138
>?;@?;E;L;B;?; ?
¾6 hTU{U`O YOWZT xW}Sx_$ YQ`XY[`O ^YO
NX`XWOVxU `URX ¡¡¡ U _Q`XTMYU`O YOWZ-
TxW}Sx_TX{OQ`M6
½6UXQ{U`OxTMRx_²hNWMQµ6
1
2
3
;L@;?;C@
¯
CDB>> @A>=CF?;>?;A=> ;@CD
9 LG;«?CF?CDB>> @A>=CF?;>?;A=> ;@CD¬³
¯
jWU UQRMH[]MYXTUU NOQRWMYM^TM\M R_H[`X ^UQ`XT|UMTTM\M _RWXYHOTUJ TXRWXY[`O O\M x
RWUO{TUx_TXYT_`WOTTO{RWUNMWO6
¯
kQHUR_H[`M{^UQ`XT|UMTTM\M_RWXYHOTUJYMQRMH[]MYX`[QJRWU{OWTMY`OSOTUO^Y_Z{UT_`
RMQHORM^XSU~HOx`WMRU`XTUJTXYT_`WOTTUVRWUNMW$YT_`WOTTUVRWUNMW{MQO`U]^X`[^YX
]Y_xMY}ZQU\TXHX$`XxxXxMQ_OQ`YHJO`QJTXSXH[TXJXY`M{X`USOQxXJRWMYOWxX6
¯
_T_`WOTTUVRWUNMWU]^XO`]Y_xMYMVQU\TXH$xM`MW}VRM^`YOWQ^XO`RMH_SOTUOQU\TXHX$RMQHXTTM\M
QR_H[`X^UQ`XT|UMTTM\M_RWXYHOTUJ6hU\TXH}{M\_`N}`[RMH_SOT}TXWXQQ`MJTUURWU{OWTMù
{O`WMYRMRWJ{MVHUTUUM`YT_`WOTTO\MRWUNMWXRM^_\HM{Y«¬QHOYXUQRWXYXRWUNMWX6i^TXxM
`XxMVQYO`$xXxHX{R}^TOYTM\MQYO`XUHUQUH[TMOMQYOOTUO{M\_`_{OT[SU`[~^^Ox`UYTMQ`[
RWUO{XQU\TXHMYYT_`WOTTU{RWUNMWM{6
¯
kQHUHX{RXWXNM`}MxMHMRWUO{TUxXTXYT_`WOTTO{RWUNMWO{U\XO`$RWUNMWTOMNZM^U-
{MRWMYOWU`[6hYJQU`OQ[QMQYMU{RMQ`XYUxM{^HJRWMYO^OTUJMNQH_QUYXTUJ6
¯
iNWXXV`OQ[QR_H[`M{^UQ`XT|UMTTM\M_RWXYHOTUJMQ`MWMQTMâUOWMTJV`OR_H[`^UQ`XT|UMTTM\M
_RWXYHOTUJUTORM^YOW\XV`OO\MQUH[T}{_^XWX{6RWM{O`M\M$QHO^U`O]X`O{$S`MN}R_H[`^UQ-
`XT|UMTTM\M_RWXYHOTUJTORMRXHYYM^_$UTOMQ`XYHJV`OO\MY{OQ`XZQY}QMxMVYHXQTMQ`[6
¯
_MU]NOQXTUOTORWXYUH[TM\M{OQ`MRMHMQOTUJR_H[`X^UQ`XT|UMTTM\M_RWXYHOTUJ$_Q`XTMYU`OTX
Q`OTO^OWQX`OH[$YZM^JUVYxM{RHOx`RMQ`XYxUR_H[`X^UQ`XT|UMTTM\M_RWXYHOTUJ$UMNJ]X`OH[TM
_Q`XTXYHUYXV`OR_H[`^UQ`XT|UMTTM\M_RWXYHOTUJY^OWQX`OH[RMQHOUQRMH[]MYXTUJ6
¯
; =:@> B
EYONX`XWOVxU`URX¡¡¡
hTXSXHXYQ`XYHJV`O
M`WU|X`OH[T}V²µY}YM^
xXQ^MVNX`XWOVxU6
PQ`XTXYHUYXV`O
NX`XWOVxUQQMNH^OTUO{
RMHJWTMQ`U²$µâ
UXQ{U`OxTMRx_Â
²hNWMQµQRM{M[
RWO^{O`XQ_]xU{xMT-
|M{6
_OWZTJ
JJ
xW}SxxX
Ø _ |OHJZ MNlJQTOTUJ RMxX]XT} YQO R_Tx-
`}$xM`MW}ORMJYHJ`QJTX^UQRHOO6
Ø _QO R_Tx`} M`MNWXQX`QJ RWU TXQX`UU
xTMRxU²hNWMQµ6
[T^UxX`MWROWO^XSU
[T^UxX`MW`XV{OWX
EUQRHOVR_H[`X^UQ`XT|UMTTM\M_RWXYHOTUJ
RTMRxXMÀδÀÅÅM²_R`´_aR`µ
RTMRxU_Q`XTMYxU`O{ROWX`_W}
RTMRxXxMT`WMHJQxMWMQ`UYOT`UHJ`MWX
²[]{OTJO`QxMWMQ`[YOT`UHJ`MWXµ
RTMRxXYM]^_STM\MRM`MxX²[]{OTJO`TXRWXY-
HOTUOYM]^_STM\MRM`MxXYYOWZ´YTU]µ
RTMRxXWOQU{X²[]{OTJO`WOQU{WXNM`}µ
RTMRxXRWMYOWxU
RTMRxX`OQ`UWMYXTUJM¨M
iNHXQ`[ROWO^XSU
iNHXQ`UWXNM`}
RTMRxXM`xHSOTUO`XV{OWX
RTMRxXYxHSOTUO`XV{OWX
RTMRxX_Q`XTMYxUSXQMY
RTMRxX_Q`XTMYxU{UT_`
RTMRxX_Q`XTMYxUYWO{OTU²fX^XO`YWO{Jµ
RTMRxXQXH]U²[]{OTJO`TXRWXYHOTUO
YM]^_STM\MRM`MxXYHOYM´YRWXYMµ
RTMRxX²hNWMQµ
WHOx`WMRU`XTUO
YW_N}ZHX^X\OT`X
hMO^UTU`OH[T}VRWMYM^{OQ^_
YT_`WOTTU{UTXW_QT}{RWUNMWM{
hOWYUQTXJRXTOH[
fX]O{HOTUO
