!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
!
Note: Some of the calculations presented
here need to be completed.
!
:#;&%5)3.)5(6&(4&<(35=&.=52&>&?/8=*356*&@5),&A9BBC&'.DE&
!
"#$%&'()!*$('+&,-.!
/)0'$*&-$
!
3 (45)1 !!6!!7(45!! 
!
!
8'#$%9!$:-9!;<!
→ !!7(3 (45)2 !
!
=$>?)+>!@!"()'?)(+&,->.!
!
!
;>+!
B-C!
1*C!
A&+*(+&,-!
A&+*(+&,-!
A&+*(+&,-!
%D!%(>>!,E!F,*&'!('&C!?>$C!!
;9H21!
;9H2I!
;9H2B!
8/D!G!H9HH;/<!
J&-()!K,)?%$!,E!7(45D!!"!
;I9HH!
;I9NH!
B;92H!
8%LD!G!H9HM%L<!
O-&+9!K,)?%$!,E!7(45D!!#!
H9PH!
;9BH!
B9QH!
8%LD!G!H9HM%L<!
KD!R,)?%$!,E!7(45!?>$CD!S!!"$%$!#!
;N9PH!
;N9MH!
;N9QH!
8%LD!G!H9HN%L<!T!
K/!D!R,)?%$!,E!7(45!U$*!;/!!!!
;Q9Q2!
;Q9QB!
;Q9I2!
S!8!"$&$!#<V%D!8%LV/<!
!
!
W#$*$!E,*!$('#!+&+*(+&,-D!+#$!R,)?%$!,E!7(45!*$:?&*$C!U$*!;/!,E!3,*&'!('&C!&>!/&R$-!F0.!
! − !#
!
!' = "
!
(
(-C!+#$!%$(-!(%,?-+!,E!7(45!8%L<!*$:?&*$C!U$*!;/!,E!F,*&'!('&C!>(%U)$!&>!/&R$-!F0.!
! 8;< + !' 8B< + !' 81< ;Q9Q2 + ;Q9QB + ;Q9I2
!' = '
=
= ;Q9NH!%L !
1
1
A#$!?-'$*+(&-+&$>!&-!+#&>!'(>$!X&))!(*&>$!E*,%!+X,!>,?*'$>!8(+!+#&>!)$R$)<.!
o )>U*$(C ! ' ! .! A#$! >+(-C(*C! ?-'(&*+(&-+0! +#(+! *$>?)+>! E*,%! +#$! >U*$(C! ,E! +#$! +&+*$!
( )
R()?$>Y!
o )&->+ ! ' ! .! A#$! >+(-C(*C! ?-'$*+(&-+0! +#(+! *$>?)+>! E*,%! +#$! +,)$*(-'$! ,E! +#$!
( )
/)(>>X(*$D!$+'9Y!!
X#&'#!%(0!F$!',%F&-$C!+,!/&R$.!
!
( )
( )
)&->+ ! ' = )&->+ ! '
B
( )
+ )>U*$(C ! '
B
!
O-!+#&>!'(>$D!+#$!>+(-C(*C!C$R&(+&,-!E,*!+#$!+#*$$!R()?$>.!
)&->+ ! ' = H9;BB!%L !!
( )
!
(-C!>&-'$.!
!
"!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
!
!' =
!' 8;< + !' 8B< + !' 81<
!
1
+#$!>+(-C(*C!?-'$*+(&-+0!+#(+!*$>?)+>!E*,%!+#$!+,)$*(-'$!,E!+#$!/)(>>X(*$D!$+'9!&>!/&R$-!F0.!
B
B
B
;
!
)&->+ ! ' =
) (!' 8;<) + ) (!' 8B<) + ) (!' 81<) !
1
X#$*$! ) (!' 8# < ) D!#!S!;DBD1!(*$!+#$!>+(-C(*C!?-'$*+(&-+&$>!&-!$('#!,E!+#$!+#*$$!R()?$>!,E!!'!&>!
( )
/&R$-!F0.!
!
) (!' ) = !'
 ) (!" − ! # )   ) ( ( ) 

 +
 !
 !" − ! #   ( 
B
B
X#$*$.!
!
) (!" − ! # ) = ) (!" ) + ) (!# ) !
B
B
&9$9.!
) (!" ) + ) (! # )
 ) (( ) 
) (!' ) = !'
+
!

 !
B
(!" − ! # )
 ( 
X#$*$!)8!#<D!)8!"<!(-C!)8(<!(*$!+#$!>+(-C(*C!?-'$*+(&-+&$>!&-!!#D!!"!(-C!(!C?$!+,!+#$!
+,)$*(-'$>!,E!+#$!F?*$++$!(-C!+#$!F()(-'$.!
!
[+(-C(*C!?-'$*+(&-+0D!)8*<!
Z?(-+&+0D! Z?,+$C!?-'$*+(&-+0!
+,-./01')20,$3#4/,#5)/#617$
+,-./01')20,$3#4/,#5)/#617!
*!
!#!(-C!!"$
H9HM!%L!
 H9HM 
) (!# ) = ) (!" ) = 
 = H9H1P!%L !
 1 
!4$
H9HH;!/!!
 H9HH; 
) (( ) = 
 = H9HHHM!/ !
 1 
!
!
J,*!+#$>$!+#*$$!+&+*(+&,->D!+#$!>+(-C(*C!?-'$*+(&-+0!&-!!'!&>!/&R$-!F0.!
!
B-C!
1*C!
!
;>+!
A&+*(+&,-!
A&+*(+&,-!
A&+*(+&,-!
!!\**,*!&-!K/!C?$!+,!OL\!!
H9H2N!
H9H2N!
H9H2N!
!!8%LV/<!TT!
!
&9$9.!
B
B
B
;
!
)&->+ ! ' =
) (!' 8;<) + ) (!' 8B<) + ) (!' 81< ) = H9H2N!%L !
1
!
!
A#$!+,+()!>+(-C(*C!?-'$*+(&-+0!&-!+#$!%$(-!+&+*$!R()?$!U$*!;/!,E!F,*&'!('&C!&>!#$-'$!/&R$-!F0.!
B
B
B
( )
( )
( )
!
) ! ' = )&->+ ! '
!
!
!
B
( )
+ )>U*$(C ! '
B
= H9H2NB + H9;BBB = H9;1!%L !
#!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
!
!
!
!
&9$9!+#$!R,)?%$!,E!7(45!*$:?&*$C!U$*!;/!,E!F,*&'!('&C!&>!/&R$-!F0.!
! ' = ;Q9NH!%L !
X&+#!(!>+(-C(*C!?-'$*+(&-+0!,E.!
!
) ! ' = H9;1!%L !
( )
X#&'#!&>!$:?&R()$-+!+,! 1 (7(45) =
.!'
!%,)$>!,E!7(45D!X#$*$!.!&>!+#$!',-'$-+*(+&,-!,E!
;HHH
+#$!7(45!>,)?+&,-!&-!%,)!L]1!X#&'#!&-!+#&>!'(>$!&>!H9NN1!^!8±H9P_<9!
!
!
`)>,D!>&-'$!;!%,)$!,E!7(45!*$('+>!X&+#!;!%,)$!,E!F,*&'!('&CD!+#$-!+#$!(R$*(/$!-?%F$*!,E!
.!'
%,)$>!,E!F,*&'!('&C!U$*!;/!,E!F,*&'!('&C!>(%U)$!&>.!
1 (51341 ) = 1 (7(45) =
!
;HHH
X#&'#!&>!$:?&R()$-+!+,!(!%(>>!&-!/!,E.!
.! 9
( (51341 ) = ' 8 !
!
;HHH
X#$*$!98!&>!+#$!%,)(*!%(>>!,E!F,*&'!('&C!8SM;9N1<9!
!
A#&>!&>!',-+(&-$C!&-!;/!a,*&/&-()b!F,*&'!('&C!(>!>?UU)&$CD!&9$9!+#$!%(>>!U$*'$-+(/$!U?*&+0!&>!
/&R$-!F0.!
( (51341 )
!: =
× ;HH_ !
;
&9$9.!
9
M;9N1
!
: = 8 .!' =
H9NN1 × ;Q9NH = IQ9;N_ !
;H
;H
!
A#$!>+(-C(*C!?-'$*+(&-+0!&-!+#&>!&>!/&R$-!F0.!
( )
B
( ) 
B
B
 ) (. )   ) !' 
 !
) : =: 
!
 +

.
!

  ' 
X#$*$!>&-'$!.!S!&>!H9NN1!^!8±H9P_<D!(-C!(>>?%&-/!(!*$'+(-/?)(*!C&>+*&F?+&,-!E,*!'()'?)(+&-/!
)8.<.!
H9HHP × H9NN1
!
) (. ) =
!^ = H9HHBP!^ !
1
&9$9.!
( )
!
 ) (. )   ) !'
) : =: 
 +
.

  !'
( )
B
B
B
 H9HHBP   H9H;1 
= IQ9;N 
 +
 = H9QQ_ !

 H9NN1   ;Q9NH 

!
!
$!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
A#?>D!+#$!%(>>!U?*&+0!,E!F,*&'!('&C!&>!IQ9;N_!X&+#!(!>+(-C(*C!?-'$*+(&-+0!,E!H9QQ!_9!
!
) (* )
c&R$-!+#&>!&-E,*%(+&,-D!&+!&>!U,>>&F)$!+,!U),+!+#$!*$)(+&R$!>+(-C(*C!?-'$*+(&-+&$>!8&9$9!
<!,E!
*
:!(-C!&+>!',-+*&F?+,*>9!A#&>!U),+!8J&/9!;<!>#,X>!+#(+!%(&-!>,?*'$!,-!?-'$*+(&-+0!&>!+#$!
>U*$(C!&-!+#$!+&+*$!R()?$>9!!
!
!
&
F3(7*3)8
"!
K!8&->+<
K!8>U*$(C<
d
H
H9HHB
H9HH2
H9HHM
H9HHN
H9H;
3*/.)5-*&1).62.32&06=*3).56)5*1
&
$5?9&A+&#&7/()&(4&),*&3*/.)5-*&1).62.32&06=*3).56)5*1&56&F&.62&5)1&=(6)35<0)(319&
!
&
&
&
:G;&%5)3.)5(6&(4&<(3.H&@5),&B9IJC&EK/&
!
"#$%&'()!*$('+&,-.!
!!!! 7(B324Q 9;H5B4!6!B5") 
→ 251341 !6!B7(")!6!P5B4 !!!!!8'#$%99!$:-9!B<!
!
!
A#$!'()'?)(+&,-!&>!>&%&)(*!+,!+#$!,-$!&-!d(*+!`9!!
!
!
!
%!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
:K;&#6./8151&(4&),*&L5H)03*&&
!
!
A&+*(+&,-!,E!+#$!%&e+?*$!X&+#!H9BP^!5")!(-C!;^!7(45!
!
B-C!
1*C!!
!
;>+!
A&+*(+&,-!
A&+*(+&,-!
A&+*(+&,-!
K,)?%$!,E!5")!?>$C!
B;9!MH!
B;9MH!
B;9PH!
8%L<!
K,)?%$!,E!7(45!?>$C!!
8%L<!
!;N9PP!
;N92P!
( )
^$(-!!
A&+*$D!! !
!
)>U*$(C ! !
!
!
;N9PH!
!
!
!
A#$!(R$*(/$!R,)?%$>!,E!5")!(-C!7(45!&-!+#$>$!+&+*(+&,->!(*$!/&R$-!F0.!
B;9MH + B;9MH + B;9PH
! !;<2 =
= B;9PP%L !
1
;N9PP + ;N92P + ;N9PH
!=0>; =
= ;N9PH%L !
1
4-'$!(/(&-D!E,*!$('#!+&+*(+&,-D!+#$!?-'$*+(&-+&$>!X&))!(*&>$!E*,%!+X,!>,?*'$>!8(+!+#&>!)$R$)<.!
o )>U*$(C ! ! .! A#$! >+(-C(*C! ?-'(&*+(&-+0! +#(+! *$>?)+>! E*,%! +#$! >U*$(C! ,E! +#$! +&+*$!
( )
R()?$>Y!
o )&->+ ! ! .! A#$! >+(-C(*C! ?-'$*+(&-+0! +#(+! *$>?)+>! E*,%! +#$! +,)$*(-'$! ,E! +#$!
( )
/)(>>X(*$D!$+'9Y!!
X#&'#!%(0!F$!',%F&-$C!+,!/&R$.!
!
( )
( )
)&->+ ! = )&->+ !
B
( )
+ )>U*$(C !
B
!
!
!
O-!+#$>$!'(>$>D!+#$!>+(-C(*C!?-'$*+(&-+&$>!+#(+!*$>?)+>!E*,%!+#$!>U*$(C!,E!+#$!+&+*$!R()?$>!
(*$!/&R$-!F0.!
)4?,-03 !;<2 = H9HQ;%L !
!
!
)4?,-03
( )
(! ) = H9HPH%L !
=0>;
!
`)>,D!>&-'$!$('#!F?*$++$!*$(C&-/!#(>!(!>+(-C(*C!?-'$*+(&-+0!,E!  H9HM  = H9H1P!%L D!+#$-!E,*!

1 
F,+#!'(>$>D!!
!
( )
)&->+ ! =
;
M (H9H1P ) = H9H2I!%L 9!
B
1
!
!
A#?>D!+#$!+,+()!>+(-C(*C!?-'$*+(&-+&$>!&-!+#$!(R$*(/$!R,)?%$>!,E!5")!(-C!7(45!&-!+#$>$!
+&+*(+&,->!(*$!/&R$-!F0.!
( )
! ) !;<2 = H9H2I B + H9HQ;B = H9HNM!%L !
!
&!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
(
)
) !=0>; = H9H2I B + H9HPHB = H9HQH!%L !
!
!
A#$!+&+*(+&,-!X(>!U$*E,*%$C!,-!(!>(%U)$!+(f$-!?>&-/!(!BP%L!U&U$++$!,E!+,)$*(-'$!GH9HP%L9!
L$++&-/!+#$!R,)?%$!>(%U)$!F$!![ !8SBP9HH%L<D!/&R$-!+#(+!+#$!U&U$++$!X(>!?>$C!+#*$$!+&%$>D!
(-C!(>>?%&-/!(!*$'+(-/?)(*!C&>+*&F?+&,-!E,*!+#$!+,)$*$-'$!,E!+#$!U&U$++$D!+#$-!+#$!>+(-C(*C!
?-'$*+(&-+0!&-! ![ &>!/&R$-!F0.!
!
;
;
;
;
) ![ =
× ) (!@ ) =
×
( +,)$*(-'$!,E!(!BP%L!U&U$++$ ) = (H9HP )%L ≈ H9H;Q!%L !
1
1
1
1
!
!
A#$!(R$*(/$!-?%F$*!,E!%,)$>!,E!5")!(-C!7(45!?>$C!&-!+#$!*$('+&,->!&>!/&R$-!F0.!
. !
1 (5")) = ;<2 ;<2 !
;HHH
(-C!
.
!
!
1 (7(45) = =0>; =0>; !
;HHH
*$>U$'+&R$)0D!X#$*$! .;<2 !(-C! .=0>; !(*$!+#$!',-'$-+*(+&,->!,E!+#$!5")!(-C!7(45!>,)?+&,->!
*$>U$'+&R$)0D!&-!%,)!L]19!
!
[&-'$!E*,%!'#$%&'()!$:?(+&,->!;!(-C!BD!+X,!%,)$>!,E!5")!*$('+>!X&+#!,-$!%,)$!,E!F,*(eD!
(-C!,-$!%,)$!,E!7(45!*$('+>!X&+#!,-$!%,)$!,E!F,*&'!('&CD!+#$-!+#$!(R$*(/$!-?%F$*!,E!
%,)$>!,E!*$('+$C!F,*(e!(-C!F,*&'!('&C!U$*! !@ !,E!>,)?+&,-!%&e+?*$!&>!/&R$-!F0.!
( )
!
1 (*$('+$C!F,*(e ) =
;
; .;<2 !;<2
1 (5")) =
!
B
B ;HHH
(-C.!
.=0>; !=0>;
!
;HHH
7,XD!X#&)>+!())!+#$!*$('+$C!F,*(e!',%$>!E*,%!+#$!F,*(e!&-!+#$!>,)?+&,-D!&9$9.!
1 (*$('+$C!F,*(e ) = 1 (F,*(e!&-!!K[ !,E!%&e9) !
!
(-!&%U,*+(-+!E*('+&,-!,E!+#$!*$('+$C!F,*&'!('&C!',%$>!E*,%!+#$!U*,C?'+!,E!+#$!F,*(e!
-$?+*()&>(+&,-!*$('+&,-!>&-'$!;!%,)$!,E!F,*(e!U*,C?'$>!2!%,)$>!,E!F,*&'!('&CD!&9$9.!
1 (*$('+$C!F9(9) = 1 (F9(9!&-!K[ !,E!%&e9) + 1 (F9(9!E*,%!F,*(e )
!
!
!!!!!!!!!!!!!!!!!!!!!!! = 1 (F9(9!&-!K[ !,E!%&e9) + 2 × 1 (F,*(e )
&9$9!+#$!(%,?-+!,E!F,*(e!(-C!F,*&'!('&C!U*$>$-+!,*&/&-())0!&-!K[!,E!%&e+?*$!>(%U)$!&>.!
; .;<2 !;<2
!!
1 (F,*(e!&-!!K[ !,E!%&e9) = 1 (*$('+$C!F,*(e ) =
!
B ;HHH
(-C.!
!
!
1 (*$('+$C!F,*&'!('&C) = 1 (7(45) =
'!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
1 (F9(9!&-!!K[ !,E!%&e9) = 1 (*$('+$C!F9(9) − 2 × 1 (F,*(e )
!
.=0>; !=0>;
− 2 × 1 (F,*(e )
;HHH
&9$9!+#$!',-'$-+*(+&,-!,E!F,*(e!(-C!F,*&'!('&C!&-!%,)!L];!(*$!/&R$-!F0.!
!
1 (F,*(e!&-!!K[ !,E!%&e9)
!
< (F,*(e!&-!%&e9) =
× ;HHH !
!@
!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! =
< (F,*&'!('&C!&-!%&e9) =
1 (F,*&'!('&C!&-!K[ !,E!%&e9)
!@
× ;HHH !
!
&9$9.!
!
!
< (F,*(e!&-!%&e9) =
!
< (F9(9!&-!%&e9) =
; .;<2 !;<2
!
B !@
.=0>; !=0>;
− 2 × < (F,*(e!&-!%&e9) !
!@
!
A#?>.!
!
< (F,*(e!&-!%&e9) =
< (F9(9!&-!%&e9) =
!
; .;<2 !;<2 ; H9BPP × B;9PQ
=
= H9;;H8 !
B !@
B
BP9HH
.=0>; !=0>;
− 2 × < (F,*(e!&-!%&e9)
!@
 H9NN1 × ;N9PH

!!!!!!!!!!!!!!!!!!!!!!!! = 
− 2 × H9;;H  8 = H9BQN8
BP9HH


!
!
A#$!>+(-C(*C!?-'$*+(&-+&$>!&-!+#$>$!',-'$-+*(+&,->!(*$.!
!
(
)
) < (F,*(e!&-!%&e9) = < 56,0A
( ) 
B
 ) (.;<2 )   ) !;<2

 +
.
 ;<2   !;<2
( ) 
B
 ) !@
+
  !@
 


B
= 999 !
!
(-C.!
 .
!
) < (F9(9!&-!%&e9) = )  =0>; =0>;
!@
 
(
)
B
B



2
F,*(e!&-!%&e9
)
<
+
×
(
)


 !
 
(
)
!!!!!!!!!!!!!!!!!!!!!!!!!
X#$*$.!
.
!
)  =0>; =0>;
!@

&9$9.!
!
(
  .=0>; !=0>;   ) (.=0>; )   ) !=0>;
=
 
 +
.
!@
 
  =0>;   !=0>;
B
) 
B
( ) 
 ) !@
+
  !@
 


B
!
(!
!"#$%&
&
'()*+&%,*&-./0*1&01*2&.3*&4(3&5//01)3.)5(6&7037(1*&(6/89
!
(
)
) < (F9(9!&-!%&e9) = 999
!
!!!!!!!!!!!!!!!!!!!!!!!!!
!
A#?>.!
!
!
< (F,*(e!&-!%&e9) = H9;;;!^ !
(
)
X&+#!(!>+(-C(*C!?-'$*+(&-+0!,E! ) < (F,*(e!&-!%&e9) = 999 !
(-C!
!
< (F9(9!&-!%&e9) = H9BQN!^ !
!
X&+#!(!>+(-C(*C!?-'$*+(&-+0!,E! ) < (F9(9!&-!%&e9) = 999 !
(
)
!
,*!&-!%(>>!',-'$-+*(+&,->!8&9$9!%?)+&U)0&-/!X&+#!+#$!=^^<.!g9!
!
!
!
)!