~ SpringerWienNewYork
CISM COURSES AND LECTURES
Series Editors: The Rectors Giulio Maier - Milan Franz G. Rammerstorf...
23 downloads
437 Views
7MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
~ SpringerWienNewYork
CISM COURSES AND LECTURES
Series Editors: The Rectors Giulio Maier - Milan Franz G. Rammerstorfer - Wien Jean Salençon - Palaiseau
The Secretary General Bernhard Schrefler - Padua
Executive Editor Paolo Serafini - Udine
The series presents lecture notes, monographs, edited works and proceedings in the field of Mechanics, Engineering, Computer Science and Applied Mathematics. Purpose of the series is to make known in the international scientific and technical community results obtained in some of the activities organized by CISM, the International Centre for Mechanical Sciences.
INTERNATIONAL CENTRE FOR MECHANICAL SCIENCES COURSES AND LECTURES - No. 517
INSTABILITIES OF FLOWS: WITH AND WITHOUT HEAT TRANSFER AND CHEMICAL REACTION
EDITED BY TAPAN K. SENGUPTA HIGH PERFORMANCE COMPUTING LABORATORY, DEPT. OF AEROSPACE ENGG. IIT KANPUR 208 016, INDIA
THIERRY POINSOT CNRS/INST. DE MECANIQUE DES FLUIDES DE TOULOUSE, TOULOUSE, FRANCE
This volume contains 133 illustrations
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned specifically those of translation, reprinting, re-use of illustrations, broadcasting, reproduction by photocopying machine or similar means, and storage in data banks. © 2010 by CISM, Udine Printed in Italy SPIN 12822072
All contributions have been typeset by the authors.
ISBN 978-3-7091-0126-1 SpringerWienNewYork
Prefaces >RS] WYXYQ\KZR S] KX Y_^MYWO YP ^RO ]_WWO\ ]MRYYV Y\QKXSdON YX LORKVP YP -3=7 SX 4_XO % PY\ ^RO KN`KXMON MY_\]O ^S^VON F3X]^KLSVS^SO] YP 0VYa] aS^R KXN aS^RY_^ 2OK^ >\KX]PO\ KXN -ROWSMKV RO MY_\]O aK] MYXN_M^ON Y`O\ `O NKc] YP K aY\USXQ aOOU SX ^RO LOK_^SP_V KXN ZOKMOP_V ]_\\Y_XNSXQ YP ?NSXO aS^R KX 0B7A0<VSUO K^WY]ZRO\O KXN ^RO MY_\]O aK] ROVN [_S^O SX^OX]S`OVc aS^R KM^S`O ZK\^SMSZK^SYX YP ^RO VOM^_\O\] KXN KVV ^RO ZK\^SMSZKX^] SXMV_NSXQ YXO YP ^RO \OM^Y\] YP ^RO SX]^S^_^O >RO ]MYZO YP ^RO MY_\]O aK] `K]^ KXN ^RO VOM^_\O] ^_\XON Y_^ ^Y LO \O OM^SYX] YP ^RO ObZO\^S]O YP ^RO VOM^_\O\] >RO WK^O\SKV MY`O\ON SX ^RO MY_\]O \KXQON P\YW MVK]]SMKV RcN\YNcXKWSM SX]^KLSVS^c KV^RY_QR ^K_QR^ P\YW K]cWZ^Y^SM ^ROY\c ZO\]ZOM^S`O ^Y XOaO\ K\OK] YP SX^O\O]^] KXN XKVVc ^Y ^RO MYWZVOb OVN YP Ya SX]^KLSVS^c SX`YV`SXQ ROK^ ^\KX]PO\ KXN MROWSMKV \OKM^SYX] ARSVO ]SQXS MKX^ Z\YQ\O]]O] RK`O LOOX WKNO Y`O\ ^RO VK]^ MOX ^_\c KXN RKVP SX _XNO\]^KXNSXQ ^RO OVN YP SX]^KLSVS^c ^RO WY^S`K^SYX ]^SVV \OWKSX] ^RK^ S] QS`OX Lc ^RO KZRY\S]W' C74 >F C70C >22DAB 8= =0CDA4 C >=;H 5>;;>F C74 4@D0C8>=B >5 D83 3H=0<82B 1DC 0;B> 14 BC01;4 6KXNK_ 6SP]RS^d &"& -_\\OX^Vc ^RO\O K\O WY\O ^RKX YXO WYXYQ\KZR] KXN ^Ob^LYYU] K`KSVKLVO ^RK^ NOKV] aS^R ^RO LK]SM ]_LTOM^ YP SX]^KLSVS^c KXN K [_O]^SYX K\S]O] XK^_ \KVVc SP ^RO\O S] K XOON PY\ KXY^RO\ WYXYQ\KZR ,OPY\O Z\YZY]SXQ ^RO MY_\]O 3 NS]M_]]ON ^RS] K]ZOM^ aS^R :\YP =MRXOSNO\ aRY KM^_KVVc OXMY_\KQON _] ^Y Z\YZY]O aRK^ aO OXNON _Z NYSXQ' >Y ^OKMR K MY_\]O YX ^RO ]_LTOM^ YP Y_\ ObZO\^S]O ^RK^ aSVV RK`O WSXSWKV Y`O\VKZ aS^R K`KSVKLVO WK^O\SKV] K^ ^RO ]KWO ^SWO ^Y \OWKSX \OVO`KX^ ^Y ^RO XOON] YP ^RO ZK\^SMSZKX^] >RO OX^R_ ]SK]W YP ^RO ZK\^SMSZKX^] SX ^RO ]_WWO\ ]MRYYV MYX`SXMON _] ^RK^ ^RO QYKV aK] WO^ Lc KXN VK\QO >RK^ KV]Y OXMY_\KQO] _] ^Y QY KROKN KXN Z_^ ^RY]O WK^O\SKV] SX YXO ZVKMO SX ^RS] WYXYQ\KZR ^RY]O RKZZOX ^Y LO ^RO \O]OK\MR SX^O\O]^] YP ^RO MYX^\SL_^SXQ K_^RY\] 3X Z\O]OX^SXQ ^RS] WYXYQ\KZR K] ^RO ONS^Y\ 3 \OKVS]O ^RK^ SP K ]MRYVK\ RK] XY^RSXQ XOa ^Y ]Kc ^ROX RO ]RY_VN UOOZ [_SO^ 3 P_VVc \OKVS]O ^RK^ ]YWO YP ^RO WK^O\SKV] Z\O]OX^ON SX ^RO WKX_]M\SZ^ S] KV^O\XK^S`O aKc] PY\ ^RO [_O]^ PY\ ^\_^R KXN SP ^ROc Z\Y`YUO ^RO \OKNO\] ^Y ^RSXU NSO\OX^Vc ^ROX ^RO Z_\ZY]O PY\ ^RO WYXYQ\KZR aSVV LO WY\O ^RKX WO^ >RO WYXYQ\KZR O]]OX^SKVVc S] SX ^aY ZK\^] K] MYX^\SL_^ON Lc ^RO ^aY K_^RY\] >RO \]^ ZK\^ S] K ]cX^RO]S] YP MVK]]SMKV WK^O\SKV WSbON aS^R OWO\Q SXQ K\OK] YP \O]OK\MR L_^ NOKV^ aS^R SX K MYWZVO^OVc NSO\OX^ WKXXO\ ^RKX ^RK^ S] PY_XN SX Y^RO\ LYYU] KXN WYXYQ\KZR] >RO ]OMYXN ZK\^ S] KV]Y K WSb^_\O YP MVK]]SMKV ZRc]SMKV SNOK] K] KZZVSON ^Y K `O\c MYWZVOb OXQSXOO\SXQ Z\YLVOW KNN\O]]ON Lc MYWZ_^K^SYXKV WOKX] 3X]^KLSVS^c KXN ^\KX]S^SYX RK`O K ^\KMU YP ^Y\^_\Y_] NO`OVYZWOX^ SW
WONSK^OVc PYVVYaSXQ ^RO ]_MMO]]P_V ObZVKXK^SYX YP SX`S]MSN WOMRKXS]W] Lc 5OV`SX 2OVWRYV^d KXN RO ]_LTOM^ YP SX]^KLSVS^c ]_O\ON P\YW ^RS] WS]MYXMOZ^SYX PY\ [_S^O K VYXQ ^SWO 8Y^KLVO \O]OK\MRO\] aRY aO\O `SM^SW] YP SXNSO\OXMO Lc Z\YZY]SXQ KV^O\XK^O SNOK] aO\O WKXc SXMV_NSXQ 2OS]OXLO\Q 2S] PK^O aK] PYVVYaON Lc ^RO \O]OK\MRO\] LOVYXQSXQ ^Y ^RO 1O\WKX ]MRYYV VON Lc :\KXN^V AROX ^RS] aK] O`OX^_KVVc MS\M_W`OX^ON SX &!] aS^R `S]MY_] SX]^KLSVS^c ^ROY\c KMMOZ^ON K] KX O]^KLVS]RON K\OK YP \O]OK\MR S^ aK] PY_XN ^Y LO WYN O\K^OVc QYYN OXY_QR PY\ WKXc WY\O NOMKNO] ^Y MYWO ,_^ ^ROX 0 C78=6 <>34A0C4;H 6>>3 8B =>C B> 6>>3 0B 8C >D67C C> 14 +>< '08=4 >RO Y`O\LOK\SXQ ]_MMO]]O] YP VSXOK\ SX]^KLSVS^c ^ROY\c SWZONON NO`OVYZ WOX^ SX Y^RO\ SWZY\^KX^ K\OK] YP S \OMOZ^S`S^c KXN SS WKXc Y^RO\ WOMR KXS]W] YP ^\KX]S^SYX OQ LcZK]] ^\KX]S^SYX KXN ]ZK^SY^OWZY\KV Q\Ya^R YP NS]^_\LKXMO] ]OOX SX Ya] aRO\O VSXOK\ ^ROY\SO] KZZVc 3X MRKZ^O\ aO RK`O NOKV^ aS^R K _XS ON NO]M\SZ^SYX YP SX]^KLSVS^c KXN \OMOZ^S`S^c aRSMR RK] XY^ LOOX NOKV^ ]c]^OWK^SMKVVc LOPY\O >RS] ]RY_VN LO MYX]SNO\ON K \]^ PY\ ^RS] WYXYQ\KZR >OMRXYVYQSMKV KN`KXMO] SX KO\Y]ZKMO SXN_]^\c aO\O KMRSO`ON Lc ^RO VSXOK\ SX]^KLSVS^c ^ROY\c aRY]O ]YVO M\S^O\SYX YP ObS]^OXMO YP >YVVWSOX=MRVSMR^SXQ aK`O] K] NS]^_\LKXMO] RK`O NYWSXK^ON ^RO ZY]^aY\VN aK\ 33 \O]OK\MR SX ^RS] K\OK +Xc \Y_^O] YP ^\KX]S^SYX Y^RO\ ^RKX ^RK^ Lc >= aK`O] aO\O MR\S]^OXON K] LcZK]] ^\KX]S^SYX Lc 7Y\UY`SX SX VK^O &" 3^ WOKX^ WKXc ^RSXQ] ^Y WKXc \O]OK\MRO\] KXN ^RO \O]_V^KX^ VKMU YP PYM_] ]OOW] ^Y ZO\`KNO ^RO OVN O`OX ^YNKc AO RK`O ^\SON ^Y ]^K^O ^RO MK]O YP YXO WOMRKXS]W YP LcZK]] ^\KX]S^SYX ]c]^OWK^SMKVVc SX MRKZ^O\ P\YW ^RO \]^ Z\SXMSZVO 3X NO`OVYZSXQ ^RS] K\OK aO RK`O KV]Y \O`S`ON ^RO OXO\QcLK]ON ]^KLSVS^c KXN \OMOZ^S`S^c MYXMOZ^ P\YW K MYWZVO^OVc XOa SX^O\Z\O^K^SYX YP WOMRKXSMKV OXO\Qc KXN XY^ \OVcSXQ YX USXO^SM OXO\Qc KVYXO >RO MVK]]SMKV OXO\QcLK]ON ]^KLSVS^c ^ROY\c LK]ON YX YXVc USXO^SM OXO\Qc S] UXYaX ^Y LO NO MSOX^ >RS] RK] LOOX \OM^S ON SX \OMOX^ ^SWO] KXN ^RO KZZOK\KXMO YP K XOa OXO\Qc LK]ON ^ROY\c S] QS`OX SX MRKZ^O\ KXN ! >RO Y^RO\ MKXYXSMKV Ya QOYWO^\c MYX]SNO\ON SX ^RO \]^ ZK\^ MYX]S]^] YP LV_LYNc Ya SX]^KLSVS^c NOKV^ SX MRKZ^O\ " >RS] SX^\YN_MO] ^RO Ya ZK]^ K McVSXNO\ ^RK^ KM^_KVVc ]_O\] VSXOK\ ^OWZY\KV SX]^KLSVS^c WYNO\K^ON Lc XYXVSXOK\ ]^KLSVSdK^SYX >RS] Ya S] NSO\OX^ P\YW ^RK^ S] NS]M_]]ON Z\SWK\SVc SX MRKZ^O\] ^Y ! aRO\O ^RO VSXOK\ SX]^KLSVS^c S] `SK ]ZK^SKV Q\Ya^R +V]Y PY\ ]_MR Ya] XYXVSXOK\S^c VOKN] ^Y P_\^RO\ NO]^KLSVSdK^SYX aRO\OK] PY\ ^RO
Ya ZK]^ K McVSXNO\ ^RO XYXVSXOK\S^c ]^KLSVSdO] ^RO VSXOK\ SX]^KLSVS^c KXN ^KUO] ^RO Ya ^Y KXY^RO\ O[_SVSL\S_W Ya 3X MRKZ^O\ # ^RO OOM^] YP ROK^ ^\KX]PO\ `SK ^RO \O]^\SM^S`O MYXNS^SYX YP ,Y_]]SXO][ KZZ\YbSWK^SYX PY\ ^RO MKXYXSMKV Ya ZK]^ K^ ZVK^O] S] ]^_NSON >RS] Z\YLVOW RK] LOOX ]YV`ON
Lc ^RO \YL_]^ MYWZY_XN WK^\Sb WO^RYN -77 \O`OKVSXQ XOaO\ SX]SQR^ +N`KXMSXQ -77 K] K WO^RYN PY\ ]YV`SXQ ]^S NSO\OX^SKV O[_K^SYX] K\S]SXQ SX SX]^KLSVS^c Z\YLVOW S] KV]Y K ]SQXS MKX^ XOa KNNS^SYX ^Y ^RO ]_LTOM^ K] QS`OX SX ^RS] WYXYQ\KZR 3X K MYWZVO^O NOZK\^_\O ^Y ^RO \]^ ]Sb MRKZ^O\] ^RO VK]^ PY_\ MRKZ^O\] ]RYa ^RO Z\KM^SMKV WO^RYN YP ]^_NcSXQ Ya] SX`YV`SXQ MYWL_]^SYX =_MR
Ya] KXN ^ROS\ SX]^KLSVS^c K^ ^RO Z\O]OX^ ^SWO K\O ]YV`ON X_WO\SMKVVc KXN ^RS] KZZ\YKMR S] PYVVYaON SX ^RO]O MRKZ^O\] 8YXO^ROVO]] ^RO K_^RY\ ZKc] ZK\^SM_VK\ K^^OX^SYX ^Y ]_L^VO S]]_O] YP aK`O Z\YZKQK^SYX SX \OKM^SXQ Ya] KXN ^ROS\ ]ZOMSKV ]SW_VK^SYX ^OMRXS[_O] >RO K_^RY\ ZK\^SM_VK\Vc OWZRK]SdO] YX ]^_NcSXQ W_V^SZRK]O Ya] SX MYWL_]^SYX MRKWLO\] Lc XOaO\ SXXY`K^S`O X_WO\SMKV ^OMRXS[_O] 8Y^ MYX^OX^ aS^R T_]^ ]SW_VK^SXQ ]_MR Ya] X_WO\ SMKVVc Lc 6/= ^RO K_^RY\ KV]Y SX`O]^SQK^O] X_WO\SMKV SX]^KLSVS^SO] SX ]_MR ]SW_VK^SYX Lc YP^OX XOQVOM^ON \Y_XNY O\\Y\ >RS] S] K ]SQXS MKX^ KNNS ^SYX ^Y ^RO ]_LTOM^ K\OK ^Y NOKV aS^R MYWZVOb Ya] X_WO\SMKVVc KXN ]RY_VN ROVZ Z\KM^S]SXQ ]MSOX^S]^] KXN OXQSXOO\] SX`YV`ON SX \O]OK\MR YX ^RO ^YZSM YP MYWL_]^SYX KXN S^] SX]^KLSVS^c TK Sengupta wants to acknowledge the help provided by V.K. Suman, Neelu Singh, Y. Bhumkar, S. Bhaumik and Kamal K. Mishra for help with preparation of the manuscript. >KZKX 5 =OXQ_Z^K .OZK\^WOX^ YP +O\Y]ZKMO /XQSXOO\SXQ 3XNSKX 3X]^S^_^O YP >OMRXYVYQc 5KXZ_\
2-07 -$ ',12 '*'27 -$ 3'" -51 '1 -,# -$ 2 -*"#12 0,! -$ 3'" +#!&,'!1 #13*21 2&2 0# !-,1'"#0#" 1 $3,"+#,2* #4#, 2 .0#1#,2 "71 5#0# *0#"7 - 2',#" ', 2 2& !#,2307 ," 2 ,+#1 -$ #+',#,2 1!'
#,2'121 *')# #*+&-*28 #*4', 7*#'%& ," #7,-*"1 0# 11-!'2#" 5'2& 2&-1# #0*7 0#13*21 #+0) *7 ',12 '*'2'#1 -$ 3'" -51 &4# ,-2 *-12 2'0 ..#* 2- 2 3'" +#!&,'!1 !-++3,'27 3. 2- 2&'1 "7 &-1# !-**#%3#1 5&- 0# $-," -$ %0#2 !&**#,%#1 +'%&2 !-,1'"#0 2 13 (#!2 1- $1!',2
',% #!31# '2 '1 1- "'!3*2 32 2# 0# -2 0#1-,1 2&2 +7 # -$ 0#*#4,!# #% 2 '+.-02,!# -$ -5 ',12 '*'2'#1 ', +,7 ..*'!2'-,1 ',!*3"',% +,7 0,! -$ #,%',##0',% $2#0 ** 12#"7 122# 1-*32'-,1 -$ 2 #/32'-,1 -$ +-2'-, 5 2 +'%&2 &4# ##, - 2',#" ,*72'
!**7 1 1- !**#" #6!2 1-*32'-,1 -0 ,3+#0'!**7 7 +#,1 -$ 5'** # - 1#04#" ', 2 0#* 5-0*" -,*7 '$ 2 0# 12 *#
&-1# +-,% -2 5#0# 2 0#1-,1 5&7 2 !'#,2'! -3,!'* -$ 3,,'+-31*7 !!#.2#" 0-$#11-0 #,%3.21 .0-.-1* $-0 , "4,!#" -301# #,2'2*#" ,12 '*'2'#1 -$ *-51 5'2& ," 5'2&-32 #2 0,1$#0 ," +'!* #!2'-,1 -0 2 $4-30 *# "#!'1'-, -$ 2 !'#,2'! -3,!'* '2 51 *1- #11#,2'* 2&2 0-$#11-0 #,%3.2 &'+1#*$ , 32&-0'27 ', 2 #*" 51 4'* *# $-0 -0%,'8',% 2 !-301# 5&'!& ',!*3"#" 2 '+.-02,2 21) -$ .0-.-1',% #+',#,2 ',2#0,2'-,**7 0#!-%,'8#" 1!'#,2'12 1 *#!230#01 !-301# -0%,'8#" ," "'0#!2#" 7 0-$#11-0 #,%3.2 51 %0#2 13!!#11 ,-2 -,*7 ', 2#0+1 -$ 2 ,3+ #0 -$ .02'!'.,21 32 *1- $0-+ 1!'#,2'! .-',2 -$ 4'#5 +71#*$ &" 2 .0'4'*#%# -$ 0#.0#1#,2',% 2 2 !-301# 22#,"#" .0#1#,22'-,1 -$ ** *#!230#01 ," '2 51 .*#130# 21## 2 .02'!'.,219-$ 40'-31 *#4#*1 -$ .0-$#11'-,* #6.#0'#,!#9$-**-5 2 *#!230#1 5'2& %0#2 ',2#0#12 2+1#*4#1 *1- +)',% 31#$3* !-,20' 32'-,1 ', 2 "'1!311'-,1 1&-3*" *')# 2- "" 2&2 *')# 2 .02'!'.,21 *1- *#0,#" *-2 $0-+ 2 *#!230#1 2&2 5#0# -2& ',1203!2'4# ," 12'+3*2',% #!2-01 -++'22## 5&'!& !-+.0'1#1 2 0#!2-01 2 $-0+#0 0#!2-01 2 1#!0#207 %#,#0* ," 2 4'!# 1#!0#207 %#,#0* -$ &1 *571 ##, ', $4-30 -$ .3 *'1&',% 2 *#!230# ,-2#1 -$ #!& !-301# ', 2 .0',%#0 --) 1#0'#1 -301#1 ," #!230#1 5'2& 2 !-301# -0%,'8#01 !2',% 1 #"'2-01 &31 2 *#!230#01 ',!*3"',% 2 -0%,'8#0 0# 313**7 1)#" 2- 13 +'2 +,31!0'.21 2&2 0# 13'2 *# $-0 .3 *'!2'-, ', 2 1#0'#1 !!-3,2',% $-0 2 0#13*21 -$ 2 "'1!311'-,1 "30',% 2 !-301# '$ ..0-.0'2# -5#4#0 ,-2 *571 %0## ** *#!230#01 2- &4# 2'0 !-301# ,-2#1 .3 *'1" .0#1#,2 !1# '1 .02'!3*0 -,# #1.'2# %0#2 #-021 7 0-$#11-0 #,%3.2 1 2 #"'2-0 -,*7 25- -32 -$ 2-2* -$ 4# *#!230#01 ',!*3"',% 2 #"'2-0 &'+1#*$ 5#0# 5'**',% ," *# 2- 13 +'2 +,31!0'.21 ', "3# 2'+# 0#13*2 &-5#4#0 '1 ,-2&',% *#11 2&, , #6!#**#,2 !-,20' 32'-, 22 --) 1#0'#1 0-$#11-0 #,%3.21 02'!*# &1 ', $!2 "#4#*-.#" ',2- +-,-%0.& -, 2 13 (#!2 -$ &'1 *#!230#1 ," 0 -',1-2 &1 *1,'!#*7 0#,#" 2 ',2#0#12',% +2#0'* &" .0#1#,2#" "30',% 2 !-301# #,!# 1&-3*" *')# 2- #6.0#11 +7 1',!#0# %02'23"# 2- -2& 32&-01 $-0 2'0 4*3 *# !-,20' 32'-,1 &4# ,- "-3 21 2&2 2 .0#1#,2 --) 5'** # !!#.2#" +-12 $4-30 *7 7 2 1!'#,2'! !-++3,'27 !-**#%3#1 ," 123"#,21 *')# '**+ !&,#'"#0 '#,, ,'4#01'27 -$ #!&,-*-%7 -0+#0 #!2-0 -$
/.3'.32 !'+% #'-+(.-#(' (' -+',#-#(' 3X^\YN_M^SYX ARK^ S] 3X]^KLSVS^c* >OWZY\KV KXN =ZK^SKV 3X]^KLSVS^c ! /VOWOX^] YP AK`O 7OMRKXSM] " =YWO 3X]^KLSVS^c 7OMRKXS]W]
#',-#%#-2 '
$ $ %
#',-#%#-2 ' -+',#-#(' #' %.# &"' #, 3X^\YN_M^SYX :K\KVVOV 0VYa +ZZ\YbSWK^SYX KXN 3X`S]MSN 3X]^KLSVS^c >ROY\OW] " @S]MY_] 3X]^KLSVS^c YP :K\KVVOV 0VYa] % ! :\YZO\^SO] YP 9\\=YWWO\POVN /[_K^SYX KXN ,Y_XNK\c -YX NS^SYX] " " 3X]^KLSVS^c +XKVc]S] P\YW =YV_^SYX YP 9\\=YWWO\POVN /[_K^SYX ! # \KX]S^SYX `SK 1\YaSXQ AK`O] KXN ,cZK]] >\KX]S^SYX' @S]_KVSdK^SYX =^_Nc YP @Y\^Ob3XN_MON 3X]^KLSVS^c K] ,cZK]] >\KX]S^SYX ! -YWZ_^K^SYX] YP @Y\^Ob3XN_MON 3X]^KLSVS^c K] + :\OM_\]Y\ ^Y ,cZK]] >\KX]S^SYX " >RO 3X]^KLSVS^c 7OMRKXS]W SX @Y\^Ob3XN_MON 3X]^KLSVS^c
! # !$ !&
,)-#(-&)(+% #',-#%#-2 ' -+',#-#(' ! 3X^\YN_M^SYX # ! >\KX]SOX^ /XO\Qc 1\Ya^R # ! /XO\Qc,K]ON
" " "!
3X]^KLSVS^c YP 0VYa :K]^ K -cVSXNO\ % 8YXVSXOK\ 3X]^KLSVS^c KXN +WZVS^_NO /[_K^SYX %! 8_WO\SMKV =SW_VK^SYX YP 0VYa :K]^ K -S\M_VK\ -cVSXNO\ %#
,-#%#-2 ( ('/-#(' (.'+2 %2+ # 3X^\YN_M^SYX # >RO 1Y`O\XSXQ /[_K^SYX] # 7OKX 0VYa /[_K^SYX] #! =^KLSVS^c /[_K^SYX] KXN 8_WO\SMKV 7O^RYN #"
&" &&
(&.,-#(' ' (+ (&.,-#(' $ 3X^\YN_M^SYX $ -YWL_]^SYX KXN /XO\Qc :\YN_M^SYX $ -YWL_]^SYX KXN 9Z^SWSdK^SYX $! -YWL_]^SYX KXN 3X]^KLSVS^SO] $" >_\L_VOX^ -YWL_]^SYX $# .8= 6/= KXN <+8= PY\ -YWL_]^SYX
! ! # % &
0/, #' +-#'! %(0, % :Rc]SMKV AK`O] 3X _\LSXO ,_\XO\ " & -K]O ' =OVP/bMS^ON =^KQON ,_\XO\ # -0()", %(0 (&.,-#(' /[_K^SYX] $ RO 8_WLO\ YP :\YMO]]Y\] YX 6/= =OX]S^S`S^c YP 6/= SX 6KWSXK\ KXN >_\L_VOX^ 0VYa] ! -YXMV_]SYX] >7A>D
%$ %& &
*#03'1
" :\YP >KZKX 5 =OXQ_Z^K 2:-6 +O\Y]ZKMO /XQSXOO\SXQ 33> 5KXZ_\
#CIGD9J8I>DC
>RS] WYXYQ\KZR S] KX SNSY]cXM\K^SM VYYU K^ ^RO ^YZSM] YP \O]OK\MR SX^O\O]^] YP ^RO MYX^\SL_^SXQ K_^RY\] \KXQSXQ P\YW S MVK]]SMKV VSXOK\ RcN\YNcXKWSM SX]^KLSVS^c SX MRKZ^O\ ( YX SS \OMOZ^S`S^c MRKZ^O\ ( SSS Y^RO\ ^YZSM] YP M_\\OX^ SX^O\O]^ YX LcZK]] ^\KX]S^SYX MRKZ^O\ KXN ]ZK^SY^OWZY\KV SX]^K LSVS^c MRKZ^O\ !( S` LSP_\MK^SYX KXN XYXVSXOK\ ]^KLSVSdK^SYX SX K LV_LYNc
Ya MRKZ^O\ " KXN `S [_KVS^K^S`O MRKXQO] SX Ya SX]^KLSVS^c N_O ^Y \O ]^\SM^ON ROK^ ^\KX]PO\ MRKZ^O\ # >RO]O ^YZSM] K\O KNWSb^_\O] YP VSXOK\ KXN XYXVSXOK\ K]ZOM^] YP Ya SX]^KLSVS^SO] ]^_NSON `SK KXKVc^SMKV KXN MYW Z_^K^SYXKV \Y_^O] /`OX ^RY_QR SX MRKZ^O\] ^Y " ^ROY\O^SMKV \O]_V^] K\O ]_ZZVOWOX^ON Lc MYWZ_^K^SYXKV \O]_V^] YL^KSXON Lc ]ZOMS MKVVc NO`OVYZON RSQR KMM_\KMc NS\OM^ X_WO\SMKV ]SW_VK^SYX .8= ^OMRXS[_O] SX MRKZ^O\] $ ^Y K^^OX^SYX S] PYM_]ON YX MYWZ_^K^SYXKV \O]_V^] YL^KSXON PY\ MYWL_]^Y\] KXN MYWL_]^SYX Z\YMO]]O] SX OXQSXOO\SXQ K `O\c ]ZOMSKVSdON ^YZSM YP M_\\OX^ SX^O\O]^ >RS] \O[_S\O] _XNO\]^KXNSXQ MYWZVOb \OKM^SXQ W_V^SZRK]O Ya] KXN ^ROS\ MYWZ_^K^SYX] Lc VK\QO ONNc ]SW_VK^SYX 6/= 0Y\ ^RS] Z_\ZY]O ]ZOMSKV K^^OX^SYX S] NO`Y^ON SX _XNO\]^KXNSXQ aK`O] SX \OKM^SXQ Ya] KXN ^RO \YVO YP MYWZ_^SXQ O\\Y\] SX 6/= 2YaO`O\ Y`O\\SNSXQ KVV ^RO]O ]ZOMSKV K]ZOM^] YXO XOON] ^Y _XNO\]^KXN ^RO MYXMOZ^] YP LK]SM _SN WOMRKXSM] KXN P_XNKWOX^KV Z\SXMSZVO] YP \OMOZ^S`S^c KXN SX]^KLSVS^c >R_] ^RO ]_WWO\ ]MRYYV K^ -3=7 SX 4_XO % KXN ^RO Z\O]OX^ WYXY Q\KZR Q\Oa Y_^ YP K NO]S\O YP ^RO MYX^\SL_^SXQ K_^RY\] ^Y KNN ^RY]O K\OK] O]]OX^SKV ^Y ^RO _XNO\]^KXNSXQ YP MY\O WK^O\SKV] OWZRK]SdSXQ ^RY]O K\OK] aRSMR RK`O XY^ LOOX MY`O\ON OK\VSO\ >RS] S] aS^R K RYZO ^RK^ ^RS] aY_VN
" #" " !""'
PY\W K ^SWOVc KNNS^SYX ^Y ^RO ]_LTOM^ KM\Y]] K VK\QO \KXQO YP ]^_NSO] SX Ya SX]^KLSVS^SO] KXN S^] NOZOXNOXMO YX ROK^ ^\KX]PO\ KXN MROWSMKV \OKM^SYX] 0V_SN NcXKWSM] MYX^SX_O] ^Y LO ^RO M\_MSLVO YP ]^_NSO] PY\ MYX^SX__W WOMRKXSM] >RO ]_LTOM^ K] K aRYVO ]^\KNNVO] OVN] SX`YV`SXQ WKXc K\OK] YP OXQSXOO\SXQ KZZVSMK^SYX] KXN ^Y LK]SM Z\SXMSZVO] YP SX]^KLSVS^c YP NcXKWSMKV ]c]^OW] 3^ aK] XY^ LOPY\O #%$ ^RO cOK\ YP Z_LVSMK^SYX YP +74 'A8=28?80 Lc 3]KKM 8Oa^YX ^RO O[_K^SYX] YP WY^SYX aK] \]^ a\S^^OX NYaX PY\ WOMRKX SMKV ]c]^OW] >RO \]^ Z\YZO\ WK^ROWK^SMKV WYNOVSXQ YP aRK^ S] XYa MKVVON ^RO SX`S]MSN Ya aK] \]^ Z_LVS]RON Lc /_VO\ SX $" ?XNO\]^KXNSXQ YP
_SN Ya Lc OWZS\SMKV WYNOV] N_\SXQ KXN LOPY\O ^RS] ZO\SYN aK] ]Y _X]K^S] PKM^Y\c ^RK^ A84B >5 A4B8BC0=24 78C74AC> 4BC01;8B743 0A4 4GCA4<4;H 34542C8E4 0=3 C70C 8C 8B >=;H 1H 4G?4A8<4=CB 0=0;> 6>DB C> C7>B4 74A4 A428C43 C70C C78B 8>AC0=C BD1942C 20= 4E4A 14 2>;4C43 3^ aK] SX %! ^RK^ ^RO O[_K^SYX YP _SN WY^SYX SX ^RO Z\O]OXMO YP P\SM^SYX e^RO 8K`SO\=^YUO] O[_K^SYX aK] Z_LVS]RON >RO ]KXM^S^c KXN MY\\OM^XO]] YP ^RS] O[_K^SYX S] XYa aOVVKMMOZ^ON SX ^RO MYX^SX__W \OQSWO YP _SN Ya +ZK\^ P\YW ^RO PKM^ ^RK^ MY\\OM^ QY`O\XSXQ O[_K^SYX] K\O XOONON YXO RK] KV]Y ^Y OX]_\O ^RK^ MY\\OM^ LY_XNK\c KXN SXS^SKV MYXNS^SYX] K\O _]ON SX ^RO ]YV_^SYX Z\YMO]] 3X ^RS] MYX^Ob^ SX`O]^SQK^SYX] YX ^RO `KVSNS^c YP XY]VSZ LY_XNK\c MYXNS^SYX RK`O LOOX \O`S]S^ON WKXc K ^SWO] 9XO W_]^ XY^O ^RK^ ^RS] LY_XNK\c MYXNS^SYX S] K WYNOVSXQ KZZ\YbSWK^SYX KXN RK] XO`O\ LOOX Z\Y`OX \SQY\Y_]Vc ,K^MROVY\ &%% RK] ^RO\OPY\O XY^ON PY\ 8Oa^YXSKX _SN
Ya ^RK^ C74 01B4=24 >5 B;8? 0C 0 A8683 F0;; 8B =>F 0;H 2>=A<43 1H 38A42C >1B4AE0C8>= 0=3 1H C74 2>AA42C=4BB >5 8CB <0=H 2>=B4@D4=24B D=34A =>A<0; 2>=38C8>=B >RO\O K\O XYa ]YWO ObMOZ^SYX] ^Y ^RS] LY_XNK\c MYXNS^SYX PY\ VYa NOX]S^c KXN SX WSM\Y ^Y XKXY]MKVO Ya] ^RK^ RK] LOOX SX^O\O]^SXQVc K^ ^\SL_^ON ^Y OVOM^\YUSXO^SM OOM^] Y\ Ya SX]^KLSVS^SO] Lc >\YZOK 4C 0; $ .O]ZS^O ^RS] Lc KXN VK\QO aO aSVV XY^ [_O]^SYX ^RO MY\\OM^XO]] YP XY]VSZ MYX NS^SYX PY\ MYX^SX__W Ya] 3]]_O] YP Ya SX]^KLSVS^SO] KXN ^ROS\ \O]YV_^SYX RK] YMM_\\ON ]SNO Lc ]SNO aS^R ^RO NO`OVYZWOX^ YP ^RO ]_LTOM^ YP _SN WO MRKXSM] S^]OVP AO ^RO\OPY\O LOQSX aS^R ]YWO QOXO\KV YL]O\`K^SYX] YX _SN WOMRKXSM] KXN S^] \OVK^SYX ^Y ]^_NSO] YP Ya SX]^KLSVS^SO] +P^O\ 8K`SO\ =^YUO] O[_K^SYX RK] LOOX a\S^^OX NYaX SX ^RO \]^ RKVP YP XSXO^OOX^R MOX^_\c POa ObKM^ ]YV_^SYX] aO\O YL^KSXON PY\ POa _SN Ya] 3X YXO ]_MR MK]O =^YUO] MYWZK\ON ^ROY\O^SMKV Z\ONSM^SYX aS^R K`KSVKLVO Ob ZO\SWOX^KV NK^K PY\ ZSZO Ya KXN PY_XN XY KQ\OOWOX^ aRK^]YO`O\ 8Ya aO UXYa ^RK^ ^RO ^ROY\O^SMKV ]YV_^SYX YP =^YUO] MY\\O]ZYXNON ^Y _XNS]^_\LON VKWSXK\ Ya aRSVO ^RO ObZO\SWOX^KV NK^K QS`OX ^Y RSW MY\\O]ZYXNON ^Y K ^_\L_VOX^ Ya >RS] Z\YLVOW aK] ]OSdON _ZYX Lc 9]LY\XO
#" VOQS^SWK^O ]YV_^SYX YP ^RO QY`O\XSXQ 8K`SO\ =^YUO] O[_K^SYX S] _XKLVO ^Y WKSX^KSX S^] ]^KLSVS^c aS^R \O]ZOM^ ^Y YWXSZ\O]OX^ ]WKVV NS]^_\LKXMO] SX ^RO
Ya 7O\O WK^ROWK^SMKV ObS]^OXMO YP K ]YV_^SYX NYO] XY^ KVaKc] Q_K\KX^OO S^] ZRc]SMKV \OKVSdK^SYX KXN YL]O\`K^SYX /bS]^OXMO YP K WK^ROWK^SMKV ]YV_ ^SYX ]RYa] K ZY]]SLSVS^c YP K ]YV_^SYX ^RK^ aO aSVV \OPO\ K] ^RO O[_SVSL\S_W ]YV_^SYX K] S^ OWLYNSO] ]K^S]PKM^SYX YP MYX]O\`K^SYX VKa] ]K^S]PcSXQ PY\MO WYWOX^ KXN OXO\Qc LKVKXMO 2YaO`O\ KNNS^SYXKVVc YXO XOON] ^Y ]^_Nc ^RO ]^KLSVS^c YP OKMR KXN O`O\c ]_MR ]YV_^SYX] ^Y K]MO\^KSX ^ROS\ YL]O\`KLSV S^c F C70C >22DAB 8= =0CDA4 C >=;H 5>;;>F C74 4@D0C8>=B >5 D83 3H=0<82B 1DC 0;B> 14 BC01;4 >RS] YL]O\`K^SYX S] MOX^\KV ^Y WKXc ZRc]SMKV ZROXYWOXK aRO\O >1B4AE018;8CH YP ]YV_^SYX S] YP P_XNK WOX^KV SWZY\^KXMO 3P ]YV_^SYX] K\O XY^ >1B4AE01;4 ^ROX ^RO MY\\O]ZYXNSXQ O[_SVSL\S_W Ya] K\O XY^ BC01;4 2O\O SWZVSMK^SYX YP Ya 8=BC018;8CH S] SX ^RO MYX^Ob^ YP MYX^SX_Y_] NO`SK^SYX YP ^RO SX]^KX^KXOY_] ]YV_^SYX P\YW ^RO O[_SVSL\S_W ]YV_^SYX MK_]ON Lc Q\Ya^R YP SX XS^O]SWKVVc ]WKVV ZO\^_\LK^SYX] Z\O]OX^ SX ^RO ]_\\Y_XNSXQ] YP ^RO ]c]^OW 3^ S] ^RS] ]OX]S^S`O NOZOXNOXMO YX YP^OX _X[_KX^S KLVO NS]^_\LKXMO OX`S\YXWOX^ ^RK^ WKUO] ^RO ]_LTOM^ YP SX]^KLSVS^c `O\c MRKVVOXQSXQ +^ ^RO ]KWO ^SWO ]WKVVXO]] YP ^RO LKMUQ\Y_XN NS]^_\LKXMO] KVVYa] YXO ^Y ]^_Nc ^RO Z\YLVOW YP Q\Ya^R YP ^RO]O P\YW K ]WKVV ZO\^_\LK^SYX KZZ\YKMR >RS] Q\OK^Vc ROVZ] SP ^RO QY`O\XSXQ XYXVSXOK\ O[_K^SYX] MKX LO ]YV`ON PY\ ^RO O[_SVSL\S_W ]YV_^SYX aS^R OK]O KXN ^ROX S^] ]^KLSVS^c MKX LO ]^_NSON Lc VSXOK\SdSXQ ^RO QY`O\XSXQ O[_K^SYX PY\ ^RO ZO\ ^_\LK^SYX OVN 3X ^RO Z\O]OX^ WYXYQ\KZR ^RS] S] KWZVc NOWYX]^\K^ON SX MRKZ^O\] ! SX ]^_NcSXQ VSXOK\ SX]^KLSVS^c >Y _XNO\]^KXN LO^^O\ ^RO S]]_O] KOM^SXQ Ya SX]^KLSVS^c MO\^KSX POK^_\O] YP ^RO NcOObZO\SWOX^] ZO\PY\WON Lc RO WY_^RZSOMO KMMOVO\K^O] ^RO Ya VYMKVVc M\OK^SXQ K PK`Y\ KLVO Z\O]]_\O Q\KNSOX^ ^RK^ RK] ^RO Z\YZOX]S^c YP K^^OX_K^SXQ LKMUQ\Y_XN NS]^_\LKXMO] K] aO aSVV ObZVKSX SX MRKZ^O\ 3^ S] KV]Y PY\ ^RO \OK]YX ^Y \ON_MO NS]^_\LKXMO] ObZO\SWOX^] aO\O ZO\PY\WON Lc RS] _LS[_S^Y_]
!
" #" " !""'
XYXNSWOX]SYXKV ZK\KWO^O\ S] XYa MKVVON ^RO
Ya LOPY\O S^ OX^O\] ^RO ^_LO >R_] RO XY^ON [_S^O Z\YZRO^SMKVVc ^RK^ C78B 0C >=24 BD664BC43 C74 8340 C70C C74 2>=38C8>= <867C 14 >=4 >5 8=BC018;8CH 5>A 38BCDA10=24 >5 0 24AC08= <06=8CD34 0=3 BC01;4 5>A B<0;;4A 38BCDA10=24B >RO \OVK^SYX]RSZ YP SX]^KLSVS^c aS^R NS]^_\LKXMO KWZVS^_NO S] K ^cZSMKV K^^\SL_^O YP XYXVSXOK\ SX]^KLSVS^c 3^ S] XYa aOVV O]^KLVS]RON ^RK^ ZSZO KXN ZVKXO -Y_O^^O Ya] K\O VSXOK\Vc ]^KLVO PY\ KVV RS] ^RO\OPY\O ]_QQO]^] ^RK^ OS^RO\ XYXVSXOK\ KXN Y\ NSO\OX^ _XUXYaX VSXOK\ WOMRKXS]W] YP SX]^KLSVS^SO] K\O K^ ZVKc PY\ ^RO]O Ya] 6K^O\ ^RO M\S^SMKV RS] ObKWZVO KV]Y ]_QQO]^] ^RO SWZY\^KXMO YP \OMOZ^S`S^c YP Ya ^Y NSO\OX^ ^cZO] YP SXZ_^ NS]^_\LKXMO] ^Y ^RO ]c]^OW 3P ^RO\O S] XY SXZ_^ ^Y K _SN NcXKWSMKV ]c]^OW YP K ZK\^SM_VK\ USXN ^RK^ ^\SQQO\] SX]^KLSVS^c ^ROX ^RO \O]ZYX]O aSVV NOWYX]^\K^O ^RO Ya ^Y LO Y\NO\Vc O`OX SP ^RO _SN NcXKWSMKV ]c]^OW S] _X]^KLVO ^Y ^RK^ USXN YP SXZ_^ >R_] SP ^RO LK]SM Ya S] \OMOZ^S`O ^Y K ZK\^SM_VK\ NS]^_\LKXMO ^ROX ^RO O[_SVSL\S_W Ya aSVV XY^ LO YL]O\`KLVO SX ^RO Z\O]OXMO YP ]_MR NS]^_\LKXMO] RO SXS^SKV SWZO^_] SX KXc OVN S^]OVP MY_VN LO N_O ^Y WS]]ON ]^K\^] NOKN OXN] O^M KXN KP^O\aK\N S^ S] SX `K\SKLVc PYVVYaON Lc WS]^KUO] ]YZRS]^\SO] ^RY]O K\O K^ ^SWO] XY WY\O ^RKX ]OVPP_V VVSXQ Z\YZRO]SO] KZ^Vc MKVVON ^RO :cQWKVSYX Y\ RO\O RK`O LOOX ]SQXS MKX^ MYX^\SL_^SYX] SXS^SKVVc WKNO Lc 2OVWRYV^d 5OV`SX KXN
#"
"
_XNO\ ^RO Q_SNKXMO YP =YWWO\POVN ^RO ObKWSXK^SYX MYWWS^^OO MY_VN XN XY^RSXQ a\YXQ SX ^RO KXKVc]S] L_^ PY_XN S^ NSM_V^ ^Y KMMOZ^ ^RK^ `S]MY_] KM^SYX MKX KNN ^Y SX]^KLSVS^c 9P MY_\]O S^ WKUO] ZO\POM^ ]OX]O XYa aROX YXO \OKVSdO] ^RK^ `S]MY_] KM^SYX MKX MK_]O K ZRK]O NOVKc ^RK^ MKX VOKN ^Y ZY]S^S`O POONLKMU KXN ROXMO NO]^KLSVSdO ^RO Ya =SWSVK\ PK^O KaKS^ON ^RO \O]OK\MRO\] P\YW ^RO 1g Y^^SXQOX]MRYYV VON Lc :\KXN^V & " SX NO`OVYZ SXQ `S]MY_] VSXOK\ ]^KLSVS^c ^ROY\c ^RK^ ObZVKSXON WKXc K]ZOM^] YP ^RO OK\Vc ]^KQO] YP ^\KX]S^SYX Z\YMO]] SX`YV`SXQ PY\WK^SYX KXN Q\Ya^R YP aK`O] K^ ^\SL_^ON ^Y >YVVWSOX KXN =MRVSMR^SXQ >RS] ^ROY\c S] LK]ON YX ^RO UOc O[_K ^SYX NO`OVYZON SXNOZOXNOX^Vc Lc 9\\ &$ KXN =YWWO\POVN &% KXN S] XKWON KP^O\ ^ROW 3^ ^YYU ^RO ZSYXOO\SXQ ObZO\SWOX^KV OY\^ YP .\cNOX KXN RS] K]]YMSK^O] SX O]^KLVS]RSXQ `S]MY_] VSXOK\ ]^KLSVS^c ^ROY\c Lc NO^OM^SXQ ^RO ]YMKVVON >YVVWSOX=MRVSMR^SXQ aK`O] ^R\Y_QR ^RO PKWY_] `SL\K^SXQ \SLLYX ObZO\SWOX^] YP =MR_LK_O\ =U\KW]^KN &!$ 6SXOK\ ]^KLSVS^c ^ROY\c \O]_V^] WK^MR [_S^O aOVV aS^R MYX^\YVVON VKLY\K ^Y\c ObZO\SWOX^ PY\ ^RO\WKV KXN MOX^\SP_QKV SX]^KLSVS^SO] ,_^ SX]^KLSVS^SO] NSM^K^ON Lc ]ROK\ PY\MO NY XY^ WK^MR ]Y aOVV OQ VSXOK\ ]^KLSVS^c ^ROY\c KZZVSON ^Y ZVKXO :YS]O_SVVO Ya QS`O] K M\S^SMKV \OPO^ROX 4C 0; && ^RO Y^RO\ ObKWZVO PY\ aRSMR VSXOK\ KXKVc]S] PKSV] 8=2;D34 C> 0 ;4BB4A 346A44 ;0B8DB 1>D=30AH ;0H4A >F >RS] S] ^RO Ya aRSMR WKXc MS^O K] ^RO ]_MMO]] ]^Y\c YP VSXOK\ ]^KLSVS^c ^ROY\c 0VYa SX]^KLSVS^c YP K^^KMRON LY_XNK\c VKcO\] RK] LOOX Z\ONSM^ON aS^R ]YWO ]_MMO]] KXN ^RO MY\\O]ZYXNSXQ OWZS\SMKV ^\KX]S^SYX Z\ONSM^SYX WO^RYN YVYQSO] RK`O WK^_\ON ^Y ]_MR KX Ob^OX^ ^RK^ ^ROc K\O XYa \Y_^SXOVc _]ON SX KS\M\KP^ SXN_]^\c + K^ ZVK^O ZVKMON SX K ]^\OKW aS^R WYNO\K^OVc VYa KWLSOX^ NS]^_\LKXMO VO`OV ^_\L_VOXMO SX^OX]S^c LOVYa " Ya ^\KX]S^SYX ^KUO] ZVKMO K^ K NS]^KXMO L P\YW ^RO VOKNSXQ ONQO QS`OX Lc ,9@> )
/ L ) " HC
>RO YX]O^ YP SX]^KLSVS^c S] Z\ONSM^ON K^ ,9/> ) "& LK]ON YX NS]ZVKMO WOX^ ^RSMUXO]] K] ^RO VOXQ^R ]MKVO 3^ S] SWZY\^KX^ ^Y \OKVSdO ^RK^ SX]^KLSVS^c KXN ^\KX]S^SYX K\O XY^ ]cXYXcWY_] +M^_KV Z\YMO]] YP ^\KX]S^SYX LOQSX] aS^R ^RO YX]O^ YP SX]^KLSVS^c L_^ ^RO MYWZVO^SYX WKc NOZOXN _ZYX W_V^SZVO PKM ^Y\] ^RY]O PY\W ^RO LK]S] PY\ KNT_XM^ ^YZSM] VSUO ]OMYXNK\c ^O\^SK\c KXN
#
" #" " !""'
XYXVSXOK\ SX]^KLSVS^SO] 2OXMO S^ S] NSM_V^ ^Y Z\ONSM^ ,9@> K] MYWZK\ON ^Y ,9/> 3X WKXc Ob^O\XKV Ya] ^RO VK^^O\ Z\YMO]]O] ^KUO] ZVKMO Y`O\ ]_MR K ]RY\^ ]^\OKWaS]O NS]^KXMO] ^RK^ ^RO KLY`O WOX^SYXON OWZS\SMKV Z\ONSM^SYX WO^RYNYVYQSO] XOQVOM^ ^RO NS]^SXM^SYX LO^aOOX ^RO ^aY 3^ S] KV]Y SWZY\^KX^ ^Y XY^O ^RK^ ^RO VSXOK\ ]^KLSVS^c ^ROY\c ]^_NSO] K ZK\^SM_VK\ MVK]] YP Z\YLVOW] aRO\O ^RO NS]^_\LKXMO] NOMKc K] YXO WY`O] KaKc SX ^RO aKVVXY\WKV NS\OM^SYX P\YW YXO YP ^RO LY_XNK\SO] >R_] ^RO NO`OVYZON ^ROY\c S] WKSXVc PY\ NS]^_\LKXMO] ^RK^ Y\SQSXK^O K^ ^RO aKVV >RO Z\YLVOW YP NO]^KLSVSdSXQ K ]ROK\ VKcO\ Lc NS]^_\LKXMO] Y_^]SNO ^RO ]ROK\ VKcO\ RK] XY^ \OMOS`ON ]_MSOX^ K^^OX^SYX Y\ KNO[_K^OVc ^KMUVON SX ^RO ZK]^ >RS] S] KV]Y YXO YP ^RO WKTY\ PYM_] YP ^RS] WYXYQ\KZR K] aO NS]M_]] S^ SX MRKZ^O\ .O]ZS^O WKXc K^^OWZ^] WKNO Y`O\ WY\O ^RKX K MOX^_\c ^RO ObKM^ \Y_^O ^Y ^_\L_VOXMO S] ]^SVV PK\ P\YW MVOK\ >RS] Z\YWZ^ON 7Y\UY`SX && ^Y ]^K^O' /&=4 7D=3A43 4867C H40AB 05C4A & )4H=>;3B 34<>=BCA0C43 CDA1D;4=24 8= 0 28A2D;0A ?8?4 F4 BC8;; 3> =>C D=34ABC0=3 C74 =0CDA4 >5 C74 8AA46D;0A D2CD0C8>=B 0C C74 F0;; =>A C74 5>A<0C8>= >5 ;0A64A 2>74A4=C 43384B 2>=E42C43 3>F=BCA40< 5DAC74A 5A>< C74 F0;; %48C74A 20= F4 34B2A814 C74 <4270=8B5 C74 8=BC018;8C84B C70C ;403 C> C74 >=B4C >5 CDA1D;4=24 8= 0=H 68E4= ?8?4 =>A C74 )4H=>;3B =D<14A 14CF44= 01>DC 0=3 0C F7827 8C F8;; C0:4 ?;024 C 8B B>14A8=6 C> A420;; C70C )4H=>;3B 34<>=BCA0C43 C78B ?42D;80A =>= ;0<8=0A 1470E8>DA >5 D83B 145>A4 >C74A ?7HB828BCB BC0AC43 >= C74 A>03 C> A4;0C8E8CH C74>AH @D0=CD< C74>AH =D2;40A 4=4A6H @D0A:B 4C2 ARSVO ]YWO KNNS^SYXKV \O]OK\MRO] RK`O MVK\S ON ]YWO UOc MYXMOZ^] ^RO ]S^_K^SYX KLY_^
Ya ^\KX]S^SYX SX K ZSZO \OWKSX] ^RO ]KWO >RO ]OK\MR PY\ MYWZVO^O _XNO\]^KXNSXQ YX ^RO Y\SQSX KXN XK^_\O YP ^_\ L_VOXMO MYX^SX_O] aS^R ^RO RYZO ^RK^ ^RO X_WO\SMKV ]YV_^SYX YP P_VV 8K`SO\ =^YUO] O[_K^SYX aS^RY_^ KXc WYNOVSXQ K] SX .8= WKc Z\Y`SNO SX]SQR^ ^Y S^ 7_V^S^_NO YP Z_LVS]RON .8= \O]_V^] SX ^RO VS^O\K^_\O ]_O\] P\YW K WKTY\ N\KaLKMU ^RY_QR aS^R WY]^ YP ^ROW XY^ \O[_S\SXQ KXc ObZVSMS^ PY\MSXQ YP ^RO Ya `SK NO XS^S`O KXN \OKVS]^SM SXZ_^ NS]^_\LKXMO OVN 7Y]^ YP ^RO]O NO ZOXN _ZYX MYWZ_^K^SYXKV XYS]O] KXN Y\ \KXNYW XYS]O AO aS]R ^Y ZYSX^ Y_^ ^RK^ _XVSUO SX WK^ROWK^SMKV MVY]ONPY\W ]YV_^SYX] X_WO\SMKV ]YV_^SYX S] KVaKc] `S]S^ON _ZYX Lc =D<4A820; =>8B4 YP ^RO WO^RYN KXN ^RO RK\NaK\O >R_] ^RO SWZVSMS^ K]]_WZ^SYX SX .8= ^RK^ ^RO]O =D<4A820; =>8B4 ]Y_\MO] aSVV Z\YN_MO K CDA1D;4=C >F KXN ^RK^ S] ^RO ]KWO K] ^RO ZRc]SMKV ^_\L_VOX^
Ya S] K ]^K^OWOX^ YP RYZO KXN cO^ ^Y LO O]^KLVS]RON \SQY\Y_]Vc 3X PKM^ ^RO MYX^\K\c ]OOW] ^Y LO ^RO MK]O K] S] ]RYaX SX MRKZ^O\ `SK .8= YP LcZK]] ^\KX]S^SYX aRO\O K ZRc]SMKV Z\YMO]] S] ^\KMON PYVVYaSXQ ObZVSMS^ ObMS^K^SYX 3X MYX^\K]^ SX MRKZ^O\] $ ^Y MYWZ_^ON 6/= ]YV_^SYX] NSN XY^ \O[_S\O KXc ObZVSMS^ ]ZOMS MK^SYX Y\ WYNOVSXQ YP SXZ_^ NS]^_\LKXMO Y\ XYS]O
#"
$
3X ]^_NcSXQ ]^KLSVS^c YP Ya] S^ S] MYX`OXSOX^ ^Y ZY]O ^RO Z\YLVOW OS^RO\ K] K ^OWZY\KV Y\ K] K ]ZK^SKV SX]^KLSVS^c Z\YLVOW ARSVO S^ S] X_WO\SMKVVc ObZONSOX^ ^Y ^KUO K ^OWZY\KV KZZ\YKMR WKXc Z\KM^SMKV Ya] K\O UXYaX ^Y PYVVYa ]ZK^SKV \Y_^O 0Y\ ObKWZVO SX VKL ObZO\SWOX^] PY\ Ob^O\XKV aKVV LY_XNON Ya] S^ S] XY^ON ^RK^ ^RO NS]^_\LKXMO] Q\Ya SX ]ZKMO K] ^ROc ^\K`OV NYaX]^\OKW >RS] aK] O]^KLVS]RON _XKWLSQ_Y_]Vc ^R\Y_QR ^RO ObZO\SWOX^] YP =MR_LK_O\ =U\KW]^KN &!$ PY\ K^ ZVK^O LY_XNK\c VKcO\ KXN S] KX ObMOVVOX^ ObKWZVO YP ]ZK^SKV SX]^KLSVS^c Z\YLVOW] 2YaO`O\ ^RO\O K\O WKXc
Ya] aRO\O ^RO SX]^KLSVS^c Q\Ya] LY^R SX ]ZKMO KXN ^SWO >RO]O ^cZO YP Z\YLVOW] ^Y SNOX^SPc aRO^RO\ ^RO Ya ]_O\] ^OWZY\KV KXN Y\ ]ZK^SKV SX ]^KLSVS^c K\S]O SX VSXOK\ ]^KLSVS^c KXKVc]S] 0VYa SX]^KLSVS^c ]^_NSON PYVVYaSXQ NO]M\SZ^SYX] YP ^aY SXNOZOXNOX^ \Y_^O] S] KX K\^S MSKV aKc YP ^\OK^SXQ QOX O\KV SX]^KLSVS^c Z\YLVOW]
0=6I >H #CHI67>A>IN
>Y KXKVcdO K ZRc]SMKV Z\YLVOW KXKVc^SMKVVc aO W_]^ YL^KSX ^RO QY` O\XSXQ O[_K^SYX] ^RK^ WYNOV ^RO ZROXYWOXYX KNO[_K^OVc +NNS^SYXKVVc SP ^RO K_bSVSK\c O[_K^SYX] ZO\^KSXSXQ ^Y SXS^SKV KXN LY_XNK\c MYXNS^SYX] K\O Z\O]M\SLON ^RY]O K\O KV]Y aOVVZY]ON ^ROX MYXMOZ^_KVVc QO^^SXQ ^RO ]YV_^SYX YP ^RO Z\YLVOW S] ]^\KSQR^PY\aK\N 7K^ROWK^SMSKX] K\O T_]^S KLVc KVaKc] MYXMO\XON aS^R ^RO 4G8BC4=24 KXN D=8@D4=4BB YP ^RO ]YV_^SYX CO^ XY^ O`O\c ]YV_^SYX YP ^RO O[_K^SYX YP WY^SYX O`OX SP S^ S] ObKM^ S] YL]O\`KLVO SX XK ^_\O >RS] S] K^ ^RO MY\O YP WKXc ZRc]SMKV ZROXYWOXK aRO\O >1B4AE018;8CH YP ]YV_^SYX S] YP P_XNKWOX^KV SWZY\^KXMO 3P ^RO ]YV_^SYX] K\O XY^ >1B4AE 01;4 ^ROX ^RO MY\\O]ZYXNSXQ LK]SM Ya S] XY^ BC01;4 2O\O ^RO SWZVSMK^SYX YP BC018;8CH S] SX ^RO MYX^Ob^ YP ^RO ]YV_^SYX aS^R \O]ZOM^ ^Y SX XS^O]SWKVVc ]WKVV ZO\^_\LK^SYX] 3X ]^_NcSXQ ^RO ]^KLSVS^c YP Z\YLVOW aS^R \O]ZOM^ ^Y KWLSOX^ NS] ^_\LKXMO] S^ S] RK\NVc O`O\ ZY]]SLVO ^RK^ YXO MKX SXMY\ZY\K^O KVV ^RO MYX ^\SL_^SXQ PKM^Y\] SX K QS`OX ZRc]SMKV ]MOXK\SY PY\ ZY]SXQ K ZRc]SMKV Z\YLVOW 9MMK]SYXKVVc ^RO]O XOQVOM^ON 20DB4B MKX LO SXMY\ZY\K^ON Lc ?A>24BB =>8B4 KXN \O]_V^] K\O WKNO ^Y MY\\OVK^O aS^R ^RO ZRc]SMKV ]S^_K^SYX >RS] S] ZY]]S LVO aROX ^RO 20DB4B K\O ]^K^S]^SMKVVc SXNOZOXNOX^ KXN ^ROX S^ PYVVYa] _ZYX _]SXQ -OX^\KV 6SWS^ >ROY\OW
-:BEDG6A 6C9 ,E6I>6A #CHI67>A>IN
3X]^KLSVS^c YP KX K_^YXYWY_] ]c]^OW S] ]^\SM^Vc PY\ ^SWONOZOXNOX^ ]c]^OW] ^RK^ aY_VN NS]ZVKc Q\Ya^R YP NS]^_\LKXMO] SX ^SWO >RS] WKc KV]Y WOKX ^RK^ OS^RO\ aO K\O ]^_NcSXQ ^RO ]^KLSVS^c YP K Ya K^ K bON ]ZK ^SKV VYMK^SYX Y\ ^RO P_VV ]c]^OW NS]ZVKc] SNOX^SMKV `K\SK^SYX SX ^SWO PY\ OKMR
%
" #" " !""'
KXN O`O\c ]ZK^SKV VYMK^SYX] 3X \OKVS^c WKXc _SN Ya] NS]ZVKc K Q\Ya^R SX ]ZKMO Y\ SX ^SWO Y\ K MYWZVOb ]ZK^SY^OWZY\KV Q\Ya^R YP NS]^_\LKXMO] 0Y\ NS]^_\LKXMO] ^RK^ Y\SQSXK^O P\YW K bON VYMK^SYX SX ]ZKMO ^RO NS]^_\ LKXMO Q\Ya] K] S^ MYX`OM^] NYaX]^\OKW >R_] ^RO NS]^_\LKXMO S] ^O\WON _X]^KLVO SP S^ Q\Ya] _XLY_XNON K] S^ WY`O] NYaX]^\OKW >RS] S] MKVVON ^RO MYX`OM^S`O SX]^KLSVS^c >RS] ^cZO YP SX]^KLSVS^c S] ]OOX SX aKVV LY_XNON ]ROK\ VKcO\] ObOWZVS ON Lc ^RO MVK]]SM `SL\K^SXQ \SLLYX ObZO\SWOX^ YP =MR_LK_O\ =U\KW]^KN &!$ >RS] ObZO\SWOX^ aK] ZO\PY\WON SX K `O\c [_SO^ PKMSVS^c ^Y M\OK^O >YVVWSOX =MRVSMR^SXQ >= aK`O] Lc `SL\K^SXQ K \SLLYX SX]SNO K
K^ ZVK^O LY_XNK\c VKcO\ >RS] ObZO\SWOX^ aK] ^RO \]^ YXO ^Y ]RYa ^RO ObS]^OXMO YP `S]MY_] _X]^KLVO aK`O] ^RY]O aO\O Z\ONSM^ON OK\VSO\ ^ROY\O^SMKVVc Lc 2OS]OXLO\Q &! >YVVWSOX & KXN =MRVSMR^SXQ & L_^ aO\O XY^ ]_ZZY\^ON ObZO\SWOX^KVVc SWWONSK^OVc 2OXMO ^RO ObS]^OXMO YP >= aK`O] aO\O NY_L^ON LOPY\O ^RO]O ObZO\SWOX^KV \O]_V^] aO\O UXYaX +NNS^SYXKVVc ^RS] ObZO\SWOX^ aK] KV]Y ^RO \]^ YXO ^RK^ NS]ZVKcON ^RO \OMOZ^S`S^c YP aKVV LY_XNON ]ROK\ VKcO\ ^Y `SL\K^Y\c NS]^_\LKXMO] aS^RSX ^RO ]ROK\ VKcO\ aRSVO ]RYaSXQ ^RO SXKNO[_KMc YP KMY_]^SM ObMS^K^SYX SX M\OK^SXQ >= aK`O] 0Y\ MYX`OM^S`OVc _X]^KLVO Ya] NS]^_\LKXMO] K\O ]aOZ^ KaKc P\YW ^ROS\ KM^_KV Y\SQSX 2YaO`O\ SX WKXc MK]O] S^ MKX ]Y RKZZOX ^RK^ ^RO NS]^_\ LKXMO MKX Q\Ya \]^ SX ^SWO K^ K bON VYMK^SYX LOPY\O ^ROc K\O MYX`OM^ON NYaX]^\OKW =_MR Q\Ya^R YP NS]^_\LKXMO] LY^R SX ]ZKMO KXN ^SWO K\O ]OOX SX WKXc P\OO ]ROK\ VKcO\] KXN LV_LYNc Ya] 3P aO ]_LTOM^ ^RO O[_SVSL \S_W ]YV_^SYX YP ]_MR KX _X]^KLVO _SN NcXKWSMKV ]c]^OW ^Y K VYMKVSdON SWZ_V]O ^ROX ^RO \O]ZYX]O OVN ]Z\OKN] LY^R _Z]^\OKW KXN NYaX]^\OKW YP ^RO VYMK^SYX aS^R \O]ZOM^ ^Y ^RO VYMKV Ya aRO\O S^ Y\SQSXK^ON aRSVO Q\YaSXQ SX KWZVS^_NO =_MR SX]^KLSVS^SO] K\O ^O\WON K] 01B>;DC4 8=BC018;8C84B 2O\O KX KNNS^SYXKV NS]^SXM^SYX XOON] ^Y LO WKNO LO^aOOX MYX`OM^S`O KXN KL]Y V_^O SX]^KLSVS^SO] 9X KZZVSMK^SYX YP KX SWZ_V]O LY^R ^RO ]S^_K^SYX NS]ZVKc NS]^_\LKXMO] SX _Z]^\OKW KXN NYaX]^\OKW NS\OM^SYX] 2YaO`O\ SX MYX `OM^S`OVc _X]^KLVO ]c]^OW ^RO Q\Ya^R YP ^RO NS]^_\LKXMO S] Z\ONYWSXKX^Vc SX YXO NS\OM^SYX aRSVO PY\ KL]YV_^OVc _X]^KLVO ]c]^OW ^RO Q\Ya^R aSVV LO YWXSNS\OM^SYXKV >RO]O SNOK] aSVV LO P_\^RO\ MVK\S ON Lc _XNO\]^KXNSXQ ]YWO LK]SM MYXMOZ^] \OVK^ON ^Y aK`O WY^SYX
A:B:CIH D; 06K: &:8=6C>8H
3X ^RO Z\O`SY_] ]OM^SYX aO RK`O NS]^SXQ_S]RON LO^aOOX ]c]^OW] ^RK^ Q\Ya OS^RO\ aS^R ^SWO Y\ aS^R ]ZKMO 3X \OKVS^c WKXc Ya] NS]ZVKc K MYWZVOb ]ZKMO^SWO NOZOXNOXMO PY\ ^RO NS]^_\LKXMO O`YV_^SYX 3X MYX^\K]^ ^Y VKWSXK\
Ya] ^\KX]S^SYXKV KXN ^_\L_VOX^ Ya] NS]ZVKc L\YKNLKXN ]ZOM^\K SX aK`O X_WLO\ KXN MS\M_VK\ P\O[_OXMSO] >R_] S^ PKMSVS^K^O] ^Y NS]M_]] ]_MR Ya
#"
&
NcXKWSM] SX ]ZOM^\KV ZVKXO ,OVYa aO Z\Y`SNO K `O\c L\SOP SX^\YN_M^SYX ^Y aK`O WOMRKXSM] K] KZZVSON ^Y K WYNOV ]ZK^SY^OWZY\KV NcXKWSMKV ]c]^OW 9P ]ZOMSKV SX^O\O]^ S] ^RO _^SVS^c YP ^RO MYXMOZ^ YP NS]ZO\]SYX \OVK^SYX ^RK^ \OVK^O] ^RO aK`O X_WLO\ aS^R ^RO MS\M_VK\ P\O[_OXMSO] +] aO XY^O ^RK^ ]_MR NS]ZO\]SYX \OVK^SYX] K\O MYX]O[_OXMO] YP ^RO QY`O\XSXQ NSO\OX^SKV O[_K^SYX] KXN Y\ ^RO K]]YMSK^ON K_bSVSK\c MYXNS^SYX] + aK`O WKc LO `SOaON K] K _XS^ YP ^RO \O]ZYX]O YP ^RO ]c]^OW ^Y KZ ZVSON SXZ_^ Y\ NS]^_\LKXMO] >RO]O \O]ZYX]O] MY_VN LO SX ^O\W] YP ZRc]SMKV NO OM^SYX] Z\O]]_\O `OVYMS^c `Y\^SMS^c ^OWZO\K^_\O O^M ^RY]O ZRc]SMKV Z\YZO\^SO] \OVO`KX^ ^Y ^RO NcXKWSM] ]RYaSXQ _Z SX QOXO\KV K] P_XM^SYX YP ]ZKMO KXN ^SWO +Xc K\LS^\K\c P_XM^SYX YP ]ZKMO KXN ^SWO MKX LO a\S^^OX SX ^O\W] YP 0Y_\SO\6KZVKMO ^\KX]PY\W K] QS`OX Lc
?957D @ 88?
: L H )
!
>
PY\ K ]c]^OW aRY]O Z\YZO\^c : L H `K\SO] aS^R ^SWO KXN ]SXQVO ]ZKMO NS WOX]SYX L 3X ^RS] NO XS^SYX KXN ? K\O ^RO MYWZVOb MS\M_VK\ P\O[_OXMc KXN aK`O X_WLO\ \O]ZOM^S`OVc + ]ZOMSKV ZYSX^ S] ]^K^ON RO\O ^Y SX^O\Z\O^ ^RO WOKXSXQ YP /[X ! >RO SX^OQ\KV] SX ^RS] O[_K^SYX K\O ZO\PY\WON KVYXQ ]ZOMSKV MYX^Y_\] SX ^RO MYWZVOb KXN ? ZVKXO KXN K\O MKVVON ^RO ,\YWaSMR MYX^Y_\] aRY]O NO XS^SYX KXN _]KQO] MKX LO P_\^RO\ ]OOX SX @KX NO\ :YV ,\OWWO\ &"& KXN :KZY_VS] >RO ,\YWaSMR MYX^Y_\] K\O MRY]OX SX ^RO ]^\SZ YP ^ROS\ MYX`O\QOXMO aRO\O ^ROc K\O NO XON >RS] S] NS]M_]]ON SX ]OM^SYX # PY\ KX OVKLY\K^O ObZVKXK^SYX KXN WKXc KZZVSMK ^SYX] PY\ LY_XNK\c VKcO\ SX]^KLSVS^c K\O ]RYaX SX ]OM^SYX # -RYSMO YP ^RO MYX^Y_\ SX ^RO ZVKXO NOZOXN] YX ^RO ZRc]SMKV Z\SXMSZVO YP 20DB0;8CH 3X ^RO ]KWO aKc ^RO ?ZVKXO MYX^Y_\ RK] ^Y LO MRY]OX SX ]_MR K aKc ^RK^ ^RO ZYVO] KXN ]SXQ_VK\S^SO] YP ^RO \O]ZYX]O ]RY_VN LO ZY]S^SYXON ^Y KMMY_X^ PY\ ^RO MY\\OM^ NS\OM^SYXKVS^c YP ^RO K]]YMSK^ON \O]ZYX]O OVN >RO ^\KX]PY\W] \OVK^ON ^Y ^SWO NOZOXNOXMO K\O ^R_] ]Y_QR^ SX ^O\W] YP _XSVK^O\KV 6KZVKMO 0Y_\SO\ ^\KX]PY\W KXN ^RO ^\KX]PY\W] K]]YMSK^ON aS^R ]ZKMO NOZOXNOXMO K\O NO XON `SK LSVK^O\KV 6KZVKMO ^\KX]PY\W /[_K^SYX ! S] ^RO SX`O\]O ^\KX]PY\W ^Y YL^KSX ^RO P_XM^SYX SX ^RO ZRc]SMKV ]ZKMO LK]ON YX ^RO `KV_O YP ^RO NS\OM^ ^\KX]PY\W ? YL^KSXON SX ^RO ]ZOM^\KV ZVKXO >RO NS\OM^ ^\KX]PY\W MKX LO YL^KSXON SX ^_\X P\YW ^RO PYVVYaSXQ
? )
: L H9 57D @ 8L8H
!
3X a\S^SXQ ^RO KLY`O ^\KX]PY\W S^ S] SWZVSON ^RK^ ^RO SXZ_^ ^Y ^RO ]c]^OW S] KZZVSON K^ H ) KXN ^R_] ^RO ^SWO SX^OQ\KV ]^K\^] K^ ^RK^ ^SWO O]]OX^SKVVc
" #" " !""'
PYVVYaSXQ ^RO 75IG5@=HM Z\SXMSZVO 2YaO`O\ XY ]_MR \O]^\SM^SYX XOON] ^Y LO KZZVSON PY\ ]ZKMO NOZOXNOXMO YP ^RO P_XM^SYX >RO NO XS^SYX SX^OQ\KV] YP /[X] ! KXN ! ^OVV _] ^RK^ KXc K\LS^\K\c ]ZKMO^SWO NOZOXNOX^ P_XM^SYX] MKX LO ^RY_QR^ YP K] KX OX]OWLVO YP VK\QO X_WLO\] YP aK`O] aS^R NSO\OX^ MYWLSXK^SYX] YP aK`O X_WLO\] KXN MS\M_VK\ P\O[_OXMSO] >RS] K]]OWLVc MY_VN LO K \O]_V^ YP MY_X^KLVc SX XS^O X_WLO\] YP aK`O] Y\ S^ MY_VN \OZ\O]OX^ K MYX^SX_Y_] ]ZOM^\_W >RO\O S] K NO XS^S`O \OVK^SYX]RSZ LO^aOOX ^RO aK`O X_WLO\] KXN ^RO MS\M_VK\ P\O[_OX MSO] K] SNOX^S ON LOPY\O K] ^RO NS]ZO\]SYX \OVK^SYX 6O^ _] ObZVKSX ^RO SWZVSMK^SYX YP NS]ZO\]SYX \OVK^SYX ^R\Y_QR K ]SWZVO ObKWZVO YP YXONSWOX]SYXKV aK`O Z\YZKQK^SYX aRY]O QY`O\XSXQ O[_K^SYX S] QS`OX Lc : : 7 ) ! H L 3X ^RS] O[_K^SYX 7 S] ^RO ZRK]O ]ZOON YP ^RO aK`O AO UXYa ^RK^ ^RO ObKM^ ]YV_^SYX YP /[X ! ]RYa] ^RO SXS^SKV ]YV_^SYX ^Y ^\K`OV ^Y ^RO \SQR^ K^ ^RO ZRK]O ]ZOON 7 3P aO _]O ^RO \OZ\O]OX^K^SYX QS`OX Lc /[X ! SX /[X ! aO ^ROX QO^ =?7 9 57D @ 88? ) !! >
=SXMO ^RO SX^OQ\KV S] ^\_O KVYXQ ^RO ,\YWaSMR MYX^Y_\] KXN S] O[_KV ^Y dO\Y ROXMO K XYX^\S`SKV KXN _XS[_O ]YV_^SYX aY_VN \O[_S\O ^RO PYVVYaSXQ \OVK^SYX ^Y RYVN ) ?7 >RS] S] ^RO NO]S\ON \OVK^SYX]RSZ LO^aOOX ^RO MS\M_VK\ P\O[_OXMc KXN ^RO aK`O X_WLO\ KXN S] ^RO 38B?4AB8>= A4;0C8>= 0Y\ K QOXO\KV Z\YLVOW QY`O\XON Lc Y^RO\ PY\W] YP O[_K^SYX ^RO 38B?4AB8>= A4;0C8>= aSVV LO YP ^RO USXN ) ?
!"
>R_] ^RO NS]ZO\]SYX \OVK^SYX PY\ /[X ! S] ^RO ]^K^OWOX^ YP QY` O\XSXQ O[_K^SYX SX ^RO ]ZOM^\KV ZVKXO KXN ^OVV] _] ^RK^ ^RO ]MKVO YP ]ZKMO `K\SK^SYX KXN ^RO ]MKVO YP ^SWO `K\SK^SYX K\O XY^ SXNOZOXNOX^ KXN ^ROc K\O \OVK^ON 0Y\ WKXc Y^RO\ Z\YLVOW] ^RO NS]ZO\]SYX \OVK^SYX aSVV LO MYX]O [_OXMO YP LY_XNK\c MYXNS^SYX] K] S] YP^OX NO\S`ON PY\ aK^O\ aK`O] NO`OVYZ SXQ PY\ KX O[_SVSL\S_W ]YV_^SYX QS`OX Lc ^RO 6KZVKMO] O[_K^SYX /[_K^SYX !" SWZVSO] ^RK^ OKMR P\O[_OXMc MYWZYXOX^ aSVV ^\K`OV SX ]ZKMO aS^R ^RO
#"
MY\\O]ZYXNSXQ ZRK]O ]ZOON +Xc ]c]^OW ^RK^ RK] \OVK^SYX]RSZ ]RYaSXQ ^RK^ ^RO ZRK]O MY\\O]ZYXNSXQ ^Y OKMR aK`O X_WLO\ ^\K`OV] Lc ^RO ]KWO ]ZOON S] MKVVON K =>= 38B?4AB8E4 BHBC4< 3X MYX^\K]^ K 38B?4AB8E4 BHBC4< S] YXO PY\ aRSMR NSO\OX^ P\O[_OXMc MYWZYXOX^] ^\K`OV aS^R NSO\OX^ ]ZOON ]_MR ^RK^ KXc MYWZKM^ NS]^_\LKXMO K^ H ) aSVV LO PY_XN NS]ZO\]ON K^ K VK^O\ ^SWO 9XO MKX QOXO\KVSdO ^RO KLY`O PY\ K ]c]^OW ^RK^ NS]ZVKc] L\YKNLKXN NcXKWSM] 9XMO KQKSX PY\ ]_MR K QOXO\KV ]c]^OW ^RO QY`O\XSXQ NSO\OX^SKV O[_K ^SYX] KXN ^RO LY_XNK\c MYXNS^SYX] aSVV NO^O\WSXO ^RO 38B?4AB8>= A4;0C8>= 9XMO aO RK`O ^RS] \OVK^SYX S^ S] ZY]]SLVO ^Y ^KVU KLY_^ ^RO QOXO\KV Z\YZO\ ^SO] YP ^RO \O]ZYX]O OVN 6SQR^RSVV&$% 6O^ _] MYX]SNO\ ^aY XOSQRLY\SXQ aK`O X_WLO\] ? KXN ? YP ^RO \O]ZYX]O OVN 0Y\ ^RO ZRc]SMKV Z\YLVOW \O]ZYX]O OVN NOZOXN] MYX^SX_Y_]Vc YX ^RO PY\MSXQ KXN K_bSVSK\c MYXNS^SYX] 2OXMO ^RO MY\\O]ZYXNSXQ MS\M_VK\ P\O[_OXMSO] KXN K] YL^KSXON P\YW ^RO 38B?4AB8>= A4;0C8>= aSVV KV]Y LO ^aY MVY]OVc ]ZKMON XOSQRLY\SXQ ZYSX^] SX ^RO P\O[_OXMc ZVKXO AO NOXY^O ^RO MY\\O]ZYXNSXQ \O]ZYX]O MYWZYXOX^] Lc : ) 5 MY]? L H
!#K
: ) 5 MY]? L H
!#L
AO MYX]SNO\ RO\O YXVc ^RO \OKV ZK\^ YP ^RO \O]ZYX]O OVN + WY\O QOXO\ KVSdON \O]ZYX]O LK]ON YX ^RO ObZ\O]]SYX ! aSVV RK`O KV]Y KX SWKQSXK\c MYWZYXOX^ ]SQXSPcSXQ ^RO ZRK]O ]RSP^ YP ^RO Y_^Z_^ aS^R \O]ZOM^ ^Y KZZVSON SXZ_^ 3X ^RO KLY`O O[_K^SYX] LY^R ^RO MYWZYXOX^] RK`O LOOX K]]_WON ^Y RK`O ]KWO KWZVS^_NO ^RO NSO\OXMO LOSXQ XOQVSQSLVO K] aO K\O MYX]SNO\ SXQ ^aY MYWZYXOX^] ^RK^ K\O ]OZK\K^ON Lc KX SX XS^O]SWKV KWY_X^ SX ^RO ]ZOM^\KV ZVKXO >RO ^Y^KV MYX^\SL_^SYX MYWSXQ P\YW ^RO]O ^aY MYWZYXOX^] S] ^ROX QS`OX Lc : ) : : ) E5 MY] ? ? L HG MY] ? ? L H !$ >Y^KV OOM^ YP ^RO]O ^aY MYWZYXOX^] ]RYa] _Z K] K MYWLSXK^SYX YP ^aY PKM^Y\] YXO YX K ]VYa ]MKVO QS`OX Lc ^RO \]^ [_KX^S^c SX]SNO ^RO ][_K\O L\KMUO^ KXN ^RO ]OMYXN [_KX^S^c ^RK^ `K\SO] YX ^RO Y\SQSXKV ]MKVO QS`OX Lc ^RO ]OMYXN MY]SXO P_XM^SYX +] ^RO ^aY MYWZYXOX^] K\O SX XS^O]SWKVVc KZK\^ SX ^RO ]ZOM^\KV ZVKXO ^RO ]VYaVc `K\cSXQ ZK\^ MKX LO `SOaON K] ^RO KWZVS^_NO YP ^RO ^Y^KV OOM^ +] OXO\Qc YP K aK`O ]c]^OW S] Z\YZY\^SYXKV ^Y ^RO ][_K\O YP ^RO KWZVS^_NO YP ^RO aK`O YXO MKX `SOa ^RO OXO\Qc YP ^RO ]c]^OW ^Y `K\c PYVVYaSXQ ^RO ZRK]O `K\SK^SYX YP ^RO KWZVS^_NO >RO\OPY\O ^RO ]ZOON
" #" " !""'
YP Z\YZKQK^SYX YP OXO\Qc S] QS`OX Lc ^RO \K^O K^ aRSMR ^RO ZRK]O YP ^RO KWZVS^_NO MRKXQO] KXN S] QS`OX Lc
03 )
? ?
>RS] S] ^RO Q\Y_Z `OVYMS^c YP ^RO ]SWZVO ]c]^OW MYX]SNO\ON RO\O aRO\O ^RO ]ZK^SKV `K\SK^SYX S] KVYXQ K ]SXQVO NS\OM^SYX KXN ^RO Q\Y_Z `OVYMS^c NS\OM^SYX S] QS`OX KVYXQ ^RS] NS\OM^SYX 0Y\ ^RO YXONSWOX]SYXKV ]c]^OW SX ^RO VSWS^ aROX ^RO aK`O X_WLO\] YP ^RO ^aY MYWZYXOX^] K\O YXVc 8? KZK\^ SX ? ]ZKMO ^ROX YXO MKX MYX]SNO\ KX O[_S`KVOX^ \O]ZYX]O OVN MOX^O\ON K\Y_XN ^RS] MV_]^O\ KXN K QOXO\KV ObZ\O]]SYX PY\ ^RO Q\Y_Z `OVYMS^c S] QS`OX Lc 8 !% 8? >RO Q\Y_Z `OVYMS^c PY\ W_V^SNSWOX]SYXKV Z\YLVOW S] K `OM^Y\ NOMSNON Lc ^RO `K\SK^SYX YP MS\M_VK\ P\O[_OXMc aS^R ^RO aK`O X_WLO\ `OM^Y\ 3^ S] YXVc ^RO \OKV ZK\^ YP /[X !% ^RK^ S] ^O\WON ^RO Q\Y_Z `OVYMS^c K] NS]M_]]ON SX ARS^RKW &$% >R_] ^RS] S] ^RO `OVYMS^c K^ aRSMR ^RO OXO\Qc YP K Q\Y_Z YP aK`O] ^\K`OV MOX^O\ON KLY_^ ^RO WSNNVO YP ^RO aK`O X_WLO\ Q\Y_Z 3^ S] XY^ON ^RK^ ^RO YXONSWOX]SYXKV aK`O QS`OX Lc /[X ! S] XYXNS]ZO\]S`O aS^R 03 ) 7
,DB: #CHI67>A>IN &:8=6C>HBH
2O\O ^aY ]SWZVO MK]O] YP SX]^KLSVS^SO] K\O MYX]SNO\ON ^Y OWZRK]SdO ^RO MYXMOZ^] NO]M\SLON KLY`O AO LOQSX Lc NS]^SXQ_S]RSXQ ^RO NSO\OXMO LO^aOOX ]^K^SM KXN NcXKWSM SX]^KLSVS^c Lc MYX]SNO\SXQ ^RO ]^KLSVS^c YP K^WY]ZRO\O K] KX ObKWZVO AROX K ZK\MOV YP KS\ SX ^RO K^WY]ZRO\O S] WY`ON \KZSNVc P\YW KX O[_SVSL \S_W MYXNS^SYX KXN S^] ^OXNOXMc ^Y MYWO LKMU ^Y S^] _XNS]^_\LON ZY]S^SYX S] XY^ON ^ROX aO ^O\W ^RO K^WY]ZRO\O K] ]^K^SMKVVc ]^KLVO >RO WY`OWOX^ YP ^RO ZKMUO^ S] MYX]SNO\ON K] SWZ_V]S`O ^Y Z\OMV_NO KXc ROK^ ^\KX]PO\ P\YW ^RO ZK\MOV ^Y ^RO KWLSOXMO >RS] ^OXNOXMc YP ]^K^SM ]^KLSVS^c aROX ObS]^] S] N_O ^Y ^RO L_YcKXMc PY\MO MK_]ON Lc ^RO NOX]S^c NSO\OX^SKV N_O ^Y ^OWZO\K^_\O `K\SK^SYX aS^R ROSQR^ KXN ]_MR LYNc PY\MO KM^] _ZYX ^RO NS]ZVKMON KS\ZK\MOV
#"
3X ]^K^SM ]^KLSVS^c ]^_NSO] aO NY XY^ VYYU PY\ NO^KSVON ^SWONNOZOXNOX^ WY ^SYX YP ^RO ZK\MOV PYVVYaSXQ ^RO NS]ZVKMOWOX^ K] ^RO K]]YMSK^ON KMMOVO\K^SYX] K\O MYX]SNO\ON XOQVSQSLVO
NC6B>8 ,I67>A>IN D; ,I>AA IBDHE=:G: 0Y\ ^RO NcXKWSM ]^KLSVS^c ]^_Nc aO MYX]SNO\ YXMO KQKSX K ZK\MOV YP KS\ ^Y LO K^ O[_SVSL\S_W K^ K ROSQR^ N KXN S] NS]ZVKMON ^Y K ROSQR^ N ^Y PYVVYa S^] NO^KSVON ^SWO RS]^Y\c YP WY^SYX AO XY^O ^RK^ ^RO WY^SYX S] MK_]ON KQKSX Lc ^RO L_YcKXMc PY\MO MK_]ON Lc ^RO ^OWZO\K^_\O `K\SK^SYX YP ^RO KWLSOX^ KS\ QS`OX Lc . ) . N 2O\O ^RO `O\^SMKV NS]ZVKMOWOX^ YP ^RO KS\ZK\MOV S] KXN ^RO NcXKWSM] PYVVYa] ^RO PY\MO LKVKXMO O[_K^SYX
g ) ; F
"
aRO\O g S] ^RO SX]^KX^KXOY_] KMMOVO\K^SYX ObZO\SOXMON Lc ^RO ZK\MOV YP KS\ .OX]S^c YP ^RO NS]ZVKMON ZK\MOV S] MYX]SNO\ON ^Y LO QS`OX Lc aRSVO ^RO KWLSOX^ _SN RK] ^RO NOX]S^c ]Y ^RK^ ^RO \SQR^ RKXN ]SNO YP ^RO KLY`O O[_K^SYX \OZ\O]OX^] ^RO L_YcKXMc PY\MO /[_SVSL\S_W ^RO\WYNcXKWSM] ^OVV] _] ^RK^ PY\ K ]SWZVO MYWZ\O]]SLVO ]_L]^KXMO aS^R YXVc YXO WYNO YP aY\U KXc ]^K^O Z\YZO\^c MKX LO \OZ\O]OX^ON Lc KXc ^aY Y^RO\ Z\YZO\^SO] KXN VO^ _] MYX]SNO\ ^ROW ^Y LO ^RO Z\O]]_\O D KXN ^RO OX^\YZc G >R_] _]SXQ K >KcVY\ ]O\SO] aO MKX \OVK^O ^RO NOX]S^c YP ^RO KWLSOX^ KS\ K^ ^RO ^aY ROSQR^] K]
N ) N D
EDN DNG G ?
EGN GNG " <
9XMO KQKSX aO aSVV K]]_WO ^RK^ ^RO NS]ZVKMOWOX^ Z\YMO]] YP ^RO KS\ ZK\MOV S] S]OX^\YZSM ^RO\O K\O XY `S]MY_] Y\ ROK^ VY]]O] K]]YMSK^ON aS^R ^RO \KZSN WY`OWOX^ YP ^RO ZK\MOV KXN ^R_] PY\ ^RO KS\ZK\MOV EDN DNG "
N ) N D ? 3X /[X] " KXN " WOMRKXSMKV O[_SVSL\S_W OX]_\O] ]KWO D KXN N ) N >R_] ^RO NOX]S^c NSO\OX^SKV MK_]SXQ ^RO L_YcKXMc S] QS`OX Lc 8G "! EGN GNG ) F ) G < G < 8N AO MKX KV]Y \OVK^O ^RO NOX]S^c YP ^RO KS\ZK\MOV K^ ^RO ^aY ROSQR^] K]
!
" #" " !""'
N ) N
D
8D 8D ) N 7 8N ? 8N
aRO\O 7 S] ^RO ]ZOON YP ]Y_XN /[_K^SYX " MKX KV]Y LO a\S^^OX SX ^O\W] YP ^RO ]ZOMS M `YV_WO J ) _]SXQ /[X "! K] J 8D ; J 8G ; g ) F )
J G < 8N 7 8N 0\YW ^RO WOMRKXSMKV O[_SVSL\S_W ZVS ON ^Y
0< 0F
) ; KLY`O MKX LO P_\^RO\ ]SW
; ; J 8G g ) J G < 8N 7
B ?
) AO MKX P_\^RO\ ]SWZVSPc Lc _]SXQ ^RO ^RO\WYNcXKWSM \OVK^SYX]' < 0< ' B 0? ? ? ? 0' KXN 0F ) ' ) ? ' 0F < 0F XY^SXQ ^RK^ ' < < < ' < ? ? B 4 ) ' 0\YW ^RO 7KbaOVV] \OVK^SYX < ) ' aO 4 ' < < ' < 0? B YL^KSX 0F ) ' 0' 0F ; '
<
+VV ^RO]O ]SWZVS MK^SYX] VOKN ^Y ; g ) J
J .
; J ; . < 8. J . < 7 < < . 8N
3P aO MYX]SNO\ KS\ K] K ZO\POM^ QK] D ) ,. ^ROX ^RO KLY`O P_\^RO\ ]SWZVS O] ^Y ; g ) .
B '
) J. KXN <
8. ; ; 8N < 7
3P aO P_\^RO\ MYX]SNO\ ^RO ]ZOON YP ]Y_XN 7 ^Y LO `O\c VK\QO ^ROX ^RO KLY`O O[_K^SYX MKX LO P_\^RO\ KZZ\YbSWK^ON ^Y
#"
"
g ( )
""
0? ) B3 ? < 0F
AO MKX MYX]SNO\ ^RO PYVVYaSXQ ZY]]SLSVS^SO]' aRO\O ( -K]O' 3P ( ^ROX ^RO NcXKWSM] YP ^RO NS]ZVKMOWOX^ aSVV LO Z_\OVc Y]MSVVK^Y\c SWZVcSXQ XO_^\KV ]^KLSVS^c YP ^RO ]^K^SM K^WY]ZRO\O -K]O' 3P ( ^ROX ^RO `O\^SMKV NS]ZVKMOWOX^ aSVV `K\c K] H ) 9 ! @ 9 ! @ aRO\O ^RO \]^ MYWZYXOX^ MVOK\Vc SXNSMK^O] SX]^KLSVS^c ( S] MKVVON ^RO AD=C EJ 08BJ 0;J 0 Y\ L_YcKXMc P\O[_OXMc +] QS`OX KLY`O PYVVYaSXQ >RYWZ ]YX &$ aO MKX YL^KSX ^RS] P\O[_OXMc aS^R KS\ ^\OK^ON K] KX SNOKV QK] Lc ; ; 8. ( ) "# . 8N < 0Y\ N\c KS\
3
) 5WO^O\ KXN ROXMO PY\ ]^KLSVS^c YP N\c K^WY
]ZRO\O ^RO ^OWZO\K^_\O NS]^\SL_^SYX RK] ^Y LO ]Y ^RK^ 0' 0F 5WO^O\ 0' >R_] 0F ) \OZ\O]OX^] ^RO LY\NO\ VSXO YP SX]^KLSVS^c KXN ^RO X_WO\SMKV `KV_O YX ^RO \SQR^ RKXN ]SNO aS^RSX ^RO ][_K\O L\KMUO^ S] ^O\WON K] ^RO N\c 0? KNSKLK^SM VKZ]O \K^O LOMK_]O ^RS] OX]_\O] 0F )
$:AK>C ":AB=DAIO #CHI67>A>IN >RS] K\S]O] aROX ^aY VKcO\] YP _SN] WKc XY^ LO YP ]KWO ]ZOMSO] Y\ NOX ]S^c K\O SX \OVK^S`O WY^SYX >R_] ^RS] S] KX SX^O\PKMSKV SX]^KLSVS^c KXN ^RO \O]_V^KX^ Ya POK^_\O] N_O ^Y SWZY]ON NS]^_\LKXMO aSVV LO W_MR WY\O MYW ZVSMK^ON N_O ^Y \OVK^S`O WY^SYX :Rc]SMKV \OVO`KXMO YP ^RS] Z\YLVOW aK] ]OSdON _ZYX Lc 2OVWRYV^d %#% aRY YL]O\`ON ^RK^ ^RO SX^O\PKMO K] K ]_\ PKMO YP ]OZK\K^SYX ^OK\] ^RO Ya 0BD=34A =YWO^SWO VK^O\ 5OV`SX %$ ZY]ON ^RS] Z\YLVOW K] YXO YP SX]^KLSVS^c KXN ]YV`ON S^ AO PYVVYa ^RS] VK^^O\ KZZ\YKMR RO\O >RO LK]SM O[_SVSL\S_W Ya S] K]]_WON ^Y LO SX`S]MSN KXN SXMYWZ\O]]SLVO K] ^aY ZK\KVVOV ]^\OKW] RK`SXQ NS]^SXM^ NOX]S^c KXN `OVYMS^c YaSXQ YXO Y`O\ ^RO KXY^RO\ K] NOZSM^ON SX Q_\O LOVYa ,OPY\O KXc ZO\^_\LK^SYX S] KZZVSON ^RO SX^O\PKMO S] VYMK^ON K^ N ) KXN ]_L]O[_OX^ NS]ZVKMOWOX^ YP ^RS] SX^O\PKMO S] ObZ\O]]ON ZK\KWO^\SMKVVc K] N? ) HL M H ) L M H
"$
aRO\O S] K ]WKVV ZK\KWO^O\ NO XON ^Y ZO\PY\W K VSXOK\SdON ZO\^_\LK^SYX KXKVc]S] 9XO MKX `SOa ^RO SX^O\PKMO S^]OVP K] K ]ROK\ VKcO\ YP `KXS]RSXQ ^RSMU
#
" #" " !""' z Interface Fluid-2
x Fluid-1
><JG: $:AK>C":AB=DAIO >CHI67>A>IN 6I I=: >CI:G;68: D; ILD DL>C< J>9H
XO]] 0Y\ ^RO MYX]SNO\ON SX`S]MSN S\\Y^K^SYXKV Ya] ^RO `OVYMS^c ZY^OX^SKV] SX ^RO ^aY NYWKSX] K\O QS`OX Lc f6 L M N H ) /6 L 6 L M N H
"%
>RO QY`O\XSXQ O[_K^SYX] SX OS^RO\ YP ^RO YaNYWKSX] K\O QS`OX Lc f 6
)
"&
+XN ^RO ZY^OX^SKV W_]^ ]K^S]Pc ^RO PYVVYaSXQ PK\]^\OKW LY_XNK\c MYX NS^SYX] QS`OX Lc 6 G
5F9 6CIB898 5G N
"
>RO Y^RO\ ]O^ YP LY_XNK\c MYXNS^SYX S] KZZVSON K^ ^RO SX^O\PKMO aRSMR S] ^RO XY _SN ^R\Y_QR ^RO SX^O\PKMO MYXNS^SYX SO H f6 H f6 H f6 ) " H N L L M M 3X KNNS^SYX SX ^RO KL]OXMO YP ]_\PKMO ^OX]SYX Z\O]]_\O W_]^ LO MYX ^SX_Y_] KM\Y]] ^RO SX^O\PKMO ?ZYX VSXOK\SdK^SYX ^RO SX^O\PKMO LY_XNK\c MYXNS^SYX " ]SWZVS O] ^Y 6 /6 ) : CF > ) " H L N aRO\O f6 KXN 6 K\O K] \OVK^ON SX /[X "% .O XSXQ ^RO Z\O]]_\O YX ^RO OS^RO\ YaNYWKSX Lc _X]^OKNc ,O\XY_VVS] O[_K^SYX YXO MKX a\S^O f 6 D6 ) 6 6 f6 ; H " H
#"
$
=SWZVSPcSXQ KXN \O^KSXSXQ _Z ^Y ^O\W] aO QO^ ^RO PYVVYaSXQ MYXNS ^SYX] 7CB8=H=CB ' / ) /
7CB8=H=CB ' ) / ; H L "!L 9XO MKX MYX]SNO\ K `O\c QOXO\KV SX^O\PKMO NS]ZVKMOWOX^ QS`OX SX ^O\W] YP LSVK^O\KV 6KZVKMO ^\KX]PY\W K] L M H ) H95 DE 8 8 "" / ; H L
"!K
-Y\\O]ZYXNSXQVc ^RO ZO\^_\LK^SYX `OVYMS^c ZY^OX^SKV S] ObZ\O]]ON K] 6 L M N H ) 46 N H95 DE 8 8 "# A\S^SXQ ? ) KXN _]SXQ /[X "# SX "& YXO QO^] ^RO ]YV_^SYX ^RK^ ]K^S] O] ^RO PK\]^\OKW LY_XNK\c MYXNS^SYX] " K] 46 ) :6 H97F : CF > ) 5B8
"$
?]SXQ /[X "" SX ^RO SX^O\PKMO LY_XNK\c MYXNS^SYX " YXO QO^] I = /
?: ) I = /
?: )
"%
aRO\O ^RO NY^] NOXY^O NSO\OX^SK^SYX aS^R \O]ZOM^ ^Y ^SWO 3P aO NOXY^O ^RO NOX]S^c \K^SY ) ^ROX ^RO VSXOK\SdON Z\O]]_\O MYX^SX_S^c MYXNS^SYX "!L QS`O] / / ; ) H H L L ?]SXQ "" KXN "# SX ^RO KLY`O O[_K^SYX YXO QO^] :I :I = / : = / : ;
)
"&
"
/VSWSXK^SXQ : KXN : P\YW /[X " _]SXQ /[X "% YXO QO^] KP^O\ ]SWZVS MK^SYX g = / / I / / ;?
) "
%
" #" " !""'
>RS] Y\NSXK\c NSO\OX^SKV O[_K^SYX PY\ ^RO ^SWO `K\SK^SYX YP ^RO SX^O\PKMO NS]ZVKMOWOX^ MKX LO _XNO\]^YYN LO^^O\ SX ^O\W] YP S^] 0Y_\SO\ ^\KX]PY\W NO XON Lc H 95@ 8 H ) " 9XO YL^KSX] ^RO PYVVYaSXQ NS]ZO\]SYX \OVK^SYX Lc ]_L]^S^_^SYX YP " SX " K] / / ;? / / )
"
>RS] Z\Y`SNO] ^RO MRK\KM^O\S]^SM ObZYXOX^] SX " K]
/ / )
;? / /
"!
,K]ON YX ^RS] NS]ZO\]SYX \OVK^SYX ^RO PYVVYaSXQ ]_LMK]O] MKX LO MYX]SN O\ON' -+=/ ' AROX ^RO SX^O\PKMO S] NS]^_\LON SX ^RO ]ZKXaS]O NS\OM^SYX YXVc SO ) KXN ^ROX ) ;
""
>R_] ^RO ]^\OKWSXQ `OVYMS^SO] / KXN / NY XY^ KOM^ ^RO \O]ZYX]O YP ^RO ]c]^OW 3P SX KNNS^SYX SO K ROK`SO\ VS[_SN S] Y`O\ K VSQR^O\ VS[_SN ^ROX ^RO L_YcKXMc PY\MO MK_]O] ^OWZY\KV SX]^KLSVS^c SP S] MYX]SNO\ON \OKV K] S] ^RO MK]O PY\ KcVY\ SX]^KLSVS^c ]OO -RKXN\K]OURK\ -+=/ ' 0Y\ K QOXO\KV SX^O\PKMO ZO\^_\LK^SYX SP ;? / / ^ROX ^RO SX^O\PKMO NS]ZVKMOWOX^ aSVV Q\Ya SX ^SWO >RS] MYXNS^SYX MKX LO KV^O\XK^OVc ]^K^ON K] K MYXNS^SYX PY\ SX]^KLSVS^c K]' / / 37
>R_] PY\ K QS`OX ]ROK\ K^ ^RO SX^O\PKMO QS`OX Lc / / KXN PY\ K QS`OX YLVS[_O NS]^_\LKXMO Z\YZKQK^SYX NS\OM^SYX K^ ^RO SX^O\PKMO SXNSMK^ON Lc ^RO aK`O X_WLO\ `OM^Y\ ? SX]^KLSVS^c aY_VN YMM_\ PY\ KVV aK`O X_WLO\] ? QS`OX Lc
?
7
3 ( (
#"
&
8Y^O ^RK^ ^RO aK`O X_WLO\ `OM^Y\ WKUO] KX KXQVO aS^R ^RO LKbS] ]_MR ^RK^ 7CG ) 7 KXN ^RO KLY`O MYXNS^SYX MKX LO MYX`OXSOX^Vc a\S^^OX K] ;
"# ? / / 7CG
>RO VYaO]^ `KV_O YP aK`O X_WLO\ ? ) ?95: aY_VN YMM_\ PY\ ^aY NSWOX]SYXKV NS]^_\LKXMO] SO aROX 7CG ) KXN ^RS] S] QS`OX Lc ;
"$ ?95: ) / /
-+=/ ' -YX]SNO\ ^RO MK]O YP ]ROK\ YXVc YP ]KWO _SN SX LY^R ^RO NYWKSX SO ) >RO MRK\KM^O\S]^SM ObZYXOX^] ^ROX ]SWZVSPc ^Y = / / / / "% :\O]OXMO YP ^RO SWKQSXK\c ZK\^ aS^R XOQK^S`O ]SQX SWZVSO] ^OWZY\KV SX]^K LSVS^c PY\ KVV aK`O VOXQ^R] +V]Y ^Y LO XY^ON ^RK^ ]SXMO ^RO Q\Y_Z `OVYMS^c KXN ZRK]O ]ZOON SX MNS\OM^SYX S] SNOX^SMKVVc dO\Y ^RO\OPY\O ^RO 5OV`SX 2OVWRYV^d SX]^KLSVS^c PY\ Z_\O ]ROK\ KVaKc] aSVV VOKN ^Y ^aYNSWOX]SYXKV SX]^KLSVS^c )
*#03'1
" :\YP >KZKX 5 =OXQ_Z^K 2:-6 +O\Y]ZKMO /XQSXOO\SXQ 33> 5KXZ_\
#CIGD9J8I>DC
>RO LK]SM KSW YP ^RO WK^O\SKV SX ^RS] MRKZ^O\ S] ^Y KM[_KSX^ \OKNO\] aS^R ^RO ]^K^OYPK\^ SX ^RO ]^_Nc YP \OMOZ^S`S^c KXN \OVK^O ^RO ]KWO aS^R SX]^KLSVS^c KXN ^\KX]S^SYX YP _SN Ya >RS] ]_LTOM^ K\OK \OWKSX] ^RO ZKMSXQ S^OW SX _XNO\]^KXNSXQ WKXc XK^_\KV ZROXYWOXK K] aOVV K] SX ^RO KXKVc]S] KXN NO]SQX YP WKXc OXQSXOO\SXQ ]c]^OW] 0Y\ ObKWZVO ^RS] S] Z_\]_ON SX MS`SV K`SK^SYX ^Y NO]SQX XOaO\ VSP^SXQ ]_\PKMO] aS^R N\KQ \ON_MON Lc ZK]]S`O WOKX] 3X ^RS] MYX^Ob^ UOOZSXQ ^RO Ya VKWSXK\ ]^KLVO Y`O\ K aSXQ ^Y K] VK\QO KX Ob^OX^ ZY]]SLVO S] ^RO Z\SWK\c QYKV AS^R \ON_MON N\KQ ^RO KS\M\KP^ ]ZOON KXN \KXQO MKX LO SXM\OK]ON PY\ ^RO ]KWO ZYaO\ MYX]_WON Y\ RK`O K VO]] ZYaO\P_V OXQSXO PY\ ^RO ]KWO OXN_\KXMO KXN \KXQO YP ^RO SQR^ OX`OVYZO 3^ S] aOVV UXYaX ^RK^ PY\ K dO\Y Z\O]]_\O Q\KNSOX^ K^ ZVK^O LY_XNK\c
VKcO\ ^RO ]USX P\SM^SYX PY\ VKWSXK\ Ya S] QS`OX Lc 2 ) ^RK^ K^ %1 K
Ya @KX .\SO]^ &" >RS] S] ^RO \K^SYXKVO PY\ ^\cSXQ ^Y UOOZ K Ya VKWSXK\ ]Y ^RK^ YXO MKX YL^KSX KX Y\NO\ YP WKQXS^_NO N\KQ \ON_M^SYX SX ^RO \OVO`KX^ ZY\^SYX YP ^RO KO\YNcXKWSM ]_\PKMO =_MR N\KQ \ON_M^SYX] K\O KV]Y \OKVSdKLVO PY\ KS\PYSV ^RO [_SX^O]]OX^SKV VSP^SXQ ]_\PKMO OVOWOX^ YP KVV KS\M\KP^ aSXQ] +MMY\NSXQ ^Y @SUOX &% Ya ZK]^ KX KS\PYSV K^ WYNO\K^O
Ya Y`O\ ^RO KS\PYSV S] WKSX^KSXON P_VVc VKWSXK\ /`OX K WYNO]^ `S]MY_] N\KQ
!""' !"
\ON_M^SYX `SK ^\KX]S^SYX NOVKc MKX Z\Y`SNO VK\QO LOXO ^] SP VK\QO X_WLO\] YP KS\M\KP^] K\O SX`YV`ON K] S] ^RO MK]O PY\ MS`SV KS\ ^\KX]ZY\^ SXN_]^\c >R_] ^\KX]S^SYX NOVKc PY\ ^RO Ya Y`O\ KS\M\KP^ aSXQ] ^KUO] YX KNNON SWZY\^KXMO aROX S^ S] \OKVSdON ^RK^ Lc \O]Y\^SXQ ^Y ^\KX]S^SYX NOVKc ^OMR XS[_O] YX aSXQ] KVYXO KLY_^ ^Y N\KQ \ON_M^SYX S] POK]SLVO YX K WYNO\X ^\KX]ZY\^ KS\M\KP^ 3^ S] KV]Y XYa aOVV O]^KLVS]RON ^RK^ ^\KX]S^SYX ^Y ^_\L_VOXMO \OVK^O] ^Y ^RO _XNO\]^KXNSXQ YP `Y\^SMS^c NS]^\SL_^SYX SX ^RO ]ROK\ VKcO\ KXN ^ROS\ \OY\QKXSdK^SYX SX \O]ZYX]O ^Y PY\MSXQ Lc OX`S\YXWOX ^KV NS]^_\LKXMO] ARSVO ^RO Ya] OS^RO\ SX S^] ]ZK^SY^OWZY\KV Y\NO\Vc PY\W SX VKWSXK\ Ya] Y\ SX S^] MRKY^SM PY\W K\O QY`O\XON Lc ^RO ]KWO QOX O\KVSdON 8K`SO\ =^YUO] O[_K^SYX 1YVN]^OSX & % >RO VK^O ]^KQO] YP ^\KX]S^SYX Z\YMO]]O] Y\ ^RO P_VVc ^_\L_VOX^ Ya] K\O XY^ KWOXKLVO ^Y OK]c _XNO\]^KXNSXQ N_O ^Y ^RO SX^\KM^KLVO XYXVSXOK\S^c YP ^RO 8K`SO\=^YUO] O[_K ^SYX 7Y\UY`SX && 2YaO`O\ ^RO YX]O^ YP ^RO ^\KX]S^SYX Z\YMO]] KV]Y UXYaX K] ^RO \OMOZ^S`S^c ]^KQO ]OO 7Y\UY`SX &"% &$% && S] LONO` SVON Lc Y_\ SXKLSVS^c ^Y MK^KVYQ_O KXN [_KX^SPc ^RO LKMUQ\Y_XN YWXSZ\O]OX^ NS]^_\LKXMO] +^ ^RS] ZYSX^ SX ^SWO ]SQXS MKX^ _XNO\]^KXNSXQ YP ^RO \O MOZ^S`S^c KXN ^RO VSXOK\ ]^KQO YP ^\KX]S^SYX RK`O LOOX WKNO ^RK^ KVVYa] K^^OWZ^] WKNO ^Y NO]SQX KS\M\KP^] aS^R \ON_MON N\KQ `SK ^\KX]S^SYX NOVKc 3X 0SQ aO \OZ\YN_MO ^RO ]c]^OW ZY\^\KS^ QS`OX SX 7Y\UY`SX && PY\ ^RO \Y_^O ^Y aKVV LY_XNON ^_\L_VOX^ Ya] +] YP ^YNKc ^RO Z\SWK\c KZZ\YKMRO] SX ^\KX]S^SYX NOVKc \OVK^O] ^Y ]_ZZ\O]]SXQ NS]^_\LKXMO Q\Ya^R N_\SXQ ^RO \OMOZ^S`S^c KXN Z\SWK\c SX]^KLSVS^c ]^KQO] 6K^O ]^KQO] YP ^\KX]S ^SYX KXN ^_\L_VOX^ ]^K^O] YP Ya] MKX LO MYX^\YVVON Lc KM^S`O WOKX] >RS] K]ZOM^ S] ]^SVV KX KM^S`O K\OK YP \O]OK\MR KXN S] M_\\OX^Vc XY^ _]ON SX KXc YZO\K^SYXKV ^\KX]ZY\^ KS\M\KP^] 0VYa MYX^\YV S] QKSXSXQ SX SWZY\^KXMO SX \OMOX^ ^SWO] :\SWK\SVc VKWSXK\ LY_XNK\c VKcO\] K\O ]_]^KSXON Lc OS^RO\ ]WKVV KWY_X^ YP ]_M^SYX :POXXSXQO\ &!$ Y\ Lc PK`Y_\KLVO Z\O]]_\O Q\KNSOX^] =^KLSVSd SXQ Lc ]_M^SYX ^RY_QR `O\c OMSOX^ EM\S^SMKV ) !# PY\ K]cWZ^Y^SM ]_M^SYX K] MYWZK\ON ^Y ^RO XY ]_M^SYX MK]O PY\ ,VK]S_] LY_XNK\c VKcO\ PY\ aRSMR ,9/> ) " ]OO 2_QRO] RO \O]_V^KX^ ]OM^SYX S] UXYaX K] ^RO 8K^_\KV 6KWSXK\ 0VYa 860 KS\PYSV KXN ^RS] S] KX K\OK aRSMR RK] LOOX _XNO\ \O XOaON SX`O]^SQK^SYX Y`O\ ^RO VK]^ ^R\OO NOMKNO] /K\Vc OY\^] YP NO]SQXSXQ
#"
KS\PYSV] ^Y NOVKc ^\KX]S^SYX K\O K] QS`OX SX 4KMYL] & & >KXS &" +LLY^^ .YOXRY &"& >cZSMKV ObKWZVO] YP ]_MR KS\PYSV] NO]SQXON K\O QS`OX Lc ^RO ]Sb NSQS^ 8+-+ ]O\SO] KS\PYSV] >RO]O KO\YPYSV] aO\O ]_MMO]]P_V K^ VYa RS] S] N_O ^Y ^RO PKM^ ^RK^ ^RO OK\Vc 860 KS\PYSV] ObRSLS^ON VYa N\KQ YXVc PY\ K XK\\Ya \KXQO YP 8 ] NO]SQXON MYX]SNO\SXQ M\_S]O MYXNS^SYX YXVc 2YaO`O\ ]_MR K ]OM^SYX NYO] XY^ ZO\PY\W YZ^SWKVVc SX Y^RO\ ]OM^Y\ YP SQR^ OX`OVYZO >RS] RSQRVSQR^] ^RK^ K Z\KM^SMKV 860 KS\PYSV W_]^ YXVc RK`O VYa M\_S]O N\KQ L_^ KV]Y W_]^ Z\Y`SNO RSQR VSP^ MRK\KM^O\S]^SM] `O\c O]]OX^SKV N_\SXQ VKXN SXQ ^KUO Y KXN MVSWL ?XPY\^_XK^OVc ^Y WKbSWSdO NO]S\ON ZO\PY\WKXMO SX ^O\W] YP VYa N\KQ NOQ\KNO] RSQR VSP^ ZO\PY\WKXMO KXN `SMO `O\]K >RO KLY`O NS]M_]]SYX ZO\^KSXSXQ ^Y N\KQ \ON_M^SYX YP Ob^O\XKV Ya Y`O\ KX KS\M\KP^ aSXQ S] O[_KVVc \OVO`KX^ ^Y ^RO ZYaO\ \O[_S\OWOX^] PY\ Ya YP aK^O\ Y\ YSV SX K ZSZOVSXO 3P ^RO Ya MKX LO \O^KSXON VKWSXK\ KXN Ya SX]^KLSVS^c Z\O`OX^ON KXNY\ NOVKcON ^ROX ^RO\O S] K NS\OM^ LOXO ^ SX ^O\W] YP OXO\Qc OMSOXMc >RS] S] K T_]^S ON WY^S`K^SYX ^Y NS]M_]] KLY_^ Ya SX]^KLSVS^c aS^RY_^ ^RO _XNO\]^KXNSXQ YP aRSMR S^ S] XY^ ZY]]SLVO ^Y NO]SQX KXc ]c]^OW aRY]O ZO\PY\WKXMO S] NSM^K^ON Lc _SN Ya 2O\O aO Z\Y`SNO K QOXO\KV SX^\YN_M^SYX ^Y ^YZSM] YP \OMOZ^S`S^c KXN Ya SX]^KLSVS^c \OVO`KX^ ^Y WKXc OXQSXOO\SXQ ]c]^OW]
!
!""' !"
><JG: ,NHI:B EDGIG6>I ;DG GD69 ID IJG7JA:C8: &DG@DK>C
#"
"
3^ S] XY^ ]^\KSQR^PY\aK\N ^Y ZO\PY\W Z_\O ^ROY\O^SMKV ]^KLSVS^c KXKVc]O] PY\ KXc QS`OX Ya >Y NY ^RS] YXO XOON] KNNS^SYXKV ]SWZVSPcSXQ K]]_WZ^SYX] ^Y WKUO ^RO Z\YLVOW ^\KM^KLVO aS^R ^RO WKTY\ YXO NO]M\SLON XOb^
)6G6AA:A G:BH
ADL EEGDM>B6I>DC 6C9 #CK>H8>9 #CHI67>A>IN -=:D
>RO KLY`O NS]M_]]SYX YX \_NSWOX^] YP SX]^KLSVS^c SXNSMK^O] ^RO XOON ^Y YL^KSX ^RO O[_SVSL\S_W Ya PYVVYaON Lc ^RO ]^_Nc YP S^] ]^KLSVS^c Y\ SX]^KLSV S^c 3^ ]Y RKZZOX] ^RK^ YL^KSXSXQ ^RO O[_SVSL\S_W Ya S^]OVP MY_VN LO K\N_Y_] KXN ^RK^ S] MYWZY_XNON Lc VKMUSXQ QOXO\KV Z\YMON_\O ^Y ]^_Nc S^] SX]^KLSVS^c aS^RY_^ WKUSXQ WKXc ]SWZVSPcSXQ K]]_WZ^SYX] 0Y\ ObKWZVO ^RO SX]^KLSV S^c ]^_NSO] RK] LOOX PKMSVS^K^ON Lc MYX]SNO\SXQ YXVc ^RY]O Ya] PY\ aRSMR ^RO ]ROK\ VKcO\ Q\Ya] `O\c ]VYaVc ]Y ^RK^ ^RO ]^\OKWVSXO] aS^RSX ^RO ]ROK\ VKcO\ MKX LO KZZ\YbSWK^ON ^Y LO ZK\KVVOV ^Y OKMR Y^RO\ ^RO ]YMKVVON ZK\KV VOV Ya KZZ\YbSWK^SYX 3^ ]RY_VN LO XY^ON ^RK^ LY_XNK\c VKcO\ Ya] _XNO\ WSVN Z\O]]_\O Q\KNSOX^ \OWKSX] _X]OZK\K^ON KXN MKX LO KZZ\YbSWK^ON K] [_K]SZK\KVVOV Ya PY\ ^RO Z_\ZY]O YP ]^_NcSXQ S^] SX]^KLSVS^c O`OX aROX ^RO O[_SVSL\S_W Ya RK] LOOX YL^KSXON aS^RY_^ ]_MR \O]^\SM^SYX] + WKTY\ ZK\^ YP VSXOK\ KXN aOKUVc XYXVSXOK\ SX]^KLSVS^c ^ROY\SO] RK`O LOOX NO`OVYZON PY\ [_K]SZK\KVVOV Ya] ]^K\^SXQ aS^R ^RO ZSYXOO\SXQ aY\U YP 2OVWRYV^d %#% 5OV`SX %$ KXN Y ]^_Nc ^RO ]^KLSVS^c YP K ^aYNSWOX]SYXKV ZK\KVVOV Ya ^RK^ YXVc ]_Z ZY\^] ^aYNSWOX]SYXKV NS]^_\LKXMO OVN YXO MYX]SNO\] ^RO ^Y^KV Ya OVN ^Y LO QS`OX Lc IL M H ) / M I L M H JL M H )
J L M H
DL M H ) * L M D L M H
8Y^O ^RO ]ZKMO^SWO NOZOXNOXMO PY\ ^RO ZO\^_\LK^SYX OVN S] aS^RY_^ KXc \O]^\SM^SYX] K^ ^RS] ]^KQO 3X ^RO KL]OXMO YP LYNc PY\MO PY\ MYX]^KX^ NOX]S^c
Ya] ^RO QY`O\XSXQ O[_K^SYX] PY\ ^RO NS]^_\LKXMO OVN SX ]WKVV ZO\^_\LK^SYX KXKVc]S] S] YL^KSXON P\YW ^RO VSXOK\SdON ZO\^_\LK^SYX O[_K^SYX] QS`OX Lc J I ) L M
!
8/ I D I / J ) H L 8M
L
"
J J / H L
D )
M
#
#
!""' !"
0Y\ ^RO Z_\ZY]O YP VSXOK\ KXKVc]S] aO \OZ\O]OX^ ^RO ZO\^_\LK^SYX [_KX ^S^SO] Lc ^ROS\ 0Y_\SO\ 6KZVKMO ^\KX]PY\W `SK I L M H )
IM( 95 D @ 8 8
$
JM( 95 D @ 8 8
%
DM( 95 D @ 8 8
&
J L M H ) D L M H )
3X ^RO]O \OZ\O]OX^K^SYX] KXN K\O ^RO aK`O X_WLO\ KXN MS\M_VK\ P\O[_OXMc \O]ZOM^S`OVc 9XO MKX _]O $ ^Y & SX !# KXN OVSWSXK^O I KXN D P\YW ^RO ^R\OO O[_K^SYX] ^Y QO^ K ]SXQVO NSO\OX^SKV O[_K^SYX PY\ J K] /
8 J 8 / J J) 8M 8M
>RS] S] ^RO MOVOL\K^ON Y ]^_Nc ^RS] SX `S]MSN ]^KLSVS^c YP K _SN NcXKWSMKV ]c]^OW YXO RK] ^Y ]YV`O /[X ]_LTOM^ ^Y ^RO RYWYQOXY_] LY_XNK\c MYXNS^SYX] PY\ J 3X QOXO\KV PY\ K
_SN NcXKWSMKV ]c]^OW KNWS^^SXQ ]ZK^SY^OWZY\KV Q\Ya^R YP ]WKVV ZO\^_\ LK^SYX] LY^R KXN K\O MYWZVOb 2YaO`O\ PY\ ^RO OK]O YP KXKVc]S] aO ]^_Nc ^OWZY\KV Q\Ya^R SO aO MYX]SNO\ K] \OKV KXN K] MYWZVOb 3P aO a\S^O 7 ) ^ROX ^RO MYWZVOb ZRK]O ]ZOON ) 7> =75 aSVV NO^O\WSXO ^RO ]^KLSVS^c YL^KSXON K] KX OSQOX`KV_O YP ^RO O[_K^SYX QS`OX Lc / 7
8 J 8 / J J) 8M 8M
>RO M\S^O\SYX PY\ SX]^KLSVS^c ^ROX LOMYWO]' +74A4 4G8BCB 0 B>;DC8>= F8C7 75 5>A B><4 ?>B8C8E4
#CK>H8>9 #CHI67>A>IN &:8=6C>HB 6O^ J LO MYWZVOb MYXT_QK^O YP J ^ROX J J ) J 7_V^SZVcSXQ /[X Lc J KXN SX^OQ\K^SXQ Y`O\ ^RO ZY]]SLVO VSWS^ ]Kc ^Y aO QO^
J E
8 J / J JG8M ) 8M / 7
#"
$
+LY`O O[_K^SYX S] XYX]SXQ_VK\ K] aO K\O VYYUSXQ PY\ ]YV_^SYX] aS^R 75 ) ]_MR ^RK^ ^RO [_KX^S^c SX ^RO NOXYWSXK^Y\ YP ^RO ^RS\N ^O\W NYO] XY^ `KXS]R =SWZVSPcSXQ /[X YXO QO^] E
8J J G8M 8M
/ J / 7 8M ) / 7
3X /[X ^RO \]^ ^O\W S] \OKV KXN ZY]S^S`O KXN ^RO SWKQSXK\c ZK\^ YP ^RS] O[_K^SYX S] 75
/ J 8M ) / 7
!
>RS] SX^OQ\KV YP ! aSVV `KXS]R SP KXN YXVc SP ^RO SX^OQ\KXN MRKXQO] ]SQX SX ^RO SX^O\`KV YP SX^OQ\K^SYX >RK^ S] ZY]]SLVO YXVc aROX / MRKXQO] ]SQX >R_] ^RO\O W_]^ LO K VYMK^SYX aRO\O / ) PY\ ]YWO M ) M? aS^RSX ^RO VSWS^] YP SX^OQ\K^SYX >RS] ZYSX^ S] UXYaX K] ^RO SX OM^SYX ZYSX^ KXN ^RS] VOKN] ^Y +6NA:><=H #C:8I>DC )D>CI -=:DG:B ! ;DG >CHI67>A>IN >H I=6I I=: 76H>8 K:AD8>IN EGDA: H=DJA9 =6K: 6C >C:8I>DC ED>CI 3X ^RS] ^ROY\OW ^RO SX OM^SYX ZYSX^ \OPO\] ^Y ^RO ObS]^OXMO YP K ZYSX^ aS^RSX K ]ROK\ VKcO\ K^ M ) M? aRO\O ^RO VYMKV `OVYMS^c S] QS`OX Lc /? KXN aRO\O ^RO ]OMYXN NO\S`K^S`O YP ^RO O[_SVSL\S_W Ya Z\Y VO `KXS]RO] SO 0 ( ) aRO\O M S] ^RO aKVVXY\WKV MYY\NSXK^O SX]SNO ^RO ]ROK\ 0E ) / VKcO\ + ]^\YXQO\ `O\]SYX YP ^RO CHI67>A>IN >H I=6I / / /? >H A:HH I=6C O:GD HDB:L=:G: >C I=: DL :A9 >R_] SP ^RO `OVYMS^c Z\Y VO S] K WYXY^YXSMKVVc Q\YaSXQ P_XM^SYX YP S^] K\Q_WOX^ aS^R K ]SXQVO SX OM^SYX ZYSX^ ^ROX ^RO KLY`O XOMO]]K\c MYXNS^SYX PY\ SX]^KLSVS^c MKX LO a\S^^OX PY\ ^RS] `OVYMS^c Z\Y VO K] / / /? PY\ ^RO \KXQO YP SX^OQ\K^SYX aS^R O[_KVS^c YXVc K^ M ) M? ,Y^R ^RO
%
!""' !"
MSN SX]^KLSVS^c ^ROY\SO] SX .\KdSX
/>H8DJH #CHI67>A>IN D; )6G6AA:A
ADLH
3X ^RO LOQSXXSXQ aROX Ya ]^KLSVS^c aK] LOSXQ SX`O]^SQK^ON S^ aK] ^RY_QR^ ^RO KM^SYX YP `S]MY_] PY\MO] S] ^Y NS]]SZK^O OXO\Qc KXN ^R_] S^] OOM^ S] O]]OX^SKVVc ]^KLSVSdSXQ >RS] Z\YWZ^ON OK\Vc ]^KLSVS^c ]^_NSO] _] SXQ RS] Z\Y`SNO] YXO WOMRKXS]W PY\ ^RO SX]^KLSVS^c YP dO\Y KXN PK`Y_\KLVO Z\O]]_\O Q\KNSOX^ LY_XNK\c VKcO\] ^RY]O K\O Y^RO\aS]O ]^KLVO aS^R \O]ZOM^ ^Y ^RO SX`S]MSN WOMRKXS]W YP ]OM^SYX 3X ^RS] ]OM^SYX ^RO ]^KLSVS^c YP `S]MY_] Ya] ^RY]O K\O O]]OX^SKVVc ZK\KVVOV Y\ ^RY]O MY_VN LO aOVVKZZ\YbSWK^ON K] ZK\KVVOV Ya S] NS]M_]]ON >R_] YXO MYX]SNO\] WOKX Ya Z\Y VO] QS`OX Lc / ) / MH=
>RO Ya S] SX ^RO LNS\OM^SYX KXN ^RO `OVYMS^c WKQXS^_NO ]YVOVc NOZOXN] YX ^RO NS]^KXMO P\YW ^RO NK^_W M ) >YVVWSOX & MKVM_VK^ON K M\S^SMKV RO `KV_O YL^KSXON PY\ ^RO M\S^SMKV YVVWSOX aK] ,9D />5@ ) ( B ^RKX ^RO aSXN ^_XXOV \O]_V^] ^RK^ `K\SON LO^aOOX ,9@> ) " SX XYS]c ^_XXOV] KXN MYWZK\K^S`OVc MVOKXO\ ^_XXOV] YP ^RK^ ZO\SYN AO RK`O SXNSMK^ON RO \OK]YX PY\ S^ S] ^RK^ SX]^KLSVS^c KXN ^\KX]S^SYX K\O XY^ ]cXYXcWY_] ARSVO K Ya MKX LOMYWO _X]^KLVO OK\Vc OXY_QR S^ aY_VN ^KUO K aRSVO PY\ ^RO]O _X]^KLVO NS]^_\LKXMO] ^Y Q\Ya _Z ^Y ]_MSOX^Vc VK\QO KWZVS^_NO ^Y MYWZVO^O ^RO Z\YMO]] YP ^\KX]S^SYX =MRVSMR^SXQ VK^O\ MKVM_VK^ON ^RO KWZVS^_NO \K^SY YP ^RO <>BC 0;843 5A4@D4=2H K] K P_XM^SYX YP >RO]O aK`O ]YV_^SYX] K\O XYa MKVVON ^RO >= aK`O] S\\O]ZOM^S`O YP aRO^RO\ ^ROc K\O KWZVS ON Y\ K^^OX_K^ON 3^ S] XYa QOXO\KVVc KMMOZ^ON ^RK^ Ya ZK\KWO^O\] ]_MR K] Z\O] ]_\O Q\KNSOX^ ]_M^SYX KXN ROK^ ^\KX]PO\ [_KVS^K^S`OVc KOM^ ^\KX]S^SYX SX ^RO ]KWO aKc ^RK^ aK] Z\ONSM^ON Lc `S]MY_] ]^KLSVS^c ^ROY\c NO`OVYZON 3X ^RS] ^ROY\c ^RS] S] MK]^ K] KX OSQOX`KV_O Z\YLVOW
#"
&
><:CK6AJ: ADLH
DGBJA6I>DC ;DG #CHI67>A>IN D; )6G6AA:A
3X ^RS] ^ROY\c O[_SVSL\S_W Ya S] YL^KSXON _]SXQ ^RSX ]ROK\ VKcO\ >=6 KZZ\YbSWK^SYX YP ^RO QY`O\XSXQ 8K`SO\ =^YUO] O[_K^SYX 2YaO`O\ ^Y SX`O] ^SQK^O ^RO ]^KLSVS^c YP ^RO _SN NcXKWSMKV ]c]^OW ^RO NS]^_\LKXMO O[_K^SYX] K\O YL^KSXON P\YW ^RO P_VV ^SWO NOZOXNOX^ 8K`SO\ =^YUO] O[_K^SYX] aS^R ^RO O[_SVSL\S_W MYXNS^SYX NO XON Lc ^RO ]^OKNc VKWSXK\ Ya AO YL^KSX ^RO]O SX -K\^O]SKX MYY\NSXK^O ]c]^OW QS`OX Lc I I I D I I J K ) I H L M N L ,9
J J J J D I J K ) J H L M N M ,9
K K K K D I J K ) K H L M N N ,9
!
I J K ) L M N
"
KXN
2O\O ^RO O[_SVSL\S_W Ya S] MYX]SNO\ON ^Y LO SX ^RO L N ZVKXO aS^R M SXNSMK^SXQ ^RO aKVVXY\WKV NS\OM^SYX +LY`O O[_K^SYX] K\O a\S^^OX SX XYX NSWOX]SYXKV PY\W aS^R ^RO ]ROK\ VKcO\ ONQO `OVYMS^c /1 Y\ KX KZZ\YZ\SK^O `OVYMS^c PY\ Y^RO\ Ya] K] ^RO `OVYMS^c ]MKVO KXN & K] ^RO VOXQ^R ]MKVO ]Y ^RK^ ,9 ) () S] ^RO Y ZO\PY\W K VSXOK\SdON ]^KLSVS^c KXKVc]S] YP ^RO _SN NcXKWSMKV ]c]^OW aO ObZ\O]] KVV Ya [_KX^S^SO] E SX^Y K ]^OKNc WOKX ; KXN KX _X]^OKNc NS]^_\LKXMO ^O\W E ^RK^ S] MYX]SNO\ON YXO Y\NO\ YP WKQXS^_NO ]WKVVO\ ^RKX ^RO WOKX [_KX^S^SO] ]Y ^RK^ EL M N H ) +L M N E L M N H
#
>RO ]WKVVXO]] YP ^RO ZO\^_\LK^SYX [_KX^S^SO] K\O SXNSMK^ON Lc ^RO ]WKVV ZK\KWO^O\ 0_\^RO\WY\O ^RO WOKX `OVYMS^c OVN S] K]]_WON ZK\KVVOV [_K]SZK\KVVOV ]Y ^RK^ / ) / M( 0 ( 1 ) 1 M
$
3P ^RO ]ZVS^^SXQ YP `K\SKLVO] K] SXNSMK^ON Lc /[X # K\O ]_L]^S^_^ON SX /[X] " KXN ^RO ) ^O\W] K\O MYVVK^ON YXO QO^] ^RO
!""' !"
PYVVYaSXQ NS]^_\LKXMO O[_K^SYX] I I D 8/ I / 1 J ) I H L N 8M L ,9 J N D J / 1 ) J H L N M ,9 81 K K K D / 1 J ) K H L N 8M N ,9
% &
KXN J K I ) L M N
8Ob^ YXO ZO\PY\W] ^RO XY\WKV WYNO KXKVc]S] SO ^RO Ya SX]^KLSVS^SO] K\O QY`O\XON Lc NS]M\O^O OSQOXWYNO] ^RY]O NY XY^ SX^O\KM^ aS^R OKMR Y^RO\ KXN K\O ]^_NSON ]OZK\K^OVc /[_K^SYX] % ^Y K\O `K\SKLVO MYOP MSOX^ VSXOK\ ZK\^SKV NSO\OX^SKV O[_K^SYX]( L_^ ^ROc NY XY^ KNWS^ KXKVc^SM ]YV_^SYX] 2YaO`O\ aS^R ^RO ROVZ YP XY\WKV WYNO KXKVc]S] ^RS] MKX LO P_\^RO\ ]SWZVS ON +] ^RO MYOMSOX^] YP ^RO]O O[_K^SYX] K\O P_XM^SYX] YP ^RO aKVV XY\WKV MYY\NSXK^O S^ S] XK^_\KV ^Y ObZKXN ^RO NS]^_\LKXMO [_KX^S^SO] SX ^RO PYVVYaSXQ WKXXO\ I J K D ' ) : M M <M M' 9LD= L N H 2O\O ^RO NS]^_\LKXMO KWZVS^_NO] : < KXN K\O ^RO MYWZVOb KWZVS ^_NO P_XM^SYX] KXN S] ^RO NSWOX]SYXVO]] MS\M_VK\ P\O[_OXMc ) &/1 AROX /[X S] ]_L]^S^_^ON SX /[X] % ^RO PYVVYaSXQ Y\NSXK\c NSO\OX^SKV O[_K^SYX] \O]_V^ = / 1 : / ) =
: : ,9
,9 < < = / 1 < 1 ) = ,9 KXN = / 1 )
= : < )
! "
#
#"
3X ^RO]O O[_K^SYX] Z\SWO] SXNSMK^O NSO\OX^SK^SYX aS^R \O]ZOM^ ^Y M 9XO MKX \Oa\S^O ^RO]O O[_K^SYX] K] K ]O^ YP ]Sb \]^ Y\NO\ O[_K^SYX] KXN ^R_] YXO aY_VN \O[_S\O ]Sb LY_XNK\c MYXNS^SYX] ^Y ]YV`O ^ROW ]SW_V^KXOY_]Vc 0Y\ ^RO ]^KLSVS^c KXKVc]S] KLY`O O[_K^SYX] K\O ]YV`ON ]_LTOM^ ^Y RYWYQOXOY_] LY_XNK\c MYXNS^SYX] ^RK^ K\O MYWZK^SLVO aS^R ^RO QY`O\XSXQ O[_K^SYX] 0Y\ ObKWZVO K^ ^RO aKVV YXO _]O] ^RO XY]VSZ LY_XNK\c MYXNS^SYX] : ) ) < )
$
+^ ^RO P\OO ]^\OKW SO K] M YXO \O[_S\O] ^RO NS]^_\LKXMO `OVYMS^c MYWZYXOX^] ^Y NOMKc ^Y dO\Y SO : M M <M 5G M
%
8YX^\S`SKV ]YV_^SYX] YP /[X] # ]_LTOM^ ^Y RYWYQO XY_] LY_XNK\c MYXNS^SYX] $ KXN % aSVV ObS]^ YXVc PY\ ZK\^SM_VK\ MYWLSXK^SYX] YP ^RO ZK\KWO^O\] KXN ,9 >RS] ^ROX Z\YN_MO] ^RO NS]ZO\]SYX Y\ OSQOX`KV_O \OVK^SYX K] ; ,9 )
&
3^ S] KV]Y ZY]]SLVO ^Y \ON_MO /[X] # ^Y K ]SXQVO Y\NSXK\c NSO\OX^SKV O[_K^SYX PY\ ^RO _XUXYaX 9XO MKX MYWLSXO ^RO \]^ KXN ^RO ^RS\N O[_K^SYX SX ^RK^ ]O^ ^Y PY\W KX O[_K^SYX PY\ : < >RS] `K\SKLVO MKX LO \OZVKMON Lc _]SXQ ^RO PY_\^R O[_K^SYX # KXN KP^O\ NSO\OX^SK^SYX aS^R \O]ZOM^ ^Y M KXN OVSWSXK^SXQ Lc _]SXQ ^RO ]OMYXN O[_K^SYX YXO QO^] ^RO PYVVYaSXQ O[_K^SYX PY\ 5B ) =,9 / 1 E G / 1
>RS] S] ^RO aOVVUXYaX 9\\=YWWO\POVN O[_K^SYX 9=/ ^RK^ PY\W] ^RO WKTY\ ^YYV PY\ ^RO SX`O]^SQK^SYX YP Ya SX]^KLSVS^c 3P YXO MYX]SNO\] ^aY NSWOX]SYXKV NS]^_\LKXMO OVN SX K ^aYNSWOX]SYXKV WOKX Ya ^ROX ^RO KLY`O O[_K^SYX ^\KX]PY\W] ^Y ^RO ]SWZVO\ PY\W 5B ) =,9 / E G /
>R_] ^RO 9\\=YWWO\POVN O[_K^SYX S] K PY_\^R Y\NO\ 9./ KXN RK] ]KWO PY\W aRO^RO\ ^RO WOKX Ya S] ^R\OO Y\ ^aYNSWOX]SYXKV =KWO YL]O\`K^SYX MKX LO WKNO aS^R \O]ZOM^ ^Y ^RO NS]^_\LKXMO OVN K] aOVV PY\ ]ZOMSKV MK]O]
!""' !"
>RS] PKM^ MKX LO ObZVYS^ON ^Y \OVK^O WY\O QOXO\KV MK]O] ^Y /[X 3^ S] SVV_]^\K^ON PY\ . WOKX Ya aS^R . NS]^_\LKXMO OVN LOVYa =O^^SXQ 1 KXN _]SXQ ^RO PYVVYaSXQ ^\KX]PY\WK^SYX] SX f ) f ( f) f 5B8 ,9 ) ,9 f
9XO QO^] ^RO PYVVYaSXQ QY`O\XSXQ O[_K^SYX f / f ) = ,9f f E f G f / 5B f
3X O]]OXMO /[X] KXN K\O SNOX^SMKV ObZ\O]]ON PY\ NSP PO\OX^ ZK\KWO^O\] aRO\O ^RO ZK\KWO^O\] K\O \OVK^ON `SK /[X >RO WOKX Ya ? S] \OKV KXN _XMRKXQON KXN SP KXN K\O \OKV ^ROX K ^R\OO NSWOX]SYXKV ]^KLSVS^c Z\YLVOW K^ K RS] S] ^Y K ^aYNSWOX]SYXKV Z\YLVOW K^ ^RO VYaO\ G:H I=:DG:B KXN PY\WKVVc ]^K^ON K]'
! ! ! AO W_]^ RYaO`O\ XY^O ^RK^ ^RO _^SVS^c YP ^RO =[_S\O] ^ROY\OW S] VY]^ SP ^RO WOKX Ya S] ^R\OO NSWOX]SYXKV Y\ SP KXN K\O MYWZVOb K] SX ]ZK^SKV ]^KLSVS^c Z\YLVOW]
-:BEDG6A 6C9 ,E6I>6A BEA>86I>DC D; >HIJG76C8:H 3P KXN K\O KVV \OKV ^ROX P\YW /[X YXO MKX ]OO ^RK^ ^RO NS]^_\LKXMO] Z\YZKQK^O ^R\Y_QR ^RO ]ROK\ VKcO\ aS^R MYX]^KX^ KWZVS^_NO K^ KVV ^SWO] 2YaO`O\ SP KXN K\O \OKV KXN S] MYWZVOb ^ROX KMMY\NSXQ ^Y /[X ^RO NS]^_\LKXMO] aSVV Q\Ya Y\ NOMKc aS^R ^SWO 3X MYX^\K]^ SP S] \OKV KXN K\O MYWZVOb ^ROX ^RO NS]^_\LKXMO KWZVS^_NO aSVV XY^ MRKXQO aS^R ^SWO L_^ ^ROc aSVV MRKXQO aS^R L KXN N >RO PY\WO\ MK]O aRO\O ^RO NS]^_\LKXMO KWZVS^_NO MRKXQO aS^R ^SWO S] K ]_LTOM^ NOKV^ aS^R SX C4>A0; 0;820C8>= C74>AH KXN ^RO VK^^O\ S] ^RO ]_LTOM^ YP B?0C80; 0< ?;820C8>= C74>AH 3P KVV ^RO ^R\OO [_KX^S^SO] KXN K\O MYWZVOb ^ROX ^RO NS]^_\LKXMO] Q\Ya SX LY^R ]ZKMO KXN ^SWO KXN S] ^RO ]_LTOM^ WK^^O\ YP B?0C8> C4>A0; C74>AH -:BEDG6A BEA>86I>DC -=:DGN AS^R ) > =5 KXN \OKV ^RO NS]^_\LKXMO MKX LO a\S^^OX K] E L M N H ) H E M9 @ 95 DF @
!
#"
>RO WKQXS^_NO YP ^RO aK`O X_WLO\ `OM^Y\ S] ) KXN ^RO KXQVO LO^aOOX ^RO aK`O X_WLO\ `OM^Y\ KXN ^RO LKbS] S] QS`OX Lc ) ^KX >RO ZRK]O ]ZOON YP ^RO NS]^_\LKXMO OVN S] QS`OX Lc 7<4 ) > 3P + \OZ\O]OX^] ^RO WKQXS^_NO YP ^RO NS]^_\LKXMO K^ K ZK\^SM_VK\ ROSQR^ M ^ROX S^ PYVVYa] P\YW /[X ! 8 ) 5 8H >R_] 5 S] ^RO 0;820C8>= A0C4 SX ^RO ^OWZY\KV ^ROY\c 3P 5
"
#K
^ROX ^RO NS]^_\LKXMO] K\O 3043 3P YX ^RO Y^RO\ RKXN 5 )
#L
^ROX ^RO NS]^_\LKXMO] K\O =4DCA0; 0SXKVVc SP 5
#M
^ROX ^RO NS]^_\LKXMO] 0;85H aS^R ^SWO ,E6I>6A BEA>86I>DC -=:DGN 3X ^RS] ^ROY\c S] ^\OK^ON K] \OKV KXN ^RO aK`O X_WLO\ MYWZYXOX^] K\O MYWZVOb' $ ) > = 5 5B8 ) > =5 >R_] YXO MKX a\S^O ^RO NS]^_\LKXMO OVN K] E M9 D F 95 D F @ E L M N H ) H
%
3P YXO NO XO] > ) > > 5B8 ) ^KX > >
&
> >ROX ^RO ZRK]O ]ZOON YP ^RO NS]^_\LKXMO OVN S] QS`OX Lc 7<4 ) +NNS^SYXKVVc SP YXO NO XO] 5 ) 5 5 KXN ) ^KX 5 5 ^ROX KVYXQ 5 KXN \Oa\S^O YXO MKX NO XO ^aY XOa NS\OM^SYX] L f KVYXQ > KXN L % K] E L M N H ) EHM 9 D 95 D @
>R_] YXO MKX ]SWSVK\Vc a\S^O K ]ZK^SKV KWZVS MK^SYX \K^O SX ^RO ZK\^SM_VK\ NS\OM^SYX QS`OX Lc K]
!
!""' !"
8 ) 5 8 L >RO KWZVS MK^SYX \K^O] K\O NSO\OX^ SX NSO\OX^ NS\OM^SYX] KXN YP MY_\]O 0Y\ ^R\OO NSWOX]SYXKV aK`O] ^RO NSO\OX^ 5 K\O ^ROW]OV`O] P_XM^SYX YP ]ZK^SKV ^ROY\c MYWO] aS^R VY^ WY\O MYWZVSMK^SYX] K] MYWZK\ON ^Y ^OWZY\KV ^ROY\c 3X KNNS^SYX ^Y ^RO aK`O Y\SOX^K^SYX KXQVO ^RO KWZVS MK^SYX NS \OM^SYX W_]^ KV]Y LO ]ZOMS ON LOPY\O KXc MKVM_VK^SYX MKX LO WKNO 9XMO KQKSX SP 5
K
^ROX ^RS] MY\\O]ZYXN] ^Y K 3043 ]YV_^SYX 9X ^RO Y^RO\ RKXN SP 5 )
L
^ROX ^RS] MY\\O]ZYXN] ^Y =4DCA0; BC018;8CH 0SXKVVc SP 5
M
^ROX aO RK`O ]S^_K^SYX YP 8=BC018;8CH +:A6I>DCH=>E :IL::C -:BEDG6A 6C9 ,E6I>6A -=:DG>:H -YX]SNO\ ^RO QOXO\KV NS]ZO\]SYX \OVK^SYX ) ,9
0\YW ^RS] aO MKX YL^KSX ^RO Q\Y_Z `OVYMS^c MYWZYXOX^] PY\ ^RO ^R\OO NSWOX]SYXKV NS]^_\LKXMO OVN SX ^RO L KXN N NS\OM^SYX] \O]ZOM^S`OVc K] 0O3 )
!
3X C4>A0; C74>AH YXO _]O] ) > KXN SX B?0C80; C74>AH YXO _]O] ) > KXN ) > SX /[X ! >RO SWKQSXK\c ZK\^ YP ^RO Q\Y_Z `OVYMS^c S] _]_KVVc XOQVOM^ON 0Y\ ZK\KVVOV Ya] YXO MKX PY\W K ]ZK^SKV KWZVS MK^SYX \K^O Lc PYVVYaSXQ ^RO aK`O aS^R ^RO Q\Y_Z `OVYMS^c SO 8 8 ) 0O3 8H 8 L
"
aRO\O L S] MRY]OX SX ^RO NS\OM^SYX YP 0O3 -YX]O[_OX^Vc 5 )
5 0O3
0O3
#
#"
"
KXN ^RO NS\OM^SYX YP 5 S] YL^KSXON P\YW > ) ^KX >
$
0Y\ ^aYNSWOX]SYXKV Ya] ]_MR K \OVK^SYX aK] _]ON Lc =MRVSMR^SXQ & & aS^RY_^ KXc Z\YYP KXN aK] VK^O\ Z\Y`SNON SX 1K]^O\ ,_^ ^RS] MKX LO ]RYaX PY\ QOXO\KV NS]^_\LKXMO OVN Lc XY^SXQ ^RK^ S] KX KXKVc^SM MYWZVOb P_XM^SYX YP KXN >RO\OPY\O YXO MKX _]O ^RO -K_MRc <SOWKXX O[_K^SYX `KVSN PY\ MYWZVOb KXKVc^SM P_XM^SYX] KXN RO\O ^RO]O K\O QS`OX Lc > 5 ) > 5
> 5 ) 5 >
%
KXN > 5 > 5 ) ) & > 5 5 > 0Y\ ^R\OO NSWOX]SYXKV NS]^_\LKXMO] ^RO VOP^ RKXN ]SNO YP ^RO \]^ O[_K ^SYX] YP % KXN & K\O ^RO Q\Y_Z `OVYMS^c MYWZYXOX^] K] NO XON
MKX LO KZZ\YbSWK^ON Lc XY^SXQ ^RK^ 5 Lc ! +V]Y XY^O ^RK^
NOM\OK]O] P\YW S^] ^OWZY\KV `KV_O ^Y dO\Y SX ^RO ]ZK^SKV ^ROY\c K] 5 QYO] P\YW dO\Y ^Y S^] `KV_O K] YL^KSXON SX ^RO ]ZK^SKV ^ROY\c 3P ^RO KWZVS MK^SYX \K^O] K\O ]WKVV K] ^ROc K\O SX K VSXOK\ ^ROY\c ^ROX ^RO KLY`O `K\SK^SYX] K\O
VSXOK\ KXN ^R_]
>RO\OPY\O 5 ! 5 0Y\ ^R\OO NSWOX]SYXKV NS]^_\LKXMO] SP S] ]ZOMS ON K\LS^\K\SVc KXN ^RO LKbS] S] \Y^K^ON ^Y VSO SX ^RO NS\OM^SYX ^ROX /[X # aSVV KZZVc 5 KXN 03 Lc ^RO MYWZYXOX^ YP Q\Y_Z `OVYMS^c SX ^RO aS^R 5 \OZVKMON Lc NS\OM^SYX E03 GD )
)GDE:GI>:H D; (GG,DBB:G;:A9 FJ6I>DC 6C9 DJC96GN DC 9>I>DCH
0Y\ ^RO ]^KLSVS^c KXKVc]S] YP _SN NcXKWSMKV ]c]^OW aRY]O O[_SVSL\S_W ]YV_^SYX S] QS`OX Lc K ZK\KVVOV Y\ [_K]SZK\KVVOV Ya YXO RK] ^Y ]YV`O ^RO 9\\=YWWO\POVN O[_K^SYX NOZOXNSXQ YX aRO^RO\ ^RO WOKX Ya S] ^aY Y\ ^R\OONSWOX]SYXKV 0Y\ ^RO ^aYNSWOX]SYXKV Z\YLVOW O[_S`KVOX^ LY_XNK\c MYXNS^SYX] K\O QS`OX Lc H M ) '
: )
!K
#
!""' !"
B8 5G M '
:
!L
>Y ]YV`O /[X KLY`O LY_XNK\c MYXNS^SYX] RK`O ^Y LO ^\KX] PY\WON SX ^O\W] YP PY\ ^aYNSWOX]SYXKV NS]^_\LKXMO OVN K] ) = :
!
>R_] YXO RK] ^Y ]K^S]Pc RYWYQOXOY_] LY_XNK\c MYXNS^SYX] PY\ KXN K^ LY^R ^RO LY_XNK\SO] PY\ aKVVLY_XNON ]ROK\ Ya] >RO MYX]O[_OXMO YP PK\ ]^\OKW LY_XNK\c MYXNS^SYX] K] QS`OX Lc !L S] _XNO\]^YYN Lc _]SXQ ^RO WOKX Ya SXPY\WK^SYX K^ M ' / M ) KXN / M SX 9XO QO^] ^RO PYVVYaSXQ MYX]^KX^ MYOMSOX^ 9./ K^ M ' 5B ) = ,9
! E
=YV_^SYX YP ^RO KLY`O MKX LO YL^KSXON SX ^RO PY\W 9 ]Y ^RK^ YXO QO^] ^RO MRK\KM^O\S]^SM \YY^] K] ) KXN ) + aRO\O + ) E = ,9 7G 0Y\ LY_XNK\c VKcO\ SX]^KLSVS^c Z\YLVOW] ,9 KXN ^ROX + >RS] S] ^RO ]Y_\MO YP ]^SXO]] ^RK^ WKUO] YL^KSXSXQ ^RO X_WO\SMKV ]YV_^SYX YP K NK_X^SXQ ^K]U >RS] MK_]O] ^RO P_XNKWOX^KV ]YV_^SYX] YP ^RO 9\\=YWWO\POVN O[_K^SYX ^Y `K\c Lc NSO\OX^ Y\NO\] YP WKQXS^_NO XOK\ KXN PK\ KaKc P\YW ^RO aKVV >RS] ^cZO YP LORK`SY_\ WKUO] ^RO QY`O\XSXQ O[_K^SYX K BC8 38 4A4=C80; 4@D0C8>= ^RK^ ]_O\] P\YW ^RO Q\Ya^R YP ?0A0B8C82 4AA>A aRSVO X_WO\SMKVVc ]YV`SXQ S^ 3X QOXO\KV 9\\=YWWO\POVN O[_K^SYX S] K PY_\^R Y\NO\ 9./ KXN ^R_] aSVV RK`O PY_\ P_XNKWOX^KV ]YV_^SYX] aRY]O K]cWZ^Y^SM `K\SK^SYX PY\ M S] QS`OX Lc ^RO MRK\KM^O\S]^SM ObZYXOX^] YP ! SO ) 5 5 5 5
!!
ARO\O K^ ^RO P\OO ]^\OKW M ' 9 E ( 9 E ( 9 $E KXN 9$E >Y ]K^S]Pc ^RO LY_XNK\c MYXNS^SYX QS`OX SX !L YXO W_]^ RK`O' 5 ) 5 ) >ROX ^RO QOXO\KV ]YV_^SYX S] YP ^RO PY\W ) 5 5
!"
>RS] S] KX KNWS]]SLVO ]YV_^SYX YP /[X] ! KXN Y\ ! ^RK^ ]K^S] O] YXO ]O^ YP LY_XNK\c MYXNS^SYX] !L K_^YWK^SMKVVc >RO ^aY \OWKSXSXQ MYX]^KX^] SX ^RO ]YV_^SYX !" MKX LO bON Lc ]K^S]PcSXQ ^RO LY_XNK\c MYXNS^SYX] QS`OX Lc !K K] 5 M ) ( ,9 5 M ) ( ,9 )
!#
#"
$
5 M ) ( ,9 5 M ) ( ,9 )
!$
AO aSVV QO^ K XYX^\S`SKV ]YV_^SYX PY\ ^RO]O SP KXN YXVc SP ^RO NO^O\WS XKX^ YP ^RO K]]YMSK^ON WK^\Sb YP ^RO VSXOK\ KVQOL\KSM ]c]^OW QS`OX Lc KLY`O O[_K^SYX] S] dO\Y SO E )
!%
>RS] S] ^RO MRK\KM^O\S]^SM O[_K^SYX PY\ ^RO OSQOX`KV_O] ZY]ON Lc ^RO 9\\ =YWWO\POVN O[_K^SYX ^RK^ KV]Y MKX LO `SOaON K] ^RO NS]ZO\]SYX \OVK^SYX YP ^RO Z\YLVOW =Y ^RO ^K]U K^ RKXN S] ^Y YL^KSX K MYWLSXK^SYX YP KXN PY\ K QS`OX ,9 ]_MR ^RK^ ^RO ]YV_^SYX YP 9=/ ]K^S] O] !% >RO ]^SXO]] YP 9=/ MK_]O] ^RO X_WO\SMKV ]YV_^SYX ^Y VY]O ^RO ;8=40A 8=34?4=34=24 YP NSO\OX^ ]YV_^SYX MYWZYXOX^] MY\\O]ZYXNSXQ ^Y ^RO NSO\OX^ P_XNKWOX^KV ]YV_^SYX] >RS] S] ^RO ]Y_\MO YP ?0A0B8C82 4AA>A Q\Ya^R YP KXc BC8 38 4A4=C80; 4@D0C8>= >Y \OWY`O ^RS] Z\YLVOW SX K ]^\KSQR^ PY\aK\N WKXXO\ YXO MKX _]O ^RO -YWZY_XN 7K^\Sb 7O^RYN -77 +] NS]M_]]ON SX .\KdSX RS] WO^RYN RK] LOOX \OPY\W_VK^ON Lc +VVOX ,\SNQO] K _]SXQ Ob^O\SY\ KVQOL\K ^Y WKUO ^RO WO^RYN MYY\NSXK^O P\OO -77 RK] LOOX SX _]O PY\ ]^KLSVS^c MKVM_ VK^SYX] PY\ Y`O\ VK]^ ^aY NOMKNO] K] \OZY\^ON SX .\KdSX
%
!""' !"
DBEDJC9 &6IG>M &:I=D9 -YWZY_XN WK^\Sb WO^RYN -77 RK] LOOX SX _]O PY\ ]^KLSVS^c MKVM_VK^SYX] PY\ Y`O\ VK]^ ^aY NOMKNO] K] ^RO Y\SQSXKV WO^RYN aK] \OZY\^ON SX 8Q RO]O XOa `K\SKLVO] KVV `K\c aS^R c K^ ^RO SNOX^SMKV \K^O \OWY`SXQ ^RO ]^SXO]] Z\YLVOW 0Y\ ^RO 9\\=YWWO\POVN O[_K^SYX ^RO XOa `K\SKLVO] K\O PY\ NO^KSV] KLY_^ ^RO]O XOa `K\SKLVO] ]OO .\KdSX