1 1 ¢ Introduction Jackie Krafft 1 . THE PROCESS OF COMPETITION

"!#$$&%
')(+*-,/.103254/67.583894:;6<45=>0?.@*AB*AC4<DFEHGI.J:3AKDLAC*AB4<DNM<DG
4OQPR.@6S*ABTI.
U#VXWZY9[X\\&]^W_Ya`cbC`dWfeCgRhZbC`"h_\ihjVXb+gCkdgClnmXYKWZYF\poqhZVXb1rdsK\eRbtYuYF\&o eR\vwr
bBhZWxhZWf\k)y
z \kHY{Wf`dbBsKW|kX}FeC\vwrXbBhZWnhZWf\k;gY/gLrdsK\eRbtYBYWfvwrXl|WfbtY/gRh<o~W|suYh<hjVcgBhQeC\v@r
bBhZWxhZWj\kFWZY
WxkchjsW|k)YKWfeCg&l|lnmg`mckXgtvSWje"gCkX`eR\vwr
lfbCrdVXbkX\v<bRk
\kyk^hfV
b"sKbCgCl9J\sKlf`d
eR\vwr
bBhZWxhZWf\kW_YShfgC]XbCk9hZ\qvSbCgCk9hjVXgBhJsgCkX}db\&o<g&eBhZWj\k)Yg&W|v<bR`qgRhbBk)YdsW|kX}9hjVXb
sKbRgClfW|&gChfWj\k/\&oh_VXbweCVX\WfeCbtY\o3g<}dWnXbCko~WfsKv"VXW|lfbwsKbtYhjsgtWxkdW|kX}gChhjVXb<YKgCvSbJhZWfv\&ogteh_Wf\k)Ya\&oWxh~Yas~WnXg&lZYByQkhfVXb>eBXs~sKbBkphYKbCk)Yb+\o9hZV
b\sK`

eR\vwr
bBhZWxhZWf\kWZYLgYuY{\eCWfgChZbC`+WxhZV+hjVXbXbCsZ[hZ\>e&\vwrXbBhZbdIJVcWfeCVW|kX\ln)btY9g
rXsK\eCbtYYw\oJsKWnXg&l|sZm[bBhfJbCbCko~Wfs~vY7o~\sJgIvSgCs]
bBh-\so~\swgrdsK\`XeBhZWnXbIsKbtYK\&XsKeCb
VcdvwgCk)#v<gBhZbCsWfgCl3\so~WfkdgCkXeCWfgClf Ky#U#VXWZYJWxkXelxX`dbtY7sW Xg&l|sZmWfkrXs~WxeCbtY¡WfkLWxvwrdsK\CXbC`
hZbCeRVdkXWf¢&
btY-\&or
sK\`p
eBhZWf\k\s£rdsK\`
ehY)WxkI¤3¥7¦\s?W|kIg&`tXbCshfWjYKWfkc}IbCrXbk)Y{btYuWxk
hfVXbbCkX}cgC}dbCvSbCkh\&o#kXbBr
sK\`p
eBhZWn)b-\s¡`cWZYhjsKWn[cch_WnXb-gteh_WnXWxhZWfbtY\s#W|kwhfV
b-W|vSWnhZgBhZWf\k
\po3bCdWZYhZWxk
}g&eBhZW XWxhZWfbtYuW|khfVXbWxvwrdlfbCv<bCkphZgBhZWj\kI\&o3kXbB+o~\sKvQY-\&o3\sK}dgRk
WxtgRhjWf\kIWxk
VXWfeCVweBHYh_\vSbCsuYucYdrcrdlfWjbBsuY&r
gRsZhfk
bBsuY\s#buXbCkSeC\vwr
bh_WxhZ\&suY¡vwgum7[)b-W|kX\ln)bC`y
z gRk<hfV
WZYXWZYKWf\tkI\&oet\v@r
bBhZWxhZWj\&k<[XbJbRr
sKb&YuYKbR`QWxkQgCkXgClnmphZWjeRgtlhZbBs~vYu§¨9VdgRh#gCsKb
hfVXbLkXbCeCbtYYKg&sZmFet\kX`dWxhfWj\k)Y5o~\sIWxh§©U#V
WZYS[X\d\&];WZYgChfhZbCvwrch_Wxkd}ªh_\g&k)YbCshjVXbtY{b
¢p
btYhZWj\k)Y)YW|kX}wg`c\&[Xlfb?rH\Wfkch)\&oXWfbCwyU¡VXb3oWjsuYheCs
eCWxgtlHr
\W|kphWZY«h_\7gYYKbtYY«h_VXb
`cWxoZobRsKbCkhhZbCvwrX\s~g&l-gYr
bCeBh~YS\o<eC\vwrXbBhZWxh_Wf\kXY
eCVgYwlfbCgCskXW|kd}X3`cWZYKeC\CbCsZm9gtkX`
Y{bClfbCeBhZWf\kardsK\eCbtYBYKbtYg&kX`9hjVXbLeC\kck
bReBhZWj\k)YShfVdgRh@eRgCkq[XbLvSgt`b[XbhZJbCbCkahjVXbtY{b
`cWfv<bBkHY{Wf\kHYVcWjeRV1gCsKbbCph_bRkHYWnXbClxmFHYbC`Wjk¬hjVXbsKbCeCbCkchQlfWh_bRs~gRhfdsKbyU#V
b9]Xbum
bRljbRv<bCkchQWZYhZ\ `cbBhZbCsKv<Wxk
bhjVXb9buX\lxdhZWf\k1\&oh_VXb9kX\&h_Wf\k1\&oIe&\vwr
bBhZWxhZWf\k;gY/g
rXsK\eCbtYY#hZVXsK\&
}V@hjVXbbRv<bCsK}dbBkXeCb\&o¡`cW|oo~bCsKbRkdhbCet\kX\v<Wfe?r
gCsKg&`W|}cvQYgCkX`7h_\wYhZsKbtYY
VXgCh¡gRsKbJhfVXb[XgYKWfewsKbC¢p
W|sKbRv<bBkdh~Y£hjVXgBhgClflj\&h_VXbtY{bw`dWxo~obCsKbCkch¡rdgCsKg&`Wf}vQY?hZ\Q`cbCg&l
WxhZVIhjVXbw`tmckXgtvwWfeweCVXgCsgteBhZbBsKWZYhfWje&Y-\o3et\v@r
bBhZWxhZWj\ky)U#VXb@Y{bCeC\kX`IeCsXeCWfgCl#rX\W|kchWZY
hZ\"gtkXgClnmXYubhZVXb>e&\kXeCsKbBhZb>WfvwrdlfWfeCgBhZWf\k)Ya\&og&k^gCkXgClnm)YKWZYF\&ohZVXbrdsK\eCbtYBYF\o
eR\vwr
bBhZWxhZWf\ko\s-rd[XlfWfewrX\ljWfeCWfbtY#gCkX`/btYrXbCeCWfgtlflnmo\se&\vwr
bh_WxhfWj\k/rX\ljWfeCWfbtYy)®\s
Wxk)YhZgCkXeCbt7VXbBk>eC\v@r
bBhZWxhjWf\k+W_Y/gCkXgClnmphZWjeRgtlflnm+et\k)YKWf`cbsKbR`1gY/gªrdsK\eCbtYuY7rdXsKb
Wxkch_bR}sKgBhZWj\&k)Xv<bBsK}dbBsuY?gCkd`SgteC¢p
WZYKWxhfWj\k)YKeC\\&r
bRsKgChZWf\kQgRkd`<g&lfl|WfgCkdeRbtY3vSgCm[Xb&e&\v<b
Wxkch_bR}sKgClr
gCsh~Y3\&ohZVXbkX\sKvg&loZdkXeBhZWf\kdWxk
}\&oe&\vwrXbBhZW|hZWnXbJvSgts]
bBh~Yy
U#VXbtY{bJWfkhZbCsu¯
oWjsKvFsKbClfgBhZWf\k)YVXWjeBVwgCsKb?r
bCsKeRbCWnXbC`wgYeC\lflxHY{Wj\k@WxhjVcW|k7hjVXb?hjsgC`dWxhZWf\tkXgClcXW_Y{Wf\k\&o
eR\vwr
bBhZWxhZWf\kLeCgCk[XblfbC}dWxhZW|vSgBhZbC`/o~\sY{\v<b<rXbCsKWf\`
Y7g&k
`/o~\swYr
bCeRW|oWjeSrdXsr
\dY{btYBy
JbRsKbhjVXb]Xbum bRljbRv<bCkchWZYShZ\q`cbBhZbCsKv<Wxk
b/hfV
beCgRr
g&eCWxh|mF\&o<hZVXbg&kdg&lnm
Y{WZYI\owhZVXb
rXsK\eCbtYY\oeC\vwrXbBhZWxh_Wf\kih_\`cbCsKWnXb1\&r
bRsKgChfWj\kXgCl}pdWj`cbClfW|kXbtYo~\seR\vwr
bBhZWxhZWf\k
rX\lfWjeBmy
U#VXb3sKbCg&`dbBsYV
\&Xlf`k
\&hZb?hjVXb?o~\lflj\pWfkX}7r
\Wxkh~YByR®W|suYhjlnm
phZVXb3`dbXbtlf\&r
vSbCkchH\&o#g&k
gRk
gRl mXYKWZYS\o7h_VXbrXsK\eCbtYuYS\owet\v@r
bBhZWxhZWj\&k9W_Y@k
\&h`dbR`dWfeCgRh_bR`hZ\vSgC]XW|kd}bCdWZYhZWxk
}
gRk
gRl mphZWfeCgtl9osKgCv<bBJ\s])Y1v<\sKb"eC\vwrXljbR [cmWfkchjsK\`p
eCWxkX}WxkhZ\^Wxhkcdv<bRsK\&HY
eRV
gRs~g&eBhZbCsW_YhZWje&Y\&o<hZV
beC\kXeCsKbh_b/oZXkXeBhZWj\kcW|kX}\&oQe&\vwr
bh_WxhZWf\tkyU¡VXb/rddsrX\dYKbWZY
sgRhjVXbBswhZ\qbClfgB[X\sKgChZbg/\s]Xg[XlfbgCkXgClnmXYKWZYBy dbRet\kX`dlnmX?hZV
b`WZYhZW|kXeBhZWf\tk9[XbBhfb&bCk
xeC\vwrXbBhZWxh_Wf\k<gYgYhjgRh_b\&o¡gRoo~gtWfsuYRXgCkd`xeC\vwrXbBhZWxhjWf\k<gYg-rdsK\eCbtYYC)WZYkX\&h#\tkXlnm<g
vSgBhfh_bBs\&oYbCvSgtkph_WfetYy)U#VXW_Y`WZYhZW|kXeBhfWj\keC\kXbBm
Y7g&lxh_bRs~kcgBhZW Xb@o~sKgtvSbB\s])Y-VXWjeRV
oK\eB)YI\k `cWZYhZW|kXeBh[cdh@Y{\v<bBhZWfv<btYeC\v@r
lfbCv<bCkphZgCsZmWZYuY
btYy Jk9hjVXb\kXbVdgCkX`

eR\vwr
bBhZWxhZWf\kgY9g>YhfgChZbF\&oLg&oZo~g&WjsuY9WZY9Wxkdhfs~Wxk)YKWfeCgClflnm>[XgYKbR`\khfVXb¬Yhf
`tm"\o
bR¢
WflfWn[Xs~WxdvYZmXYhZbCvQY?Wfk<VXWjeBVShjVXbJg&` {HYhjv<bCkph#rdsK\eCbtYY3WZY?btYuY{btkph_WxgtlflnmeC\vwrXljbh_bpy
LgCs]XbBheRljbRgCsKW|kc}W_Y9bRkHYdsKbC`1[dmh_VXbao~g&eBhhfVXgBhg&}dbBkch~Y9eCgCkVdgBXbFgteRetbtYYhZ\
Wxkco~\sKv<gBhZWf\k1W|k+\s`dbCsh_\FeC\sKsKbReBhQhfVXbCW|seBVX\WjeRbtY/hZVdsK\&X}VFhZW|v<b9dkX`dbRsIr
bRso~bCeBh
sgRh_Wf\&kXgClfWnh|m)y z \c\sK`dWxk
gh_Wf\kJ[Xbhjb&bCk<g&}dbBkchYWZY«hjVXbBkQYcrdrX\dYKbC`7hZ\[Xb3r)bCso~b&eBhg&kd`wWZY
eRV
gRs~g&eBhZbCsWj&bC`J[cm<g7et\vwrXbBhZWxh_WnXbbC¢p
WflfWn[XsKW|dv\s#[cm<g JgYKVbC¢p
WflfW [csKWxdvy bCso~bReBh
\swWxvwr
bBso~bCehe&\vwr
bh_WxhZWf\kqYKWxhx
gBhZWf\k)YJeRgCk[XbI`cbtYKeRsKW [XbR`L\kLhfVdWZY[XgYKWZYu£bCgteBV9\&o
hfVXbtYKb<YKWxhf
gRhjWf\k)Y[XbCWfkd}IgRkdg&l mXYKbRÌgYYr
bCeCW_o~WfebR¢
WflfWn[XsKW|gcy -kIhfVbw\&h_VXbCs?VdgCkX`dHhjVXb
rXsK\eCbtYY\o3e&\vwr
bh_WxhZWf\kYhjX`WfbtYYKWxhf
gBhZWf\k)Y?VXbBsKbwv<gCs]
bBh`dWZYKbR¢
WflxW [XsKWxgwrdsKbuXg&WflZy
U#VXbtY{bJ`cW_Y{bC¢XWfljWn[XsKWxggRsKbJ}dbRk
bBsKgBhZbC`w[dmge&\k)YhZgCkph¡`dWZYKeC\CbCs~m\o3kXbBFr
sK\`XeBhZWf\k
gRk
`vwgCs]XbBh\&rdrX\shfdkdWxhjWfbtY7gCkX`
«v<\sKb}dbBkXbCs~g&l|lnmX#[dm©hZV
bbCv<bRs~}cbCkXeCbQ\posKg&`dWfeCgRl
gRk
`ªr
bCsuY{WZYh_bRkh<eCVdgRk
}cbtYWxhZV
WxkahjVXbLbCeC\kX\v<WfeqYm)Yh_bRvIyUV
b/oK\deB)YIWZY/\kah_VXb
rXsK\eCbtYY-\og&` {HYh_vSbCkch WxkIWnh~YKbClxoWjkI\sK`cbBshZ\QYKbCb7VX\1WfkdhZbBsgteBhZWxk
}So~Wxs~vQY?gCssKWnXbJgRh
gRkmwe&\d\sK`cW|kcgChfWj\ky
®\sg7lj\kc}whZW|v<b&dVX\&bXbRsuchjVXb`tmckXgtvSWjegRkd`<eC\kXeCsKbh_b3XWZY{Wj\kS\o¡e&\vwr
bBhZWxhZWf\k
VcgY?kX\&h [XbCbRkgRh#hjVXbweCbCkchjsKbw\&o3bCe&\k
\vSWjewgCkXg&lnm
Y{W_Yy XbCk/Wxo?Y{\v<bwgCchjVX\&suYu#YXeBV
gY gCmcbB] X gRkd` deBVdXvwr
bh_bBs d YhjsKb&YuYKbR`<hZVdgRh#eC\vwr
bh_WxhZWf\k<VXgt`
hZ\[Xbe&\k)YKWf`dbCsKbR` gYgrdsK\eCbtYuYbCg&sKlnm vSgtWfk)YhfsKbg&v bCeR\dkX\v<WfetY+o\deB)YKbC`
b&YuYKbRkdhZWfgClflnmI\khjVXbkXbC}cgChfW Xbw\&ch_eR\v<btY-\ohZV
WZY£rdsK\eCbtYYByX¨qWxhZVXW|kShjVXWZYo~sKgRv<bB\s]H
VXbCk9hjVXbrdsK\eCbtYuY\po<et\vwrXbBhZWxh_Wf\&kWZY<\CbCsu3\kclnmqg©o~bCo~WfsKv@YSsKbCv<gRW|k\k9hjVXb
vSgCs]
bBh¡gRk
`hfVXbWfv7r
lfbCvSbkchfgChfWj\k/\&oe&\vwr
bBhZWxhZWnXb@YhZsKgBhZbC}dWfbtY-kXbBeCbtYYKg&sKWjlnmIWfvwrXlfWjb&Y
hfVXgBhYK\v<b7o~WfsKvQY?g&eC¢dWxsKbJ\s]XbCbBrIg`X\v<WxkXgCkh#rX\dYKWxhZWj\ky
U#VXb7eC\kXeCbBrdh¡\po¡r)bCso~bReBh
eR\vwr
bBhZWxhZWf\kWxkV
WfeBVLbBkchjsZmWZYo~sKbCbt«o~WfsvQY7gCsKbSrds~WfeCbShZgC]XbsuY7gCkX`/`dbCeCWZY{Wj\k)Y7gCsKb
WxkX`dbBrXbCkX`dbBkchgYª`d\v<Wxk
gRkhLW|k"bCeC\kX\v<Wfe1gCkXg&l mXYKWZYªgCkX`Vdg&`gCk"W|vwrX\sZhZgCkph
Wxkco~lx
bCkXeCb\khjVXb`dbo~WfkdWxhjWf\k \&o1eC\v@r
bBhZWxhZWj\krX\lfWjeRWjb&YBy -eCet\sK`cW|kX}h_\hjVXb
YhZsZXeBhfdsKb eC\kX`XeBh r
bRso~\sKvwgCkXeCb7r
gCsKg&`Wf}v 3gtWxk
d
LgY{\k
c ~
eR\vwr
bBhZWxhZ−Wf\kQVcgt`whZ\J− [Xb7gYYKWfv<Wxljgh_bR`<WxhjVIgJvwgCs]XbBh¡YhjsXeBhfdsKbgCkX`d)eR\kHY{bC¢XbCkhZlnmX
gRk W|kX`pHYhfsZmVXWfeVa`dWf`9k
\&hwVdgBXbgLet\v@r
bBhZWxhZW XbLYh_sXeBhfdsKbet\&Xlj`kX\&hwVdgBXbg
eR\vwr
bBhZWxhZWnXb[XbCVXgBXWj\&XsByU#V
WZYWx`dbCg7}d\CXbCsKkXbC`@hjVXbeC\kXeCsKbBhZb`dbReCWZYKWf\k)Y\&og&khZWxhjsHYh
"!
#
%$
&
"'
%$
- ./10)2 3./)45 6!
*#
)(
.7/)4 ,+
;: ./1<)5 9./18 <)/>=& ./1<)2
)
0
gRdhfVX\tsKWxhjWfbtYLgRk
`v<gCs]
bhY+WxkVXWfeBV o~WxsKvQYbCsKb^YKvwgtlxl Wxk k
v7[XbCsFbCsKb
eR\kHY{Wf`dbCsKbC`ghfVdsKbCgRh3hZ\eC\v@r
bBhZWxhZWj\ky#U#V
WZY-XWZYKWf\kgYwY{Wj}ckXW|oW|eCg&khZlnmJbCgR]
bRk
bR`
`p
sW|kX}ahjVXb Y_¦JbCvQYKbh_& <[dmahZVXb9`dWxo~oHYKWf\k1\poIhZV
bhjVXbtY{btY\poQhZVXb
z VdWfeCg&}d\ deCVX\\lZgCkX`/hjVXbIbCv<bRsK}dbBkXeCbI\ohZVXbIgCkdg&lnm
Y{WZYw\oweC\kch_b&YhZg[XlfbIv<gRs]
bBh~Y
3gCXv<\l | c #VdWfeCVwrdsK\CXWf`dbR`<gkXbB[XgYKWZYoK\s`dWZYKeB)YuY{Wj\k\&o#hZVdWZYWZYuY
b
`p
sW|kX}hjVXbwbCgCsKlnm YBy)U#VXb z VcWjeRgt}c\ deRV
\\lgtsK}p
bC`hfVXgBh¡hfVdbwv<bBhZVX\`
Y?VXWjeRV
JbRsKbHY{bC`w[dmhZVXbYhjs
ehjdsg&ljWZYh¡gRrrdsK\gteRVbCsKb7btYuY{bCkchZWjgRljlnmIYhZgRhjWfeJWxkhjVXbCWxskcgChxdsKb
gRk
`9eC\k)YKbR¢
bRkdhZlnmhZV
bmbCsKbkX\&hJg&`dbC¢p
gRhZbIhZ\Lg&k
gRl mXYbWfkchjsKWxkHY{WfeCgClflnmq`mckXgtv<Wfe
eR\vwr
bBhZWxhZWnXbrXVXbCkX\v<bBk
gpy eCeC\sK`dWfkc}9h_\hZVXbbReC\kX\v<WZYh~Y\o z VdWfeCg&}d\d-vwgCs]
bh
oK\sKeCbtY[cmwhZVXbCvQYKbRl Xb&Y#rXsKbuXbCkch)hfV
b-bCcW_YhZbkXeCb-\o#`d\vSWjkcgCkchXo~Wfs~v<Y\s¡v<\&kX\&r
\lfWZYhZWfe
rX\dYKWxhZWf\kHYyU#VXbgRhjVX\suYIYVX\&JbC`9hZVdgRhhjVXbCsKbWZY<kX\9\C[dXWf\&HYetgRHY{gtlxW|h|mL[bBhZbtbRk
Y{v<g&l|lIkc
vJ[XbRsqvwgCs]XbBh~Y9gCkd`+hfV
bFlfg&eB]\&oqe&\vwr
bBhZWxhZWf\k
gCkc`k
\+\t[)Y{bCsZXgB[XlZb
hZbCkX`cbkXeumh_\9e&\k
eRbCkchjsgChfWj\k\CXbRswhZV
b/lf\k
}hZbBsKvQyU#VXbgCkcgtlnmXYW_YS\o<eC\kchZbtYh_gB[Xlfb
vSgCs]
bBh~Y7eC\kchjsWn[cdhZbC`/hZ\sKbBoWjkXWxk
}/hfV
bSk
\&hZWf\kL\&o<nr)\&hZbCkchZW|g&l3eC\vwrXbBhZWnhZWf\k#VcWjeRV
[Xb&eCg&v<br
sK\}sKb&YuYKWnXbClxmLg&kqgCkcgtlnmphZWjeRgtl3sKbo~bCsKbCkXeCby JY<YK\\k9gY7go~Wfs~vWZYwg[XlfbhZ\
bRkdhZbBsgvSgCs]
bBhgCkd`FhZ\FbCcW|hSWxhjVX\&ch5eC\dYh~YgteReC\sK`dWxk
}¬h_\ahfV
b1VdWxhQgCkX` sdk#
gYuY
vwrchjWf\k
hjVXbQvSgCsZ]XbBhW_Y@eC\k)YKWf`dbBsKbC`LgYweC\v@r
bBhZWnhZWnXbIbubCkqWxohZVdWZYwvwgCs]XbBhWZY
eR\vwr
\XYKbCà\o<gqYKWfkX}dlfb/o~WfsvIy3Zk9hjVXWZYeCgYKbt?hfVXbvwgCs]XbBh@YhjsXeuhfdsKbWZYkdgRhfds~g&l|lnm
eR\vwr
\XYKbC`<\pohZVXWZY«dkdWf¢Xb3o~WfsvyU#VcWZY¡WZYg<nkcgChfdsgtlXv<\kX\&r
\lxmyU#V
b&YKbY
e&eCbtYYKW|Xb
`cbu)bRlj\&rXv<bCkch~YFYV
\& hZVcgChhjVXb+eC\kXeCbBrch_Wf\k\&oet\vwrXbBhZWxh_Wf\k"V
gYabuX\ln)bC`Wfk
bRet\kX\v<WfetYy 3bCWfkX} eC\k)YKWf`cbsKbR` gRhoW|suYhwhfVdsK\&
}VªhjVXbLeC\v@r
g&s~WfYK\kF\oQ`cWxo~o~bRsKbCkch
vSgCs]
bBhYhjsXeBhfdsKbtYueC\vwrXbBhZW|hZWf\&kW|khfVXbbRgCs~lnm Y?gY-e&\kdkcbCeBhZbC`hZ\Q`cWxo~o~bRsKbCkch
rX\&hZbCkch_WxgtlxWxhjWfbtY\o;bRkdhfsZmgtkX`bCdWhy/Zk^hfVXbvwWf`
¯ XYFhfVXb JbB ~kX`)YhfsKW|g&l
eC\kX\v<WfetY/bCv<bCsK}cbC`FgY/gvwg u\sIosKgtv<b\s]FV
WfeCV+YK\\k1Wxvwr
\dY{bC`FgtkX\&hjVXbCs
XWZY{Wj\k \po eC\v@r
bBhZWxhZWj\ky z \vwr
bhjWxhjWf\k gY kX\& gtkXg&lnm
YbC` h_VcsK\&
}V hjVXb
eRV
gRs~g&eBhZbCsW_YhZWje&Y\&oI`dWxoobRsKbCkhQvwgCs]XbBh[XbCVXgBXWf\&
suYVXbBsKbYhjsKghjbC}cWje9WfkhZbCsgteh_Wf\k)Y
rXsKbuXg&WjlfbC`Xy JYKWfkX}LhfV
b/gCrcr
gCsgRh|HYS\ow}dg&v<bIhZVXbC\sZmXhZVXWZY<gRrdrdsK\g&eCV9gYSgB[Xljbh~\
`cbtYKeRsKW [XbgLeR\vwr
lfbBhZbsKgCkd}cb\&o@vSgts]XbBh@YhfsKgBhZbC}dWfbtY?o~sK\v g&}s~bRbCv<bCkch~Yw[XbBhfJbCbCk
oWjsKvY9hjVcgChLeC\&Xlf`>[Xb1bCWxhZVXbCsbCpr
l|WfeCWxhL\sh_g&eCWh5hZ\bCdeCb&YuYKWx)bFrXsKWjeRW|kX}drdsWfeCb
`cWZYKeCsKWxv<W|kcgBhZWj\kXrdsKbC`cgBhZ\sZmIrXsKWfeCW|kX}I\s3XbCshfWjeRgtlsKbtYhfs~g&W|kphYhjVcgCheC\&
lf``cbBhZbCsbCkchjsZm
\s/W|vwrX\dYKbo\sKbReClf\dY
sKb ug&eC¢XbCv<W|kFgCkX` dlfgC`dbt U#WxsK\ljb& )VdlfWxrHYu
y
-h-hjVXgBh-hZW|v<bhfV
bI`cbCbBrXbCs7dk
`cbCsuYhZgCkX`W|kX}L\&ohZVXbIeC\vwrXljbRdWxh|mq\poJet\v@r
bBhZWxhZW Xb
rXVXbkX\v<bRkdgJVcgt`w[XbCe&\v<bJgweC\vSv<\kIsKbC¢XW|sKbBv<bCkph#o~\s3bCe&\kX\v<WZYh~YBy \bbCsu)Wxo
Jb©h_gR]
bW|kchZ\gteCeR\&
kchJhfV
beC\kchjsW [cchZWj\k)Y\CXbCshjVXbLlxgYhoW XbLmcbCg&suYu-g&`tXgCkXeCb&Y
\&[chZgtWxk
bR`<o~sK\v+hfVXb XYdkph_Wxl)hfVXbJbCgCsKlnm XY3`c\<kX\&hYKbCbCvYco~o~WfeCWfbCkch#gCkX`whjVXb
Y7sKbBgtlflnm/r
sKbtY{bCkch3gQkXbB\&rdr
\shfdkXWxh|m/h_\/`dWZYKeHYuY7g&kXbBhZV
bkX\&hZWj\kgCkd`/hjVXb
rX\lfWjeBmwWfvwr
lfWfeCgBhZWf\k)Y\&o eC\v@r
bBhZWxhZWj\kwgYg3rdsK\eCb&YuYBy k<Wxvwr
\shZgCk&h)o~bRgChfdsKb-\&ohZVXbtYKb
sKbReCbCkch3`dbuXbClf\&rXv<bCkch~YWZY?hjVXgBhhjVXbwhfVXbvSb<\&o3hZVXbwr
sK\eCb&YuY7\oe&\dv@r
bBhZWnhZWf\kWZY-kX\&
Yhf
`dWfbC`/[dmLbRet\kX\v<WZYh~Y7VX\I[XbClZ\kX}hZ\`dWxoZo~bCsKbRkdhYKeCVX\\lZYw\ohfVX\&
}dVphKy kLo~g&eBh~
g&lxhjVX\&
}VhjVcWZYwkX\&h_Wf\kgY@rdsKW|v<gCsWflnmL)YKbC`[dmªV
bh_bRsK\`d\9gCrcrdsK\gteCVXbtYfkcgCv<bClnm
-)YhZsWjgRkgRkd`buX\lxdhZWf\kXgCsZm/hZV
bR\s~WfbtY{ «k
\&WxhgRl_Y{\IrXbCkXbBhjsKgBhZbtY7v<\sKbShjsg&`W|hfWf\k
gRl
;:
! 7. /)2 . / . /
./)2,0
8
!
8
:
+
./1/8 <
8
./1/
./ .7/
$
!
.7/
9.7//
./ 1/,=
)8
'
./ ="(
4
gRk
gRl mXYbtYBy L
& \sKbC\&)bCsuhjVXbqg&eBVXWjbXbCv<bCkch~YIgYbClfl<gYhjVXbLlfW|vwWxhZgBhZWf\tk)Y/\&o5bRgtsKlnm
vSgCW|k)YhfsKbCgCv+gCkdgRl mXYKWZYg&sKbbCcgtvwWxk
bR`gRkd`w`WZYKeB)YuYKbR`g&kX`hfV
bBsKb-WZY#g-sKbCgCl)gBhfhZbCv7rdhXhZ\
sKbRgteBVIg[XbhjhZbCs£dk
`cbBsuYhjgRk
`WxkX}Q\&oh_VXbrdsK\eCbtYuY-\poe&\vwr
bh_WxhZWf\k5 u\sK`db7gCkX`QUbCbCeCb&
./1/ = 3: gCdv<\lZ .7/1/ ,= bCsK\dY]XW_ ./1/ = KgteR¢
bRv<W|kX .7//)4,= ¡gCkX}dlf\WZYgRk
`
¤-\C[)bCsh~YK\k) .7//1<= &g&eCVX\CXbCet ./1/<,=Wje]
bBsuYu .7//1<= :3lfgR
}
./1/)2 y
z \vwr
bBhZWxhZWf\tk/gY-gwrdsK\eRbtYuYW_Y-gSsKbCgtleCVdg&l|lfbCkX}cbJo\sg&lfl¡bCeC\kX\v<WZYhY-gRk
`hZ\IYK\v<b
bRhZbCkchwhjVdWZYeCVXgClfljbBkX}dbeCgtlflZYIWxkch_\¢p
btYhZWj\kahfV
b©hjsKg&`W|hfWf\kdg&l`cW XWZYKWf\k)Y<[bBhfJbCbCk
bRdWZYhZW|kX}7bCeC\kX\v<WfegRrdrdsK\g&eBVXbtYBy
U#VXbv<gCWxk W|`cbCgL\&owhZVXbsKbReCbCkchJlfWnhZbCsgChfdsKbWZYShfVdgRhJhjVXbhjsKg&`W|hfWf\kdg&lJ`WZYhZW|kXeBhfWf\k
[XbhZb&bCk1YhZgBhZWfeLgCkc` `&mdkXgCv<WfeLeR\vwr
bBhZWxhjWf\ka`d\btYk
\&h<eC\kchfsKW [cchZbLgChwgClflhZ\9hjVXb
Xkd`cbCsuYhfgCkX`W|kX}Q\&oet\v@r
bBhZWxhZW Xbr
VXbBkX\v<bBk
gpyd®\sWxkHYhZgCkXeCbtXg<Yhx
`&mI\oh_VXbJ\s]HY
\pohZVXb?o~\&
kX`dWxkd}7o~gRhjVXbBsuY\&ohZVXbgRkdgClnm)YKWZY\o#e&\vwr
bBhZWxhZWf\tkQY
eBV<gY dvSWnhjV) z \&
skX\&h_
`d}cbBJ\shjV1gRk
` LgCsuYVcgtlflQYVX\&Y/hZVdgRh<hfV
bBsKb9gY©k
\&hYXeCV1gaeClfbCgCs`WnX\sKeCb
[XbhZb&bCkªhjVXb/hj\9k
\&hZWf\k)Yy3ZhJgRrdrXbBgCsuYShjVcgChJbuXbRkr
bRso~bCeBhwet\cvwr
bBhZWh_Wf\k9VXgt`9Wnh~Y
sK\\&h~Y?W|kShjVXb[XsK\g&èC\kXeCbBrdh~Y?\&oeC\v@r
bBhZWxhZWj\kgYs~WnXg&l|sZmy Jb)bCshfV
bRljb&YuYu
hjVXbYhjgRh_Wfe
gRk
gRl mXYKWZYgY#rXsKWnXWjlfbC}cbC`[XbCeCgRHY{bWxhg&lflj\&bC`7hZVXb`cbBo~WfkXWnhZWf\k\&o¡YWfvwrdlfbeCsKWhZbCs~Wfg?o~\s
hfVXbbuXg&lx
gRhjWf\k<\&o#eC\vwrXbBhZW|hZWf\k
&[cchWnh)gY¡\C[cXWf\&HY«hZV
gheC\vwrXbBhjWxhZWnXb3rdVXbCkX\v<bBkXg
JbRsKb;kX\&hsKbC`XeCWn[Xljb¬h_\+hfVXbtYKb1vSbCgYdsKbtYBy<U#VXb1`cbuXbClf\&r
vSbCkchYª\&oLhZVXb Y
eR\k
eRl|X`dbwhZVcgChYWf}kXW|oWjeRgCkh3W|v@rdsK\CXbCv<bCkch~Y\khjVXb<`db[XgChZbwJ\&Xlj`[Xb<v<g&`db<Wxo3Jb
JbRsKb<lf\\&]
WfkX}o~\sg<v<\sKbwrdsKbReCWZYKb<`cbBo~WfkXWnhZWf\k\&o3hZVXbwsKbtYrXbCeBhZWnXb<`d\v<g&W|k)YVXbBsKb
hfVXbtYKbwhfJ\/et\kXeCbBrchZWj\k)YgCrcrdl my ph_gRhZWfe<eC\vwrXbBhZW|hZWf\kLYKbCbRvQYbCphZs~bCvSbCl|mHYKbRoZXlo\s
gRk
gRl mXYKWfkX}gClfl¡YK\&shY?\&obRet\kX\v<WfeJWZYY
b&YY
eCVgY?gClflf\eCgRh_Wf\&kIgCk`SrdsKWjeRbrdsK\C[XlfbCvQY
[cch¢XbtYhZWf\k)Yg[\&dhe&\vwr
lfbCwe&\vwr
bh_WxhZWnXb3rXsK\eCbtYYub&YgtkX`wgB[X\&dh)hfV
bRW|s¡bo~o~b&eBh~Y\k
rXsK\`XeBhZW Xb-gCkX`JWxkdkX\CXgRh_WnXb?rdVXbkX\v<bRkdg-sKbC¢dWxsKb\&hfV
bRs#gCrrdsK\g&eCVXbtYBy
¨9WxhjVXW|k+hfV
b&YKb sKbReCbCkch`dbuXbRlj\&rXv<bCkch~Yu@hjVXb vSbCbBhZW|kc}>gCkX`hjVXbe&\kdosK\khZgChfWf\k
[XbhZb&bCkg&lnhZbCskdgBhZWnXbgRrdrdsK\g&eCVXbtYS\kLhfVXbIhZ\&r
Wfe\&o7hZV
brdsK\eCbtYBYS\oe&\vwrXbBhZW|hZWf\&k
Y{bCbCv hZ\9hZgR]
brXl|g&eCbr
sK\}sKb&YuYKWnXbClxm)y YKWf}dkcW|oWjeRgtkph@bX\l|chZWj\ka\&o<hZVXbL`dWxoZo~bRsKbCkch
bRet\kX\v<WferXgCsKgC`dWf}vQYW|kªhjVXbLl|gYhwo~bRmXbCg&suYgYkXbCeCbtYYKg&sZmah_\9og\&
shjVXbtY{b
bRdeCVXgCkX}db&YBy khfV
b7\kXbJVXgCkd`X)`cbtYrXWxh_b7eC\k)YKWf`dbRs~gB[XlfbJg&`tXg&k
eRbtY3\&)bCs£hjVXbrXgYh
mXbRgtsuYS\k9hZV
b/`dbBoWjkXWh_Wf\k\&owgWf`cbsKgRk
}cb\&o<v<gCs]XbBh[XbCVXgBXWj\&XsuY<gRk
`9v<gCs]
bh
YhZsZXeBhfdsKbtYuY{\v<bgtvJ[XWf}p
\&HYet\kXeClx)YKWf\k)Y<sKbCvSgCW|kaeC\kXeCbCsk
Wxkd}9hZVXbbBo~obteBh~Y\k
bRet\kX\v<WfebBoo~WfeCWfbCkXemªWxhZVXW|k9hfV
bv<gRW|k)YhfsKbCgCvNo~sgtv<b\s]y®H\sW|k)YhjgCkXeCbt gCm
p kX\&hZbtYhjVcgChhjVXbBsKbW_YkX\eClfbCgCsgRkHYbRsV
bhjVXbCsg&}sKbCbCvwbCkch~Y-hZ\bCceCVXgCkX}db
Wxkco~\sKv<gBhZWf\kweCgCkJ[Xb-eC\k)YKWf`dbRsKbC`JgYeC\vwr
bh_WhZW Xb-\s#kX\&hKytU#W|sK\lfb p ¡YV
\&JY«hZVdgRh
g&}sKbCbCvSbCkh~YW|vwrXl mcWfkX}>YXeCV>bRdeCVXgCkc}db \&oWfkdo\sKv<gBhZWf\tkgCsKbgRkdhfWZ¯ZeC\v@r
bBhZWxhZW Xb \&XbCsh#eC\lfl|)YKWf\k<WZYkX\&h)r
bCsv<WhjhZbC`XcgYbClfl)gYhjg&eCWxheC\lflxHY{Wf\k<VdWfeCV<vwgBmwhZgR]
b-hjVXb
oK\sKv \&oI|eR\kHY{eCWf\&HY@r
g&s~g&lflfbCl|WZYKv/W|hfV9o~W|sKvYwvwgC]XW|kd}9W|`cbCkhZWfeBgtl-rdsWfeCbeRVdgCkX}db&Y
vS\sKb\swlfbtYuYSgChhfVXbYg&v<bIhfWjvSby dh )VXl|WxrHY & <YV
\&JY@h~VdgRhJbCdeBVXgCkc}db\&o
Wxkco~\sKv<gBhZWf\k<v<gBmw[Xbk
bRbC`XbC`whZ\wo~g&eCWflfW|hZgBhZb-hZVXbbtYhZgB[XlfW_YVcv<bCkph \&ok
\k)¯eC\\&r
bRsKgChZWnXb
bR¢
WflfWn[Xs~Wfg9gCkd`ªhjVcHY5hZ\gtss~WnXbLgRhwhZV
bbCeC\kX\v<WfeLbRo~o~WfeCWfbCkXeBm
7btYr
b&eCWfgtlflnmaV
bRk
`cbCv<gCkX`XY¡gRkd`weC\dYh~Yg&sKbeCVXgCkc}dWxk
}7s~gRr
Wx`dlnmyUVXbY{gCv<b?r
sK\C[XlfbCv+bCv<bCsK}cbtY«WxhZVwhjVXb
WZYY
b\oXbRsh_WfeCg&l3WxkhZbC}sKgBhZWf\tk)«VdWfeCVWZYJeRbCshjg&W|kcl m\kXbQ\pohZVXbQvS\sKbQ`cW|oo~WfeB
lxh3hZ\
+
&
1'
!
.7/)/
!
,#
8
.7<
.7//10
%.7/
: "(
.7/1/<
)
<
cV gCkX`dlfbaWxhfV
Wxk+hjVXbF`dWxoZoKbCsKbCkphvwgCs]
bh5[XbCVXgBXWj\&XsuY9Wf`dbBkchjWxo~WfbC`1[dm"v<g&W|k)YhfsKbCgCv
bRet\kX\v<WfetYy bCsh_WfeCgRlWxkhZbC}sKgBhZWf\kqYK\lnXbtYh_VXbI`c\&[XlfbIv<g&s~}cW|kdg&l|Wf&gBhZWf\tkrdsK\C[XlfbCvQ
[cchv<gBmIWfvwrXl mgChhjVXb<Ygtv<b7hfWjvSbbBkchjsZm`dbBhZbCssKbCkXeCbw\s3o\sKbCeClf\
Y
sKbyXZkIhfVdWZY-eCgYKb
hfVXbet\kX`dbRvkcgChZWf\&kQ\&og)bRsh_WfeCgRlWxkdhZbC}sgRhjWf\kQWZYkX\&h g&lxgCmXY?bBo~oWZeCWfbCkchH[XbReCgC)YKb-hZVXb
oWjsKv eCgCkF\C[chZg&WjkahfV
bYKgRv<bqsKb&Y
lh~YQ[cmFWfvwr
lfbCv<bRkhZW|kX} vS\sKbo~lfbCdWn[XlfbLXbCshZWfeCg&l
sKb&YhjsKgRW|kh~Y¡YXeCVgYbCdeRl|)YKWnXWxh|msKbClfgChfWj\k)YVXWnr)YgCkXò~sKgCkXeBV
WZY{bwo~b&btYJ JgChZ p Ky
U#VXbtY{bgtv7[XWj}p
\&)YeC\kXeClxHY{Wj\k)YbRv<bBsK}dbC`wVXbCk<vwg&W|k)YhjsKbCg&vYKeCVX\lfgCsuY`dbCeRWj`cbC`whZ\
lf\\&]LrXsK\}dsKbtYYKWnXbCl|m[)bBmX\k
`©h_VXbI}cbCkXbsKgRl3rdsKWxk
eRWnr
lfbVXWjeRVY{gB g&kdmLg&}dsKbRbCv<bCkph
[XbhZb&bCkao~WfsKvQYgYgqv<bRgCk)YhZ\ YKWfvwXl|hfgCkXbC\&HY{l|maWjkXeCsKbRgY{br
sKWxeCbLg&k
à`dbCeRsKbCgY{b
\&chfrddhKy kShjVXb7\&hjVXbBsVcgCkX`d)boZo\sh~YVXgBXb[XbCbRkIv<gC`dbhZ\<gCkdg&lnm
Ybh_VXb7eC\vwr
lfbCcWnh|m
\poLet\vwrXbBhZWxh_WnXbardVXbBk
\vSbCkdgFgCkX`h_\F[c
Wflf`+g1eC\kXW|kXeCWxk
}+gCsK}pdv<bBkdhfgChfWf\k\&k
Yr
bCeRW|oWZe1hZ\&rXWje&YaVXWfeBVbCsKb1kX\&hYhfX`dWfbC`[mv<g&W|k)YhfsKbCgCv bCe&\kX\v<WfetYBy®\s
Wxk)YhZgCkXeCbtgYY{\\kgY-eC\\&r)bCsKgRhjWf\kIWZY3kX\&h¡sKbC`p
eCbC`hZ\eC\lflxHYKWf\k)WnhWZY?r
\dYuY{Wn[Xljb7hZ\
Y{VX\&>hZVXgChhjVXb<eC\v@r
bBhZWxhZW Xb@r
sK\eCbYuYJ\s]HY?[XbteRgC)YKb\og&kXÌkd\&h3Wfk©Yr
Wh_bS\o3hZVXb
eR\vwr
lfbC+kXbBhf\s]\oWjkchZbBso~W|sKv gRs~sgCkX}dbCvSbkch~Y9 bBkcsK\dYKbt
w¤3WfeCVcgCsK`
Y{\k

¡\gY[dmX
®\dYuYu p Ky
khjVXbw`d\v<g&W|kI\&o3e&\vwr
bh_WxhZWf\kIrX\ljWfeumX`dWxoZoKbCsKbCkch#rdsK\C[XlfbCvQY-g&sKbhZ\w[)b<YK\lxXbC`)y
®WjsuYhZlnmX-hZVXbr
sK\C[XlfbCvQYbCkXeC\&
kchZbBsKbC`q[cm1bCe&\kX\v<WfeLg&kdg&l mXYKWZY/\kahjVXbhZVXbCv<bL\&o
eR\vwr
bBhZWxhZWf\k<VdgBXb¢XW|hZbkXgBhfdsgtlxl m@r)bCkXbBhjsKgRhZbC`whjVXbJYrdV
bBsKb\&oet\cvwr
bBhZWh_Wf\kSr
\lfWfeumy
-rXgCshoZsK\v hfV
brdsK\C[XlfbCvQY@JbVXgXb K)YhJv<bCkchfWj\kXbC`XhjVXbIkX\&hjWf\k\&owJ\s]
gB[Xlfb
eR\vwr
bBhZWxhZWf\kgRk
`hjVXb3gCkXgClnmXYKWZY\&o¡eC\kchZbtYh_gB[XlfbvSgCs]
bBh~Y«VdWfeBVwbRsKb3)YKbC`7hZ\J}p
Wf`db
eR\vwr
bBhZWxhZWf\kr
\lfWfeumgtsKb7k
\&1`cbtYeCsKWn[XbC`QgY?}dbCkXbBsKgChfW|kX}IYK\v<b7gCvJ[XWf}XW|hfWfbtY3lfWxkd]XbC`
b&Yr
b&eCWfg&ljlnmW|hZV+hfV
ba`WxoZo~WfeB
lxhjmi\&o`dbRo~WfkXW|kX}FhfV
bFY[)¯Zg&`d`cW|hfWnXW|h|m\&o/hZV
baeC\dYh~Y
o
kXeBhZWf\kHY@\&oJo~WfsKvQYwWxkLhfVXbIeC\kXeCsKbBhZbJ\sKlf`)y dbReC\kX`dlnm
£gtkX`LeC\k)Y{bC¢XbCkchjlnm
?\kXb
vSgm9gY]V
bhjVXbCs<bCeR\k
\vSWje/bCoo~WZeCWfbCkXeBmqeRgtk Yh_Wflxl3[Xbe&\k)YKWf`dbBsKbC`9gYwhfV
b/vwgtWxk
\&[ BbCeBhZWn)b\o<e&\vwr
bBhZWxhZWf\k9r
\lfWfeumWxo<Jb/hZgC]XbWxkhZ\9gteCeR\&
kchhjVXb`WxoZo~WfeB
lxhZWfbtY\o
`cbCsKWnXW|kX} eRljbRgCsIeC\kXeClxHY{Wj\k)YW|kahZbsvQY\oIbBo~oWjeRWjbRk
eBmFosK\v bCe&\k
\vSWjev<\`dbClZYy
U#VXWxsK`l mXXe&\vwr
bh_WxhZWnXbgCchjVX\sW|hfWfbtYVdgBXb-hZ\wWjkchZgB]Xb-hjVXbCW|s`cbCeCWZYKWf\k
Y£gCh#\kXbv<\v<bBkch
Wxk9hjWfv<by JbuXbCshjVXbClfbtYYu£o~sK\v hfVXb\C[)YKbRsZXgChZWf\k\&oJhZVXbeC\kXeBsKbBhZbIo
kXeBhZWf\k
Wxkd}9\&o
[c)YKWfkXbtYuY{btYgtkX`wW|kc`)YhjsWfbtYupb3]XkX\hZVXgBhg}WnXbCkQY{W|hfdgRhjWf\k<eCgRk<buX\ln)b-Wfk<g-gBm
VXWfeCVwgYkX\&h)rdsKbR`dWfeBhZg[Xlfb3[XbBoK\sKbCVXgCkX`XyU#VXbtYKb-hfVdsKbCbvwg u\s`dWxoZo~WfeBXlxh_WfbtY£VdgBXbk
\
\&[XWZ\&HY?\sWfvvSbC`dWxgChZbJYK\lxch_Wf\kydU#VdWZYWZYrdsKbtY
vwgB[Xl mSVdmbCe&\dkX\v<WZYh~YgCsKb\&oZhZbCk
hZbCv@rdhZbC`7hZ\YX}d}cbtYhgeRgY{bt¯|[cm
¯eRgY{bYhjX`mwoK\s¡eC\vwrXbBhZWxh_Wf\k7r
\lfWxemy J\bB)bCsuhjVXb
XkdgBXgtWflxg[XWflfWnh|m1\po5g Y\lxdhZWf\k>YVX\&
lfàk
\&hSrdsKbuXbCkch<HYhfV
Wxk]XW|kX} VcgCsK` gB[X\&dhQg
rXsK\eCbC`p
sKbgCkc`1g}dlf\C[Xg&lQv<bhjVX\`1\&obBXgtlx
gRhjWf\ko~\seC\vwrXbBhZW|hfWnXbgCchjVX\s~WxhZWfbtY
VXWfeCV eC\&Xlf`L[XbvS\sKbsKbRl|Wfg[Xlfbt-\&rXbCsKgBhZWf\tkXg&lgCkX`qgRhJlfbCgYhJgB[Xljb/hZ\9sKbC`XeCb/h_VXb
bo~oKbCeBh~Y\ohZV
b&YKb?hjVdsKbRb`cW|oo~WfeB
lxhZWfbtYBy
,#
./)5 =
8
.7/1/ .=
(
./1/1<
.7/<1/,=
$
$
'
!
$
)
./ 1/
5
3("8¡*-2©6<*2<.4:;*,.1O54/4MDG032<.I8.D9*M*AC4SD 45:
*-,/.i6<4SDq*2QAO©*-AC4<Da8
U#VcsKbCbwbClfbCv<bCkch~Y-gCsKbw}dbRk
bRs~g&l|lnmr
sKbtY{bCkch_bRÌW|k\sK`cbCs?h_\gCkXgClnmXYubSeC\vwr
bh_WxhZWf\kgY-g
rXsK\eCbtYY dgt hfVXb`cW_YhZWxk
eh_Wf\&kJ[XbBhfJbCbCk@h_VXb-gCkdg&lnm
Y{WZY¡\pohZVXb?r
sK\eCbYuY\o¡e&\vwrXbBhZW|hZWf\&k
gRk
` hjVXb^v<\sKb hjsKg&`W|hfWf\k
gRlXWfbRY"\poe&\vwr
bh_WxhZWf\tk x[X 1hZVXb^kXbCeCbtYYKWxh|mNhZ\
eRV
gRs~g&eBhZbCsWj&bahjVXb[XbCVdgBXWf\&
s9\&oLo~WfsKvQY9`cbC`WfeCgChZbC`+hZ\+\sK}gCkXW|&W|kX}eC\vwrXbBhZWnhZWnXb
rXsK\eCbtYYKbY XgtkX`QeC #hfVXbbu)\lxdhZWf\k\&o#h_VXbtY{bJ\sK}cgCkdWfCgRhjWf\kXgClo~\sKv<YgtkX`7hjVXbsK\lfb\o
eR\vwr
bBhZWxhZWf\kr
\lfWfeum)yXU¡VXbtY{bhZVdsKbRbJbClfbCv<bRkdh~YgRsKb]
bBmWZYuYXbY?WfkhjVcW_Y[X\d\&]Ig&k
`gCsKb
gRk
gRl mXYbC`wWfkJhxds~k7[m7h_VXb-`WxoZobRsKbCkheR\khjsKWn[cch_\suYy
U#VXb bRet\kX\v<Wfe lfWxhZbBs~gRhfdsKb \k hjVXb rdsK\eCbtYuY \po e&\vwr
bh_WxhZWf\tk WZY kX\&h
VX\v<\}cbCkXbC\&HYW|khjVXb<YKbCk)YKb7hfVdgRhWnh`d\btY-kX\&hr
sK\CXWf`dbwg<eC\VXbCsbCkch XWZY{Wj\k/\&oh_VXWZY
kX\&hZWf\tky¦JW|oo~bCsKbCkch3v<bCgCkXWxkd}
Y7gCsKbIYhZW|lfl3eC\v@r
bBhZW|kc})y z \vwr
bh_WxhfWj\kWZYgrdsK\eRbtYuY7\o
lfbCgRs~kXW|kc}wgCkXèR\\sK`dW|kXgBhZWf\k
cg-rdsK\eCb&YuY\po `cW_Y{et\&XbCs~mXcg-r
sK\eCb&YuY\pohZsKW|g&l)gCkc`wbCs~sK\&su
gSrdsK\eCbtYBY7\&oJYKbClfb&eBhZWj\kgCkX`YK\I\kyZk z VdgRrdhZbBs «Ysg&bCl JW|sCkXbsu VX\I`cW|sKbCeBhZlnm
eR\kdhZsWn[cdhZbC`whZ\7hZV
b`cbu)bRlj\&rXv<bCkch#\o#hZVXbgtkcgtlnmXYKWZY3\po#hZV
b-rXsK\eCbtYBY\poe&\vwr
bBhZWxhZWf\k

rXsK\&r
\dY{btYhZ\wbCrXljg&WfkwhjVXbeC\kckXbCeBhZWf\kHY«hfVdgRh eCgRkJ[Xbv<g&`db3[XbBhfbtbCkShjVXbtY{b`dWxoZo~bRsKbCkch
kX\&hZWf\tk)Y/hfVdsK\&X}VFhjVXb Yhx
`&m1\oIhZVXbbuX\lxdhZWf\k+\&oIh_VXb9kX\&h_Wf\&k1\&oe&\vwr
bBhZWxhZWf\k
hfVdsK\&X}dVX\&dh<hfVXbLhfbCkch_WfbBhfV>eRbkchfdsZmy b Y{VX\JY/hZVdgRh<hjVXb`WZYhfW|kXeBhZWf\k [XbBhfJbCbCk
eR\vwr
bBhZWxhZWf\kgY7g5YhZgBhZbQ\&ogCoo~g&WfsuYJgRkdèC\vwrXbBhZW|hfWf\kgY7g<rdsK\e&btYYJWZY7kX\&h3rddsKbRl m
Y{bCv<gCkchZWfeCgCkX`hjVdgRhWxh¡vw)Yh¡sKgBhfVXbCs[Xbwe&\k)YKWf`dbCsKbRÌgY?hfV
b[XgYKWZY-\o?hjJ\`dW_o~o~bRsKbCkch
osKgtv<b\s])YBydZkSo~g&eBhVXbbCpr
l|g&W|k)Y«hjVcgChhjVXWZY`WZYhZW|kXehZWj\kXcrdsKbtY{bCkhfbC`J[dm gCmcbB]HHV
gY
sKbRvg&W|kXbCÌkXbC}lfbCeh_bRÌoK\sg<lf\k
}hfWfv<btgCkX`hjVcWZYW|v@r
l|WfbC`hjVcgChYhZgChfWfe<eC\vwrXbBhZW|hZWf\&k
vS\`dbClZYg&eC¢XWjsKbR`gL`d\vwW|kXgCkphJrX\dYKWxhZWj\&k Wxk bCeR\k
\vSWjeg&kdg&lnm
Y{W_Yy J\bbCsu?hjVXb
sKbReCbCkch`cbuXbClf\&r
v<bRkdh~Y-\kh_VXb7rdsK\eCbtYBY\oeC\v@r
bBhZWxhZWj\kYKVX\&>gsKbBk
bbC`/WfkdhZbBsKbtYh
WxkeC\v@r
bBhZWxhjWf\kgY9g;`&mdkXg&vwWjeardVXbCkX\v<bBkX\kgCkX`>eRgCk>[XbFW|kchZbBsrdsKbBhZbC`+o~sK\v
JWfsCkXbBsCjY«r
\Wxkh\&o)XWfbC gYg[XbhjhZbCsdkX`cbsuYhZgCkd`cW|kX}J\&ohZV
b gCmcbC]XWfgCkw`dWZYhZW|kXeBhjWf\ky
JWfsuYhZbCkS®\dYuYg&kd` JWjeR\ljg&W®\dYuY£o\eHYWfk z VXgRrhZbCs w\kSsKbCeCbCkchhjVXbC\sKWfbtY\&o#hZVXb
oWjsKv<hjsZmcWfkX}FhZ\ sKbClxgChZb9hjVXbBv hZ\F`dWxoZo~bCsKbRkdhvgRs]
bBh<rdsK\eRbtYuYg&rcr
sK\g&eBV
b&YBy JbB
`cbu)bRlj\&rXv<bCkch~YWxkW|kX`pHYhjsKWxgtl\s}dgCkcWfCgChfWf\kVdgBXb<g&kdg&lnm
YbC`/gYgwo~WfsuYhrdsWj\sKWh|mIhZVXb
kcgChfdsKb-\&ohfVXb3o~Wfsv;[m7hZg&eB]
lfWxk
}hjVXb-¢
b&YhZWf\tk<\&o#VX\&hZ\J`dWZYh_WxkX}dWZYKVwg?o~Wfs~voZsK\v>g
vSgCs]
bBhytU#VXbtY{bgCkXgClnmXYbtYYKWf}dkXWxo~WfeCgCkchjlnmwWfvwrdsK\CbC`7hjVXb3dkX`cbCsuYhZgCkd`cW|kX}w\&o Wfkd`pHYhjsWjg&l
rXVXbkX\v<bRkdgtc[cdh#hfV
bgRdhfVX\tsuY£hZbClfl))YhfVdgRhhfV
bhjWfv<b7W_Y£s~Wxr
bo~\s3gCkgCkcgtlnmXYKWZY3\po¡hZVXb
XWZY{Wj\kS\oh_VXb-v<gCs]
bBhhjVdgRh)hfV
b&YKb?hjVXbC\sKWfbtY\&ohZVXb?o~WfsKv>gCsKbYcrdrX\dYKbC`7hZ\weC\k)bBm)yk
ogteBh~cVXgXWxkX}Wxk<vwW|kX`7hjVXb-gt`&XgCkXeCbtY«r
sK\CXWf`dbR`J[dmSsKbCetbRkdhhjVXbC\sKWfbCY\&o#hZV
b?o~WfsKv<phjVXb
gRdhfVX\tsuYrdsK\&r
\dY{bLh\ }d\[Xg&eB]FhZ\hZVXbqgCkXgClnmphZWjeRgtl<kX\&hZWf\tk)Y/\&oeC\vwrXbBhZWxh_Wf\kFgCkX`
vSgCs]
bBh)Wxk\s`dbRsh_\7eBV
gRs~g&eBhZbCsWj&b3kXbBo~bRgChf
sKb&Y¡\&ohjVXb?rdsK\eCbtYY¡\po¡eC\vwrXbBhZW|hZWf\&ky
U#VXbtY{bhfJ\e&\kchjsW [cchZWj\k)YSVXgXbbCvwrXVdgYKWxtbC`9hfVXgBh~?h_\9gCkcgtlnmXYub©r
sK\&r
bRs~lnm9hZVXb
rXsK\eCbtYY\o9et\vwrXbBhZWxh_Wf\&k)ShjVXbFgC`dbC¢p
gRhZb osKgCv<bBJ\s] Y{V
\&Xlf`;[b [XgY{bC`\k"g
hZbCv@r
\sgtlªr
bCsuYr
bCeBhZWnXbWfk VdWfeCV `WZY{bC¢XWjlxWn[XsKW|g^gCkX` `WZYKeR\tXbCsmr
VXbCkX\v<bCkcg
rXsKbuXg&Wjly -)Yhfs~WfgCk gCrcrdsK\gteRV
b&Y VXgXb Wf`dbRl|m `dWZY{eBHYYubR` h_VXb W_YYXbtY \po
`cbtYKbR¢
WflfWn[XsKW|g/gCkX`L`WZYKeC\&XbCs~mgtkX`
gY<YXeCV)«hjVXbtYKbIgRrdrXsK\gteBVXbtYw\po~obCswgsKbClfW|gB[Xlfb
=
=
"
"
'
8
30 -
"'
)
2
&
&
[XgYKWZY7hZ\[cXWfl|h-hZVdWZY7]XW|kX`L\&oJosKgtv<b\s]y J\bXbRsuhZV
b&YKbI¢XbtYhZWf\k)Y7bCsKbIgtlZY{\
lfgCsK}cbClnmw`dbu[XgRhZbC`[dmS\&h_VXbCs#gRrdrdsK\g&eBVXbtYBy LgCsuYVdgRljlXgCkX`hjVXb3rX\dYh~¯ LgCsuYVXg&l|lfW|gCk)YYXeBV
gY bCkcsK\dYKbtp¤3WZeCVXgCsK`XYK\&k<gCkX` ¡\gY[dm<VXgBXbsKbRgtlfWftbR`gRk<W|kX¯Z`cbBrdhfV<gCkdg&lnmhZWfeCg&lX\s]
\kihjVXbFgCshjWfeBXl|gRhZWj\&k>[XbhjJbRbCkrXsK\`
eh_Wf\k+rdsK\eCb&YY{btY9g&k
`vwgCs]XbBhrdsK\eRbtYuYbtYy
LWfeCVXbCl -Bs r
sK\CXWf`cbtYuWxk z VXgRrh_bRs £gIo~bBWfkHY{Wf}Vdh~Y7osK\v^hZVXb LgCsuYVdg&l|lfW|gRk
rXbCsuYrXbCeBhZWnXby bIb&Yr
b&eCWfg&ljlnmbCv@r
VdgYKWf&btYhjVXb<g&vJ[XWf}dWxh|mgtsK\&dkc`/hjVXbQeR\k
eRbBrdh\&o
osKbCb1eC\vwrXbBhZWxh_Wf\kiWxhZVdWxkhjVX
b `p
bahZ\1hZVXbFet\kXeCWflfW|gRhjWf\k"bCdbCsKeRW_Y{b
rXsK\CXWf`dbC`w[dm Lg&suYVXgtlxljgCkX`5YhjsKbtYYKbtY£hZV
bsKbRljbXgtkXeCb7\oe&\vwrXljbRv<bCkhZgCsZmgRhfh_bRvwrdh~Y
lfWx]
b btYrXbCeCWfgtlflnmX#W|k/\sK`dbBs?h_\IeR\kdhfsKWn[cdhZbwhj\hZVXbwgCkXgClnm
Y{WZY\o
eR\vwr
bBhZWxhZWf\kgY-g<rdsK\eCb&YuYBy~k z VdgRrdhZbBs c ©gRs~Wf\ v<bCkX`c\l|g ubCg&k)¯ #Xe gCoo~gtsK`
gRk
` )gChfsKWje] )YuY{\r
sK\&r
\dY{b<gv<\`dbClhfV
ghv<gR]
btYWnhr
\dYYKWn[XlfbwhZ\<[XsKW|kX}IW|kchZ\hjVXb
lfWf}VhhjVXbsK\lfb\oet\v@r
bBhZWxhZWj\&k+gYgav<bCgCk)Y\&osKbCg&ljWxtWxkd}1WxkdeCsKbRgY{W|kX}FsKbBhfds~k)Y
gYuY{\eCWfgChZbCìWxhZVkXbB gCkX`Ycr
bCsWf\sLhZbCeRVdkX\lf\}dWfbtYByZk`c\Wfkd} Y{\dhfV
bm}cW b
YhZsZXeBhfdsKb3hZ\JgeR\k bCeBhf
sKb-v<g&`db[dm@¤£WfeCVXgCsK`XYK\kwg&eCeC\sK`dWxkX}JhZ\VcWjeRV<eC\vwrXbBhZWnhZWf\k
WZYeC\vwrXgChfWn[Xljb?W|hZVwW|kXeBsKbCgYKWxkd}JsKbhjdsk
Y&rdsK\CXWf`dbR`JhfVXgBh)rdsK\`XeBhZW|\kwhfgC]XbtY«hjWfv<by
JYY
vSW|kX}7hjVXb3hZbCv@r
\&sKgtlxW|h|mS\&o¡et\vwrXbBhZWxh_WnXb?r
VXbCkX\v<bBkXgW|kX\ln)btY«hZVXbgRk
g&lnm
Y{WZY
\po<gqYKbCsWfbtY\&o<¢XbtYhZWf\k)Yg[X\&chJhjVXbI[XbCVXgBXWj\&Xs<\&owo~WfsKvQYBy¨9VdgRhJgCsKbIhfV
bvwg&W|k
obCgChfXsKbtY"\&o>hZVXb [XbRV
gBXWf\&
s"\&oo~WfsKvQYiWxhjVXWxk grdsK\eRbtYuY\poe&\vwrXbBhZW|hZWf\&k
osKgtv<b\s])§LUV
b9W|kXeC\v@r
gRhjWn[XWfljWh|m [)bhjJbRbCkFhZVXbLrdsK\eCb&YY©\&oeC\vwrXbBhZWxh_Wf\k1gRkd`
bR¢
WflfWn[Xs~Wxdv gCkdg&lnm
Y{btY1WfvwrXlfWjb&YFhfV
gh Wnh vwgm[Xb`dWxoo~WfeB
lxhhZ\^`cbtYKeCsKWn[Xbih_VXWZY
[XbRV
gBXWf\&
sW|hZVcW|kgJeC\kXbCkchjWf\kcgtlrdsK\}sKgCv<v<b\&o¡vSgtcWjvwWfCgRhjWf\k)y -hjVXbBs¡h|mpr
btY?\o
[XbRV
gBXWf\&
s-gCsKb7hjVXbBkhZ\[Xbw`dWZY{et\&)bCsKbCÌgRk
Ì`cbtYKeRs~Wn[XbC`yX®\sWxk)YhjgRk
eRbtgt`gRrdhfgChfWf\kH
Wfv<WhZgBhZWj\&kgRk
`+sK\&dhZWxk
bCw[cchg&l_Y{\>Wfv<gR}dW|kcgChZWf\&kgCkX`+W|kdkX\CXgRhZWj\k)SVdgBXbah_\1[b
WxkXbtYhZWf}dgRhZbC`)yU#V
b&YKbShjmrXbtYw\po[XbCVXgXWf\&
sbRsKb<oK\sJgIlf\kX}IhZW|vwbWf}dkX\tsKbR`WxkhjVXb
lfWxhZbBsKgBhfdsKb[XbCeRgC)YKb-\oh_VXb-`d\v<WxkdgCkXeCb-\&oh_VXb3gRk
gRl mXYKWZY\o#sKgRhjWf\kdgClc[XbCVXgXWf\&
sytU#VcWZY
Y{WxhjXgBhZWf\tk"VdgYbuX\l|XbR`WfkgYKWx}k
Wxo~WfeCgRkdhvwgCkdkXbBsBy<U#VXb rdsK\C[XlfbCv k
\& WZY9hZ\
`cbBhZbCsKvwW|kXb-W|k7VcWfeCVweC\kch_bRh)bCg&eV7h|mpr
b\o)[XbCVXgBXWj\&Xs¡WZY#lxWx]
bClnm7hZ\rXsKbuXgtWfly
JWfeC\lfg&W-®\dYuYg&kX` \lx]
bRs LgCVdkp]
bY{VX\&?Wfk z VcgCrchZbs £hjVdghhjVXbYh_sgRh_bR}tm
VXWfeCVwWjv7rXljWfbtY«hfVdgRh
oWjsvQY«WjlflXg&eC¢XW|sKb-gCkd`wvwgtWxkhZgCWxkgeR\vwr
bBhZWh_WnXb-gt`&XgtkphZgt}cbWZY
b&YuYKbRkdhZWfgClflnm<g7`dWZYKbC¢p
WflfWn[XsKW|dv+rdVXbCkX\v<bBkX\kl|W|kc]XbC`whZ\w`dWZYKe&\C)bCsZmXWjkckX\CXgChZWf\kQgRkd`
sKb&YK\&
sKeRb>e&\vJ[XWfkXgBhZWj\kyIU#V
bmê&\k
eRl|X`dbhjVXgRhYhfs~gRhZbC}tmeCgtkckX\&h[Xbet\ssKbCeBhZlnm
`cbtYKeRsKW [XbR`WxhZVdW|khjsKg&`WxhjWf\kXgCl¡gCkXgClnmXYbtY7\oWfkX`)YhjsKW|g&l\s~}cgCkdWfCgRhjWf\kgCkc`Q[cHY{W|kXbtYY
vSgCkdg&}dbCvSbkch3[XbCeCgRHY{bh_VXbtY{bIgtkcgtlnmXYKbtY@gtsKb<[XgYKbC`9\khjVXbYhf
`Cmª\oJbC¢p
WflfW [XsKWxdv
YmXYhZbCvQYyU#VXbBmr
sK\&r
\dY{b Y\v<b"}
Wf`cbClfW|kXbtY¬o\s1gRkdg&l mXYKWfkX}êC\sKsKbReBhZl m o~WfsKvQYC
YhZs~gRhZbC}dWfbtYy k z VdgRrdhZbBs gteB]dWfb JsKgCooZhg&k
` gteC¢p
btY¯ ¡gRdsKbBkch¤3gBXWfo\eHYS\k
[XbRV
gBXWf\&
s\o#o~WfsKvQYW|kwgeC\kchZbCph)VXbCsKb[X\&hZV<v<gCs]
bh)]dkX\&lfbC`c}
b-g&k
`7rdsK\`p
eBhZWnXb
]XkX\&lfbC`c}dbwgtsKbwe&\k)YKWf`dbBsKbC`y)U#V
bmYhjX`mhZV
bwe&\kX`dWnhZWf\k)Y-\&oh_VXbwe&\d\sK`dWxkXgBhZWj\&k\&o
`cWxoZobRsKbCkh3h|mpr
btY@\oWjkXbtYhZv<bCkh~Y hjVXbeC\vwr
lfbCvSbkchfgCsZmL\kXbtYJVdWfeCVsKbClxgChZbShZ\IhjVXb
rXsK\`XeBhZWj\&krdsK\eCbtYuY©gtkXàhjVXbeC\vwrXbBhZWxhjWnXb\kXbtY/V
WfeCVsKbCl|gRhjb9hZ\ahZV
b9v<gCs]
bh
rXsK\eCbtYYBy<U¡VXbtY{bFeC\kX`dWxhjWf\k)Y9`dbBrXbCkd`\kYrXbCeCWxo~WfeFs
lfbtY9\&o[XbCVXgBXWf\&
sVXWfeBV
sKbR¢
WxsKbhjVXb3Wfv7r
lfbCvSbkchfgChZWf\tkS\&o `cW|oo~bCsKbCkchXh|mrXbtY\o)[cHY{Wfk
b&YuYW|k)YhfWxhjchjWf\k)Yy
&
(
(
8
&
&
4
&
<& 8
$
#
'
2
&
5
:
3bCVXgBXWj\&Xs\&o?o~WfsKvQY3WxkIhfV
bweC\kXeBsKbBhZb7J\sKlfÌ\&oZhZbCkWfv7r
lxWjb&Y?h_VXb7bClfg[X\sKgRhZWj\&k\&o
Re \vwr
lfbCw\sK}dg&kdWfCgRhjWf\kcgtlXsKbClfgBhZWf\tk)Y[XbBhZb&bCkwo~WfsvQYuXYXeCVwgYg&l|lfW|gRk
eRbtYucv<bBsK}dbRsuY¡\s
eR\d\&r
bRsKgChZWf\k)YKhjVcWZY3[XbCVXgBXWj\&Xs3[XbCWfkd}/}dbBkXbCs~g&l|lnm/Wfvwr
lfbCv<bRkhZbC`Q[cm/o~WfsKvQYWxk\tsK`cbCs
hZ\I\sK}cgCkdWf&bwhjVXbwrdsK\eCb&YuY\poe&\vwr
bBhZWxhZWf\k)y)U#VXbwsK\ljbS\&oet\v@r
bBh~WxhZWf\tk/rX\ljWfeum/WZY-hZ\
`cbBo~WfkXbY\v<bIlfWjvSW|h~Y7VXbCkhjVXbtYKbI\sK}cgCkXW|&gBhZWf\tkXgCl?o\sKvYw`dWZYhfds|[hZVXbr
sK\eCb&YYS\o
eR\vwr
bBhZWxhZWf\k)y3Zk z VcgCrchZbs d WfeCVXbCl lfgCWZYSo~\deB)YKbYI\kªhjVXb dsK\&r
bCg&kv<bBsK}dbCs
sKbR}
lxgChfWf\kgCkX`YhfsKbtYuY{btY-hZVcgChZgtlhjVX\&
}cVIhjVXb<}cbBk
bBsKgClrdVcWjlf\dY{\&r
Vtm\poe&\vwr
bBhZWxhZWf\k
rX\lfWjeBmsKbCv<g&W|k)YWxh_VcW|kShjVXbJeR\kXbRkdhZWf\&k
gRl)XW_Y{Wf\kI\&oeC\vwrXbBhZWxh_Wf\kXXhfV
b-rdsKg&eBhfWjeRbJ\o
hfVXb ¡dsK\&rXbCgCk z \v<vwWZYuY{Wj\kNsKbCl|WfbtYi\k [XsK\gt`cbCseC\kXeCbBrchYhjVXgCk bCeC\kX\v<Wfe
bo~o~WfeCWfbCkXeBm7hZ\JbBXgtlx
gRhZb3hfVXbkXgBhfdsKb-\&ohfVXb3rdsK\eCb&YuY\o#et\v@r
bBhZWxhZWj\ky
U#VXb `cWxoZobRsKbCkcheVXgRrhZbCsuYL\&o/hZV
WZY/[X\d\&]}cW XbahZVXb \&rcr
\shfdkXWnh mh~\>\sK}cgCkdWf&b
bRet\kX\v<WfeIhZVcW|kc]dW|kX}9\k9hjVXbIhfV
bRv<b\&o7h_VXbr
sK\eCbtYY\o<e&\vwr
bBhZWxhjWf\kgCkc`q\kWxh~Y
WfvwrdlfWfeCgRhjWf\k)Y-W|kh_bBsKvQY-\&o-et\vwrXbBhZWxh_Wf\&kIrX\ljWfeBm)y oe&\&
suYKb&gwo~Xlfl#dkX`dbBsuYhZgCkc`dWxkd}
\po¡hZVXbJ`&mdkXg&v<WfetY3\&o3eC\v@r
bBhZWxhZWj\kIWZY£o~gCsosK\v>[XbCWfkX}<g&eCeC\vwrXljWZY{V
bR`)yX¨LVdWflfbY{\v<b
`cWfv<bBkHY{Wf\kHY-VcgXbw[Xb&bCkbCdg&v<W|kXbC`/W|k`dbrdhjVX#\&hZVXbBsuYVdgBXbwhZ\Q[b<e&\vwr
lfbBhZbC`/gtkX`
sKbo~Wfk
bR`XytU#VXWZY#gBhfhZbCvwrh)Wfl|lXVdgBXb?h_\-[Xb3rc
suY
bC`w`&dsKW|kX}hjVXbk
bRhdobCmXbCgtsuYy
&
+
+
#
M6 5D94.JG.7=>.Dq*<8
!
+
(
c\v<beCVXgCrhZbCsuY\&ohZV
WZYX\lx
v<b-VXgXb?r
sKbXWj\&)YKl|mw[Xb&bCkwrc[XlfWZYKVXbB`Wfkw®)sKbBkXeBVwo~\s¡g
[\\&]1bCkch_WhZljbR` tbC`dWhZbC`q[cm eC\kX\v<WfeCg gCsWZYBy
bCsKv<WZYuY{Wj\&k+hZ\1sKbBrdsKWxkhgCk ¡kX}dl|WZYV1XbCsuY{Wf\k\&ohZVXbtYKbFeCVXgRrhjbCsuYWZYL}cs~gRhZbBoZ
lflnm
g&eB]Xk
\&lfbC`d}cbC` JWfsCkXbsucy
p ~# z \kXeBdssKbkXeCbbhrXsK\eCbtYuYHY`cbv<g&sKeV c¢dbRlj¢p
btY£sKbBrCsKb&Y
`c\eBhZsKW|kcgCX|aW|k Ry sKgCoZohZbR`)y K & gCs~WZY eC\kX\v<WfeCgcy
®\dYYu <ygCkX` <yt®\dYuY ~ ¡b3rXsK\eCbtYuYHY`db-v<g&sKeBV -bBhlfg-o~WxsKv<b CXbRsuY#dkXb
rXbCsuYrXbCeBhZWnXb<bCk/hZbBsKv<btY`cb<`sK\Wxh~Y-`dbwrdsK\&rXs~W Bh <`&mdkXg&vWf¢p
btYRjWxk Cy sgRoZoZhZbR`)y K
t gCsKWZY eC\kX\v<WfeCgcy
®\dYYu <yg&kX` wy LgCVdkc]Xb ~7¤£bReCVXbCsKeCVXbbCk YhjsgCh C}cWfbtr
sK\eRbtYuYHY`db
vSgCsKeBV +bBhLgBXgCkch_gR}db+eC\kXeB
ssKbBkdhfWfbClK|/W|k Cy sKgRoZoZhbC`y K gCsWZY eR\k
\vSWjeRgy
(
+
+
./1/1/
' ./1//
-'
& (.7/1// 7+
( +
(
2S.J:.J2<.Dq67.I8
10 3254
"!$#%'&)(*+-,/.
6/ 798":;=<">'?')@ABCB3ED'F1 :HG' :H<9I"=G'? :JB;KML
NO:H?'BHB ' !$#%P&'%P*+ .QR +S . T . U1? VWX:;YZD$[5=\M? L
]P7X)\^_[!$#%'%-`*;baEF1X:HEcXPK^\d6/X'\M\]BeMXfC<hg="X'G' K^=XZi^_NX'\=MjCLlkX-:;]"7m
tx .QMzy{)|
aEn?>]\M3K^=XoX'p96/ :;K^?\MBCrq1X7sE$)K1k:;7Bt <@u? :H>'? :HB iwv
!+}~# "*;O#e`% −- % 7 %
3 )
)
/
]P7X)\^[ O PN "c : <sn"[5=\E\M=>s!$#% ` *+ 4 % . Q . 7% . ) % 7 7 U1? VWX:;YZD$F1 :Hj$X-]":;K/:;j$?CX'G)$X'G'=j Z
\= ]>" @ !$# %"% *;raM6/X7 ? KMKMMXA'B1 ~"< K^3K^?m <u6/X-7 ?CK+ K^MX A'B1tN :eX'j$?'BCB3i^~
1 6 K^X9$<zn 9 F :+:HMBw!;?<"BC*+ ) . ) * %7)
Q S . v % )6 ?$\EKM? " 7 I < wL7s?')I ZD <'V1 :H< ~\=>' :$
q1? 7mBe?$K=c-F !$#% *+waEg=<)]B KE: L KM:;]jCK=]":H?@u :;Y"? K~n/MG'\E: L <sN ]P8\EEjN~X'\M=j$Li^ x)
.Q
. 2 . v %
)
7 y 1!C#*+O# %P
kZX"BCBCUt'!C#%P%"&)*;a ? j XX7=j X-]> PKXPpZ ] B KM:;M 9@u : B $\E\=M3D ?X:H>'? :Hj \ML
n=j $:e<"BeXZi^ x
.Q v 7 ) -|'| !$# *;` }"} ? :HX"B YMON ! #%P% ` *^ a ?C:;KM=j$\~n? \M3K^MX-B8P?$K=V ?? k E:;7mB C<tgM<'] B KM:;=$\wNX'\=Mj LiÔNX)\MMj L
kZX:;]P7 aEn?>]\=CKM=X X'p 6/ :;K^? \^BeqX-7" "KZk E: 7 Br$P<9@ ?3:H>'? :JB3i^v )
-/ x)
.QM
y{'|9!+} #3*+O# } F1 L"zqs1!$#%P% *+ta 9 BCBe?-BeB 7s?$)KHD6X7 ? K+ K^MX-NZX'\M=jCLi^9R 7C 2 v Q 1! `*;O# `(
F1 L'? Y)k s'!C#% ) *;a ?IBe?X'p XV1\=?'?E X'j M? KMLi^ . v 3 7C 2 z& #% :H? ':H PKM?<o ) ."Q . v 3 R !$#$%-} P*+16 Mj$>'XOD
IMG'? :JB EK=L X)p6 Mj >'XN :e?-BCB3
F1 L'? Y)k s'!$#%}P(*+Oa ?/@A?3 >1X'pZ6X7 ? K^KMMXZi^ PK^p+p+X:H< ~EKMKM\=? ~?jCK=]":H?')N:H j$? K+X
IMG'? :JB EK=L))@A L ):H? ":H'K^?<1 7 .PQ . v %
3 R )% !C#%-} '*;P6 "=j$>'XZD
IMG'? :JB EK=LX)p6 Mj >'XN :e?-BCB3
Cj ']? 7 "!C#%P%-}*;OaM6/ K+$\MMB 7s?'6/X7 CK^ K+MXm?3K~6/X'X $:e$KM=XZi v 3
Q y{ 1!+} *+"&)# #&P
Cj ']? 7 s <s@5 \=$<P? ! #% P%P*^waM6/3:;KM?\MBCO6/X'\M\]BeMX <tF1X:;EcX"K+\Z@ ?3:H>'? :JB3iM n1 j "7s$\=?$Be?? "< t[5E\M\E=>d!;?$<BH* 9. % .QuR ; S . . 7 7 B K+?$:e<" 7 DJU9X:;K F1X'\E\= "< CX-:H<"?' u3< q9 Z??j$?d!$#%"%*+ aEgMPX"G' K+MX "< 6/X'X ? :H3K^MX-D gMPXPG' K^=Xp+X:
6/X7 ?$K+EKM=Xm "< PK^ K=:;]B K;i^ L7 X"Be]"7 aM6/X)\M\E 8X-:HCK+MX )gMPXPG' K^=Xm < "K+ KE:;] B+Kei
x)
.Q v - % % z! *+ & %'(O
1 KMc'O@ !$#% '%P*+/a ? :+K^Mj $\/6/XPKM:;jCK=] \ n?$\=CK^=X BCi^ En j P7\E?3Be??s < O[5E\M\E=>
!;?<"BC*+ 9. 7
3
% .QR ; S . . 7 B K+?C:H'\MX'+BC)n1 "<zN~nX8?C:;K^BeX-!$#%'%P&'*; . 7% . v 4 . S ~X<"X
< Uz?$VWX:;YZD nX]"K+\M? <">'?P
X''B 8"L" 1 !$#$%P% # *;Ov 7 Q 7 . v 7
Q 7 w@ACj ?'B+K+?C:$DZ@A "j ?'B K^?3: I"=G'? : Be K=L
NO:H?'BHB @Aj X'G'?j k !$# %"%P&'*; % % 4 7 . ) . 7 . 79
v %
)
7 X-<PXs$<U1? VW X-:;YD nX]PK^\=?$'?P
@A'BeX !$#$%P& *;)v %
)
7 9 4 7 . . Q Q O6/ 7 8):HM'?
@A'BHB ED F1$:eG'C:H<zIMG)?$:HBe K=L NO:H?'BHB NZ? ":HXPBe? !C#%"&P%'*+ )3)%
) )
2 p+X:H<OD$'BeE\P\Mj3Y"V1?$\E\ N \E Be / !$#$%P%P&'*; 4 7 Q . . - )%
% 7 /6/ 7 8):HE<">)?-
@A'BHB ED6/ 7 8':eM'?/IMG'?3:JB;KMLN :e?-BeB3
n=j :H<"BeX 9!J#%)(""* . . 7 - `'< ?<) !$#%"%)"*; p^X-:H< D
6/\=$:;? <"XzN :H?BCBC
j P]"7 ?$K+?C:H) s!$#%}"` *+ 4 . .Q % .PQ . "
. U1? VW X-:;YD F1 : ?3:C
wE:HX'\=? ! #$% '*; ."Q1R ; S . ) . 6/ 798':;M'?' @A-BeB ED~@ g
NO:H?'BHB =jCY?$:CBH !$#%P%'&"*+9a=6/Xj ? "K;B X'ps6X-7 ? KÊKM=XZiR 7 v 7 . % !$#*^
# ` 2 )3
'
!
#"$ %
+*
1
4
/ 5
/ −
)
>
PQ
/
N"
+
@
K'
M (
7- 0/
=
J
−
!'
<
- / C
!:B
H
0O
.- 0/
: L/ )E
1
&R
2WV
%J
1
O
R
'
?

)
6
:B
*
(
,
<
−
=1
'
J
4 L U
"
−'
D
&"$ − !
− +"4
8:9
:; −
'
+"4
?; A
)'
0
#D
1
)E
A
'
@ −
F 0
G"
'
#
"
I"
K'
1
?
#*
H )S%T
/
1
?/
S%T
&X
[,
+
1
Y
E\
Z"

Download Report

1 1 ¢ Introduction Jackie Krafft 1 . THE PROCESS OF COMPETITION

Paperzz.com

Your Paperzz