««««««« =eZ\ZFGH=HN:DLHJG:YFH>?EV>HOH>GHKLB IJHP?GLGUOKL:?EYO<J?F?GGHC KLJMDLMJUIJHP?GLGUOKL:
=eZ\ZHIJ?>?E?GB?P?G:DLB:IJHP?KKUIJHP?GLGUOKL:BNN?J?GPBJM?FUFB
I_j_f_ggu_khklhygby««««««««««««««««««« Mkeh\b_hlkmlkl\byZj[bljZ`Z^eyfgh]hnZdlhjghc\j_f_gghc kljmdlmju««««««««««««««««««««««««« MjZ\g_gb_^eyp_guZdlb\Z\h[s_cfgh]hnZdlhjghcfh^_eb«« MkljZg_gb_g_gZ[ex^Z_fuodhfihg_gl\_dlhjZkhklhygby«««« >bnn_j_gpbjm_fu_ijhp_kkudjZldhkjhqguoijhp_glguoklZ\hd« Ijbf_jIjhp_kkijhp_glghcklZ\dbbf__lh^gmijhba\h^gmx«« MjZ\g_gb_^eyp_guZdlb\Zijb^bnn_j_gpbjm_fuodjZldhkjhq guoijhp_glguoklZ\dZo««««««««««««««««««« JZkrbj_gb_fh^_eb
Mq_[gh_ba^Zgb_ F_^\_^_\=_ggZ^bc:e_dk__\bq
F:L?F:LBQ?KDB? HKGH
< ^\mo qZklyo
QZklv
HIJ?>?E?GB? JUGHQGHCKLHBFHKLB P?GGUO;MF:= J_^ZdlhjE<Jmldh\kdZy Om^h`gbdh[eh`dbE:Kljb`Zd L_ogbq_kdbcj_^Zdlhj=FJhfZgqmd Dhjj_dlhj=F>h[ur Dhfivxl_jgZy\_jkldZ::Fbdme_\bqZ
Ih^ibkZgh \ i_qZlv NhjfZl K ;mfZ]Z hnk_lgZy =ZjgblmjZ LZcfk I_qZlv hnk_lgZy Mke i_q e Mqba^ e LbjZ` wda AZd
;_ehjmkkdbc ]hkm^Zjkl\_gguc mgb\_jkbl_l Ebp_gaby E< hl Fbgkd ijhki_dl NjZgpbkdZ Kdhjbgu Hli_qZlZgh k hjb]bgZeZfZd_lZ aZdZaqbdZ J_kim[ebdZgkdh_ mgblZjgh_ ij_^ijbylb_ ©Ba^Zl_evkdbc p_glj ;_ehjmkkdh]h ]hkm^Zjkl\_ggh]h mgb\_jkbl_lZª Ebp_gaby EI hl Fbgkd me DjZkghZjf_ckdZy