!"#$
%!'&)(*+
-,.*/01*++!/
24365879!36:<;>=$245?9A@B5DC
E$FHG4IKJKLNMPORQKSUTVMPWDSUM*XYMZID[!ONL\G4MZW]L
ER[!O\W8MP^ATVM_MP`V`VFAWaRW8Tcb!MZO\d\TVLNe
f TcLNL\dNgKJKO\^Hh f?ikj
lHmKjon
p6pKqHr6stqvuDw8x6y{zUxo|6}Rz~!sH}
YHK
K>?
hKM1d\JDSPSMPd\dFvKO\MPTVW6FHOSUMZG4MPW6L`VM
[vO\WKTVWK^RTVW#IKOU[ASN
LNTSZ[!`IKO\FHgK`VMPG4dtMPIMPWD6dFAWL\hKM[!gKTV`VTVLeL\F
SUFHG0g8TcW8MJ8WDSUL\TVFHW[vIKIKO\FoKTVG[vL\TVFAWRTVL\hL\MPG
I?FAOU[!`6TMPO\MPW?SUM0GMPL\h8F]6dRdNJDSUh[!dRb![!`VJKM#TVL\MPOU[o
LNTcFHWBKIMPONTVG4MPWHL\d>TVWL\hKTVd[!ONM
[hD[obAM$IKONFttJDSUM
GT KM
ONMPd\JK`VLNd
¡BL\hKMPONMhD[ZbAM*gDMPMZW¢gDFHL\hWKFHL[vgK`VM
dNJDSPSUMPdNd\MPd#[!WD£WKFHL[!g8`cMYtTcdU[!IKI?FATVWHL\G4MZWAL\do hKMU
FHO\e¢hD[vd0g?MPMPWdSZ[!OSMA¤$G4FAdNL\`Ve<6J8MLNFL\h8M¥tT ¦
§¨SJK`VL©e¢F!YO\Mo[!d\FHWKTVWK^<[vgDFHJKLªJKWDSULNTcFHW«[!IKI8O\FoKT
G[!L\FHO\d#L\h?[!L^HMPWKMPOU[!`VTV¬PM4g?MPeAFHWDL\h8M4FAg8d\MPONbAM
K[vL[8®MIKO\F!b6T6M[IKO\F6FvF!SFAW6bAMPON^AMPW?SUM
FHOY[RT6MSU`[vd\dYFv{LNMPG4I?FAOU[!`6TMPO\MPW?SUM0GMPL\ht
FK6dTVWHbAFA`Vb6TVWK^RªJKWDSULNTcFHW¯[vIKIKONFotTVG[!L\FHO\dBd\JDSNh4[!d
°H©WKM
[vO\MPdNL©©WKMPTV^Ah8gDFHO
¤6[!WD*dNhKF!MUKIMPO\TVG4MZWAL[v`V`ce
LNhD[!LRLNhKMPd\M#GMPL\hKFK6dYSZ[!W4g?M#JKd\MJK`© hKM#IKO\F8F!
TVd$gD[!dNM
FHW[#b6TVMP±FvJKWDSULNTVFAW[vIKIKONFotTVG[!L\FHO\d
[vd{MtI?[!WKdNTcFHW0FHO{SUFHWKL\OU[ASULNTVFAWG[!IKIKTVWK^Hd
²©W*[AH
6TVLNTcFHW¤!$MRIKO\MZd\MPWKL$[YW8F!bAMP`Kb6TVMPF!?§DLNL\M
b³[v`cJ8M
TVL\MZO[!LNTVFAW´#[!W<[vIKIKONFotTVG[!L\M[v`c^HFAONTcLNhKGµFAO#FAW8M
MPW6b6TVO\FHWKG4MPWHLL\J8O\WKdFHJKLL\Fg?M[!W¢M8[HSUL[!`V^AFv
ONTcLNhKGFHOY[6T¨MZO\MPW6LRMPWKb6TVO\FHWKG4MZW!L
·]¸¹<º»«¼±½¾<¹·K»«¸ ¸¼
¿¢ ¾<ÀÂÁúû«½±¸¼
hKM*IKO\FHgK`VMPGÄF!LNMPG4IKFHO[v`ÅSO\M
6TVL[!dNd\TV^AW8G4MPWHLRÆÇ6M
SUTH
TVWK^«Rh8TSNh±Fv¯[¢dNMPO\TVMPdF!¯[HSUL\TVFAW8d4TVdO\MPdNIFAWKdNTcg8`cM¥FAO[
6MP`[oe!M
*ONMPY[!OU*FAO>I?MPWD[!`VL©e£Æ®TVd[!W*TcW6LNMP^AOU[!`KID[vO\LFv¨G[o
SNhKTVWKM4`VM
[vO\WKTVWK^? h8M4G4MZL\hKF66d0FvYL\MPGIKFAOU[!`R6T¨MZO\MPWDSMPd
[!ONM4FHWKM[vIKIKO\F6[ASNh¢L\FL\h8Tcd£IKO\FHgK`VMPG<²©W¢FHO6MPOLNF`VM
[!ONW
hKF!L\FdNMP`VM
SUL[ASULNTVFAWKdo¤KL\h8MPe`cMo[!O\WhKF!M
[vd\TV`Ve4L\h8M0[!^HMPW6L
SP[vWÈ[ASNhKTVMPb!M[O\MZY[!OªO\FAGbA[vO\TVFAJKd£d\L[vL\MPd*F!YTVLNdMPWKb6T
O\FHWKG4MZWAL
hKMPW¤L\hKMZeÈ$MPTV^AhÂL\hKMTVGG4M
6T[vL\MO\MZY[!Otd
FHOÉ[!W[ASULNTcFHW<[!^6[!TVWKdNLYTVL\d`cFHWK^!©L\MZO\G)SUFHWKd\M
ÊHJKMZWDSUMPd£ÆÇ[
d\G[!`V`TVG4GM
6T[!LNM0ONMPR[!OG[Ue¢gM4gMPLNL\MPOL\hD[vWÈ[`[!O\^HM
FAW8MA¤TYL\h8MdNG[v`c`1O\MPR[!OUÈ[v`V`cFZRd0LNhKM[!^AMZW]L*L\FO\Mo[ASUh[
hKTV^AhtËID[ZeAFvdNL[!LNMA>²ª{[L\MPGIDFHO[v`D6T¨MZO\MPWDSMÉGMPL\h8F]6TVd©
SUF!bHMPO\d[R`VFo$ÌSFAd\LBID[!LNh#ONFAGÍFAW8Md\LU[!L\M$L\F#[!WKFHL\hKMZO
¤!TVLRTV`V`
O\MZG4MPGg?MPORLNhD[!L$L\hKM§DONd\LRdNL[!LNMSP[!WÎ L$gDMG0J?S\hhD[!OU6MPORLNF
^AMZLYO\MZY[!OtdRONFAGÄL\hD[vWL\hKM*d\MoSUFAWDÏY²©WLNhKTVdYR[oeA¤?TVW6FAOÌ
¶
G[vL\TVFAW*IKONFAID[v^][!LNMPd$gD[ASUÐ6[vO6d$ªO\FAGdNL[!LNMPdRTVW4RhKTSNh[vW
TVG4GM
6T[!LNMONMPY[!OU4TVdRI?FAdNd\TVgK`VML\FLNhKFAdNM#ONFAGkRhKTSNhL\hKM
[!^HMPW6LYSP[!WFHWK`Ve4[ASNhKTVMPbAM[6MZ`[ZeAMoO\MPR[!OU
ÑWKMF!$L\hKM£§DO\dNLL\MZG4IKFHO[!`6TMPO\MZWDSUM4GMPL\h8F]6d$[!d#L\hKM
Ò MP`V`cG[!W6\ÓHFAOUd\TVWK^H`cMÌ6MZd\L\TVWD[vL\TVFAWÂd\hKFHO\L\MZd\LID[vL\hKd[!`V^AFv
O\TVLNhKGÕÔ Ò MP`V`VG[!WB¤ joÖAlH× ¤0ÓtFAOµ[!WDkÓ8JK`VÐ!MPONd\FAWB¤ j
ÖAØHmAÙ ¤
RhKTSNh`cMo[!O\W8dID[!LNhKdTVWÃ[^AOU[!IKhg6e«ONMPIM
[vL\M
6`VeJKI¨8[!L©
TVWK^#L\hKMMPd\LNTVG[!LNM
*6TVd\L[vWDSUMU©L\FvË^HF][v`6FAO1M
[ASNhWKFK6MRgD[vd\M
FAW*L\h8MÉ6TVd\LU[!WDSMPd>FHO{TVLNdWKMPTV^Ah6g?FAONd
i L[!ONFAJKWD*LNhKMRd[vG4M
L\TVGMA¤O\MZd\M
[vOSZh¢FAW¢FAI8L\TVG[v`{SUFHW]LNO\FH``VM
LNFL\hKMd\FH`cJ8L\TVFAW
F!_[!ONÐAF!b±IKONFKSUMPd\dNMPd¢[!WD_[!ONÐAFob6M
STcdNTVFAWIKO\FDSMPd\dNMPd
ÔdNMPM#gDMZ`cF! Ù g6e0LNMPG4I?FAOU[!`6T¨MZO\MPWDSMG4MPLNhKF]tdYÔ Ò MP`V`VG[vW¤
j
ÖHØKj ¤ Ò `[HSNÐ]$MP`V`©¤ joÖAØAlHÙ #_FAONM0ONM
SUMPW8L\`VeÔ±TVL\LNMPW¤ j
ÖHÚAÚ ¤
Q6JKLNL\FHW¤ j
ÖA×H× ¤Û[vL\Ð6TVWKd
¤ j
ÖH×AÖAÙ ¤ONMPd\M
[vOSZhKMPONd¢hD[obAM[!L©
L[HSNÐAM
LNhKM¢IKO\FHgK`VMPGÜFv0d\FH`Vb]TVWK^±[vWJKW8Ð]W8F
RW._[vO\Ð!F!b
IKONFtSMPd\d*FAO#_[!ONÐAF!b<6MoSUTVd\TVFAWIKO\FKSUMZd\dg6eMUKI?MPO\TVGMPW6L\TVWK^
RTVL\hTVL
_[vW]eÂF!0LNhKMÛ[vgDF!bHM<GMPL\h8F]6dh?[PbHM<IKONFKF!ªd4F!4SUFHW]b!MZO©
^AMZWDSUM±Ô Ò MZO\L\dNMPÐK[!d¢[!WD dNTVL\d\TVÐ6`VTVd
¤ j
ÖH×AÖ ¤RÛ[vL\Ð6TVWKd<[vWD
X#[Pe6[!W¤ joÖAÖHm ¤0X#[oeA[vW¤ j
ÖHÖAm ¤*Ý6[A[!Ð6Ð!FH`[ÄÞUßÈàvá ⤠j
ÖHÖ!ã ¤
d\TVLNd\TVÐ6`cTVdo¤ joÖAÖvã]Ù #aRWtFAONL\JKWD[vL\MP`VeA¤ÏG4FAdNLRF!LNhKMPdNMIKO\F6F!ªd
[!dNd\JKGM¢L\hD[vL<1M«O\MZIKO\MPdNMPWLFHJKO<dNFA`VJKLNTcFHWM8[HSUL\`Ve.[vWD
L\h8MPO\MUªFAO\M¢MtIMZWKd\TVbAMZ`ceH¤#d\F«LNhD[!LdNFA`Vb6TcW8^È[_[!ONÐ!F!b6MU
SUTVd\TVFHW±IKO\FHgK`VMPGäRTVL\hådNL[vL\MPdONM
ÊHJKTVO\MPdæÔ©å Ù d\L\FHO[v^AMA
ÑWL\h8MFALNhKMPOYh?[!WD¤8TVLRTcdRIMZO©M
SL\`VeIDFHd\d\TVgK`VM#L\FIDMZO©FHO\G
L\MZG4IKFHO[!`YtT MPONMPWDSUTVWK^FAW[!WÈ[vIKIKONFotTVG[!L\M*O\MZIKO\MPdNMPW?L[o
L\TVFHWFvL\hKMdNFA`VJKLNTcFHW4LNF[6M
STcdNTVFAWIKONFAgK`VMPGµÆ Ò MP`V`VG[vW
6TVdSJKd\dNMPdÛÊHJD[vWALNTc¬o[!L\TVFHW[!WDÂ`VF
$©FAOU6MPOI?FA`Ve6WKFAGT[v`RTVW6
L\MZO\IFA`[vL\TVFAWTVWÔ Ò MP`V`VG[!WB¤ joÖAØKjoÙ ¤6[!WD6MoSUFAGIKFAdNTcLNTVFAW4g6e
FAONL\hKFH^AFHWD[!`>ªJKWDSULNTcFHWKdTVWÔ Ò MP`V`cG[!W¢[!WD¢XONMPeHJKd
¤ j
ÖHlAÖ ¤
Ò MP`V`cG[!WÍÞU߯àvá ⤠joÖAØAnHÙ hKMPd\M¥§DL\LNM
±LNMPG4I8FAO[v`É6TMPO©
MPWDSM<GMPL\hKF66d[vO\MW8FALSF!bAMPONM
±gHeL\hKM<[vgDF!bHM<SUFHW]b!MZO©
^AMZWDSUM#IKO\F6Fvd
Ò JKL
¤6T>L\hKMPe4tF¯SUFHW6bAMPON^AMA¤8L\hKMPe4SZ[!W[!`V`VFP
JKdBL\FR§?WDW6JKGMPO\TSP[v`!d\FH`cJ8L\TVFAWKdBL\FIKO\FHgK`VMPG4dRhKTSNh$FAJK`
FALNhKMPONRTcdNMg?MÉLNF6F`[vO\^HMÉLNF0dNFA`VbAMH
ç MZd\M
[vOSUhKMZO\dhD[obHM0MtIMZO\TVG4MPWHL\M
RTVLNh<[W]J8G0g?MPO#F!$§DL©
L\Mo¢L\MZG4I?FAO[v`ètT MPONMPWDSUMGMPL\h8F]6do ç MPd\J8`cLNd0h?[obAM4g?MPMPW
G4TKM
´éL\h8MPO\MhD[ob!M±g?MPMPWÄWKFALU[!gK`VMd\J?SPSUMPdNd\MPdo¤TVWDSU`VJDH
TVWK^Q8[!GJKMZ`cdoÎBÔ j
ÖHlAÖHÙ SUhKM
SUÐ!MZO\dIK`[ZeAMPOo¤ MZd[!J8O\FDÎ d*Ô joÖAÖHêAÙ
gD[HS\Ð6^6[!G4GF!W¢IK`[PeHMPO
¤R[vWDëTVWÎ dÔ joÖAÖAmHÙ ONFAgFHLWD[Pb6TV^][³
L\TVFHW Ò JKL*L\hKMPdNM[!`V^AFHO\TVL\hKGdÉ[vO\M4W8FAL\FHO\TVFAJ8d\`Ve<J8WKd\LU[!gK`VMA¡
Ò F!e][!W±[vWD_F6FAO\MÔ j
ÖAÖHlAÙ `VTVd\LdNMPbAMPOU[!`MPG0g?[!O\OU[!dNd\TVWK^A`Ve
d\TVGIK`VMRd\TVL\JD[vL\TVFAW8dRhKMPONMIDFHIKJK`[!OR[!`V^HFAO\TVLNhKG4dÏË[!TV`?G4TVd\MPOÌ
[!g8`ceH{Q6FHG4MI?FAdNd\TVgK`VM$O\M
[vd\FAW8dFHOLNhKMPd\MË[!TV`VJKONMPd[!O\M$^ATVb!MPW
TVWÔ hKO\JKW[!WDQKSNh6è[vO\LN¬A¤ joÖAÖAn ¤]Q8[!g?MPd
¤ j
ÖAÖHnAÙ
M¢RTc`V`IKO\F!bHMÛSUFHW6bAMPON^AMPWDSM¢FHO¥[dNTc^HWKT§¨SP[vWALSU`[!dNdF!
§DLNL\M
L\MPGIKFAOU[!`R6T¨MPONMPWDSUM[v`c^HFAONTcLNhKG4do¤?TcW?SU`VJD6TVWK^[!`V^AFv
O\TVLNhKG4d#gD[vd\M
FAW«°H©WKM
[vO\MPdNL©©WKMPTV^Ah6gFAOo¤`VTVWKM
[vOTVWALNMPO\IFH`[³
L\TVFHW¤dNFAGML©e]I?MPd*F!YdNIK`VTcW8MPd
¤$[!WD`VF]SZ[!`RMPTV^Hh]LNM
«[ob!MZO©
[!^HTVWK^D hKMPdNM[!`V^AFHO\TVL\hKGd#RTc`V`RSUFAW6bHMPO\^HMRh8MPW±[!IKIK`VTVM
MPTVL\h8MPOLNF6TVdSUFHJKW6L\M
6M
SUTVd\TVFHWIKO\FKSUMPdNd\MPdRFHOL\F[vWTcGI6FAO©
L[vW6Ld\JKg8d\MPLFvYWKFAWDtTcdUSUFAJ8W]LNM
«tM
SUTVd\TVFAW¢I8O\FKSUMPdNd\MPdo¢¢M
RTV`V`R^ATVb!Md\J SUTVMPW8L4SUFAWDtTcLNTVFAWKd*FHO4SUFAW6b!MPON^AMPW?SUM<LNF¢L\hKM
MUD[ASLYbA[!`VJKM JKWDSULNTVFAW¤?[!WDFHOÉ6TVdSFAJKW6L\MoIKO\F?SUMPd\dNMPd$M
RTV`V`Dg?FAJKW?L\h8MYG[³KTcG#JKGMPONO\FHORgMPL©MZMPWL\hKM#MPdNL\TVG[vL\M
[!W?4LNO\JKM#bA[v`cJ8MYªJKWDSULNTcFHWKd
¼*·]¸Â·]¹·K»«¸ ¸¼ ¿¢ ·8¾
¹
» º ÑJKO*L\hKMPFHO\MPGdTVW<LNhKMªFA`V`VFPRTVWK^d\M
SULNTVFAWKd*RTV`c`1gDMgD[vd\M
FAWL©$Fb6TVMPRdFvDJ8WDSUL\TVFHW4[!IKIKONFoKTcG[!LNFAO\doÓBTVO\d\Lo¤A$MRRTV`V`
SP[vd\LJKWDSL\TVFAW¢[!IKI8O\FZtTVG[!L\FHO\dY[vdÉMtI?[!WKdNTcFHW<FHOÉSUFHWKL\OU[ASN
L\TVFHW<G[!IKIKTVWK^Hd
¡?L\h8Tcd6TVdNL\TVWDSULNTcFHWÛSZ[!IKLNJKO\MPd*L\h8M0MPdNd\MPW?L\T[v`
6TMPO\MPW?SUM«g?MPL\$MPMPW.[vIKIKONFotTVG[!L\FHO\dLNhD[!LSP[vWÍMUD[!^A^HMPO©
[!LNMSUhD[!W8^AMPdRTVW4LNhKMPTVOYLNO[vTcW8TcW8^0b![!`VJKMPdo¤K`VTVÐ!M#`cTVWKMo[!ORO\MZ^AO\MZd©
d\TVFHW¯[vWD#WKMPJ8O[!`8WKMPL\do¤][vWD£L\hKFHd\MR`VTVÐ!Mè°H©WKM
[vO\MPdNL©©WKMPTV^Ah8gDFHO
L\h?[!LO\MPdNIFAWDÍSUFHWKd\MZO\b][vL\TVb!MP`VeÍL\FSUhD[!W8^AMPdTVWÍL\hKMPTVOTVW6
IKJKLNd
Q6MoSUFAWDϤK$MÉRTV`V`?TcW6LNMPO\IKONMPLYdNFAGM$JKWDSULNTVFAW[!IKI8O\FZ]
TVG[vL\FAONd[!d0_[vO\ÐHF!b<IKONFKSUMPd\dNMPd
¡L\hKTVd*b]TVMPRTV`V`[!`V`VFPkJ8d
L\FdNhKF!L\hD[vLY§?L\L\Mo¢L\MZG4IKFHO[!`$6T¨MPONMPWDSUM`VM
[!ONWKTVWK^RTcLNh
L\h8MPd\M¢[!IKI8O\FZtTVG[!L\FHO\d*TVdM
ÊHJKTVb³[v`cMZW]LLNF¢MUD[ASULL\MPGIDFHO[v`
6TMPO\MPW?SUM0`VM
[vO\WKTVWK^FHW[*G4FA6T§DM
6MoSUTVd\TVFAWI8O\FKSUMPdNd
F
[!T*LNhKM#d\L[vL\MPGMPW6LFvL\hKMZd\M#L\hKMZFAO\MZG4d
¤6$MYRTV`V`?WKMPM
d\MPbH
MPOU[!`6M§DWKTVL\TVFAW8d
ÔËQ6MZMÔ FA`VG4FH^AFHO\FPb<[vWDÓKFHG4TVW¤ joÖAÚHêAÙ
FHOYG4FHO\M#TVW6FHO\G[vL\TVFAWFHWWKFHO\G4dY[vWDSUFHWKL\OU[ASULNTVFAWG[!I6
IKTVWK^Hd
¡KdNMPMÔ Ò MPONL\dNMPÐK[!dÉ[vWD d\TVL\dNTVÐ]`VTVd
¤ joÖA×HÖAÙ FAOY[*LNO\M
[vL©
G4MZWALRF!_[!ONÐAF!b46MoSUTVd\TVFAWIKONFDSUMPdNd\MPdo Ù
L !±gM4[SUFHG4IK`VMPLNM0bHM
SUL\FHO0dNID[ASMRTcLNh
ëMP"
WKFHO\$
G #%&#A i J8WDSUL\TVFH(W '£O\FH)
G !¥L\F#TVL\d\MZ` ?Tcd>([ *,+.-tß /U0à *ß 1+2à
,
0
4
5
4
1
6
T
H
¤
H
F
è
O
v
[
c
`
`
?
I
A
F
V
T
H
W
\
L
d
8
7
[!WD:
9Tc
W !R¤
3
#;'B<Ô 7 >
Ù = 'B<Ô 9 Ù #@?A #7 = 9B#
M A$¤KLNhKD
M *,+.-tß /\Eà *U<ß 1+.-"F
Eà *UGß +./£FAO 3 +IH2J]Ká JEL¤8TVdY[!W6e4ONM
[!`
C MZO\(
W6JKGgMPORTVN
W M ê OUj
Ù >²ªM#G4MZO\MP`VehD[ob!M
#P'ÏÔ 7 B
Ù = 'BÔ 9 Ù #@?#P7 = 9>#
$M SZ[!`VP` '<:
[ -Q+2-D,Þ R,4¨2à -LS1+.-8
Ó8FAOM8[vG4IK`VMA¤ZL\hKM1JKW?SUL\TVFA"W 'BÔ T VÙ Ul WYXZ TVd{[YSFAW6L\OU[ASULNTcFHW
RTVL\h4SUFHW6L\O[HSUL\TVFHW*Ë[ASULNFA\
O Z8[ ²©L1Tcd$[!`Vd\F0[#SUFHW6L\O[HSUL\TVFHWRTcLNh
Ë[HSUL\FH(O ]^? hKMYT6MPW6LNTcL©e£JKW?SUL\TVFAWTVdR[#WKFHWKMUKID[!W8d\TVFAW i `V`
SUFHW]LNO[HSUL\TVFAW8dY[!O\M£WKFAWKMtI?[!WKdNTcFHWKd
L TTVda[ `BRA,Þ H@4b+21-6ßFv¨LNhKMRªJKWDSULNTcFHW
>i IDFHTcWH_
'T c
'<Ô T dÙ U TB
i JKW?SUL\TVFAWG[Ue4hD[obHM[!W6Z e4W6JKGgMZORF!>§KKM
I?FATVWALNd
$ÓKFHO
MUD[!GIK`VMA¤!LNhKMRJ8WDSUL\TVFHeW T FHWL\hKMO\M
[v`D`VTVWKM$hD[!d$L©F §KKM
I?FATVWALNd
¤ ê [!WD j ¡è[vW6e¢W]J8G0g?MPOTVd4[§KKM
IDFHTVWALF!#L\hKM
T6MPW6L\TVL©e*J8WDSUL\TVFHW¡K[!WDT Wj hD[!dRW8F*§KKM
IDFHTcW6LNd
fg>365D9!
3 hjiÏ= kmlonÉ5?C p
.9 q5r.pts5?CvuqwBwBsªCVx>yz Þßc!|{UÞà
*,+ 3 4DáVÞUß\~
Þ }³,Þ *ß +2/NL<4tEà *Um
Þ d1Vß -Q+2/ 3 #%B#A
â QJt404Q+tL
Y
Þ '
1
LN
à *+2-6<ß /0à *<ß 1+.- 3 ,à 40451-6m+.-N!c1V&ß *,+2-6ß /U0à *ß 1&+.-F
0à *
Gß +./NA$â >toÞ -'tà LÂÞ RA0à *ßËKá )+2-DY
Þ `BRAÞ H4b+21-6
ß TQ1!Râ
P+./.à -$1-1V<ß 1à!\
á 4+.1-6m
ß TQ1-!Âß K
Þ L
,Þ oJtoÞ -Q*PÞ
T O 'B<Ô T SÙ O '<Ô 'BÔ T ÙNSÙ O P
*,+.-}³oÞ /<6A,Þ L1ß +T5.&ß tÞ /Uàoß\aÞ +<Fa*+2-
}!SÞ /6voÞ -Q*U\
Þ +<F£ß KÞ0à {,+.}!"Þ L
,Þ oJtoÞ -Q*P"Þ 1-&ß t"Þ -Q+2/ 3 #%E#1
L¯àoß
ácÞUà LBß Aâ
Ó8FAOMUD[vG4IK`VMA¤ Bl W XZ*h?[!d[#J8WKTÊAJ8M$§KKM
*IFATVWAL$[!L T Uéj
ê
²ªM*TVL\MPOU[!LNML\hKTVdJKWDSULNTVFAWdNL[!ONL\TVWK^O\FHG ê ¤K$M^AMPLL\hKM
d\MoÊAJ8MPWDSUM ê O\l O\Ú l O\× ÚAl O
P OGäjoê
MtLM06M§DWKM0[£FHO\G[!`VTVd\G.Rh8TSÌh6MPdSO\TVgMPdL\hKM#MUKIMU
O\TVMPW?SUMPdRF!{[vW[v^AMPW6LdNMPWKd\TVWK^TVLNdMPWKb6TVO\FHWKG4MPW!LR[!W?[ASULNTcW8^
L\F4[HSNhKTVMPbAM#TVL\dR^HF][!`Vdo
±
i ¡ .à /¢2+2}vHA,Þ *o1
LS1+.-45/+t*U,Þ L,L¢TVd¥[LNJKIK`VM
Ô ! O<£(O,¤tO¥2O<¦VO ! Ù |
!TVdL\hK~
M LUßÌà³ß̧
Þ L<4tEà *Þt¡ £ TcdL\hKM±0à *
<ß 1+.-L<4K0à *UÞZ i LY[!W6eL\TVG4
M ¨
¤8L\hKM#MPWKb6TVO\FHWKG4MZW!LRTcdRTVWd\FHG4M
d\LU[!LN
M T©ªv! h8M4[!^AMZW]L#I?MPOSMPTVb]MZ(d T©P¤B[!WDTVd [v`V`cFoM
L\FSNhKF6FAdNM [vW4[ASULNTVFAD
W 7 © ª £ hKM<ß /2à -LS1Vß 1&+.-FSJ-Q*ß 1+2-K¤ ¤
ÔRh8TSNhG[UegM0IKONFAgD[vgKTV`VTcdNL\TS Ù ¤L\hKMZWÛ[HSUL\dFH«
W T © [!W?
7©
L\F*IKONFttJDSUM[W8MUKLdNL[!LN¬M T© [ ¤K[!WDL\hKMIKO\FKSUMPdNdYONMPIM
[!LNd
! TVd[6TVd\LNO\TVgKJKLNTcFHW¢FAN
W !±Rh8TSNh¢^HTcb!MZdL\hKMIKO\FHgD[!g8Tc`VTVLe
F!Yg?MPTVWK^TVW¢M
[ASUhd\LU[!L\M[!L*L\TVG4M ê hKm
M *®+tLUß FSJ-Q*ß 1&+.-K¤
¥ ÔRhKTSNh±G[Ue«g?MIKONFAgD[vgKTV`cTVdNL\TS!¤$gKJKLG*JKd\LhD[ZbAM§DW8TcLNM
G4Mo[!W«[!W?bA[!O\T[vWDSUM Ù ¤G4Mo[!d\J8O\MPd*hKF!kMZ`c`RLNhKM[v^AMPW6L*TVd
6FHTcW8^D´<[vL4M
[HSNh±L\TVG4Md\LNMP
I ¨
¤L\hKM<[v^AMPW6LTcW?SUJKO\d[¢SUFHd\L
¥ <Ô T © O 7 © Ù hKM#[!^HMPWAL$GJKdNLè[HSULL\F£G4TVWKTVGTV¬PML\h8M¯Þ R4K,Þ *Uß\,Þ H
H.1¯Lo*,+2J°-tßÌ,Þ H"*+LUß ±*Ô ²©³ ´ ¦ © ¥ Ô T© O 7E© ÙNÙ ¡ ¦ ªNM ê OPj µ TVdÅSZ[!`V`VM
L\h8¶
M H21
LI*,+.J-6Pß F
Eà *UGß +./P
MRTV`c`RRONTVL\N
M ·¬!<Ô T Ù ªFAO4LNhKv
M +4K<ß 1 àvá }!à!Ká Jt¸Þ FSJ-Q*ß 1&+.-K¤
L\h8M4G4TVWKTVG4[v`I?FAd\dNTVgK`VM4MUKI?M
SUL\MoÈtTcdU3 SUFAJ8W]LNM
«SFAd\L*d\LU[!ONL©
TVWK^O\FHG®dNL[!LN
M TB
·8RTV`V`RgDM$MP`V`ÌtMU§DWKM
T ¦º¹®j
²ª ¦»UÕZ j
¤ ·RTV`c`*g?MÈ$MP`V`ÌtMU§DWKM
éTLNhKMd\M
ÊHJKMZWDSUM
·8 [ O ·8 O PoSUFHW]bHMPO\^HMPd
¤>Rh8MPO\
M ·¬®¼D<Ô T Ù Tcd#LNhKMG4TVWKTVG[o`
I?FAd\dNTVgK`VM¯å8©d\LNMPI¢MUKIM
SULNM
¢SUFAdNL#ONFAG)dNL[vL\\M TÑWKM[oe
L\FMPWKdNJKO\M«SUFHWKb!MPON^AMPWDSM«TVd4LNF«O\MoÊAJ8TcONM¢L\hD[vL4LNhKMPO\M¢g?M¢[
d\MZLFvd\L[vL\MPY
d ½)RTVLNh[!`V`ÉSFAd\LNd¬PMPO\F±[vWDWKF«FHJKL\^HFATVWK^
L\OU[!WKdNTVL\TVFAWKdd\FL\hD[vL
¤?WKFG[vL\LNMPOYRhD[vLY[ASULNTVFAWKdL\hKM[!^HMPW6L
SNhKF6FAdNMPd
¤$`VTVG ©¾ ³¿ Ô T © ª)½ (Ù Uj «Ôª<MRTV`V`SP[v`c`$d\J?SUh
[dNMP
L *,+tLUß ÀFo/\ÞÞ[vWDN
45/G+,4DoÞ /PÀá Eà {,LI+./t{S1-b6D±TVL\hKFHJKL`VFAdNd
F!^HMPWKMPOU[!`VTVL©eA¤K$MG[e¥SFA`V`[!IKdNÁM ½éLNF4[d\TVWK^H`VMÉdNL[vL\M0[vWD
O\MZWKJKGg?MPOYdNFL\hD[vL ½ UÂ]2j à Ù
MRTV`c`?d[oeL\hD[vLY[!W_X f TV(d HAÞßÌoÞ / 3 1-1
LU<ß 1*1T >L\hKM JKWDSN
L\TVFHWKd ¥ Ô T O 7 Ù [vWD ¤ Ô T O 7 Ù [vO\M6MPLNMPO\GTVWKTVd\L\TS1FHO[!`V` T4[vWD
7?¬
¤ 1âÞZâ¤RTL\h8MÛSUJ8O\O\MZWDLd\L[vL\M¢[!WDÂ[ASULNTcFHW±JKWKTÊHJKMP`Ve±6MU
L\MZO\G4TVWKMLNhKMSFAd\L[!W?L\hKMWKMUKL0dNL[vL\MA i W«_X f TVd `B
-1Vß\Þ*TTVL\d#dNL[!LNM4[!WD[ASULNTcFHW<dNID[ASMPd0[!ONM§?WKTVL\MA¡BTVLYTV
d H.1
L,
*,+.J-6ß\SÞ HT ¦¹.j #Ô¢M*6TVdSUJKdNd#FAWK`Ve§?WKTVL\M0_X f dhKMPONMA¤
[!`VLNhKFAJK^Hh4G[!W!eF!>L\hKM#ONMPd\JK`VLNdÉSP[vO\O\eF!b!MPOYLNF¯SFAW6L\TVW6JKFAJ8d
IKONFtSMPd\dNMPd
Ù <MRTV`V`ÉSZ[!`V`Y[!W_X f [ ¡ 2à /,¢0+.}:4Q/+t*U,Þ L,L
TÁ Ä £ Ä Uµj Ô 1¦âÞP⦤DTL\h8M¯[v^AMPW6L#WKMPbHMPO#hD[!d[4SNhKFHTSUM Ù #²©W[
_[vO\ÐAFob*IKO\FKSUMPdNd
¤6$MèSZ[!WKWKFHLTVW ÅDJKMZWDSUMRL\h8MYSUFAdNL
¡6FAJ8O{^HF][v`
TVdRG4MPONMP`VeL\F4SUFHG4IKJ8L\MYTVLo
#TVb!MPWL©$F _X f d [ U Ô! O®£ [ O,¤ [ OG¥ [ O<¦ [ O ! Ù [vWD
Z U Ô! O£ Z O¤ Z OG¥ Z O<¦ Z O ! Ù RhKTSNhd\hD[vO\M#L\hKM#dU[!G4Md\LU[!L\M
d\I?[ASUMA¤1MSP[!W«tMU§DWKM[WKMZ _X f [ Z ¤>LNhKM«*,+ 3 4+tLS1
<ß 1+.-Fv
[ [vWD
Z ¤$g6eÈ[v`cLNMPO\W?[!L\MZ`ce FA`V`VFPRTVWK^L\OU[!WKdNT
L\TVFHWKd*O\FH
G [ [!WD
Z _¥FAO\MFHO\G[!`V`Ve
¤$`VMPL [ Z gM
Z
Z
Z
Ô ! O<£
£ O,¤ [ O,¥ [ O<¦ [ ¦ Z O ! Ù i LMo[ASNh4dNL\MPI¤8L\hKM#[!^HMPW6L
RTV`V`dN[MP`V M
SULFAW8M
[ASL\TVFAW O\FHG £ [!WD FAWKMO\FHG £ Z ¡$$M
6MU§?WKM<LNhKM<SUFHG4IKFHd\TVL\ML\O[vWKd\TVLNTcFH[ WJKW?SUL\TVFAW ¤ [ Z d\FL\hD[vL
¤ [ Z Ô T O Ô 7 [ O 7 Z ÙN
Ù U ¤ Z Ô ¤ [ <Ô T O 7 [ SÙ O 7 Z Ù hKMÛSFAd\LF!0LNhKTVd
SUFHG4IKFHd\TVL\MY[HSUL\TVFAWRTV`V`Kg?M ¥ [ Ô T O 7 [ Ù W¦ [ ¥ Z Ô ¤ [ <Ô T O 7 [ SÙ O 7 Z Ù
XMU§DWKM*"[ 4b+vÀá 1*oL\Fg?M0[£J8WDSUL\TVFH
W ´ !»
£ i W[!^HMPW6L
G[eǻFA`V`VFPIFA`VTSU
e g6e±SNhKF6FAdNTcW8^È[ASL\TVFA
W ><Ô T Ù RhKMPW6
MPbHMPO#TcLRTVdTcWdNL[!LNeM TBR²©LTcdMZ`c`©Ð6WKFPRW¢Ô Ò MP`V`VG[vW¤ j
ÖHØKj ¤
Ò MPO\LNd\MPÐK[!dY[vWD d\TVL\dNTVÐ]`VTVd
¤ j
ÖH×AÖHÙ L\hD[vLRMPbAMPONe_[vO\ÐHF!b6MU
SUTVd\TVFHWI8O\FDSUMZd\d#RTVL\h[$MP`V`Ì6M§DWKM
Y
·hD[vdÉ[vLY`VM
[!dNLYFHWKM
+,48ß 1 3 àváI?FA`VTSU
e PH¡>[!W¢[!^AMZW]L£RhKTS\hFH`c`VFPRd RTV`V`ÅtF
[!L*`VM
[!dNL¯[vd01MP`V`Y[!d[!WAe¢FHL\hKMZO¯[v^AMPW6L
¤1TVWDSU`VJD6TVWK^<[v^AMPWHL\d
RhKTSNhÈSNhKF6FAdNM[HSUL\TVFAW8d¯[HSPSUFAOU6TVWK^L\FWKFHW6©IDFH`cTSUTVMPdo hKM
I?FA`VTSU
e #d[vL\TVd©§?MPd YÞPá¦á 3 .à - L0Þ oJKào<ß 1+.Ô ;T§ª§! Ù · Ô T cÙ U ±¯Ô ¥ <Ô T O Ô T Ù\>Ù WN¦ · Ô ¤ <Ô T O <Ô T ÙNÙ\Ù\Ù
[!W?4MZbAMPONeI?FA`VTSUeRhKTS©hdU[!L\TVḑDMPd Ò MP`V`VG[vWÎ dM
ÊHJD[!LNTVFAWTVd
FAI8L\TVG[v`Ë
hKMPONM[vO\ML©$Fg8O\F][H¢SU`[!dNd\MPd*F!R`VM
[!ONWKTVWK^IKO\FHgK`VMPG4dFHO
_[vO\ÐAFob06MoSUTVd\TVFAWIKONFKSUMPd\dNMPd
´ +.-KKá 1-DÞR[vWD
+1-DÞZ>²©W0g?FALNh
SP[vd\MPdo¤D1MRTVd\h4LNF4SUFAGIKJKLNMÉ[!WFAIKLNTVG[!`8IFA`VTSUeªFAORd\FHG4M
_X f 6²©WL\hKM£F 4TVWKMÉSZ[!d\MH¤K$M0[!ONM [v`V`cFZM
[ASPSUMZd\d#L\F*L\hKM
RhKFH`cM_X f ¤1TcW?SU`VJD6TVWK^L\hKM<SFAd\L[vWDL\O[vWKd\TVLNTcFHWJKWDSN
L\TVFHWKd
¡TVWL\hKMFHWK`VTVWKM0SP[vd\MA¤BM[!ONMFAWK`Ve^ATVb!MPm
W !Â[!WD £ ¤
[!W?L\hKMZWG0J8d\LÉtTcdUSUF!bAMZOÉRh?[!LR$M¯SP[vW<[!g?FAJ8LRL\hKM_X f
g6e«TVW6L\MPOU[ASULNTVWK^«RTVL\hTVL
Ô²©W±I?[!O\LNTSUJK`[!Oo¤TVWL\h8MFAWK`VTVWKM
SP[vd\MA¤$M0[vO\M*WKFALO\MPM*L\FL\ONe<[!W<[HSUL\TVFHW4ªO\FAG)[vW6edNL[vL\MA¡
$MÛ[vO\M`cTVGTcLNM
¢LNFÈ[HSUL\TVWK^TcWÂL\hKM«SUJ8O\O\MZWKLd\L[vL\MA Ù ¢M
SP[vWL\O[vWKd©ªFAO\Gk[vWFAWK`VTVWKM$IKO\FHgK`VMPGTcWHL\F0[vWF 4TVWKM$FAWKMRg6e
FAg8d\MPONb]TVWK^d\FHG4MLNO[!W8d\TVL\TVFAW8d
¤RMPdNL\TVG[vL\TVWK^¢LNhKMÛSFAd\L[vWD
L\OU[!WKdNTVL\TVFAWJKWDSULNTVFAWKdo¤D[!W?L\h8MPWIKONMPL\MPW?6TVWK^4LNhD[!L$FAJKORMZd©
L\TVG[!L\MZd¯[vO\MLNhKML\ONJKL\hB.Ô hKTVd[vIKIKO\F6[ASNhTVd4SP[!`V`VM
L\hKM
*USÞ /ßÌ2à 1-6<ß 0,Þ SJ1}!à!áVSÞ -6ß$G4MPLNhKF]Ï Ù Q6TVG4TV`[!ON`VeP¤6M#SP[!WL\O[vWKd©
FHO\G [vW4F 4TcW8MIKONFAgK`VMPGTVWALNF¯[vWFAWK`VTVWKM$FAWKMg6e0IKONMPL\MZWDH
TVWK^4LNhD[!L#$M46FAWBÎ LÐ6WKF!.LNhKM4SUFAdNL[!WDL\OU[!WKdNTcLNTVFAWJKWDSN
L\TVFHWKd
hKMONMPG[vTVWD6MPOFvYL\hKMI?[!IMPO0tM
[!`Vd*RTcLNh¢F 4TVWKM
IKONFAgK`VMPGd
¡ÏFAO[6TVdSUJ8d\d\TVFHW¢F!RL\hKM6KT SUJK`VL\TVMPd#RTVL\h¢[!I6
IK`Ve6TVWK^FAJ8OL\hKMZFAO\MZG4d*L\FFAWK`VTVWKMIKONFAgK`VMPGd
¤>[!WD TcW¢I?[!O©
L\TSUJ8`[vORRhKMPWMSP[!WJ8d\M#J8WDSUL\TVFHW<[!IKI8O\FZtTVG[!L\TVFHWRTcLNh
¢[!L\Ð6TVWKdoÎYÔ j
ÖH×AÖA
Ù Ë`VM
[vO\WKTVWK^[!`V^AFHO\TVL\hKG¤>d\MPMÔ #FAOU6FAWB¤
j
ÖHÖAlHÙ
²©WLNhKMF 4TVWKM*SP[!dNMA¤?L\hKM*FAIKLNTVG[!`?bA[!`VJKMJ8WDSUL\TVFHWL\MP`V`VdYJ8d
L\h8MFHIKL\TVG[!`I?FA`VTSUTVMPd
´$MG[Ue¢d\MZ
L vÔ T Ù L\FgDM[!W6m
e 7
RhKTSNh±G[³KTcGTV¬PMZed ±*Ô ¥ Ô T O 7 Ù W¦ ·¬!Ô ¤ Ô T O 7 Ù\ÙNÙ Ôª²©W±L\hKM
FAW8`cTVWKM4SZ[!d\MH¤ ·8Tcd£WKFALdNJ SUTVMPW6L
¤>dNTVWDSUM4$M4SP[vWÎ L0SUFAG
IKJKLNMRL\hKMR[!g?F!bAM$MUKIM
SULU[!LNTcFHW Ù Ó8FAO[§DWKTVL\MR_X f ¤oMYSP[vW
§DWD«
·Á£g6e¥te]W?[!G4TSIKONFA^AOU[!GG4T W8^DÂTcLNh<[!I8IKO\FHIKO\T[!LNM
[!dNd\JKGIKL\TVFHWKd
¤oO\MZIM
[!LNM
[!IKI8`cTSP[vL\TVFAW£F!DLNhKMY6e6WD[!GTSI8O\F!
^AOU[!GG4T W8^gD[ASNÐ6JKIFHIDMZO[!LNFAO ÍRhKTS\h¥FAORMPbHMPO\ed\L[vL\(M T
d\TVGJ8`cLU[!WKMZFAJKdN`ced\MPLNd
·0<Ô T "
Ù ! GTcW ±*Ô ¥ <Ô T O 7 Ù W~¦ ·0Ô ¤ Ô T O 7 Ù\ÙNÙ
#%$&
TVd>^AJD[vO[!W6LNMPM
LNFSUFAW6bAMZO\^AMRLNF\·8èO\FHG [!WHe0TVWKTVLNT[v`A^HJKMPd\do
ÔËÓ8FAO*[4W8FAWD6TVdUSUFAJKW6LNM
¢IKONFAgK`VMPG¤?M6MU§DWKMLNhKM4g?[ASNÐ6JKI
FAI?MPOU[!L\FHOYLNF4d\MZ¬L ·*Ô j
'Ù ! ê [!d#[*d\IM
ST[v`{SP[vd\MA Ù h8TcdYteA
WD[vG4TSIKO\FH^AO[vG4GTcW8^0[!`V^AFHO\TVL\h8G TVdSP[!`V`VM
4K.à /Uà!ááVÞPBá }!à!Ká JtÞ
1Vß\SÞ /\à³ß 1&+.-K hKMFA`V`VFPRTVWK^LNhKMPFHO\MPGTVG4IK`VTVMPd#L\h8MSUFHW]b!MZO©
^AMZWDSUMFv{ID[vO[!`V`VMP`bA[v`cJ8MYTVL\MPOU[!LNTcFHW
Þ }!à!Àá JKÞ 1Vß\SÞ /,
fg>365D9!
3 hjiÏ= il)(°q+*-,>
3 r!5?C p
.9 q5r.pts5?C y >K
ào<ß 1+2-v+,4KoÞ /àoGß +./aFt+./4
à H21
LI*+2J-6ßÌoÞ H ¡ .à /¢2+2}§HH,Þ *S1
LS1+2-4Q/,+t
*U,Þ L,L 1¯Là *+2-6<ß /0à *<ß 1+.-1- 3 tà R|-Q+2/ 3 c1ß $*+2-6<ß /0à *
<ß 1+.-:F
0à *ß +2/4,Þ SJKà!á1Gß +&ß t
Þ H.1¯Lo*,+2J°-tßË
â .F4à -Q+2-QH.1
LI*S+2J-6ßÌoÞ H
à *,+tLU&ß ÀFS/\ÞU¬Þ 45/G+,4DoÞ /PÀá
¡ .à /,¢0+.}HHÞ *o1
LS1+2-4Q/,+I*UÞ L,LD*+2-6ß\.à 1-LY
0à {LI+./I{o1-6 Lß\àoß\Þ É&ß toÞ -ß K:
Þ }³àvÀá JK
Þ 1Vß\SÞ /\à³ß 1&+.-+,4KSÞ /\à³ß +2/FI+./
&ß tào"
ß 4Q/G+t*U,Þ L,LN1
LÛ
à *,+.-tß /U0à *ß 1+2-1- Lo+
Þ oÞ 1
6IHßÌ,Þ H 3 tà R
-Q+2/ 3 â .o- {,+o&ß v*Utà L
,Þ L,*ß KÞ `BRASÞ H:4+.1-63
ß +<F&ß t
Þ +4DSÞ /\à³ß +2/
1
L#&ß t"
Þ +,4K<ß 1 3 à!á }!à!Ká JtdÞ FSJ-Q*ß 1&+.-"FI+./&ß tÞ ¡/ 0 â
1
·]¸ º è ½2$¹43#¼·¾¢» ½Â¸¹Y¼
5 º»¾
a
²©WL\hKTVdd\M
SL\TVFAW¤$MRTV`c`¢SUFHWKd\T6MPOÍFHWK`Ve)6TVdSUFHJKW6L\M
_[vO\ÐAFob46M
STcdNTVFAWIKO\FKSUMZd\d\MZd
hKMFA`V`VFPRTVWK^dNM
SULNTcFHW^AMPW6
MPOU[!`VTV¬PMPdYLNhKM#O\MPdNJK`VL\dL\FWKFHWD6TVdSUFHJKW6L\M
IKONFDSUMPdNd\MPdo
Q6JKI8IDFHd\MYLNhD[!6L 7 TVdLNhKMRID[vO[!`V`VMP`Kb![!`VJKMRg?[ASNÐ6JKI0FHIDMZO[!LNFAO
FHO [_[vO\ÐHF!b<6M
SUTVdNTcFHW¢IKO\FKSUMZd\d 0²©W¢LNhKMgD[vd\TS*b³[v`VJKM
TVL\MPOU[!LNTcFHW[v`c^HFAONTcLNhKG<¤o$M#d\L[vO\LRFv¥g6edNMPL\LNTcW8
^ ·bL\F*d\FHG4M
TVWKTVL\T[!`B^AJKMZd\d[!L Î dÉbA[v`VJKMªJKWDSULNTcFHW hKMPW¢$MO\MPIMo[!L©
M
6`Ved\MZ(L ·98 [ L\FgDM 7 ®Ô ·:8 Ù JKW6LNTc`BM*MPTVL\h8MPO#O\JKWFHJKL#F!
L\TVGMÉFHOÉ6MoSUT6M0LNhD[!Ld\FHG4\M · ¼ TVdÉ[d\J SUTVMPW6LN`ce[HSPSUJKOU[!L\M
[!I8IKO\FoKTVG[vL\TVFAWLNm
F ·¬H FHO\G[v`V`ceMFHJK`¢O\MZIKO\MPdNMPW?L
M
[HSU
h · 8 [!d4[vWÈ[vO\O[oeF!#O\M
[v`RW]J8G0g?MPO\dTVWD6MUKM
g6e¢L\hKM
d\LU[!LNMPdRF!; ¡ALNhKTVdèK[vL[£d\LNO\JDSULNJKO\M*[!`V`VF
Rd$JKdRL\F*O\MZIKO\MPdNMPW?L
[!W6eIFHd\d\TVgK`VM#b![!`VJKMJKWDSL\TVFAWMUD[ASULN`ce6
L · 8 ¤W8FALg6e¢[
F!dNJKIKI?FAd\ML\hD[vL$M4RTVd\h¢LNFO\MPI8O\MPdNMPWD¶
`VFAFHÐ]J8I¢L[!g8`cMH¤>gKJKLg6ed\FAGM0FHL\hKMZO0GFAO\MSUFHG4ID[HSULK[!LU[
d\LNO\JDSL\JKONMdNJDSUh«[vd¯[WKMPJ8O[!`RW8MPL
M4TVG4GM
6T[oL\MZ`ceONJKW
TVWALNFL©F6KT SUJ8`cLNTVMPd
ÓBTcONd\Lo¤{SUFHG4IKJ8L\TVWK
^ 7 GÔ ·98 Ù ^AMPWKMZO©
[!`V`Ve*O\M
ÊHJKTVO\MZdYL\h?[!L$M#MUD[!GTVWKM ·:8NÔ T Ù FAO$WKM
[vO\`VeMPbAMZO\D
e T
TV<W Î d>d\L[vL\M$d\ID[HSUMA¡6[!WD£T= hD[vd{MZWKFAJK^Hh0dNL[vL\MPdLNhD[!L>$M
SP[vWÎ L [³¨FHO¢[`VF6FAÐ6JKIL[!g8`cMH¤$MIKO\FHgD[!g8`ceSP[vWÎ L0[oFAOU
L\F*SUFAGIKJKL\@M ·98{LNhD[!L1G[!W!e*L\TVGMPd>MPTVL\hKMPOoQ6M
SUFHWD¤6MPbHMPW4T
$MYSP[!WONMPIKO\MZd\MPWaL · 8 M8[HSUL\`Ve6¤!L\h8MPO\M#TVdWKF#^AJ?[!O[vW6L\MPML\hD[vL
$M SZ[!W[!`Vd\F*O\MZIKO\MPdNMPW>L 7 ®Ô ·:8 Ù
F<[A86O\MPdNd0LNhKMPdNM¥tÀT SJK`VL\TVMPd
¤>$MRTV`V`[!dNd\JKGML\hD[vL0$M
hD[ob!M<[d[vG4IK`V@
M ?eFvÉdNL[!LNMPdªO\FAA
G
?edNhKFAJ8` gM
d\G[!`V`MPW8FAJK^HhÈLNhD[!L$MSP[!WMUD[vG4TVWKMM
[HSUh«MP`VMPGMPW6L0ONMU
I?M
[!LNM
6`Ve¡Dg8JKLRTVLRd\hKFHJK`4g?MONMPIKO\MZd\MPW?L[vL\TVbAM#MPWKFHJK^AhL\hD[vL
$M4SP[!W¢`VM
[vO\W¢d\FHG4MPLNhKTVWK^[vgDFHJK<L g6eMUD[!GTVWKTVWK^4FHWK`Ve
d\LU[!LNMPdTVB
W ? Fo.$MSP[!W¢6MU§DW8M4[§?L\L\Mob³[v`cJ8M0TVL\MZO[o
L\TVFHWÛ[v`c^HFAONTcLNhKG< ç [vL\hKMPO#LNhD[!W¢dNMPL\LNTcW8N
^ · 8 L\C
F D7®Ô · 8 Ù ¤
$MRTV`V`$§DONd\LSFAG4I8JKL\M-Ô 7 GÔ ·98 ÙNÙ <Ô T Ù FHWK`Ve¢[ FHeO TºªE?\A¡
L\h8MPWMRRTV`V`H§DLFHJKO>WKMPJKOU[!`?WKMPLRÔªFAOFHL\hKMPO$[!IKIKONFoKTcG[!LNFAO Ù
L\F£L\hKMPdNM#L\O[vTVWKTVWK^bA[!`VJKMZd[!WDSP[!`V`KLNhKM#O\MPdNJK`VL\TVWK^#ªJKWDSULNTcFHW
· 8¯
[
²©W4FHO6MZORL\FONM
[!dNFAW[!g?FAJKL1§DLNL\M
b![!`VJKMYTVLNMPO[vL\TVFAW¤H$MYRTV`V`
SUFHWKd\T6MPO*ªJKWDSULNTcFHW±[!IKIKONFPKTVG[vL\FHO\dLNhKMPG4dNMP`VbAMPd4[vd0FHIDMZO©
[!LNFAONd0FHW¢L\hKMd\ID[HSUM4FvYb³[v`cJ8M*JKWDSULNTVFAWKdo²©W¢L\h8MFH`c`VFP$
VT WK^06M§DWKTVL\TVFAWB¤ATVLTVdTVG4I8FAO\LU[!WHLLNF06TVd\LNTcW8^AJKTVd\hLNhKMYLU[!ON^AMPL
JKW?SUL\TVFAWY'¢[!WDLNhKM*`cMo[!O\W8M
ªJKWDSULNTcFHW'ONFAGL\h8M0G[!I6
IKTVWK^C & ´L\h8M*FAONG4MPOY[vO\MO\Mo[!`Ëb![!`VJKMoJ8WDSUL\TVFHWKd
¤?RhKTV`VM
L\h8MÉ`[vL\L\MZORTcdR[£JKW?SUL\TVFAWO\FHGJKW?SUL\TVFAW8dLNF*JKWDSULNTVFAWKdo>²©L
TVd4[!`Vd\FTVG4I6FAONL[vW]LLNF<ONMPG4MZGgMPOL\h?[!
L ? TVd*§KKM
[vWD
'¢TVd0tMPL\MPONG4TVWKTVd\LNTS!¤d\FLNhKMPO\MTVdWKFMP`VMPG4MZWALFvèOU[!WD6FHG
WKMPdNdTVW<dNMP`VM
SULNTcW8^ £ Î dÉLNO[vTcW8TcW8^K[vL[K hKMPONMUFAONMA6¤ & TVd
[6MPLNMPO\GTVWKTVd\L\TSèJKWDSULNTVFAW
Q6JKI8IFAd\MR$MYRTVdNhL\F0[vIKIKO\FoKTVG[vL\M[ÉJKWDSN
L\TVFHW4ªO\FAG)[*dNMP¬L !L\F[*O\M
[v`>TcW6LNMPO\bA[v` *YÓBT[£ªJKWDSULNTcFHW
[!I8IKO\FoKTVG[vL\TVFAWdUSNhKMPG4M £ ÔRh8TSNhG[Ue«6MZIMPWD¢FHW¢L\hKM
d[vG4IK`V@
M ? ! Ù ÓKFHOM
[ASNhIFAdNd\TVgK`VML[!ON^AMPL*ªJKWDSULNTcFHW
'ª! *¤ £ RTV`V`KIKONFttJDSUM[§DLNL\M
JKW?SUL\TVFAW '>>XMU§DWKM
¤!L\h8M 3 à 404Q1-60tà L,LI+I*o1àoß\,Þ Hc1V&ß £ ¤HL\FgDMRLNhKMªJKWDSULNTcFHW
RhK& TSNhL[!Ð!MZdYM
[HSUh4IFHd\d\TVgK`V¬M 'LNFTcLNdYSUFAONO\MPdNIFHWD6TVWK
^ '
²©WÄL\hKTVd¢ªO[!GMPFHO\Ф§DL\LNM
µbA[!`VJKM±TVL\MZO[!LNTVFAWk$FAONÐ]d±[vd
FH`c`VFPRdo #TVb!MPWk[!WÍTVWKTVL\T[!`£MPd\LNTcG[!LN
M · F!4LNhKMb³[v`VJKM
JKW?SUL\TVFAWB¤Y$M<gMZ^ATVWgHeSUFHG4IKJKLNTVWK
^ & GÔ · Ù ¤#L\h8M<ONMPI6
O\MZd\MPWKLU[!LNTcFHWkF!N
· TVW £ hKMPWÄ$M[!`VL\MZO\WD[vL\MP`Vek[!I6
IK`V
e D7 [!WD & LNF«IKONFD6JDSM¢L\hKMd\MPONTVMPd<FvJKW?SUL\TVFAW8d
· O GÔ · oÙ O 7 Ô GÔ · ÙNSÙ O -Ô 7 Ô GÔ · ÙNÙ\SÙ O oPV«Ôª²©W
[!W[ASULN& JD[!`TVGIK`VMPGMPW!& L[vL\TVFAWB¤AFHWK& `Ve0LNhKMJK& WDSULNTVFAWK>d & ÔoP Ù
$FAJK`*g?MYO\MZIKO\MPdNMPW?L\M
MUKIK`VTSUTVL\`Ve¡!L\h8MRJKW?SUL\TVFAW8d 7 ÔoP Ù
$FAJK` UJKdNLgDMdU[!GIK`VM
Y[vLL\h8MIDFHTVWAL\d ? Ù ÓBTVWD[!`V`Ve!¤PRhKMPW
$Md[vL\TVd©edNFAG4M£L\MPONG4TVWD[!LNTVFAWSFAWD6TVLNTcFHW¤?M£O\MPLNJKO\W¢FHWKM
F!>L\hKM JKWDSULNTVFAWKd & ÔoP Ù
hKMYSNhD[vO[ASL\MPONTcdNL\TSUd$F!DLNhKMRG[vIKIKTVWK^ & tMPL\MPONG4TVWKM$hKF!
TVL#gMPhD[ob!MPd*RhKMPW«SUFHG0g8TcW8M
RTVLNh¢b³[v`cJ8MTcLNMPO[vL\TVFAWB4ÓBTc^v
JKONM j TV`V`VJKd\LNO[vL\MPdFHWKMID[vO\L\TSUJ8`[vO\`VeTVG4IKFHO\L[vWALI8O\FAI?MPONL\eA
i d£L\hKM*§D^HJKO\MdNhKF!Rd
¤>`VTVWKM
[vO#O\MP^HO\MPdNd\TVFAWSP[!WMUD[!^H^AMPOU[!L\M
L\h8M6TMPO\MPW?SUMgDMPL©$MPMPWL©FL[!ON^AMPL JKWDSULNTVFAWK(d '[vWD
D´
[*d\G[!`V`6TMPO\MPW?SUMgDMZL©MPMZW<LNhKML[vO\^HMPLYbA[v`cJ8MP8d 'ÏÔ T Ù [vWD
K<Ô T Ù SZ[!W±`VM
[H¢L\F«[`[vO\^AMZO46T¨MPONMPWDSUMg?MPL\MZMPW±L\h8M§DL©
L\MobA[v`cJ8MP
d 'B<Ô T Ù [!WD 8Ô T Ù _[vWAeªJKWDSULNTcFHW<[!I8IKO\FZKTcG[o
L\FHO\do¤AdNJDSNh4[!d>WKMPJKOU[!`KW8MPL\dR[!WD£`VF]SP[v`K$MPTV^AhALNM
*O\MZ^AO\MZd\d\TVFHW¤
SP[vWMUD[v^A^AMZO[!LNM¢L\hKTVdR[Pe¡FHL\hKMZO\d
¤#dNJDSUhÍ[!d°H©WKM
[vO\MPdNL©
WKMPTV^Hh]g?FAOo¤KSP[!WWKFHL
hKTVd4dNFAONLF!0M8[v^A^HMPO[vL\TVFAWSZ[!WÍSP[!JKdNM<TVWKdNL[vgKTV`cTVLªeTcW[
§DLNL\M
b![!`VJKM*TVL\MPOU[!L\TVFHWÛ[v`c^HFAONTcLNhKG< Ò e<SUFAW6LNO[!dNL
¤BM*RTV`V`
d\h8F!ÍL\hD[vL [vIKIKONFotTVG[!L\FHO\d$RhKTSNhWKMPb6MPO#MUD[!^H^AMPOU[!LNM¯SP[vW
[!`V[oe6d$gDM#SUFAG£gKTVWKM
dU[oMZ`ce*RTVL\hb³[v`cJ8MYTVL\MPOU[!LNTcFHW hKMPd\M
[!I8IKO\FoKTVG[vL\FAONd0[!ONMMUD[ASULN`ce¢LNhKMFAWKMZd4RhKFHd\MG[vIKIKTVWK^Ad
[!ONMWKFHWKMUKID[!W8d\TVFAWKdTVWG[o4WKFHO\G´>g]e6MU§DW8TcLNTVFAW¤8T &
TVd4[¢WKFHWKMUKID[vWKd\TVFAWTVWG[³«WKFAONG<¤LNhKMPWªFAO4[!W6
e T±$M
hD[ob!
M Ä'B<Ô T Ù = K<Ô T ٠İ?Ä®'<Ô T Ù = ?Ô T Ù ÄÔ FHL\M#L\hD[vL$MÉtF
WKFHLO\M
ÊHJKTVONMYL\h?[!L 'B<Ô T Ù [vWD 'BÔ T Ù g?MRID[!ONL\TSUJK`[vO\`Ve¯S`cFHd\MRLNF
M
[HSUh4FHL\hKMPOo¤6WKFAO$L\h?[!
L 'ÏÔ T Ù [!WD
'Ô Ù g?MÉ[vdYSU`VFAdNMYL\F*M
[HSUh
FALNhKMPO#[!ad 'BÔ T Ù [!WD
'BÔ Ù Ù
hKM[!g?F
bHM6TVdSJKd\dNTcFHW¢TVd0dNJKG4G[!O\TV¬PMoTVW¢L\hKMFA`V`VFPRTVWK^
L\h8MPFAONMPGÔ #FHO6FHW¤ j
ÖHÖAlHÙ ´
ß 7 {UÞèß KBÞ 4K.à /àváácÞZá }³àvÀá JKÞ {UEà *,¢.Jt4§+4
fg>365D9!3 hÏ= kz ÞD
oÞ /\àoGß +./aFI+2/¬LI+ 3 Þ ¡ 2à /,¢2+2}DHHÞ *o1
LS1+2-4Q/G+t*Þ L,L c1V&ß H.1
L,
*,+.J-6ß ¦¹ j â z Þß £ {UÞ4¸
à FSJ-Q*ß 1+2-Èà 404Q/,+tR.1 3 àoGß +./\c1V&ß
< &
& 7 &
âQJt4E4Q+tL
Þ
1
L0à\-Q+2-DÞ,R,4Dà.-bL1&+.-Y1- 3 àtR
3 à,40451-6
-Q+2/ 3 â">tÞotàL(*+2-6ß</\à0*ß1+2-F
à0*ß+2/ ¦ BLo+£ß&tÞ
`>ߪßÌÞ,HY!} à!áKt
J Þ:1Vß\Þo/\àoß<1+.-±à!á 62+2/S1Vß& 3 {UàtL
Þ,HN+.- £ *,+.-}!Þo/<6AÞ,L
1- 3 àtR\-Q+2/ 3 à³ßß&t
Þ¸\/ àoß\Þ ¦ BKÞS-à,404?áÀ1Þ,H¯ß+ â
Kh TVd#L\hKMZFAO\MZG TVd#TVW<[d\MPW8d\M4LNhKMg?MPd\LI?FAdNd\TVgK`VMA´TèLNhKMPO\M
[!ONM#L©Fb![!`VJKMJKW?SUL\TVFAW8dT[vWDdNFL\hD[vL
#=
& Ô T >Ù = & Ô Ù ##T = #
L\h8MPW±L\h8MPO\MMUKTVd\L\d[¢_[vO\ÐHF!b«IKONFDSUMPdN
d RTVL\h±g?[ASNÐ6JKI
FAI?MPOU[!L\FH>O 7 dNF0LNhD[!>L 7 & 6F6MPdRWKFAL$hD[ob!M[£JKWKTÊHJKM
§KKM
IFATVWHL
²©LRO\MZG[!TVWKdRLNFd\hKF!RhKTSNhJKWDSULNTVFAW[!IKI8O\FoKTVG[!LNFAONdèSP[vW
MUD[!^H^AMPOU[!LNM[!W?RhKTS\h«SZ[!W¢WKFHL
aRWtFAONL\JKWD[vL\MP`VeA¤>G[!W!e
SUFHG4G4FHW4[!IKI8O\FZtTVG[!L\FHO\dRSP[!WBèÓ8FAOMUD[!GIK`VMA¤K[!d$§D^HJKO\M j
6MPGFAWKdNL\OU[!L\MZd
¤H`cTVWKMo[!O>O\MP^HO\MPdNd\TVFAWSP[!W*gMY[!W*MUKID[vWKd\TVFAW*TVW
G[³0WKFHO\G<¡6[!W? Ò F!e][!W[!WD_F6FAONMÔ Ò F!e][vW[vWD4_F6FHO\MA¤
j
ÖHÖAlHÙ dNhKF!L\hD[vL#§DLNL\M
b³[v`cJ8MTcLNMPO[vL\TVFAWRTVL\h¢`VTVWKM
[vOÉONMU
^AONMPd\dNTVFAW±SP[!W6TVb!MPO\^HMAÑYLNhKMPOGMPL\hKF66d*RhKTS\hG[Ze«6T
bAMZO\^AM¢TVWDS`cJ?6M<dNL[vWDK[!OUÂMPM
]FAONè[vOÂWKMPJKOU[!`WKMZL\d<[vWD
`VF]SP[v`$MPTV^AhHL\M
ONMP^AONMPd\dNTVFAW¢Ô Ò F!e6[!W[!WD_F6FAONMA¤ joÖAÖAlHÙ
ÑWkL\h8M±FALNhKMPO«h?[!WD¤G[vW!ek[!IKIKONFoKTcG[!LNTcFHWGMPL\h8Fttd
[!ONM<W8FAWKMUKID[vWKd\TVFHWKd
¤#TVWDSU`VJDtTcW8^«`VF]SP[v`MPTV^Hh]LNM
Í[ZbAMPOU[!^!
TVWK^D¤R°v©WKM
[!ONMPd\LÌËW8MPTV^AhKgFHO
¤ Ò MZ ¬PTVMPOID[!LUS\h8MPd
¤R`VTVWKM
[vOTVWAL\MZO©
I?FA`[!LNTcFHW¤gKTV`VTVWKM
[vOTVWAL\MZO\IFA`[vL\TVFAWFAW«[dUÊHJD[!ONMÔFHO0SUJKg8T
SP[v`ˤ$ÞUGß *Pâ Ù GMPd\hB¤[!d1MP`V`[!ddNTVG4IK`VMPOG4MPLNhKF]6d#`VTVÐ!M^AONTtd
[!W?«FHL\hKMZOd\L[vL\M[!^H^AONMP^][vL\TVFAW hKMPdNMG4MZL\hKF66d4[!ONM¥[v`V`
.à }!oÞ /tà 6AoÞ /,L0Ô #FAOU6FAWB¤ j
ÖAÖHlAÙ ´
Íi ONM
[!`©bA[!`VJKM
ªJKWDSULNTcFHW.[!IKI8O\FoKTVG[!LNTVFAW
dShKMPG4MÂTcd[!W [ob!MZO[!^HMPO±TMPbAMZO\e§DLNL\M
µbA[!`VJKMÂTcdL\hKM
$MPTV^AhALNM
[obAMPOU[!^AMF!0¬PMZO\FFAOG4FAONML[vO\^HMPL4bA[v`cJ8MPd[vWD
I?FAd\dNTVgK`Ved\FHG4M*IKO\M
tMPL\MPONG4TVWKM
¢SFAWKdNL[!W6LNd
hKM$MPTV^AhHL\d
TVWAbHFA`Vb!M
¢TVW¢SP[!`SUJ8`[vL\TVWK^L\h8M§DLNL\M
b³[v`cJ8
M 'BÔ T Ù G[Ue¢6MU
I?MPWD¢FHW¢L\hKMd[vG4IK`VM*bAM
SULNFAO ?eH¤>gKJKL£G[Ue¢WKFHL06MPI?MPWD
FAW¢LNhKML[vO\^AMZL0bA[v`cJ8MP(d 'BÔ Ù FAO*[!W6
e ?¢_FHO\M4I8O\M
SUTVdNMP`Ve]¤
FHOè[ §KKM
? ¤6T c !¢Z hD[vdèå¥MP`VMPG4MPWHL\do¤KL\h8MPO\M#G*JKd\LRMUKTVd\LRå
O\Mo[!`?W]J8GgDMZO\dR° 8U¤Aå WKFAWKW8MP^][vL\TVb!MRO\M
[v`DW6JKG*g?MPO\d 86¤][vWD
å¢W8FAWKWKMZ^][!LNTVb!MO\M
[v`{W6JKG*g?MPO\d +8¤dNFL\hD[vLYªFAO#M
[AS
h $$M
hD[ob!!M 8 W ² 8 U.j [!WD 'BÔ T+8 dÙ U 8\° 8 W ² 80'BÔ T" Ù
_FH8`cFH`VFPd\dNLRhKTVFvFAWKèJ8^*`LN hKL\h8#M gMPM4FAON8¬PMPMZGRO\F«TVÔ `V#F`>T% ^AH$'MPOW86MPªEFH& OW[v? ¤ `c`Vj
e ÖH ÖAg?lHMi Ù b!´¬PMPMPOON[vFD^AMP²©ONW¢d4dUI?[![!L\O\TVLNdÌTSUe¢JK`L\[!hKOoM ¤
fg>365D9!
3 hÏ= i >tÞ 3 ,à 4E4Q1-b6 & à LLI+t*S1ªàoß\Þ H§c1V&ß ¥.à -
.à }!oÞ /tà 6AoÞ / £ 1
L<~
à -Q+2-D,Þ R,4D.à -bL1&+.-1- 3 tà Rm-5+./ 3 \LI+¢&ß tÞ
`>ߪßÌ,Þ HY}!à!Ká Jt:
Þ 1Vß\oÞ /\ào<ß 1+.-±à!á 62+2/S1V&ß 3 {Utà L
,Þ HN+.- £ *,+.-}!oÞ /<6A,Þ L
BKSÞ -<à 404?Àá 1,Þ H*Gß +42à -DH21
LI*G+2J°-tßÌSÞ H ¡C/ 0 â
(
¸Í»«¸¼·¾¢» ½Â¸¹Y¼ 5 º»È¾ @_ ²ª ¦U®j ¤ hKMZFAO\MZG n j WKF`VFAWK^HMPO4[!IKI8`cTVMPdo´ 7 &
TVd<GMPO\MZ`ceÍ[ÂWKFAWKMtI?[!WKdNTcFHW.TVWÍG[³W8FAO\G¤[!WD d\FTVd
WKF`VFAWK^HMPOY^HJD[!OU[!W6L\MZM
L\FSUFHW]b!MZO\^AMH¯Ó8FAONL\JKW?[!L\MZ`ce6¤LNhKMPO\M
[!ONM[obHMPO[v^AMPONdRhKTS\hMG[Ue¢J8d\MRTVL\h¢WKFHWD6TVdSUFHJKW6L\M
_X f do h8M0IKONFKF!$O\MP`VTVMPdFHW<[!WTVW]LNO\TV^AJ8TcW8^4IKONFAI?MPO\LNeF!
2
2
1
1
0
0
0
1
2
0
(a)
1
2
(b)
ÓBTV^AJKONM j ´ëÏTVWKM
[!OBO\MP^HO\MPdNd\TVFAW*FAW£L\hKM$d[vG4IK`VM6?e U³êOPj0ONmà ÅÔË[ ÙBi L[!ON^AMPLÏJKWDSL\TVFAW('Ôªd\FH`cT`VTVWKM Ù [vWD#TVL\d>SUFAONO\MPdNIFHWD6TVWK^
§DLNL\M
ªJKWDSULNTcFHW ' ÔË6FHL\LNM
`VTVWKM Ù $Ôªg Ù$i W8FAL\h8MPOYLU[!O\^HMPL$JKW?SUL\TVFAWB¤ D¤D[vWDTVL\d$§DLNL\M
JKW?SUL\TVFAW ? ç MP^HO\MPdNd\TVFAWM8[v^A^HMPO[vL\MPd
L\h8M46T¨MPONMPWDSUMgDMZL\$MPMPW¢L\h8ML[!ON^AMPL JKWDSULNTVFAWKdo´YLNhKM`[!O\^HMPd\L*6T¨MPONMPWDSUMgDMZL\$MPMPWm'«[vWD TVd j Ô©[!L¬T U j0OUmAÙ ¤ÏgKJKL#L\hKM
6TMPO\MPW?SUM0g?MPL©$MPMPW'[!W? [vL_T U±m TVd
1
2
(a)
3
1
2
(b)
3
1
2
3
(c)
BÓ TV^AJKONM m ´ i WKFHWD6TVdSUFHJKW6L\M
6MZL\MPONG4TVWKTVd\LNTS_[!ONÐAFobIKO\FKSUMZd\dÉ[vWD4[vW[obHMPO[v^AMPOo hKM#IKO\FKSUMPdNdYTVd$d\hKF!RWTVWÔË[ Ù ¡6L\h8MÉ^HF][v`
TVdd\LU[!LNM j ¤][vWD[!`V`D[vOSSUFAdNL\dR[!O\M j MUDSUMPI8LY[!L$L\hKM^AF][v`©²©WÔg Ù $MYd\MZMYL\h8MÉ[obAMZO[!^HMPO
¤6ONMPIKONMPd\MPW?L\Mo4[!dR[_[vO\ÐHF
bIKONFKSUMPd\do´
d\LU[!LNMPd j [!W? n [vO\MYJ8WDSNhD[!WK^HM
¤HRhKTV`VM·0Ô mAÙ TVd$O\MPIK`[HSUM
g6e·Ô nAÙ hKMÉ6MZO\TVbAM
_[!ONÐAFobIKO\FKSUMZd\dRTVdd\h8F!RW4TVWÔËS Ù ¡6d\LU[!L\M
n hD[vdRgDMPMZW<6TVdSUFHWKWKM
SL\M
¤?dNFTcLNdRb³[v`VJKM#MPd\LNTcG[!LNMYRTV`V`6TVb!MPO\^HMA
©Ô [ Ù
Ôg Ù
ÔËS Ù
ÓBTV^AJKONM n ´*E$FAWKdNL\ONJDSUL\TVWK^L\h8M¥tMPO\TVbAMo«_[vO\Ð!F!bIKO\FDSMPd\do«Ô©[ Ù#i 6MPLNMPO\GTVWKTVd\L\TS*IKONFKSUMPd\do´4LNhKM4dNL[vL\M4dNID[ASMTVdLNhKM4J8WKTVL
L\ONT[!WK^H`cMH¤¨[vWDFHWMPbAMZO\edNL\MPI¢LNhKM¯[v^AMPWHL#G4FPbHMPd[4SUFHWKd\LU[!W6L6TVd\L[vWDSUM*L\F!R[!OU6dYLNhKM0FHO\TV^ATVW hKM*b³[v`VJKMF!$M
[ASUhd\L[vL\M*TVd
TVL\d6TVd\LU[!WDSM*O\FHGL\hKM*FAONTc^HTVW¤?d\Y
F ·8*TVd#WKFAWK`VTVWKM
[vO
*Ôªg Ùi ONMPIKONMPd\MPWLU[!LNTcb!M*L\OU[!WKdNTVL\TVFAWO\FHGL\hKM6MPONTVbAM
IKONFKSUMPd\doÓKFHO
FAJ8OY[PbHMPO[v^AMPOo¤K$MÉJ8d\M
`VTVWKM
[!O$TVW6L\MPONIFA`[!LNTcFHWFAWL\hKMSUFHO\WKMPONd#F!L\h8ML\ONT[vWK^A`VMA¡6[!dRg?MUFHO\MA¤8L\hKM[v^AMPW6LRG4FZb!MPdYLNF![!OU6dRL\hKM
^AF6[!`©¤!gKJ8LL\hKMZW4L\h8MY[obAMPOU[!^AMZOGFPbAMPd1TcL1O[!W?6FAG`ce#LNFFAWKMRFvL\hKMYSFAO\W8MPO\doÑW[ZbAMPOU[!^HMA¤6L\hKTVddUSP[!LNL\MPONTVWK^0GFPbAMZdL\hKM#[!^HMPW6L
gD[HS\Ð[Zè[oeONFAGÄL\hKM£^AF][v`©¤6d\F4dNL\MPI8dTVWLNhKM06MZO\TVb6M
IKONFtSMPd\d0tFAWÎ LR^AMZLYL\h8M0[!^HMPW6LÉ[!dË[!Oo hKMbA[v`VJKMJKWDSULNTVFAWFHORL\hKM
6MPONTVbAM
IKONFDSUMPdNdYTVd T W ?$Ô©S ÙR hKM#MUKIM
SL\M
I8O\FA^HO\MPdNdYLNhKM0[!^HMPWALRG[!Ð!MPdRFHWM
[ASNhd\LNMPI
o[ b!MPOU[!^AMZO\d
´1M#SP[!Wb6TcMZ[!WHe4[PbHMPO[v^AMPOY[vdè[_[!O\ÐHF
bI8O\F!
SUMPdNd
¤dNFL\hD[vLRd\LU[!L\M\ThD[vdY[*L\OU[!WKdNTcLNTVFAWL\FdNL[!LNM RhKMPW6
MPbHMPO X ê Ô,1âÞZâ¤?RhKMPWKMZb]MZOL\hKM£§DLNL\M
~·Ô<T Ù 6MZIMPWD6d
FAWLNhKML[vO\^HMP
L ·0Ô Ù ¡RIKONMPd\J8G[!g8`ceH¤LNhKTVdhD[!I8IDMPW8d4RhKMPW
L\h8M4[obAMPOU[!^AMZO¯SUFHWKd\T6MZO\d*d\L[vL\MP\
d T¢[!W? dNFAG4MZhKFPd\TVG4T
`[!O Ù ÓTV^HJKO\M m Ôg Ù dNhKF!Rd*FAWKMMUD[vG4IK`VM*F!Y[d\TVG4I8`cM[ZbA
MPOU[!^AMZOb6TcMZM
[!d[4_[vO\ÐHF!bI8O\FDSUMZd\d
¡BL\h8Tcd[ob!MPOU[!^HMPOhD[vd
[,[ U Z ] U ],] Uéj [!WD[!`V`FALNhKMPOYSUF8,M SUTVMPW6L\d¬PMPO\F?
²ª{$MYb6TVMP[vW[ob!MPOU[!^HMPOY[!dY[_[!O\ÐHF!bIKO\FKSUMZd\d
¤?[!WDSUFAG
I?FAd\MLNhKTVdIKONFtSMPd\d*RTVL\hFAJKO#FAONTV^ATVWD[!`_X f ¤$MRTc`V`6MU
O\TVbHM<[WKMP)_X f hKM<6MPONTVbAM
±_X f TVd4LNhKMdU[!G4M[vd
L\h8MÉFHO\TV^ATVWD[v`KFAW8MYMUDSUMPI8LRL\hD[vLè[³L\MPORMZbAMPONed\L\MZILNhKM[!^HMPW6L
^AMZL\d$O[!W?6FAG`ce#dUSP[!LNL\MPONM
ÔRTVL\hIKONFAgD[vgKTV`VTcLNTVMPd6MPIMPWDtTcW8^
FAWLNhK%M d Ù ªO\FAGéTVL\dSUJ8O\O\MZWKLd\LU[!LNMYL\F£d\FAGMW8M
[!ONgKe0dNL[vL\MA
hD[vLTVd
¤!T[YLNO[vWKd\TVL\TVFHW0`VM
[H6d>ONFAG T*LNF #TVWL\h8MRFAO\TV^HTcW?[!`
_X f ¤D[vWDTLNhKM0[obAMZO[!^HMPOSUFAW8d\T6MPONdÉdNL[vL\
?[¤SNLNhDhK[vMPWDWSUM4L\hKFvMèdG[!GFPb6M0TVWKLN^O[vL\WKhKd\MTVL\[!TVFH^AW¢MZW]TcL W¢LNO\hKFHGMtT¢MPO\LNTVbAF M Mo«Kd\_TVÓBGX TV^ATcf `JK[vONOhDM LN[vFm d
d\h8F!RdÅ[dNTcGIK`VMMUD[!GIK`VMF!?L\hKMY6MZO\TVbAM
_X f ¡³[dN`cTV^HhAL\`Ve
G4FHO\MSUFHG4IK`VTSP[!LNM
MUD[!GIK`VM{TVdBTcW §D^AJKONM n i dBL\hKM1FH`c`VFP$
TVWK^L\hKMZFAO\MZG d\hKF!RdÔdNMPMÔ #FAOU6FAWB¤ joÖAÖAlHÙ FHO0[IKO\FKFv Ù ¤
MUD[ASLYb![!`VJKM#TVL\MPOU[!L\TVFHW4FAWLNhKM6MPO\TVbHM
_X f TVdLNhKMd[vG4M
[!d$§?L\L\Mob³[v`VJKM#TcLNMPO[vL\TVFAWFAWL\h8MFAONTc^HTVWD[!`_X f
fg>365D9!3 hB= kml436.9 s (A3K
@ u
"y +2/.à - 2à }³oÞ /à 6voÞ / £
c1V&ß 3 ,à 4E4Q1-6 & 2à -QH¸FI+./42à - ¡C/ 0 UoÞ 1V&ß toÞ /H.1
L,
*,+.J-6ß\SÞ HY+./-Q+.-5H.1
LI*,+.J-6ß\SÞ HNc1V&ß D4K.à /\àváácÞZ
á }³àvÀá JK
Þ {U0à *¢Jt4
+,4KoÞ /àoGß +./ 7 &ß t5
Þ FoJ°-5*U<ß 1+.- 7 & 1
L&ß t>Þ 4K.à /Uà!ááVÞPá }!à!Ká JtÞ
{U0à *¢Jt4D+4toÞ /à³ß +2/QFt+./
à -?SÞ ¡ .à /,¢0+.}HHSÞ *S1¯L1&+.-@4Q/+t*U,Þ L,L ªâ
²©W^HMPWKMPOU[!`©¤?L\hKMg?[ASNÐ6JKIFAI?MPOU[!L\FHOFAORLNhKM¯tMPO\TVbAMo_X f
G[e0WKFHL>gMY[ÉSFAW6L\OU[ASULNTcFHWTVW¯[vW]e£WKFAONG<ÓBTV^AJKONM m d\h8F!Rd
[!W*MUD[!GIK`VMRh8MPO\MRLNhKTVdgD[ASNÐ6JKIFHIDMPOU[!LNFAO6TVb!MPON^AMPdo¤6d\TVWDSUM
L\h8M06MPONTcbHM
_X f hD[vdY[*d\L[vL\MRTVLNhTVW6§?WKTVL\M0SUFHd\Lo C F!$
MPbHMPO
¤8MSP[vW4F!ªL\MPW^AJ?[!O[vWALNMPML\h?[!LRL\h8M tMPO\TVbAMo_X f TVd
$MP`V` ©gKMPh?[!b!M
Ó8FAO£MUD[!G4I8`cMH¤T' TVd06TVdSFAJKW6L\Mo¤>FAOT
ê ªFAO[!`V` Ù ¤1L\hKMPW
£ JKd\MPdMZTc^HhAL6M
SP[veÔ 1âªÞPâ¤>T!
7 & RTV`c`g?M0[£G[³4WKFAONG SUFHW6L\O[HSUL\TVFHW¡D[vWDT £ TVd
L
ÞPá F,GoÞ 1
6tAß\GÞ HFHO Ô #FAOU6FAW¤ joÖAÖHlAÙ 9
¤ 7 RTc`V`?gM
[SUFHW]LNO[HSUL\TVFAWTVW4dNFAGMY$MPTV^Ah6L\M
G[oWKFAONG< &
¾ » ¸ºÁ·]¸ Á ¹ » ¹
¢
aRW6LNTc`8WKF
¤H$MRhD[PbHMRFAWK`Ve0SFAWKdNTtMPO\M
L\hKMYSFAW6bAMPON^AMPW?SUMYFHO
6TVb!MPON^AMPWDSMÉFvK§DLNL\M
6e6WD[vG4TS>IKONFA^HO[!GG4TVWK^R[!`V^AFHO\TVL\h8G4d
ÑÏSFAJKONd\MR$M$FAJK`#`VTVÐ!M$WKFALBFAWK`VeSUFAW6bHMPO\^HMPWDSUMA¤6g8JKLSUFAW6
bAMZO\^AMZWDSUMLNF<[ONM
[!dNFAWD[vgK`VM[!IKIKONFPKTVG[vL\TVFAWF!YLNhKMb³[v`VJKM
JKW?SUL\TVFAWB
Q6JKI8IDFHd\ML\h?[!<L Tcd*[!W¢_X f RTcLNh<b![!`VJKM*ªJKWDSULNTcFHm
W ·A¤
[!W?`VMPL £ gM[!W[obAMPOU[!^AMZO
ÂhD[!L#T · TVd[!`Vd\F[§KKM
I?FATVWAL#F! & h8MP
W ·8*TVd[§8tMoI?FATVW6L#F! 7 ¡
d\F*T¨$MÉSZ[!W4dNhKF!±LNhD[!;L 7 & SFAWKb!MPON^AMPdRLNF¯[ JK WKTÊHJK& M
[!W8d\$MPO
¤R$MRTV`V`RÐ6WKF
LNhD[!LTVL4SUFHWKb!MPON^AMPdL\F¢LNhKMONTc^Hh6L
[!W8d\$MPO
Ó6FHOÉM8[vG4IK`VMA¤?T Tcd6TVdUSUFAJKW6LNM
¤FHOÉTTVL#hD[vd
±*Ô ¥ Ô T O 7 Ù\Ù ê FHOÉ[v`cc
` T UÄ
& j ¤DLNhKMPW 7 & RTc`V`>SUFAW6
bAMZO\^AM£L\:
F ·
²ªÉ$M[!ONM4L\ONe6TcW8^<LNF¢d\FA`Vb!M[WKFAWDtTcdUSUFAJ8W]LNM
_X f [vWD
·8#6TMPO\dRdN`cTV^HhAL\`Ve*ONFAGL\h8MÉW8M
[!ONMPd\L$§KKM
IFATVWAL$F! ¤
![ ONgKTVL\OU[!O\TV`Ve`[!ON^AMMPONO\FHO\d[!O\MIDFHd\dNTcg8`cMH²ªè$M[vO\ML\ONe6TcW8& ^
L\Fd\FH`cbHMÛ[6TVdSUFHJKW6L\M
_X f ¤$FAW±LNhKMFAL\h8MPOhD[!WDϤY$M
SP[vW±IKO\F!bHMÛ[ GJDSNhd\L\ONFAWK^HMPOO\MPdNJK`VL
´¢T01M<FHWK`Ve«Ð6WKF!
L\h?[!LLNhKM4FHIKL\TVG[v`bA[v`cJ8MJ8WDSUL\TVFHW¢Tcd£WKM
[!O*[§KKM
IFATVWHL
F!$FAJKO#[PbHMPO[v^AMPOo¤MSP[vW^AJD[vO[vW]LNMPM[!WMPONO\FHOÉg?FAJ8WDFHO
FAJ8OR`cMo[!O\W8M
bA[!`VJKMJ8WDSUL\TVFHW<Ô #FAOU6FAWB¤ j
ÖAÖHlAÙ $Ô i g?FAJ8WD
TVG4GM
6T[!LNMP`VeFH`c`VFPRdÔd\MZM ÞZ
â 6!â$ÔËQ6TVWK^Hh«[!WD
MPMH¤ j
ÖHÖ!ã6Ù\Ù
FHOL\hKM`VFHd\d4TVWDSJKO\ONM
±gHeFA`V`VFPRTVWK^¢L\h8M<SUFAONO\MPdNIFHWD6TVWK^
^AONMPM
6eI?FA`VTSUeA Ù
Þ +4K<ß 1 à!aá }!à!Àá JKÞ FoJ°-5*U<ß 1+.fg>365D9!
3 hÏ= kz Þ(ß · {UÞ&ß t
FI+2/¯¸
à `c-1Vß\Þ ¡ 2à /,¢2+2}DHHSÞ *S1¯L1&+.-4Q/G+t*U,Þ L,3 L c1V&ß H21
LI*,+.J-6ß
F
Eà *UGß +./ ¦ â z ÞU6
ß D7 {UÞ#&ß tÞ 4K.à /Uà!ááVÞPá }!à!Ká JK¬Þ {U0à *¢Jt4«+4DSÞ /\à³ß +2/
FI+2/<â z ÞUß & {ÞY
à -Q+.-DÞ R,4D.à -LS1+2-Kâ z Þ¬ß · & {UÞ.à -
`BRASÞ H¶4b+21-6e
ß +F< & â QJt404Q+L
Þ # · &N= ·¬c# U ¬BKSÞ /\Þ
#%#HAoÞ -Q+oß\Þ L 3 à R§-5+./ 3 v
â >KSÞ -~1Vß\SÞ /\à³ß 1+2-v+F D7 &
*,+.-}!oÞ /<6A,Þ L#Gß +4\
à }!à!Ká JKcÞ FSJ-Q*<ß 1+.- · Lo+¯ß Kàoß
m2¦ #B· = ·c# ?
j=¦
#>· = & ®Ô ·b Ù # ?
m PW j.m =N¦" ¦
!
ÑL\hKMZO\dRhD[obHMÉ6MPONTVbAM
d\TVG4TV`[!OBgDFHJKWD6d1FAO$d\G[!`V`VMPOSU`[!dNd\MPd
F!1JKWDSULNTVFAW¢[!IKIKONFoKTcG[!LNFAO\doÉÓtFAO[gDFHJKWDFAWL\hKM*MPO\ONFAO
TVWALNO\FD6J?SUM
g6e[!I8IKO\FZKTcG[!LNTcW8^ [*SUFHW]LNTVW]J8FAJKdY_X f RTcLNh
[^AONTϤDdNMPMÔËE$h8F!.[!WD d\TVL\dNTVÐ]`VTVd
¤ joÖA×AÖHÙ Ó8FAO#[4g?FAJ8WD
FAWLNhKMMPONO\FAOTVW]LNO\FK6JDSM
g6e4dNL[!LNM0[!^H^AONMP^][vL\TVFAW¤K[vWD[!W6
FALNhKMPO#g?FAJKWDFAO#[4SU`[!dNdYFv`VTcW8M
[!OY[vOSNhKTVL\M
SL\JKONMPdTVWDSU`VJDH
TVWK^WD[vO\ONF!È`VF6SP[!`VTV¬PM
gD[!dNTcdÅJKWDSULNTVFAWKd[vWD*TVW6L\MPONIFA`[!LNTcFHW¤
d\MZMÔ dNTcLNd\TVÐ6`VTcdR[!W?$
#$[!W ç F!e¤ j
ÖAÖvã]Ù
hKMdNFAONLRF!MPO\ONFAOgDFHJKWDRhKTSNh$MhD[ZbAM£IKO\F!b!M
¥TcdRI?[!O©
L\TSUJ8`[vO\`Ve«J8d\MUJ8`#FAO4[vIKIKONFotTVG[!L\FHO\ddNJDSNh[vd4`VTVWKM
[!OTVW6
L\MZO\IFA`[vL\TVFAW«[vWD^AONTtd0RhKTSNh«h?[obAM4G[!W!e§KKM
I?FATVWALNd
Ò M
SP[!J8d\M«TVL6MPIMPWDtdFAW±LNhKM¢G[³KTcGJKG"tT MPONMPWDSUM¢gMU
L©$MPMPN
W · [vWD · & ¤?L\hKMg?FAJ8WDTVdRWKFALbAMPONeJKd\MUªJK`>T ·
G[ehD[obAM`[vO\^AM6TVdSFAW6L\TVWAJ8TcLNTVMPd0[!L#JKW8Ð]W8F!RW<`VF]SZ[!L\TVFHWKd
´
T8 ·¬h?[!d0[tTcdUSUFAW6LNTcW6JKTVLªe<FvYhKMPTV^AhH&L %?¤BL\hKMZW«[!W6eÛ[ob!MZO©
[!^HMPORhKTSNhSP[!WÎ LGTVGTSBLNhKMR`VFtSZ[!L\TVFHW0Fv¨LNhKTVdÅtTcdUSUFAW8L\TVWAJ6
TVL©e<M8[HSUL\`VeRTV`c`1hD[PbHM4WKFONMPIKO\MZd\MPWLU[!gK`VM*JKW?SUL\TVFAW8dÔË[vWD
L\h8MPO\MUªFAO\M£WKF*§KKM
IFATVWALNd Ù RTVL\h8Tc(
W Z' Fv_ ·A
$*
)
5 º·° ¸¹43
±·92<2,+A¾ º%¹Y
º¼- .
²©W4LNhKM#hKTV`V` \SP[vO$FAON`Ô©_FKFHO\MA¤ joÖAÖKj ¤ Ò F!e][vW[vWD4_F6FHO\MA¤
j
ÖHÖAl ¤ #FHO6FHW¤ j
ÖHÖAlHÙ ¤>L\h8M[!^HMPW6L0G*JKdNL¯6ONTVbAM[SP[vOJKI
L\FLNhKM*L\FAIFv1[*dNL\MPMZI<hKTV`V`© i LY[vW]eL\TVG4MH¤6TcLG[UeSNhKF6FAd\M
g?MPL\MZMPW±L©$FÛ[HSUL\TVFAW8d
¤>ªFAO\R[!OU[!WD O\MPbHMPO\dNMAaW6FAONL\J6
WD[vL\MP`VeA¤1L\hKMSP[vO
Î d0GFALNFAO#TVd0$M
[!Ф$[!WD¢SP[vWÎ L¯S`cTVGgL\hKM
hKTV`V`ªO\FAG [d\LU[!WD6TVWK^d\LU[!ONL
«Q6F?¤LNhKM[!^AMZW]L*GJKdNLgD[ASNÐ
L\h8M SZ[!OYJ8I¥[vWD^HMPLÉ[£O\J8WKWKTVWK^d\LU[!ONL
²©WL\hKMdNL[!W?K[!OUFAONGJK`[!LNTVFAW¢F!LNhKTVdFAON`ϤLNhKMd\LU[!L\M
d\I?[ASUMTV
d M =Ej OP,j µ M =Ym O\m µ ¤RhKTSNh±O\MZIKO\MPdNMPW?L\d4LNhKMIFHd\T
L\TVFHW¥[vWDbAMP`VFKSUTVL©e4 FvL\hKM0SZ[!O
hKTVdRd\L[vL\MdNID[ASM0TVdRd\G[!`V`
MPWKFHJK^AhL\hD[vLbA[v`VJKMYTVL\MZO[!LNTVFAWFAW[ONM
[!dNFAWD[vgK`VeHËdNTc¬ZM
^HO\T
2.5
2.5
2
2
1.5
1.5
1
1
0.5
0.5
-1.5
-1
-0.5
0
-1.5
-1
-0.5
0
0.5
0
0
0.5
0.5
ÔË[ Ù
1
1.5
0
Ôªg Ù
ÓBTV^AJKONM ã ´ hKMhKTV`V`ÌSP[vO$FAO\`
Ô joêAêHê LNF ã]êHêAêHê SMP`V`cdo¤6MPIMPW?6TVWK^FAW¢LNhKMtMPd\TVO\Mo«[ASZSUJ6
O [HSUe Ù SP[!W§DW?±LNhKM<FHIKL\TVG[!`RbA[!`VJKMJKW?SUL\TVFAWB FLNMPd\L
§DLNL\M
b³[v`cJ8MTcLNMPO[vL\TVFAWB¤$MMUKID[!W?6M
¢LNhKMd\LU[!LNM4d\I?[ASUM[
L\h8FAJKdU[!WDHªFA`´TVWKdNL\M
[H*F!I?FAd\TVLNTcFHW¯[vWD*b!MP`VFKSUTVL©e]¤vMRONMPI6
O\MZd\MPWKLNM
Mo[ASNhd\LU[!L\MRRTVLNhL©F nAm nHm ^HO[oe6dSZ[!`VMRIKTSUL\J8O\MPd
`VTVÐ!MLNZ hK M^ FHWKMPdTVW#§?^AJKONM ã ÔË[ Ù ¤oG[vÐ6TcW8^RL\hKM$WKMPd\L[vL\MRdNID[ASUM
M
ê OPj µ hKMLNFAIIKTSUL\J8O\MdNhKF!RdRL\hKM*SP[!OoÎ d#SUJKONO\MPWKLRI?F!
d\TVLNTcFHW¡!LNhKMRgDFHL\LNFAG.FHWKMRd\h8F!RdRhKMPONMYTVL>FAJK`£gMTVW êAn TèTVL#L\F6FHÐWKF<[HSUL\TVFAWB i d\TVG4IK`VM^HO\TFAW¢L\h8Tcd#MUKID[vWD6M
d\LU[!LNMÉdNID[ASMTVdJKW6LNhKTVWKÐA[!gK`VMA´BMPbHMPWZ R ^TcLNh UJ8d\L m ID[!ONL\TVL\TVFAW8d
I?MPOYIKTKMP`©¤6L\h8MÉ^HO\TFAJ8`hD[ZbAM m SMP`V`cdo
F0[!I8IKO\FoKTVG[vL\M$L\hKM#b![!`VJKMRªJKWDSULNTcFHW¤HML\F6FAÐ4[£O[vWD6FAG
d[vG4IK`VM$F! lAêAêHê `cMZ^][!`?IKTSULNJKO\MPdY[vWD*O[vW§DLNL\M
b![!`VJKMTcLNMPO©
[!LNTVFAWRTVL\h`VFKSP[!`?$MPTV^Ah6L\M
[PbHMPO[v^ATVWK^?²©W`cF6SP[!`$MPTV^AhHL\M
[ob!MPOU[!^ATVWK^?¤?L\hKM£§DL\LNM
b![!`VJKM[!LYdNL[vL\\
M TTVd[!W<[ob!MZO[!^HMF!
L\h8MLU[!O\^HMPLbA[v`VJKMPd{[vLWKMo[!O\g8eÉdU[!GIK`VM
d\L[vL\MPcd T ¤!$MPTV^AhHL\M
g6e<
[ £[!JKdNd\T[!WÐAMPONWKMP`SMPWKL\MZO\M
¢[vÁL TBMJKdNM
¢[dNe]G
G4MZL\O\TS$ÐHMPO\WKMZ`RTVL\hhKMZTc^Hh6L j [vLLNhKMSUMPW6L\MZOY[!WDhKMPTV^Ah6L [
RhKMPW£L\hKMÅJDSU`VT6M
[!W6TVdNL[!W?SUM>ONFA
G T LN8F T#[vd{[vgDFHJKL mAm
ÔMÉ[vO\ONTcbHM
4[vLL\h8Tcd$ÐAMZO\WKMP`RT6LNh4gHe4[SUF][vO\dNMÉdNM
[!OUSUh´BTVL
TVdYLNhKMWD[vO\O\F!$MPdNLÉÐ!MZO\WKMP`1RTtL\hM*L\MZd\L\MoFHOYRhKTSÌhL\hKM
6MPONTVbAM
±_X f R[!dJKdNJD[!`V`Ve«SUFHWKWKM
SULNM
Ù ¢MO\MPIM
[vL\M
L\h8MMUKIMPO\TVGMPWALL\hKONMPM0LNTVG4MPdY[vWDd\MP`VM
SULNM
L\h8MO\JKWRTcLNh
L\h8MÉGM
6T[!W ç _QMPO\ONFAOo
hKM$O\MPdNJK`VL\TVWK^#b![!`VJKM1JKWDSULNTVFAWTVd>d\hKF!RW£TcW §D^AJKONM ã Ôªg Ù ¡!TVLNd
ç _QMPONO\FAOO\FHGkL\h8MMUD[ASULRbA[v`VJKMRJ8WDSUL\TVFHW<Ô¦§D^AJ8O\M ã Ô©S Ù\Ù
TVd ê Vj
lHl Ò eÉSUFHG4ID[vO\TVd\FHW¤
[ ÚHê ÚKj ^HO\T\
+.-£ß KaÞ +./S1
6.1-Dàvá
<ß +tH21 3 oÞ -LS1+2-Dà!
á 4Q/G+0{ZácÞ 3 h?[!d ç _QK ê Vj
×HØ
0.5
-0.5
¾¢» ¸ ¾B2*½·8» ¸ ¸¼ ½±º¹
º
ºv a º
¾ MhD[obAM£IKO\F!b!M
SUFAWKb!MZO\^AMZWDSUM*FHOY[*RTtM0SU`[!dNdYF!>§DLNL\M
L\MZG4IKFHO[!`#6T¨MZO\MPWDSMG4MPLNhKF]td
¤Y[vWD¢dNhKF!RWMUKIMPO\TVG4MZW6
L[v`V`ceL\hD[vL4LNhKMPd\M¢GMPL\h8F]6dSP[!Wd\FH`cb!M_[!ONÐAF!b±6M
SUTVdNTcFHW
IKONFtSMPd\dNMPdRG4FHO\M$,M SUTVMPW6L\`VeLNhD[!W^HO\T6dFvÏSUFHG4ID[vO[vgK`VM[ASN
SUJKOU[ASUe6
aRWtFAONL\JKWD[vL\MP`VeA¤6G[!W!eI?FAIKJ8`[vOªJKWDSULNTcFHW4[!IKI8O\FoKTVG[!LNFAONd
¤
d\J?SUh«[!dW8MPJKO[v`W8MPL\d0[vWD`VTVWKM
[!O£O\MP^HO\MPdNd\TVFAW¤tFWKFALË[v`V`
TVWALNFL\hKTVdS`[vd\dÔË[vWD*TVWË[HSULSP[vW6TVb!MPON^AM Ù hKMÉSNhKTVMUONM
[o
1
1.5
0
-0.5
ÔËS Ù
d\FHW*FAO$6TVb!MPO\^HMPWDSUM#TVdMUD[!^H^AMPOU[!LNTcFHW´LNhKMYGFAO\MR[#GMPL\hKF6
SP[vWMUD[!^H^AMPOU[!L\M$d\G[!`V`ASNhD[!W8^AMPdBTcW£TcLNdLU[!O\^HMPLªJKWDSULNTcFHW¤oL\hKM
G4FHO\MF!LNMPWTcLR6TVbAMZO\^AMZdYJKWDtMPOYLNMPG4IKFHO[v`6T¨MPONMPWDSUTVWK^?
hKMPONMTVd4[!WKFHL\hKMZOTcGI6FAO\LU[!W6L46TMPO\MPW?SUM<g?MPLNMPMPW[ob!MZO©
[!^HMPO\d#[!WDGMPL\hKF66dY`VTVÐ!MWKMZJKO[v`WKMPLNd
h8TcdYtT MPONMPWDSUM*TVd
L\h8M[!g8Tc`VTVLªe<LNFÛ[v`c`VFASP[vL\Md\LNO\JDSL\JKONM<6e6WD[!GTSP[!`V`Ve´É[vWÈ[ZbA
MPOU[!^AMZOSP[vWKWKFAL4tM
SUT6ML\F«SUFHWDSUMPW8L\O[vL\MTVL\dONMPd\FHJKOSUMZdFHW
FAW8MO\MP^HTVFAWFvÅLNhKM*d\L[vL\M*d\ID[HSUMA¤?RhKMPLNhKMPOFHOYWKFHLYLNhKTVdÉ6MU
SUTVd\TVFHW±TVd UJKd\LNT§DM
hKTVd4[!gKTV`VTVLeTVdTVG4IKFHO\LU[!W6L
¤Y[vWDTVL
SP[vWgM#^HO[oªL\M
FAWLNF4[obAMPOU[!^AMZO\dÔ¦FAORM8[vG4IK`VMA¤6[A8[!IKLNTcbHM
d[vG4IK`VTVWK^ªFAO°HËW8M
[!ONMPd\LÌËWKMZTc^HhKg?FAO
¤$FHO4[AK[vIKL\TVb!MGMPd\hKMZd
FHOR^AO\T6dRFHORTVW]LNMPO\IFH`[!L\TVFHW Ù hKMONMPd\JK`VLNTcW8^*JKWDSULNTVFAW[!I6
IKONFotTVG[!L\FHOTVdWKF#`VFAW8^AMPO[vW4[PbHMPO[v^AMPOo¤K[!WD*dNFTVd>WKFALSF!bA
MPONM
g6eL\hKTVd$ID[!I?MPOoÎ dRI8O\FKFvd
>Q6L\TV`V`©¤AGMPL\h8F]6dRFv{L\h8Tcd$d\FHO\L
hD[ob!MRg?MPMPWdNhKF!RW0LNFSUFAW6bAMZO\^AMRTVW*IKO[HSUL\TSUM#Ô©_F6FAONMA¤ j
ÖHÖ!ã ¤
_F6FAONMA¤ j
ÖAÖ8j
Ù ¤!d\FLNhKMPONMÉTVdh8FAI?MRL\hD[vL[#IKONF]Fv¨TVdI?FAdNd\TVgK`VMA
K
²$FAJK``VTVÐ!ML\FL\hD[vWKÐ ç TSÌhQ6JKLNL\FHW¤ i WD6ONMP _F6FHO\MA¤
ÝAJ8d\L\TVW Ò F!e][!WB¤K[!WD FAGÄ_TVLSNhKMP`V`?FHOLNhKMPTVORhKMP`VI6J8`SUFAW6
bAMZO\d[vL\TVFAW8dÉRTVLNhG4MA±TVL\h8FAJKLL\hKMPTVOSUFHWKd\LU[!WKLN`ceI?FAÐ6TVWK^
hKFH`cMZd4TVW«G*e«GTcdUSUFAW?SUMPIKLNTcFHWKd
¤$LNhKTVdID[!I?MPO4$FAJ8`WKMZbAMPO
hD[ob!Mg?MPMPWRO\TVL\LNMPW hD[vWKÐ6d[!`Vd\FL\F_TSNhD[vMP`ëTVLNL\G[vW¤
_[vO\Ð Ñ`V`VTVd
¤[!WDº
MPW ë[vWK^ÂFAOL\hKMZTcO«SFAG4GMPW!L\d¢FHW
6OU[oLNd
hKTVdG[!LNMPO\T[v`TcdRg?[!d\MoFHW$FAONÐd\JKIKIFHO\LNM
JKW6
6MPOR[ [vL\TVFAWD[v`DQKSUTVMPW?SUMÉÓ8FAJKW?K[!LNTcFHW O[AtJD[!LNM ç MPdNM
[!OUSUh
Ó8MP`V`cFoRd\h8TcIB¤g6e QKÓÃ^AO[vW6LÉW6JKG*g?MPO Ò QH Ö!ã]êHm!ã6nAÖ ¤[vWD
g6e iÉçfKi ^HO[!WHLRW6JKGg?MPOYÓ nAnAØ8j
l ÖHn j j
nAnHê i W6eFHIKTVW6
TVFAWKdo¤§DWD6TVWK^Hd
¤*SUFAWDS`cJ8d\TVFAWKdo¤FHOO\M
SFAG4GMPWDK[vL\TVFAW8dM]
IKONMPd\dNM
TcWLNhKTVdIKJKg8`cTSP[vL\TVFAW4[vO\MRLNhKFAdNMYF!LNhKMÉ[vJKL\h8FAO[vWD
6FWKFALWKM
SMPd\dU[!O\TV`VeO\,M ÅDMoSULL\h8M<b6TVMPRdF!0LNhKM [!LNTVFAWD[v`
QKSUTVMPW?SUM0Ó6FHJKWDK[vL\TVFAW¤ iÉçf?i ¤HFAORLNhKMÉaWKTVL\M
Q6LU[!L\MZdR^AFobA
MPONWKG4MPW6Lo
Y B
º
ç Ò MZ`c`VG[!WY[!W?Q
XONMPeHJKd
HÓKJKW?SUL\TVFAW?[!`][vIKIKONFPKTVG[vL\TVFAWKd
[!W?te]W?[!G4TSIKO\FH^AO[vG4GT WK^? ¡ àoß&tÞ 3 à³ß1*Uàvá à0{ZácÞL0à.-QH
1HLÉGß + + 3 4QJHß\ào<ß 1+.-8¤ j
n ´ m!ã]Ú"!tmHlKj ¤ j
ÖAlHÖ
ç Ò MP`V`cG[!W¤ ç B#[!`[!g?[K¤[!W? Ò cYFHL\Ð6TVW f FA`Ve6WKFAGT[o`
[!I8IKO\FoKTVG[vL\TVFAWÆ [WKMPSUFHG4IKJKLU[!LNTcFHWD[!`1L\M
SUh8WKTÊAJ8M4TVW
6e6WD[vG4TS#IKONFA^AOU[!GG4TVWK^D´[!`V`VF]SP[vL\TVFAW¢IKONFKSUMPd\dNMPd
¡ àoß&tÞ
3 ào<ß 1*,L(+F + 3 45JHßÌà³ß 1+2-K¤ joÚ ´ j
lHl !j
ØKj ¤ j
ÖHØAn
ç Ò MZ`c`VG[!WÑW<[*ONFAJKLNTcW8^IKO\FHgK`VMPG<_ JK2à /UßÌoÞ /PKá +<F 4
4DKá 1,Þ H ¡ ào&ß tÞ 3 ào<ß 1*,LP¤ joØ Ô joÙ ´ ×A"Ú !tÖHê ¤ joÖAlA×
HH,à 4K<ß 1}!Þ +2-6<ß /+!á 0 /G+I*UÞ LL
Þ LP f O\TVWDSUMZL\FAW
ç Ò MP`V`VG[vW
aRW8Tcb!MZO\d\TVLNe f ONMPd\do¤ joÖAØ8j
X* f Ò MPONL\d\MZÐt[vdè[vWDÝ? dNTcLNd\TVÐ6`VTcdo 0 .à /\à!á¦ácÞZá.à -QH / 1
L,
<ß /S1{oJAß\GÞ H + 3 45JHßÌà³ß 1+2-8
J 3 SÞ /o1*Uà!á ¡ Þ&ß b+.HtLP f O\MPW6L\TSUM
C [v`V`ˤ j
ÖH×AÖ
X* Ò `[ASNÐ6MZ`c`©XTVdSFAJKW6L\Mo46e6WD[vG4TSI8O\FA^HO[vG4G4TVWK^? -
-Dàvá L(+<F ¡ à³ß KÞ 3 ào<ß 1*Uà!
á KßÌà³ß 1¯L<ß 1*LP¤ nHØ ´ mAmHØ !tmHnAl ¤ j
ÖHØAl
ÝD i Ò F!e6[!W<[vWD i ._F6FAONMA #MPWKMZO[!`VTV¬
[vL\TVFAWTVWONMU
TVW6FHOSUMPGMPWAL£`cMo[!O\W8TcW8^D´#d[³MP`Ve<[vIKIKO\FoKTVG[vL\TVWK^*L\hKMb³[v`VJKM
JKW?SUL\TVFAWB²©W MPd[vJKO\F[!WDX* FAJ8O\MPLN¬PÐ6e]¤RMo6TVL\FAONd
¤
H.}!.
à -Q*PÞ L1- oÞ J/\à!6á .S-SFt+./ 3 ào<ß 1+.- 0 /G+.*UÞ L,L1-6QtLUßÌÞ 3 LP¤
bAFH`VJKG4M Ú K_FAON^][!
W #[!JtG[vWKW¤ joÖAÖAl
E# ÌQÏ]E$hKFo[vWDÝ? dNTcLNd\TVÐ6`VTcdo i WFAIKLNTVG[!`6GJ8`cLNTV^AO\T
[!`V^HFAO\TVLNhKGÍFHOètTcdUSUO\MZL\MU©L\TVG4Md\LNFtSNhD[vd\LNTSSUFAW6LNO\FA`© M
ShKWKT
SP[v` ç MPI?FAONL f j
nHl ¤E$MPW6LNMPO#FHOɲ©W6LNMP`V`cTV^HMPW6L E$FHW6L\O\FH`Q6e6d©
L\MZG4d
¤ joÖA×HÖ
f X#[oeA[!W hKM±SUFAW6bHMPO\^HMPWDSUMF! X£Ô Ù FAO¢^HMPWKMPOU[!`
`[!GgK[8 ¡ Eà *,1-DÞ z ÞU2à /S-1-6!¤ × Ô "n !]ã]Ù ´ n!ãDj !tnHØAm ¤ joÖAÖAm
ë ç ÓtFAOϤÝAOo[!WDX* ç {Ó8JK`VÐ!MPO\dNFAW
Å
á +.BL1-
ÞU&ß
+2/,¢ILP f O\TVWDSMPL\FHW<aRWKTVbHMPO\dNTcL©e f O\MZd\d
¤ joÖAØAm
Ý? FAOtFAWQ6LU[!gK`VM*J8WDSUL\TVFHW«[!IKIKONFoKTcG[!LNTcFHWTcW«teA
WD[vG4TSIKO\FH^AOU[!G4GTVWK^D MoSUhKWKTSP[v` ç MPI?FAONL«ERQH ÖHl j
êHn ¤
ER_a£¤ j
ÖHÖAl
BÝ][A[vÐ6Ð!FA`[K¤>_¢B²PÝHFAO8[!W¤[vWD¢Q f {Q6TVWK^HhÑW¢L\hKM
SUFHW]bHMPO\^HMPWDSUMFvd\LNFDSNhD[!dNL\TS£TcLNMPO[vL\TVbAM6e6WD[vG4TSIKO\FH^AO[vG
G4TVWK^Í[!`V^HFAO\TVLNhKG4doSÞ J/àvá + 3 45JAß\ào<ß 1+2-K¤ Ø Ô ØHÙ ´ jAjo×Al !
j
mHêKj ¤ joÖAÖ!ã
i FA`VG4FH^AFHO\FUb¯[vWDQ #*]Ó8FAGTVW .S-6<ß /G+.H.J*ß +2/SèÞUàvá
-DàvÀá tLS1
LP f O\MPW8L\TSUM C [!`V`©¤ j
ÖHÚAê ç MPb6TVd\M
>WK^A`VTVd\h*M
6TVLNTcFHW
L\OU[!WKdN`[!L\Mo[vWDM
6TVL\Mog6e i KQ6TV`Vb!MPO\G[!W
ë ©ÝDoëTVW6Q6MP`©TcGIKO\FUb6TVWK^YONM
[ASL\TVbAMR[!^HMPWALNd{g?[!d\MoFHWO\MPTVW6
FHOSUMPGMPW6L#`cMo[!O\W8TcW8^D¤?IK`[!WKW8TcW8^D¤D[vWDL\M
[HSUhKTVWK^D ¡ Eà *,1-DÞ
z Þ2à /S-1-b6³¤ × Ô n !6ã]Ù ´ mHÖA"n !tnAmHm ¤ joÖAÖHm
i Ï._F6FAO\MH #[vO\T[!gK`VMONMPd\FH`VJKL\TVFAW¢6e6WD[vG4TSIKO\FH^AO[vG
G4TVWK^?´,M SUTVMPWKLN`ce`VM
[vO\WKTVWK^[ASULNTcFHWG[!IKdTVW±G0J8`cLNTVb³[vO\T
[!LNM±O\Mo[!`Ëb![!`VJKMod\LU[!L\MËdNID[ASUMZd
²©W ë1 Ò TVO\W6gD[!J8G[vWD
?E$FA`V`VTcW8d
¤6M
6TVLNFAO\do¤ ¡ 0à *°1-DÞ z Þ\2à /S-1-6 0 /G+I*UÞU,Þ H.1-b6ILe+F
&ß tÞ#SÞ 1¯6IHß \1-6ß\SÞ /o-Dào<ß 1+.-?à!
á +2/,¢tL+,4?A_FAON^][veW #[!JtG[vWKW¤
j
ÖHÖKj
i ?._F6FHO\MA hKM*ID[vO\L\T©^][vG4M[!`V^AFHO\TVL\h8GkFHOYbA[vO\T[!gK`VM
O\MZd\FA`VJKLNTVFAWONMPTVW6FAOUSUMPGMPW6LY`VM
[!ONWKTVWK^TVWGJK`VLNTtTcGMPWKdNTcFHWD[!`
d\LU[!LNMÉdNID[ASMPd
$²©WQÏ6ÝD C [!WKdNFAW¤6Ý?DX*6E$F!è[vW¤K[!WDE#Dë1
#TV`VMPd
¤$M
tTcLNFAONd
¤ 8H2}³2à -Q*PÞ L1- oÞ J°/Uà!á .S-SFI+2/ 3 ào<ß 1+.- 0 /,+t
*U,Þ L,LS1-6"QtLUß\Þ 3 LP¤Kb!FA`VJKGM Ø K_FAON^][!
W #[!J6G[!WKWB¤ joÖAÖ!ã
f Q8[!g?MPd
i IKI8O\FoKTVG[!LNTVWK^ËbA[v`VJKMPd4RTVLNhÈg?[!d\TVdJKWDSN
L\TVFHWÉONMPIKONMPd\MPWLU[!LNTcFHWKd
v²©W 0 /+t*ÞU,Þ H.1-6IL+<F1&ß tdÞ P+.J/U&ß +2-
-D,Þ *ß 1+2-1
LUß ¡ +IHHÞPá LaQJ 3(3 SÞ / ;*b+.+!ᤠC TV`V`VdK[v`VMA¤ Ý?¤ j
ÖHÖAn
ë[oRONMPWDSUM*>O\`VgD[vJKG<
i H ë!QK[!G*JKMP`VdoKQ6FAGMd\LNJD6TVMPdTVW*G[ASÌhKTVWKM$`cMo[!O\W8TcW8^YJKdNTcW8^
L\h8M4^][vG4M*F!YSNhKM
SUÐHMPO\doB. ¡ +.J/S-Dàvá_+FèÞL
ÞUà./*«à.-QH
/ oÞ }!ÞPá
+,4 3 Þo-6ßˤ n Ô nAÙ ´ m8j
ê !KmAmHÖ ¤ joÖAlAÖ
Q f Q6TVWK^Hh±[!WD ç E# MPMH MoSUhKWKTSP[v`RWKFALNMA´[!WJKI6
I?MPOg?FAJKWD*FHW0LNhKMR`VFAdNdªO\FAG[!IKI8O\FoKTVG[!LNM>FAIKLNTcG[!`©b[v`VJKM
JKW?SUL\TVFAW8d
¡ 0à *°1-?Þ z ÞU.à /o-1-6!¤ j
Ø Ô nAÙ ´ mAmA"Ú !tmHnAn ¤ j
ÖAÖvã
ç RQRQ6J8L\L\FHWëM
[vO\WKTVWK^L\FIKONM
6TSULg6e±LNhKM<GMPL\h8Fttd
F!>L\MPGIDFHO[v`6T¨MPONMPWDSUMZd
¡ 0à *°1-DÞ z ÞU.à /S-1-6!¤ n Ô j
Ù ´ "Ö !]ãHã ¤
j
ÖH×A×
MPdU[!JKONFD MPJ8O\FA^6[!GG4FAWB´ [W8MPJKO[v`W8MPL©FHO\Ð
gD[HS\Ð6^6[!G4GF!WI8O\FA^HO[vG< ²©W . 0 /,+I*UÞU,Þ H.1-6tLB. .).P¤
ID[v^AMPd nHn !tnHÖ ¤ j
ÖHÖAê
Q hKONJKW4[!WD i AQKSNh6R[!O\LN¬A6²©d\dNJKMPd$TVWJKd\TVWK^J8WDSUL\TVFHW0[!I6
IKONFotTVG[!L\TVFHWRFHO{ONMPTVW6FHOSUMPGMPW6L>`cMo[!O\W8TcW8^DH²©W 0 /,+I*UÞU,Þ H.1-b6IL
+<F¥ß K
Þ ;+2J/Uß +.--?SÞ *U<ß 1+2-1
LUß ¡ +IHHÞPá LQJ 3(3 SÞ /§;*,+.+!á¤
C TV`V`VdK[v`VMA¤ ÝD¤ j
ÖAÖHn 6ë[oRONMPWDSUM>O\`VgD[vJKG<
ÝD dNTcLNd\TVÐ6`VTcdR[!W? Ò #[vW ç F
eÓ6Mo[!L\J8O\MU©gD[!dNM
G4MPLNh6
FK6d£FAO`[vO\^AMËdUSP[!`VMte]W?[!G4TS#I8O\FA^HO[vG4G4TVWK^? MoSUhKWKTSP[v`
ç MZIDFHO\L f mAmHÚAÚ ¤KëB[!g?FAOU[!L\FHO\e*FHOR²©W6FHO\G[vL\TVFAW[!W?XM
ST
d\TVFHW¥Qte]dNL\MPGd
¤ joÖAÖ!ã
ÝD d\TVL\dNTVÐ]`VTVd
i dNe]W?S\h8O\FAW8FAJKddNL\FKSNhD[!dNL\TS[!I8IKO\FZKTcG[o
L\TVFHW[!WDR©`VM
[!ONWKTVWK^D ¡ 0à *°1-?Þ z ÞU.à /o-1-6!¤ joØ Ô nAÙ ´ jo×Al !
mAêHm ¤ joÖAÖ!ã
E#?ÝDE# C ?Û[vL\Ð6TVWKd[!WD f X#[Pe6[!WR©`VM
[!ONWKTVWK^D ¡ tà
*°1-DÞ z Þ2à /S-1-b6³¤ × Ô "n !]ã6Ù ´ mAÚHÖ !tmHÖAm ¤ joÖAÖHm
E##ÝDE# C #«[!LNÐ]TVWKdo z Þ2à /S-1-b6FS/G+ 3 / ÞZác.à A,Þ HèÞ
2à /GHtLP f hDXµL\h8MPd\TVd
c
¤ TVWK^?Î dE$FH`c`VMP^HMA¤ER[vGgKO\T6^HMA¤>>WK^!
`[!WDϤ j
ÖA×HÖ
²P C ±TVLNL\MPW i W [AK[vIKL\TVb!M±FHIKL\TVG[!`SUFAW6L\ONFA`V`VMPOFHO
6TVdSO\MPLNMUËLNTVG4M0_[vO\ÐHF!bMZW]b6TVO\FHWKG4MZWAL\do4 .o-SFI+2/ 3 à³ß 1&+.-¢.à -QH
+.-tß /G+vá ¤ nvã ´ mA×HØ !KmAÖAl ¤ j
ÖAÚHÚ
© Copyright 2026 Paperzz