Professional Documents
Culture Documents
Bond Basics Fixed Income Securities by James v. Burke
Bond Basics Fixed Income Securities by James v. Burke
Bond Basics Fixed Income Securities by James v. Burke
"! $# "%'& !)(*!%+,-.!
/1032547698%:;2"<>=5:;?A@$BC<0ED:FHGJI;GLK>MNI;OLMPG5Q>RNSTVUXW>GYRNZ\[^]`_$<ba]dcV@J<e80;DgfY2Y:;2ih
Cj 6 :;B6C2$8 ]`a.k$?<b2l]`8m0ED%6C2l]`<ban<b8.]m]n0k$8o6C2p]`_$698 j 03k$a.8n<*:;a.<8 ]`0 jrq 8esH:;2$2tk$6u]`69<e8es
8`:wvi6C2$x;8o4$<b@y0;8n69]n<e8bs j 0;??A<ea j 6z:EB@Y:;@J<eaesg03@5]n6C03258esg4$<ea.69vE:E]`6uv3<b8es{?A03a ]`xl:;x;<e8es
<b] j ZuZ9ZuZ|~}y0;2$4698H:;BC8.0:;2<>=5:;?A@$BC<%0;D:FgVWn;dMPGLKr
UXW1QWrK>TiS>MPRN
Zd2x3<b2$<ean:;Bs
:1f5=V<e4Vh6C2 j 03?A<8n< j k$an6u]dc6C8:%f$2Y:;2 j 6z:;BE6C2$8 ]`ank5?<b2t]-_$:vi692$x:%@$an<b4$<b]n<ean?A6C25<e4
:;2$4fV=5<b4 j :;8._Y08 ]`a.<w:;?:;2$4_$6 j _6C8mDa.<e<bB9c:;2$4<e:;8n69B9c]`an:;4$<b4Z]
8n_$0;k$BC4
}J<1<b?@5_Y:;8n69e<b4m]`_$0;k$x3_m]n_Y:E]{]n_$6C86C82$0;]{]n_$< j :;8n<\D03a:;B9Bt}y03254$8es3<EZx5Z
j :;B9Bz:;}5BC<':;254:;4.k$8.]`:;}$BC<}J032$4$8bZXd2p]`_$6988n< j ]`69032s-1<A032$Buc4$6C8 j k$8.8of5=V<b4Vh
6C2 j 03?A<fY2Y:;2 j 6z:;BY692$8.]nank$?A<e2l]n8H]n_Y:E]_Y:wv3<^:@$an<b4$<b]n<ean?A6C25<e4:E2$4AfV=5<b4 j :E8n_
Y08 ]`an<e:;?"Z
032$8.6C4$<ba]`_$< j :;8._A$08.]nan<w:E?
D03aH:}J032$4_Y:wvi6C25xm:f5=V<e4X:;2$4Ak$2$6uD03an?
@y<ba@J<ea.6C0i4o@$:ci?A<e2l]:EBC032$x69]n_
:032$<H]`6C?A<fY2Y:;Bt@Y:wci?A<e2l]wZ %_5<\f5=V<e4
:;2$4
k$2$6uD03an?
@J<ea\@y<ban690V4A@Y:wci?<b2t]16C8 j :;B9BC<b4A]n_$<AKr
T¡Y
G
¡5I;EUXW>GYRYD03aH]`_$<}J032$4
¢ j :;k5]`69032£¤8n03?A<b]n6C?A<e8¤]n_$<8nk$?¥0;D\032$<
c3<e:;an8\03a.]n_p0;D j 03k$@J032p@Y:wci?<b2l]`8
6C8an<>D<ean<b4]`0:;8o]n_$< j 0;k$@y0;2@Y:wci?<b2l]¦>s]n_$<]n0;]r:EB]n6C?A<:E8n8n0 j 6C:E]`<b469]n_
]`_$<¤}y0;2$4§¨8 j :;8._Y08.]`a.<w:;?©698 j :EBCBC<b4]n_$<
RNMPUXWRd'UAI;RNTVSMPRN^0;Dª]n_$<^}J032$4Ls
:;2$4]n_$<032$<]n6C?A<¤fY2Y:EB@Y:wci?<b2t]698 j :;B9BC<b4X]`_$<«bIiKrW¬
I;OT®W\0;D-]`_5<}y03254Z|
¯ W>S`°Kr
T¡Y
G±>
GJ698:²}J032$4p_$038.< j 03k$@J032³@Y:wcV?A<e2l]vE:;BCk5<A698e<ban0 ¢ 6Z¨<;Z
]`_$<ban<o:;an<2$0A@J<ea@y<ban690V4²@Y:wci?<b2l]`8r¦:;2$4"032$Buc*_Y:;8:'DN: j <vE:;BCk5<;Z %_Y:E]¤6C8es
]`_$<}J032$4 j 0;?<b86u]`_²032$<]n6C?A<032$Buc@Y:wci?<b2l]^<b´ik$:;B]`069]n8DN: j <vE:;B9k$<;Z
µv3<ba.c}y0;2$4¶4$698 j k$8n8.<e4692~]n_$6C8²8.< j ]n6C032 j 0;?<b8"6u]`_·:fV=5<b4¶]`69?<°]n0
?X:
]`k$a.69]dc³:;2$4@y<ban6C0i4Z7 %_$<4Y:E]n<032_56 j _]`_5<DN: j <XvE:;BCk$<0;D%]`_5<X}J032$4
6C8¤@Y:wc3<e4p698 j :EBCBC<b47]n_$<²lI;RdWX¸«oUAI;R¹TiSMPR¹o0;DH]`_$<
}J032$4LZº7038 ]x30v3<ban2$?A<e2l]
}y0;2$4$8_Y:wv3<:"@J<ea.6C0i4p0;D%»*?A032l]`_$8bs}$kV]]n_$<]`6C?A<m]n07?:E]`k5an69]dc j :;2pvE:;a.c
Dan03?½¼?A032l]`_58]n0X¼3¾
c;<w:;a.8eZ%/10;2$4$8¤:;an<]dci@$6 j :;BCBuc8.03BC47:E]¤:;k j ]`6C0;2Z\¿V6C2 j <
/1032$458 j :;2¶}J<³]na`:;45<e4 ¢ }y0;k$x3_l]7:;2$4¶8.03BC4Y¦*<e:;8n69B9c~:E2$4·Da.<e<eBuc3s]n_$<bc:;a.<
j 03258n6C45<ean<b4QWrK>TVSMPRNMWrQ>Z¤d2x;<e2$<ba`:;B¹sJfY2$:;2 j 6C:;Bg6C2$8 ]`ank5?<b2t]n8¤]n_Y:E]:Ean<m<e:;8n69B9c
:;2$4Dan<b<eBuc]`an:;4$<b4À:Ean< j :EBCBC<b48n< j k$a.69]`69<e8bZÂÁ<e:;B<e8 ]r:E]n<²6C8':;2Â<=$:E?@$B9<*0;D
:AfY2$:;2 j 6C:;Bg6C2$8 ]`ank5?<b2t]]`_$:E]698¤2$0E]:X8.< j k5an69]dc78n692 j <o69] j :;252$0;]}J<o]na`:;45<e4
69]n_]`_5<^<w:E8n<^0ED-:o@$_5032$< j :;BCB¹Z/1kV]\]n_$<ea.<:;an<fY2Y:E2 j 6C:;B®6C2$8 ]`ank5?<b2t]n81}$k56CB9]
032
a.<w:;Bi<e8 ]r:E]n<\]`_$:E]:;a.<18.< j k5an69]n6C<b8{8nk j _:E8Á<w:;BVµ8.]r:
]`<d2lv3<b8.]n?<b2t]H gank58.]`8bs
03aÁµHd %8bZ
à Z^ÄoÅ-ÆÇoÈÉ-ÊÌËͪÎPÏÆÐ\È{ͪÑÒ-ÓlÔÌÔgÉ-ÊÀÕÎPÆ®ÓtÊ
¿V692 j <}J032$4$8:;a.<A<e:;8n69B9c°:;2$4Dan<b<eB9c]`a`:E4$<e4sª]n_$<bcp?
k58.]}J<A@5an6 j <e4Z'Ö<
2$0 j 032$8n694$<ea:;2"<eB9<e?A<e2l]r:Ea.c*?A<b]n_$0V4*D03a%]n_$<@$an6 j 6C25xA0ED{}J032$4$8}Y:;8.<e4"032
]`_$<250;]`690320;D@$an<b8n<b2t]vE:;B9k$<;Z 03258n6C45<ea:'}y0;2$4*_Y:wvi6C2$x@J<ean690V4 Ã×EØ c3<w:Ean8
¢ ؽÙÚÃÛ D03a?A032l]`_58r¦>s j 03k$@J032²@Y:wci?<b2t]n8^Ü ×EØ ¢ @Y:;694*<w: j _"@y<ban690V4®¦s5]`69?<
Ý
]`0o?X:E]nk$an6u]dc@J<ea.6C0i4$8esV:;2$4XDN: j <^vE:;B9k$<Z %_$< j :;8._Y0·8 ]`a.<w:;? D03a]`_$698
}y0;2$4²6C8]`_5<e2"x369v;<e2"}tc
Ù ¢ ¾ rÜ ×EØ `Ü ×EØ
rÜ ×EØ
m¦
_$<ea.<o]n_$6C86C8¤:Av;< j ]n03a^0EDBC<b2$x;]`_ Ã ¢ j 03k$@J032@$:ci?A<e2l]`8^4$0X2$0E]^0 jej k$a
032*]`_$<4Y:
]`<0;D@$k$a j _$:;8n<w¦>Z
ª<b]Xk$88nk5@$@y0;8n<]n_Y:E]Xc;03k j :;2 @$k$a j _Y:;8.<°]`_$698X}J032$4ÀD0;a]`_5<@$a.6 j <AZ
Ö~_Y:E]698]`_$<:;2$2tkY:EBªa`:E]n<0;D{a.<b]nk$an2"0;Dg]`_$698%}y03254 7]6C8%a.<w:;8.032Y:;}5BC<]`08n<>]
]`_$<*@5k$a j _Y:E8n<"@$an6 j <*0;D]`_$<²}J032$4Â<e´tkY:EB]`_$<*@$a.<e8.<e2l]vE:;B9k$<*0;D]`_$<*}J032$4LZ
DH1<4$<b2$0;]`<
]n_$<:;2$2tkY:EBa`:E]n<
0;Dan<>]`k$a.2³0ED\]n_$<'}y0;2$4}l c -s]n_$<e2p}lc°0;k$a
@$an<>vi6C03k$8m4$6C8 j k$8.8n6C0;2032@$a.<e8n<b2l]'v;:EBCk$<Es1<k58n<]`_5< j :;8._Y0 8.]`a.<w:;? 0;D
]`_$<}J032$4*]`0x3<>]]`_$<D03a.?
k$Bz:
¢Ã¦ Ù ¢ à ¢ ×EØ ¦.¦ ¢ Ã Ü ¢ ×EØ ×EØ ¦.¦
%_tk$8esY]`_5<o:E2$2tkY:;Bªa`:
]`<0;Dan<b]nk$an2"0;Dg]`_$<}J032$4²6C8]n_$<vE:;B9k$<0;D "]`_$:E]}Y:;Buh
:;2 j <e8H]`_$698<b´tkY:E]`69032 ¢ 6Z¨<;Z]`_$<%vE:;BCk5<0ED ]`_$:E]?X: q <e8H]`_$698H<e´tkY:E]n6C032vE:;BC694®¦>Z
%_$6C8:;252ik$:;Ba`:E]n<0;D1a.<b]nk$an2³6C8 j :;BCB9<e4]`_$<²
MW>Ou;s-03aEMW>Ou7Rd"UAI;RNTVSMPRNEsg0;D
]`_$<}J032$4Z %_$698D0;an?
k$BC: j :;2}J<8n6C?A@$B969fY<b4Ak58n6C25xm@$a.03@y<ba.]n6C<e80;Dªx;<e03?A<b]nan6 j
8n<ban6C<b8eZ
: q 6C2$
x ! Ù " "&%( '*)+,+ s5\< q 2$0]n_Y:E]
$#
! Ù ! .Ã Ã/- - ! ! Ù
/\cA@$BCk5x3x36C25x]n_$6C86C25D0;an?:E]`690326C2l]`0]`_$<^/1032$1 4 0a.6 j < 2Y03an?
k5Bz: ¢ Ã ¦1<^_Y:wv3<
Ù ¢ Ã ¢ ×EØ ¦.¦ ¢ Ã Ü ¢ ×
Ø ×
Ø ¦n¦
87
Ù ¢ Ã ¢ ×EØ ¦.¦ Ø ¢ Ã ¢ Ã ×
Ø ¦n4¦ 3 .Ã.à -- ¢ Ã9à ¢ ×E×EØØ ¦n¦n6¦¦ 5
Ü ¢ ¢
5
Ù ¢ 9Ã ¢ ×EØ ¦n¦ 5 Ü /Ã - ¢ Ã ¢ ×EØ ¦.¦ 5 7
3
:1;=<4>@?BAC?BDE>GFIHJFHLKNMO?J;QPJRSATDVUXWATY@Z[?\A(]SWI>@R^AC_@;a`bD>@R^cdZ[?Jef;aghDZ i
j YkPBWmlonqYp W¡JSMKrW
¸«oI*±>
GJr5p I;¬MPGQ² s W.tIiK>R¹Ot
Kr
T¡Y
GX¡YW>SMe
QS`W>UAI;MPGYMPGQs
R¸AUAI;RNTiS>MPRNXI;GJ*IEMW>OuXRdAUAI;RNTVSMPRN"¸«/vu QeI;R¹MCQFWrQ
¢Û ¦ Ù ¢ Ãw ¢ ×EØ ¦n¦ 5 Ü Ã/- ¢ Ã ¢ ×EØ ¦.¦ 5 7
3
x Yp W>S`Wy MCQR\Yp W¡JSMKrW¸«'R\Yp W±>
GJ[u MCQRBYp W«bIiKrW¬
I;OT®Wz\u Ü MCQR\Yp WlWnI;SO
Kr
T¡Y
GA¡5I;EUXW>GYR\\u I;GJ Ø MCQR\Yp WGYTVUA±>W>S
¸«mKr
T¡Y
GX¡5I;
UXW>GYRQ¡YW>SlWnI;S{
; j WZÌ]6980;DP]n<e2]`_$< j :;8n<
]n_Y:E]]n_$<:;2$2tkY:;B j 03k$@J032vE:;BCk5<
6C8x;69v3<b2³:;8
: @y<ba j <e2l]0;D]`_$<DN: j <vE:;B9k$<;sD03ao<>=5:;?A@$BC<EsHÜ Ù AZpd2]`_$698 j :E8n<;s]n_$<
°
D03an?mk$Bz: ¢ Û ¦18n69?@5BC69f$<e81Dk$a ]`_$<ba%]`0']`_$<D03a.?
k$BC:
¢ ¼l¦ Ù ¢ Ã.- ¦ ¢ Ã ¢ ×EØ ¦n¦ 5
Ö<8n:cX]`_Y:E]:}J032$4²6C8:E]%¡5I;S\69D *Ù 76C2*_$6 j _ j :;8n<d Ù Z
]698¤v;<ea.c76C?A@J03a.]`:;2l]]n02$0;]n<o]n_Y:E]]`_$<'/\032$o 4 0an6 j < 2®0;an?
k$BC:Ax;69v3<b8¤]n_$<
@$an6 j <\0;D®]`_$<}J032$4'a.<exl:Ean4$B9<e8n8{0;DJ_$0 DN:Ea{1<%_$:v;<%@$an0;x3an<b8n8n<b46C2l]`0^]n_$< j :E8n_
Y08 ]`an<e:;?½0;Dg]`_5<}J032$4²Dan0;?]`_5<4$:E]`<0;D6C8.8nk$<EZ
¿V03Buvi6C2$xD0;r
a 692]`_$</1032$4 0an6 j 1 < 2Y03a.?
k$Bz:"6C8m:°}$69]
]nan6 jrq c8n692 j <*6u]
698
2$032$B96C2$<e:;a6Ca 2 -Z~D\<°?
k$Bu]`69@$B9c]`_$</1032$4 0a.6 j < 2Y03an?
k5Bz:°]`_$a.03k$x3_À}lc
¢ wà ¢ ×EØ ¦.¦ \<03}5]r:E6C2*]`_$<@J03B9ci2$0;?6C:;By<b´tkY:E]`69032
¾ Ù ¢ wà ¢ ×EØ ¦n¦ - Ü ¢ 9à ¢ ×EØ ¦n¦ -Ìà 7 - dh
¤k$?A<ea.03k$8-:;B9x303a.69]`_5?8J<>=V6C8 ]ª]`0 j 03?@5k53 ]`<]n_$<
à an0i0;]`80EDi]n_$6C8ª@J03BucV2503?6C:;B
<e´tkY:E]n6C032LZo %_$<8.?X:;B9BC<b8.]@J038.69]`6uv3<
a.0V0E]6C8^]n_$<'032$<
]`: q <b2³D0;a^]`_$<
ci69<eBC4°]n0
?X:
]`k$a.69]dc ¢ 69D:@y0;8n69]n69v;<an0i0;]%<>=V698.]`8 ¦Z
%_$<Xci69<eBC4p]`07?X:
]`k$a.69]dc0;D%:7}J032$4698o:E2vE:;BCkY:E}$BC<']`0i03BD03a j 0;?@Y:Ean6C25x
}y0;2$4$8eZÁ698 q 6C<ba}J032$4588._$03k$B94X@J038n8.<e8.8:cV69<eB94]n0o?:E]nk$an6u]dcm]`_$:E]1698x3an<e:E]`<ba
]`_Y:E2BC<b8n8oan6C8 q cp}y03254$8eZ"]m698]n_$<X}J032$4?X:Ea q <>]o]n_Y:E] j 032l]nan03B98]n_$<ci6C<bBC4Z
an: jrq 6C2$x¤0;D5]n_$<}y03254m?:;a q <b]6C8g4$032$<H]`_$a.03k$x3_]`_$<Hci6C<bBC4]`0^?:E]nk$an6u]dc3Z- %_$<
ci6C<eB94"]n0?:E]nk$an6u]dc*6C8%]`69<e4"]`_$<?X:Ea q <>]^<=V@y< j ]r:
]`6C0;27D03a%]`_5<ma`:
]`<0;Da.<b]`k5an2
032²6C2lv3<b8.]n?<b2t]D03a%4$6
L<ban692$xBC<bv;<eB98%0;Da.6C8 q wZ 2Y03aa.6C8 q B9<e8n86C2lv;<e8.]n?<b2l]`88nk j _
:;8]`a.<w:;8.k$an<}$69BCB98esy]n_$<'<>=V@J< j ]`<e4an<>]`k$a.2³0;2³692lv3<e8 ]`?A<e2l] ¢ 03a¤cV69<eB94®¦¤6C8v;<ea c
BC0Ú:;8 j 03?@$:;an<b4°69]`_a.6C8 q 69<ea¤}y03254$8eZ %_$6C8?:;a q <b]<>=V@y< j ]`:E]`69032°D03a^]n_$<
an<>]`k$a.2
032
692tv;<e8 ]`?A<e2l]wsl03agci6C<eB94o]n0?X:
]`k$a.69]dc6C2]`_$< j :;8.<0;D®}J032$4$8bs j _Y:;2$x;<e8
4Y:;69B9co:;2$4 j BC038.<eB9c]`an: jrq 8@$an<>vE:;6CB96C2$x¤6C2l]`<ban<e8 ]`8Ha`:
]`<e8:;81<bBCBY:E8{]`_$<ci69<eBC4580;D
0;]`_5<eaf5=V<e476C2 j 03?A<8n< j k$an6u]`69<e8eZH]6C8]n_$< j _Y:;2$x;<692*]`_$<ci6C<bBC4*]`0?:E]`k$a.69]dc
]`_Y:
] j _Y:;2$x3<b8]n_$<@$k$a j _Y:;8n<A@$a.6 j <0;D\2$<>B9c698n8nk5<e4³}y03254$8es:;8\<eBCBH:E8D0;a
}y0;2$4$8
]`_$:E]A:;an<\<eB9B6C2l]n0p]n_$<e69a
BC6uD<b]n6C?A< j :;8n_ÂY0½8 ]`an<e:;?"Zd2$4$<b<e4s1:;2
03B94 }J032$4Â}y<b_Y:wv3<b8X6C2<=5: j ]nB9c]n_$<*8`:;?A<1:c :E8: 2$<b }J032$4ÂDan03?
]`_$<@J<ea.8n@J< j ]n69v;<X0;D\]`_$<A@$k$a j _Y:;8n<baeZ* %_$<A}J032$4$84$6
y<ea692³]n_$< j :;8n<_$<ban<
]`_$<@$k5a j _Y:;8.<m4Y:
]`<BC69<e8}y<>]d1<b<e2 j 03k$@J032"4Y:E]`<b8eZ\d27]`_56C8 j :E8n<o:;2:E4
.k$8.]n<e4
6C2l]`<ban69? j 03k$@J032'@Y:wci?<b2l]H?
k$8.]}y<@$:;6C4m]n0]`_$<18n<eB9BC<ba0;DY]`_5<%}y03254'<e´tkY:;B5]n0
]`_$<%@J<ea j <b2t]`:;x3<0;D®]`_5< j 03k$@J032@Y:wci?<b2l] j 03ana.<e8.@y03254$6C2$x]n0]`_$<%@J<ea j <e2l]`:;x3<
0;DH]`_$< j 03k$@J032@Y:wci?<b2l]o@J<ea.6C0i4]`_$:E]_Y:;8<bBz:;@58n<e4p8.6C2 j <
]`_$<'BC:;8.] j 03k$@J032
@Y:wci?<b2t]4Y:
]`<:;2$4*]`_5<4$:E]`<0;D@$k$a j _Y:;8n<EZ
|^8]`_$<ocV69<eB94"]n0?X:
]`k$a.69]dc j _Y:E2$x3<e8^8n04$0i<e8]`_$<o@$k$a j _Y:;8n<'@5an6 j <o0ED2$<b
:;2$403BC4}J032$46C8n8.k$<e8bZ %_$<ban<bD0;an<;sE69]g6C8-69?@J03a.]`:;2l]]`0k$2$45<ean8 ]r:;254
_$0}J032$4
@$an6 j <b8 j _Y:;2$x;<':;8^]n_$<mci6C<bBC4 j _$:;2$x3<b8et Z 2Y03a^<=$:E?@$B9<;sy69Dc;03k2$<e<b4]`08.<eBCB{:
}y0;2$4}J<bD03a.<o6u]`8?X:
]`k$a.69]dc*4Y:
]`<;s®c30;k10;k$BC47@$an<>D<ea¤]n0X8.<eBCB-6u]:E]^:@5an<e8.<e2l]
vE:;BCk$<H]`_$:E]698{x3a.<w:E]n<ea]n_Y:;2
]n_$<1@$a.<e8.<e2l]vE:;BCk$<\0;DY]`_5<1}J032$4
_$<b2 j 03?A@$k5]n<e4
k$8n692$xo]n_$<^ci6C<bBC4032X]`_5<4Y:E]n<^0;D-@$k5a j _Y:;8.<8n692 j <¤}tc4$03692$xm8.0
c303k5a1<
y< j ]`6uv3<
a`:E]n<\0ED®an<b]nk$an2m032m]`_5<1}J032$4
698x3a.<w:E]n<eag]`_Y:;2o032m]n_$<14Y:
]`<10ED®@$k$a j _$:;8n<EZ
¤0;]n<
]`_Y:
]m:E8]n_$<ci6C<bBC4p]`0"?X:
]`k$a.69]dc ¢ 03aoan:E]`<A0;D1an<b]nk$an2Y¦0;D%:"}J032$46C2 j an<w:E8n<e8bs
69]n8@$k5a j _Y:;8.<°@$a.6 j < ¢ 03aA@$a.<e8n<b2l]vE:;BCk$<w¦45< j a.<w:;8.<e8bZ 03ana.<e8.@y03254$6C2$x;B9c3s:;8
]`_$<ci69<eBC4]`0'?:E]`k$a.69]dc0;D:
}y0;2$4²4$< j an<w:E8n<e8bs®69]`81@$k$a j _$:;8n<@$a.6 j <^6C2 j an<w:E8n<e8bZ
2Y03a]`_$698an<w:E8n032s®]`_5<o}J032$4"?X:Ea q <>]6C88`:;694"]n0X}J < .k$@ _$<e2"]`_$<ci6C<eB94"]n0
?X:
]`k$a.69]dcAx30i<e84$02s®:E2$4]`_$<}J032$4*?:;a q <b]6C88n:;6C4]n 0 .4$02 _$<b2"]n_$<
ci6C<eB94]n0°?X:
]`k$a.69]dcpx30i<e8ok$@Zp¿V692 j <@$an<>vE:;6CB96C2$x"6C2l]`<ban<b8.]
an:E]`<b8':;a.<]`69<e4]n0
ci6C<eB94$8es]`_$<}y03254?X:;a q <>]m]dci@$6 j :;BCBucpx30i<e8
k$@:;8
6C2l]n<ean<b8.]'an:E]`<b8oDN:;B9BZ[2$<
2$<e<b40;2$B9cBC0i0 q :
]:²x;a`:;@$_³0;D}J032$4³@$k$a j _$:;8n<A@$an6 j <b8}J<b]d\<e<b2]n_$<'c3<w:Ean8
Û ¾3¾3¾':E2$4 Û ¾3¾3¼
]`08n<b<]`_$698<
L< j ]eZ
hW j PB; FIH
qHtnqpYW¤I;GYGYT$I;O®Kr
T¡Y
G¡5I;EUXW>GYR¸«I
±>
GJMCQRN¡JMKnI;OPO s;MP¬;W>G
I
QI
¡YW>S`KrW>GYRTI siWA¸«
MPRPQ«bIiKrW
¬
I;OT®
W {
X¡YW>S`KrW>GYR±>
GJ"MCQ
GLW x pYQWmRd
RI;O
I;GYGYT$I;OKr
T¡Y
G¡5I;EUXW>GYRPQW eT$I;O
A¡YW>S`KrW>GYR¸«oBR pYW\«bIiKrWo¬
I;OT®W¸«BR pYW'±>
GJ {
nqpYWH¡JTVS`zK p5I
QWH¡JSMKrWo¸«^I
m¡YW>S`KrW>GYRQW>U'MP I;GYGYT5I;O mtWnI;S±>
GJ p5I;¬MPQG sI
¡YW>S`KrW>GYR
MW>OuXRdAUAI;R¹TiSMPR¹MCQ
Ù ¢ Ã ¾ Û ¦ ¾ ¾
/Ã - ¢ Ã ¾ Û ¦ 5 7
3
Ù Ã Û
- ¾ Û
¢ Ã ¾ Û ¦ 5 !
Ù Ã #Ã " %¼ $ .
nqp5I;RMCzQ uM «'BR pYW«bIiKrW¬
I;OT®WX¸«'BR pYWA±>
GJ7MC'Q & Ã `¾3¾3Q¾ uBR pYW>Gl
TpGLWrWn7R¸m¡5I;
& à (à " ¼ )$3¾«w
SmWnIizK p*Q>TYzK p7±>
GJ {
* x Q>T¡l¡YQW\R p5I;RAR x ÀlI;Q³I.«RdW>S°\R piMCQ±>
GJÂMCQX¡JTVS`zK p5I
QWnBR pYWp
MW>Ou
+ TVU^¡YQR¸,
m-
¡YW>S`KrW>GY*R { nqpYW¡JTiSrzK p5I
QW1¡JS>MKrW'¸«BR piMCQm±>
GJMCQGL x
Ù ¢ Ã ¾ Û% "
;¦ ¾ ¾
%
/Ã - ¢ Ã ¾ %Û "
3¦ 5 7
3
Ù ¾ -.;%¾ . wà m¾ %¾ .;%¾ . ¢ à ¾ Û "
3¦ 5 !
Ù ¾ -. %Û " f¾
nqp5I;RMCzQ uM «'BR pYW«bIiKrW¬
I;OT®WX¸«'BR pYWA±>
GJ7MC'Q & Ã `¾3¾3Q¾ uBR pYW>Gl
TpGLWrWn7R¸m¡5I;
&. %Û " «w
S*WnIizK pQ>TYzK p±>
GJ {0/G\R pYW²
BR pYW>rS p5I;GJ[ u^M «t
TA«w
SQ
UXWAS`WnI
Q
G
t
T*GLWrWn'Rd
QW>OPOy\R pYW±>
GJ'l
T + TlQ>RL¡JTiSrzK p5I
QWnR x lI;QWnI;SOMW>6S u\R pYW>Gl
T
p5I;¬;W + TlQ>R\OCQ>1R & Û lm» -$3¾°
GWnIizK p°¸«\R pYWrQWo±>
GJ
3Q 2
4Lp5I;R x
TVOu²±>WmBR pYW¡YW>Sm±>
GJ*OCQrQoM «\R piMCQ x W>S`W
5I
lWnI;S'±>
GJ x MP\R p7BR pYW
QeI;UXW
zK p5I;S.IiK>R¸W>SMCQ>RNMKrQS.I;BR pYW>S\R p5I;GpI
¼3¾"tWnI;So±>
GJ7 6
%_tk$8es<w: j _}y0;2$4 j 03?A<e869]n_: j <ea.]`:;6C2:;?A03k$2l]0;D\an698 q <>v3<e2³]`_$0;k$x3_
69]A6C8:³fV=5<b4Ì6C2 j 03?A<"8.< j k$an6u]dc3Z %_$6C8an6C8 q 6C8]`69<e4À]n0Yki=5k$:E]`69032$8X692À]n_$<
ci6C<eB94s{0;a j 03a.an<b8n@J032$4$692$x3B9c;s{YkV=VkY:
]`6C0;2$8
6C2]`_$<@5an<bvE:;69BC692$x7692l]`<ea.<e8 ]'a`:E]n<e8bZ
]6C8'69?@J03a.]`:;2l]
]`0pk$254$<ea.8.]r:E2$4À]n_$6C8'a.6C8 q Z [2$<*]`0i03B1D0;a'k$2$4$<ban8.]`:;2$4$692$x
]`_$698an6C8 q 6C8%]n0?A<w:;8.k$an<]`_5<o8.<e2$8.69]`6uvi69]dc*0;D]`_$<}J032$4"@$an6 j <]`0A69]`8%ci6C<bBC4sY0;a
<e´tk$6uv;:EBC<e2l]nB9c3sE_Y:E]H6C8]`_$<%692$8.]`:;2l]r:;2$<b03k$8an:E]`<%0;D j _Y:E2$x3<0;D®]`_$<%}J032$4'@5an6 j <
69]n_an<b8n@J< j ]]n0
cV69<eB94Z|^x3:;6C2st]`_56C8´tk$<b8.]`69032²6C8%:E2$8.\<ea.<e4"6C2X]n_$< j :;B j k$B9k$8eZ
]'6C8ox369v;<e2}lc]n_$<*4$<ban69vE:E]n69v;<X0;D]`_5<}y0;2$4@$an6 j <X6u]`_a.<e8n@J< j ]']`0°ci6C<bBC4Z
6
y<ea.<e2l]`6C:E]`692$xm]`_5<o/\032$O
4 0an6 j t< 2®0;an?
k$BC: ¢ ¼3¦6u]`_²an<b8n@J< j ]¤]nL 0 "x369v;<e8
Ù d 5 ¢ Ãw ×EØ ¦ 5 ¢ r- y¦ ¢ Ã ×EØ ¦ 5 - ¢.¢ Ãw ×EØ ¦ - Ã ¦ 7
3Ø
_$<ea.<]`_$<:;2$2tkY:EB j 03k$@J032²vE:;BCk$<698 Z
Û ZXÒ-ÍÔªÎPÈÉ
d2p]`_$<fY2Y:;2 j <ABC69]nk$a`:
]`k$a.<m]`_$<8 ]r:;2$4$:;an4³?<e:;8nk5an<0;D1]n_$<8n<b2$8n6u]`69vi6u]dc0;D
@$an6 j <{]n0%cV69<eB946C8 q 2$02m:E8]`_$<;TiS.I;R¹M
G0;D5:}y03254Z %_5<250;]`690320;Di4$k$an:E]`69032
j :;2m}y<%:
]n]r: j _$<e4
]n0:;2lc j :;8n_
$0 8 ]`an<e:;?Ú032 j <:¤@$an<>v;:E6CBC692$xa`:E]n<10;D®a.<b]`k5an2
6C8:;x3a.<e<b4k$@J032 ZOª<b] ¢
¦}y<: j :;8n_$0©8 ]`a.<w:; ? _$<ban<X]n_$<
Y0<bBC<e?A<e 2l] 0 jej k$an8:E ]%]n 6C?A< Z Dg1<4$<b2$0;]`<}lc
¢ ¦\]`_5<@5an<e8.<e2l]
vE:;BCk$<0ED s5]`_$<b27]n_$<4$k$a`:
]`6C0;2$8%0;Dg]`_$< j :E8n_²Y08.]nan<e:;? 6C8
Ù
¦
¦
T
¦
¢ ¢ ¢
_$<ea.<
Ù
¢ ¦
¢ ¦
¢ ¦
6C8]`_$<
@5an<e8.<e2l]vE:;BCk5<m0;DH]`_5<
<e2l]`69an< j :;8._p$0Ú8 ]`an<e:;?"Z
¤0;]n<m]`_Y:
]69D]n_$<ea.<
6C80;2$B9cA032$<]n6C?A<^@J<ea.6C0i4 s5]`_5<e2*]`_$<45k$a`:E]n6C032X?
k$8.]<b´tkY:;BL]n_$<BC<b2$x;]`_ Z
%_$6C8_$69x3_$B96C x3_l]`8¤]`_$<DN: j ]]n_Y:E]]`_$<k$2569]`80;D :Ean<']`_$<A8`:E?<A:;8]`_5038n<A0;D
]`_$<]n6C?A<e8 Z
d2]n_$< j :;8n<0ED:7}J032$46u]`_ Ø <bv3 <b2$B9c8n@$: j <b4 j 03k$@J032@Y:wcV?A<e2l]n8
@y<ba
c3<e:;aesci6C<bBC4 ªsH:;2$4 :°@Y:wci?<b2l]'0;D 6C2]n_$<i]`_@J<ea.6C0i4s\<*03}5]r:E6C2]n_$<
pIiKnI;TiOuI;4$k5a`:E]n6C032²0;Dg]`_$<}J032$4£
¢ 7
Ù ×EØ ¦ × 3 wà ×EØ ¦
¢
_$<ea.<
Ù × Ã ¢ ×EØ ¦ 7
3
D%]`_$< j 03k$@J032@$:ci?A<e2l]6C8
( _$<ban< 6C8]`_$<XDN: j X < vE:;B9k$<0ED%]`_$<}J032$4Ls
]`_$<b2"]n_$6C8%<=V@$an<b8n8n690327D0;a%4$k$a`:
]`6C0;2"8.6C?A@$BC6ufY<e8 ]`0
) $# " %( '*)4+
) $# "&%('*)+
Ù
Ã9 ¢ ×EØ ¦ 7 5 Ã9 ¢ ×EØ ¦ 7 5
3 3
Ù Ã ) ¢ $# ×E" Ø %('*¦)47 5+ ) Ã $ # " ¢%( '*)4×
Ø +
¦ 7 5
3 3 ¦
Ã
à ¢ -
Ù Ø - Ø ¢ Ã9 - Ã Ø
¦ Ì 7
Ù ×EØ Z|~an<b?X:;a q :;}$BC<%3 @5an03@J<ea ]dc0;D4$k5a`:E]n6C0326C8]n_Y:E]69]H698Han<eBC:E]`<b4
_$<ea.< '
]`0']`_5<45<ean6uvE:E]`6uv3<0;Dg]`_$<@$a.6 j <69]`_"an<b8n@J< j ]¤]n0ci69<eBC4LZ
_ ;=DEZC; j qHJF ¢ 0an6 j <¿V<b2$8n6u]`69vi6u]d
c 2Y03a.?
k$BC:l(¦ HnqpYWiW>SMP¬
I;RNMP¬;W¸«¡JSMKrW
Mx PBR p*SrWrQd¡YWrK>RRdAEMW>Ou"¸«I¤FgVWnAMPGLKr
UXWQWrK>TVSMPRNMCQ
S r.
Ù -
x pYW>S`W
Ù Ã ¢ ×EØ ¦
Ù
_$<ea.<]`_$<\<e6Cx;_t]n8 :;an<x36uv3<b27}lc
Ù D03a ÙÚÃ Û (
5ZrÑ^ÑÒ-ÉgÎ3Ô ªÎPÈ{É
>U'U'TiGYM ¯ I;RNM
G698^:']`<ban? k$8.<e4°692"fY2$:;2 j <]`_Y:
]¤a.<bD<ban8:']`< j _$2$69´ik5<m]`_Y:
]
PM U'U'TVGYM ¯ WrQ:@y03a ]nD03B96C00EDLf5=V<e46C2 j 03?A<8.< j k$an6u]`6C<b8:;xl:;692$8.]]n_$<¤692lv3<e8 ]`?A<e2l]
an698 q :E8n8n0 j 6C:E]`<b4"6u]`_*YkV=VkY:
]`6C0;2$86C2ci6C<bBC4s$0;a%6C2l]`<ban<e8 ]^an:E]`<a.6C8 q Z
| j 03?A?A032°03}i.< j ]n69v3<A6C2°]n_$< j 03258.]`a.k j ]n6C032p0;D1:*@y0;a.]nD0;BC6C0;8¤0;Df5=V<e46C2Vh
j 03?A<"8n< j k$an6u]`69<e8698A]n0 j 03258.]`a.k j ]X]`_$< j :;8._ Y0¥8 ]`a.<w:;? 8n0]n_Y:E] j <ea ]r:;692
fY2Y:;2 j 6z:EB0;}$BC69xl:E]`69032$8:Ean<A?<>]m692]`_5<Dk5]nk$an<EZ"D11<X]na.c]n04$0]n_$6C869]n_
f5=V<e4A6C2 j 03?A<8n< j k$a.69]`69<e8bst]n_$<e2'\<%DN: j <%]`_5<%@y038.8n69}$6CB969]dc0;Dy2$0;]H}J<e6C25x:;}$BC<]n0
?<b<b]03k5a03}$BC69xl:E]n6C032$84$k$<']n0"k525DN:wv303an:;}$BC<
ci69<eBC4°$kV=VkY:E]`69032$8bZ'| ?<>]`_$0i4
D03a?A69]n6Cxl:E]n6C2$x]`_56C8a.6C8 q 6C8]n0*2$0;]032$Buc?:E] j _p]n_$< j :E8n_pY0
8.]nan<e:;?8]n0
03k$a'03}5BC6Cx3:E]`69032$8es}$k5]]`0p:EBC8n0?:E] j _Â]n_$<²4$k$an:E]`69032Â:;8n8.0 j 6z:E]n<e469]n_]`_$698
8.]nan<w:E?7ZÖ<6CBCB9k$8.]na`:E]n<¤]n_$6C86u]`_7:8.6C?A@$BC<^<>=5:;?A@$BC<EZ
| j 0;an@J03a`:E]n6C032_Y:;8A:°4$<e}V]0ED Ã ?A6CB9BC6C0;2³4503BCBC:;an8]`_Y:E]6u]'6C8m03}$BC69x3<e4]n0
@Y:wc692 Ã ¾c;<w:;a.8]n6C?A< ¢ ]`_$<'45k$a`:E]n6C0320;DH]`_$698^4$<b}5]6C8 Ã ¾c3<e:;an8bs-_lc ¦>Z]
6C8
45< j 694$<e4Â]`_$:E]']`_$<²4$<b}5]A6C8
]n0³}J<*@Y:wc3<b4}lc@$k5a j _Y:;8.6C2$x:@y0;a.]nD0;BC6C070;D
}y0;2$4$8eZ %_$<}y0;2$4$8:;an<@$k5a j _Y:;8.<e4]n0V4$:c*:;2$4²]`_$<b28n0;BC4"032*]`_$<4Y:wc*]`_Y:
]
]`_$<'45<e}5]?
k58.]}J<'@Y:;6C4LZo %_$<'}J032$458]`0²}y<m6C2 j BCk$4$<b4p6C2°]`_5<'@y03a ]nD03B96C0:;BCB
_Y:wv3<:DN: j <mvE:;BCk$<m0;D & Ã ¾3¾:E2$4³: Ã c3<w:Ea@J<ea.6C0i4Z %_$<bc°:;an<'45<e8 j an69}y<b4³692
]`_$<D03B9BC06C25xo]r:E}$BC<EZ
`bDE>kR _ DE?$ef;
WAT; UXWATY@Z[?\A(] cdZ[?Jef; MO?J;QPJR : Y@ZCWAT?JDE>
/1032$4 Ã » ¼3¾
cia &;».5Z ¾ .5Z¾3¾ Ã3Ã )Z $%$
/1032$4 Û Ã3à ¾Ã
cia & Ã;Ã ¼5Z¾ Ã .5Z¾3¾ »5Z¼3¼
/1032$47¼ . Û ¾
cia & Ã ¾3¾5Z¾3¾ .5Z¾3¾ .5Z).
%_$<p4$k$an:E]`69032$8XD0;aX]`_$<b8n<p}J032$4$8²:;a.< j 0;?@$kV]`<e4~k$8.6C2$x]n_$<³º: j :;k$BC:c
4$k$an:E]`69032D03a.?
k$BC:5Z 2Y03am<=$:E?@$B9<;sg]`0 j 03?@5k5]`<A]`_$<4$k$a`:
]`6C0;2D03ao}y03254 Ã
1<_Y:wv;<
Ù ¾Ã %¾%¾ .. - ¾;à » %¾ ¢ . à %¾ .l¼3¦ ¾n¾ 3 ¾3-Ì» à - 7 %¾ . %¾ . ÙÃ3à -$%$1
7
%_$<@J03a.].D03BC690o6981]`0'}J< j _$0;8n<e3 2*]n0'?X:E] j _*}y0E]`_]`_5<@$an<b8n<b2t]vE:;B9k$<^0;D-]n_$<
4$<e}V]:;2$4³69]`845k$a`:E]n6C032LZm %_Y:E]698esª69D H6C8]n_$<:;?A03k$2l]0;D]dcV@J
< %}y0;2$4³]n0
@$k$a j _Y:;8n<EsY]`_$<b2"\<o?mk$8.]8n0;B9v3<]n_$<<e´tkY:E]n6C032$8
Ù
à f¾
Ù
[2$<8n03B9k5]`69032*6C8]n0.k58.]k$8n<}J032$4$8 Ã :;2$4 Û _$6 j _"x369v;<e8
Ù & Û .%. Ã 3¼ ";Û :;2$4 Ù & ÃÛ ¼ Û » " %¾ $