4BGF;POF4BGFUZ-BTFS4DBOOFS6TFS.BOVBM
4FQUFNCFS
.JOJNVN
5ZQJDBM
.BYJNVN
'VODUJPOBM%BUB
1SPUFDUJWFTBGFUZGJFMEPGUIFTFOTPSIFBEXJUINTDBOOJOHSBOHFBUNT
SFTQPOTFUJNF
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
N
N
N
N
N
1SPUFDUJWFTBGFUZGJFMEPGUIFTFOTPSIFBEXJUINTDBOOJOHSBOHFBUNT
SFTQPOTFUJNF
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
N
N
N
N
N
1SPUFDUJWFTBGFUZGJFMEPGUIFTFOTPSIFBEXJUINTDBOOJOHSBOHFBUNT
SFTQPOTFUJNF
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
N
N
N
N
N
1SPUFDUJWFTBGFUZGJFMEPGUIFTFOTPSIFBEXJUINTDBOOJOHSBOHFBUNT
SFTQPOTFUJNF
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
"UNNSFTPMVUJPO
N
N
N
N
N
4DBOBOHMF
¡ ¡UP¡
3FGMFDUJWJUZ
4FWFSBM
3FGMFDUPST
3FTPMVUJPO
NN
"OHVMBSSFTPMVUJPO
¡
¡
1SPUFDUJWFTBGFUZGJFMETVQQMFNFOUHFOFSBMMZOFDFTTBSZ
NN
4VQQMFNFOUGPSSFUSPSFGMFDUPSTJOTDBOQMBOFBUBEJTUBODFPGMFTTUIBONUPUIF
QSPUFDUJWFTBGFUZGJFMECPVOEBSZQSPUFDUJWFTBGFUZGJFMECPVOEBSZ
NN
.FBTVSFNFOUFSSPSGPSNFBTVSFEEBUBFSSPSPVUQVUVQUPNBOESFGMFDUJWJUZ
4ZTUFNBUJDFSSPS
4UBUJTUJDBMFSSPSBU
σ
4UBUJTUJDBMFSSPSBU
σ
4UBUJTUJDBMFSSPSBU
σ
4UBUJTUJDBMFSSPSBU
σ
NN
NN
NN
NN
NN
&WFOOFTTPGUIFTDBOGJFMEBUN
NN
%JTUBODFGSPNNJSSPSBYJTPGSPUBUJPO [FSPQPJOUPOUIF9BOE:BYJTUPUIFSFBSPG
UIFEFWJDF
NN
%JTUBODFCFUXFFODFOUFSPGUIFTDBOQMBOFBOEUIFCPUUPNFEHFPGUIFIPVTJOH
NN
8BSOJOHGJFME
"QQSPY
➁
N
%JTUBODFNFBTVSJOHSBOHF
N
/VNCFSPGNVMUJQMFTBNQMJOHT DPOGJHVSBCMFWJB4$%
1PXFSVQUJNF
T
T
3FTUBSUBGUFS DPOGJHVSBCMF
T
T