GH<U?UJH>:32/$567(51,8032*2123+25$ BAFHJYKDHLBYBIJBE?=:XSBO<H>:GL:JDLBDB

;BHEH=BYFHJYlhfk± M>D AHHEH=BY;?KIHA<HGHQGUO GH<U?UJH>:32/$567(51,8032*2123+25$ BAFHJYKDHLBYBIJBE?=:XSBO<H>:GL:JDLBDB ]J<Kfbjgh\ Ahheh]bq_kdbcbgklblmlJ:GKZgdlI_l_j[mj] HPDLOPRUSKRO#]LQUX KlZlvyijbgylZdi_qZlb] <[_glhkguoijh[Zokh[jZgguo\h\j_fywdki_^bpbcgZGBK:dZ^_fbdDmjqZlh\b]]W\ jbdZ]b>fbljbcF_g^_e__\]\ZleZglbq_kdbck_dlhj:glZjdlbdbh[gZjm`_ghq_luj_gh\uo \b^Zih]hghnhjijbgZê_`Zsbodjh^m3RODUVWHUQLXP6PLUQRY3PDJQXPVSQ3HYULNDHVSQ3PLUD ELOHVSQb3DXVWUDOHVSQ<k_]hbamq_guk[hjukklZgpbc]em[bgZhl^hfIjb\_^_gufhjnheh ]bq_kdb_hibkZgbybkjZ\gbl_evgu_oZjZdl_jbklbdb^Zgguo\b^h\GZhkgh\_bamq_gbygh\h]hfZl_jbZeZbafh jyEZil_\uoGBK3RODUVWHUQb]]^hiheg_ghhibkZgb_Zjdlbq_kdh]hij_^klZ\bl_eyjh^Z±3RODU VWHUQLXPUXJHOORVXP6PLUQRY Dexq_\u_keh\Zih]hghnhjugh\u_\bûlZdkhghfbykbkl_fZlbdZ:glZjdlbdZ 1HZ VSHFLHV RI WKH JHQXV 3RODUVWHUQLXP 3RJRQRSKRUD IURP WKH 6FRWLD 6HD DQG DGMDFHQW ZDWHUV RI WKH $QWDUFWLF596PLUQRY=RRORJLFDO,QVWLWXWH5XVVLDQ$FDGHP\RI6FLHQFHV6W3HWHUVEXUJ )RXUQHZVSHFLHVRIWKHJHQXV3RODUVWHUQLXP6PLUQRYDUHUHFRUGHGIURPWKH$WODQWLFVHFWRURIWKH$QWDUF WLF2FHDQ%HQWKLFVDPSOHVZHUHFROOHFWHGIURPDGHSWKRI±PDWVWDWLRQVRQFUXLVHVRIWKH59V$FDGHPLN .XUFKDWRYDQG(YULNDDQG'PLWUL\0HQGHOHHY0RUSKRORJLFDOGHVFULSWLRQVDQGFRP SDUDWLYHFKDUDFWHULVWLFVRI3PDJQXPVSQ3HYULNDHVSQ3PLUDELOHVSQDQG3DXVWUDOHVSQDUHJLYHQ7KHGH VFULSWLRQRIWKHDUFWLFUHSUHVHQWDWLYHRIWKHJHQXV3RODUVWHUQLXPUXJHOORVXP6PLUQRYLVH[SDQGHGDIWHUVWXG\RI QHZPDWHULDOIURPWKH/DSWHY6HDVWDWLRQV±PGHSWK593RODUVWHUQDQG%LRORJL\D0RU\D 9ODGLYRVWRNYROQRSS± .H\ZRUGVSRJRQRSKRUHVQHZVSHFLHVWD[RQRP\V\VWHPDWLFV$QWDUFWLF >ZggZyklZlvyijh^he`Z_lk_jbxim[ebdZpbcih k\ys_gguoh[rbjghcdhee_dpbbZglZjdlbq_kdboih]h ghnhj Ahheh]bq_kdh]h bgklblmlZ J:G ABG KZgdl I_l_j[mj]i_j\u_j_amevlZlubamq_gbydhlhjhcij_^ klZ\e_gujZg__6PLUQRYDE >h g_^Z\g_]h \j_f_gb k\_^_gby h nZmg_ ih]hgh nhj :glZjdlbdb [ueb h]jZgbq_gu gZoh^dZfb ^\mo \b ^h\6LERJOLQXPPHULGLDOH,YDQRY\fhj_>w\bkZb 6SLUREUDFKLD OHRVSLUD *XUHHYD \ X`ghKZg^\b q_\hf`_eh[_Iha`_[uehibkZg_s_h^bg\b^baZ[bk kZeb Hjdg_ckdh]h `_eh[Z ± 6SLUREUDFKLD RUNQH\HQVLV 6PLUQRY Z^jm]hc\b^wlh]hjh^Z±6OHRVSLUD± ih^\_j]ky k_jv_aghfm i_j_hibkZgbx \ j_amevlZl_ dh lhjh]h[uebgZc^_guijbagZdbiha\heb\rb_ijh\_klb j_\babx jh^Z 6SLUREUDFKLD b \u^_eblv gh\uc jh^ ± 9ROYREUDFKLD 6PLUQRY k _^bgkl\_gguf \b^hf 9EHNOHPLVFKHYL kf 6PLUQRY D E FZl_jbZe ih emq_gguc \ZglZjdlbq_kdbo wdki_^bpbyo \ i_jbh^ k ih]kms_kl\_gghjZkrbjbegZrbagZgbyh nZmg_ih]hghnhj:glZjdlbdb Ih]hghnhju hibku\Z_fu_ gb`_ h[gZjm`_gu gZ g_kdhevdbo klZgpbyo \ fhj_ Kdhlby b \ ijbe_`Zsbo jZchgZo ZleZglbq_kdh]h k_dlhjZ :glZjdlbdb Q_luj_ \b^Zbawlbok[hjh\hdZaZebkvgh\ufbêygZmdbbhl g_k_gu d jh^m 3RODUVWHUQLXP 6PLUQRY >Zgguc jh^ \u ^_e_gkjZ\gbl_evghg_^Z\ghb^hkboihj\dexqZe\k_ [y h^bg \b^ jZkijhkljZg_gguc \ fhj_ EZil_\uo Kfbjgh\H[gZjm`_gb_gh\uo\b^h\wlh]hjh^Z \ :glZjdlbd_ ij_^klZ\ey_l g_khfg_gguc ahh]_h]jZnb q_kdbc bgl_j_k Bamq_gb_ 3RODUVWHUQLXP UXJHOORVXP 6PLUQRY ba fhjy EZil_\uo iha\hebeh \uykgblv kljh_ gb_g_kdhevdbo\Z`g_crbohj]Zgh\mhkh[_cwlh]h\b ^Z ij_`^_ \k_]h Zggmeyjgh]h dhfie_dkZ b ihklZggm eyjguof_lZf_jh\bl_fkZfufmlhqgblvjZafZo\gml jbjh^h\hcbaf_gqb\hklb3RODUVWHUQLXP F:L?JB:EBF?LH>BD: FZl_jbZehfêy^ZgghcjZ[hluihkem`bebijh[ukh[ jZggu_ \wdki_^bpbyo gZ GBK :dZ^_fbd DmjqZlh\ \ p_g ljZevghf `_eh[_jZaehf_ fhjy Kdhlby b \ `_eh[_ Ehjb ]ZlZd`_\fhj_Kdhlbymh\ZFhj^\bgh\ZWe_nZgl ] gZ GIK W\jbdZ \ fhj_ Kdhlby m X`ghHjdg_c kdbo hkljh\h\ ] gZ GBK >fbljbc F_g^_e__\ \ ijhe ;jZgknbe^Z gZ x]h\hklhd_ :j]_glbgkdhc dhleh\bgu \fhj_Kdhlbymh\ZFhj^\bgh\ZWe_nZglb\fhj_Mw^^_e eZ ] Z lZd`_ gZ GBK 3RODUVWHUQ \ fhj_ EZil_\uo b ]] Ih]hghnhju [he__ wda b \ jZaZ [hevr_ imkluo ljm[hd h[gZjm`_gu gZ klZgpbyo ba gbo kl \fhj_ EZil_\uo gZ ]em[bgZo hl ^h f \ :g lZjdlbd_bhl^hf\fhj_EZil_\uo=jmgl±\hkgh\ ghfbebkluckjZaebqgufkh^_j`Zgb_fi_kdZb]ebguqZklh k dZfgyfb b ]jZ\b_f < dZq_kl\_ hjm^bc eh\Z ijbf_gyebkv ^ghq_jiZl_eb ^jZ]b b ljZe Kb]k[b FZl_jbZe nbdkbjh\Zeb JZ[hlZ\uiheg_gZijbnbgZgkh\hcih^^_j`d_]jZglZIj_ab^_glZJNFD bNPIFbjh\hchd_ZgBamq_gb_bbkke_^h\Z gb_:glZjdlbdbijh_dl KFBJGH< nhjfZebghfkihke_^mxsbfi_j_ghkhf\wlZgheeb [hkjZamwlZghehfGZ[ex^_gbybaf_j_gbybjbkmgdb\uihe g_gukbkihevah\Zgb_f[bghdmeyjgh]hbklZg^Zjlgh]hk\_lh \uofbdjhkdhih\kjbkh\ZevgufZiiZjZlhfLbih\hcfZl_jb ZeojZgblky\dhee_dpbbABGJ:G=,5$6 < gZklhys_c jZ[hl_ ijbgylu ke_^mxsb_ h[hagZq_gby fhjnhf_ljbq_kdboiZjZf_ljh\'I±^bZf_lji_j_^g_]hhl^_ eZ /I ± êbgZ i_j_^g_]h hl^_eZ /I'I ± hlghr_gb_ êbgu d ^bZf_ljm i_j_^g_]h hl^_eZ /FO ± êbgZ ]heh\ghc ehiZklb /FO'I ± hlghr_gb_ êbgu ]heh\ghc ehiZklb d^bZf_ljm i_ j_^g_]hhl^_eZ/W±êbgZsmiZevpZ'W±^bZf_ljsmiZevpZ 'W'I ± hlghr_gb_ ^bZf_ljZ smiZevpZ d ^bZf_ljm i_j_^g_]h hl^_eZ'WE±^bZf_ljljm[db J?AMEVL:LU K_f_ckl\h2OLJREUDFKLLGDH,YDQRY J h ^3RODUVWHUQLXP6PLUQRY 3RODUVWHUQLXPPDJQXP6PLUQRYVSQ Jbk FZl_jbZe =hehlbi kZf_p =,5$6 +1 iZjZ lbiZ imklu_ ljm[db =,5$6 31 GIK W\jbdZ klZgpbygZkdehg_X`gh]hoj_[lZmX`ghHjdg_c kdbohkljh\h\xra^f ^jZ]Z ljm[db ba gbo h^gZ k `b\hlguf K[hju :<G__eh\ZbBKKfbjgh\Z HibkZgb_ ?^bgkl\_gguc ^h\hevgh iheguc wd a_fieyj\ohjhr_fkhklhygbbh^gZdhqZklv_]hi_j_^ g_]hhl^_eZdi_j_^bhlma^_qdb\dexqZy]heh\gmxeh iZklv ih^\_j]eZkv kbevghfm khdjZs_gbx ijb nbdkZ pbbhq_f]h\hjylfgh]hqbke_ggu_f_edb_[hjha^dbb nhjfZdhjhldhcihqlbq_luj_om]hevghc]heh\ghceh iZklb Hq_\b^gh m j_eZdkbjh\Zgguo hkh[_c nhjfZ b êbgZ]heh\ghcehiZklbZlZd`_êbgZi_j_^g_]hhl^_ eZ g_kdhevdh bgu_ L_f g_ f_g__ fu \ugm`^_gu ijb gylvqlh'IkhklZ\ey_l±ff/I±ff/I'I± /FO ± ff /FO'I ± hdheh SmiZevp_ hq_gv lheklh_'W±ff'W'I±ijb[ebabl_evghhl hkgh\Zgbybih\k_cêbg_ffbki_sj_ghfgh`_kl \hf dhevp_\uo kdeZ^hd Ibggmeu êbggu_ ^h fdf jZkiheZ]Zxlky \ ^\Z [ebadbo iehlguo jy^Z gZ \k_f smiZevp_ djhf_ g_[hevrh]h [ZaZevgh]h mqZkldZ Hkgh\Zgb_ smiZevpZ kbevgh kf_s_gh \e_\h @_e_ab klucwib^_jfbkgZi_j_^g_fhl^_e_h[jZam_lihklnj_ gmeyjguc ihykhd ij_j\Zgguc gZh[_bo klhjhgZo l_eZ Ma^_qdZ jZkiheh`_gZ agZqbl_evgh ijhdkbfZevg__ k_ j_^bgu i_j_^g_]h hl^_eZ dbeb __ lhgdb_ gh ohjhrh aZf_lgu_dhjbqg_\h]hp\_lZ<_kvp_ehf]hk_]f_glZ ihaZ^b ma^_qdb aZiheg_g djmigufb fgh]hde_lhqgufb `_e_aZfbjZkiheh`_gb_dhlhjuoiheghklvxih\lhjy_l lZdh\h_\f_lZf_jghfhl^_e_lmeh\bsZDjmigu_iheh \u_ iZibeeu fZkdbjmxl ohjhrh \ujZ`_ggmx [hjha^m f_`^m i_j_^gbf hl^_ehf b lmeh\bs_f Fgh]hde_lhq gu_`_e_aulmeh\bsZfgh]hjy^gugZijhly`_gbb\k_ ]hf_lZf_jgh]hhl^_eZffb\_a^_hlq_leb\h\uiy qb\Zxlky <hdjm] dZ`^hc ba gbo bf__lky dhgljZklgh_ dhevph `_e_abklh]h wib^_jfbkZ @_e_abklu_ \_gljh eZl_jZevgu_ ihehku hdZcfeyxsb_ h[eZklv jZkiheh `_gbyfgh]hde_lhqguo`_e_a^h\hevghmadb_ GZ g_dhlhjhf jZkklhygbb hl i_j_^g_c ]jZgbpu lmeh\bsZ gZqbgZ_lky rbjhdbc g_cjhljho ijh^he `Zxsbcky^hdhgpZf_lZf_jgh]hhl^_eZ=jZgbpZwlh]h hl^_eZ k g_f_lZf_jguf hl^_ehf qj_a\uqZcgh q_ldZy <Zebdbkfgh]hde_lhqgufb`_e_aZfbj_adhh[ju\Zxl ky^hjkZevguc`_eh[hdb`_e_abklucwib^_jfbkbkq_ aZxl >Ze__ fgh]hde_lhqgu_ `_e_au bf_xlky \ hkgh\ ghf \ eZl_jZevguo qZklyo l_eZ hgb jZkiheh`_gu ^h \hevgh [_kihjy^hqgh b juoeh < aZ^g_c qZklb g_f_lZ f_jgh]h hl^_eZ h[sZy êbgZ dhlhjh]h ff `_e_au hlkmlkl\mxl Ahgu k]ms_gby g_l Ljb ihykdZ s_lbghd jZkiheh`_guihh[uqghcko_f_JZkklhygb_f_` ^m ^\mfy i_j_^gbfb b aZ^gbf ihykdZfb s_lbghd ijb [ebabl_evghffcihykhdkebl^hjkZevghbjZa^_ e_g\_gljZevghc±gZh[hjhlZcij_j\ZggZh[_bo klhjhgZol_eZS_lbgdb±fdfêbghcjZkiheZ]Z xlky\±jy^ZHlq_leb\ZymadZyijhf_`mlhqgZyahgZ jZa^_ey_l ^\_ ]jmiiu am[ph\ ba dhlhjuo i_j_^gyy aZ gbfZ_lhl^hêbgu]heh\dbKjZamaZfihy kdhf jZkiheh`_gZ djmigZy g_\hhjm`_ggZy iZibeeZ IhklZggmeyjguc hl^_e gZqbgZ_lky k j_adh]h km`_gby ihaZ^b ihykdh\ gZ ^hjkZevghc klhjhg_ g_k_l iZjgu_ iZibeeu jZkiheh`_ggu_ h[uqgh \ ihi_j_qguc beb \ ijh^hevguc jy^ b ijhlb\he_`Zs__ bf ^h\hevgh [_k nhjf_ggh_ kdhie_gb_ fgh]hde_lhqguo b dh`guo `_ e_aGZiZibeeZobf_xlkyh\Zevgu_dmlbdmeyjgu_ieZ klbgdbjZaf_jhf± fdf\ihi_j_qgbd_kmlhes_g gufkj_^bgguf]j_[g_f Ba iheh\uo iml_c `b\hlgh]h [ueb ba\e_q_gu ki_jfZlhnhju êbghc ± fdf kgZ[`_ggu_ gZ ZnbeZf_glghf dhgp_ iehkdbf eZgp_lh\b^guf hljhkl dhf b dhjhldbf ^hihegbl_evguf nbeZf_glhf GZ mlhes_gghc ijhdkbfZevghc qZklb hkgh\gh]h nbeZf_g lZ b ^Ze__ ih \k_c _]h êbg_ ohjhrh aZf_lgu fgh]h qbke_ggu_ h[hkh[e_ggu_ ^jm] hl ^jm]Z ahgu kh kl_ [_evdh\ufbde_cdbfb\_abdmeZfb Ljm[dZ lheklhkl_ggZy gh weZklbqgZy GZ i_j_^ g_fie_gqZlhfffêbghcdhgp_h^ghcljm[dbg_ hq_gv ykgh \b^gu r_klv k_]f_glh\ h[jZah\Zgguo k]m s_gbyfb \hehdhg >ebgZ k_]f_glh\ ± ff >bk lZevg__ \hehdhg klZgh\blky [hevr_ jZkij_^_eyxlky hgb jZ\ghf_jgh Z k_]f_glu bkq_aZxl g_ ^hoh^y ^h dhevqZlh]h mqZkldZ DjZkgh\Zlhdhjbqg_\u_ dhevpZ h^bghqgu_ madb_ ± ^bZf_ljZ ljm[db hq_gv g_ ijZ\bevgu_ hkh[_ggh \ kj_^g_c qZklb jZkiheh`_gu g_j_]meyjgh k g_jh\gufb djZyfb b i_jnhjZpb_c k fgh]hqbke_ggufbZgZklhfhaZfbdhe_pbijhf_`mldh\ <aZ^g_c qZklb ljm[db f_`dhevp_\u_ ijhf_`mldb rb j_ dhe_p \ ± jZa >bZf_lj ljm[db \ i_j_^g_c qZklb ±ffgZb[hevrZyêbgZ±kf KjZ\g_gb_ >Zgguc \b^ ih \k_f jZaf_jguf ijb agZdZf y\ey_lky kZfuf djmiguf \b^hf jh^Z G_h[oh ^bfhlZd`_hlf_lblvjy^ki_pbnbq_kdbodZq_kl\_gguo ijbagZdh\ 3 PDJQXP VS Q iha\heyxsbo _]h ^bZ]gh klbjh\Zlv Wlh j_adbc i_j_oh^ f_`^m f_lZf_jguf b g_f_lZf_jguf hl^_ehf dhgnb]mjZpby ihklnj_gmeyj gh]h `_e_abklh]h ihykdZ gZebqb_ iheh\uo iZibee fgh]hjy^gh_ jZkiheh`_gb_ fgh]hde_lhqguo `_e_a gZ \k_fijhly`_gbbf_lZf_jgh]hhl^_eZhlkmlkl\b_ahgu k]ms_gby b dmlbdmeyjguo ieZklbghd \ ij_Zggmeyjghc h[eZklb oZjZdl_j dhevqZlhklb ljm[db gZebqb_ keZ[hc k_]f_glZpbb\__i_j_^g_cqZklb ;BHEH=BYFHJYlhf GH<U?U Jbk3RODUVWHUQLXPPDJQXPVSQ$±i_j_^gbchl^_esmiZevp_bi_j_^gyyqZklvf_lZf_jgh]hhl^_eZlmeh\bsZ\b^khkibgghcklh jhgu;±lh`_\_gljZevgh<±h[eZklvi_j_oh^Zf_`^mf_lZf_jgufbg_f_lZf_jgufhl^_eZfb^hjkZevgh=±^\Zi_j_^gboihykdZ ^hjkZevgh>±lh`_\_gljZevgh?±lj_lbcihykhd^hjkZevgh@±lh`_\_gljZevghA±qZklvihykdZB±i_j_^gbcihklZggmeyjguc f_lZf_jeZl_jZevghD±lh`_aZ^gbcf_lZf_jE±dmlbdmeyjgZyieZklbgdZbaihklZggmeyjgh]hhl^_eZF±ki_jfZlhnhjGHIJ± ihke_^h\Zl_evgu_mqZkldbljm[dbFZkrlZ[$±@BDG±J±ffA±fdfE±fdfF±ff Wlbfheh]by GZa\Zgb_ PDJQXP eZl ± [hev rhc± ijba\Zgh ih^q_jdgmlv qlh ^Zgguc \b^ y\ey_lky kZfufdjmiguf\b^hfjh^Z 3RODUVWHUQLXPHYULNDH6PLUQRYVSQ Jbk FZl_jbZe =hehlbi kZf_p =,5$6 +1 iZjZ lbih\ =,5$6 31 GIK W\jbdZ klZgpby gZ ;BHEH=BYFHJYlhf kdehg_ X`gh]h oj_[lZ m X`ghHjdg_ckdbo hkljh\h\ xr a^ ± f ^jZ]Z ljm[hd k `b\hlgufb b imkluo K[hju :<G__eh\ZbBKKfbjgh\Z HibkZgb_@b\hlgu_khlghkbl_evghêbgghc]h eh\ghcehiZklvx/FO±±ff/FO'Ihdhehb dhjhldbf i_j_^gbf hl^_ehf /I ± ± ff 'I ± ±ff/I'I±±L_fghdhjbqg_\Zyohjh KFBJGH< Jbk3RODUVWHUQLXPHYULNDHVSQ$±i_j_^gbchl^_ebi_j_^gyyqZklvf_lZf_jgh]hhl^_eZlmeh\bsZ^hjkZevgh;±lh`_\_gljZev gh<±smiZevp_kibggmeZfb=±i_j_^gbcmqZklhdg_f_lZf_jgh]hhl^_eZ^hjkZevgh>±lh`_^bklZevg__?±ahgZk]ms_gbyeZl_ jZevgh @ ± dmlbdmeyjgZy ieZklbgdZ iZibeeu ahgu k]ms_gby A ± ki_jfZlhnhj B D E F G ± ihke_^h\Zl_evgu_ mqZkldb ljm[db FZkrlZ[$;=±?B±G±ff<A±ff@±fdf rhjZa\blZyma^_qdZjZkiheh`_gZijbf_jghihk_j_^bg_ i_j_^g_]h hl^_eZ __ lhgdb_ dbeb \_gljZevgh jZahj\Z guZ\f_kl_kebygbygZ^hjkZevghcklhjhg_g_kdhevdh mlhesZxlky Hl ma^_qdb g_fgh]h hlklhbl `_e_abkluc ihykhdp_evgucgZ\_gljZevghcklhjhg_bij_j\Zguc f_^bZevghc [hjha^dhc ^hjkZevgh WlZ [hjha^dZ ijh ^he`Z_lky b di_j_^b hl ma^_qdb \iehlv ^h hkgh\Zgby smiZevpZ jZkiheh`_ggh]h kljh]h f_^bZevgh < ij_ nj_gmeyjghc h[eZklb \b^gu g_kdhevdh ^h\hevgh hl q_leb\uoihi_j_qguo[hjha^hdSmiZevp_lhgdh_'W± fdf 'W'I hdheh ]eZ^dh_ ^hklb]Z_l ff \ êbgm Ibggmeu h^ghjy^gu_ ^h fdf êbghc gZ [ZaZevghc lj_lb smiZevpZ hlkmlkl\mxl Fgh]hde_lhq gu_ p_ehfbq_kdb_ `_e_au ]h k_]f_glZ gZ ijhk\_l g_ \b^gu I_j_^gyy ]jZgbpZ lmeh\bsZ \ \b^_ ijhklhc dhevp_\hc [hjhaû Fgh]hde_lhqgu_ `_e_au \Zebdh\ jZkiheZ]Zxlky \ ± jy^Z Iheh\uo iZibee m kZfph\ g_l@_e_abklucwib^_jfbkdjhf_\_gljheZl_jZevguo ihehkh[jZam_ldhevpZgZ^dZ`^hcp_ehfbq_kdhc`_e_ ahcG_cjhljhorbjhdbcgZqbgZ_lkykjZamhl]jZgbpu ki_j_^gbfhl^_ehfI_j_oh^f_`^mf_lZf_jgufbg_ f_lZf_jguf hl^_eZfb lmeh\bsZ g_ykguc \Zebdb kh ;BHEH=BYFHJYlhf GH<U?U ojZgyxl p_evghklv gZ ijhly`_gbb ± ff aZl_f gZqbgZxl jZa[b\Zlvky gZ eZl_jZevgu_ ]jmiiu `_e_a dhlhju_ ^Ze__ ih^jZa^_eyxlky gZ hl^_evgu_ `_e_au OhjhrhjZa\blu_iZibeeubf_xlkylhevdh\ahg_k]m s_gby h[uqgh hl]jZgbq_gghc km`_gb_f Dhebq_kl\h iZibee a^_kv hdheh hgb jZkiheZ]Zxlky \ ± jy^Z ;hevrbgkl\h iZibee \hhjm`_gu ijh^he]h\Zlufb dm lbdmeyjgufb ieZklbgdZfb kh kj_^bgguf ]j_[g_f jZa f_jhf±fdfH[eZklvihykdh\g_hij_^_e_gZ Ki_jfZlhnhju ^h\hevgh djmigu_ êbghc ± fdflhgdb_kgZ[`_gu^\mfynbeZf_glZfbhq_gv êbgguf hkgh\guf ijbdj_ieyxsbfky d ki_jfZlhnh jmrbjhdbfiehkdbfhkgh\Zgb_fbdhjhldbf^hihegb l_evgufgZijhlb\hiheh`ghfdhgp_ Ljm[dZ hq_gv fy]dZy ijhajZqgZy g_kfhljy gZ lheklu_kl_gdbI_j_^gbcie_gqZlucg_dhevqZlucmqZ klhd êbghc ^h ff k_]f_glu hlkmlkl\mxl DhevpZ kgZqZeZ [_kp\_lgu_ h[hagZq_ggu_ ebrv g_hij_^_e_g gufbk]ms_gbyfb\hehdhgaZl_f`_el_xlbihkl_i_ggh mljZqb\Zxl\hehdgZ dhlhju_hklZxlky lhevdh \ ijhf_ `mldZo DhevpZ ijZ\bevgu_ \ i_j_^g_c qZklb ljm[db g_fgh]hf_gvr___^bZf_ljZ\^bklZevghch[uqghij_ \urZxl_]hIjhf_`mldbf_`^mdhevpZfb\aZ^g_cqZk lb ljm[db \uklmiZxl >bZf_lj ljm[db ± ff gZb[he__iheguc__njZ]f_glbf__lêbgmkf KjZ\g_gb_Hl^jm]bo\b^h\jh^Z3HYULNDHVSQ hlebqZ_lky hlghkbl_evgh êbgghc ]heh\ghc ehiZklvx êbghc b jZkiheh`_gb_f ibggme keblhklvx ihklnj_ gmeyjgh]h`_e_abklh]hihykdZgZ\_gljZevghcklhjhg_ [hevrbf qbkehf iZibee \ ahg_ k]ms_gby b êbghc ki_jfZlhnhjZ Wlbfheh]by<b^h\h_gZa\Zgb_^Zgh\q_klvgZmq ghijhfukeh\h]h km^gZ W\jbdZ \h \j_fyjZ[hlu dh lhjh]h \ jZchg_ X`ghHjdg_ckdbo hkljh\h\ [ueb gZc^_guwlbih]hghnhju 3RODUVWHUQLXPPLUDELOH6PLUQRYVSQ Jbk FZl_jbZe =hehlbi =,5$6 +1 GBK :dZ^_ fbdDmjqZlh\klZgpby fhj_Kdhlbydk_\_jmhl h\Z Fhj^\bgh\Z We_nZgl xr a^ f ljZe Kb]k[b h^bg wda_fieyj K[hj<GJhfZgh\Z HibkZgb_ ?^bgkl\_gguc wda_fieyj \_jhylgh g_iheh\haj_euc hlebqZ_lky p_euf jy^hf g_h[uqguo ijbagZdh\ =heh\gZy ehiZklv bkdexqbl_evgh \_ebdZ hkh[_ggh wlh aZf_lgh ijb kjZ\g_gbb __ êbgu ff g_ k ^bZf_ljhf i_j_^g_]h hl^_eZ ff /FO'I hdheh Z kêbghc ihke_^g_]h ff Lhgdh_fdf'W'Ihdheh]eZ^dh_smiZevp_dh jhldh h[hj\Zgh ibggmeu g_ba\_klgu Ih^ jZkiheh `_gguff_^bZevghhkgh\Zgb_fsmiZevpZijhoh^bl[h jha^Z ohjhrh \ujZ`_ggZy lhevdh gZ ^hjkZevghc klh jhg_ l_eZ Ma^_qdZ djZcg_ g_h[uqgZy jZkiheh`_gZ \ aZ^g_clj_lbi_j_^g_]hhl^_eZZgZkibgghcklhjhg_± Jbk3RODUVWHUQLXPPLUDELOHVSQ$±i_j_^gbchl^_esmiZevp_bi_j_^gyyqZklvlmeh\bsZ^hjkZevgh;±lh`_\_gljZevgh<±h[ eZklvi_j_oh^Zf_`^mf_lZf_jgufbg_f_lZf_jgufhl^_eZfblmeh\bsZ^hjkZevgh=±ihykdbbijbe_]ZxsbcmqZklhdihklZggmeyjgh ]hhl^_eZ^hjkheZl_jZevgh>±ihykdb\_gljZevgh?± qZklvihykdZ@± dmlbdmeyjgZyieZklbgdZbaihklZggmeyjgh]hhl^_eZFZk rlZ[$±>±ff?±fdf@±fdf ;BHEH=BYFHJYlhf KFBJGH< ihqlb m kZfhc _]h ]jZgbpu k lmeh\bs_f Fmkdmevgu_ \Zebdb gZ dhlhjuo ihdhylky dbeb fhsgu_ @_elh\Z lu_ dbeb hihyku\Zxl l_eh p_ebdhf gZ \_gljZevghc klhjhg_ hq_gv lhgdb_ gZ eZl_jZevguo b ^hjkZevghc klhjhgZo agZqbl_evgh lhes_ ijbq_f wlh mlhes_gb_ ijhbkoh^bl hq_gv ieZ\gh I_j_^gbc hl^_e dhjhldbc /I'Ihdheh_]h]jZgbpZklmeh\bs_f\g_rg_g_jZa ebqbfZGZqZeh]hk_]f_glZfZjdbjmxlfgh]hde_lhq gu_ `_e_au lmeh\bsguo \Zebdh\ b p_ehf i_j_^g_]h hl^_eZ ohjhrh \b^gu_ \ ijhoh^ys_f k\_l_ ZlZd`_ ^hjkZevguc `_eh[hd Lm[biZjgu_ `_e_au \Zebdh\ hq_gv f_edb_ jZkiheZ]Zxlky \ ± jy^h\ P_ehf i_ j_^g_]h hl^_eZ ih\b^bfhfm ebr_g `_e_a @_e_ab klucwib^_jfbkh[jZam_llhevdh^\_madb_ijh^hevgu_ ihehku \ f_lZf_jghf hl^_e_ h[jZfeyxsb_ h[eZklv jZkiheh`_gbyp_ehfbq_kdbo`_e_aG_cjhljho^h\hev ghrbjhdbcgZqbgZ_lkygZh^ghfmjh\g_k^hjkZevguf `_eh[dhf<aZ^g_cqZklbf_lZf_jgh]hhl^_eZba\Zeb dh\ \u^_eyxlky jZaghh[jZagu_ ih nhjf_ b jZaf_jZf [he__ beb f_g__ h[hkh[e_ggu_ iZibeehh[jZagu_ mqZ kldb ih g_kdhevdm lm[biZjguo `_e_a \dZ`^hf >Ze__ wlbkljmdlmjuj_adhh[ju\Zxlkyb\g_f_lZf_jghfhl ^_e_gZijhly`_gbbff\b^guebrvj_^db_g_j_]m eyjgu_`_e_abklu_iZibeeu >ebgZ f_lZf_jgh]h hl^_eZ ff AhgZ k]ms_gby hlkmlkl\m_l Ba ^\mo bf_xsboky ihykdh\ s_lbghd c ij_j\Zg gZ h[_bo klhjhgZo l_eZ Z c ± lhevdh ^hj kZevgh S_lbgdb êbghc ± fdf i_j_^gb_ am[ pu keZ[h jZa\blu f_edb_ aZgbfZxl hdheh êbgu ]heh\db hl aZ^g_c ]jmiiu hl]jZgbq_gu madhc ijhf_ `mlhqghc ahghc S_lbgdb jZkiheZ]Zxlky \ h^bg ^h \hevgh ijZ\bevguc jy^ ijb wlhf \ khklZ\_ ihykdh\ bf__lkyfgh]hg_^hjZa\bluos_lbghdêbghc\k_]h ± fdf IhklZggmeyjguc hl^_e dhlhjuc gZqbgZ_lky k j_adh]hkm`_gbyg_k_lf_lZf_jgu_]jmiiukhklhysb_ ba ± iZibee \ ihi_j_qghf jy^m b ba `_e_abklh]h sbldZIZibeeuihqlbkeblu\_^bguc\Zebdh[bodh ebq_kl\_ fh`gh km^blv ih dmlbdmeyjguf ieZklbgdZf jZaf_jhf ± fdf \ ihi_j_qgbd_ k i_j_^gbf mlhes_ggufdjZ_f Ljm[dZ ^bZf_ljhf ff hq_gv fy]dZy [_k p\_lgZy ijhajZqgZy b [_kkljmdlmjgZy _keb g_ kqblZlv g_kdhevdbokeZ[uo\hehdhg\i_j_^g_cqZklb KjZ\g_gb_ >Zgguc wda_fieyj y\gh x\_gbevguc H[wlhf]h\hjyloZjZdl_jljm[dbh^ghjy^gh_jZkiheh `_gb_s_lbghdihykdh\gZebqb_\bokhklZ\_[hevrh]h dhebq_kl\Z g_^hjZa\bluo s_lbghd b \hafh`gh dheb q_kl\h ihykdh\ H^gZdh ki_pbnbq_kdb_ ijbagZdb b bo khq_lZgb_ gZklhevdh k\h_h[jZagu qlh iha\heyxl oh jhrh^bZ]ghklbjh\Zlvwlhl\b^bg_hklZ\eyxlgbdZdbo khfg_gbc\_]hkZfhklhyl_evghklb<qbke_lZdboijb agZdh\ g_h[oh^bfh mihfygmlv dZd hq_gv g_h[uqgu_ ijhihjpbb l_eZ êbggZy ]heh\gZy ehiZklv b dhjhldbc i_j_^gbc hl^_e lZd b ijbagZdb ma^_qdb iheh`_gb_ dhgnb]mjZpby kl_i_gv b oZjZdl_j mlhes_gby kl_i_gv jZa\blby fmkdmevguo \Zebdh\ b gZdhg_p ihegh_ hl kmlkl\b_ k_]f_glZjghc [hjhaû f_`^m f b f k_] f_glZfbl_eZ<k_wlbijbagZdbbf_xlg_[hevrmxlZd khghfbq_kdmx agZqbfhklv êy gZ^\b^h\uo lZdkhgh\ gh y\eyxlky eb[h ^hklZlhqgh j_^dbfb eb[h \hh[s_ mgbdZevgufbiheh`_gb_ma^_qdboZjZdl_jmlhes_gby dbe_ckl_i_gvjZa\blbynj_gmeyjguo\Zebdh\ijbq_f g_ lhevdh êy ij_^klZ\bl_e_c hljy^Z $WKHFDQHSKULD gh bêy\k_o3RJRQRSKRUDKhq_lZgb_`_wlboijbagZdh\m h^gh]h \b^Z \hh[s_ g_ bf__l ZgZeh]h\ m ih]hghnhj L_f g_ f_g__ hlkmlkl\b_ iZibee \ i_j_^g_c qZklb lm eh\bsZ oZjZdl_j jZkiheh`_gby fgh]hde_lhqguo `_ e_aijyfu_dbebma^_qdbhlkmlkl\b_smiZevp_\hc\h jhgdb gZebqb_ h^gh]h smiZevpZ b `_e_abkluo ihehk gZlmeh\bs_g_^Zxlmkhfgblvky\ijbgZê_`ghklbgh \h]h\b^Zdjh^m3RODUVWHUQLXPk_f2OLJREUDFKLLGDH Wlbfheh]by M^b\bl_evguc \g_rgbc \b^ `b\hl gh]hp_eucjy^j_^dbobmgbdZevguoijbagZdh\hij_ ^_ebeb\b^h\h_gZa\Zgb_PLUDELOLVeZlqlhhagZqZ _lg_h[udgh\_gguc 3RODUVWHUQLXPDXVWUDOH6PLUQRYVSQ Jbk FZl_jbZe=hehlbikZfdZ=,5$6+1biZjZ lbih\=,5$631 khklZgpbbGBK:dZ^_fbd DmjqZlh\ klZgpby `_eh[ Ehjb xr a^ ± f ljZe Kb]k[b ljm[hdk`b\hlgufbb imkluo klZgpby `_eh[ jZaehffhjyKdhlbyxra^ ± fljZeKb]k[bljm[hdbagbo^\_k`b \hlgufb GBK >fbljbc F_g^_e__\ klZgpby fhj_ Kdhlby d k_\_jm hl h\Z Fhj^\bgh\Z xra^± fljZeKb]k [b fgh]h ljm[hd qZklv ba gbo k `b\hlgufb klZgpby ijhe ;jZgknbe^Z xr a^ ± f ljZe Kb]k[b fZkkZ ljm[hd [hevrbgkl\h k `b\hlgufb klZgpby fhj_ Mw^ ^_eeZ xr a^ ± f ljZe Kb]k[b imkluo ljm[hd klZgpby fhj_Mw^^_eeZxra^ ± f ljZe Kb]k[b ljm[hd iheh\bgZ dhlhjuo k`b\hlgufb klZgpby gZ x]h\hklhd_ :j]_glbgkdhc dhleh\bgu xr a^ ±fljZeKb]k[biylvnjZ]f_glh\ imkluoljm[hdK[hj<GJhfZgh\Z HibkZgb_ Wlhl \b^ hlebqZ_lky ^h\hevgh agZqb l_evghc baf_gqb\hklvx jZaf_jguo ijbagZdh\ =heh\ gZy ehiZklv lj_m]hevgZy /FO khklZ\ey_l ± ff /FO'IhdhehSmiZevp_ijbdj_iey_lkyg_fgh]he_ \__f_^bZevghcebgbbl_eZlhgdh_±fdf'W'I± ± b ]eZ^dh_ gZb[hevrZy ba\_klgZy êbgZ ± ff Ibggmeu hlkmlkl\mxl Bf_xlky q_ldh \ujZ `_ggu_dhevp_\Zyihkll_glZdmeyjgZyb^hjkZevgZyf_ ^bZevgZy [hjhaû ihke_^gyy ± lhevdh \ ij_nj_gmeyj ghch[eZklbMa^_qdZjZkiheh`_gZijbf_jgh\k_j_^b g_ i_j_^g_]h hl^_eZ jZa\blZ keZ[h dbeb lhgdb_ gZ ^hjkZevghc klhjhg_ ihqlb g_ mlhesZxlky \_gljZevgh jZa^_e_gumadbfijhf_`mldhfFmkdmevgu_\Zebdbg_ \ujZ`_gu G_ihkj_^kl\_gghih^ma^_qdhcaZf_l_g`_ e_abkluc ihykhd kiehrghc gZ ^hjkZevghc klhjhg_ b rbjhdh ij_j\Zgguc \_gljZevgh LZdhc `_ ihykhd lhevdhp_evgucbf__lkybm]jZgbpuklmeh\bs_fdh lhjmx fZjdbjm_l g_kdhevdh kdhr_ggZy [hjha^Z 'I ± ;BHEH=BYFHJYlhf GH<U?U Jbk3RODUVWHUQLXPDXVWUDOHVSQ$<±i_j_^gbchl^_ebi_j_^gyyqZklvf_lZf_jgh]hhl^_eZlmeh\bsZ^hjkZevgh;±lh`_\_gljh eZl_jZevgh=±h[eZklvihykdh\^hjkZevgh>±lh`_\_gljZevgh?±ihklZggmeyjgucf_lZf_jeZl_jZevgh@±qZklvihykdZA±dm lbdmeyjgZyieZklbgdZbaihklZggmeyjgh]hhl^_eZB±ki_jfZlhnhjDEFGH±ihke_^h\Zl_evgu_mqZkldbljm[dbFZkrlZ[$±?± ff@A±fdfB±fdfD±H±ff ± ff /I ± ± ff b /I'I ± ± Fgh]h de_lhqgu_ `_e_au ]h k_]f_glZ hj]Zgbah\Zgu \ ^\_ ]jmiiuih±jy^Z`_e_a\dZ`^hc<lmeh\bsguo\Z ebdZo\gZqZe_f_lZf_jgh]hhl^_eZ`_e_aujZkiheh`_ gulZdbf`_h[jZahfaZl_fihf_j_ijh^\b`_gbydaZ ^bijhbkoh^blheb]hf_jbaZpbyjy^h\bkimkly±ff hl gZqZeZ \Zebdh\ `_e_au klZgh\ylky h^ghjy^gufb Z \Zebdb h[gZjm`b\Zxl l_g^_gpbx dih^jZa^_e_gbx gZ iZibeeu @_e_abkluc wib^_jfbk gZ lmeh\bs_ djhf_ h[uqguoêyij_^klZ\bl_e_cjh^Zijh^hevguo\_gljh ;BHEH=BYFHJYlhf eZl_jZevguo ihehk h[jZam_l _s_ dhgljZklgu_ jha_ldb \hdjm] dZ`^hc fgh]hde_lhqghc `_e_au \Zebdh\ I_j_ oh^dg_f_lZf_jghfmhl^_emhkms_kl\ey_lkyihkl_i_g ghKbkq_agh\_gb_f^hjkZevgh]h`_eh[dZ±ff hl i_j_^g_c ]jZgbpu lmeh\bsZ l_eh ebrZ_lky dZdbo [ulhgb[uehijbf_qZl_evguoq_jldjhf_j_^dbojZa [jhkZgguo gZ ^hjkheZl_jZevguo klhjhgZo f_edbo iZ ibee G_cjhljho h[uqgh]h \b^Z Ahgu k]ms_gby g_l LjbihykdZjZkiheZ]Zxlkyihko_f_kbgl_j\Zehf ±ffcbcihykdbij_j\ZgugZh[_boklhjh KFBJGH< gZo l_eZ c ± lhevdh \_gljZevgh F_`^m f b f ihykdZfb \b^gZ q_ldZy dhevp_\Zy [hjha^dZ S_lbgdb h^ghjy^gu_ ± fdf \ êbgm k^h\hevgh rbjh dhc ijhf_`mlhqghc ahghc jZa^_eyxs_c ^\_ ]jmiiu am[ph\ badhlhjuo i_j_^gyy aZgbfZ_l hdheh êb gu\k_c]heh\dbI_j_^gbcdhg_ps_lbghdbgh]^Zrb j_q_faZ^gbcghqZs_gZh[hjhlKjZamaZfihykdhf bf__lky ± g_djmiguo iZibee jZkiheh`_gguo gZ ^hjkZevghc b eZl_jZevguo klhjhgZo l_eZ KZfZy ^bk lZevgZy iZibeeZ aZgbfZxsZy f_^bh^hjkZevgh_ iheh `_gb_ g_kdhevdh djmig__ hklZevguo <k_ iZibeeu kh^ghc h\Zevghc dmlbdmeyjghc ieZklbgdhc jZaf_jhf ± fdf \gZb[hevr_f ^bZf_lj_ k mlhes_gguf ]j_[g_f jZkiheh`_gguf ihk_j_^bg_ IhklZggmeyjgu_ f_lZf_jukhklhylba±ohjhrhh[hkh[e_gguoiZibee \ihi_j_qghfjy^mbba\_gljZevgh]hkdhie_gbyfgh]h de_lhqguo b h^ghde_lhqguo `_e_a IZibeeu \hhjm`_ gudmlbdmeyjgufbieZklbgdZfbihkljh_gbxbjZaf_ jZfb^_glbqgufb\ur_hibkZgguf Ki_jfZlhnhjuk^\mfynbeZf_glZfbdZdbm^jm ]bo ij_^klZ\bl_e_c jh^Z >hihegbl_evguc nbeZf_gl h^gZdhg_h[uqghêbggucZkZfki_jfZlhnhj^h\hev gh lhekluc b dhjhldbc ± \k_]h ± fdf k ^hihe gbl_evguf nbeZf_glhf Iheh\u_ iZibeeu hlkmlkl\m xl M fgh]bo kZfhd \ i_j_^g_c qZklb ljm[hd gZc^_gu deZ^db rbjhdhh\Zevguo ybp êbghc ± ff Qbkehybp\deZ^d_g_ij_\urZeh Ljm[dZ g_k_]f_glbjh\ZggZy dhevqZlZy gZ [hev r_f ijhly`_gbb kbevgh \hehdgbklZy p\_l hkgh\ghc qZklb dhjbqg_\uc I_j_^gbc ie_gqZluc mqZklhd dh jhldbch[uqgh±ffghbgh]^Z^hffmg_dhlh juowda_fieyjh\iehkdhaZi_qZlZg<h^ghfkemqZ_gZ [ex^ZeZkvZghfZebykljh_gbyi_j_^g_]hdhgpZljm[db dh]^Z \f_klh h^gh]h ie_gqZlh]h dhgpZ bf_ehkv ^\Z DhevpZ^h\hevghmadb_hdheh'WE\i_j_^g_cqZk lb ljm[db h^bghqgu_ b ^h\hevgh ijZ\bevgu_ \ kj_^ g_cqZklb±j_]meyjghi_jnhjbjh\Zggu_k_jb_ck\_l euohdjm]euoiyl_g\k_j_^bg_dZ`^h]hdhevpZ>Ze__ daZ^bdhevpZ[he__bebf_g__hlq_leb\h ^\hcgu_ _s_ ^bklZevg__ ijhf_`mlhd f_`^m dhevpZfb \ dZ`^hf ^m ie_l_ h[gZjm`b\Z_l l_g^_gpbx d h[jZah\Zgbx g_ijZ \bevguo\ujhklh\gZijZ\e_gguo\hkgh\ghcfZl_jbZe dhe_p<j_amevlZl_wlh]h]jZgbpZf_`^mdhevpZfbl_ jy_lkyb^mie_lij_\jZsZ_lky\h^bghqgh_dhevphkyj dh \ujZ`_gghc ]_l_jh]_gghklvx GZdhg_p \ kZfhc ^bklZevghcqZklbljm[dbdhevpZ_^\ZaZf_lgugh\gh\v ijZ\bevgu_ b ]hfh]_ggu_ GZb[hevrbc njZ]f_gl ljm[db bf__l êbgm kf >bZf_lj \ i_j_^g_c qZklb ljm[db\Zjvbjm_lhl^hff KjZ\g_gb_ >Zgguc \b^ ^_fhgkljbjm_l ljb bgl_ j_kgu_hkh[_gghklbgZebqb_i_j_ly`dbf_`^mi_j\u fb^\mfyihykdZfbs_lbghdaZi_qZlZgghklvi_j_^g_]h dhgpZ ljm[db m g_dhlhjuo hkh[_c b gZebqb_ mh^gh]h wda_fieyjZljm[dbk^\mfyie_gqZlufbmqZkldZfbWlb ijbagZdb ba\_klgu êy ih]hghnhj gh \klj_qZxlky hq_gvj_^dh3DXVWUDOHVSQhlhklZevguo\b^h\jh^Z hlebqZ_lky lZd`_ jy^hf ^jm]bo ijbagZdh\ ]eZ\gu_ ba dhlhjuo±kljh_gb_ki_jfZlhnhjZqbkehbjZkiheh`_ gb_ `_e_abkluo mqZkldh\ gZ i_j_^g_f hl^_e_ dhebq_ kl\h iZibee \ ahg_ ihke_ ihykdh\ b kljh_gb_ dhe_p ljm[db Wlbfheh]by <b^h\h_ gZa\Zgb_ 3 DXVWUDOH VS Q ijba\Zgh ih^q_jdgmlv rbjhdmx jZkijhkljZg_gghklv ^Zggh]h\b^Z\ZleZglbq_kdhfk_dlhj_X`gh]hhd_ZgZ DXVWUDOLVeZl±x`guc 3RODUVWHUQLXPUXJHOORVXP6PLUQRY Jbk FZl_jbZe GBK 3RODUVWHUQ klZgpby fhj_ EZil_\uokr\^± f ^ghq_jiZl_ev +* wda klZgpby fhj_ EZil_\uokr\^f ^ghq_jiZl_ev+*ljm[hdbagbok`b\hlgufb Jbk3RODUVWHUQLXPUXJHOORVXP6PLUQRY$±ahgZk]ms_gby^hjkZevgh;±h[eZklvihykdh\\_gljZevgh<±lh`_^hjkZevgh=±aZ^ gyy qZklv ihklZggmeyjgh]h hl^_eZ \_gljheZl_jZevgh > ± lh `_ i_j_^gyy qZklv ? ± qZklv ihykdZ @ ± dmlbdmeyjgZy ieZklbgdZ ba ihklZggmeyjgh]hhl^_eZFZkrlZ[$±>±ff?±fdf@±fdf ;BHEH=BYFHJYlhf GH<U?U >hiheg_gby d hibkZgbx Ijb i_j\hhibkZgbb Kfbjgh\ hklZebkv g_hibkZggufb h[eZklv ihy kdh\ b ihklZggmeyjguc hl^_e Gh\uc fZl_jbZe iha\h ebemlhqgblvfhjnhf_ljbq_kdb_iZjZf_lju/FOkhklZ\ ey_l ff /FO'I ± hdheh /W ± ff 'W ± ± fdf'W'I±hdheh±'I±±ff/I±± ff /I'I ± ± 'WE ± ± ff Ahgm k]ms_gby khklZ\eyxl ± iehkdbo g_\hhjm`_gguo iZibee h[jZamxsbo ^\Z g_ijZ\bevguo jy^Z Bf__lky ljb ihykdZs_lbghdbadhlhjuo^\Zi_j_^gbojZkiheh`_gu \f_kl_bgZjZkklhygbb±ff\i_j_^b]hihykdZ Kl_i_gvh[hkh[e_gghklbi_j\uo^\moihykdh\mjZaguo hkh[_cg_h^bgZdh\Zbgh]^Zhgb[hevr_ihoh`bgZ^\_ iheh\bgdbe_\mxbijZ\mxh^gh]hihykdZq_fgZ^\Z kZfhklhyl_evguo c ihykhd ij_j\Zg lhevdh ^hjkZev ghc±\_gljZevghZc±gZh[_boklhjhgZol_eZS_ lbgdb ± fdf êbghc k hlq_leb\hc ijhf_`m lhqghc ahghc jZkiheZ]Zxlky \ ± jy^Z I_j_^gyy ]jmiiZam[ph\aZgbfZ_lhl^hêbgu\k_c]heh\ dbIhaZ^b]hihykdZbf__lky[hevrZyh^bghqgZyiZ ibeeZ k dmlbdmeyjghc ieZklbgdhc Ihke_^gyy fdf \ihi_j_qgbd_ kh kj_^bgguf mlhes_gguf ]j_[g_f IhklZggmeyjguc hl^_e gZqbgZ_lky k hq_gv j_adh]h b kbevgh]h km`_gby F_lZf_ju khklhyl ba ± iZibee \ ihi_j_qghf jy^m b ba \_gljZevgh]h sbldZ \ dhlhjhf hlq_leb\h\b^gu±fgh]hde_lhqgu_`_e_auDmlbdm ;BHEH=BYFHJYlhf eyjgu_ ieZklbgdb kh kj_^bgguf ]j_[g_f ijb[ebab l_evghfdf\gZb[hevr_f^bZf_lj_IZibeeu[he__ h[hkh[e_gu \ i_j_^g_c qZklb hl^_eZ GZ ih\_joghklb l_eZ f_`^m f_lZf_jZfb jZkk_ygu f_edb_ miehs_ggu_ iZibeeu[_aieZklbghd AZf_qZgby3UXJHOORVXP±i_j\uc\b^hibkZgguc \ jh^_ 3RODUVWHUQLXP y\ey_lky _]h lbih\uf \b^hf Hl ^jm]bo \b^h\ jh^Z 3UXJHOORVXP hlebqZ_lky ]eZ\guf h[jZahf rbjbghc `_e_abkluo ihehk qbkehf iZibee \ ahg_k]ms_gbyb\khklZ\_ihklZggmeyjguof_lZf_jh\ ZlZd`_jZkklhygb_ff_`^mihykdZfbboZjZdl_jhfdh e_pgZljm[d_ Y \ujZ`Zx k\hx ijbagZl_evghklv :< G__eh\m BK Kfbjgh\m b <GJhfZgh\m aZ ij_^hklZ\e_gguc fZl_jbZe KIBKHDEBL?J:LMJU Kfbjgh\J<Gh\ucjh^b^\Zgh\uo\b^Zih]hghnhjbaK_ \_jgh]h E_^h\blh]h hd_ZgZ ;bhe fhjy L K± 6PLUQRY59$QHZVSHFLHVRI6SLUREUDFKLD3RJRQRSKRUDIURP WKH 2UNQH\ 7UHQFK $QWDUFWLFD 3RODU %LRO D 9RO3± 6PLUQRY 59 $ UHGHVFULSWLRQ RI 6SLUREUDFKLD OHRVSLUD *XUHHYD 3RJRQRSKRUDZLWKWKHHUHFWLRQRIDQHZJHQXVDQGDUHYL VLRQ RI WKH 6SLUREUDFKLLGDH 2SKHOLD E 9RO QR3±

GH<U?<B>UJH>:32/$567(51,8032*2123+25$ BAFHJYKDHLBYBIJBE?=:XSBO<H>:GL:JDLBDB

Related documents

Products

Support

GH&lt;U?&lt;B&gt;UJH&gt;:32/$567(51,80 32*2123+25$ BAFHJYKDHLBYBIJBE?=:XSBO&lt;H&gt;:GL:JDLBDB

Related documents

Add this document to collection(s)

Add this document to saved

Suggest us how to improve StudyLib

GH<U?<B>UJH>:32/$567(51,8032*2123+25$ BAFHJYKDHLBYBIJBE?=:XSBO<H>:GL:JDLBDB