Статистика коммерческой деятельности. Методические указания

KL:LBKLBD:DHFF?JQ?KDHC >?YL?EVGHKLB ijZdlbdhhjb_glbjh\ZggucZki_dl

BA>:L?EVKL?YL?EVGHKLB F_lh^bq_kdb_mdZaZgby

KhklZ\bl_ev>x`_gdh\Z GZlZeby<eZ^bfbjh\gZ J_^Zdlhj F?LA:>:QBB KBKL?F:IHD:A:L?E?C KL:LBKLBDBDHFF?JQ?KDHC>?YL?EVGHKLB

Dhff_jq_kdZy ^_yl_evghklv dZd ij_^f_l klZlbklbq_kdh]h bkke_^h\Zgby AZ^Zqb klZlbklbdb dhff_jq_kdhc ^_yl_evghklb Kbkl_fZ ihdZaZl_e_c dhff_jq_kdhc ^_yl_evghklb BgnhjfZpbhggZy [ZaZ F_lh^u klZlbklbdb dhff_jq_kdhc ^_yl_evghklb hlghkbl_evgu_ b kj_^gb_ \_ebqbgu nZdlhjguc ZgZeba ]jmiibjh\dblZ[ebpu]jZnbdbb bg^_dku\ klZlbklbd_dhff_jq_kdhc ^_yl_evghklb  Ebl_jZlmjZ>k± @ L?F: KL:LBKLBD:LHJ=H<EBLHZggucihdZaZl_evh^gh\j_f_gghhljZ`Z_lh[t_fijh^Zgghc dmie_gghc  lh\Zjghc fZkku b jZaf_j ^_g_`ghc \ujmqdb lhj]h\eb < dZ`^hf hl^_evghf Zdl_ dmieb ijh^Z`bfh`gh\u^_eblv^\Zdhfihg_glZdhebq_kl\hijh^Zggh]hlh\ZjZT b p_gmj boi_j_fgh`_gb_ b ^Z_lkmffmlh\Zjhh[hjhlZbeb^_g_`ghc\ujmqdbLH LH

¦ ST  L L

>ey dhff_jpbb ^ey hp_gdb __ kihkh[ghklb ghjfZevgh jZa\b\Zlvky bkdexqbl_evgh \Z`gZ oZjZdl_jbklbdZ ^bgZfbdb __ ^_yl_evghklb \ i_j\mx hq_j_^v \ nhjf_ jZa\blby lh\Zjhh[hjhlZ Ijbwlhf g_h[oh^bfZhp_gdZ]eZ\guonZdlhjh\^bgZfbdb^_g_`ghc\ujmqdb baf_g_gbyh[t_fZijh^Z`blh\Zjh\b __ p_gh\hcdhfihg_glu < hp_gd_ ^bgZfbdb jZa\blby lh\Zjhh[hjhlZ ke_^m_l bkihevah\Zlv ba\_klgu_ f_lh^u ZgZebaZ ^bgZfbq_kdbojy^h\ < ZgZeba_ lh\Zjhh[hjhlZ agZqbl_evgh_ f_klh aZgbfZ_l bg^_dkguc f_lh^ dhlhjuc iha\hey_l h^gh\j_f_ggh j_rblv ^\_ aZ^Zqb kdhjhklv baf_g_gby lh\Zjhh[hjhlZ b jZaeh`blv ^bgZfbdm lh\Zjhh[hjhlZ gZ p_gh\hc b dhebq_kl\_gguc nZdlhju Ijb wlhf bkihevam_lky ke_^mxsZy kbkl_fZ bg^_dkh\    H[sbc bg^_dk lh\Zjhh[hjhlZ hljZ`Zxsbc dhfie_dkgh_ ijhy\e_gb_ kh\f_klguo baf_g_gbc h[t_fZijh^Z`bb p_gihdhlhjufijh^Zxlkylh\Zju

¦T S ¦T S

, TS

 

 



]^_ S S ± p_gu khhl\_lkl\_ggh [Zabkgh]h b l_dms_]h i_jbh^h\ T T ± dhebq_kl\h ijh^Zgguo lh\Zjh\ khhl\_lkl\_ggh\ [Zabkghfb l_dms_fi_jbh^Zo    H[sbc bg^_dk nbabq_kdh]h h[t_fZ hljZ`Z_l ^bgZfbdm lh\Zjhh[hjhlZ aZ kq_l baf_g_gby dhebq_kl\Z ,T

, nh

¦T S ¦T S



   

OZjZdl_jbklbdm ^bgZfbdb h[t_fZ dZ`^h]h ba ijh^Zgguo lh\Zjh\ fh`gh ^Zlv k ihfhsvx bg^b\b^mZevgh]hh^ghlh\Zjgh]h bg^_dkZdhebq_kl\Zbkqbkey_fh]hihnhjfme_ LT

T T

?kebmq_l\_^_lky\ klhbfhklguo_^bgbpZolhfh`ghi_j_kqblZlvlh\Zjhh[hjhl\ khihklZ\bfu_p_gu k ihfhsvxbg^b\b^mZevguobg^_dkh\p_gLS SS Lh]^Zbg^_dknbabq_kdh]hh[t_fZih[Zabkgufp_gZf ,T

, nh

¦ T S  S ¦T S

S

 



 





Bg^_dkp_gihdZau\Z_ldZdbaf_gbekylh\Zjhh[hjhlaZkq_lbaf_g_gbyp_g ,S

,Ì

¦T S ¦T S 









F_`^mi_j_qbke_ggufbbg^_dkZfbgZ[ex^Z_lkyke_^mxsZy\aZbfhk\yav ,TS ,T,S

Bg^_dkulh\Zjhh[hjhlZiha\heyxlihemqblvhlghkbl_evgu_hp_gdb^bgZfbdblh\Zjhh[hjhlZ< lh`_ \j_fyZgZebadhff_jq_kdhc^_yl_evghklblj_[m_lhij_^_e_gbyZ[khexlgh]hijbjhklZlh\Zjhh[hjhlZb _]h khklZ\eyxsbo Ijbjhkl \k_]h lh\Zjhh[hjhlZ b _]h dhebq_kl\_ggh]h b p_gh\h]h we_f_glh\ hij_^_eyxlky dZdjZaghklvf_`^mqbkebl_eyfbb agZf_gZl_eyfbbg^_dkZb km[bg^_dkh\lh\Zjhh[hjhlZ :[khexlguc ijbjhkl lh\Zjhh[hjhlZ  Ijbjhkl aZ kq_l dhebq_kl\_ggh]h nZdlhjZ  Ijbjhkl aZ kq_l p_gghklgh]hnZdlhjZ Dhff_jq_kdbc mki_o lhj]h\hc nbjfu \ agZqbl_evghc kl_i_gb aZ\bkbl hl m^Zqgh ih^h[jZggh]h Zkkhjlbf_glZ b hl lh\Zjghc kljmdlmju lh\Zjhh[hjhlZ khhl\_lkl\mxs_c lj_[h\Zgbyf ihlj_[bl_e_c Baf_g_gb_ kljmdlmju lh\Zjhh[hjhlZ hdZau\Z_l \ebygb_ gZ ijZdlbq_kdb \k_ wdhghfbq_kdb_ ihdZaZl_eb h[t_f \uimkdZ \ klhbfhklghf \ujZ`_gbb ijb[uev j_glZ[_evghklv b ^j GZijbf_j m\_ebq_gb_ m^_evgh]h\_kZ[he__^hjh]boba^_ebc\_^_ld m\_ebq_gbxijh^Z`\ klhbfhklghf\ujZ`_gbbM\_ebq_gb_ m^_evgh]h\_kZ\ukhdhj_glZ[_evghcijh^mdpbb\_^_ld m\_ebq_gbxkmffuijb[ueb JZkq_l \ebygby baf_g_gby kljmdlmju lh\Zjhh[hjhlZ b ^jm]bo nZdlhjh\ gZ _]h h[t_f \ klhbfhklghf\ujZ`_gbbjZkkfhljbfgZke_^mxs_fijbf_j_lZ[e 

Ba^_eb_

JZkq_l\ebygbynZdlhjh\gZh[t_flh\Zjhh[hjhlZ

KljmdlmjZ H[t_f ijh^mdpbb\ P_gZ j_ZebaZpbb gZlmjZevghf aZrllukj ijh^mdpbb \ujZ`_gbb mkeh\guorl 

H[t_fj_ZebaZpbbfegj

   

   

 

    

    

    

    

nZdlTnjn

nZdlbq_kdbijb ieZgh\uop_gZo 9h[sn Gnjie

ieZgTiejie

nZdlGn

ieZgGie

nZdlTn

ieZgTie    

nZdlbq_kdbijb ieZgh\hckljmdlmj_ b ieZgh\uop_gZo 9h[snGiejie

   

nZdljn

ieZgjie $ % & ' Blh] h

   

   





H[t_f j_ZebaZpbb \ klhbfhklghf \ujZ`_gbb fh`gh ij_^klZ\blv \ \b^_ ke_^mxs_c nhjfmeu LI 6TL SL  69h[s GL SL 9h[s6GL SL  ]^_ 9h[s ± h[sbc h[t_f ijhba\h^kl\Z \ gZlmjZevghf \ujZ`_gbb   GL ± m^_evguc \_k Lh]h \b^Z ijh^mdpbb \ h[s_f \uimkd_ jZkkqblZg \ gZlmjZevghf \ujZ`_gbb b ihdZaZg \ ]jb    SL± p_gZLh]h \b^Zijh^mdpbb Hij_^_ebf \ebygb_ baf_g_gby kljmdlmju ijh^mdpbb b h[t_fZ ijhba\h^kl\Z \ gZlmjZevghf \ujZ`_gbb bp_gugZh[t_fijh^mdpbb \klhbfhklghf\ujZ`_gbbf_lh^hfp_iguoih^klZgh\hd LIie 69h[sie GLie SLie  LI 69h[sn GLie SLie  LI 69h[sn GLn SLie  LIn 69h[sn GLn SLn  LZdbf h[jZahf aZ kq_l m\_ebq_gby h[t_fZ \uimkdZ \ gZlmjZevghf \ujZ`_gbb h[t_f lh\Zjghc ijh^mdpbb m\_ebqbeky gZ  feg jm[   aZ kq_l baf_g_gby kljmdlmju ijh^mdpbb hg mf_gvrbeky gZ  feg jm[   b aZ kq_l baf_g_gby p_g h[t_f \uimkdZ m\_ebqbeky gZ  fegjm[  >ey hp_gdb kl_i_gb khhl\_lkl\by nZdlbq_kdhc ihklZ\db ^h]h\hjguf h[yaZl_evkl\Zf bkihevam_lkyg_kdhevdhhlghkbl_evguob Z[khexlguoihdZaZl_e_chldehg_gby  Dhwnnbpb_gl \uiheg_gby dhgljZdlZ oZjZdl_jbamxsbc hldehg_gb_ nZdlbq_kdb ihklZ\e_ggh]h dhebq_kl\Z lh\Zjh\ hl ij_^mkfhlj_ggh]h dhgljZdlhf  D\d Tn  Td    ]^_ Tn b Td  dhebq_kl\Z lh\ZjZ ih dhgljZdlmb ihklZ\e_ggh]hnZdlbq_kdb  :[khexlguc jZaf_j hldehg_gby \uiheg_gby dhgljZdlZ  hij_^_ey_lky dZd jZaghklv f_`^m nZdlbq_kdhcihklZ\dhcb dhgljZdlhf'\d Tn  Td Dhff_jq_kdbcj_amevlZl kjZ\g_gby\ujZ`Z_lkyklhbfhklgufbihdZaZl_eyfb\uiheg_gbyihklZ\hd bg^_dkhf \uiheg_gby dhgljZdlZ ih klhbfhklb 

¦S T ¦S T

l¸ÀÇ

À

Ê

À

À

 ]^_ Sd  hilh\Zy p_gZ lh\ZjZ ih

dhgljZdlm  b ihdZaZl_e_f Z[khexlgh]h hldehg_gby ij_^klZ\eyxsbf jZaghklv qbkebl_ey b agZf_gZl_ey bg^_dkZ Wlhlf_lh^jZkq_lZbkihevam_lky\ l_okemqZyodh]^ZdhgljZdlij_^mkfZljb\Z_lihklZ\dmjZaebqguo \b^h\lh\Zjh\dZ`^hfmbadhlhjuokhhl\_lkl\m_lk\hyp_gZ DhgljZdlhf ij_^mkfZljb\Z_lky hij_^_e_gguc Zkkhjlbf_gl ihklZ\db ?]h ke_^m_l kljh]h kh[ex^Zlv lZd dZd gZjmr_gb_ fh`_l ih\e_qv aZ kh[hc g_[eZ]hijbylgu_ dhff_jq_kdb_ ihke_^kl\by ^ey nbjfu deb_glZ I_j_^ klZlbklbdhc klhbl aZ^ZqZ h[gZjm`blv b hp_gblv gZjmr_gby kh]eZkh\Zgghc Zkkhjlbf_glghckljmdlmjuihklZ\dbhij_^_eblvkl_i_gvhldehg_gbc hlmkeh\bcdhgljZdlZb \uy\blv \hafh`gu_nbgZgkh\u_ihl_jb^eynbjfudeb_glZ >ey oZjZdl_jbklbdb Zkkhjlbf_glguo jZaebqbc bkihevam_lky dhwnnbpb_gl ebg_cgh]h hldehg_gby Zkkhjlbf_glguo ihabpbc 

l¶ÇÇÄÈÀÁ

¦ 'T M P

M 

¦T P

M 

ÊM

 T ÀM    ]^_ TM  hldehg_gb_ nZdlbq_kdb

ihklZ\e_ggh]h dhebq_kl\Z M]h Zkkhjlbf_glgh]h \b^Z lh\ZjZ hl mkeh\bc dhgljZdlZ P  qbkeh M[ Zkkhjlbf_glguo\b^h\

_evnb hijhk \ Ihlj_g^h\hcfh^_eb ^bgZfbq_kdbo jy^h\ g_kdhevdh lmjh\ k h[hkgh\Zgb_f F_lh^ wdkihg_gpbZevgh]h kbkl_fZ p_gh\uo b hl\_lh\ b hagZdhfe_gb_f k k]eZ`b\Zgby nZdlhjguolj_g^h\ j_amevlZlZfbk ij_^u^ms_]hlmjZ F_lh^]Zjfhgbq_kdbo Ihkdhevdm ijhp_kk baf_g_gby mjh\gy p_g dZd [hevrbgkl\h wdhghfbq_kdbo ijhp_kkh\ y\ey_lky klhoZklbq_kdbf lh \_jhylghklv lh]h qlh nZdlbq_kdbc mjh\_gv p_g \ ba\_klguc fhf_gl [m^_l jZ\_g agZq_gbx hij_^_e_gghfm lhq_qguf ijh]ghahf g_\_ebdZ Ihwlhfm hij_^_eyxlky ]jZgbpu \hafh`gh]h baf_g_gby ijh]ghabjm_fh]h mjh\gy p_g ^h\_jbl_evguc bgl_j\Ze  j  WV ]^_ j   lhq_qguc ijh]gha V  kj_^gyy d\Z^jZlbq_kdZy hrb[dZ lj_g^Z W  lZ[ebqgh_ agZq_gb_ Wdjbl_jby Klvx^_glZ k iN kl_i_gyfb k\h[h^ub \_jhylghklvxhrb[dbDi  qbkehmjh\g_cjy^ZN qbkehiZjZf_ljh\fh^_eblj_g^Z

Ebl_jZlmjZkk L?F:  KL:LBKLBD:BGNJ:KLJMDLMJUDHFF?JQ?KDHC>?YL?EVGHKLB Ij_^f_l aZ^Zqb b kbkl_fZ ihdZaZl_e_c bgnjZkljmdlmju dhff_jq_kdhc ^_yl_evghklb :gZeba hkgh\guo nhg^h\ dhff_jq_kdbo ij_^ijbylbc :gZeba dhff_jq_kdh]h bkihevah\Zgby lhj]h\hkdeZ^kdhc k_lbij_^ijbylbc:gZebaiehlghklbk_lbij_^ijbylbclhj]h\ebb kn_jumkem]KlZlbklbdZdZq_kl\Z lhj]h\h]h h[kem`b\Zgby KlZlbklbq_kdbc ZgZeba ljZgkihjlgh]h h[kem`b\Zgby dhff_jq_kdbo ij_^ijbylbc

>ey oZjZdl_jbklbdb ^\b`_gby hkgh\guo nhg^h\ bkihevamxl [ZeZgkh\uc f_lh^ GZijbf_j [ZeZgk ihiheghci_j\hgZqZevghcklhbfhklbbf__lke_^mxsbc\b^ IIKg  I  <  IIKd   ]^_ IIKg IIKd  ihegZy i_j\hgZqZevgZy klhbfhklv hkgh\guo nhg^h\ khhl\_lkl\_gghgZgZqZehb dhg_pbamqZ_fh]hi_jbh^ZI<  ihklmie_gb_\u[ulb_ hkgh\guonhg^h\\ l_q_gb_bamqZ_fh]hi_jbh^Zhp_gb\Zxlkyihiheghci_j\hgZqZevghcklhbfhklb =h^h\Zy kmffZ ZfhjlbaZpbb hij_^_ey_lky \ aZ\bkbfhklb hl ghjfu ZfhjlbaZpbb dhlhjZy mklZgZ\eb\Z_lky ih ml\_j`^_gguf ghjfZlb\Zf >_ckl\mxsb_ ghjfu ZfhjlbaZpbb ^bnn_j_gpbjh\Zgu ih hl^_evguf\b^Zfb ]jmiiZfhkgh\guonhg^h\>eyhp_gdbkl_i_gb\ebygbyhl^_evguonZdlhjh\gZh[s__ baf_g_gb_ kmffu ZfhjlbaZpbhgguo hlqbke_gbc ijbf_gyxl f_lh^ nZdlhjgh]h ZgZebaZ GZ h[s__ baf_g_gb_ kmffu ZfhjlbaZpbhgguo hlqbke_gbc 6:  hdZau\Zxl \ebygb_ ke_^mxsb_ ^\Z nZdlhjZ baf_g_gb_

kj_^g_]h^h\hc

klhbfhklb

ZfhjlbaZpbhgguohlqbke_gbc 1 

¦b

hkgh\guo

qqs 1

nhg^h\ qqs 

baf_g_gb_

kj_^g_c

ghjfu

D ihdZaZl_eyf^\b`_gbyb khklhygbyhkgh\guonhg^h\ hlghkylky Dhwnnbpb_glh[gh\e_gbyhljZ`Z_lbgl_gkb\ghklvh[gh\e_gbyhkgh\guonhg^h\ Dh[g 

pv¸¸»º pvÀÅ

ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒÅÄÇÈÉž¸Î¾Ë ½¶ ŻƾĺÄÇÃĸÃÑËÇÆ»ºÇȸ  ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒÄÇÃĸÃÑË ÇÆ»ºÇȸ ö ÀÄÃ»Ì Å»Æ¾Äº¶

Dhwnnbpb_gl\u[ulbyoZjZdl_jbam_lbgl_gkb\ghklv\u[ulbyhkgh\guonhg^h\ D\u[

pv¸Ñ· pvÃÅ

ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒ¸Ñ·Ñ¸Î¾Ë ½¶ ŻƾĺÄÇÃĸÃÑËÇÆ»ºÇȸ ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒÄÇÃĸÃÑË ÇÆ»ºÇȸ ö öͶÁÄŻƾĺ¶

H[h[sZxsbfb ihdZaZl_eyfb l_ogbq_kdh]h khklhygby hkgh\guo nhg^h\ y\eyxlky dhwnnbpb_gl

baghkZDba Dba

j qs

dhwnnbpb_gl

ps qs

¾½ÃÄÇ ÄÇÃĸÃÑËÇÆ»ºÇȸ ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒÄÇÃĸÃÑËÇÆ»ºÇȸ ]h^ghklb

b

ÄÇȶÈÄÍöµÇÈľÂÄÇÈÒÄÇÃĸÃÑËÇÆ»ºÇȸ ŻƸÄöͶÁÒöµ ÇÈľÂÄÇÈÒÄÇÃĸÃÑËÇÆ»ºÇȸ

D]h^g 

Wnn_dlb\ghklv bkihevah\Zgby hkgh\guo nhg^h\ oZjZdl_jbam_lky ihdZaZl_e_f nhg^hhl^Zqb dhlhjuc ihdZau\Z_l kdhevdh jm[e_c lh\Zjhh[hjhlZ ihemq_gh k dZ`^h]h jm[ey hkgh\guo nhg^h\

IÄÈ

tp ]^_LH lh\Zjhh[hjhlaZbamqZ_fuci_jbh^IIK kj_^gyyklhbfhklvhkgh\guonhg^h\ qqs

aZi_jbh^

LZd`_jZkkqblu\Z_lkynhg^hhl^ZqZihijb[uebhlj_ZebaZpbblh\Zjh\

kmffZijb[uebhlj_ZebaZpbblh\Zjh\

Dhwnnbpb_glnhg^h_fdhklbhkgh\guonhg^h\

I»Â

qqs tp

IÄÈÅÆ

qÆ ]^_Ij qqs

>ey hp_gdb kljmdlmju hkgh\guo nhg^h\ gZb[he__ qZklh jZkkqblu\Z_lky mjh\_gv Zdlb\ghc qZklb hkgh\guo nhg^h\ iml_f ^_e_gby kj_^g_]h^h\hc iheghc i_j\hgZqZevghc klhbfhklb Zdlb\ghc qZklb hkgh\guo nhg^h\ gZ kj_^g_]h^h\mx ihegmx i_j\hgZqZevgmx klhbfhklv \k_o hkgh\guo nhg^h\ D Zdlb\ghc qZklb hkgh\guo nhg^h\ hlghkylky i_j_^Zlhqgu_ mkljhckl\Z kbeh\u_ fZrbgu b h[hjm^h\Zgb_

jZ[hqb_ fZrbgu b h[hjm^h\Zgb_ baf_jbl_evgu_ j_]mebjmxsb_ eZ[hjZlhjgu_ mkljhckl\Z \uqbkebl_evgZyl_ogbdZb l^ >ey hp_gdb h[_ki_q_gghklb dhff_jq_kdbo ij_^ijbylbc jZaebqgufb \b^Zfb h[hjm^h\Zgby jZkkqblu\Zxlky dhwnnbpb_glu \ qbkebl_e_ dhlhjuo  dhebq_kl\h beb fhsghklv ^Zggh]h \b^Z h[hjm^h\Zgby Z \ agZf_gZl_e_  jZaf_j ij_^ijbylby h[t_f lh\Zjhh[hjhlZ jZaf_j lhj]h\hc b h[s_c iehsZ^b qbke_gghklv jZ[hlgbdh\  GZijbf_j  nhg^h\hhjm`_gghklv dZd hlghr_gb_ kj_^g_]h^h\hc iheghc i_j\hgZqZevghc klhbfhklb Zdlb\ghc qZklb hkgh\guo nhg^h\ d kj_^g_]h^h\hc kibkhqghc qbke_gghklb lhj]h\hhi_jZlb\gh]h i_jkhgZeZ nhg^hhkgZs_gghklv iml_f ^_e_gby kj_^g_]h^h\hc iheghc i_j\hgZqZevghc klhbfhklb \k_o hkgh\guo nhg^h\ gZ h[smxkj_^g_]h^h\mxkibkhqgmxqbke_gghklv\k_o jZ[hlgbdh\fZ]ZabgZ ey bamq_gby ijhp_kkZ dhgp_gljZpbb \ kn_j_ lhj]h\eb b mkem] g_h[oh^bf ZgZeba _]h bgl_gkb\ghklb < wlbo p_eyo fh]ml [ulv bkqbke_gu l_fiu jhklZ ihdZaZl_e_c kj_^g_]h jZaf_jZ ij_^ijbylby tÆ

n

  ]^_ F 0  kj_^gbc jZaf_j h^gh]h ij_^ijbylby khhl\_lkl\_ggh \ n

[Zabkghfb l_dms_fi_jbh^Zo Ijbbamq_gbb\ebygbybgl_gkb\gh]hb wdkl_gkb\gh]hnZdlhjh\gZijhp_kkdhgp_gljZpbbfh]ml[ulv bkihevah\Zgu f_lh^u nZdlhjgh]h ZgZebaZ GZijbf_j \ jhagbqghc lhj]h\e_ ih^ wdkl_gkb\guf nZdlhjhf ih^jZamf_\Z_lky jhkl qbkeZ fZ]Zabgh\ 1 ih^ bgl_gkb\guf nZdlhjhf  jhklkj_^g_clhj]h\hciehsZ^b

0 ijboh^ys_ckygZh^bgfZ]Zabg n n 1 < klZlbklbd_ bgnjZkljmdlmju dhff_jq_kdhc ^_yl_evghklb \b^gh_ f_klh aZgbfZ_l ZgZeba h[_ki_q_gghklb gZk_e_gby lhj]h\hc k_lvx Hg iha\hey_l ijbgylv j_r_gb_ h[ m\_ebq_gbb qbkeZ ij_^ijbylbc h [he__ jZpbhgZevghf bo bkihevah\Zgbb KlZlbklbq_kdZy hp_gdZ h[_ki_q_gghklb gZk_e_gby ij_^ijbylbyfb lhj]h\eb b kn_ju mkem] hkms_kl\ey_lky k ihfhsvx jy^Z hlghkbl_evguo ihdZaZl_e_c < qbkebl_ev ^jh[b klZ\blky ihdZaZl_ev oZjZdl_jbamxsbc fhsghklv lhj]h\hc k_lb dhlhjZy g_ihkj_^kl\_ggh h[kem`b\Z_l gZk_e_gb_ ^Zggh]h j_]bhgZ < agZf_gZl_e_ mdZau\Z_lky qbke_gghklv h[kem`b\Z_fh]hdhglbg]_glZgZk_e_gby  IhdZaZl_evh[_ki_q_gghklbgZk_e_gbyjhagbqgufblhj]h\ufbij_^ijbylbyfbk_lvxij_^ijbylbc fZkkh\h]hiblZgbyb kn_jumkem] oZjZdl_jbam_lkj_^g__qbkehij_^ijbylbc\ jZkq_l_gZlukq_eh\_d ijh`b\Zxsbo\ khhl\_lkl\mxs_fjZchg_b hij_^_ey_lkyihke_^mxs_cnhjfme_ 41

¦ 1   ¦6

]^_ 1  kj_^g_]h^h\h_ qbkeh ij_^ijbylbc 6 ² kj_^g_]h^h\Zy qbke_gghklv gZk_e_gby h[kem`b\Z_fZy ^Zggufbij_^ijbylbyfb  IhdZaZl_evh[_ki_q_gghklbgZk_e_gbylhj]h\hciehsZ^vxfZ]Zabgh\\ jZkq_l_gZlukq_eh\_d hij_^_ey_lky ^ey jhagbqghc lhj]h\eb ih ke_^mxs_c nhjfme_

4n

¦ n   ]^_ 6F  h[sZy ¦6

lhj]h\ZyiehsZ^vf   < fZkkh\hf iblZgbb jZkkqblu\Z_lky ihdZaZl_ev oZjZdl_jbamxsbc h[_ki_q_gghklv gZk_e_gby ihkZ^hqgufbf_klZfb 4qn

¦ qn  ]^_IF h[s__qbkehihkZ^hqguof_kl ¦6

< ihgylb_dZq_kl\Zlhj]h\h]hh[kem`b\ZgbygZk_e_gby\oh^bl\j_fyaZljZqb\Z_fh_ihdmiZl_e_fijb ihdmid_ lh\Zjh\ ijbf_g_gb_ ijh]j_kkb\guo nhjf h[kem`b\Zgby rbjhlZ Zkkhjlbf_glZ dmevlmjZ h[kem`b\Zgby j_`bf jZ[hlu ij_^ijbylby dZq_kl\h ij_^eZ]Z_fuo lh\Zjh\ bgl_jv_j ij_^ijbylbc lhj]h\ebb kn_jumkem]m^h[kl\hnhjfjZkq_lZk ihdmiZl_eyfb< mkeh\byohlkmlkl\by^_nbpblZdZq_kl\h h[kem`b\Zgby ihlj_[bl_e_c gZjy^m k mjh\g_f p_g \h fgh]hf hij_^_ey_l dhgdmj_glhkihkh[ghklv dhff_jq_kdboij_^ijbylbc

Ebl_jZlmjZkk L?F: KL:LBKLBD:LJM>:B H;KEM@B?YL?EVGHKLB AZ^Zqb b kbkl_fZ ihdZaZl_e_c klZlbklbdb ljm^Z \ dhff_jq_kdhc ^_yl_evghklb :gZeba qbke_gghklb khklZ\Z b ^bgZfbdb ljm^h\h]h dhglbg]_glZ :gZeba wnn_dlb\ghklb aZljZl ljm^Z dZq_kl\Z ljm^Z b hij_^_e_gb_ hilbfZevghc qbke_gghklb jZ[hlgbdh\ dhff_jq_kdbo ij_^ijbylbc b hj]ZgbaZpbc:gZebahieZluljm^ZjZ[hlgbdh\dhff_jq_kdbokljmdlmj

GZebqb_i_jkhgZeZgZnbjf_ \ p_ehfihhl^_evgufdZl_]hjbyfb ]jmiiZffh`_loZjZdl_jbah\Zlvky ihdZaZl_eyfb^\molbih\  gZhlq_lgmx^Zlm^Zlmijh\_^_gby h[ke_^h\Zgbyi_j_ibkbb l^fhf_glgucihdZaZl_ev    kj_^gbfb aZ khhl\_lkl\mxsbc i_jbh^ ihdZaZl_eyfb qbke_gghklb i_jkhgZeZ bgl_j\Zevgu_ ihdZaZl_eb  \b`_gb_jZ[hq_ckbeu oZjZdl_jbam_lkyke_^mxsbfbihdZaZl_eyfb  dhwnnbpb_gl bgl_gkb\ghklb h[hjhlZ ih ijb_fm dhwnnbpb_gl ijb_fZ dZ^jh\ 

lÅÀ

yÅ  ssy

]^_Qi± qbke_gghklvijbgyluoaZi_jbh^jZ[hlgbdh\KKQ± kj_^gyykibkhqgZyqbke_gghklvjZ[hlgbdh\  Dhwnnbpb_glh[hjhlZihm\hevg_gbxdhwnnbpb_gl\u[ulbydZ^jh\  l¸À ]^_Q\± qbke_gghklv\u[u\rboaZi_jbh^jZ[hlgbdh\  Dhwnnbpb_gl l_dmq_klb dZ^jh\ 

lÈÀ

y¸  ssy

yɸ ]^_Qm\ dhebq_kl\hjZ[hlgbdh\m\he_gguo ssy

ihkh[kl\_gghfm`_eZgbxaZijh]meub ijhqb_gZjmr_gbyljm^h\hc^bkpbiebguaZ^Zgguci_jbh^  Dhwnnbpb_glaZf_s_gbyjZ[hq_ckbeu l½¶Â

yÅ y¸

 Dhwnnbpb_gl ihklhygkl\Z dZ^jh\ ± hlghr_gb_ qbkeZ jZ[hlgbdh\ ijhjZ[hlZ\rbo \_kv hlq_lguc i_jbh^d boqbkemgZdhg_phlq_lgh]hi_jbh^Z Iheghlm bkihevah\Zgby ljm^h\uo j_kmjkh\ fh`gh hp_gblv ih dhebq_kl\m hljZ[hlZgguo ^g_c b qZkh\ h^gbf jZ[hlgbdhf aZ ZgZebabjm_fuc i_jbh^ \j_f_gb Z lZd`_ ih kl_i_gb bkihevah\Zgby nhg^Z

jZ[hq_]h \j_f_gb LZdhc ZgZeba ijhba\h^blky ih dZ`^hc dZl_]hjbb jZ[hlgbdh\ ih dZ`^hfm ijhba\h^kl\_gghfmih^jZa^_e_gbxb \p_ehfihij_^ijbylbx Nhg^jZ[hq_]h\j_f_gbNJ< aZ\bkblhlqbke_gghklbjZ[hqboKKQ dhebq_kl\ZhljZ[hlZgguo^g_c h^gbfjZ[hqbf \kj_^g_faZ]h^D b kj_^g_cijh^he`bl_evghklbjZ[hq_]h^gy> NJ< KKQ D > :gZeba bkihevah\Zgby jZ[hq_]h \j_f_gb gZqbgZ_lky k khihklZ\e_gby nZdlbq_kdb hljZ[hlZggh]h jZ[hq_]h \j_f_gb \k_fb jZ[hqbfb ijb g_baf_gghc qbke_gghklb beb nZdlbq_kdb hljZ[hlZggh]h \j_f_gb h^gbf jZ[hqbf \ q_e^gyo beb q_eqZkZo  k ieZgh\ufb jZkq_lgufb  ihdZaZl_eyfb b hij_^_e_gb_ p_eh^g_\guo b \gmljbkf_gguo ihl_jv b g_ijhba\h^bl_evguo aZljZl jZ[hq_]h \j_f_gb Bklhqgbdhf ^ey ZgZebaZ kem`Zl ieZgh\uc b nZdlbq_kdbc [ZeZgku jZ[hq_]h \j_f_gb p_eh^g_\guo b \gmljbkf_gguo ijhklh_\ Wnn_dlb\ghklv aZljZl ljm^Z \ dhff_jq_kdhc ^_yl_evghklb fh`_l [ulv jZkkfhlj_gZ \ ^\mo Zki_dlZo  k wdhghfbq_kdhclhqdbaj_gbyih^wnn_dlb\ghklvxljm^ZjZ[hlgbdh\dhff_jq_kdboij_^ijbylbc ke_^m_lihgbfZlvmjh\_gvijhba\h^bl_evghklbljm^Zb _]hdZq_kl\h   khpbZevguc Zki_dl wnn_dlb\ghklb ljm^h\uo aZljZl \ dhff_jq_kdhc ^_yl_evghklb aZdexqZ_lky \ gZb[he__ iheghf m^h\e_l\hj_gbb ieZl_`_kihkh[guo ihlj_[ghkl_c gZk_e_gby \ khhl\_lkl\mxsbo \b^Zo lh\Zjh\ b mkem] ijb fbgbfbaZpbb kh\hdmiguo aZljZl ljm^Z jZ[hlgbdh\ dhff_jq_kdbo kljmdlmj b wdhghfbb\j_f_gbgZk_e_gbygZijbh[j_l_gb_wlbolh\Zjh\b mkem] Ijhba\h^bl_evghklvljm^Z\ dhff_jq_kdhc^_yl_evghklb hij_^_ey_lkydZd\ klhbfhklghflZdb \ gZlmjZevghf \ujZ`_gbb IhdZaZl_ev ijhba\h^bl_evghklb ljm^Z \ dhff_jq_kdhc ^_yl_evghklb [Zabjm_lkygZkhihklZ\e_gbbdhg_qguoj_amevlZlh\ljm^Zk ijhba\_^_ggufbaZljZlZfbljm^Z < dZq_kl\_dhg_qguoj_amevlZlh\ljm^Zfh]ml\uklmiZlv < p_ehfihdhff_jq_kdhc^_yl_evghklbb \lhj]h\e_ ‰ h[t_flh\Zjhh[hjhlZh[t_f\ujmqdb ‰ ijb[uev >eyij_^ijbylbckn_jumkem] ‰ h[t_fj_Zebah\ZgguogZk_e_gbxmkem] >eyij_^ijbylbcfZkkh\h]hiblZgby ‰ h[sbch[t_flh\Zjhh[hjhlZij_^ijbylbyfZkkh\h]hiblZgby ‰ h[t_f\uimkdZijh^mdpbbkh[kl\_ggh]hijhba\h^kl\Zij_^ijbylb_ffZkkh\h]hiblZgby ‰ h[t_f\uimkdZh[_^_gghcijh^mdpbb\ gZlmjZevghf\ujZ`_gbb\ gZlmjZevguo[ex^Zo  ‰ h[t_f\uimkdZh[_^_gghcijh^mdpbb\ mkeh\ghgZlmjZevghf\ujZ`_gbb < dZq_kl\_aZljZlljm^Z x kj_^g_kibkhqgZyqbke_gghklvjZ[hlgbdh\dhff_jq_kdh]hij_^ijbylby kj_^g_kibkhqgZy qbke_gghklv jZ[hlgbdh\ aZgyluo ijhba\h^kl\hf kh[kl\_gghc ijh^mdpbb \ fZkkh\hfiblZgbb x dhebq_kl\hhljZ[hlZggh]hjZ[hq_]h\j_f_gb\ q_e^gyo  < blh]_ihemqZxlkyke_^mxsb_ihdZaZl_eb Lhj]h\ey x kj_^gbch[t_flh\Zjhh[hjhlZijboh^ysbckygZh^gh]hjZ[hlgbdZ x kj_^gbch[t_flh\Zjhh[hjhlZijboh^ysbckygZh^bgq_eh\_dh^_gvq_eh\_dhqZk Kn_jZmkem] x kj_^gbch[t_fmkem]j_Zebah\ZgguogZk_e_gbxijboh^ysbckygZh^gh]hjZ[hlgbdZij_^ijbylby kn_jumkem] x kj_^gbch[t_fmkem]j_Zebah\ZgguogZk_e_gbxijboh^ysbckygZh^bgq_eh\_dh^_gvq_eh\_dh qZk FZkkh\h_iblZgb_ x kj_^gbch[hjhlij_^ijbylbyfZkkh\h]hiblZgbyijboh^ysbcky\ p_ehfgZh^gh]hjZ[hlgbdZ x ijhba\h^bl_evghklb ljm^Z jZ[hlgbdh\ aZgyluo g_ihkj_^kl\_ggh \uimkdhf ijh^mdpbb kh[kl\_ggh]h ijhba\h^kl\Z kj_^gyy \ujZ[hldZ ijh^mdpbb kh[kl\_ggh]h ijhba\h^kl\Z ijboh^ysZyky gZ h^gh]h jZ[hlgbdZ aZgylh]h \uimkdhf ijh^mdpbb kh[kl\_ggh]h ijhba\h^kl\Z gZ ij_^ijbylbb fZkkh\h]h iblZgby x kj_^gyy \ujZ[hldZ h[_^_gghc ijh^mdpbb \ gZlmjZevghf \ujZ`_gbb \ gZlmjZevguo [ex^Zo  ijboh^ysZyky gZ h^gh]h jZ[hlgbdZ aZgylh]h \uimkdhf ijh^mdpbb kh[kl\_ggh]h ijhba\h^kl\Z gZ ij_^ijbylbbfZkkh\h]hiblZgby x kj_^gyy\ujZ[hldZh[_^_gghcijh^mdpbb\ mkeh\ghgZlmjZevghf\ujZ`_gbb\ mkeh\guo[ex^Zo  ijboh^ysZyky gZ h^gh]h jZ[hlgbdZ aZgylh]h \uimkdhf ijh^mdpbb kh[kl\_ggh]h ijhba\h^kl\Z gZ ij_^ijbylbbfZkkh\h]hiblZgby :gZeba ^bgZfbdb ihdZaZl_ey mjh\gy ijhba\h^bl_evghklb ljm^Z \ dhff_jq_kdbo ij_^ijbylbyo b hj]ZgbaZpbyohkms_kl\ey_lkyk ihfhsvxbg^_dkgh]hf_lh^Z GZijbf_jbg^_dkkj_^g_]hh[hjhlZijboh^ys_]hkygZh^gh]hjZ[hlgbdZdhff_jq_kdh]hij_^ijbylby \ nZdlbq_kdbo^_ckl\mxsbo p_gZobg^_dk ijhba\h^bl_evghklbljm^Z bf__lke_^mxsbc\b^

, 2ÊÌ

pÊÌ p

¦ T S  ¦ T S ¦ T S  ¦ U ¦ U ¦ U  ¦ T S ¦ U 

, 2ÇÌ

tpÇÌ tp

¦ T S  ¦ T S ¦ T S  ¦ U ¦ U ¦ U  ¦ T S ¦ U 

,TS ,U

>eyh[_ki_q_gbyZ^_d\Zlgh]hhljZ`_gby^bgZfbdbmjh\gyijhba\h^bl_evghklbljm^Z\ dhff_jq_kdbo ij_^ijbylbyo g_h[oh^bfh mkljZgblv \ebygb_ baf_g_gby jhagbqguo p_g lZjbnh\ gZ mkem]b ij_^hklZ\ey_fu_gZk_e_gbx l_i_j_clbd bg^_dkghckbkl_f_\ khihklZ\bfuog_baf_gguo p_gZo

,T ,U

]^_ LH LH ² kj_^gbc h[hjhl gZ h^gh]h jZ[hlgbdZ dhff_jq_kdh]h ij_^ijbylby \ khihklZ\bfuo p_gZo khhl\_lkl\_ggh \ hlq_lghf b [Zabkghf i_jbh^Zo ,T  h[sbc bg^_dk lh\Zjhh[hjhlZ dhff_jq_kdh]h ij_^ijbylby\ khihklZ\bfuog_baf_gguo p_gZoh[sbcbg^_dknbabq_kdh]hh[t_fZlh\Zjhh[hjhlZ  LZd`_ g_h[oh^bfh hij_^_eblv Z[khexlgh_ baf_g_gb_ h[t_fZ lh\Zjhh[hjhlZ dZd \ p_ehf lZd b ih^\ebygb_fhl^_evguonZdlhjh\ H[s__baf_g_gb_lh\Zjhh[hjhlZ'LH '6TS 6TS6TS JZkq_l baf_g_gby lh\Zjhh[hjhlZ ih^ \ebygb_f nZdlhjh\ fh`_l hkms_kl\eylvky ih ke_^mxs_c nZdlhjghcfh^_eb tp

¦ TS ¦ U tp

< fmevlbiebdZlb\guo b Z^^blb\guo nZdlhjguo fh^_eyo h[t_fZ lh\Zjhh[hjhlZ dhff_jq_kdbo ij_^ijbylbc b hj]ZgbaZpbc nZdlhj ^bgZfbdb ijhba\h^bl_evghklb ljm^Z \uklmiZ_l dZd bgl_gkb\guc nZdlhjZ nZdlhjbaf_g_gbykj_^g_kibkhqghcqbke_gghklbjZ[hlgbdh\² dZdwdkl_gkb\gucnZdlhj   Z[khexlgh_ baf_g_gb_ h[t_fZ lh\Zjhh[hjhlZ aZ kq_l baf_g_gby kj_^g_kibkhqghc qbke_gghklb jZ[hlgbdh\dhff_jq_kdh]hij_^ijbylby 'tpU

'¦ TS U

' ¦ U tp

  Z[khexlgh_ baf_g_gb_ h[t_fZ lh\Zjhh[hjhlZ \ nZdlbq_kdbo p_gZo aZ kq_l baf_g_gby mjh\gy ijhba\h^bl_evghklb ljm^Z \ujZ`_ggh]h q_j_a kj_^gbc h[hjhl ijboh^ysbcky gZ h^gh]h jZ[hlgbdZ

'tptp

' ¦ TStp

¦U



'tp

Ijh\_jdZ ijZ\bevghklb h[s_]h Z[khexlgh]h baf_g_gby h[t_fZ lh\Zjhh[hjhlZ \ nZdlbq_kdbo p_gZo ijhba\h^blky iml_f keh`_gby Z[khexlguo baf_g_gbc h[t_fZ lh\Zjhh[hjhlZ aZ kq_l \ebygby hl^_evguo nZdlhjh\ :gZeh]bqgZy Z^^blb\gZy nZdlhjgZy fh^_ev fh`_l [ulv ihkljh_gZ b ^ey jZaeh`_gby ih nZdlhjZf h[s_]hZ[khexlgh]hbaf_g_gbyh[t_fZlh\Zjhh[hjhlZ\ khihklZ\bfuog_baf_gguo p_gZo H[s__ Z[khexlgh_ baf_g_gb_ lh\Zjhh[hjhlZ dhff_jq_kdh]h ij_^ijbylby \ khihklZ\bfuo g_baf_gguo p_gZo'Lhkhip 6TS6TS   Z[khexlgh_ baf_g_gb_ h[t_fZ lh\Zjhh[hjhlZ \ khihklZ\bfuo g_baf_gguo  p_gZo ih^ \ebygb_f baf_g_gbykj_^g_kibkhqghcqbke_gghklbjZ[hlgbdh\ 'tpU

'¦ TS U

' ¦ U tp

  Z[khexlgh_ baf_g_gb_ h[t_fZ lh\Zjhh[hjhlZ aZ kq_l baf_g_gby kj_^g_]h h[hjhlZ gZ h^gh]h

jZ[hlgbdZ\ khihklZ\bfuog_baf_gguo p_gZo 'tptpÇÄÅÌ

¦U



'tpÇÄÅÌ

Ljm^h_fdhklvijh^mdpbb \ujZ`Z_laZljZlujZ[hq_]h\j_f_gbgZijhba\h^kl\h_^bgbpuijh^mdpbb HgZhij_^_ey_lkygZ_^bgbpmijh^mdpbb \gZlmjZevghf\ujZ`_gbbih\k_cghf_gdeZlmj_ba^_ebcb mkem] ijb [hevrhf Zkkhjlbf_gl_ ijh^mdpbb gZ ij_^ijbylbb hij_^_ey_lky ih lbibqguf ba^_ebyf d dhlhjuf ijb\h^ylky\k_hklZevgu_ AZjZ[hlgZyieZlZ ^he`gZg_ihkj_^kl\_gghaZ\bk_lvhldZq_kl\Zb dhebq_kl\Zljm^ZHij_^_eyxs_c \ hieZl_ ljm^Z y\ey_lky d\ZebnbdZpby jZ[hlgbdZ  _]h kihkh[ghklv \uihegylv jZ[hlm hij_^_e_gghc keh`ghklb Mjh\_gv d\ZebnbdZpbb jZ[hlgbdZ hij_^_ey_lky ke_^mxsbfb nZdlhjZfb h[jZah\Zgb_f ijhn_kkbhgZevghc ih^]hlh\dhc b klZ`_f ijZdlbq_kdhc jZ[hlu Dhebq_kl\h ljm^Z hij_^_ey_lky ijh^he`bl_evghklvxjZ[hq_]h^gy Kms_kl\mxl^\_hkgh\gu_nhjfuaZjZ[hlghcieZlu ih\j_f_ggZyb k^_evgZy  Ih\j_f_gghc aZjZ[hlgZy ieZlZ  jZ[hlgbd ihemqZ_l ^_g_`gh_ beb bgh_ \hagZ]jZ`^_gb_ \ aZ\bkbfhklb hl dhebq_kl\Z hljZ[hlZggh]h \j_f_gb Ih\j_f_ggZy aZjZ[hlgZy ieZlZ bf__l ^\_ kbkl_fu  ijhklmxih\j_f_ggmxb ih\j_f_gghij_fbZevgmx K^_evgZynhjfZhieZluljm^Z aZjZ[hlhdjZ[hq_fmgZqbkey_lkyaZdZ`^mx_^bgbpmijhba\_^_gghc ijh^mdpbb beb \uiheg_ggh]h h[t_fZ jZ[hl ih ki_pbZevguf jZkp_gdZf K^_evgZy nhjfZ hieZlu ljm^Z \ aZ\bkbfhklb hl kihkh[Z mq_lZ \ujZ[hldb b ijbf_gy_fuo \b^h\ ^hihegbl_evgh]h ihhsj_gby ij_fbb ih\ur_ggu_ jZkp_gdb  ih^jZa^_ey_lky gZ ke_^mxsb_ kbkl_fu ijyfZy k^_evgZy dhk\_ggZy k^_evgZy k^_evghij_fbZevgZy k^_evghijh]j_kkb\gZy b Zddhj^ghk^_evgZy kbkl_fu LZd`_ \u^_eyxl dhee_dlb\gmxk^_evgmxhieZlmljm^Z :gZeba mjh\gy hieZlu ljm^Z g_h[oh^bfh jZkkfZljb\Zlv \ l_kghc k\yab k ijhba\h^bl_evghklb ljm^Z K jhklhf ijhba\h^bl_evghklb ljm^Z kha^Zxlky ij_^ihkuedb ^ey m\_ebq_gby hieZlu ljm^Z Ijb wlhf

kj_^kl\ZgZhieZlmljm^Zg_h[oh^bfhbkihevah\ZlvlZdqlh[ul_fijhklZhieZluljm^Z[uef_gvr_l_fiZ jhklZijhba\h^bl_evghklbljm^Z>eyhij_^_e_gbykmffuwdhghfbbi_j_jZkoh^Znhg^ZaZjZ[hlghcieZlu \ k\yab k baf_g_gb_f khhlghr_gbc f_`^m l_fiZfb jhklZ ijhba\h^bl_evghklb ljm^Z b _]h hieZlu bkihevamxlke_^mxsmxnhjfmem  q

vptÊ

,ÄÈ  ,ÅÈ ]^_NHLn± nZdlbq_kdbcnhg^hieZlu ,ÄÈ

ljm^Z ,hl ± l_fi jhklZ hieZlu ljm^Z ,il ± l_fi jhklZ ijhba\h^bl_evghklb ljm^Z < mkeh\byo bgneypbb ijb ZgZeba_ bg^_dkZ jhklZ kj_^g_c aZjZ[hlghc ieZlu g_h[oh^bfh mqblu\Zlv bg^_dk jhklZ p_g gZ ihlj_[bl_evkdb_lh\Zjub mkem]b,p aZZgZebabjm_fuci_jbh^ ,ÄÈ

pt pt ,Ì

IjbklmiZy d ZgZebam bkihevah\Zgby nhg^Z aZjZ[hlghc ieZlu \ i_j\mx hq_j_^v g_h[oh^bfh jZkkqblZlvZ[khexlgh_b hlghkbl_evgh_hldehg_gb_nZdlbq_kdhc_]h\_ebqbguhlieZgh\hc :[khexlgh_ hldehg_gb_ hij_^_ey_lky kjZ\g_gb_f nZdlbq_kdb bkihevah\Zgguo kj_^kl\ gZ hieZlm ljm^Zk ieZgh\ufnhg^hfaZjZ[hlghcieZlu\ p_ehfihij_^ijbylbxijhba\h^kl\_ggufih^jZa^_e_gbyf b dZl_]hjbyf jZ[hlgbdh\ H^gZdh g_h[oh^bfh bf_lv \ \b^m qlh Z[khexlgh_ hldehg_gb_ kZfh ih k_[_ g_ oZjZdl_jbam_lbkihevah\Zgb_nhg^ZaZjZ[hlghcieZluldwlhlihdZaZl_evhij_^_ey_lky[_a mq_lZkl_i_gb \uiheg_gbyieZgZ Hlghkbl_evgh_ hldehg_gb_ jZkkqblu\Z_lky dZd jZaghklv f_`^m nZdlbq_kdb gZqbke_gghc kmffhc aZjieZlu b ieZgh\uf nhg^hf kdhjj_dlbjh\Zgguf gZ dhwnnbpb_gl \uiheg_gby ieZgZ ih ijhba\h^kl\m beb j_ZebaZpbb  ijh^mdpbb H^gZdh dhjj_dlbjm_lky lhevdh i_j_f_ggZy qZklv nhg^Z aZjZ[hlghc ieZlu dhlhjZybaf_gy_lkyijhihjpbhgZevghh[t_fmijhba\h^kl\Zijh^mdpbbWlhaZjieZlZjZ[hqboihk^_evguf jZkp_gdZf ij_fbb jZ[hqbo b mijZ\e_gq_kdhfm i_jkhgZem aZ ijhba\h^kl\_ggu_ j_amevlZlu b kmffZ hlimkdguo khhl\_lkl\mxsZy ^he_ i_j_f_gghc aZjieZlu IhklhyggZy qZklv hieZlu ljm^Z g_ baf_gy_lky ijb m\_ebq_gbb beb kiZ^_ h[t_fZ ijhba\h^kl\Z aZjieZlZ jZ[hqbo ih lZjbnguf klZ\dZf aZjieZlZ kem`Zsbo ih hdeZ^Zf \k_ \b^u ^hieZl hieZlZ ljm^Z jZ[hlgbdh\ g_ijhfure_gguo ijhba\h^kl\ b khhl\_lkl\mxsZybfkmffZhlimkdguo  'NHLhlg NHLnNHLkdhj NHLnNHLi_jie D\iNHLihkliee ]^_'NHLhlg ± hlghkbl_evgh_ hldehg_gb_ ih nhg^m aZjZ[hlghc ieZlu NHLn ± nZdlbq_kdbc nhg^ aZjZ[hlghc ieZlu NHLkdhj ± nhg^ aZjieZlu kdhjj_dlbjh\Zgguc gZ dhwnnbpb_gl \uiheg_gby ieZgZ ih \uimkdm ijh^mdpbb NHLi_jie b NHLihkliee ± khhl\_lkl\_ggh i_j_f_ggZy b ihklhyggZy kmffZ ieZgh\h]hnhg^ZaZjieZluD\i± dhwnnbpb_gl\uiheg_gbyieZgZ < ijhp_kk_ ZgZebaZ g_h[oh^bfh hij_^_eblv nZdlhju hldehg_gby nhg^Z aZjZ[hlghc ieZlu I_j_f_ggZy qZklv nhg^Z aZjieZlu aZ\bkbl hl h[t_fZ ijhba\h^kl\Z ijh^mdpbb _]h kljmdlmju m^_evghc ljm^h_fdhklbb mjh\gykj_^g_qZkh\hchieZluljm^Z IhklhyggZy qZklv hieZlu ljm^Z aZ\bkbl hl kj_^g_kibkhqghc qbke_gghklb jZ[hqbo ih\j_f_gsbdh\ kem`Zsbo jZ[hlgbdh\ ^_lkdbo kZ^h\ dem[h\ b l^ b kj_^g_]h aZjZ[hldZ aZ khhl\_lkl\mxsbc i_jbh^ \j_f_gb NHLih\j KKQ Ai]h^ KKQ D AI^g KKQ D > AIqZk ]^_ KKQ ± qbke_gghklv jZ[hqbo ih\j_f_gsbdh\ Ai]h^ AI^g AiqZk ± khhl\_lkl\_ggh aZjieZlZ h^gh]h jZ[hq_]h aZ ]h^ ^_gv qZk D  kj_^g__ dhebq_kl\h hljZ[hlZgguo ^g_c aZ ]h^ > ± kj_^gyy ijh^he`bl_evghklvjZ[hq_]h^gy Ebl_jZlmjZkk

L?F: KL:LBKLBD:NBG:GKH  QbklZyijb[uev± QI

q u pty

q u vwf  q u dp

IM J  ijhqb_hi_jZpbhggu_^hoh^ujZkoh^u 

IM J  ijb[uev m[ulhd  hl j_ZebaZpbb hij_^_ey_lky dZd jZaghklv f_`^m \ujmqdhc b k_[_klhbfhklvx\dexqZxs_cdhff_jq_kdb_b mijZ\e_gq_kdb_jZkoh^u GZ baf_g_gb_ijb[uebhlj_ZebaZpbbhdZau\Zxl\ebygb_ H[t_fj_ZebaZpbbijh^mdpbb9jih[s  KljmdlmjZj_Zebah\Zgghc ijh^mdpbbGL K_[_klhbfhklvijh^mdpbbkkllvL P_gZj_ZebaZpbbijh^mdpbbPL LZdbfh[jZahfI I9jih[sGLkkllvLPL I 9jiL PL 9jiL kkllvL 9jih[s6PL GL kkllvL GL J_amevlZlb\ghklv nmgdpbhgbjh\Zgby ij_^ijbylby hp_gb\Z_lky g_ lhevdh Z[khexlgufb gh b hlghkbl_evgufb ihdZaZl_eyfb Hlghkbl_evgufb ihdZaZl_eyfb y\ey_lky kbkl_fZ ihdZaZl_e_c j_glZ[_evghklb H[sbc kfuke \k_o wlbo ihdZaZl_e_c hij_^_ey_lky kmffhc ijb[ueb k h^gh]h jm[ey \eh`_ggh]hdZiblZeZ JZkkfhljbfihdZaZl_ebj_glZ[_evghklb J_glZ[_evghklvijh^mdpbb j_glZ[_evghklvijh^Z` oZjZdl_jbam_lkyke_^mxsbfbihdZaZl_eyfb

J_glZ[_evghklv ijh^mdpbb

Åƾ·ÑÁÒ ÄÈ Æ»¶Á¾½¶Ì¾¾ ¸ÑÆÉÍÀ¶ ÄÈ Æ»¶Á¾½¶Ì¾¾

qr 4

4  sFÈÈÒ 4

J_glZ[_evghklv j_Zebah\Zgghc ijh^mdpbb ihdZau\Z_l kdhevdh ihemq_gh ijb[ueb gZ  jm[ev j_Zebah\Zgghcijh^mdpbb Bkihevamx ^Zggmx nhjfmem fh`gh ijh\_klb nZdlhjguc ZgZeba aZ\bkbfhklb baf_g_gby j_glZ[_evghklbhlbaf_g_gbyh[t_fZ\ujmqdbb k_[_klhbfhklb LZd`_ j_glZ[_evghklv ijh^mdpbb fh`_l jZkkqblu\Zlvky dZd hlghr_gb_ ijb[ueb hl j_ZebaZpbb d k_[_klhbfhklb j_glZ[_evghklv hkgh\ghc ^_yl_evghklb  >Zgguc ihdZaZl_ev oZjZdl_jbam_l mjh\_gv ijb[uebgZjm[aZljZq_gguokj_^kl\

5

q ÇÇÈÈÒ

4  Ç  ÇÈÈÒ Ç  ÇÈÈÒ

J_glZ[_evghklv ijh^mdpbb fh`_l lZd`_ jZkkqblu\Zlvky dZd hlghr_gb_ [ZeZgkh\hc ijb[ueb d

\ujmqd_hlj_ZebaZpbb 5

q· 4

JZkkqblu\Z_lkyj_glZ[_evghklvlh\Zjgh]h\uimkdZhl^_evguo\b^h\ijh^mdpbb

5L

qL ÇÇÈÈÒL

xL  Ç  ÇÈÈÒL Ç  ÇÈÈÒL

Beb`_ihhlghr_gbxd p_g_ijh^mdpbb 5L

qL xL

xL  Ç  ÇÈÈÒL xL

Bkihevamy ^Zggu_ nhjfmeu fh`gh ijh\_klb nZdlhjguc ZgZeba j_glZ[_evghklb hl^_evguo \b^h\ ba^_ebc]^_\ dZq_kl\_nZdlhjh\\uklmiZxlbaf_g_gb_p_guba^_ebyb _]hk_[_klhbfhklb J_glZ[_evghklv\k_]h\uimkdZijh^mdpbbgZoh^blkydZdhlghr_gb_ijb[uebd \ujmqd_hlj_ZebaZpbb d k_[_klhbfhklb \uimkdZ ijh^mdpbb  GZ baf_g_gb_ ijb[ueb hl j_ZebaZpbb hdZau\Zxl \ebygb_ h[t_f j_ZebaZpbbijh^mdpbb9ji kljmdlmjZj_Zebah\Zgghcijh^mdpbbGL k_[_klhbfhklvijh^mdpbbkkllvL  p_gZj_ZebaZpbbijh^mdpbbPL I I9jiGLkkllvLPL Beb I 9jiL PL 9jiL kkllvL 9jih[s6PL GL kkllvL GL GZ baf_g_gb_ \ujmqdb hl j_ZebaZpbb hdZau\Zxl \ebygb_ h[t_f j_ZebaZpbb ijh^mdpbb 9ji  kljmdlmjZj_Zebah\Zgghcijh^mdpbbGL b p_gZj_ZebaZpbbijh^mdpbbPL 4 I9jih[sGLPL Beb 4 9jiL PL 9jih[s6 GL PL LZdbfh[jZahf 9jih[s6PL GL kkllvL GL 6PL GL kkllvL GL 5   9jih[s6 GL PL 6 GL PL Bkihevamy ^Zggmx nhjfmem fh`gh ijh\_klb nZdlhjguc ZgZeba j_glZ[_evghklb \k_]h \uimkdZ \ aZ\bkbfhklb hl kljmdlmju j_Zebah\Zgghc ijh^mdpbb GL  k_[_klhbfhklb hl^_evguo \b^h\ ijh^mdpbb kkllvL p_guj_ZebaZpbbhl^_evguo\b^h\ijh^mdpbbPL >ey wlh]hke_^m_lbkihevah\Zlvf_lh^p_iguo ih^klZgh\hd J_glZ[_evghklvijhba\h^kl\_gguonhg^h\

5 IN

I  HIN  H[K

]^_ I ± qbklZy [ZeZgkh\Zy  ijb[uev hlq_lgh]h ]h^Z

HIN

 kj_^gyy klhbfhklv hkgh\guo

ijhba\h^kl\_gguonhg^h\ H[K  kj_^gyyklhbfhklvfZl_jbZevguoh[hjhlguokj_^kl\  >ey oZjZdl_jbklbdb bkihevah\Zgby nbgZgkh\uo j_kmjkh\ bkihevamxlky ihdZaZl_eb j_glZ[_evghklb\eh`_gbc  j_glZ[_evghklvkh\hdmigh]hdZiblZeZ j_glZ[_evghklv\eh`_gbc\k_okj_^kl\ 

r»Ãȶ·»ÁÒÃÄÇÈÒ ÇĸÄÀÉÅÃÄ¹Ä À¶Å¾È¶Á¶

;Çȶµ ·¶Á¶ÃÇĸ¶µ Åƾ·ÑÁÒ ¾ÈĹÇÆ»ºÃ»¹Ä ·¶Á¶ÃǶ

 j_glZ[_evghklvkh[kl\_ggh]hdZiblZeZ kh[kl\_gguo\eh`_gbc 

r»Ãȶ·»ÁÒÃÄÇÈÒ ÇÄ·Çȸ»ÃÃÄ¹Ä À¶Å¾È¶Á¶

;Çȶµ Åƾ·ÑÁÒ ÇÆ»ºÃµµ ¸»Á¾Í¾Ã¶ ÇÄ·Çȸ»ÃÃÄ¹Ä À¶Å¾È¶Á¶

>ey hp_gdb nbgZgkh\h]h khklhygby ij_^ijbylby bkihevamxlky ke_^mxsb_ oZjZdl_jbklbdb ebd\b^ghklvieZl_`_kihkh[ghklvb nbgZgkh\Zymklhcqb\hklv < hl_q_kl\_gghc ijZdlbd_ hp_gdZ ebd\b^ghklb hkms_kl\eyxl k bkihevah\Zgb_f kbkl_fu Z[khexlguob hlghkbl_evguoihdZaZl_e_c Bkihevamxlke_^mxsb_dhwnnbpb_gluebd\b^ghklb  Dhwnnbpb_gll_dms_cebd\b^ghklb >Z_lh[smxhp_gdm ebd\b^ghklbZdlb\h\ihdZau\Zykdhevdh jm[e_c l_dmsbo Zdlb\h\ ij_^ijbylby ijboh^blky gZ h^bg jm[ev l_dmsbo h[yaZl_evkl\ AgZq_gb_ ihdZaZl_ey fh`_l \Zjvbjh\Zlv ih hljZkeyf b \b^Zf ^_yl_evghklb Z _]h jhkl \ ^bgZfbd_ h[uqgh jZkkfZljb\Z_lkydZd[eZ]hijbylgZyl_g^_gpbyGhkqblZ_lkyqlhdjblbq_kdh_gb`g__agZq_gb_ihdZaZl_ey ± 

DLE

h[hjhlgu_ Zdlb\u djZldhkjhq gu_ iZkkb\u

D;E

h[hjlgu_ Zdlb\u  aZiZku djZldhkjhq gu_ iZkk\u

klj  klj 

  Dhwnnbpb_gl [ukljhc ebd\b^ghklb Ih kfukeh\hfm gZagZq_gbx ihdZaZl_ev ZgZeh]bq_g dhwnnbpb_glml_dms_cebd\b^ghklbh^gZdhbkqbkey_lkyih[he__madhfmdjm]ml_dmsboZdlb\h\dh]^Zba jZkq_lZbkdexq_gZgZbf_g__ebd\b^gZyboqZklv± ijhba\h^kl\_ggu_aZiZkuIjbgylhqlhagZq_gb_D;E ^he`gh[ulv[hevr_± 

klj  klj  klj klj 

  Dhwnnbpb_gl Z[khexlghc ebd\b^ghklb Y\ey_lky gZb[he__ `_kldbf djbl_jb_f ebd\b^ghklb ij_^ijbylby ihdZau\Z_l dZdZy qZklv djZldhkjhqguo aZ_fguo h[yaZl_evkl\ ijb g_h[oh^bfhklb fh`_l [ulv ih]Zr_gZ g_f_^e_ggh  J_dhf_g^Zl_evgZy gb`gyy ]jZgbpZ ihdZaZl_ey ijb\h^bfZy \ ebl_jZlmj_ ± 

D:E

^_g_`gu_ kj_^kl\Z djZldhkjhq gu_ iZkkb\u

k  k 

NbgZgkh\Zy mklhcqb\hklv  wlh dhfie_dkgh_ ihgylb_ dhlhjh_ oZjZdl_jbam_l lZdh_ khklhygb_ _]h nbgZgkh\uo j_kmjkh\ bo jZkij_^_e_gb_ b bkihevah\Zgb_dhlhjh_h[_ki_qb\Z_ljZa\blb_ij_^ijbylbygZ hkgh\_ jhklZ ijb[ueb b dZiblZeZ ijb khojZg_gbb ieZl_`_kihkh[ghklb b dj_^blhkihkh[ghklb \ mkeh\byo ^himklbfh]h mjh\gy jbkdZ Hp_gdZ mklhcqb\hklb nbgZgkh\hc mklhcqb\hklb ij_^ijbylby gZ lm beb bgmx ^Zlmiha\hey_lhl\_lblvgZ\hijhkgZkdhevdhijZ\bevghij_^ijbylb_mijZ\eyehnbgZgkh\ufbj_kmjkZfb \ l_q_gb_]h^ZIhdZaZl_eboZjZdl_jbamxsb_nbgZgkh\mx mklhcqb\hklvfh`ghjZa^_eblvgZZ[khexlgu_ b hlghkbl_evgu_ :gZeba hlghkbl_evguo nbgZgkh\uo dhwnnbpb_glh\ aZdexqZ_lky \ kjZ\g_gbb bo agZq_gbc k ghjfZlb\gufb \_ebqbgZfb Z lZd`_ k bamq_gb_f bo ^bgZfbdb aZ jy^ i_jbh^h\ beb \ kjZ\g_gbb kh kj_^g_hljZke_\ufb agZq_gbyfb b k ihdZaZl_eyfb gZb[he__ i_jki_dlb\guo ij_^ijbylbc JZkkfhljbf hkgh\gu_dhwnnbpb_glubkihevam_fu_\ gZklhys__\j_fy^eyhp_gdbnbgZgkh\hcmklhcqb\hklb  Dhwnnbpb_gl Z\lhghfbb dhwnnbpb_gl nbgZgkh\hc g_aZ\bkbfhklb  IhdZau\Z_l ^hex kh[kl\_gguo kj_^kl\ \ h[s_c kmff_ \k_o kj_^kl\ ij_^ijbylby Q_f \ur_ agZq_gb_ wlh]h dhwnnbpb_glZ l_f[he__nbgZgkh\hmklhcqb\ZklZ[bevgZb g_aZ\bkbfZdhff_jq_kdZyhj]ZgbaZpbyPLQ.D 

lb

8& %

ÇÈÆ  ÇÈÆ 

]^_ 8& ± kh[kl\_ggu_kj_^kl\Z< ± blh] [ZeZgkZ Dhwnnbpb_gldhgp_gljZpbbaZ_fgh]hdZiblZeZ

llil

.7  . W  U %

ÇÈÆ   ÇÈÆ  ÇÈÆ

]^_ DL ± ^he]hkjhqgu_ iZkkb\u DW ± djZldhkjhqgu_ dj_^blu b aZcfu US ± dj_^blhjkdZy aZ^he`_gghklv Wlbf^\mfdhwnnbpb_glZf^he`ghm^h\e_l\hjylvmkeh\b_ D :  Dhwnnbpb_glfZg_\j_gghklbkh[kl\_ggh]hdZiblZeZ

 D DAD



ÇÈÆ   ÇÈÆ   ÇÈÆ ]^_) ± \g_h[hjhlgu_Zdlb\u ÇÈÆ  ÇÈÆ

ln

8 &  .7  ) 8 &  .7

lns

=  UD  G %

5D %

l nÄ

G = UD  G

G 5D

IhdZau\Z_l dZdZy qZklv kh[kl\_gguo b ^he]hkjhqguo kj_^kl\ bkihevam_lky ^ey nbgZgkbjh\Zgby l_dms_c ^_yl_evghklb l_ \eh`_gZ \ h[hjhlgu_ kj_^kl\Z Z dZdZy qZklv dZiblZebabjh\ZgZ Q_f [hevr_ dhwnnbpb_gl fZg_\j_gghklb l_f [hevrmx qZklv aZgbfZxl h[hjhlgu_ kj_^kl\Z \ kh[kl\_gguo b ^he]hkjhqguobklhqgbdZonhjfbjh\ZgbyPLQ.D   Dhwnnbpb_glfh[bevghklb\k_okj_^kl\ij_^ijbylby

ÇÈÆ ÇÈÆ

]^_ = ± aZiZku b aZljZlu UD ± ^_[blhjkdZy aZ^he`_gghklv G ± ^_g_`gu_ kj_^kl\Z b djZldhkjhqgu_ nbgZgkh\u_\eh`_gby5D ± h[hjhlgu_Zdlb\ufh[bevgu_kj_^kl\Z  >Zgguc ihdZaZl_ev oZjZdl_jbam_l ^hex kj_^kl\ dhlhju_ fh]ml [ulv bkihevah\Zgu ^ey ih]Zr_gby ^he]h\ Q_f [hevr_ ^Zgguc dhwnnbpb_gl l_f [hevr_ m ij_^ijbylby \hafh`ghkl_c h[_ki_qb\Zlv [_ki_j_[hcgmxjZ[hlmb jZkkqblu\Zlvkyk dj_^blhjZfb Dhwnnbpb_glfh[bevghklbh[hjhlguokj_^kl\

ÇÈÆ  ÇÈÆ ÇÈÆ

>Zgguc ihdZaZl_ev ihdZau\Z_l ^hex Z[khexlgh ]hlh\uo d ieZl_`m kj_^kl\ \ h[s_c kmff_ kj_^kl\ gZijZ\ey_fuogZih]Zr_gb_^he]h\  Ke_^mxsbc ihdZaZl_ev iha\hey_l hp_gblv ^hex aZ_fguo kj_^kl\ ijb nbgZgkbjh\Zgbb dZiblZevguo \eh`_gbc Jhkl ^Zggh]h ihdZaZl_ey \ ^bgZfbd_ hagZqZ_l qlh hj]ZgbaZpby \k_ kbevg__ aZ\bkblhl\g_rgbobg\_klhjh\qlhy\ey_lkyg_]Zlb\ghcl_g^_gpb_c

ÇÈÆ  ÇÈÆ  ÇÈÆ

lf

.7 8 &  .7

ll

.W  U 3 .7  .W  U 3

l $i

gs . 7  . W  gs

 Dhwnnbpb_gl djZldhkjhqghc aZ^he`_gghklb ihdZau\Z_l ^hex djZldhkjhqguo h[yaZl_evkl\ ij_^ijbylby\ h[s_ckmff_\g_rgboh[yaZl_evkl\

ÇÈÆ ÇÈÆ  ÇÈÆ

Dhwnnbpb_glZ\lhghfbbbklhqgbdh\nhjfbjh\ZgbyaZiZkh\b aZljZlihdZau\Z_l^hexkh[kl\_gguo h[hjhlguokj_^kl\\ h[s_ckmff_hkgh\guobklhqgbdh\kj_^kl\^eynhjfbjh\ZgbyaZiZkh\b aZljZl

8&  ) 8 &  )  . 7  . W

ÇÈÆ  ÇÈÆ ÇÈÆ  ÇÈÆ  ÇÈÆ  ÇÈÆ

Dhwnnbpb_glh[_ki_q_gghklbaZiZkh\b aZljZlkh[kl\_ggufbbklhqgbdZfbbonhjfbjh\Zgby

ÇÈÆ  ÇÈÆ ]^_ =± aZiZkub aZljZlu ÇÈÆ

lp

8&  ) =

lp

8 &  .t  ) =

 Dhwnnbpb_gl h[_ki_q_gghklb aZiZkh\ b aZljZl kh[kl\_ggufb b ^he]hkjhqgufb bklhqgbdZfb bo nhjfbjh\Zgby

ÇÈÆ ÇÈÆ  ÇÈÆ ÇÈÆ

Bkihevamxlkyb ^jm]b_hlghkbl_evgu_ihdZaZl_ebnbgZgkh\hcmklhcqb\hklb IhdZaZl_eb ^_eh\hc Zdlb\ghklb oZjZdl_jbamxl j_amevlZlu b wnn_dlb\ghklv hkgh\ghc ^_yl_evghklb Hp_gdZ ^_eh\hc Zdlb\ghklb gZ dZq_kl\_gghf mjh\g_ fh`_l [ulv ihemq_gZ \ j_amevlZl_ kjZ\g_gby^_yl_evghklb^Zggh]hij_^ijbylbyb jh^kl\_gguoihkn_j_ijbeh`_gbydZiblZeZij_^ijbylbc Dhebq_kl\_ggZy hp_gdZ ^_eZ_lky ih ^\mf gZijZ\e_gbyf \hi_j\uo hp_gdZ kl_i_gb \uiheg_gbyieZgZih hkgh\guf ihdZaZl_eyf h[_ki_q_gb_ aZ^Zgguo l_fih\ bo jhklZ \h\lhjuo hp_gdZmjh\gywnn_dlb\ghklb bkihevah\Zgbyj_kmjkh\ij_^ijbylby

>ey j_ZebaZpbb i_j\h]h gZijZ\e_gby hp_gdb ^_eh\hc Zdlb\ghklb p_e_khh[jZagh lZd`_ mqblu\Zlv kjZ\gbl_evgmx ^bgZfbdm hkgh\guo ihdZaZl_e_c < qZklghklb hilbfZevgh ke_^mxs__ bo khhlghr_gb_ t Å· ! t Æ ! t ¶À !    ]^_ Li[ Lj LZd ± khhl\_lkl\_ggh l_fi baf_g_gby ijb[ueb j_ZebaZpbb Z\Zgkbjh\Zggh]hdZiblZeZ >ey j_ZebaZpbb \lhjh]h gZijZ\e_gby fh]ml [ulv jZkkqblZgu jZaebqgu_ ihdZaZl_eb oZjZdl_jbamxsb_ wnn_dlb\ghklv bkihevah\Zgby fZl_jbZevguo ljm^h\uo b nbgZgkh\uo j_kmjkh\ Hkgh\gu_ ba gbo ± nhg^hhl^ZqZ h[hjZqb\Z_fhklv ijhba\h^kl\_gguo aZiZkh\ ijh^he`bl_evghklv hi_jZpbhggh]hpbdeZh[hjZqb\Z_fhklvZ\Zgkbjh\Zggh]hdZiblZeZb ^j Wnn_dlb\ghklvbkihevah\Zgbyhkgh\guonhg^h\oZjZdl_jbam_lkyke_^mxsbfbihdZaZl_eyfb Nhg^hhl^ZqZ

IÄÈ

Nhg^h_fdhklv

I»Â

4r

pv

¸ÑÆÉÍÀ¶ÄÈ Æ»¶Á¾½¶Ì¾¾ ÇÆ»ºÃµµ ÇÈľÂÄÇÈÒÄÇÃĸÃÑËÇÆ»ºÇȸ

WlhlihdZaZl_evihdZau\Z_lkdhevdhhkgh\guonhg^h\ijboh^blkygZjm[ev\ujmqdb

Nhg^h\hhjm`_gghklv

pv 4r

I dppr

Ijhba\h^bl_evghklvljm^Z



I pt

qt

ÇÆ»ºÃµµ ÇÈľÂÄÇÈÒ ÄÇÃĸÃÑËÇÆ»ºÇȸ ÇÆ»ºÃ»ÇÅ¾Ç ÄÍöµ ;ÇÁ»ÃÃÄÇÈ Ò ¸ÑÆÉÍÀ¶ÄÈ Æ»¶Á¾½¶Ì¾¾ ssy ÇÆ»ºÃ»ÇžÇÄÍöµ ;ÇÁ»ÃÃÄÇÈÒ

ps ssy 4r

H[hjZqb\Z_fhklvh[hjhlguokj_^kl\ oZjZdl_jbam_lkyke_^mxsbfbihdZaZl_eyfb

p·Äƶ;¸¶»ÂÄÇÈÒ ÇÆ»ºÇȸ ¸ ƶÇͻȶ˸ Ä·ÄÆÄÈ¶Ë p·Äƶ;¸¶»ÂÄÇÈÒ ÇÆ»ºÇȸ ¸ ƶÇͻȶ˸ ºÃµË

H[hjZqb\Z_ fhklv aZiZkh\

¸ÑÆÉÍÀ¶ ÄÈ Æ»¶Á¾½¶Ì¾¾ º»·¾ÈÄÆÇÀ¶µ ½¶ºÄÁ¼»ÃÃÄÇÈÒ  ºÃ»¿ Ä·Äƶ;¸¶»ÂÄÇÈÒ ÇÆ»ºÇȸ ¸ ƶÇͻȶ˸ Ä·ÄÆÄȶË

Ç»·»ÇÈľÂÄÇÈÒ Æ»¶Á¾½¶Ì¾¾ ÇÆ»ºÃ¾»½¶Å¶ÇÑ \ h[hjhlZo p·Äƶ;¸¶»ÂÄÇÈÒ ½¶Å¶Çĸ  ºÃ»¿ ¸ ºÃµË Ä·Äƶ;¸¶»ÂÄÇÈÒ ½¶Å¶Çĸ ¸ Ä·ÄÆÄÈ¶Ë p·Äƶ;¸¶»ÂÄÇÈÒ ÀÆ»º¾ÈÄÆÇÀÄ¿ ÇÆ»ºÃµµ ÀÆ»º½¶ºÄÁ¼»ÃÃÄÇÈÒ  ºÃ»¿ ½¶ºÄÁ¼»ÃÃÄÇȾ ¸ ºÃµË Ç»·»ÇÈľÂÄÇÈÒ Æ»¶Á¾½¶Ì¾¾ lÄÓÊʾ̾»ÃÈ ÅŶζ»ÂÄÇȾ ÇÆ»ºÃµµ º»·¾ÈÄÆÇÀ¶µ ½¶ºÄÁ¼»ÃÃÄÇÈÒ º»·¾ÈÄÆÇÀÄ¿ ½¶ºÄÁ¼»ÃÃÄÇȾ ¸ÑÆÉÍÀ¶ ÄÈ Æ»¶Á¾½¶Ì¾¾

J_kmjkhhl^ZqZ dhwnnbpb_gl h[hjZqb\Z_fhklb Z\Zgkbjh\Zggh]h dZiblZeZ  oZjZdl_jbam_l h[t_f j_Zebah\Zgghc ijh^mdpbb ijboh^ys_cky gZ jm[ev kj_^kl\ \eh`_gguo \ ^_yl_evghklv ij_^ijbylby Jhkl ihdZaZl_ey\ ^bgZfbd_jZkkfZljb\Z_lkydZd[eZ]hijbylgZyl_g^_gpby

H[hjZqb\Z_ fhklv kh[kl\_ggh ]h dZiblZeZ

H[hjZqb\Z_ fhklv kh\hdmigh] h dZiblZeZ

¸ÑÆÉÍÀ¶ ÄÈ Æ»¶Á¾½¶Ì¾¾ ÇÆ»ºÃµµ ¸»Á¾Í¾Ã¶ ÇÄ·Çȸ»ÃÃÄ¹Ä À¶Å¾È¶Á¶ ¸ÑÆÉÍÀ¶ ÄÈ Æ»¶Á¾½¶Ì¾¾ ¾ÈĹÇÆ»ºÃ»¹Ä ·¶Á¶ÃǶ

Ebl_jZlmjZFk

L?F: KL:LBKLBD:BG