CSAE WPS/2010-08
*%)$#! $ # #&*!)+
'%(
%=F/</ CB7Q@@3H%=;3@=
#F4=@2 (<7D3@A7BG
@=F/</5CB73@@3H@=;3@=?36=F/1C9
()')
'63 >/>3@ >@3A3<BA / ;=23: E63@3 7<27D72C/:A 231723 B= 03
1=;3 E=@93@A =@ 3<B@3>@3<3C@A 7< B63 >@3A3<13 =4 1/>7B/: 1=<
AB@/7<BA /<2 E63@3 7<27D72C/:A 27O3@ 7< E3/:B6 :3D3:A '63 ;=23:
A6=EA B6/B B63 67563@ B63 7<7B7/: :3D3: =4 7<3?C/:7BG 7< E3/:B6 7A
B63 :=E3@ B63 :=<5 @C< /55@35/B3 E3/:B6 =4 B63 31=<=;G /<2 B63
67563@ B63 :=<5 @C< 7<3?C/:7BG E7:: 03
:/AA7I1/B7=< "C;03@A 3GE=@2A #11C>/B7=</: 6=713 *3/:B6 27AB@70CB7=< /<2 <
3?C/:7BG
/; 5@/B34C: B= /;3A !7@@:33A 4=@ 67A D/:C/0:3 1=;;3<BA /<2 /2D713 /:A= E7A6
B= B6/<9 '7; 3A:3G $/@B6/ /A5C>B/ 2/; $3>3:/A7A /<2 B63 >/@B717>/<BA =4 B63
A3;7</@A /B (<7D3@A7BPB RBB7<53< (<7D3@A7BG =4 )3@=</ (<7D3@A7BG =4 /;0@7253
/<2 B63 *=@:2 /<9 %3A3/@16 "3BE=@9 =< <3?C/:7BG /<2 $=D3@BG 4=@ B637@ 1=;
;3<BA /19<=E:3253 4C<27<5 4@=; #"+' /<2 4@=; B63 ( 3>/@B;3<B 4=@
<B3@</B7=</: 3D3:=>;3<B /A >/@B =4 B63 ;>@=D7<5 <AB7BCB7=<A 4=@ $@=$==@
@=EB6 77 / @3A3/@16 1=<A=@B7C; /7;32 /B ABC2G7<5 6=E B= 7;>@=D3 7<AB7BCB7=<A
7< 4@71/ /<2 &=CB6A7/ '63 D73EA 3F>@3AA32 /@3 <=B <313AA/@7:G B6=A3 =4 #)'$*)$#
*6G 1=C<B@73A B6/B AB/@B >==@ /<2 E7B6 6756 :3D3:A =4 7<3?C/:7BG B3<2 B=
AB/G B6/B E/G =D3@ B7;3 *3 ABC2G B67A ?C3AB7=< 0G 3F>:=@7<5 B63 1=<
27B7=<A C<23@ E6716 7<7B7/: E3/:B6 7<3?C/:7B73A 23B3@;7<3 B63 :=<5@C<
E3/:B6 27AB@70CB7=< /<2 6=E =@ B67A >C@>=A3 /< =11C>/B7=</: 16=713
;=23: 7A 23D3:=>32 E6716 1=<A723@A B63 3O31BA =4 7;>3@431B 1@327B ;/@
93BA
#C@ 31=<=;73A 1=<A7AB =4 7<27D72C/:A E6= :7D3 4=@ BE= >3@7=2A B
B63 0357<<7<5 =4 B63 I@AB >3@7=2 3/16 7<27D72C/: 4/13A /< =11C>/B7=</:
16=713 >@=0:3; <27D72C/:A 231723 E63B63@ B= 031=;3 E=@93@A =@ 3<
B@3>@3<3C@A <B@3>@3<3C@A =>B7;7A3 B63 A7H3 =4 B637@ I@; /11=@27<5 B=
B637@ 7<7B7/: E3/:B6 /<2 B63 1@327B B63G 1/< 53B =::=E7<5 B63 2G</ABG =4
3/16 7<27D72C/: =D3@ B7;3 B63 ;=23: A6=EA B6/B B63 =11C>/B7=<16=713
=4 3/16 =OA>@7<5 23>3<2A =< B63 7<7B7/: 27AB@70CB7=< =4 E3/:B6 /<2 B63
AB@C1BC@3 =4 =11C>/B7=</: 16=713 7< BC@<A 23B3@;7<3A >3=>:3KA @3<BA /<2
A/D7<5A 57D7<5 @7A3 B= / <3E 27AB@70CB7=< =4 E3/:B6 '63 I<27<5A 4@=;
B63 ;=23: /@3 B6/B /< 7<7B7/: E3/:B6 27AB@70CB7=< 1/< 1=<D3@53 B= / E723
@/<53 =4 27AB@70CB7=<A =D3@ B7;3 7D3< B63 >@3A3<13 =4 ;C:B7>:3 3?C7:70
@7/ /<2 <=<:7<3/@ 2G</;71A @/B63@ B6/< >@=D727<5 / @75=@=CA /</:GB71/:
23A1@7>B7=< =4 B63 3?C7:70@7/ B63 BG>3 =4 27AB@70CB7=<A B63 ;=23: >@3271BA
/<2 B63 1=<27B7=<A B6/B 1=C:2 :3/2 B= B63A3 27AB@70CB7=<A /@3 23A1@7032
'63A3 23>3<2 =< B63 E3/:B6 27AB@70CB7=< =4 B63 1@327B /<2 <=<1@327B
1=<AB@/7<32 7<27D72C/:A '63 :/@53@ /<2 B63 >==@3@ B63 0=BB=; =4 B63
27AB@70CB7=< 7A B63 :=E3@ B63 :=<5@C< 3?C7:70@7C; A/:/@G E7:: 03 '63
E3/:B673@ /<2 B63 ;=@3 35/:7B/@7/< B63 B=> =4 B63 27AB@70CB7=< 7A B63
67563@ B63 3?C7:70@7C; A/:/@G E7:: 03 7< B63 :=<5@C<
#D3@/:: B63 >/@/;3B3@A 7< B63 ;=23: A6=E B6/B :=E :3D3:A =4 E3/:B6 /@3
/AA=17/B32 E7B6 / 6756 1=AB =4 A3BB7<5 C> / 0CA7<3AA / 6756 >@=>=@B7=< =4
1@327B 1=<AB@/7<32 >3=>:3 /<2 43E /<2 A;/:: 3<B@3>@3<3C@A ?C7:70@7C;
A/:/@73A 23>3<2 =< B63 >@=2C1B7D7BG =4 :/0=C@ 0CB /:A= =< B63 >@=>=@B7=<
=4 1@327B 1=<AB@/7<32 7<27D72C/:A AC>>:G =4 :/0=C@ /<2 6=E E3/:B6G B63
>@=>=@B7=< =4 B63 <=<1@327B 1=<AB@/7<32 7<27D72C/:A 7A '63 E3/:B673@
/<2 ;=@3 <C;3@=CA B63 3<B@3>@3<3C@A /@3 B63 ;=@3 :793:G B6/B B63G E7::
3F>/<2 B637@ A1/:3A =4 >@=2C1B7=< /<2 @/7A3 A/:/@73A
'67A ;=23: 27O3@ 7< D/@7=CA /A>31BA B= >@3D7=CA ;=23:A B6/B 6/D3 /2
2@3AA32 B67A B=>71 E7B67< /< =11C>/B7=</: 16=713 4@/;3E=@9 < 7;>=@
B/<B 1=<B@70CB7=< E7B67< B67A D73E 7A B63 B63=@3B71/: ;=23: =4 /<3@833
/<2 "3E;/< 4C@B63@ A7;>:7I32 0G /B6/9 /<2 7/<5 <
B63 /<3@833 /<2 "3E;/< ;=23: BE= BG>3A =4 3?C7:70@7/ 1/< 03 @3/1632
23>3<27<5 =< B63 7<7B7/: 27AB@70CB7=< =4 E3/:B6 4 B63@3 7A / :/@53 @/B7=
=4 D3@G >==@ B= D3@G @716 B63 23;/<2 4=@ :/0=C@ @3;/7<A :=E =D3@ B7;3
/<2 A= 2=3A B63 3?C7:70@7C; A/:/@G '67A 7A 031/CA3 3<B@3>@3<3C@A 1/<<=B
7<1@3/A3 B637@ A1/:3 =4 >@=2C1B7=< =D3@ B7;3 2C3 B= B63 /AAC;32 B316<=
:=571/: 1=<AB@/7<BA /<2 B6/B 1@327B1=<AB@/7<32 >3=>:3 1/<<=B A3B C> <3E
I@;A < 1=<B@/AB 74 B63@3 7A / :/@53 @/B7= =4 D3@G @716 B= D3@G >==@ B63
23;/<2 4=@ :/0=C@ 7A 6756 /<2 B63 31=<=;G /1673D3A / 6756 3;>:=G;3<B
/<2 A/:/@G 3?C7:70@7C; '63 @/B7= =4 1@327B B= <=<1@327B 1=<AB@/7<32 7<
27D72C/:A B63< 23B3@;7<3A B63 3?C7:70@7C; @3BC@<A B= =11C>/B7=<A /<2
63<13 B63 :=<5 @C< E3/:B6 27AB@70CB7=<
:B6=C56 B63 /<3@833 /<2 "3E;/< ;=23: :7<9A B63 :=<5 @C< E3/:B6
27AB@70CB7=< B= B63 =@757</: 27AB@70CB7=< B67A :7<9 23>3<2A =< B63 1=<27
B7=< B6/B /:: 3<B@3>@3<3C@A A3B C> I@;A =4 3F/1B:G B63 A/;3 A1/:3 7@@3
A>31B7D3 =4 27O3@3<13A 7< B637@ 7<7B7/: E3/:B6 :3D3:A
<B@3>@3<3C@A 1/<
<=B 3F>/<2 B637@ A1/:3A =4 >@=2C1B7=< /<2 B63@34=@3 1/<<=B @/7A3 A/:/@73A
37B63@ A / @3AC:B 5@=EB6 AB=>A /<2 A= 2=3A B63 >@=13AA =4 E3/:B6 B@719
:7<5 2=E< 4@=; 3<B@3>@3<3C@A B= E=@93@A < 1=<B@/AB 7< B67A >/>3@ 0G
/::=E7<5 3<B@3>@3<3C@A B= =>B7;7A3 B637@ A7H3 =4 >@=2C1B7=< / E723@ BG>3
=4 E3/:B6 27AB@70CB7=<A 1/< 03 @3/1632 < >/@B71C:/@ E63< B63@3 /@3 :=E
:3D3:A =4 7<3?C/:7BG /;=<5 B63 <=<1@327B 1=<AB@/7<32 7B 7A >=AA70:3 B=
B@719:3 2=E< E3/:B6 B= >==@3@ 7<27D72C/:A '67A 7A /1673D32 0G 3<B@3
>@3<3C@A 3F>/<27<5 B637@ A1/:3A =4 >@=2C1B7=< =D3@ B7;3 B63@30G @/7A7<5
A/:/@73A 1=<B@/AB7<5 A13</@7= 1/< 03 /1673D32 7< B63 >@3A3<13 =4 6756
:3D3:A =4 7<3?C/:7BG /;=<5 B63 <=<1@327B 1=<AB@/7<32 >3=>:3 < >/@
<B@3>@3<3C@A <332 B= /1?C7@3 / ;=<7B=@7<5 B316<=:=5G B6/B E7:: 3</0:3 B63; B=
=0B/7< B63 ;/F7;C; E=@93@ 3O=@B B 7A /AAC;32 B6/B 3<B@3>@3<3C@A E7:: /:: A3B C>
B63 A/;3 A1/:3 =4 >@=2C1B7=< A7<13 B316<=:=5G 2=3A <=B /::=E 7<1@3/A3A 7< ;=<7B=@7<5
1/>/17BG
/<3@833 /<2 "3E;/< /AAC;32 B6/B B63@3 /@3 A3:43;>:=G32 7<27D72C/:A
B6/B A3B C> 0CA7<3AA3A /B / A;/::3@ A1/:3 B6/< 3<B@3>@3<3C@A =E3D3@ B63@3 /@3 <=
27O3@3<13A 7< A1/:3A =4 >@=2C1B7=< /;=<5 3<B@3>@3<3C@A <=@ /;=<5 B63 A3:43;>:=G32
B71C:/@ 74 7<7B7/::G B63@3 E3@3 6756 :3D3:A =4 7<3?C/:7BG /;=<5 <=<1@327B
1=<AB@/7<32 >3=>:3 AC16 B6/B =<:G / 43E 0CB 075 3<B@3>@3<3C@A ;/</53
B= 3F>/<2 B637@ 0CA7<3AA3A 0G @/7A7<5 A/:/@73A B63G E=C:2 2@7D3 =CB =4
0CA7<3AA A;/:: 3<B@3>@3<3C@A E6716 /@3 C</0:3 B= AB/G /J=/B E7B6 B63
@7A7<5 A/:/@73A < B67A 1/A3 7<3?C/:7BG @3;/7<A 6756 7< B63 :=<5@C< /A
B63 @3;/7<7<5 075 3<B@3>@3<3C@A 6/D3 <= ;=@3 7<13<B7D3A B= 933> @/7A7<5
A/:/@73A =D3@ B7;3
'63 7AAC3A 7<B@=2C132 /@3 /</:GA32 7< B6@33 A31B7=<A &31B7=< >@3A3<BA / ;=23: E63@3 3<B@3>@3<3C@A A3B C> B63 A7H3 =4 B637@ I@;A /1
1=@27<5 B= B637@ E3/:B6 :3D3: &31B7=< >@3A3<BA B63 1=<1:C27<5 @3;/@9A
*%)$#! $ $!
=<A723@ /< 31=<=;G B63@3 7A / 1=<AB/<B >=>C:/B7=< =4 BE=>3@7=2
:7D32 7<27D72C/:A 03:=<57<5 B= 53<3@/B7=<A =4 /:B@C7AB71 4/;7:73A B B63
0357<<7<5 =4 B63 I@AB >3@7=2 3/16 7<27D72C/: 7A 57D3< /< 7<7B7/: E3/:B6
" /<2 / C<7B =4 :/0=C@ E6716 63 1/< CA3 7< =<3 =4 B63 B6@33 =11C>/
B7=<A /D/7:/0:3 7< B63 31=<=;G E=@93@ 3<B@3>@3<3C@ /<2 C<3;>:=G32 C@7<5 B63 A31=<2 >3@7=2 =4 :743 7<27D72C/:A 1=<AC;3 # '63 >@=>=@B7=<
1=<AC;32 4@=; B637@ E3/:B6 7A /AAC;32 B= :73 03BE33< /<2
'63 CB7:7BG >@343@3<13A =D3@ 1=<AC;>B7=< /<2 03?C3AB # /@3
3F>@3AA32 7< B63 4=::=E7<5 3?C/B7=<
# # <27D72C/:A 16==A3 B63 =11C>/B7=< B6/B ;/F7;7A3A B637@ CB7:7BG AC0
831B B= B637@ E3/:B6 1=<AB@/7<B B 7A /AAC;32 B6/B <37B63@ B63 C<3;>:=G32
<=@ B63 E=@93@A <332 /<G AB/@B7<5 E3/:B6 7< B637@ =11C>/B7=< '63 C<
3;>:=G32 1/< >@=2C13 A=;3 IF32 /;=C<B E7B6 B637@ :/0=C@ E=@93@
3/@<A / A/:/@G E6716 7A 3<2=53<=CA:G 23B3@;7<32 7< B63 :/0=C@ ;/@93B
'= 03 >@=IB/0:3 B= 031=;3 / E=@93@ B63 A/:/@G 6/A B= 03 5@3/B3@ B6/<
=@ 3?C/: B= B 7A /AAC;32 B6/B 0=B6 E=@93@A /<2 B63 C<3;>:=G32 A/D3
A7;7:/@ A7;>:7I1/B7=< =4 B63 /<3@833 /<2 "3E;/< ;=23: B= B63 =<3 >@3
A3<B32 63@3 E/A 23D3:=>32 0G %/G /<2 0G /B6/9 /<2 7/<5 "=<3B63
:3AA B63 ;=23: >@3A3<B32 63@3 7A 23D3:=>32 CA7<5 27O3@3<B 1@327B ;/@93B /<2 B316
<=:=5G A>317I1/B7=<A
B637@ 7<7B7/: E3/:B6 7< B63 I@AB >3@7=2 /<2 7< B63 A31=<2 >3@7=2 @3137D3
B63 @3BC@<A =< A/D7<5A " 7< /227B7=< B= B63 >/G;3<B 4=@ B637@
:/0=C@
<B@3>@3<3C@A 1/< A3B C> I@;A =4 27O3@3<B A1/:3A 23>3<27<5 =< B637@
E3/:B6 4 3<B@3>@3<3C@A CA3 3F1:CA7D3:G B637@ E3/:B6 B63G E7:: 03 /0:3 B=
A3B C> / A1/:3 =4 >@=2C1B7=< '63 B316<=:=5G /D/7:/0:3 7< B63 31=<=;G
7A / 3=<B734 >@=2C1B7=< 4C<1B7=< <B@3>@3<3C@A 7<D3AB 7< ;/167<3@G /B
/ IF32 1=AB /<2 7<1C@ / D/@7/0:3 1=AB E6716 23>3<2A =< B63 A1/:3
=4 >@=2C1B7=< =4 B63 I@; <C;03@ =4 E=@93@A /@3 67@32 7< B63
I@AB >3@7=2 '63 ;/167<3@G 23>@317/B3A AC16 B6/B B63 <3B D/:C3 =4 B63
;/167<3@G /B B7;3 ! 7A '63 >@=831B G73:2A / @3BC@< >@=>=@B7=</: B= B63 A1/:3 =4 >@=2C1B7=<
/<2 / A/:/@G 07:: 7< B63 A31=<2 >3@7=2
'63@34=@3 /< 3<B@3>@3<3C@ CA7<5 3F1:CA7D3:G 67A 7<7B7/: E3/:B6 3?C/:
B= " 1/< A3B C> / A1/:3 =4 >@=2C1B7=< 74 63 1=D3@A B63 AB/@B C> 1=AB
" 7D3< B63 A1/:3 =4 >@=2C1B7=< B63 <3B @3BC@< =4 B63 >@=831B /B
B7;3 ! 7A B63 @3BC@< >:CA B63 D/:C3 =4 B63 23>@317/B32 ;/167<3@G
:3AA B63 A/:/@G 07:: '63 A1/:3 =4 >@=2C1B7=< 1/< 03 7<1@3/A32 4C@B63@ 74 B63 3<B@3>@3
<3C@ 53BA / :=/<
') ' )
/<9A =O3@ / :=/< 1=<B@/1B 1=<27B7=</: =< 0=@@=E3@A >@=D727<5 1=::/B3@/:
'67A 1=::/B3@/: 7A 3?C/: B= B63 <3B D/:C3 =4 B63 ;/167<3@G E6716 23>3<2A
=< B63 A1/:3 =4 >@=2C1B7=< < 3<B@3>@3<3C@ E7:: 6=<=C@ B63 :=/< 74 B63 1=AB =4 B63 :=/< 7A :3AA
B6/< =@ 3?C/: B= B63 <3B D/:C3 =4 B63 1=::/B3@/: /B B7;3 ! @=; 3?
7A 3?C/: B= " 63<13 B63 :=/< 7A >@=>=@B7=</:
B= B63 E3/:B6 :3D3: =4 B63 3<B@3>@3<3C@
"
< 3<B@3>@3<3C@ E7B6 7<7B7/: E3/:B6 " /<2 :=/< E7:: @C< B63
>@=831B /B A1/:3 E6716 7A 5@3/B3@ B6/< B63 A1/:3 =4 B63 >@=831B B63
3<B@3>@3<3C@ E=C:2 6/D3 @C< E7B6=CB B63 :=/<
" &=:D7<5 4=@ B63 A1/:3 B63 =>B7;C; A1/:3 =4 B63 >@=831B 7A 57D3< 0G
" &C0AB7BCB7<5 B63 =>B7;/: A1/:3 7A
" '63 <3B @3BC@<A =4 3<B@3>@3<3C@A E7B6 :=/< /@3 23B3@;7<32 0G
B63 <3B @3BC@<A =4 B63 A1/:3 =4 >@=2C1B7=< >:CA B63 D/:C3 =4 B63
23>@317/B32 ;/167<3@G ;7<CA B63 A/:/@G 07:: /<2
;7<CA B63 @3>/G;3<B =4 B63 :=/< <B@3>@3<3C@A @3?C7@3 :=/<A =<:G 74 B63 >@=831B G73:2A 67563@ @3BC@<A
B6/< B63 <3B @3BC@< 3/@<32 4@=; 037<5 / E=@93@
" &C0AB7BCB7<5 3? 3? /<2 3? 7<B= 3? B63 7<7B7/:
E3/:B6 " 6/A B= 03 3?C/: B= =@ 5@3/B3@ B6/< / E3/:B6 B6@3A6=:2 " A33
3? 7< =@23@ 4=@ 3<B@3>@3<3C@A B= 3<8=G @3BC@<A 67563@ B6/< B63
E=@93@AK @3BC@<
" "
<=B63@ 7<B3@>@3B/B7=< =4 3? 1/< 03 57D3< 0G A=:D7<5 4=@ B63
;/F7;C; A/:/@G B6/B B63 3<B@3>@3<3C@ 1/< /O=@2 1=C:2 AB7:: 3/@< >/G
B= 6/D3 / 67563@ @3BC@< B6/< E=@93@A
" " "=B3 B6/B B63 E3/:B6 B6@3A6=:2 " D/@73A E7B6 B63 :3D3: =4 B63 3?C7
:70@7C; A/:/@G E67:3 B63 ;/F7;C; A/:/@G B6/B 3<B@3>@3<3C@A /@3 E7::7<5
B= >/G 23>3<2A =< B63 7<27D72C/:AK E3/:B6
B D3@G :=E :3D3:A =4 E3/:B6 /:B6=C56 7<27D72C/:A ;/G 03 /0:3 B= A3B
C> / A;/:: 0CA7<3AA 7<27D72C/:A 1/<<=B /O=@2 B= >/G >=A7B7D3 A/:/@73A
=B6 B63 E3/:B6 B6@3A6=:2 " /<2 7<1@3/A3 E7B6 @3A>31B B= E3/:B6
=E3D3@ B63 E3/:B6 B6@3A6=:2 " @3/163A /< C>>3@ :7;7B /0=D3 E6716
4C@B63@ A/:/@G 7<1@3/A3A E7:: ;/93 B63 @3BC@<A B= 3<B@3>@3<3C@7/: /1B7D7B73A
<35/B7D3 '67A 1/< 03 A33< 7< 3? *63< B63 A/:/@G 7A 67563@ B6/< =@
3?C/: B= B63 3F>@3AA7=< 03:=E B63 E3/:B6 B6@3A6=:2 " 031=;3A <35/B7D3
/<2 3<B@3>@3<3C@A ;/93 <35/B7D3 >@=IBA
3<13 B63@3 7A / ;/F7;C; :3D3: =4 A/:/@73A 7< B63 31=<=;G /0=D3
E6716 4C@B63@ A/:/@G 7<1@3/A3A E7:: ;/93 >@=IBA <35/B7D3 3D3< 4=@ B63
E3/:B673AB 3<B@3>@3<3C@
$*' ' )
"=B3 B6/B 3D3@G 3<B@3>@3<3C@ 7A E7::7<5 B= >/G 27O3@3<B A/:/@73A /<2 B67A
23>3<2A =< B63 A1/:3 =4 >@=2C1B7=< /<2 63<13 =< B637@ :3D3: =4 E3/:B6
'63 67563@ B63 A1/:3 =4 >@=2C1B7=< B63 67563@ B63 A/:/@73A 7<27D72C/:A
/@3 E7::7<5 B= >/G '67A 7A 031/CA3 @3BC@<A /@3 >@=>=@B7=</: B= B63 A1/:3
=4 >@=2C1B7=< 3<13 B63 :/@53@ B63 A1/:3 B63 67563@ B63 @3BC@<A /<2
B63 67563@ B63 A/:/@G 07:: B6/B 3<B@3>@3<3C@A 1/< /O=@2 B= >/G '63
3?C7:70@7C; A/:/@G 7< >3@7=2 ! 7A =0B/7<32 4@=; :/0=C@ 23;/<2 /<2
:/0=C@ AC>>:G < =@23@ B= I<2 B63 3?C7:70@7C; A/:/@G 23I<3 " /A B63 E3/:B6 :3D3:
=4 B63 7<27D72C/: B6/B 7A E7::7<5 B= >/G B63 A/:/@G E6716 1:3/@A B63
:/0=C@ ;/@93B E63@3 '67A 3?C7:70@7C; A/:/@G /:A= 23B3@;7<3A
B63 E3/:B6 B6@3A6=:2 " '63 23;/<2 4=@ :/0=C@ 7A 57D3< 0G B63 <C;03@ =4 3<B@3>@3<3C@A
B6/B 6/D3 7<7B7/: E3/:B6 " " 74
74
" ""
E63@3 7<271/B3A B63 ;/F7;C; A/:/@G B6/B B63 E3/:B673AB 3<B@3>@3
<3C@ 7A E7::7<5 B= >/G
'63 AC>>:G =4 :/0=C@ 7A 57D3< 0G B63 <C;03@ =4 >3=>:3 E7B6 7<7B7/:
E3/:B6 " " 74 B63 A/:/@G 4 B63 A/:/@G 7A /:: B63
7<27D72C/:A =4 B63 31=<=;G E7:: =O3@ B637@ :/0=C@
""
74
74
74
E7:: 03 /0:3 B= A3B C> / 0CA7
D3@G 7<27D72C/: E7B6 E3/:B6 " <3AA E7B6 / >=A7B7D3 A1/:3 =4 >@=2C1B7=< 7<23>3<23<B:G =4 B63 A/:/@73A
=O3@32 7< B63 :/0=C@ ;/@93B =E3D3@ 23>3<27<5 =< B63 3?C7:70@7C;
A/:/@G 7<27D72C/:A E7:: 231723 E63B63@ B= 031=;3 E=@93@A =@ 3<B@3>@3
<3C@A
4 /B B63 :=E3AB >=AA70:3 A/:/@G B63@3 7A /< 3F13AA AC>>:G =4 :/0=C@
B63< /:: B63 7<27D72C/:A B6/B /@3 /0:3 B= >/G / A/:/@G 5@3/B3@ B6/< =@
3?C/: B= E7:: A3B C> / 0CA7<3AA
" "" " " 4 /B B63 :=E3AB >=AA70:3 A/:/@G B63@3 7A /< 3F13AA 23;/<2 4=@ :/0=C@
B63< B63 A/:/@G E7:: @7A3 B= B63 :3D3: B6/B 7B E7:: 1:3/@ B63 :/0=C@ ;/@93B
'67A E7:: 03 57D3< 0G B63 A/:/@G B6/B ;/93A B63 7<27D72C/: E7B6 E3/:B6
" 7<27O3@3<B 03BE33< 031=;7<5 / E=@93@ /<2 /< 3<B@3>@3<3C@
" "" " " '63 3?C7:70@7C; A/:/@G E7:: 03 3?C/: B= B63 A/:/@G B6/B B63 E3/:B6
73AB 7<27D72C/:A 7< B63 31=<=;G /@3 E7::7<5 B= >/G 74 B63 :/0=C@ ;/@93B
1:3/@A =@ 74 B63@3 7A /< 3F13AA 23;/<2 4=@ :/0=C@ /B ((*"%)$# ! +-.+', ( .'&)%(2 "'"/".%, + ,-+"-%2
,&%%+ -!' -! &1"&.& ,%+2 '-+)+'.+, + 0"%%"' -( (8+ <
B67A ;=23: B63< E63@3 7A B63 A/:/@G B6/B B63 E3/:B673AB
7<27D72C/:A 7< B63 31=<=;G /@3 E7::7<5 B= >/G
"=B3 B6/B 74 =<:G B63 E3/:B673AB >3@A=< 7< B63 31=<=;G 7A E7::7<5 B=
A3B C> / 0CA7<3AA B63 3?C7:70@7C; A/:/@G E7:: 03 57D3< 0G B63 A/:/@G B6/B
B63 A31=<2 E3/:B673AB >3@A=< 7< B63 31=<=;G E=C:2 03 E7::7<5 B= >/G
'67A 7A 031/CA3 B63 :/0=C@ ;/@93B 7A 1=;>3B7B7D3 /<2 7< =@23@ B= 1:3/@
B63 :/0=C@ ;/@93B 3<B@3>@3<3C@A E7:: @/7A3 A/:/@73A C> B= B63 :3D3: B6/B
:3/D3A B63 >3@A=< E7B6 E3/:B6 3?C/: B= " 7<27O3@3<B 03BE33< 031=;7<5
/< 3<B@3>@3<3C@ /<2 / E=@93@
" "" " " ((*"%)$# -! &' (+ ' ,.))%2 ( %(.+ + *.%
-! ,%+", (8+ 0"%% &$ "'"/".%, "'"8+'- -0' (&"'
0(+$+, ' '-+)+'.+,
=E3D3@ 7< B67A ;=23: B63 3?C7:70@7C; A/:/@G 1/< B/93 /<G D/:C3
03BE33< 23>3<27<5 =< B63 E3/:B6 27AB@70CB7=< '63 @3/A=< 4=@
B67A 7A B6/B B63 23;/<2 4=@ :/0=C@ 7A <=B 7<3:/AB71 B= A/:/@73A /A 7< B63
I@AB ;=23: 4 B63@3 7A 3F13AA 23;/<2 4=@ :/0=C@ B63 =<:G E/G B= 1:3/@
B67A 3F13AA 7A 0G =O3@7<5 / 67563@ A/:/@G B6/B E7:: ;/93 A=;3 7<27D72C/:A
7<27O3@3<B 03BE33< 031=;7<5 E=@93@A /<2 3<B@3>@3<3C@A AC16 B6/B B63
:/0=C@ ;/@93B 1:3/@A :B6=C56 16/<53A 7< A/:/@73A 2= <=B 16/<53 B63
A1/:3 =4 >@=2C1B7=< >3=>:3 1/< A3B C> B63 >@=IBA B6/B 3<B@3>@3<3C@A E7::
;/93 16/<53 3<13 /A :=<5 /A B63 A/:/@G 2=3A <=B 3F1332 B63 7<27D72C/:
:7;7B >3=>:3 E7:: @3;/7< 7< 0CA7<3AA
)) &*!'*"
'63 <3FB B6@33 3?C/B7=<A AC;;/@7H3 B63 3/@<7<5A =4 B63 C<3;>:=G32
" B63 E=@93@A " /<2 B63 3<B@3>@3<3C@A " 57D3< B6/B " " " " " " E63@3 /<2 '63 B3@;
/<2 A7<13 57D3< B6/B B63 A/:/@73A /@3 3<2=53<=CA:G
23B3@;7<32 B= 6/D3 / >=A7B7D3 @3BC@< /<2 B6/B ((*"%)$# ! +-.+', ( "'"/".%, , '-+)+'.+, + ,-+"-%2
!" !+ -!' -! +-.+', "'"/".%, 0(.% (-"' , .'&)%(2 /<2 '63 3?C7:70@7C; A/:/@G /B B7;3 ! E7:: 23B3@;7<3 B63 3/@<7<5A =4 7<27
D72C/:A 7< 3/16 =11C>/B7=< '63@3 E7:: 03 <= 3;>:=G;3<B 74 <= =<3 7<
B63 31=<=;G 6/A E3/:B6 3?C/: B= =@ 5@3/B3@ B6/< B63 E3/:B6 B6@3A6=:2
<313AA/@G B= A3B C> / 0CA7<3AA " " <=B 3D3< E63< B63 A/:/@G 7A /B
B63 :=E3AB :3D3: +#"( $ !) ()'*)$#
'63 2G</;71A =4 E3/:B6 27AB@70CB7=< 23>3<2 =< B63 3?C7:70@7C; A/:/@G
/<2 B67A 1/< B/93 /<G D/:C3 03BE33< E6716 23>3<2A =< B63 27A
B@70CB7=< =4 E3/:B6
'= 3F/;7<3 B63 2G</;71A =4 E3/:B6 4=@ 3/16 2G</ABG I@AB B63 IF32
>=7<BA /@3 =0B/7<32 /<2 A31=<2 B637@ AB/07:7BG 7A /</:GA32
'63 4CBC@3 E3/:B6 =4 B63 167:2 =4 /< C<3;>:=G32 7<27D72C/: 7A
" " '63 4CBC@3 E3/:B6 =4 B63 167:2 =4 / E=@93@ 7A
" " '63 4CBC@3 E3/:B6 =4 B63 167:2 =4 /< 3<B@3>@3<3C@ E7B6 6756 3/@<7<5A
7A
" &C0AB7BCB7<5 B63 D/:C3A =4 " " E63@3 /<2 '63 B3@;
/<2 A7<13 57D3< B6/B B63 A/:/@73A /@3 3<2=53<=CA:G
23B3@;7<32 B= 6/D3 / >=A7B7D3 @3BC@< /<2 B6/B '63 27O3@3<13 3?C/B7=<A " " " 23A1@703 B63 3D=:CB7=<
=4 E3/:B6 =D3@ B7;3 4 =<3 B67<9A =4 B63 @3:/B7=<A67> 03BE33< " /<2
" /A / 4C<1B7=< " " B63< B63 E3/:B6 =4 B=2/G 3?C/:A B63
E3/:B6 =4 B=;=@@=E E63< " /<2 " /@3 3?C/: '67A 1=;;=< D/:C3
23<=B32 0G "
7A CAC/::G 1/::32 / IF32 >=7<B < /227B7=< B= I<2 E63<
E3/:B6 @3/163A / IF32 >=7<B 7B 7A 7;>=@B/<B B= /</:GA3 7BA AB/07:7BG B
7A 9<=E< B6/B B63 1=<27B7=<A 4=@ B63 AB/07:7BG =4 B63 2G</;71A =4 :7<3/@
@31C@@3<13 @3:/B7=<A E7B6 $#()#) $,#)( 1/< 03 23A1@7032 0G B63
4=::=E7<5 !(+& $'" "
", 41 )("'- ( -! 4+,- (++ +.++' *.-"('
" " " -!' "
", ,-% 41 )("'- " ' ' .',-% 41 )("'- " - -! "8+' -0' " ' "
!' " "
' " "
" "
"
"
2 2%(+6, -!(+& "- (%%(0, -! "
"
"
.- "
", 41 )("'- ,( "
"
' "
!., "' ", (',-'- -! ++(+ 2, -( 3+( " (0/+ " -! ++(+ ('-"'.(.,%2 "'+,,
"3D3@B63:3AA '63=@3; 1/<<=B 03 />>:732 27@31B:G B= /</:GA3 B63
2G</;71A =4 E3/:B6 27AB@70CB7=< 7< B63 27O3@3<13 3?C/B7=<A "=B3 B6/B
B63 1=3N173<BA /AA=17/B32 B= 6=E E3/:B6 16/<53A =D3@ B7;3 73 " " /@3 <=B 1=<AB/<B '63 27O3@3<13 3?C/B7=<A 4=@ B63 E=@93@A /<2
3<B@3>@3<3C@A 23>3<2 =< B63 A/:/@73A E6716 23>3<2 =< B63 27AB@70CB7=<
=4 E3/:B6 #<:G B63 27O3@3<13 3?C/B7=< 4=@ B63 C<3;>:=G32 23>3<2A =<
/ 1=<AB/<B 1=3N173<B =E3D3@ B63 3F7AB3<13 =4 C<3;>:=G;3<B 7BA3:4
23>3<2A =< B63 >@=>=@B7=< =4 >3=>:3 B6/B 1/< A3B C> 0CA7<3AA /<2 B67A
/:A= 23>3<2A =< B63 27AB@70CB7=< =4 E3/:B6
5<=@7<5 4=@ / ;=;3<B 6=E B63 >@=>=@B7=< =4 >3=>:3 7< C<3;>:=G
;3<B 16/<53A /<2 6=E A/:/@73A 16/<53 =D3@ B7;3 B63 2G</;71A =4 E3/:B6
4=@ B63 B6@33 BG>3A =4 =11C>/B7=< 1/< 03 /</:GA32 74 B63 IF32 >=7<BA 4=@
3/16 =11C>/B7=< /@3 =0B/7<32 /<2 4C@B63@ /AAC;>B7=<A /@3 7<B@=2C132
>:G7<5 '63=@3; B63 IF32 >=7<BA 4=@ 3/16 =4 B63 B6@33 =1C>/B7=<A /@3
57D3< 0G "
4=@ B63 C<3;>:=G32 "
4=@ E=@93@A /<2 "
4=@ 3<B@3>@3
<3C@A
"
"
"
'63 AB/07:7BG =4 B63A3 IF32 >=7<BA 1/< 03 /</:GA32 74 4C@B63@ /AAC;>
B7=<A /@3 ;/23
((*"%)$# 2',-2 ''(- (& +"! (/+ -"& #.,- 2 ,/
"' +-"(' ( "-, 0%-! " !+(+ "- 0"%% ,,.& -! ((*"%)$# 2',-2 ( .'&)%(2 )()% ''(- .&.%-
0%-! (/+ -"& ,.7"'- -( ,- .) .,"',, !+(+ "- ", ,,.&
-!- " ((*"%)$# ! 41 )("'- (+ 0(+$+,6 +'"' , %", %(0 -!
0%-! -!+,!(% -( ,- .) .,"',, " "
" ,%+", +&"' %(0
(/+ -"& ((*"%)$# ! 41 )("'- (+ '-+)+'.+,6 +'"' , ", *.%
-( (+ +-+ -!' -! 0%-! -!+,!(% -( ,- .) .,"',, " "
'63IF32 >=7<B 4=@ 3<B@3>@3<3C@A 1/< 03 <35/B7D3 4=@ 13@B/7< >/@/;3
B3@ D/:C3A '= 5C/@/<B33 / >=A7B7D3 E3/:B6 :3D3: 4=@ 3<B@3>@3<3C@A B63
4=::=E7<5 >@=>=A7B7=< 7A ;/23
'$%$()$# ! %(' +.' +'"' , ( 0(+$+, ' -! .'&
)%(2 + )(,"-"/ ' ,-% " '63 :=<5 @C< 3/@<7<5A =4 B63
3<B@3>@3<3C@A /@3 <=B 5C/@/<B332 B= 03 >=A7B7D3 /<2 AB/0:3 74 '$%$()$# ! %(' +.' +'"' , ( '-+)+'.+, !/ )(,"-"/ 41 )("'- " '67A 7A 031/CA3 B63 :=<5 @C< 3/@<7<5A =4 3<B@3>@3<3C@A /@3 57D3< 0G
3? '63 <C;3@/B=@ =4 B67A 3?C/B7=< 7A <35/B7D3 A7<13 /<2 '= A31C@3 / >=A7B7D3 IF32 >=7<B B63 23<=;7</B=@
;CAB /:A= 03 <35/B7D3 E6716 7;>:73A 4 /<2 /<2 /AAC;7<5 B6/B A/:/@73A /@3 1=<AB/<B
=D3@ B7;3 /B B63 :=E3AB >=AA70:3 D/:C3 B63 2G</;71A =4 E3/:B6 E7:: 03
/A 23>71B32 7< I5C@3 <27D72C/:A E7B6 E3/:B6 03:=E " E7:: 031=;3 E=@93@A =@ C<3;
>:=G32 E67:3 7<27D72C/:A E7B6 E3/:B6 /0=D3 " E7:: 031=;3 3<B@3>@3
<3C@A <B@3>@3<3C@A E7B6 E3/:B6 03:=E "
E7:: L231/>7B/:7A3M =D3@ B7;3
3D3< 74 B63 A/:/@73A /@3 93>B 1=<AB/<B /B =@ 3<B@3>@3<3C@A E7B6 E3/:B6
/0=D3 "
B637@ E3/:B6 E7:: 3F>/<2 B=E/@2A "=<3B63:3AA 74 A=;3 3<
B@3>@3<3C@A 933> 3F>/<27<5 B637@ I@;A /<2 =B63@A 933> 2@=>>7<5 =CB =4
0CA7<3AA 7B 7A C<:793:G B6/B A/:/@73A E7:: @3;/7< 1=<AB/<B
< B63 1/A3 E63@3 B63@3 7A / :/@53@ >@=>=@B7=< =4 3<B@3>@3<3C@A E7B6
3F>/<27<5 @/B63@ B6/< 1=<B@/1B7<5 E3/:B6 A/:/@73A E7:: 7<1@3/A3 75C@3
A6=EA 6=E /< 7<1@3/A3 7< A/:/@73A 16/<53A B63 2G</;71A =4 E3/:B6 4=@
7<27D72C/:A 7< 3/16 =11C>/B7=< '63 IF32 E3/:B6 >=7<B 4=@ E=@93@A E7::
7<1@3/A3 /A / @3AC:B =4 6/D7<5 67563@ A/:/@73A < =B63@ E=@2A B63 :7<3 B6/B
23<=B3A B63 2G</;71A =4 E3/:B6 4=@ E=@93@A E7:: A674B C>E/@2A 4@=; :7<3
B=E/@2A B63 :7<3 &7<13 :/0=C@ 7A <=E ;=@3 3F>3<A7D3 B67A E7::
Wt+1
Wˆ w = Wˆ u
Ŵe
WA
75C@3 G</;71A =4 *3/:B6 7AB@70CB7=< 6/D7<5
Wt
1=<AB/<B
@32C13 B63 @/B3 =4 /11C;C:/B7=< =4 E3/:B6 0G 3<B@3>@3<3C@A A / @3AC:B
=4 B63 7<1@3/A3 7< :/0=C@ >/G;3<BA B63 :7<3 @3>@3A3<B7<5 B63 2G</;71A =4
E3/:B6 4=@ 3<B@3>@3<3C@A A674BA 4@=; @756BE/@2A B=E/@2A '63
E3/:B6 B6@3A6=:2 4=@ 031=;7<5 /< 3<B@3>@3<3C@ E7:: ;=D3 4@=; B=
/<2 =<:G B63 E3/:B673AB 3<B@3>@3<3C@A E7:: @3;/7< 7< 0CA7<3AA A7<13
B63G /@3 B63 =<:G =<3A B6/B 1/< /O=@2 B= 1=<B7<C3 3F>/<27<5 B637@ A1/:3
=4 >@=2C1B7=< /4B3@ B63 7<1@3/A3 7< A/:/@73A
'63@34=@3 B63 2G</;71A =4 E3/:B6 E7:: <=B 4=::=E / :7<3/@ >/B6 0CB
B63 =<3 >@3A3<B32 7< I5C@3 '63 E3/:B6 =4 A=;3 3<B@3>@3<3C@A E7::
231@3/A3 B=E/@2A '63 A1/:3 =4 >@=2C1B7=< =4 B63A3 3<B@3>@3<3C@AK
I@;A 7A B== A;/:: B= 933> I</<17<5 B63 1=AB =4 @3>:/17<5 B63 23>@317/B32
;/167<3@G '63@34=@3 /B A=;3 >=7<B B63G E7:: 03 4=@132 B= A6CB 2=E<
Wt+1
Wt+1
450
A’
A
B’
w
B
Workers
w’
Entrepreneurs
WA
Workers
Entrepreneurs
WA’
Wt
Before raise in salaries
Wt
After raise in salaries
75C@3 G</;71A =4 *3/:B6 7AB@70CB7=< E63< &/:/@73A <1@3/A3
B637@ 0CA7<3AA /<2 031=;3 37B63@ E=@93@A =@ C<3;>:=G32 < 1=<B@/AB
B63 E3/:B6 =4 A=;3 3<B@3>@3<3C@A E7:: 1=<B7<C=CA:G 3F>/<2 B=E/@2A =E3D3@ B63 5@=EB6 =4 B637@ E3/:B6 E7:: 03 1=<AB@/7<32 0G B63 :/0=C@
1/>/17BG =4 B63 31=<=;G 3<13 B637@ E3/:B6 E7:: B3<2 B=E/@2A /< C>>3@
B6@3A6=:2 23<=B32 0G B63 2=B 7< B63 1C@D3 B6/B 7<B3@A31BA B63 :7<3
&7<13 B63@3 7A /< C>>3@ :7;7B B= E3/:B6 3F>/<A7=< B63 E3/:B6 B6@3A6
=:2 " /:A= B3<2A B= AB/07:7H3 /B /< C>>3@ :3D3: 23I<32 0G " :B6=C56 B63 E3/:B6 =4 A=;3 >3=>:3 933>A 7<1@3/A7<5 7B 7A <=B 13@B/7<
E6/B 6/>>3<A B= B63 2G</;71A =4 A/:/@73A '67A 23>3<2A =< B63 27AB@7
0CB7=< =4 E3/:B6 6=E E3/:B6G /@3 B63 @7163AB 7< B63 31=<=;G /<2 B63
7<3?C/:7BG /;=<5 3<B@3>@3<3C@A
=@ 7<AB/<13 74 /B B63 7<7B7/: 27AB@70CB7=< B63@3 /@3 /:@3/2G D3@G
E3/:B6G 3<B@3>@3<3C@A 67@7<5 /:;=AB B63 3<B7@3 >=>C:/B7=< B63G E7:: <=B
3F>/<2 B637@ A1/:3 =4 >@=2C1B7=< ;C16 4C@B63@ <=@ E7:: B63G @/7A3 A/:/@73A
A75<7I1/<B:G 4 B63@3 7A <= 7<3?C/:7BG /;=<5 B63 E3/:B673AB 3<B@3>@3<3C@A
/:: =4 B63; E7:: @3;/7< 7< 0CA7<3AA A7<13 B637@ E7::7<5<3AA B= >/G 67563@
A/:/@73A 7A B63 A/;3 "=<3B63:3AA 74 /;=<5 B63 3<B@3>@3<3C@A B63@3 7A
=<3 B6/B 7A ;C16 @7163@ 63 1=C:2 @/7A3 A/:/@73A B= 933> >=B3<B7/: 3<B@3
450
wt+1
45o
wA
75C@3 =<5 %C< *3/:B6 '6@3A6=:2 " /<2 "
>@3<3C@A =CB =4 0CA7<3AA 7< =@23@ B= A31C@3 B63 3F>/<A7=< =4 67A A1/:3 =4
>@=2C1B7=<
"" ! *."%"+".& ,%+2 ' !+-+", 2 "-!+ (
-! (%%(0"' -2), ( 2'&",
2) %+", +&"' (',-'- (/+ -"& - %/% !", 0"%%
!))' " - -! "'"-"% ",-+".-"(' ( 0%-! -! %(.+ &+$- %+, -! ,%+2 "-!+ ., -!+ ", ('%2 (' '-+)+'.+ !"+"' %% -!
)().%-"(' (+ ., -!+ + /+"(., '-+)+'.+, -!- !"+ -! '-"+
)().%-"(' ' '( '-+)+'.+ ' 1)' .+-!+ !", ,% ( )+(.
-"(' 2 "'+,"' ,%+", '+ -!, -0( "+.&,-', ,%+", 0"%%
'(- "'+, (/+ -"& "/' -!- -! &' (+ %(.+ ''(- 1)'
'2 .+-!+
2) %+", )+,'- 5.-.-"(' ' -!' ,-"%"3 - '2 )("'"' !", 0"%% !))' " - '2 *."%"+".& ,%+2 -!+ ", )+(
)(+-"(' ( )()% -!- +(), (.- ( .,"',, '1- )+"( 0!"% (-!+, $)
1)'"' -!"+ 0%-! ! !' , "' ,%+", -!+(+ + "-!+ )(,
"-"/ (+ ' -"/ )'"' (' 0!-!+ -! )+()(+-"(' -!- ", 1)'"'
wt
.,"',, ", +-+ -!' *.% -( (+ ,&%%+ -!' -! )+()(+-"(' ( )()%
+())"' (.- ( .,"',, ' -! %(' +.' 0!' -! +&"'"' '-+)+
'.+, +! .%% &)%(2&'- -! %(.+ &' 0"%% +&"' (',-'- )("'- "' 2) %+", "'+, (/+ -"& -( -!' ,-"%"3 - '2 )("'- "'
!", 0"%% !))' " -! )+()(+-"(' ( '-+)+'.+, 1)'"'
.,"',, ", %02, +-+ -!' -! )+()(+-"(' ( )()% +())"' (.- (
.,"',, ' -! %(' +.' 0!' '-+)+'.+, +! .%% &)%(2&'-
-! %(.+ &' 0"%% +&"' ,-% - )("'- "' 2) %+", "'+, -( +! )$ ' -!' +, (/+ -"&
-( !", 0"%% !))' " -!+ + /+"(., '-+)+'.+, 1)'"' .,"
',, (/+ -"& .- -!+ ", ('%2 (' '-+)+'.+ -!- $), "'+,"'
,%+", ,.! -!- ! !"+, %% -! )().%-"(' (-" -!- %-!(. ! -!
+"!,- '-+)+'.+ !/, (&)-"-"/%2 -! *."%"+".& ,%+", +
*.% -( -! !" !,- ,%+2 -!- -! ,(' 0%-!",- )+,(' 0(.% 0"%%"' -( )2 "' -! ,(' 0%-!",- )+,(' ", 0(+$+ !", 0%-!
", %"'"' (/+ -"& -( -! 41 )("'- "
!+(+ -! ,%+2 -!-! ,(' 0%-!",- "'"/".% ' )2 $), %%"' (/+ -"& ' ,(
( -! *."%"+".& ,%+", (/+ -"&
! + - 0%-! %/% ' -! ",-+".-"(' ( 0%-! "' -! %('
+.' )' (' -! 2'&", ( ,%+", ! -2) ( %(' +.' 0%-!
",-+".-"(' -!- ' !"/ ", ,+" "' )+()(,"-"(' '$%$()$# "/' '2 "'"-"% 0%-! ",-+".-"(' -!+ 1",-, .'"*. ,--"('+2 0%-! ",-+".-"(' -( 0!"! "- ('/+ ,
'$%$()$# ! "'"-"% ",-+".-"(' ( 0%-! ('/+ , -( "-!+
( -!+ -2), ( ,--"('+2 ",-+".-"(',
--"('+2 ",-+".-"(' 2) ! %(' +.' ",-+".-"(' ('/+ ,
-( -0( 41 ' ,-% )("'-, (+ "'"/".%, 0"-! "'"-"% 0%-! %(0
-! 0%-! -!+,!(% +*."+ (+ ,--"' .) .,"',, - -! *."%"+".&
,%+2 " " -! 41 )("'-, ('/+ -( "
"
(+
"'"/".%, 0"-! "'"-"% 0%-! *.% -( (+ +-+ -!' -! 0%-! -!+,!(%
-( ,- .) .,"',, " " -!"+ 0%-! ('/+ , -( "
/B
E6716 B63@3 7A 4C:: 3;>:=G;3<B /<2 B63 A1/:3A =4 >@=2C1B7=< 1/<<=B 03
3F>/<232 4C@B63@ 3D3< 74 A/:/@73A 7<1@3/A3
--"('+2 ",-+".-"(' 2) ! %(' +.' ",-+".-"(' ('/+ ,
-( (' 41 ' ,-% )("'- "
0!+ (-! '-+)+'.+, '
0(+$+, - -! ,& 0%-! ' -!", , -!+ 0"%% .%% &)%(2&'' -! *."%"+".& ,%+2 0"%% *.%", -! +-.+', ( '-+)+'.+, '
0(+$+,
--"('+2 ",-+".-"(' 2) ! %(' +.' ",-+".-"(' ('/+ ,
-( (' 41 ' ,-% )("'- "
!", 0"%% !))' " -!
"'"-"% 0%-! ( %% "'"/".%, ", %(0 -! 0%-! -!+,!(% ',,+2 (+
,--"' .) .,"',, " " - -! %(0,- )(,,"% ,%+2 !' -!
('%2 ()-"(' /"%% ", .'&)%(2&'- %-+'-"/%2 -!", ,--"('+2
",-+".-"(' ' %,( +! " - -! %(0,- )(,,"% ,%+2 -!
,% ( )+(.-"(' ( %% -! 4+&, ", -(( ,&%% -( $) 4''"' -!
(,- ( +)%"' &!"'+2 !+(+ "' -! %(' +.' %% 4+&, 0"%%
,!.- (0' ' .'&)%(2&'- 0"%% -! ('%2 ()-"(' /"%% !", 0"%%
!))' 0!' -! 0%-! ( %% "'"/".%, ", %(0 -! 41 )("'- "
< B63 AB/B7=</@G 27AB@70CB7=< BG>3 B63 @3BC@<A =4 3<B@3>@3<3C@A E7::
03 27O3@3<B B= B63 @3BC@<A =4 E=@93@A < B67A 1/A3 B63 /55@35/B3 E3/:B6
7< B63 :=<5 @C< E7:: 03 :=E /<2 23<=B32 0G B E7:: 03 57D3< 0G B63
AC; =4 B63 E3/:B6 =4 E=@93@A /<2 B63 C<3;>:=G32 / " >@=>=@B7=<
=4 B63 >=>C:/B7=< /<2 0G B63 E3/:B6 =4 3<B@3>@3<3C@A / >@=>=@B7=< =4
B63 >=>C:/B7=< ""
"
"" "
""
'63 :=<5 @C< /55@35/B3 E3/:B6 /1673D32 0G B63 AB/B7=</@G 27AB@70C
B7=< BG>3 7A 23<=B32 0G B 7A /1673D32 E63< B63@3 7A /< 3F13AA
23;/<2 4=@ :/0=C@ 7< B63 :=<5 @C< =@ E63< B63 :/0=C@ ;/@93B 1:3/@A /B
< B67A 1/A3 /:: B63 >=>C:/B7=< 3<8=GA B63 A/;3 :3D3: =4 E3/:B6
'63 31=<=;G E7:: /1673D3 B63 AB/B7=</@G 27AB@70CB7=< BG>3 E63< <= =<3 7< B63 31=<=;G 1/< /O=@2 B= A3B C> / 0CA7<3AA < B67A
A7BC/B7=< <=B 3D3< B63 E3/:B673AB >3@A=< 7< B63 31=<=;G 1/< A3B C> /
0CA7<3AA
< B63 AB/B7=</@G 27AB@70CB7=< BG>3A /<2 B63@3 7A <= 7<3?C/:7BG 7<
B63 :=<5 @C<
=;>/@7<5 B63 :=<5 @C< E3/:B6 :3D3:A =4 /<2 7B 4=::=EA
B6/B B63 :/@53@ 7A B63 >@=>=@B7=< =4 E3/:B6G >3=>:3 C<23@AB==2 /A B6=A3
E6= 1/< A3B C> / 0CA7<3AA =@ @3;/7< 7< 0CA7<3AA B63 67563@ B63 A/:/@73A
/<2 B63 67563@ B63 :=<5 @C< E3/:B6 :3D3: E7:: 03 '67A 7A 2C3 B= 0G B63
4/1B B6/B B63 E3/:B673AB 3<B@3>@3<3C@A E7:: 03 /0:3 B= 3F>/<2 B637@ A1/:3A
=4 >@=2C1B7=< /<2 @/7A3 A/:/@73A /B B63 A/;3 B7;3 &/:/@73A E7:: 7<1@3/A3
4/AB3@ B63 :3AA >==@ B63 <=<3<B@3>@3<3C@A /@3 '67A 7A 031/CA3 B63
@3A3@D/B7=< A/:/@G 7A <=B 57D3< =<:G 0G 0CB /1BC/::G 0G B63 ;/F7;C;
A/:/@G B6/B 3D3@G 7<27D72C/: 7A E7::7<5 B= >/G '63 67563@ B67A 7A B63
67563@ B63 3?C7:70@7C; A/:/@G E7:: 03
(*(($#
'63 27AB@70CB7=< =4 E3/:B6 1/< 1=<D3@53 B= B6@33 BG>3A =4 L4/;7:GM 27AB@7
0CB7=<A E6716 23>3<2 =< B63 7<7B7/: =D3@/:: E3/:B6 27AB@70CB7=< < 35/:
7B/@7/< :=<5 @C< 27AB@70CB7=< E7B6 6756 :3D3:A =4 E3/:B6 E7:: 03 /1673D32
74 ;/<G 3<B@3>@3<3C@A 1/< 933> 3F>/<27<5 B637@ I@;A AC16 B6/B B63
3?C7:70@7C; A/:/@G 3?C/B3A B63 @3BC@<A =4 E=@93@A /<2 3<B@3>@3<3C@A <
35/:7B/@7/< :=<5 @C< 27AB@70CB7=< 0CB E7B6 :=E :3D3:A =4 E3/:B6 E7:: 03
/1673D32 74 37B63@ /B B63 AB/@B7<5 >=7<B B63@3 7A <= =<3 7< B63 31=<=;G
B6/B 1/< A3B C> / 0CA7<3AA =@ 74 /:: B63 3<B@3>@3<3C@A 7< B63 31=<=;G
/@3 C</0:3 B= AB/G 7< 0CA7<3AA 3D3< 74 B63 A/:/@73A @3;/7< /B B63 :=E
3AB >=AA70:3 :3D3: /<2 1=<AB/<B :3AA 35/:7B/@7/< 27AB@70CB7=< E7:: 03
/1673D32 74 3<B@3>@3<3C@A 3F>/<2 B637@ A1/:3A =4 >@=2C1B7=< 67@7<5 /::
B63 >=>C:/B7=< 0CB B63 3?C7:70@7C; A/:/@G 2=3A <=B 3?C/B3 B63 @3BC@<A
=4 3<B@3>@3<3C@A /<2 E=@93@A '63 E723@ B63 7<7B7/: E3/:B6 27O3@3<13A
03BE33< E=@93@A /<2 3<B@3>@3<3C@A B63 ;=@3 :793:G B6/B B63 A/:/@73A E7::
@3;/7< :=E =D3@ B7;3
=<3A6=B $75=C/:B=< E3/:B6 B@/<A43@ E7:: <=B >3@;/<3<B:G 7<
1@3/A3 B63 E3/:B6 :3D3: 3D3< 74 B67A B@/<A43@ 3</0:32 A=;3 >3=>:3 B= A3B
C> 0CA7<3AA '63 @3/A=< 4=@ B67A 7A B6/B 3D3< 74 A/:/@73A @3;/7< 1=<AB/<B
=D3@ B7;3 4=@ A;/:: 3<B@3>@3<3C@A E3/:B6 231@3/A3A =D3@ B7;3 4=@17<5
B63; B= A6CB2=E< B637@ I@; '67A 7A 031/CA3 B637@ A1/:3 =4 >@=2C1B7=<
7A B== A;/:: B= 933> I</<17<5 B63 1=AB =4 @3>:/17<5 ;/167<3@G D3< 74
A=;3 E=@93@A @3137D3 B@/<A43@A B= 3</0:3 B63; B= A3B C> / 0CA7<3AA B637@
2G</AB73A ;756B <=B /O=@2 B= 933> I</<17<5 B63 @3?C7@32 7<D3AB;3<B 7<
;/167<3@G 7D3< B6/B A=;3 E3/:B673@ 3<B@3>@3<3C@A 933> 3F>/<27<5
B637@ A1/:3A =4 >@=2C1B7=< A/:/@73A E7:: @7A3 /<2 63<13 A= E7:: B63 A/:/@G
1=AB 4=@ A;/:: I@;A '63@34=@3 E3/:B6 B@/<A43@A E7:: 7<1@3/A3 B63 :=<5 @C<
E3/:B6 =<:G 74 B63 B@/<A43@A /@3 :/@53 3<=C56 B= 3</0:3 A;/:: 3<B@3>@3
<3C@A B= 933> 7<1@3/A7<5 B637@ A1/:3 =4 >@=2C1B7=< 23A>7B3 B63 7<1@3/A3
7< A/:/@73A '63 ;=23: >=7<BA B= B63 @3:3D/<13 =4 B63 7<7B7/: E3/:B6 27A
B@70CB7=< /<2 1@327B 1=<AB@/7<BA 7< B63 /</:GA7A =4 5@=EB6 /<2 7<3?C/:7BG
$#!*# "' (
'63 /@B71:3 >@3A3<B32 / ;=23: B6/B /AA3AAEA 6=E 1@327B ;/@93B 7;>3@431
B7=<A /<2 B63 =D3@/:: 0CA7<3AA3<D7@=<;3<B /O31B B63 2G</;71A =4 E3/:B6
'63 ;=23: /::=E32 3<B@3>@3<3C@A B= 16/<53 B637@ A1/:3A =4 >@=2C1
B7=< =D3@ B7;3 /<2 B63 3?C7:70@7/ 23>3<2 <=B 8CAB =< B63 >@=>=@B7=< =4
1@327B B= <=<1@327B 1=<AB@/7<32 7<27D72C/:A 0CB /:A= =< B63 E3/:B6 27A
B@70CB7=< E7B67< B63A3 BE= 5@=C>A *63< B63@3 7A / :/@53 27O3@3<13 7<
E3/:B6 03BE33< B63 @716 /<2 B63 ;722:3A1/:32 3<B@3>@3<3C@A B63 :/@53
3<B@3>@3<3C@A 1/< 2@7D3 =CB =4 B63 ;/@93B B63 ;722:3 /<2 A;/::3@A1/:32
3<B@3>@3<3C@A 0G 7<1@3/A7<5 A/:/@73A 7< B63 A6=@B @C< < B63 :=<5 @C<
=<13 B63 ;722:3 /<2 A;/::3@A1/:32 3<B@3>@3<3C@A /@3 =CB =4 B63 ;/@
93B B63 :/@53 3<B@3>@3<3C@A 1/< 3<2 C> >/G7<5 :=E A/:/@73A 57D3< B63
@32C132 :3D3: =4 1=;>3B7B7=< 7< B63 ;/@93B $@3D7=CA ;=23:A 6/D3 <=B
3AB/0:7A632 AC16 / :7<9 03BE33< B63 27AB@70CB7=< =4 E3/:B6 E7B67< B63
1@327B /<2 <=<1@327B 1=<AB@/7<32 5@=C>A /<2 B63 :=<5 @C< 27AB@70CB7=<
=4 E3/:B6
< B63 ;=23: >@3A3<B32 B63 :=<5 @C< 27AB@70CB7=< =4 E3/:B6 1/< 1=<
D3@53 B= / E723 @/<53 =4 27AB@70CB7=<A =D3@ B7;3 '63A3 23>3<2 =< B63
E3/:B6 27AB@70CB7=< =4 B63 1@327B /<2 <=<1@327B 1=<AB@/7<32 7<27D72C/:A
'63 :/@53@ /<2 B63 >==@3@ B63 0=BB=; =4 B63 27AB@70CB7=< 7A B63 :=E3@
B63 3?C7:70@7C; A/:/@G E7:: 03 '63 E3/:B673@ /<2 B63 ;=@3 35/:7B/@7/<
B63 B=> =4 B63 27AB@70CB7=< 7A B63 67563@ B63 3?C7:70@7C; A/:/@G E7:: 03
'#(
-. 567=< $ /<2 =:B=< $ L '63=@G =4 '@719:3=E< /<2
3D3:=>;3<BM %3D73E =4 1=<=;71 &BC273A -
. /<3@833 <2@3E "3E;/< L#11C>/B7=</: 6=713 /<2 B63
$@=13AA =4 3D3:=>;3<BM =C@</: =4 $=:7B71/: 1=<=;G -. 3</0=C % L<3?C/:7BG /<2 @=EB6M 7< 3< 3@</<93
/<2 C:7= %=B3;03@5 32A "/B7=</: C@3/C =4 1=<=;71 %3A3/@16
!/1@=31=<=;71A <<C/: /;0@7253 !' $@3AA -. /:=@ # /<2 ,37@/ L<1=;3 7AB@70CB7=< /<2 !/1@=31=
<=;71AM '63 %3D73E =4 1=<=;71 &BC273A -. /B6/9 ! /<2 7/<5 " L A7;>:3 ;=23: =4 7<3?C/:
7BG =11C>/B7=</: 16=713 /<2 23D3:=>;3<BM =C@</: =4 3D3:=>;3<B
1=<=;71A
© Copyright 2026 Paperzz