! #$ %'& ( ")+*((*,( "
@AChdBEDFYXYUBHQjGilkMIKWgJM^LGNPiUZ\ORACQ?GSU-/m/TVQ?.1nSX03NPW?25bYX47B[iUo6Z\prqgBE8IXs?95BEtW?:5SXu8]_;<^`v8G=?W?]_> G^acBEGxbdNyBELe?BEBHfCSUQgDFTWgDFGBEz GY
w
{}|M~g€P5‚V
ƒA„ŠHG(BEa/SUBEW?]EIXBHIUGBEY,Y‹z?WgBEfCf„WgQSU]EIEWgN5YUYUACQ?^1GB/ŒA„TVGYXQ?BESUSUY‰BE…3Q?IXYfCACQMQj…\DACGW?Ge?BEWgIXm?YUBEQ?DSXIBEG^YW?Ž1IYUQIX^BEA†…3YUTBHfCa‡Q?ACYXY5QˆYU^1]HB\Q?DFm?SUT Qjw‘\YUACBEGS‰m i
…3aDFQ?zSXACGŠEDFBEW?a§W?DfC¦ACA„ŠE]HzBEI\a(W?QjT…‹WgT1I[YUf„^zW(B,ACG”#]Em§W?•?¨jT–U©?AC—gYXœW?˜?•gfy™›¥[šD•gšœž «W?SXªx’?–UBE˜_Ÿ_YX¬? ›IE–XšC“ ¡E•?šƒ¥§˜?Gœ(¥[YU^š¢\œgAC–XI\¬R˜?Q?T£HS5¤„WgŸ›TPSU¥BEBEACSHG‘\Nx…<W?Q?^1IUSUA„IX]_]HBE^BEYDF]EW?BEW?fCGGfCQY5]E¦PfCW?BEBcW?YXA„SXQ?QgGT1GFACGYUACA†m Ii
¦]EW?W?YXIXA„BEQga`GW?IUYUfCmgSXW?Q?YXSUBEACYXm?^zDFQgIHT“yYUAC­MDIXA„A„G1ŠHBEm[a\Wg‘\GˆACYUWg^SUYXSUA¯BE®VACG]EAC…<W?Q?fxSU]HBEBEDF]_^BEW?GG1Y°m?f„BBHW?SUSUWgG1YUA„BjG1NVm±YU^ŒH²KB³3W?´°IXŸ_IU•?BE–EYdœ1W?šfCœ?fC¬›QjŽi
A„m?I,SUWgIUDF^QjD‘\A„G(G1mYX“PQˆ·\¦V^1BFB\BHW?µ Tw TA„SXejQ?WgWgfCBE]G^§Y±ACI‹YXQcYU^1W`BEG/TPQgYUBEfCA„IX]HYUz`BEa]EQ?Q?DG§YUT ^w B\YXBEYXa‡W?IX¦’[z#YXQ±azACGGe?W?BHDIUY‹AC]fCACµ TSUQ¶ACa i
]EW?IUTBEa(ACYXW?Wgf\IACejG}W?f YU^BB`… LGBE]ESXYUDFACQgWgG`G(W?IUTYUQT1]_SU’}QjDFACDFWgW?SUYX’?Q?BHSXYEIE“ž“M·\kd^BESUB§BjNdSUBHGI B wfCYUSXACW?GfMmcG1WgBEIUYlIU‘KBHYQgSUW?’fCI/fCQwW?]ESXWjB i
wYUACQ?G#IUYXSUW?YXBEm?w z#ACIw I w TVBESUACQgSYUQcWc^B w SXACIUYUAC]/¦VBEG]_^Dw W?SU’TPQgf„AC]Ezg“[·\^1A„IACI
WcGBE… Ylw ‘RSXQ?YU^SU’BES,¦BEW?IXBEW?a`DFSUT1BHf„A„B§G¸…3‘\Q?^SX]EAC]_BE^‡DFa1BHGBEYdDFfCQgBEGW?IUSXYXGSUACW?GYXm/BEIYUQYX^W/B/TW?SUTQgT1¦f„fCACBE]ED¹Wg¦IUACfCBEA„YXYlYUzACGQjm…\‘\GB A„YXw ^`SXW?W f
^ACm?^caACDFBEG1IUACQ?GWgfIUYXW?YXBIUTWg]EBj“
º »?¼ €V½\¾M¿M‚VÀU½ ¼
Á¦SXA„Q?fCfC’?ACQ?BHGSUIRI«IUQj^…ÂA†…3a1Y‹Q?YXfC^fCW?BESUACI«S‹W?ACGSUBe?BEaIXWgYUDACf„z§BEGT YUw I‹IXYX^QBEa`DFYXQg^SUSUBRQ Tw SUm?Qg^DFYUAC^IUACBGACmdGW?YUBEIUSXIXGBEYUW?IHYX“‹ACQ?·\G^WgBEfPSX]EB_Wg…3Q?TSXACYUBjWgNPfxYX^DFBEW?SXBMSX’?ACBEI‹YXWI‹‘\mgSU^BEACWgfCBY
ACB_GÃFYUBE]ESXACBEBEGIUY5Y\ACYXGQW?Qg]_fCIR^AC…3BEQ?eSRACGBEm\TW\fCQ?aACBEYUBEACGTVm§BES YUw^1GBa1aBEzSUGIXYUW?W?DG1aAC]EACI‹GmMQj…5Q¶YU…¸^YXB,^BRDF]EW?W?SXT’?ACYXBEW?YXIEfj“ DFWgSU’gBEYUIxWgGaA„G,aBEe?BHf„QgTACGm
ÄPŋÆHÇÉÈ?ÊVË ÌRÍUÎgÏÍXЯÍXяÒRÓXÔÕÍ›Ë Ö<Я͏×ÍXÏÖ_Ë Ø?͛ÙVÊ?ÚlÚ<ÈPÛÉÜrÜH݋݋Ý\Ë Ö<ЯÍ_×±ÍXÏÖ_Ë Ø?ÍEÜHÓXÔÕÍ ÏgϸÜÞÊߛױÍXÈÆrà›Í›Ë Ê?Úl×dÇ
JMYUSXIXW?IUaBEACY5GWgm,f„CQ?QT]ETVWgQ?YUACSXQ?Y G§GŒTVACYXQ?A„BHSUI‹Y‰…3fCQ?A„’gfCACBKQRIXDFYUQW?]_G1’W?IEm?NBH… DFY BEGSUYBHŽ¸IEA„NIx…3YXQg^SUB‹BEACACm?GG/e?BEBHIXYU]_D^WgBEGGYxm?BHQjIK…fCWgA„Gµ a/w ACQ?adYX]E^W?BETSUACIHYX“‹W?JfjYUQdTVQ?ejSUW?Y‰SX…3A„Q?Q fCw ACQ I
ACSUI[ACIX’7]HQ?GfCBEIXegYUBES fMw ]EWgYUGBEa}aw YU‘\ACDFACYU^B^YU^Q?B`SXACŠEWgQ?ACGxD “ Q¶·5…±Q(Wg]w]E^1QgA„wDFBHeTVACGQ?m#IUBcW#WgDFG7W?QgTACYUDFACDWjf5W?fRBETPTVQgBESU]EYlYX…<BEQ?afCACQSXNKBEYYXw^SUB`G}ACG…3Qge?S[BEIXW#YUQgSFm?ACeg^BEWgG I
YUQACSUIUIUQ?YHNÂfCegYXBF^B§W`BEaA†TPÃFBE]]HwYUBEf„Y,aQ?zTACYXBEA„fCDaIACŠEWgW?SUYXB/A„QgBEGcIXYUTACDFSUQgWg¦YUfCBEBEa`D IXAC]ED QgGIUfCACYUIUW?YXG1ACGBEm`Q QjIX…MfCzFYl‘R‘\Q`ACYU^#T^1WcW?IU]EBHBEIˆSUYXŒW?Á ACGSXYlBEz‡W?fCzgDNMBEpW?I prSUB¶ŽÞ““
@YU^1BEB\]HQ?A„GGegaxBEN°IU¦YXQ?W?S‹IXBEACa‡I5‘\QgACG`f„CACYUG^1mdBEIUYUB/QBEW?IX]EYU]HACBEDFTWgYYUŒUBE¥§IHNxŸWF•gœTV³UQ?™›SU•?Y‰–E…3šQ?•gfCœACQ/w _Ÿ‹ACIMYXBE]E]_Qg^GGwIUACYXµ S w BE]HIYUŽÞBE“Ka·\Q?^¦VB\BEzT1A„SUG1Q?mF¦1f„YUBH^1D B[ACSXI°A„IX… ’cSUf„YXBHw ^e?BEBES f
]ESUBHQgeDFACIXTB[fCACYX]E^W?BYXBEaa(BE]HA†…MA„IXYUACQ?SXW?GcGW?IXYdW?]EBEYXe?A„QgBESXGžzc]EYUQgACIUDFYXI/BdDIUYUBHw TxIUY“ ¦Vƒ GcBFSX]HBEQ?]EGBEIXGA„Ya1BEz?SUBEBEWgaSUIHW?N w GG1a(B A†SU…±WgYXf5^GBFBEYlAC‘RGe?Q?BHSUIU’YUI§QgS[Œ ‘RW?wŽ\GYX^I[WjegYXQB
¦…VBEY BEG SUBI w ej]EWg]Ef BEIXBEIlI\… w Qjf„…5Cz W/YUw ACIUDFBEa}B\IX…<BEQ?SUS/ACBEYUId^1¦BcW?®PIXBESUa`IXYFQ?YXGW?IUa’VW?“YXW/·KQjz…5TYUAC^]EBWgf„TCzgWgN‹IUYEW “ w ¹SXYU^aBEBHSXf„ACDFegBEQgSUSUIBjNVYUW[^B`]EQgBHG®PTVaBEBH]EGYXBE]Ea B
DFw BHwW?I w SUB‘\w ^AC]_^ˆBHT1SUBEIXIUBEIYU^1B]EBESXYUW?ACGYlzFQ¶…ÂYX^BTSXBEaAC]EYUACQgGˆACIRw TSUQjeACaBEa “
ƒ]EGžQgD/YX^¦B/ACG…<BEQ?a/fCfCW?QjG1‘\aFA„G1BEmD/Nx¦VYU^BEaBaDFBHaFQaACGFBEfCYXACG^mcBd…3TSU^WgWgDFIUBBE‘RW?Q?GSXa(’[YXQ¶^…ÂBF”‡IX•gBE–UW?—gSX˜?]^™›š•?…3QgœFS,W?Ÿ_G ršCQ?¡EšT˜gYXœFACDF¢\W?–Xf°˜?TP£H¤„QgŸ›SU¥Y‰…3¡_Q?NfCACu`Q`b W?°SXB “
·\p ^o?Wgq¸YÂN YX5^fCBEYUQgQ?SUG z,N…3p Q?SXqDFp›W?Ž_fC“ ACŠEƒ BE…‹IxYX]H^Q?BGaYUSXACQ?IU]HfSUTBESXYXQ?B[¦IXfCYUBEW?DYXBIy‘\IUT1ACW?YU^1]EBA„G,ACIdIUYUIUQDF]_^WgWgfCfPIUYUWgAC]\GacBEGA¯e…‹ACWgSUQgGˆGWgDF]E]BEGSXYXW?I YXŒ B[Á DBHSUQYUIXa1BEBE’jfxW?QjIH…N
YUb ^1°B\“ IUhdzIUG#YXBEYUD ^B§A„I5Q?WjYXej^WgBEA„SfCWgBE¦fCYUBjSXN BEu`DFbBjN°SUBE]EACW?GG§…3Qg¦VSU]EB\BHIUDFQ?fCBEegGBEYMa[fC¦BEWgzSU]HGQ?ACGGme?BEDFGYXBEA„QgYX^GQW?afIE Nx©?Bjœ“Ém1•?“ˆ¥§²Rš \³3w ´°¢\Ÿ–U•g˜_–E¬gœ–U•?šœg¥§¬j¥§N šœ?5¬¶NN
]EWjWgejGˆW?ACfC¦VW?B¦1f„WgBTŒ<T@fCACACGBEaFm?^ YXNyQ/p TSUQg¦ŽÞfC“ BEDFIR‘\ACYU^cfCW?SUmgBIUYUWgYUBIXTW?]HBEIMWgGac‘\A„YX^cGQ[WgTTSXQ?TSXA„WgYUBDFQaBHf
½5€ r½ lÀU½  ¼  ¼ žÀU~ °€ «½ \ÀU ¼ °‚VÀU~gÀU½ ¼ €V½‹|
·\Qa^I5B5‘\…<Q?ACYUfCfC^Qj‘\SXBEA„IUG1TVm‹BEIU]EACY\DFYXT1QMf„SUA†®PBHW?]HW?fYUWgACTQgTGfCIAC]EaW?QdYXGA„QgQ?GYxIySX¦BEIUYXYySUAC‘\]EY‹ACfCfYX^^B‹BEfCm?T[BHGYXQMBESU]EWgfCfCWgA„SUŠHA†W?…3YUzACQgYU^G±BRQ¶SU…BHYUf„^WgB‹YUACT1Q?SUG1Q?IUTV^Q?ACT§IXBE¦Pa§BEDFYl‘RBEBEYXBE^G i
u`b W?GacTVQ?SXYl…3Qgf„ACQQgTYUACDA„ŠHW?YUACQgGx“ w
…3·\Q?^SXBEBEACSUm?B/GcACId] w Q?SXGSUfCBEzcG]HQ?z`GB§]EW?TVfCfCQ?BEIUacIXAC¦bMfCQgBfCf„W?WgIXSEIUNBE­±Y@g…<Q?i SM“ WcbdB w YUIX]_^i‰u W?SU’¦W?IXBEa‡ACGe?BHIUYUQgSENyIXWjzcW
·\^BMACGe?BEIXYUQgSKACI‹IXDFW?fCfW?G1a/aQBEIKG1Q?Y‹ACG w BEG]EBYU^1BMDFWgSU’gBEY5¦z§^BES j^ACIRYUSXW?aACGm1“
·\^BACGe?BEIXYUQ?S\^1W?I\GQ§SUACIU’Wje?BESXIUACQ?GcWgGacW?fC‘KWjzIRACGegBEIUYXI\YU^BYXQ?YUWgfyWgDFQ w GYH“
·\^BACGe?BEIXYUQ?S\DWjz[YXSUWgaBW?Y\BEWg]^cYXA„DBMIXYUBETc…<Q?SRW?GcACG®PGACYUBYXA„DB\^Q?SXACŠEQ?Gx“
eu`ACSUŒb Q?3ŽG1DFQ¶T…MBESUW?GQjaYUeIHDAC“[aACB§u`IUIUWˆACb ¦DfCBQ]H]HaW?Q?BEG#Gf°YU…3SX¦PQ?Q?B/SfRaDW?BH]EwIUYX]EA„fCQgYXSXA¯A„Gil¦VIUIBEYXa(W?…3QgmgS¦B±z`BEa1e?WBEBE]ESX®PACz(IUGACQ?ACIUYXG(YXB[W?YUDIXB YUW?W?’YXB/ACGIUm§BE«YTN‹SUW`Qg¦IUfCBEBEY§DFp QjI…\ACYUG`SXW?IUxGYXN°QIXACWF]YU^1AC®VQ?W?G(GIUYXACACYUT]FB§SXQ?BEIUG¦BEYii
W?¦1Œ A„fCACYUAC°BEI Œ <ŽUŽ _‘\N AC‘\YU^^1A„]_^aBEIU]HSUAC¦P°BŒ <Ž YU^BcazŒ G<Ž_Wg“ DFAC]EISUQ¶YU^1…±BEYUSU^1DBˆQ?IXSUzB¶IUN YUYXBH^D`BENKSXB`WgGACI/a}W(W‡IUSXYUBEWgY YUw ACQ?SUG}G1W?…SUw zG]ETPYUQgACfCQgA„G]Hz
ŒejW?f<Ž_NBÞi3‘\… ^1GA„]_]E^YUACQgaGBEfCACe?BESXI‹Qj…5…3QgW[S‹mgBEACege?BEBESUGczIUIUYXYUW?WgYXYUBBdW?W?GGFaWgTPaDFQgwfCA„AC]HIXz?IUACN ¦fCBKWg]EYUACQgG yŒ 3ŽÞ“KhMG1BM]EWgGF]EQgDFT w YXB\YU^B
w w
Œ Œ ŽXŽ
ŒUp›Ž
Ú<ÊÍ_ßHÑ ÏF[Ú<Í ÊjÍ ÚlÍXÏØgÖKÚlßÇÉЯÚ<ÚlÊÍXÑUÍ Æ›Ú<Î?ƛÑUÖlÍ\͛ÙxßHÚ<Ô ÊÍ\ÑUÍ_Ú<ÎgÑlÏFßEԍÚlÍXÏFØ?ÖlÍXÍ_ÈÍ ÍXϛØ?ÐÉÏÖdàHßEÊPÏgÙ Ç /ßEÏFXÚ<Ë ÊÍ XÎ?ÑlÑUÍXÏ?Ú\ÖlÚlƛÚlÍ <Ù ?ÎÚ\Ú<ÊÍ
!
#"
#
$%
&
%'
)(
&
+*
&
&
6 87
<;
>@= ?
C
D
7
F
0
G
E
5
0
H
C7 +0
B
C
7
M
97:/,
97I0FEJ:,0KH C7 L:
6 C7
PO > =
%g +m
bUced!f
$i
0213121+054
!A
NH 87
Y
O > = Q .SRUTWX Y V
`+a
-,/.
Y
^ C7 0 M 87
Y
8_I0
Z\[]
onpn3qCjsrIt2r%uvqCjwIwxq
y
hg
z|{3{3}Gw
i
kj l
‘\‘\^^BEBESXSXBB ACW?GSXaB/AC]EYUW?^YXB/BEI\BHYUTV^1B±BE]EBHYXBEažTVBESX]EBEYXYBEa#SUGejIHW?N f w BjN ACI\YUŒ^BŒ aACIX]EyQ Œw 3GŽXŽ_Y“/…3W?·\]E^YXQ?B/SRW?‘\ACD¹ACYU^`ACIt GQj‘ YX Qpj®PNGWga#GaW
TVQ?fCAC]Ez > ‘\ACYU^cYU^1B±QgTYUACDW?fVejW?fw w B_i<… w G]HYUACQ?G > DW? …3QgSKWgfCfxIUYUWgYUBEIH“
®PƒDFG/GBHWgYUG^1GYHBM]E“ ACW?]EQgf1QgGYUS\ACYXDFYUBE^BRB,YKIUa1IUBEACA„SXDFIXAC]BETwIENfCIXBdIUWgBEBEGaca/W?^QjDFBE…xSXT1BjBEf„fCNBdBEWDFW?IX¦VBHYUGQjW?YXe?YXI‹BMBjNV‘\egYUBE^^]EACB,]_YUQg^/IUSKYUµ Wg]Hw YUQ?W?BGGIXegYUA„BEIXA†…3]EYUz,I\YXQ?YUQ¶SM^… B\ACBEI\fC] BEYXw D^SUBSUBEBHGYUGSXYUY\ACI‹Tej‘\fCWgB^1f wQjA„]_…5BK^/YUQ¶^a… BBHYXIU^BH]EBMSXA„]_AC¦VG^Be?WgBHGYUIU^m?YlBB i
SUW?WgG1YUa(BjN W` ¦NACGYU^1W?BSXz`‘KejBHW?W?SXfCACYUW?^¦QjfCB…ÂYX›^NÂBSXBETPTQgSXSUBEY‰IU…3BEQ?GfCACYXQA„G1N m( NYU^BEB T…3SXW?BE]EIUY,IXBEYUa‡^WgACGY]YU^BSXSU¦BEGWgYUIUfCACz(I\] YXw ^SXB/SUBEACGGeg]HzžBEIUYXŒDF^BHBESUGB[YbACIu`ACŽÞG N
w
bu Q?SR­±@gi “
MW?]HQgY YUBjWgN‹f„CYXz/^W?ACGY,aQ BHw TPYBEG1Q¶a… BEYXG^YBFQjej…ÂWgYXSU^ACW?B¦1TVf„BHQ?I±SXYl‘\…3Qg^1f„ACA„Q§]_^#aBE…3Qg]EACSUIXD A„QgGYU^IENVB/¦ IXYUY\W?YXYXBF^BegBE‘R]EBEYUQgW?SEfCYUN‹^cYX^WgBFGacBEYU]_^^BWgSXGBEm?Y BSUSUGW?IYXB/W?SXACBI
GTQgSXBEYEwa“5AC·\]EYU^ACQgBEGxSUBޓ …3FQ?SX·\Bj^1NA„WgI\IUIXT1BESUY5Q?W?¦1fCf„fCBHQD ]HW?^YUACW?QgI\G±YXAC^I°BWMW?]EYXQgYUGSUWgYXSU]EQgYUfACegT1BSUQ?…3BE¦1Wgf„BHY Dw SXB±W?GYX^aW?DYHNWj¦PzMBHG]EQgW YyIX¦VB[BKYXSX^BEaBw ACG]HBEega/BEw IUYUYXQdDFT BEw GSUYXBI
aYUSXQ§W?ACGGQ?ACGYRm§ACG T^w WgBHIUGB]EBQj… YU^BBE]_G^YUWgACfxG‘Rm?BdB±SUWgW?SUYXBBj]ENPQg‘RGBMeACa1GQ[]EBHGa`QgYKYU^G1WgBEY\BEw acQ YUS\Q§IXACYUGSXegW?BEYUIUBHYRm?zFSUBHW?‘Rw fxQ?DFSX’QgIEG“ BEz§a w SXA„G1mYU^B
w
w
€P½ ‹€P À ¼ lÀ ¼  ¼ ¾¹{}¾M \À
M¼  ÀU‚
·\BEµ ^B/WgYUQgACTQ?YUG}ACDFŒ Á Wgf5BESUejYXW?IUBEf w ’jB,WgIE… Nw Gp ]EYXogACq?Q?ŽÞG “Jd>]E]EA„QgI,SUaYU^ACGB m`w YXGQ`ACµ YUw ^1B/W?YIUQgBEf µ w YUACWgQ?YUG#ACQ?G#Qj…\Q?YUG1^B/B^‘KW?BHIf„†YUilQ’GDFQj‘\W?G ACD/Á ACBEŠEfCBfCDFYU^WgGB
BEYUQ#wTVW?BE]_]E^YUACBHBEa(egBcSUBEm?Y wfCQ?SU¦G#Wg…3f‹QgQ?SMT1YXYU^ACDFBWgGf‹BE¦PYBH^IUYXWjBEeT#A„QgW?SˆGŒ acÁ …<BHQ?SUfCYUfCIXQjBE‘ ’jW?WgIHG`Np Q?Tw ogYXq?ACDFŽÞ“ W?fVJdTVG}Q?fCQ?AC]ETzcYXA„YUD^W?BESXf5BETVWjQ?…<YUfCBEAC]ESz(ACG`]EW?Q?GSXa¦PBEBS
BEGWgQgIUGACfCfCA„zG1aBEW?BES5SXA„IUegzBEIXa/YUBE…<DSUQ?I‹D W?Ga§>G¦QgzG]_i ^µ QQ?WgIUaACSUGACm,]\]EW QgIUY5Œ <… Ž‹‘\G]E^1YXA„A„]_Qg^§GIEIUWgN YUACIl> ®PA„BHI5IKYlYXz^TB AC]EÁ WgBEf„CfCzdfCDF…3Q W?G,GBEa§µ w¦zW?YXA„QgIXGxA„G1“ m±WgQgG S
ACACYUYUBEBESXSXW?W?YXYXA„A„egQgB/GFW?WgfCTm?TQgfCSUACACBEYUI\^1SUD`BETVNÂBE™›Wg•jYU¤ BEaŸFfCzcš <ŸrYUw ^1–X• B<šQ?˜?TVœ¸BENySUWg‘\YU^QgACS ]_w ^( ]E…3Q?QgGSKe?WgBHfCSUfxm?IUBHYUI[WgYUWgBEIUI zDFlN TYXQ?YXA„]HW?fCfCw z/YUQ > w “ ‹W?f w B
Œ Ž
DFWg Œ Œ °Œ <ŽUŽ & '#( Ž
*Œ )gŽ
! "$#% ! "
‹Wgf w B±ACYXBESUWgYUACQ?GcW?IXI w DBEIMYX^W?YdYU^B,BETPBE]HYUBEa(SXBEY w SXG`… w G]EYXA„QgG Œ °Œ <ŽUŽ\WgGa`YX^BYUSXW?Gi
IU–UACŸ›YXšA„,œ Qg+HG ˜?–U _TŸ›SU¥[Qg¦Ÿ›W?-œ ¦ ³lACfC¤„ACŸ_YU•?AC–HBEœI šœ?¬DFŒBHA<“[YU^B¶Q“[ažYU^1YX^B W?Y/DFa1QQaBHBEI/fŽGQ?W?Y/SXB SXBE’µ GQjAC‘\SUB`Gx“W(D²RQ³3a1´yBEŸ_fK•?Q¶–H…±œšYXœ?^¬¶B`N‡IUŒ zIX°YUBEŽ_D+N/AC¦I(W Y
Q?‘\T1ACYUYU^ACDFYUAC^ŠEBBEIIXzYX^IUYUBFBHD TVQ?ŒfCÁAC]EWgz`SUYU¦Q1z#NÂIUp W?Do TŽ_fC“ ACGxmFBEY/IX.ÉYUIMW?W?YXB_IXilI W?]EDYXA„BMQgGžYX^TW?WgY\ACw YXSU^IBWgA„GGa(egBESUIUBEYXY Q?w S\SUG1BEI[BE‘\] ^YUACBEfCB/IACW?G]HYUYUBEACQ?SXW?G ]EYX°A„G1Œ w <m Ž
W?W?Y\]HY IXYUWgWgfyYUB SUBHlY NVW?SXGxGa`“ YX^#W?Y\YU^1YXBE^G BIXzIUBEIXIdYUBEYUD ^B DFQjTPega1BEW?IKYUYXBQ/wBEµWFGWgBHYU‘ ACQ?G IUYUWgYUB “ xBEY Œ °w Œ <ŽUŽRaBHGQ?YXBYU^B
w w
w w
w
0/Œ yŒ 3ŽXŽ
ŒU2p 1435Ž 0/Œ °Œ <ŽU6Ž &73VŒ Œ °Œ <ŽU6Ž & DF! W?8" 0/Œ °Œ ?ŽUŽXŽ Œ3s?Ž
0/Œ$9 ;:gŽ
0/Œ*9 ,:?Ž R…3Q?SRW?fCf<9>= 5WgGa?:= yŒ 3Ž
‘\TSX^QjBEe?SXBj?B NVYU3#^WgA„I§Y\YUYU^1^BFACI\fCSUBEBHW?f„SXWgGACW?GYUm`ACQgSXGFW?YUW?BcfCmgWgQ?GSUAC@a YX^0/D Œ ]EQg°GŒ eg<ŽUBEŽ,SUmgW?BESUI[BŒ YU^GBaBHYUSMWg¦ IUQgw DFfCW?YXBBE]Ea QgGailACejYUW?ACQ?f w G1BEIIHŽR“YUQ/hdYXG^BcB]EQ?WgTG i
w
YUACDW?f ilejW?f w BEIŒ<@ACGm?^xNyp Ž_“
Ú<ÑUÆHÏACBÖlÆ ß Ú<ЯßHÍ±Ï ×_ßHߛÑUÖlÍdÚl֋È?ÆHÑUÑUÍ ÍRXЯÐÉÖlÏ ÍrXÙxÇÉÎÚ<ÊØgÍM͏ØÈgÑUÐÉßÏFgÚ<ǯÊÍ_× ÍRÈ?ßEÑUÏgß Ç?ǯÍ_×§Í Ë_ßr×Í_Ö\Æ[×Î?ǯÚ<Ð 3ÖlÚlƛà›ÍØ?Í XЯÖ<ЯßEÏÈ?ÑUß ?ǯÍ_× ÐÉԋÚ<ÊÍ
R
^
.
] R ? B C7D0%E 05H 87
9O > .
O =
k
= >
^
M
Y
]
Y
%'
)(
"
2
I
O
O
M C7
vO
O
7
> DO x.
>
>
X
^ C7D0KH C7
; >@= ? O ? +1
] ?
^ 87I05H C7
9;
>@= ?
U7
E 87I05H 87
.
\0
.
C7D0KH C7
\0 K0
B 87I0FE 0KH C7
./7
]
.SH 87
87I05H C7
l
3i
C
PH C7
B 87I0FE 0KH C7
E 0KH E
?
J
i
+i
i
5l
hgUl +i
l
@f
+i
l
·\SUWg^YUB/ACQ?G,IXBEW?fCBEG]Ea§YUACBEQgG(TQjfCQ?…KACYUYXWg^YUB/ACQ?W?G ]E“ YXACƒ Q?G[G YX^yBRŒ 3¦PŽdBEIUmg^1ACGQ wGfCACa#Gm¦PNgB/YU^m BRw W?ACa]EYXBEACa#Q?G¦I5zW?YUSX^B\B/YlzYXTSUW?AC]Ea1W?B_fCi fCQzM7¦]_^VQgBEIUYlBE‘RG/BESXBEW?G(GaBEQgTDFfCQjfCz i
I…3UŒQgBHBHG`f„CT1Qj‘\‘\f„QgACACSUYUGWg^cm§YUACACQ?BEGGP]ETPSUŽ BHBHW?W?SUGIUACDFACa#GBEmgACGfCG(z/YXI±YU^^ACACIdBm?^¦]EBEW?Q S\IXw BET1SXa(IUSUBQ?Q?¦1G`QjW?…\¦YXYU^ACSUfCBACWgYlACz`Á GACQgŒGBEf„YXmŠEN5TDFfCW?Q?Wg]EACYXGYXACW?GQ?YUilGACaQgIACGPIU‘\Ž_YXSU“5ACACYX·\¦ ^(^YXf„BWgA„QgSUACGmgDFBETS IUfCBEACGDi mejBEWgGYUf^YUw W?B/BEYXIACWgQ?]EWgG§Y SUB/A„GWg]_f ^YU\^QjB ii
ejW?f w BHI\W?GaW/IUfCQj‘\fCz/aBE]ESXBEW?IXA„G1mFYUBHDFTVBESUWgY w SXB±T1W?SUWgDFBEYXBESŒIXBEw B Á W?SXw YUQN5p o ŽÞ“ w
x€À
¼  » {€À ±‚VÀU ‚ M ¼ }y
ƒxG BHW?YXSU^G1ACA„IFG1m/IUBH]E]EW?YUACGcQ?G¦VB ‘KB IUBEw a`IUB`YXQ/WgQ?G TYXBEACDF]_^ACŠEW?B\GW?mgIXB_IUilBESUW?YdYXW?B‡fCfCDQ]EQW?aYXA„BEQgf\GxYU“ QaBEDQ?GIXYUSUWgYUBc^Qj‘ b W?Ga \i
w
·\ejW?^f BcB/W?SXQ¶YU…[A†®Pp/]EAC­±WgfK@i BEc]_AC^GžWgbGm?u#B“5SUW?·\YX^?B BF YXSUWgACI[GIUACACGYUACQgYUG(^BTSUSUW?QgG1¦m?W?Bc¦AC¦PfCACBHYUACYlBE‘KI BEBHG pQ¶…MW?YUG1^@a B)BESU]BE^1TW?SXGBEIUmgBHBFGYXSUACWgGYUm(BcYUW?^SXBB
]_^^ACm?Q?w^1IXBEBEG(SejYUW?Qcf IXA„BHD Iw Qjf„…WgYU BN5WcWcIXA„aY SUw QgW?TžYXACQ?YXQˆG#eg‘\BE^SUz(BESUB/fCQjYX‘ ^B ejW? f BE…3QgIf„¦VCQjBE‘\]EQ?IdDW?G#BEI§A„G1DF]EQ?SUBESXWgB[IUWgACGGmca(YUDFSXBEQgGSUaxB§N‹T¦ SUw QgY¦W?‘\¦1A„f„YXB¶^ “
JIUYXW?SXYXBEBMW?ejfCACW?ŠESXWgACYUW?ACw ¦Q?G`fCB Q¶ …‹YUa^BEB§TVBEYUGACDFa1I\BQ?IXGFBESUYXACBE^IBMACACIMGe?TBHfCQgIUYUYUQgYUBH,S a`.ÉI‹ACaG`BHw ]EYUAC^IUACB Q?Gw ITTVBESNWgTGWgaFSUYMACI5Q¶…‹… ®PSUm1YU^1“ BE)SK“ACG·\^B§BEGSUWg]EGBHaˆaQ?¦D z
w GY\BE]_^W?Gw mgBMSXW?YUB N N
?
W
G
a
‹
“
J
E
]
?
Q
D
T
C
f
E
B
U
Y
\
B
X
I
U
Y
?
W
X
Y
M
B
g
e
E
B
E
]
U
Y
g
Q
\
S
E
]
?
Q
1
G
U
I
C
A
U
I
X
Y
K
I
¶
Q
y
…
U
Y
^
d
B
]
U
S
X
S
E
B
w
W?SUBHG1Ta`SUBEYUIX^BEB,GYU]EIW?TYU^ACYXBW?<f W? ]EY Nx‘\W?fR^]AC]_^`SXSUACBEI\GW?]HfCz?‘RNRWjA3z“°I\Bj“C]HN W?fC] w fCW?YX1BEa`p AC)GcIUYUYX^W?B,Ga1¦IW?IX…3A„QgIdS] wW?G(SXSUBEACGGe?]Hz7BHIUYUŒ<Db±uBEGŽ_Y“ A„ƒ G(YXIM­IX@gA„mgi G
‘R¦ACQ?GSUI\YX^[BEWgQ¶]_…Â^xp “\)d·\b±^Bu YUN?SXW?W?w GGIXa W?]EYXw ACQ?G`p ]E) QgIU…3YXQ?I S°W]EW?Tt ACYXp W?& fQj…‹ 1p pr)Mtgtbu#W?SX“'B W/W?]EGQ?a D/ ¦ACGW?WgSUBRYUACQ?aG/ACIU]HQ¶SU…5BEYX®PA„ŠHBEBEažaFACŒ3GFt p›prt Ž
…3W?pjSXG1“ Q?ažD ƒ … ejbYXW?^SXu ACB/W?¦aYUQ§fCBEB§]E­±AC]EIX@gQ?A„QgiIXG‡YUI`“5^1·\Œ W?^I1BM¦VprACBEtgDBEt GDFŽÞ“‡DFBEa·5W?ACWga1SUYUWgBB‹GYUSXIUQcBEWgY ]E]_w YU^SXACQgW?G GG1Im?B/Œ*Q? G1YU^1f„z#B/ W?TP,T1QgTSUYlfCz?…<Q?N5fCA†AC…MQFŽ5YUAC^GACIKBYUQ`]E] QgwbDFSUu SXT BEw GQgYU]ESBEz}a/YUACQcWgI§IK’?]ACBH^1G/BEW?T(YUGWgmgYU¦^BEfCa BB
W?^]HWgY IMw ¦VWgf‹BEBETPG`QgSUDY‰…3W?Q?afCACBdQFYUACQ/G(]_b±^W?u G1m?N BYX^BTVb±Q?u SUY‰Ny…3Q?YUfC^ACQ§BHG(A„GYUYX^Q/B/­±SX@gBEYi w§SXQ?GžS\ACYXIQ/W?’?fC‘RBEBEWjTzIdYU^ŠEBBESXWgQ]E“ Y ƒ W?… fyYXTV^Q?B/SXaYl…3BEQg]EfCACA„IXQ§A„QgACGG
­±SUWg@YUBci ¸‘RN BEACm?^YUBE­±a@‘\i ¸ACYUNy^ YU^ BHG(“žYU·\^^1BW?SUY§BEY SUw BESUY G(SUG}ACIACBEI[µ wSXBEWga f‹YU]HQcBEa YX^¦B/z‡SUBEYXfC^WgBcYUACe?YUB§SXW?]_G^IXW?W?G]EYXmgA„B/QgGžQjw …\]EQgYU^IUYXB/I BHNK]_^A†…MWgGYU^m?BB
w
ACGe?BEIXYUQ?S\^1W?I\YUQ/]_^WgGm?BACGYUQ§­±@gi “ w
·5W?¦fCB§p ‹·\^BACDFDBEaACWjYUB\SXBEY w SXGc… w G1]EYUACQ?G “
$Π,
Ž t bu
­±@gi
b
u
*Œ ŽHŒ 1 Ž 1 c­±@gi
t
*Œ 1 prŽ ·\BE^]_B§^W?I G1w m?]H]EBBESUIUWgI,YUQjBj…K“‹·\YX^^B[BdIXACYUGSXACW?YUYUACBHW?m?fACACBEGIe?BH‘KIUWgYUDIMYXBEBEGIUY‹YXBEACI±a(pdQ?G`b±u WNSUBEW?WgY‹fCA„BEŠHWgW?]_YU^ˆACQgYXG ACDF$Œ )?BRtgIUt?YUt/BHTˆa1W?YX^YUWBTPW?fCQgm?ACQgGSUYXACIYUŽ^1QjD …‹^YU^WgBI
YUQ/a1BE]EACaBYXQ[BEACYX^BESM]_^WgGm?BYX^B] w SXSUBEG1]EzcQ?S\SUBHDFW?ACGA„GYU^B,TSUBEIXBEGYM] w SUSUBHG]Ezg“
JMfCBEW?I,SXWˆG`SXQ?BET1ACGYUAC…3DFQgSUWg]EfxBED¦PBEBE^1GWjYef„ACBHQgW?SESU“MG1·\A„G1^ mˆIHDNyBEWFYU^1IXBEQ]Ea Q?N G1a‡}IXBE^1YW?QjI… YU)gQct?ACt?Gt§YUBEa1SXW?W?YU]EWY‘K‘\WgACYXI ^‡YXIX^BEa#B/BEYUGQFefCA„BESXWgQ?SUGG`DYXBE^GB YM\YXQ i
ejYUSXW?ACfW?w fCBHIIEW?“KI§·\a^1WgBYUW`YUSXW?BEACGACACIUGY§m§ACGžT^YXW?^IXBFBYXwACSUI\W?aACGACeACGA„a1mBEacIUBEYHA„G“ YXQ[J\BEY§TVBEQeg]_BE^SUIEz(“ YXSUW?ACW?]_fR^cYUBE^TPBQW?]_^#fCm?w Qg]EQ?SUACGYUIX^1ACD IUYUIdfCQQjQ?…5’W?I[IMWgDY W? Gz N
]_SUBH^Y QQ?SXIXG`BEIW?GSUWgaGYUa^QgBDFGfCBHz/‘ WFIUTVYUWgQ?YUSXBYl…3QgACIKf„ACBHQ/ejejW?Wgf f w W?BYXBEacYUW?Q§G1W?a`TIUT1BEf„fCz/BE]HBHYUµPI§“xWFs“5a·\BE]H^A„IXB ACQ?Gxi “ejWg·\f ^BEBHI\G‡‘KYX^BHSUB[BACACDGACDFYUACBEW?afCACACŠEWjBEYXa B
‘\ACYUw ^cŠEBESXQNVYU^BfCBEW?SXGACGm/SUWgYUB 3/‘RW?w IMt pj“‹ORQ?Ge?BESXm?BEG1]EB‘RW?I\W?]_^ACBEegBEw acWj…3YXBES BETVQ]^1IE“
H 87
%
W
S
Y
Y
D'
Y
Y
A
Y
Y
Y
A
Y
Y
Y
.
%'
D' oH
1
.
oH
.
Y
$H
1
Y
; >@?
Y
.
1
)1 Y Y
B
.
Y
Y
%'
1
Y Y
Y
0 0 A 0KH
%'
Y
D'
1
Y
)(
%'
B
Y
Y
0Y
Y :
:
Y
0
Y
A
0KH
Y H
Y
.
Y
B
%'
. Y
B
Y H
.
A
Y
Y
. Y
A Y%'
Y Y
Y
1
Y
U
k
-
Y
$
0.5
Decisions
value function
0.4
0.3
0.2
0.1
0
2
DM
2
2
1
2
1.5
c(t)
1.8
0
0
−2
1.6
1.4
−1
1.2
c(t)
x(t)
−2
x(t)
ACm w SUB/p ‹·\^B,Q?TYXA„DW?fa1BE]EACIUACQ?G1IŒfCB_…3Y_ŽRW?GacejW?f w B… w G]HYUACQ?G(ŒSXACm?^YŽÞ“
1
1
x(t)
2
1.5
1
0
10
20
30
40
50
60
70
80
90
100
10
20
30
40
50
60
70
80
90
100
10
20
30
40
50
Time
60
70
80
90
100
c(t)
20
10
0
0
u(t)
$
DM
0
CA m w SUB) ‹·\^BBE]_^WgGm?BSXW?YXBŒ YUQgTPŽ_NVYU^B]HW?TACYUWgfxW?GaYU^B,aBE]EACIUACQgGIŒ¦VQ?YXYUQ?DcŽ_“
·5DFQ`BHGBEYXejBEWga f w W?IUYUACB/GmYX^YUBF^B/IXQ?mgf A„w egYXBEA„G#QgG YUSUWgG}IUAC^YXA„W?QgI,G`…3QTw SXQ?G¦axWgN‹¦YXAC^f„ACBˆYXA„BHb IE°“[il·\W?fC^1m?B[QgSU]EACQgYU^1GDe?BESX…3m?SUBEQgGD ]HBFBHµPQj…M“ )b ‘KWg‘RIW?ACIDFegTBEfCSUB_z i
…3ejWgW?IUf YE“\B§hd… GGwfCz ]EYXA„QgACGYUI§BESX‘KW?YXWgA„I[QgGfCQjI\‘R‘RBEBES[SUB§YX^GW?BEG}BEa1t BE¯a tp¶w “‡GYU·\ACf°^YUWg^Y[BDWjegBEBEW?SUG1WgI m?Btgat A xBETVSUBEaG1W?]EYXB[BEI/¦VBEACGžYl‘R]EBEQgBEDFG#TI wWgSU]HAC]EIUBEQgIUG‡IXACe?YXQB
w
o?tgt?w t w TVw aW?YXBEIM‘\ACYU^ 5“
®P·\WFm1^b“ Bdup¶IUNyQ?il¦fCf B_w W?…3YXIXYHACBE“Q?acGƒ IRYW?G‘K]EacW?BHG#SUW/B]E­±ACfCaBE@BEWgiGSUfCYUz`i AC¦]EWg¦VWgfPIUB/BE‘\aIUACBEYUBETP^G QgNÂSUSUBEYlYX…<IX^Q?TPW?fCBHACYQ]EYM“YU^1YXƒ BEQ[…ÂSUQgB/YXG^ACBBMISX^WcBEWgI I\aw A fCW?YXfCA„BESUG1SXBHm[BEW?GaTV]EzQ?B/fC]AC¦V^1]EBEz/W?YlG‘R‘\mgBE^BEBEa`ACG]_^FYUYU^1AC^BI‹B§T]ETPW?fCQgQgT1YUfCA„YUA„YXBH]HW?aFz`fxYXACQjGQ …
­±A<“P@Bji <“ ¸ NYU^BEGcp AC¯YRo A„jIRp W?a1e“KACIXhMW?¦GfCBMYU^YXB§Q[Q?’gYXBE^BEBETcSMYU^1^1W?BGTPaxQgNxSUA†Y‰… …3Q? fCACQA„IdACGFIUYX­A„fCf°@gA„i G`bw Gu#YUACNVfVYUYU^^B§BSUSXACA„IUIX’c’Fmg¦BEWgYUSUI\SXA„YXBHQSMQ§DF^QjACm?eg^BEI N
YUTVQcQ?YUfCBHQjG‘RYXBEACW?Sf‹ejmgW?W?f wACG‡BEI¦az`BETVWgG(BEGACa1GA„]EG1SUm`BHW?Q?IUG#ACGmcYU^BEB/eg]_^Q?fWgw GDm?BB±SUQ¶W?… YXYXB/^^B/W?TVI,Q?YUSUQcY‰…3Q?]EQjfCACe?QBH“S·\YU^^1BB/®PSUBEWgBEIUa(Q?G(W?G1ACIa‡YUej^1WgW?SUYACW?YU¦^fCBB
YU¦VSXBEW?]EGW IXW?IU]EBYXACYXQ?^GFB\]H®PQ?IUBEYXacIE“ YXSUW?Q?G1SRIUe?W?BE]HSXYUz[ACQ?fCGQj‘}]EQ?ejIXW?YUI\f w ‘\BHI‹ACfCQjf<… ¦PB^NACACY‹mg^ACI‹BESR…<Q?YUSU^¦1WgA„GFa1aW?BEGG/z§YUm?Q§Wg]_A„G^W?“ G1m?ACB\m BESXegB BEGc),W?TY‹fCQ?fCYXQjI‹‘ YU^ B
w
w
D'
:
)1
9
D' Y
Y
1 )0 1
D'
Y
Y
BE]_^W?G1m?BSXW?YUB NVYU^BWg]E] w D w fCWgYUBEa]EW?TACYXW?f …3Q?Sprtgta1WjzIHNPWgGaFYX^BaBE]HA„IXACQ?GI “
]_x ^BHW?Y ¦VG1wBEm?]EI‹BEWgfCa`DFQQ?ACB\D’egD/WgBEY‹SUBEz/WdaACT…3W?BESXYX‘}Q?BE¦fCzACWgG¦YUYUQ/BEfCBjSX“K­BEIUb @gYXA„i G1§SUmACWgGaGmBEac]EYXAC^’?IXBBEA„QgT1YUGYMACIEDFYU“‹^1BRJ\BEIUSUY«YXBBEYUT^…<Q?IMB\Ss¦VprBEs§i m?ACIXGYUN?G1BET1YXA„G1^I mBMw N BHGYU]_ACf°^WgW[tGN?am?YXSX^BdQ?BMSUT`WgTVYUYXQ?BMQ/SXYlQgfC…3QjIUQg]E‘ f„ACACfCQdfCSUW?Wg‘KYXYUBEWgBEa II
W?SUACY§IX’ˆ^AC‘Rm?W?^1IBES/YXQBEQ]_^^ACW?m?G^xmg“ Bcƒ G`SUW?]EYXQgBEIEG“ YUSUWg·\w SU^1zgBFNyfCTVQQ?Q?fC’ACAC]EGz(m[ACWgGYIUACYUIU^YXBEB§a}YUACQ?DFGBYUIX^YUB`BETbI u ) TPYUQg?Q SUYl)g…<oQ?NPfCACYXQ^N5B§¦PTPBE]HQgW f„ACw ]EIXzB`®PYUSX^IUBY
IUfCBE‘\YACYXYU]^^1BBEacACG¦egBEW?IU]_YX’/Q?SYUQ/]_^bW?u#G1m?NB/YU^1W?BEmgGcW?ACYUGx^“§BESX·\B^‘KB§Wg…3I\Q?WfCfCQjIU‘\DACW?GfCm/faACGBE]E]HSXSUBEBEW?WgIXIUBB§Qj… IX YUA†®P‘\BEa#^ACYU]_^1^FW?‘RYW?aIRBH]EI wACIUÃFACQ?]EGxAC“BEG·\Y\^YXQB
IQjw …M]EYX]E^BEBFIXIMTVQjQ?…xSXYUYl^1…3QgBMfCA„SUQ1BH“ I w MfCYUQgACGYUBjm,N‹IUYXYU^SXW?W?YXY§BEm?YUz/^B ]EWgG/TI§¦PB\W?GBHW?aIUACafCz§Qj‘\SUBEG]EIQgm?Q¶G…MACYUŠE^BHaFBw ¦TPz[QgSUYXY‰^…3Q?BMfCAC]HQcQ?G] YUACGSUegw BcQ w m?I‹BEY§ACG^]ESUACm?BH^W?IUBHBS
AC‘\G`^DFQgf„WgBm?]EGWgACTY wACYUaWgBfxA„W?IRYdYUYUSX^W?B§aBHBEaxG“ a#¦PBH]EW w IXB/w YU^B§ACGe?BEIXYUQ?S^WgIMGQSUACIU’Wje?BESXIUACQ?G`w WgGa`Wgf„‘RWjzI\YU^B
x€À
¼  »» €  ¼ ¸½\‚ »?¼ ¾ { ƒ‘\GFACIUYX^^BHACIÂIKYXIXQBE]EA„YXGA„egQgBEGcIUY5YU^^BBES W?jT1^TACI5SUQg]EW?Wg]_T^FACYUACW?IRfYUACBEGIXYUYUQdBEacWM¦Q?fCGQ]_W[’±SXQ¶BE…PW?IUfxYX‘RQ]Q?’SXfCI‹a/‘\YU^1W?A„IX]_’ ^§‹¦PW?BHIU^I w WjDFe?BEBdI5YUfCAC^’?WgB‹YKYXWg^GFB\LACGBEe?SUBEDIXYUW?QgG S
IU‘\YX^QAC]]_’^(ACG‘KaWgBEIF¦ bJACfCa‡
YX“Qˆ(T1BMSUBE¦1aW?ACIU]EBHY§aˆYUYX^1^B/Ba¦PW?BHACGfCzc]_^]DF^1W?WgGSU’§mgBEIUI[YUSXQ¶W?… YXBEYXm?^z#BFŒb\IU^1J Q?
¹SUY ŒC…3u QgSa‹BEŽ«YXW?Q?ACGFfCIEWN5IUBEBFbdDFAC]_Q^aYXBHf<fN
pACI/ACGegŽ_“BEIUƒ YX…ÂBEYUa ^1B±ACGw T1YUQ(SUBEab\AC]EJYX
¹ACQ?GcQ?YUQj^1…5BEYUSU^‘\BACIUGBBEA„GY\abWju#zFb“‹J·\^
BaA„A G1T BHSUBEY/Ge?]HB[BH]EACYUIRQgTPSFQgQjIU…ACYUYUACe?^BdB YU^BH¹G`DFYU^QBa]EBHWgf\T‘KACYUWgWgI f
]EW?WgG1SUa B_… wp?pf„Cz`Q?YUQg^1TBEYUS[ACDACG A„ŠHBEacBEG…3]EQgACS±GQgm#TDFYUACDWgSUW?’gfxBEYTSXejBEW?aSUACAC]EWgYU¦ACQgfCBEGxI“ Ž(WgI[B YX^w BFIUw BEa(DW?YX^SX’?BEBEIXYBFa1ACGBETIU]Ew SXYXACI/TYUŒACYUQ?^1GBFTb\W?J SXY[
Q¶…MACYUIXYUBE^f†B …
IUW?YX]HW?YUYXACQ?BFGxe?NBH‘\]EYUACYXQg^ So,…3QgGS QgGw fCA„G1“ BEƒ W?G(S\Qg^SUACaaBEa1S§BEGcYUQ#GBIUYXQ?SXSXQ?BFGI\YU^1WgBFGacejW?Q?f Gw BB§fC… ACw GGBEW?]EYXS\A„QgQ GIYUT Yl‘RY\Q W?SXB dIEIUNRBEaxQ?G“ B§…3QgSBEWg]^
w
w w w
·\ŒC…<SU^Q?BD aWg)YU“W§gA„W?IRGxIU“RT1f„p ACYRACs/GYXYXQ[Q W§p›YUoSX“ÂW?hdACG]EACGYH“ mFp ŒÕ…3SUQgD Ž_“§)·\“ ^gB/W?GxSU“xBHY p SXo?G(n,…YUQ/G1s]Ep¶YUAC“¸Q?bdG#BEAC]jI“5ap B_®PG)?BHŽ ažW?GACG‡acW§YX^YUB/BEIXIUY\WgDFIUBEYB
‘R‘\Wj^z/AC]_^‡W?I\WgACSUGFB/IXSXBEBE]EW?YUfCACACQgIUG YXA„],…3w QgIUSACG®Pm/GWgt G]E ACW?f5WgACIKGT1IUYXSUACQ?Y TVQ?YXA„SXQgYUGACQ?IEG1“/W?·\fxw ]E^QgB/IUYUYXIdSUw WgW?A„GG1acA„G1tmˆ¯t?T1t1SUpQ]Ew BEGBEa1ACYUI[IRWgW?I±IR®PQ BEYUfCacACG]EBEQga#IUYUACIHG N
w
YU^1B±T1SUBEeACQ w IdIUBE]HYUACQ?Gc‘\ACYU^?3 t ¯t?t1p\…<Q?w Sprt?tgtBHTPQ]_^IE“
ƒfCACG/GBr®VŽRmW?“G1saˆYX^YX^BMB[aBHu e?BEfCQ?T1IUDFYUSXBEW?GYXY‹BEm?Q¶z(…ÂWŒDSXBEACACaGaegfCBEBMIUYXfCACBEGacBrŽÞ]E“KW?T1·\A„^YXW?B[fxbACI‹J T
fCQgYUACYUYUIXBHBEa/f†…‹…3QgA„I\SKWgYX^fCIUBMQ§QgTTfCYUQ?ACYUDFYXBEACa`ŠEBH¦a`Œ Y\w T‘\TVA„YXBE^ S
W`]EfCBEIXWg]ESUW?fCfCzFACG¦VmcBEW?…3WgYX]EIYUYUQg^S[BYX¦VQ`BE®VGY]_^ACDY[W?ACGSXYU’FQ`IUYXYXSU^WgB/YUBE®Vmgm zˆw SX¦VB‡BE]EŒW fCQj‘RIUB§BESYU^1fCACBGBrBEŽÞ“‡YUSXWF·\^SUBHBcY SUBHSXIG‡w fCWgYUDFACGQ mTPGYXQgIKf„ACYX]EQˆz#w og¦t z WgY
YUfCQ^1Q?B/’FBEWgGY\a(IUQjQg…RDFYUB^B/IUYXYXW?SUYUW?ACIXACGYUACAC]EGIMm]HTPW?G`BHSUACBEQa(TfCW?WgGA„Gca#YXYU^?Q B) I ]Ew]EBEWgIXY±IE“YX^·\B§^BEB Ga(Qj…\TPYUQg^1w f„ACB/]EzYUBETIXYSUQgTTPw ^QgWgIUBEIUBjI“FWgf„J DQ?]EfCIXQgYKIUWgBESI
QjYUQc…<YUBEb\G(J Wg
I±W?YX^G1BFa`u eV“PeV“PACTPIMQgD f„AC]Ez]^cYUQ`fCQjAC‘RGBEe?S[BEIXŒ YIUBEA„B§G(YUb\Wg¦J w fC
B Ny)?ŽÞ¦ “ w YYUSU^1YUB/^1BEG SUw DD/Q?¦PSUB¶BESN ACQ¶Yd… IU]_BE^BEDWgGIMm?YXBE^I W?…3YdSUQgYUD ^B bu
IUW?YXG1SUa`WgYUYUBE^mgB§z/DF’?BEWgBESUT1’gI\BEY\YU^IUBd^Qj]E‘\W?TIACYXwYXW?QfQQ Dw YKQ¶]_…y^cYUe?^Q?BdfCWgDFYUACWgfCA„SUYl’?zcBHYŒIXA†…yBEB§YX^®PBEwm1SUB“ s ACI‹‘\GACQ,YU^`IUACm?IXYUGSUA†Wg®PAC]Hm?W?^GYMY‹^YUQgSXBESUACGŠEacQgGYUYXQ W?f°…3Q?f„fCACfCGQjBH‘ I
QjQj…5…5YUYU^^BdB,]ESUW?BEIT1A„YXfCYUW?ACfxGam/BHIUe?YXBESUfCWgQ?YUT1BEDFmgzFBEG‘\Y‹ACfC] fxw w¦PSUe?BBYU^1ACGBaYUAC]EQgWgTYUACAC]±GQ¶m…yG1… Q[Y ACGSXe?B±BEIXSXYUBEDIUBHBEW?GSUYU]_I^xŽÞ“ “‹JMGBEYUBEGIXACe?BWgGW?fCzIUACI
w
ww
ƒYUGF^1BW,u … w SXYU}^BHIUS\YXSUBEWgYUTPBEmgBEz?SXAC“ DFƒ BEG`GIUYRQgYUDF^B BS dGI\I‘\YU^^BAC]_G^FIUD/YXQ?¦VSXBEB±SdYXQj^…‹B GBE]Ei ejBHWgIUIUf wWgSUBEz#IKWgBESUTVBQAC]_G^ACIYUAC‘RW?fCBEACŠESUB§BEa/SUBHYXaQ[AC]EDBEa(A„YXW?¦YXz B
WcACGAC…3YUWgAC]EW?YUfCQgACŠES[WgYUQ¶AC… Q?Gcp›tAC“m?GÁ QgSUw BEY§I,QjYU…<^YUB/BEG(ACGYXT ^B w Y±BHf„BHDFW?fCBEm?GQgYUw SUI,ACYU‘\^^D¹AC]YX^#QQ?a’(BEIX]EfCQ?SUACG¦VmgBFBESYX^YXBFQ`AC]EGQ?e?GBEegIXBEYUSUQgmg,S BF.ÉI¦V]EBEW?]ETW ACw wYXW?IUf‹BcWgYUG^a B
YU^1BESUB_…<Q?SUB,f„BHaˆYXQ/W/¦W?aIUYXW?SUYXACGw m/TPQgACGY\ACGYU^B‘RBEACm?^Y\IUTWg]EBj“
Y
Y
Y
H
Y
.
D'
Y
P
%
v
"
+*
P
L
)(
P
)1 .
)1
)1
P
P
P
-
U
4.5
1.7
4
1.6
1.5
3.5
1.4
3
1.3
2.5
1.2
2
1.1
1.5
1
1
0.9
Œ SXACACm m?w ^SXYBMŽÞ“‹s ·\5^·\B^B\f„ACGaBHBEIRegBE…3fCSUQ?QgTD DYUBEQgGTˆY‹YXQjQ/…xW¦PQgSUBHYUYXA„GQ?egD BEIUYXBEaFi]EIXWgYUTSXW?ACYUYUWgBHfm?Q?zgG/N u YX^BM°YXiSUIXW?YUACSXGW?ACYUGBHm/m?zgŒ f„NPBÞIU…3]HYŽ5W?fCWgBEGa`a/b\YUJBHIU
YR“IUBEY
·ÂWg¦fCB ) K@Q?DB\IUYUWgYUACIUYXAC]EIMQ¶…ÂYU^1BTPQgfCA„]HA„BHIE“
b\J y
QgfCA„AC]HGz e?BEIXYUDFVBHi G°YXQ?I fCAC]Ez u TVQ?°IUQ?ACYXfCA„ACQg]EzGF]_^WgGm?i BE°I Q?fCAC]Ez
M
b
g
W
U
Y
W
u
·5·5SXBEW?IXY\ACGIUACBEGY mIXBEY prq o ) ) prt s )?t
p›s t?t
)go
st
pgp
3. Jan. 1986
31. Dec. 1992
1. Jan. 1993
18. Oct. 1995
k
P
P
%
P
D
½ ¼ ‚\U¿d~?ÀU½ ¼ ~  ¼ ¾\¿¿\€
½ €
ƒ¦G(zFYUSX^1BEACA„GI,…3TQ?SXW?]ETVBEBEDSENRBEGYU^YMBfCBEYUW?WgSXIUG’#ACGQjm/…MW?W?fCIXmgIUQ?BESUY§ACYXW?^fCDFfCQIH]E“ W?YXACQ?G ¶‘KTPWgQgI\SUYlI …<Q?]HfC]EACQ/BEIUDFI‰… W?fCG1fCzW?m?BHYXDFA„fCBEACŠEGBEY\ac‘RACW?GcI]EWgQ?TD/T¦1SUA„QgG1W?W?]_YU^ACQgBEaG
‘\ACYU^ dI\W?I\ejWgf w B\… w G1]EYUACQ?GcWgTTSUQjACDFWgYUQgSUI‹ACGFW/^1w A„mg^FaACDw BEGIUw ACQgGW?fVIUYXW?YUBIXTW?]EB¶“
YTw SXw GQjY …3ACw BEYUSXACIXBBEIUI§AC‘RQ?W?G1Q?GW?SUafR’/¦^1YUSUQ#W?QgI\’?]EYUBEfCW?Q/SXIESUWgA†“(…3az#·\aYUSX^^1BEB/IUBFI¦V]EYUBEQg^1GGB±]_G^TVBEDF]EQ?YXIXWgACIUQ?SUAC’#¦G}ACfCIUYUACYXQ#YlSUz/W?YUYXQj^BE…‹Bm?IUz]EBEfCegW?ACBEG(IXSUIUWgYUAC]Efy^W?WgBf\f„YXSUDBEBESUWgBEG1fKW?W?G¸‘RYUiACQ?ejegSXWgB±f„SUa(ACACGW?BHe?GBH]HTVIUB/YUBEDSXW?A„TDBETGBESXYKGQ?QgYWgT]ACTV^IQ?ACQjSlG i…
…3ƒ WgY/]E‘\Y\ACW/fCfKG¦VB B`w SXACQjGi<YU… wBESXŠEBEŠHIUzˆYXA„DG1m(QaYUQBEfx‘\IX^B`AC]_YU^c^WgW?Y/fCfCQjG‘\BEYlIK‘RYXQ?^SXB’žBEW?SXYU]_SX^W?AC]EYUYXBEAC]EQ?Y G`SUQ¶B… w YUQ(IXB_… W?w T1f5TS SUw Qjf„BHACIMDFWjWg…<YUYUBEB/S\YUfC^1BEB`WgSUejGW?ACGf m1B “
… w G1]EYUACQ?GcACGFQgSUaBHSMYUQ§W?]_^ACBEwegBW§aBEBETVBESACGIUACm?^YRACGFYU^1BSUwBEI w fCYUACGm/QgTYUACDFACŠEBHa/IUYUSXW?YXBEm?zg“ w
-/8 U8=j8: j8 /ÆHÆ ÑUjÚlßÐÉÏdàgÙ!Ë d" ˯٠›Ì ÎÚlÚlßEB ÏÅ#Å\ Ë ¸%ËEÆE$jÏË Ø ÆrÚ jÐÉÏÖ RË Ë RË MË XÙ V͏ÆHÑlÏ?ÐÉÏà\ÆEÏØ ¶Í ›ÎÍXÏ?Ú<ЯÆEÇ RÍ XЯÖ<ЯßHÏ
›ÐÉÍXÏÑUàEÚlÊVÖl&Í Ù ›xÆrËÖ ¸MË Ë xË '- X'.Ù )P( Í_XÆHÙ ÑlÏ?›ÐÉÏÏàƛ×dÚlß Ð ¶xßE0Ç ÑU/›ß›Í àEÑU/ƛ×ÆH1Ñ ×M ß ÐÉ/›ÏЯà?ÆEÙÏ +Ì R*Í ,ÛUЯ`Ö<ЯßHÐÉÇ¯Ï Í Ë ÑUß _͏ÖlÖlÍ_Ö_Ù B Å '- 2('(¶Ë
ÌR%$jÍUÙ ÎgxÏÆEÍXЯÑlÍXЯÖ_ÑÂË Å\Ë )$ X,Ù "«ÈÚ<Я×ÆEÇ jÚ<ÑUƛÚlÍ_àEЯÍ_ÖyÝ Ð¯Ú<Ê RÍUÏÖ<Ð¯Ú 3yÖlÚ<Я×ÆrÚ<ÐÉÏàÌKÍXÎ?ÑUÆHÇ?ÌR͏Ú<Ý5ßE1Ñ ?Ö_Ù 4KÌRÌ
FÑUƛÍ_Ú ÆEjÇ ›ÐÉÏÙÖ Å\ ,Ë d%Ë Ë¯Ù˯٠RrÆ ÍX›ÑUÆEÖ_ÏVÙ Ù Ë Ë RË %7 XÙ XB Ù Í lÊgÑlÐÉÏ?Ï Ð X_ÐÉÆHÈ?Ç Ç¯Í_ÌRÖ\ßrßHÚlÔ Í›Û58 ßHÑlȸPßHÍ_ÑUÆHƛÑlÚlÏ?Í ÐÉÏ5VàgÐÉÙÏ/ÆHÏ Æ _l͛Ê?Ù ÐÉÏ9Í «PÍ_ÑUÆHÆEÑlÝ Ï?6ÐÉ«Ï:à ÐÉÇ ?Ë .Ù - Ü gË
?3x«ßHǯРÚlÎ?lßHÊ?ÑlÏPÏÚ<ǍÙÆHAÙ Çx3«MßE%Ë Ô?Ë 5VËÐÉ;Ù Ï«)ÆE$ ÏÑlXÎ Ù ͛«Ù!ÍUÑE7ЯÍÙ @ cÜ'x7¶ÑU<Ë Ë ß›àHË ÏߛÖl%Í( Ø?XÍ_Ù Ö ›CÏBÆr×d×dРЯÚ\xÌKÑUߛÍXàHÎgÑUÑUÆrß ×65g×dÎÐÉӏÏÓ =à ÙV«×±È?ÈgƛÖlÇÉÐ Úl_ÍXÆrÑUÚ<Ú<ЯÊßHÍ_ÏÖ<ÖЯÖ_ÐÉÙx>Ï ÍXÏ5VàHÐÉÏǍ˱ÆHÏ Æ _͛ÖlÙ Ú<ÑUB Æ Ê_ÍÚ
ÐÉÏ/È?ÑUÍXÈÆEÑUƛÚ<ЯßEÏVË
k
9
*
2y
2y
a $y
2{ fC{
ec )d WqIz+{ 3w ceg
hid
Wd y WqIz|{3{ Gw
ky
qIz+{3{ 3w
Wy
b
y
{ )d
c hi
hg
qIz+{ 3{ w
b
bUg
Wy
WqIz+{2{zKw Wd
i
c 5g
d qIz+{2{ 3w
+i hi
l Wb
WqIz|{ zKw )cg
)i
!qIz+{3{ 3w c -d
$c
kc
hid
Nc +i
Cg3f
ky
+g
d
i
5f
+g
a
bUdoy
i WbUi
Wb 3i
hi
xf
Wc |i
{ 5f
a
f
}
i
l
3i