Professional Documents
Culture Documents
Mathematica для студента
Mathematica для студента
Mathematica для студента
M>D
;;D y
I
Iheh\dh : F
\ ijhn_kkbhgZevghc ^_yl_evghklb
M>D
;;D y
=jmiiZ ih^]hlh\db ba^Zgby
=eZ\guc j_^Zdlhj ?dZl_jbgZ Dhg^mdh\Z
AZf ]eZ\gh]h j_^ZdlhjZ LZlvygZ EZibgZ
AZ\ j_^Zdpb_c =jb]hjbc >h[bg
J_^Zdlhj :ggZ DmavfbgZ
Dhfivxl_jgZy \_jkldZ Hev]b K_j]b_gdh
Dhjj_dlhj AbgZb^Z >fbljb_\Z
>baZcg k_jbb B]hjy Pujmevgbdh\Z
Hnhjfe_gb_ h[eh`db ?e_gu ;_ey_\hc
AZ\ ijhba\h^kl\hf
GbdheZc L\_jkdbo
K ! "# #
$
%& ' () *)
+,-./012+3 '$43 5)/0123 1# 63 4,
5/(#2) )#7 1)7
4$
''' ''''
2 8 #9 #1&09
1 ! :8 0#9 0#2#1 #)
; 28<
=" +%2! +>1)+
'$3 5)/0123 #3 '
,6%1 Iheh\dh : F
Hnhjfe_gb_ ba^Zl_evkl\h ;O<I_l_j[mj]
µ½²´½·¿º·
b fZljbp
Nmgdpby
Nmgdpby
Nmgdpby
:gZeblbq_kdb_ f_lh^u
mjZ\g_gbc
LZ[ebqgh_ bgl_]jbjh\Zgb_
Ijh\_jdZ ijZ\bevghklb \uqbke_gby bgl_]jZeZ
0DWKHPDWLFD
=eZ\Z Dhfivxl_jgu_ l_ogheh]bb j_r_gby aZ^Zq
bgl_jiheypbb
<b^u b wlZiu dhfivxl_jguo l_ogheh]bc bgl_jiheypbb
Kihkh[ =jZnhZgZeblbq_kdbc
Z\lhfZlbaZpbb bgl_jiheypbb
Mgb\_jkZevguc f_lh^
IZ^_ ZiijhdkbfZpby
Ebg_cgZy ZiijhdkbfZpby
G_ebg_cgZy ZiijhdkbfZpby
IhebghfbZevgZy ZiijhdkbfZpby
KieZcg bgl_jiheypby
Fgh]hiZjZf_ljbq_kdZy bgl_jiheypby
<\_^_gb_
Dgb]Z 0DWKHPDWLFD ^ey klm^_glZ ihihegy_l k_jbx dgb] kbf\hevghc fZl_fZ
lbdb 'HULYH ^ey klm^_glZ 0$7/$% ^ey klm^_glZ 0DWKFDG ^ey klm^_glZ
\uims_gguo \ k\_l \ ² ]] ba^Zl_evkl\hf ;O<I_l_j[mj]
;m^_f gZ^_ylvky qlh \ kdhjhf \j_f_gb ba^Zl_evkl\h \uimklbl \ k\_l dgb]m
0DSOH ^ey klm^_glZ ² ihke_^gxx ba k_jbb dgb] kbf\hevghc fZl_fZlbdb
?keb wlh ijhbahc^_l lh klm^_gl ihemqbl ihegmx bgl_ee_dlmZevgmx [b[ebhl_
dm dgb] dhfivxl_jghc Ze]_[ju Wlb dgb]b [m^ml _fm gm`gu \ l_q_gb_ \k_]h
i_jbh^Z h[mq_gby \ \ma_
Gb h^gZ ba gbo \ hl^_evghklb g_ fh`_l h[_ki_qblv mq_[guc ijhp_kk ih \k_f
ij_^f_lZf ^Zgghc ki_pbZevghklb <k_ hgb gm`gu klm^_glm ijb \uiheg_gbb
mijZ`g_gbc b ^hfZrgbo aZ^Zgbc ih jZaebqguf fZl_fZlbq_kdbf b l_ogbq_
kdbf ^bkpbiebgZf ijb \uiheg_gbb eZ[hjZlhjguo jZ[hl ijb dmjkh\hf b ^b
iehfghf ijh_dlbjh\Zgbb
G_ \k_ klm^_glu fh]ml bf_lv lZdmx [b[ebhl_dm FZehbfmsbo ^he`gu h[_ki_
qblv wlbfb dgb]Zfb [b[ebhl_db \mah\ LZdh\u lj_[h\Zgby dhfivxl_jbaZpbb
h[mq_gby ijba\Zggh]h kms_kl\_ggh ih\ukblv _]h wnn_dlb\ghklv
Ihy\e_gb_ kbkl_f kbf\hevghc fZl_fZlbdb ² j_\hexpby \ gZmd_ b h[jZah\Zgbb
Kh\k_f g_^Z\gh dhfivxl_j [ue ebrv fhsguf dZevdmeylhjhf b g_ h[eZ^Ze
k\hckl\hf bgl_ee_dlmZevgh]h l_ogbq_kdh]h kj_^kl\Z
K _]h ihfhsvx fh`gh [ueh j_rZlv aZ^Zqb lhevdh \ qbke_gghf \b^_ Ijb wlhf
ihevah\Zl_ev h[yaZg khklZ\eylv ijh]jZffu gZ mgb\_jkZevguo yaudZo ijh]jZf
fbjh\Zgby NhjljZg Kb ;_ckbd b l i Wlh fh] ^_eZlv lhevdh ijhn_kkbh
gZevguc ijh]jZffbkl
Wlbf fh`gh h[tykgblv keZ[h_ bkihevah\Zgb_ \uqbkebl_evghc l_ogbdb \ bg`_
g_jghf ^_e_ gZmd_ b h[jZah\Zgbb
Ihy\e_gb_ kbkl_f kbf\hevghc fZl_fZlbdb lZdbo dZd 0DWKHPDWLFD 0DSOH
'HULYH 0DWKFDG 0$7/$% kms_kl\_ggh baf_gbeh kblmZpbx
L_i_jv ihevah\Zl_ex g_l g_h[oh^bfhklb khklZ\eylv ijh]jZffu gZ mgb\_j
kZevghf yaud_ ijh]jZffbjh\Zgby Hgb m`_ khklZ\e_gu b \ dZq_kl\_ ]hlh\uo
ijh]jZff gZoh^ylky \ iZfylb dhfivxl_jZ Lj_[m_lky ebrv h[jZlblvky d gbf Z
´·¶·¿º·
ijh]jZffbjh\Zgb_ khklhbl ebrv \ lhf qlh[u h[t_^bgblv g_dhlhju_ ba gbo \
_^bgmx ijh]jZffm khhl\_lkl\mxsmx Ze]hjblfm j_r_gby aZ^Zqb
H[jZs_gb_ d ijh]jZffZf hkms_kl\ey_lky k ihfhsvx \kljh_gguo nmgdpbc beb
dhfZg^ Lh]^Z kmsghklv ijh]jZffbjh\Zgby khklhbl \ lhf qlh[u kha^Zlv dhf
[bgZpbx \kljh_gguo nmgdpbc khhl\_lkl\mxsmx Ze]hjblfm LZdh_ nmgdpbh
gZevgh_ ijh]jZffbjh\Zgb_ gZklhevdh ijhklh_ qlh bf e_]dh h\eZ^__l ex[hc
ihevah\Zl_ev
Hkh[_gghklbkbkl_fu0DWKHPDWLFD
X Kbkl_fZ 0DWKHPDWLFD y\ey_lky hq_gv ihimeyjghc \h \k_f fbj_ LZd gZijb
f_j \ KR: hnbpbZevgh aZj_]bkljbjh\Zgh k\ur_ fbeebhgZ __ ihevah\Zl_
e_c Ba^Zgh g_kdhevdh ^_kyldh\ dgb] jZaebqgh]h gZagZq_gby
KqblZ_lky b g_ [_a hkgh\Zgby qlh 0DWKHPDWLFD ² eb^_j kj_^b kbkl_f kbf
\hevghc fZl_fZlbdb
X <ukhdb_ bgl_ee_dlmZevgu_ \hafh`ghklb kbkl_fu 0DWKHPDWLFD iha\heyxl
j_rZlv aZ^Zqb \ ZgZeblbq_kdhf \b^_
Ij_h[jZah\Zgby fZl_fZlbq_kdbo \ujZ`_gbc hkms_kl\eyxlky gZ lZdhf \u
khdhf mjh\g_ qlh kbkl_fZ iha\hey_l ihemqZlv j_r_gby [hevrbgkl\Z fZl_
fZlbq_kdbo aZ^Zq \ ZgZeblbq_kdhf \b^_ \u\h^blv nhjfmeu ^hdZau\Zlv
l_hj_fu Kbkl_fZ iha\hey_l
x hij_^_eylv \_s_kl\_ggu_ b dhfie_dkgu_ dhjgb Ze]_[jZbq_kdbo b
ljZgkp_g^_glguo mjZ\g_gbc
x j_rZlv Ze]_[jZbq_kdb_ b ^bnn_j_gpbZevgu_ mjZ\g_gby
x \uqbkeylv g_hij_^_e_ggu_ bgl_]jZeu
x hkms_kl\eylv bgl_]jZevgu_ ij_h[jZah\Zgby
x j_rZlv aZ^Zqb hilbfbaZpbb
x hkms_kl\eylv jZaeh`_gb_ nmgdpbb \ kl_i_gghc jy^
x gZoh^blv ij_^_eu \uqbkeylv kmffu b ijhba\_^_gby fZl_fZlbq_kdbo
nmgdpbc
x hkms_kl\eylv mijhs_gb_ keh`guo fZl_fZlbq_kdbo \ujZ`_gbc ^h lZdbo
mjh\g_c dh]^Z \ujZ`_gb_ klZgh\blky nhjfmehc
x hkms_kl\eylv kZfhijh\_jdm j_amevlZlh\ j_r_gby aZ^Zqb
X 0DWKHPDWLFD ² fhsgZy \uqbkebl_evgZy kbkl_fZ HgZ iha\hey_l [_a ijh
]jZffbjh\Zgby ihemqZlv qbke_ggu_ j_r_gby [hevrbgkl\Z aZ^Zq ijbdeZ^
ghc fZl_fZlbdb Kbkl_fZ ihjZ`Z_l h[t_fhf \uqbke_gbc GZijbf_j nmgd
pbb S _ Q \uqbkey_l ijZdlbq_kdb k ex[uf qbkehf agZdh\ HgZ kihkh[gZ
\uihegylv fZl_fZlbq_kdb_ ^_ckl\by k Z[khexlghc lhqghklvx Ijb wlhf
dhebq_kl\h pbnj g_ h]jZgbq_gh
´·¶·¿º·
0DWKHPDWLFD iha\hey_l lZd`_ \uihegylv \uqbke_gby k ijhba\hevghc lhq
ghklvx GZijbf_j \kljh_ggZy nmgdpby 1>)Q@ \uqbkey_l fZl_fZlbq_kdh_
\ujZ`_gb_ ) k qbkehf agZdh\ ihke_ aZiylhc jZ\guf Q Ijb wlhf Q g_ h]jZ
gbq_gh
X 0DWKHPDWLFD ² kijZ\hqgZy fZl_fZlbq_kdZy kbkl_fZ L_i_jv fZl_fZlbq_kdb_
kijZ\hqgbdb g_ gm`gu < kqblZggu_ k_dmg^u ihevah\Zl_ev ihemqbl lZ[eb
pu eh]Zjbnfh\ we_f_glZjguo b ki_pbZevguo nmgdpbc lZ[ebpu ijhba\h^
guo bgl_]jZeh\ kmff b ijhba\_^_gbc b l ^
X 0DWKHPDWLFD ² kijZ\hqgZy kbkl_fZ kh^_j`ZsZy g_kdhevdh we_dljhgguo
dgb] ^ey ihevah\Zl_ey k [hevrbf qbkehf ijbf_jh\
X J_r_gb_ aZ^Zq hkms_kl\ey_lky \ j_`bf_ ^bZeh]Z b g_ lj_[m_l ijh]jZffb
jh\Zgby Yaud h[s_gby kbkl_fu ² yaud nmgdpbhgZevgh]h ijh]jZffbjh\Z
gby \ukhdh]h mjh\gy ?]h fh`gh hlg_klb d deZkkm bgl_jij_lZlhjh\ dh]^Z
kbkl_fZ ZgZebabjm_l bgl_jij_lbjm_l \\_^_ggh_ \ujZ`_gb_ b kjZam _]h
bkihegy_l
X Hjb]bgZevgZ kljmdlmjZ kbkl_fu 0DWKHPDWLFD khklhysZy ba y^jZ iZd_lh\
jZkrbj_gby [b[ebhl_db b kijZ\hqghc kbkl_fu ba r_klb we_dljhgguo dgb]
Y^jh kbkl_fu ijZdlbq_kdb g_ aZ\bkbl hl ieZlnhjfu LZdZy kljmdlmjZ hagZ
qZ_l qlh kbkl_fZ 0DWKHPDWLFD y\ey_lky kbkl_fhc kZfhh[mqZxs_c
Kbkl_fZ k\yaZgZ k Bgl_jg_lhf ?_ ]eZ\guc kZcl ihk\ys_g kbkl_f_ 0DWKH
PDWLFD < g_f kh^_j`Zlky jZaebqgu_ \_jkbb kbkl_fu dgb]b \k_fbjgZy kbkl_fZ
\uqbke_gby bgl_]jZeh\ ]Ze_j_y ]jZnbdb ^hihegbl_evgu_ [b[ebhl_db b iZd_
lu jZkrbj_gby
Hdgb]_0DWKHPDWLFD^eyklm^_glZ
< Jhkkbb bf__lky lhevdh g_kdhevdh dgb] ih kbkl_f_ 0DWKHPDWLFD Hgb ba^Zgu
g_[hevrbfb lbjZ`Zfb b ijb\_^_gu \ kibkd_ ebl_jZlmju Ih k\h_fm h[t_fm b
kh^_j`Zgbx hgb g_ fh]ml m^h\e_l\hjblv bg`_g_jZ klm^_glZ ij_ih^Z\Zl_ey
Gm`gZ dgb]Z ^ey rbjhdh]h ihevah\Zl_ey \ dhlhjhc [u \ ^hklmighc ^ey ihgb
fZgby nhjf_ baeZ]Zebkv dhfivxl_jgu_ l_ogheh]bb j_r_gby fZl_fZlbq_kdbo b
ijbdeZ^guo aZ^Zq LZdhc dZ`_lky b y\ey_lky gZklhysZy dgb]Z >Ze__ baeZ]Z
xlky __ hkgh\gu_ hkh[_gghklb
X < dgb]_ ih^jh[gh baeZ]Zxlky dhfivxl_jgu_ l_ogheh]bb j_r_gby fZl_
fZlbq_kdbo aZ^Zq
x dhjj_dlgZy ihklZgh\dZ aZ^Zqb
x \u[hj Ze]hjblfZ b f_lh^Z j_r_gby aZ^Zqb
x \u[hj \kljh_gghc nmgdpbb
x j_r_gb_ aZ^Zqb
x ijh\_jdZ ^hklh\_jghklb j_r_gby
x h[km`^_gb_ j_amevlZlh\
´·¶·¿º·
Ijb j_r_gbb aZ^Zq \ dZq_kl\_ ijbf_jh\ wlZ l_ogheh]by kh[ex^Z_lky HgZ
iha\hey_l ihgbfZlv kmsghklv aZ^Zqb ihemqZlv agZgby Z g_ lhevdh mf_gby
b gZ\udb gZoh^blv ijZ\bevgh_ j_r_gb_ aZ dhjhldh_ \j_fy
X P_e_gZijZ\e_gghklv dgb]b < g_c baeZ]Z_lky \k_ lh ]eZ\gh_ ^ey q_]h ij_^
gZagZq_gZ 0DWKHPDWLFD ² \uihegylv \uqbke_gby ihemqZy j_r_gby \ qbk
e_gghf beb ZgZeblbq_kdhf \b^_
Fgh]b_ \hafh`ghklb kbkl_fu bf_xsb_ ebrv dhk\_ggh_ hlghr_gb_ d \u
qbke_gbyf baeZ]Zxlky ih\_joghklgh D gbf hlghkylky bklhjby kha^Zgby
mklZgh\dZ kbkl_fu ^_lZeb bgl_jn_ckZ ]jZnbdZ g_ bf_xsZy hlghr_gby d
\bamZebaZpbb \uqbke_gbc kbkl_fZ 0DWKHPDWLFD dZd j_^Zdlhj l_dklh\
kijZ\hqgZy b hdhggZy kbkl_fu jy^ ^hihegbl_evguo nmgdpbc hipbc b ^b
j_dlb\ bf_xsbo \kihfh]Zl_evgh_ agZq_gb_
Wlh ^Zeh \hafh`ghklv \ g_[hevrhf h[t_f_ dgb]b ^hklZlhqgh ih^jh[gh ba
eh`blv hkgh\gh_ kh^_j`Zgb_ kbkl_fu 0DWKHPDWLFD ² dhfivxl_jgu_ l_o
gheh]bb j_r_gby fZl_fZlbq_kdbo aZ^Zq Ijb g_h[oh^bfhklb ihevah\Zl_ev
fh`_l kZfhklhyl_evgh m]em[blv k\hb agZgby b mf_gby k ihfhsvx kijZ\hq
ghc kbkl_fu
X Baeh`_gb_ dhfivxl_jguo l_ogheh]bc j_r_gby fZl_fZlbq_kdbo aZ^Zq khijh
\h`^Z_lky ijbf_jZfb gZ dZ`^uc ba f_lh^h\ qlh kihkh[kl\m_l [he__ ]em[h
dhfm bo ihgbfZgbx K p_evx kZfhdhgljhey agZgbc dgb]Z kh^_j`bl hjb]b
gZevgu_ bg^b\b^mZevgu_ aZ^Zgby gZ hkgh\gu_ fZl_fZlbq_kdb_ f_lh^u
X GZebqb_ aZ^Zq ih\ur_gghc keh`ghklb ^Z_l \hafh`ghklv ij_ih^Z\Zl_ex
hkms_kl\eylv dhgljhev agZgbc Z klm^_glm [he__ ]em[hdh bamqblv kbkl_fm
0DWKHPDWLFD dZd kbkl_fm dhfivxl_jghc Ze]_[ju
Wlh \ iheghc f_j_ hlghkblky d ex[hfm ihevah\Zl_ex bamqZxs_fm kbkl_fm
0DWKHPDWLFD
>eydh]hwlZdgb]Z"
G_ ke_^m_l ^mfZlv qlh wlZ dgb]Z km^y ih __ gZa\Zgbx lhevdh ^ey klm^_glZ
>Z hkgh\guf __ qblZl_e_f gZ\_jgh_ [m^_l klm^_gl Wlh h[tykgy_lky l_f qlh
dgb]Z lZd f_lh^bq_kdb ij_^klZ\e_gZ ih^jh[gh_ hibkZgb_ dhfivxl_jguo l_o
gheh]bc j_r_gby aZ^Zq ijhklhlZ b ykghklv baeh`_gby [hevrh_ qbkeh ijbf_
jh\ bg^b\b^mZevgu_ aZ^Zgby ijbf_ju ih\ur_gghc keh`ghklb
´·¶·¿º·
H^gZdh wlb hkh[_gghklb \h\k_ g_ hagZqZxl qlh \ dgb]_ ih\_joghklgh b g_ihe
gh baeZ]Zxlky dhfivxl_jgu_ l_ogheh]bb j_r_gby fZl_fZlbq_kdbo b ijbdeZ^
guo aZ^Zq
0DWKHPDWLFD ^ey klm^_glZ kh^_j`bl ^hklZlhqgh ihegh_ b ]em[hdh_ baeh`_gb_
dhfivxl_jguo l_ogheh]bc j_r_gby fZl_fZlbq_kdbo aZ^Zq k ihfhsvx kbkl_fu
0DWKHPDWLFD
HgZ g_h[oh^bfZ bg`_g_jm ex[hc ki_pbZevghklb wdhghfbklm [bag_kf_gm b
ex[hfm ki_pbZebklm dhlhjuc ih k\h_c ^_yl_evghklb h[yaZg j_rZlv ijbdeZ^
gu_ fZl_fZlbq_kdb_ aZ^Zqb
Mki_oZ \Zf qblZl_eb \ hk\h_gbb b ijbf_g_gbb kbkl_fu 0DWKHPDWLFD \ k\h_c
ijhn_kkbhgZevghc ^_yl_evghklb
Bgl_jn_ckkbkl_fu
0DWKHPDWLFD
Bgl_jn_ckkbkl_fub_]hbamq_gb_
Bgl_jn_ck kbkl_fu 0DWKHPDWLFD j_Zebam_l hlh[jZ`_gb_ hdhg iZeblj iZg_e_c
bgkljmf_glh\ agZdh\ jZkiheh`_gb_ bo \ jZaebqghf \b^_ b \ jZaguo f_klZo
wdjZgZ fhgblhjZ
=eZ\gh_ hdgh kbkl_fu bf__l \b^ ihdZaZgguc gZ jbk
Jbk =eZ\gh_ hdgh kbkl_fu
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
=eZ\gh_ hdgh kbkl_fu kh^_j`bl kljhdm aZ]heh\dZ ]eZ\gh_ f_gx b [hevrhc
wdjZg j_^Zdlbjh\Zgby KijZ\Z b \gbam hdgZ jZkiheh`_gu ihehku ijhdjmldb k
iheamgdZfb mijZ\ey_fufb furvx Iheh`_gb_ iheamgdZ ihdZau\Z_l _]h f_klh
\ l_dkl_ ghf_j kljZgbpu hl gZqZeZ l_dklZ <gbam \hae_ ihehku ijhdjmldb jZk
iheh`_gZ kljhdZ khklhygbc \ dhlhjhc kh^_j`blky bgnhjfZpby h l_dms_f j_
`bf_ jZ[hlu
Bgl_jn_ck kbkl_fu kh^_j`bl g_kdhevdh khl gZbf_gh\Zgbc imgdlh\ f_gx ih^
f_gx dhfZg^ nmgdpbc Bamqblv bo ijb i_j\hf ql_gbb g_\hafh`gh ba djZldh
]h hibkZgby g_evay ihgylv kh^_j`Zgb_ Kh^_j`Zgb_ imgdlh\ f_gx ih^f_gx
dhfZg^ fh`gh ihgylv lhevdh \ ijhp_kk_ j_r_gby aZ^Zq =em[hdb_ agZgby bg
l_jn_ckZ kbkl_fu ijbh[j_lZxlky lhevdh k hiulhf jZ[hlu k kbkl_fhc Ihwlhfm
bamq_gb_ ^Zgghc ]eZ\u ijb i_j\hf ql_gbb g_ lj_[m_lky Ijhqlbl_ __ b ijbklm
iZcl_ d j_r_gbx aZ^Zq < ijhp_kk_ j_r_gby h[jZsZcl_kv d dhfZg^Zf ]eZ\gh]h
f_gx kbkl_fu
G_ b]ghjbjmcl_ kijZ\hqgmx kbkl_fm Emqrbf kihkh[hf ^h[blvky mki_oZ \
ijhp_kk_ j_r_gby aZ^Zqb y\ey_lky h[jZs_gb_ d kijZ\hqghc kbkl_f_ Wlh \h
fgh]bo kemqZyo [he__ wnn_dlb\gh q_f h[jZs_gb_ d dgb]_
H^gZdh kijZ\hqgZy kbkl_fZ g_ fh`_l aZf_gblv dgb]m ² gbdZdZy kijZ\hqgZy
kbkl_fZ g_ fh`_l [ulv mq_[gbdhf
=eZ\gh_f_gxkbkl_fu
=eZ\gh_ f_gx kbkl_fu khklhbl ba ke_^mxsbo imgdlh\
X ² ^_ckl\by k nZceZfb kha^Zgb_ nZceZ hldjulb_ ba dZlZeh]Z b _]h
aZdjulb_ khojZg_gb_ nZceZ k ij_`gbf beb gh\uf bf_g_f i_qZlv l_dklZ b
aZ\_jr_gb_ jZ[hlu
X ² hi_jZpbb j_^Zdlbjh\Zgby j_^Zdlbjh\Zgb_ l_dklZ k khojZg_gb_f \
ki_pbZevguo nhjfZlZo i_j_ghk \u^_e_gguo mqZkldh\ l_dklZ dhibjh\Zgb_
ba [mn_jZ m^Ze_gb_
X ² jZ[hlZ k yq_cdZfb m^Ze_gb_ b \hkklZgh\e_gb_ h[t_^bg_gb_ b
jZat_^bg_gb_ mklZgh\e_gb_ klZlmkZ
X
² mklZgh\dZ klbe_c baf_g_gb_ nhjfZlZ l_dklZ gZ wdjZg_ b ijb
i_qZlb \u\h^ hipbc h[_ki_qb\Zxsbo `_eZ_fuc \b^ l_dklZ mijZ\e_gb_
hdghf j_^Zdlbjh\Zgby
X
² mijZ\e_gb_ \\h^hf \klZ\dZ \ l_dkl kh^_j`bfh]h yq__d \\h^Z b
\u\h^Z kha^Zgb_ ]jZnbdh\ lZ[ebp iZeblj ]bi_jkkuehd aZ]jmadZ nZceZ \
gm`gh_ f_klh l_dklZ kha^Zgb_ dghihd jZaebqgh]h gZagZq_gby baf_g_gb_
p\_lZ jbkmgdh\ b aZeb\db aZibkv a\mdh\uo kb]gZeh\ hij_^_e_gb_ dhhj^b
gZl lhq_d ]jZnbdZ
X
² mijZ\e_gb_ y^jhf kbkl_fu \u[hj y^jZ kbkl_fu mijZ\e_gb_ ijh
p_kkhf \uqbke_gbc m^Ze_gb_ l_dklZ
½²´²
X ² ihbkd b aZf_gZ njZ]f_glh\ l_dklZ bkihevah\Zgb_ ]bi_jkkuehd
h[_ki_q_gb_ jZ[hlu k wlbd_ldZfb
X ² hi_jZpbb k hdgZfb jZkiheh`_gb_ hdhg b mijZ\e_gb_ bfb
X ² mijZ\e_gb_ kijZ\hqghc kbkl_fhc
JZkkfhljbf gZagZq_gb_ imgdlh\ ]eZ\gh]h f_gx [he__ ih^jh[gh
F_gx)LOH
F_gx ij_^gZagZq_gh ^ey jZ[hlu k nZceZfb Hgh kh^_j`bl fgh]h dhfZg^
JZkkfhljbf gZagZq_gb_ b kh^_j`Zgb_ hkgh\guo ba gbo
X DhfZg^Z
DhfZg^Z kem`bl ^ey jZ[hlu k gh\uf l_dklhf ^hdmf_glhf HgZ m^Zey_l
ij_^u^msbc l_dkl k^_eZ\ aZijhk h _]h khojZg_gbb Hdgh gh\h]h wdjZgZ
bf__l bfy ]^_ ² ghf_j gh\h]h hdgZ Bkiheg_gb_ wlhc dhfZg
^u g_ hlf_gy_l jZg__ aZ]jm`_ggu_ nZceu iZd_lh\ jZkrbj_gby b hij_^_e_
gbc ij_^u^msbo \uqbke_gbc
X DhfZg^Z
DhfZg^Z hkms_kl\ey_l aZ]jmadm g_h[oh^bfuo ihevah\Zl_ex nZceh\ HgZ
\u\h^bl ^bZeh]h\h_ hdgh Hldjulv jbk \ dhlhjhf hkms_kl\ey_lky
ihbkd g_h[oh^bfh]h nZceZ b _]h hldjulb_ \ gh\hf hdg_ kbkl_fu
X DhfZg^Z ! $
DhfZg^Z ^Z_l \hafh`ghklv aZibku\Zlv b kqblu\Zlv kh^_j`bfh_ nZceh\ \
ki_pbZevguo nhjfZlZo
½²´²
LZdbfb nhjfZlZfb y\eyxlky
N %
& ' ( ² nhjfZl klZjhc \_jkbb kbkl_fu PD
N )* ² l_dklh\uc nhjfZl W[W
N ' ( *
² nhjfZl \ujZ`_gbc \ [ehdghlZo
N +$(,
² nhjfZl iZd_lh\ jZkrbj_gby P
N )* ² nhjfZl j_^Zdlhjh\ 7H[ WH[
X DhfZg^Z $
Kem`bl ^ey aZ]jmadb nZceh\ \ ki_pbZevguo nhjfZlZo DhfZg^Z hldju\Z_l
hdgh k ihfhsvx dhlhjh]h aZ]jm`Zxlky nZceu
X DhfZg^Z
Hldju\Z_l hdgh nZceh\ ^ey \klZ\db kh^_j`bfh]h gm`gh]h nZceZ \ l_dkl
^hdmf_glZ
X DhfZg^u ) $
AZj_a_j\bjh\Zggu_ dhfZg^u
X DhfZg^Z +
<u\h^bl iZeblju fZl_fZlbq_kdbo agZdh\ hi_jZlhjh\ b nmgdpbc
X DhfZg^Z -
+ #
$
DhfZg^Z kem`bl ^ey ihf_s_gby ex[hc qZklb l_dklZ \ mf_gvr_ggh_ hdgh
iZebljm IZebljm fh`gh khojZgblv gZ ^bkd_
X DhfZg^Z -
' ( #
+
DhfZg^Z ij_h[jZam_l iZebljm \ __ kh^_j`bfh_
X DhfZg^Z +
, ,
DhfZg^Z ij_^gZagZq_gZ ^ey mklZgh\db iZjZf_ljh\ i_qZlb HgZ \u\h^bl
ih^f_gx k lj_fy hi_jZpbyfb +, +
,
Hi_jZpby +, kem`bl ^ey mklZgh\db iZjZf_ljh\ kljZgbpu
HgZ \u\h^bl hdgh kh^_j`Zs__ lbibqgu_ mklZgh\db iZjZf_ljh\ kljZgbpu
jZaf_j [mfZ]b kihkh[ ih^Zqb [mfZ]b jZaf_ju ihe_c hjb_glZpbx
Hi_jZpby +
, ij_^gZagZq_gZ ^ey mklZgh\db hipbc i_qZlb HgZ
\u\h^bl hdgh \ dhlhjhf b mklZgZ\eb\Zxlky hipbb
Hi_jZpby
ij_^gZagZq_gZ ^ey mklZgh\db dhehglblmeh\
k ihfhsvx \u\h^bfh]h hdgZ
X DhfZg^Z +
DhfZg^Z ij_^gZagZq_gZ ^ey i_qZlb \k_]h l_dklZ HgZ \u\h^bl hdgh i_qZlb
\ dhlhjhf mklZgZ\eb\Zxlky ghf_jZ kljZgbp qbkeh dhibc aZ^Zgby jZa[hjdb
dhibc < hdg_ lZd`_ mklZgZ\eb\Z_lky lbi ijbgl_jZ Hdgh ihdZaZgh gZ
jbk
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
< ijhp_kk_ i_qZlb l_dklZ fh`_l ihy\blvky hdgh ijbgl_jZ \ dhlhjhf hlh
[jZ`Z_lky oh^ i_qZlb b Z\Zjbcgu_ kblmZpbb ijbgl_j g_ \dexq_g hlkmlkl
\m_l [mfZ]Z dhgqbebkv q_jgbeZ
X DhfZg^Z +
$
DhfZg^Z ij_^gZagZq_gZ ^ey i_qZlb gZ[hjZ \u^_e_gguo yq__d k ihfhsvx
hdgZ i_qZlb
X DhfZg^Z *
Bkihevam_lky ^ey hdhgqZgby jZ[hlu k kbkl_fhc Ijb wlhf aZijZrb\Z_lky
g_h[oh^bfhklv khojZg_gby l_dklZ gZ ^bkd_
F_gx(GLW
F_gx kh^_j`bl dhfZg^u j_^Zdlbjh\Zgby l_dklZ F_gx kh^_j`bl dh
fZg^ [hevrbgkl\h ba dhlhjuo ^m[ebjmxlky deZ\brZfb DhfZg^u lZd`_ hkm
s_kl\eyxl hi_jZpbb k [mn_jhf h[f_gZ ihf_sZxl khojZgyxl j_^Zdlbjmxl
kqblu\Zxl bgnhjfZpbx JZkkfhljbf djZldh gZagZq_gb_ dhfZg^ f_gx
X DhfZg^Z ² hlf_gZ hi_jZpbb
X DhfZg^Z
. ² hlf_gZ kh^_j`bfh]h \u^_e_gghc yq_cdb b ihf_
s_gb_ _]h \ [mn_j h[f_gZ
½²´²
X DhfZg^Z /
² dhibjm_l kh^_j`bfh_ yq_cdb \ [mn_j [_a _]h
m^Ze_gby ba yq_cdb
X DhfZg^Z +
% ² dhibjm_l kh^_j`bfh_ [mn_jZ h[f_gZ \ lh f_klh
dhlhjh_ mdZaZgh dmjkhjhf Kh^_j`bfh_ [mn_jZ ijb wlhf g_ f_gy_lky
X DhfZg^Z
0 ² mgbqlh`Z_l kh^_j`bfh_ \u^_e_gghc yq_cdb [_a _]h
khojZg_gby \ [mn_j_
X DhfZg^Z / ! ² dhibjm_l kh^_j`bfh_ yq_cdb \ aZ^Zgghf nhjfZl_
X DhfZg^Z + ! ² i_j_ghkbl kh^_j`bfh_ [mn_jZ \ lh f_klh l_dklZ
dhlhjh_ mdZaZgh dmjkhjhf Kh^_j`bfh_ [mn_jZ hqbsZ_lky Wlb ijhp_^mju
\uihegyxlky k ihfhsvx dhfZg^u + 0$
X DhfZg^Z $ ! ² kem`bl ^ey khojZg_gby \ ki_pbZevguo
nhjfZlZo l_dklh\ \u^_e_gguo yq__d I_j_q_gv nhjfZlh\ mdZaZg \ ih^f_gx
X DhfZg^Z $ ! K
! ² \u^_e_gb_ \k_o yq__d
X DhfZg^Z
'1$ ² hldju\Z_l klZg^Zjlgh_ hdgh k i_j_qg_f ijbeh`_
gbc Ijbeh`_gbyfb y\eyxlky l_dklu jbkmgdb b ^jm]b_ h[t_dlu Hgb \g_
^jyxlky \ kbkl_fm 0DWKHPDWLFD b fh]ml j_^Zdlbjh\Zlvky
X Ih^f_gx 2 ² j_^Zdlbjh\Zgb_ [hevrbo Zg]ehyauqguo l_dklh\ klZg
^Zjlguf kihkh[hf
X DhfZg^Z *
² \\h^ \ujZ`_gbc \ jZaebqguo nhjfZlZo b aZ
^Zgb_ \b^Z yq__d k ihfhsvx dhfZg^ ih^f_gx
X DhfZg^Z 2( &0 "#
3 ² ij_^klZ\e_gb_ b j_^Zdlbjh\Zgb_ kh
^_j`bfh]h yq__d \\h^Z \ ^\mf_jghf nhjfZl_
X DhfZg^Z "$( 4$ "#
4 ² hij_^_e_gb_ f_klZ jZkiheh`_gby
l_dklh\h]h dmjkhjZ ihbkd kdh[hd
X DhfZg^Z "$( , !5 ² ijh\_jdZ hjnh]jZnbb
X DhfZg^Z +
#
$ ² \uah\ hdgZ gZkljh_d kbkl_fu
F_gx&HOO
F_gx kem`bl ^ey jZ[hlu k yq_cdZfb Hgh kh^_j`bl g_kdhevdh ih^f_gx b
[hevrh_ qbkeh dhfZg^ Ijb\_^_f wlb dhfZg^u b hibr_f bo gZagZq_gb_
X DhfZg^Z
)
DhfZg^Z ij_^gZagZq_gZ ^ey ij_h[jZah\Zgby nhjfZlZ kh^_j`bfh]h yq__d
HgZ hldju\Z_l ih^f_gx k i_j_qg_f \k_o ijbf_gy_fuo nhjfZlh\ L_dmsbc
nhjfZl ihf_q_g >ey aZ^Zgby gh\h]h nhjfZlZ g_h[oh^bfh _]h hlf_lblv ]Z
ehqdhc s_edgm\ furvx ih hij_^_e_gghfm imgdlm ih^f_gx
NhjfZlZfb yq__d fh]ml [ulv ke_^mxsb_
N
"#
² nhjfZl \\h^Z
N
² nhjfZl \u\h^Z
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
N
"#
² klZg^Zjlguc nhjfZl
N )
$
"#
) ² ljZ^bpbhgguc nhjfZl
N + $
² \_dlhjguc ]jZnbq_kdbc nhjfZl
N 4 ² jZkljh\uc nhjfZl bah[jZ`_gbc
N 2# ² \_dlhjguc ]jZnbq_kdbc nhjfZl :LQGRZV 0HWDILOH
Ijb jZ[hl_ k l_dklZfb k [hevrbf qbkehf fZl_fZlbq_kdbo agZdh\ p_e_khh[
jZagh bkihevah\Zlv klZg^Zjlguc nhjfZl
X DhfZg^Z 0/ ! ² mklZgh\dZ nhjfZlZ hlh[jZ`_gby yq__d
X DhfZg^Z 0#
)/ ² mklZgh\dZ nhjfZlZ ^ey yq__d \\h^Z
X DhfZg^Z 0#
)/ ² mklZgh\dZ nhjfZlZ ^ey yq__d \u
\h^Z
X Ih^f_gx +
Ih^f_gx +
mklZgZ\eb\Z_l k\hckl\Z yq__d Hgh kh^_j`bl ke_
^mxsb_ dhfZg^u
N ² mklZgZ\eb\Z_l yq_cdm hldjulhc beb aZdjulhc
N ' ² mklZgZ\eb\Z_l yq_cdm j_^Zdlbjm_fhc beb g_j_^Zdlb
jm_fhc
N ' ² mklZgZ\eb\Z_l yq_cdm hp_gb\Z_fhc beb g_hp_gb\Z_
fhc
N 0$ ² ^_eZ_l yq_cdm \gh\v kha^Zgghc \ kemqZ_ j_^Zdlb
jh\Zgby
N !$ ² ^_eZ_l yq_cdm Zdlb\ghc beb g_Zdlb\ghc
N
6 ² ^_eZ_l yq_cdm bgbpbZebaZpbhgghc beb g_bgbpbZeb
aZpbhgghc
MklZgh\dZ i_j_qbke_gguo k\hckl\ \uihegy_lky q_j_a ih^f_gx +
Ijb wlhf fh`gh mklZgh\blv h^gh\j_f_ggh g_kdhevdh g_ijhlb\hj_qb
\uo k\hckl\ >ey kgylby k\hckl\Z g_h[oh^bfh ih\lhjblv dhfZg^m
Yq_cdZ \\h^Z b khhl\_lkl\mxsZy _c yq_cdZ \u\h^Z h[jZfeyxlky kijZ\Z
kdh[dZfb h^bghqgufb b h[s_c :dlb\babjmy kdh[dm ^\hcguf s_eqdhf
fh`gh kdju\Zlv b kgh\Z \u\h^blv gZ wdjZg \uoh^gmx yq_cdm Wlh ihe_agh \
lhf kemqZ_ _keb j_amevlZl \ g_c kebrdhf ]jhfha^dbc
J_^Zdlbjh\Zlv fh`gh kh^_j`bfh_ dZd \oh^ghc lZd b \uoh^ghc yq__d >ey
wlh]h \uoh^gmx yq_cdm g_h[oh^bfh k^_eZlv j_^Zdlbjm_fhc mklZgh\b\
k\hckl\h ' J_^Zdlbjm_fZy yq_cdZ bf__l kbf\he " m k\h_c h[
jZfeyxs_c kdh[db
K ihfhsvx dhfZg^u ' bkihegyxlky b \u^Zxl j_amevlZlu
lhevdh hp_gb\Z_fu_ yq_cdb G_hp_gb\Z_fu_ yq_cdb ihf_qZxlky agZdhf
½²´²
b h[jZfeyxs_c bo kdh[dhc Hp_gb\Zgb_ yq__d fh`gh \uihegblv \ ex[hf
bo khq_lZgbb
Baf_g_gb_ Zdlb\ghklb yq__d ^hklb]Z_lky dhfZg^hc !$ :dlb\gZy
yq_cdZ ihf_qZ_lky kbf\hehf $ b mijZ\ey_lky dghidhc
BgbpbZebabjh\ZggZy yq_cdZ mklZgZ\eb\Z_lky dhfZg^hc
6
ihf_qZ_lky \ kdh[d_ agZdhf b Z\lhfZlbq_kdb bkihegy_lky ijb aZ]jmad_
l_dklZ
>ey h[t_^bg_gby jy^Z yq__d \ h^gm ]jmiim \k_ yq_cdb \u^_eyxlky b bkihe
gy_lky dhfZg^Z -
Ijb wlhf hgb h[jZfeyxlky h^ghc h[s_c kdh[
dhc L_i_jv fh`gh h[t_^bg_ggu_ \ [ehd yq_cdb hldju\Zlv b aZdju\Zlv
DhfZg^Z ,
jZat_^bgy_l h[t_^bg_ggu_ yq_cdb
X Ih^f_gx -
,
GZagZq_gb_ ih^f_gx ² ]jmiibjh\dZ yq__d Ih mfheqZgbx \u[jZg j_`bf
! $ -
, ih dhlhjhfm yq_cdb h[t_^bgyxlky \ khhl\_lkl\bb k bo
klbeyfb Qlh[u \hkihevah\Zlvky dhfZg^Zfb h[t_^bg_gby b jZat_^bg_gby
yq__d g_h[oh^bfh \u[jZlv dhfZg^m 2 *
,
N DhfZg^Z ! ',
hldju\Z_l \k_ \u^_e_ggu_ ]jmiiu b ih^
]jmiiu yq__d
N DhfZg^Z ! ',
aZdju\Z_l \k_ \u^_e_ggu_ ]jmiiu b ih^
]jmiiu yq__d
N DhfZg^Z 7 -
khdjZsZ_l qbkeh yq__d \ ]jmii_ lZd qlh \b
^bfhc hklZ_lky lhevdh i_j\Zy yq_cdZ
HklZevgu_ dhfZg^u f_gx bf_xl ke_^mxsb_ gZagZq_gby
N 0 K "#
0 ² jZa^_e_gb_ k]jmiibjh\Zgguo yq__d
N 2
, "#
2 ² h[t_^bg_gb_ \u^_e_gguo yq__d
N ! $ -
"$
3 ² ZgbfZpby k ]jZnbdhf \u^_e_g
ghc yq_cdb
N +/ ² \hkijhba\_^_gb_ kbgl_abjh\Zggh]h a\mdZ
N 8
-
"$ ² ihkljh_gb_ aZgh\h ]jZnbdh\
N 8
# -
"$ ² ihkljh_gb_ aZgh\h ]jZnbdh\ k ihke_
^mxs_c aZibkvx
N 2(
6 ² mklZgh\dZ klZg^Zjlgh]h jZaf_jZ yq_cdb
N !, $ -
"$ ² \ujZ\gb\Zgb_ ]jZnbdh\
N 6 $ ² \u\h^ klZlbklbdb h jZaf_jZo yq__d
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
F_gx)RUPDW
F_gx
kh^_j`bl ke_^mxsb_ dhfZg^u
X DhfZg^Z /
Kem`bl ^ey mklZgh\db iZjZf_ljh\ l_dklZ rjbnl jZaf_j kbf\heh\ \b^u
\u^_e_gbc b l ^ DhfZg^Z hldju\Z_l ih^f_gx klZg^Zjlguo klbe_c dhlh
ju_ \u[bjZxlky ihevah\Zl_e_f b j_Zebamxlky kbkl_fhc
X DhfZg^Z $
/
WlZ dhfZg^Z ij_^gZagZq_gZ ^ey baf_g_gby nhjfZlZ l_dklZ gZ wdjZg_ b bf__l
ke_^mxsb_ mklZgh\db
N
(, ² klbev lbibqguc
N +
² ij_a_glZpbhgguc klbev k m\_ebq_gb_f jZaf_jZ kbf\h
eh\
N ² mf_gvr_gguc jZaf_j kbf\heh\ k`Zluc
N +
² klbev hilbfZevguc ^ey i_qZlb ijbgl_jguc
X DhfZg^Z +
/
Klbev ij_^gZagZq_g ^ey baf_g_gby nhjfZlZ l_dklZ ijb i_qZlb Bf__l l_ `_
mklZgh\db qlh b ij_^u^msZy dhfZg^Z
X DhfZg^Z " *
DhfZg^Z kem`bl ^ey ihdZaZ \ujZ`_gbc \ klZg^Zjlghf b jZa\_jgmlhf \b^Zo
Ijb wlhf jZa\_jgmluc nhjfZl ij_^klZ\ey_l kh[hc \gmlj_ggbc nhjfZl lbiZ
ijh]jZffu gZ yaud_ kbkl_fu 0DWKHPDWLFD
X DhfZg^Z
$
DhfZg^Z \u\h^bl hdgh hipbc ^Zxs__ ihevah\Zl_ex i_j_q_gv \k_o hipbc
ijh]jZffu b \hafh`ghklv bo bkihevah\Zgby ^ey h[_ki_q_gby `_eZ_fh]h
\b^Z bgnhjfZpbb
X DhfZg^Z 8
DhfZg^Z m[bjZ_l \k_ hipbb \\_^_ggu_ ihevah\Zl_e_f b \hkklZgZ\eb\Z_l
gZqZevgh_ khklhygb_ kbkl_fu
X DhfZg^u lj_lv_c q_l\_jlhc b iylhc ]jmii f_gx
Wlb dhfZg^u ij_^gZagZq_gu ^ey mijZ\e_gby klbe_f ^hdmf_glZ Hgb iha\h
eyxl hkms_kl\blv \u[hj klbe_c mklZgZ\eb\Zlv lbi rjbnlZ gZq_jlZgb_
kbf\heh\ b bo jZaf_j mklZgZ\eb\Zlv p\_l l_dklZ b nhgZ hkms_kl\eylv \u
jZ\gb\Zgb_ l_dklZ ih rbjbg_ b jZa[b\dm gZ kljhdb
X DhfZg^u r_klhc ]jmiiu dhfZg^ f_gx
Wlb dhfZg^u y\eyxlky dhfZg^Zfb mijZ\e_gby hdghf l_dklZ D gbf qZklh
h[jZsZ_lky ihevah\Zl_ev
½²´²
Wlb dhfZg^u lZdh\u
N ² hlh[jZ`_gb_ f_jghc ebg_cdb
N
² \u\h^ gZ wdjZg iZg_eb bgkljmf_glh\
N
² ihdZa ebgbc jZaju\Z kljZgbp
N ² mklZgh\dZ fZkrlZ[Z hlh[jZ`_gby l_dklZ wdjZgZ
>ey ihevah\Zl_ey hkh[h ihe_aghc y\ey_lky ihke_^gyy dhfZg^Z D g_c qZklh ijb
oh^blky h[jZsZlvky ijb jZ[hl_ k l_dklhf gZijbf_j ijb khojZg_gbb l_dklZ
i_qZlb l_dklZ b l ^
G_j_^dh ijboh^blky h[jZsZlvky lZd`_ d dhfZg^_ \u\h^Z gZ wdjZg iZg_eb bgkl
jmf_glh\
F_gx,QSXW
I_j_qbkebf dhfZg^u \oh^ysb_ \ f_gx
X DhfZg^Z
DhfZg^Z iha\hey_l hij_^_eylv dhhj^bgZlu ex[hc lhqdb ^\mf_jgh]h ]jZnb
dZ Ijb bkiheg_gbb ^Zgghc dhfZg^u ihy\ey_lky hdgh h[tykgyxs__ ijh
p_^mju ihemq_gby dhhj^bgZl >ey wlh]h g_h[oh^bfh \u^_eblv ^\mf_jguc
]jZnbd gZ`Zlv deZ\brm &WUO! b m^_j`b\Zy __ ihf_klblv \ gm`gh_ f_klh
]jZnbdZ dmjkhj < kljhd_ khklhygbc ihy\ylky dhhj^bgZlu ]jZnbdZ
LZdbf kihkh[hf fh`gh ihemqblv k_f_ckl\h dhhj^bgZl lhq_d b k ihfhsvx
dhfZg^u ihf_klblv bo \ [mn_j h[f_gZ L_i_jv ijb g_h[oh^bfhklb
lhqdb fh`gh \klZ\blv k ihfhsvx dhfZg^u
\ ex[h_ f_klh l_dklZ ^h
dmf_glZ
X DhfZg^Z !
WlZ dhfZg^Z ij_^gZagZq_gZ ^ey \u\h^Z k_e_dlhjZ lhqdb h[ahjZ lj_of_jgh]h
]jZnbdZ
X DhfZg^Z
DhfZg^Z \u\h^bl klZg^Zjlgh_ hdgh baf_g_gby p\_lZ K ihfhsvx wlh]h hdgZ
kha^Zxlky p\_lZ jbkmgdh\ b aZeb\db
X DhfZg^Z
DhfZg^Z \u\h^bl klZg^Zjlgh_ hdgh a\mdhaZibkb hi_jZpbhgghc kbkl_fu
:LQGRZ K ihfhsvx wlhc dhfZg^u aZibku\Zxlky a\mdh\u_ kb]gZeu j_qb b
X DhfZg^Z
$ %$
DhfZg^Z kem`bl ^ey aZ^Zgby lZ[ebp fZljbp b iZeblj q_j_a ]eZ\gh_ f_gx
Ijb h[jZs_gbb d dhfZg^_ ihy\ey_lky hdgh aZ^Zgby lZ[ebp fZljbp b iZeblj
jbk DhfZg^hc p_e_khh[jZagh ihevah\Zlvky \ kemqZ_ [hevrbo jZaf_jh\
X DhfZg^Z
F_gx.HUQHO
F_gx ) ij_^gZagZq_gh ^ey mijZ\e_gby y^jhf kbkl_fu 0DWKHPDWLFD b dZd
ke_^kl\b_ ijhp_kkhf j_r_gby aZ^Zq Hgh mijZ\ey_l ^_ckl\byfb yq__d \_jg__
bo kh^_j`bfuf JZkkfhljbf dhfZg^u wlh]h f_gx
X Ih^f_gx &.
Ih^f_gx &. mijZ\ey_l ijhp_kkhf \uqbke_gbc Hgh kh^_j`bl ke_
^mxsb_ dhfZg^u
N &. /0& 1 ² \uqbke_gb_ \u^_e_gguo yq__d
N &.
/0 0& 1 ² \uqbke_gb_ \u^_e_gguo \ujZ
`_gbc \ kljhd_ \\h^Z
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
F_gx)LQG
< f_gx " gZoh^ylky dhfZg^u ihbkdZ b aZf_gu l_dklh\ Hgb hlghkylky d hi_
jZpbyf j_^Zdlbjh\Zgby
F_gx " kh^_j`bl ljb ]jmiiu dhfZg^ JZkkfhljbf bo gZagZq_gb_ b kh^_j
`Zgb_
X I_j\Zy ]jmiiZ dhfZg^
< i_j\mx ]jmiim \oh^yl ke_^mxsb_ dhfZg^u ihbkdZ b aZf_gu njZ]f_glh\
l_dklZ
N " / 0"1 ² ihbkd kljhd [_a bo aZf_gu
N & / 0&1 ² \\h^ kljhdb \ hdgh ihbkdZ
N " ,% /"1 ² ihbkd ih l_dklm \i_j_^
N "
. /0"1 ² ihbkd ih l_dklm gZaZ^
N "
² ihbkd yq_cdb k aZ^Zgghc wlbd_ldhc 7DJ
N / 01 ² aZf_gZ kljhd
N " * /0 01 ² aZf_gZ kljhd k ijh^he`_gb_f
ihbkdZ
N * ² aZf_gZ ih \k_fm l_dklm
<k_ i_j_qbke_ggu_ hi_jZpbb \uihegyxlky k ihfhsvx ki_pbZevgh]h hdgZ
L_ogheh]by ihbkdZ b aZf_gu ^hklZlhqgh ijhklZ b hq_\b^gZ
X <lhjZy ]jmiiZ dhfZg^
<h \lhjmx ]jmiim f_gx " \oh^yl ke_^mxsb_ dhfZg^u
N # ² hldjulb_ h[t_dlh\ kh^_j`Zsbo \u^_e_ggu_ kljhdb
N ² ijhdjmldZ l_dklZ ^h \u^_e_gghc kljhdb
N ² \ha\jZl gZaZ^ ihke_ bkihevah\Zgby ]bi_jkkuedb
>_ckl\by wlbo dhfZg^ hq_\b^gu
X Lj_lvy ]jmiiZ dhfZg^
< lj_lvx ]jmiim f_gx " \oh^yl ke_^mxsb_ dhfZg^u
N *$+.
/ 071
N
N
¿Ä·ÂÆ·»Ã úÃÄ·¾Í 0DWKHPDWLFD
N
+ ,+
N %
Wlb dhfZg^u h[_ki_qb\Zxl jZ[hlm k wlbd_ldZfb
K ihfhsvx dhfZg^u
\uau\Z_lky kibkhd wlbd_lhd Ijb \u[hj_
bf_gb wlbd_ldb \u^_eyxlky \k_ yq_cdb dhlhju_ ihf_q_gu wlhc wlbd_ldhc
Ijb g_h[oh^bfhklb \klZ\blv wlbd_ldm \ kljhdm \\h^Z ke_^m_l \hkihevah
\Zlvky dhfZg^hc *$+.
K ihfhsvx wlhc dhfZg^u fh`gh lZd`_ m^Zeblv wlbd_ldm _keb hgZ bf__lky
\ kljhd_ DhfZg^Z \uau\Z_l hdgh j_^Zdlbjh\Zgby wlbd_lhd DghidZ * ^h
[Z\ey_l wlbd_ldm Z dghidZ +. ² m^Zey_l
DhfZg^Z
+ ,+ iha\hey_l kha^Z\Zlv wlbd_ldm ih ghf_jm
yq_cdb
DhfZg^Z % khojZgy_l \k_ wlbd_ldb l_dklZ \ [mn_j_
F_gx:LQGRZ
Kbkl_fZ 0DWKHPDWLFD iha\hey_l jZ[hlZlv h^gh\j_f_ggh k g_kdhevdbfb hdgZfb
Wlh [u\Z_l m^h[gh _keb h[jZ[Zlu\Zxlky beb kha^Zxlky h^gh\j_f_ggh g_
kdhevdh l_dklh\
F_gx 8 bf__l ke_^mxsb_ dhfZg^u ^ey jZ[hlu k fgh]hhdhgghc kbkl_
fhc
X 8 ² dZkdZ^gh_ jZkiheh`_gb_ hdhg
X
8 8 ² fhaZbqgh_ jZkiheh`_gb_ hdhg ih \ukhl_
X
8
² fhaZbqgh_ jZkiheh`_gb_ hdhg ih rbjbg_
X ² \u\h^ hdgZ khh[s_gbc h[ hrb[dZo
K ihfhsvx wlbo dhfZg^ fh`gh mijZ\eylv hdgZfb f_klhf jZkiheh`_gby jZa
f_jhf khojZgylv bo kh^_j`bfh_
F_gx+HOS
H[jZs_gb_ kh kijZ\hqghc kbkl_fhc ^hklZlhqgh ijhklh b hq_\b^gh MijZ\e_gb_
kbkl_fhc hkms_kl\ey_lky dhfZg^Zfb f_gx ' ;jZma_j kijZ\db \uau\Z_lky
dhfZg^hc ' /0"91
KijZ\hqgZy kbkl_fZ iha\hey_l
X ihemqblv k\_^_gby h[h \k_o dhfZg^Zo ]eZ\gh]h f_gx
X bamqblv ijZ\beZ aZibkb b gZ[hjZ fZl_fZlbq_kdbo \ujZ`_gbc
X mlhqgblv gZagZq_gb_ ex[hc nmgdpbb beb hi_jZlhjZ
½²´²
Hkgh\ujZ[hlu
kkbkl_fhc0DWKHPDWLFD
\j_`bf_\uqbke_gbc
>ey ihemq_gby j_r_gby k \ukhdhc ^hklh\_jghklvx g_h[oh^bfh agZlv
X ijZ\beZ ij_^klZ\e_gby b \\h^Z ^Zgguo
X nmgdpbb fZl_fZlbq_kdbo hi_jZpbc
X \kljh_ggu_ nmgdpbb \uqbke_gbc
X dhfivxl_jgu_ l_ogheh]bb j_r_gby fZl_fZlbq_kdbo aZ^Zq
Ijb j_r_gbb ijZdlbq_kdbo aZ^Zq g_h[oh^bfh kh[ex^Zlv ke_^mxsb_ hkgh\gu_
ijZ\beZ
X g_ gm`gh j_rZlv aZ^Zqm ih ijbgpbim m]Z^u\Zgby gZ`bfZy [_a jZa[hjZ deZ
\brb beb s_edZy ih dghidZf iZg_eb bgkljmf_glh\ J_rZy fZl_fZlbq_kdmx
aZ^Zqm g_h[oh^bfh i_j\hgZqZevgh ^mfZlv aZl_f ijbgbfZlv j_r_gb_ b
lhevdh ihlhf gZ`bfZlv deZ\brb
X g_h[oh^bfh ijh\_jylv ^hklh\_jghklv ihemq_gguo hldebdh\ \ ijhp_kk_ j_
r_gby aZ^Zqb
X klj_fblvky ihgylv f_lh^u b Ze]hjblfu j_r_gby aZ^Zqb
X \k_]^Z ZgZebabjh\Zlv ihemq_gguc j_amevlZl
X _keb wlb ijZ\beZ g_ kh[ex^Zlv lh j_r_gb_ fh`_l b g_ ihke_^h\Zlv [he__
lh]h hgh fh`_l kms_kl\h\Zlv gh [ulv Z[khexlgh g_\_jguf
Ke_^m_l lZd`_ ihfgblv qlh j_rZy aZ^Zqm f_lh^hf m]Z^u\Zgby fu l_jy_f \j_
fy gZ ihemq_gb_ g_gm`guo \ZjbZglh\
:jbnf_lbq_kdb_hi_jZlhju
nmgdpbbdhgklZglu
Kbkl_fZ 0DWKHPDWLFD bf__l iheguc gZ[hj Zjbnf_lbq_kdbo hi_jZlhjh\ nmgd
pbc b dhgklZgl JZkkfhljbf bo b ijb\_^_f ijbf_ju
ÿÀ´Í ²³ÀÄÍ Ã ÃºÃÄ·¾À» 0DWKHPDWLFD ´ ·¸º¾· ´Íɺý·¿º»
:jbnf_lbq_kdb_hi_jZlhju
:jbnf_lbq_kdb_ hi_jZlhju kbkl_fu 0DWKHPDWLFD ijb\_^_gu \ lZ[e
LZ[ebpZ :jbnf_lbq_kdb_ hi_jZlhju
kbkl_fu 0DWKHPDWLFD
Kbf\he Kh^_j`Zgb_ Ijbf_ju
hi_jZpby
Keh`_gb_ DE 6LQ[&RV[
<uqblZgb_ DE 6LQ[&RV[
Mfgh`_gb_
D
E 6LQ[
&RV[
>_e_gb_ DE 6LQ[&RV[
A <ha\_^_gb_ \ kl_i_gv A DA DAN 6LQ[A
6TUW>[@ Ba\e_q_gb_ d\Z^jZlgh]h 6TUW>@ 6TUW>DE@
dhjgy 6TUW>HA[@
:jbnf_lbq_kdb_nmgdpbb
D Zjbnf_lbq_kdbf h[uqgh hlghkyl ke_^mxsb_ nmgdpbb
X \uiheg_gb_ Zjbnf_lbq_kdbo hi_jZpbc gZ^ qbkeZfb
X hij_^_e_gb_ ^_ebl_e_c p_euo qbk_e
X hij_^_e_gb_ gZbf_gvr_]h h[s_]h djZlgh]h
X \uqbke_gb_ nZdlhjbZeh\
X ijb\_^_gb_ \_s_kl\_gguo qbk_e d [eb`Zcrbf p_euf
X ihemq_gb_ ijhkluo qbk_e
JZkkfhljbf hkgh\gu_ ba gbo
Nmgdpbb \uiheg_gby Zjbnf_lbq_kdbo hi_jZpbc
Kbkl_fZ 0DWKHPDWLFD bf__l ke_^mxsb_ nmgdpbb \uiheg_gby Zjbnf_lbq_kdbo
hi_jZpbc
X 3OXV>[ \ @ ² \uihegy_l kmffbjh\Zgb_ qbk_e [ \
X 7LPHV>[ \ @ ² \uqbkey_l ijhba\_^_gb_ qbk_e [ \
½²´²
X 'LYLGH>[ \@ hkms_kl\ey_l ^_e_gb_ [ gZ \
²
Bf_gh\Zggu_dhgklZglu
Bf_gh\ZggZy dhgklZglZ y\ey_lky h[t_dlhf bf_xsbf mgbdZevgh_ bfy gZqb
gZxs__ky k ijhibkghc [md\u DhgklZglZ bf__l aZjZg__ hij_^_e_ggh_ agZq_gb_
g_ baf_gyxs__ky ih oh^m \uqbke_gbc
< kbkl_f_ 0DWKHPDWLFD bf_xlky ke_^mxsb_ bf_gh\Zggu_ dhgklZglu
X hkgh\Zgb_ gZlmjZevgh]h eh]ZjbnfZ
²
X fgbfZy _^bgbpZ
²
X
ihklhyggZy Wce_jZ bf_xsZy agZq_gb_
²
X
dhgklZglZ bf_xsZy agZq_gb_ ^_e_gb_ hlj_adZ ih
²
Mdhjhq_ggZynhjfZij_^klZ\e_gby
Zjbnf_lbq_kdbohi_jZpbc
< kbkl_f_ 0DWKHPDWLFD bf__lky ki_pbnbq_kdZy nhjfZ aZibkb fZl_fZlbq_kdbo
hi_jZpbc gZau\Z_fZy mdhjhq_gghc DZ`^hc lZdhc aZibkb hi_jZlhjm khhl\_l
kl\m_l k\hy \kljh_ggZy nmgdpby LZdbfb nmgdpbyfb y\eyxlky
X ijb[Z\ey_l d b \ha\jZsZ_l gh\h_ agZq_gb_ hi_jZ
²
X
&' ( mfgh`Z_l gZ ( b \ha\jZsZ_l gh\h_ agZq_gb_ jZ\gh_
²
Jbk Mdhjhq_ggZy nhjfZ aZibkb Jbk Mdhjhq_ggZy nhjfZ aZibkb
Zjbnf_lbq_kdbo hi_jZpbc Zjbnf_lbq_kdbo hi_jZpbc
k ihfhsvx nmgdpbc k ihfhsvx hi_jZlhjh\
X *
( ² ^_ebl gZ ( b \ha\jZsZ_l gh\h_ agZq_gb_ jZ\gh_ +(
hi_jZlhjhf nmgdpbb y\ey_lky + (
Ihe_aghklv wlhc nhjfu aZibkb fZl_fZlbq_kdbo hi_jZpbc g_ lhevdh \ [he__
dhjhldhc nhjf_ ij_^klZ\e_gby gh lZd`_ \ lhf qlh h^gh\j_f_ggh k \uiheg_
gb_f hi_jZpbc hkms_kl\ey_lky ijbk\h_gb_ gh\h]h agZq_gby
Mdhjhq_ggu_ nhjfu aZibkb Zjbnf_lbq_kdbo hi_jZpbc fh`gh bkihevah\Zlv dZd
ijb qbke_gguo lZd b ijb kbf\hevguo \uqbke_gbyo
Ijbf_ju \uqbke_gbc \ kemqZ_ mdhjhq_gghc nhjfu aZibkb hi_jZpbc ^ey kemqZy
qbke_gguo b kbf\hevguo \uqbke_gbc ijb\_^_gu gZ jbk b
GZ jbk ij_^klZ\e_gu \uqbke_gby k bkihevah\Zgb_f nmgdpbc Z gZ
jbk ² k bkihevah\Zgb_f khhl\_lkl\mxsbo hi_jZlhjh\
Lbiu^Zgguo
>Zggu_ k dhlhjufb jZ[hlZ_l kbkl_fZ 0DWKHPDWLFD \_kvfZ h[rbjgu Wlh qbkeZ
i_j_f_ggu_ \ujZ`_gby nmgdpbb Lbiu qbke_gguo ^Zgguo ijb\_^_gu \
lZ[e
:jbnf_lbq_kdb_hi_jZpbb
kp_eufbbjZpbhgZevgufbqbkeZfb
Kbkl_fZ 0DWKHPDWLFD \uihegy_l \uqbke_gby k qbkeZfb p_eufb b jZpbhgZev
gufb [_a ih]j_rghkl_c Ijb wlhf g_ bf__lky h]jZgbq_gbc gZ jZajy^ghklv qb
k_e Ijb\_^_f ijbf_ju ih^h[guo \uqbke_gbc
Ijbf_j
G_h[oh^bfh \uihegblv ke_^mxsb_ \uqbke_gby
36688 3+11+,3+- 1+320+113+313
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk \b^gh qlh kbkl_fZ \uqbkebeZ ^\hcghc nZdlhjbZe qbkeZ k Z[kh
exlghc lhqghklvx ijbq_f aZ ^heb k_dmg^u Kmffbjh\Zgb_ jZpbhgZevguo qb
k_e \uiheg_gh \_kvfZ wnn_dlgh J_amevlZlhf \ h[hbo kemqZyo lZd`_ y\ey_lky
qbkeh jZpbhgZevgh_ Ijb wlhf ijh]jZffZ hkms_kl\beZ khdjZs_gb_ ^jh[b \
dhg_qghf j_amevlZl_
Ke_^m_l bf_lv \ \b^m qlh ex[u_ \uqbke_gby \ kemqZ_ p_euo b jZpbhgZevguo
qbk_e bf_xl j_amevlZl ebrv ijb mkeh\bb gZebqby lhqgh]h j_r_gby ?keb lhq
gh_ j_r_gb_ g_ kms_kl\m_l lh ijh]jZffZ ijb[eb`_ggh]h j_r_gby g_ \u^Z_l
HgZ ebrv ih\lhjy_l bkoh^gh_ \ujZ`_gb_ IhdZ`_f wlh gZ ijbf_j_
Ijbf_j
G_h[oh^bfh \uihegblv \uqbke_gb_ ke_^mxsbo nmgdpbc
S S
[
VLQ 0 OQ OQ
OQ 0 VLQ
FRV
0 0[
OQ OQ 0 0
[ 0 [ b g_ \uqbkebeZ \ujZ`_gbc 0
OQ l d lhqgh_ bo agZ
q_gb_ g_ kms_kl\m_l D kh`Ze_gbx kbkl_fZ g_ agZ_l qlh VLQ FRV
Wlh k\b^_l_evkl\m_l h __ g_^hklZlhqghc bgl_ee_dlmZevghklb IjZ\^Z wlhl hl\_l
fh`gh ihemqblv _keb h[jZlblvky d dhfZg^Zf mijhs_gby \ujZ`_gbc
:jbnf_lbq_kdb_hi_jZpbb
k\_s_kl\_ggufbqbkeZfb
<_s_kl\_ggu_ qbkeZ \ kbkl_f_ 0DWKHPDWLFD ij_^klZ\eyxlky \ _kl_kl\_gghc
beb ghjfZevghc nhjf_
Ijb ij_^klZ\e_gbb qbkeZ \ _kl_kl\_gghc nhjf_ p_eZy qZklv hl^_ey_lky hl
^jh[ghc lhqdhc gZijbf_j Ijb wlhf p_euo fh`gh
himklblv b \f_klh \\h^blv LZdb_ qbkeZ \ bgnhjfZlbd_ qZklh gZau\Z
xl qbkeZfb k nbdkbjh\Zgghc lhqdhc aZiylhc
LhqdZ \ dhgp_ qbkeZ y\ey_lky ijbagZdhf lh]h qlh qbkeh \_s_kl\_ggh_ GZijb
f_j qbkeh y\ey_lky p_ehqbke_gguf Z ² \_s_kl\_gguf qbkeh
y\ey_lky jZpbhgZevguf Z
² \_s_kl\_gguf
Ijb ij_^klZ\e_gbb qbkeZ \ ghjfZevghc nhjf_ qbkeh aZibku\Z_lky \ \b^_ fZg
lbkku k p_ehc b ^jh[ghc qZklyfb b ihjy^dZ \ \b^_ kl_i_gb qbkeZ hl^_ey_
fu_ agZdhf mfgh`_gby gZijbf_j ± ± <f_klh
agZdZ mfgh`_gby fh`gh bkihevah\Zlv ijh[_e LZdb_ qbkeZ gZau\Zxl qbkeZfb k
ieZ\Zxs_c lhqdhc aZiylhc l d bo ij_^klZ\e_gb_ g_ h^ghagZqgh
±
:jbnf_lbq_kdb_ hi_jZpbb gZ^ \_s_kl\_ggufb qbkeZfb ^Zxl ijb[eb`_gguc
j_amevlZl Kbkl_fZ 0DWKHPDWLFD hi_jbjm_l ijb[eb`_ggufb qbkeZfb \_kvfZ
rbjhdh]h ^bZiZahgZ FZdkbfZevgu_ b fbgbfZevgu_ qbkeZ bf_xl agZq_gby
±
:jbnf_lbq_kdb_hi_jZpbb
kdhfie_dkgufbqbkeZfb
Dhfie_dkgh_ qbkeh ij_^klZ\ey_lky \ ke_^mxs_f \b^_
"#" $ %%" beb "#" $ %" %
]^_
X #" ² \_s_kl\_ggZy qZklv dhfie_dkgh]h qbkeZ "
X %" ² fgbfZy qZklv dhfie_dkgh]h qbkeZ "
X% ² fgbfZy _^bgbpZ % ij_^klZ\ey_lky ijhibkghc [md\hc eZlbg
kdh]h ZenZ\blZ
< \ujZ`_gbb dhfie_dkgh]h qbkeZ agZd mfgh`_gby fh`gh aZf_gylv ijh[_ehf
<_s_kl\_ggZy b fgbfZy qZklb dhfie_dkgh]h qbkeZ fh]ml [ulv qbkeZfb ex[h]h
\b^Z Z lZd`_ kbf\hevgufb i_j_f_ggufb \ujZ`_gbyfb b nmgdpbyfb gZijb
f_j $% & % $% '() $ %*
Ijbf_j
>Zgu ^\Z dhfie_dkguo qbkeZ "$ % "& % G_h[oh^bfh \uihegblv
gZ^ qbkeZfb hi_jZpbb keh`_gby mfgh`_gby ^_e_gby ba\e_q_gb_ d\Z^jZlgh]h
dhjgy ba jZaghklb qbk_e
J_r_gb_ ijb\_^_gh gZ jbk
I_j_f_ggu_
I_j_f_ggu_ ² h[t_dlu ijbgbfZxsb_ jZaebqgu_ agZq_gby dZd qbke_ggu_ lZd
b kbf\hevgu_ Ijb wlhf i_j_f_gghc fh`_l [ulv ex[hc h[t_dl ^Z`_ lZdhc dZd
]jZnbq_kdbc beb a\mdh\hc Bfy i_j_f_gghc gZau\Z_lky b^_glbnbdZlhjhf hgh
\k_]^Z gZqbgZ_lky k [md\u b fh`_l kh^_j`Zlv ex[u_ kbf\heu
I_j_f_ggu_ \ kbkl_f_ 0DWKHPDWLFD y\eyxlky ]eh[Zevgufb l _ lZdbfb dhlh
ju_ fh`gh baf_gylv \ ijhp_kk_ \uqbke_gbc GZijbf_j ijbk\hbf i_j_f_gghc
agZq_gb_ b \uqbkebf * aZl_f ijbk\hbf b \gh\v \uqbk
ebf * Ihemqbf ^\Z jZaguo hl\_lZ Kbkl_fZ ^himkdZ_l i_j_ijbk\Zb\Zgb_
i_j_f_gghc J_r_gb_ bf__l \b^
00
Ijbk\Zb\Zgb_ \ kbkl_f_ 0DWKHPDWLFD j_Zebam_lky ^\mfy kihkh[Zfb k ihfhsvx
nmgdpbc b hi_jZlhjh\
Hkgh\gu_ nmgdpbb ijbk\Zb\Zgby bf_xl \b^
X */1! 2 ² \uqbkey_l agZq_gb_ nmgdpbb 2 b ijbk\Zb\Z_l j_amevlZl agZ
q_gbx 1 ijbk\h_gb_ y\ey_lky ]eh[Zevguf
X */31! 1! 4! 32! 2! 4 ² \uqbkey_l agZq_gby nmgdpbc
2 2 b ijbk\Zb\Z_l bo khhl\_lkl\_ggh agZq_gbyf 1 1 ijbk\h_
gb_ ]eh[Zevgh_
X */56171! 2 ² ijbk\Zb\Z_l i_j_f_gghc 1 g_\uqbke_ggh_ 2 nmgd
pby aZ^_j`Zggh]h ijbk\Zb\Zgby
X */561731! 1! 4!3 2! 2! 4 ² ijbk\Zb\Z_l i_j_f_g
guf 1 1 g_\uqbke_ggu_ agZq_gby 2 2 aZ^_j`Zggh_ ijbk\Zb\Z
gb_
JZkkfhljbf wlb nmgdpbb [he__ ih^jh[gh b ijb\_^_f ijbf_ju
:gZeh]hf nmgdpbb */1! 2 y\ey_lky hi_jZlhj 12
GZ jbk ijb\_^_gu \uqbke_gby k ihfhsvx nmgdpbb */1! 2 b hi_jZlh
jZ 12
Ba jbk \b^gh qlh ijbk\h_gb_ i_j_f_gghc 1 agZq_gby 2 k ihfhsvx nmgd
pbb b hi_jZlhjZ b^_glbqgu
GZ jbk ihdZaZg ijbf_j ijbk\h_gby agZq_gbc lj_o nmgdpbc khhl\_lkl\_g
gh i_j_f_gguf 1 1 1
!
Ba jbk \b^gh qlh nmgdpby */ \u^ZeZ j_r_gb_ [_a aZ^_j`db kjZam `_
ihke_ gZ`Zlby dhf[bgZpbb deZ\br 6KLIW!(QWHU! Ihemqblv hl^_evgh agZq_
gby i_j_f_gguo 1 1 1 fh`gh \k_]^Z \ ijhp_kk_ ex[uo \uqbke_gbc
JZkkfhljbf l_i_jv nmgdpbb aZ^_j`Zggh]h ijbk\Zb\Zgby
:gZeh]hf nmgdpbb aZ^_j`Zggh]h ijbk\Zb\Zgby */56171! 2 y\ey_lky
hi_jZlhj 182
Wlb nmgdpby b hi_jZlhj \uqbkeyxl agZq_gb_ 2 ijbk\Zb\Zxl _]h 1 gh j_r_gb_
ijb gZ`Zlbb dhf[bgZpbb deZ\br 6KLIW!(QWHU! gZ wdjZg g_ \u^Zxl Lhevdh
"
Ba jbk \b^gh qlh ijb bkihevah\Zgbb hi_jZlhjZ dh]^Z \uqbke_ggu_
agZq_gby nmgdpbb ijbk\Zb\Zxlky i_j_f_gghc g_f_^e_ggh nmgdpby g_
<ujZ`_gbyboij_h[jZah\Zgby
b\uqbke_gby
Nmgdpbbhi_jZlhjubkbf\heu
\uqbke_gby\ujZ`_gbc
Ijb \\h^_ fZl_fZlbq_kdbo \ujZ`_gbc b \uiheg_gbb \uqbke_gbc gm`gh kh
[ex^Zlv ke_^mxsb_ ijZ\beZ kbglZdkbkZ
X agZd mfgh`_gby fh`gh aZf_gylv ijh[_ehf
X ex[Zy \kljh_ggZy nmgdpby gZqbgZ_lky k aZ]eZ\ghc [md\u Z Zj]mf_glu ih
f_sZxlky \ d\Z^jZlguo kdh[dZo
X djm]eu_ kdh[db ijbf_gyxlky ^ey hij_^_e_gby ijbhjbl_lZ \uqbke_
gbc b \u^_e_gby kZfhklhyl_evguo qZkl_c \ujZ`_gby
X d\Z^jZlgu_ kdh[db bkihevamxlky ^ey iZjZf_ljh\ nmgdpbc
X nb]mjgu_ kdh[db kem`Zl ^ey aZibkb \_dlhjh\ fZljbp b ^jm]bo ^Zg
guo \ \b^_ kibkdh\
gu_ qbkeZ ! !)*! ))+ )*, k ihfhsvx wlhc nmgdpbb ij_
h[jZamxlky \ \_dlhj h[jZah\Zgguc ba fZglbkk b \_dlhjh\ qbk_e
)!)!-)+,+
Ih^klZgh\db
Ih^klZgh\db y\eyxlky fZl_fZlbq_kdbf ZiiZjZlhf \uqbke_gby nmgdpbc ijb
qbke_gguo agZq_gbyo i_j_f_gguo Hgb iha\heyxl lZ[mebjh\Zlv nmgdpbb ijb
rbjhdhf baf_g_gbb Zj]mf_glZ < kemqZ_ kbf\hevguo i_j_f_gguo ih^klZgh\db
iha\heyxl kha^Z\Zlv gh\u_ fZl_fZlbq_kdb_ \ujZ`_gby ihemqZlv nhjfmeu
< kbkl_f_ 0DWKHPDWLFD ih^klZgh\db hkms_kl\eyxlky k ihfhsvx kbf\heZ
Dhf[bgZpbb wlbo kbf\heh\ nmgdpbc b i_j_f_gguo bf_xl \b^
,.
,. ,./
,.
,. ,./
,.
Ijbf_j
G_h[oh^bfh hkms_kl\blv ih^klZgh\db Zj]mf_glh\ / \ \ujZ
`_gby
'[",
" ""&"!
Hij_^_eblv lZd`_ agZq_gb_
ijb
< ^Zgghf kemqZ_ \ujZ`_gby ih^klZgh\hd [m^ml bf_lv \b^
,.0
,. ,.
J_ZebaZpby wlbo \ujZ`_gbc ijb\_^_gZ gZ jbk
,.
,. ,.
J_r_gb_ ijb\_^_gh gZ jbk
Ijbf_j
<uihegblv lZ[mebjh\Zgb_ nmgdpbc ?±[ , ijb
))1)2!- J_r_gb_ ij_^klZ\blv \ nhjf_ lZ[ebpu k ih
fhsvx \kljh_gghc nmgdpbb 3/
45
J_r_gb_ ijbf_jZ ijb\_^_gh gZ jbk
Ij_h[jZah\Zgb_\ujZ`_gbc
Ijb \u\h^_ nhjfme ihemq_gbb fZl_fZlbq_kdbo fh^_e_c \ ijhp_kk_ ex[uo
kbf\hevguo \uqbke_gbc bkke_^h\Zl_ex ijboh^blky ij_h[jZah\u\Zlv fZl_fZ
lbq_kdb_ \ujZ`_gby k p_evx bo mijhs_gby ihgbfZgby nbabq_kdhc kmsghklb
ihemq_gguo \ujZ`_gbc \ukhdhc gZ]ey^ghklb
Wlb ijhp_^mju dZd ijZ\beh g_ nhjfZebah\Zgu Bo \uiheg_gb_ ² h^gZ ba
gZb[he__ bgl_ee_dlmZevguo aZ^Zq
Kbkl_fZ 0DWKHPDWLFD bf__l g_kdhevdh ^_kyldh\ \kljh_gguo nmgdpbc ij_h[jZ
ah\Zgby b mijhs_gby \ujZ`_gbc ijb\_^_gby bo d `_eZ_fhfm \b^m Wlb nmgd
pbb iha\heyxl \uihegylv ke_^mxsb_ hi_jZpbb jZkdjulb_ kdh[hd ijb\_^_gb_
d h[s_fm agZf_gZl_ex ijb\_^_gb_ ih^h[guo qe_gh\ khdjZs_gb_ ZgZeblbq_
kdbo \ujZ`_gbc mijhs_gb_ ljb]hghf_ljbq_kdbo \ujZ`_gbc b fgh]h_ ^jm]h_
Bgl_ee_dlmZevghklv kbkl_fu dhfivxl_jghc Ze]_[ju \h fgh]hf aZ\bkbl hl qbk
eZ lZdbo nmgdpbc b dZq_kl\Z ijh]jZff bo bkihevamxsbo < wlhf kfuke_ kbk
l_fZ 0DWKHPDWLFD ² h^gZ ba gZb[he__ bgl_ee_dlmZevguo kbkl_f dhfivxl_jghc
Ze]_[ju
JZkkfhljbf ke_^mxsb_ hkgh\gu_ nmgdpbb kbf\hevguo ij_h[jZah\Zgbc kbkl_
fu 0DWKHPDWLFD
X 5( ² mijhsZ_l \ujZ`_gb_
X 465( ² mijhsZ_l \ujZ`_gb_ bf_xs__ \ k\h_f khklZ\_ ki_
pbZevgu_ nmgdpbb
X '(7 ² jZkdju\Z_l b jZkrbjy_l \ujZ`_gb_
X
8% ² ij_^klZ\ey_l \ujZ`_gb_ ih kl_i_gyf
X 3 '(7 ² ij_h[jZah\u\Z_l ljb]hghf_ljbq_kdb_ \ujZ`_gby
X 48% ² jZkdeZ^u\Z_l fZl_fZlbq_kdb_ \ujZ`_gby gZ fgh`bl_eb
DZ`^Zy ba wlbo nmgdpbc bf__l g_kdhevdh nhjf b \b^h\ ij_^klZ\e_gby
JZkkfhljbf ih^jh[gh wlb nmgdpbb b ijb\_^_f ijbf_ju
Nmgdpby 6LPSOLI\
Hkgh\gh_ gZagZq_gb_ nmgdpbb 5( ² mijhs_gb_ fZl_fZlbq_kdbo
\ujZ`_gbc Ijb wlhf h]jZgbq_gby gZ keh`ghklv \ujZ`_gbc lbi nmgdpbc b
i_j_f_gguo \ gbo hlkmlkl\mxl
Nmgdpby mijhsZ_l \ujZ`_gby iml_f ijb\_^_gby qe_gh\ d h[s_fm agZf_gZl_
ex mijhs_gby lh`^_kl\ ijb\_^_gby ih^h[guo jZaeh`_gby ihebghfh\ gZ
fgh`bl_eb b ihgb`_gby bo kl_i_gb iml_f khdjZs_gby ij_h[jZah\Zgby nmgd
pbc \ lhf qbke_ b ljb]hghf_ljbq_kdbo
L_ogheh]by ij_h[jZah\Zgby we_f_glZjgZ b khklhbl \ ke_^mxs_f
<\h^ nmgdpbb lj_[mxs_c ij_h[jZah\Zgby k ijbk\h_gb_f _c mgbdZevgh]h
bf_gb gZijbf_j
"
hg kfh] [u mijhklblv \k_ \ujZ`_gby ijbf_jZ ^h lZdhc kl_i_gb dZd wlh ihem
Nmgdpby )XOO6LPSOLI\
WlZ nmgdpby dZd b ij_^u^msZy ij_^gZagZq_gZ ^ey mijhs_gby \ujZ`_gbc
Ijbf_j
G_h[oh^bfh mijhklblv ke_^mxsb_ \ujZ`_gby
Nmgdpbb b !" mijhsZxl \ujZ`_gby k \_s_kl
Nmgdpbb ([SDQG
Nmgdpbb # $ \uihegyxl ij_h[jZah\Zgby \b^Z jZkdjulby b jZkrbj_gby
\ujZ`_gbc Nmgdpbc wlbo fgh]h JZkkfhljbf hkgh\gu_ ba gbo
y\eyxlky \_s_kl\_ggufb
X ' # $ - . jZkdju\Z_l kdh[db ijhba\_^_gbc b
²
GZ jbk b
ijb\_^_gu ijbf_ju jZkrbj_gby jZaghh[jZaguo \ujZ`_gbc
k ihfhsvx nmgdpbc # $
Nmgdpbb # $ iha\heyxl
bl ^
Nmgdpby &ROOHFW
Nmgdpby '/) ij_^klZ\ey_lky \ ke_^mxsbo \b^Zo
i_j_f_gghc
!#
X '/) - . hkms_kl\ey_l ijb\_^_gb_ h[sbo qe_gh\
²
Ijbf_j
G_h[oh^bfh hkms_kl\blv ijb\_^_gb_ ih^h[guo \ ke_^mxsbo \ujZ`_gbyo
#"'(#
0()
- .
J_r_gb_ ijb\_^_gh gZ jbk
Nmgdpbb )DFWRU
Hkgh\gh_ gZagZq_gb_ nmgdpbc !/)( jZaeh`_gb_ nmgdpbb gZ fgh`b
²
i_j_f_ggu_
^h]h ba gbo gZijbf_j -- . - .- .- .. qlh ha
gZqZ_l 1
\
gZ ijhklu_ fgh`bl_eb
§ ·§ ·
1 ¨, ¸ ¨, ¸
¨ ¸¨ ¸
© ¹© ¹
Ijbf_jugZij_h[jZah\Zgb_\ujZ`_gbc
< lZ[e ijb\_^_gu \ujZ`_gby lj_[mxsb_ ij_h[jZah\Zgby Hgb g_ kbkl_fZ
lbabjh\Zgu ih ijbagZdm mijhs_gby jZkrbj_gby jZaeh`_gby Ihevah\Zl_ev
^he`_g kZfhklhyl_evgh \u[jZlv nmgdpbx ij_h[jZah\Zgby ?]h hkgh\gZy aZ^Z
qZ ² ihemqblv hl\_l kh\iZ^Zxsbc k ijb\_^_gguf
G_ ke_^m_l h]hjqZlvky _keb hl\_lu g_ kh\iZ^Zxl Fh`_l hdZaZlvky qlh g_
kdhevdh \kljh_gguo nmgdpbc kihkh[gu ij_h[jZah\Zlv \ujZ`_gb_ gh hl\_lu
ihemqZxlky jZagu_ Hl\_lu lZd`_ fh]ml g_ kh\iZ^Zlv k ihemq_ggufb k ih
fhsvx bguo kbkl_f dhfivxl_jghc Ze]_[ju
<k_ wlh h[tykgy_lky l_f qlh fgh]b_ ijhp_^mju mijhs_gby \ fZl_fZlbd_ g_
nhjfZebah\Zgu Wlhl ijhp_kk gZklhevdh bgl_ee_dlmZe_g qlh ^himkdZ_l fgh`_
kl\h hl\_lh\ Gm`gh lhevdh ihdZaZlv qlh j_amevlZl ij_h[jZah\Zgby y\ey_lky
\_jguf
Mki_oZ \Zf qblZl_ev
LZ[ebpZ AZ^Zgby
<ujZ`_gb_ Hl\_l
aZ^Zqb
[ [ [ [
[
[ [ [
[
* [
S* [* [
[ [ D E [ DE [D E DE
[
[ [ [D E D DE
[ D ORJ D [
[
L OQL] ] DUFVLQ ]
LZ[ebpZ hdhgqZgb_
<ujZ`_gb_ Hl\_l
aZ^Zqb
[ [ [ [ [ [ [ [
L H L[ L H
L[ VLQ [ FRV [
[ [ [ [ [ [ [ [ [
[ [ L [ [ L [ L[ L
Ih\ur_gb_lhqghklb\uqbke_gbc
H^gbf ba kihkh[h\ ih\ur_gby lhqghklb \uqbke_gbc y\ey_lky ij_^klZ\e_gb_ k
\ukhdhc lhqghklvx \_s_kl\_gguo qbk_e \ \b^_ jZpbhgZevguo k ihke_^mxsbfb
Zjbnf_lbq_kdbfb ^_ckl\byfb lhevdh gZ^ jZpbhgZevgufb qbkeZfb
Ij_h[jZah\Zgb_ qbk_e \ jZpbhgZevgu_ qbkeZ hkms_kl\ey_lky k ihfhsvx ke_
^mxsbo nmgdpbc
X
² qbkeh ij_h[jZam_lky \ jZpbhgZevgh_
X
² qbkeh ij_h[jZam_lky \ jZpbhgZevgh_ F aZ^Zgghc
lhqghklvx
Ijb\_^_f ijbf_ju ij_h[jZah\Zgby \_s_kl\_gguo qbk_e \ jZpbhgZevgu_
Ijbf_j
G_h[oh^bfh ij_h[jZah\Zlv ke_^mxsb_ qbkeZ \ujZ`_gby b nmgdpbb \ jZpbh
gZevgmx nhjfm
!"#$ #"± %"& ' (
)!& *+#
#
< ^Zgghf kemqZ_ ke_^m_l \hkihevah\Zlvky nmgdpb_c
dhlhjZy
[m^_l bf_lv \b^
, !"#$ #"-& # %"&
' (
)!&.*+#
#/
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk \b^gh qlh nmgdpby
g_ lhevdh ij_h[jZah\ZeZ
\_s_kl\_ggu_ qbkeZ \ jZpbhgZevgmx nhjfm gh lZd`_ \uqbkebeZ \ujZ`_gby b
nmgdpbb ij_^klZ\b\ bo \ nhjf_ jZpbhgZevguo qbk_e HgZ g_ kfh]eZ \uqbkeblv
lhevdh
# l d qbkeh # g_ ij_^klZ\e_gh \ \_s_kl\_gghc nhjf_
K ihfhsvx nmgdpbb 01 ihemq_gh j_r_gb_ k ij_^klZ\e_gb_f qbk_e \ \_s_kl
\_gghc nhjf_
Ijbf_j
G_h[oh^bfh \uqbkeblv b ij_^klZ\blv j_amevlZlu \ jZpbhgZevghc nhjf_ \ujZ
`_gby & ( ! - k+# F lhqghklvx ± ± ± KjZ\gblv ihemq_g
gu_ j_amevlZlu
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \ \b^_ jZpbhgZevguo qbk_e dhgklZglu 5 H Wce_jZ
DZlZeZgZ J_r_gb_ ihemqblv k lhqghklvx ± ± ±
"
<bamZebaZpby\uqbke_gbc
<bamZebaZpby \uqbke_gbc y\ey_lky h^gbf ba wlZih\ dhfivxl_jguo l_ogheh]bc
j_r_gby fZl_fZlbq_kdbo aZ^Zq HgZ g_ lhevdh ihe_agZ gh b g_h[oh^bfZ \h
>\mf_jgZy]jZnbdZ
=jZnbq_kdZynmgdpby3ORW
=jZnbq_kdZy nmgdpby iha\hey_l kljhblv ]jZnbdb nmgdpbb \ I [ \
PLQ
PD[
PLQ
PD[
]^_
X
²Zj]mf_gl nmgdpbb
X
PLQ
PD[
bgl_j\Ze baf_g_gby Zj]mf_glZ
²
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \ \b^_ ]jZnbdZ nmgdpbx \ [H
[ \ ^bZiZahg_ [ hl
^h
J_ZebaZpby nmgdpbb ijb\_^_gZ gZ jbk
Ijbf_j
G_h[oh^bfh ihkljhblv gZ h^ghf ]jZnbd_ \ ^bZiZahg_ [ hl ^h ke_^mxsb_
nmgdpbb
\ [H
[ \ [ \ \ H [
< ^Zgghf kemqZ_ nmgdpby ij_^klZ\ey_lky \ ke_^mxs_f \b^_
?_ j_ZebaZpby ijb\_^_gZ gZ jbk
dhgdj_lguo ijbf_jZo
[H [
Ijbf_j
G_h[oh^bfh hij_^_eblv qbkeh \_s_kl\_gguo dhjg_c mjZ\g_gby
OQ [ [
b h[eZklb bo baheypbb
Ij_^klZ\bf nmgdpbx OQ [ [ \ \b^_ ]jZnbdZ Nmgdpby
\ ^Zgghf kemqZ_ [m^_l bf_lv \b^
?_ j_ZebaZpby ihdZaZgZ gZ jbk
3ORW>I^[`@
Ba ]jZnbdZ jbk \b^gh qlh mjZ\g_gb_ bf__l ljb \_s_kl\_gguo dhjgy ljb
i_j_k_q_gby k hkvx Z[kpbkk Ijb wlhf h[eZklyfb bo baheypbb fh]ml [ulv
±² ² ² Ba ]jZnbdZ lZd`_ \b^gh qlh nmgdpby bf__l ljb hkh[u_
lhqdb fbgbfmf fZdkbfmf b lhqdm i_j_]b[Z dhhj^bgZlu dhlhjuo fh`gh ijb
[eb`_ggh hij_^_eblv L_i_jv g_ ljm^gh j_rblv mjZ\g_gb_ qbke_ggufb f_lh
^Zfb ih^jh[gh baeh`_ggufb \ ]eZ\_
Ijh\_jdZ ^hklh\_jghklb j_r_gby aZ^Zqb
Ijh\_jdZ ^hklh\_jghklb j_r_gby aZ^Zqb k ihfhsvx ]jZnbq_kdbo h[jZah\ hkm
s_kl\ey_lky iml_f kjZ\g_gby ]jZnbdh\ nmgdpbc bklbgghc b ihemq_gghc \ j_
amevlZl_ \uqbke_gbc Ijb\_^_f lbibqguc ^ey wlh]h kemqZy ijbf_j
Ijbf_j
Nmgdpby jZaeh`_gby H [ \ jy^ L_cehjZ \hdjm] [ bf__l \b^ ihebghfZ lj_lv
_c kl_i_gb
G_h[oh^bfh mklZgh\blv ^bZiZahg agZq_gbc [
^ey dhlhjh]h lZdh_ jZaeh`_gb_ ^himklbfh
J_rbf aZ^Zqm k ihfhsvx \bamZebaZpbb \uqbke_gbc Ij_^klZ\bf nmgdpbb \ b
H [ gZ h^ghf ]jZnbd_ b iml_f bo kjZ\g_gby mklZgh\bf bkdhfuc ^bZiZahg
[
=jZnbdb nmgdpbc
b H ihemq_ggu_ k ihfhsvx nmgdpbb
ijb\_^_gu gZ jbk
] [[A[A
3ORW>^](A[`^[`@
\ ^bZiZahg_ [ hl ^h k bf_g_f ]jZnbdZ b h[hagZq_gb_f hk_c dhhj^bgZl
< ^Zgghf kemqZ_ nmgdpby 3ORW [m^_l bf_lv \b^
3ORW>I ^[ ` $[HV/DEHO!^[ \[` 3ORW/DEHO!
=jZnbd nmgdpbb k jZaju\hf g_ij_ju\ghklb@
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk
Ijb\_^_f _s_ h^bg ijbf_j ihkljh_gby k_f_ckl\Z nmgdpbc gZ h^ghf ]jZnbd_
Wlb ]jZnbdb gZf [m^ml g_h[oh^bfu ijb \u[hj_ \b^Z nmgdpbb bgl_jiheypbb
[ /RJ> [@
=jZnbd nmgdpbb
!
=jZnbd nmgdpbb
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \ \b^_ ]jZnbdh\ ke_^mxsb_ nmgdpbb
X kl_i_ggmx \ D[ k iZjZf_ljZfb D E
E
X eh]Zjbnfbq_kdmx \ D E OQ [ k iZjZf_ljZfb D E
X ^jh[ghebg_cgmx \ [ D E[ k iZjZf_ljZfb D E
< ^Zgghf kemqZ_ p_e_khh[jZagh bkihevah\Zlv nmgdpbx 3ORW ^ey ihkljh_gby gZ
h^ghf ]jZnbd_ fgh`_kl\Z h^ghh[jZaguo nmgdpbc k jZaebqgufb iZjZf_ljZfb
Nmgdpbb 3ORW \ gZr_f ijbf_j_ [m^ml bf_lv \b^
X 3ORW>^ [A [A [A`^[ ` $[HV/DEHO !
^[\[` 3ORW/DEHO!=jZnbd kl_i_gghc nmgdpbb \ D [E@
X 3ORW>^ A[ A[ A[`^[ ` $[HV/DEHO
!^[\[` 3ORW/DEHO!=jZnbd ihdZaZl_evghc
nmgdpbb \ D E @
[
[
=jZnbd ihdZaZl_evghc nmgdpbb
=jZnbd ihdZaZl_evghc nmgdpbb
=jZnbd eh]Zjbnfbq_kdhc nmgdpbb
=jZnbd ^jh[ghebg_cghc nmgdpbb
Ihkljh_gb_lhq_qgh]h]jZnbdZ
Ij_^klZ\e_gb_ ]jZnbdZ \ \b^_ lhq_d bf__l \Z`gh_ ijZdlbq_kdh_ agZq_gb_ ijb
j_r_gbb aZ^Zqb bgl_jiheypbb j_Zebam_fhc k p_evx ihemq_gby fZl_fZlbq_kdhc
fh^_eb bamqZ_fh]h h[t_dlZ beb y\e_gby =jZnbd iha\hey_l \u[jZlv \b^ nmgd
pbb bgl_jiheypbb
]jZnbdZ
< nmgdpbyo ijbgylu ke_^mxsb_ h[hagZq_gby
X
L _ agZq_gb_ nmgdpbb \ [
²
X
\u^Z_l lhqdb nmgdpbb \ [ ijb agZq_gbyo [
²
hl ^h Q k rZ]hf l _
Q
X
\u^Z_l lhqdb nmgdpbb \ [ aZ ²
^Zggu_ dhhj^bgZlZfb
Ijbf_j
J_amevlZlZfb wdki_jbf_glZ y\eyxlky ^Zggu_ ijb\_^_ggu_ \ lZ[e
< ^Zgghf kemqZ_ nmgdpbx \ [ fh`gh ij_^klZ\blv \ \b^_ ke_^mxs_c fZljbpu
Lh]^Z nmgdpby [m^_l bf_lv \b^
1
^^`^`^`^`^`^
`^`^`^``
!"# $! %$&''((
\[
[
Ijbf_j
Imklv \ j_amevlZl_ wdki_jbf_glZ ihemq_gZ nmgdpby \ \b^_ lZ[e Z iml_f
bgl_jiheypbb ² fZl_fZlbq_kdZy fh^_ev \ \b^_ ke_^mxs_c nhjfmeu
^^`^`^`^`^`^`^`^
`^``
U /LVW3ORW>I$[HV/DEHO!^[\[`3ORW6W\OH!
3RLQW6L]H>@
U 3ORW> [A^[`@
6KRZ>UU3ORW5DQJH!^`@
\[
[
Ijbf_j
Ij_^klZ\blv gZ h^ghf ]jZnbd_ ke_^mxsb_ ljb nmgdpbb
< ^Zgghf kemqZ_ nmgdpby !"# [m^_l bf_lv \b^
!"#
J_r_gb_ ijbf_jZ ijb\_^_gh gZ jbk
! "
#$
%&'&%&( &!!) (
%(
Ba jbk \b^gh qlh ]jZnbdb \u\_^_gu \ \b^_ fZeuo jZaebqguo nb]mjhd
iha\heyxsbo jZaebqZlv bkoh^gu_ h[t_dlu nmgdpbb
Nmgdpby !"# bf__l hipbx "#$#%& dhlhjZy iha\hey_l kh
_^bgylv lhqdb ]jZnbdZ ebgbyfb Hipby bf__l \b^
"#$#%& '( )
]^_ : ² * beb +! * hagZqZ_l qlh lhqdb gm`gh kh_^bgylv ebgbyfb
+! ² g_ gm`gh
Ijbf_j
G_h[oh^bfh bah[jZablv lhq_qgu_ ]jZnbdb ijbf_jZ kh_^bgb\ ebgbyfb
h[t_dlu Nmgdpbx hklZ\blv \ ij_`g_f \b^_
< ^Zgghf kemqZ_ nmgdpby !"# [m^_l bf_lv \b^
!"# "#$#%&'(* * +!
J_r_gb_ ijbf_jZ ij_^klZ\e_gh gZ jbk
Jbk =jZnbdb nmgdpbc ihkljh_ggu_ k ihfhsvx hipbb "#$#%&'()
<u[hjklbey]jZnbdZ
G_h[oh^bfuc klbev ]jZnbdZ fh`gh h[jZah\Zlv k ihfhsvx hipbc b ^bj_dlb\
0EF>O 3ORW6W\OH
Hipby iha\hey_l \u[jZlv p\_l ebgbc b bo lhesbgm HgZ bf__l ke_
^mxsb_ \ZjbZglu
]^_
Ijbf_j
G_h[oh^bfh ij_^klZ\blv nmgdpbb \ [H
[ \ [ \ \b^_ ]jZnbdZ \ ^bZiZ
J_r_gb_ ijb\_^_gh gZ jbk
baf_jy_fuo \ ibdk_eZo
iheghc rbjbgu
k_eZo
Ijbf_j
G_h[oh^bfh ihkljhblv \ jZaebqguo klbeyo ]jZnbdb nmgdpbc
\ OQ [ [ \ [
bkihevamy ^bj_dlb\u nmgdpbb Ke_^m_l j_Zebah\Zlv ^\Z \b^Z klb
< kemqZ_ ]jZnbdh\ \ \b^_ imgdlbjguo ebgbc nmgdpbx ij_^klZ\blv \ \b^_
Hipbb b ^bj_dlb\u iha\heyxl kha^Z\Zlv ebgbb jZaebqgh]h \b^Z qlh ^Z_l \ha
Ijbf_j
G_h[oh^bfh ihkljhblv gZ h^ghf ]jZnbd_ \ ^bZiZahg_ [ hl ^h ]jZnbdb
nmgdpbc \ [ \ [ \
VLQ [ [ kh klbeyfb jZagh]h \b^Z
OQ
[ [_a klbe_c
VLQ [ ebgbb jZaghc lhesbgu [
OQ [
H[hagZq_gb_djb\uogZ]jZnbd_
fgh`_kl\Znmgdpbc
H[hagZq_gb_ djb\uo \ ihe_ ]jZnbdZ kms_kl\_ggh ih\urZ_l gZ]ey^ghklv ]jZ
nbq_kdh]h ij_^klZ\e_gby nmgdpbc >ey wlh]h kbkl_fZ 0DWKHPDWLFD bf__l jy^
>ey ijbf_g_gby wlhc hipbb g_h[oh^bfh qlh[u djb\u_ nmgdpbc hleb
qZebkv f_`^m kh[hc Wlh fh`gh hkms_kl\blv k ihfhsvx hipbc klbe_c
Ijb\_^_f ijbf_j
Ijbf_j
Imklv g_h[oh^bfh gZ h^ghf jbkmgd_ ij_^klZ\blv \ \b^_ ]jZnbdh\ ke_^mxsb_
nmgdpbb \ VLQ
[ \ OQ
[ \ ^bZiZahg_ [ hl [ ^h [
H[hagZq_gby
djb\uo \uihegblv \ \b^_ fZl_fZlbq_kdbo \ujZ`_gbc Djb\u_ ^he`gu hleb
qZlvky klbeyfb
< gZr_f kemqZ_ nmgdpby [m^_l bf_lv \b^
! ! " "# $
% & '
$%
()
" *!
+
##"!
& ' & '!
J_amevlZlu j_r_gby ijb\_^_gu gZ jbk
!
"""#$%"# ! &'
(
)* +
! "$%""$%"
Ba jbk
\b^gh qlh nmgdpby mklZgh\beZ bfy hk_c ij_^klZ\beZ nmgd
pbb \ \b^_ jZaebqguo klbe_c b h[hagZqbeZ djb\u_ fZl_fZlbq_kdbfb nmgdpby
fb L_i_jv ykgh dZdhc nmgdpbb ijbgZ^e_`bl ^ZggZy djb\Zy
< ih^iZd_l_ bf__lky fgh]h ^jm]bo hipbc h[hagZq_gby djb\uo Hgb
iha\heyxl aZ^Z\Zlv p\_l b nhjfm e_]_g^u mklZgZ\eb\Zlv __ \ gm`ghf f_kl_
Wlh mdjZrZ_l jbkmghd gh g_ f_gy_l _]h kh^_j`Zgby K gbfb fh`gh ihagZdh
fblvky \ >@
beb \ kijZ\hqghc kbkl_f_ f_gx +HOS
=jZnbdbki_pbZevguolbih\
< ^Zgghf jZa^_e_ jZkkfZljb\Zxlky ]jZnbdb ke_^mxsbo lbih\
X \ eh]Zjbnfbq_kdhf fZkrlZ[_
X \ iheyjghc kbkl_f_ dhhj^bgZl
X \ \b^_ ]bklh]jZff
Nmgdpbb iha\heyxsb_ kljhblv ]jZnbdb ki_pbZevguo lbih\ gZoh^ylky \ ih^
iZd_l_
h[jZs_gb_ d dhlhjhfm bf__l \b^
`
Ijbf_j
Nmgdpby aZ^ZgZ \ \b^_ ke_^mxs_c fZljbpu
G_h[oh^bfh kha^Zlv lhq_qguc ]jZnbd nmgdpbb \ eh]Zjbnfbq_kdhf fZkrlZ[_
ih hkb \
()*+*,-.-*.*.,+-+*/
,*/00001
( ! "!#$ %%%
&'%
2!#$
3!040*
< p_eyo [hevr_c gZ]ey^ghklb ]jZnbd lhq_qghc nmgdpbb jbk ihkljh_g \
klbe_ $%&
^bgZl
X '' ' ((( PLQ PD[# kljhbl ]jZnbd kibkdZ ' ²
Ijbf_j
G_h[oh^bfh ij_^klZ\blv nmgdpbx [ VLQ [ \ \b^_ ]jZnbdZ \ ih
FRV
Ijbf_j
G_h[oh^bfh ihkljhblv \ iheyjghc kbkl_f_ dhhj^bgZl k_f_ckl\h ke_^mxsbo
nmgdpbc
[ [
)
[ VLQ [
[ [
_keb PLQ PD[
Ijb\_^_ggu_ nmgdpbb iha\heyxl kljhblv ke_^mxsb_ klhe[ph\u_ ^bZ]jZffu
X
kljhbl klhe[ph\mx ^bZ]jZffm ih ^Zgguf
²
kdb ^Zgguo fh]ml bf_lv jZagmx ^ebgm < wlhf kemqZ_ hlkmlkl\mxsb_ ^Zg
X
kljhbl klhe[ph\mx ^bZ]jZffm jZk
²
X
kljhbl klhe[ph\mx ^bZ]jZffm ²
ahglZevghc hkb
X
kljhbl klhe[ph\mx ^bZ]jZffm ²
Ijbf_j
Imklv g_h[oh^bfh ihkljhblv klhe[ph\u_ ^bZ]jZffu j_amevlZlh\ jZkq_lZ ij_^
< ^Zgghf kemqZ_ ^he`gu [ulv ihkljh_gu ljb klhe[ph\u_ ^bZ]jZffu Nmgdpbb
! "
X kemqZc jZkiheh`_gby klhe[ph\ ^jm] gZ^ ^jm]hf k Z[khexlguf hlkq_lhf
! "
! "
J_amevlZlu j_ZebaZpbb wlbo nmgdpbc ijb\_^_gu gZ jbk ²
Djm]h\u_ ^bZ]jZffu
>ey ihkljh_gby djm]h\uo ^bZ]jZff kbkl_fZ ij_^hklZ\ey_l jy^ nmgdpbc H^ghc
]^_
^Zggu_ \ \b^_ kibkdZ oZjZdl_jbamxsb_ ^hex djm]h\hc ^bZ]jZffu
²
<b^ ^bZ]jZffu aZ^Z_lky hipbyfb <_kv kibkhd hipbc fh`gh ihemqblv dhfZg
Ijbf_j
Imklv djm]h\Zy ^bZ]jZffZ khklhbl ba k_dlhjh\ kibkhd ^Zgguo h dhlhjuo
lhjh\
< ^Zgghf ijbf_j_ nmgdpby [m^_l bf_lv \b^
!
" #$%
" #$%
Ijbf_j
Imklv djm]h\Zy ^bZ]jZffZ khklhbl ba q_luj_o k_dlhjh\ dZ`^uc ba dhlhjuo
J_amevlZlu j_clbg]Z
@b]meb
<he]Z
Fhkd\bq
F_jk_^_k
Lj_of_jgZy]jZnbdZ
Lj_of_jgZy ]jZnbdZ wlh ]jZnbdZ nmgdpbc ^\mo i_j_f_gguo Lj_of_jgu_
²
nbdb nb]mj
Ihkljh_gb_nb]mj
GZb[he__ bgl_j_kgu_ nb]mju kha^Zxlky k ihfhsvx ]jZnbq_kdhc nmgd
pbb !" dhlhjZy bf__l g_kdhevdh fh^bnbdZpbc H^gZ ba gbo
lZdh\Z
!"
Ijbf_j
G_h[oh^bfh ihkljhblv ]jZnbd h[t_dlZ iZjZf_ljbq_kdb_ nmgdpbb dhlhjh]h
bf_xl \b^
I FRV [ FRV [ \
[
I [ VLQ [ FRV [ \
I [ VLQ [ \
Jbk =jZnbd nmgdpbb ijbf_jZ
bf_xl \b^
I FRV [ FRV \
I VLQ [ FRV \
I VLQ \
Jbk =jZnbd nmgdpbb ijbf_jZ
Ki_pbZevgu_\uqbke_gby
< ]eZ\_ baeZ]Zxlky dhfivxl_jgu_ l_ogheh]bb j_r_gby fZl_fZlbq_kdbo aZ^Zq
<uqbke_gb_kmff
Kbkl_fZ 0DWKHPDWLFD \uqbkey_l kmffu \b^Z
L
M N
$ ¦ ¦ ¦1 L M N
<uqbke_gb_kmff
\ZgZeblbq_kdhf\b^_
J_amevlZlZfb kmffbjh\Zgby \ ZgZeblbq_kdhf \b^_ fh]ml [ulv \ujZ`_gby
nhjfmeu beb lhqgu_ agZq_gby kmffu ij_^klZ\e_ggu_ \ ghjfZevghc nhjf_
L PD[
L PLQ PD[
L PLQ PD[ L
LM PLQ PD[
PLQ PD[
½²´²
X we_f_glu kmffbjh\Zgby
²
X i_j_f_ggZy kmffbjh\Zgby
²
Ijbf_j
G_h[oh^bfh gZclb kmffm qbk_e hl ^h Q _keb I Q I Q
I Q
PD[ PD[
< ^Zgghf kemqZ_ ke_^m_l \hkihevah\Zlvky nmgdpb_c PD[
]^_
PD[ beb PD[ beb PD[
Ijbf_j
Q
G_h[oh^bfh gZclb kmffm qbk_e nmgdpbb I [ ijb baf_g_gbb Q hl ^h f
Q
§ N N ·
¦ ¨¨ N ¸
N
© N ¸¹
< ^Zgghf kemqZ_ mdZaZg ^bZiZahg baf_g_gby i_j_f_gghc ihwlhfm ^ey \uqbke_
gZreZ qZklbqgu_ kmffu qe_gh\ jy^Z < ihke_^g_f ijbf_j_ nmgdpby gZreZ
§ N N ·
¦ ¨¨ N ¸
N
© N ¸¹
½²´²
Ijbf_j
G_h[oh^bfh \uqbkeblv kmffm nmgdpbb I Q ijb baf_g_gbb Q hl ^h
¦ ¦ [L \ M
B B Q P Q P
[ \ [ \
¦¦ ¦¦
L
M
Q P Q P Q
P
Q P
J_r_gb_ aZ^Zqb
²
<uqbke_gb_kmff\qbke_gghf\b^_
<uqbke_gb_ kmff \ qbke_gghf \b^_ hkms_kl\ey_lky \ kbkl_f_ k 0DWKHPDWLFD
L PD[
L PLQ PD[
L PLQ PD[ L
LM PLQ PD[
PLQ PD[
L_ogheh]by \uqbke_gby kmff a^_kv lZ `_ qlh b \ kemqZ_ kbf\hevguo i_j_f_g
nhjf_
Ijbf_j
G_h[oh^bfh \uqbkeblv ke_^mxsb_ kmffu
] B
¦ [ H
[ ¦¦ [ \
¦ ¦
]
]
] [
[
\
V
Bkihevah\Zgb_kbf\heZkmffbjh\Zgby ¦ U
V
Ijb j_r_gbb ijZdlbq_kdbo aZ^Zq m^h[gh b ijb\uqgh \f_klh \kljh_gghc nmgd
V
pbb bkihevah\Zlv kbf\he kmffbjh\Zgby ¦
< wlhf kemqZ_ l_ogheh]by
V
kmffbjh\Zgby [m^_l khklhylv ba \uiheg_gby ke_^mxsbo imgdlh\
½²´²
Ijbf_j
G_h[oh^bfh \uqbkeblv bkihevamy kbf\he kmffbjh\Zgby ke_^mxsb_ kmffu
Q B
L
§ N
·
Q P
¦ ¦ ¦ ¨¨ ¸¸ ¦ ¦ ¦ ¦
Q L N © ¹ Q P [ \
Ijbf_ju\uqbke_gbykmff
< lZ[e ij_^klZ\e_gu nmgdpbb b ij_^_eu kmffbjh\Zgby Z lZd`_ hl\_lu
dhlhju_ ijb\h^ylky \ fZl_fZlbq_kdhf kijZ\hqgbd_ >@ G_h[oh^bfh gZclb
kmffu ijb\_^_gguo nmgdpbc k ihfhsvx kbkl_fu 0DWKHPDWLFD b kjZ\gblv bo k
hl\_lZfb ?keb hgb g_ kh\iZ^Zxl lh mklZgh\blv dZdhc ba hl\_lh\ \_jguc
Ijbf_ju ihe_agh j_rZlv g_ lhevdh k p_evx mk\h_gby l_ogheh]bb kmffbjh\Z
gby Nmgdpbb kmffbjh\Zgby y\eyxlky ZgZeblbq_kdbfb kh^_j`Zsbfb kbf
\hevgu_ i_j_f_ggu_ <uqbke_gb_ kmff iha\hey_l km^blv h[ bgl_ee_dlmZevgh
klb kbkl_fu 0DWKHPDWLFD
N f
S
f
S
f
f
N
f OQ
f
f
f
LZ[ebpZ hdhgqZgb_
Nmgdpby LPLQ LPD[ Hl\_l ih kijZ\hqgbdm
\ZjbZglZ kmffbjh\Zgby
§ ·
f ¨
¸
©
¹
N
f FRV
N f
S S
VLQ FWJ
FRV S S
f
f OQ
N
N
f OQ
Ijbf_qZgb_
Kbkl_fZ 0DWKHPDWLFD fh`_l \u^Zlv j_r_gb_ kh\iZ^Zxs__ k hl\_lhf
\_jgh_ gh \ bghf \b^_ gZdhg_p j_r_gb_ kh ki_pbZevgufb nmgdpbyfb
\ hl\_l_
<uqbke_gb_ijhba\_^_gbc
Kbkl_fZ 0DWKHPDWLFD iha\hey_l \uqbkeylv ijhba\_^_gby g_h]jZgbq_ggh]h qbk
eZ i_j_f_gguo dZd \ ZgZeblbq_kdhf lZd b \ qbke_gghf \b^_ Ijb wlhf nmgdpby
IL fh`_l [ulv kibkdhf qbk_e kbf\hevguo i_j_f_gguo beb nmgdpb_c g_h]jZ
gbq_ggh]h qbkeZ i_j_f_gguo
JZkkfhljbf l_ogheh]bb \uqbke_gby ijhba\_^_gbc \ kj_^_ kbkl_fu
0DWKHPDWLFD
<uqbke_gb_ijhba\_^_gbc
\ZgZeblbq_kdhf\b^_
J_amevlZlZfb \uqbke_gby ijhba\_^_gbc \ ZgZeblbq_kdhf \b^_ fh]ml [ulv nhj
fmeu beb lhqgu_ qbke_ggu_ agZq_gby ijhba\_^_gby ij_^klZ\e_ggu_ \ ghj
fZevghc nhjf_ k qbkebl_e_f b agZf_gZl_e_f
<uqbke_gb_ ijhba\_^_gbc \ ZgZeblbq_kdhf \b^_ hkms_kl\ey_lky \ kbkl_f_
0DWKHPDWLFD k ihfhsvx ke_^mxsbo \kljh_gguo nmgdpbc
L
PD[
L
PLQ
PD[
L
PLQ
PD[
LM
PLQ
PD[
PLQ
PD[
< nmgdpbyo ijbgylu ke_^mxsb_ h[hagZq_gby
X ² we_f_glu ijhba\_^_gby
X
² bg^_dkgZy i_j_f_ggZy we_f_glh\ ijhba\_^_gby
X
PLQ
PD[ ² fbgbfZevgh_ b fZdkbfZevgh_ agZq_gby bg^_dkZ
Ijb\_^_ggu_ nmgdpbb \uqbkeyxl ijhba\_^_gby \ kbf\hevghf beb qbke_gghf
\b^_ k \u^Zq_c j_amevlZlZ \ \b^_ lhqgh]h j_r_gby
JZkkfhljbf \hafh`ghklb i_j_qbke_gguo nmgdpbc b ijb\_^_f ijbf_ju bo j_Z
ebaZpbb
X Nmgdpby L
PD[ ² \uqbkey_l ijhba\_^_gby agZq_gbc
ijb baf_g_gbb bg^_dkZ
hl ^h
PD[ k rZ]hf jZ\guf
X Nmgdpby L
PLQ
PD[ ² \uqbkey_l ijhba\_^_gb_ agZq_
gbc ijb baf_g_gbb
hl
PLQ ^h
PD[ k rZ]hf jZ\guf
X Nmgdpby L
PLQ
PD[
² \uqbkey_l ijhba\_^_gb_
agZq_gbc ijb baf_g_gbb
hl
PLQ ^h
PD[ k rZ]hf jZ\guf '
X Nmgdpby LM
PLQ
PD[
PLQ
PD[
²
\uqbkey_l ijhba\_^_gb_ agZq_gbc fgh]hiZjZf_ljbq_kdhc nmgdpbb LM
ijb baf_g_gbb
hl
PLQ ^h
PD[ hl PLQ ^h PD[ b l ^
Ijb\_^_f ijbf_ju \uqbke_gby ijhba\_^_gbc ZgZeblbq_kdbfb f_lh^Zfb
Ijbf_j
Lj_[m_lky \uqbkeblv ijhba\_^_gby ke_^mxsbo \b^h\
N
[ [ N [ N OQ [ [ \
[ N N [ [ \
Ijhba\_^_gb_ OQ [ g_h[oh^bfh \uqbkeblv k rZ]hf K
[
Ba jbk ke_^m_l qlh \ i_j\uo lj_o aZ^ZqZo j_r_gb_ ihemq_gh \ ZgZeblbq_
kdhf \b^_ Kbkl_fZ g_ \uqbkebeZ kmffm eh]Zjbnfh\ ohly Zj]mf_gl aZ^Zg \
\b^_ qbk_e >ey ihemq_gby kmffu ijbrehkv bkihevah\Zlv dhfZg^m : \hl
\ ihke_^g_f ijbf_j_ kbkl_fZ gZreZ kmffm \ qbke_gghf \b^_ g_kfhljy gZ lh
qlh j_rZeZ ZgZeblbq_kdbf f_lh^hf Wlh h[tykgy_lky l_f qlh \ ^Zgghf ijbf_j_
ihemq_gh j_r_gb_ Z[khexlgh lhqgh
<uqbke_gb_ijhba\_^_gbc
\qbke_gghf\b^_
<uqbke_gb_ ijhba\_^_gbc \ qbke_gghf \b^_ hkms_kl\ey_lky kbkl_fhc
0DWKHPDWLFD k ihfhsvx \kljh_gguo nmgdpbc bf_xsbo lhl `_ \b^ qlh b ZgZ
Ijbf_j
G_h[oh^bfh \uqbkeblv \ qbke_gghf \b^_ ke_^mxsb_ ijhba\_^_gby
[
[ [ [H
[ [\
[ [ [ [ \
Bkihevah\Zgb_
kbf\heZijhba\_^_gby!
IZg_ev bgkljmf_glh\ kh^_j`bl kbf\he ijhba\_^_gby 3 dhlhjuc p_e_khh[jZa
gh bkihevah\Zlv ijb ZgZeblbq_kdhf f_lh^_ kmffbjh\Zgby Ijb wlhf l_ogheh
]by \uqbke_gby ijhba\_^_gby khklhbl \ \uiheg_gbb ke_^mxsbo ijhp_^mj
!
H[jZs_gb_ d kbf\hem 3 )LOH _ 3DOHWWHV _ %DVLF,QSXW _
Ijbf_j
G_h[oh^bfh \uqbkeblv bkihevamy kbf\he 3 ijhba\_^_gby nmgdpbc ba ijbf_
jZ
J_r_gb_ aZ^Zq ijb\_^_gh gZ jbk
Ba ijbf_jZ \b^gh qlh j_r_gb_ ihemq_gh \ \b^_ lhqguo agZq_gbc ijhba\_
^_gbc Ijhba\_^_gb_ ihemq_gh \ \b^_ lhqgh]h qbkeZ ij_^klZ\e_ggh]h \
[ [
ghjfZevghc nhjf_ >ey ihemq_gby ijb[eb`_ggh]h qbkeZ \ _kl_kl\_gghc nhjf_
ijbrehkv bkihevah\Zlv kbf\he
Ijbf_ju\uqbke_gbyijhba\_^_gbc
< lZ[e ijb\_^_gu nmgdpbb b ij_^_eu \uqbke_gby ijhba\_^_gbc Bo j_r_
gb_ ihe_agh ^ey ijbh[j_l_gby hiulZ j_r_gby aZ^Zq \ kbkl_f_ 0DWKHPDWLFD Z
lZd`_ k p_evx bamq_gby \hafh`ghkl_c kbkl_fu b __ bgl_ee_dlmZevguo kihkh[
ghkl_c
LZ[ebpZ Nmgdpbb b ij_^_eu \uqbke_gby ijhba\_^_gbc
Hl\_l
\ZjbZglZ Nmgdpby
LPLQ LPD[
N
N f
N
N f
N
N f
N S
LZ[ebpZ hdhgqZgb_
\ZjbZglZ Nmgdpby LPLQ LPD[ Hl\_l
S
N f
N
N
[ N f
[
[
N f FRV [
N S
f § [
·
[ ¨ ¸ ² ² VLQK [
N
¨
© N
S ¸¹
Q
§ NS ·
Q VLQ ¨ [ ¸ ² ² VLQQ[
N © Q ¹
§ § [ · · VLQ [
¨ ¨ ¸ ¸ ² ²
¨ © [ NS ¹ ¸ VLQ [
© ¹
f [
[ FRV ² ² VLQ [
N N
f § [
·
[ ¨ ¸ ² ² VLQ [
N
¨
© N
S ¸¹
Ijbf_qZgb_
>h[b\Zcl_kv qlh[u \Zrb j_r_gby kh\iZ^Zeb k hl\_lZfb
LZ[mebjh\Zgb_nmgdpbb
Ij_^klZ\e_gb_ nmgdpbb \ \b^_ lZ[ebpu g_h[oh^bfh \ ke_^mxsbo kemqZyo
X hij_^_e_gb_ ih]j_rghklb bgl_jiheypbb
X \uqbke_gb_ bgl_]jZeh\ ki_pbZevgh]h \b^Z
X hij_^_e_gb_ kl_i_gb bgl_jiheypbhggh]h ihebghfZ ih agZq_gbyf lZ[ebq
guo jZaghkl_c
X hp_gdZ h[eZklb baheypbb dhjgy
LZ[ebpm fh`gh ihemqblv g_ihkj_^kl\_ggufb \uqbke_gbyfb agZq_gbc nmgdpbb
I [ ijb jZaebqguo agZq_gbyo Zj]mf_glZ H^gZdh \ wlhf g_l g_h[oh^bfhklb
Kbkl_fZ 0DWKHPDWLFD ^ey wlbo p_e_c bf__l ke_^mxsb_ \kljh_ggu_ nmgdpbb
PD[
PLQ PD[
PLQ PD[
PLQ PD[ PLQ PD[
<kljh_ggu_ nmgdpbb bf_xl ke_^mxsb_ h[hagZq_gby
X
² lZ[mebjm_fZy nmgdpby
X ² Zj]mf_gl lZ[mebjm_fhc nmgdpbb
X
² qbkeh ih\lhj_gbc nmgdpbb
X PLQ ² fbgbfZevgh_ agZq_gb_ Zj]mf_glZ
X PD[ ² fZdkbfZevgh_ agZq_gb_ Zj]mf_glZ
X ² rZ] baf_g_gby Zj]mf_glZ
X
² nmgdpby fgh]bo i_j_f_gguo Zj]mf_glZfb dhlhjuo y\eyxl
ky
Hldebdhf ex[hc nmgdpbb y\ey_lky \_dlhj beb fZljbpZ we_f_glu dhlh
juo _klv lhqgu_ agZq_gby nmgdpbb Ijb wlhf g_l h]jZgbq_gbc gZ \b^ nmgdpbb
^bZiZahg baf_g_gby Zj]mf_glZ b rZ] lZ[ebpu
L_ogheh]by lZ[mebjh\Zgby nmgdpbb \ kbkl_f_ 0DWKHPDWLFD qj_a\uqZcgh ijhklZ
\\h^blky nmgdpby b ^ey ihemq_gby hl\_lZ gZ`bfZ_lky dhf[bgZpby deZ
\br 6KLIW!(QWHU!
JZkkfhljbf [he__ ih^jh[gh \kljh_ggu_ nmgdpbb b ijb\_^_f ijbf_ju
Nmgdpby
² nmgdpby
ih\lhjy_lky
jZa b ij_^klZ\ey_l
ky \ \b^_ \_dlhjZ dZ`^uc we_f_gl dhlhjh]h ² nmgdpby \ ZgZeblbq_kdhf \b^_
?keb ² qbkeh Z nmgdpby
bf__l lhqgh_ agZq_gb_ lh hldebdhf y\eyxlky
qbkeZ \_dlhjZ ij_^klZ\e_ggu_ \ ghjfZevghc nhjf_
Ijbf_j
G_h[oh^bfh ij_^klZ\blv nmgdpbb OQ [ OQ \ \b^_ \_dlhjZ k qbkehf we_f_glh\
Q Z nmgdpbb H b VLQ \ \b^_ fZljbpu k qbkehf we_f_glh\ Q
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk \b^gh qlh \h \k_o kemqZyo ihemqZ_f j_r_gb_ \ ZgZeblbq_kdhf \b^_
>ey ihemq_gby qbke_ggh]h j_r_gby bkihevam_lky dhfZg^Z
Nmgdpby
PD[ ² hldebdhf y\ey_lky \_dlhj we_f_glu dh
lhjh]h _klv agZq_gby nmgdpbb
hl ^h PD[ J_r_gby ij_^klZ\eyxlky
\ ZgZeblbq_kdhf \b^_
Ijbf_j
G_h[oh^bfh ijhlZ[mebjh\Zlv ke_^mxsb_ nmgdpbb
[ [H D E
D
[
y\eyxlky agZq_gby b
Wlhl kemqZc ihdZaZg gZ jbk ijb lZ[mebjh\Z
gbb nmgdpbb ORJ [
Nmgdpby
PLQ PD[ ² hldebdhf nmgdpbb y\ey_lky
\_dlhj we_f_glZfb dhlhjh]h y\eyxlky agZq_gby nmgdpbb
\ ^bZiZahg_
hl PLQ ^h PD[ ijb rZ]_ K
Ijbf_j
G_h[oh^bfh ijhlZ[mebjh\Zlv ke_^mxsb_ nmgdpbb
X I [ OQ [ ijb PLQ PD[
X I [ [ ijb PLQ PD[ ij_^klZ\b\ hl\_l \ \b^_ fZljbpu
we_f_glZfb dhlhjhc y\eyxlky agZq_gby Zj]mf_glh\ [ b nmgdpbb I [
X I [ [ b I [ [ ijb PLQ PD[ ij_^klZ\b\ hl\_l \ \b^_
fZljbpu we_f_glZfb dhlhjhc y\eyxlky agZq_gby Zj]mf_glh\ [ b nmgdpbc
I [
Ijbf_j
G_h[oh^bfh lZ[mebjh\Zlv ke_^mxsb_ nmgdpbb I D E D E
I Q P Q P ijb baf_g_gbb Zj]mf_glZ Z hl ^h Z \k_o hklZevguo Zj]mf_g
lh\ ² hl ^h k rZ]hf jZ\guf
J_r_gb_ ijb\_^_gh gZ jbk
<uqbke_gb_ij_^_eh\
L_ogheh]by\uqbke_gbyij_^_eh\
kbkl_fhc0DWKHPDWLFD
Kms_kl\mxl fZl_fZlbq_kdb_ nmgdpbb agZq_gby dhlhjuo ijb hij_^_e_gguo
agZq_gbyo Zj]mf_glZ y\eyxlky g_hij_^_e_ggufb Wlh kemqZ_lky gZijbf_j
\ l_o kemqZyo dh]^Z \ nmgdpbb bf__l f_klh jZaju\ g_ij_ju\ghklb beb ijb
hij_^_e_gguo agZq_gbyo Zj]mf_glZ hgZ bf__l agZq_gby f ff
f
< lZdbo kemqZyo fh]ml \hagbdZlv ljm^ghklb j_r_gby fZl_fZlbq_kdbo aZ^Zq
<hl h^bg ba ijbf_jh\
Ijbf_j
ihke_^g_c kljhdb jbk ]^_ gZoh^blky j_amevlZl \uqbke_gby ij_^_eZ bk
oh^ghc nmgdpbb
[
AZf_lbf qlh ^h ihy\e_gby kbkl_f dhfivxl_jghc Ze]_[ju aZ^ZqZ \uqbke_gby
ij_^_eh\ k ihfhsvx dhfivxl_jghc l_ogbdb \hh[s_ g_ klZ\beZkv l d dhfivx
l_j l_o \j_f_g k _]h ijh]jZffguf h[_ki_q_gb_f lZdb_ aZ^Zqb g_ fh] j_rZlv
ijbgpbibZevgh
< kbkl_f_ 0DWKHPDWLFD ij_^_eu hij_^_eyxlky k ihfhsvx \kljh_gghc nmgdpbb
bf_xs_c \b^
]^_
X
² nmgdpby ij_^_e dhlhjhc g_h[oh^bfh hij_^_eblv
X ² Zj]mf_gl nmgdpbb
X ² ij_^_evgh_ agZq_gb_
WlZ nmgdpby iha\hey_l gZoh^blv ij_^_e g_ lhevdh \ \b^_ qbkeZ gh lZd`_ \ \b^_
ZgZeblbq_kdh]h \ujZ`_gby qlh k\b^_l_evkl\m_l h \ukhdbo bgl_ee_dlmZevguo
\hafh`ghklyo kbkl_fu 0DWKHPDWLFD
JZkkfhljbf ijbf_ju ijbf_g_gby nmgdpbb
Ijbf_j
G_h[oh^bfh hij_^_eblv ke_^mxsb_ ij_^_eu
OLP H OLP D OLP WJ[ OLP VLQ [ OLP H
W Q [
Wo OQ W o H
Q
Q o [
[
o [[
o H
[
[
Ijbf_j
Ba jbk \b^gh qlh ij_^_eu ijb ijb[eb`_gbb d gbf ke_\Z b kijZ\Z jZagu_
Ijb hlkmlkl\bb hipbb !"#$ kbkl_fZ \u[jZeZ ijb[eb`_gb_ d ij_^_em
ke_\Z
Jbk gZ dhlhjhf ijb\_^_g ]jZnbd nmgdpbb DUFWJ [ ^Z_l h[tykg_gb_
ijb[eb`_gbc b hl\_lh\
%$" !'
%$" ()
WlZ hipby mdZau\Z_l y\ey_lky eb g_ba\_klgZy nmgdpby ZgZeblbq_kdhc ;hevrh
]h ijZdlbq_kdh]h agZq_gby wlZ hipby g_ bf__l
Ijbf_ju\uqbke_gbyij_^_eh\
< lZ[e ijb\_^_gu aZ^Zqb gZ hij_^_e_gb_ ij_^_eh\ nmgdpbb Hgb beexkl
jbjmxl \hafh`ghklb kbkl_fu 0DWKHPDWLFD Ihevah\Zl_ex ihe_agh h[jZlblv
\gbfZgb_ gZ ZgZeblbq_kdb_ j_r_gby dhlhju_ hij_^_eyxl bgl_ee_dlmZevghklv
kbkl_fu
LZ[ebpZ Nmgdpbb b agZq_gby bo ij_^_eh\
§ D[ E[ ·[ D E
¨ ¸
¨ ¸
© ¹
§ ·o f
¨ ¸
© [¹
[
[ B
[
[ f
H
D W
D
ORJ W
DQ OQ D
DQ D
H
D [ ,
D f
H
D [
[D
,
OQ [ D
LZ[ebpZ hdhgqZgb_
JZaeh`_gb_nmgdpbb\kl_i_gghcjy^
L_ogheh]byjZaeh`_gbynmgdpbb
\jy^L_cehjZ\kbkl_f_0DWKHPDWLFD
JZaeh`_gb_ nmgdpbb \ kl_i_gghc jy^ bf__l \ fZl_fZlbd_ [hevrh_ agZq_gb_
Hgh iha\hey_l
X mijhsZlv fZl_fZlbq_kdb_ jZkq_lu
X ihemqZlv j_r_gby aZ^Zq \ ZgZeblbq_kdhf \b^_
X gZoh^blv fZl_fZlbq_kdb_ fh^_eb jZaebqguo h[t_dlh\ b y\e_gbc iml_f ih
ebghfbZevghc bgl_jiheypbb
<hl h^bg ijhklhc ijbf_j >ZgZ nmgdpby
\ [ [H
[ [
JZaeh`b\ __ \hdjm] [ \ jy^ L_cehjZ ihemqbf
\ [ [ [
<uqbkebf l_i_jv hij_^_e_gguc bgl_]jZe hl h[_bo nmgdpbc \ ij_^_eZo hl
[ ^h [ Ihemqbf
[
³ [H [ G[
³ [ [ G[
H [
\ c [ [
Z \ kemqZ_ ihebghfZ \ c [ [ ² ijyfZy ebgby
JZaeh`_gb_ nmgdpbb \ kl_i_gghc jy^ hkms_kl\ey_lky \ kbkl_f_ 0DWKHPDWLFD ih
nhjfme_ L_cehjZ dhlhjZy bf__l \b^
I cD I ccD
I [ I D [ D [ D
I Q D
[ D Q
Q
]^_ D ² agZq_gb_ Zj]mf_glZ [ nmgdpbb \ I [ \hdjm] dhlhjh]h ijhbkoh^bl
jZaeh`_gb_ \ jy^
NhjfmeZ kijZ\_^eb\Z ^ey ex[h]h \_s_kl\_ggh]h qbkeZ Z \ lhf qbke_ b
^ey D Ijb D nhjfmeZ L_cehjZ ijbgbfZ_l \b^
I c I cc I Q
I [ I [ [ [ Q
Q
NhjfmeZ gZau\Z_lky jy^hf FZdehj_gZ
AZf_lbf qlh nhjfmeu b 0DWKHPDWLFD \u^Z_l _keb \hkihevah\Zlvky
\kljh_gghc nmgdpb_c hibkZgb_ dhlhjhc ijb\h^blky ^Ze__ J_r_gb_
ihdZaZgh gZ jbk
X ² kl_i_gv fgh]hqe_gZ
X ² jy^ kl_i_gb
L_ogheh]by jZaeh`_gby nmgdpbb \ kl_i_gghc jy^ bkdexqbl_evgh ijhklZ \\h^
\kljh_gghc nmgdpbb b gZ`Zlb_ dhf[bgZpbb deZ\br 6KLIW!(QWHU! ^ey ihem
q_gby hl\_lZ
JZkkfhljbf ih^jh[gh \kljh_ggu_ nmgdpbb b ijb\_^_f ijbf_ju
Nmgdpby
hkms_kl\ey_l jZaeh`_gb_ nmgdpbb \ jy^
\hdjm] k qbkehf qe_gh\
Ijbf_j
G_h[oh^bfh jZaeh`blv \ kl_i_gghc jy^ ke_^mxsb_ nmgdpbb H[ VLQ [
[
DUFVLQ [
VLQK [ JZaeh`_gb_ \uihegblv ijb qbke_ qe_gh\ Q
OQ
jy^
\m_l
Nmgdpby
[
\ hkms_kl\ey_l jZaeh`_
gh\ khhl\_lkl\_ggh \ [
Ijbf_j
G_h[oh^bfh jZaeh`blv \ jy^ nmgdpbb H [ \ H [\ \hdjm] k qbkehf qe_gh\
[ \ mdZaZgguo \ j_r_gbb
Ijbf_j
G_h[oh^bfh jZaeh`blv \ jy^ L_cehjZ \hdjm] ke_^mxsb_ nmgdpbb
[
VLQ [ VLQK [ H H [\
Qbkeh qe_gh\ jy^Z \b^gh ba j_r_gby
Ba jbk \b^gh qlh \h \k_o kemqZyo j_r_gb_ ihemq_gh \ ZgZeblbq_kdhf \b^_
qZ_
"
H D[ E[ jZaeh`blv \ jy^ L_cehjZ \hdjm] fh`gh g_kfhljy gZ lh qlh
\_g
B < hklZevguo kemqZyo j_r_gb_ ihemq_gh qlh k\b^_l_evkl\m_l h \ukh
dhc bgl_ee_dlmZevghklb kbkl_fu dhlhjZy jZkdjueZ g_hij_^_e_g
0DWKHPDWLFD
Ih]j_rghklbkl_i_gguojy^h\L_cehjZ
< ijhp_kk_ \uqbke_gby nmgdpbb [_kdhg_qguc kl_i_gghc jy^ aZf_gy_lky qZk
lbqghc kmffhc < k\yab k wlbf ke_^m_l agZlv kdhevdh qe_gh\ jy^Z g_h[oh^bfh
khojZgblv qlh[u \uqbkeblv nmgdpbx k aZ^Zgghc lhqghklvx J_r_gb_ wlhc
f_j 0
lh [ Q Q @ Lh]^Z ijb [ ^hklZlhqgh hklZ\blv ljb
qe_gZ jy^Z Q
Dhfivxl_jgu_l_ogheh]bbhp_gdb
ih]j_rghkl_cjy^h\
Kihkh[ LZ[mebjh\Zgb_ nmgdpbc
Kmsghklv wlh]h kihkh[Z khklhbl \ ke_^mxs_f hkms_kl\ey_lky lZ[mebjh\Zgb_
Ijbf_j
G_h[oh^bfh hp_gblv ih]j_rghklv jy^Z ihemq_ggh]h \ j_amevlZl_ jZaeh`_gby
[ [
[
[ [ [
[
[ [ [ [
[
X LZ[mebjh\Zgb_ b nmgdpbc jZaeh`_gby Nmgdpby lZ[meypbb \ ^Zgghf
H[
X kjZ\g_gb_ ]jZnbdh\
Ijb `_eZgbb fh`gh ihkljhblv ]jZnbd jZaghklb nmgdpbc dhlhjuc [m^_l oZjZd
1RUPDO>6HULHV>([S>[@^[`@@
[ [ [ [
[
3ORW>^([S>[@2XW>@`^[`@
\[ H[
[
<uqbke_gb_ijhba\h^guo
Kbkl_fZ \uqbkey_l ijhba\h^gu_ \ ZgZeblbq_kdhf b qbke_gghf
0DWKHPDWLFD
< nmgdpbyo ijbgylu ke_^mxsb_ h[hagZq_gby
X ^bnn_j_gpbjm_fZy nmgdpby
²
gby
X ihjy^hd ijhba\h^ghc
²
X i_j_f_ggu_ ^bnn_j_gpbjh\Zgby
²
Ijbf_j
G_h[oh^bfh \uqbkeblv qZklgmx ijhba\h^gmx ih [ ke_^mxsbo nmgdpbc
D[ E[ F OQ D[ [ VLQK D[ [ [ [ VLQ [ FRV [
pbb ih i_j_f_gghc
Ijbf_j
Hij_^_eblv lj_lvx ijhba\h^gmx nmgdpbc ijbf_jZ
jZf
Ijbf_j
G_h[oh^bfh gZclb ijhba\h^gu_ ih \k_f iZjZf_ljZf ke_^mxsbo nmgdpbc
D [ VLQ D[ FRV D[ D E [ D E [ OJ D E [ D[E
Ijbf_j
Imklv g_h[oh^bfh gZclb ^bnn_j_gpbZe nmgdpbc [ VLQ [ [
OJ Z lZd`_
Ij_^klZ\e_gb_^Zgguo
Kha^Zgb_\_dlhjh\bfZljbp
Lbiu^Zgguo
Hkgh\gufb lbiZfb ^Zgguo dhlhjufb hi_jbjm_l kbkl_fZ
y\eyxlky 0DWKHPDWLFD
X qbkeh\u_ ^Zggu_
X kbf\hevgu_ ^Zggu_
X kibkdb
\_s_kl\_ggufb b dhfie_dkgufb
Ijb wlhf qbkeZ
e_gby
¡Â·¶ÃIJ´½·¿º· ¶²¿¿ÍÇ £À¹¶²¿º· ´·¼ÄÀÂÀ´ º ¾²ÄºÈ
I_j_\h^ qbk_e ba ^_kylbqghc KK \ kbkl_fm k hkgh\Zgb_f 3 ^h hkms_kl\ey
!"#
$%
& %3'
]^_
X% 3 ² qbkeh \ KK k hkgh\Zgb_f
Ijbf_j
Ij_^klZ\blv qbkeZ \ ^\hbqghc \hkvf_jbq
#
$%
& %3'
J_r_gb_ ijb\_^_gh gZ jbk
Ijbf_j
I_j_\_klb \ ^_kylbqgmx kbkl_fm kqbke_gby ke_^mxsb_ qbkeZ
jZpbb gZ^ jZpbhgZevgufb qbkeZfb hgZ \uihegy_l Z[khexlgh lhqgh LZd gZijb
f_j kmffbjmy qbkeZ hgZ \u^Z_l j_amevlZl Ijh]jZffZ ijb
<_s_kl\_ggu_qbkeZ
<_s_kl\_ggh_ qbkeh khklhbl ba fZglbkku b ihjy^dZ FZglbkkZ kh^_j`bl p_emx b
^jh[gmx qZklb ihjy^hd ij_^klZ\ey_lky dZd kl_i_gv qbkeZ Hgb fh]ml bf_lv
ijh[_ehf beb agZdhf mfgh`_gby i_j_^ ^jh[ghc fZglbkkhc ghev p_euo fh`gh
) b
) hl\_lhf y\ey_lky qbkeh ij_^klZ\e_ggh_ \ jZpbh
%$*'
%$*& '
]^_
X* \ujZ`_gb_
²
Dhfie_dkgu_qbkeZ
Dhfie_dkgu_ qbkeZ \ kbkl_f_ 0DWKHPDWLFD aZ^Zxlky \ h[s_ijbgylhc nhjf_
< kbkl_f_ fZl_fZlbq_kdb_ hi_jZpbb k dhfie_dkgufb qbkeZfb \
[hevrbgkl\_ kemqZ_\ \uihegyxlky lZd `_ dZd b k \_s_kl\_ggufb qbkeZfb
0DWKHPDWLFD
Kbf\hevgu_i_j_f_ggu_
Kbf\hevgufb i_j_f_ggufb fh]ml [ulv hl^_evgu_ kbf\heu
kljhdb
\ujZ`_gby
!"#$ Ijb aZibkb fZl_fZ
lbq_kdbo hi_jZpbc gZ^ \ujZ`_gbyfb ijbf_gyxlky ke_^mxsb_ kbglZdkbq_kdb_
ijZ\beZ
KibkdbbfZkkb\u
Kibkdhf gZau\Z_lky kh\hdmighklv ^Zgguo
aZdexq_gguo \ nb]mjgu_ kdh[db
Ijb wlhf ^Zggufb fh]ml [ulv qbkeZ kbf\hevgu_ i_j_f_ggu_ \ujZ`_gby
Ijbf_ju kibkdh\
²
Ij_^klZ\e_gb_bh[jZah\Zgb_
\_dlhjh\bfZljbp
<_dlhj b fZljbpZ ij_^klZ\eyxl kh[hc khhl\_lkl\_ggh h^ghmjh\g_\uc b
^\momjh\g_\uc kibkdb We_f_glZfb \_dlhjZ b fZljbpu fh]ml [ulv \_s_kl\_g
we_f_glh\
/
3 4"6
75 %% 54"
]^_
fZljbp_c
=_g_jZpby\_dlhjh\bfZljbp
kihfhsvxnmgdpbb5DQJH
Nmgdpby # ijbf_gy_lky ^ey kha^Zgby qbkeh\uo kibkdh\ b ij_^klZ\ey_lky
\ ke_^mxsbo \b^Zo
PD[,
X # PLQ ) PD[ ² ]_g_jbjm_l \_dlhj ba qbkeh\uo we_f_glh\ \b^Z ( PLQ )
PD[,
PD[
=_g_jZpby\_dlhjh\bfZljbp
kihfhsvxnmgdpbc7DEOH
Kha^Zgb_ kibkdh\ lbiZ \_dlhjZ b fZljbpu \ kbkl_f_ wnn_dlb\gh
k ihfhsvx nmgdpbb /
3 bf_xs_c \b^
0DWKHPDWLFD
PD[
PLQ PD[
PLQ PD[ F
<u^_e_gb_b\u\h^we_f_glh\
\_dlhjZbfZljbpu
Kbkl_fZ bf__l [h]Zlu_ \hafh`ghklb \u^_e_gby we_f_glh\ \_dlh
jh\ b fZljbp k jZkiheh`_gb_f bo gZ wdjZg_ fhgblhjZ <u^_e_gb_ hkms_kl\ey
0DWKHPDWLFD
X ijbf_g_gb_ nmgdpbb 3 5
6
6) ) 999
]^_
X \u^_ey_fuc we_f_gl
²
Ijbf_j
AZ^Zgu ke_^mxsb_ \_dlhju b fZljbpZ
6$( ) $) +) *) ,
6 (($) ) *,) (*) ) ,)( ) +) <,,
6*() $)
) ) *) ,
6+( ) ) 2 )
) $,
G_h[oh^bfh \u^_eblv q_l\_jluc we_f_gl \_dlhjZ 6$ we_f_gl \lhjhc kljhdb b
\lhjh]h klhe[pZ fZljbpu 6 \lhjhc b lj_lbc we_f_glu \_dlhjZ 6$ \lhjhc we_
]^_
X ² bfy \_dlhjZ
X
L c we_f_gl \_dlhjZ
²
Kbf\he
L fh`_l [ulv iheh`bl_evguf b hljbpZl_evguf ?keb
L ! lh hlkq_l
we_f_glh\ \_dlhjZ b^_l hl gZqZeZ \_dlhjZ Z ijb
L
dhgpZ
² F
]^_
X
L ² c we_f_gl kljhdb fZljbpu
X L ² c we_f_gl klhe[pZ fZljbpu
]^_
X
² ghf_j we_f_glZ \_dlhjZ
Ijbf_j
>Zgu \_dlhju b ba ijbf_jZ G_h[oh^bfh \u^_eblv ba \_dlhjZ we_
!
" b !
"
JZ[hlZkhkibkdZfb
Kha^Zgb_\_dlhjh\bfZljbp
Kibkdb ij_^klZ\eyxl kh[hc keh`gmx kljmdlmjm ^Zgguo Kbkl_fZ 0DWKHPDWLFD
<uy\e_gb_kljmdlmju\_dlhjZ
bebfZljbpu
>ey \uy\e_gby kljmdlmju \_dlhjZ beb fZljbpu kem`Zl ke_^mxsb_ nmgdpbb
X *
$+' \ha\jZsZ_l qbkeh we_f_glh\ \_dlhjZ '
²
X *
$+ \ha\jZsZ_l qbkeh kljhd fZljbpu
²
X ('
ijh\_jy_l bf__lky eb \ \_dlhj_ ' we_f_gl
_keb ^Z lh
²
X ('
ijh\_jy_l bf__l eb \_dlhj ' we_f_gl
_keb kh^_j`bl lh
²
X (
ijh\_jy_l bf__l eb fZljbpZ we_f_gl
_keb kh^_j`bl
²
X ,
"
"' \ha\jZsZ_l qbkeh we_f_glh\ \_dlhjZ '
²
X ,
"
" \ha\jZsZ_l jZaf_j fZljbpu qbkeh kljhd b qbkeh klhe[
²
ph\
X "
'
\ha\jZsZ_l ghf_jZ ihabpbc we_f_glZ
\_dlhjZ '
²
X -)
'
\ha\jZsZ_l qbkeh we_f_glh\ \ \_dlhj_ ' bf_xsbo agZq_gb_
²
X
".
/' \u^Z_l jZg] \_dlhjZ ' _keb ' y\ey_lky l_gahjhf
²
X
".
/ \u^Z_l jZg] fZljbpu _keb y\ey_lky l_gahjhf
²
Ijbf_j
>Zg \_dlhj ' b fZljbpZ
,
"
" *
$+ "
'&
".
/
J_r_gb_ ijb\_^_gh gZ jbk
Ij_h[jZah\Zgb_bkha^Zgb_
\_dlhjh\bfZljbp
Kbkl_fZ 0DWKHPDWLFD bf__l [h]Zlu_ \hafh`ghklb ij_h[jZah\Zgby b kha^Zgby
gh\uo \_dlhjh\ b fZljbp b kibkdh\ ex[h]h mjh\gy Wlh ^hklb]Z_lky iml_f
X m^Ze_gb_ we_f_glh\
X ^h[Z\e_gb_ we_f_glh\
hkgh\gu_ ba gbo
X ,!'
m^Zey_l i_j\u_
we_f_glh\ \_dlhjZ '
²
X ,!'
m^Zey_l ihke_^gb_
we_f_glh\ \_dlhjZ '
²
X ,!'
m^Zey_l
c we_f_gl \_dlhjZ '
²
X ,!'
m^Zey_l we_f_glu hl ]h ^h
]h \_dlhjZ '
²
X /'
\ha\jZsZ_l \_dlhj ' k i_j\ufb
we_f_glZfb
²
X /'
\ha\jZsZ_l \_dlhj ' k ihke_^gbfb
we_f_glZfb
²
X /'
\ha\jZsZ_l \_dlhj ' k ghf_jZfb we_f_glh\ hl ^h
²
X #!!
1' ^h[Z\ey_l we_f_gl \ dhg_p \_dlhjZ '
²
X !
1' ^h[Z\ey_l we_f_gl \ gZqZeh \_dlhjZ '
²
X 2
"'
\klZ\ey_l we_f_gl \ ihabpbx
k hlkq_lhf ba gZqZeZ
²
\_dlhjZ '
X 2
"'
\klZ\ey_l we_f_gl \ ihabpbx
k hlkq_lhf ba dhg
²
pZ \_dlhjZ '
X ,'
m^Zey_l we_f_gl
ba \_dlhjZ '
²
X ,
,
,
m^Zey_l ba ²
Ijbf_j
>Zg \_dlhj ' b fZljbpZ ba ijbf_jZ G_h[oh^bfh h[jZah\Zlv gh\u_ \_dlhj
iml_f baf_g_gby jZkiheh`_gby we_f_glh\ \_dlhjZ beb fZljbpu >ey wlbo p_
X
h[jZam_l \_dlhj ba ex[h]h kibkdZ gZijbf_j fZljbpu
²
X
h[jZam_l \_dlhj \ kljhd_
fZljbpu
²
eh`_gby we_f_glh\
X .*
\ha\jZsZ_l we_f_glu \_dlhjZ fZljbpu ihke_
²
djZlgh]h ih\hjhlZ \e_\h
X ..$+
\ha\jZsZ_l we_f_glu \_dlhjZ fZljbpu ihke_
²
djZlgh]h ih\hjhlZ \ijZ\h
X
"!" kf_gZ kljhd b klhe[ph\ fZljbpu
²
Ijbf_j
>Zgu \_dlhj ' b fZljbpZ
'
4
G_h[oh^bfh kha^Zlv gh\u_ \_dlhju b fZljbpu iml_f baf_g_gby ihjy^dZ jZkih
% .3" .
"!"
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk
Dhf[bgbjh\Zgb_\_dlhjh\bfZljbp
Dhf[bgbjh\Zgb_ \_dlhjh\ b fZljbp iha\hey_l kha^Z\Zlv gh\u_ \_dlhju b fZl
kl\Zfb
X 5
\ha\jZsZ_l gh\uc \_dlhj beb fZljbpm ba dhlhjh]h m^Ze_gu
²
ih\lhjyxsb_ky we_f_glu
X 5
h[t_^bgy_l m^Zeyy ih\lhjyxsb_ky we_
²
X 6
h[t_^bgy_l \ _^bgmx p_iv dhgdZl_gZpby
²
X -!
\ha\jZsZ_l kibkhd we_f_glu dhlhjh]h g_
²
kh^_j`Zlky \
X 2
"&
\ha\jZsZ_l mihjy^hq_gguc kibkhd we_
²
Ijbf_j
>Zgu ke_^mxsb_ \_dlhju ' ' ' b fZljbpu
' 0
' 4
' & 0 4
4
0
&
G_h[oh^bfh \uihegblv dhf[bgbjh\Zgb_ \_dlhjh\ b fZljbp ihevamykv nmgd
pbyfb 5
6
-!
2
"&
Kha^Zgb_\_dlhjh\bfZljbp
Kbkl_fZ iha\hey_l kha^Z\Zlv fZkkb\u ^Zgguo ex[uo jZaf_jgh
0DWKHPDWLFD
nmgdpbc
#7
#7
#7 /
#7 / +
JZkkfhljbf wlb nmgdpbb b ijb\_^_f ijbf_ju
X #7
kha^Z_l \_dlhj ba
we_f_glh\
²
X #7
kha^Z_l \_dlhj ba
we_f_glh\ gZqbgZy k
ijb
²
wlhf
fh`_l [ulv qbkehf nmgdpb_c \ujZ`_gb_f
X #7
kha^Z_l fZljbpm
K
ba we_f_glh\ nmgdpbb
²
8
9
X #7
+ ²kha^Z_l \_dlhj ba
we_f_glh\ gZqbgZy k 8
9
k mjh\g_f fZkkb\Z +
#)
#7
+ ijb\_^_gu gZ jbk
FZl_fZlbq_kdb_hi_jZpbb
gZ^\_dlhjZfbbfZljbpZfb
:jbnf_lbq_kdb_hi_jZpbb
FZl_fZlbq_kdb_ hi_jZpbb gZ^ \_dlhjZfb b fZljbpZfb hkms_kl\eyxlky lZd `_
Ijbf_j
>Zgu \_dlhju ' ' b fZljbpu
'
' 0 4
G_h[oh^bfh
\_dlhjh\ b fZljbp dZd k h[uqgufb qbkeZfb Ke_^m_l bf_lv \ \b^m qlh kbkl_fZ
pbyfb
FZljbqgh_mfgh`_gb_
<_dlhjgu_ hi_jZpbb mfgh`_gby b \ha\_^_gby \ kl_i_gv \ kbkl_f_ 0DWKHPDWLFD
Ijbf_j
>Zgu ^\Z \_dlhjZ ' ' b ^\_ fZljbpu ba ijbf_jZ G_h[oh^bfh \u
FZl_fZlbq_kdb_hi_jZpbb
k\_dlhjZfbbfZljbpZfb
FZl_fZlbq_kdb_ hi_jZpbb k \_dlhjZfb b fZljbpZfb \uqbke_gb_ hij_^_ebl_ey
X 21
7 \ha\jZsZ_l _^bgbqgmx fZljbpm fZljbpm k ^bZ]h
²
X
"!" \ha\jZsZ_l ljZgkihgbjh\Zggmx fZljbpm m dhlhjhc kljh
²
X 2
3" \ha\jZsZ_l h[jZlgmx fZljbpm l _ lZdmx dhlhjZy [m^mqb
²
X *
%3 \ha\jZsZ_l \_dlhj g_ba\_klguo fZljbqgh]h mjZ\g_
²
X ;$
"" \ha\jZsZ_l kibkhd kh[kl\_gguo agZq_gbc b kh[kl\_g
²
X ;$
3)" \ha\jZsZ_l kibkhd kh[kl\_gguo agZq_gbc d\Z^jZlghc
²
fZljbpu .
X ;$
3&" \ha\jZsZ_l kibkhd kh[kl\_gguo \_dlhjh\ d\Z^jZlghc
²
fZljbpu .
X ")12
3" bs_l ik_\^hh[jZagmx fZljbpm ^ey fZljbpu .
²
FZl_fZlbq_kdb_nmgdpbb
FZl_fZlbq_kdb_ nmgdpbb ijbgylh deZkkbnbpbjh\Zlv gZ nmgdpbb we_f_glZj
gu_ ki_pbZevgu_ b nmgdpbb ihevah\Zl_ey
We_f_glZjgu_
fZl_fZlbq_kdb_nmgdpbb
D we_f_glZjguf nmgdpbyf ijbgylh hlghkblv ke_^mxsb_
X
\uqbkey_l eh]Zjbnf qbkeZ
²
X
\uqbkey_l eh]Zjbnf qbkeZ k hkgh\Zgb_f
²
G_ihkj_^kl\_ggh_\uqbke_gb_
nmgdpbb
Ih wlhfm kihkh[m \uqbkey_fZy nmgdpby \\h^blky k qbke_gguf agZq_gb_f Zj
]mf_glZ b ^ey ihemq_gby j_amevlZlZ gZ`bfZ_lky dhf[bgZpby deZ\br
6KLIW!(QWHU!Imklv gZijbf_j g_h[oh^bfh \uqbkeblv agZq_gb_ nmgdpbb
Ihke_ gZ`Zlby dhf[bgZpbb deZ\br 6KLIW!(QWHU! gZ wdjZg_ ihy\blky hl\_l
!"#$
Ke_^m_l bf_lv \ \b^m qlh _keb ijb ^Zgghf Zj]mf_gl_ nmgdpby bf__l lhqgh_
agZq_gb_ lh hgZ [m^_l \uqbke_gZ [_a kbf\heZ lhqdZ \ dhgp_ qbkeZ GZ
ijbf_j %
&
½²´²
Ijbk\h_gb_Zj]mf_glm
qbke_ggh]hagZq_gby
Imklv gZijbf_j g_h[oh^bfh \uqbkeblv agZq_gb_ nmgdpbb
\ OQ Ijhp_^m
$#!'(
Baeh`_ggu_ kihkh[u \uqbke_gby we_f_glZjguo nmgdpbc ijb\_^_gu gZ
jbk
Ki_pbZevgu_
fZl_fZlbq_kdb_nmgdpbb
Hjlh]hgZevgu_ihebghfu
Kbkl_fZ bf__l \kljh_ggu_ nmgdpbb \uqbke_gby hjlh]hgZevguo
0DWKHPDWLFD
ihebghfh\ Q_[ur_\Z E_`Zg^jZ WjfblZ EZ]_jjZ =_]_g[Zm_jZ Ydh[b Wlb
nmgdpbb bf_xl \b^
X
,%
\uqbkey_l ihebghf E_`Zg^jZ
²
X
,%
-
\uqbkey_l ijbkh_^bg_gguc ihebghf E_`Zg^jZ
²
²Ä·¾²ÄºÉ·Ã¼º· ÆÅ¿¼Èºº
X
,.
\uqbkey_l nmgdpbx E_`Zg^jZ \lhjh]h jh^Z
²
X
,.
-
\uqbkey_l ijbkh_^bg_ggmx nmgdpbx E_`Zg^jZ
²
\lhjh]h jh^Z
X
0
\uqbkey_l ihebghf EZ]_jjZ
²
X
0
-
\uqbkey_l h[h[s_gguc ihebghf EZ]_jjZ
²
X kl_i_gv ihebghfZ
²
X Zj]mf_gl ihebghfZ
²
X - iZjZf_lju ihebghfZ
²
Ijbf_j
G_h[oh^bfh \uqbkeblv agZq_gby ihebghfh\ q_l\_jlhc kl_i_gb E_`Zg^jZ Wj
fblZ b Ydh[b ijb ' ' !
,% (
'
/-/ (
'
2% (
'
!
'
J_r_gb_ ijb\_^_gh gZ jbk
Ijbf_j
G_h[oh^bfh ihemqblv \ujZ`_gby hjlh]hgZevguo ihebghfh\ Q_[ur_\Z i_j\h]h
jh^Z h[h[s_ggh]h ihebghfZ EZ]_jjZ b ihebghfZ =_]_g[ZmwjZ Ihebghfu ih
emqblv ijb agZq_gbyo < ihebghf_ =_]_g[ZmwjZ iZjZf_lj -
½²´²
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \ \b^_ ]jZnbdh\ ihebghfu Q_[ur_\Z EZ]_jjZ b E_
`Zg^jZ \ ^bZiZahg_ baf_g_gby Zj]mf_glZ hl 6' ^h ijb agZq_gbyo
>ey h[_ki_q_gby gZ]ey^ghklb bkihevah\Zlv jZaebqgu_ klbeb ]jZnbdh\
!
" #$ %&%
!
"
# !$%
&'&
Bgl_]jZevgu_ihdZaZl_evgu_nmgdpbb
< kbkl_f_ 0DWKHPDWLFD bgl_]jZevgu_ ihdZaZl_evgu_ nmgdpbb \uqbkeyxlky
k ihfhsvx ke_^mxsbo \kljh_gguo nmgdpbc
X
² bgl_]jZevguc kbgmk
6L
B
³
VLQ W GW
S [
³
VLQ W GW
[ W
W
X
² bgl_]jZevguc dhkbgmk
³
B FRV W GW FRV W GW
[
&L
W ³ W
[
X
² bgl_]jZevguc kbgmk ]bi_j[hebq_kdbc
X
² bgl_]jZevguc dhkbgmk ]bi_j[hebq_kdbc
X
² bgl_]jZevgZy ihdZaZl_evgZy nmgdpby
X
² bgl_]jZevgZy ihdZaZl_evgZy nmgdpby
B H
W
(L Q [ ³ GW
[ W
\uqbkey_fZy f_lh^hf jZaeh`_gby \ jy^ ijb qbke_ qe_gh\ jZ\ghf
X
² bgl_]jZevguc eh]Zjbnf
OQ [
[
GW
/L ³ OQ W (L
Ijbf_j
G_h[oh^bfh \uqbkeblv \k_ bgl_]jZevgu_ nmgdpbb \ ^bZiZahg_ hl ^h k rZ
]hf jZ\guf J_r_gb_ gm`gh ihemqblv \ lZ[ebqghc nhjf_
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk \b^gh qlh lZ[mebjh\Zgb_ \uiheg_gh \ ^\Z wlZiZ \gZqZe_ ihemq_gh
j_r_gb_ ^ey ljb]hghf_ljbq_kdbo b ]bi_j[hebq_kdbo nmgdpbc Z aZl_f ^ey bg
l_]jZevguo ihdZaZl_evguo b bgl_]jZevghc ]_hf_ljbq_kdhc nmgdpbc Wlh hkm
s_kl\e_gh ebrv k p_evx m^h[kl\ jZkiheh`_gby lZ[ebp gZ wdjZg_ fhgblhjZ
LZ[ebqgh_ ij_^klZ\e_gb_ j_r_gbc \uiheg_gh k ihfhsvx nmgdpbb !"
L_i_jv ij_^klZ\bf bgl_]jZevgu_ ihdZaZl_evgu_ nmgdpbb \ \b^_ ]jZnbdh\
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \k_ bgl_]jZevgu_ ihdZaZl_evgu_ nmgdpbb \ \b^_ ]jZ
nbdh\ >bZiZahg baf_g_gby Zj]mf_glZ PLQ# PD[#$ ^ey ]_hf_ljbq_kdbo b ]b
i_j[hebq_kdbo nmgdpbc b PLQ# PD[# ^ey hklZevguo nmgdpbc < p_eyo
h[_ki_q_gby \ukhdhc gZ]ey^ghklb g_h[oh^bfh bkihevah\Zlv jZaebqgu_ klbeb
]jZnbdh\
J_r_gb_ aZ^Zqb ij_^klZ\e_gh gZ jbk b
=ZffZnmgdpby
=ZffZnmgdpby bf__l \b^
B
*Q ³H
W W Q
GW
* Q Q
§·
*¨ ¸ S
©¹
§ ·
*¨ ¸ S
© ¹
§ · § ·
*¨ Q ¸ ¨Q ¸
© ¹ © ¹
!" #$% &'
#$% & (
)*
))*
) +
&! !
#$% &! #$% &
X
h[h[s_ggZy g_ihegZy ]ZffZ nmgdpby
²
X
j_]meyjgZy g_ihegZy ]ZffZ nmgdpby
²
X
h[h[s_ggZy g_ihegZy ]ZffZ nmgdpby
²
X
eh]Zjbnf wce_jh\hc ]ZffZ nmgdpbb
²
X
^b]ZffZ nmgdpby ]
² <
X
y ijhba\h^gZy hl ]ZffZ nmgdpbb
²
Ijbf_j
G_h[oh^bfh \uqbkeblv
wlhf f_`^m qbkehf b kbf\hehf $ klZ\blky agZd mfgh`_gby beb ijh[_e P_eu_
qbkeZ ^he`gu aZdZgqb\Zlvky lhqdhc g_aZ\bkbfh hl bo jZkiheh`_gby \ qbke_
Ijbf_j
G_h[oh^bfh ij_^klZ\blv \ \b^_ ]jZnbdh\ ke_^mxsb_ nmgdpbb
< p_eyo gZ]ey^ghklb bkihevah\Zlv ]jZnbq_kdb_ klbeb
Ijbf_j
G_h[oh^bfh ij_^klZ\blv ]ZffZ nmgdpbx \ \b^_ ]jZnbdZ gZ dhfie_dkghc iehk
< ^Zgghf kemqZ_ nmgdpby ihkljh_gby dhglmjgh]h ]jZnbdZ [m^_l bf_lv \b^
Ijbf_j
Imklv g_h[oh^bfh ij_^klZ\blv nmgdpbx ;_kk_ey i_j\h]h b \lhjh]h jh^Z \ \b^_
]jZnbdZ \ ^bZiZahg_
hl ^h ijb >ey ih\ur_gby gZ]ey^ghklb
bkihevah\Zlv jZaebqgu_ klbeb ^ey djb\uo
$2
$
2 3 %
($
!"
#$% &
NmgdpbbWcjb
< kbkl_f_ 0DWKHPDWLFD nmgdpbb Wcjb \ha\jZsZxl ke_^mxsb_ \kljh_ggu_
nmgdpbb
X * '* 4 ² \uqbkey_l $Lnmgdpbx Wcjb
X * ' 4 ² \uqbkey_l %Lnmgdpbx Wcjb
X * '* ! 4 ² \uqbkey_l ijhba\h^gmx $Lnmgdpbb Wcjb
X * ' ! 4 ² \uqbkey_l ijhba\h^gmx %Lnmgdpbb Wcjb
Hgb iha\heyxl \uqbkeylv nmgdpbb Wcjb b bo ijhba\h^gu_ ijb \_s_kl\_gghf
b dhfie_dkghf agZq_gbyo Zj]mf_glZ 4
Ijb\_^_f ijbf_ju \uqbke_gby nmgdpbc Wcjb b bo ]jZnbq_kdh_ ij_^klZ\e_gb_
Ijbf_j
G_h[oh^bfh \uqbkeblv nmgdpbb Wcjb b bo ijhba\h^gu_ ijb 4
< ^Zgghf kemqZ_ \uqbke_gby p_e_khh[jZagh \uihegblv iml_f lZ[mebjh\Zgby
nmgdpbc Wcjb b bo ijhba\h^guo J_r_gby ijb\_^_gu gZ jbk \ lZ[ebqghc
nhjf_
Ijbf_j
G_h[oh^bfh \uqbkeblv nmgdpbb Wcjb b bo ijhba\h^gu_ ijb ke_^mxsbo agZ
q_gbyo dhfie_dkgh]h Zj]mf_glZ
< ^Zgghf kemqZ_ nmgdpbb Wcjb \uqbkeyxlky iml_f ij_^klZ\e_gby dhfie_dk
guo Zj]mf_glh\ \ \b^_ \_dlhjZ
J_ZebaZpby wlbo nmgdpbc ihdZaZgZ gZ jbk
Ijbf_j
G_h[oh^bfh ij_^klZ\blv nmgdpbb Wcjb \ \b^_ ]jZnbdh\ \ ^bZiZahg_ hl ±
^h Djb\u_ bah[jZablv \ jZaguo klbeyo
Ij_^klZ\bf nmgdpbb \ ke_^mxs_f \b^_
!"#$%
&#'($
))
!"#$%
&#'($
))
J_ZebaZpby wlbo nmgdpbc ihdZaZgZ gZ jbk b
!"#"
$
$
%
!"#"
;_lZnmgdpby
wce_jh\bgl_]jZei_j\h]hjh^Z
;_lZnmgdpby ij_^klZ\ey_lky \ \b^_ ke_^mxs_]h bgl_]jZeZ
[
% [ \ ³W W GW
Ijbf_j
G_h[oh^bfh \uqbkeblv [_lZnmgdpbx b \k_ __ jh^kl\_ggu_ nmgdpbb ijb ke_
^mxsbo agZq_gbyo i_j_f_gguo
NmgdpbbklZlbklbq_kdbojZkij_^_e_gbc
bnmgdpbbhrb[hd
Hkgh\gufb iZjZf_ljZfb klZlbklbq_kdbo jZkij_^_e_gbc y\eyxlky kj_^g__ agZ
q_gb_ ^bki_jkby f_^bZgZ Zkbff_ljby ^Zgguo Kbkl_fZ 0DWKHPDWLFD bf__l
[hevrh_ qbkeh \kljh_gguo nmgdpbc \uqbke_gby iZjZf_ljh\ klZlbklbq_kdbo
jZkij_^_e_gbc Hgb gZoh^ylky \ ih^iZd_l_ !'01"' iZd_lZ
"' H[jZs_gb_ d ih^iZd_lm bf__l \b^
22 "'3 !'01"'3
Hkgh\gufb nmgdpbyfb ih^iZd_lZ !'01"' y\eyxlky
X 4"$
! ² \uqbkey_l kj_^g__ agZq_gb_ ^Zgguo !
X 5'4"$
! ² \uqbkey_l ]_hf_ljbq_kdh_ kj_^g__ ^Zgguo !
X 6"$'4"$
! ² \uqbkey_l ]Zjfhgbq_kdh_ kj_^g__ ^Zgguo !
X 7$"4$
! ² \ha\jZsZ_l p_gljZevguc fhf_gl ^Zgguo ! ih
jy^dZ
X 4"$!1"$
! ² \uqbkey_l kj_^g__ hldehg_gb_ ^Zgguo !
X 4,"$
! ² \uqbkey_l f_^bZgm p_gljZevgh_ agZq_gb_ ^Zgguo !
X 4,"$!1"$
! ² \uqbkey_l Z[khexlgh_ hldehg_gb_ ^Zgguo ! hl
dehg_gb_ hl f_^bZgu
X "$,",!1"$
! ² \uqbkey_l klZg^Zjlgh_ hldehg_gb_ ^Zgguo !
X +4"$% "
! ² \uqbkey_l kj_^g_d\Z^jZlbq_kdh_ agZq_gb_ ^Zgguo !
X 8""'!""
! ² \uqbkey_l kj_^g_d\Z^jZlbq_kdh_ hldehg_gb_ ^Zgguo !
X 9$
! ² \uqbkey_l dhwnnbpb_gl Zkbff_ljbb ^Zgguo !
X : "$
! ; ² \uqbkey_l ;c d\Zglbev ^Zgguo !
X
$0"$%: "$
! ; ² \uqbkey_l ;c d\Zglbev ^Zgguo ! ijb
f_gyy bgl_jiheypbx ^Zgguo \ ijhp_kk_ \uqbke_gbc
Hij_^_e_gb_ wlbo nmgdpbc fh`gh ihemqblv _keb bo \uqbkeylv ^ey kemqZy
kbf\hevguo i_j_f_gguo M[_^bfky \ wlhf gZ ijbf_jZo
<kljh_ggu_ nmgdpbb hrb[hd gZoh^ylky \ y^j_ kbkl_fu 0DWKHPDWLFD Hgb bf_
xl \b^
X <=
² nmgdpby hrb[hd bgl_]jZe \_jhylghklb
X <=
² h[h[s_ggZy nmgdpby hrb[hd <=
<=
X <='
^hihegbl_evgZy nmgdpby hrb[hd <=
²
X <=
fgbfh_ agZq_gb_ nmgdpbb hrb[hd <=
-
²
X
$1<=
bg\_jkgZy nmgdpby hrb[hd
²
X
$1<=7
bg\_jkgZy ^hihegbl_evgZy nmgdpby hrb[hd
²
Ijbf_j
G_h[oh^bfh \uqbkeblv nmgdpbb hrb[hd <=
<='
$1<=
b
ij_^klZ\blv bo \ \b^_ lhq_qguo ]jZnbdh\ \ ^bZiZahg_ baf_g_gby hl ^h
k rZ]hf J_r_gb_ ihemqblv gZ h^ghf jbkmgd_
< ^Zgghf kemqZ_ i_j\hgZqZevgh g_h[oh^bfh \uihegblv lZ[mebjh\Zgb_ nmgd
pbc Z aZl_f ihkljhblv fgh]hnmgdpbhgZevguc ]jZnbd k ihfhsvx ]jZnbq_kdhc
nmgdpbb 4 0A dhlhjZy gZoh^blky \ iZd_l_ jZkrbj_gby
5"0#'
Ijh]jZffZ j_r_gby aZ^Zqb b __ j_ZebaZpby ihdZaZgu gZ jbk
Nmgdpbb]_g_jZpbbkemqZcguoqbk_e
H[jZah\Zgb_ kemqZcguo qbk_e ih^qbg_gguo hij_^_e_gghfm aZdhgm jZkij_^_
\Zgby
X
]_g_jbjm_l ik_\^hkemqZcgh_ ^_ckl\bl_evgh_ qbkeh ba bgl_j
²
X
]_g_jbjm_l ik_\^hkemqZcgh_ qbkeh lbiZ ba ^bZiZahgZ
²
ke_^mxsbo \b^h\
N
PD[ ]_g_jZpby kemqZcguo qbk_e ba ^bZiZahgZ PD[
² ²
N
PLQ PD[ ]_g_jZpby kemqZcguo qbk_e ba ^bZiZahgZ
²
PLQ²PD[
X
mklZgZ\eb\Z_l ]_g_jZlhj \ gZqZevgh_ khklhygb_
² ijbgb
fZy
aZ gZqZevgh_ qbkeh
X
mklZgZ\eb\Z_l ]_g_jZlhj \ gZqZevgh_ khklhygb_
² ijbgb
K ihfhsvx nmgdpbb
fh`gh ]_g_jbjh\Zlv fgh`_kl\h qbk_e ba ^bZ
lZ[mebjh\Zlv nmgdpbx
Nmgdpby ijb wlhf bf__l \b^
PD[
]^_
² qbkeh ih\lhj_gbc nmgdpbb
hl ^h PD[
Ijbf_j
G_h[oh^bfh ihemqblv kemqZcguo qbk_e ba ^bZiZahgZ
² jZkij_^_e_gguo
ih ghjfZevghfm aZdhgm
J_r_gb_ ijbf_jZ ijb\_^_gh gZ jbk b ij_^klZ\e_gh \ nhjf_ lZ[ebpu
Ijbf_j
G_h[oh^bfh k]_g_jbjh\Zlv kemqZcguo p_euo qbk_e ba ^bZiZahgZ
²
< ^Zgghf kemqZ_ ijh]jZffZ ]_g_jZpbb p_euo qbk_e [m^_l bf_lv \b^
J_ZebaZpby ijh]jZffu ihdZaZgZ gZ jbk J_r_gb_ ihemq_gh \ lZ[ebqghc
nhjf_
Ijbf_j
G_h[oh^bfh k]_g_jbjh\Zlv kemqZcguo ^_ckl\bl_evguo qbk_e ba ^bZiZahgZ
J_ZebaZpby ijh]jZffu ijb\_^_gZ gZ jbk
Ijbf_j
G_h[oh^bfh k]_g_jbjh\Zlv kemqZcguo dhfie_dkguo qbk_e J_r_gb_ ij_^
?_ j_ZebaZpby ijb\_^_gZ gZ jbk
Weebilbq_kdb_bgl_]jZeubnmgdpbb
Kbkl_fZ 0DWKHPDWLFD bf__l [hevrh_ qbkeh \kljh_gguo nmgdpbc \uqbke_gby
weebilbq_kdbo bgl_]jZeh\ b bgl_]jZevguo nmgdpbc Ijb\_^_f hkgh\gu_ ba gbo
X !!"$!
$!
weebilbq_kdbc bgl_]jZe lj_lv_]h jh^Z
²
X !!"$!
iheguc weebilbq_kdbc bgl_]jZe
²
X !!"&
weebilbq_kdZy nmgdpby G_\beeZ * Q P
²
X !!"& )
weebilbq_kdZy nmgdpby G_\beeZ * Q P
²
X !!"& *
weebilbq_kdZy nmgdpby G_\beeZ * Q P
²
X %+
,- bgl_]jZe Nj_g_ey & [
²
X %+
,- bgl_]jZe Nj_g_ey 6 [
²
Ijbf_j
G_h[oh^bfh \uqbkeblv \k_ weebilbq_kdb_ bgl_]jZeu i_j\h]h \lhjh]h b
Ijbf_j
G_h[oh^bfh \uqbkeblv
Ki_pbZevgu_qbkeZbihebghfu
Kbkl_fZ 0DWKHPDWLFD bf__l \kljh_ggu_ nmgdpbb ^ey \uqbke_gby jy^Z ki_pb
X 3!
!
[bghfbZevguc dhwnnbpb_gl
²
X 3
1!3
_ qbkeh ;_jgmeeb
²
X 3
1!
ihebghf ;_jgmeeb
c kl_i_gb
²
X 1
_ qbkeh Wce_jZ ²
X 1
ihebghf Wce_jZ
c kl_i_gb
²
X %!
""!
_ qbkeh Nb[hgZqqb ²
X %!
""!
ihebghf
c kl_i_gb Nb[hgZqqb²
X !!
qbkeh Klbjebg]Z i_j\h]h jh^Z ²
X !!
qbkeh Klbjebg]Z \lhjh]h jh^Z ²
X 4"
!"
pbdebq_kdbc ihebghf ihjy^dZ
²
X 5!1+51
agZq_gb_ nmgdpbb F_[bmkZ²
Ijbf_j
G_h[oh^bfh \uqbkeblv ki_pbZevgu_ qbkeZ b ihebghfu ijb ijhba\hevguo agZ
q_gbyo
Bgl_]jZevgu_ij_h[jZah\Zgby
Bgl_]jZevgu_ ij_h[jZah\Zgby gZoh^yl rbjhdh_ ijbf_g_gb_ ijb j_r_gbb ^bn
jZah\Zgb_
Ij_h[jZah\Zgb_EZieZkZ
Ij_h[jZah\Zgb_ EZieZkZ nmgdpbb I [ bf__l \b^
f
^ ` V[
³
f
]^_ ² nmgdpby ij_h[jZah\Zgb_ EZieZkZ dhlhjhc g_h[oh^bfh gZclb
DW
VLQ Z
Lh]^Z gZ hkgh\Zgbb bf__f
f
VW
³
f
DW DW VW
³
f
VLQZ VW
³ VLQZ
Z
Ij_h[jZah\Zgb_ EZieZkZ ijhba\h^ghc ]h ihjy^dZ bf__l \b^
§ ·¸
Q
¨¨ Q Q
Q
© ¸¹
Q
]^_ L ² agZq_gb_
c ijhba\h^ghc ijb
§ W
·
¨¨ ³ ¸¸
© ¹
K ihfhsvx ij_h[jZah\Zgby EZieZkZ fh`gh kms_kl\_ggh mijhklblv j_r_gb_
jy^Z aZ^Zq k\yaZgguo k hij_^_e_gb_f ij_^_eh\ nmgdpbb >ey wlh]h kem`Zl
ke_^mxsb_ ij_^_evgu_ l_hj_fu
OLP OLP
W o V of
OLP OLP
W of V o
X
\ha\jZsZ_l ijyfh_ ij_h[jZah\Zgb_ EZi
²
eZkZ nmgdpbb \ \b^_ gh\hc nmgdpbb
X
\ha\jZsZ_l ij_h[jZah\Zgb_ ²
nmgdpbb
\ nmgdpbx h[jZlgh_ ij_h[jZah\Zgb_ EZieZkZ
X
² \ha\jZsZ_l ijyfh_ ij_h[jZah\Zgb_ EZieZkZ nmgdpbb
\ \b^_ gh\hc nmgdpbb
X
² \ha\jZsZ_l h[jZlgh_ ij_h[jZah\Zgb_ EZieZkZ nmgdpbb
\ nmgdpbx
Bf_gZ i_j_f_gguo
b fh]ml h[hagZqZlvky ex[ufb ^jm]bfb kbf\heZfb
L_ogheh]by j_ZebaZpbb ij_h[jZah\Zgbc EZieZkZ hq_\b^gZ G_h[oh^bfh lhevdh
ihfgblv qlh nmgdpbb ij_h[jZah\Zgby EZieZkZ gZoh^ylky \ ih^iZd_l_
iZd_lZ
^ey kemqZy bkihevah\Zgby kbkl_fu
0DWKHPDWLFD \_jkbc
Ijbf_j
Ij_^klZ\blv \ ij_h[jZah\Zgbyo EZieZkZ ke_^mxsb_ nmgdpbb
W
VLQ FRV
> OQ
@
W
Ij_h[jZah\Zgb_ EZieZkZ nmgdpbc ij_^klZ\blv \ \b^_ \_dlhjZ
J_r_gb_ ijb\_^_gh gZ jbk
Ijbf_j
G_h[oh^bfh ihemqblv h[jZlgh_ ij_h[jZah\Zgb_ EZieZkZ nmgdpbc ba ijbf_
jZ M[_^blvky \ lhf qlh ij_h[jZah\Zgby \uiheg_gu \_jgh b khhl\_lkl\mxl
hjb]bgZeZf
J_r_gb_ ijb\_^_gh gZ jbk
Ijbf_j
Ihemqblv ij_h[jZah\Zgb_ EZieZkZ ke_^mxsbo nmgdpbc
X VLQ F gh\ufb i_j_f_ggufb
$
%
X F gh\ufb i_j_f_ggufb
$
%
&
J_r_gb_ ijb\_^_gh gZ jbk
=ij_h[jZah\Zgb_
Bgl_]jZevgu_ ij_h[jZah\Zgby \ kbkl_f_ 0DWKHPDWLFD j_Zebamxlky k ihfhsvx
ke_^mxsbo \kljh_gguo nmgdpbc
X '
( \ha\jZsZ_l ij_h[jZah\Zgb_ \ujZ`_gby
²
ij_^klZ\eyxs__ kh[hc nmgdpbx (
X
'
( h[jZlgh_ ij_h[jZah\Zgb_ nmgdpbb
²
(
Ijbf_j
G_h[oh^bfh h[jZah\Zlv ijyfh_ ij_h[jZah\Zgb_ ke_^mxsbo nmgdpbc W
DQ VLQK VLQ Z
Ijh\_jblv ^hklh\_jghklv j_amevlZlh\ iml_f h[jZah\Zgby h[jZlgh]h ij_h[
jZah\Zgby b kjZ\g_gby j_amevlZlh\ k bkoh^gufb nmgdpbyfb
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk \b^gh qlh ij_h[jZah\Zgby nmgdpbc ihemq_gu \_jgh H^gZdh
g_dhlhju_ nmgdpbb h[jZlgh]h ij_h[jZah\Zgby g_ kh\iZ^Zxl k bkoh^gufb
Ijbrehkv bkihevah\Zlv nmgdpbx mijhs_gby )
* ihke_ j_ZebaZpbb
dhlhjhc kh\iZ^_gb_ ihegh_
Ij_h[jZah\Zgb_Nmjv_
Kbkl_fZ 0DWKHPDWLFD bf__l [h]Zlu_ \hafh`ghklb ki_dljZevgh]h ZgZebaZ b kbg
l_aZ kb]gZeh\ ;hevrh_ qbkeh \kljh_gguo nmgdpbc iha\heyxl hkms_kl\eylv
X ki_dljZevguc ZgZeba kb]gZeh\
X nbevljZpbx kb]gZeh\
Wlb nmgdpbb bf__l kfuke jZkkfZljb\Zlv \ lhf kemqZ_ _keb qblZl_ev \eZ^__l
l_hj_lbq_kdbfb hkgh\Zfb ki_dljZevgh]h ZgZebaZ LZd dZd wlb hkgh\u a^_kv g_
baeZ]Zxlky lh fu ijb\_^_f ebrv nmgdpbb dhlhju_ hkms_kl\eyxl ijyfh_ b
h[jZlgh_ ij_h[jZah\Zgby Nmjv_
Ij_h[jZah\Zgby Nmjv_ \uihegyxlky \ kbkl_f_ 0DWKHPDWLFD k ihfhsvx ke_
^mxsbo nmgdpbc
X )
) + \ha\jZsZ_l j_amevlZl ijyfh]h ij_h[
²
jZah\Zgby Nmjv_ nmgdpbb ) ij_^klZ\e_gghc q_j_a iZjZf_lj +
X
)
)+ + \ha\jZsZ_l j_amevlZl h[jZl ²
gh]h ij_h[jZah\Zgby Nmjv_ \ujZ`_gby )+ ij_^klZ\e_ggh]h q_j_a iZjZ
f_lj
X )
) + \ha\jZsZ_l j_amevlZl kbgmkgh]h
²
ij_h[jZah\Zgby Nmjv_ nmgdpbb ) ij_^klZ\e_ggh]h q_j_a iZjZf_lj +
X )
) + \ha\jZsZ_l j_amevlZl dhkbgmkgh
²
]h ij_h[jZah\Zgby Nmjv_ nmgdpbb ) ij_^klZ\e_ggh]h q_j_a iZjZf_lj +
X )
), - ,+ + - \ha\jZsZ_l
²
j_amevlZl ijyfh]h ij_h[jZah\Zgby Nmjv_ nmgdpbb ) ij_^
klZ\e_ggh]h q_j_a iZjZf_lju + +
X
)
) ,+ + - , - ² \ha
\jZsZ_l j_amevlZl h[jZlgh]h ij_h[jZah\Zgby Nmjv_ nmgdpbb )+ +
ij_^klZ\e_ggh]h q_j_a iZjZf_lju
Ijb\_^_f ijbf_ju ihemq_gby ij_h[jZah\Zgbc Nmjv_
Ijbf_j
G_h[oh^bfh ihemqblv ijyfh_ b h[jZlgh_ ij_h[jZah\Zgby Nmjv_ ke_^mxsbo
nmgdpbc
9 90 ,9
9 9 FRV-9
9 9 VLQ,9
9 9 FRV9 9
\bevghklv j_amevlZlh\
J_r_gb_
hilbfbaZpbhgguoaZ^Zq
J_r_gb_ hilbfbaZpbhgguo aZ^Zq ² h^gh ba gZb[he__ ijZdlbqguo ijbeh`_gbc
fZl_fZlbq_kdbo jZkq_lh\
AgZqbfhklv aZ^Zq hilbfbaZpbb ihjh^beZ [hevrh_ dhebq_kl\h jZaebqguo fZl_
fZlbq_kdbo f_lh^h\
<hafh`ghklb kbkl_fu 0DWKHPDWLFD a^_kv \_kvfZ h]jZgbq_gu hlkmlkl\mxl
\kljh_ggu_ nmgdpbb j_ZebaZpbb fgh]bo ba wlbo f_lh^h\
H^gZdh ke_^m_l bf_lv \ \b^m qlh kbkl_fZ 0DWKHPDWLFD bf__l [hevrb_ \hafh`
ghklb j_ZebaZpbb ex[uo f_lh^h\ iml_f ijh]jZffbjh\Zgby gZ __ yaud_
;he__ lh]h bf__lky \hafh`ghklv j_rZlv aZ^Zqb hilbfbaZpbb \ ZgZeblbq_kdhf
\b^_
<hafh`ghklb kbkl_fu 0DWKHPDWLFD j_rZlv aZ^Zqb hilbfbaZpbb k ihfhsvx __
\kljh_gguo nmgdpbc h]jZgbqb\Zxlky \ hkgh\ghf ke_^mxsbfb kemqZyfb
X ihbkd fZdkbfZevgh]h b fbgbfZevgh]h qbkeZ ba fgh`_kl\Z qbk_e ij_^klZ\
e_gguo \ \b^_ \_dlhjh\ beb fZljbp
X hij_^_e_gb_ ehdZevgh]h fbgbfmfZ beb fZdkbfmfZ ZgZeblbq_kdhc nmgdpbb
X hij_^_e_gb_ ]eh[Zevgh]h fbgbfmfZ beb fZdkbfmfZ ZgZeblbq_kdhc nmgd
pbb \ qZklghklb j_r_gb_ hilbfbaZpbhgguo aZ^Zq ebg_cgh]h ijh]jZffbjh
\Zgby
Baeh`bf wlb f_lh^u b ijb\_^_f ijbf_ju
IhbkdfbgbfZevgh]h
bfZdkbfZevgh]hqbkeZ\i_j_qg_qbk_e
AZ^ZqZ ihbkdZ fbgbfZevgh]h beb fZdkbfZevgh]h qbkeZ nhjfmebjm_lky ke_
^mxsbf h[jZahf ^Zgu qbkeZ ij_^klZ\e_ggu_ \ \b^_ \_dlhjZ beb fZljbpu
gZclb fbgbfZevgh_ b fZdkbfZevgh_ qbkeZ
GZ i_j\uc \a]ey^ dZ`_lky qlh wlZ aZ^ZqZ kebrdhf ijhklZ b [hevrh]h kfukeZ
g_ bf__l Gh wlh lhevdh dZ`_lky Dhg_qgh bkdZlv fbgbfZevgh_ beb fZdkbfZev
½²´²
J_r_gb_ ijb\_^_gh gZ jbk
Ijb\_^_f ijbf_j dh]^Z qbkeZ aZ^Zgu \ jZpbhgZevghc nhjf_ b \ \b^_ nmgdpbc
Ijbf_j
Imklv g_h[oh^bfh hij_^_eblv fZdkbfZevgu_ b fbgbfZevgu_ qbkeZ ij_^klZ\
e_ggu_ \ \b^_ ke_^mxsbo \_dlhjh\
J_r_gb_ ijb\_^_gh gZ jbk
¢·Ê·¿º· ÀÁĺ¾º¹²ÈºÀ¿¿ÍÇ ¹²¶²É
Ba jbk
\b^gh qlh kbkl_fZ \u^ZeZ bkdhfu_ qbkeZ \ jZpbhgZevghc nhjf_
\ dhlhjhc hgb b [ueb aZ^Zgu \ \b^_ \_dlhjZ
< kemqZ_ \lhjh]h \_dlhjZ kbkl_fZ \u^ZeZ fZdkbfZevgh_ qbkeh \ \b^_
HgZ g_ \uqbkebeZ agZq_gb_ kbgmkZ l d Zj]mf_gl aZ^Zg \ \b^_ p_eh]h qbkeZ
ijb dhlhjhf lhqgh_ agZq_gb_ kbgmkZ g_ kms_kl\m_l
Ijb hij_^_e_gbb bkdhfuo qbk_e lj_lv_]h \_dlhjZ kbkl_fZ \u^ZeZ j_r_gb_ \
qbke_gghf \b^_ l d Zj]mf_glu nmgdpbc ij_^klZ\e_gu \ \_s_kl\_gghc nhjf_
H^gZdh ijb wlhf we_f_glu \_dlhjZ khhl\_lkl\mxsb_ ihemq_gguf agZq_gbyf
bkdhfuo qbk_e gZf g_ba\_klgu Ijbrehkv ij_^klZ\blv we_f_glu \_dlhjZ \
\b^_ qbk_e k ihfhsvx nmgdpbb L_i_jv \b^gh qlh fZdkbfZevguf y\ey
_lky we_f_gl _ Z fbgbfZevguf
DeZkkbq_kdbcf_lh^hij_^_e_gby
wdklj_fmfZZgZeblbq_kdhcnmgdpbb
< lhqd_ wdklj_fmfZ fZdkbfmfZ beb fbgbfmfZ ijhba\h^gZy nmgdpbb \ [
jZ\gZ gmex Lh]^Z dhhj^bgZlm [ fh`gh gZclb _keb j_rblv mjZ\g_gb_ \ c [
Ih^klZ\b\ wlh agZq_gb_ \ bkoh^gmx nmgdpbx ihemqbf dhhj^bgZlu lhqdb fZd
kbfmfZ fbgbfmfZ
Dhfivxl_jgZy l_ogheh]by j_r_gby aZ^Zqb hlukdZgby wdklj_fmfZ nmgdpbb
wlbf ljZ^bpbhgguf f_lh^hf k ihfhsvx kbkl_fu khklhbl \ \u 0DWKHPDWLFD
iheg_gbb ke_^mxsbo ijhp_^mj
X
ihkljh_gb_ ]jZnbdZ nmgdpbb \ [ k p_evx mklZgh\e_gby gZebqby wdklj_
fmfh\ nmgdpbb \ [ b mklZgh\e_gby ijb[eb`_ggh]h agZq_gby dhhj^bgZl
lhq_d wdklj_fmfZ
X
hij_^_e_gb_ ijhba\h^ghc \ c [ k ihfhsvx \kljh_gghc nmgdpbb
X hij_^_e_gb_ \_s_kl\_gguo dhjg_c mjZ\g_gby \ [ k ihfhsvx h^ghc
ba nmgdpbc kbkl_fu
c
b \u^Z_l \k_ dhjgb \u^Z_l lhevdh h^bg ba g_kdhevdbo dhjg_c beb \h\k_ g_ j_
rZ_l mjZ\g_gb_ Keh`ghklb \hagbdZxl \ l_o kemqZyo dh]^Z mjZ\g_gb_ \ [
y\ey_lky ljZgkp_g^_glguf
c
Ijbf_j
Hij_^_eblv dhhj^bgZlu wdklj_fZevguo lhq_d nmgdpbb
I OQ [
[
Qbkeh wdklj_fZevguo lhq_d hij_^_eblv ih \b^m ]jZnbdZ nmgdpbb Z dhjgb ijh
ba\h^ghc I c [ \uqbkeblv k ihfhsvx nmgdpbb !"##
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk
Ba jbk
\b^gh qlh nmgdpby bf__l fZdkbfmf b fbgbfmf Ijb wlhf kbkl_fZ
k ihfhsvx nmgdpbb !"## gZreZ Z[kpbkku lhq_d wdklj_fmfZ
hij_^_eb\ ^\Z dhjgy mjZ\g_gby I c [
aZ h^gm dhfZg^m
½²´²
<uqbkeb\ agZq_gby nmgdpbb f_lh^hf ih^klZgh\db ihemqbf ke_^mxsb_ dhhj
^bgZlu wdklj_fZevguo lhq_d fZdkbfmfZ ² > @
fbgbfmfZ ²
> ±@
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu wdklj_fZevguo lhq_d nmgdpbb
I [
[ [
[ [
[ [ [ [ [
[ [ [ [
^^[!`^[!`^[!`^[!``
!!
!
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu wdklj_fmfh\ nmgdpbb
I [
[
[ [
J_r_gb_ ijb\_^_gh gZ jbk
< ^Zgghf kemqZ_ hij_^_eblv dhjgb mjZ\g_gby
[ [ [ [
k ihfhsvx nmgdpbb g_\hafh`gh Dhjgb hij_^_e_gu k ihfhsvx
lj_odjZlgh]h ijbf_g_gby nmgdpbb ! " ]^_ ² qbke_g
gh_ agZq_gb_ \[ebab wdklj_fmfZ Qbke_ggu_ f_lh^u hij_^_e_gby dhjg_c Ze
]_[jZbq_kdbo b ljZgkp_g^_glguo mjZ\g_gbc baeh`_gu \ ]eZ\_
Hij_^_e_gb_dhhj^bgZllhq_di_j_]b[Z
D hkh[uf lhqdZf ZgZeblbq_kdhc nmgdpbb hlghkylky lZd`_ lhqdb i_j_]b[Z
< wlbo lhqdZo \lhjZy ijhba\h^gZy jZ\gZ gmex DeZkkbq_kdbc f_lh^ hij_^_e_
gby wdklj_fZevguo lhq_d fZdkbfmfZ b fbgbfmfZ iha\hey_l lZd`_ hij_^_eblv
dhhj^bgZlu lhq_d i_j_]b[Z Hlebqb_ khklhbl ebrv \ lhf qlh ijboh^blky bk
dZlv dhjgb g_ i_j\hc Z \lhjhc ijhba\h^ghc nmgdpbb \ [ < hklZevghf l_ogh
eh]by hij_^_e_gby dhhj^bgZl lhq_d i_j_]b[Z g_ hlebqZ_lky hl l_ogheh]bb hi
j_^_e_gby dhhj^bgZl lhq_d fZdkbfmfZ b fbgbfmfZ
IhdZ`_f l_ogheh]bx gZ ijbf_j_
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu lhq_d i_j_]b[Z nmgdpbb ijb\_^_gghc
\ ijbf_j_
J_r_gb_ ihdZaZgh gZ jbk
[ [ [/RJ>@ [ [ [/RJ>@
^[!`
^[!`
^[!`
! " #
! "
! " $%
IhbkdehdZevgh]hfbgbfmfZ
ZgZeblbq_kdhcnmgdpbbkihfhsvx
\kljh_gguonmgdpbckbkl_fu0DWKHPDWLFD
Kbkl_fZ 0DWKHPDWLFD ij_^hklZ\ey_l \kljh_ggmx nmgdpbx ihbkdZ ehdZevgh]h
fbgbfmfZ ZgZeblbq_kdhc nmgdpbb HgZ bf__l \b^
]^_
X
² ZgZeblbq_kdZy nmgdpby Zj]mf_glZ
X ² agZq_gb_ Zj]mf_glZ \[ebab ehdZevgh]h fbgbfmfZ
Nmgdpby
gZoh^bl dhhj^bgZlu \k_o fbgbfmfh\
nmgdpbb
iml_f __ ih\lhj_gbc klhevdh jZa kdhevdh bf__lky ehdZevguo
fbgbfmfh\ Ijb wlhf dZ`^uc jZa f_gy_lky agZq_gb_
L_ogheh]by hlukdZgby fbgbfmfZ nmgdpbb ijhklZ b khklhbl \ \uiheg_gbb ke_
^mxsbo ^_ckl\bc
Ihkljh_gb_ ]jZnbdZ ZgZeblbq_kdhc nmgdpbb
F p_evx hij_^_e_gby
qbkeZ wdklj_fZevguo lhq_d b \u[hjZ agZq_gbc
<\h^ \kljh_gghc nmgdpbb
Ihemq_gb_ j_r_gby iml_f gZ`Zlby dhf[bgZpbb deZ\br 6KLIW!(QWHU!
?keb ZgZeblbq_kdZy nmgdpby bf__l fZdkbfmf lh l_ogheh]by hklZ_lky ij_`g_c
G_h[oh^bfh lhevdh baf_gblv agZd nmgdpbb I [ gZ h[jZlguc mfgh`b\ __ gZ ±
JZkkfhljbf l_ogheh]bx hij_^_e_gby dhhj^bgZl fbgbfmfZ ZgZeblbq_kdhc
nmgdpbb gZ ijbf_jZo
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu wdklj_fmfh\ ke_^mxs_c ZgZeblbq_kdhc
nmgdpbb
[
[ [ [
[ [ [ [
^^[!``
^^[!``
^^[!``
Ijbf_j
G_h[oh^bfh gZclb dhhj^bgZlu fZdkbfmfZ fbgbfmfZ ZgZeblbq_kdbo nmgd
pbc [H
[ [ [
BagZqZevgh ihkljhbf ]jZnbd nmgdpbb b hij_^_ebf bf__l eb nmgdpby wdklj_
fZevgmx lhqdm b dZdZy hgZ fZdkbfmf beb fbgbfmf Ih \b^m ]jZnbdZ \u[_j_f
\kljh_ggmx nmgdpbx J_r_gb_ \uihegbf \ ihke_^h\Zl_evghklb ijb\_^_gguo
nmgdpbc
L_ogheh]by j_r_gby aZ^Zqb b __ j_amevlZlu ihdZaZgu gZ jbk
Ba jbk \b^gh qlh \ j_amevlZl_ j_r_gby ihemq_gu dhhj^bgZlu wdklj_fZev
guo lhq_d khhl\_lkl\mxsb_ ]jZnbdZf Ijb wlhf nmgdpbb
b
g_ lj_[mxl aZ^Zgby Zj]mf_glZ \[ebab ehdZevgh]h fZd
kbfmfZ fbgbfmfZ dZd wlh [ueh \ kemqZ_ bkihevah\Zgby nmgdpbb
JZkkfhljbf l_i_jv kemqZc dh]^Z ZgZeblbq_kdZy nmgdpby bf__l g_kdhevdh wdk
lj_fmfh\
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu wdklj_fZevguo lhq_d ke_^mxsbo ZgZeblb
q_kdbo nmgdpbc
OQ [ [
[ [ [ [ [
!"
[ [
#$%&
^^[!``
'
[ [
#%&
^^[!``
[ /RJ> ± [@
^ K ^[ ! K ``
^^[!``
[ [ ± [ ± [ [
^^[!``
^^[!``
Ijbf_j
G_h[oh^bfh hij_^_eblv dhhj^bgZlu lhq_d fZdkbfmfZ b fbgbfmfZ ke_^mxsbo
nmgdpbc
VLQ [ H [ \ [ \
[
[ \ [ \
[ \
[ \ ] [ \ ]
M i_j\hc b \lhjhc nmgdpbc hij_^_ebf dhhj^bgZlu fbgbfmfZ m lj_lv_c ²
fZdkbfmfZ
HlukdZgb_]eh[Zevgh]hfZdkbfmfZ
fbgbfmfZZgZeblbq_kdhcnmgdpbb
AZ^ZqZ ihbkdZ ]eh[Zevgh]h fZdkbfmfZ fbgbfmfZ y\ey_lky aZ^Zq_c fZl_fZlb
D [ D [ D Q [ Q
]^_ DL qbkeZ gZau\Z_fu_ dhwnnbpb_glZfb ebg_cghc nmgdpbb L
² Q
b jy^ ^jm]bo
q_gbyfb
Knhjfmebjh\ZggZy aZ^ZqZ ebg_cgh]h ijh]jZffbjh\Zgby \klj_qZ_lky gZ ijZd
wdhghfbd_
Q
Q
< wlbo nmgdpbyo ijbgylu ke_^mxsb_ h[hagZq_gby
X
p_e_\Zy nmgdpby
²
X \_dlhj h]jZgbq_gbc
²
X fbgbfbabjm_fZy \_ebqbgZ
²
X h]jZgbq_gby
²
X \_ebqbgZ h]jZgbq_gbc
²
Nmgdpby
Q
bs_l ]eh[Zevguc fZd
Nmgdpby
Q
bs_l ]eh[Zevguc fb
fmfZ \ kbkl_f_
ij_^_evgh ijhklh
0DWKHPDWLFD
FZl_fZlbq_kdZynhjfmebjh\dZaZ^Zqb
H[hagZqbf [ [ [ ² ^heb jZ[hq_]h \j_f_gb aZljZqb\Z_fh]h gZ ijhba\h^
kl\h aZ^Zggh]h h[t_fZ ]hlh\h]h ijh^mdlZ ijb mkeh\bb h[_ki_q_gby kujv_f
khhl\_lkl\_ggh ijb i_j\hc \lhjhc b lj_lv_c l_ogheh]byo
H]jZgbq_gbyfb ijb j_r_gbb wlhc aZ^Zqb y\eyxlky
[ t [ t [ t
[ [ [ d
[ [ [ d
[ [ [ d
[ [ [ d
Ba jbk \b^gh qlh ij_^ijbylb_f aZ kf_gm [m^_l \uims_gh _^bgbp ijh
^mdpbb ih i_j\hc b lj_lv_c l_ogheh]byf <uimkdZ ijh^mdpbb ih \lhjhc l_ogh
eh]bb g_ ^he`gh [ulv
DeZkkbq_kdhc aZ^Zq_c ebg_cgh]h ijh]jZffbjh\Zgby y\ey_lky ljZgkihjlgZy
aZ^ZqZ Ijb\_^_f b fu lZdhc ijbf_j
Ijbf_j
Bf__lky q_luj_ kdeZ^Z lh\Zjh\ b ljb bo ihlj_[bl_ey Ba\_klgu lZd`_ dhebq_
kl\h lh\Zjh\ gZ dZ`^hf kdeZ^_ ihlj_[ghklb dZ`^h]h ihlj_[bl_ey Z lZd`_
klhbfhklv ^hklZ\db lh\ZjZ ^h dZ`^h]h ihlj_[bl_ey
G_h[oh^bfh khklZ\blv hilbfZevguc ieZg i_j_\hahd ijb dhlhjhf kmffZjgZy
klhbfhklv i_j_\hahd [m^_l fbgbfZevghc
Bkoh^gu_ ^Zggu_ aZ^Zqb ijb\_^_gu \ lZ[e
LZ[ebpZ >Zggu_ h i_j_\hadZo lh\Zjh\ kh kdeZ^h\ ^h ihlj_[bl_e_c
I I I =
K
K
K
K
=3
Ba jbk \b^gh qlh \k_ lh\Zju kh kdeZ^h\ ^hklZ\e_gu ihlj_[bl_eyf H^gZdh
^Ze_dh g_ \k_ ihlj_[bl_eb ihemqbeb lh\Zju ih ijbqbg_ \ukhdhc klhbfhklb
i_j_\hahd
Ijbf_jugZj_r_gb_
hilbfbaZpbhgguoaZ^Zq
Hij_^_e_gb_ fZdkbfZevgh]h b fbgbfZevgh]h agZq_gbc qbk_e
½
® ¾
¯ ¿
FRV ½
®H VLQ OQ VLQK ¾
¯ VLQ ¿
Hij_^_e_gb_ dhhj^bgZl wdklj_fZevguo lhq_d nmgdpbc
[ [
[ [
[ [ [ [
VLQOQ [
H
[ [ [ [
OQ [ [
[
[
[ [ [ [ [
[
H [ [ [
[ [ [ OQ [
[[
[ [ OQ [
[ [
[ [ [
[ [ [
[
[ OQ [ VLQ [
[ [ [ [ [ [
H [ H
[ H [ H
[ H [ H
[
I I I =
K
K
K
K
=3
I I I =
K
K
K
K
=3
I I I =
K
K
K
K
=3
I I I =
K
K
K
K
=3
Ijbf_qZgb_
AZ^Zqb ² ² ljZgkihjlgu_ gZ ihbkd ]eh[Zevgh]h fbgbfmfZ i_j_\h
ahd
IhklZgh\dZ aZ^Zq ZgZeh]bqgZ aZ^Zq_ ijbf_jZ
J_r_gb_Ze]_[jZbq_kdbo
bljZgkp_g^_glguomjZ\g_gbc
MjZ\g_gby k h^gbf g_ba\_klguf fh]ml [ulv Ze]_[jZbq_kdbfb b ljZgkp_g^_gl
gufb LjZgkp_g^_glguf gZau\Z_lky lZdh_ mjZ\g_gb_ \ khklZ\ dhlhjh]h \oh^yl
nmgdpbb GZijbf_j mjZ\g_gb_ D[ E[ y\ey_lky Ze]_[jZbq_kdbf Z
H
D[ OQ [ ² ljZgkp_g^_glguf
Kbkl_fZ 0DWKHPDWLFD iha\hey_l j_rZlv lZdb_ mjZ\g_gby \ ZgZeblbq_kdhf b qbk
e_gghf \b^_ hij_^_eylv \_s_kl\_ggu_ b dhfie_dkgu_ dhjgb
< kbkl_f_ j_Zebah\Zgu fgh]b_ qbke_ggu_ f_lh^u Wlh iha\hey_l bkke_^h\Zlv
bo ^hklhbgkl\Z b g_^hklZldb b \u[jZlv gZb[he__ jZpbhgZevguc f_lh^ ^ey j_
r_gby ^Zgghc dhgdj_lghc aZ^Zqb Bf_xlky hjb]bgZevgu_ kihkh[u ijh\_jdb
^hklh\_jghklb hij_^_e_gby dhjg_c mjZ\g_gby
< ^Zgghc ]eZ\_ baeZ]Zxlky Ze]hjblfu b dhfivxl_jgu_ l_ogheh]bb j_r_gby
mjZ\g_gbc ;hevrh_ qbkeh ijbf_jh\ iha\hey_l ihevah\Zl_ex mk\hblv l_ogheh
]bx b ijbh[j_klb hiul j_r_gby mjZ\g_gbc k ihfhsvx kbkl_fu 0DWKHPDWLFD
J_r_gb_mjZ\g_gbc
\ZgZeblbq_kdhf\b^_
Nmgdpby6ROYH
J_r_gb_ mjZ\g_gbc \ ZgZeblbq_kdhf \b^_ \ kbkl_f_ 0DWKHPDWLFD hkms_kl\ey_l
ky k ihfhsvx \kljh_gghc nmgdpbb dhlhjZy bf__l \b^
]^_
X ² mjZ\g_gb_ aZibku\Z_fh_ \ ijhba\hevghf \b^_
X
² bkdhfh_ g_ba\_klgh_
½²´²
Ijbf_j
G_h[oh^bfh hij_^_eblv dhjgb ke_^mxsbo mjZ\g_gbc
[ E[ D [ D E
[
D E
VLQ D[ FRV D[
[ [
qbke_gbc jZ\guf f
Ba jbk \b^gu ^_ckl\by hipbc nmgdpbb Hipby ^Z_l \hafh`
iha\hebeb nmgdpbb gZclb dhjgb mjZ\g_gby D[ D[ Hgb lhev VLQ FRV
Hipbb nmgdpbb fh`gh bkihevah\Zlv lZd`_ ijb j_r_gbb kbkl_f mjZ\g_
Nmgdpby5RRWV
WlZ nmgdpby ij_^gZagZq_gZ ^ey hij_^_e_gby dhjg_c ihebghfZ hgZ bf__l \b^
]^_
\ \b^_ mjZ\g_gby
X Zj]mf_gl ihebghfZ
²
I [
g_ kms_kl\m_l _keb I [ ihebghf iylhc b \ur_ kl_i_gb H^gZdh
²
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ mjZ\g_gby
D[ E[ F
D[ E[ F
D[ E
D[ E[ F[ G
D [ E [ [ DF [ [
\b^_ < q_l\_jlhf ijbf_j_ ij_^klZ\e_g ihebghf iylhc kl_i_gb ihwlhfm _]h
dhjgb g_ gZc^_gu < ihke_^g_f ijbf_j_ ijb\_^_g ihebghf iylhc kl_i_gb ijb
wlhf j_r_gb_ ihemq_gh \ ZgZeblbq_kdhf \b^_ Wlh h[tykgy_lky l_f qlh fgh]h
fhsvx nmgdpbb !"# jZkdjulu kdh[db fgh]hqe_gZ b gZc^_gu \k_ _]h dhjgb
Ijbf_j
G_h[oh^bfh hij_^_eblv dhjgb ke_^mxsbo mjZ\g_gbc
[ [
[ [ [ [
[
Ijb wlhf j_r_gby fh`_l g_ [ulv Z fh`_l [ulv hrb[hqguf LZdb_ ijbf_ju
hrb[hqgu
Qbke_ggu_f_lh^uj_r_gby
Ze]_[jZbq_kdbobljZgkp_g^_glguo
mjZ\g_gbc
Kms_kl\m_l [hevrh_ dhebq_kl\h qbke_gguo f_lh^h\ j_r_gby Ze]_[jZbq_kdbo b
ljZgkp_g^_glguo mjZ\g_gbc
qbkebl_evgh]h ijhp_kkZ
xlky ( ( ' JZkkfhljbf ih^jh[gh wlb nmgdpbb b ijb\_
^_f ijbf_ju
Nmgdpby16ROYH
Nmgdpby ( bf__l \b^
(
]^_
X ² j_rZ_fh_ mjZ\g_gb_
X ² bkdhfh_ g_ba\_klgh_
nmgdpbb
Ijbf_j
G_h[oh^bfh hij_^_eblv dhjgb ke_^mxsbo mjZ\g_gbc
[ [ [
[
[
H
[ [
D[
[ [ [
Nmgdpby15RRWV
Nmgdpby ( bf__l \b^
(
]^_
X ² j_rZ_fh_ mjZ\g_gb_
X ² bkdhfh_ g_ba\_klgh_
Ijbf_j
GZclb dhjgb ke_^mxsbo mjZ\g_gbc
[ [
[ [ [
[
[
[
ihemq_gh
Nmgdpby)LQG5RRW
Nmgdpby ' bf__l \b^
X mjZ\g_gb_
²
X
gZqZevgh_ ijb[eb`_gb_
²
lb agZq_gbc [ebadbo d
`_gby
Ijb\_^_f ijbf_ju
Ijbf_j
Hij_^_eblv dhjgb mjZ\g_gby [ [ \u[jZ\ agZq_gby ijb[eb`_gbc ba
]jZnbdZ nmgdpbb I [ [ [
Ba jbk \b^gh qlh mjZ\g_gb_ bf__l ^\Z dhjgy h[eZklyfb baheypbb dhlhjuo
l_o kemqZyo dh]^Z mjZ\g_gb_ kh^_j`bl g_kdhevdh dhjg_c Fh`_l hdZaZlvky qlh
AZf_lbf qlh h[eZklv baheypbb dhjgy fh`_l [ulv hq_gv rbjhdhc < gZr_f
Bgl_j\Zevgu_f_lh^uj_r_gby
Ze]_[jZbq_kdbobljZgkp_g^_glguo
mjZ\g_gbc
Bgl_j\Zevgufb gZau\Zxlky lZdb_ f_lh^u dhlhju_ lj_[mxl ^ey bo j_ZebaZpbb
X % j_rZ_fh_ mjZ\g_gb_
²
X bkdhfh_ g_ba\_klgh_
²
ij_\urZxs_c (
Ijbf_j
G_h[oh^bfh hij_^_eblv dhjgb mjZ\g_gby [ [ k ihfhsvx \k_o nmgd
ebaZpbb \uqbke_gbc
dhjgy Q_f `_ wlhl bgl_j\Ze l_f lhqg__ j_r_gb_ ?keb bgl_j\Ze jZ\_g gmex
ê
Ke_^m_l bf_lv \ \b^m qlh wlb \u\h^u bf_xl qZklguc oZjZdl_j Ijb j_r_gbb
^jm]hc aZ^Zqb hgb fh]ml [ulv kh\k_f bgufb gZijbf_j f_lh^ ^bohlhfbb hdZ
`_lky gZbemqrbf
Hij_^_e_gb_dhjg_cmjZ\g_gbc
kijbf_g_gb_fbgl_jiheypbb
Kmsghklv f_lh^Z khklhbl \ ke_^mxs_f Nmgdpby I [ khhl\_lkl\mxsZy
]^_
X bkdhfh_ g_ba\_klgh_
²
Ijb\_^_f ijbf_ju
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ mjZ\g_gby
[ OQ [
[
[
[
H [
Nmgdpby
bf__l ke_^mxsb_ hipbb
!"#
$ %& "#
'( !!"#) *+ !,
< hipbyo ² qbkeh hij_^_eyxs__ lhqghklv aZ^Zgby b \uqbke_gby dhjgy
Ijbf_j
G_h[oh^bfh hij_^_eblv dhj_gv mjZ\g_gby [ [ k ihfhsvx nmgdpbb
b __ hipbc _keb h[eZklv baheypbb dhjgy
> @
Ijh\_jdZ^hklh\_jghklbj_r_gby
mjZ\g_gbc
Wnn_dlb\guf kihkh[hf ijh\_jdb ^hklh\_jghklb j_r_gby Ze]_[jZbq_kdbo b
ljZgkp_g^_glguo mjZ\g_gbc y\ey_lky ih^klZgh\dZ \uqbke_gguo agZq_gbc dhj
\br 6KLIW!(QWHU!
<\h^ agZdZ ijh\_jdb j_r_gby /01 ]^_ 1 bfy \kljh_gghc nmgdpbb beb ²
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ mjZ\g_gby
DE [
F
[ [ [
[
[
[
[
[
lhf y\ey_lky ghev ^ey kemqZy dZ`^h]h dhjgy IjZ\^Z ijb j_r_gbb mjZ\g_gby
[ [ [
ijbrehkv h[jZlblvky d nmgdpbb '% ^ey mijhs_
+-
g_ ^ZeZ iheh`bl_evgh]h hl\_lZ hg g_ jZ\_g gmex IjZ\^Z fu fh
ijbf_jgh u
j_amevlZl _keb j_r_gb_ lhqgh Wlh bf__l f_klh ijb ZgZeblbq_kdbo f_lh^Zo
g_ [m^_l \h\k_
Ijbf_j
G_h[oh^bfh j_rblv mjZ\g_gb_ [ D[ [ D b ijh\_jblv _]h j_amev
Ijbf_j
G_h[oh^bfh hij_^_eblv dhjgb ke_^mxs_]h mjZ\g_gby
[ [ [ [ [
m^Zehkv
J_r_gb_kbkl_fmjZ\g_gbc
\kj_^_0DWKHPDWLFD
F_lh^ubZe]hjblfuj_r_gby
kbkl_fZe]_[jZbq_kdbomjZ\g_gbc
Kbkl_fu mjZ\g_gbc fh]ml [ulv ebg_cgu_ b g_ebg_cgu_ k ihklhyggufb b i_
J_r_gb_kbkl_f
ebg_cguoZe]_[jZbq_kdbomjZ\g_gbc
Kbkl_fm P ebg_cguo mjZ\g_gbc k Q g_ba\_klgufb fh`gh ij_^klZ\blv \ ke_
^mxs_f \b^_
]h mjZ\g_gby L P
< kbkl_fZo mjZ\g_gbc \hafh`gu kemqZb dh]^Z qbkeh mjZ\g_gbc jZ\gh qbkem
[ [
[ Q dhlhju_ ijb ih^klZgh\d_ \ kbkl_fm
h[jZsZxl dZ`^h_ ba
Dhebq_kl\h j_r_gbc fh`_l [ulv jZ\gh fh`_l [ulv f_gvr_ beb [hevr_ qbkeZ
Kbkl_fZ mjZ\g_gbc
[ [ [
[ [ [
[ [ [
ghc b hij_^_e_gghc
Kbkl_fZ
[ [ [
[ [ [
[ [ [
kl\Zf [ [
[ [ l _ kbkl_fZ y\ey_lky kh\f_klghc b g_hij_
^_e_gghc Hij_^_e_gu ebrv mkeh\by j_r_gby < wlhc kbkl_f_ i_j\h_ b \lhjh_
mjZ\g_gby b^_glbqgu
Kbkl_fZ
[ [ [
[ [ [
[ [ [
g_ bf__l gb h^gh]h j_r_gby b y\ey_lky g_kh\f_klghc >_ckl\bl_evgh \ wlhc
lh^u ihke_^h\Zl_evguo ijb[eb`_gbc Ke_^m_l ijb wlhf bf_lv \ \b^m qlh lhq
iZfylvx dhfivxl_jZ
:gZeblbq_kdb_ f_lh^u
GZb[he__ ihimeyjguf ba lhqguo f_lh^h\ j_r_gby ebg_cguo Ze]_[jZbq_kdbo
mjZ\g_gbc y\ey_lky f_lh^ =ZmkkZ F_lh^ =ZmkkZ bamqZ_lky \ fZl_fZlbd_ b g_l
L_hj_fZ DjZf_jZ
?keb hij_^_ebl_ev fZljbpu dhwnnbpb_glh\ kbkl_fu Q ebg_cguo
mjZ\g_gbc k Q g_ba\_klgufb hlebq_g hl gmey lh kbkl_fZ bf__l j_r_gb_
b ijblhf _^bgkl\_ggh_
=ZmkkZ
F_lh^u bl_jZpbc
JZkkfhljbf j_r_gb_ ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc f_lh^hf ijhklhc
bl_jZpbb
D L N
< kbkl_f_ ijbgylu h[hagZq_gby D L N L QN
QQ
D L L
[ M [ [ [ Q
[ M [ [ [ Q
[Q M Q [ [ [ Q
Imklv [ [
[ Q y\eyxlky gZqZevgufb ijb[eb`_gbyfb Lh]^Z ih^
[ M [ [ [ Q
[ M [ [ [ Q
[ Q M Q [ [ [ Q
¢·Ê·¿º· úÃÄ·¾ Ų´¿·¿º» ´ ÷¶· 0DWKHPDWLFD
E E EQ
D D DQQ
[ [ [
[ [ [
[ [ [
! \h \lhjhf
! \ lj_lv_f
!
½²´²
[ [ [
L_i_jv
[ [ [
[ [ [
[ [ [
qbke_gbc
Mkeh\b_ \u[hjZ gZqZevguo ijb[eb`_gbc
E
E EQ
[ [ [ Q
D D D QQ
JZkq_lgu_ khhlghr_gby
X X X X
[ M [ [ [ Q
X X X X
[ M [ [ [ Q
[ NX [ NX d H
X X X X
[ M [ [ [ Q
X X X X
[ M [ [ [ Q
^ey kemqZy dh]^Z \hafh`gh ihemqblv j_r_gb_ aZ^Zqb g_ [he__ q_f aZ Q bl_
j_r_gby mjZ\g_gbc
J_r_gb_kbkl_f
g_ebg_cguoZe]_[jZbq_kdbomjZ\g_gbc
J_r_gb_ kbkl_f g_ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc ZgZeblbq_kdbfb f_lh
j_cr_]h kimkdZ
l_evguo ijb[eb`_gbc
\uqbke_gbc
kdbc b lZ[ebqguc
=jZnbq_kdbc kihkh[
Wlhl kihkh[ e_]dh j_Zebah\Zlv \ kemqZ_ kbkl_fu ^\mo mjZ\g_gbc
I [ [
I [ [
DZ`^h_ ba wlbo mjZ\g_gbc gZ iehkdhklb ij_^klZ\ey_l kh[hc ebgbx Lhqdb bo
LZ[ebqguc kihkh[
Ih wlhfm kihkh[m nmgdpby I [ [ ij_^klZ\ey_lky \ \b^_ lZ[ebpu LZ[ebq
gZqZevgu_ ijb[eb`_gby
F_lh^ GvxlhgZ
F_lh^ y\ey_lky bl_jZpbhgguf GZ dZ`^hf rZ]_ ih ba\_klghfm ij_^u^ms_fm
[L [ L KL
guo mjZ\g_gbc klhevdh jZa kdhevdh lj_[m_lky bl_jZpbc ^ey h[_ki_q_gby g_h[
ghklvx
Bl_jZpbhggu_ f_lh^u
J_ZebaZpby bl_jZpbhgguo f_lh^h\ ijb j_r_gbb kbkl_f g_ebg_cguo mjZ\g_gbc
g_ hlebqZ_lky hl f_lh^h\ bl_jZpbc ^ey kemqZy ebg_cguo kbkl_f A^_kv lhevdh
[L I L [ [ [ Q
f_lh^ A_c^_ey
N
KL HL Q
lhqghklb
Dhfivxl_jgu_l_ogheh]bbj_r_gby
mjZ\g_gbc\kbkl_f_0DWKHPDWLFD
Kbkl_fZ bf__l [h]Zlu_ \hafh`ghklb j_r_gby kbkl_f Ze]_[jZbq_
0DWKHPDWLFD
JZkkfhljbf wlb nmgdpbb hibr_f l_ogheh]bx bo j_ZebaZpbb ijb\_^_f ijbf_
Nmgdpby6ROYH>);@
Nmgdpby
iha\hey_l j_rZlv kbkl_fu ebg_cguo b g_ebg_cguo mjZ\
]^_
X L ² L _ g_ba\_klgh_
!
Ijh[_e !
Ijb j_r_gbb ijZdlbq_kdbo aZ^Zq [u\Z_l m^h[gh Z \ jy^_ kemqZ_\ ^Z`_ p_e_kh
!
beb
g_gbc
h]jZgbq_gbc gZ ihjy^hd mjZ\g_gbc g_ bf__l
kdhf \b^_
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ kbkl_fu ebg_cguo mjZ\g_gbc
[ D[ E[ \ [ [ [ [ [ [
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ kbkl_fu Ze]_[jZbq_kdbo mjZ\g_gbc
D[ E[ [ V [ [ [
D [ [ F[ V [ [ [
[ [ [ V [ [ [
b ijh\_jblv ^hklh\_jghklv j_r_gby
J_r_gby kbkl_f mjZ\g_gbc ijb\_^_gu gZ jbk
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ kbkl_fu g_ebg_cguo mjZ\g_gbc
[ D\ E [\ D
[ E\
DE [ \ DE
Nmgdpby6ROYH>);<@
Nmgdpby
lZd `_ dZd b nmgdpby iha\hey_l j_rZlv
ih i_j_f_gguf
GZijbf_j nmgdpby
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ kbkl_fu mjZ\g_gbc
Nmgdpby16ROYH>);@
Nmgdpby iha\hey_l j_rZlv kbkl_fu ebg_cguo b g_ebg_cguo
mjZ\g_gbc \ qbke_gghf \b^_ HgZ ij_^klZ\ey_lky ke_^mxsbf h[jZahf
]^_
X L ² _ g_ba\_klgh_
Ijbf_j
Lj_[m_lky j_rblv ke_^mxsb_ kbkl_fu mjZ\g_gbc
VLQ
FRV
Hipbbnmgdpbb6ROYH
Hipbb nmgdpbb \u\h^ylky dhfZg^hc "#$%&'
< wlhf kibkd_ agZq_gby hipbc mdZaZgu ih mfheqZgbx Hipbb ijb ijZdlbq_kdbo
Ijbf_j
G_h[oh^bfh j_rblv k bkihevah\Zgb_f hipbb ($)* ke_^mxsmx kbkl_fm
mjZ\g_gbc
Nmgdpby)LQG5RRW>)^;[
`@
Nmgdpby %&*+$
j_rZ_l kbkl_fu ebg_cguo b g_ebg_cguo
mjZ\g_gbc qbke_ggufb f_lh^Zfb bl_jZpbc >ey __ j_ZebaZpbb g_h[oh^bfh
X
L _ g_ba\_klgh_
²
\ jZa^
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ kbkl_fu mjZ\g_gbc
VLQ
WJ
FRV
Nmgdpby(OLPLQDWH>)[@
Nmgdpby ,%-%&$
ij_^gZagZq_gZ ^ey khdjZs_gby qbkeZ mjZ\g_gby
kbkl_fu iml_f bkdexq_gby aZ^Zgguo i_j_f_gguo
HgZ bf__l \b^
PDWLFD
Ijbf_j
>ZgZ ke_^mxsZy kbkl_fZ mjZ\g_gbc
b
Ijbf_j
>ZgZ ke_^mxsZy kbkl_fZ mjZ\g_gbc
ijbf_jZ
Ba ]jZnbdZ \b^gh qlh dhhj^bgZlu lhq_d i_j_k_q_gby
FZljbqgu_f_lh^uj_r_gbykbkl_f
ebg_cguomjZ\g_gbc
Kbkl_fm ebg_cguo Ze]_[jZbq_kdbo mjZ\g_gbc fh`gh ij_^klZ\blv \ ke_^mxs_f
\b^_ / 0 ]^_ / fZljbpZ dhwnnbpb_glh\ \_dlhj g_ba\_klguo 0
² ² ²
^mxs_f
Ijbf_j
J_rblv fZljbqguf f_lh^hf ke_^mxsmx kbkl_fm mjZ\g_gbc
[ [ [
[ [ [
[ [
Ijbf_j
G_h[oh^bfh j_rblv fZljbqguf f_lh^hf ke_^mxsmx kbkl_fm mjZ\g_gbc
D [ D [ D [ E
E [ E [ E [ E
F [ F [ F [ E
Ijbf_j
G_h[oh^bfh j_rblv ^\mfy fZljbqgufb f_lh^Zfb ke_^mxsmx kbkl_fm ebg_c
guo mjZ\g_gbc
D[ [ [ E
[ F[ [ E
[ [ G[ E
Hkh[u_kemqZbj_r_gby
kbkl_fmjZ\g_gbc
Kbkl_fZ mjZ\g_gbc fh`_l bf_lv qbkeh j_r_gbc jZ\gh_ qbkem g_ba\_klguo
lZdZy kbkl_fZ gZau\Z_lky kh\f_klghc ?keb qbkeh mjZ\g_gbc [_kdhg_qgh [hev
rh_ lh kbkl_fm gZau\Zxl kh\f_klghc b g_hij_^_e_gghc ?keb `_ kbkl_fZ g_
bf__l gb h^gh]h j_r_gby lh __ gZau\Zxl g_kh\f_klghc JZkkfhljbf ijbf_ju
lZdbo kbkl_f
Ijbf_j
Lj_[m_lky j_rblv ^\_ ke_^mxsb_ kbkl_fu mjZ\g_gbc
[ [ [ [ [ [
[ [ [ [ [ [
[ [ [ [ [ [
Ijbf_ju^eykZfhklhyl_evgh]h
j_r_gbykbkl_fmjZ\g_gbc
Ijb\_^_ggu_ ^Ze__ kbkl_fu mjZ\g_gbc ^ey kZfhklhyl_evgh]h j_r_gby iha\heyl
mqZs_fmky [he__ ]em[hdh mk\hblv f_lh^u j_r_gby Ze]_[jZbq_kdbo mjZ\g_gbc
Bo lZd`_ fh`gh bkihevah\Zlv ^ey kZfhdhgljhey b hp_ghqgh]h dhgljhey agZgbc
<ZjbZglukbkl_f
ebg_cguoZe]_[jZbq_kdbomjZ\g_gbc
J_rblv ijb\_^_ggu_ \ lZ[e kbkl_fu mjZ\g_gbc fZljbqguf b ^jm]bfb f_
lh^Zfb baeh`_ggufb \ gZklhys_c ]eZ\_ KjZ\gblv j_amevlZlu wlbo f_lh^h\
mdZaZ\ bo ^hklhbgkl\Z b g_^hklZldb
<ZjbZglukbkl_f
g_ebg_cguoZe]_[jZbq_kdbomjZ\g_gbc
< mjZ\g_gbyo k q_lgufb ghf_jZfb lZ[e Z lZd`_ b gZqZevgu_
ijb[eb`_gby ^he`gu [ulv hij_^_e_gu ihevah\Zl_e_f LZd dZd kbkl_fZ mjZ\g_
gbc \lhjh]h ihjy^dZ lh h[eZklb gZqZevguo ijb[eb`_gbc e_]dh gZclb ]jZnbq_
kdbf kihkh[hf
LZ[ebpZ
WJ [ [ [ [
[ [ [ [
[
[ [ VLQ [ [ [
[
[ [ [ [ [
[ [ [ [ [ [
[
[ [ [ [ [ [
[
[ [ [ [ [
LZ[ebpZ hdhgqZgb_
ii Kbkl_fZ mjZ\g_gbc GZqZevgu_ ijb[eb`_gby ii Kbkl_fZ mjZ\g_gbc
[ H [ [ [ WJ [ [ [
[
[ H [ [ [ [
²
[ [ [ [ VLQ [ [ VLQ [
[ [ [ [ [
[ H
J_r_gb_
^bnn_j_gpbZevguomjZ\g_gbc
F_lh^bq_kdb_aZf_qZgby
< gZklhys_c ]eZ\_ baeZ]Zxlky ebrv dhfivxl_jgu_ l_ogheh]bb j_r_gby ^bn
n_j_gpbZevguo mjZ\g_gbc \ kbkl_f_ 0DWKHPDWLFD
I_j_^ bamq_gb_f dhfivxl_jguo l_ogheh]bc \_kvfZ ihe_agh \kihfgblv f_lh^u
b Ze]hjblfu j_r_gby ^bnn_j_gpbZevguo mjZ\g_gbc h[jZlb\ \gbfZgb_ gZ ke_
^mxsb_ f_lh^u
X ZgZeblbq_kdb_
x f_lh^ ihke_^h\Zl_evgh]h ^bnn_j_gpbjh\Zgby
x f_lh^ g_hij_^_e_gguo dhwnnbpb_glh\
x f_lh^ ihke_^h\Zl_evguo ijb[eb`_gbc
X qbke_ggu_
x Wce_jZ
x mkh\_jr_gkl\h\Zgguc f_lh^ Wce_jZ
x Wce_jZ²Dhrb k bl_jZpbhgghc h[jZ[hldhc j_amevlZlh\
x Jmg]_²Dmllu
Wlb f_lh^u ^hklZlhqgh ih^jh[gh baeh`_gu \ > @
J_r_gb_^bnn_j_gpbZevguo
mjZ\g_gbc\kj_^_0DWKHPDWLFD
Kbkl_fZ 0DWKHPDWLFD iha\hey_l j_rZlv \ ZgZeblbq_kdhf b qbke_gghf \b^_ eb
g_cgu_ b g_ebg_cgu_ ^bnn_j_gpbZevgu_ mjZ\g_gby b kbkl_fu J_r_gb_ fh`
gh ihemqblv \ h[s_f b qZklghf \b^_
¢·Ê·¿º· ¶ºÆƷ·¿Èº²½Î¿ÍÇ Å²´¿·¿º»
J_r_gb_ ^bnn_j_gpbZevguo mjZ\g_gbc b kbkl_f hkms_kl\ey_lky k ihfhsvx
\kljh_gguo nmgdpbc Kbkl_fZ lZd`_ bf__l \g_rgxx nmgdpbx ba
iZd_lZ jZkrbj_gby
j_Zebamxsmx h^bg ba gZb[he__ wnn_dlb\guo
qbke_gguo f_lh^h\ ² f_lh^ Jmg]_²Dmllu
< ^Zgghc ]eZ\_ ijb\h^ylky \kljh_ggu_ nmgdpbb kbkl_fu l_ogheh]bb bo j_Zeb
aZpbb Z lZd`_ ijbf_ju j_r_gby ^bnn_j_gpbZevguo mjZ\g_gbc b kbkl_f jZa
ebqgh]h \b^Z
:gZeblbq_kdb_f_lh^u
:gZeblbq_kdb_ f_lh^u j_r_gby ^bnn_j_gpbZevguo mjZ\g_gbc \ kbkl_f_
0DWKHPDWLFD j_Zebamxlky k ihfhsvx ke_^mxsbo ^\mo \kljh_gguo nmgdpbc
JZkkfhljbf ih^jh[gh wlb nmgdpbb b ijb\_^_f ijbf_ju
Nmgdpby
ij_^gZagZq_gZ ^ey j_r_gby ^bnn_j_gpbZevgh
]h mjZ\g_gby hlghkbl_evgh nmgdpbb \ [ k Zj]mf_glhf [ Nmgdpby ^Z_l h[
s__ j_r_gb_ mjZ\g_gby k ihklhyggufb bgl_]jbjh\Zgby dhlhju_ h[hagZqZxlky
>bnn_j_gpbZevgh_ mjZ\g_gb_ ij_^klZ\ey_lky \ ijhba\hevghf \b^_ GZijbf_j
!" ! !" beb ! #" Nmgdpby iha\hey_l j_rZlv
^bnn_j_gpbZevgh_ mjZ\g_gb_ ex[h]h ihjy^dZ
Dhfivxl_jgZy l_ogheh]by j_r_gby ^bnn_j_gpbZevgh]h mjZ\g_gby
<\h^ mjZ\g_gby k ijbk\h_gb_f _fm mgbdZevgh]h bf_gb gZijbf_j
Ijbf_j
>Zgu ke_^mxsb_ ^bnn_j_gpbZevgu_ mjZ\g_gby
\c [ [
\c OQ [ [
[
\c H [ [
G_h[oh^bfh hij_^_eblv I [
J_r_gb_ mjZ\g_gbc ih hibkZgghc \ur_ l_ogheh]bb ijb\_^_gh gZ jbk
½²´²
Ba jbk \b^gh qlh ijb j_r_gbb i_j\h]h mjZ\g_gby _fm ijbk\h_gh bfy $ b
hkms_kl\e_g \\h^ \g_ nmgdpbb
Ijb j_r_gbb \lhjh]h mjZ\g_gby ih
ke_^g__ \\_^_gh g_ihkj_^kl\_ggh \ nmgdpbx
Ijb j_r_gbb lj_lv_]h
mjZ\g_gby hgh ij_^klZ\e_gh \ \b^_ hlebqghf hl i_j\uo ^\mo
Ba ijbf_jZ \b^gh qlh ijh]jZffZ gZreZ h[s__ j_r_gb_ k ijhba\hevgufb ih
klhyggufb Z j_r_gb_ k\_^_gh d ijhklhfm bgl_]jbjh\Zgbx ijZ\hc qZklb mjZ\
g_gbc
Nmgdpby
iha\hey_l j_rZlv ^bnn_j_gpbZevgu_ mjZ\g_gby \ukhdh]h
ihjy^dZ
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsb_ mjZ\g_gby
\ ccc [ [ [
\ ccc [ \ c [ \ [ [
J_r_gb_ ijb\_^_gh gZ jbk
Ba ijbf_jZ \b^gh qlh ijh]jZffZ e_]dh gZreZ j_r_gb_ \ kemqZ_ dh]^Z
g_ba\_klghc y\ey_lky nmgdpby \oh^ysZy \ mjZ\g_gb_ i_j\hc b lj_lv_c ijhba
\h^ghc Ijb wlhf j_r_gb_ ihemq_gh g_ \ y\ghf \b^_ >ey _]h ij_h[jZah\Zgby \
y\gh_ ijbf_g_gZ nmgdpby %&
QZklgh_ j_r_gb_ ^bnn_j_gpbZevgh]h mjZ\g_gby
Ijb j_r_gbb ijZdlbq_kdbo aZ^Zq aZ^Zxlky gZqZevgufb mkeh\byfb Lh]^Z
ihklhyggu_ bgl_]jbjh\Zgby \uqbkeyxlky ijh]jZffhc b j_r_gb_ g_ bf__l
¢·Ê·¿º· ¶ºÆƷ·¿Èº²½Î¿ÍÇ Å²´¿·¿º»
X g_aZ\bkbfZy i_j_f_ggZy
²
X \ cc [ \ [ H [ [ ijb \ \ c
X \ ccc [ \ [ ijb \ \ c \ cc
J_r_gb_ ijb\_^_gh gZ jbk
½²´²
X g_aZ\bkbfZy i_j_f_ggZy
²
Ijb\_^_f ijbf_j aZibkb nmgdpbb
^ey kemqZy j_r_gby kbkl_f ^bnn_
j_gpbZevguo mjZ\g_gbc Imklv g_h[oh^bfh j_rblv ke_^mxsmx kbkl_fm mjZ\
g_gbc
¢·Ê·¿º· ¶ºÆƷ·¿Èº²½Î¿ÍÇ Å²´¿·¿º»
[ cW \ W ] W
\ cW [ W ] W
] cW [ W \ W ] W
Ijbf_j
Imklv g_h[oh^bfh j_rblv ke_^mxsmx kbkl_fm ^bnn_j_gpbZevguo mjZ\g_gbc
[ cW \ W ] W
\ cW [ W ] W
] cW [ W \ W
Ba jbk \b^gh qlh j_r_gb_ ihemq_gh \ h[s_f \b^_ l d gZqZevgu_ mkeh
\by g_ [ueb aZ^Zgu
Ihemqbf qZklgh_ j_r_gb_ ijb ke_^mxsbo gZqZevguo mkeh\byo
< wlhf kemqZ_ nmgdpby
ij_^klZ\blky lZd
GS W
OS
W PS
W
GW
Qbke_ggu_f_lh^uj_r_gby
^bnn_j_gpbZevguomjZ\g_gbc
Qbke_ggu_ f_lh^u j_r_gby ^bnn_j_gpbZevguo mjZ\g_gbc \ kbkl_f_
j_Zebamxlky k ihfhsvx ke_^mxsbo ^\mo \kljh_gguo nmgdpbc
&
PLQ PD[
&
''' '''
''' PLQ PD[
]^_
X ^bnn_j_gpbZevgh_ mjZ\g_gb_ b gZqZevgu_ mkeh\by
X (_ mjZ\g_gb_ kbkl_fu ^bnn_j_gpbZevguo mjZ\g_gbc
L
Ijbf_j
Imklv g_h[oh^bfh j_rblv ke_^mxs__ ^bnn_j_gpbZevgh_ mjZ\g_gb_
c
Ihemq_gb_ j_r_gby iml_f h^gh\j_f_ggh]h gZ`Zlby deZ\br 6KLIW!
(QWHU! J_r_gb_ [m^_l ihemq_gh \ \b^_ khh[s_gby [_a \u\h^Z kZfh]h j_
r_gby gZ wdjZg
<\h^ nmgdpbb ^ey ihemq_gby j_r_gby \ lZ[ebqghc nhjf_ < gZr_f
ijbf_j_ wlZ nmgdpby [m^_l bf_lv \b^
A^_kv ² wlh kljhdZ \ dhlhjhc gZoh^blky j_r_gb_ mjZ\g_gby Hl
debdhf [m^_l \_dlhj ij_^klZ\e_gguc \ \b^_ kljhdb
<\h^ nmgdpbb !"#$ ^ey ihemq_gby j_r_gby \ nhjf_ lZ[ebpu
Hldebdhf [m^_l nmgdpby ij_^klZ\e_ggZy \ \b^_ lZ[ebpu
<\h^ nmgdpbb %
Hldebdhf [m^_l j_r_
gb_ \ \b^_ ]jZnbdZ
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk <gZqZe_ ijb\_^_gh j_r_gb_ mjZ\g_gby
\ ZgZeblbq_kdhf \b^_
JZkkfZljb\Z_fZy nmgdpby iha\hey_l j_rZlv ^bnn_j_gpbZevgu_ mjZ\g_gby \u
khdh]h ihjy^dZ Ijb wlhf l_ogheh]by j_r_gby hklZ_lky ij_`g_c G_kdhevdh
bghc [m^ml lhevdh nmgdpby
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxs__ ^bnn_j_gpbZevgh_ mjZ\g_gb_
ccc cc c
'
&
&
& ' (
&
Ijbf_j
Nmgdpbhgbjh\Zgb_ ^\modZgZevghc kbkl_fu fZkkh\h]h h[kem`b\Zgby k hldZaZ
fb hibku\Z_lky ke_^mxs_c kbkl_fhc ^bnn_j_gpbZevguo mjZ\g_gbc
c
c
c
Ijbf_j
G_h[oh^bfh j_rblv ke_^mxsmx kbkl_fm ^bnn_j_gpbZevguo mjZ\g_gbc
c
c
c
ijb gZqZevguo mkeh\byo
J_r_gb_ ij_^klZ\blv ^ey nmgdpbb b kh\hdmighklb nmgdpbc
\ \b^_ lZ[ebpu \ ^bZiZahg_ hl ^h k rZ]hf b \ \b^_ ]jZnbdZ \ ^bZ
iZahg_ hl ^h
J_r_gb_ ijb\_^_gh gZ jbk
Bf_xl f_klh kemqZb dh]^Z g_ebg_cgh_ mjZ\g_gb_ \ukhdh]h ihjy^dZ g_ j_rZ_l
ky < lZdbo kemqZyo bgh]^Z m^Z_lky ihemqblv hl\_l _keb ij_h[jZah\Zlv mjZ\g_
gb_ \ukhdh]h ihjy^dZ \ kbkl_fm mjZ\g_gbc b ihiulZlvky __ j_rblv Wlh ij_h[
jZah\Zgb_ fh`gh hkms_kl\blv f_lh^hf \\_^_gby gh\uo i_j_f_gguo Ijb\_^_f
ijbf_j
Ijbf_j
Imklv g_h[oh^bfh j_rblv ke_^mxs__ mjZ\g_gb_
ccc cc c
ijb gZqZevguo mkeh\byo c cc
] cW ZW
ZcW ZW ] W \ W
Ijbf_j
Imklv g_h[oh^bfh j_rblv ke_^mxsb_ mjZ\g_gby b kbkl_fu mjZ\g_gbc
\ cc [ \ [ WJ[
\ cc [ \ [ [ VLQ [
[ cW \ cW W[W W
[ cW \ cW \ W
W W
] [ ] c [ [
Dhfivxl_jgu_l_ogheh]bb
\uqbke_gbybgl_]jZeh\
< kbkl_f_ 0DWKHPDWLFD j_Zebah\Zgu ZgZeblbq_kdb_ b qbke_ggu_ f_lh^u \u
qbke_gby bgl_]jZeh\
<uqbkeyxlky g_hij_^_e_ggu_ b hij_^_e_ggu_ djZlgu_ b g_kh[kl\_ggu_ bgl_
]jZeu bgl_]jZeu fgh]bo i_j_f_gguo Ijb wlhf i_j_f_ggufb bgl_]jbjh\Zgby
fh]ml [ulv qbkeZ kbf\hevgu_ i_j_f_ggu_ b ^Z`_ nmgdpbb K ihfhsvx h^ghc
\kljh_gghc nmgdpbb fh`gh h^gh\j_f_ggh \uqbkeblv bgl_]jZe hl fgh]bo
nmgdpbc
JZkkfhljbf l_ogheh]bx \uqbke_gby bgl_]jZeh\ ^ey \k_o i_j_qbke_gguo kemqZ_\
:gZeblbq_kdb_f_lh^u
\uqbke_gbybgl_]jZeh\
Bgl_]jZe \ ZgZeblbq_kdhf \b^_ \uqbkey_lky k ihfhsvx ke_^mxsbo \kljh_g
guo nmgdpbc
X
² \uqbkey_l g_hij_^_e_gguc bgl_]jZe nmgdpbb
ih Zj]mf_glm Hldebdhf y\ey_lky i_j\hh[jZagZy
\ ZgZeblbq_
kdhf \b^_
X
C
@ ² \uqbkey_l hij_^_e_gguc bgl_]jZe
nmgdpbb
ih i_j_f_gghc k gb`gbf C b \_jogbf @ ij_^_eZfb bgl_]
jbjh\Zgby Ij_^_eZfb bgl_]jbjh\Zgby fh]ml [ulv kbf\hevgu_ i_j_f_g
gu_ qbkeZ b ^Z`_ nmgdpbb Hldebdhf y\ey_lky \ujZ`_gb_ bgl_]jZeZ \ ZgZ
eblbq_kdhf \b^_
X
C
@
C
@
² \uqbkey_l
hij_^_e_gguc bgl_]jZe fgh]bo i_j_f_gguo F ij_^_eZfb bgl_]jbjh
\Zgby C @ C @ Hldebdhf y\ey_lky ZgZeblbq_kdh_ \ujZ`_gb_ i_j\h
h[jZaghc hl fgh]bo i_j_f_gguo
À¾ÁÎÐķ¿ͷ Ä·Ç¿À½Àµºº ´Íɺý·¿ºÑ º¿Ä·µÂ²½À´
L_ogheh]by \uqbke_gby bgl_]jZeZ bkdexqbl_evgh ijhklZ b khklhbl \ ke_
^mxs_f
<\h^ k deZ\bZlmju ih^ugl_]jZevghc nmgdpbb k ijbk\h_gb_f _c mgbdZevgh
]h bf_gb
<\h^ \kljh_gghc nmgdpbb k lj_[m_fufb iZjZf_ljZfb
Ihemq_gb_ j_r_gby gZ`Zlb_f deZ\br 6KLIW!(QWHU! ² gZ wdjZg_ agZq_
gb_ bgl_]jZeZ
Ijbf_ju \uqbke_gby bgl_]jZeh\ ijb\_^_gu gZ jbk <uqbkeyxlky bgl_]
jZeu
D[ ³ [ [ G[ ³ [\ [ \ G[G\
E E
³ E[ G[
D D
Qbke_ggu_f_lh^u
\uqbke_gbybgl_]jZeh\
<uqbke_gb_ bgl_]jZeZ \ qbke_gghf \b^_ g_h[oh^bfh \ ke_^mxsbo kemqZyo
X i_j\hh[jZagZy g_ \ujZ`Z_lky q_j_a we_f_glZjgu_ nmgdpbb
X ih^ugl_]jZevgZy nmgdpby aZ^ZgZ \ \b^_ lZ[ebpu
X ZgZeblbq_kdh_ \ujZ`_gb_ i_j\hh[jZaghc kebrdhf keh`gh
< dZq_kl\_ ijbf_jZ gZ jbk ijb\_^_gu \uqbke_gby g_hij_^_e_gguo b hi
j_^_e_gguo bgl_]jZeh\ hl nmgdpbc
\ [ [ [ H[ b
\ [ [
H
[ Ij_^_eu
bgl_]jbjh\Zgby \b^gu ba jbk
L_ogheh]by\uqbke_gbybgl_]jZeh\
qbke_ggufbf_lh^Zfb
< kbkl_f_ 0DWKHPDWLFD qbke_ggh_ bgl_]jbjh\Zgb_ hkms_kl\ey_lky k ihfhsvx
nmgdpbb dhlhjZy bf__l \b^
C
@
]^_
X
² ih^ugl_]jZevgZy nmgdpby
X ² Zj]mf_gl ih^ugl_]jZevghc nmgdpbb
X ² gb`gbc b \_jogbc ij_^_eu bgl_]jbjh\Zgby
C N
Bkihevah\Zgb_kbf\heZ
bgl_]jZeZ³
Kbkl_fZ 0DWKHPDWLFD iha\hey_l \uqbkeylv g_hij_^_e_ggu_ b hij_^_e_ggu_
bgl_]jZeu ZgZeblbq_kdbfb b qbke_ggufb f_lh^Zfb bkihevamy fZl_fZlbq_
kdbc kbf\he bgl_]jZeZ \ h^ghf ba ke_^mxsbo \b^h\
<uqbke_gb_djZlguobgl_]jZeh\
<uqbke_gb_ djZlguo bgl_]jZeh\ \ kbkl_f_ 0DWKHPDWLFD hkms_kl\ey_lky iml_f
fgh]hdjZlgh]h ijbf_g_gby nmgdpbb ijb ZgZeblbq_kdhf beb
½²´²
<uqbke_gb_
g_kh[kl\_gguobgl_]jZeh\
Kbkl_fZ 0DWKHPDWLFD iha\hey_l \uqbkeylv bgl_]jZeu k [_kdhg_qgufb ij_^_
eZfb Ijb wlhf bkihevamxlky l_ `_ nmgdpbb b l_ogheh]bb qlh b \ kemqZ_ \u
qbke_gby bgl_]jZeh\ k dhg_qgufb ij_^_eZfb AgZq_gb_ [_kdhg_qghklb h[hagZ
qZ_lky eb[h kbf\hehf f eb[h keh\hf
Ijbf_ju \uqbke_gby g_kh[kl\_gguo bgl_]jZeh\ ijb\_^_gu gZ jbk
Ba jbk fh`gh k^_eZlv ke_^mxsb_ \u\h^u
X J_r_gb_ g_kh[kl\_ggh]h bgl_]jZeZ ihemqZ_f \ ZgZeblbq_kdhf \b^_ >ey
ihemq_gby qbke_ggh]h agZq_gby bgl_]jZeZ ijbf_gy_lky dhfZg^Z beb
kbf\he qbke_ggh]h bgl_]jbjh\Zgby dhlhjuc klZ\blky i_j_^ kbf\hehf
bgl_]jZeZ ³
X <ujZ`_gb_ i_j\hh[jZaghc nmgdpbb \ ZgZeblbq_kdhf \b^_ fh`_l [ulv
keh`guf >ey _]h mijhs_gby ke_^m_l \hkihevah\Zlvky nmgdpbyfb
"#$ %#& ' beb bo ijhlhlbiZfb dZd wlh ihdZaZgh gZ
jbk ijb \uqbke_gbb bgl_]jZeZ hl nmgdpbb [
[
`_gb_ bgl_]jZeZ
LZ[ebqgh_bgl_]jbjh\Zgb_
Ih^ugl_]jZevgZy nmgdpby I [ fh`_l [ulv aZ^ZgZ \ \b^_ lZ[ebpu GZb[he__
qZklh wlh kemqZ_lky ijb ijh\_^_gbb wdki_jbf_glZevguo bkke_^h\Zgbc < lZdbo
kemqZyo \uqbke_gb_ bgl_]jZeZ fh`gh hkms_kl\blv ih nhjfmeZf ijyfhm]hev
gbdh\ ljZi_pbc beb iZjZ[he J_r_gb_ fh`gh ihemqblv lZd`_ iml_f bgl_jih
eypbb nmgdpbb I [ k ihke_^mxsbf __ bgl_]jbjh\Zgb_f
Ijb bkihevah\Zgbb kbkl_fu 0DWKHPDWLFD wlb f_lh^u ijbf_gylv g_l kfukeZ
Kbkl_fZ bf__l ke_^mxsb_ \kljh_ggu_ nmgdpbb iha\heyxsb_ \uihegblv lZ[
ebqgh_ bgl_]jbjh\Zgb_
Q
Q
Q
Q
< nmgdpbyo ijbgylu ke_^mxsb_ h[hagZq_gby
X
L ² agZq_gb_ nmgdpbb \ I [ \ Lf mae_ Q
[
[
Lj_[m_lky
X \uqbkeblv bgl_]jZe lZ[ebqguf qbke_gguf bgl_]jbjh\Zgb_f
X j_rblv aZ^Zqm ihebghfbZevghc bgl_jiheypbb
X \uqbkeblv qbke_ggh_ agZq_gb_ bgl_]jZeZ nmgdpbb bgl_jiheypbb M [
X hp_gblv ih]j_rghklv qbke_ggh]h bgl_]jbjh\Zgby
Ijh\_jdZijZ\bevghklb
\uqbke_gbybgl_]jZeZ
Ijh\_jblv ^hklh\_jghklv \uqbke_gby bgl_]jZeZ fh`gh fgh]bfb kihkh[Zfb
Hkgh\gufb ba gbo y\eyxlky ke_^mxsb_
X \uqbke_gb_ ijhba\h^ghc i_j\hh[jZaghc nmgdpbb
X ijbf_g_gb_ jZaebqguo f_lh^h\ bgl_]jbjh\Zgby
X ij_h[jZah\Zgb_ ih^ugl_]jZevghc nmgdpbb
X bkihevah\Zgb_ qbke_ggh]h bgl_]jbjh\Zgby ^ey ijh\_jdb bklbgghklb i_j
\hh[jZaghc
X kjZ\g_gb_ j_amevlZlh\ \uqbke_gby bgl_]jZeZ k ihfhsvx g_kdhevdbo mgb
\_jkZevguo ijh]jZffguo kj_^kl\ kbf\hevghc fZl_fZlbdb
<uqbke_gb_ijhba\h^ghc
i_j\hh[jZaghcnmgdpbb
Ijhba\h^gZy i_j\hh[jZaghc nmgdpbb y\ey_lky ih^ugl_]jZevghc nmgdpb_c
Wlh iha\hey_l hkms_kl\eylv ijh\_jdm ijZ\bevghklb j_amevlZlh\ bgl_]jbjh\Z
gby ZgZeblbq_kdbfb f_lh^Zfb Ijh\_jblv ijZ\bevghklv qbke_ggh]h bgl_]jb
jh\Zgby wlbf f_lh^hf g_\hafh`gh
GZ jbk ijb\_^_gu j_amevlZlu ijh\_jdb \uqbke_gby ke_^mxsbo bg
l_]jZeh\
³ D [ E [ G[
E[
³ DH G[
[
³ [
G[
[
³³ [
G[
³ [H [ G[
[
OQ
³ D [\ [ \
G[G\
Ijbf_g_gb_jZaebqguof_lh^h\
bgl_]jbjh\Zgby
Wlhl kihkh[ hkgh\Zg gZ kjZ\g_gbb j_amevlZlh\ \uqbke_gby bgl_]jZeZ qbke_g
³ I [G[ ) E ) D
D
^h\ kh\iZ^Zxl
KjZ\g_gb_j_amevlZlh\bgl_]jbjh\Zgby
jZaebqgufbkbkl_fZfbkbf\hevghcfZl_fZlbdb
Wlhl kihkh[ hq_\b^_g <uqbke_gb_ bgl_]jZeZ \uihegy_lky k ihfhsvx g_
l_]jZeh\
B D[
³[
D
H
[ G[ ³[
D
H
D[ G[ ³ D[ G[
Hkh[_gghklb\uqbke_gbybgl_]jZeh\
\kbkl_f_0DWKHPDWLFD
Kbkl_fZ \ukhdh bgl_ee_dlmZevgZ hgZ h[tykgy_l ihevah\Zl_ex
\ g_h[oh^bfuo kemqZyo j_amevlZlu \uqbke_gbc
?keb bgl_]jZe jZkoh^ysbcky lh kbkl_fZ ih\lhjy_l \ujZ`_gb_ bgl_]jZeZ
k dhff_glZjbyfb
?keb bgl_]jZe g_ kms_kl\m_l lh kbkl_fZ ebrv ih\lhjy_l _]h \ujZ`_gb_
?keb bgl_]jZe [_j_lky lhevdh ijb hij_^_e_gguo mkeh\byo lh kbkl_fZ \u^Z_l
j_r_gb_ b mdZau\Z_l wlb mkeh\by I_j\hh[jZagZy fh`_l kh^_j`Zlv ki_pbZev
gu_ nmgdpbb
<k_ wlb kemqZb \b^gu gZ jbk
]^_ \uqbkeyxlky ke_^mxsb_ bgl_]jZeu
B
[ B [ B
§
·[ D
[
³
[ G[ ³ [ G[ ³ ¨©
[ ¸¹ G[ ³ [ H G[
ky \ klm^_gq_kdhc ijZdlbd_
Dhfivxl_jgu_l_ogheh]bb
j_r_gbyaZ^Zqbgl_jiheypbb
<b^ubwlZiu
dhfivxl_jguol_ogheh]bcbgl_jiheypbb
Bgl_jiheypb_c gZau\Z_lky ij_^klZ\e_gb_ nmgdpbb \ I [ aZ^Zgghc ZgZeb
lbq_kdb beb \ \b^_ lZ[ebpu nmgdpb_c \ M [ dhlhjZy b^_glbqgZ bkoh^ghc
\ g_dhlhjhc h[eZklb Zj]mf_glZ Bgl_jiheypby kh\f_klgh k l_hjb_c ih^h[by b
l_hjb_c jZaf_jghkl_c y\ey_lky gZmqghc hkgh\hc fh^_ebjh\Zgby
=jZnbd b lZ[ebpZ g_ fh]ml [ulv fh^_evx h[t_dlZ beb y\e_gby Lhevdh fZl_fZ
lbq_kdZy nmgdpby nhjfmeZ fh`_l [ulv fh^_evx bamqZ_fh]h h[t_dlZ beb y\
e_gby
Gh g_ lhevdh \ fh^_ebjh\Zgbb bkihevam_lky bgl_jiheypby HgZ g_h[oh^bfZ
ijb ieZgbjh\Zgbb b klZlbklbq_kdhc h[jZ[hld_ wdki_jbf_glZ ijb aZf_g_ keh`
ghc ZgZeblbq_kdhc nmgdpbb [he__ ijhklhc \ gm`ghf ^bZiZahg_ baf_g_gby
Zj]mf_glZ
Hkgh\gufb wlZiZfb dhfivxl_jguo l_ogheh]bc bgl_jiheypbb y\eyxlky
X \u[hj \b^Z nmgdpbb bgl_jiheypbb
X hij_^_e_gb_ dhwnnbpb_glh\ nmgdpbb bgl_jiheypbb
X hij_^_e_gb_ Z^_d\Zlghklb nmgdpbb bgl_jiheypbb
M [
\
'
'
' ' M [
'
b \ L
k ¦ L
Q
k ¦ L PLQ
L
X kj_^g__ agZq_gb_ mdehg_gbc fbgbfZevgh
Q
¦ L
k L PLQ
3
Dhfivxl_jgu_ l_ogheh]bb j_r_gby aZ^Zq bgl_jiheypbb hij_^_eyxlky \b^hf
djbl_jby [ebahklb wfibjbq_kdhc b bkoh^ghc nmgdpbb \ qZklghklb f_lh^bdhc
hp_gdb ih]j_rghkl_c
<u[hj\b^Znmgdpbbbgl_jiheypbb
<u[hj \b^Z nmgdpbb bgl_jiheypbb y\ey_lky gZb[he__ \Z`guf wlZihf bgl_j
X ]jZnhZgZeblbq_kdbc
Kihkh[ =jZnhZgZeblbq_kdbc
Nmgdpby \ I [ ij_^klZ\ey_lky \ \b^_ ]jZnbdZ =jZnbd kjZ\gb\Z_lky k ]jZnb
X Kl_i_ggZy nmgdpby \ D[ E
E!
E
D
E
X Eh]Zjbnfbq_kdZy nmgdpby \ D E OQ [
[
D
[
[
Jbk >jh[gh
ebg_cgZy nmgdpby \
D E[
X IhdZaZl_evgZy nmgdpby \ DE [
=jZnbd nmgdpbb ihdZaZg gZ jbk
\
E!
E
D
E
[
X IhdZaZl_evgZy nmgdpby \ DE
[
X Kl_i_ggZy nmgdpby \ D[ E
X Eh]Zjbnfbq_kdZy nmgdpby \ D E [ OQ
[ [
Ij_^klZ\bf nmgdpbx \ \b^_ D E[ <\_^y gh\u_ i_j_f_ggu_ <
\ \
; [ ihemqbf ebg_cgmx nmgdpbx < D E;
Ijbf_j
Ij_^iheh`bf qlh nmgdpby bgl_jiheypbb y\ey_lky fgh]hqe_ghf b ij_^klZ\
[
Ba lZ[e \b^gh qlh \lhju_ lZ[ebqgu_ jZaghklb ihklhyggu Wlh agZqbl qlh
\ [ [
'
'
Hij_^_e_gb_dhwnnbpb_glh\
nmgdpbbbgl_jiheypbb
Dhwnnbpb_glu nmgdpbb M [ hij_^_eyxlky fgh]bfb kihkh[Zfb <u[hj kih
fZl_fZlbq_kdhc kbkl_fu
aZpbb
Hij_^_e_gb_Z^_d\Zlghklb
nmgdpbbbgl_jiheypbb
:^_d\Zlghklv ihemq_ggh]h j_r_gby hij_^_ey_lky \_ebqbghc ih]j_rghklb
nmgdpbb M [ AZ djbl_jbc [ebahklb nmgdpbc gZb[he__ qZklh ijbgbfZxlky
Q
¦ 'L H
L
H G u
PLQ
< nhjfmeZo ijbgylu h[hagZq_gby
_c bgl_jiheypbb M [ L
^Z`_ \uihegy_lky mkeh\b_ G d G ^hi Wlh [m^_l kijZ\_^eb\h lhevdh \ lhf kem
Dhfivxl_jgu_l_ogheh]bb
bgl_jiheypbb\kj_^_0DWKHPDWLFD
Bgl_jiheypbylhqgZy\maeZo
< kj_^_ bgl_jiheypby lhqgZy \ maeZo fh`_l [ulv j_Zebah\ZgZ
0DWKHPDWLFD
ke_^mxsbfb f_lh^Zfb
X mgb\_jkZevguf
Mgb\_jkZevguc f_lh^
Mgb\_jkZevguc f_lh^ lj_[m_l j_r_gby kbkl_f Ze]_[jZbq_kdbo mjZ\g_gbc ih
iheypbb ba\_kl_g
Ijbf_j
Nmgdpby aZ^ZgZ \ \b^_ lZ[e
[
Nmgdpby
^Z_l hl\_l \ \b^_ \_dlhjZkljhdb
>jm]Zy nmgdpby lZ[mebjh\Zgby aZibku\Z_lky \ \b^_
C @
WlZ nmgdpby \u^Z_l j_r_gb_ \ \b^_ \_dlhjZklhe[pZ
<uihegbf lZ[mebjh\Zgb_ ihemq_gghc nmgdpbb k ihfhsvx
C @
<\_^_f nmgdpbx
!" # $%%%! # $& '" ( $%%%%! ')
*
Ihke_ gZ`Zlby dhf[bgZpbb deZ\br 6KLIW!(QWHU! ihemqbf hl\_l \ \b^_
%"
*
+$$$
$%$$$"
KjZ\gb\Zy ihemq_gguc j_amevlZl k bkoh^gufb ^Zggufb m[_`^Z_fky \ ijZ
\bevghklb j_r_gby aZ^Zqb bgl_jiheypbb
< ij_^u^ms_f ijbf_j_ qbkeh mjZ\g_gbc b qbkeh g_ba\_klguo h^gh b lh `_
Ijb j_r_gbb ijZdlbq_kdbo aZ^Zq bgl_jiheypbb kblmZpby ^jm]Zy Ihqlb \k_]^Z
jZaf_ju lZ[ebpu bkoh^guo ^Zgguo ij_\hkoh^yl ihjy^hd Ze]_[jZbq_kdbo mjZ\
g_gbc l _ qbkeh maeh\ bgl_jiheypbb Z agZqbl b kl_i_gv bgl_jiheypbb f_gv
r_ q_f jZaf_ju lZ[ebpu
< lZdbo kemqZyo h]jZgbq_ggh_ qbkeh maeh\ bgl_jiheypbb ijboh^blky \u[bjZlv
ba \k_]h ^bZiZahgZ bkoh^guo ^Zgguo Wlh h[uqgh ijb\h^bl d ih]j_rghklyf
bgl_jiheypbb
Ijbf_j
>Zggu_ wdki_jbf_glZ ij_^klZ\e_gu \ lZ[e
LZ[ebpZ >Zggu_ wdki_jbf_glZ
[
Ijbf_qZgb_
>ey \uiheg_gby hi_jZpbb kmffbjh\Zgby we_f_glh\ \_dlhjZ ] g_h[
bkoh^guo ^Zgguo
Nmgdpby ,QWHUSRODWLQJ3RO\QRPLDO
]^_
X ²Zj]mf_gl nmgdpbb
Ijbf_j
Imklv nmgdpby \ I [ aZ^ZgZ \ \b^_ lZ[e
[
\
] ^^`^`^`^`^``
<\h^ nmgdpbb ,QWHUSRODWLQJ3RO\QRPLDO>][@
GZ`Zlb_ dhf[bgZpbb deZ\br 6KLIW!(QWHU! ^ey ihemq_gby j_r_gby
J_r_gb_ gZ wdjZg_ [m^_l bf_lv \b^ ihdZaZgguc gZ jbk
Ba jbk ke_^m_l qlh nmgdpb_c bgl_jiheypbb [m^_l \ [ J_r_gb_ y\
ey_lky lhqguf >ey _]h ihemq_gby ijbrehkv mijhklblv j_amevlZl bgl_jihey
pbb bkihevah\Z\ nmgdpbx mijhs_gby 6LPSOLI\
Ijbf_j
Nmgdpby ] aZ^ZgZ \ \b^_ lZ[e
< ihke_^g_c kljhd_ lZ[ebpu ijb\_^_gu agZq_gby we_f_glh\ \_dlhjZ ] ijb aZ
^Zgguo agZq_gbyo Zj]mf_glZ o
LZ[ebpZ <b^ nmgdpbc ² we_f_glh\ \_dlhjZ ]
[
\ VLQ [ [ H
[
Nmgdpby ,QWHUSRODWLRQ>GDWD@
WlZ nmgdpby iha\hey_l j_rZlv aZ^Zqm bgl_jiheypbb gZ^ ^Zggufb GDWD \ ^bZ
iZahg_ Zj]mf_glh\ aZ^Zgguo wlbfb ^Zggufb Ijb wlhf nmgdpby ZiijhdkbfZ
pbb ihevah\Zl_ex g_ba\_klgZ >Zggu_ \\h^ylky \ \b^_ fZljbpu nmgdpbb
\ I [ Ijb \\h^_ wlhc nmgdpbb 0DWKHPDWLFD \u^Z_l g_ nmgdpbx bgl_jih
eypbb Z gh\mx nmgdpbx
C @
]^_ C @ ² ^bZiZahg Zj]mf_glh\ nmgdpbb bgl_jiheypbb ?keb l_i_jv \\_klb
agZq_gb_ Zj]mf_glZ ba ^bZiZahgZ C²@ lh hldebdhf [m^_l agZq_gb_ nmgdpbb
ijb aZ^Zgghf agZq_gbb Zj]mf_glZ
L_ogheh]by j_r_gby aZ^Zqb ijhklZ b khklhbl \ \uiheg_gbb ke_^mxsbo ijh
p_^mj
<\h^ fZljbpu bkoh^guo ^Zgguo k ijbk\h_gb_f _c mgbdZevgh]h bf_gb
Ijbf_j
Nmgdpby \ I [ aZ^ZgZ \ \b^_ lZ[e
G_h[oh^bfh hij_^_eblv agZq_gb_ nmgdpbb ijb [ jZ\ghf b b ijh\_
jblv ^hklh\_jghklv ihemq_gguo j_r_gbc
J_r_gb_ aZ^Zqb ijb\_^_gh gZ jbk
LZ[ebpZ LZ[ebqgh_ aZ^Zgb_ nmgdpbb \ I [
[
Bgl_jiheypbyg_ebg_cgufbnmgdpbyfb
?keb bgl_jiheypbhgghc y\ey_lky g_ebg_cgZy nmgdpby lh ^ey hij_^_e_gby __
dhwnnbpb_glh\ f_lh^Zfb lhqgufb \ maeZo bkihevamxlky ke_^mxsb_ ^\Z kih
kh[Z
X kha^Zgb_ b j_r_gb_ kbkl_fu g_ebg_cguo mjZ\g_gbc
X ebg_ZjbaZpby g_ebg_cghc bgl_jiheypbhgghc nmgdpbb iml_f ij_h[jZah\Z
gby dhhj^bgZl
JZkkfhljbf h[Z kihkh[Z
Kihkh[ J_r_gb_ kbkl_fu g_ebg_cguo mjZ\g_gbc
L_ogheh]by bgl_jiheypbb wlbf kihkh[hf hij_^_ey_lky \b^hf nmgdpbb bgl_j
iheypbb b kihkh[hf j_r_gby kbkl_fu g_ebg_cguo mjZ\g_gbc
IhdZ`_f l_ogheh]bx gZ ijbf_jZo
Ijbf_j
Nmgdpby \ I [ ij_^klZ\e_gZ \ \b^_ lZ[e
[
Ijbf_j
Nmgdpby \ I [ ihemq_ggZy \ j_amevlZl_ wdki_jbf_glZ ij_^klZ\e_gZ \ \b^_
lZ[e
:
]^_ :
Kbkl_fZ j_rZ_lky k ihfhsvx nmgdpbb !" < j_amevlZl_ j_r_gby ihemq_gu
ke_^mxsb_ agZq_gby dhwnnbpb_glh\ Z
Lh]^Z
"$
Z nmgdpby bgl_jiheypbb bf__l \b^
Dhwnnbpb_glu b
nmgdpbb bgl_jiheypbb hdjm]e_gu ^h ^\mo agZqZsbo pbnj
ihke_ aZiylhc lhqdb
:^_d\Zlghklv fh^_eb ^hdZaZgZ lZ[mebjh\Zgb_f nmgdpbb bgl_jiheypbb k ih
fhsvx nmgdpbb #
"
KjZ\g_gb_ j_amevlZlh\ lZ[mebjh\Zgby k bkoh^gufb ^Zggufb iha\hey_l k^_
eZlv \u\h^u qlh aZ^ZqZ j_r_gZ \_jgh agZq_gby nmgdpbc ijZdlbq_kdb kh\iZ
^Zxl \ maeZo bgl_jiheypbb [ b [ Z nmgdpby bgl_jiheypbb y\ey_lky
fZl_fZlbq_kdhc fh^_evx bamqZ_fh]h h[t_dlZ
K p_evx kjZ\g_gby j_amevlZlh\ ^\mo kihkh[h\ bgl_jiheypbb gZfb j_r_gZ aZ
^ZqZ bgl_jiheypbb g_ebg_cghc nmgdpb_c \ D[ - <aylu l_ `_ maeu bgl_jih
eypbb [ b [ b j_r_gZ kbkl_fZ g_ebg_cguo mjZ\g_gbc k ihfhsvx
nmgdpbb ijb gZqZevguo ijb[eb`_gbyo D E
J_r_gb_ bf__l \b^
Bgl_jiheypby
ijb[eb`_ggZy\maeZo
Bgl_jiheypby ijb[eb`_ggZy \ maeZo ZiijhdkbfZpby hkms_kl\ey_lky ih
]^_
X
Zj]mf_gl nmgdpbb
²
gZijbf_j
Ijbf_j
Nmgdpby \ [ aZ^ZgZ \ \b^_ lZ[e
[
[
G_h[oh^bfh gZclb nmgdpbx bgl_jiheypbb \ [Zabk_ D [ [ H[ < ^Zg
[
ghf ijbf_j_ nmgdpby [m^_l bf_lv \b^
J_r_gb_ ihdZaZgh gZ jbk
Ijbf_qZgb_
< kbkl_fZo k\h[h^guc qe_g [Zabkguo i_j_f_gguo dh
0DWKHPDWLFD
Ijbf_j
AZ\bkbfhklv \ukhlu khkgu hl __ \hajZklZ ihemq_ggZy \ j_amevlZl_ wdki_jb
Jbk =jZnbq_kdh_ ij_^klZ\e_gb_ nmgdpbc ijbf_jZ
IZ^_ZiijhdkbfZpby
:iijhdkbfZpby IZ^_ kem`bl ^ey bgl_jiheypbb nmgdpbb aZ^Zgghc \ ZgZeblb
q_kdhf \b^_ ^jh[ghjZpbhgZevghc nmgdpb_c
<kljh_ggZy nmgdpby IZ^_ZiijhdkbfZpbb gZoh^blky \ iZd_l_ jZkrbj_gby
Nmgdpby IZ^_ bf__l \b^
!"#$
%& '
& (& )& )*+
]^_
X #$
% ² nmgdpby aZ^ZggZy \ ZgZeblbq_kdhf \b^_
X
² Zj]mf_gl nmgdpbb #$
%
X ( ² lhqdZ \[ebab dhlhjhc kijZ\_^eb\Z nmgdpby ZiijhdkbfZpbb
X ) ² kl_i_gv fgh]hqe_gZ qbkebl_ey
± ^h
nmgdpbb kh\iZ^Zxl
:iijhdkbfZpby IZ^_ g_ bf__l h]jZgbq_gbc gZ \b^ bkoh^ghc nmgdpbb Ke_
^mxsbc ijbf_j wlh beexkljbjm_l
Ijbf_j
G_h[oh^bfh \uihegblv IZ^_ZiijhdkbfZpbx nmgdpbb \ [H [ \[ebab
ijb ) b ) M[_^blvky \ ^hklh\_jghklb ZiijhdkbfZpbb iml_f ihkljh_
gby ]jZnbdh\
!
NmgdpbbZiijhdkbfZpbb
\iZd_lZojZkrbj_gby
Kbkl_fZ 0DWKHPDWLFD kh^_j`bl jy^ nmgdpbc ZiijhdkbfZpbb dhlhju_ gZoh^yl
ky \ iZd_lZo jZkrbj_gby ,
b -(.
JZkkfhljbf \hafh`ghklb wlbo nmgdpbc b ijb\_^_f ijbf_ju
Ebg_cgZyZiijhdkbfZpby
< ih^iZd_l_ )(/0(1) gZoh^ylky nmgdpbb ebg_cghc ZiijhdkbfZpbb
dhlhju_ y\eyxlky ^hiheg_gbyfb d nmgdpbb
\dexq_gghc \ y^jh kbkl_fu
Hkgh\gufb nmgdpbyfb ih^iZd_lZ y\eyxlky
X /0("& '2&
&
*&
+ ² j_rZ_l aZ^Zqm ZiijhdkbfZpbb ^Zgguo
bkihevamy d\Z^jZlbqgmx fh^_ev \b^Z \ D E[ F[
X /0("& '2&
&
&
*&'
&
*+ ² j_rZ_l aZ^Zqm ^\moiZjZf_l
jbq_kdhc ebg_cghc ZiijhdkbfZpbb ^Zgguo
X /0("& '#& #& *&
+ ² hkms_kl\ey_l ebg_cgmx ZiijhdkbfZ
pbx ^Zgguo nmgdpbyfb # #
Ijbf_j
G_h[oh^bfh ihemqblv fh^_ev h[t_dlZ ij_^klZ\e_ggh]h ke_^mxs_c fZljbp_c
''& *& ' & *& '& 3*&'& *&'& ** Ij_^iheZ]Z_lky qlh nmgd
pby ZiijhdkbfZpbb bf__l \b^ \ D E[ F[
KjZ\gblv j_amevlZlu j_r_gby k j_amevlZlZfb ZiijhdkbfZpbb k ihfhsvx
nmgdpbb
< ^Zgghf kemqZ_ nmgdpby /0( [m^_l bf_lv \b^
/0(".& '&
&
*&
+
J_r_gb_ ijb\_^_gh gZ jbk
Ba jbk ke_^m_l qlh j_r_gb_f y\ey_lky nmgdpby \ [ K\h[h^guc qe_g
b dhwnnbpb_gl ijb [ ijZdlbq_kdb jZ\gu gmex klhe[bd 4
Wlh ih^
l\_j`^Z_lky lZd`_ j_amevlZlhf j_r_gby aZ^Zqb ZiijhdkbfZpbb k ihfhsvx
nmgdpbb
"
G_ebg_cgZyZiijhdkbfZpby
< ih^iZd_l_
gZoh^ylky ke_^mxsb_ nmgdpbb g_ebg_cghc Zi
ijhdkbfZpbb
]^_
X ² ^Zggu_ ij_^klZ\e_ggu_ \ \b^_ kibkdh\ \ qZklghklb \ \b^_ fZljbpu
X ² \b^ nhjfmeZ nmgdpbb ZiijhdkbfZpbb
X ² Zj]mf_gl nmgdpbb ZiijhdkbfZpbb
X : ² iZjZf_lju nmgdpbb dhlhju_ hij_^_eyxlky \ j_amevlZl_ Ziijhdkb
fZpbb
Nmgdpbb g_ebg_cghc ZiijhdkbfZpbb bf_xl ke_^mxsb_ gZagZq_gby
X ² \u^Z_l nmgdpbx ZiijhdkbfZpbb j_Zeb
ah\Zggmx gZ^ ^Zggufb ijb ba\_klghf \b^_ nmgdpbb ZiijhdkbfZpbb
k iZjZf_ljZfb :
X ² j_rZ_l lm `_ aZ^Zqm qlh b nmgdpby
lhevdh k \u^Zq_c j_amevlZlZ \ \b^_ ^bZ]gh
klbdb j_r_gby ih^h[gh lhfm dZd wlh [ueh \ kemqZ_ ebg_cghc ZiijhdkbfZ
pbb k ihfhsvx nmgdpbb
<b^ nmgdpbb ZiijhdkbfZpbb aZ^Z_lky ihevah\Zl_e_f HgZ fh`_l [ulv
dZd ebg_cghc lZd b g_ebg_cghc
Ijb\_^_f ijbf_j j_r_gby aZ^Zqb g_ebg_cghc ZiijhdkbfZpbb
Ijbf_j
>ZgZ nmgdpby ij_^klZ\e_ggZy \ \b^_ ke_^mxs_c fZljbpu
Ba\_klgh qlh nmgdpby ZiijhdkbfZpbb g_ebg_cgZ b bf__l \b^ \ DE [
G_h[oh^bfh j_rblv aZ^Zqm ZiijhdkbfZpbb b ijh\_jblv ^hklh\_jghklv j_r_
gby iml_f ihkljh_gby ]jZnbdh\
< ^Zgghf kemqZ_ \ DE [ Lh]^Z nmgdpby
[m^_l
bf_lv \b^
!
J_r_gb_ ijb\_^_gh gZ jbk
#
#
#
#
#
"
IhebghfbZevgZyZiijhdkbfZpby
< iZd_l_ $%&
' bf__lky ih^iZd_l ()%
\ dhlhjhf gZoh
^blky nmgdpby ihebghfbZevghc ZiijhdkbfZpbb bf_xsZy \b^
()%
]^_
X ² ^Zggu_ ij_^klZ\e_ggu_ \ \b^_ kibkdh\ gZijbf_j \ \b^_ \_dlhjZ beb
fZljbpu
X ² kl_i_gv \ha\jZsZ_fh]h ihebghfZ
?keb ^Zggu_ ij_^klZ\e_gu \ \b^_ \_dlhjZ lh hgb y\eyxlky agZq_gbyfb hj
^bgZl nmgdpbb \ I [ :[kpbkku nhjfbjmxlky Z\lhfZlbq_kdb k rZ]hf
jZ\guf _^bgbp_ ?keb ^Zggu_ ij_^klZ\e_gu \ \b^_ fZljbpu lh we_f_glu fZl
jbpu y\eyxlky dhhj^bgZlZfb lhq_d nmgdpbb \ I [
Nmgdpby ()%
j_rZ_l aZ^Zqm ihebghfbZevghc ZiijhdkbfZ
pbb ih f_lh^m gZbf_gvrbo d\Z^jZlh\
Ijbf_j
G_h[oh^bfh gZclb fZl_fZlbq_kdmx fh^_ev jhklZ khkgu ih ^Zgguf ijb\_^_g
guf \ lZ[e Ij_^iheZ]Z_lky qlh fh^_evx y\ey_lky ihebghf \lhjhc kl_
i_gb l _ Q J_r_gb_ ijb\_^_gh gZ jbk
KieZcgbgl_jiheypby
< ih^iZd_l_ -.
iZd_lZ $%&
' bf__lky nmgdpby j_ZebamxsZy
kieZcgbgl_jiheypbx Bgl_jiheypby dm[bq_kdbfb kieZcgZfb h[_ki_qb\Z_l
\ukhdmx lhqghklv fZl_fZlbq_kdhc fh^_eb \ q_f fu m[_^bfky gZ ijbf_jZo
Nmgdpby bf__l \b^
-.
).
]^_
X ² ^Zggu_ ij_^klZ\e_ggu_ \ \b^_ fZljbpu
X
). ² lbi ZiijhdkbfZpbb ih mfheqZgbx ² wlh ZiijhdkbfZpby dm[bq_
kdbfb kieZcgZfb /$ >himkdZ_lky ZiijhdkbfZpby kieZcgZfb 01 b
/%.
01
Ijbf_j
Nmgdpby \ I [ ij_^klZ\e_gZ \ \b^_ ke_^mxs_c fZljbpu F +2
2 2 32 " "
G_h[oh^bfh ihemqblv fZl_fZlbq_kdmx fh^_ev nmgdpbb \ I [ bkihevamy
dm[bq_kdmx kieZcgbgl_jiheypbx >hklh\_jghklv j_r_gby ijh\_jblv ]jZnb
q_kdb
J_r_gb_ ijb\_^_gh gZ jbk
2
#
+2
2
"
Fgh]hiZjZf_ljbq_kdZybgl_jiheypby
Nmgdpbb fgh]bo i_j_f_gguo \ gZmqguo b ijZdlbq_kdbo aZ^ZqZo \klj_qZxlky
qZs_ q_f nmgdpbb h^ghc i_j_f_gghc Lbibqguf ijbf_jhf y\ey_lky l_hjby
ieZgbjh\Zgby b klZlbklbq_kdhc h[jZ[hldb j_amevlZlh\ wdki_jbf_glZ < wlhc
l_hjbb k\hckl\Z h[t_dlZ bamqZxlky ih agZq_gbyf hldebdh\ ijb \ha^_ckl\bb gZ
h[t_dl Q nZdlhjh\ AgZq_gby hldebdh\ hij_^_eyxlky \ ijhp_kk_ wdki_jbf_glZ
< j_amevlZl_ wdki_jbf_glZ ihemqZxl nmgdpbb \ I [ [ [ 3 LZdb_
nmgdpbb g_ y\eyxlky fZl_fZlbq_kdbfb fh^_eyfb h[t_dlZ bkke_^h\Zgby >ey
ihemq_gby fh^_eb g_h[oh^bfh bf_lv ZgZeblbq_kdb_ \ujZ`_gby nmgdpbc hl
debdZ IhemqZ_lky lbibqgZy aZ^ZqZ bgl_jiheypbb nmgdpbc fgh]bo i_j_f_g
guo ?_ hkh[_gghklyfb y\eyxlky
X [hevrb_ ljm^ghklb \u[hjZ \b^Z nmgdpbb bgl_jiheypbb k\yaZggu_ k g_
\hafh`ghklvx ]jZnbq_kdh]h ij_^klZ\e_gby nmgdpbb gZ iehkdhklb b ^Z`_
\ ijhkljZgkl\_
X ljm^ghklb ^hdZaZl_evkl\Z Z^_d\Zlghklb fZl_fZlbq_kdhc fh^_eb
Bgl_jiheypbx nmgdpbc fgh]bo i_j_f_gguo qZklh gZau\Zxl ZiijhdkbfZpb_c
l d ijb hij_^_e_gbb fZl_fZlbq_kdhc fh^_eb h[uqgh bkihevam_lky bgl_jihey
pby ijb[eb`_ggZy \ maeZo
Ihemq_gb_ nmgdpbb bgl_jiheypbb gZau\Zxl j_]j_kkbhgguf ZgZebahf beb ijh
klh j_]j_kkb_c
J_]j_kkbhgguc ZgZeba \ kemqZ_ fgh]bo i_j_f_gguo fh`gh \uihegblv lhevdh
k ihfhsvx dhfivxl_jZ \jmqgmx lZdb_ aZ^Zqb j_rblv g_\hafh`gh
AZ^Zqb j_]j_kkbhggh]h ZgZebaZ \hagbdZxl g_ lhevdh ijb ijh\_^_gbb fgh]h
nZdlhjgh]h wdki_jbf_glZ LZdb_ aZ^Zqb qZklh \klj_qZxlky \ wdhghfbd_ l_ogb
d_ h[jZah\Zgbb f_^bpbg_ b ^Z`_ \ kihjl_ b ]mfZgblZjguo gZmdZo >@
Kbkl_fZ 0DWKHPDWLFD iha\hey_l j_rZlv aZ^Zqb bgl_jiheypbb fgh]bo i_j_
f_gguo
L_ogheh]by bgl_jiheypbb nmgdpbc fgh]bo i_j_f_gguo \ kbkl_f_ 0DWKHPDWLFD
gZb[he__ ijhklZ ih kjZ\g_gbx k ^jm]bfb fZl_fZlbq_kdbfb kbkl_fZfb HgZ
j_Zebam_lky nmgdpb_c bf_xs_c \b^
]^_
X ² fZljbpZ bkoh^guo ^Zgguo
X ² i_j_q_gv [ZabkZ nmgdpbb j_]j_kkbb
Ijbf_j
FZljbpZ bkoh^guo ^Zgguo ij_^klZ\e_gZ lZ[e
H
ih]j_rghklv G PLQ
Ebl_jZlmjZ
:eZ^v_\ < RbrZdh\ F :\lhfZlbabjh\Zggh_ jZ[hq__ f_klh fZl_fZlb
dZ ² F EZ[hjZlhjby [Zah\uo agZgbc
:eZ^v_\ < A RbrZdh\ F E <\_^_gb_ \ kj_^m iZd_lZ 0DWKHPDWLFD ²
F Nbebgt
;Z[_gdh D G Hkgh\u qbke_ggh]h ZgZebaZ ² F GZmdZ NbafZlebl
;Zo\Zeh\ G K @b^dh\ G I Dh[_evdh\ = F Qbke_ggu_ f_lh^u ² F
GZmdZ NbafZlebl
<hjh[v_\Z = G >Zgbeh\Z : G IjZdlbdmf ih \uqbkebl_evghc fZl_fZlb
d_ ² F <ukrZy rdheZ
<hjh[v_\ ? F <\_^_gb_ \ kbkl_fm 0DWKHPDWLFD ² F NbgZgku b klZ
lbklbdZ
=jZ^rl_cg B K Ju`bd B F LZ[ebpu bgl_]jZeh\ kmff jy^h\ b ijhba
\_^_gbc Ba^Zgb_ ² F =hkm^Zjkl\_ggh_ ba^Zl_evkl\h nbabdhfZl_
fZlbq_kdhc ebl_jZlmju
=ml_j J K J_agbdh\kdbc I L Ijh]jZffbjh\Zgb_ b \uqbkebl_evgZy fZ
l_fZlbdZ <uimkd ² F GZmdZ
>_fb^h\bq ; I FZjhg B : Hkgh\u \uqbkebl_evghc fZl_fZlbdb ² F
GZmdZ
>vydhgh\ < 0DWKHPDWLFD Mq_[guc dmjk ² KI[ Ibl_j
>vydhgh\ < I Kbkl_fu kbf\hevghc fZl_fZlbdb 0DWKHPDWLFD b 0DWKH
PDWLFD ² F KD Ij_kkJK :HHN
>vydhgh\ < I 0DWKHPDWLFD k iZd_lZfb jZkrbj_gby ² F Gheb^`
DZimklbgZ L < Dhfivxl_jgZy kbkl_fZ 0DWKHPDWLFD ^ey ihevah\Zl_
e_c ² F KhehgJ
Dhiq_gh\Z G < FZjhg B : <uqbkebl_evgZy fZl_fZlbdZ \ ijbf_jZo b
aZ^ZqZo ² F GZmdZ
Iheh\dh : F ;mlmkh\ I G Bgl_jiheypby F_lh^u b dhfivxl_jgu_
l_ogheh]bb bo j_ZebaZpbb ² KI[ ;O<I_l_j[mj]
ºÄ·Â²ÄŲ
Iheh\dh : F 'HULYH ^ey klm^_glZ ² KI[ ;O<I_l_j[mj]
Iheh\dh : F ;mlmkh\ I G 0$7/$% ^ey klm^_glZ ² KI[ ;O<I_
l_j[mj]
Iheh\dh : F =Zgbq_\ B < 0DWKFDG ^ey klm^_glZ ² KI[ ;O<I_
l_j[mj]
Lxjbg X G FZdZjh\ : E :gZeba ^Zgguo gZ dhfivxl_j_ ² F Nb
gZgku b klZlbklbdZ
NhjkZcl >` FZevdhevf F Fhme_j D FZrbggu_ f_lh^u fZl_fZlbq_
kdbo \uqbke_gbc ² F Fbj
¡Â·¶¾·Ä¿Í»Å¼²¹²Ä·½Î
: =
:iijhdkbfZpby =ZffZnmgdpby
¡ ebg_cgZy =jZnbd
¡ IZ^_ ¡ \ \b^_ ]bklh]jZffu
¡ \ eh]Zjbnfbq_kdhf fZkrlZ[_
; ¡ \ iheyjghc kbkl_f_ dhhj^bgZl
;_lZnmgdpby
¡ \u[hj klbey
¡ dhglmjguc
< ¡ ih\_joghklb
<_dlhj ¡ lhq_qguc
¡ \u^_e_gb_ we_f_glZ
=jZnbdZ
¡ ^\mf_jgZy
¡ \uy\e_gb_ kljmdlmju
¡ lj_of_jgZy
¡ ]_g_jZpby
¡ ^h[Z\e_gb_ we_f_glZ
¡ baf_g_gb_ ihjy^dZ we_f_glh\ >
¡ dhf[bgbjh\Zgb_ >bZ]jZffZ
¡ djm]h\Zy
¡ kha^Zgb_ ¡ klhe[ph\Zy
¡ m^Ze_gb_ we_f_glZ >bnn_j_gpbZevgh_ mjZ\g_gb_
<ujZ`_gb_
¡ ij_h[jZah\Zgb_ >hklh\_jghklv j_r_gby aZ^Zqb
¡ ljb]hghf_ljbq_kdh_
¡Â·¶¾·Ä¿Í» ż²¹²Ä·½Î
B H
Bf_gh\ZggZy dhgklZglZ H[eZklv baheypbb dhjgy
Bgl_]jZe Hi_jZlhj
Bgl_jiheypby ¡
¡ fgh]hiZjZf_ljbq_kdZy ¡ Zjbnf_lbq_kdbc
¡ ijb[eb`_ggZy \ maeZo Hi_jZpby fZl_fZlbq_kdZy gZ^
\_dlhjhf fZljbp_c
¡ kieZcgZfb HilbfbaZpbhggu_ aZ^Zqb
¡ lhqgZy \ maeZo Hjlh]hgZevguc ihebghf
I
F I_j_f_ggZy
FZkkb\ ¡ kbf\hevgZy
FZljbpZ Ih^klZgh\db
¡ \u^_e_gb_ we_f_glZ Ihebghf
¡ \uy\e_gb_ kljmdlmju IjZ\beh EhiblZey
¡ ]_g_jZpby Ij_^_e
¡ ^h[Z\e_gb_ we_f_glZ
Ij_h[jZah\Zgb_
¡ =
¡ baf_g_gb_ ihjy^dZ we_f_glh\
¡ EZieZkZ
à h[jZlgh_
¡ dhf[bgbjh\Zgb_ ¡ Nmjv_
¡ kha^Zgb_ Ijhba\_^_gb_
¡ m^Ze_gb_ we_f_glZ Ijhba\h^gZy
FZljbqgh_ mfgh`_gb_
F_gx J
¡ &HOO
¡ (GLW J_]j_kkbhgguc ZgZeba
¡ )LOH J_]j_kkby
¡ )LQG Jy^
¡ )RUPDW ¡ FZdehj_gZ
¡ +HOS ¡ L_cehjZ
¡ ,QSXW
¡ .HUQHO K
¡ :LQGRZ
F_lh^ Kbkl_fZ mjZ\g_gbc
¡ g_kh\f_klgZy
¡ =ZmkkZ
¡ kh\f_klgZy
¡ bgl_j\Zevguc
¡ bl_jZpbc
Kbkl_fZ mjZ\g_gbc ebg_cguo
¡ fZljbqguc ¡ fZljbqgZy nhjfZ
¡ GvxlhgZ ij_^klZ\e_gby
¡Â·¶¾·Ä¿Í» ż²¹²Ä·½Î
Kbkl_fZ mjZ\g_gbc ebg_cguo ¡ $UF&VFK
ijh^ ¡ $UF6HF
¡ g_kh\f_klgZy ¡ $UF6HFK
¡ iehoh h[mkeh\e_ggZy ¡ $UF6LQ
¡ j_r_gb_ ¡ $UF6LQK
¡ kh\f_klgZy ¡ $UF7DQ
Kbkl_fZ mjZ\g_gbc g_ebg_cguo ¡ $UF7DQK
¡ $UJ
¡ j_r_gb_ ¡ $UUD\
]jZnbq_kdbf kihkh[hf
à
¡ %DU&KDUW
à lZ[ebqguf kihkh[hf
Kibkhd ¡ %DVH)RUP
KieZcgbgl_jiheypby ¡ %HUQRXOOL
KmffZ ¡ %HUQRXOOL%
¡ %HVVHO,
¡ %HVVHO-
L ¡ %HVVHO.
LZ[mebjh\Zgb_ nmgdpbb ¡ %HVVHO<
Lbi ^Zgguo ¡ %HWD
LhqdZ i_j_]b[Z ¡ %HWD5HJXODUL]HG
Lhqghklv \uqbke_gbc ¡ %LQRPLDO
¡ &HLOLQJ
M ¡ &HQWUDO0RPHQW
¡ &KHE\VKHY7
MjZ\g_gb_ ljZgkp_g^_glgh_ ¡ &KHE\VKHY8
¡ &ROOHFW
N ¡ &RPSOHPHQW
¡ &RPSOH[([SDQG
NZdlhjbZe ¡ &RQMXJDWH
NhjfmeZ GvxlhgZ
Nmgdpby ¡ &RQVWUDLQHG0D[
¡ $EV ¡ &RQVWUDLQHG0LQ
¡ $GG7R ¡ &RQWRXU3ORW
¡ $LU\$L ¡ &RV
¡ $LU\$L3ULPH ¡ &RVK
¡ $LU\%L ¡ &RVK,QWHJUDO
¡ $LU\%L3ULPH ¡ &RV,QWHJUDO
¡ $SSHQG ¡ &RW
¡ $UF&RV ¡ &RWK
¡ $UF&RVK ¡ &RXQW
¡ $UF&RW ¡ &VF
¡ $UF&RWK ¡ &VFK
¡ $UF&VF ¡ &\FORWRPLF
¡Â·¶¾·Ä¿Í» ż²¹²Ä·½Î
¡ ' ¡ )DFWRU7HUPV
¡ 'HOHWH ¡ )DFWRU7HUPV/LVW
¡ 'HW ¡ )LERQDFFL
¡ 'LPHQVLRQV ¡ )LQG0LQLPXP
¡ 'LYLGH ¡ )LQG5RRW
¡ 'LYLVRUV ¡ )LW
¡ 'LYLVRU6LJPD ¡ )ODWWHQ
¡ 'RW ¡ )ORRU
¡ 'URS ¡ )RXULHU&RV7UDQVIRUP
¡ '6ROYH ¡ )RXULHU6LQ7UDQVIRUP
¡ 'W ¡ )RXULHU7UDQVIRUP
¡ (LJHQVLVWHP ¡ )UHH4
¡ (LJHQYDOXHV ¡ )UHVQHO&
¡ (LJHQYHFWRUV ¡ )UHVQHO6
¡ (OLPLQDWH ¡ )XOO6LPSOLI\
¡ (OOLSWLF( ¡ )XQFWLRQ([SDQG
¡ (OOLSWLF) ¡ *DPPD
¡ (OOLSWLF. ¡ *DPPD5HJXDUL]HG
¡ (OOLSWLF3L ¡ *&'
¡ (OOLSWLF7KHWD ¡ *HJHQEDXHU&
¡ (OOLSWLF7KHWD& ¡ *HQHUDOL]HG%DU&KDUW
¡ (OOLSWLF7KHWD' ¡ *HRPHWULF0HDQ
¡ (OOLSWLF7KHWD1 ¡ +DUPRQLF0HDQ
¡ (UI ¡ +HUPLWH+
¡ (UIF ¡ ,GHQWLW\0DWUL[
¡ (UIL ¡ ,P
¡ (XOHU( ¡ ,QVHUW
¡ ([S ¡ ,QWHJUDWH
¡ ([SDQG ¡ ,QWHUSRODWH5RRW
¡ ([SDQG$OO ¡ ,QWHUSRODWLQJ)XQFWLRQ
¡ ([SDQG'HQRPLQDWRU ¡ ,QWHUSRODWLQJ3RO\QRPLDO
¡ ([SDQG1XPHUDWRU ¡ ,QWHUSRODWLQJ4XDQWLOH
¡ ([S,QWHJUDO( ¡ ,QWHUSRODWLRQ
¡ ([S,QWHJUDO(L ¡ ,QWHUVHFWLRQ
¡ ([S7R7ULJ ¡ ,QWHUYDO%LVHFWLRQ
¡ ([WHQGHG*&' ¡ ,QWHUYDO1HZWRQ
¡ )DFWRU ¡ ,QWHUYDO6HFDQG
¡ )DFWRULDO ¡ ,QYHUVH
¡ )DFWRULDO ¡ ,QYHUVH(UI
¡ )DFWRU,QWHJHU ¡ ,QYHUVH(UI&
¡ )DFWRU/LVW ¡ ,QYHUVH)RXULHU7UDQVIRUP
¡Â·¶¾·Ä¿Í» ż²¹²Ä·½Î
Nmgdpby ijh^ ¡ 1
¡ ,QYHUVH/DSODFH7UDQVIRUP ¡ 1>@
¡ ,QYHUVH=7UDQVIRUP ¡ QAA13
¡ -DFREL3 ¡ 1'6ROYH
¡ -DFREL=HWD ¡ 1,QWHJUDWH
¡ -RLQ ¡ 10D[LPL]H
¡ /DJXHUUH/ ¡ 10LQLPL]H
¡ /DSODFH7UDQVIRUP ¡ 1RQOLQHDU)LW
¡ /DVW ¡ 1RQOLQHDU5HJUHVV
¡ /&0 ¡ 1RUPDO
¡ /HJHQGUH3 ¡ 13URGXFW
¡ /HJHQGUH4 ¡ 15RRWV
¡ /HQJWK ¡ 16ROYH
¡ /LPLW ¡ 16XP
¡ /LQHDU3URJUDPLQJ ¡ 3DGH
¡ /LQHDU6ROYH ¡ 3DUDPHWULF3ORW'
¡ /LVW ¡ 3DUW
¡ /LVW,QWHJUDWH ¡ 3HUFHQWLOH%DU&KDUW
¡ /LVW3ORW ¡ 3LH&KDUW
¡ /RJ ¡ 3ORW
¡ /RJ*DPPD ¡ 3ORW'
¡ /RJ,QWHJUDO ¡ 3OXV
¡ /RJ/LQHDU/LVW3ORW ¡ 3RODU3ORW
¡ /RJ/LQHDU3ORW ¡ 3RO\*DPPD
¡ /RJ/LVW3ORW ¡ 3RO\QRPLDO)LW
¡ /RJ/RJ/LVW3ORW ¡ 3RVLWLRQ
¡ /RJ/RJ3ORW ¡ 3RZHU([SDQG
¡ /RJ3ORW ¡ 3UHSHQG
¡ 0DQWLVVD([SRQHQW ¡ 3ULPH
¡ 0DWUL[)RUP ¡ 3ULPH3L
¡ 0DWUL[4 ¡ 3URGXFW
¡ 0D[ ¡ 3VHXGR,QYHUVH
¡ 0HDQ ¡ 4XDQWLOH
¡ 0HDQ'HYLDWLRQ ¡ 4XRWLHQW
¡ 0HGLDQ ¡ 5DQGRP
¡ 0HGLDQ'HYLDWLRQ ¡ 5DQJH
¡ 0HPEHU4 ¡ 5DWLRQDOL]H
¡ 0LQ ¡ 5H
¡ 0RG ¡ 5HJUHVV
¡ 0RHELXV0X ¡ 5HVW
¡ 0XOWLSOH/LVW3ORW ¡ 5HYHUVH
¡Â·¶¾·Ä¿Í» ż²¹²Ä·½Î
¡ 5RRW0HDQ6JXDUH ¡ 7UDQVSRVH
¡ 5RRWV ¡ 7ULJ([SDQG
¡ 5RWDWH/HIW ¡ 7ULJ)DFWRU
¡ 5RWDWH5LJKW ¡ 7ULJ5HGXFH
¡ 5RXQG ¡ 7ULJ7R([S
¡ 6HF ¡ 8QLRQ
¡ 6HFK ¡ 9DULDFH'DWD
¡ 6HHG5DQGRP ¡ 9HFWRU4
¡ 6HULHV ² ¡ :HLUVWUDVV3
¡ 6HW ¡ =HWD
¡ 6HW'HOD\HG ¡ =7UDQVIRUP
¡ 6KRZ ¡ Zjbnf_lbq_kdZy
¡ 6LJQ ¡ ;_kk_ey
¡ 6LPSOLI\ ¡ bgl_]jZevgZy
¡ 6LQ ¡ bgl_]jZevgZy ihdZaZl_evgZy
¡ 6LQK
¡ 6LQK,QWHJUDO ¡ jZaeh`_gb_ \ kl_i_gghc jy^
¡ 6LQ,QWHJUDO ¡ klZlbklbq_kdbo jZkij_^_e_gbc
¡ 6ROYH
¡ 6RUW ¡ Wcjb
¡ 6SOLQH)LW
¡ 6TUW Q
¡ 6UHZQHVV
¡ 6WDFNHG%DU&KDUW Qbkeh
¡ 6WDQGDUG'HYLDWLRQ ¡ \_s_kl\_ggh_
¡ 6WLUOLQJ6 ¡ dhfie_dkgh_
¡ 6WLUOLQJ6 ¡ fZdkbfZevgh_
¡ 6XEWUDFW)URP ¡ fbgbfZevgh_
¡ 6XP ¡ ijhklh_
¡ 7DEOH ¡ jZpbhgZevgh_
¡ 7DEOH)RUP ¡ kemqZcgh_
¡ 7DNH ¡ ki_pbZevgh_
¡ 7DQ ¡ p_eh_
¡ 7DQK
¡ 7HQVRU5DQN W
¡ 7LPHV
¡ 7LPHV%\ Wdklj_fmf
¡ 7U Weebilbq_kdbc bgl_]jZe