Многомодельные методы в микропроцессорных системах

K<Fbs_gdhXEFmjhfp_\ GI@mdh\GNFZcgbdh\ZB<Jh]h\ FGH=HFH>?EVGU? F?LH>U < FBDJHIJHP?KKHJGUOKBKL?F:O G?J:AJMR:XS?=HDHGLJHEY L?IEHNBABQ?KDBOO:J:DL?JBKLBD F:L?JB:EH<

7 ƒ& , ,, ,,,

9

,9

 

zläȯ}Ò nz

 











WF

i Ba^Zl_evkl\hL=LMi i 7 ƒ&







  



  







Wck

7 ƒ&  











  

 



T 5



WccF



U

]

Fbgbkl_jkl\hh[jZah\ZgbyJhkkbckdhcN_^_jZpbb LZf[h\kdbc]hkm^Zjkl\_ggucl_ogbq_kdbcmgb\_jkbl_l

K<Fbs_gdhXEFmjhfp_\ GI@mdh\GNFZcgbdh\ZB<Jh]h\ FGH=HFH>?EVGU? F?LH>U < FBDJHIJHP?KKHJGUOKBKL?F:O G?J:AJMR:XS?=HDHGLJHEY L?IEHNBABQ?KDBOO:J:DL?JBKLBD F:L?JB:EH< J_dhf_g^h\Zgh Fbgbkl_jkl\hfh[jZah\ZgbyJhkkbckdhcN_^_jZpbb \ dZq_kl\_mq_[gh]hihkh[by^eyklm^_glh\\ukrbo mq_[guoaZ\_^_gbc h[mqZxsbokyih ki_pbZevghklyf:\lhfZlbaZpbyl_ogheh]bq_kdboijhp_kkh\ b KlZg^ZjlbaZpbyb k_jlbnbdZpby

M>D  ;;D ay F

LZf[h\ Ba^Zl_evkl\hL=LM 

J_p_ga_glu >hdlhjl_ogbq_kdbogZmdijhn_kkhj XBDm^bgh\ DZg^b^Zll_ogbq_kdbogZmd^hp_gl :GIZohfh\

Fbs_gdhK<Fmjhfp_\XE@mdh\GIFZcgbdh\ZGNJh]h\B < F     Fgh]hfh^_evgu_ f_lh^u \ fbdjhijhp_kkhjguo kbkl_fZo g_jZajmrZxs_]h dhgljhey l_iehnbabq_kdbo oZjZdl_jbklbd fZl_jbZeh\  Ih^ j_^ K < Fbs_gdh LZf[h\Ba^\hLZf[]hkl_ogmglZk ,6%1 

Mq_[gh_ ihkh[b_ ihk\ys_gh baeh`_gbx ZgZeblbq_kdhc l_hjbb l_iehijh\h^ghklb b f_lh^h\g_jZajmrZxs_]hdhgljheyl_iehnbabq_kdbooZjZdl_jbklbdfZl_jbZeh\hgh kh^_j`bl we_f_glu fZl_fZlbq_kdh]h fh^_ebjh\Zgby klZlbklbdb f_ljheh]bb b ^j iha\heyxsb_ ]em[`_ ihgylv jhev h[jZ[hldb i_j\bqghc bgnhjfZpbb g_h[oh^bfhklv Z\lhfZlbaZpbb ijhp_kkh\ baf_j_gby b bkihevah\Zgby kh\j_f_ggh]h fZl_fZlbq_kdh]h h[_ki_q_gby Dhfie_dkgh_ j_r_gb_ aZ^Zqb ih dhgljhex l_iehnbabq_kdbo k\hckl\ fZl_jbZeh\ lj_[mxl ijbf_g_gby fbdjhijhp_kkhjghc l_ogbdb b dhfivxl_jguo l_ogheh]bc Ij_^gZagZq_gh^eyklm^_glh\b ZkibjZglh\l_ogbq_kdboki_pbZevghkl_c\mah\ M>D ;;D ay

,6%1 ‹LZf[h\kdbc]hkm^Zjkl\_gguc l_ogbq_kdbcmgb\_jkbl_l L=LM  ‹Fbs_gdhK<Fmjhfp_\XE @mdh\GIFZcgbdh\ZGN Jh]h\B< KH>?J@:GB?

HKGH?GB?        F?LH>U DHGLJHEY L?IEHNBABQ?KDBO O:J:DL?JBKLBDF:L?JB:EH<     

  

   HKGH?EVGH=H F?LH>: G?J:AJMR:XS?=H DHGLJHEY L?IEHNBABQ?KDBO O:J:DL?JBKLBD F:L?JB:EH<      HIJ?>?E?GB? L?IEHNBABQ?KDBO O:J:DL?JBKLBD K BKIHEVAH<:GB?F EBG?CGH=HBKLHQGBD:L?IE:  Fh^_evijhp_kkZg_klZpbhgZjgh]h l_iehi_j_ghkZhlebg_cgh]hbklhqgbdZl_ieZ    JZkq_lgu_\ujZ`_gbyb hkgh\gu_hi_jZpbb ijbhij_^_e_gbbl_iehnbabq_kdbo oZjZdl_jbklbd   Hp_gdZih]j_rghkl_cbaf_j_gbyLNO    Hp_gdZkemqZcguoih]j_rghkl_c    :gZebakbkl_fZlbq_kdboih]j_rghkl_c    <ebygb_ dhg_qghklb jZaf_jh\ gZ]j_\Zl_ey «  <ebygb_ l_ieh_fdhklb gZ]j_\Zl_ey b l_ieh_fdhklbl_jfhijb_fgbdh\     <ebygb_hllhdh\l_ieZ\ fZl_jbZeahg^Z   <ebygb_l_jfbq_kdbokhijhlb\e_gbc     HIJ?>?E?GB? L?IEHNBABQ?KDBO O:J:DL?JBKLBD K BKIHEVAH<:GBY DJM=EH=HBKLHQGBD:L?IE:   Fh^_evijhp_kkZg_klZpbhgZjgh]h l_iehi_j_ghkZhliehkdh]hbklhqgbdZl_ieZ\ \b^_djm]Z   JZkq_lgu_\ujZ`_gbyb hkgh\gu_hi_jZpbbijb hij_^_e_gbb l_iehnbabq_kdbooZjZdl_jbklbd     Hp_gdZih]j_rghkl_cbaf_j_gbyLNO    Hp_gdZkemqZcguoih]j_rghkl_c    :gZebakbkl_fZlbq_kdboih]j_rghkl_c    IJBF?JU J?:EBA:PBB FGH=HFH>?EVGH=H F?LH>: G?J:AJMR:XS?=H DHGLJHEY L?IEHNBABQ?KDBO O:J:DL?JBKLBD F:L?JB:EH<   KhklZ\b ijbgpbinmgdpbhgbjh\Zgby baf_jbl_evgh\uqbkebl_evghckbkl_fu    :e]hjblfhij_^_e_gbyjZ[hqbomqZkldh\ l_jfh]jZffb hp_gdbiZjZf_ljh\fh^_e_c    J_amevlZlubkke_^h\Zgbyb kjZ\gbl_evguc 

   

     

         

ZgZebaf_lh^h\dhgljheyLNOfZl_jbZeh\    KIBKHDEBL?J:LMJU     IJBEH@?GBY      Hkgh\gu_h[hagZq_gbyb Z[[j_\bZlmju

O ± l_iehijh\h^ghklv`˜d]±˜D± U ± iehlghklvfZl_jbZeZd]˜f± L ± l_fi_jZlmjZqK T ± iehlghklvl_ieh\h]hihlhdZfhsghklvgZ_^bgbpmiehsZ^bgZ]j_\Zl_eyfhsghklvgZ _^bgbpm^ebgugZ]j_\Zl_ey`˜f± 5± jZ^bmkgZ]j_\Zl_eyf [\] U ± dhhj^bgZluf W ± \j_fyk EMGM ± iZjZf_ljufh^_e_c 'G ± Z[khexlgZyb hlghkbl_evgZyih]j_rghklb 5L ± l_jfbq_kdh_khijhlb\e_gb_.˜f˜
<?GB?

JZajZ[hldZ gh\uo g_jZajmrZxsbo f_lh^h\ b j_Zebamxsbo bo baf_jbl_evgh \uqbkebl_evguo kbkl_f ^ey dhgljhey l_iehnbabq_kdbo oZjZdl_jbklbd fZl_jbZeh\ LNO  y\ey_lkyZdlmZevghcaZ^Zq_c < kemqZ_ g_jZajmrZxs_]h dhgljhey fZl_jbZeh\ Zdlb\gufb l_ieh\ufb f_lh^Zfb bkdhfu_LNOijhy\eyxlkyq_j_al_fi_jZlmjguchldebdbkke_^m_fh]hh[jZapZgZl_ieh\h_ \ha^_ckl\b_ dhlhjhfm ih^\_j]Z_lky h[jZa_p beb ba^_eb_  \ ki_pbZevgh hj]Zgbah\Zgghf wdki_jbf_gl_ < gZklhys__ \j_fy ^ey h[jZ[hldb ^Zgguo wdki_jbf_glZ ijb g_jZajmrZxs_f dhgljhe_ GD  LNO fZl_jbZeh\ l_ieh\ufb f_lh^Zfb \ hkgh\ghf ijbf_gy_lky ^\Z ih^oh^ZI_j\ucij_^iheZ]Z_lihemq_gb_b bkihevah\Zgb_wfibjbq_kdboaZ\bkbfhkl_c gZ hkgh\_ ijh\_^_gby [hevrh]h qbkeZ wdki_jbf_glh\ \h \k_f ^bZiZahg_ dhgljhebjm_fuo k\hckl\ b fZl_jbZeh\ >hklhbgkl\hf ^Zggh]h ih^oh^Z y\ey_lky ijhklhlZ fZl_fZlbq_kdh]h h[_ki_q_gby baf_jbl_evguo kbkl_f Z ke_^h\Zl_evgh \hafh`ghklv bo j_ZebaZpbb ^_r_\ufb l_ogbq_kdbfb kj_^kl\Zfb Kms_kl\_gguc g_^hklZlhd± ^hklZlhqgmxlhqghklvfh`ghh[_ki_qblvebrv^eymadh]hdeZkkZfZl_jbZeh\ hklhbgkl\hf lZdbo f_lh^h\ y\ey_lky ^hklZlhqgh\ukhdZylhqghklv\ rbjhdhf^bZiZahg_bkke_^m_fuok\hckl\H^gZdhg_kfhljy gZ hlghkbl_evgh lhqgh_ b \f_kl_ k l_f ]jhfha^dh_ fZl_fZlbq_kdh_ hibkZgb_ ^bgZfbdb l_ieh\hc kbkl_fu hgh \k_ jZ\gh g_ fh`_l mq_klv \k_o bg^b\b^mZevguo hkh[_gghkl_c dhgdj_lguo ijhp_kkh\ baf_j_gby ;he__ lh]h khihklZ\e_gb_ jZkq_lguo b wdki_jbf_glZevguo l_jfh]jZff ihdZau\Z_l g_\hafh`ghklv bo lhqgh]h kh\iZ^_gby gZ \k_f \j_f_gghfbgl_j\Ze_Wlbh[klhyl_evkl\Zg_iha\heyxl]ZjZglbjh\Zlv^eyf_lh^h\\lhjh]h ih^oh^Zhlkmlkl\b_agZqbl_evguoih]j_rghkl_c\h\k_f^bZiZahg_baf_j_gbyIhwlhfmp_ev gZklhys_]h mq_[gh]h ihkh[by ± ihdZaZlv l_iehnbabq_kdb_ fgh]hfh^_evgu_ f_lh^u iha\heyxsb_ bkihevah\Zlv ^hklhbgkl\Z b mf_gvrblv g_^hklZldb h[hbo mihfygmluo ih^oh^h\ :gZebaijhp_kkh\ baf_j_gbybofh^_e_cb bklhqgbdh\ih]j_rghkl_cihdZau\Z_lqlh\ ij_^_eZo \j_f_ggh]h bgl_j\ZeZ baf_j_gby \ l_ieh\hc kbkl_f_ fh]ml ijhbkoh^blv kms_kl\_ggu_ baf_g_gby dhlhju_ g_ iha\heyxl hibku\Zlv \_kv ijhp_kk baf_j_gby h^ghc ZgZeblbq_kdhc fh^_evx k g_baf_ggufb h]jZgbq_gbyfb b mkeh\byfb G_mq_l ^Zggh]h h[klhyl_evkl\Z \_^_l d kms_kl\_gghfm m\_ebq_gbx ih]j_rghkl_c ijb hij_^_e_gbb LNO g_jZajmrZxsbfbf_lh^Zfb Hkgh\gufb bklhqgbdZfb ih]j_rghkl_c ^ey B
GZ l_jfh]jZff_ bf_xlky mqZkldb ^ey dhlhjuo h[_ki_qb\Z_lky \ukhdZy lhqghklv kh\iZ^_gby k j_amevlZlZfb \uqbkebl_evguo wdki_jbf_glh\ ih ZgZeblbq_kdbf fh^_eyf Ijbq_f wlbf mqZkldZf khhl\_lkl\mxl l_ieh\u_ j_`bfu hiulZ ijhr_^rb_ klZ^bx j_]meyjbaZpbb x MqZkldb wdki_jbf_glZevguo b jZkkqblZgguo ih fh^_eyf l_jfh]jZff bf_xl f_klh ^ey\k_]hdeZkkZbkke_^m_fuofZl_jbZeh\ x >ey mqZkldh\ kms_kl\mxl m^h[gu_ \uqbkebl_evgu_ khhlghr_gby iha\heyxsb_ h^ghagZqgh hij_^_eblv agZq_gby l_iehnbabq_kdbo oZjZdl_jbklbd \ aZ\bkbfhklb hl iZjZf_ljh\ ZgZeblbq_kdhc nmgdpbb hibku\Zxs_c l_jfh]jZffm gZ ^Zgghf \j_f_gghf bgl_j\Ze_ JZkq_lgu_mjZ\g_gbyhibku\Zxsb_l_jfh]jZffmgZjZ[hqbomqZkldZo[m^_fbkdZlvgZ hkgh\_ ZgZebaZ j_r_gbc khhl\_lkl\mxsbo djZ_\uo aZ^Zq Wlhfm \hijhkm \ hkgh\ghf b ihk\ys_gu\lhjZylj_lvyb q_l\_jlZy]eZ\ugZklhys_]hihkh[by A^_kvlZd`_ij_^klZ\e_gu hkgh\gu_ hi_jZpbb ijb j_ZebaZpbb kihkh[h\ hij_^_e_gby LNO dhfihablh\ b jZkq_lgu_ nhjfmeu k\yau\Zxsb_ iZjZf_lju fh^_e_c k bkdhfufb LNO >ey \u^_e_gby jZ[hqbo mqZkldh\ l_jfh]jZff ih fg_gbx Z\lhjh\ gZb[he__ijZ\bevghbkihevah\ZlvklZlbklbq_kdbc djbl_jbc b wlhfm \hijhkm ihk\ys_g h^bg ba jZa^_eh\ iylhc ]eZ\u \ dhlhjhc ^Zg Ze]hjblf hp_gdb iZjZf_ljh\ fh^_e_c b ijb\_^_gu j_amevlZlu wdki_jbf_glZevguo bkke_^h\Zgbc LNO fZl_jbZeh\  f_lh^udhgljheyl_iehnbabq_kdbo oZjZdl_jbklbdfZl_jbZeh\ x

< wdki_jbf_glZevghcl_iehnbabd_jZaebqZxl^\_[hevrb_]jmiiuf_lh^h\hij_^_e_gby LNO klZpbhgZjgu_ b g_klZpbhgZjgu_ > ± @ Hij_^_e_gb_ LNO klZpbhgZjguf f_lh^hf hkgh\Zgh gZ lhf qlh l_ieh\hc ihlhd ijhoh^ysbc q_j_a bkke_^m_fh_ l_eh \h \j_fy ijh\_^_gby baf_j_gbc khojZgy_lky ihklhygguf ih \_ebqbg_ b gZijZ\e_gbx Kms_kl\mxsb_ klZpbhgZjgu_ f_lh^u >     ± @ hlebqZxlky ^jm] hl ^jm]Z kihkh[Zfb mq_lZ b dhfi_gkZpbb ihl_jv nhjfZfb b jZaf_jZfb bkke_^m_fuo h[jZaph\ jZaf_s_gb_f gZ]j_\Zl_e_c dhgkljmdpb_c baf_jbl_evguo yq__d b ahg^h\ ijb_fZfb j_]bkljZpbbb h[jZ[hldbbaf_jbl_evghcbgnhjfZpbb Ke_^m_lhlf_lblvqlhklZpbhgZjgu_f_lh^uijZdlbq_kdbg_ijb]h^gu^eyhij_^_e_gby LNO fZl_jbZeh\ b ba^_ebc [_a gZjmr_gby bo p_ehklghklb K_jv_agufb g_^hklZldZfb klZpbhgZjguo f_lh^h\ y\eyxlky [hevrZy ^ebl_evghklv wdki_jbf_glh\ g_h[oh^bfhklv bkihevah\Zgbyki_pbZevghih^]hlh\e_gguoh[jZaph\b \hafh`ghklvhij_^_e_gby\ ijhp_kk_ wdki_jbf_glZ lhevdh h^gh]h l_iehnbabq_kdh]h iZjZf_ljZ ± dhwnnbpb_glZ l_iehijh\h^ghklb F_lh^u hij_^_e_gby LNO fZl_jbZeh\ hkgh\Zggu_ gZ aZdhghf_jghklyo g_klZpbhgZjgh]hihlhdZl_ieZ>± @fh`ghjZa^_eblvgZ]jmiiu Z f_lh^uj_]meyjgh]hj_`bfZ [  f_lh^u hkgh\Zggu_ gZ hij_^_e_gbb iZjZf_ljh\ g_klZpbhgZjgh]h l_fi_jZlmjgh]h iheygZgZqZevghcklZ^bb_]hjZa\blby JZaebqZxl j_]meyjgu_ j_`bfu ]h ]h b ]h jh^Z H[sZy l_hjby f_lh^h\ j_]meyjgh]h j_`bfZ jZajZ[hlZgZ Dhg^jZlv_\uf = F > @ b _]h mq_gbdZfb JZaebqguf \ZjbZglZfwlbof_lh^h\hij_^_e_gbyLNOihk\ys_gujZ[hlu> @\ dhlhjuo jZkkfhlj_gukihkh[ubaf_j_gbyl_iehnbabq_kdbooZjZdl_jbklbdh[jZaph\pbebg^jbq_kdhc nhjfudhg_qguojZaf_jh\kl_j`g_cfgh]hkehcguokbkl_fb l^Hkgh\gufbg_^hklZldZfb f_lh^h\ j_]meyjgh]h j_`bfZ y\eyxlky ^ebl_evghklv wdki_jbf_glZ \hafh`ghklv ijh\_^_gby baf_j_gbc lhevdh gZ ki_pbZevgh ih^]hlh\e_gguo h[jZapZo hij_^_e_gghc nhjfuIhke_^g__aZljm^gy_lijbf_g_gb_wlbof_lh^h\^eyg_jZajmrZxs_]hdhgljheyGD  LNOfZl_jbZeh\ GZb[he__ ijb_fe_fufb ^ey hi_jZlb\gh]h GD LNO fZl_jbZeh\ b ba^_ebc y\eyxlky f_lh^u baf_j_gby hkgh\Zggu_ gZ hij_^_e_gbb iZjZf_ljh\ g_klZpbhgZjgh]h l_fi_jZlmjgh]h ihey gZ gZqZevghc klZ^bb ijhp_kkZ l_iehijh\h^ghklb \ dhlhjuo

bkke_^m_fuch[jZa_pfh^_ebjm_lky\ \b^_ihemh]jZgbq_ggh]hl_eZJZkkfhljbfwlbf_lh^u hklZgZ\eb\Zykv \ hkgh\ghf gZ l_o jZ[hlZo ]^_ hij_^_eyxlky LNO [_a gZjmr_gby p_ehklghklbb wdkiemZlZpbhgguooZjZdl_jbklbdbkke_^m_fuofZl_jbZeh\ G_jZajmrZxsb_f_lh^uhij_^_e_gbyLNOij_^klZ\e_gu\ jZ[hlZo>@ Hgb \dexqZxl \ k_[y f_lh^u djZldh\j_f_ggh]h ebg_cgh]h bklhqgbdZ l_ieZ djZldh\j_f_ggh]h iehkdh]h bklhqgbdZ l_ieZ ihklhyggh]h ebg_cgh]h pbebg^jbq_kdh]h b iehkdh]h bklhqgbdh\ l_ieZ f]gh\_ggh]h bklhqgbdZ l_ieZ rZjh\h]h ahg^Z g_h]jZgbq_ggh]h wlZehgZ b ^j Ba gbo gZb[he__ i_jki_dlb\gufb ^ey GD LNO fZl_jbZeh\ y\eyxlky l_ \ dhlhjuo baf_j_gb_ bkdhfuo iZjZf_ljh\ hkms_kl\ey_lky ijb ihklhygghc [ebadhc d dhfgZlghc l_fi_jZlmj_ Hlebqbl_evghc q_jlhc wlbo f_lh^h\ y\ey_lky lh qlh hgb g_ lj_[mxl ba]hlh\e_gby h[jZaph\ kljh]h aZ^Zgghc nhjfu b jZaf_jh\ Z ih^]hlh\dZ d wdki_jbf_glm aZdexqZ_lky lhevdh \ g_[hevrhc h[jZ[hld_ h]jZgbq_ggh]h mqZkldZ ih\_joghklb bkke_^m_fh]h h[jZapZ gZ dhlhjuc ihf_sZ_lky baf_jbl_evgh_ mkljhckl\h  ahg^ K ihfhsvx ahg^Z \ha^_ckl\mxl l_ieh\uf ihlhdhf gZ bkke_^m_fh_ l_eh kgbfZxl bgnhjfZpbx h l_ieh\hf ijhp_kk_ b gZ __ hkgh\_ ih aZ^Zgghfm Ze]hjblfm hlukdb\Zxl agZq_gbyLNO HklZgh\bfky [he__ ih^jh[gh gZ bfimevkguo f_lh^Zo hij_^_e_gby LNO Bfimevkguf gZau\Zxl lZdh_ \ha^_ckl\b_ ijb dhlhjhf \u^_eb\rZyky aZ \j_fy ^_ckl\by bklhqgbdZ dhg_qgZy wg_j]by g_ mki_\Z_l aZf_lgh jZkk_ylvky aZ ij_^_eu ahgu _]h ehdZebaZpbb >@ < bfimevkguo f_lh^Zo \Z`gmx jhev b]jZ_l gZqZevgh_ l_ieh\h_ khklhygb_ h[jZapZ IjhkljZgkl\_ggh\j_f_ggh_ jZa\blb_ bfimevkgh]h l_ieh\h]h \hafms_gby \gmljb h[jZapZ ijhke_`b\Z_lky \ hiul_ gZb[he__ y\gh _keb i_j_^ gZqZehf hiulZ h[jZa_p bf__l jZ\ghf_jgh_ l_fi_jZlmjgh_ ihe_ @ 7 U  W

ª U º 4 H[S « »  SOW ¬« DW ¼»

]^_W ± l_dms__\j_fyhlfhf_glZih^Zqbl_ieh\h]hbfimevkZU ± jZkklhygb_hlgZ]j_\Zl_ey ^h lhqdb dhgljhey O D ± dhwnnbpb_glu l_iehijh\h^ghklb b l_fi_jZlmjhijh\h^ghklb fZl_jbZeZ G_kfhljy gZ ijhklhlm h^ghbfimevkghc fh^_eb b fZl_fZlbq_kdh]h hibkZgby l_fi_jZlmjgh]hihey\ y\ghf\b^_hgZljm^ghj_Zebam_fZgZijZdlbd_baaZfZeuo\_ebqbg ihjy^dZ _^bgbp ]jZ^mkh\  ba[ulhqguo l_fi_jZlmj \ lhqd_ dhgljhey >ey m\_ebq_gby l_fi_jZlmjul_ieh\h_\ha^_ckl\b_hkms_kl\eyxlk_jb_cbfimevkh\>ZgghfmgZijZ\e_gbx ihk\ys_gjy^jZ[hl> @
l_fi_jZlmjgh]hiheydhlhju_Z^_d\Zlgulhevdhb^_Zevgufnbabq_kdbffh^_eyfIhwlhfm j_ZebaZpby bo gZ ijZdlbd_ ijb\h^bl d kms_kl\_gghc f_lh^bq_kdhc ih]j_rghklb < jy^_ kemqZ_\ wlZ ih]j_rghklv mkljZgy_lky p_ghc km`_gby ^bZiZahgZ aZ kq_l ijh\_^_gby hlghkbl_evguo baf_j_gbc gZ bkke_^m_fhf b wlZehgghf fZl_jbZeZo Hlf_q_gZ l_g^_gpby kha^Zgby f_lh^h\ kh keh`gufb Ze]hjblfZfb mijZ\e_gby l_ieh\uf \ha^_ckl\b_f b baf_j_gbyfb ^ey ihemq_gby ijhkluo jZkq_lguo nhjfme H^gZdh bo bkihevah\Zgb_ \uau\Z_lljm^ghklbijbj_ZebaZpbbb kgb`Z_l^hklh\_jghklvdhg_qguoj_amevlZlh\ HklZgh\bfky [he__ ih^jh[gh gZ f_lh^Zo bkihevamxsbo bklhqgbd l_ieZ ihklhygghc fhsghklb L_ieh\h_ \ha^_ckl\b_ ihklhygghc fhsghklb fh`_l [ulv h[t_fguf b ih\_joghklguf Ih\_joghklguc bklhqgbd \ha^_ckl\m_l gZ lm beb bgmx ]jZgv h[jZapZ kha^Z\Zy q_j_a g__ ihklhygguc l_ieh\hc ihlhd < hl^_evguo kemqZyo ih\_joghklguc bklhqgbd ihklhygghc fhsghklb fh`_l ^_ckl\h\Zlv \ h^ghf ba \gmlj_ggbo keh_\ h[jZapZ Ijbf_gbl_evgh d GD LNO gZb[hevr__ jZkijhkljZg_gb_ ihemqbeb f_lh^u ijb dhlhjuo ih\_joghklguc bklhqgbd l_ieZ ihklhygghc fhsghklb ^_ckl\m_l gZ h]jZgbq_gghf mqZkld_ bkke_^m_fh]h h[jZapZ < [hevrbgkl\_ kemqZ_\ \ dZq_kl\_ bklhqgbdZ ihklhygghc fhsghklb bkihevamxl we_dljbq_kdbc gZ]j_\Zl_ev Bgh]^Z ^ey wlhc p_eb ijb]h^gh \ukhdhl_fi_jZlmjgh_l_ieh\h_baemq_gb_ < jZ[hl_>@jZkkfZljb\Z_lkyf_lh^hkgh\ZggucgZj_r_gbbaZ^Zqbl_iehijh\h^ghklb ^ey ihemh]jZgbq_ggh]h l_eZ gZ]j_\Z_fh]h q_j_a mqZklhd _]h ih\_joghklb \ \b^_ djm]Z jZ^bmkhf 5 l_ieh\uf ihlhdhf T < f_lh^_ bkihevamxlky aZdhghf_jghklb g_klZpbhgZjgh]h l_iehh[f_gZ qlh agZqbl_evgh mf_gvrZ_l ^ebl_evghklv wdki_jbf_glZ Bkdhfu_ LNO hij_^_eyxlky iml_f j_]bkljZpbb baf_jy_fuo agZq_gbc l_fi_jZlmju \ p_glj_ djm]Z \ ijhba\hevgu_ghdjZlgu_fhf_glu\j_f_gbQW b QWBaaZkeh`ghklbl_ieh\hcnbabq_kdhc kbkl_fu g_ m^Z_lky ihemqblv y\gu_ b ijhklu_ ZgZeblbq_kdb_ \ujZ`_gby ^ey jZkq_lZ bkdhfuo LNO Ihwlhfm kgZqZeZ ^ey jZaebqguo agZq_gbc Q kljhblky ]jZnbd beb khklZ\ey_lkylZ[ebpZ ke_^mxs_caZ\bkbfhklb 7 QW  7  7 QW  7 

§ § ··  ¸¸  ¨  LHUIF¨ ¨  Q)R ¸ ¸ ¨ © ¹¹ © § · § · ¨  LHUIF¨  ¸ ¸ ¨  Q)R ¸ ¸ ¨ © ¹¹ ©



aZl_fhij_^_ey_lkydjbl_jbcNmjv_ )R Z LNOhij_^_eyxlkybakhhlghr_gbc O

]^_ LHUIF[

§ §  T5 )R ¨  LHUIF¨ ¨  )R ¨ 7 W  7  © ©

 S



> @

·· ¸ ¸  D ¸¸ ¹¹

5  )R  W

 ³ H[S> V @GV ¸¸¸ 7 ± gZqZevgZyl_fi_jZlmjZ

§ H[S  [   [¨¨   [ ¨ ©

[





· ¹

D g_^hklZldZf ^Zggh]h f_lh^Z ke_^m_l hlg_klb lh qlh g_h[oh^bfZ ]jZnbq_kdZy h[jZ[hldZj_amevlZlh\baf_j_gby^eyjZkq_lZbkdhfuoLNOmkeh`gyxsZyijZdlbq_kdh__]h ijbf_g_gb_ < jZ[hlZo > ± @ jZkkfZljb\Zxlky f_lh^u GD LNO fZkkb\guo h[jZaph\ k bkihevah\Zgb_f ZiiZjZlZ bgl_]jZevguo oZjZdl_jbklbd JZkkfhljbf ^Zgguc ih^oh^ gZ ijbf_j_ jZ[hlu >@ \ dhlhjhc jZkkfZljb\Z_lky f_lh^ [Zabjmxsbcky gZ j_r_gbb aZ^Zqb l_iehijh\h^ghklb^eyihemh]jZgbq_ggh]hl_eZgZ]j_\Z_fhfq_j_amqZklhd_]hih\_joghklb \ \b^_djm]ZjZ^bmkZ5 l_ieh\ufihlhdhfT< f_lh^_ij_^eZ]Z_lkybaf_j_gb_bgl_]jZevghc l_fi_jZlmju gZ]j_\Z_fh]h djm]Z 6W  ih\_joghklghc bgl_]jZevghc oZjZdl_jbklbdb  f_lZeebq_kdbf l_jfhf_ljhf khijhlb\e_gby meh`_gguf ih kibjZeb [ebadhc d kibjZeb :jobf_^Z <\h^blky ihgylb_ ih\_joghklghc \j_f_gghc bgl_]jZevghc oZjZdl_jbklbdb 6 j  gZ]j_\Z_fh]hdjm]Z 6  S

³H

f 

 S2

6 2 G2





< f_lh^_g_ihkj_^kl\_gghkgbfZ_lkywdki_jbf_glZevgZyaZ\bkbfhklv6W AZl_fih6W 

gZhkgh\Zgbbd\Z^jZlmjghcnhjfmeuqbke_gghhij_^_eyxlagZq_gb_ih\_joghklghc\j_f_gghc bgl_]jZevghc oZjZdl_jbklbdb ± 6 S  L_iehijh\h^ghklv hij_^_ey_lky gZ hkgh\Zgbb mklZgh\b\r_]hky klZpbhgZjgh]h  agZq_gby 6kl  6W o f  Z l_fi_jZlmjhijh\h^ghklv ± gZ hkgh\Zgbb 6 S jm]bf ij_bfms_kl\hf y\ey_lky lh qlh ^ey jZkq_lZ LNO bkihevam_lky ijZdlbq_kdb \ky wdki_jbf_glZevgh kgylZy l_jfh]jZffZ Kj_^b g_^hklZldh\ lZdh]h ih^oh^Z g_h[oh^bfh hlf_lblv lh qlh Z\lhju mqblu\Zxl lhevdh ih]j_rghklv ijb[eb`_ggh]h \uqbke_gby bgl_]jZeh\Ij_^iheZ]Z_lkyqlhih^ugl_]jZevgZynmgdpbyaZ^Z_lkylhqghl_ih]j_rghklv baf_j_gby 6W  g_ mqblu\Z_lky >jm]hc g_^hklZlhd aZdexqZ_lky\ lhfqlh^eyhij_^_e_gby LNO g_h[oh^bfh ijh\h^blv wdki_jbf_gl \iehlv ^h mklZgh\b\r_]hky agZq_gby 6 kl qlh m\_ebqb\Z_l ^ebl_evghklv wdki_jbf_glZ LZd `_ g_ mqblu\Z_lky lhl nZdl qlh h[jZa_p fh`ghjZkkfZljb\ZlvdZdg_h]jZgbq_gguclhevdhhij_^_e_ggucijhf_`mlhd\j_f_gb LZdbf h[jZahf ijbf_g_gb_ g_klZpbhgZjguo l_ieh\uo f_lh^h\ ^ey baf_j_gby LNO y\ey_lkyi_jki_dlb\guf Ba\_klgh qlh aZ^Zqb ih hij_^_e_gbx LNO b ^jm]bo k\hckl\ fZl_jbZeh\ hlghkylky d deZkkm h[jZlguo aZ^Zq fh^_ebjh\Zgby > @ GZijbf_j LNO hij_^_eyxlky gZ hkgh\_ dhk\_gguo baf_j_gbc ± ih l_fi_jZlmjghfm hldebdm h[jZapZ gZ \g_rg__ l_ieh\h_ \ha^_ckl\b_ LZdb_ aZ^Zqb \ h[s_f kemqZ_ y\eyxlky g_dhjj_dlgh ihklZ\e_ggufb ih :^ZfZjm > @ b lj_[mxl qlh[u bkke_^h\Zl_eb mqblu\Zeb wlhl nZdl ijb ihkljh_gbb fZl_fZlbq_kdhcfh^_ebijhp_kkZbaf_j_gbyLNO< ebl_jZlmj_>@\ l_q_gb_^ebl_evgh]h \j_f_gb [ueZ rbjhdh jZkijhkljZg_gZ lhqdZ aj_gby qlh lhevdh dhjj_dlgh ihklZ\e_ggu_ fZl_fZlbq_kdb_ aZ^Zqb fh]ml hibku\Zlv nbabq_kdb_ y\e_gby >@ Iha`_ ihfbfh lj_[h\Zgbcdhjj_dlghklbih :^ZfZjm>@[uehknhjfmebjh\Zghihgylb_dhjj_dlghklbih Lbohgh\m>@Ih^oh^:GLbohgh\Ziha\hebel_hj_lbq_kdbh[hkgh\Zgghj_rZlvh[jZlgu_ aZ^Zqb\ lhfqbke_ h[jZlgu_aZ^Zqbl_iehijh\h^ghklb Lj_[h\Zgby dhjj_dlghklb d aZ^Zq_ m^h\e_l\hjyxlky _keb aZ^ZqZ nhjfmebjm_lky ke_^mxsbfh[jZahf>@ G_h[oh^bfhgZclbj_r_gb_D ih\oh^guf^ZggufWw k bkihevah\Zgb_faZ\bkbfhklbD  5W  ]^_ 5 ± g_dhlhjuc hi_jZlhj ?keb D b W ijbgZ^e_`Zl fgh]hh[jZabyf $ b 7 ^ey we_f_glh\dhlhjuohij_^_e_ghjZkklhygb_f_ljbdZ U$DD b U7 WW a^_kvDD  $W W  7 l_ $ b 7 ± f_ljbq_kdb_ ijhkljZgkl\Z  lh ^he`gu m^h\e_l\hjylvky ke_^mxsb_ ljb lj_[h\Zgby   ^ey \kydh]h W  7 kms_kl\m_l j_r_gb_ D ba $ kms_kl\h\Zgb_ j_r_gby    j_r_gb_hij_^_ey_lkyh^ghagZqghh^ghagZqghklvj_r_gby  j_r_gb_^he`ghg_ij_ju\gh aZ\bk_lvhl\oh^guo^Zgguomklhcqb\hklvj_r_gby  H[jZlgu_ aZ^Zqb l_iehi_j_ghkZ y\eyxlky qZklguf kemqZ_f rbjhdh]h deZkkZ g_dhjj_dlgh ihklZ\e_gguo aZ^Zq Ijb\_^_f nhjfmebjh\dm h[jZlghc aZ^Zqb l_iehijh\h^ghklblZddZdwlhk^_eZgh^ey\k_]hdeZkkZh[jZlguoaZ^Zq<Y:jk_gbgufb :GLbohgh\uf>@ Imklv bamqZ_fh_ l_ieh\h_ y\e_gb_ oZjZdl_jbam_lky we_f_glhf D7 ijbgZ^e_`Zsbf fgh]hh[jZabx $ D7$  QZklh we_f_gl D7 g_^hklmi_g ^ey ijyfh]h bamq_gby b ihwlhfm bamqZ_lkyg_dhlhjh__]hijhy\e_gb_ID7   W7W7  I$ A^_kvI$ ± h[jZafgh`_kl\Z $ ijb hlh[jZ`_gbb I MjZ\g_gb_ ID   W bf__l j_r_gb_ lhevdh ^ey lZdbo we_f_glh\ W dhlhju_ ijbgZ^e_`Zl fgh`_kl\m I$  We_f_gl ± l_fi_jZlmjZ W7 h[uqgh ihemqZ_lky iml_f baf_j_gbcb ihwlhfmba\_kl_gijb[eb`_gghImklvW ± ijb[eb`_ggh_agZq_gb_lh]^Zj_qv b^_lh gZoh`^_gbbijb[eb`_ggh]hd D7 j_r_gbymjZ\g_gby ID  W Ijb wlhf W g_ ijbgZ^e_`bl fgh`_kl\m I$  ± \k_fm l_fi_jZlmjghfm ihex ^Zggh]h h[t_dlZ Hi_jZlhj I \h fgh]bo kemqZyo y\ey_lky lZdbf qlh h[jZlguc _fm hi_jZlhj I g_ y\ey_lky g_ij_ju\guf < wlbo kemqZyo g_evay \ dZq_kl\_ ijb[eb`_ggh]h j_r_gby [jZlv lhqgh_ j_r_gb_ mjZ\g_gby   k ijb[eb`_gguf W l_ g_evay \ dZq_kl\_ ijb[eb`_ggh]h j_r_gby[jZlvwe_f_glD IW lZddZdlZdh]hj_r_gbyfh`_lb g_[ulvihkdhevdmD fh`_l g_ ijbgZ^e_`Zlv fgh`_kl\m $ AgZqbl g_ \uihegy_lky lj_[h\Zgb_  dhjj_dlghklb ih

:^ZfZjm LZdh_ j_r_gb_ _keb ^Z`_ hgh kms_kl\m_l g_ [m^_l h[eZ^Zlv k\hckl\hf mklhcqb\hklb lZd dZd hi_jZlhj I g_ y\ey_lky g_ij_ju\guf Mkeh\b_ mklhcqb\hklb aZ^Zqb   h[uqgh y\ey_lky ke_^kl\b_f __ nbabq_kdhc ^_l_jfbgbjh\Zghklb ihwlhfm ijb[eb`_ggh_ j_r_gb_ ^he`gh h[eZ^Zlv wlbf k\hckl\hf >ey h[jZlgh]h hi_jZlhjZ I g_ \uihegy_lky mkeh\b_  dhjj_dlghklb ih :^ZfZjm Ke_^h\Zl_evgh aZ^ZqZ   y\ey_lky g_dhjj_dlgh ihklZ\e_gghc Nbabq_kdZy bgl_jij_lZpby j_amevlZlh\ baf_j_gbc baaZ g_mklhcqb\hklbfh`_lhdZaZlvkyg_\hafh`ghc @ H[h[sbf \ur_kdZaZggh_ gZ kemqZc hij_^_e_gby LNO fZl_jbZeh\ G_dhjj_dlghklv aZ^Zqbihhij_^_e_gbxLNOfZl_jbZeh\[m^_lhij_^_eylvkyke_^mxsbfb^\mfyhkgh\gufb nZdlhjZfb g_ihkj_^kl\_ggh kgbfZ_fZy wdki_jbf_glZevgZy bgnhjfZpby qZs_ \k_]h l_fi_jZlmjZ  x baf_jy_lkyk hij_^_e_gghcih]j_rghklvxkemqZcghc  fZl_fZlbq_kdZy fh^_evhibku\ZxsZyijhp_kkuijhbkoh^ysb_ijbbaf_j_gbby\ey_lky x ijb[eb`_gghc\ke_^kl\b_q_]hijbh[jZ[hld_wdki_jbf_glZevghkgylhcbgnhjfZpbb\hagbdZxl kbkl_fZlbq_kdb_ih]j_rghklb JZkkfhljbf dZd wlb ^\Z nZdlhjZ ijhy\eyxl k_[y ijb h[jZ[hld_ wdki_jbf_glZevguo ^Zgguo ;m^_f kqblZlv qlh \ ijhp_kk_ wdki_jbf_glZ baf_jy_lky l_fi_jZlmjZ \ nbdkbjh\Zggu_ fhf_glu \j_f_gb b \ aZ^Zgghc lhqd_ bkke_^m_fh]h h[jZapZ Lh]^Z fh`_f aZibkZlv 7wdk 2 L 7f 2 L  ' ke 2 L  û7kbkl 2 L L       ]^_ 7wdk ± wdki_jbf_glZevgh kgbfZ_fZy l_fi_jZlmjZ 7f ± fh^_evgZy l_fi_jZlmjZ __ \b^ ba\_kl_g ba j_r_gby fZl_fZlbq_kdhc fh^_eb iheh`_gghc \ hkgh\m f_lh^Z baf_j_gby  '7ke ± kemqZcgZy khklZ\eyxsZy ih]j_rghklb baf_j_gby l_fi_jZlmju '7kbkl ± kbkl_fZlbq_kdZy ih]j_rghklv \ua\ZggZy l_f qlh fZl_fZlbq_kdZy fh^_ev ijb[eb`_ggh hibku\Z_l ijhp_kku ijhbkoh^ysb_ijbbaf_j_gbbWL ± fhf_glu\j_f_gb\ dhlhju_baf_jy_lkyl_fi_jZlmjZ Ih]j_rghklv '7ke fh`gh jZkkfZljb\Zlv dZd kemqZcgmx \_ebqbgm k ghjfZevguf beb ^jm]bf aZdhghf jZkij_^_e_gby ?_ dhgdj_lgZy \_ebqbgZ [m^_l hij_^_eylvky ij_`^_ \k_]h bkihevam_fufb l_ogbq_kdbfb kj_^kl\Zfb Djhf_ lh]h ijb bkke_^h\Zgbb dhfihabpbhgguo fZl_jbZeh\ ij_^klZ\eyxsbo kh[hc keh`gu_ ]_l_jh]_ggu_ kbkl_fu d ih]j_rghklb '7ke [m^_l ^h[Z\eylvky ih]j_rghklv k\yaZggZy k jZaebqb_f ehdZevguo agZq_gbc LNO hl bo kj_^gboagZq_gbc^ey^Zggh]hfZl_jbZeZ Ih]j_rghklv '7kbkl [m^_l \ h[s_f kemqZ_ \_ebqbghc aZ\bkys_c hl \j_f_gb b k\hckl\ fZl_jbZeZ__ g_evayjZkkfZljb\ZlvdZdkemqZcgmx\_ebqbgm L_fi_jZlmjZ 7f ij_^klZ\ey_l kh[hc nmgdpbx \j_f_gb k\yau\Zxsmx baf_jy_fmx l_fi_jZlmjm k ]_hf_ljbq_kdbfb jZaf_jZfb gZqZevgufb b ]jZgbqgufb \b^hf l_ieh\h]h \ha^_ckl\by mkeh\byfbZ lZd`_LNObkke_^m_fh]hfZl_jbZeZDZdmdZau\Zehkv\ur_\b^ nmgdpbb7f ba\_kl_gl_fh`ghaZibkZlv 7f 7f ^D M ` W L  ]^_ ^D M ` ± dhwnnbpb_gluiZjZf_lju fh^_ebihdhlhjufhij_^_eyxlkybkdhfu_LNODM  ILNOfZl_jbZeZ  < k\hxhq_j_^v^ey'7kbkl lZd`_fh`ghaZibkZlv '7kbkl '7kbkl ^E M ` W L  ]^_ ^E M ` ± dhwnnbpb_gluaZ\bkysb_hlLNObkke_^m_fh]hh[jZapZb g_mql_gguo nZdlhjh\ < dZq_kl\_ wlbo nZdlhjh\ h[uqgh \uklmiZxl l_jfbq_kdb_ khijhlb\e_gby l_ieh_fdhklb gZ]j_\Zl_e_c b l_jfhijb_fgbdh\ b ^j EM  ILNO fZl_jbZeZ g_mql_ggu_ nZdlhju  Ijbq_fdhgdj_lguc\b^mjZ\g_gby h[uqghg_ba\_kl_g

>ey h[jZ[hldb wdki_jbf_glZevguo ^Zgguo k p_evx jZkq_lZ LNO h[uqgh bkihevamxl ^\Z\ZjbZglZ Ihi_j\hfm\ZjbZglmdhlhjucijbf_gbl_evghd g_jZajmrZxsbfdhglZdlguff_lh^Zf bkihevam_lkyqZs_\k_]hLNOhij_^_eyxlkygZhkgh\_hl^_evguobaf_j_gbcl_fi_jZlmju\ aZ^Zggu_fhf_glu\j_f_gbGZijbf_j_kebhij_^_eyxlky^\Zl_iehnbabq_kdbok\hckl\Zlh aZibku\Zxl^\ZmjZ\g_gbykhhl\_lkl\mxsbofhf_glZf\j_f_gbWN b WN 7wdk W N 7f ^D  ` W N  

^ ` 

7wdk W N  7f D   W N 



LZd dZd 7wdkWN  7wdkWN  WN WN ba\_klgu lh j_rb\ kbkl_fm  ±   gZoh^yl dhwnnbpb_glu D D Z ih gbf ± bkdhfu_ LNO LZdhc \ZjbZgl j_r_gby h[jZlghc aZ^Zqb bf__l ke_^mxsb_ g_^hklZldb
^ `

L wdk

7f D M  W L  ' L 

'L

'7ke W L  '7kbkl W L 

]^_ 'L ± hrb[dZ >@ bf_xsZy ba\_klgh_ jZkij_^_e_gb_ h[uqgh ghjfZevgh_  k fZl_fZlbq_kdbfh`b^Zgb_fjZ\guf Djhf_lh]hij_^iheZ]Z_lkyqlh'L g_aZ\bkblhlWH^gZdh_kebkjZ\gblv b   lhfh`_f\b^_lvqlh GZ kZfhf ^_e_ 'L g_ y\ey_lky kemqZcghc \_ebqbghc k fZl_fZlbq_kdbf h`b^Zgb_f jZ\gufbdjhf_lh]h'L aZ\bkblhlWBal_hjbbfZl_fZlbq_kdhcklZlbklbdbba\_klghqlh \ wlhf kemqZ_ hp_gdb iZjZf_ljh\ fh^_eb ^D M ` [m^ml kf_s_ggufb b g_wnn_dlb\gufb >@ IjZdlbq_kdb wlh hagZqZ_l qlh ijb ih^h[ghf ih^oh^_ ih]j_rghklv hij_^_e_gby dhwnnbpb_glh\ ^D M `fh`_l [ulv \ur_ q_f ijb i_j\hf \ZjbZgl_ h[jZ[hldb wdki_jbf_glZevguo ^Zgguo hij_^_e_ggu_ ijb lZdhf ih^oh^_ agZq_gby ^D M ` fh]ml g_ khhl\_lkl\h\Zlv bo nbabq_kdhfm kfukem gZijbf_j hdZaZlvky hljbpZl_evgufb dh]^Z ih k\h_fm nbabq_kdhfm kfukem ^he`gu [ulv iheh`bl_evgufb  Djhf_ lh]h lZd dZd fh^_ev 7f 7f ^D M ` W L \ h[s_f kemqZ_ y\ey_lky g_ebg_cghc dZd ih iZjZf_ljZf  ^D M `  lZd b ih g_aZ\bkbfhc i_j_f_ghc W  lh agZq_gby ^D M ` [m^ml lZd`_ aZ\bk_lv hl gZqZevgh aZ^Zggh]h ijb[eb`_gbyg_mklhcqb\hklvfh^_eb 
khijhlb\e_gby bebljm^ghhij_^_ebfZgZijbf_jl_ieh_fdhklvgZ]j_\Zl_ey  QZklh ^ey mf_gvr_gby \ebygby '7kbkl bkihevamxl lZd gZau\Z_fmx fh^_ev \\_^_gby ihijZ\hd > ± @ Kmlv __ aZdexqZ_lky \ ke_^mxs_f GZ hkgh\Zgbb mjZ\g_gbc lbiZ     hij_^_eyxl jZkq_lgu_ agZq_gby dhgljhebjm_fuo iZjZf_ljh\ : aZl_f ih fh^_eb \\_^_gby ihijZ\hd k\yau\Zxs_c jZkq_lgu_ iZjZf_lju k ^_ckl\bl_evgufb agZq_gbyfb LNO hij_^_eyxlky bkdhfu_ LNO Kh[kl\_ggh fh^_ev \\_^_gby ihijZ\hd kljhblky gZ hkgh\_ wfibjbq_kdhc nhjfmeu qZs_ \k_]h ihebghfZ  b ^ey gZoh`^_gby dhwnnbpb_glh\ wlhc fh^_ebg_h[oh^bfhbf_lvjy^h[jZaph\uof_jLNO LZdhc ih^oh^ bf__l ke_^mxsb_ g_^hklZldb    ± @ : < Eudh\uf [ueh ihdZaZgh >@ qlh j_]meyjgu_ l_ieh\u_ j_`bfu i_j\h]h b \lhjh]h jh^Z bf_xl h[s__ k\hckl\h dhlhjh_ oZjZdl_jbam_lky g_aZ\bkbfhklvx hl \j_f_gb hlghr_gby l_ieh\h]h ihlhdZ T \ ex[hc lhqd_ l_eZ d ihlhdm l_ieZ gZ _]h ih\_joghklb Ti < qZklghf kemqZ_ dh]^Z gZ ih\_joghklb h[jZapZ ^_ckl\m_l bklhqgbd l_ieZ ihklhygghc fhsghklb \ l_e_ \hagbdZ_l klZpbhgZjgh_ ihe_ l_ieh\uo ihlhdh\ OZjZdl_jghc hkh[_gghklvx f_lh^h\ baf_j_gby LNO hkgh\Zgguo gZ j_]meyjghf l_ieh\hf j_`bf_ y\ey_lky ijhklhlZ jZkq_lguo nhjfme FZl_fZlbq_kdZy fh^_ev hibku\ZxsZy l_jfh]jZffm qZs_ \k_]h y\ey_lky ebg_cghc ih iZjZf_ljZf beb e_]dh ebg_Zjbam_lkyKbkl_fZlbq_kdb_ih]j_rghklbmqblu\Zxlky\ \b^_g_aZ\bkbfuohl\j_f_gb b ijhkluoihnhjf_ihijZ\hdH^gZdhhkgh\gZyqZklvwlbof_lh^h\[Zabjm_lkygZfh^_eyo ^eyl_edhg_qguojZaf_jh\ieZklbgZpbebg^jrZj < lh\j_fydZd[hevrZyqZklvf_lh^h\ GD [Zabjmxlky gZ fh^_eyo ihemijhkljZgkl\Z iehkdh]h pbebg^jbq_kdh]h kn_jbq_kdh]h  Fh`ghihdZaZlvqlh\ur_ijb\_^_ggh_\ukdZau\Zgb_:<Eudh\Zijbf_gbfhb ^eylZdbo fh^_e_cH^gZdh\ wlhfkemqZ_gm`gh]h\hjblvg_h j_]meyjghfl_ieh\hfj_`bf_^ey\k_]h l_eZ \p_ehf lZd dZd hgh ijbgbfZ_lky g_h]jZgbq_gguf  Z h j_]meyjbaZpbb l_ieh\h]h ijhp_kkZ lhevdh ^ey dZdhclh hij_^_e_gghc h[eZklb l_eZ Oh^ l_jfh]jZffu [m^_l hij_^_eylvky ij_`^_ \k_]h \gmlj_ggbfb kehyfb bkke_^m_fh]h h[jZapZ Hkgh\gufb bklhqgbdZfb kbkl_fZlbq_kdbo ih]j_rghkl_c \ dhglZdlguo g_jZajmrZxsbo f_lh^Zo dhgljhey LNO y\eyxlky g_mql_ggu_ ijhp_kku \ h[eZklb gZ]j_\Zl_ey b l_iehijb_fgbdh\ l_jfbq_kdb_khijhlb\e_gbyl_ieh_fdhklbb ^j  Hlkx^Zfh`ghk^_eZlv\u\h^qlh_kebijh\h^blvbaf_j_gb_LNOhkgh\u\Zykvlhevdh gZ mqZkldZo l_jfh]jZffu khhl\_lkl\mxsbo j_]meyjbaZpbb l_ieh\h]h j_`bfZ \ h[eZklb gZ]j_\Zl_e_cb l_jfhijb_fgbdh\lh\hi_j\uojZkq_lgu_khhlghr_gby[m^mlijhklufbb \h fgh]bo kemqZyo ebg_cgufb ih iZjZf_ljZf \h\lhjuo kbkl_fZlbq_kdb_ ih]j_rghklb [m^mleb[hagZqbl_evghf_gvrbfbq_fkemqZcgu_eb[h[m^mlghkblvihklhyggucoZjZdl_j l_g_[m^mlaZ\bk_lvhl\j_f_gb'7kbkl FRQVW   HKGH
l_iehnbabq_kdbooZjZdl_jbklbdfZl_jbZeh\

< kemqZ_g_jZajmrZxs_]hdhgljheyfZl_jbZeh\Zdlb\gufbl_ieh\ufbf_lh^Zfb a jbk  bkdhfu_LNOijhy\eyxlkyq_j_al_fi_jZlmjguchldebd 7 W bkke_^m_fh]h h[jZapZgZl_ieh\h_ \ha^_ckl\b_T dhlhjhfmih^\_j]Z_lkyh[jZa_pbebba^_eb_ \ ki_pbZevghhj]Zgbah\Zgghfwdki_jbf_gl_ < gZklhys__\j_fy^eyh[jZ[hldb^Zgguowdki_jbf_glZijbGDLNOfZl_jbZeh\ l_ieh\ufbf_lh^Zfb\ hkgh\ghfijbf_gy_lky^\Zih^oh^ZI_j\ucij_^iheZ]Z_lihemq_gb_ b bkihevah\Zgb_wfibjbq_kdboaZ\bkbfhkl_cgZhkgh\_ a LI LW G ijh\_^_gby[hevrh]hqbkeZwdki_jbf_glh\\h\k_f^bZiZahg_ dhgljhebjm_fuok\hckl\b fZl_jbZeh\>hklhbgkl\hf^Zggh]h BA T ih^oh^Zy\ey_lkyijhklhlZfZl_fZlbq_kdh]hh[_ki_q_gby baf_jbl_evguokbkl_fZ ke_^h\Zl_evgh\hafh`ghklvbo Ba^_eb_ j_ZebaZpbb^_r_\ufbl_ogbq_kdbfbkj_^kl\Zfb Kms_kl\_ggucg_^hklZlhd ^hklZlhqgmxlhqghklvfh`gh Jbk Ko_fZ h[_ki_qblvebrv^eymadh]hdeZkkZfZl_jbZeh\ baf_jbl_evgh]h hklhbgkl\hflZdbof_lh^h\y\ey_lky l_jfhijb_fgbdBA± ^hklZlhqgh\ukhdZylhqghklv\ rbjhdhf^bZiZahg_ baf_jbl_evgucahg^ bkke_^m_fuok\hckl\H^gZdhg_kfhljygZhlghkbl_evghlhqgh_ b\f_kl_k l_f]jhfha^dh_fZl_fZlbq_kdh_hibkZgb_^bgZfbdbl_ieh\hckbkl_fuhgh\k_ jZ\ghg_fh`_lmq_klv\k_obg^b\b^mZevguohkh[_gghkl_cdhgdj_lguoijhp_kkh\ baf_j_gby;he__lh]hkhihklZ\e_gb_jZkq_lguob wdki_jbf_glZevguol_jfh]jZff ihdZau\Z_lg_\hafh`ghklvbolhqgh]hkh\iZ^_gbygZ\k_f\j_f_gghfbgl_j\Ze_Wlb h[klhyl_evkl\Zg_iha\heyxl]ZjZglbjh\Zlv^eyf_lh^h\\lhjh]hih^oh^Zhlkmlkl\b_ agZqbl_evguoih]j_rghkl_c\h\k_f^bZiZahg_baf_j_gbyIhwlhfmp_evxgZklhys_]h bkke_^h\Zgbyy\ey_lkyjZajZ[hldZl_iehnbabq_kdbofgh]hfh^_evguof_lh^h\iha\heyxsbo bkihevah\Zlv^hklhbgkl\Zb mf_gvrblvg_^hklZldbh[hbomihfygmluoih^oh^h\ :gZebaijhp_kkh\baf_j_gbybofh^_e_cb bklhqgbdh\ih]j_rghkl_cihdZau\Z_lqlh\ ij_^_eZo\j_f_ggh]hbgl_j\ZeZbaf_j_gby\ l_ieh\hc a LWY LL  kbkl_f_fh]mlijhbkoh^blvkms_kl\_ggu_baf_g_gby LWY q& a dhlhju_g_iha\heyxlhibku\Zlv\_kvijhp_kkbaf_j_gby LW h^ghcZgZeblbq_kdhcfh^_evxk g_baf_ggufb   h]jZgbq_gbyfbb mkeh\byfbjbk  G_mq_l^Zggh]h h[klhyl_evkl\Z\_^_ld kms_kl\_gghfmm\_ebq_gbx  ih]j_rghkl_cijbhij_^_e_gbbLNOg_jZajmrZxsbfb  f_lh^Zfb  Hkgh\gufbbklhqgbdZfbih]j_rghkl_c^eyB
jZkkfZljb\ZlvdZdkbkl_fmdhlhjZy\_kvi_jbh^baf_j_gbygZoh^blky\ h^ghfkhklhygbb nmgdpbhgbjh\ZgbyKl_ijbg_baf_gghfhkgh\ghfmjZ\g_gbbhi_jZlhj_ b ]jZgbqguo mkeh\byo JZkkfhljbfbaf_jbl_evgucahg^b bkke_^m_fh_l_eh\ \b^_^bgZfbq_kdhckbkl_fu
L_ieh\h_\ha^_ckl\b_T \oh^gZyi_j_f_ggZy

H[t_dlbkke_^h\Zgby

K

K

KQ L_fi_jZlmjguc hldebd7‡ \uoh^gZyi_j_f_ggZy

0+‡ ^>MLGM=MK !`K +‡

JbkKljmdlmjgZyko_fZfh^_ebijhp_kkZbaf_j_gbygZFKN

Hkgh\mfZl_fZlbq_kdhcfh^_ebgZFKNkhklZ\eyxl  ^bnn_j_gpbZevgh_mjZ\g_gb_l_iehijh\h^ghklb>ML l_ w7  [  W D’ 7 [  W  wW  gZqZevgu_mkeh\byGM l_ 7  [   I [ 

 ]jZgbqgu_mkeh\by=M l_ O

w7 [  W  D[ i  7i  W 7i  7kj [ i  W  T i [ i  W wQ i







]^_ 7 ± l_fi_jZlmjZ l_eZ 7i ± l_fi_jZlmjZ ih\_joghklb l_eZ 7kj ± l_fi_jZlmjZ \g_rg_c kj_^u W ± \j_fy W Wd ± \j_fy gZqZeZ b dhgpZ baf_j_gby [ ± \_dlhj ijhkljZgkl\_gguo dhhj^bgZl [ i ± dhhj^bgZlu ih\_joghklb l_eZ D ± l_fi_jZlmjhijh\h^ghklv ’ ± hi_jZlhj EZieZkZ O ± l_iehijh\h^ghklv          D ± dhwnnbpb_gl l_iehhl^Zqb Ti ± m^_evgZy ih\_joghklgZyfhsghklvhl^_ckl\by\g_rg_]hbklhqgbdZl_ieZ   fgh`_kl\h khklhygbc nmgdpbhgbjh\Zgby K  +˜  b ljZ_dlhjby baf_g_gby i_j_f_gghckhklhygbynmgdpbhgbjh\Zgby] Fhsghklvfgh`_kl\Zkhklhygbcnmgdpbhgbjh\Zgbykbkl_fub oZjZdl_jbaf_g_gby agZq_gbci_j_f_gghc][m^mlhij_^_eylky Z jZaf_jghklvxijhkljZgkl\_gghcdhhj^bgZlu± [  [ \b^hf]jZgbqguomkeh\bch[jZa_pg_h]jZgbq_gguch[jZa_ph]jZgbq_gguc  \ klZ^b_cijhp_kkZgZqZevgZyj_]meyjgZyklZpbhgZjgZyklZ^bb  < hkgh\_fgh]hfh^_evgh]hf_lh^Ze_`Zlke_^mxsb_ij_^iheh`_gby   GZl_jfh]jZff_bf_xlkymqZkldb^eydhlhjuoh[_ki_qb\Z_lky\ukhdZylhqghklv kh\iZ^_gbyk j_amevlZlZfb\uqbkebl_evguowdki_jbf_glh\ihZgZeblbq_kdbf fh^_eyf Ijbq_fwlbfmqZkldZfkhhl\_lkl\mxll_ieh\u_j_`bfuhiulZijhr_^rb_klZ^bx j_]meyjbaZpbbkfjZa^_e    MqZkldbwdki_jbf_glZevguob jZkkqblZgguoihfh^_eyfl_jfh]jZffbf_xlf_klh ^ey\k_]hdeZkkZbkke_^m_fuofZl_jbZeh\

  >eymqZkldh\ kms_kl\mxlm^h[gu_\uqbkebl_evgu_khhlghr_gbyiha\heyxsb_ h^ghagZqghhij_^_eblvagZq_gbyl_iehnbabq_kdbooZjZdl_jbklbd\ aZ\bkbfhklbhl iZjZf_ljh\ZgZeblbq_kdhcnmgdpbbhibku\Zxs_cl_jfh]jZffmgZ^Zgghf\j_f_gghf bgl_j\Ze_ LZddZdf_lh^hij_^_e_gbyLNO g_ij_^iheZ]Z_lb^_glbnbdZpbx\k_]hl_fi_jZlmjgh]h iheyZ lj_[m_fu_iZjZf_ljuhij_^_eyxlkyihagZq_gbyf [˜  [W  W  >W R W N @ b \ ˜ [  \ W [  W  >W R W N @ lhZgZeblbq_kdZyfh^_evfh`_l[ulvij_^klZ\e_gZh^gbfhi_jZlhjhfklZ\ysbf \ khhl\_lkl\b_agZq_gbyf ] WR b [˜ \uoh^ \ W [  W ! W R beb

M  7 u 7 u ; u = u ; ˜ o < \ W M[˜  ] W R 

a^_kv 7  ;  =  ; ˜  < ± fgh`_kl\Zkhhl\_lkl\_gghagZq_gbc W W R  [  ] W R  [˜  \  Hij_^_e_gb_ ;m^_f]h\hjblvqlhB2 c 2 cc@ gZoh^blky\ h^ghfkhklhygbbnmgdpbhgbjh\Zgbybebhi_jZlhjghfkhklhygbb K_kebgZwlhfbgl_j\Ze_ \j_f_gb ijhp_kk baf_j_gby Z^_d\Zlgh hibku\Z_lky h^gbf ba\_klguf  hi_jZlhjhf b kh[ex^Zxlkyg_h[oh^bfu_h]jZgbq_gbyb mkeh\byFh^_evijhp_kkZbaf_j_gby\ khklhygbb K h[hagZqbf 0K Kbkl_fZ \uoh^bl ba khklhygby K dh]^Z fh^_ev 0K i_j_klZ_l [ulv Z^_d\Zlghcj_Zevghfmijhp_kkmbaf_j_gbyKhklhygb_nmgdpbhgbjh\ZgbyK [m^_fgZau\Zlv q_ldbf beb h^ghjh^guf WccWccc@ gZoh^blky \ g_q_ldhf beb a i_j_oh^ghf  khklhygbb nmgdpbhgbjh\Zgby K  _keb hibkZgb_ ijhp_kkZ baf_j_gby gZ wlhf bgl_j\Ze_ h^gbf ba\_klguf hi_jZlhjhf k khhl\_lkl\mxsbfb mkeh\byfb b h]jZgbq_gbyfb a fh`gh ijbagZlv ebrv ijb[eb`_ggh k g_dhlhjhc kl_i_gvx m\_j_gghklb < khklhygbb K ijhp_kk fh`_l [ulv ij_^klZ\e_g kmi_jihabpb_c \a\_r_gghc kmffhc  jZaebqguo hi_jZlhjh\ijbwlhf\_kZwlbohi_jZlhjh\g_hklZxlkyihklhyggufb a GZijbf_j fh^_ev \ g_q_ldhfkhklhygbb K \ fhf_gl\j_f_gbW fh`_l[ulvaZibkZgZ\ \b^_ 0 Ka N W 0 KL    N W 0 K M W  >W cc W ccc@  ]^_ 0 KL  0 K M ± fh^_eb \ q_ldbo khklhygbyo KL b K M  N W ± \_kh\hc dhwnnbpb_gl

baf_gyxsbcky\h\j_f_gb a G_q_ldbf khklhygbyf K khhl\_lkl\mxl nmgdpbb ijbgZ^e_`ghklb oZjZdl_jbamxsb_ kl_i_gv m\_j_gghklb \ lhf qlh \f_klh fh^_eb 0 Ka fh`gh bkihevah\Zlv h^gm ba fh^_e_c a

q_ldh]h khklhygby 0 KL 
\j_f_gguobgl_j\ZeZobaf_j_gbyh[jZamxlfgh`_kl\hi_j_oh^guokhklhygbc + i Fgh`_kl\h a g_q_ldbo khklhygbc + i h[mkeh\e_gh gZebqb_f \j_f_ggh]hbgl_j\ZeZ \uoh^Z BW R  W  K W  W  >W  W   K W  W  >W   W   

Hij_^_e_gb_  LjZ_dlhjby K˜  \ dhlhjhc ijhbkoh^bl q_j_^h\Zgb_ khklhygbc K  + i b K  + R [m^_fgZau\Zlvlbih\hcZ __aZibkvlbih\hcnhjfhc < aZ\bkbfhklbhlkl_i_gbhij_^_e_gghklbnZdlhju\uau\Zxsb_baf_g_gbykhklhygbc nmgdpbhgbjh\Zgby fh`gh jZa[blv gZ ^\_ ]jmiiu NZdlhju i_j\hc ]jmiiu \uau\Zxl a ij_^kdZam_fu_ baf_g_gby K beb K  k\yaZggu_ k hkh[_gghklyfb ijhl_dZgby ijhp_kkZ baf_j_gby gZijbf_j hldehg_gb_f jZaf_jh\ j_Zevgh]h ^ZlqbdZ hl jZaf_jh\ l_hj_lbq_kdb b^_Zevgh]hh[jZapZbkihevam_fh]h\ ZgZeblbq_kdhcfh^_ebW R  W N @ hlkmlkl\mxl g_ij_^kdZam_fu_ baf_g_gby khklhygbc nmgdpbhgbjh\Zgby lh ljZ_dlhjby K˜ fh`_l [ulv ij_^klZ\e_gZ\ lbih\hcnhjf_  Wlh ke_^m_l \hi_j\uo ba lh]h qlh \j_fy i_j_oh^Z ba h^gh]h q_ldh]h khklhygby \ a ^jm]h_ dhg_qgh b gZ wlhf ijhf_`mld_ \j_f_gb fh`gh \\_klb g_q_ldh_ khklhygb_ K  ey q_ldbo khklhygbc K  + R ijh\_jdZ Z^_d\Zlghklb fh^_e_c 0 K ijhba\h^blky ZgZeh]bqgh lhfm dZd wlh ^_eZ_lky ^ey ljZ^bpbhgguo fh^_e_c g_ mqblu\Zxsbo baf_g_gb_ khklhygbc nmgdpbhgbjh\Zgby H^gZdh bkdexqbl_evgh \Z`gh_ agZq_gb_ a^_kv ijbh[j_lZxl a aZ^Zqbb^_glbnbdZpbb khklhygbc K b K  AZ^ZqZ b^_glbnbdZpbb khklhygby nmgdpbhgbjh\Zgby aZdexqZ_lky \ hij_^_e_gbb ih baf_j_ggufk \j_f_ggufrZ]hf 'W agZq_gbyf \ W R  L 'W  L     b ba\_klguf\oh^guf \ha^_ckl\byf [W R  L 'W  L     fhf_glh\ kf_gu khklhygbc nmgdpbhgbjh\Zgby W M b a

a

agZq_gbygh\h]hkhklhygbynmgdpbhgbjh\Zgby K M   Kh]eZkgh ml\_j`^_gbx  \ hlkmlkl\bb g_ij_^kdZam_fuo baf_g_gbc khklhygbc nmgdpbhgbjh\Zgby fh^_ev ijhp_kkZ baf_j_gby gZ fgh`_kl\_ + ij_^klZ\ey_l kh[hc dhjl_`fh^_e_c\b^Z a a a a 0+ 0 Ka  K  + i  0 K  K  + R  0 Ka  K  + i     





Hij_^_e_gb_  B^_glbnbpbjm_fu_ khklhygby nmgdpbhgbjh\Zgby K  + R  \ dhlhjuo baf_j_ggu_ agZq_gby dhfihg_gl \_dlhjZ nZah\uo dhhj^bgZl fh`gh bkihevah\Zlv ^ey jZkq_lZ bkke_^m_fuo oZjZdl_jbklbd k\hckl\  fZl_jbZeh\ [m^_f gZau\Zlv jZ[hqbfb hgb h[jZamxlih^fgh`_kl\hjZ[hqbokhklhygbcnmgdpbhgbjh\Zgby + S  + R  Fh^_eb 0 K  K  + S bkihevamxlkyijbjZajZ[hld_fZl_fZlbq_kdh]hh[_ki_q_gbyB
nhjfmeuk\yau\Zxsb_iZjZf_ljufh^_e_ck bkdhfufbLNO>ey\u^_e_gbyjZ[hqbo mqZkldh\l_jfh]jZffihfg_gbxZ\lhjh\gZb[he__ijZ\bevghbkihevah\ZlvklZlbklbq_kdbc djbl_jbcb wlhfm\hijhkmihk\ys_gh^bgbajZa^_eh\iylhc]eZ\uLZf`_ijb\_^_g Ze]hjblfhp_gdbiZjZf_ljh\fh^_e_c< iylhc]eZ\_lZd`_ijb\_^_guj_amevlZlu wdki_jbf_glZevguobkke_^h\ZgbcLNOfZl_jbZeh\ 

hij_^_e_gb?l_iehnbabq_kdbooZjZdl_jbklbd k bkihevah\Zgb_febg_cgh]hbklhqgbdZl_ieZ

 Fh^_evijhp_kkZg_klZpbhgZjgh]hl_iehi_j_ghkZ hlebg_cgh]hbklhqgbdZl_ieZ

Baf_j_gbyLNOhkgh\ZgugZnbabq_kdhcfh^_ebij_^klZ\e_gghcgZjbk L_ieh\h_ \ha^_ckl\b_gZbkke_^m_fh_l_ehk jZ\ghf_jgufgZqZevgufl_fi_jZlmjguf jZkij_^_e_gb_fhkms_kl\ey_lkyk ihfhsvxebg_cgh]hbfimevkgh]hgZ]j_\Zl_ey< wdki_jbf_gl_nbdkbjm_lkyl_fi_jZlmjZgZaZ^ZgghfjZkklhygbbhlgZ]j_\Zl_ey t»ÆÂÄŶÆÑ

j½Â»Æ¾È»ÁÒÃÑ¿ ½Äú

U

o¶¹Æ»¸¶È»ÁÒ

U

jÇÇÁ»ºÉ»ÂÑ¿ ķƶ½»Ì

Jbk Ko_fZl_ieh\hckbkl_fu^eyf_lh^Z Febg_cgufbfimevkgufgZ]j_\Zl_e_f Ijh\_^_fZgZeba^Zgghckbkl_fuJZkkfhljbffh^_evg_klZpbhgZjgh]hl_iehi_j_ghkZ hlebg_cgh]hbfimevkgh]hbklhqgbdZl_ieZ^_ckl\mxs_]hgZl_iehbahebjh\Zgghc ih\_joghklbihemh]jZgbq_ggh]hl_eZ L_fi_jZlmjgh_ihe_\ bkke_^m_fhffZl_jbZe_hlh^gh]hbfimevkZijb\uiheg_gbb mkeh\byihemh]jZgbq_gghklb l_eZ [m^_lhibku\ZlvkymjZ\g_gb_f>@jbk \b^Z 7 U  W

ª U º 4 H[S « »  SOW ¬« DW ¼»

]^_4 ± dhebq_kl\hl_ieZ\u^_eb\r__kygZ_^bgbp_^ebgugZ]j_\Zl_ey U ± jZkklhygb_ hlgZ]j_\Zl_eyW ± \j_fyO ± l_iehijh\h^ghklvD ± l_fi_jZlmjhijh\h^ghklv LqK

    











 

Wk

Jbk
?kebih^Z_lkyihke_^h\Zl_evghklvQl_ieh\uobfimevkh\k i_jbh^hf'Wlh l_fi_jZlmjgh_ihe_\ h[jZap_[m^_lhij_^_eylvky\ujZ`_gb_f 7bf U  W

4 SO

¦ Q

L 

ª º U H[S « » «¬ D W  L   'W »¼  Q   'W d W d Q'W  W  L   'W

dhlhjh_fZehih^oh^bl^ey\uqbke_gbyLNOh[jZapZ ?kebgZ]j_\hkms_kl\ey_lkyk ihklhygghcfhsghklvxTlhl_fi_jZlmjgh_ihe_\ ihemh]jZgbq_gghckj_^_[m^_lhij_^_eylvkynhjfmehc>@ 7F U  W

T SO

³

f U  DW

H[S>X @ GX X

T SO

 DW

³

U 

 H[S> @ X GX  X

]^_T ± fhsghklv\u^_eyxsZykygZ_^bgbpm^ebgugZ]j_\Zl_ey Fh`ghihdZaZlvqlhijb\uiheg_gbbmkeh\by 4 'W

T



fgh]hbfimevkgucbklhqgbdl_ieZfh`ghjZkkfZljb\Zlvijb[hevrboW dZdbklhqgbdl_ieZ ihklhygghcfhsghklbk T

4 'W

jbk 

Gm`ghhlf_lblvqlhgZijZdlbd_^_ckl\b_bklhqgbdZl_ieZg_y\ey_lkyf]gh\_ggufZ bf__lhij_^_e_ggmx^ebl_evghklvW k fhsghklvxgZ_^bgbpm^ebgugZ]j_\Zl_ey± T  FhsghklvgZgZ]j_\Zl_e_y\ey_lkyi_jbh^bq_kdhcnmgdpb_c\j_f_gbjbk l_ ­°T   d W d W  T W  Q'W ® °¯ W   W  'W

T W LqK





TW

T



  











T W 

WF





Jbk
W

W

'W

JbkFhsghklvgZgZ]j_\Zl_e_ ijbfgh]hbfimevkghfbklhqgbd_ l_ieZ

Mkeh\b_ \ wlhfkemqZ_\u]ey^blke_^mxsbfh[jZahf T

T W  'W

 

@aZibr_fnhjfmemhij_^_eyxsmx l_fi_jZlmjgh_ihe_\ ihemijhkljZgkl\_hlebg_cgh]hbklhqgbdZl_ieZk ijhba\hevgufaZdhghf ih^ZqbfhsghklbgZgZ]j_\Zl_e_\ \b^_ 7  U  W

ª º U T X  H[S  « » W  ¬« D W  X ¼» GX  SO  W  X

³



AZ\bkbfhklvTW hij_^_ey_fZyba y\ey_lkyi_jbh^bq_kdhcnmgdpb_ck i_jbh^hf 'W b __fh`ghjZaeh`blv\ jy^Nmjv_l_

T W   'W T W f  ­° ª NSW º ª NSW º § ª NSW º · ª NSW º ½° FRV «     ¨¨  FRV « ®VLQ « » » » ¸¸ VLQ « » ¾ 'WS N  N °¯ ¬ 'W ¼ ¬ 'W ¼ © ¬ 'W ¼ ¹ ¬ 'W ¼ °¿

T  W

¦

 Ih^klZ\b\\ujZ`_gb_ \ nhjfmem ihemqbfke_^mxs__\ujZ`_gb_ 7bf U  W

T W  SO'W

 DW

³

U 

ª º H[S « » ¬ X ¼ GX  X

­ § ª NS ª º ½ U º ª NSX º · ¸ W   X »  VLQ « H[S  ° W ¨¨ VLQ « « » ° » ¸ f D  W  X ¼ ° T  ° © ¬ 'W ¼ ¬ 'W ¼ ¹ ¬ GX ¾   ¦ ®³ W  X S O N  N °  ° ° ° ¯ ¿



AZf_lbfqlhbanhjfmeu lZd`_fh`ghihemqblv\ujZ`_gb_^eyl_fi_jZlmjgh]h iheyhlf]gh\_ggh]hfgh]hbfimevkgh]hbklhqgbdZl_ieZlh`^_kl\_ggh_\ujZ`_gbx  ?kebmf_gvrZlvijhf_`mlhdih^ZqbbfimevkZW b h^gh\j_f_gghm\_ebqb\Zlvfhsghklv T lZdqlh[uTW 4lhi_j_c^yd ij_^_emb mqblu\Zyqlh ­ ª NSW  º ½ ­ ª NSW  º ½ ° VLQ « °  FRV « »° »° NS ° ¬ 'W ¼ ° ° ¬ 'W ¼ ° o   OLP ® ¾o ¾ OLP ® W 'W W  o  ° W W  o ° ° ° °¯ °¿ °¯ °¿

fh`_faZibkZlv 7bf U  W

ª º U ª NSX º ª º FRV« H[S« H[S« » » » f W D X  ' W W   4 X 4 ¬ ¼ ¬ ¼ GX  ¬ ¼ GX  ¦³ ³ W  X X SO'W N   SO'W   DW U

 Kmffuklhysb_\ ijZ\hcqZklb\ujZ`_gbc b  ij_^klZ\eyxlkh[hc  DW

h]jZgbq_ggu_b i_jbh^bq_kdb_nmgdpbbW >@B ijb[hevrboW  ³

U 

 DW

fhghlhggh\hajZklZxsZynmgdpbyb ijbWof ³

U 

T W  'W

T SO

³

f

U  DW

4 'W

b T

fh`ghkqblZlvqlh

H[S>X @ GX  X

L_i_jvh[jZlbfkyd ZgZebammjZ\g_gby Ba\_klghqlh>@ H[S>X @ GX X [

³

f

7F U  W

 N [ N N N 

OQ> [@  J  ¦ f

]^_J | ± qbkehWce_jZ K mq_lhfwlh]h\ujZ`_gbyfh`_faZibkZlv N  § · N§ U ¨ ¸  ¨¨ f DW ¸¹ T ¨ DW © ¨ OQ>  @  J  ¦ N N SO ¨ U N  ¨¨ ©

· ¸ ¸ ¸ ¸ ¸¸ ¹

± _klv

ª º H[S « » ¬ X ¼ GX o f wlbfbkmffZfbfh`gh X

ij_g_[j_qvl_ijb[hevrboW k mq_lhfmkeh\bc T 7bf U  W | 7F U  W | 7F U  W

ª º H[S « » ¬ X ¼ GX X

N





b ijb[hevrboW jbk  7F U  W |

T § DW · ¨ OQ>  @  J ¸ SO © U ¹

· T §¨ U D @  OQ> @  J ¸  OQ> @ OQ> W  ¸ SO ¨©  ¹

 GZhkgh\Zgbb\ur_baeh`_ggh]hfh`ghk^_eZlv\u\h^h oZjZdl_j_l_ieh\h]hijhp_kkZ ijhbkoh^ys_]h\ kbkl_f_ahg^gZ]j_\Zl_evh[jZa_p >bgZfbdZl_ieh\h]hijhp_kkZ\ kbkl_f_ahg^h[jZa_p[m^_loZjZdl_jbah\Zlvky\oh^guf \ha^_ckl\b_faZdhghfih^Zqb fhsghklbgZgZ]j_\Zl_ev \uoh^ghci_j_f_gghc7W  i_j_f_ggufbkhklhygbykbkl_fuKKKQ < dZq_kl\_lZdhci_j_f_gghckhklhygby T

 7kƒ&

K

K

K



TW



T W

 











OQ>W@

Jbk=jZnbd7F IOQ>WW@

W

JbkBaf_g_gb_i_j_f_gghc khklhygby\ ijhp_kk_wdki_jbf_glZ Tc ± l_ieh\hcihlhdq_j_alhqdm baf_j_gbyijbbfimevkghfl_ieh\hf \ha^_ckl\bbT ± l_ieh\hcihlhdq_j_a lhqdmbaf_j_gbyijbihklhygghf l_ieh\hf\ha^_ckl\bb

fh`gh\u[jZlvl_ieh\hcihlhdijhoh^ysbcq_j_alhqdmbaf_j_gbyTc jbk   < h[s_f kemqZ_ gZ l_jfh]jZffZo jbk   gZ hkgh\Zgbb oZjZdl_jZ ih\_^_gby i_j_f_gghc khklhygby fh`gh \u^_eblv ljb mqZkldZ khhl\_lkl\mxsbo jZaebqguf khklhygbyfnmgdpbhgbjh\Zgbykbkl_fujbk  I_j\uc, mqZklhdl_jfh]jZffukhklhygb_K oZjZdl_jbam_lkyl_fqlhl_ieh\hcihlhd ijhoh^ysbcq_j_alhqdmbaf_j_gbyy\ey_lkyi_j_f_gguf\h\j_f_gbb khhl\_lkl\m_l gZqZevghcklZ^bbl_ieh\h]hijhp_kkZK T W

T cW  'T W 

'T z  T c T

YDU 


T cW  'TW 

'T |  T c | FRQVW  T

>eywlh]hmqZkldZ[m^_lkijZ\_^eb\h\ujZ`_gb_ jbk  Ijbq_fwlhihdZaZgh\ lj_lv_c]eZ\_ mjZ\g_gb_ [m^_lkijZ\_^eb\h^ey,,mqZkldZb \kemqZ__kebmq_klv j_Zevgu_jZaf_jub l_ieh_fdhklbgZ]j_\Zl_eyb l_jfhijb_fgbdh\ Lj_lbc,,, mqZklhdl_jfh]jZffuoZjZdl_jbam_lkyl_fqlhgZjmrZ_lkymkeh\b_ g_h]jZgbq_gghklbbkke_^m_fh]hh[jZapZb l_ieh\hc ihlhdijhoh^ysbcq_j_alhqdm baf_j_gbyklZgh\blkyi_j_f_ggufK TW T cW  'TW  T c YDU  LZdbfh[jZahf\ujZ`_gb_ y\ey_lkyjZkq_lguf^ey,,jZ[hq_]h mqZkldZ l_jfh]jZffujbk  K mq_lhflh]hqlh\ ijhp_kk_ijh\_^_gbywdki_jbf_glZl_fi_jZlmjZ nbdkbjm_lkyq_j_ahij_^_e_ggu_ijhf_`mldb\j_f_gb'Wl_W Q˜'WQ fh`_f aZibkZlv\ujZ`_gb_ \ \b^_

]^_ W e

7 W e

OQ>Q @ 

· T §¨ U W e  OQ>D @  OQ> @  J ¸¸  ¨ SO ©  'W ¹ 7

,

,,

,,,

 

Jbihj

 









Q

JbkMqZkldbl_jfh]jZffu^eyJbihjZ 7  

Jbihj

 







We

Jbk,,hcmqZklhdl_jfh]jZffu\ dhhj^bgZlZo7 7We  JZkq_lgu_\ujZ`_gbyb hkgh\gu_hi_jZpbb ijbhij_^_e_gbbl_iehnbabq_kdbooZjZdl_jbklbd

Hkgh\gufjZkq_lgufkhhlghr_gb_f^eyhij_^_e_gbyLNO[m^_l\ujZ`_gb_  Kh]eZkghmjZ\g_gbx ^eyhij_^_e_gbyLNOg_h[oh^bfhagZlvjy^\_ebqbg hij_^_ey_fuoj_`bfgufbT'W b dhgkljmdlb\gufbU hkh[_gghklyfbijbf_gy_fh]h mkljhckl\ZIhwlhfmijbaZ^Zgguoj_`bfZowdki_jbf_glZ fh`_fkqblZlvwlb\_ebqbgu ihklhyggufbijb[hjZBoagZq_gby[m^_fhij_^_eylvgZhkgh\_]jZ^mbjh\hqguo wdki_jbf_glh\gZh[jZap_k ba\_klgufbLNOa^_kv^hklZlhqghh^gh]hh[jZapZ  >eyjZkq_lZLNOihwdki_jbf_glZevguf^Zggufij_^klZ\bf\ujZ`_gb_ \ ke_^mxs_f\b^_ 7 W e EW e  E  ]^_ E

D O

 E

mqZkld_ D

T S

D OQ>D @  E O

± iZjZf_lju fh^_eb hibku\Zxs_c l_jfh]jZffm gZ jZ[hq_f

ª U º »J ¬« 'W ¼»

 E OQ «

± ihklhyggu_ ijb[hjZ hij_^_ey_fu_ dhgkljmdlb\gufb

hkh[_gghklyfb ijbf_gy_fh]h mkljhckl\Z b j_`bfZfb hiulZ W e OQ>Q@  Q ± ghf_j lhqdb gZ l_jfh]jZff_ W Q'W 


OQ>D R @ 

O D

D E

ER ER





ªE º H[S «   E»  ¬ E ¼



]^_ O D Oh Dh ± l_iehijh\h^ghklb b l_fi_jZlmjhijh\h^ghklb bkke_^m_fh]h fZl_jbZeZ b h[jZaph\hc f_ju LNO E E ER ER ± dhwnnbpb_glu hij_^_e_ggu_ ba l_jfh]jZff jbk  kgyluogZbkke_^m_fhffZl_jbZe_b h[jZaph\hcf_j_ L_i_jvfh`ghaZibkZlvhkgh\gu_hi_jZpbbihhij_^_e_gbxLNO\ \b^_ke_^mxs_c ihke_^h\Zl_evghklb^_ckl\bc ,=jZ^mbjh\dZijb[hjZ kgylb_l_jfh]jZffugZh[jZap_k ba\_klgufbLNO x hij_^_e_gb_jZ[hq_]hmqZkldZl_jfh]jZffu x jZkq_lihwlhfmmqZkldmdhwnnbpb_glh\ERER x jZkq_lihklhygguoijb[hjZkh]eZkgh\ujZ`_gbyf   x ,,Hij_^_e_gb_LNObkke_^m_fh]hfZl_jbZeZ kgylb_l_jfh]jZffugZbkke_^m_fhfh[jZap_ x hij_^_e_gb_jZ[hq_]hmqZkldZl_jfh]jZffu x jZkq_ldhwnnbpb_glh\EE x jZkq_lLNOfZl_jbZeZih\ujZ`_gbyf   x  Hp_gdZih]j_rghkl_cbaf_j_gbyLNO k ebg_cgufbklhqgbdhfl_ieZ

 Hp_gdZkemqZcguoih]j_rghkl_c

AZibr_f\ujZ`_gby^eyhp_gdbkemqZcguoih]j_rghkl_cbaf_j_gbyl_iehijh\h^ghklb b l_fi_jZlmjhijh\h^ghklb^eyjZajZ[hlZggh]hf_lh^ZdhgljheyLNOKemqZcgmx khklZ\eyxsmxih]j_rghklbbaf_j_gby[m^_fjZkkfZljb\ZlvdZdih]j_rghklvijb dhk\_gguobaf_j_gbyo>± @ GO G D  G E  GD

G E 



GD

'E



§E  G  E ¨¨  © E



· ¸¸  ' E  ¹ 

G  O R  G  ER





§E G  D R  G  E R  G  ER ¨¨ R © ER

· ¸ ¸ ¹





IjhZgZebabjm_f\ujZ`_gby b  gZij_^f_llh]h\ dZdhf^bZiZahg_fh`gh ijh\h^blvbaf_j_gbyLNOb dZdbfh[jZahf_]hfh`ghjZkrbjblvIj_`^_\k_]hhlf_lbf qlhih]j_rghklvjZkq_lZdhgklZglijb[hjZ[m^_lhij_^_eylvkyih]j_rghklvxk\yaZgghck g_lhqghklvxbgnhjfZpbbh LNOh[jZaph\hcf_juGm`ghhlf_lblvqlhZ[khexlgmx ih]j_rghklvhij_^_e_gbydhwnnbpb_glh\EE fh`gh\ i_j\hfijb[eb`_gbb ijbgylv ihklhygghclZddZdhgZ[m^_lhij_^_eylvkyih]j_rghklvxbaf_j_gbyl_fi_jZlmjudhlhjmx fh`ghkqblZlvihklhygghchlhiulZd hiulm  Lh]^Zba\ujZ`_gby k mq_lhfnhjfmeu fh`_faZibkZlv

GO

GD 

'EO D



DZd\b^ghbamjZ\g_gby hlghkbl_evgZyih]j_rghklvGO [m^_laZ\bk_lvhlkZfhc \_ebqbguO jbk b [m^_lm\_ebqb\Zlvkyk \hajZklZgb_fl_iehijh\h^ghklbfZl_jbZeZ h[jZapZBa\ujZ`_gby lZd`_ke_^m_lqlhih]j_rghklvfh`ghkgbablviml_f m\_ebq_gbydhwnnbpb_glZDWlhfh`ghk^_eZlvaZkq_lm\_ebq_gbydhebq_kl\Zl_ieZ dhlhjh_\u^_ey_lkygZgZ]j_\Zl_e_aZkq_lm\_ebq_gby^ebl_evghklbbfimevkh\b fhsghklb gZgZ]j_\Zl_e_D a TkfjZa^_e  JZkkfhljbfnhjfmem dhlhjmxk mq_lhfnhjfme  b  fh`_faZibkZlv GD

' E 



 ' E OQ D  E



DO





 ' E



BaaZ\bkbfhklb \b^ghqlhhlghkbl_evgZyih]j_rghklvhij_^_e_gby l_fi_jZlmjhijh\h^ghklbGD [m^_laZ\bk_lvhlD b O h[jZapZjbk  ijbq_f hij_^_eyxsbf[m^_ldhwnnbpb_gll_iehijh\h^ghklbOK _]hm\_ebq_gb_fm\_ebqb\Z_lky hlghkbl_evgZyih]j_rghklvbaf_j_gbyl_fi_jZlmjhijh\h^ghklbGDBamjZ\g_gby  lZd`_\b^ghqlhmf_gvr_gbyhlghkbl_evghcih]j_rghklbbaf_j_gbyDfh`gh^h[blvkyaZ kq_lm\_ebq_gbyihklhygghc ijb[hjZ ± D GZhkgh\Zgbb\ujZ`_gbc b  fh`ghijh\_klbhp_gdmih]j_rghklb hij_^_e_gbyLNOih^bZiZahgmbobaf_g_gbyGZjbkmgdZob ijb\_^_guj_amevlZlu lZdhchp_gdb GO     









 O
JbkAZ\bkbfhklvGGO IO O jZkkqblZggZyihnhjfme_ GZ


Z˜˜fk

JbkAZ\bkbfhklvGGD IO OD jZkkqblZggZyihnhjfme_ :gZebakbkl_fZlbq_kdboih]j_rghkl_c

MjZ\g_gby b  mqblu\ZxlkemqZcgmxkhklZ\eyxsmxih]j_rghklb hij_^_e_gbyLNOih jZajZ[hlZgghfmf_lh^mJZkkfhljbf\ebygb_g_dhlhjuo kbkl_fZlbq_kdboih]j_rghkl_cgZhij_^_e_gb_LNObkke_^m_fuofZl_jbZeh\ih jZajZ[hlZgghfmf_lh^m

Hlf_lbfgZb[he__\Z`gu_nZdlhju\hi_j\uogZ]j_\Zl_ev\ ^_ckl\bl_evghklbbf__l dhg_qgu_jZaf_ju\h\lhjuogZ]j_\Zl_evh[eZ^Z_ll_ieh_fdhklvx\lj_lvbof_`^m gZ]j_\Zl_e_fb h[jZaphfZ lZd`_f_`^mh[jZaphfb l_jfhijb_fgbdZfbkms_kl\mxl l_jfbq_kdb_khijhlb\e_gby\q_l\_jluoqZklvl_ieZ\u^_eyxs_]hkygZgZ]j_\Zl_e_b^_l gZgZ]j_\fZl_jbZeZahg^ZIj_^\Zjbl_evghhlf_lbfqlh\ ]eZ\_[ueZihdZaZgZ wd\b\Ze_glghklvfgh]hbfimevkgh]hebg_cgh]hbklhqgbdZl_ieZb ebg_cgh]hbklhqgbdZ l_ieZihklhygghcfhsghklb\ lhch[eZklbl_jfh]jZffudhlhjZybkihevam_lky^ey baf_j_gbyLNObkke_^m_fuofZl_jbZeh\Ihwlhfm^Ze__ [m^_fkqblZlvqlhm gZkg_ fgh]hbfimevkgucbklhqgbdl_ieZZ wd\b\Ze_glguc_fmbklhqgbdl_ieZihklhygghc fhsghklbIjbwlhf\ujZ`_gb_ijb\_^_ggh_\ ]eZ\_b hibku\Zxs__l_fi_jZlmjgh_ihe_ ijb[hevrboWbf__l\b^ 7 U  W

T § §  D W · · ¨ OQ¨ ¸  J ¸  SO ¨© © U  ¹ ¸¹



]^_T ± fhsghklv\u^_eyxsZykygZ_^bgbp_^ebgugZ]j_\Zl_eyW ± \j_fyU ± dhhj^bgZlZ J ± qbkehWce_jZ  <ebygb_dhg_qghklbjZaf_jh\gZ]j_\Zl_ey JZkkfhljbf\ebygb_dhg_qghklbjZaf_jh\ gZ]j_\Zl_eygZlhqghklvhij_^_e_gbyLNO>ey 5 wlh]h[m^_fjZkkfZljb\Zlv\hi_j\uo gZ]j_\Zl_ev\ \b^_[_kdhg_qgh]hpbebg^jZ jZ^bmkZ5q_j_aih\_joghklvdhlhjh]h\ fZl_jbZe U OD ih^Z_lkyl_ieh\hcihlhd T  jbk  \h \lhjuogZ]j_\Zl_ev\ \b^_ihehkurbjbghcK JbkKo_fZ^eygZ]j_\Zl_ey\ q_j_adhlhjmx\ fZl_jbZeih^Z_lkyl_ieh\hc ihlhd T  jbk   >eygZ]j_\Zl_eydhg_qguojZaf_jh\\ \b^_pbebg^jZjZ^bmkZ5q_j_aih\_joghklv dhlhjh]h\ fZl_jbZe ih^Z_lkyl_ieh\hcihlhd T  jbk j_r_gb_aZ^Zqb\ h[s_f\b^_ bf__lke_^mxsbc\b^>@ T

7 U  W



T  SO

 ³   H[S> DX W@

f 

-  XU < X5  < XU -  X5 GX  X  -  X5  < X5

>

@

Ijb[hevrboW wlh\ujZ`_gb_mijhsZ_lkyl_>@ 7 U  W

T  5 § § DW · · ¨ OQ ¨ ¸  J¸ O ¨© © U  ¹ ¸¹



beb _keb i_j_ibkZlv   q_j_a fhsghklv gZ _^bgbpm ^ebgu gZ]j_\Zl_ey  T T  S5  kf jbk lh 7 U  W

T § §  D W · · ¨ OQ¨ ¸  J ¸  SO ¨© © U  ¹ ¸¹

KjZ\gb\\ujZ`_gb_ k \ujZ`_gb_f ^eyl_fi_jZlmjgh]hiheyhlebg_cgh]h b^_Zevgh]hbklhqgbdZl_ieZijb[hevrboWfh`_fhlf_lblvbob^_glbqghklv JZkkfhljbfgZ]j_\Zl_evdhg_qguojZaf_jh\\ \b^_ihehkuq_j_adhlhjmx\ fZl_jbZe ih^Z_lkyl_ieh\hcihlhd T  jbk 

L_fi_jZlmjZ7 \ lhqd_k dhhj^bgZlZfb[ ih\_joghklb\ fhf_gl\j_f_gbW [m^_l hij_^_eylvkyba\ujZ`_gby>@ 7 [  W



]^_ )R

DW K

­° ª K  [ º ª K[ º  HUI «  ®HUI «   »  » «¬ K)R  »¼ S  O °¯ «¬ K)R  »¼

T  K)R



K[



KS)R





ª K  [  º ª K  [  º ½° K[ (L « (L  » « » ¾    «¬ K )R »¼ KS)R  «¬ K )R »¼ °¿



]

± qbkehNmjv_K ± rbjbgZihehku[ ± dhhj^bgZlZ

Jbk

Bkihevamyba\_klgu_khhlghr_gby>@ HUI >[ @



(L> [ @

S

¦   f

Q 

Q

[  Q   QQ  

J  OQ  [  ¦ f

Q 

 [ Q  Q Q

ihemqbf \ujZ`_gb_ ^ey l_fi_jZlmju ih\_joghklb ] [hevrboagZq_gbcW 7 [  W

\

  \ lhqd_ k dhhj^bgZlhc [ ^ey

TK ­ K[ K[ ½   OQ K  [  OQ K  [    J ¾  ®OQ DW  OS ¯ K K ¿

?kebi_j_ibkZlv\ujZ`_gb_ q_j_afhsghklvgZ_^bgbpm^ebgugZ]j_\Zl_ey  T T  K kfjbk ihemqbf 7 [  W

T ­ K [ K[ ½   OQ K  [  OQ K  [    J ¾  ®OQ DW  SO ¯ K K ¿

IjhZgZebabjm_f[he__ih^jh[gh\ujZ`_gby b   DZdm`_hlf_qZehkv\ur_\ujZ`_gb_ iheghklvxb^_glbqgh\ujZ`_gbx 
K o ¯

>

@

½ ­  [ ª K  [ º ° °K OLP ® OQ K  [  K  [   OQ « » ¾ K o  K K ¬« K  [  ¼» ° °¯ ¿



OQ [   

Ihwlhfmijb\uiheg_gbbmkeh\by[ !!K \ujZ`_gb_ ijbgbfZ_l\b^ 7 U  W

T § §  D W · · ¨ OQ¨ ¸  J¸ SO ¨© © U  ¹ ¸¹

7 U  W

T OQ DW  OQ U   J SO

b [m^_liheghklvxwd\b\Ze_glgh\ujZ`_gbx 




 

Lh]^Z\ujZ`_gby b  fh`ghaZibkZlv\ _^bghcnhjf_ 7 U  W 7 [ W

T OQ DW  & U beb [  SO

]^_&U beb[ ± \_ebqbgZg_aZ\bkysZyhl\j_f_gbb LNObkke_^m_fh]hfZl_jbZeZZ iheghklvx hij_^_eyxsZyky dhgkljmdlb\gufb hkh[_gghklyfb ahg^Z y\ey_lky ih kmlb ^_eZihklhygghcijb[hjZ < jZajZ[hlZgghff_lh^_ihklhyggu_ijb[hjZhij_^_eyxlky bkoh^y ba ]jZ^mbjh\hqguo hiulh\ gZ h[jZapZo k ba\_klgufb LNO ijbq_f b ]jZ^mbjh\dZ b kh[kl\_ggh hij_^_e_gb_ LNO bkke_^m_fh]h h[jZapZ hij_^_eyxlky gZ

mqZkld_ l_jfh]jZffu ]^_ j_Zevgh \uihegyxlky l_fi_jZlmjgh\j_f_ggu_ aZ\bkbfhklb \b^Z    < j_amevlZl_fh`_fk^_eZlv\u\h^h lhfqlhkbkl_fZlbq_kdZyih]j_rghklvk\yaZggZyk dhg_qghklvxjZaf_jh\gZ]j_\Zl_eyg_[m^_lkdZau\ZlvkygZlhqghklbhij_^_e_gbyLNO Ijbq_fdZdm`_hlf_qZehkvjZg__hij_^_e_gb_LNOgZhkgh\_]jZ^mbjh\hqguohiulh\ ^_ckl\bl_evghiha\hey_lqZklbqghmq_klvb kbkl_fZlbq_kdmxkhklZ\eyxsmxih]j_rghklb baf_j_gbckf    <ebygb_l_ieh_fdhklbgZ]j_\Zl_ey b l_ieh_fdhklbl_jfhijb_fgbdh\ LZddZd\ j_Zevghfwdki_jbf_gl_gZ]j_\Zl_evh[eZ^Z_ll_ieh_fdhklvxlhqZklvl_ieZ \u^_eyxsZykygZgZ]j_\Zl_e_ihc^_lgZ_]hjZah]j_\l_fhsghklvihklmiZxsZy\ h[jZa_p[m^_lg_TZ T± Tc]^_Tc ± qZklvfhsghklbb^ms_cgZjZah]j_\gZ]j_\Zl_ey Ijbf_fqlhgZ]j_\Zl_evij_^klZ\ey_lkh[hc[_kdhg_qgucpbebg^jjZ^bmkZ5 b y\ey_lky b^_Zevgufijh\h^gbdhfLh]^ZTc [m^_lhij_^_eylvkyba\ujZ`_gby T c

&g

w7 5 W  wW

]^_&g ± l_ieh_fdhklv_^bgbpu^ebgugZ]j_\Zl_ey < i_j\hfijb[eb`_gbb75W fh`ghgZclbba\ujZ`_gby ijb baf_g_gb_l_fi_jZlmju\ lhqd_k dhhj^bgZlhcU hibku\Z_lky\ujZ`_gb_f 7 U  W

beb 7 U  W

T   T c SO

§ ª DW º · ¨¨ OQ «  »  J ¸¸ © ¬U ¼ ¹

T SOW SO

T  & g

U 5Lh]^Z

§ ª DW º · ¨¨ OQ «  »  J ¸¸ © ¬U ¼ ¹



§ · ª D º ¨ OQ «  »  J ¸ · & g T  ¨ OQ>W@ T  § ª  DW º U ¸  ¨ OQ  J ¸¸    ¨  ¬ ¼ ¸ SO ¨© «¬ U  »¼ W ¹ S O ¨ W ¸¸ ¨ © ¹

Banhjfmeu \b^ghqlh\ebygb_l_ieh_fdhklbgZ]j_\Zl_eyk l_q_gb_f\j_f_gb [m^_lmf_gvrZlvkylZddZd § ª D º · ¨ OQ «  »  J ¸ > @ OQ W § · U ¨ ¸ OLP ¨ W ¸ o  b OLP ¨ ¬ ¼ ¸ o  Wo f © W W of W ¹ ¨¨ ¸¸ © ¹

Ijbq_fmkeh\b_dh]^Zl_ieh_fdhklvxgZ]j_\Zl_eyfh`_fij_g_[j_qvkf  bf__l\b^ &g    SOW

Z

W@E  Hlkx^Zfh`_fk^_eZlv\u\h^qlhl_ieh_fdhklvgZ]j_\Zl_ey\ jZkq_lghch[eZklb l_jfh]jZffug_\eby_lgZlhqghklvhij_^_e_gbyLNO:gZeh]bqghwlhfh`ghihdZaZlv^ey gZ]j_\Zl_ey\ \b^_ihehkuZ lZd`_^eyl_iehijb_fgbdh\  <ebygb_hllhdh\l_ieZ\ fZl_jbZeahg^Z

ImklvT ± fhsghklv\u^_eyxsZykygZ_^bgbpm^ebgu gZ]j_\Zl_eyTT ± qZklb fhsghklbb^msb_gZgZ]j_\bkke_^m_fh]hfZl_jbZeZb fZl_jbZeZahg^Zkhhl\_lkl\_ggh Mkeh\b_dh]^Zhllhdbl_ieZ\ fZl_jbZeahg^Z[m^mlij_g_[j_`bfhfZeufh`ghaZibkZlv\ \b^_ T    T

[

GZc^_fq_fmjZ\gh^Zggh_khhlghr_gb_^eyq_]hjZkkfhljbfke_^mxsmxaZ^Zqm AZ^ZqZ >\Z ihemh]jZgbq_gguo l_eZ gZoh^ylky \ b^_Zevghfl_ieh\hfdhglZdl_kfjbk < iehkdhklbdhglZdlZ^_ckl\m_lebg_cgucbklhqgbdl_ieZ K \ ihklhygghc fhsghklb \ \b^_ ihehku rbjbghc K Fhsghklv \u^_eyxsZyky gZ _^bgbpm iehsZ^b T OD  gZ]j_\Zl_ey jZ\gZ T beb q_j_a fhsghklv gZ _^bgbpm kUH

7

OD  kUH

^ebgu gZ]j_\Zl_ey ± T

[

7

JbkKo_fZ^eygZ]j_\Zl_ey ^_ckl\mxs_]h\ iehkdhklb dhglZdlZ ^\moihemh]jZgbq_gguol_e  w7 [ \ W D wW

w7  [ \ W w[

 O

w 7 [ \ W

w 7 [ \ W 

w[



w[



kf jbk   Lh]^Z

l_fi_jZlmjgh_ ihe_ \ ex[hc fhf_gl \j_f_gb \ ^Zgghc kbkl_f_ [m^_l hij_^_eylvky j_r_gb_f ke_^mxs_c fZl_fZlbq_kdhcaZ^Zqb

\

 w7 [ \ W D wW

T K





w 7 [ \ W

w 7 [ \ W 

w\ 

7 [ \  7  [ \ 

w\ 

W t [ t \ t  

W t [ t \ t   

7 [ \ W 7 [ \ W  [   \  o f  w7  [ \ W w\

w7  [ \  W w[

7 [  W 7 [  W 

w7  [ \  W w\

w7  [  W w7 [  W  O  w\ w\ I [

­ T °  [  K ® K ° [ ! K ¯

w7  \ W w[

w7  \ W w[

 [   \  o f 

 

I [ 

  

Ijhbgl_]jbjm_fmjZ\g_gbykbkl_fu ±  ih[  ff  >eymjZ\g_gby bf__lf_klh  w7 [\2 G[ ³D w2 f  f

 D

w ³ 7 [\2 G[ f

f

w2

f  w 7 [\2 w 7 [\2 G[ G[   ³ ³  w[ w\  f f f

w  ³ 7 [\2 G[ f

f

w\ 

³

f 

w 7  [\2 G[  w[ 

³

f

w ³ 7 [\2 G[ f

 D

f



w  ³ 7 [\2 G[ f

f

w2

:gZeh]bqghihemqZ_f ^eymjZ\g_gby x  D

w ³ 7  [\2 G[

f

f

w2

x

^ey\ujZ`_gby f

f

x

^ey\ujZ`_gby

f

x

³ 7  [\ G[

f

³ 7  [\2 G[

w\ 

w  ³ 7 [\2 G[

f

f

w 7  [\2 G[ w[ 

w\ 

w7  [\2 w[ [

f 

§ kf   · ¨¨ ¸¸ ©   ¹







³ 7 [\ G[  

³ 7 [\2 G[  \ o f 

f

f

f

f

^ey\ujZ`_gby w ³ 7 [\2 G[

w ³ 7  [\2 G[

f

f

f

f

w\

x

^ey\ujZ`_gby

x

^ey\ujZ`_gbc b 

³ 7  [2 G[

f

f



§

³ ¨¨ 

f

f

©

³

³ 7 [2 G[ 

f

f

w7 [ 2 w7  [ 2 · ¸¸G[    w\ w\ ¹

f

f

I [ G[

T ³ K G[ K

w ³ 7  [  2 G[ f

w\

 

T [ K [

K

K

f

 

  \ o f 

w\

K

w ³ 7  [  2 G[ f

f

w\

³ I [ G[ 

f

f

T

 T  

<\_^_fke_^mxsb_bgl_]jZevgu_oZjZdl_jbklbdb 6  \  W

6   \  W

³ 7 [ \ W G[ 

f

f

³ 7 [ \ W G[ 

f

f

l_ 6\ W  b 6\ W  ± ij_^klZ\eyxl kh[hc bgl_]jZevgu_ l_fi_jZlmju iehkdhkl_c iZjZee_evguo iehkdhklb dhglZdlZ ^\mo l_e b ijhoh^ysbo q_j_a lhqdb k dhhj^bgZlhc \ K mq_lhf aZ\bkbfhkl_c   ±   fh`_f i_j_ibkZlv kbkl_fm   ±   q_j_a gh\u_ nmgdpbb6\W 6\W \ ke_^mxs_f\b^_  w6  \ W D wW

w  6  \ W

 w6   \ W D wW

6  \  W

w\ 

W t \ t  

w  6   \ W w\ 

W t \ t 

6  \ 6   \  

w6  \ W w\

6   \ W



w6   \ W w\



\ of \ o f

   

 O

6  W 6   W 

w6  W w6  W  O  w\ w\



T 

JZkkfhljbfnbabq_kdbckfuke\ujZ`_gbc K mq_lhflh]hqlh  O

w7 [  W w\

 O

w6  W w\



b  O

w6   W  w\

± _klvl_ieh\hcihlhdihklmiZxsbc\ l_eh

f w7  [  W w6  W w7  [ W ± l_ieh\hcihlhdihklmiZxsbc\ l_ehZ  O   G[ b  ³ O  w\ w\ w\ f f w6  W w7 [   2 G[ _klvdhebq_kl\hfhsghklbb^ms__gZgZ]j_\l_eZb l_eZ  O   ³   w\ w\ f

 O

khhl\_lkl\_gghl_kf[ fh`ghaZibkZlv  O

w6  W w\

T

  O

w6   W w\

T 



LZdbfh[jZahfj_rb\kbkl_fm ±  b aZl_fgZc^y  O

w6  W w\

b  O

w6   W  w\

fuihemqbfmkeh\b_ijb\uiheg_gbbdhlhjh]hml_qdZfbl_ieZ\ fZl_jbZeahg^Zfh`gh ij_g_[j_qvAZf_lbflZd`_qlh\ wlmkbkl_fmg_\oh^bljZaf_jgZ]j_\Zl_eyZ \ijZ\mx qZklv\ujZ`_gby \oh^bl\_ebqbgZT fhsghklv gZ_^bgbpm^ebgugZ]j_\Zl_ey  Hlkx^Zfh`ghk^_eZlv\u\h^h lhfqlhkbkl_fZ ±  lZd`_[m^_lhibku\Zlv ijhp_kkub ^eyb^_Zevgh]hebg_cgh]hbklhqgbdZl_ieZ K o   AZ^ZqZ ±  wd\b\Ze_glgZaZ^Zq_h gZ]j_\_^\moihemh]jZgbq_gguol_e\ iehkdhklbdhglZdlZdhlhjuo^_ckl\m_liehkdbcbklhqgbdl_ieZihklhygghcfhsghklb>@ J_r_gb_lZdhcaZ^Zqbfh`_l[ulvaZibkZgh\ ke_^mxs_f\b^_>@ 6  \  W

6   \ W

Ke_^h\Zl_evgh T

O

w6  W w\

ª \ º T  W »  LHUIF « H  H  «¬  DW »¼



ª \ º T  W » LHUIF « H  H  «¬  D  W »¼ T H  T H  H  

O 

w6   W w\

 T H   H  H 

 K mq_lhf[ ihemqbf\ujZ`_gb_ijb\uiheg_gbbdhlhjh]hml_qdZfbl_ieZ\ fZl_jbZeahg^Zfh`ghij_g_[j_qv T T

H    H

 ]^_HH ± l_ieh\u_Zdlb\ghklbbkke_^m_fh]hh[jZapZb fZl_jbZeZahg^Z khhl\_lkl\_ggh Ijbihemq_gbbmkeh\by ij_^iheZ]Zehkvqlhl_eZb gZoh^ylky\ b^_Zevghf l_ieh\hfdhglZdl_H^gZdh\ ^_ckl\bl_evghklbf_`^mahg^hfb bkke_^m_fufh[jZaphf\ iehkdhklbdhglZdlZ\k_]^Z[m^mlijbkmlkl\h\Zlvl_jfbq_kdb_khijhlb\e_gbyIjbq_fwlb l_jfbq_kdb_khijhlb\e_gby\ h[eZklbgZ]j_\Zl_ey[m^mlagZqbl_evghgb`_q_f\ h[eZklb khijbdhkgh\_gbyfZl_jbZeZahg^Zb bkke_^m_fh]hfZl_jbZeZl_mkeh\b_ [m^_l aZ\ur_gguf< k\yabk wlbfij_^klZ\ey_lbgl_j_kihemqblv\ujZ`_gb_[ ijb mkeh\bbqlhl_ieh\u_ihl_jb\ fZl_jbZeahg^Zijhbkoh^yllhevdh\ h[eZklbgZ]j_\Zl_ey Ij_`^_\k_]hhlf_lbfqlhLNOfZl_jbZeZhij_^_eyxlkygZmqZkld_l_jfh]jZffu khhl\_lkl\mxs_cmklZgh\b\r_fmkyklZpbhgZjghfmihexl_ieh\uoihlhdh\\ kbkl_f_

j_]meyjbaZpbyl_ieh\h]hj_`bfZhiulZ >_ckl\bl_evgh T U  W

O

7 U  W wU

kf 

T SU



bke_^h\Zl_evghg_aZ\bkblhlW GZc^_fklZpbhgZjgh_ihe_l_ieh\uoihlhdh\\ kbkl_f_ahg^gZ]j_\Zl_evh[jZa_pijb mkeh\bbqlhl_ieh\u_ihl_jb\ fZl_jbZeahg^Zijhbkoh^yllhevdh\ h[eZklbgZ]j_\Zl_ey kfjbk  AZ^ZqZ >\Z ihemh]jZgbq_gguo l_eZ gZoh^ylky \ dhglZdl_ KhijbdZkZxsb_ky ih\_joghklb l_e l_iehbahebjh\Zgu kf jbk   < iehkdhklb dhglZdlZ ^_ckl\m_l ebg_cguc bklhqgbd l_ieZ ihklhygghc fhsghklb \ \b^_ pbebg^jZ jZ^bmkZ 5 Fhsghklv \u^_eyxsZykygZ_^bgbpmiehsZ^bgZ]j_\Zl_eyjZ\gZ T bebq_j_afhsghklvgZ_^bgbpm ^ebgu gZ]j_\Zl_ey  T

T S5

kf jbk   Lh]^Z l_fi_jZlmjgh_ ihe_ \ ex[hc fhf_gl

\j_f_gb\ ^Zgghckbkl_f_[m^_lhij_^_eylvkyj_r_gb_fke_^mxs_cfZl_fZlbq_kdhcaZ^Zqb  D

w7  \ W wW

 w7  \  W D wW

ª w7 U  W º wU «  » ¬ wU ¼ W t UwU ª w7 U  W º w «U  wU »¼ ¬ UwU

U t 5

W t U t 5

7 U  7 U   

7 U  W 7 U  W



U of

 

w7 5 W T  wU w7 5 W T   O  wU  S5T  S5T T   O

7 5 W 7 5 W 

 Ijbf_gb\ij_h[jZah\Zgb_EZieZkZd   k mq_lhf ihemqbf G 7/ US  G7/ US S   7/ US U GU D GU 

G 7 / US  G7 / US S   7 / US U GU D GU 

   

H[sb_j_r_gby^bnn_j_gpbZevguomjZ\g_gbc b  mjZ\g_gbc;_kk_ey  bf_xl\b^ 7/ U  S

ª S º ª S º $,  « U »  %.  « U»  ¬« D ¼» ¬« D ¼»

ª S º ª S º 7 / U  S $ ,  « U »  % .  « U» ¬« D »¼ ¬« D ¼»

 

]^_ ,>[@ ± fh^bnbpbjh\ZggZy nmgdpby ;_kk_ey ]h jh^Z ]h ihjy^dZ .>[@ ± fh^bnbpbjh\ZggZynmgdpby;_kk_ey]hjh^Z]hihjy^dZ Ba\ujZ`_gby ke_^m_lqlh$ $ Lh]^Z\ujZ`_gby  ijbgbfZxl ke_^mxsbc\b^ ª S º 7/ U  S %.  « U» «¬ D »¼

ª S º 7 / U  S % .  « U» ¬« D »¼

 

Dhwnnbpb_glu%% hij_^_ebfbamkeh\bc ±   S5O%

S ª S º S ª S º . « U »  S5O  % . « U» D ¬« D ¼» D ¬« D ¼» ª S º %.  « U» «¬ D »¼

ª S % .  « «¬ D

º U»  »¼

T S



J_rb\wlmkbkl_fmhlghkbl_evgh% b %ihemqbf %

%

ª S º T .  « 5» ¬« D »¼   § ª S º ª S º ª S º ª S º· 5 » . « 5 »  H  . « 5 » . « 5»¸ S5S  ¨ H. « ¨ ¸ D D D D « » « » « » «     ¬ ¼ ¬ ¼ ¬ ¼ ¬ ¼» ¹ © ª S º T .  « 5» ¬« D ¼»   § ª S º ª S º ª S º ª S º· 5 » . « 5 »  H  . « 5 » . « 5»¸ S5S  ¨ H. « ¨ D D D D « » « » « » « »¼ ¸¹     ¬ ¼ ¬ ¼ ¬ ¼ ¬ ©

Ih^klZ\b\\ujZ`_gby  \ nhjfmeu  ihemqbfj_r_gb_aZ^Zqb  ±  \ h[eZklbij_h[jZah\ZgbcEZieZkZ 7 U  S

7 U  S

ª S º ª S º T .  « U ». « 5» «¬ D »¼ «¬ D »¼  § ª S º ª S º ª S º ª S º· 5 » . « 5 »  H  . « 5 » . « 5»¸ S5S  ¨ H . « ¨ ¸ ¬« D ¼» ¬« D »¼ ¬« D  ¼» ¬« D ¼» ¹ ©



ª S T .  « ¬« D

 § ª S º ª 5 ». « S5S  ¨ H. « ¨ «¬ D »¼ «¬ ©



º ª S º U ». « 5» ¼» ¬« D »¼ ª S º ª S º· S º 5 »  H  . « 5 » . « 5»¸ D »¼ «¬ D »¼ «¬ D »¼ ¸¹

 b \ujZ`_gby^eyhij_^_e_gbyiheyl_ieh\uoihlhdh\

ª S º ª S º TH. « U » . « 5» « D ¼» ¬« D »¼ ¬  T U  S § ª S º ª S º ª S º ª S º· 5 » . « 5 »  H  . « 5 » . « 5»¸ S5S¨ H. « ¨ D D D D « » « » « » « »¼ ¸¹     ¬ ¼ ¬ ¼ ¬ ¼ ¬ © ª S º ª S º T H  . « U ». « 5» « D ¼» ¬« D ¼» ¬   T U  S  § ª S º ª S º ª S º ª S º· 5 ». « 5 »  H  . « 5 ». « 5»¸ S5S  ¨ H . « ¨ D D D D « » « » « » « »¼ ¸¹     ¬ ¼ ¬ ¼ ¬ ¼ ¬ ©

 @hij_^_ebfklZpbhgZjgh_jZkij_^_e_gb_ l_ieh\uoihlhdh\\ jZkkfZljb\Z_fhckbkl_f_ T U

OLP T U  W Wo f

OLP  ST U  S S o

§ · ª S º ª S º ¨ ¸ T . U . 5 H « » « »     ¨ ¸ D D « » « »   ¬ ¼ ¬ ¼ ¸ OLP¨ S o ¨ § ª S º ª S º ª S º ª S º· ¸ ¨ S5¨ H .  « 5 ».  « 5 »  H  . « 5 ». « 5»¸ ¸ ¸ ¨ ¨ D D D D « » « » « » «     ¬ ¼ ¬ ¼ ¬ ¼ ¬ ¼» ¹ ¸¹ © ©

T U

TO SU O  O 



:gZeh]bqgh^ey\ujZ`_gby fh`ghaZibkZlv T U

T O  SU O  O 



FhsghklbihklmiZxsb_gZgZ]j_\l_eZ l_eZ[m^mlhij_^_eylvkyihnhjfmeZf T

T

S5T 5

S5T 5

TO SO  O 

TO  SO  O 

Mkeh\b_ ijbgbfZ_l\b^ T T









O    O

 MjZ\g_gby  iha\heyxlgZclbjZkij_^_e_gb_l_fi_jZlmju\ h[jZap_b ahg^_ hlghkbl_evghl_fi_jZlmjugZ]j_\Zl_ey\ ^Zgghckbkl_f_g_lmklZgh\b\r_]hky U 5 klZpbhgZjgh]hl_fi_jZlmjgh]hihey < kemqZ_ 7 5 W 7 5 W 7g W  ]^_7+W ± l_fi_jZlmjZgZ]j_\Zl_ey K mq_lhflh]hqlh T U O

w7 U  W wU

 b T U hij_^_ey_lkyba fh`_faZibkZlvij_^\Zjbl_evghijhbgl_]jbjh\Z\ hl5 ^hU^eyl_eZ b ^eyl_eZ

7 U  W 7g W 

T ªUº OQ « »  SO   O  ¬ 5 ¼

7 U  W 7g W 

T ªUº  OQ SO   O  «¬ 5 »¼



 DZd\b^ghba\ujZ`_gbc b  l_fi_jZlmju]hb ]hl_eZ\ h[eZklbdhglZdlZ [m^mlk l_q_gb_f\j_f_gbk[eb`Zlvky  <ebygb_l_jfbq_kdbokhijhlb\e_gbc

K mq_lhflh]hqlhbaf_j_gbyijh\h^ylkyijbmklZgh\b\r_fkyklZpbhgZjghfihe_ l_ieh\uoihlhdh\Z lZd`_kqblZyqlh\uihegyxlkymkeh\by   l_ij_g_[j_]Z_f l_ieh\ufbihl_jyfb\ fZl_jbZeahg^Z fh`_faZibkZlv^eyjZkq_lghch[eZklb l_jfh]jZffu 7li

· T  § ª  DW º ¨ OQ  J ¸¸  '7lk  SO ¨© «¬ U  »¼ ¹



]^_7li ± l_fi_jZlmjZl_jfhijb_fgbdZ'7lk ± jZaghklvf_`^ml_fi_jZlmjhcl_jfhijb_fgbdZ b l_fi_jZlmjhcih\_joghklbh[jZapZjbk AgZq_gb_'7lk fh`ghij_^klZ\blv\ \b^_ '7lk T c5lk  ]^_ T c ± l_ieh\hc ihlhd f_`^m l_jfhijb_fgbdhf b h[jZaphf 5lk ± l_jfbq_kdh_ khijhlb\e_gb_f_`^ml_jfhijb_fgbdhfb h[jZaphfjZ\gh_ 5lk

F O lk



a^_kvk ± lhesbgZkehyf_`^ml_jfhijb_fgbdhfb h[jZaphfOlk ± l_iehijh\h^ghklvfZl_jbZeZ kehy <_ebqbgm5lk fh`ghkqblZlvihklhygghc\ l_q_gb_\k_]hhiulZGZc^_fijb[eb`_ggh_ agZq_gb_ T c ?kebfh`ghij_g_[j_qvml_qdZfbl_ieZ\ fZl_jbZeahg^Zmkeh\by 

 lh\k_l_iehihklmiZxs__d l_jfhijb_fgbdmb^_llhevdhgZ_]hjZah]j_\Lh]^Z Tc

& li w7li E wW

& li § T w '7li ·  ¨ ¸  E © SOW wW ¹

]^_&li ± l_ieh_fdhklv_^bgbpu^ebgul_jfhiZju Hq_\b^ghqlh

T w '7lk lZddZd\ ! SOW wW

ijhlb\ghfkemqZ_ijhbkoh^beh[ug_gZ]j_\Zgb_

Z hklu\Zgb_l_jfhijb_fgbdZK ^jm]hcklhjhguba\ujZ`_gby \b^ghqlh § T · OLP ¨  ¸ o  l_\ W o f© SOW ¹

jZkq_lghch[eZklbl_jfh]jZffu T c |  b 7li

ijb\uiheg_gbbmkeh\by '7li | 7 U  W

T  § ª  DW º · ¨ OQ  J ¸¸ SO ¨© «¬ U  »¼ ¹ F & li

§ ª  DW º · O lk EW¨¨ OQ «  »  J ¸¸ U ¼ © ¬ ¹

  

Hlf_lbfqlh\ujZ`_gb_ [m^_ldhjj_dlguflhevdhijbfZeuoagZq_gbyo l_jfbq_kdbokhijhlb\e_gbcf_`^mh[jZaphfb l_jfhijb_fgbdhf Ba\ujZ`_gbc b  \b^ghqlhlZf]^_mkeh\b_ g_\uihegy_lky\b^ aZ\bkbfhklbl_fi_jZlmjuhl\j_f_gb\ lhqd_baf_j_gbyl_jfh]jZffu [m^_lhlebq_ghl \b^ZmjZ\g_gbc   < f_lh^_mqblu\Zxlkylhevdhl_lhqdb l_jfh]jZffu]^_wlbaZ\bkbfhklb\uihegyxlky
Ihj_amevlZlZfZgZebaZlhqghklbbaf_j_gbyLNOjZajZ[hlZgguff_lh^hffh`gh k^_eZlvke_^mxsb_\u\h^u  JZkq_lkemqZcghckhklZ\eyxs_cih]j_rghklbhij_^_e_gbyLNOke_^m_lijh\h^blv gZhkgh\_nhjfme ±    Gb`gyy]jZgbpZhij_^_e_gbyLNOihjZajZ[hlZgghfmf_lh^mhij_^_ey_lky l_ieh\ufbk\hckl\ZfbfZl_jbZeZahg^ZMkeh\bydh]^Zl_ieh\ufbihl_jyfb\ ahg^fh`gh ij_g_[j_qvbf_xl\b^    L_ieh_fdhklbgZ]j_\Zl_eyb l_jfhijb_fgbdh\Z lZd`_l_jfbq_kdb_khijhlb\e_gby ^he`gu[ulvlZdh\ufbqlh[u\uihegyebkvmkeh\by  < wlhfkemqZ_^Zggufb nZdlhjZfb\ jZkq_lghch[eZklbl_jfh]jZffufh`ghij_g_[j_qv  Dhg_qghklvjZaf_jh\gZ]j_\Zl_eyg_\eby_lgZlhqghklvhij_^_e_gbyLNO\ kemqZ_ _kebihklhyggu_ijb[hjZhij_^_eyxlkygZhkgh\_]jZ^mbjh\hqguowdki_jbf_glh\  Hij_^_e_gb_l_iehnbabq_kdbooZjZdl_jbklbd k bkihevah\Zgbydjm]eh]hbklhqgbdZl_ieZ

 Fh^_evijhp_kkZg_klZpbhgZjgh]hl_iehi_j_ghkZ hliehkdh]hbklhqgbdZl_ieZ\ \b^_djm]Z

F_lh^baf_j_gbyLNOhkgh\ZggZnbabq_kdhcfh^_ebij_^klZ\e_gghcgZjbk  L_ieh\h_\ha^_ckl\b_gZbkke_^m_fh_l_ehk Ahg^ L_jfhijb_fgbd jZ\ghf_jgufgZqZevgufl_fi_jZlmjguf GZ]j_\Zl_ev jZkij_^_e_gb_fhkms_kl\ey_lkyk ihfhsvx U gZ]j_\Zl_eyihklhygghcfhsghklb\uiheg_ggh]h\ \b^_djm]ZjZ^bmkhf5< wdki_jbf_gl_ ] g_ihkj_^kl\_gghnbdkbjm_lkyl_fi_jZlmjZ Ba^_eb_ gZ]j_\Zl_ey

Jbk  Ko_fZl_ieh\hckbkl_fu ^eyf_lh^Zk djm]eufgZ]j_\Zl_e_f U] ± ijhkljZgkl\_ggu_dhhj^bgZlu

Ijh\_^_fZgZeba^Zgghckbkl_fu>eyq_]hjZkkfhljbffh^_evg_klZpbhgZjgh]h l_iehi_j_ghkZhliehkdh]h bklhqgbdZl_ieZihklhygghcfhsghklb\ \b^_djm]ZIhemqbf \ujZ`_gb_hij_^_eyxs__jZa\blb_l_fi_jZlmjgh]hiheyhldjm]eh]hh]jZgbq_ggh]h iehkdh]hgZ]j_\Zl_ey\ ihemijhkljZgkl\_jbk  @Ba\_klghqlhl_fi_jZlmjgh_ihe_hlf]gh\_ggh]hlhq_qgh]hbklhqgbdZl_ieZ ^_ckl\mxs_]h\ g_h]jZgbq_gghckj_^_[m^_lhij_^_eylvkyke_^mxsbf\ujZ`_gb_f>@



7f  [ \ ]  W

4

FU  SDW





ª  [  [    \  \    ]  ]  º H[S « » DW «¬ »¼

]^_4 ± dhebq_kl\hl_ieZ[\] ± dhhj^bgZlulhqdbl_eZW ± \j_fy[\] ±dhhj^bgZlu lhqdb ^_ckl\by f]gh\_ggh]h bklhqgbdZ l_ieZ kU ± h[t_fgZy l_ieh_fdhklv D ± l_fi_jZlmjhijh\h^ghklv < pbebg^jbq_kdbodhhj^bgZlZok mq_lhflh]hqlh] b l_ehihemh]jZgbq_ggh_wlh \ujZ`_gb_aZibku\Z_lkyke_^mxsbfh[jZahf



7f U  M ]  W

4

FU  SDW





ª U   U  U U FRVM  M  ]  º »  H[S « DW « » ¬ ¼

 ]^_UM ± dhhj^bgZlulhqdbl_eZUM ± dhhj^bgZlulhqdb^_ckl\byf]gh\_ggh]hbklhqgbdZ l_ieZ J_r_gb_aZ^Zqbh jZkijhkljZg_gbbl_ieZhliehkdh]hgZ]j_\Zl_ey\ \b^_djm]ZjZ^bmkhf 5kha^Zxs_]hgZih\_joghklbihemh]jZgbq_ggh]hl_eZl_ieh\hcihlhdTfh`ghgZclb bgl_]jbjh\Zgb_fnmgdpbb i_j_c^yij_^\Zjbl_evghd we_f_glZjghfmbklhqgbdm G7 UM]2



T

F!  ŒD2  X





ª U   U  U U FRVM  M  ]  º H[S« » U GM GU GX  D 2  X ¬« ¼»

]^_ X ± iZjZf_ljbgl_]jbjh\Zgby Ijhbgl_]jbjh\Z\wlh\ujZ`_gb_ihemqbfnhjfmemhij_^_eyxsmxaZdhg jZkijhkljZg_gbyl_ieZhldjm]eh]hgZ]j_\Zl_ey 7 U  ]  W



T

FU  SD

ª U   U  U U FRVM  M  ]  º H[S « »  D 2  X W 5 S ¬« ¼»

³³ ³ 

2  X  

  

@ ³ H[S>[ FRVM  M @GM

,  [ 

Π

fh`_faZibkZlv 7 U] 2



T Œ

F!  ŒD





U GM GU GX 

ª U   U  ]  º H[S « » 2 5 DX «¬ »¼ ª U U º , « ³³ » U GU GX     ¬ DX ¼ X 

]^_,>[@± fh^bnbpbjh\ZggZynmgdpby;_kk_eyi_j\h]hjh^Zgme_\h]hihjy^dZ >eylhq_de_`ZsbogZhkb]U  [m^_fbf_lv

K mq_lhflh]hqlh fh`_faZibkZlv



7   ] 2

 T Œ

F!  ŒD ª

U º

ª U  ]  º H[S « » 2 5 DX »¼ «¬ U GU GX 

³³ 

X



§







ª



5 º·

 ³ U H[S « DX » GU DX ¨¨  H[S « DX » ¸¸   ¬ ¼ ¬ ¼

5

©

¹



7   ] 2

F!  ŒD

JZkkfhljbfbgl_]jZe \

ª N º H[S « » ; ¬ [ ¼ G[ ³   [ 

[



> @

H[S  \   N \

[  N \ 

N

G\ G[ N  \  [ ; N f!\! ;

;

³

f N

;

> @

 N ³ H[S  \  G\ f

N



³ 2



X

N



f



 T Π D

  § ª º· ª º ¨  H[S « 5 » ¸ H[S « ] » ¨ ¸ ¬ DX ¼ ¹ ¬ DX ¼ © GX 

N

> @

H[S  \  G\ \

X GX





> @

H[S  \  G\ GY \  \ H[S  \   Y  \

> @

ª N º ª N º  ; H[S « »   Œ NHU IF « » ¬ ;¼ ¬ ;¼

ª N º  S; LHUIF « » ¬ ;¼

K mq_lhfihke_^g_]h\ujZ`_gbyfh`_fhdhgqZl_evghaZibkZlvnhjfmemhij_^_eyxsmx aZdhghf_jghklbjZkijhkljZg_gbyl_ieZhldjm]eh]hiehkdh]hgZ]j_\Zl_ey\ ihemijhkljZgkl\_ihhkb] >@l_ ;

§ ª 5  ] ª ] º  T DW ¨ « LHUIF LHUIF  « » O ¨¨ «  DW  DW ¼ ¬ ¬ ©

7  ]  W

º· » ¸  » ¸¸ ¼¹

L_fi_jZlmjZp_gljZgZ]j_\Zl_eyU ]  [m^_lhij_^_eylvky\ujZ`_gb_f 7   W

ª 5 º· T DW §¨   LHUIF « » ¸¸  ¨ O © S ¬  DW ¼ ¹

JZkkfhljbfih\_^_gb_^Zgghcnmgdpbbijb[hevrbob fZeuoagZq_gbyoWIjbfZeuoW ª 5 º  »  S ¬  DW ¼

\_ebqbgZ LHUIF«

b _xfh`ghij_g_[j_qvK mq_lhflh]hqlh H

O

D

H ± l_ieh\Zy

Zdlb\ghklvfZl_jbZeZ ijbfZeuoagZq_gbyoW \ujZ`_gb_ ijbgbfZ_l\b^ 7  W |

T W H S



>eyZgZebaZ\ujZ`_gby ijb[hevrboW ij_^klZ\bf_]h\ \b^_ 7   W

ª º· ª 5 º· T5 §¨  DW §¨ ¸  HUIF « 5 » ¸    H[S « » ¸ O ¨© S ¨© ¬  DW ¼ ¹ ¬  DW ¼ ¸¹

Lh]^Z\ h[eZklb[hevrboW bf__lf_klh 7   W |

T5 § 5 · ¨  ¸  ¸ O ¨©  SDW ¹

AZ\bkbfhklbkj_^g_cihgZ]j_\Zl_exl_fi_jZlmju6 ijbfZeuob [hevrboW [m^ml khhl\_lkl\_ggh>@ 6  W |

T W H S

Z

5 · T5 §  ¨  ¸  O ¨© S  SDW ¸¹

6  W | Ti

[

U

[

Jbk  Iehkdh_ Kn_jbq_kdh_ ihemijhkljZgkl\h ihemijhkljZgkl\h 7ie  W

5 kn

T kn

T ie W H S

JZkkfhljbf aZdhghf_jghklbjZa\blby l_ieh\uoijhp_kkh\\ iehkdhf jbk  b \kn_jbq_kdhf jbk  ihemijhkljZgkl\Zo < kemqZ_iehkdh]h ihemijhkljZgkl\Zjbk   l_fi_jZlmjZh]jZgbqb\Zxs_c Jbk  ih\_joghklghklb[  ijb ^_ckl\bbbklhqgbdZl_ieZ ihklhygghcfhsghklbTie [m^_lhij_^_eylvky \ujZ`_gb_f>@



< kemqZ_kn_jbq_kdh]hihemijhkljZgkl\Zjbk  l_fi_jZlmjZih\_joghklbU 5kn  ]^_^_ckl\m_l bklhqgbdl_ieZihklhygghcfhsghklbhij_^_ey_lkynhjfmehc>@ 7kn  5Fn  W

ª DW ª DW º T kn 5kn §¨ « « »  H[S HUIF    O ¨¨ « 5kn «¬ 5kn »¼ ¬ ©

Ijb[hevrboW wlh\ujZ`_gb_bf__l\b^ 7kn  5kn  W |

º· » ¸  » ¸¸ ¼¹

T kn 5kn § 5 · ¨  kn ¸  ¨ O © SDW ¸¹

KjZ\gb\\ujZ`_gby Z  b  [  fh`ghk^_eZlv\u\h^h lhfqlhijbfZeuoW jZa\blb_l_ieh\h]hijhp_kkZgZgZqZevghcklZ^bbhlh]jZgbq_ggh]h iehkdh]hgZ]j_\Zl_ey[m^_lZgZeh]bqghjZa\blbxl_ieh\h]hijhp_kkZ\ iehkdhf ihemijhkljZgkl\_Z ijb[hevrboW  ZgZeh]bqghijhp_kkZfijhl_dZxsbf\ kn_jbq_kdhf ihemijhkljZgkl\_ < j_Zevghfwdki_jbf_gl_gZl_ieh\hcijhp_kk[m^mlhdZau\Zlv\ebygb_g_lhevdhLNO bkke_^m_fh]hfZl_jbZeZghb g_dhlhju_^jm]b_nZdlhjuHlf_lbfgZb[he__\Z`gu_bagbo Wlh± l_iehhl^ZqZ\ fZl_jbZeahg^Zl_ieh_fdhklvgZ]j_\Zl_eyb l_jfbq_kdb_ khijhlb\e_gby>eyihemq_gbyjZkq_lguo\ujZ`_gbcijbhij_^_e_gbbLNObkke_^m_fuo fZl_jbZeh\k mq_lhf^ZgguonZdlhjh\\hkihevam_fkyijb\_^_gghc\ur_ZgZeh]b_c l_ieh\uoijhp_kkh\l_^eymq_lZl_ieh_fdhklbgZ]j_\Zl_eyb l_iehhl^Zqb\ fZl_jbZe ahg^ZgZgZqZevghcklZ^bbjZa\blbyl_ieh\h]hijhp_kkZ[m^_fjZkkfZljb\ZlvaZ^Zqmh jZkijhkljZg_gbbl_ieZ\ iehkdhfihemijhkljZgkl\_Z ijb[hevrboW [m^_fkqblZlvqlh gZ]j_\Zl_evij_^klZ\ey_lkh[hcihemkn_jmbebkn_jm  K p_evxmq_lZl_ieh_fdhklbgZ]j_\Zl_eygZgZqZevghcklZ^bbj_rbfke_^mxsmx aZ^Zqm AZ^ZqZ >Zgh ihemh]jZgbq_ggh_ l_eh ijb l_fi_jZlmj_ Lo     GZ h]jZgbqb\Zxs_c ih\_joghklb ihklhyggh ^_ckl\m_l bklhqgbd l_ieZk m^_evghcih\_joghklghcfhsghklvxT bf_xsbcl_ieh_fdhklvkg jbk Lj_[m_lkygZclbjZkij_^_e_gb_l_fi_jZlmjgh]hihey\ ^Zgghckbkl_f_\ ex[hcfhf_gl\j_f_gb< fZl_fZlbq_kdhcnhjf_wlZaZ^ZqZaZibku\Z_lky ke_^mxsbfh[jZahf w7 [W wW

D

w 7 [W w[ 



[ t 

W t  

gZqZevgu_mkeh\byLo   ]jZgbqgu_mkeh\by

LfW  

 

O

w7  W w[

T  Fg



w7  W  wW

 Ijbf_gb\ij_h[jZah\Zgb_EZieZkZd mjZ\g_gbx k mq_lhf ihemqbf ^bnn_j_gpbZevgh_mjZ\g_gb_ S7  [ S

J_r_gb__]hfh`ghaZibkZlv\ \b^_

D

G  7  [ S  G[ 

ª S º ª $ H[S « [ »  % H[S « ¬« D »¼ ¬«

7  [ S

S º [»  D ¼»

K mq_lhfmkeh\by ihklhyggZy$ Ihklhyggmx% gZc^_fbamkeh\by  dhlhjh_\ h[eZklbij_h[jZah\ZgbyEZieZkZijbf_l\b^ 

G7   S G[

T  Fg S7   S  S

< j_amevlZl_ihemqbfj_r_gb_aZ^Zqbij_h[jZah\Zggh_ihEZieZkm 7  [ S

ª [ º S» H[S « T D ¬ ¼  Fg    § H · S ¨¨ S  ¸¸ Fg ¹ ©


ª [ º TFg ª [ º T W LHUIF« »   HUIF « » H ¬  DW ¼ H ¬  DW ¼

TFg H



ª H[ H H[S «   ¬« Fg D Fg

beb^eyih\_joghklgh]hkehyo   7  W

º ª [ H W» HUIF«  F g ¬  DW ¼»

º W » ¼

ªH º ªH º H[S W »  «  W» HUIF«   H H H S ¬ Fg ¼ ¬« Fg »¼ H < h[eZklb[hevrboagZq_gbc W aZ\bkbfhklv ij_h[jZam_lkyd Fg T W



TFg

7  W



TFg

T W H S



TFg H

\b^m



>eymq_lZl_iehhl^Zqb\ fZl_jbZeahg^Z\hkihevam_fkyba\_klghcnhjfmehch jZkij_^_e_gbbl_ieZ\ kbkl_f_khklhys_cba^\moihemh]jZgbq_gguol_egZoh^ysboky\ b^_Zevghfl_ieh\hfdhglZdl_b gZ]jZgbp_jZa^_eZdhlhjuo^_ckl\m_lbklhqgbdl_ieZ ihklhygghcfhsghklb>@L_fi_jZlmjZ]jZgbpujZa^_eZlZdhckbkl_fu[m^_lhij_^_eylvky \ujZ`_gb_f>@ 7  W

T W

H  H 

S



]^_HH ± l_ieh\u_Zdlb\ghklbkhhl\_lkl\_gghi_j\h]hb \lhjh]hbadhglZdlbjmxsbol_e LZdbfh[jZahfl_ieh_fdhklvgZ]j_\Zl_eyb l_iehhl^ZqZ\ fZl_jbZeahg^ZgZgZqZevghc klZ^bbmqblu\ZxlkymjZ\g_gbyfb b   JZkkfhljbf\ebygb_l_ieh_fdhklbgZ]j_\Zl_eygZoh^jZa\blbyl_ieh\h]hijhp_kkZijb [hevrboW k ihfhsvxke_^mxs_caZ^Zqb

AZ^ZqZ L_ieh\Zy kbkl_fZ jbk   ij_^klZ\ey_l kh[hc ihemh]jZgbq_ggh_ l_eh ijb l_fi_jZlmj_ Lo     gZ ihemkn_jbq_kdhc ih\_joghklb jZ^bmkZ 5  dhlhjh]h ihklhyggh ^_ckl\m_l bklhqgbd l_ieZ k m^_evghc ih\_joghklghc fhsghklvx T b l_ieh_fdhklvx kg Lj_[m_lky gZclb jZkij_^_e_gb_ l_fi_jZlmjgh]h ihey \ ^Zgghc kbkl_f_ \ ex[hc fhf_gl \j_f_gb FZl_fZlbq_kdb aZ^ZqZfh`_l[ulvaZibkZgZ\ ke_^mxs_f\b^_ § w 7 U  W  w7 U  W · ¸ D¨ ¨ wU   U wU ¸¹ ©

w7  U W wW

U t 5

gZqZevgu_mkeh\byLU   ]jZgbqgu_mkeh\byLfW  O

w7 5 W wU

T  Fg

Fg

O  Z H

W t  

U

Jbk 

 

w7 5 W  wW

5

T



>eyj_r_gbyaZ^ZqblZd`_bkihevam_ff_lh^ij_h[jZah\ZgbyEZieZkZIj_^klZ\bf  \ \b^_ b ij_h[jZam_f_]hihEZieZkml_ SU7 U  S

D

w>U7 U  W @ w  >U7 U  W @ D wW wU 

G  >U7 U  S @ Z GU 

J_r_gb_wlh]h^bnn_j_gpbZevgh]hmjZ\g_gbybf__l\b^ 7 U  S

ª $ H[S « U ¬«

ª S º S º % U »  H[S « U» D ¼» U ¬« D »¼

IhklhyggZy% ihmkeh\bx Z ihklhyggmx$ gZc^_fba\ujZ`_gby  dhlhjh_\ h[eZklbij_h[jZah\ZgbcEZieZkZbf__l\b^ O

G7  5 S GU

T  F g S7  5 S  S

< j_amevlZl_ihemqZ_fj_r_gb_^bnn_j_gpbZevgh]hmjZ\g_gbyZ 7 U  S

ª T5H[S « U  5 «¬ § H Fg US¨¨ S  S Fg ©

Sº » D »¼

O 5Fg

· ¸¸ ¹



I_j_oh^yhlbah[jZ`_gbyd hjb]bgZemaZibr_f\ujZ`_gb_^eyl_fi_jZlmju ih\_joghklbihemkn_jbq_kdhcihehklbU 5  a^_kv DE

7 5 W

O  D  E 5F g

> @ >

@

> @ >

T5 T T  H[S D  W HUIF  D W  H[S E  W HUIF  E W O F g D  E D F g E  D E



H Fg



@

Ijb[hevrboDW b EW \ujZ`_gb_mijhsZ_lkybkihevam_f jZaeh`_gb_HUIF[ \ kl_i_gghcjy^^ey[hevrboo b ijbf_l\b^ 7 5 W

T5 § 5 · ¨  ¸¸ [ O ¨© SDW ¹

Hlkx^Zfh`ghk^_eZlv\u\h^h lhfkf b  qlhl_ieh_fdhklvxgZ]j_\Zl_ey ijb[hevrboW fh`ghij_g_[j_qv >eymq_lZl_iehhl^Zqb\ fZl_jbZeahg^Zijb[hevrboW j_rbfke_^mxsmxaZ^Zqm

AZ^ZqZ >\Z ihemh]jZgbq_gguo l_eZ ijb l_fi_jZlmj_ Lo     gZoh^ylky\ dhglZdl_kfjbk KhijbdZkZxsb_kyih\_joghklbl_e l_iehbahebjh\Zggu_ < h[eZklb dhglZdlZ ^_ckl\m_l kn_jbq_kdbc bklhqgbd l_ieZ m^_evghc ih\_joghklghc fhsghklb T b jZ^bmkZ 5 G_h[oh^bfh gZclb jZkij_^_e_gb_ l_fi_jZlmjgh]h ihey \ ^Zgghc kbkl_f_ \ ex[hc fhf_gl \j_f_gb < fZl_fZlbq_kdhc nhjf_ aZ^ZqZ \u]ey^bllZd

U OZH

5

T

w7 U  2 wW

OZH

§ w 7 U  W  w7 U  W · ¸ D ¨  ¨ wU  ¸ U [ w © ¹

U t 5

w7 U  2 wW

§ w 7 U  W  w7 U  W · ¸ D ¨  ¨ wU  ¸ U [ w © ¹ U t 5 W t  

U

Jbk 

W t  

gZqZevgu_mkeh\byLU  7U   ]jZgbqgu_mkeh\byLfW  LfW   75W  75W   O

w7 5 W w7 5 W  O  wU wU

T

J_rZy^ZggmxaZ^ZqmZgZeh]bqghij_^u^ms_c^eyh^gh]hl_eZfh`ghaZibkZlv 7 U  S

ª Sº T5 H[S « U  5 » D »¼ «¬ H  H  US§¨ S  O   O  5H  H ·¸   ¹ ©

bebi_j_oh^yhlbah[jZ`_gbyd hjb]bgZem 7 U  W

 § ª º ª T5  ¨ HUIF« U  5 »  H[S « U  5 O  O   O  O   O  O  U ¨© «¬  DW »¼ «¬ D 5H  H  5  H  H 

ª U5 º· O  O u HUIF«   W » ¸ «¬  D W 5 H  H  »¼ ¸¹



º W» u »¼

L_fi_jZlmjZih\_joghklbihehklbU 5 hij_^_ey_lky\ujZ`_gb_f 7 5 W

T5 O  O 

 § ª ¨  H[S « O  O    ¨ «¬ 5 H  H  ©

º ª O  O º· W» HUIF «  W»¸  »¼ ¬ 5H  H  ¼ ¸¹

BkihevamyjZaeh`_gb_HUIF[ \ kl_i_gghcjy^ijb[hevrboagZq_gbyo

hdhgqZl_evghihemqZ_f 7 5 W

T5 §¨ 5 H  H  ·¸   O  O  ¨© SW O  O  ¸¹

O  O   W   5  H  H 

]^_ O H b O H ± khhl\_lkl\_ggh l_iehijh\h^ghklb b l_ieh\u_ Zdlb\ghklb i_j\h]h b \lhjh]hbadhglZdlbjmxsbol_e GZhkgh\Zgbb\ur_baeh`_ggh]hfh`ghk^_eZlv\u\h^h oZjZdl_j_l_ieh\h]hijhp_kkZ ijhbkoh^ys_]h\ kbkl_f_ahg^gZ]j_\Zl_evh[jZa_pb aZibkZlvjZkq_lgu_\ujZ`_gby^ey hij_^_e_gbyLNO bkke_^m_fh]hfZl_jbZeZ >bgZfbdml_ieh\h]hijhp_kkZ\ kbkl_f_ahg^h[jZa_p[m^_loZjZdl_jbah\Zlvky\oh^guf \ha^_ckl\b_ffhsghklvx\u^_eyxsmxkygZ_^bgbpmiehsZ^bgZ]j_\Zl_ey± T \uoh^ghc i_j_f_gghc7W i_j_f_ggufbkhklhygbykbkl_fuKKKQ < dZq_kl\_lZdhc i_j_f_gghckhklhygbyfh`gh\u[jZlvhlghr_gb_l_ieh\h]hihlhdZThihklmiZxs_]h\ h[jZa_pd fhsghklb\u^_eyxs_ckygZ_^bgbpmiehsZ^bgZ]j_\Zl_eyT bebhlghr_gb_ l_ieh\h]hihlhdZTaihklmiZxs_]h\ ahg^d fhsghklb\u^_eyxs_ckygZ_^bgbpmiehsZ^b gZ]j_\Zl_eyT jbk  

< h[s_fkemqZ_gZl_jfh]jZffZojbk  gZhkgh\ZgbboZjZdl_jZih\_^_gby i_j_f_gghckhklhygbyfh`gh\u^_eblviylvmqZkldh\khhl\_lkl\mxsbojZaebqguf khklhygbyfnmgdpbhgbjh\Zgbykbkl_fujbk  I_j\hfm, mqZkldml_jfh]jZffukhklhygb_K khhl\_lkl\m_lh^ghf_jgh_ l_fi_jZlmjgh_ihe_\ h[jZap_l_iehjZkijhkljZgy_lkylhevdh\^hevhkb] L_ieh\hcihlhd ihklmiZxsbc\ h[jZa_pbaf_gy_lky\h\j_f_gblZddZdgZ]j_\Zl_evh[eZ^Z_l bg_jpbhgghklvxb ijbkmlkl\m_ll_jfbq_kdh_khijhlb\e_gb_f_`^mgZ]j_\Zl_e_fb h[jZaphfl_K ’ 7 |

w 7 w] 

§ w 7  w7 ·  ¨¨   |  ¸¸ T R U wU © wU ¹

YDU T R  T z T 

]^_ ] U ± dhhj^bgZlu TR Ta ± l_ieh\u_ ihlhdb ihklmiZxsb_ \ h[jZa_p b ahg^ khhl\_lkl\_ggh
w 7 w] 

§ w  7  w7 ·  ¨¨   |  ¸¸ T R U U w © wU ¹

§T 0c · FRQVW  T R  T | T¨¨ R | ¸¸  0¹ T © 

]^_HHc ± l_ieh\u_Zdlb\ghklbbkke_^m_fh]hfZl_jbZeZb fZl_jbZeZahg^Z L_jfh]jZffZgZ,,mqZkld_hibku\Z_lkymjZ\g_gb_f\b^Zkf    7 W c

TW c

H  H c

S



TF g

H  H c 

 

]^_ W c W  DZd\b^ghba\ujZ`_gby gZl_jfh]jZff_,,mqZkldm[m^_lkhhl\_lkl\h\Zlv ijyfhebg_cgucmqZklhd\ dhhj^bgZlZo7 7Wc jbk  Lj_lv_fm,,, mqZkldml_jfh]jZffukhklhygb_K khhl\_lkl\m_l^\mof_jgh_ l_fi_jZlmjgh_ihe_\ h[jZap_ihkdhevdmg_evayij_g_[j_qvjZkijhkljZg_gb_fl_ieZ\ jZ^bZevghfgZijZ\e_gbb\^hevhkbU L_ieh\hcihlhdThihklmiZxsbc\ h[jZa_pkgh\Z klZgh\blkyi_j_f_ggufb ihwlhfmK ’ 7 |

w 7 w]





w 7 wU





 w7  TR U wU

YDU T

YDU 

Q_l\_jlhfm,9 mqZkldml_jfh]jZffukhklhygb_K khhl\_lkl\m_ll_ieh\hcijhp_kk\ h[jZap_dhlhjucijhoh^blklZ^bxj_]meyjbaZpbbL_ieh\hcihlhdTh klZgh\blky ijZdlbq_kdbihklhyggufl_K ’ 7 |

w 7 w 7  w7   TR  w]  wU  U wU

§T Oc · FRQVW  T R  T | T ¨¨ R | ¸¸  O¹ © T

a^_kvOOc ± l_iehijh\h^ghklbbkke_^m_fh]hfZl_jbZeZb fZl_jbZeZahg^Z MjZ\g_gb_hibku\Zxs__wlhlmqZklhdl_jfh]jZffubf__l\b^ kf [   [  ]^_ W cc



W

7 W cc



T5 §¨ 5 H  H c ·¸ W cc   ¨ O  Oc © S O  O c ¸¹

DZd\b^ghba\ujZ`_gby gZl_jfh]jZff_,9mqZkldm[m^_lkhhl\_lkl\h\Zlv ijyfhebg_cgucmqZklhd\ dhhj^bgZlZo7 7Wcc jbk  Iylhfm9 mqZkldml_jfh]jZffukhhl\_lkl\m_ll_ieh\hcijhp_kk\ dhlhjhf gZjmrZxlkymkeh\byg_h]jZgbq_gghklbh[jZapZbebahg^ZL_ieh\hcihlhdTh hiylv klZgh\blkyi_j_f_ggufl_K TR YDU T YDU 

T  T  T T K

K

K

T T

K

K

T T

W Jbk Baf_g_gb_i_j_f_gghckhklhygby\ ijhp_kk_ wdki_jbf_glZ ijb\uiheg_gbbmkeh\bcHH HHcO O !O Oc 7ƒ& , ,, ,,,

9

,9

 

zläȯ}Ò nz

 









WF



Jbk  MqZkldbl_jfh]jZffu^eydhfihabpbhggh]hfZl_jbZeZDF ± dhdkhgZiheg_ggh]hnlhjhieZklZfZjdbND 7ƒ&

  

zläȯ}Ò nz

  









W F 

Jbk  ,,hcmqZklhdl_jfh]jZffu\ dhhj^bgZlZo7 7Wcc 7ƒ&

    

zläȯ}Ò nz







W

F



Jbk  ,9c mqZklhdl_jfh]jZffu\ dhhj^bgZlZo7 7Wccc   JZkq_lgu_\ujZ`_gbyb hkgh\gu_hi_jZpbb ijbhij_^_e_gbbl_iehnbabq_kdbooZjZdl_jbklbd

Hkgh\gufbjZkq_lgufbkhhlghr_gbyfb[m^ml\ujZ`_gby b  kh]eZkgh dhlhjuf^eyhij_^_e_gbyLNOg_h[oh^bfhagZlvke_^mxsb_\_ebqbgufhsghklvgZ _^bgbpmiehsZ^bgZ]j_\Zl_eyTjZ^bmkgZ]j_\Zl_ey5ihijZ\dbgZl_iehijh\h^ghklvOc b l_ieh\mxZdlb\ghklvHc ahg^ZHij_^_eblvihke_^gb_fh`gh^\mfykihkh[Zfb I_j\uckihkh[ij_^iheZ]Z_lhij_^_e_gb_ihijZ\hdbkoh^ybanbabq_kdh]hkfukeZ \_ebqbgH^gZdhwlhk\yaZghk hij_^_e_ggufbljm^ghklyfbihjZkq_lmT b 5 nhjfZ gZ]j_\Zl_eyg_y\ey_lkyZ[khexlghdjm]ehcjZaf_ju_]hg_[hevrb_ Z lZd`_\_ebqbgOc b Hc \ l_ieh\hfhlghr_gbbl_jfhijb_fgbdfh`_lg_y\eylvkyfZeufLNOfZl_jbZeZih^eh`db ahg^Zba\_klguijb[eb`_ggh Djhf_lh]hijbihemq_gbbjZkq_lgh]hkhhlghr_gby  djm]eucgZ]j_\Zl_ev[ueaZf_g_gwd\b\Ze_glguf_fmkn_jbq_kdbfgZ]j_\Zl_e_fl_\ \ujZ`_gb_ \oh^ylg_kh[kl\_gghagZq_gby\_ebqbgT b 5Z wd\b\Ze_glgu_bf \_ebqbgukhhl\_lkl\mxsb_kn_jbq_kdhfmgZ]j_\Zl_exkfnhjfmeu [   ey^Zggh]hf_lh^Z ^hklZlhqgh^\molZdboh[jZaph\ >eyjZkq_lZLNOihwdki_jbf_glZevguf^Zgguf\ujZ`_gby b  ij_h[jZam_f d \b^m  7 W c GW c  G    7 W cc EW cc  E  ]^_

G

$  H  Hc

G



%

H  Hc





E



%  H  H c

$ O  O c





E

hibku\Zxsbo l_jfh]jZffm gZ ,, b ,9 mqZkldZo $

% O  O c T

S

±

iZjZf_lju fh^_e_c

 % TF¶  $ T S  % T5 ±

ihklhyggu_ ijb[hjZ hij_^_ey_fu_ dhgkljmdlb\gufb hkh[_gghklyfb ijbf_gy_fh]h mkljhckl\Zb j_`bfZfbhiulZ W c

W  W cc



W



AgZq_gbydhwnnbpb_glh\GGEE hij_^_eyxlkyihl_jfh]jZffZfjbk Z agZq_gby$%$%HcOc ± ba]jZ^mbjh\hqguowdki_jbf_glh\
Hc H

GG H  H   G  G HG  H  G G  G



 

$  Hc  G

a^_kvHHH ± l_ieh\u_Zdlb\ghklbbkke_^m_fh]hfZl_jbZeZb h[jZaph\uof_jLNOGG G ± dhwnnbpb_glu hij_^_e_ggu_ ba l_jfh]jZff kgyluo gZ bkke_^m_fhf fZl_jbZe_ b gZ h[jZaph\uof_jZokh]eZkghmjZ\g_gbx $Hc ± ihklhyggu_ijb[hjZ
$

Hc

  EE  EE

  E  H E E HE   EE  EE

H %

H  H  

E

E

$  Hc 



EE O  O   E  E

   

Oc O

OE  O E E  E %  Oc  E





 ]^_OOO ± l_iehijh\h^ghklbbkke_^m_fh]hfZl_jbZeZb h[jZaph\uof_jLNOEEE EEE ± dhwnnbpb_gluhij_^_e_ggu_bal_jfh]jZffkgyluogZbkke_^m_fhffZl_jbZe_ b gZh[jZaph\uof_jZokh]eZkghmjZ\g_gbx $%HcOc ± dhgklZgluijb[hjZ L_i_jvfh`ghaZibkZlvhkgh\gu_hi_jZpbbihhij_^_e_gbyLNO\ \b^_ke_^mxs_c ihke_^h\Zl_evghklb^_ckl\bc , =jZ^mbjh\dZijb[hjZ kgylb_ l_jfh]jZffugZi_j\hfh[jZap_k ba\_klgufbLNO x hij_^_e_gb_jZ[hqbomqZkldh\l_jfh]jZffu,,b ,9  x jZkq_lihgbfdhwnnbpb_glh\GEE x kgylb_l_jfh]jZffugZ\lhjhfh[jZap_k ba\_klgufbLNO x hij_^_e_gb_jZ[hqbomqZkldh\l_jfh]jZffu,,b ,9  x jZkq_lihgbfdhwnnbpb_glh\GEE x jZkq_lihklhygguoijb[hjZkh]eZkgh\ujZ`_gbyf      x   ,, Hij_^_e_gb_LNObkke_^m_fh]hfZl_jbZeZ kgylb_l_jfh]jZffugZbkke_^m_fhfh[jZap_ x hij_^_e_gb_jZ[hqbomqZkldh\l_jfh]jZffu,,b ,9  x jZkq_lihgbfdhwnnbpb_glh\GEE x jZkq_lLNOfZl_jbZeZkh]eZkgh\ujZ`_gbyf    x Hp_gdZih]j_rghkl_cbaf_j_gbyLNO Hp_gdZkemqZcguoih]j_rghkl_c Ijh\_^_fhp_gdmkemqZcguoih]j_rghkl_cbaf_j_gbyLNOfZl_jbZeh\>eywlh]h aZibr_fmjZ\g_gbyk\yau\Zxsb_ih]j_rghklvhij_^_e_gbyiZjZf_ljh\fh^_e_ck ih]j_rghklvxhij_^_e_gbyLNOIjbf_gb\hkgh\gu_j_amevlZlul_hjbbih]j_rghklb baf_j_gbynbabq_kdbo\_ebqbg>± @ihemqbfke_^mxsb_\ujZ`_gby x ^ey,,]hmqZkldZ



'H G$

GH c x

G H 





§$ · G $  G G  ¨¨  ¸¸  ' H c © G ¹ 



G  G  G  G 







' H  ' H 

H  H 









' G  ' G

G  G 

 G  G  G H   G  H   G  G  G  H  

HG  H  G  

^ey,9]hmqZkldZ 'H

G E 



 G E  G $  









' G   ' G 

G   G  

§ $  E · ¨  ¸  ' H c ¨ E ¸ ©  ¹ 

 







' H  ' H  H H  G E  G E E E  G E  G E E E   E E  E E G H G E  G E H E E  G H G E  G E H E E  H E E  H E E H E E  H E E G E  G E E E  G E  G E E E  E E  E E G$

 G  E  G  E  

GHc













   











GOc



      



      

G % 





         

'O G%



  











 



§%  G  E ¨¨  © E

G E  G E 



 

  





















      

  





         





· ¸  ' O c  ¸ ¹ 

'E  'E



'O  'O 



E  E  O  O   G  O  G  E EO   G  O   G  E E O    ' E  ' E  OE  O  E  E  E 

KjZ\gb\nhjfmeu   k nhjfmeZfb ±  fh`_f\b^_lvqlh kljmdlmjZih]j_rghklbhij_^_e_gby LNOih,,b ,9mqZkldZfl_jfh]jZffZgZeh]bqgu Ihwlhfmj_amevlZluZgZebaZ\ebygbyjZaebqguonZdlhjh\gZih]j_rghklvhij_^_e_gby LNOih,,b ,9mqZkldZfl_jfh]jZffu[m^mllZd`_ZgZeh]bqgu Ijh\_^_fZgZebalh]hdZd[m^ml\ebylvgZih]j_rghklvbaf_j_gbyl_ieh\hcZdlb\ghklb ih,,mqZkldml_jfh]jZffuih]j_rghklb\_ebqbgg_h[oh^bfuo^eyjZkq_lZl_ieh\hc Zdlb\ghklbZ bf_gghih]j_rghklvhij_^_e_gbydhwnnbpb_glZG 'G ih]j_rghklv jZkq_lZdhgklZglijb[hjZ$Hc '$ 'Hc ih]j_rghklv]jZ^mbjh\db dhlhju_ \k\hx hq_j_^v[m^mlkdeZ^u\Zlvkybaih]j_rghklbhij_^_e_gbydhwnnbpb_glh\GG 'G 'G  b g_lhqghklbbgnhjfZpbbh agZq_gbyoHH GH GH h[jZaph\uof_jLNO JZkkfhljbf\ebygb_ih]j_rghklb'G gZhij_^_e_gb_HIjbf_f G$ b 'Hc  Lh]^Zba\ujZ`_gby k mq_lhfnhjfmeu ke_^m_l GH

'G  H  H c  $ H



:gZeba^Zggh]h\ujZ`_gbyihdZau\Z_lqlhih]j_rghklvhij_^_e_gbyH fh`ghkgbablv \hi_j\uoaZkq_lmf_gvr_gby'Giml_fmf_gvr_gbybgl_j\ZeZ'W f_`^m x baf_j_gbyfbl_fi_jZlmju7 ^eyjZkq_lZG bkihevam_lkyf_lh^gZbf_gvrbod\Z^jZlh\b G [m^_lhij_^_e_ghl_flhqg__q_f[hevr_lhq_dwdki_jbf_glZevghcdjb\hc[m^_l bkihevah\Zlvky  \h\lhjuoaZkq_lm\_ebq_gbyfhsghklbgZgZ]j_\Zl_e_\ jZamfguoij_^_eZo lZd x dZd$aT \lj_lvboba\ujZ`_gby \b^ghqlhhlghkbl_evgZyih]j_rghklvhij_^_e_gbyH x aZ\bkblhlagZq_gbyHFbgbfmfGH [m^_lkhhl\_lkl\h\ZlvH HcZ m\_ebq_gb_GH ijbH Hc [m^_lagZqbl_evgh[hevr_q_fijbH !Hc jbk djb\Zy  Wlhh[tykgy_lkyke_^mxsbfIjbgZ]j_\_qZklvl_ieZihc^_lgZgZ]j_\bkke_^m_fh]h h[jZapZZ qZklvl_ieZ± gZgZ]j_\ahg^ZIjbq_fq_f[hevr_l_ieh\ZyZdlb\ghklvfZl_jbZeZ ahg^ZihkjZ\g_gbxk l_ieh\hcZdlb\ghklvxbkke_^m_fh]h fZl_jbZeZl_f[hevr_l_ieZ ihc^_lgZgZ]j_\ahg^Zb l_f[hevr_bf_gghl_ieh\u_k\hckl\Zahg^Z[m^mlhij_^_eylvoh^ l_jfh]jZffuHc ± kmlvl_ieh\ZyZdlb\ghklvfZl_jbZeZahg^Z bkhhl\_lkl\_gghl_ff_g__ lhqgufhdZ`_lkyjZkq_ll_ieh\hcZdlb\ghklbahg^Z K ^jm]hcklhjhguq_f[hevr_

\u^_ey_lkyl_ieZgZ_^bgbpmiehsZ^bgZ]j_\Zl_ey\_ebqbgZ$dZdmdZau\Zehkv\ur_ ijhihjpbhgZevgZfhsghklbgZ_^bgbpmiehsZ^bgZ]j_\Zl_ey l_f[uklj__[m^_ljZklb l_fi_jZlmjZgZ]j_\Zl_eyb l_fyjq_[m^ml\ujZ`_gugZl_jfh]jZff_l_iehnbabq_kdb_ oZjZdl_jbklbdbbkke_^m_fh]hfZl_jbZeZZaZh^ghb fZl_jbZeZahg^Z  >eyZgZebaZih]j_rghklb]jZ^mbjh\dbk\yaZgghck g_lhqghklvxbgnhjfZpbbh LNO h[jZaph\uof_j[m^_fkqblZlvqlh\ \ujZ`_gbyo   ± 'G 'G 'G Lh]^Zbanhjfmeu k mq_lhf bf__f 'H H   Hc  'H  H  Hc Hc H  H  

GHc

Z ba\ujZ`_gby



'H  'H 

G$

H  H 





GH 



















H


JbkAZ\bkbfhklvGGH IHH ^ey,,mqZkldZ  k mq_lhf' 'G ihnhjfme_    k mq_lhf]jZ^mbjh\dbihnhjfme_    h[sZyihnhjfme_

Ih^klZ\b\G$\ nhjfmem ihemqbfke_^mxs__\ujZ`_gb_ 'H

' H 





 ' H  H  H c  ' H H   H c  ' H  H  H c 



H  H 





 ;m^_fkqblZlvqlhGH| GH b H Hlh]^Z'H 'HIhke_mijhs_gbc bf__lf_klh g_jZ\_gkl\h





'H  § H   H c · 'H  §¨    H c H  H    ¨ ¸  GH  H   H © H ¹ H   H  ¨© H H

· ¸  ¸ ¹

IjhZgZebabjh\Z\g_jZ\_gkl\h jbkdjb\Zy b kjZ\gb\_]hk jZ\_gkl\hf  jbkdjb\Zy fh`ghk^_eZlvke_^mxsb_\u\h^ugZjbk ij_^klZ\e_guZgZeh]bqgu_]jZnbdbjZkij_^_e_gbyih]j_rghklbbaf_j_gby\ aZ\bkbfhklb hl^bZiZahgZbaf_g_gbyLNO^ey,9mqZkldZl_jfh]jZffu   >eym\_ebq_gbylhqghklbbaf_j_gbcg_h[oh^bfh\u[bjZlvh[jZaph\u_f_judZd fh`gh[he__hlebqZxsb_ky^jm]hl^jm]ZihLNO  H[jZapug_^he`guh[eZ^Zlvkebrdhf[hevrbfbH b O

@_eZl_evgh\u[bjZlvh[jZaph\u_f_julZdbfbqlh[uagZq_gbyLNOh[jZaph\uof_j i_j_dju\Zeblj_[m_fuc^bZiZahgbaf_j_gbyLNObkke_^m_fuofZl_jbZeh\  Hlghkbl_evgZyih]j_rghklv\hajZklZ_lk mf_gvr_gb_fH b O  Ih]j_rghklvk\yaZggmxk g_lhqghklvxbgnhjfZpbbh LNOh[jZaph\uof_j mf_gvrblvaZkq_lbaf_g_gbyj_`bfh\hiulZg_evayIh]j_rghklviheghklvxhij_^_ey_lky \u[hjhfh[jZaph\uof_jLNO  GZbf_gvrZyih]j_rghklvhij_^_e_gbyLNO[m^_lm fZl_jbZeh\k [ebadbfbbeb [hevrbfbO b Hq_fm fZl_jbZeZih^eh`dbahg^Z^eym\_ebq_gby^bZiZahgZgZ^_`gh]h O
GH 

















 H
JbkAZ\bkbfhklvGGH IHH ^ey,9mqZkldZ  k mq_lhf' 'E b 'E   k mq_lhf]jZ^mbjh\db  h[sZy GO









 









JbkAZ\bkbfhklvGGO IO O ^ey,9mqZkldZ  k mq_lhf' 'E   k mq_lhf]jZ^mbjh\db  h[sZy :gZebakbkl_fZlbq_kdboih]j_rghkl_c

JZg__jZkkfZljb\ZeZkvkemqZcgZykhklZ\eyxsZyih]j_rghklbhij_^_e_gbyLNO Ij_^klZ\ey_lbgl_j_kjZkkfhlj_lv\hijhku\ebygbygZlhqghklvbaf_j_gbykbkl_fZlbq_kdhc ih]j_rghklb\ua\Zgghcg_lhqghklvxfZl_fZlbq_kdhcfh^_ebQZklbqgh wlhl\hijhk jZkkfZljb\Zekyijbihemq_gbbjZkq_lguoaZ\bkbfhkl_c\ jZa^_e_;uehihdZaZghqlh

l_ieh_fdhklvxgZ]j_\Zl_ey\ jZkq_lZoih,9mqZkldml_jfh]jZffufh`ghij_g_[j_qv< jZkq_lZoih,,mqZkldml_jfh]jZfful_ieh_fdhklvgZ]j_\Zl_eymqblu\ZeZkv\\_^_gb_f dhwnnbpb_glZGgZijyfmxaZ\bkys_]hhll_ieh_fdhklbgZ]j_\Zl_eykf\ujZ`_gby    Djhf_lh]hZe]hjblfhij_^_e_gbyLNOihkljh_glZdbfh[jZahfqlhmqblu\Z_ll_ lhqdbl_jfh]jZffu]^_j_Zevgh\uihegyxlkyjZkq_lgu_aZ\bkbfhklb   LZd`_ dZdmdZau\Zehkv\ur_qZklbqghg_Z^_d\ZlghklvfZl_fZlbq_kdhcfh^_ebj_Zevghfm wdki_jbf_glmmqblu\Zehkvl_fqlhdhgklZgluijb[hjZhij_^_eyxlkygZhkgh\_ ]jZ^mjh\hqguowdki_jbf_glh\Z g_gZhkgh\_jZkq_lZbkoh^ybabonbabq_kdh]hkfukeZ JZkkfhljbf\ebygb_l_jfbq_kdbokhijhlb\e_gbcgZj_amevlZljZkq_lZ l_iehijh\h^ghklbO ih,9mqZkldml_jfh]jZffuAZf_lbfqlhO bkke_^m_fh]hfZl_jbZeZ hij_^_ey_lkygZhkgh\_dhwnnbpb_glZEdhlhjucihk\h_fmnbabq_kdhfmkfukem khhl\_lkl\m_lbaf_jy_fhcl_fi_jZlmj_ijbklZpbhgZjghfij_^_evghfjZkij_^_e_gbb l_fi_jZlmju\ kbkl_f_ba^\moihemh]jZgbq_gguogZoh^ysboky\ dhglZdl_l_e>eywlh]h j_rbfke_^mxsmxaZ^Zqm AZ^ZqZ>\Zihemh]jZgbq_gguol_eZb ijbl_fi_jZlmj_LU  gZoh^ylky\ dhglZdl_kfjbk KhijbdZkZxsb_kyih\_joghklbl_el_iehbahebjh\Zgu< h[eZklb dhglZdlZ^_ckl\m_lkn_jbq_kdbcbklhqgbdl_ieZfhsghklvx± T b jZ^bmkhf± 5F_`^m gZ]j_\Zl_e_fb l_eZfbkms_kl\mxll_jfbq_kdb_khijhlb\e_gby5L b 5LKe_^m_lgZclb klZpbhgZjgh_jZkij_^_e_gb_l_fi_jZlmju\ ^Zgghckbkl_f_< fZl_fZlbq_kdhcnhjf_aZ^ZqZ \u]ey^blke_^mxsbfh[jZahf ª G7 U º G «U   » GU ¼ ¬ GU

ª G7 U º G «U   » GU ¼  U !5  ¬ GU

 U

!5 

7 5 7  T5L   7 5 7  T 5L   G7 f GU

T  T

T 

G7 f GU

G7 5 GU



T 



7 f 7 f

 

T 



G7 5 GU



]^_7U 7U ± jZkij_^_e_gb_l_fi_jZlmju\ l_eZob khhl\_lkl\_ggh7 ± l_fi_jZlmjZ gZ]j_\Zl_eyU ± dhhj^bgZlZT ± fhsghklv\u^_eyxsZykygZ_^bgbpmiehsZ^bgZ]j_\Zl_ey TT ± l_ieh\u_ihlhdbihklmiZxsb_\ l_eZb khhl\_lkl\_gghOO ±l_iehijh\h^ghklb  b  l_eZ khhl\_lkl\_ggh 5L 5L ± l_jfbq_kdb_ khijhlb\e_gby f_`^m f l_ehf b gZ]j_\Zl_e_fb f_`^mf l_ehfb gZ]j_\Zl_e_fkhhl\_lkl\_ggh J_rb\^bnn_j_gpbZevgu_mjZ\g_gby [m^_fbf_lv U

G7 U GU

&  U 

G7 U GU

&  

]^_KK ± dhgklZgluhij_^_ey_fu_bamkeh\bc l_ &



T5  O

T 5  O



b 7 U 

&  '  U

 & 

Ijhbgl_]jbjh\Z\^bnn_j_gpbZevgu_mjZ\g_gby ihemqbf 7 U 

&  ' U

]^_ dhgklZglu & & hij_^_eyxlky ba \ujZ`_gbc   Z dhgklZglu ' ' gZoh^yl ba mkeh\by ' '  

Bkihevamynhjfmeu   ihemqbfke_^mxsb_\ujZ`_gby^eyklZpbhgZjgh]h jZkij_^_e_gbyl_fi_jZlmjgh]hihey\ jZkkfZljb\Z_fhckbkl_f_ 7 U

T5  OU

 7 U

T 5  O U

7 5

T5 O

 7 5

T 5 O



< nhjfmeu \oh^ylagZq_gbyl_ieh\uoihlhdh\TTihklmiZxsbo\ l_ehb hl gZ]j_\Zl_ey>eybohij_^_e_gby\hkihevam_fkymjZ\g_gbyfb  ij_^\Zjbl_evgh aZibkZ\\ujZ`_gby^eyl_fi_jZlmjub l_eZkhhl\_lkl\mxsb_dhhj^bgZl_U 5 K mq_lhfmkeh\bc aZibr_f T5 O

7  T5L  

T 5 O





7  T 5L 



b aZl_fbkihevamymkeh\b_ ihemqZ_fke_^mxsb_\ujZ`_gby^eyhij_^_e_gbyT T T

T

T 5  5L O  O 5O  O   5L   5L  OO 

T 5  5L O O  5 O  O   5L   5L  OO 







L_fi_jZlmjgh_ihe_\ bkke_^m_fhckbkl_f_b l_fi_jZlmjZgZ]j_\Zl_ey7 [m^ml hij_^_eylvky\ujZ`_gbyfb 7 U

7 U 7

T 5  5  5L O  5O  O   5L   5L  OO  U

T 5  5  5L O 5O  O   5L   5L  OO  U

T 5  O5L   5L 5L OO   5 O  O   5L   5L  OO 





 

 Ijbf_fqlh7U ± l_fi_jZlmjgh_ihe_ahg^Z7U ± l_fi_jZlmjgh_ihe_bkke_^m_fh]h h[jZapZ5L ± l_jfbq_kdh_khijhlb\e_gb_f_`^mgZ]j_\Zl_e_fb qm\kl\bl_evgufwe_f_glhf l_jfhijb_fgbdZ5L ± l_jfbq_kdh_khijhlb\e_gb_f_`^mgZ]j_\Zl_e_fb bkke_^m_fuf h[jZaphfLh]^Z\_ebqbgZ75 [m^_lkhhl\_lkl\h\Zlvhij_^_ey_fhfmbal_jfh]jZffu kh]eZkghmjZ\g_gbx dhwnnbpb_glmEZ bkdhfhc\_ebqbghc[m^_ll_iehijh\h^ghklv \lhjh]hl_eZO
O

T 5

5  5L O  5L 

O

5  O 5L 



Ijh\_^_fZgZebamjZ\g_gby hlf_lb\ij_^\Zjbl_evghqlh\_ebqbgZ75 j_Zevgh hij_^_ey_lkyk g_dhlhjhcih]j_rghklvxJZkkfhljbf^\Zij_^_evguokemqZy L_iehijh\h^ghklvbkke_^m_fh]hfZl_jbZeZfZeZl_OoLh]^Zba ke_^m_l qlh 7 5

T 5 O



DZd\b^ghba\ujZ`_gby \ wlhfkemqZ_l_fi_jZlmjZ75 [m^_lhij_^_eylvky l_iehijh\h^ghklvxfZl_jbZeZahg^ZOb g_[m^_laZ\bk_lvhll_iehijh\h^ghklb bkke_^m_fh]hfZl_jbZeZ L_iehijh\h^ghklvbkke_^m_fh]hfZl_jbZeZ\_ebdZl_OofLh]^Zba\ujZ`_gby

 bf__f

7 5

O

T 5

5  5L O   5L 

< wlhfkemqZ_l_fi_jZlmjZ75 lZd`_g_aZ\bkblhll_iehijh\h^ghklbbkke_^m_fh]h fZl_jbZeZOZ hij_^_ey_lkyl_iehijh\h^ghklvxfZl_jbZeZahg^ZO b l_jfbq_kdbfb khijhlb\e_gbyfb5L5L >ey^Zevg_cr_]hZgZebaZi_j_ibr_f\ujZ`_gb_ \ \b^_ 7 5

T 5 5  5L O O  O 5  5L  O 



;m^_f kqblZlvqlh\uihegy_lkyke_^mxs__mkeh\b_ 5 !! 5L  O   Lh]^Zfh`_faZibkZlvqlh 7 5

<\_^_fh[hagZq_gby

&T

& Oc

T 5  5  5L O O5  O 5  5L O T 5  5  5L O

O 5 5  5L O









Lh]^Znhjfmem^eyjZkq_lZl_iehijh\h^ghklbO fh`ghaZibkZlv\ ke_^mxs_f\b^_ O

&T

7 5

 & Oc 

Hlf_lbfqlh_keb\uihegy_lky^hihegbl_evgh_mkeh\b_ 5 !! 5L O lh\ujZ`_gb_ 

[m^_liheghklvxb^_glbqghnhjfme_ b &T %  T5&Oc Oc O H^gZdh^eyjZajZ[hlZggh]hf_lh^Zhij_^_e_gbyLNO\ dhlhjhfdhgklZgluijb[hjZ % Oc hij_^_eyxlkygZhkgh\_]jZ^mbjh\hqguohiulh\g_h[oh^bfhklb\\_^_gbyihijZ\dbgZ l_jfbq_kdh_khijhlb\e_gb_f_`^mgZ]j_\Zl_e_fb qm\kl\bl_evgufwe_f_glhf l_jfhijb_fgbdZg_llZddZdnhjfmeZ ZgZeh]bqgZihnhjf_aZ\bkbfhklb  IjZdlbq_kdb wlhhagZqZ_lqlhijb]jZ^mbjh\d_hij_^_eyxlkyg_%OcZ &T&Oc WlhlZd`_ ih^l\_j`^Z_llhqlhjZkq_ldhgklZglijb[hjZgZhkgh\_]jZ^mbjh\hqguohiulh\iha\hey_l kgbablv\ebygb_kbkl_fZlbq_kdhcih]j_rghklb\ua\Zgghcg_Z^_d\Zlghklvx fZl_fZlbq_kdhcfh^_eb JZkkfhljbfih^jh[g__mkeh\b_ L_jfbq_kdh_khijhlb\e_gb_5L fh`ghaZibkZlv\ ke_^mxs_f\b^_ 5L 

K7 O7



]^_K7  lhesbgZijhkehcdbf_`^mgZ]j_\Zl_e_fb bkke_^m_fufh[jZaphf OL  l_iehijh\h^ghklvfZl_jbZeZijhkehcdbLh]^Zmkeh\b_ ijbgbfZ_l\b^ K7 O     5 O7

NZdlbq_kdbihmkeh\bx hij_^_ey_lky\_jogyy]jZgbpZgZ^_`gh]hhij_^_e_gby l_iehijh\h^ghklbbkke_^m_fuoh[jZaph\>eym\_ebq_gby\_jog_c]jZgbpudZdke_^m_lba

mkeh\by g_h[oh^bfhm\_ebqb\Zlvl_iehijh\h^ghklvijhkehcdbf_`^mgZ]j_\Zl_e_fb h[jZaphfgZijbf_jbkihevamyjZaebqgu_\ukhdhijh\h^ysb_kfZadb Z lZd`_aZkq_l m\_ebq_gbyjZ^bmkZgZ]j_\Zl_ey 5 Ohl_ehkv[uhlf_lblvqlhbf_ynhjfmem\ dhlhjhcmqblu\Zxlkyl_jfbq_kdb_ khijhlb\e_gbyfh`ghihkljhblvf_lh^bdmhij_^_e_gby O fZl_jbZeh\k bomq_lhf H^gZdhhlwlh]hke_^m_lhldZaZlvkyihke_^mxsbfijbqbgZf
Fh^mevgZykljmdlmjZkh\j_f_gguoijh]jZffghl_ogbq_kdbokj_^kl\\ khq_lZgbbk ijbgpbiZfbhldjuluo\uqbkebl_evguokbkl_f>@iha\hebeZkha^Zlvbaf_jbl_evgh \uqbkebl_evgmxkbkl_fmB
ihemq_ggh]hZgZeh]h\h]hkb]gZeZ;ehdklZ[bebabjh\Zggh]hiblZgby;I ij_^gZagZq_g^ey nhjfbjh\ZgbyaZ^Zggh]hl_ieh\h]h\ha^_ckl\byKb]gZek BAihklmiZ_lgZZgZeh]h pbnjh\hcij_h[jZah\Zl_ev:PI baf_jbl_evgh\uqbkebl_evgh]hmkljhckl\Zb aZl_fgZ fbdjhW@Bkihevamyihke_^h\Zl_evgucbgl_jn_ck=,/$ih^dexqZ_lkyd ID\ dhlhjhfgZoh^ylkyijh]jZffZj_^Zdlhj bl_jfbgZevgZyijh]jZffZ '$1,ijh]jZffu klZlbklbq_kdhch[jZ[hldbb ]jZnbq_kdh]hhlh[jZ`_gbybaf_jbl_evghcbgnhjfZpbbZ lZd`_ ijh]jZffuh[_ki_qb\Zxsb_kihkh[uhij_^_e_gbyLNOb ^jm]bonbabdhf_oZgbq_kdbo k\hckl\Ij_^mkfhlj_gh^\Zj_`bfZjZ[hluijh]jZffuj_^Zdlbjh\Zgby l_jfbgZevguc \uqbkebl_evgh_mkljhckl\hkjZam\u^Z_ldZ`^mxaZ^Z\Z_fmxbgkljmdpbx b dhffmgbdZpbhggucbgkljmdpbykgZqZeZaZ]jm`Z_lky\ hi_jZlb\gmxiZfylv \uqbkebl_evgh]hmkljhckl\Zb aZl_fh[jZ[Zlu\Z_lky  bxq

n¾ÀÆÄÅÆÄÌ»ÇÇÄÆ

jÃÈ»ÆÊ»¿Ç q»ÆÇÄöÁÒÃÑ¿ ÀÄÂÅÒÔÈ»Æ

u tq

o

cq ji

jdu

p·Æ¶½»Ì

JbkBaf_jbl_evgh\uqbkebl_evgZykbkl_fZ

B<Mh[eZ^Z_lgZ[hjhfihjlh\ZgZeh]h\uopbnjh\uoqZklhlguob ^j g_h[oh^bfuo ^eyih^dexq_gby^Zlqbdh\iha\hey_lijh]jZffghbaf_gylv\j_fyijh^\b`_gbyb hlke_`b\Zlvfhf_glugZqZeZb dhgpZwdki_jbf_glZihaZ^Zggufmkeh\byfmijZ\eylv k[hjhfb jZajy^ghklvxij_h[jZah\Zgbybaf_jbl_evguo^Zgguok g_kdhevdbo^Zlqbdh\ h^gh\j_f_ggh boi_j_^Zq_cgZi_jkhgZevgucdhfivxl_j^eyihke_^mxs_ch[jZ[hldb Kha^ZgiZd_lijh]jZffgh]hh[_ki_q_gbywdki_jbf_glZ^eyB<MMijZ\e_gb_B<MaZ]jmadZ g_h[oh^bfhcijh]jZffukbgojhgbaZpbyk[hjZb i_j_^Zqb^Zgguo hkms_kl\ey_lkyk ID Ijh]jZffgh_h[_ki_q_gb_dhfivxl_jghckbkl_fuj_Zebah\ZghgZyaud_ %RUODQG3DVFDO b nmgdpbhgbjm_l\ hi_jZpbhgguokbkl_fZo06'26:LQGRZVb :LQGRZVYaudhf l_ogheh]bq_kdh]hijh]jZffbjh\Zgbyy\ey_lky=LOD%DVLFNjZ]f_glul_ogheh]bq_kdbo ijh]jZffdjblbqgu_d ijhba\h^bl_evghklbjZajZ[hlZgugZyaud_:kk_f[e_j JZ[hqbcpbdekbkl_fu\dexqZ_l\ujZ\gb\Zgb_l_fi_jZlmjuh[jZapZb BAkha^Zgb_ aZ^Zggh]hl_ieh\h]h\ha^_ckl\byj_]bkljZpbxl_fi_jZlmju\ aZ^ZgguolhqdZoZgZeh]h pbnjh\h_ij_h[jZah\Zgb_ihemq_gguokb]gZeh\b h[jZ[hldmbgnhjfZpbb\ khhl\_lkl\bbk fZl_fZlbq_kdhcfh^_evxihjZ[hqbfZe]hjblfZfh[_ki_qb\Zxsbfkh\f_klghk ^ZlqbdZfb kihkh[dhgljheynbabdhf_oZgbq_kdbok\hckl\dhfihabpbhgguofZl_jbZeh\ >eyj_ZebaZpbbf_lh^h\\ khklZ\_B
fbdjhl_jfhiZjuk\Zj_ggu_\klud>\_bagbo± baf_jbl_evgu_ kh_^bg_guf_`^mkh[hc ihke_^h\Zl_evgh± kh]eZkghb ^\_± ^bnn_j_gpbZevgu_ lZd`_kh_^bg_guihke_^h\Zl_evgh ± kh]eZkgh Ebg_cgucgbojhfh\ucgZ]j_\Zl_ev ba]hlh\e_g\ \b^_madhcihehku Baf_jbl_evgu_l_jfhiZju jZkiheh`_gukbff_ljbqghhlghkbl_evghebg_cgh]hgZ]j_\Zl_ey gZjZkklhygbbff hlg_]hZ ^bnn_j_gpbZevgu_± gZjZkklhygbbffKihemq_ggZygZaZ`bfZofbdjhl_jfhiZj b mkbeb\Z_lkymkbebl_e_f  b j_]bkljbjm_lkyfbdjhijhp_kkhjgufmijZ\eyxsbfmkljhckl\hf GZjbkijb\_^_gZdhgkljmdpbybaf_jbl_evgh]hahg^Zk djm]eufgZ]j_\Zl_e_f bf_xs_]hZgZeh]bqgmxdhgkljmdpbxIjbbkihevah\Zgbbdjm]eh]hgZ]j_\Zl_ey\hafh`gZ aZf_gZl_jfhiZjuihemijh\h^gbdh\uf^Zlqbdhfl_fi_jZlmju< wlhfkemqZ_hliZ^Z_l g_h[oh^bfhklv\ bkihevah\Zgbbmkbebl_eyGZ]j_\bkke_^m_fh]hfZl_jbZeZ hkms_kl\ey_lkyiml_fih^ZqbgZdjm]eucgZ]j_\Zl_evihklhyggh]hlhdZ 

 











 $ 

$



   

JbkKo_fZbaf_jbl_evgh]hahg^Zk ebg_cgufgZ]j_\Zl_e_f



 













 $



$







JbkKo_fZbaf_jbl_evgh]hahg^Zk djm]eufgZ]j_\Zl_e_f  :e]hjblfhij_^_e_gbyjZ[hqbomqZkldh\ l_jfh]jZffb hp_gdbiZjZf_ljh\fh^_e_c

H^ghcbahkgh\guohi_jZpbcg_h[oh^bfuo^eyhij_^_e_gbyLNO\ f_lh^Zok djm]euf gZ]j_\Zl_e_fb kebg_cgufgZ]j_\Zl_e_fy\ey_lkyhi_jZpbyhij_^_e_gbyjZ[hqbomqZkldh\ gZkgyluowdki_jbf_glZevghl_jfh]jZffZo@ HklZgh\bfkygZ\hijhk_hij_^_e_gby]jZgbpjZ[hqbomqZkldh\l_jfh]jZff=jZgbpu mqZkldh\fh`ghhij_^_eblvhkgh\u\ZykvgZ\ujZ`_gbyobadhlhjuo[uebihemq_gu jZkq_lgu_nhjfmeu  b  l_g_h[oh^bfhaZibkZlv\ujZ`_gby^ey]jZgbp mqZkldh\\ djbl_jbZevghcnhjf_H^gZdh\ wlhfkemqZ_\ wlbdjbl_jbZevgu_mjZ\g_gby [m^ml\oh^blvdZdkZfbbkdhfu_l_iehnbabq_kdb_oZjZdl_jbklbdblZdb oZjZdl_jbklbdb ahg^ZgZ]j_\Zl_eyl_jfbq_kdbokhijhlb\e_gbcb ^j < jZajZ[hlZgguoZe]hjblfZo^ey hij_^_e_gby]jZgbpjZ[hqbomqZkldh\l_jfh]jZff bkihevah\Zeb  k\hckl\Znmgdpbc   kh]eZkghdhlhjufgZl_jfh]jZffZo\ 7 IWe ^eyebg_cgh]h dhhj^bgZlZo7 IWc 7 IWcc ^eydjm]eh]hgZ]j_\Zl_ey b gZ]j_\Zl_ey jZ[hqbfmqZkldZfkhhl\_lkl\mxlijyfhebg_cgu_hlj_adb  dZq_kl\_ggmxbgnhjfZpbxihemq_ggmxijbZgZeba_\ujZ`_gbcgZhkgh\_dhlhjuo

[uebihemq_gujZkq_lgu_khhlghr_gby  b  l_jZ[hqbfmqZkldZf l_jfh]jZff[m^mlkhhl\_lkl\h\Zlviehkdb_ \_jrbgudjb\uo G7 GW e

I W e 

I W c  

G7 GW c

G7 GW cc

I W cc 

Ijbwlhfmqblu\Z_lkyqlh\ j_Zevghfwdki_jbf_gl_l_fi_jZlmjZbaf_jy_lkyk g_dhlhjhckemqZcghcih]j_rghklvx'7ke KqblZyqlhg_f_g__N lhq_dijbgZ^e_`ZljZ[hq_fmmqZkldml_jfh]jZffuZ \k_]hgZ l_jfh]jZff_Q lhq_djZkkfhljbfihke_^h\Zl_evghhlj_adbl_jfh]jZffk ghf_jZfblhq_d «NNQ±NQH[hagZqbfdZ`^ucbahlj_adh\bg^_dkhf L L N Q ^ey dZ`^h]hbawlbohlj_adh\ihkljhbfmjZ\g_gbyebg_cguoaZ\bkbfhkl_c 7ÖL DL [  D L  L N N    Q  ?keb hij_^_ey_lky \lhjhc mqZklhd l_jfh]jZffu ^ey kbkl_fu k djm]euf gZ]j_\Zl_e_f lh [ ± Wc _keb q_l\_jluc mqZklhd lh [ ± Wcc ?keb `_ hij_^_ey_lky jZ[hqbc mqZklhd l_jfh]jZffu ^ey kbkl_fu k ebg_cguf gZ]j_\Zl_e_f lh [ ± We Bkihevam_f ke_^mxsb_ nhjfmeu>@

¦ 7 M  [ M  [L L

EL

E L

[L

7L

M L  N  L

¦

 [ M  [L 



M L  N 

 N

7L  EL [L 

¦ L

[M M L  N 

 N





¦ 7 M  N

M L  N 

]^_7M[M ± agZq_gbynmgdpbbb Zj]mf_glZ\ lhqdZok ghf_jhfM ^eyL hlj_adZELEL ± hp_gdZ dhwnnbpb_glh\ DL DL mjZ\g_gby   7ÖL ± l_fi_jZlmjZ jZkkqblu\Z_fZy ih mjZ\g_gbx   JZkkfhljbfaZ\bkbfhklvEL hl [L gZ]jZnbd_dhlhjhckfjbk gZ[ex^Z_lky iehkdZy\_jrbgZkhhl\_lkl\mxsZyjZ[hq_fmmqZkldml_jfh]jZffuGZclbh^gmbalhq_d wlhciehkdhc\_jrbgug_ij_^klZ\ey_lljm^ZLZdbfh[jZahfgZoh^blky\j_f_gghchlj_ahd ijbgZ^e_`ZsbcjZ[hq_fmmqZkldml_jfh]jZffu GL 



 







JbkAZ\bkbfhklv GL

W L



I W Lc

EL     









JbkAZ\bkbfhklv  EL

EL



I W Lcc

W

L

     









JbkAZ\bkbfhklv EL



I W eL

WeL

Ke_^mxsbfrZ]hfhij_^_e_gby]jZgbpjZ[hqbomqZkldh\y\ey_lky\hijhk± kdhevdh lhq_de_`blgZwlhfmqZkld_"Q_f[hevr_lhq_dl_flhqg__[m^mlhij_^_e_gu dhwnnbpb_glumjZ\g_gbc   >eywlh]h\hkihevam_fkyke_^mxsbfih^oh^hf (M 7M ± E[M E \ke_^kl\b_hldehg_gbyaZ\bkbfhklb7M  ;m^_fkqblZlvqlhhklZldb IoM hlebg_cghcklZgh\ylkydhjj_ebjh\Zguk oMl_aZ\bkbfuhloM< dZq_kl\_djbl_jby bkihevam_lkydjbl_jbck_jbZevghcdhjj_eypbb>Zj[bgZ@ij_^iheZ]Zxsbc \uqbke_gb_klZlbklbdb' ^eyk_jbbbaN baf_j_gbc

¦  ( M  ( M   L

'

M L  N 

¦ L

( M M L  N 



]^_(M ± hklZlhd\ fhf_glMZ (M ± (M ± ijZ\Zyihke_^h\Zl_evgZyjZaghklv GZjbkij_^klZ\e_gujZkij_^_e_gb_' b h[eZklb\ dhlhjuo]bihl_aZh k_jbZevghc dhjj_eypbbijbgbfZ_lkybebhl\_j]Z_lky

S '

H[eZklv g_ijbgylby

"

'O



"

H[eZklv ijbgylby ]bihl_au

' X



'X

H[eZklv g_ijbgylby

' O



'

JbkJZkij_^_e_gb_klZlbklbdb '

DZdmdZau\Zehkv\ur_ m gZkm`_bf__lkymqZklhdbaN lhq_dijbgZ^e_`ZsbcjZ[hq_fm mqZkldml_jfh]jZffuM\_ebqb\Zy\e_\hb \ijZ\hwlhlmqZklhdhij_^_ey_fgZhkgh\_ \ujZ`_gbc ±  dhwnnbpb_gluE b E b gZhkgh\_\uqbke_gghcihnhjfme_  klZlbklbdb'^_eZ_f\u\h^ hlhfdhjj_ebjh\ZgguebhklZldbDZdlhevdhdjbl_jbc >Zj[bgZ@  'E  WD  N   VE 

VE

VE

V7

§ ¨ ¨   V7 ¨  ¨N ¨ ©

­ °  ° ® N   °M ° ¯

¦ L

V7

¦ [ M  [ L



M L  N 

M



WD  N   VE 

'E 





· ¸ ¸ [ ¸  L  ¸ [ M  [ ¸ L  N  ¹

¦



ª « M 7 M  7   ¬

 º ½ ¦ 7 M  [ M  [ » ° L  N  ¼ ° ¾ L  ¦ [ M  [ ° ° M L  N  ¿ L

  ]^_W± jZkij_^_e_gb_Klvx^_glZ± D ± ^h\_jbl_evgZy\_jhylghklv N ±  ± qbkehkl_i_g_ck\h[h^u DZd\b^ghbajbkqZklvbaf_jbl_evghcbgnhjfZpbbihke_hdhgqZgby ,9mqZkldZl_jfh]jZffu^eyf_lh^Zk djm]eufgZ]j_\Zl_e_fb ,,mqZkldZ^eyf_lh^Zk ebg_cgufgZ]j_\Zl_e_fg_fh`_l[ulvbkihevah\ZgZIhwlhfmk p_evxkhdjZs_gby ^ebl_evghklbwdki_jbf_glZ[ueij_^eh`_gdjbl_jbcih\_ebqbg_dhlhjh]hfh`gh aZdhgqblvwdki_jbf_glDjbl_jbchkgh\ZggZoZjZdl_j_aZ\bkbfhkl_c  EL I W Lcc b EL I W eL L  N 

kfjbk b bf__lke_^mxsbc\b^ F

E PD[  EL E PD[



]^_ EPD[ ± fZdkbfZevgh_agZq_gb_Z EL ± l_dms__agZq_gb_dhwnnbpb_glh\hij_^_ey_fuo kh]eZkghnhjfmeZf ±  \ ijhp_kk_wdki_jbf_glZgZdZ`^hfrZ]_baf_j_gbygZqbgZy k N]h Wdki_jbf_gl ij_^eZ]Z_lky aZdZgqb\Zlv ijb ij_\ur_gbb l_dmsbf agZq_gb_ F aZ^Zggh]h agZq_gby Fa agZq_gb_ Fa \u[bjZehkv ba bgl_j\ZeZ  ±  b aZ\bkbl hl \_ebqbguih]j_rghklbbaf_j_gbyl_fi_jZlmju   J_amevlZlubkke_^h\Zgbcb kjZ\gbl_evgucZgZebaf_lh^h\dhgljheyLNO fZl_jbZeh\

Bkke_^h\Zgbx ih^e_`Zeb ke_^mxsb_ fZl_jbZeu dhdkhgZiheg_gguc ihebl_ljZnlhjwlbe_g ND LM   ihebl_ljZnlhjwlbe_g ILNW =HKL    ihebZfb^ fZjdb DZijhehg< FJLM   ihebf_lbef_lZdjbeZl IFF:  =HKL  b kl_deh D =HKL  Bkke_^h\Zgby ijh\h^beb ijb ihfhsb B
H,,


    

L_iehnbabq_kdb_oZjZdl_jbklbdb H,9 H O OBL Okij
f ˜ D

f˜D

    

    

                


f˜D

LZ[ebpZ 



Hkij


    

Ijbf_qZgb_H,, ± ih,,mqZkldmH,9 ± ih,9mqZkldmH ± kj_^g__ agZq_gb_

B
 L ƒK

   

 



   











Wk

Jbk L_jfh]jZffu^eybkke_^m_fuofZl_jbZeh\  ± IFF: ± ND ± ILNW ± DZijhehg< ± kl_dehD Bkke_^h\ZebLNOk_jbbdhfihabpbhgguofZl_jbZeh\kljhbl_evgh]hgZagZq_gbygZ hkgh\_]bikh\h]h\y`ms_]hgZihegbl_eybadh`_\_gguohloh^h\\ \b^_kljm`dbb ihebf_jguo^bki_jkbc:Dbeb:;<[H^ghjh^gZykljmdlmjZfZl_jbZeh\b ba^_ebc ^hklb]ZeZkvaZkq_lbaf_evq_gbydh`_\_gguohloh^h\b ihke_^mxs_cboh[jZ[hldb ihebf_jghc^bki_jkb_cZ lZd`_l_ogheh]bq_kdbfbmkeh\byfbnhjfh\Zgbyieblba dhfihablh\>@Ijbf_gyeb^bki_jkbb:;<[ LM b :DLM  ij_^klZ\eyxsb_kh[hckhihebf_ju[mlbeZdjbeZlZ\bgbeZp_lZlZb f_lZdjbeh\hc dbkehlu\ \h^ghckj_^_< dZq_kl\_\y`ms_]hbkihevah\Zeb]bikfZjdb=>@ KhklZ\udhfihablh\^eyihemq_gbyiebl^_dhjZlb\ghZdmklbq_kdh]hgZagZq_gby ij_^klZ\e_gu\ lZ[e 7ƒ&







  



  





Wck



Z

 















[ JbkJZ[hqb_mqZkldbl_jfh]jZffjbkZ ± ,,mqZkldb[ ± ,9mqZkldb  







WccF



7ƒ&



















Q



Jbk L_jfh]jZffu ± IFF: ± ILNW ± DZijhehg< FZl_jbZe IFF: ILNW

DZijhehg<

O
D˜ fk   

‹ h[jZapZ         

OBL
GZihegbl_e v fZkk         

Okij
LZ[ebpZ

Dkij˜ fk  ±


>bki_jkby fZkk         

LZ[ebpZ

L_iehnbabq_kdb_baf_j_gbyijh\h^bebijbke_^mxsboj_`bfZojZ[hluB
7  ƒ&

    

   









Q

JbkL_jfh]jZffukgylu_gZkljhbl_evguofZl_jbZeZo djb\u_± ± khhl\_lkl\mxlh[jZapZf^ ± ^ 7 IOQQ  GZjbkijb\_^_gujZ[hqb_mqZkldbl_jfh]jZff\ dhhj^bgZlZo dhlhju_bkihevamxlky^eyhij_^_e_gbyLNO 7 ƒ&







 





  







OQ>Q@

JbkJZ[hqb_mqZkldbl_jfh]jZffh[jZapu^ ± ^

‹ ] ] ] ] ] ^ ^ ^ ^ ^ ^ ^ ^ ^

Okj


             

Dkj˜ f k

             

OBL
             

H

FU˜

f ˜ D

f ˜ D


             

LZ[ebpZ

>`

             

< lZ[eij_^klZ\e_guj_amevlZluhij_^_e_gbyLNOdhfihablh\b ijb\_^_gu agZq_gbyl_iehijh\h^ghklbwlbo`_h[jZaph\baf_j_ggu_klZpbhgZjguff_lh^hfgZijb[hj_ k_jbcgh\uimkdZ_fhfijhfure_gghklvx± BLOBL < dZq_kl\_ihebf_jghc^bki_jkbb bkihevah\Zebk_jbyh[jZaph\] ± ^bki_jkby:;<k_jbyh[jZaph\^ ± ^bki_jkby:D

GZjbk± ij_^klZ\e_gu\_ebqbgul_iehijh\h^ghklbb l_fi_jZlmjhijh\h^ghklbh[jZaph\ba^_ebciebl^_dhjZlb\ghZdmklbq_kdh]hgZagZq_gby \ aZ\bkbfhklbhlkhklZ\ZdhfihablZ O
      





KfZkk  





JbkAZ\bkbfhklvl_iehijh\h^ghklbhlkh^_j`Zgby dh`_\_ggh]hgZihegbl_ey\ dhfihabl_h[jZapu^ ± ^  Kh^_j`Zgb_^bki_jkbb:DfZkk Z ˜ fk

     

Z ˜ fk







KfZkk 





Jbk AZ\bkbfhklvdhwnnbpb_glZl_fi_jZlmjhijh\h^ghklb hlkh^_j`Zgby^bki_jkbb:D\ dhfihabl_h[jZapu^ ± ^  Kh^_j`Zgb_gZihegbl_ey± fZkk 

   







KfZkk







Jbk AZ\bkbfhklvdhwnnbpb_glZl_fi_jZlmjhijh\h^ghklb hlkh^_j`Zgbydh`_\_ggh]h gZihegbl_ey\ dhfihabl_H[jZapu^^ Kh^_j`Zgb_^bki_jkbb:D± fZkk

< lZ[eijb\_^_guj_amevlZluhij_^_e_gbyLNOZ[jZab\gh]hrebnh\Zevgh]h bgkljmf_glZ± djm]ZfZjdb:IKFD:bfij_]gbjh\Zggh]hihebf_jghc^bki_jkb_c WfmdjbeF\ jZaebqguodhgp_gljZpbyoKb < lZ[eij_^klZ\e_guj_amevlZlu

ihemq_ggu_ijbbfij_]gbjh\Zgbbrebnh\Zevgh]hdjm]ZfZjdb:IKFD:Baf_j_gby ijh\h^bebkvgZB
LZ[ebpZ

K b fZkk 

H,,




L_iehnbabq_kdb_oZjZdl_jbklbdb H,9 H O










f ˜D

f ˜D





















 

K b fZkk    

 

H,,


   



 

 



 LZ[ebpZ

L_iehnbabq_kdb_oZjZdl_jbklbdb H,9 H O

   

   

f ˜D


f ˜D





   

O
 

  









 KbfZkk

Z

H




 



 







KbfZkk

[

JbkAZ\bkbfhklvl_iehijh\h^ghklbZ b l_ieh\hcZdlb\ghklb[ hl dhgp_gljZpbb^bki_jkbbWfmdjbeF \Z[jZab\guodjm]Zo  ± fZjdb:IKFD: ± :IKFD: GZjbkijb\_^_guaZ\bkbfhklbLNOZ[jZab\guodjm]h\:IKFD: b :IKFD: hldhgp_gljZpbbKb ^bki_jkbbWfmdjbeF \gboihke_ bfij_]gbjh\Zgbyb kmrdb GZjbkij_^klZ\e_guj_amevlZluhp_gdbLNOfZl_jbZeh\kljhbl_evgh]h gZagZq_gbygZhkgh\_dh`_\_ggh]hgZihegbl_ey]bikZ\h^uihebf_jguo^bki_jkbc:D :;<[ihemq_ggu_jZaebqgufbf_lh^Zfb Djb\u_ihemq_gu\ j_amevlZl_h[jZ[hldbl_jfh]jZffkgyluogZB@Djb\u_± j_amevlZluh[jZ[hldbl_o`_ l_jfh]jZffghk bkihevah\Zgb_fjZajZ[hlZggh]h Z\lhjZfbf_lh^ZDjb\u_ihemq_guih j_amevlZlZfbkiulZgbcl_o`_h[jZaph\gZijhfure_ggh\uimkdZ_fhfl_iehnbabq_kdhf ijb[hj_BLbkihevamxs_f^eyhij_^_e_gbyl_iehijh\h^ghklbklZpbhgZjgucf_lh^ DZd\b^ghbajbk^Zggu_ihemq_ggu_ihjZajZ[hlZgghfmf_lh^mohjhrh kh]eZkmxlkyk j_amevlZlZfbihemq_ggufbgZijb[hj_BLOh^djb\uob gZjbk k\b^_l_evkl\m_lh lhfqlh\ hlebqb_hldjb\hca^_kvijZdlbq_kdbhlkmlkl\m_l kbkl_fZlbq_kdZykhklZ\eyxsZyih]j_rghklbbaf_j_gby GZjbkihdZaZgjZa[jhkwdki_jbf_glZevguo^Zgguohlghkbl_evghbokj_^gbo agZq_gbcDZd\b^ghbajbkjZajZ[hlZggucf_lh^iha\hey_llZd`_agZqbl_evghkgbablv kemqZcgmxih]j_rghklvaZkq_lbkihevah\Zgby[hevr_]hdhebq_kl\Zwdki_jbf_glZevguo lhq_dihkjZ\g_gbxk f_lh^hfhkgh\ZggufgZhij_^_e_gbbLNOihhl^_evguflhqdZf l_jfh]jZffudjb\Zy 

O








   O








&fZkk 









[



 

 



O
Z









&fZkk 





 



 



 

\







&fZkk 







JbkAZ\bkbfhklvl_iehijh\h^ghklbO O hlkh^_j`Zgby ^bki_jkbb:DZ ^bki_jkbb:;<[ b dh`_\_ggh]hgZihegbl_ey\  \ khklZ\_fZl_jbZeZ  

Z





 















&fZkk Dxfk



[

 





 Dx f k 











&fZkk









\







  







&fZkk 





JbkAZ\bkbfhklvl_fi_jZlmjhijh\h^ghklbD hlkh^_j`Zgby^bki_jkbb:DZ  ^bki_jkbb:;<[ b dh`_\_ggh]hgZihegbl_ey\ \ khklZ\_fZl_jbZeZ O






Z





 

O





&fZkk 






   

[







&fZkk

&fZkk 



O






\















JbkAZ\bkbfhklbl_iehijh\h^ghklbO O hlkh^_j`Zgby^bki_jkbb:DZ ^bki_jkbb :;<[ dh`_\_ggh]hgZihegbl_ey\ \ khklZ\_fZl_jbZeZ < lZ[eb gZjbkijb\_^_guj_amevlZluwdki_jbf_glh\ihhij_^_e_gbxLNO g_dhlhjuoihebf_jguofZl_jbZeh\Baf_j_gbyijh\h^bebgZB@OlDl  < wlhc`_lZ[ebp_ij_^klZ\e_guj_amevlZluihemq_ggu_ihke_klZlbklbq_kdhc x h[jZ[hldbj_amevlZlh\wdki_jbf_glh\ kj_^g_Zjbnf_lbq_kdb_agZq_gbyLNO x Z[khexlgu_ih]j_rghklbkj_^g_Zjbnf_lbq_kdboagZq_gbcLNO jZkkqblu\Z_fu_ih x nhjfme_>@ '[

W DQ

 ¦ [ ± j  [L Q

L 

QQ  



]^_ [ ± khhl\_lkl\mxs__ l_iehnbabq_kdh_ k\hckl\h Q ± dhebq_kl\h hiulh\ WDQ ± dhwnnbpb_glKlvx^_glZijb^h\_jbl_evghc\_jhylghklbD b Qkl_i_gyok\h[h^u<_ebqbgm D ijbgbfZebjZ\ghc GZjbkij_^klZ\e_gu^Zggu_ihemq_ggu_ijbh[jZ[hld_l_jfh]jZffkgyluogZ h[jZapZobaILNWh[j‹  b DZijhehgZ< agZq_gby l_iehijh\h^ghklb Z lZd`_ \_ebqbgu Z[khexlguo ih]j_rghkl_c x k\yaZgguo k g_lhqghklvx hij_^_e_gby dhwnnbpb_glZ E mjZ\g_gby   [he__ ih^jh[gh kf]eZ\mb Ijbeh`_gb_I  ^eydZ`^h]hhl^_evgh]hwdki_jbf_glZ kj_^g_Zjbnf_lbq_kdb_agZq_gbyl_iehijh\h^ghklbZ lZd`_\_ebqbguZ[khexlguo x ih]j_rghkl_chij_^_e_gbykj_^g_Zjbnf_lbq_kdboagZq_gbc l_iehijh\h^ghklbl_o`_h[jZaph\baf_j_ggu_ gZijb[hj_BLZ lZd`_\_ebqbgu x Z[khexlguoih]j_rghkl_c\ khhl\_lkl\bbk iZkihjlgufb^ZggufbgZijb[hjBL BalZ[eb jbk\b^ghqlh  ^eybkke_^h\ZgguofZl_jbZeh\ijbaZ^Zgguoj_`bfZojZ[hluB
 \_ebqbgZkemqZcghcih]j_rghklbihjZajZ[hlZgghfmf_lh^mOfZf agZqbl_evgh f_gvr_q_f\ f_lh^_bkihevamxs_f^eyhij_^_e_gbyLNOhl^_evgu_lhqdbOlDl >@  \ hlebqb_hl^Zgguoihemq_gguoihf_lh^m>@lj_[mxs_fm^ey]jZ^mbjh\db ijb[hjZ^\_h[jZaph\uof_juLNOIFF:b jbihj jZajZ[hlZggucf_lh^iha\hey_l ba[_`ZlvagZqbl_evguo\u[jhkh\kf\ lZ[e^Zggu_^eyILNW Wlh h[tykgy_lkyl_fqlhfZl_fZlbq_kdZyfh^_evbkihevam_fZy^eyjZkq_lZLNOf_lh^hf baeh`_gguf\ jZ[hl_>@y\ey_lkywfibjbq_kdhc O 
  

Z

   

wdk

wdk

wdk

wdk

wdk

kjag

BL

O 
[

 











wdk wdk wdk



wdk







wdk wdk kjag



BL



Jbk  J_amevlZluh[jZ[hldbl_jfh]jZffkgyluogZ h[jZapZo bafZl_jbZeh\Z ± ILNW[ ± DZijhehg<

kibkhdEBL?J:LMJu IhlZih\ : B Dhgljhev dZq_kl\Z b ijh]ghabjh\Zgby gZ^_`ghklb dhgkljmdpbc ba dhfihabpbhgguofZl_jbZeh\FFZrbghkljh_gb_E_gbg]jZ^kdh_hl^_e_gb_ k IhlZih\ : B FhjhdbgZ = K Khklhygb_ g_jZajmrZxsbo f_lh^h\ dhgljhey b  dZq_kl\Z dhfihabpbhgguo fZl_jbZeh\ aZ jm[_`hf < k[ Ijb[hju b f_lh^u dhgljhey dZq_kl\ZK_\_jhaZiZ^guciheblbglK±   L_iehijh\h^ghklvl\_j^uol_eFGZmdZ k  Dhg^jZlv_\=F J_]meyjgucl_ieh\hcj_`bfF=hkl_oba^Zlk  Dhg^jZlv_\=F L_ieh\u_baf_j_gbyFEFZr]ba k  Dhjhldh\ I : Ehg^hg = ? >bgZfbq_kdb_ dhglZdlgu_ baf_j_gby l_ieh\uo  \_ebqbg EFZrbghkljh_gb_ k DmeZdh\F<FZdZjh\;BBaf_j_gb_l_fi_jZlmjuih\_joghklbl\_j^uol_eF  Wg_j]by k  Eudh\:<L_hjbyl_iehijh\h^ghklbF
IeZlmgh\ ? K L_iehnbabq_kdb_ baf_j_gby \ fhghlhgghf j_`bf_ E Wg_j]by  k  Fbs_gdh K < Fmjhfp_\ X E P\_ldh\ W B Q_jgurh\ < G :gZeba b kbgl_a baf_jbl_evguokbkl_fLZf[h\LZf[]hkl_ogmgl k  RZrdh\ : =
>mevg_\ = G Gh\bdh\ < < Ijhp_kku i_j_ghkZ l_ieZ \ g_h^ghjh^guo kj_^Zo E Wg_j]hZlhfba^Zl k  Fmjhfp_\ X E Jh]h\ B < @mdh\ G I Im^h\dbg : I F_lh^ g_jZajmrZxs_]h dhgljheyl_iehnbabq_kdbok\hckl\dhfihabpbhgguoihebf_jguofZl_jbZeh\GZ^_`ghklv b dhgljhevdZq_kl\Z‹ K±   : K ‹  KKKJ FDB *1 Kihkh[ g_jZajmrZxs_]h dhgljhey l_iehnbabq_kdbooZjZdl_jbklbdb mkljhckl\h^ey_]hhkms_kl\e_gby<GQ_jgurh\b ^j AZy\e>KI k  : K ‹  KKKJ FDB *1 Mkljhckl\h ^ey hij_^_e_gby l_iehnbabq_kdbooZjZdl_jbklbdfZl_jbZeh\?B=ebgdbg<GQ_jgurh\LBJh`gh\Z ;xe‹   : K ‹  KKKJ FDB *1 Kihkh[ dhfie_dkgh]h hij_^_e_gby l_iehnbabq_kdbo oZjZdl_jbklbd fZl_jbZeh\ b mkljhckl\h ^ey _]h hkms_kl\e_gby  < G Q_jgurh\b ^j;xe‹   =_jZkbfh\ ; B =ebgdbg ? B Fbdjhijhp_kkhju \ ijb[hjhkljh_gbb F FZrbghkljh_gb_k  : K ‹  KKKJ FDB *1 Kihkh[ hij_^_e_gby l_iehnbabq_kdbo oZjZdl_jbklbdfZl_jbZeh\<GDZaZdh\?B=ebgdbgXEFmjhfp_\;xe‹   : K ‹  KKKJ FDB *1 Kihkh[ g_jZajmrZxs_]h dhgljhey l_iehnbabq_kdbooZjZdl_jbklbdb mkljhckl\h^ey_]hhkms_kl\e_gby<GQ_jgurh\b ^j ;xe‹   : K ‹  KKKJ FDB *1 Kihkh[ dhfie_dkgh]h hij_^_e_gby l_iehnbabq_kdbo oZjZdl_jbklbd fZl_jbZeh\ b mkljhckl\h ^ey _]h hkms_kl\e_gby  < G Q_jgurh\b ^j;xe‹   =ebgdbg?BKo_fhl_ogbdZfbdjhijhp_kkhjguokbkl_fLZf[h\LZf[]hkl_ogmg lk  : K ‹  KKKJ FDB *1 Kihkh[ dhgljhey l_iehnbabq_kdbo oZjZdl_jbklbdl_iehbaheypbhgguofZl_jbZeh\?B=ebgdbg<GDZaZdh\ ;xe‹   : K ‹  KKKJ FDB * 1  Kihkh[ hij_^_e_gby l_iehnbabq_kdbo k\hckl\fZl_jbZeh\KAKZih`gbdh\=FK_juo;xe‹   <eZkh\ < < RZlZeh\ X K Ahlh\ ? G b ^j F_lh^u b mkljhckl\Z g_jZajmrZxs_]h dhgljhey l_iehnbabq_kdbo k\hckl\ fZl_jbZeh\ fZkkb\guo l_e  Baf_jbl_evgZyl_ogbdZ‹ K±   <eZkh\<<RZlZeh\XKQmjbdh\::Ahlh\?G G_jZajmrZxsbcdhgljhev aZ\bkys_c hl l_fi_jZlmju dhwnnbpb_glh\ l_ieh b l_fi_jZlmjhijh\h^ghklb  Ijhfure_ggZy l_iehl_ogbdZL‹ K±   Fbs_gdh K < Qmjbdh\ : : Ih^hevkdbc < ? F_lh^ g_jZajmrZxs_]h dhgljhey ijb bkke_^h\Zgbb l_fi_jZlmjghc aZ\bkbfhklb l_iehnbabq_kdbo oZjZdl_jbklbd fZkkb\guo h[jZaph\<_klgbdL=LML‹ K±  JZajZ[hldZ b bkke_^h\Zgb_ f_lh^h\ mkljhckl\ b  Ih^hevkdbc < ? Z\lhfZlbabjh\Zgghc kbkl_fu dhgljhey oZjZdl_jbklbd l_ieh fZkkhi_j_ghkZ ^bki_jkguo fZl_jbZeh\>bkdZg^l_oggZmdLZf[h\ k  <eZkh\ < < b ^j L_iehnbabq_kdb_ baf_j_gby KijZ\hqgh_ ihkh[b_ ih f_lh^Zf jZkq_lZ ihe_c oZjZdl_jbklbd l_iehfZkkhi_j_ghkZ b Z\lhfZlbaZpbb baf_j_gbc LZf[h\   Dhaeh\ < I KlZgd_\bq : < Fbdjhijhp_kkhju \ l_iehnbabq_kdbo baf_j_gbyo H[ahj bgnhjfZpbb;_ehjmkkdbcGBBGLBFbgkdk 

Jh]h\B<;ZeZrh\::Im^h\dbg:I@mdh\GI Fbdjhijhp_kkhjgZykbkl_fZ dhgljhey k\hckl\ dhfihabpbhgguo ihebf_jguo fZl_jbZeh\  Ljm^u fheh^uo mq_guo b klm^_glh\L=LMLZf[h\LZf[]hkl_ogmglK±   Jh]h\ B < ?jfhobg : G Im^h\dbg : I @mdh\ G I Fbdjhijhp_kkhjguc l_jfhZgZebaZlhj dhfie_dkZ k\hckl\ dhfihabpbhgguo ihebf_jguo fZl_jbZeh\  Ljm^u fheh^uomq_guob klm^_glh\L=LMLZf[h\LZf[]hkl_ogmglK±   Fbs_gdh K < Qmjbdh\ : : Ih^hevkdbc < ? F_lh^ l_iehnbabq_kdh]h dhgljhey ^ey Z\lhfZlbabjh\Zgghc kbkl_fu gZmqgh l_ogbq_kdh]h wdki_jbf_glZ  L_jfh^bgZfbdZ b l_iehnbabq_kdb_k\hckl\Z\_s_kl\K[gZmqljFFWB‹ K±   =Z\jbev_\ J B Gbdbnhjh\ B > F_lh^ hij_^_e_gby l_iehnbabq_kdbo k\hckl\ ]hjgh]hfZkkb\Z[_agZjmr_gby_kl_kl\_gghckljmdlmjuBg`nba`mjL‹  K±  < I >\mf_jgu_ hk_kbff_ljbqgu_ g_klZpbhgZjgu_ aZ^Zqb  Dhaeh\ l_iehijh\h^ghklbFbgkdGZmdZb l_ogbdZ k  : K KKKJ ‹  FDB <'  Kihkh[ bfij_]gbjh\Zgby Z[jZab\gh]h bgkljmf_glZ gZ hkgh\_ dhjmg^Z                       G N FZcgbdh\Z K F HiZjbg X <  Kihkh[ bfij_]gbjh\Zgby Z[jZab\gh]h bgkljmf_glZgZhkgh\_dhjmg^Z GNFZcgbdh\ZKFHiZjbgX<bldbg < : Ijm^gbdh\ : I Bgl_]jZevgu_ ij_h[jZah\Zgby b hi_jZpbhggh_ bkqbke_gb_FGZmdZ k  JZajZ[hldZ fZd_lZ ijb[hjZ hi_jZlb\gh]h dhgljhey dZq_kl\Z l_iehbaheypbhgguo fZl_jbZeh\ b fh^_jgbaZpby o B:gZebaijhp_kkh\klZlbklbq_kdbfbf_lh^ZfbFFbj k 



 k

;_d > < b ^j G_dhjj_dlgu_ h[jZlgu_ aZ^Zqb l_iehijh\h^ghklb F Fbj 

IhghfZj_\ K < b ^j F_lh^bdZ \\_^_gby ihijZ\hd \ j_amevlZlu baf_j_gby l_iehnbabq_kdbo k\hckl\  I_j\Zy gZmqgZy dhgn_j_gpby L=LM DjZldb_ l_abku ^hdeZ^h\ LZf[h\LZf[]hkl_ogmgl  =ebgdbg ? B ;hyjbgh\ : ? =_jZkbfh\ ; B :^Zilb\gZy dZeb[jh\dZ fbdjhijhp_kkhjguoZgZeblbq_kdboijb[hjh\<_klgbdL=LM‹ K±   ;hyjbgh\ : ? JZajZ[hldZ bfimevkguo f_lh^h\ b ijb[hjh\ ^ey dhgljhey l_iehnbabq_kdbok\hckl\l\_j^uol_e:\lhj_n^bkdZg^l_oggZmdLZf[h\ k  Ijhlhdheu bgnhjfZpbhggh\uqbkebl_evguok_l_c KijZ\hqgbdKN:gbqdbgK :;_eh\b ^jIh^j_^B:FbabgZ:IDme_rh\ZFJZ^bhb k\yav k  0HEUHFKQHU=,/$=,/$(OHNWURQLN*PE+=HOOD0HKOLV*HUPDQ\  He_cgbd;G Bkke_^h\Zgby\ h[eZklbl_ieh\uobaf_j_gbcFGZmdZ  k  K_j]__\H:F_gv:: L_iehnbabq_kdb_k\hckl\ZihemijhajZqguofZl_jbZeh\F Ba^\hklZg^Zjlh\±  k  K_j]__\ H : F_ljheh]bq_kdb_ hkgh\u l_iehnbabq_kdbo baf_j_gbc F Ba^ \h klZg^Zjlh\ k  =hjlurh\ X N b ^j L_hjby b l_ogbdZ l_iehnbabq_kdh]h wdki_jbf_glZ F Wg_j]hZlhfba^Zl k  Dhjhldh\ < I LZcp > : Hkgh\u f_ljheh]bb b l_hjbb lhqghklb baf_jbl_evguo mkljhckl\FBa^\hklZg^Zjlh\ k  ;_clf_g=Wj^_cb:LZ[ebpubgl_]jZevguoij_h[jZah\ZgbcFGZmdZL  k  ;_clf_g=Wj^_cb: LZ[ebpubgl_]jZevguoij_h[jZah\ZgbcFGZmdZL  k  IhghfZj_\ K < Fbs_gdh K < F_lh^u b mkljhckl\Z ^ey baf_j_gby wnn_dlb\guo l_iehnbabq_kdbo oZjZdl_jbklbd ihlhdh\ l_ogheh]bq_kdbo `b^dhkl_c LZf[h\ LZf[ ]hk l_ogmgl k  Kfbjgh\<B Dmjk\ukr_cfZl_fZlbdbFGZmdZ L k  Kfbjgh\<B Dmjk\ukr_cfZl_fZlbdbFGZmdZ L k  Kfbjgh\<B Dmjk\ukr_cfZl_fZlbdbFGZmdZ QL k  Kfbjgh\<B Dmjk\ukr_cfZl_fZlbdbFGZmdZ QL k  Kfbjgh\<B Dmjk\ukr_cfZl_fZlbdbFGZmdZ L k 

IJBEH@?GB?I  J_amevlZluh[jZ[hldbl_jfh]jZffkgyluoijbihfhsbahg^Z k ebg_cgufbfimevkgufgZ]j_\Zl_e_f gZfZl_jbZeZokljhbl_evgh]hgZagZq_gby

Ihklhyggu_ijb[hjZD ˜E ± ‹

E

E

O


D˜ Okj
       ]                       ]                       ]                       ]                       ]               

       ^               

Dkj˜

H

FU˜ 

 Ç












































>` f ˜ D

       ^                       ^                ‹

E

E

O


D˜ Okj


       ^                    ^                  ^      

       

       

    

       ^               













Ijh^he`_gb_ijbeI Dkj˜

H

FU˜ 

 Ç
































>` f ˜ D

  ^       ^        

               

               

    

    













IJBEH@?GB?I J_amevlZluh[jZ[hldbl_jfh]jZffkgyluoijbihfhsbahg^Zk ebg_cgufbfimevkguf gZ]j_\Zl_e_fgZihebf_jguofZl_jbZeZo

FZle



IFF:

J_amevlZluh[jZ[hldbl_jfh]jZff

E

E



'E

E7





  

'E





LNKJZkq_l

O






'O 

Dkj  f k  Okj
'D





     







             

    

   

        

           

     

  



ILNW

‹

 

     



  

     

   





 

  

                        



E

 

         

D

 



  

DhgklZgluijb[

 

  

Ijh^he`_gb_ijbeI  DZij<



















  



  

 

  

  

 



 









Jbihj





 









   







 

 





  

   





     

 

   

            

  



  

 









  





 





  





        

        

 



 



 

Ijbeh`_gb_I  J_amevlZluh[jZ[hldbl_jfh]jZffkgyluoijbihfhsbahg^Zk djm]eufgZ]j_\Zl_e_f ihklhygghcfhsghklbgZjy^_fZl_jbZeh\ Ihklhyggu_ijb[hjZ$ ˜  Hc,, $ ˜ Hc,9  < O  

FZle

J_amevlZluh[jZ[hldbl_jfh]jZff

G    IFF:  D  D< ILNW‹   ND

E      

E      

'G 'E 'E

     

     

H,,


O
H,9

LNOJZkq_l


H


:[jZab\gucrebnh\Zevgucdjm]fZjdb:IKFD: bfij_]gbjh\Zggucihebf_jghc^bki_jkb_cWfmdjbeF \ kdh[dZodhgp_gljZpby^bki_jkbb\ fZkk

‹ ‹ ‹ ‹ ‹

    

    

    

    

    

    

    

    

    

    

:[jZab\gucrebnh\Zevgucdjm]fZjdb:IKFD: bfij_]gbjh\Zggucihebf_jghc^bki_jkb_cWfmdjbeF \ kdh[dZodhgp_gljZpby^bki_jkbb\ fZkk

‹ ‹ ‹ ‹

   

   

   

   

   

   

   

   

   

   

'H,,

'O

G 1H,,H,91H,,H,9

     

     

     

    

    

    

    

   

   

   

   

Mq_[gh_ba^Zgb_

Fbs_gdh K_j]_c<eZ^bfbjh\bq Fmjhfp_\ XjbcE_hgb^h\bq@mdh\ GbdheZcIZ\eh\bq FZcgbdh\Z GbgZNbebiih\gZJh]h\ B\Zg<eZ^bfbjh\bq FGH=HFH>?EVGU?F?LH>U< FBDJHIJHP?KKHJGUOKBKL?F:O G?J:AJMR:XS?=HDHGLJHEY L?IEHNBABQ?KDBOO:J:DL?JBKLBDF:L?JB:EH< Mq_[gh_ihkh[b_

'H,9

J_^Zdlhj A=Q_jgh\Z Dhfivxl_jgh_fZd_lbjh\Zgb_ F:N b e Z l h \ h c

     

EJ‹ hl Iej ‹ hl

Ih^ibkZgh \ i_qZlv NhjfZlu=ZjgblmjZ7LPHV;mfZ]Zhnk_lgZyI_qZlvhnk_lgZy H[t_fmkei_qemqba^e LbjZ`wdaK Ba^Zl_evkdhiheb]jZnbq_kdbcp_glj LZf[h\kdh]h]hkm^Zjkl\_ggh]hl_ogbq_kdh]hmgb\_jkbl_lZ LZf[h\Kh\_lkdZyd