Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Diseño y Calculo de Conexiones de Madera
Diseño y Calculo de Conexiones de Madera
1
k n F1+
11
, i1 ,5 F
h
fc ,0 ,d
2
fc ,0 ,d
fc ,0 ,d
2
+
sen
sencos P + cos 4
P
G
fc ,90 ,d
1,,5 fv ,d
;fZld\ekfKZe`Zf
x 1
h F (1 ) + 0 ,8
2 F
h
fc , ,d =
b he k z kv fv ,k
1,7 b lc ,ef fc ,90 ,k
R = min 3
k
; ` j \ f p Z } c Z l c f [ \ l e ` f e \ j
\e\jkilZkliXj[\dX[\iX
;fZld\ekf[\Xgc`ZXZ`e[\c:K<
'*
<[`Z`e1
DX[\i`X%:fejkilZZ`e
D8;<I@8%JfZ`\[X[<jgXfcX[\cXDX[\iX
D8;<I@8%
JfZ`\[X[<jgXfcX[\cXDX[\iX
:&:\iif[\MXc[\ZX_fe[\/
)/')*DX[i`[
K]ef%0(*,.*)..
nnn%dX[\i`X%\j
8lkfi\j1
=I8E:@J:F8II@8>8D8IK@K<>L@(
>L@CC<IDFz@>L<Q>FEQC<Q(
:i[`kfj]fkf^i}Zfj1
D@>L<C<JK<98E?<II<IF(
;`Ylafj#\jhl\dXjp]fkf^iX]Xj18lkfi\j
=`^liXj1=iXeZ`jZf8ii`X^XDXik`k\^l`
I8DE8I>|<CC<JCM8I<Q(
;\cfjk\okfj1=iXeZ`jZf8ii`X^XDXik`k\^l`
AFJyCL@J=<IEE;<Q:89F)
(
<jZl\cXKZe`ZXJlg\i`fi[\@e^\e`\ifj
[\Dfek\j
;\gj`kfC\^Xc1D$+/0.0$)'((
)
@J9E10.0$/+$-0,$'0/+$,
Le`m\ij`[X[Gfc`kZe`ZX[\DX[i`[LGD
<jZl\cXKZe`ZXJlg\i`fi[\8ihl`k\ZkliX
;`i\ZZ`epZffi[`eXZ`e1
D8IK8:FE;<>8I:8
DX[\i`X%JfZ`\[X[<jgXfcX[\cXDX[\iX%
AL8EHL<@GF;<CC8EFDFP8
Le`[X[[\:Xc`[X[\ecX:fejkilZZ`e
@ejk`klkf[\:`\eZ`Xj[\cX:fejkilZZ`e<[lXi[fKfiifaX%:J@:
E;@:<
(%@EKIF;L::@E
(%(>\e\iXc`[X[\j
(%):fej`[\iXZ`fe\j`e`Z`Xc\j
)%;@J<zF;<C8LE@E
)%(@ekif[lZZ`e
)%):i`k\i`fjgXiXcXj\c\ZZ`e[\cd\[`f[\le`e
)%*<a\dgcfj[\le`fe\j
((
*%LE@FE<J:8IG@EK<I8J
*%(@ekif[lZZ`e
).
).
*%)8gfpfjpZfdgi\j`efYc`ZlXZfeZ\ekiX[X
).
*%*8gfpfjZfe\ekXccX[liXj
*'
*%+Le`e[\ZXaXp\jg`^X
*(
*%,<dYXiY`ccX[fj
**
*%-<dgXcd\j
+)
*%.<ejXdYc\\eZfcX[\d`cXef
,'
+%LE@FE<J:FE:C8M@A8J
,,
+%(>\e\iXc`[X[\j
,,
+%):cXmfj
,-
+%*>iXgXj
,.
+%+K`iX]fe[fj
,0
+%,G\iefj
-)
+%-GXjX[fi\j
-,
+%.K`iX]fe[fj[\[fYc\ifjZX
-.
+%/K`iX]fe[fj[\ifjZXZfdgc\kX
-/
,%LE@FE<J:FE:FE<:KFI<J
.(
,%(>\e\iXc`[X[\j
.(
,%):fe\Zkfi\j[\Xe`ccf
.(
,%*:fe\Zkfi\j[\gcXZX
.*
,%+:fe\Zkfi\j[\gcXZX[\ekX[X
.-
,%,:fe\Zkfi\j[\dX[\iX
/+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
-%J@KL8:@E;<@E:<E;@F
/,
-%(@ekif[lZZ`e
/,
-%):}cZlcf\ej`klXZ`e[\`eZ\e[`f
/,
-%*Le`fe\jZXig`ek\iXj
0)
-%+Le`fe\jd\Z}e`ZXj1ZcXm`aXjpZfe\Zkfi\j
0.
.%GIFK<::@E;<CFJ?<II8A<J:FEKI8C8:FIIFJ@E
(),
.%(@ekif[lZZ`e
(),
.%)CXZfiifj`e
(),
.%*:Xk\^fiXj[\XdY`\ek\j
()-
.%+Gifk\ZZ`e]i\ek\XcXZfiifj`e
().
.%,<jg\Z`ZXZ`fe\j[\gifk\ZZ`e
(*(
8E<OFJ
8e\of818Z\if`efo`[XYc\
(*,
8e\of91:}cZlcf[\cXZXgXZ`[X[gfikXek\[\g`\qXj[\XZ\if\ej`klXZ`e[\`eZ\e[`f
(+,
8>I8;<:@D@<EKFJ
<e\cgifp\Zkf[\cXjle`fe\j\e\jkilZkliXj[\dX[\$
iX \o`jk\ leX ^iXe [`m\ij`[X[# kXekf \e cfj [`]\i\ek\j
d\[`fj[\aXZ`ehl\f]i\Z\\cd\iZX[fZfe[`jk`ekXj
ZXc`[X[\jpgifg`\[X[\j#Zfdf\e\cgifg`f\e]fhl\[\c
[`j\f[\cXle`e%Gfi\jkXiXqe#[liXek\\c[\jXiif$
ccf[\\jk\kiXYXafj\Zfej`[\ifgfikleXcXZfejlckXX
\jg\Z`Xc`jkXjhl\[\jXiifccXejlXZk`m`[X[\e\dgi\jXj
[\c j\Zkfi% <c fYa\k`mf [\ \jkX ZfejlckX \j ZfefZ\i cfj
[\kXcc\j [\ ZXi}Zk\i gi}Zk`Zf hl\ Xpl[Xe Xc gifp\Z$
k`jkX \e cX kfdX [\ [\Z`j`fe\j \e \c gifp\Zkf1 d\[`fj
[\ aXZ`e p [`d\ej`fe\j d}j _XY`klXc\j# Zi`k\i`fj [\
j\c\ZZ`e`eZclp\e[fcXjm\ekXaXj\`eZfem\e`\ek\jhl\
f]i\Z\e%
CXZfcXYfiXZ`e[\kf[XjcXjg\ijfeXjZfejlckX[Xj_Xj`[f
dlp[\Z`[`[Xpcc\eX[\Zfek\e`[f%<jfYc`^X[fi\ZfefZ\i
el\jkifj`eZ\ifX^iX[\Z`d`\ekfXcfjj`^l`\ek\j\og\ikfj1
8cY\ik 8[d\kccX =fek <jkilZkliXj p K\aX[fj 8iZfi# JC #
8cY`ef8e^\c`Ifk_f9cXXj#JIC #Dpi`Xd;liXeX;lhl\
8d\i`ZXe C?# JC # JXek`X^f Dl\cXj G\X 8d\i`ZXe
9l`c[`e^ Jpjk\d# JC # ;`\^f E\q A`de\q DX[\i^`X#
JC # 9Xj`c`f Fm\a\if ;l\Xj Qlik\b# JC # Afj 8ekfe`f
K\cc\Z_\XDXike\q8^`eZf#JC #Alc`fM`mXjGX[`ccXD\$
[`XDX[\iX#JC p#\jg\Z`Xcd\ek\#XA\jj:fik`qf:Xd$
YiX?fckqX#J8 #hl`\eX[\d}j_Xi\Xc`qX[fleX`dgfi$
kXek\i\m`j`e[\cfjk\okfj%
@EKIF;L::@E
(%(><E<I8C@;8;<J
Y Gfi\cd\[`f[\le`e\dgc\X[f#^liX(%)1
<cZfjkf[\cXjle`fe\j\j\e^\e\iXc\c\mX[f#j`\e[f]i\$
Zl\ek\hl\\cZfealekf[\cfj\c\d\ekfj[\Zfe\o`ep
jljfg\iXZ`fe\jXe\oXjZfejk`klpXe\eki\\c)'p),
[\cZfjkfkfkXc[\cX\jkilZkliX%
CXjle`fe\j\eki\g`\qXj[\dX[\iXgl\[\eZcXj`ZXij\
Xk\e[`\e[fX[`m\ijfjZi`k\i`fj1
X GficX]fidX[\c\eZl\ekif1j\[\efd`eXe\dgXcd\j
ZlXe[fcXjg`\qXjj\\ecXqXegfijljk\jkXj#\ejXdYc\j
ZlXe[fcXjg`\qXjj\ZfikXe]fidXe[fle[\k\id`eX[f
}e^lcf p XZfgcXd`\ekfj ZlXe[f cXj g`\qXj j\ jlg\igf$
e\egfijljZXiXj#^liX(%(%
=`^liX(%(%<dgXcd\j#\ejXdYc\jpXZfgcXd`\ekfj%
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Le`fe\j\eZfcX[Xj#ZlXe[fj\lk`c`qXeX[_\j`mfjgXiXcX
kiXejd`j`e[\cfj\j]l\iqfjdX[\iXcXd`eX[X\eZfcX$
[X#\ecXZ\ji^`[fjd\[`Xek\YXiiXj\eZfcX[Xj#\kZ% %Ef
jfefYa\kf[\\jkXglYc`ZXZ`e%
<c[`j\f[\cXjle`fe\jgl\[\cc\^XiXi\hl\i`ileXgXi$
k\ `dgfikXek\ [\ k`\dgf p \j]l\iqf \e \c Zfealekf [\c
gifp\Zkf[\cX\jkilZkliX%<c_\Z_f[\hl\\jkX]Xj\j\
i\Xc`Z\XceXc[\cgifZ\jf[\Z}cZlcfgifg`Z`XleXXk\e$
Z`ed\efihl\cX[\Y`[X%
=`^liX(%)%Le`e[\\dgXcd\ZXig`ek\iX#d\Z}e`ZXp\eZfcX[X%
(%):FEJ@;<I8:@FE<J@E@:@8C<J
;\j^XiiXd`\ekf\ecXjle`fe\j
<e\c[`j\fpZ}cZlcf[\cXjle`fe\j[\Y\ek\e\ij\gi\$
j\ek\jXc^leXjZfej`[\iXZ`fe\jgi\m`Xjhl\XZfek`elX$
Z`ej\i\jld\e1
:lXe[f j\ [`j\X leX le`e \e cX hl\ \o`jk\e dlZ_fj
\c\d\ekfj [\ aXZ`e ZfcfZX[fj \e ce\X f le Zfealekf
[\\c\d\ekfjX^ilgX[fj\eleX}i\X[\cXg`\qX#\o`jk\cX
gfj`Y`c`[X[[\hl\cXZXgXZ`[X[[\ZXi^X[\cXle`ehl\$
[\c`d`kX[Xgfile[\j^XiiXd`\ekf[\lekifqf[\cXg`\qX
j`ecc\^XiXcX^fkXd`\ekf[\cXZXgXZ`[X[[\ZX[X\c\d\e$
kf#^liX(%*%<jkXjj`klXZ`fe\jjfegfZf]i\Zl\ek\jg\if
gl\[\e[Xij\\eZXjfj[\g`\qXj[\^iXe[\j\jZlX[iXj
jfd\k`[XjX^iXe[\j\j]l\iqfj%<ecXefidXj\i\Zf^\\c
gifZ\[`d`\ekfgXiXjlZfdgifYXZ`e%
;\jc`qXd`\ekf[\cXjle`fe\j
CXjle`fe\jd\Z}e`ZXjjl]i\elefj[\jc`qXd`\ekfj\ejl
gl\jkX\eZXi^Xhl\gl\[\e\jk`dXij\d\[`Xek\\cd$
[lcf[\[\jc`qXd`\ekfBj\i#[\e`[f\ecXefidXk`mX%<jk\
[\jc`qXd`\ekf j\ fi`^`eX Zfdf Zfej\Zl\eZ`X [\c XgcXj$
kXd`\ekf [\ cX dX[\iX jfd\k`[X X Zfdgi\j`fe\j cfZX$
c\j \c\mX[Xj% :X[X d\[`f [\ le`e k`\e\ le d[lcf [\
[\jc`qXd`\ekf[`]\i\ek\#gficfhl\efj\gl\[\ejldXi
[`i\ZkXd\ek\cXjZXgXZ`[X[\j[\ZXi^X[\ZX[Xlef%Gfi
kXekf#\j`dgfikXek\k\e\igi\j\ek\hl\cXZXgXZ`[X[[\
ZXi^X[\leZfealekf[\[`]\i\ek\jd\[`fj[\le`e\j#
Zfe]i\Zl\eZ`X#d\efihl\cXjldX[\cXjZXgXZ`[X[\j[\
ZXi^X`e[`m`[lXc\j%Gfi\a\dgcf#cXjle`fe\j\eZfcX[Xjp
d\Z}e`ZXjk`\e\edlp[`]\i\ek\jgifg`\[X[\j[\i`^`[\q
pef[\Y\jlgfe\ij\hl\kiXYXaXejfc`[Xi`Xd\ek\%
<oZ\eki`Z`[X[[\cXjle`fe\j
<ecfjel[fj[\cX\jkilZkliX\c\eZl\ekif[\cXjg`\qXj
[\Y\i\Xc`qXij\#j`\dgi\hl\j\Xgfj`Yc\[\]fidXj`d$
ki`ZXpZfeZeki`ZX#Zfe\ce[\\m`kXi\oZ\eki`Z`[X[\j%8
m\Z\j#ef\j]}Z`c\m`kXicX\oZ\eki`Z`[X[#p\e\jkfjZXjfj
[\Y\i}k\e\ij\\eZl\ekX\e\cZ}cZlcf%EffYjkXek\#j`j\
gl\[\df[`ZXicXgfj`Z`epZfdgfj`Z`e[\cXjg`\qXj
Xm\Z\j\jgfj`Yc\\c`d`eXijl\oZ\eki`Z`[X[#^liX(%+%
=`^liX(%*%;\j^XiiXd`\ekf\eleXle`e[\\dgXcd\i^`[fZfe\c\d\ekfjZfeZ\ekiX[fj\ece\X%
@ekif[lZZ`e
=`^liX(%+%<oZ\eki`Z`[X[[\cXle`e[\cX^liXX#Zfii\^`[X\ecX^liXY%
?`eZ_Xqepd\idX
<e cX ^liX (%, j\ dl\jkiXe mXi`fj ZXjfj kg`Zfj \e cfj
hl\gl\[\gif[lZ`ij\\c]\e[X[f1
<e\c[`j\f[\cXle`eef[\Y\efcm`[Xij\cfj\]\Zkfj[\
_`eZ_Xqepd\idX[\cXdX[\iX#fi`^`eX[fjZfdfZfe$
j\Zl\eZ`X[\cXmXi`XZ`e[\cZfek\e`[f[\_ld\[X[%CX
gi}Zk`ZXZfii\ZkX\jcXZfcfZXZ`e\efYiX[\cXdX[\iX
ZfeleZfek\e`[f[\_ld\[X[cfd}jgio`dfgfj`Yc\X
cX_ld\[X[[\\hl`c`Yi`f_`^ifjZg`Zfd\[`X[\jlj`klX$
Z`e\ej\im`Z`f%J`e\dYXi^f#_Xpj`klXZ`fe\j[fe[\ef
\jgfj`Yc\\m`kXileXmXi`XZ`e[\cZfek\e`[f[\_ld\[X[%
CXjg`\qXjj`klX[Xj\eZfekXZkfZfe\cXdY`\ek\\ok\i`fi
jl]i`i}e cfj ZXdY`fj [\ cXj Zfe[`Z`fe\j Zc`d}k`ZXj2 fkif
ZXjf\j\c[\cXjg`\qXjj`klX[Xj\e`ek\i`fi\jXZi`jkXcX[fj
[fe[\j\gl\[\eXcZXeqXiXckXjk\dg\iXkliXjgfi\]\Zkf
[\cjfc\Xd`\ekf%<jkXjj`klXZ`fe\jZfe[lZ\eXleXmXi`X$
Z`e[\cXj[`d\ej`fe\j#hl\\j[\jgi\Z`XYc\\ecX[`i\Z$
Z`ecfe^`kl[`eXcg\ifZfej`[\iXYc\\ecXkiXejm\ijXc%
J`cfj_\iiXa\j[\le`ej\[`jgfe\e[\dXe\iXhl\`dg`$
[Xe\cc`Yi\dfm`d`\ekf[\cXdX[\iXpcXj[`d\ej`fe\j[\
cXjg`\qXjjfe[\Z`\ikX\ek`[X[[\cfi[\e[\/'f(''Zd
j\fi`^`eXi}e]\e[XjZlXe[fcXdX[\iXg`\i[X_ld\[X[%
KiXZZ`eg\ig\e[`ZlcXiXcXYiX\ecXjle`fe\j
:`\ikXj[`jgfj`Z`fe\j[\le`fe\j#^liX(%-#fi`^`eXek\e$
j`fe\j[\kiXZZ`eg\ig\e[`ZlcXiXcXYiXhl\gl\[\e
=`^liX(%,%=\e[X[f\ele`fe\j[\Y`[XjXcXd\idX[\cXdX[\iX%
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
c`d`kXicXZXgXZ`[X[i\j`jk\ek\[\cXle`e%<ecXefidX
j\i\Zf^\cXZfdgifYXZ`eXi\Xc`qXi\e\jkXjj`klXZ`f$
e\j%GXiX[`jd`el`if\m`kXi\jkXjk\ej`fe\jg\ig\e[`Zl$
cXi\jXcXYiX#\c[`j\f[\cXle`e[\Y\gifZliXihl\cX
gfj`Z`e[\c\c\d\ekf[\aXZ`ehl\[\e\cX[`jkXeZ`X
_\#\jkcfd}jZ\iZXgfj`Yc\[\cYfi[\efZXi^X[f%
=`^liX(%-<a\dgcf[\le`e[fe[\j\gi\j\ekXek\ej`fe\j[\kiXZZ`eg\ig\e[`ZlcXiXcXYiX%
;@J<zF;<C8LE@E
)%(@EKIF;L::@E
CXj gfj`Y`c`[X[\j Zi\Xk`mXj \e \c [`j\f [\ cXj le`fe\j
jfe\efid\jpef\jgfj`Yc\[\e`ileXjfclZ`ee`ZX
gXiXZX[Xj`klXZ`e%<co`kf[\c[`j\f[\leXle`ej\
YXjX\eZldgc`icfjki\ji\hl`j`kfjj`^l`\ek\j1
$J`dgc`Z`[X[1 ZlXekf d}j j\eZ`ccX j\X cX le`e d\afi
j\i} \c i\jlckX[f \jkk`Zf p d\Z}e`Zf# Xj Zfdf jl
Z}cZlcf%
$De`df dXk\i`Xc Xlo`c`Xi1 ZlXekfj d\efj _\iiXa\j j\
e\Z\j`k\e d\afi j\i} \c ZfdgfikXd`\ekf Xc ]l\^f p
d}jc`dg`fj\i}jlXjg\Zkf%
$=XYi`ZXZ`epdfekXa\1j\i}egi\]\i`Yc\jcXjjfclZ`fe\j
hl\i\hl`\iXelegifZ\jf[\]XYi`ZXZ`ep[\dfekXa\
d}jj\eZ`ccf%
<ecfjck`dfj)'Xfjj\_Xgf[`[ffYj\imXileZ`\ikf
ZXdY`f\e\c\jk`cf[\cXjle`fe\j\e\jkilZkliXj[\dX$
[\iX%;\le`fe\jZfe^iXe[\j_\iiXa\jm`jkfjpdlZ_Xj
m\Z\jg`ekX[fjgXiX_XZ\ij\d}jm`j`Yc\j#j\_Xcc\^X[f
X leXj le`fe\j Zfe d\efi gi\j\eZ`X [\c XZ\if Xc \o$
k\i`fi#Zfegifk\ZZ`egfi^XcmXe`qX[fpdlZ_Xjm\Z\j
ZfeZcXm`aXjfZlckXjf[\gfZXgi\j\eZ`XXc\ok\i`figX$
jX[fi\j#k`iX]fe[fj[\[fYc\ifjZX %Cfj_\iiXa\j[\Xgf$
pf [\ Zfii\Xj lk`c`qX[fj \e cXj \jkilZkliXj [\ dX[\iX
cXd`eX[X\eZfcX[Xgficf^\e\iXc\jk}e]XYi`ZX[fjZfe
Z_XgX gc\^X[X ^XcmXe`qX[X p m`jkX Xc \ok\i`fi2 j`e \d$
YXi^f#\e<lifgX\o`jk\leXk\e[\eZ`XXc_\iiXa\fZlckf
\ecXk\jkX[\cXZfii\Xpgfj`Yc\d\ek\ZX[Xm\qj\lj\
d\efj\c_\iiXa\m`jkf%
Kf[f \jk\ gifZ\jf [\ ZXdY`f m`\e\ dfk`mX[f gfi mX$
i`XjiXqfe\j#\eki\cXjhl\j\\eZl\ekiXecXj\jg\Z`$
ZXZ`fe\j[\`eZ\e[`fhl\Zfe[lZ\eXcfZlckXd`\ekfp
gifk\ZZ`e[\cd\kXc#XcfjXmXeZ\jkZe`Zfj[\dXk\$
i`Xc\j \dgc\X[fj \e cfj _\iiXa\j# g\if kXdY`e X leX
\mfclZ`e [\ cX \jkk`ZX \e \c [`j\f [\ cX \jkilZkliX#
hl\gl\[\`ek\igi\kXij\ZfdfleXdXpfiZfeXeqX\e
cX dX[\iX Zfdf dXk\i`Xc \jkilZkliXc j`e i\Zlii`i X cX
gi\j\eZ`X[\cXZ\ifZfdfXZfdgXXek\f^XiXekX[\
jl\ZXZ`X%
)%):I@K<I@FJG8I8C8J<C<::@E
;<CD<;@F;<LE@E
Cfjd\[`fj[\le`egl\[\eZcXj`ZXij\\ecfj^ilgfj
j`^l`\ek\j1
$Le`fe\jZXig`ek\iXj
$Le`fe\jd\Z}e`ZXj1
:cXm`aXj1
>iXgXj
:cXmfj
K`iX]fe[fj
G\iefj
GXjX[fi\j
:fe\Zkfi\j1
8e`ccf
GcXZX
;\ekX[fj
GcXZXjZcXmf
$Le`fe\j\eZfcX[Xj
:X[Xd\[`f[\le`ek`\e\leXX[\ZlXZ`ehl\\j]le$
Z`e gi`eZ`gXcd\ek\ [\ cX \jZlX[iX [\ cXj g`\qXj p [\c
k`gf\jkilZkliXc%8Zfek`elXZ`ej\\ogfe\cXgi}Zk`ZXd}j
_XY`klXc1
X Le`fe\jZXig`ek\iXj1Zfejk`klp\ife\e\cgXjX[f\cj`j$
k\dX [\ le`e kiX[`Z`feXc \e cX ZXig`ek\iX [\ XidXi%
8ZklXcd\ek\ _X i\Zlg\iX[f jl m`^\eZ`X ^iXZ`Xj X cX
]XYi`ZXZ`ed\[`Xek\\cZfekifceldi`Zf%CXgi\Z`j`e
XcZXeqX[X\jdlp\c\mX[Xp\cZfjkfj\_Xi\[lZ`[fef$
kXYc\d\ek\%
8ZklXcd\ek\ j\ \dgc\Xe \e \jkilZkliXj [\ clZ\j
i\[lZ`[Xj _XjkX (' f () d p \e fYiXj [\ i\_XY`c`$
kXZ`e%CXjiXqfe\jhl\cc\mXeXlk`c`qXi\jk\k`gf[\
le`ejfe#^\e\iXcd\ek\#[\ZXi}Zk\i\jkk`Zf#Ylj$
ZXe[f leX XgXi`\eZ`X kiX[`Z`feXc gXiX cX ZfejkilZ$
Z`e2 j`e \dYXi^f# kXdY`e i\jlckXe d}j \Zfed`$
ZXjpgi\j\ekXeled\afiZfdgfikXd`\ekfXc]l\^f%
<e\jkilZkliXj[\clZ\jdXpfi\j#^\e\iXcd\ek\Zfe
dX[\iXcXd`eX[X\eZfcX[X#cXjle`fe\jZXig`ek\iXj
ZfeZXaXjpfkifji\YXa\jefj\\dgc\Xegfihl\j\
cc\^XXlejfYi\[`d\ej`feX[f[\cXjj\ZZ`fe\jhl\
cXj_XiXegfZf\Zfed`ZXj%
('
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
LeX[\cXjle`fe\jZXig`ek\iXjd}jlk`c`qX[Xj\eZl$
Y`\ikXj [\ m`m`\e[Xj le`]Xd`c`Xi\j \j cX [\ cX ZfcX [\
d`cXefi\[fe[\X[XgXiXcXjle`fe\j\eki\gXi\jfZf$
ii\Xjpm`^Xjgi`eZ`gXc\j%
Y Le`fe\j d\Z}e`ZXj1 X^ilgXe [`m\ijfj k`gfj [\ \c\$
d\ekfj[\aXZ`egficfhl\\o`jk\ek`gfjX[\ZlX[fj
gXiX ZX[X j`klXZ`e% 8 Zfek`elXZ`e j\ i\jld\e cfj
ZXjfjd}j]i\Zl\ek\j1
:cXm`aXj1
$>iXgXj1^\e\iXcd\ek\j\\dgc\XegXiXcXZfe\o`e
\eki\ kXYc\ifj p g`\qXj [\ dX[\iX Xj\iiX[X [\ g\$
hl\X \jZlX[iX Zfe ^il\jfj Zfdgi\e[`[fj \eki\
*/p,'ddXgifo`dX[Xd\ek\ %CXXgc`ZXZ`eZXiXZ$
k\ijk`ZX \j cX ]XYi`ZXZ`e [\ \ekiXdX[fj c`^\ifj [\
dlifjp]fiaX[fjgXiXcXZfejkilZZ`egi\]XYi`ZX[X%
$:cXmfj1 X[\ZlX[fj gXiX cX ZfejkilZZ`e c`^\iX [\
dX[\iX \e cX le`e \eki\ kXYc\ifj p g`\qXj [\ dX$
[\iXXj\iiX[Xp\eki\cXjgifg`Xjg`\qXj[\dX[\iX
Xj\iiX[X[\g\hl\X\jZlX[iX^il\jf[\*/X,'
dd %K`\e\eZXgXZ`[X[[\ZXi^X]i\ek\X\j]l\iqfj
cXk\iXc\jf[\ZfikXek\#g\ifiXiXm\qj\XZ\gkXegXiX
ZXi^XjXo`Xc\jf[\\okiXZZ`e%
KXdY`e jfe lk`c`qX[fj \e cXj le`fe\j \eki\ g`\qXj
[\dXpfi\jZlX[iXZfdf\j\cZXjf[\cXjZfii\Xj
[\dX[\iXcXd`eX[X[fe[\j\\dgc\XegXiXaXi\c
_\iiXa\[\XgfpfXcXm`^Xgi`eZ`gXc%<e\jkfjZXjfj
cfj _\iiXa\j pX \jk}e gi\kXcX[iX[fj gXiX \c XcfaX$
d`\ekf[\cfjZcXmfj%
<e Xc^lefj ZXjfj j\ _Xe lk`c`qX[f gXiX le`fe\j [\
^iXe ZXgXZ`[X[ [\ kiXejd`j`e [\ \j]l\iqfj Zfdf
\c\d\ekf[\aXZ`e[\cXjZ_XgXj[\XZ\ifZfe\j$
g\jfi\j ^\e\iXcd\ek\ [\ - dd% <e \jkfj ZXjfj \j
]i\Zl\ek\\cljf[\ZcXmfj\jg\Z`Xc\j[\j\ZZ`ei\Z$
kXe^lcXii\[fe[\X[X[\efd`eX[fji\dXZ_\jgXiX
dX[\iXk`dY\ii`m\kj %
$K`iX]fe[fj1 j\ \dgc\Xe \e cX aXZ`e [\ g`\qXj [\
dX[\iX[\\jZlX[iXg\hl\Xpd\[`XeXZfej`d`$
cXi\j]leZ`fe\jXcX[\cfjZcXmfj#g\ifZfecXm\ekXaX
[\ gf[\i i\j`jk`i \j]l\iqfj Xo`Xc\j% <jkf ck`df cfj
_XZ\\jg\Z`Xcd\ek\`e[`ZX[fjgXiX\cXeZcXa\[\_\$
iiXa\j#fg`\qXj\e^\e\iXc#jfd\k`[XjX\j]l\iqfj[\
XiiXehl\X[\d}j[\cZfikXek\%8j#\a\dgcfjkg`Zfj
jfecXjaXZ`fe\j[\cfj_\iiXa\j[\XeZcXa\[\k`iXe$
k\j[\Xii`fjkiXd`\ekf#aXZ`e[\cXjZfii\XjjfYi\
cfjgXi\j#\c\d\ekfjXlo`c`Xi\j[\XXeqXd`\ekf\e
cXjle`fe\jZXig`ek\iXj#\kZ%
KXdY`ej\gl\[\elk`c`qXi\ecXjle`fe\j\eki\g`\$
qXj[\dXpfij\ZZ`egfi\a\dgcfdX[\iXcXd`eX[X
\eZfcX[X Zfdf\c\d\ekf[\aXZ`e[\Z_XgXj[\
XZ\ifXlo`c`Xi\j%
$G\iefj1j\\dgc\Xe\ele`fe\j\eki\g`\qXj[\dX[\iX
dXZ`qXpdX[\iXcXd`eX[X\eZfcX[X%GfikXekf#i\jlckXe
X[\ZlX[fjgXiXZXi^Xjg\hl\Xjp^iXe[\j#lk`c`qXe[f
[`}d\kifjX[\ZlX[fj%G\id`k\ecXZfe\o`e\eki\g`\$
qXj [\ dX[\iX X kiXmj [\ Z_XgXjd\k}c`ZXj# kXekf j`
\jk}ej`klX[Xj\e\c`ek\i`fiZfdf\e\c\ok\i`fi%
$GXjX[fi\j1 ^\e\iXcd\ek\ lk`c`qX[fj \e cXj le`fe\j
\eki\g`\qXj[\d\[`XeXp^iXe\jZlX[iX%K`\e\ecX
m\ekXaX[\led\afiZfdgfikXd`\ekfXc]l\^f#j`\e$
[fd}j]}Z`cjlfZlckXZ`eZfdgXiX[XZfe\cZXjf[\
cfj g\iefj% G\id`k\e cX Zfe\o`e d\[`Xek\ Z_XgXj
[\ XZ\if `ek\i`fi\j# g\if ef Xc \ok\i`fi% J\ ZfcfZXe
Zfele^iX[f[\Xaljk\dlpXckf#cfhl\\o`^\dlZ_X
gi\Z`j`e\e\cd\ZXe`qX[f[\cfjX^la\ifj%<ele`f$
e\j hl\ gl\[Xe jl]i`i le \j]l\iqf kiXejm\ijXc hl\
gifmfhl\\c[\jXidX[f[\cZfealekf[\Y\i}eXZfd$
gXXij\[\Xc^lefjg\iefj%
:fe\Zkfi\j1
Cfj Zfe\Zkfi\j k`\e\e dXpfi ZXgXZ`[X[ [\ kiXejd`$
j`e[\ZXi^Xhl\cfjg\iefjpgXjX[fi\j#g\ifkXd$
Y`ei\hl`\i\ej\gXiXZ`fe\jdXpfi\j%>\e\iXcd\ek\#
j\i\Zlii\X\ccfjZlXe[fcXZXgXZ`[X[[\cfjg\iefj
gfijd`jdfjef\jjlZ`\ek\%
$:fe\Zkfi\j [\ Xe`ccf1 j\ \dgc\Xe \e le`fe\j \eki\
g`\qXj[\^iXepd\[`XeX\jZlX[iX%<cd\ZXe`qX[f
j\ _XZ\ \e ]}Yi`ZX p \c dfekXa\ j\ gl\[\ _XZ\i \e
fYiX%I\hl`\i\eleg\iefgXiXXXeqXicXle`e#g\if
jlZXgXZ`[X[gfikXek\efj\jldXXcX[\cZfe\Zkfi%
$:fe\Zkfi\j [\ gcXZX1 X[\ZlX[fj \e le`fe\j \eki\
g`\qXj[\^iXepd\[`XeX\jZlX[iX%?Xpk`gfjgXiX
le`fe\j\eki\dX[\iXpdX[\iXpfkifjgXiXle`fe\j
\eki\XZ\ifpdX[\iX%<cd\ZXe`qX[fj\_XZ\\e]}$
Yi`ZXp\cdfekXa\j\gl\[\_XZ\i\efYiX%I\hl`\i\e
leg\iefgXiXXXeqXicXle`e#g\ifjlZXgXZ`[X[
gfikXek\efj\jldXXcX[\cZfe\Zkfi%
$:fe\Zkfi\j [\ekX[fj1 X[\ZlX[fj gXiX \jZlX[iXj
^iXe[\jpd\[`XeXj%J\ZfcfZXe\e]}Yi`ZXpleXm\q
`ej\ikX[fjefgl\[\e[\jdfekXij\%<cg\iefhl\j\
\dgc\XgXiXXXeqXicXle`ekXdY`eZfcXYfiX\ecX
kiXejd`j`e[\\j]l\iqfj%
$GcXZXj ZcXmf1 jfe _\iiXa\j [\ Zfe\o`e \jg\ZZfj
gXiX cXj le`fe\j \e \jkilZkliXj c`^\iXj Zfejkil`[Xj
Zfeg`\qXj[\dX[\iXXj\iiX[X[\^il\jfi\[lZ`[f
*/X+,dd %JfeZXiXZk\ijk`ZXj[\cXjXidX[liXj
[\ ZlY`\ikX \e cX ZfejkilZZ`e gi\]XYi`ZX[X [\ \e$
kiXdX[fc`^\if%
;`j\f[\cXle`e
Z Le`fe\j\eZfcX[Xj1j`jk\dX[\le`eZlpXZXiXZk\ijk`ZX
gi`eZ`gXc\jcX[\g\id`k`icfj\ecXZ\ji^`[fjZfegc\eX
ZXgXZ`[X[[\kiXejd`k`idfd\ekfj\Zkfi\j%8[\d}j#
jlXjg\Zkf\ok\ief\jdlpc`dg`fXcefk\e\i_\iiXa\j
Xc \ok\i`fi% J`e \dYXi^f# ef \j le j`jk\dX \ok\e[`[f
e`_XY`klXc\ecXj\dgi\jXj#j`efhl\e`ZXd\ek\_Xp
Xc^leXjhl\f]i\Z\e\jk\j`jk\dXZfdffgZ`e%
>\e\iXcd\ek\#Zfej`jk\e\eYXiiXj[\XZ\iff[\dX$
k\i`Xc\j Zfdgl\jkfj hl\ j\ \eZfcXe X cX dX[\iX \e
kXcX[ifj `ek\i`fi\j Zfe ]fidlcXZ`fe\j \gfo` p fkifj
X[_\j`mfjX[\ZlX[fj%KXdY`ejfele`fe\j\eZfcX[Xj
cfj\ecXZ\j\eki\g`\qXjd\[`Xek\le[\ekX[fdck`gc\
[\ ^iXe kXdXf dXZif[\ekX[f j`d`cXi Xc \dgXcd\
[\ cXj c}d`eXj [\ dX[\iX cXd`eX[X \eZfcX[X# g\if
ZfecXgfj`Y`c`[X[[\i\Xc`qXile`fe\j\e}e^lcf#Zfdf
cXjle`fe\j[\\jhl`eX\egik`Zfj%
=`eXcd\ek\# \o`jk\e mXi`fj ]XZkfi\j hl\ `elp\e \e cX
kfdX [\ [\Z`j`fe\j gXiX cX Zfe^liXZ`e [\ cX le`e#
hl\XZfek`elXZ`ej\i\Zf^\e1
$<jg\Z`ZXZ`fe\j[\`eZ\e[`f1j`\o`jk\ei\hl`j`kfj[\i\$
j`jk\eZ`XXc]l\^f\ji\cXk`mXd\ek\j\eZ`ccfcc\^XiXk`\d$
gfj[\*'d`elkfj#g\ifgXiXXcZXeqXicfj-'d`elkfj
j\i\hl`\i\le[`j\fd}j\cXYfiX[fmXj\ZXgklcf- %
GXiX Zldgc`i cXj \jg\Z`ZXZ`fe\j Zfe d}j ]XZ`c`[X[
jfegi\]\i`Yc\jcXjle`fe\jhl\eflk`c`Z\eZ_XgXjd\$
k}c`ZXj\ogl\jkXjXc\ok\i`fi#j`ef\ekf[fZXjfj`klX[Xj
\e\c`ek\i`fi[\cXjg`\qXjpj`eXjfdXigficfjYfi[\j2
kXdY`egi\j\ekXed\afiZfdgfikXd`\ekfcfjgXjX[f$
i\jhl\cfjg\iefj%
$;liXY`c`[X[1 \e le`fe\j \eki\ g`\qXj hl\ hl\[\e \o$
gl\jkXjXc\ok\i`fi\jdlp`dgfikXek\hl\\c[`j\f[\
cX le`e ef g\id`kX cX i\k\eZ`e [\ X^lX [\ cclm`X Zfe
\c e [\ Xld\ekXi jl [liXY`c`[X[ ]i\ek\ X cX Zfiifj`e%
;\Y\i}e lk`c`qXij\ dXk\i`Xc\j d\k}c`Zfj X[\ZlX[Xd\e$
k\ gifk\^`[fj gXiX ZX[X j`klXZ`e XdY`\ekXc mXj\
ZXgklcf. %
$J`jdf1 \e cfZXc`qXZ`fe\j \e cXj hl\ cX XZZ`e jjd`ZX
\ji\c\mXek\#cX[lZk`c`[X[[\cX\jkilZkliXj\Zfej`^l\
Zfe]XZ`c`[X[lk`c`qXe[fle`fe\jZfe\c\d\ekfj[\k`gf
ZcXm`aX#hl\gi\j\ekXeleZfdgfikXd`\ekf[\XckX[lZ$
k`c`[X[%
)%*<A<DGCFJ;<LE@FE<J
Le\eZl\ekif\eki\g`\qXj[\dX[\iXgl\[\i\jfcm\ij\
[\[`]\i\ek\jdXe\iXjcc\^Xe[f\edlZ_fjZXjfjXi\$
jlckX[fj\ZXZ\j%Lefjj`jk\dXjk\e[i}eXc^leXjm\ekX$
aXj\`eZfem\e`\ek\jZfdgXiX[fjZfefkifj#j`ehl\\o`j$
kXleXjfclZ`ee`ZX%<cgifZ\jf[\c[`j\f[\cXle`e
\j#gfikXekf#legifZ\jfXY`\ikfhl\j\]le[Xd\ekX\e
cX\og\i`\eZ`X[\cgifp\Zk`jkX%
:lXe[fj\gifp\ZkXleXle`e#j`ek\e\ileX\og\i`\eZ`X
`dgfikXek\#\j_XY`klXcpi\Zfd\e[XYc\\jkl[`XijfclZ`f$
e\j[\\eZl\ekifZfejkil`[Xj\efYiXj\o`jk\ek\jZfe\c
e[\j\im`i[\^lXf`ejg`iXZ`eXm\Z\jgXiX\m`kXii\$
g\k`i\iifi\j %Gfi\jk\dfk`mf#\e\jk\XgXikX[fj\i\Zf$
^\ele`fe\jgifZ\[\ek\j[\fYiXj\o`jk\ek\jfi[\eX[Xj
gfik`gf[\\eZl\ekif#`eZclp\e[fleYi\m\Zfd\ekXi`f
hl\i\\o`feXjfYi\cXjZXiXZk\ijk`ZXj[\cXle`e%Ef
gi\k\e[\j\i\o_Xljk`mXe`kXdgfZfkf[XjcXjjfclZ`fe\j
gi\j\ekX[Xjgl\[\eZfej`[\iXij\cXjd\afi\j#j`efhl\
j`dgc\d\ek\j\im`i}e[\Xpl[X\e\cgifZ\jf[\cX[\Z`$
j`egXiX[`j\XicXle`e%
8 8GFPF;<G@C8I<J
G`cXi\dgfkiX[ff\eZfekXZkfZfe\cjl\cf#hl\i\hl`\$
i\lekiXkXd`\ekfhld`Zf\egif]le[`[X[%<cg`cXi\jk}
Zfdgl\jkf gfi [fj Zfi[fe\j Zfe j\gXiX[fi\j aX[fj
Zfeg\iefj%CXm`[Xk`c[\cX\jkilZkliXhl\[Xc`d`kX[X
XcXm`[X[\cXdX[\iXkiXkX[X\eZfekXZkfZfe\cjl\cf
('X)'Xfj %
((
()
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
G\hl\fgfjk\hl\[\jZXejXjfYi\leXYXjX[\g`\[iX
hl\Xjlm\qXiiXeZX[\leYXjXd\ekfZfii`[f%Hl\[X
Xc\aX[f [\c ZfekXZkf Zfe \c jl\cf p [\ cX _ld\[X[% Ef
fYjkXek\#gi\j\ekX[\ZfcfiXZ`egficXjjXcg`ZX[liXj\e
cXgXik\YXaX#g\ifj\\eZl\ekiXY`\em\ek`cX[f%Jli\gf$
j`Z`e\eZXjf[\]l\ik\[\k\i`fif\jj\eZ`ccX%
G`\[\i\Z_f[\dX[\iXdXZ`qXZfeleXgfpfjfYi\leX
YXjX[\g`\[iXXkiXmj[\le_\iiXa\[\XZ\ifhl\\e$
Z`\iiXcXg`\qX%<c_\iiXa\efg\id`k\cXm\ek`cXZ`e[\cX
dX[\iX\eZXjf[\\ekiX[X[\X^lXXc`ek\i`fi#Xlehl\
\c Xc\if gl\[\ cc\^Xi X `dg\[`i cX cc\^X[X [\c X^lX [\
cclm`X%
G`\[\i\Z_f[\dX[\iXdXZ`qXhl\[\jZXejXjfYi\leX
g`\qXd\k}c`ZXhl\cfj\gXiX[\cjl\cf%CXZXi^Xj\kiXej$
d`k\ X kiXmj [\ leX Z_XgX [\ Xj`\ekf \e cX YXj\# Zfe
[`d\ej`fe\jc`^\iXd\ek\`e]\i`fi\jXcXj\ZZ`e[\cg`cXi%
CXj Z_XgXj cXk\iXc\j j`im\e gXiX XXeqXi cX le`e d\$
[`Xek\leg\ief%<jkg\id`k`iXi\j`jk`iZ`\ikf\j]l\iqf
[\kiXZZ`e\eZXjf[\jlZZ`e[\cm`\ekf%
<c g`\ [\i\Z_f [\ \jkX \jkilZkliX [\ leX ZlY`\ikX [\
XgXiZXd`\ekf\jk}]fidX[fgfi[fjg`\qXj[\dX[\iX
ZfeleXj\gXiXZ`e\eki\j[fe[\j\XcfaXleXc\e^\$
kX[\kXYc\if%JlXgfpf\e\cjl\cfj\i\Xc`qXXkiXmj
[\ leX Z_XgX [\ XZ\if `efo`[XYc\ [\ `^lXc \jg\jfi X
cXj\gXiXZ`e\eki\g\ic\j#gXiX\m`kXi\cZfekXZkfZfe
\cjl\cf%
;`j\f[\cXle`e
:lY`\ikX\em`j\iX[\le^iX[\if%<cg`cXi[\dX[\iXcX$
d`eX[X\jkXZfdgl\jkfgfi[fjZfi[fe\jpjlXgfpf\e
cXYXj\\jleXXik`ZlcXZ`ehl\hl\[Xc`^\iXd\ek\j\gX$
iX[X[\cjl\cf%<e\eZl\ekifZfe\c[`ek\cgf[iXj\ileX
Xik`ZlcXZ`e#g\ifkXdY`ele\ecXZ\i^`[f%
CX\jkXY`c`[X[[\cX\jkilZkliX#Zfej`[\iXe[f\cXgfpf
Xik`ZlcX[f [\ cX YXj\ [\c g`cXi# hl\[X ^XiXek`qX[X gfi
\c \eZl\ekif Xik`ZlcX[f [\c [`ek\c \e cX \jkilZkliX [\
_fid`^e%
(*
(+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
G`cXi[\dX[\iXcXd`eX[X\eZfcX[XZfdgl\jkfgfi[fj
Zfi[fe\j#hl\j\\eZl\ekiX\dgfkiX[f\ecXYXj\pjl
ZXY\qX \jk} Xik`ZlcX[X [fe[\ [\jZXejX leX m`^X Zfe$
k`elX% <c _\iiXa\ [\c Xgfpf j\gXiX cX dX[\iX [\c jl\cf
p XcfaX le g\ic [\ j\ZZ`e klYlcXi i\ZkXe^lcXi hl\ \j
Zfj`[f Zfe cXj [fj ce\Xj [\ g\iefj hl\ kiXejd`k\e \c
dfd\ekf\Zkfi%
9 <E:L<EKIF<EKI<G@C8IPM@>8
<cg`cXi[\dX[\iXcXd`eX[X\eZfcX[Xgi\j\ekX\e\c\o$
ki\dfjlg\i`file_l\ZfZ\ekiXc[fe[\j\XcfaXcXm`^X
gXjXek\XcXhl\j\le\ZfeZlXkifg\iefj%CXjZXi^Xj
^iXm`kXkfi`Xjj\kiXejd`k\egfiZfdgi\j`e\ecXjlg\i$
Z`\[\Xgfpf#d`\ekiXjhl\cfjg\iefj[\Y\eXjld`icfj
\j]l\iqfje\^Xk`mfj[\Y`[fjXcXjlZZ`e[\cm`\ekf%
8gfpf [\ j\eZ`ccf [`j\f [\ leX m`^X [\ dX[\iX cXd`$
eX[X jfYi\ le g`cXi d\k}c`Zf [\ klYf ZlX[iX[f _l\Zf%
CXZ_XgX[\k\jkX[\cg`cXij`im\[\qXgXkXhl\Xld\ekX
cXjlg\iZ`\jfd\k`[XXZfdgi\j`eg\ig\e[`ZlcXiXcX
YiX%CXaXZ`ej\i\Xc`qXd\[`Xek\/k`iX]fe[fj%
;`j\f[\cXle`e
<eZl\ekif\eki\g`cXipm`^XgXjXek\j%<cg`cXigi\j\ekX
[fj ZXaXj cXk\iXc\j hl\ i\[lZ\e cX j\ZZ`e cfZXcd\ek\
g\ifj`im\e[\XgfpfXcXj[fjg`\qXjhl\]fidXecXm`^X%
CXle`ej\XXeqXZfe[fjg\iefj%CXjm`^XjZfdgl\j$
kXjgfi[fjg`\qXjd}j[\c^X[Xjgi\j\ekXe\jkXZdf[X
]fidX[\le`i#g\ifkXdY`ej\i\[lZ\jl\ZXZ`X]i\ek\
XcZXjf[\`eZ\e[`fXci\[lZ`ijlXeZ_liX#pXhl\XdYXj
g`\qXjgi\j\ekXecXjZlXkifZXiXj\ogl\jkXj%
G`cXi[\dX[\iXcXd`eX[X\eZfcX[X[\j\ZZ`eZ`iZlcXi
jfYi\\chl\XgfpXleXm`^X[\dX[\iXcXd`eX[X\eZf$
cX[X[\j\ZZ`ei\ZkXe^lcXi%LeZXa\X[f\ecXZXY\qX[\c
jfgfik\[\aX\cgXjfc`Yi\XcXm`^XZfek`elXhl\j\Xj\$
^liXZfe[fjg\iefj%
8gfpf[\leXm`^X[\dX[\iXcXd`eX[X[\leXZlY`\ikX
\e mfcX[`qf [\ le ^iX[\if jfYi\ le g`cXi d\k}c`Zf [\
j\ZZ`eZ`iZlcXi_l\ZX%CXZ_XgX[\k\jkX[\cg`cXij`im\
[\qXgXkXpXld\ekXcXjlg\iZ`\[\Xgfpf%CXjgc\k`eXj
cXk\iXc\jXXeqXecXle`epXjld\ecfj\j]l\iqfje\^X$
k`mfj[\Y`[fjXcXjlZZ`e[\cm`\ekf%
CXYXiiX_fi`qfekXchl\XZfd\k\XcXZXiX[\cXm`^Xj`im\
[\\c\d\ekf[\\jkXY`c`qXZ`e[\c\eZl\ekif\m`kXe[fcX
k\e[\eZ`XXc^`if[\cXgfpf%
(,
(-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
8gfpf[\legXi[\ZlY`\ikXjfYi\leg`cXi[\_fid`^e%
CXZ_XgX[\Xj`\ekfXeZcX[X\ecXk\jkX[\cg`cXi[\_fi$
d`^ecc\mXleXZ_XgXjfc[X[Xhl\j\XcfaX\e\c`ek\i`fi
[\cXg`\qX[\dX[\iX%;fjg\iefjZfj\ecXg`\qX[\dX$
[\iXZfecXZ_XgX`ek\i`fi%CXjZXY\qXj[\cfjg\iefjj\
_XefZlckX[fZfekXgfe\j[\dX[\iX\eZfcX[fj%CXYXj\
[\cXgfpf[\cgXi\j_fi`qfekXc%
8gfpf[\leXm`^XgXjXek\jfYi\leg`cXi[\_fid`^e
XidX[f%CXm`^Xk`\e\leXc`^\iXg\e[`\ek\#g\if\cgcXef
[\Xgfpfj\[\jXiifccX\e_fi`qfekXcZfe\ce[\kiXej$
d`k`i cXj ZXi^Xj ^iXm`kXkfi`Xj j`e \dgla\j _fi`qfekXc\j%
Cfjk`iX]fe[fjhl\le\ecXjZ_XgXjXcXdX[\iX[\Y\e
j\iZXgXZ\j[\i\j`jk`icfj\j]l\iqfj[\jlZZ`e%
<eZl\ekif\eki\leg`cXi[\ifcc`qfpleXm`^X[\dX[\$
iXXj\iiX[XgXjXek\p]fidX[Xgfi[fjg`\qXj%<cXgfpf
j\ i\Xc`qX d\[`Xek\ i\YXa\j \e cX j\ZZ`e [\c gfjk\ p
j\ XXeqXe Zfe [fj g\iefj% CXj kfieXglekXj XgfikXe
i`^`[\q\e\cgcXef[\cgik`Zfp[`jd`elp\ecX\o`e
\ecXm`^X%
;`j\f[\cXle`e
: 8GFPF;<8I:FJPGIK@:FJ
8gfpfXik`ZlcX[f[\XiZfjhl\j\\eZl\ekiXeXj\gXiX$
Z`fe\jefdlp\c\mX[XjpZfeleXclqmXi`XYc\#g\ifef
^iXe[\%<cXgfpf\jj`dgc\pXhl\efj\i\hl`\i\cXkiXej$
d`j`e[\]l\ik\ji\XZZ`fe\j%;fjg\iefjle\ecXjZ_X$
gXjcXk\iXc\jXcXdX[\iXpZlXkifXeZcXa\jXc_fid`^e%
(.
(/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
8ik`ZlcXZ`e\e\cXgfpf[\leXiZf[\^iXeclq/'d
Xgifo% %Gl\[\fYj\imXij\ZfdfcXjlg\iZ`\[\Xgfpf
\jd\efihl\cXj\ZZ`e[\cXiZf%Cfjg\iefj[\Y\e[`$
d\ej`feXij\ gXiX i\j`jk`i \c ZfikXek\# cX jlZZ`e \e jl
ZXjf# p Xc^leX efidX `e[`ZXYX hl\ [\Y\iX Xjld`i Xc
d\efj\c,'[\cXo`c[\Zfdgi\j`e%
;`j\f[\cXle`e
8ik`ZlcXZ`e[\cXiiXehl\[\leXiZfalekfZfeleg`cXi%
8dYXjg`\qXj\jk}eXik`ZlcX[Xjpj\Zfe\ZkXed\[`Xe$
k\gXjX[fi\jhl\XkiXm`\jXeZ_XgXj[\XZ\if`ek\i`fi\j
[fj\e\cZXjf[\cXiZfpleX\e\cZXjf[\cg`cXi %Gl\[\
fYj\imXij\ Zfdf Xc^lef [\ cfj gXjX[fi\j j\ jljk`klp\
gfig\iefjgXiXXXeqXicXle`e%
8gfpf Xik`ZlcX[f [\ le XiZf [\ -* d [\ clq i\Xc`qX[f
Zfele_\iiXa\fZlckf%LeXZ_XgX`ek\i`fij\Zfe\ZkXXcX
dX[\iXd\[`Xek\g\iefj%<ci\jlckX[f\jc`dg`f#jlZfd$
gfikXd`\ekf Xc ]l\^f d\afi p Xlehl\ j\ kiXkX [\ leX
\jkilZkliXXc`ek\i`fi#jl\ogfj`Z`ek\dgfiXcXcXcclm`X
[liXek\\cdfekXa\ef[XgifYc\dXj[\dXeZ_Xj%
; :C8M<;<8I:FJPGIK@:FJ
<ecXZ\ Xik`ZlcX[f \e cX ZcXm\ [\ le gik`Zf [\ dX[\iX
cXd`eX[X \eZfcX[X [\ g\hl\X clq% <c \eZl\ekif \eki\
cXjg`\qXjj\i\Xc`qXXd\[`XdX[\iXpj\Zfj\eZfele
g\ief%
(0
)'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Gik`Zf[\dX[\iXcXd`eX[X\eZfcX[X]fidX[fgfi[fj
g`cXi\jY`Xik`ZlcX[fjple[`ek\chl\j\\eZl\ekiXkXd$
Y`eXik`ZlcX[f\ecXZcXm\%Cfj[fjk`iXek\jd\k}c`Zfj\e
[`X^feXcXgfikXecX\jkXY`c`[X[XcZfealekf%Fkifk`iXek\
_fi`qfekXci\j`jk\\c\dgla\_fi`qfekXc\ecfjXgfpfj%
CXXik`ZlcXZ`e[\cXZcXm\j\i\Xc`qXd\[`Xek\le_\iiX$
a\ fZlckf hl\ Zfej`jk\ \e leX Z_XgX `ek\i`fi hl\ j`im\
[\XiiXehl\Xcfjk`iXek\jpj\le\XcXdX[\iXd\[`Xe$
k\gXjX[fi\j%:lXkif[\cfjgXjX[fi\jj\jljk`klp\egfi
g\iefjgXiXXXeqXicXle`e%
:cXm\Xik`ZlcX[X[\cfjXiZfj[\leXgXjXi\cXi\Xc`qX[X
Zfe_\iiXa\j\ok\i`fi\jZfeZ_XgX^XcmXe`qX[X%CXZXiX
jlg\i`fi[\cXiZfj\\eZl\ekiXgifk\^`[XZfeleXXcYXi$
[`ccXd\k}c`ZXpcXdX[\iX\jk}kiXkX[X\egif]le[`[X[%
;`j\f[\cXle`e
< 8GFPF;<M@>8J
M`^XZlimXY`XgfpX[X%;\kXcc\[\cXgfpfXik`ZlcX[fd\$
[`Xek\le_\iiXa\hl\XYiXqXcXg`\qX_XjkXXgifo`dX[X$
d\ek\[fjk\iZ`fj[\cZXekfZfeg\iefjgXiXi\j`jk`icfj
\]\Zkfj[\cXjlZZ`e%Lef[\cfjXgfpfj[\Y\j\i[\jc`$
qXek\gXiX\m`kXi\dgla\jjfYi\cXZXY\qX[\cfjg`cXi\j%
<jkfgl\[\Zfej\^l`ij\Zfefi`Z`fj\e]fidX[\iXeliX
_fi`qfekXc#XX[`\e[fleXgcXeZ_X[\k\e\ecXYXj\
gXiX[`jd`el`i\cifqXd`\ekf%<eZXjfZfekiXi`f\cg`cXi
i\Z`Y`i}Z`\ikf\dgla\_fi`qfekXchl\j\kiX[lZ\\eleX
\o`ep[\jgcXqXd`\ekf_fi`qfekXc[\cg`cXi#hl\gl\[\
j\iX[d`j`Yc\%
)(
))
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
8gfpf[\leXm`^X[\dX[\iXcXd`eX[X\eZfcX[XjfYi\
cXZXY\qX[\leg`cXi[\_fid`^e%CXYXe[\aX[\Xgfpf
ml\cXc`^\iXd\ek\gXiXXld\ekXicXjlg\iZ`\XZfdgi\$
j`e g\ig\e[`ZlcXi X cX YiX% :lXkif g\iefj g\hl\fj
XXeqXeXYXafcXle`epi\j`jk\ecfjgfj`Yc\j\j]l\iqfj
[\ jlZZ`e% 8ii`YX XgXi\Z\e fkifj + g\iefj hl\ j`im\e
gXiX XeZcXi cX [`X^feXc [\ Xii`fjkiXd`\ekf p \c _\iiXa\
[\cXZfii\X%
= 8GFPF;<:FII<8J
Kg`ZfXgfpfXik`ZlcX[f[\leXZfii\XjfYi\leXm`^X%CX
ZXiXjlg\i`fi[\cXZfii\Xhl\[X\eiXjX[XZfecX[\cX
m`^X%<c_\iiXa\cc\^X_XjkX[fjk\iZ`fj[\cZXekf[\cXZf$
ii\XpcXZfe\o`ej\i\Xc`qXd\[`Xek\ZcXmfjZfiil^X[fj
f[\X[_\i\eZ`Xd\afiX[X%
8gfpf [\ leX Zfii\X jfYi\ leX m`^X [\ _fid`^e Xi$
dX[f%<c_\iiXa\\jj`d`cXiXcefidXc#g\ifcXZfe\o`eXc
_fid`^ej\\]\ZkXd\[`Xek\kfie`ccfjZfekXZfj%
8gfpf [\ leX Zfii\X Zfek`elX jfYi\ leX m`^X% <e \jk\
ZXjf cX Zfii\X XgfpX jfYi\ cX ZXiX jlg\i`fi [\ cX m`^X#
cfhl\g\id`k\[`jgfe\imXefjZfek`elfj[\Zfii\Xjp\c
gXjf[\`ejkXcXZ`fe\j%<e\jk\ZXjf\c_\iiXa\[\cXgfpf
[\Y\j\iZXgXq[\kiXejd`k`icfj\j]l\iqfj[\Xii`fjkiX$
d`\ekfXcXm`^X%KXdY`e\ecXle`ej\fYj\imXle_\$
iiXa\gXiX\cXeZcXa\[\cfjk`iXek\j[\Xii`fjkiXd`\ekf%
;`j\f[\cXle`e
> <DG8CD<J
<dgXcd\hl\kiXYXaXXkiXZZ`ei\Xc`qX[fd\[`Xek\ki\j
Z_XgXj`ek\i`fi\j[\XZ\ifhl\j\Zfe\ZkXeXcXdX[\iX
ZfegXjX[fi\j%CXjZ_XgXj[\le\oki\dfpfkif[\cXj
g`\qXjj\le\e\eki\jd\[`Xek\lejfcXg\[\cXjZ_X$
gXjhl\j\Xkfie`ccXZfecfj\c\d\ekfjhl\XjfdXe\ecX
ce\XZ\ekiXc%
AlekX[\kiXejgfik\\elegik`Zf%J\kiXkX[\le\dgXc$
d\ZfeZXgXZ`[X[[\kiXejd`j`e[\dfd\ekfj\Zkf$
i\jj\d`ii^`[f hl\kiXejd`k\cXkiXZZ`epZfdgi\j`e
ZfecXjZ_XgXjd\k}c`ZXj[\cfj\oki\dfj[\cXj\ZZ`ep
Zfele_\iiXa\Z\ekiXcgXiX\cZfikXek\%CXj\ZZ`edXe$
k`\e\jlc`Y\ikX[gXiXcXd\idX[\Y`[XXcXgi[`[X[\
_ld\[X[%
)*
)+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<dgXcd\Xik`ZlcX[f[\efd`eX[falekX>\iY\i#lk`c`qX[X
\ecXjm`^XjZfek`elXj%<c_\iiXa\hl\[XfZlckfpj`im\[\
XgfpfXcXg`\qXhl\m`\e\[\ccX[f`qhl`\i[fpjlY\cX
ZXi^X_XjkXcXgXik\jlg\i`fi[\cXm`^XmfcX[Xhl\m`\e\
[\ccX[f[\i\Z_f%
Cfj fi`Z`fj [\ XYXaf \e cX g`\qX mfcX[X# p cfj [\ Xii`$
YX\ecXg`\qXXgfpX[X#[\Y\iXek\e\i]fidX[\iXeliX
m\ik`ZXc gXiX g\id`k`i \c dfm`d`\ekf gfi d\idX [\ cX
dX[\iX%
<dgXcd\Xik`ZlcX[f[\leXm`^XZfek`elXalekX>\iY\i
i\Xc`qX[fZfelej`dgc\\eZl\ekifXd\[`XdX[\iX`e$
m\ik`[f#[\dXe\iXhl\cXm`^X[\cX[\i\Z_Xj\Zl\c^X
[\cmfcX[`qf[\cX`qhl`\i[Xd\[`Xek\leg\iefhl\[`j$
gfe\[\leXXiXe[\cXgcXZX[\i\gXikf \ecXZXiX`e]\$
i`fipjlg\i`fi%
<dgXcd\Xik`ZlcX[f[\leXm`^XZfek`elXalekX>\iY\i %
<c_\iiXa\\jfZlckfpk`\e\]fidX[\[fYc\KZfeleXc$
qX[f fYc`Zlf% CXj XcXj [\ cX K [\jZXejXe jfYi\ cX ZXiX
jlg\i`fi[\cXm`^XmfcX[XpXYXafcXjXcXj[\cXKj`im\e
[\XgfpfXcXm`^Xhl\m`\e\[\ccX[f[\i\Z_f%
? EL;FJ;<:<CFJ8
;`j\f[\cXle`e
El[f[\leXZ\cfjX[fe[\j\\eZl\ekiXeZlXkifg`\qXj
[\dX[\iXcXd`eX[X\eZfcX[XZfe[fjZ_XgXj\ok\i`f$
i\jpg\iefj[\Zfe\o`e%
<dgXcd\[\lek`iXek\[\leXZ\cfjXZfeleZlYi\ale$
kXj[\dX[\iX\e\c`ek\i`fihl\j\Zfe\ZkXXcXjg`\qXj
Zfeg\iefj%KiXYXaXeX[fYc\ZfikX[liXdX[\iX$dX[\$
iX %8[\d}j#cc\^XleglekXcpcfj[fjk`iXek\j[\Xii`fj$
kiXd`\ekf#hl\j`im\egXiXi\[lZ`icXcfe^`kl[[\gXe[\f
[\cZfi[e`e]\i`fi\eZXjf[\`em\ij`e[\\j]l\iqfj%
El[f[\\eZl\ekif\eki\legXiplek`iXek\d\[`Xek\
le \ejXdYc\ kiX[`Z`feXc [\ \dYXiY`ccX[f [\ kXce% J`e
\dYXi^f# \e \c `ek\i`fi j\ _X [`jgl\jkf leX Z_XgX [\
XZ\ifhl\j\Zfe\ZkXZfeZlXkifg\iefj%Gfj`Yc\d\ek\#
\c_\iiXa\j\XjcfgXiXXXeqXicXle`epi\j`jk`iXc^leX
kiXZZ`e%
<eZl\ekif\eki\legXij`dgc\hl\hl\[X\eZ\gX[fgfi
\ck`iXek\[fYc\phl\j\Zfe\ZkXed\[`Xek\g\iefjhl\
kiXYXaXeX[fYc\ZfikX[liX%<cZ\ekif[\^iXm\[X[[\cfj
g\iefj\jZf`eZ`[\ek\Zfecfj\a\j[\cXjg`\qXj%
),
).
LE@FE<J:8IG@EK<I8J
*%(@EKIF;L::@E
CXj le`fe\j ZXig`ek\iXj# kXdY`e ccXdX[Xj kiX[`Z`feXc\j#
Zfejk`klp\e le Zfealekf [\ jfclZ`fe\j gXiX cX le`e [\
g`\qXj[\dX[\iXd\[`Xek\\cd\ZXe`qX[f[\cXdX[\iX
i\[lZ`\e[f\cXgfik\[\fkifjdXk\i`Xc\j#Zfdf\c_`\iif
fXZ\if#Xcde`df%<e\jk\k`gf[\le`ecfj\j]l\iqfjj\
kiXejd`k\e[\leXg`\qXXfkiXXkiXmj[\ZXaXjfi\YXa\jp
\jg`^XjfccXm\j#\hl`c`YiXe[fcfj\j]l\iqfjXo`c\jd\[`Xe$
k\Zfdgi\j`fe\jp\j]l\iqfjkXe^\eZ`Xc\j%Cfj\c\d\ekfj
d\k}c`Zfj hl\ jl\c\e XX[`ij\ jcf k`\e\e# \e ^\e\iXc# cX
d`j`e[\Xj\^liXifXXeqXicXjg`\qXj`dg`[`\e[f\c[\j$
XidX[f[\cXle`e%
;\dXe\iX^\e\iXcX\jkXjle`fe\jj\cXj[\efd`eX\e$
jXdYc\jf\ejXdYcX[liXj%J`e\dYXi^f#\jd}jgi\Z`jX
cX[\efd`eXZ`e[\\ejXdYc\XXhl\ccfj\eZl\ekifj[\
g`\qXjhl\]fidXeleZ`\ikf}e^lcf#\dgXcd\jZlXe[f
cXjg`\qXjj\le\egfijljk\jkXjgXiXZfej\^l`idXpfi
cfe^`kl[pXZfgcXd`\ekfjZlXe[fcXjg`\qXjj\le\egfi
jljZXiXj#gXiXZfej\^l`idXpfij\ZZ`e%
CXjle`fe\jZXig`ek\iXj[Xecl^XiXjfclZ`fe\jdlpc`d$
g`Xj m`jlXcd\ek\ p kXdY`e \Zfed`ZXj gfi cX \jZXj\q
[\\c\d\ekfjd\k}c`Zfj%<edlZ_fjZXjfjjlZfdgfikX$
d`\ekf\eZXjf[\`eZ\e[`f\jdlp\ZXq%8ek\i`fid\ek\#
\iXe\Z\jXi`XleXdXef[\fYiXdlp\jg\Z`Xc`qX[XgXiX
jl\a\ZlZ`e#cfhl\cc\mXjlgi}Zk`ZX[\jXgXi`Z`e%J`e
\dYXi^f# [\j[\ cX `dgcXekXZ`e [\ cX ]XYi`ZXZ`e d\$
[`Xek\Zfekifceldi`Zf\jleX[\cXjfgZ`fe\j[\dXpfi
m`^\eZ`X \e cX ZfejkilZZ`e Zfe dX[\iX% CX dXhl`eXi`X
[\]XYi`ZXZ`eg\id`k\jl\a\ZlZ`eZfeleXgi\Z`j`ep
\ZfefdXdlpi\c\mXek\j%
JfegfZXjcXjefidXj[\Z}cZlcf[\\jkilZkliXj[\dX$
[\iXhl\Zfek\dgcXe\jk\k`gf[\le`fe\j%GfilecX[f
\jkfj\[\Y\XcX]XckX[\jl\dgc\f\ecXj[ZX[Xji\$
Z`\ek\j#[fe[\cXjle`fe\j[\k`gfd\Z}e`ZXj_XYXejlj$
k`kl`[fXcXjZXig`ek\iXj#ZXj`[\]fidX^\e\iXc2g\ifkXd$
Y`e j\ [\Y\ X hl\ cXj ZfdgifYXZ`fe\j [\ i\j`jk\eZ`X
d\Z}e`ZXj\_XZ\ej`dgc\d\ek\d\[`Xek\cXXgc`ZXZ`e
[\cfjgifZ\[`d`\ekfj[\ZfdgifYXZ`e[\k\ej`fe\j[\
Zfdgi\j`e cfZXc`qX[X p [\ k\ej`fe\j kXe^\eZ`Xc\j% Ef
fYjkXek\#Xc^leXjefidXj`eZclp\eZi`k\i`fj[\[`j\f%
Gfi \jkXj iXqfe\j# \jk\ ZXgklcf [`\i\ le gfZf \e jl
gcXek\Xd`\ekf#j`j\ZfdgXiXZfecfji\jkXek\jZXgklcfj
[\[`ZX[fjXfkifjk`gfj[\d\[`fj[\le`e%J\`eZclp\cX
[\jZi`gZ`e[\cfjgifZ\[`d`\ekfj[\gi\[`d\ej`feX[f#
[`j\fpZ}cZlcf[\\jkXjle`fe\j#[\Y`[fXhl\\jd}j
[`]Z`c\eZfekiXii\]\i\eZ`Xj\ecXY`Yc`f^iX]XkZe`ZX%
*%)8GFPFJP:FDGI<J@EF9C@:L8
:FE:<EKI8;8
*%)%(:fdgi\j`eg\ig\e[`ZlcXiXcXYiX
CXi\j`jk\eZ`XXZfdgi\j`eg\ig\e[`ZlcXiXcXYiX[\
cX dX[\iX j\ [\k\id`eX d\[`Xek\ \ejXpf [\ leX gif$
Y\kXZfe]fidX[\gXiXc\c\gg\[fj\^ecXefidXLE<$
<E+'/#hl\[Xe[fjfd\k`[XXleXk\ej`ele`]fid\\e
kf[XcXjlg\iZ`\[\ZfekXZkf%<jkX[`jgfj`Z`ef]i\Z\i\$
jlckX[fjd\efj]XmfiXYc\jhl\ZlXe[fcXZfdgi\j`ej\
\a\iZ\jcfjfYi\leXgXik\[\cXg`\qX#^liX*%(%<e\jk\
ZXjf#\o`jk\le\]\Zkf[\Xpl[X[\cXjYiXjefZfdgi`$
d`[Xj\ecXjgifo`d`[X[\j[\cXjlg\iZ`\[\ZfekXZkf%
=`^liX*%(%:fdgi\j`eg\ig\e[`ZlcXiXcXYiX%
@qhl`\i[X1\ejXpf[\gifY\kX2[\i\Z_X1Zfdgi\j`egXiZ`Xc
Zfe\]\Zkf[\Xpl[X[\cXjYiXj[\cXqfeXefZfdgi`d`[X%
<jk\\]\Zkf\j\chl\j\[X\e\cXgfpf[\leXm`^X#^l$
iX*%)%<c\]\Zkf[\Xpl[Xj\Zfej`[\iX\e\cZ}cZlcfXkiX$
mj[\Zfej`[\iXile}i\X\ZXq8\]#jlg\i`fiXc}i\Xi\Xc
[\ZfekXZkf#[\e`[XgficX\ogi\j`ej`^l`\ek\1
8\] = Y c\] = Y c + a( + a)
\Z%*%(
)/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX*%)%i\X\ZXq\ecfjXgfpfj\oki\df\`ek\id\[`f[\leXm`^X%
[fe[\1
YXeZ_liX[\cXqfeXZfdgi`d`[X
c\]cfe^`kl[\ZXq\e[`i\ZZ`egXiXc\cXXcXYiX
Z#0'#[k\ej`e[\Z}cZlcf[\Zfdgi\j`eg\ig\e[`Zl$
cXiXcXYiXgif[lZ`[XgficX]l\iqXXgc`ZX[X=[
jfYi\cXjlg\iZ`\\ZXq=[&8\]
]Z#0'#[i\j`jk\eZ`X[\Z}cZlcfXZfdgi\j`eg\ig\e[`$
ZlcXiXcXYiX
ccfe^`kl[[\ZfekXZkf
a(#a)cfe^`kl[\jXX[`[Xjgfi\c\]\Zkf[\Xpl[X%
J\kfdXi}e`^lXcXcd\efimXcfi\eki\*'ddpc%
CXZfe[`Z`ehl\[\Y\Zldgc`ij\\jcXj`^l`\ek\#
Z #0' #[
(
bZ #0' ]Z #0' #[
[fe[\
\Z%*%)
bZ#0']XZkfihl\\j]leZ`e[\cXZfe^liXZ`e[\cX
le`e#cXgfj`Y`c`[X[[\_`\e[XpcX[\]fidXZ`e
gfiZfdgi\j`e%
$<e[lid`\ek\jXgfpX[fj\eZfek`elf #j`\dgi\hl\c(
)_#^liX*%*
bZ#0'4(#),dX[\iXdXZ`qX[\Zfe]\iXj
bZ#0'4(#,'dX[\iXcXd`eX[X\eZfcX[X[\Zfe]\iXj
=`^liX*%*%G`\qXXgfpX[X\eZfek`elf`qhl`\i[X pZfeXgfpfjgleklXc\j[\i\Z_X %
Le`fe\jZXig`ek\iXj
$<eg`\qXjjfYi\XgfpfjgleklXc\j#j`\dgi\hl\c()_#
^liX*%*
bZ#0'4(#,'dX[\iXdXZ`qX[\Zfe]\iXj
]Z#a,[i\j`jk\eZ`XXZfdgi\j`efYc`ZlXXcXYiX
]Z # #[ =
*%)%):fdgi\j`efYc`ZlXXcXYiX
CXZfdgifYXZ`e[\cXZfdgi\j`efYc`ZlXXcX[`i\ZZ`e
[\cXYiX\jkXYc\Z`[X\ecXefidX;@E(',)1)''/\jcX
j`^l`\ek\#
Z # #[
(
bZ # ]Z # #[
\Z%*%*
]Z #' #[
)
)
]Z #' #[
]Z #' #[
j\e ) +
j\e Zfj + Zfj +
]Z #0' #[
( # ,]m #[
\Z%*%+
[fe[\
]Z#'#[#]Z#0'#[p]m#[ j fecXji\j`jk\eZ`Xj[\Z}cZlcfXZfd$
gi\j`egXiXc\cXpg\ig\e[`ZlcXiXcX
YiXpXZfikXek\#i\jg\Zk`mXd\ek\%
:fd\ekXi`fj1cX\ZlXZ`e*%+\j[\Xgc`ZXZ`e^\e\iXc#g\if
\ecXd`jdXefidX;@E(',)1)''/\o`jk\fkiX\ogi\j`e
c`^\iXd\ek\[`]\i\ek\hl\\j\jg\ZZXgXiXcXZfdgif$
YXZ`e[\c\ejXdYc\[\YXiY`ccX#mXj\XgXikX[f*%,%(%*#
\Z%*%),%
[fe[\
Z#a#[k\ej`e[\Zfdgi\j`efYc`ZlXXcXYiX
Z # #[ =
=[
8\]
[fe[\
=a [ \jcX]l\iqXfYc`ZlX
8\]
c}i\X\ZXq#[\e`[X\e\cXgXikX[fXek\i`fi
\
8\] 4 Yc\] # ^liX *%+% J\ kfdXi}e cfj mXcfi\j
[\a(pa)`^lXc\jXcd\efimXcfi\eki\*'dd
p c# j`e cc\^Xi X jlg\iXi cXj [`d\ej`fe\j [\ cX
g`\qX
=`^liX*%+%:fdgi\j`efYc`ZlX%
bZ#a4("bZ#0'( j\ea[fe[\bZ#0'\j\c]XZkfi[\e`$
[f\e\cXgXikX[fXek\i`fi
<e\c<lifZ[`^f,p\e\c;9$J<$DcXZfdgifYXZ`e\j
cXd`jdX#g\ifj`e\c]XZkfibZ#a pZfeleX\ogi\j`egXiX
\cZ}cZlcf[\]Z#a,[[`]\i\ek\#
]Z # #[ =
]Z #' #[
]Z #' #[
j\e ) + Zfj )
bZ #0' ]Z #0' #[
\Z%*%,
Le \a\dgcf [\ Xgc`ZXZ`e \j \c ZXjf [\c Xgfpf [\ leX
g`\qX`eZc`eX[X#^liX*%,%CXcfe^`kl[\ZXqXZfej`[\iXi
j\i}`^lXcXcXcfe^`kl[i\Xc[\ZfekXZkfd}jcXjcfe^`kl$
[\jXX[`[Xja(pa)#d\[`[Xj\ecX[`i\ZZ`e[\cXYiX%
=`^liX*%,%:fdgi\j`efYc`ZlX\e\cXgfpf[\legXi%
8j#cXcfe^`kl[\ZXq\j#
c\]4c"Z("Z) \Z%*%-
)0
*'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX*%-%:fdgi\j`efYc`ZlX\e\cXgfpf[\legXijfYi\leXm`^X%
[fe[\Z(pZ)jfecfjd\efi\jmXcfi\j\eki\*'ddZfj#
cfcX[`jkXeZ`X_XjkX\ceXc[\cXg`\qX%
FkifZXjf[\Zfdgi\j`efYc`ZlXj\\eZl\ekiX\e\cXgfpf
[\legXijfYi\leXm`^XfZfii\X[\ZlY`\ikX#^liX*%-%
<ecXm`^X_XpleXZfdgi\j`eg\ig\e[`ZlcXiXcXYiXp
cXZfdgifYXZ`e\j#
Z #0' #[
(
bZ #0' #[ ]Z #0' #[
*%*8GFPFJ:FE<EK8CC8;LI8J
<e\cZXjf[\m`^XjZfe\ekXccX[liXj\ecfjXgfpfj#^l$
iX*%.#cXZfdgifYXZ`e[\ZfikXek\j\i\Xc`qXi}lk`c`qXe$
[f\cZXekf\ZXqfi\[lZ`[f [\cXj\ZZ`e#_\]%GfikXekf#
cXk\ej`ed}o`dX[\ZfikXek\\em`^Xj[\j\ZZ`ei\Z$
kXe^lcXim`\e\[X[XgficX\ZlXZ`ej`^l`\ek\1
[ =
( # , M[
Y _\]
\Z%*%0
\Z%*%.
;fe[\M[\j\cZfikXek\[\Z}cZlcf\e\cXgfpfpY\j\c
XeZ_f[\cXj\ZZ`e%
[fe[\
Z#0'#[ Zfdgi\j`eg\ig\e[`ZlcXiXcXYiX
Z #0' #[
CXZfe[`Z`ehl\[\Y\Zldgc`ij\\jcXj`^l`\ek\1
[
(
bm ]m #[
=
= [
8\]
\Z%*%('
[fe[\1
[fe[\8\]4coY")*'dd
p\e\cgXi#cXZfdgi\j`e\jfYc`ZlX#Z#a#[#
Z # #[
(
bZ # ]Z # #[
\Z%*%/
bm = (
[fe[\
Z # #[ =
=[
2 8\] = c + Z( + Z ) = c + ) *' dd Zfj
8\]
<e\cXgfpf\oki\df[\m`^XjZfe\ci\YXa\\ecX
gXik\`e]\i`fi#^liX*%.X%
Le`fe\jZXig`ek\iXj
(
bm = d`e
( #( ` ( #,
be
(+
_
o (
_
(( ) + ' # /
)
_
d`k\XkiXmj[\cXjlg\iZ`\hl\if[\XcX\jg`^X%GXiX
^XiXek`qXi\jkf#cXcfe^`kl[[\cX\jg`^X\jc`^\iXd\ek\
d\efihl\cXgif]le[`[X[[\cXZXaX%CXj[`d\ej`fe\j
[\ cX j\ZZ`e kiXejm\ijXc [\ cX \jg`^X gl\[\e j\i [\c
fi[\e[\+&,_pY&*%
;\Y\Zldgc`ij\cXj`^l`\ek\Zfe[`Z`e#
\Z%*%((
`
[&_$_\] #[\e\cX`eZc`eXZ`e[\ci\YXa\#^liX*%.X%
_
ZXekf[\cXm`^X\edd#^liX*%.X%
o
`jkXeZ`X[\j[\\c\a\[\cXgfpf_XjkX\ceXc
[
[\ci\YXa\#^liX*%.X%
_\]&_
be
#,gXiXdX[\iXd`ZifcXd`eX[X#,gXiXdX[\iX
+
dXZ`qXp-#,gXiXdX[\iXcXd`eX[X\eZfcX[X%
Z #0' #[
(
bZ #0' ]Z #0' #[
Z#0'#[k\ej`e[\Zfdgi\j`eg\ig\e[`ZlcXiXcXYiX
jfYi\ \c [lid`\ek\# ZXcZlcX[X Zfe le }i\X \$
ZXq#8\]
Z #0' #[ =
:fd\ekXi`fj1\jkXZfdgifYXZ`egXiXXgfpfjZfe\ekX$
ccX[liXj\jk}i\Zf^`[X[\dXe\iXZfde\ecXjefidXj
LE<$<E(00,$($(#;@E(',)1)''/p;9J<DX[\iX[\c:K<%
\Z%*%()
j`\e[f
8\]
E[
8\]
\Z%*%(*
}i\X\ZXqZXcZlcX[XZfdf\c}i\X[\ZfekXZ$
kfqfeXiXpX[X\ecX^liX d}jleX]iXeaXX
ZX[XcX[f[\XeZ_liX`^lXcXYpcfe^`kl[a(p
a)#\ecX[`i\ZZ`e[\cXYiX%
a(#a) \cd\efimXcfi\eki\*'dd#cfc(&)c)&)
c\] = c + a( + a)
*%+LE@E;<:8A8P<JG@>8
*%+%(8gfpf[\g`\[\i\Z_fjfYi\[lid`\ek\j
CXle`e[\ZXaXp\jg`^X\jlk`c`qX[X\e\cXgfpf[\
g`\j [\i\Z_fj hl\ [\jZXejXe jfYi\ leX g`\qX kiXej$
m\ijXc [\efd`eX[X [lid`\ek\ hl\ XgfpX \e Zfek`elf
jfYi\lec\Z_f#^liX*%/%CX\jg`^Xk`\e\cX]leZ`e[\
XXeqXi cXk\iXcd\ek\ cX le`e# g\if cX ZXi^X j\ kiXej$
\Z%*%(+
]Z#0'#[ i \j`jk\eZ`X[\Z}cZlcfXZfdgi\j`eg\ig\e[`$
ZlcXiXcXYiX[\c[lid`\ek\%
bZ#0' ]XZkfi hl\ \j ]leZ`e [\ cX Zfe^liXZ`e [\c
\eZl\ekif# cX gfj`Y`c`[X[ [\ _`\e[X p cX [\$
]fidXZ`e gfi Zfdgi\j`e% GXiX [lid`\ek\j
g`\qXjXgfpX[Xj\eZfek`elf#j`\dgi\hl\c()_
=`^liX*%.8gfpf[\m`^XjZfe\ekXccX[liX%
*(
*)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX*%/<eZl\ekif[\ZXaXp\jg`^X\eki\g`\[\i\Z_fp[lid`\ek\%
)
Y _\ bq bm ]m #b
*
( #. Y cZ #\] ]Z #0' #b
\Z%*%(,
[fe[\#
be
m (
_
(( ) + ' # /
)
_
\Z%*%(.
Zfe =
_\
be4 +#,\edX[\iXd`ZifcXd`eX[X
,#'\edX[\iXdXZ`qX
-#,\edX[\iXcXd`eX[X\eZfcX[X
Y#_\#_Z#_#cZmXj\^liX*%0%
:fd\ekXi`fj1\c]XZkfibm[\cX\ZlXZ`e*%(.\j\cd`jdf
hl\\c[\cX\ZlXZ`e*%((gXik`ZlcXi`qX[XgXiX\cZXjf[\
}e^lcfi\Zkf`4' %
CX \jg`^X [\Y\ XgfpXi \e kf[X jl cfe^`kl[# cZ% 8[\d}j
[\Y\eZldgc`ij\cXjj`^l`\ek\jZfe[`Z`fe\j#
cZ#\]
4d`ecZ"*'dd2)cZ
bq
Z f\Z`\ek\[\g\e[`\ek\[\cX^\fd\kiX[\cX
\jg`^X
bq = BL
( + ) ( )
)
Zfe = _\ _ p
bm
( #''
bm = d`e
*%+%):XaXp\jg`^XkiXYXaXe[fXZfikXek\
Ib = d`e
$<em`^XjZfecX\ekXccX[liX\e\cd`jdfcX[f[\c
Xgfpf_`'
= _Z _\
\Z%*%(-
Zf\Z`\ek\i\[lZkfi[\cXi\j`jk\eZ`XXZfikXek\
$<em`^XjZfecX\ekXccX[liX\e\ccX[ffgl\jkf
XcXgfpf_`4'
bm4(#''
(,ddcZ-'dd
(#,_&Y)#,
_j_`
_`&_(&*
_Z_&m'#+_
Le`fe\jZXig`ek\iXj
=`^liX*%0%<jg`^X\e\cXgfpf[\leXm`^X%
*%,<D98I9@CC8;FJ
<c\dYXiY`ccX[f\jle\ejXdYc\hl\Zfej`jk\\e\c\eZX$
a\[\leXg`\qXZfdgi`d`[X\efkiXg`\qXhl\cXi\Z`Y\
d\[`Xek\le\ekXcc\%<jk\\eZl\ekif\jlk`c`qX[fZfe]i\$
Zl\eZ`XgXiXi\jfcm\icXjle`fe\j\ecXjXidX[liXj[\
ZlY`\ikXpgl\[\j\i[\mXi`fjk`gfj1]ifekXc#\e}e^lcf
i\Zkf#[\g\Z_fp[\kXce%
*%,%(<dYXiY`ccX[f]ifekXc
<c}e^lcf[\Zfik\[\cXYXiY`ccX\jY`j\Zki`q[\c}e^lcf
fYkljf#)#]fidX[fgfi\cgXip\ck`iXek\2[\\jkXdX$
e\iXcXi\[lZZ`e[\cXi\j`jk\eZ`XXZfdgi\j`efYc`ZlX
\e\c]i\ek\[\c\dYXiY`ccX[fZfii\jgfe[\Xle}e^lcf
`^lXcXcXd`kX[[\c}e^lcfX^l[f\eki\gXipk`iXek\##
^liX*%('#hl\\jcXde`dXgfj`Yc\%
*%,%(%)I\^cXj[\gi\[`d\ej`feX[f
<cgi\[`d\ej`feX[f[\cXle`e#[\XZl\i[fZfecXefi$
dX;@E(',)1)''/Zf`eZ`[\ek\Zfe\c;9$J<$D #j\YXjX
\ecXjj`^l`\ek\ji\Zfd\e[XZ`fe\j1
*%,%(%(>\e\iXc`[X[\j
<c \dYXiY`ccX[f ]ifekXc f j`dgc\ \j \c \ejXdYc\ d}j
]i\Zl\ek\\ecXle`e\eki\gXipk`iXek\[\leXZ\iZ_X%
$Gif]le[`[X[[\cXYXiY`ccX#km#^liX*%('1
=`^liX*%('%<dYXiY`ccX[f]ifekXcj`dgc\%
**
*+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
_)
gXiX ,'
+
_
km < ) gXiX > -'
_
km = ) /' gXiX ,' < -'
\Zj%*%(/
()'
km
`ek\igfcXZ`e c`e\Xc
$Cfe^`kl[[\cZf^fk\#cm1
<cmXcfide`df\j[\)''ddj\^e;@E(',)(,'dd
\e\c;9$J<$D p\cmXcfid}o`df#X\]\Zkfj[\Z}cZlcf#
gXiXX[d`k`ilei\gXikfle`]fid\[\cXk\ej`ekXe^\e$
Z`Xc\e\cZf^fk\\j`^lXcX/ km%<ei\Xc`[X[cXk\ej`e
kXe^\eZ`Xc\jd}o`dX\e\cmik`Z\`e]\i`fi[\cXZXaXp
[`jd`elp\i}g`[Xd\ek\XcfcXi^f[\cZf^fk\#^liX*%((%
CXjg`\qXj[\Y\eXj\^liXij\d\[`Xek\g\iefj#k`iX]fe$
[fj f _\iiXa\j hl\ ^XiXek`Z\e jl gfj`Z`e [liXek\ \c
kiXejgfik\ p dfekXa\% 8[\d}j# \e j\im`Z`f dXek`\e\e
cXjg`\qXj\ejlgcXef%
*%,%(%*:fdgifYXZ`fe\j\e\c\dYXiY`ccX[f
<ecXZfdgifYXZ`e[\cXle`ej\j`^l\ecXji\^cXj`e$
[`ZX[Xj \e cX efidX ;@E (',)# hl\ [`\i\e c`^\iXd\e$
k\Zfei\jg\ZkfXcdkf[fi\Zf^`[fgfi\c;9$J<$D%<e
XdYfj ZXjfj j\ [\jgi\Z`Xe cXj ]l\iqXj [\ ifqXd`\ekf
\eki\cXjjlg\iZ`\j[\cXjg`\qXjcfhl\\hl`mXc\XX[$
d`k`ihl\jfYi\cXjlg\iZ`\[\cXYXiY`ccXcXk\ej`e\j
g\ig\e[`ZlcXiXcXd`jdX%Gi}Zk`ZXd\ek\kf[XcXZXi^X
j\kiXejd`k\XkiXmj[\c]i\ek\[\cXYXiY`ccX#jfYi\kf[f
j`j\gif[lZ\leXZfekiXZZ`e[\cXdX[\iXgfij\ZX[f#
^liX*%(*%
=`^liX*%((%;`jki`YlZ`ei\Xc[\cXjk\ej`fe\jkXe^\eZ`Xc\j
\e\cZf^fk\%
<e\cZXjf[\\dYXiY`ccX[fgfiXdYXjZXiXj[\cXg`\qX#
ZfdffZlii\\e\c\eZl\ekif\eki\\cg\e[fce[\leX
Z\iZ_XpcXjkfieXglekXjfcfjgXi\j#^liX*%()#ZX[X
i\YXa\ef[\Y\i}jlg\iXileXgif]le[`[X[km4_&-#`e$
[\g\e[`\ek\d\ek\[\c}e^lcf##[\cXle`e%
=`^liX*%()%<dYXiY`ccX[fgfiXdYXjZXiXj[\cXg`\qX%
=`^liX*%(*%<]\Zkf[\cXZfekiXZZ`e[\cXdX[\iX\ecXle`e%
<e cX ^liX *%(+ j\ i\gi\j\ekXe cXj ]l\iqXj hl\ cc\^Xe
gfi \c gXi% CX ]l\iqX gi`eZ`gXc \j \c Xo`c E([# hl\ \jk}
XZfdgXX[fgfi\j]l\iqfZfikXek\#M([%yjk\ck`dfgi\$
j\ekXlemXcfi#^\e\iXcd\ek\dlZ_fd}ji\[lZ`[fhl\
\c[\cXo`c#cfhl\cc\mXXhl\cXefidX;@E(',)e`j`hl`\iX
cfZfej`[\i\%<ekf[fZXjf#jl\]\Zkf\j]XmfiXYc\\ecXj
ZfdgifYXZ`fe\ji\c\mXek\jhl\jfecXj[\Zfdgi\j`e
fYc`ZlXpk\ej`ekXe^\eZ`Xc\e\cZf^fk\%
=`^liX*%(+%=l\iqXjhl\XZkXe\e\cgXi\dYXiY`ccX[f]ifekXc %
Le`fe\jZXig`ek\iXj
=( = E( [ Zfj M( [ j\e
e^lcf\eki\cX[`i\ZZ`e[\cXk\ej`e[\Zfd$
}
gi\j`epcX[`i\ZZ`e[\cXYiX%<e\jk\ZXjf#
4&)
:fd\ekXi`fj1cX\ZlXZ`e*%),\j\jg\ZZXgXiXcXZfd$
gifYXZ`e [\ cX Zfdgi\j`e fYc`ZlX \e \ejXdYc\j [\
YXiY`ccX%<ecXd`jdXefidX;@E(',)\o`jk\fkiX\ogi\$
j`ec`^\iXd\ek\[`]\i\ek\hl\\j[\Xgc`ZXZ`e\efkifj
ZXjfjmXj\XgXikX[f*%)%)p\ZlXZ`e*%+ %
CXefidXLE<$<E(00,$($(<lifZ[`^f, gifgfe\leX
\ogi\j`e ^\e\iXc gXiX cX i\j`jk\eZ`X X cX Zfdgi\j`e
fYc`ZlX#hl\[Xcl^XiXmXcfi\jc`^\iXd\ek\[`]\i\ek\j#
\Z%*%(0
]Z #' #[
]Z #' #[
j\e ) + Zfj )
bZ #0' ]Z #0' #[
=(
Y( km Zfj
[fe[\bZ#0'\jle]XZkfihl\ef\jXgc`ZXYc\\e\jkfjZX$
jfj#kfdXe[f\cmXcfile`[X[%
;\Y\Zldgc`ij\cXj`^l`\ek\Zfe[`Z`e#
J`\e[fZ#a#[cXk\ej`e[\Zfdgi\j`efYc`ZlX\e\c]i\e$
k\[\cXYXiY`ccX
Z ##[ =
\Z%*%)+
[
(
]m #[
\Z%*%).
[fe[\#
[
]Z #' #[
)
[ =
=*
Y) cm
\Z%*%)/
:fdfj\_XZfd\ekX[fXek\i`fid\ek\#cXcfe^`kl[cmef
[\Y\j\idXpfihl\/km#gXiXgf[\iX[d`k`ileX[`jki`Yl$
Z`ele`]fid\[\cX]l\iqX=*\ecXjlg\iZ`\XiXjXek\%
Z :fdgi\j`eg\ig\e[`ZlcXijfYi\\ck`iXek\
;\Y\Zldgc`ij\cXj`^l`\ek\Zfe[`Z`e#
[fe[\#
Z #0' #[
(
]Z #0' #[
]Z#'#[ i\j`jk\eZ`X[\Z}cZlcfXZfdgi\j`egXiXc\cXX
cXYiX
]Z#0'#[ i\j`jk\eZ`X[\Z}cZlcfXZfdgi\j`eg\ig\e[`$
ZlcXiXcXYiX
i\j`jk\eZ`X[\Z}cZlcfXZfikXek\
k \ej`ekXe^\eZ`Xc\ecXjlg\iZ`\[\cZf^fk\
Y) cm gif[lZ`[X gfi cX ]l\iqX =*# \ZlXZ`e
*%)(%
]Z #' #[
]Z #' #[
j\e Zfj + Zfj +
j\e ) +
) ]Z #0' #[
) ]m #[
\Z%*%),
]m#[
\Z%*%)-
Y K\ej`ekXe^\eZ`XciXjXek\\e\cZf^fk\
Z # #[
(
]Z # #[
\Z%*%)*
=(
\Z%*%)0
J`\e[f
Z#0'#[k\ej`e[\Zfdgi\j`eg\ig\e[`ZlcXiXcXYiX
jfYi\ cX jlg\iZ`\ Y( c0' gifmfZX[X gfi cX
]l\iqX=+\ZlXZ`e*%(0 %;fe[\c0'4_(&j\e%
*,
*-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Z #0' #[ =
=+
= j\e
= +
Y( c0'
Y( _(
\Z%*%*'
<jkXk\ej`eg\ig\e[`ZlcXiXcXYiX\jdlpi\[lZ`[Xp
ef\jZik`ZXjXcmf\e]l\ik\jg\e[`\ek\j[\cfjgXi\j%CX
efidX;@E(',)efcXZ`kX\eki\cXjZfdgifYXZ`fe\j%
EfkX1<e\cZ}cZlcfXek\i`fij\_Xjlgl\jkfhl\cXZfd$
gfe\ek\m\ik`ZXc=+j\i\gXik\jfYi\cXjlg\iZ`\Zfdgc\$
kXYc0'%J`e\dYXi^f#cX]l\iqX=)#hl\\ji\jgfejXYc\
[\cXdXpfigXik\[\cX]l\iqX=+#gl\[\kiXejd`k`ij\Zfe
]XZ`c`[X[gfiifqXd`\ekf\ecXjlg\iZ`\[\c]i\ek\[\cX
YXiY`ccX2X[\d}jcXgfj`Yc\d\idX[\ck`iXek\gl\[\_X$
Z\i#ZfdfpXj\_XZfd\ekX[f#hl\j\g`\i[X\eZfekXZkf
\eki\gXipk`iXek\\ecXjlg\iZ`\cXi^X%>\e\iXcd\ek\#\c
mXcfi[\=(\jdlZ_fdXpfihl\\cmXcfi[\=)#p\c\]\Zkf
[\cifqXd`\ekfg\id`k\cXkiXejd`j`e[\=)XkiXmj[\
cXjlg\iZ`\[\ZfekXZkf#[Xe[fcl^XiXleXZfdgi\j`e
g\ig\e[`ZlcXiXcXYiXd}jZfeZ\ekiX[Xhl\cX\ogl\jkX
\e\cXgXikX[fZ %
*%,%(%+:fdgifYXZ`e[\cXjg`\qXj
Gi}Zk`ZXd\ek\cXkfkXc`[X[[\cX]l\iqXXo`cE([j\kiXej$
d`k\ Xc k`iXek\ X kiXmj [\ cX jlg\iZ`\ g\hl\X [\c
]i\ek\ [\ cX YXiY`ccX% <jkf Zfe[lZ\ X leX [\jm`XZ`e
[\c\j]l\iqfXo`c#ZfeleX\oZ\eki`Z`[X[\#hl\cXefidX
;@E(',)\jk`dXZfecXj`^l`\ek\\ogi\j`e#^liX*%(,#
\=
=`^liX*%(-%<oZ\eki`Z`[X[\e\ck`iXek\%
CXZfdgifYXZ`eXi\Xc`qXij\i}cXj`^l`\ek\#
_( km
)
<jkX\oZ\eki`Z`[X[fi`^`eXledfd\ekf\Zkfi\e\ck`$
iXek\#D[4E([\#[\j`^efgfj`k`mfkiXZZ`feX\cYfi$
[\`e]\i`fi %<jk\dfd\ekfj\jldXiXXcdfd\ekf[\c
mXef#j`\o`jk\%
k #' #[ d #[
+
(
]k #' #[
]d #[
\Z%*%*)
[fe[\
k#'#[
d#[
]k#'#[p]d#[i\j`jk\eZ`Xj[\Z}cZlcfXkiXZZ`egXiXc\cXX
cXYiXpX\o`e#i\jg\Zk`mXd\ek\%
CX[`jkXeZ`XX#^liX*%(-#j`\dgi\hl\j\Xgfj`Yc\[\Y\$
i}\c\^`ij\gXiXd`e`d`qXi\cdfd\ekfD[%@^lXcXe[f
\cdfd\ekfXZ\ifj\fYk`\e\#
a=
=`^liX*%(,%<oZ\eki`Z`[X[\e\cgXi%
E) [ _)
) M[
\Z%*%**
Le`fe\jZXig`ek\iXj
J`j\[\jgi\Z`X\cmXcfi[\cZfikXek\\e\cgXij\fYk`\$
e\hl\\cmXcfigk`df[\X\j]leZ`e[\c}e^lcf[\cX
g\e[`\ek\[\ZlY`\ikX#kXYcX*%(%
e^lcf
I\cXZ`ea&_)
)'
'#+(
),
'#*/
*'
'#*,
*,
'#**
+'
e[`Z\[\X^fkXd`\ekf`k#'
km4_)&,
:(+
:(-
'#)0
KXYcX*%(;`jkXeZ`XXgXiX\m`kXidfd\ekf\Zkfi
GXiXi\Xc`qXilegi\[`d\ej`feX[fj`dgc\gl\[\j\^l`ij\
\jk\gifZ\[`d`\ekf%
CXZfe[`Z`e[\Y`[XXcXZXgXZ`[X[[\k\ej`ekXe^\eZ`Xc
\e\cZf^fk\\Zj%*%).p*%)( #j`eZfej`[\iXi\c\j]l\iqf
ZfikXek\M([4' #cfhl\mXX]Xmfi[\cXj\^li`[X[#cc\mX
XcXj`^l`\ek\\ZlXZ`e#
`k #'
'#-'
'#.,
'#,(
'#-+
'#+0
'#-)
'#+/
'#-'
:))
:)+
'#+*
'#,+
'#+-
'#,.
'#+'
'#,'
'#*-
'#++
KXYcX*%)%e[`Z\j[\X^fkXd`\ekf[\ck`iXek\\ekiXZZ`e
YilkX (`k #' = E)[ Y) _) ]k #' #[ ) d}o`dfjgXiXcXmXc`[\q[\
cXcfe^`kl[[\cZf^fk\cm4/km%
\Z%*%*+
J`j\kfdXiXcm4/km#\j[\Z`i#\cmXcfid}o`dfhl\g\i$
d`k\jlgfe\ileX[`jki`YlZ`ele`]fid\[\cXjk\ej`fe\j
iXjXek\j#pX[\d}jj\_XZ\km4_)&+fkm4_)&,j\fYk`\$
e\#cXZfe[`Z`ej`^l`\ek\#
]m #[
]k #' #[
/ ]m #[
, ]k #' #[
`k #' )
km4_)&+
:(/
:)'
:).
:*'
*%,%(%,Gi\[`d\ej`feX[f
E( [ Zfj
(
Y) cm ]m #[
gXik\ [\ cX XckliX [\ cX j\ZZ`e [\c k`iXek\ p Zfe leX
cfe^`kl[ cm `^lXc X / m\Z\j km# j\i} m}c`[X j`\dgi\ hl\
\cX^fkXd`\ekf[\ck`iXek\]i\ek\XcXkiXZZ`eYilkXef
j\Xjlg\i`fiX'#+0%
\Zj%*%*,
J`\e[f `k#' \c e[`Z\ [\ X^fkXd`\ekf gfi kiXZZ`e [\ cX
j\ZZ`eYilkX[\ck`iXek\E)[&Y)_)]k#'#[ %
<ecXkXYcX*%)j\i\jld\ecfje[`Z\j[\X^fkXd`\ekf#
XjfYk\e`[fjgXiXXc^leXjZcXj\ji\j`jk\ek\j%;\\jkX
dXe\iX#gfi\a\dgcfgXiXleXZcXj\:(/le\dYXiY`$
ccX[f j`dgc\ Zfe leX gif]le[`[X[ km `^lXc X cX hl`ekX
Z # #[ E( [ Zfj )
E( [ Zfj )
(
=
=
]Z # #[
Y( km ]Z # #[
Y( _) & e ]Z # #[
J`#Zfdfj`dgc`ZXZ`e#jlgfe\dfjhl\cXXckliX[\ck`$
iXek\\j`^lXcXcXXckliX[\cgXi_)4_( #hl\[X
E( [ e Zfj )
e Zfj )
= Z #' #[
(
Y( _(
]Z # #[
]Z # #[
j`\e[felemXcfiefd\efihl\+#j\^ecXgif]le[`[X[
[\cXYXiY`ccX%
KfdXe[fZfdf]Z#a#[cX\ogi\j`e*%)*j\gl\[\cc\^XiXcX
j`^l`\ek\Zfe[`Z`e1
`Z #'
b+
e Zfj ) a \Z%*%*-
[fe[\e4+gXiXkm4_)&+pe4,gXiX_)&,
*.
*/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
b+ =
(
]Z #' #[
j\e ) + Zfj )
]Z #0' #[
\Z%*%*.
<cmXcfi[\b+mXiXdlpgfZfgXiXcXjZcXj\ji\j`jk\ek\j
:(+X:*'pj\kfdXi}ZfdfleXZfejkXek\gXiXZX[X
}e^lcf%<ecXkXYcX*%*j\i\jld\ecfji\jlckX[fj%
e[`Z\[\X^fkXd`\ekf`Z#'
km4_&,
km4_&+
(,
'#(/
'#)*
)'
'#(.
'#)(
),
'#(-
'#(0
*'
'#(+
'#(/
*,
'#(*
'#(-
+'
'#()
'#(,
KXYcX*%*%e[`Z\d}o`df[\X^fkXd`\ekf[\cgXi
gfiZfdgi\j`eYilkXj`e\]\Zkf[\gXe[\f X[d`j`Yc\
gXiXcXmXc`[\q[\cXk\ej`e[\Zfdgi\j`efYc`ZlX\e
\c\dYXiY`ccX[fj`dgc\gXiXZcXj\ji\j`jk\ek\j:(+X:*'
pkm4_&,p_&+#kfdXe[f_(4_)%
8jgfi\a\dgcf#leXgif]le[`[X[[\cXYXiY`ccXkm4_&,
\e leX Z\iZ_X Zfe g\e[`\ek\ 4 ), p Zfe k`iXek\ p
gXi[\`^lXcj\ZZ`e\jm}c`[Xj`\dgi\hl\\ce[`Z\[\
X^fkXd`\ekf[\cgXigfiZfdgi\j`eYilkXj`egXe[\f
efj\Xjlg\i`fiX'#(-%
*%,%)<dYXiY`ccX[f\e}e^lcfi\Zkf
*%,%)%(>\e\iXc`[X[\j
<c \dYXiY`ccX[f \e }e^lcf i\Zkf \j `^lXc hl\ \c ]ifekXc
jXcmfcX[`]\i\eZ`X[\hl\\cZfik\[\cXYXiY`ccXj\_XZ\
X0'#cfhl\]XZ`c`kXjl\a\ZlZ`e#^liX*%(.%J`e\dYXi^f#
jlZXgXZ`[X[gfikXek\\jXc^fd\efi[\Y`[f#gi\Z`jXd\e$
k\#Xhl\\jk\}e^lcf[\Zfik\Zfecc\mXleX[`jd`elZ`e
[\ cX i\j`jk\eZ`X X Zfdgi\j`e fYc`ZlX% <e cX XZklXc`[X[
ZfecXXpl[X[\cZfekifceldi`Zf#cX]XYi`ZXZ`e\j`^lXc
[\j\eZ`ccXgXiXle\dYXiY`ccX[f]ifekXcf\e}e^lcfi\Zkf#
gficfhl\efk`\e\j\ek`[f\jkXfgZ`e%
*%,%)%)I\^cXj[\gi\[`d\ej`feX[f
JfecXjd`jdXjhl\gXiXcXle`e]ifekXc*%,%(%, %
*%,%)%*:fdgifYXZ`fe\j\e\c\dYXiY`ccX[f
8c\jkXYc\Z\i\c\hl`c`Yi`f[\]l\iqXj[\dXe\iXj`d`cXi
XcZXjf[\c\dYXiY`ccX[f]ifekXc*%,%(%* #j\fYj\imXhl\
=`^liX*%(.%<dYXiY`ccX[f\e}e^lcfi\Zkf%
Le`fe\jZXig`ek\iXj
cX]l\iqX=(#g\ig\e[`ZlcXiXcXjlg\iZ`\[\Zfik\#Zf`e$
Z`[\Zfe\cXo`cE([[\cgXi#pcX]l\iqX=)#Zfe\cZfikXek\#
M([#^liX*%(/%CX]l\iqX=([\Zfdgi\j`eXZkX\e[`$
i\ZZ`egXiXc\cXXcXYiX\e\cgXip[\]fidXfYc`ZlX#
Zfele}e^lcf#jfYi\\ck`iXek\%
[fe[\kf[fjcfjkid`efjk`\e\ecXd`jdX[\e`Z`ehl\\e
\cXgXikX[f*%,%(%*jXcmf\c}e^lcfhl\Zf`eZ`[\Zfe\c}e$
^lcf#[\cXg\e[`\ek\[\cgXi%;\\jkXdXe\iXcXZfdgifYX$
Z`ej\i\Xc`qX\e\ck`iXek\#Zfdfg`\qXd}j[\j]XmfiXYc\%
Y K\ej`ekXe^\eZ`XciXjXek\\e\cZf^fk\
<jm}c`[fcf\ogl\jkf\e*%,%(%*%
Z :fdgi\j`eg\ig\e[`ZlcXijfYi\\ck`iXek\
<jm}c`[fcf\ogl\jkf\e*%,%(%*%
*%,%)%+:fdgifYXZ`e[\cXjg`\qXj
<cXo`c[\cgXijl]i\leX\oZ\eki`Z`[X[j`d`cXiXcZXjf[\c\d$
YXiY`ccX[f]ifekXcpcXjZfdgifYXZ`fe\jjfecXjd`jdXj%
*%,%*<dYXiY`ccX[f[\g\Z_f
=`^liX*%(/%=l\iqXjhl\XZkXe\e\cgXi
\dYXiY`ccX[f\e}e^lcfi\Zkf %
X :fdgi\j`efYc`ZlX\e\c]i\ek\[\cXYXiY`ccX
;\Y\Zldgc`ij\cXj`^l`\ek\\ZlXZ`e#
Z # #[
(
]Z # #[
\Z%*%*/
j`\e[fZ#a#[cXk\ej`e[\Zfdgi\j`efYc`ZlX\e\c]i\ek\
[\cXYXiY`ccX
Z # #[
=(
=
Y( km & Zfj
\Z%*%*0
CXji\^cXj[\gi\[`d\ej`feX[fpcXjZfdgifYXZ`fe\jjfe
cXj d`jdXj hl\ cXj [\c \dYXiY`ccX[f ]ifekXc% CX e`ZX [`$
]\i\eZ`Xj\gi\j\ekX\ehl\cX\oZ\eki`Z`[X[[\cXo`cE([ \j
gi}Zk`ZXd\ek\[\jgi\Z`XYc\%<ecXY`Yc`f^iX]X\jg\Z`Xc`qX[X
j\kfdXefidXcd\ek\\ '#p\eXc^lefjZXjfj\km&+%
*%,%+<dYXiY`ccX[f[\kXce
<e\jkXjfclZ`ecXYXiY`ccXj\\a\ZlkX\ecXgXik\kiXj\$
iX[\cgXicfhl\Xld\ekXcXcfe^`kl[cm #gXiXi\j`jk`i\c
=`^liX*%(0%<dYXiY`ccX[f[\g\Z_f%
*0
+'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
\j]l\iqfiXjXek\#j`ehl\j\Xe\Z\jXi`fXld\ekXicXcfe$
^`kl[ [\c k`iXek\# ^liX *%)'% J`e \dYXi^f# \jkX [`jgfj`$
Z`eZfe[lZ\XleX\oZ\eki`Z`[X[[\c\j]l\iqfXo`c#\#p
kXdY`ecXjlg\iZ`\hl\i\j`jk\cXZfdgi\j`eg\ig\e[`$
ZlcXiXcXYiXjfYi\\ck`iXek\\jd\efi%CXgXik\[\cXek\$
iX[\cgXief\j\ZXqgXiXkiXejd`k`ik\ej`fe\j[\Y`[fX
hl\gl\[\g\i[\i\cZfekXZkfZfe\ck`iXek\%<cZfik\[\cX
YXiY`ccX\j\e}e^lcfi\Zkf#cfhl\]XZ`c`kXjl\a\ZlZ`e%
CXji\^cXj[\gi\[`d\ej`feX[fjfecXjd`jdXjhl\cXj
[\c\dYXiY`ccX[f]ifekXc%CXZfdgifYXZ`e[\cgXi[\Y\$
i}Zfej`[\iXi\cdfd\ekf\ZkfiXX[`[fgficX\oZ\e$
ki`Z`[X[#\#ZlpfmXcfiXgifo`dX[f\j\cj`^l`\ek\#
\=
_( km & Zfj
2 D[ = E( [ \ \Zj%*%+'p*%+(
)
CXZfdgifYXZ`e[\cXZfdgi\j`efYc`ZlX\e\c]i\ek\
[\cXYXiY`ccXj\i\Xc`qX[\`^lXc]fidXhl\\e\c\dYXi$
Y`ccX[f]ifekXc#g\ifZfej`[\iXe[f\c}e^lcf\eki\k\e$
j`ep[`i\ZZ`e[\cXYiX#ZfelemXcfi4 Zfii\jgfe$
[`\ek\XcXg`\qXd}j[\j]XmfiXYc\hl\\j\ck`iXek\%
CXk\ej`ekXe^\eZ`XciXjXek\\e\cZf^fk\j\Zfdgil\$
YX[\`^lXcdXe\iXhl\\e\c\dYXiY`ccX[f]ifekXcpcX
Zfdgi\j`eg\ig\e[`ZlcXiXcXYiXjfYi\\ck`iXek\gl\$
[\ZXcZlcXij\Zfdf\c\dYXiY`ccX[f]ifekXc#g\ifZfeleX
cfe^`kl[c0'd}ji\[lZ`[X#
k^ ) +(
c0' = km
k^
\Z%*%+)
*%,%,<dYXiY`ccX[f[fYc\
*%,%,%(>\e\iXc`[X[\j
<jkXjfclZ`egi\j\ekXcXYXiY`ccX]ifekXc#^\e\iXcd\ek\
i\Xc`qX[X Zfe le }e^lcf # Y`j\Zki`q [\c }e^lcf fYkljf
\eki\\cgXip\ck`iXek\#pleXYXiY`ccX\e\ckXceZfikX[X
Zfele}e^lcfi\Zkf%<cXo`cE([[\cgXij\i\gXik\[\]fidX
Xgifo`dX[X# Xc ,' jfYi\ ZX[X ]i\ek\ [\ cXj YXiY`ccXj#
p gfi kXekf cX \oZ\eki`Z`[X[ \# \j gi}Zk`ZXd\ek\ elcX#
^liX*%)(%
<o`jk\cXgfj`Y`c`[X[[\hl\\cZfik\[\cXYXiY`ccX]ifekXc
j\i\Xc`Z\\e}e^lcfi\Zkf#Zfdf\ckXce%<e\jk\ZXjf#
\ci\gXikf[\cXo`cE([#\jc`^\iXd\ek\[\j`^lXchl\[Xe[f
d}jZXi^X[f\ckXce#^liX*%))%EffYjkXek\#cX\oZ\e$
ki`Z`[X[\jgi}Zk`ZXd\ek\[\jgi\Z`XYc\%
*%,%,%)I\^cXj[\gi\[`d\ej`feX[f
<cgi\[`d\ej`feX[f[\cXle`e[\XZl\i[fZfe\c;9$
J<$D[\c:K<pZfecXY`Yc`f^iX]X:fcc`e^)''+#@e]fidX$
k`fej[`\ejk?fcq#(00' \j\cj`^l`\ek\#
$Gif]le[`[X[[\cXjYXiY`ccXj#
=`^liX*%)'%<dYXiY`ccX[f[\kXce%
\Z%*%+*
Le`fe\jZXig`ek\iXj
]l\iqXj=(#=)#=*p=+ Zfii\jgfe[\egXiXZX[X]i\ek\[\
YXiY`ccXXcXd`kX[[\cmXcfikfkXcX'#+/p'#,)m\Z\j
\e\cZXjf[\]i\ek\pkXce\e}e^lcfi\Zkf %
$Cfe^`kl[[\cZf^fk\#
cm( / km(
cm ) / km ) 2 cm ) )'' dd
\Z%*%++
X :fdgi\j`efYc`ZlX\ecfj]i\ek\j[\cXjYXiY`ccXj
*%,%,%*:fdgifYXZ`fe\j\ecfj\dYXiY`ccX[fj
Z # #[
(
]Z # #[
=`^liX*%)(%<dYXiY`ccX[f[fYc\%
=`^liX*%))%<dYXiY`ccX[f[fYc\Zfe]ifekXcpkXceX0'%
\Z%*%+,
+(
+)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
j`\e[f Z#a#[cXk\ej`e[\Zfdgi\j`efYc`ZlX\ecXYXi$
Y`ccXgXiXZX[XZXjf#
$\ecX]ifekXc
[fe[\
b]
Z # #[ =
b] =(
Y( km( & Zfj
( [ =
\Z%*%+-
ZfecXZfe[`Z`e[\hl\cm(/km(
)[
}e^lcf\eki\cX[`i\ZZ`e[\cXk\ej`e[\Zfd$
gi\j`epcX[`i\ZZ`e[\cXYiX%GXiX\c]ifekXc
\eY`j\Zki`q4&)pgXiX\c]ifekXc\e}e^lcf
i\Zkf4
$\e\ckXce Z # #[ =
bk =(
\Z%*%+.
Y( km ) & Zfj
[fe[\bk\jleZf\Z`\ek\[\mXcfi'#,'gXiX\c]ifekXc
\eY`j\Zki`qp'#,)gXiX\c]ifekXc\e}e^lcfi\Zkf%
Y K\ej`ekXe^\eZ`XciXjXek\\e\cZf^fk\
k \ej`ekXe^\eZ`XcjfYi\\cgcXef[\cfe^`kl[cm)
[\Y`[XXckfkXc[\cX]l\iqX=*
)[ =
Zf\Z`\ek\[\i\gXikf#[\mXcfi'#,'gXiX]ife$
kXc \e Y`j\Zki`q p '#+/ gXiX ]ifekXc \e }e^lcf
i\Zkf
:fd\ekXi`fj1 j` cX \a\ZlZ`e [\ cX [fYc\ YXiY`ccX ef \j
dlpgi\Z`jX\ci\gXikf[\cXj]l\iqXjgf[iXcc\^XiXj\i
dlp[\j`^lXc\ecXj[fjYXiY`ccXj%
b] =*
Y) cm( \Z%*%+0
=*
Y) cm ) \Z%*%,'
*%-<DG8CD<J
*%-%(<dgXcd\[\ccXm\
<jk\k`gf[\le`e\jlk`c`qX[f\e\c\dgXcd\[\cXjg`\$
qXjhl\]fidXecfjk`iXek\j[\cXjZ\iZ_Xj%<c\j]l\iqf[\
kiXZZ`e#E[#j\kiXejd`k\[\leXg`\qXXcXfkiXXkiXmj
[\leXZfdgi\j`egXiXc\cXXcXYiXXgc`ZX[XjfYi\\c
]i\ek\ZfeleXjlg\iZ`\Yk%8j`d`jdf#\c\j]l\iqfgXjX
XcXj\ZZ`eZfdgc\kX[\ck`iXek\XkiXmj[\le\j]l\iqf
iXjXek\[\k\ej`fe\jkXe^\eZ`Xc\j\e\cgcXef[\jlg\i$
Z`\Yc#^liX*%)*%
;\Y\eZldgc`ij\cXjZfe[`Z`fe\jj`^l`\ek\j#
( [
( 2
]m #[
)[
(
]m #[
\Zj%*%+/
[fe[\
([
k\ej`ekXe^\eZ`XcjfYi\\cgcXef[\cfe^`kl[cm(
[\Y`[XXcXgXik\[\cX]l\iqX=*hl\j\ZfeZ\e$
kiX\e\c]ifekXc
<e\c\jki\Z_Xd`\ekf[\cXj\ZZ`e[\ck`iXek\\o`jk\leX
\oZ\eki`Z`[X[\#[\cXo`cE[#hl\gif[lZ\leX\o`ehl\
gifmfZXleXk\e[\eZ`XXc^`ifp[\jXidX[f[\cel[f#$
^liX*%)+%X%<jk\\]\Zkfgl\[\ZfekiXii\jkXij\i\Xc`qXe[f
leXj\ekXccX[liXj\ecfj\oki\dfjhl\`dg`[Xe\c^`ifXe$
k\i`fi#^liX*%)+%Y%FkiXfgZ`e\jcX[`jgfj`Z`e[\Yi`[Xj
d\k}c`ZXjhl\XYiXZ\e\ck`iXek\XXdYfjcX[fj2\jk\XkX$
[fkiXejm\ijXc\jZfem\e`\ek\gXiX\m`kXicXkiXZZ`eg\i$
g\e[`ZlcXiXcXYiXpcXgfj`Yc\ifkliX]i}^`c%=`eXcd\ek\#
gXiX]XZ`c`kXi\cdfekXa\[\c\dgXcd\pjlXaljk\#j\jl\c\e
=`^liX*%)*%<dgXcd\[\ccXm\%
Le`fe\jZXig`ek\iXj
Z #[
(
]Z #[
\Z%*%,(
[fe[\
Z#[
k\ej`e[\Zfdgi\j`ejfYi\\c]i\ek\[\\eZX$
a\[\mXcfi#
Z #[ =
E[
k Y \Z%*%,)
J\i}leXk\ej`e[\Zfdgi\j`egXiXc\cXXcXYiXZlXe[f
ef\o`jkXZlXfccXm\[\\eZl\ekif2pj\i}[\Zfdgi\j`e
g\ig\e[`ZlcXiXcXYiX\ecXZlX#\eZXjfZfekiXi`f%
]Z#[
i\j`jk\eZ`X[\Z}cZlcfXZfdgi\j`egXiXc\cXf
g\ig\e[`ZlcXiXcXYiX#j\^ej\i\jl\cmXj`e
fZfeZlX#i\jg\Zk`mXd\ek\%
=`^liX*%),%CcXm\Z\ekiXc]fidX[XgfileX[fYc\ZlX%
+*
++
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Y K\ej`ekXe^\eZ`XciXjXek\#
m #[
(
]m #[
J`j\[\jg\aX\ckid`ef[\cXo`cE[pj\jljk`klp\\cmXcfi
[\_igfi_$k &)pj\[\efd`eXb(4k&_#j\fYk`\e\#
\Z%*%,*
E[
[fe[\
m#[
k \ej`ekXe^\eZ`XcZlpfmXcfid\[`fgl\[\kf$
dXij\Zfdf#
m #[ =
E[
Y c
E[
\Z%*%,+
(
]k #' #[
Y _i
* _ _i
_i ]d #[
Y _ ( b(
Y _i
_ k & )
Y _
=
=
- ( b(
* (_ + k )
* (_ _i )
)
(
+
+
]
]k #' #[ _ k ]d #[
( b( ]d #[
]k #' #[
_i ]d #[
k #' #[
(
Y _ ( b(
_ k &)
Y _
= b) Y _
=
- (( + b( )
* _ k
)
+
]k #' #[ _ k ]d #[
]k #' #[ ( b( ]d #[
(
j`\dgi\hl\cefj\XdXpfihl\/k%
;\\jkX]fidXj\gl\[\\jZi`Y`i#
]m#[
i\j`jk\eZ`X[\Z}cZlcfXZfikXek\
Z =c\ofkiXZZ`e\ecXj\ZZ`ei\[lZ`[X[\ck`iXek\
CXj\ZZ`ee\kX[\ck`iXek\hl\[Xi\[lZ`[X\ejlXckl$
iXXcmXcfi_i#^liX*%),#pj\\eZl\ekiXjfd\k`[XXle
\j]l\iqfXo`c[\kiXZZ`e#E[#pXledfd\ekf\Zkfi[\
mXcfiD[4E[\#^liX*%)+%J\[\Y\i}Zldgc`icXj`^l`\e$
k\Zfe[`Z`e#
k #' #[ d #[
+
(
]k #' #[
]d #[
\Z%*%,,
E[
b) 2
Y _
E[
b
= `k #' ) = b* 2 `k #' b*
]k #' #[
Y _ ]k #' #[
\Z%*%,.
[fe[\#
b* =
( b(
- (( + b( ) ]k #' #[
)+
( b( ]d #[
;\cX\ZlXZ`e*%+/j\gl\[\[\[lZ`i#
E[
E[
=
(2
k Y ]Z[ b( _ Y ]Z[
[fe[\
b ]
b ]
E[
( Z #[ 2 `k #' ( Z #[
]k #' #[
_ Y ]k #' #[
]k #' #[
\ZkfiD[#ZXcZlcX[XZfe\cd[lcfi\j`jk\ek\
[\cXj\ZZ`ee\kX
d #[ =
E[ (_ _i ) & )
Y _i) & \Z%*%,-
]k#'#[p]d#[i\j`jk\eZ`Xj[\Z}cZlcfXkiXZZ`egXiXc\cX
XcXYiXpX\o`e#i\jg\Zk`mXd\ek\%
GXiX\cgi\[`d\ej`feX[fgl\[\e\jkXYc\Z\ij\leXji\$
^cXjYXjX[Xj\ecXj\ZlXZ`fe\jXek\i`fi\j%Jljk`klp\e[f
\e cX \ZlXZ`e *%,, cfj kid`efj [\ cXj k\ej`fe\j Xgc`$
ZX[XjgficXj\ogi\j`fe\jZfii\jgfe[`\ek\j#cX\ZlXZ`e
hl\[Xi}[\cX]fidXj`^l`\ek\#
E (_ _i ) * (_ _i )
E[
E
(
+ [
(
+
= [
Y _i ]k #' #[
Y _i ]k #' #[
) Y _i) ]d #[
_i ]d #[
\Z%*%,/
\Z%*%,0
=`eXcd\ek\#[\cX\ZlXZ`e*%,'j\gl\[\[\[lZ`icfj`$
^l`\ek\#
E[
( 2
Y c ]m #[
E[
c
2
Y _ ]m #[ _
c ]
E[
m #[
Y _ ]k #' #[ _ ]k #' #[
\Z%*%-'
;\[fe[\#
]
c
`k #' k #' #[
]m #[ \Z%*%-(
_
<cgifZ\jfgXiXfgk`d`qXicXj[`d\ej`fe\j[\cXle`e\j
\cj`^l`\ek\1
(%J\\c`^\lemXcfi[\cXi\cXZ`ek&_%
)%;\cX\ZlXZ`e*%,.p[\cX*%,0j\fYk`\e\ecfje[`Z\j
[\ X^fkXd`\ekf d}o`dfj hl\ gl\[\e [Xij\ \e ]le$
Z`e[\cfjZi`k\i`fj[\X^fkXd`\ekfgfi\ofkiXZZ`e
b)
Le`fe\jZXig`ek\iXj
pgfiZfdgi\j`ecfZXc`qX[X\jkXZfdgi\j`egl\[\
j\i g\ig\e[`ZlcXi f gXiXc\cX X cX YiX j\^e j\ \d$
gc\\eZlXjfef#i\jg\Zk`mXd\ek\ %
*%J\ ml\cm\ Xc gXjf `e`Z`Xc kfdXe[f [`]\i\ek\j mXcfi\j
[\ k&_# _XjkX cf^iXi hl\ cfj e[`Z\j [\ X^fkXd`\ekf
fYk\e`[fj\e\cgXjf)j\Xe`^lXc\j%<jkXj`klXZ`eZf$
ii\jgfe[\i}XcXd}j\ZXq%
+%=`eXcd\ek\# Zfe cX \ZlXZ`e *%-( j\ fYk`\e\ cX i\cX$
Z`e c&_ de`dX e\Z\jXi`X gXiX Zldgc`i cX i\j`jk\eZ`X X
ZfikXek\gfiiXjXek\%<ce[`Z\[\X^fkXd`\ekf\ekiXZZ`e
`k#'j\kfdXi}`^lXcXcmXcfifYk\e`[f\e\cgXjfXek\i`fi%
,%J\ZfdgifYXi}hl\j\Zldgc\cXZfe[`Z`e[\c&k/%
<ecXkXYcX*%+j\i\jld\ecfji\jlckX[fj[\cgifZ\jfXe$
k\i`fi [\ gi\[`d\ej`feX[f% GXiX ZX[X ZcXj\ i\j`jk\ek\ j\
[X\cmXcfi[\cXi\cXZ`ek&_d}j]XmfiXYc\#Zfe\ce[`Z\
d}o`df [\ X^fkXd`\ekf [\c k`iXek\ gfi kiXZZ`e Zfej`$
[\iXe[f cX j\ZZ`e YilkX# p \c mXcfi de`df [\ c&_# gXiX
fYk\e\icXcfe^`kl[[\cZf^fk\%<jkfj\[XgXiX\cZXjf[\
leXle`e[`i\ZkXhl\lk`c`qXcXi\j`jk\eZ`XXZfdgi\j`e
gXiXc\cXXcXYiX[\cXZcXj\i\j`jk\ek\ pgXiX\cZXjf[\
lk`c`qXi ZlXj \e \jk\ ZXjf j\ _X kfdX[f leX i\j`jk\e$
Z`X ZXiXZk\ijk`ZX X Zfdgi\j`e g\ig\e[`ZlcXi X cX YiX
[\/E&dd)hl\Zfii\jgfe[\XleXZcXj\i\j`jk\ek\;*' %
KXYcX*%+Gi\[`d\ej`feX[f[\c\dgXcd\[\ccXm\%
:(+
:(-
:(/
:))
:)+
:*'
J`eZlXj
:feZlXj
`k#'Yilkf
'#(,
'#(*
c&_
'#+(
'#*,
k&_4
'#'/
'#(*
`k#'Yilkf
'#(+
'#()
c&_
'#+*
'#*/
k&_4
'#'/
'#()
`k#'Yilkf
'#(+
'#()
c&_
'#+,
'#*/
k&_4
'#('
'#(-
`k#'Yilkf
'#(+
'#((
c&_
'#+0
'#*/
k&_4
'#('
'#(0
`k#'Yilkf
'#(+
'#((
c&_
'#,'
'#*/
k&_4
'#('
'#(0
`k#'Yilkf
'#(+
'#('
c&_
'#-)
'#++
k&_4
'#((
'#))
`k#'1e[`Z\d}o`df[\X^fkXd`\ekfgfikiXZZ`e[\cXj\ZZ`ekfkXc[\ck`iXek\YilkX #E[&Y_
c1cfe^`kl[[\cZf^fk\XiXjXek\%De`df1(,'dd%D}o`df1/k
k1^il\jf[\c]i\ek\[\c\eZXa\
_1ZXekf[\ck`iXek\
I\j`jk\eZ`XZXiXZk\ijk`ZXXZfdgi\j`eg\ig\e[`ZlcXiXcXYiX\ecXjZlXj#]Z#0'#b4/E&dd)%
+,
+-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
[\e\ecXjce\Xj[\Zfik\p\c^il\jf[\ckXZf[\Xgi`\k\%
<jXZfej\aXYc\[`jgfe\ig\iefjkiXejm\ijXc\jj`klX[fj
X [\_#XZX[XcX[f[\c\a\[\c\dgXcd\%
;\ckiXqX[f[\jZi`kfj\gl\[\efYk\e\icfjj`^l`\ek\jgXi}$
d\kifj#\e]leZ`e[\cXXckliX[\cXj\ZZ`e_#^liX*%).%
4(/#+*,
e^lcf[\cXce\Xd\[`X[\ciXpf%
4+(#,-,
e^lcf[\`eZc`eXZ`e[\cfjkfg\j\o$
ki\dfj%
4(*#0)0-
a4'#)),,_
*%-%)<dgXcd\\eIXpf[\Ag`k\i
<jk\k`gf[\\dgXcd\\jkiX[`Z`feXc\ecfjk`iXek\j[\cXj
Z\iZ_Xj% >\e\iXcd\ek\ j\ XX[\e g\iefj f Yi`[Xj hl\
j`im\egXiXXXeqXicfp\m`kXicXk\e[\eZ`XXc^`if%DlZ_Xj
m\Z\j\jkfjg\iefjj`im\ekXdY`egXiXi\]fiqXicXle`e
d\Z}e`ZXd\ek\#[\Y`[fXcX\jZXjXZXgXZ`[X[i\j`jk\ek\
[\c\dgXcd\%
>\e\iXcd\ek\jl[`j\f`eZclp\lefjkXZfjZfe]fidX[\
ZlX f ccXm\ hl\ ]XZ`c`kX \c dfekXa\ p jl Xaljk\# Xlehl\
kXdY`e\jgfj`Yc\\eZfekiXi\a\dgcfjj`e\jk\\c\d\ekf
Xlo`c`Xi%
<ckiXqX[f^\fdki`Zf[\cIXpf[\Ag`k\i\j\cj`^l`\e$
k\Dfek\if#(00' %J\dXiZXecfj\oki\dfjXki\jm\Z\j
cXXckliX[\cXj\ZZ`e[\ck`iXek\#_#^liX*%)-#[fe[\
j\ cfZXc`qXe cfj glekfj 8 p 9% CX i\ZkX hl\ le\ \jkfj
glekfj#ce\Xd\[`X#ZfikXe\e\cZ\ekifXc\a\[\ck`iXek\
\e\cglekf:%;\j[\cfjglekfj8p:p9p: j\kiXqXe
XiZfj [\ Z`iZle]\i\eZ`X [\ iX[`f `^lXc X jl [`jkXeZ`X#
Zfe \c e [\ fYk\e\i le ki`}e^lcf \hl`c}k\if% ;\ \jkX
]fidX#cXgifcfe^XZ`e[\lef[\cfjcX[fj[\cki`}e^lcf
f]i\Z\ \c Zfik\ 8$; p 9$< hl\ k\id`eXe Xc \eZfekiXi$
j\ZfecXji\ZkXjXlo`c`Xi\jkiXqX[XjX(&,[\cXXckliX
[\cXg`\qX_%8cle`icfjglekfj8Zfe<p9Zfe;j\
d4'#)+/+(_ >il\jf[\ckXZf[\Xaljk\%
c4(#'*(0_
fe^`kl[[\cXjlg\iZ`\jfd\k`[XX
C
k\ej`ekXe^\eZ`XciXjXek\%
X :fdgifYXZ`e[\cXi\j`jk\eZ`XX\ofkiXZZ`e
CXj\ZZ`ei\[lZ`[X[\[`d\ej`fe\jYo_i#^liX*%)/#\jk}
jfd\k`[XXle\j]l\iqf[\kiXZZ`eE[#pXledfd\ekf
\ZkfiD[%fi`^`eX[fgficX\oZ\eki`Z`[X[\[\cXj\ZZ`e
i\[lZ`[Xi\jg\ZkfXcXYilkX[\ck`iXek\%CXXckliXi\[lZ`$
[X[\ck`iXek\\j_i4'#,_$dj\e"Zfj 4'#*+0,+_%
CX\oZ\eki`Z`[X[\j\4'#,_$_i 4'#*),))_%
<ecXj\ZZ`ei\[lZ`[X[\Y\Zldgc`ij\cXj`^l`\ek\Zfe$
[`Z`e#
=`^liX*%)-%KiXqX[f^\fdki`Zf[\cIXpf[\Ag`k\iDfek\if(00' %
+.
Le`fe\jZXig`ek\iXj
k #' #[ d #[
+
(
]k #' #[
]d #[
\Z%*%-)
[fe[\
) # /-'0 `k #'
k #' #[
E
E
= [ = ) # /-'0 [
Y _i
Y _
\Z%*%-*
d #[ =
E[ \
E
= (, #0.( [
Y _i) & Y _
\Z%*%-+
]k#'#[p]d#[i\j`jk\eZ`Xj[\Z}cZlcfXkiXZZ`egXiXc\cX
XcXYiXpX\o`e#i\jg\Zk`mXd\ek\%
Jljk`klp\e[f cXj \ogi\j`fe\j *%-* p *%-+ \e cX \ZlX$
Z`e*%-)#
E[
E[
) # /-'0
+(, #0.(
(
Y _ ]k #' #[
Y _ ]d #[
\Z%*%-,
PccXdXe[f`k#'4E[&Y_]k#'#[ Xce[`Z\[\X^fkXd`\ekf[\
cXj\ZZ`eYilkX[\ck`iXek\gfikiXZZ`egXiXc\cX#cX\ZlX$
Z`eXek\i`fihl\[X#
(, #0.( `k #'
]k #' #[
( 2 `k #'
]d #[
]k #' #[
( 2 `k #'
]d #[
(
) # /-'0 (, #0.(
\Z%*%--
;\[fe[\j\[\[lZ\hl\gXiXhl\\ckiXqX[f[\cIXpf[\
Ag`k\iXek\j[\jZi`kfj\Xm}c`[fXek\cXZfdgifYXZ`e
[\cX\ofkiXZZ`e\ecXj\ZZ`ei\[lZ`[X#\cX^fkXd`\e$
kf[\cXj\ZZ`eYilkX[\ck`iXek\ef[\Y\i}\oZ\[\i\c
mXcfi`e[`ZX[f\ecX\ZlXZ`e*%--%
Y :fdgifYXZ`e[\cXi\j`jk\eZ`XXZfdgi\j`ecfZXc\e
\c\eZXa\
<c\j]l\iqfXo`c[\ck`iXek\#E[#gl\[\[\jZfdgfe\ij\\e
[fj]l\iqXj2=(#\e[`i\ZZ`eg\ig\e[`ZlcXiXcXjlg\iZ`\
[\ZfekXZkfZfdgi`d`[X[\cXZlXZ\ekiXcpfkiXgXiXc\$
cXXcXjlg\iZ`\Xek\i`fi#=)#^liX*%)/#[\mXcfi\j#
=`^liX*%).%GXi}d\kifj[\kiXqX[f[\cIXpf[\Ag`k\i%
]k #' #[
]d #[
+/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Zldgc`icXZfe[`Z`ej`^l`\ek\#
Z # #[
]Z # #[
GfikXekf#cXk\ej`eYilkX[\kiXZZ`e\e\ck`iXek\#[\$
Y\i}Zldgc`icXj`^l`\ek\Zfe[`Z`e#gXiX\cZXjf[\ef
\o`jk`iZlXj#
\Z%*%-/
;fe[\ Z##[\jcXk\ej`e[\Zfdgi\j`eg\ig\e[`ZlcXi
XcXjlg\iZ`\[\ZfekXZkf#hl\gXiXcXZlXi\jlckXg\i$
g\e[`ZlcXiXcXYiXpgXiXcXdX[\iX[\ck`iXek\gi\j\e$
kXle}e^lcfZfei\jg\ZkfXcXYiX`^lXcX(*#0)0- %
JlmXcfi\j\cj`^l`\ek\#
Z # #[ =
E
' #0.',0 E[
=(
=
= * #0'.) [ = * #0'.) k #' #[
Y d Y ' # )+/+( _
Y _
\Z%*%-0
P]Z##[\jcXi\j`jk\eZ`X[\Z}cZlcfXZfdgi\j`e\ecXjl$
g\iZ`\[\ZfekXZkf#hl\\eZXjf[\ef\o`jk`iZlXjj\
fYk\e[i}[\cXj`^l`\ek\\ogi\j`e#\ecXhl\bZ#0'4(#
]Z # #[ = ]Z # #[ =
]Z #' #[
= ]Z #' #[ b+
]Z #' #[
j\e ) + Zfj )
bZ #0' ]Z #0' #[
\Z%*%.'
j`\e[f
* #0'.) k #' #[
b+
( 2 k #' #[ ]Z #' #[
* #0'.)
b+ ]Z #' #[
\Z%*%.*
PgXiX\cZXjf[\ZlXj#
* #0'.) k #' #[
]
( 2 k #' #[ Z #0' #[
* #0'.) \Z%*%.+
]Z #0' #[
J`j\[`m`[\ecXj\ZlXZ`fe\j*%.*p*%.+gficXi\j`jk\eZ`X
XkiXZZ`egXiXc\cXXcXYiX#cXjZfe[`Z`fe\jhl\[Xe\e
]leZ`e[\ce[`Z\[\X^fkXd`\ekf#
k #' #[
]
b+
= `k #'
Z #' #[
]k #' #[
* #0'.) ]k #' #[ \Z%*%.,
k #' #[
]
(
= `k #'
Z #0' #[
]k #' #[
* #0'.) ]k #' #[ \Z%*%.-
Z :fdgifYXZ`e[\cXi\j`jk\eZ`XXZfikXek\[\iXjXek\
b+ =
' #',.0,
(
]Z #' #[
+ ' #0+)'
]Z #0' #[
\Z%*%.(
P\e\cZXjf[\\o`jk`iZlXjj`klXZ`ed}j_XY`klXc \c}e^l$
cf 40'#cXi\j`jk\eZ`Xj\i}`^lXcXcXi\j`jk\eZ`XXZfdgi\$
j`eg\ig\e[`ZlcXiXcXYiX[\cXdX[\iX[\cXZlX#]Z#0'#[#
]Z # #[ = ]Z #0' #[
Gfi fkif cX[f# \c \j]l\iqf Xo`c E[# gifmfZX leX k\ej`e
kXe^\eZ`Xc\ecXjlg\iZ`\Yc#hl\[\Y\i}Zldgc`icXj`$
^l`\ek\Zfe[`Z`e#
E[
E[
[
=
=
(
]m #[ Y c ]m #[ Y ( #'*(0 _ ]m #[
\Z%*%..
\Z%*%.)
=`^liX*%)/%:fdgfe\ek\j[\cXo`cE[%
Le`fe\jZXig`ek\iXj
=`^liX*%)0%KiXqX[f^\fdki`Zf[\cIXpf[\Ag`k\i[fYc\
;\[fe[\j\fYk`\e\cXj`^l`\ek\Zfe[`Z`e#
E[
(
( 2 k #' #[ ( #'*(0 ]m #[
Y _ ( #'*(0 ]m #[
X^fkXd`\ekfgfi\ofkiXZZ`e#hl\\ecXgi}Zk`ZXi\[lZ\
cXZXgXZ`[X[[\cXj\ZZ`eYilkX[\ck`iXek\Xc/%
Jl Xgc`ZXZ`e gi}Zk`ZX \j j`dgc\% Gfi \a\dgcf# gXiX leX
ZcXj\i\j`jk\ek\:)'#\ckiXqX[f[\cIXpf[\Ag`k\iXek\j
Z`kX[fj\i}m}c`[fj`\dgi\hl\\ce[`Z\[\X^fkXd`\ekf
[\cXk\ej`e[\kiXZZ`eYilkX\e\ck`iXek\efj\Xjlg\$
i`fiX'#'/%
\Z%*%./
;`m`[`\e[fcXk\ej`e[\kiXZZ`egXiXc\cXXcXYiXk#'#[#
gficXi\j`jk\eZ`X]k#'#[#j\fYk`\e\\ce[`Z\[\X^fkXd`\e$
kfd}o`dfhl\j\iXgfj`Yc\k\e\i\e\ck`iXek\#
`k #'
CX\ZXZ`X[\\jk\\dgXcd\gl\[\d\afiXij\i\Zlii`\e[f
XcIXpf[\Ag`k\i[fYc\#Xlehl\Xld\ekXcXcfe^`kl[[\
jfcXg\ X Xc^f d}j [\ +#, m\Z\j \c ZXekf [\c k`iXek\ p jl
Xaljk\\jd}j[`]Z`c%<ckiXqX[f\jj`d`cXiXcXek\i`fi#^liX
*%)0%CX[`]\i\eZ`X\jki`YX\ehl\cXjce\Xj[\Zfik\\ecfj
\oki\dfj jfe gXiXc\cXj X cX [\efd`eX[X ce\X d\[`X [\c
iXpf%:fedXpfiiXqej\XZfej\aX[`jgfe\iki\jj\ZZ`fe\j
\dg\ieX[Xj[\XXeqXd`\ekfpi\]l\iqfDfek\if#(00' %
]
= k #' #[ ( #'*(0 m #[
]k #' #[
]k #' #[ \Z%*%.0
<ecXkXYcX*%,j\i\Zf^\e\jkfje[`Z\j[\X^fkXd`\ekf
gXiXcXjZcXj\ji\j`jk\ek\j_XY`klXc\j[\Zfe]\iXj%Gl\$
[\fYj\imXij\#hl\cXZfe[`Z`ed}ji\jki`Zk`mX\jcX[\c
KXYcX*%,%e[`Z\j[\X^fkXd`\ekfd}o`dfj[\cXkiXZZ`eYilkX\e\ck`iXek\gXiX[XimXc`[\qXckiXqX[f\eIXpf[\Ag`k\i%
:fdgi\j`ecfZXc
:cXj\
i\j`jk\ek\
=c\ofkiXZZ`e
\Z%*%,-
:(+
IXjXek\
\Z%*%-/
J`eZlXj
\Z%*%-+
:feZlXj!
\Z%*%-,
'#'/*
'#*-+
'#),-
'#*/.
:(-
'#'./
'#*(*
'#)',
'#**'
:(/
'#'.0
'#)0-
'#(/-
'#*(0
:)'
'#'/'
'#)/,
'#(.(
'#*('
:))
'#'/(
'#).-
'#(,/
'#*')
:)+
'#'/)
'#)-0
'#(+-
'#)0,
:).
'#'/(
'#)+-
'#()/
'#),/
:*'
'#'/'
'#))/
'#((+
'#))0
! J\_XZfej`[\iX[fleXi\j`jk\eZ`XZXiXZk\ijk`ZXXZfdgi\j`eg\ig\e[`ZlcXiXcXYiX
gXiXcXdX[\iX[\cXjZlXj[\/E&dd)#Zfii\jgfe[`\ek\XleXdX[\iX[\]ife[fjX[\ZcXj\;*'%
+0
,'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<e\ckiXqX[f[\cIXpf[\Ag`k\i\o`jk\efkiXjgifgl\j$
kXj hl\ mXiXe c`^\iXd\ek\ [\ cX Xek\i`fi ?`[Xc^f [\
:Xm`\[\jp[\cJfkf#(0++ %<e\jk\ZXjf\ckiXqX[f\j\c
j`^l`\ek\#^liX*%*'%;\j[\\c\a\[\c\dgXcd\j\kiX$
qXe [fj i\ZkXj kiXejm\ijXc\j Xc \a\ [\c k`iXek\ p X leX
[`jkXeZ`X`^lXcXcZXekf_#[\ck`iXek\%<ecX`ek\ij\ZZ`e
[\\jkXji\ZkXjZfecXji\ZkXjgXiXc\cXjXc\a\[\ck`iXek\
pXleX[`jkXeZ`X_&+[\cYfi[\j\\eZl\ekiXecfjglekfj
;p<hl\[\e\eleXi\ZkX#Xhl[\efd`eX[Xce\Xd\$
[`X% KfdXe[f \e ; p \e < XiZfj [\ Z`iZle]\i\eZ`X ;=
p<>j\kiXqXeki`}e^lcfj\hl`c}k\ifjgXiXfYk\e\i\ckiX$
qX[f[\;8p9<[\cfjZfik\j\ecfj\oki\dfj%
=`eXcd\ek\# [\j[\ ; p < j\ kiXqXe [fj i\ZkXj gXiXc\cXj
\eki\jhl\[`jk\e\c^il\jfhl\hl`\iX[Xij\XckXZfd
pj\Xj`^eXleXXeZ_liXe gXiXk\id`eXi\ckiXqX[f%
Gl\[\fYj\imXij\#hl\\jk\kiXqX[fk`\e\leXcfe^`kl[
[\ jfcXg\ [\ )_# ]i\ek\ X *#+,(_ [\c Xek\i`fi df[\cf%
GfikXekf#cXg\e[`\ek\[\cZfik\\jdXpfipcXcfe^`kl[
[\iXjXek\c\e\cZXjfXek\i`fi j\i}d\efi%
*%.<EJ8D9C<<E:FC8;<D@C8EF
*%.%(:fcX[\D`cXef
<c\ejXdYc\\e:fcX[\D`cXef[\Y\jlefdYi\XcgXi\$
Z`[fZfecX]fidXXZlX[X[\cXZfcX[\\jk\Xe`dXc%<j
le\ejXdYc\ZXgXq[\kiXejd`k`i]l\iqXj[\kiXZZ`ep#
Zfdf \j c^`Zf# kXdY`e gl\[\ kiXejd`k`i Zfdgi\j`e%
JlZXgXZ`[X[gfikXek\\jdlpi\[lZ`[X%
EfidXcd\ek\\jkXle`ej\i\Xc`qXjfYi\cXd`kX[[\c\j$
g\jfi[\cXg`\qX#[\efd`e}e[fj\\e\jk\ZXjfXd\[`X
dX[\iX%Gl\[\j\ii\ZkflfYc`Zlf#^liX*%*(%
[ =
E[
] m #[
) Y \
\Z%*%/'
Y CX k\ej`e [\ kiXZZ`e gXiXc\cX X cX YiX# k#'#[# \e cX
g`\qXjfd\k`[XXcXo`c[\kiXZZ`eE[#\ecXj\ZZ`e[\$
Y`c`kX[X ^_`a [\Y\ i\jlckXi `e]\i`fi X cX i\j`jk\eZ`X [\
Z}cZlcfXkiXZZ`egXiXc\cXXcXYiX#]k#'#[#^liXj*%**
p*%*+Y%
k #' #[ =
E
J ^_`a
] k #' #[
\Z%*%/(
<e\jkXZfdgifYXZ`e[\c;KLZ`kX[f#efj\_Xk\e`[f
\eZl\ekXhl\\ecXj\ZZ`ei\[lZ`[X^_`a#\o`jk\leX
\oZ\eki`Z`[X[[\c\j]l\iqfXo`cE[#hl\gifmfZXi}leX
\o`eXXX[`iXcXkiXZZ`e%
=`^liX*%*'%KiXqX[f[\cIXpf[\Ag`k\i\eleXmXi`Xek\[\d\eficfe^`kl[[\jfcXg\%
Le`fe\jZXig`ek\iXj
=`^liX*%*(%<ejXdYc\j[\ZfcX[\d`cXefXd\[`XdX[\iX%
=`^liX*%*)%<ejXdYc\[\ZfcX[\d`cXefgXjXek\%
Z <ecX^liX*%*+Zj\i\gi\j\ekXlegfj`Yc\df[f[\
ifkliXhl\j\^\e\iXgfi\]\Zkf[\k\ej`fe\j[\kiXZ$
Z`eg\ig\e[`ZlcXiXcXYiX\ecXg`\qXgXjXek\%<jkX
k\ej`e [\ kiXZZ`e g\ig\e[`ZlcXi X cX YiX# k#0'#[#
j\jlgfe\i\gXik`[XjfYi\leXjlg\iZ`\`^lXcX\)#
)'#,\\ #j`\e[f\\c^il\jf[\cXZfcX[\d`cXef#p
ef[\Y\jlg\iXicXi\j`jk\eZ`X[\Z}cZlcfXkiXZZ`e
g\ig\e[`ZlcXiXcXYiX#]k#0'#[%
k #0' #[ =
[`jkXeZ`XjX^pY_[\cX^liX*%**#jfe`^lXc\jX(&,[\
cXXeZ_liX[\cXg`\qX#[`d\ej`eXY%
E[
] k #0' #[
\)
\Z%*%/)
<ckiXqX[f_XY`klXc[\cXZfcX[\d`cXefXd\[`XdX$
[\iXgi\j\ekXle^il\jf[\cXZfcX`^lXcXcXd`kX[[\c
^il\jf[\cXg`\qXXZXa\XipcXi\[lZZ`e[\cXj\ZZ`e#
=`^liX*%**%<ejXdYc\[\ZfcX[\d`cXef%
,(
,)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX*%*+%Df[fj[\ifkliX[\c\ejXdYc\[\:fcX[\D`cXef%
*%.%):fcX[\d`cXefi\[fe[\X[X
*%.%)%)GXi}d\kifj[\[`j\f
*%.%)%(@ekif[lZZ`e
CXji\Zfd\e[XZ`fe\jgXiXjlkiXqX[fjfecXjj`^l`\ek\j
N\ie\i)'') #^liX*%*-1
CXZfcX[\d`cXefi\[fe[\X[X\jlek`gf[\\ejXdYcX[liX
[\i`mX[X [\ cX ZfcX [\ d`cXef# \jg\ZZXd\ek\ [`j\X[X
gXiXjl]XYi`ZXZ`ed\[`Xek\Zfekifceldi`Zf%<jZXgXq
[\ kiXejd`k`i cXj ZXi^Xj m\ik`ZXc\j f i\XZZ`fe\j \e cfj
Xgfpfj[\leXZfii\Xfm`^l\kX\eleXm`^Xgi`eZ`gXc%KXd$
Y`ek`\e\Z`\ikXZXgXZ`[X[[\kiXejd`k`i\j]l\iqfjXo`c\j
p [\ \o`e# Xlehl\ X \]\Zkfj [\ Z}cZlcf ef j\ k`\e\ \e
Zl\ekX%
<ecX^liX*%*,j\i\gi\j\ekXjlXgc`ZXZ`ed}j]i\Zl\ek\
ZfdfXgfpf[\leXZfii\XjfYi\leXm`^X%<jleXjfclZ`e
hl\\egi`eZ`g`fefi\hl`\i\\c\d\ekfjd\k}c`Zfjcl\^fj\
m\i}hl\\ji\Zfd\e[XYc\pXm\Z\je\Z\jXi`f %;Xcl^Xi
XleXjfclZ`edlpc`dg`Xm`jlXcd\ek\p\Zfed`ZX%K`\e\
leX\ZXZ`Xdlpjlg\i`fiXcXjfclZ`ej`dgc\[\leXZXaX
i\ZkX\ecXm`^X%<cgi`eZ`gXc`eZfem\e`\ek\hl\gi\j\ekX\j
hl\\o`^\leXgi\Z`j`edlp\c\mX[X\e\cdfekXa\#pXhl\
cX [`jkXeZ`X \eki\ cfj Xgfpfj k`\e\ dlp gfZX kfc\iXeZ`X%
<jkfgl\[\_XZ\ihl\\cdfekX[fi[\cX\jkilZkliXgi\\$
iXfkifjj`jk\dXj[\le`e#XcZfej`[\iXicXj[`ZlckX[\j[\
dfekXa\%Fkif[\cfj`eZfem\e`\ek\j\jhl\cXm`^Xgi`eZ`gXc
m\i\[lZ`[Xjlj\ZZ`egficXjZXaXjhl\j\i\Xc`qXegfileX
fcXj[fjZXiXj%
=`^liX*%*-;`d\ej`fe\j[\cXZfcX[\d`cXefi\[fe[\X[X%
$Cfe^`kl[[\cX\jg`^XfZfcX1k),f*'dd
$Gif]le[`[X[[\cXZXaX1gk"*dd
$8ckliX[\cXZfcX1_(_&)_\jcXXckliX[\cXj\ZZ`e[\
cX Zfii\X % 8 \]\Zkfj [\ ZXgXZ`[X[ d\Z}e`ZX j\ i\Zf$
d`\e[XleXXckliX_(4)_&*KXee\ik)''/ %
=`^liX*%*,%:fcX[\d`cXefi\[fe[\X[X%
$<c}e^lcf]fidX[fgficXjZXiXj[\cXZfcX1 4('X(,
KXee\ik)''/ %
Le`fe\jZXig`ek\iXj
$8eZ_liXde`dX[\cXm`^Xgi`eZ`gXc1Yk",'ddgXiX
XgfpfXlecX[f2Yk"(''ddgXiXXgfpfXXdYfjcX[fj%
*-'' dd
8
' #)
bj =
\]
\Z%*%/,
$?fc^liX[\d\ZXe`qX[f1 0#)dd
<cmXcfid}o`df[\bj\jcXle`[X[%
$Lk`c`qXZ`e [\ dX[\iX j\ZX [liXek\ cX ]XYi`ZXZ`e p
i\[lZ`iXcde`dfcXjmXi`XZ`fe\j[\Zfek\e`[f[\_l$
d\[X[ [\j[\ jl ]XYi`ZXZ`e _XjkX cX gl\jkX \e fYiX%
<cZfek\e`[f[\_ld\[X[[\]XYi`ZXZ`e[\Y\iXj\icf
d}jgXi\Z`[fXc[\j\im`Z`f%CXm\cfZ`[X[[\d\ZXe`qX$
[f[\Y\j\ic\ekXgXiXZfej\^l`ileXgi\Z`j`edXpfi%
Y :XgXZ`[X[[\ZXi^X[\cXm`^Xgi`eZ`gXc1
Y)
\Z%*%/-
[fe[\_m#_(pY(\jk}e\eddp=m`^X#[\jk}\ebE%
$CX [`jkXeZ`X \eki\ \a\j [\ ZXaXj [\ Xgfpf \e cX m`^X
gi`eZ`gXcefj\i}d\efihl\-''ddpcX[`jkXeZ`X[\
cX gi`d\iX ZXaX Xc \oki\df [\ cX g`\qX k\jkX ef j\i}
d\efihl\,''dd%
*%.%)%*:XgXZ`[X[[\ZXi^X
Cfjgi`d\ifj\jkl[`fjjfYi\\cZfdgfikXd`\ekf\jkilZkl$
iXc[\\jk\k`gf[\le`fe\jjfe[\(000Jf`c}e\kXc%)''/#
KXee\ik)''/ %<o`jk\e[fjdf[fjgi`eZ`gXc\j[\]Xccf[\
\jkXle`e%<cgi`d\ifX]\ZkXXcXm`^Xgi`eZ`gXcp\jfi`^`$
eX[fgfile]XccfXkiXZZ`eg\ig\e[`ZlcXiXcXYiX\ecX
gXik\ YXaX [\ cX ZXaX# ^liX *%*-% <c j\^le[f X]\ZkX X cX
m`^l\kXpZfej`jk\\e\c]XccfgfiZfikXek\ZfdY`eX[fZfe
k\ej`e [\ kiXZZ`e g\ig\e[`ZlcXi \e cX \ekXccX[liX `e]\$
i`fi[\cXZfcX%
CXZXgXZ`[X[[\ZXi^X[\\jkXjle`fe\jef\jk}i\Zf^`[X
\e cXj efidXj [\ Z}cZlcf# g\if \o`jk\ leX gifgl\jkX [\
\ogi\j`fe\j[\ZfdgifYXZ`ehl\j\_XefYk\e`[fZfecX
Xpl[X[\cX\og\i`d\ekXZ`epXe}c`j`jgfi\cdkf[f[\
cfj \c\d\ekfj e`kfj N\ie\i )'')# KXee\ik )''/ % Jfe
cXjj`^l`\ek\j1
X :XgXZ`[X[[\ZXi^X[\cXm`^l\kXfZfii\X1
=Zfii\X #[ =
)
8 b ]
* \] j m #[
\Z%*%/*
Z C`d`kXZ`e[\cX[\]fidXZ`e1
J\ XZfej\aX ef jlg\iXi le [\jc`qXd`\ekf \eki\ XdYXj
g`\qXj[\d}j[\(#,dd%GXiXjlZ}cZlcfj\[\e\leZf$
\Z`\ek\[\dl\cc\[\e`[fgficXj`^l`\ek\\ogi\j`e1
: = ' #. d`e
=m`^X #X[d
=Zfii\X # X[d
\Z%*%/.
;fe[\=m`^X#X[dp=Zfii\X#X[djfecfjmXcfi\jX[d`j`Yc\j[\cXj
ZXgXZ`[X[\j[\ZXi^X[\cXm`^XpcXZfii\X#i\jg\Zk`mX$
d\ek\#\ogi\jX[Xj\ebE\cmXcfiX[d`j`Yc\[\cXZXi^X
\jXgifo`dX[Xd\ek\(#+m\Z\jd\efihl\\cmXcfi[\
Z}cZlcf2=X[d=[ &(#+ 2p:\j\cZf\Z`\ek\[\dl\cc\
\ogi\jX[f\ebE&dd%
GXiX \c Z}cZlcf [\ \jkXj le`fe\j gf[iX g\ejXij\ \e cX
Xgc`ZXZ`e[\cZi`k\i`f[\Z}cZlcf[\cXZXgXZ`[X[[\ZXi$
^X[\Xgfpfj[\m`^XjZfecfj\oki\dfj\ekXccX[fj#lk`$
c`qXe[f\c]XZkfibmhl\j\[\e\\e\c;9$J<$DX[\iXp
\ecXefidXLE<$<E(00,$($(%<jk\]XZkfij\lk`c`qXgXiX
g\eXc`qXicXZXgXZ`[X[[\ZfikXek\[\\jkXjm`^XjZfdf
Zfej\Zl\eZ`X [\ leX \ekXccX[liX \e \c Yfi[\ `e]\i`fi%
J`e \dYXi^f# j\ _X [\dfjkiX[f hl\ \jk\ ]XZkfi ef \j
Xgc`ZXYc\XcZXjf[\\ekXccX[liXj[\dlpZfikXcfe^`kl[
Zfdf \j \c ZXjf [\ cXj le`fe\j Zfe ZfcX [\ d`cXef i\$
[fe[\X[X%
[fe[\#
8\] }
i\X\ZXq[\cX\jg`^X#[\e`[XgficX\ogi\$
j`ej`^l`\ek\#
Y()
Y
Y
8\] = B
Y( + k^
_( ( L
_( ( +
)
)
)
/
\Z%*%/+
Y(#_(#j\^e^liX*%*-%
bj
] XZkfi[\kXdXf[\e`[fgficXj`^l`\ek\
\ogi\j`eKXee\ik)''/ #
Ef[\Y\fcm`[Xij\\ecXZfdgifYXZ`e[\cXjm`^Xjgi`e$
Z`gXc\jhl\jlZXgXZ`[X[gfikXek\hl\[Xi\[lZ`[XZfdf
Zfej\Zl\eZ`X [\ cX gi[`[X [\ j\ZZ`e [\Y`[X X cfj ZX$
a\X[fj%
=`eXcd\ek\#j\_XZfdgifYX[f\c\]\ZkfY\e\Z`fjf\e
\cZfdgfikXd`\ekf[\\jkXjle`fe\j[\cXX[`[f[\k`iX$
]fe[fj[\k`gfkf[fifjZX]ljk\ifjZX[fgfiZfdgc\kf
Zfdf \c\d\ekfj [\ i\]l\iqf% <jkfj \c\d\ekfj j\ [`j$
gfe\e gi\]\i`Yc\d\ek\ Zfe\ZkXe[f m`^X Zfe Zfii\X [\
dXe\iXhl\cXgXik\`e]\i`fi[\cXZfii\Xhl\[XZfj`[X
pgfikXekfi\]fiqX[X]i\ek\Xk\ej`fe\j[\kiXZZ`eg\i$
g\e[`ZlcXiXcXYiX%EffYjkXek\#efj\_XZlXek`ZX[f
kf[XmXjl\]\Zkf[\dXe\iXZfeZi\kXKXee\ik)''/ %
,*
,+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
9@9C@F>I8=8
8i^\cc\j#I%#8ii`X^X#=%pDXike\q:%#A%A%)''' %<j$
kilZkliXj [\ dX[\iX% ;`j\f p Z}cZlcf% <[`kfi`Xc 8@K@D%
J\^le[X<[`Z`e#--*gg%
8ii`X^X#=%#G\iXqX#=%#<jk\YXe#D%#9fYX[`ccX#@%p>XiZX#
=%)'') %@ek\im\eZ`e\e\jkilZkliXj[\dX[\iX%<[`kf$
i`Xc8@K@D#+.-gg%
:fcc`e^# =% )''+ % ?fcqYXl% >ile[cX^\e 9\d\jjle^$
j_`c]\e%M`\n\^%>\idXep%;@E(',)1)''+%<eknli]#9\$
i\Z_ele^le[9\d\jjle^mfe?fcqYXln\ib\e8cc^\$
d\`e\ 9\d\jjle^ji\^\`e le[ 9\d\jjle^ji\^\ce ]i
[\e?fZ_YXl%
;@E (',)1)''/% Gifp\Zkf [\ \jkilZkliXj [\ dX[\iX%
I\^cXj^\e\iXc\jpi\^cXjgXiXcX\[`ZXZ`e%
;fZld\ekf 9}j`Zf J\^li`[X[ <jkilZkliXc DX[\iX
J<$D %)''/%:[`^fKZe`Zf[\cX<[`ZXZ`e%
<_cY\Zb#A%Xe[Bifd\i#D%(00, %:Xig\ekipaf`ekjJK<G
c\Zkli\:() %K`dY\i<e^`e\\i`e^JK<G(%:\ekild?flk#
K_\E\k_\icXe[j%
>iXlYe\i%N%(00' %8jj\dYcX^\j[lYf`j%Cylifg\\kc\
AXgfe]XZ\~]XZ\%C`mi\kfkXcJ%8%#CXljXee\#(,0gg%
?`[Xc^f[\:Xm`\[\j#I%pJfkf?`[Xc^f#A%(00+ %<eZ`Zcf$
g\[`X [\ cX :fejkilZZ`e% GlYc`ZXZ`fe\j KZe`ZXj [\ cX
AlekX[\Gif]\jfi\j[\cX8ZX[\d`XJfkf?`[Xc^f%Kfdf
(%Gi`d\iX<[`Z`e#DX[i`[%
@e]fidXk`fej[`\ejk ?fcq )''' % M\iY`e[le^jd`kk\c%
M\iY`e[le^\eeXZ_;@E(',)le[(//''%?fcqYXl?Xe[$
YlZ_%I\`_\)#K\`c)#=fc^\(%
C`^eld(00( %?fcqYXl$KXY\cc\e%KXYc\jgflicXZfejkilZ$
k`fe\eYf`j(%C`^eld#Qli`Z_#,,gg%
C`^eld (00' % KXYc\j gfli cX ZfejkilZk`fe \e Yf`j )%
C`^eld#Qli`Z_#/0gg%
Dfek\if#C%(00' %8glek\jjfYi\K\Zefcf^X[\cXdX$
[\iX%:fc\^`fFZ`Xc[\8gXi\aX[fi\jp8ihl`k\ZkfjKZ$
e`Zfj[\QXdfiX%)-/gg%
El\i\#<%(00' %CXZXig`ek\iX[\XidXi\jgXfcX%D`$
e`jk\i`f[\:lckliX%;`i\ZZ`e>\e\iXc[\9\ccXj8ik\jp
8iZ_`mfj%DX[i`[#(),gg%
JZ_\\i# :%# G\k\i# D% le[ Jk_i# J% )''+ % ?fcqYXl$KXj$
Z_\eYlZ_%<iejkJf_e#9\ic`e#*0'gg%
JZ_`c[# B% le[ Mcbe\i# J% )'', % GiXo`j_Xe[YlZ_ @e^$
\e`\li_fcqYXl%=iXle_f]\i@I9M\icX^#Jklkk^Xik#)+,gg%
Jf`c}e#8%#>lX`kX#D%#8ii`X^X#=%#?\idfjf#<%Xe[<`iXj#8%
)''/ %8eXcpj`jf]Jki\jj$JkiX`eJkXk\f];fm\kX`cAf`ekj
Y\kn\\e Af`jkj Xe[ 9\Xdj% GifZ\\[`e^j f] ('k_ Nfic[
:fe]\i\eZ\feK`dY\i<e^`e\\i`e^%D`pXqXb`#AXgXe%
Jk\Zb#>%)''. %(''?fcqYXl$9\`jg`\c\%N\ie\iM\icX^#
>\idXep#*'/gg%
KXee\ik# K% )''/ % JkilZkliXc g\i]fidXeZ\ f] ifle[\[
[fm\kX`cZfe\Zk`fej%;fZkfiXck_\j`j%Le`m\ij`kpf]9i`k`j_
:fcldY`X#MXeZflm\i%
LE<$<E (00,$($(% )''- % <lifZ[`^f ,% Gifp\Zkf [\
\jkilZkliXj[\dX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\$
^cXjgXiX\[`ZXZ`e%
N\ie\i#>%le[Q`dd\i#B%)''+ %?fcqYXlK\`c(%Jgi`e^$
\i#>\idXep#*+-gg%
N\ie\i#>%le[Q`dd\i#B%)''+ %?fcqYXlK\`c)%Jgi`e^$
\i#>\idXep#+'0gg%
N\ie\i# ?% )'') % Hl\iXejZ_cjj\ d`k JZ_nXcY\e$
jZ_Xeq$QXg]\em\iY`e[le^\e# MfijZ_cX^ ]i [`\ 9\d\j$
jle^ `e >\idXe % M\iYle[$?`^_$K\Z_$XYYle[ `d Q`d$
d\i_Xe[n\ib#Jklkk^Xik#>\idXep%
,,
LE@FE<J:FE:C8M@A8J
+%(><E<I8C@;8;<J
Cfj\c\d\ekfj[\aXZ`e[\k`gfZcXm`aXjfed\[`fj[\
le`e[\k`gfd\Z}e`Zf#\j[\Z`ikiXejd`k\ecfj\j]l\i$
qfj d\[`Xek\ _\iiXa\j d\k}c`Zfj X kiXmj [\ k\ej`fe\j
[\ XgcXjkXd`\ekf jfYi\ cXj g`\qXj [\ dX[\iX# p k`\e\e
]fidX[\ZcXm`aXhl\XkiXm`\jXcXjg`\qXj%<ckid`efZcX$
m`aXj\\dgc\XZfeZXi}Zk\i^\ei`ZfXcfjZcXmfj#^iXgXj#
k`iX]fe[fj#g\iefjpgXjX[fi\j#^liX+%(%
Xo`Xc\jcXZfe\o`eZfecXdX[\iXj\i\Xc`qXXkiXmj[\
cXgXik\ifjZX[X[\cfjk`iX]fe[fj#fcXZXY\qXfkl\iZXp
XiXe[\cX[\cfjg\iefj%
<o`jk\efkifjk`gfj[\\c\d\ekfj[\aXZ`e[\k`gfZcX$
m`aXhl\ef\jk}eZfek\dgcX[fj\e\c;9J<$DZfdfjfe
cfjk`iX]fe[fj[\[fYc\ifjZXf[\ifjZXZfdgc\kX#hl\j\
kiXkXeXceXc[\\jk\ZXgklcf%
=`^liX+%(%:cXm`aXj1ZcXmfj#^iXgXj#k`iX]fe[fj#g\iefjpgXjX[fi\j%
Kf[XjcXjZcXm`aXjgl\[\ei\j`jk`i\j]l\iqfjcXk\iXc\jkXd$
Y`eccXdX[XZXi^X[\ZfikXek\ pXc^leXjgl\[\ei\j`j$
k`ikXdY`e\j]l\iqfjXo`Xc\jfZXi^XXo`Xc %<ecX^l$
iX+%)j\dl\jkiXe\a\dgcfjkg`Zfj[\le`fe\jkiXYXaXe$
[fXek\ZXi^XjcXk\iXc\jpXo`Xc\j%
8ek\ ZXi^Xj cXk\iXc\j \c m}jkX^f [\ \jkfj \c\d\ekfj
\jk} jfd\k`[f X \j]l\iqfj [\ \o`e# X[\d}j [\ Zfi$
kX[liX#pkiXYXcXjg`\qXj[\dX[\iX^\e\iXe[fk\ej`f$
e\j cfZXc`qX[Xj [\ XgcXjkXd`\ekf% <e \c ZXjf [\ ZXi^Xj
EfkX1<e\c<lifZ[`^f,#LE<$<E(00,$($(#Xc^leXj[\
cXj\ogi\j`fe\j[\Z}cZlcf[\cXZXgXZ`[X[[\ZXi^X[\
cXj le`fe\j [\ k`gf ZcXm`aX ZfejkXe [\ [fj kid`efj2
\c gi`d\if Zfii\jgfe[\ X cX k\fiX [\ gcXjk`ZXZ`e
[\ Af_Xej\e# d`\ekiXj hl\ \c j\^le[f kid`ef \j cX
Zfeki`YlZ`e [\c \]\Zkf jf^X kXdY`e ccXdX[f \]\Z$
kf ZXYc\ % <e cXj \ZlXZ`fe\j Zfii\jgfe[`\ek\j [\c ;9
J<$D [\c :K< ef j\ _X `eZcl`[f \c j\^le[f kid`ef#
e`kXdgfZf\ecXjkXYcXj[\gi\[`d\ej`feX[f[\\jk\
ZXgklcf%
=`^liX+%)%Le`eZfeZXi^XcXk\iXcple`eZfeZXi^XcXk\iXcpXo`Xc%
,-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<jk\kid`efk`\e\leX`el\eZ`Xhl\[\g\e[\[\ck`gf
[\d\[`f[\le`e1
$GXiX\cZXjf[\cfjZcXmfj[\j\ZZ`eZ`iZlcXijlg\jfgl\$
[\cc\^Xi\e\cd\afi[\cfjZXjfjXXld\ekXicXZXgXZ`[X[
le(,2gXiXcfjZcXmfj[\j\ZZ`eZlX[iX[XpZfe]fidX
[\iXeliXle),p\efkifjk`gfj[\ZcXmfjle,'%
$GXiX\cZXjf[\cfjk`iX]fe[fjjlg\jfgl\[\cc\^Xi\e\c
d\afi[\cfjZXjfjXXld\ekXicXZXgXZ`[X[le(''%
$GXiX \c ZXjf [\ cfj g\iefj jl g\jf gl\[\ cc\^Xi \e \c
d\afi[\cfjZXjfjXXld\ekXicXZXgXZ`[X[le),%
$GXiX\cZXjf[\cfjgXjX[fi\jjlg\jf\jelcf%
+%):C8MFJ
+%)%(;\e`Z`epk`gfj
Jfe\c\d\ekfj[\aXZ`e\eki\g`\qXj[\dX[\iXf\e$
ki\dX[\iXpgcXZXd\k}c`ZXZfe]ljk\[\j\ZZ`eZ`iZl$
cXi#i\[fe[\X[XfZlX[iX[X#ZfeglekXXcX[XpZXY\qX
[\]fidXgcXeX#Xm\ccXeX[X#\kZ%<c]ljk\gl\[\j\ic`jf
fZfei\jXckfj\e]fidX[\ZlX#_\c`Zf`[Xc#XZXeXcX[f#
\kZ%^liX+%*%
[\+#,m\Z\j\c[`}d\kifefd`eXcpk`\e\lemXcfiZXiXZ$
k\ijk`Zf [\c gXi}d\kif [\ XiiXehl\ ]Xo#b dXpfi f `^lXc X
-E&dd)d\[`[f\eleXdX[\iXZfeleX[\ej`[X[ZX$
iXZk\ijk`ZX[\*,'b^&d*XZfe[`Z`feX[XXdXjXZfejkXe$
k\X)':p-,[\_ld\[X[i\cXk`mX %
+%)%);`d\ej`fe\j
CXefidXLE<$<E(+,0)\jkXYc\Z\hl\\c[`}d\kifef$
d`eXc[\cZcXmf#[#[\Y\j\iZfdfde`df[\(#0ddpef
dXpfi[\/dd%
EfkX1<ecfjZcXmfj[\]ljk\c`jf#]ljk\_\c`Zf`[Xcf]ljk\
Xe`ccX[f#gXiXlk`c`qXZ`e\e\jkilZkliXj[\dX[\iX#[\j
\c[`}d\kifde`df[\cXj\ZZ`ekiXejm\ijXc\ok\ieX[\c
XcXdYi\[\j\ZZ`ei\[fe[XfcXd\[`[X[\ccX[f[\cX
j\ZZ`ekiXejm\ijXcde`dXgXiXZcXmfj[\j\ZZ`eZlX$
[iX[X%GXiX\ci\jkf[\ZcXmfjZfiil^X[fj[\jk`eX[fjX
jllk`c`qXZ`e\e\jkilZkliXj[\dX[\iX#[\j\c[`}d\kif
de`df[\cXj\ZZ`ekiXejm\ijXc[\cXcXdYi\fi`^`eXcX
gXik`i[\cZlXcj\]XYi`ZX\cZcXmfZfeg\ic%
CX \c\ZZ`e [\c kXdXf [\c ZcXmf hl\[X c`^X[X [`i\ZkX$
d\ek\Xc]XYi`ZXek\%:feZXi}Zk\i`e]fidXk`mfj\[XecXj
j`^l`\ek\j[`d\ej`fe\j1
$:cXmfjc`jfj1[`}d\kifefd`eXc[\(#0X/ddpcfe^`kl[
[\*,X)-'dd%Lk`c`qX[fjefidXcd\ek\gXiXle`fe\j
\eki\g`\qXj[\dX[\iX%
$:cXmfj g\icX[fj1 [`}d\kif efd`eXc [\ )#/ X - dd p
cfe^`kl[[\*,X(),dd%Lk`c`qX[fjefidXcd\ek\gXiXcX
le`e\eki\_\iiXa\jd\k}c`Zfj[\Z_XgXpdX[\iX%LeX
^XdX_XY`klXc\jcXj`^l`\ek\[`}d\kifocfe^`kl[ 1
=`^liX+%*%K`gfj[\ZcXmfj%
CfjZcXmfj[\]ljk\g\icX[fkXdY`e[\efd`eX[fjZfe
i\jXckfj#Zfiil^X[fjf[\X[_\i\eZ`Xd\afiX[X gi\j\ekXe
m\ekXaXj]i\ek\Xcfj[\]ljk\c`jf%JlX[_\i\eZ`XXcXdX$
[\iX\jdXpfipXld\ekXjlZXgXZ`[X[[\ZXi^XcXk\iXc%
<ecXjle`fe\j\eki\g`\qXj[\dX[\iXcXd`eX[X\eZfcX[X#
Zfdf\cZXjfkg`Zf[\Xgfpf[\Zfii\XjjfYi\cXjm`^Xj#
cfjZcXmfjhl\j\\dgc\Xejfe[\]ljk\g\icX[f%CfjZcX$
mfjZfe]ljk\_\c`Zf`[Xcp[\^iXecfe^`kl[jfelk`c`qX[fj
gXiX cX aXZ`e [\ cfj gXe\c\j j}e[n`Z_ [\ Z\iiXd`\ekf
XcXjZfii\Xj%CfjZcXmfj[\j\ZZ`eZlX[iX[Xjfed\efj
_XY`klXc\j#g\ifgi\j\ekXedXpfii\j`jk\eZ`Xhl\cfjZ`i$
ZlcXi\jpj\lk`c`qXealekfZfegcXZXj[\XZ\ifcXk\iXc\j%
EfkX1 Le ZcXmf j\ Zfej`[\iX g\icX[f j\^e cX efidX
LE<$<E(+,0)#ZlXe[fjl]ljk\gi\j\ekXleg\icf\jk}
[\]fidX[f \e leX gXik\ [\ jl cfe^`kl[ Zfdf de`df
)#/o*,,'-,
*#(o.'/'
+o*,+','$-'
,#(o(,'(/')(')*')-')/'*''$*)'
-o-'/'(''(('(,'(/')(')*')-'
)/'*''*)'*),$*,'*/'
CX efidX LE<$<E (+,0) \jkXYc\Z\ hl\ \e cfj ZcXmfj
g\icX[fjcXqfeXZfei\jXckfj[\Y\k\e\ileXcfe^`kl[
de`dX[\+#,[%
CXefidXLE<$<E(')*'$(i\Zf^\cfjk`gfj[\ZcXmfjefi$
dXc`qX[fjZfe[\kXcc\jfYi\jlj[`d\ej`fe\j%
CfjZcXmfjd}jlk`c`qX[fj\e\jkilZkliXjjfe[\[`}d\kifj
[\+#,#-p/ddZfe]ljk\Xe`ccX[f%Cfj[\+p,ddjfecfj
d}j]i\Zl\ek\jgXiXcXaXZ`e[\_\iiXa\j[\Xgfpf[\Zf$
ii\Xj\jki`Yfj %CfjZcXmfjc`jfjjcfj\jl\c\elk`c`qXiZfdf
\c\d\ekfj[\aXZ`ek\dgfiXcfXlo`c`Xi%CXcfe^`kl[[\cZcX$
mfefjl\c\jlg\iXicfj(''ddpXhl\\j[`]Z`cjl`ekif[lZ$
Z`egXiXcXi^fjdXpfi\j#gi\i`e[fj\cfjk`iX]fe[fj%
Le`fe\jZfeZcXm`aXj
<jkXdY`e]i\Zl\ek\cX^XdX[\*#+*#/+#*,#(,#,
-#'.#'p/#'ddgXiXZcXmfjXe`ccX[fjgXiXaXZ`e[\
\jki`Yfj#j`\e[f\cd}jZfde\c[\*#/dd[\[`}d\kif%
+%)%*:Xc`[X[\j
;\XZl\i[fZfecXefidXLE<$<E(+,0)\cZcXmf[\Y\]X$
Yi`ZXij\gXik`\e[f[\leXcXdYi\[\i\j`jk\eZ`Xde`dX
XcXkiXZZ`e#]l#[\-''E&dd)#[\k\id`eX[XZfe]fid\X
cXEfidX<E(')(/$(%<cXcXdYi\[\Y\fYk\e\ij\[\XcXd$
Yie[\XZ\ifefXc\X[f#]XYi`ZX[fZfe]fid\XcXEfidX
<E (''(- kf[Xj cXj gXik\j # f [\ XcXdYi\ fYk\e`[f [\
XcXdYie[\XZ\if`efo`[XYc\Xljk\ek`Zf]XYi`ZX[fZfe$
]fid\XcXjEfidXj<E(''/*$(f<E(''/*$)%
ZXY\qX[\cZcXmfhl\[\\eiXjX[XZfecXjlg\iZ`\[\
cXdX[\iX%
$<c[`}d\kif[\cfjX^la\ifj[\gi\kXcX[iX[fef[\Y\iX
\oZ\[\i'#/[#[fe[\[\j\c[`}d\kif[\cZcXmf%
+%)%,;\j`^eXZ`e
K`gf[\ZcXmf#EfidX#;`}d\kifdd&(' ocfe^`kl[dd #
DXk\i`Xc p Jlg\iZ`\% Gfi \a\dgcf1 :cXmfj */o(''#
;@E((,0#8Z\if^XcmXe`qX[f\eZXc`\ek\%
+%)%-:XgXZ`[X[[\ZXi^XcXk\iXc
CXgifk\ZZ`eZfekiXcXZfiifj`egl\[\Zfej\^l`ij\d\$
[`Xek\cXlk`c`qXZ`e[\ledXk\i`XcX[\ZlX[fXZ\if`efo`[X$
Yc\ fgfii\ZlYi`d`\ekf[\q`eZgfi`ed\ij`e\eZXc`\ek\
fi\ZlYi`d`\ekfj\c\Zkifck`Zf[\q`eZ%CXgi}Zk`ZX_XY`klXc
\jcXlk`c`qXZ`e[\ZcXmfj^XcmXe`qX[fj\eZXc`\ek\%
CXZXgXZ`[X[[\ZXi^X[\Y\ZXcZlcXij\j\^ecf`e[`ZX[f
\e \c ;9 J<$D [\c :K< f \e cX efidX LE<$<E (00,$($(%
GXiXk\e\ilefi[\e[\dX^e`kl[[\cXZXgXZ`[X[[\ZXi$
^XcXk\iXc[\cfjZcXmfjj\`eZclp\cXkXYcX+%(#i\Xc`qX[X
gXiXleZXjf`ek\id\[`f[\gifg`\[X[\j[\cdXk\i`Xcp
[liXZ`e[\cXjZXi^Xj%
+%)%+:fej`[\iXZ`fe\jZfejkilZk`mXj
+%)%.:XgXZ`[X[[\ZXi^XXo`Xc
CXZXgXZ`[X[[\ZXi^XXo`Xc[\Y\fYk\e\ij\j\^ecf[`j$
gl\jkf\e\c;9$J<$D[\c:K<f\ecXefidXLE<$<E(00,$($(%
$Gi\kXcX[if1<e^\e\iXc\je\Z\jXi`fi\Xc`qXileX^la\if
gi\m`fZlXe[fcX[\ej`[X[ZXiXZk\ijk`ZX[\cXdX[\iX
\jdXpfihl\,''b^&d*]ife[fjXj #fZlXe[f\c[`}$
d\kif[\cZcXmf\jdXpfihl\-dd%
8[\d}j#\ele`fe\jdX[\iX$dX[\iX\je\Z\jXi`fgi\$
kXcX[if ZlXe[f \c \jg\jfi k [\ cXj g`\qXj [\ dX[\iX
j\Xd\efihl\\cdXpfimXcfi[\cfj[fjj`^l`\ek\j1.[2
(*[$*' b&+''%J`\e[f#
CfjZcXmfjc`jfjef[\Y\elk`c`qXij\gXiXi\j`jk`iZXi^Xj
Xo`Xc\j[\[liXZ`eg\idXe\ek\fcXi^X%<e\jkfjZXjfj
jcfgl\[\elk`c`qXij\ZcXmfjg\icX[fj%CfjZcXmfjZfcf$
ZX[fj\ecXk\jkX[\cXg`\qXj\Zfej`[\iXe`eZXgXZ\j[\
i\j`jk`iZXi^XjXo`Xc\j%
<ecfjZcXmfjg\icX[fje`ZXd\ek\j\Zfej`[\iXZXgXq
[\kiXejd`k`iZXi^XXo`XcXcXgXik\Zfeg\ic%
+%*>I8G8J
k\jg\jfide`df[\cXg`\qX[\dX[\iX#\edd2
+%*%(;\e`Z`epk`gfj
b[\ej`[X[ZXiXZk\ijk`ZX#\eb^&d*2
[[`}d\kif[\cZcXmf#\edd%
<ele`fe\jdX[\iX$dX[\iXj`cX\jg\Z`\\jj\ej`Yc\XcX
_`\e[Xgfi\a\dgcf18Y`\jXcYX#Gj\l[fkjl^Xd\eq`\jj`#
G`Z\XXY`\j #j\i}e\Z\jXi`f\cgi\kXcX[ifZlXe[f\c\j$
g\jfik[\cXjg`\qXj[\dX[\iXj\Xd\efihl\\cdXpfi
mXcfi[\cfj[fjj`^l`\ek\j1(+[2(*[$*' b&)''mXj\
kXdY`e/%*%(%)LE<$<E(00,$($( %
+%*%);`d\ej`fe\j
$<eZcXmfj[\j\ZZ`eZlX[iX[Xj\kfdXZfdf[`}d\kif
[\cZcXmfcX[`d\ej`e[\ccX[f[\cXj\ZZ`e%
J\]XYi`ZXeZfedlp[`m\ijXj]fidXjpgifgfiZ`fe\j%<c
[`}d\kif[\cXcXdYi\mXi`X[\(#)X)#'dd2cXcfe^`kl[
[\cXZfifeXk`\e\lede`df[\(,dd2cXcfe^`kl[[\cXj
gXkXjmXiX[\j[\*'dd_XjkX0'dd%
$8efj\ihl\j\\jg\Z`hl\[\fkiXdXe\iX\ecXefi$
dX#cfjZcXmfj[\Y\iXe`ekif[lZ`ij\\e}e^lcfi\ZkfX
cXYiXpXleXgif]le[`[X[kXchl\cXjlg\iZ`\[\cX
;\XZl\i[fZfecXefidXLE<$<E(+,0)cX^\fd\kiX[\
cXj^iXgXj[\Y\Zldgc`icXjj`^l`\ek\jZfe[`Z`fe\jhl\\c
]XYi`ZXek\[\Y\[\ZcXiXi1
,.
,/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX+%(%:XgXZ`[X[[\ZXi^XcXk\iXc[\le`fe\jZcXmX[Xj#\eE%
;`}d\kif[dd
<jg\jfide`dfg`\qX
dX[\iXdd
*,
-)0
,'
())(
)'*0
.'
()/'
)*,-
.'
..*
().0
)(00
DX[\iX$DX[\iX
DX[\iX$8Z\if
;\ej`[X[ZXiXZk\ijk`ZXb4*+'b^&d*:))
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
G\e\kiXZ`ede`dX\ecXg`\qX[\glekX1/[
<jg\jfi[\cXZ_XgX[\XZ\if#k4+dd
Efj\i\Xc`qXgi\kXcX[if
I\j`jk\eZ`XXkiXZZ`e[\cXZ\if#]l4-''E&dd)
X GXiXcXj^iXgXj[\j\ZZ`ei\ZkXe^lcXi#[\Y\kfdXij\
Zfdf[`}d\kif[\cXgXkXcXiXqZlX[iX[X[\cgif[lZ$
kf[\cXjd\[`[Xj[\cfj[fjcX[fj2
Y GXiXcXj^iXgXj[\j\ZZ`eZ`iZlcXifZ`iZlcXi[\]fidX$
[X#[\Y\kfdXij\Zfdf[`}d\kifcXd\efi[`d\ej`e
[\cXj\ZZ`ed\[`[XXci\[\[fi[\cg\id\kif2
Z GXiXcXj^iXgXj[\j\ZZ`ei\ZkXe^lcXi#Z`iZlcXifZ`iZl$
cXi[\]fidX[X#cXZXY\qX[\Y\k\e\ileXXeZ_liXde`$
dX[\-[2
[ GXiXcXj^iXgXj[\j\ZZ`ei\ZkXe^lcXi#Z`iZlcXifZ`i$
ZlcXi[\]fidX[X#
$CX cfe^`kl[ [\ cXj gXkXj# c# [\Y\ j\i [\ -,[ Zfdf
d}o`df2
$:X[X gXkX [\Y\ k\e\i le }i\X [\ j\ZZ`e kiXejm\i$
jXc8j[\(#.dd)Zfdfde`dfp[\*#)dd)Zfdf
d}o`df%
CXj ^iXgXj j\ lk`c`qXe Zfe dlZ_X ]i\Zl\eZ`X gXiX
cX aXZ`e [\ c}d`eXj ZfikXm`\ekfj \e ZlY`\ikXj p ]X$
Z_X[Xj# g\if jfe gfZf \dgc\X[Xj \e le`fe\j \jkilZ$
kliXc\j%<e<jgXX_XpXc^e]XYi`ZXek\[\\jkilZkliXj
[\\ekiXdX[fc`^\ifhl\\dgc\X^iXgXjgXiXcXaXZ`e
[\c kXYc\if [\ Z\iiXd`\ekf \jkilZkliXc X cfj dfekXe$
k\j[\c\ekiXdX[f2^\e\iXcd\ek\#^iXgXj[\0o,'dd
Le`fe\jZfeZcXm`aXj
=`^liX+%+%<a\dgcfj[\^iXgXj%
XeZ_liX [\ cX ZfifeX p cXi^f [\ cX gXkX \e dd % <c
[`}d\kiffcX[f[\cXj\ZZ`ekiXejm\ijXcjl\c\\jkXi
Xci\[\[fi[\(#,dd%
KiXYXaXe]i\ek\XZXi^XjcXk\iXc\jZfikXek\ pXcZfekiX$
i`f hl\ cfj ZcXmfj# k`\e\e leX \c\mX[X ZXgXZ`[X[ i\j`j$
k\ek\XZXi^Xj[\\okiXZZ`e%
+%*%*:Xc`[X[\j
;\ XZl\i[f Zfe cX efidX LE<$<E (+,0)# cXj ^iXgXj
[\Y\e ]XYi`ZXij\ gXik`\e[f [\ le XcXdYi\ Zfe leX i\$
j`jk\eZ`X X kiXZZ`e de`dX [\ /'' E&dd) fYk\e`[f X
gXik`i [\ XcXdYie [\ XZ\if ef Xc\X[f Zfe]fid\ X cX
EfidX<E(''(-kf[XjcXjgXik\j f[\XcXdYi\fYk\e`$
[fXgXik`i[\XcXdYie[\XZ\ifXljk\ek`Zf]XYi`ZX[f
Zfe]fid\XcXjEfidXj<E(''/*$(f<E(''//$)%J\]X$
Yi`ZXe Zfe [`]\i\ek\j gifk\ZZ`fe\j ^XcmXe`qX[f# XZ\if
`efo`[XYc\#\kZ% %
CX i\j`jk\eZ`X X kiXZZ`e [\c XcXdYi\ [\Y\ [\ZcXiXij\
Zfe]fid\XcXEfidX<E(')(/$(%
+%*%+;\j`^eXZ`e
;`}d\kif[\cXcXdYi\dd ocfe^`kl[[\cm}jkX^fdd %
Gfi\a\dgcf#>iXgXj(#,*o++%
=`^liX+%,%K`iX]fe[fjZfeZXY\qX_\oX^feXc#Xm\ccXeX[X
pi\[fe[X[\Xii`YXXYXaf %
+%+%);`d\ej`fe\j
+%+K@I8=FE;FJ
+%+%(;\e`Z`epk`gfj
Cfj k`iX]fe[fj f kfie`ccfj gXiX dX[\iX# ZfejkXe [\ le
]ljk\ Zfe leX qfeX ifjZX[X \e cX glekX Zl\i[X p le
kiXdfc`jfZXX #^liX+%,%CX]fidX[\cXZXY\qXgl\$
[\j\ic\ek`ZlcXi#i\[fe[X#Xm\ccXeX[Xp_\oX^feXc%
J\^ecXefidXLE<$<E(+,0)#\c[`}d\kifefd`eXc[`}$
d\kif \ok\ief [\ cX ifjZX # [# [\ cfj k`iX]fe[fj lk`c`qX$
[fjgXiX\jkilZkliXj[\dX[\iXef[\Y\j\id\efihl\
)#+dde`dXpfi[\)+dd%
EfkX1<c[`}d\kif`ek\ief[\cXifjZX[\cfjk`iX]fe[fj#[(
ef[\Y\j\id\efiXc-'e`jlg\iXi\c0'[\c[`}d\$
kif\ok\ief[\cXifjZX[#\j[\Z`i'#-[[('#0[ %
,0
-'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Cfjk`iX]fe[fj[\Y\eifjZXij\jfYi\leXcfe^`kl[de`$
dXc^[\-[\j[\Z`ic^-[ %<c]XYi`ZXek\[\Y\[\ZcXiXi
ZlXc\jcXcfe^`kl[c pcXcfe^`kl[ifjZX[Xc^ %
<j_XY`klXclk`c`qXik`iX]fe[fj;@E,.(YXiiXhl\ifj [\
[`}d\kifj[\()p(-ddgXiXcXle`e[\cXjc`dXjZfecX
ZldYi\iX\eZlY`\ikXj%
<j]i\Zl\ek\\c\dgc\f[\k`iXe]fe[fjZfeglekXXlkfkXcX$
[iXek\Zfe[`}d\kifj[\,#-#/p('ddpZfecfe^`kl[\j
[\j[\,'X*''dd%CXZXc`[X[[\cXZ\ifjl\c\j\i('%0%
8c^lefj\jk}eefidXc`qX[fjpfkifjjfegXk\ek\j[\[`$
m\ijfj ]XYi`ZXek\j% ;\ekif [\ cfj efidXc`qX[fj \j ]i\$
Zl\ek\\cljf[\cfjj`^l`\ek\j1
$;@E0,%K`iX]fe[fZfeZXY\qX\dYlk`[Xc\ek`ZlcXiZfe
iXeliX%;`}d\kif[\*X-ddpcfe^`kl[[\()X/'d%
$;@E0-%K`iX]fe[fZfeZXY\qXi\[fe[XZfeiXeliX%;`}$
d\kif[\*X-ddpcfe^`kl[[\('X/'dd%
$;@E 0.% K`iX]fe[f Zfe ZXY\qX Xm\ccXeX[X Zfe iXeliX%
;`}d\kif[\*X/ddpcfe^`kl[[\('X(''dd%
$;@E,.(%K`iX]fe[fZfeZXY\qX_\oX^feXc[\efd`eX[f
efidXcd\ek\YXiiXhl\if %;`}d\kif[\+X)'ddp
cfe^`kl[[\)'X*,'dd%
<ecX^liX+%-pj\dl\jkiXle\a\dgcf[\k`iX]fe[fjf
kfie`ccfgXiXdX[\iXefefidXc`qX[f%8c^lefj[`jgfe\e
[\glekXXlkfg\i]fiXek\Zfik\pg\icX[f\jg\Z`Xc[\cX
glekX hl\]XZ`c`kXcX`ekif[lZZ`ej`egi\kXcX[if%FkiX[\
cXjm\ekXaXj[\cXglekXXlkfg\i]fiXek\\jhl\\ck`iX]fe$
[fhl\[Xd}jXc\aX[f[\cXgfj`Yc\ifkliXgfikiXZZ`e
[\Y`[XXle\oZ\j`mfXeZcXa\\ecXglekX%8m\Z\j#\ek`$
iX]fe[fjj`eglekXXlkfg\i]fiXek\#j\XcZXeqXcXifkliX
gfi kiXZZ`e [liXek\ cX ZfcfZXZ`e f `eZcljf# gfjk\i`fi$
d\ek\\ej\im`Z`f\eZlXekfj\`eZi\d\ekXc`^\iXd\ek\
jl ZXi^X% <jkf j\ [\Y\ X le \oZ\j`mf XeZcXa\ \e glekX
lk`c`qXe[f d}hl`eXj [\ Xkfie`ccX[f j`e ZfekifcXi \c gXi
[\Xgi`\k\%
<eXc^lefj[`j\fjj\`eZclp\leXqfeX[\kiXej`Z`e\eki\
cXZl\i[XpcXZXXZfeleg\icX[f\jg\Z`Xc[\efd`eX[f
]i\jX#hl\XdgcX\ckXcX[if[\XcfaXd`\ekf[\cXZXXgXiX
i\[lZ`icX]i`ZZ`e[liXek\cX`ej\iZ`e#\m`kXe[f\ci`\j^f
[\ ifkliX gfi kfij`e% J\ ]XYi`ZXe Zfe [`}d\kifj [\j[\
*#,_XjkX()dd%Fkifjk`\e\ekf[f\c]ljk\ifjZX[fpj\
lk`c`qXeZfdf\c\d\ekf[\XeZcXa\j[\`dgfikXeZ`XpZfdf
i\]l\iqf\eX^la\ifjfi\YXa\j\eg`\qXj[\dX[\iX%
=`^liX+%-%<a\dgcf[\k`iX]fe[fZfe\c]ljk\gi}Zk`ZXd\ek\
ifjZX[f\ejlkfkXc`[X[%
+%+%*:Xc`[X[\j
CXgifg`\[X[e\Z\jXi`XgXiX\cZ}cZlcf[\cfjk`iX]fe[fj
\jcXi\j`jk\eZ`XXkiXZZ`e#]l#[\cdXk\i`XcZfe\chl\\j$
k}e]XYi`ZX[fj%<c]XYi`ZXek\[\Y\i}XgfikXi\jk\mXcfi%
<e\cZXjf[\XZ\ifj[\ZXc`[X[efXc\X[fjZfe[`}d\kif
d\efif`^lXcX(-ddcXi\j`jk\eZ`Xde`dX\jdXpfif
`^lXcX,,'E&dd)%CXefidX;@E(',)\jg\Z`ZXleX
i\j`jk\eZ`X de`dX X kiXZZ`e gXiX cfj k`iX]fe[fj [\
+''E&dd)%
Cfj k`iX]fe[fj [\Y\e ]XYi`ZXij\ gXik`\e[f [\ le XcXd$
Yi\ [\ XZ\if [lcZ\ f [\ XZ\if Xc ZXiYfef# fYk\e`[f X
gXik`i [\ YXiiX Zfe]fid\ X cX EfidX LE<$<E (''/*$)
fLE<$<E(''(-kf[XjcXjgXik\j f[\XcXdYi\[\XZ\$
if`efo`[XYc\Xljk\ek`ZffYk\e`[fXgXik`i[\XcXdYie
]XYi`ZX[f Zfe]fid\ X cXj EfidXj LE<$<E (''/*$( f
LE<$<E(''//$)%;\Y\[\ZcXiXij\cX\jg\Z`ZXZ`ehl\
Zfii\jgfe[X%
+%+%+:fej`[\iXZ`fe\jZfejkilZk`mXj
GXiX cfj k`iX]fe[fj \e Zfe]\iXj Zfe le [`}d\kif [\ cX
ZXX[-dd#efj\i\hl`\i\gi\kXcX[iX[f%GXiXkf[fj
cfjk`iX]fe[fj\e]ife[fjXjpgXiXk`iX]fe[fj\eZfe]\$
iXjZfele[`}d\kif[5-dd#j\i\hl`\i\gi\kXcX[iX[f#
Zfecfjj`^l`\ek\ji\hl`j`kfj1
$<cX^la\if^lX[\cXZXX[\Y\iXk\e\i\cd`jdf[`}$
d\kifhl\cXZXXpcXd`jdXgif]le[`[X[hl\cXcfe$
^`kl[[\cXZXX
$<cX^la\if^lXgXiXcXZl\i[XgXik\ifjZX[X [\Y\iX
k\e\ile[`}d\kif[\Xgifo`dX[Xd\ek\\c.'[\c[`}$
d\kif[\cXZXX%
GXiXdX[\iXjZfe[\ej`[X[\jdXpfi\jhl\,''b^&d*#
\c [`}d\kif [\c gi\kXcX[if [\Y\iX [\k\id`eXij\ d\$
[`Xek\\ejXpfj%
<o`jk\ cX gfj`Y`c`[X[ [\ ZfcfZXi XiXe[\cX \e cX ZXY\qX
[\c k`iX]fe[f% ;\ \jkX dXe\iX j\ gl\[\ Xld\ekXi cX
ZXgXZ`[X[ [\ ZXi^X [\Y`[X Xc \]\Zkf jf^X gfi cX dX$
pfi i\j`jk\eZ`X X cX `eZiljkXZ`e [\ cX ZXY\qX% <c gfj`$
Yc\`eZfem\e`\ek\[\cXXiXe[\cXZlXe[fj\lk`c`qXleX
d}hl`eXgXiX\cXkfie`ccX[f\jhl\\j]}Z`cjlg\iXicX
]l\iqX [\ Xgi\kX[liX gifmfZXe[f cX ifkliX [\c ]ljk\
gfikiXZZ`e%
Le`fe\jZfeZcXm`aXj
J`ef\o`jk\XiXe[\cXcXZXY\qXj\_le[\gXiZ`Xcd\ek\j`
j\jlg\iXcXXgi\kX[liX%Gfi\jk\dfk`mf#\e^\e\iXc#ef\j
i\Zfd\e[XYc\cXlk`c`qXZ`e[\XiXe[\cXj\ek`iX]fe[fj%
+%+%,;\j`^eXZ`e
;`}d\kif efd`eXc o cfe^`kl[ dd # efidX# jlg\iZ`\%
Gfi\a\dgcf#K`iX]fe[f/o,'#;@E0.#^XcmXe`qX[f%
+%+%-:XgXZ`[X[[\ZXi^XcXk\iXc
CX ZXgXZ`[X[ [\ ZXi^X [\Y\ ZXcZlcXij\ j\^e cf
`e[`ZX[f \e \c ;9 J<$D [\c :K< f \e cX efidX
LE<$<E(00,$($(%GXiXk\e\ilefi[\e[\dX^e`kl[[\
cX ZXgXZ`[X[ [\ ZXi^X [\ cfj k`iX]fe[fj j\ `eZclp\ cX
kXYcX+%)#i\Xc`qX[XgXiXleZXjf`ek\id\[`f[\gifg`\$
[X[\j[\cdXk\i`Xcp[liXZ`e[\cXjZXi^Xj%
KXYcX+%)%:XgXZ`[X[[\ZXi^XcXk\iXc[\le`fe\jZfek`iX]fe[fj#\eE%
DX[\iX$DX[\iX
;`}d\kif[dd
<jg\jfide`dfg`\qX
dX[\iXdd
('
,'
0)-
())(
)(**
)/,+
.'
##
(),0
)+.+
**/*
0'
##
##
##
*-*+
,'
(''(
().'
).+0
+'-*
,'
(''(
().'
)(00
*)0+
DX[\iX$8Z\if 4'
DX[\iX$8Z\if 40'
;\ej`[X[ZXiXZk\ijk`ZXb4*+'b^&d*:))
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
G\e\kiXZ`ede`dX\ecXg`\qX[\glekX1/[
<jg\jfi[\cXZ_XgX[\XZ\if#k4+dd
I\j`jk\eZ`XXkiXZZ`e[\cXZ\if#]l4,,'E&dd)%
Efj\_XZfej`[\iX[f\c\]\Zkf[\jf^X%
-(
-)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<e\cZ}cZlcf[\cXZXgXZ`[X[[\ZXi^XcXk\iXc[\cfjk`$
iX]fe[fjj\lk`c`qXle[`}d\kif\ZXq[\]%<ecfjk`iX]fe$
[fj[\ZXXc`jX#\ecfjhl\\c[`}d\kif\ok\i`fi[\cX
ifjZX\j`^lXcXc[`}d\kif[\cXZXX[#j\kfdXi}Zfdf
[`}d\kif\ZXq\c[`}d\kif[\cXZXXc`jX[#j`\dgi\
hl\cXZXXc`jXg\e\ki\\ecXg`\qX[\glekXefd\efj
[\leX[`jkXeZ`X`^lXcX+[#^liX+%.%
LE<$<E(00,$($(d}jcX\ed`\e[X8(1)''+ %CXZXgXZ`$
[X[[\XiiXehl\\j]leZ`e#\eki\fkifj]XZkfi\j#[\cX
cfe^`kl[ ifjZX[X% CXjZfej`[\iXZ`fe\j ZfejkilZk`mXj[\
ZXi}Zk\i^\e\iXcjfecXjj`^l`\ek\j1
$CXg\e\kiXZ`ede`dX[\cXgXik\ifjZX[X\ecXg`\qX
[\glekX[\Y\j\i-[%
$<ele`fe\jZfek`iX]fe[fjXZfi[\jZfecXefidXLE<$
<E(+,0)[\Y\eZldgc`ij\cXjj`^l`\ek\jZfe[`Z`fe\j1
-dd [ ()dd
'#- [(&[ '#.,
[fe[\#
[\j\c[`}d\kif\ok\i`fi[\cXifjZX
[([`}d\kif`ek\i`fi[\cXifjZX
=`^liX+%.%K`iX]fe[fZfeZXXc`jXZfe\c[`}d\kif\ok\i`fi
[\cXifjZX`^lXcXc[`}d\kif[\cXZXX[#pZfeg\e\kiXZ`e
[\cXZXX\ecXg`\qX[\glekXdXpfif`^lXcX+[%
+%,G<IEFJ
+%,%(;\e`Z`epk`gfj
:lXe[fXc^leX[\cXjZfe[`Z`fe\jXek\i`fi\jefj\Zld$
gcX#cXZXgXZ`[X[[\ZXi^XcXk\iXc[\ck`iX]fe[fj\ZXcZlcXi}
kfdXe[fZfdf[`}d\kif\ZXq[\]lemXcfi`^lXcX(#(m\$
Z\j\c[`}d\kif`ek\i`fi[\cXgXik\ifjZX[X[(#^liX+%/%
<c\d\ekfj[\aXZ`eZfejk`kl`[fjgfiYXiiXjd\k}c`ZXj
[\ j\ZZ`e Z`iZlcXi Zfe ZXY\qX# _\oX^feXc f ZlX[iX[X#
\e le \oki\df p ifjZX p kl\iZX \e \c fkif% J\ `ekif[l$
Z\e\eX^la\ifjZlpf[`}d\kifgl\[\cc\^XiXk\e\ileX
_fc^liX[\_XjkX(ddgXiX]XZ`c`kXijlZfcfZXZ`e%9Xaf
cX ZXY\qX p cX kl\iZX [\ cfj g\iefj [\Y\i}e ZfcfZXij\
XiXe[\cXjZfele[`}d\kiffcX[fj`\jZlX[iX[X [\Xc
d\efj*m\Z\j\c[`}d\kif[\cg\iefple\jg\jfi[\'#*
m\Z\j\cd`jdf[`}d\kif#^liX+%0%<c\jg\jfide`df
[\ cXj g`\qXj [\ dX[\iX [\Y\i} j\i [\ *' dd \e cXj
cXk\iXc\jp+'dd\ecXZ\ekiXc%
=`^liX+%0%G\iefj%
=`^liX+%/%8ii`YX K`iX]fe[f[\ZXXc`jXZfeg\e\kiXZ`e
[\cXZXX\ecXg`\qX[\glekXd\efihl\+[pXYXaf
k`iX]fe[fj`eZXXc`jX%
+%+%.:XgXZ`[X[[\ZXi^XXo`Xc
CXZXgXZ`[X[[\ZXi^XXo`Xc[\cfjk`iX]fe[fj[\Y\ZXcZl$
cXij\j\^ecf\jkXYc\Z`[f\e\c;9$J<$Df\ecXefidX
+%,%);`d\ej`fe\j
J\^ecXefidXLE<$<E(+,0)cfjg\iefj[\Y\ek\e\i
le [`}d\kif de`df [\ - dd p d}o`df [\ *' dd%
EfidXcd\ek\# j`^l\ cX j\i`\ j`^l`\ek\1 ('# ()# (-# )' p
)+ dd% I\jlckX XZ\ikX[f lk`c`qXi leX ^XdX i\[lZ`[X
gXiX[`]\i\eZ`Xi]}Z`cd\ek\\efYiXcfjkXdXfj#Zfdf
gfi\a\dgcf()#(-p)'dd%CXcfe^`kl[[\cg\iefmXiX
[\j[\(''X-''dd%
Le`fe\jZfeZcXm`aXj
;`}d\kif
XiXe[\cX
dd
<jg\jfi
XiXe[\cX
dd
;`}d\kif
X^la\if
dd
()
,/
(+
(-
-/
(/
)'
/'
))
))
0)
),
)+
(',
).
KXYcX+%*<jg\Z`ZXZ`fe\j[\cXefidX;@E(',)
gXiXcXjXiXe[\cXj[\g\iefjjfYi\jlg\iZ`\[\dX[\iX%
+%,%+:fej`[\iXZ`fe\jZfejkilZk`mXj
CfjX^la\ifjgXiXXcfaXicfjg\iefj[\Y\ek\e\ile[`}d\$
kifhl\efjlg\i\\ed}j[\(dd\c[\cg\ief%CfjX^l$
a\ifjgXiXXcfaXicfjg\iefj\egcXZXj[\XZ\if[\Y\iXe
k\e\ile[`}d\kifhl\efjlg\i\\ed}j[\)ddf'#([
\chl\j\XdXpfi[\XdYfj \c[`}d\kif[\cg\ief[%
+%,%*:Xc`[X[\j
CXjXiXe[\cXjYXafcXZXY\qXpYXafcXkl\iZX[\Y\ek\e\i
leXcfe^`kl[[\ccX[ffle[`}d\kif[\Xcd\efj*[ple
^il\jf[\Xcd\efj'#*[%CXjXiXe[\cXj[\Y\iXek\e\i
ZfekXZkf\ekf[XcXjlg\iZ`\%
Cfjg\iefj[\Y\eXgi\kXij\gXiXdXek\e\icXjg`\qXji$
d\d\ek\le`[Xjp[\Y\emfcm\iXXgi\kXij\#j`]l\iXe\$
Z\jXi`f#ZlXe[fcXdX[\iX_XpXXcZXeqX[fjl_ld\[X[
KXYcX+%+%<jg\Z`ZXZ`fe\j[\cfjdXk\i`Xc\jgXiXg\iefjpkl\iZXj%
G\iefj
Kl\iZXj
:Xc`[X[
EfidX
:Xc`[X[
+%-
LE<$<E$@JF+'(-
+[5D(-
+%/
LE<$<E$@JF+'(-
,[D(-
,%-
LE<$<E$@JF+'(+
LE<$<E$@JF+'(.
/%/
LE<$<E$@JF+'(+
LE<$<E$@JF+'(.
EfidX
LE<$<E$@JF+'*+
LE<$<E$@JF+'*)
LE<$<E$@JF./'
-*
-+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
+%,%-:XgXZ`[X[[\ZXi^XcXk\iXc
[\\hl`c`Yi`f_`^ifjZg`ZfgXiXXj\^liXihl\cXZXgXZ`[X[
[\ZXi^XpcXi`^`[\qj\dXek`\e\e%
CXZXgXZ`[X[[\ZXi^X[\Y\ZXcZlcXij\j\^ecf`e[`ZX[f
\e\c;9J<$D[\c:K<%GXiXk\e\ilefi[\e[\dX^e`kl[
[\cXZXgXZ`[X[[\ZXi^XcXk\iXc[\cfjg\iefjj\`eZclp\
cXkXYcX+%,#i\Xc`qX[XgXiXleZXjf`ek\id\[`f[\gifg`\$
[X[\j[\cdXk\i`Xcp[liXZ`e[\cXjZXi^Xj%
+%,%,;\j`^eXZ`e
G\ief[\XZ\if[\ZXc`[X[j\^eLE<$<E$@JF/0/$(#[`}$
d\kifpgifk\ZZ`e%Gfi\a\dgcf#g\ief[\ZXc`[X[ -%/#
D)'^XcmXe`qX[f\eZXc`\ek\%
+%,%.:XgXZ`[X[[\ZXi^XXo`Xc
G\iefj [\ ZXY\qX _\oX^feXc# [\ ZcXj\ [\ gif[lZkf :#
[\ifjZXD()#[\cfe^`kl[efd`eXcc4/'ddp[\ZcXj\
[\ ZXc`[X[ +%-1 G\ief [\ ZXY\qX _\oX^feXc @JF +'(- $
D()o/'+%-%
CX ZXgXZ`[X[ [\ ZXi^X Xo`Xc [\ le g\ief [\Y\ ZXcZl$
cXij\ j\^e cf \jkXYc\Z`[f \e \c ;9$J<$D [\c :K< f \e
cXefidXLE<$<E(00,$($(%JlmXcfi\j\cd\efi\eki\cX
KXYcX+%,%:XgXZ`[X[[\ZXi^X[\le`fe\jZfeg\iefj#\eE%
DX[\iX$DX[\iX
DX[\iX$8Z\if4'
DX[\iX$8Z\if40'
;\ej`[X[ZXiXZk\ijk`ZXb4*+'b^&d*:))
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
<jg\jfi[\cXZ_XgX[\XZ\if#k4-dd
I\j`jk\eZ`XXkiXZZ`e[\cXZ\if#]l4+''E&dd)%
Efj\_XZfej`[\iX[f\c\]\Zkf[\jf^X%
;`}d\kif[dd
<jg\jfide`df
g`\qXdX[\iX
dd
('
()
(-
)'
)+
,'
-(00
/+-'
(*.('
(--*.
(/*'(
.'
##
##
##
(0.--
),-)(
0'
##
##
##
##
)-+-(
.'
0/'(
()*-.
(.)+'
))-0/
)//'(
0'
##
(*+,-
)')+0
),/-(
*(/.*
()'
##
##
))'-,
*(+''
*.-,.
(+'
##
##
##
*)(..
+(0,(
.'
.(),
/.'*
()(0*
(-(0/
)'.-(
0'
/'')
(')./
(*/)-
(.-./
)(0('
()'
##
('/./
(-.(,
)',0,
)+-('
(+'
##
##
(.+0/
))/'*
)-.0-
Le`fe\jZfeZcXm`aXj
ZXgXZ`[X[[\kiXZZ`e[\cg\iefpcXZXgXZ`[X[[\XeZcX$
a\[\cXXiXe[\cXfcXgcXZXd\k}c`ZX%
+%-G8J8;FI<J
+%-%(;\e`Z`epk`gfj
CfjgXjX[fi\jjfeYXiiXj[\XZ\if[\j\ZZ`e^\e\iXc$
d\ek\Z`iZlcXiZfe[`}d\kifjhl\ZlYi\e\ciXe^f[\/
X)+ddphl\k`\e\ejlj\oki\dfjZfecfjYfi[\jY`j\$
cX[fj#^liX+%('%KXdY`egl\[\ek\e\ij\ZZ`eZ`iZlcXi
[\]fidX[Xfi\ZkXe^lcXi%
=`^liX+%((%GXjX[fiXlkfg\i]fiXek\%
<jk\k`gf[\gXjX[fi\ji\jlckX[\dXpfi\ZXZ`XZfdgX$
iXk`mXd\ek\ Zfe \c gXjX[fi efidXc# ZlXe[f j\ lk`c`qXe
d\efi\j[`}d\kifjpd}jgcXefj[\Zfik\%<jgi\]\i`Yc\
\dgc\Xi[fjgcXZXj`ek\ieXj\ecl^Xi[\leXjfcX%
+%-%);`d\ej`fe\j
=`^liX+%('%GXjX[fi\j%
Cfj gXjX[fi\j j\ lk`c`qXe \e cl^Xi [\ cfj g\iefj gXiX
Zfej\^l`i le d\afi Xjg\Zkf \jkk`Zf# Xc ef k\e\i ZX$
Y\qX# kl\iZX p XiXe[\cXj% 8[\d}j# k`\e\e le Zfdgfi$
kXd`\ekf d\afi ]i\ek\ X cX j`klXZ`e [\ `eZ\e[`f% <c
X^la\if[fe[\j\XcfaX\cgXjX[fi[\Y\k\e\i\cd`jdf
[`}d\kif hl\ \c gXjX[fi f c`^\iXd\ek\ `e]\i`fi '#/
X(dd %;\\jkX]fidXhl\[X`ekif[lZ`[fZfeleXZ`\i$
kXgi\j`ehl\^XiXek`qXjl\ZXZ`X\ecXkiXejd`j`e
[\\j]l\iqfj%;\\jkXdXe\iXcXjle`fe\jZfegXjX[f$
i\jgi\j\ekXeleXi`^`[\q\ZXq\ecXle`edXpfihl\
Zfecfjg\iefj#Xcef\o`jk`i[\jc`qXd`\ekf`e`Z`XcZfdf
Zfej\Zl\eZ`X[\cX_fc^liX[\cfjg\iefj%:fdf`eZfe$
m\e`\ek\ j\ Z`kX leX dXpfi gifYXY`c`[X[ [\ ]\e[X[f
[\cXdX[\iX#gficfhl\[\Y\i}eZfcfZXij\jlZ`\ek\$
d\ek\j\gXiX[fj[\cfjYfi[\j%
<e]leZ`e[\ck`gf[\Zfe\o`ep[\cX]fidX[\dfe$
kXa\#gl\[\ejljk`kl`ij\Xc^lefjgXjX[fi\jgfig\iefjf
YXiiXjZfeifjZX[\dX[\iX\ejlj\oki\dfjgXiXdXe$
k\e\icXle`e\egfj`Z`e%
J\^ecXefidXLE<$<E(+,0)cfjgXjX[fi\j[\Y\ek\$
e\i leX ]fidX gi`jd}k`ZX ZfejkXek\ Zfe le ]ljk\ Z`i$
ZlcXi f XZXeXcX[f p le [`}d\kif de`df [\ - dd p
d}o`df[\*'dd%:lXe[fcXj\ZZ`ej\XXZXeXcX[X#
\c[`}d\kif`ek\ief[#ef[\Y\j\id\efi[\c0,[\c
[`}d\kif\ok\ief%CXkfc\iXeZ`X\e\c[`}d\kif[\cfjgX$
jX[fi\j [\ j\ZZ`e kiXejm\ijXc Z`iZlcXi ZfejkXek\ [\Y\
\jkXiZfdgi\e[`[X\ecXZcXj\[\kfc\iXeZ`X_0[\cXefi$
dX@JF)/-$)j\^ecXefidX<E(')./%
>\e\iXcd\ek\\c[`}d\kif[\cfjgXjX[fi\j\j[\/#('#
()# (+# (-# )' p )+ dd p cX cfe^`kl[ [\ ,' X ,'' dd%
8c^lefj ]XYi`ZXek\j lk`c`qXe gXjX[fi\j Zfe \c d`jdf
[`}d\kif hl\ cfj k`iXek\j [\ Xii`fjkiXd`\ekf# _XY`klXc$
d\ek\ (/ dd# Zfdf j`dgc`ZXZ`e \e \c gifZ\jf [\
gif[lZZ`e%
Cfj[`}d\kifjd}j]i\Zl\ek\jjfe()#(-p)'dd%
Cfj gXjX[fi\j Xlkfg\i]fiXek\j k`\e\e leX ^XdX d}j
i\[lZ`[X [\ [`d\ej`fe\j1 [`}d\kif [\ , dd Zfe
cfe^`kl[\j [\ .* X (** dd p [`}d\kif [\ . dd Zfe
cfe^`kl[\j[\((*X)**dd%<c\jg\jfi[\cZfealekf[\
cXle`e[\Y\i}j\i[\lefj.dddXpfihl\cXcfe^`$
kl[[\cgXjX[fi%
-,
--
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
+%-%*:Xc`[X[\j
J\^ecXefidXLE<$<E(+,0)cfjgXjX[fi\j[\Y\e]XYi`$
ZXij\ZfeXcXdYieZfe]fid\XcXjEfidXj<E(''),$)#
<E (''),$* f <E ('(+0$(% CX \jg\Z`ZXZ`e de`dX [\c
XZ\if[\Y\j\iZfe]fid\XcXEfidX<E(''),$)Zfele
gfiZ\ekXa\[\XcXi^Xd`\ekfde`df8/' [\c(-%
Cfj gXjX[fi\j j\ jld`e`jkiXe \e XZ\if cXd`eX[f Zfe
ZXc`[X[\j J)*,# J)., p J*,, j\^e cX efidX LE<$<E
(''),$)%<ced\ifhl\j`^l\XcXc\kiXJ`e[`ZX\ccd`k\
\c}jk`Zf[\cXZ\if\eE&dd)%CXi\j`jk\eZ`XXkiXZZ`e[\
\jkfjXZ\ifj\j[\*-'#+('p+.'E&dd)#i\jg\Zk`mXd\e$
k\%J\]XYi`ZXe^XcmXe`qX[fj\eZXc`\ek\f\eXZ\if`efo`$
[XYc\%CXjZXc`[X[\jd}j]i\Zl\ek\jjfecXJ)*,pJ).,%
CfjgXjX[fi\jXlkfg\i]fiXek\jj\]XYi`ZXeZfeXZ\ifXc
ZXiYfefgifk\^`[fZfekiXcXZfiifj`e%CXi\j`jk\eZ`XXcX
kiXZZ`e\j[\/''E&dd)gXiX\c[`}d\kif[\,ddp
[\,,'E&dd)gXiX\c[`}d\kif[\.dd%
+%-%+:fej`[\iXZ`fe\jZfejkilZk`mXj
J\^ecXefidXLE<$<E(+,0)\c[`}d\kifde`df[\c
gXjX[fi[\Y\iXj\i[\-dd%CXkfc\iXeZ`X\e\c[`}d\$
kif[\cgXjX[fi[\Y\j\i[\$'&"'#(dd%Cfjgi\kXcX[ifj
\ecXjg`\qXj[\dX[\iX[\Y\iXek\e\ile[`}d\kifef
dXpfihl\\c[\cgXjX[fi%
+%-%,;\j`^eXZ`e
GXjX[fi# [`}d\kif o cfe^`kl[ dd # ZXc`[X[ [\c XZ\if p
gifk\ZZ`e%Gfi\a\dgcf#gXjX[fi[\(/o)''dd#J)*,#
^XcmXe`qX[f\eZXc`\ek\%
:fd\ekXi`fj1
CX efidX LE<$<E (''),$)1)''- p cX LE<$<E ('').$
(1)''- \jkXYc\Z\e cXj [\efd`eXZ`fe\j [\ cfj XZ\ifj
\jkilZkliXc\j J)*,# J)., p J*,,% <e Xc^lefj ZXjfj p
efidXj Xek`^lXj j\ Z`kXe kf[XmX cXj [\efd`eXZ`fe\j
=\*-'#=\+*'p=\,('Zfii\jgfe[`\ek\jXcXXek`^lX[\$
efd`eXZ`ej\^ecXefidXLE<$<E(''),$)1(00'#hl\
jfe \hl`mXc\ek\j i\jg\Zk`mXd\ek\ X cfj XZ\ifj J)*,#
J).,pJ*,,%
+%-%-:XgXZ`[X[[\ZXi^XcXk\iXc
CXZXgXZ`[X[[\ZXi^X[\Y\ZXcZlcXij\j\^ecf`e[`ZX[f
\e\c;9J<$D[\c:K<%GXiXk\e\ilefi[\e[\dX^e`kl[
[\cXZXgXZ`[X[[\ZXi^X[\cfjgXjX[fi\jj\`eZclp\cXkX$
YcX+%-#i\Xc`qX[XgXiXleZXjf`ek\id\[`f[\gifg`\[X[\j
[\cdXk\i`Xcp[liXZ`e[\cXjZXi^Xj%
KXYcX+%-%:XgXZ`[X[[\ZXi^X[\le`fe\jZfegXjX[fi\j\eE%
DX[\iX$DX[\iX
DX[\iX$8Z\if4'
;`}d\kif[dd
<jg\jfide`df
g`\qXdX[\iX
dd
()
(-
(/
,'
+''*
/'),
(*''.
(,-*)
.'
##
##
##
(,.0,
.'
-)0(
()(/,
(-/-.
(0*0*
0'
##
().-,
(00,'
))-'.
()'
##
##
)'0*)
),,--
Le`fe\jZfeZcXm`aXj
DX[\iX$8Z\if 40'
;`}d\kif[dd
<jg\jfide`df
g`\qXdX[\iX
dd
()
(-
(/
.'
,(/0
/,)-
((/*+
(*-,*
0'
##
('(*-
(*,*,
(,*)'
()'
##
('*)'
(-+0'
(/*+(
(+'
##
##
(--''
)''/-
;\ej`[X[ZXiXZk\ijk`ZXb4*+'b^&d*:))
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
<jg\jfi[\cXZ_XgX[\XZ\if#k4-dd
I\j`jk\eZ`XXkiXZZ`e[\cXZ\ifJ)*,#]l4*-'E&dd)
+%-%.:XgXZ`[X[[\ZXi^XXo`Xc
CfjgXjX[fi\jefk`\e\eZXgXZ`[X[[\ZXi^XXo`Xc%
+%.K@I8=FE;FJ;<;F9C<IFJ:8
+%.%(;\e`Z`epk`gfj
<jk\\c\d\ekf[\aXZ`e\jleXmXi`Xek\[\k`iX]fe[fj
]XYi`ZX[fZfeXZ\ifXcZXiYfefhl\ZfejkX[\leXglekX
Xlkfg\i]fiXek\p[fjkiXdfjifjZX[fjhl\gif[lZ\ele
\]\Zkf [\ gi\j`e \eki\ cXj g`\qXj X le`i# p leX ZXY\qX
Zfe\jki\ccXgXiXjlXkfie`ccX[f#^liX+%()%
[\Zfe]\iXj%CXcfe^`kl[[\cXifjZX[\Xgi`\k\#`eZcl`[X
cX ZXY\qX# \j `^lXc X cX cfe^`kl[ [\ cX ifjZX [\ XmXeZ\#
`eZcl`[XcXglekX%
+%.%);`d\ej`fe\j
J\ ]XYi`ZXe Zfe [`}d\kif [\ -#, dd p cfe^`kl[ [\
-, X (-' dd p Zfe [`}d\kif [\ /#) dd p cfe^`kl[
[\(-'X**'dd%CXj\ZZ`ede`dX[\cXg`\qX[\dX$
[\iXgXiX\c[\[`}d\kif[\/#)ddmXiX[\j[\.'o(+'
X(*'o)-'dd%
+%.%*8gc`ZXZ`fe\j
CXjXgc`ZXZ`fe\jgi`eZ`gXc\jjfecXjj`^l`\ek\j#^liX+%(*1
=`^liX+%()%<c\d\ekfj[\aXZ`e
[\[fYc\ifjZXj`jk\dXNK[\J=J %
8dYXjifjZXjk`\e\ele[`}d\kifplegXjf[`]\i\ek\%CX
gi`d\iXj\[\efd`eX[\XmXeZ\pcXj\^le[X[\Xgi`\k\%
<eki\ XdYXj \o`jk\ leX qfeX c`jX [\c ]ljk\ ZXX % >iX$
Z`Xj Xc gXjf [`]\i\ek\ [\ XdYXj ifjZXj j\ gif[lZ\ le
\]\Zkf [\ Xgi`\k\ \eki\ XdYXj g`\qXj [\ dX[\iX hl\$
[Xe[f kiXZZ`feX[f \c ]ljk\ [\c k`iX]fe[fj% Ef \j e\Z\$
jXi`fi\Xc`qXigi\kXcX[ifgXiXjlZfcfZXZ`e\edX[\iX
$Le`e\eki\Zfii\Xpm`^X#^liX+%(*X%<c\eZl\ekifj\
i\Xc`qXXkfg\pcXkiXejd`j`e[\c\j]l\iqfj\\]\ZkX
d\[`Xek\ [fj ]l\iqXj Xo`c\j jfYi\ cfj k`iX]fe[fj% Le
gfj`Yc\`eZfem\e`\ek\[\\jk\j`jk\dX\jhl\\o`^\leX
gi\Z`j`e\c\mX[X\ecXcfe^`kl[[\cXjg`\qXj2_XpgfZf
dXi^\e[\\iifi%
$I\]l\iqf[\cXjqfeXjZfekiXZZ`eg\ig\e[`ZlcXiXcX
YiX\eXgfpfjZfe\ekXccX[liXj#^liX+%(*Ypi\]l\i$
qf [\ cX ZXgXZ`[X[ [\ Zfdgi\j`e g\ig\e[`ZlcXi X cX
YiX\eXgfpf[\m`^Xj#^liX+%(*Z%
$:fe\o`egfiXZfgcXd`\ekf[\[fjfd}jg`\qXj#Zfe$
j`^l`\e[fleXkiXejd`j`ej\d`ii^`[X[\cfj\j]l\iqfj
iXjXek\j#^liX+%(*[%
-.
-/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
+%.%-:XgXZ`[X[[\ZXi^X
<jk\k`gf[\\c\d\ekf[\aXZ`e\jk}\jg\ZZXd\e$
k\ [`j\X[f gXiX kiXYXaXi Xo`Xcd\ek\% Jl \ZXZ`X \j
dlpjlg\i`fiXcX[\lek`iX]fe[fpXhl\kf[XcXqfeX
[\ ifjZX [\ Xgi`\k\ jljk`klp\ Zfe dXpfi \ZXZ`X X
cX ZXY\qX [\ le k`iX]fe[f efidXc% <c \j]l\iqf gl\[\
i\j`jk`ij\ [`i\ZkXd\ek\ Zfe \c\d\ekfj ZfcfZX[fj \e
cX [`i\ZZ`e [\ cX ]l\iqX f Zfe gXi\j [\ \c\d\ekfj
ZfcfZX[fjX+,i\jg\ZkfXcX[`i\ZZ`e[\cX]l\iqX#
^liX +%(+% <e \jk\ ck`df ZXjf lef [\ \ccfj hl\[X
Zfdgi`d`[fp\cfkifkiXZZ`feX[f%
<e\cZXjf[\ZXi^XjcXk\iXc\jf[\ZfikX[liX \cZfd$
gfikXd`\ekf\jj`d`cXiXc[\cfjk`iX]fe[fj#]fid}e[fj\
iklcXjgc}jk`ZXjZlXe[fcX\jY\ck\q\j\c\mX[X%J`e\d$
YXi^f# Zl\ekX Zfe cX m\ekXaX [\ hl\ \c \]\Zkf [\ jf^X
jl\c\XcZXeqXilemXcfi`^lXcXc[\cXgcXjk`ZXZ`e%<jkf
`eZi\d\ekXcXZXgXZ`[X[[\ZXi^X%
+%/K@I8=FE;FJ;<IFJ:8:FDGC<K8
J\kiXkX[\YXiiXj[\j\ZZ`eZ`iZlcXiifjZX[Xj\ekf[X
cXcfe^`kl[ZfeZXY\qX_\oX^feXchl\j\`ekif[lZ\eZfe
gi\kXcX[if%<c[`}d\kif\ok\i`fi[\cXifjZX\j[\(-dd
p\c`ek\i`fi[\()dd%CXcfe^`kl[mXiX[\j[\/''_XjkX
)''' dd% J\ lk`c`qXe gXiX \c i\]l\iqf [\ qfeXj kiXZ$
Z`feX[Xj# Zfdf cXj m`^Xj X [fj X^lXj# m`^Xj ZlimXj p
\ekXccX[liXjpX^la\ifj\em`^Xj%
Le`fe\jZfeZcXm`aXj
=`^liX+%(+%<c\d\ekfgXiXc\cfXcX]l\iqXpfi`\ekX[fjX+,%
<cZ}cZlcfp[`d\ej`feX[f[\\jkfj\c\d\ekfj[\i\]l\i$
qfefj\i\Zf^\\e\c;9J<$D[\c:K<e`\ecXefidX
LE<$<E(00,$($(#g\ifj\ecXefidX;@E(',)%
EFID8K@M8
LE<$<E('(+0$(1(00-%Gif[lZkfjgcXefjcXd`eX[fj\eZX$
c`\ek\[\XZ\if[\Xckfcd`k\\c}jk`ZfgXiXZfe]fidX[f
\e]if%GXik\(1:fe[`Z`fe\j^\e\iXc\j[\jld`e`jkif%
;@E(',)1)''/%Gifp\Zkf[\\jkilZkliXj[\dX[\iX%I\$
^cXj^\e\iXc\jpi\^cXjgXiXcX\[`ZXZ`e%
@JF)/-$)#J`jk\dX@JF[\kfc\iXeZ`XjpXaljk\j%GXik\)1
KXYcXj[\ZcXj\j[\kfc\iXeZ`XefidXc`qX[Xjp[\jm`XZ`f$
e\jcd`k\[\cfj\a\jpkXcX[ifj%
LE<$<E(''(-kf[XjcXjgXik\j %8cXdYie[\XZ\ifef
Xc\X[fgXiXki\cX[ffcXd`eX[f\e]if%
LE<$<E(''),$)1)''-%Gif[lZkfjcXd`eX[fj\eZXc`\ek\
[\XZ\ifj\e\jkilZkliXj%GXik\)1:fe[`Z`fe\jkZe`ZXj
[\jld`e`jkif[\cfjXZ\ifj\jkilZkliXc\jefXc\X[fj%
LE<$<E(''),$*1)''-%Gif[lZkfjcXd`eX[fj\eZXc`\ek\
[\XZ\ifjgXiX\jkilZkliXj%GXik\*1:fe[`Z`fe\jkZe`$
ZXj[\jld`e`jkif[\cfjXZ\ifj\jkilZkliXc\jjfc[XYc\j
[\^iXefef\ecXZfe[`Z`e[\efidXc`qX[f&cXd`eX[f
[\efidXc`qXZ`e%
LE<$<E('').$(1)''-%J`jk\dXj[\[\j`^eXZ`e[\XZ\$
ifj%GXik\(1;\j`^eXZ`ej`dYc`ZX%
LE<$<E(''/*$(%8Z\ifjgXiXk\dgc\pi\m\e`[f%GXik\(1
:fe[`Z`fe\jkZe`ZXj^\e\iXc\j[\jld`e`jkif%
LE<$<E(''/*$)%8Z\ifjgXiXk\dgc\pi\m\e`[f%GXik\)1
:fe[`Z`fe\jkZe`ZXj[\jld`e`jkif[\XZ\ifj[\ZXc`[X[
efXc\X[fj%
LE<$<E(')*'$(1)'''%:cXmfj[\XcXdYi\[\XZ\if%GXik\
(1:cXmfjjl\ckfjgXiXljf^\e\iXc%
LE<$<E(')./#;`d\ej`fe\jpkfc\iXeZ`Xj[\cfjgif[lZ$
kfjZXc`YiX[fj[\XZ\if%
LE<$<E(+,0)1)''/%<jkilZkliXj[\dX[\iX%<c\d\ekfj
[\aXZ`e[\k`gfZcXm`aX%
I\hl`j`kfj%
LE<$<E(00,$($(%)''- %<lifZ[`^f,%Gifp\Zkf[\\j$
kilZkliXj[\dX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj
gXiX\[`ZXZ`e%
LE<$<E @JF *,'-$(1(00/% :XiXZk\ijk`ZXj d\Z}e`ZXj
[\ cfj \c\d\ekfj [\ aXZ`e [\ XZ\if `efo`[XYc\ i\$
j`jk\ek\XcXZfiifj`e%GXik\(1G\iefj#kfie`ccfjpYl$
cfe\j%
LE<$<E@JF*,'-$)1(00/%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\)1Kl\iZXj%
LE<$<E@JF*,'-$*1(00/%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\*1<jg}iiX^fjpfkifj\c\d\ekfj[\
aXZ`eefjfd\k`[fjX\j]l\iqfj[\kiXZZ`e%
-0
.'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
LE<$<E@JF*,'-$+1)'',%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\X
cXZfiifj`e%GXik\+1Kfie`ccfjXlkfiifjZXek\j%
LE<$<E$@JF +'(+1)''(% G\iefj [\ ZXY\qX _\oX^feXc%
Gif[lZkfj[\ZcXj\j8p9%@JF+'(+1(000 %
LE<$<E$@JF +'(-1)''(% G\iefj [\ ZXY\qX _\oX^feXc%
Gif[lZkfj[\ZcXj\:%@JF+'(-1(000 %
LE<$<E$@JF +'(.1)''(% Kfie`ccfj [\ ZXY\qX _\oX^feXc%
Gif[lZkfj[\ZcXj\j8p9%
LE<$<E$@JF+'*)1)''(%Kl\iZXj_\oX^feXc\j#k`gf(%Gif$
[lZkfj[\ZcXj\j8p9%@JF+'*)1(000 %
LE<$<E$@JF+'*+1)''(%Kl\iZXj_\oX^feXc\j%Gif[lZkf
[\ZcXj\:%@JF+'*+1(000 %
LE<$<E$@JF ./'1)'''% <emXj\j p \dYXcXa\j% JdYf$
cfj ^i}Zfj gXiX cX dXe`glcXZ`e [\ d\iZXeZXj% @JF
./'1(00. %
LE<$<E$@JF /0/$(1)'''% :XiXZk\ijk`ZXj d\Z}e`ZXj [\
cfj\c\d\ekfj[\aXZ`e]XYi`ZX[fj[\XZ\ifXcZXiYfef
p[\XZ\ifXc\X[fj%GXik\(1G\iefj#kfie`ccfjpYlcfe\j%
.(
LE@FE<J:FE:FE<:KFI<J
,%(><E<I8C@;8;<J
,%)%(;\e`Z`e#k`gfjpdXk\i`Xc\j
Le Zfe\Zkfi \j le \c\d\ekf [\ aXZ`e Zfe ]fidX [\
gcXZX Zfe i\jXckfj# gcXZX [\ekX[X f Xe`ccf hl\ j\ `ekif$
[lZ\XaljkX[f\eki\[fjg`\qXj[\dX[\iXpj\XXeqX
d\[`Xek\leg\iefhl\XkiXm`\jXcXjg`\qXj%
J\ZcXj`ZXe\e-k`gfj#^liX,%)1
;\XZl\i[fZfecXefidXLE<$<E0()cfjZfe\Zkfi\jj\
ZcXj`ZXe\ecfjk`gfjj`^l`\ek\j1
>ilgf81:fe\Zkfi\j[\k`gfXe`ccfXe`ccfj
>ilgf91:fe\Zkfi\j[\k`gfgcXZX
>ilgf:1:fe\Zkfi\j[\gcXZX[\ekX[X
>ilgf;1:fe\Zkfi\j[\dX[\iX
<c\jg\jfide`df[\cXjg`\qXj\ok\ieXj[\dX[\iX[\$
Y\i}j\i`^lXcX)#),_\#p\c[\cXg`\qX`ek\ieX[\dX[\$
iX[\Y\i}j\iZfdfde`df`^lXcX*#.,_\#[fe[\_\\j
cXgif]le[`[X[[\`ej\iZ`e#mXj\^liX,%(%
=`^liX,%(%<jg\jfi\jde`dfj[\cXjg`\qXj%
,%):FE<:KFI<J;<8E@CCF
JfeZfe\Zkfi\jZfe]fidX[\Xe`ccfhl\gl\[\j\iZ\iiX[f
fXY`\ikf%J\`ej\ikXe\eki\cXj[fjg`\qXj[\dX[\iXXle`i
XcfaXe[fcXd`kX[[\jlXckliX\eZX[XleX[\\ccXj%8ek\$
i`fid\ek\j\[\efd`eXYXeZfe\Zkfi\j[\k`gf8gg\c%
$K`gf8,18e`ccfgXik`[fZfeleXj\ZZ`ekiXejm\ijXcZfe
]fidX i\ZkXe^lcXi p Zfe le dXZ_`\dYiX[f
\e]fidX[\Mfi\Zkf#]XYi`ZX[f\eXZ\if%J\
]XYi`ZXeZfeZ_XgX[\XZ\ifcXd`eX[f\eZX$
c`\ek\[\Xc\XZ`fe\j[\XZ\ifJ)*,AI>(dX$
k\i`Xced\if1(''*- j\^ecXefidXLE<$<E
(''),
$K`gf8-18e`ccf gXik`[f Zfe leX j\ZZ`e \e ]fidX [\
kiXg\Z`f j`dgc\ f [fYc\% <c Zfik\ [\c Xe`ccf
j\ i\Xc`qX Zfe ]fidX [\ M Zfe le }e^lcf [\
-'%J\]XYi`ZXeZfe]le[`Z`e=>C),'j\^e
cXefidXLE<$<E(,-(%
.)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
,%)%);`d\ej`fe\j
:fd\ekXi`fj1
CXj[`d\ej`fe\jj\i\Zf^\e\ecXefidXLE<$<E0()
p \e cX kXYcX ,%( j\ i\jld\e cXj [`d\ej`fe\j gi`e$
Z`gXc\j%
CXZfcfZXZ`e[\cfjZfe\Zkfi\j[\k`gfXe`ccf\o`^\dX$
pfigi\Z`j`e\e\cdfekXa\hl\fkifjk`gfj[\Zfe\Zkf$
i\j# gfi cf hl\ j\ \dgc\Xe d\efj% <eki\ cfj k`gfj d}j
=`^liX,%)%:fe\Zkfi\j[\Xe`ccfk`gf8 %
KXYcX,%(%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\Xe`ccfk`gf8 %
;`}d\kifdd
[
8ckliX
_dd
K`gf
efd`eXc
8(
8)
8*
<jg\jfi
kdd
-,
*'
,
/'
*'
-
0,
*'
-
()-
*'
-
()/
+,
/
(-'
+,
('
(0'
+,
('
-+
.)
(0
+#(
-+
.)
(0
+#(
(')
(()
),#+
+#0
Le`fe\jZfeZfe\Zkfi\j
;`}d\kifdd
K`gf
efd`eXc
8+
8,
\dgc\X[fj\jk}e\ck`gf8([\[`}d\kifj[\-,p/'dd%
KXdY`ej\jl\c\eZfd\iZ`Xc`qXi8($()-#8+$(''p8,$(,)%
<ecXkXYcX,%)j\[Xecfji\hl`j`kfjgXiX\c[`}d\kifde`$
dfgXiXg\iefjlk`c`qX[fjZfeZfe\Zkfi\j#[fe[\1
[Z\j\c[`}d\kif[\cZfe\Zkfi#\edd2
[\j\c[`}d\kif[\cg\ief#\edd
[(\j\c[`}d\kif[\cX^la\ifZ\ekiXc[\cZfe\Zkfi%
[Z
[
de`df
[
d}o`df
dd
dd
dd
8(8-
(*'
()
)+
8(#8+#8-
>(*'
'#([Z
)+
[($(
[(
KXYcX,%)%I\hl`j`kfjgXiXcfj[`}d\kifj[\cfjg\iefj
lk`c`qX[fjZfeZfe\Zkfi\j%
<jg\jfi
kdd
-'
(/
,
/'
))
-
(''
)-
.
()'
*'
/
(+'
*-
0
(-'
+'
('
(/'
+-
('
)''
,'
((
//
)'
+
('/
)+
+
(*'
).
,
(,)
*'
-
(.+
**
.
(0-
*-
/
)(-
+'
/
)*-
+,
/
)-'
,'
('
,%)%+;\j`^eXZ`e
Gfi\a\dgcf:fe\Zkfi[\Xe`ccfk`gf8(j\^eLE<$<E0()
Zfe[`}d\kif[\-,ddpXckliX[\*'dd1Zfe\Zkfi[\
Xe`ccfk`gf8(-,&*'#LE<$<E0()%
,%)%*:fej`[\iXZ`fe\jZfejkilZk`mXj
K`gf[\Zfe\Zkfi
LE<$<E0()
8ckliX
_dd
,%)%,:XgXZ`[X[[\ZXi^X
<cZ}cZlcf[\cXZXgXZ`[X[[\ZXi^Xj\[\k\id`eXi}j\^e
\c;9J<$D[\c:K<fcXefidXLE<$<E(00,$($(%<cg\ief
hl\j\XX[\k`\e\cX]leZ`e[\XXeqXd`\ekf#g\ifef
j\Zfej`[\iX\ecXZXgXZ`[X[[\ZXi^X[\cZfealekf%
GXiX k\e\i le fi[\e [\ dX^e`kl[ [\ cX ZXgXZ`[X[ [\
ZXi^X[\cfjZfe\Zkfi\j[\Xe`ccfj\`eZclp\cXkXYcX,%*#
i\Xc`qX[X gXiX le ZXjf `ek\id\[`f [\ gifg`\[X[\j [\c
dXk\i`Xcp[liXZ`e[\cXjZXi^Xj%
,%*:FE<:KFI<J;<GC8:8
,%*%(;\e`Z`e#k`gfjpdXk\i`Xc\j
<jkfjZfe\Zkfi\jk`\e\e]fidX[\gcXZXZ`iZlcXiZfeleX
g\jkXX \e lef [\ jlj cX[fj hl\ j\ `ej\ikX \e leX ZXaX
i\Xc`qX[X\ecXg`\qX[\dX[\iX%J\\dgc\XegXiXle`idX$
[\iXZfeXZ\ifpdX[\iXZfedX[\iXp\cfi`Z`fZ\ekiXc
.*
.+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX,%*%MXcfi[\Z}cZlcf[\cXZXgXZ`[X[[\ZXi^X[\cfjZfe\Zkfi\j[\k`gf8#\eE%
K`gf
8(
e^lcf\eki\\j]l\iqfp[`i\ZZ`e[\cXYiX
[Z_
dd
k(k)
de`dfjdd
-,$*'
+,$.,
/'$*'
+,$.,
()),'
0,$*'
+,$.,
(-)+'
()-$*'
+,$.,
)+/',
))+(/
'
*'
-'
0'
0(0(
/+))
.)(-
-.**
((+-(
0.--
0'0+
(+./'
(),)/
((-+(
(/.00
(.*0,
()/$+,
-/$(()
),)/-
))/+(
(0(+(
(..'.
(-'$+,
-/$(()
*,**/
*(-0*
)-).*
)+)'+
(0'$+,
-/$(()
+,.)0
+'.*/
**+*0
*'-0'
8)
.)$(0
)0$+/
('.(,
0/'*
/*./
./('
8*
.)$(0
)0$+/
('.(,
0/'*
/*./
./('
(()$),#+
*/$-+
)'.*+
(/.0/
(,/*0
(+-/+
8+
8,
8-
-'$(/
).$+,
/(,(
.+./
-+(/
,00*
/'$))
**$,,
(),,'
((+-(
0.--
0'0+
(''$)-
*0$-,
(.,*/
(,0++
(*+0(
(),).
()'$*'
+,$.,
)*',,
)'/-+
(.,*)
(-)*-
(+'$*-
,+$0'
)0',*
)-(.*
)(/++
)'(.,
(-'$+'
-'$(''
*,+0,
*(/*+
)-*0(
)+*()
(/'$+-
.'$((,
+)*,,
*./(.
*((+*
)/-(/
)''$,'
.,$(),
+0-'-
++'0+
*-'..
**'.(
//$)'
*'$,'
(++./
(*(0/
(()(,
('+*(
('/$)+
*-$-'
(0-/,
(./-*
(,'.)
(*0/(
(*'$).
+($-/
),00-
)*+.*
(0-,.
(/(.0
(,)$*'
+,$.,
*)/-.
)0,*'
)+,+-
))-*-
(.+$**
,'$/*
+'),,
*,00'
)0-0.
).*('
(0-$*-
,+$0'
+/()-
+)/(-
*,'..
*)(-0
)(-$+'
-'$(''
,,-..
+0*(,
+'(+)
*-.)-
)*-$+,
-/$((+
-*,/-
,-'.)
+,*,+
+(*0.
)-'$,'
.,$(),
.*,)/
-++0/
,(./'
+.(**
.,$))
**$,,
((*0)
('+(,
//0(
/)/,
(''$)-
*0$-,
(.,*/
(,0++
(*+0(
(),).
(),$*'
+,$.,
)+,((
))(,.
(/,/-
(.)'(
(,'$*/
,.$0,
*)))'
)/0-)
)+'0'
))))(
;\ej`[X[ZXiXZk\ijk`ZXb4*/'b^&d*>C)+_
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
D}j[\leZfe\ZkfigfigcXef
DX[\iX$DX[\iX
;`jkXeZ`XXcXk\jkXZXi^X[XX*#k4(#,[Z
<jg\jfi\j[\cXjg`\qXjdXpfi\jf`^lXc\jXcfjmXcfi\jde`dfjk(pk)
Le`fe\jZfeZfe\Zkfi\j
XcfaXXcg\iefhl\Zfdgc\kXcXle`e%Jl[`}d\kifXYXiZX
[\j[\cfj-,_XjkX(0'dd%8ek\i`fid\ek\j\[\efd`$
eXYXeZfe\Zkfi\j[\k`gfBYc\i%
J\ZcXj`ZXe\e+k`gfj#^liX,%*1
$K`gf9(1GcXZX [\ ]fidX Z`iZlcXi \dYi`[X[X p Zfe le
Yla\ Z`ce[i`Zf jfc`[Xi`f ZfeZeki`Zf% CX Yi`[X
p\cYla\\jk}e\eZXiXjfgl\jkXj[\cXgcXZX%
:X[X Zfe\Zkfi k`\e\ [fj fi`Z`fj gXiX ZcXmfj
\ecXgcXZXXXdYfjcX[fj[\cfi`Z`f[\cg\ief%
<jk}e ]XYi`ZX[fj Zfe Xc\XZ`e [\ Xcld`e`f <E
8:$8@J`0:l*=\ j\^ecXefidXLE<$<E(.'-%
$K`gf9)1GcXZX[\]fidXZ`iZlcXi\dYi`[X[XpZfelefi`Z`f
Z\ekiXcgXiX\cg\ief%8[\d}jk`\e\[fjfi`Z`fj
gXiXXcfaXiZcXmfj%J\]XYi`ZX\eXZ\ifcXd`eX[f
\eZXc`\ek\j\^ecXefidXLE<$<E(''),%
$K`gf9*1GcXZXg\i]fiX[X[\]fidXZ`iZlcXi\dYi`[X[X
pZfeleYla\Z`ce[i`Zfjfc`[Xi`fpZfeZeki`Zf
Zfefi`Z`fgXiXg\ief\e\c\a\[\cXgcXZX%CX
Yi`[Xp\cYla\j\\eZl\ekiXe\ecXd`jdXZXiX
[\cXgcXZX%Gl\[\k\e\i[fjX^la\ifjfiXel$
iXjgXiXXcfaXiZcXmfj%J\]XYi`ZX\e]le[`Z`e
dXc\XYc\j\^ecXefidXLE<$<E(,-)%
$K`gf9+1GcXZX [\ ]fidX Z`iZlcXi \dYi`[X[X p Zfe le
fi`Z`f Z\ekiXc% J\ ]XYi`ZXe \e ]le[`Z`e ^i`j
<E$>AC$(,' f <E$>AC$)'' DXk\i`Xc ed\if1
<E$AC (')' f <E$AC ('*' j\^e cX efidX
LE<$<E(,-(%
=`^liX,%*%:fe\Zkfi\j[\gcXZXk`gf9 %
.,
.-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
,%*%);`d\ej`fe\j
,%*%+;\j`^eXZ`e
<ecXkXYcX,%+j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
ZX[Xk`gf[\Zfe\Zkfi%
Gfi\a\dgcf:fe\Zkfi[\gcXZXk`gf9(j\^eLE<$<E0()
Zfe[`}d\kif[\-,ddpXckliX[\)*dd1Zfe\Zkfi[\
gcXZXk`gf9(-,&)*#LE<$<E0()%
KXYcX,%+%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\gcXZXk`gf9 %
;`}d\kifdd
efd`eXc
9(
9)
-.
9*
9+
8ckliX
<jg\jfi\jdd
;`}d\kif[\cX^la\if
[\cg\ief[(dd
_dd
_(dd
K`gf
k(
*#,
-,
(*
)*
,
/'
(*
)*
-
*#,
0,
(*
)*
-
+#,
()/
(*
*)#,
('
.#,
+#,
(-'
(-#,
*+#,
()
,#,
(0'
(-#,
*+#,
()
--#.
)'#,
('#.
+#+
+#+
(')
)'#,
(,#.
,
-
/'
+(
(+
(''
,-
(-#,
.
()'
,-
(0
/
(+'
.(!
))#,
0
(-'
.(!
),
('
(/'
0(
)/
('
! KXdY`ej\]XYi`ZXZfe[(4)(dd%
,%*%*:fej`[\iXZ`fe\jZfejkilZk`mXj
,%*%,:XgXZ`[X[[\ZXi^X
<ecXkXYcX,%,j\[Xecfji\hl`j`kfjgXiX\c[`}d\kifde`$
dfgXiXg\iefjlk`c`qX[fjZfeZfe\Zkfi\j#[fe[\1
<cZ}cZlcf[\cXZXgXZ`[X[[\ZXi^Xj\[\k\id`eXi}j\^e
\c;9J<$D[\c:K<fcXefidXLE<$<E(00,$($(%<cg\ief
hl\j\XX[\k`\e\cX]leZ`e[\XXeqXd`\ekf#g\ifef
j\Zfej`[\iX\ecXZXgXZ`[X[[\ZXi^X[\cZfealekf%
[Z
[
[(
\j\c[`}d\kif[\cZfe\Zkfi#\edd2
\j\c[`}d\kif[\cg\ief#\edd
\j\c[`}d\kif[\cX^la\ifZ\ekiXc[\cZfe\Zkfi%
K`gf[\Zfe\Zkfi
LE<$<E0()
[Z
[
de`df
[
d}o`df
dd
dd
dd
8(8-
(*'
()
)+
8(#8+#8-
>(*'
'#([Z
)+
[($(
[(
KXYcX,%,%I\hl`j`kfjgXiXcfj[`}d\kifj[\cfjg\iefj
lk`c`qX[fjZfeZfe\Zkfi\j%
GXiX k\e\i le fi[\e [\ dX^e`kl[ [\ cX ZXgXZ`[X[ [\
ZXi^X[\cfjZfe\Zkfi\j[\gcXZXj\`eZclp\cXkXYcX,%-#
i\Xc`qX[X gXiX le ZXjf `ek\id\[`f [\ gifg`\[X[\j [\c
dXk\i`Xcp[liXZ`e[\cXjZXi^Xj%
,%+:FE<:KFI<J;<GC8:8;<EK8;8
;\ekif[\cfjZfe\Zkfi\j[\ekX[fjj\[`jk`e^l\e[fj
^ilgfjgi`eZ`gXc\j%<cgi`d\if\jk}Zfejk`kl`[fgficfj
Zfe\Zkfi\j\e]fidX[\gcXZXZfe[`\ek\j[\Xjg\Zkf
ki`Xe^lcXi gXj hl\ gl\[\e j`klXij\ X le cX[f f X
XdYfj[\cXgcXZX#^liX,%+#`qh%Jl]fidXgl\[\j\i
Le`fe\jZfeZfe\Zkfi\j
KXYcX,%-%MXcfi[\Z}cZlcf[\cXZXgXZ`[X[[\ZXi^X[\cfjZfe\Zkfi\j[\k`gf9#\eE%
K`gf
[Z_
dd
k(k)
de`dfjdd
-,$)*
e^lcf\eki\\j]l\iqfp[`i\ZZ`e[\cXYiX
'
*'
-'
0'
-0$((,
0(0(
/+))
.)(-
-.**
/'$)*
-0$((,
(),,'
((+-(
0.--
0'0+
0,$)*
-0$((,
(-)+'
(+./'
(),)/
((-+(
()/$*)#,
/0$(-+
),*0/
))0+*
(0)).
(../-
(-'$*+#,
('*$(.)
*,*)+
*(-/(
)-)-*
)+(0+
(0'$*+#,
('*$(.)
+,.((
+'.))
**+).
*'-./
9)
-.$('#.
*)$,+
0,//
/./*
.,(0
.'(+
9*
(')$(,#.
+.$.0
(/')0
(-*/)
(*/,)
()/,0
9+
/'$(+
+)$.'
(),,'
((+-(
0.--
0'0+
(''$(-#,
,'$/*
(.,*/
(,0++
(*+0(
(),).
()'$(0
,.$0,
)*',,
)'/-+
(.,*)
(-)*-
(+'$))#,
-/$((+
)0',*
)-(.*
)(/++
)'(.,
(-'$),
.,$(),
*,+0,
*(/*+
)-*0(
)+*()
9(
;\ej`[X[ZXiXZk\ijk`ZXb4*/'b^&d*>C)+_
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
D}j[\leZfe\ZkfigfigcXef
DX[\iX$DX[\iX
;`jkXeZ`XXcXk\jkXZXi^X[XX*#k4(#,[Z
<jg\jfi\j[\cXjg`\qXjdXpfi\jf`^lXc\jXcfjmXcfi\jde`dfjk(pk)
Z`iZlcXi#i\ZkXe^lcXifZlX[iX[X%8ek\i`fid\ek\j\[\ef$
d`eXYXeZfe\Zkfi\j[\k`gf9lcc[f^%Jl[`}d\kifmXiX
[\j[\*/_XjkX(-,dd%
<cj\^le[f^ilgf\jk}Zfejk`kl`[fgficfjZfe\Zkfi\jZfe
[`\ek\jZfe]fidXkifeZfZe`ZX#hl\gl\[\ekXdY`ej\i
[\ekX[fjXleXfX[fjZXiXj#^liX,%+#[Z_X%8ek\i`fi$
d\ek\j\[\efd`eXYXeZfe\Zkfi\j[\k`gf>\bX%Jl[`}$
d\kifmXiX[\j[\,'_XjkX((,dd%
,%+%(;\e`Z`e#k`gfjpdXk\i`Xc\j
J\ZcXj`ZXe\e((k`gfj[`]\i\ek\j#X^ilgX[fj[\ekif[\
cfj[fjk`gfj^\e\iXc\jXek\j[\jZi`kfj1\cgi`d\if#[\j[\
\ck`gf:(X:0#ZfegXj[\]fidXki`Xe^lcXi#p\cj\^le$
[f#:('p:((#Zfe[`\ek\j[\]fidXZe`ZX%
$K`gf:(1:fe\Zkfi[\[fYc\ZXiX\e]fidX[\gcXZXZ`iZl$
cXiZlpfjYfi[\j_Xej`[fZfikX[fjpgc\^X[fj
=`^liX,%+%@qh%1:fe\Zkfi\j[\ekX[fjZfegXj%;Z_X%1:fe\Zkfi\j[\ekX[fj[`\ek\jkifeZfZe`Zfj %
..
./
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
]fidXe[f[`\ek\jki`Xe^lcXi\jhl\j\gifp\Z$
kXeXck\ieXk`mXd\ek\XXdYfjcX[fj[\cXgcXZX
p\ecfjZfe\Zkfi\jZfe[`}d\kif[Z0,dd
kXdY`e Xci\[\[fi [\c g\id\kif [\c fi`Z`f
Z\ekiXc%CXgcXZXcc\mX[fjfi`Z`fjgXiXZcXmfj
\hl`[`jkXek\j \eki\ cX Z`iZle]\i\eZ`X [\c fi`$
Z`fgXiX\cg\iefpcXZ`iZle]\i\eZ`X[\cXgcXZX#
^liX,%,%
J\ ]XYi`ZX Zfe YXe[Xj [\ XZ\if YXaf \e ZXi$
YfefZfe]fidX[f\e]ifpefi\m\jk`[Xj%Cfj
dXk\i`Xc\j[\Y\ej\iZfe]fid\jZfecfjXZ\ifj
[\ck`gf;:'(":*0'dXk\i`Xced\if1(%'**'
j\^ecXefidXLE<$<E('(*0%8[\d}jcX\cXj$
k`Z`[X[de`dX[\cdXk\i`Xc[\Y\j\i[\c('
fY`\ej\lk`c`qXeZ_XgXjcXd`eX[Xj\e]if[\
XZ\if[\XckX\cXjk`Z`[X[\e]if?*)'Dj\^e
cXefidXLE<$<E(')-/%
=`^liX,%,%:fe\Zkfi\j[\ekX[fj[\k`gf:(p:)%
<ecXkXYcX,%.j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:(p:)%
KXYcX,%.%;`d\ej`fe\j[\Zfe\Zkfi\j[\ekX[fj[\k`gf:(p:)
K`gf
;`}d\kif
[
dd
:(
:)
8ckliX
_
dd
<jg\jfi
k
dd
,'
(*#'
(#''
(.#'
-)
(-#'
(#)'
)(#'
)-#'
;`}d\kif[\cX^la\if[\cg\ief
[(dd
.,
(0#,
(#),
0,
)+#'
(#*,
**#'
((.
*'#'
(#,'
+/#'
(+'
*(#'
(#-,
,/#'
(-,
**#'
(#/'
-/#'
,'
-#-
(#''
('#+$()#+$(-#+$)'#+
-)
/#.
(#)'
()#+$(-#+$)'#+
.,
('#+
(#),
()#+$(-#+$)'#+$))#+$)+#+
0,
()#.
(#*,
(-#+$)'#+$))#+$)+#+
((.
(-#'
(#,'
(-#+$)'#+$))#+$)+#+
Le`fe\jZfeZfe\Zkfi\j
$K`gf:*1:fe\Zkfi[\[fYc\ZXiX[\ekX[X\e]fidX[\
gcXZX fmXcX[X# ^liX ,%-# Zlpfj Yfi[\j _Xe
j`[f ZfikX[fj p gc\^X[fj ]fidXe[f [`\ek\j
ki`Xe^lcXi\j gifp\Zk}e[fj\ Xck\ieXk`mXd\ek\
XXdYfjcX[fj[\cXgcXZXp]fidXe[f}e^lcfj
[\ 0' Zfe jkX% <c ed\if [\ [`\ek\j [\Y\
j\i)/%CXXckliX[\cfjj\`j[`\ek\j[`jgl\jkfj
\e\cZ\ekif[\ZX[Xlef[\cfjcX[fjdXpfi\j
[\cXgcXZX[\Y\j\id\efihl\cX[\ci\jkf[\c
[\ekX[f%:X[XgcXZXk`\e\ki\jfi`Z`fj#lef[\
\ccfj#\cZ\ekiXc#[\dXpfi[`}d\kif%
J\ ]XYi`ZX Zfe YXe[Xj [\ XZ\if YXaf \e ZXi$
YfefZfe]fidX[f\e]ifpefi\m\jk`[Xj%Cfj
dXk\i`Xc\j[\Y\ej\iZfe]fid\jZfecfjXZ\ifj
[\ck`gf;:'(":*0'dXk\i`Xced\if1(%'**'
j\^ecXefidXLE<$<E('(*0%8[\d}jcX\cXj$
k`Z`[X[de`dX[\cdXk\i`Xc[\Y\j\i[\c('
fY`\ej\lk`c`qXeZ_XgXjcXd`eX[Xj\e]if[\
XZ\if[\XckX\cXjk`Z`[X[gXiXZfe]fidX[f\e
]if?*)'Dj\^ecXefidXLE<$<E(')-/%
$K`gf:+1:fe\Zkfi Zfe ZXiXZk\ijk`ZXj j`d`cXi\j Xc :*#
g\if#Zfe[`\ek\j\eleXjfcXZXiX#^liX,%-#
]XYi`ZX[f Zfe \c d`jdf dXk\i`Xc% <c fi`Z`f
gXiX\cg\ief\jk}if[\X[f[\leXYi`[X\d$
Ylk`[X\e\cd`jdfcX[f[\c[\ekX[f%
<ecXkXYcX,%/j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:*p:+%
=`^liX,%-%:fe\Zkfi\j[\ekX[fj[\k`gf:*p:+%
KXYcX,%/%;`d\ej`fe\j[\Zfe\Zkfi\j[\ekX[fj[\k`gf:*p:+%
;`}d\kifdd
K`gf
;`d\ej`fe\j
X(oX)
dd
8ckliX
_
dd
<jg\jfi
k
dd
:*
.*o(*'
)/
(#,
:+
.*o(*'
(+#.,
(#,
X^la\if
Z\ekiXc
[(
X^la\ifj
cXk\iXc\j
[)
)-
(-
(-#+$)'#+
))#+$)+#+
(-
.0
/'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
$K`gf:,1:fe\Zkfi[\[fYc\ZXiX[\ekX[X\e]fidX[\
gcXZX ZlX[iX[X# ^liX ,%.# Zlpfj Yfi[\j _Xe
j`[fZfikX[fjpgc\^X[fjgXiX]fidXi[`\ek\j
ki`Xe^lcXi\jhl\j\gifp\ZkXeXck\ieXk`mXd\e$
k\XXdYfjcX[fj[\cXgcXZX]fidXe[f}e^l$
cfj[\0'ZfejkX%Cfj[`\ek\j[\Y\e\jgX$
Z`Xij\i\^lcXid\ek\XcfcXi^f[\cg\id\kifp
Xci\[\[fi [\c fi`Z`f ZlX[iX[f [\c Z\ekif [\
cXgcXZX%<eZX[X\jhl`eX[\cXgcXZX\o`jk\le
fi`Z`fgXiXXcfaXiZcXmfj%
J\]XYi`ZXZfeYXe[Xj[\XZ\ifYXaf\eZXiYf$
efZfe]fidX[f\e]ifpefi\m\jk`[Xj%CfjdX$
k\i`Xc\j [\Y\e j\i Zfe]fid\j Zfe cfj XZ\ifj
[\ck`gf;:'(":*0'dXk\i`Xced\if1(%'**'
j\^ecXefidXLE<$<E('(*0%8[\d}jcX\cXj$
k`Z`[X[ de`dX [\c dXk\i`Xc [\Y\ j\i [\c ('
fY`\ej\lk`c`qXeZ_XgXjcXd`eX[Xj\e]if[\
XZ\if[\XckX\cXjk`Z`[X[gXiXZfe]fidX[f\e
]if?*)'Dj\^ecXefidXLE<$<E(')-/%
=`^liX,%/%:fe\Zkfi\j[\ekX[fj[\k`gf:-p:.%
<ecXkXYcX,%('j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:-p:.%
=`^liX,%.%:fe\Zkfi[\ekX[f[\k`gf:,%
<ecXkXYcX,%0j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:,%
K`gf
:,
CX[f
[
dd
8ckliX
_
dd
<jg\jfi
k
dd
CX[f
`ek\i`fi
[(dd
(''
(-
(#*,
+'
(*'
)'
(#,'
,)
KXYcX,%0%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\ekX[fj[\k`gf:,%
Le`fe\jZfeZfe\Zkfi\j
KXYcX,%('%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\ekX[fj[\k`gf:-p:.
K`gf
;`}d\kif
[
dd
8ckliX
_
dd
<jg\jfi
k
dd
;`}d\kif[\c
X^la\if[\cg\ief
[(dd
:-
*/
()#'
'#0
('#,$(+#,
,'
(,#'
'#0
()#,$(+#,
-*
(/#,
(#)
()#,$(+#,
.,
)'#,
(#)
()#,$(+#,
*/
-#,
'#0
('#,$(+#,
,'
/#'
'#0
()#,$(+#,
-*
('#'
(#)
()#,$(+#,
.,
('#,
(#)
()#,$(+#,
:.
KXYcX,%((%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\k`gf:/p:0%
K`gf
:/
:0
;`}d\kif
[
dd
8ckliX
_
dd
<jg\jfi
k
dd
;`}d\kif[\c
X^la\if[\cg\ief
[(dd
*/
()#'
(#)
('#,$(+#,
,'
(+#'
(#)
()#,$(+#,
-*
(.#'
(#)
()#,$(+#,
.,
)'#'
(#-
()#,$(+#,
*/
.#'
(#)
('#,$(+#,
,'
/#'
(#)
()#,$(+#,
-*
0#'
(#)
()#,$(+#,
.,
('#'
(#-
()#,$(+#,
=`^liX,%0%:fe\Zkfi\j[\ekX[fj[\k`gf:/p:0%
/(
/)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX,%('%:fe\Zkfi[\ekX[f[\k`gf:('%
<ecXkXYcX,%()j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:('%
K`gf
:('
;`}d\kif
[
dd
8ckliX
_
dd
,'
).
<jg\jfi
;`}d\kif[\c
k
X^la\if[\cg\ief
dd
[(dd
=`^liX,%((%:fe\Zkfi[\ekX[f[\k`gf:((%
K`gf
;`}d\kif
[
dd
8ckliX
_
dd
:((
*'#,
<jg\jfi
;`}d\kif[\c
k
X^la\if[\cg\ief
dd
[(dd
-,
).
*,#,
,'
(,
()#,
/'
).
+0#,
-,
(,
(-#,
0,
).
-,#,
/'
(,
)'#,
((,
).
/,#,
0,
(,
)+#,
((,
(,
)+#,
KXYcX,%()%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\k`gf:('%
KXYcX,%(*%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\k`gf:((%
$K`gf:((1:fe\Zkfi j`d`cXi Xc :(' g\if Zfe [`\ek\j \e
leXjfcXZXiX\e]fidX[\gcXZXZ`iZlcXiZfe
le X^la\if Z\ekiXc gXiX \c g\ief# ^liX ,%((%
Cfj[`\ek\jgl\[\e[`jgfe\ij\\eleff[fj
ZiZlcfj%J\]XYi`ZXe\e\cd`jdfdXk\i`Xchl\
\ck`gf:('%
<ecXkXYcX,%(*j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf:((%
:fd\ekXi`fj1
?XY`klXcd\ek\# \c ]XYi`ZXek\ lk`c`qX leX j\i`\ i\[lZ`[X
[\ Zfe\Zkfi\j% <j ]i\Zl\ek\ lk`c`qXi Zfe\Zkfi\j [\ k`gf
:((j`dgc\ZXiX Zfe[`}d\kifj[\,'#-,p/'ddgXiX
g\iefj[\()#(-p)'ddi\jg\Zk`mXd\ek\%Cfj[\k`gf
:('[fYc\ZXiX jfed\efj]i\Zl\ek\j%
,%+%);\j`^eXZ`e
Gfi \a\dgcf :fe\Zkfi [\ gcXZX [\ekX[X k`gf :( j\^e
LE<$<E0()Zfe[`}d\kif[\,'ddpXckliX[\(*dd1
Zfe\Zkfi[\gcXZX[\ekX[Xk`gf:(,'&(*#LE<$<E0()%
,%+%*:XgXZ`[X[[\ZXi^X
<cZ}cZlcf[\cXZXgXZ`[X[[\ZXi^Xj\[\k\id`eXi}j\$
^e\c;9J<$D[\c:K<fcXefidXLE<$<E(00,$($(%CX
ZXgXZ`[X[[\ZXi^X[\cg\iefj\XX[\XcXZXgXZ`[X[[\
ZXi^X[\cZfe\Zkfi%
GXiXk\e\ilefi[\e[\dX^e`kl[[\cXZXgXZ`[X[[\ZXi$
^X [\ cfj Zfe\Zkfi\j [\ekX[fj j\ `eZclp\ cX kXYcX ,%(+#
Le`fe\jZfeZfe\Zkfi\j
KXYcX,%(+%MXcfi[\Z}cZlcf[\cXZXgXZ`[X[[\ZXi^X[\Xc^lefjZfe\Zkfi\j[\k`gf:#\eE%
k(k)
de`dfj
dd
[
;`}d\kifg\ief
dd
,'$(*
)'$**
('$()$(-
+),)
-)$(-
)+$+'
()
,*'*
.,$(0#,
*'$,'
()
,/*)
0,$)+
*/$-'
()
/.,)
((.$*'
+,$.,
)'
()(+(
(+'$*(
+/$/'
)'
(+-'0
(-,$**
,'$/+
)'
(/-0)
,'$-#-
)'$**
('$()$(-$)'
+),)
-)$/#.
)-$++
('
,'*(
.,$('#+
*)$,)
('
,.)/
K`gf
[Z_
dd
:(
:)
:-
:.
:('
0,$()#.
*/$-+
('$()
/(+,
((.$(-
+/$/'
('$()$(-
(((-(
*/$()
(/$*'
('$()
)/(.
,'$(,
)*$*/
('$()$(-
+),)
-*$(/#,
)/$+.
('
,'0(
.,$)'#,
*($,)
('
,.)/
*/$-#,
)'$**
('$()$(-
)/(.
,'$/
)+$+'
('$()$(-
+),)
-*$('
*'$,'
('
,'0(
.,$('#,
*)$,*
('
,.)/
,'$).
()
+0-(
-,$).
(-
.,+(
)'
('+,/
/'$).
:((
=m#I[
E
+($-/
0,$).
)+
(*-.-
((,$).
)+
(,++0
,'$(,
()
+0-(
-,$(,
(-
.,+(
)'
('+,/
0,$(,
)+
(*-.-
((,$(,
)+
(,++0
/'$(,
+,$.,
;\ej`[X[ZXiXZk\ijk`ZXb4*/'b^&d*>C)+_
;liXZ`ed\[`X[\cXZXi^XpZcXj\[\j\im`Z`f(#bdf[4'#/
;`jkXeZ`XXcXk\jkXZXi^X[XX*#k4)[Z
<jg\jfi\j[\cXjg`\qXjdXpfi\jf`^lXc\jXcfjmXcfi\jde`dfjk(pk)
[\j\c[`}d\kif[\cg\iefhl\XZfdgXXXcZfe\Zkfi%
CXZXgXZ`[X[[\ZXi^X[\cg\ief[\Y\i}XX[`ij\XcXZXgXZ`[X[[\cZfe\Zkfi%
/*
/+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
,%,:FE<:KFI<J;<D8;<I8
;\ekif[\ck`gf;#[\jk`eX[fXfkifjk`gfj[\Zfe\Zkfi\j#
cXefidXLE<$<E0()#jcfZfek\dgcXlek`gf[\Zfe\Z$
kfi# [\efd`eX[f ;(% J\ kiXkX [\ le Zfe\Zkfi [\ [fYc\
ZXiX\e]fidX[\Ycfhl\Z`ce[i`ZfZfeg\icY`j\cX[fp
ZfeX^la\ifZ\ekiXcgXiX\cg\ief#^liX,%()%J\]XYi`ZXe
\edX[\iXc`dg`X[\ifYc\hl\iZljjgg% ZfeleX[\ej`$
[X[ZXiXZk\ijk`ZXde`dX[\-''b^&d*pleZfek\e`[f
[\_ld\[X[[liXek\cX]XYi`ZXZ`eefjlg\i`fiXc(/%
CX[`i\ZZ`e[\cXYiX[\Y\j\ig\ig\e[`ZlcXiXc\a\[\c
g\ief%
EFID8K@M8
LE<$<E(''),"8(%Gif[lZkfjcXd`eX[fj\eZXc`\ek\[\
XZ\if ef Xc\X[f gXiX ZfejkilZZ`fe\j d\k}c`ZXj [\ ljf
^\e\iXc%:fe[`Z`fe\jkZe`ZXj[\jld`e`jkif`eZcl`[XcX
df[`ZXZ`e8(1(00* %
LE<$<E('(*0%=c\a\j[\XZ\ifYXaf\eZXiYfef#efi\Zl$
Y`\ikfjgXiXZfe]fidX[f\e]if%:fe[`Z`fe\jkZe`ZXj[\
jld`e`jkif%
LE<$<E ('(+)"8(% 9Xe[Xj Z_XgXj p YfY`eXj [\ XZ\if
YXaf\eZXiYfef^XcmXe`qX[Xj\eZfek`elfgfi`ed\ij`e
\eZXc`\ek\gXiXZfe]fidX[f\e]if%:fe[`Z`fe\jkZe`$
ZXj[\jld`e`jkif`eZclp\df[`ZXZ`e8(1(00, %
LE<$<E('(+."8(%9Xe[XjZ_XgXjpYfY`eXj [\XZ\if[\
ZfejkilZZ`e^XcmXe`qX[Xj\eZfek`elfgfi`ed\ij`e\e
ZXc`\ek\%:fe[`Z`fe\jkZe`ZXj[\jld`e`jkif`eZclp\df$
[`ZXZ`e8(1(00, %
LE<$<E (')-/% Gif[lZkfj gcXefj cXd`eX[fj \e ]if
[\XZ\ifjd`ZifXc\X[fjjfc[XYc\j[\Xckfcd`k\\c}jk`$
ZfgXiXZfe]fidXZ`e\e]if%:fe[`Z`fe\jkZe`ZXj[\
jld`e`jkif%
LE<$<E (+,+,1)''0% <jkilZkliXj [\ dX[\iX% :fe\Zkf$
i\j%I\hl`j`kfj%
LE<$<E(,-(%=le[`Z`e#=le[`Z`e^i`j%
LE<$<E(,-)%=le[`Z`e%=le[`Z`edXc\XYc\%
LE<$<E(.'-%8cld`e`fpXc\XZ`fe\j[\Xcld`e`f%G`\qXj
dfc[\X[Xj% :fdgfj`Z`e hld`ZX p ZXiXZk\ijk`ZXj d\$
Z}e`ZXj%
=`^liX,%()%:fe\Zkfi\j[\dX[\iX[\ck`gf;(%
<ecXkXYcX,%(,j\`e[`ZXecXj[`d\ej`fe\jgi`eZ`gXc\j[\
cfjZfe\Zkfi\j[\k`gf;((%
K`gf ;`}d\kif ;`}d\kif 8ckliX
_
d\efi
[
dd
[(dd
dd
;((
;`}d\kif[\c
X^la\if[\cg\ief
[)dd
--
-'
*)
(+
(''
0,
+'
(+
KXYcX,%(,%;`d\ej`fe\j[\cfjZfe\Zkfi\j[\k`gf;((%
LE<$<E(00,$($(%)''- %<lifZ[`^f,%Gifp\Zkf[\\j$
kilZkliXj[\dX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj
gXiX\[`ZXZ`e%
LE<$<E0()&8:1)''(%:fe\Zkfi\jgXiXdX[\iX%<jg\Z`$
ZXZ`fe\j[\cfjZfe\Zkfi\jgXiXdX[\iX%
LE<$<E0()1)'''%:fe\Zkfi\jgXiXdX[\iX%<jg\Z`ZX$
Z`fe\j[\cfjZfe\Zkfi\jgXiXdX[\iX%
/,
J@KL8:@E;<@E:<E;@F
-%(@EKIF;L::@E
CX i\j`jk\eZ`X Xc ]l\^f [\ cX \jkilZkliX Zfdgi\e[\ cX
ZfdgifYXZ`e[\cXjg`\qXj[\dX[\iXp[\cXjle`fe\j%
CXdX[\iXk`\e\Yl\eZfdgfikXd`\ekf]i\ek\Xc]l\^f#
gfi cf hl\ \j i\cXk`mXd\ek\ ]}Z`c XcZXeqXi k`\dgfj [\
i\j`jk\eZ`X[\*'p-'d`elkfj#ZlXe[f\c^il\jf[\cX
g`\qX \j [\ Xc d\efj ('' f (/' dd# i\jg\Zk`mXd\ek\%
J`e\dYXi^f#cXjle`fe\jZfejk`klp\e\cglekf[Y`c[\cX
\jkilZkliX]i\ek\Xc]l\^f%<jk\\j\cZXjf[\cXjle`fe\j
d\Z}e`ZXj#\ecXjhl\j\\dgc\Xe\c\d\ekfjd\k}c`Zfj
gXiXi\Xc`qXicXZfe\o`e%<cXZ\ifk`\e\leX\c\mX[XZfe$
[lZk`m`[X[kid`ZXpjljgifg`\[X[\jd\Z}e`ZXj[`jd`$
elp\eZfe\cXld\ekf[\cXk\dg\iXkliX%
j\ZZ`e[\cXg`\qX[\dX[\iX\ej`klXZ`e[\`eZ\e[`f#
p\e\jk\ZXgklcfk`\e\\cfYa\k`mf\jg\ZZf[\\mXclXi
cXj\ZZ`e[\dX[\iX\e\c\ekfief[\cXle`e%8[\d}j#
\cZfdgfikXd`\ekf[\cXjle`fe\jkiX[`Z`feXc\j\ej`klX$
Z`e[\`eZ\e[`fj\gl\[\XeXc`qXik\e`\e[f\eZl\ekX#
j`dgc\d\ek\# cX gi[`[X [\ j\ZZ`e hl\ j\ gif[lZ\ \e
cXdX[\iX%
-%)%)MXcfi\j[\Z}cZlcf[\cXjgifg`\[X[\j[\c
dXk\i`Xc
<eZXjf[\`eZ\e[`f#cfjmXcfi\j[\Z}cZlcf[\cXi\j`jk\e$
Z`X p [\ cX i`^`[\q [\c dXk\i`Xc j\ Zfej`[\iXe dXpfi\j
hl\\ecXj`klXZ`eefidXc%JljmXcfi\jj\[\e\e\ecXj
\ogi\j`fe\jj`^l`\ek\j1
<c Z}cZlcf \e j`klXZ`e [\ `eZ\e[`f j\ kiXkX \e cX gXi$
k\($)[\c<lifZ[`^f,#efidXLE<$<E(00,$($)%<e\c
;fZld\ekf 9}j`Zf [\ J\^li`[X[ \e ZXjf [\ `eZ\e[`f
[\c:[`^fKZe`Zf[\cX<[`ZXZ`ej\X[fgkX\cd`jdf
gifZ\[`d`\ekf[\c<lifZ[`^f#g\ifj\c`d`kXXcXlk`c`qX$
Z`e[\cdkf[fd}jj`dgc`ZX[fZlXe[f\o`jk\emXi`fj
gifZ\[`d`\ekfj%
<e \jk\ ZXgklcf j\ _XZ\ leX \ogfj`Z`e [\c gifZ\jf [\
Z}cZlcf\ej`klXZ`e[\`eZ\e[`f[\cXjle`fe\j\e\jkilZ$
kliXj[\dX[\iXj`^l`\e[fcXji\^cXj[\c<lifZ[`^fgif$
ZliXe[f`eZcl`icXj\ogc`ZXZ`fe\je\Z\jXi`XjgXiXjXcmXicXj
[l[Xj[\`ek\igi\kXZ`ehl\gl\[\gi\j\ekXicXc\ZkliX[\
cXefidX#XkiXmj[\leXj\i`\[\\a\dgcfji\jl\ckfj%
GXiX]XZ`c`kXicXc\ZkliX[\ck\okfj\_Xe`eZcl`[fXhl\ccXj
kXYcXjf\ogi\j`fe\jhl\jfee\Z\jXi`XjgXiX\cZ}cZlcf#
\m`kXe[f cX e\Z\j`[X[ [\ XZl[`i X cfj k\okfj fi`^`eXc\j
[\cXefidX%
-%):C:LCF<EJ@KL8:@E
;<@E:<E;@F
][ #]` = bdf[#]`
J[ #]` = bdf[#]`
])'
D #]`
(ec. 6.1)
J )'
D #]`
(ec. 6.2)
[fe[\#
][#
m
Xcfi[\Z}cZlcf[\cXi\j`jk\eZ`X\eZXjf[\`e$
Z\e[`f2
J[# m
Xcfi [\ Z}cZlcf [\ cX gifg`\[X[ [\ i`^`[\q
d[lcf [\ \cXjk`Z`[X[ <[# f [\c d[lcf [\
ZfikXek\>[# \eZXjf[\`eZ\e[`f2
])'
\iZ\ek`c[\c)'[\leXgifg`\[X[i\j`jk\ek\
g
gXiXcXk\dg\iXkliXefidXc2
J)'
\iZ\ek`c[\c)'[\leXgifg`\[X[[\i`^`[\q
g
d[lcf[\\cXjk`Z`[X[fd[lcf[\ZfikXek\
gXiXcXk\dg\iXkliXefidXc2
-%)%(@ekif[lZZ`e
<e\jk\XgXikX[fj\`eZclp\lei\jld\e[\cX`e]fidX$
Z`ee\Z\jXi`XgXiXcXZfdgifYXZ`e\ej`klXZ`e[\`e$
Z\e[`f%<cfYa\kf\jcX[\k\id`eXZ`e[\cXmXc`[\q[\cX
bdf[#]XZkfi[\df[`ZXZ`e\eZXjf[\`eZ\e[`f2
D# Z f\Z`\ek\gXiZ`Xc[\j\^li`[X[gXiXcXdX[\$
iX\eZXjf[\`eZ\e[`f#`^lXcX(#'%
/-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
EfkX1Gl\[\fYj\imXij\hl\cXj\ogi\j`fe\jjfej`d`cX$
i\jXcXj[\cXj`klXZ`eefidXc#g\ifZfeleZf\Z`\ek\
gXiZ`Xcle`[X[p\ecl^Xi[\\dgc\XicXi\j`jk\eZ`XZf$
ii\jgfe[`\ek\ Xc , g\iZ\ek`c j\ \dgc\X \c )' g\iZ\e$
k`c[\\jkX]fidXj\gi\k\e[\_XZ\iZf`eZ`[`i\c]Xccf[\
cX\jkilZkliXZlXe[fj\XcZXeZ\\ck`\dgfi\hl\i`[f[\
i\j`jk\eZ`XXc]l\^f %<ei\cXZ`eXcXgifg`\[X[[\cXi`$
^`[\q d[lcf [\ \cXjk`Z`[X[ j\ \jk} i\i`\e[f gi`eZ`$
gXcd\ek\XcmXcfiZXiXZk\ijk`Zfhl\j\\dgc\X\ecXm\$
i`ZXZ`e[\cX\jkXY`c`[X[[\cXg`\qX%<cmXcfi[\c]XZkfi
[\df[`ZXZ`e\ej`klXZ`e[\`eZ\e[`fk`\e\\eZl\ekX
cXi\[lZZ`e[\cXjgifg`\[X[\j[\i\j`jk\eZ`Xpi`^`[\qX
k\dg\iXkliXj\c\mX[Xj%
b
<cg\iZ\ek`c[\c)'[\leXZXgXZ`[X[[\ZXi^X#I)'#[\
leXle`ej\ZXcZlcXZfecXj`^l`\ek\\ogi\j`e#
I)' = b]` Ib
I)'
D #]`
b
j\[\e\\ecXkXYcX-%(%
Ib
(ec. 6.3)
[fe[\#
I[#k# m
Xcfi [\ Z}cZlcf [\ cX ZXgXZ`[X[ [\ ZXi^X \e
j`klXZ`e[\`eZ\e[`fgXiX\ck`\dgfk2
I)' m
XcfiZfii\jgfe[`\ek\Xcg\iZ\ek`c[\c)'[\
cXZXgXZ`[X[[\ZXi^XgXiXcXk\dg\iXkliXefi$
dXcj`e\c\]\Zkf[\cX[liXZ`e[\cXZXi^Xp
[\cZfek\e`[f[\_ld\[X[bdf[4( 2
] XZkfi[\Zfem\ij`emXj\XgXikX[f-%+%)%)X
p-%+%* 2
D# Z f\Z`\ek\gXiZ`Xc[\j\^li`[X[gXiXcXdX[\$
iX\ej`klXZ`e[\`eZ\e[`f`^lXcX(#'%
<cg\iZ\ek`c[\c)'[\leXgifg`\[X[[\i\j`jk\eZ`Xf
[\i`^`[\qj\[\k\id`eXXgXik`i[\cXjj`^l`\ek\j\ogi\$
j`fe\j#
])' = b]` ]b
J )' = b]` J',
(ec. 6.4)
(ec. 6.5)
donde,
])'
DX[\iXdXZ`qX
(#),
DX[\iXcXd`eX[X\eZfcX[X
(#(,
KXYc\ifj[\i`mX[fj[\cXdX[\iX
(#(,
DX[\iXd`ZifcXd`eX[XCMC
(#(
Le`fe\jZfe\c\d\ekfj[\aXZ`eX
ZfikXek\Zfeg`\qXjcXk\iXc\j[\dX[\iX
(#(,
p[\kXYc\ifj[\i`mX[fj[\cXdX[\iX
Le`fe\jZfe\c\d\ekfj[\aXZ`eX
ZfikXek\Zfeg`\qXjcXk\iXc\j[\XZ\if
(#',
Le`fe\jZfe\c\d\ekfj[\aXZ`e
(#',
ZXi^X[fjXo`Xcd\ek\
KXYcX-%(MXcfi\j[\b
-%)%*:fdY`eXZ`e[\XZZ`fe\j
;\XZl\i[fZfe\c;fZld\ekf9}j`Zf[\J\^li`[X[<j$
kilZkliXc[\c:K<#\cmXcfi[\Z}cZlcf[\cfj\]\Zkfj[\cXj
XZZ`fe\jZfii\jgfe[`\ek\XleXj`klXZ`e[\`eZ\e[`f#j\
[\k\id`eXd\[`Xek\ZfdY`eXZ`fe\j[\XZZ`fe\jXgXik`i
[\cX\ogi\j`ej`^l`\ek\#
> # a
a (
J)'
(ec. 6.6)
donde,
<cmXcfi[\Z}cZlcf[\cXZXgXZ`[X[gfikXek\I[#k# [\leX
le`ej\fYk`\e\d\[`Xek\cX\ogi\j`ej`^l`\ek\#
I[ #k #]` =
j\[\e\\ecXkXYcX-%(%
>b # a + 8[ + H #( ( #( Hb #( + H #` ) #` Hb #`
` >(
(ec. 6.7)
\j[\Z`i#Zfej`[\iXe[fcXXZklXZ`ej`dlck}e\X[\#
X kf[XjcXjXZZ`fe\jg\idXe\ek\j#\emXcfi[\Z}cZlcf
>>b 2
J`klXZ`e[\`eZ\e[`f
KXYcX-%):f\Z`\ek\j[\ZfdY`eXZ`ej\^e\c;9J\^li`[X[<jkilZkliXc[\c:K<%
8ZZ`e
'
:Xk\^fiX81qfeXji\j`[\eZ`Xc\jm`m`\e[Xj
'#.
'#,
'#*
:Xk\^fiX91qfeXjX[d`e`jkiXk`mXjfZ`eXj
'#.
'#,
'#*
:Xk\^fiX:1qfeXj[\jk`eX[XjXcgYc`ZfcfZXc\j[\i\le`e
'#.
'#.
'#-
:Xk\^fiX;1qfeXjZfd\iZ`Xc\j
'#.
'#.
'#-
'#0
'#/
:Xk\^fiX=1qfeXj[\ki}Zf[\m\_Zlcfj%G%m\_Zlcf*'bE
'#.
'#.
'#-
:Xk\^fiX>1qfeXj[\ki}Zf[\m\_Zlcfj%*'bE<g%m\_Zlcf(-'bE
'#.
'#,
'#*
'
'
'
8ck`kl[?5('''djfYi\\ce`m\c[\cdXi
'#.
'#,
'#)
8ck`kl[?('''djfYi\\ce`m\c[\cdXi
'#,
'#)
'
:Xi^Xj[\m`\ekf\e\[`ZXZ`e1
'#-
'#,!
'
K\dg\iXkliXef`eZ\e[`f \e\[`ZXZ`e1
'#-
'#,
'
:Xi^Xj[\Ljf1
:Xk\^fiX<1qfeXj[\XcdXZ\eXd`\ekf
:Xk\^fiX?1ZlY`\ikXjXZZ\j`Yc\jjcfgXiXdXek\e`d`\ekf
:Xi^X[\e`\m\\e\[`ZXZ`e1
!<ecXefidXLE<$<E(00'j\i\Zfd`\e[X\cmXcfi'#)%
Y cXXZZ`eXZZ`[\ekXc[\`eZ\e[`f#8[ 2
Z leXXZZ`emXi`XYc\#\emXcfi[\Z}cZlcf]i\Zl\ek\
H (Hb #[\Y`\e[fX[fgkXij\ZfdfkXc#leXkiXj
fkiXjlZ\j`mXd\ek\\e[`jk`ekfjXe}c`j`jZfeZX[X
XZZ`eXZZ`[\ekXcZfej`[\iX[X2
[ <ci\jkf[\cXjXZZ`fe\jmXi`XYc\j#\emXcfi[\Z}c$
ZlcfZXj`g\idXe\ek\H)Hb %
<ej`klXZ`e\okiXfi[`eXi`X#kf[fjcfjZf\Z`\ek\j[\j\$
^li`[X[ >#H # jfe `^lXc\j X cX le`[X[ j` jl \]\Zkf \j
[\j]XmfiXYc\#pj`\c\]\Zkf\j]XmfiXYc\>4(#'pH4'%
:fd\ekXi`fj1\e\c<lifZ[`^f'#efidXLE<$<E(00'1)''*#
cX\ZlXZ`e[\ZfdY`eXZ`e[\XZZ`fe\j\hl`mXc\ek\XcX
\ZlXZ`e-%. gXiXcXXZZ`emXi`XYc\gi`eZ`gXc[\aXcXXj`^$
eXZ`e[\cZf\Z`\ek\[\ZfdY`eXZ`eXY`\ikfX[fjgfj`$
Y`c`[X[\j(f ) %<ecXkXYcX-%)j\i\Zf^\ecfjmXcfi\j
[\cfjZf\Z`\ek\j[\ZfdY`eXZ`ej\^e\c:K<%
(ec. 6.8)
[fe[\#
<[
Xcfi[\Z}cZlcf[\c\]\Zkf[\cXjXZZ`fe\jgXiX
m
\c Z}cZlcf Zfe cX k\dg\iXkliX efidXc gXiX cX
ZfdY`eXZ`e]le[Xd\ekXc[\cXjXZZ`fe\j#mX$
j\\c;fZld\ekf9}j`Zf[\J\^li`[X[<jkilZ$
kliXc[\c:K<fcXefidXLE<$<E(00'1)''*2
] XZkfi[\i\[lZZ`egXiX\cmXcfi[\Z}cZlcf[\
cXZXi^X\ecXj`klXZ`e[\`eZ\e[`f%
>b + b #( Hb #(
> >b + H #( Hb #(
(ec.6.9)
:fej`[\iXe[fcX\ZlXZ`e*%-pcfjZf\Z`\ek\j[\j`dlc$
kXe\`[X[[\e`[fj\ecXkXYcX-%)#gl\[\e\jkXYc\Z\ij\
cXjZfdY`eXZ`fe\j[\ZXi^Xi\\aX[Xj\ecXkXYcX-%*%
[fe[\#
>b
mXcfiZXiXZk\ijk`Zf[\cXXZZ`eg\idXe\ek\2
Hb#(
mXcfiZXiXZk\ijk`Zf[\cXXZZ`emXi`XYc\[fd`$
eXek\2
/.
//
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX-%*%:f\Z`\ek\j^cfYXc\j[\ZfdY`eXZ`e[\XZZ`fe\j\ej`klXZ`e[\`eZ\e[`fgXiXXc^lefjZXjfj_XY`klXc\j
:fdY`eXZ`e[\XZZ`fe\j
<]\Zkf[\j]XmfiXYc\
<]\Zkf]XmfiXYc\
g\idXe\ek\
jfYi\ZXi^Xljf!
(#'
(#''
'#,$'#.
'
g\idXe\ek\
(#'
(#''
'#)$'#,
'
g\idXe\ek\
(#'
(#''
m`\ekf
'#,
'
e`\m\!!
g\idXe\ek\
(#'
(#'
(#''
jfYi\ZXi^Xljf!
'#,$'#.
'#*$'#-
'
e`\m\!!
'#'$'#)
'#)$'#,
'
g\idXe\ek\
jfYi\ZXi^Xljf!
m`\ekf
(#'
(#'
(#''
'#,$'#.
'#*$'#-
'
'#'
'#,
'
! <cd\efimXcfij\Xgc`ZX\ejfYi\ZXi^Xj[\ljf\eqfeXji\j`[\eZ`Xc\jpX[d`e`jkiXk`mXj2\cdXpfi
mXcfij\Xgc`ZX\eqfeXj[\jk`eX[XjXcgYc`ZfpZfd\iZ`Xc\j
!! <cd\efimXcfij\Xgc`ZXgXiXXck`kl[\j('''dp\cdXpfigXiXXck`kl[\j>('''d%<ej`klXZ`fe\j
[\e`\m\[\[liXZ`fe\jcXi^Xjfg\idXe\ek\j\jk\Zf\Z`\ek\gl\[\j\idXpf%i
>
Zf\Z`\ek\gXiZ`XcgXiXcXjXZZ`fe\jg\idXe\e$
k\j2
H#(
b#(
] XZkfi[\ZfdY`eXZ`egXiXcfjmXcfi\j]i\Zl\e$
k\j [\ cX XZZ`e mXi`XYc\ \e cX j`klXZ`e [\ `e$
Z\e[`f%
:fdfj`dgc`ZXZ`e#\cmXcfii\Zfd\e[X[f\j4'#-#
\oZ\gkfgXiX\cZXjf[\jfYi\ZXi^Xj[\ljfZfii\jgfe$
[`\ek\jXcXZXk\^fiX<[\e`[X\e\c;fZld\ekf9}j`Zf[\
J\^li`[X[ <jkilZkliXc [\c :K< f \e cX efidX LE<$<E
(00($)$(1)''* }i\Xj jljZ\gk`Yc\j [\ XZldlcXZ`e [\
dl\Yc\jp\ej\i\j#`eZclp\e[fcXj}i\Xj[\XZZ\jf [fe$
[\\cmXcfii\Zfd\e[X[f\j4'#.%
-%)%+Dkf[f[\ZfdgifYXZ`e
CXZfdgifYXZ`e[\leX\jkilZkliX\ej`klXZ`e[\`eZ\e$
[`fgl\[\\mXclXij\Zfej`[\iXe[fleX\ogfj`Z`eXle`e$
Z\e[`fefidXc`qX[ffefd`eXc fj`^l`\e[fledf[\cf[\
`eZ\e[`f[\k\id`eX[f#`eZclp\e[fcXjXZZ`fe\j[\XZfd$
gXXd`\ekf% Cfj df[\cfj [\ `eZ\e[`f gl\[\e Xgc`ZXij\
X leX gXik\ f Xc Zfealekf [\ cX \jkilZkliX XeXc`qXe[f \c
gifYc\dX[\dXe\iXd}jXgifo`dX[XXcXi\Xc`[X[%
J`e\dYXi^f#gXiXZfdgifYXicXi\j`jk\eZ`X[\cX\jkilZ$
kliXZfej`[\iXe[fle`eZ\e[`fefidXc`qX[f\jjlZ`\ek\
le Xe}c`j`j [\ cXj g`\qXj [\ dXe\iX `e[`m`[lXc% ;\ \jkX
dXe\iXj\Zfdgil\YXhl\kf[XjcXjg`\qXjZldgc\ecfj
i\hl`j`kfj[\i\j`jk\eZ`XXcZXYf[\lek`\dgf[\k\id`eX$
[f[\`eZ\e[`f%<jk\\j\cgifZ\[`d`\ekfhl\j\\ogfe\
\e\jk\ZXgklcf%
-%)%,:XiYfe`qXZ`e
X >\e\iXc`[X[\j
;liXek\ \c `eZ\e[`f cXj g`\qXj [\ dX[\iX jl]i\e leX
ZXiYfe`qXZ`e\ecXjjlg\iZ`\j\ogl\jkXjXc]l\^fhl\
i\[lZ\ejlj\ZZ`e%<jkXZXiYfe`qXZ`ej\gif[lZ\Xle
i`kdfZfejkXek\#[\dXe\iXhl\i\jlckXj\eZ`ccf[\k\id`$
eXicXj\ZZ`e\ZXqXcZXYf[\lek`\dgf[\`eZ\e[`f%CX
gif]le[`[X[ZXiYfe`qX[Xj\[\e\ZfdfcX[`jkXeZ`X\e$
ki\cXjlg\iZ`\fi`^`eXc[\cXg`\qXpcXgfj`Z`e[\c]i\ek\
[\ZXiYfe`qXZ`e%
CXZXiYfe`qXZ`e[\cXjg`\qXjj\gif[lZ\j`^l`\e[fle
gXkie[`]\i\ek\j\^ecXjlg\iZ`\j\\eZl\eki\[`i\Z$
kXd\ek\ \ogl\jkX Xc ]l\^f f \o`jkX Xc^e dXk\i`Xc [\
gifk\ZZ`e ]i\ek\ Xc ]l\^f# Zfdf gl\[\ j\i leX g`\qX
[\jXZi`Z`f[\dX[\iX#kXYc\if[\i`mX[f[\cXdX[\iXf
kXYc\ifcXd`eX[f[\p\jf%
J`klXZ`e[\`eZ\e[`f
Y Jlg\iZ`\jefgifk\^`[Xj
CXgif]le[`[X[ZXiYfe`qX[X\e\cZXjf[\jlg\iZ`\jef
gifk\^`[Xj j\ [\k\id`eX d\[`Xek\ cX j`^l`\ek\ \ogi\$
j`e#
CXm\cfZ`[X[[\ZXiYfe`qXZ`ele`[`i\ZZ`feXcgl\[\lk`c`$
qXij\\ej\ZZ`fe\jhl\k\e^XeleXXeZ_liXde`dXYd`e#
[\e`[XXZfek`elXZ`e#
Yd`e =
/ #(, [
[fe[\#
[Z_Xi#' mXcfi[\Z}cZlcf[\cXgif]le[`[X[ZXiYfe`qX[X
gXiXXmXeZ\[\c]l\^fle`[`i\ZZ`feXc2
:lXe[fcXXeZ_liXde`dX[\cXj\ZZ`ej\Xd\efihl\
Yd`ej\lk`c`qXi}cXm\cfZ`[X[[\ZXiYfe`qXZ`eefd`eXc%
'
Z Jlg\iZ`\jgifk\^`[Xj
k
k`\dgf[\\ogfj`Z`eXc]l\^f%
CXm\cfZ`[X[i\Xcfle`[`i\ZZ`feXc [\ZXiYfe`qXZ`e`d$
gc`ZXcXZfej`[\iXZ`e[\hl\\c]l\^fXmXeqX[\dXe\iX
d}ji}g`[X\ecXj\jhl`eXj[\cXj\ZZ`e[\cXg`\qX#iX$
qegficXhl\j\X[fgkXlei\[fe[\f[\cXjXi`jkXjZfe
leiX[`f`^lXcXcXgif]le[`[X[ZXiYfe`qX[X[Z_Xi%
GXiXj`dgc`ZXi\cgifZ\jf[\cZ}cZlcf[\cXj\ZZ`ei\$
[lZ`[X[\cXg`\qXj\gl\[\X[fgkXilemXcfi[\cXm\cf$
Z`[X[[\ZXiYfe`qXZ`edXpfihl\cXi\Xc#hl\j\[\ef$
d`eXm\cfZ`[X[efd`eXc[\ZXiYfe`qXZ`ee#[\e`[X\e
cXkXYcX-%+%CXZfej`[\iXZ`e[\\jkXm\cfZ`[X[g\id`k\
kfdXicXj\ZZ`ei\[lZ`[Xj`ek\e\i\eZl\ekX\c\]\Zkf
[\ci\[fe[\f[\cXjXi`jkXj#cfhl\]XZ`c`kXjlZ}cZlcf#^l$
iX-%(%<e\jk\ZXjf#cXgif]le[`[X[[\ZXiYfe`qXZ`ej\
fYk`\e\j\^ecX\ogi\j`ej`^l`\ek\#
[Z_Xi #e = e k
[fe[\#
\Z%-%((
[Z_Xi#e mXcfi[\Z}cZlcf[\cXgif]le[`[X[ZXiYfe`qX[X
efd`eXc2
$8gXik`i[\ck`\dgfcd`k\kacXm\cfZ`[X[[\ZXiYfe`qX$
Z`e\jcXd`jdXhl\cX`e[`ZX[X\ecXkXYcX-%+%
e
m\cfZ`[X[[\ZXiYfe`qXZ`eefd`eXc#kXYcX-%*2
k
k`\dgf[\\ogfj`Z`eXc]l\^f%
-%)%-:fdgifYXZ`e[\cXZXgXZ`[X[gfikXek\
X >\e\iXc`[X[\j
=`^liX-%(:XiYfe`qXZ`ei\Xcle`[`i\ZZ`feXc pefd`eXc%
/0
0'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX-%+MXcfi\j[\Z}cZlcf[\cXm\cfZ`[X[[\ZXiYfe`qXZ`ei\Xcpefd`eXc 'pe#[\cXdX[\iX#
dX[\iXd`ZifcXd`eX[XCMC #kXYc\ifj[\dX[\iXdXZ`qXpkXYc\ifj[\i`mX[fj[\cXdX[\iX%
'
dd&d`e
X :fe]\iXjp_XpX
e
dd&d`e
DX[\iXcXd`eX[X\eZfcX[XZfeleX[\ej`[X[ZXiXZk\ijk`ZX()0'b^&d*
'#-,
'#.'
DX[\iXdXZ`qXZfeleX[\ej`[X[ZXiXZk\ijk`ZX()0'b^&d*
'#-,
'#/'
Y =ife[fjXjX
DX[\iXdXZ`qXfcXd`eX[X\eZfcX[X[\]ife[fjXjZfeleX[\ej`[X[ZXiXZk\ijk`ZX`^lXcX)0'b^&d*
'#-,
'#.'
DX[\iXdXZ`qXfcXd`eX[X\eZfcX[X[\]ife[fjXjZfeleX[\ej`[X[ZXiXZk\ijk`ZX(+,'b^&d*
'#,'
'#,,
'#-,
'#.'
;\dX[\iXdXZ`qX
'#0'Y
:fekiXZ_XgX[fj
(#''Y
KXYc\ifj[\i`mX[fj[\cXdX[\iX[`]\i\ek\jXckXYc\ifZfekiXZ_XgX[f
'#0'Y
Z DX[\iXd`ZifcXd`eX[XCMC ZfeleX[\ej`[X[ZXiXZk\ijk`ZX(+/'b^&d*
[ KXYc\ifj
CXm\cfZ`[X[[\ZXiYfe`qXZ`egXiXcXdX[\iXdXZ`qX[\]ife[fjXj#\oZ\gkf\c_XpX#Zfe[\ej`[X[\jZXiXZk\ijk`ZXjZfdgi\e[`[Xj\eki\)0'
p+,'b^&d*#gl\[\fYk\e\ij\d\[`Xek\`ek\igfcXZ`ec`e\Xc\eki\cfjmXcfi\j[\e`[fj\e\jkXkXYcX%
Y
CfjmXcfi\jj\Xgc`ZXegXiXleX[\ej`[X[ZXiXZk\ijk`ZX[\+,'b^&d*pgXiXle^il\jf[\ckXYc\if[\)'dd%GXiXfkiX[\ej`[X[b\eb^&d*
p^il\jfjk\edd#d\efi\jhl\)'dd j\kfdXi}\cmXcfij`^l`\ek\#
X
' # #k = ' b b_
J`\e[f#
b =
+,'
)'
2 b_ =
b
_g
Y Dkf[f[\cXj\ZZ`ei\[lZ`[X
J\ [\e\ leX j\ZZ`e \ZXq [\ cX g`\qX Zfe cX hl\ j\
i\Xc`qXi}ecXjZfdgifYXZ`fe\j[\Z}cZlcfhl\j\[\k\i$
\Z%-%(*
['4.dd
[Z_Xi#e [\k\id`eX[Xj\^ecX\ZlXZ`e-%((fcXji\^cXj
[\cXgXikX[f-%)%,Z
b'
] XZkfihl\Zfii`^\cXgif]le[`[X[ZXiYfe`qX[X\e
cfjgi`d\ifj)'d`elkfj[\\ogfj`Z`eXc]l\^f%
J`klXZ`e[\`eZ\e[`f
XiXjlg\iZ`\jefgifk\^`[Xj\cmXcfi[\b'j\fYk`\e\
G
[\cXkXYcX-%,%
d\Z}e`ZXj [\ cX dX[\iX hl\ \j ]leZ`e [\ cX i\cXZ`e
\eki\\cg\id\kif\ogl\jkfXc]l\^fp\c}i\Xi\[lZ`[X
[\cXj\ZZ`eXkiXmj[\cmXcfi[\c]XZkfibdf[##[\XZl\i$
[fZfecf\ogl\jkfXZfek`elXZ`e%
GXiX k`\dgfj [\ \ogfj`Z`e Xc ]l\^f k )' d`elkfj \c
]XZkfi [\ df[`ZXZ`e bdf[## mXej\ cXj \ZlXZ`fe\j -%(
p-%)#j\kfdXi}[\cXdXe\iXj`^l`\ek\#
$GXiXcXi\j`jk\eZ`XX\o`e1
bdf[#]` = ( #'
( g
)'' 8i \Z%-%(+
$GXiXcXi\j`jk\eZ`XXZfdgi\j`e1
bdf[#]` = ( #'
=`^liX-%)Dkf[f[\cXj\ZZ`ei\[lZ`[X1(jlg\iZ`\`e`Z`Xc#
)g\id\kif[\ZXiYfe`qXZ`ep*g\id\kif[\cXj\ZZ`e\ZXq%
GXiX jlg\iZ`\j gifk\^`[Xj Zfe k`\dgf [\ ZXiYfe`qX$
Z`ekZ_5)'d`elkfjj\jlgfe\hl\b'mXiXc`e\Xcd\e$
k\ [\j[\ ' _XjkX ( [liXek\ \c `ek\imXcf [\ k`\dgf [\
k4'Xk4kZ_b'4k&kZ_ %<ejlg\iZ`\jgifk\^`[XjZfe
kZ_)'d`elkfjj\Xgc`ZXcXkXYcX-%,%
$GXiXcXi\j`jk\eZ`XXkiXZZ`ep\cd[lcf[\\cXj$
k`Z`[X[1
bdf[#]` = ( #'
k&)'
k5)'d`elkfj
(#'
KXYcX-%,MXcfi[\b'gXiXjlg\iZ`\jef
gifk\^`[Xjk\ed`elkfj
( g
**' 8i \Z%-%(-
[fe[\#
g
8i
}i\X[\cXj\ZZ`ei\[lZ`[X#\ed)%
b'
k3)'d`elkfj
( g
(), 8i \Z%-%(,
[ FkiXjZfej`[\iXZ`fe\j
GXiX jlg\iZ`\j [\ dX[\iX hl\ c`d`kXe Zfe ZXm`[X$
[\j \e ]fiaX[fj p dlifj j\ Xgc`ZXe i\^cXj \jg\ZZXj
hl\ j\ \ogfe\e \e \c XgXikX[f +%)%)+ [\ cX efidX
<E(00,$($)%
CXi\j`jk\eZ`X[\Z}cZlcf[\cXdX[\iXj\ZXcZlcXi}Zfe\c
mXcfi[\bdf[#4(#'2\j[\Z`i#j\X[d`k\hl\cXi\j`jk\eZ`X
[\cdXk\i`Xchl\hl\[X[\ekif[\cXj\ZZ`e\ZXqdXe$
k`\e\cXi\j`jk\eZ`X`ekXZkX%
Z Dkf[f[\cXjgifg`\[X[\ji\[lZ`[Xj
<jk\dkf[f\jXgc`ZXYc\XcXjj\ZZ`fe\ji\ZkXe^lcXi\j[\
dX[\iXj[\Zfe]\iXj\ogl\jkXjXc]l\^f\eki\jfZlXkif
ZXiXjpgXiXj\ZZ`fe\jZ`iZlcXi\j\ogl\jkXj\ekf[fjl
g\id\kif% CX j\ZZ`e i\[lZ`[X j\ ZXcZlcX [\ XZl\i[f
Zfecf\ogl\jkf\e\cXgXikX[f-%)%,%<e\jk\dkf[f[\
Z}cZlcf j\ Zfej`[\iX leX i\[lZZ`e [\ cXj gifg`\[X[\j
0(
0)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
gif[lZ\leX[`cXkXZ`ekid`ZX\ecfjk`iXek\jhl\i}$
g`[Xd\ek\ g`\i[\e k\ej`e p j\ XfaXe% 8[\d}j# \e
-d`elkfjcXk\dg\iXkliXcc\^XiXXcfj-''ZfeleX
[`jd`elZ`e[\cXZXgXZ`[X[i\j`jk\ek\[\ck`iXek\[\c
fi[\e[\c,'cfhl\Xgifo`dX[Xd\ek\Zf`eZ`[\Zfe
\cX^fkXd`\ekf[\cd`jdfj`j\_XZXcZlcX[f\jki`ZkX$
d\ek\gXiXcXj`klXZ`eefidXc %GfikXekfcX]leZ`e
[\c Xk`iXekX[f jcf gl\[\ dXek\e\ij\ d\[`Xek\ leX
gifk\ZZ`ekid`ZX[\cd`jdf%
-%*LE@FE<J:8IG@EK<I8J
-%*%(>\e\iXc`[X[\j
<c Z}cZlcf [\ cX i\j`jk\eZ`X Xc ]l\^f [\ cXj le`fe\j kiX$
[`Z`feXc\jj\gl\[\i\Xc`qXij`dgc\d\ek\XeXc`qXe[f\c
gifYc\dX[\cXgi[`[X[\j\ZZ`egif[lZ`[XgficXZXi$
Yfe`qXZ`e[\cXdX[\iX\ecXjjlg\iZ`\j\ogl\jkXjXc
]l\^f% GXiX \ccf j\ j\^l`i}e cXj i\^cXj \ogl\jkXj \e \c
XgXikX[fXek\i`fi-%)%
<e\jk\XgXikX[fj\XeXc`qXecfjZXjfjd}j]i\Zl\ek\j
[\ le`fe\j kiX[`Z`feXc\j f ZXig`ek\iXj \ogfe`\e[f \e
kid`efj^\e\iXc\j\cgifYc\dXp_XZ`\e[fcXZfdgif$
YXZ`egXik`ZlcXi[\le\a\dgcf%
-%*%)<dYXiY`ccX[f]ifekXc
<e\cXgXikX[f*%,%([\cZXgklcf*[\\jkXglYc`ZXZ`ej\
\ogfe\\cZ}cZlcf[\\jk\k`gf[\le`egXiXleXj`klX$
Z`eefidXc%?Xpki\jZfdgifYXZ`fe\jXi\Xc`qXi1
$CXZfdgi\j`efYc`ZlX\e\c]i\ek\[\cXYXiY`ccX\Z%*%)* %
$CXk\ej`ekXe^\eZ`XciXjXek\\e\cZf^fk\\Z%*%). %
$PcXZfdgi\j`eg\ig\e[`ZlcXijfYi\\ck`iXek\\Z%*%)0
;\\jkXjki\jZfdgifYXZ`fe\j#j`^l`\e[fcXji\^cXj\ele$
Z`X[Xj\e[`Z_fXgXikX[fgXiX\c[`j\f[\cXle`e#cX
hl\i\jlckXd}jZik`ZX\e\cX^fkXd`\ekf\jcXgi`d\iX#
Zfii\jgfe[`\ek\XcXZfdgi\j`efYc`ZlX\e\c]i\ek\[\
cXYXiY`ccX%CXgif]le[`[X[i\Zfd\e[X[XgXiXcXYXiY`ccX#
km#\jlemXcfi`e]\i`fiX_)&+f_)&,#j`\e[f_)\cZXekf[\c
k`iXek\%<j]}Z`cZfdgi\e[\ihl\\eZXjf[\`eZ\e[`f#j`
cXjlg\iZ`\jlg\i`fief\jk}gifk\^`[X#cXgif]le[`[X[
ZXiYfe`qX[Xjlgfe\leXgi[`[X[\kmdlp\c\mX[X%
J`e\dYXi^f#cXk\ej`ekXe^\eZ`Xc\e\ciXjXek\ZfeleX
cfe^`kl[jlZ`\ek\cm #ef[Xcl^XiXgifYc\dXj[\X^fkX$
d`\ekf%D\efjXecXk\iZ\iXZfdgifYXZ`e[\cXZfdgi\$
j`eg\ig\e[`ZlcXiXcXYiXhl\j\gf[iX[\jgi\Z`Xi%
GfifkifcX[f#cXle`eX]\ZkXkXdY`eXcXZfdgifYXZ`e
[\cXjg`\qXjhl\cc\^XeXcel[f\cgXip\ck`iXek\ %G\if
\jk\gifYc\dXj\[\Y\i\jfcm\iZlXe[fj\Zfdgil\YXe
cXj g`\qXj gifg`Xd\ek\ [`Z_Xj% Gfi fkif cX[f# cX \o`e
hl\gl\[\XgXi\Z\i\e\ck`iXek\XZXljX[\cXj\oZ\eki`$
Z`[X[\jhl\\o`jk\e\ecXj\ZZ`ei\[lZ`[Xgfi\cZXa\X[f
[\cXYXiY`ccX#gl\[\\m`kXij\d\[`Xek\cX\c\ZZ`e[\cX
[`jkXeZ`XX[\ZlX[XX#j\^ecX\ZlXZ`e*%**%
Gfi kXekf# k\e`\e[f \e Zl\ekX hl\ \c glekf Zik`Zf
\j cX gif]le[`[X[ [\ cX YXiY`ccX# km# [\ dXe\iX Xgifo`$
dX[X \c Zldgc`d`\ekf [\ leX I*' j\i} XcZXeqXYc\
jcf Zfe mXcfi\j [\ km dXpfi\j f `^lXc\j X ,' dd%
<jkXj Zfe[`Z`fe\j jcf j\ gl\[\e XcZXeqXi ZlXe$
[f \c ZXekf [\c k`iXek\ j\X jlg\i`fi X lefj )'' dd%
C^`ZXd\ek\# j\i} gi\]\i`Yc\ kfdXi mXcfi\j [\ _)&+
d\afi hl\ _)&,% <e fkiXj j`klXZ`fe\j j\ [\Y\i} i\$
Zlii`i X [\aXi gifk\^`[X cX jlg\iZ`\ jlg\i`fi [\c
\eZl\ekif gXi k`iXek\ f lk`c`qXi k`iX]fe[fj hl\ XkiX$
m`\j\e[\j[\cXZXiXjlg\i`fi[\cgXi_XjkX\ck`iXek\#
[\aXe[fXjgXik\[\cXZXgXZ`[X[i\jgfejXY`c`qX[XXcX
Zfe\o`ed\Z}e`ZXZlXe[fcXYXiY`ccX[\jXgXi\qZX%
8Zfek`elXZ`ej\\ogfe\\cgifZ\jf[\ZfdgifYXZ`e
[\leZXjfZfeZi\kf[\leXle`e[\\jk\k`gf%
<a\dgcf-%(1<dYXiY`ccX[f]ifekXc\eki\gXipk`iXek\Zfe
cXj[`d\ej`fe\j`e[`ZX[Xj\ecX^liX-%*%J\i\Xc`qXi}cX
ZfdgifYXZ`e[\cXle`e\ej`klXZ`eefidXcp\ej`klX$
Z`e[\`eZ\e[`fgXiXleXi\j`jk\eZ`XXc]l\^f[\*'d`$
elkfjI*' Xgc`ZXe[f\cdkf[f[\cXj\ZZ`ei\[lZ`[X%
=l\iqXj [\ j\ZZ`e1 j\ _X Zfej`[\iX[f cX XZklXZ`e
j`dlck}e\X[\[fjXZZ`fe\jZXi^Xg\idXe\ek\pe`\m\
Zfe leX [liXZ`e ZfikX p gXiX leX Xck`kl[ d\efi hl\
('''djed %
:fd\ekXi`fj1\c;9J<DX[\iX[\c:K<Xj`^eXleX[liX$
Z`eZfikXXcXZXi^X[\e`\m\ZlXe[fcXXck`kl[jfYi\\c
e`m\c[\dXi\jd\efif`^lXcX('''d%
<e\cgXi1
E(g4*/#'),bE2M(g4*#,'/bE
E(e4)+#**-bE2M(e4)#)+,bE
E([4(#*,*/#'),"(#,')+#**-4/.#/*.bE
M([4(#*,*#,'/"(#,')#)+,4/#('*bE
<e\ck`iXek\1
E)g4*(#(.-bE2M)g'bE
E)e4(0#0,*bE2M)e'bE
E)[4(#*,*(#(.-"(#,'(0#0,*4.)#'(.bE
<ej`klXZ`e[\`eZ\e[`fcXjjfc`Z`kXZ`fe\j[\Z}cZlcfj\$
i}ecXjj`^l`\ek\j1
J`klXZ`e[\`eZ\e[`f
E([#4*/#'),"'#)')+#**-4+)#/0)bE
M([#4*#,'/"'#)')#)+,4*#0,.bE
E)[#4*(#(.-"'#)'(0#0,*4*,#(-.bE
=* = E( [ Zfj M( [ j\e =
= /. # /*.Zfj *' $ / #('* j\e *' = .) #'(. bE
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#+0#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
(ec. 3.21)
=+ = =( j\e + =) Zfj =
= /) #.+- j\e (, + *' # ,'(Zfjj (, = ,' #0*, bE
4+)#/0)&/.#/*.4'#+0
(ec. 3.22)
Gifg`\[X[\j[\cXdX[\iX1:cXj\i\j`jk\ek\:))#Zfecfj
j`^l`\ek\jmXcfi\jZXiXZk\ijk`Zfjp[\Z}cZlcfgXiXcXj`$
klXZ`eefidXcp[\`eZ\e[`f#\eE&dd)1
:XiXZk\ijk`Zfj
:}cZlcfefidXc
:}cZlcf`eZ\e[`f
KiXZZ`egXiXc\cX1
]k#'#b4(*
0#''
(-#),
:fdgi\j`egXiXc\cX1
]Z#'#b4)'
(*#/,
),#''
0#)/
(-#.-
]Z#0'#b4)#+
(#--
*#''
]m#b4*#/
)#-*
+#.,
:fdgi\j`efYc`ZlX(, \Z%*%)* 1
:fdgi\j`eg\ig\e[`ZlcXi1
:fikXek\1
Z # #[ =
=( = E( [ Zfj M( [ j\e =
= /. # /*.Zfj (, / #('* j\e (, = /) #.+- bE
(ec. 3.19)
]Z # #[ =
(ec. 3.20)
=(
/).+=
= - #-- E & dd )
Y( km Zfj )'' -' & Zfj (,
]Z #' #[
=
]Z #' #[
j\e ) + Zfj )
bZ #0' ]Z #0' #[
(*
* # /,
= 0 # )/ E & dd )
(* # /,
)
)
j\e (, + Zfj (,
( #--
=`^liX-%*<a\dgcf[\Z}cZlcf[\le`e\dYXiY`ccX[X\eki\gXipk`iXek\%
0*
0+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
\c\^`[XgXiXd`e`d`qXi\cdfd\ekf\Zkfi\ecXle`e#
\ZlXZ`e*%**%
<ce[`Z\[\X^fkXd`\ekf\j#
Z # #[ - #-=
= ' #.) (
]Z # #[ 0 # )/
Y K\ej`ekXe^\eZ`Xc\e\cZf^fk\\Z%*%).
[ =
=*
.)'(.
=
= ( # )' E & dd )
Y) cm )'' *''
E) [ _) .)'(. )+'
=
= (-0 #. dd
) M[
) ,'0*,
:fdgifYXZ`e\ej`klXZ`e[\`eZ\e[`f1
CXgif]le[`[X[ZXiYfe`qX[X\ZXq\j1
<ce[`Z\[\X^fkXd`\ekf\j#
[
( # )'
=
= ' # +- (
]m #[ ) #-*
Z :fdgi\j`eg\ig\e[`ZlcXi\Z%*%)0
Z #0' #[
a=
CXjZfdgfe\ek\j[\cXj]l\iqXjXlk`c`qXijfecXjj`^l`\ek\j1
(ec. 3.19)
=) #]` = E( [ #]` j\e +M( [ #]` Zfj =
= +) # /0) j\e (, + * #0,.Zfj (, = (+ #0)* bE
(ec. 3.20)
=* #]` = E
P\ce[`Z\[\X^fkXd`\ekf#
( [ #]`
Z #0' #[ ' # ,*
=
= ' # *) (
]Z #0' #[
( #-Gl\[\fYj\imXij\hl\cX[`jkXeZ`Xa\eki\\c\a\[\cXi\$
XZZ`ep\cmik`Z\[\cXZXaX[\cXYXiY`ccX#^liX-%*#\jk}
(ec. 3.21)
=+ #]` = =( #]` j\e + =) #]` Zfj =
= +' # +'- j\e (, +(+ #0)*Zfj (, = )+ # /.) bE
=`^liX-%+J\ZZ`fe\j\ZXZ\j[\jglj[\*'d`elkfj[\`eZ\e[`f%
(ec. 3.22)
J`klXZ`e[\`eZ\e[`f
=( #]`
+'+'=
= 0 #., E & dd )
Y( #]` km #]` Zfj (*/ )0 & Zfj (,
,
]Z # #[ #]` =
]Z #' #[ #]`
]Z #' #[ #]`
j\e ) + Zfj )
bZ #0' ]Z #0' #[ #]`
),
= (- #.- E & dd )
),
)
j\e (, + Zfj ) (,
*
<ce[`Z\[\X^fkXd`\ekf\j#
Z # #[ #]` 0 #.,
=
= ' # ,/ (
]Z # #[ #]` (- #.Y K\ej`ekXe^\eZ`Xc\e\cZf^fk\\Z%*%).
[ #]` =
=* #]`
*,(-.
=
= ' #0, E & dd )
Y) #]` cm #]` (*/ )-0
X]\ZkXXcg\id\kif[\cXj\ZZ`ed`\ekiXjhl\\c\eZXa\
\eki\cXjg`\qXjj\j`kX\e\c`ek\i`fi%CXi\j`jk\eZ`XXc
]l\^f[\*'d`elkfjj\XcZXeqX#\ekid`efj^\e\iXc\j#
]}Z`cd\ek\% 8 Zfek`elXZ`e j\ [\jZi`Y\ le \a\dgcf [\
Z}cZlcf[\le\dgXcd\[\ccXm\%
<a\dgcf-%)1<dgXcd\[\ccXm\ZfecXj[`d\ej`fe\j`e$
[`ZX[Xj\ecX^liX-%,%J\i\Xc`qXi}cXZfdgifYXZ`e[\
cXle`e\ej`klXZ`eefidXcp\ej`klXZ`e[\`eZ\e[`f
gXiXleXi\j`jk\eZ`XXc]l\^f[\*'d`elkfjI*' Xgc`$
ZXe[f\cdkf[f[\cXj\ZZ`ei\[lZ`[X%
=l\iqXj[\j\ZZ`e1j\_XZfej`[\iX[fcXXZklXZ`ej`$
dlck}e\X[\[fjXZZ`fe\jZXi^Xg\idXe\ek\pe`\m\
ZfeleX[liXZ`eZfikXpgXiXleXXck`kl[d\efihl\
('''djed %
Eg4(+#'bE
Ee4(/#.bE
E[4(#*,(+"(#,'(/#.4+-#0,bE
<e j`klXZ`e [\ `eZ\e[`f cX jfc`Z`kXZ`e [\ Z}cZlcf j\i}
cXj`^l`\ek\1
E[#4(+"'#)'(/#.4(.#.+bE
<ce[`Z\[\X^fkXd`\ekf\j#
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#*/#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
4(.#.+&+-#0,4'#*/
Gifg`\[X[\j [\ cX dX[\iX1 :cXj\ i\j`jk\ek\ :)) ZlX
;*' #Zfecfjj`^l`\ek\jmXcfi\jZXiXZk\ijk`Zfjp[\Z}c$
ZlcfgXiXcXj`klXZ`eefidXcp[\`eZ\e[`f#\eE&dd)1
=`^liX-%,<a\dgcf[\Z}cZlcf\dgXcd\[\ccXm\\elek`iXek\%
0,
0-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
:XiXZk\ijk`Zfj
:}cZlcfefidXc
:}cZlcf`eZ\e[`f
=c\o`e1
]d#b4))
(,#)*
).#,'
KiXZZ`egXiXc\cX1
]k#'#b4(*
0#''
(-#),
:fdgi\j`egXiXc\cX1
]Z#'#b4)'
(*#/+
),#''
:fdgi\j`eg\ig\e[`ZlcXiZlX;*'1
]Z#0'#b4/
,#,*
('#''
:fikXek\1
]m#b4*#/
)#-*
+#.,
:fdgifYXZ`e\ej`klXZ`eefidXc1
X :fdgi\j`e\e\c]i\ek\[\\eZXa\\Z%*%,(
k #' #[ =
Z #[ =
E[
+-0,'
=
= , #(' E & dd )
k Y +- )''
d #[ =
El ndice de agotamiento,
Z #[
, #('
=
= ' #0) (
]Z #0' #[ , # ,*
E[
+-0,'
=
= ( # ,- E & dd )
)'' (,'
Y c
E[
+-0,'
=
= ) # +) E & dd )
_i Y 0. )''
Y el ndice de agotamiento,
k #' #[ d #[ ) # +) (' #.'
+
=
+
= ' #0. (
]k #' #[
]d #[
0
(, # )*
:fdgifYXZ`e\ej`klXZ`e[\`eZ\e[`f1
CXgif]le[`[X[ZXiYfe`qX[X\ZXq\j1
[
( # ,=
= ' # ,0 (
]m #[ ) #-*
PcXjj\ZZ`fe\jhl\[Xei\[lZ`[Xj[\cXdXe\iX`e[`ZX$
[X\ecX^liX-%-%
=`^liX-%-J\ZZ`e\ZXq[\jglj[\*'d`elkfj[\`eZ\e[`f%
J`klXZ`e[\`eZ\e[`f
E[ #]`
(..+'
=
= ) #.0 E & dd )
k Y]` +- (*/
El ndice de agotamiento,
Z #[ #]`
) #.0
=
= ' # )/ (
]Z #0' #[ #]`
('
m #[ #]` =
E[ #]`
(..+'
=
= ' # /- E & dd )
Y]` c
(*/ (,'
ZfeleXZfcX[\d`cXefi\[fe[\X[XgXiXcXle`e[\leX
Zfii\X[\(''o)*'dd[\j\ZZ`epZfecXj[`d\ej`f$
e\j[\cXZfcX`e[`ZX[Xj\ecX^liX%8cZXYf[\*'d`$
elkfj [\ `eZ\e[`f cX j\ZZ`e \ZXq [\ cX Zfii\X \j [\
*/o(00dd%<cXgfpf[\cX\jg`^Xhl\[Xkf[XmXjfYi\
leYcfhl\[\dX[\iX[\cXm`^XZfeleXj[`d\ej`fe\j
[\*/o+-dd%<jkXj\ZZ`e\j`ejlZ`\ek\gXiXcXZXi^X
X kiXejd`k`i \e ZXjf [\ `eZ\e[`f# X[\d}j [\ Zfejk`kl`i
leXgfpfgfZf\jkXYc\%
GXiXZfej\^l`ileXI*'j`ecXXpl[X[\k`iX]fe[fj[\
i\]l\iqf# cX \jkiXk\^`X [\Y\ `eZc`eXij\ X cX lk`c`qXZ`e
[\ XeZ_liXj [\ Zfii\Xj dXpfi\j hl\ cXj _XY`klXc\j
Zfe\ce[\Zfej\^l`ihl\cXgifg`Xj\ZZ`e[\cXZf$
ii\Xgifk\aX\cZXa\X[f[\cXle`e%<eZlXchl`\iZXjf#
cX [\k\id`eXZ`e [\ jl i\j`jk\eZ`X Xc ]l\^f [\Y\ _X$
Z\ij\d\[`Xek\\ejXpf%
Z =c\ofkiXZZ`e\ecXj\ZZ`ei\[lZ`[X\Z%*%,,
k #' #[ #]` =
d #[ #]` =
=
E[ #]`
(..+'
=
= ( #0+ E & dd )
_i #]` Y]` -- (*/
P\ce[`Z\[\X^fkXd`\ekf#
k #' #[ #]` d #[ #]`
( #0+ 0 #0)
+
=
+
= ' # +/ (
]k #' #[ #]`
]d #[ #]` (- # ), ). # ,
=`^liX-%.J\ZZ`e\ZXq[\leXZfcX[\d`cXef
=`^liX-%.J\ZZ`e\ZXq[\leXZfcX[\d`cXef
i\[fe[\X[X[\jglj[\*'d`elkfj[\`eZ\e[`f%
i\[fe[\X[X[\jglj[\*'d`elkfj[\`eZ\e[`f%
-%*%+:fcX[\d`cXefi\[fe[\X[X
CXle`e\eki\Zfii\Xpm`^Xd\[`Xek\ZfcX[\d`cXefi\$
[fe[\X[X#ZfdfpXj\Zfd\ek\e\cZXgklcf*#efXcZXeqX
gfijjfcXleXi\j`jk\eZ`XXc]l\^f[\*'d`elkfj\ecXjjf$
clZ`fe\j_XY`klXc\j%Cfhl\fYc`^X\edlZ_fjZXjfjXi\]fi$
qXicXle`eZfek`iX]fe[fjZfcfZX[fj[\j[\cXZXiXjlg\i`fi
hl\g\id`k\ekiXejd`k`icXZXi^X\ej`klXZ`e[\`eZ\e[`f%
<c ZfdgfikXd`\ekf [\ \jkXj le`fe\j Xc ]l\^f gl\[\
XeXc`qXij\Zfe\c\a\dgcfhl\j\i\Zf^\\ecX^liX-%.
-%+LE@FE<JD<:E@:8J1
:C8M@A8JP:FE<:KFI<J
-%+%(@ekif[lZZ`e
<e cXj le`fe\j d\Z}e`ZXj ^\e\iXcd\ek\ j\ \dgc\X
\c XZ\if Zfdf dXk\i`Xc hl\ Zfejk`klp\ cfj \c\d\ekfj
[\ aXZ`e% <c XZ\if# Zfdf kf[fj cfj dXk\i`Xc\j# jl]i\
leX[`jd`elZ`e[\jljgifg`\[X[\jd\Z}e`ZXjZfe\c
0.
0/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Xld\ekf[\cXk\dg\iXkliX%<jkXgi[`[XX]\ZkXXcXi\$
j`jk\eZ`XpXcXi`^`[\q[\cdXk\i`Xc%8[\d}j#[\Y`[fXcX
\c\mX[XZfe[lZk`m`[X[kid`ZX[\XZ\if#cXk\dg\iXkliX
\ecXjqfeXj\ogl\jkXjXc]l\^f[`i\ZkXd\ek\#j\kiXej$
d`k\ZfeiXg`[\qXcXjgXik\jfZlckXjfgifk\^`[Xj[\c
\c\d\ekf[\XZ\if%<e\cXe\of9[\\jkXglYc`ZXZ`e
j\ i\jld\e cXj i\^cXj j`dgc`ZX[Xj hl\ j\ gifgfe\e
\ecXefidXk`mXm`^\ek\gXiXcX[\k\id`eXZ`e[\\jkX
gi[`[X[\ZXgXZ`[X[d\Z}e`ZX%
CXj Z_XgXj [\ XZ\if p fkifj \c\d\ekfj d\k}c`Zfj hl\
j\ZXc`\ekXegfi\]\Zkf[\c]l\^fZfdle`ZXe\cZXcfiX
cXdX[\iXZfecXhl\\jk}e\eZfekXZkf%J`e\dYXi^f#
jl \]\Zkf ef \j kXe ^iXm\ Zfdf gf[iX jlgfe\ij\ pX
hl\j`\cXZ\ifpcXdX[\iX\jk}e\eZfekXZkfek`df#ef
_XpjlZ`\ek\fo^\efgXiXgifmfZXicXZfdYljk`e[\
cXdX[\iX%J\gif[lZ\\c\]\ZkfccXdX[fgcXeZ_XZfe
leX\c\mXZ`e]l\ik\[\cXk\dg\iXkliX\ecXjlg\iZ`\
[\cXdX[\iX#g\if\cXmXeZ\\jdlpi\[lZ`[fgfi]XckX
[\ZfdYljk`e%
-%+%)Le`fe\jZfeg`\qXjcXk\iXc\j[\dX[\iX
jfd\k`[XjXZXi^XcXk\iXc
-%+%)%(I\^cXjj`dgc`ZX[Xj
<c\e]fhl\[\cXji\^cXjj`dgc`ZX[XjZfej`jk\\elejf$
Yi\[`d\ej`feX[f[\cXjj\ZZ`fe\j[\cXjg`\qXjcXk\iXc\j
pXld\ekf[\cXj[`jkXeZ`Xjde`dXj\eki\\c\d\ekfj[\
aXZ`ef\ecXZfcfZXZ`e[\g`\qXj[\gifk\ZZ`eZfele
[\k\id`eX[f\jg\jfi%
X Le`fe\jefgifk\^`[Xj
J\Zfej`[\iXele`fe\jefgifk\^`[XjXXhl\ccXj\ecXj
hl\cfj\c\d\ekfj[\aXZ`e[\k`gfZcXm`aXZcXmfj#k`$
iX]fe[fj# gXjX[fi\j f g\iefj ef j\ \eZl\ekiXe gif$
k\^`[fjgfiXc^edXk\i`Xc[\i\ZlYi`d`\ekfphl\[Xe
ZfecXjZXY\qXjm`jkXjXc\ok\i`fi%<e\c`ek\i`figl\[\e
\o`jk`iZfe\Zkfi\j%CXd}o`dXi\j`jk\eZ`XXc]l\^fhl\
gl\[\XcZXeqXij\\ele`fe\jefgifk\^`[Xj[\XZl\i[f
ZfecXj\jg\Z`ZXZ`fe\j[\cXefidX<E(00,$($)\j[\
*'d`elkfj%
CXi\j`jk\eZ`XXc]l\^f[\\jkXjle`fe\jefgifk\^`[XjZfe
g`\qXjcXk\iXc\j[\dX[\iX\ecXjhl\cXjj\gXiXZ`fe\jp
[`jkXeZ`XjXcfjYfi[\jpXcXk\jkXZldgc\eZfecfji\hl`$
j`kfj[\Z}cZlcf[\cXefidXLE<$<E(00,$($(f\c;9J<
DX[\iX[\c:K< j\i\Zf^\\ecXkXYcX-%-%:fdfgl\[\fY$
j\imXij\\ee`e^eZXjfXcZXeqXecfj*'d`elkfjde`dfj
[\cXefidXk`mX[\`eZ\e[`fj%<je\Z\jXi`fXX[`iXc^leX
gifk\ZZ`ef`eZi\d\ekXicXj[`d\ej`fe\j[\cXjg`\qXjp
cXj[`jkXeZ`Xj[\j\gXiXZ`e\eki\\c\d\ekfj[\aXZ`ep
cfjYfi[\jpk\jkX[\cXjg`\qXj#j\^ecXji\^cXjhl\XZfe$
k`elXZ`ej\\ogfe\e%
K`\dgf[\
i\j`jk\eZ`XXc
]l\^fk[#
d`e
I\hl`j`kfjX
:cXmfj
(,
[()#/dd
K`iX]fe[fj
(,
[(*#,dd
G\iefj
(,
k((+,dd
GXjX[fi\j
)'
k((+,dd
:fe\Zkfi\j
[\XZl\i[fZfe
LE<$<E0()
(,
k((+,dd
[\j\c[`}d\kif[\c\c\d\ekf[\aXZ`epk(\j\c^il\jf
[\cXg`\qXcXk\iXc
KXYcX-%-I\j`jk\eZ`XXc]l\^f[\le`fe\jefgifk\^`[Xj
ZfecXjg`\qXjcXk\iXc\j[\dX[\iX%
<ele`fe\jZfegXjX[fi\j#ZcXmfjfk`iX]fe[fjZfeZXY\$
qXhl\efjfYi\jXc^X[\cXjlg\iZ`\[\cXg`\qX#gl\[\e
XcZXeqXij\g\i`f[fj[\i\j`jk\eZ`XXc]l\^fk[#dXpfi\j
hl\cfj[X[fj\ecXkXYcX-%-#g\ifj`e\oZ\[\icfj*'d`$
elkfj#`eZi\d\ekX[fcXjj`^l`\ek\j[`d\ej`fe\j\eleX
ZXek`[X[X#^liX-%/#
J`klXZ`e[\`eZ\e[`f
$<c^il\jf[\cXjg`\qXjcXk\iXc\j#
Gifk\ZZ`ed\[`Xek\kXYc\ifj1
$<cXeZ_f[\cXjg`\qXjcXk\iXc\j#
$CXj[`jkXeZ`XjXcXk\jkXpXcYfi[\[\cfj\c\d\ekfj
[\aXZ`e%
[fe[\#
\Z%-%(.
e
\cfZ`[X[[\ZXiYfe`qXZ`e[\XZl\i[fZfecX
m
kXYcX-%+2
ki\h
\i`f[fi\hl\i`[f[\i\j`jk\eZ`XXc]l\^fefi$
g
dXc`qX[f2
k[#
g\i`f[f[\i\j`jk\eZ`XXc]l\^f[\cXle`ej`e
gifk\^\i[\e`[X\ecXkXYcX-%,%
Y Le`fe\jgifk\^`[Xj
J\Zfej`[\iXele`fe\jgifk\^`[XjXXhl\ccXj\ecXjhl\
cfj\c\d\ekfj[\aXZ`e[\k`gfZcXm`aXhl\[XefZlckfj
gfiledXk\i`Xc[\gifk\ZZ`eZfdfgl\[\j\ileXg`\qX
[\dX[\iX#lekXYc\if[\dX[\iXfgif[lZkfj[\i`mX[fj
[\ cX dX[\iX f le kXYc\if cXd`eX[f [\ p\jf% <e \jkfj
ZXjfj# cX efidX \jkXYc\Z\ le dkf[f [\ Z}cZlcf [\ cX
i\j`jk\eZ`XXc]l\^fhl\g\id`k\XcZXeqXi_XjkXI-'%
8[\d}j[\cXjZfe[`Z`fe\jhl\XZfek`elXZ`ej\[\jZi`$
Y\e#j\[\Y\eXld\ekXicXj[`jkXeZ`XjXcXk\jkXpXcYfi$
[\[\cfj\c\d\ekfj[\aXZ`ecXZXek`[X[Xlk`c`qXe[f
cX\ZlXZ`e-%(.%
kZ_
k `\dgf_XjkX\cZfd`\eqf[\cXZXiYfe`qXZ`e
[\ XZl\i[f Zfe cX efidX <E (00,$($) f \e \c
;fZld\ekf 9}j`Zf [\ J\^li`[X[ \e ZXjf [\
`eZ\e[`f[\c:K<2
ki\h
g\i`f[f[\k`\dgfi\hl\i`[f[\i\j`jk\eZ`XXc
]l\^fefidXc`qX[f2
k[#
\Z%-%(0
Gifk\ZZ`ed\[`Xek\kXgfe\j\eZfcX[fj1
<e le`fe\j [fe[\ cfj \c\d\ekfj [\ aXZ`e j\ \eZl\e$
ki\egifk\^`[fjd\[`Xek\kXgfe\j\eZfcX[fj[\dX[\iX#
=`^liX-%/JfYi\[`d\ej`feX[f[\c^il\jfpXeZ_f[\cXjg`\qXjcXk\iXc\jp[\cXj[`jkXeZ`XjXcfjYfi[\jpXcXk\jkX%
00
(''
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<ecXjle`fe\jZfeZcXmfjfk`iX]fe[fjj\[\Y\eZldgc`i
cXjj`^l`\ek\jZfe[`Z`fe\j\ecXaXZ`e[\gifk\ZZ`fe\j
X[`Z`feXc\j1
:fe[`Z`fe\jX[`Z`feXc\j1
<e cXj le`fe\j Zfe g\iefj cXj ZXY\qXj [\ jkfj [\Y\e
\jkXigifk\^`[Xjd\[`Xek\leXgifk\ZZ`e[\^il\jfX#
mXj\^liX-%('%
$CX[`jkXeZ`X\eki\cfj\c\d\ekfj[\aXZ`eef[\Y\j\i
dXpfihl\(''ddXcfcXi^f[\cYfi[\Zfii\jgfe[`\e$
k\XcZXekf[\ckXYc\ifpefdXpfihl\*''dd\ecXj
aXZ`fe\j`ek\ieXj2
$CX[`jkXeZ`XXcYfi[\[\cfj\c\d\ekfj[\aXZ`e[\Y\
j\i dXpfi f `^lXc X a ZXcZlcX[f lk`c`qXe[f cX \ogi\$
j`e-%(.#mXj\^liX-%0%
CXgif]le[`[X[[\g\e\kiXZ`e[\cfj\c\d\ekfj[\aXZ`e
[\cXgifk\ZZ`eX[`Z`feXcZfedX[\iX#kXYc\ifj[\i`mX[fj
[\cXdX[\iXfkXYc\ifjcXd`eX[fj[\p\jf[\k`gf8f?
[\Y\j\i[\Xcd\efj-[[fe[\[\j\c[`}d\kif[\c\c\$
d\ekf[\aXZ`e%GXiXkXYc\ifjcXd`eX[fj[\p\jf[\k`gf
=#cXcfe^`kl[[\g\e\kiXZ`e\ecXdX[\iXefZXiYfe`qX[X
\j[\Z`i#[\YXaf[\c]i\ek\[\ZXiYfe`qXZ`e [\Y\j\i[\
Xcd\efj('dd%
=`^liX-%('<a\dgcf[\gifk\ZZ`e[\cXZXY\qX[\leg\ief%
C\p\e[X1(1G`\qX#)1:XY\qX[\cg\ief#*1G`\qX[\gifk\ZZ`e%
Z I\^cXjX[`Z`feXc\jgXiXle`fe\jZfeZ_XgXj
[\XZ\if`ek\i`fi\j
:lXe[f j\ kiXkX [\ le`fe\j Zfe Z_XgXj [\ XZ\if `ek\$
i`fi\j p g`\qXj cXk\iXc\j [\ dX[\iX \j kXdY`e gfj`Yc\
XcZXeqXileXI-'#Zldgc`\e[f#X[\d}j[\cXj\jg\Z`ZX$
Z`fe\jXek\j\ogl\jkXj#cXjZfe[`Z`fe\jgXik`ZlcXi\jjf$
Yi\cXjZ_XgXj[\XZ\ifhl\XZfek`elXZ`ej\\ogfe\e%
<ele`fe\jZfegcXZXj[\XZ\if`ek\ieXjZfele^il\jf
dXpfif`^lXchl\)dd#hl\efjfYi\jXc\e[\cXjlg\i$
Z`\ [\ cX dX[\iX# \c XeZ_f Yjk [\ cXj gcXZXj [\ XZ\if
[\Y\Zldgc`icXjZfe[`Z`fe\j`e[`ZX[Xj\ecXkXYcX-%.%
=`^liX-%0<a\dgcfj[\gifk\ZZ`fe\jZfekXgfe\j\eZfcX[fjfZfekXYc\ifj[\gif[lZkfj[\i`mX[fj[\cXdX[\iXfkXYc\ifjcXd`eX[fj
[\p\jfcXgifk\ZZ`e[\cfjYfi[\j[\cXjg`\qXjcXk\iXc\jp[\cXZ\ekiXcefj\dl\jkiX\ecX^liX %
C\p\e[X1(1KXgfe\j\eZfcX[fj#)1KXYc\ifj[\gifk\ZZ`e#*1<c\d\ekfj[\aXZ`e[\cfjkXYc\ifj[\gifk\ZZ`e%
J`klXZ`e[\`eZ\e[`f
Yjk
9fi[\jj`egifk\^\i
\e^\e\iXc
9fi[\jj`egifk\^\i
\eleff[fjcX[fj
I*'
()''dd
I-'
()/'dd
I*'
(()'dd
I-'
()/'dd
KXYcX-%.8eZ_fj[\cXjgcXZXj[\XZ\ifZfeYfi[\jefgifk\^`[fj
CXjgcXZXj[\XZ\ifd}j\jki\Z_Xjhl\cXg`\qX[\dX$
[\iX gl\[\e Zfej`[\iXij\ gifk\^`[Xj \e cfj ZXjfj j`$
^l`\ek\j#^liX-%((1
$<egcXZXjZfele^il\jfefdXpfihl\*ddZlXe[f
cXgif]le[`[X[[\ci\kiXehl\f[^\jdXpfihl\)'dd
gXiXleg\i`f[f[\i\j`jk\eZ`XXc]l\^f[\*'d`elkfj
pdXpfihl\-'ddgXiXleg\i`f[f[\i\j`jk\eZ`XXc
]l\^f[\-'d`elkfj2
X Le`fe\jefgifk\^`[Xj
<e\cZXjf[\g\iefjpgXjX[fi\jcXji\^cXj[\\jk\XgXi$
kX[fjfem}c`[XjZlXe[f\c^il\jf[\cXg`\qXcXk\iXc\j
dXpfif`^lXchl\k(#
k( dd = dXo
,'
,' +( # ), [ () \Z%-%)'
[fe[\[\j\c[`}d\kif[\cg\ieff[\cgXjX[fi#\edd%
<cmXcfiZXiXZk\ijk`Zf[\cXZXgXZ`[X[[\ZXi^X[\leXle`e
Zfe\c\d\ekfj[\aXZ`eXZfikXek\pgXiXcX\ogfj`Z`e
Xc]l\^fefidXc`qX[f#j\fYk`\e\j\^ecXj`^l`\ek\\o$
gi\j`e#
b k[ #]`
\Z%-%))
[fe[\#
$<ele`fe\jZfek`iXj\eZfcX[XjfkXYc\ifj[\i`mX[fj[\cX
dX[\iX[\gifk\ZZ`eZlXe[fcXgif]le[`[X[[\cXjk`iXj
\eZfcX[Xj[^#f\c^il\jf[\ckXYc\if#_g#\jdXpfihl\
('ddgXiXleg\i`f[f[\i\j`jk\eZ`XXc]l\^f[\*'
d`elkfjpdXpfihl\*'ddgXiXleg\i`f[f[\i\j`j$
k\eZ`XXc]l\^f[\-'d`elkfj%
-%+%)%)Dkf[f[\cXZXi^Xi\[lZ`[X
]XZkfi[\Zfem\ij`e2
<cdkf[f[\cXZXi^Xi\[lZ`[XZfej`jk\\e[\k\id`eXi\c
k`\dgf[\i\j`jk\eZ`XXc]l\^fk\e`\e[f\eZl\ekXcXi\cX$
Z`ehl\\o`jk\\eki\cXjfc`Z`kXZ`e\ej`klXZ`e[\`eZ\e$
[`fi\jg\ZkfXcXjfc`Z`kXZ`e\ej`klXZ`eefidXc%8[\d}j#
\cdkf[f[XleX\ogi\j`egXiXZXcZlcXicXZXgXZ`[X[[\
ZXi^X\ej`klXZ`e[\`eZ\e[`fcfhl\g\id`k\cXZfdgif$
YXZ`e[\cXle`e%
b
gXi}d\kif[X[f\ecXkXYcX-%/2
k[#
EFK81 <c mXcfi [\ Z}cZlcf [\ cX ZXgXZ`[X[ [\ ZXi^X j\
ZXcZlcXj\^ecX\ZlXZ`e-%*%
=`^liX-%((Gifk\ZZ`e[\cfjYfi[\j[\Z_XgXj[\XZ\ifefj\dl\jkiX\c\c\d\ekf[\aXZ`e 1
X j`egifk\^\i#Y gifk\^`[fjgfii\kiXehl\f#gifk\^`[fjd\[`Xek\k`iXj\eZfcX[Xj#[ gifk\^`[fjd\[`Xek\kXYc\ifj%
('(
(')
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<cmXcfi[\Z}cZlcf[\ck`\dgf[\i\j`jk\eZ`XXc]l\^f[\
cXle`ej`egifk\^\iZXi^X[XZfe\cmXcfi[\Z}cZlcf[\c
\]\Zkf[\cXjXZZ`fe\j\ecXj`klXZ`e[\`eZ\e[`f#j\fY$
k`\e\[\cXj`^l`\ek\\ogi\j`e#
hl\cXj[X[Xj\ecX\ZlXZ`e-%)*g\ifefdXpfi\jhl\
*'d`elkfj#\c^il\jf[\cXg`\qXcXk\iXcpcXj[`jkXeZ`Xj
X cX k\jkX p X cfj Yfi[\j [\Y\e `eZi\d\ekXij\ \e leX
ZXek`[X[XmXj\^liX-%/ ZlpfmXcfi\j#
(
k[ #]` = ce ]` D #]`
b D b]` \Z%-%)*
[fe[\#
b
gXi}d\kif[\e`[f\ecXkXYcX-%/2
]XZkfi[\i\[lZZ`egXiX\cmXcfi[\Z}cZlcf[\cX
ZXi^X\ecXj`klXZ`e[\`eZ\e[`f#mXj\\ZlXZ`e
-%02
D
b
] XZkfigXiZ`XcgXiXcXle`e#mXj\cXefidXLE<$
<E (00,$($(# XgXikX[f )%+%( f ;9 J< DX[\iX [\c
:K<2
mXcfi[\XZl\i[fZfe-%)%)2
D# \
j\cZf\Z`\ek\gXiZ`Xc[\j\^li`[X[\ej`klX$
Z`e[\`eZ\e[`f#mXj\-%)%)%
<e\cZXjf[\gXjX[fi\jhl\jfYi\jXc^Xed}j[\,dd#
[\Y\iXekfdXij\cfjmXcfi\j[\b`^lXc\jXcfjlk`c`qX[fj
gXiXcfjg\iefj%
<e le`fe\j i\Xc`qX[Xj Zfe g\iefj p gXjX[fi\j \e Zfe$
alekf# cX ZXgXZ`[X[ [\ ZXi^X [\ cX le`e [\Y\ kfdXij\
`^lXcXcXjldX[\cXjZXgXZ`[X[\j[\ZXi^X[\cfji\j$
g\Zk`mfj\c\d\ekfj[\aXZ`e%
<e le`fe\j Zfe ZcXmfj f Zfe k`iX]fe[fj j`e hl\ cXj ZX$
Y\qXjjfYi\jXc^Xe#pgXiXi\j`jk\eZ`XjXc]l\^fdXpfi\j
\Z%-%)+
e
m\cfZ`[X[[\ZXiYfe`qXZ`e[\XZl\i[fZfecX
kXYcX-%+2
ki\h
g\i`f[fi\hl\i`[f[\i\j`jk\eZ`XXc]l\^fefi$
dXc`qX[f2
k[#
\i`f[f[\i\j`jk\eZ`XXc]l\^f[\cXle`ej`e
g
gifk\^\ijfd\k`[XXcmXcfi[\Z}cZlcf[\cXjXZ$
Z`fe\j\ecXj`klXZ`e[\`eZ\e[`f%
Y Le`fe\jgifk\^`[Xj
J\Xgc`ZXcf\ogl\jkf\e\cXgXikX[f-%+%)%(Y#ZfecX\o$
Z\gZ`e[\hl\k[#j\ZXcZlcXZfecX\ZlXZ`e-%)*%
:fdfdkf[fXck\ieXk`mfgXiXcXgifk\ZZ`e[\cXk\jkX
p[\cXjjlg\iZ`\jcXk\iXc\j[\cXjg`\qXj#gl\[\e`eZi\$
d\ekXij\cXj[`jkXeZ`XjXcXk\jkXpXcfjYfi[\j\eleX
ZXek`[X[X[\XZl\i[fZfecX\ZlXZ`e-%(.%J`e\dYXi^f#
gXiXi\j`jk\eZ`XjXc]l\^fdXpfi\jhl\*'d`elkfjcXj
[`jkXeZ`XjXcXk\jkX[\Y\iXe`eZi\d\ekXij\\eleXZXek`$
[X[)X%<jk\`eZi\d\ekf[\cX[`jkXeZ`XXcXk\jkXkXd$
Y`ej\Xgc`ZXXcZXjf[\g`\qXjZ\ekiXc\j\ele\dgXcd\
Xkfg\%
<a\dgcf-%*1<dgXcd\ZfeZlYi\alekXj[\dX[\iXZfe
gXjX[fi\jZfecXj[`d\ej`fe\j`e[`ZX[Xj\ecX^liX-%()%
J\ i\Xc`qXi} cX ZfdgifYXZ`e [\ cX le`e \e j`klXZ`e
KXYcX-%/GXi}d\kifb
G\i`f[fd}o`df[\mXc`[\qgXiX
\cgXi}d\kifb\eleXle`eefgifk\^`[X
d`e
:cXmfjpk`iX]fe[fj
'#'/'
)'
G\iefjdX[\iX$dX[\iXZfe[(()dd
'#'-,
*'
G\iefjXZ\if$dX[\iXZfe[(()dd
'#'/,
*'
GXjX[fi\jdX[\iX$dX[\iX Zfe[(()dd
'#'+'
+'
GXjX[fi\jXZ\if$dX[\iX Zfe[(()dd
'#'/,
*'
Le`fe\j[\XZl\i[fZfecXefidXLE<$<E0()
'#'-,
*'
Le`eZfe
CfjmXcfi\jZfii\jgfe[`\ek\jXcfjgXjX[fi\ji\hl`\i\ecXgi\j\eZ`X[\leg\iefgfiZX[XZlXkifgXjX[fi\j
J`klXZ`e[\`eZ\e[`f
=`^liX-%()<a\dgcf[\Z}cZlcf[\\dgXcd\ZfeZlYi\alekXjpgXjX[fi\j%
efidXcp\ej`klXZ`e[\`eZ\e[`fgXiXleXi\j`jk\eZ`X
Xc]l\^f[\*'p[\-'d`elkfjI*'pI-' %:cXj\[\
j\im`Z`f(%DX[\iX[\ZcXj\i\j`jk\ek\:).%
=l\iqXj [\ j\ZZ`e1 j\ _X Zfej`[\iX[f cX XZklXZ`e j`$
dlck}e\X [\ [fj XZZ`fe\j ZXi^X g\idXe\ek\ p e`\m\
Zfe leX [liXZ`e ZfikX p gXiX leX Xck`kl[ d\efi hl\
('''djed %
Eg4)(bE
Ee4**bE
E[4(#*,)("(#,'**4..#/,bE
<e j`klXZ`e [\ `eZ\e[`f cX jfc`Z`kXZ`e [\ Z}cZlcf j\i}
cXj`^l`\ek\1
E[#4)("'#)'**4).#-'bE
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#*,#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
Gifg`\[X[\j[\cXdX[\iX1:cXj\i\j`jk\ek\:).#Zfecfj
j`^l`\ek\jmXcfi\jZXiXZk\ijk`Zfjp[\Z}cZlcfgXiXcXj`$
klXZ`eefidXcp[\`eZ\e[`f#\eE&dd)1
:XiXZk\ijk`Zf
:}cZlcf
efidXc
:}cZlcf
`eZ\e[`f
]k#'#b4(-
((#'/
)'
KiXZZ`e
gXiXc\cX1
;\ej`[X[ZXiXZk\ijk`ZX1b4*.'b^&d*
I\j`jk\eZ`XXcXgcXjkXd`\ekf1
X :XgXZ`[X[[\ZXi^X[\cXg`\qX\ej`klXZ`e
efidXc
G`\qXZ\ekiXc1
4).#-'&..#/,4'#*,
Gifg`\[X[\j[\cfjgXjX[fi\j1]l#b4*-'E&dd)#[`}d\$
kif)-dd%
84)(''*''4-'%'''dd)
8e4-'%'''))-)''4+0%-''dd)
G`\qXjcXk\iXc\j1
Dfd\ekfgc}jk`Zf1
Dp#Ib4'#*]l#b[)#-4'#**-')-)#-4,(,%-+0Edd
<c gXjX[fi hl\[X i\ZlY`\ikf Zfe le kXge \eZfcX[f [\
gif]le[`[X[`^lXcX('dd#gficfhl\\c\jg\jfik([\cX
g`\qXcXk\iXcX\]\Zkfj[\Z}cZlcf[\cXle`e\j[\.'dd%
84)/')+'4*/%+''dd)
8e4*/%+''))-)/'4*'%'/'dd)
8o`c[\Z}cZlcf1
E[4*'%'/'((#'/4***#(0+bE5..#/,#m}c`[f
('*
('+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Y :XgXZ`[X[[\ZXi^X[\cXle`e
XcXk\dg\iXkliXefidXc
(gXjX[fi 1
=m#Ib4))()')4+)%+'+E
:fdgifYXZ`e[\cXj[`jkXeZ`Xjpj\gXiXZ`fe\jde`dXj
\egXjX[fi\j1
=m#I[4'#0+)+'+&(#*4)0%*,.E
Ed\if\ZXq1
(+'dd5a(4*")@Zfjc [4,[4,)-4(*'dd
/'dd5a)4*[4./dd
(0'dd5a*#k4dXo.[2/'dd 4dXo(/)2/'
e\] = d`e
4(/)dd
/'dd5a+#Z4*[4./dd
e
e=)
' #0
a
(+'
+ ( = ) ' #0 +
= ( # +0.
(* [
(* )-
<ZlXZ`fe\j[\Af_Xej\e1
]_ #( #b k( [
' # , ]_ #) #b k ) [
=m #Ib = d`e ( #',
( #(,
$
=
+ () + ) Dp #Ib
]_ #( #b k( [
) (( + ) +
+ ao #Ib
+
]_ #( #b [ k()
)+
=
)
) Dp #Ib ]_ #( #b [ + ao #Ib
+
( +
)) # +, .' )- = +'%/,0 E
' # , )) # +, )'' )- = ,/%%*.' E
=m #Ib = d`e ( #',
( #(,
$ = )(%)') E
+ ( () +( ) ,(,-+0
)) # +, .' )(
) ( (( +( ) +
)) # +, )- .' )
) +(
) (
) ,(,-+0 )) # +, )- = )/%)(, E
( +(
:XgXZ`[X[kfkXc+gXjX[fi\j 1
=m#Ib4)(#+0.+)%+'+4()-%0,.E
=m#I[4)(#+0.)0%*,.4/.%/0+E5..#/,bE#m}c`[f
Z :fdgifYXZ`eI*'dkf[fj`dgc`ZX[f
J\kiXkX[\leXle`egifk\^`[XpXhl\cXjZXY\qXj[\
cfjgXjX[fi\jhl\[XefZlckXjgfikXgfe\j[\('dd[\
gif]le[`[X[%GXiXcc\^XiXI*'cXgif]le[`[X[[\ckXge
[\Y\i}fYk\e\ij\[\cX\ZlXZ`e-%(.#
GfikXekf#[\Y\i}Xld\ekXij\cXXeZ_liX[\cXjg`\qXjcX$
k\iXc\jX/)dd\ecl^Xi[\/'dd%8[\d}j#cXj[`jkXe$
Z`XjXcfjYfi[\jpXcXk\jkX[\cXjg`\qXjcXk\iXc\jkXd$
Y`e[\Y\Xld\ekXij\\e()ddi\jg\ZkfXcmXcfide`df
a+pa*k #^liX-%(*%
[ :fdgifYXZ`eI*'dkf[f[\cXZXi^Xi\[lZ`[X
J\ kiXkX [\ leX le`e gifk\^`[X p j\ Xgc`ZX \c d`jdf
XgXikX[f hl\ \e \c ZXjf Xek\i`fi XgXikX[f -%+%)%(Y #
g\if\cmXcfi[\k[#j\fYk`\e\[\cX\ZlXZ`e-%)*%
(
(
' # *, (
k[ #]` = ce ]` D #]` =
ce
= */ d`e
b D b]`
' #'+ ( # * ( # ),
k[#
j\fYk`\e\[\cXkXYcX-%,)'d`elkfj
J`klXZ`e[\`eZ\e[`f
[fe[\#
b
'#'+2gXi}d\kif[\e`[f\ecXkXYcX-%.2
D
]XZkfigXiZ`XcgXiXcXle`e#`^lXcX(#*2
b
mXcfi[\XZl\i[fZfe-%)%)2`^lXcX(#),2
D# \
j\cZf\Z`\ek\gXiZ`Xc[\j\^li`[X[\ej`klX$
Z`e[\`eZ\e[`f#`^lXcX(#'%
a]` = ( # , e ki\h k[ #]` = ( # , ' # / *' */ = 0 #- dd
GfikXekf#ef\jgi\Z`jfXld\ekXicXgif]le[`[X[[\ckXge%
J\^e\jk\dkf[fcXle`ej\iXm}c`[Xj`ed}jgXiXI*'%
\ :fdgifYXZ`e[\cXj\ZZ`eXI*'
CX j\ZZ`e \ZXq j\ ZXcZlcX [\ XZl\i[f Zfe \c XgXikX$
[f-%)-[\jZfekXe[fcXgif]le[`[X[ZXiYfe`qX[Xj\^e
cX\ZlXZ`e-%(*#
=`^liX-%(+J\ZZ`e\ZXqgXiXI*'
G`\qXZ\ekiXc1
84(*/)*/")*((./4+*%//'dd)
8e4+*%//'))-)''4**%+/'dd)
G`\qXjcXk\iXc\j1
84)+0(./4(.%+++dd)
8e4(.%+++))-)0/4(%0+/dd)
8o`c[\Z}cZlcf1
E[#4(0+/)'4*/#0-bE5).#-'#m}c`[f
=`^liX-%(*;`d\ej`fe\je\Z\jXi`XjgXiXI*'gfi\cdkf[fj`dgc`ZX[f%
(',
('-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX-%(,;`d\ej`fe\je\Z\jXi`XjgXiXI-'gfi\cdkf[fj`dgc`ZX[f%
] :fdgifYXZ`e[\cXle`egXiXI-'dkf[f
j`dgc`ZX[f
^ :fdgifYXZ`e[\cXle`egXiXI-'dkf[f
[\cXZXi^Xi\[lZ`[X
J\ kiXkX [\ leX le`e gifk\^`[X \e cX hl\ cfj kXgfe\j
hl\fZlckXecfjgXjX[fi\j[\Y\ek\e\ileXgif]le[`[X[
[\e`[XgficX\ZlXZ`e-%(.#hl\gXiX-'d`elkfjXcZXe$
qX\cmXcfij`^l`\ek\#
(
(
' # *, (
k[ #]` = ce ]` D #]` =
ce
= */ d`e
b D b]`
' #'+ ( # * ( # ),
k[# j\fYk`\e\[\cXkXYcX-%,)'d`elkfj
GfikXekf#[\Y\i}Xld\ekXij\cXXeZ_liX[\cXjg`\qXjcX$
k\iXc\jX((/dd\ecl^Xi[\/'dd%8[\d}j#cXj[`jkXe$
Z`XjXcfjYfi[\jpXcXk\jkX[\cXjg`\qXjcXk\iXc\jkXdY`e
[\Y\ Xld\ekXij\ \e +/ dd i\jg\Zkf Xc mXcfi de`df
X+pX*k #^liX-%(,#
GfikXekf#cXj\ZZ`eeXcgXi\Z\c^`Zfcc\mXicXXcX`e[`$
ZX[X\ecX^liX-%(-[fe[\\cZXekf[\cXg`\qXZ\ekiXc
j\_XZ\`^lXcXcZXekf[\cXjg`\qXjcXk\iXc\j%
[fe[\#
b
'#'+2gXi}d\kif[\e`[f\ecXkXYcX-%.2
D
]XZkfigXiZ`XcgXiXcXle`e#`^lXcX(#*2
b
mXcfi[\XZl\i[fZfe-%)%)2`^lXcX(#),2
D# \
j\cZf\Z`\ek\gXiZ`Xc[\j\^li`[X[\ej`klX$
Z`e[\`eZ\e[`f#`^lXcX(#'%
a]` = ( # , e ki\h k[ #]` = ( # , ' # / -' */ = )- # + dd
=`^liX-%(-;`d\ej`fe\jeXc\jgXiXI-'
gfi\cdkf[fj`dgc`ZX[f%
J`klXZ`e[\`eZ\e[`f
=`^liX-%(/J\ZZ`e\ZXqgXiXI-'
=`^liX-%(.;`d\ej`fe\j[\cXj\ZZ`egXiXI-'
gfi\cdkf[f[\cXZXi^Xi\[lZ`[X
_ :fdgifYXZ`e[\cXj\ZZ`egXiXI-'
CX j\ZZ`e \ZXq j\ ZXcZlcX [\ XZl\i[f Zfe \c XgXikX$
[f-%)-[\jZfekXe[fcXgif]le[`[X[ZXiYfe`qX[Xj\^e
cX\ZlXZ`e-%(*#
I*'#dkf[fj`dgc`ZX[f1
G`\qXZ\ekiXc1m}c`[XcX`e`Z`Xc
G`\qXjcXk\iXc\j1)[\/)o)-'dd
I*'#dkf[fZ%i\[lZ`[X1
G`\qXZ\ekiXc1m}c`[XcX`e`Z`Xc
G`\qXjcXk\iXc\j1m}c`[XjcXj`e`Z`Xc\j
I-'#dkf[fj`dgc`ZX[f1
CXj\ZZ`e\ZXqj\i\gi\j\ekX\ecX^liX-%(/
G`\qXZ\ekiXc1
84)''(0'4*/%'''dd)
8e4*/%'''))-)''4).%-''dd)
G`\qXjcXk\iXc\j1
84)+,(0'4(.%(''dd)
8e4(.%(''))-)+,4()%+)'dd)
8o`c[\Z}cZlcf1
E[#4()+)')'40*#-bE5).#-'#m}c`[f
G`\qXZ\ekiXc1)[\(''o*+'dd
G`\qXjcXk\iXc\j1)[\()'o*+'dd
I-'#dkf[fZ%i\[lZ`[X1
G`\qXZ\ekiXc1m}c`[XcX`e`Z`Xc
G`\qXjcXk\iXc\j1)[\(''o*''dd
EfkXjeXc\j1
<jk\ \a\dgcf [\ Z}cZlcf \j gi}Zk`ZXd\ek\ `[ek`Zf Xc
\a\dgcf`eZcl`[f\ecXi\]\i\eZ`XZ`kX[X?Xikc(00, \ecX
hl\j\Z`kXhl\\jkXle`eZfecXj[`d\ej`fe\j`e`Z`Xc\j
]l\\ejXpX[XX]l\^fYXafleXZXi^XXo`c[\0+%-''E
XcZXeqXe[fleXi\j`jk\eZ`XXc]l\^f[\-)d`elkfj%
` I\jld\e
J`klXZ`e`e`Z`Xc1
G`\qXZ\ekiXc1)[\(''o*''dd
G`\qXjcXk\iXc\j1)[\/)o)-'dd
:XgXZ`[X[[\Z}cZlcf#j`klXZ`eefidXc4***#(0+bE
:XgXZ`[X[ [\ Z}cZlcf [\ cX le`e# j`klXZ`e efidXc
4/.#/0+bE
CXlk`c`qXZ`e[\cgXi}d\kifb[\cXkXYcX-%/jlgfe\hl\
\e\cZXjf[\cfjgXjX[fi\j#j\i\hl`\i\cXgi\j\eZ`X[\
leg\iefgfiZX[XZlXkifgXjX[fi\j%GfikXekfj\iXe\$
Z\jXi`fXX[`ileg\iefXZX[XcX[f[\cXle`e%
<a\dgcf-%+1<dgXcd\ZfeZlYi\alekXj[\dX[\iXZfe
g\iefjZfecXj[`d\ej`fe\j`e[`ZX[Xj\ecX^liX-%(0%J\
i\Xc`qXi}cXZfdgifYXZ`e[\cXle`e\ej`klXZ`eefidXc
p\ej`klXZ`e[\`eZ\e[`fgXiXleXi\j`jk\eZ`XXc]l\^f
[\*'d`elkfjI*' %:cXj\[\j\im`Z`f(%
('.
('/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
=`^liX-%(0<a\dgcf[\Z}cZlcf[\\dgXcd\ZfeZlYi\alekXjpg\iefj%
=l\iqXj[\j\ZZ`e1j\_XZfej`[\iX[fcXXZklXZ`ej`$
dlck}e\X[\[fjXZZ`fe\jZXi^Xg\idXe\ek\pe`\m\
ZfeleX[liXZ`eZfikXpgXiXleXXck`kl[d\efihl\
('''djed %
Eg4+(#/bE
Ee4,'#'bE
I\j`jk\eZ`XXcXgcXjkXd`\ekf1
X :XgXZ`[X[[\ZXi^X[\cXg`\qX\ej`klXZ`e
efidXc
E[4(#*,+(#/"(#,','4(*(#+*bE
G`\qXZ\ekiXc1
84(+')''4)/%'''dd)
8e4)/%'''))((+'4))%()'dd)
G`\qXjcXk\iXc\j1
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#*0#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
4,(#/&(*(#+*4'#*0
84).')''4)/%'''dd)
8e4)/%'''))().'4))%()'dd)
8o`c[\Z}cZlcf1
Gifg`\[X[\j[\cfjg\iefj1
E[4))%()'04(00#'/bE5(*(#+*bE#m}c`[f
EfkX1\c[`}d\kif[\cX^la\if[\cg\ief\jled`cd\kif
dXpfihl\\c[`}d\kif[\cg\ief%
D)'ZXc`[X[-%/2]l#b4-''E&dd)
Dfd\ekfgc}jk`Zf1
Dp#Ib4'#*]l#b[)#-4'#*-'')')#-4+*+%+-'Edd
Gifg`\[X[\j[\cXdX[\iX1:cXj\i\j`jk\ek\:))#Zfecfj
j`^l`\ek\jmXcfi\jZXiXZk\ijk`Zfjp[\Z}cZlcfgXiXcXj`$
klXZ`eefidXcp[\`eZ\e[`f#\eE&dd)1
Y :XgXZ`[X[[\ZXi^X[\cXle`eXcXk\dg\iXkl$
iXefidXc
:fdgifYXZ`e[\cXj[`jkXeZ`Xjpj\gXiXZ`fe\jde`dXj
\eg\iefj1
(+'dd5a(4,[4,)'4(''dd
KiXZZ`e
gXiXc\cX1
:XiXZk\ijk`Zf
:}cZlcf
efidXc
:}cZlcf
`eZ\e[`f
]k#'#b4(*
(-#),
;\ej`[X[ZXiXZk\ijk`ZX1b4*+'b^&d*
/'dd5a)4+[4/'dd
(+'dd5a*#k4.[4(+'dd
-'dd5a+#Z4*[4-'dd
J`klXZ`e[\`eZ\e[`f
<ZlXZ`fe\j[\Af_Xej\e1
]_ #( #b k( [
' # , ]_ #) #b k ) [
=m #Ib = d`e ( #',
( #(,
$
=
+ () + ) Dp #Ib
]_ #( #b k( [
) (( + ) +
+ Xo #Ib
+
]_ #( #b [ k()
)+
=
)
) Dp #Ib ]_ #( #b [ + Xo #Ib
+
( +
$ = (-%-/, E
+ ( () +( ) +*+%+-'
)) # * .' )'
(
) ( (( +( ) +
)) # * )' .' )
) +(
) (
) +*+%+-' )) # * )' = ))%-*/ E
( +(
EfkX1efj\_XZfej`[\iX[f\c\]\Zkf[\jf^X\ecXj\ZlX$
Z`fe\jXek\i`fi\j%
CXj\ZZ`e\ZXqj\i\gi\j\ekX\ecX^liX-%)'#
(g\ief 1
=m#Ib4)(-%-/,4**%*.'E
=m#I[4'#0***.'&(#*4)*%(')E
Ed\if\ZXq1
e=+
e\] = d`e
' #0
X
(+'
+ ( = +' #0 +
= ) #0/
(* [
(* )'
:XgXZ`[X[kfkXc/g\iefj 1
=m#Ib4))#0/***.'4(0/%//,E
=m#I[4))#0/)*(')4(*.%-/.E5(*(#+*bE#m}c`[f
=`^liX-%)'J\ZZ`e\ZXqgXiXI*'
G`\qXZ\ekiXc1
Z :fdgifYXZ`e[\cXj\ZZ`eXI*'
CX j\ZZ`e \ZXq j\ ZXcZlcX [\ XZl\i[f Zfe \c XgXikX$
[f-%)-[\jZfekXe[fcXgif]le[`[X[ZXiYfe`qX[Xj\^e
cX\ZlXZ`e-%(*#
84./(*/4('%.-+dd)
8e4('.-+))(./4.%+//dd)
G`\qXjcXk\iXc\j1
84)*0(./4(*%//+dd)
8e4(*%//+))()*04('%-'/dd)
('0
(('
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
8o`c[\Z}cZlcf1
E[#4.%+//(-#),4()(%-/'E5,(#/bE#m}c`[f
[ :fdgifYXZ`eI*'
J\kiXkX[\leXle`eefgifk\^`[X%J\^ecXji\^cXjj`d$
gc`ZX[XjXgXikX[f-%+%)%(X cXle`ejcfcc\^XiXXle
k`\dgf [\ i\j`jk\eZ`X Xc ]l\^f [\ (, d`elkfj Zfdf j\
`e[`ZX\ecXkXYcX-%-%<c^il\jf[\cXg`\qXcXk\iXc\j[\
.' dd p Zldgc\ gfi kXekf# \c i\hl`j`kf [\ le de`df
[\+,dd`e[`ZX[f\ecXkXYcX%
;\XZl\i[fZfe\cdkf[f[\cXZXi^Xi\[lZ`[XXgXikX$
[f-%+%)%)X j\m\i`ZXhl\j\Zldgc\cX\ZlXZ`e-%)'
pXhl\\c\jg\jfi[\cXjg`\qXjcXk\iXc\j\j[\.'dd#
Gfi kXekf# j\ fYj\imX hl\ \jkX le`e ef XcZXeqX cX i\$
j`jk\eZ`X I*' p hl\ \j e\Z\jXi`f gifk\^\icX% <jkX gif$
k\ZZ`egl\[\Zfej`jk`i\ele]Xcjfk\Z_fhl\fZlck\cX
\jkilZkliXhl\Xgfik\\ck`\dgf[\i\j`jk\eZ`XXc]l\^f
hl\ i\jkX% KXdY`e gl\[\ gifk\^\ij\ d\[`Xek\ le kX$
Yc\iffkXgfe\j[\dX[\iXhl\fZlck\ecXjZXY\qXj[\
cfj g\iefj Zfe leX ZXgX [\ dX[\iX [\ \jg\jfi a% J\
lk`c`qXi} le kXge [\ dX[\iX gXiX cX gifk\ZZ`e# ^l$
iX-%)(%J`j\j`^l\ecXji\^cXjj`dgc`ZX[XjgXiXle`fe\j
gifk\^`[XjpgXiXcc\^XiXI*'cXgif]le[`[X[[\ckXge
[\Y\i}fYk\e\ij\[\cX\ZlXZ`e-%(.#
a]` = ( # , e ki\h k[ #]` = ( # , ' # / *' (, = (/ dd
k[# j\fYk`\e\[\cXkXYcX-%-(,d`elkfj
k( = .' dXo
,' dd
,' +( # ), [ () =
= ,' +( # ), )' () = -' dd
<cmXcfi[\Z}cZlcf[\ck`\dgf[\i\j`jk\eZ`XXc]l\^fm`\$
e\[X[fgficX\ZlXZ`e-%)*#
(
(
' # *0 (
k[ #]` = ce ]` D #]` =
ce
= )( #0, d`e
b D b]`
' #'-, ( # * ( # ),
CXXeZ_liX[\cXjg`\qXjcXk\iXc\j[\Y\j\i[\()'dd
\ecl^Xi[\cfj.'ddfi`^`eXc\j%8[\d}j#cXj[`jkXeZ`Xj
XcfjYfi[\jpXcXk\jkX[\cXjg`\qXjcXk\iXc\jkXdY`e
[\Y\eXld\ekXij\\e(/ddi\jg\ZkfXcmXcfide`df
a+ p a*k # ^liX -%)(% CX XiXe[\cX k`\e\ le \jg\jfi [\
-ddZldgc\cX\jg\Z`ZXZ`e[\cXefidX[\j\idX$
pfif`^lXcX'#*m\Z\j\c[`}d\kif[\cg\ief ple[`}d\$
kif[\-'ddkXdY`eZldgc\cX\jg\Z`ZXZ`e[\j\i
dXpfif`^lXcX*m\Z\j\c[`}d\kif[\cg\ief %CXXckliX
[\ cX kl\iZX \j [\ (, dd# p \e \c _l\Zf gXiX XcfaXi cX
kl\iZXpXiXe[\cXj\_X[\aX[fleX_fc^liX[\*dd%
=`^liX-%)(;`d\ej`fe\je\Z\jXi`XjgXiXI*'gfi\cdkf[fj`dgc`ZX[f%
J`klXZ`e[\`eZ\e[`f
<e\cZXjf[\Xgc`ZXi\cdkf[f[\cXZXi^Xi\[lZ`[XgXiX
le`fe\jgifk\^`[Xjj\Xgc`ZX\cd`jdfXgXikX[fhl\\e
\cZXjfXek\i`fiXgXikX[f-%+%)%(Y #g\if\cmXcfi[\k[#j\
fYk`\e\[\cX\ZlXZ`e-%)*%
\ I\jld\e
k[ #]`
(
(
' # *0 (
= ce ]` D #]` =
ce
= )( #0, d`e
b D b]`
' #'-, ( # * ( # ),
J`klXZ`e`e`Z`Xc1
G`\qXZ\ekiXc1(+'o)''dd
G`\qXjcXk\iXc\j1)[\.'o)''dd
[fe[\#
b
'#'-,2gXi}d\kif[\e`[f\ecXkXYcX-%.2
:XgXZ`[X[[\Z}cZlcf#j`klXZ`eefidXc4)'(#-bE
] XZkfi[\i\[lZZ`egXiX\cmXcfi[\Z}cZlcf[\cX
ZXi^X\ecXj`klXZ`e[\`eZ\e[`f#`^lXcX'#*02
:XgXZ`[X[[\Z}cZlcf[\cXle`e#j`klXZ`eefidXc4
4(*.#-/.bE
D
]XZkfigXiZ`XcgXiXcXle`e#`^lXcX(#*2
b
mXcfi[\XZl\i[fZfe-%)%)2`^lXcX(#),2
D# \
j\cZf\Z`\ek\gXiZ`Xc[\j\^li`[X[\ej`klX$
Z`e[\`eZ\e[`f#`^lXcX(#'%
I*'#dkf[fj`dgc`ZX[f1
Le`ej`egifk\^\i1jcfaljk`ZX(,d`elkfj
I*'#dkf[fZ%i\[lZ`[X1
Le`ej`egifk\^\i1jcfaljk`ZX)(#0d`elkfj
I*'#dkf[fj`dgc`ZX[f1
Le`egifk\^`[X
G`\qXZ\ekiXc1(+'o)+'dd
G`\qXjcXk\iXc\j1)[\()'o)+'dd
=`^liX-%));`d\ej`fe\je\Z\jXi`XjgXiXI*'gfi\cdkf[f[\cXZXi^Xi\[lZ`[X%
(((
(()
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Gifg`\[X[\j[\cXZ_XgXZ\ekiXc1
I*'#dkf[fZ%i\[lZ`[X1
8Z\ifJ).,%]p4).,E&dd)#]l#b4+('E&dd)
<jg\jfi-dd%
Le`egifk\^`[X
G`\qXZ\ekiXc1(+'o))'dd
G`\qXjcXk\iXc\j1)[\(('o))'dd
<a\dgcf -%,1 <dgXcd\ Zfe Z_XgX Z\ekiXc [\ XZ\if p
gXjX[fi\jZfecXj[`d\ej`fe\j`e[`ZX[Xj\ecX^liX-%)*%
J\i\Xc`qXi}cXZfdgifYXZ`e[\cXle`e\ej`klXZ`e
efidXcp\ej`klXZ`e[\`eZ\e[`fgXiXleXi\j`jk\eZ`X
Xc]l\^f[\*'p[\-'d`elkfjI*'pI-' %:cXj\[\
j\im`Z`f(%
=l\iqXj[\j\ZZ`e1j\_XZfej`[\iX[fcXXZklXZ`ej`$
dlck}e\X[\[fjXZZ`fe\jZXi^Xg\idXe\ek\pe`\m\
ZfeleX[liXZ`eZfikXpgXiXleXXck`kl[d\efihl\
('''djed %
Eg4.-bE
Ee40'bE
E[4(#*,.-"(#,'0'4)*.#-bE
<e j`klXZ`e [\ `eZ\e[`f cX jfc`Z`kXZ`e [\ Z}cZlcf j\i}
cXj`^l`\ek\1
E[#4.-"'#)'0'40+bE
Gifg`\[X[\j[\cXdX[\iX1
:cXj\ i\j`jk\ek\ >C)+_# Zfe cfj j`^l`\ek\j mXcfi\j ZX$
iXZk\ijk`Zfjp[\Z}cZlcfgXiXcXj`klXZ`eefidXcp[\
`eZ\e[`f#\eE&dd)1
KiXZZ`e
gXiXc\cX1
:XiXZk\ijk`Zf
:}cZlcf
efidXc
:}cZlcf
`eZ\e[`f
]k#'#b4(/#'/
(*#')
)'#.0
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#+'#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
40+&)*.#-4'#+'
X :XgXZ`[X[[\ZXi^X[\cXg`\qX\ej`klXZ`e
efidXc
J\ZZ`e1
Gifg`\[X[\j[\cfjgXjX[fi\j1
;`}d\kif[4(-dd%8Z\ifJ).,#]p4).,E&dd)# ]l#b4
4+('E&dd)
84(/')+'4+*%)''dd)
8e4+*%)''-)+'-/.(-4**%+'/dd)
8o`c[\Z}cZlcf1
E[4**%+'/(*#')4+*+#0.)bE5)*.#-bE#m}c`[f
=`^liX-%)*<a\dgcf[\Z}cZlcfZfeZ_XgXZ\ekiXc[\XZ\ifpgXjX[fi\j%
J`klXZ`e[\`eZ\e[`f
Y :XgXZ`[X[[\ZXi^X[\cXle`eXcXk\dg\iXkl$
iXefidXc
:fdgifYXZ`e[\cXj[`jkXeZ`Xjpj\gXiXZ`fe\jde`dXj
\egXjX[fi\j1
(''dd>a(4*")cZfjc [4,[4,(-4/'dd
-'dd>a)4*[4+/dd
()'dd>a3#k4dXo.[2/'dd 4dXo(()2/' 4
4(()dd
-'dd>a+#Z4*[4+/dd
<ZlXZ`fe\j[\Af_Xej\e1
]_ #( #b k( [
=m #Ib = d`e
+ Dp #Ib
=
(
+ Xo #Ib
]_ #( #b [ k()
+
=Xo #Ib
) # * Dp #Ib ]_ #( #b [ +
+
]_ #( #b k( [ ) +
)- #(. /. (- = *-%+)/ E
=m #Ib = d`e
)- #(. /. (- ) +
+ (--%(0+
(
)- #(. (- /. )
=`^liX-%)+J\ZZ`e\ZXqgXiXI*'
=
= (.%.)* E
J\ZZ`ee\kX1
8e4),0/.$-,0(-4+%-')dd)
8o`c[\Z}cZlcf1
(gXjX[fi 1
=m#I[4'#0)(.%.)*&(#*4)+%,*0E
E[#4+%-'))'#.040,#-.,bE50+bE#m}c`[f
[ :fdgifYXZ`eI*'dkf[fj`dgc`ZX[f
Ed\if\ZXq1
e =,
e\] = d`e
' #0
a
(''
+ ( = , ' #0 +
= * # ,+
(* [
(* (-
J\kiXkX[\leXle`eefgifk\^`[Xpj\^ecXkXYcX-%,j\
[\[lZ\hl\\ck`\dgfi\j`jk`[fgficXle`ej\i}k[#4)'
d`elkfjgXiXleXle`eZfegXjX[fi\jpg`\qXjcXk\iXc\j
[\dX[\iXZfe\jg\jfidXpfif`^lXcX+,dd/.dd %
GXiXcc\^XiXI*'\je\Z\jXi`fXld\ekXi\c^il\jfp\c
XeZ_f[\cXjg`\qXjcXk\iXc\jpcX[`jkXeZ`XXcYfi[\pXcX
k\jkX\ecXZXek`[X[[\e`[X\ecX\ZlXZ`e-%(.#
:XgXZ`[X[kfkXc(,gXjX[% 1
=m#I[4**#,+)+%,*04)-'#-'+bE5)*.#-bE#m}c`[f
Z :fdgifYXZ`e[\cXj\ZZ`eXI*'
8ek\j [\ cX ZfdgifYXZ`e [\ cX le`e X ]l\^f \j e\$
Z\jXi`f jXY\i j` cX j\ZZ`e Zldgc\ cX i\j`jk\eZ`X I*'%
CX j\ZZ`e \ZXq j\ ZXcZlcX [\ XZl\i[f Zfe \c XgXi$
k[#
j\fYk`\e\[\cXkXYcX-%,)'d`elkfj
GfikXekf#[\Y\i}Xld\ekXij\cXXeZ_liX[\cXjg`\qXj
cXk\iXc\jX0/\ecl^Xi[\/.dd%8[\d}j#cXj[`jkXeZ`Xj
((*
((+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
XcfjYfi[\jpXcXk\jkX[\cXjg`\qXjcXk\iXc\jkXdY`e
[\Y\ Xld\ekXij\ \e (( dd i\jg\Zkf Xc mXcfi de`df
a4 pa*k #^liX-%),%
I\jg\ZkfXcXZ_XgX[\XZ\if[\Y\eZldgc`ij\cXjZfe[`$
Z`fe\jX[`Z`feXc\jhl\j\[XegXiX\jk\ZXjf%CXZ_XgX[\
XZ\ifk`\e\le\jg\jfi[\-dddXpfif`^lXcX)dd
pefjfYi\jXc\[\cXjlg\iZ`\2X[\d}j#cfjYfi[\j\jk}e
j`egifk\^\i\ecfj[fjcX[fj%<e\jkXj`klXZ`e\cXeZ_f[\
cXgcXZX[\Y\j\idXpfif`^lXchl\()'ddgXiXXcZXe$
qXiI*'\cXeZ_f\j[\(/'dd %
\ :fdgifYXZ`e[\cXZXgXZ`[X[i\j`jk\ek\
[\cXZ_XgXp[\cXZfikX[liXpXgcXjkXd`\ekf
\ecXle`e\eki\gXjX[fipZ_XgX
:fdf\eZlXchl`\ifkiXle`ed\k}c`ZX\jgi\Z`jfZfd$
gifYXi hl\ cX ZXgXZ`[X[ i\j`jk\ek\ [\ cfj \c\d\ekfj
d\k}c`Zfj\jjlZ`\ek\%GXiX\ccfj\[\Y\ZfdgifYXicX
i\j`jk\eZ`XXZfikX[liX[\cm}jkX^f[\cgXjX[fi#cXi\j`j$
k\eZ`XXcXgcXjkXd`\ekf[\cXZ_XgXpcXi\j`jk\eZ`X[\cX
gifg`X j\ZZ`e [\ cX Z_XgX% >\e\iXcd\ek\# \e le`fe\j
\eki\dX[\iXpdX[\iXef[Xecl^XiXmXcfi\jZik`Zfj#
g\ifZlXe[f\o`jk\eZ_XgXj[\XZ\ifZ\ekiXc\jfcXk\$
iXc\j gl\[\efj\iXj%8Zfek`elXZ`ej\`eZclp\e\jkXj
ZfdgifYXZ`fe\j%
:fe[`Z`fe\jjfYi\cXj[`jkXeZ`Xjpj\gXiXZ`fe\j1
<cgXjf#g([`jkXeZ`X\eki\\c\d\ekfj\ecX[`i\ZZ`egX$
iXc\cXXc\j]l\iqf pg)[`jkXeZ`X\eki\\c\d\ekfj\ecX
[`i\ZZ`eg\ig\e[`ZlcXiXc\j]l\iqf #^liX-%)-#[\Y\e
Zldgc`icfj`^l`\ek\1
MXcfi\jde`dfj1
$g(4(''dd)#)[a 4)#)(-4*,#)dd
$g)4-'dd*#'[a 4*#'(-4+/dd
MXcfi\jd}o`dfj\e\c\d\ekfjXkiXZZ`e1
$=`cXj\ok\i`fi\j1g( 4 g\ 4('' dd (+k 4(+- 4 /+
ddefZldgc\ fg\)''dd
$=`cXj`ek\i`fi\j1g`4-'dd)/k4)/-4(-/dd
fg`+''dd
;fe[\[a \j\c[`}d\kif[\cX^la\if\ecXZ_XgXpk\j\c
\jg\jfi[\cXZ_XgX%
:fd\ekXi`fj1J\fYj\imXhl\cXZfe[`Z`e[\cXj\gXiXZ`e
d}o`dX\eki\\c\d\ekfjefj\Zldgc\#pXhl\j\\eZl\e$
kiXej\gXiX[fjX(''ddp\cmXcfid}o`df[\Y\iXj\i[\
/+dd%<jkXj\gXiXZ`egf[iXi\[lZ`ij\_XjkXlemXcfi
[\/'dd#Zfdfj\\ogljfXckiXkXicXjZfe[`Z`fe\j[\
[`jkXeZ`Xjpj\gXiXZ`fe\j\eki\gXjX[fi\j%:fe/'dd
j\Zldgc`iXecXji\Zfd\e[XZ`fe\ji\cXk`mXjXcXdX[\iX
pXcXZ\if%EffYjkXek\#gl\[\e\o`jk`iZXjfj\ecfjhl\
efj\Xgfj`Yc\Zldgc`iXdYfjZi`k\i`fj%
CXj [`jkXeZ`Xj X cfj Yfi[\j [\ cX gcXZX \( p \) [\Y\e
Zldgc`icXjj`^l`\ek\jZfe[`Z`fe\j1
MXcfi\jde`dfj1
$\(4,'dd)[a4)(-4*)dd
$\)4*'dd(#,[a4(#,(-4)+dd
=`^liX-%),;`d\ej`fe\je\Z\jXi`XjgXiXI*'gfi\cdkf[fj`dgc`ZX[f%
J`klXZ`e[\`eZ\e[`f
MXcfi\jd}o`dfjXZlXchl`\iYfi[\1
$\+'dd"+k\eXdY`\ek\X^i\j`mfpXc\ok\i`fi
$\()k4()-4.)ddp\(,'ddgXiX\(p\)
:XgXZ`[X[[\ZfikX[liX1
CXZXgXZ`[X[[\ZX[XgXjX[fim`\e\[X[XgficXj`^l`\ek\
\ogi\j`e[\cXefidX<E(00*$($/f;9J<$8Z\if[\c:K<#
=m #I[ = C] e m ]lY
8Z
)'(
= ' #0, ) ' # , +('
=
D )
( # ),
= -)%-*( E
m
'#,:K<
e
(#j`dgc\ZfikX[liX
e
)#[fYc\ZfikX[liX
=m#I[4()-)%-*(4.,(%,.)E5)*.#-bE
:XgXZ`[X[[\XgcXjkXd`\ekf1
CXZXgXZ`[X[[\ZX[XgXjX[fim`\e\[X[XgficXj`^l`\e$
k\\ogi\j`e[\cXefidXLE<$<E(00*$($(f;9J<$8Z\if
[\c:K<#
=Y #I[ =
]lY k\ej`e[\ifkliX[\cXZ\if[\ckfie`ccffgXjX[fi
D) (#),Zf\Z`\ek\gXiZ`Xc[\j\^li`[X[
8Z# j \^e \c gcXef [\ Zfik\ [\c kfie`ccf# }i\X [\c
m}jkX^ff}i\Xi\j`jk\ek\[\ckfie`ccf
[
[`}d\kif[\ckfie`ccf
]l
k\ej`e[\ifkliX[\cXZ\if[\cXZ_XgX
D)
(#),#Zf\Z`\ek\[\j\^li`[X[[\cXle`e
kd`e \
jg\jfi[\cXjZ_XgXjXle`i%<e\jk\ZXjf\j\c
\jg\jfi[\cXZ_XgX%
C] Z f\Z`\ek\i\cXk`mfXcXcfe^`kl[#C#[\cXle`ed\$
efihl\(#j`C4+''dd5(,[4(,(-4)+'dd
+'' (, (C (,[
= ' #0, 2
=(
)'' ()''[
p C] ' #.,
C] = (
) # , ]l[kd`e ) # , ( +(' (- =
= ./%.)' E
( # ),
D )
\j`^lXcXcd\efi[\cfjmXcfi\jj`^l`\ek\j1
\(
,'
=
= ( #'+ 2
* [X * (=
g(
' # ),
* [ X
]
(''
' # ), = ( # /* 2 lY = ( 2 (
* (]l
\( [
`jkXeZ`X[\cX^la\ifXcYfi[\[\cXZ_XgX\ecX
[`i\ZZ`e[\cX]l\iqXkiXejd`k`[X
=`^liX-%)-;`jgfj`Z`fe\jZfejkilZk`mXjgXiXcXZ_XgX[\XZ\ifZ\ekiXc
((,
((-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
g( j \gXiXZ`e\eki\X^la\ifj\ecX[`i\ZZ`e[\cX
]l\iqX
$I\j`jk\eZ`Xck`dX[\cXj\ZZ`ee\kX1
El #I = ' #0
()gXjX[fi\j1
8e\kX]l
('*) +('
= ' #0
= *'+%-+- E
D )
( # ),
> )*. #- bE
()./%.)'40++%-+'E5)*.#-bE
:fd\ekXi`fj1CXi\cXZ`e\eki\cXZXgXZ`[X[[\ZXi^Xgfi
XgcXjkXd`\ekfpcXZXgXZ`[X[gfiZfikX[liXg\id`k\\j$
kXYc\Z\ileXi\cXZ`e\eki\\c[`}d\kif[\cXZcXm`aXp\c
^il\jf[\cXZ_XgX%;\\jkXdXe\iX#\c^il\jf[\cXZ_XgX#
k#[\Y\iX\eZfekiXij\\eki\lede`df[\'#()[p'#-,[#
[\g\e[`\e[f[\cXZXc`[X[[\cXZ\ifp[\j`j\kiXkX[\
j`dgc\f[fYc\ZfikX[liX#j`\e[f[\c[`}d\kif[\cXZcXm`$
aX%:fdfkid`efd\[`f\e[fYc\ZfikX[liX[\Y\iX\jkXi
jfYi\'#+[p\ej`dgc\ZfikX[liXjfYi\'#))[%
:XgXZ`[X[[\ZXi^XgfiifkliX[\cXZ_XgX1
CX ZXgXZ`[X[ [\ cX Z_XgX [\ XZ\if m`\e\ [X[X gfi \c
d\efi mXcfi fYk\e`[f [\ cXj [fj ZfdgifYXZ`fe\j hl\
j\`e[`ZXe\ecXefidXLE<$<E(00*$($(f;9J<$8Z\if
[\c:K<#
$I\j`jk\eZ`Xgc}jk`ZX[\cXj\ZZ`eYilkX1
Egc #I[ =
p ('/' ).,
8]
=
= )/)%/,. E > )*. #- bE
Df
( #',
8 }i\XYilkX[\cXj\ZZ`e[\cXZ_XgX
-(/'4('/'dd)
]p cd`k\\c}jk`Zf[\cXZ\if[\cXZ_XgX).,E&dd)
Df (#',
]l
k\ej`e[\ifkliX[\cXZ\if[\cXZ_XgX
D)
(#),Zf\Z`\ek\gXiZ`Xc[\cXle`e
8e\kX }i\Xe\kX[\cXj\ZZ`e('/'$*(-4('*)dd)
] :fdgifYXZ`e[\cXle`egXiXI-'dkf[f
j`dgc`ZX[f
GXiXcXle`ej`egifk\^\ief\jgfj`Yc\cc\^Xid}jhl\
XI*'%GfikXekf\jgi\Z`jfgifk\^\icXle`e%CXjZXY\$
qXj[\cfjgXjX[fi\jj\fZlckXi}eZfekXgfe\jZfeleX
gif]le[`[X[ [\e`[X gfi cX \ZlXZ`e -%(.# hl\ gXiX -'
d`elkfjXcZXeqX\cmXcfij`^l`\ek\#
a]` = ( # , e ki\h k[ #]` = ( # , ' #. -' )' = +) dd
k[# j\fYk`\e\[\cXkXYcX-%,)'d`elkfj
GfikXekf#[\Y\i}Xld\ekXij\cXXeZ_liX[\cXjg`\qXj
cXk\iXc\jX()0dd\ecl^Xi[\/.dd%8[\d}j#cXj[`jkXe$
Z`XjXcfjYfi[\jpXcXk\jkX[\cXjg`\qXjcXk\iXc\jkXdY`e
[\Y\Xld\ekXij\\e+)ddi\jg\ZkfXcmXcfide`df
a+pa*k #^liX-%).#
<c ^il\jf kfkXc [\ cX j\ZZ`e cc\^XiX X )-+ dd# gfi cf
hl\gXi\Z\X[\ZlX[f\dgc\Xi[fjg`\qXj[\(*)dd[\
XeZ_liXpXcfaXicXZ_XgXZ\ekiXc\elei\YXa\\eki\Xd$
YXjg`\qXj%
=`^liX-%).;`d\ej`fe\je\Z\jXi`XjgXiXI-'gfi\cdkf[fj`dgc`ZX[f%
J`klXZ`e[\`eZ\e[`f
I*'#dkf[fj`dgc`ZX[f#le`ej`egifk\^\i1
^ :fdgifYXZ`e[\cXj\ZZ`egXiXI-'
-%+%*Le`fe\jZfeZ_XgXj[\XZ\if\ok\i`fi\j
CXj\ZZ`e\ZXqj\ZXcZlcX[\XZl\i[fZfe\cXgXikX[f
-%)-[\jZfekXe[fcXgif]le[`[X[ZXiYfe`qX[Xj\^ecX
\ZlXZ`e-%(*#
X Le`fe\jefgifk\^`[Xj
J\ZZ`e1)')o)+'dd
0/"-"0/o)+'
I-'#dkf[fj`dgc`ZX[f#le`egifk\^`[X1
J\ZZ`e1)-+o*''dd
()0"-"()0o*''
GXiX\cZXjf[\le`fe\jZfeZ_XgXj[\XZ\ifefgifk\$
^`[XjcXefidXk`mX[\\jkilZkliXj[\dX[\iXi\d`k\X
cXjefidXj[\XZ\ifgXiXcX[\k\id`eXZ`e[\cXZXgX$
Z`[X[i\j`jk\ek\[\cXjZ_XgXj%;\\jkXdXe\iXj\\jg\$
Z`ZXhl\cXZXgXZ`[X[[\ZXi^X[\cXjZ_XgXj[\XZ\if
\ok\ieXj [\Y\ [\k\id`eXij\ [\ XZl\i[f Zfe cX efidX
LE<$<E (00*$($) f \c ;9 J@ [\c :K< % J`e \dYXi^f# ef
ZfeZi\kX e`e^leX i\^cX gXiX cfj \c\d\ekfj [\ aXZ`e
[\k`gfZcXm`aXhl\XZfdgXXeXcXle`e^\e\iXcd\ek\
g\iefj\e\cZXjf[\Z_XgXj\ok\ieXj %
GXiX \c Z}cZlcf [\c ]XZkfi [\ cX j\ZZ`e [\ cXj Z_XgXj
[\ XZ\if [\ XZl\i[f Zfe cX efidX LE<$<E (00*$($)#
gl\[\jlgfe\ij\hl\cXjjlg\iZ`\j[\cXZ\if\eZfe$
kXZkfZfecXdX[\iXef\jk}e\ogl\jkXjXc]l\^f%<e\c
Xe\of9j\i\jld\ecXjce\Xjgi`eZ`gXc\j[\cdkf[f
[\Z}cZlcfj`dgc`ZX[fhl\gifgfe\e\jkXjefidXj%<c
\a\dgcf -%- \ogfe\ cX Xgc`ZXZ`e [\ \jk\ dkf[f [\
Z}cZlcf%
=`^liX-%)/J\ZZ`e\ZXqgXiXI-'%
_ I\jld\e
8ZklXcd\ek\#\c;fZld\ekfKZe`ZfLe`ZX[f;KLG0)$
.'* [\ =iXeZ`X# [\[`ZX[f Xc Z}cZlcf [\ cX i\j`jk\eZ`X Xc
]l\^f[\cXj\jkilZkliXj[\dX[\iX#\jXc^fd}j\jg\Z$
Zf\e\cZXjf[\cfj_\iiXa\j[\Xgfpf[\Zfii\Xj#hl\
Zfejk`klp\lekg`Zf\a\dgcf[\Z_XgXj[\XZ\if\ogl\j$
kXjXc]l\^f%:feZi\kXd\ek\#gXiX_\iiXa\j[\Xgfpf[\
Zfii\XjZfe\jg\jfi[\Z_XgX[\+ddX[d`k\leXI*'
j`\dgi\hl\cXjZ_XgXjj\\eZl\eki\e\eZfekXZkfZfe
cXdX[\iX2\efkifjZXjfj\o`^\le\jg\jfide`df[\-
dd%<jk\Zi`k\i`f\jj\^l`[fgficXdXpfiX[\cfj]XYi`$
ZXek\j[\\jkilZkliXj[\dX[\iX%
J`klXZ`e`e`Z`Xc1
Y Le`fe\jgifk\^`[Xj
J\ZZ`e1
8e4)/')')$-(-/'4)+%-+'dd)
8o`c[\Z}cZlcf1
E[#4)+%-+')'#.04,()#)-,bE50+bE#m}c`[f
J\ZZ`e1(/'o)+'dd/."-"/.o)+'
:XgXZ`[X[[\Z}cZlcf#j`klXZ`eefidXc4+*+#0.)bE
:XgXZ`[X[ [\ Z}cZlcf [\ cX le`e# j`klXZ`e efidXc
4)-'#-'+bE
:XgXZ`[X[[\Z}cZlcf[\cXZ_XgX1)/)#/,.bE
((.
((/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
<c\]\Zkf[\fkiXjgifk\ZZ`fe\j[\Y\ZXcZlcXij\j\^ecX
efidXLE<$<E(00*$($)%
<a\dgcf-%-1<dgXcd\ZfeZ_XgXj\ok\i`fi\jpg\iefj
ZfecXj[`d\ej`fe\j`e[`ZX[Xj\ecX^liX-%)0%J\i\Xc`$
qXi}cXZfdgifYXZ`e[\cXle`e\ej`klXZ`eefidXcp\e
j`klXZ`e [\ `eZ\e[`f gXiX leX i\j`jk\eZ`X Xc ]l\^f [\
*'d`elkfjI*' %:cXj\[\j\im`Z`f(%
=l\iqXj[\j\ZZ`e1j\_XZfej`[\iX[fcXXZklXZ`ej`$
dlck}e\X[\[fjXZZ`fe\jZXi^Xg\idXe\ek\pe`\m\
ZfeleX[liXZ`eZfikXpgXiXleXXck`kl[d\efihl\
('''djed %
Eg4,'bE
Ee4.'bE
E[4(#*,,'"(#,'.'4(.)#,'bE
<e j`klXZ`e [\ `eZ\e[`f cX jfc`Z`kXZ`e [\ Z}cZlcf j\i}
cXj`^l`\ek\1
Gifg`\[X[\j[\cXdX[\iX1
:cXj\i\j`jk\ek\>C)+_#Zfecfjj`^l`\ek\jmXcfi\jZX$
iXZk\ijk`Zfjp[\Z}cZlcfgXiXcXj`klXZ`eefidXcp
[\`eZ\e[`f#\eE&dd)1
KiXZZ`e
gXiXc\cX1
4-+&(.)#,4'#*.
Gifg`\[X[\j[\cfjg\iefj1
D)'ZXc`[X[-%/2]l#b4-''E&dd)
Dfd\ekfgc}jk`Zf1
Dp#Ib4'#*]l#b[)#-4'#*-'')')#-4+*+%+-'Edd
Gifg`\[X[\j[\cXZ_XgX1
\jg\jfik4('dd#XZ\if[\ZXc`[X[J).,
]p4).,E&dd)#]l4+('E&dd) %
:}cZlcf
efidXc
:}cZlcf
`eZ\e[`f
]k#'#b4(/#'/
(*#')
)'#.0
E[#4,'"'#)'.'4-+bE
J\gl\[\fYj\imXihl\\c]XZkfi[\i\[lZZ`ek`\e\le
mXcfi`^lXcX'#*.#`e]\i`fiXchl\gl\[\kfdXij\Zfdf
j`dgc`ZXZ`e[\mXcfi'#-%
:XiXZk\ijk`Zf
X :XgXZ`[X[[\ZXi^X[\cXg`\qX\ej`klXZ`eefidXc
J\ZZ`e1
84(/')+'4+*%)''dd)
8e4+*%)''))((/'4*,%-+'dd)
EfkX1\c[`}d\kif[\cX^la\ifgXiX\cg\ief\j[\)(dd%
8o`c[\Z}cZlcf1
E[4*,%-+'(*#')4+-+#'*)bE5(.)#,'bE#m}c`[f
Y :XgXZ`[X[[\ZXi^X[\cXle`eXcXk\dg\iXkliX
efidXc
:fdgifYXZ`e[\cXj[`jkXeZ`Xjpj\gXiXZ`fe\jde`dXj
\eg\iefj1
=`^liX-%)0<a\dgcf[\Z}cZlcf[\\dgXcd\ZfeZlYi\alekXj]fidX[fgfi[fjZ_XgXj\ok\ieXjpg\iefj%
J`klXZ`e[\`eZ\e[`f
()'dd>a(4,[4,)'4(''dd
(''dd>a)4+[4/'dd
(+'dd>a*#k4.[4(+'dd
.'dd>a+#Z4*[4-'dd
<ZlXZ`fe\j[\Af_Xej\e1gXiXg`\qXZ\ekiXc[\dX[\iX
\e[fYc\ZfikX[liXpZfeZ_XgX[\c^X[Xk4('dd'#,[
4('dd %
' # , ]_ #) #b k ) [
=m #Ib = d`e
=m #Ib = d`e
( #(, ) Dp #Ib ]_ #) #b [ +
=ao #Ib
+
EfkX1efj\_Xk\e`[f\eZl\ekX\c\]\Zkf[\jf^X%
J\ZZ`ee\kX1
84()+(/+4))%/(-dd)
8e4))%(/-))(()+4(.%-'/dd)
8o`c[\Z}cZlcf1
(g\ief 1
=m#Ib4))*%0*-4+.%/.)E
=m#I[4'#0+./.)&(#*4**%(+)E
Ed\if\ZXq1
e=+
e\] = d`e
=`^liX-%*'J\ZZ`e\ZXqgXiXI*'
e' #0 +
a(
()'
= +' #0 +
= ) # /.
(* )'
(* [
:XgXZ`[X[kfkXc/g\iefj 1
=m#I[4))#/.**%(+)4(0'%)*,E5(.)#,'bE#m}c`[f
Z :fdgifYXZ`e[\cXj\ZZ`eXI*'
8ek\j [\ cX ZfdgifYXZ`e [\ cX le`e X ]l\^f \j e\$
Z\jXi`f jXY\i j` cX j\ZZ`e Zldgc\ cX i\j`jk\eZ`X I*'%
CXj\ZZ`e\ZXqj\ZXcZlcX[\XZl\i[fZfe\cXgXikX$
[f-%)-[\jZfekXe[fcXgif]le[`[X[ZXiYfe`qX[Xj\^e
cX\ZlXZ`e-%(*#
E[#4(.%-'/)'#.04*--#'.bE5-+bE#m}c`[f
[ :fdgifYXZ`e[\cXZXgXZ`[X[i\j`jk\ek\[\
cXjZ_XgXjp[\cXZfikX[liXpXgcXjkXd`\ekf
\ecXle`e\eki\g\iefpZ_XgX
:fdf\eZlXchl`\ifkiXle`ed\k}c`ZX\jgi\Z`jfZfd$
gifYXi hl\ cX ZXgXZ`[X[ i\j`jk\ek\ [\ cfj \c\d\ekfj
d\k}c`Zfj\jjlZ`\ek\%GXiX\ccfj\[\Y\ZfdgifYXicX
i\j`jk\eZ`XXZfikX[liX[\cm}jkX^f[\cgXjX[fi#cXi\j`j$
k\eZ`XXcXgcXjkXd`\ekf[\cXZ_XgXpcXi\j`jk\eZ`X[\cX
gifg`X j\ZZ`e [\ cX Z_XgX% >\e\iXcd\ek\# \e le`fe\j
\eki\dX[\iXpdX[\iXef[Xecl^XiXmXcfi\jZik`Zfj#
g\ifZlXe[f\o`jk\eZ_XgXj[\XZ\ifZ\ekiXc\jfcXk\$
iXc\j gl\[\efj\iXj%8Zfek`elXZ`ej\`eZclp\e\jkXj
ZfdgifYXZ`fe\j%
:fe[`Z`fe\jjfYi\cXj[`jkXeZ`Xjpj\gXiXZ`fe\j1
<cgXjf#g([`jkXeZ`X\eki\\c\d\ekfj\ecX[`i\ZZ`egX$
iXc\cXXc\j]l\iqf pg)[`jkXeZ`X\eki\\c\d\ekfj\ecX
[`i\ZZ`eg\ig\e[`ZlcXiXc\j]l\iqf #^liX-%)0#[\Y\e
Zldgc`icfj`^l`\ek\1
MXcfi\jde`dfj1
$g(4()'dd)#)[a 4)#))(4+-#)dd
$g)4(''dd*#'[a 4*#')(4-*dd
((0
()'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
MXcfi\jd}o`dfj\e\c\d\ekfjXkiXZZ`e1
$=`cXj\ok\i`fi\j1g(4g\4()'dd(+k4(+('4
4(+'ddfg\)''dd
$=`cXj`ek\i`fi\j1g`4()'dd)/k4)/('4
4)/'ddfg`+''dd
;fe[\[a\j\c[`}d\kif[\cX^la\if\ecXZ_XgXpk\j\c
\jg\jfi[\cXZ_XgX%
CXj [`jkXeZ`Xj X cfj Yfi[\j [\ cX Z_XgX \( p \) [\Y\e
Zldgc`icXjj`^l`\ek\jZfe[`Z`fe\j1
MXcfi\jde`dfj1
$\(4-'dd)[a 4))(4+)dd
$\)4,'dd (#,[a4(#,)(4*(#,dd
MXcfi\jd}o`dfjXZlXchl`\iYfi[\1
$\+'dd"+k\eXdY`\ek\X^i\j`mfpXc\ok\i`fi
$\()k4()('4()'ddp\(,'ddgXiX\(p\)
G\ief
i\Xi\j`jk\ek\
8jdd)
D$('
,/#'
D$()
/+#*
D$(-
(,.
D$)'
).,
D$))
*'*
D$)+
*,*
D$).
+,-
D$*'
,-(
D$**
-0+
D$*-
/(.
:XgXZ`[X[[\ZfikX[liX1
CXZXgXZ`[X[[\ZX[XgXjX[fim`\e\[X[XgficXj`^l`\e$
k\\ogi\j`e[\cXefidXLE<$<E(00*$($(f;9J<$8Z\if
[\c:K<#
=m #I[
8
).,
= C] e m ]lY Z = ' #0/, ( ' # , -''
=
,
( # ),
D )
KXYcX-%0i\Xi\j`jk\ek\[\cfjg\iefj%
/g\iefjZfe[fjj`dgc\jZfikX[liXj1
= -,%'(' E
=m#I[4(--,%'('4(%'+'#(-'bE5(.)#,'bE
m
'#,:K<
:XgXZ`[X[[\XgcXjkXd`\ekf1
e
(#j`dgc\ZfikX[liX
e
)#[fYc\ZfikX[liX
CXZXgXZ`[X[[\ZX[XgXjX[fim`\e\[X[XgficXj`^l`\e$
k\\ogi\j`e[\cXefidXLE<$<E(00*$($(f;9J<$8Z\if
[\c:K<#
]lY
k\ej`e[\ifkliX[\cXZ\if[\ckfie`ccffgXjX$
[fi
=Y #I[ =
= (,,%/'' E
D) (#),Zf\Z`\ek\gXiZ`Xc[\j\^li`[X[
8Z#
C]
[
[`}d\kif[\ckfie`ccf
]l
k\ej`e[\ifkliX[\cXZ\if[\cXZ_XgX
Z f\Z`\ek\i\cXk`mfXcXcfe^`kl[#C#[\cXle`ed\$
efihl\(#j`C4*-'dd5(,[4(,)'4*''dd
D)
(#),#Zf\Z`\ek\[\j\^li`[X[[\cXle`e
kd`e
\j`^lXcXcd\efi[\cfjmXcfi\jj`^l`\ek\j1
C (,[
*-' (, )'
= ' #0/, 2
C] = (
=(
)'' )'
)''[
p C] ' #.,
\jg\jfi[\cXjZ_XgXjXle`i%<e\jk\ZXjf\j\c
\jg\jfi[\cXZ_XgX%
J`klXZ`e[\`eZ\e[`f
\(
-'
=
= ' #0, 2
* [X * )(
g(
()'
' # ), =
' # ), = ( #-, 2
* )(
* [ X
]lY -''
=
= ( # +- 2 (
]l
+('
\(
[`jkXeZ`X[\cX^la\ifXcYfi[\[\cXZ_XgX\e
cX[`i\ZZ`e[\cX]l\iqXkiXejd`k`[X
g(
j \gXiXZ`e\eki\X^la\ifj\ecX[`i\ZZ`e
[\cX]l\iqX
/g\iefjZfe[fj\oki\dfj1
(-(,,%/''4)%+0)#/bE5(.)#,bE
:XgXZ`[X[[\ZXi^XgfiifkliX[\cXZ_XgX1
CX ZXgXZ`[X[ [\ cX Z_XgX [\ XZ\if m`\e\ [X[X gfi \c
d\efimXcfifYk\e`[f[\cXj[fjZfdgifYXZ`fe\jhl\
j\`e[`ZXe\ecXefidXLE<$<E(00*$($(f;9J<$8Z\if
[\c:K<#
$I\j`jk\eZ`Xgc}jk`ZX[\cXj\ZZ`eYilkX1
Egc #I[ =
p )''' ).,
8]
=
= ,)*%/'0 E
Df
( #',
}i\XYilkX[\cXj\ZZ`e[\cXZ_XgX
)''('4)'''dd)
]p
cd`k\\c}jk`Zf[\cXZ\if[\cXZ_XgX
).,E&dd)
Df (#',
$I\j`jk\eZ`Xck`dX[\cXj\ZZ`ee\kX1
El #I = ' #0
8e\kX]l
(,/' +('
= ' #0
= +--%+(- E
D )
( # ),
k\ej`e[\ifkliX[\cXZ\if[\cXZ_XgX
D)
(#),Zf\Z`\ek\gXiZ`Xc[\cXle`e
\ :fdgifYXZ`e[\cXle`eXI*'
J\kiXkX[\leXle`eZfeZ_XgXj[\XZ\ifXc\ok\i`fi[`$
i\ZkXd\ek\\ogl\jkXjXc]l\^fpgfikXekf#[\Y\i}Xgc`ZXi$
j\\c;9J@:K<fcXefidX<E(00*$($) gXiXcX[\k\id`eX$
Z`e [\ cX ZXgXZ`[X[ i\j`jk\ek\ [\c XZ\if% <c dkf[f hl\
gifgfe\ecXjefidXjZ`kX[Xjj\i\jld\\e\cXe\of9%<e
\cXgXikX[f9%,j\\ogfe\Zfdf\a\dgcf\jk\d`jdfZXjf
[\ leX Z_XgX [\ ('o)'' dd Zfe g\iefj [\ )' dd [\
[`}d\kif%J\\jk`dXhl\XcZXYf[\*'d`elkfj[\`eZ\e[`f
cXk\dg\iXkliX\e\cXZ\if\j[\/+)p/*0:gXiXcXZ_X$
gXp\cg\ief#i\jg\Zk`mXd\ek\%GXiX\jkXjk\dg\iXkliXj\c
cd`k\\c}jk`Zfj\i\[lZ\gfi\c]XZkfi'#'/0gXiXcXZ_XgX
p'#'0gXiX\cg\ief%
J\[\Y\ZfdgifYXicXZXgXZ`[X[[\cXle`egXiXcXZfi$
kX[liX[\cg\ief#\cXgcXjkXd`\ekf[\cXZ_XgXp\c]Xccf
[\ cX Z_XgX# [\ dXe\iX j`d`cXi Xc ZXjf [\ j`klXZ`e [\
k\dg\iXkliXefidXc%
$:fikX[liX1 cX ZXgXZ`[X[ \e j`klXZ`e efidXc \j [\
(%'+'%(-'E%GXiXcXj`klXZ`e[\`eZ\e[`f\cZf\Z`\ek\
[\j\^li`[X[gXjX[\(#),X(#''pcXi\j`jk\eZ`Xj\[`j$
d`elp\ gfi \c ]XZkfi [\ '#'0% Gfi kXekf# cX ZXgXZ`[X[
hl\[Xi}\e\cj`^l`\ek\mXcfi#
=m#I[#4(%'+'%(-'(#),'#'04((.%'(/E5-+bE
$8gcXjkXd`\ekf[\cXZ_XgX1cXZXgXZ`[X[gfikXek\\ej`$
klXZ`eefidXc\j[\)%+0)%/''E%GXiXcXj`klXZ`e[\
`eZ\e[`f\cZf\Z`\ek\[\j\^li`[X[gXjX[\(#),X(#''
pcXi\j`jk\eZ`Xj\[`jd`elp\gfi\c]XZkfi[\'#'/0%Gfi
kXekf#cXZXgXZ`[X[hl\[Xi}\e\cj`^l`\ek\mXcfi#
=Y#I[#4)%+0)%/''(#),'#'/04)..%*)+E5-+bE
$=Xccf[\cXZ_XgX1CXZXgXZ`[X[[\cXZ_XgXgfii\j`j$
k\eZ`Xgc}jk`ZX[\cXj\ZZ`eYilkX\j[\,)*%/'0Ep
gfii\j`jk\eZ`Xck`dX[\cXj\ZZ`ee\kX[\+--%+(-E%
8e}cf^Xd\ek\XcfjZXjfjXek\i`fi\j#
Egc#I[#4),)*%/'0(#','#'/040.%/00E5-+bE
El#I[#4)+--%+(-(#),'#'/04('*%...E5-+bE
=`eXcd\ek\# j\ [\Y\ ZfdgifYXi cX ZXgXZ`[X[ i\j`jk\ek\
[\cXle`eZfecXj\ZlXZ`fe\j[\Af_Xej\e#g\ifZfele
dfd\ekfgc}jk`Zfi\[lZ`[fgXiXcXj`klXZ`e[\`eZ\e[`f#
Dp#Ib# 4 '#*bp# ]l#b[)#- 4 '#*'#'0-'')')#- 4 *0%('(
Edd
CX i\j`jk\eZ`X Xc XgcXjkXd`\ekf j\ m\ d\afiX[X gfi \c
]XZkfi b hl\ gXiX cX dX[\iX cXd`eX[X \eZfcX[X kfdX
\cmXcfi[\(#(,#
]_#'#b#4(#(,)+#0*4)/#-.E&dd)
()(
())
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
I*'#Z_XgXj[\XZ\if\ok\i`fi\j1Le`ej`egifk\^\i
GfikXekf#
= ,(%-'- E
( #(, ) Dp #Ib ]_ #) #b [ =
= ( #(, ) *0('( )/ #-. )' = .%.'' E
:XgXZ`[X[[\cXj\ZZ`e4*--#'.bE
:XgXZ`[X[[\cXle`e40(#*/*bE
Gl\[\ fYj\imXij\ Zfdf cX le`e i\jlckX m}c`[X gXiX
I*'#Xg\jXi[\cX]l\ik\g\eXc`qXZ`e[\cXi\j`jk\eZ`X
[\cXZ\if#^iXZ`XjXcjfYi\[`d\ej`feX[f[\cXZ_XgXhl\
gi\j\ekXleXZXgXZ`[X[[\0*)bE#d`\ekiXjhl\cXZX$
gXZ`[X[[\cXle`edX[\iX$XZ\if\j[\(0-bE%
-%+%+:Xi^XXo`Xc\ek`iX]fe[fj
GXiX(g\iefZfe[fYc\ZfikX[liX#
=m#I[#4bdf[#=m#Ib#&D#4()..''&(4(,%+''E
GXiX/g\iefj#
=m#I[#4))#0-.(,%+''40(%*/*E5-+bE
\ I\jld\e
J`klXZ`e`e`Z`Xc1
G`\qXZ\ekiXc[\dX[\iX1(/'o)+'dd
G`\qXjcXk\iXc\j[\XZ\if1)[\('o)''dd
:XgXZ`[X[[\Z}cZlcf#j`klXZ`eefidXc4+-+#'*)bE
:XgXZ`[X[[\Z}cZlcf[\cXle`e#j`klXZ`eefidXc4
4(0-#--+bE
:Xg%[\Z}cZlcfgfi]Xccf[\cXZ_XgX\ej`k%efidXc4
40*)#/*)bE
<c<lifZ[`^f<E(00,$($)p\c;9J@:K< `eZclp\leXj
i\^cXj [\ Z}cZlcf gXiX \c ZXjf [\ k`iX]fe[fj ZXi^X[fj
Xo`Xcd\ek\hl\\jkegifk\^`[fj[\cX\ogfj`Z`e[`i\ZkX
Xc]l\^fhl\j\\ogfe\eXZfek`elXZ`e%
CXi\j`jk\eZ`X[\Z}cZlcf[\cfjk`iX]fe[fj[\Y\ZXcZlcXi$
j\[\XZl\i[fZfecX\ZlXZ`e-%*%
<e le`fe\j \e cXj hl\ cXj [`jkXeZ`Xj a) p a* [\ cfj \c\$
d\ekfj [\ aXZ`e jXk`j]XZ\e cXj \ogi\j`fe\j -%),
p-%)- #mXj\^liX-%*(#\c]XZkfi[\Zfem\ij`egXiX
cXi\[lZZ`e[\cXi\j`jk\eZ`XXo`Xc[\ck`iX]fe[f\ecXj`$
klXZ`e[\`eZ\e[`f[\Y\ZXcZlcXij\lk`c`qXe[fcX\ogi\$
j`e-%). #
a) a( + +' \Z%-%),
a* a( + )' \Z%-%)
[fe[\a(# a)pa*jfecXj[`jkXeZ`Xj#\ed`cd\kifj%
=`^liX-%*(J\ZZ`ekiXejm\ijXcp[\e`Z`e[\cXj[`jkXeZ`Xj%
J`klXZ`e[\`eZ\e[`f
9@9C@F>I8=8
'
X
;fZld\ekf9}j`ZfJ<$8%J\^li`[X[\jkilZkliXc%<jkilZkliXj
[\XZ\if)''. %:[`^fKZe`Zf[\cX<[`ZXZ`e#:K<%
Y
Z
;fZld\ekk\Z_e`hl\le`;KLG0)$.'*aXe%$]m%(0//%
<iiXkldj\gk\dYi\(0//%Dk_f[\[\aljk`ZXk`fegXic\
ZXcZlc[\cXij`jkXeZ\Xl]\l[\jjkilZkli\j\eYf`j%
<E (00*$($/ 1)'',% ;\j`^e f] jk\\c jkilZkli\j% GXik ($/%
;\j`^ef]af`ekj%
[
\Z%-%).
<E(00*$($)1)'',%<lifZf[\*1;\j`^ef]jk\\cjkilZkli\j%
GXik($)1>\e\iXc%JkilZkliXci\[\j`^e%
[fe[\#
a(
i\ZlYi`d`\ekfcXk\iXc\edd#^liX-%*(2
k[#
\i`f[fi\hl\i`[f[\i\j`jk\eZ`XXc]l\^f#\ed`el$
g
kfj%
<c]XZkfi[\ Zfem\ij`egXiX\c\d\ekfj[\aXZ`eZfe
[`jkXeZ`XjXcfjYfi[\j a)4 a(p a*( a(")'dd#[\Y\
ZXcZlcXij\[\XZl\i[fZfecX\ZlXZ`e-%).jljk`klp\e[f
k[#gfi(#),k[#%
?Xikc#?%(00, %=`i\i\j`jkXeZ\f]af`ekj%K`dY\i<e^`e\\i$
`e^%JK<G(%:(0&($0%:\ekild?flk#K_\E\k_\icXe[j%
LE<$<E (00'1)''*% <lifZ[`^fj% 9Xj\j [\ Z}cZlcf [\
\jkilZkliXj%
LE<$<E(00,$($(1)''-%<lifZ[`^f,%Gifp\Zkf[\\jkilZ$
kliXj[\dX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\^cXjgXiX
\[`ZXZ`e%
LE<$<E(00*$($(1)''/%<lifZ[`^f*%Gifp\Zkf[\\jkilZkl$
iXj[\XZ\if%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj\[`Z`fj%
()*
(),
GIFK<::@E;<CFJ?<II8A<J
:FEKI8C8:FIIFJ@E
.%(@EKIF;L::@E
<c fYa\k`mf [\ \jk\ ZXgklcf \j i\Zf^\i cXj `[\Xj d}j
i\c\mXek\j hl\ X]\ZkXe X cX gifk\ZZ`e [\ cfj _\iiXa\j
lk`c`qX[fj\ecXjle`fe\j\e\jkilZkliXj[\dX[\iX%J\
Zfd`\eqXZfeleXYi\m\\ogc`ZXZ`e[\c]\ed\ef[\cX
Zfiifj`epleXZcXj`ZXZ`e[\cfjXdY`\ek\j\e]leZ`e
[\jlX^i\j`m`[X[#ZfecX`e]fidXZ`ee\Z\jXi`XgXiX\j$
k`dXicXm\cfZ`[X[[\[\^iX[XZ`e[\cXZ\if%;\jgljj\
\ogfe\ecfjj`jk\dXj[\gifk\ZZ`e[\cXZ\ifpcXj\jg\$
Z`ZXZ`fe\jhl\i\Zf^\cXefidXk`mXm`^\ek\%
.%):FIIFJ@E
GfiZfiifj`ej\\ek`\e[\cX[\^iX[XZ`eeXkliXc[\le
dXk\i`XcZfdfi\jlckX[f[\jl`ek\iXZZ`eZfe\c\ekfi$
ef Xc hl\ \jk} jfd\k`[f% <jk\ kid`ef ljlXcd\ek\ j\
XjfZ`XXcXfo`[XZ`e[\cfjd\kXc\j%Gl\[\\ek\e[\ij\
ZfdfcXk\e[\eZ`Xhl\k`\e\ecfjdXk\i`Xc\jXYljZXijl
]fidXd}j\jkXYc\f[\d\efi\e\i^X`ek\ieX%
<c_`\iiffXZ\ifefgifk\^`[f\jk}\ogl\jkfXcXZfiif$
j`e% ;\g\e[`\e[f [\ cX lY`ZXZ`e [\c \c\d\ekf p [\c
k`gf [\ \ogfj`Z`e# \jkX Zfiifj`e gf[i} ZXkXcf^Xij\
Zfdf1Xkdfj]i`ZX#\e\cX^lXf\e\ck\ii\ef%
CX Zfiifj`e \j le ]\ed\ef \c\Zkifhld`Zf% LeX Zf$
ii`\ek\ [\ \c\Zkife\j j\ \jkXYc\Z\ ZlXe[f \o`jk\ leX
[`]\i\eZ`X [\ gfk\eZ`Xc\j \eki\ le glekf p fkif% GXiX
hl\ j\ gif[lqZX cX Zfiifj`e# \c d\kXc [\Y\ \jkXi \e
ZfekXZkfZfele\c\Zkifc`kfZlpXZfdgfj`Z`e[\Y\j\i1
X^lX`ed\ij`efZfe[\ejXZ`e #fo^\efpjXc\j%J`ecX
gi\j\eZ`X[\Xc^lef[\\jkfj\c\d\ekfj#cXZfiifj`eef
j\gif[lZ\%
=le[Xd\ekXcd\ek\\o`jk\e[fjXjg\Zkfjgficfjhl\cX
Zfdgfj`Z`e[\c\c\Zkifc`kfX]\ZkXXcXZfiifj`e1cXZfe$
[lZk`m`[X[ ZlXekf d\afi Zfe[lZkfi j\X \c \c\Zkifc`kf
d}j]}Z`cmXXl`icXZfii`\ek\p\cgifZ\jf[\Zfiifj`e
j\i}d}jXZljX[f #p\cgfk\eZ`Xc[\Zfiifj`eY}j`Zf[\c
j`jk\dX cX gi\j\eZ`X f ef [\ X^\ek\j fo`[Xek\j \e cX
jfclZ`e\j`dgfikXek\gXiXZfejkil`icXgXik\ZXk[`ZX
[\cXZ\c[X[\Zfiifj`e %
Hld`ZXd\ek\fZlii\cfj`^l`\ek\1\c_`\iif}ef[f \ekiX
\ejfclZ`ec`Y\iXe[f\c\Zkife\jpkiXej]fid}e[fj\\e
`e]\iifjf%Cfj\c\Zkife\jc`Y\iX[fjgfi\c_`\iifZlXe$
[fcc\^XeXcZ}kf[fi\XZZ`feXeZfe\cX^lXp\cfo^\efp
[\jgi\e[\e`fe\j_`[io`[f%Cfj`fe\j_`[io`[f[\cZ}kf$
[fi\XZZ`feXeZfecfj`fe\j]\iifjfj[\c}ef[fp]fidXe
_`[io`[f]\iifjfhl\\egi\j\eZ`X[\fo^\ef[Xcl^Xi
Xco`[f[\_`\iif#o`[f]ii`Zff_\iildYi\%
CX\og\i`\eZ`X[\dl\jkiXhl\\o`jk\lei`\j^fj`^e`ZXk`$
mf[\Zfiifj`eXkdfj]i`ZXZlXe[fcX_ld\[X[i\cXk`mX
[\cXdY`\ek\j\\eZl\ekiXgfi\eZ`dX[\c/'pcXk\d$
g\iXkliX\jjlg\i`fiX':%J`e\dYXi^f#j`j\\eZl\e$
kiXe gi\j\ek\j ZfekXd`eXek\j p jXc\j _`^ifjZg`ZXj# cfj
]\ed\efj Zfiifj`mfj j\ gi\j\ekXe X mXcfi\j [\ _ld\$
[X[dlZ_fd\efi\j%
:fdgc\d\ekXi`Xd\ek\# cX m\cfZ`[X[ [\ Zfiifj`e \j
i\Xcd\ek\ `dgfikXek\ ZlXe[f# X[\d}j [\ cX gi\j\eZ`X
[\le^iX[f[\_ld\[X[i\cXk`mX\c\mX[f#cXXkdj]\iX
\jk}ZfekXd`eX[X%<c[`o`[f[\Xql]i\JF) p\cZcfilif
j[`ZfEX:c #jfecfjZfekXd`eXek\jpX^\ek\jZfiifj`$
mfjd}jZfdle\j[\cXXkdj]\iX%
CX]l\ek\gi`eZ`gXc[\JF)\ecXXkdj]\iX\j\chl\dX$
[f [\ ZfdYljk`Yc\j hl\ Zfek`\e\e Xql]i\# p \c EX:c j\
`eZfigfiXXcXXkdj]\iX[\j[\\cdXi%<jkXj[fjjlYj$
kXeZ`Xjhld`ZXj\jk`dlcXe\e^iXed\[`[XcXZfiifj`e
[\cXjjlg\iZ`\jd\k}c`ZXj_ld\[\Z`[Xj%
GfifkiXgXik\#j\[\Y\Zfej`[\iXi\c\]\Zkf[\cXk\d$
g\iXkliX% CX m\cfZ`[X[ [\ Zfiifj`e Xld\ekX ^\e\iXc$
d\ek\ Zfe cX k\dg\iXkliX# [lgc`Z}e[fj\ gfi ZX[X [`\q
^iX[fjZ\ek^iX[fj[\`eZi\d\ekf[\k\dg\iXkliX%
CXZfiifj`e\e\cjl\cf\j]leZ`e[\jlZfek\e`[f[\
d`e\iXc\j# [\ cX eXkliXc\qX [\ \jkfj d`e\iXc\j p [\ cfj
Zfdgl\jkfj fi^}e`Zfj# [\ jl Zfek\e`[f [\ X^lX p [\c
Zfek\e`[f[\fo^\efZfiifj`eX\iY`ZXpXeX\iY`ZX %
CXjm\cfZ`[X[\j[\Zfiifj`ejl\c\ej\idXpfi\j\ecfj
jl\cfjhl\_Xej`[fi\dfm`[fjhl\\ecfjefi\dfm`[fj%
Cfj jl\cfj ZXcZ}i\fj p cfj Xi\efjfj jfe ^\e\iXcd\ek\
d\efj Zfiifj`mfj X Zfe[`Z`e [\ hl\ \jke \o\ekfj [\
()-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
Zcfilifj #d`\ekiXjhl\cfjjl\cfj[\XiZ`ccXfXiZ`ccXdXi$
^fjXjfedf[\iX[Xd\ek\Zfiifj`mfj%<ecfjjl\cfjgXekX$
efjfjp[\kliYX#cXZfiifj`m`[X[[\g\e[\[\cXXZ`[\qkfkXc
[\ck\ii\ef%
<ced\if[\]XZkfi\jhl\`elp\ejfYi\cXZfiifj`e\e
\cjl\cf\jdlp\c\mX[f%
<e\cZXjf[\cXZfiifj`e\e\cX^lX#\ck`gf[\X^lXk`\$
e\leX`el\eZ`Xdlp`dgfikXek\jfYi\cXZfiifj`e[\c
_`\iifpXZ\if#pjfYi\cXj\c\ZZ`e[\cfji\ZlYi`d`\ekfj
d\k}c`Zfjgifk\Zkfi\j%
CX \c\ZZ`e [\ le i\ZlYi`d`\ekf [\ Xcld`e`f f q`eZ j\
\]\ZkXefidXcd\ek\\e]leZ`e[\cmXcfi[\cg?1Xcld`$
e`fgXiXg?3,-pZ`eZgXiXg?5,-%
.%*:8K<>FI8J;<8D9@<EK<J
:fe]fid\ X cf \ogl\jkf Xek\i`fid\ek\# \c _`\iif f \c
XZ\ifefgifk\^`[fp\ogl\jkfXcXXkdj]\iX#\cX^lXf
\ek\iiX[f#\jk}jla\kfXZfiifj`e%Gfi\ccf#Zfe\ce[\
Xj\^liXileXgifk\ZZ`e\]\Zk`mX[\cXjg`\qXjd\k}c`ZXj
]i\ek\X\jX[\^iX[XZ`e#\je\Z\jXi`fZcXj`ZXipkXYl$
cXi\ce`m\c[\\ogfj`Z`efi`\j^f[\le\c\d\ekf%<jkf
\jcfhl\_XZ\cXefidX@JF()0++$)%
Cfj[`]\i\ek\jXdY`\ek\jXkdfj]i`Zfj\jk}eefidXc`qX[fj
fk`g`ZX[fj\e]leZ`e[\jl^iX[f[\_ld\[X[p[\jl
gifgfiZ`e[\ZfekXd`eXek\jJF)pEX:c#gi`eZ`gXcd\ek\ %
<e cX efidX @JF ()0++$)# j\ \jkXYc\Z\e j\`j ZXk\^f$
iXj [\ Zfiifj`m`[X[ Xkdfj]i`ZX1 :(2 :)2 :*2 :+2 :,$@
KXYcX.%(:Xk\^fiXj[\XdY`\ek\j#i`\j^f[\Zfiifj`epm\cfZ`[X[[\Zfiifj`e
I`\j^f[\
Zfiifj`e
M\cfZ`[X[[\Zfiifj`e
Gi[`[Xd\[`X[\\jg\jfi
[\q`eZd&Xf
:(
DlpYXaf
'#(
:)
9Xaf
5'#(X'#.
8kdj]\iXjZfeYXafje`m\c\j
<[`Z`fjj`eZXc\]XZZ`e[fe[\
gl\[\efZlii`iZfe[\ejXZ`fe\j1 \ZfekXd`eXZ`e%i\XjiliXc\j
\ejldXpfigXik\%
XcdXZ\e\j#gfc`[\gfik`mfj#
8kdj]\iXjliYXeXj\
`e[ljki`Xc\jZfedf[\iX[X
ZfekXd`eXZ`e[\[`o`[f
[\Xql]i\%i\XjZfjk\iXj
ZfeYXaXjXc`e`[X[%
:[`^f
<a\dgcf[\XdY`\ek\jZXi}Zk\i`e]fidXk`mf
@ek\i`fi
<ok\i`fi
<[`Z`fjZfeZXc\]XZZ`ep
Xkdj]\iXjc`dg`Xj1fZ`eXj#
k`\e[Xj#
$$$
:*
D\[`f
5'#.X)#(
EXm\j[\\[`ZXZ`eZfe
\c\mX[X_ld\[X[pXc^f
[\ZfekXd`eXZ`e[\cX`i\1
cXmXe[\iXj#gcXekXjZ\im\Z\iXj#
c}Zk\Xj#
:+
<c\mX[f
5)#(X+#)
GcXekXjhld`ZXj#g`jZ`eXj#
YXiZfjZfjk\ifjpXjk`cc\ifj%
i\Xj`e[ljki`Xc\jp}i\Xj
Zfjk\iXjZfedf[\iX[X
jXc`e`[X[%
:,$@
Dlp\c\mX[f
5+#)X/#+
<[`Z`fjf}i\XjZfe
Zfe[\ejXZ`fe\jZXj`]i\Zl\ek\j
pZfeZfekXd`eXZ`e\c\mX[X%
i\Xj`e[ljki`Xc\jZfe\c\mX[X
_ld\[X[pZfeXkdj]\iX
X^i\j`mX%
:,$D
Dlp\c\mX[f
5+#)X/#+
<[`Z`fjf}i\XjZfe
Zfe[\ejXZ`fe\jZXj`
g\idXe\ek\j#pZfe
ZfekXd`eXZ`e\c\mX[X%
i\XjZfjk\iXjpdXik`dXj
Zfe\c\mX[XjXc`e`[X[%
Gifk\ZZ`e[\cfj_\iiXa\jZfekiXcXZfiifj`e
KXYcX.%):Xk\^fiXj[\XdY`\ek\jgXiX\c\d\ekfjjld\i^`[fj\eX^lXf\ek\iiX[fj\e\cjl\cf
:[`^f
8dY`\ek\
M\cfZ`[X[[\Zfiifj`eGi[`[X
d\[`X[\\jg\jfi[\q`eZ
d&Xf
@d(
8^lX[lcZ\
$$$
@d)
8^lX[\dXifjXcfYi\
@d*
Jl\cf
.%+GIFK<::@E=I<EK<
C8:FIIFJ@E
.%+%(>\e\iXc`[X[\j
<j \m`[\ek\ hl\ \c d\kXc e\Z\j`kX leX gifk\ZZ`e \$
Z`\ek\]i\ek\XcXjZfe[`Z`fe\jXdY`\ekXc\j#phl\jkXj
gl\[\ej\id}jfd\efjX^i\j`mXj\e]leZ`e[\cXk\d$
g\iXkliX#_ld\[X[#X^\ek\jhld`Zfj#XYiXj`e#\kZ%
<je\Z\jXi`fk\e\igi\j\ek\hl\cfjk`gfj[\Zfiifj`e
jfe eld\ifjfj# \eZfekiXe[f# gfi \a\dgcf# Zfiifj`e
Xkdfj]i`ZX# ^Xcm}e`ZX# gfi g`ZX[liXj# \e _\e[`[liXj#
j\c\Zk`mX#YXafk\ej`e#`ek\iZi`jkXc`eX#gfi]i`ZZ`e#gfi
\ifj`e#gfi_`[i^\ef#p[\`^lXcdf[f#hl\\o`jk`$
i}e jlj Zfii\jgfe[`\ek\j d\[`fj [\ gifk\ZZ`e# Zfe$
<a\dgcf[\XdY`\ek\j
ZXi}Zk\i`e]fidXk`mf
@ejkXcXZ`fe\ji`Y\i\Xj#
gcXekXj_`[if\cZki`ZXj
('X)'
i\XjgfiklXi`XjZfe\jkilZkliXj
8^lX[\dXi\e
Zfdfgl\ikXj[\Zfek\eZ`e#
i\^`fe\jk\dgcX[Xj
\jZcljXj#dl\cc\j%
$$$
KXehl\j\ek\iiX[fj#g`cfk\j
[\XZ\if#klY\iXj[\XZ\if
j`[\iXe[f\ece\Xj^\e\iXc\j[fj^iXe[\j^ilgfj#cfj
j`jk\dXj gXj`mfj gi`eZ`gXcd\ek\ i\ZlYi`d`\ekfj f
XZk`mfjgifk\ZZ`eZXk[`ZX %
GfikXekf#k\e`\e[f\eZl\ekXhl\\cfYa\kf[\cXgi\j\ek\
glYc`ZXZ`e\j\c\jkl[`f[\cXjle`fe\j\e\jkilZkliXj[\
dX[\iX#j\gifZ\[\i}\oZclj`mXd\ek\X[\jXiifccXicXgXi$
k\Zfii\jgfe[`\ek\XcXZfiifj`eXkdfj]i`ZXpcfjdkf$
[fj[\gifk\ZZ`ed}j_XY`klXcd\ek\lk`c`qX[fj\ele`f$
e\jdX[\iX$d\kXc#j`e\ekiXiXmXcfiXifkifjgifYc\dXj[\
Zfiifj`efj`jk\dXj[\gifk\ZZ`e%
8jlm\q#[X[fhl\cfjj`jk\dXjgifk\Zkfi\jk`\e\eleX
m`[X\]\Zk`mXd\efiXcXm`[X[\j\im`Z`f\jg\iX[X[\cfj
\c\d\ekfj X gifk\^\i# _XYiX hl\ Zfej`[\iXi leX j\i`\
[\ XZklXZ`fe\j g\i`[`ZXj gXiX \c dXek\e`d`\ekf [\
\jXgifk\ZZ`e#ZlpX]i\Zl\eZ`X`iXc`^X[XXcj`jk\dX[\
gifk\ZZ`ehl\j\j\c\ZZ`fe\egifp\ZkfpXcgi\m`j`Yc\
[\k\i`fifp[\j^Xjk\[\cd`jdfgfiX^i\j`m`[X[XdY`\e$
kXc%;\`^lXcdf[f#ef\jfYa\kf[\\jk\ZXgklcf\ekiXiX
mXcfiXi\jkfjXjg\Zkfj#j`Y`\e#\je\Z\jXi`fZ`kXigfijl
`dgfikXeZ`XalekfZfecXe\Z\j`[X[[\cXgifk\ZZ`e#cX
m`[X[\jkX#jldXek\e`d`\ekfpm`^`cXeZ`X%
.%+%):fiifj`eXkdfj]i`ZX
.%+%)%(J`jk\dXj[\g`ekX[f
CXg`ekliX\jleX[`jg\ij`e^\e\iXcd\ek\chl`[Xhl\#
XcXgc`ZXij\#X[hl`\i\Zfej`jk\eZ`Xgfi\mXgfiXZ`efgfi
i\XZZ`eZfe\cfo^\ef[\cX`i\fZfecfjX^\ek\j[\Zl$
iX[ffi\k`ZlcXek\j%
CXjg`ekliXjf]i\Z\egifk\ZZ`eZfekiXcXZfiifj`egfi
d\[`f[\Xc^lef[\cfjki\jgi`eZ`g`fjj`^l`\ek\j1
().
()/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
$:Xi}Zk\iX`jcXek\1\]\ZkfYXii\iXhl\`dg`[\\cXZZ\jf
[\cX^lXp[\cfo^\efXcXjlg\iZ`\[\cXZ\if%
$@e_`Y`[fi1 Zfek`\e\ g`^d\ekfj Xek`Zfiifj`mfj `e_`Y`[f$
i\j[\cXi\XZZ`efo`[Xk`mX]fj]Xkf[\q`eZ %
$Gifk\ZZ`e ZXk[`ZX1 gi\j\ekX Zfdgfe\ek\j \c\Zkif$
hld`ZXd\ek\ d}j XZk`mfj hl\ \c d\kXc gifk\^`[f# \j
[\Z`i#\eZfekXZkfZfe\cd\[`fXdY`\ek\#\jkfjZfd$
gfe\ek\jj\Zfiif\e]}Z`cd\ek\pgifk\^\eXjXcd\kXc
YXj\%
>\e\iXcd\ek\kf[fj`jk\dXXek`Zfiifj`mf\eYXj\Xg`e$
kliXjgi\j\ekXki\jZXgXj1`dgi`dXZ`e#`ek\id\[`XpXZX$
YX[f%Gi\m`Xd\ek\Xcg`ekX[f#j\gifZ\[\XcXc`dg`\qX[\
cXjlg\iZ`\d\[`Xek\^iXeXccX[f_XjkX^iX[fJ8)%,%
EfkX1 \c ^iXeXccX[f \j leX kZe`ZX [\ kiXkXd`\ekf [\
c`dg`\qXjlg\iZ`Xcgfi`dgXZkfZfecXhl\j\Zfej`^l\
le [\k\id`eX[f XZXYX[f jlg\iZ`Xc% CX efidX jl\ZX
J@J',,0''\jkXYc\Z\ZlXkif^iX[fj[\XZXYX[f1J8(#
8)#J8)(&)pJ8*%
<c^ilgf[\efidXjLE<$<E@JF()0++#gXik\(XcX/#_XZ\
i\]\i\eZ`XXcXgifk\ZZ`e[\\jkilZkliXj[\XZ\if]i\ek\XcX
Zfiifj`ed\[`Xek\j`jk\dXj[\g`ekliXjgifk\ZkfiXjpk`\$
e\e\eZl\ekXkf[fjcfj]XZkfi\jhl\jfe`dgfikXek\jgXiX
fYk\e\ileXgifk\ZZ`eX[\ZlX[X]i\ek\XcXZfiifj`e%
Gfijlgl\jkf#\o`jk\edlZ_Xjgfj`Y`c`[X[\jXcX_fiX[\
\c\^`ilej`jk\dX[\g`ekX[fgXiXZX[Xk`gf[\XdY`\ek\%
CXefidXLE<$<E@JF()0++$,i\Zfd`\e[XleXj\i`\[\
j`jk\dXj[\g`ekX[fgXiX[`]\i\ek\jXdY`\ek\j[\\ogf$
j`Z`egi\m`\e[f[liXY`c`[X[YXaX[\)X,Xfj #d\[`X
[\,X(,Xfj fXckXd}j[\(,Xfj %
<ecXgi}Zk`ZXcXjg`ekliXjefjfedlplk`c`qX[XjgXiXcX
gifk\ZZ`e[\cfj_\iiXa\j\e\jkilZkliXj[\dX[\iX%K`\$
e\e\c`eZfem\e`\ek\[\hl\j\[XXe]}Z`cd\ek\[liXek\
\cgifZ\jf[\kiXejgfik\p[\dfekXa\#gficfhl\\o`^\le
i\kfhl\[\cXZXYX[f\ecXfYiX#cfhl\\eZXi\Z\\ci\jlc$
kX[f%8[\d}j#jlljfj\jl\c\c`d`kXiX`ek\i`fi\jj\Zfj%
.%+%)%)I\ZlYi`d`\ekfjZfed\kXc\jef]ii\fj
Cfj i\ZlYi`d`\ekfj d\k}c`Zfj jfe le dkf[f \]\Zk`mf
[\i\kXi[Xifgi\m\e`icXZfiifj`e[\cfjdXk\i`Xc\j]$
ii\fj%<cq`eZp\cXcld`e`f#fjljXc\XZ`fe\j#jfecfji\$
ZlYi`d`\ekfjd\k}c`Zfjd}j]i\Zl\ek\d\ek\lk`c`qX[fj#
efidXcd\ek\ \e ]fidX [\ i\ZlYi`d`\ekfj fYk\e`[fj
gfi`ed\ij`e\eZXc`\ek\fd\[`Xek\gifp\ZZ`ekid`$
ZX# gfihl\ gifk\^\e \c _`\iif p \c XZ\if ef jfcXd\ek\
gfi\]\ZkfYXii\iX#j`efkXdY`egfiXZZ`e^Xcm}e`ZX%
J\ gl\[\ Xj\^liXi hl\ d`\ekiXj \o`jkX q`eZ i\dXe\e$
k\jfYi\cXjlg\iZ`\[\leXg`\qX#\cXZ\ifYXj\[\cX
d`jdXg\idXe\Z\i}`eXck\iX[f#pXhl\[\Y`[fXc\]\Zkf
[\ gifk\ZZ`e ZXk[`ZX# ef j\ fo`[Xe cXj g\hl\Xj qf$
eXj[\jel[Xj[\i\ZlYi`d`\ekfhl\gl\[Xegif[lZ`ij\
Zfdf Zfej\Zl\eZ`X [\ ^fcg\j f ifqX[liXj [liXek\ \c
kiXejgfik\fdfekXa\[\cXg`\qX%
CXZfiifj`e[\cq`eZ#[\cXcld`e`fp[\jljXc\XZ`fe\j]fi$
dX[Xj \eki\ j f Zfe \c gifg`f jljkiXkf ]ii`Zf# _`\iif f
XZ\if#jfYi\\chl\j\Xgc`ZXe [\g\e[\[\cX[liXZ`e[\
cX\ogfj`Z`eXcX_ld\[X[pXcfjZfekXd`eXek\jjlg\i$
Z`Xc\j#g\ifcXjm\cfZ`[X[\j[\Zfiifj`ejfedlZ_fd\ef$
i\jhl\cXj[\cgifg`fXZ\ifp#]i\Zl\ek\d\ek\#[`jd`elp\e
Zfe\ck`\dgf%
<jkfj i\ZlYi`d`\ekfj ef ]ii\fj gl\[\e ef i\hl\i`i
dXek\e`d`\ekfj`cXZfiifj`ekfkXc[\ci\ZlYi`d`\ekfp
[\c_`\iiffXZ\ifjlYpXZ\ek\\j`ejlZ`\ek\gXiXX]\Z$
kXiXcZfdgfikXd`\ekf[\c\c\d\ekf[liXek\\cg\i`f[f
[\lk`c`qXZ`egi\m`jkf%J`]l\iXe\Z\jXi`fleg\i`f[f[\
m`[XdXpfi#j\[\Y\iXi\Zlii`iXcXXgc`ZXZ`e[\lej`j$
k\dX[\g`ekliXXek\j[\hl\[\jXgXi\qZXgfiZfdgc\kf
\ci\ZlYi`d`\ekfd\k}c`Zffi`^`eXc%
<e \jk\ j\ek`[f# j\ k`\e\e hl\ gi\m\i fg\iXZ`fe\j [\
dXek\e`d`\ekf Xek\j [\ hl\ j\ `e`Z`\ cX fo`[XZ`e [\c
XZ\ifYXj\pgi\]\i`Yc\d\ek\#ZlXe[fkf[XmXhl\[\e#Xc
d\efj#[\)'X*'d[\ci\ZlYi`d`\ekfd\k}c`Zf%
J` j\ i\kiXjX \c dXek\e`d`\ekf _XjkX hl\ j\ _XpX Zfe$
jld`[f\ci\ZlYi`d`\ekfd\k}c`Zf\ejlkfkXc`[X[p_XpX
Zfd\eqX[fcXXgXi`Z`e[\o`[f#\ekfeZ\j\cXZ\ifk`\e\
hl\dXek\e\ij\[\cXd`jdX]fidXhl\leXZ\ifg`ekX[f
fo`[X[f%
CXi\j`jk\eZ`XXcXZfiifj`eXkdfj]i`ZX[\cq`eZp[\
cfj i\ZlYi`d`\ekfj ^XcmXe`qX[fj [\g\e[\ [\ cXj g\c$
ZlcXjgifk\ZkfiXjhl\j\]fidXejfYi\cXjlg\iZ`\[\c
d`jdfgfi\]\Zkf[\cX_ld\[X[#\cfo^\efp\cXe_[i`$
[fZXiYe`Zf[\cX`i\%
<jkXjg\cZlcXj\jk}eZfejk`kl`[XjefidXcd\ek\gfiZXi$
YfeXkfjY}j`Zfj[\q`eZ\jkXYc\jpgfZfjfclYc\j#hl\`d$
g`[\efi\kXi[Xe\ZXqd\ek\\cgifZ\jf[\Zfiifj`e[\c
q`eZ\ecXXkdj]\iX%CXgi\j\eZ`X[\ZfekXd`eXek\j\e
\cX`i\`elp\jfYi\cXm\cfZ`[X[[\Zfiifj`e[\cq`eZ%
<j `ek\i\jXek\ [\jkXZXi kXdY`e hl\ cXj m\cfZ`[X[\j
[\Zfiifj`e[\cq`eZ\eleXdY`\ek\[\k\id`eX[fjfe
^\e\iXcd\ek\c`e\Xc\j%<jkfg\id`k\_XZ\igi\[`ZZ`fe\j
jfYi\cX[liXZ`e[\cXgifk\ZZ`e[\lei\ZlYi`d`\ekf
^XcmXe`qX[f\eYXj\Xcfj[Xkfj[\gi[`[X[\\jg\jfi
fYk\e`[fj\e\mXclXZ`fe\jXek\i`fi\jf`ek\id\[`Xj%
:fe [\dXj`X[X ]i\Zl\eZ`X j\ lk`c`qX \c kid`ef ^XcmX$
e`qXZ`ef^XcmXe`qX[fgXiX[\j`^eXi[\dXe\iX^\$
ei`ZXXcfj[`]\i\ek\jgifZ\jfjfkZe`ZXjhl\lk`c`qXe
Gifk\ZZ`e[\cfj_\iiXa\jZfekiXcXZfiifj`e
$D\kXc`qXZ`eZfeq`eZ
Gifp\ZZ`e[\q`eZ]le[`[fZfeg`jkfcX%
$I\ZlYi`d`\ekfjZfegfcmf[\q`eZ%
J`jk\dXj[\gifk\ZZ`eZfeq`eZ1
$>XcmXe`qXZ`e\eZXc`\ek\1
J`jk\dXhl\Zfej`jk\\ecX`ed\ij`e\eYXf[\q`eZ
]le[`[f^XcmXe`qXZ`e\e[`jZfek`elf #fY`\e#\cgXjf
\e Zfek`elf X kiXmj [\c YXf [\ q`eZ ]le[`[f ^Xc$
mXe`qXZ`e \e Zfek`elf X k\dg\iXkliX efidXc \eki\
+,,: p +/':% 8 \jX k\dg\iXkliX k`\e\ cl^Xi le
gifZ\jf[\[`]lj`e[\cq`eZ\e\cXZ\ifhl\[Xcl^Xi
XcX]fidXZ`e[\Xc\XZ`fe\jq`eZ$_`\iifjfYi\cXjjl$
g\iZ`\j%
<c^XcmXe`qX[fXk\dg\iXkliX\c\mX[Xj\lk`c`qXgXiXfY$
k\e\ilei\ZlYi`d`\ekfd}jc`jfpid\#pgl\[\i\Xc`$
qXij\XleXk\dg\iXkliX\eki\,*':p,-':%<cXZX$
YX[ffYk\e`[fgfi\cgifZ\jfXk\dg\iXkliX\c\mX[X\j
leXZXYX[fdXk\%
<e cX efidX LE< *.,'/1// j\ \jg\Z`ZXe Xc^leXj
Zfe[`Z`fe\jhl\[\Y\Zldgc`i\cdXk\i`XcYXj\gXiXjl
X[\ZlXZ`eXcgifZ\jf[\^XcmXe`qXZ`e\eZXc`\ek\%Jfe
cXjj`^l`\ek\j1
$:fek\e`[f[\ZXiYfef#:1'#*'2
$:fek\e`[f[\J`c`Z`f#J@1'#'*2
$:fek\e`[f[\=j]fif#G1'#',2
$:fek\e`[f[\J@")#,G'#'0%
<eZXjfZfekiXi`fcXZXgX[\i\ZlYi`d`\ekfgl\[\i\jlckXi
]i}^`c p j\ gl\[\ [\jgi\e[\i Zfe ]XZ`c`[X[ Xek\ ZlXchl`\i
^fcg\%
F Y`\e d\[`Xek\ cX [`]lj`e jc`[X [\ gfcmf [\ q`eZ \e
\cXZ\ifgfi[\YXaf[\cXk\dg\iXkliX[\]lj`e[\cq`eZ
J_\iXi[`qXZ`e #fd\[`Xek\\c[\gj`kf\ed\[`fXZlf$
jf[\gfcmf[\q`eZ\e\cXZ\ifZfeXpl[X[\`dgXZkfj
d\Z}e`Zfj[\gj`kfd\Z}e`Zf %
CXkXYcX.%*#X[XgkX[X[\cXglYc`ZXZ`eGifk\ZZ`ep[l$
iXY`c`[X[[\cXj\jkilZkliXj[\XZ\if[\8GK8#i\Zf^\\c
\jg\jfi[\ci\ZlYi`d`\ekfXcZXeqX[fpfkiXjZXiXZk\ij$
k`ZXj[\cfjgifZ\jfjXek\i`fid\ek\Zfd\ekX[fj%
<cgifZ\[`d`\ekf[\Xgc`ZXZ`ep\c\jg\jfi[\ci\ZlYi`$
d`\ekfjfecfjgi`eZ`gXc\jgXi}d\kifjX[\e`iXcX_fiX
[\gi\jZi`Y`iledkf[f[\gifk\ZZ`e[\\jkXjZXiXZk\$
ijk`ZXj% GXiX kf[fj cfj i\ZlYi`d`\ekfj [\ q`eZ# cX [liX$
Z`e[\cXgifk\ZZ`e\j[`i\ZkXd\ek\gifgfiZ`feXcXcX
dXjX[\q`eZfXc\jg\jfi [\[`Z_fi\ZlYi`d`\ekf%
GXik`ZlcXi`qXe[f gXiX \c gifZ\[`d`\ekf [\ gifk\ZZ`e d\$
[`Xek\^XcmXe`qXZ`e\eZXc`\ek\#cXefidXLE<$<E@JF(+-(
\jg\Z`ZX cXj gifg`\[X[\j ^\e\iXc\j p cfj dkf[fj [\ \e$
jXpf[\\jk\k`gf[\i\ZlYi`d`\ekfjp#\e\ccX#j\\jkXYc\Z\e
kXdY`ecfj\jg\jfi\jde`dfjg\id`k`[fjX\jkfji\ZlYi`$
d`\ekfj\e]leZ`e[\c\jg\jfi[\cXZ\ifYXj\[\cXjg`\qXj%
8Zfek`elXZ`ej\dl\jkiXecXjkXYcXj.%+p.%,#hl\i\Zf$
^\e\c\jg\jfipdXjX[\ci\ZlYi`d`\ekf\o`^`[fj1
.%+%)%*8Z\ifjXlkfgXk`eXYc\j1XZ\ifZfik\e
EfkX1cXefidXLE<*.,'/\jk}XelcX[X#g\ifcXj\jg\$
Z`ZXZ`fe\jgXiX\cd\kXcYXj\j`^l\elk`c`q}e[fj\Zfdf
Zfe[`Z`fe\jgXiX\cjld`e`jkif[\XZ\ifgXiX^XcmXe`qX[f
\eZXc`\ek\%
<c XZ\if Zfik\e \j le XZ\if [\ XckX i\j`jk\eZ`X# [Y`c$
d\ek\Xc\X[fZfeXgfikXZ`fe\j[\ehl\c#ZifdfpZf$
Yi\hl\#jfd\k`[fXcX`ek\dg\i`\#X[hl`\i\leXg}k`eX
[\o`[f[\Xgifo`dX[Xd\ek\'#',ddd\[`[XXcfj
) Xfj jldXd\ek\ [\ejX p X[_\i\ek\ hl\ c\ gifk\^\
\ZXqd\ek\p[\df[feXkliXc[\cXkXhl\[\cXZfiif$
j`e#gXiXc`qXe[fjlgif^i\j`eEXmXaXj\kXc%#)''0 %
CXm\cfZ`[X[[\]fidXZ`e[\cXg}k`eXm`\e\[\k\id`eX$
[Xgfi\c^iX[f[\ZfekXd`eXZ`eXkdfj]i`ZXp#jfYi\
kf[f#gficX]i\Zl\eZ`XZfecXhl\cXjlg\iZ`\j\dfa\
Zfecclm`XfifZfpj\hl\Xcm`\ekfpXcjfc%
$Q`eZX[f\c\Zkifck`Zf
CXgi`eZ`gXcm\ekXaX[\\jk\k`gf[\XZ\ifjfYi\\cXZ\if
efidXc[\ZfejkilZZ`e\jjli\j`jk\eZ`XeXkliXcXcXZf$
iifj`eXkdfj]i`ZX#\m`kXe[fcXgifk\ZZ`e[\jljlg\i$
Z`\p\m`kXe[fZlXchl`\idXek\e`d`\ekf%J`cXjlg\iZ`\
\ogl\jkXjl]i\Xc^e[\k\i`fif#\cXZ\ifml\cm\X]fidXi
leXel\mXZXgX[\o`[fgfijd`jdf%
:fej`jk\\e\c[\gj`kf[\q`eZd\[`Xek\\c\Zkic`j`j[\[`$
jfclZ`fe\jXZlfjXj[\jXc\j[\q`eZ%8c^lefj]XYi`ZXek\j
lk`c`qXe_\iiXa\jZfe\jkXgifk\ZZ`e\ej`klXZ`fe\j`ek\$
i`fi\jpZfei\ZlYi`d`\ekfj[\/X('d%
()0
(*'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX.%*I\ZlYi`d`\ekfjZfed\kXc\jef]ii\fj1gifZ\[`d`\ekfjpefidXk`mX
<jg\jfi[\c
i\ZlYi`d`\ekfd
8c\XZ`eZfe
\cXZ\ifYXj\
$G`\qXjpXikZlcfj[`m\ijfjLE<$<E@JF(+-(
+,$)''
$Kfie`cc\iXLE<*.,'.
)'$-'
)'$+'
GifZ\[`d`\ekfpefidXk`mXXgc`ZXYc\
>XcmXe`qXZ`e\eZXc`\ek\1
@%$<e[`jZfek`elf1
@@%$<eZfek`elf1
$:_XgXjpYXe[XjLE<$<E('*)-pLE<$<E('*).
Q`eZX[f\c\Zkifck`Zf1
@%$<e[`jZfek`elf1LE<$<E@JF)'/(
@@%$<eZfek`elf1LE<$<E('(,)
)$),
Ef
)#,$('
Ef
/'$(,'
Ef
D\kXc`qXZ`eZfeq`eZ1
LE<$<E@JF)'-*
I\ZlYi`d`\ekfjZfegfcmf[\q`eZ1
@%$J_\iXi[`qXZ`e1LE<$<E(*/((
(,$+,
@@%$;\gj`kfd\Z}e`Zf1LE<$<E@JF()-/*
-$('.
Ef
KXYcX.%+<jg\jfipdXjXde`dfj[\ci\ZlYi`d`\ekfjfYi\dl\jkiXjj`eZ\eki`]l^Xi%
<jg\jficfZXc
[\ci\ZlYi`d`\ekf
mXcfide`df
d
DXjXcfZXc
[\ci\ZlYi`d`\ekf
mXcfide`df X
^&d)
<jg\jfid\[`f
[\ci\ZlYi`d`\ekf
mXcfide`df
d
DXjXd\[`X
[\ci\ZlYi`d`\ekf
mXcfide`df X
^&d)
8Z\if>-dd
.'
,',
/,
-('
8Z\if>*dd_XjkX-dd
,,
*0,
.'
,',
8Z\if>(#,dd_XjkX*dd
+,
*),
,,
*0,
8Z\if<(#,dd
*,
),'
+,
*),
G`\qXjdfc[\X[Xj-dd
.'
,',
/'
,.,
G`\qXjdfc[\X[Xj<-dd
-'
+*'
.'
,',
<jg\jfi[\cXg`\qX
EFK8%$<jkXkXYcX\j[\Xgc`ZXZ`e^\e\iXc2cXjefidXjgXik`ZlcXi\j[\gif[lZkfgl\[\e`eZcl`ii\hl`j`kfj[`]\i\ek\jp#\egXik`ZlcXi#ZXk\^fiXj
[\\jg\jfi\j[`jk`ekXj%
X
DXjX[\i\ZlYi`d`\ekf\hl`mXc\ek\lk`c`qXe[fleX[\ej`[X[efd`eXc[\ci\ZlYi`d`\ekf[\.#)^&Zd*
Gifk\ZZ`e[\cfj_\iiXa\jZfekiXcXZfiifj`e
KXYcX.%,<jg\jfipdXjXde`dfj[\ci\ZlYi`d`\ekfjfYi\dl\jkiXjZ\eki`]l^X[Xj%
<jg\jficfZXc
[\ci\ZlYi`d`\ekf
mXcfide`df
d
DXjXcfZXc
[\ci\ZlYi`d`\ekf
mXcfide`df X
^&d)
<jg\jfid\[`f
[\ci\ZlYi`d`\ekf
mXcfide`df
d
DXjXd\[`X
[\ci\ZlYi`d`\ekf
mXcfide`df X
^&d)
;`}d\kif>-dd
+'
)/,
,'
*-'
;`}d\kif-dd
)'
(+,
),
(/'
<jg\jfi[\cXg`\qX
G`\qXjifjZX[Xj1
FkiXjg`\qXj
`eZcl`[Xjg`\qXjdfc[\X[Xj 1
*dd
+,
*),
,,
*0,
<*dd
*,
),'
+,
*),
EFK8%$<jkXkXYcX\j[\Xgc`ZXZ`e^\e\iXc2cXjefidXji\cXk`mXjXcfji\ZlYi`d`\ekfj[\cfj\c\d\ekfj[\aXZ`epcXjefidXjgXik`ZlcXi\j
[\gif[lZkfgl\[\e`eZcl`ii\hl`j`kfj[`]\i\ek\j%
X
DXjX[\i\ZlYi`d`\ekf\hl`mXc\ek\lk`c`qXe[fleX[\ej`[X[efd`eXc[\ci\ZlYi`d`\ekf[\.#)^&Zd*%
.%+%)%+8Z\if`efo`[XYc\1
GXiX\cXZ\if`efo`[XYc\[\Y\ZfejlckXij\\c8e\of8[\
\jkXglYc`ZXZ`e%
.%+%)%,8cld`e`fpXc\XZ`fe\j
<e<lifgX\o`jk\leXk\e[\eZ`XgfigXik\[\Xc^lefj]X$
Yi`ZXek\j Xc ljf [\ cXj Xc\XZ`fe\j [\ Xcld`e`f gXiX cfj
_\iiXa\j\e\jkilZkliXj[\dX[\iX%<e<jgXXkf[XmX\j
\jZXjXjlgi\j\eZ`X#Xlehl\j\\jk}\dg\qXe[fXlk`c`$
qXi%Lef[\cfj_\iiXa\j]XYi`ZX[fjZfeXc\XZ`e[\Xcld`$
e`fhl\d}jj\\jk}elk`c`qXe[f\e<lifgXjfe\jki`Yfj
gXiX\cXgfpf[\Zfii\XjjfYi\cXjm`^Xjgi`eZ`gXc\j%J\
kiXkX[\leg\icZfej\ZZ`e\eKhl\hl\[XfZlckf%
.%,<JG<:@=@:8:@FE<J;<GIFK<::@E
:fei\jg\ZkfXck\dXhl\efjfZlgX#cXjle`fe\j\edX$
[\iX#cXj\jg\Z`ZXZ`fe\j[\gifk\ZZ`e[\cXZ\if]i\ek\
XcXZfiifj`e\dgc\X[f\e\jXjle`fe\jhl\XgXi\Z\e
\ecXefidXk`mXi\]\i\ek\XdX[\iXjfe1
$EfidXLE<$<E(00,$($(%<lifZ[`^f,%Gifp\Zkf[\<j$
kilZkliXj[\DX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj
gXiX\[`ZXZ`e2
$;fZld\ekf9}j`ZfJ\^li`[X[<jkilZkliXcDX[\iX
;9J<$D [\c:K<%
<eXdYXjefidXk`mXjj\d\eZ`feX\ogcZ`kXd\ek\cXe\$
Z\j`[X[[\hl\kXekfcfj_\iiXa\jd\k}c`ZfjZfdffkifj
\c\d\ekfjd\k}c`Zfj[\cXjle`fe\j#j\Xei\j`jk\ek\jXcX
Zfiifj`egfijd`jdfjf\jkXigifk\^`[fjgXiX\ccf%
8[\d}j#XgXi\Z\kXdY`e\eXdYXjefidXjcXkXYcX.%-
[fe[\j\`eZclp\eXc^lefj\a\dgcfj[\\jg\Z`ZXZ`fe\j
de`dXj gXiX cX gifk\ZZ`e \e i\cXZ`e Zfe cX EfidX
LE<$<E@JF)'/( %
CXkXYcX.%-gXiXcXZcXj\[\j\im`Z`f)X[d`k\lk`c`qXi#j`ekiX$
kXd`\ekfXc^lef[\gifk\ZZ`e#g\iefj#gXjX[fi\j#ZcXmfjp
k`iX]fe[fjZfe[`}d\kifjjlg\i`fi\jX+ddpZ_XgXj[\
XZ\ifZfe\jg\jfi\jjlg\i`fi\jXcfj,dd%Le\a\dgcfk$
g`Zf[\cXZcXj\[\j\im`Z`f)#\jleXg`jZ`eXZlY`\ikXhl\Zf$
ii\jgfe[\XleXZXk\^fiX[\XdY`\ek\:+j\^ecXefidX
@JF()0++$)%<e\jkXj`klXZ`ej\gif[lZ`iXleXfo`[XZ`e#
hl\Xlehl\]l\iXc\ekX#efj\iXXZ\gkXYc\\ecXgi}Zk`ZX%
<jkXjiXqfe\jZfe[lZ\eXhl\\ecXgi}Zk`ZXj\\dgc\\le
\jg\jfide`df[\gifk\ZZ`egfi^XcmXe`qX[f[\,, d%
$EfidX LE<$<E (+,+,% <jkilZkliXj [\ dX[\iX% :fe\Z$
kfi\j% I\hl`j`kfj% <jkX efidX# \e jl Xe\of 8# d\e$
Z`feX cfj dXk\i`Xc\j p cX \jg\Z`ZXZ`e [\c i\ZlYi`$
d`\ekf lk`c`qX[f gXiX Zfej\^l`i cX gifk\ZZ`e ZfekiX
cX Zfiifj`e d\[`Xek\ cX kXYcX .%.# \jkXYc\Z`\e[f hl\
[\Y\e \jkXi Zfe]fid\j X cf \jkXYc\Z`[f \e cX efidX
LE<$<E(00,$($(%
(*(
(*)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX.%-<a\dgcfj[\\jg\Z`ZXZ`fe\jde`dXjgXiXcXgifk\ZZ`e[\cdXk\i`XcZfekiXcXZfiifj`egXiXcfj_\iiXa\j
\ei\cXZ`eZfecXEfidXLE<$<E@JF)'/(
:cXj\[\j\im`Z`f
?\iiXa\
(
:cXmfjpk`iX]fe[fjZfe[+dd
E`e^lef
=\&Qe()&:X
=\&Qe),&:X
G\iefj#gXjX[fi\j#ZcXmfjpk`iX]fe[fjZfe[5+dd
E`e^lef
E`e^lef
=\&Qe),&:X
>iXgXj
=\&Qe()&:X
=\&Qe()&:X
8Z\if
`efo`[XYc\
GcXZXj[\ekX[XjpgcXZXj[\XZ\if[\_XjkX*dd[\\jg\jfi
=\&Qe()&:X
=\&Qe()&:X
8Z\if
`efo`[XYc\
:_XgXj[\XZ\if[\j[\*dd_XjkX,dd[\\jg\jfi
E`e^lef
=\&Qe()&:X
=\&Qe),&:X
:_XgXj[\XZ\ifZfele\jg\jfijlg\i`fiX,dd
E`e^lef
E`e^lef
=\&Qe),&:X
J`j\\dgc\Xle^XcmXe`qX[f[\q`eZ\eZXc`\ek\#\c=\&Qe()&:[\Y\iXjljk`kl`ij\gfi\cQ).,p\c=\&Qe),&:gfi\cQ*,'#[\XZl\i[fZfecXefidX
<E('(+.XZklXc<E('*)-
EFK8%$<e\cZXjf[\leXjZfe[`Z`fe\j\jg\Z`Xcd\ek\Zfiifj`mXj#[\Y\iXZfej`[\iXij\lei\ZlYi`d`\ekfd}j^il\jf[\^XcmXe`qX[f\eZXc`\ek\f\c
XZ\if`efo`[XYc\
EFK8%$8Zfek`elXZ`ej\gi\j\ekXeleXj\i`\[\\a\dgcfj\ogc`ZXk`mfj[\cXj[\j`^eXZ`fe\jlk`c`qX[Xj\ecXkXYcX1
I\ZlYi`d`\ekf\c\Zkifck`Zf=\&Qe()&:Zfe]fid\XLE<$<E@JF)'/(1[\j`^eXZ`e[\lei\ZlYi`d`\ekf\c\Zkifck`Zf[\q`eZZfele\jg\jfi
[\()dQe() jfYi\_`\iiffXZ\if=\ XcZlXcj\c\_XXgc`ZX[fleXZXgX[\Zfem\ij`e`i`[`jZ\ek\: %
I\ZlYi`d`\ekf\c\Zkifck`Zf=\&Qe),&:Zfe]fid\XLE<$<E@JF)'/(1[\j`^eXZ`e[\lei\ZlYi`d`\ekf\c\Zkifck`Zf[\q`eZZfele\jg\jfi
[\),dQe), jfYi\_`\iiffXZ\if=\ XcZlXcj\c\_XXgc`ZX[fleXZXgX[\Zfem\ij`e`i`[`jZ\ek\: %
I\ZlYi`d`\ekfQ).,Zfe]fid\XLE<$<E('*)-jljk`klp\XLE<$<E('(+. 1i\ZlYi`d`\ekf[\q`eZQ \eZfek`elfgfi`ed\ij`e\eZXc`\ek\
Zfele\jg\jfi[\)'d
I\ZlYi`d`\ekfQ*,'Zfe]fid\XLE<$<E('*)-jljk`klp\XLE<$<E('(+. 1i\ZlYi`d`\ekf[\q`eZQ \eZfek`elfgfi`ed\ij`e\eZXc`\ek\
Zfele\jg\jfi[\),d
Gifk\ZZ`e[\cfj_\iiXa\jZfekiXcXZfiifj`e
KXYcX.%.DXk\i`Xc\jpi\ZlYi`d`\ekfji\j`jk\ek\jXcXZfiifj`e
DXk\i`Xc
EfidX
Gi\]\i\eZ`X
8Z\if`efo`[XYc\Xljk\ek`Zf
Xc\XZ`fe\j[\Zifdfehl\cdfc`Y[\ef
LE<$<E(''//$(
K`gf(%++'(
8Z\if`efo`[XYc\Xljk\ek`Zf
Xc\XZ`fe\j[\Zifdfehl\c
LE<$<E(''//$(
I\ZlYi`d`\ekf[\q`eZgfi`ed\ij`e\eZXc`\ek\
LE<$<E@JF(+-(
<jg\jfi*,d
<jg\jfi+,d
I\ZlYi`d`\ekf\c\Zkifck`Zf[\q`eZ
LE<$<E@JF)'/(
K`gfp\jg\jfi=\&Qe),&:
K`gfp\jg\jfi=\&Qe+'&:
LE<$<E('*).
K`gfp^&d)Q).,
K`gf(%+*'(
K`gf(%+*('
<jg\jfi)'d
K`gfp\jg\jfi=\&Qe()&:
:_XgXjfYXe[Xj[\XZ\ifi\ZlY`\ikXjgi\m`Xd\ek\[\q`eZ
LE<$<E('*)-&
LE<$<E(')0)
EfkX1\c\jg\jfi[\cXZXgX[\q`eZgl\[\ZXcZlcXij\XgXi$
k`i[\cX[\ej`[X[[\cd`jdf.(+'b^&d* %8jgfi\a\d$
gcf# leX dXjX [\ i\ZlYi`d`\ekf [\ *,' ^&d) \hl`mXc\
Xgifo`dX[Xd\ek\X,'d[\\jg\jfi[\^XcmXe`qX[f%
9@9C@F>I8=8
EXmXaXjIXdi\q#G%2Cg\qIfd\if#8%)''0%Gifk\ZZ`e
p [liXY`c`[X[ [\ cXj \jkilZkliXj [\ XZ\if% GlYc`ZXZ`fe\j
8GK8%
LE< *.,',1(0/0% I\ZlYi`d`\ekfj ^XcmXe`qX[fj \e ZX$
c`\ek\ jfYi\ klYfj [\ XZ\if% :XiXZk\ijk`ZXj p dkf[fj
[\\ejXpf%
LE< *.,'.1(0//% I\ZlYi`d`\ekfj ^XcmXe`qX[fj \e ZX$
c`\ek\[\kfie`cc\iXpfkifj\c\d\ekfj[\aXZ`e%
LE< *.,'/1 (0//% I\ZlYi`d`\ekfj ^XcmXe`qX[fj \e
ZXc`\ek\[\g`\qXjpXikZlcfj[`m\ijfj%
LE<$<E (00,$($(1 )''-% <lifZ[`^f ,% Gifp\Zkf [\ <j$
kilZkliXj[\DX[\iX%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj
gXiX\[`ZXZ`e%
LE<$<E('(+)1)''(%9Xe[XjZ_XgXjpYfY`eXj [\XZ\if
YXaf\eZXiYfef#^XcmXe`qX[Xj\eZfek`elfgfi`ed\i$
K`gfp^&d)Q*,'
j`e\eZXc`\ek\gXiXZfe]fidXZ`e\e]if%:fe[`Z`fe\j
kZe`ZXj[\jld`e`jkif%8elcX[X\e)''-gfi1<E('*).1
)''+%
LE<$<E('(+.1)''(%9Xe[XjZ_XgXjpYfY`eXj [\XZ\if
[\ZfejkilZZ`e^XcmXe`qX[Xj\eZfek`elfgfi`ed\ij`e
\eZXc`\ek\%:fe[`Z`fe\jkZe`ZXj[\jld`e`jkif%8elcX[X
\e)''-gfi1<E('*)-1)''+%
LE<$<E('(,)1)'',%Gif[lZkfjgcXefj[\XZ\ifcXd`eX$
[fj\e]if#i\ZlY`\ikfj\c\Zkifck`ZXd\ek\[\Z`eZ#gXiX
Zfe]fidXZ`e\e]if%:fe[`Z`fe\jkZe`ZXj[\jld`e`j$
kif%
LE<$<E('*)-1)''.%:_XgXjpYXe[Xj[\XZ\if\jkilZ$
kliXci\ZlY`\ikXj\eZfek`elfgfi`ed\ij`e\eZXc`\ek\%
:fe[`Z`fe\jkZe`ZXj[\jld`e`jkif%
LE<$<E('*).1)''.%:_XgXjpYXe[Xj[\XZ\ifYXaf\e
ZXiYfef i\ZlY`\ikXj \e Zfek`elf gfi `ed\ij`e \e ZX$
c`\ek\gXiXZfe]fidX[f\e]if%:fe[`Z`fe\jkZe`ZXj[\
jld`e`jkif%
LE<$<E ()*)01 )''(% Gifk\ZZ`e ZfekiX cX Zfiifj`e
[\ cfj d\kXc\j% I\ZlYi`d`\ekfj \c\Zkifck`Zfj [\ Z`eZ
jfYi\_`\iiffXZ\if%8elcX[X\e)'('gfi1LE<$<E@JF
)'/(1)'('%
(**
(*+
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
LE<$<E(*/((1)''*%J_\iXi[`qXZ`e%I\ZlYi`d`\ekfgfi
[`]lj`e[\cq`eZjfYi\gif[lZkfj]ii\fj%<jg\Z`ZX$
Z`fe\j%
LE<$<E(+,+,1)''0%<jkilZkliXj[\dX[\iX%:fe\Zkf$
i\j%I\hl`j`kfj%
LE<$<E(''//$(1)''-%8Z\ifj`efo`[XYc\j%GXik\(1I\cX$
Z`e[\XZ\ifj`efo`[XYc\j%
LE<$<E@JF(+-(1)'('%I\ZlYi`d`\ekfj[\^XcmXe`qXZ`e
\eZXc`\ek\jfYi\g`\qXj[\_`\iifpXZ\if%<jg\Z`ZXZ`f$
e\jpdkf[fj[\\ejXpf%
LE<$<E @JF )'-*1 )'',% Gifp\ZZ`e kid`ZX% I\ZlYi`$
d`\ekfj d\k}c`Zfj p fkifj i\ZlYi`d`\ekfj `efi^}e`Zfj%
:`eZ#Xcld`e`fpjljXc\XZ`fe\j%
LE<$<E @JF )'/(1 )'('% I\ZlYi`d`\ekfj d\k}c`Zfj p fkifj
i\ZlYi`d`\ekfj`efi^}e`Zfj%I\ZlYi`d`\ekfj\c\Zkifck`Zfj[\
Z`eZZfekiXkXd`\ekfjjlgc\d\ekXi`fjjfYi\_`\iiffXZ\if%
LE<$<E @JF ('-/+1 )''-% <c\d\ekfj [\ aXZ`e% I\Zl$
Yi`d`\ekfjgfi^XcmXe`qXZ`e\eZXc`\ek\%
LE<$<E@JF()-/*1)'',%I\ZlYi`d`\ekfj[\Z`eZ[\gf$
j`kX[fjgfid\[`fjd\Z}e`Zfj%<jg\Z`ZXZ`fe\jpdkf$
[fj[\\ejXpf%
LE<$<E@JF()0++$(1(000%G`ekliXjpYXie`Z\j%Gifk\ZZ`e
[\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\[`Xek\
j`jk\dXj [\ g`ekliX gifk\Zkfi\j% GXik\ (1 @ekif[lZZ`e
^\e\iXc%
LE<$<E @JF ()0++$)1 (000% G`ekliXj p YXie`Z\j% Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\j`jk\dXj[\g`ekliXgifk\Zkfi\j%GXik\)1:cXj`$
ZXZ`e[\XdY`\ek\j%
LE<$<E @JF ()0++$*1 (000% G`ekliXj p YXie`Z\j% Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\j`jk\dXj[\g`ekliXgifk\Zkfi\j%GXik\*1:fej`[\$
iXZ`fe\jjfYi\\c[`j\f%
LE<$<E@JF()0++$+1(000%G`ekliXjpYXie`Z\j%Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\j`jk\dXj[\g`ekliXgifk\Zkfi\j%GXik\+1K`gfjp
gi\gXiXZ`e[\jlg\iZ`\j%
LE<$<E@JF()0++$,1)''/%G`ekliXjpYXie`Z\j%Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\j`jk\dXj[\g`ekliXgifk\Zkfi\j%GXik\,1J`jk\dXj
[\g`ekliXgifk\Zkfi\j%
LE<$<E@JF()0++$-1(000%G`ekliXjpYXie`Z\j%Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\j`jk\dXj[\g`ekliXgifk\Zkfi\j%GXik\-1<ejXpfj
[\ZfdgfikXd`\ekf\ecXYfiXkfi`f%
LE<$<E @JF ()0++$.1 (000% G`ekliXj p YXie`Z\j% Gifk\Z$
Z`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e d\$
[`Xek\ j`jk\dXj [\ g`ekliX gifk\Zkfi\j% GXik\ .1 <a\Zl$
Z`epjlg\im`j`e[\kiXYXafj[\g`ekX[f%
LE<$<E @JF ()0++$/1 (000% G`ekliXj p YXie`Z\j% Gif$
k\ZZ`e [\ \jkilZkliXj [\ XZ\if ]i\ek\ X cX Zfiifj`e
d\[`Xek\ j`jk\dXj [\ g`ekliX gifk\Zkfi\j% GXik\ /1
;\jXiifccf [\ \jg\Z`ZXZ`fe\j gXiX kiXYXafj el\mfj p
dXek\e`d`\ekf%
LE<$<E@JF(+.(*1)'''%Gifk\ZZ`e]i\ek\XcXZfiifj`e
[\cXj\jkilZkliXj[\_`\iifpXZ\if%I\ZlYi`d`\ekfj[\
Z`eZpXcld`e`f%;`i\Zki`Z\j%
LE<$<E @JF )'/(1 )'('% I\ZlYi`d`\ekfj d\k}c`Zfj p
fkifji\ZlYi`d`\ekfj`efi^}e`Zfj%I\ZlYi`d`\ekfj\c\Z$
kifck`Zfj[\Z`eZZfekiXkXd`\ekfjjlgc\d\ekXi`fjjfYi\
_`\iiffXZ\if%@JF)'/(1)''/ %
@JF0))*1(00)%:fiifj`e[\d\kXc\jpXc\XZ`fe\j%:f$
iifj`m`[X[[\cXjXkdj]\iXj%:cXj`ZXZ`e%
@JF0))-1(00)%:fiifj`e[\d\kXc\jpXc\XZ`fe\j%:f$
iifj`m`[X[ [\ cXj Xkdj]\iXj% ;\k\id`eXZ`e [\ cX m\$
cfZ`[X[ [\ Zfiifj`e \e gifY\kXj efidXc`qX[Xj gXiX cX
\mXclXZ`e[\cXZfiifj`m`[X[%
J@J',,0''%G`Zkfi`Xcjli]XZ\gi\gXiXk`fejkXe[Xi[j]fi
gX`ek`e^jk\\cjli]XZ\%
(*,
8
8E<OF
8:<IF@EFO@;89C<
8%(@EKIF;L::@E
<e\c[`j\f[\cXjle`fe\j\e\jkilZkliXj[\dX[\iX\j
]i\Zl\ek\cXlk`c`qXZ`e[\cXZ\if`efo`[XYc\\ej`klXZ`f$
e\j[\j\im`Z`fX^i\j`mXj[\ekif[\cXZcXj\[\j\im`Z`f*%
<jk\dXk\i`Xcgi\j\ekXZ`\ikXj[`]\i\eZ`XjZfei\jg\ZkfX
cfjXZ\ifjXcZXiYfef\ejl[\efd`eXZ`e#gifg`\[X[\j
d\Z}e`ZXjpgifg`\[X[\ji\cXZ`feX[XjZfecXk\dg\iX$
kliX\eZXjf[\`eZ\e[`f%<cfYa\kf[\\jk\Xe\of\ji\jl$
d`icX`e]fidXZ`ed}ji\c\mXek\hl\gl\[\e\Z\j`kXij\
gXiX\cZ}cZlcf[\cfj\c\d\ekfj[\le`e%
<o`jk\ leX gXik\ [\c <lifZ[`^f *# cX efidX <E (00*$
($+#[\[`ZX[XXcXji\^cXj[\Z}cZlcf\jg\ZZXjgXiX\c
XZ\if`efo`[XYc\#hl\kf[XmXef_Xj`[fglYc`ZX[X%GXiX
leXdXpfipd}j[\kXccX[X`e]fidXZ`ej\i\Zfd`\e[X
ZfejlckXi cX glYc`ZXZ`e DXelXc [\ ;`j\f gXiX 8Z\if
@efo`[XYc\ <jkilZkliXc [\c <lif @efo p Jk\\c :fejkilZ$
k`fe@ejk`klk\%
<c XZ\if `efo`[XYc\ i\jlckX \e cX gi}Zk`ZX [\c fi[\e [\
* X , m\Z\j d}j ZXif hl\ \c XZ\if ^XcmXe`qX[f# gfi cf
hl\jl\dgc\fj\i\[lZ\XcfjZXjfj\ecfjhl\i\jlckX
`e[`jg\ejXYc\%
8%)K@GFJ;<8:<IF@EFO@;89C<
<EGIF;L:KFJGC8EFJ
CXefidXXgc`ZXYc\\jcX<E(''//#hl\ZfejkX[\ZlXkif
gXik\j%<o`jk\eZ`eZf^ilgfjY}j`Zfj[\XZ\if`efo`[XYc\
ZcXj`ZX[fj [\ XZl\i[f Zfe jl \jkilZkliX d\kXci^`ZX1
Xljk\ek`Zfj#]\iik`Zfj#dXik\ejk`Zfj#[gc\op[\gi\Z`$
g`kXZ`e$\e[li\Z`d`\ekf\e[li\Z`d`\ekfgfigi\Z`g`kX$
Z`e %CfjXZ\ifj`efo`[XYc\jXljk\ek`Zfjp[gc\ojfe#
\e ^\e\iXc# cfj ^ilgfj d}j \dgc\X[fj \e Xgc`ZXZ`fe\j
\jkilZkliXc\j%
Cfj XZ\ifj `efo`[XYc\j Xljk\ek`Zfj gifgfiZ`feXe leX
Yl\eXZfdY`eXZ`e[\i\j`jk\eZ`XXcXZfiifj`ep[\cXj
gifg`\[X[\j [\ ]XYi`ZXZ`e% Cfj XZ\ifj `efo`[XYc\j [$
gc\o k`\e\e leX i\j`jk\eZ`X \c\mX[X p kXdY`e leX XckX
i\j`jk\eZ`XXc[\j^Xjk\#ZfeleXdlpYl\eXi\j`jk\eZ`XX
cXZfiifj`eYXafk\ej`e%
Cfj^iX[fjd}jlk`c`qX[fj#i\]\i`[fj^\e\iXcd\ek\Zfdf
^iX[fjXljk\ek`Zfj\jk}e[Xi\j#jfe(%+*'(Zfded\e$
k\ZfefZ`[fZfdf*'+ p(%++'(Zfded\ek\ZfefZ`[f
Zfdf*(- %<c^iX[f(%+*'(\jX[\ZlX[f\eXdY`\ek\jil$
iXc\j# liYXefj p c`^\iXd\ek\ `e[ljki`Xc\j# d`\ekiXj hl\
\c(%++'(\jle^iX[fd}jXc\X[fpgfikXekfi\Zfd\e[X$
Yc\\eXdY`\ek\jdXi`efj\`e[ljki`Xc\j%
:fd\ekXi`fj1
CX [\efd`eXZ`e [\ cX efidX <E (''// \j d\efj
lk`c`qX[X \e cX gi}Zk`ZX hl\ cX [\efd`eXZ`e [\ cX
efidX8@J@8d\i`ZXe@ifeXe[Jk\\c@ejk`klk\ hl\[\ef$
d`eX cfj XZ\ifj `efo`[XYc\j _XY`klXc\j \e ZfejkilZZ`e
[\cX]fidXj`^l`\ek\1
$8@J@*'+1\jcXZXc`[X[d}jZfde[\XZ\if`efo`[XYc\%
KXdY`ej\[\efd`eX8)j\^ecXefidX@JF*,'-\e
\cZXjf[\kfie`ccfj %
$8@J@*(-1[\jglj[\c*'+\j\ck`gf[\XZ\ifd}jZf$
de% Gi\j\ekX le d\afi ZfdgfikXd`\ekf X cX Zfiif$
j`e% KXdY`e \j ZfefZ`[f Zfdf XZ\if `efo`[XYc\ [\
^iX[fdXi`ef#gfijli\j`jk\eZ`XXcXZfiifj`egfiZcf$
ilifj%KXdY`ej\[\efd`eX^iX[f8+j\^ecXefidX
@JF*,'-\e\cZXjf[\kfie`ccfj%
<c XZ\if `efo`[XYc\ 8@J@ *(- i\jlckX Xgifo`dX[Xd\ek\
le)'d}jZXifhl\\c8@J@*'+%<jkfZfe[lZ\Xhl\
\e dlZ_Xj fZXj`fe\j j\X \c k`gf [\ XZ\if `efo`[XYc\
d}j\dgc\X[fgfijljd\afi\jgi\jkXZ`fe\j%?Xphl\
k\e\i\eZl\ekXhl\\cgi\Z`f[\cXZ\ifefidXcJ).,AI
^XcmXe`qX[f\j[\cfi[\e[\*X,m\Z\j`e]\i`fiXc`efo`$
[XYc\%
<cZfdgfikXd`\ekfk\ej`e$[\]fidXZ`e[\cXZ\if`efo`$
[XYc\[`\i\[\cZfdgfikXd`\ekf[\cXZ\ifXcZXiYfef%
D`\ekiXj\cXZ\ifXcZXiYfefdl\jkiXleZfdgfikXd`\e$
kf\c}jk`Zfc`e\Xc_XjkXjlcd`k\\c}jk`ZfpleXqfeXgcX$
eXXek\j[\c\e[li\Z`d`\ekfgfi[\]fidXZ`e#\cXZ\if
`efo`[XYc\gi\j\ekXleXZlimXk\ej`e$[\]fidXZ`eZfe
]fidX d}j i\[fe[\X[X j`e cd`k\ \c}jk`Zf [\e`[f% Gfi
\ccf# \c cd`k\ \c}jk`Zf [\c XZ\if `efo`[XYc\ j\ \ogi\$
jX# \e ^\e\iXc# Zfdf cX k\ej`e Zfii\jgfe[`\ek\ X le
(*-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
[\k\id`eX[fmXcfi[\[\]fidXZ`ei\dXe\ek\Zfem\e$
Z`feXcd\ek\cX[\]fidXZ`e[\c'#) %
J` j\ kiXkX [\ dXk\i`Xc kiXYXaX[f \e ]if \e cXj Zfe[`$
Z`fe\j [\ kiXYXaX[f \e ]if \jg\Z`ZX[Xj \e cX efidX
<E(''//[\Y\eX[fgkXij\mXcfi\jefd`eXc\j`eZi\d\e$
kX[fj[\]pp]lZfii\jgfe[`\ek\jXZX[XgifZ\jf[\kiX$
YXaX[f\e]if%
<e\cgifZ\jf[\]XYi`ZXZ`ej\[`jk`e^l\e[fjk`gfj[\
XZ\if1 \c dXk\i`Xc i\ZfZ`[f p \c kiXYXaX[f \e ]if# hl\
Zfej`jk\\efg\iXZ`fe\j[\Zfe]fidX[f\e]if`eZclp\e$
[f\ce`m\cX[fpXgcXeX[fd\[`Xek\if[`ccf%Cfje`m\c\j[\
i\j`jk\eZ`X[\cfjXZ\ifj`efo`[XYc\jXljk\ek`Zfjp[gc\o
Xld\ekXeZfe\ckiXYXaX[f\e]if%8jfZ`X[XX\jkXd\$
afiX[\cfje`m\c\j[\i\j`jk\eZ`Xj\gif[lZ\leXi\[lZ$
Z`e [\ cX [lZk`c`[X[# Xlehl\ ^\e\iXcd\ek\ k`\e\ gfZX
Zfej\Zl\eZ`X ^iXZ`Xj X cfj Xckfj mXcfi\j `e`Z`Xc\j [\
[lZk`c`[X[# \jg\Z`Xcd\ek\ gXiX cfj XZ\ifj `efo`[XYc\j
Xljk\ek`Zfj%8[\d}j#Xld\ekXjlgi\Z`f%
8%*KFIE@CCFJ;<8:<IF@EFO@;89C<
Cfj kfie`ccfj [\ XZ\if `efo`[XYc\ \jk}e i\Zf^`[fj \e cX
efidX<E@JF*,'-%<e\jkXefidXcfjkfie`ccfjpkl\i$
ZXjj\[\efd`eXeZfeleXc\kiXj\^l`[X[\leed\if%
CXjc\kiXjjfecXjj`^l`\ek\j18gXiXXZ\if`efo`[XYc\
Xljk\ek`Zf#=gXiX]\iik`Zfp:gXiXdXik\ejk`Zf%J\
i\Zfd`\e[X cX lk`c`qXZ`e [\ kfie`ccfj Zfe XZ\if Xljk\$
ek`Zf%<ced\if(#)#*#+f, `e[`ZX\c^iX[f[\i\j`j$
k\eZ`XXcXZfiifj`e#i\gi\j\ekXe[f\c(\c^iX[fd\efj
[liXYc\ p \c , \c ^iX[f d}j [liXYc\% Cfj kfie`ccfj Zfe
XZ\ifXljk\ek`Zfgl\[\efYk\e\ij\Zfeki\je`m\c\j[\
i\j`jk\eZ`Xck`dXZfefZ`[fjZfdfZcXj\j,'#.'p/' #
kXYcX8%)%
J`j\kiXkX[\dXk\i`Xci\ZfZ`[fj\kfdXi}egXiXcXi\j`j$
k\eZ`X[\Z}cZlcfZXiXZk\ijk`ZX#]pcd`k\\c}jk`Zf #pgXiX
cXi\j`jk\eZ`Xck`dXZXiXZk\ijk`ZX#]l#cfjmXcfi\j\jg\Z`$
ZX[fjde`dfj\ecXEfidX<E(''//$)#kXYcX8%(%
KXYcX8%(Gifg`\[X[\jd\Z}e`ZXj\jg\Z`ZX[XjgXiXXc^lefjk`gfj[\XZ\if`efo`[XYc\j\^ecXefidX<E(''//$)%
>iX[f
(%+*'(
Gif[lZkf
De`dfcd`k\
\c}jk`ZfZfem\eZ`feXc
'#)
E&dd)
I\j`jk\eZ`Xck`dX
XkiXZZ`e
E&dd)
)*'
,+'$.,'
)('
,)'$.)'
)('
,)'$.)'
)+'
,*'$-/'
))'
,*'$-/'
))'
,)'$-.'
+,'
-,'$/,'
+''
-,'$/,'
+''
-*'$/''
,''
.''$0,'
+-'
.''$0,'
+-'
-+'$/+'
8Z\ifjXljk\ek`Zfj
(%++'(
(%+*-)
8Z\ifj[gc\o
(%++-)
:4\a\cXd`eX[f\e]if%<jg\jfid}o`df/dd%
?4\a\cXd`eX[f\eZXc`\ek\%<jg\jfid}o`df(*#,dd%
G4Z_XgXcXd`eX[X\eZXc`\ek\%<jg\jfid}o`df.,dd%
8e\of8
KXYcX8%)MXcfi\jde`dfj\jg\Z`ZX[fj[\cXjgifg`\[X[\jd\Z}e`ZXj[\cfjkfie`ccfjpkl\iZXj[\^iX[fXljk\ek`Zfj\^e<E@JF*,'-%
Kfie`ccfj
>iX[f(
:cXj\
IXe^f[\c
[`}d\kif
[\cXifjZX
,'
8(#8)#8*#
8+p8,
Kl\iZXj
I\j`jk\eZ`Xck`dX
XkiXZZ`e)
E&dd)
K\ej`eZfii\jgfe$
[`\ek\Xc'#)[\[\$
]fidXZ`ei\dXe\ek\
E&dd)
K\ej`e
[\gil\YX
E&dd)
D*0
,''
)('
,''
.'
D)+*
.''
+,'
.''
/'
D)+*
/''
-''
/''
(
8[\d}j[\cfjk`gfj[\XZ\ifkiXkX[fj\e<E@JF*,'-#Zfii\jgfe[`\ek\jXcXjZcXj\j,'#.'p/'#gl\[\elk`c`qXij\fkifjk`gfj[\XZ\if#
[\XZl\i[fZfe<E(''//$*%
)
CXk\ej`e[\kiXZZ`ej\ZXcZlcXjfYi\\c}i\Xi\j`jk\ek\XkiXZZ`e%
*
GXiXd\[`fj[\le`eZfe[`}d\kifjefd`eXc\j[\ifjZX[>)+dd#cXjgifg`\[X[\jd\Z}e`ZXjj\i}eXZfi[X[Xj\eki\\cljlXi`f
p\c]XYi`ZXek\pdXiZX[XjZfe\c^iX[fpZcXj\[\XZl\i[fZfe\jkXkXYcX%
8%+GIFG@<;8;<J=J@:8J
GXiX\cZ}cZlcf[\cXi\j`jk\eZ`X[\lekfie`ccfXkiXZ$
Z`e# X ZfikXek\ f Xc \]\Zkf ZfdY`eX[f [\ XdYfj#
gXiXcXi\j`jk\eZ`XY}j`ZX]lYj\kfdXi}cXi\j`jk\eZ`X
ck`dX X kiXZZ`e de`dX \jg\Z`ZX[X [X[X \e cX kX$
YcX8%)gXiXcXZcXj\Zfii\jgfe[`\ek\[\XZ\if`efo`$
[XYc\%:lXe[fj\Xe\Z\jXi`fZfej`[\iXicXi\j`jk\eZ`X
XcXi^fgcXqf[\ckfie`ccf#[\Y\i}_XZ\ij\i\]\i\eZ`XX
cXefidX<E(00'gXiXcXZfdY`eXZ`eXgifg`X[X[\
XZZ`fe\j\e\jkX[fcd`k\ck`df%
<ecXkXYcX8%*j\i\Zf^\ecXjgifg`\[X[\j]j`ZXjgXiX
Xc^lefj ^iX[fj [\ XZ\if `efo`[XYc\ i\ZfZ`[f% ;\j[\
le glekf [\ m`jkX \jkilZkliXc# cX gifg`\[X[ ]j`ZX d}j
`dgfikXek\ \j \c Zf\Z`\ek\ [\ [`cXkXZ`e kid`ZX c`$
e\Xc hl\# gXiX cfj ^iX[fj Xljk\ek`Zfj# [`\i\ Zfej`$
[\iXYc\d\ek\[\cZfii\jgfe[`\ek\XcXZ\ifXcZXiYfef
()o('$-:$( %<ecfjZXjfj\ecfjhl\j\lk`c`Z\ZfealekX$
d\ek\XZ\ifXcZXiYfefpXZ\if`efo`[XYc\#[\Y\i}Zfe$
j`[\iXij\ \e jl [`d\ej`feXd`\ekf \c \]\Zkf [\ [`Z_X
[`cXkXZ`e kid`ZX [`]\i\eZ`Xc% CX ZXgXZ`[X[ ZXcfiZX
\j`e]\i`fiXcX[\cXZ\ifXcZXiYfef#cfhl\d\afiXjl
ZfdgfikXd`\ekf\e`eZ\e[`f%
KXYcX8%*Gifg`\[X[\j]j`ZXj[\cXZ\if`efo`[XYc\i\ZfZ`[fXk\dg\iXkliXXdY`\ek\%
>iX[f
;\ej`[X[
b^&d*
:f\]%[`cXkXZ`e
kid`ZX
)'$('':
('$-:$(
:fe[lZk`m`[X[
kid`ZX
Nd$(:$(
:XgXZ`[X[
ZXcfiZX
Ab^$(:$(
(%+*'(
.0''
(-
(,
,''
(%++'(
/'''
(-
(,
,''
(%+*-)
./''
(*
(,
,''
(%++-)
./''
(*
(,
,''
(*.
(*/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
8%,:FDGIF98:@E;<CFJ<JK8;FJ
CD@K<CK@DFJ
<c mXcfi de`df [\ cX [`jkXeZ`X Xc \oki\df# \(# f [\ cX
[`jkXeZ`XXcYfi[\#\)#^liX8%(#j\kfdXi}`^lXcX(#)[X#
j`\e[f[X\c[`}d\kif[\cX^la\if%CX[`jkXeZ`XXc\oki\df
gl\[\e\Z\j`kXij\idXpfihl\\jk\mXcfi#ZfefYa\kf[\
gifgfiZ`feXileXX[\ZlX[Xi\j`jk\eZ`XXXgcXjkXd`\ekf#
Zfdfj\`e[`ZXXZfek`elXZ`e%
<cmXcfid}o`df[\cX[`jkXeZ`XXc\oki\dffXcYfi[\ef
jlg\iXi}\cmXcfi[\+k"+'dd#j`\e[fk\c\jg\jfi\e
dd [\cXZ_XgX\ok\i`fid}j[\c^X[X%
CXj\gXiXZ`ede`dX\eki\Z\ekifj[\kfie`ccfj\j)#)[X
\ecX[`i\ZZ`e[\c\j]l\iqf#g(%CXj\gXiXZ`ede`dX\e
[`i\ZZ`eg\ig\e[`ZlcXiXcX[`i\ZZ`e[\c\j]l\iqf#g)#\j
)#+[X%CXj\gXiXZ`ed}o`dX\eki\kfie`ccfj\eZlXchl`\i
[`i\ZZ`em`\e\[\k\id`eX[XgficXZfej`[\iXZ`e[\cX
XYfccX[liX\ecXjZ_XgXj#mXj\cXefidX<E(00*$($/%
8%-J<C<::@E;<C>I8;F8;<:L8;F
8C8D9@<EK<
<ecXkXYcX8%,j\dl\jkiXleZi`k\i`fgi}Zk`ZfgXiXcXj\$
c\ZZ`e[\c^iX[fX[\ZlX[f[\XZ\if`efo`[XYc\\e]le$
Z`e [\c XdY`\ek\ Xkdfj]i`Zf DXelXc [\ [`j\f gXiX
XZ\if`efo`[XYc\\jkilZkliXc)''- %
8%.:C:LCF;<LE@FE<J
8%.%(8^la\ifj
Cfj X^la\ifj \jk}e[Xi\j gXiX XcfaXi cfj kfie`ccfj [\Y\e
k\e\icXjj`^l`\ek\j_fc^liXjd}o`dXj1
$(ddgXiXkfie`ccfjD()pD(+
D(+ef\jkXdXf\jk}e[Xi
$)ddgXiXkfie`ccfjD(-XD)+
$*ddgXiXkfie`ccfjD).pdXpfi\j
CX[`jkXeZ`XXcYfi[\#\)#j\[\e\ZfdfcX[`jkXeZ`X[\j[\\c
Z\ekif[\cX^la\ifXcYfi[\cXk\iXcd}jZ\iZXef[\cXle`e
d\[`[X efidXcd\ek\ X cX [`i\ZZ`e [\ kiXejd`j`e [\ cX
ZXi^X2cX[`jkXeZ`XXc\oki\df#\(#j\[\e\[\]fidXj`d`cXi
g\if\ecX[`i\ZZ`e[\kiXejd`j`e[\c\j]l\iqf#^liX8%(
=`^liX8%(Gfj`Z`e[\cfjX^la\ifj%
KXYcX8%+:f\Z`\ek\jgXiZ`Xc\jgXiX\cdXk\i`XcXZ\if`efo`[XYc\ZfdgXiX[fZfeXZ\ifXcZXiYfef j\^e[`]\i\ek\jefidXj%
<E(00*$($+
8Z\if`efo`[XYc\
<E(00*$($(
;9J<8Z\if
:K<
GcXjk`ZXZ`e
D'
(#('
(#''
(#',
@e\jkXY`c`[X[
D(
(#('
(#''
(#',
I\j`jk\eZ`XXifkliX
j\ZZ`fe\j\ekiXZZ`e
D)
(#),
(#),
(#),
Le`fe\j<CL
D)
(#),
(#),
(#),
8e\of8
KXYcX8%,>iX[fji\Zfd\e[X[fj\e]leZ`e[\cXdY`\ek\Xkdfj]i`ZfDXelXc[\[`j\fgXiXXZ\if`efo`[XYc\\jkilZkliXc)''- %
<ekfief
>iX[f
IliXc
LiYXef
@e[ljki`Xc
DXi`ef
8Z\ifjXljk\ek`Zfj
Y}j`ZfjZifdf$ehl\c
g%\a%(%+*'(#(%+*'.#
(%+,+(#(%+*(/
K
K
K
K
8Z\ifjXljk\ek`Zfj
dfc`Y[\ef$Zifdf$ehl\c
g%\a(%++'(#(%++'+#
(%+,.( p[gc\o(%+*-)
K
K
8Z\if[gc\o(%++-)
91:fe[`Z`fe\jd\efjZfiifj`mXj[\\jkXZXk\^fiX#g%\%jlXm`qX[Xjgfi_ld\[X[YXaXfgfiYXaXjk\dg\iXkliXj%
D1:fe[`Z`fe\jYXjkXek\kg`ZXj[\\jkXZXk\^fiX%
81:fiifj`ejlg\i`fiXcXkg`ZX#g%\%`eZi\d\ekX[XgfileXg\ij`jk\ek\_ld\[X[XckX#k\dg\iXkliXj\c\mX[Xj#pgXik`ZlcXid\ek\X^\ek\j
X^i\j`mfjZfekXd`eXek\j[\X`i\%
F1Gfk\eZ`Xcd\ek\jfYi\$\jg\Z`ZX[f[\j[\\cglekf[\m`jkX[\i\j`jk\eZ`XXcXZfiifj`e%
K1GifYXYc\d\ek\cXd\afi\c\ZZ`egXiXi\j`jk\eZ`XXZfiifj`epZfjk\%
O1GifYXYc\hl\jl]iXZfiifj`e\oZ\j`mX%
K 1D\i\Z\j\iZfej`[\iX[fj`j\kfdXegi\ZXlZ`fe\j\j[\Z`i#j`j\\jg\Z`ZXleXjlg\iZ`\i\cXk`mXd\ek\c`jXpj`j\cXmXZfei\^lcXi`[X[ %
GXiXkfie`ccfj[`jgl\jkfjXcki\jYfc`ccf#gl\[\X[fgkXij\
leXj\gXiXZ`ede`dX\eki\cXj[\g)4(#)[X#j`cX[`j$
kXeZ`Xde`dX#C#\eki\[fj\c\d\ekfj[\le`e\jdX$
pfif`^lXcX)#+[X%
<c mXcfi [\ cX ZXgXZ`[X[ [\ ZXi^X j\ fYk`\e\ [\ cX j`$
^l`\ek\\ogi\j`e#
=Y #I[ =
8%.%)I\j`jk\eZ`XXcXgcXjkXd`\ekf
CX i\j`jk\eZ`X k`c [\ leX le`e Xkfie`ccX[X \e XZ\if
`efo`[XYc\m`\e\^\e\iXcd\ek\^fY\ieX[XgfiZi`k\i`fj
[\j\im`Z`fj\^ecfjZlXc\jcX\cfe^XZ`e[\cX^la\if
\jk}c`d`kX[XYXafZXi^Xj[\j\im`Z`f%:fekXc[\\m`kXi
cXi\Xc`qXZ`e[\leXZfdgifYXZ`ej\gXiX[XgXiXj\i$
m`Z`f#j\i\Zfd`\e[X\jkXYc\Z\ilecd`k\gXiXcX\cfe$
^XZ`e[\cX^la\if\e\jkX[fcd`k\ck`dfd\[`Xek\cX
lk`c`qXZ`e[\lemXcfii\[lZ`[f[\cXi\j`jk\eZ`Xck`dX
XkiXZZ`e]l#i\[[fe[\1
]l#i\[4'#,]p"'#-]l#j`\e[f]l \Z%8%(
b( Y]l #i\[ [k
D )
\Z%8%)
j`\e[fXY\cd\efi[\cfjj`^l`\ek\j#
$a[
$]lY&]l#i\[
$(#'
[fe[\#
[
[`}d\kif[\ckfie`ccf2
k
\jg\jfi[\cXZ_XgX2
(*0
(+'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
]lY
Y I\j`jk\eZ`Xck`dX[\cXj\ZZ`ekiXejm\ijXce\kX#[\$
[lZ`\e[fcfjX^la\ifjgXiXcfj\c\d\ekfj[\le`e
El #I[ =
a[4\(&*[a g
XiX kfie`ccfj \oki\dfj \e cX [`i\Z$
Z`e[\c\j]l\iqf2
a[4g(&*[a '#),gXiX kfie`ccfj `ek\i`fi\j \e cX
[`i\ZZ`e[\c\j]l\iqf2
b(
b(
\efimXcfi[\(#+\) &[a$(#.)#,gXiXkfie`ccfj
d
`ek\i`fi\j\e[`i\ZZ`eg\ig\e[`ZlcXiXc\j]l\iqf%
<e\cZXjf[\le`fe\jXjfcXg\j`dgc\[\\c\d\ekfjgcX$
efj Zfe leX jfcX ce\X [\ kfie`ccfj# cfj kfie`ccfj [\Y\e
jld`e`jkiXij\ZfeleXXiXe[\cX[\YXaf[\cXZXY\qXp[\
cXkl\iZX[\ckfie`ccfpcXi\j`jk\eZ`XXcXgcXjkXd`\ekf[\
ZX[Xkfie`ccfj\c`d`kXi}X#
=Y #I[ =
( # ,]l #i\[ [k
D )
\Z%8%*
bi
bi 8e\kX]l
D )
\Z%8%,
]l
k\ej`e[\ifkliX[\cXZ\if[\cXZ_XgX
D)
(#),Zf\Z`\ek\gXiZ`Xc[\cXle`e
8e\kX}i\Xe\kX[\cXj\ZZ`e
;\Y\j\XcXij\hl\cX\ogi\j`egXiXcXi\j`jk\eZ`Xck`$
dX[\cXj\ZZ`ee\kX[\Y\iXlk`c`qXij\jfcXd\ek\gXiX
legcXef[\ZfikX[liXZlXe[f\o`jkXeXiXe[\cXjYXafcXj
ZXY\qXj[\cfjkfie`ccfjpcXjkl\iZXj%
J` j\ i\hl`\i\ le ZfdgfikXd`\ekf [Zk`c# \ekfeZ\j cX
i\j`jk\eZ`Xgc}jk`ZX[\cXj\ZZ`eYilkX[\Y\j\id\efi
hl\cXi\j`jk\eZ`Xck`dX[\cXj\ZZ`ee\kX%
8%.%+I\j`jk\eZ`XXZfikX[liX[\ckfie`ccf
CX i\j`jk\eZ`X X ZfikX[liX [\ leX le`e Xkfie`ccX[X j\
[\k\id`eXd\[`Xek\cXj`^l`\ek\\ogi\j`e#
=m #I[ = C] e ]lY
8Z
D )
\Z%8%-
8%.%*I\j`jk\eZ`XXkiXZZ`e[\cXZ_XgX
#-j`\cgcXef[\ZfikX[liXefX]\ZkXXcXqfeX
'
ifjZX[X[\ckfie`ccf2'#,j`\cgcXef[\ZfikX[liX
X]\ZkXXcXqfeXifjZX[X%
e
(#j`dgc\ZfikX[liX
X I\j`jk\eZ`Xgc}jk`ZX[\cXj\ZZ`ekiXejm\ijXcYilkX
e
)#[fYc\ZfikX[liX
Egc #I[ =
p
8]
Df
]lY k\ej`e[\ifkliX[\cXZ\if[\ckfie`ccf
\Z%8%+
8
}i\XYilkX[\cXj\ZZ`e[\cXZ_XgX
]p
cd`k\\c}jk`Zf[\cXZ\if
Df (#('
D) (#),Zf\Z`\ek\gXiZ`Xc[\j\^li`[X[
8Z# j \^e \c gcXef [\ Zfik\ [\c kfie`ccf# }i\X [\c
m}jkX^ff}i\Xi\j`jk\ek\[\ckfie`ccf
C] Z f\Z`\ek\i\cXk`mfXcXcfe^`kl[#C#[\cXle`e
d\efihl\(#j`C5(,[
8e\of8
C] = (
C (,[
)''[ \Z8%.
8%.%,I\j`jk\eZ`XXkiXZZ`e[\ckfie`ccf
CXi\j`jk\eZ`XXkiXZZ`e[\lekfie`ccf#=k#I[#m`\e\[X[X
gficXj`^l`\ek\\ogi\j`e#
=k #I[ =
b) 8e\kX]lY
D )
\Z%8%/
8%.%-<]\ZkfZfdY`eX[f[\kiXZZ`epZfikX[liX
:lXe[f le kfie`ccf \jk} jfd\k`[f j`dlck}e\Xd\ek\ X
\j]l\iqf[\ZfikX[liX#=m#<[#pX\j]l\iqf[\kiXZZ`e`e$
Zcl`[fjcfj\]\Zkfj[\gXcXeZX #=k#<[#[\Y\Zfej`[\iXij\
cX`ek\iXZZ`e\eki\cfjd`jdfj%CXZfdgifYXZ`e\jcX
j`^l`\ek\#
=m #<[
=
+ k #<[ ( #'
=m #I[ ( # + =k #I[
\Z%8%0
[fe[\=m#I[p=k#I[jfecXjZXgXZ`[X[\jXZfikX[liXpkiXZ$
Z`eXek\j\ogl\jkXj%8[\d}j#cX]l\iqX[\kiXZZ`e[\
Z}cZlcf `eZclp\e[f ZlXchl`\i ]l\iqX [\Y`[X Xc \]\Zkf
[\gXcXeZX [\Y\kXdY`ej\id\efihl\cXi\j`jk\eZ`X
XkiXZZ`e%
8%/;@D<EJ@FE8D@<EKF=I<EK<
8=L<>F
CfjXZ\ifj`efo`[XYc\jXljk\ek`ZfjdXek`\e\eleXdX$
pfigifgfiZ`e[\jli\j`jk\eZ`XXk\dg\iXkliX\eZfe$
[`Z`fe\jefidXc\jhl\cfjXZ\ifjXcZXiYfefgfi\eZ`dX
[\,,':#pdXek`\e\ekXdY`eleXdXpfigifgfiZ`e
[\jli`^`[\q%CXefidX<E(00*$($)i\Zfd`\e[XkfdXi\c
mXcfi[\(#'gXiX\cZf\Z`\ek\gXiZ`Xc[\j\^li`[X[[\c
dXk\i`XcD##\ej`klXZ`e[\`eZ\e[`f%
<ecXkXYcX8%-#g}^`eXj`^l`\ek\#j\gi\j\ekXecfj]XZkf$
i\j[\i\[lZZ`e[\cXi\j`jk\eZ`XpcXi`^`[\q#i\cXk`mfjXc
mXcfiZfii\jgfe[`\ek\XleXk\dg\iXkliX[\)':#gXiX
cXZlimXk\ej`e[\]fidXZ`ep\cgXi}d\kifb)##gXiX
^iX[fj [\ XZ\if `efo`[XYc\# X k\dg\iXkliXj \c\mX[Xj%
Cfj[`]\i\ek\j]XZkfi\jj\[\e\eXZfek`elXZ`e1
b'#)g# mXcfi[\cXi\j`jk\eZ`XZfii\jgfe[`\ek\Xc'#)
XcXk\dg\iXkliX#i\cXk`mfXcmXcfi[\cXi\j`j$
k\eZ`XZfii\jgfe[`\ek\Xc'#)X)':cd`k\
\c}jk`ZfX)': #\j[\Z`i#\c]XZkfi[\i\[lZ$
Z`e]'#)g#&]p2
b)# g
Xi}d\kiflk`c`qX[fgXiXZXcZlcXi])##cXk\ej`e
gXiXleX[\]fidXZ`ekfkXc[\c)XleXk\d$
g\iXkliX #\dgc\Xe[fcXj`^l`\ek\\ogi\j`e1
])#4]'#)g#"b)#]l#]'#)g# 2
bl#
i\j`jk\eZ`Xck`dXXcXk\dg\iXkliX#i\cXk`mXX
cXi\j`jk\eZ`Xck`dXX)':#\j[\Z`i#\c]XZkfi
[\i\[lZZ`e]l# &]l%
b<# g
\e[`\ek\[\cXiXdXc`e\Xc\c}jk`ZXXleXk\d$
g\iXkliX #i\cXk`mXX[`Z_Xg\e[`\ek\X)':#
\j[\Z`i#\c]XZkfi[\i\[lZZ`e<a#&<a%
[fe[\1
<a
d[lcf[\\cXjk`Z`[X[X)':)''%'''E&dd) 2
]p
cd`k\\c}jk`ZfZXiXZk\ijk`Zf[\cdXk\i`XcX)':2
]l
i\j`jk\eZ`Xck`dXXkiXZZ`eZXiXZk\ijk`ZXX)':%
(+(
(+)
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
KXYcX8%-:f\Z`\ek\j[\Zfii\ZZ`eZfecXk\dg\iXkliX[\cXjZXiXZk\ijk`ZXjd\Z}e`ZXj[\Xc^lefjXZ\ifj`efo`[XYc\j%
GXiXmXcfi\j`ek\id\[`fj[\cXk\dg\iXkliXj\X[d`k\cX`ek\igfcXZ`ec`e\Xc%
K\dg\iXkliX
[\cXZ\if:
b'#)g#4]'#)g#&]p
)'
(#''
(''
'#/)
)''
'#-/
'#..
'#0)
'#(0
*''
'#-+
'#.*
'#//
'#(0
+''
'#-'
'#.)
'#/+
'#(0
,''
'#,+
'#-.
'#/'
'#(0
-''
'#+0
'#,/
'#.-
'#))
'#)-
b<#4<X#&<X
b)#
(#''
(#''
'#)-
'#/.
'#0-
'#)+
bl#4]l#&]l
>iX[f(%+*'(
.''
'#+'
'#+*
'#.(
/''
'#).
'#).
'#-*
'#*,
0''
'#(+
'#(,
'#+,
'#*/
('''
'#'-
'#'.
'#)'
'#+'
((''
'#'*
'#'*
'#('
'#+'
()''
'#''
'#''
'#''
'#+'
>iX[f(%++'(&(%++'+
)'
(#''
(#''
(#''
'#)+
(''
'#//
'#0*
'#0-
'#)+
)''
'#.-
'#/.
'#0)
'#)+
*''
'#.(
'#/+
'#//
'#)+
+''
'#--
'#/*
'#/+
'#)(
,''
'#-*
'#.0
'#/'
'#)'
-''
'#-(
'#.)
'#.-
'#(0
.''
'#,(
'#,,
'#.(
'#)+
/''
'#+'
'#*+
'#-*
'#*,
0''
'#(0
'#(/
'#+,
'#*/
('''
'#('
'#'0
'#)'
'#+'
((''
'#',
'#'+
'#('
'#+'
()''
'#''
'#''
'#''
'#+'
>iX[f(%++-)
)'
(#''
(#''
(#''
'#*,
(''
'#0(
'#0*
'#0-
'#*,
)''
'#/'
'#/,
'#0)
'#*)
*''
'#.,
'#/*
'#//
'#*'
+''
'#.)
'#/)
'#/+
'#)/
,''
'#-,
'#.(
'#/'
'#*'
-''
'#,-
'#,.
'#.-
'#**
.''
'#*.
'#*/
'#.(
'#+'
/''
'#)-
'#)0
'#-*
'#+(
0''
'#('
'#()
'#+,
'#+,
('''
'#'*
'#'+
'#)'
'#+.
((''
'#'(,
'#')
'#('
'#+.
()''
'#''
'#''
'#''
'#+.
8e\of8
9@9C@F>I8=8
;fZld\ekf 9}j`Zf J<$8% J\^li`[X[ \jkilZkliXc% <j$
kilZkliXj[\XZ\if)''. %:[`^fKZe`Zf[\cX<[`$
ZXZ`e#:K<%
<E(00*$($)1)'',%<lifZf[\*1;\j`^ef]jk\\cjkilZkl$
i\j%GXik($)1>\e\iXc%JkilZkliXci\[\j`^e%
<E (00*$($+% ;\j`^e f] jk\\c jkilZkli\j1 >\e\iXc ilc\j1
Jlggc\d\ekXipilc\j]fi
<E(00*$($/1)''/%;\j`^ef]jk\\cjkilZkli\j1;\j`^ef]
af`ekj%
<E(00,$($)1)''+%<lifZf[\,1;\j`^ef]k`dY\ijkilZ$
kli\j%GXik($)1>\e\iXcilc\j%JkilZkliXci\[\j`^e%
DXelXc [\ ;`j\f gXiX 8Z\if @efo`[XYc\ <jkilZkliXc
)''- %<lif@efopJk\\c:fejkilZk`fe@ejk`klk\%K\iZ\iX
\[`Z`e%(00gg%
Fik`q# A% p M`ccX# A% )''0 % :}cZlcf [\ cXj \jkilZkliXj
[\ XZ\if ]i\ek\ Xc `eZ\e[`f% GlYc`ZXZ`fe\j 8GK8 8jf$
Z`XZ`egXiXcXGifdfZ`eKZe`ZX[\c8Z\if %DX[i`[%
*+'gg%
LE<$<E (''//$(1)''-% 8Z\ifj `efo`[XYc\j% GXik\ (1 I\c$
XZ`e[\XZ\ifj`efo`[XYc\j%
LE<$<E(''//$)1)''-%8Z\ifj`efo`[XYc\j%GXik\)1:fe$
[`Z`fe\jkZe`ZXj[\jld`e`jkifgXiXZ_XgXjpYXe[Xj[\
XZ\ifi\j`jk\ek\jXcXZfiifj`egXiXljfj^\e\iXc\j%
LE<$<E(''//$*1)''-%8Z\ifj`efo`[XYc\j%GXik\*1:fe$
[`Z`fe\jkZe`ZXj[\jld`e`jkifgXiXgif[lZkfjj\d`XZX$
YX[fj# YXiiXj# XcXdYie# XcXdYi\# g\ic\j p gif[lZkfj
ZXc`YiX[fj[\XZ\ifji\j`jk\ek\jXcXZfiifj`egXiXljfj
^\e\iXc\j%
LE<$<E(00*$($(1)''/%<lifZ[`^f*%Gifp\Zkf[\\jkilZkl$
iXj[\XZ\if%GXik\($(1I\^cXj^\e\iXc\jpi\^cXj\[`Z`fj%
LE<$<E @JF *,'-$(1(00/% :XiXZk\ijk`ZXj d\Z}e`ZXj [\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\(1G\iefj#kfie`ccfjpYlcfe\j%
LE<$<E@JF*,'-$)1(00/%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\)1Kl\iZXj%
LE<$<E@JF*,'-$*1(00/%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\*1<jg}iiX^fjpfkifj\c\d\ekfj[\
aXZ`eefjfd\k`[fjX\j]l\iqfj[\kiXZZ`e%
LE<$<E@JF*,'-$+1)'',%:XiXZk\ijk`ZXjd\Z}e`ZXj[\
cfj\c\d\ekfj[\aXZ`e[\XZ\if`efo`[XYc\i\j`jk\ek\
XcXZfiifj`e%GXik\+1Kfie`ccfjXlkfiifjZXek\j%
(+*
(+,
9
8E<OF
:C:LCF;<C8:8G8:@;8;
GFIK8EK<;<G@<Q8J;<8:<IF
<EJ@KL8:@E;<@E:<E;@F
9%(@EKIF;L::@E
<e \jk\ Xe\of j\ \ogfe\ le dkf[f j`dgc`ZX[f gXiX
cX [\k\id`eXZ`e [\ cX ZXgXZ`[X[ gfikXek\ [\ cfj \c\$
d\ekfj[\XZ\if\ej`klXZ`e[\`eZ\e[`f%<j\cdkf[f
X[fgkX[f\e\c;9[\J\^li`[X[\eZXjf[\`eZ\e[`f[\c
:K<;9J@:K< #hl\\jk}YXjX[f\e\c<lifZ[`^f<E
(00*$($)%
J\ [`]\i\eZ`Xe ki\j dkf[fj [\ [\e`Z`e [\ cX XZZ`e
[\c `eZ\e[`f% Cfj dkf[fj [\ e`m\c @ p @@ j\ Zfej`[\iXe
dkf[fjj`dgc`ZX[fjX\]\Zkfj[\c;9J@:K<pZfdgXi$
k\e\c`eZ\e[`fefidXc`qX[fZlimXk`\dgf$k\dg\iXkliX
efidXc`qX[X pj\[`i`^\eXcXZfdgifYXZ`e[\g`\qXj
`e[`m`[lXc\jd}jhl\Xj`jk\dXj\jkilZkliXc\j%
<e\cdkf[fj`dgc`ZX[f[\e`m\c@cXXZZ`e[\c`eZ\e$
[`fj\i\gi\j\ekXgficXZlimXefidXc`qX[X[\k\dg\$
iXkliX$k`\dgf[fe[\cXk\dg\iXkliXZi\Z\[\dXe\iX
`e[\e`[X%
<cdkf[fj`dgc`ZX[f[\e`m\c@@j\ZXiXZk\i`qXgfiX[fg$
kXileXZlimX[`]\i\ek\XcXefidXc`qX[Xhl\\jd}jgX$
i\Z`[XXcZXjfi\Xc[\`eZ\e[`f#gficfhl\j\[\efd`eX
`eZ\e[`fi\Xc%<jkXZlimX\jZf`eZ`[\ek\ZfecXefidX$
c`qX[X _XjkX le Z`\ikf `ejkXek\# [\efd`eX[f [liXZ`e
\hl`mXc\ek\ [\ `eZ\e[`f efidXc`qX[f# X gXik`i [\c ZlXc
j\dXek`\e\`e[\e`[Xd\ek\leXk\dg\iXkliXZfejkXe$
k\\e\cXZ\if%;\\jkXdXe\iXcXk\dg\iXkliX[\cXZ\if
efZi\Z\`e[\e`[Xd\ek\%<ecfj`eZ\e[`fji\Xc\jcXZli$
mX [\ k`\dgf$k\dg\iXkliX gi\j\ekX leX ]Xj\ `e`Z`Xc Zfe
k\dg\iXkliXjdlpi\[lZ`[Xj#j\^l`[X[\leX]Xj\[\Zfd$
Yljk`eZfii\jgfe[`\ek\XcX`^e`Z`ejY`kX[\cfjdXk\$
i`Xc\jZfdYljk`Yc\j#^\e\iXcd\ek\Xpl[X[Xgfi\cXgfik\
[\X`i\[\Y`[fXcXifkliX[\cfjm`[i`fj#gif[lZ`e[fj\leX
\c\mXZ`e i}g`[X [\ cX k\dg\iXkliX% CX k\dg\iXkliX
d}o`dX gl\[\ jlg\iXi cX [\ cX ZlimX efidXc`qX[X [l$
iXek\ le g\i`f[f [\ k`\dgf c`d`kX[f% =`eXcd\ek\# j\
XcZXeqX cX ]Xj\ [\ \ok`eZ`e eXkliXc Zfe cX [`jd`elZ`e
gif^i\j`mX[\cXjk\dg\iXkliXj[\Y`[XXcX]XckX[\Zfd$
Yljk`Yc\#^liX9%(%<ck`\dgf[\[liXZ`e\hl`mXc\ek\[\c
`eZ\e[`fj\fYk`\e\XgXik`i[\cX[\ej`[X[[\ZXi^X[\
]l\^fp\cZf\Z`\ek\[\m\ek`cXZ`e%
<cdkf[f[\e`m\c@@\j\cd}ji\Zfd\e[XYc\\ecXdX$
pfiX[\cfjZXjfjgi}Zk`Zfj%J`e\dYXi^fef\jXgc`ZXYc\
XcXj\jkilZkliXj[\dX[\iX#_fid`^efd`okXj[\_fi$
d`^epXZ\if%
<c dkf[f [\ e`m\c @@@ X[fgkX ZlimXj [\ k`\dgf$k\dg\$
iXkliXZfii\jgfe[`\ek\jXcXj[\c`eZ\e[`fi\Xc\e]le$
Z`e [\ cX ZXi^X ZfdYljk`Yc\ \]\Zk`mX p [\c Zf\Z`\ek\
[\ XY\ikliXj \]\Zk`mf% J\ [\k\id`eX [`i\ZkXd\ek\ j` \c
XZ\ifXcZXeqXfefcXk\dg\iXkliXZik`ZX[liXek\kf[f\c
`eZ\e[`f%<jledkf[f`e[`ZX[fgXiXj`klXZ`fe\j\jg\$
Z`Xc\jfZlXe[fj\i\hl`\i\fgk`d`qXi\c[`j\f%
9%)K<DG<I8KLI8<E<C@E:<E;@F
<e\jk\dkf[fj`dgc`ZX[fj\jlgfe\hl\cXk\dg\iX$
kliX[liXek\\c`eZ\e[`fj`^l\cXZlimXefidXc`qX[X[\
=`^liX9%(:limX[\`eZ\e[`fi\Xc%
(+-
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
k`\dgf$k\dg\iXkliX[\e`[X\ecXefidXLE<$<E(*-*$
(1)'''#ZlpX\ogi\j`e\jcXj`^l`\ek\#
^ = )' + *+, cf^(' / k +(
\Z%9%(
j`\e[f#
8d&M]XZkfi[\]fidX#j`\e[f#
8d jlg\iZ`\\ogl\jkXXc]l\^f[\c\c\d\ekfgfi
le`[X[[\cfe^`kl[#j\Zfej`[\iXi}e`ZXd\e$
k\cX[\cZfekfief\ogl\jkf\e\cj\Zkfi[\`e$
Z\e[`fXeXc`qX[f %
j`\e[f#
^
k\dg\iXkliX[\c^Xj\e\cj\Zkfi[\`eZ\e[`f#
\e:2
k
k`\dgf[\j[\cX`e`Z`XZ`e[\c`eZ\e[`f#\ed`e%
M m
fcld\e[\c\c\d\ekf[\XZ\ifgfile`[X[[\
cfe^`kl[%
GXiX \c\d\ekfj [\ j\ZZ`e ZfejkXek\# 8d&M \j
`^lXcXcZfZ`\ek\\eki\\cg\id\kif\ogl\jkfp\c
}i\X[\cXj\ZZ`ekiXejm\ijXc%
<ecX^liX9%)j\i\gi\j\ekXcXZlimXk`\dgfk\dg\iXkliX%
9%*;<K<ID@E8:@E;<C8
K<DG<I8KLI8<EC8JG@<Q8J
;<8:<IF;LI8EK<<C@E:<E;@F
CXk\dg\iXkliX[\cfj\c\d\ekfj[\XZ\ifjl]i\lei\$
kiXjfi\jg\ZkfXcXk\dg\iXkliX[\c^Xj\e\cj\Zkfi[\
`eZ\e[`fhl\\j]leZ`e[\cX]fidX[\cXj\ZZ`ep[\cX
gfj`Yc\gifk\ZZ`ejlg\iZ`Xc%<jk\i\kiXjf\j]XmfiXYc\
gXiXcXj\^li`[X[[\c\c\d\ekf\jkilZkliXc%
CX k\dg\iXkliX [\c XZ\if gl\[\ ZXcZlcXij\# YXaf \c jl$
gl\jkf[\leX[`jki`YlZ`ele`]fid\#XgXik`i[\cXj\o$
gi\j`fe\jhl\XZfek`elXZ`ej\i\Zf^\e%<jkXj\ogi\j`f$
e\jj\[\e\e\e\c;9j\J\^li`[X[\eZXjf[\@eZ\e[`f
[\c:K<#YXjX[Xj\ecXefidX<E(00*$($)%
Zj
j
[
\ej`[X[ [\c XZ\if# hl\ gl\[\ jlgfe\ij\
`e[\g\e[`\ek\ [\ cX k\dg\iXkliX p [\ mXcfi
./,'b^&d*2
_e\k#[mXcfi[\Z}cZlcf[\claf[\ZXcfie\kfgfile`$
[X[[\}i\XN&d) #hl\j\Zfej`[\iXjldX[\c
mXcfi[\claf[\ZXcfigfiiX[`XZ`e_e\k#ipgfi
Zfem\ZZ`e_e\k#Z#j`\e[f#
9%*%(G`\qXj[\XZ\ifj`ei\m\jk`i
CXk\dg\iXkliX\ecXjg`\qXj[\XZ\if#\e\cjlgl\jkf[\
leX[`jki`YlZ`ele`]fid\#j\[\k\id`eXd\[`Xek\leZ}cZl$
cf`eZi\d\ekXc[\cXk\dg\iXkliXXgXik`i[\c`eZi\d\ekf[\
k\dg\iXkliXj#k#[\k\id`eX[fgficXj`^l`\ek\\ogi\j`e#
j #k =
8d & M #
_
k
Z j j e\k #[
\Z%9%*
[fe[\#
\Z%9%)
] XZkfi[\Zfe^liXZ`e#[\mXcfi(#'j`ef\o`j$
k\e[Xkfj\jg\ZZfj2
=`^liX9%):limXefidXc`qX[X[\k`\dgfpk\dg\iXkliX\e\c`eZ\e[`f%
8e\of9
]
j`\e[f#
d`j`m`[X[[\c]l\^f#[\mXcfi(#'j`ef\o`jk\e
\
[Xkfj\jg\ZZfj2
d
i
j
k\dg\iXkliXjlg\iZ`Xc[\c\c\d\ekf#\e:2
ZfejkXek\[\9fckqdXee#`^lXcX,#-.('$/N&d)B+%
8d&M]XZkfi[\]fidX#j`\e[f#
8d jlg\iZ`\ \ogl\jkX Xc ]l\^f [\c \c\d\ekf gfi
le`[X[ [\ cfe^`kl[ cX [\ cX ZXiX `ek\i`fi [\ cX
gifk\ZZ`e % J\ Zfej`[\iXi} e`ZXd\ek\ cX [\c
Zfekfief\ogl\jkf\e\cj\Zkfi[\`eZ\e[`fXeX$
c`qX[f%
M m
fcld\e[\c\c\d\ekf[\XZ\ifgfile`[X[[\
cfe^`kl[%
[fe[\#
[
\jg\jfi[\ci\m\jk`d`\ekf#\ed2
Z
^#k
k\dg\iXkliX[\c^Xj\e\c`ejkXek\k2
j#k
k\dg\iXkliX[\cXZ\if\e\c`ejkXek\k2
g
Z fe[lZk`m`[X[kid`ZX[\cdXk\i`Xc[\i\m\jk`$
d`\ekf#\eN&dB2
g
[\ej`[X[[\ci\m\jk`d`\ekf#\eb^&d*%
^
k\dg\iXkliX[\c^Xj\e\cj\Zkfi[\`eZ\e[`f#\e:2
k
j
k\dg\iXkliXjlg\iZ`Xc[\c\c\d\ekf#\e:2
k
`ek\imXcf[\k`\dgf#efjlg\i`fiX,j\^le[fj%
9%+GIFG@<;8;<JD<:E@:8J;<C
8:<IF<EJ@KL8:@E;<@E:<E;@F
EfkX1\ecXefidX<E(00*$($)j\Zfej`[\iXX[\d}jle
]XZkfi[\Zfii\ZZ`egfi\c\]\Zkf[\jfdYiXhl\j\fY$
k`\e\ZfdfcXi\cXZ`e\eki\\c]XZkfi[\]fidX[\cZXae
p\c]XZkfi[\]fidX[\c\c\d\ekf%<c]XZkfi[\]fidX[\c
ZXae Zfii\jgfe[\ X leX j\ZZ`e efd`eXc \e ]fidX [\
i\Zk}e^lcfhl\\eZ`\iiXcXj\ZZ`ei\Xcphl\Zfej`[\iX
cXjjlg\iZ`\j\ogl\jkXj%;\jgi\Z`Xi\c]XZkfi[\jfdYiX
Zfe[lZ\XjfclZ`fe\jZfej\imX[fiXj%
LeXm\qZfefZ`[XcXk\dg\iXkliX[\cXZ\if\ele`ejkXe$
k\[\k\id`eX[f[\c`eZ\e[`f\jgfj`Yc\ZfefZ\icXjgif$
g`\[X[\j d\Z}e`ZXj [\c \c\d\ekf [\ XZ\if Xgc`ZXe[f
leX Zfii\ZZ`e X cfj mXcfi\j [\ Z}cZlcf X k\dg\iXkliX
efidXc%
CfjmXcfi\j[\Z}cZlcf[\cXjgifg`\[X[\jd\Z}e`ZXj[\c
XZ\ifi\j`jk\eZ`Xpi`^`[\q \ej`klXZ`e[\`eZ\e[`fO[##
j\[\e\e\ecXj`^l`\ek\\ZlXZ`e#
9%*%)G`\qXj[\XZ\ifi\m\jk`[Xj
CX k\dg\iXkliX [\ cXj g`\qXj [\ XZ\if i\m\jk`[Xj# jlgf$
e`\e[fhl\j\[`jki`Ylp\[\dXe\iXle`]fid\#j\ZXcZlcX
[\dXe\iXj`d`cXiXcZXjfXek\i`fi#XgXik`i[\c`eZi\d\e$
kf [\ k\dg\iXkliX j#k# \e \c k`\dgf k# Zfe cX j`^l`\ek\
\ogi\j`e#
j #k =
^ #k
j #k
&*
('
Z g g [ 8d
Z j j M \Z%9%-
[fe[\#
_e\k #Z = Z (^ j ) \Z%9%+
&M
g 8d & M
[ Z j j
(^ #k j #k )
(( + & * )
( ^ #k Zfe j #k '
k \ (' ( ^ #k
\Z%9%,
Zfe
O[ #]` = b
Ob
D #]`
\Z%9%.
[fe[\#
j #k '
Ob
(+.
(+/
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
b
D# Z f\Z`\ek\gXiZ`XcgXiXcXgifg`\[X[[\cdX$
k\i`Xc\ej`klXZ`e[\`eZ\e[`f#[\mXcfi`^lXc
X(#'%
9%,8GC@:8:@E8:8JFJ?89@KL8C<J
Lef[\cfjZXjfj]i\Zl\ek\j[\g`\qXj[\XZ\if\ele`f$
e\j\e\jkilZkliXj[\dX[\iX\j\c[\cXjZ_XgXj\ok\$
i`fi\jle`[XjXcXg`\qX[\dX[\iXZ\ekiXcd\[`Xek\g\i$
efj%<e\jk\ZXjfcXZ_XgXgi\j\ekXleXZXiX\ogl\jkX
pcXfkiXef\ogl\jkXXc\jkXi\eZfekXZkfZfecXg`\qX
[\dX[\iX#Zfdf\cZXjf[\c\a\dgcf-%-[\cZXgklcf-#
^liX9%*%
=`^liX9%*Le`eZfeZ_XgXj\ok\i`fi\j[\XZ\if[\c\a\dgcf-%-%
J`j\Xgc`ZX\cXgXikX[f9*%(gXiXcX[\k\id`eXZ`e[\cX
k\dg\iXkliXd\[`X\ecXZ_XgXXcfcXi^f[\leX[liXZ`e
KXYcX9%(:f\Z`\ek\j[\Zfii\ZZ`eZfecXk\dg\iXkliX[\cXjZXiXZk\ijk`ZXjd\Z}e`ZXj[\cfjXZ\ifj\jkilZkliXc\jXcZXiYfefcd`k\\c}jk`Zf#
cd`k\[\gifgfiZ`feXc`[X[pd[lcf[\\cXjk`Z`[X[#i\jg\Zk`mXd\ek\ %GXiXmXcfi\j`ek\id\[`fj[\cXk\dg\iXkliXj\X[d`k\cX`ek\igfcXZ`ec`e\Xc%
K\dg\iXkliX
[\cXZ\if:
bp#4]p# &]p
bg#4]g# &]p
b<#4<X#&<X
)'
(#''
(#'''
(#'''
(''
(#''
(#'''
(#'''
)''
(#''
'#/'.
'#0''
*''
(#''
'#-(*
'#/''
+''
(#''
'#+)'
'#.''
,''
'#./
'#*-'
'#-''
-''
'#+.
'#(/'
'#*('
.''
'#)*
'#'.,
'#(*'
/''
'#((
'#','
'#'0'
0''
'#'-
'#'*.,
'#'-.,
('''
'#'+
'#'),
'#'+,'
((''
'#')
'#'(),
'#')),
()''
'#''
'#'''
'#'''
8e\of9
[\*'d`elkfjj\gf[i}[\[lZ`icXgi[`[X[\i\j`jk\eZ`X
gfi \]\Zkf [\ cX k\dg\iXkliX% J\ kiXkX [\ leX Z_XgX
[\'#'(d[\^ifjfip[\'#)d[\XeZ_liXZlpf]XZkfi
[\]fidX\j\cj`^l`\ek\#
9%-G@EKLI8J@EKLD<J:<EK<J
CXjg`ekliXj`ekld\jZ\ek\j\jk}eZfejk`kl`[Xjgfigif$
[lZkfj hl\ i\XZZ`feXe Xek\ \c ZXcfi [\c `eZ\e[`f ]fi$
dXe[fleXZXgX[\\jgldXX`jcXek\kid`ZXd\ek\hl\
gifk\^\Xcd\kXc[\cZXcfi%
GXiXjlXgc`ZXZ`ej\i\hl`\i\cXc`dg`\qX[\cXjlg\iZ`\
d\[`Xek\ le ^iXeXccX[f p cX Xgc`ZXZ`e [\ leX ZXgX [\
`dgi`dXZ`e `^e]l^X p Xek`Zfiifj`mf% ;\jglj# j\ Xgc`ZX
cXg`ekliX`ekld\jZ\ek\hl\]fidXleXZXgXdlp^il\jX#
^\e\iXcd\ek\[\ZfcfiZcXif#jfYi\cXhl\j\Xgc`ZX#eXc$
d\ek\#fkiXZXgX[\leXg`ekliXZfdgXk`Yc\ZfecXZXgX`e$
kld\jZ\ek\#Zfe\cZfcfi[\XZXYX[f%CXjZXgXj[\g`ekliX
`ekld\jZ\ek\p[\XZXYX[fj\jl\c\eXgc`ZXi\efYiXleX
m\qdfekX[XcX\jkilZkliX%<cgifZ\jfi\jlckXdlpZXifp
j\jl\c\Xgc`ZXi\eg`\qXjd\k}c`ZXjhl\ef\jk}e\eZfe$
kXZkfZfecXdX[\iX#Zfdfgfi\a\dgcfk`iXek\jd\k}c`Zfj#
=`^liX9%+:limX[\k\dg\iXkliX$k`\dgfgXiX\c^Xjp\cXZ\if\e\cZXjf[\leXZ_XgX[\('o)''ddpleg\ief[\)'o(/'dd%
(+0
(,'
;`j\fpZ}cZlcf[\le`fe\j\e\jkilZkliXj[\dX[\iX
9@9C@F>I8=8
;fZld\ekf 9}j`Zf J@% J\^li`[X[ \e ZXjf [\ `eZ\e[`f
XYi`c)''0 %:[`^fKZe`Zf[\cX<[`ZXZ`e#:K<%
<E(00,$($)1)''+%<lifZf[\,1;\j`^ef]k`dY\ijkilZkl$
i\j%GXik($)1>\e\iXcilc\j%JkilZkliXci\[\j`^e%
<E(00*$($)1)'',%<lifZf[\*1;\j`^ef]jk\\cjkilZkli\j%
GXik($)1>\e\iXc%JkilZkliXci\[\j`^e%
Fik`q#A%pM`ccX#A%)''0 %:}cZlcf[\cXj\jkilZkliXj[\
XZ\if]i\ek\Xc`eZ\e[`f%GlYc`ZXZ`fe\j8GK88jfZ`XZ`e
gXiXcXGifdfZ`eKZe`ZX[\c8Z\if %DX[i`[%*+'gg%
LE<$<E (*-*$(1)''' <ejXpfj [\ i\j`jk\eZ`X Xc ]l\^f%
GXik\(1I\hl`j`kfj^\e\iXc\j%
LE<$<E (00'1)''*% <lifZ[`^fj% 9Xj\j [\ Z}cZlcf [\
\jkilZkliXj%