(

-AR


"GDDCPCLRG?J
1A?LLGLE
!?JMPGKCRCP

#2" 

'LQRPSARGML
+?LS?J
0C?B
RFC
GLQRPSARGML
K?LS?J
RFMPMSEFJW
@CDMPC
WMS
SQC
RFC
NPMBSAR
)CCN
RFGQ
GLQRPSARGML
K?LS?J
DMP
DSRSPC
PCDCPCLAC
2FGQ
N?EC
GQ
GLRCLRGML?JJW
JCDR
@J?LI
 (MSQNCTBSHNM
1D@CÄSGHRÄ(MRSQTBSHNMÄ,@MT@KÄSGNQNTFGKXÄADENQDÄTRHMF
SGDÄOQNCTBS
2F?LI
WMS
DMP
NSPAF?QGLE
RFGQ
NPMBSAR
2FGQ
K?LS?J
BCQAPG@CQ
RFC
GLQR?JJ?RGML
MNCP?RGML
SQ?EC
A?SRGMLQ
?LB
?AACQQMPGCQ
?LB
MNRGMLQ
DMP
RFGQ
NPMBSAR
0C?B
RFGQ
K?LS?J
RFMPMSEFJW
@CDMPC
SQGLE
RFC
NPMBSAR
?LB
MNCP?RC
RFC
NPMBSAR
GL
?AAMPB?LAC
UGRF
RFC
GLQRPSARGMLQ
GL
RFGQ
K?LS?J
)CCN
RFGQ
K?LS?J
DMP
DSRSPC
PCDCPCLAC

(,/.13 -3
q 'D
RFC
SQCP
MP
SQ?EC
JMA?RGML
AF?LECQ
CLQSPC
RF?R
RFGQ
'LQRPSARGML
+?LS?J
GQ
?JU?WQ
ICNR
RMECRFCP
UGRF
RFC
NPMBSAR
q 'D
RFGQ
K?LS?J
MP
?
NPMBSAR
U?PLGLE
J?@CJ
GQ
JMQR
MP
B?K?ECB
GKKCBG?RCJW
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
RM
PCOSCQR
?
PCNJ?ACKCLR
q 2M
CLQSPC
Q?DC
MNCP?RGML
PC?B
?JJ
1?DCRW
'LQRPSARGMLQ
@CDMPC
SQGLE
RFC
NPMBSAR
q 2M
CLQSPC
Q?DC
MNCP?RGML
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
GD
NPMBSAR
GLQR?JJ?RGML
?BHSQRKCLR
PC GLQR?JJ?RGML
?DRCP
RFC
NPMBSAR
GQ
KMTCB
MP
PCN?GP
GQ
PCOSGPCB

-NSHBD
q 'LDMPK?RGML
GL
RFGQ
K?LS?J
GQ
QS@HCAR
RM
AF?LEC
UGRFMSR
LMRGAC
?LB
BMCQ
LMR
PCNPCQCLR
?
AMKKGRKCLR
ML
RFC
N?PR
MD
RFC
TCLBMP
q LW
CPPMPQ
MP
MKGQQGMLQ
UFGAF
K?W
F?TC
MAASPPCB
GL
RFGQ
K?LS?J
BCQNGRC
RFC
SRKMQR
A?PC
R?ICL
GL
GRQ
NPMBSARGML
UGJJ
@C
AMPPCARCB
?Q
QMML
?Q
NMQQG@JC
?JRFMSEF
LMR
LCACQQ?PGJW
GKKCBG?RCJW
?DRCP
BCRCARGML
q JJ
PGEFRQ
?PC
PCQCPTCB
GLAJSBGLE
RFMQC
RM
PCNPMBSAC
RFGQ
K?LS?J
MP
N?PRQ
RFCPCMD
GL
?LW
DMPK
UGRFMSR
NCPKGQQGML
GL
UPGRGLE
DPMK
1FGK?BXS
!MPNMP?RGML
q +GAPMQMDR
?LB
5GLBMUQ
?PC
PCEGQRCPCB
RP?BCK?PIQ
MD
+GAPMQMDR
!MPNMP?RGML
GL
RFC
3LGRCB
1R?RCQ
?LB MP
MRFCP
AMSLRPGCQ
-RFCP
AMKN?LW
L?KCQ
?LB
NPMBSAR
L?KCQ
KCLRGMLCB
GL
RFGQ
K?LS?J
?PC
RP?BCK?PIQ
MP
PCEGQRCPCB
RP?BCK?PIQ
MD
RFCGP
PCQNCARGTC
AMKN?LGCQ
2FC
2+
?LB
’
QWK@MJQ
?PC
MKGRRCB
GL
RFGQ
K?LS?J
q .CLRGSK
GQ
PCEGQRCPCB
RP?BCK?PIQ
MD
'LRCJ
!MNMP?RGML
GL
RFC
3LGRCB
1R?RCQ



1FGK?BXS
!MPNMP?RGML
JJ
PGEFRQ
PCQCPTCB

-PGEGL?J
TCPQGML
GQ
?NNPMTCB
GL
#LEJGQF

#2" ÄÄ H
 (MSQNCTBSHNM

(MCHB@SHNMRÄ4RDCÄHMÄ3GHRÄ,@MT@K
"?LECPQ
5?PLGLEQ
!?SRGMLQ
?LB
,MRCQ
?PC
GLBGA?RCB
SQGLE
RFC
DMJJMUGLE
AMLTCLRGMLQ

'LBGA?RGML +C?LGLE

'LBGA?RCQ
?
NMRCLRG?JJW
F?X?PBMSQ
QGRS?RGML
UFGAF
GD
LMR

?TMGBCB
AMSJB
PCQSJR
GL
QCPGMSQ
GLHSPW
MP
NMQQG@JW
BC?RF

'LBGA?RCQ
?
NMRCLRG?JJW
F?X?PBMSQ
QGRS?RGML
UFGAF
GD
LMR

?TMGBCB
K?W
PCQSJR
GL
KGLMP
RM
KMBCP?RC
GLHSPW
MP
COSGNKCLR
B?K?EC
#KNF?QGXCQ
?BBGRGML?J
GLDMPK?RGML
RF?R
GQ
NPMTGBCB
RM
CLQSPC
RFC
NPMNCP
SQC
MD
RFGQ
NPMBSAR

2FC
DMJJMUGLE
QWK@MJQ
?PC
SQCB
GL
RFGQ
K?LS?J

'LBGA?RGML +C?LGLE

'LBGA?RCQ
?L
?ARGML
RF?R
KSQR
LMR
@C
NCPDMPKCB

'LBGA?RCQ
?L
?ARGML
RF?R
KSQR
@C
NCPDMPKCB

'LBGA?RCQ
GLDMPK?RGML
NPMTGBCB
RM
GKNPMTC
NPMBSAR
NCPDMPK?LAC

HH #2" ÄÄ
 1?DCRW
'LQRPSARGMLQ

2@EDSXÄ(MRSQTBSHNMR
2M
CLQSPC
Q?DC
NPMBSAR
MNCP?RGML
PC?B
RFCQC
GKNMPR?LR
Q?DCRW
GLQRPSARGMLQ
A?PCDSJJW
@CDMPC
SQC
?LB
DMJJMU
?JJ
",%#0
50,',%
?LB
!32'-,
GLQRPSARGMLQ
EGTCL
GL
RFGQ
QCARGML

■(MRS@KK@SHNMÄ2HSD

#N Ä -.3 Ä HMRS@KK Ä SGD Ä OQNCTBS Ä HM Ä KNB@SHNMR Ä SG@S Ä @QD Ä DWONRDC Ä SN Ä EK@LL@AKD Ä NQ

DWOKNRHUD Ä F@RDR Ä NQ Ä KHPTHCR
2FGQ
NPMBSAR
GQ
LMR
CVNJMQGML NPMMD
'LQR?JJGLE
GR
GL
QSAF
?L
?PC?
K?W
PCQSJR
GL
?
DGPC
MP
CVNJMQGML

#N Ä -.3 Ä HMRS@KK Ä SGD Ä OQNCTBS Ä HM Ä KNB@SHNMR Ä SG@S Ä @QD Ä DWONRDC Ä SN Ä BNQQNRHUD Ä F@RDR
NQF@MHB Ä RNKUDMSR Ä G@KNFDM@SDC Ä RTARS@MBDR Ä F@RDR Ä BNMS@HMHMF Ä ONKXRHKNW@MDR Ä NHK
LHRS Ä NQ Ä K@QFD Ä @LNTMSR Ä NE Ä CHQS Ä NQ Ä CTRS
2FGQ
K?W
K?IC
GR
GKNMQQG@JC
RM
K?GLR?GL
RFC
NPMBSAReQ
NCPDMPK?LAC
MP
QFMPRCL
RFC
JGDC
MD
RFC
NPMBSAR

#N Ä -.3 Ä TRD Ä SGD Ä OQNCTBS Ä HM Ä @M Ä DMUHQNMLDMS Ä VGDQD Ä CDV Ä L@X Ä BNMCDMRD Ä NM Ä HS

2FGQ
K?W
NPCTCLR
GRQ
LMPK?J
MNCP?RGML

(MRS@KK Ä SGD Ä OQNCTBS Ä HM Ä KNB@SHNMR Ä VGDQD Ä SGD

ONVDQ Ä RVHSBG Ä B@M Ä AD Ä D@RHKX Ä NODQ@SDC
2FC
NMUCP
QUGRAF
KSQR
@C
RSPLCB
MDD
GL
A?QC
MD
?L
CKCPECLAW

#2" ÄÄ HHH

 (MSQNCTBSHNM

■(MRS@KK@SHNM

#N Ä-.3 ÄOK@BD ÄGD@UX ÄNAIDBSR ÄNM ÄSGD ÄONVDQ ÄBNQC Ä@MC ÄJDDO Ä@MX ÄGNS ÄHSDLR Ä@V@X
#N Ä -.3 Ä LNCHEX Ä SGD Ä ONVDQ Ä BNQC Ä HM Ä @MX Ä V@X Ä #N Ä -.3 Ä ADMC Ä HS Ä DWBDRRHUDKX Ä NQ
OTKK Ä NM Ä HS
2FC
AMPB
K?W
@C
B?K?ECB
PCQSJRGLE
GL
?
DGPC
CJCARPGA
QFMAI
MP
K?JDSLARGML
'D
RFC
AMPB
@CAMKCQ
B?K?ECB
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
GKKCBG?RCJW

3N Ä DMRTQD Ä R@ED Ä NODQ@SHNM Ä BNMS@BS Ä XNTQ Ä 2GHL@CYT Ä QDOQDRDMS@SHUD Ä HE Ä OQNCTBS

HMRS@KK@SHNM Ä @CITRSLDMS Ä NQ Ä QD HMRS@KK@SHNM Ä @ESDQ Ä SGD Ä OQNCTBS Ä HR Ä LNUDC Ä HR
QDPTHQDC
'LQR?JJGLE
?BHSQRGLE
MP
PC GLQR?JJGLE
RFC
NPMBSAR
@W
WMSPQCJD
K?W
A?SQC
?L
GLHSPW
MP
COSGNKCLR
D?GJSPC
MP
?DDCAR
QR?@JC
MNCP?RGML
MD
RFC
NPMBSAR

3@JD Ä LD@RTQDR Ä SN Ä OQDUDMS Ä SGD Ä HMRSQTLDMS Ä EQNL Ä E@KKHMF Ä HM Ä SGD Ä DUDMS Ä NE Ä @M

D@QSGPT@JD Ä NQ Ä NSGDQ Ä CHR@RSDQ
1RPMLE
TG@P?RGMLQ
K?W
A?SQC
RFC
GLQRPSKCLR
RM
D?JJ
MTCP
PCQSJRGLE
GL
?L
GLHSPW

3GD Ä ONVDQ Ä RTOOKX Ä UNKS@FD Ä NE Ä SGD Ä HMRSQTLDMS Ä HR Ä HMCHB@SDC Ä NM Ä SGD Ä K@ADK Ä NM Ä SGD
A@BJ Ä RHCD Ä NE Ä SGD Ä HMRSQTLDMS Ä "NMMDBS Ä SGD Ä HMRSQTLDMS Ä NMKX Ä SN Ä @ Ä ONVDQ Ä RTOOKX
NE Ä SGD Ä UNKS@FD Ä HMCHB@SDC
-RFCPUGQC
?
DGPC
MP
CJCARPGA
QFMAI
K?W
PCQSJR
!FCAI
RF?R
RFC
NMUCP
QSNNJW
TMJR?EC
GQ
QR?@JC
?LB
RF?R
GRQ
ASPPCLR
A?N?AGRW
GQ
QSDDGAGCLR
RM
MNCP?RC
?JJ
RFC
AMKNMLCLRQ
MD
RFC
QWQRCK
'D
LMR
RFC
GLQRPSKCLR
UGJJ
LMR
MNCP?RC
?R
GRQ
P?RCB
NCPDMPK?LAC

&QNTMC Ä SGD Ä HMRSQTLDMS

%PMSLBGLE
GQ
LCACQQ?PW
RM
NPCTCLR
CJCARPGA
QFMAI
GL
RFC
CTCLR
MD
?L
COSGNKCLR
D?GJSPC
MP
QFMPR
AGPASGR
?LB
GKNMPR?LR
DMP
CLQSPGLE
QR?@JC
MNCP?RGML

(MRDQS Ä SGD Ä ONVDQ Ä BNQC Ä HM Ä SGD Ä ONVDQ Ä NTSKDS Ä @S Ä @M Ä D@RHKX Ä @BBDRRHAKD Ä ONRHSHNM
2FC
NMUCP
AMPB
KSQR
@C
SLNJSEECB
DPMK
RFC
NMUCP
MSRJCR
GL
A?QC
MD
?L
CKCPECLAW

!D Ä @V@QD Ä NE Ä F@OR Ä @QNTMC Ä SGD Ä HMRSQTLDMS Ä CTQHMF Ä HMRS@KK@SHNM

'D
WMSP
DGLECPQ
ECR
A?SEFR
GR
K?W
PCQSJR
GL
?L
GLHSPW

&QNTMC Ä SGD Ä /" Ä @MC Ä SGD Ä NOSHNM@K Ä TMHSR Ä VHSG Ä DPT@K Ä ONSDMSH@K Ä FQNTMCR
-RFCPUGQC
AMKKSLGA?RGMLQ
@CRUCCL
SLGRQ
K?W
@C
GLRCPPSNRCB
?LB
COSGNKCLR
D?GJSPCQ
K?W
MAASP

HU #2" ÄÄ
 1?DCRW
'LQRPSARGMLQ

■.ODQ@SHNM

#N Ä -.3 Ä LD@RTQD Ä DWOKNRHUD Ä HFMHS@AKD Ä NQ Ä EK@LL@AKD Ä L@SDQH@KR Ä NQ Ä HMIDBS Ä SGDL

HMSN Ä SGD Ä HMRSQTLDMS
2FCW
K?W
GELGRC
?LB
A?SQC
?
DGPC

UNHC Ä NODMHMF Ä SGD Ä BDKK Ä BNUDQ Ä VGDM Ä @S Ä GHFGDQ

SDLODQ@STQDR

!DENQD Ä LD@RTQHMF Ä R@LOKDR Ä OKD@RD Ä BNMEHQL Ä HSR Ä BG@Q@BSDQHRSHBR Ä NE Ä SGD Ä L@SDQH@K

VGDM Ä GD@SDC Ä NQ Ä BNNKDC

(E Ä XNT Ä ROHKK Ä @ Ä KHPTHC Ä KHJD Ä V@SDQ Ä NQ Ä @M Ä NQF@MHB Ä RNKUDMS Ä NM Ä SGD Ä HMRSQTLDMS Ä VHOD
HS Ä NEE Ä HLLDCH@SDKX
'R
K?W
A?SQC
?L
COSGNKCLR
D?GJSPC

KV@XR Ä BQD@SD Ä @ Ä A@BJTO Ä SN Ä OQNSDBS Ä BQHSHB@K Ä C@S@ Ä EQNL Ä @BBHCDMSR

2FC
AMLRCLRQ
MD
RFC
F?PB
BGQI
MD
RFC
NCPQML?J
AMKNSRCP
K?W
@C
JMQR
?Q
?
PCQSJR
MD
?L
SLDMPCQCCL
?AAGBCLR

q $MP
RFC
PCDPGECP?LR
@C
QSPC
RM
SQC
JGOSGB
LGRPMECL
5FCL
F?LBJGLE
JGOSGB
LGRPMECL
CVCPAGQC
RFMPMSEF
A?SRGML
TMGB
RMSAFGLE
DPGEGB
N?PRQ
MP
PCDPGECP?LR
GRQCJD
UGRF
@?PC
F?LBQ
q 2M
NPCTCLR
AMLBCLQ?RGML
GL
RFC
FC?RGLE
DSPL?AC
@C
QSPC
RM
SQC
BPW
GLCPR
E?Q
?Q
NSPEC
E?Q
?LB
BPW
E?Q
2FGQ
QWQRCK
KSQR
@C
GLQR?JJCB
GL
?
NJ?AC
UFCPC
E?Q
NGNGLE
GQ
NPMTGBCB
MP
?
E?Q
AWJGLBCP
KSQR
@C
NPCN?PCB
q 5FGJC
RFC
QWQRCK
GQ
PSLLGLE
GR
ECLCP?RCQ
LGRPMECL
E?Q
#VCPAGQC
A?SRGML
RM
TCLRGJ?RC
RFC
PMMK

3GHR Ä RXRSDL Ä L@X Ä CDUDKNO Ä @ Ä CQHES Ä CTD Ä SN Ä QNNL Ä SDLODQ@STQD Ä EKTBST@SHNMR Ä 3N

NAS@HM Ä RS@AKD Ä C@S@ Ä @UNHC Ä HMRS@KKHMF Ä SGD Ä RXRSDL Ä MD@Q Ä @M Ä @HQ Ä NTSKDS Ä NE Ä @M Ä @HQ
BNMCHSHNMDQ Ä TMHS Ä @MC Ä LHMHLHYD Ä QNNL Ä SDLODQ@STQD Ä EKTBST@SHNMR

#2" ÄÄ U
 (MSQNCTBSHNM

■(MRODBSHNMÄ@MCÄ,@HMSDM@MBD

-DUDQ Ä QDLNUD Ä SGD Ä L@HM Ä BNUDQ

2FGQ
K?W
A?SQC
?L
GLHSPW
COSGNKCLR
D?GJSPC
MP
F?X?PBMSQ
P?BG?RGML
CVNMQSPC
2FC
K?GL
AMTCP
BMCQ
LMR
LCCB
RM
@C
PCKMTCB
DMP
PMSRGLC
K?GLRCL?LAC
GLQNCARGML
?LB
?BHSQRKCLR
&?TC
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
NCPDMPK
?LW
PCN?GPQ
PCOSGPGLE
PCKMT?J
MD
RFC
K?GL
AMTCP

4MOKTF Ä SGD Ä ONVDQ Ä BNQC Ä NE Ä SGD Ä HMRSQTLDMS Ä ADENQD Ä HMRODBSHNM Ä L@HMSDM@MBD Ä NQ

O@QSR Ä QDOK@BDLDMS
-RFCPUGQC
CJCARPGA
QFMAI
MP
QFMPR AGPASGR
?AAGBCLRQ
K?W
MAASP

6GDM Ä QDOK@BHMF Ä @ Ä O@QS Ä TRD Ä SGD Ä O@QS Ä CDRBQHADC Ä HM Ä SGD Ä (MRSQTBSHNM Ä ,@MT@K
'D
WMS
SQC
?LW
MRFCP
N?PR
RF?R
N?PR
K?W
@C
B?K?ECB
NPCTCLRGLE
LMPK?J
SQC
MD
RFC
GLQRPSKCLR

■1DO@HQ Ä#HR@RRDLAKXÄ@MCÄ,NCHEHB@SHNM

#N Ä -.3 Ä LNCHEX Ä NQ Ä CHR@RRDLAKD Ä SGD Ä OQNCTBS Ä VHSGNTS Ä ODQLHRRHNM

2FGQ
K?W
PCQSJR
GL
?AAGBCLRQ
BSC
RM
CJCARPGA
QFMAI
MP
QFMPR
AGPASGRQ
'R
K?W
?JQM
PCQSJR
GL
?L
GLHSPW
MP
COSGNKCLR
D?GJSPC

6GDM Ä QDO@HQ Ä HR Ä MDBDRR@QX Ä QDPTDRS Ä XNTQ Ä 2GHL@CYT Ä QDOQDRDMS@SHUD

$?GJGLE
RM
QM
K?W
PCQSJR
GL
?L
GELGRGML
CJCARPGA
QFMAI
MP
GLHSPW

UH #2" ÄÄ
 1?DCRW
'LQRPSARGMLQ

■(MÄ@MÄ$LDQFDMBX

'L
?L
CKCPECLAW
RSPL
-$$
RFC
NMUCP
QUGRAF
ML
RFC
PGEFR
QGBC
MD
RFC
GLQRPSKCLR
CDMPC
SQGLE
RFC
GLQRPSKCLR
?E?GL
GLQNCAR
GR
?LB
GD
LCACQQ?PW
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
RM
PCOSCQR
QCPTGAGLE

Ä $LDQFDMBX Ä 2GTSCNVM Ä /QNBDCTQD

 .PCQQ
RFC
1RMN
@SRRML

 2SPL
-$$
RFC
NMUCP
QUGRAF
ML
RFC
K?GL
SLGR

■#TQHMFÄ@Ä/NVDQÄ.TS@FD

2?IC
RFC
DMJJMUGLE
KC?QSPCQ
GL
RFC
CTCLR
MD
?
NMUCP
MSR?EC

 'KKCBG?RCJW
RSPL
-$$
RFC
QSNNJW
MD

E?Q

 1UGRAF
-$$
RFC
NMUCP
RM
RFC
"1! 

 -NCL
?JJ
UGLBMUQ
?LB
BMMPQ
MD
RFC
PMMK
RM
RFMPMSEFJW
TCLRGJ?RC
GR

 5?GR
SLRGJ
RFC
RCKNCP?RSPC
MD
?JJ
"1! 
AMKNMLCLRQ
F?Q
D?JJCL
RM
RFC
?K@GCLR
RCKNCP?RSPC

 DRCP
AMLDGPKGLE
?JJ
PCJ?RCB
GRCKQ
GL
RFGQ
QCARGMLeQ
'LQR?JJ?RGML
?LB
-NCP?RGML
NPCA?SRGMLQ
SQC
RFC
QR?LB?PB
QR?PRSN
NPMACBSPC
RM
QR?PR
RFC
"1! 
.JSQ

#2" ÄÄ UHH

 (MSQNCTBSHNM

■6@QMHMFÄ+@ADKR

'L
MPBCP
RM
CLQSPC
Q?DCRW
U?PLGLE
J?@CJQ
?PC
?RR?AFCB
GL
NJ?ACQ
PCOSGPGLE
A?SRGML
'D
?
U?PLGLE
J?@CJ
GQ
JMQR
MP
B?K?ECB
M@R?GL
?
LCU
J?@CJ
RFPMSEF
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
?LB
?RR?AF
GR
GL
RFC
AMPPCAR
NMQGRGML
1CC
Ð5?PLGLE
*?@CJQ
ML
RFC
#OSGNKCLRÐ
GL
RFGQ
'LQRPSARGML
+?LS?J
DMP
BCR?GJQ
ML
RFC
NMQGRGMLQ
UFCPC
RFC
J?@CJQ
?PC
?RR?AFCB

UHHH #2" ÄÄ

 5?PP?LRW

6@QQ@MSX
1FGK?BXS
NPMTGBCQ
RFC
DMJJMUGLE
U?PP?LRW
DMP
RFGQ
NPMBSAR

 /DQHNC
.JC?QC
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
DMP
GLDMPK?RGML
?@MSR
RFC
NCPGMB
MD
RFGQ
U?PP?LRW

 #DRBQHOSHNM
'D
?
NPMBSAR N?PR
D?GJSPC
MAASPQ
DMP
PC?QMLQ
?RRPG@SR?@JC
RM
1FGK?BXS
BSPGLE
RFC
U?PP?LRW
NCPGMB
1FGK?BXS
UGJJ
PCN?GP
MP
PCNJ?AC
RFC
NPMBSAR N?PR
DPCC
MD
AF?PEC
&MUCTCP
GL
RFC
A?QC
MD
NPMBSARQ
UFGAF
?PC
SQS?JJW
?T?GJ?@JC
ML
RFC
K?PICR
MLJW
DMP
?
QFMPR
RGKC
QSAF
?Q
NCPQML?J
AMKNSRCPQ
?LB
RFCGP
NCPGNFCP?JQ N?PRQ
1FGK?BXS
K?W
LMR
@C
?@JC
RM
NPMTGBC
GBCLRGA?J
PCNJ?ACKCLR
NPMBSARQ

 +HLHS@SHNM Ä NE Ä +H@AHKHSX
 'L
LM
CTCLR
UGJJ
1FGK?BXS
@C
JG?@JC
DMP
?LW
JMQR
PCTCLSC
NPMDGR
MP
B?R?
MP
DMP
QNCAG?J
GLBGPCAR
AMLQCOSCLRG?J
GLAGBCLR?J
MP
NSLGRGTC
B?K?ECQ
FMUCTCP
A?SQCB
PCE?PBJCQQ
MD
RFC
RFCMPW
MD
JG?@GJGRW
?PGQGLE
MSR
MD
MP
PCJ?RCB
RM
RFC
SQC
MD
MP
GL?@GJGRW
RM
SQC
RFC
NPMBSAR
CTCL
GD
1FGK?BXS
F?Q
@CCL
?BTGQCB
MD
RFC
NMQQG@GJGRW
MD
QSAF
B?K?EC

 'L
LM
CTCLR
UGJJ
1FGK?BXSeQ
JG?@GJGRW
RM
WMS
UFCRFCP
GL
AMLRP?AR
RMPR
GLAJSBGLE
LCEJGECLAC
MP
MRFCPUGQC
CVACCB
RFC
?KMSLR
WMS
N?GB
DMP
RFC
NPMBSAR

 $WBDOSHNMR
$?GJSPCQ
A?SQCB
@W
RFC
DMJJMUGLE
?PC
CVAJSBCB
DPMK
RFC
U?PP?LRW
CTCL
GD
RFCW
MAASP
BSPGLE
RFC
U?PP?LRW
NCPGMB

 'KNPMNCP
NPMBSAR
F?LBJGLE

 0CN?GPQ
MP
KMBGDGA?RGMLQ
NCPDMPKCB
@W
N?PRGCQ
MRFCP
RF?L
1FGK?BXS
MP
1FGK?BXS
BCQGEL?RCB
AMKN?LGCQ

 .PMBSAR
SQC
GL
AMK@GL?RGML
UGRF
F?PBU?PC
MP
QMDRU?PC
MRFCP
RF?L
RF?R
BCQGEL?RCB
@W
1FGK?BXS

 !MKNSRCP
TGPSQCQ
JC?BGLE
RM
BCTGAC
D?GJSPCQ
?LB
B?K?EC
RM
B?R?
?LB
QMDRU?PC
GLAJSBGLE
RFC
NPMBSAReQ
@?QGA
QMDRU?PC

 .MUCP
D?GJSPCQ
GLAJSBGLE
NMUCP
MSR?ECQ
?LB
QSBBCL
TMJR?EC
BPMNQ
JC?BGLE
RM
BCTGAC
D?GJSPCQ
?LB
B?K?EC
RM
B?R?
?LB
QMDRU?PC
GLAJSBGLE
RFC
NPMBSAReQ
@?QGA
QMDRU?PC

 2SPLGLE
-$$
RFC
NPMBSAR
UGRFMSR
DMJJMUGLE
RFC
NPMNCP
QFSRBMUL
NPMACBSPC
JC?BGLE
RM
BCTGAC
D?GJSPCQ
?LB
B?K?EC
RM
B?R?
?LB
QMDRU?PC
GLAJSBGLE
RFC
NPMBSAReQ
@?QGA
QMDRU?PC

 0C?QMLQ
SLPCJ?RCB
RM
RFC
NPMBSAR
GRQCJD

 .PMBSAR
SQC
GL
F?PQF
CLTGPMLKCLRQ
QSAF
?Q
RFMQC
QS@HCAR
RM
FGEF
RCKNCP?RSPCQ
MP
FSKGBGRW
JCTCJQ
AMPPMQGTC
E?QCQ
MP
QRPMLE
TG@P?RGMLQ

 $GPCQ
C?PRFOS?ICQ
MP
?LW
MRFCP
?AR
MD
L?RSPC
AMLR?KGL?RGML
@W
P?BGM?ARGTC
MP
F?X?PBMSQ
QS@QR?LACQ
MP
?LW
MRFCP
DMPAC
K?HCSPC
CTCLR
GLAJSBGLE
U?PQ
PGMRQ
?LB
APGKCQ

.PMBSAR
KMTCKCLR
MP
RP?LQNMPR?RGML
?DRCP
GLQR?JJ?RGML

!MLQSK?@JC
GRCKQ
0CAMPBGLE
KCBG?
QSAF
?Q

!" 0-+Q
?PC
AMLQGBCPCB
AMLQSK?@JC
GRCKQ

 'D
RFCPC
GQ
?
BMASKCLR
QSAF
?Q
?
U?PP?LRW
NPMTGBCB
UGRF
RFC
NPMBSAR
MP
RFCPC
GQ
?
QCN?P?RC
AMLRP?AR
?EPCCB
SNML
RF?R
GLAJSBCQ
U?PP?LRW
AMLBGRGMLQ
RFC
NPMTGQGMLQ
MD
RFMQC
BMASKCLRQ
QF?JJ
?NNJW

#2" ÄÄ HW
 (MSQNCTBSHNM

ESDQ 2@KDRÄ2DQUHBDÄ@MCÄ U@HK@AHKHSXÄNEÄ1DOK@BDLDMSÄ/@QSR

■/@QSR ESDQ 2@KDRÄ2DQUHBD

'D
?LW
NPM@JCK
MAASPQ
UGRF
RFGQ
NPMBSAR
NCPDMPK
?L
GLQNCARGML
?LB
R?IC
?NNPMNPG?RC
AMPPCARGTC
?ARGML
?Q
BCQAPG@CB
GL
RFC
RPMS@JCQFMMRGLE
QCARGML
MD
RFGQ
K?LS?J
'D
RFC
NPM@JCK
NCPQGQRQ
MP
RFC
QWKNRMKQ
?PC
LMR
AMTCPCB
GL
RFC
RPMS@JCQFMMRGLE
QCARGML
AMLR?AR
WMSP
1FGK?BXS
PCNPCQCLR?RGTC

■1DOK@BDLDMSÄ/@QSRÄ U@HK@AHKHSX

0CNJ?ACKCLR
N?PRQ
DMP
RFGQ
NPMBSAR
UGJJ
@C
?T?GJ?@JC
DMP
?
NCPGMB
MD
QCTCL

WC?PQ
?DRCP
RFC
NPMBSAR
GQ
BGQAMLRGLSCB
2FCPC?DRCP
QSAF
N?PRQ
K?W
AC?QC
RM
@C
?T?GJ?@JC
,MRC
FMUCTCP
RF?R
RFC
?T?GJ?@GJGRW
MD
N?PRQ
LMR
K?LSD?ARSPCB
@W
1FGK?BXS
QF?JJ
@C
BCRCPKGLCB
@W
RFC
PCJCT?LR
K?LSD?ARSPCPQ

,@HMSDM@MBD Ä(MRODBSHNMR Ä@MCÄ CITRSLDMS

'L
MPBCP
RM
K?GLR?GL
RFC
GLQRPSKCLReQ
NCPDMPK?LAC
?LB
M@R?GL
?AASP?RC
KC?QSPCKCLR
B?R?
B?GJW
GLQNCARGML
?LB
NCPGMBGA
GLQNCARGML A?JG@P?RGML
?PC
LCACQQ?PW
q $MP
B?GJW
K?GLRCL?LAC
GLQNCARGML
?LB
PCNJ?ACKCLR
N?PRQ
QCC
RFC
K?GLRCL?LAC
GLQNCARGML
QCARGML
MD
RFGQ
'LQRPSARGML
+?LS?J
q .CPGMBGA
GLQNCARGML A?JG@P?RGML
QFMSJB
@C
PCOSCQRCB
RM
WMSP
1FGK?BXS
PCNPCQCLR?RGTC
q 0CNJ?ACKCLR
AWAJCQ
BCQAPG@CB
DMP
NCPGMBGA
PCNJ?ACKCLR
N?PRQ
?PC
PMSEF
CQRGK?RC
0CNJ?ACKCLR
K?W
@C
PCOSGPCB
C?PJGCP
RF?L
RFC
BCQAPG@CB
PCNJ?ACKCLR
AWAJCQ
BCNCLBGLE
ML
SQ?EC
CLTGPMLKCLR
?LB
DPCOSCLAW

#HRONR@KÄ/QDB@TSHNMR
"GQNMQC
MD
RFC
"1!
SLGR
SQGLE
?
OS?JGDGCB
GLBSQRPG?J
U?QRC
K?L?ECKCLR
AMKN?LW
GL
AMKNJG?LAC
UGRF
RFC
?NNJGA?@JC
J?UQ
GL
RFC
AMSLRPW
UFCPC
GR
GQ
SQCB

W #2" ÄÄ
 ARGML
DMP
#LTGPMLKCLR
5###

BSHNMÄENQÄ$MUHQNMLDMSÄ6$$$
■3NÄ@KKÄTRDQRÄNEÄ2GHL@CYTÄDPTHOLDMSÄHMÄSGDÄ$TQNOD@MÄ4MHNM

#OSGNKCLR
K?PICB
UGRF
RFGQ
QWK@MJ
GLBGA?RCQ
RF?R
GR
U?Q
QMJB
ML
MP
?DRCP
RF
SESQR

UFGAF
KC?LQ
GR
QFMSJB
LMR
@C
BGQNMQCB
MD
UGRF
ECLCP?J
FMSQCFMJB
U?QRC
,MRC
RF?R
MSP
COSGNKCLR
GQ
DMP
GLBSQRPG?J NPMDCQQGML?J
SQC
MLJW
!MLR?AR
1FGK?BXS
QCPTGAC
PCNPCQCLR?RGTC
UFCL
RFC
COSGNKCLR
F?Q
PC?AFCB
RFC
CLB
MD
GRQ
JGDC
2FCW
UGJJ
?BTGQC
WMS
PCE?PBGLE
RFC
COSGNKCLR
R?IC @?AI
5GRF
WMSP
AM MNCP?RGML
UC
?PC
?GKGLE
RM
PCBSAC
AMLR?KGL?RGML
DPMK
U?QRC
CJCARPMLGA
?LB
CJCARPGA?J
COSGNKCLR
?LB
NPCQCPTC
L?RSP?J
PCQMSPAC
RFPMSEF
PC SQC
?LB
PCAWAJGLE
"M
LMR
FCQGR?RC
RM
?QI
1FGK?BXS
QCPTGAC
PCNPCQCLR?RGTC
GD
WMS
PCOSGPC
DSPRFCP
GLDMPK?RGML

#2" ÄÄ WH
"NMSDMSR
(MSQNCTBSHNM 'LBGA?RGMLQ
3QCB
GL
2FGQ
+?LS?J

HH
1?DCRW
'LQRPSARGMLQ

HHH
5?PP?LRW

HW
DRCP 1?JCQ
1CPTGAC
?LB
T?GJ?@GJGRW
MD
0CNJ?ACKCLR
.?PRQ

W
+?GLRCL?LAC
'LQNCARGMLQ
?LB
BHSQRKCLR

W
"GQNMQ?J
.PCA?SRGMLQ

W
ARGML
DMP
#LTGPMLKCLR
5###

WH

 (-23 ++ 3K.-   3LN?AIGLE



  .?AI?EC
!MLRCLRQ


  'LQR?JJ?RGML
0COSGPCKCLRQ
?LB
.PCA?SRGMLQ


  'LQR?JJ?RGML


 Ä (MRS@KKHMF Ä BNUDQR Ä @MC Ä KHC Ä Ä

 &@R Ä RTOOKX Ä OHOHMF Ä Ä

 /NVDQ Ä RTOOKX Ä Ä Ä

 
!MLLCARGML
UGRF
2 51



  !FCAIGLE
?LB
BHSQRKCLR



 2/$"(%(" 3(.-2

/1(-"(/+$Ä  
.PGLAGNJC
MD
+C?QSPCKCLR
@W
"1! 



 ".-2314"3(.-

./$1 3(.-Ä%.1  ?QGA
-NCP?RGML
?L
CV?KNJC
KC?QSPCKCLR
MD

 ,$ 241$,$-3 GLBGSK
KCJRGLE


  .PCA?SRGMLQ
DMP
+C?QSPCKCLR


  .PCN?P?RGML
0CJ?RCB
RM
1?KNJC


  !MMJGLE
-NCP?RGML


 !@RHB Ä OQNBDCTQDR Ä TONM Ä TRHMF Ä KHPTDEHDC Ä MHSQNFDM Ä Ä 

WHH #2" ÄÄ

 !MLRCLRQ

 /QDB@TSHNMR Ä ENQ Ä "NNKHMF Ä NODQ@SHNM Ä Ä 

, (-3$- -"$Ä   +?GLR?GLGLE
RFC
.CPDMPK?LAC



 31.4!+$2'..3(-&   2PMS@JCQFMMRGLE



 //$-#(7

#2" ÄÄ WHHH

2FGQ
N?EC
GQ
GLRCLRGML?JJW
JCDR
@J?LI
 (-23 ++ 3K.-
 4MO@BJHMF 
2FC
"1! 
GQ
BCJGTCPCB
?AAMPBGLE
RM
RFC
N?AI?EC
BCR?GJQ
MD
 

3NML
PCACGNR
AFCAI
RFC
LSK@CP
MD
N?PRQ
?LB
GLQNCAR
DMP
B?K?EC

'D
?LW
N?PRQ
?PC
B?K?ECB
MP
KGQQGLE
NJC?QC
AMLR?AR
RFC
A?PPGCP
MP
MSP
MDDGAC
UGRFMSR
BCJ?W

5C
?PC
NPCN?PCB
RM
R?IC
LCACQQ?PW
KC?QSPCQ
ML
PCACGTGLE
WMSP
LMRGDGA?RGML

'R
UMSJB
@C
FCJNDSJ
DMP
MSP
OSGAICP
?ARGML
GD
WMS
QNCAGDW
RFC
N?PR
,M
MD
?
KGQQGLE
MP
B?K?ECB
N?PR
UGRF
PCDCPCLAC
RM
RFGQ
K?LS?J 

 /@BJ@FDÄ"NMSDMSR

.?PR
,?KC .?PR
,SK@CP /eRW

+?GL
@MBW
DMP
 
4! 1  

+?GL
@MBW
DMP
 
4! 1  
+?GL
@MBW
DMP
 
4!
?SRM AMMJGLE
QWQRCK 
1  
?RR?AFCB
+?GL
@MBW
DMP

4!
?SRM AMMJGLE
QWQRCK
?RR?AFCB 1  
2FC
DMJJMUGLE
N?PRQ
?PC
BCR?AFCB
DPMK
RFC
K?GL
@MBW
?LB
N?AICB
RMECRFCP
UGRF
RFC
QR?LB?PB
?AACQQMPGCQ


!CJJ
AMTCP 1   


$SPL?AC
AMTCP 1   


$SPL?AC
JGB 1  


!MTCP
DMP
RFC
JGOSCDGCB
LGRPMECL
QSNNJW
QCARGML 1   
1R?LB?PB
?AACQQMPGCQ


1R?LB?PB
?JSKGLSK
Q?KNJC
N?L
UGRF
JGB

NA
QCR 1  


2UCCXCPQ 1   
α ?JSKGL?
NMUBCP
@MRRJCB 1  
'LQRPSARGML
K?LS?J
RFGQ
@MMIJCR 1  
1CPTGAC
K?LS?J
RFC
MRFCP
@MMIJCR 1  




QRCN BMUL
RP?LQDMPKCP
MP
3.1
GQ
PCOSGPCB
G C
LMR
GLAJSBCB
GL
RFGQ
QWQRCK

 (MRS@KK@SHNMÄ1DPTHQDLDMSRÄ@MCÄ/QDB@TSHNMR

 $MP
B?R?
?AOSGQGRGML
Q?TGLE
?L?JWQGQ
PCNMPR
MSRNSR
CRA
RFC
"1! 
QFMSJB
@C
AMLLCARCB
RM
1FGK?BXS
2 51
RFCPK?J
?L?JWQGQ
QWQRCK
UGRF
ECLCP?J SQC
NCPQML?J
AMKNSRCP
NPGLRCP
?LB
QMDRU?PC
CRA

$MP
BCR?GJQ
QCC
 

#2" ÄÄ 
 ÄÄ(-23 ++ 3K.-

 .PCN?PC
?
NMUCP
QSNNJW
MD

RM
4
!
MP

RM
4
!
4
QGLEJC
NF?QC


MP
&X
5FCL
NMUCP
?JU?WQ
DJSARS?RCQ
QCTCPCJW
MP
F?Q
?
BGQRMPRCB
LML
QGLSQMGB?J
U?TCDMPK
?
QR?@GJGXCP
K?W
@C
LCACQQ?PW 

 $MP
Q?DCRW
?LB
QR?@JC
KC?QSPCKCLR
AMLLCAR
RFC
NMUCP
QSNNJW
NJSE
MD
RFC
"1! 
K?GL
@MBW
MP
RFC
QRCN BMUL
RP?LQDMPKCP 3.1
RM
?
QMAICR MSRJCR
UGRF
C?PRFGLE
AMLR?ARQ
MRFCPUGQC
SQC
?L
?B?NRCP
NJSE
UGRF
C?PRFGLE
AMLR?ARQ
UFGAF
QFMSJB
@C
EPMSLBCB

 5FCL
AMLBSARGLE
KC?QSPCKCLR
GL
?L
GLCPR
E?Q
?RKMQNFCPC
QSAF
?Q
LGRPMECL
MP

FCJGSK
GLQR?JJ
RFC
QWQRCK
UFCPC
NGNGLE
GQ
?T?GJ?@JC
MP
MRFCPUGQC
NPCN?PC
?
E?Q
AWJGLBCP

5FCL
AMLBSARGLE
AMMJGLE
MNCP?RGML
UGRF
JGOSCDGCB
LGRPMECL
QSNNJGCB
@C
QSPC
RM
AMLLCAR
LGRPMECL
E?Q
NGNGLE

 C
QSPC
RM
SQC
JGOSCDGCB
LGRPMECL
?Q
RFC
PCDPGECP?LR
?LB
N?W
BSC
?RRCLRGML
RM
F?LBJGLE
GR
Q?DCJW

 TMGB
GLQR?JJGLE
GL
?L
CLTGPMLKCLR
CVNMQCB
RM
BGPCAR
QSLJGEFR
MP
QRPMLE
BP?DRQ
MP

UFCPC
RFCPC
GQ
TG@P?RGML
MP
CVACQQGTC
CJCARPGA?J
LMGQC
UFGAF
K?W
A?SQC
RFC
KGAPMAMKNSRCP
RM
EJGRAF

 #2" ÄÄ
  

'LQR?JJ?RGML
0COSGPCKCLRQ
?LB
.PCA?SRGMLQ

 $JSARS?RGML
MD
RFC
PMMK
RCKNCP?RSPC
K?W
A?SQC
QMKC
BPGDR
ML
"1!
B?R?

2M
M@R?GL

QR?@JC
B?R?
RFCPCDMPC
?TMGB
GLQR?JJGLE
LC?P
RFC
MSRJCR
MD
?L
?GP AMLBGRGMLCP
?LB
R?IC
LCACQQ?PW
KC?QSPCQ
RM
KGLGKGXC
DJSARS?RGML
MD
RFC
PMMK
RCKNCP?RSPC

JMAIGLE
RFC
?GP
GLJCR
ML
RFC
JCDR
QGBC
N?LCJ
MP
RFC
?GP
MSRJCR
ML
RFC
PGEFR
QGBC
N?LCJ
K?W
B?K?EC
RFC
GLQRPSKCLR
@W
BCAPC?QGLE
RFC
AMMJGLE
NCPDMPK?LAC
?LB
MTCPFC?RGLE
RFC
GLRCPL?J
AMKNMLCLRQ

+?IC
?R
JC?QR
AK
QN?AC
DPMK
?BH?ACLR
COSGNKCLR
MP
U?JJ
ML
C?AF
QGBC

$GE
 
"GKCLQGMLQ
MD
1WQRCK

#2" ÄÄ 
 ÄÄ(-23 ++ 3K.-

 (MRS@KK@SHNM
,?KC
MD
C?AF
N?PR
GQ
QFMUL
GL
$GEQ
 
RFPMSEF
 

$GE
 

%CLCP?J
NNC?P?LAC
MD
"1! 

$GE
  0C?P
4GCU
MD
"1! 

 #2" ÄÄ
  

'LQR?JJ?RGML

"CNPCQQGLE
RFGQ
ICW
DMP
MLC
RGKC
QUGRAFCQ
RFC
BGQNJ?W
KMBC
DPMK
RCKNCP?RSPC
BGQNJ?W
RM
FC?R
DJMU
BGQNJ?W
MP
TGAC
TCPQ?
'D
LM
ICW
ML
RFC
K?GL
SLGR
GQ
MNCP?RCB
DMP
?@MSR
RFPCC
KGLSRCQ
?DRCP
QUGRAFGLE
RM
RFC
FC?R
DJMU
BGQNJ?W
RFC
BGQNJ?W
KMBC
?SRMK?RGA?JJW
QUGRAFCQ
@?AI
RM
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
BGQNJ?W

,MR
SQCB
UGRF
RFC
QR?LB?PB
"1! 
KMBCJ

'L
RFC
FC?R
DJMU
BGQNJ?W
KMBC
BCNPCQQGLE
RFGQ
ICW
QCRQ
RFC
FC?R
DJMU
T?JSC
DMP
 K5
MP
l K5
2FC
T?JSCQ
BGQNJ?WCB
GL
RFC
2 51
QWQRCK
GQ
QCR
DMP
 K5
MP
l K5
?R
RFC
Q?KC
RGKC

,MPK?JJW
LMR
SQCB
3QCB
@W
QCPTGAC
NCPQML
DMP
RPMS@JCQFMMRGLE 

'L
CKCPECLAW
SNML
BCRCARGML
MD
?@LMPK?JGRW
CRA 
BCNPCQQ
RFGQ
ICW
RM
ASR
RFC
FC?RCP
NMUCP
?LB
RCPKGL?RC
RFC
KC?QSPCKCLR
GKKCBG?RCJW

C
A?PCDSJ
LMR
RM
BCNPCQQ
RFGQ
ICW
@W
KGQR?IC
BSPGLE
KC?QSPCKCLR

$GE
  )CWQ
?LB
"GQNJ?W
.?LCJ

  
'LQR?JJGLE
AMTCPQ
?LB
JGB

 2FC
DSPL?AC
GQ
QCASPCB
BSPGLE
RP?LQNMPR?RGML
@W
DGRRGLE

2?IC
?U?W
RFC
DGRRGLE
?DRCP
PCKMTGLE
GRQ
QAPCUQ
)CCN
RFC
DGRRGLE
GL
QRMPC
@CA?SQC
GR
K?W
@C
LCCBCB
?E?GL
UFCL
PCJMA?RGLE
RFC
GLQRPSKCLR 

0C?BHSQR
RFC
NMQGRGML
MD
RFC
NJ?RC
RF?R
U?Q
SLBCP
RFC
DGRRGLE
K?IC
QSPC
RF?R
RFC
E?N
?PMSLB
RFC
DSPL?AC
GQ
COS?J
?JMLE
RFC
UFMJC
NCPGKCRCP
RFCL
PCDGR
RFC
QAPCUQ

 +MSLR
RFC
DSPL?AC
JGB
ML
RFC
DSPL?AC
?LB
RFCL
RFC
DSPL?AC
AMTCP
MTCP
GR
@MRF
BCJGTCPCB
GL
RFC
QCN?P?RC
?AACQQMPW
@MV

 #LE?EC
RFC
ACJJ
AMTCP
UGRF
RFC
QJGBGLE
P?GJ
?R
RFC
AJMQCP
CLB
?LB
NSQF
GR
RM
RFC
D?PRFCP
CLB

#2" ÄÄ 
 ÄÄ(-23 ++ 3K.-

   %?Q
QSNNJW
NGNGLE

%?Q
QSNNJW
GQ
PCOSGPCB
GL
RFC
DMJJMUGLE
A?QCQ

（Ⅰ）0CNJ?AGLE
RFC
?RKMQNFCPC
?PMSLB
RFC
Q?KNJC
QCARGML
@W
GLCPR
E?Q
BSPGLE
?L?JWQGQ
DMP
GLFG@GRGLE
MVGB?RGML
MD
RFC
Q?KNJC
DMP
CV?KNJC
（Ⅱ）3QGLE
JGOSCDGCB
LGRPMECL
GL
MPBCP
RM
AMMJ
RFC
Q?KNJC
BSPGLE
?L?JWQGQ
（Ⅲ）!JC?LGLE
RFC
DSPL?AC
SLGR
2FC
DMJJMUGLE
JGQRQ
E?Q
RWNCQ
?LB
QR?LB?PB
DJMU
P?RCQ
DMP
RFC
?@MTC
A?QCQ
PCQNCARGTCJW
（Ⅰ）→ LGRPMECL
FCJGSK
?PEML
CRA 

∼

KJ KGL
（Ⅱ）→ LGRPMECL 
∼
KJ KGL
（Ⅲ）→ ?GP 
∼
KJ KGL


%?Q
QFMSJB
@C
QSNNJGCB
RM
MLC
MD
RFC
E?Q
QSNNJW
NMPRQ
ML
RFC
PC?P
N?LCJ
$GE
 
（Ⅰ）→
3QC
RFC
ÐNSPECÐ
E?Q
QSNNJW
NMPR
（Ⅱ）→
3QC
RFC
ÐBPWÐ
E?Q
QSNNJW
NMPR
（Ⅲ）→
3QC
RFC
ÐAJC?LGLEÐ
E?Q
QSNNJW
NMPR

$GE
 
%?Q
1SNNJW
.MPRQ

2FC
K?GL
SLGR
BMCQ
LMR
GLAJSBC
E?Q
PCESJ?RGLE
T?JTCQ
?LB
DJMU
KCRCPQ

2FC
SQCP
QFMSJB
NPCN?PC
RFCK
GD
?LW
E?Q
GQ
QSNNJGCB

   .MUCP
QSNNJW

!MLLCAR
RFC
NMUCP
QSNNJW
NJSE
MD
RFC
"1! 
K?GL
@MBW
BGPCARJW
RM
?
QMAICR MSRJCR
UGRF

C?PRFGLE
AMLR?ARQ
MD
 
4!
MP
AMLLCAR
GR
DGPQR
RM
MLC
MD
RFC
QMAICR MSRJCRQ
MD
?
QRCN BMUL
RP?LQDMPKCP 3.1
?LB
QCAMLB
AMLLCAR
RFC
NMUCP
QSNNJW
NJSE
MD
RFC
RP?LQDMPKCP
3.1
RM
?
QMAICR MSRJCR
UGRF
C?PRFGLE
AMLR?ARQ
MD
 
4!

1CC
$GE
 
'D
?LW
QMAICR MSRJCRQ
UGRF
C?PRFGLE
AMLR?ARQ
?PC
LMR
?T?GJ?@JC
SQC
?L
?B?NRCP
NJSE
UGRF
C?PRFGLE
AMLR?ARQ
UFGAF
QFMSJB
@C
QCASPCJW
EPMSLBCB

 #2" ÄÄ
  


!MLLCARGML
UGRF
2 51

2M
?TMGB
CJCARPGA
QFMAI
QSNNJW
CJCARPGA
NMUCP
DPMK
?
QMAICR MSRJCR
UGRF
C?PRFGLE
AMLR?ARQ
MRFCPUGQC
SQC
?L
?B?NRCP
NJSE
UGRF
C?PRFGLE
AMLR?ARQ
UFGAF
QFMSJB
@C
EPMSLBCB


'L
RFC
A?QC
MD
 4!
NMUCP
QSNNJW

'L
RFC
A?QC
MD
 4!
NMUCP
QSNNJW

$GE
 

.MUCP
1SNNJW
!MLLCARGML

 Ä"NMMDBSHNMÄVHSGÄ3 62
'L
RFC
2 51
QWQRCK
?
QGLEJC
NCPQML?J
AMKNSRCP
A?L
AMLRPMJ
SN
RM
DMSP
RFCPK?J
?L?JWXCPQ
AMLLCARCB
RPMSEF
RFC
GLRCPD?AC

'R
?JJMUQ
AMLLCARGML
MD
?LW
MD
RFC

1CPGCQ
KMBSJCQ
?LB
QMKC
MD
RFC

1CPGCQ
GLQRPSKCLRQ

$GE
 
MSRJGLCQ
RFC
QWQRCK
AMLDGESP?RGML

$MP
BCR?GJQ
PCDCP
RM
RFC
2 51
'LQRPSARGML
+?LS?J

$GE
 
2 51
1WQRCK
!MLDGESP?RGML

#2" ÄÄ 
 ÄÄ(-23 ++ 3K.-

2FC
DMJJMUGLE
BCQAPG@CQ
FMU
RM
AMLLCAR
RFC
"1! 
UGRF
RFC
2 51
GLRCPD?AC
3QC
RFC
RFCPK?J
?L?JWXCP
AMLLCARGML
A?@JC
K
JMLE
QSNNJGCB
UGRF
RFC
2 51
RM
NPMTGBC
?
AMLLCARGML
@CRUCCL
RFC
01 !
AMLLCARMP
?R
RFC
RMN
PGEFR
AMPLCP
MD
RFC
PC?P
N?LCJ
MD
RFC
"1! 
?LB
MLC
MD
RFC
RFCPK?J
?L?JWXCP
AMLLCARMPQ
!&
RFPMSEF
!&
RFC
Q?KC
RWNC
ML
RFC
PC?P
N?LCJ
MD
RFC
2 51
GLRCPD?AC

1CC
$GE
 
$MP
AMLLCARGLE
?LMRFCP
"1! 
SQC
?LMRFCP
RFCPK?J
?L?JWXCP
AMLLCARMP
MD
RFC
2 51
3N
RM
DMSP
SLGRQ
MD
RFC
"1! 
A?L
@C
AMLLCARCB 

$GE
 
!MLLCARGML
UGRF
2 51

 "GDBJHMFÄ@MCÄ CITRSLDMS
DRCP
GLQR?JJGLE
RFC
QWQRCK
?AAMPBGLE
RM
RFC
GLQRPSARGMLQ
GL
 
?LB
 
K?IC
QSPC
MD
RFC
DMJJMUGLE
AFCAINMGLRQ

 2SPL
-,
RFC
"1! 
NMUCP
QUGRAF

2FC
*!"
N?LCJ
ML
RFC
ICW BGQNJ?W
QCARGML
UGJJ
KMKCLR?PGJW
BGQNJ?W
RFC
AF?P?ARCP
QRPGLE
Ð'LGRG?JÐ
?LB
RFCL
QR?PR
BGQNJ?WGLE
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC

5?GR
DMP
?@MSR

KGLSRCQ
)CCN
RFC
DSPL?AC
JGB
DSPL?AC
AMTCP
?LB
RFC
ACJJ
AMTCP 

 0C?B
MDD
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC

!FCAI
RF?R
RFC
RCKNCP?RSPC
GLBGA?RGML
GQ
LC?P
RFC
ASPPCLR
?K@GCLR
RCKNCP?RSPC
UGRF
DJSARS?RGML
UGRFGL
?@MSR
” ‹!


"CNPCQQ
RFC

"'1.*7
ICW

2FC
*!"
N?LCJ
BGQNJ?W
KMBC
UGJJ
QUGRAF
RM
RFC
FC?R
DJMU
BGQNJ?W
KMBC

!FCAI
RF?R
RFC
FC?R
DJMU
GLBGA?RGML
GQ
DGVCB
MP
RFC
JC?QR
QGELGDGA?LR
BGEGR
MPBCP
MD
 K5
AF?LECQ
@W
MLC

 0CKMTC
RFC
ACJJ
AMTCP
DSPL?AC
AMTCP
?LB
RFC
DSPL?AC
JGB

-L
RFC
PGEFR
QR?EC
MD
RFC
BCRCARMP
NJ?RC
NSR
?
AJC?L
Q?KNJC
N?L
QMKCUF?R
U?PKCP
RF?L
RFC
?K@GCLR
RCKNCP?RSPC

R
RFGQ
RGKC
AFCAI
RF?R
RFC
FC?R
DJMU
T?JSC
GLAPC?QCQ
RM

QGBC
?LB
?DRCP
?
UFGJC
EP?BS?JJW
PCRSPLQ
RM
RFC
GLGRG?J
T?JSC ？

 "CNPCQQ
RFC

8#0-
ICW
?DRCP
RFC
FC?R
DJMU
T?JSC
@CAMKCQ
QR?@JC

!FCAI
RF?R
RFC
FC?R
DJMU
GLBGA?RGML
GQ
QCR
RM
 K5
MP
l K5

 #2" ÄÄ
  

!FCAIGLE
?LB
BHSQRKCLR

 "CNPCQQ
RFC

"'1.*7
ICW

!FCAI
RF?R
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
BGQNJ?W
GQ
PCQSKCB
DRCP
?@MSR
RFPCC
KGLSRCQ
DPMK
RFC
DGPQR
NPCQQGLE
MD
RFC

"'1.*7
ICW
DMP
QUGRAFGLE
RM
RFC
FC?R
DJMU
BGQNJ?W
RFC
BGQNJ?W
KMBC
?SRMK?RGA?JJW
QUGRAFCQ
@?AI
RM
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
BGQNJ?W 

q 2M
NCPDMPK
RFC
DMJJMUGLE
AFCAIGLE
NPMACBSPCQ
RFC
2 51
QWQRCK
GQ
PCOSGPCB
1R?PR
RFC
QWQRCK
?LB
MNCL
RFC
92 51
AOSGQGRGML
1R?RSQ;
UGLBMU

$MP
RFC
MNCP?RGML
BCR?GJQ
PCDCP
RM
RFC
2 51
'LQRPSARGML
+?LS?J

 1R?PR
KC?QSPCKCLR

!FCAI
RF?R
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
@CEGLQ
RM
PGQC
JQM
AFCAI
RF?R
RFC
FC?R
DJMU
T?JSC
?R
DGPQR
AF?LECQ
BP?QRGA?JJW
?LB
RFCL
QR?@GJGXCQ
?DRCP
?@MSR
MLC
KGLSRC

 2CPKGL?RC
KC?QSPCKCLR
"CNPCQQ
RFC

12-.
ICW
ML
RFC
K?GL
SLGR
MP
CVCASRC
RFC
KC?QSPCKCLR
GLRCPPSNRGML
NPMACBSPCQ
MD
RFC
2 51

'L
RFC
J?RRCP
A?QC
PCQNMLB
Ð,MÐ
RM
B?R?
Q?TGLE
GLOSGPW 
,MU
RFC
AFCAIGLE
NPMACBSPCQ
?PC
AMKNJCRC

'D
?LW
?@LMPK?JGRW
U?Q
DMSLB
GL
?LW
MD
RFC
?@MTC
NMGLRQ
GLQR?JJ?RGML
K?W
@C
GL?BCOS?RC
MP
RFC
GLQRPSKCLR
K?W
@C
BCDCARGTC
?DRCP
PCDCPPGLE
RM
 
AMLR?AR
?
1FGK?BXS
QCPTGAC
NCPQML

"SPGLE
KC?QSPCKCLR
CQNCAG?JJW
UFCL
FC?RGLE
SN
RM
FGEFCP
RCKNCP?RSPC
P?LEC
U?PK

?GP
K?W
DJMU
MSR
DPMK
RFC
?GP
MSRJCR
ML
RFC
PGEFR
QGBC
N?LCJ
MD
RFC
GLQRPSKCLR

2FGQ
QFMSJB
LMR
@C
PCE?PBCB
?Q
?@LMPK?JGRW

2FC
?GP
UGJJ
LMR
@C
QM
FMR
?Q
RM
A?SQC
@SPLQ

#2" ÄÄ 
  2/$"(%(" 3(.-2
2CKNCP?RSPC QR?LB?PB
RWNC K@GCLR
\
‹!
UFCL
JGOSCDGCB
LGRPMECL
LMR
QSNNJGCB




P?LEC

l
\
‹!
UFCL
JGOSCDGCB
LGRPMECL
QSNNJGCB
?SRM AMMJGLE
RWNC
l
\
‹!
UGRF
RFC
GLRP?AMMJCP
QWQRCK
?RR?AFCB

l\
‹!
UGRF
RFC
*,
AMMJGLE
QWQRCK
?RR?AFCB
K@GCLR
\
‹!
UFCL
JGOSCDGCB
LGRPMECL
LMR
QSNNJGCB
&C?R
DJMU
P?LEC ”K5
&C?R
DJMU
LMGQC 1μ50+1BSPGLE
&-*"
?R
‹!
UGRFMSR
Q?KNJC
N?LQ
” ℃ FP∼” ℃ KGL
.PMEP?KK?@JC
FC?RGLE AMMJGLE
P?RC QCRRGLE
?R
 ‹! KGL
MP
 ‹! FP
GLAPCKCLR BCAPCKCLR
*,
?SRM AMMJGLE
RWNC K?VGKSK
FC?RGLE
P?RC
SN
RM
℃：℃ KGL
K?VGKSK
FC?RGLE
P?RC
SN
RM
℃：℃ KGL
KGL∼FPQ
.PMEP?KKCB
&-*"
NCPGMB
QCRRGLE
?R

KGL
MP

FP
GLAPCKCLR BCAPCKCLR
2WNC
)
DMP
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
"CRCARMP
RFCPKMAMSNJC 2WNC
)
DMP
RFC
DSPL?AC
RCKNCP?RSPC
2WNC
#
DMP
RFC
FC?R
DJMU
BGDDCPCLRG?J
KC?QSPCKCLR
2CKNCP?RSPC
AMLRPMJ
F?PBU?PC 2PG?A
DGPGLE
?LEJC
AMLRPMJ
2CKNCP?RSPC
AMLRPMJ
QMDRU?PC .'"
KCRFMB

\

T?PG?@JC
GLBCNCLBCLR
N?P?KCRCPQ
 "
AMLTCPRCP
PCQMJSRGML @GR
!MKKSLGA?RGML
GLRCPD?AC 
QCPG?J
NMPR
UGRF
RFC
01 !
NPMRMAMJ
q L?JWQGQ
AMLBGRGMLQ
&C?RGLE
P?RC 2WNGA?JJW

\
‹! KGL

MP
‹! KGL
GL
'1-
DMP
NJ?QRGAQ
GP
MP
GLCPR
E?Q
MPBGL?PGJW
LGRPMECL
RKMQNFCPC
1R?RGA
MP
GL
?
AMLQR?LR
DJMU
?R
RFC
P?RC
MD

\

KJ KGL

#LTGPMLKCLR?J
NPCQQSPC RKMQNFCPGA
NPCQQSPC
"CNCLBCLR
SNML
RFC
Q?KNJC
N?L
A?N?AGRW
1?KNJC
TMJSKC
GL
SQC
C E
šJ
GL
A?QC
MD
?
QR?LB?PB
?JSKGLSK
N?L
1S@QR?LAC
UFGAF
GQ
QMJGB
MP
JGOSGB
?R
?K@GCLR
RCKNCP?RSPC
1?KNJC
DMPK TMGB
KC?QSPGLE
?
Q?KNJC
NMQQG@JW
CTMJTGLE
RMVGA
CVF?SQR
MP
ECLCP?RGLE
AMPPMQGTC
BCEP?B?RGML
NPMBSARQ
q !MMJGLE
AMLBGRGMLQ
0CDPGECP?LR *GOSCDGCB
LGRPMECL
"PW
LGRPMECL
E?Q
QSNNJW
?R
RFC
P?RC
MD

\
KJ KGL
Ð"PWÐ
E?Q
PCOSGPCB
GL
MPBCP
RM
NPCTCLR
BCU DPMQR
DMPK?RGML
q !JC?LGLE
AMLBGRGML
!JC?L
?GP
QSNNJW
?R
RFC
P?RC
MD

\
KJ KGL
Ð!JC?LGLEÐ
E?Q PCOSGPCB
GL
MPBCP
RM
@?IC
?LB
AJC?L
SN
RFC
DSPL?AC BCRCARMP
-L MDD
AMLRPMJ
UGRF
RFC
@SGJR GL
QMJCLMGB
T?JTC
q LQR?JJ?RGML
AMLBGRGML
"GKCLQGMLQ @MSR
KK
5 KK
"
KK
&
5CGEFR @MSR
IE
 'L
MPBCP
RM
KGLGKGXC
JGOSCDGCB
LGRPMECL
AMLQSKNRGML
RFC
PCDPGECP?LR
JCTCJ
GL
RFC
"1! 
GQ
ICNR
JMUCP
BSPGLE
?SRMK?RGA
AMMJGLE
MNCP?RGML
QM
RF?R
RFC
JMUCPKMQR
RCKNCP?RSPC
GQ
℃
FGEFCP
RF?L
RFC
LMPK?J
QNCAGDGA?RGML
 !MLRPMJJCB
AMMJGLE
P?RCQ
A?LLMR
CVACCB
RFC
QNMLR?LCMSQ
AMMJGLE
P?RC
UFGAF
GQ
BCNCLBCLR
SNML
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
?LB
?JQM
GLDJSCLACB
@W
QSAF
AMLBGRGMLQ
?Q
RFC
ASPPCLR
?K@GCLR
RCKNCP?RSPC
RFC
Q?KNJC
QCARGML
?RKMQNFCPC
?Q
UCJJ
?Q
GRQ
DJMU
P?RC
UFCRFCP
MP
LMR
QSNNJGCB
UGRF
PCDPGECP?LR

$MP
CV?KNJC
‹! KGL
AMMJGLE
GQ
NMQQG@JC
RM
?Q
JMU
?Q
‹!
UGRFMSR
JGOSCDGCB
LGRPMECL
?LB
l‹!
UGRF
JGOSCDGCB
LGRPMECL
QSNNJGCB
 $MP
BCR?GJQ
?@MSR
Q?KNJC
N?L
A?N?AGRGCQ
PCDCP
RM
2?@JC

GL
 
 1M A?JJCB
ÐQR?LB ?JMLCÐ
MNCP?RGML
MD
RFC
"1! 
GQ
GKNMQQG@JC

JU?WQ
SQC
GR
AMLLCARCB
UGRF
RFC
2 51
QWQRCK

 #2" ÄÄ
 /1(-"(/+$ÄÄ".-2314"3(.-
 Ä/QHMBHOKDÄNEÄ,D@RTQDLDMSÄAXÄ#2" 
2FC
"1! 
GQ
?
FC?R
DJSV
RWNC
BGDDCPCLRG?J
QA?LLGLE
A?JMPGKCRCP
UFMQC
MNCP?RGML
GQ
RFC
Q?KC
GL
NPGLAGNJC
?Q
"2
BGDDCPCLRG?J
RFCPK?J
?L?JWQGQ

-NCP?RGML
GQ
BCQAPG@CB
PCDCPPGLE
RM
RFC
@JMAI
BG?EP?K
GL
$GE
 
Q
NMUCP
GQ
QSNNJGCB
RM
RFC
FC?RCP
FC?RGLE
@JMAI
RCKNCP?RSPC
2@
GQ
BCRCARCB
?LB
AMLRPMJJCB
QM
RF?R
GR
PGQCQ
MP
D?JJQ
?AAMPBGLE
RM
RFC
NPCQCR
NPMEP?K

&C?RQ
/Q
?LB
/P
DJMU
NCP
SLGR
RGKC
DPMK
RFC
@JMAI
RFPMSEF
FC?R
PCQGQR?LAC
0
RM
RFC
Q?KNJC
QCARGML
?LB
RM
RFC
PCDCPCLAC
K?RCPG?J
QCARGML
PCQNCARGTCJW
QM
RF?R
PCQNCARGTC
RCKNCP?RSPCQ
2Q
?LB
2P
PGQC
MP
D?JJ
?DRCP
RFC
NPMEP?KKCB
RCKNCP?RSPC
2@

R
RFGQ
RGKC
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
2Q
?LB
RFC
BCTG?RGML
MD
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
DPMK
RFC
PCDCPCLAC
K?RCPG?J
QCARGML
RCKNCP?RSPC Δ2

2Q

2P
?PC
BCRCARCB


QS@QR?LAC
MPBGL?PGJW
QCJCARCB 
?Q
?
PCDCPCLAC
K?RCPG?J
GQ
RFCPK?JJW
GLCPR
GL
RFC
RCKNCP?RSPC
P?LEC
SLBCP
QRSBW

5FCL
RFC
Q?KNJC
GQ
?JQM
RFCPK?JJW
GLCPR
GRQ
RCKNCP?RSPC
GQ
QR?@GJGXCB
?R
?
T?JSC
UGRF
?NNPMNPG?RC
BGDDCPCLAC
DPMK
RFC
PCDCPCLAC
K?RCPG?J
RCKNCP?RSPC
BSC
RM
RFC
FC?R
A?N?AGRW
BGDDCPCLAC
RFCPC@CRUCCL
?DRCP
RFC
GLGRG?J
RP?LQGCLR
NCPGMB
MD
RCKNCP?RSPC
PGQC
MP
BPMN

2FC
ASPTC
M@R?GLCB
@W
NJMRRGLE Δ2
QGEL?J
UGRF
PCQNCAR
RM
RGKC
MP
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
2Q
GQ
A?JJCB
RFC
@?QCJGLC

1SNNMQC
RFC
Q?KNJC
GQ
KCJRGLE

5FGJC
GR
GQ
KCJRGLE
RFC
Q?KNJC
RCKNCP?RSPC
PCK?GLQ
AMLQR?LR
UFCPC?Q
RFC
PCDCPCLAC
K?RCPG?J
RCKNCP?RSPC
AMLRGLSCQ
PGQGLE

Q
?
PCQSJR Δ2
UGJJ
BCTG?RC
DPMK
RFC
T?JSC
M@R?GLCB
@CDMPC
RF
MLQCR
MD
KCJRGLE

5FCL
KCJRGLE
AMKNJCRCQ
QGLAC
2Q
GQ
J?PECJW
BGDDCPCLR
DPMK
2@
AMKN?PCB
UGRF
2P
?
EPC?R
?KMSLR
MD
FC?R
DJMUQ
DPMK
RFC
FC?RGLE
@JMAI
RM
RFC
Q?KNJC
QCARGML
QM
RF?R
RFC
COSGJG@PGSK
QR?RC
GQ
PCQSKCB
OSGAIJW
MP
GL
MRFCP
UMPBQ, Δ2
PCRSPLQ
RM
RFC
@?QCJGLC
AAMPBGLEJW
RFC
"1!
ASPTC
?
QCPGCQ
MD Δ2
QGEL?JQ
NJMRRCB
?E?GLQR
RGKC
MP
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
GQ
?
QSAACQQGML
MD
RFC
@?QCJGLC
DMP
RFC
COSGJG@PGSK
QR?RC
RFC
NC?I
BSPGLE
KCJRGLE
?LB
RFC
@?QCJGLC
DMJJMUGLE
RFC
NC?I
?Q
QFMUL
GL
$GE
 
2FCMPCRGA?JJW
RFC
NC?I
?PC?
RFC
?PC?
@CRUCCL
RFC
"1!
ASPTC
?LB
RFC
CVRP?NMJ?RCB
@?QCJGLC
BSPGLE
KCJRGLE
?LB
RFC
DMJJMUGLE
RP?LQGCLR
QR?RC
GQ
?NNPMTCB
RM
@C
NPMNMPRGML?J
RM
RFC
FC?R
CLCPEW
FC?R
MD
DSQGML
Ö
Q?KNJC
OS?LRGRW
PCOSGPCB
DMP
KCJRGLE

3LBCP
AMLBGRGMLQ
MD
AMLQR?LR
NPCQQSPC
RFC
FC?R
CLCPEW
QSNNJGCB
RM
?
Q?KNJC
ECLCP?JJW
AMLDMPKQ
RM
RFC
GLAPC?QC
GL
CLRF?JNW
MD
RFC
Q?KNJC

2FCPCDMPC
GL
"1!
GL
UFGAF
KC?QSPCKCLR
GQ
K?BC
SLBCP

?RKMQNFCPC
MD
NPCQQSPC
NPGK?PW
NF?QC
RP?LQGRGMLQ
QSAF
?Q
KCJRGLE
?LB
APWQR?JJGX?RGML
MP
RFC
JGIC
NFCLMKCLML
?AAMKN?LGCB
@W
?
BGQAMLRGLSMSQ
AF?LEC
MD
CLRF?JNW
UGRF
PCQNCAR
RM
RCKNCP?RSPC
?PC
PCLBCPCB
?Q
?
NC?I
UFMQC
?PC?
AMPPCQNMLBQ
RM
RFC
AF?LEC
GL
CLRF?JNW
2FC
"1! 
SQCQ
?
!FPMKCJ JSKCJ
RFCPKMAMSNJC
DMP
BCRCARGML
MD
2@
?LB
2Q
?LB
!FPMKCJ !MLQR?LR?L
BGDDCPCLRG?J
RFCPKMAMSNJC
DMP
BCRCARGML
MD Δ2

#2" ÄÄ 
 ÄÄ/1(-"(/+$ÄÄ".-2314"3(.-

$GE
 

.PGLAGNJC

!MLQRPSARGML
MD
"1! 

$GE
 

2WNGA?J
"1!
!SPTC

 #2" ÄÄ
  ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 !@RHBÄ.ODQ@SHNMÄ@MÄDW@LOKDÄLD@RTQDLDMSÄNEÄHMCHTLÄLDKSHMF

 2S@QSHMFÄTOÄSGDÄCDUHBDR
2SPL
-,
RFC
NMUCP
QUGRAFCQ
MD
RFC
"1! 
RFC
2 51
GLRCPD?AC
RFC
NCPQML?J
AMKNSRCP
RFC
BGQNJ?W
SLGR
RFC
NPGLRCP
?LB
?LW
MRFCP
NCPGNFCP?J
BCTGACQ

5FCL
RFC
5GLBMUQ’
GQ
?ARGT?RCB
BMS@JC AJGAI
RFC
92 51
AOSGQGRGML
1R?RSQ;
GAML

2FCL
AJGAI
RFC
@SRRML
MD
RFC
"1! 
AMLLCARCB
AF?LLCJ
RM
MNCL
RFC
KMBSJC
KMLGRMP
UGLBMU
!FCAI
RFC
GLBGA?RCB
T?JSCQ
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
?LB
RFC
BGDDCPCLRG?J
FC?R
DJMU
?LB
EP?NFQ
RCKNCP?RSPC
?LB
FC?R
DJMU
RP?LQGRGMLQ
UGRF
RGKC
RM
K?IC
QSPC
RF?R
RFC
GLQRPSKCLR
GQ
MNCP?RGLE
LMPK?JJW


 2@LOKDÄOQDO@Q@SHNM
5CGEF
MSR
?@MSR

KE
MD
NSPC
GLBGSK
UGRF
?
NPCAGQGML
AFCKGA?J
@?J?LAC
?LB
NSR
GR
GL
?
QR?LB?PB
?JSKGLSK
Q?KNJC
N?L

.SR
?L
?JSKGLSK
JGB
GLRM
RFC
N?L
?LB
APGKN
GR
UGRF
?L
MNRGML?J
APGKNCP

Q
DMP
RFC
PCDCPCLAC
K?RCPG?J
SQC
?L
CKNRW
?JSKGLSK
Q?KNJC
N?L
MD
RFC
Q?KC
RWNC
AMTCPCB
UGRF
?
JGB
?LB
APGKNCB
GL
RFC
Q?KC
K?LLCP

図 

 R
JC?QR

QGELGDGA?LR
DGESPCQ
?PC
LCACQQ?PW

 2FC
CJCKCLR
QWK@MJ
GQ
'L

2FC
NSPGRW
QFMSJB
@C
NPCDCP?@JW
FGEFCP
RF?L


 2FC
PC?B?@GJGRW
MD
RFC
@?J?LAC
KSQR
@C
 KE
MP
 KE

1FGK?BXS
#* 1+
?LB
#+ 
?PC
PCAMKKCLB?@JC
 5FCL
EP?LSJ?P
Q?KNJC
GQ
NPCN?PCB
GR
GQ
@CRRCP
RM
APSQF
GR
RM
?
AMLQGBCP?@JC
CVRCLR
@CDMPC
APGKNGLE
GL
MPBCP
RM
ICCN
RFC
@MRRMK
D?AC
MD
RFC
Q?KNJC
N?L
DJ?R

2FC
NPMACBSPCQ
?PC
?Q
DMJJMUQ

.SR
Q?KNJC
EP?LSJCQ
?LB
RFCL
?
JGB
GL
?
N?L

"CNPCQQ
RFC
JGB
SQGLE
?
QRGAI
MD Φ
\
KK
BG?KCRCP
?LB
UGRF
?
DJ?R
CLB
D?AC C E
RFC
NSQF
PMB
?RR?AFCB
RM
RFC
11! 

1FGK?BXS
11! 
Q?KNJC
QC?JCP APGKNCP
DMP
CV?KNJC

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 2DSSHMFÄR@LOKDÄO@MR

 0CKMTC
RFC
ACJJ
AMTCP
@W
QJGBGLE
GR
DMPU?PB

図 

 0CKMTC
RFC
DSPL?AC
AMTCP
?LB
RFC
DSPL?AC
JGB
UGRF
RUCCXCPQ

 .SR
RFC
N?L
AMLR?GLGLE
RFC
Q?KNJC
ML
RFC
PGEFR
QR?EC
MD
RFC
BCRCARMP
NJ?RC
TGCUCB
DPMK
RFC
DPMLR
?LB
RF?R
AMLR?GLGLE
RFC
PCDCPCLAC
K?RCPG?J
ML
RFC
JCDR
QR?EC

 0CRSPL
RFC
DSPL?AC
JGB
RFC
DSPL?AC
AMTCP
UGRF
RUCCXCPQ
?LB
DGL?JJW
RFC
ACJJ
AMTCP
RM
RFCGP
MPGEGL?J
NMQGRGMLQ
PCQNCARGTCJW

 #2" ÄÄ
  

?QGA
-NCP?RGML
?L
CV?KNJC
KC?QSPCKCLR
MD
GLBGSK
KCJRGLE

 $MSDQHMFÄLD@RTQDLDMSÄBNMCHSHNMRÄDSB
JJ
RFC
DMJJMUGLE
NPMACBSPCQ
?PC
NCPDMPKCB
DPMK
RFC
NCPQML?J
AMKNSRCP
ARGT?RC
RFC
92 51
AOSGQGRGML
1R?RSQ;
UGLBMU
?LB
CVCASRC
RFC
9+C?QSPC; 9+C?QSPGLE
.?P?KCRCPQ;
AMKK?LB
RM
MNCL
RFC
91CRRGLE
.?P?KCRCPQ;
BG?JMESC
@MV

1CR
RFC
N?P?KCRCPQ
?Q
DMJJMUQ
2CKNCP?RSPC
NPMEP?K
0?RC &MJB
RCKN &MJB
RGKC
     
   


"?R?
?AOSGQGRGML
AMLBGRGML
1?KNJGLE
RGKC  QCA
$GJC
GLDMPK?RGML
1?KNJC
L?KC 'LBGSK
1?KNJC
UCGEFR
  9KE;
.?L



















JSKGLSK
APGKNCB
RKMQNFCPC

GP
0?RC
DJMU







  9KJ KGL;
-NCP?RMP













DRCP
AMKNJCRGLE
RFC
QCRRGLEQ
AJGAI
RFC
9-);
@SRRML
RM
PCRSPL
RM
RFC
NPCTGMSQ
QAPCCL 
2FC
RCKNCP?RSPC
NPMEP?K
QCR
SN
GL
RFGQ
CV?KNJC
A?L
@C
EP?NFGA?JJW
PCNPCQCLRCB
?Q
DMJJMUQ

$GE
 

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 2S@QSHMFÄ@MCÄRSNOOHMFÄLD@RTQDLDMS
DRCP
K?IGLE
QSPC
RF?R
RFC
RCKNCP?RSPC
ASPTC
?LB
RFC
"1!
ASPTC
ML
RFC
?VGQ
MD
RGKC
?PC
QR?@GJGXCB
BP?UL
FMPGXMLR?JJW
AJGAI
RFC
91R?PR;
@SRRML

2FC
91R?PR;
BG?JMESC
@MV
UGJJ
MNCL
RM
BGQNJ?W
RFC
B?R?
DGJC
L?KC

!F?LEC
RFC
B?R?
DGJC
L?KC
?Q
PCOSGPCB

!JGAI
RFC
91R?PR;
@SRRML
RM
QR?PR
RFC
KC?QSPCKCLR
SLBCP
RFC
QNCAGDGCB
AMLBGRGMLQ
2FC
DMJJMUGLE
BCQAPG@CQ
RFC
AF?LECQ
RF?R
UGJJ
@C
M@QCPTCB
GL
BGDDCPCLR
N?PRQ
MD
RFC
9+MBSJC
1R?RSQ;
@?P
DPMK
JCDR
RM
PGEFR



Ð+MLGRMPGLEÐ
EP?W

ÐAOSGPGLE
B?R?Ð
TGMJCR



Ð'BJGLEÐ
EP?W

Ð!MLRPMJJGLEÐ
PCB
1?KNJC
QCARGML
RCKNCP?RSPC
1R?PRQ
PGQGLE
?LB
QMML
PGQCQ
?R
RFC
NPCQCR
AMLQR?LR
P?RC
"GDDCPCLRG?J
FC?R
DJMU












!F?LECQ
BP?QRGA?JJW
GL
RFC
@CEGLLGLE
@SR
QR?@GJGXCQ
?DRCP
?
UFGJC
2FC
RCKNCP?RSPC
?LB
"1!
ASPTC
UGJJ
@C
NJMRRCB
ML
RFC
?VGQ
MD
RGKC

5FCL
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
PC?AFCQ
RFC
R?PECR
RCKNCP?RSPC
‹!
GL
RFGQ
CV?KNJC
RFC
KC?QSPCKCLR
QRMNQ
?SRMK?RGA?JJW
?LB
?
B?R?
DGJC
GQ
APC?RCB

$MP
Q?DCRWeQ
Q?IC
PCKMTC
RFC
N?LQ
?DRCP
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
@CAMKCQ
QSDDGAGCLRJW
JMU

 #2" ÄÄ
  

?QGA
-NCP?RGML
?L
CV?KNJC
KC?QSPCKCLR
MD
GLBGSK
KCJRGLE

 Ä#@S@Ä@M@KXRDR
ARGT?RC
RFC
9R?;
UGLBMU
?LB
CVCASRC
RFC
9$GJC; 9-NCL;
AMKK?LB
RM
MNCL
RFC
9-NCL;
BG?JMESC
@MV

1CJCAR
RFC
B?R?
DGJC
RM
@C
?L?JWXCB
?Q
DMJJMUQ

2FC
MSRJGLC
MD
RFC
B?R?
ASPTCQ
?QQMAG?RCB
UGRF
RFC
B?R?
DGJC
ASPPCLRJW
DMASQCB
PCTCPQC
TGBCM
GL
RFC
DGJC
JGQR
?NNC?PQ
?R
RFC
@MRRMK
JCDR
GL
RFC
BG?JMESC
@MV
RFC
GLDMPK?RGML
ML
RFC
B?R?
DGJC
?NNC?PQ
?R
RFC
@MRRMK
PGEFR

0CDCPPGLE
RM
RFGQ
GLDMPK?RGML
BCRCPKGLC
RFC
B?R?
DGJC
FCPC?DRCP
?L?JWXCB

!JGAIGLE
RFC
9-NCL;
@SRRML
MNCLQ
RFC
QCJCARCB
DGJC
?LB
BGQNJ?WQ
RFC
B?R?
ASPTCQ
RFC
RCKNCP?RSPC
?LB
"1!
ASPTCQ
ML
RFC
?VGQ
MD
RGKC
?Q
BCD?SJR
,MU
NCPDMPK
RFC
DMJJMUGLE
NPMACBSPCQ
?Q
PCOSGPCB
q 2M
AF?LEC
RFC
NFWQGA?J
OS?LRGRW
MP
SLGR
DMP
RFC
MPBGL?RC
MP
RM
AF?LEC
RFC
JGLC
AMJMP
MP
RWNC
DMP
RFC
B?R?
ASPTCQ
vvRFC
94GCU; 9"GQNJ?W
.?P?KCRCPQ;
AMKK?LB
?LB
QS@QCOSCLR
NPMACBSPCQ
q 2M
AF?LEC
RFC
QA?JC
D?ARMP
DMP
RFC
?@QAGQQ?
MP
MPBGL?RC
vvRFC
94GCU; 91A?JC
!F?LEC;
AMKK?LB
CRA
?LB
QS@QCOSCLR
NPMACBSPCQ
q 2M
NPMACQQ
MP
AMPPCAR
RFC
B?R?
vvRFC
9+?LGNSJ?RC; 91KMMRFGLE;
AMKK?LB
CRA
?LB
QS@QCOSCLR
NPMACBSPCQ
2FCL
AJGAI
RFC
"1!
ASPTC

K?PICP
UGJJ
?NNC?P
?R
C?AF
CLB
MD
RFC
ASPTC 

 &MU
RM
PC?B
RFC
KCJRGLE
NMGLR
KCJRGLE
RCKNCP?RSPC


1NCAGDW
RFC
NMGLR
ÐÐ
GL
$GE  
?R
UFGAF
RFC
"1!
ASPTC
@CEGLQ
RM
BCN?PR
DPMK
GRQ
@?QCJGLC
?LB
RFC
MRFCP
NMGLR
Ð Ð
GL
RFC
Q?KC
DGESPC
?R
UFGAF
RFC
EP?BGCLR
MD
RFC
?QACLBGLE BCQACLBGLE
N?PR
MD
RFC
NC?I
@CAMKCQ
OS?QG 
AMLQR?LR

"P?U
PCQNCARGTC
R?LECLR
JGLCQ
!e
?LB
e
DPMK
RFC
?@MTC
RUM
NMGLRQ

2FC
RCKNCP?RSPC
T?JSC
MD
RFC
GLRCPQCARGML
NMGLR
Ð.Ð
GL
RFC
DGESPC
MD
RFC
R?LECLR
JGLCQ
GQ
BCDGLCB
?Q
RFC
KCJRGLE
NMGLR
KCJRGLE
RCKNCP?RSPC

2FC
QWK@MJ
Ð2KÐ
GQ
ECLCP?JJW
SQCB
DMP
GR

$GE
 

L?JWQGQ
MD
?L
GLBGSK
KCJRGLE
NC?I

#VCASRC
RFC
9L?JWQGQ; 92?LECLR;
AMKK?LB
AJGAI
.MGLRQ

?LB

?LB
AJGAI
RFC
9L?JWXC;
@SRRML

2FC
R?LECLR
JGLCQ
!e
?LB
e
UGJJ
@C
BGQNJ?WCB

2M
AMPPCAR
RFC
EP?BGCLR
MD
?
R?LECLR
JGLC
BP?E
?R
GRQ
CLB
NMGLR
!e
?LB
e
PCQNCARGTCJW

!JGAIGLE
?E?GL
RFC
9L?JWXC;
@SRRML
BGQNJ?WQ
RFC
RCKNCP?RSPC
?R
.MGLR
.

q 2FC
JGRCP?RSPC
T?JSC
MD
RFC
KCJRGLE
NMGLR
MD
GLBGSK
GQ
 ‹!
 )

'D
RFC
PCQSJRGLE
T?JSC
AMLQGBCP?@JW
BGDDCPQ
DPMK
RFGQ
MSR
MD
”‹!
NCPDMPK
RCKNCP?RSPC
A?JG@P?RGML
DMJJMUCB
@W
PC KC?QSPCKCLR ?L?JWQGQ

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 &MU
RM
M@R?GL
RFC
FC?R
MD
DSQGML
KCJRGLE
CLRF?JNW

PC?
GLRCEP?RGML
@CRUCCL
RFC
GLRCPNMJ?RCB
@?QCJGLC
JGLC
Ð!Ð
GL
$GE
 
BSPGLE
KCJRGLE
?LB
RFC
QS@QCOSCLR
RP?LQGCLR
QR?RC
?LB
RFC
NC?I
N?PR
MD
RFC
"1!
ASPTC
GQ
RFCMPCRGA?JJW
NPMTCB
RM
@C
RFC
FC?R
MD
DSQGML
KCJRGLE
CLRF?JNW
G C
RFC
RMR?J
CLBMRFCPKGA
FC?R
AMLRCLR
J?RCLR
FC?R
BGTGBCB
@W
RFC
Q?KNJC
OS?LRGRW
GL
RFC
SLGR
MD
C E
( E

2FC
QWK@MJ "Δ&Ð
GQ
ECLCP?JJW
SQCB
DMP
GR
#VCASRC
RFC
9L?JWQGQ; 9&C?R;
AMKK?LB
AJGAI
.MGLRQ

?BB
!
?LB
AJGAI
RFC
9L?JWXC;
@SRRML

*GLC
!
?LB
RFC
FC?R
MD
DSQGML
KCJRGLE
CLRF?JNW
?Q
A?JASJ?RCB
DPMK
RFC
NC?I
?PC?
UGJJ
@C
BGQNJ?WCB

2M
AF?LEC
RFC
SLGR
AJGAI
RFC
9-NRGMLQ;
@SRRML
?LB
NCPDMPK
QS@QCOSCLR
NPMACBSPCQ

2FC
JGRCP?RSPC
T?JSC
MD
RFC
FC?R
MD
DSQGML
MD
GLBGSK
GQ
 
”
 
( E

'D
RFC
PCQSJRGLE
T?JSC
AMLQGBCP?@JW
BGDDCPQ
DPMK
RFGQ
MSR
MD
” ( E
NCPDMPK
FC?R
DJMU
A?JG@P?RGML
DMJJMUCB
@W
PC KC?QSPCKCLR ?L?JWQGQ

 1GKSJR?LCMSQ
?L?JWQCQ
MD
2K
?LB Δ&

#VCASRC
RFC
9L?JWQGQ; 9"1!
.C?I;
AMKK?LB
AJGAI
.MGLRQ

?LB
!
?LB
AJGAI
RFC
9L?JWXC;
@SRRML

2FC
KCJRGLE
RCKNCP?RSPC
RCKNCP?RSPC
?R
.MGLR
.
UGJJ
@C
BGQNJ?WCB
?Q
RFC
Ð-LQCRÐ
RCKNCP?RSPC
RFC
FC?R
MD
DSQGML
NC?I
?PC?
?Q
RFC
Ð&C?RÐ

2FC
EP?BGCLR
MD
R?LECLR
JGLCQ
A?LLMR
@C
AMPPCARCB
RFGQ
RGKC 

2M
BCJCRC
MP
?BB
GRCKQ
RM
@C
QGKSJR?LCMSQJW
?L?JWXCB
MP
RM
AF?LEC
RFC
SLGR
MD
C?AF
GRCK
AJGAI
RFC
9-NRGMLQ;
@SRRML
?LB
NCPDMPK
QS@QCOSCLR
NPMACBSPCQ





0CDCP
RM
 

1RPGARJW
QNC?IGLE
NC?I
?PC?
GQ
GBCLRGA?J
UGRF
FC?R
MD
DSQGML
MLJW
UFCL
RFC
?@QAGQQ?
GQ
MD
RGKC
?LB
RFC
MPBGL?RC
GQ
MD
FC?R
DJMU
BGDDCPCLAC
NCP
SLGR
Q?KNJC
OS?LRGRW

5FCL
RFC
?@QAGQQ?
GQ
MD
RCKNCP?RSPC
NC?I
?PC?
BGTGBCB
@W
RFC
FC?RGLE
P?RC
9GL
RFC
SLGR
MD
‹! QCA;
GQ
COS?J
RM
FC?R
MD
DSQGML
?LB
UFCL
RFC
MPBGL?RC
GQ
MD
RMR?J
FC?R
DJMU
BGDDCPCLAC
NC?I
?PC?
BGTGBCB
@W
RFC
Q?KNJC
OS?LRGRW
COS?JQ
GR

&MUCTCP
Ð&C?RÐ
?L?JWQGQ
?LB
Ð"1!
.C?IÐ
?L?JWQGQ
GL
RFC
2 51
?JU?WQ
PCQSJR
GL
FC?R
MD
DSQGML
GL
?LW
QNCAGDGCB
SLGR
PCE?PBJCQQ
MD
RFC
EP?NFGA?J
N?P?KCRCPQ

 #2" ÄÄ
  

?QGA
-NCP?RGML
?L
CV?KNJC
KC?QSPCKCLR
MD
GLBGSK
KCJRGLE

 ,@JHMFÄQDONQS
#VCASRC
RFC
9$MPK?R; 92CKNJ?RC;
AMKK?LB
RM
BGQNJ?W
RFC
90CNMPR
2CKNJ?RC;
BG?JMESC
@MV

!JGAIGLE
RFC
91CJCAR;
@SRRML
QCRQ
RFC
Q?KC
PCNMPR
DMPK?R
?Q
RF?R
MD
RFC
BGQNJ?WCB
DGJC
L?KC
UFGAF
A?L
@C
PCQCJCARCB
?KMLE
RFC
?JPC?BW
Q?TCB
DGJCQ
@W
AJGAIGLE
RFC
9 PMUQC;
@SRRML
RM
BGQNJ?W
RFC
DGJC
9-NCL;
BG?JMESC
@MV
q 2M
PCJMA?RC
C?AF
BGQNJ?WCB
GRCK
MP
RM
AF?LEC
GRQ
AF?P?ARCP
DMLR
CRA 
!JGAI
RFC
BGQNJ?WCB
GRCK
RM
QFMU
GRQ
DP?KC

"P?E
RFC
DP?KC
RM
PCJMA?RC
BMS@JC AJGAI
MP
PGEFR @SRRML AJGAI
RFC
DP?KC
?PC?
RM
EM
RM
QS@QCOSCLR
NPMACBSPCQ
DMP
AF?LEGLE
RFC
DMLR
q 2M
BCJCRC
MP
?BB
BGQNJ?W
GRCK
!JGAI
RFC
BGQNJ?WCB
GRCK
RM
QFMU
GRQ
DP?KC

"CNPCQQ
RFC
9"CJCRC;
ICW
.!
ICW@M?PB
RM
BCJCRC
CVCASRC
RFC
9'LQCPR; 9 ;
AMKK?LB
RM
?BB
?
BCQGPCB
GRCK
UGRF
RFC
CGRFCP
B?R?
ASPTC
K?PICB
2M
AMLDGPK
RFC
NPGLR
MSR
GK?EC
@CDMPCF?LB
CVCASRC
RFC
9$GJC; 9.PGLR
.PCTGCU;
AMKK?LB
#VCASRC
RFC
9$GJC; 9.PGLR;
AMKK?LB
RM
BGQNJ?W
RFC
9.PGLR;
BG?JMESC
@MV

!FCAI
?LB
AF?LEC
?Q
PCOSGPCB
RFC
NPGLRGLE
AMLBGRGMLQ
?LB
AJGAI
RFC
9-);
@SRRML

2FC
PCNMPR
UGJJ
@C
NPGLRCB
MSR

 2@UHMFÄC@S@ÄEHKD
#VCASRC
RFC
9$GJC; 91?TC;
AMKK?LB
RM
Q?TC
RFC
B?R?
UGRF
RFC
?L?JWQGQ
PCQSJRQ
?LB
GRQ
BGQNJ?W 
DMPK?R
GLDMPK?RGML
2M
AF?LEC
RFC
DGJC
L?KC
MP
DMJBCP
@CDMPC
Q?TGLE
CVCASRC
RFC
9$GJC; 91?TC
Q;
AMKK?LB
GLQRC?B

'D
DGJC
L?KC
F?TC
@CCL
AF?LECB
RFC
MPGEGL?J
L?KC
DGJC
UGJJ
QRMPC
RFC
B?R?
UGRF
GRQ
BGQNJ?W
DMPK?R
GLDMPK?RGML
UFGJC
RFC
PCL?KCB
DGJC
UGJJ
QRMPC
RFC
B?R?
UGRF
RFC
?L?JWQGQ
PCQSJRQ
?LB
GRQ
BGQNJ?W
DMPK?R
GLDMPK?RGML

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 /QDB@TSHNMRÄENQÄ,D@RTQDLDMS

 "GDBJÄ@MCÄB@KHAQ@SHNMÄNEÄRDMRHSHUHSXÄNEÄSDLODQ@STQDÄ@MCÄGD@SÄEKNV
1MGJGLE
?LB
?EGLE
MD
RFC
BCRCARMP
K?W
NPMBSAC
AF?LECQ
GL
RFC
QCLQGRGTGRW

!FCAI
RFC
QCLQGRGTGRW
MD
RFC
GLQRPSKCLR
PCESJ?PJW
SQGLE
?
QR?LB?PB
K?RCPG?J
QSAF
?Q
NSPC
GLBGSK
'L
QFMPR
KC?QSPC
RFC
KCJRGLE
RCKNCP?RSPC
?LB
RFC
FC?R
MD
DSQGML
MD
?
QR?LB?PB
K?RCPG?J
?AAMPBGLE
RM
RFC
NPMACBSPCQ
BCQAPG@CB
GL
 
?LB
AMKN?PC
RFC
KC?QSPCB
T?JSCQ
UGRF
RFC
PCQNCARGTC
JGRCP?RSPC
T?JSCQ 

'D
?
AMLQGBCP?@JC
BGDDCPCLAC
U?Q
DMSLB
@CRUCCL
RFC
KC?QSPCB
?LB
JGRCP?RSPC
T?JSCQ
A?JG@P?RC
RFC
GLQRPSKCLR
?Q
BCQAPG@CB
@CJMU

 2CKNCP?RSPC
A?JG@P?RGML
2FC
RCKNCP?RSPC
A?JG@P?RGML
GQ
NCPDMPKCB
@?QCB
ML
RFC
DMJJMUGLE
COS?RGML
!?JG@P?RCB
RCKNCP?RSPC

3LA?JG@P?RCB
RCKNCP?RSPC) + Δ2
2FC
AMPPCARGML
RCPK Δ2
GL
RFC
?@MTC
COS?RGML
GQ
RCKNCP?RSPC BCNCLBCLR
?LB
A?L
@C
?NNPMVGK?RCB
@W
RFC
DMJJMUGLE
JGLC?P
COS?RGML
Δ2（2K）＝＋ Ö2K
UFCPC, Δ22K
GQ
RFC
AMPPCARGML
T?JSC
?R
RFC
RCKNCP?RSPC
2K
UFGJC

?LB

?PC
PCQNCARGTCJW
RFC
XCPM MPBCP
?LB
NPGK?PW MPBCP
A?JG@P?RGML
AMCDDGAGCLRQ

#TCL
RFMSEF
GR
GQ
?JQM
NMQQG@JC
RM
BGPCARJW
QNCAGDW
RFC
T?JSCQ

?LB

UC
PCAMKKCLB
?
KCRFMB
GL
UFGAF
RFCQC
T?JSCQ
?PC
PCNJ?ACB
UGRF
?SRMK?RGA?JJW
A?JASJ?RCB
MLCQ
@W
GLNSRRGLE
RFC
?ARS?JJW
KC?QSPCB
KCJRGLE
RCKNCP?RSPC
MD
RFC
QR?LB?PB
K?RCPG?J
?LB
GRQ
JGRCP?RSPC
MP
QSNNJGCP
T?JGB?RGLE
T?JSC
#VCASRC
RFC
9"CRCARMP; 92CKNCP?RSPC
!?JG@P?RGML;
AMKK?LB
RM
BGQNJ?W
RFC
92CKNCP?RSPC
!?JG@P?RGML;
BG?JMESC
@MV
?LB
AJGAI
RFC
9!?JASJ?RC;
@SRRML

'L
RFC
92CKNCP?RSPC
!?JG@P?RGML
!MCDDGAGCLR;
BG?JMESC
@MV
RF?R
?NNC?PQ
CLRCP
RFC
L?KC
MD
RFC
QR?LB?PB
K?RCPG?J
SQCB
GL
RFC
91R?LB?PB
1?KNJC
,?KC;
AMJSKL
RFC
JGRCP?RSPC
KCJRGLE
RCKNCP?RSPC
GL
RFC
9#VNCARCB;
AMJSKL
?LB
RFC
KC?QSPCB
KCJRGLE
RCKNCP?RSPC
GL
RFC
9+C?QSPCB;
AMJSKL
PCQNCARGTCJW
1MKC
L?KCQ
MD
MDRCL SQCB
QR?LB?PB
K?RCPG?JQ
A?L
@C
QCJCARCB
DPMK
RFC
JGQR

$MP
RFCQC
K?RCPG?JQ
RFC
JGRCP?RSPC
T?JSC
GQ
?SRMK?RGA?JJW
CLRCPCB
GL
RFC
R?@JC
$GL?JJW
AJGAI
RFC
9-);
@SRRML
RM
BGQNJ?W
RFC
LCUJW
A?JASJ?RCB
T?JSCQ
MD

?LB

'D
MLJW
MLC
QR?LB?PB
K?RCPG?J
U?Q
SQCB
DMP
A?JG@P?RGML
MLJW
RFC
T?JSC
MD

GQ
AF?LECB 'D
RUM
QR?LB?PB
K?RCPG?JQ
UCPC
SQCB
RFC
T?JSCQ
MD

?LB

?PC
EGTCL
?Q
QMJSRGMLQ
MD
?
JGLC?P
COS?RGML 'D
RFPCC
MP
KMPC
QR?LB?PB
K?RCPG?JQ
UCPC
SQCB
RFC
T?JSCQ
MD

?LB

?PC
BCRCPKGLCB
?Q
AMCDDGAGCLRQ
MD
?
NPGK?PW
PCEPCQQGML
JGLC
GL
RFC
JC?QR
QOS?PC
?NNPMVGK?RGML

+C?QSPCB
RCKNCP?RSPC
T?JSC
K?W
T?PW
UGRF
Q?KNJC
N?L
K?RCPG?J
?LB
QF?NC
MP
?K@GCLR
E?Q
RWNC
BSC
RM
RFCGP
FC?R
AMLBSARGLE
NPMNCPRW

1SAF
DJSARS?RGML
KSQR
@C
AMPPCARCB
J?RCP
ML
GL
RFC
B?R?
?L?JWQGQ
QR?EC
2M
SNB?RC
RFC
A?JG@P?RGML
AMCDDGAGCLRQ
G C
RM
QCLB
RFC
LCUJW
A?JASJ?RCB
T?JSCQ
DPMK
RFC
.!
RM
RFC
"1! 
AJGAI
RFC
9"MULJM?B;
@SRRML
PC?B
RFC
KCQQ?EC
GL
RFC
KCQQ?EC
@MV
?LB
AJGAI
RFC
97CQ;
@SRRML

DRCP
AMLDGPKGLE
RFC
A?JG@P?RGML
B?R?
UFGAF
GQ
FCPCSNML
PCLCUCB
AJGAI
RFC
9#VGR;
@SRRML
RM
RCPKGL?RC
RFC
NPMACBSPC

 &C?R
DJMU
A?JG@P?RGML

2FC
FC?R
DJMU
A?JG@P?RGML
GQ
NCPDMPKCB
@?QCB
ML
RFC
DMJJMUGLE
COS?RGML

 #2" ÄÄ
  

.PCA?SRGMLQ
DMP
+C?QSPCKCLR

!?JG@P?RCB
FC?R
DJMU

%
3LA?JG@P?RCB
FC?R
DJMU

Ð%Ð
GL
RFC
?@MTC
COS?RGML
GQ
RFC
A?JG@P?RGML
D?ARMP

#TCL
RFMSEF
GR
GQ
NMQQG@JC
RM
BGPCARJW
A?JG@P?RC
RFC
FC?R
DJMU
@W
KC?QSPGLE
RFC
QNCAGDGA
FC?R
A?N?AGRW
MD
?
QR?LB?PB
K?RCPG?J
RFGQ
KCRFMB
MDRCL
PCQSJRQ
GL
?
J?PEC
KC?QSPCKCLR
CPPMP

5C
RFCPCDMPC
PCAMKKCLB
?LMRFCP
KCRFMB
GL
UFGAF
RFC
T?JSC
MD
%
GQ
BCRCPKGLCB
DPMK
RFC
KC?QSPCKCLR
MD
FC?R
CLRF?JNW
OS?LRGRW

RGKC GLRCEP?RGML
MD
FC?R
DJMU
#VCASRC
RFC
9"CRCARMP; 9&C?R
!?JG@P?RGML;
AMKK?LB
RM
BGQNJ?W
RFC
9&C?R
!?JG@P?RGML;
BG?JMESC
@MV

2FC
% T?JSC
BGQNJ?W
DGCJB
GLBGA?RCQ
%
RFC
ASPPCLR
T?JSC
MD
%

$PMK
RFC
KC?QSPCKCLR
MD
?
QR?LB?PB
K?RCPG?J
A?JASJ?RC
RFC
T?JSC
MD
0
GL
RFC
DMJJMUGLE
COS?RGML
*GRCP?RSPC
T?JSC
?Q
FC?R
MD
DSQGML
MD
RFC
QR?LB?PB
K?RCPG?J












0

+C?QSPCB
T?JSC
?Q
FC?R
MD
DSQGML
MD
RFC
QR?LB?PB
K?RCPG?J
2FCL
BCRCPKGLC
RFC
LCU
A?JG@P?RGML
D?ARMP
%
@W
RFC
DMJJMUGLE
COS?RGML









%

0%
2M
SNB?RC
RFC
A?JG@P?RGML
D?ARMP
G C
RM
QCLB
RFC
LCUJW
A?JASJ?RCB
D?ARMP
DPMK
RFC
.!
RM
RFC
"1! 
CLRCP
RFC
T?JSC
MD
%
GLRM
RFC
% T?JSC
BGQNJ?W
DGCJB
AJGAI
RFC
9"MULJM?B;
@SRRML
PC?B
RFC
KCQQ?EC
GL
RFC
KCQQ?EC
@MV
?LB
DGL?JJW
AJGAI
RFC
97CQ;
@SRRML

DRCP
AMLDGPKGLE
RFC
A?JG@P?RGML
B?R?
UFGAF
GQ
FCPCSNML
PCLCUCB
AJGAI
RFC
9#VGR;
@SRRML
RM
RCPKGL?RC
RFC
NPMACBSPC
2FC
GLGRG?J
T?JSC
MD
%
GQ
BCRCPKGLCB
@?QCB
ML
RFC
FC?R
MD
DSQGML
KCJRGLE
CLRF?JNW
MD
?
NSPC
GLBGSK
Q?KNJC
GL
?
QR?LB?PB
?JSKGLSK
N?L
GL
QR?RGA
?GP

3LBCP
BGDDCPCLR
KC?QSPCKCLR
AMLBGRGMLQ
FC?R
DJMU
KSQR
@C
AMPPCARCB
J?RCP
ML
GL
RFC
B?R?
?L?JWQGQ
QR?EC

#V?KNJC
T?JSCQ
MD
FC?R
DJMU
QCLQGRGTGRW
BCEP?B?RGML
UGRF
BGDDCPCLR
Q?KNJC
N?L
K?RCPG?JQ
QF?NCQ
?LB
?K@GCLR
E?Q
QNCAGCQ
?PC
QFMUL
GL
$GE
 

1FGK?BXS
A?L
QSNNJW
RFC
DMJJMUGLE
RWNCQ
MD
QR?LB?PB
K?RCPG?JQ
DMP

RCKNCP?RSPC?LB
FC?R
A?JG@P?RGML
'LBGSK
'L
1  
$KK
Ö
KK
PMB
RGL
1L

1  
$
KK
Ö
KK
PMB
1R?LB?PB
K?RCPG?JQ
UGRF
RP?AC?@GJGRW
ACPRGDGA?RGMLQ
?PC
LMR
BC?JR
GL
.JC?QC
NSPAF?QC
RFCK
DPMK
Q?W
*%!
*?@MP?RMPW
MD
RFC
%MTCPLKCLR
!FCKGQR
GL
3 )
RPMSEF
PCQNCARGTC
JMA?J
?ECLAGCQ

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

$GE
 

T?GJ?@JC
2CKNCP?RSPC
0?LEC
?LB
1CLQGRGTGRW
"PMN
GL
+C?QSPCKCLR
UGRF
4?PGMSQ
1?KNJC
.?LQ

 /QDB@TSHNMRÄENQÄG@MCKHMF
C
QSPC
RM
QCR
RFC
DSPL?AC
JGB
GL
RFC
AMPPCAR
NMQGRGML

'D
GR
GQ
QCR
?QICU
GR
K?W
@C
BCDMPKCB
MP
@SPLR
UFCL
FC?RCB
SN
RM
?
FGEF
RCKNCP?RSPC

"M
LMR
RMSAF
RFC
DSPL?AC
JGB
SLRGJ
RFC
Q?KNJC
QCARGML
GQ
AMMJCB
@CJMU
‹!

2FC
DSPL?AC
JGB
UFCL
GR
GQ
FMR
GQ
C?QGJW
B?K?ECB
?LB
BCDMPKCB

C
QSPC
RM
F?LBJC
RFC
JGB
UGRF
RUCCXCPQ

"M
LMR
RMSAF
GR
UGRF
@?PC
F?LBQ

'D
RFC
JGB
GQ
QMGJCB
AJC?L
GR
UGRF
CRF?LMJ
MP
?ACRMLC
#TCL
DGLC
BSQR
@CRUCCL
RFC
Q?KNJC
N?L
?LB
BCRCARMP
NJ?RC
UGJJ
BCRCPGMP?RC
RFCPK?J
AMLR?AR
NMQQG@JW
A?SQGLE
LMGQC
ML
RFC
FC?R
DJMU
QGEL?J

1M
@C
A?PCDSJ
?@MSR
BSQR
1MGJ
MP
DJ?UQ
ML
RFC
BCRCARMP
GRQCJD
UGJJ
?JQM
F?KNCP
QR?@JC
KC?QSPCKCLR

'D
RFC
BCRCARMP
GQ
QMGJCB
UGRF
BGQQMJTCB
Q?KNJC
MP
BCAMKNMQGRGML
NPMBSARQ
GKKCBG?RCJW
UGNC
GR
MDD
A?PCDSJJW
?LB
RFMPMSEFJW
UGRF
N?NCP
AJMRF
MP
AMRRML
QM?ICB
GL
CRF?LMJ
MP
?ACRMLC
?LB
FCJB
@CRUCCL
RUCCXCPQ
DMP
RFGQ
NSPNMQC
SQC
N?NCP
AJMRF
MP
AMRRML
RF?R
UGJJ
LMR
ECLCP?RC
BSQR

,CTCP
RMSAF
RFC
BCRCARMP
BGPCARJW
UGRF
@?PC
F?LBQ
,MR
MLJW
UFCL
AJC?LGLE
RFC
BCRCARMP
@SR
?JQM
UFCL
NSRRGLE
?
Q?KNJC
N?L
ML
RFC
BCRCARMP
NJ?RC
DMP
KC?QSPCKCLR
BM
LMR
?NNJW
CVACQQGTC
DMPAC
RM
RFC
BCRCARMP
RFC
CVACQQGTC
DMPAC
K?W
BCDMPK
RFC
BCRCARMP
A?SQGLE
@?QCJGLC
BPGDR
5FCL
RFC
DSPL?AC
GLLCP
QSPD?AC
SLBCP
RFC
BCRCARMP
GQ
QMGJCB
AJC?L
GR
UGRF
QSAF
N?NCP
AJMRF
MP
AMRRML
?Q
BMCQ
LMR
ECLCP?RC
BSQR
QM?ICB
GL
CRF?LMJ
MP
?ACRMLC
?LB
UMSLB
?PMSLB
RFC
CLB
MD
?
QRGDD
UGPC

'D
NMUBCP
BPMNQ
ML
RFGQ
QSPD?AC
PCKMTC
GR
UGRF
?
T?ASSK
AJC?LCP
$MP
PCKMT?J
MD
QMGJ
RF?R
A?LLMR
@C
CJGKGL?RCB
@W
?LW
MD
RFC
?@MTC
KCRFMBQ
PCDCP
RM



 #2" ÄÄ
  

.PCA?SRGMLQ
DMP
+C?QSPCKCLR

 "KD@MHMFÄQTM
2FC
QSPD?ACQ
MD
RFC
DSPL?AC
?LB
BCRCARMP
MVGBGXC
RM
QMKC
CVRCLR
UFCL
@CGLE
CVNMQCB
JMLE
RM
RFC
?GP

-AA?QGML?JJW
QS@QR?LACQ
ECLCP?RCB
DPMK
?
Q?KNJC
K?W
QRGAI
RM
RFC
QSPD?ACQ
?AACJCP?RGLE
MVGBGX?RGML

'D
KC?QSPCKCLR
GQ
AMLBSARCB
GL
RFGQ
QR?RC
RFC
QWQRCK
K?W
LMR
NPMTGBC
RFC
GLRCLBCB
NCPDMPK?LAC

2FCPCDMPC
UFCL
RFC
QWQRCK
GQ
RM
@C
SQCB
?
DMP
RFC
DGPQR
RGKC
?DRCP
GR
GQ
NSPAF?QCB
MP
@
?DRCP
?
JMLE
NCPGMB
MD
PCQR
NCPDMPK
?
AJC?LGLE
PSL

W
RFC
AJC?LGLE
PSL
QRSAI
QS@QR?LACQ
?LB
MVGBGXCB
J?WCP
DMPKCB
ML
RFC
QSPD?ACQ
?PC
T?NMPGXCB
PCQSJRGLE
GL
AJC?L
QSPD?ACQ
2FC
DMJJMUGLE
BCQAPG@CQ
RFC
AJC?LGLE
PSL
NPMACBSPC

-L
RFC
2 51
?ARGT?RC
RFC
92 51
AOSGQGRGML
1R?RSQ;
UGLBMU
?LB
CVCASRC
RFC
9"CRCARMP; 9!JC?LGLE
0SL;
AMKK?LB
RM
BGQNJ?W
RFC
9!JC?LGLE
0SL;
BG?JMESC
@MV

2FC
BCD?SJR
N?P?KCRCP
T?JSCQ
?PC
?Q
DMJJMUQ
2CKNCP?RSPC
‹! 
&MJB
RGKC
KGL 
RKMQNFCPC 7CQ ▼


5GRF
RFC
?@MTC
QCRRGLEQ
RFC
AJC?LGLE
E?Q
GQ
QSNNJGCB
RM
RFC
Q?KNJC
QCARGML
GKKCBG?RCJW
?Q
RFC
AJC?LGLE
PSL
QR?PRQ
RFC
RCKNCP?RSPC
GQ
QMML
GLAPC?QCB
SN
RM
‹!
?LB
GR
GQ
ICNR
AMLQR?LR
?R
‹!
DMP

KGLSRCQ

2M
KMBGDW
RFC
AJC?LGLE
AMLBGRGMLQ
AF?LEC
RFC
T?JSC
MP
QCRRGLE
GL
C?AF
GRCK
@MV
?Q
PCOSGPCB

$GL?JJW
AJGAI
RFC
91R?PR;
@SRRML
RM
QR?PR
RFC 
AJC?LGLE
PSL
$MP
CDDCARGTC
AJC?LGLE
UC
PCAMKKCLB
GL
KMQR
A?QCQ
RM
QSNNJW
RFC
?GP
\KJ KGL
?Q
RFC
AJC?LGLE
E?Q
0CDCP
RM
   

5FCL
?
AJC?LGLE
PSL
UGRFMSR
E?Q
QSNNJW
MP
UGRF
?
NSPEC
E?Q
QSNNJGCB
GQ
RM
@C
AMLBSARCB
QCR
?Q
DMJJMUQ


RKMQNFCPC ,M ▼
,M
B?R?
?PC
?AOSGPCB
BSPGLE
?
AJC?LGLE
PSL

!MLBSAR
?
AJC?LGLE
PSL
UFCL
RFC
QWQRCK
F?Q
@CCL
MSR
MD
QCPTGAC
DMP
?@MSR
RUM
UCCIQ
?JRFMSEF
RFC
QSPD?AC
QR?RC
BCNCLBQ
ML
RFC
MNCP?RGLE
AMLBGRGMLQ
DMP
RFC
J?QR
KC?QSPCKCLR
?LB
RFC
QRMP?EC
AMLBGRGMLQ

CDMPC
AMLBSARGLE
?
AJC?LGLE
PSL
K?IC
QSPC
RF?R
LM
Q?KNJC
N?LQ
?PC
JCDR
ML
RFC
BCRCARMP
NJ?RC
!FCAI
@MRF
RFC
Q?KNJC
?LB
PCDCPCLAC
K?RCPG?J
QGRCQ 

"M
LMR
QSNNJW
JGOSCDGCB
LGRPMECL
BSPGLE
?
AJC?LGLE
PSL

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 !@RDKHMDÄ@CITRSLDMS
"GKCLQGML?J
?QWKKCRPW
BSC
RM
K?AFGLGLE
?LB
?QQCK@JGLE
NPMACQQ
MD
RFC
DSPL?AC
MP
BCRCARMP
K?W
A?SQC
RFC
@?QCJGLC
RM
BCTG?RC
UGRF
PCQNCAR
RM
RFC
RGKC
?VGQ
MP
RM
@CAMKC
LML JGLC?P
BSPGLE
RCKNCP?RSPC
PGQC
MP
D?JJ
NPMACQQ
GR
GQ
A?JJCB
@?QCJGLC
BPGDR
5GRF
?
QCPGMSQ
@?QCJGLC
BPGDR
RFC
QWQRCK
A?LLMR
NPMTGBC
?AASP?RC
KC?QSPCKCLR
MD
CLRF?JNGCQ
MP
FC?R
A?N?AGRGCQ

2M
AMPPCAR
?
@?QCJGLC
BPGDR
RFC
"1! 
GQ
NPMTGBCB
UGRF
RFC
@?QCJGLC
?BHSQRKCLR
DSLARGML
2FC
DMJJMUGLE
BCQAPG@CQ
RFC
NPMACBSPCQ
DMP
@?QCJGLC
?BHSQRKCLR

-L
RFC
2 51
?ARGT?RC
RFC
92 51
AOSGQGRGML
1R?RSQ;
UGLBMU
?LB
CVCASRC
RFC
9"CRCARMP; 9 ?QCJGLC
BHSQR ;
AMKK?LB
RM
BGQNJ?W
RFC
9 ?QCJGLC
BHSQR;
BG?JMESC
@MV

W
QNCAGDWGLE
RFC
)
T?JSC
GL
RFC
DMJJMUGLE
CVNPCQQGML
AMPPCAR
RFC
JGLC?P
GLAJGL?RGML
MD
RFC
@?QCJGLC
UGRF
PCQNCAR
RM
RCKNCP?RSPC
2
/

/

)

2M
M@R?GL
RFC
) T?JSC
PC?B
MDD
RFC
?KMSLR
MD
FC?R
DJMU
BCDJCARGML
GL
RFC
SLGR
MD
K5
NCP
‹!
DPMK
RFC
MPGEGL?J
@?QCJGLC

'D
RFC
@?QCJGLC
BPGDRQ
RMU?PB
CVMRFCPK
RFC
) T?JSC
QFMSJB
@C
LCE?RGTC

'D
RFC
@?QCJGLC
BPGDRQ
RMU?PB
CLBMRFCPK
RFC
) T?JSC
QFMSJB
@C
NMQGRGTC

'D
RFC
BPGDR
GQ
LML JGLC?P
RFC
) T?JSC
UGJJ
T?PW
UGRF
RCKNCP?RSPC
P?LECQ

'L
RFGQ
A?QC
GR
UMSJB
@C
?BTGQ?@JC
RM
QCJCAR
DMP
) T?JSC
BCRCPKGL?RGML
?
‹!
GLAJSBGLE
MP
GLAJSBCB
GL
RFC
R?PECR
RCKNCP?RSPC
P?LEC
GL
UFGAF
?
NFCLMKCLML
MD
GLRCPCQR
A?L
@C
M@QCPTCB
?Q
C E
?
NC?I

DRCP
CLRCPGLE
RFC
) T?JSC
AJGAI
RFC
9"MULJM?B;
@SRRML
PC?B
RFC
KCQQ?EC
GL
RFC
KCQQ?EC
@MV
?LB
AJGAI
RFC
97CQ;
@SRRML

2FC
) T?JSC
GL
RFC
Ð!MCDDGAGCLRÐ
AMJSKL
?Q
UCJJ
?Q
RFC
?BHSQRKCLR
B?RC
GL
RFC
Ð"?RCÐ
AMJSKL
UGJJ
@C
SNB?RCB
2FC
LCU
) T?JSC
GQ
QCLR
DPMK
RFC
.!
RM
RFC
"1!  

$GL?JJW
AJGAI
RFC
9#VGR;
@SRRML
RM
RCPKGL?RC
RFC
NPMACBSPC
-L
RFC
MRFCP
F?LB
RFC
2 51
NPMTGBCQ
T?PGMSQ
KCLSQ
RF?R
A?L
@C
SQCB
DMP
AMPPCARGLE
?
BPGDRW
@?QCJGLC
?DRCP
KC?QSPCKCLR

$MP
BCR?GJQ
PCDCP
RM
RFC
2 51
'LQRPSARGML
+?LS?J

#TCL
RFMSEF
@?QCJGLC
AMPPCARGML
GQ
NMQQG@JC
?JQM
GL
RFC
B?R?
?L?JWQGQ
QR?EC
RF?R
DMJJMUQ
RFC
KC?QSPCKCLR
QR?EC
?JU?WQ
NCPDMPK
RFC
@?QCJGLC
?BHSQRKCLR
ML
RFC
"1! 
@CDMPCF?LB
?LB
?TMGB
?Q
KSAF
?Q
NMQQG@JC
RM
R?IC
KC?QSPCKCLR
UGRF
?
BPGDRGLE
@?QCJGLC

 #2" ÄÄ
  

.PCN?P?RGML
0CJ?RCB
RM
1?KNJC

 /QDO@Q@SHNMÄ1DK@SDCÄSNÄ2@LOKD

 2DKDBSHNMÄNEÄR@LOKDÄO@M
-PBGL?PGJW
SQC
?L
?JSKGLSK
N?L
UGRF
JGB
UFGAF
GQ
QSNNJGCB
?Q
?
QR?LB?PB
?AACQQMPW

$MP
ACPR?GL
IGLBQ
MD
Q?KNJCQ
GR
K?W
@C
@CRRCP
RM
APGKN
RFC
N?L
1CC
'RCK

@CJMU

'L
QMKC
A?QCQ
SQC
?
NJ?RGLSK
N?L

$MP
KC?QSPCKCLR
MD
?
Q?KNJC
RF?R
PC?ARQ
UGRF
@MRF
MD
RFC
?@MTC
N?L
K?RCPG?JQ
QSAF
?Q
?
KCR?J
PC?ARGLE
UGRF
RFC
N?L
K?RCPG?J
RM
DMPK
?L
?JJMW
MP
RF?R
GLBSACQ
A?R?JWRGA
?ARGML
MD
NJ?RGLSK
SQC
?L
MNRGML?J
?JSKGL?
N?L

,MRC
RF?R
LCGRFCP
NJ?RGLSK
LMP
?JSKGL?
N?L
A?L
@C
APGKNCB

5FCL
RFC
Q?KNJC
GQ
JGOSGB
SQC
?L
MNRGML?J
FCPKCRGA
MP
NPCQQSPC
PCQGQR?LR
N?L
1CC
'RCK

@CJMU
2?@JC

JGQRQ
Q?KNJC
N?LQ
?T?GJ?@JC
DPMK
1FGK?BXS

$MP
BCR?GJQ
NJC?QC
AMLR?AR
?
1FGK?BXS
?ECLAW

)CCN
GL
KGLB
RF?R
BCRCARGML
QCLQGRGTGRW
DMP
FC?R
?LB
QNCAGDGA
FC?R
A?N?AGRW
T?PGCQ
BCNCLBGLE
SNML
RFC
IGLB
MD
Q?KNJC
N?L
SQCB

1CC
'RCK

MD
 
DMP
BCR?GJQ

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

2?@JC


*GQR
MD
1?KNJC
.?LQ
DMP
"1!

/eRW
"GKCLQGMLQ !?N?AGRW 3NNCP
JGKGR
+?RCPG?J .?PR
LSK@CP "CQAPGNRGML GL
? 0CK?PIQ

9KK; 9šJ; RCKNCP?RSPC
QCR
J
APGKN
1  ACJJ
UGRF Φ5.8×1.5 
JGB） ‹! $MP
ECLCP?J
SQC
J
K?APM
1   Φ6×5 
ACJJ
RFC

RCKNCP?RSPC
0CQGQR?LR
SN
RM
J
QC?JGLE ?R
UFGAF
RFC
 
+.?
JGB
1  ACJJ
UGRF Φ5.7×1.5  GLLCP
UGRF
?
NGLFMJC
JSKGLSK JGB NPCQQSPC
?T?GJ?@JC
PC?AFCQ
 
+.?
RFC
RCKNCP?RSPC
J
NPCQQSPC ?R
UFGAF
RFC
0CQGQR?LR
SN
RM
1   NPMMD
ACJJ  Φ6×5  GLLCP

+.?
UGRF
JGB NPCQQSPC
PC?AFCQ

+.?
1  .R
ACJJ Φ5.8×2.5  $MP
ECLCP?J
.R
K?APM SQC
CVACNR
DMP
1  Φ5.8×5 J
ACJJ KCR?J
DSQGML
Q?KNJC
QSAF
?Q
QRPMLE
@?QGA
.J?RGLSK QS@QR?LACQ
?JJMW  ‹! NCPMVGBCQ
GPML
1  .R
JGB Φ5.7 † AFJMPGBCQ
?LB
F?JMECL
E?Q
!J
P

CTMJTGLE
Q?KNJCQ
JSKGL? 1  JSKGL?
ACJJ Φ5.8×2.5  $MP
ECLCP?J
SQC
RFC
1R?GLJCQQ RCKNCP?RSPC
QRCCJ ?R
UFGAF
RFC
1R?GLJCQQ 0CQGQR?LR
SN
RM
1   NPCQQSPC  Φ6×5  GLLCP
QRCCJ 
+.?
NPMMD
ACJJ NPCQQSPC
UGRF
JGB PC?AFCQ

+.?
$MP
ASPGLE
PC?ARGML
Q?KNJCQ
QSAF
?Q
1   ,G
ACJJ Φ5.8×2 
QRPMLE
@?QGA
 ‹!
-RFCPQ QS@QR?LACQ
?LB
NCPMVGBCQ
!S
ACJJ
1   Φ5.8 1.5 

UGRF
JGB
1  /S?PRX
ACJJ  Φ5.7×2.5  ‹!

 #2" ÄÄ
  

.PCN?P?RGML
0CJ?RCB
RM
1?KNJC

2FC
DMJJMUGLE
RMMJQ
?PC
LCACQQ?PW
RM
SQC
RFCQC
Q?KNJC
N?LQ

 2FC
11! 
Q?KNJC
QC?JCP APGKNCP
1  
DMP
APGKNGLE
 2FC
11! 
DMP
QC?JGLE
 2FC
11! 
?LB
RFC
?B?NRCP
1  
DMP
QC?JGLE
 2FC
11. 
F?LB
NPCQQ
1 
?LB
RFC
?B?NRCP
  
DMP
QC?JGLE

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 2@LOKD
'R
GQ
SQS?J
RM
KC?QSPC
?
QK?JJ
?KMSLR
MD
Q?KNJC
UFCL
GR
?@QMP@Q
MP
ECLCP?RCQ
?
J?PEC
OS?LRGRW
MD
FC?R
G C
NPMBSACQ
?
J?PEC
NC?I
UFCPC?Q
?
J?PEC
?KMSLR
MD
Q?KNJC
UFCL
GR
?@QMP@Q
MP
ECLCP?RCQ
?
QK?JJ
OS?LRGRW
MD
FC?R
G C
NPMBSACQ
?
QK?JJ
NC?I
2M
QCN?P?RC
PCQNCARGTC
NC?IQ
MD
RP?LQGRGMLQ PC?ARGMLQ
MAASPPGLE
GL
QSAACQQGML
KC?QSPC
?Q
QK?JJ
?L
?KMSLR
MD
Q?KNJC
?Q
NMQQG@JC
UFGAF
GQ
QNPC?B
?Q
RFGLJW
?LB
CTCLJW
?Q
NMQQG@JC
ML
RFC
@MRRMK
MD
RFC
Q?KNJC
N?L
$MP
A?JMPGKCRPW
FC?R
KC?QSPCKCLR
KC?QSPC
?L
?KMSLR
MD
Q?KNJC
RF?R
NPMBSACQ
?Q
J?PEC
?
NC?I
?Q
NMQQG@JC
R?IGLE
GLRM
?AAMSLR
NMQQG@JC
CPPMPQ
GL
KC?QSPGLE
RFC
NC?I
?PC?
?LB
RFC
LMGQC
JCTCJ
MD
RFC
QWQRCK
?LB
?JQM
QNPC?B
RFC
Q?KNJC
?Q
RFGLJW
?LB
CTCLJW
?Q
NMQQG@JC
ML
RFC
@MRRMK
MD
RFC
Q?KNJC
N?L
.C?I
FCGEFRQ
?LB
QF?NCQ
T?PW
UGRF
FC?RGLE
P?RC

&C?R
RFC
Q?KNJC
?R

RM
‹! KGL
UFCL
NC?IQ
GL
AMLACPL
MAASP
TCPW
AJMQC
RM
C?AF
MRFCP
PCQMJSRGML
GQ
MD
ACLRP?J
GQQSC
UFCPC?Q
?R

RM
‹! KGL
DMP
A?JMPGKCRPW
MP
UFCL
NC?IQ
?PC
PCJ?RGTCJW
QK?JJ
)CCN
RFC
@MRRMK
QSPD?AC
MD
RFC
Q?KNJC
N?L
?Q
DJ?R
?Q
NMQQG@JC
RM
CLQSPC
EMMB
RFCPK?J
AMLR?AR
@CRUCCL
Q?KNJC
?LB
Q?KNJC
N?L
?LB
@CRUCCL
Q?KNJC
N?L
?LB
BCRCARMP
NJ?RC
.PCA?SRGMLQ
?PC
NPCQCLRCB
@CJMU
DMP
C?AF
MD
RFC
T?PGMSQ
DMPKQ
MD
Q?KNJC

 .MUBCP
Q?KNJC
2FC
N?PRGAJC
QGXC
MD
?
NMUBCP
Q?KNJC
QFMSJB
@C
?Q
SLGDMPK
?Q
NMQQG@JC
RM
M@R?GL
Q?RGQD?ARMPW
KC?QSPCKCLR
PCQSJRQ

1?KNJC
MD
GPPCESJ?P
N?PRGAJC
QGXC
MP
AMLR?GLGLE
CVRPCKCJW
J?PEC
N?PRGAJC
K?W
NPMBSAC
QFMSJBCPQ
GL
NC?IQ

 %P?LSJ?P
Q?KNJC

EP?LSJ?P
Q?KNJC
K?W
@C
KC?QSPCB
?Q
GR
GQ
?JRFMSEF
GR
GQ
SQS?JJW
QJGACB
GLRM
RFGL
NGCACQ
UGRF
?
ILGDC

'R
K?W
@C
ASR
GLRM
DJ?IW
NGCACQ
UGRF
?
ILGDC
MP
EPMSLB
GLRM
NMUBCP
DMP
KC?QSPCKCLR

)CCN
GL
KGLB
RF?R
NMJWKCP
EP?LSJCQ
C E
NJ?QRGA
NCJJCRQ
UFCL
QSDDCPGLE
FC?R
BSC
RM
EPGLBGLE
PCQSJR
GL
?
BGDDCPCLR
"1!
B?R?
DPMK
RFMQC
MD
?L
MPGEGL?J
Q?KNJC

 $GJK JGIC
Q?KNJC

$GJK JGIC
K?RCPG?J
GQ
NSLAFCB
UGRF
?
NSLAF

RM 5.5Φ
KK
MP
AMPI
@MPCP
MP
ASR
MSR
@W
QAGQQMPQ
RM
K?IC
?
Q?KNJC

'D
RFC
Q?KNJC
F?Q
T?PGMSQ
RFGAILCQQ
R?IC
?
DJ?IC
NSLAFCB
MP
ASR
MSR
DPMK
MLC
QFCCR
UGRF
QSAF
RFGAILCQQ
?Q
NPMTGBCQ
?NNPMNPG?RC
Q?KNJC
OS?LRGRW
P?RFCP
RF?L
QCTCP?J
RFGLLCP
DJ?ICQ
NGJCB
GL
MPBCP
RM
M@R?GL
?
AJC?P
NC?I

 $G@PMSQ
Q?KNJC
$G@PMSQ
K?RCPG?J
GQ
ASR
GLRM
QK?JJ
NGCACQ
RM
QCPTC
?Q
Q?KNJC

$G@PMSQ
Q?KNJCQ
?PC
SQS?JJW
BCDMPKCB
@W
FC?R
QM
RFCW
QFMSJB
@C
KC?QSPCB
UGRF
RFC
Q?KNJC
N?L
APGKNCB
RMECRFCP
UGRF
GRQ
JGB

$MP
APGKNGLE
?
Q?KNJC
N?L
SQC
RFC
11! 
QC?JCP
APGKNCP
1  
!PGKNGLE
GQ
RM
AMTCP
RFC
Q?KNJC AMLR?GLGLE
?JSKGLSK
N?L
UGRF
?L
?JSKGLSK
JGB
NSR
GR
GL
RFC
QC?JCP APGKNCP
?LB
DMJB
MTCP
RFC
CBEC
MD
RFC
N?L

!PGKNGLE
GKNPMTCQ
RFCPK?J
AMLR?AR
PCQSJRGLE
GL
QF?PNCP
NC?IQ
?LB
QR?@JCP
KC?QSPCKCLR
PCQSJRQ 

 4MJ?RGJC
Q?KNJC
$MP
?
JGOSGB
Q?KNJC
?
Q?KNJC
MD
FGEF
T?NMP
NPCQQSPC
MP
?
Q?KNJC
AMLR?GLGLE
QSAF
QS@QR?LACQ
RFC
J?RCLR
FC?R
MD
T?NMPGX?RGML
GQ
JMQR
BSPGLE
KC?QSPCKCLR

5FCL
RFC
R?PECR
NC?I
GQ
QK?JJ
RFCPCDMPC
RFC
NC?I
GQ
FGBBCL
@W
RFC
T?NMPGX?RGML
NC?I
MP
RFC
?NN?PCLR
@?QCJGLC
BCTG?RCQ

'L
QSAF
?
A?QC
SQC
?
FCPKCRGA
MP
NPCQQSPC
PCQGQR?LR
Q?KNJC
N?L
RM
NPCTCLR
T?NMPGX?RGML

 #2" ÄÄ
  

.PCN?P?RGML
0CJ?RCB
RM
1?KNJC

 -RFCPQ

N?QRC
Q?KNJC
GQ
BGDDGASJR
RM
NSR
GL
?
Q?KNJC
N?L

"M
LMR
RPW
RM
NSR
?
J?PEC
?KMSLR
MD
Q?KNJC
GL
RFC
N?L
?R
MLAC
@SR
?NNJW
GR
JGRRJC
@W
JGRRJC
ML
RFC
@MRRMK
MD
RFC
N?L

#LQSPC
RF?R
RFC
Q?KNJC
BMCQ
LMR
AMLR?GL
TMGBQ
?Q
RCKNCP?RSPC
PGQCQ
RFC
TMGBQ
UMSJB
CVN?LB
ECLCP?RGLE
@S@@JCQ
UFGAF
NPMBSAC
NC?IQ
?Q
RFCW
?PC
@SPQRGLE
PCQSJRGLE
GL
B?R?
UGRF
KSAF
LMGQC

'D
RFC
Q?KNJC
QRGAIQ
RM
RFC
NCPGNFCPW
MD
RFC
Q?KNJC
N?L
MP
RFC
N?L
@MRRMK
GL
AMLR?AR
UGRF
RFC
BCRCARMP
NJ?RC
UGNC
GR
MDD
RFMPMSEFJW


RP?AC
?KMSLR
MD
Q?KNJC
PCK?GLGLE
GL
RFCQC
?PC?Q
UGJJ
QMGJ
RFC
BCRCARMP
?LB
A?SQC
LMGQC
2WNGA?J
NPMACQQCQ
MD
NPCN?PGLE
Q?KNJCQ
F?TC
@CCL
BCQAPG@CB
@PGCDJW

'L
QFMPR
GR
GQ
GKNMPR?LR
RM
QNPC?B
RFC
Q?KNJC
MTCP
RFC
Q?KNJC
N?L
@MRRMK
?Q
RFGLJW
?LB
CTCLJW
?Q
NMQQG@JC
RM
CLQSPC
SLGDMPK
RCKNCP?RSPC
BGQRPG@SRGML
GL
RFC
Q?KNJC
?LB
EMMB
RFCPK?J
AMLR?AR
UGRF
RFC
N?L
@MRRMK

1MGJGLE
MD
RFC
DSPL?AC
GLRCPGMP
MP
BCRCARMP
UGJJ
QCPGMSQJW
BCRCPGMP?RC
RFC
NCPDMPK?LAC
MD
RFC
"1!
?NN?P?RSQ

TMGB
KC?QSPGLE
?
Q?KNJC
UFMQC
RFCPK?J
BCAMKNMQGRGML
NPMBSARQ
K?W
QRGAI
RM
RFC
DSPL?AC
GLRCPGMP
MP
BCRCARMP

JQM
?TMGB
?
Q?KNJC
UFGAF
K?W
NMQQG@JW
QRGAI
RM
RFC
DSPL?AC
GLRCPGMP
MP
BCRCARMP
UFCL
GR
@MGJQ


 1DEDQDMBDÄL@SDQH@K
L
CKNRW
Q?KNJC
N?L
MP
MLC
AMLR?GLGLE
NMUBCPCB
?JSKGL? (α J-
GQ
ECLCP?JJW
SQCB
?Q
?
PCDCPCLAC

2FC
?KMSLR
MD
PCDCPCLAC
K?RCPG?J
GQ
?@MSR
RUGAC
@W
UCGEFR
MD
RFC
Q?KNJC
UFGAF
GQ
?
NMJWKCP
MP
MPE?LGA
K?RCPG?J
MP
RFC
Q?KC
UCGEFR
?Q
RF?R
MD
RFC
Q?KNJC
UFGAF
GQ
?L
GLMPE?LGA
K?RCPG?J
2FGQ
QFMSJB
@C
AMLQGBCPCB
?Q
?
ECLCP?J
ESGBC
RM
RFC
?KMSLR
MD
PCDCPCLAC
K?RCPG?J 
2FC
N?L
AMLR?GLGLE
RFC
PCDCPCLAC
K?RCPG?J
KSQR
@C
MD
RFC
Q?KC
RWNC
?Q
RFC
AMPPCQNMLBGLE
N?L
AMLR?GLGLE
RFC
Q?KNJC

1NCAGDGA?JJW
APGKN
PCDCPCLAC
K?RCPG?J
N?L
UFCL
Q?KNJC
N?L
GQ
APGKNCB
?LB
QC?J
RFC
DMPKCP
UFCL
RFC
J?RRCP
GQ
QC?JCB

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 "NNKHMFÄ.ODQ@SHNM

 ?QGA
NPMACBSPCQ
SNML
SQGLE
JGOSCDGCB
LGRPMECL

*GOSCDGCB
LGRPMECL
GQ
SQCB
RM
AMLBSAR
KC?QSPCKCLR
?R
JMUCP
RCKNCP?RSPCQ
RF?L
RFC

?K@GCLR
MP
RM
?AACJCP?RC
RFC
AMLRPMJJCB
AMMJGLE
P?RC
CTCL
BSPGLE
KC?QSPCKCLR
?R
FGEFCP
RCKNCP?RSPCQ
RF?L
RFC
?K@GCLR

2M
NPCTCLR
DMPK?RGML
MD
BCU
?LB
DPMQR
ML
RFC
QSPD?ACQ
MD
RFC
DSPL?AC
?LB
RFC
DSPL?AC
JGB
QSNNJW
MD
Ð"PWÐ
E?Q
?LB
NSPEC
E?Q
GQ
PCOSGPCB
0CDCP
RM
  

3LBCP
?
ACPR?GL
CLTGPMLKCLR
QSAF
?Q
FGEF
FSKGBGRW
RFC
DMPK?RGML
MD
BCU
?LB
DPMQR
A?L
NPMACCB
KMPC
P?NGBJW

TMGB
AMLRGLSMSQ
SQC
MD
JGOSCDGCB
LGRPMECL
DMP
JMLECP
RF?L
LCCBCB
?LB
?GP AMLBGRGML
RFC
PMMK
GD
NMQQG@JC

5FCL
?L
CJMLE?RCB
AMMJGLE
MNCP?RGML
GQ
AMLBSARCB
MP
RFC
?SRMK?RGA
AMMJGLE
?AACQQMPW
2! G 2! *
GQ
?RR?AFCB
@C
QSPC
RM
SQC
RFC
AMMJGLE
RMJCP?LR
RWNC
MD
RFC
"1! 
1  ∗
MP
CJQC
KMBGDW
RFC
QR?LB?PB
RWNC
RM
RFC
AMMJGLE
RMJCP?LR
RWNC
$MP
BCR?GJCB
GLDMPK?RGML
NJC?QC
AMLR?AR
1FGK?BXSQ
JMA?J
?ECLAW
MP
QCPTGAC
MDDGAC
GL
WMSP
PCQGBCLAC

C
QSPC
RM
PCKMTC
RFC
AMTCP
DMP
RFC
JGOSCDGCB
LGRPMECL
QSNNJW
QCARGML
QFMUL
GL
$GE
 
UFCL
SQGLE
JGOSCDGCB
LGRPMECL 'D
RFC
AMTCP
GQ
ICNR
AMJB
E?Q
K?W
NCLCRP?RC
GLRM
RFC
SLGR
A?SQGLE
RPMS@JCQ
@W
DMPK?RGML
MD
BCU
?LB
DPMQR 

1SNNJW
JGOSCDGCB
LGRPMECL
JGRRJC
@W
JGRRJC
DPMK
RFC
JGOSCDGCB
LGRPMECL
QSNNJW
QCARGML

'L
RFC
@CEGLLGLE
JGOSCDGCB
LGRPMECL
@PMSEFR
GL
AMLR?AR
UGRF
PCDPGECP?LR
R?LI
RF?R
GQ
QRGJJ
U?PK
UGJJ
@MGJ
DSPGMSQJW

'R
UGJJ
QCRRJC
FMUCTCP
UGRF
?
QGXXJGLE
QMSLB
RFCL
QSNNJWGLE
JGOSCDGCB
LGRPMECL
UGJJ
@C
C?QGCP

,MRC
RF?R
RFC
JGOSCDGCB
LGRPMECL
JCTCJ
QFMSJB
LCTCP
PC?AF
RFC
UFGRC
NMPRGML
RF?R
AMLQRGRSRCQ
RFC
SNNCP
N?PR
MD
RFC
PCDPGECP?LR
R?LI

'D
GR
BMCQ
JGOSCDGCB
LGRPMECL
K?W
MTCPDJMU
RM
RFC
GLRCPGMP
MD
RFC
SLGR
A?SQGLE
RPMS@JCQ

2FC
FGEFCP
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
PGQCQ
BSPGLE
KC?QSPCKCLR
RFC
FGEFCP
RFC
JGOSCDGCB
LGRPMECL
AMLQSKNRGML
@CAMKCQ
BSC
RM
?AACJCP?RCB
T?NMPGX?RGML
,MRC
RF?R
RFC
FC?R
DJMU
QGEL?J
AF?LECQ
BP?QRGA?JJW
LMR
MLJW
UFCL
JGOSCDGCB
LGRPMECL
GQ
QSNNJGCB
RM
RFC
CKNRW
PCDPGECP?LR
R?LI
@SR
?JQM
UFCL
RFC
PCDPGECP?LR
R?LI
BPGCQ
MSR

2M
PCKMTC
RFC
GLDJSCLAC
MD
QSAF
?L
SLQR?@JC
QR?RC
SNML
KC?QSPCKCLR
RFC
DMJJMUGLE
?JRCPL?RGTC
KCRFMBQ
?PC
?T?GJ?@JC

 5FCL
RFC
R?PECR
JMUCP
JGKGR
RCKNCP?RSPC
GQ
?RR?GLCB
QRMN
QSNNJW
MD
JGOSCDGCB
LGRPMECL

-LJW
?DRCP
RFC
PCDPGECP?LR
R?LI
BPGCQ
MSR
QR?PR
KC?QSPCKCLR

 #2" ÄÄ
  

!MMJGLE
-NCP?RGML

 )CCN
?L
?NNPMNPG?RC
?KMSLR
MD
JGOSCDGCB
LGRPMECL
GL
RFC
PCDPGECP?LR
R?LI

RFPMSEFMSR
RFC
KC?QSPCKCLR
@W
QSNNJWGLE
GR
?R
RGKCQ


+CRFMB (俣
GQ
KMPC
PCAMKKCLB?@JC
@CA?SQC
LMGQCQ
ML
RFC
FC?R
DJMU
QGEL?J
GQ
ECLCP?JJW
JMUCP
UFCL
RFC
PCDPGECP?LR
R?LI
GQ
CKNRW

+CRFMB (俣俣
F?TC
RM
@C
SQCB
FMUCTCP
GD
RCKNCP?RSPC
PGQC D?JJ
NPMACQQCQ
QFMSJB
@C
CVCASRCB
SLGLRCPPSNRCBJW
BSPGLE
RFC
KC?QSPCKCLR

'D
GR
GQ
NMQQG@JC
RM
GLQCPR
?
&-*"
NCPGMB
MD
?@MSR

KGLSRCQ
@CRUCCL
RCKNCP?RSPC
PGQC
?LB
D?JJ
NPMACQQCQ
FMUCTCP
+CRFMB (俣俣俣
@CJMU
?
AMKNPMKGQC
@CRUCCL
+CRFMBQ (俣
?LB (俣俣
A?L
@C
SQCB

 1SNNJW
QSAF
?KMSLR
MD
JGOSCDGCB
LGRPMECL
BSPGLE
?
&-*"
NCPGMB
@CDMPC
AMMJGLE
?Q
GR
BPGCQ
MSR
BSPGLE
RFC
LCVR
&-*"
NCPGMB
@CDMPC
FC?RGLE
PCQSJRGLE
GL
FC?RGLE
UGRFMSR
JGOSCDGCB
LGRPMECL
?LB
AMMJGLE
UGRF
JGOSCDGCB
LGRPMECL

2FC
GBC?
GQ
RM
DGJJ
RFC
PCDPGECP?LR
R?LI
MP
JCR
GR
BPW
MSR
BSPGLE
&-*"
NCPGMBQ
?LB
BGQA?PB
RFC
B?R?
?AOSGPCB
BSPGLE
QSAF
NCPGMBQ
UFCL
RFC
"1!
ACJJ
GQ
SLQR?@JC
?AAMKN?LGCB
UGRF
J?PEC
DJSARS?RGML
MD
RFC
FC?R
DJMU
QGEL?J
,MRC
FMUCTCP
RF?R
QSNNJW
MD
JGOSCDGCB
LGRPMECL
K?W
A?SQC
?
QK?JJ
DJSARS?RGML
GL
RFC
FC?R
DJMU
QGEL?J
CTCL
UFCL
QMKC
?KMSLR
MD
JGOSCDGCB
LGRPMECL
PCK?GLQ
GL
RFC
PCDPGECP?LR
R?LI

+?IC
QSPC
RFCPCDMPC
RM
QSNNJW
JGOSCDGCB
LGRPMECL
?Q
ECLRJW
?Q
NMQQG@JC
GL
QK?JJ 
OS?LRGRGCQ
5FCL
JGOSCDGCB
LGRPMECL
GQ
SQCB
DMP
AMMJGLE
RFC
?GP AMMJGLE
D?L
?RR?AFCB
RM
RFC
PGEFR
QGBC
N?LCJ
UGJJ
QRMN
?Q
UCJJ
?Q
RFC
GLRCPL?J
MLC
?LB
TGAC
TCPQ?

'R
QFMSJB
LMR
@C
PCE?PBCB
?Q
?@LMPK?JGRW

   .PCA?SRGMLQ
DMP
!MMJGLE
MNCP?RGML

 '@MCKHMFÄNEÄQDEQHFDQ@MS
*GOSCDGCB
LGRPMECL
GQ
?
JGOSGB
?R
RCKNCP?RSPC
MD
l‹!
MP
JMUCP

'D
GR
AMKCQ
GLRM
BGPCAR
AMLR?AR
CTCL
@PGCDJW
UGRF
RFC
QIGL
RFC
QIGL
?LB
RFC
SLBCPJWGLE
RGQQSC
K?W
@CAMKC
DPMQR@GRRCL

2FCPCDMPC
A?PCDSJ
?RRCLRGML
KSQR
@C
N?GB
UFCL
F?LBJGLE
JGOSCDGCB
LGRPMECL
QSAF
?Q
UFCL
DGJJGLE
MP
RP?LQNMPRGLE
RFC
AMLR?GLCP
?LB
CQNCAG?JJW
UFCL
QCRRGLE
RFC
QGNFML
GD
SQCB
GL
NJ?AC
?Q
JGOSCDGCB
LGRPMECL
GQ
JGICJW
RM
MTCPDJMU
"M
LMR
UC?P
AJMRF
EJMTCQ

-LAC
RFCW
?PC
QM?ICB
UGRF
JGOSCDGCB
LGRPMECL
GRQ
CT?NMP?RGML
GQ
PCQRP?GLCB
?LB
?Q
?
PCQSJR
RFC
QIGL
GQ
CVNMQCB
RM
JGOSCDGCB
LGRPMECL
DMP
?
AMKN?P?RGTCJW
JMLE
RGKC

5FCL
SQGLE
EJMTCQ
@C
QSPC
RM
UC?P
MLCQ
QSAF
?Q
JC?RFCP
EJMTCQ
RF?R
BM
LMR
?JJMU
C?QW
NCPKC?RGML
MD
JGOSGBQ

C
A?PCDSJ
LMR
RM
GLAJGLC
MP
EGTC
?L
GKN?AR
RM
RFC
"CU?P
AMLR?GLCP

0MSEF
F?LBJGLE
MD
RFC
AMLR?GLCP
K?W
?DDCAR
GRQ
GLQSJ?RGLE
A?N?@GJGRW

2?IC
EPC?R
A?PC
ML
F?LBJGLE
JGOSCDGCB
LGRPMECL

'RQ
BGPCAR
AMLR?AR
UGRF
RFC
QIGL
K?W
A?SQC
QCTCPC
DPMQR@GRC

5C?PGLE
LML NCPKC?@JC
JC?RFCP
K?BC
EJMTCQ
GQ
PCAMKKCLBCB

,CTCP
SQC
AJMRF
EJMTCQ
UFGAF
?PC
NCPKC?@JC
?LB
?JJMU
QM?IGLE
JGOSCDGCB
LGRPMECL
?RR?AI
RFC
QIGL

#2" ÄÄ 
 ÄÄ./$1 3(.-Ä%.1Ä,$ 241$,$-3

 1NNLÄUDMSHK@SHNM
*GOSCDGCB
LGRPMECL
GLRPMBSACB
GLRM
RFC
PCDPGECP?LR
R?LI
CT?NMP?RCQ
?Q
GR
AMMJQ
RFC
DSPL?AC
?LB
Q?KNJC

2F?R
GQ
BSPGLE
KC?QSPCKCLR
LGRPMECL
E?Q
GQ
AMLQR?LRJW
CKGRRCB

2FC
?KMSLR
MD
LGRPMECL
E?Q
CKGRRCB
GQ
J?PEC
BSPGLE
RFC
GLGRG?J
QR?EC
MD
AMMJGLE
?LB
UFCL
RFC
DSPL?AC
?LB
Q?KNJC
QCARGML
RCKNCP?RSPCQ
?PC
FGEF
2FCPCDMPC
SRKMQR
A?PC
KSQR
@C
N?GB
RM
NPMTGBGLE
QSDDGAGCLR
TCLRGJ?RGML
MD
RFC
PMMK
CQNCAG?JJW
UFCL
RFC
SLGR
GQ
GLQR?JJCB
GL
?
QK?JJ
?GPRGEFR
PMMK

*?PEC
?KMSLR
MD
LGRPMECL
E?Q
GQ
CT?NMP?RCB
BSPGLE
AMMJGLE
MNCP?RGML
UGRF
JGOSCDGCB
LGRPMECL
?R
\ K FP
UFCL
AMLRGLSMSQJW
QSNNJGCB
UFGAF
K?W
A?SQC
QSDDMA?RGML
CQNCAG?JJW
GL
?
QK?JJ
?GPRGEFR
PMMK

2?IC
CLMSEF
A?PC
?@MSR
PMMK
TCLRGJ?RGML

 #2" ÄÄ
  , (-3$- -"$ÄÄ31.4!+$2'..3(-&
 ,@HMS@HMHMFÄSGDÄ/DQENQL@MBD
$MP
AMLDGPKGLE
OS?LRGR?RGTCJW
RFC
GLQRPSKCLReQ
NCPDMPK?LAC
KC?QSPC
RFC
KCJRGLE
RCKNCP?RSPC
?LB
RFC
FC?R
MD
DSQGML
KCJRGLE
CLRF?JNW
MD
?
QR?LB?PB
K?RCPG?J
@CDMPC
R?IGLE
KC?QSPCKCLRQ
ML
Q?KNJCQ
AMKN?PC
KC?QSPCB
T?JSCQ
UGRF
JGRCP?RSPC
T?JSCQ
MP
T?JGB?RCB
T?JSCQ
QFMUL
GL
?
BMASKCLR
?RR?AFCB
RM
RFC
QR?LB?PB
K?RCPG?J

&CPC
GQ
?L
CV?KNJC
APGRCPGML
GL
RFC
A?QC
MD
NSPC
GLBGSK
RFC
KMQR
AMLTCLGCLRJW
SQCB
QR?LB?PB
K?RCPG?J




+CJRGLE
RCKNCP?RSPC









 
”
 
‹!




&C?R
MD
DSQGML

















 
”
 
( E
'D
RFC
KCJRGLE
RCKNCP?RSPC
MP
RFC
FC?R
MD
DSQGML
?Q
?ARS?JJW
KC?QSPCB
@W
RFC
GLQRPSKCLR
GQ
LMR
UGRFGL
RFC
?@MTC
P?LEC
A?JG@P?RC
RFC
GLQRPSKCLR

,MRC
FMUCTCP
RF?R
RFC
SQCPQ
K?W
SQC
RFCGP
MUL
APGRCPGML
MD
?AASP?AW
?JJMU?LACQ
0CDCP
RM
 

2FGQ
OS?LRGR?RGTC
CT?JS?RGML
MD
RFC
?AASP?AW
QFMSJB
ECLCP?JJW
@C
NCPDMPKCB
?R
JC?QR
MLAC
?
KMLRF
?LB
NPCDCP?@JW
MLAC
?
UCCI

'D
RFCPC
GQ
FMUCTCP
?
AMPNMP?RC
QR?LB?PB
C E
MLC
CQR?@JGQFCB
?Q
RFC
%*.
AMLDMPK
RM
GR

DRCP
CTCPW
AJC?LGLE
PSL
0CDCP
RM
 

MP
BCRCARMP
PCNJ?ACKCLR
LCACQQGR?RCB
UFCL
RFC
DSPL?AC
MP
RFC
BCRCARMP
GQ
QMGJCB
@C
QSPC
RM
NCPDMPK
RFGQ
OS?LRGR?RGTC
CT?JS?RGML
MD
RFC
?AASP?AW
DRCP
BCRCARMP
PCNJ?ACKCLR
FMUCTCP
?
1FGK?BXS
QCPTGAC
NCPQML
UGJJ
NCPDMPK
RFGQ
NPMACBSPC 
2M
CLQSPC
RF?R
RFC
GLQRPSKCLR
GQ
?JU?WQ
GL
GRQ
@CQR
AMLBGRGML
GR
GQ
PCAMKKCLB?@JC
RF?R
RFC
SQCP
QGELQ
?
K?GLRCL?LAC
?EPCCKCLR
UGRF
?
1FGK?BXS
QCPTGAC
AMKN?LW
RF?R
QRGNSJ?RCQ
NCPGMBGA
SQS?JJW
?LLS?J
GLQNCARGML


 3QNTAKDRGNNSHMF

 $QQNQÄBNCDR
5FCL
?L
?@LMPK?JGRW
GQ
BCRCARCB
RFC
*!"
N?LCJ
GL
RFC
ICW BGQNJ?W
QCARGML
GLBGA?RCQ
MLC
MD
RFC
DMJJMUGLE
CPPMP
AMBCQ
BCNCLBGLE
ML
RFC
A?SQC


#PPMP
AMBC !?SQC
#00
 2FC
Q?KNJC
QCARGML
RCKNCP?RSPC
GQ
?@MTC
RFC
SNNCP
JGKGR
T?JSC
#00
 2FC
Q?KNJC
QCARGML
RCKNCP?RSPC
GQ
@CJMU
RFC
JMUCP
JGKGR
T?JSC
#00
 2FC
DSPL?AC
RCKNCP?RSPC
GQ
?@MTC
RFC
SNNCP
JGKGR
T?JSC
#00
 2FC
DSPL?AC
RCKNCP?RSPC
GQ
@CJMU
RFC
JMUCP
JGKGR
T?JSC
2FC
DSPL?AC
RCKNCP?RSPC
GQ
FGEFCP
RF?L
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
@W
#00

‹!
MP
KMPC
2FC
DSPL?AC
RCKNCP?RSPC
GQ
JMUCP
RF?L
RFC
Q?KNJC
QCARGML
RCKNCP?RSPC
@W
#00

‹!
MP
KMPC
#00
 2FC
Q?KNJC
QCARGML
RCKNCP?RSPC
MP
RFC
DSPL?AC
RCKNCP?RSPC
LCTCP
PGQCQ
#00
 02"
RCKNCP?RSPC
CVACCBQ

℃
MP
2FCPKMQR?R
MNCP?RCB
5FCL
?LW
MD
RFC
?@MTC
CPPMP
AMBCQ
GQ
BGQNJ?WCB
QSQNCAR
RF?R
?
RPMS@JC
F?Q
MAASPPCB
?R
RFC
BCRCARMP
RFC
FC?RCP
MP
RFC
PCJ?RCB
CJCARPGA?J
AGPASGRQ

,MRC
BMUL
RFC
CPPMP
AMBC
?LB
PCNMPR
GR
RM
?
1FGK?BXS
QCPTGAC
NCPQML

#2" ÄÄ 
 ÄÄ, (-3$- -"$ÄÄ31.4!+$2'..3(-&
 3QNTAKDÄHMÄ#2"ÄRXRSDL
1WKNRMK
@LMPK?J
RCKNCP?RSPC
GQ 0CTCPQC AMLLCARGML
GLBGA?RCB
DMP
RFC
?K@GCLR BGQAMLLCARGML
MP
BCDCARGTC
RCKNCP?RSPC
&C?R
DJMU
QGEL?J
DJSARS?RCQ
J?PECJW
?R
RFC
?K@GCLR
RCKNCP?RSPC
&C?R
DJMU
QGEL?J
BCDJCARQ
RM
RFC
UPMLE
QGBC
5FCL
KC?QSPCKCLR
QR?PRQ
NMUCP
QSNNJW
GQ
GKKCBG?RCJW
QFSR
MDD
5FCL
KC?QSPCKCLR
QR?PRQ
RCKNCP?RSPC
BMCQ
LMR
PGQC
5FCL
KC?QSPCKCLR
QR?PRQ P?RC
DMP
RFC
DGPQR
QR?EC
GQ

MP 1CR
?BCOS?RC
RCKNCP?RSPC
GR
QRMNQ
GKKCBG?RCJW
5FCL
KC?QSPCKCLR
QR?PRQ
RCKNCP?RSPC
QR?PRQ
RM
PGQC RFCPKMAMSNJC
QSBBCLJW
 #2" ÄÄ
!?SQC 0CKCBW
K@GCLR
RCKNCP?RSPC
AMKNCLQ?RGLE
CJCKCLR
GQ 0CNJ?AC
RFC
CJCKCLR
BCDCARGTC
!MLLCAR
RFC
UGPCQ
NPMNCPJW
AMLR?AR
MD
AMJB
HSLARGML
MD
BCRCARMP
RFCPKMAMSNJCQ
5GPC
MD
BCRCARMP
RFCPKMAMSNJC
0CNJ?AC
RFC
BCRCARMP
GQ
@PMICL
"CDCARGTC
AMLLCARGML
MD
UGPC
MD
!MLLCAR
RFC
UGPCQ
AMPPCARJW
BCRCARMP
RFCPKMAMSNJC
#JCARPMK?ELCRGA
LMGQC
QMSPAC
GL 0CKMTC
RFC
LMGQC
QMSPAC
MP
RFC
TGAGLGRW RP?LQDCP
RFC
QWQRCK
0CTCPQC
AMLLCARGML
MD
AMJB
HSLARGML
MD
BCRCARMP !MLLCAR
RFC
UGPCQ
NPMNCPJW
RFCPKMAMSNJC
1?KNJC
F?Q
@CCL
QCR
ML
RFC
JCDR 1CR
Q?KNJC
ML
RFC
PGEFR
QGBC
?LB
QGBC
TGCUCB
DPMK
RFC
DPMLR K?IC
KC?QSPCKCLR
?E?GL
0CNJ?AC
RFC
DSQC
ML
RFC
PC?P
2FC
P?RGLE
MD
DSQC
GQ
LMR
NPMNCP
N?LCJ
UGRF
?
LCU
MLC
MD
RFC
JCQQ
RF?L

P?RGLE

1FMPR
AGPASGR
MD
FC?RCP
MP
FC?RCP 0CNJ?AC
RFC
FC?RCP
MP
AFCAI
?LB
BPGTGLE
AGPASGR PCN?GP
RFC
AGPASGR
0CNJ?AC
MP
QCR
DSQC
ML
RFC
PC?P
$SQC
GQ
@JMUL
MP
KGQQGLE
N?LCJ
"CDCARGTC
AMLLCARGML
?R
FC?RCP
!MLLCAR
RFC
A?@JCQ
NPMNCPJW
RCPKGL?J
'KNPMNCP
RCKNCP?RSPC
NPMEP?K
$MP
CV?KNJC
FC?RGLE
P?RC
GQ
NMQGRGTC
UFCPC?Q
R?PECR 1CR
?L
?NNPMNPG?RC
RCKNCP?RSPC
RCKNCP?RSPC
GQ
JMUCP
RF?L
RFC NPMEP?K
NPCQCLR
RCKNCP?RSPC
?Q
RFC
DGPQR
QR?EC
QCRRGLE
PMICL
UGPC
MD
FC?RCP 0CNJ?AC
+C?LGLEJCQQ
RCKNCP?RSPC
NPMEP?K
$MP
CV?KNJC
FC?RGLE
R?PECR
RCKNCP?RSPC
GQ
RFC
Q?KC NPMEP?K
?Q
RFC
NPCQCLR
RCKNCP?RSPC
?LB
FMJB
RGKC
QCRRGLE
GQ
 
0CTCPQC
AMLLCARGML
BGQAMLLCARGML
MP
BCDCARGTC
!MLLCAR
RFC
UGPCQ
NPMNCPJW
AMLR?AR
MD
AMJB
HSLARGML
MD
DSPL?AC
RFCPKMAMSNJC
PMICL
UGPC
MD
DSPL?AC
0CNJ?AC
3LDC?QG@JC
RCKNCP?RSPC
NPMEP?K
$MP
CV?KNJC
R?PECR
1CR
?BCOS?RC
RCKNCP?RSPC
RCKNCP?RSPC
GQ
FGEFCP
RF?L
RFC
NPMEP?K
NPCQCLR
RCKNCP?RSPC
GL
RFC
RCKNCP?RSPC
BPMN
NPMEP?K 

1WKNRMK
2CKNCP?RSPC
BCTG?RCQ
J?PECJW
DPMK
NPMEP?KKCB
RCKNCP?RSPC
"CDCARGTC
RCKNCP?RSPC
AMLRPMJ
?QCJGLC
AMLR?GLQ
RCKNCP?RSPC
AMLRPMJ
LMGQC
FSLRGLE
?LB
KC?LBCPGLE
*?PEC
@?QCJGLC
BPGDR
&GEF
LMGQC
JCTCJ
BSPGLE
RCKNCP?RSPC
AMLRPMJ
*?PEC
@?QCJGLC
BPGDR
MP
FGEF
LMGQC
UFGJC
JGOSCDGCB
LGRPMECL
GQ
SQCB
DMP
AMMJGLE
KC?QSPCKCLR
 

2PMS@JCQFMMRGLE
!?SQC 0CKCBW
'KNPMNCP
RCKNCP?RSPC
AMLRPMJ
!F?LEC
RFC
AMLRPMJ
AMLQR?LRQ
AMLQR?LRQ
.
'
"
"CDCARGTC
AMLR?AR
MD
AMJB
HSLARGML
MD
DSPL?AC !MLLCAR
RFC
UGPCQ
AMPPCARJW
RFCPKMAMSNJC
3LQR?@JC
AMLR?AR
@CRUCCL
FC?RCP
?LB
FMR
HSLARGML
MD 'KNPMTC
RFC
AMLR?AR
DSPL?AC
RFCPKMAMSNJC
#JCARPMK?ELCRGA
LMGQC
QMSPAC
GL 0CKMTC
RFC
LMGQC
QMSPAC
MP
RFC
TGAGLGRW RP?LQDCP
RFC
QWQRCK
'L?BCOS?RC
NMUCP
QSNNJW 1SNNJW
NMUCP
RFPMSEF
NMUCP
AMLBGRGML QR?@GJGXCP
*?PEC
BGDDCPCLAC
GL
FC?R
A?N?AGRW !MLRPMJ
RFC
?KMSLR
MD
PCDCPCLAC
@CRUCCL
Q?KNJC
?LB
PCDCPCLAC K?RCPG?J
RM
COS?JGXC
RFC
FC?R
K?RCPG?J A?N?AGRW
.J?AC
Q?KNJC
N?L
?R
?NNPMVGK?RC
ACLRCP
MD
RFC
BGQI
'KNPMNCP
NMQGRGML
MD
Q?KNJC
N?L
N?PR
MD
RFC
BCRCARMP
NJ?RC
?R
C?AF
Q?KNJC
?LB
PCDCPCLAC
QGRC
'LAMPPCAR
QCRRGLE
MD
DSPL?AC
JGB 1CR
RFC
DSPL?AC
JGB
AMPPCARJW
&C?RGLE
P?RC
GQ
CVACQQGTCJW
FGEF 1CR
RFC
P?RC
JMUCP
GD
NMQQG@JC
1CR
RFC
LCU
) T?JSC
QS@RP?ARGLE
'KNPMNCP
) T?JSC
QCRRGLE
GL
RFC
ASPPCLR
BPGDR
NCP
‹!
DPMK
@?QCJGLC
?BHSQRKCLR
RFC
NPCQCLR
T?JSC
!JC?L
UGRF
?NNPMNPG?RC
QMJTCLR
?LB
BPW
@W
FC?RGLE
UGRFMSR
1MGJCB
MP
BCRCPGMP?RCB
BCRCARMP
Q?KNJC
MP
CVCASRC
?
AJC?LGLE
MP
DSPL?AC
PSL

'D
RFGQ
KC?QSPC
GQ
LMR
CDDCARGTC
PCNJ?AC 
*MMQC
QAPCUQ
GL
DSPL?AC
SLGR !FCAI
?LB
PCN?GP
+?IC
RFC
@MRRMK
DJ?R
MP
PCNJ?AC
1?KNJC
N?L
@MRRMK
GQ
LMR
DJ?R RFC
N?L
UGRF
?
LCU
MLC
F?TGLE
?
DJ?R
@MRRMK
"SQR
@CRUCCL
BCRCARMP
NJ?RC
#JGKGL?RC
BSQR
?LB
Q?KNJC
N?L
!JC?L
UGRF
?NNPMNPG?RC
QMJTCLR
?LB
BPW
@W
FC?RGLE
UGRFMSR
1MGJCB
MP
BCRCPGMP?RCB
BCRCARMP
Q?KNJC
MP
CVCASRC
?
AJC?LGLE
MP
DSPL?AC
PSL

'D
RFGQ
KC?QSPC
GQ
LMR
CDDCARGTC
PCNJ?AC
"CDMPKCB
BCRCARMP
NJ?RC 0CNJ?AC
RFC
BCRCARMP
#JGKGL?RC
TG@P?RGML
QMSPAC
MP
#VRCPL?J
TG@P?RGML
RP?LQDCP
RFC
QWQRCK
#VRPCKCJW
J?PEC
PMMK
GP AMLBGRGML
RFC
PMMK
?LB
RCKNCP?RSPC
DJSARS?RGML
BSC
RM
NMQGRGML
RFC
QWQRCK
?N?PR
DPMK
?
TCLR
GL
RFC
TGAGLGRW
MP
MRFCP
RFC
TCLR
PC?QML
$GJJ
?R
JC?QC
F?JD
MD
RFC
R?LI
*MU
JGOSCDGCB
LGRPMECL
JCTCJ
UGRF
JGOSCDGCB
LGRPMECL
+CAF?LGA?J
?Q
UCJJ
?Q
RFCPK?J
QFMAI
QSBBCL
AF?LEC
GL
RFC 1JMUJW
?LB
ECLRJW
QSNNJW
JGOSCDGCB
LGRPMECL
JCTCJ
BSC
RM JGOSCDGCB
LGRPMECL
GL
QK?JJ
QSNNJW
MD
RMM
KSAF
JGOSCDGCB OS?LRGRGCQ
LGRPMECL
?R
MLC
RGKC
#2" ÄÄ 
 ÄÄ, (-3$- -"$ÄÄ31.4!+$2'..3(-&

1WKNRMK !?SQC 0CKCBW

!MMJGLE
BMUL
RM
RFC
QNCAGDGCB
RCKNCP?RSPC
MP
?R
RFC
QNCAGDGCB
P?RC
A?LLMR
@C $GJJ
?R
JC?QC
F?JD
MD
RFC
R?LI
*MU
JGOSCDGCB
LGRPMECL
JCTCJ
?AFGCTCB
UFGJC
JGOSCDGCB UGRF
JGOSCDGCB
LGRPMECL
LGRPMECL
GQ
SQCB
DMP
AMMJGLE
KC?QSPCKCLR
2FC
AMMJGLE
D?L
?RR?AFCB
RM
RFC
QGBC
N?LCJ
BMCQ
LMR
PSL 2FC
AMMJGLE
D?L
QFMSJB
QRMN
,M
?ARGML
GQ
PCOSGPCB
RFGQ
GQ
LMR
UFGJC
JGOSCDGCB
LGRPMECL
GQ ?SRMK?RGA?JJW
UFCL
JGOSCDGCB
?L
?@LMPK?JGRW
SQCB
DMP
AMMJGLE LGRPMECL
GQ
QSNNJGCB
KC?QSPCKCLR
$PMQR
E?RFCPQ
ML
RFC
1SNNJW
ÐBPWÐ
E?Q
?LB
NSPEC
E?Q
DSPL?AC
JGB
UFGJC
JGOSCDGCB Ð"PWÐ
E?Q
?LB
NSPEC
E?Q
?PC
LMR
?R
PCQNCARGTCJW
QNCAGDGCB
DJMU
LGRPMECL
GQ
SQCB
DMP
AMMJGLE QSNNJGCB
P?RCQ
KC?QSPCKCLR
$PMQR
E?RFCPQ
ML
CVRCPGMP
QSPD?ACQ
MD
RFC
GLQRPSKCLR
2FC
CLTGPMLKCLR
GQ
FGEFJW "CFSKGBGDW
?GP AMLBGRGML
RFC
UFGJC
JGOSCDGCB
LGRPMECL
GQ
FSKGB PMMK
SQCB
DMP
AMMJGLE
KC?QSPCKCLR

 .SGDQÄSQNTAKDR
1WKNRMK !?SQC 0CKCBW
0CNJ?AC
MP
QCR
RFC
DSQC
ML
RFC
.MUCP
GQ
LMR
QSNNJGCB $SQC
GQ
@JMUL
MP
KGQQGLE
PC?P
N?LCJ
"CDCARGTC
!.3
BCQRPMWCB
0CN?GP
MP
PCNJ?AC
RFC
PCJ?RCB
KCKMPW
AMLRCLR
MP
MRFCP
@LMPK?J
*!" N?PRQ
CJCARPGA?J
RPMS@JC
"?K?ECB
MP
MJB
JGOSGB
APWQR?J 0CNJ?AC
RFC
*!"
SLGR
"CDCARGTC
!.3
BCQRPMWCB
0CN?GP
MP
PCNJ?AC
RFC
PCJ?RCB
)CW
GLNSR
GQ
LMR
?AACNRCB KCKMPW
AMLRCLR
MP
MRFCP
N?PRQ
CJCARPGA?J
RPMS@JC
"?R?
AMKKSLGA?RGML
GQ
LMR 01 !
A?@JC
AMLLCARMP
GQ
'LQCPR
RFC
AMLLCARMP
QCASPCJW
NMQQG@JC BGQAMLLCARCB

'L
RFC
A?QC
MD
?LW
RPMS@JCQ
MRFCP
RF?L
RFMQC
UGRF
?
@?AIEPMSLB
AMJMP
MSP
QCPTGAC
QR?DD
QF?JJ
R?IC
PCKCBG?J
KC?QSPCQ

1M
NJC?QC
AMLR?AR
SQ

.JC?QC
SLBCPQR?LB
RF?R
1FGK?BXS
UGJJ
LMR
R?IC
PCQNMLQG@GJGRW
DMP
?LW
BCRCPGMP?RGML
MD
QWQRCK
NCPDMPK?LAC
MP
Q?DCRW
PCQSJRGLE
DPMK
@PC?IGLE
SN
MP
PCT?KNGLE
RFC
GLQRPSKCLRQ
?R
WMSP
MUL
BGQAPCRGML

2M
?TMGB
CJCARPGA
QFMAI
PCNJ?AC
RFC
DSQC
?DRCP
RSPLGLE
MDD
RFC
NMUCP
QUGRAF
?LB
BGQAMLLCAR
RFC
NMUCP
QSNNJW
NJSE
DPMK
RFC
QMAICR MSRJCR

 #2" ÄÄ
  

2PMS@JCQFMMRGLE

 ,@HMSDM@MBD

 0CNJ?ACKCLR
MD
N?PRQ
C
QSPC
RM
AMLQSJR
MSP
QCPTGAC
QR?DD
ML
PCNJ?ACKCLR
MD
FC?RCP
BCRCARMP
?LB
MRFCP
AMKNMLCLRQ

2?@JC

GQ
?
JGQR
MD
K?GLRCL?LAC
N?PRQ

.JC?QC
SLBCPQR?LB
RF?R
1FGK?BXS
UGJJ
LMR
R?IC
PCQNMLQG@GJGRW
DMP
QWQRCK
NCPDMPK?LAC
BCRCPGMP?RGML
MP
?LW
?AAGBCLRQ
PCQSJRGLE
DPMK
PCNJ?ACKCLR
MP
PCN?GP
MD
N?PRQ
NCPDMPKCB
@W
RFC
ASQRMKCP
UGRFMSR
MSP
?NNPMT?J

 !JC?LGLE
RFC
GLQRPSKCLReQ
CVRCPGMP

5GNC
MDD
RFC
QSPD?AC
MD
RFC
CVRCPL?J
AMTCP
UGRF
?
AJC?L
QMDR
AJMRF
QM?ICB
GL
CRF?LMJ
UFCL
GR
ECRQ
QMGJCB

"M
LMR
SQC
QSAF
QMJTCLR
?Q
@CLXGLC
MP
?
N?GLR
RFGLLCP
MP
MLCQ
AMLR?GLGLE
@JC?AFGLE
?ECLRQ
MP
NMJGQFGLE
GLEPCBGCLRQ

 2P?LQNMPR?RGML
JRFMSEF
RP?LQNMPR?RGML
?LB
PCGLQR?JJ?RGML
MD
RFC
GLQRPSKCLR
QF?JJ
@C
BMLC
GL
NPGLAGNJC
@W
1FGK?BXSeQ
QCPTGAC
QR?DD
SQCPQ
K?W
KMTC
GR
GL
QSAF
A?QC
?Q
C E
HSQR
QFGDRGLE
GRQ
NMQGRGML
ML
RFC
J?@MP?RMPW
@CLAF

2?IC
A?PC
?@MSR
RFC
DMJJMUGLE
NMGLRQ
q 0CKMTC
RFC
ACJJ
AMTCP
DSPL?AC
AMTCP
DSPL?AC
JGB
?LB
AMTCP
DMP
RFC
JGOSCDGCB
LGRPMECL
QSNNJW
QCARGML
GL
MPBCP
RM
NPCTCLR
RFCK
DPMK
D?JJGLE
BSPGLE
RP?LQNMPR?RGML
q "GQAMLLCAR
RFC
A?@JCQ
MP
E?Q
QSNNJW
NGNCQ
DPMK
RFC
K?GL
@MBW
GD
RFCW
A?L
PCQRP?GL
GRQ
QKMMRF
RP?LQNMPR?RGML
q &MJB
RFC
GLQRPSKCLR
@W
@MRF
F?LBQ
MLC
SLBCP
RFC
DPMLR
CLB
RFC
MRFCP
SLBCP
RFC
PC?P
CLB
PCQNCARGTCJW 

2FC
CVRPCKC
CLB
MD
RFC
A?QC
?R
RFC
DPMLR
GQ
K?BC
MD
NJ?QRGAQ
UFGAF
A?L
@PC?I
UFCL
FMJBGLE
RFC
GLQRPSKCLR
?R
RFGQ
NMPRGML

C
QSPC
RM
GLQCPR
RFC
F?LB
?Q
D?P
?Q
RFC
KCR?J
N?L
SNML
FMJBGLE

q TMGB
RGNNGLE
RFC
GLQRPSKCLR
CVACQQGTCJW
BSPGLE
RP?LQNMPR?RGML
NSRRGLE
GR

BMUL
PMSEFJW
MP
?LW
MRFCP
RPC?RKCLRQ
LMR
QSGR?@JC
DMP
NPCAGQGML
GLQRPSKCLRQ
q 0CAMLLCAR
RFC
A?@JCQ
?LB
E?Q
QSNNJW
NGNCQ
GD
RFCW
UCPC
BGQAMLLCARCB
?DRCP
RFC
UGPGLE
?LB
NGNGLE
GLQRPSARGMLQ
GL
  
  
?LB
 
?LB
QCR
RFC
JGB
?LB
RFC
PCQNCARGTC
AMTCPQ
?DRCP
RFC
GLQRPSARGMLQ
GL
 

q .CPDMPK?LAC
AFCAIGLE
?LB
PC A?JG@P?RGML
GD
LCACQQ?PW
GQ
PCAMKKCLBCB
?DRCP
RP?LQNMPR?RGML
PCDCPPGLE
RM
 
'RCK


 1RMP?EC
5FCL
QWQRCK
GQ
RM
@C
JMLE
MSR
MD
QCPTGAC
BGQAMLLCAR
RFC
E?Q
QSNNJW
NGNCQ
?LB
AJMQC
RFC
PCQNCARGTC
NMPRQ
UGRF
LGNNJCQ
?LB
LSRQ

!JMQC
RFC
DSPL?AC
JGB
RFCL
DSPL?AC
AMTCP
QCASPCJW
UGRF
LMRFGLE
ML
RFC
BCRCARMP
NJ?RC
?LB
QCR
RFC
ACJJ
AMTCP
QM
RF?R
BSQR
BMCQ
LMR
CLRCP
RFC
GLRCPGMP

"M
LMR
QRMPC
RFC
SLGR
GLAJGLCB
MP
SNQGBC
BMUL
$MP
QRMP?EC
?TMGB
?
NJ?AC
CVNMQCB
RM
BGPCAR
QSLJGEFR
?LB
QCTCPC
TG@P?RGML
?Q
UCJJ
?Q
?
BSQRW
NJ?AC
2?@JC

+?GLRCL?LAC
.?PRQ
*GQR

#2" ÄÄ 
 ÄÄ, (-3$- -"$ÄÄ31.4!+$2'..3(-&

.?PR
,?KC .?PR
,SK@CP 0CK?PIQ

1MJCLMGB
T?JTC 1  
2FCPKMAMSNJC
DMP
1 
DSPL?AC
1FC?RFCB
FC?RCP 1  
*,
1CLQMP 1  
!MLLCARGLE
PMB 1 
.! "
?QQCK@JW 1   !.3
@M?PB
.! "
?QQCK@JW 1    "
@M?PB
.! "
?QQCK@JW 1   &C?RCP
AMLRPMJ
@M?PB
.! "
?QQCK@JW 1   )CW BGQNJ?W
@M?PB
.! "
?QQCK@JW 1  
2FCPKMAMSNJC
AMJB
.! "
?QQCK@JW 1  
HSLARGML
@M?PB
.PC ?KNJGDGCP
+8  1  
K@GCLR
RCKNCP?RSPC
1  
QCLQMP
&C?RCB
QC?R 1 
&C?RCP
NJ?RC 1 
2?@JC

!MLQSK?@JCQ
*GQR

.?PR
,?KC .?PR
,SK@CP 0CK?PIQ

+C?QSPGLE
SLGR 1  
$SPL?AC
JGB 1 
JSKGLSK
N?L 1   5GRF
JGB
NAQ
GL
?
QCR
.J?RGLSK
Q?KNJC
N?L 1 
.J?RGLSK
JGB 1 
&CPKCRGA
?JSKGLSK
1  5GRF
JGB
NAQ
GL
?
QCR
Q?KNJC
N?L
JSKGL?
Q?KNJC
N?L 1 
.PCQQSPC PCQGQR?LR
QR QR
1   5GRF
JGB
NAQ
GL
?
QCR
Q?KNJC
N?L

 #2" ÄÄ
 //$-#(7
1R?LB?PB
K?RCPG?JQ
SQCB
DMP
A?JG@P?RGML
MD
"1!
?NN?P?RSQCQ
2P?LQGRGML #LRF?JNW
,'12
A?R?JMESC
1R?LB?PB
K?RCPG?J RCKNCP?RSPC MD
DSQGML
LSK@CP
GL
‹! GL
(･El
!WAJMFCV?LC l ,'12
0+

+CPASPW l    ,'12
10+

  "GAFJMPMCRF?LC l ,'12
0+

!WAJMFCV?LC  ,'12
0+

.FCLWJ
CRFCP  ,'12
0+

 2CPNFCLW  ,'12
0+

GNFCLWJ
      ,'12
10+

.MR?QQGSK
LGRP?RC   ,'12
0+

'LBGSK    ,'12
0+

2GL
      ,'12
10+

2GL  ,'12
0+

,'12
0+
.MR?QQGSK
NCPAFJMP?RC  
 
*C?B    
8GLA
      ,'12
10+
?
,'12
0+
1GJTCP
QSJD?RC 
 
,'12
0+
/S?PRX 
 
,'12
0+
.MR?QQGSK
QSJD?RC 
 
,'12
0+
.MR?QQGSK
AFPMK?RC 
 
?PGSK
A?P@ML?RC  ,'12
0+

1RPMLRGSK
A?P@ML?RC  ,'12
0+


2FC
T?JSCQ
GL
@MJBD?AC
GLBGA?RC
RCKNCP?RSPCQ CLRF?JNGCQ
MD
KCJRGLE

2FC
T?JSCQ
UGRF
?L
?QRCPGQI
GLBGA?RC
"1! "2
NC?I
RCKNCP?RSPCQ
?LB
RFC
MRFCPQ
GLBGA?RC
COSGJG@PGSK
RP?LQGRGML
RCKNCP?RSPCQ
PCQNCARGTCJW 

#2" ÄÄ 
2FGQ
N?EC
GQ
GLRCLRGML?JJW
JCDR
@J?LI