ࡱ> uwVWXYZ[\]^_`abcdefghijklmnopqrstY bjbjWW(==]p]4 ********$s`*******************tt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nolf= 12 ), B@51C5BAO ?@8<5=OBL AB018;870B>@K =0?@O65=8O B>;L:> :><?5=A0F8>==>3> B8?0, C :>B>@KE =08<5=LH0O @07=>ABL <564C 2E>4=K< 8 2KE>4=K< =0?@O65=8O<8 A>AB02;O5B 45AOBK5 4>;8 2>;LB0. @8 U=>< = 24  B0:>5 >3@0=8G5=85 >B?0405B, => 2 MB>< A;CG05 1>;55 A;>6=> @5H05BAO ?@>1;5<0 >B2>40 B5?;>BK >B 2KE>4=KE M;5<5=B>2 AB018;870B>@0, ?>A:>;L:C 2 =8E 8<55BAO 7=0G8B5;L=>5 ?045=85 =0?@O65=8O 8, A;54>20B5;L=>, 2K45;O5BAO 1>;LH0O <>I=>ABL. -;5:B@>==0O 0??0@0BC@0 02B><>18;59 @01>B05B 2 CA;>28OE A0<KE @07;8G=KE ?><5E. A=>2=K<8 87 =8E O2;ONBAO ?><5E8 2 F5?OE ?8B0=8O 8 ?>;52K5, 2>7=8:0NI85 2 @57C;LB0B5 @01>BK @07;8G=KE M;5:B@><03=8B=KE <5E0=87<>2 8 CAB@>9AB2, 459AB285 :>B>@KE ?@82>48B : 8A:@>>1@07>20=8N. 5>1E>48<> ?>4G5@:=CBL, GB> E0@0:B5@ 8 C@>25=L ?><5E, 459AB2CNI8E =0 M;5:B@>==CN 0??0@0BC@C ?@8 @01>B5 M;5:B@>>1>@C4>20=8O 02B><>18;59, 7028A8B >B 1>;LH>3> G8A;0 D0:B>@>2, 2 B>< G8A;5 >B B@0AA8@>2:8 ?@>2>4:8, @0A?>;>65=8O 03@530B>2 M;5:B@>>1>@C4>20=8O, 8A?>;=5=8O :><<CB8@CNI8E M;5<5=B>2 8 B. 4. A5 MB8 D0:B>@K <>3CB <5=OBLAO 2 7028A8<>AB8 >B <>45;8 02B><>18;O 8 4065 ?@8 55 <>45@=870F88. >MB><C A;54C5B 8AE>48BL 87 =08EC4H8E CA;>289 @01>BK M;5:B@>==>9 0??0@0BC@K 2 >B=>H5=88 2>7459AB28O =0 =55 ?><5E. @8 >1KG=KE CA;>28OE @01>BK M;5:B@>>1>@C4>20=8O 02B><>18;O 8AB>G=8:0<8 ?8B0=8O M;5:B@>==>9 0??0@0BC@K A;C60B ?0@0;;5;L=> A>548=5==K5 35=5@0B>@ 8 0::C<C;OB>@=0O 10B0@5O. >A;54=OO O2;O5BAO <>I=K< D8;LB@>< 4;O =87:>G0AB>B=KE ?><5E 8 =0456=> 70I8I05B >B =8E M;5:B@>==CN 0??0@0BC@C. 4=0:> 2 A;CG05 >B:;NG5=8O ?> :0:>9-;81> ?@8G8=5 0::C<C;OB>@=>9 10B0@58 >B F5?8 ?8B0=8O M;5:B@>==>9 0??0@0BC@K CA;>28O 55 @01>BK @57:> CEC4H0NBAO 2 @57C;LB0B5 ?>O2;5=8O 2 F5?8 ?8B0=8O 7=0G8B5;L=KE ?5@5=0?@O65=89. 5>1E>48<> >A>1> ?>4G5@:=CBL, GB> 2 02B><>18;5 ?@0:B8G5A:8 =52>7<>6=> ?@8<5=5=85 8725AB=KE 2KA>:>MDD5:B82=KE D8;LB@>2, ?>A:>;L:C ?@8 ?@>E>645=88 G5@57 B0:85 D8;LB@K B>:0 =03@C7:8 2 =8E ?@>8AE>48B ?045=85 =0?@O65=8O ?>@O4:0 =5A:>;L:8E 2>;LB. "0:>5 1>;LH>5 ?045=85 =0?@O65=8O =5?@85<;5<> ?> CA;>28O< ?8B0=8O 0??0@0BC@K, >A>15==> 4;O 02B><>18;59 A =><8=0;L=K< =0?@O65=85< 1>@B>2>9 A5B8, @02=K< 12 . >MB><C ?@>1;5<0 70I8BK M;5:B@>==>9 0??0@0BC@K 02B><>18;59 >B ?5@5=0?@O65=89 2 F5?OE ?8B0=8O O2;O5BAO >A>1> A;>6=>9 7040G59. 0AA<>B@8< 1>;55 ?>4@>1=> >A=>2=K5 ?@8G8=K ?>O2;5=8O B0:8E ?5@5=0?@O65=89 2 1>@B>2>9 A5B8 02B><>18;59, >1>@C4>20==KE :0@1N@0B>@=K< 42830B5;5<, B. 5. 8<5NI8E 10B0@59=CN A8AB5<C 706830=8O. @8 42865=88 02B><>18;O 2 4=52=>5 2@5<O >B 53> 1>@B>2>9 A5B8 >B:;NG5=K 2A5 <>I=K5 A25B>B5E=8G5A:85 ?@81>@K, 8 2 MB>< A;CG05 55 =03@C7:>9 O2;ONBAO B>;L:> 0??0@0BC@0 A8AB5<K 706830=8O 8 M;5:B@>==K5 ?@81>@K. A;8 ?@8 MB8E CA;>28OE 0::C<C;OB>@=0O 10B0@5O 1C45B >B:;NG5=0 >B 1>@B>2>9 A5B8, B> 2 =59 ?>-. O2OBAO =5?@5@K2=> ?>2B>@ONI85AO :>@>B:85 8<?C;LAK =0?@O65=8O A 0<?;8BC4>9 80  100  (@8A. 1,0), ?>4 2>7459AB285< :>B>@KE >:07K205BAO 8 M;5:B@>==0O 0??0@0BC@0. "0:85 8<?C;LAK 2>7=8:0NB 2 @57C;LB0B5 :><<CB0F88 B>:0 2 F5?8 :0BCH:8 706830=8O, 8<5NI59 7=0G8B5;L=CN 8=4C:B82=>ABL.  8A. 1. 7<5=5=85 =0?@O65=8O 2 1>@B>2>9 A5B8 02B><>18;O ?@8 >B:;NG5==>9 0::C<C;OB>@=>9 10B0@55: 0  157 M;5<5=B>2 70I8BK >B ?5@5=0?@O65=89; 1  A 70I8B=K< AB018;8B@>=>< ?0A=K5 ?5@5=0?@O65=8O 2 1>@B>2>9 A5B8 <>3CB 2>7=8:=CBL 2 02B><>18;OE, >1>@C4>20==KE ;N1K< B8?>< 42830B5;O ?@8 A;54CNI8E CA;>28OE: 42830B5;L @01>B05B A G0AB>B>9 2@0I5=8O :>;5=G0B>3> 20;0, ?@8 :>B>@>9 35=5@0B>@ @01>B05B 2 @568<5 <0:A8<0;L=>9 <>I=>AB8; 0::C<C;OB>@=0O 10B0@5O =0E>48BAO 2 @07@O65==>< A>AB>O=88; <>I=K5 ?>B@518B5;8 M;5:B@>M=5@388 >B:;NG5=K >B F5?8 ?8B0=8O (=0?@8<5@, ?@8 M:A?;C0B0F88 02B><>18;O 2 4=52=>5 2@5<O).  MB>< A;CG05 ?>GB8 25AL B>: =03@C7:8 35=5@0B>@0 ?>ABC?05B 2 0::C<C;OB>@=CN 10B0@5N, 0 ?>A:>;L:C 10B0@5O =0E>48BAO 2 @07@O65==>< A>AB>O=88, 2 =55 ?>ABC?05B 70@O4=K9 B>: 1>;LH>9 A8;K. ;O >15A?5G5=8O B0:>9 A8;K 70@O4=>3> B>:0 35=5@0B>@ @01>B05B A B>:>< 2>71C645=8O <0:A8<0;L=>9 A8;K. A;8 ?@8 40==>< @568<5 @01>BK 35=5@0B>@0 ?> :0:>9-;81> ?@8G8=5 (=0?@8<5@, 87-70 =0@CH5=8O :>=B0:B0) ?@>87>945B >B:;NG5=85 0::C<C;OB>@=>9 10B0@58 >B 1>@B>2>9 A5B8, B> MB> 2K7>25B @57:>5 C<5=LH5=85 A8;K B>:0 =03@C7:8 35=5@0B>@0. A;54AB285 A@02=8B5;L=> 1>;LH>9 M;5:B@><03=8B=>9 ?>AB>O==>9 2@5<5=8 F5?8 2>71C645=8O 35=5@0B>@0 @53C;OB>@ =0?@O65=8O 35=5@0B>@0 =5 A<>65B >4=>2@5<5==> A> A=865=85< A8;K B>:0 =03@C7:8 35=5@0B>@0 C<5=LH8BL A8;C B>:0 2>71C645=8O 4;O A>E@0=5=8O 2 7040==KE ?@545;0E; =0?@O65=8O 35=5@0B>@0.  @57C;LB0B5 ?@>87>945B 1KAB@>5 C25;8G5=85 =0?@O65=8O 35=5@0B>@0, :>B>@>5 ?@8 >A>1> =51;03>?@8OB=KE CA;>28OE <>65B 4>AB83=CBL 150  200 , 0 ?@>4>;68B5;L=>ABL 459AB28O MB>3> =0?@O65=8O A>AB028B 100  200 <A. =0G8B5;L=K5 ?5@5=0?@O65=8O 2 F5?OE ?8B0=8O <>3CB 2>7=8:=CBL =5 B>;L:> ?@8 2=570?=>< >B:;NG5=88 0::C<C;OB>@=>9 10B0@58, => 8 2 B5E A;CG0OE, :>340 42830B5;L @01>B05B A >B:;NG5==>9 0::C<C;OB>@=>9 10B0@559, 0 : 1>@B>2>9 A5B8 ?>4:;NG5= ?>B@518B5;L M;5:B@>M=5@388 A 87<5=ONI59AO 2 7=0G8B5;L=KE ?@545;0E A8;>9 B>:0 =03@C7:8. "0:8< ?>B@518B5;5<, =0?@8<5@, O2;ONBAO ?@81>@K 020@89=>9 AB>O=>G=>9 A25B>2>9 A83=0;870F88, ?@8 @01>B5 :>B>@>9 ?@>8AE>48B ?5@8>48G5A:>5 2:;NG5=85 8 2K:;NG5=85 <>I=KE A83=0;L=KE ;0<?, 2 @57C;LB0B5 G53> A8;0 B>:0 =03@C7:8 35=5@0B>@0 ?@0:B8G5A:8 A:0G:>>1@07=> 87<5=O5BAO =0 15  20 . ;O B>3> GB>1K ?@54>E@0=8BL M;5:B@>==CN 0??0@0BC@C >B 2>7459AB28O C:070==KE ?5@5=0?@O65=89, ?@8<5=ONB @07;8G=K5 A?>A>1K 70I8BK. 4=8< 87 A?>A>1>2 O2;O5BAO ?>4:;NG5=85 <564C ?>;>68B5;L=K< ?>;NA>< 1>@B>2>9 A5B8 8 <0AA>9 02B><>18;O <>I=>3> AB018;8B@>=0 A >?>@=K< =0?@O65=85< =0 4  6  1>;LH5 <0:A8<0;L=>3> =0?@O65=8O 1>@B>2>9 A5B8. =>340 ?>A;54>20B5;L=> A B0:8< AB018;8B@>=>< 2:;NG0NB B>:>>3@0=8G820NI89 @578AB>@ A =51>;LH8< A>?@>B82;5=85< (>:>;> 45AOBKE 4>;59 ><0). @8 B0:>< ?>4:;NG5=88 AB018;8B@>=0 2 ?5@8>4 459AB28O 8<?C;LA>2 =0?@O65=8O G5@57 =53> 1C4CB ?@>E>48BL :>@>B:85 8<?C;LAK A8;K B>:0 A 0<?;8BC4>9 >:>;> =5A:>;L:8E 0<?5@, 0 0<?;8BC40 8<?C;LA>2 =0?@O65=8O 1C45B A=860BLAO 4> 7=0G5=8O, @02=>3> >?>@=><C =0?@O65=8N AB018;8B@>=0 (@8A. 1,6). !CI5AB25==K< =54>AB0B:>< 40==>3> A?>A>10 70I8BK 1>@B>2>9 A5B8 8 ?>4:;NG5==>9 : =59 M;5:B@>==>9 0??0@0BC@K >B ?5@5=0?@O65=89 O2;O5BAO =5>1E>48<>ABL 8A?>;L7>20=8O AB018;8B@>=>2 A 4>?CA:05<>9 8<?C;LA=>9 <>I=>ABLN @0AA5O=8O ?>@O4:0 45AOB:>2 20BB, :>B>@0O 2K45;O5BAO 2 AB018;8B@>=5 2 <><5=B ?@>E>645=8O G5@57 =53> 8<?C;LA>2 B>:0. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 2A;54AB285 <0;>9 4;8B5;L=>AB8 8<?C;LA>2 A@54=OO <>I=>ABL @0AA5O=8O 2 AB018;8B@>=5 >:07K205BAO =51>;LH>9 (548=8FK 20BB). "0:CN 4>?CAB8<CN A@54=NN <>I=>ABL @0AA5O=8O 8<5NB AB018;8B@>=K B8?>2 815, 816. >;55 MDD5:B82=K<, => >4=>2@5<5==> 8 1>;55 A;>6=K<, O2;O5BAO <5B>4 70I8BK >B ?5@5=0?@O65=8O, >ACI5AB2;O5<K9 ?@8 ?>4:;NG5=88 : 1>@B>2>9 A5B8 10;;0AB=>9 =03@C7:8 (15  20 ), :0: B>;L:> =0?@O65=85 2 =59 ?@52KA8B 7040==K9 ?@545;.  MB>< A;CG05 ?@0:B8G5A:8 2AO <>I=>ABL @0AA5O=8O 2K45;O5BAO 2 10;;0AB=>< @578AB>@5, 0 ?>;C?@>2>4=8:>2K9 ?@81>@ (B8@8AB>@ 8;8 B@0=78AB>@) O2;O5BAO B>;L:> :><<CB8@CNI8< M;5<5=B><. A;54AB285 ?>4:;NG5=8O : 1>@B>2>9 A5B8 <>I=>9 10;;0AB=>9 =03@C7:8 ?@54>B2@0I05BAO A1@>A =03@C7:8 35=5@0B>@0 8 B5< A0<K< CAB@0=O5BAO ?@8G8=0 ?>O2;5=8O ?5@5=0?@O65=89. 284C >B=>A8B5;L=> :>@>B:8E ?5@8>4>2 459AB28O ?5@5=0?@O65=89 10;;0AB=K9 @578AB>@ <>65B 1KBL @0AAG8B0= =5 =0 ?>;=CN <>I=>ABL @0AA5O=8O, 0 :><<CB8@CNI89 M;5<5=B <>65B 1KBL 2K1@0=, 8AE>4O 87 <0:A8<0;L=> 4>?CA:05<>9 A8;K 8<?C;LA=>3> B>:0 =03@C7:8. 4=0:> 8 A CG5B>< MB>3> >?8A0==K9 A?>A>1 70I8BK >B ?5@5=0?@O65=89 B@51C5B 8A?>;L7>20=8O 0??0@0BC@K A@02=8B5;L=> 1>;LH8E @07<5@>2, GB> >3@0=8G8205B >1;0ABL 53> ?@8<5=5=8O. I5 >4=8< A?>A>1>< 70I8BK O2;O5BAO 8A?>;L7>20=85 B>:>>3@0-=8G820NI8E @578AB>@>2 8 AB018;8B@>=>2 4;O 70I8BK B>;L:> <0;><>I=KE M;5<5=B>2 0??0@0BC@K C?@02;5=8O (A <0;>9 A8;>9 ?>B@51;O5<>3> B>:0) 2 A>G5B0=88 A CAB0=>2:>9 2 A8;>2KE F5?OE 0??0@0BC@K :><<CB8@CNI8E CAB@>9AB2, 8<5NI8E 2KA>:>5 4>?CAB8<>5 @01>G55 =0?@O65=85. @8 B0:>< A?>A>15 70I8BK 2 A;CG05 C25;8G5=8O =0?@O65=8O 2 1>@B>2>9 A5B8 2KH5 7040==>3> ?@545;0 G5@57 B>:>>3@0=8G820NI89 @578AB>@ 2 F5?8 ?8B0=8O <0;><>I=KE M;5<5=B>2 0??0@0BC@K ?@>E>48B B>: C25;8G5==>9 A8;K (2A;54AB285 02B><0B8G5A:>3> 2:;NG5=8O AB018;8B@>=0).  @57C;LB0B5 @57:> 2>7@0AB05B ?045=85 =0?@O65=8O 2 C:070==>< B>:>>3@0=8G820NI5< @578AB>@5, GB> ?@54>E@0=O5B <0;><>I=CN 0??0@0BC@C >B ?5@5=0?@O65=89. @8 B0:>< A?>A>15 70I8BK B0:65 CA?5H=> @5H05BAO ?@>1;5<0 A>E@0=5=8O @01>B>A?>A>1=>AB8 M;5<5=B>2 A8;>2>9 F5?8, ?>A:>;L:C 2 =0AB>OI55 2@5<O ?@><KH;5==>ABL 2K?CA:05B @O4 <>45;59 A8;>2KE B@0=78AB>@>2 A 2KA>:8< =0?@O65=85< 2 A>G5B0=88 A =87:8< =0?@O65=85< =0AKI5=8O, =5>1E>48<K< 4;O >15A?5G5=8O 2KA>:8E ?>:070B5;59 M;5:B@>==>9 0??0@0BC@K. !",+  + #!" !" -" +% !!" N1>9 02B><0B8G5A:89 8;8 ?>;C02B><0B8G5A:89 03@530B 02B><>18;O A>45@68B A8;>2>9 8A?>;=8B5;L=K9 <5E0=87< 8 A8AB5<C C?@02;5=8O 8<.  7028A8<>AB8 >B =0;8G8O 2 02B><>18;5 B>3> 8;8 8=>3> 8AB>G=8:0 M=5@388 8A?>;=8B5;L=K5 <5E0=87<K 2K?>;=ONBAO A ?=52<0B8G5A:8<, 384@02;8G5A:8<, M;5:B@><5E0=8G5A:8< 8;8 M;5:B@><03=8B=K< ?@82>4><. @8 8A?>;L7>20=88 4;O C?@02;5=8O 8A?>;=8B5;L=K<8 <5E0=87<0<8 M;5:B@>==KE A8AB5< 02B><0B8:8 A2O7CNI8<8 M;5<5=B0<8 <564C 2KE>4=K<8 F5?O<8 8E M;5:B@>==KE 1;>:>2 8 8A?>;=8B5;L=K<8 CAB@>9AB20<8 O2;O5BAO :><0=4=0O M;5:B@><03=8B=0O 8;8 M;5:B@><5E0=8G5A:0O 0??0@0BC@0 C?@02;5=8O @07;8G=>3> 2840. 081>;55 H8@>:>5 ?@8<5=5=85 2 02B><>18;OE =0H;8 8A?>;=8B5;L=K5 <5E0=87<K A 384@02;8G5A:8< ?@82>4><, B8?8G=K< ?@8<5@>< :>B>@KE O2;ONBAO 384@>F8;8=4@K 2:;NG5=8O D@8:F8>=>2 384@><5E0=8G5A:>9 ?5@540G8 (). #?@02;5=85 MB8<8 F8;8=4@0<8 >ACI5AB2;O5BAO A ?><>ILN :;0?0=>2 8;8 7>;>B=8:>2KE CAB@>9AB2, =0 :>B>@K5 2 A;CG05 ?@8<5=5=8O M;5:B@>==>9 A8AB5<K C?@02;5=8O  >1KG=> 2>7459AB2CNB :><0=4=K5 ?@82>4=K5 M;5:B@><03=8BK [8, 33]. @8<5@>< 8A?>;=8B5;L=>3> <5E0=87<0 A ?=52<0B8G5A:8< A8;>2K< ?@82>4>< O2;O5BAO CAB@>9AB2> ?5@5:;NG5=8O ABC?5=59 <5E0=8G5A:>9 :>@>1:8 ?5@540G, 2 :>B>@>< 4;O ?5@5<5I5=8O ?5@5:;NG0NI8E 28;>: :>@>1:8 8A?>;L7CNB ?=52<>F8;8=4@K, C?@02;O5<K5 :;0?0==K< <5E0=87<>< A M;5:B@><03=8B=K< ?@82>4>< :;0?0=>2. 5>1E>48<0O ?>A;54>20B5;L=>ABL @01>BK M;5:B@><03=8B>2 >15A?5G8205BAO M;5:B@8G5A:>9 8;8 M;5:B@>==>9 A8AB5<>9 02B><0B8:8. A?>;=8B5;L=K5 <5E0=87<K A M;5:B@><5E0=8G5A:8< 8;8 M;5:B@><03=8B=K< ?@82>4>< 2A;54AB285 8E =5C4>2;5B2>@8B5;L=KE <0AA>2KE ?>:070B5;59 ?@8<5=ONBAO 2 >A=>2=>< 4;O 2>7459AB28O =0 B0:85 03@530BK, C?@02;5=85 :>B>@K<8 =5 B@51C5B A>740=8O 1>;LH8E CA8;89 2 ?@82>45. -B8 8A?>;=8B5;L=K5 <5E0=87<K, 2 G0AB=>AB8, <>3CB 1KBL 8A?>;L7>20=K 4;O C?@02;5=8O C7;0<8 B>?;82>-?>40G8 42830B5;59 (=0?@8<5@, 4@>AA5;L=>9 70A;>=:>9 :0@1N@0B>@0). =8 B0:65 :>=:C@5=B>A?>A>1=K A 8A?>;=8B5;L=K<8 <5E0=87<0<8, 8<5NI8<8 ?=52<0B8G5A:89 8;8 384@02;8G5A:89 ?@82>4, 2 A8AB5<0E ?5@5:;NG5=8O ?5@540G ;53:>2KE 02B><>18;59 >A>1> <0;>3> 8 <0;>3> :;0AA>2. 0;8G85 M;5:B@><5E0=8G5A:>3> ?@82>40 2 8A?>;=8B5;L=>< <5E0=87<5 ?@54>?@545;O5B 8 A8AB5<C C?@02;5=8O 8<, :>B>@CN 2K?>;=ONB A M;5:B@><03=8B=K<, M;5:B@8G5A:8<8 8 M;5:B@>==K<8 M;5<5=B0<8 02B><0B8:8.  B5E A;CG0OE, :>340 :;0?0= 8;8 7>;>B=8:>2>5 CAB@>9AB2> C?@02;5=8O 8A?>;=8B5;L=K< <5E0=87<>< 4>;6=K 8<5BL B>;L:> 420 ?>;>65=8O (>B:@KBK 8;8 70:@KBK), 4;O 8E ?@82>40 >1KG=> 8A?>;L7CNB M;5:B@><03=8BK A 2BO3820NI8<AO O:>@5<, 8<5NI85 F5=B@0;L=K9 =5?>4286=K9 A5@45G=8:. >=FK O:>@O 8 F5=B@0;L=>3> A5@45G=8:0 8<5NB D>@<C CA5G5==>3> :>=CA0. "0:0O :>=AB@C:F8O M;5:B@><03=8B0 >15A?5G8205B ?>;CG5=85 =081>;LH53> BO3>2>3> CA8;8O ?> A@02=5=8N A M;5:B@><03=8B0<8 4@C38E :>=AB@C:B82=KE 8A?>;=5=89 [28].  8A. 2. -;5:B@><03=8B A;54OI53> 459AB28O 4;O ?@82>40 4@>AA5;L=>9 70A;>=:8 :0@1N@0B>@0 8 7028A8<>ABL E>40 l O:>@O >B B>:0 I 2 >1<>B:5: 1  2K2>4=>9 ?@>2>4 >1<>B:8; 2  :>@?CA; 3  2>72@0B=0O ?@C68=0; 4  ?5@54=89 ?>;NA; 5  G5E>;; 6  HB>:; 7  >1<>B:0; 8  F5=B@8@CNI0O 2BC;:0; 9  704=89 ?>;NA; 10  O:>@L; 11  <5<1@0=0 45<?D5@0; 12  :@KH:0 4=0:> M;5:B@><03=8B A F5=B@0;L=K< =5?>4286=K< A5@45G=8:>< 2A;54AB285 =0;8G8O C =53> B>;L:> 42CE CAB>9G82KE ?>;>65=89 O:>@O =5 <>65B 1KBL 8A?>;L7>20= 2 A8AB5<0E @53C;8@>20=8O, 345 B@51C5BAO ?>AB5?5==>5 ?5@5<5I5=85 O:>@O 2 7028A8<>AB8 >B C?@02;ONI53> A83=0;0.  MB>< A;CG05 2>7=8:05B =5>1E>48<>ABL ?@8<5=5=8O M;5:B@><03=8B>2 B0: =07K205<>3> A;54OI53> 459AB28O (@8A. 2,0), O:>@L :>B>@KE <>65B 70=8<0BL @07;8G=>5 CAB>9G82>5 ?>;>65=85 ?@8 ?5@5<5I5=88 2 7028A8<>AB8 >B A8;K B>:0, ?@>E>4OI53> G5@57 >1<>B:C M;5:B@><03=8B0 (@8A. 2,6). -;5:B@><03=8BK B0:>3> B8?0 2K?>;=ONBAO ;81> 157 F5=B@0;L=>3> =5?>4286=>3> A5@45G=8:0, ;81> A @07;8G=>3> 2840 <03=8B=K<8 HC=B0<8 (13, 28]. 07@01>B0=K M;5:B@><03=8BK A;54OI53> 459AB28O 4;O ?@82>40 4@>AA5;L=>9 70A;>=:8 2 A8AB5<0E >3@0=8G5=8O A:>@>AB8 02B><>18;O 8 02B><0B8G5A:>3> C?@02;5=8O ?@82>4>< AF5?;5=8O [1]. @8<5@>< A>2<5AB=>3> ?@8<5=5=8O M;5:B@><5E0=8G5A:>3> 8 M;5:B@><03=8B=>3> 8A?>;=8B5;L=KE CAB@>9AB2 4;O A>740=8O 02B><0B878@>20==>9 B@0=A<8AA88 ;53:>2>3> 02B><>18;O O2;O5BAO A8AB5<0 5=>-02B><0B8: (@8A. 3). A?>;=8B5;L=K9 M;5:B@><03=8B MB>9 A8AB5<K A>548=O5B ?>;7C=K :>@>1:8 ?5@540G A M;5:B@>42830B5;L=K< ?@82>4><, A ?><>ILN :>B>@>3> >ACI5AB2;O5BAO ?5@5<5I5=85 ?>;7C=0, B@51C5<>5 4;O 2:;NG5=8O A>>B25BAB2CNI59 ?5@540G8.  8A. 3. !E5<0 M;5:B@><5E0=8G5A:>3> 8A?>;=8B5;L=>3> CAB@>9AB20 ?5@5:;NG5=8O ?5@540G A8AB5<K 5=>-02B><0B8:: 1  M;5:B@>42830B5;L A M;5:B@><03=8B=K< B>@<>7><; 2  254CI0O H5AB5@=O; 3  254><>5 :>;5A>; 4  :C;0G>:; 5  @>;8:; 1  28;:0; 7  2>72@0B=0O ?@C68=0 A5;5:B>@0: 8 8 11  @KG038 ?@82>40 ?>;7C=0; 9 8 10  ?>;7C=K 2:;NG5=8O ?5@540G; 12  O:>@L M;5:B@><03=8B0 ?@82>40 A5;5:B>@0; 13  A5;5:B>@; 14  >1<>B:0 M;5:B@><03=8B0   &!! + !!"+ # / -;5:B@>==K5 A8AB5<K C?@02;5=8O, A>740205<K5 =0 1075 48A:@5B=KE M;5<5=B>2 8 8=B53@0;L=KE <8:@>AE5<, 2K?>;=ONI8E :0:CN-;81> >?@545;5==CN 7040GC C?@02;5=8O, >B=>AOBAO : A8AB5<0< A 65AB:>9 ;>38:>9, B. 5. 0;3>@8B< 8E DC=:F8>=8@>20=8O >?@545;O5BAO AE5<>B5E=8:>9 A8AB5<K. # <8:@>?@>F5AA>@=KE A8AB5< B0:>5 >3@0=8G5=85 >BACBAB2C5B, B. 5. ?@8 >4=>9 8 B>9 65 AB@C:BC@5 40==K5 A8AB5<K <>3CB @50;87>2K20BL @07;8G=K5 0;3>@8B<K C?@02;5=8O 2A;54AB285 A>>B25BAB2CNI53> 87<5=5=8O 70?8A8 :><0=4 2 M;5<5=B0E ?0<OB8 A8AB5<K. ;03>40@O MB><C <8:@>?@>F5AA>@=K5 A8AB5<K >1@07CNB >A>1K9 :;0AA M;5:B@>==KE A8AB5< C?@02;5=8O 8 >1;040NB @O4>< C=8:0;L=KE 2>7<>6=>AB59 A B>G:8 7@5=8O @50;870F88 A0<KE A;>6=KE 7040G C?@02;5=8O [2, 19, 20, 36).  <8:@>?@>F5AA>@=>9 A8AB5<5 >1@01>B:0 8=D>@<0F88 2545BAO 2 42>8G=>< F8D@>2>< :>45. >MB><C 2A5 <=>3>>1@0785 ?>ABC?0NI8E 2 A8AB5<C A83=0;>2 4>;6=> 1KBL A2545=> : 548=>9 42>8G=>9 :>4>2>9 AB@C:BC@5, B. 5. AB@C:BC@5 2840 ;>38G5A:89  8;8 ;>38G5A:0O 1. !83=0;K, ?>ABC?0NI85 2 A8AB5<C C?@02;5=8O, <>6=> CA;>2=> @0745;8BL =0 A;54CNI85 3@C??K: A83=0;K >B :>=B0:B=KE 8;8 4@C38E 40BG8:>2, 8<5NI85 B>;L:> 420 2>7<>6=KE A>AB>O=8O  >B:@KB (;>38G5A:0O 1) 8 70:@KB (;>38G5A:89 ); A83=0;K >B B5@<8=0;L=>3> CAB@>9AB20, B. 5. >B M;5<5=B>2 A8AB5<K, =0 :>B>@K5 2>7459AB2C5B 2>48B5;L 4;O :>@@5:B8@>20=8O 459AB28O A8AB5<K C?@02;5=8O (=0?@8<5@, 40BG8: ?>;>65=8O ?540;8 C?@02;5=8O ?>40G59 B>?;820 ;81> :>=B@>;;5@ C?@02;5=8O).  MB>9 3@C??5 <>3CB 1KBL >B=5A5=K 8 @07;8G=K5 70?@>AK =0 8=48:0F8N A>AB>O=8O B5E 8;8 8=KE M;5<5=B>2 A8AB5<K C?@02;5=8O; 8=D>@<0F8O > @568<0E @01>BK 03@530B>2 02B><>18;O (B5<?5@0BC@0 C7;>2, 8E =03@C7>G=K9 @568<, =0?@O65=85 1>@B>2>9 A5B8, G0AB>BK 2@0I5=8O 20;>2 42830B5;O 8 B@0=A<8AA88 8 4@.). @5>1@07>20=85 @07;8G=KE A83=0;>2 2 B@51C5<K9 8E 284 (F8D@>2>9 :>4) 4;O ?>A;54CNI59 >1@01>B:8 F5=B@0;L=K< ?@>F5AA>@>< (&#) 2K?>;=ONB ?@5420@8B5;L=K5 CAB@>9AB20, : :>B>@K< <>6=> >B=5AB8 0=0;>3>-F8D@>2K5 (&) 8 F8D@>0=0;>3>2K5 (&) ?@5>1@07>20B5;8, ?@5>1@07>20B5;8 G0AB>BK 2 =0?@O65=85 ('). & ?@8<5=ONB 4;O ?@5>1@07>20=8O =5?@5@K2=>3> ;8=59=>3> A83=0;0 40BG8:>2 B5<?5@0BC@K, 402;5=8O, =0?@O65=8O 2 F8D@>2>9 :>4, 0 &  4;O >1@0B=>3> ?@5>1@07>20=8O. @5>1@07>20=85 G0AB>B 2@0I5=8O 20;>2 2 :>4 <>65B ?@>8AE>48BL :0: G5@57 ?@><56CB>G=K9 ' A ?>A;54CNI8< ?@5>1@07>20=85< =0?@O65=8O 2 :>4, 30: 8 ?CB5< =5?>A@54AB25==>3> ?@5>1@07>20=8O G0AB>BK 2 :>4. ;O :>=B0:B=KE 40BG8:>2 ?@5>1@07>20=8O =5 B@51C5BAO, B0: :0: 8E 2KE>4=>9 A83=0; 8<55B C@>25=L, A>>B25BAB2CNI89 8;8 A>AB>O=8N ;>38G5A:>3> , 8;8 ;>38G5A:>9 1. !83=0;K B5@<8=0;L=>3> CAB@>9AB20 C65, :0: ?@028;>, 8<5NB =5>1E>48<CN 4;O >1@01>B:8 ?@>F5AA>@>< AB@C:BC@C 8 ?>MB><C 40;L=59H53> ?@5>1@07>20=8O =5 B@51CNB. A5 A83=0;K >B 2=5H=8E 8AB>G=8:>2, ?@5>1@07>20==K5 : 548=><C 284C, ?>ABC?0NB =0 8=B5@D59A 22>40-2K2>40, :>B>@K9 <>65B 2E>48BL 2 A>AB02 <8:@>AE5<K ?@>F5AA>@0 8;8 2K?>;=OBLAO 2 2845 >B45;L=KE M;5<5=B>2. #AB@>9AB2> 22>40-2K2>40 >15A?5G8205B A>2<5AB=CN @01>BC &# 8 2A5E 4@C38E CAB@>9AB2 A8AB5<K, O2;ONI8EAO ?> >B=>H5=8N : &# 2=5H=8<8. 01>B0 A 2=5H=8<8 CAB@>9AB20<8 2K?>;=O5BAO ;81> ?> <5B>4C ?5@8>48G5A:>3> >?@>A0 8E A>AB>O=8O, ;81> ?>A@54AB2>< >@30=870F88 A8AB5<K ?@5@K20=89 >B =8E. @8 @01>B5 <8:@>?@>F5AA>@0 A @50;870F859 A8AB5<K ?@5@K20=89 2 =5< >ACI5AB2;O5BAO A;54CNI89 ?>@O4>: 459AB289: 1) 2 <><5=B, :>340 >4=> 87 2=5H=8E CAB@>9AB2 3>B>2> 2K40BL 8;8 ?@8=OBL >G5@54=CN 8=D>@<0F8N 8;8 >:070BL 2>7459AB285 =0 DC=:F8>=8@>20=85 A8AB5<K C?@02;5=8O, >=> ?>AK;05B 2 &# A83=0; 3>B>2=>AB8 (70?@>A =0 ?@5@K20=85); 2) ?>;CG82 A83=0; 3>B>2=>AB8 >B 2=5H=53> CAB@>9AB20, &# 2=0G0;5 70:0=G8205B 2K?>;=5=85 B5:CI59 :><0=4K, 0 70B5< ?@8>AB0=02;8205B 2K?>;=5=85 459AB289, ?@54CA<>B@5==KE >A=>2=>9 ?@>3@0<<>9, 8 2K405B A83=0; 3>B>2=>AB8 =0G0BL @01>BC, A2O70==CN A 2>7=8:H8< ?@5@K20=85< (@07@5H5=85 ?@5@K20=8O); 3) ?@8 =0;8G88 >1>8E C:070==KE A83=0;>2 3>B>2=>AB8 ?@>8AE>48B >1@01>B:0 ?@5@K20=8O, B. 5. 2K?>;=5=85 ?>4?@>3@0<<K, ?@54CA<>B@5==>9 70?@>A>< 40==>3> 2=5H=53> CAB@>9AB20; 4) 5A;8 2> 2@5<O @5H5=8O &# B5:CI59 7040G8 A83=0; 3>B>2=>AB8 ?@8A;0;8 =5A:>;L:> 2=5H=8E CAB@>9AB2, B> ?5@2>9 1C45B ?@8=OB0 4;O >1@01>B:8 8;8 2K40=0 8=D>@<0F8O 2=5H=5<C CAB@>9AB2C A> AB0@H8< ?@8>@8B5B><. #@>25=L ?@8>@8B5B=>AB8 2=5H=8E CAB@>9AB2 70405BAO ;81> ?@8 ?@>5:B8@>20=88 A8AB5<K, ;81> 70:;04K205BAO 2 ?@>3@0<<C. 0;55 >1@010BK205BAO 8=D>@<0F8O 2=5H=8E CAB@>9AB2 A >G5@54=>ABLN, >?@545;O5<>9 AB0@H8=AB2>< 8E ?@8>@8B5B0. '8A;> 3@040F89 AB0@H8=AB20 ?@8>@8B5B>2 (B0: =07K205<0O 3;C18=0 ?@5@K20=89) 7028A8B >B B8?0 <8:@>?@>F5AA>@0. =0 :>;51;5BAO >B 2 4> 8 8 1>;55. ;O >15A?5G5=8O @01>BK <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O 2 @50;L=>< <0AHB015 2@5<5=8, B. 5. A 2K40G59 =5>1E>48<KE :><0=4 2 >?@545;5==K5 ?5@8>4K 2@5<5=8, 2 55 A>AB02 22>4OB B09<5@, :>B>@K9 >1KG=> 2K?>;=ONB 2 2845 >B45;L=>9 8=B53@0;L=>9 <8:@>AE5<K. >;CG82 C?@02;ONICN :><0=4C (C?@02;ONI55 A;>2>), B09<5@ D>@<8@C5B >?@545;5==CN ?>A;54>20B5;L=>ABL 2@5<5==KE A83=0;>2.  G8A;C B0:8E, =0?@8<5@, >B=>A8BAO 45;5=85 B0:B>2>9 G0AB>BK, D>@<8@>20=85 548=8G=KE 8<?C;LA>2 (@568< >4=>281@0B>@0), 0 B0:65 @07;8G=KE :><18=0F89 8<?C;LA>2. !83=0;K >B B09<5@0 =0@O4C A A83=0;0<8 >B 4@C38E 2=5H=8E CAB@>9AB2 ?>ABC?0NB 2 &#, 345 2 A>>B25BAB288 A 70;>65==K<8 0;3>@8B<0<8 ?@>8AE>4OB 2A5 =5>1E>48<K5 ?@5>1@07>20=8O 8 2KG8A;5=8O 8 2K405BAO @5H5=85. "0:8< @5H5=85< <>65B 1KBL, =0?@8<5@, =><5@ 2:;NG05<>9 ?5@540G8, B@51>20=85 2K:;NG5=8O AF5?;5=8O, AB5?5=L >B:@KB8O 4@>AA5;L=>9 70A;>=:8. ;O @01>BK &# ?>AB>O==> B@51CNBAO 4>?>;=8B5;L=K5 A2545=8O, @07;8G=K5 :>=AB0=BK, 0 B0:65 =5>1E>48<> 2@5<5==>5 E@0=5=85 ?@><56CB>G=>9 8=D>@<0F88. -B8 40==K5 &# ?>;CG05B >B 70?><8=0NI8E CAB@>9AB2 (#) A8AB5<K. ;O ?@85<0, E@0=5=8O 8 2K40G8 2A52>7<>6=KE ?@><56CB>G=KE 40==KE, 0 B0:65 A2545=89 > B5:CI5< A>AB>O=88 M;5<5=B>2, B. 5. 2A59 B>9 8=D>@<0F88, :>B>@0O 87<5=O5BAO 2 ?@>F5AA5 @01>BK <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O, 8A?>;L7C5BAO >?5@0B82=>5 70?><8=0NI55 CAB@>9AB2> (#). ;O E@0=5=8O 8=D>@<0F88, :>B>@0O =5 87<5=O5BAO ?@8 @01>B5 <8:@>?@>F5AA>@0, 0 B0:65 70?8A8 0;3>@8B<0 DC=:F8>=8@>20=8O A8AB5<K ?@8<5=ONBAO ?>AB>O==K5 70?><8=0NI85 CAB@>9AB20 (#) @07;8G=>3> B8?0. 081>;55 =87:CN AB>8<>ABL 8<5NB # (ROM), ?@>3@0<<0 2 :>B>@K5 70?8AK205BAO ?@8 8E 873>B>2;5=88. "0:85 CAB@>9AB20 ?@8<5=ONBAO ?@8 <0AA>2>< 873>B>2;5=88 <8:@>?@>F5AA>@=KE A8AB5<.  ?@>3@0<<8@C5<K5 70?><8=0NI85 CAB@>9AB20 # (PROM) 70?8AL ?@>3@0<<K <>65B 1KBL >ACI5AB2;5=0 8 ?>A;5 8E 873>B>2;5=8O =0 702>45. >MB><C 40==K5 CAB@>9AB20 F5;5A>>1@07=> ?@8<5=OBL ?@8 873>B>2;5=88 >B=>A8B5;L=> =51>;LH8E A5@89 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, >A>15==> 5A;8 2 ?@>F5AA5 8E 2K?CA:0 <>65B 2>7=8:=CBL =5>1E>48<>ABL :>@@5:B8@>20=8O 0;3>@8B<0 C?@02;5=8O.  @5?@>3@0<<8@C5<K5 70?><8=0NI85 CAB@>9AB20 # (EPROM) ?@>3@0<<0 <>65B 1KBL 70?8A0=0 =5A:>;L:> @07. 4=0:> MB8 CAB@>9AB20 8<5NB 1>;55 2KA>:CN AB>8<>ABL, G5< # 8 #. >MB><C # 2 >A=>2=>< F5;5A>>1@07=> ?@8<5=OBL B>;L:> =0 AB0488 >B;04>G=KE @01>B ?> <8:@>?@>F5AA>@=K< A8AB5<0<. ;O A2O78 <564C 2KE>40<8 <8:@>?@>F5AA>@0 8 8A?>;=8B5;L=K<8 CAB@>9AB20<8 A8AB5<K C?@02;5=8O 8A?>;L7CNBAO CA8;8B5;8 A83=0;>2 8;8 :><<CB0F8>==K5 M;5<5=BK (A8;>2K5 F5?8). 8:@>?@>F5AA>@=K5 A8AB5<K >B;8G0NBAO 1>;LH8< @07=>>1@0785< A B>G:8 7@5=8O ?@8<5=5==KE B8?>2 CAB@>9AB2 8 8E E0@0:B5@8AB8:. "0:, @07@O4=>ABL A;>20, B. 5. G8A;> >4=>2@5<5==> >1@010BK205<KE @07@O4>2, A>AB02;O5B 4  16 18B, B0:B>20O G0AB>B0  >B >4=>3> 4> =5A:>;L:8E <53035@F, G8A;> C@>2=59 ?@5@K20=8O 2  8, >1J5< #  >B 128 109B 4> =5A:>;L:8E :8;>109B, >1J5< # 8 #  =5A:>;L:> :8;>109B. 0?@8<5@, >1J5< # A8AB5<K C?@02;5=8O 42830B5;5< 8 B@0=A<8AA859 ">9>B0 A>AB02;O5B 7,5 :109B, >1J5< # A8AB5<K C?@02;5=8O AF5?;5=85< $80B  2 :109B.  :0G5AB25 &# <>3CB 8A?>;L7>20BLAO :0: A?5F80;L=K5 <8:@>?@>F5AA>@K (=0?@8<5@, 2 A8AB5<5 ">9>B0), B0: 8 A5@89=K5 [37, 40, 41]. A>1> ?5@A?5:B82=K< O2;O5BAO ?@8<5=5=85 2 A8AB5<0E C?@02;5=8O 03@530B0<8 02B><>18;59 >4=>:@8AB0;L=KE -.  A>AB02 B0:>9 -, 2K?>;=5==>9 2 2845 >4=>9 8=B53@0;L=>9 AE5<K, 2E>4OB F5=B@0;L=K9 ?@>F5AA>@, 35=5@0B>@ B0:B>2KE 8<?C;LA>2, #, 8=B5@D59A 22>40-2K2>40, B09<5@, :>=B@>;;5@ ?@5@K20=89, 0 B0:65 :0:>5-;81> 87 ?>AB>O==KE 70?><8=0NI8E CAB@>9AB2 (#, # 8;8 # A C;LB@0D8>;5B>2>9 A8AB5<>9 AB8@0=8O ?@>3@0<<K). '0AB> 2 A>AB025 >4=>9 A5@88 >4=>:@8AB0;L=KE - 2K?CA:0NB <>48D8:0F88 A @07;8G=K<8 20@80=B0<8 #. A=>2=K< ?@58<CI5AB2>< ?@8<5=5=8O >4=>:@8AB0;L=>9 - O2;O5BAO 2>7<>6=>ABL 7=0G8B5;L=>3> A>:@0I5=8O G8A;0 8=B53@0;L=KE <8:@>AE5<, >1@07CNI8E A8AB5<C C?@02;5=8O. 4=>:@8AB0;L=0O - 2 7028A8<>AB8 >B AB@C:BC@K <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O <>65B 70<5=8BL 5  10 :>@?CA>2 8=B53@0;L=KE <8:@>AE5<, GB> ?><8<> C<5=LH5=8O @07<5@>2 0??0@0BC@K C?@02;5=8O >15A?5G8205B 8 ACI5AB25==>5 ?>2KH5=85 55 =0456=>AB8 2 @57C;LB0B5 A>:@0I5=8O 2=5H=8E A>548=5=89 <564C :>@?CA0<8 <8:@>AE5<.  8A. 4. !B@C:BC@=0O AE5<0 <8:@>?@>F5AA>@=>9 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O ?5@5:;NG5=85< ?5@540G (=0 1075 :><?;5:B0 <8:@>AE5< A5@88  580) 0 @8A. 4 ?@82545=0 AB@C:BC@=0O AE5<0 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O ?5@5:;NG5=85< ?5@540G, >A=>20==0O =0 ?@8<5=5=88 <8:@>AE5<, 2E>4OI8E 2 A>AB02 <8:@>?@>F5AA>@=>3> :><?;5:B0 A5@88  580 [3, 5]. 0 2E>4 A8AB5<K ?>40NBAO A83=0;K >B 40BG8:>2 A:>@>AB8 02B><>18;O 8 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O, B5<?5@0BC@K 42830B5;O, 703@C7:8 02B><>18;O 8 4@., 0 B0:65 :><0=4K, ?>ABC?0NI85 >B 0??0@0BC@K C?@02;5=8O, =0 :>B>@K5 2>7459AB2C5B 2>48B5;L (=0?@8<5@, 40BG8: ?>;>65=8O ?540;8 C?@02;5=8O ?>40G59 B>?;820, :>=B@>;;5@ C?@02;5=8O, 70?@>AK =0 8=48:0F8N A>AB>O=8O B5E 8;8 8=KE CAB@>9AB2 C?@02;5=8O 8;8 ?>:070B5;59 42830B5;O 8 :>@>1:8 ?5@540G). 5@54 ?>ABC?;5=85< 2 A>1AB25==> <8:@>?@>F5AA>@=CN A8AB5<C C?@02;5=8O 2A5 MB8 A83=0;K >1O70B5;L=> ?@5>1@07CNBAO 2 G8A;>2>9 :>4 A ?><>ILN A>>B25BAB2CNI8E ?@5>1@07>20B5;59 (=0?@8<5@, 0=0;>3>-F8D@>2KE ?@5>1@07>20B5;59, ?@5>1@07>20B5;59 G0AB>B0  :>4 8 B. 4.), 2E>4OI8E 2 A>AB02 1;>:0 22>40. =D>@<0F8O >B 1;>:0 22>40 ?>ABC?05B 2 AE5<C 8=B5@D59A0. @8G5< 2 A;CG05 1>;LH>3> >1J5<0 8=D>@<0F88 B0:8E AE5< 8=B5@D59A0 <>65B 1KBL =5A:>;L:>. &# @0AA<0B@8205<>9 <8:@>?@>F5AA>@=>9 A8AB5<K A>AB>8B 87 B@5E <8:@>AE5<. >;LH0O 8=B53@0;L=0O AE5<0 <8:@>?@>F5AA>@0 B8?0  58080 >1@010BK205B 2AN 8=D>@<0F8N. 5 A2O7L A H8=0<8 C?@02;5=8O 8 40==KE >ACI5AB2;O5BAO G5@57 A8AB5<=K9.:>=B@>;;5@  H8==K9 D>@<8@>20B5;L, 0 D>@<8@>20=85 B0:B>2KE ?>A;54>20B5;L=>AB59 8<?C;LA>2, =5>1E>48<KE 4;O @01>BK ! <8:@>?@>F5AA>@0, ?@>8AE>48B A ?><>ILN 35=5@0B>@0, AB018;878@>20==>3> :20@F52K< @57>=0B>@><.  7028A8<>AB8 >B 2K@010BK205<KE &# A83=0;0 =0 H8=5 C?@02;5=8O 8 :>40 =0 H8=5 04@5A0 2 @01>BC A =8< 2:;NG05BAO B> 8;8 8=>5 CAB@>9AB2> <8:@>?@>F5AA>@=>9 A8AB5<K. 0?@8<5@, :>340 &# 2K405B =0 H8=C 04@5A0 :>4, B@51C5<K9 4;O 0:B82870F88 A>>B25BAB2CNI53> :0=0;0 8=B5@D59A0, 0 =0 H8=C C?@02;5=8O ?>405B A83=0; 22>40, 8=D>@<0F8O >B 40==>3> :0=0;0 8=B5@D59A0 ?>ABC?05B 2 &# 4;O ?>A;54CNI59 >1@01>B:8.  A;CG05 =5>1E>48<>AB8 0=0;>38G=K< >1@07>< >ACI5AB2;O5BAO ?>40G0 :><0=4 =0 >1<5= 8=D>@<0F88 <564C &# 8 4@C38<8 M;5<5=B0<8 <8:@>?@>F5AA>@=>9 A8AB5<K. @8 MB>< 4;O @01>BK A 70?><8=0NI8<8 CAB@>9AB20<8 &# 2K405B =0 04@5A=CN H8=C 04@5A OG59:8 ?0<OB8, 0 =0 H8=C C?@02;5=8O :><0=4C GB5=85 8;8 70?8AL. ;O DC=:F8>=8@>20=8O A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O ?5@5:;NG5=85< ?5@540G8 =5>1E>48<> ?@54CA<>B@5BL 1KAB@>5 87<5=5=85 @568<>2 @01>BK A8AB5<K 2 7028A8<>AB8 >B =5:>B>@KE D0:B>@>2.  G8A;C B0:8E D0:B>@>2 <>6=>, =0?@8<5@, >B=5AB8 >B:07K B5E 8;8 8=KE 40BG8:>2, ?@82>4OI85 : A>740=8N 020@89=>9 A8BC0F88, =0;8G85 N70 ?@8 B>@<>65=88 02B><>18;O, =5?@54CA<>B@5==K5 87<5=5=8O =0?@O65=8O ?8B0=8O A8AB5<K. ;O B>3> GB>1K <8:@>?@>F5AA>@=0O A8AB5<0 >?5@0B82=> @5038@>20;0 =0 C:070==K5 >B:;>=5=8O >B =>@<0;L=>9 @01>BK, 2 =59 8A?>;L7C5BAO A8AB5<0 ?@5@K20=89, @50;87C5<0O A ?><>ILN :>=B@>;;5@0 ?@5@K20=89.  :064><C 2E>4C 8;8 : G0AB8 2E>4>2 :>=B@>;;5@0 ?@5@K20=89 ?>42>4OBAO A83=0;K >B 2=5H=8E CAB@>9AB2. @8 ?>O2;5=88 =0 :0:><-;81> 87 2E>4>2 :>=B@>;;5@0 A83=0;0 A C@>2=5<, A>>B25BAB2CNI8< A>AB>O=8N ;>38G5A:>9 1, >= ?>AK;05B ?> ;8=88 70?@>A0 2 &# 70?@>A =0 ?@5@K20=85 53> @01>BK ?> >A=>2=>9 ?@>3@0<<5.  7028A8<>AB8 >B B>3>, =0 :0:>9 87 2E>4>2 :>=B@>;;5@0 ?>ABC?05B A83=0; A C@>2=5<, A>>B25BAB2CNI8< ;>38G5A:>9 1, :>=B@>;;5@ ?>43>B02;8205B 8=D>@<0F8N &# > B><, =0 :0:CN 87 ?>4?@>3@0<< 5<C A;54C5B ?5@59B8. A;8 A83=0;K A C@>2=5<, A>>B25BAB2CNI8< ;>38G5A:>9 1, 1C4CB ?>40=K >4=>2@5<5==> =0 =5A:>;L:> 2E>4>2 :>=B@>;;5@0, B> >= ?>43>B02;8205B 4;O &# 8=D>@<0F8N > ?5@5E>45 =0 ?>4?@>3@0<<C, ?@54CA<>B@5==CN A83=0;>< 2=5H=53> CAB@>9AB20 A A0<K< AB0@H8< ?@8>@8B5B><. @8 ?>ABC?;5=88 70?@>A0 >B :>=B@>;;5@0 =0 ?@5@K20=85 &# A=0G0;0 70:0=G8205B 2K?>;=5=85 B5:CI59 :><0=4K, 0 70B5< 2K405B =0 C?@02;ONICN H8=C A83=0; @07@5H5=8O ?@5@K20=8O, B. 5. 3>B>2=>ABL ?5@5E>40 >B >A=>2=>9 ?@>3@0<<K : ?>4?@>3@0<<5. >A;5 MB>3> :>=B@>;;5@ 8=D>@<8@C5B &#, =0 :0:CN 87 ?>4?@>3@0<< 5<C A;54C5B ?5@59B8. > >:>=G0=88 2K?>;=5=8O MB>9 ?>4?@>3@0<<K &# ;81> ?> A83=0;C :>=B@>;;5@0 ?@5@K20=8O ?5@5E>48B =0 =>2CN ?>4?@>3@0<<C, 70?@>A =0 :>B>@CN ?>ABC?8; : :>=B@>;;5@C >B A;54CNI53> ?> AB0@H8=AB2C ?@8>@8B5B0 2=5H=53> CAB@>9AB20, ;81> ?@8 >BACBAB288 B0:8E 70?@>A>2 2>72@0I05BAO : 2K?>;=5=8N >A=>2=>9 ?@>3@0<<K. K?>;=5=85 &# ?>4?@>3@0<< 2 ?>@O4:5, >?@545;O5<>< AB0@H8=AB2>< ?@8>@8B5B0 2=5H=8E CAB@>9AB2, >15A?5G8205B ?5@2>>G5@54=CN @50;870F8N 2 A8AB5<5 C?@02;5=8O ?5@5:;NG5=85< ?5@540G B0:8E C?@02;ONI8E 2>7459AB289, :>B>@K5 O2;ONBAO =081>;55 206=K<8 4;O 02B><>18;O.  G0AB=>AB8, AB0@H8< ?@8>@8B5B><, :0: ?@028;>, >1;040NB 2=5H=85 CAB@>9AB20, A83=0;878@CNI85 > =5?>;04:0E 2 A8AB5<5 C?@02;5=8O, <>3CI8E A>740BL 4;O 02B><>18;O 020@89=CN A8BC0F8N. 8:@>AE5<0 :>=B@>;;5@0 ?@5@K20=89  58059 8<55B 2>A5<L 2E>4>2 4;O ?>4:;NG5=8O : 2=5H=8< CAB@>9AB20<.  >4=><C 8;8 =5A:>;L:8< 87 MB8E 2E>4>2 <>3CB 1KBL ?>4:;NG5=K 2KE>4K B09<5@0. A;8 ?@8 MB>< : 2E>40< B09<5@0 ?>425AB8 A83=0;K >B 40BG8:>2 A:>@>AB8 8 G0AB>BK 2@0I5=8O, B> B0:>5 AE5<=>5 @5H5=85 ?>72>;8B 8A:;NG8BL 87 A>AB020 A8AB5<K C?@02;5=8O G0AB>B=>-0=0;>3>2K5 8 0=0;>3>-F8D@>2K5 ?@5>1@07>20B5;8, ?>A:>;L:C 2K?>;=O5<K5 8<8 7040G8 <>3CB 1KBL @5H5=K A>2<5AB=K< 459AB285< B09<5@0 8 &#. "09<5@ <>65B 1KBL B0:65 8A?>;L7>20= 4;O A>740=8O ?@>3@0<< <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, CAB>9G82KE : A1>O< ?>4 2>7459AB285< 2=5H=8E ?><5E.  MB>< A;CG05 B09<5@ 8A?>;L7C5BAO 4;O ?5@8>48G5A:>3> :>=B@>;O A>AB>O=8O M;5<5=B>2 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, :>B>@>5 7028A8B >B B>3>, ?@028;L=> ;8 DC=:F8>=8@C5B A8AB5<0 8;8 2 =59 8<5NB <5AB> A1>8. >A;5 B>3>, :0: &# 70:0=G8205B >1@01>B:C A>>B25BAB2CNI53> >1J5<0 8=D>@<0F88, >= 2K405B C?@02;ONICN :><0=4C, :>B>@0O 40;55 G5@57 :0=0; 2K2>40 8=B5@D59A0 ?>ABC?05B : 1;>:C CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 8A?>;=8B5;L=KE CAB@>9AB2, 0 B0:65 : 1;>:C 8=48:0F88 @568<>2.  @57C;LB0B5 >15A?5G8205BAO B@51C5<K9 ?>@O4>: A@010BK20=8O 8A?>;=8B5;L=KE CAB@>9AB2 8 ?>;CG5=85 8=48:0F88 @568<>2 8E @01>BK. A;8 4;O C?@02;5=8O ?5@5:;NG5=85< ?5@540G ?@8<5=8BL >4=>:@8AB0;L=CN -, B> ?> A2>8< DC=:F8>=0;L=K< 2>7<>6=>ABO< >=0 1C45B M:2820;5=B=0 <8:@>AE5<5, >G5@G5==>9 =0 @8A. 4 HB@8E-?C=:B8@=>9 ;8=859.  MB>< A;CG05 <8:@>?@>F5AA>@=0O A8AB5<0 ACI5AB25==> C?@>I05BAO. > B5E=8G5A:8< 2>7<>6=>ABO< >=0 ?@0:B8G5A:8 =5 CABC?05B A8AB5<0<, A>740205<K< A 8A?>;L7>20=85< =5A:>;L:8E <8:@>AE5<, 2E>4OI8E 2 <8:@>?@>F5AA>@=K9 :><?;5:B.  G0AB=>AB8, 5A;8 >1J5< ?0<OB8 >4=>:@8AB0;L=>9 - >:065BAO =54>AB0B>G=K<, B> 53> <>6=> C25;8G8BL, ?>4:;NG82 - : 2=5H=8< CAB@>9AB20<. 4=>:@8AB0;L=0O - A>45@68B A>B=8 BKAOG M;5<5=B>2, 8 B5E=>;>38O 55 873>B>2;5=8O 7=0G8B5;L=> A;>6=55 ?> A@02=5=8N A 873>B>2;5=85< <8:@>AE5<, 2E>4OI8E 2 <8:@>?@>F5AA>@=K9 :><?;5:B. A;54AB285 MB>3> AB>8<>ABL >4=>:@8AB0;L=>9 - 4>AB0B>G=> 2KA>:0. >MB><C 2>?@>A > F5;5A>>1@07=>AB8 A>740=8O <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O =0 1075 >4=>:@8AB0;L=>9 - A;54C5B @5H0BL A CG5B>< :>=:@5B=KE >1;0AB59 ?@8<5=5=8O B>9 8;8 8=>9 A8AB5<K C?@02;5=8O. > A@02=5=8N A M;5:B@>==K<8 A8AB5<0<8 C?@02;5=8O <8:@>?@>F5AA>@=K5 A8AB5<K 8<5NB A;54CNI85 ?@58<CI5AB20: A 8E ?><>ILN 2>7<>6=0 @50;870F8O 0;3>@8B<0 C?@02;5=8O ;N1>9 A;>6=>AB8. @8 MB>< <>65B 1KBL CGB5=> 1>;LH>5 :>;8G5AB2> 2=5H=8E ?0@0<5B@>2 (?><8<> B@048F8>==> ?@8=8<05<KE 2> 2=8<0=85 G0AB>B 2@0I5=8O 20;0 42830B5;O, 2KE>4=>3> 20;0 B@0=A<8AA88 8 =03@C7:8 42830B5;O) B0:8E, =0?@8<5@, :0: ?@>872>4=K5 MB8E ?0@0<5B@>2 ?> 2@5<5=8, B5<?5@0BC@=K9 @568< 42830B5;O, B5<?5@0BC@0 <0A;0, ?>;=0O <0AA0 02B><>18;O 8 B. 4. >7=8:0NI85 ?@8 MB>< B@C4=>AB8 A2O70=K ;8HL A =5>1E>48<>ABLN 22545=8O 4>?>;=8B5;L=KE 40BG8:>2 8 ?@5>1@07>20B5;59; ?@8 =5>1E>48<>AB8 >15A?5G8205BAO :>@@5:B8@>20=85 0;3>@8B<0 C?@02;5=8O :0: ?@8 @0728B88 A8AB5<K, B0: 8 2 @0<:0E ACI5AB2CNI59 A8AB5<K A CG5B><, =0?@8<5@, B0:8E D0:B>@>2, :0: 87<5=5=85 E0@0:B5@8AB8: 03@530B>2 2A;54AB285 8E 87=0H820=8O. !;54>20B5;L=>, 2>7<>6=> A>740=85 040?B82=KE A8AB5< C?@02;5=8O, :>B>@K5 A?>A>1=K 87<5=OBL A2>8 E0@0:B5@8AB8:8 2 ?@>F5AA5 M:A?;C0B0F88 02B><>18;O A F5;LN >15A?5G5=8O 53> =08;CGH8E ?>:070B5;59. ;O 4>AB865=8O B0:>3> MDD5:B0 =5 B@51C5BAO 87<5=5=8O 0??0@0BC@=>9 G0AB8 A8AB5<K; 2A;54AB285 @50;870F88 H8@>:8E 2>7<>6=>AB59 <8:@>?@>F5AA>@=KE A8AB5< 2>7<>6=> A>740=85 :><?;5:A=>9 A8AB5<K C?@02;5=8O 03@530B0<8 02B><>18;O (=0?@8<5@, 42830B5;5<, AF5?;5=85<, :>@>1:>9 ?5@540G); A8AB5<0 C?@02;5=8O =0 1075 <8:@>?@>F5AA>@=>3> :><?;5:B0 8;8 >4=>:@8AB0;L=>9 - B@51C5B <8=8<0;L=>3> >1J5<0 =0AB@>9:8 8 @53C;8@>2>:, ?>A:>;L:C >=8 =5>1E>48<K B>;L:> 4;O B0:8E 2A?><>30B5;L=KE M;5<5=B>2 A8AB5<K, :0: ', & 8 &. A=>2=K<8 =54>AB0B:0<8 <8:@>?@>F5AA>@=KE A8AB5< O2;ONBAO: >B=>A8B5;L=> 2KA>:0O AB>8<>ABL A8AB5<K 2A;54AB285 =5>1E>48<>AB8 55 :><?;5:B>20=8O @O4>< 2A?><>30B5;L=KE M;5<5=B>2, 87 G8A;0 :>B>@KE =081>;55 4>@>3>AB>OI8<8 O2;ONBAO CAB@>9AB20 22>40-2K2>40 8=D>@<0F88. @><5 B>3>, 7=0G8B5;L=0O G0ABL @0AE>4>2 ?> A>740=8N <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O ?@8E>48BAO =0 @07@01>B:C 8E <0B5<0B8G5A:>3> >15A?5G5=8O; GC2AB28B5;L=>ABL : ?><5E0<, :>B>@K5 <>3CB 2K7K20BL A1>8 2 @01>B5 A8AB5<K. -B> >A>15==> 206=> 4;O 02B><>18;L=KE <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, ?>A:>;L:C @01>B0 03@530B>2 02B><>18;O A>?@>2>6405BAO 7=0G8B5;L=K<8 ?><5E0<8 2 53> 1>@B>2>9 A5B8, 0 B0:65 ?>;52K<8 (M;5:B@><03=8B=K<8) ?><5E0<8. ;O CAB@0=5=8O MB>3> =54>AB0B:0 2 =0AB>OI55 2@5<O 1>;LH>5 2=8<0=85 C45;O5BAO @07@01>B:5 ?><5E>CAB>9G82KE 0;3>@8B<>2, B. 5. B0:8E, :>B>@K5 A?>A>1=K 2>AAB0=02;820BL A2>N @01>BC ?>A;5 =5?@542845==KE A1>52 [2]. 5?@5@K2=>5 A>25@H5=AB2>20=85 B5E=>;>388 ?@>872>4AB20 M;5:B@>==KE ?@81>@>2, 2 B>< G8A;5 M;5<5=B>2 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, >1CA;>2;8205B A=865=85 8E AB>8<>AB8 8 A>7405B 1;03>?@8OB=K5 ?@54?>AK;:8 4;O @0AH8@5=8O 8E ?@8<5=5=8O. 4=0:> <8:@>?@>F5AA>@=K5 A8AB5<K F5;5A>>1@07=> 8A?>;L7>20BL 2 ?5@2CN >G5@54L 4;O A8AB5< C?@02;5=8O 03@530B0<8 02B><>18;O A> A;>6=K<8 0;3>@8B<0<8.  B0:8< A8AB5<0< A;54C5B >B=5AB8 0=B81;>:8@>2>G=K5 A8AB5<K C?@02;5=8O B>@<>7=K<8 <5E0=87<0<8, A8AB5<K C?@02;5=8O 384@><5E0=8G5A:8<8 8 02B><0B878@>20==K<8 <5E0=8G5A:8<8 ?5@540G0<8 8, :>=5G=>, :><?;5:A=K5 A8AB5<K C?@02;5=8O =5A:>;L:8<8 03@530B0<8. 4=>9 87 >A=>2=KE ?@>1;5< A>740=8O <8:@>?@>F5AA>@=KE A8AB5< O2;O5BAO @07@01>B:0 8 @50;870F8O >?B8<0;L=>3> 0;3>@8B<0 C?@02;5=8O. =>385 @07;8G=K5 <8:@>?@>F5AA>@=K5 A8AB5<K >B;8G0NBAO >4=0 >B 4@C3>9 2 >A=>2=>< A>AB02>< 40BG8:>2 8 284>< 0;3>@8B<0 DC=:F8>=8@>20=8O, :>B>@K9 7028A8B >B F5;52>3> =07=0G5=8O A8AB5<K 8 A;>6=>AB8 @5H05<KE 5N 7040G. ! ",+ "%--'! " %'!%,  '!%, "'!%  -" +% !!" -:>=><8G5A:0O MDD5:B82=>ABL ?@8<5=5=8O M;5:B@>==>9 A8AB5<K C?@02;5=8O 03@530B0<8 02B><>18;O >?@545;O5BAO 2 @57C;LB0B5 A>?>AB02;5=8O >15A?5G8205<KE 5N M:A?;C0B0F8>==KE ?>:070B5;59 02B><>18;O ?> A@02=5=8N A 8=K<8 A8AB5<0<8 C?@02;5=8O. A=>2=K<8 D0:B>@0<8, 2;8ONI8<8 =0 MDD5:B82=>ABL 8A?>;L7>20=8O B>9 8;8 8=>9 A8AB5<K C?@02;5=8O, O2;ONBAO 70B@0BK =0 873>B>2;5=85 C7;>2 A8AB5<K; 4>;3>25G=>ABL M;5<5=B>2 A0<>9 A8AB5<K 8 C?@02;O5<KE 5N 03@530B>2 02B><>18;O; @0AE>4K ?> >1A;C6820=8N A8AB5<K, 2:;NG0O 70B@0BK =0 55 @5<>=B; M:A?;C0B0F8>==K5 @0AE>4K 02B><>18;O, 7028AOI85 >B B8?0 ?@8<5=O5<>9 A8AB5<K C?@02;5=8O; ?@>872>48B5;L=>ABL 02B><>18;O. 865 @0AA<0B@820NBAO ?>:070B5;8 M;5:B@>==>9 A8AB5<K C?@02;5=8O 2 A@02=5=88 A ?>:070B5;O<8, >15A?5G8205<K<8 384@02;8G5A:8<8, <5E0=8G5A:8<8 8 ?=52<0B8G5A:8<8 A8AB5<0<8 C?@02;5=8O. 0B@0BK =0 873>B>2;5=85 A8AB5<K C?@02;5=8O. ;O C?@02;5=8O 03@530B0<8 02B><>18;O =0@O4C A <5E0=8G5A:8<8, 384@02;8G5A:8<8 8 ?=52<0B8G5A:8<8 A8AB5<0<8 C?@02;5=8O 2A5 2 1>;LH59 AB5?5=8 =0E>4OB ?@8<5=5=85 M;5:B@>==K5 A8AB5<K. @8 MB>< >B B>3>, =0 :0:>9 M;5<5=B=>9 1075 (0=0;>3>2>9, F8D@>2>9 8;8 <8:@>?@>F5AA>@=>9) 873>B>2;5=0 M;5:B@>==0O A8AB5<0, 7028A8B A>>B=>H5=85 <564C 70B@0B0<8 =0 A>740=85 M;5:B@>==>9 8 8=KE A8AB5< C?@02;5=8O. ;O ?5@2>3> MB0?0 @0728B8O M;5:B@>==KE A8AB5< C?@02;5=8O 1K;> E0@0:B5@=> 8A?>;L7>20=85 0=0;>3>2KE A8AB5<, ?>A:>;L:C 4;O 8E A>740=8O B@51C5BAO <5=LH55 G8A;> :><?;5:BCNI8E 8745;89 (2 B>< G8A;5 8=B53@0;L=KE <8:@>AE5<).  40;L=59H5< >4=0:> 70<5B=> @0AH8@8;>AL ?@8<5=5=85 :0: 8<?C;LA=KE F8D@>2KE, B0: 8 2 >A>15==>AB8 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O, ?@54=07=0G5==KE 4;O @50;870F88 A;>6=KE 70:>=>2 C?@02;5=8O. 1JOA=O5BAO MB> B5<, GB> ?> <5@5 @0AH8@5=8O DC=:F89 C?@02;5=8O 0=0;>3>2CN A8AB5<C ?@8E>48BAO 70<5B=> CA;>6=OBL, 0 <8:@>?@>F5AA>@=K5 A8AB5<K ;8H5=K MB>3> =54>AB0B=0.  @57C;LB0B5 ?@8 =5>1E>48<>AB8 @5H5=8O A8AB5<>9 C?@02;5=8O 1>;55 H8@>:>3> :@C30 7040G 70B@0BK =0 873>B>2;5=85 0=0;>3>2KE 8 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O ACI5AB25==> A1;860NBAO. 0==>5 >1AB>OB5;LAB2> 2 A>G5B0=88 A @O4>< ?@58<CI5AB2 <8:@>?@>F5AA>@=KE A8AB5< (C=825@A0;L=>ABL, >BACBAB285 =0AB@>5:, AB018;L=>ABL @01>BK) A>7405B 1;03>?@8OB=K5 ?@54?>AK;:8 4;O 8E ?@8<5=5=8O. -B> >B=>A8BAO 2 ?5@2CN >G5@54L : A8AB5<0< C?@02;5=8O 384@><5E0=8G5A:8<8 ?5@540G0<8 1>;LH53@C7=KE 02B><>18;59 8 3>@>4A:8E 02B>1CA>2 1>;LH>9 2<5AB8<>AB8. > >A>15==> 70<5B=> @0AH8@8;>AL ?@8<5=5=85 2 @O45 AB@0= <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O B>@<>7=K<8 ?@82>40<8 (0=B81;>:8@>2>G=K5 CAB@>9AB20 B>@<>7=KE A8AB5<). @8 A>?>AB02;5=88 70B@0B =0 873>B>2;5=85 M;5:B@>==KE (2 B>< G8A;5 <8:@>?@>F5AA>@=KE) A8AB5< C?@02;5=8O 8 A8AB5< 4@C38E B8?>2 A;54C5B 8<5BL 2 284C, GB>, :0: ?@028;>, ?@8<5=5=85 M;5:B@>==KE A8AB5< ?>72>;O5B @5H0BL 1>;55 H8@>:89 :@C3 7040G, =0?@8<5@ 70I8BC >B 020@89=KE @568<>2. >MB><C A@02=8B5;L=CN >F5=:C 70B@0B =0 873>B>2;5=85 @07;8G=KE A8AB5< A;54C5B ?@>2>48BL, 8AE>4O 87 >15A?5G5=8O 8<8 >48=0:>2KE 7040G C?@02;5=8O. @8 MB8E CA;>28OE 70B@0BK =0 873>B>2;5=85 0=0;>3>2KE M;5:B@>==KE A8AB5< C?@02;5=8O >1KG=> >:07K20NBAO =5A:>;L:> 2KH5, G5< 384@02;8G5A:8E 8 <5E0=>384@02;8G5A:8E A8AB5< 0=0;>38G=>3> F5;52>3> =07=0G5=8O. @>2>48BL A@02=5=85 70B@0B =0 873>B>2;5=85 <8:@>?@>F5AA>@=>9 A8AB5<K 8 <5E0=8G5A:>9, <5E0=>384@02;8G5A:>9 8;8 384@02;8G5A:>9 A8AB5< C?@02;5=8O >4=8< 8 B5< 65 03@530B>< =5?@02><5@=>, ?>A:>;L:C ?@8<5=5=85 <8:@>?@>F5AA>@=>9 A8AB5<K ?@8 @0F8>=0;L=>< 55 8A?>;L7>20=88 4>;6=> >15A?5G8BL @5H5=85 1>;55 H8@>:>3> :@C30 7040G C?@02;5=8O. 0B@0BK =0 873>B>2;5=85 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O >:07K20NBAO 1>;55 2KA>:8<8 ?> A@02=5=8N A 0=0;>3>2K<8 A8AB5<0<8. >;3>25G=>ABL M;5<5=B>2 A8AB5<K 8 C?@02;O5<KE 5N 03@530B>2 02B><>18;O. -;5:B@>==K5 A8AB5<K C?@02;5=8O >1;040NB =081>;LH59 4>;3>25G=>ABLN ?> A@02=5=8N A 4@C38<8 A8AB5<0<8 02B><0B8G5A:>3> C?@02;5=8O. !>2@5<5==K9 C@>25=L M;5:B@>=8:8 >15A?5G8205B 4>;3>25G=>ABL M;5<5=B>2 M;5:B@>==>9 A8AB5<K C?@02;5=8O =0 C@>2=5 A@>:0 A;C61K 02B><>18;O, GB> >1KG=> =54>AB868<> 4;O 4@C38E A8AB5< C?@02;5=8O. 568< @01>BK 02B><>18;L=>3> 03@530B0 7028A8B >B B>3>, :0:0O A8AB5<0 02B><0B8:8 8< C?@02;O5B. -;5:B@>==0O A8AB5<0 2A;54AB285 2>7<>6=>AB8 CG5B0 A 55 ?><>ILN 1>;LH>3> G8A;0 ?>:070B5;59, E0@0:B5@87CNI8E A>AB>O=85 03@530B0, 4>;6=0 >15A?5G820BL =081>;55 1;03>?@8OB=K9 @568< 53> @01>BK. "0:, M;5:B@>==K5 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< ?> A@02=5=8N A <5E0=8G5A:8<8 8;8 384@02;8G5A:8<8 A8AB5<0<8 >1CA;>2;820NB <5=LHCN ?@>4>;68B5;L=>ABL @01>BK AF5?;5=8O A ?@>1C:A>2K20=85<. ;03>40@O MB><C 2>7@0AB05B 4>;3>25G=>ABL @01>G8E M;5<5=B>2 AF5?;5=8O (D@8:F8>==KE =0:;04>:, 2K68<=>3> ?>4H8?=8:0).  A;CG05 >1>@C4>20=8O 02B><>18;O M;5:B@>==>9 0=B81;>:8@>2>G=>9 A8AB5<>9 C25;8G8205BAO A@>: A;C61K M;5<5=B>2 B>@<>7=>9 A8AB5<K 8 H8=. @8 >?@545;5=88 M:>=><8G5A:>9 MDD5:B82=>AB8 8A?>;L7>20=8O M;5:B@>==>9 A8AB5<K C?@02;5=8O >1O70B5;L=> A;54C5B CG8BK20BL 2;8O=85 MB>9 A8AB5<K =0 4>;3>25G=>ABL 03@530B>2, 0 B0:65 4>;3>25G=>ABL M;5<5=B>2 A0<>9 A8AB5<K. 0AE>4K =0 @5<>=B 8 >1A;C6820=85 A8AB5<K C?@02;5=8O. -;5:B@>==K5 A8AB5<K C?@02;5=8O, :0: ?@028;>, O2;ONBAO =5>1A;C68205<K< >1J5:B><, ?>MB><C <>6=> AG8B0BL, GB> @0AE>4K =0 >1A;C6820=85 M;5:B@>==KE A8AB5< >BACBAB2CNB.  MB>< >B=>H5=88 40==K5 A8AB5<K ?@52>AE>4OB ;N1K5 <5E0=8G5A:85, 384@02;8G5A:85 8 M;5:B@8G5A:85 @5;59=K5 A8AB5<K C?@02;5=8O, :>B>@K5 =C640NBAO 2 ?5@8>48G5A:>< B5E=8G5A:>< >1A;C6820=88. A;54AB285 2KA>:>9 4>;3>25G=>AB8 M;5<5=B>2 M;5:B@>==KE A8AB5< B@51C5BAO >G5=L =51>;LH>9 >1J5< 8E 2K?CA:0 2 :0G5AB25 70?0A=KE G0AB59. 0;K 8 @0AE>4K =0 @5<>=B MB8E M;5<5=B>2. >MB><C M:A?;C0B0F8>==K5 @0AE>4K =0 >1A;C6820=85 M;5:B@>==KE A8AB5< C?@02;5=8O 7=0G8B5;L=> =865 ?> A@02=5=8N A 0=0;>38G=K<8 @0AE>40<8 4;O <5E0=8G5A:8E, 384@02;8G5A:8E 8 M;5:B@8G5A:8E @5;59=KE A8AB5< C?@02;5=8O. -B8 @0AE>4K >:07K20NB ACI5AB25==>5 2;8O=85 =0 M:>=><8G5A:CN MDD5:B82=>ABL ?@8<5=5=8O M;5:B@>==KE A8AB5< C?@02;5=8O. -:A?;C0B0F8>==K5 @0AE>4K 02B><>18;O 8 53> ?@>872>48B5;L=>ABL. -;5:B@>==K5 A8AB5<K C?@02;5=8O 03@530B0<8 02B><>18;59 ?> A@02=5=8N A 4@C38<8 A8AB5<0<8 y?pa2;e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z  A>?@>B82;5=8O @578AB>@0 ?@8 B5<?5@0BC@0E A>>B25BAB25==> "1 8 "2, <. 2.  8=B5@20;5 B5<?5@0BC@  60-+25! "!= 1200-10-6 1/! 4;O 2A5E @578AB>@>2, 0 2 8=B5@20;5 B5<?5@0BC@ 25  125! "!= 600-10-6 1/!  4;O R=><<1 :<. "!= 700E 10-6 1/!  4;O R=><=11-1000 :< 8 "!= 1000 10-6 1/!  4;O R=><>i <.  M;5:B@>==>9 A8AB5<5 C?@02;5=8O 02B><>18;L=K<8 03@530B0<8 ?@8<5=ONB 2 >A=>2=>< ?>AB>O==K5 @578AB>@K >1I53> ?@8<5=5=8O, : :>B>@K< =5 ?@54JO2;ONB >A>1K5 B@51>20=8O noj 2KA>:>9 B5@<>AB018;L=>AB8, 8 7=0G8B5;L=> @565 8A?>;L7CNB @578AB>@K A 2KA>:>9 B5@<>AB018;L=>ABLN. 1. %0@0:B5@8AB8:8 @578AB>@>2 B8?>2 " 8 " P=><. B80<5B@, <<;8=0 , <<0AA0, 380?07>= R=><. <0,1252,26,00,158,2  3.1060,253,07,00,258,2  5,1- 1060,54,210,81,01,0  5,1- 1061,06,6132,01,0  10-1062,08,618,53,51,0  10- 106@8<5G0=8O: 1. ;O C:070==KE @578AB>@>2 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=8O A>AB02;ONB 2, 5 8 10% 4;O @O4>2 24 8 96. 578AB>@K >1I53> ?@8<5=5=8O. 7 G8A;0 B0:8E @578AB>@>2 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 =081>;LH55 @0A?@>AB@0=5=85 ?>;CG8;8 @578AB>@K A <5B0;;>48M;5:B@8G5A:8< ?@>2>4OI8< A;>5< (=5?@>2>;>G=K5 @578AB>@K) B8?>2 " 8 ". A=>2=K<8 ?@58<CI5AB20<8 MB8E @578AB>@>2 O2;ONBAO 8E =51>;LH85 <0AA0 8 @07<5@K, <0;0O AB>8<>ABL, H8@>:89 B5<?5@0BC@=K9 480?07>= @01>BK. 7 0=0;870 >A=>2=KE E0@0:B5@8AB8: @578AB>@>2 (B01;. 1) A;54C5B, GB> 87<5=5=85 B5<?5@0BC@K @578AB>@>2 B8?>2 " 8 " <>65B ACI5AB25==> ?>2;8OBL =0 8E A>?@>B82;5=85. @8 <0:A8<0;L=> 2>7<>6=KE 7=0G5=8OE "! C25;8G5=85 B5<?5@0BC@K @578AB>@>2, =0?@8<5@, >B  20 4> +80! ?@82545B : 87<5=5=8N 8E A>?@>B82;5=8O ?@8<5@=> =0 10%. A;8 B0:>5 87<5=5=85 A>?@>B82;5=8O 1C45B >:07K20BL 2;8O=85 =0 E0@0:B5@8AB8:C M;5:B@>==>9 AE5<K, B> ?@8<5=OBL C:070==K5 B8?K @578AB>@>2 =5 A;54C5B. 2. %0@0:B5@8AB8:8 @578AB>@>2 B8?>2 !5-37 8 !5-37 P=><, B;8=0, <<0AA0, 380?07>= R=><. <5 8 1025,8(26,2) 34,8(35,2) 44,7(45,2)7 9 111,8  100 8 110  5100 2,7  100 8 110  6800 3,3  100 8   10000@8<5G0=8O: 1.  A:>1:0E ?@82545=K 40==K5 4;O @578AB>@>2 B8?0 !5-37. 2. 80<5B@ @578AB>@>2 @025= 11 <<. 3. ;O @578AB>@>2 A R=><<100 < 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 10%, "!= 200-10-6 1/C 2 480?07>=5 B5<?5@0BC@  60----,200!. ;O @578AB>@>2 A R=><> 110 < 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 5 8 10%, "!=100E =>< %10-6 1/! 2 480?07>=5 B5<?5@0BC@  60  +155!.  B5E A;CG0OE, :>340 =5>1E>48<0 CAB0=>2:0 2 0??0@0BC@5 @578AB>@>2 A ><=5- B 8, :@><5 B>3>, =5>1E>48<0 8E 2KA>:0O B5<?5@0BC@=0O AB018;L=>ABL, <>3CB 1KBL @5:><5=4>20=K ?@>2>;>G=K5 @578AB>@K B8?>2 !5-37 (=587>;8@>20==K5) 8 !5-37 (87>;8@>20==K5) (B01;. 2). @5F878>==K5 @578AB>@K. -B8 @578AB>@K >1KG=> 8A?>;L7CNB 2 :0G5AB25 M;5<5=B>2 M;5:B@8G5A:8E F5?59, 2 :>B>@KE =51>;LH>5 87<5=5=85 A>?@>B82;5=8O @578AB>@0 ?@82>48B : =54>?CAB8<><C >B:;>=5=8N E0@0:B5@8AB8: 0??0@0BC@K.  MB>< A;CG05 ?@8<5=5=85 ?@5F878>==KE @578AB>@>2 ?>72>;O5B 8A:;NG8BL 4>?>;=8B5;L=CN ?>4AB@>9:C 0??0@0BC@K, GB> 8<55B >A>1>5 7=0G5=85 4;O 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@K <0AA>2>3> ?@>872>4AB20. 3. %0@0:B5@8AB8:8 =5?@>2>;>G=KE ?@5F878>==KE @578AB>@>2 P=><- B 80<5B@ , << ;8=0, << 0AA0, 3 80?07>= R < "!-106, 1/!, 2 8=B5@20;5 B5<?5@0BC@ 60G- +25!25-1 25!! 578AB>@K B8?0 !2-290,1253,580,31  1-106____0,254,5111,01  2,21 -105  0,57,5142,01  3. 01 -105  1,09,8203,51  5, 11 -105  2,09,82851  10-106300 (75)100 (25) 578AB>@K B8?0 ! 2 -310,125I 2,360,22,2-103  1-1067575@8<5G0=8O: 1. ;O @578AB>@>2 B8?0 !2-29 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 0.05; 0,1; 0,25; 0,5 8 1% (  192), 0 4;O @578AB>@>2 B8?0 !2-31  0,1; 0.25; 0.5 8 1% (@O4 192). 2.  A:>1:0E C:070=K 7=0G5=8O 4;O @578AB>@>2 A RHQM=1 0-=-1 0-1  <. 4. %0@0:B5@8AB8:8 ?@>2>;>G=KE ?@5F878>==KE @578AB>@>2 5. %0@0:B5@8AB8:8 =5?@>2>;>G=KE @578AB>@>2 A ?>2KH5==>9 B5@<>AB018;L=>ABLN P=><. B80<5B@, <<;8=0, <<0AA0, 380?07>= R*, < 578AB>@K B8?0 !5-5 (!5-5)16,15202,5110  13-10326,15273,0110  30-103511,2339,8110  75-103811,24210,0110  100-1031011,25213110  180-103 578AB>@K B8?0 !5-422(5x4,3)15,51,5110  27403(8x7,8)15,52,0162  71005(9,5x8,8)204,0162  10-1038(9,5x8,8)285,0162  10-10310(9,5x8,8)386,0162  10-103* ;O 4>?CA:05<>3> >B:;>=5=8O A>?@>B82;5=89 0,5%. @8<5G0=8O: 1. ;O @578AB>@>2 B8?0 !5-5(!5-5) 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 0,05; 0,1; 0,2; 0,5; 1; 2 8 5% (@O4 24), "!= 50E10-6 1/! 2 480?07>=5 B5<?5@0BC@  60-+155C. ;O @578AB>@>2 B8?0 !5-42 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 0,1; 0,2; 0,5; 1; 2 (@O4 96) 8 5% (@O4 24), "!= 50-106 1/A! 2 480?07>=5 B5<?5@0BC@  60  +125!. 2.  A:>1:0E C:070=K @07<5@K A5G5=8O. ><8<> <0;>3> 4>?CA:05<>3> >B:;>=5=8O A>?@>B82;5=8O 4;O ?@5F878>==KE @578AB>@>2 E0@0:B5@=K =87:85 7=0G5=8O "!, B. 5. 40==K5 @578AB>@K >4=>2@5<5==> >1;040NB 8 E>@>H59 B5@<>AB018;L=>ABLN. 4=0:> C:070==K5 ?>;>68B5;L=K5 :0G5AB20 ?@5F878>==KE @578AB>@>2 4>AB830NBAO ?@8 =5:>B>@>< C25;8G5=88 8E @07<5@>2 (?> A@02=5=8N A @578AB>@0<8 >1I53> ?@8<5=5=8O) 8 F5=K. 081>;55 ?>4E>4OI8<8 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 O2;ONBAO @578AB>@K A <5B0;;>48M;5:B@8G5A:8< ?@>2>4OI8< A;>5< B8?>2 !2-29 8 !2-31 (B01;. 3). 7 A>?>AB02;5=8O 40==KE B01;. 1 8 3 A;54C5B, GB> ?@5F878>==K5 @578AB>@K B8?>2 !2-29 8 !2-31 ?> A@02=5=8N A @578AB>@0<8 >1I53> ?@8<5=5=8O B8?>2 " 8 " 8<5NB 2 1,5  2 @070 1>;LH89 >1J5< 8 <0AAC, => "! C =8E ?@8<5@=> =0 ?>@O4>: =865.  B5E A;CG0OE, :>340 =><8=0;L=0O <>I=>ABL @0AA5O=8O @578AB>@0 ?@52KH05B 2 B, <>3CB 1KBL ?@8<5=5=K ?@5F878>==K5 ?@>2>;>G=K5 @578AB>@K B8?>2 !5-5 8 !5-42 (B01;. 4). @>2>;>G=K5 ?@5F878>==K5 @578AB>@K ?> A@02=5=8N A =5?@>2>;>G=K<8 ?@8 >4=>9 8 B>9 65 =><8=0;L=>9 <>I=>AB8 @0AA5O=8O 8<5NB <5=LH85 @07<5@K 8 <0AAC, => 7=0G8B5;L=> 1>;55 2KA>:CN F5=C. -B> >3@0=8G8205B >1;0ABL ?@8<5=5=8O ?@>2>;>G=KE ?@5F8-78F8>==KE @578AB>@>2, :>B>@K5 A;54C5B ?@8<5=OBL B>;L:> 2 >A>1> >B25BAB25==KE M;5<5=B0E M;5:B@>==>9 0??0@0BC@K. 578AB>@K A 2KA>:>9 B5<?5@0BC@=>9 AB018;L=>ABLN. %>@>H59 B5<?5@0BC@=>9 AB018;L=>ABLN >1;040NB =5?@>2>;>G=K5 @578AB>@K >1I53> =07=0G5=8O A <5B0;;>48M;5:B@8G5A:8< ?@>2>4OI8< A;>5< B8?>2 !2-26 8 !2-50 (B01;. 5). "0:85 @578AB>@K ?> 4>?CA:05<K< >B:;>=5=8O< A>?@>B82;5=89 70=8<0NB ?@><56CB>G=>5 ?>;>65=85 <564C @578AB>@0<8 >1I53> =07=0G5=8O B8?0 " (") 8 ?@5F878>==K<8 @578AB>@0<8. &5=0 @578AB>@>2 !-26 8 !2-50 2KH5 F5=K @578AB>@>2 B8?0 " 8 =865 F5=K ?@5F878>==KE @578AB>@>2. P=><. B80<5B@, <<;8=0, <<0AA0, 380?07>= RHOM, < 578AB>@K B8?0 !2-260,54,210,81,01  10-1031,06,6132,01  10-1032,08,618,53,51  10 103 578AB>@K B8?0 !2-500,252,46,00,1510  1060,333,37,00,310  2- 1060,74,210,81,010  5,1-106@8<5G0=85. ;O @578AB>@>2 B8?0 !2-26 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 0,5; 1 8 2% (@O4 96), "!= ( 100-200) 1 0-6 1/! 2 480?07>=5 B5<?5@0BC@  60  f-155C ;O @578AB>@>2 B8?0 !2-50 4>?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 A>AB02;ONB 1; 2 8 5% (@O4K 24 8 96), "!= 250-10-6 1/!2 480?07>=5 B5<?5@0BC@  60  +25! 8 "! =4-100-1 0-6 1/! 2 480?07>=5 B5<?5@0BC@ 25  155!.  =><5=:;0BC@5 @578AB>@>2 !2-50 >BACBAB2CNB @578AB>@K A =><8=0;L=>9 <>I=>ABLN @0AA5O=8O 0,125 B, 0 2 =><5=:;0BC@5 @578AB>@>2 !2-26  @578AB>@K <>I=>ABLN 0,125 8 0,25 B. -B> ACI5AB25==> AC605B >1;0ABL ?@8<5=5=8O 40==KE @578AB>@>2, ?>A:>;L:C 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 @578AB>@K A =><8=0;L=>9 <>I=>ABLN @0AA5O=8O 0,125 B O2;ONBAO =081>;55 @0A?@>AB@0=5==K<8. 5@5<5==K5 @578AB>@K.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 ?5@5<5==K5 @578AB>@K ?@8<5=ONB ?>GB8 8A:;NG8B5;L=> 2 :0G5AB25 ?>4AB@>5G=KE @578AB>@>2.  MB>< A;CG05 C?@>I05BAO 8 CA:>@O5BAO =0AB@>9:0 M;5:B@>==>9 0??0@0BC@K, ?>2KH05BAO B>G=>ABL =0AB@>9:8 8, :@><5 B>3>, 70<5B=> C<5=LH05BAO =><5=:;0BC@0 ?>AB>O==KE @578AB>@>2 2 @57C;LB0B5 8A:;NG5=8O B5E 8E =><8=0;>2, :>B>@K5 ?@8 >BACBAB288 ?5@5<5==KE @578AB>@>2 ?>B@51>20;8AL 1K 4;O =0AB@>9:8 0??0@0BC@K. 54>AB0B:>< ?@8<5=5=8O ?5@5<5==KE @578AB>@>2 270<5= ?>AB>O==KE ?>4AB@>5G=KE @578AB>@>2 O2;O5BAO C25;8G5=85 @07<5@>2 0??0@0BC@K, A=865=85 55 =0456=>AB8 8 ?>2KH5=85 AB>8<>AB8. >MB><C ?5@5<5==K5 ?>4AB@>5G=K5 @578AB>@K =0E>4OB >3@0=8G5==>5 ?@8<5=5=85.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 8A?>;L7CNB :0: ?@>2>;>G=K5, B0: 8 =5?@>2>;>G=K5 ?5@5<5==K5 @578AB>@K.  :>=AB@C:F88 @578AB>@>2 8=>340 ?@8<5=ONB A?5F80;L=K5 CAB@>9AB20 4;O D8:A0F88 ?>4286=>9 A8AB5<K 2 CAB0=>2;5==>< ?>;>65=88. "0:8<8 D8:A8@CNI8<8 CAB@>9AB20<8 O2;ONBAO AB>?>@K 20;0 8;8 A?5F80;L=K5 B>@<>7=K5 M;5<5=BK, @0A?>;>65==K5 2=CB@8 :>@?CA0 @578AB>@0. %>@>HCN D8:A0F8N ?>4286=>9 A8AB5<K >15A?5G8205B 55 ?@82>4 A ?><>ILN <8:@><5B@8G5A:>3> 28=B0 8;8 G5@2OG=>9 ?5@540G8. 5?@>2>;>G=K5 ?5@5<5==K5 @578AB>@K 8<5NB 1>;LH85 7=0G5=8O "!, A>AB02;ONI85 (1000  2500) 10-6 1/!, ?@8G5< =08;CGH85 ?>:070B5;8 ?> "! C :5@<5B=KE @578AB>@>2 (B01;. 6, @578AB>@K B8?>2 !-19, !-45, !-37), 4;O :>B>@KE E0@0:B5@=K "= = (100-7-500) 10-6 1/!). 2. %0@0:B5@8AB8:8 =5?@>2>;>G=KE ?5@5<5==KE ?>4AB@>5==KE @578AB>@>2 "8? @578AB>@0@8><- B80<5B@, <<KA>B0, <<0AA0, 380?07>= R. < O480?07>= B5<?5@0BC@, !"!-10-6, 1/ !!2-30,251612,56,468  3306 40  +702500!-60*10,12511,7146,5103  1066 60  +100(1000  2000)!-162*10,12511,7145,6103  1066 60  +125(1000  2000)!-96*10,51630,515103  4,7*1066 60  +100(1000  2000)!-2100,2516,39,24,822-103  3,3-1066 40  +851000!-1900,56,64,1110  106EG 60  +125(250  500)!-1920,56,69,3110  1066 60  +125(250-500)!-45*10,510325,133  10- 1066 60  +155(100  250)!-37*816,5x8,5*3354,510  1066 60  +155500!4-16*10,2512,8288103  2,2-1066 60  +125(1500  2000)!4-30,12512174100  4,7-1066 60  +125 *1 !> AB>?>@58O5< 20;0. *2 =>3>>1>@>B=K9. *3 07<5@K A5G5=8O. 7. %0@0:B5@8AB8:8 ?@>2>;>G=KE ?5@5<5==KE ?>4AB@>5G=KE @578AB>@>2 "8? @578AB>@0P=><, B 07<5@K A5G5=8O, <<KA>B0, <<0AA0, 380?07>= R=><, < O480?07>= B5<?5@0BC@, ! !5-2*0,510X109,41,63,3  22-1036 60  +155!5-2*0,510x6,3101,83,3  22-1036 60  +155!5-60,511X1116,83100  10-10312 60  +125!5-51*0,257x7,523210  10-1036 60  +125!5-22*0,57x6,5303,210  33-1036 60  +125!5-160,25(11)9,71,83,3  22-1036 60  +155!5-160,5(13)9,72,23,3  33-1036 60  +155* =>3>>1>@>B=K9. @8<5G0=8O: 1.  A:>1:0E C:070= 480<5B@ @578AB>@0. 2. >?CA:05<K5 >B:;>=5=8O A>?@>B82;5=89 2A5E @578AB>@>2, :@><5 @578AB>@>2 B8?0 !5-6, A>>B25BAB2CNB @O4C 1, 0 @578AB>@>2 B8?0 !1-1  @O4C 12. 3. ;O @578AB>@>2 B8?0 !5-16 "!= (50-500) 10-6 1/!. 5@5<5==K9 ?>4AB@>5==K9 @578AB>@ >1KG=> CAB0=02;820NB ?0@0;;5;L=> ?>AB>O==><C @578AB>@C. @8 MB>< =><8=0;L=>5 A>?@>B82;5=85 ?>4AB@>5==>3> @578AB>@0 2K18@0NB ?@8<5@=> =0 ?>@O4>: 2KH5, G5< ?>AB>O==>3> @578AB>@0. "0:>5 2:;NG5=85 ?>AB>O==>3> 8 ?>4AB@>5==>3> @578AB>@>2 ?>72>;O5B ?@8<5@=> 2 ?@545;0E 10 % @53C;8@>20BL 8E >1I55 A>?@>B82;5=85. @8 MB>< 2;8O=85 B5<?5@0BC@K =0 >1I55 A>?@>B82;5=85 ?0@0;;5;L=> 2:;NG5==KE ?>AB>O==>3> 8 ?5@5<5==>3> @578AB>@>2 B0:>5 65, :0: 8 ?@8 C<5=LH5=88 =0 ?>@O4>: ".! ?5@5<5==>3> @578AB>@0. "! C ?5@5<5==KE ?@>2>;>G=KE @578AB>@>2 ?@8<5@=> =0 ?>@O4>: =865, G5< C =5?@>2>;>G=KE. >MB><C 8E ?@8<5=5=85 ?>72>;O5B 1>;55 ?@>AB> @5H0BL ?@>1;5<C >15A?5G5=8O AB018;L=>AB8 A>?@>B82;5=8O F5?8, 2 :>B>@>9 CAB0=02;8205BAO ?5@5<5==K9 @578AB>@. 4=0:> 2 MB>< A;CG05 C25;8G8205BAO AB>8<>ABL 0??0@0BC@K, ?>A:>;L:C ?@>2>;>G=K5 ?5@5<5==K5 @578AB>@K 8<5NB 1>;55 2KA>:CN AB>8<>ABL ?> A@02=5=8N A =5?@>2>;>G=K<8. @8 2K1>@5 @578AB>@>2 4;O 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@K 87 1>;LH>9 =><5=:;0BC@K 2K?CA:05<KE ?>4AB@>5G=KE @578AB>@>2 F5;5A>>1@07=> >@85=B8@>20BLAO, 2 ?5@2CN >G5@54L, =0 =081>;55 45H52K5 =5?@>2>;>G=K5 ?5@5<5==K5 @578AB>@K, :>B>@K5 ?>4:;NG0NB ?0@0;;5;L=> >A=>2=><C ?>AB>O==><C @578AB>@C. @>2>;>G=K5 ?>4AB@>5G=K5 @578AB>@K A;54C5B 8A?>;L7>20BL ?@8 =5>1E>48<>AB8 >15A?5G5=8O >A>1> 2KA>:8E B@51>20=89 ?> B5@<>AB018;L=>AB8 0??0@0BC@K.  B01;. 6 ?@82545=K E0@0:B5@8AB8:8 =5:>B>@KE ?5@5<5==KE =5?@>2>;>G=KE ?>4AB@>5G=KE @578AB>@>2, :>B>@K5 <>3CB 1KBL @5:><5=4>20=K 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5. =0;>38G=K5 40==K5 4;O ?@>2>;>G=KE ?5@5<5==KE ?>4AB@>5G=KE @578AB>@>2 ?@82545=K 2 B01;. 7. >=45=A0B>@K  M;5:B@>==>9 0??0@0BC@5 A8AB5< C?@02;5=8O 03@530B0<8 02B><>18;59 :>=45=A0B>@K ?5@5<5==>9 5<:>AB8 ?@0:B8G5A:8 =5 ?@8<5=ONB, 0 87 G8A;0 :>=45=A0B>@>2 ?>AB>O==>9 5<:>AB8 8A?>;L7CNB :>=45=A0B>@K A >@30=8G5A:8<, =5>@30=8G5A:8< 8 >:A84=K< 48M;5:B@8:0<8. "8? 48M;5:B@8:0 2 ?5@2CN >G5@54L >?@545;O5B E0@0:B5@8AB8:8 :>=45=A0B>@0 ?>AB>O==>9 5<:>AB8. A=>2=K5 ?0@0<5B@K :>=45=A0B>@>2 A;54CNI85. 1.><8=0;L=0O 5<:>ABL !=><, :>B>@>9 <0@:8@C5BAO :>=45=A0B>@. =0G5=8O =><8=0;L=>9 5<:>AB8 :>=45=A0B>@>2 AB0=40@B87>20=K, 0 8E :>;8G5AB2> 2 45:045 >?@545;O5BAO B8?>< @O40. 081>;55 G0AB> C?>B@51;ONBAO @O4K , 6, 12, 24, 2 :>B>@KE A>>B25BAB25==> 3, 6, 12 8 24 7=0G5=89 =><8=0;L=>9 5<:>AB8 2 :064>9 45:045. 2. >?CA:05<>5 >B:;>=5=85 D0:B8G5A:>9 5<:>AB8 :>=45=A0B>@0 >B =><8=0;L=>3> 7=0G5=8O. 865 ?@82545=K 4>?CA:05<K5 >B:;>=5=8O 5<:>AB8 4;O @07;8G=KE :>=45=A0B>@>2: A =5>@30=8G5A:8< 8 >@30=8G5A:8< 48M;5:B@8:><.........0,1; 0,25; 0,5;1; 2; 5; 10; 20; A >:A84=K< 48M;5:B@8:>< . . . 5; 10; 20; 30; +30; +50; +80; +100  10  20  20  10 A =5>@30=8G5A:8< 8 >@30=8G5A:8< 48M;5:B@8:><......30; +30; +50; +50; +50; +80; +100  10  0  10  20  20  10 A >:A84=K< 48M;5:B@8:>< . . . 3. ><8=0;L=>5 =0?@O65=85 UH, ?@54AB02;ONI55 A>1>9 =081>;LH55 =0?@O65=85, ?@8 :>B>@>< :>=45=A0B>@ <>65B @01>B0BL 2 7040==KE CA;>28OE 2 B5G5=85 A@>:0 A;C61K A A>E@0=5=85< 53> ?0@0<5B@>2. ;O ?>;O@=KE :>=45=A0B>@>2, B. 5. :>=45=A0B>@>2, ?@54=07=0G5==KE 4;O @01>BK 2 F5?OE ?>AB>O==>3> 8 ?C;LA8@CNI53> B>:>2 157 87<5=5=8O ?>;O@=>AB8 ?>42>48<>3> : =8< =0?@O65=8O, ?><8<> =><8=0;L=>3> =0?@O65=8O, 4>?>;=8B5;L=> >3>20@8205BAO 4>?CAB8<0O 0<?;8BC40 ?5@5<5==>9 A>AB02;ONI59 =0?@O65=8O. @8 MB>< AC<<0 ?>AB>O==>3> @01>G53> =0?@O65=8O 8 0<?;8BC4K ?5@5<5==>9 A>AB02;ONI59 =5 4>;6=0 ?@52KH0BL =><8=0;L=>3> =0?@O65=8O. 4. 80?07>= @01>G8E B5<?5@0BC@, 2 :>B>@>< 4>;6=0 >15A?5G820BLAO =>@<0;L=0O @01>B0 M;5:B@>==>9 0??0@0BC@K ?@8 B5<?5@0BC@5 >:@C60NI59 A@54K  40  +70C 2 A;CG05 CAB0=>2:8 0??0@0BC@K 2 <>B>@=>< >B45;5=88 8;8  40  +55! ?@8 CAB0=>2:5 2=5 <>B>@=>3> >B45;5=8O. ;O 2K?>;=5=8O MB>3> B@51>20=8O, CG8BK20O ?5@53@52 M;5:B@>==>9 0??0@0BC@K ?> >B=>H5=8N : B5<?5@0BC@5 >:@C60NI53> 2>74CE0, 25@E=89 ?@545; 4>?CAB8<>9 B5<?5@0BC@K :>=45=A0B>@0 4>;65= 1KBL, :0: ?@028;>, =5 =865 85 !.  A525@=KE @09>=0E AB@0=K B5<?5@0BC@0 2>74CE0 <>65B 4>AB830BL  55!. > 871560=85 >B:070 0??0@0BC@K ?@8 B0:8E CA;>28OE =5>1E>48<>, GB>1K CAB0=>2;5==K5 2 =59 :>=45=A0B>@K 2K45@6820;8 40==CN B5<?5@0BC@C E>BO 1K 2 =5@01>G5< A>AB>O=88. 0: ?@028;>, MB> 4>AB0B>G=>5 CA;>285, ?>A:>;L:C 2 A;CG05 M:A?;C0B0F88 B@0=A?>@B0 ?@8 >A>1> =87:8E B5<?5@0BC@0E ?5@54 2:;NG5=85< M;5:B@>==>9 0??0@0BC@K >1KG=> >ACI5AB2;ONB ?CA: 42830B5;O 8 >1>3@52 ?@>AB@0=AB20, 345 @0A?>;>65=0 0??0@0BC@0. # 1>;LH8=AB20 2K?CA:05<KE A>2@5<5==KE :>=45=A0B>@>2 A =5>@30=8G5A:8<8 8 >@30=8G5A:8<8 48M;5:B@8:0<8 40==K5 B@51>20=8O >15A?5G820NBAO, ?>MB><C 8<55BAO 2>7<>6=>ABL H8@>:>3> 2K1>@0 B>3> 8;8 8=>3> B8?0 :>=45=A0B>@0. >=45=A0B>@K A >:A84=K<8 48M;5:B@8:0<8 8<5NB 2 F5;>< EC4H85 ?>:070B5;8 2 G0AB8 @01>G53> B5<?5@0BC@=>3> 480?07>=0. >MB><C =><5=:;0BC@0 B0-:8E :>=45=A0B>@>2 A B@51C5<K<8 ?0@0<5B@0<8 O2;O5BAO 1>;55 C7:>9. 5. "5<?5@0BC@=K9 :>MDD8F85=B 5<:>AB8 ("), :>B>@K9 @025= >B=>A8B5;L=><C 87<5=5=8N, 5<:>AB8 :>=45=A0B>@0 ?@8 87<5=5=88 53> B5<?5@0BC@K =0 1 !. =0G5=85 " >?@545;O5BAO ?> D>@<C;5 " = !"1 - !"2/[!"1 (T1 - T2)]t 345 "1 8 " 2  B5<?5@0BC@K, ?@8 :>B>@KE 87<5@O5BAO 5<:>ABL :>=45=A0B>@0; !"1 8 !"2  5<:>AB8 :>=45=A0B>@0 ?@8 B5<?5@0BC@0E A>>B25BAB25==> "1 8 "2. > 25;8G8=5 " :>=45=A0B>@K @0718BK =0 3@C??K (?> !" 26192  84), :>B>@K< ?@8A20820NBAO >1>7=0G5=8O (B01;. 8). >=45=A0B>@K, 5<:>ABL :>B>@KE 2 7028A8<>AB8 >B B5<?5@0BC@K 87<5=O5BAO 2 7=0G8B5;L=KE ?@545;0E, @0718BK ?> 3@C??0< " A>3;0A=> 40==K< B01;. 9 [29]. 8. #A;>2=>5 >1>7=0G5=85 3@C?? :>=45=A0B>@>2 ?> B5@<>AB018;L=>AB8 "- 106 1/!, ?@8 20  85 !C:25==>-F8D@>2>5 >1>7=0G5=85&25B :>40+ (10040)100@0A=K9 A D8>;5B>2K<+ (3330)33!5@K930'5@=K9 (3330)33>@8G=52K9 (4740)47>;C1>9 A :@0A=K< (7540)75@0A=K9 (15040)Ml 50@0=652K9 (22040)2205;BK9 (33060)5;5=K9 (47090)470>;C1>9 (750120)750$8>;5B>2K9 (1500250)Ml 500@0=652K9 (2200500)22005;BK9 A >@0=652K<@8<5G0=85.   :>=45=A0B>@K A ?>;>68B5;L=K< ",   A >B@8F0B5;L=K< ",   A " =5>?@545;5==>3> 7=0:0. 9. #A;>2=>5 >1>7=0G5=85 3@C?? :>=45=A0B>@>2 ?> 4>?CA:05<><C >B:;>=5=8N 5<:>AB8 2 @01>G5< 480?07>=5 B5<?5@0BC@ >?CA:05<>5 >B:;>=5=85 5<:>AB8, %C:25==>-F8D@>2>5 >1>7=0G5=85&25B :>401010@0=652K9 A G5@=K<2020@0=652K9 A :@0A=K<3030@0=652K9 A 75;5=K<5050@0=652K9 A 3>;C1K<7070@0=652K9 A D8>;5B>2K< 9090@0=652K9 A 15;K< 6. >:070B5;8, E0@0:B5@87CNI85 M;5:B@8G5A:>5 A>?@>B82;5=85 :>=45=A0B>@0 ?@8 ?>42545=88 : =5<C =0?@O65=8O ?>AB>O==>3> B>:0. ;O :>=45=A0B>@>2 A >@30=8G5A:8< 8;8 =5>@30=8G5A:8< 48M;5:B@8:>< E0@0:B5@=> 2KA>:>5 M;5:B@8G5A:>5 A>?@>B82;5=85.  A2O78 A MB8< :0G5AB2> 87>;OF88 8E 48M;5:B@8:0 >F5=820NB ?>AB>O==>9 2@5<5=8 B (2 A), @02=>9 ?@>872545=8N =><8=0;L=>9 5<:>AB8 :>=45=A0B>@0 (2 <:$) =0 53> A>?@>B82;5=85 (2 <). # :>=45=A0B>@>2 A >:A84=K< 48M;5:B@8:>< A>?@>B82;5=85 ACI5AB25==> =865, G5< C :>=45=A0B>@>2 A >@30=8G5A:8< 8 =5>@30=8G5A:8< 48M;5:B@8:0<8. >MB><C :0G5AB2> 87>;OF88 :>=45=A0B>@>2 A >:A84=K< 48M;5:B@8:>< >F5=820NB ?> A8;5 B>:0, :>B>@K9 ?@>4>;605B ?@>B5:0BL G5@57 :>=45=A0B>@ 8 ?>A;5 >:>=G0=8O ?@>F5AA0 53> 70@O4:8. "0:>9 B>: =07K205BAO B>:>< CB5G:8, 0 53> A8;0 87<5@O5BAO ?@8 ?>42545=88 : :>=45=A0B>@C =><8=0;L=>3> =0?@O65=8O. !8;0 B>:0 CB5G:8 4>AB8305B CAB0=>282H53>AO 7=0G5=8O A?CABO =5A:>;L:> <8=CB ?>A;5 >:>=G0=8O ?@>F5AA0 70@O4:8 :>=45=A0B>@0. >MB><C 55 25;8G8=C 87<5@ONB G5@57 10 <8= ?>A;5 ?>42545=8O : :>=45=A0B>@C =0?@O65=8O. !2O7L <564C A8;>9 B>:0 CB5G:8 8 ?>AB>O==>9 2@5<5=8 :>=45=A0B>@0 2K@0605BAO D>@<C;>9 B = U=><!/ICB, 345 !  2 <:$; UUOM  2 ; ICB  2 <:. 59AB285 B>:0 CB5G:8 M:2820;5=B=> ?>4:;NG5=8N ?0@0;;5;L=> :>=45=A0B>@C @578AB>@0, A>?@>B82;5=85 :>B>@>3> B5< <5=LH5, G5< 1>;LH5 A8;0 B>:0 CB5G:8.  A2O78 A MB8< ?@8 8A?>;L7>20=88 :>=45=A0B>@>2, 8<5NI8E 1>;LHCN A8;C B>:0 CB5G:8, >:07K205BAO =52>7<>6=K< ?>;CG5=85 2KA>:8E ?>AB>O==KE 2@5<5=8 70@O4:8 8 @07@O4:8 :>=45=A0B>@0, GB> 8=>340 B@51C5BAO 4;O A>740=8O 2@5<O-7040NI8E M;5<5=B>2 M;5:B@>==>9 0??0@0BC@K. !8;0 B>:0 CB5G:8 >:A84=KE :>=45=A0B>@>2 2>7@0AB05B ?> <5@5 C25;8G5=8O 8E B5<?5@0BC@K, ?>MB><C 2>7<>6=>ABL ?@8<5=5=8O :>=45=A0B>@0 B>3> 8;8 8=>3> B8?0 2 :0G5AB25 2@5<O7040NI53> M;5<5=B0 A;54C5B >F5=820BL ?@8 ?@545;L=>9 ?>;>68B5;L=>9 @01>G59 B5<?5@0BC@5 :>=45=A0B>@0. ;O :>=45=A0B>@>2 A >@30=8G5A:8< 48M;5:B@8:>< E0@0:B5@=K >G5=L 1>;LH85 7=0G5=8O ?>AB>O==>9 2@5<5=8, ?>MB><C 8A?>;L7>20=85 :>=45=A0B>@>2 MB>3> B8?0 2 :0G5AB25 M;5<5=B>2 2@5<O7040N-I8E F5?59 =5 8<55B >3@0=8G5=89. "0:65 ?@83>4=> 4;O MB>9 F5;8 1>;LH8=AB2> B8?>2 :>=45=A0B>@>2 A =5>@30=8G5A:8< 48M;5:B@8:><. 7. #45;L=K5 ?>:070B5;8 ?> @07<5@0<. 07<5@K :>=45=A0B>@>2 >?@545;ONBAO 8E C45;L=>9 5<:>ABLN !C4, B. 5. 5<:>ABLN, >B=5A5==>9 : 548=8F5 >1J5<0 :>=45=A0B>@0. 081>;LHCN C45;L=CN 5<:>ABL 50  150 <:$/A<3 8<5NB :>=45=A0B>@K A >:A84=K< 48M;5:B@8:><. ;O 1>;LH8=AB20 :>=45=A0B>@>2 A >@30=8G5A:8< 8 =5>@30=8G5A:8< 48M;5:B@8:0<8 E0@0:B5@=K 7=0G5=8O !C4 =5 1>;55 1  2 <:$/A<3. 4=0:> >:A84=K5 :>=45=A0B>@K 70<5B=> CABC?0NB ?> AB018;L=>AB8 E0@0:B5@8AB8: :>=45=A0B>@0< 8=KE B8?>2, ?>MB><C 8E ?@8<5=5=85 =5 2A5340 2>7<>6=>. @8 >F5=:5 F5;5A>>1@07=>AB8 8A?>;L7>20=8O :>=45=A0B>@>2 B>3> 8;8 8=>3> B8?0 A;54C5B ?@5645 2A53> >F5=8BL B@51C5<K9 C@>25=L AB018;L=>AB8 8E E0@0:B5@8AB8:. A5 <=>3>>1@0785 >1;0AB59 ?@8<5=5=8O :>=45=A0B>@>2 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 <>6=> A25AB8 : 42C< 3@C??0<: 8A?>;L7>20=85 :>=45=A0B>@0 2 :0G5AB25 M;5<5=B0 M;5:B@8G5A:>9 F5?8, =>@<0;L=>5 DC=:F8>=8@>20=85 :>B>@>9 =5 =0@CH05BAO ?@8 87<5=5=88 5<:>AB8 :>=45=A0B>@0 4065 2 7=0G8B5;L=KE ?@545;0E (=0?@8<5@, ?@8 87<5=5=88 B5<?5@0BC@K >:@C60NI59 A@54K). -B>, 2 G0AB=>AB8, 8<55B <5AB>, 5A;8 :>=45=A0B>@ 2E>48B 2 A>AB02 D8;LB@0 8;8 2K?>;=O5B DC=:F88 @0745;8B5;L=>3> CAB@>9AB20; . ?@8<5=5=85 :>=45=A0B>@0 2 :0G5AB25 A>AB02=>3> M;5<5=B0 CAB@>9AB20, E0@0:B5@8AB8:8 :>B>@>3> 7028AOB >B 5<:>AB8 :>=45=A0B>@0.  B0:8< CAB@>9AB20<, =0?@8<5@, <>3CB 1KBL >B=5A5=K ?@5>1@07>20B5;8, A>45@60I85 8=B53@8@CNI85 F5?8, =0?@O65=85 =0 2KE>45 :>B>@KE 4>;6=> 87<5=OBLAO 2 DC=:F88 2@5<5=8 70@O40 :>=45=A0B>@>2. @8 ?>A;54CNI5< @0AA<>B@5=88 E0@0:B5@8AB8: :>=45=A0B>@>2 @07;8G=>3> B8?0 8 >F5=:8 F5;5A>>1@07=>AB8 8E 8A?>;L7>20=8O 2 ?5@2CN >G5@54L 1C45B ?@8=8<0BLAO 2> 2=8<0=85, : :0:>9 87 C:070==KE 3@C?? >B=>A8BAO >1;0ABL ?@8<5=5=8O :>=45=A0B>@0. >=45=A0B>@K A >@30=8G5A:8< 48M;5:B@8:><. >=45=A0B>@K MB>3> B8?0 >B=>AOBAO : =5?>;O@=K< :>=45=A0B>@0<, B. 5. >=8 <>3CB ?@8<5=OBLAO 2 F5?OE ?>AB>O==>3>, ?C;LA8@CNI53> 8 ?5@5<5==>3> B>:>2. > 480?07>=C @01>G8E B5<?5@0BC@ 8 " :>=45=A0B>@K A >@30=8G5A:8< 48M;5:B@8:>< 8<5NB C4>2;5B2>@8B5;L=K5 ?>:070B5;8. >MB><C >=8 <>3CB ?@8<5=OBLAO 2 :0G5AB25 M;5<5=B>2 F5?59, 4;O :>B>@KE =5>1E>48<0 ?>2KH5==0O AB018;L=>ABL 5<:>AB8 :>=45=A0B>@0.  MB>< A;CG05 >?@545;ONI8<8 D0:B>@0<8 4;O 2K1>@0 B>3> 8;8 8=>3> B8?0 :>=45=A0B>@0 O2;ONBAO 53> @07<5@K, @01>G89 B5<?5@0BC@=K9 480?07>=, 25;8G8=0 ", 4>?CA:05<>5 >B:;>=5=85 5<:>AB8, 0 B0:65 AB>8<>ABL :>=45=A0B>@0. @8 >4=>9 8 B>9 65 5<:>AB8 @07<5@K :>=45=A0B>@0 2>7@0AB0NB ?> <5@5 C25;8G5=8O 53> =><8=0;L=>3> =0?@O65=8O.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 :>=45=A0B>@K, :0: ?@028;>, @01>B0NB ?@8 =51>;LH8E =0?@O65=8OE. >MB><C 4;O 40==>9 0??0@0BC@K >:07K205BAO 2>7<>6=K< 8A?>;L7>20=8O :>=45=A0B>@>2 A <8=8<0;L=K< =><8=0;L=K< =0?@O65=85<, A>AB02;ONI8< 4;O :>=45=A0B>@>2 A >@30=8G5A:8< 48M;5:B@8:>< >1KG=> 63  100 .  B01;. 10 ?@82545=K E0@0:B5@8AB8:8 =5:>B>@KE B8?>2 :>=45=A0B>@>2 A >@30=8G5A:8< 48M;5:B@8:><, :>B>@K5, 2 ?5@2CN >G5@54L, <>3CB 1KBL @5:><5=4>20=K 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5. ;O B>3> GB>1K >F5=8BL 3010@8B=K5 ?>:070B5;8 :>=45=A0B>@>2 MB8E B8?>2, 2 B01;8F5 ?@82545=K A@02=8B5;L=K5 40==K5 ?> @07<5@0< :>=45=A0B>@>2 :064>3> B8?0 5<:>ABLN 0,1 8 0,47 <:$. >=45=A0B>@K A =5>@30=8G5A:8< 48M;5:B@8:><. >=45=A0B>@K A =5>@30=8G5A:8< 48M;5:B@8:>< O2;ONBAO =5?>;O@=K<8 :>=45=A0B>@0<8, B. 5. >=8 <>3CB @01>B0BL 2 F5?OE ?>AB>O==>3>, ?C;LA8@CNI53> 8 ?5@5<5==>3> B>:>2.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 2 >A=>2=>< ?@8<5=ONB :5@0<8G5A:85 :>=45=A0B>@K, A@548 :>B>@KE =081>;LH55 @0A?@>AB@0=5=85 ?>;CG8;8 <>=>;8B=K5 :>=45=A0B>@K. 0: ?@028;>, 8A?>;L7CNB :5@0<8G5A:85 :>=45=A0B>@K A@02=8B5;L=> =51>;LH>9 5<:>AB8 (>B .A>B5= 4> BKAOG ?8:>D0@04). 1KG=> 8E ?@8<5=ONB 2 :0G5AB25 M;5<5=B>2 M;5:B@8G5A:8E D8;LB@>2 (A>2<5AB=> A >:A84=K<8 :>=45=A0B>@0<8) 8;8 2 CAB@>9AB20E 70I8BK >B ?><5E 8 4;O ?@54>B2@0I5=8O 02B>:>;510=89 2 F5?OE CA8;8B5;59. 10. %0@0:B5@8AB8:8 :>=45=A0B>@>2 A >@30=8G5A:8< 48M;5:B@8:>< 1>7=0G5=85 80?07>= 5<:>AB59, <:$ >?CA:05<K5 >B:;>=5=8O 5<:>AB8, % 80?07>= @01>G8E B5<?5@0BC@, ! 7<5=5=85 5<:>AB8 2 480?07>=5 @01>G8E B5<?5@0BC@, % U=><,  B, A  07<5@K, <<, ?@8 5<:>AB80, 1 <:$0,47 <:$8 0<5B@;8=080<5B@;8=05B0;;>1C<06=K50,05  1,010; 20 60  - 1-70 15  4- 106010008,5201136>;8MB8;5=- B5@5D;0B=K573-160,1  225; 10; 20 60  hi 25 10  [-1863400061873273-110,1  225; 10; 20 60  (-125 N  his634000613101373-90,001  0,475; 10; 20 60  1-100 10  100200008x11*2013x18*2473-170,22  4,75; 10; 20 60  f-125 12  1-186340008x15*1273-24 =570I8I5==K9)0,01  0,275; 10; 20 60  1002,5x6*8,50:>?;5=>G=K576-40,47  105; 10; 20 60  h7025100619* 07<5@K A5G5=8O. 11. %0@0:B5@8AB8:8 :5@0<8G5A:8E :>=45=A0B>@>2 @C??0 ?> " 80?07>= 5<:>AB59. ?$ >?CA:05<K5 >B:;>=5=8O 5<:>AB8, %U=><,  B, A  07<5@K, <<, ?@8 5<:>AB81000 ?$10 000 ?$"8?0 -575068  27005; 1016011X11X61500150  56005; 10160508,5E8,5E6301500  68000 20  +501008,5x8,5x6"8?0 -6750470  91005; 10506,5x4,4x6,51500820  150005; 1050756,5x4,5x6,53010000  150000 20  +50256,5x4,5x6,5"8?0 KW-17A750470  91005; 10506,5x4,5x6,51500820  150005; 1050756,5x4,5x6,53010000  150000 20  +50256,5x4,5x6,5"8?0 KW-7B75047  6805; 105012x12x4,5Ml 50068  100020504x4x3,530680  10000205012x12x4,5"8?0 KW-975027  82005; 1025256x5,5x1,4150036  150002025252,5x5,5x1150  150000 20  +5015252x2x2,5@8<5G0=85. 80?07>= @01>G8E B5<?5@0BC@ A>AB02;O5B  60   25 !  4;O :>=45=A0B>@>2 B8?0 -5;  6!  +85 !  4;O :>=45=A0B>@>2 B8?0 -6, 10-17 8 KIO-8; -40  (-85 !  4;O :>=45=A0B>@>2 B8?0 10-7. 12. %0@0:B5@8AB8:8 :>=45=A0B>@>2 A >:A84=K< 48M;5:B@8:>< "8? :>=45=A0B>@>2 1>7=0-G5=85 80?07>= 5<:>AB59 ?@8 U=><=16 . <:$ >?CA:05<K5 >B:;>=5=8O 5<:>AB8, % 7<5=5=85 5<:>AB8 2 480?07>=5 @01>G8E B5<?5@0BC@, %!8;0 B>: 0 CB5G:8, <:  07<5@K, <<, ?@8 U=><=16  8 5<:>AB81 0 <:$1 00 <:$80<5B@;8=080<5B@;8=0;N<8=852K5 >:A84=>-M;5:B@>;8B8G5A:8550-2  10*2 20  +50 50  +3012  15008,5- 3650-1547  680 20  +80 50  +3013 5593350-2922  470 20  +50 50  +3015  640627:A84=>-?>;C? @>2>4=8:>-2K5 (?>;O@=K5): B0=B0;>2K5 53-10,068  58+ 10; 20; 30 35  +352  541353-300,47  3,320; +3024.5*17,5*153-160,33  3,320; 30 25  +202(2, 1X3, 1)*16.1*10;N<8=852K553-140,068  2210; 20; 30 40  +505  767,212=8>1852K553-40,47  22010; 20; 30 35  +3510  25413916,5*1 @8 5<:>AB8 3,3 <:$. *2 @8 UHOM=12B. @8<5G0=8O: I. 80?07>= @01>G8E B5<?5@0BC@ A>AB02;O5B  60  (-85 ! 4;O 2A5E :>=45=A0B>@>2, :@><5 .50-1 5, 4;O :>B>@>3> >= @025=  60  fl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m0E 8 8<?C;LA=>3> >1@0B=>3> =0?@O65=8O U>1@, 8 max; ?045=85 =0?@O65=8O 2 48>45 ?@8 ?@>E>645=88 G5@57 =53> ?>AB>O==>3> ?@O<>3> B>:0 I?@ (8;8 4@C3>3> 7040==>3> B>:0); @01>G89 480?07>= B5<?5@0BC@ >:@C60NI59 A@54K; >1@0B=K9 B>: 48>40 I1@, B. 5. B>:, ?@>E>4OI89 G5@57 48>4, ?@8 ?>42545=88 : =5<C =0?@O65=8O 2 >1@0B=>< =0?@02;5=88. 5;8G8=0 MB>3> =0?@O65=8O =>@<8@C5BAO.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 ?>GB8 8A:;NG8B5;L=> ?@8<5=ONBAO :@5<=852K5 48>4K. -B> A2O70=> A =5>1E>48<>ABLN >15A?5G5=8O @01>B>A?>A>1=>AB8 M;5:B@>==>9 0??0@0BC@K ?@8 >:@C60NI59 B5<?5@0BC@5 2KH5 70!, =0 :>B>@CN 35@<0=852K5 48>4K =5 @0AAG8B0=K. K?@O<8B5;L=K5 8 C=825@A0;L=K5 48>4K 8A?>;L7CNB 2 :0G5AB25 M;5<5=B>2 A8;>2KE F5?59 8 <0;><>I=KE F5?59 C?@02;5=8O. !>>B25BAB25==> MB8< >1;0ABO< ?@8<5=5=8O 48>4K <>3CB 1KBL @0745;5=K =0 @07;8G=K5 3@C??K. 8>4K A8;>2KE F5?59. !8;>2K5 F5?8 M;5:B@>==KE 02B><>18;L=KE CAB@>9AB2 ?>;CG0NB ?8B0=85 =5?>A@54AB25==> >B 1>@B>2>9 A5B8, 2 :>B>@>9 2>7<>6=> ?>O2;5=85 ?5@5=0?@O65=89 4> 200 . >MB><C 48>4K, ?@8<5=O5<K5 2 B0:8E F5?OE, 4>;6=K 8<5BL 4>?CAB8<>5 >1@0B=>5 =0?@O65=85 =5 =865 C:070==>3> 7=0G5=8O. !8;0 B>:0 2 2KE>4=KE F5?OE M;5:B@>==KE 02B><>18;L=KE CAB@>9AB2 >1KG=> =0E>48BAO 2 480?07>=5 1  10 . AE>4O 87 :>=:@5B=>9 25;8G8=K B>:0 =03@C7:8 2KE>4=>9 F5?8, =5>1E>48<> 2K18@0BL A>>B25BAB2CNI89 B8? 48>40. @8 MB>< A;54C5B 8<5BL 2 284C, GB> ?@8<5=5=85 48>40 A C25;8G5==K< 70?0A>< ?> B>:C =03@C7:8 ?>72>;8B =5 B>;L:> C;CGH8BL B5<?5@0BC@=K9 @568< 48>40, => B0:65 =5A:>;L:> A=878BL ?045=85 =0?@O65=8O 2 =5<. 5A<>B@O =0 B>, GB> C<5=LH5=85 ?045=8O =0?@O65=8O =5 ?@52KH05B 0,1  0,2 , 2 =5:>B>@KE A;CG0OE >=> <>65B >:070BLAO 25AL<0 ?>;57=K< >A>15==> 4;O M;5:B@>==KE CAB@>9AB2, @01>B0NI8E >B 1>@B>2>9 A5B8 =0?@O65=85< 12 . 8>4K CA8;8B5;L=KE 8 2K?@O<8B5;L=KE CAB@>9AB2 A@54=59 <>I=>AB8.  40==>9 3@C??5 <>3CB 1KBL >B=5A5=K 48>4K, @01>B0NI85 ?@8 B>:0E =03@C7:8 2 480?07>=5 0,1  1,0 . AB>G=8:>< ?8B0=8O @0AA<0B@8205<KE CAB@>9AB2 <>65B 1KBL :0: =5?>A@54AB25==> 1>@B>20O A5BL 02B><>18;O, B0: 8 8AB>G=8: AB018;878@>20==>3> =0?@O65=8O.  ?5@2>< A;CG05 87-70 2>7<>6=>3> ?>O2;5=8O ?5@5=0?@O65=89 2 1>@B>2>9 A5B8 A;54C5B 2K18@0BL 48>4K A 4>?CAB8<K< >1@0B=K< =0?@O65=85< =5 =865 200 . > 2B>@>< A;CG05 4>?CAB8<>5 >1@0B=>5 =0?@O65=85 48>40 <>65B 1KBL =5A:>;L:> 2KH5 =0?@O65=8O AB018;870B>@0. ;O 48>4>2 MB>9 3@C??K 25;8G8=0 ?045=8O =0?@O65=8O 8<55B <5=LH55 7=0G5=85 ?> A@02=5=8N A 48>40<8 A8;>2KE F5?59, 8 8E A;54C5B 2K18@0BL, 8AE>4O 87 @50;L=KE B>:>2 =03@C7:8, B. 5. 157 87;8H=53> 70?0A0. 8>4K F5?59 C?@02;5=8O.  MB>9 3@C??5 <>3CB 1KBL >B=5A5=K 48>4K, 8<5NI85 B>: =03@C7:8 <5=55 100 <. &5?8 C?@02;5=8O 02B><>18;L=KE M;5:B@>==KE CAB@>9AB2, :0: ?@028;>, ?>4:;NG0NB : 8AB>G=8:C AB018;878@>20==>3> =0?@O65=8O. >MB><C 48>4K 40==>9 3@C??K <>3CB 8<5BL >1@0B=>5 =0?@O65=85, :>B>@>5 ;8HL =5A:>;L:> 2KH5 =0?@O65=8O AB018;870B>@0. 5;8G8=0 ?045=8O =0?@O65=8O 4;O 48>4>2 MB>9 3@C??K, :0: ?@028;>, >A>1>3> 7=0G5=8O =5 8<55B. 4=0:> 2 =5:>B>@KE >A>1KE A;CG0OE B@51C5BAO, GB>1K 25;8G8=0 ?045=8O =0?@O65=8O 2 48>45 A>3;0A>2K20;0AL A ?045=85< =0?@O65=8O 2 4@C38E M;5<5=B0E (=0?@8<5@, 2 ?5@5E>45 1070  M<8BB5@ B@0=78AB>@0). AE>4O 87 :>=:@5B=KE B@51>20=89 : MB><C ?0@0<5B@C 8 4>;65= 1KBL 2K1@0= B8? 48>40. ><5=:;0BC@0 48>4>2 2A5E B@5E 3@C??, 2K?CA:05<KE ?@><KH;5==>ABLN, >G5=L H8@>:0, ?>MB><C C @07@01>BG8:0 1>;LH85 2>7<>6=>AB8 2K1>@0 48>4>2 4;O B5E 8;8 8=KE >1;0AB59 ?@8<5=5=8O.  B01;. 13 ?@82545=K E0@0:B5@8AB8:8 =5:>B>@KE B8?>2 48>4>2, :>B>@K5 =081>;55 H8@>:> ?@8<5=ONBAO 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5. !B018;8B@>=K 8 AB018AB>@K. -B8 ?@81>@K 8A?>;L7CNBAO 2 :0G5AB25 AB018;870B>@>2 =0?@O65=8O 8 M;5<5=B>2 >?>@=>3> =0?@O65=8O. !B018;8B@>=K 2:;NG0NB 2 M;5:B@8G5A:CN F5?L B0:8< >1@07><, GB>1K 2 @01>B5 8A?>;L7>20;0AL >1@0B=0O 25B2L 8E 2>;LB-0<?5@=>9 E0@0:B5@8AB8:8, 0 AB018AB>@K 2:;NG0NB 0=0;>38G=> 2K?@O<8B5;L=K< 48>40<. >@<8@C5<K<8 ?0@0<5B@0<8 AB018;8B@>=>2 8 AB018AB>@>2 O2;ONBAO: =><8=0;L=>5 =0?@O65=85 AB018;870F88 UAB. ><; <0:A8<0;L=> 4>?CAB8<0O @0AA58205<0O <>I=>ABL (0E, =>@<8@C5<0O 87 CA;>28O =03@520 AB018;8B@>=0; <0:A8<0;L=0O A8;0 B>:0 AB018;870F88 (=03@C7:8) I!" m0E, A>>B25BAB2CNI0O Pmax; 4>?CAB8<K9 @071@>A 25;8G8= UAB 4;O AB018;8B@>=>2 40==>3> B8?0; B5<?5@0BC@=K9 :>MDD8F85=B =0?@O65=8O AB018;870F88 aUAB, >?@545;O5<K9 ?> D>@<C;5 aUcB:=UAB/(UCTT), 345 UAB  @07=8F0 =0?@O65=89 AB018;870F88 AB018;8B@>=0 ?@8 87<5=5=88 B5<?5@0BC@K =0 . <5AB> 08AB 4;O =5:>B>@KE B8?>2 AB018;8B@>=>2 C:07K20NB ?@545;L=K5 >B:;>=5=8O 7=0G5=89 U!B ?@8 87<5=5=88 B5<?5@0BC@K 2 7040==KE ?@545;0E; 13. %0@0:B5@8AB8:8 2K?@O<8B5;L=KE 8 C=825@A0;L=KE 48>4>2 1;0ABL ?@8<5=5=8O "8? 48>40 "5<?5@0BC@0 >:@C60NI59 A@54K. ! I?@ . ?@8 B5<?5@0BC@5045=85 =0?@O65=8O, , ?@8 I=I?@ U>1@.  I>1@, , ?@8 B5<?5@0BC@580<5B@, < < ;8=0, << 25 !125!25 !125! !8;>2K5 F5?8 2451251051,253003-10321,544202; 130521,0200; 3001-1031337208851,51,0100100103(5x4,5)721212510,21,0200502-103(7,6x4)92131251031,020020010-103144#A8;8B5;L=K5 8 2K?@O<8B5;L=K5 CAB@>9AB20 A@54=59 <>I=>AB8105850,31,0300100300*1(5x4,5)7209850,71,0400300*1(5x4,5)7229; 1250,40,21,0200; 100502506,8352291250,70.5*11,0100502506,835106850,30.1*11,01001010057&5?8 C?@02;5=8O1021000,10.03*21,0**2500,150*2231031000,10,03*250150* 223503700,020.015*31,0*53010*237,5509850,10.05*11,1505100*137,5*1 @8 B5<?5@0BC@5 +85 !. *2 @8 B5<?5@0BC@5 +100 !. *3 @8 B5<?5@0BC@5 +70 !. *4 @8 I?@=0.05 . @8 I?@=0.01 . @8<5G0=85.  A:>1:0E C:070=K @07<5@K A5G5=8O. 48DD5@5=F80;L=>5 A>?@>B82;5=85 3AB, ?@54AB02;ONI55 A>1>9 >B=>H5=85 87<5=5=8O =0?@O65=8O AB018;870F88 : 2K7202H5<C 53> 87<5=5=8N A8;K B>:0 AB018;870F88; <8=8<0;L=> 4>?CAB8<K9 B>: AB018;870F88 I3B mm, =865 :>B>@>3> =5 30@0=B8@C5BAO CAB>9G820O @01>B0 AB018;8B@>=0; <0:A8<0;L=K9 ?>AB>O==K9 ?@O<>9 B>: I?@ ?@8 @01>B5 AB018;8B@>=0 =0 ?@O<>9 25B28 2>;LB-0<?5@=>9 E0@0:B5@8AB8:8, B. 5. ?@8 53> 2:;NG5=88 0=0;>38G=> 2K?@O<8B5;L=><C 48>4C; =5A8<<5B@8G=>ABL =0?@O65=8O AB018;870F88 /, B, C:07K205<0O B>;L:> 4;O A8<<5B@8G=KE AB018;8B@>=>2, A>AB>OI8E 87 42CE =02AB@5GC A>548=5==KE @-n ?5@5E>4>2. # B0:8E AB018;8B@>=>2 =57028A8<> >B ?>;O@=>AB8 ?>42>48<>3> : =8< =0?@O65=8O 2A5340 ?>A;54>20B5;L=> A>548=5=K 2K?@O<8B5;L=K9 48>4 (2 ?@O<>< =0?@02;5=88) 8 AB018;8B@>=.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 AB018;8B@>=K 8A?>;L7CNB 2 :0G5AB25 M;5<5=B>2 :0: A8;>2KE F5?59, B0: 8 <0;><>I=KE F5?59 C?@02;5=8O, 0 AB018AB>@K  B>;L:> 2 F5?OE C?@02;5=8O. ! CG5B>< >1;0AB59 ?@8<5=5=8O AB018;8B@>=>2 8E F5;5A>>1@07=> @0718BL =0 A;54CNI85 3@C??K. !B018;8B@>=K A8;>2KE F5?59. !B018;8B@>=K MB>9 3@C??K 8A?>;L7CNB 2 :0G5AB25 <>I=>3> M;5<5=B0 >?>@=>3> =0?@O65=8O CAB@>9AB2 AB018;870F88 =0?@O65=8O A 1>;LH8<8 B>:0<8 =03@C7:8. E B0:65 ?@8<5=ONB 2 F5?OE 1;>:>2 70I8BK >B ?5@5=0?@O65=89 2 1>@B>2>9 A5B8. =8 2:;NG0NBAO, :>340 MB> =0?@O65=85 ?@52KA8B 7040==K9 C@>25=L.  :0G5AB25 AB018;8B@>=>2 A8;>2KE F5?59 >1KG=> 8A?>;L7CNB AB018;8B@>=K B8?>2 815  815 A =0?@O65=85< AB018;870F88 5,6  18  8 4>?CAB8<>9 @0AA58205<>9 <>I=>ABLN 8 B (?@8 B5<?5@0BC@5 >:@C60NI59 A@54K 25 !). A;8 =5>1E>48<> 1>;55 2KA>:>5 =0?@O65=85 AB018;870F88, B> A;54C5B ?@8<5=OBL AB018;8B@>=K B8?>2 816  816 A =0?@O65=85< AB018;870F88 22  47 , 8<5NI85 4>?CAB8<CN @0AA58205<CN <>I=>ABL 5 B (?@8 B5<?5@0BC@5 >:@C60NI59 A@54K 25 !). 14. %0@0:B5@8AB8:8 ?@5F878>==KE AB018;8B@>=>2 "8? AB018;8B@>=0 UAB =>< ?@8 IAB= =.10 <,  >?CAB8<K9 @071@>A UCT,  Pm0E. " IAB. < aUAB,. %/A 3AB, <, ?@8 A8;5 B>:080<5B@, << ;8=0, << 1 0 <3 <81899  10,350.3*13/33*1+0,0225707 15 8187,65  9 0,028188,1  9,90,018188,55  9,450,0058188,55  9,450,0028188,55  9,450,001!2111111  12,60.28*15/33*2+ 0,021530(9x32)26!2119,3  11 0,02!2119,9  12,10,01!2110,005*1 @8 B5<?5@0BC@5 50!. *2 @8 B5<?5@0BC@5 25!. @8<5G0=8O: 1.  G8A;8B5;5 C:070= <8=8<0;L=K9 B>: AB018;870F88, 7 7=0<5=0B5;5-  <0:A8<0;L=K9. 2. 0:A8<0;L=0O B5<?5@0BC@0 4;O 40==KE AB018;8B@>=>2 A>AB02;O5B 125!!, 3.  A:>1:0E ?@82545=K @07<5@K A5G5=8O. 15. %0@0:B5@8AB8:0 AB018;8B@>=>2 >1I53> =07=0G5=8O "8? AB018;8B@>=0IAB. =>< <UAB. =>< 071@>A UAB  max. <BIAB, <0,, , %/A uctrAB ?@8 IAB. =><. <0:A8<0;L=0O B5<?5@0BC@0.80<5B@, <<;8=0, <<814 587  8,5 340*13/40*20,07681498  9,53/360,0810814109  10,53/320,09121257158141110-123/290,095158141311,5  143/240,09518!1333,32,97  3,633/81*2 0,1165!139393,51  4,293/70 0,160! 147 104,74,23  5,17300* 23/58 0,0956100715! 156 5,65,04  6,163/550,0546! 168 6,86,12  7,483/450,0628!1333,32,85  3,651/37,5*1 0,10  0,02150!13953,93,5  4,3125*11 /32 0,0715012537,5!1474,74,2-5,21/26,50,05150!1565,65,0  6,21/22,40,07100!1757,57,1  7,90,5/17*10,07!18248,27,4  9,0125*i0,5/150,08401252,74,5!1919,18,6-9,60,5/140,09!210109-110,5/130,091252,74,5!2111110,4  11,6125*10,5/120,09240   !21241210,8  13,2 0,5/110,095    !2131312,3  13,70,5/100,095   !4828,26,9  91/96*20,08!510108,2-111/79!512129,9  13,2100*21/6725100715!5181814,7  19,8 1/450,10   !5151512,3  16,51/53!5222217,9  24,21/37! 162 106,25,8  6,63/22*2 0,0635! 168106,86,3  7,33/200,0528(8X4) !17557,57  8150*23/380,04161004!18258,27,6  8,8 3/170,0514  !19159,18,5-9,73/150,0618!2105109,3  10,73/140,0722!21351312,1  13,9150*23/100,0825100(8X4) 4!1701076,65  7,35 3/20*20,0120  *1 @8 B5<?5@0BC@5 35!. *2 @8 B5<?5@0BC@5 50!. @8<5G0=8O: 1. !B018;8B@>=K !1 62  !21  8 !170  42CE0=>4=K5. 2. AB=,0,24-0,52 . 3  A:>1:0E C:070=K @07<5@K A5G5=8O. 4.  G8A;8B5;5 C:070= <8=8<0;L=K9 B>: AB018;870F88, 2 7=0<5=0B5;5  <0:A8<0;L=K9. !B018;8B@>=K F5?59 C?@02;5=8O.  7028A8<>AB8 >B F5;52>3> =07=0G5=8O AB018;8B@>=>2, 8A?>;L7C5<KE 2 F5?OE C?@02;5=8O, : =8< ?@54JO2;ONB @07;8G=K5 B@51>20=8O ?> @071@>AC =0?@O65=8O AB018;870F88, B5<?5@0BC@=>9 AB018;L=>AB8, 48DD5@5=F80;L=>3> A>?@>B82;5=8O 8 B. 4. A;8 =5>1E>48<> >15A?5G8BL <8=8<0;L=K9 @071@>A UcT 8 <0:A8<0;L=CN B5<?5@0BC@=CN AB018;L=>ABL >?>@=>3> =0?@O65=8O AB018;8B@>=0, B> A;54C5B ?@8<5=OBL ?@5F878>==K5 AB018;8B@>=K, ;CGH5 C4>2;5B2>@ONI85 40==K< B@51>20=8O<.  >AB0;L=KE A;CG0OE <>6=> @5:><5=4>20BL ?@8<5=5=85 AB018;8B@>=>2 >1I53> =07=0G5=8O, :>B>@K5 8<5NB 1>;55 H8@>:CN =><5=:;0BC@C. -B>, 2 G0AB=>AB8, ?>72>;O5B ?>4>1@0BL AB018;8B@>=K A ?0@0<5B@0<8, >?B8<0;L=K<8 4;O :>=:@5B=KE >1;0AB59 ?@8<5=5=8O.  B01;. 14 8 15 ?@82545=K E0@0:B5@8AB8:8 =5:>B>@KE B8?>2 AB018;8B@>=>2, :>B>@K5 <>3CB 1KBL @5:><5=4>20=K 4;O 8745;89 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@K. 7 A>?>AB02;5=8O 40==KE B01;. 14 8 15 A;54C5B, GB> C ?@5F878>==KE AB018;8B@>=>2 4>?CAB8<K9 @071@>A UCJ 2 2 @070 <5=LH5, 0 25;8G8=0 o,uct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max 8 8<?C;LA=><C I 8 m0E B>:0< :>;;5:B>@0; <0:A8<0;L=> 4>?CAB8<><C ?>AB>O==><C B>:C 107K I1max; =0?@O65=8N =0AKI5=8O :>;;5:B>@  M<8BB5@ U:M =0A ?@8 7040==>< B>:5 :>;;5:B>@0; =0?@O65=8N =0AKI5=8O 1070  M<8BB5@ u1M =0A ?@8 7040==KE B>:0E :>;;5:B>@0 8 107K; <0:A8<0;L=> 4>?CAB8<><C ?>AB>O==><C U:M max 8 8<?C;LA=><C U:M, 8 m0E =0?@O65=8O< :>;;5:B>@  M<8BB5@; <0:A8<0;L=> 4>?CAB8<K< ?>AB>O==><C U:2 max 8 8<?C;LA=><C U:2,8B0E =0?@O65=8O< :>;;5:B>@  1070; ?>AB>O==><C =0?@O65=8N M<8BB5@  1070 U M1 ; >1@0B=><C B>:C :>;;5:B>@0 I:1>, :>B>@K9 87<5@O5BAO ?@8 >B:;NG5==>< M<8BB5@5 8 ?>42545=88 : ?5@5E>4C :>;;5:B>@  1070 7040==>3> =0?@O65=8O >1@0B=>9 ?>;O@=>AB8; >1@0B=><C B>:C M<8BB5@0 IM1>, :>B>@K9 87<5@O5BAO ?@8 >B:;NG5==>< :>;;5:B>@5 8 ?>42545=88 : ?5@5E>4C M<8BB5@  1070 7040==>3> =0?@O65=8O >1@0B=>9 ?>;O@=>AB8; >1@0B=K< B>:0< :>;;5:B>@  M<8BB5@ ?@8 >B:;NG5==>9 1075 I:M>, ?@8 7040==>< A>?@>B82;5=88 2 F5?8 1070  M<8BB5@ I:MR 8 ?@8 =5?>A@54AB25==>< A>548=5=88 <564C A>1>9 107K 8 M<8BB5@0 I:M:. -B8 B>:8 87<5@ONBAO ?@8 ?>42545=88 : ?5@5E>4C M<8BB5@  :>;;5:B>@ 7040==>3> =0?@O65=8O >1@0B=>9 ?>;O@=>AB8; AB0B8G5A:><C :>MDD8F85=BC ?5@540G8 B>:0 2 AE5<5 A >1I8< M<8BB5@>< h21M , ?@54AB02;ONI5<C A>1>9 >B=>H5=85 ?>AB>O==>3> B>:0 :>;;5:B>@0 : ?>AB>O==><C B>:C 107K ?@8 7040==KE ?>AB>O==>< =0?@O65=88 :>;;5:B>@  M<8BB5@ U:M 8 B>:5 M<8BB5@0 IM; <0:A8<0;L=> 4>?CAB8<>9 ?>AB>O==>9 @0AA58205<>9 <>I=>AB8 B@0=78AB>@0 B0E; @01>G5<C B5<?5@0BC@=><C 480?07>=C.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 B@0=78AB>@K 8A?>;L7CNB 2 :0G5AB25 M;5<5=B>2 A8;>2KE F5?59, CA8;8B5;L=KE CAB@>9AB2 A@54=59 <>I=>AB8, 0 B0:65 <0;><>I=KE F5?59 C?@02;5=8O. !>>B25BAB25==> MB8< CA;>28O< ?@8<5=5=8O =865 @0AA<0B@820NBAO B@0=78AB>@K @07;8G=KE B8?>2. "@0=78AB>@K A8;>2KE F5?59.  A8;>2K< F5?O< 8745;89 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@K >B=>AOBAO F5?8 A B>:0<8 =03@C7:8 ?>@O4:0 =5A:>;L:8E 0<?5@. @8 8A?>;L7>20=88 B@0=78AB>@>2 4;O :><<CB0F88 B0:8E B>:>2 =03@C7:8 =5>1E>48<> A=878BL 4> <8=8<C<0 <>I=>ABL, @0AA58205<CN 2 B@0=78AB>@5, 2> 871560=85 =54>?CAB8<>3> 53> ?5@53@520, 0 B0:65 4;O C<5=LH5=8O @07<5@>2 >E;0640NI53> @0480B>@0. ;O @50;870F88 MB>3> B@51>20=8O =5>1E>48<> >15A?5G8BL @01>BC B@0=78AB>@0 2 @568<5 A <8=8<0;L=K< ?045=85< =0?@O65=8O 2 53> ?5@5E>45 M<8BB5@  :>;;5:B>@. "0:8< @568<>< O2;O5BAO @568< =0AKI5=8O B@0=78AB>@0, ?>MB><C ?@8 2K1>@5 B8?0 B@0=78AB>@0 4;O :><<CB0F88 B>:>2 2 A8;>2KE F5?OE, 2 ?5@2CN >G5@54L, A;54C5B >F5=820BL 25;8G8=C U:M=0A. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 2 A;CG05 @01>BK B@0=78AB>@0 A 2KA>:>9 G0AB>B>9 :><<CB0F88 B>:0, 2 >A>15==>AB8 ?@8 @0ABO=CBKE D@>=B0E 53> 87<5=5=8O, >A=>2=K< D0:B>@><, >?@545;ONI8< 25;8G8=C @0AA58205<>9 <>I=>AB8, O2;ONBAO ?>B5@8 M=5@388 2 ?5@8>4K =0@0AB0=8O 8 C<5=LH5=8O A8;K B>:0. >MB><C 4;O 40==KE CA;>289 @01>BK B@0=78AB>@0 =081>;55 206=K< 53> ?0@0<5B@>< O2;O5BAO 25;8G8=0 m0E. KH5 C65 >B<5G0;>AL, GB> 2 1>@B>2>9 A5B8 02B><>18;O 2>7<>6=K 7=0G8B5;L=K5 ?5@5=0?@O65=8O. >MB><C 4;O B@0=78AB>@>2 A8;>2KE F5?59 25AL<0 206=K< ?0@0<5B@>< O2;O5BAO =0?@O65=85 U:M, 8B0E- '5< 2KH5 :>MDD8F85=B hz1M B@0=78AB>@0, B5< <5=LH89 B>: =5>1E>48<> ?>4020BL 2 53> 107C 4;O >15A?5G5=8O @568<0 =0AKI5=8O B@0=78AB>@0 ?@8 7040==>< B>:5 =03@C7:8 (B>:5 :>;;5:B>@0). !>>B25BAB25==> C<5=LH05BAO 8 <>I=>ABL, @0AA58205<0O 2 M;5<5=B0E F5?8 C?@02;5=8O A8;>2K< B@0=78AB>@><. -B> ?>72>;O5B 8A?>;L7>20BL 2 40==>9 F5?8 C?@02;ONI85 M;5<5=BK (2 B>< G8A;5 B@0=78AB>@K) <5=LH59 <>I=>AB8. "@0=78AB>@K, ?@54=07=0G5==K5 2 >A=>2=>< 4;O ?@8<5=5=8O 2 A8;>2KE F5?OE, 8A?>;L7CNB 8 2 =5:>B>@KE CAB@>9AB20E, 345 B>:8 =03@C7:8 =5 ?@52KH0NB 45AOBKE 4>;59 0<?5@0, => 345 B@0=78AB>@K 4>;6=K @01>B0BL 2 0:B82=>< @568<5 A> 7=0G8B5;L=K< ?045=85< =0?@O65=8O 2 F5?8 M<8BB5@  :>;;5:B>@.  MB>< A;CG05 ;8<8B8@CNI8< ?0@0<5B@>< B@0=78AB>@0 AB0=>28BAO 25;8G8=0 B0E- "0:>9 @568<, 2 G0AB=>AB8, E0@0:B5@5= 4;O 2KE>4=KE B@0=78AB>@>2 AB018;870B>@>2 =0?@O65=8O, 0 B0:65 <>I=KE M<8BB5@-=KE ?>2B>@8B5;59. 2B><>18;L=0O M;5:B@>==0O 0??0@0BC@0 =5 4>;6=0 2KE>48BL 87 AB@>O 2 A;CG05 >H81>G=>3> 55 2:;NG5=8O ?>4 =0?@O65=85 >1@0B=>9 ?>;O@=>AB8. 081>;55 ?@>AB> MB0 7040G0 @5H05BAO CAB0=>2:>9 2 F5?8 ?8B0=8O 0??0@0BC@K ?>;C?@>2>4=8:>2>3> 48>40. 4=0:> 2 B0:>< 48>45 8<55BAO ?045=85 =0?@O65=8O 0,8  1 , GB> 2 =5:>B>@KE A;CG0OE =54>?CAB8<>. @><5 B>3>, CAB0=>2:0 48>40 2 A8;>2>9 F5?8 ?@82>48B : 7=0G8B5;L=><C 2>7@0AB0=8N <>I=>AB8, @0AA58205<>9 2 0??0@0BC@5, 8, A;54>20B5;L=>, C25;8G5=8N 55 =03@520. ;O >15A?5G5=8O B@51C5<>9 70I8BK M;5<5=B>2 0??0@0BC@K 2<5AB> 48>40 <>65B 1KBL 8A?>;L7>20= B@0=78AB>@, ?5@5E>4 M<8BB5@  :>;;5:B>@ :>B>@>3> 2:;NG05BAO 2 F5?L ?8B0=8O 0??0@0BC@K. @8 ?@028;L=> 2K1@0==KE ?0@0<5B@0E B@0=78AB>@0 ?045=85 =0?@O65=8O 2 53> ?5@5E>45 M<8BB5@  :>;;5:B>@ <>65B 1KBL C<5=LH5=> 4> 0,2  0,3 , 0 2 =5:>B>@KE A;CG0OE >:07K205BAO 4065 2>7<>6=K< A>2<5AB8BL 2 B@0=78AB>@5 :0: >A=>2=K5 53> DC=:F88, B0: 8 DC=:F88 70I8BK M;5<5=B>2 F5?59 >B =0?@O65=8O >1@0B=>9 ?>;O@=>AB8.  >1>8E A;CG0OE >1O70B5;L=K< CA;>285< O2;O5BAO @8<5=5=85 B@0=78AB>@>2, C :>B>@KE 4>?CAB8<>5 =0?@O65=85 M<8BB5@  1070 =5 =865 =0?@O65=8O 8AB>G=8:0 ?8B0=8O 0??0@0BC@K.  B01;. 16 8 17 ?@82545=K E0@0:B5@8AB8:8 =5:>B>@KE B8?>2 <>I=KE :@5<=852KE B@0=78AB>@>2, :>B>@K5 <>3CB 1KBL @5:><5=4>20=K 4;O ?@8<5=5=8O 2 A8;>2KE F5?OE, 0 B0:65 CAB@>9AB20E AB018;870F88 =0?@O65=8O 8 F5?OE CA8;5=8O. "@0=78AB>@K A@54=59 <>I=>AB8.  MB>9 3@C??5 CA;>2=> <>3CB 1KBL >B=5A5=K B@0=78AB>@K A <0:A8<0;L=>9 A8;>9 ?>AB>O==>3> B>:0 I:m0E=0,3~0,8  8 @0AA58205<>9 <>I=>ABLN B0E = 0,2G-- l B. E 2 >A=>2=>< ?@8<5=ONB 2 :0G5AB25 CA8;8B5;L=KE 8;8 :><<CB8@CNI8E M;5<5=B>2 ?@542KE>4=KE :0A:04>2 CA8;5=8O, 0 B0:65 2 2KE>4=KE F5?OE M<8BB5@=KE ?>2B>@8B5;59 8 AB018;870B>@>2 =0?@O65=8O =51>;LH>9 <>I=>AB8. ;O B@0=78AB>@>2 40==>9 3@C??K =0@O4C A> 7=0G5=8O<8 I: max 8 m0E =081>;55 206=K<8 ?0@0<5B@0<8 O2;ONBAO =0?@O65=85 =0AKI5=8O :>;;5:B>@  M<8BB5@ U:M =03, ?>AB>O==>5 =0?@O65=85 M<8BB5@  1070 U- , AB0B8G5A:89 :>MDD8F85=B ?5@540G8 B>:0 h21M, 7=0G5=8O >1@0B=KE B>:>2 I 8 I-. A;8 8AB>G=8:>< ?8B0=8O B@0=78AB>@>2 O2;O5BAO =5?>A@54AB25==> 1>@B>20O A5BL 02B><>18;O, B> : G8A;C =081>;55 206=KE ?0@0<5B@>2 B@0=78AB>@>2 A;54C5B >B=5AB8 25;8G8=K U:M, 8 max 8 U:Mm0E, :>B>@K5 4>;6=K 1KBL =5 =865 2>7<>6=KE C@>2=59 ?5@5=0?@O65=89 2 1>@B>2>9 A5B8.  >AB0;L=KE A;CG0OE 7=0G5=85 U:Mm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max 8 B0E =081>;55 206=K<8 O2;ONBAO A;54CNI85 ?0@0<5B@K: AB0B8G5A:89 :>MDD8F85=B ?5@540G8 B>:0 h21M, >1@0B=K5 B>:8 I:2> 8 I-; ?>AB>O==>5 =0?@O65=85 M<8BB5@  1070 U - ; =0?@O65=85 =0AKI5=8O :>;;5:B>@  M<8BB5@ U:M =03 8 1070  M<8BB5@ U2M =0A- ><5=:;0BC@0 2K?CA:05<KE B@0=78AB>@>2 <0;>9 <>I=>AB8 25AL<0 H8@>:0. -B> ?>72>;O5B, 8AE>4O 87 :>=:@5B=KE CA;>289 ?@8<5=5=8O, 2K1@0BL =081>;55 A>>B25BAB2CNI89 ?> ?0@0<5B@0< B8? B@0=78AB>@0. <5AB5 A B5< 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 2A5 65 @5:><5=4C5BAO 8A?>;L7>20BL >3@0=8G5==CN =><5=:;0BC@C B0:8E B@0=78AB>@>2 (A<. B01;. 18). 16. %0@0:B5@8AB8:8 B@0=78AB>@>2 A8;>2KE F5?59 B8?0 n-p-t "8? B@0=78AB>@0I. I. U:M. U- 8 max  U-,  "5<?5@0BC@0 >:@C60NI59 A@54K, ! 568< CA8;5=8O/ ?@8 50!, B I.  I-, < I:MR <A 80<5B@, << KA>B0, << VA8:M-221-"80310/5-/160/2,5804,5/   40  +10051010  7060 (30)5052925,6"8055/52/0,51/2,51605/2,5 60  +1002101530(15)601002823,5"8055/52/0,51/2,51605/2,5 60  +1002101530(15)60100510%16*24,8"80810/64/0,6120/  2504/1,4 60  +1256320501032925,6"8151,5/0,50,5/0,0570/0,65/1,2 40  +1000,1524010*10,057,8E11*22,8"8151,5/0,50,5/0,05100/0,65/1,2 40  +1000,1523010*10,057,8E11*22,8"8173/31/0,360/15/1,5 60  +125222025* *0,17.8%11*22,8"8173/31/0,3100/15/1,5 60  +125221525*10,17,8x11**2,8"82720/200,5/0,2100/2,41005/3 60  +1251036000125*12339E26*210,3"82720/200,5/0,280/2,4805/3 60  +1251036000125*12339E26*210,3"90810/105/2100/1,55/2,3 60  +1251028  605025300. 2925,6*1 @8 B5<?5@0BC@5 255!. *2 07<5@K A5G5=8O. @8<5G0=8O: I.  G8A;8B5;5 ?@82545=K <0:A8<0;L=> 4>?CAB8<K5 7=0G5=8O, 2 7=0<5=0B5;5  7=0G5=8O, A>>B25BAB2CNI85 @568<C =0AKI5=8O 2.  A:>1:0E C:070=0 @0AA58205<0O <>I=>ABL ?@8 <0:A8<0;L=>9 B5<?5@0BC@5 >:@C60NI59 A@54K. 17. %0@0:B5@8AB8:8 B@0=78AB>@>2 A8;>2KE F5?59 B8?0 @-n-@ "8? B@0=78AB>@0 I,  I.  U:M. 2 U-.  "5<?5@0BC@0 >:@C60NI59 A@54K, !  568< CA8;5=8OP. ?@8 25 !, B I < I-, < I:MR <  07<5@K A5G5=8O, << KA>B0, << I:. U:M.2h21-"8141,5/0,50,5/0,0570/0,65/1,2 40 ----- [-1000,15240100,05  7,8X112,8"8141,5/0,50,5/0,05100/0,65/1,2 40  1-1000,15230100,05  7,8x112,8"8163/31/0,360/15/1,5 60 ---- hi 252220250,1  7,8x112,8"8163/31/0,3100/15/1,5 60  [-1252215250,1  7,8x112,8"82520/200,5/0,260/35/4 40  [-1001010750125   39,2x2610,3"82520/200,5/0,290/35/4 40  f 1001010750125   39,2x2610,3"8377,5/3-/0,3755/0,915/1,5 60  1-1002520  80 0,150,31010x164,8"8377,5/3-/0,3755/0,915/1,5 60 ---- hi 002550  150 0,150,31010x164,8"8377,5/3 /0,3770/2,55/1,5 60 ---- hi 002520  80 0,150,31010x164,8"8377,5/2-/0,340/0,515/1,5 60  hi 002520  80 0,150,31010x164,8"8377,5/2 /0,340/0,515/1,5 60  4-1002550  150 0,150,31010E104,8"8298/-0,2/  100/    40  [-853- 375060 21,510x164,8@8<5G0=85.  G8A;8B5;5 ?@82545=K <0:A8<0;L=> 4>?CAB8<K5 7=0G5=8O, 2 7=0<5=0B5;5  7=0G5=8O, A>>B25BAB2CNI85 @568<C =0AKI5=8O. 18. %0@0:B5@8AB8:8 B@0=78AB>@>2 A@54=59 8 <0;>9 <>I=>AB8 4;O F5?59 C?@02;5=8O "8? B@0=78AB>@0 IK , < I < U:M. 2 U-.  "5<?5@0BC@0 >:@C60NI59 A@54K, !  568< CA8;5=8O I, <: I-, <: I:MR, <: @ ?@8 25!!, <B 80<5B@, << KA>B0, << I, < U-, 2 h21-     !@54=59 <>I=>AB8 B8?0 @-n-@       "209, , , ,  "501, , , ,  "502- "503- 300/300 300/300 300/10 300/10 100/30 100/60 100/1 100/1 15  60/0,4 15  60/0,4 25  80/0,15 25  80/0,2 10  20/1,5 10  20/1,5 5/0,8 5/0,8   40  + 100  60  +125  40  +100  50  +85 30 30 10 10 1 1 5 5 40  240 40  240 40  240 40  240 1 1 1 1 1  200 350 350 350 5,2 4,95 5,2 5,2 5,3 5,3 5,2 5,2     !@54=59 <>I=>AB8 B8?0 n-@-n       "608 "630- "619 400/400 1000/150 100/    /80 200/150 60/0,4 100  150/0,3 250/  4/1 7/1,1 5/    40  +85  50  ,85  50  ^85 : 200 150 1 5 10 40 40  160 40  240 30 10 10 0,1 100 1 50 500 800 500 11,7 8,5 9,4 8 6,6 4,7     0;>9 <>I=>AB8 B8?0 n-@-n        "315, , ,  "342,  "373, ,  "3102, , ,  100/20 50/10 50/10 100/  -/2  /1 -/1 20  60/0,4 25  30/0,1 30  60/0,1 20  50/  6/1,1 5/0,9 5/0,9 5/-   60  [-100  60   25  50  f-85  40  (-85 1 1 1 2 10 5 5 5 80  350 25  500 50  600 100 1000 1 1 0,05 0,015; 0,05 30 30 30 10 1 30 30,100 0,1 150 250 150 250 7,2E*3 4,95 5E2,5*3 4,95 5 5,3 4,5 5,3     0;>9 <>I=>AB8 B8?0 @-n-@        "345,  "361, , ,  "3107,  , "3107,  200/100 50/20 100/100 100/100 -/10 /2 50/5 5/5 20/0,3 20 60/0,3 30 50/0,5 20 30/0,5 4/1,1 4/0,85 5/1 5/1  40 (-85 60 ---- (-100 60 Hi 25 60 (-125 100 1 2 2 1 10 5 5 50 1 05 40 350 120 460 380 800 1 1 0,1 0,1 ! 0,1 0,1 1 100*1 150*2 300 300 4,2x2,5* 7,2E*3 4,2x5,2* 4,2x5,2*  4,2 5 3 5,2 3 5,2 *1 @8 B5<?5@0BC@5 40 !. *2 @8 B5<?5@0BC@5 35 !. *3. 07<5@K A5G5=8O. @8<5G0=8O: 1 . =0G5=8O UKM max, U- 8 480?07>= h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ttK; <0:A8<0;L=> 4>?CAB8<0O @0AA58205<0O <>I=>ABL Pp.-,.-max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j-85C, 0 B0:65 ?@8 <8=8<0;L=KE =0?@O65=8OE 1>@B>2>9 A5B8 02B><>18;O.  G0AB=>AB8, 4;O 02B><>18;59 A =><8=0;L=K< =0?@O65=85< 1>@B>2>9 A5B8, @02=K< 12 , <8=8<0;L=> 4>?CAB8<>5 =0?@O65=85 A>AB02;O5B 10,8 . >MB><C 4;O >15A?5G5=8O =>@<0;L=>9 @01>BK M;5:B@>==>9 0??0@0BC@K 40==KE 02B><>18;59 ?@8<5=O5<K5 2 =59 >?5@0F8>==K5 CA8;8B5;8 4>;6=K =>@<0;L=> @01>B0BL ?@8 =0?@O65=88 8AB>G=8:0 ?8B0=8O 10  (8;8 5 ). "0:8< B@51>20=8O< C4>2;5B2>@ONB >?5@0F8>==K5 CA8;8B5;8 B8?>2 153#2 (A5@8O 153) 8 553#2 (A5@8O 553), @01>B>A?>A>1=>ABL :>B>@KE 30@0=B8@C5BAO ?@8 =0?@O65=88 ?8B0=8O 5  8 B5<?5@0BC@5 >:@C60NI59 A@54K  45  +85!. 06=K< ?>;>68B5;L=K< :0G5AB2>< 40==KE >?5@0F8>==KE CA8;8B5;59 O2;O5BAO 8E =87:0O AB>8<>ABL. #:070==K5 2KH5 B@51>20=8O B0:65 C4>2;5B2>@ONB =5:>B>@K5 >?5@0F8>==K5 CA8;8B5;8 A5@88 140. @8 MB>< 4;O CA8;8B5;59 B8?0 140#11, 140#14, 140#17 8 1408#2 (A?0@5==K9) 4>?CA:05BAO @01>B0 ?@8 <8=8<0;L=>< =0?@O65=88 ?8B0=8O 5 , 0 4;O CA8;8B5;O B8?0 140#12  ?@8 <8=8<0;L=>< =0?@O65=88 1,5 . 01>G89 480?07>= B5<?5@0BC@ C:070==KE CA8;8B5;59 A>AB02;O5B  45  i-850C. @8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8, @02=>< 24 , ?><8<> =0720==KE B8?>2 CA8;8B5;59 2 M;5:B@>==>9 0??0@0BC@5 <>3CB ?@8<5=OBLAO ?>GB8 2A5 >?5@0F8>==K5 CA8;8B5;8, 2E>4OI85 2 A5@8N , 0 B0:65 :><?0@0B>@K =0?@O65=8O, 2E>4OI85 2 A5@88 521 (B8?>2 521!1 8 521!2) 8 554 (B8?>2 554!1 8 554!2). 0@O4C A >?5@0F8>==K<8 CA8;8B5;O<8 >G5=L ?5@A?5:B82=K<8 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 O2;ONBAO B>:>@07=>AB=K5 48DD5@5=F80;L=K5 CA8;8B5;8, :>B>@K5 8=>340 =07K20NB CA8;8B5;O<8 >@B>=0. -B8 CA8;8B5;8, B0: 65 :0: 8 >?5@0F8>==K5, 8<5NB 8=25@B8@CNI89 8 =58=25@B8@CNI89 2E>4K. 4=0:> 2 >B;8G85 >B >?5@0F8>==>3> CA8;8B5;O, 345 2KE>4=>5 =0?@O65=85 >?@545;O5BAO A>>B=>H5=85< =0?@O65=89, ?>42>48<KE : 53> 2E>40<, C B>:>@07=>AB=>3> CA8;8B5;O =0?@O65=85 =0 2KE>45 7028A8B >B A>>B=>H5=8O A8; B>:>2, ?@>E>4OI8E 2 F5?OE 8=25@B8@CNI53> 8 =58=25@B8@CNI53> 2E>4>2. @><KH;5==>ABLN 2K?CA:05BAO <8:@>AE5<0 B8?0 1401#1, A>AB>OI0O 87 G5BK@5E =57028A8<> 459AB2CNI8E B>:>@07=>AB=KE CA8;8B5;59 [3]. 06=K< ?>;>68B5;L=K< :0G5AB2>< B>:>@07=>AB=>3> CA8;8B5;O O2;O5BAO 2>7<>6=>ABL ?>;CG5=8O =0 53> 2KE>45 <8=8<0;L=>3> =0?@O65=8O, =5 ?@52KH0NI53> 45AOBKE 4>;59 2>;LB0, 2 B> 2@5<O :0: C >?5@0F8>==KE CA8;8B5;59 MB>B C@>25=L A>AB02;O5B =5 <5=55 1,5  2  (?> >B=>H5=8N : >B@8F0B5;L=><C ?>;NAC 8AB>G=8:0 ?8B0=8O). 7 2K?CA:05<KE 8=B53@0;L=KE AB018;870B>@>2 =0?@O65=8O =081>;55 ?>4E>4OI8<8 ?> E0@0:B5@8AB8:0< 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 O2;ONBAO :><?5=A0F8>==K5 AB018;870B>@K A @53C;8@C5<K< AB018;878@>20==K< =0?@O65=85<, 2K?>;=5==K5 2 2845 8=B53@0;L=KE <8:@>AE5< B8?0 1421 (U2E = 9-20 , U+% = 3-12 ) 8 1422 (UR,= 15=-40 , U2KE= 12-30 ). !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 87-70 8<5NI8EAO ?045=89 =0?@O65=8O 2 @53C;8@CNI8E M;5<5=B0E MB8E AB018;870B>@>2 <8=8<0;L=0O @07=>ABL =0?@O65=89 U2E  U2KE A>AB02;O5B >:>;> 3 . 0==>5 >1AB>OB5;LAB2> >3@0=8G8205B 2>7<>6=>ABL ?@8<5=5=8O AB018;870B>@>2 40==>3> B8?0 2 02B><>18;OE A =><8=0;L=K< =0?@O65=85< 1>@B>2>9 A5B8 12 , ?>A:>;L:C 2 MB>< A;CG05 ?@8 <8=8<0;L=> 4>?CAB8<>< 55 =0?@O65=88, @02=>< 10,8 , >:065BAO =52>7<>6=K< ?>;CG8BL AB018;878@>20==>5 =0?@O65=85 2KH5 7  8 . &8D@>2K5 <8:@>AE5<K.  02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 ?@58<CI5AB25==> ?@8<5=ONBAO F8D@>2K5 <8:@>AE5<K A;54CNI53> DC=:F8>=0;L=>3> =07=0G5=8O: ;>38G5A:85 M;5<5=BK B8?0   , , ,  8 8E :><18=0F88; B@8335@K B8?0 I-K 8 D; AG5BG8:8, AC<<0B>@K 8 @538AB@K; 45H8D@0B>@K. B=>AOI85AO : F8D@>2K< <8:@>AE5<0< M;5<5=BK <8:@>?@>F5AA>@=KE :><?;5:B>2 2 40==>< @0745;5 =5 @0AA<0B@820NBAO, ?>A:>;L:C >=8 A>AB02;ONB >A>1K9 :;0AA ?@>3@0<<8@C5<KE CAB@>9AB2. &8D@>2K5 <8:@>AE5<K ?> A@02=5=8N A 0=0;>3>2K<8 8<5NB EC4HCN ?><5E>CAB>9G82>ABL, 2A;54AB285 G53> 4;O =8E 1>;55 25@>OB=K A1>8 2 @01>B5 ?@8 =0;8G88 ?><5E 2 F5?OE ?8B0=8O, 0 B0:65 ?>;52KE (M;5:B@><03=8B=KE) ?><5E. A>15==> MB> E0@0:B5@=> 4;O <8:@>AE5<, ?@8=F8? 459AB28O :>B>@KE >A=>20= =0 A@010BK20=88 =5 >B C@>2=O 2E>4=>3> A83=0;0, 0 >B 53> ?5@5?040. >MB><C >G5=L 206=K< ?>:070B5;5<, >?@545;ONI8< F5;5A>>1@07=>ABL- ?@8<5=5=8O F8D@>2KE <8:@>AE5< B>9 8;8 8=>9 A5@88, O2;O5BAO 8E ?><5E>CAB>9G82>ABL. @><5 B>3>, 4>;6=0 1KBL >15A?5G5=0 @01>B>A?>A>1=>ABL F8D@>2KE <8:@>AE5< ?@8 <8=8<0;L=> 4>?CAB8<KE =0?@O65=8OE 1>@B>2>9 A5B8 02B><>18;O, 0 B0:65 2 480?07>=5 B5<?5@0BC@ >:@C60NI59 A@54K  40  +70!. 081>;55 H8@>:> ?@54AB02;5=K F8D@>2K5 <8:@>AE5<K A0<>3> @07;8G=>3> DC=:F8>=0;L=>3> =07=0G5=8O 2 A5@8OE 155 (B@0=78AB>@=>-B@0=78AB>@=0O ;>38:0 "") 8 .176, 561, 564 (=0 1075 AB@C:BC@K ). ><8=0;L=>5 =0?@O65=85 <8:@>AE5< A5@88 .155 A>AB02;O5B 5 , 2 A2O78 A G5< 4;O 40==>9 A5@88 >BACBAB2CNB >3@0=8G5=8O, A2O70==K5 A 2>7<>6=K< A=865=85< =0?@O65=8O 1>@B>2>9 A5B8. >48D8:0F8O A5@88 155, 2K?CA:05<0O 2 <5B0;;>-:5@0<8G5A:8E :>@?CA0E (A5@8O  155), O2;O5BAO @01>B>A?>A>1=>9 2 480?07>=5 B5<?5@0BC@  45  +85!. ><5E>70I8I5==>ABL <8:@>AE5< A5@88 155 @02=0 0,4  1 . >MB><C ?@8 8A?>;L7>20=88 40==KE <8:@>AE5< 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5 =5>1E>48<> ?@8=8<0BL A?5F80;L=K5 <5@K ?> 70I8B5 8E >B 2>7459AB28O ?>;52KE ?><5E 8 2 >A>15==>AB8 ?><5E 2 F5?OE ?8B0=8O. A;54AB285 65AB:>3> 4>?CA:0 =0 25;8G8=C =0?@O65=8O ?8B0=8O (5 5%) <8:@>AE5<K A5@88 155 >1O70B5;L=> 4>;6=K ?>4:;NG0BLAO : AB018;870B>@C =0?@O65=8O A =><8=0;L=K< 2KE>4=K< =0?@O65=85< 5 . @8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 12  8 <0:A8<0;L=> 4>?CAB8<>< 55 =0?@O65=88 15  @53C;8@CNI89 M;5<5=B 2KE>4=>9 F5?8 AB018;870B>@0 4>;65= 1KBL @0AAG8B0= =0 ?045=85 2 =5< =0?@O65=8O 4> 10 . !>>B25BAB25==> MB><C  AB018;870B>@0 A>AB028B 2A53> ;8HL >:>;> 30%, B. 5. 70% <>I=>AB8, ?>42>48<>9 : AB018;870B>@C, 1C45B @0AE>4>20BLAO =0 53> =03@52. I5 EC4H85 ?>:070B5;8 1C45B 8<5BL AB018;870B>@ ?@8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 24 , G5<C A>>B25BAB2C5B <0:A8<0;L=>5 55 =0?@O65=85 30 .  40==>< A;CG05 2KE>4=>9 @53C;8@CNI89 M;5<5=B AB018;870B>@0 4>;65= 1KBL @0AAG8B0= =0 ?045=85 =0?@O65=8O 4> 25 , 0  AB018;870B>@0 >:065BAO @02=K< ?@8<5@=> 15%, B. 5. ?>GB8 85% <>I=>AB8, ?>42>48<>9 : AB018;870B>@C, 1C45B @0AE>4>20BLAO =0 53> =03@52. > A@02=5=8N A <8:@>AE5<0<8 A5@88 155 1>;55 2KA>:CN ?><5E>70I8I5==>ABL 8<5NB <8:@>AE5<K A5@88 511, >B=>AOI85AO : 2KA>:>?>@>3>2>9 ;>38:5 . 8:@>AE5<K 40==>9 A5@88 <>3CB @01>B0BL 2 480?07>=5 B5<?5@0BC@  45  +85!, 8 >=8 =5 @5038@CNB =0 ?><5E8 A C@>2=5< 4> 6  (?> A@02=5=8N A C@>2=5< 1  C <8:@>AE5< A5@88 155). @><5 B>3>, <8:@>AE5<K A5@88 511 <>3CB @01>B0BL 2 480?07>=5 =0?@O65=89 ?8B0=8O 10,8  25 . !;54>20B5;L=>, ?@8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 24  8 <8=8<0;L=> 4>?CAB8<>< 55 =0?@O65=88 21,6  4;O ?8B0=8O <8:@>AE5< A5@88 511 <>65B 1KBL ?@8<5=5= AB018;870B>@ A 2KE>4=K< =0?@O65=85< ?>@O4:0 20  21 .  MB>< A;CG05 =081>;LH55 ?045=85 =0?@O65=8O 2 2KE>4=>< @53C;8@CNI5< M;5<5=B5 AB018;870B>@0 (?@8 <0:A8<0;L=> 4>?CAB8<>< =0?@O65=88 1>@B>2>9 A5B8 30 ) A>AB028B 9  10 .  AB018;870B>@0 4;O 40==KE CA;>289 53> @01>BK 1C45B A>AB02;OBL >:>;> 65 %. "0:8< >1@07><, ?@8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 24  ?@8<5=5=85 <8:@>AE5< A5@88 511 O2;O5BAO ?@54?>GB8B5;L=K< ?> A@02=5=8N A <8:@>AE5<0<8 A5@88 155. 4=0:> MB> =5 2A5340 2>7<>6=>, ?>A:>;L:C =><5=:;0BC@0 <8:@>AE5<, 2E>4OI8E 2 A5@8N 511, ACI5AB25==> C65 ?> A@02=5=8N A A5@859 155. 86=89 4>?CAB8<K9 ?@545; =0?@O65=8O ?8B0=8O <8:@>AE5< A5@88 511 A>AB02;O5B 10,8 , GB> @02=> <8=8<0;L=> 4>?CAB8<><C =0?@O65=8N 1>@B>2>9 A5B8, 8<5NI59 =><8=0;L=>5 =0?@O65=85 12 . >MB><C ?@8<5=5=85 <8:@>AE5< A5@88 511 2 M;5:B@>==>9 0??0@0BC@5 02B><>18;59 A =><8=0;L=K< =0?@O65=85< 1>@B>2>9 A5B8 12  2>7<>6=> B>;L:> ?@8 CA;>288 ?>4:;NG5=8O <8:@>AE5< =5?>A@54AB25==> : 1>@B>2>9 A5B8, B. 5. 157 AB018;870B>@0 =0?@O65=8O.  1>;LH8=AB25 A;CG052 B0:>5 ?>4:;NG5=85 <8:@>AE5< =54>?CAB8<>, GB> >3@0=8G8205B 2>7<>6=>AB8 8E ?@8<5=5=8O. 8:@>AE5<K A5@88 561 @01>B>A?>A>1=K ?@8 =0?@O65=88 ?8B0=8O 3  15  8 B5<?5@0BC@0E  45  j-85C, 0 8E ?><5E>70I8I5==>ABL (AB0B8G5A:0O) A>AB02;O5B 0,3  0,5 =0?@O65=8O 8AB>G=8:0 ?8B0=8O. ><5=:;0BC@0 <8:@>AE5<, 2E>4OI8E 2 A5@8N 561, =5A:>;L:> C65 ?> A@02=5=8N A =><5=:;0BC@>9 A5@88 155, => 2A5 65 =0 8E 1075 <>3CB 1KBL A>740=K <=>385 8745;8O 02B><>18;L=>9 M;5:B@>=8:8. A;8 65 2 A5@88 561 =5 >:07K205BAO <8:@>AE5< A =5>1E>48<K< DC=:F8>=0;L=K< =07=0G5=85<, B> B@51C5<K5 <8:@>AE5<K 2 @O45 A;CG052 <>3CB 1KBL 27OBK 87 A5@88 564, ?>A:>;L:C 40==0O A5@8O 2 >A=>2=>< 8<55B B0:85 65 ?>:070B5;8, GB> 8 A5@8O 561.  MB8E A;CG0OE 2>7<>6=> B0:65 ?@8<5=5=85 <8:@>AE5< A5@88 176, ?>A:>;L:C 4;O 1>;LH8=AB20 <8:@>AE5<, 2E>4OI8E 2 MBC A5@8N, 4>?CA:05BAO @01>B0 2 480?07>=5 B5<?5@0BC@  45  0!. >?CAB8<>5 =0?@O65=85 ?8B0=8O <8:@>AE5< A5@88 176 A>AB02;O5B 9 5 %, B. 5. 4065 ?@8 <8=8<0;L=> 4>?CAB8<>< =0?@O65=88 1>@B>2>9 A5B8 10,8  4;O 8E ?8B0=8O 2>7<>6=> ?@8<5=5=85 ?@>AB59H53> AB018;870B>@0 =0?@O65=8O. 03@C7>G=0O A?>A>1=>ABL <8:@>AE5< A5@89 176, 561, 564 =865, G5< C <8:@>AE5< A5@89 155 8 511. >MB><C <564C 2KE>4>< <8:@>AE5< 8 8E =03@C7:>9 2 @O45 A;CG052 ?@8E>48BAO 2:;NG0BL CA8;820NI85 M;5<5=BK, =0?@8<5@ M<8BB5@=K5 ?>2B>@8B5;8. 8:@>AE5<K A5@89 155, 511, 561, 176 8<5NB 0=0;>38G=CN :>=AB@C:F8N. =8 CAB0=02;820NBAO =0 ?;0B0E A> AB>@>=K, ?@>B82>?>;>6=>9 ?5G0B=K< ?@>2>4=8:0<, 0 H03 <564C 2K2>4=K<8 :>=F0<8 8E :>@?CA0 A>AB02;O5B 2,5 <<. 8:@>AE5<K A5@88 564 CAB0=02;820NB =0 ?;0BK A> AB>@>=K ?5G0B=KE ?@>2>4=8:>2 A H03>< ~<564C 8E 2K2>4=K<8 :>=F0<8 1,25 <<.  A8;C C:070==KE :>=AB@C:B82=KE >B;8G89 <8:@>AE5< A5@88 564 >B <8:@>AE5< A5@89 155, 511, 561, 176 8E ?> 2>7<>6=>AB8, AB0@0NBAO =5 <>=B8@>20BL =0 >4=>9 8 B>9 65 ?;0B5. 5@5G8A;5==K<8 2KH5 A5@8O<8 <8:@>AE5<, 157CA;>2=>, =5 >3@0=8G8205BAO 8E =><5=:;0BC@0, 2>7<>6=0O 4;O ?@8<5=5=8O 2 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@5. "0:, =0?@8<5@, ?@8 A>740=88 M;5:B@>==>9 0??0@0BC@K, A>45@60I59 70?><8=0NI85 CAB@>9AB20, F8D@>0=0;>3>2K5 8 0=0;>3>-F8D@>2K5 ?@5>1@07>20B5;8, 2 @O45 A;CG052 ?@8E>48BAO ?@8<5=OBL <8:@>AE5<K 8=KE A5@89.  MB8E A;CG0OE 2K1>@ B5E 8;8 8=KE B8?>2 <8:@>AE5< 7028A8B >B F5;52>3> =07=0G5=8O 0??0@0BC@K, >A>15==>AB59 55 @01>BK 8 B. 4. "+ $#&,+ #+ -" +% !!" N10O M;5:B@>==0O A8AB5<0 C?@02;5=8O B5< 8;8 8=K< 03@530B>< 02B><>18;O, :0: ?@028;>, A>AB>8B 87 =5A:>;L:8E 70:>=G5==KE DC=:F8>=0;L=KE C7;>2, ?@54=07=0G5==KE 4;O @5H5=8O A>>B25BAB2CNI59 AE5<>B5E=8G5A:>9 7040G8.  G8A;C B0:8E B8?>2KE DC=:F8>=0;L=KE C7;>2 >B=>AOBAO: AB018;870B>@K =0?@O65=8O; G0AB>B=>-0=0;>3>2K5 ?@5>1@07>20B5;8, >ACI5AB2;ONI85 ?@5>1@07>20=85 G0AB>BK 2E>4=>3> A83=0;0 2 =0?@O65=85 ?>AB>O==>3> B>:0; @53C;OB>@K A8;K B>:0, >15A?5G820NI85 ?>445@60=85 2 F5?8 7040==>9 A8;K B>:0 8;8 55 87<5=5=85 ?> 7040==><C 70:>=C 2 7028A8<>AB8 >B C@>2=O 8;8 G0AB>BK 2E>4=>3> A83=0;0; M;5<5=BK 70I8BK :0: A0<>9 M;5:B@>==>9 A8AB5<K, B0: 8 C?@02;O5<>3> 5N 03@530B0 >B 020@89=KE @568<>2, : :>B>@K< >B=>AOBAO, 2 G0AB=>AB8, CAB@>9AB20 70I8BK M;5:B@>==KE 1;>:>2 02B><0B8:8 >B :>@>B:8E 70<K:0=89, ?5@53@C7:8 ?> B>:C, 0 B0:65 >B ?5@5=0?@O65=89. ;O 70I8BK C?@02;O5<>3> 03@530B0 >B 020@89=KE @568<>2 2 A;CG05 >B:070 B5E 8;8 8=KE CAB@>9AB2 02B><0B8:8 8;8 >H81>G=KE 459AB289 2>48B5;O ?@8<5=ONB M;5:B@>==K5 CAB@>9AB20, ?@54>B2@0I0NI85 2>7<>6=>ABL A0<>?@>872>;L=>3> =5?@54CA<>B@5==>3> 2:;NG5=8O 03@530B0 (=0?@8<5@, 2:;NG5=8O 2 :>@>1:5 ?5@540G =87H8E ?5@540G ?@8 2KA>:>9 A:>@>AB8 42865=8O 02B><>18;O). !"" +  // @8 7=0G8B5;L=KE :>;510=8OE =0?@O65=8O 1>@B>2>9 A5B8, O2;ONI59AO 8AB>G=8:>< ?8B0=8O M;5:B@>==>9 0??0@0BC@K, =52>7<>6=> >15A?5G8BL AB018;L=>ABL E0@0:B5@8AB8: A8AB5< @53C;8@>20=8O 157 ?@8<5=5=8O AB018;870B>@>2 =0?@O65=8O. @>AB59H8< CAB@>9AB2><, >15A?5G820NI8< AB018;870F8N =0?@O65=8O, O2;O5BAO ?0@0<5B@8G5A:89 AB018;870B>@ =0?@O65=8O, ?@54AB02;ONI89 A>1>9 ?>A;54>20B5;L=> A>548=5==K5 @578AB>@ 8 AB018;8B@>=. ;O ?>2KH5=8O =03@C7>G=>9 A?>A>1=>AB8 B0:8E AB018;870B>@>2 8E 8=>340 4>?>;=ONB M<8BB5@=K<8 ?>2B>@8B5;O<8.  8A. 1. !E5<0 AB018;870B>@0, ?>445@6820NI53> 7040==K9 C@>25=L =0?@O65=8O ?> >B=>H5=8N : >B@8F0B5;L=><C ?>;NAC 8AB>G=8:0 ?8B0=8O @58<CI5AB20<8 ?0@0<5B@8G5A:8E AB018;870B>@>2 O2;O5BAO 8E <0;0O F5=0 8 2KA>:0O =0456=>ABL. 4=0:> >=8 =5 >15A?5G820NB 2KA>:>9 AB018;L=>AB8 2KE>4=>3> =0?@O65=8O ?@8 7=0G8B5;L=KE :>;510=8OE =0?@O65=8O 1>@B>2>9 A5B8 8 B>:0 =03@C7:8. @><5 B>3>, 2A;54AB285 7=0G8B5;L=>3> @071@>A0 (:0: ?@028;>, 2 ?@545;0E 10%) >?>@=>3> =0?@O65=8O C AB018;8B@>=>2 >4=>3> 8 B>3> 65 B8?0 =52>7<>6=> 157 A?5F80;L=>3> >B1>@0 AB018;8B@>=>2 >15A?5G8BL 2 AB018;870B>@5 7040==K9 C@>25=L 2KE>4=>3> AB018;878@>20==>3> =0?@O65=8O. >MB><C ?0@0<5B@8G5A:85 AB018;870B>@K =0?@O65=8O =5 ?>;CG8;8 H8@>:>3> @0A?@>AB@0=5=8O 2 M;5:B@>==KE A8AB5<0E C?@02;5=8O 03@530B0<8 02B><>18;59, ?>A:>;L:C : 8AB>G=8:0< ?8B0=8O 8E C?@02;ONI8E CAB@>9AB2 ?@54JO2;ONB >G5=L 65AB:85 B@51>20=8O :0: 2 G0AB8 AB018;L=>AB8 =0?@O65=8O ?8B0=8O, B0: 8 >15A?5G5=8O 7040==>9 53> 25;8G8=K. >A;54=55 8<55B >A>1>5 7=0G5=85 4;O M;5:B@>==KE CAB@>9AB2, A>45@60I8E 8=B53@0;L=K5 <8:@>AE5<K, C :>B>@KE 4>?CAB8<K9 @071@>A =0?@O65=8O ?8B0=8O <>65B A>AB02;OBL 5 %. -B8 B@51>20=8O C4>2;5B2>@ONBAO ?@8 8A?>;L7>20=88 4;O ?8B0=8O M;5:B@>==KE CAB@>9AB2 :><?5=A0F8>==KE AB018;870B>@>2 =0?@O65=8O A =5?@5@K2=K< @53C;8@>20=85<. "0:85 AB018;870B>@K ?@54AB02;ONB A>1>9 70<:=CBCN A8AB5<C 02B><0B8G5A:>3> @53C;8@>20=8O, >15A?5G820NICN ?>445@60=85 7040==>3> 2KE>4=>3> =0?@O65=8O ?@8 ;N1KE 87<5=5=8OE 2=5H=8E D0:B>@>2 (=0?@O65=8O 1>@B>2>9 A5B8, B>:0 =03@C7:8, B5<?5@0BC@K). 53C;8@CNI8< M;5<5=B>< AB018;870B>@0 O2;O5BAO 2KE>4=>9 B@0=78AB>@, @01>B0NI89 2 0:B82=>< @568<5. 564C M<8BB5@>< 8 :>;;5:B>@>< B@0=78AB>@0 A>7405BAO ?045=85 =0?@O65=8O, @02=>5 @07=>AB8 =0?@O65=8O 1>@B>2>9 A5B8 8 B@51C5<>3> =0?@O65=8O AB018;870F88. ><?5=A0F8>==K5 AB018;870B>@K =0?@O65=8O H8@>:> >?8A0=K 2 ;8B5@0BC@5 [7, 12, 34, 35], ?>MB><C 2 40==>< @0745;5 @0AA<>B@5=K B>;L:> =5:>B>@K5 AE5<K AB018;870B>@>2 B0:>3> B8?0, ?@8<5=ONI85AO 2 M;5:B@>==KE A8AB5<0E C?@02;5=8O 03@530B0<8 02B><>18;59 (AF5?;5=85, 384@><5E0=8G5A:85 ?5@540G8). 0 @8A. 5 ?@82545=0 ?@8=F8?80;L=0O M;5:B@8G5A:0O AE5<0 :><?5=A0F8>==>3> AB018;870B>@0, >15A?5G820NI53> ?>;CG5=85 =0 2KE>45 (2K2>4 + UCT) AB018;878@>20==>3> =0?@O65=8O ?> >B=>H5=8N : >B@8F0B5;L=><C ?>;NAC (<0AA5) 1>@B>2>9 A5B8 (2K2>4  Ucr). !B018;870B>@ ?@54=07=0G5= 4;O ?>4:;NG5=8O : 1>@B>2>9 A5B8 A =><8=0;L=K< =0?@O65=85< 24 .  1075 C?@02;ONI53> B@0=78AB>@0 VT1 ?>42>48BAO =0?@O65=85, @02=>5 AC<<5 >?>@=KE =0?@O65=89 Uoni 8 U2 AB018;8B@>=>2- VD1 8 VD2, 0 =0?@O65=85, ?>42>48<>5 : 53> M<8BB5@C, >?@545;O5BAO 2K@065=85< UM1 = (UAB - UVD4) R4/(R4 + R5), 345 UVD4  ?045=85 =0?@O65=8O 2 48>45 VD4. 0?@O65=85 <564C 107>9 8 M<8BB5@>< B@0=78AB>@0 VT1  ;O ?>OA=5=8O ?@8=F8?0 459AB28O AB018;870B>@0 ?@54?>;>68<, GB> 2 53> AE5<5 >BACBAB2C5B ?>4AB@>5G=K9 @578AB>@ R5*, 8 ?>4AB028< 2 D>@<C;C (1) 7=0G5=85 R5= 0.  MB>< A;CG05 40==0O D>@<C;0 70?8H5BAO 2 2845 U-1 = (Uo?1 + Uo?2) +UVD4  U!B- A;8 1K =0?@O65=85 U 2M1 C<5=LH8;>AL 4> 0,3  0,4 , B> 2A;54AB285 70:@KB8O B@0=78AB>@>2 VT1 8 VT2 2KE>4=>5 =0?@O65=85 AB018;870B>@0 A=878;>AL 1K 4> =C;O. 0>1>@>B, 2 A;CG05 ?>2KH5=8O =0?@O65=8O U2M1 4> 0,55  0,65  ?@>87>H5; 1K ?5@5E>4 B@0=78AB>@>2 VT1 8 VT2 2 @568< =0AKI5=8O A 2>7@0AB0=85< 2KE>4=>3> =0?@O65=8O AB018;870B>@0 4> 7=0G5=8O, 1;87:>3> : =0?@O65=8N 1>@B>2>9 A5B8. 8 B>B =8 4@C3>9 @568< @01>BK B@0=78AB>@>2 =5 8<55B <5AB0, ?>A:>;L:C =0?@O65=85 U 2M! 1>;LH5 =C;O 8 <5=LH5 =0?@O65=8O 1>@B>2>9 A5B8. >MB><C 2 459AB28B5;L=>AB8 =0?@O65=85 U2M1 2 7028A8<>AB8 >B CA;>289 @01>BK AB018;870B>@0 A>AB02;O5B 0,4  0,5 . #:070==K5 7=0G5=8O U 2M1 A>>B25BAB2CNB B5<?5@0BC@5 B@0=78AB>@>2 (205)!. @8 C25;8G5=88 B5<?5@0BC@K B@0=78AB>@0 =0?@O65=85 U2M1 C<5=LH05BAO, 0 ?@8 C<5=LH5=88 B5<?5@0BC@K 2>7@0AB05B.  8A. 6. !E5<0 AB018;870B>@0, ?>445@6820NI53> 7040==K9 C@>25=L =0?@O65=8O ?> >B=>H5=8N : ?>;>68B5;L=><C ?>;NAC 8AB>G=8:0 ?8B0=8O ! CG5B>< ?@82545==KE 40==KE 2KE>4=>5 =0?@O65=85 AB018;870B>@0 <>65B 1KBL >?@545;5=> ?> D>@<C;5 UAB = U>?1 + Uoia  UvD4  (0,4-0,5). 045=85 =0?@O65=8O AUVDi A>AB02;O5B 0,6  0,7 , ?>MB><C 2 ?5@2>< ?@81;865=88 <>6=> ?@8=OBL, GB> 2KE>4=>5 =0?@O65=85 AB018;870B>@0 >?@545;O5BAO B>;L:> AC<<>9 >?>@=KE =0?@O65=89 AB018;8B@>=>2 VD1 8 VD2. # @07;8G=KE AB018;8B@>=>2 >4=>3> 8 B>3> 65 B8?0 >?>@=>5 =0?@O65=85 8<55B @071@>A 4> 10 %. A;54AB285 MB>3> 2 7028A8<>AB8 >B B>3>, :0:85 :>=:@5B=K5 AB018;8B@>=K 1C4CB 8A?>;L7>20=K 2 AB018;870B>@5, 8E 2KE>4=>5 =0?@O65=85 <>65B 8<5BL @071@>A 4> 10%. A;8 B0:0O @07=8F0 2 7=0G5=8OE AB018;878@>20==>3> =0?@O65=8O =54>?CAB8<0, B> 2 AE5<5 AB018;870B>@0 =5>1E>48<> 8<5BL ?>4AB@>5G=K9 @578AB>@ R5*. '5< 2KH5 =><8=0;L=>5 A>?@>B82;5=85 MB>3> @578AB>@0, B5< 1>;LH5 ?@8 ?@>G8E @02=KE CA;>28OE 2KE>4=>5 =0?@O65=85 AB018;870B>@0. ">B 65 @57C;LB0B <>6=> ?>;CG8BL, 0=0;878@CO D>@<C;C (1).  AB018;870B>@5 =0?@O65=8O, 2K?>;=5==>< 2 A>>B25BAB288 A> AE5<>9, ?@82545==>9 =0 @8A. 5, ?@8 R5 = 0 2KE>4=>5 AB018;878@>20==>5 =0?@O65=85 @02=> 14,5 . ;O C;CGH5=8O B5?;>2>3> @568<0 B@0=78AB>@0 VT2 2 @57C;LB0B5 C<5=LH5=8O ?045=8O =0?@O65=8O 2 53> ?5@5E>45 M<8BB5@  :>;;5:B>@ 2 F5?L ?8B0=8O B@0=78AB>@0 2:;NG5= 10;;0AB=K9 @578AB>@ R2, 8<5NI89 A>?@>B82;5=85 10 <. 0:A8<0;L=K9 B>: =03@C7:8 AB018;870B>@0 A>AB02;O5B 0,5 , ?>MB><C ?045=85 =0?@O65=8O 2 @578AB>@5 R2 =5 ?@52KH05B 5 . A;8 =0?@O65=85 1>@B>2>9 A5B8 4065 1C45B @02=> <8=8<0;L=> 4>?CAB8<><C 53> 7=0G5=8N (21,6 ), B> 8 2 MB>< A;CG05 ?@8 C:070==>< 7=0G5=88 ?045=8O =0?@O65=8O : M<8BB5@C B@0=78AB>@0 VT2 1C45B ?>42545=> =0?@O65=85 16,6 , GB> 2?>;=5 4>AB0B>G=> 4;O ?>;CG5=8O AB018;878@>20==>3> =0?@O65=8O, @02=>3> 14,5 . >=45=A0B>@K !1 8 !2 ?@8<5=5=K 4;O C<5=LH5=8O 4> ?@85<;5<>3> C@>2=O ?C;LA0F89 =0?@O65=8O =0 2KE>45 AB018;870B>@0. @8 MB>< M;5:B@>;8B8G5A:89 :>=45=A0B>@ !1 >B=>A8B5;L=> 1>;LH>9 5<:>AB8 2K?>;=O5B DC=:F88 D8;LB@0 =87:8E G0AB>B, 0 =5?>;O@=K9 :>=45=A0B>@ !2 8A?>;L7C5BAO 4;O A3;06820=8O 2KA>:>G0AB>B=KE 8<?C;LA>2. 0I8B0 AB018;870B>@0 >B 2KE>40 87 AB@>O ?@8 :>@>B:>< 70<K:0=88 2 2KE>4=>9 F5?8 >ACI5AB2;O5BAO A ?><>ILN 48>40 VD3. A;8 B0:>5 70<K:0=85 ?@>8AE>48B, B> 2A;54AB285 C<5=LH5=8O 4> =C;O =0?@O65=8O =0 2KE>45 AB018;870B>@0 >B:@K205BAO 48>4 .VD3 8 =0?@O65=85, ?>42>48<>5 : 1075 B@0=78AB>@0 VT1, C<5=LH05BAO 4> 0,6  0,65 .  @57C;LB0B5 @57:> C<5=LH05BAO B>: 107K B@0=78AB>@0 VT1, 2A;54AB285 G53> ?@>8AE>48B >3@0=8G5=85 B>:0 2 F5?OE 107K, M<8BB5@0 8 :>;;5:B>@0 B@0=78AB>@0 VT2 8 B5< A0<K< >ACI5AB2;O5BAO 70I8B0 40==>3> B@0=78AB>@0 >B 2KE>40 87 AB@>O.  AB018;870B>@5 =0?@O65=8O (@8A. 6), >15A?5G820NI5< ?@8 87<5=5=88 =0?@O65=8O 1>@B>2>9 A5B8 2 480?07>=5 10,8  15  ?>445@60=85 7040==>3> AB018;878@>20==>3> =0?@O65=8O (10  10,2) <564C 2KE>4>< AB018;870B>@0 8 ?>;>68B5;L=K< ?>;NA>< ( + U ) 1>@B>2>9 A5B8, 2 :0G5AB25 8AB>G=8:0 >?>@=>3> =0?@O65=8O AB018;870B>@0 8A?>;L7C5BAO ?@5F878>==K9 AB018;8B@>= VD1 (B8?0 818). > >B=>H5=8N : H8=5  UAB =0?@O65=85, ?>42>48<>5 : 1075 B@0=78AB>@0 VT1, >?@545;O5BAO 2K@065=85< U1 = UAB  U>? (2) 345 UAB  =0?@O65=85 <564C ?>;>68B5;L=K< ?>;NA>< 1>@B>2>9 A5B8 (2K2>4 + UCT) 8 2KE>4>< AB018;870B>@0 (2K2>4  UCT). 0?@O65=85, ?>42>48<>5 : M<8BB5@C B@0=78AB>@0 VT1, >?@545;O5BAO ?> D>@<C;5 UM1 = (UABR5 + UVD2R3)/(R7 + R5). (3) 345 UVD2  ?045=85 =0?@O65=8O 2 48>45 VD2. ! CG5B>< D>@<C; (2) 8 (3) =0?@O65=85 <564C M<8BB5@>< 8 107>9 B@0=78AB>@0 VT1 <>65B 1KBL 70?8A0=> 2 2845 U-1 = U>? - (UAB - UVD2) R3/(R3 + R5). (4) A;8 =0?@O65=85 U-1 AB0=5B <5=LH5 0,3  0,4 , B> B@0=78AB>@ VT1 1C45B 70:@KB. A;54AB285 MB>3> >:065BAO 2K:;NG5==K< B@0=78AB>@ VT2, 8 2KE>4=>5 =0?@O65=85 AB018;870B>@0 C<5=LH8BAO 4> =C;O. @8 C25;8G5=88 =0?@O65=8O UM21 4> 0,5  0,65  B@0=78AB>@ VT1 ?5@5E>48B 2 @568< =0AKI5=8O, 2A;54AB285 G53> 2 B0:>< 65 @568<5 1C45B @01>B0BL 8 B@0=78AB>@ VT2.  @57C;LB0B5 =0?@O65=85 =0, 2KE>45 AB018;870B>@0 >:065BAO 1;87:8< : =0?@O65=8N 1>@B>2>9 A5B8. G5284=>, GB> :0: B>B, B0: 8 4@C3>9 @568<K B@0=78AB>@>2 =5 @50;87CNBAO 2 AB018;870B>@5, ?>A:>;L:C 53> 2KE>4=>5 =0?@O65=85 =5 4>;6=> 1KBL @02=> =8 =C;N, =8 =0?@O65=8N 1>@B>2>9 A5B8. A;54AB285 MB>3> =0?@O65=85 UM2! 1C45B A>AB02;OBL 0,4  0,5  (2 7028A8<>AB8 >B =0?@O65=8O 1>@B>2>9 A5B8). ! CG5B>< 87;>65==>3> 2KH5 8 2K@065=8O (4) D>@<C;0 4;O >?@545;5=8O 2KE>4=>3> (AB018;878@>20==>3>) =0?@O65=8O AB018;870B>@0 <>65B 1KBL 70?8A0=0 2 2845  (5) 7 D>@<C;K (5) A;54C5B, GB> ?@8 ?>AB>O=AB25 ?045=8O =0?@O65=8O UVD2 2 48>45 VD2 25;8G8=0 AB018;878@>20==>3> =0?@O65=8O UCT 7028A8B B>;L:> >B >?>@=>3> =0?@O65=8O U0n AB018;8B@>=0 VD1 8 A>?@>B82;5=8O @578AB>@>2 , R5. ?>@=>5 =0?@O65=85 AB018;8B@>=>2 B8?0 818 <>65B 8<5BL @071@>A 2 ?@545;0E 7,2  9 . ;O B>3> GB>1K ?@8 B0:>< @071@>A5 =0?@O65=8O Uon >15A?5G8BL A 2KA>:>9 B>G=>ABLN 7040==K9 C@>25=L UCT, @578AB>@ R5 8A?>;L7CNB 2 :0G5AB25 ?>4AB@>5G=>3> M;5<5=B0 AE5<K. =0;87 D>@<C;K (5) ?>:07K205B, GB> 4;O >15A?5G5=8O ?>AB>O=AB20 2KE>4=>3> =0?@O65=8O AB018;870B>@0 =57028A8<> >B B5<?5@0BC@K >:@C60NI59 A@54K =5>1E>48<>, GB>1K ?@8 55 C25;8G5=88 >4=>2@5<5==> A C<5=LH5=85< 25;8G8=K U-BI A=860;>AL 8 =0?@O65=85 Uou.  A;CG05 65 A=865=8O B5<?5@0BC@K 7=0G5=85 U0? 4>;6=> C25;8G820BLAO.  @0AA<0B@8205<>< AB018;870B>@5 MB> B@51>20=85 C4>2;5B2>@O5BAO, 2>-?5@2KE, 2A;54AB285 ?@8<5=5=8O AB018;8B@>=0 VD1 B8?0 818, 8<5NI53> >B@8F0B5;L=K9 B5<?5@0BC@=K9 :>MDD8F85=B =0?@O65=8O 8, 2>-2B>@KE, 2 @57C;LB0B5 2:;NG5=8O ?>A;54>20B5;L=> A @578AB>@>< R5 48>40 VD2. @8 C25;8G5=88 B5<?5@0BC@K ?045=85 =0?@O65=8O UVD2 2 48>45 VD2 C<5=LH05BAO, 2 @57C;LB0B5 G53> A=8605BAO =0?@O65=85, ?>42>48<>5 : M<8BB5@C B@0=78AB>@0 VT1, GB> 8 B@51C5BAO 4;O ?>;CG5=8O <5=LH53> =0?@O65=8O U-1. A?KB0=8O AB018;870B>@0, 2K?>;=5==>3> ?> AE5<5, ?@82545==>9 =0 @8A. 6, ?>:070;8, GB> ?@8 87<5=5=88 B5<?5@0BC@K >:@C60NI59 A@54K >B  20 4> + 70 ! 7=0G5=85 Ucr <5=O5BAO =5 1>;55 G5< =0 +0,1 . %>@>H0O AB018;L=>ABL 2KE>4=>3> =0?@O65=8O AB018;870B>@0 ?@8 7=0G8B5;L=KE 87<5=5=8OE =0?@O65=8O 8AB>G=8:0 53> ?8B0=8O (1>@B>2>9 A5B8) >15A?5G8205BAO ?@8 ?>4:;NG5=88 8AB>G=8:0 >?>@=>3> =0?@O65=8O, A>AB>OI53> 87 AB018;8B@>=0 VD1 8 @578AB>@0 R2, : 2KE>4=><C (AB018;878@>20==><C) =0?@O65=8N. ;03>40@O MB><C A8;0 B>:0, ?@>E>4OI53> G5@57 AB018;8B@>= VD1, <5=O5BAO 2 =51>;LH8E ?@545;0E, GB> B@51C5BAO 4;O ?>;CG5=8O AB018;L=>3> >?>@=>3> =0?@O65=8O AB018;870B>@0. #:070==>5 ?>4:;NG5=85 AB018;8B@>=0 VD1 >:070;>AL 2>7<>6=K< 2 @57C;LB0B5 ?@8<5=5=8O @578AB>@0 R1, A ?><>ILN :>B>@>3> >ACI5AB2;O5BAO ?5@28G=K9 ?CA: AE5<K ?>A;5 55 ?>4:;NG5=8O : 8AB>G=8:C ?8B0=8O.  8A. 7. !E5<K AB018;870B>@0 =0?@O65=8O, 2K?>;=5==>3> =0 1075 M;5<5=B0 DA1 2KA>:>?>@>3>2>9 ;>38:8, 8 M;5<5=B0 DA1: 0  AE5<0 AB018;870B>@0; 1  AE5<0 M;5<5=B0 DA1 06=K< ?@58<CI5AB2>< @0AA<0B@8205<>3> AB018;870B>@0 O2;O5BAO 2>7<>6=>ABL ?>;CG5=8O 7040==>3> AB018;878@>20==>3> =0?@O65=8O UCT ?@8 =0?@O65=88 1>@B>2>9 A5B8, ?@52KH0NI5< 7=0G5=85 U AB 2A53> ;8HL =0 0,3  0,5 . -B> 8<55B >A>1>5 7=0G5=85, :>340 AB018;878@>20==>5 =0?@O65=85 4>;6=> 1KBL =0 C@>2=5 10 , 0 8AB>G=8:>< ?8B0=8O AB018;870B>@0 O2;O5BAO 1>@B>20O A5BL A =><8=0;L=K< =0?@O65=85< 12  8, A;54>20B5;L=>, A <8=8<0;L=> 2>7<>6=K< =0?@O65=85< 10,8 . G5=L ?@>ABK< ?> AE5<>B5E=8G5A:><C @5H5=8N O2;O5BAO AB018;870B>@ =0?@O65=8O, ?@8=F8?80;L=0O AE5<0 :>B>@>3> ?@82545=0 =0 @8A. 7.  MB>< AB018;870B>@5 ?>445@60=85 7040==>3> C@>2=O =0?@O65=8O >15A?5G8205BAO A ?><>ILN ;>38G5A:>3> M;5<5=B0 B8?0   , 2K?>;=5==>3> ?> AE5<5 2KA>:>?>@>3>2>9 ;>38:8. "0:85 M;5<5=BK O2;ONBAO A>AB02=>9 G0ABLN 2A5E ;>38G5A:8E <8:@>AE5< A5@88 511 (1, 2, , 4, 5 8 4@.). ;O ?>OA=5=8O ?@8=F8?0 459AB28O AB018;870B>@0 @0AA<>B@8< ?5@540B>G=K5 E0@0:B5@8AB8:8 M;5<5=B0    <8:@>AE5< A5@88 511 (@8A. 8) ?@8 =0?@O65=8OE 8AB>G=8:0 ?8B0=8O Un, @02=KE 15  (:@820O J) 8 10,8  (:@820O 2). A;8 2E>4=>5 =0?@O65=85 UBX M;5<5=B0 <5=LH5 6 , B> =0?@O65=85 UKE =0 2KE>45 M;5<5=B0 8<55B 2KA>:89 C@>25=L, 1;87:89 : =0?@O65=8N 8AB>G=8:0 ?8B0=8O (13,5  ?@8 U?=15  8 9,5  ?@8 U?=10,8 ). @8 2E>4=>< =0?@O65=88, ?@52KH0NI5< 8 , 2KE>4=>5 =0?@O65=85 M;5<5=B0 A=8605BAO 4> 1,5 .  480?07>=5 2E>4=KE =0?@O65=89 6  8  ?@>8AE>48B <>=>B>==>5 C<5=LH5=85 2KE>4=>3> =0?@O65=8O. <5==> =0 40==>< CG0AB:5 ?5@540B>G=>9 E0@0:B5@8AB8:8, 345 25;8G8=0 2KE>4=>3> =0?@O65=8O 7028A8B >B 2E>4=>3> =0?@O65=8O, 2 @0AA<0B@8205<>< AB018;870B>@5 @01>B05B M;5<5=B 2  . @8 MB>< A2O7L <564C 2KE>4=K< U2KB 8 2E>4=K< UBX =0?@O65=8O<8 M;5<5=B0 (:@82K5 3  6) 2K@0605BAO A>>B=>H5=85< U2KE = U2E (R2 + R3)/R3 + U-1, (6) 345 U-1  ?045=85 =0?@O65=8O 2 ?5@5E>45 1070  M<8BB5@ B@0=78AB>@0 VTL  8A. 8. 028A8<>AB8, E0@0:B5@87CNI85 @01>BC AB018;870B>@0 =0 1075 M;5<5=B0 2KA>:>?>@>3>2>9 ;>38:8: 1 8 2  ?5@540B>G=K5 E0@0:B5@8AB8:8; 3  6  UOKx=f(U2E) ?@8 @07;8G=KE A>?@>B82;5=8OE @578AB>@>2 R2 8 R3 4=0:> A2O7L <564C 7=0G5=8O<8 (U+X 8 U3I 70405BAO ?5@540B>G=>9 E0@0:B5@8AB8:>9 M;5<5=B0. >MB><C =0?@O65=85 U+E =0 2KE>45 M;5<5=B0 >?@545;O5BAO B>G:>9 ?5@5A5G5=8O 53> ?5@540B>G=>9 E0@0:B5@8AB8:8 8 :@82>9, >?8AK205<>9 D>@<C;>9 (6). !2O7L <564C 2KE>4>< 3 (A<. @8A. 7, 0) M;5<5=B0 8 2KE>4>< AB018;870B>@0 >ACI5AB2;O5BAO G5@57 B@0=78AB>@ VT1, 2:;NG5==K9 ?> AE5<5 M<8BB5@=>3> ?>2B>@8B5;O. >MB><C =0?@O65=85 =0 2KE>45 AB018;870B>@0 UAB = U2KE  U-1 = U2E (R2 + R3)/R3. 0?@O65=85 2 AB018;870B>@5 ?>445@68205BAO ?>AB>O==K< 1;03>40@O 459AB28N >B@8F0B5;L=>9 >1@0B=>9 A2O78, @50;87C5<>9 ?CB5< A>548=5=8O 2KE>40 AB018;870B>@0 8 2E>4>2 M;5<5=B0 (G5@57 45;8B5;L =0?@O65=8O, >1@07>20==K9 @578AB>@0<8 R2  R3). A;8, =0?@8<5@, =0?@O65=85 =0 2KE>45 AB018;870B>@0 ?> :0:>9-;81> ?@8G8=5 AB0;> 1>;LH5 7=0G5=8O UAB, B> ?@>8AE>48B C25;8G5=85 2E>4=>3> =0?@O65=8O M;5<5=B0.  A>>B25BAB288 A ?5@540B>G=>9 E0@0:B5@8AB8:>9 M;5<5=B0 MB> 2K7>25B C<5=LH5=85 53> 2KE>4=>3> =0?@O65=8O A 2>AAB0=>2;5=85< ?@56=53> C@>2=O =0?@O65=8O UAB =0 2KE>45 AB018;870B>@0.  A;CG05 A=865=8O =0?@O65=8O =0 2KE>45 AB018;870B>@0 <5=LH5 7=0G5=8O UCT 2E>4=>5 =0?@O65=85 M;5<5=B0 C<5=LH8BAO.  @57C;LB0B5 2>7@0AB5B =0?@O65=85 =0 2KE>45 M;5<5=B0, GB> >15A?5G8B 2>AAB0=>2;5=85 ?@56=53> C@>2=O =0?@O65=8O.  7028A8<>AB8 >B A>>B=>H5=8O A>?@>B82;5=8O @578AB>@>2 R2 8 R3 =0?@O65=85 =0 2KE>45 M;5<5=B0 <>65B CAB0=02;820BLAO 2 ?@545;0E >B 1,5 4> 13,5  ?@8 U=15  8;8 4> 9,3  ?@8 U=10,8 . 4=0:> >?B8<0;L=0O 7>=0 @01>BK AB018;870B>@0 A>>B25BAB2C5B CG0AB:C ?5@540B>G=>9 E0@0:B5@8AB8:8, 345 7028A8<>ABL U+E = =f(UBx) 8<55B <0:A8<0;L=CN :@CB87=C. @8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8- 12 , <8=8<0;L=>5 =0?@O65=85 8AB>G=8:0 ?8B0=8O AB018;870B>@0 <>65B 1KBL @02=> 10,8 . ! CG5B>< MB>3> <0:A8<0;L=K9 480?07>= CAB0=02;8205<>3> 2KE>4=>3> =0?@O65=8O M;5<5=B0 A>AB02;O5B 1,5  9,3  (B>G:8 ?5@5A5G5=8O :@82KE 3 8 6 A :@82K<8 1 8 2), 0 >?B8<0;L=K9 480?07>=  >B 3 4> 8  (B>G:8 ?5@5A5G5=8O :@82KE 4 : 5 A :@82K<8 1 8 2).  8<5NI8EAO AB018;870B>@0E =0?@O65=8O, 2K?>;=5==KE ?> AE5<5, ?@82545==>9 =0,@8A. 7, <8=8<0;L=0O @07=8F0 <564C =0?@O65=85< 8AB>G=8:0 ?8B0=8O 8 AB018;878@>20==K< =0?@O65=85< A>AB02;O;0 2,3  2,8 . -B> >7=0G05B, GB> ?@8 =><8=0;L=><, =0?@O65=88 1>@B>2>9 A5B8 12 , A ?><>ILN @0AA<0B@8205<>3> AB018;870B>@0 <>6=> ?>;CG8BL AB018;878@>20==>5 =0?@O65=85 =5 2KH5 8,0  8,5 . >MB><C 40==K9 AB018;870B>@ ?@54?>GB8B5;L=55 8A?>;L7>20BL 2 02B><>18;OE A =><8=0;L=K< =0?@O65=85< 1>@B>2>9 A5B8 24 . !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 2 MB>< A;CG05 <0:A8<0;L=>5 =0?@O65=85 1>@B>2>9 A5B8 A>AB02;O5B 30 , 2 B> 2@5<O :0: =0?@O65=85 8AB>G=8:0 ?8B0=8O <8:@>AE5< A5@88 511 =5 4>;6=> ?@52KH0BL 25 . >MB><C =0?@O65=85, ?>42>48<>5 : <8:@>AE5<5 >B 1>@B>2>9 A5B8, =5>1E>48<> >3@0=8G820BL, GB> <>65B 1KBL 2K?>;=5=>, =0?@8<5@, A ?><>ILN ?@>AB59H53> ?0@0<5B@8G5A:>3> AB018;870B>@0 =0?@O65=8O. A;8 2 A>AB02 M;5:B@>==>9 AE5<K, :>B>@0O 4>;6=0 ?>;CG0BL ?8B0=85 >B AB018;870B>@0 =0?@O65=8O, 2E>48B ;>38G5A:0O <8:@>AE5<0 A5@89 511 8;8 4@C3>9 A5@88 2KA>:>?>@>3>2>9 ;>38:8, 8 2 MB>9 <8:@>AE5<5 8<55BAO >48= =58A?>;L7>20==K9 M;5<5=B B8?0   , B> 53> <>6=> 8A?>;L7>20BL 4;O A>740=8O AB018;870B>@0 =0?@O65=8O @0AA<0B@8205<>3> B8?0.  MB>< A;CG05 4;O A>740=8O AB018;870B>@0 =0?@O65=8O ?>B@51C5BAO <8=8<0;L=>5 :>;8G5AB2> :><?;5:BCNI8E 8745;89, GB> C25;8G8205B F5;5A>>1@07=>ABL 53> ?@8<5=5=8O. '!""-+   " @5>1@07>20B5;8 G0AB>B0  =0?@O65=85 (') 8;8 G0AB>B=>-0=0;>3>2K5 ?@5>1@07>20B5;8 O2;ONBAO =081>;55 @0A?@>AB@0=5==K< B8?>2K< DC=:F8>=0;L=K< C7;>< M;5:B@>==KE A8AB5< C?@02;5=8O 03@530B0<8 02B><>18;O. "0:85 ?@5>1@07>20B5;8 ?@8<5=ONB 2 A8AB5<0E 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85<, CAB@>9AB20E 02B><0B8G5A:>3> C?@02;5=8O ?5@5:;NG5=85< ?5@540G, 0=B81;>:8@>2>G=KE A8AB5<0E C?@02;5=8O B>@<>7=K<8 <5E0=87<0<8 02B><>18;59. E B0:65 8A?>;L7CNB 2> <=>38E 4@C38E A8AB5<0E C?@02;5=8O 03@530B0<8 42830B5;O. A=>2=K<8 ?>:070B5;O<8, >?@545;ONI8<8 A2>9AB20 ', O2;ONBAO: @01>G89 480?07>= G0AB>B 2E>4=>3> A83=0;0, E0@0:B5@87C5<K9 >B=>H5=85< fmax/fmin; <8=8<0;L=K9 C@>25=L 2E>4=>3> A83=0;0, ?@8 :>B>@>< >15A?5G8205BAO @01>B>A?>A>1=>ABL ?@5>1@07>20B5;O; ;8=59=>ABL ?@5>1@07>20=8O; 1KAB@>459AB285 ?@5>1@07>20=8O, :>B>@>5 >F5=820NB 70?074K20=85< 87<5=5=8O C@>2=O 2KE>4=>3> A83=0;0 ?> >B=>H5=8N : 87<5=5=8N G0AB>BK 2E>4=>3> A83=0;0; 25;8G8=0 ?C;LA0F89 2KE>4=>3> =0?@O65=8O U+% (?@8 @07;8G=KE G0AB>B0E 2E>4=>3> A83=0;0); AB018;L=>ABL E0@0:B5@8AB8:8 U2KE=F(f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u0, ?>ABC?0NI53> =0 2E>4 ' >B 40BG8:0 G0AB>BK 2@0I5=8O :>=B@>;8@C5<>3> 20;0, <>65B 1KBL A0<>9 @07;8G=>9 (@8A. 9,0 8 1). !83=0; u0 ?>ABC?05B =0 2E>4 CA8;8B5;O->3@0=8G8B5;O, :>B>@K9 ?@5>1@07C5B 53> 2 2KE>4=>9 A83=0; 81. ! ?><>ILN D>@<8@>20B5;O A83=0;0 ?5@5<5==>9 A:206=>AB8 A83=0; 81 ?@5>1@07C5BAO 2 ?>A;54>20B5;L=>ABL ?@O<>C3>;L=KE 8<?C;LA>2 A ?>AB>O==>9 ?@>4>;68B5;L=>ABLN t8 8 0<?;8BC4>9 uz =57028A8<> >B G0AB>BK f A;54>20=8O A83=0;>2 81. @8 MB>< G5< 2KH5 G0AB>B0 A;54>20=8O A83=0;>2 81 8 82 8 A>>B25BAB25==> G5< <5=LH5 ?@>4>;68B5;L=>ABL F8:;0 tF, B5< <5=LH5 A:206=>ABL g = tn/tn A83=0;>2 82 =0 2KE>45 D>@<8@>20B5;O. >A;5 ?@>E>645=8O ?>A;54>20B5;L=>AB8 8<?C;LA>2 w2 G5@57 D8;LB@ =87:8E G0AB>B >=8 ?@5>1@07CNBAO 2 7028A8<>AB8 u3=F(t). @8 MB>< A@54=55 =0?@O65=85 U3 CP B5< 1>;LH5, G5< 2KH5 G0AB>B0 2E>4=>3> A83=0;0, ?>42>48<>3> : '. C;LA0F88 =0?@O65=8O 83 ?@8 ?@>G8E @02=KE CA;>28OE >:07K20NBAO B5< <5=LH5, G5< 1>;LH5 >B=>H5=85 ?>AB>O==>9 2@5<5=8 B D8;LB@0 : ?5@8>4C tF. >MB><C ?> <5@5 C25;8G5=8O G0AB>BK 2E>4=>3> A83=0;0 8, A;54>20B5;L=>, C<5=LH5=8O t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o, A>>B25BAB2CNI8< ;>38G5A:><C 0 (@8A. 10).  8AE>4=>< A>AB>O=88 =0?@O65=85 ue =0 2KE>45 6 M;5<5=B0 -2, O2;ONI55AO >4=>2@5<5==> 8 2KE>4=K< =0?@O65=85< 17+% >4=>-281@0B>@0, @02=> C@>2=N ;>38G5A:>9 1. @8 MB>< 8 : 2E>4C 2 M;5<5=B0 -1 ?>42>48BAO =0?@O65=85 A C@>2=5< ;>38G5A:>9 1, G5<C A>>B25BAB2C5B >B:@KB>5 A>AB>O=85 B@0=78AB>@0 VT1 40==>3> M;5<5=B0, >15A?5G820NI55 ?>;CG5=85 =0 53> 2KE>45 3 =0?@O65=8O Us A C@>2=5<, A>>B25BAB2CNI8< A>AB>O=8N ;>38G5A:>3> 0. 0?@O65=85 B0:>3> 65 C@>2=O ?>;CG05BAO 8 =0 2E>40E 4 8 5 M;5<5=B0 -2, 1;03>40@O G5<C >15A?5G8205BAO 70:@KB85 B@0=78AB>@0 VT2. >MB><C, :0: C:07K20;>AL 2KH5, =0 2KE>45 6 M;5<5=B0 -2 =0?@O65=85 2>7@0AB05B 4> C@>2=O ;>38G5A:>9 1. >ABC?;5=85 2 <><5=B t1 =0 2E>4 1 M;5<5=B0 -1 =0?@O65=8O u> A C@>2=5< ;>38G5A:>3> 0 ?@82>48B : C25;8G5=8N =0?@O65=8O u7 =0 2KE>45 3 M;5<5=B0 -1 4> C@>2=O ;>38G5A:>9 1. "0:>9 E0@0:B5@ 87<5=5=8O =0?@O65=8O >1JOA=O5BAO B5<, GB> @578AB>@ R 8<55B 7=0G8B5;L=> <5=LH55 A>?@>B82;5=85 ?> A@02=5=8N A @578AB>@>< R1, 8 ?>MB><C <>6=> AG8B0BL, GB> ?045=85 =0?@O65=8O 2 @578AB>@5 R ?@8 ?@>E>645=88 G5@57 =53> B>:0 70@O4:8 :>=45=A0B>@0 ! 1;87:> : =C;N. 0?@O65=85 A C@>2=5< ;>38G5A:>9 1 2 <><5=B 2@5<5=8 t1 G5@57 @07@O65==K9 :>=45=A0B>@ ! ?>42>48BAO : 2E>40< 4 8 5 M;5<5=B0 -2, 8, ?>A:>;L:C >=> 2KH5 ?>@>3>2>3> =0?@O65=8O (N@, ?@8 :>B>@>< ?@>8AE>48B 87<5=5=85 =0?@O65=8O =0 2KE>45 M;5<5=B0 -2, 40==K9 M;5<5=B ?5@5E>48B 2 @568< @01>BK A >B:@KBK< B@0=78AB>@>< VT2. @8 MB>< C@>25=L =0?@O65=8O U2KE A>>B25BAB2C5B A>AB>O=8N ;>38G5A:>3> 0. 0;55 ?>4 459AB285< =0?@O65=8O 83 G5@57 @578AB>@ R1 >ACI5AB2;O5BAO ?>AB5?5==0O 70@O4:0 :>=45=A0B>@0 !, 2 @57C;LB0B5 G53> ?@>8AE>48B A>>B25BAB2CNI55 C<5=LH5=85 =0?@O65=8O u4,5 =0 2E>40E 4 8 5 M;5<5=B0 -2.  8A. 12. !E5<0 >4=>281@0B>@0 A 1>;LH>9 ?@>4>;68B5;L=>ABLN 8<?C;LA0 =0 1075 ;>38G5A:8E M;5<5=B>2 2   8 D>@<K A83=0;>2  <><5=B 2@5<5=8 t2 =0?@O65=85 u4,5 A=8605BAO 4> 7=0G5=8O UFop. @8 MB>< ?@>8AE>48B 70:@KB85 B@0=78AB>@0 VT2 8 =0?@O65=85 =0 2KE>45 >4=>281@0B>@0 2>7@0AB05B 4> C@>2=O ;>38G5A:>9 1.  @57C;LB0B5 : >1>8< 2E>40< M;5<5=B0 -1 >:07K205BAO ?>42545==K< =0?@O65=85 A C@>2=5< ;>38G5A:>9 1, GB> >15A?5G8205B >B:@KB85 B@0=78AB>@0 VT1 8 1KAB@CN @07@O4:C G5@57 53> ?5@5E>4 :>;;5:B>@  M<8BB5@ 8 48>4 VD :>=45=A0B>@0 !. , >A;5 >:>=G0=8O ?@>F5AA0 @07@O4:8 :>=45=A0B>@0 >4=>281@0B>@ CAB0=02;8205BAO 2 8AE>4=>5 A>AB>O=85. @>4>;68B5;L=>ABL 8<?C;LA0 t8 = t2  t1 =0 2KE>45 >4=>281@0B>@0 >?@545;O5BAO ?>AB>O==>9 2@5<5=8 B=R1C. '5< 1>;LH5 B, B5< <54;5==55 A=8605BAO =0?@O65=85 0 2E>40E 4 8 5 M;5<5=B0 -2 2 ?@>F5AA5 70@O4:8 :>=45=A0B>@0 ! (@8A. 11, :@82K5 1  3) 8, A;54>20B5;L=>, B5< 1>;LH89 ?@><56CB>: 2@5<5=8 ?>=04>18BAO 4;O A=865=8O C:070==>3> =0?@O65=8O 4> 7=0G5=8O Unop.  ?5@2>< ?@81;865=88 ?@>4>;68B5;L=>ABL t8 8<?C;LA0 >4=>-81@0B>@0 <>6=> >?@545;8BL ?> D>@<C;5 tK=RlC l?(U?/U?>@) (345 Un  =0?@O65=85 ?8B0=8O >4=>281@0B>@0). @8 @0AG5B5 ?> MB>9 D>@<C;5 ?>;CG0NB =5A:>;L:> 702KH5==K5 7=0G5=8O t8, ?>A:>;L:C 2 =59 =5 CG8BK205BAO ?045=85 =0?@O65=8O 2 2KE>4=>9 F5?8 ;>38G5A:>3> M;5<5=B0 -1 ?@8 ?@>E>645=88 G5@57 =55 B>:0 70@O4:8 :>=45=A0B>@0 !. !B018;L=>ABL t8 2 7=0G8B5;L=>9 AB5?5=8 7028A8B >B ?>AB>O=AB20 =0?@O65=8O U?>@ ?@8 87<5=5=88 @07;8G=KE 2=5H=8E D0:B>@>2, =0?@8<5@ B5<?5@0BC@K M;5<5=B0 -2.  MB>< >B=>H5=88 C4>2;5B2>@8B5;L=K5 ?>:070B5;8 8<5NB ;>38G5A:85 <8:@>AE5<K A5@88 511, 4;O :>B>@KE E0@0:B5@=> Unop=6-8  8 B5<?5@0BC@=0O =5AB018;L=>ABL 8?>@ A>AB02;O5B =5 1>;55 3 </!. ;O <8:@>AE5< A5@88 155 U?>@=0,84-1,2 , 0 B5<?5@0BC@=0O =5AB018;L=>ABL ?>@>3>2>3> =0?@O65=8O ?@8<5@=> B0:0O 65, :0: 8 C <8:@>AE5< A5@88 511 (3 </!). A;54AB285 MB>3> =5AB018;L=>ABL =0?@O65=8O U?>@ ?> >B=>H5=8N : 53> =><8=0;L=><C 7=0G5=8N C <8:@>AE5< A5@88 155 ACI5AB25==> 1>;LH5, G5< C <8:@>AE5< A5@88 511. !>>B25BAB25==> EC65 8 AB018;L=>ABL tu ?@8 87<5=5=88 B5<?5@0BC@K C >4=>281@0-B>@>2 =0 1075 ;>38G5A:8E AE5< A5@88 155.  B5E A;CG0OE, :>340 =5>1E>48<> ?>;CG8BL 7=0G5=85 tw ?>@O4:0 A>B5= <8;;8A5:C=4 8 4065 A5:C=4, <>65B 1KBL @5:><5=4>20=0 AE5<0 >4=>281@0B>@0, ?@82545==0O =0 @8A. 12 [34]. -B>B >4=>281-@0B>@ 2K?>;=5= =0 1075 B@5E ;>38G5A:8E M;5<5=B>2 B8?0 2  , 0 53> 2@5<O7040NI0O F5?L >1@07>20=0 @578AB>@>< R 8 :>=45=A0B>@>< !. AE>4=>5 A>AB>O=85 >4=>281@0B>@0 A>>B25BAB2C5B ?>42545=8N : 2E>4C 2 M;5<5=B0 -1 =0?@O65=8O A C@>2=5< ;>38G5A:>9 1, 0 ?CA: AE5<K >ACI5AB2;O5BAO ?@8 ?>40G5 =0 40==K9 2E>4 8<?C;LA0 A C@>2=5< ;>38G5A:>3> 0 (@8A. 12,6).  8AE>4=>< A>AB>O=88 C@>25=L =0?@O65=8O =0 2KE>45 9 M;5<5=B0 -, O2;ONI53>AO B0:65 2KE>4=K< =0?@O65=85< >4=>281@0B>@0, A>>B25BAB2C5B A>AB>O=8N ;>38G5A:>9 1. @8 MB>< : >1>8< 2K2>40< M;5<5=B0 -1 >:07K205BAO ?>42545==K< =0?@O65=85 A C@>2=5< ;>38G5A:>9 1, 2A;54AB285 G53> =0?@O65=85 =0 2KE>45 3 M;5<5=B0 -1 A=878BAO 4> C@>2=O ;>38G5A:>3> , 0 =0?@O65=85 86 =0 2KE>45 6 M;5<5=B0 -2 C25;8G8BAO 4> C@>2=O ;>38G5A:>9 1. >4 459AB285< =0?@O65=8O 81 ?@>8AE>48B 1KAB@0O 70@O4:0 :>=45=A0B>@0 !, ?@8G5< B>: 70@O4:8 ?@>E>48B G5@57 @578AB>@ R2 8 ?5@5E>4 1070  M<8BB5@ B@0=78AB>@0 VT4. -B>B B@0=78AB>@ >AB05BAO >B:@KBK< 8 ?>A;5 >:>=G0=8O 70@O4:8 :>=45=A0B>@0, ?>A:>;L:C 53> 1070 G5@57 @578AB>@ R ?>4:;NG5=0 : ?>;>68B5;L=><C ?>;NAC 8AB>G=8:0 ?8B0=8O.  @57C;LB0B5 MB>3> =0?@O65=85 =0 2E>45 8 M;5<5=B0 - 8<55B C@>25=L ;>38G5A:>3> , 0 =0?@O65=85 =0 2KE>45 9 40==>3> M;5<5=B0  C@>25=L ;>38G5A:>9 1. >40G0 2 <><5=B 2@5<5=8 t1 =0 2E>4 2 M;5<5=B0 -1 8<?C;LA0 A C@>2=5< ;>38G5A:>3> 0 ?@82>48B : ?>O2;5=8N =0 2KE>45 3 M;5<5=B0 -1 =0?@O65=8O A C@>2=5< ;>38G5A:>9 1, 0 =0 2KE>45 6 M;5<5=B0 -2  ;>38G5A:>3> . @8 MB>< G5@57 >B:@K2H89AO ?5@5E>4 :>;;5:B>@  M<8BB5@ B@0=78AB>@0 VT2 ?>;>68B5;L=K9 2K2>4 :>=45=A0B>@0 ! A>548=O5BAO A M<8BB5@>< B@0=78AB>@0 VT4. -B> ?@82>48B : 87<5=5=8N ?>;O@=>AB8 =0?@O65=8O U-, ?>42>48<>3> : ?5@5E>4C M<8BB5@  1070 B@0=78AB>@0 VT4, 8 70:@KB8N MB>3> B@0=78AB>@0.  @57C;LB0B5 G5@57 @578AB>@ R4 : 2E>4C 8 ?>42>48BAO =0?@O65=85 A C@>2=5< ;>38G5A:>9 1. "0: :0: =0?@O65=85 =0 >1>8E 2E>40E M;5<5=B0 - A>>B25BAB2C5B C@>2=N ;>38G5A:>9 1, B> =0 2KE>45 9 M;5<5=B0 - =0?@O65=85 A=8605BAO 4> C@>2=O ;>38G5A:>3> 0. -B> =0?@O65=85 ?>42>48BAO : 2E>4C 1 M;5<5=B0 -1, GB> >15A?5G8205B ?>445@60=85 =0?@O65=8O A C@>2=5< ;>38G5A:>9 1 =0 2KE>45 3 8 =0?@O65=8O A C@>2=5< ;>38G5A:>3> 0 =0 2KE>45 6 M;5<5=B0 -2 8 ?>A;5 >:>=G0=8O 459AB28O 8<?C;LA0. >A;5 >B:@KB8O B@0=78AB>@0 VT2 G5@57 :>=45=A0B>@ ! ?@>E>48B B>: 2 =0?@02;5=88, C:070==>< =0 @8A. 12, 0 AB@5;:0<8. A;54AB285 ?@>E>645=8O MB>3> B>:0, =0?@02;5=85 :>B>@>3> ?@>B82>?>;>6=> =0?@02;5=8N B>:0 70@O4:8 :>=45=A0B>@0, ?@>8AE>48B ?5@570@O4:0 (@07@O4:0) :>=45=A0B>@0 A 87<5=5=85< =0?@O65=8O (A<. @8A. 12,6). >A;5 B>3>, :0: 2 ?@>F5AA5 ?5@570@O4:8 :>=45=A0B>@0 =0?@O65=85 Uc =0 =5< C<5=LH8BAO 4> =C;O, 0 70B5< 2>7@0AB5B 4> 0,3  0,5 , ?@>87>945B >B:@KB85 B@0=78AB>@0 VT4. A;54AB285 MB>3> =0?@O65=85 =0 2E>45 8 M;5<5=B0 - A=8605BAO 4> C@>2=O ;>38G5A:>3> 0, 0 =0?@O65=85 =0 2KE>45 9 C25;8G8205BAO 4> C@>2=O ;>38G5A:>9 1. >O2;5=85 =0?@O65=8O A C@>2=5< ;>38G5A:>9 1 =0 2KE>45 9 M;5<5=B0 - 8, A;54>20B5;L=>, =0 2E>45 1 M;5<5=B0 -1 2 A>G5B0=88 A ?>42545=85< =0?@O65=8O B0:>3> 65 C@>2=O : 2E>4C 2 M;5<5=B0 -1 >15A?5G8205B CAB0=>2:C >4=>281@0B>@0 2 8AE>4=>5 A>AB>O=85. @8 MB>< ?>A:>;L:C B@0=78AB>@ VT2 1C45B 70:@KB, G5@57 @578AB>@ R2 ?@>87>945B 1KAB@0O 70@O4:0 :>=45=A0B>@0 !, 8 AE5<0 >:065BAO ?>43>B>2;5==>9 : ?>A;54CNI59 @01>B5. ;O @50;87C5<>3> 2 >4=>281@0B>@5 ?@>F5AA0 ?5@570@O4:8 :>=45=A0B>@0 (2A;54AB285 ?>42545=8O : =5<C =0?@O65=8O ?8B0=8O >1@0B=>9 ?>;O@=>AB8) E0@0:B5@=> 1>;55 8=B5=A82=>5 A=865=85 =0?@O65=8O =0 :>=45=A0B>@5 ?> A@02=5=8N A @568<>< >1KG=>9 53> @07@O4:8 (A<. @8A. 11). ;03>40@O MB><C ?@8 UA=0,5  87<5=5=85 =0?@O65=8O 2 ?@>F5AA5 ?5@570@O4:8 :>=45=A0B>@0 ?@>8AE>48B 4>AB0B>G=> 8=B5=A82=>. >MB><C <>6=> A45;0BL 4>?CI5=85 > B><, GB> >:>=G0=85 8<?C;LA0 =0 2KE>45 >4=>281@0B>@0 A>>B25BAB2C5B ?5@570@O4:5 :>=45=A0B>@0 =5 4> C@>2=O 0,3  0,5 , 0 4> =0?@O65=8O, @02=>3> =C;N. @8 B0:>< 4>?CI5=88 ?@>4>;68B5;L=>ABL 8<?C;LA0 >4=>281@0B>@0 t8 =  R!1n0,5=0,7R!. !B018;L=>ABL ?@>4>;68B5;L=>AB8 8<?C;LA0 t8 >4=>281@0B>@0, 2 ?5@2CN >G5@54L, >?@545;O5BAO E0@0:B5@8AB8:0<8 :>=45=A0B>@0. A;8 B@51>20=8O : AB018;L=>AB8 t8 2KA>:8, B> =5;L7O ?@8<5=OBL 2 >4=>281@0B>@5 >:A84=>-?>;C?@>2>4=8:>2K5 :>=45=A0B>@K (8<5NI85 <8=8<0;L=K5 @07<5@K).  MB>< A;CG05 =5>1E>48<> 8A?>;L7>20BL :>=45=A0B>@K 8=>3> B8?0, => 2> 871560=85 G@57<5@=>3> C25;8G5=8O @07<5@>2 0??0@0BC@K 5<:>ABL :>=45=A0B>@0 ! ?@8E>48BAO 7=0G8B5;L=> >3@0=8G820BL. ;O ?>;CG5=8O 65 B@51C5<>9 25;8G8=K in =5>1E>48<> C25;8G820BL A>?@>B82;5=85 @578AB>@0 R.  @0AA<0B@8205<>< >4=>281@0B>@5 MB0 7040G0 @5H05BAO 157 >A>1KE 70B@C4=5=89 ?CB5< ?@8<5=5=8O B@0=78AB>@0 VT4 A 2KA>:8< :>MDD8F85=B>< CA8;5=8O. -B> <>6=> ?@>8;;NAB@8@>20BL =0 ?@8<5@5 8A?>;L7>20=8O 2 >4=>281@0B>@5 ;>38G5A:8E <8:@>AE5< A5@88 511, C :>B>@KE <0:A8<0;L=0O A8;0 2E>4=>3> B>:0 A>AB02;O5B ~0,5 <. "0:>9 B>: I: 4>;65= ?@>E>48BL 2 F5?8 :>;;5:B>@0 B@0=78AB>@0 VT4 8 4;O 53> >15A?5G5=8O A8;0 B>:0 2 F5?8 107K B@0=78AB>@0 (?@>E>4OI53> G5@57 @578AB>@ R)  345 @  :>MDD8F85=B CA8;5=8O B@0=78AB>@0 ?> B>:C; k  :>MDD8F85=B, CG8BK20NI89 =5>1E>48<>ABL C25;8G5=8O A8;K B>:0 107K 4;O 30@0=B8@>20==>3> ?>;CG5=8O @568<0 =0AKI5=8O B@0=78AB>@0, k= 1,3-7-1,5.  8A. 13. !E5<0 CA8;8B5;O A83=0;>2 40BG8:0 G0AB>BK 2@0I5=8O =0G5=85 @ 4;O @O40 B8?>2 2K?CA:05<KE B@0=78AB>@>2 (=0?@8<5@, "3102, "342, "373) A>AB02;ONB =5 <5=55 100  200. ">340 A8;0 B>:0 107K B@0=78AB>@0 VT4 4>;6=0 1KBL =5 <5=55 3,75  7,5 <:. @8 =0?@O65=88 ?8B0=8O >4=>281@0B>@0, @02=>< 15 , 4;O ?>;CG5=8O B0:>3> B>:0 ?>B@51C5BAO ?@8<5=5=85 @578AB>@0 R A A>?@>B82;5=85< 2  4 <. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 4;O >15A?5G5=8O AB018;L=>9 @01>BK 02B><>18;L=>9 M;5:B@>==>9 0??0@0BC@K ?@8<5=OBL @578AB>@K A> AB>;L 2KA>:8< =><8=0;L=K< A>?@>B82;5=85< =5 @5:><5=4C5BAO 87-70 2>7<>6=KE =0@CH5=89 55 @01>BK ?>4 2>7459AB285< B>:>2 CB5G:8. >MB><C 25@E=89 4>?CAB8<K9 ?@545; A>?@>B82;5=8O @578AB>@0 R 4>;65= A>AB02;OBL 500 :<  1 <. @8 B0:8E =><8=0;L=KE A>?@>B82;5=8OE @578AB>@0 R 4;O ?>;CG5=8O, =0?@8<5@, ?@>4>;68B5;L=>AB8 8<?C;LA0 t8=100 <A 2 >4=>281@0B>@5 =5>1E>48<> ?@8<5=OBL :>=45=A0B>@ ! 5<:>ABLN =5 1>;55 0,15  0,33 <:$.  8A. 14. $>@<K A83=0;>2 CA8;8B5;O 40BG8:0 G0AB>BK 2@0I5=8O ?@8 @07;8G=KE 0<?;8BC40E 2E>4=>3> A83=0;0 @8 8A?>;L7>20=88 2 A>AB025 ' >?8A0==KE >4=>281@0B>@>2 4;O >15A?5G5=8O 8E =>@<0;L=>3> DC=:F8>=8@>20=8O =5>1E>48<> ?>4020BL =0 2E>4 >4=>281@0B>@0 8<?C;LAK, 0<?;8BC40 :>B>@KE 2KH5 ?>@>3>2>3> =0?@O65=8O U?>@ ?@8<5=O5<KE <8:@>AE5<. 0==>5 B@51>20=85 2 =5:>B>@KE A;CG0OE <>65B 1KBL >15A?5G5=> 8 157 ?@8<5=5=8O 2 A>AB025 ' CA8;8B5;O->3@0=8G8B5;O.  G0AB=>AB8, MB> 2>7<>6=> 2 A8AB5<0E C?@02;5=8O, 2 :>B>@KE 2 :0G5AB25 2E>4=>3> A83=0;0 8A?>;L7C5BAO G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O 8 2E>4 ' ?>4:;NG05BAO : ?@5@K20B5;N A8AB5<K 706830=8O, C@>25=L =0?@O65=8O =0 :>B>@>< =5 =865 =0?@O65=8O 1>@B>2>9 A5B8. A;8 65 2 :0G5AB25 40BG8:0 G0AB>BK 2@0I5=8O :>=B@>;8@C5<>3> 20;0 ?@8<5=ONB CAB@>9AB20 8=4C:B>@=>3> B8?0 8;8 B0E>35=5@0B>@K, B> ?@8 =87:8E G0AB>B0E 2@0I5=8O 20;0 0<?;8BC40 A83=0;>2 40BG8:0 =54>AB0B>G=0 4;O =>@<0;L=>9 @01>BK >4=>281@0B>@>2.  MB8E A;CG0OE <564C 2KE>4>< 40BG8:0 8 2E>4>< >4=>281@0B>@0 CAB0=02;820NB CA8;8B5;L->3@0=8G8B5;L A83=0;>2, :>B>@K9 ?@5>1@07C5B ?>ABC?0NI85 =0 53> 2E>4 A83=0;K ?@>872>;L=>9 D>@<K 8 =51>;LH>9 0<?;8BC4K 2 ?>A;54>20B5;L=>ABL ?@O<>C3>;L=KE 8<?C;LA>2 A 0<?;8BC4>9, 1;87:>9 : =0?@O65=8N 1>@B>2>9 A5B8. 0 @8A. 13 ?@82545=0 AE5<0 >4=>3> 87 2>7<>6=KE 20@80=B>2 B0:>3> CA8;8B5;O, 2K?>;=5==>3> =0 1075 48A:@5B=KE M;5<5=B>2. 5@2K9 :0A:04 CA8;8B5;O, A>AB>OI89 87 B@0=78AB>@0 VT1, :>=45=A0B>@0 CJ 8 @578AB>@>2 Rl  R4, 2K?>;=5= ?> >1I58725AB=>9 AE5<5 CA8;8B5;O A 5<:>AB=>9 A2O7LN {31]. B>@K< :0A:04>< CA8;8B5;O O2;O5BAO :;NG, 2K?>;=5==K9 =0 B@0=78AB>@5 VT2. KE>4 ?5@2>3> :0A:040 (B>G:0 ) A>548=O5BAO A> 2E>4>< 2B>@>3> :0A:040 (B>G:0 !) G5@57 @0745;8B5;L=K9 :>=45=A0B>@ !2, 1;03>40@O G5<C =0 2E>4 2B>@>3> :0A:040 =5 ?>?0405B ?>AB>O==0O A>AB02;ONI0O =0?@O65=8O. %0@0:B5@ 87<5=5=8O =0?@O65=8O, 459AB2CNI53> 2 @07;8G=KE M;5<5=B0E CA8;8B5;O, ?>:070= =0 @8A. 14, =0 :>B>@>< 8A?>;L7>20=K A;54CNI85 >1>7=0G5=8O: Un0p  ?>@>3>2>5 =0?@O65=85 >B:@KB8O B@0=78AB>@0 VT1; U=0A  =0?@O65=85 =0AKI5=8O B@0=78AB>@0 VT1; UCM  =0?@O65=85 =0 1075 B@0=78AB>@0 VT1 ?@8 >BACBAB288 2=5H=53> A83=0;0 (=0?@O65=85 A<5I5=8O). #A8;8B5;L, 2K?>;=5==K9 ?> AE5<5 A>3;0A=> @8A. 13, F5;5A>>1@07=> ?@8<5=OBL 2 B5E A;CG0OE, :>340 2KE>4=>9 A83=0; B0E><5B-@8G5A:>3> ?@5>1@07>20B5;O 8<55B 0<?;8BC4K =5 <5=LH5 0,5 .  MB>< A;CG05 A83=0; U2KE =0 2KE>45 CA8;8B5;O ?@8 87<5=5=88 0<?;8BC4K 2E>4=>3> A83=0;0 U2E 2 H8@>:8E ?@545;0E 8<55B ?@0:B8G5A:8 ?>AB>O==CN A:206=>ABL, B. 5. >B=>H5=85 ?@>4>;68B5;L=>AB8 F8:;0 tF : ?@>4>;68B5;L=>AB8 t8 8<?C;LA0 ?>AB>O==> (@8A. 14). A;8 0<?;8BC40 2E>4=>3> A83=0;0 CA8;8B5;O <5=LH5 0,5 , B> A:206=>ABL A83=0;0 =0G8=05B 70<5B=> C<5=LH0BLAO. ;O =5:>B>@KE A8AB5< C?@02;5=8O B0:>5 =5?>AB>O=AB2> 25;8G8=K A:206=>AB8 =54>?CAB8<>.  MB>< A;CG05 4;O ?>;CG5=8O =0 2KE>45 CA8;8B5;O ?>A;54>20B5;L=>AB8 8<?C;LA>2 ?>AB>O==>9 A:206=>AB8 =57028A8<> >B C@>2=O 2E>4=>3> A83=0;0 (=0G8=0O A 45AOB:>2 <8;;82>;LB) 2 :0G5AB25 >A=>2=>3> M;5<5=B0 CA8;8B5;O->3@0=8G8B5;O ?@8<5=ONB >?5@0F8>==K9 CA8;8B5;L, @01>B0NI89 2 @568<5 CA8;8B5;O A ?>;>68B5;L=>9 >1@0B=>9 A2O7LN, :><?0@0B>@ (8;8 B@8335@ (<84B0). "0:>9 MDD5:B 4>AB8305BAO 2 @57C;LB0B5 B>3>, GB> >?5@0F8>==K9 CA8;8B5;L ?5@5E>48B 87 @568<0 A <8=8<0;L=K< 2KE>4=K< =0?@O65=85< 2 @568< A <0:A8<0;L=K< 2KE>4=K< =0?@O65=85< ?@8 87<5=5=88 =0?@O65=8O, ?>42>48<>3> : 53> 2E>40<, 2A53> ;8HL =0 548=8FK 8;8 <0:A8<C< =0 45AOB:8 <8;;82>;LB.  8A. 15. !E5<K CA8;8B5;59->3@0=8G8B5;59 4;O >1@01>B:8 2E>4=KE A83=0;>2 =87:>3> C@>2=O 40BG8:0 G0AB>BK 2@0I5=8O: 0  157 @0745;5=8O F5?59 ?>AB>O==>3> 8 ?5@5<5==>3> B>:>2; 1  A @0745;8B5;L=K< :>=45=A0B>@>< <564C 2E>4=>9 F5?LN CA8;8B5;O 8 >1<>B:>9 40BG8:0 G0AB>BK 2@0I5=8O 0 @8A. 15 ?@82545=K AE5<K CA8;8B5;59->3@0=8G8B5;59, :>B>@K5 <>3CB 1KBL @5:><5=4>20=K 4;O ?@8<5=5=8O ?@8 =87:8E C@>2=OE 2E>4=>3> A83=0;0 40BG8:0 G0AB>BK 2@0I5=8O.  MB8E AE5<0E A8=D07=K< A83=0;>< >?5@0F8>==>3> CA8;8B5;O O2;O5BAO =0?@O65=85, ?>42>48<>5 : 53> 2E>40< >B 45;8B5;O =0?@O65=8O (@578AB>@K R1 8 R2).  AE5<5 =0 @8A. 15, 0 ?5@5<5==0O -!, 8=4C:B8@C5<0O 2 >1<>B:5 40BG8:0 G0AB>BK 2@0I5=8O, O2;O5BAO 48DD5@5=F80;L=K< A83=0;>< 4;O >?5@0F8>==>3> CA8;8B5;O. ;03>40@O MB><C 4065 ?@8 =51>;LH>9 0<?;8BC45 -! ?@8 87<5=5=88 55 ?>;O@=>AB8 ?>GB8 A:0G:>>1@07=> <5=O5BAO C@>25=L =0?@O65=8O =0 2KE>45 >?5@0F8>==>3> CA8;8B5;O.  @57C;LB0B5 A>548=5=8O 2KE>40 >?5@0F8>==>3> CA8;8B5;O A 53> =58=25@B8@CNI8< 2E>4>< G5@57 @578AB>@ R4 1>;LH>3> A>?@>B82;5=8O 2 CA8;8B5;5 A>7405BAO =51>;LH0O ?>;>68B5;L=0O >1@0B=0O A2O7L, ?>72>;ONI0O ?>;CG8BL 5I5 1>;55 :@CB>9 D@>=B 2KE>4=>3> =0?@O65=8O.  AE5<5 A>3;0A=> @8A. 15,6 87<5=5=85 ?>;O@=>AB8 -!, 8=4C:B8@C5<>9 2 >1<>B:5 40BG8:0 G0AB>BK 2@0I5=8O, >15A?5G8205B ?5@8>48G5A:>5 87<5=5=85 =0?@O65=8O =0 8=25@B8@CNI5< 2E>45 CA8;8B5;O. 0;8G85 2 CA8;8B5;5 ?>;>68B5;L=>9 >1@0B=>9 A2O78 2A;54AB285 2:;NG5=8O <564C 2KE>4>< 8 =58=25@B8@CNI8< 2E>4>< CA8;8B5;O @578AB>@0 R4, >1CA;>2;8205B A<5I5=85 :@82KE 1 8 2 (@8A. 16) 225@E >B >A8 01AF8AA =0 25;8G8=C U>A.  @57C;LB0B5 2 CA8;8B5;5 D>@<8@C5BAO 48DD5@5=F80;L=K9 A83=0; A :@CBK< D@>=B>< 87<5=5=8O 2 @09>=5 7=0G5=89 t, ?@8 :>B>@KE 87<5=O5BAO ?>;O@=>ABL :@82KE 1 8 2. A;54AB285 MB>3> 8<?C;LAK =0?@O65=8O =0 2KE>45 CA8;8B5;O 8<5NB ?@0:B8G5A:8 ?@O<>C3>;L=CN D>@<C (:@82K5 I" 8 2"). @8<5=5=85 ?>;>68B5;L=>9 >1@0B=>9 A2O78 2 CA8;8B5;5 >15A?5G8205B =5 B>;L:> C25;8G5=85 :@CB87=K D@>=B0 2KE>4=>3> A83=0;0, => B0:65 ?>72>;O5B ?>;CG8BL ?>AB>O==CN 53> A:206=>ABL, @02=CN 2. !;54C5B >B<5B8BL, GB> 2 B5E A;CG0OE, :>340 0<?;8BC40 A83=0;0 ?@5>1@07>20B5;O 7=0G8B5;L=> 2KH5 UCM (?> :@09=59 <5@5 =0 >48= ?>@O4>:), <>6=> ?>;CG8BL :@CB>9 D@>=B 8 ?@0:B8G5A:8 ?>AB>O==CN A:206=>ABL 2KE>4=>3> A83=0;0 157 ?@8<5=5=8O ?>;>68B5;L=>9 >1@0B=>9 A2O78. !E5<0, 2K?>;=5==0O A>3;0A=> @8A. 15, 0, A>45@68B <5=LH55 G8A;> M;5<5=B>2 ?> A@02=5=8N A> AE5<>9, ?@82545==>9 =0 @8A. 15,6. 4=0:> 2 AE5<5 =0 @8A. 15,6 >1<>B:0 ?@5>1@07>20B5;O =5 =03@C605BAO ?>AB>O==>9 A>AB02;ONI59 B>:0, 2 @57C;LB0B5 G53> ?>2KH05BAO 53> GC2AB28B5;L=>ABL. ' A 48DD5@5=F80B>@>< 2E>4=KE A83=0;>2 2 A>G5B0=88 A 8=B53@0B>@><. @8=F8?80;L=0O M;5:B@8G5A:0O AE5<0 ' 40==>3> B8?0, ?>;CG0NI53> A83=0;K >B 40BG8:0 G0AB>BK 2@0I5=8O 8=4C:B>@=>3> B8?0, ?@82545=0 =0 @8A. 17. ;O ?@5>1@07>20=8O A8=CA>840;L=>3> A83=0;0, 8=4C:B8@C5<>3> 2 >1<>B:5 40BG8:0 G0AB>BK 2@0I5=8O, 2 ?>A;54>20B5;L=>ABL ?@O<>C3>;L=KE 8<?C;LA>2 8A?>;L7C5BAO CA8;8B5;L #, AE5<0 :>B>@>3> 1K;0 >?8A0=0 2KH5 (A<. @8A. 13). @5>1@07>20=85 C:070==>9 ?>A;54>20B5;L=>AB8 8<?C;LA>2 2 2KE>4=>9 0=0;>3>2K9 A83=0; 2K?>;=O5BAO D>@<8@>20B5;5< A83=0;0 ?5@5<5==>9 A:206=>AB8 $! (48DD5@5=F80B>@ A83=0;>2 2 A>G5B0=88 A 8=B53@0B>@><) 8 D8;LB@>< =87:8E G0AB>B $'. =B53@0B>@ 2K?>;=5= =0 1075 B>:>@07=>AB=>3> CA8;8B5;O DA1, 0 D8;LB@ =87:8E G0AB>B A>45@68B :>=45=A0B>@ !5 8 @578AB>@ R10 [10]. #A8;5=85 2E>4=>3> A83=0;0 >ACI5AB2;O5BAO A ?><>ILN B@0=78AB>@0 VT3, 2:;NG5==>3> ?> AE5<5 M<8BB5@=>3> ?>2B>@8B5;O.  8A. 16. $>@<K A83=0;>2 CA8;8B5;59 ?> AE5<0< @8A. 15: 1 8 2  2E>4=K5 A83=0;K @07;8G=>9 0<?;8BC4K; 1' 8 2'  A83=0;K =0 =58=25@B8@CNI5< 2E>45, A>>B25BAB2CNI85 A83=0;0< 1 8 2, A CG5B>< 459AB28O >1@0B=>9 A2O78; 1" 8 2"  A83=0;K =0 2KE>45, A>>B25BAB2CNI85 A83=0;0< 1' 8 2'; " 8 #  A83=0;K =0 2KE>45, A>>B25BAB2CNI85 A83=0;0< I 8 2 157 459AB28O >1@0B=>9 A2O78 @8 ?>O2;5=88 =0 2KE>45 CA8;8B5;O->3@0=8G8B5;O (:>;;5:B>@ B@0=78AB>@0 VT2) 8<?C;LA0 =0?@O65=8O V (@8A. 18) ?@>8AE>48B 70@O4:0 :>=45=A0B>@0 !, ?@8G5< B>: 53> 70@O4:8 IA770@ >4=>2@5<5==> O2;O5BAO 8 B>:>< I=, ?@>E>4OI8< G5@57 =58=25@B8@CNI89 2E>4 CA8;8B5;O DA1.  ?@>F5AA5 70@O4:8 A8;0 B>:0 I= = (U/R7ap) exp [-t/(R70@!3)], 345 R70@ = R6 + R8.  8A. 17. !E5<0 ' A 48DD5@5=F80B>@>< 2E>4=KE A83=0;>2 2 A>G5B0=88 A 8=B53@0B>@><  8A. 18. $>@<K A83=0;>2 8=B53@0B>@0 =0 1075 B>:>@07=>AB=>3> CA8;8B5;O: 0 8 1  A>>B25BAB25==> ?@8 =87:>9 8 2KA>:>9 G0AB>B0E A83=0;>2 >B 40BG8:0 G0AB>BK 2@0I5=8O >A;5 >:>=G0=8O 459AB28O 8<?C;LA0 (?5@8>4 t;) ?@>8AE>48B @07@O4:0 :>=45=A0B>@0 ! G5@57 48>4 VD2 8 @578AB>@ R7. %0@0:B5@ 87<5=5=8O A8;K B>:0 2 ?@>F5AA5 70@O4:8 IA770@ 8 @07@O4:8 IA7@07 :>=45=A0B>@0 ! ?>:070= =0 @8A. 18. # 8450;L=>3> B>:>@07=>AB=>3> CA8;8B5;O A8;0 B>:0 I= 4>;6=0 1KBL @02=0 A8;5 B>:0 I8, ?@>E>4OI53> G5@57 8=25@B8@CNI89 2E>4 CA8;8B5;O.  @0AA<0B@8205<>9 AE5<5 B>: I8 D>@<8@C5BAO ?>4 459AB285< =0?@O65=8O U2KE1 =0 2KE>45 CA8;8B5;O DA1, :>B>@>5 @02=> =0?@O65=8N UCb 4> :>B>@>3> 70@O65= :>=45=A0B>@ !4.  ?5@8>4 459AB28O 8<?C;LA0 U A8;0 B>:0 I8 @02=0 AC<<5 A8; B>:>2, ?@>E>4OI8E G5@57 @578AB>@ R9 8 :>=45=A0B>@ !4, B. 5. I8 = IR9 + IC4M0@. (7) 0?@O65=85 =0 :>=45=A0B>@5 !4 2 ?@>F5AA5 53> 70@O4:8  (8) 345 UA4=  =0?@O65=85 =0 :>=45=A0B>@5 !4 2 <><5=B =0G0;0 53> 70@O4:8. ! CG5B>< @025=AB20 I==I8 8 D>@<C; (7) 8 (8) <>65B 1KBL 70?8A0=> A>>B=>H5=85  2 @57C;LB0B5 48DD5@5=F8@>20=8O :>B>@>3> ?>;CG05<  1I8< @5H5=85< 40==>3> =5>4=>@>4=>3> 48DD5@5=F80;L=>3> C@02=5=8O O2;O5BAO 2K@065=85  345 A  ?>AB>O==0O 25;8G8=0, :>B>@CN =0E>4OB 8AE>4O 87 =0G0;L=KE CA;>289.  <><5=B =0G0;0 70@O4:8 :>=45=A0B>@0, B. 5. ?@8 t = 0, U!470@ =  UC4 =. !>>B25BAB25==> MB><C =0G0;L=><C CA;>28N  (9)  <><5=B >:>=G0=8O 459AB28O 8<?C;LA0 U, B. 5. ?@8 t = t3ap, =0?@O65=85 =0 :>=45=A0B>@5 !4 4>AB8305B A2>53> =081>;LH53> 7=0G5=8O (7 (2 40==>< F8:;5 70@O4:8-@07@O4:8), :>B>@>5 A CG5B>< D>@<C;K (9) >?@545;O5BAO 2K@065=85<  (10)  ?5@8>4K <564C 459AB285< 8<?C;LA>2 ?@>8AE>48B @07@O4:0 :>=45=A0B>@0 !4 =0 @578AB>@ R9, B. 5. =0?@O65=85 =0 MB>< :>=45=A0B>@5 UA4 07= UA< 5E@[  t/(R9C4)]. @8 CAB0=>282H5<AO @568<5 @01>BK 8=B53@0B>@0 =0?@O65=85 =0 :>=45=A0B>@5 !4 2 :>=F5 53> @07@O4:8 (t = tf3i3) @02=> =0?@O65=8N =0 40==>< :>=45=A0B>@5 2 =0G0;5 70@O4:8. AE>4O 87 MB>3> U!4 = = UA< 5E@[  t@07/(R9C4)].  @57C;LB0B5 ?@5>1@07>20=8O MB>3> 2K@065=8O A CG5B>< D>@<C;K (10) ?>;CG05<  345 tF  ?@>4>;68B5;L=>ABL F8:;0 @01>BK 8=B53@0B>@0, tF= t70@+t@07; Uc4cp  A@54=55 =0?@O65=85 =0 :>=45=A0B>@5 !4. ;O >15A?5G5=8O =51>;LH>3> C@>2=O ?C;LA0F89 2KE>4=>3> =0?@O65=8O UB+X 4>;6=> 1KBL 2K45@60=> CA;>285 t&<R9!4 8, A;54>20B5;L=>, tpa3<R9d.  MB>< A;CG05 157 2=5A5=8O 7=0G8B5;L=KE ?>3@5H=>AB59 2 @57C;LB0BK @0AG5B>2 M:A?>=5=F80;L=K5 DC=:F88 <>3CB 1KBL 70<5=5=K A;54CNI8<8 7028A8<>ABO<8:  0@O4:C :>=45=A0B>@0 !4 <>6=> AG8B0BL ?@0:B8G5A:8 70:>=G82H59AO, :>340 A8;0 B>:0 I= = I8 A=8605BAO 4> 5 % 55 <0:A8<0;L=>3> 7=0G5=8O. "0:>5 C<5=LH5=85 A8;K B>:0 I= ?@>8AE>48B 70 ?5@8>4 2@5<5=8 t3up = 3R70@!3. G5284=>, GB> t3&p 4>;6=> 1KBL <5=LH5 ?@>4>;68B5;L=>AB8 F8:;0 tF.  ?@>B82=>< A;CG05 1C45B >BACBAB2>20BL @07@O4:0 :>=45=A0B>@0 !4. ! CG5B>< MB>3> UA< = kf 8 U!4A@ = U!<, 345 f  G0AB>B0 2E>4=>3> A83=0;0, f=1/tF;  >MDD8F85=B k ?@54AB02;O5B A>1>9 ?>AB>O==CN 25;8G8=C, :>B>@0O 7028A8B B>;L:> >B =0?@O65=8O V 8<?C;LA>2, ?>42>48<KE : 48DD5@5=F8@CNI59 F5?8 8=B53@0B>@0, 8 A>?@>B82;5=8O 53> @578AB>@>2 8 :>=45=A0B>@>2. !>>B25BAB25==> MB><C =0?@O65=85 U2KE1 =0 2KE>45 8=B53@0B>@0, @02=>5 =0?@O65=8N U!4A@, ?@>?>@F8>=0;L=> G0AB>B5 f 2E>4=KE A83=0;>2 (A<. @8A. 18). @8=F8? 459AB28O @0AA<0B@8205<>3> ' >A=>20= =0 ?5@8>48G5A:8 ?>2B>@ONI8EAO ?5@8>40E 70@O4:8 8 @07@O4:8 :>=45=A0B>@0 !4, ?>MB><C =0 2KE>45 CA8;8B5;O DA1 =587156=> =0;8G85 ?C;LA0F89 =0?@O65=8O UB+% 1. 1A>;NB=0O 25;8G8=0 MB8E ?C;LA0F89 =5 7028A8B >B G0AB>BK 2E>4=>3> A83=0;0, => ?> >B=>H5=8N : U!4A@ >=0 B5< 1>;LH5, G5< =865 MB0 G0AB>B0.  8A. 19. !B@C:BC@=0O AE5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0 ;O C<5=LH5=8O C@>2=O ?C;LA0F89 =0 2KE>45 ' ?@8<5=ONB 4>?>;=8B5;L=K9 D8;LB@ =87:8E G0AB>B, A>AB>OI89 87 @578AB>@0 R16 8 :>=45=A0B>@0 !5. ;O ?>;CG5=8O 2 @0AA<0B@8205<>< ' ?@85<;5<>3> (=87:>3>) C@>2=O ?C;LA0F89 2KE>4=>3> =0?@O65=8O U2KE2 (A<. @8A. 17) 2 =5< ?@8E>48BAO ?@8<5=OBL 2@5<O7040NI85 RC-F5?8 A ?>AB>O==K<8 2@5<5=8 =0 >48=  420 ?>@O4:0 2KH5 ?@>4>;68B5;L=>AB8 F8:;0 2E>4=KE 8<?C;LA>2. A;54AB285 MB>3> 40==K9 ' 8<55B =52KA>:>5 1KAB@>459AB285, 8 2> 871560=85 =54>?CAB8<>3> 70?074K20=8O 87<5=5=8O 53> 2KE>4=>3> A83=0;0 ?> >B=>H5=8N : 2E>4=><C A83=0;C >= 2 @O45 A;CG052 <>65B 1KBL ?@8<5=5= ?@8 G0AB>B0E 2E>4=>3> A83=0;0 =5 =865 A>B5= 35@F. A;8 65 G0AB>BK 2E>4=>3> A83=0;0 A>AB02;ONB ?>@O4:0 45AOB:>2 35@F 8 4>?CAB8<K< O2;O5BAO =87:89 C@>25=L ?C;LA0F89, B> ' A;54C5B 2K?>;=OBL ?> :0:>9-;81> 87 AE5<, @0AA<0B@8205<KE =865. ' A C?@02;O5<K<8 8=B53@0B>@0<8 2E>4=KE A83=0;>2  ' 40==>3> B8?0 A ?><>ILN C?@02;O5<>3> 8=B53@0B>@0 ?@>8AE>48B ?@5>1@07>20=85 ?5@8>40 (8;8 ?>;C?5@8>40) 2E>4=>3> A83=0;0 2 =0?@O65=85 ?>AB>O==>3> B>:0 2 A;54CNI5< ?>@O4:5: 1) >B ?5@54=53> 8;8 704=53> D@>=B0 8<?C;LA0 2E>4=>3> A83=0;0 ?>405BAO :><0=40 =0 2>72@0B 8=B53@0B>@0 2 8AE>4=>5 A>AB>O=85. @8 MB>< ?@>8AE>48B 1KAB@0O @07@O4:0 @0=55 70@O65==>3> :>=45=A0B>@0 8=B53@0B>@0 A C<5=LH5=85< =0 =5< =0?@O65=8O 4> =C;O 8;8 4@C3>3> 7040==>3> C@>2=O; 2) ?>A;5 2>72@0B0 8=B53@0B>@0 2 8AE>4=>5 A>AB>O=85 =0G8=05BAO 70@O4:0 53> :>=45=A0B>@0, :>B>@0O 4;8BAO 2 B5G5=85 ?5@8>40 459AB28O 8<?C;LA0 2E>4=>3> A83=0;0 8;8 2 ?@>4>;65=85 2A53> F8:;0 2E>4=>3> A83=0;0; 3) 2 :>=F5 70@O4:8 :>=45=A0B>@0 8=B53@0B>@0 C@>25=L =0?@O65=8O =0 =5< 70?><8=05BAO, ?>A;5 G53> ?@>F5AA ?@5>1@07>20=8O ?>2B>@O5BAO 2=>2L.  8A. 20. 7<5=5=85 D>@<K A83=0;>2 2 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0 0AA<>B@8< AE5<K ' 42CE B8?>2, 2 :>B>@KE 8A?>;L7C5BAO C:070==K9 ?@8=F8? ?@5>1@07>20=8O. =8 >B;8G0NBAO B5<, GB> 2 ?5@2>< 87 =8E >ACI5AB2;O5BAO 70@O4:0 >4=>3> 8=B53@8@CNI53> :>=45=A0B>@0 2 B5G5=85 2A53> F8:;0 @01>BK, 0 2> 2B>@>< ?@8<5=5=K 420 8=B53@8@CNI8E :>=45=A0B>@0, ?>>G5@54=> 70@O605<K5 2 B5G5=85 459AB28O 2E>4=>3> 8<?C;LA0 8 ?0C7K <564C 8<?C;LA0<8. ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0. 59AB285 40==>3> ', AB@C:BC@=0O AE5<0 :>B>@>3> ?@82545=0 =0 @8A. 19, >A=>20=> =0 B><, GB> 2 B5G5=85 2A53> F8:;0 459AB28O 2E>4=>3> A83=0;0 :>=45=A0B>@ !8 8=B53@0B>@0 70@O605BAO, 0 2 :>=F5 F8:;0 C@>25=L =0?@O65=8O =0 40==>< :>=45=A0B>@5 70?><8=05BAO 2 @57C;LB0B5 :@0B:>2@5<5==>3> 53> A>548=5=8O A :>=45=A0B>@>< !7M 70?><8=0NI53> M;5<5=B0. >A;5 MB>3> ?@>8AE>48B 1KAB@0O @07@O4:0 :>=45=A0B>@0 8=B53@0B>@0, 8 F8:; @01>BK ?>2B>@O5BAO (. A. 790280, !!! , 3  03  9/06). 0AA<>B@8< 459AB285 ' A <><5=B0 ?>O2;5=8O 8<?C;LA0 2E>4=>3> A83=0;0 U2E (@8A. 20, B>G:0 ). B ?5@54=53> D@>=B0 MB>3> A83=0;0 ?>405BAO :><0=40 =0 D>@<8@>20=85 :>@>B:>3> 8<?C;LA0 U@07 7M, :>B>@K9 C?@02;O5B :;NG>< 1KAB@>9 @07@O4:8 :>=45=A0B>@0 70?><8=0NI53> M;5<5=B0. @8 MB>< (70 G0ABL ?5@8>40 t@07 7M) =0?@O65=85 U!7M =0 40==>< :>=45=A0B>@5 1KAB@> C<5=LH05BAO 4> =C;O. >A;5 >:>=G0=8O 459AB28O 8<?C;LA0 U@077M >B 53> 704=53> D@>=B0 ?>405BAO :><0=40 =0 D>@<8@>20=85 :>@>B:>3> 8<?C;LA0 U70@7M. 2A;54AB285 G53> >15A?5G8205BAO A2O7L <564C :>=45=A0B>@>< !8 8=B53@0B>@0 8 :>=45=A0B>@>< !7M 70?><8=0NI53> M;5<5=B0. ;03>40@O MB><C 2 B5G5=85 G0AB8 ?5@8>40 t70@7M >B :>=45=A0B>@0 !8 >ACI5AB2;O5BAO 70@O4:0 :>=45=A0B>@0 !7M, =0?@O65=85 UC39 =0 :>B>@>< 2>7@0AB05B >B =C;O 4> 7=0G5=8O @02=>3> =0?@O65=8N UCVL =0 :>=45=A0B>@5 8=B53@0B>@0 (2 40==K9 ?5@8>4 2@5<5=8). - v v >A;5 >:>=G0=8O 459AB28O 8<?C;LA0 U70@- >B 53> 704=53> D@>=B0 ?>405BAO :><0=40 =0 D>@<8@>20=85 :>@>B:>3> 8<?C;LA0 U@07 8, :>B>@K9 >15A?5G8205B 2:;NG5=85 :;NG0, >ACI5AB2;ONI53> 1KAB@CN @07@O4:C :>=45=A0B>@0 8=B53@0B>@0 (A<. @8A. 20) >A;5 >:>=G0=8O 459AB28O 8<?C;LA0 U@07 ?@>8AE>48B 2K:;NG5=85 :;NG0 @07@O4:8 :>=45=A0B>@0 8=B53@0B>@0, GB> >15A?5G8205B 53> ?>A;54CNICN 70@O4:C. 0;55 25AL F8:; @01>BK ' ?>2B>@O5BAO %0@0:B5@ 87<5=5=8O =0?@O65=8O UA7M, 4> :>B>@>3> 70@O605BAO :>=45=A0B>@ 70?><8=0NI53> M;5<5=B0, 0=0;>38G5= 87<5=5=8N 2KE>4=>3> =0?@O65=8O '.  A2>N >G5@54L, 25;8G8=0 8 A 7M 7028A8B >B =0?@O65=8O UCH, 4> :>B>@>3> 70@O48;AO :>=45=A0B>@ 8=B53@0B>@0 : <><5=BC ?>O2;5=8O 8<?C;LA0 U70@ 7M '5< 2KH5 G0AB>B0 f 2E>4=KE 8<?C;LA>2, B5< <5=LH5 ?@>4>;68B5;L=>ABL F8:;0 tF 8, A;54>20B5;L=>, :>@>G5 ?5@8>4, 2 B5G5=85 :>B>@>3> 70@O605BAO :>=45=A0B>@ 8=B53@0B>@0. > <5@5 ?>2KH5=8O G0AB>BK 2E>4=KE A83=0;>2 C<5=LH05BAO 7=0G5=85 8A8 8 A=8605BAO =0?@O65=85 Uc 7M. A;54AB285 MB>3> >15A?5G8205BAO 7028A8<>ABL =0?@O65=8O =0 2KE>45 ' >B G0AB>BK 2E>4=KE A83=0;>2  8A. 21. !E5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0 !;54C5B >B<5B8BL, GB> C ', 459AB2CNI53> ?> @0AA<>B@5==><C ?@8=F8?C, =0?@O65=85 U+% =0 2KE>45 C<5=LH05BAO ?> <5@5 ?>2KH5=8O G0AB>BK 2E>4=>3> A83=0;0. A;8 B0:>9 E0@0:B5@ 7028A8<>AB8 U2KE=F(f) =5?@85<;5<, B. 5. =5>1E>48<> >15A?5G8BL C25;8G5=85 2KE>4=>3> =0?@O65=8O ' A ?>2KH5=85< G0AB>BK 2E>4=>3> A83=0;0, B> AE5<0 ' 4>;6=0 1KBL 2K?>;=5=0 B0:8< >1@07><, GB>1K 53> 2KE>4=>5 =0?@O65=85 1K;> @02=> @07=>AB8 ?>AB>O==>3> =0?@O65=8O (=0?@8<5@, =0?@O65=8O 8AB>G=8:0 ?8B0=8O) 8 =0?@O65=8O 8A7M. "0:8< >1@07><, 1KAB@>459AB285 ', B. 5. ?@>4>;68B5;L=>ABL D>@<8@>20=8O 2KE>4=>3> =0?@O65=8O 2 7028A8<>AB8 >B G0AB>BK 2E>4=>3> A83=0;0, @02=> ?@>4>;68B5;L=>AB8 F8:;0 2E>4=>3> A83=0;0. -B> 25AL<0 2KA>:89 ?>:070B5;L 1KAB@>459AB28O '. 54>AB0B:>< 40==>3> ' O2;O5BAO =0;8G85 ?@>20;>2 2 :@82>9 2KE>4=>3> =0?@O65=8O (A<. @8A. 20). -B8 ?@>20;K, >4=0:>, 25AL<0 :>@>B:85 ?> ?@>4>;68B5;L=>AB8, 8 8E ;53:> ;8:2848@>20BL ;81> A ?><>ILN D8;LB@0, 8<5NI53> <0;CN ?>AB>O==CN 2@5<5=8, ;81> 8=K<8 A?>A>10<8, :>B>@K5 @0AA<>B@5=K =865. !E5<0 ', 459AB2CNI53> 2 A>>B25BAB288 A @0AA<>B@5==K< ?@8=F8?><, 87>1@065=0 =0 @8A. 21. ;O >15A?5G5=8O G5B:>9 @01>BK D>@<8@>20B5;59 ?5@8>4>2 70@O4:8 8 @07@O4:8 :>=45=A0B>@>2 8=B53@0B>@0 !5 8 70?><8=0NI53> M;5<5=B0 !6 =5>1E>48<> ?>4020BL =0 2E>4 MB8E D>@<8@>20B5;59 ?@O<>C3>;L=K5 8<?C;LAK. 0==>5 B@51>20=85 >15A?5G8205BAO 1;03>40@O 2K?>;=5=8N ?@5>1@07>20B5;O 2E>4=KE A83=0;>2 2 2845 :;NG0 =0 B@0=78AB>@5 VT1. 0?@O65=85 UK1 =0 :>;;5:B>@5 B@0=78AB>@0 VT1 (@8A. 22) O2;O5BAO 2E>4=K< =0?@O65=85< 4;O D>@<8@>20B5;O ?5@8>40 @07@O4:8 :>=45=A0B>@0 !6 70?><8=0NI53> M;5<5=B0, A>AB>OI53> 87 :>=45=A0B>@0 !2, @578AB>@>2 R5 8 R6, 0 B0:65 B@0=78AB>@0 VT2.  <><5=B ?>O2;5=8O =0?@O65=8O UKI (@8A. 22, B>G:0 ) G5@57 @0=55 @07@O482H89AO :>=45=A0B>@ !2 =0 107C B@0=78AB>@0 VT2 ?>ABC?05B B>: I22=IA2. B:@KB85 ?@8 MB>< ?5@5E>40 :>;;5:B>@  M<8BB5@ B@0=78AB>@0 VT2 >15A?5G8205B 1KAB@CN @07@O4:C :>=45=-B0A>@0 !6 8, :0: A;54AB285, A=865=85 4> =C;O 2KE>4=>3> =0?@O65=8O U+%.  8A. 22. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 21: 0 8 1  A>>B25BAB25==> ?@8 =87:>9 8 2KA>:>9 G0AB>B0E 2E>4=>3> A83=0;0  @57C;LB0B5 ?@>E>645=8O B>:0 IC2 G5@57 :>=45=A0B>@ !2 ?@>8AE>48B ?>AB5?5==0O 53> 70@O4:0, 2A;54AB285 G53> C<5=LH05BAO 4> =C;O 107>2K9 B>: B@0=78AB>@0 VT2, 8 >= 2K:;NG05BAO. @8 ?>O2;5=88 =0?@O65=8O U:; =0@O4C A >B:@KB85< B@0=78AB>@0 VT2 2:;NG05BAO 8 B@0=78AB>@ VT3, ?>A:>;L:C 2 53> 107C ?>ABC?05B B>: I=I! G5@57 @0=55 @07@O482H89 :>=45=A0B>@ !.  @57C;LB0B5 MB>3> =0?@O65=85 =0 1075 B@0=78AB>@0 VT7 A=8605BAO, GB> >15A?5G8205B 53> 2K:;NG5=85 A >B:;NG5=85< >B >B@8F0B5;L=>3> ?>;NA0 8AB>G=8:0 ?8B0=8O 107K B@0=78AB>@0 VT8. "5< A0<K< ?>43>B>2;O5BAO 2>7<>6=>ABL ?>A;54CNI59 70@O4:8 :>=45=A0B>@0 !1. @8 2:;NG5=88 B@0=78AB>@0 VT3 G5@57 @578AB>@K R10 8 R11 ?@>8AE>48B @07@O4:0 @0=55 70@O65==>3> :>=45=A0B>@0 !4 8 ?>43>B>2;O5BAO 2:;NG5=85 B@0=78AB>@0 VT4 ?>A;5 B>3>, :0: ?@>87>945B 2K:;NG5=85 B@0=78AB>@0 VT3. > 4> B5E ?>@, ?>:0 B@0=78AB>@ VT3 2:;NG5=, 2<5AB5 A B@0=78AB>@>< VT4 >AB05BAO 70:@KBK< 8 B@0=78AB>@ VT5, 1;03>40@O G5<C ?@>8AE>48B 15A?@5?OBAB25==0O 70@O4:0 :>=45=A0B>@0 !5 G5@57 @578AB>@ R15. @8 MB>< =0?@O65=85, ?>42>48<>5 : 1075 B@0=78AB>@0 VT6, U6 = Un-UC6, (11) 345 U!5  =0?@O65=85 =0 :>=45=A0B>@5 !5; Ua  =0?@O65=85 8AB>G=8:0 ?8B0=8O '. 0?@O65=85, ?>42>48<>5 : :>=45=A0B>@C !6 >B M<8BB5@0 B@0=78AB>@0 VT9 ?>A;5 2K:;NG5=8O B@0=78AB>@0 VT7, U!6 = U6 + U-6 + U-8 + UVD2  U-9, (12) 345 U-6, U-8 8 U-9  ?045=8O =0?@O65=8O =0 ?5@5E>45 1070  M<8BB5@ A>>B25BAB25==> B@0=78AB>@>2 VT6, VT8, VT9; UVD2  ?045=85 =0?@O65=8O 2 48>45 VD2.  ?5@2>< ?@81;865=88 <>6=> ?@8=OBL, GB> 2A5 C:070==K5 ?045=8O =0?@O65=8O 8<5NB >48=0:>2CN 25;8G8=C U. @8 MB>< CA;>288 2K@065=85 (12) A CG5B>< D>@<C;K (11) 8<55B 284 UA1 = U?-UA5 + 2U. (13) 0?@O65=85 =0 2KE>45 ' U2KE = U!6-U-10-U-11, (14) 345 U-10 8 U2M11  ?045=8O =0?@O65=8O =0 ?5@5E>45 1070-M<8BB5@ A>>B25BAB25==> B@0=78AB>@>2 VT10 8 VT11. A;8, :0: 8 @0=55 ?@8=OBL, GB> U-. = U- =(#, B> D>@<C;C (14) <>6=> 70?8A0BL 2 2845 U+% = V?-Vc5. (15) 0@O4:0 :>=45=A0B>@0 !6 =0G8=05BAO =5 A@07C ?>A;5 2:;NG5=8O B@0=78AB>@0 VT3, 0 B>;L:> ?>A;5 B>3>, :0: 2A;54AB285 70@O4:8 :>=45=A0B>@0 !2 ?@>87>945B 2K:;NG5=85 B@0=78AB>@0 VT2, 8 ?>;>68B5;L=K9 ?>;NA :>=45=A0B>@0 !6 1C45B >BA>548=5= >B >B@8F0B5;L=>3> ?>;NA0 8AB>G=8:0 ?8B0=8O. 0G0;> MB>3> ?5@8>40 =0 @8A. 22 >1>7=0G5=> B>G:>9 , 0 53> >:>=G0=85 A>>B25BAB2C5B <><5=BC 2K:;NG5=8O B@0=78AB>@0 VT3, B. 5. ?@8 C<5=LH5=88 4> =C;O B>:0 I =IC3. 0@O4:0 :>=45=A0B>@0 !6 >ACI5AB2;O5BAO G5@57 @578AB>@ R19, 8<5NI89 <0;>5 A>?@>B82;5=85. ;03>40@O MB><C 70@O4:0 40==>3> :>=45=A0B>@0 4> =0?@O65=8O 8AB>G=8:0 70@O4:8, @02=>3> 25;8G8=5 U?  U!5+2U, ?@>8AE>48B 2 >G5=L :>@>B:89 ?@><56CB>: 2@5<5=8 (@8A. 22), :>B>@K9 2A5340 :>@>G5 <0:A8<0;L=> 2>7<>6=>3> ?5@8>40 53> 70@O4:8 (4> <><5=B0 2K:;NG5=8O B@0=78AB>@0 VT3), >?@545;O5<>3> 8=B5@20;>< <564C B>G:0<8  8 . "0:8< >1@07><, 30@0=B8@C5BAO =>@<0;L=>5 DC=:F8>=8@>20=85 ' 4065 ?@8 7=0G8B5;L=KE @071@>A0E ?0@0<5B@>2 :><?;5:BCNI8E 8745;89 53> 2@5<O7040NI8E F5?59. >=45=A0B>@ !6 : 53> 70@O4=>9 F5?8 ?>4:;NG05BAO ?@0:B8G5A:8 2 :>=F5 70@O4:8 :>=45=A0B>@0 !5, :>340 >= C65 70@O65= 4> <0:A8<0;L=>3> 7=0G5=8O =0?@O65=8O UC5max (A>>B25BAB2CNI53> 40==>9 G0AB>B5 2E>4=KE A83=0;>2). ;O MB>3> A;CG0O D>@<C;K (13) 8 (15) A;54C5B 70?8A0BL 2 2845 UA6 = U?  Uc5max + 2U; (16) U+%=U? Uc5max. (17) >A;5 B>3>, :0: 2A;54AB285 70@O4:8 :>=45=A0B>@0 ! ?@>87>9-45= 2K:;NG5=85 B@0=78AB>@0 VT3, =0 53> :>;;5:B>@5 ?>O28BAO =0?@O65=85 U:7 2KA>:>3> C@>2=O. @8 MB>< 2:;NG8BAO B@0=78AB>@ VT7, 2A;54AB285 G53> 1C45B ?@5@20=0 A2O7L <564C :>=45=A0B>@>< !6 8 8AB>G=8:>< 53> 70@O4:8.  B> 65 2@5<O G5@57 @0=55 @07@O482H89AO :>=45=A0B>@ !4 8 @578AB>@ R10 2 107C B@0=78AB>@0 VT4 ?>ABC?8B B>:, GB> >15A?5G8B 2:;NG5=85 :0: 40==>3> B@0=78AB>@0, B0: 8 B@0=78AB>@0 VT5 (2A;54AB285 70<K:0=8O F5?8 B>:0 IB5 53> 107K).  @57C;LB0B5 MB>3> G5@57 >B:@KBK9 ?5@5E>4 :>;;5:B>@  M<8BB5@ B@0=78AB>@0 VT5 8 @578AB>@ R14 =87:>3> A>?@>B82;5=8O ?@>87>945B 1KAB@0O @07@O4:0 :>=45=A0B>@0 !5 (@8A. 22). @>B5:0=85 B>:0 G5@57 :>=45=A0B>@ !4 ?@82545B : ?>AB5?5==>9 53> 70@O4:5 A C<5=LH5=85< 4> =C;O A8;K B>:0 I4. !;54AB285< MB>3> O2;O5BAO 70:@KB85 B@0=78AB>@>2 VT4 8 VT5, ?>A;5 G53> =0G8=05BAO =>2K9 F8:; 70@O4:8 :>=45=A0B>@0 !5. 7 0=0;870 D>@<C;K (17) A;54C5B, GB> (7+% 2>7@0AB05B ?> <5@5 C<5=LH5=8O =0?@O65=8O UA5m0E. ! ?>2KH5=85< G0AB>BK 2E>4=KE A83=0;>2 =0?@O65=85 Uc5max C<5=LH05BAO 8, A;54>20B5;L=>, 2>7@0AB05B 2KE>4=>5 =0?@O65=85 U+E. "0:8< >1@07><, 2 B5G5=85 ;N1>3> F8:;0 459AB28O 2E>4=>3> A83=0;0 CAB0=>282H55AO 7=0G5=85 =0?@O65=8O =0 :>=45=A0B>@5 !6 >?@545;O5BAO =0?@O65=85< Uc5max, 4> :>B>@>3> :>=45=A0B>@ !5 70@O48;AO 2 :>=F5 ?@54H5AB2>202H53> F8:;0. ! CG5B>< MB>3> =0?@O65=85, 459AB2CNI55 =0 2KE>45 ' 2 B5G5=85 i-3o F8:;0 2E>4=>3> A83=0;0, UB+%i = U?  UC5max(i  1), (18) 345 UC5 max(i-1)  <0:A8<0;L=>5 =0?@O65=85 =0 :>=45=A0B>@5 !5 2 :>=F5 (i  1)-3> F8:;0. 028A8<>ABL =0?@O65=8O U2KE =0 2KE>45 ' >B G0AB>BK f 2E>4=KE A83=0;>2, ?>;CG5==0O ?@8 8A?KB0=8OE ', 2K?>;=5==>3> ?> AE5<5 @8A. 21, O2;O5BAO =5;8=59=>9 (@8A. 23). 4=0:>, :0: MB> ?>:070=> HB@8E>2K<8 ;8=8O<8 =0 @8A. 23, =5;8=59=0O E0@0:B5@8AB8:0 ' <>65B 1KBL A 4>AB0B>G=>9 B>G=>ABLN ?@54AB02;5=0 2 2845 42CE >B@57:>2 A ;8=59=K< 87<5=5=85< 2KE>4=>3> =0?@O65=8O >B G0AB>BK 2E>4=>3> A83=0;0 2 480?07>=0E 20  70 8 70  130 F. ;O @O40 CAB@>9AB2 M;5:B@>==KE A8AB5< C?@02;5=8O 03@530B0<8 02B><>18;59 ;8=59=>ABL 7028A8<>AB8 U2KE = F(f) =5 O2;O5BAO >1O70B5;L=K< B@51>20=85< : E0@0:B5@8AB8:5 '. KE>4=>5 =0?@O65=85 ' ?> AE5<5 @8A. 21 O2;O5BAO DC=:F859 =0?@O65=8O, 4> :>B>@>3> 70@O605BAO :>=45=A0B>@ !5, @8 MB>< =5A<>B@O =0 B>, GB> A2O7L <564C :>=45=A0B>@>< !5 8 2KE>4>< ' >ACI5AB2;O5BAO G5@57 =5A:>;L:> ?>;C?@>2>4=8:>2KE ?@81>@>2, 2 2K@065=88 (18) >BACBAB2CNB A>AB02;ONI85, 7028AOI85 >B E0@0:B5@8AB8: MB8E ?>;C?@>2>4=8:>2KE ?@81>@>2. 0==0O >A>15==>ABL AE5<K O2;O5BAO ACI5AB25==K< 55 ?@58<CI5AB2><, ?>A:>;L:C >15A?5G8205BAO 2KA>:0O B5<?5@0BC@=0O AB018;L=>ABL E0@0:B5@8AB8:8 Usblx = F(f) ', =5A<>B@O =0 7=0G8B5;L=>5 2;8O=85 B5<?5@0BC@K =0 ?0@0<5B@K ?>;C?@>2>4=8:>2KE ?@81>@>2. "0:>9 @57C;LB0B ?>;CG5= 2A;54AB285 B>3>, GB> A2O7L <564C :>=45=A0B>@>< !5 8 2KE>4>< ' >1@07>20=0 A ?><>ILN M<8BB5@=KE ?>2B>@8B5;59, 2K?>;=5==KE =0 1075 B@0=78AB>@>2 B8?0 @-n-@ (VT6, VT8) 8 B8?0 n-@-n (VT9, VT10, VT11). @8 MB>< ?045=8O =0?@O65=8O 2 ?5@5E>40E 1070  M<8BB5@ B@0=78AB>@>2 B8?>2 @--n-@ 8 n-@-n 8<5NB >1@0B=K5 7=0:8, GB> >15A?5G8205B 8E 2708<=CN :><?5=A0F8N, =57028A8<> >B B5<?5@0BC@K >:@C60NI59 A@54K.  @0AA<0B@8205<>9 AE5<5 2<5AB> >4=>3> M<8B-B5@=>3> ?>2B>@8B5;O =0 1075 B@0=78AB>@0 B8?0 @ = n = @ 8A?>;L7C5BAO 48>4 VD2, ?045=85 =0?@O65=8O 2 :>B>@>< :><?5=A8@C5B ?045=85 =0?@O65=8O 2 >4=>< 87 M<8BB5@=KE ?>2B>@8B5;59 =0 1075 B@0=78AB>@>2 B8?0 n-@-n.  8A. 23. 028A8<>ABL =0?@O65=8O =0 2KE>45 ' ?> AE5<5 @8A. 21 >B G0AB>BK 2E>4=>3> A83=0;0  8A. 24. !E5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0, A>45@60I53> C?@02;O5<K9 D8;LB@ =87:8E G0AB>B # ', 2K?>;=5==>3> ?> AE5<5 @8A. 21, 8<5NBAO ?@>20;K =0?@O65=8O =0 :>=45=A0B>@5 !6 2 ?5@8>4K 53> 70@O4:8 8 @07@O4:8 (A<. @8A. 22). "0:85 65 ?@>20;K =0?@O65=8O ?5@540NBAO >B :>=45=A0B>@0 !6 =0 2KE>4 ' G5@57 B@0=78AB>@K VT10 8 VT11. -B>B =54>AB0B>: CAB@0=5= 2 ', 2K?>;=5==>< ?> AE5<5 @8A. 24, :>B>@0O >B;8G05BAO >B @0AA<>B@5==>9 2KH5 AE5<K =0;8G85< 4>?>;=8B5;L=>3> C?@02;O5<>3> D8;LB@0 =87:8E G0AB>B $', A>AB>OI53> 87 @578AB>@0 R20 8 :>=45=A0B>@0 !7. AB>G=8:>< 70@O4:8 :>=45=A0B>@0 !7 O2;O5BAO :>=45=A0B>@ !6, ?>MB><C =0?@O65=85, 4> :>B>@>3> 70@O605BAO :>=45=A0B>@ !7, >?@545;O5BAO A;54CNI8< 2K@065=85<, 2 :>B>@>< 4;O C?@>I5=8O ?@8=OB>, GB> ?045=85 =0?@O65=8O 2 ?5@5E>45 1070  M<8BB5@ 2A5E B@0=78AB>@>2 O2;O5BAO >48=0:>2K< 8 A>AB02;O5B U: UC7 = UC6  U-10 = Uc6  U. (19) 07@O4:0 :>=45=A0B>@0 !7 ?@>8AE>48B G5@57 48>4 VD3 ?@8 2:;NG5=88 B@0=78AB>@0 VT4, A>15==>ABL ?>4:;NG5=8O D8;LB@0 =87:8E G0AB>B 70:;NG05BAO 2 B><, GB> ?5@8>4K 70@O4:8 8 @07@O4:8 :>=45=A0B>@>2 !6 8 !7 A<5I5=K 2> 2@5<5=8 (@8A. 25).  B5G5=85 ?@><56CB:0 2@5<5=8 tn, :>340 8<55BAO @57:>5 C<5=LH5=85 =0?@O65=8O =0 :>=45=A0B>@5 !6, :>=45=A0B>@ !7 ?@>4>;605B >AB020BLAO 70@O65==K<, 8 =0?@O65=85 =0 =5< >?@545;O5BAO 2K@065=85< (19). @8 MB>< =0?@O65=85 =0 2KE>45 ' U'2KE = UC7  U-12 = Uc7  U = UC6  2U. A;54AB285 <0;>9 4;8B5;L=>AB8 ?@><56CB:0 2@5<5=8 t? 4;O >15A?5G5=8O ?>AB>O=AB20 =0?@O65=8O =0 2KE>45 ' B@51C5BAO :>=45=A0B>@ !7 =51>;LH>9 5<:>AB8.  <><5=BC >:>=G0=8O ?5@8>40 tn 7025@H05BAO 70@O4:0 :>=45=A0B>@0 !6 8 =0?@O65=85 =0 2KE>45 ' U"2KE = UA2  U-10  U-11 = Uc6  2U. -B> =0?@O65=85 @02=> =0?@O65=8N U'2KE, :>B>@>5 >15A?5G820;>AL =0 2KE>45 ' 2 ?5@8>4 t? 2A;54AB285 459AB28O :>=45=A0B>@0 !7.  8A. 25. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 24 5@8>4 tD, 2 B5G5=85 :>B>@>3> 70@O605BAO 8 @07@O605BAO :>=45=A0B>@ !7, =0G8=05BAO ;8HL ?>A;5 >:>=G0=8O ?5@8>40 tu. ;03>40@O MB><C C ', 2K?>;=5==>3> A>3;0A=> AE5<5 @8A. 24, >BACBAB2CNB ?@>20;K 2 2KE>4=>< =0?@O65=88 (A<. @8A. 25). "0:>9 65 MDD5:B 4>AB8305BAO ?@8 @50;870F88 2 ' ?@8=F8?0 A;54OI59 @07@O4:8 :>=45=A0B>@0 70?><8=0NI53> M;5<5=B0. !CBL ?@8=F8?0 70:;NG05BAO 2 B><, GB> @07@O4:0 8;8 70@O4:0 :>=45=A0B>@0 70?><8=0NI53> M;5<5=B0, >ACI5AB2;O5<0O 2 :>=F5 :064>3> F8:;0 2E>4=>3> A83=0;0, ?@>2>48BAO 4> @07;8G=>9 25;8G8=K =0?@O65=8O =0 :>=45=A0B>@5 2 7028A8<>AB8 >B G0AB>BK 2E>4=>3> A83=0;0, 459AB2CNI53> 2 B5G5=85 40==>3> F8:;0. @8 MB>< @50;87CNBAO A;54CNI85 @568<K 70@O4:8 8;8 @07@O4:8 :>=45=A0B>@0 70?><8=0NI53> M;5<5=B0 ?>A;5 >:>=G0=8O :064>3> 87 F8:;>2 2E>4=>3> A83=0;0: 5A;8 G0AB>B0 2E>4=>3> A83=0;0 2 B5:CI5< F8:;5 @02=0 53> G0AB>B5 2 ?@54H5AB2>202H5< F8:;5, B> :>=45=A0B>@ 70?><8=0NI53> M;5<5=B0 =5 70@O605BAO 8 =5 @07@O605BAO, B. 5. =0?@O65=85 =0 =5< =5 87<5=O5BAO; ?@8 G0AB>B5 2E>4=>3> A83=0;0 2 B5:CI5< F8:;5, <5=LH59, G5< 2 ?@54K4CI5< F8:;5, ?>A;5 >:>=G0=8O B5:CI53> F8:;0 :>=45=A0B>@ 70?><8=0NI53> M;5<5=B0 @07@O605BAO 4> B0:>3> >AB0B>G=>3> =0?@O65=8O, :>B>@>5 4>;6=> A>>B25BAB2>20BL C@>2=N 70@O4:8 :>=45=A0B>@0 8=B53@0B>@0 2 B5:CI5< F8:;5; 5A;8 G0AB>B0 2E>4=>3> A83=0;0 2 B5:CI5< F8:;5 1>;LH5, G5< 2 ?@54H5AB2>202H5<, B> ?>A;5 >:>=G0=8O B5:CI53> F8:;0 A@07C 65 ?@>8AE>48B 70@O4:0 :>=45=A0B>@0 70?><8=0NI53> M;5<5=B0 4> =0?@O65=8O, :>B>@>5 4>;6=> CAB0=>28BLAO =0 =5< 2 A>>B25BAB288 A C@>2=5< 70@O4:8 :>=45=A0B>@0 8=B53@0B>@0 2 B5:CI5< F8:;5.  8A. 26. !E5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0, A>45@60I53> M;5<5=B A;54OI59 @07@O4:8 !E5<0 ', 2 :>B>@>< @50;87>20= ?@8=F8? A;54OI59 @07@O4:8, ?@82545=0 =0 @8A. 26. =0 >B;8G05BAO >B AE5<K ' ?> @8A. 21 =0;8G85< 4>?>;=8B5;L=>3> M;5<5=B0 A;565=8O, A>AB>OI53> 87 B@0=78AB>@>2 VT12 8 VT13, AB018;8B@>=0 VD3 8 @578AB>@>2 R20, R22 (=0 @8AC=:5 MB>B M;5<5=B >G5@G5= B>=:>9 A?;>H=>9 ;8=859). >=45=A0B>@ !6 70?><8=0NI53> M;5<5=B0 @07@O605BAO G5@57 ?5@5E>4 :>;;5:B>@  M<8BB5@ B@0=78AB>@0 VT12, :>B>@K9 >B:@K205BAO, :>340 : 53> 1075 ?>42>48BAO =0?@O65=85 U12, =0 0,4  0,5  1>;LH55, G5< =0?@O65=85 U 312, ?>42>48<>5 : 53> M<8BB5@C.  ', 2K?>;=5==>< ?> @0AA<0B@8205<>9 AE5<5, A@07C 65 ?>A;5 >:>=G0=8O 1-3> F8:;0 2E>4=>3> A83=0;0 ?@>8AE>48B 1KAB@0O 70@O4:0 8;8 @07@O4:0 :>=45=A0B>@0 !6 70?><8=0NI53> M;5<5=B0 4> =0?@O65=8O, >?@545;O5<>3> =0?@O65=85<, 4> :>B>@>3> : 40==><C <><5=BC 70@O48;AO :>=45=A0B>@ !5 8=B53@0B>@0. 0;55 2 B5G5=85 2A53> (i+l)-3o F8:;0 =0?@O65=85 =0 :>=45=A0B>@5 !6 >AB05BAO =587<5==K< 8 <>65B 1KBL >?@545;5=> ?> D>@<C;5 Uc6(i+l) = U?  UC5maxi + 2U. (20) ! CG5B>< AB@C:BC@K MB>9 D>@<C;K =0?@O65=85 =0 :>=45=A0B>@5 !6 2 B5G5=85 1-3> F8:;0 UC6t = Ua  Uc5max(i-1) + 2U. (21)  ?5@8>4, ?@54H5AB2CNI89 >:>=G0=8N i-ro F8:;0, =0?@O65=85 =0 1075 B@0=78AB>@0 VT12 U12i = UC6i  2U = Un  UC5max(i-1). (22) "0:>5 65 =0?@O65=85 UfB12i = UBlZi ?>42>48BAO : 1075 B@0=78AB>@0 VT12 8 : <><5=BC >:>=G0=8O i-ro F8:;0, 0 =0?@O65=85, ?>42>48<>5 : M<8BB5@C B@0=78AB>@0 VT12 2 40==K9 <><5=B 2@5<5=8, U-12i = Un  UC5maxi + 2U  UVD3, (23) 345 UVD3  >?>@=>5 =0?@O65=85 AB018;8B@>=0 VD3. ! CG5B>< D>@<C;K (20) 2K@065=85 (23) <>65B 1KBL 70?8A0=> 2 2845 U-12i= UA1(i+1)  UVD3. (24)  8A. 27. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 26 ?@8 C<5=LH5=88 G0AB>BK 2E>4=>3> A83=0;0 ;O B>3> GB>1K 8A:;NG8BL @57:>5 A=865=85 =0?@O65=8O =0 2KE>45 ', =5>1E>48<> >15A?5G8BL A;54CNI85 @568<K 53> @01>BK A@07C 65 ?>A;5 >:>=G0=8O 1-3> F8:;0: ?@8 Uc6(i+1)>Uc6i :>=45=A0B>@ !6 4>;65= B>;L:> 70@O60BLAO, 0 =0?@O65=85 =0 =5< C25;8G820BLAO >B U!6 i- 4> UC6(i+1); ?@8 Uc6(i+1)<Uc6i :>=45=A0B>@ !6 4>;65= @07@O60BLAO, 8 =0?@O65=85 =0 =5< A=860BLAO >B Ucei 4> Uc6(i+1); ?@8 Uc6(i+1)=Uc6i :>=45=A0B>@ =5 4>;65= =8 70@O60BLAO, =8 @07@O60BLAO. ! CG5B>< D>@<C; (22) 8 (24) =0?@O65=85 <564C 107>9 8 M<8BB5@>< B@0=78AB>@0 VT12 : <><5=BC >:>=G0=8O 1-3> F8:;0 U-12i = U'12i  U-12i =Uc6i  Uc6(i+1) +UVD3  2U. (25) ;O @50;870F88 C:070==KE 2KH5 @568<>2 @01>BK ' =5>1E>48<>, GB>1K ?@8 UC6i=Uc6(i+1) >15A?5G820;>AL 70:@KB85 B@0=78AB>@0 VT12, A>>B25BAB25==> G5<C 7=0G5=85 U2M!2 4>;6=> A>AB02;OBL 0,4  0,5 . AE>4O 87 40==>3> CA;>28O, ?> D>@<C;5 (25) <>6=> >?@545;8BL B@51C5<CN 25;8G8=C >?>@=>3> =0?@O65=8O AB018;8B@>=0 VD3: Uvm= (0,44-0,5) +2U= 1,74-7,9 . 081>;55 1;87:> : C:070==><C 7=0G5=8N =0?@O65=85 AB018;870F88 AB018-AB>@0 B8?0 !119 (1,9 ). >MB><C 2 @0AA<0B@8205<>9, AE5<5 2 :0G5AB25 AB018;8B@>=0 VD3 ?@8<5=5= 40==K9 AB018AB>@. 0AA<>B@8< @01>BC .' 2 ?@54?>;>65=88, GB> ?@>4>;68B5;L=>ABL t-ro F8:;0 2E>4=>3> A83=0;0 t&2 1>;LH5 ?@>4>;68B5;L=>AB8 (i  1)-3> F8:;0 tui, 0 ?@>4>;68B5;L=>ABL (t  2)-3> F8:;0, ?@54H5AB2>202H53> F8:;C i  1, B0:0O 65, :0: 8 F8:;0 i  1 (@8A. 27).  :>=FC (i  2)-3> F8:;0 :>=45=A0B>@ !5 >:07K205BAO 70@O65==K< 4> =0?@O65=8O U'C5, ?>MB><C 2 B5G5=85 (i  1)-3> F8:;0 =0?@O65=8O =0 :>=45=A0B>@5 !6 8 2KE>45 ' UC6(i-1)=U'C6= U? U'!5 + 2U 8 UBblK(i  l)=Un-U'C5. >A;5 >:>=G0=8O (i  1)-3> F8:;0 =0?@O65=85 =0 :>=45=A0B>@5 !5 B0:65 >:07K205BAO @02=K< 25;8G8=5 U'!5 (@8A. 27), G5<C A>>B25BAB2C5B =0?@O65=85 =0 M<8BB5@5 B@0=78AB>@0 VT12 U-12 = = Un U'C5 + 2U  UVD3=U5  U'C5  0,5. >A:>;L:C fC3<tF1, 87<5=5=85 =0?@O65=8O =0 :>=45=A0B>@5 !5 70 2@5<O t!3 =5 CG8BK205BAO.  8A. 28. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 26 ?@8 C25;8G5=88 G0AB>BK 2E>4=>3> A83=0;0 0?@O65=85 <564C 107>9 8 M<8BB5@>< B@0=78AB>@0 VT12 U-12 =U2KE  U-12=0,5 . @8 B0:>< =0?@O65=88 <564C 107>9 8 M<8BB5@>< B@0=78AB>@ VT12 ;81> 2>>1I5 =5 >B:@>5BAO, ;81> A@07C 65 70:@>5BAO ?>A;5 @07@O4:8 :>=45=A0B>@0 !6 =0 0,1  0,2 . >MB><C 2 ?5@2>< ?@81;865=88 <>6=> AG8B0BL, GB> ?>A;5 >:>=G0=8O (i  1)-3> F8:;0 8 2 B5G5=85 2A53> t-ro F8:;0 =0?@O65=85 =0 :>=45=A0B>@5 !1 >AB0=5BAO ?@0:B8G5A:8 ?>AB>O==K< 8 @02=K< Uc6i = U?  U'C5 + 2U.  <><5=BC >:>=G0=8O 1-3> F8:;0 (@8A. 27, B>G:0 A) 2A;54AB285 ?>O2;5=8O =0?@O65=8O UK1 =0 :>;;5:B>@5 B@0=78AB>@0 VT1 G5@57 :>=45=A0B>@ !2 8 107C B@0=78AB>@0 VT2 ?@>E>48B B>: I!2, 0 =0?@O65=85 UK2 =0 :>;;5:B>@5 VT2 A=8605BAO ?@0:B8G5A:8 4> =C;O, GB> >15A?5G8205B 2K:;NG5=85 B@0=78AB>@0 VT13 A >B:;NG5=85< >B >B@8F0B5;L=>3> ?>;NA0 8AB>G=8:0 ?8B0=8O 107K B@0=78AB>@0 VT12. "5< A0<K< A>7405BAO 2>7<>6=>ABL 2:;NG5=8O B@0=78AB>@0 VT12.  MB><C <><5=BC :>=45=A0B>@ !5 >:07K205BAO 70@O65==K< 4> =0?@O65=8O UC5", :>B>@><C A>>B25BAB2C5B =0?@O65=85 =0 M<8BB5@5 B@0=78AB>@0 VT12 U312 i = U?  UA5"+2U  UVD3=Un  UC5"  0,5. 0?@O65=85 65 =0 2KE>45 ' 8, A;54>20B5;L=>, =0 1075 B@0=78AB>@0 VT12 2 40==K9 <><5=B 2@5<5=8 UBblKi = U12 i=Un  U'cs. #:070==K< 7=0G5=8O< U12 i 8 V-12i A>>B25BAB2C5B @07=>ABL =0?@O65=89 <564C 107>9 8 M<8BB5@>< B@0=78AB>@0 U-12i =UC5'-UC5' + 0,5.  8A. 29. !E5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 F8:;0, A>45@60I53> M;5<5=B A;54OI53> @07@O40, 2K?>;=5==K9 =0 1075 8=B53@0;L=KE <8:@>AE5<  8A. 30. -;5<5=BK AE5<K ' ?> AE5<5 @8A. 29 "0: :0: ?@>4>;68B5;L=>ABL 1-3> F8:;0 2KH5, G5< (i  1)-3> F8:;0, B> Uc5">Uc5. A;54AB285 MB>3> B@0=78AB>@ VT12 >B:@K205BAO 8 =0G8=05BAO @07@O4:0 :>=45=A0B>@0 !1. =0 1C45B ?@>4>;60BLAO 4> B5E ?>@, ?>:0 =0?@O65=85 =0 :>=45=A0B>@5 !6 =5 A=878BAO 4> 7=0G5=8O UC6"=U?  Uc5" + 2U. 7 @0AA<>B@5=8O MB>3> 2K@065=8O A;54C5B, GB> 25;8G8=0 UA6" @02=0 B><C =0?@O65=8N, :>B>@>5 4>;6=> CAB0=>28BLAO =0 :>=45=A0B>@5 !6 2 (i+l)-M F8:;5 2 @57C;LB0B5 70@O4:8 :>=45=A0B>@0 !5 4> =0?@O65=8O UC5". -B> >7=0G05B, GB> 1>;LH5 =8:0:8E 87<5=5=89 =0?@O65=8O =0 :>=45=A0B>@5 !6 2 ?5@8>4 2@5<5=8 tc3 =5 ?@>87>945B, B. 5. 8 =0 2KE>45 ' 1C4CB >BACBAB2>20BL ?@>20;K =0?@O65=8O UKE (A<. @8A. 27). 0AA<>B@8< @01>BC ', 2K?>;=5==>3> ?> AE5<5 @8A. 26, :>340 ?@>4>;68B5;L=>ABL 1-3> F8:;0 tF2 <5=LH5 ?@>4>;68B5;L=>AB8 (i  1)-3> F8:;0 tF1 (@8A. 28). ;O 40==>3> A;CG0O : <><5=BC >:>=G0=8O 1-3> F8:;0 (B>G:0 ) 1C4CB A?@0254;82K @0=55 ?>;CG5==K5 D>@<C;K, 2B>< G8A;5 A>>B=>H5=85 U-12i = U!5"  UA5' + 0,5.  8A. 31. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 29 "0: :0: 8A5'>UA5", B> =0?@O65=85 U-12 i<0,5 , GB> >15A?5G8205B 70:@KB>5 A>AB>O=85 B@0=78AB>@0 VT12 8 B5< A0<K< ?@54>B2@0I05BAO @07@O4:0 :>=45=A0B>@0 !1. 0@O4C A MB8< 2 :>=F5 i-3> F8:;0 ?@>8AE>48B C<5=LH5=85 4> =C;O =0?@O65=8O U27A 8 =0 :>;;5:B>@5 B@0=78AB>@0 VT1 ?>O2;O5BAO =0?@O65=85 UK1. -B> ?@82>48B : :@0B:>2@5<5==><C ?@>B5:0=8N B>:0 G5@57 :>=45=A0B>@ ! 8 107C B@0=78AB>@0 VT3, 2 @57C;LB0B5 G53> B@0=78AB>@ VT3 >B:@K205BAO, 0 B@0=78AB>@ VT7 70:@K205BAO 8 :>=45=A0B>@ !6 70@O605BAO 4> =0?@O65=8O U'c6(i+1)=Uc6"=U?  UC5"+2U. -B><C A>>B25BAB2C5B =0?@O65=85 =0 2KE>45 ' UKE(i+1)=U?  Uc5". 7 3@0D8:>2, ?@82545==KE =0 @8A. 28, 284=>, GB> 8 4;O 40==>3> A;CG0O =0 2KE>45 ' >BACBAB2CNB ?@>20;K =0?@O65=8O. @8 70<5=5 2 ', 2K?>;=5==>< ?> AE5<5 @8A. 26, @O40 B@0=78AB>@>2 8=B53@0;L=K<8 <8:@>AE5<0<8 (DD1, DD2, DA1) 7=0G8B5;L=> A>:@0I05BAO G8A;> :><?;5:BCNI8E 8745;89.  A>AB02 8=B53@0B>@0 B0:>3> ' (@8A. 29) 2E>48B :>=45=A0B>@ !4, 70@O605<K9 G5@57 @578AB>@ R7, 0 70?><8=0NI89 M;5<5=B A>45@68B :>=45=A0B>@ !5, =0?@O65=85 =0 :>B>@>< >?@545;O5BAO C@>2=5< =0?@O65=8O, 4> :>B>@>3> 70@O605BAO : :>=FC ?@54K4CI53> F8:;0 :>=45=A0B>@ !4. "0:0O A2O7L =0?@O65=89 >15A?5G8205BAO 2A;54AB285 A>548=5=8O <564C A>1>9 :>=45=A0B>@>2 !4 8 !5 G5@57 B@0=78AB>@K VT1, VT2 8 VT3, 2:;NG5==K5 ?> AE5<5 M<8B-B5@=>3> ?>2B>@8B5;O. ?5@0F8>==K9 CA8;8B5;L DA1, 2:;NG5==K9 ?> AE5<5 ?>2B>@8B5;O =0?@O65=8O, >15A?5G8205B CA8;5=85 <>I=>AB8 A83=0;0, ?>ABC?0NI53> =0 2KE>4 CA8;8B5;O >B :>=45=A0B>@0 !>. -;5<5=BK AE5<K, G5@57 :>B>@K5 70@O60NBAO 8 @07@O60NBAO :>=45=A0B>@K !4 8 !5, ?>:070=K =0 @8A. 30. $>@<8@>20=85 ?5@8>4>2 70@O4:8 8 @07@O4:8 MB8E :>=45=A0B>@>2 2K?>;=O5BAO A ?><>ILN >4=>281@0B>@>2, A>1@0==KE 87 M;5<5=B>2 DDL2, DD1.3 8 DD2.2, DD2.3, 2E>4OI85 2 A>AB02 8=B53@0;L=KE <8:@>AE5< DD1 8 DD2 (A<. @8A. 29). >=45=A0B>@ !4 70@O605BAO 2 ?5@8>4K 2@5<5=8, :>340 =0?@O65=85 =0 2KE>45 M;5<5=B0 DD2.4 (A<. @8A. 30, B>G:0 ) 8<55B =87:89 C@>25=L. @8 ?>O2;5=88 =0 MB>< 2KE>45 =0?@O65=8O 2KA>:>3> C@>2=O ?@>8AE>48B 1KAB@0O @07@O4:0 :>=45=A0B>@0 !4 G5@57 ?0@0;;5;L=> A>548=5==K5 @578AB>@K R7, R6 8 48>4 VD5. A>15==>ABL @0AA<0B@8205<>9 AE5<K 70:;NG05BAO 2 B><, GB> :><0=4K =0 70@O4:C 8 @07@O4:C :>=45=A0B>@0 !5 ?>40NBAO >4=>2@5<5==>, :>340 =0?@O65=85 =0 2KE>45 M;5<5=B0 DD1.3 (B>G:0 F) 8<55B =87:89 C@>25=L, 0 =0?@O65=85 =0 2KE>45 M;5<5=B0 DD1.4 (B>G:0 K)  2KA>:89. @8 MB>< 2>7<>6=K A;54CNI85 @568<K 70@O4:8 8;8 @07@O4:8 :>=45=A0B>@0. 1. A;8 =0?@O65=85, 4> :>B>@>3> @0=55 (B. 5. 2 :>=F5 ?@54K4CI53> F8:;0) 1K; 70@O65= :>=45=A0B>@ !5 2KH5 =0?@O65=8O, :>B>@>5 ?>42>48BAO : 1075 B@0=78AB>@0 VT3 >B :>=45=A0B>@0 !4 (G5@57 B@0=78AB>@K VT1, VT2), B> 70@O4:0 :>=45=A0B>@0 !5 >BACBAB2C5B, 8 >= B>;L:> @07@O605BAO G5@57 F5?L, A>AB>OICN 87 48>40 VD6 8 @578AB>@0 R9. 07@O4:0 :>=45=A0B>@0 !5 ?@>8AE>48B 4> B0:>3> <><5=B0, :>340 A=865=85 =0?@O65=8O =0 =5< 4>AB8305B 25;8G8=K U!5@07 = Un  UC4 + U-1 + U-2  U-, (26) 345 UM1 , UM22 8 U-  ?045=8O =0?@O65=8O =0 ?5@5E>45 1070  M<8BB5@ B@0=78AB>@>2 A>>B25BAB25==> VT1, VT2 8 VT3. 0;L=59H0O @07@O4:0 :>=45=A0B>@0 !5 ?@5:@0I05BAO 8 =0?@O65=85 =0 =5< ?>445@68205BAO =0 C@>2=5, >?@545;O5<>< D>@<C;>9 (26), 2 @57C;LB0B5 ?>4:;NG5=8O :>=45=A0B>@0 : 53> 70@O4=>9 F5?8 (G5@57 >B:@K20NI89AO B@0=78AB>@ VT3).  8A. 32. 028A8<>ABL =0?@O65=8O 8OKE ' (A<. @8A. 29) >B G0AB>BK 2E>4=>3> A83=0;0: 1 8 2  =0?@O65=8O ?8B0=8O A>>B25BAB25==> 12 10,8  2. A;8 =0?@O65=85, 4> :>B>@>3> @0=55 1K; 70@O65= :>=45=A0B>@ !5, =0 0,4  0,5  =865, G5< =0?@O65=85, ?>42>48<>5 : 1075 B@0=78AB>@0 VT3 >B :>=45=A0B>@0 !4, B> 40==K9 B@0=78AB>@ >B:@K205BAO 8 G5@57 =53> :>=45=A0B>@ !5 70@O605BAO 4> C@>2=O, >?@545;O5<>3> D>@<C;>9 (26). ;O 8;;NAB@0F88 @01>BK @0AA<0B@8205<>3> ' (A<. @8A. 29) =0 @8A. 31 ?>:070=> 87<5=5=85 2> 2@5<5=8 =0?@O65=8O 2 =5:>B>@KE B>G:0E AE5<K ?@8 @07;8G=KE G0AB>B0E 2E>4=>3> A83=0;0. 7 @8AC=:0 284=>, GB> ?@8 40==>9 AE5<5 =0 2KE>45 ' >BACBAB2CNB ?@>20;K =0?@O65=8O. 0 @8A. 32 ?@82545=K ?>;CG5==K5 ?@8 8A?KB0=8OE ' 7028A8<>AB8 =0?@O65=8O U2KE =0 53> 2KE>45 >B G0AB>BK f 2E>4=>3> A83=0;0 (?@8 =0?@O65=88 ?8B0=8O 10,8 8 12 ). 028A8<>AB8 USKJL = F(f) O2;ONBAO =5;8=59=K<8, >4=0:> 2 =8E <>3CB 1KBL 2K45;5=K 420 ;8=59=KE CG0AB:0. ' A CA:>@5==K< (2 B5G5=85 ?>;CF8:;0) ?@5>1@07>20=85< 2E>4=>3> A83=0;0. A>15==>ABLN 40==>3> ', AB@C:BC@=0O AE5<0 :>B>@>3> ?@82545=0 =0 @8A. 33, O2;O5BAO =0;8G85 42CE 8=B53@0B>@>2. # ?5@2>3> 8=B53@0B>@0 70@O4:0 8 @07@O4:0 8=B53@8@CNI53> :>=45=A0B>@0 !1 ?@>B5:0NB 2 B5G5=85 459AB28O 8<?C;LA>2 Un 2E>4=>3> A83=0;0 (?5@2K9 ?>;CF8:;), 0 2 ?@><56CB:5 <564C =8<8 (2B>@>9 ?>;CF8:;) =0?@O65=85 =0 40==>< :>=45=A0B>@5 >AB05BAO =587<5==K< (?5@8>4 70?><8=0=8O C@>2=O =0?@O65=8O). > 2B>@>< 8=B53@0B>@5 70@O4:0 8 @07@O4:0 8=B53@8@CNI53> :>=45=A0B>@0 !2 ?@>8AE>4OB ?>4 459AB285< 8=25@A=>3> 2E>4=>3> A83=0;0 t7BX, 8<?C;LA :>B>@>3> ?>O2;O5BAO 2 ?5@8>4K t? (@8A. 34). > 2@5<O 459AB28O 8<?C;LA>2 U2E =0?@O65=85 =0 :>=45=A0B>@5 !2 =5 <5=O5BAO (70?><8=05BAO).  8A. 33. !B@C:BC@=0O AE5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 ?>;CF8:;0 >=45=A0B>@K 8=B53@0B>@>2 A2O70=K A 2KE>4=>9 F5?LN ' G5@57 M;5<5=B B8?0 , :>B>@K9 ?@>?CA:05B =0 2KE>4 ' =0?@O65=85 B>3> 87 :>=45=A0B>@>2, :>B>@>5 2 40==K9 <><5=B 8<55B 1>;LH55 (8;8 <5=LH55) 7=0G5=85.  =0G0;5 ?5@8>4>2 t! 8 tn D>@<8@CNBAO :>@>B:85 8<?C;LAK Upa7l 8 U@072 ?@>4>;68B5;L=>ABLN t@07, 2 B5G5=85 :>B>@KE ?@>8AE>48B ?>>G5@54=0O 1KAB@0O @07@O4:0 :>=45=A0B>@>2 !1 8 !2, ?>A;5 G53> =0G8=05BAO 8E 70@O4:0. 7 0=0;870 87<5=5=8O =0?@O65=8O Uc1 8 U!2 =0 :>=45=A0B>@0E 8=B53@0B>@>2 A;54C5B, GB> ?@>F5AA >1@01>B:8 2E>4=>3> A83=0;0, E0@0:B5@87CNI89AO ?@5:@0I5=85< 87<5=5=8O C:070==KE =0?@O65=89, 7025@H05BAO 2 B5G5=85 ?>;CF8:;>2 2E>4=>3> A83=0;0. !;54>20B5;L=>, 2 @0AA<0B@8205<>< ' >15A?5G8205BAO 1>;55 2KA>:>5 1KAB@>459AB285 ?> A@02=5=8N A ' ?> AE5<5 @8A. 26.  G0AB=>AB8, ?@8 A:206=>AB8 2E>4=>3> A83=0;0, @02=>9 2 (t8=t?), 1KAB@>459AB285 C25;8G8205BAO 2 2 @070. 0==>5 ?>;>68B5;L=>5 :0G5AB2> @0AA<0B@8205<>3> ' ?@8>1@5B05B >A>1>5 7=0G5=85 2 A;CG05 =87:>G0AB>B=KE 2E>4=KE A83=0;>2. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> <0:A8<0;L=>5 1KAB@>459AB285 ' <>6=> @50;87>20BL B>;L:> ?@8 CA;>288 @025=AB20 25;8G8= Uc1max 8 Uc2max.  ?@>B82=>< A;CG05 1C4CB 8<5BL <5AB> ?C;LA0F88 2KE>4=>3> =0?@O65=8O ' (@8A. 34), 8 4;O 8E A3;06820=8O ?>B@51C5BAO ?@8<5=5=85 4>?>;=8B5;L=>3> $'. -B>, 2 A2>N >G5@54L, ?@82545B : A=865=8N 1KAB@>459AB28O '. "0:>9 65 D8;LB@ >:065BAO =5>1E>48<K< ?@8 =5AB018;L=>AB8 A:206=>AB8 2E>4=>3> A83=0;0, :0:, =0?@8<5@, ?@8 8A?>;L7>20=88 2 :0G5AB25 2E>4=>3> A83=0;0 8<?C;LA>2 ?@5@K20B5;O @0A?@545;8B5;O A8AB5<K 706830=8O. 0AA<>B@8< @01>BC ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 ?>;CF8:;0, 8A?>;L7C5<>3> 2 A8AB5<5 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< (@8A. 35).  <><5=B ?>O2;5=8O 8<?C;LA0 2E>4=>3> A83=0;0 UE (@8A. 36, B>G:0 ) >B:@K205BAO B@0=78AB>@ VTI (A<. @8A. 35), 2 @57C;LB0B5 G53> =0?@O65=85 U:i :0 53> :>;;5:B>@5 C<5=LH05BAO ?@0:B8G5A:8 4> =C;O. -B> ?@82>48B : A;54CNI8< 87<5=5=8O< 2 @01>B5 AE5<K. ;O ?@>E>645=8O 107>2>3> B>:0 I1 B@0=78AB>@0 VT6 A>7405BAO F5?L, 2 @57C;LB0B5 G53> >15A?5G8205BAO >B:@KB85 ?5@5E>40 M<8BB5@  :>;;5:B>@ 40==>3> B@0=78AB>@0, ?@82>4OI55 : 1KAB@>9 @07@O4:5 :>=45=A0B>@0 !5. @8 ?@>E>645=88 B>:0 I6 G5@57 :>=45=A0B>@ !4 >= 70@O605BAO, 2 @57C;LB0B5 G53> A8;0 B>:0 I6 A=8605BAO 4> =C;O. @8 MB>< B@0=78AB>@ VT6 70:@K205BAO 8 A>7405BAO 2>7<>6=>ABL ?>A;54CNI59 70@O4:8 :>=45=A0B>@0 !5. A;54AB285 C<5=LH5=8O 4> =C;O =0?@O65=8O UK1 70:@K20NBAO B@0=78AB>@K VT2 8 VT3. 0:@KB85 B@0=78AB>@0 VT2 ?@82>48B : ?@5:@0I5=8N 70@O4:8 :>=45=A0B>@0 !2, :>B>@>5 @0=55 >ACI5AB2;O;>AL G5@57 ?5@5E>4 M<8BB5@  :>;;5:B>@ 40==>3> B@0=78AB>@0 8 @578AB>@0 R7.  8A. 34. $>@<K A83=0;>2 2 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 ?>;CF8:;0  8A. 35. !E5<0 ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 ?>;CF8:;0  B5G5=85 2A53> ?>A;54CNI53> ?5@8>40 tK 459AB28O 8<?C;LA0 2E>4=>3> A83=0;0 =0?@O65=85 UC2 =0 :>=45=A0B>@5 !2 ?@0:B8G5A:8 =5 87<5=O5BAO (A<. @8A. 36). 0:@KB85 B@0=78AB>@0 VT3 ?@82>48B : ?>O2;5=8N =0?@O65=8O U:7 2KA>:>3> C@>2=O =0 53> :>;;5:B>@5, 2A;54AB285 G53> >B:@K205BAO B@0=78AB>@ VT4 8 :>=45=A0B>@ !5 70@O605BAO G5@57 @578AB>@ R16. >=45=A0B>@ !5 70@O605BAO 2 B5G5=85 ?>GB8 2A53> ?5@8>40 459AB28O 8<?C;LA0 2E>4=>3> A83=0;0, 70 8A:;NG5=85< >G5=L :>@>B:>3> ?@><56CB:0 2@5<5=8 t@07. @8 70:@KB88 B@0=78AB>@0 VT3 G5@57 @578AB>@K R12, R11 8 R13 @07@O605BAO @0=55 70@O482H89AO :>=45=A0B>@ !.  B5G5=85 2A53> ?5@8>40 t8 459AB28O 8<?C;LA0 2E>4=>3> A83=0;0 =0?@O65=85 U!2 =0 :>=45=A0B>@5 !2 8<55B 1>;55 2KA>:89 C@>25=L ?> A@02=5=8N A =0?@O65=85< UC5 =0 :>=45=A0B>@5 !5. A;54AB285 MB>3> : 1075 B@0=78AB>@0 VT8 1C45B ?>42545=> =0?@O65=85 U8 = = UF  UC2, :>B>@>5 =865 =0?@O65=8O UB7 = Un  UC5, ?>42>48<>3> : 1075 B@0=78AB>@0 VT7.  8A. 36. $>@<K A83=0;>2 M;5<5=B>2 ' ?> AE5<5 @8A. 35: 0 8. 1  A>>B25BAB25==> ?@8 =87:>9 8 2KA>:>9 G0AB>B0E 2E>4=>3> A83=0;0 "@0=78AB>@K V"7 8 VT8, 2:;NG5==K5 ?> AE5<5 M<8BB5@=>3> ?>2B>@8B5;O, >1@07CNB AE5<C B8?0 , :>B>@0O ?@>?CA:05B =0 2KE>4 2E>4=>5 =0?@O65=85 =87H53> C@>2=O. >MB><C : 1075 B@0=78AB>@0 VT9, B0:65 2:;NG5==>3> ?> AE5<5 M<8BB5@=>3> ?>2B>@8B5;O, 1C45B ?>42545=> =0?@O65=85 UB9 =U8 +U- = = Un  UA2m0x + UM8 (345 U-8  ?045=85 =0?@O65=8O 2 ?5@5E>45 M<8BB5@  1070 B@0=78AB>@0 VT8). -B><C =0?@O65=8N 1C45B A>>B25BAB2>20BL 2KE>4=>5 =0?@O65=85 ' U2KE = U? - U!2m0E + U-8 + U-9  U-1 - U-11, (27) 345 U-9, AU-10 8 UM211  ?045=8O =0?@O65=8O =0 ?5@5E>45 M<8BB5@  1070 B@0=78AB>@>2 A>>B25BAB25==> VT9, VT10, VT11. 045=85 =0?@O65=8O =0 ?5@5E>45 1070  M<8BB5@ B@0=78AB>@>2 VT8, VT9, VT10 8 VT11 2 ?5@2>< ?@81;865=88 <>65B 1KBL ?@8=OB> >48=0:>2K<. ">340 D>@<C;0 (27) ?@8>1@5B05B 284 U2KE = >A;5 >:>=G0=8O 459AB28O 8<?C;LA0 2E>4=>3> A83=0;0 (A<. @8A. 36, 0, B>G:0 ) =0?@O65=85 =0 1075 B@0=78AB>@0 VT1 A=8605BAO 4> =C;O, 0 =0?@O65=85 U:; =0 53> :>;;5:B>@5 2>7@0AB05B.  @57C;LB0B5 70:@KB8O B@0=78AB>@0 VT1 G5@57 @578AB>@K R4, R17 8 R18 @07@O605BAO @0=55 70@O65==K9 :>=45=A0B>@ !4. "5< A0<K< A>7405BAO 2>7<>6=>ABL ?>A;54CNI53> 2:;NG5=8O B@0=78AB>@0 VT6 (2 A;54CNI5< ?>; C F8:;5 @01>BK AE5<K). @><5 B>3>, 70:@KB85 B@0=78AB>@0 VT1 2K7K205B A;54CNI85 87<5=5=8O 2 @01>B5 AE5<K: >B:@K20NBAO B@0=78AB>@K VT2 8 VT3 8 70:@K205BAO B@0=78AB>@ VT4.  @57C;LB0B5 >B:@KB8O B@0=78AB>@0 VT3 A>7405BAO F5?L 4;O ?@>E>645=8O 107>2>3> B>:0 I5 B@0=78AB>@0 VT5, 1;03>40@O G5<C >B:@K205BAO ?5@5E>4 M<8BB5@  :>;;5:B>@ 40==>3> B@0=78AB>@0 8 1KAB@> @07@O605BAO :>=45=A0B>@ !2. @8 ?@>E>645=88 B>:0 I5 :>=45=A0B>@ ! 1KAB@> 70@O605BAO, GB> >1CA;>2;8205B 70:@KB85 B@0=78AB>@0 VT5. "5< A0<K< ?>43>B>2;O5BAO 2>7<>6=>ABL ?>A;54CNI59 70@O4:8 :>=45=A0B>@0 !2.  8A. 37. 028A8<>ABL 2KE>4=>3> =0?@O65=8O ' ?> AE5<5 @8A. 35 >B G0AB>BK 2E>4=>3> A83=0;0 @><5 B>3>, >B:@KB85 B@0=78AB>@0 VT3 ?@82>48B : 70:@KB8N B@0=78AB>@0 VT4 8 ?@5:@0I5=8N 2A;54AB285 MB>3> 70@O4:8 :>=45=A0B>@0 !5.  @57C;LB0B5 =0?@O65=85 1)!L =0 :>=45=A0B>@5 2 B5G5=85 2A53> ?5@8>40 tn (<564C 8<?C;LA0<8 2E>4=>3> =0?@O65=8O) >AB05BAO =587<5==K< (A<. @8A. 36).  @57C;LB0B5 >B:@KB8O B@0=78AB>@0 VT2 G5@57 53> ?5@5E>4 M<8BB5@  :>;;5:B>@ 8 @578AB>@ R7 70@O605BAO :>=45=A0B>@ !2. 0@O4:0 ?@>4>;605BAO 2 B5G5=85 2A53> ?5@8>40 tn, 70 8A:;NG5=85< =51>;LH>3> ?@><56CB:0 2@5<5=8 t@07. @8 MB>< =0?@O65=85 UC5 =0 :>=45=A0B>@5 !5 2KH5 =0?@O65=8O UC2 =0 :>=45=A0B>@5 !2 8, A;54>20B5;L=>, =0?@O65=85 UE? =0 1075 B@0=78AB>@0 VT7 8<55B 1>;55 =87:89 C@>25=L ?> A@02=5=8N A =0?@O65=85< UBS =0 1075 B@0=78AB>@0 VT8. "0:8< >1@07><, : 1075 B@0=78AB>@0 VT9 >:07K205BAO ?>42545==K< =0?@O65=85 U- = U7 + U-7 = U?  Uc5 m0E + + UM27 (345 U-7  ?045=85 =0?@O65=8O 2 ?5@5E>45 M<8BB5@  1070 B@0=78AB>@0 VT7). -B><C A>>B25BAB2C5B =0?@O65=85 =0 2KE>45 ' U+% = U?  Uc5max. "0:8< >1@07><, 2 B5G5=85 ?5@8>40 tH =0?@O65=85 =0 2KE>45 ' U2KE' = U?  Uc2max, 0 2 B5G5=85 ?5@8>40 tnUBbl%" = Un  UC5max. KH5 C65 >B<5G0;>AL, GB> 2 @50;L=KE CA;>28OE @01>BK ' B@C4=> >15A?5G8BL B>G=>5 @025=AB2> 5;8G8= Uc2max 8 U!5 max. >MB><C 4;O A3;06820=8O ?C;LA0F89 2KE>4=>3> =0?@O65=8O, 2>7=8:0NI8E ?@8 =5@025=AB25 5;8G8= UA2m0E 8 U!5 max,  @50;L=>9 AE5<5 ' ?@8<5=5= $', A>45@60I89 @578AB>@ R22 8 :>=45=A0B>@ !6 (A<. @8A. 35). G5284=>, GB> =0;8G85 B0:>3> D8;LB@0 C<5=LH05B 1KAB@>459AB285 '. >MB><C ', 2K?>;=5==K9 ?> @0AA<0B@8205<>9 AE5<5, 2 A;CG05 =5?>AB>O=AB20 A:206=>AB8 2E>4=>3> A83=0;0 ?@0:B8G5A:8 =5 8<55B ?@58<CI5AB2 2 1KAB@>459AB288 ?> A@02=5=8N A ' ?> AE5<0<, ?@82545==K< =0 @8A. 21, 24, 26 8 29. CB5< A>>B25BAB2CNI53> 2K1>@0 A>?@>B82;5=8O @578AB>@>2 8 :>=45=A0B>@>2 2@5<O7040NI8E F5?59 (R7, R16, !2 8 !5) 2 ' ?> AE5<5 @8A. 35 <>6=> ?>;CG8BL 7028A8<>ABL UB+% = F(f) (345 f  G0AB>B0 2E>4=>3> A83=0;0) ?@8 U8=10  (@8A. 37), ?@81;860NICNAO : ;8=59=>9. @8 MB><, >4=0:>, AC605BAO 480?07>= 87<5=5=8O =0?@O65=8O =0 2KE>45 ', :>B>@K9 2 ;8=59=>9 7>=5 A>AB02;O5B 2A53> ;8HL >:>;> 40 % =0?@O65=8O 8AB>G=8:0 ?8B0=8O. 80?07>= 87<5=5=8O U2KE <>65B 1KBL C25;8G5=, => B>;L:> 70 AG5B CEC4H5=8O ;8=59=>AB8 E0@0:B5@8AB8:8 UB+%  F(f)t B. 5. @0AA<0B@8205<0O AE5<0 =5 8<55B ?@58<CI5AB2 ?> A@02=5=8N A> AE5<0<8 =0 @8A. 21, 24, 26 8 29. "0:, 87 A>?>AB02;5=8O 7028A8<>AB59 (,KE = =F(f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n 1>@B>2>9 A5B8. 0?@O65=85 UM1, ?>42>48<>5 : M<8BB5@C B@0=78AB>@0 VT1, >?@545;O5BAO ?045=85< =0?@O65=8O 2 87<5@8B5;L=>< @578AB>@5 R6 ?@8 ?@>E>645=88 G5@57 =53> B>:0 IM<. !8;0 B>:0 I1, ?@>E>4OI53> G5@57 107C B@0=78AB>@0 VT1, >?@545;O5BAO @07=>ABLN =0?@O65=89 UB1 8 UM1. '5< 1>;LH5 MB0 @07=>ABL, B5< 2KH5 A8;0 B>:0 I1, A;54AB285< G53> O2;O5BAO C25;8G5=85 A8;K B>:0 IK1 :>;;5:B>@0 B@0=78AB>@0 VT1, 0 B0:65 A8;K B>:0 107K I2 8 :>;;5:B>@0 I2 B@0=78AB>@0 VT2, >?@545;ONI53> 25;8G8=C B>:0 IM<.  8A. 38. !E5<0 @53C;OB>@0 A8;K B>:0 A =5?@5@K2=K< @53C;8@>20=85< 8 7028A8<>ABL B>:0 IM< 8 =0?@O65=8O UCT >B =0?@O65=8O Un 0@0<5B@K AE5<K @0AAG8BK20NB B0:8< >1@07><, GB>1K ?@8 ?@>E>645=88 G5@57 @578AB>@ R6 B>:0 M;5:B@><03=8B0 IM<= 7040==>9 A8;K ?045=85 =0?@O65=8O 2 @578AB>@5 >15A?5G820;> B0:CN @07=>ABL UB1  UM1, :>B>@0O =5>1E>48<0 4;O ?>;CG5=8O B>:0 I2=IM< =. @8 >B:;>=5=88 A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0 >B 7040==>3> 7=0G5=8O IM<=, =0?@8<5@, 2 AB>@>=C C25;8G5=8O 2>7@0AB5B ?045=85 =0?@O65=8O 2 @578AB>@5 R6 8, A;54>20B5;L=>, C<5=LH8BAO @07=>ABL U1  U-I. -B> ?@82545B : A=865=8N A8;K B>:0 I1 8 2>AAB0=>2;5=8N ?@56=59 A8;K B>:0 IM<= 2 >1<>B:5 M;5:B@>3;03=8B0.  A;CG05 C<5=LH5=8O A8;K B>:0 I<M, =0>1>@>B, ?@>87>945B C25;8G5=85 @07=>AB8 UI  UM1 , GB> >1CA;>28B 2>AAB0=>2;5=85 7040==>9 A8;K B>:0 IM< =. 04> >B<5B8BL, GB> A8;0 B>:0 2 >1<>B:5 M;5:B@><03=8B0 =5 7028A8B =8 >B A>?@>B82;5=8O 53> >1<>B:8, =8 >B =0?@O65=8O 8AB>G=8:0 ?8B0=8O, B0: :0: @568< @01>BK B@0=78AB>@>2 VT1 8 VT2 >?@545;O5BAO 8A:;NG8B5;L=> ?045=85< =0?@O65=8O 2 @578AB>@5 R6, :>B>@>5 O2;O5BAO DC=:F859 B>;L:0 A8;K B>:0 IM<. 0==0O >A>15==>ABL @0AA<0B@8205<>9 AE5<K O2;O5BAO 206=K< 55 ?@58<CI5AB2><. A;8 ?0@0;;5;L=> ?5@5E>4C M<8BB5@  :>;;5:B>@ B@0=78AB>@0 VT2 ?>4:;NG8BL, :0: MB> ?>:070=> HB@8E>2>9 ;8=859 =0 @8A. 38, @578AB>@ R7, B> B5?;>2>9 @568< B@0=78AB>@0 VT2 ACI5AB25==> C;CGH8BAO, B0: :0: G0ABL B>:0 >1<>B:8 M;5:B@><03=8B0 1C45B ?@>E>48BL G5@57 MB>B @578AB>@. !>?@>B82;5=85 @578AB>@0 R7 4>;6=> 1KBL 2K1@0=> B0:8<, GB>1K ?@8 <0:A8<0;L=> 2>7<>6=>< =0?@O65=88 ?8B0=8O A8;0 ?@>E>4OI53> G5@57 =53> B>:0 1K;0 =5 1>;LH5 7040==>3> 7=0G5=8O IM<=. =0;87 ?>;CG5==>9 ?@8 8A?KB0=8OE @0AA<0B@8205<>9 AE5<K 7028A8<>AB8 A8;K B>:0 IM< 2 >1<>B:5 M;5:B@><03=8B0 >B =0?@O65=8O Un 8AB>G=8:0 ?8B0=8O (@8A. 38) ?>:07K205B, GB> 87<5=5=85 A8;K B>:0 IM< 2 480?07>=5 =0?@O65=89 10,8  15  A>AB028;> 2A53> ;8HL 2,5% (>B 0,96 4> 1,01 ). @8 <0:A8<0;L=>< =0?@O65=88 ?8B0=8O 1>@B>2>9 A5B8, @02=>< 15 , 2 @53C;8@CNI8E M;5<5=B0E A8AB5<K @0AA58205BAO <>I=>ABL, A>AB02;ONI0O >:>;> 6  8 B 2 7028A8<>AB8 >B A>?@>B82;5=8O RM< >1<>B:8 M;5:B@><03=8B0, :>B>@>5 ?@8 87<5=5=88 55 B5<?5@0BC@K :>;51;5BAO 2 ?@545;0E 6  8 <. @8 >BACBAB288 @578AB>@0 R7 2AO MB0 <>I=>ABL @0AA58205BAO 2 B@0=78AB>@5 VT2, 0 2 A;CG05 ?@8<5=5=8O @578AB>@0 R7 A A>?@>B82;5=85<, @02=K< 6 <, <>I=>ABL, @0AA58205<0O 2 B@0=78AB>@5 VT2, C<5=LH05BAO ?@8<5@=> 2 2 @070. @82545==K5 F8D@K O2;ONBAO =03;O4=>9 8;;NAB@0F859 =51;03>?@8OB=KE M=5@35B8G5A:8E ?>:070B5;59 A8AB5< =5?@5@K2=>3> @53C;8@>20=8O A8;K B>:0.  A2O78 A MB8< A8AB5<K 40==>3> B8?0 O2;ONBAO <5=55 C=825@A0;L=K<8 ?> A@02=5=8N A A8AB5<0<8 8<?C;LA=>3> @53C;8@>20=8O, >1;040NI8<8 =5A@02=5==> ;CGH8<8 ?>:070B5;O<8 ?> <>I=>AB8, @0AA58205<>9 2 @53C;8@CNI8E M;5<5=B0E. !8AB5<K 8<?C;LA=>3> @53C;8@>20=8O A8;K B>:0 > ?@8=F8?C 459AB28O @0AA<0B@8205<K5 A8AB5<K ?>4>1=K M;5:B@>==><C @53C;OB>@C =0?@O65=8O, => :>=B@>;8@C5<K< ?0@0<5B@>< 2 =8E O2;O5BAO =5 @53C;8@C5<>5 =0?@O65=85, 0 A8;0 B>:0 2 F5?8 =03@C7:8. @8<5@>< B0:>9 A8AB5<K @53C;8@>20=8O O2;O5BAO @53C;OB>@ A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0, 2E>4OI53> 2 A>AB02 CAB@>9AB20 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< 02B><>18;O (@8A.39).  8A. 39. !E5<0 8<?C;LA=>3> @53C;OB>@0 A8;K B>:0 8 7028A8<>ABL iM< =f(t) #?@02;ONI8< M;5<5=B>< @53C;OB>@0  O2;O5BAO >?5@0F8>==K9 CA8;8B5;L DA1, 8AB>G=8:>< ?8B0=8O :>B>@>3> O2;O5BAO AB018;870B>@ =0?@O65=8O !, ?>445@6820NI89 ?>AB>O==K< =0?@O65=85 UAB <564C ?>;>68B5;L=K< ?>;NA>< 1>@B>2>9 A5B8 ( + UCT) 8 H8=>9 (  UCT). 07=>ABL =0?@O65=89 <564C =8<8 A>AB02;O5B 10,0  10,2 . =0G0;5 @0AA<>B@8< 459AB285 @53C;OB>@0 ?@8 =587<5==>< A>?@>B82;5=88 ?5@5<5==>3> @578AB>@0 RC, O2;ONI53>AO M;5<5=B>< 7040=8O B@51C5<>9 A8;K B>:0. @8 MB>< =0?@O65=85, ?>42>48<>5 : 8=25@B8@CNI5<C 2E>4C 4 >?5@0F8>==>3> CA8;8B5;O, 7028A8B >B B>3>, >B:@KB 8;8 70:@KB B@0=78AB>@ VTL A;8 40==K9 B@0=78AB>@ >B:@KB, B> @578AB>@ R1 =03@C605BAO 4>?>;=8B5;L=K< B>:><, ?@>E>4OI8< G5@57 @578AB>@ R9*, 2A;54AB285 G53> : 2E>4C 4 CA8;8B5;O ?>42>48BAO 1>;55 =87:>5 =0?@O65=85 U40B: ?> A@02=5=8N A =0?@O65=85< U470:, ?>42>48<K< : 2E>4C 4 ?@8 70:@KB>< B@0=78AB>@5 VT1. !>?@>B82;5=85 @578AB>@0 R9* 2K18@0NB B0:8<, GB>1K @07=>ABL U470:  U4>B: = U4 1K;0 1>;LH5 =0?@O65=8O 48DD5@5=F80;L=>3> A83=0;0, B@51C5<>3> 4;O ?5@52>40 >?5@0F8>==>3> CA8;8B5;O 87 @568<0 A =87:8< C@>2=5< 2KE>4=>3> =0?@O65=8O 2 @568< A 2KA>:8< (<0:A8<0;L=K<) C@>2=5< 2KE>4=>3> =0?@O65=8O.  =58=25@B8@CNI5<C 2E>4C 5 >?5@0F8>==>3> CA8;8B5;O ?>42>48BAO =0?@O65=85 U5 = (UcB -I-R15) R4/(RM + R4). (29) A;8 @07=>ABL =0?@O65=89 U5  U4 ?@52KH05B 25;8G8=C U, B> =0?@O65=85 =0 2KE>45 10 CA8;8B5;O 8<55B 2KA>:89 C@>25=L (8,5 ). @8 U4>U5 =0?@O65=85 =0 2KE>45 CA8;8B5;O 8<55B =87:89 C@>25=L (1,5 ).  ?5@2K9 <><5=B ?>A;5 ?>4:;NG5=8O AE5<K : 8AB>G=8:C ?8B0=8O 2A;54AB285 1>;LH>9 8=4C:B82=>AB8 >1<>B:8 M;5:B@><03=8B0 A8;0 B>:0 IM< =0 =57028A8<> >B B>3>, >B:@KB 8;8 70:@KB B@0=78AB>@. 045=85 =0?@O65=8O 2 @578AB>@5 R16 1C45B >BACBAB2>20BL, 1;03>40@O G5<C =0?@O65=85 U5 >:065BAO 7=0G8B5;L=> 2KH5 =0?@O65=8O U4. !;54AB285< MB>3> O28BAO ?>O2;5=85 =0 2KE>45 10 CA8;8B5;O =0?@O65=8O 2KA>:>3> C@>2=O, GB> >15A?5G8B >B:@KB85 B@0=78AB>@>2 VT2, VT3 8 VT4 2KE>4=>3> CA8;8B5;O # A ?>4:;NG5=85< >1<>B:8 M;5:B@><03=8B0 : 8AB>G=8:C ?8B0=8O. @><5 B>3>, >B:@>5BAO B@0=78AB>@ VT1, 8 =0 2E>45 4 CA8;8B5;O CAB0=>28BAO =0?@O65=85 U4 0B: =87:>3> C@>2=O. @8 ?>4:;NG5=88 >1<>B:8 M;5:B@><03=8B0 : 8AB>G=8:C ?8B0=8O ?>AB5?5==> C25;8G8BAO 2 =59 A8;0 B>:0, :>B>@K9, ?@>E>4O G5@57 @578AB>@ R16, >1CA;>28B 2 =5< ?045=85 =0?@O65=8O U)2= = IM< R16. 7 MB>9 D>@<C;K A;54C5B, GB> ?> <5@5 C25;8G5=8O A8;K B>:0 IM< ?@>8AE>48B C<5=LH5=85 =0?@O65=8O U5, ?>42>48<>3> : =58=25@B8@CNI5<C 2E>4C 5 CA8;8B5;O. >340 2A;54AB285 C25;8G5=8O A8;K B>:0 IM< 4> 7=0G5=8O I-< m0E MB> =0?@O65=85 C<5=LH8BAO =0AB>;L:>, GB> @07=>ABL U5  U4 >B: >:065BAO <5=LH5 U4, =0?@O65=85 =0 2KE>45 10 CA8;8B5;O =0G=5B A=860BLAO, 8 >4=>2@5<5==> 1C45B ?>AB5?5==> 70:@K20BLAO B@0=78AB>@ VT1. -B> 2K7>25B ?>2KH5=85 =0?@O65=8O =0 2E>45 4 CA8;8B5;O. "0:>5 ?>2KH5=85 =0?@O65=8O U4 ?@82545B : 40;L=59H5<C C<5=LH5=8N @07=>AB8 U5  U4, 2A;54AB285 G53> CA8;8B5;L =0G=5B @01>B0BL 2 @568<5 A =87:8< C@>2=5< 2KE>4=>3> =0?@O65=8O. 0?@O65=85 =0 2E>45 4 ?@8 MB>< @02=> 7=0G5=8N U470:. A;54AB285 C<5=LH5=8O 4> =87:>3> C@>2=O =0?@O65=8O =0 2KE>45 CA8;8B5;O 2K:;NG0NBAO B@0=78AB>@K VT2, VT3 8 VT4, 2 @57C;LB0B5 G53> >1<>B:0 M;5:B@><03=8B0 >B:;NG05BAO >B 8AB>G=8:0 ?8B0=8O (1>@B>2>9 A5B8). 4=0:> A8;0 B>:0 IM<70: (A<. @8A. 39) ?@8 MB>< =5 ?0405B 4> =C;O, 0 ?>AB5?5==> C<5=LH05BAO, ?>A:>;L:C 40==K9 B>: ?>445@68205BAO 70 AG5B -! A0<>8=4C:F88 >1<>B:8 M;5:B@><03=8B0, 8 53> F5?L 70<K:05BAO G5@57 48>4 VDL > <5@5 C<5=LH5=8O A8;K B>:0 IM< 2>7@0AB05B =0?@O65=85 U5 8, :>340 >=> ?@8 A8;5 B>:0 IM<=IM< min ?@52KA8B =0?@O65=85 U470:, CA8;8B5;L =0G=5B @01>B0BL 2 @568<5 A 2KA>:8< C@>2=5< 2KE>4=>3> =0?@O65=8O. A;54AB285 >B:@KB8O ?@8 MB>< B@0=78AB>@0 VT1 8 A=865=8O =0?@O65=8O =0 2E>45 4 CA8;8B5;O 4> 7=0G5=8O U40": 40==K9 ?5@5E>4 ?@>8AE>48B ;028=>>1@07=> 8 =0 2KE>45 CA8;8B5;O A@07C 65 CAB0=02;8205BAO =0?@O65=85 2KA>:>3> C@>2=O. 0;55 ?@>F5AA 1C45B =5>4=>:@0B=> ?>2B>@OBLAO, 0 A8;0 B>:0 2 F5?8 M;5:B@><03=8B0 1C45B <5=OBLAO >B IM< min 4> IM< max (A<. @8A. 39). 06=>9 >A>15==>ABLN @0AA<0B@8205<>9 AE5<K O2;O5BAO 8A?>;L7>20=85 4;O C?@02;5=8O >?5@0F8>==K< CA8;8B5;5< MDD5:B0 ?>;>68B5;L=>9 >1@0B=>9 A2O78, @50;87C5<>9 A ?><>ILN B@0=78AB>@0 VT1.  @57C;LB0B5 459AB28O MB>9 ?>;>68B5;L=>9 >1@0B=>9 A2O78 ?@8 ;N1>9 :><18=0F88 =0?@O65=89 =0 2E>40E 4 8 5 CA8;8B5;O =0 53> 2KE>45 CAB0=02;8205BAO ;81> <8=8<0;L=>5 (1,5 ), ;81> <0:A8<0;L=>5 (8,5 ) =0?@O65=85. "5< A0<K< 30@0=B8@C5BAO @568< @01>BK B@0=78AB>@>2 VT2, VT3 8 VT4 ;81> 2 @568<5 >BA5G:8, ;81> 2 @568<5 =0AKI5=8O. 0: 2 B><, B0: 8 4@C3>< A;CG05 @0AA58205<0O <>I=>ABL 2 40==KE B@0=78AB>@0E <8=8<0;L=0. '0AB>B0 87<5=5=8O A8;K B>:0 IM< 7028A8B >B 3;C18=K C:070==>9 ?>;>68B5;L=>9 >1@0B=>9 A2O78, :>B>@0O >?@545;O5BAO A>?@>B82;5=85< @578AB>@0 R9*. @8 M;5:B@><03=8B=>9 ?>AB>O==>9 2@5<5=8 >1<>B:8 M;5:B@><03=8B0, @02=>9 100  120 <A, 87<5=5=85< A>?@>B82;5=8O @578AB>@0 R9* >15A?5G8205BAO @53C;8@>20=85 G0AB>BK 87<5=5=8O A8;K B>:0 IM< 2 ?@545;0E 10  1000 F. !8;0 B>:0 I-< =5 7028A8B =8 >B =0?@O65=8O 8AB>G=8:0 ?8B0=8O, =8 >B A>?@>B82;5=8O >1<>B:8 M;5:B@><03=8B0, ?>A:>;L:C 2E>4=K< A83=0;>< 4;O A8AB5<K @53C;8@>20=8O O2;O5BAO B>;L:> ?045=85 =0?@O65=8O 2 @578AB>@5 R16, :>B>@>5 ?@8 ?>AB>O=AB25 A>?@>B82;5=8O 40==>3> @578AB>@0 O2;O5BAO DC=:F859 A8;K B>:0 IM<. ;03>40@O MB><C 40==0O AE5<0 >15A?5G8205B 2KA>:CN AB018;L=>ABL A@54=53> 7=0G5=8O B>:0 IM<A@ 2 F5?8 =03@C7:8 ?@8 7=0G8B5;L=KE :>;510=8OE B0:8E 2=5H=8E D0:B>@>2, :0: =0?@O65=85 1>@B>2>9 A5B8 02B><>18;O 8 B5<?5@0BC@0 >:@C60NI59 A@54K. 0@O4C A ?>445@60=85< 2 F5?8 =03@C7:8 ?>AB>O==>9 7040==>9 A8;K B>:0 @0AA<0B@8205<0O AE5<0 ?>72>;O5B >15A?5G8BL 8 55 87<5=5=85 ?> 7040==><C 70:>=C 2 7028A8<>AB8 >B C@>2=O C?@02;ONI8E A83=0;>2, ?>42>48<KE : 2E>4C  AE5<K. -B>, 2 G0AB=>AB8, <>65B 1KBL @50;87>20=> ?CB5< 87<5=5=8O A>?@>B82;5=8O @578AB>@0 RC 8;8 ?>42545=8O : 2E>4C  =0?@O65=8O >B 8AB>G=8:0 C?@02;ONI53> A83=0;0.  ;N1>< A;CG05 B@51C5BAO B>;L:> >15A?5G8BL 87<5=5=85 ?> 7040==><C 70:>=C =0?@O65=8O, ?>42>48<>3> : 2E>4C  AE5<K 8, A;54>20B5;L=>, : 2E>4C 4 >?5@0F8>==>3> CA8;8B5;O. 7<5=5=85 40==>3> =0?@O65=8O >1CA;>28B ?5@5E>4 CA8;8B5;O >B @568<0 A =87:8< C@>2=5< 2KE>4=>3> =0?@O65=8O 2 @568< A 2KA>:8< 53> C@>2=5< 8 >1@0B=> ?@8 4@C38E 7=0G5=8OE =0?@O65=8O U5 =0 2KE>45 5 CA8;8B5;O. 7 D>@<C;K (29) A;54C5B, GB> =0?@O65=85 U5 >?@545;O5B A8;C B>:0 2 >1<>B:5 M;5:B@><03=8B0, B. 5. 7=0G5=8O IM<min, I-< max 8 IM<A@ 1C4CB <5=OBLAO 2 7028A8<>AB8 >B 25;8G8=K Ub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t") -! UD 8=4C:B8@C5BAO 2> 2A5E B@5E 53> D070E I, II 8 III, ?>MB><C =0?@O65=85 U2KE =0 2KE>45 2K?@O<8B5;O, A>AB>OI53> 87 48>4>2 VD1  VD6, 8<55B =57=0G8B5;L=K5 ?C;LA0F88 (@8A. 48).  @57C;LB0B5 =0?@O65=85 Uc1 =0 :>=45=A0B>@5 !1 ?@0:B8G5A:8 ?>AB>O==> 8 <5=LH5 A@54=53> 7=0G5=8O =0?@O65=8O UKE =0 0,65  0,7  (87-70 ?045=8O =0?@O65=8O 2 48>45 VD7).  @57C;LB0B5 >15A?5G8205BAO 70:@KB>5 A>AB>O=85 B@0=78AB>@0 VT1, ?>A:>;L:C : 53> M<8BB5@C ?>42>48BAO <5=LH55 =0?@O65=85, G5< : 1075. @8 MB>< B0:65 70:@KB B@0=78AB>@ VT2, C?@02;ONI89 B@8335@>< 2:;NG5=8O 70I8BK B8?0 R  5, 2K?>;=5==>< =0 M;5<5=B0E DD1.1 8 DD1.2, 8 =0?@O65=85, ?>42>48<>5 : 2E>4C 5 M;5<5=B0 DDL2, @02=> C@>2=N ;>38G5A:>9 1.  8A. 47. !E5<0 CAB@>9AB20 70I8BK >B =5?@54CA<>B@5==>3> 2:;NG5=8O ?5@540G ?@8 >B:075 B0E>35=5@0B>@0  <><5=B ?>4:;NG5=8O B@8335@0 : 8AB>G=8:C ?8B0=8O :>=45=A0B>@ !2 =5 70@O65=, 2A;54AB285 G53> ?5@2>=0G0;L=> : 2E>4C 1 M;5<5=B0 DD1.1 >:07K205BAO ?>42545==K< =0?@O65=85 A C@>2=5< ;>38G5A:>3> 0. >A;5 70@O4:8 :>=45=A0B>@0 !2 =0 2E>45 1 CAB0=02;8205BAO =0?@O65=85 A C@>2=5< ;>38G5A:>9 1. !;54>20B5;L=>, ?>A;5 ?>4:;NG5=8O A8AB5<K C?@02;5=8O : 8AB>G=8:C ?8B0=8O B@8335@ CAB0=02;8205BAO 2 ?>;>65=85, ?@8 :>B>@>< =0?@O65=85 =0 2KE>45 6 M;5<5=B0 DD1.2 @02=> C@>2=N ;>38G5A:>3> .  MB>< A;CG05 :><0=40 =0 t A@010BK20=85 CAB@>9AB20 70I8BK =5 ?>405BAO.  8A. 48. 7<5=5=85 -!, 8=4C:B8@C5<>9 2 D070E B0E>35=5@0B>@0 8 =0?@O65=8O =0 2KE>45 2K?@O<8B5;O 8 :>=45=A0B>@0 A;8 2> 2@5<O 42865=8O 02B><>18;O ?@>8AE>48B >B:07 B0E>35=5@0B>@0 2A;54AB285 >1@K20 F5?8 E>BO 1K >4=>9 87 53> >1<>B>: 8;8 55 70<K:0=8O (=0?@8<5@, D07K II 2 <><5=B t>B:). 35=5@0B>@ @01>B05B :0: 42CED07=K9. 57:> C25;8G820NBAO ?C;LA0F88 =0?@O65=8O U2KE (@8A. 48), >4=>2@5<5==> C<5=LH05BAO =0?@O65=85 Uc1 =0 :>=45=A0B>@5 !1. 4=0:> ?>AB>O==0O 2@5<5=8 53> @07@O4:8 7=0G8B5;L=> 2KH5 ?5@8>40 87<5=5=8O =0?@O65=8O U2KE (?@8 A:>@>ABOE 42865=8O 02B><>18;O, :>340 2:;NG5=0 E>BO 1K 2B>@0O ?5@540G0). >MB><C ?@8 >B:075 B0E>35=5@0B>@0 C65 2 ?5@2>< ?>;C?5@8>45 t3&M 87<5=5=8O =0?@O65=8O U2KE >=> AB0=>28BAO <5=LH5 =0?@O65=8O UC[.  @57C;LB0B5 =0?@O65=85, ?>42>48<>5 : M<8BB5@C B@0=78AB>@0 VT1, >:07K205BAO 1>;LH5 =0?@O65=8O =0 53> 1075, GB> >15A?5G8205B >B:@KB85 :0: 40==>3> B@0=78AB>@0, B0: 8 B@0=78AB>@0 VT2. 0?@O65=85 =0 2E>45 5 M;5<5=B0 DD1.2 C<5=LH05BAO 4> C@>2=O ;>38G5A:>3> , GB> >15A?5G8205B ?5@5:;NG5=85 B@8335@0 2 A>AB>O=85 A =0?@O65=85< =0 2KE>45 6 M;5<5=B0 DD1.2, @02=K< C@>2=N ;>38G5A:>9 1. !;54AB285< MB>3> O2;O5BAO 2K@01>B:0 :><0=4K =0 A@010BK20=85 CAB@>9AB20 70I8BK.  8A. 49. !E5<0 CAB@>9AB20 70I8BK >B =5?@54CA<>B@5==>3> 2:;NG5=8O ?5@540G ?@8 >B:075 40BG8:0 A:>@>AB8, >A=>20==0O =0 :>=B@>;5 53> A>?@>B82;5=8O @8=F8? 459AB28O @0AA<>B@5==KE CAB@>9AB2 70I8BK >A=>20= =0 A>?>AB02;5=88 42CE A83=0;>2, >48= 87 :>B>@KE 459AB2C5B A <0;K< 70?074K20=85< ?> >B=>H5=8N : 87<5=5=8N G0AB>BK 2@0I5=8O 20;0 40BG8:0 A:>@>AB8, 0 2B>@>9  8<55B >B=>A8B5;L=> 1>;LH>5 70?074K20=85 ?> >B=>H5=8N : ?5@2><C A83=0;C. @>4>;68B5;L=>ABL 70?074K20=8O 2K18@0NB 87 CA;>28O ?@54>B2@0I5=8O A@010BK20=8O CAB@>9AB20 70I8BK ?@8 >B=>A8B5;L=> <54;5==>< 87<5=5=88 G0AB>BK A83=0;>2, 2K@010BK205<KE 40BG8:>< A:>@>AB8, GB> 8<55B <5AB> ?@8 =>@<0;L=>9 @01>B5 A8AB5<K C?@02;5=8O. @8 >B:075 ?@5>1@07>20B5;O 1KAB@> 87<5=ONBAO 2K@010BK205<K5 8< A83=0;K, =0 GB> @5038@C5B A8AB5<0 70I8BK, >15A?5G820O >B:;NG5=85 70I8I05<KE CAB@>9AB2. 54>AB0B:>< A8AB5< 70I8BK, >A=>20==KE =0 40==>< ?@8=F8?5, O2;O5BAO 2>7<>6=>ABL 8E >H81>G=>3> A@010BK20=8O ?@8 =5:>B>@KE 1KAB@> ?@>B5:0NI8E ?5@5E>4=KE ?@>F5AA0E 2 A8AB5<5 C?@02;5=8O. ! MB>9 B>G:8 7@5=8O 1>;55 A>25@H5==K<8 O2;ONBAO A8AB5<K 70I8BK, >A=>20==K5 =0 :>=B@>;5 A>?@>B82;5=8O 40BG8:0 A:>@>AB8. 4=0 87 AE5< CAB@>9AB20 B0:>9 A8AB5<K 70I8BK, ?@54=07=0G5==>3> 4;O 8A?>;L7>20=8O 2 A8AB5<5 C?@02;5=8O A 40BG8:>< 8=4C:B>@=>3> B8?0, ?@82545=0 =0 @8A. 49. A=>2=K< M;5<5=B>< CAB@>9AB20 O2;O5BAO 42CEC@>2=52K9 :><?0@0B>@, 2K?>;=5==K9 =0 42CE >?5@0F8>==KE CA8;8B5;OE [10]. B:07 40BG8:0 A:>@>AB8 <>65B ?@>87>9B8 ?@8 >1@K25 F5?8 53> >1<>B:8 8;8 @57:>< C25;8G5=88 55 A>?@>B82;5=8O 87-70 ?;>E>3> :>=B0:B0, ;81> ?@8 70<K:0=88 >1<>B:8, 2A;54AB285 G53> 55 A>?@>B82;5=85 ACI5AB25==> C<5=LH05BAO. "0:8< >1@07><, ?@8 >B:075 40BG8:0 A:>@>AB8 ?@>8AE>48B 8;8 C<5=LH5=85, 8;8 C25;8G5=85 A>?@>B82;5=8O 2 F5?8 53> >1<>B:8 ?> >B=>H5=8N : =>@<0;L=><C 7=0G5=8N. -B> 8A?>;L7CNB 4;O 2K@01>B:8 A83=0;0, ?>40205<>3> 4;O A@010BK20=8O CAB@>9AB20 70I8BK. " @0AA<0B@8205<>9 AE5<5 >1<>B:0 40BG8:0 A:>@>AB8 BV (A>?@>B82;5=85< R4c) A>2<5AB=> A @578AB>@>< R1 >1@07C5B 45;8B5;L =0?@O65=8O, >B :>B>@>3> =0?@O65=85 ?>42>48BAO : $', A>AB>OI5<C 87 @578AB>@0 R2 8 :>=45=A0B>@0 !2. $' A3;068205B ?C;LA0F88 =0?@O65=8O, ?>42>48<>3> : B>G:5  AE5<K >B 45;8B5;O =0?@O65=8O. 0?@O65=85 2 40==>9 B>G:5 AE5<K U = = UCTR4c/(R1 + R4c) (345 UAB  AB018;878@>20==>5 =0?@O65=85 8AB>G=8:0 ?8B0=8O AE5<K). @8 8A?@02=>< A>AB>O=88 40BG8:0 A:>@>AB8 =0?@O65=85 U 2KH5 =0?@O65=8O UB, ?>42>48<>3> : @578AB>@C R9 8 40;55 : =58=25@B8@CNI5<C 2E>4C >?5@0F8>==>3> CA8;8B5;O DA2 (>B 45;8B5;O =0?@O65=8O, 25@E=8< ?;5G>< :>B>@>3> O2;O5BAO ?>A;54>20B5;L=> A>548=5==K5 @578AB>@K R3 8 R4, 0 =86=8< ?;5G><  @578AB>@ R5). 0@O4C A MB8< =0?@O65=85 UA =865 =0?@O65=8O U, ?>42>48<>3> : @578AB>@C R6 8 40;55 : 8=25@B8@CNI5<C 2E>4C >?5@0F8>==>3> CA8;8B5;O DA1 (>B 45;8B5;O =0?@O65=8O, 25@E=8< ?;5G>< :>B>@>3> O2;O5BAO @578AB>@ R3, 0 =86=8< ?;5G><  ?>A;54>20B5;L=> A>548=5==K5 @578AB>@K R4 8 R5). @8 C:070==KE A>>B=>H5=8OE <564C =0?@O65=8O<8 UA, U 8 U2 >10 >?5@0F8>==KE CA8;8B5;O 8<5NB =0 2KE>40E =0?@O65=85 =87:>3> C@>2=O, 2A;54AB285 G53> A83=0; =0 A@010BK20=85 CAB@>9AB20 70I8BK 8<8 =5 ?>405BAO. >;>65=85 <5=O5BAO, =0?@8<5@, ?@8 :>@>B:>< 70<K:0=88 2 F5?8 >1<>B:8 40BG8:0 8;8 55 @07@K25.  ?5@2>< A;CG05 (/4A= = 0) =0?@O65=85 UA ?0405B 4> =C;O, 2A;54AB285 G53> =0?@O65=85 =0 =58=25@B8@CNI5< 2E>45 >?5@0F8>==>3> CA8;8B5;O DA2 AB0=>28BAO 2KH5 =0?@O65=8O, ?>42>48<>3> : 53> 8=25@B8@CNI5<C 2E>4C.  @57C;LB0B5 CA8;8B5;L DA2 1C45B @01>B0BL 2 @568<5 A 2KA>:8< 2KE>4=K< =0?@O65=85<, 1;03>40@O G5<C G5@57 M;5<5=B  ?>405BAO :><0=40 =0 A@010BK20=85 CAB@>9AB20 70I8BK. > 2B>@>< A;CG05 (R4A = >) =0?@O65=85 UA 2>7@0AB05B 4> 7=0G5=8O, 1;87:>3> : =0?@O65=8N 8AB>G=8:0 ?8B0=8O UAB, 2 @57C;LB0B5 G53> =0?@O65=85, ?>42>48<>5 : =58=25@B8@CNI5<C 2E>4C >?5@0F8>==>3> CA8;8B5;O, AB0=>28BAO 1>;LH5 =0?@O65=8O =0 53> 8=25@B8@CNI5< 2E>45. !;54AB285< MB>3> O2;O5BAO ?5@5:;NG5=85 >?5@0F8>==>3> CA8;8B5;O DA1 2 @568< A 2KA>:8< C@>2=5< =0?@O65=8O =0 53> 2KE>45 A ?>40G59 :><0=4K =0 A@010BK20=85 CAB@>9AB20 70I8BK.  @0AA<0B@8205<>9 AE5<5 :><0=40 =0 A@010BK20=85 CAB@>9AB20 70I8BK A>E@0=O5BAO 2 B5G5=85 2A53> 2@5<5=8, ?>:0 ACI5AB2C5B =58A?@02=>ABL 40BG8:0 A:>@>AB8. >MB><C 2 A>AB025 AE5<K >BACBAB2C5B M;5<5=B 70?><8=0=8O A83=0;0 2:;NG5=8O 70I8BK, :>B>@K9 O2;O5BAO >1O70B5;L=K< 2 @0AA<>B@5==KE @0=55 AE5<0E CAB@>9AB2 70I8BK (B@8335@ B8?0 R  S). ;O ?@54>B2@0I5=8O ?>42545=8O =0?@O65=8O 8AB>G=8:0 ?8B0=8O =0 2E>4 ' 2 A>AB02 AE5<K 70I8BK 22545= @0745;8B5;L=K9 :>=45=A0B>@ !1. 0I8B0 M;5:B@>==>9 0??0@0BC@K >B 2KE>40 87 AB@>O ?@8 ?>42545=88 : =59 =0?@O65=8O ?8B0=8O >1@0B=>9 ?>;O@=>AB8 ;O >15A?5G5=8O 2 MB>< A;CG05 70I8BK 2 F5?L ?8B0=8O M;5:B@>==>9 0??0@0BC@K 4>AB0B>G=> 2:;NG8BL 48>4. ">340 ?@8 ?>42545=88 : 0??0@0BC@5 =0?@O65=8O >1@0B=>9 ?>;O@=>AB8 F5?L 55 ?8B0=8O >:065BAO @07>@20==>9 87-70 2:;NG5=8O 70I8B=>3> 48>40 2 =5?@>2>4OI5< =0?@02;5=88. 0==K9 A?>A>1 70I8BK A;54C5B ?@8<5=OBL 2 B5E A;CG0OE, :>340 4>?>;=8B5;L=>5 ?045=85 =0?@O65=8O 2 70I8B=>< 48>45 (0,6  0,8 ) ?@85<;5<>. <5NBAO, >4=0:>, A;CG08, :>340 B0:>5 ?045=85 =0?@O65=8O =54>?CAB8<>.  G0AB=>AB8, ?@8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 12  22545=85 2 F5?L ?8B0=8O M;5:B@>==>9 AE5<K 4>?>;=8B5;L=>3> 48>40 ?@82545B : B><C, GB> <8=8<0;L=> 2>7<>6=>5 =0?@O65=85 55 ?8B0=8O A=878BAO 4> 10 . @8 MB>< =52>7<>6=> 1C45B >15A?5G8BL B@51C5<>5 4;O @O40 ?>B@518B5;59 AB018;878@>20==>5 =0?@O65=85 10 .  8A. 50. !E5<K CAB@>9AB2 70I8BK >B ?>4:;NG5=8O : M;5:B@>==><C 1;>:C =0?@O65=8O >1@0B=>9 ?>;O@=>AB8: 0  F5?59 C?@02;5=8O; 1  A8;>2>9 F5;8 8 F5?59 C?@02;5=8O @8 =><8=0;L=>< =0?@O65=88 1>@B>2>9 A5B8 12  ?@>1;5<0 70I8BK <0;><>I=KE F5?59 >B ?>42545=8O =0?@O65=8O >1@0B=>9 ?>;O@=>AB8 <>65B 1KBL @5H5=0 A ?><>ILN AE5<K, ?@82545==>9 =0 @8A. 50, 0.  A;CG05 ?>42545=8O =0?@O65=8O B@51C5<>9 ?>;O@=>AB8 B@0=78AB>@ VT1 @01>B05B 2 @568<5 =0AKI5=8O A ?045=85< =0?@O65=8O 2 53> ?5@5E>45 M<8BB5@  :>;;5:B>@ ?>@O4:0 0,1  0,15  ?> A@02=5=8N A ?045=85< =0?@O65=8O 2 70I8B=>< 48>45 0,6  0,8 . A;8 ?>405BAO =0?@O65=85 >1@0B=>9 ?>;O@=>AB8, B> B@0=78AB>@ VT1 >AB0=5BAO 70:@KBK<, 2 @57C;LB0B5 G53> F5?L ?8B0=8O M;5:B@>==>3> 1;>:0 - >:065BAO @07>@20==>9. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 40==0O AE5<0 <>65B 1KBL ?@8<5=5=0 B>;L:> 2 B>< A;CG05, 5A;8 4>?CAB8<>5 =0?@O65=85 <564C 107>9 8 M<8BB5@>< B@0=78AB>@0 ?@52KH05B <0:A8<0;L=>5 =0?@O65=85 8AB>G=8:0 F8B0=8O.  ?@>B82=>< A;CG05 ?@>87>945B ?@>1>9 ?5@5E>40 1070  M<8BB5@ A >B:@KB85< ?5@5E>40 :>;;5:B>@  M<8BB5@ B@0=78AB>@0.  @0AA<0B@8205<>9 AE5<5 2 :0G5AB25 70I8B=>3> M;5<5=B0 ?@8<5=5= B@0=78AB>@ B8?0 "501, C :>B>@>3> 4>?CAB8<>5 =0?@O65=85 <564C 107>9 8 M<8BB5@>< A>AB02;O5B 20 , GB> 2KH5 <0:A8<0;L=> 2>7<>6=>3> =0?@O65=8O 1>@B>2>9 A5B8 (15 ). ;O 70I8BK M;5:B@>==>9 AE5<K >B =0?@O65=8O >1@0B=>9 ?>;O@=>AB8 2 =5:>B>@KE A;CG0OE <>3CB 1KBL 8A?>;L7>20=K :><<CB8@CNI85 M;5<5=BK A0<>9 AE5<K.  MB>< A;CG05 B@51C5<0O 70I8B0 >15A?5G8205BAO 157 4>?>;=8B5;L=>3> ?045=8O =0?@O65=8O 2 F5?OE ?8B0=8O AE5<K. 0==K9 ?@8=F8? @50;87>20= 2 AE5<5 (@8A. 50,6), :>B>@0O 70I8I05B 4>AB0B>G=> <>I=CN F5?L (A8;0 B>:0 4> 4  2 F5?8 =03@C7:8  >1<>B:5 M;5:B@><03=8B0).  A;CG05 ?>42545=8O 2 @0AA<0B@8205<>9 AE5<5 =0?@O65=8O >1@0B=>9 ?>;O@=>AB8 B@0=78AB>@ VT2 (B8?0 "837%) >AB05BAO 70:@KBK<, B0: :0: 4>?CAB8<>5 =0?@O65=85 <564C 53> 107>9 8 M<8BB5@>< A>AB02;O5B 15 . @54>B2@0I05BAO 8 2:;NG5=85 B@0=78AB>@0 VT1, ?>B><C GB> @578AB>@ R2 >B:;NG05BAO >B 8AB>G=8:0 ?8B0=8O A ?><>ILN B@0=78AB>@0 VT3, 2:;NG5==>3> A>3;0A=> AE5<5, 40==>9 =0 @8A. 50, 0. -" +    &!! + !!"+ ""'! # / !& !+  &+ ""& !F5?;5=85 02B><>18;O ?@54=07=0G5=> 4;O @53C;8@>20=8O <><5=B0, ?5@540205<>3> >B 42830B5;O : :>@>1:5 ?5@5<5=K ?5@540G. ;O CAB0=>2;5=8O B@51>20=89 : A8AB5<5 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< @0AA<>B@8<, :0:85 459AB28O A>25@H05B 2>48B5;L, C?@02;OO =502B><0B8G5A:8 459AB2CNI8< AF5?;5=85<. .5@54 =0G0;>< 42865=8O 02B><>18;O 2>48B5;L 4>;65= 2:;NG8BL BC 8;8 8=CN ?5@540GC 2 :>@>1:5 ?5@540G. @8, @01>B0NI5< 42830B5;5 4;O MB>3> =5>1E>48<> ?@5420@8B5;L=> ?>;=>ABLN 2K:;NG8BL AF5?;5=85. 0;55 4;O B@>30=8O 02B><>18;O A <5AB0 2>48B5;L 4>;65= >4=>2@5<5==> =068<0BL =0 ?540;L ?>40G8 B>?;820 8 ?>AB5?5==> >B?CA:0BL ?540;L C?@02;5=8O AF5?;5=85<. @8 ?@028;L=> A>3;0A>20==>< 2>7459AB288 =0 MB8 ?540;8 1C45B >4=>2@5<5==> 2>7@0AB0BL :0: G0AB>B0 2@0I5=8O ?: :>;5=G0B>3> 20;0, B0: 8 <><5=B A, ?5@540205<K9 AF5?;5=85<. >A;5 B>3> :0: <><5=B A ?@52KA8B <><5=B $ A>?@>B82;5=8O 42865=8N (?@82545==K9 : :>;5=G0B><C 20;C 42830B5;O), 02B><>18;L B@>=5BAO A <5AB0. > <5@5 C25;8G5=8O <><5=B0 A 1C45B 2>7@0AB0BL G0AB>B0 2@0I5=8O ?A 254><>3> M;5<5=B0 AF5?;5=8O 8 A>>B25BAB25==> C25;8G820BLAO A:>@>ABL 42865=8O 02B><>18;O.  8A. 51. 7<5=5=85 A, ?= 8 ;A ?@8 @073>=5 02B><>18;O A =502B><0B8G5A:8 C?@02;O5<K< AF5?;5=85<: 0 8 1  >B?CA:0=85 ?540;8 C?@02;5=8O AF5?;5=85< A>>B25BAB25==> <54;5==>5 8 1KAB@>5 >340 2 ?@>F5AA5 @073>=0 02B><>18;O 2>48B5;L ?>;=>ABLN >B-?CA:05B ?540;L C?@02;5=8O AF5?;5=85<, <><5=B A C25;8G8205BAO 4> <0:A8<0;L=>3> AB0E, :>B>@K9 ?@52KH05B <0:A8<0;L=K9 :@CBOI89 <><5=B MB0E 42830B5;O.  @57C;LB0B5 AF5?;5=85 1;>:8@C5BAO, B. 5. G0AB>BK 2@0I5=8O ?A 8 ?: AB0=>2OBAO >48=0:>2K<8. "0:8< >1@07><, 2 ?@>F5AA5 B@>30=8O 02B><>18;O A <5AB0 8 ?>A;54CNI53> 53> @073>=0 ?> <5@5 C25;8G5=8O G0AB>BK 2@0I5=8O ?: :>;5=G0B>3> 20;0 <><5=B A, ?5@540205<K9 AF5?;5=85<, ?>AB5?5==> 2>7@0AB05B >B =C;O 4> <0:A8<0;L=>3> 7=0G5=8O. %0@0:B5@ 7028A8<>AB8 Mc = f(nK) ?@8 =502B><0B8G5A:>< C?@02;5=88 AF5?;5=85< >?@545;O5BAO B5<?>< =060B8O 2>48B5;5< =0 ?540;L C?@02;5=8O AF5?;5=85<. A;8 2>48B5;L 1KAB@> =068<05B =0 ?540;L ?>40G8 B>?;820 8 <54;5==> >B?CA:05B ?540;L C?@02;5=8O AF5?;5=85<, B> MB> >1CA;>2;8205B 8=B5=A82=>5 2>7@0AB0=85 ?: ?@8 =57=0G8B5;L=>< C25;8G5=88 ?A (@8A. 51, 0). >A;54CNI55 >B?CA:0=85 ?540;8 C?@02;5=8O AF5?;5=85< 2K7K205B A>>B25BAB2CNI55 ?>2KH5=85 <><5=B0 A, GB> ?@82>48B : 2>7@0AB0=8N =03@C7:8 42830B5;O.  @57C;LB0B5 MB>3> 8=B5=A82=>ABL C25;8G5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 A=8605BAO 8 4065 2>7<>6=> 70<54;5=85, 5A;8 ?@8 =5@025=AB25 ?: 8 ?A <><5=B A AB0=>28BAO 1>;LH5 <><5=B0 42830B5;O . ! C25;8G5=85< <><5=B0 A 2>7@0AB05B G0AB>B0 2@0I5=8O 254><>3> M;5<5=B0 AF5?;5=8O 8, A;54>20B5;L=>, C<5=LH05BAO @07=>ABL ?:  ?A. 0G0;L=0O AB048O @073>=0 02B><>18;O 70:0=G8205BAO, :>340 MB0 @07=>ABL AB0=>28BAO @02=>9 =C;N, B. 5. AF5?;5=85 1;>:8@C5BAO 8 ?@5:@0I05BAO 53> ?@>1C:A>2K20=85. >-8=><C ?@>B5:05B ?@>F5AA @073>=0 02B><>18;O ?@8 1KAB@>< >B?CA:0=88 2>48B5;5< ?540;8 C?@02;5=8O AF5?;5=85< (@8A. 51,6). A;54AB285 1KAB@>3> 2>7@0AB0=8O <><5=B0 A, A>740NI53> 7=0G8B5;L=CN =03@C7:C 42830B5;N, G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 1C45B C25;8G820BLAO <5=55 8=B5=A82=>, 0 C25;8G5=85 G0AB>BK 2@0I5=8O 254><>3> M;5<5=B0 AF5?;5=8O =0G=5BAO ?>GB8 A@07C 65 ?>A;5 =0G0;0 >B?CA:0=8O 2>48B5;5< ?540;8 C?@02;5=8O AF5?;5=85<.  @57C;LB0B5 ACI5AB25==> C<5=LH8BAO ?@>4>;68B5;L=>ABL ?@>1C:A>2K20=8O AF5?;5=8O. 0 >A=>20=88 0=0;870 7028A8<>AB59, ?@82545==KE =0 @8A. 51, <>6=> A45;0BL A;54CNI85 2K2>4K. @8 <54;5==>< >B?CA:0=88 2>48B5;5< ?540;8 C?@02;5=8O AF5?;5=85< 2A;54AB285 1KAB@>3> ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 5I5 2 =0G0;L=>9 AB0488 ?@>F5AA0 (B. 5. ?@8 =5@025=AB25 25;8G8= ?: 8 ;;A) 42830B5;L @01>B05B 2 7>=5 2KA>:8E G0AB>B 2@0I5=8O, G5<C A>>B25BAB2C5B 2KA>:89 :@CBOI89 <><5=B.  @57C;LB0B5 >15A?5G820NBAO 2KA>:85 48=0<8G5A:85 :0G5AB20 02B><>18;O, => =0@O4C A MB8< C25;8G8205BAO @01>B0 1C:A>20=8O AF5?;5=8O, GB> >B@8F0B5;L=> 2;8O5B =0 53> 4>;3>25G=>ABL. @8 1KAB@>< >B?CA:0=88 2>48B5;5< ?540;8 C?@02;5=8O AF5?;5=85< 2A;54AB285 <54;5==>3> C25;8G5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;L 2 =0G0;L=>9 AB0488 ?@>F5AA0 @0728205B >B=>A8B5;L=> =51>;LH>9 :@CBOI89 <><5=B, GB> >B@8F0B5;L=> A:07K205BAO =0 48=0<8G5A:8E :0G5AB20E 02B><>18;O. ;O 40==>3> @568<0 E0@0:B5@=0 B0:65 =51>;LH0O @01>B0 1C:A>20=8O AF5?;5=8O, GB> >15A?5G8205B 1;03>?@8OB=K9 53> B5<?5@0BC@=K9 @568< 8 <8=8<0;L=>5 87=0H820=85 D@8:F8>==KE M;5<5=B>2. 725AB=> 1>;LH>5 G8A;> @07;8G=KE A8AB5< 02B><0B8G5A:>3> @53C;8@>20=8O <><5=B0, ?5@540205<>3> AF5?;5=85<. 4=0:> 2 =0AB>OI55 2@5<O ?@58<CI5AB25==> ?@8<5=ONBAO A8AB5<K, >15A?5G820NI85 C25;8G5=85 <><5=B0 A A ?>2KH5=85< G0AB>BK 2@0I5=8O nh :>;5=G0B>3> 20;0. <5==> ?> B0:>9 70:>=><5@=>AB8, :0: MB> 1K;> ?>:070=> 2KH5, 87<5=O5BAO <><5=B A ?@8 =502B><0B8G5A:>< C?@02;5=88 AF5?;5=85<.  8A. 52. ;8O=85 7028A8<>AB8 A=1(?=) =0 @568<K A>2<5AB=>9 @01>BK 42830B5;O 8 AF5?;5=8O A;8 2 02B><>18;5 8A?>;L7C5BAO =502B><0B8G5A:>5 AF5?;5=85, B> 2>48B5;L ?> A2>5<C CA<>B@5=8N 2 7028A8<>AB8 >B CA;>289 M:A?;C0B0F88 <>65B 2K18@0BL B0:>9 B5<? 53> 2:;NG5=8O, ?@8 :>B>@>< >15A?5G820NBAO >?B8<0;L=K5 CA;>28O @01>BK AF5?;5=8O 8 42865=8O 02B><>18;O. @8 8A?>;L7>20=88 02B><0B8G5A:8 459AB2CNI53> AF5?;5=8O ?@0:B8G5A:8 =52>7<>6=> 4;O 2A5E CA;>289 M:A?;C0B0F88 02B><>18;O >15A?5G8BL >?B8<0;L=K9 @568< @01>BK AF5?;5=8O. >MB><C ?@8 A>740=88 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< 7028A8<>ABL Mc = f(nK) ?@8E>48BAO 2K18@0BL, 8AE>4O 87 :><?@><8AA=KE B@51>20=89 >15A?5G5=8O 2KA>:8E 48=0<8G5A:8E ?>:070B5;59 02B><>18;O 8 <8=8<0;L=>9 @01>BK 1C:A>20=8O AF5?;5=8O. 0AA<>B@8< 2;8O=85 E0@0:B5@0 7028A8<>AB8 Mc=f(nK) =0 @568<K A>2<5AB=>9 @01>BK 42830B5;O 8 AF5?;5=8O. 0 @8A. 52 ?@82545=K B@8 B0:85 7028A8<>AB8 (:@82K5 1  3), 8<5NI85 @07;8G=K9 =0:;>=, 8 2=5H=OO E0@0:B5@8AB8:0 42830B5;O M=f(nK) (:@820O 4). 028A8<>ABL Mc = f(nK), 87>1@065==0O :@82>9 1, ?5@5A5:05B E0@0:B5@8AB8:C M=f(nK) 2 B>G:5 A :>>@48=0B0<8 ?: = = n< max 8 M = Mm0E. -B> >7=0G05B, GB> 2 =0G0;L=K9 ?5@8>4 @073>=0, :>340 AF5?;5=85 5I5 ?@>1C:A>2K205B, G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 <>65B C25;8G820BLAO 4> G0AB>BK 2@0I5=8O ?: =  n< max, ?@8 :>B>@>9 42830B5;L @0728205B <0:A8<0;L=K9 <><5=B. KH5 C65 >B<5G0;>AL, GB> ?@8 MB>< >15A?5G820NBAO =08;CGH85 48=0<8G5A:85 ?>:070B5;8 02B><>18;O, => ?>2KH05BAO @01>B0 1C:A>20=8O AF5?;5=8O.  8A. 53. ;8O=85 7028A8<>AB8 Mc=f(nK) =0 @568<K 1;>:8@>2:8 AF5?;5=8O 5@5A5G5=85 :@82>9 3 7028A8<>ABLN M = f(nK) E0@0:B5@87C5BAO 7=0G5=85< ?: = ?C (345 ?C  <8=8<0;L=0O CAB>9G820O G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 ?@8 @01>B5 42830B5;O =0 2=5H=59 E0@0:B5@8AB8:5, B. 5. A ?>;=>9 ?>40G59 B>?;820).  MB>< A;CG05 AF5?;5=85 ?@>1C:A>2K205B B>;L:> ?@8 ?:<?C, 2 @57C;LB0B5 G53> 7=0G8B5;L=> C<5=LH05BAO @01>B0 1C:A>20=8O AF5?;5=8O. > >4=>2@5<5==> 70<5B=> CEC4H0NBAO 48=0<8G5A:85 ?>:070B5;8 02B><>18;O, ?>A:>;L:C <><5=B C ACI5AB25==> <5=LH5 <><5=B0 Aimax- >MB><C A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O >1KG=> ?@>5:B8@CNB B0:8< >1@07><, GB>1K 2 B>G:5 ?5@5A5G5=8O 7028A8<>AB59 MA=f(n:) 8 M=f(n:) (?@8 ?:=;?) :@CBOI89 <><5=B 42830B5;O A>AB02;O; (0,85-f-0,9) 1(0E (:@820O 2).  MB>< A;CG05 >15A?5G8205BAO :0: ?>;CG5=85 ?@85<;5<KE 48=0<8G5A:8E ?>:070B5;59 02B><>18;O, B0: 8 >B=>A8B5;L=> =51>;LH>9 @01>BK 1C:A>20=8O AF5?;5=8O. !;54C5B 8<5BL 2 284C, GB> 2 =5:>B>@KE A;CG0OE <>6=> ?>;CG8BL =5 >4=C, 0 =5A:>;L:> @07;8G=KE 7028A8<>AB59 Mc=f(nK). "5< A0<K< 7=0G8B5;L=> C;CGH0NBAO ?>:070B5;8 02B><>18;O, >1>@C4>20==>3> 02B><0B8G5A:8 459AB2CNI8< AF5?;5=85<. "0:, =0?@8<5@, 5A;8 ?@8 2:;NG5=88 2 :>@>1:5 ?5@540G =87H59 ?5@540G8 A8AB5<0 C?@02;5=8O ?>72>;O5B ?>;CG8BL 7028A8<>ABL MC=f(IK), A>>B25BAB2CNICN :@82>9 1 8;8 2, 0 ?@8 2:;NG5=88 2KAH8E ?5@540G  :@82>9 3, B> 2 ?@>F5AA5 @073>=0 02B><>18;O =0 =87H59 ?5@540G5 4>AB830NBAO 7040==K5 2KA>:85 48=0<8G5A:85 ?>:070B5;8 02B><>18;O, 0 ?>A;5 ?5@5E>40 =0 2KAH85 ?5@540G8 C<5=LH05BAO 4> <8=8<C<0 @01>B0 1C:A>20=8O AF5?;5=8O.  CA;>28OE M:A?;C0B0F88 02B><>18;O, E0@0:B5@87CNI8EAO <=>3>:@0B=> ?>2B>@ONI8<8AO C25;8G5=8O<8 8 C<5=LH5=8O<8 G0AB>BK 2@0I5=8O ?:, 7=0G8B5;L=>5 A=865=85 ?@>4>;68B5;L=>AB8 @01>BK AF5?;5=8O A ?@>1C:A>2K20=85< <>65B 1KBL 4>AB83=CB> ?@8 7028A8<>AB8 Mc=f(nK), 87>1@065==>9 =0 @8A. 53 A?;>H=K<8 ;8=8O<8. @8 ?>2KH5=88 G0AB>BK 2@0I5=8O ?: >B 7=0G5=8O nE. E, A>>B25BAB2CNI5<C @568<C E>;>AB>3> E>40 42830B5;O, 4> ?:<?6 (345 n1  G0AB>B0 2@0I5=8O, A>>B25BAB2CNI0O 1;>:8@>2:5 AF5?;5=8O) 87<5=5=85 <><5=B0 A A>>B25BAB2C5B CG0AB:C 1  2 E0@0:B5@8AB8:8 Mc=f(nK). >A;5 B>3>, :0: G0AB>B0 2@0I5=8O ?: C25;8G8BAO 4> 7=0G5=8O n1, <><5=B A AF5?;5=8O A:0G:>>1@07=> 2>7@0AB5B 4> 7=0G5=8O Mcmax (CG0AB>: 2  3) 8 >AB0=5BAO =587<5==K< 4> B5E ?>@, ?>:0 G0AB>B0 2@0I5=8O ?: =5 C<5=LH8BAO 4> nC, ?@8 :>B>@>9 5I5 2>7<>6=0 CAB>9G820O @01>B0 42830B5;O =0 53> 2=5H=59 E0@0:B5@8AB8:5 (CG0AB>: 3  4 E0@0:B5@8AB8:8 A=f(n:)). G5284=>, GB> 2 480?07>=5 G0AB>B 2@0I5=8O ?C  n1 1C45B 8A:;NG5=0 @01>B0 AF5?;5=8O A ?@>1C:A>2K20=85<, ?>A:>;L:C =0 CG0AB:5 3  4 Mc = Mcmai>M. 8HL ?>A;5 C<5=LH5=8O G0AB>BK 2@0I5=8O nK 4> 7=0G5=8O ?C ?@>87>945B A:0G:>>1@07=>5 C<5=LH5=85 <><5=B0 Afc (CG0AB>: 4  5) A CAB0=>2;5=85< 53> 7=0G5=8O 2 A>>B25BAB288 A CG0AB:>< 1  2 E0@0:B5@8AB8:8 Mc=f(nK) ?@8 ?:=?C. "0:8< >1@07><, 5A;8 2 ?@>F5AA5 @073>=0 02B><>18;O E>BO 1K =0 >4=>9 87 ?5@540G G0AB>B0 2@0I5=8O ?: 4>AB83;0 7=0G5=8O ?1, B> AF5?;5=85 1C45B @01>B0BL 157 ?@>1C:A>2K20=8O 2> 2A5< @01>G5< 480?07>=5 G0AB>B 2@0I5=8O :>;5=G0B>3> 20;0. 7 @8A. 53 A;54C5B, GB> ?@8 87<5=5=88 <><5=B0 A 2 A>>B25BAB288 A CG0AB:>< 1  2 E0@0:B5@8AB8:8 Mc=f(nK) ?>A;5 ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 4> G0AB>BK 2@0I5=8O ;:=??, ?@8 :>B>@>9 Mc=M, 4>;6=> ?@5:@0I0BLAO ?@>1C:A>2K20=85 AF5?;5=8O.  A2O78 A MB8< E0@0:B5@ 7028A8<>AB8 Afc=f(nK) ?@8 G0AB>B0E 2@0I5=8O ?:>n? =5 2;8O5B =0 =03@C7>G=K9 @568< :0: A0<>3> AF5?;5=8O, B0: 8 4@C38E C7;>2 B@0=A<8AA88, 0 B0:65 =0 48=0<8G5A:85 ?>:070B5;8 02B><>18;O. !;54>20B5;L=>, F5;5A>>1@07=> A@07C 65 ?>A;5 ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 4> ?:=?? >15A?5G820BL C25;8G5=85 <><5=B0 AF5?;5=8O 4> 7=0G5=8O AH0E 8 B5< A0<K< C<5=LH0BL ?@>4>;68B5;L=>ABL @01>BK M;5<5=B>2 ?@82>40 AF5?;5=8O (=0?@8<5@, 53> 2K68<=>3> ?>4H8?=8:0) ?>4 =03@C7:>9. "0:>9 E0@0:B5@ 87<5=5=8O <><5=B0 A =01;N405BAO =0 CG0AB:5 2  3 E0@0:B5@8AB8:8 Mc = f(nK) ?@8 7=0G5=88 n1, 1;87:>< : n?. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> 2 CA;>28OE <0AA>2>3> ?@>872>4AB20 =52>7<>6=> ?>;CG8BL B>G=>5 A>2?045=85 E0@0:B5@8AB8: M=f(nK) 8 Mc=f(nK) C @07;8G=KE 42830B5;59 8 AF5?;5=89. @><5 B>3>, 2 ?@>F5AA5 M:A?;C0B0F88 02B><>18;O 40==K5 E0@0:B5@8AB8:8 B0:65 <5=ONBAO. >MB><C ?@0:B8G5A:8 =52>7<>6=> 2> 2A5E A;CG0OE >15A?5G8BL @025=AB2> <><5=B>2 A 8  2 B>G:5, A>>B25BAB2CNI59 ?: = ??.  G0AB=>AB8, 5A;8 2A;54AB285 87=0H820=8O @01>G8E ?>25@E=>AB59 AF5?;5=8O 8;8 C<5=LH5=8O 8E :>MDD8F85=B0 B@5=8O (=0?@8<5@, 87-70 =03@520) C<5=LH0BAO <><5=BK A, B> MB> ?@82545B : B><C, GB> ?@8 G0AB>B5 2@0I5=8O ?: = ?8 <><5=B !<M.  8A. 54. ;8O=85 7028A8<>AB8 MA=f(0) =0 @568<K A>2<5AB=>9 @01>BK 42830B5;O 8 AF5?;5=8O: 1  4  A=f(;:) ?@8 @07;8G=KE C3;0E 0; 5  8  M=f(nK)  A>>B25BAB25==> ?@8 B5E 65 C3;0E 0 ;O 8;;NAB@0F88 =0 @8A. 53 HB@8E>2K<8 ;8=8O<8 87>1@065=0 7028A8<>ABL Mc = f(nK), A>>B25BAB2CNI0O ?@8<5=5=8N AF5?;5=8O A 25;8G8=0<8 A <5=LH8<8, G5< C AF5?;5=8O A E0@0:B5@8AB8:>9, >G5@G5==>9 ;8=8O<8 1  2, 2  3, 3  4 8 4  5.  MB>< A;CG05 A:0G:>>1@07=>5 C25;8G5=85 <><5=B0 A ?@8 G0AB>B5 2@0I5=8O ?: = n? ?@>87>945B ?@8 !<, 2A;54AB285 G53> @57:> C25;8G8BAO =03@C7:0 2 B@0=A<8AA88.  MB>< A;CG05 B0:CN 7028A8<>ABL Mc = f (?:) =07K20NB =5A>3;0A>20==>9. ;O 8A:;NG5=8O 2>7=8:=>25=8O ?>4>1=>3> @568<0 ?@8 @50;L=> 2AB@5G0NI8EAO 2 M:A?;C0B0F88 87<5=5=8OE E0@0:B5@8AB8: 42830B5;O 8 AF5?;5=8O F5;5A>>1@07=> ?>A;5 ?>40G8 :><0=4K =0 ?>;=>5 2:;NG5=85 (1;>:8@>2:C) AF5?;5=8O C25;8G8BL ?@>4>;68B5;L=>ABL B0:>3> 2:;NG5=8O 4> I  1,5 A.  MB>< A;CG05 ?@8 ?:=?? 1C45B >15A?5G5=> ?>;=>5 2:;NG5=85 AF5?;5=8O, 8A:;NG0NI55 53> ?@>1C:A>2K20=85, 0 A0< ?@>F5AA 1;>:8@>2:8 AF5?;5=8O 1C45B ?@>8AE>48BL 157 ?5@53@C7>: 2 B@0=A<8AA88. @8<5=5=85 A8AB5< 02B><0B870F88, >15A?5G820NI8E ?>;CG5=85 C:070==KE 7028A8<>AB59 =f(n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c=f(nK). ;O 8A:;NG5=8O ?@>1C:A>2K20=8O AF5?;5=8O ?@8 1>;LH8E C3;0E 0 A8AB5<C C?@02;5=8O AF5?;5=85< ?@>5:B8@CNB B0:, GB>1K ?@8 B0:8E C3;0E 25;8G8=0 A 1K;0 1>;LH5  ?@8 2A5E G0AB>B0E 2@0I5=8O ?: (@8A. 54, :@82K5 4 8 8). 0@O4C A MB8< ?@8 <0;KE 8 A@54=8E 7=0G5=8OE 0 2 >?@545;5==>< 480?07>=5 7=0G5=89 ?: 4>;6=> 2K45@6820BLAO A>>B=>H5=85 >! (:@82K5 1 8 5, 2 8 6, 3 8 7). 0==>5 CA;>285 O2;O5BAO =5>1E>48<K< 4;O >15A?5G5=8O ?@>1C:A>2K20=8O AF5?;5=8O 2 ?@>F5AA5 @073>=0 02B><>18;O. ! @>AB>< C3;0 0 C25;8G820NBAO G0AB>BK 2@0I5=8O ??1, n?2 8 ??3, ?@8 :>B>@KE  = ! 8, A;54>20B5;L=>, ?@5:@0I05BAO ?@>1C:A>2K20=85 AF5?;5=8O (@8A. 54, B>G:8 ,  8 ). >MB><C G5< 1>;LH5 C3>; 0, B5< 2 1>;LH5< 480?07>=5 25;8G8= ?: ?@>8AE>48B ?@>1C:A>2K20=85 AF5?;5=8O. > 40==><C ?>:070B5;N @0AA<0B@8205<0O A8AB5<0 C?@02;5=8O =5 8<55B >B;8G89 >B A8AB5< A 7028A8<>ABO<8 Mc = f(nK). 4=8< 87 ACI5AB25==KE =54>AB0B:>2 A8AB5< 02B><0B870F88 A 7028A8<>ABLN Mc = f(a) O2;O5BAO =5?>;=>5 2:;NG5=85 AF5?;5=8O ?@8 42865=88 02B><>18;O ?@8 <0;KE 8 A@54=8E C3;0E 0. ;O 8A:;NG5=8O MB>3> =54>AB0B:0, A>740NI53> =51;03>?@8OB=K5 CA;>28O @01>BK 2K68<=>3> ?>4H8?=8:0 AF5?;5=8O, 2 A8AB5<C C?@02;5=8O AF5?;5=8O 22>4OB 4>?>;=8B5;L=K5 CAB@>9AB20, 2K@010BK20NI85 :><0=4C =0 ?>;=>5 2:;NG5=85 AF5?;5=8O ?@8 >?@545;5==>9 G0AB>B5 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O 8;8 A:>@>AB8 42865=8O 02B><>18;O. 50;870F8O :><0=4 >1KG=> >15A?5G8205BAO :;0?0==K<8 CAB@>9AB20<8 A M;5:B@><03=8B=K< ?@82>4><, :>B>@K5 459AB2CNB ?0@0;;5;L=> A> A;54OI8< 20:CC<=K< CA8;8B5;5<. A?>;L7>20=85 @0AA<0B@8205<>9 A8AB5<K =5 ?>72>;O5B 2 ?>;=>9 <5@5 @50;87>20BL 48=0<8G5A:85 ?>:070B5;8 02B><>18;O ?@8 @073>=5 2 @57C;LB0B5 1KAB@>3> ?>;=>3> >B:@KB8O 4@>AA5;L=>9 70A;>=:8. "0: :0: Mc>M, ?@8 2A5E 7=0G5=8OE ?: ?@>87>945B >AB0=>2:0 42830B5;O. > MB>9 65 ?@8G8=5 C 40==>9 A8AB5<K =5A:>;L:> EC65 ?>:070B5;8 8 A B>G:8 7@5=8O >15A?5G5=8O 2>7<>6=>AB8 B@>-. 30=8O 02B><>18;O A <5AB0 =0 ?>4J5<5, 0 B0:65 2 BO65;KE 4>@>6=KE CA;>28OE. @8 02B><0B8G5A:>< C?@02;5=88 AF5?;5=85< 4;O >15A?5G5=8O =>@<0;L=>3> ?5@5:;NG5=8O ?5@540G =5>1E>48<> A@07C 65 ?>A;5 ?>40G8 :><0=4K =0 ?5@5:;NG5=85 1KAB@> 2K:;NG8BL AF5?;5=85 =57028A8<> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 (70 0,15  0,25 A). >A;5 65 2:;NG5=8O =>2>9 ?5@540G8 4>;65= 1KBL 2K45@60= >?B8<0;L=K9 4;O 40==KE CA;>289 M:A?;C0B0F88 B5<? 2:;NG5=8O AF5?;5=8O, :>B>@K9 >15A?5G820; 1K 157 ?5@53@C7:8 B@0=A<8AA88 B@51C5<CN 48=0<8:C @073>=0 02B><>18;O. ! MB>9 F5;LN 2 =5:>B>@KE A8AB5<0E 02B><0B870F88 C?@02;5=8O AF5?;5=85< ?@54CA<0B@8205BAO 87<5=5=85 B5<?0 2:;NG5=8O AF5?;5=8O 2 7028A8<>AB8 >B @07@565=8O 2> 2?CA:=>< :>;;5:B>@5 42830B5;O 8;8 ?>;>65=8O ?540;8 ?>40G8 B>?;820 2 42830B5;L, B. 5. D0:B>@>2, E0@0:B5@87CNI8E =03@C7:C 42830B5;O. '5< 2KH5 =03@C7:0 42830B5;O, B5< 1KAB@55 4>;6=> 2:;NG0BLAO AF5?;5=85. ! CG5B>< 87;>65==>3> A8AB5<0 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85<, @50;87CNI0O 7028A8<>ABL Mc=f(nK), 4>;6=0 C4>2;5B2>@OBL A;54CNI8< >A=>2=K< B@51>20=8O<: >15A?5G820BL :><0=4=K<8 8 8A?>;=8B5;L=K<8 CAB@>9AB20<8 <0:A8<0;L=CN 1KAB@>BC 2K:;NG5=8O AF5?;5=8O (70 0,15  0,25 A) =57028A8<> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0; >ACI5AB2;OBL <>=>B>==>5 C25;8G5=85 <><5=B0, ?5@540205<>3> AF5?;5=85<, ?> <5@5 ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O (2 7040==>< 480?07>=5 G0AB>B 2@0I5=8O). @8 MB>< @568<C E>;>AB>3> E>40 42830B5;O 4>;6=> A>>B25BAB2>20BL ?>;=>5 2K:;NG5=85 AF5?;5=8O, 0 ?>A;5 C25;8G5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 4> 7040==>3> 7=0G5=8O 4>;6=0 >15A?5G820BLAO 1;>:8@>2:0 AF5?;5=8O, 8A:;NG0NI0O 53> ?@>1C:A>2K20=85; ?>A;5! ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 4> 7040==>3> 7=0G5=8O ?>A;54CNI55 55 A=865=85 =5 4>;6=> 2K7K20BL C<5=LH5=8O <><5=B0, ?5@540205<>3> AF5?;5=85<, 4> B5E ?>@, ?>:0 G0AB>B0 2@0I5=8O =5 A=878BAO =865 7040==>3> ?@545;0; ?@8 548=>9 4;O 2A5E @568<>2 42865=8O 02B><>18;O 7028A8<>AB8 <><5=B0, ?5@540205<>3> AF5?;5=85<, >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O 55 ?5@5A5G5=85 A 2=5H=59 E0@0:B5@8AB8:>9 42830B5;O 4>;6=> ?@>8AE>48BL 2 B>G:5, A>>B25BAB2CNI59 :@CBOI5<C <><5=BC 42830B5;O, @02=><C 85  90 % 53> <0:A8<0;L=>3> 7=0G5=8O; >15A?5G820BL 2>7<>6=>ABL 87<5=5=8O E0@0:B5@0 7028A8<>AB8 <><5=B0, ?5@540205<>3> AF5?;5=85<, >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 (?@8 ?>ABC?;5=88 :><0=4 >B 0??0@0BC@K, C?@02;O5<>9 2>48B5;5<, 8;8 A@010BK20NI59 02B><0B8G5A:8); ?>A;5 ?>ABC?;5=8O :><0=4K =0 1;>:8@>2:C AF5?;5=8O ?@>4>;68B5;L=>ABL 55 @50;870F88 4>;6=0 A>AB02;OBL 1  1,5 A; B5<? 2:;NG5=8O AF5?;5=8O ?>A;5 ?5@5:;NG5=8O ?5@540G 4>;65= 7028A5BL >B @568<0 42865=8O 02B><>18;O 8 =03@C7:8 42830B5;O. @><5 2K?>;=5=8O C:070==KE B@51>20=89, A8AB5<0 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< 4>;6=0 8<5BL 2KA>:CN =0456=>ABL 8 <8=8<0;L=CN AB>8<>ABL. 8=8<0;L=K<8 B0:65 4>;6=K 1KBL <0AA0 8 @07<5@K M;5:B@>==>3> 1;>:0 A8AB5<K C?@02;5=8O. 2B><0B8G5A:8 459AB2CNI55 AF5?;5=85 <>65B 1KBL 8A?>;L7>20=> 2 02B><>18;5 8 :0: A0<>AB>OB5;L=K9 C75;, 8 :0: A>AB02=>9 M;5<5=B ?>;C02B><0B8G5A:>9 8;8 02B><0B8G5A:>9 B@0=A<8AA88. @8 8A?>;L7>20=88 02B><0B8G5A:8 459AB2CNI53> AF5?;5=8O 2 A>AB025 02B><0B8G5A:>9 B@0=A<8AA88 B@51>20=8O, A2O70==K5 A 87<5=5=85< E0@0:B5@8AB8:8 Mc = f(nK) 2 7028A8<>AB8 >B CA;>289 @01>BK 02B><>18;O, :0: ?@028;>, O2;ONBAO >1O70B5;L=K<8 4;O >15A?5G5=8O 2KA>:>3> B5E=8G5A:>3> C@>2=O B0:>9 B@0=A<8AA88. !+  !+  / -" +% !!" ;O 02B><0B870F88 C?@02;5=8O AF5?;5=85< @07@010BK20;8AL @07;8G=K5 A8AB5<K. 081>;55 ?5@A?5:B82=K<8 87 =8E O2;ONBAO A8AB5<K, 1078@CNI85AO =0 8A?>;L7>20=88 AB0=40@B=>3> (HB0B=>3>) D@8:F8>==>3> AF5?;5=8O 02B><>18;O. 2B><0B8G5A:>5 C?@02;5=85 B0:8< AF5?;5=85< 2>7<>6=>, 4065 5A;8 A>E@0=8BL 157 87<5=5=8O A5@89=K9 A8;>2>9 03@530B, GB> M:>=><8G5A:8 =081>;55 F5;5A>>1@07=>. ;O ?>;CG5=8O 7040==>9 DC=:F8>=0;L=>9 A2O78 <564C <><5=B>< 1! 8 G0AB>B>9 2@0I5=8O ?: =5>1E>48<> =0 2E>4 A8AB5<K C?@02;5=8O ?>4020BL A83=0;, 7028AOI89 >B ?:. KE>4=>9 A83=0; A8AB5<K C?@02;5=8O <>65B 1KBL @07;8G=K< 2 7028A8<>AB8 >B B>3>, =0 :0:CN C?@02;ONICN 0??0@0BC@C >= 4>;65= 2>7459AB2>20BL. "0:, =0?@8<5@, 5A;8 4;O @53C;8@>20=8O <><5=B0 A 8A?>;L7C5BAO 384@>02B><0B8:0, B> 2KE>4=K< A83=0;>< A8AB5<K C?@02;5=8O 4>;6=> 1KBL 402;5=85 684:>AB8, 0 =5>1E>48<0O DC=:F8>=0;L=0O A2O7L <564C A 8 ?: <>65B 1KBL 2 ?@8=F8?5 >15A?5G5=0 ?CB5< 2:;NG5=8O 2 A>AB02 A8AB5<K C?@02;5=8O 384@>=0A>A0 8;8 F5=B@>156=>3> @53C;OB>@0 402;5=8O A ?@82>4>< >B :>;5=G0B>3> 20;0. A;8 65 4;O @53C;8@>20=8O <><5=B0 A 8A?>;L7C5BAO A8;>2>9 ?=52<>?@82>4, B> 2 A8AB5<5 C?@02;5=8O 4>;65= 1KBL ?@54CA<>B@5= @53C;OB>@ 402;5=8O 2>74CE0, ?@82>48<K9, =0?@8<5@, >B :>;5=G0B>3> 20;0. @8 8A?>;L7>20=88 4;O 02B><0B870F88 C?@02;5=8O AF5?;5=85< M;5:B@><03=8B=KE 8;8 M;5:B@><5E0=8G5A:8E CAB@>9AB2 2 A>AB02 A8AB5<K C?@02;5=8O 4>;65= 2E>48BL ?@5>1@07>20B5;L, 2KE>4=>5 =0?@O65=85 8;8 2KE>4=>9 B>: :>B>@>3> O2;ONBAO DC=:F859 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O. ;O >15A?5G5=8O ?@8=C48B5;L=>3> 2K:;NG5=8O AF5?;5=8O 2 ?@>F5AA5 ?5@5:;NG5=8O ?5@540G =57028A8<> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 2> 2A5E 8725AB=KE A8AB5<0E 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< 8A?>;L7C5BAO 2K:;NG0B5;L, 2AB@>5==K9 2 @KG03 ?5@5:;NG5=8O ?5@540G. >340 2>48B5;L, ?5@5:;NG0O ?5@540G8, ?@8:;04K205B CA8;85 : @KG03C ?5@5:;NG5=8O, :>=B0:BK 40==>3>, 2K:;NG0B5;O 70<K:0NBAO. @8 MB>< : 8AB>G=8:C ?8B0=8O (1>@B>2>9 A5B8 02B><>18;O) ?>4:;NG05BAO M;5:B@><03=8B A8AB5<K C?@02;5=8O, 2A;54AB285 G53> : 8A?>;=8B5;L=><C CAB@>9AB2C ?@82>40 AF5?;5=8O ?>ABC?05B :><0=40 =0 2K:;NG5=85 AF5?;5=8O. "0:8< >1@07><, 2 A;CG05 384@>- 8 ?=52<>02B><0B8:8 2 A>AB025 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< =5>1E>48<> 8<5BL :0: A>>B25BAB2CNI89 @53C;OB>@ 402;5=8O A ?@82>4>< >B :>;5=G0B>3> 20;0 42830B5;O, B0: 8 M;5:B@><03=8B ?@8=C48B5;L=>3> 2K:;NG5=8O AF5?;5=8O. A;8 65 ?@8<5=O5BAO A8AB5<0 M;5:B@>02B><0B8:8, B> =5B =5>1E>48<>AB8 2 F5=B@>156=>< @53C;OB>@5 402;5=8O, B0: :0: M;5:B@><03=8B ?@8=C48B5;L=>3> 2K:;NG5=8O AF5?;5=8O <>65B 1KBL >4=>2@5<5==> 8A?>;L7>20= 8 2 :0G5AB25 @53C;OB>@0 402;5=8O ?@8 CA;>288 53> ?>4:;NG5=8O : 1;>:C 02B><0B8:8, 2 A>AB02 :>B>@>3> 2E>48B ?@5>1@07>20B5;L G0AB>BK 2E>4=>3> A83=0;0 2 =0?@O65=85 (') 8;8 2 A8;C B>:0 ('").  1>;LH8=AB25 A8AB5< 02B><0B870F88 C?@02;5=8O AF5?;5=85< 8A?>;L7CNB 8A?>;=8B5;L=K5 <5E0=87<K A ?=52<>- 8;8 384@>?@82>4><. ;O C?@02;5=8O MB8<8 ?@82>40<8 4> ?>A;54=53> 2@5<5=8 ?@58<CI5AB25==> ?@8<5=O;8AL @07;8G=K5 284K F5=B@>156=KE @53C;OB>@>2, 2>7459AB2CNI8E =0 :;0?0==K5 CAB@>9AB20. 54>AB0B:>< ?@8<5=5=8O B0:8E @53C;OB>@>2 (8;8 384@>=0A>A>2) O2;O5BAO =5>1E>48<>ABL 8E ?@82>40 >B :>;5=G0B>3> 20;0 42830B5;O, GB> G0AB> 70B@C4=8B5;L=>, 0 8=>340 8 4065 =52>7<>6=> 87-70 >3@0=8G5==>AB8 <5AB0 2 <>B>@=>< >B45;5=88 42830B5;O. @><5 B>3>, ?@8 8A?>;L7>20=88 @53C;OB>@>2 402;5=8O B0:>3> B8?0 =5 >15A?5G8205BAO ?>;CG5=85 >?B8<0;L=KE 7028A8<>AB59 Mc=f(fiK) 8, 2 B>< G8A;5, @07;8G=K9 E0@0:B5@ 8E ?@>B5:0=8O =0 @568<0E @073>=0 8 70<54;5=8O :>;5=G0B>3> 20;0. 040G8 @50;870F88 B@51C5<KE 70:>=>2 C?@02;5=8O @5H0NBAO >B=>A8B5;L=> ?@>AB> ?@8 8A?>;L7>20=88 M;5:B@8G5A:8E 8 2 >A>15==>AB8 M;5:B@>==KE A8AB5< C?@02;5=8O 4;O @53C;8@>20=8O 402;5=8O 2 8A?>;=8B5;L=KE <5E0=87<0E ?@82>40 AF5?;5=8O. 081>;55 A;>6=K<8 2 A8AB5<5 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< O2;ONBAO B5 55 M;5<5=BK, :>B>@K5 >15A?5G820NB ?>;CG5=85 B@51C5<>9 7028A8<>AB8 Mc=f(nK). >MB><C F5;5A>>1@07=>ABL ?@8<5=5=8O M;5:B@>==>9 A8AB5<K C?@02;5=8O AF5?;5=85< 2 ?5@2CN >G5@54L 7028A8B >B 2>7<>6=>AB8 A>740=8O =0456=>9 M;5:B@>==>9 0??0@0BC@K, >ACI5AB2;ONI59 ?@5>1@07>20=85 2E>4=>3> A83=0;0 (7028AOI53> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0) 2 A8;C B>:0, ?>ABC?0NI53> 2 >1<>B:C M;5:B@><03=8B0 C?@02;5=8O 8A?>;=8B5;L=K<8 <5E0=87<0<8 ?@82>40 AF5?;5=8O. @8 2K1>@5 B8?0 A8AB5<K C?@02;5=8O A;54C5B A>?>AB028BL B5E=8:>-M:>=><8G5A:85 ?>:070B5;8 0??0@0BC@K, >A=>20==K5 :0: =0 8A?>;L7>20=88 B>;L:> M;5:B@>==KE CAB@>9AB2, B0: 8 M;5<5=B>2 @5;59=>9 02B><0B8:8 2 A>G5B0=88 A M;5:B@>==K<8 :><?;5:BCNI8<8 8745;8O<8. !;54C5B 8<5BL 2 284C, GB> 2<5AB> >4=>3> M;5:B@><03=8B=>3> @5;5, :0: ?@028;>, ?@8E>48BAO 8A?>;L7>20BL M;5:B@>==>5 CAB@>9AB2>, A>45@60I55 >B 10 4> 20 ?>;C?@>2>4=8:>2KE 8 4@C38E :><?;5:BCNI8E 8745;89. >MB><C M:>=><8G5A:85 ?@58<CI5AB20 ?@8<5=5=8O G8AB> M;5:B@>==>9 A8AB5<K C?@02;5=8O >1KG=> >15A?5G820NBAO B>;L:> ?@8 CA;>288 55 A>740=8O =0 1075 >?B8<0;L=KE AE5<>B5E=8G5A:8E @5H5=89. 4=8< 87 CA;>289 @50;870F88 B0:8E @5H5=89 O2;O5BAO @0F8>=0;L=>5 8A?>;L7>20=85 2 M;5:B@>==>9 0??0@0BC@5 8=B53@0;L=KE <8:@>AE5< <0AA>2>3> ?@>872>4AB20. -;5:B@>==0O A8AB5<0 C?@02;5=8O ?@8 C=8D8F8@>20==>< 55 8A?>;=5=88 <>65B ?@8<5=OBLAO 2 02B><>18;OE A @07;8G=K<8 B@51C5<K<8 70:>=0<8 87<5=5=8O Mc=f(n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id  >B25@AB85 4;O 2?CA:0 2>74CE0; 16 8 26  M;5:B@><03=8BK; 17  H;0=3; 18 8 20  M;5<5=BK 7>;>B=8:0; 19  7>;>B=8:; 21  ?>;>ABL 7>;>B=8:0; 22 8 23  :0=0;K; 24  2>74CH=K9 :;0?0=; 25  20:CC<=K9 :;0?0=; 27  @5A825@; 28  >1@0B=K9 :;0?0=; 29  2?CA:=>9 :>;;5:B>@ 42830B5;O; 30  H;0=3 (8@>:>5 ?@8<5=5=85 ?>;CG8;8 F5=B@>156=K5 AF5?;5=8O, 0 B0:65 M;5:B@><03=8B=K5 (D@8:F8>==K5 8 87 ?>@>H:>2KE <0B5@80;>2), 8<5NI85 A@02=8B5;L=> ?@>ABK5 @5;59=K5 AE5<K C?@02;5=8O. 54>AB0B>: 02B><0B8G5A:8 459AB2CNI8E AF5?;5=89  =52>7<>6=>ABL 8A?>;L7>20=8O C=8D8F8@>20==>3> A8;>2>3> 03@530B0.  :>=F5 70-E 3>4>2 70 AG5B ?@8<5=5=8O M;5:B@>==KE A8AB5< >:070;>AL 2>7<>6=K< >B=>A8B5;L=> ?@>ABK<8 A@54AB20<8 02B><0B878@>20BL @01>BC >1KG=>3> D@8:F8>==>3> AF5?;5=8O. !;54C5B, >4=0:>, >B<5B8BL, GB> A8AB5<K 02B><0B870F88 C?@02;5=8O AF5?;5=85< ?>:0 GB> =>AOB 548=8G=K9 E0@0:B5@.  :0G5AB25 ?@8<5@0 B0:>9 A8AB5<K <>6=> C:070BL =0 2K?CA:05<CN 2 $  A8AB5<C C?@02;5=8O @092 0B8:. -B0 A8AB5<0 >15A?5G8205B 02B><0B870F8N C?@02;5=8O >1KG=K< D@8:F8>==K< AF5?;5=85<. 5 :><?;5:BCNB B>;L:> 87 =025A=KE C7;>2, 1;03>40@O G5<C 55 ?@8<5=5=85 =5 A2O70=> A 87<5=5=85< :>=AB@C:F88 A5@89=KE 03@530B>2 02B><>18;O. A?>;=8B5;L=K< <5E0=87<>< A8AB5<K (@8A. 55) O2;O5BAO 20:CC<=0O A5@2>:0<5@0 1 A <5<1@0=>9 3, HB>: 4 :>B>@>9 G5@57 B@>A 6 2>7459AB2C5B =0 ?540;L 7 ?@82>40 AF5?;5=8O, >ACI5AB2;OO @53C;8@>20=85 <><5=B0 A. @><5 B>3>, HB>: 4 G5@57 ?@82>4=>9 @KG03 5 A2O70= A ?5@2K< ?>4286=K< M;5<5=B>< 18 :>;LF52>3> 7>;>B=8:0 19, @53C;8@CNI53> @07@565=85 2 ?>;>AB8 2 20:CC<=>9 A5@2>:0<5@K 1. B>@>9 ?>4286=K9 M;5<5=B 20 :>;LF52>3> 7>;>B=8:0 ?>A@54AB2>< B@>A0 9 A>548=5= A ?540;LN 8 C?@02;5=8O 4@>AA5;L=>9 70A;>=:>9.  M;5<5=B0E 18 8 20 8<5NBAO :0=0;K 22 8 23, :>B>@K5 2 7028A8<>AB8 >B 2708<=>3> @0A?>;>65=8O M;5<5=B>2 ;81> A>548=ONBAO <564C A>1>9, ;81> @07>1I0NBAO. @8 A>2<5I5=88 MB8E :0=0;>2 2=CB@5==OO ?>;>ABL 21 7>;>B=8:0 A>548=O5BAO A 0B<>AD5@>9, 0 ?@8 @07>1I5=88 A2O7L C:070==>9 ?>;>AB8 7>;>B=8:0 A 0B<>AD5@>9 ?@5@K205BAO. >;>ABL 21 7>;>B=8:0 ?>A@54AB2>< H;0=30 17 A>548=O5BAO A ?>;>ABLN 2 A5@2>:0<5@K 1, ?>MB><C 2 7028A8<>AB8 >B 2708<=>3> @0A?>;>65=8O M;5<5=B>2 7>;>B=8:0 ?>;>ABL 2 A5@2>:0<5@K 8;8 A>548=O5BAO 8;8 @07J548=O5BAO A 0B<>AD5@>9. !>548=5=85 ?>;>AB8 2 A5@2>:0<5@K A 0B<>AD5@>9 <>65B >ACI5AB2;OBLAO 8 G5@57 :;0?0= 24, ?@82>48<K9 >B M;5:B@><03=8B0 16. @8 2:;NG5=88 M;5:B@><03=8B0 :;0?0= 24 @07J548=O5B ?>;>ABL A5@2>:0<5@K A 0B<>AD5@>9 (A>548=O5<K5 G5@57 >B25@AB8O 15), 8 @07@565=85 2 MB>9 ?>;>AB8 >?@545;O5BAO B>;L:> 459AB285< 7>;>B=8:0 19. A;8 65 M;5:B@><03=8B 16 2K:;NG5=, B> =57028A8<> >B 459AB28O 7>;>B=8:0 2 ?>;>AB8 2 A5@2>:0<5@K CAB0=02;8205BAO 0B<>AD5@=>5 402;5=85. ;0?0= 25 ?@8 A@010BK20=88 M;5:B@><03=8B0 26 A>548=O5B ?>;>ABL 2 A5@2>:0<5@K A @5A825@>< 27, :>B>@K9 A ?><>ILN H;0=30 30 G5@57 >1@0B=K9 :;0?0= 28 A2O70= A 2?CA:=K< :>;;5:B>@>< 29 42830B5;O. @8 MB>< :;0?0= 25 >4=>2@5<5==> >ACI5AB2;O5B >BA>548=5=85 ?>;>AB8 2 >B >AB0;L=>9 G0AB8 A8AB5<K @53C;8@>20=8O @07@565=85<. -;5:B@>==K9 1;>: 13 C?@02;O5B 2:;NG5=85< 8 2K:;NG5=85< M;5:B@><03=8B0 16 2 7028A8<>AB8 >B A:>@>AB8 42865=8O 02B><>18;O, ?>;CG0O 2E>4=K5 A83=0;K >B 40BG8:0 12 A:>@>AB8 02B><>18;O @8 53> 42865=88 A> A:>@>ABO<8 =865 7040==>9 2KE>4 1;>:0 (2K2>4 K) A>548=5= A <0AA>9, 0 ?@8 4>AB865=88 02B><>18;5< 7040==>9 A:>@>AB8 MB0 A2O7L ?@5@K205BAO ! ?><>ILN ?>B5=F8><5B@0 14 M;5:B@>==K9 1;>: =0AB@08205BAO =0 A@010BK20=85 ?@8 B@51C5<>9 A:>@>AB8. >340 2>48B5;L ?@8:;04K205B CA8;85 : @C:>OB:5 10 @KG030 11 ?5@5:;NG5=8O ?5@540G 2 2K:;NG0B5;5 S1, 2AB@>5==>< 2 MBC @C:>OB:C, :>=B0:BK 70<K:0NBAO =0 <0AAC.  2K:;NG0B5;5 S2, @0A?>;>65==>< 2 ?@82>45 ?5@5:;NG5=8O ?5@540G, :>=B0:BK 70<K:0NBAO ?@8 2:;NG5=88 ;N1>9 87 ?5@540G. @8 =59B@0;L=>< ?>;>65=88 :>@>1:8 ?5@540G :>=B0:BK @07><:=CBK. ! B@>A>< 9 ?@82>40 4@>AA5;L=>9 70A;>=:8 A2O70= <8:@>2K:;NG0B5;L S3, :>=B0:BK :>B>@>3> 70<:=CBK B>;L:> ?@8 @568<5 E>;>AB>3> E>40 42830B5;O. !8AB5<0 @092 0B8: 459AB2C5B A;54CNI8< >1@07><. @8 CAB0=>2:5 @KG030 ?5@5:;NG5=8O ?5@540G 2 =59B@0;L=>5 ?>;>65=85 8 >B?CI5==>9 ?540;8 C?@02;5=8O 4@>AA5;L=>9 70A;>=:>9 2A;54AB285 @07<K:0=8O :>=B0:B>2 2K:;NG0B5;59 S1 8 S2 M;5:B@><03=8BK 16 8 26 >:07K20NBAO >B:;NG5==K<8 >B 8AB>G=8:0 ?8B0=8O. A;54AB285 MB>3> :;0?0= 25 >BA>548=O5B ?>;>ABL 2 A5@2>:0<5@K >B @5A825@0 27, 0 G5@57 >B:@KBK9 2>74CH=K9 :;0?0= 24 ?>;>ABL 2 A5@2>:0<5@K A>548=O5BAO A 0B<>AD5@>9, 2 @57C;LB0B5 AF5?;5=85 2:;NG05BAO. 0: B>;L:> 2>48B5;L ?@8 =5?>4286=>< 02B><>18;5 2:;NG05B :0:CN-;81> 87 ?5@540G, A>7405BAO F5?L ?8B0=8O M;5:B@><03=8B>2 16 8 26 G5@57 70<:=C2H85AO :>=B0:BK 2K:;NG0B5;O S2 8 70<:=CBCN 2KE>4=CN F5?L M;5:B@>==>3> 1;>:0.  @57C;LB0B5 A@010BK20NB >10 M;5:B@><03=8B0, 8 2>74CH=K9 :;0?0= 24 @07J548=O5B ?>;>ABL 2 A5@2>:0<5@K A 0B<>AD5@>9, 0 20:CC<=K9 :;0?0= 25 A>548=O5B 55 A @5A825@>< 27. -B> >15A?5G8205B ?>;=>5 2K:;NG5=85 AF5?;5=8O. @8 =060B88 2>48B5;5< =0 ?540;L 8 C?@02;5=8O 4@>AA5;L=>9 70A;>=:>9 @07<K:0NBAO :>=B0:BK <8:@>2K:;NG0B5;O S3, 2 @57C;LB0B5 G53> F5?L ?8B0=8O M;5:B@><03=8B0 26 @07@K205BAO 8 20:CC<=K9 :;0?0= 25 70:@K205BAO, @07J548=OO ?>;>ABL 2 A5@2>:0<5@K 8 @5A825@. >A:>;L:C 2A;54AB285 2:;NG5=8O M;5:B@><03=8B0 16 2>74CH=K9 :;0?0= 24 >:07K205BAO B0:65 70:@KBK<, 25;8G8=0 @07@565=8O 2 ?>;>AB8 2 20:CC<=>9 :0<5@K >?@545;O5BAO B>;L:> 459AB285< 7>;>B=8:0 19, -;5<5=B 18 7>;>B=8:0 19 CAB0=>2;5= ?> >B=>H5=8N : M;5<5=BC 20 B0:, GB> ?@8 >B?CI5==>9 ?540;8 > 8 @0A?>;>65=88 HB>:0 4 2 :@09=5< ;52>< ?>;>65=88 (?>;=>5 2K:;NG5=85 AF5?;5=8O) :0=0;K 22 8 23 M;5<5=B>2 7>;>B=8:0 >:07K20NBAO A>548=5==K<8 <564C A>1>9. A;54AB285 MB>3> ?>;>ABL 2 A5@2>:0<5@K A>548=O5BAO A 0B<>AD5@>9, GB> ?@82>48B : ?>AB5?5==><C C<5=LH5=8N 2 =59 @07@565=8O 8, :0: A;54AB285, : ?5@5<5I5=8N HB>:0 4 A;520 =0?@02>. "0:>5 ?5@5<5I5=85 HB>:0 4 1C45B ?@>4>;60BLAO 4> B5E ?>@, ?>:0 ?>2>@>B M;5<5=B0 18 =5 @07>1I8B :0=0;K 22 8 23.  MB>< A;CG05 A2O7L ?>;>AB8 2 A5@2>:0<5@K A 0B<>AD5@>9 ?@5@25BAO 8 40;L=59H55 ?5@5<5I5=85 HB>:0 4 ?@5:@0B8BAO. -;5<5=BK 7>;>B=8:0 @0A?>;030NB B0:8< >1@07><, GB> ?@8 >B?CI5==>9 ?540;8 8 HB>: 4 CAB0=02;8205BAO 2 ?>;>65=88 I, A>>B25BAB2CNI5< =0G0;C ?5@540G8 AF5?;5=85< <><5=B0. @8 =060B88 2>48B5;5< =0 ?540;L 8 2A;54AB285 ?>2>@>B0 M;5<5=B0 20 (?>;>65=85 II 7>;>B=8:0) 2=>2L ?@>87>945B A>548=5=85 :0=0;>2 M;5<5=B>2 18 8 20. -B> >1CA;>28B A>548=5=85 ?>;>AB8 2 A5@2>:0<5@K A 0B<>AD5@>9 8 40;L=59H55 ?5@5<5I5=85 HB>:0 2 =0?@02;5=88 2:;NG5=8O AF5?;5=8O. "0:>5 ?5@5<5I5=85 ?@5:@0B8BAO, :>340 HB>: 4 >?OBL CAB0=>28BAO 2 ?>;>65=85 III, A>>B25BAB2CNI55 @07>1I5=8N :0=0;>2 22 8 23. G5284=>, GB> G5< =0 1>;LH89 C3>; 1K;0 >B:@KB0 4@>AA5;L=0O 70A;>=:0, B5< 40;LH5 2 =0?@02;5=88 2:;NG5=8O AF5?;5=8O 4>;65= ?5@5<5AB8BLAO HB>: 4 4;O B>3>, GB>1K ?@>87>H;> @07>1I5=85 :0=0;>2 M;5<5=B>2. "0:8< >1@07><, 2 A8AB5<5 @092 0B8: <><5=B A @53C;8@C5BAO 2 7028A8<>AB8 >B C3;0 0 >B:@KB8O 4@>AA5;L=>9 70A;>=:8. >:070B5;8 B0:>9 A8AB5<K C?@02;5=8O 1K;8 @0AA<>B@5=K 2KH5. >A;5 B>3>, :0: 02B><>18;L @073>=8BAO 4> A:>@>AB8, ?@8 :>B>@>9 A@010BK205B M;5:B@>==K9 1;>:, 2A;54AB285 >B:;NG5=8O >B <0AAK 2K2>40 K 1;>:0 @07@K205BAO F5?L ?8B0=8O M;5:B@><03=8B0 16. -B> >15A?5G8205B >B:@KB85 2>74CH=>3> :;0?0=0 24, 8 ?>;>ABL 2 A5@2>:0<5@K A>548=O5BAO A 0B<>AD5@>9 =57028A8<> >B 2708<=>3> ?>;>65=8O M;5<5=B>2 7>;>B=8:0. 80<5B@ >B25@AB8O 15 2K18@0NB 87 CA;>28O >15A?5G5=8O ?;02=>3> 2:;NG5=8O AF5?;5=8O 2 ?@>F5AA5 53> 1;>:8@>2:8 2A;54AB285 >B:@KB8O 2>74CH=>3> :;0?0=0. @8=C48B5;L=0O 1;>:8@>2:0 AF5?;5=8O ?>A;5 @073>=0 02B><>18;O 4> 7040==>9 A:>@>AB8 ?@54>B2@0I05B ?>2KH5==>5 87=0H820=85 2K68<=>3> ?>4H8?=8:0 AF5?;5=8O ?@8 42865=88 02B><>18;O A <0;K<8 C3;0<8 >B:@KB8O 4@>AA5;L=>9 70A;>=:8. !8AB5<0 @092 0B8: >15A?5G8205B B>;L:> ?;02=>5 C25;8G5=85 <><5=B0 A ?> <5@5 C25;8G5=8O C3;0 >B:@KB8O 70A;>=:8. A;8 65 2>48B5;L C<5=LH05B C3>; >B:@KB8O 4@>AA5;L=>9 70A;>=:8, B> <><5=B A =5 A=8605BAO 8 >AB05BAO @02=K< B><C 7=0G5=8N, :>B>@>5 1K;> 4>AB83=CB> @0=55 ?@8 =081>;LH5< C3;5 >B:@KB8O 70A;>=:8. ;O B>3> GB>1K C<5=LH8BL <><5=B A 4> 7=0G5=8O, A>>B25BAB2CNI53> <5=LH5<C C3;C >B:@KB8O 4@>AA5;L=>9 70A;>=:8, =5>1E>48<> 2=0G0;5 ?>;=>ABLN >B?CAB8BL ?540;L 8 4;O B>3>, GB>1K 70<:=C;8AL :>=B0:BK <8:@>2K:;NG0B5;O S3 8 ?>;>ABL 2 A5@2>:0<5@K A>548=8;0AL A @5A825@><, 0 70B5< ?5@525AB8 ?540;L 8 2 B@51C5<>5 ?>;>65=85. 0==0O >A>15==>ABL A8AB5<K C?@02;5=8O O2;O5BAO ?>;>68B5;L=>9 A B>G:8 7@5=8O C<5=LH5=8O >?0A=>AB8 @01>BK AF5?;5=8O A 4;8B5;L=K< ?@>1C:A>2K20=85<. 4=0:> ?@8 MB>< CA;>6=O5BAO <0=52@8@>20=85 ?@8 42865=88 02B><>18;O A =87:8<8 A:>@>ABO<8, 0 B0:65 C<5=LH05BAO ?@545;L=K9 C3>; ?>4J5<0, =0 :>B>@>< 2>7<>6=> B@>30=85 02B><>18;O A <5AB0. @8=C48B5;L=>5 2K:;NG5=85 AF5?;5=8O 2 ?@>F5AA5 ?5@5:;NG5=8O ?5@540G =57028A8<> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 8 A:>@>AB8 42865=8O 02B><>18;O >15A?5G8205BAO ?@8 70<K:0=88 :>=B0:B>2 2:;NG0B5;O S1.  MB>< A;CG05 2:;NG05BAO M;5:B@><03=8B 26, 1;03>40@O G5<C G5@57 >B:@K2H89AO 20:CC<=K9 :;0?0= 25 ?@>8AE>48B A>548=5=85 ?>;>AB8 2 A5@2>:0<5@K A @5A825@>< 8, :0: A;54AB285, ?>;=>5 2K:;NG5=85 AF5?;5=8O. !8AB5<0 @092 0B8: >15A?5G8205B 2A5 B@51C5<K5 @568<K @01>BK 02B><0B8G5A:>3> AF5?;5=8O. > 4;O MB>3> >=0 ?><8<> A5@2>:0<5@K 8 @53C;8@CNI53> 7>;>B=8:0 A>45@68B 7=0G8B5;L=>5 :>;8G5AB2> 4>?>;=8B5;L=>9 C?@02;ONI59 0??0@0BC@K (420 :;0?0=0 A M;5:B@><03=8B=K< ?@82>4><, B@8 2K:;NG0B5;O, 40BG8: A:>@>AB8, M;5:B@>==K9 1;>: C?@02;5=8O 1;>:8@>2:>9 AF5?;5=8O). !;54C5B, >4=0:>, CG5ABL, GB> M;5:B@>==K9 1;>: ?> DC=:F8>=0;L=><C =07=0G5=8N ?@54AB02;O5B A>1>9 >48= 87 20@80=B>2 G0AB>B=>3> :><?0@0B>@0, B. 5. AB5?5=L 53> A;>6=>AB8 =525;8:0 8 ?@8<5@=> A>>B25BAB2C5B A;>6=>AB8 M;5:B@>==>3> 1;>:0 C?@02;5=8O M:>=><0975@>< ?@8=C48B5;L=>3> E>;>AB>3> E>40, 2K?CA:05<>3> ?@><KH;5==>ABLN 4;O <>45;59 02B><>18;59 >B5G5AB25==>3> ?@>872>4AB20. 2B><0B8G5A:89 M;5:B@>20:CC<=K9 ?@82>4 AF5?;5=8O -;5:B@>20:CC<=K9 ?@82>4 AF5?;5=8O (-!) ?@54AB02;O5B A>1>9 C=825@A0;L=CN A8AB5<C 02B><0B8G5A:>3> C?@02;5=8O AB0=40@B=K< D@8:F8>==K< AF5?;5=85< 02B><>18;59 A 42830B5;O<8, 8<5NI8<8 @01>G89 >1J5< 0,65  2,5 ;, :>B>@0O 87<5=O5B <><5=B B@5=8O A AF5?;5=8O 2 7028A8<>AB8 >B G0AB>BK 2@0I5=8O ?: :>;5=G0B>3> 20;0. = :><?;5:BC5BAO B>;L:> 87 =025A=KE C7;>2, =5 8<5NI8E <5E0=8G5A:>9 A2O78 A 4@C38<8 03@530B0<8 02B><>18;O. ;03>40@O MB><C >1>@C4>20=85 02B><>18;59 -! =5 B@51C5B 87<5=5=8O :>=AB@C:F88 8E 03@530B>2. A=>2=K<8 C7;0<8 -! O2;ONBAO 20:CC<=0O A5@2>:0<5@0 (@8A. 56) 8 M;5:B@>==K9 1;>: 02B><0B8:8, @53C;8@CNI89 A8;C B>:0 2 >1<>B:5 M;5:B@><03=8B0 2 A5@2>:0<5@K. !F5?;5=85 2:;NG05BAO 8 2K:;NG05BAO 2 @57C;LB0B5 ?5@5<5I5=8O ?>@H=O 6 (@8A. 57) 8 A2O70==>3> A =8< HB>:0 3 A5@2>:0<5@K. A;8, =0?@8<5@, ?>@H5=L 6 2BO38205BAO 2=CB@L A5@2>:0<5@K, B> HB>: 3, 2>7459AB2CO =0 @KG03 2, ?5@5<5I05B A;520 =0?@02> ?>@H5=L 3;02=>3> 384@>F8;8=4@0 22 A5@2>:0<5@K. -B> 2K7K205B ?5@5<5I5=85 ?>@H=O @01>G53> 384@>F8;8=4@0 19 (A;520 =0?@02> =0 @8A. 57), 2A;54AB285 G53> HB>: 15, =068<0O =0 @KG03 ?@82>40 AF5?;5=8O, ?5@5428305B 2K68<=>9 ?>4H8?=8: AF5?;5=8O, 2K:;NG0O 53> G5@57 ?OBC AF5?;5=8O. @8 42865=88 ?>@H=O 6 2 >1@0B=>< =0?@02;5=88 AF5?;5=85 2:;NG05BAO. !;520 >B ?>@H=O 6 @0A?>;>65=0 ?>;>ABL 5, ?>AB>O==> A>548=5==0O A 0B<>AD5@>9, 0 A?@020 >B ?>@H=O =0E>48BAO ?>;>ABL 9 @53C;8@C5<>3> 402;5=8O, 2 :>B>@>9 402;5=85 <>65B <5=OBLAO >B 0B<>AD5@=>3> 4> @07@565=8O 60  70 :0. '5< 2KH5 @07@565=85 2 ?>;>AB8 9, B5< 1>;LH0O @07=>ABL A8; 459AB2C5B =0 AB5=:8 ?>@H=O 6, 2 @57C;LB0B5 G53> 2>7@0AB05B A8;0, AB@5<OI0OAO ?5@5<5AB8BL ?>@H5=L 2=CB@L A5@2>:0<5@K. >4 55 459AB285< G5@57 ?@82>4=K5 C7;K AF5?;5=8O A68<0NBAO =068<=K5 ?@C68=K, 2A;54AB285 G53> C<5=LH05BAO ?@860B85 =068<=>3> 48A:0 : 254><><C 8 A>>B25BAB25==> C<5=LH05BAO <><5=B, ?5@540205<K9 AF5?;5=85<. > <5@5 C<5=LH5=8O @07@565=8O 2 ?>;>AB8 9 A=8605BAO A8;0, 459AB2CNI0O =0 ?>@H5=L 6.  @57C;LB0B5 MB>3> C<5=LH05BAO CA8;85, 459AB2CNI55 =0 =068<=K5 ?@C68=K AF5?;5=8O, GB> ?@82>48B : >A;01;5=8N A8;K ?@860B8O =068<=>3> 48A:0 : 254><><C. @8 MB>< >15A?5G8205BAO 2>7@0AB0=85 <><5=B0, ?5@540205<>3> AF5?;5=85<. 07@565=85 2 ?>;>AB8 9 @53C;8@C5BAO A ?><>ILN :;0?0=0 31, =0 :>B>@K9 A >4=>9 AB>@>=K 459AB2C5B ?@C68=0 32, 0 A 4@C3>9 AB>@>=K  B>;:0B5;L 28.  A2>N >G5@54L, =0 B>;:0B5;L 459AB2C5B, 2>-?5@2KE, CA8;85 ?>A;54>20B5;L=> CAB0=>2;5==KE ?@C68= 4 8 8, :>B>@>5 AB@5<8BAO ?5@5428=CBL 53> A;520 =0?@02>, 8, 2>-2B>@KE, A8;0 FM<, @0728205<0O M;5:B@><03=8B>< 12, =0?@02;5==0O =02AB@5GC CA8;8N C:070==KE ?@C68=. @C68=0 8 A>7405B 3>@074> <5=LH55 CA8;85 ?> A@02=5=8N A ?@C68=>9 4, ?>MB><C >=0 ?>;=>ABLN A68<05BAO ?>A;5 2BO3820=8O ?>@H=O 6 =0 20  25 % ?>;=>3> 53> ?5@5<5I5=8O, 2 ?@545;0E :>B>@>3> <><5=B A A>E@0=O5B <0:A8<0;L=>5 7=0G5=85. "0: :0: ?@C68=0 8 =5 2;8O5B =0 E0@0:B5@8AB8:8 A5@2>:0<5@K, B> ?@8 @0AA<>B@5=88 ?@8=F8?0 459AB28O -! 1C45B ?@8=8<0BLAO 2> 2=8<0=85 B>;L:> 459AB285 ?@C68=K 4. 07=0G5=85 ?@C68=K 8 1C45B C:070=> =865.  8A. 56. #7;K M;5:B@>20:CC<=>3> ?@82>40 AF5?;5=8O: 0  M;5:B@>==K9 1;>: C?@02;5=8O; 1  A5@2>:0<5@0; 1  HB>:; 1  M;5:B@><03=8B; 3  3;02=K9 384@>F8;8=4@; 4  @53C;8@C5<0O >?>@0 @KG030; 5  @KG03. -;5:B@><03=8B 12 2 >B;8G85 >B M;5:B@><03=8B>2 A 2BO3820NI8<AO O:>@5< >1KG=>3> B8?0 2K?>;=5= 157 F5=B@0;L=>3> =5?>4286=>3> A5@45G=8:0.  @57C;LB0B5 ?> <5@5 2BO3820=8O O:>@O 2=CB@L ?>;>AB8 M;5:B@><03=8B0 @0728205<>5 8< BO3>2>5 CA8;85 =5 2>7@0AB05B, :0: C >1KG=KE M;5:B@><03=8B>2 (@8A. 58, :@82K5 1 8 2), 0 C<5=LH05BAO (:@82K5 3  8). "5< A0<K< 70 AG5B @53C;8@>20=8O A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0 A>7405BAO 2>7<>6=>ABL ?5@5<5I0BL 53> O:>@L 2 ;N1>5 ?>;>65=85, :>B>@>5 O2;O5BAO CAB>9G82K< 4;O 40==>9 A8;K B>:0. "0:>9 284 BO3>2KE E0@0:B5@8AB8: M;5:B@><03=8B0 O2;O5BAO =5>1E>48<K< CA;>285< 4;O DC=:F8>=8@>20=8O -!. A;8 CA8;85 FSM ?@52KA8B? CA8;85 ?@C68=K 4 (A<. @8A. 57), B> B>;:0B5;L 28 A<5AB8BAO 2 ;52>5 ?>;>65=85 8 53> ?>4286=>5 A54;> 30 >B>945B >B :;0?0=0 31.  @57C;LB0B5 MB>3> :;0?0= 31 ?>4 459AB285< ?@C68=K 32 ?5@5<5AB8BAO 2 :@09=55 ;52>5 ?>;>65=85 8 ?@86<5BAO : =5?>4286=><C A54;C 29 (@8A. 57, ).  @57C;LB0B5 ?>;>ABL 9 G5@57 >1@0B=K9 :;0?0= 13 A>548=8BAO A 2?CA:=K< :>;;5:B>@>< 14 42830B5;O, 1;03>40@O G5<C 2 40==>9 ?>;>AB8 2>7=8:=5B @07@565=85, >15A?5G820NI55 2BO3820=85 ?>@H=O 6 2=CB@L A5@2>:0<5@K, 8, A;54>20B5;L=>, C<5=LH8BAO <><5=B A. A;8 65 CA8;85 ?@C68=K 4 AB0=5B 1>;LH5 A8;K FSM B> ?>4286=>5 A54;>, 2>-?5@2KE, 70:@>5B F5=B@0;L=>5 >B25@AB85 2 :;0?0=5 31 8 B5< A0<K< @07J548=8B ?>;>ABL 9 A 2?CA:=K< :>;;5:B>@>< 42830B5;O, 8, 2>-2B>@KE, >B>428=5B :;0?0= >B =5?>4286=>3> A54;0 29, 1;03>40@O G5<C ?>;>ABL 9 G5@57 >B25@AB85 33 2 :>@?CA5 34 :;0?0=0 A>548=8BAO A 0B<>AD5@>9 (@8A. 57,5).  @57C;LB0B5 ?@>87>945B C<5=LH5=85 @07@565=8O 2 ?>;>AB8 9, 2A;54AB285 G53>, :0: >B<5G0;>AL 2KH5, C25;8G8BAO <><5=B, ?5@540205<K9 G5@57 AF5?;5=85. #A8;85 F?@, ?@C68=K 4 7028A8B >B ?>;>65=8O ?>@H=O 1, 2>7@0AB0O ?> <5@5 53> 2BO3820=8O 2=CB@L A5@2>:0<5@K, 0 A8;0 FSM, @0728205<0O M;5:B@><03=8B><,  >B A8;K B>:0, ?@>E>4OI53> G5@57 53> >1<>B:C. A;8 ?@8 :0:><-B> ?>;>65=88 ?>@H=O A8;0 M<. 1C45B 1>;LH5 CA8;8O ?@C68=K ]4, B> ?>@H5=L 1C45B 2BO3820BLAO 2=CB@L A5@2>:0<5@K. > 2 MB>< A;CG05 87-70 A60B8O ?@C68=K 4 2>7@0AB5B @0728205<>5 5N CA8;85, :>B>@>5 ?@8 >?@545;5==>< ?>;>65=88 ?>@H=O AB0=>28BAO @02=K< CA8;8N M;5:B@><03=8B0.  @57C;LB0B5 B>;:0B5;L 28 CAB0=>28BAO 2 B0:>< ?>;>65=88, ?@8 :>B>@>< 53> ?>4286=>5 A54;> 30 B>;L:> 70:@>5B F5=B@0;L=>5 >B25@AB85 2 :;0?0=5 31, =5 >B>42830O A0< :;0?0= >B =5?>4286=>3> A54;0 29.  B0:>< ?>;>65=88 :;0?0=0 31 (@8A. 57, ) 1C45B >15A?5G5=> >BA>548=5=85 ?>;>AB8 9 :0: >B 2?CA:=>3> :>;;5:B>@0 42830B5;O, B0: 8 >B 0B<>AD5@K, 1;03>40@O G5<C 2 40==>9 ?>;>AB8 CAB0=>28BAO ?>AB>O==>5 @07@565=85, 8 40;L=59H55 ?5@5<5I5=85 ?>@H=O ?@5:@0B8BAO.  8A. 57. !E5<0 -!: 1  10G>: A8AB5<K 384@>?@82>40; 2  @KG03 A5@2>:0<5@K; 3  HB>:; 4 8 S  ?@C68=K; 5  ?>;>ABL 0B<>AD5@=>3> 402;5=8O; 6  ?>@H5=L; 7  <5<1@0=0; S  ?>;>ABL @53C;8@C5<>3> 402;5=8O; 10  :>@?CA A5@2>:0<5@K; 11  >1<>B:0 M;5:B@><03=8B0; 12  M;5:B@><03=8B; 13  >1@0B=K9 :;0?0=; 14  2?CA:=>9 :>;;5:B>@ 42830B5;O; 15  HB>: @01>G53> 384@>F8;8=4@0; 16  2K:;NG0B5;L AF5?;5=8O; 17  M;5:B@>==K9 1;>: C?@02;5=8O -!; 18  I8B>: C?@02;5=8O; 19  @01>G89 384@>F=;8=4@: 20  O:>@L M;5:B@><03=8B0; 21  A5@2>:0<5@0; 22  3;02=K9 384@>F8;8=4@ A5@2>:0<5@K; 23 O 24  309:8; 2S  >?>@0 @KG030; 26  3;02=K9 384@>F8;8=4@ 4C1;5@0 ?@82>40 AF5?;5=8O; 27  ?540;L 4C1;5@0 ?@82>40 AF5?;5=8O; 28  B>;:0B5;L; 29  =5?>4286=>5 A54;>; 30  ?>4286=>5 A54;>; 31  :;0?0=; 32  ?@C68=0; 33  >B25@AB85 4;O 2?CA:0 2>74CE0; 34  :>@?CA :;0?0=0 A;8 65 2 ?@>F5AA5 @01>BK A5@2>:0<5@K ?@8 :0:><-B> ?>;>65=88 ?>@H=O CA8;85 F?@, ?@C68=K 4 ?@52KA8B A8;C FM<, B> 2 @57C;LB0B5 A>548=5=8O ?>;>AB8 A5@2>:0<5@K A 0B<>AD5@>9 MB> ?@82545B : ?5@5<5I5=8N ?>@H=O 6 2 =0?@02;5=88 53> 2KE>40 87 A5@2>:0<5@K. > 2 @57C;LB0B5 C<5=LH8BAO CA8;85 ?@C68=K 4 8, :>340 >=> A@02=O5BAO A A8;>9 FSM, :;0?0= 31 A>?@8:>A=5BAO :0: A ?>4286=K<, B0: 8 =5?>4286=K< A54;><. >;>ABL 9 A5@2>:0<5@K 1C45B >BA>548=5=0 :0: >B 8AB>G=8:0 @07@565=8O, B0: 8 >B 0B<>AD5@K, 2 =59 CAB0=>28BAO ?>AB>O==>5 @07@565=85 8 ?>;>65=85 ?>@H=O 6 =5 1C45B 87<5=OBLAO. 0==>5 ?>;>65=85 :;0?0=0 31 8 B>;:0B5;O 28 A>>B25BAB2C5B CAB0=>282H5<CAO @568<C @01>BK A5@2>:0<5@K. @0:B8G5A:8 65 2 ?@>F5AA5 55 @01>BK ?>@H5=L :>;51;5BAO A =51>;LH>9 0<?;8BC4>9 8 A 2KA>:>9 G0AB>B>9 >B=>A8B5;L=> CAB0=>282H53>AO 53> ?>;>65=8O. @8 MB>< 0<?;8BC40 :>;510=89 ?>@H=O ?>AB5?5==> C<5=LH05BAO 8 2 A;CG05 ?>AB>O=AB20 A8;K F-M, A?CABO =5:>B>@>5 2@5<O, ?>@H5=L 70=8<05B CAB0=>282H55AO ?>;>65=85. '5< 2KH5 A8;0 B>:0 IM<, ?@>E>4OI53> G5@57 >1<>B:C M;5:B@><03=8B0, B5< ?@8 1>;LH5< A60B88 ?@C68=K 4 >15A?5G8205BAO @025=AB2> @0728205<>3> 5N CA8;8O F?@ 8 A8;K FSM M;5:B@><03=8B0. ;O >15A?5G5=8O C25;8G5=8O CA8;8O ?@C68=K 4 ?>@H5=L 6 4>;65= 40;LH5 2BO=CBLAO 2=CB@L :0<5@K, 2A;54AB285 G53> C<5=LH05BAO <><5=B A. "0:8< >1@07><, @0AA<0B@8205<K9 ?@82>4 ?@54AB02;O5B A>1>9 A;54OICN A8AB5<C, 2 :>B>@>9 M;5<5=B>< >1@0B=>9 A2O78 O2;O5BAO ?@C68=0 4.  8AE>4=>< A>AB>O=88 -!, A>>B25BAB2CNI5< A8;5 B>:0 IM< =0, ?>@H5=L 384@>F8;8=4@0 22 70=8<05B :@09=55 ;52>5 ?>;>65=85, :>B>@>5 =5 7028A8B >B 4;8=K >?>@K 25 @KG030 2. >MB><C A C25;8G5=85< 4;8=K >?>@K 25 ?@8 ?5@5<5I5=88 2;52> 55 :>=F0 HB>: 3 (8 ?>@H5=L 6) 1C4CB 2BO3820BLAO 2=CB@L A5@2>:0<5@K.  @57C;LB0B5 C<5=LH8BAO ?>;=K9 E>4 HB>:0 3, B0: :0: :>=5G=>5 53> ?>;>65=85, A>>B25BAB2CNI55 C?>@C ?>@H=O 6 2 :>@?CA M;5:B@><03=8B0, =5 87<5=8BAO. ;03>40@O MB><C C<5=LH05BAO 707>@ <564C =068<=K< 8 254><K< 48A:0<8 AF5?;5=8O 2 :>=5G=>< ?>;>65=88 HB>:0 3, 8 4;O >15A?5G5=8O =0G0;0 B@>30=8O 02B><>18;O A <5AB0 =068<=>9 48A: 4>;65= >B A2>53> :>=5G=>3> ?>;>65=8O ?@>9B8 <5=LH55 @0AAB>O=85. "5< A0<K< 4>AB8305BAO =0G0;> B@>30=8O 02B><>18;O A <5AB0 ?@8 1>;LH59 A8;5 B>:0 IM<, G5<C A>>B25BAB2C5B <5=LH55 7=0G5=85 ?:.  8A. 58. 028A8<>AB8 BO3>2>3> CA8;8O FM< >B ?5@5<5I5=8O l O:>@O 8 A8;K B>:0 IM< 2 >1-<>B:5 M;5:B@><03=8B0 A 2BO3820NI8<AO O:>@5<: 1 8 2  A F5=B@0;L=K< =5?>4286=K< A5@45G=8:>< 7<5=5=85 8AE>4=>3> ?>;>65=8O HB>:0 3 2A;54AB285 53> ?5@5<5I5=8O 2=CB@L A5@2>:0<5@K 2K7K205B A60B85 ?@C68=K 8. 4=0:> B0: :0: ?@C68=0 8 @0AAG8B0=0 =0 =51>;LH>5 CA8;85 8 8<55B <0;CN 65AB:>ABL, 55 CA8;8O ?@8 @53C;8@>20=88 8AE>4=>3> ?>;>65=8O HB>:0 3 1C4CB 87<5=OBLAO =57=0G8B5;L=>. A;54AB285 MB>3> >1I55 CA8;85, A>740205<>5 ?@C68=0<8 4 8 8, ?@8 @01>B5 -! 1C45B ?@0:B8G5A:8 7028A5BL B>;L:> >B E0@0:B5@8AB8:8 ?@C68=K 4.  @57C;LB0B5 >15A?5G8205BAO ?@8<5@=>5 ?>AB>O=AB2> 87<5=5=8O <><5=B0 A ?@8 ?5@5<5I5=88 HB>:0 3. ;O 87<5=5=8O 4;8=K >?>@K 25 =C6=> >B25@=CBL 309:C 24, 0 70B5<, 2@0I0O 309:C 23, ?5@5<5AB8BL >?>@C 2 B@51C5<>5 ?>;>65=85 8 70D8:A8@>20BL 55, 70BO=C2 309:C 24. "0:8< >1@07><, 2 @57C;LB0B5 87<5=5=8O ?>;>65=8O >?>@K 25 >ACI5AB2;O5BAO 87<5=5=85 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0, A>>B25BAB2CNI55 =0G0;C B@>30=8O 02B><>18;O A <5AB0, 0 4;O ?>;CG5=8O B@51C5<>9 7028A8<>AB8 Mc=f(nK) 4>AB0B>G=> >15A?5G8BL A ?><>ILN M;5:B@>==>9 A8AB5<K C?@02;5=8O =5>1E>48<K9 70:>= 87<5=5=8O A8;K B>:0 IM< 2 >1<>B:5 M;5:B@><03=8B0 >B G0AB>BK 2@0I5=8O ?:. "5<? 2:;NG5=8O AF5?;5=8O >?@545;O5BAO A:>@>ABLN 70?>;=5=8O ?>;>AB8 9 2>74CE><, ?>ABC?0NI8< 2 =55 G5@57 >B25@AB8O 33 2 :>@?CA5 34 ?@8 CAB0=>2:5 :;0?0=0 31 2 ?>;>65=85, A>3;0A=> @8A. 57,5. 80<5B@ >B25@AB89 33 2K1@0= B0:8<, GB> ?@8 ?>;=>ABLN >B:@KB>< :;0?0=5 31 >15A?5G8205BAO B@51C5<>5 1KAB@>5 2:;NG5=85 AF5?;5=8O ?>A;5 >:>=G0=8O ?@>F5AA0 ?5@5:;NG5=8O ?5@540G 8 2<5AB5 A B5< G@57<5@=> =5 C25;8G820NBAO =03@C7:8 =0 C7;K B@0=A<8AA88. @8=C48B5;L=>5 2K:;NG5=85 AF5?;5=8O =57028A8<> >B G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 2K?>;=O5BAO A ?><>ILN 2E>4OI53> 2 A>AB02 -! 2K:;NG0B5;O 16, CAB0=>2;5==>3> 2 3>;>2:5 @KG030 ?5@5:;NG5=8O ?5@540G. >=B0:BK 40==>3> 2K:;NG0B5;O 70<K:0NBAO, :>340 2>48B5;L ?@8:;04K205B CA8;85 : @KG03C ?5@5:;NG5=8O ?5@540G.  @57C;LB0B5 MB>3> : >1<>B:5 M;5:B@><03=8B0 ?>42>48BAO ?>;=>5 =0?@O65=85 8AB>G=8:0 ?8B0=8O, GB> >15A?5G8205B ?@>E>645=85 G5@57 =55 B>:0 IM< =IM< m0E=3,5-4 . 0:>=K C?@02;5=8O -!, @50;87C5<K5 A ?><>ILN M;5:B@>==>9 A8AB5<K C?@02;5=8O. KH5 1K;> CAB0=>2;5=>, GB> 70:>= 87<5=5=8O <><5=B0 A >?@545;O5BAO 7028A8<>ABLN A8;K B>:0 IM< 2 >1<>B:5 M;5:B@><03=8B0 A5@2>:0<5@K >B G0AB>BK 2@0I5=8O ?: :>;5=G0B>3> 20;0. ;O >15A?5G5=8O B@51C5<KE @568<>2 @01>BK AF5?;5=8O ?@8 @07;8G=KE CA;>28OE M:A?;C0B0F88 02B><>18;O A8AB5<>9 C?@02;5=8O -! ?@54CA<>B@5=0 2>7<>6=>ABL @50;870F88 42CE @568<>2 @01>BK A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85<  >A=>2=>3> 8 2A?><>30B5;L=>3>. 07;8G85 <564C MB8<8 @568<0<8 70:;NG05BAO 2 B><, GB> ?@8 2A?><>30B5;L=>< @568<5 7028A8<>ABL IM< =f(n:) ?> A@02=5=8N A 0=0;>38G=>9 7028A8<>ABLN 4;O >A=>2=>3> @568<0 A<5I5=0 2 7>=C 1>;55 2KA>:8E G0AB>B ?:, :0: MB> ?>:070=> HB@8E>2K<8 ;8=8O<8 =0 @8A. 59. ;03>40@O MB><C ?@8 2A?><>30B5;L=>< @568<5 7028A8<>ABL Mc=f(nK) B0:65 A<5I05BAO 2 7>=C 1>;55 2KA>:8E ?:, GB> B@51C5BAO 2 A;CG05 M:A?;C0B0F88 02B><>18;O 2 C> ;>28OE =87:8E >B@8F0B5;L=KE B5<?5@0BC@ A ?;>E> ?@>3@5BK< 42830B5;5< 8;8 ?@8 42865=88 02B><>18;O 2 BO65;KE 4>@>6=KE CA;>28OE (A 1>;LH8< A>?@>B82;5=85< 42865=8N).  8A. 59. 028A8<>AB8 A8;K B>:0 IM< 2 >1<>B:5 M;5:B@><03=8B0 -! >B G0AB>BK 2@0I5=8O ?:: 1  4  >A=>2=>9 @568< @01>BK; 5  4>1;>:8@>2:0, >A=>2=>9 @568<; 6  9  2A?><>30B5;L=K9 @568< @01>BK; 10  4>1;>:8@>2:0, 2A?><>30B5;L=K9 @568< ;O ?5@5E>40 >B >A=>2=>3> @568<0 : 2A?><>30B5;L=><C 2>48B5;L 4>;65= ?5@5:;NG8BL 2K:;NG0B5;L =0 I8B:5 C?@02;5=8O 18 (A<. @8A. 57). A=>2=>9 @568< @01>BK A8AB5<K C?@02;5=8O. 0 >A=>2=>< @568<5 2 480?07>=5 G0AB>B 2@0I5=8O ?: >B 800 <8=-1 (@568< E>;>AB>3> E>40 42830B5;O) 4> 2200 <8=-1 A8;0 B>:0 IM< <>=>B>==> C<5=LH05BAO >B 2,2 4> 1,2  (@8A. 59, :@820O 1). 0:CC<=0O A5@2>:0<5@0 -! A?@>5:B8@>20=0 B0:8< >1@07><, GB> ?@8 ?@>E>645=88 G5@57 >1<>B:C 55 M;5:B@><03=8B0 B>:0 A8;>9 2,1  2,2  >=0 >15A?5G8205B ?>;=>5 2K:;NG5=85 AF5?;5=8O, 0 ?@8 A8;5 B>:0 1,8  2  (A>>B25BAB2CNI59 3A: =1100-1300 <8=-1) AF5?;5=85 ?5@5405B <><5=B A, 4>AB0B>G=K9 4;O B@>30=8O 02B><>18;O A <5AB0 =0 3>@87>=B0;L=>< CG0AB:5 ?CB8. > <5@5 C<5=LH5=8O A8;K B>:0 IM< ?@>8AE>48B C25;8G5=85 <><5=B0 A 8 ?@8 A8;5 B>:0 1,2  (n: = 2200 <8=-1), AF5?;5=85 <>65B ?5@540BL <><5=B A, =5A:>;L:> ?@52KH0NI89 <0:A8<0;L=K9 :@CBOI89 <><5=B 42830B5;O. @8 G0AB>B5 2@0I5=8O n:>n1 = 2200 <8=-1 ?@>8AE>48B C<5=LH5=85 A8;K B>:0 >B 1,2  ?>GB8 4> =C;O (;8=8O 2), >15A?5G820NI55 C25;8G5=85 <><5=B0 B@5=8O AF5?;5=8O 4> <0:A8<0;L=>3> 7=0G5=8O A max, 1;03>40@O G5<C 30@0=B8@C5BAO 1;>:8@>2:0 AF5?;5=8O. #:070==>5 A=865=85 A8;K B>:0 ?@>8AE>48B1 =5 <3=>25==>, 0 2 B5G5=85 ?@8<5@=> 1,5 A, GB> 8A:;NG05B 2>7<>6=>ABL ?>O2;5=8O ?8:>2KE =03@C7>: 2 B@0=A<8AA88 02B><>18;O 4065 ?@8 =5A>3;0A>20==>9 E0@0:B5@8AB8:5 Mc=f(nK). >A;5 B>3>, :0: @50;87C5BAO @568< 1;>:8@>2:8 AF5?;5=8O, A8;0 B>:0 IM< >AB05BAO 1;87:>9 : =C;N (;8=8O 3) 4> B5E ?>@, ?>:0 G0AB>B0 2@0I5=8O ?: =5 C<5=LH8BAO 4> 7=0G5=8O O@1=1100 <8=-1. @8 B0:>9 G0AB>B5 2@0I5=8O A8;0 B>:0 (;8=8O 4) A:0G:>>1@07=> C25;8G8205BAO 4> 2  (@568< @071;>:8@>2:8 AF5?;5=8O). 0;55 A8;0 B>:0 IM< 2 7028A8<>AB8 >B G0AB>BK 2@0I5=8O ?: 87<5=O5BAO ?> :@82>9 1 E0@0:B5@8AB8:8 IM< = f(nK). "0:8< >1@07><, 5A;8 ?@8 42865=88 02B><>18;O G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O E>BO 1K :@0B:>2@5<5==> ?@52KA8;0 2200 <8=-1 8 2A;54AB285 MB>3> ?@>87>H;0 1;>:8@>2:0 AF5?;5=8O, B> 2 40;L=59H5< AF5?;5=85 >AB0=5BAO 701;>:8@>20==K< 4> B5E ?>@, ?>:0 G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 =5 AB0=5B =865 1100 <8=-1. ;03>40@O MB><C, :0: C:07K20;>AL 2KH5, 7=0G8B5;L=> C<5=LH05BAO >?0A=>ABL @01>BK AF5?;5=8O A ?@>1C:A>2K20=85< 2 A;CG05 42865=8O 02B><>18;O A =87:8<8 A:>@>ABO<8, B. 5. 8A:;NG05BAO >A=>2=>9 =54>AB0B>: 1>;LH8=AB20 8725AB=KE A8AB5< 02B><0B870F88 C?@02;5=8O AF5?;5=85<.  8A. 60. !B@C:BC@=0O AE5<0 A8AB5<K C?@02;5=8O -! @8 G0AB>B0E 2@0I5=8O ?:, <5=LH8E n1, 8<55BAO 2>7<>6=>ABL ?>40G8 :><0=4K =0 2:;NG5=85 1;>:8@>2:8 AF5?;5=8O. "0:>9 @568< (. A. 929471, !!! , 3  60  41/02) @50;87C5BAO 2 A;CG05, 5A;8 2> 2@5<O ?5@5:;NG5=8O ?5@540G G0AB>B0 2@0I5=8O ?: >:07K205BAO 1>;LH5 n41=1500 <8=-1 (;8=8O 5). @8 MB>< C<5=LH05BAO >?0A=>ABL 4;8B5;L=>9 @01>BK AF5?;5=8O A ?@>1C:A>2K20=85<, :>B>@0O <>3;0 1K 1KBL 2 A;CG05 42865=8O 02B><>18;O A =87:8<8 A:>@>ABO<8 ?@8 2:;NG5==KE 2KAH8E ?5@540G0E. <5AB5 A B5< B0:>5 A<5I5=85 @568<0 1;>:8@>2:8 =5 >:07K205B 2;8O=8O =0 48=0<8:C 02B><>18;O ?@8 53> B@>30=88 A <5AB0, ?>A:>;L:C =87H0O ?5@540G0, =0 :>B>@>9 =0G8=05BAO @073>= 02B><>18;O, 2:;NG05BAO 5I5 4> =0G0;0 53> @073>=0, G5<C A>>B25BAB2C5B CA;>285 n:<n41. 0AA<>B@5==K9 @568< =07K205BAO 4>1;>:8@>2:>9 AF5?;5=8O. B<5B8<, GB> >1KG=> 2 A8AB5<0E 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< B0:>9 @568< =5 ?@54CA<0B@8205BAO. A?><>30B5;L=K9 @568< @01>BK A8AB5<K C?@02;5=8O. 028A8<>AB8 Mc=f(nK) 4;O >A=>2=>3> 8 2A?><>30B5;L=>3> @568<>2 8<5NB 0=0;>38G=K9 284 8 >B;8G0NBAO B>;L:> B5<, GB> 4;O ?>A;54=53> MB0 7028A8<>ABL A<5I5=0 2 7>=C 1>;55 2KA>:8E G0AB>B 2@0I5=8O ?:. A;54AB285 MB>3> 2> 2A?><>30B5;L=>< @568<5 AF5?;5=85 =0G8=05B ?5@54020BL <><5=B, 4>AB0B>G=K9 4;O B@>30=8O 02B><>18;O A <5AB0, ?@8 G0AB>B5 2@0I5=8O ?:= 1700-7-1900 <8=-1 (A<. @8A. 59, ;8=8O 6), 1;03>40@O G5<C >:07K205BAO 2>7<>6=K< C25;8G8BL G0AB>BC 2@0I5=8O :>;5=G0B>3> 20;0 OE. E 2 @568<5 E>;>AB>3> E>40 42830B5;O 4> 1500  1600 <8=-1 157 >?0A=>AB8 @57:>3> 2:;NG5=8O AF5?;5=8O ?@8 B@>30=88 02B><>18;O A <5AB0.  @57C;LB0B5 <>6=> =0G8=0BL M:A?;C0B0F8N 02B><>18;O ?@8 ?;>E> ?@>3@5B>< 42830B5;5, C :>B>@>3> 2> 871560=85 53> >AB0=>2:8 ?@8E>48BAO 7=0G8B5;L=> C,5;8G820BL G0AB>BC 2@0I5=8O ;E.E. > 2A?><>30B5;L=>< @568<5 B>G:0 ?5@5A5G5=8O 7028A8<>AB59 Mc = f (?:) 8 M=f(nK) A>>B25BAB2C5B G0AB>B5 2@0I5=8O n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~0,7 . @8 ?>2KH5=88 =0?@O65=8O 1>@B>2>9 A5B8 4> 16  21,4  ?@>8AE>48B ?@>1>9 AB018;8B@>=0 VD9 8 A>7405BAO 4>?>;=8B5;L=0O =03@C7:0 4;O F5?8 ?8B0=8O M;5:B@>==>3> 1;>:0. ;03>40@O MB><C ?@54>B2@0I05BAO ?>O2;5=85 =54>?CAB8<KE =0?@O65=89 2 40==>9 F5?8, ?>A:>;L:C >=8 >3@0=8G820NBAO C:070==K< 2KH5 C@>2=5< =0?@O65=89. 8>4 VD10 ?@54>B2@0I05B 2KE>4 AB018;8B@>=0 VD9 87 AB@>O ?@8 ?>4:;NG5=88 M;5:B@>==>3> 1;>:0 ?>4 =0?@O65=85 >1@0B=>9 ?>;O@=>AB8. ;O 70I8BK F5?59 C?@02;5=8O 1;>:0 8A?>;L7C5BAO B@0=78AB>@ VT24 B8?0 "501, ?5@5E>4 M<8BB5@  :>;;5:B>@ :>B>@>3> 2:;NG5= <564C 2K2>4>< +12  1;>:0 8 H8=>9 +UAB, >B :>B>@>9 >ACI5AB2;O5BAO ?8B0=85 F5?59 C?@02;5=8O 1;>:0.  8A. 62. 7<5=5=85 =0?@O65=8O =0 2E>45 M;5:B@>==>3> 1;>:0 @8 ?@028;L=>< 2:;NG5=88 1;>:0 ?>;>68B5;L=K9 ?>;NA 1>@B>2>9 A5B8 A>548=O5BAO A M<8BB5@><, 0 >B@8F0B5;L=K9 (<0AA0) ?>4:;NG05BAO : 1075 B@0=78AB>@0 VT24. -B> >15A?5G8205B >B:@KB85 B@0=78AB>@0 VT24, 1;03>40@O G5<C : H8=5 + UCT ?>42>48BAO =0?@O65=85, >B;8G0NI55AO >B =0?@O65=8O 1>@B>2>9 A5B8 =0 25;8G8=C ?045=8O =0?@O65=8O 2 ?5@5E>45 M<8BB5@  :>;;5:B>@ B@0=78AB>@0 VT24 (0,+-0,15 ). A;8 65 : M;5:B@>==><C 1;>:C ?>42>48BAO =0?@O65=85 >1@0B=>9 ?>;O@=>AB8, B> B@0=78AB>@ VT24 >AB05BAO 70:@KBK<, 0 ?@>1>9 53> ?5@5E>40 1070  M<8BB5@ =5 <>65B ?@>87>9B8, ?>A:>;L:C 4>?CAB8<>5 >1@0B=>5 =0?@O65=85 4;O 40==>3> ?5@5E>40 C B@0=78AB>@0 "501 A>AB02;O5B 20 . '0AB>B=>-0=0;>3>2K9 ?@5>1@07>20B5;L. @8 42865=88 02B><>18;O ?@>8AE>48B 1KAB@>5 87<5=5=85 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O. @8 MB8E CA;>28OE =>@<0;L=0O @01>B0 -! >:07K205BAO 2>7<>6=>9 ;8HL ?@8 CA;>288 >15A?5G5=8O 2KA>:>3> 1KAB@>459AB28O A8AB5<K C?@02;5=8O, 2 B>< G8A;5 <0:A8<0;L=>3> 1KAB@>459AB28O ?@5>1@07>20=8O A83=0;0, ?>ABC?0NI53> >B 40BG8:0 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0, 2 =0?@O65=85 ?>AB>O==>3> B>:0, :>B>@>5 40;55 8A?>;L7C5BAO 4;O 87<5=5=8O A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0 -!. ! CG5B>< 40==>3> B@51>2098O 2 M;5:B@>==>< 1;>:5 ?@8<5=5= ' A ?@5>1@07>20=85< 2E>4=>3> A83=0;0 2 B5G5=85 ?>;CF8:;0.  8A. 63. 028A8<>ABL 8BKE= =f(n:) 4;O ' ?@8 @01>B5 -!: 1  2 >A=>2=>< @568<5; 2  2> 2A?><>30B5;L=>< @568<5 E>4=K< A83=0;>< 4;O ' O2;O5BAO =0?@O65=85, ?>42>48<>5 >B 40BG8:0 G0AB>BK 2@0I5=8O ?: (?@5@K20B5;O-@0A?@545;8B5;O) : 2K2>4C 1 M;5:B@>==>3> 1;>:0 (@8A. 61). E>4=>5 CAB@>9AB2> ', A>AB>OI55 87 48>40 VD1, @578AB>@>2 Rl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f(n:) ?@8 ?5@5:;NG5=88 -! 2> 2A?><>30B5;L=K9 @568< (@8A. 63). "0:>5 ?5@5:;NG5=85 2>48B5;L >ACI5AB2;O5B ?CB5< ?5@52>40 ?5@5:;NG0B5;O 5 2 ?>;>65=85 III (A<. @8A. 61), 1;03>40@O G5<C =0?@O65=85 >B 1>@B>2>9 A5B8 ?>42>48BAO : 2K2>4C 6 1;>:0 8 40;55 G5@57 @578AB>@ R37 : 1075 B@0=78AB>@0 VT13. -B> >15A?5G8205B >B:@KB85 40==>3> B@0=78AB>@0, 2 @57C;LB0B5 G53> ?@8 ?@>E>645=88 :>;;5:B>@=>3> B>:0 G5@57 @578AB>@K R32 8 R33 A>7405BAO 4>?>;=8B5;L=>5 ?045=85 =0?@O65=8O, ?@82>4OI55 : C<5=LH5=8N =0?@O65=8O =0 1075 B@0=78AB>@0 VT14 8, A;54>20B5;L=>, : A=865=8N =0?@O65=8O U2KE =0 2KE>45 '. @8 ?5@5:;NG5=88 -! 2> 2A?><>30B5;L=K9 @568< =5>1E>48<>, GB>1K 2 @01>G5< 480?07>=5 G0AB>B 2@0I5=8O n:=1600-2600 <8=-1, A>>B25BAB2CNI8E 40==><C @568<C, :@CB87=0 E0@0:B5@8AB8:8 UBblK = f(nK) 1K;0 ?@8<5@=> B0:>9 65, :0: 8 2 @01>G5< 480?07>=5 G0AB>B 2@0I5=8O ?: =1000-2000 <8=-1 >A=>2=>3> @568<0 @01>BK -!. 0?@O65=85 =0 2KE>45 ?@5>1@07CNI59 G0AB8 ' (M<8BB5@K B@0=78AB>@>2 VT9 8 VT10) 2 7>=5 G0AB>B 2@0I5=8O nK =10004-2000 <8=-1 87<5=O5BAO 1>;55 8=B5=A82=>, G5< 2 480?07>=5 G0AB>B 2@0I5=8O ?:= 1600-2600 <8=-1. >MB><C 4;O ?>;CG5=8O >48=0:>2>9 :@CB87=K E0@0:B5@8AB8:8 UB+X=f(nK) ' ?@8 >1>8E @568<0E @01>BK -! 2 =5< ?@8<5=5=> @5H5=85, >15A?5G820NI55 2> 2A?><>30B5;L=>< @568<5 C<5=LH5=85 ?045=8O =0?@O65=8O 2 @578AB>@0E R32 8 R33 ?> <5@5 C25;8G5=8O G0AB>BK 2@0I5=8O ?:. -B> 4>AB8305BAO 2A;54AB285 2:;NG5=8O B@0=78AB>@0 VT13 ?> AE5<5 35=5@0B>@0 B>:0. @><5 B>3>, 2 F5?L M<8BB5@0 B@0=78AB>@0 VT13 2:;NG5= 45;8B5;L =0?@O65=8O, A>AB>OI89 87 ?0@0;;5;L=> A>548=5==KE @578AB>@>2 R35, R39* 8 @578AB>@0 R36.  A@54=59 B>G:5 45;8B5;O G5@57 @578AB>@ R40 ?>4:;NG5= M<8BB5@ B@0=78AB>@0 VT13, 0 : >4=><C 87 2KE>4>2 45;8B5;O  M<8BB5@ B@0=78AB>@0 VT12. 0==K9 B@0=78AB>@ 2:;NG5= ?> AE5<5 M<8BB5@-=>3> ?>2B>@8B5;O, ?>MB><C =0?@O65=85 =0 53> M<8BB5@5 87<5=O5BAO A>>B25BAB25==> =0?@O65=8N =0 1075 B@0=78AB>@0, :>B>@0O ?>4:;NG5=0 : C:070==><C 2KE>4C ?@5>1@07CNI59 G0AB8 '. > <5@5 ?>2KH5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 C25;8G8205BAO =0?@O65=85 =0 1075 8 M<8BB5@5 B@0=78AB>@0 VTJ2. !>>B25BAB25==> 2>7@0AB05B 8 =0?@O65=85 2 A@54=59 B>G:5 45;8B5;O, : :>B>@>9 ?>4:;NG5= @578AB>@ R40.  @57C;LB0B5 ?>=8605BAO A8;0 B>:0 2 F5?OE 107K 8 :>;;5:B>@0 B@0=78AB>@0 VT13, 1;03>40@O G5<C 4>AB8305BAO B@51C5<>5 C<5=LH5=85 ?045=8O =0?@O65=8O 2 @578AB>@0E 1R32 8 R33. ! C25;8G5=85< A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R38* ?>2KH05BAO =0?@O65=85 =0 1075 B@0=78AB>@0 VT13, GB> C25;8G8205B A8;C B>:0 :>;;5:B>@0 40==>3> B@0=78AB>@0 8, A;54>20B5;L=>, C<5=LH05B 2KE>4=>5 =0?@O65=85 '. @8 C25;8G5=88 A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R39* 87<5=5=85 =0?@O65=8O =0 2KE>45 ?@5>1@07CNI59 G0AB8 ' 1C45B A8;L=55 2;8OBL =0 @568< @01>BK B@0=78AB>@0 VT13. >MB><C A C25;8G5=85< A>?@>B82;5=8O @578AB>@0 R39* 2>7@0AB05B :@CB87=0 E0@0:B5@8AB8:8 U+%= =f(n:) 2> 2A?><>30B5;L=>< @568<5. 53C;OB>@ A8;K B>:0. @8 ?>AB>O==>< =0?@O65=88 U2KE, ?>42>48<>< : 2E>4C @53C;OB>@0 A8;K B>:0 ". >B 2KE>40 ', 40==K9 @53C;OB>@ 4>;65= >15A?5G820BL ?>AB>O==>5 A@54=55 7=0G5=85 A8;K B>:0 IM< 2 >1<>B:5 M;5:B@><03=8B0 -! =57028A8<> >B =0?@O65=8O 1>@B>2>9 A5B8 02B><>18;O 8 A>?@>B82;5=8O >1<>B:8 M;5:B@><03=8B0. ">;L:> ?@8 2K?>;=5=88 40==>3> B@51>20=8O <>65B 1KBL >15A?5G5=0 AB018;L=0O @01>B0 -!. 5>1E>48<> B0:65, GB>1K A@54=55 7=0G5=85 A8;K B>:0 IM< 87<5=O;>AL 2 7028A8<>AB8 >B ?:, ?@8G5< ?> <5@5 2>7@0AB0=8O G0AB>BK 2@0I5=8O A8;0 B>:0 4>;6=0 C<5=LH0BLAO. 53C;OB>@ A8;K B>:0 (. A. 901096, !!! , 3  60  41/02) A>45@68B 420 DC=:F8>=0;L=KE C7;0: M;5<5=B C?@02;5=8O -# 8 2KE>4=>9 CA8;8B5;L #. > ?@8=F8?C 459AB28O M;5<5=B C?@02;5=8O >B=>A8BAO : CAB@>9AB20< <?C;LA=>3> @53C;8@>20=8O A8;K B>:0. 0==K9 M;5<5=B " ?> AE5<5 8 ?@8=F8?C 459AB28O 0=0;>38G5= ", >?8A0==><C 2KH5 (A<. @8A. 39). >MB><C @568<K @01>BK M;5<5=B0 C?@02;5=8O =5 @0AA<0B@820NBAO, 0 >?8AK20NBAO B>;L:> # 8 =5:>B>@K5 >A>15==>AB8 =0AB@>9:8 -#.  ?5@8>4K, :>340 =0?@O65=85 =0 8=25@B8@CNI5< 2E>45 4 >?5@0F8>==>3> CA8;8B5;O DA2 (A<. @8A. 61), 2E>4OI53> 2 A>AB02 -#, 2KH5 =0?@O65=8O =0 53> =58=25@B8@CNI5< 2E>45 5, =0?@O65=85 =0 2KE>45 10 CA8;8B5;O =51>;LH>5 (?@8<5@=> 1,5  ?> >B=>H5=8N : H8=5  Uct). @8 MB>< =5>1E>48<> A ?><>ILN 2KE>4=>3> B@0=78AB>@0 VT23 >B:;NG0BL >1<>B:C M;5:B@><03=8B0 -! >B 8AB>G=8:0 ?8B0=8O, 4;O G53> B@51C5BAO >15A?5G8BL 2K:;NG5=85 B@0=78AB>@>2 VT22, VT21 8 VT20, 2E>4OI8E A>2<5AB=> A B@0=78AB>@>< VT23 2 A>AB02 2KE>4=>3> CA8;8B5;O. ! MB>9 F5;LN M<8BB5@ B@0=78AB>@0 VT20 ?>4:;NG5= : A@54=59 B>G:5 45;8B5;O =0?@O65=8O, >1@07>20==>3> @578AB>@0<8 R72 8 R73, 0 1070 B@0=78AB>@0  : A@54=59 B>G:5 45;8B5;O =0?@O65=8O, >1@07>20==>3> @578AB>@0<8 R66 8 R67. @8 =><8=0;L=KE 7=0G5=8OE A>?@>B82;5=89 @578AB>@>2, C:070==KE =0 @8A. 61, =0?@O65=85 =0 M<8BB5@5 B@0=78AB>@0 VT20 >:07K205BAO 2KH5 =0?@O65=8O =0 53> 1075, 2A;54AB285 G53> B@0=78AB>@ 70:@KB. >340 =0?@O65=85 =0 =58=25@B8@CNI5< 2E>45 5 CA8;8B5;O DA2 2KH5 =0?@O65=8O =0 53> 8=25@B8@CNI5< 2E>45 4, =0 2KE>45 10 CA8;8B5;O ?>O2;O5BAO 2KA>:>5 =0?@O65=85 (?@8<5@=> 8,5 ). @8 ?>40G5 40==>3> =0?@O65=8O =0 107C B@0=78AB>@0 VT20 G5@57 45;8B5;L (@578AB>@K R6G 8 R67) B@0=78AB>@ >B:@K205BAO 8 @01>B05B 2 @568<5 =0AKI5=8O.  @57C;LB0B5 ?@>8AE>48B >B:@KB85 B@0=78AB>@>2 VT21, VT22 8 VT23, 8 >1<>B:0 M;5:B@><03=8B0 -! ?>4:;NG05BAO : 1>@B>2>9 A5B8 G5@57 @578AB>@ R78 (0,4 <). "@0=78AB>@K VT22 8 VT23 2:;NG5=K ?> >4=>9 87 <>48D8:0F89 AE5<K A>AB02=>3> B@0=78AB>@0. @8 MB>< ?045=85 =0?@O65=8O =0 ?5@5E>45 M<8BB5@  :>;;5:B>@ 2:;NG5==>3> B@0=78AB>@0 VT23 @02=> >:>;> 1 , B. 5. 4065 ?@8 <0:A8<0;L=> 2>7<>6=>9 A8;5 B>:0 =03@C7:8 40==>3> B@0=78AB>@0, =5 ?@52KH0NI59 3 , @0AA58205<0O <>I=>ABL 2 B@0=78AB>@5 A>AB028B =5 1>;55 3 B. # B@0=78AB>@>2 B8?0 "837%, 8A?>;L7>20==>3> 2 :0G5AB25 2KE>4=>3> B@0=78AB>@0 VT23, :>;;5:B>@ A>548=5= A :>@?CA>< B@0=78AB>@0. ! 4@C3>9 AB>@>=K, :>;;5:B>@ B@0=78AB>@0 VT23 8<55B M;5:B@8G5A:CN A2O7L A <0AA>9 02B><>18;O. -B> ?>72>;O5B ?@>AB> @5H8BL ?@>1;5<C >E;0645=8O B@0=78AB>@0 VT23 ?CB5< 53> CAB0=>2:8 =5?>A@54AB25==> =0 :>@?CA M;5:B@>==>3> 1;>:0. KH5 C65 >B<5G0;>AL, GB> ?@8 ?>AB>O==>< =0?@O65=88 U+% " >15A?5G8205B ?>AB>O==>5 A@54=55 7=0G5=85 B>:0 IM< =57028A8<> >B A>?@>B82;5=8O >1<>B:8 M;5:B@><03=8B0. -B> A>E@0=O5BAO 8 ?@8 :>@>B:>< 70<K:0=88 >1<>B:8 M;5:B@><03=8B0. 4=0:> 2 40==>< A;CG05 @57:> 2>7@0AB05B G0AB>B0 87<5=5=8O B>:0 IM< (=0 2  3 ?>@O4:0), B0: :0: 2 :>@>B:>70<:=CB>9 F5?8 >BACBAB2C5B 8=4C:B82=>ABL. @><5 B>3>, C25;8G8205BAO @07=8F0 <564C <8=8<0;L=K< 8 <0:A8<0;L=K< 7=0G5=8O<8 A8;K B>:0 2 ?@>F5AA5 53> 87<5=5=8O, :>B>@0O 8<55BAO ?@8 >B:@KB88 8 70:@KB88 2KE>4=>3> B@0=78AB>@0 VT23.  @57C;LB0B5 C:070==>3> ACI5AB25==> C25;8G8205BAO <>I=>ABL, @0AA58205<0O =0 B@0=78AB>@5 VT23. <5==> MB>B @568< O2;O5BAO >?@545;ONI8< 4;O 2K1>@0 @07<5@>2 >E;0640NI53> @0480B>@0 4;O B@0=78AB>@0 VT23. @8 ?@8<5=5=88 2 :0G5AB25 2KE>4=>3> B@0=78AB>@0 B8?0 "837%, C :>B>@>3> 4>?CAB8<>5 =0?@O65=85 1070  M<8BB5@ @02=> 15 , >15A?5G8205BAO 70I8B0 2A5E M;5<5=B>2 CA8;8B5;O >B =0?@O65=8O >1@0B=>9 ?>;O@=>AB8.  A;CG05 B0:>3> ?>4:;NG5=8O, =5A<>B@O =0 A>548=5=85 107K B@0=78AB>@0 VT23 A ?>;>68B5;L=K< ?>;NA>< 1>@B>2>9 A5B8, ?5@5E>4 1070  M<8BB5@ B@0=78AB>@0 =5 1C45B ?@>18B, 0 8=25@A=>5 2:;NG5=85 B@0=78AB>@0 VT22 B0:65 =5 A>740AB :0:8E-;81> 020@89=KE @568<>2, ?>A:>;L:C 2 F5?L :>;;5:B>@0 B@0=78AB>@0 VT22 2:;NG5= @578AB>@ R77 A =><8=0;L=K< A>?@>B82;5=85< 1 :<. 0 AG5B A>2<5AB=>3> 459AB28O ', M;5<5=B0 C?@02;5=8O 8 2KE>4=>3> CA8;8B5;O " >15A?5G8205BAO ?>;CG5=85 E0@0:B5@8AB8: IM< =f(?:), ?@82545==KE =0 @8A. 59. 0:;>= MB8E E0@0:B5@8AB8: <>6=> :>@@5:B8@>20BL A ?><>ILN ?>4AB@>5G=KE M;5<5=B>2 ". @8 87<5=5=88 =0?@O65=8O UKE =0 2KE>45 ' =0?@O65=85 =0 2K2>45 4 >?5@0F8>==>3> CA8;8B5;O DA2 1C45B <5=OBLAO B5< 2 1>;LH8E ?@545;0E, G5< <5=LH5 A>?@>B82;5=85 ?>4AB@>5G=>3> @578AB>@0 R44*.  A2>N >G5@54L, C25;8G5=85 480?07>=0 87<5=5=8O =0?@O65=8O =0 2K2>45 4 DA2 ?@82>48B : 1>;LH8< 87<5=5=8O< A8;K B>:0 IM< ?@8 B>< 65 480?07>=5 87<5=5=8O G0AB>B 2@0I5=8O ?:. A;54AB285 MB>3> 2>7@0AB05B :@CB87=0 E0@0:B5@8AB8:8 IM< =f(n:). G5284=>, GB> 2 @57C;LB0B5 ?>2KH5=8O A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R44* 1C45B >15A?5G5=> C<5=LH5=85 :@CB87=K MB>9 E0@0:B5@8AB8:8.  A;CG05 ?>2KH5=8O A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R53* 4;O A>E@0=5=8O ?@56=53> C@>2=O =0?@O65=8O =0 2K2>45 5 CA8;8B5;O DA2 =5>1E>48<> A>>B25BAB25==> C<5=LH8BL =0?@O65=85, ?>42>48<>5 : @578AB>@C R49. -B> 2>7<>6=> B>;L:> ?@8 C25;8G5=88 ?045=8O =0?@O65=8O 2 87<5@8B5;L=>< @578AB>@5 R78, B. 5. ?@8 ?>2KH5=88 A8;K B>:0 IM<. >MB><C ?>2KH5=85 A>?@>B82;5=8O @578AB>@0 R53* ?@82>48B : A<5I5=8N 7028A8<>AB8 IM< = =f(n:) 2 7>=C 1>;55 2KA>:8E 7=0G5=89 ?:, 0 C<5=LH5=85 A>?@>B82;5=8O @578AB>@0 R53*  2 7>=C <5=LH8E n:. #75; 1;>:8@>2:8 AF5?;5=8O.  A>AB02 C7;0 1;>:8@>2:8 (#) AF5?;5=8O 2E>4OB: ?>@>3>2>5 CAB@>9AB2> #, 2K@010BK20NI55 ?@8 >?@545;5==KE 7=0G5=8OE ?: :><0=4K =0 >ACI5AB2;5=85 1;>:8@>2:8 8 @071;>:8@>2:8 AF5?;5=8O; M;5<5=B ?;02=>3> 2:;NG5=8O 1;>:8@>2:8 (-), ?>;CG0NI89 >B ?>@>3>2>3> CAB@>9AB20 :><0=4C =0 1;>:8@>2:C AF5?;5=8O 8 @50;87CNI89 55 2A;54AB285 ?;02=>3> C<5=LH5=8O A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0 -! 4> 7=0G5=8O, 1;87:>3> : =C;N. @>4>;- 68B5;L=>ABL C:070==>3> ?@>F5AA0 C<5=LH5=8O A8;K B>:0 A>AB02;O5B 1,5  2 A; M;5<5=B :>@@5:B8@>20=8O 2:;NG5=8O 1;>:8@>2:8 (-), 87<5=ONI89 ?>A;5 ?5@5:;NG5=8O ?5@540G =0AB@>9:C ?>@>3>2>3> CAB@>9AB20 4;O 2:;NG5=8O 1;>:8@>2:8 AF5?;5=8O ?@8 C<5=LH5==>< 7=0G5=88 ?:. >@>3>2>5 CAB@>9AB2>. >@>3>2>5 CAB@>9AB2> (#) 2K?>;=5=> 2 2845 >?5@0F8>==>3> CA8;8B5;O DA1 A ?>;>68B5;L=>9 >1@0B=>9 A2O7LN, @50;87C5<>9 A ?><>ILN B@0=78AB>@0 VT2 8 @578AB>@>2 R5 8 R6 (A<. @8A.61). 0?@O65=85 : =58=25@B8@CNI5<C 2E>4C 5 DA1 ?>42>48BAO >B 2KE>40 ', 0 8=25@B8@CNI89 2E>4 4 ?>4:;NG5= : AB018;878@>20==><C =0?@O65=8N ?8B0=8O G5@57 45;8B5;L =0?@O65=8O, >1@07>20==K9 @578AB>@0<8 R11, R12 8 R14 *. @8 G0AB>B5 2@0I5=8O :>;5=G0B>3> 20;0, <5=LH59 7=0G5=8O n1, =0?@O65=85 U2KE =0 2KE>45 ' 8, A;54>20B5;L=>, =0 2E>45 5 DA1 <5=LH5 =0?@O65=8O =0 2E>45 4. >MB><C >?5@0F8>==K9 CA8;8B5;L DA1 @01>B05B 2 @568<5 A =87:8< C@>2=5< =0?@O65=8O =0 53> 2KE>45 10 (>:>;> 1,5 ). -B>3> =0?@O65=8O =54>AB0B>G=> 4;O >B:@KB8O B@0=78AB>@0 VT16 2A;54AB285 ?045=8O =0?@O65=8O 2 48>45 VD4 8 ?>42545=8O : M<8BB5@C B@0=78AB>@0 VT16 =0?@O65=8O >B 2KE>40 ' (G5@57 45;8B5;L =0?@O65=8O, >1@07>20==K9 @578AB>@0<8 R57 8 R58), @8 2K:;NG5==><, B@0=78AB>@5 VT16 :><0=40 =0 2:;NG5=85 1;>:8@>2:8 =5 ?>405BAO.  MB>B ?5@8>4 B0:65 70:@KB 8 B@0=78AB>@ VT2, GB> >15A?5G8205B >B:;NG5=85 @578AB>@>2 R5 8 R8* >B H8=K  Ucr. >A;5 B>3>, :0: G0AB>B0 2@0I5=8O ?: 2>7@0AB05B 4> 7=0G5=8O ?1, ?@8 :>B>@>< =0?@O65=85 =0 2E>45 5 DA1 AB0=>28BAO 1>;LH5 =0?@O65=8O =0 53> 2E>45 4, >?5@0F8>==K9 CA8;8B5;L A:0G:>>1@07=> ?5@5E>48B 2 @568<, E0@0:B5@87CNI89AO ?>O2;5=85< =0?@O65=8O 2KA>:>3> C@>2=O (>:>;> 8,5 ) =0 53> 2KE>45 10. !:0G:>>1@07=>5 ?5@5:;NG5=85 DA1 >15A?5G8205BAO B5<, GB> 5I5 2 ?@>F5AA5 =0@0AB0=8O =0?@O65=8O =0 53> 2KE>45 >B:@K205BAO B@0=78AB>@ VT2, 2K7K20NI89 C<5=LH5=85 =0?@O65=8O =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O 2A;54AB285 ?>4:;NG5=8O : H8=5  UAB @578AB>@>2 R5 8 R8*. >O2;5=85 2KA>:>3> =0?@O65=8O =0 2KE>45 10 CA8;8B5;O O2;O5BAO :><0=4>9 =0 1;>:8@>2:C AF5?;5=8O. >A;5 ?5@5E>40 CA8;8B5;O DA1 2 @568< A 2KA>:8< C@>2=5< 2KE>4=>3> =0?@O65=8O 2A;54AB285 C<5=LH5=8O =0?@O65=8O =0 8=25@B8@CNI5< 2E>45 4 >1@0B=>5 ?5@5:;NG5=85 CA8;8B5;O (2 @568< A =87:8< C@>2=5< 2KE>4=>3> =0?@O65=8O) <>65B ?@>87>9B8 ;8HL ?>A;5 B>3>, :0: =0?@O65=85 U+ =0 2KE>45 ' A=878BAO 4> 7=0G5=8O, @02=>3> C<5=LH5==><C =0?@O65=8N =0 2E>45 4 CA8;8B5;O. ;O MB>3> G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 4>;6=0 A=878BLAO 4> 7=0G5=8O n@1, :>B>@>5 <5=LH5 G0AB>BK 2@0I5=8O 3A1.  @57C;LB0B5 >15A?5G8205BAO B@51C5<K9 E0@0:B5@ 87<5=5=8O 7028A8<>AB8 A = f(nK), ?@8 :>B>@>< A=8605BAO @01>B0 1C:A>20=8O AF5?;5=8O. ! C25;8G5=85< A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R14* ?>2KH05BAO =0?@O65=85 =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O DA1.  MB>< A;CG05 4;O ?5@5:;NG5=8O CA8;8B5;O 2 @568< A 2KA>:8< C@>2=5< 53> 2KE>4=>3> =0?@O65=8O : 2E>4C 5 =5>1E>48<> ?>425AB8 >B 2KE>40 ' 1>;55 2KA>:>5 =0?@O65=85. #:070==>5 >7=0G05B, GB> C25;8G5=85 A>?@>B82;5=8O @578AB>@0 R14* A<5I05B G0AB>BK 2@0I5=8O n1 8 n@1 2 7>=C 1>;55 2KA>:8E 7=0G5=89 ?:. #<5=LH5=85 A>?@>B82;5=8O @578AB>@0 R14*, =0>1>@>B, C<5=LH05B 7=0G5=8O n1 8 n@1. #<5=LH5=85 A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R8* ?@82>48B : B><C, GB> ?>A;5 >B:@KB8O B@0=78AB>@0 VT2 A=865=85 =0?@O65=8O =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O DA1 ?@>8AE>48B 2 1>;LH59 AB5?5=8.  @57C;LB0B5 C25;8G8205BAO @07=>ABL G0AB>B 2@0I5=8O ;1 8 ?@1. ;03>40@O MB><C 87<5=5=85< A>?@>B82;5=8O ?>4AB@>5G=>3> @578AB>@0 R8* >15A?5G8205BAO @53C;8@>20=85 @568<0 @071;>:8@>2:8 AF5?;5=8O. -;5<5=B ?;02=>3> 2:;NG5=8O 1;>:8@>2:8 (-). - ?@54=07=0G5= 4;O ?@5>1@07>20=8O A:0G:>>1@07=>3> 2>7@0AB0NI53> =0?@O65=8O 2 ?;02=> ?>2KH0NI55AO =0?@O65=85, C?@02;ONI55 ?@>F5AA>< C<5=LH5=8O A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0 -!. ;O @5H5=8O MB>9 7040G8 2 M;5<5=B 2E>48B 8=B53@8@CNI0O F5?L, A>AB>OI0O 87 :>=45=A0B>@0 !10 (A<. @8A. 61), @578AB>@>2 R54 8 R55 8 B@0=78AB>@0 VT16, >1@07CNI8E 35=5@0B>@ B>:0. >A;5 ?5@5:;NG5=8O >?5@0F8>==>3> CA8;8B5;O DA1 ?>@>3>2>3> CAB@>9AB20 2 @568< A 2KA>:8< =0?@O65=85< =0 53> 2KE>45 ?@>8AE>48B ?>AB5?5==0O 70@O4:0 :>=45=A0B>@0 !., 2 E>45 :>B>@>9 B0:65 ?>AB5?5==> 2>7@0AB05B =0?@O65=85, ?>42>48<>5 : 1075 B@0=78AB>@0 VT16.  @57C;LB0B5 MB>3> >15A?5G8205BAO ?;02=>5 C25;8G5=85 A8;K B>:0 :>;;5:B>@0 B@0=78AB>@0 VT16, A;54AB285< G53> O2;O5BAO C<5=LH5=85 =0?@O65=8O =0 =58=25@B8@CNI5< 2E>45 5 >?5@0F8>==>3> CA8;8B5;O DA2, A>?@>2>640NI55AO A>>B25BAB2CNI8< C<5=LH5=85< A8;K B>:0 2 >1<>B:5 M;5:B@><03=8B0. >AB>O==0O 2@5<5=8 F5?8 70@O4:8 :>=45=A0B>@0 !10 2K1@0=0 B0:>9, GB> A8;0 B>:0 IM< C<5=LH05BAO >B 1,2  1,4  4> 7=0G5=8O, 1;87:>3> : =C;N, 70 1,5  2 A, GB> 4>AB0B>G=> 4;O ?@54>B2@0I5=8O 87;8H=5 @57:>3> 2:;NG5=8O AF5?;5=8O ?>A;5 ?>40G8 :><0=4K =0 53> 1;>:8@>2:C. -;5<5=B :>@@5:B8@>2:8 2:;NG5=8O 1;>:8@>2:8 (-).  A>AB02 - (A<. @8A. 61) 2E>4OB ?8:-45B5:B>@ (48>4 VD3, :>=45=A0B>@ !6 8 @578AB>@ R27), M<8BB5@=K9 ?>2B>@8B5;L (=0 B@0=78AB>@5 VT5 8 @578AB>@0E R19 8 R24*) 8 @0745;8B5;L=K9 48>4 VD2. -;5<5=B ?@82>48BAO 2 459AB285 >B 2K:;NG0B5;O AF5?;5=8O SBC, 2AB@>5==>3> 2 3>;>2:C @KG030 ?5@5:;NG5=8O ?5@540G. >:0 2>48B5;L =5 2>7459AB2C5B =0 @KG03, :>=B0:BK 2K:;NG0B5;O SBC @07><:=CBK, 8 =0?@O65=85 >B M<8BB5@0 B@0=78AB>@0 VT23 ?>42>48BAO : :>=45=A0B>@C !1. > 2@5<O @01>BK M;5:B@>==>3> 1;>:0 ?@>8AE>4OB ?>2B>@ON- I85AO 2:;NG5=8O 8 2K:;NG5=8O B@0=78AB>@0 VT23, ?@8G5< :>340 B@0=78AB>@ VT23 2K:;NG5=, =0 53> M<8BB5@5 ?>O2;ONBAO 8<?C;LAK =0?@O65=8O, 1;87:85 ?> 25;8G8=5 : =0?@O65=8N 8AB>G=8:0 ?8B0=8O. B =8E ?@>8AE>48B 70@O4:0 :>=45=A0B>@>2 !6, 2 @57C;LB0B5 G53> =0 M<8BB5@5 B@0=78AB>@0 VT5, 2:;NG5==>3> ?> AE5<5 M<8BB5@-=>3> ?>2B>@8B5;O, 8<55BAO =0?@O65=85 2KA>:>3> C@>2=O, ?@5?OBAB2CNI55 ?@>E>645=8N1 B>:0 G5@57 48>4 VD2. "5< A0<K< ?@8 @07><:=CBKE :>=B0:B0E 2K:;NG0B5;O sbc 8A:;NG05BAO 2;8O=85 M;5<5=B0 :>@@5:B8@>2:8 =0 @01>BC ?>@>3>2>3> CAB@>9AB20. 4=0:> :>340 2>48B5;L ?5@5:;NG05B ?5@540G8, 02B><0B8G5A:8 70<K:0NBAO :>=B0:BK 2K:;NG0B5;O sbc, 8 : :>=45=A0B>@C !6 ?5@5AB05B ?>42>48BLAO =0?@O65=85.  @57C;LB0B5 >= 1KAB@> @07@O605BAO, GB> 2K7K205B >B:@KB85 48>40 VD2 A ?>4:;NG5=85< : 2E>4C 4 CA8;8B5;O DA1 @578AB>@>2 R19 8 R24*. #<5=LH5=85 2A;54AB285 MB>3> =0?@O65=8O =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O DA1 >15A?5G8205B A<5I5=85 2:;NG5=8O 1;>:8@>2:8 2 7>=C 1>;55 =87:8E G0AB>B 2@0I5=8O :>;5=G0B>3> 20;0 42830B5;O. A;8 G0AB>B0 2@0I5=8O n1 2K18@05BAO =0 C@>2=5 2100  2300 <8=-|, B> G0AB>B0 2@0I5=8O ?41, A>>B25BAB2CNI0O ?>40G5 :><0=4K >B M;5<5=B0 :>@@5:B8@>2:8 =0 2:;NG5=85 1;>:8@>2:8, CAB0=02;8205BAO =0 C@>2=5 1500  1600 <8=-1. 0 25;8G8=C n@1 M;5<5=B :>@@5:B8@>2:8 =5 >:07K205B 2;8O=8O. -B>B M;5<5=B ?>405B :><0=4C =0 ?5@5=0AB@>9:C ?>@>3>2>3> CAB@>9AB20 B>;L:> ?@8 >4=>2@5<5==>< A>1;N45=88 42CE CA;>289: n:>n1 8 =0;8G85 2>7459AB28O 2>48B5;O =0 @KG03 ?5@5:;NG5=8O ?5@540G 4;O 70<K:0=8O :>=B0:B>2 2K:;NG0B5;O sbc- @8 B@>30=88 02B><>18;O A <5AB0 2>48B5;L 2:;NG05B =87HCN ?5@540GC, :>340 42830B5;L @01>B05B A =51>;LH>9 G0AB>B>9 2@0I5=8O ?:, :>B>@0O <5=LH5 7=0G5=8O ?41. >MB><C 2 ?@>F5AA5 @073>=0 02B><>18;O =0 =87H59 ?5@540G5 M;5<5=B :>@@5:B8@>2:8 =5 2;8O5B =0 @568< 1;>:8@>2:8 AF5?;5=8O, GB> 8 B@51C5BAO 4;O 1KAB@>3> C25;8G5=8O G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 2 =0G0;L=>9 AB0488 @073>=0 02B><>18;O. > C65 ?>A;5 ?5@5E>40 =0 A;54CNICN ?5@540GC M;5<5=B :>@@5:B8@>2:8 <>65B 2ABC?8BL 2 459AB285 4;O >15A?5G5=8O A:>@59H59 1;>:8@>2:8 AF5?;5=8O. 01>B0 -! A M;5:B@>==>9 A8AB5<>9 C?@02;5=8O. @8 B@>30=88 02B><>18;O A <5AB0 ?> <5@5 C25;8G5=8O G0AB>BK 2@0I5=8O ?: :>;5=G0B>3> 20;0 @0AB5B =0?@O65=85 U2KE =0 2KE>45 ', 2 @57C;LB0B5 G53> C<5=LH05BAO A8;0 B>:0 IM< 2 :0BCH:5 M;5:B@><03=8B0 -!. -! >1KG=> @53C;8@C5BAO B0:, GB> 02B><>18;L B@>305BAO A <5AB0, :>340 A8;0 B>:0 IM< AB0=>28BAO @02=>9 1,7  1,8 , G5<C ?@8 >A=>2=>< @568<5 1;>:0 A>>B25BAB2C5B G0AB>B0 2@0I5=8O n:= 1100-:-1300 <8=-1. >A;5 B>3>, :0: G0AB>B0 2@0I5=8O C25;8G8205BAO 4> ?1 = =2100-4-2200 <8=-1, =0?@O65=85 U KE 2>7@0AB05B 4> C@>2=O, >15A?5G820NI53> A@010BK20=85 ?>@>3>2>3> CAB@>9AB20- C7;0 1;>:8@>2:8 AF5?;5=8O. >@>3>2>5 CAB@>9AB2> 2:;NG05B M;5<5=B ?;02=>3> 2:;NG5=8O 1;>:8@>2:8, :>B>@K9 2 B5G5=85 1,5  2 A C<5=LH05B A8;C B>:0 2 >1<>B:5 M;5:B@><03=8B0 -! 4> =C;O, A;54AB285< G53> O2;O5BAO 1;>:8@>2:0 AF5?;5=8O. >A;5 A@010BK20=8O C7;0 1;>:8@>2:8 AF5?;5=8O >1<>B:0 M;5:B@><03=8B0 2=>2L <>65B 1KBL ?>4:;NG5=0 : 1>@B>2>9 A5B8 G5@57 @53C;OB>@ B>:0 ( "), 5A;8 2A;54AB285 A=865=8O G0AB>BK 2@0I5=8O ?: 4> 7=0G5=8O @1= 1100  1200 <8=-1 =0?@O65=85 =0 2KE>45 ' C<5=LH8BAO 4> 25;8G8=K, ?@8 :>B>@>9 2K:;NG8BAO ?>@>3>2>5 CAB@>9AB2>. A;8 ?5@540G8 02B><>18;O 2:;NG0NBAO, :>340 G0AB>B0 2@0I5=8O :>;5=G0B>3> 20;0 ?@52KH05B 1500  1600 <8=-1 8 2 ?@>F5AA5 ?5@5:;NG5=8O >=0 =5 ?0405B =865 1200  1300 <8=*-1, B> ?>A;5 >:>=G0=8O ?5@5:;NG5=8O ?5@540G AF5?;5=85 1C45B 701;>:8@>20=>.  2 MB>< A;CG05 @071;>:8@>2:0 AF5?;5=8O ?@>87>945B, :>340 G0AB>B0 2@0I5=8O <: C<5=LH8BAO 4> 7=0G5=8O ;@1, ?@8 :>B>@>< 2K:;NG8BAO ?>@>3>2>5 CAB@>9AB2>. 01>B0 1;>:0 2> 2A?><>30B5;L=>< @568<5 1C45B ?@>B5:0BL 0=0;>38G=>, => B@>30=85 02B><>18;O A <5AB0 =0G=5BAO ?@8 7=0G5=88 := 1700G-1900 <8=-1, 0 25;8G8=K 1 8 ?@> A>AB02OB A>>B25BAB25==> 2700  3000 <8=-1 8 1700  2000 <8=-1.   &!! + !!"+ ""'! # / 0AA<>B@8< <8:@>?@>F5AA>@=CN A8AB5<C, @07@01>B0==CN 4;O ;53:>2>3> 02B><>18;O $80B  0=40 30. A?>;=8B5;L=K< <5E0=87<>< A8AB5<K (@8A. 64) O2;O5BAO 20:CC<=0O A5@2>:0<5@0 20, HB>: 21 :>B>@>9 G5@57 @KG03 22 2>7459AB2C5B =0 2K68<=>9 ?>4H8?=8: 4 AF5?;5=8O 5. AB>G=8:>< @07@565=8O 4;O 20:CC<=>9 A5@2>:0<5@K O2;O5BAO 2?CA:=>9 :>;;5:B>@ 7 42830B5;O, A>548=5==K9 G5@57.>1@0B=K9 :;0?0= 13 A 20:CC<=K< @5A825@>< 14.  8A. 64. !E5<0 @07<5I5=8O M;5<5=B>2 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O AF5?;5=85<: 1  :>@>1:0 ?5@540G; 2  40BG8: G0AB>BK 2@0I5=8O 254><>3> M;5<5=B0 AF5?;5=8O; 3  20; 254><>3> M;5<5=B0 AF5?;5=8O; 4  2K68<=>9 ?>4H8?=8:; 5  AF5?;5=85; 6  40BG8: G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0; 7  2?CA:=>9 :>;;5:B>@ 42830B5;O; 8  40BG8: ?>;>65=8O 4@>AA5;L=>9 70A;>=:8; 9  42830B5;L; 10  2K:;NG0B5;L @KG030 ?5@5:;NG5=8O ?5@540G; 11  M;5:B@>==K9 1;>: C?@02;5=8O; 12  @KG03 ?5@5:;NG5=8O ?5@540G; 13  >1@0B=K9 :;0?0=; 14  20:CC<=K9 @5A825@; 15  :;0?0= A>548=5=8O A5@2>:0<5@K A @5A825@><; 16 8 18  M;5:B@><03=8BK; 17  :;0?0= A>548=5=8O A5@2>:0<5@K A 0B<>AD5@>9; 19  ?>;>ABL @53C;8@C5<>3> 402;5=8O A5@2>:0<5@K; 20  A5@2>:0<5@0; 21  HB>: A5@2>:0<5@K; 22  @KG03; 23  254><K9 20; :>@>1:8 ?5@540G; 24  40BG8: G0AB>BK 2@0I5=8O 254><>3> 20;0 :>@>1:8 ?5@540G  8A. 65. 028A8<>ABL Mc = f(L) @8 ?>4:;NG5=88 : 8AB>G=8:C ?8B0=8O M;5:B@><03=8B0 16 >B:@K205BAO C?@02;O5<K9 8< 20:CC<=K9 :;0?0= 15, 2 @57C;LB0B5 G53> 20:CC<=K9 @5A825@ A>548=O5BAO A ?>;>ABLN 19 A5@2>:0<5@K 20. A;8 65 :;0?0= 15 70:@KB, B> A2O7L <564C 20:CC<=K< @5A825@>< 8 ?>;>ABLN 19 A5@2>:0<5@K ?@5@K205BAO.  A;CG05 ?>4:;NG5=8O : 8AB>G=8:C ?8B0=8O M;5:B@><03=8B0 18 >B:@K205BAO ?@82>48<K9 8< 2>74CH=K9 :;0?0= 17, GB> ?@82>48B : A>548=5=8N ?>;>AB8 19 A5@2>:0<5@K A 0B<>AD5@>9. @8 70:@KB>< :;0?0=5 17 MB0 A2O7L ?@5@K205BAO. "0:8< >1@07><, ?@8 >B:@KB88 :;0?0=0 15 C25;8G8205BAO @07@565=85 2 ?>;>AB8 19 A5@2>:0<5@K, 0 ?@8 >B:@KB88 :;0?0=0 17, =0>1>@>B, C<5=LH05BAO. >340 >10 :;0?0=0 70:@KBK, @07@565=85 2 ?>;>AB8 19 >AB05BAO =587<5==K<.  8A. 66. !B@C:BC@=0O AE5<0 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O AF5?;5=85<  7028A8<>AB8 >B @07@565=8O 2 ?>;>AB8 19. A5@2>:0<5@K <5=O5BAO ?>;>65=85 55 HB>:0 21, 8 A>>B25BAB25==> @53C;8@C5BAO <><5=B A, ?5@540205<K9 AF5?;5=85<. 7 @0AA<>B@5=8O 7028A8<>AB8 A >B ?5@5<5I5=8O L @KG030 ?@82>40 AF5?;5=8O (@8A. 65) A;54C5B, GB> <><5=B A 87<5=O5BAO >B =C;O 4> 7=0G5=8O A B0E ?@8 ?5@5<5I5=88 @KG030 =0 13 << (?>;=K9 E>4 @KG030 A>AB02;O5B 46 <<). -B> CG8BK205BAO 0;3>@8B<>< A8AB5<K C?@02;5=8O. 01>B>9 :;0?0=>2 15 8 17 (A<. @8A. 64) C?@02;O5B <8:@>?@>F5AA>@=K9 M;5:B@>==K9 1;>: 11 C?@02;5=8O, :>B>@K9 2K@010BK205B =5>1E>48<K5 :><0=4K 4;O 2:;NG5=8O 8 2K:;NG5=8O M;5:B@><03=8B>2 16 8 18 2 7028A8<>AB8 >B A83=0;>2, ?>;CG05<KE >B 40BG8:>2 G0AB>BK 2@0I5=8O 6, 2 8 24 A>>B25BAB25==> :>;5=G0B>3> 20;0, 254><>3> M;5<5=B0 AF5?;5=8O, 254><>3> 20;0 :>@>1:8 ?5@540G8 8 40BG8:0 8 ?>;>65=8O 4@>AA5;L=>9 70A;>=:8 :0@1N@0B>@0. ><0=4C =0 ?@8=C48B5;L=>5 2K:;NG5=85 AF5?;5=8O 2 ?@>F5AA5 ?5@5:;NG5=8O ?5@540G <8:@>?@>F5AA>@=>5 CAB@>9AB2> 2K@010BK205B ?@8 ?>ABC?;5=88 : =5<C A83=0;0 >B 2K:;NG0B5;O 10, :>=B0:BK :>B>@>3> 70<K:0NBAO, :>340 2>48B5;L ?@8:;04K205B CA8;85 : @KG03C ?5@5:;NG5=8O ?5@540G. 1@01>B:0 8=D>@<0F88, ?>;CG05<>9 >B 2A5E M;5<5=B>2 A8AB5<K C?@02;5=8O, 2K?>;=O5BAO F5=B@0;L=K< <8:@>?@>F5AA>@>< &# B8?0 8085 A B0:B>2>9 G0AB>B>9 2,2 F (@8A. 66). = A2O70= A ?@>3@0<<8@C5<K< ?>AB>O==K< 70?><8=0NI8< CAB@>9AB2>< # A >1J5<>< ?0<OB8 2 :109B 8 >?5@0B82=K< 70?><8=0NI8<; CAB@>9AB2>< # A >1J5<>< ?0<OB8 256 109B.  # 70?8AK205BAO ?@>3@0<<0 0;3>@8B<0, :>=B0:BK, AB0=40@B=K5 ?@>3@0<<K 8 B. 4. # 8A?>;L7C5BAO 4;O 70?8A8 @57C;LB0B>2 ?@><56CB>G=KE 2KG8A;5=89, B5:CI8E 7=0G5=89 87<5@5==KE 25;8G8= 8 4@C38E 40==KE, B@51C5<KE 4;O DC=:F8>=8@>20=8O <8:@>?@>F5AA>@=>9 A8AB5<K. 01>B0 A8AB5<K 2 @50;L=>< <0AHB015 2@5<5=8, B@51C5<0O 4;O 2K40G8 2 >?@545;5==>5 2@5<O :><0=4 C?@02;5=8O 8 >@30=870F88 2@5<5==KE 7045@65:, @50;87C5BAO B09<5@><. !2O7L <564C C?@02;ONI8<8 M;5<5=B0<8 A8AB5<K 8 A8;>2K<8 8A?>;=8B5;L=K<8 CAB@>9AB20<8 (M;5:B@><03=8B0<8 :;0?0=>2) >ACI5AB2;O5BAO G5@57 B0: =07K205<K5 ?>@BK 22>40-2K2>40 8 CA8;8B5;L=K5 :0A:04K. #, ?>@BK 22>40-2K2>40 8 B09<5@ 2K?>;=5=K 2 2845 >4=>9 1>;LH>9 8=B53@0;L=>9 AE5<K (!) B8?0 8156. 8:@>?@>F5AA>@K <>3CB >1@010BK20BL A83=0;K B>;L:> 2 2845 42>8G=>3> F8D@>2>3> :>40.  A2O78 A MB8< A83=0;K >B 40BG8:>2 G0AB>BK 2@0I5=8O ?: :>;5=G0B>3> 20;0, G0AB>BK 2@0I5=8O ?A 254><>3> 20;0 AF5?;5=8O 8 G0AB>BK 2@0I5=8O n? 254><>3> 20;0 . :>@>1:8 ?5@540G, 8<5NI85 284 ?>A;54>20B5;L=>AB8 8<?C;LA>2, 2=0G0;5 A ?><>ILN ' ?@5>1@07CNBAO 2 0=0;>3>2K9 A83=0; (=0?@O65=8O ?>AB>O==>3> B>:0 A>>B25BAB25==> UK, Uc, Ua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f(n) 8 Mc=f(nK) 4;O @07;8G=KE 0 ?@8 <8:@>?@>F5AA>@=>9 A8AB5<5 C?@02;5=8O AF5?;5=85<  7028A8<>AB8 >B C3;0 >B:@KB8O 4@>AA5;L=>9 70A;>=:8 <8:@>?@>F5AA>@ @0AAG8BK205B F5;52CN G0AB>BC 2@0I5=8O ?F, :>B>@0O B5< 2KH5, G5< =0 1>;LH89 C3>; 0 >B:@KB0 4@>AA5;L=0O 70A;>=:0 (@8A. 67). !8AB5<0 C?@02;5=8O =5?@5@K2=> A@02=8205B 7=0G5=85 n& A B5:CI59 G0AB>B>9 2@0I5=8O nKi :>;5=G0B>3> 20;0 8 >?@545;O5B 7=0: @07=>AB8 nKi  nF. A;8 ?F>?:i, B> A8AB5<0 C?@02;5=8O C<5=LH05B <><5=B A 4;O B>3>, GB>1K A=878BL =03@C7:C =0 42830B5;L 8 C25;8G8BL G0AB>BC 2@0I5=8O ?:. 0>1>@>B, ?@8 ?F<?:i 7=0G5=85 A C25;8G8205BAO 8 G0AB>B0 2@0I5=8O ?: A=8605BAO. "0:8< >1@07><, 2 @0AA<0B@8205<>9 A8AB5<5 C?@02;5=8O ?0@0<5B@>< >1@0B=>9 A2O78 4;O A8AB5<K @53C;8@>20=8O <><5=B0 A O2;O5BAO @07=>ABL <564C 8AB8==>9 8 F5;52>9 G0AB>B0<8 2@0I5=8O, ?@8G5< ?>A;54=OO O2;O5BAO DC=:F859 C3;0 >B:@KB8O 4@>AA5;L=>9 70A;>=:8. A>15==>ABL 459AB28O A8AB5<K C?@02;5=8O 70:;NG05BAO 2 B><, GB> ?@8 ?>AB>O=AB25 C3;0 >B:@KB8O 4@>AA5;L=>9 70A;>=:8 ?@>F5AA @073>=0 02B><>18;O 2 ?5@8>4 4> >:>=G0=8O ?@>1C:A>2K20=8O AF5?;5=8O 1C45B ?@>B5:0BL ?@8 ?>AB>O=AB25 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0, :>B>@0O >:065BAO @02=>9 7=0G5=8N ?F 4;O 40==>3> C3;0 >B:@KB8O 70A;>=:8. 5;8G8=K <><5=B>2 A 2 C:070==K5 ?5@8>4K (@8A. 68, B>G:8 , , ! 8 D) 1C4CB @02=K :@CBOI8< <><5=B0< 42830B5;O , @0728205<K< ?@8 40==KE 7=0G5=8OE C3;0 0 8 ?F.  8A. 69. 7<5=5=85 ?@8 @073>=5 02B><>18;O C3;0 0, G0AB>B 2@0I5=8O ?:, nF 8 nA, <><5=B0 A O A8;K B>:0 I16 8 I18 2 >1<>B:0E M;5:B@><03=8B>2 C?@02;5=8O 2>74CH=K< 8 20:CC<=K< :;0?0=0<8 ?@8 <8:@>?@>F5AA>@=>9 A8AB5<5 C?@02;5=8O ><5=B A 2>7@0AB05B ?> <5@5 C25;8G5=8O ?:, B. 5. 2 :>=5G=>< 8B>35 @0AA<0B@8205<0O A8AB5<0 C?@02;5=8O >15A?5G8205B ?>;CG5=85 8<5==> B0:>9 7028A8<>AB8 MA=f(n:), :>B>@0O O2;O5BAO >?B8<0;L=>9 4;O 02B><0B870F88 459AB28O AF5?;5=8O. >A;5 >:>=G0=8O ?@>1C:A>2K20=8O AF5?;5=8O, >?@545;O5<>3> A8AB5<>9 C?@02;5=8O ?CB5< A@02=5=8O A83=0;>2 >B 40BG8:>2 2 8 6 (A<. @8A. 64), ?>ABC?05B :><0=40 =0 1;>:8@>2:C AF5?;5=8O ?@8 t=t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n:<nF.  @57C;LB0B5 ?>A;54CNI55 C25;8G5=85 ?: 1C45B ?@>8AE>48BL ?@8 =0;8G88 =03@C7:8 =0 42830B5;5, A>740205<>9 G0AB8G=> 2:;NG5==K< AF5?;5=85<. ;O ?;02=>3> 87<5=5=8O <><5=B0 A ?@8 53> @53C;8@>20=88, >ACI5AB2;O5<>< >B:@KB85< 8 70:@KB85< :;0?0=>2 15 8 17, 4>;6=K 1KBL 8A:;NG5=K 7=0G8B5;L=K5 :>;510=8O @07@565=8O 2 ?>;>AB8 19 A5@2>:0<5@K 20.  @0AA<0B@8205<>9 A8AB5<5 C?@02;5=8O MB> 4>AB8305BAO 2A;54AB285 =5?@5@K2=> ?>2B>@ONI53>AO >B:@KB8O 8 70:@KB8O =0 :>@>B:85 ?5@8>4K 40==KE :;0?0=>2. @8 MB>< C25;8G5=85 <><5=B0 A @50;87C5BAO 70 AG5B B>3>, GB> >1I0O ?@>4>;68B5;L=>ABL >B:@KB>3> A>AB>O=8O :;0?0=0 17 >:07K205BAO 1>;LH5 >1I59 ?@>4>;68B5;L=>AB8 >B:@KB>3> A>AB>O=8O :;0?0=0 15. A;8 65 =5>1E>48<> C<5=LH8BL <><5=B A, B> MB> >15A?5G8205BAO 2A;54AB285 C25;8G5=8O >1I59 ?@>4>;68B5;L=>AB8 >B:@KB>3> A>AB>O=8O :;0?0=0 15 (?> A@02=5=8N A :;0?0=>< 17). >A;5 B>3> :0: 7=0G5=85 A CAB0=02;8205BAO =0 7040==>< C@>2=5, >10 :;0?0=0 70:@K20NBAO. A;8 2> 2@5<O @073>=0 02B><>18;O 2>48B5;L ?>AB5?5==> C25;8G8205B >B:@KB85 4@>AA5;L=>9 70A;>=:8, B> MB> ?@82>48B : ?>2KH5=8N F, 2A;54AB285 G53> 8 G0AB>B0 2@0I5=8O ?: ?@8 @073>=5 02B><>18;O B0:65 2>7@0AB05B. @8 MB>< 4;O ?>2KH5=8O <><5=B0 A A8AB5<0 C?@02;5=8O ?> <5@5 ?>2KH5=8O G0AB>BK 2@0I5=8O ?: C25;8G8205B >1I55 2@5<O >B:@KB>3> A>AB>O=8O 2>74CH=>3> :;0?0=0 17, G5@57 :>B>@K9 ?>;>ABL 19 A5@2>:0<5@K A>548=O5BAO A 0B<>AD5@>9. 01>B0 :;0?0=>2 :>@@5:B8@C5BAO B0:65 2 7028A8<>AB8 >B 7=0G5=8O CA:>@5=89 (70<54;5=89) :>;5=G0B>3> 20;0 8 254CI53> 20;0 :>@>1:8 ?5@540G. > <5@5 C25;8G5=8O ?: 2>7@0AB05B ?@>4>;68B5;L=>ABL 8<?C;LA>2 B>:0 I18 (A<. @8A. 69), ?@>E>4OI53> G5@57 >1<>B:C M;5:B@><03=8B0 18 (A<. @8A. 64), 8 C<5=LH05BAO ?@>4>;68B5;L=>ABL 8<?C;LA>2 B>:0 I16, ?@>E>4OI53> G5@57 >1<>B:C M;5:B@><03=8B0 17.  @57C;LB0B5 >B=>A8B5;L=0O ?@>4>;68B5;L=>ABL >B:@KB>3> A>AB>O=8O 2>74CH=>3> :;0?0=0 2>7@0AB05B, 0 20:CC<=>3> :;0?0=0 15  A=8605BAO, GB> 8 >15A?5G8205B B@51C5<>5 C25;8G5=85 A ?@8 ?>2KH5=88 ?:.  @57C;LB0B5 ?>ABC?;5=8O 2 ?@>F5AA>@ 8=D>@<0F88 >B 40BG8:>2 G0AB>BK 2@0I5=8O 254CI53> 8 254><>3> 20;>2 :>@>1:8 ?5@540G A8AB5<0 C?@02;5=8O >?@545;O5B, :0:0O 87 ?5@540G 2:;NG5=0 2 :064K9 <><5=B 2@5<5=8. ;03>40@O MB><C <>6=> @50;87>20BL @07;8G=K9 B5<? 2:;NG5=8O AF5?;5=8O ?>A;5 >:>=G0=8O ?@>F5AA0 ?5@5:;NG5=8O ?5@540G 2 7028A8<>AB8 >B ?>@O4:0 8E ?5@5:;NG5=8O. 0==0O >A>15==>ABL A8AB5<K C?@02;5=8O ?>72>;O5B ?>A;5 ?5@5E>40 A 2KAH8E =0 =87H85 ?5@540G8 C<5=LH8BL B5<? 2:;NG5=8O AF5?;5=8O, GB> >15A?5G8205B ?;02=>ABL 42865=8O 02B><>18;O 2 ?@>F5AA5 ?5@5:;NG5=8O ?5@540G. 57C;LB0BK 8A?KB0=89 @0AA<>B@5==>9 A8AB5<K C?@02;5=8O ?>:070;8 2>7<>6=>ABL ?@8<5=5=8O <8:@>?@>F5AA>@=KE A8AB5< 4;O 02B><0B870F88 C?@02;5=8O AF5?;5=85<. -" +    &!! + !!"+ # /  %'!  '  =0AB>OI55 2@5<O ?@0:B8G5A:8 2A5 02B><>18;L=K5 02B><0B8G5A:85 B@0=A<8AA88 <0AA>2>3> ?@>872>4AB20 A>740NBAO =0 1075 384@><5E0=8G5A:8E ?5@540G (), :>B>@K5 A>AB>OB 87 384@02;8G5A:>3> ?@5>1@07>20B5;O <><5=B0 (384@>B@0=AD>@<0B>@0) 8 =5A:>;L:8E 02B><0B8G5A:8 ?5@5:;NG05<KE ?5@540G. 5@5:;NG5=85 ?5@540G >ACI5AB2;O5BAO A ?><>ILN D@8:F8>=>2, 8<5NI8E 384@>- 8;8 ?=52<>?@82>4.  =5:>B>@KE :>=AB@C:F8OE  B0:85 65 D@8:F8>=K 8A?>;L7CNB 4;O 1;>:8@>2:8 384@>B@0=AD>@<0B>@0 ?>A;5 B>3>, :0: :>MDD8F85=B ?@5>1@07>20=8O 8E <><5=B0 (:>MDD8F85=B0 B@0=AD>@<0F88) ?@81;8605BAO : 548=8F5. @8 1;>:8@>2:5 C;CGH05BAO B>?;82=0O M:>=><8G=>ABL 02B><>18;O, B0: :0: ?@8 MB>< 8A:;NG0NBAO ?>B5@8 2 384@>B@0=AD>@<0B>@5.  8A. 70. 8=5<0B8G5A:0O AE5<0 42CEABC?5=G0B>9 : 1  :>;5=G0BK9 20;; 2  ?>@H5=L C?@02;5=8O D?8:F8>=>< 1;>:8@>2:8 384@>B@0=AD>@<0B>@0; 3  BC@18==>5 :>;5A>; 4  =0A>A=>5 :>;5A>; 5  @50:B>@K; 6  254CI89 20;; 7  H5AB5@=O ?>=860NI59 ?5@540G8; 8  ?>@H5=L 2:;NG5=8O D@8:F8>=0 ?>=860NI59 ?5@540G8; 9  ?>@H5=L 2:;NG5=8O D@8:F8>=0 ?@O<>9 ?5@540G8; 10  254><>5 7C1G0B>5 :>;5A> ?5@54=53> E>40; 11  7C1G0B0O <CDB0 ?5@5:;NG5=8O ?5@540G; 12  254><>5 7C1G0B>5 :>;5A> ?5@540G8 704=53> E>40; 13  254><K9 20;; 14  254CI55 7C1G0B>5 :>;5A> ?5@540G8 704=53> E>40; 15  ?@><56CB>G=0O H5AB5@=O; 16  254CI55 7C1G0B>5 :>;5A> ?5@54=53> E>40; 17  D@8:F8>= 2:;NG5=8O ?@O<>9 ?5@540G8; 18  ?@><56CB>G=K9 20;; 19  D@8:F8>= 2:;NG5=8O ?>=860NI59 ?5@540G8; 20  7C1G0B>5 :>;5A> ?@82>40 ?@><56CB>G=>3> 20;0; 21  <5E0=87< A2>1>4=>3> E>40; 22  D@8:F8>= 1;>:8@>2:8 384@>B@0=AD>@<0B>@0  :0G5AB25 ?@8<5@0 2K?>;=5=8O 384@><5E0=8G5A:>9 ?5@540G8 =0 @8A. 70 ?@82545=0 :8=5<0B8G5A:0O AE5<0  B8?0 - L282, CAB0=02;8205<>9 =0 3>@>4A:8E 02B>1CA0E -677 (8). A>15==>ABL ?@>B5:0=8O ?@>F5AA0 ?5@5:;NG5=8O ?5@540G  <>6=> @0AA<>B@5BL =0 ?@8<5@5 ?5@5E>40 A ?5@540G8, 2:;NG05<>9 D@8:F8>=>< 19, =0 ?5@540GC, 2:;NG05<CN D@8:F8>=>< 17. @8 MB>< ?@>8AE>48B >4=>2@5<5==>5 ?;02=>5 C<5=LH5=85 <><5=B0, ?5@540205<>3> D@8:F8>=>< 19, 8 ?;02=>5 2>7@0AB0=85 <><5=B0, ?5@540205<>3> D@8:F8>=>< 17 (@568< ?5@5:@KB8O).  B5G5=85 2A53> ?@>F5AA0 ?5@5:;NG5=8O ?5@540G >10 D@8:F8>=0 2708<=> ?@>1C:A>2K20NB, >4=0:> A2O7L G5@57 =8E 42830B5;O A 254CI8<8 :>;5A0<8 02B><>18;O A>E@0=O5BAO  ?@>F5AA ?5@5:;NG5=8O ?5@540G ?@>8AE>48B 157 @07@K20 ?>B>:0 <>I=>AB8. > 2@5<O ?5@5:;NG5=8O ?5@540G >1KG=> 2K:;NG05BAO 8 D@8:F8>= 22 1;>:8@>2:8 384@>B@0=AD>@<0B>@0, 45<?D8@CNI85 A2>9AB20 :>B>@>3> >15A?5G820NB 2KA>:CN ?;02=>ABL ?@>F5AA0 ?5@5:;NG5=8O [8, 33]. :;NG5=85 8 2K:;NG5=85 D@8:F8>=>2 17, 19 8 22 >ACI5AB2;O5BAO A ?><>ILN 384@>F8;8=4@>2 A>>B25BAB25==> 9, 8 8 2, C?@02;O5<KE :;0?0=0<8, =0 :>B>@K5 2>7459AB2CNB M;5:B@><03=8BK A8AB5<K C?@02;5=8O. >MB><C >A=>2=>9 7040G59 02B><0B8G5A:>9 A8AB5<K C?@02;5=8O  O2;O5BAO :><<CB8@>20=85 B>:0 2 >1<>B:0E M;5:B@><03=8B0 2 A>>B25BAB288 A B@51C5<K< 70:>=><. !8AB5<K 02B><0B8G5A:>3> C?@02;5=8O  7=0G8B5;L=> ?@>I5, G5< 0=0;>38G=K5 A8AB5<K :>@>1>: ?5@540G 8=KE B8?>2. -B8 ?@58<CI5AB20 2 A>G5B0=88 A 2KA>:>9 ?;02=>ABLN ?5@5:;NG5=8O ?5@540G >1CA;>28;8 H8@>:>5 ?@8<5=5=85  2 A>2@5<5==>< 02B><>18;5AB@>5=88, =5A<>B@O =0 B> GB> :>=AB@C:F8O 8E ACI5AB25==> A;>6=55 (A;54>20B5;L=>, 2KH5 AB>8<>ABL), G5< C >1KG=KE <5E0=8G5A:8E :>@>1>: ?5@540G 8 AF5?;5=8O 02B><>18;59, 0  8E =865. 284C H8@>:>3> @0A?@>AB@0=5=8O 384@><5E0=8G5A:8E ?5@540G C;CGH5=85 8E ?>:070B5;59 ?@54AB02;O5B >A>1K9 8=B5@5A. -B> O2;O5BAO AB8<C;>< 4;O A>740=8O M;5:B@>==KE A8AB5< C?@02;5=8O . !+  !+  / -" +%    &!! +% !!" !8AB5<0 C?@02;5=8O  4>;6=0 >15A?5G820BL ?5@5:;NG5=85 ?5@540G, 0 2 =5:>B>@KE A;CG0OE >ACI5AB2;OBL 1;>:8@>2:C 8 @071;>:8@>2:C 384@>B@0=AD>@<0B>@0 2 7028A8<>AB8 >B 2E>4=KE C?@02;ONI8E A83=0;>2, ?>ABC?0NI8E >B CAB@>9AB2 :>=B@>;O @568<0 42865=8O 02B><>18;O 8 =03@C7:8 53> 42830B5;O. 081>;55 @0A?@>AB@0=5=K A8AB5<K C?@02;5=8O , :>B>@K5 2K@010BK20NB :><0=4K =0 ?5@5:;NG5=85 ?5@540G 2 7028A8<>AB8 >B A:>@>AB8 42865=8O 02B><>18;O 8 =03@C7:8 42830B5;O. @8 ?>;=>ABLN 384@02;8G5A:>9 A8AB5<5 02B><0B8:8  2 :0G5AB25 40BG8:>2 A:>@>AB8 42865=8O 02B><>18;O 8A?>;L7CNBAO 384@02;8G5A:85 CAB@>9AB20, >15A?5G820NI85 ?>2KH5=85 402;5=8O 684:>AB8 ?> <5@5 C25;8G5=8O G0AB>BK 2@0I5=8O 254><>3> 20;0 ?5@540G8.  :0G5AB25 B0:8E 384@02;8G5A:8E CAB@>9AB2 =081>;55 H8@>:> ?@8<5=ONB F5=B@>156=K5 @53C;OB>@K 402;5=8O, 0 4;O C?@02;5=8O 1;>:8@>2:>9 384@>B@0=AD>@<0B>@0 8=>340 8A?>;L7CNBAO B0: =07K205<K5 B@C1:8 8B>. 02;5=85 684:>AB8, A>740205<>5 MB8<8 CAB@>9AB20<8, >15A?5G8205B =5>1E>48<>5 CA8;85 2>7459AB28O =0 7>;>B=8:8 8;8 :;0?0=K 2 384@>A8AB5<5 C?@02;5=8O . 03@C7:C 42830B5;O >1KG=> >F5=820NB ?> ?>;>65=8N ?540;8 ?>40G8 B>?;820 8;8 ?> @07@565=8N 2> 2?CA:=>< B@C1>?@>2>45 42830B5;O.  7028A8<>AB8 >B C:070==KE D0:B>@>2 87<5=O5BAO =0BO65=85 ?@C68=, 2>7459AB2CNI8E =0 C:070==K5 7>;>B=8:8 (8;8 :;0?0=K), ;81> >ACI5AB2;O5BAO 8E ?5@5<5I5=85. >4 2>7459AB285< @57C;LB8@CNI53> 402;5=8O 684:>AB8, A>740205<>3> 384@02;8G5A:8< CAB@>9AB2><, 8 CA8;8O ?@C68=K, 7028AOI53> >B =03@C7:8 42830B5;O, ?5@5<5I0NBAO 7>;>B=8:8 (>B:@K20NBAO 8 70:@K20NBAO :;0?0=K), 2 @57C;LB0B5 G53> 384@02;8G5A:85 F8;8=4@K 2:;NG5=8O D@8:F8>=>2  A>548=ONBAO A =0?>@=>9 <038AB@0;LN 384@>A8AB5<K (?>;>ABL 2KA>:>3> 402;5=8O 684:>AB8) 8;8 A ?>;>ABLN =87:>3> 402;5=8O (?>;>ABL A;820). "0:8< >1@07>< ?@>8AE>48B 2:;NG5=85 8 2K:;NG5=85 A>>B25BAB2CNI8E D@8:F8>=>2 , >15A?5G820NI8E 87<5=5=85 ?5@540B>G=>3> >B=>H5=8O 55 @54C:B>@0, 8 1;>:8@>2:0 384@>B@0=AD>@<0B>@0. ;O A>740=8O ?5@5:@KB8O 2 A>AB02 384@>A8AB5<K C?@02;5=8O  2E>4OB A>>B25BAB2CNI85 4@>AA5;8@CNI85 CAB@>9AB20 8;8 @53C;8@CNI85 :;0?0=K. "0:85 65 CAB@>9AB20 (7>;>B=8:8 8;8 :;0?0=K) ?@8<5=ONB 2 384@>A8AB5<5 C?@02;5=8O  2 <5E0=8G5A:8E 8;8 <5E0=>384@02;8G5A:8E CAB@>9AB20E, 2K@010BK20NI8E :><0=4K =0 ?5@5:;NG5=85 ?5@540G. @8 >A=0I5=88  M;5:B@>==>9 A8AB5<>9 C?@02;5=8O >1KG=> 384@>?@82>4 8A?>;=8B5;L=KE <5E0=87<>2, 2>7459AB2CNI8E =0 D@8:F8>=K, A>E@0=O5BAO. 4=0:> 270<5= 7>;>B=8:>2KE CAB@>9AB2 8 384@>?@82>40 :;0?0=>2 A8AB5<K C?@02;5=8O 2 =59 8A?>;L7C5BAO M;5:B@><03=8B=K9 ?@82>4 :;0?0=>2, 0 C?@02;5=85 M;5:B@><03=8B0<8 >ACI5AB2;O5BAO M;5:B@>==K<8 CAB@>9AB20<8. -;5:B@>==0O A8AB5<0 02B><0B8:8 B0: 65, :0: 8 ;N10O 4@C30O A8AB5<0, 4>;6=0 2K@010BK20BL :><0=4K =0 ?5@5:;NG5=85 ?5@540G 2 7028A8<>AB8 >B CA;>289 42865=8O 02B><>18;O. 4=0:> >=0 >1;0405B ?> A@02=5=8N A 4@C38<8 A8AB5<0<8 1>;55 H8@>:8<8 2>7<>6=>ABO<8 @50;870F88 >?B8<0;L=>3> 70:>=0 C?@02;5=8O. "0:, =0?@8<5@, B5>@5B8G5A:85 8AA;54>20=8O ?>:07K20NB, GB> 25AL<0 ?5@A?5:B82=>9 O2;O5BAO A8AB5<0 C?@02;5=8O , :>B>@0O >15A?5G8205B ?5@5:;NG5=85 ?5@540G 2 7028A8<>AB8 >B @568<0 @01>BK 384@>B@0=AD>@<0B>@0. @8 40==>9 A8AB5<5 C?@02;5=8O :><0=40 =0 2:;NG5=85 ?>A;54CNI59 (2KAH59) ?5@540G8 4>;6=0 2K@010BK20BLAO, :>340 :>MDD8F85=B B@0=AD>@<0F88 384@>B@0=AD>@<0B>@0 ?@81;8605BAO : 548=8F5. 50;870F8O B0:>9 A8AB5<K C?@02;5=8O F5;5A>>1@07=0 B>;L:> ?@8 8A?>;L7>20=88 M;5:B@>==KE CAB@>9AB2. @8<5=5=85 M;5:B@>==>9 A8AB5<K C?@02;5=8O ?>72>;O5B 2 =5:>B>@KE A;CG0OE C?@>AB8BL :>=AB@C:F8N  8 ?>2KA8BL 55 =0456=>ABL.  G0AB=>AB8, ?@8 C?@02;5=88 ?> 7040==><C 70:>=C M;5:B@><03=8B=K<8 :;0?0=0<8 2:;NG5=8O D@8:F8>=>2 <>6=> 8A:;NG8BL 87 384@>A8AB5<K A?5F80;L=K5 384@>:;0?0=K ?;02=>3> 2:;NG5=8O D@8:F8>=>2, >ACI5AB2;ONI85 @568< ?5@5:@KB8O. 06=K< ?@58<CI5AB2>< M;5:B@>==>9 A8AB5<K C?@02;5=8O  O2;O5BAO AB018;L=>ABL 55 E0@0:B5@8AB8:, >BACBAB285 =5>1E>48<>AB8 @53C;8@>20=8O 8 B5E=8G5A:>3> >1A;C6820=8O 2 M:A?;C0B0F88. 0AB@>9:0  =0 7040==K5 CA;>28O @01>BK ?@8 M;5:B@>==>9 A8AB5<5 C?@02;5=8O <>65B 1KBL >15A?5G5=0 A B>G=>ABLN 4> 1  2 %, 2 B> 2@5<O :0: <5E0=8G5A:85 8 384@02;8G5A:85 CAB@>9AB20 ?>72>;ONB 8<5BL B>G=>ABL =0AB@>9:8 B>;L:> 5  7 %. ><8<> 2K?>;=5=8O >A=>2=>9 7040G8  >15A?5G5=8O ?5@5:;NG5=8O ?5@540G ?> 7040==><C 70:>=C  M;5:B@>==0O A8AB5<0 C?@02;5=8O 70I8I05B  >B 020@89=KE @568<>2 2 A;CG05 >H81>G=KE 459AB289 2>48B5;O 8;8 >B:070 >4=>3> 87 M;5<5=B>2 C?@02;5=8O. !CI5AB25==K< 4>AB>8=AB2>< M;5:B@>==>9 A8AB5<K C?@02;5=8O  O9;O5BAO 2>7<>6=>ABL 1KAB@>9 70<5=K >B:0702H53> M;5:B@>==>3> 1;>:0 C?@02;5=8O ?5@5:;NG5=85< ?5@540G  2 HB5?A5;L=K9 @07J5< ?>4:;NG0NB 8A?@02=K9 M;5:B@>==K9 1;>: 02B><0B8:8 270<5= >B:0702H53>. -;5:B@>==0O 0??0@0BC@0 C?@02;5=8O @0A?>;0305BAO 2=5 :0@B5@0 , .0 C7;K 02B><0B8:8 384@02;8G5A:8E A8AB5< C?@02;5=8O  2=CB@8 :0@B5@0 8;8 2 ;CGH5< A;CG05 ?>4 :@KH:>9 . A;54AB285 MB>3> 4;O @5<>=B0 8;8 70<5=K >B:0702H53> M;5<5=B0 ?@8 M;5:B@>==>9 A8AB5<5 C?@02;5=8O  B@51C5BAO 3>@074> <5=LH5 2@5<5=8 8 B@C4>70B@0B ?> A@02=5=8N A 384@>A8AB5<0<8 C?@02;5=8O. !;54C5B, >4=0:>, 8<5BL 2 284C, GB> AB>8<>ABL 384@02;8G5A:8E 8;8 <5E0=>384@02;8G5A:8E A8AB5< C?@02;5=8O  ?> A@02=5=8N A M;5:B@>==K<8 A8AB5<0<8 02B><0B8:8 =865.  =0AB>OI55 2@5<O =0G0;AO A5@89=K9 2K?CA: M;5:B@>==KE A8AB5< C?@02;5=8O  4;O 02B><>18;59 2KA>:>3> :;0AA0 8 02B>1CA>2, 4;O :>B>@KE A@02=8B5;L=> 2KA>:0O AB>8<>ABL M;5:B@>==>9 A8AB5<K C?@02;5=8O =5 8<55B @5H0NI53> 7=0G5=8O. !+ " /  -" +    &!! + !!"  7028A8<>AB8 >B 2K1@0==>3> 0;3>@8B<0 C?@02;5=8O 8 =0AB@>9:8 A8AB5<K 02B><0B8:8 <>6=> >15A?5G8BL 8;8 2KA>:85 48=0<8G5A:85 ?>:070B5;8 02B><>18;O, 8;8 =08;CGHCN B>?;82=CN M:>=><8G=>ABL.  A2O78 A MB8< ?@8E>48BAO 2K18@0BL :><?@><8AA=K5 20@80=BK 0;3>@8B<0 8 =0AB@>9:8 A8AB5<K C?@02;5=8O , :>B>@K5, =5 CEC4H0O 70<5B=> 48=0<8G5A:8E ?>:070B5;59 02B><>18;O, ?>72>;ONB ?>;CG8BL E>@>HCN B>?;82=CN M:>=><8G=>ABL =0 =081>;55 G0AB> 2AB@5G0NI8EAO @568<0E M:A?;C0B0F88. 040G0 <>65B 1KBL CA?5H=> @5H5=0 ?@8 ?5@5:;NG5=88 ?5@540G 2 7028A8<>AB8 >B 42CE ?0@0<5B@>2: A:>@>AB8 42865=8O 02B><>18;O 8 =03@C7:8 =0 42830B5;L. '5< 2KH5 =03@C7:0 =0 42830B5;L, B5< ?@8 1>;55 2KA>:8E G0AB>B0E 2@0I5=8O :>;5=G0B>3> 20;0 8, A;54>20B5;L=>, ?@8 1>;LH8E A:>@>ABOE 42865=8O 02B><>18;O 4>;6=K ?5@5:;NG0BLAO ?5@540G8. ;O C;CGH5=8O B>?;82=>9 M:>=><8G=>AB8 02B><>18;O 8 8A:;NG5=8O F8:;8G=>AB8 ?@>F5AA0 ?5@5:;NG5=8O ?5@540G A:>@>ABL 42865=8O 02B><>18;O, ?@8 :>B>@>9 ?@>8AE>48B ?5@5E>4 A =87H59 =0 2KAHCN ?5@540GC, 4>;6=0 1KBL 2KH5 A:>@>AB8, A>>B25BAB2CNI59 >1@0B=><C ?5@5:;NG5=8N (A 2KAH59 =0 =87HCN ?5@540GC). <5==> ?> B0:><C 0;3>@8B<C 459AB2CNB ?@0:B8G5A:8 2A5 2K?CA:05<K5 A5@89=>  =57028A8<> >B B8?0 ?@8<5=O5<>9 A8AB5<K C?@02;5=8O. 0@O4C A MB8< ?@>2>4OBAO @07@01>B:8 8 8AA;54>20=8O M;5:B@>==KE A8AB5< C?@02;5=8O , 2 :>B>@KE ?5@5:;NG5=85 ?5@540G >ACI5AB2;O5BAO 2 7028A8<>AB8 >B :>MDD8F85=B0 B@0=AD>@<0F88 384@>B@0=AD>@<0B>@0 [16]. @8 8A?>;L7>20=88 M;5:B@>==>9 8 2 >A>15==>AB8 <8:@>?@>F5AA>@=>9 A8AB5< C?@02;5=8O 4>AB0B>G=> ?@>AB> @5H05BAO ?@>1;5<0 87<5=5=8O 0;3>@8B<0 ?5@5:;NG5=8O ?5@540G, 0 B0:65 ?5@5=0AB@>9:0 1;>:>2 02B><0B8:8. >MB><C 2 7028A8<>AB8 >B CA;>289 M:A?;C0B0F88 02B><>18;O <>6=> ?5@5:;NG0BL =0720==K5 A8AB5<K C?@02;5=8O 2 =081>;55 ?>4E>4OI89 4;O 40==KE CA;>289 @568< 8E @01>BK. "0:>5 ?5@5:;NG5=85 >A>15==> F5;5A>>1@07=> 4;O 02B>1CA>2, :>B>@K5 <>3CB M:A?;C0B8@>20BLAO :0: 2 3>@>4A:8E CA;>28OE, B0: 8 =0 703>@>4=KE <0@H@CB0E, 2 B>< G8A;5 =0 3>@=KE 4>@>30E. ;O 70I8BK M;5:B@>==>3> 1;>:0  >B 020@89=KE @568<>2, :>B>@K5 <>3CB 2>7=8:=CBL ?@8 >H81>G=KE 459AB28OE 2>48B5;O 8;8 >B:070E M;5<5=B>2 A0<>9 A8AB5<K, 2 A>AB02 M;5:B@>==KE 8 <8:@>?@>F5AA>@=KE A8AB5< C?@02;5=8O 4>;6=K 2E>48BL CAB@>9AB20, >ACI5AB2;ONI85 A;54CNI85 70I8B=K5 DC=:F88: ?@54>B2@0I5=85 2KE>40 87 AB@>O M;5:B@>==>3> 1;>:0 ?@8 :>@>B:>< 70<K:0=88 8;8 ?5@53@C7:5 ?> B>:C F5?59 ?8B0=8O M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O; 8A:;NG5=85 2>7<>6=>AB8 ?5@5E>40 =0 =87HCN ?5@540GC ?@8 42865=88 A 2KA>:>9 A:>@>ABLN 2 A;CG05 >B:070 40BG8:>2 A:>@>AB8 02B><>18;O 8;8 =03@C7:8 42830B5;O, 0 B0:65 ?@8 =5?@028;L=>< A@010BK20=88 M;5<5=B>2 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O; ?@54>B2@0I5=85 >4=>2@5<5==>3> 2:;NG5=8O 42CE 8 1>;55 ?5@540G. @><5 B>3>, A8AB5<0 C?@02;5=8O 4>;6=0 A>45@60BL CAB@>9AB2> 8=48:0F88 A@010BK20=8O 70I8BK 4;O A83=0;870F88 2>48B5;N > =0;8G88 =58A?@02=>AB8 2 A8AB5<5. -" + !!"+ 0 =5:>B>@KE <>45;OE 02B>1CA>2 D8@<K >;L2> ((25F8O) ?@8<5=O5BAO M;5:B@>==0O A8AB5<0 C?@02;5=8O  A 65AB:>9 ;>38:>9.  A>AB02 M;5:B@>==>3> 1;>:0 A8AB5<K C?@02;5=8O 2 >A=>2=>< 2E>4OB 48A:@5B=K5 M;5<5=BK 8 B>;L:> =5A:>;L:> 8=B53@0;L=KE <8:@>AE5<. #?@02;5=85 ?5@5:;NG5=85< ?5@540G >ACI5AB2;O5BAO 2 7028A8<>AB8 >B A:>@>AB8 42865=8O 02B>1CA0 8 =03@C7:8 42830B5;O.  :0G5AB25 40BG8:0 A:>@>AB8 02B>1CA0 8A?>;L7C5BAO 8=4C:B>@=K9 40BG8:, G0AB>B0 2KE>4=>3> A83=0;0 :>B>@>3> ?@>?>@F8>=0;L=0 G0AB>B5 2@0I5=8O 254><>3> 20;0 . 0BG8:>< =03@C7:8 42830B5;O O2;O5BAO ABC?5=G0BK9 M;5:B@8G5A:89 ?5@5:;NG0B5;L, A2O70==K9 A ?540;LN ?>40G8 B>?;820.  8A. 71. !B@C:BC@=0O AE5<0 M;5:B@>==>9 A8AB5<K C?@02;5=8O  02B>1CA>2 ?KB 4;8B5;L=>9 M:A?;C0B0F88 02B>1CA0, >1>@C4>20==>3>  A B0:>9 A8AB5<>9 C?@02;5=8O, ?>:070; 2KA>:CN 55 =0456=>ABL.  :0G5AB25 ?@8<5@0 2K?>;=5=8O M;5<5=B>2, 2E>4OI8E 2 M;5:B@>==CN A8AB5<C C?@02;5=8O , =865 ?@82545=> >?8A0=85 >B5G5AB25==>9 A8AB5<K C?@02;5=8O  02B>1CA>2 1>;LH>9 2<5AB8<>AB8. -;5:B@>==0O A8AB5<0 C?@02;5=8O  3>@>4A:8E 02B>1CA>2 0AA<0B@8205<0O M;5:B@>==0O A8AB5<0 ?@54=07=0G5=0 4;O 02B><0B8G5A:>3> C?@02;5=8O B@5EABC?5=G0B>9 384@><5E0=8G5A:>9 ?5@540G59 A 1;>:8@C5<K< 384@>B@0=AD>@<0B>@><. > <5@5 @073>=0 02B>1CA0 ?@>8AE>48B ?>A;54>20B5;L=>5 ?5@5:;NG5=85 ?5@540G A ?5@2>9 4> B@5BL59 8 40;55 1;>:8@C5BAO 384@>B@0=AD>@<0B>@. @><5 MB>3>, M;5:B@>==0O A8AB5<0 2K?>;=O5B 70I8B=K5 DC=:F88. !B@C:BC@=0O AE5<0 M;5:B@>==>9 A8AB5<K C?@02;5=8O ?>:070=0 =0 @8A. 71, 55 M;5:B@8G5A:0O AE5<0 8 M;5:B@>==K9 1;>:  =0 @8A. 72 8 73, 0 ?>4:;NG5=85 2=5H=8E CAB@>9AB2 : M;5:B@>==><C 1;>:C  =0 @8A. 74. !E5<0 AB018;870B>@0 =0?@O65=8O ! 8 ' ?@82545=0 =0 @8A. 5 8 17.  :0G5AB25 40BG8:0 A:>@>AB8 ! 02B>1CA0 (A<. @8A. 71) 8A?>;L7>20= 8=4C:B>@=K9 40BG8: (A<. @8A. 43), @0A?>;>65==K9 =04 >4=8< 87 7C1G0BKE :>;5A, CAB0=>2;5==KE =0 254><>< 20;C . >MB><C G0AB>B0 87<5=5=8O -! =0 2KE>45 40BG8:0 ! ?@>?>@F8>=0;L=0 G0AB>B5 2@0I5=8O 40==>3> 20;0 , B. 5. ?@>?>@F8>=0;L=0 A:>@>AB8 42865=8O 02B>1CA0.  8A. 72. !E5<0 M;5:B@>==>3> 1;>:0 A8AB5<K C?@02;5=8O  02B>1CA>2  8A. 73. -;5:B@>==K9 1;>: A8AB5<K C?@02;5=8O  02B>1CA>2 0BG8: =03@C7:8  42830B5;O 2K?>;=5= 2 2845 42CE ?5@5:;NG0B5;59 S1 8 S2, ?@82>48<KE >B ?540;8 ?>40G8 B>?;820.  8A. 74. !E5<0 ?>4:;NG5=8O 0??0@0BC@K C?@02;5=8O 8 M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O  : M;5:B@>==><C 1;>:C: .#  :>=B@>;;5@ C?@02;5=8O; S37  2:;NG0B5;L 384@>70<54;8B5;O; S1, S2  <8:@>?5@5:;NG0B5;8 40BG8:0 =03@C7:8 42830B5;O; -1, -2, -3, 24, -17.E  M;5:B@><03=8BK A8AB5<K C?@02;5=8O > B5E ?>@, ?>:0 MB0 ?540;L =0E>48BAO 2 ?>;>65=8OE, A>>B25BAB2CNI8E ?>40G5 <5=55 50 % <0:A8<0;L=>3> 7=0G5=8O 25;8G8=K ?>40G8 B>?;820, =8 >48= 87 ?5@5:;NG0B5;59 40BG8:0 =03@C7:8 =5 A@010BK205B (?>;>65=85 :>=B0:B>2 ?5@5:;NG0B5;59 ?>:070=> =0 @8A. 74). 5@5:;NG0B5;L S1 A@010BK205B, :>340 ?540;L CAB0=02;8205BAO 2 ;N1>5 87 ?>;>65=89, ?@8 :>B>@KE ?>40G0 B>?;820 2 42830B5;L A>AB02;O5B >B 50 4> 100 % <0:A8<0;L=>3> 55 7=0G5=8O. ;O >15A?5G5=8O A@010BK20=8O ?5@5:;NG0B5;O S2 2>48B5;L 4>;65= CAB0=>28BL ?540;L ?>40G8 B>?;820 40;LH5 >;>65=8O, A>>B25BAB2CNI53> 100 % ?>40G5 B>?;820 2 42830B5;L, ?@5>4>;52 ?@8 MB>< CA8;85 4>?>;=8B5;L=>9 ?@C68=K. "0:>9 @568< =>A8B =0720=85 :8:40C=, 8 8A?>;L7C5BAO 4;O ?@8=C48B5;L=>3> 2:;NG5=8O ?>=860NI59 ?5@540G8 02B>1CA0 A F5;LN ?>2KH5=8O 53> 48=0<8:8 2 ?@>F5AA5 >13>=0. ><8<> >A=>2=>3> @568<0 C?@02;5=8O 384@>?5@540G59, ?@8 :>B>@>< ?> <5@5 @073>=0 02B>1CA0 >ACI5AB2;O5BAO 02B><0B8G5A:>5 ?5@5:;NG5=85 2A5E ?5@540G 8 1;>:8@>2:0 384@>B@0=AD>@<0B>@0 (?>;>65=85  :>=B@>;;5@0), 2 A8AB5<5 C?@02;5=8O ?@54CA<>B@5=K 5I5 A;54CNI85 @568<K: 02B><0B8G5A:>3> ?5@5:;NG5=8O ?5@2>9 8 2B>@>9 ?5@540G A 1;>:8@>2:>9 384@>B@0=AD>@<0B>@0 ?>A;5 @073>=0 02B>1CA0 =0 2B>@>9 ?5@540G5 4> 7040==>9 A:>@>AB8 (?>;>65=85 2 :>=B@>;;5@0); ?@8=C48B5;L=>3> 2:;NG5=8O ?5@2>9 ?5@540G8 =57028A8<> >B A:>@>AB8 42865=8O 02B>1CA0 (?>;>65=85 1 :>=B@>;;5@0); ?@8=C48B5;L=>3> 2:;NG5=8O ?5@540G8 704=53> E>40 =57028A8<> >B A:>@>AB8 42865=8O 02B>1CA0 (?>;>65=85 .%. :>=B@>;;5@0). @><5 B>3>, >15A?5G8205BAO 2>7<>6=>ABL CAB0=>2:8 ?5@540G8 2 =59B@0;L=>5 ?>;>65=85 (?>;>65=85  :>=B@>;;5@0). 040=85 =5>1E>48<>3> @568<0 @01>BK A8AB5<K C?@02;5=8O  >ACI5AB2;O5BAO A ?><>ILN :>=B@>;;5@0 C?@02;5=8O #, AE5<0 ?>4:;NG5=8O :>B>@>3> : M;5:B@>==><C 1;>:C ?@82545=0 =0 @8A. 74.  B01;. 19 C:070= ?>@O4>: ?>4:;NG5=8O M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O : 8AB>G=8:C ?8B0=8O 2 7028A8<>AB8 >B 2:;NG05<>9 ?5@540G8 8 ?>;>65=8O :>=B@>;;5@0 C?@02;5=8O. #75; ?>@>3>2KE CAB@>9AB2. ><0=4K =0 ?5@5:;NG5=85 ?5@540G 8 1;>:8@>2:C 384@>B@0=AD>@<0B>@0 2K@010BK205B ?>@>3>2>5 CAB@>9AB2> A8AB5<K C?@02;5=8O 2 7028A8<>AB8 >B C@>2=O =0?@O65=8O =0 2KE>45 ' 8 ?>;>65=8O ?5@5:;NG0B5;59 40BG8:0 =03@C7:8 . -B8 ?>@>3>2K5 CAB@>9AB20 2K?>;=5=K =0 1075 B>:>-@07=>AB=KE CA8;8B5;59 DAI, DA2 8 DA3 (A<. @8A. 71).  @568<0E 02B><0B8G5A:>3> ?5@5:;NG5=8O ?5@540G  8 2 =0?@O65=85 : @578AB>@C R1 =5 ?>42>48BAO, 2A;54AB285 G53> B@0=78AB>@ VT1 70:@KB, 8 @578AB>@ R10 >B:;NG5= >B <0AAK.  ?5@2>< ?>;>65=88 40BG8:0 =03@C7:8 :>=B0:BK ?5@5:;NG0B5;59 S1 8 S2 (A<. @8A. 74) 70<:=CBK, GB> ?@82>48B : 70<K:0=8N =0 <0AAC (A>>B25BAB25==> G5@57 48>4K VD5, VD6, VD7, VD8, VD9, VD10) @578AB>@>2 R14, R15, R16, R19, R20, R21 (A<. @8A. 72). > 2B>@>< ?>;>65=88 40BG8:0 =03@C7:8 :>=B0:BK S1 @07<K:0NBAO, 2A;54AB285 G53> A <0AA>9 >:07K20NBAO A>548=5==K<8 B>;L:> @578AB>@K R19, R20, R21. "@5BL5<C ?>;>65=8N 40BG8:0 =03@C7:8 A>>B25BAB2C5B @07<K:0=85 8 70<K:0=85 A>>B25BAB2CNI8E :>=B0:B>2 ?5@5:;NG0B5;O S2.  MB>< A;CG05 A <0AA>9 >:07K20NBAO A>548=5==K<8 @578AB>@K R42, R44 8 R46 (A>>B25BAB25==> G5@57 48>4K VD12t VD13 8 VDI4). 7<5=5=85 ?>4:;NG5=8O @578AB>@>2 2 7028A8<>AB8 >B ?>;>65=8O ?5@5:;NG0B5;59 S1, S2 40BG8:0 =03@C7:8 >15A?5G8205B :>@@5:B8@>2:C ?5@5:;NG5=8O ?5@540G 2 A>>B25BAB288 A =03@C7:>9 42830B5;O. 19. >@O4>: 2:;NG5=8O M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O >;>65=85 :>=B@>;;5@0 :;NG05<0O ?5@540G0-;5:B@><03=8BK-1-2-3-67.E5@20O B>@0O "@5BLO "@5BLO**+     +     + +   +    25@20O B>@0O B>@0O**+    + +     +   15@20O+    3. X04=89 E>4    +59B@0;L=>5 ?>;>65=85     * +  M;5:B@><03=8B 2:;NG5=,   2K:;NG5=. ** ! @568<>< 1;>:8@>2:8 384@>B@0=AD>@<0B>@0. #?@02;5=85 ?5@5:;NG5=85< A ?5@2>9 =0 2B>@CN ?5@540GC 8 >1@0B=> >ACI5AB2;O5BAO ?>@>3>2K< CAB@>9AB2>< =0 1075 CA8;8B5;O DA1. A;8 2 02B>1CA5 ?540;L ?>40G8 B>?;820 =0E>48BAO 2 ?>;>65=88, A>>B25BAB2CNI5< ?5@2><C ?>;>65=8N 40BG8:0 =03@C7:8, B> A8;0 B>:0 I8, ?@>E>4OI53> G5@57 8=25@B8@CNI89 2E>4 CA8;8B5;O, >?@545;O5BAO A>?@>B82;5=85< @578AB>@>2 R7, R14, R19, R29 8 CAB0=>2:>9 ?>4286=>3> :>=B0:B0 @53C;8@>2>G=>3> ?5@5<5==>3> @578AB>@0 R24. !8;0 B>:0 I=, ?@>E>4OI53> G5@57 =58=25@B8@CNI89 2E>4 CA8;8B5;O DA1, 7028A8B >B =0?@O65=8O Uy =0 2KE>45 ' 8 A>?@>B82;5=8O @578AB>@0 R30. @8 =87:>9 A:>@>AB8 42865=8O 02B>1CA0 25;8G8=0 Uy <0;0, 2 A2O78 A G5< I8>I=, CA8;8B5;L 70:@KB 8 =0 53> 2KE>45 =0?@O65=85 1;87:> : =C;52><C 7=0G5=8N. >340 65 2A;54AB285 2>7@0AB0=8O A:>@>AB8 02B>1CA0 4> 7=0G5=8O vI II, A>>B25BAB2CNI53> ?5@5:;NG5=8N A ?5@2>9 ?5@540G8 =0 2B>@CN, A8;0 B>:0 I8 AB0=>28BAO 1>;LH5, G5< I8, B> =0 2KE>45 CA8;8B5;O ?>O2;O5BAO =0?@O65=85. -B> =0?@O65=85 G5@57 45;8B5;L =0?@O65=8O, >1@07>20==K9 @578AB>@0<8 R41, R42 (A<. @8A. 72), 8 @578AB>@ R35 ?>42>48BAO : =58=25@B8@CNI5<C 2E>4C CA8;8B5;O DA1.  @57C;LB0B5 2>7=8:0NI59 ?>;>68B5;L=>9 >1@0B=>9 A2O78 ?@>8AE>48B ;028=>>1@07=>5 C25;8G5=85 A8;K B>:0 I=, >15A?5G820NI55 ?5@5E>4 CA8;8B5;O 2 @568< A 2KA>:8< C@>2=5< =0?@O65=8O UKE =0 53> 2KE>45. >O2;5=85 =0?@O65=8O U+% O2;O5BAO A83=0;>< 4;O ?5@5:;NG5=8O A ?5@2>9 =0 2B>@CN ?5@540GC. ;O ?5@5:;NG5=8O A> 2B>@>9 =0 ?5@2CN ?5@540GC A:>@>ABL 02B>1CA0 4>;6=0 A=878BLAO 4> 7=0G5=8O VII-I, ?@8 :>B>@>< A8;0 B>:0 I= AB0=5B <5=LH5 7=0G5=8O I8. @8 2:;NG5==>9 2B>@>9 ?5@540G5, 2A;54AB285 459AB28O 2 45;8B5;5 DA1 ?>;>68B5;L=>9 >1@0B=>9 A2O78, C<5=LH5=85 A8;K B>:0 I= 4> 7=0G5=8O, A>>B25BAB2CNI53> I8, ?@>87>945B ?@8 A:>@>AB8 VII-I. :>B>@0O <5=LH5 A:>@>AB8 VI-II. "5< A0<K< ?@54>B2@0I05BAO F8:;8G=>ABL ?5@5:;NG5=8O ?5@540G. @8 CAB0=>2:5 ?540;8 ?>40G8 B>?;820 2 ?>;>65=85, A>>B25BAB2CNI55 2B>@><C ?>;>65=8N 40BG8:0 =03@C7:8, 2A;54AB285 >B:;NG5=8O >B <0AAK @578AB>@0 R14 (A<. @8A. 72), C<5=LH05BAO ?045=85 =0?@O65=8O 2 @578AB>@5 R7, 1;03>40@O G5<C 2>7@0AB05B A8;0 B>:0 I8, ?@>E>4OI53> G5@57 8=25@B8@CNI89 2E>4 CA8;8B5;O DA1.  @57C;LB0B5 ?5@5:;NG5=85 A ?5@2>9 =0 2B>@CN ?5@540GC 8 >1@0B=> 1C45B ?@>8AE>48BL ?@8 1>;55 2KA>:8E C@>2=OE =0?@O65=8O =0 2KE>45 ' 8 A>>B25BAB25==> ?@8 1>;LH8E A:>@>ABOE 42865=8O 02B>1CA0. 0 @568<5 :8:40C= 2A;54AB285 >B:;NG5=8O >B <0AAK @578AB>@>2 R14 8 R19 ?5@5:;NG5=85 A ?5@2>9 =0 2B>@CN ?5@540GC 8 >1@0B=> 1C45B ?@>8AE>48BL ?@8 5I5 1>;55 2KA>:8E A:>@>ABOE 42865=8O 02B>1CA0. 0@O4C A MB8< 87-70 ?>4:;NG5=8O : <0AA5 @578AB>@0 R42 C<5=LH8BAO =0?@O65=85 =0 A@54=59 B>G:5 45;8B5;O =0?@O65=8O, >1@07>20==>3> @578AB>@0<8 R41 8 R48, GB> ?@82545B : >A;01;5=8N MDD5:B0 ?>;>68B5;L=>9 >1@0B=>9 A2O78 2 CA8;8B5;5 DA1. -B> =5>1E>48<> 4;O @0AH8@5=8O 480?07>=0 A:>@>AB59 02B>1CA0, 345 <>65B 1KBL @50;87>20=> 459AB285 @568<0 :8:40C=. #?@02;5=85 ?5@5:;NG5=85< A> 2B>@>9 =0 B@5BLN ?5@540GC 8 >1@0B=> >ACI5AB2;O5BAO ?>@>3>2K< CAB@>9AB2>< =0 1075 CA8;8B5;O DA2. => 459AB2C5B B>G=> B0: 65, :0: 8 ?>@>3>2>5 CAB@>9AB2> =0 1075 CA8;8B5;O DA1. =0;>38G=K< >1@07>< 459AB2C5B 8 ?>@>3>2>5 CAB@>9AB2> =0 1075 CA8;8B5;O DA3, C?@02;ONI55 2:;NG5=85< 8 2K:;NG5=85< 1;>:8@>2:8 384@>B@0=AD>@<0B>@0. 20. "01;8F0 8AB8==>AB8 45H8D@0B>@0 5111 ><5@ AB@>:8 #@>25=L =0?@O65=8O =0 2E>40E ><5@ 2KE>40, A>548=5==>3> A <0AA>9  1 2 4  @54CA<>B@5==K5 :><18=0F88 2E>4=KE A83=0;>21 0 0 0 0 2 1 0 0 1 3 1 1 0 3 4 1 1 1 7 5?@54CA<>B@5==K5 :><18=0F88 2E>4=KE A83=0;K5 0 1 1 6 6 1 0 1 5 7 0 1 0 2 8 0 0 1 4  ;O A>740=8O >?B8<0;L=KE CA;>289 @01>BK  2 @568<5 2 =5>1E>48<>, GB>1K =0 40==>< @568<5 1;>:8@>2:0 384@>B@0=AD>@<0B>@0 2:;NG0;0AL ?@8 1>;55 =87:8E A:>@>ABOE 42865=8O 02B>1CA0 ?> A@02=5=8N A @568<>< . ;O 2K?>;=5=8O C:070==>3> B@51>20=8O @578AB>@ R3 A>548=O5BAO A 2K2>4>< 3 HB5?A5;L=>3> @07J5<0 XI, : :>B>@><C ?>42>48BAO =0?@O65=85 >B 1>@B>2>9 A5B8 ?@8 CAB0=>2:5 :>=B@>;;5@0 2 ?>;>65=85 2.  MB>< A;CG05 >B:@K205BAO B@0=78AB>@ VT2, @578AB>@ R11 ?>4:;NG05BAO : <0AA5, GB> >15A?5G8205B C25;8G5=85 ?045=8O =0?@O65=8O 2 @578AB>@5 R9 8, :0: A;54AB285, C<5=LH5=85 A8;K B>:0 I8, ?@>E>4OI53> G5@57 8=25@B8@CNI89 2E>4 CA8;8B5;O DA3. #<5=LH5=85 A8;K B>:0 I8 ?>72>;O5B ?5@5:;NG8BL CA8;8B5;L DA3 2 @568< A 2KA>:8< C@>2=5< =0?@O65=8O =0 2KE>45 ?@8 <5=LH59 A8;5 B>:0 I, B. 5. ?@8 1>;55 =87:>9 A:>@>AB8 42865=8O 02B>1CA0. #75; ;>38:8 (#). @8 42865=88 02B>1CA0 A =87:>9 A:>@>ABLN =0?@O65=8O =0 2KE>40E CA8;8B5;59 DAI, DA2 8 DA3 (A<. @8A. 72) 1;87:> : =C;N, GB> A>>B25BAB2C5B C@>2=N ;>38G5A:>3> 0 4;O CAB@>9AB2, >ACI5AB2;ONI8E ?>A;54CNICN >1@01>B:C 40==KE A83=0;>2. > <5@5 @073>=0 02B>1CA0 2KA>:>5 =0?@O65=85 2=0G0;5 ?>O2;O5BAO =0 2KE>45 CA8;8B5;O DA1, 0 70B5< ?>A;54>20B5;L=> =0 2KE>40E CA8;8B5;59 DA2 8 DA3. 0==K9 C@>25=L =0?@O65=8O O2;O5BAO C@>2=5< ;>38G5A:>9 1 ?@8 ?>A;54CNI59 >1@01>B:5 A83=0;>2, :>B>@0O 2K?>;=O5BAO A ?><>ILN 45H8D@0B>@0 DD1, 2 :0G5AB25 :>B>@>3> ?@8<5=5=0 8=B53@0;L=0O <8:@>AE5<0 B8?0 5111. 5H8D@0B>@ >ACI5AB2;O5B ?@5>1@07>20=85 @07;8G=KE :><18=0F89 A83=0;>2 =0 2KE>45 CA8;8B5;59 DAI, DA2 8 D 2 A83=0;K, =5>1E>48<K5 4;O 2:;NG5=8O 2 7040==>9 ?>A;54>20B5;L=>AB8 CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O. 5H8D@0B>@ 5111 8<55B G5BK@5 2E>40, 87 :>B>@KE 8A?>;L7CNBAO B>;L:> B@8 (1, 2 8 4).  7028A8<>AB8 >B :><18=0F88 A83=0;>2 A C@>2=O<8 ;>38G5A:>3> 0 8;8 ;>38G5A:>9 1, ?>42>48<KE : 2E>40< 45H8D@0B>@0, :0:>9-;81> >48= 87 53> 2KE>4>2 A>548=O5BAO A <0AA>9. "01;8F0 8AB8==>AB8 45H8D@0B>@0 (B01;. 20) A>45@68B C:070=8O, :0:8< :><18=0F8O< A83=0;>2 =0 2E>45 45H8D@0B>@0 A>>B25BAB2C5B A>548=5=85 A <0AA>9 B>3> 8;8 8=>3> 53> 2KE>40. @8 2K?>;=5==>< 2 AE5<5 C?@02;5=8O A>548=5=88 2KE>40 CA8;8B5;O DA1 A 2E>4>< 1 45H8D@0B>@0 8 2KE>4>2 CA8;8B5;59 DA2, DA3 A>>B25BAB25==> A 2E>40<8 2 8 4 45H8D@0B>@0 =0?@O65=85 A C@>2=5< ;>38G5A:>9 I <>65B ?>O28BLAO =0 2E>45 A 1>;55 2KA>:8< =><5@>< B>;L:> ?@8 =0;8G88 B0:>3> C@>2=O =0 2E>40E A 1>;55 =87:8<8 =><5@0<8. "0:85 :><18=0F88 A83=0;>2, C:070==K5 2 AB@>:0E 1  4 B01;. 20, 2 40;L=59H5< 1C4CB >1>7=0G0BLAO B5@<8=>< ?@54CA<>B@5==K5, ?>A:>;L:C >=8 A>>B25BAB2CNB =>@<0;L=>9 @01>B5 ?>@>3>2KE CAB@>9AB2. N10O 4@C30O :><18=0F8O A83=0;>2 =0 2E>40E 45H8D@0B>@0, C:070==0O 2 AB@>:0E 5  8 B01;. 20, 2>7<>6=0 B>;L:> ?@8 =0@CH5=88 =>@<0;L=>9 @01>BK ?>@>3>2KE CAB@>9AB2. >MB><C 2 40;L=59H5< B0:85 :><18=0F88 A83=0;>2 >1>7=0G0NBAO B5@<8=>< =5?@54CA<>B@5==K5. 21. >4:;NG5=85 2KE>4=KE CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 : 2KE>40< 45H8D@0B>@0 5@540G0 -;5:B@><03=8B "@0=78AB>@K CA8;8B5;O><5@ 2KE>40 45H8D@0B>@0, A>548=5==>3> A CA8;8B5;5<KE>4=>9@542KE>4=>9>;>65=85  :>=B@>;;5@05@20O-1VT15VT100B>@0O-2VT16VT111"@5BLO-VT12VT173"@5BLO*-VTJ2VT173-1;VT13VT18704=89 E>4-7.EVT14VT8>;>65=85 2 :>=B@>;;5@05@20O-1VT15VT100B>@0O-2VT16VT111B>@0O*-2VT16VT111 8;8 3M<1;VT14VT187*! @568<>< 1;>:8@>2:8 384@>B@0=AD>@<0B>@0. ;O >15A?5G5=8O 2 ?@>F5AA5 @073>=0 02B>1CA0 ?>@O4:0 2:;NG5=8O M;5:B@><03=8B>2, C:070==>3> 2 B01;. 19, A>548=5=85 2E>4>2 CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 A 2KE>40<8 45H8D@0B>@0 2K?>;=5=> 2 A>>B25BAB288 A 40==K<8 B01;. 21 (@568<K  8 2). @8 @01>B5 384@>70<54;8B5;O 2> 2@5<O 42865=8O 02B>1CA0 =0 2B>@>9 8 B@5BL59 ?5@540G0E 2 A8AB5<5 C?@02;5=8O >ACI5AB2;O5BAO 1;>:8@>2:0 384@>B@0=AD>@<0B>@0. -B> =5>1E>48<> 4;O B>3>, GB>1K 2 4>?>;=5=85 : B>@<>7=><C MDD5:BC >B @01>BK 384@>70<54;8B5;O ?>;CG8BL 4>?>;=8B5;L=>5 B>@<>7=>5 CA8;85 70 AG5B @50;870F88 @568<0 B>@<>65=8O 42830B5;5<. >A;5 2:;NG5=8O 2  ?5@2>9 ?5@540G8 2> 871560=85 >AB0=>2:8 42830B5;O 2 ?@>F5AA5 B>@<>65=8O 02B>1CA0 >ACI5AB2;O5BAO @071;>:8@>2:0 384@>B@0=AD>@<0B>@0. -B> >15A?5G8205BAO ?>4:;NG5=85< 107K B@0=78AB>@0 VT6 G5@57 @578AB>@ R73 : 2K2>4C 1 @07J5<0 %2, 2 @57C;LB0B5 G53> 40==K9 B@0=78AB>@ >B:@K205BAO >4=>2@5<5==> A ?>40G59 :><0=4K =0 2:;NG5=85 384@>70<54;8B5;O. E>4 CA8;8B5;O 2:;NG5=8O 1;>:8@>2:8 384@>B@0=AD>@<0B>@0 (@578AB>@ R83) G5@57 ?5@5E>4 :>;;5:B>@  M<8BB5@ B@0=78AB>@0 VT6 8 48>4K VD22 8 VD23 A>548=O5BAO A>>B25BAB25==> A 2KE>4>< 1 8;8 3 45H8D@0B>@0, >48= 87 :>B>@KE >:07K205BAO A>548=5==K< A <0AA>9 ?@8 2:;NG5=88 2  2B>@>9 8;8 B@5BL59 ?5@540G. "5< A0<K< =0 40==KE ?5@540G0E >15A?5G8205BAO 1;>:8@>2:0 384@>B@0=AD>@<0B>@0, 8 55 >B:;NG5=85 ?>A;5 2:;NG5=8O 2  ?5@2>9 ?5@540G8,-?>A:>;L:C ?@8 MB>< >B:;NG0NBAO >B <0AAK 2KE>4K 1 8 3 45H8D@0B>@0. @8=C48B5;L=>5 2K:;NG5=85 M;5:B@><03=8B0 - 2 @568<5 2 >15A?5G8205BAO 70 AG5B A>548=5=8O 2K2>40 3 @07J5<0 XI A 107>9 B@0=78AB>@0 VT12 (G5@57 48>4 VD31). ;03>40@O MB><C 2 @568<5 2 =0?@O65=85 >B 1>@B>2>9 A5B8 ?>42>48BAO : 1075 B@0=78AB>@0 VTI2, GB> ?@82>48B : 70:@KB8N B@0=78AB>@>2 VT12 8 VT17, B@51C5<><C 4;O 2K:;NG5=8O M;5:B@><03=8B0 -. @8 CAB0=>2:5 :>=B@>;;5@0 2 ?>;>65=85 2 M;5:B@><03=8B -2 4>;65= >AB020BLAO 2:;NG5==K< 4065 2 B>< A;CG05, :>340 2A;54AB285 @073>=0 02B>1CA0 =0?@O65=85 2KA>:>3> C@>2=O ?>O28BAO =0 2KE>45 CA8;8B5;O DA3 8 2E>45 4 45H8D@0B>@0, 2 @57C;LB0B5 G53> ?@>87>945B >B:;NG5=85 >B <0AAK 2KE>40 1 45H8D@0B>@0 (: :>B>@><C ?>4:;NG5= 2E>4 CA8;8B5;O ?8B0=8O M;5:B@><03=8B0 -2). ;O >15A?5G5=8O 40==>3> B@51>20=8O 2 AE5<5 8A?>;L7>20= B@0=78AB>@ VT9, 1070 :>B>@>3> G5@57 @578AB>@ R75 ?>4:;NG5=0 : 2K2>4C 3 @07J5<0 XI.  ?>;>65=88 2 :>=B@>;;5@0 40==K9 B@0=78AB>@ >B:@K205BAO, 1;03>40@O G5<C G5@57 53> ?5@5E>4 :>;;5:B>@  M<8BB5@ 8 48>4 VD26 A>548=ONBAO <564C A>1>9 2KE>4 1 8 2KE>4 3 45H8D@0B>@0, :>B>@K9 ?>4:;NG05BAO : <0AA5, :0: B>;L:> >B =55 >B:;NG05BAO 2KE>4 1 45H8D@0B>@0.  @57C;LB0B5 A>E@0=O5BAO 70<:=CB>9 2E>4=0O F5?L CA8;8B5;O ?8B0=8O M;5:B@><03=8B0 -2. ;>: 2KE>4=KE CA8;8B5;59 (#). A5 2KE>4=K5 CA8;8B5;8 2K?>;=5=K ?> >48=0:>2>9 AE5<5. 064K9 87 =8E A>45@68B 420 :><<CB8@CNI8E B@0=78AB>@0 (2KE>4=>9 8 ?@542KE>4=>9). >;;5:B>@ 2KE>4=>3> B@0=78AB>@0 A>548=5= A >1<>B:>9 M;5:B@><03=8B0 , 0 1070 ?@542KE>4=>3> B@0=78AB>@0 G5@57 @578AB>@ ?>4:;NG5=0 : A>>B25BAB2CNI5<C 2KE>4C 45H8D@0B>@0. -<8BB5@ 2KE>4=>3> B@0=78AB>@0 G5@57 =51>;LH>9 @578AB>@ C7;0 70I8BK >B ?5@53@C7:8, :>=B0:BK KALI (A<. @8A. 72) @5;5 1 70I8BK 8 A>>B25BAB2CNI85 :>=B0:BK :>=B@>;;5@0 C?@02;5=8O ?>4:;NG05BAO : 1>@B>2>9 A5B8 02B>1CA0. KE>4=>9 CA8;8B5;L >B:@K205BAO, :>340 A>548=O5BAO A <0AA>9 2KE>4 45H8D@0B>@0, : :>B>@><C ?>4:;NG5=0 1070 ?@542KE>4=>3> B@0=78AB>@0 CA8;8B5;O.  ?>;>65=88 1 :>=B@>;;5@0 4>;6=K 1KBL >B:;NG5=K M;5:B@><03=8BK -2 8 -. ;O 2K?>;=5=8O MB>3> B@51>20=8O 1070 B@0=78AB>@0 VT12 G5@57 48>4 VD3J, 0 1070 B@0=78AB>@0 VT11 G5@57 48>4 VD37 ?>4:;NG5=K : 2K2>4C 4 @07J5<0 XI.  @57C;LB0B5 ?@8 CAB0=>2:5 :>=B@>;;5@0 2 ?>;>65=85 1 =0?@O65=85 1>@B>2>9 A5B8 >:065BAO ?>42545==K< : 1075 B@0=78AB>@>2 VTJ1 8 VT12, GB> >15A?5G8B 70:@KB85 B@0=78AB>@>2 VT11 8 VT16, B@51C5<>5 4;O 2K:;NG5=8O M;5:B@><03=8B0 -2, 8 B@0=78AB>@>2 VT12 8 VT17, =5>1E>48<>5 4;O 2K:;NG5=8O M;5:B@><03=8B0 -. 0I8B0 CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 >B ?5@53@C7:8 ?> B>:C (2 B>< G8A;5 ?@8 :>@>B:>< 70<K:0=88 2 8E 2KE>4=>9 F5?8) >ACI5AB2;O5BAO M;5<5=B0<8 70I8BK, 2E>4OI8<8 2 A>AB02 CA8;8B5;O. "0:, =0?@8<5@, 4;O 70I8BK CA8;8B5;O ?8B0=8O M;5:B@><03=8B0 -1 ?5@2>9 ?5@540G8 8A?>;L7CNBAO B@0=78AB>@K VT20 8 VT25, :>=45=A0B>@ !7 8 @578AB>@K R94, R99, R105 8 R106. @8=F8? 459AB28O B0:>9 70I8BK 1K; >?8A0= 2KH5 (A<. @8A. 40). >A;5 A@010BK20=8O 40==>9 70I8BK 4;O 55 >B:;NG5=8O =5>1E>48<> ?5@5:;NG5=85 45H8D@0B>@0 2 ?>;>65=85, A>>B25BAB2CNI55 @07<K:0=8N 2E>4=>9 F5?8 CA8;8B5;O, 70I8B0 :>B>@>3> A@01>B0;0, 8;8 A;54C5B CAB0=>28BL :>=B@>;;5@ C?@02;5=8O 2 ?>;>65=85  4;O >B:;NG5=8O M;5:B@>==>3> 1;>:0 >B 8AB>G=8:0 ?8B0=8O. ;>:, ?@8=C48B5;L=>3> 2:;NG5=8O ?5@540G. ;>:  >15A?5G8205B 2>7<>6=>ABL ?@8=C48B5;L=>3> 2:;NG5=8O ?5@2>9 ?5@540G8 8 ?5@540G8 704=53> E>40 ?@8 CAB0=>2:5 :>=B@>;;5@0 C?@02;5=8O 2 ?>;>65=8O A>>B25BAB25==> 1 8 .% (A<. @8A. 74).  ?>;>65=88 1 :>=B@>;;5@0 =0?@O65=85 >B 1>@B>2>9 A5B8 G5@57 2K2>4 4 @07J5<0 XI, 48>4 VD40 (A<. @8A. 72), :>=B0:BK 1.1 @5;5 1 70I8BK 8 @578AB>@ R105 ?>42>4OBAO : M<8BB5@C B@0=78AB>@0 VT15 CA8;8B5;O ?8B0=8O M;5:B@><03=8B0 -1, 0 G5@57 , @578AB>@ R69 8 AB018;8B@>= VD21 40==>5 =0?@O65=85 ?>42>48BAO : 1075 B@0=78AB>@0 VT8. -B> >15A?5G8205B >B:@KB85 B@0=78AB>@0 VTS, 2 @57C;LB0B5 G53> 2:;NG0NBAO B@0=78AB>@K VT10 8 VT15, >ACI5AB2;OO ?>4:;NG5=85 : 1>@B>2>9 A5B8 M;5:B@><03=8B0 -1.  ?>;>65=85 .% :>=B@>;;5@0 G5@57 :>=B0:B 1 @07J5<0 XI =0?@O65=85 >B 1>@B>2>9 A5B8 G5@57 @578AB>@ R103 ?>42>48BAO : M<8BB5@C B@0=78AB>@0 VT14 CA8;8B5;O ?8B0=8O M;5:B@><03=8B0 -7.E- @><5 B>3>, =0?@O65=85 G5@57 48>4 VD41, @578AB>@ R70 8 AB018;8B@>= VD21 ?>42>48BAO : 1075 B@0=78AB>@0 VT8, GB> >15A?5G8205B 53> >B:@KB85.  @57C;LB0B5 2:;NG05BAO B@0=78AB>@ VT14 8 ?>4:;NG05B M;5:B@><03=8B 7.E : 1>@B>2>9 A5B8. ;O 70I8BK  >B =54>?CAB8<>3> 2:;NG5=8O ?5@2>9 ?5@540G8 8;8 ?5@540G8 704=53> E>40 2 A;CG05 42865=8O 02B>1CA0 A> A:>@>ABO<8, 2KH5 7040==KE, 8A?>;L7C5BAO B@0=78AB>@ VT7, 2E>4OI89 2 . @8 42865=88 02B>1CA0 A 1>;LH>9 A:>@>ABLN =0 2KE>45 CA8;8B5;O DA1 A>7405BAO 2KA>:89 C@>25=L =0?@O65=8O. -B> >15A?5G8205B 2:;NG5=85 B@0=78AB>@0 VT7 8 B5< A0<K< ?@54>B2@0I05BAO 2>7<>6=>ABL 2:;NG5=8O B@0=78AB>@0 VT8 2 A;CG05 >H81>G=>9 CAB0=>2:8 :>=B@>;;5@0 C?@02;5=8O 2 ?>;>65=85 1 8;8 .%. 07@5H5=85 =0 ?@8=C48B5;L=>5 2:;NG5=85 ?5@2>9 ?5@540G8 8 ?5@540G8 704=53> E>40 ?>ABC?05B ;8HL ?>A;5 B>3>, :0: 2A;54AB285 A=865=8O A:>@>AB8 02B>1CA0 CA8;8B5;L DA1 ?5@5:;NG05BAO 2 A>AB>O=85 A =87:8< C@>2=5< =0?@O65=8O =0 53> 2KE>45. @8 CAB0=>2:5 :>=B@>;;5@0 C?@02;5=8O 2 ?>;>65=85 .% =0?@O65=85 >B 2K2>40 1 @07J5<0 XI ?>42>48BAO : @578AB>@C R1. -B> >15A?5G8205B >B:@KB85 B@0=78AB>@0 VT1, 1;03>40@O G5<C C<5=LH05BAO A8;0 B>:0, ?@>E>4OI53> G5@57 8=25@B8@CNI89 2E>4 CA8;8B5;O DA1.  @57C;LB0B5 ?5@5:;NG5=85 CA8;8B5;O DA1 2 @568< 2KA>:>3> C@>2=O =0?@O65=8O =0 53> 2KE>45 1C45B ?@>8AE>48BL ?@8 1>;55 =87:>9 A:>@>AB8 02B>1CA0, G5< ?@8 CAB0=>2:5 :>=B@>;;5@0 2 ?>;>65=85 1. >MB><C 2:;NG5=85 ?5@540G8 704=53> E>40 >:07K205BAO 2>7<>6=K< ?@8 <5=LH59 A:>@>AB8 02B>1CA0 ?> A@02=5=8N A 4>?CAB8<>9 4;O 2:;NG5=8O ?5@2>9 ?5@540G8. !8AB5<0 70I8BK ?@54>E@0=O5B  >B 2:;NG5=8O ?5@2>9 ?5@540G8 8;8 ?5@540G8 704=53> E>40, 5A;8 >=8 4> MB>3> =5 1K;8 2:;NG5=K. 4=0:> 2 B5E A;CG0OE, :>340 B0 8;8 4@C30O 87 MB8E ?5@540G C65 1K;0 2:;NG5=0, B> =57028A8<> >B A:>@>AB8 42865=8O 02B>1CA0 >=8 =5 1C4CB 2K:;NG0BLAO. -B> 4>AB8305BAO 70 AG5B 459AB28O B@0=78AB>@0 VT5 (A<. @8A. 72), :>B>@K9 >B:@K205BAO, :0: B>;L:> ?@>8AE>48B 2:;NG5=85 ?5@540G8 704=53> E>40 8;8 ?5@2>9 ?5@540G8.  @57C;LB0B5 : 1075 B@0=78AB>@0 VT5 ?>42>48BAO =0?@O65=85 (G5@57 @578AB>@ R80 >B :>;;5:B>@0 B@0=78AB>@0 VT15 8;8 G5@57 @578AB>@ R78 >B :>;;5:B>@0 B@0=78AB>@0 VT14). B:@KBK9 B@0=78AB>@ VT5 =57028A8<> >B C@>2=O =0?@O65=8O =0 2KE>45 CA8;8B5;O DA1 >15A?5G8205B >BACBAB285 =0?@O65=8O =0 1075 B@0=78AB>@0 VT7. >MB><C B@0=78AB>@ VT7 >:07K205BAO 70:@KBK< 8 =5 1C45B ?@5?OBAB2>20BL 2:;NG5=8N B@0=78AB>@0 VT8. #75; 70I8BK (#). H81>G=0O ?>40G0 :><0=4K =0 >4=>2@5<5==>5 2:;NG5=85 42CE 8 1>;55 M;5:B@><03=8B>2 <>65B 8<5BL <5AB> ?@8 =58A?@02=>ABOE M;5<5=B>2 C?@02;5=8O 2KE>4=K<8 CA8;8B5;O<8 M;5:B@>==>3> 1;>:0 8;8 2 A;CG05 ?@>1>O B@0=78AB>@>2 MB8E CA8;8B5;59, 2A;54AB285 G53> >=8 AB0=>2OBAO =5C?@02;O5<K<8. ;O B>3> GB>1K 8A:;NG8BL 020@89=>5 2:;NG5=85  ?@8 ;N1>9 87 C:070==KE =58A?@02=>AB59, 2 A8AB5<5 C?@02;5=8O 8A?>;L7C5BAO A?5F80;L=>5 M;5:B@><03=8B=>5 @5;5 70I8BK. >=B0:BK @5;5 @07<K:0NBAO 8 >B:;NG0NB CA8;8B5;8 ?8B0=8O M;5:B@><03=8B>2 >B 1>@B>2>9 A5B8 ?@8 ?>ABC?;5=88 >B A8AB5<K C?@02;5=8O :><0=4K =0 A@010BK20=85 70I8BK. A=>2=K< C?@02;ONI8< M;5<5=B>< CAB@>9AB20 70I8BK O2;O5BAO >?5@0F8>==K9 CA8;8B5;L DA6 (8=B53@0;L=0O <8:@>AE5<0 553#2).  8=25@B8@CNI5<C 2E>4C 4 CA8;8B5;O (A<. @8A. 72) G5@57 @578AB>@ R28 ?>42>48BAO ?>AB>O==>5 =0?@O65=85 >B 45;8B5;O =0?@O65=8O, >1@07>20==>3> @578AB>@0<8 R22 8 R23. 58=25@B8@CNI89 2E>4 5 CA8;8B5;O G5@57 @578AB>@K R5, R6, R12, R13 8 @0745;8B5;L=K5 48>4K VD1, VD2, VD3 8 VD4 A>548=5= A :>;;5:B>@0<8 2KE>4=KE B@0=78AB>@>2 #. @><5 B>3>, : 2E>4C 5 CA8;8B5;O ?>42>48BAO =0?@O65=85 >B A@54=59 B>G:8 45;8B5;O =0?@O65=8O, >1@07>20==>3> @578AB>@0<8 R17 8 R18. ><8=0;K C:070==KE @578AB>@>2 2K1@0=K B0:8< >1@07><, GB> ?@8 2:;NG5=88 >4=>3> (;N1>3>) 87 2KE>4=KE CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2 =0?@O65=85 =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O DA6 ?@52KH05B =0?@O65=85 =0 53> =58=25@B8@CNI5< 2E>45 5.  MB>< A;CG05 =0?@O65=85 =0 2KE>45 CA8;8B5;O DA6 8<55B =87:89 C@>25=L, =54>AB0B>G=K9 4;O >B:@KB8O B@0=78AB>@0 VT3.  @57C;LB0B5 >15A?5G8205BAO >B:@KB85 B@0=78AB>@0 VT4 A ?>4:;NG5=85< : 1>@B>2>9 A5B8 >1<>B:8 1 @5;5 70I8BK. @8 A@010BK20=88 MB>3> @5;5 70<K:0NBAO 53> =>@<0;L=> @07><:=CBK5 :>=B0:BK KA1.1, 1;03>40@O G5<C G5@57 =8E ?>42>48BAO =0?@O65=85 >B 1>@B>2>9 A5B8 : M<8BB5@0< 2KE>4=KE B@0=78AB>@>2 #.  A;CG05 65 >4=>2@5<5==>3> (=5?@54CA<>B@5==>3>) 2:;NG5=8O 42CE 8 1>;55 2KE>4=KE CA8;8B5;59 : =5825@B8@CNI5<C 2E>4C 5 CA8;8B5;O DA6 ?>42>48BAO =0?@O65=85, :>B>@>5 ?@52KH05B =0?@O65=85, ?>42>48<>5 : 53> 8=25@B8@CNI5<C 2E>4C 4. -B> ?@82>48B : ?>O2;5=8N =0?@O65=8O 2KA>:>3> C@>2=O =0 2KE>45 CA8;8B5;O, A;54AB285< G53> O2;O5BAO >B:@KB85 B@0=78AB>@0 VT3 8 70:@KB85 B@0=78AB>@0 VT4 A >B:;NG5=85< >B 1>@B>2>9 A5B8 >1<>B:8 1 @5;5 70I8BK.  @57C;LB0B5 ?@>8AE>48B 2K:;NG5=85 @5;5 A @07@K2>< 53> @07<K:0NI8E :>=B0:B>2 8 >B:;NG5=85< # >B 1>@B>2>9 A5B8. 0 AG5B 70<K:0=8O ?@8 MB>< 70<K:0NI8E :>=B0:B>2 KALI @5;5 2:;NG05BAO F5?L ?8B0=8O ;0<?K 8=48:0F88 A@010BK20=8O 70I8BK. '5@57 @578AB>@ R68 8 48>4 VD19 ?>405BAO =0?@O65=85 =0 107C B@0=78AB>@0 VT7, >B:@KB85 :>B>@>3> >15A?5G8205B 2K:;NG5=85 B@0=78AB>@0 VT8, 1;03>40@O G5<C 2 A;CG05 =5?@54CA<>B@5==>3> AE5<>9 2:;NG5=8O 42CE 2KE>4=KE CA8;8B5;59 8A:;NG05BAO 2>7<>6=>ABL ?@8=C48B5;L=>3> 2:;NG5=8O :0: ?5@2>9 ?5@540G8, B0: 8 ?5@540G8 704=53> E>40. 0: B>;L:> =0 2KE>45 CA8;8B5;O DA6 ?>O2;O5BAO =0?@O65=85 2KA>:>3> C@>2=O, >=> G5@57 48>4 VD11 8 @578AB>@ R38 ?>42>48BAO : 2E>4C 5 CA8;8B5;O. -B> >15A?5G8205B ?>2KH5=85 =0?@O65=8O =0 =58=25@B8@CNI5< 2E>45 5 CA8;8B5;O 4> 7=0G5=8O, :>B>@>5 ?@52KH05B =0?@O65=85 =0 8=25@B8@CNI5< 2E>45 4 CA8;8B5;O 4065 ?@8 CA;>288 2K:;NG5=8O 2A5E CA8;8B5;59 ?8B0=8O M;5:B@><03=8B>2. >4 459AB285< 2 CA8;8B5;5 DA6 ?>;>68B5;L=>9 >1@0B=>9 A2O78 70I8B0 =5 >B:;NG05BAO 8 ?>A;5 B>3>, :0: 2 @57C;LB0B5 55 A@010BK20=8O 2K:;NG0NBAO 2A5 CA8;8B5;8 ?8B0=8O 8 M;5:B@><03=8B>2. ;O >B:;NG5=8O 70I8BK 2>48B5;L 4>;65= A=0G0;0 ?5@525AB8 :>=B@>;;5@ 2 ?>;>65=85 /, 0 70B5< 2=>2L CAB0=>28BL 53> 2 B@51C5<>5 ?>;>65=85. #AB@>9AB2> 70I8BK >B =5?@54CA<>B@5==>3> 2:;NG5=8O =87H8E ?5@540G ?@8 >B:075 40BG8:0 A:>@>AB8 O2;O5BAO >B25BAB25==K< M;5<5=B>< M;5:B@>==>9 A8AB5<K C?@02;5=8O , B0: :0: >B:07 40BG8:0 A:>@>AB8 2>A?@8=8<05BAO A8AB5<>9, :0: >AB0=>2:0 02B>1CA0.  @57C;LB0B5 MB>3> 4>;6=0 ?>A;54>20BL :><0=40 =0 2:;NG5=85 ?5@2>9 ?5@540G8, GB> ?@8 42865=88 02B>1CA0 A 2KA>:>9 A:>@>ABLN <>65B ?@825AB8 : A>740=8N 020@89=>9 A8BC0F88. @8=F8? 459AB28O @0AA<0B@8205<>9 70I8BK >A=>20= =0 :>=B@>;5 A>?@>B82;5=8O >1<>B:8 40BG8:0 A:>@>AB8.  A>AB02 CAB@>9AB20 70I8BK 2E>4OB B>:>@07=>AB=K5 CA8;8B5;8 DA4, DA5, @578AB>@K R55  R63 8 48>4K VD17, VD18 (A<. @8A. 72). A>15==>AB8 @01>BK B0:>3> CAB@>9AB20 70I8BK 1K;8 87;>65=K 2KH5.  A;CG05 >B:070 40BG8:0 A:>@>AB8 =0 2KE>45 CA8;8B5;O DA4 8;8 DA5 ?>O2;O5BAO =0?@O65=85 2KA>:>3> C@>2=O. -B> =0?@O65=85 G5@57 @578AB>@ R47 ?>42>48BAO : 1075 B@0=78AB>@0 VT3, GB> ?@82>48B : 53> >B:@KB8N 8 70:@KB8N B@0=78AB>@0 VT4 A @07@K2>< F5?8 ?8B0=8O >1<>B:8 1 @5;5 70I8BK.  @57C;LB0B5 2K:;NG05BAO @5;5, GB> >15A?5G8205B >B:;NG5=85 2A5E M;5:B@><03=8B>2 A8AB5<K C?@02;5=8O  >B 1>@B>2>9 A5B8 02B>1CA0.  A;CG05 >B:070 ?>@>3>2>3> CAB@>9AB20 =0 53> 2KE>45 =57028A8<> >B A:>@>AB8 42865=8O 02B>1CA0 <>65B ?>O28BLAO A83=0;, A>>B25BAB2CNI89 ;81> C@>2=N ;>38G5A:>3>  8;8 C@>2=N ;>38G5A:>9 1. 5?@54CA<>B@5==>5 ?@8 MB>< ?>O2;5=85 =0?@O65=8O A C@>2=5< ;>38G5A:>9 1 =0 ;N1>< 87 2KE>4>2 45H8D@0B>@0 =5 O2;O5BAO >?0A=K< 4;O M:A?;C0B0F88 02B>1CA0, ?>A:>;L:C 2 B0:>< A;CG05 <>65B ;8HL ?@>87>9B8 A0<>?@>872>;L=>5 ?5@5:;NG5=85 =0 2KAHCN ?5@540GC. =0G8B5;L=> >?0A=55 A;CG08 =5?@54CA<>B@5==>3> C<5=LH5=8O =0?@O65=8O =0 2KE>45 45H8D@0B>@0 4> C@>2=O ;>38G5A:>3> , ?>A:>;L:C 2 @57C;LB0B5 MB>3> <>65B 1KBL 2K@01>B0=0 :><0=40 =0 A0<>?@>872>;L=>5 2:;NG5=85 =87H8E ?5@540G.  @0AA<0B@8205<>9 A8AB5<5 C?@02;5=8O 8A?>;L7>20=85 2 :0G5AB25 C7;0 ;>38:8 45H8D@0B>@0 DD1 ?>72>;8;> C<5=LH8BL >?0A=>ABL B0:>3> =5?@54CA<>B@5==>3> 2:;NG5=8O =87H8E ?5@540G. A;8 2> 2@5<O 42865=8O 02B>1CA0 A 2KA>:>9 A:>@>ABLN 2A;54AB285 >B:070 CA8;8B5;59 DA1 8;8 DA2 =0?@O65=85 =0 2E>45 1 8;8 2 45H8D@0B>@0 A=8605BAO 4> C@>2=O ;>38G5A:>3> , B> MB> ?@82>48B : ?>O2;5=8N =5?@54CA<>B@5==>9 :><18=0F88 A83=0;>2 =0 2E>45 45H8D@0B>@0 (B01;. 20).  @57C;LB0B5 >B:;NG0NBAO >B <0AAK 2KE>4K 0, 1, 3 8 7 45H8D@0B>@0, :>B>@K5 ?>4:;NG0NB F5?8 ?8B0=8O 2A5E 2KE>4=KE CA8;8B5;59. "5< A0<K< ?@54>B2@0I05BAO A0<>?@>872>;L=>5 020@89=>5 2:;NG5=85 =87H8E ?5@540G. ! F5;LN ?@54>B2@0I5=8O ?5@5:;NG5=8O  2 =59B@0;L=>5 ?>;>65=85, GB> 2 @O45 A;CG052 =565;0B5;L=> A B>G:8 7@5=8O 157>?0A=>AB8 M:A?;C0B0F88 02B>1CA0, 2 AE5<5 C?@02;5=8O 2K?>;=5=> A>548=5=85 <564C A>1>9 2KE>4>2 2  6 45H8D@0B>@0, 1;03>40@O G5<C ?@8 ;N1>9 =5?@54CA<>B@5==>9 :><18=0F88 A83=0;>2 =0 2E>45 45H8D@0B>@0 2> 2@5<O 42865=8O 02B>1CA0 A 2KA>:>9 A:>@>ABLN >15A?5G8205BAO 2:;NG5=85 B@5BL59 ?5@540G8. 22. >@O4>: ?5@5:;NG5=8O ?5@540G ?@8 >B:075 CA8;8B5;59 ?>@>3>2KE CAB@>9AB2 !:>@>ABL 02B>1CA0 ><5@ 2E>40 45H8D@0B>@0><5@ 2KE>40, A>548=5==>3> A <0AA>95@540G0124#A8;8B5;8 8A?@02=K0-VI-II00005@20OVI-II  VII-III1001B>@0OVII-III-VIII-(III+;)*1103"@5BLO>;55 VIII-(III+;)1117"@5BLO**B:07 CA8;8B5;O DA10 VI-II00005@20OVI-II  VII-III0000VII-III  VIII-(III+;) >;55 VIII-(III+;)0 01 10 12 6"@5BLO B:07 CA8;8B5;O DA20-VI-II00005@20OVI-II  VII-III1001B>@0OVII-III  VIII-(III+;)1001>;55 VIII (III+)1015"@5BLOB:07 CA8;8B5;59 DA1 8 DA20 VI-II00005@20OVI II  VII-III0000VII-III  VIII-(III+;) >;55 VIII-(III+;)0 0 0 0 0 10 1 "@5BLO * VIII-(III+;)  A:>@>ABL, A>>B25BAB2CNI0O 2:;:5G5=8N 1;>:8@>2:8 384@>B@0=AD>@<0B>@0 . ** ! @568<>< 1;>:8@>2:8 384@>B@0=AD>@<0B>@0.  B01;. 22 ?@82545= ?>@O4>: ?5@5:;NG5=8O ?5@540G ?@8 @07;8G=KE A:>@>ABOE 42865=8O 02B>1CA0 4;O ;N1KE 20@80=B>2 >B:07>2 CA8;8B5;59 DA1 8 DA2. =0;87 40==KE ?>:07K205B, GB> 2 A;CG05 >B:070 >4=>3> 87 MB8E CA8;8B5;59 2 7>=5 A@54=8E 8 =87:8E A:>@>AB59 42865=8O 2 EC4H5< A;CG05 ?@>87>945B ?5@5:;NG5=85 2=87 B>;L:> =0 >4=C ?5@540GC. 8HL 2 A;CG05 >4=>2@5<5==>3> >B:070 >1>8E CA8;8B5;59, GB> <0;> 25@>OB=>, 2 480?07>=5 A:>@>AB59 VII-III-VIII-(III+;) 2>7<>6=> ?5@5:;NG5=85 2=87 =0 425 ?5@540G8, 0 2 >AB0;L=KE 480?07>=0E A:>@>AB59 <>65B 8<5BL <5AB> ?5@5:;NG5=85 2=87 B>;L:> =0 >4=C ?5@540GC. !;54C5B >B<5B8BL, GB> ?@8 =57=0G8B5;L=>< CA;>6=5=88 AE5<K 2>7<>6=> ?@54>B2@0B8BL ?5@5:;NG5=85 2=87 =0 425 ?5@540G8 2 A;CG05 >B:070 >1>8E CA8;8B5;59. ;O MB>3> 4>AB0B>G=> A>548=8BL 2KE>4 CA8;8B5;O DA2 A 8=25@B8@CNI8< 2E>4>< CA8;8B5;O DA3 (G5@57 @578AB>@ R52 8 48>4 VD15, :0: MB> ?>:070=> HB@8E>2>9 ;8=859 =0 @8A. 72). ;03>40@O B0:><C ?>4:;NG5=8N 2 A;CG05 >B:070 CA8;8B5;O DA2 ?5@5E>4 CA8;8B5;O DA3 2 @568< A 2KA>:8< C@>2=5< 2KE>4=>3> =0?@O65=8O ?@>87>945B ?@8 1>;55 =87:>9 A:>@>AB8 02B>1CA0, B. 5. =081>;55 >?0A=0O :><18=0F8O =0 2E>40E 45H8D@0B>@0 (000) A<5AB8BAO 2 7>=C <5=LH8E A:>@>AB59 42865=8O 02B>1CA0.   &!! + !!"+ 8:@>?@>F5AA>@=K5 A8AB5<K C?@02;5=8O 2 ?>A;54=55 2>5<O 2A5 G0I5 8A?>;L7CNB 4;O C?@02;5=8O  02B>1CA>2, 3@C7>2KE 8 ;53:>2KE 02B><>18;59. !8AB5<0 C?@02;5=8O D8@<K ;;8A>= A CA;>2=K< >1>7=0G5=85< "! ?@54=07=0G5=0 4;O C?@02;5=8O B@5E- ?OB8ABC?5=G0BK<8 , >1>@C4>20==K<8 1;>:>< M;5:B@><03=8B=KE :;0?0=>2 (- ). ! ?><>ILN MB8E :;0?0=>2 >ACI5AB2;O5BAO C?@02;5=85 8A?>;=8B5;L=K<8 CAB@>9AB20<8 (D@8:F8>=0<8) . !8AB5<0 "! (@8A. 75) O2;O5BAO <=>3>DC=:F8>=0;L=>9 A8AB5<>9 C?@02;5=8O.  7028A8<>AB8 >B A83=0;>2, ?>ABC?0NI8E >B 40BG8:0 A:>@>AB8 !, :>=B@>;8@CNI53> A:>@>ABL 02B><>18;O, 8 40BG8:0 =03@C7:8  42830B5;O, <8:@>?@>F5AA>@ 2 A>>B25BAB288 A 70;>65==>9 2 =53> ?@>3@0<<>9 8 A CG5B>< ?>;>65=8O :>=B@>;;5@0 C?@02;5=8O K# 2K@010BK205B :><0=4K =0 ?5@5:;NG5=85 ?5@540G 8 1;>:8@>2:C 384@>B@0=AD>@<0B>@0. -B8 A83=0;K CA8;820NBAO A8;>2K<8 M;5<5=B0<8 A8AB5<K C?@02;5=8O 8 40;55 ?>ABC?0NB : M;5:B@><03=8B0< ?@82>40 A>>B25BAB2CNI8E 384@02;8G5A:8E :;0?0=>2. A?>;=8B5;L=K<8 CAB@>9- AB20<8  O2;ONBAO D@8:F8>=K, 2:;NG5=85< 8 2K:;NG5=85< :>B>@KE C?@02;ONB C:070==K5 384@02;8G5A:85 :;0?0=K.  8A. 75. !B@C:BC@=0O AE5<0 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O  3@C7>2KE 02B><>18;59 @><5 2K@01>B:8 A83=0;>2 =0 ?5@5:;NG5=85 ?5@540G A8AB5<0 C?@02;5=8O >ACI5AB2;O5B @O4 DC=:F89 70I8BK ?5@540G8 >B 020@89=KE @568<>2, 0 B0:65 8A?>;L7C5BAO 4;O 4803=>AB8@>20=8O A>AB>O=8O C7;>2  ?> A83=0;0< 40BG8:>2 B5<?5@0BC@K <0A;0 " 8 402;5=8O 2 A8AB5<5  .  O2;O5BAO A;>6=K< 8 4>@>3>AB>OI8< 03@530B><, ?>MB><C A2>52@5<5==0O A83=0;870F8O > 2>7<>6=KE 55 =58A?@02=>ABOE ?>72>;O5B ACI5AB25==> ?>2KA8BL M:A?;C0B0F8>==CN =0456=>ABL . !8AB5<0 <>65B 1KBL ?@8<5=5=0 4;O C?@02;5=8O B@0=A<8AA8O<8 @07;8G=>3> B8?0 1;03>40@O B><C, GB> :>@@5:B8@>2:0 0;3>@8B<0 C?@02;5=8O ?@8<5=8B5;L=> : @07;8G=K< B8?0< B@0=A<8AA89 B@51C5B ;8HL 87<5=5=8O ?@>3@0<<K, 70?8AK205<>9 2 #, B. 5. A0<0 A8AB5<0 =5 ?@5B5@?5205B =8:0:8E :>=AB@C:B82=KE 87<5=5=89.  8A. 76. !B@C:BC@=0O AE5<0 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O  A?>;L7>20=85 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O  >15A?5G8205B ?5@5:;NG5=85 ?5@540G ?@8 A:>@>ABOE 42865=8O 02B><>18;O, >B;8G0NI8EAO =5 1>;55 G5< =0 1 % >B 8E >?B8<0;L=KE 7=0G5=89. @8 ?@8<5=5=88 384@02;8G5A:>9 A8AB5<K C?@02;5=8O 4>?CA: A:>@>AB59, A>>B25BAB2CNI8E ?5@5:;NG5=8N ?5@540G, A>AB02;O5B 5  10%. !@02=8B5;L=K5 8A?KB0=8O  A 384@02;8G5A:>9 8 <8:@>?@>F5AA>@=>9 A8AB5<0<8 C?@02;5=8O ?>:070;8, GB> ?@8<5=5=85 ?>A;54=59 ?>72>;O5B M:>=><8BL 4> 7  8 % B>?;820. !8AB5<0 C?@02;5=8O "! 2K?>;=O5B A;54CNI85 70I8B=K5 DC=:F88: ?@54>B2@0I05B 2>7<>6=>ABL 2:;NG5=8O ?5@540G8 704=53> E>40 ?@8 A:>@>AB8 42865=8O 2KH5 CAB0=>2;5==>3> ?@545;0; 70?@5I05B ?5@5:;NG5=89 ?5@540G 2 A;CG05 ?@>1C:A>2K20=8O 8;8 1;>:8@>2:8 :>;5A 02B><>18;O ?@8 B>@<>65=88, 1;03>40@O G5<C 8A:;NG05BAO >H81>G=>5 459AB285 A8AB5<K C?@02;5=8O; ?@54>B2@0I05B G@57<5@=>5 C25;8G5=85 G0AB>BK 2@0I5=8O :>;5=G0B>3> 20;0 ?@8 A?CA:5 A 3>@K A 2:;NG5==K< 70<54;8B5;5<.  8A. 77. -;5:B@>==K9 1;>: <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O  8 M;5:B@><03=8B=K5 :;0?0=K @><5 B>3>, A8AB5<0 C?@02;5=8O,- 1C4CG8 A2O70==>9 A 2AB@>5==K<8 CAB@>9AB20<8 4803=>AB8@>20=8O, =5 B>;L:> A83=0;878@C5B 2>48B5;N > =0;8G88 :0:8E-;81> =58A?@02=>AB59 8;8 >B:;>=5=88 ?>:070B5;59  >B =>@<K (?5@53@52 <0A;0 8;8 =54>?CAB8<>5 87<5=5=85 402;5=8O 2 384@>A8AB5<5), => 8 70?8AK205B 2 ?0<OB8 MB8 40==K5 4;O ?>A;54CNI53> 0=0;870 ?@8G8= ?>O2;5=8O =58A?@02=>AB59. 8:@>?@>F5AA>@=0O A8AB5<0 C?@02;5=8O 4;O G5BK@5EABC?5=G0B>9 ?;0=5B0@=>9  B8?0 4 22 [39] ?@54=07=0G5=0 4;O ?@8<5=5=8O 2 ;53:>2KE 02B><>18;OE () 1>;LH>3> :;0AA0. !B@C:BC@=0O AE5<0 55 ?@54AB02;5=0 =0 @8A. 76, 0 M;5:B@>==K9 1;>: =0 @8A. 77. 568< 02B><0B8G5A:>3> ?5@5:;NG5=8O ?5@540G @50;87C5BAO ?@8 CAB0=>2:5 :>=B@>;;5@0 C?@02;5=8O K# 2 ?>;>65=85 D. @8 MB>< 2 7028A8<>AB8 >B ?>;>65=8O 8718@0B5;O ?@>3@0<<, 70@0=55 CAB0=02;8205<>3> 2>48B5;5< 2 B> 8;8 8=>5 ?>;>65=85, >15A?5G8205BAO ?5@5:;NG5=85 ?5@540G ?> ?@>3@0<<5 5, A>>B25BAB2CNI59 =08;CGH59 B>?;82=>9 M:>=><8G=>AB8 8;8 ?> ?@>3@0<<5 s, ?>72>;ONI59 @50;87>20BL =082KAH85 48=0<8G5A:85 ?>:070B5;8 02B><>18;O. @8 ?5@5:;NG5=88 ?5@540G ?> ?@>3@0<<5 s G5B25@B0O ?5@540G0 =5 2:;NG05BAO. 0==K9 @568< ?5@5:;NG5=8O 8A?>;L7CNB ?@8 M:A?;C0B0F88 02B><>18;O 2 3>@=KE CA;>28OE 8;8 ?@8 42865=88 A ?@8F5?><. #AB0=>2:0 8718@0B5;O ?@>3@0<< 2 ?>;>65=85 @C (@CG=>5 C?-02;5=85) >15A?5G8205B >B:;NG5=85 02B><0B8:8, GB> ?>72>;O5B 2>48B5;N A ?><>ILN :>=B@>;;5@0 C?@02;5=8O ?@8=C48B5;L=> 2:;NG0BL ?5@2CN  B@5BLN ?5@540G8 ?5@54=53> E>40, 0 B0:65 ?5@540GC 704=53> E>40 (A<. @8A. 76, ?>;>65=85 R). >;>65=85  :>=B@>;;5@0 8A?>;L7C5BAO 4;O <5E0=8G5A:>3> A>548=5=8O 254CI53> 20;0 1 A :0@B5@>< 4;O >15A?5G5=8O 70B>@<06820=8O =5?>4286=>3> 02B><>18;O 2> 2@5<O AB>O=>:. -;5:B@>==K9 1;>: 2K?>;=O5B A;54CNI85 DC=:F88 C?@02;5=8O: 2K@010BK205B :><0=4K =0 ?5@5:;NG5=85 ABC?5=59 ?5@540G8 8 1;>:8@>2:C 384@>B@0=AD>@<0B>@0 2 7028A8<>AB8 >B A:>@>AB8 02B><>18;O 8 =03@C7:8 42830B5;O ?CB5< ?>4:;NG5=8O : 8AB>G=8:C M;5:B@>?8B0=8O M;5:B@><03=8B>2 -  ?@82>40 384@02;8G5A:8E :;0?0=>2 C?@02;5=8O B>@<>70<8 ; 2>7459AB2C5B =0 M;5:B@>==CN A8AB5<C 706830=8O 42830B5;O 4;O C<5=LH5=8O :@CBOI53> <><5=B0 42830B5;O, GB> ?>72>;O5B A=878BL =03@C7:8 2 B@0=A<8AA88 02B><>18;O 8 C25;8G8BL ?;02=>ABL ?@>F5AA0 ?5@5:;NG5=8O 2 ?5@8>4 ?5@5:;NG5=8O ?5@540G. "5< A0<K< >15A?5G8205BAO C<5=LH5=85 @01>BK 1C:A>20=8O D@8:F8>==KE M;5<5=B>2 A8AB5<K C?@02;5=8O ; >ACI5AB2;O5B @53C;8@>20=85 402;5=8O 2 384@>A8AB5<5  A CG5B>< @568<0 55 @01>BK ?CB5< 2>7459AB28O =0 M;5:B@><03=8B -1@ A8AB5<K @53C;8@>20=8O 402;5=8O, GB> ?>72>;O5B A=878BL ?>B5@8 2 , 8 1;03>?@8OB=> 2;8O5B =0 ?;02=>ABL ?@>F5AA0 ?5@5:;NG5=8O ?5@540G: :>@@5:B8@C5B @568<K ?5@5:;NG5=8O 2 7028A8<>AB8 >B B5?;>2>3> @568<0 42830B5;O 1;03>40@O ?>4:;NG5=8N M;5:B@>==>3> 1;>:0 : 40BG8:C B5<?5@0BC@K "; >15A?5G8205B @568< ?5@5:;NG5=8O ?5@540G, A>>B25BAB2CNI89 <0:A8<0;L=><C 8A?>;L7>20=8N <>I=>AB8 42830B5;O, ?@8 ?>40G5 A83=0;0 >B 2K:;NG0B5;O :8:40C= 5  ; 70I8I05B ?5@540GC >B 020@89=KE @568<>2 2 A;CG05 =5?@028;L=KE 459AB289 2>48B5;O 8;8 >B:070 M;5<5=B>2 A8AB5<K C?@02;5=8O.  G0AB=>AB8, A8AB5<0 70I8BK ?@54>B2@0I05B 2>7<>6=>ABL >H81>G=>3> 2:;NG5=8O ?5@540G8 704=53> E>40 ?@8 42865=88 02B><>18;O 2?5@54 A> A:>@>ABLN 2KH5 7040==>9. "0:65 8A:;NG05BAO 2>7<>6=>ABL ?5@5:;NG5=8O A B@5BL59 =0 2B>@CN 8 A> 2B>@>9 =0 ?5@2CN ?5@540GC ?@8 A:>@>ABOE 42865=8O, ?@52KH0NI8E 8E 7040==K5 <0:A8<0;L=K5 7=0G5=8O.  8A. 78. !B@C:BC@=0O AE5<0 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O  ;53:>2KE 02B><>18;59  A;CG05 >B:;NG5=8O A8AB5<K C?@02;5=8O >B 8AB>G=8:0 ?8B0=8O >ACI5AB2;O5BAO 02B><0B8G5A:>5 2:;NG5=85 B@5BL59 ?5@540G8 (A ?><>ILN ?>4?@C68=5==>3> 384@02;8G5A:>3> :;0?0=0-). 8:@>?@>F5AA>@=0O A8AB5<0 ?@8<5=O5BAO 4;O C?@02;5=8O B@5EABC?5=G0BK<8 ?;0=5B0@=K<8  ;53:>2KE 02B><>18;59 5=> <>4. R9S, 18i 8 $CM3> [36, 40].  7028A8<>AB8 >B ?>;>65=8O @KG030 :>=B@>;;5@0 C?@02;5=8O K# (@8A. 78) A83=0;K >B =53> G5@57 8=B5@D59A ?>ABC?0NB 2 <8:@>?@>F5AA>@ , GB> >15A?5G8205B A;54CNI85 @568<K @01>BK : 02B><0B8G5A:>5 ?5@5:;NG5=85 2A5E B@5E ?5@540G (?>;>65=85 D :>=B@>;;5@0), 02B><0B8G5A:>5 ?5@5:;NG5=85 ?5@2>9 8 2B>@>9 ?5@540G (?>;>65=85 2), ?@8=C48B5;L=>5 2:;NG5=85 ?5@2>9 ?5@540G8 (?>;>65=85 1), ?5@540G8 704=53> E>40 (?>;>65=85 R), CAB0=>2:0 2 =59B@0;L (?>;>65=85 N) 8 1;>:8@>2:0 ?5@540G8 (?>;>65=85 ). 5@5:;NG5=85< ?5@540G ?@8 CAB0=>2:5 :>=B@>;;5@0 2 ?>;>65=8O D, 2 8 1 C?@02;ONB 420 :;0?0=0 A M;5:B@><03=8B=K< ?@82>4>< (-1 8 -2). >@O4>: 2:;NG5=8O MB8E :;0?0=>2 =0 @07;8G=KE ?5@540G0E ?@82545= =865 (7=0:>< + >B<5G5=> ?>4:;NG5=85 M;5:B@><03=8B>2 8E ?@82>40 : 8AB>G=8:C ?8B0=8O). >;>65=85 :>=B@>;;5@0 ......... D D D D 2 2 15@540G0 ......5@20OB>@0O(B>@0O  B@5BLO)"@5BLO5@20OB>@0O5@20O:;NG5=85 M;5:B@><03=8B>2:-1 ........ -2 ........ ++ +(+) ( )   ++ + +@8<5G0=85. 0==K5 2 A:>1:0E A>>B25BAB2CNB @568<C ?5@5:;NG5=8O ?5@540G. @8 >B:;NG5=88 M;5:B@><03=8B>2 >B 8AB>G=8:0 ?8B0=8O 2 A;CG05 CAB0=>2:8 :>=B@>;;5@0 2 ?>;>65=8O 1, 2 8 D 2:;NG05BAO B@5BLO ?5@540G0, 0 CAB0=>2:0 :>=B@>;;5@0 2 ?>;>65=8O R, N 8  >15A?5G8205B 2:;NG5=85 A>>B25BAB25==> ?5@540G8 704=53> E>40, =59B@0;8 8 @568<0 1;>:8@>2:8 ?5@540G. !B@C:BC@=0O AE5<0 @0AA<0B@8205<>9 <8:@>?@>F5AA>@=>9 A8AB5<K C?@02;5=8O ?@54AB02;5=0 =0 @8A. 78. A=>2=K< M;5<5=B>< 55 M;5:B@>==>3> 1;>:0 - O2;O5BAO <8:@>?@>F5AA>@ B8?0 8022, 2 A>AB02 :>B>@>3> 2E>4OB A>1AB25==> <8:@>?@>F5AA>@, AG5BG8:, 35=5@0B>@, # A ?0<OBLN >1J5<>< 64 A;>20, # A ?0<OBLN >1J5<>< 2048 A;>2, 28 ;8=89 22>4-2K2>4, 87 :>B>@KE 425 84CB >B 2E>4OI53> 2 A>AB02 <8:@>?@>F5AA>@0 0=0;>3>-F8D@>2>3> ?@5>1@07>20B5;O 8 5I5 425 @0AAG8B0=K =0 2KE>4=>9 B>: 4> 7 <. >?CAB8<>5 =0?@O65=85 ?8B0=8O <8:@>?@>F5AA>@0 4,5  6,5 , @01>G89 B5<?5@0BC@=K9 480?07>= >B  40 4> 100 !, G8A;> :><0=4  1>;55 70. > ACI5AB2C, 40==K9 <8:@>?@>F5AA>@ O2;O5BAO <8:@>-. 2B><0B8G5A:>5 ?5@5:;NG5=85 ?5@540G >ACI5AB2;O5BAO 2 7028A8<>AB8 >B 42CE ?0@0<5B@>2  A:>@>AB8 42865=8O 02B><>18;O 8 =03@C7:8 42830B5;O. "@51C5<K5 4;O MB>9 F5;8 A83=0;K ?>ABC?0NB 2 M;5:B@>==K9 1;>: G5@57 CA8;8B5;L-D>@<8@>20B5;L #$ >B 40BG8:0 A:>@>AB8 ! 02B><>18;O 8=4C:B>@=>3> B8?0 8 G5@57 D8;LB@  >B 40BG8:0 =03@C7:8  42830B5;O, 2K?>;=5==>3> 2 2845 ?>B5=F8><5B@0, ?@82>4OI53>AO >B ?540;8 ?>40G8 B>?;820. ! ?><>ILN MB>3> ?>B5=F8><5B@0 @50;87C5BAO 8 @568< :8:40C=, 8A?>;L7C5<K9 4;O >13>=>2. !2O7L ?>B5=F8><5B@0 A ?540;LN C?@02;5=8O 4@>AA5;L=>9 70A;>=:>9 2K?>;=O5BAO B0:8< >1@07><, GB> ?@8 ?>;=>ABLN >B?CI5==>9 ?540;8 =0?@O65=85 =0 53> 2KE>45 =5 A=8605BAO 4> =C;O. 0;8G85 =0 2KE>45 ?>B5=F8><5B@0 =0?@O65=8O =5 =865 >?@545;5==>3> C@>2=O O2;O5BAO 8=48:0B>@>< 53> 8A?@02=>AB8 8 8A?>;L7C5BAO 2 A8AB5<5 70I8BK  >B =5?@028;L=>3> A@010BK20=8O. ! CG5B>< A83=0;>2, ?>;CG05<KE >B 40BG8:>2 A:>@>AB8 02B><>18;O 8 =03@C7:8 42830B5;O, 2 A>>B25BAB288 A 7040==>9 ?@>3@0<<>9 <8:@>?@>F5AA>@ 2K@010BK205B :><0=4K C?@02;5=8O :;0?0=0<8 -1 8 -2, >15A?5G820NI85 B@51C5<K5 ?5@5:;NG5=8O ?5@540G. ;O B>3> GB>1K ?@>87>H;> ?5@5:;NG5=85 A> 2B>@>9 =0 B@5BLN ?5@540GC, =5>1E>48<> >B:;NG8BL >B 8AB>G=8:0 ?8B0=8O >10 :;0?0=0. 4=0:> =5;L7O 30@0=B8@>20==> >15A?5G8BL AB@>3> >4=>2@5<5==>3> 2K:;NG5=8O >1>8E :;0?0=>2, 2 A2O78 A G5< 2>7<>65= A;CG09, :>340 :;0?0= -1 2K:;NG8BAO =5A:>;L:> @0=LH5 :;0?0=0 -2.  @57C;LB0B5 :0:>5-B> 2@5<O ?@8 2K:;NG5==>< :;0?0=5 -1 :;0?0= -2 >:065BAO 2:;NG5==K<. -B> A>>B25BAB2C5B 2:;NG5=8N ?5@2>9 ?5@540G8, B. 5. 2<5AB> B>3>, GB>1K ?@>87>H;> ?5@5:;NG5=85 A> 2B>@>9 =0 B@5BLN ?5@540GC, 1C45B 8<5BL <5AB> ?5@5E>4 A> 2B>@>9 =0 ?5@2CN ?5@540GC. ;O ?@54>B2@0I5=8O B0:>9 2>7<>6=>AB8 <8:@>?@>F5AA>@=0O A8AB5<0 C?@02;5=8O ?>A;5 2K@01>B:8 :><0=4K ?5@5E>40 A> 2B>@>9 =0 B@5BLN ?5@540GC, 7045@68205B =0 =51>;LH>9 ?5@8>4 2@5<5=8 2K:;NG5=85 :;0?0=0 -1, 1;03>40@O G5<C 2 ?5@8>4 ?5@5:;NG5=8O 2>7<>6=0 B>;L:> :><18=0F8O 2 2845 >B:@KB>3> :;0?0=0 -1 8 70:@KB>3> :;0?0=0 -2 A ?>A;54CNI8< 70:@KB85< >1>8E :;0?0=>2. ><8<> 2K@01>B:8 :><0=4 =0 ?5@5:;NG5=85 ?5@540G <8:@>?@>F5AA>@=0O A8AB5<0 C?@02;O5B ?5@5:@KB85< 2:;NG5=8O D@8:F8>=>2 8 B>@<>7>2 , >15A?5G820O =5>1E>48<CN ?;02=>ABL ?@>F5AA0 ?5@5:;NG5=8O. @>3@0<<>9, 70;>65==>9 2 <8:@>?@>F5AA>@=CN A8AB5<C, ?@54CA<>B@5=> 2K?>;=5=85 A;54CNI8E 70I8B=KE DC=:F89: ?@54>B2@0I5=85 =5?@54CA<>B@5==>3> ?5@5:;NG5=8O A> 2B>@>9 8;8 B@5BL59 =0 ?5@2CN ?5@540GC ?@8 >B:075 40BG8:0 A:>@>AB8. ;O @5H5=8O MB>9 7040G8 A83=0; 40BG8:0 A:>@>AB8 02B><>18;O ?>A;5 53> ?>ABC?;5=8O 2 <8:@>?@>F5AA>@ A@02=8205BAO A ?>@>3>2K< A83=0;><, A>>B25BAB2CNI8< A:>@>AB8 42865=8O 3 :</G. A;8 ?@8 42865=88 02B><>18;O =0 2B>@>9 8;8 B@5BL59 ?5@540G0E A83=0; ?@5>1@07>20B5;O >:070;AO =865 ?>@>3>2>3> A83=0;0, B> MB> A2845B5;LAB2C5B > =58A?@02=>AB8 ?@5>1@07>20B5;O, 8 ?5@5:;NG5=85 =0 ?5@2CN ?5@540GC 70?@5I05BAO. 4=>2@5<5==> 2K405BAO A83=0; =58A?@02=>AB8 =0 :>=B@>;L=CN ;0<?C; 8A:;NG5=85 =5?@028;L=>3> DC=:F8>=8@>20=8O A8AB5<K C?@02;5=8O 2 A;CG05 >B:070 40BG8:0 =03@C7:8. A;8 B0:>9 >B:07 ?@>8AE>48B 8 =0?@O65=85 =0 2KE>45 40BG8:0 A=8605BAO- 4> =C;O, 2<5AB> 7040==>3> <8=8<0;L=>3> 53> 7=0G5=8O ?@8 8A?@02=>< 40BG8:5, B> A8AB5<0 C?@02;5=8O =5 ?@8=8<05B A83=0;>2 >B 40BG8:0 =03@C7:8 8 ?@8 MB>< 2:;NG05BAO B@5BLO ?5@540G0; :>=B@>;L ?@>E>645=8O 2 <8:@>?@>F5AA>@5 7040==>9 ?@>3@0<<K. ;O MB>9 F5;8 2 :>=F5 2K?>;=5=8O <8:@>?@>F5AA>@>< >B45;L=KE CG0AB:>2 ?@>3@0<<K 2K405BAO :>@>B:89 8<?C;LA, :>B>@K9 70?CA:05B >4=>281@0B>@. !83=0;, 2K@010BK205<K9 >4=>281-@0B>@><, 1>;55 ?@>4>;68B5;L=K9, G5< ?5@8>4 2K?>;=5=8O CG0AB:0 ?@>3@0<<K <564C 42C<O A>A54=8<8 8<?C;LA0<8. ;03>40@O MB><C ?@8 =>@<0;L=>< DC=:F8>=8@>20=88 <8:@>?@>F5AA>@0 =0 2KE>45 >4=>281@0B>@0 2A5 2@5<O ?>445@68205BAO 2KA>:89 C@>25=L A83=0;0. A;8 65 2 @01>B5 <8:@>?@>F5AA>@0 ?@>8AE>4OB >AB0=>2:8 8;8 70F8:;820=85, B> =0 2KE>45 >4=>281@0B>@0 ?>O2;O5BAO =0?@O65=85 =87:>3> C@>2=O, GB> O2;O5BAO A83=0;>< =58A?@02=>AB8. -B>B M;5<5=B 70I8BK, 8<5NI89 >1>7=0G5=85 >=B@>;L  (A<. @8A. 78) >15A?5G8205B >B:;NG5=85 CA8;8B5;59 #M< ?8B0=8O M;5:B@><03=8B>2 :;0?0=>2; ?@>25@:0 ?@028;L=>AB8 ?@>E>645=8O :><0=4 G5@57 CA8;8B5;8 CM< ?8B0=8O M;5:B@><03=8B>2 :;0?0=>2 A>?>AB02;5=85< A83=0;>2 =0 2E>40E 8 2KE>40E CA8;8B5;59. @8 =5A>>B25BAB288 MB8E A83=0;>2 <8:@>?@>F5AA>@ 2K@010BK205B :><0=4C =0 2K:;NG5=85 CA8;8B5;59. ;>: 70I8BK 3?5@ ?@54>B2@0I05B >H81>G=K5 ?5@5:;NG5=8O 2> 2@5<O ?5@5E>4=KE ?@>F5AA>2 2 A8AB5<5. ><8<> 2K?>;=5=8O 70I8B=KE >?5@0F89 <8:@>?@>F5AA>@ 2A5 >1=0@C65==K5 =58A?@02=>AB8 G5@57 CA8;8B5;L 4803=>AB8:8 #4 >B>1@0605B =0 8=48:0B>@5 4803=>AB8:8, A83=0;878@CO > =8E 2>48B5;N. @><5 B>3>, :>4 MB8E =58A?@02=>AB59 70?8AK205BAO 2 ?0<OBL <8:@>?@>F5AA>@0 8 A>E@0=O5BAO 2 =59 4> B5E ?>@, ?>:0 : <8:@>?@>F5AA>@C ?>42545=> =0?@O65=85 ?8B0=8O. 8:@>?@>F5AA>@=K5 A8AB5<K C?@02;5=8O , B0: 65 :0: 8 M;5:B@>==K5 A8AB5<K C?@02;5=8O A 65AB:>9 ;>38:>9, >ACI5AB2;ONB ?5@5:;NG5=85 ?5@540G ?> >48=0:>2><C ?@8=F8?C, B> 5ABL 2 7028A8<>AB8 >B 42CE ?0@0<5B@>2  A:>@>AB8 02B><>18;O 8 =03@C7:8 42830B5;O. A>15==>ABL ?@8<5=5=8O <8:@>?@>F5AA>@=KE A8AB5< 2:;NG05BAO 2 B><, GB> A 8E ?><>ILN =08;CGH8< >1@07>< <>3CB 1KBL @5H5=K 7040G8 @53C;8@>20=8O 402;5=8O 2 384@>A8AB5<5, 4803=>AB8@>20=8O A>AB>O=8O C7;>2 , 2>?@>AK 70I8BK ?5@540G8 >B 020@89=KE @568<>2, 0 B0:65 2A?><>30B5;L=K5 8=D>@<0F8>==K5 7040G8 (A ?><>ILN F8D@>2KE A?84><5B@>2, B0E><5B@>2 8 B. 4.). 8:@>?@>F5AA>@=K5 A8AB5<K <>3CB 1KBL 8A?>;L7>20=K 8 4;O @53C;8@>20=8O B5<?0 2:;NG5=8O D@8:F8>=>2  A F5;LN >15A?5G5=8O 2KA>:>9 ?;02=>AB8 42865=8O 02B><>18;O 2> 2@5<O ?5@5:;NG5=8O ?5@540G. " '+ " + !!"+ 7 B5>@88 02B><>18;O 8725AB=>, GB> :0G5=85 :>;5A0 2 ?@>F5AA5 53> 70B>@<06820=8O <>65B ?@>8AE>48BL B>;L:> 2 B>< A;CG05, :>340 B>@<>7=>9 <><5=B, ?@8:;04K205<K9 : :>;5AC, C@02=>25H8205BAO @50:B82=K< <><5=B><, @02=K< ?@>872545=8N =>@<0;L=>9 =03@C7:8 Pz, 459AB2CNI59 =0 :>;5A>, =0 ?@>4>;L=K9 :>MDD8F85=B 53> AF5?;5=8O A 4>@>3>9 D?. 5;8G8=0 :>MDD8F85=B0 AF5?;5=8O D? 7028A8B :0: >B A>AB>O=8O 4>@>6=>3> ?>:@KB8O, B0: 8 >B 25;8G8=K ?@>A:0;L7K20=8O :>;5A0 ?> >B=>H5=8N : ?>:@KB8N. 5;8G8=C ?@>A:0;L7K20=8O :>;5A0 >F5=820NB 157@07<5@=K< :>MDD8F85=B>< s = (va  vB)/va, 345 va  A:>@>ABL 02B><>18;O; VB  A:>@>ABL :>;5A0 2 B>G:5 53> A>?@8:>A=>25=8O A 4>@>6=K< ?>:@KB85<. @8 C25;8G5=88 s >B =C;O 4> >?@545;5==>9 25;8G8=K SKp (@8A. 79) ?@>8AE>48B C25;8G5=85 :>MDD8F85=B0 D?.  480?07>=5 7=0G5=89 s = sKp-:-l ?> <5@5 C25;8G5=8O 7=0G5=8O s :>MDD8F85=B D4 C<5=LH05BAO. A;54AB285 MB>3> 5A;8 B>@<>7=>9 <><5=B M", ?@8:;04K205<K9 : :>;5AC, =5 ?@52KA8B 7=0G5=8O 2D?m0E, B> 2 ?@>F5AA5 B>@<>65=8O 02B><>18;O 1C45B 8<5BL <5AB> :0G5=85 :>;5A0 ?@8 >4=>2@5<5==>< 53> ?@>A:0;L7K20=88. 5;8G8=0 MB>3> ?@>A:0;L7K20=8O CAB0=>28BAO 8<5==> B0:>9, :0:0O =5>1E>48<0 4;O ?>;CG5=8O :>MDD8F85=B0 D?B >?@545;O5<>3> 2K@065=85< D?B = MT/PZ. A;8 65 <><5=B 3 >:065BAO 1>;LH5 ?@>872545=8O P2D?m0E, B> 4065 ?@8 7=0G5=88 s=skp @50:B82=K9 <><5=B =5 A<>65B C@02=>25A8BL B>@<>7=>9 <><5=B.  @57C;LB0B5 MB>3> A:>;L65=85 s ?@52KA8B 7=0G5=85 skp, GB> ?>2;5G5B 70 A>1>9 40;L=59H55 C<5=LH5=85 :>MDD8F85=B0 D? 8 2 :>=5G=>< 8B>35 2K7>25B 1;>:8@>2:C :>;5A0. >A:>;L:C ?@8 s=l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s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v0, w 8 4w/dt 8 402;5=8O  ?@8 @01>B5 0=B81;>:8@>2>G=>9 A8AB5<K: 1  G0AB>B0 2@0I5=8O :>;5A0, ?@>?>@F8>=0;L=0O A:>@>AB8 02B><>18;O; 2  G0AB>B0 2@0I5=8O :>;5A0 ?@8 8450;L=>< @568<5 B>@<>65=8O; 3  D0:B8G5A:0O G0AB>B0 2@0I5=8O :>;5A0  :0G5AB25 ?@8<5@0 @50;870F88 ! =0 1075 0=0;>3>2>9 AE5<>B5E=8:8 @0AA<>B@8< ?@8=F8? 459AB28O A8AB5<K B0:>3> B8?0, @07@01>B0==>9 4;O 02B><>18;59 A ?=52<>?@82>4>< B>@<>7=KE <5E0=87<>2. !8AB5<0 C?@02;5=8O 459AB2C5B ?> B@5ED07=><C F8:;C, 0 55 0;3>@8B< >A=>20= =0 A>?>AB02;5=88 . >?>@=>3> A83=0;0 A A83=0;><, >?@545;ONI8< D0:B8G5A:CN G0AB>BC 2@0I5=8O 70B>@<068205<>3> :>;5A0 (. A. 553142, !!! , !  60 " 8/08). 0AA<>B@8< ?@8=F8? 459AB28O A8AB5<K C?@02;5=8O (@8A. 80). C45< AG8B0BL, GB> B>@<>65=85 02B><>18;O ?@>8AE>48B =0 A:>;L7:>9 4>@>35, 2A;54AB285 G53> 2 ?@>F5AA5 B>@<>65=8O G0AB>B0 2@0I5=8O 70B>@<068205<>3> :>;5A0 A=8605BAO 1KAB@55, G5< C<5=LH05BAO A:>@>ABL 02B><>18;O 80 (@8A. 81). 0 @8A. 81 t{  2@5<O =0G0;0 B>@<>65=8O, a tz  2@5<O, ?@8 :>B>@>< @07=>ABL A83=0;>2, >?@545;O5<KE :@82K<8 1 8 5, 4>AB83=5B 7040==>9 25;8G8=K.  <><5=B 2@5<5=8 tz B>@<>7=0O :0<5@0 >B:;NG05BAO >B 8AB>G=8:0 402;5=8O 8 >4=>2@5<5==> A>548=O5BAO A 0B<>AD5@>9, GB> >15A?5G8205B ?5@52>4 A8AB5<K @53C;8@>20=8O 2 D07C A1@>A 402;5=8O. 045=85 402;5=8O  1C45B ?@>4>;60BLAO 4> B5E ?>@, ?>:0 2A;54AB285 C<5=LH5=8O B>@<>7=>3> <><5=B0 =5 ?@5:@0B8BAO 70<54;5=85 :>;5A0.  MB>B <><5=B 2@5<5=8 (t=t3) ?@>87>945B 87<5=5=85 7=0:0 ?@>872>4=>9 dwK/dt , 2 @57C;LB0B5 G53> 2K@01>B05BAO A83=0; 4;O ?@5:@0I5=8O A=865=8O 402;5=8O 2 B>@<>7=>9 :0<5@5 ?CB5< ?5@52>40 A8AB5<K @53C;8@>20=8O 2 @568< >BA5G:0. ">@<>7=0O A8AB5<0 >1;0405B >?@545;5==>9 8=5@F8>==>ABLN, ?>MB><C 70<54;5=85 :>;5A0 =5A:>;L:> >BAB05B ?> 2@5<5=8 >B ?045=8O 402;5=8O 2 B>@<>7=>9 :0<5@5.  @57C;LB0B5 : <><5=BC, :>340 ?@5:@0I05BAO 70<54;5=85 :>;5A0, 402;5=85 2 B>@<>7=>9 :0<5@5 CA?5205B A=878BLAO 2 1>;LH59 AB5?5=8, G5< MB> 1K;> 1K =5>1E>48<> 2 A;CG05 2KA>:>3> 1KAB@>459AB28O B>@<>7=>9 A8AB5<K. A;54AB285 MB>3> 2 ?5@8>4 459AB28O D07K >BA5G:0 1C45B 8<5BL <5AB> @073>= :>;5A0. >340 2 ?@>F5AA5 MB>3> 073>=0 ?@8 t=t4 CA:>@5=85 :>;5A0 8, A;54>20B5;L=>, ?@>872>4=0O dwK/dt 4>AB83=CB <0:A8<C<0, MB> 1C45B >7=0G0BL, GB> AF5?;5=85 :>;5A0 A 4>@>3>9 2>AAB0=>28;>AL, 2 A2O78 A G5< A;54C5B C25;8G8BL B>@<>7=>9 <><5=B. AE>4O 87 MB>3>, A8AB5<0 C?@02;5=8O ?>405B :><0=4C : ?5@5E>4C >B D07K >BA5G:0 : D075 C25;8G5=85 402;5=8O. 23. 568< @01>BK 7040BG8:0 !>AB>O=85 70B>@<068205<>3> :>;5A0 568< @01>BK  0?@O65=85 =0 2E>40E  8  7040BG8:0  U !:>@>ABL 87<5=5=8O =0?@O65=8O =0 2E>45 M040BG8:0 dU4/dt. /AUU5 1;>:8@C5BAO!;565=850,7U?G=<3,50<54;5=850<OBL>AB>O==>5,>3,5@02=>5 U34> 073>=5@570?8AL0,7 Un4HN10O@8<5G0=8O:   2KA>:89 C@>25=L =0?@O65=8O;   =87:89 C@>25=L =0?@O65=8O; U>  >?>@=>5 =0?@O65=85 =0 2KE>45 7040BG8:0. >A;5 MB>3> 25AL >?8A0==K9 ?@>F5AA @01>BK A8AB5<K 1C45B <=>3>:@0B=> ?>2B>@OBLAO, ?@8G5< A83=0;, >?@545;ONI89 G0AB>BC 2@0I5=8O :>;5A0, 2 :064>< =>2>< F8:;5 1C45B A@02=820BLAO A >B:>@@5:B8@>20==K< 4;O MB>3> F8:;0 >?>@=K< A83=0;><.  8A. 82. 7<5=5=85 402;5=8O 2 B>@<>7=>9 :0<5@5 8 M;5:B@8G5A:8E A83=0;>2 M;5<5=B>2 0=B81;>:8@>2>G=>9 A8AB5<K 2 ?@>F5AA5 B>@<>65=8O 02B><>18;O: I  A;565=85; II  ?0<OBL; III  ?5@5?8AL; IV  A1@>A 402;5=8O: V  >BA5G:0; U4 =  k dw/dt  A;CG05 @50;870F88 8450;L=>3> C?@02;5=8O ?@>F5AA>< B>@<>65=8O, 2> 2@5<O :>B>@>3> ?>445@6820;0AL 1K ?>AB>O==>9 25;8G8=0 s=sKp, E0@0:B5@ 87<5=5=8O G0AB>BK 2@0I5=8O A>>B25BAB2>20; 1K :@82>9 2. '5< <5=LH5 >B;8G0NBAO :@82K5 2 8 3, B5< A>25@H5==55 @01>B0 !. A=>2=K< M;5<5=B>< ! O2;O5BAO 7040BG8:  >?>@=>3> C@>2=O A:>@>AB8, A :>B>@K< A>?>AB02;O5BAO D0:B8G5A:0O G0AB>B0 2@0I5=8O :>;5A0. -B>B 7040BG8: 2K?>;=O5B DC=:F88 M;5<5=B0 ?0<OB8.  7028A8<>AB8 >B A83=0;>2, ?>ABC?0NI8E G5@57 @578AB>@K Rl  R4 (A<. @8A. 80), =0 53> 2E>4K, >= @01>B05B 2 >4=>< 87 B@5E @568<>2, C:070==KE 2 B01;. 23. @82545==>5 2 B01;. 23 A>>B=>H5=85 <564C =0?@O65=85< U?G= =0 2KE>45 ' 8 =0?@O65=85< U74 =0 2KE>45 7040BG8:0, 0 B0:65 B5<? 87<5=5=8O =0?@O65=8O U74 2 @568<5 A;565=8O, 8A:;NG0NB 2>7<>6=>ABL C<5=LH5=8O =0?@O65=8O U?G= =865 7=0G5=8O U 74 2 ?@>F5AA5 B>@<>65=8O 02B><>18;O, ?@>8AE>4OI53> 157 1;>:8@>2:8 :>;5A, 4065 ?@8 <0:A8<0;L=> 2>7<>6=>9 53> MDD5:B82=>AB8 (70<54;5=85 4> 5 </A2). 4=0:> 5A;8 2 ?@>F5AA5 B>@<>65=8O 02B><>18;O ?>O28BAO B5=45=F8O : 1;>:8@>2:5 :>;5A0, B> G0AB>B0 53> 2@0I5=8O @57:> C<5=LH8BAO 8 7040BG8: =5 CA?55B >BA;548BL 87<5=5=85 =0?@O65=8O U?G=.  @57C;LB0B5 MB>3> 1C45B 8<5BL <5AB> A>>B=>H5=85 U74>U?G=. A;54AB285 MB>3> 2 <><5=B 2@5<5=8 tz =0?@O65=85, ?>42>48<>5 >B 2KE>40 4 7040BG8:0 : =58=25@B8@CNI5<C 2E>4C 1 :><?0@0B>@0 A:>@>AB8, >:065BAO 2KH5 =0?@O65=8O, ?>42>48<>3> : 53> 8=25@B8@CNI5<C 2E>4C 2 >B 2KE>40 '.  @57C;LB0B5 =0 2KE>45 3 :><?0@0B>@0 A:>@>AB8 8, A;54>20B5;L=>, =0 2E>45  7040BG8:0 ?>O28BAO =0?@O65=85 2KA>:>3> C@>2=O, ?>4 459AB285< :>B>@>3> 7040B-G8: ?5@5945B 2 @568< ?0<OB8. @8 MB>< =0?@O65=85 =0 2KE>45 7040BG8:0 CAB0=>28BAO @02=K< 7=0G5=8N U74>, :>B>@>5 =0 @8A. 82 A>>B25BAB2C5B 2@5<5=8 tz. >A;5 ?>O2;5=8O =0?@O65=8O 2KA>:>3> C@>2=O =0 2KE>45 3 :><?0@0B>@0 A:>@>AB8 G5@57 CA8;8B5;8 #!1 8 #>BA (A<. @8A. 80) 2K@010BK205BAO :><0=40 2:;NG5=8O M;5:B@><03=8B>2 -A1 8 "! C?@02;5=8O <>4C;OB>@0<8, >ACI5AB2;ONI8<8 A1@>A 402;5=8O 8 >BA5G:C.  @57C;LB0B5 A=865=8O ?@8 MB>< 402;5=8O  2 B>@<>7=>9 :0<5@5 (A<. @8A. 82) C<5=LH8BAO 70<54;5=85 :>;5A0 8, :0: A;54AB285, A=878BAO C@>25=L ?>;>68B5;L=>3> =0?@O65=8O U4 =0 2KE>45 48DD5@5=F80B>@0. >340 70<54;5=85 :>;5A0 ?@5:@0B8BAO 8 =0G=5BAO 53> @073>=, =0?@O65=85 U4 87<5=8B A2>9 7=0:, B. 5. AB0=5B >B@8F0B5;L=K<.  @57C;LB0B5 MB>3> 1C45B ?@82545= 2 459AB285 M;5<5=B -B0E >1=0@C65=8O <0:A8<C<0 CA:>@5=8O (A<. @8A. 80). -B>B M;5<5=B 2K?>;=5= B0:8< >1@07><, GB> =0?@O65=85 =0 53> 2KE>45 8<55B 2KA>:89 C@>25=L B>;L:> ?@8 >4=>2@5<5==>< A>1;N45=88 42CE CA;>289: =0?@O65=85 =0 2E>45 M;5<5=B0 4>;6=> 1KBL >B@8F0B5;L=K<; C@>25=L >B@8F0B5;L=>3> =0?@O65=8O =0 A83=0;L=>< 2E>45 1 M;5<5=B0 4>;65= =5 <5=OBLAO 8;8 2>7@0AB0BL.  A;CG05 65 53> C<5=LH5=8O =0?@O65=85 =0 2KE>45 4 M;5<5=B0 ?0405B 4> =87:>3> C@>2=O. ;O G5B:>9 D8:A0F88 <><5=B0 87<5=5=8O ?>;O@=>AB8 =0?@O65=8O =0 2KE>45 48DD5@5=F80B>@0 8A?>;L7C5BAO ?>@>3>2>5 CAB@>9AB2> # 48DD5@5=F80B>@0, :>B>@>5 ?@5>1@07C5B ?;02=> 87<5=ONI55AO 2KE>4=>5 =0?@O65=85 48DD5@5=F80B>@0 2 A83=0; F?C ?@O<>C3>;L=>9 D>@<K (A<. @8A. 82, HB@8E>20O ;8=8O). 0==K9 A83=0; ?>42>48BAO : 1;>:8@CNI5<C 2E>4C 2 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 (A<. @8A. 80), 1;03>40@O G5<C ?>O2;5=85 2KA>:>3> C@>2=O =0?@O65=8O =0 2KE>45 4 MB>3> M;5<5=B0 <>65B 8<5BL <5AB> B>;L:> 2 ?5@8>4K, :>340 =0?@O65=85 =0 2KE>45 ?>@>3>2>3> CAB@>9AB20 # 8<55B >B@8F0B5;L=CN ?>;O@=>ABL, B. 5. 2 ?5@8>4K @073>=0 :>;5A0. !>548=5=85 A83=0;L=>3> 2E>40 1 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 A 2KE>4>< 48DD5@5=F80B>@0 >15A?5G8205B ?>;CG5=85 =0?@O65=8O 2KA>:>3> C@>2=O =0 2KE>45 M;5<5=B0 B>;L:> 2 ?5@8>4K, :>340 8<55B <5AB> C25;8G5=85 CA:>@5=8O :>;5A0. 0 @8A. 81 MB>B ?5@8>4 A>>B25BAB2C5B 8=B5@20;C 2@5<5=8, >3@0=8G5==><C B>G:0<8 t3 8 t4, 0 =0 @8A. 82  CG0AB:0<, >3@0=8G5==K< B>G:0<8 t3  t4, t6  t7, t9  t10. 0 AG5B A>548=5=8O 2KE>40 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 A 2E>4><  7040BG8:0 (A<. @8A. 80) >4=>2@5<5==> A ?>O2;5=85< 2KA>:>3> C@>2=O =0?@O65=8O =0 2KE>45 4 M;5<5=B0 B0:>5 65 =0?@O65=85 ?>42>48BAO : 2E>4C  7040BG8:0. A;54AB285 MB>3> 70-40BG8: ?5@52>48BAO 2 @568< ?5@5?8AL. @><5 B>3>, 1;03>40@O A>548=5=8N 2KE>40 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 A 8=25@B8@CNI8< 2E>4>< 2 :><?0@0B>@0 A:>@>AB8 >15A?5G8205BAO ?5@52>4 MB>3> :><?0@0B>@0 2 @568< A =87:8< C@>2=5< 2KE>4=>3> =0?@O65=8O. >A;54=55 ?@82>48B : 2K:;NG5=8N CA8;8B5;O #A1 M;5:B@><03=8B0 -!6 <>4C;OB>@0, C?@02;ONI53> 2K?CA:>< 2>74CE0 87 B>@<>7=>9 A5@2>:0<5@K, B. 5. ?@5:@0I5=8N A1@>A0 402;5=8O. > M;5:B@><03=8B -"! <>4C;OB>@0 >BA5G:8 ?@8 MB>< ?@>4>;605B >AB020BLAO 2:;NG5==K<, ?>A:>;L:C : 2E>4C 53> CA8;8B5;O ?>42>48BAO =0?@O65=85 2KA>:>3> C@>2=O >B 2KE>40 M;5<5=B0 >1=0@C65=8O <0:A8<C<0. B:;NG5=85 M;5:B@><03=8B0 -"! <>4C;OB>@0 >BA5G:8 >B 8AB>G=8:0 ?8B0=8O ?@>8AE>48B ;8HL ?>A;5 B>3>, :0: 2A;54AB285 C<5=LH5=8O CA:>@5=8O :>;5A0 (B>G:8 t4, t7, t10) =0?@O65=85 U4 =0 2KE>45 48DD5@5=F80B>@0 =0G8=05B C<5=LH0BLAO (A<. @8A. 82), GB> ?@82>48B : C<5=LH5=8N 4> =C;O =0?@O65=8O =0 2KE>45 M;5<5=B0 >1=0@C65=8O <0:A8<C<0. 0;55 25AL F8:; @53C;8@>20=8O 402;5=8O 2 B>@<>7=>9 A8AB5<5 <=>3>:@0B=> ?>2B>@O5BAO. ?>@=K< A83=0;>< 4;O A8AB5<K C?@02;5=8O O2;O5BAO =0?@O65=85 U74>, D8:A8@C5<>5 =0 2KE>45 7040BG8:0 2 ?5@8>4K ?0<OB8.  :064>< =>2>< F8:;5 @01>BK A8AB5<K C@>25=L 70?><8=05<>3> =0?@O65=8O U74> C<5=LH05BAO ?> A@02=5=8N A 53> C@>2=5< 2 ?@54H5AB2CNI5< F8:;5. =K<8 A;>20<8, >?>@=K9 A83=0; D8:A8@C5<K9 2 B>G:0E t2, t5, U, 2A5 2@5<O 87<5=O5BAO A>>B25BAB25==> A:>@>AB8 42865=8O 02B><>18;O, GB> 8 B@51C5BAO 4;O DC=:F8>=8@>20=8O A8AB5<K C?@02;5=8O. A;8 2 ?@>F5AA5 B>@<>65=8O 02B><>18;O =0 A:>;L7:>9 4>@>35 8<55B <5AB> >A>1> 8=B5=A82=>5 A=865=85 G0AB>BK 2@0I5=8O :>;5A0, B> MB> 2K7K205B A>>B25BAB2CNI55 C25;8G5=85 =0?@O65=8O ?>;>68B5;L=>9 ?>;O@=>AB8 =0 2KE>45 48DD5@5=F80B>@0. >4:;NG5=85 2KE>40 48DD5@5=F80B>@0 : =58=25@B8@CNI5<C 2E>4C 1 :><?0@0B>@0 A:>@>AB8 ?@82>48B : ?>2KH5=8N C@>2=O =0?@O65=8O =0 40==>< 2E>45 :><?0@0B>@0, 2A;54AB285 G53> =0?@O65=85 2KA>:>3> C@>2=O =0 53> 2KE>45 ?>O2;O5BAO @0=LH5, G5< 2A;54AB285 70<54;5=8O :>;5A0 =0?@O65=85 =0 2KE>45 ' A=878BAO 4> 70 % 53> ?5@2>=0G0;L=>9 25;8G8=K. ;03>40@O MB><C A83=0; =0 A1@>A 402;5=8O 1C45B 2K40= A >?5@565=85<, GB> 8 B@51C5BAO 4;O ?>2KH5=8O MDD5:B82=>AB8 459AB28O !. KE>4 :><?0@0B>@0 A:>@>AB8 A>548=5= A 2E>4>< 3 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 (A<. @8A. 80). A>15==>ABL MB>9 A2O78 70:;NG05BAO 2 B><, GB> ?@8 =0;8G88 =0?@O65=8O =0 2E>45 3 M;5<5=B0 ?@82>48BAO 2 459AB285 53> 1;>: 70?><8=0=8O 40==>3> =0?@O65=8O, :>B>@>5 O2;O5BAO @07@5H0NI8< 4;O 459AB28O M;5<5=B0. -B> 70?><8=0=85 O2;O5BAO >B=>A8B5;L=> =5?@>4>;68B5;L=K<, ?>MB><C 4;O A>740=8O 2>7<>6=>AB8 ?>O2;5=8O =0?@O65=8O 2KA>:>3> C@>2=O =0 2KE>45 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 (?@8 =0;8G88 A>>B25BAB2CNI53> C@>2=O =0?@O65=8O =0 53> A83=0;L=>< 2E>45 1) =5>1E>48<>, GB>1K ?5@8>48G5A:8 : 53> @07@5H0NI5<C 2E>4C 3 ?>42>48;>AL =0?@O65=85 >B 2KE>40 :><?0@0B>@0 A:>@>AB8. 0==>5 CA;>285 >:065BAO 2K?>;=5==K< ?@8 B>@<>65=88 02B><>18;O =0 A:>;L7:>9 4>@>35, :>340 2A;54AB285 @57:>3> C<5=LH5=8O G0AB>BK 2@0I5=8O :>;5A 1C45B 8<5BL <5AB> 2:;NG5=85 :><?0@0B>@0 A:>@>AB8 A ?>O2;5=85< =0 53> 2KE>45 =0?@O65=8O 2KA>:>3> C@>2=O (2 ?5@8>4K ?0<OB8). >-8=><C 459AB2C5B A8AB5<0 C?@02;5=8O 2 A;CG05, =0?@8<5@, 42865=8O 02B><>18;O =0 A?CA:5 A C25;8G5=85< 53> A:>@>AB8. @8 MB>< 2>48B5;L <>65B =0G0BL ?>4B>@<06820BL 02B><>18;L ?CB5< 2:;NG5=8O B>@<>7>2.  ?@>F5AA5 @073>=0 02B><>18;O 48DD5@5=F80B>@ 2K@010BK205B =0?@O65=85 >B@8F0B5;L=>9 ?>;O@=>AB8, :>B>@>5 O2;O5BAO A83=0;>< 4;O 2:;NG5=8O M;5<5=B0 >1=0@C65=8O <0:A8<C<0. A;8 ?@8 MB>< =5 ?@54>B2@0B8BL 2:;NG5=85 40==>3> M;5<5=B0, B> 1C45B @50;87>20= @568< >BA5G:0, B. 5. A0<>?@>872>;L=> ?@5:@0B8BAO B>@<>65=85 02B><>18;O, GB> A>25@H5==> =54>?CAB8<>.  8A. 83. 7<5=5=85 C3;>2>9 A:>@>AB8 W1,2 8 W3, A:>@>AB8 80, 402;5=89 1,2 8 0 ?@8 @01>B5 0=B81;>:8@>2>G=>9 A8AB5<K BO30G0 "0:>5 459AB285 !, >4=0:>, >:07K205BAO =52>7<>6=K<, ?>A:>;L:C 2 ?@>F5AA5 @073>=0 02B><>18;O U?G=>U, B. 5. :><?0@0B>@ A:>@>AB8 =5 A@010BK205B 8 2A;54AB285 MB>3> =0?@O65=85 : @07@5H0NI5<C 2E>4C 3 M;5<5=B0 >1=0@C65=8O <0:A8<C<0 =5 ?>42>48BAO. G5=L 206=K< M;5<5=B>< ! O2;O5BAO 1;>: :>=B@>;O 55 8A?@02=>AB8.  53> 7040GC 2E>48B 02B><0B8G5A:>5 2K:;NG5=85 M;5:B@><03=8B>2 <>4C;OB>@>2 A1@>A0 8 >BA5G:8 ?@8 ?>O2;5=88 =58A?@02=>AB8 2 A8AB5<5 C?@02;5=8O. 4=>2@5<5==> 4>;6=0 1KBL ?@82545=0 2 459AB285 A83=0;870F8O, >?>25I0NI0O 2>48B5;O > =0;8G88 =58A?@02=>AB8 2 !. 0 2E>4K 1;>:0 :>=B@>;O ?>405BAO =0?@O65=85 >B 2KE>4>2 ' 8 7040BG8:0. !83=0;>< =58A?@02=>AB8 ! O2;ONBAO =0@CH5=85 =>@<0;L=>3> A>>B=>H5=8O <564C U?G= 8 U74 2 B5G5=85 ?5@8>40 2@5<5=8 1>;55 1 A.  MB>< A;CG05 =0 2KE>45 1;>:0 :>=B@>;O, 2>-?5@2KE, 2K@010BK20NBAO :><0=4K 2K:;NG5=8O CA8;8B5;59 C?@02;5=8O <>4C;OB>-@0<8 A1@>A0 8 >BA5G:8 8, 2>-2B>@KE, ?>405BAO :><0=40 =0 2:;NG5=85 A83=0;870B>@0 >B:070 ! (=0?@8<5@, 020@89=>9 ;0<?K).  ?>A;54=55 2@5<O ?>O28;>AL 1>;LH>5 G8A;> A>>1I5=89 > A>740=88 8 A5@89=>< ?@>872>4AB25 @07;8G=KE 0=B81;>:8@>2>G=KE B>@<>7=KE A8AB5< =0 1075 <8:@>?@>F5AA>@=KE :><?;5:B>2. "0:>9 ?CBL A>740=8O 0=B81;>:8@>2>G=KE A8AB5< O2;O5BAO 2?>;=5 >?@0240==K<, ?>A:>;L:C ?@8<5=5=85 <8:@>?@>F5AA>@>2 ?>72>;O5B =08;CGH8< >1@07>< >ACI5AB2;OBL >?B8<0;L=>5 C?@02;5=85 B>@<>70<8 A CG5B>< 1>;LH>3> G8A;0 D0:B>@>2, 2;8ONI8E =0 ?@>F5AA B>@<>65=8O 02B><>18;59 [11]. >6=>, ?@0240, >B<5B8BL, GB> <8:@>?@>F5AA>@=K5 ! 2284C >B=>A8B5;L=> 2KA>:>9 8E AB>8<>AB8 ?>:0 GB> 2 >A=>2=>< ?@8<5=ONBAO =0 1>;LH53@C7=KE 02B><>18;OE 8 BO30G0E.  :0G5AB25 ?@8<5@0 B0:>3> ?@8<5=5=8O <>6=> C:070BL =0 <8:@>?@>F5AA>@=CN !, :>B>@>9 >1>@C4CNBAO B@5E>A=K5 ?>;C?@8F5?K 1>;LH>9 3@C7>?>4J5<=>AB8 A ?=52<>?@82>4>< B>@<>7=KE <5E0=87<>2. -B0 A8AB5<0 A>45@68B 420 :0=0;0 C?@02;5=8O B>@<>7=K<8 <5E0=87<0<8, >48= 87 :>B>@KE 8A?>;L7C5BAO 4;O @53C;8@>20=8O 402;5=8O P1,2 2 B>@<>7=KE :0<5@0E ?5@2>9 8 2B>@>9 >A59, 0 2B>@>9 :0=0; >ACI5AB2;O5B @53C;8@>20=85 402;5=8O 3 2 :0<5@0E B@5BL59 >A8. !@02=5=85 E0@0:B5@8AB8: 87<5=5=8O C3;>2>9 A:>@>AB8 wK1,2 8 w:7 :>;5A ?5@2>9, 2B>@>9 8 B@5BL59 >A59 8 A:>@>AB8 02B><>18;O va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cv 36. -=4@N -. >2K5 DC=:F89 1>@B>2KE :><?LNB5@>2/2B><>18;L=0O ?@><KH;5==>ABL !(. 1984. ! 4. !. 12  13. 37. Falzoni G. L., Pellegrino E., Troisi R. Microprocessor clutch control Electronic Engine: Drivetrain SP  540. Internation Congress Exposition. Detroit, Michigan, 1983. P. 115  125. 38. Hartley J. Anti  skid system slated in the USA//Commercial Motor. 1976. N. 3632. P. 19. 39. Lorenz K., Larisch R. Einsatz des Viergang Automatikgetrie bes 4HP22 mit electronisch hydraulischer Steuerung//ATZ. 1983. N. 85(6). S. 401 405. 40. Microprocessors applied to automobile transmission control Automotive Engineering August. 1982. Vol. 90, N. 8. P. 36 42. 41. Onp H., Nakano J., Nakano Y., Takahaschi Y. Toyota's New Microprocessor Based Engine and Transmission/Electronic Engine Drivetrain Control SP 540. International Congress Exposition Detroit, Michigan, 1983, P. 19  26.  @548A;>285 2545=85 #A;>28O @01>BK M;5:B@>==>9 0??0@0BC@K 02B><>18;59 A?>;=8B5;L=K5 8 :><0=4=K5 CAB@>9AB20 M;5:B@>==KE A8AB5< 8:@>?@>F5AA>@=K5 A8AB5<K C?@02;5=8O !@02=8B5;L=K5 B5E=8:>-M:>=><8G5A:85 ?>:070B5;8 <5E0=8G5A:8E, 384@02;8G5A:8E, ?=52<0B8G5A:8E 8 M;5:B@>==KE A8AB5< -;5<5=B=0O 1070 M;5:B@>==KE A8AB5< 0AA82=K5 :><?;5:BCNI85 M;5<5=BK :B82=K5 :><?;5:BCNI85 M;5<5=BK "8?>2K5 DC=:F8>=0;L=K5 C7;K M;5:B@>==KE A8AB5< !B018;870B>@K =0?@O65=8O '0AB>B=>-0=0;>3>2K5 ?@5>1@07>20B5;8 53C;OB>@K A8;K B>:0 #AB@>9AB20 70I8BK M;5:B@>==KE A8AB5< C?@02;5=8O >B 020@89=KE @568<>2 -;5:B@>==K5 8 <8:@>?@>F5AA>@=K5 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O AF5?;5=85< A=>2=K5 ?@8=F8?K 02B><0B870F88 A=>2=K5 ?@54?>AK;:8 ?@8<5=5=8O M;5:B@>==KE A8AB5< -;5:B@>==K5 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O 8:@>?@>F5AA>@=K5 A8AB5<K 02B><0B8G5A:>3> C?@02;5=8O -;5:B@>==K5 8 <8:@>?@>F5AA>@=K5 A8AB5<K C?@02;5=8O 384@><5E0=8G5A:8<8 ?5@540G0<8 A=>2=K5 ?@54?>AK;:8 ?@8<5=5=8O M;5:B@>==KE 8 <8:@>?@>F5AA>@=KE A8AB5< A=>2=K5 B@51>20=8O : M;5:B@>==K< 8 <8:@>?@>F5AA>@=K< A8AB5<0< -;5:B@>==K5 A8AB5<K 8:@>?@>F5AA>@=K5 A8AB5<K =B81;>:8@>2>G=K5 B>@<>7=K5 A8AB5<K !?8A>: ;8B5@0BC@K  39.33-04 54 # 629.113.014  523.8 5F5=75=B . . >@>7>2 >;O: . ., A5=>2A:89-0H:>2 .. . 54 -;5:B@>=8:0 02B><>18;L=KE A8AB5< C?@02;5=8O.  .: 0H8=>AB@>5=85, 1987.  200 A.: 8;. ( >1;.): 70 :. ?8A0=K M;5:B@>==K5 A8AB5<K C?@02;5=8O AF5?;5=85<, :>@>1:>9 ?5@540G, B>@<>7=K<8 A8AB5<0<8, 40=K @5:><5=40F88 ?> 8E ?@>5:B8@>20=8N 8 @0AG5BC. ;O 8=65=5@=>-B5E=8G5A:8E @01>B=8:>2, 70=8<0NI8EAO ?@>5:B8@>20=85<, :>=AB@C8@>20=85< 8 M:A?;C0B0F859 02B><>18;59. 3603030000-310  39.33-04 --------------310-87 038(01)-87 740B5;LAB2> 0H8=>AB@>5=85. 1987  !"  0284 @83>@L528G >;O: .@89 >=AB0=B8=>28G A5=>2A:89-0H:>2 -"  ",+% !!" # / 540:B>@K . .. !:0G:>20, 3. . O1:>20 %C4>65AB25==K9 @540:B>@ !. !. >4G8F 1;>6:0 EC4>6=8:0 . . >;:>20 "5E=8G5A:89 @540:B>@ . . C?5@<0= >@@5:B>@ . . !=0AB8=0  ! 4180 !40=> 2 =01>@ 22.07.86. >4?8A0=> 2 ?5G0BL 25.0986. "-15437. $>@<0B 60x90Vie. C<030 >DA5B=0O ! 2. 0@=8BC@0 ;8B5@0BC@=0O. 5G0BL >DA5B=0O. #A;. ?5G. ;. 12,50 #A;. :@.->BB. 12,75. #G.-874. ;. 14,0. "8@06 20000 M:7. 0:07 1532. &5=0 70 :. @45=0 "@C4>2>3> @0A=>3> =0<5=8 8740B5;LAB2> 0H8=>AB@>5=85, 107076, >A:20, !B@><K=A:89 ?5@., 4. >A:>2A:0O B8?>3@0D8O ! 6 !>N7?>;83@0D?@><0 ?@8 >AC40@AB25==>< :><8B5B5 !!!  ?> 45;0< 8740B5;LAB2, ?>;83@0D88 8 :=86=>9 B>@3>2;8. 109088, >A:20, .6=>?>@B>20O C;., 24 OCR Pirat @BD\^ rt!"h"j"l"222x7z777MMNNNOOFPJPLPuuzz{{{ùâ56OJQJ 5OJQJ jUmH  6H*mH 6mH H*5OJQJmH mH CJ 5CJ 5CJ5CJOJQJmH CJ( 5CJ(mH 5CJ( 5CJmH 6CJ56CJmH  56CJ<BD^ \( 4 .rt .Pb"""$$$"lnZ^< ĠTb2*ʸԺξ$l4 B>0P, .|!%'(V),/47788Z:=>JBC6LQTWl]_Le6fgikm8pswxx yy~dBDLd""j"l"($)2@4:@DHNNJPLPXQJRRS[B`&fjVr xzz{$${{}@ƑlnZ^< ĠTb2*ʸԺ$$HL TZlnZ\^ΞҞ&.ƟʟΟԟlv Ġ ,.~l|77888>ԾCJ jZU6mH 5CJ OJQJmH 5CJ OJQJ jDUmH 56OJQJ5OJQJmH  5OJQJ j>UJξ$l4 B>0P, .|$|!%'(V),/47788Z:=>JBC6LQTWl]_Le6fgik$$>D?T8U__6ffxx y yy@DʃRZ\df4L  $(*,246<>FHߴ5CJH*OJQJmH 5CJOJQJmH 5CJH*OJQJ5H*6mH CJ5CJOJQJ5OJQJmH CJ 5CJ OJQJmH 6Fkm8pswxx yy~dBDL "*$$$$ "*2:BJRZ\xzȇʇ̇·և؇ڇ܇ $,4<DLT\dfڈ܈ވFƑ>~ZnprΙ DFRZb c*2:BJRZ\xzȇؤ|"$$(0  * T{"$$(0  * T{$$ȇʇ̇·և؇ڇ܇ $,4<DLT\d"$$(0  * T{$$dfڈ܈ވݬ"$$(0  * T{$$"$$(0  * T{FƑ>~ZnprΙ D$"$$(V0  * T{$$HJLPRTVܔޔdfhjnprv|~ |ĖƖʖΖ&*DJLNnr̙ΙЙؙ֙ޙ  4:BDFPRXZ`bjl5H*OJQJ 5OJQJ5H*OJQJ5OJQJmH 5H*H*mH  6H*mH 6mH 66H*ODFRZblȚtC$$(Kr F]u$$C$$(2r F]u blȚʚҚښ  "*DFNV`h|~XtУңأޣ&,28¤ĤP.0Эҭԭ lnprtvx֮خڮ&.4<X\`b cĚƚȚʚКҚؚښ   "(*@BDFLNTV^`fh|~rtv|ƣУң֣أܣޣ*,02¤Ĥƥ46LZ^jԦ CJH*mH CJH*CJmH 5H*5mH 66mH CJ5H*OJQJ5 5OJQJRȚʚҚښ  "*DFttC$$(r F]u$$C$$(r F]u FNV`h|~XtУ$C$$(r F]u$$Уңأޣ&,28¤ĤP$8$$(\3\ ~$$8$$(9\3\ ~Ԧ֦ܦtv$0,.lnԮخڮ  .4TV`bJLNz~°԰ְ²IJѼѼ56OJQJOJQJ5H*OJQJ 5OJQJ5H*OJQJ5OJQJmH 56H*mH CJH*CJH*CJCJmH J.0Эҭԭ lntO$$(4ֈJ !$$$nprtvx֮خڮdr-$$(F>!Z$$(4֞J >!$$ &.4<X\`Y$$(֞J >!$$`bjrx$$Y$$(֞J >!bjrxƯ4JLN|~Ḭ̇԰ְd^ 4Flnpȴ *08RTXbhrȵʵ̵ 68<LV^tvz cƯ$$Y$$(֞J >!4J$$Y$$(֞J >!JLN|~Ḭ̇԰h$$(h >!$$Y$$(֞J >! ԰ְd^ 4Fl$$$Y$$(֞J >! IJʲвX\bflnp޴NPRTĵƵȵʵ̵68tv8:<>ܸ&4~FHNPP  5H*mH 6mH CJH*5H*5655H*5mH  5H*mH CJCJmH  CJH*mH Plnpȴ|p-$$(F$$C$$(rJ   *08RptpC$$(rJ $$C$$(arJ  RTXbhrȵxttC$$(rJ $$C$$(rJ  ȵʵ̵ 68`|e|C$$(=rJ $$( $$C$$(rJ  8<LV^tvztC$$(rJ C$$(rJ $$ жֶ޶"<> 8 "LNPX`jr&(*4<DN`blt|l4JL.@dl cжֶ޶"<>to$C$$(6rJ C$$(rJ $$  8 "LN`C$$(1rn $$$ "JNP$(*\^`b2B,0x6:JLTZ&(bdnp85H*5mH H*6mH CJOJ CJH*OJ6CJCJmH CJH*CJ5H*565PNPX`jrtlC$$(rn $$-$$(zFn &(*tt`ep$$( nC$$( rn $$C$$(rn  *4<DN`blt|xt|C$$(rn C$$(rn $$ l4JL.@dl$C$$(rn $$l&o$$( / ] 5&$$ &(:FPV^rx8:LTZdj 6BDT\dlp.0DLRX`z&(:DNTXtz c&(:FPV^rx$$o$$( / ] 5& 8$$o$$(O / ] 5& 8:LTZdj$$o$$(d / ] 5& 8:HJnpBD~.0@Bvx&(68\^prJLrt <>DFJLln"$FH65H*CJmH CJ5mH 5H*5\ 6B$$o$$(a / ] 5& BDT\dlp$$o$$(d / ] 5& .$$o$$(K / ] 5& .0DLRX`z$$o$$(9 / ] 5& &$$o$$(K / ] 5& &(:DNTXtz$$o$$(O / ] 5& $$o$$(d / ] 5& Lt <Nv$,4NTln &.FHXbntx*4>FNhn~(P cLt <Nv$$$o$$( / ] 5&$,4NTl$$d$$(.ִ/ ]  ln$$d$$(Zִ/ ]   &.F$$d$$(ִ/ ]  FHXbntx$$d$$(ִ/ ]  $$d$$(ִ/ ]  *4>FNhn$$d$$(ִ/ ] 6:df >@F<>24v8rZd  4Tbfnrx|ۼۼۼ۲۲5CJH*OJQJmH 5CJOJQJmH 5CJH*OJQJ6H* 6H*mH 6mH H*6CJ5CJOJQJ5OJQJmH mH CJH*CJ5H*55mH A~(P$$d$$(Zִ/ ] $$~ >4p2< TT$$$~ >4p2< TT,.BJVX`hvx 4@TVlv "$>L`b|n :<DLtv~ c,068:<RTbd,.VXvx4:TV"$>D`bln:<tvCJ5H*55mH mH H*6H*65CJOJQJ5CJOJQJmH 5CJH*OJQJmH P,.BJVX`hvҘTs@-$$(Fj -$$(~Fj $$-$$(*Fj   vx hs\-$$(DFj -$$(Fj $$-$$(Fj  4@TVlvp`sdd-$$(Fj -$$(Fj $$-$$(Fj   "$>L`b|t|s-$$(Fj -$$(Fj -$$(Fj $$ |n :p-$$(8Fj   $-$$(Fj $$ :<DLtv~ttst-$$(Fj -$$(Fj $$-$$(aFj  *,`jP%X%Z%`%d%f%j%n%v%z%%%%%%%%l-- .$...F0H0:;EDF8KKKLLLL>M@MrMtMMMMMMMN N0N8N~NNNNNNOOPOROOOOOPPPP"Q565H*5mH H*H*mH  6H*mH 6mH 5CJH*OJQJ5CJOJQJmH 5CJOJQJ65L*,4<`bdP%n%%+f-.23l$-$$(ZFj -$$(Fj $$*,4<`bdP%n%%+f-.238:?BE6K8KKKKKK@LBLLLLLLM M M>M@MBMDMFMHMJMLMNM`MrMtMvMxMzM|M~MMMMMMMMMMMMMMMMMM NN:NTNZNdNlNrNxN~NNNNNNNNNNNNNNO,O2OM$$$>M@MBMDMFMHMJMLMNM`MrMh$$e$$(u4ִSO +& rMtMvMxMzM|M~MMMMMMM$$p$$(4 SO + & MMMMMMMMMMx`ssssssss$$$$(D4 SO + #& MMM NN:NTNZNdNlNrNxN~N$$$d$$(ִSO  #& ~NNNNNNNNNNNNzuuuuuuuua$u$$(~SO  #&$$$$(] SO + #& NNNO,O2ORDRLRNRPRTRZR\RRRRRR*S,SpSSSSSSSSSSSSSSSSS T crOOOOOOOOOOOOP"PuT$$( SO + #&$$ "PV@VDVNVZV`VbVVVWWpWrWvWWWWWWWW"X$XjXlXpXzXXXXXXXX(Y*YYYVZ`ZZZ$[[[\\\&](]CJmH  56mH 5H*CJ5mH 565ZQQQQQQQQQQQQQQuX$$(Y SO + #&$$ QQQQQ R&RRDRLRNRPRTRZR$$(SO  #&$$ZR\RRRRRR*S,SpSSSSzuuupppppppp$$$$$( SO + #& SSSSSSSSSSS`O$$(4ֈS }#$$ SSSS TTTTT0T@T@\C$$(orS #$$Z$$(4֞S }# TTTTT0T@THTJTZT\T^TjTTTTTTTTTTTTTTUUUU*U,U.U0U:UPU`UfUhUUUUUUUUUUUUUVV"V$V&V>V@VBVDV\V^V`VbVlVVVVVVVVVVVVVWWWW8WNWTWVWXWpWrWtWvWWWWWWWWWWW c@THTJTZT\T^TjTTTTTTTY$$('֞S }#$$ TTTTTTTTU$$Y$$(֞S }#UUUU*U,U.U0U:UPU`UfUhUUU@$$(+S #$$Y$$(֞S }#UUUUUUUUU$$Y$$(֞S }#UUUVV"V$V&V>V$$Y$$(֞S }#>V@VBVDV\V^V`VbVlVVVVVVVD$$(S #$$Y$$(֞S }#VVVVVVVWW$$Y$$(.֞S }#WWW8WNWTWVWXWpW$$Y$$(֞S }#pWrWtWvWWWWWWWWWWWW@$$(ZS #$$Y$$(֞S }#WWWWXXXX X"X$X,XDXLXRXTXVXjXlXnXpXXXXXXXXXXXXXXXY YY&Y(Y*Y2YLYbYhYnYpYYY$[&[[[[[[\$\&\f\j\l\\]]N]P]R]T]V]X]Z]\]l]~]]]]]]]]]]]]]^"^4^J^`^t^|^^^^^^^ cWWWXXXX X"X$$Y$$(֞S }#"X$X,XDXLXRXTXVXjX$$Y$$(֞S }#jXlXnXpXXXXXXXXXXXX<$$(S #$$Y$$(֞S }#XXXXY YY&Y(Y$$Y$$( ֞S }#(Y*Y2YLYbYhYnYpYY$$Y$$(֞S }#YY$[&[[[[[[\$\&\f\j\l\\]]N]$$$Y$$(֞S }#(].]N]P]~]]]]0^2^^^^^d_f_>`@`````aaaaaaaaabrbtb|b~bbbbbccdFfJf@jj^p`pyyyy"z}}}>@FJNPRVލH*mH mH CJ5CJOJQJ 5OJQJH*6H* CJH*mH CJmH CJ 5H*mH 5mH 5H*55H*LN]P]R]T]V]X]Z]\]l]~]`$$Z$$(4֞K >Q' ~]]]]]]]]]]]]$$e$$(4ִK >U"Q' ]]^"^4^J^`^t^|^^^^~~~~~~~~~~$${$$( 4 K >U"x$Q' ^^^^^^^^^^^^~~~~~~~~~~$${$$(4 K >U"x$Q'` ^^^^^^^^^^^__._D_V_X_Z_^_d_f_____`$`0`4`:`<`>`@`B`P`f`x`z`~```````````` aaaaa4aBaXataaaaaaaaaaaab$b(b.b2bbbcddf@jmrptvwyyyy0}Z~(ލ c^^^__._D_V_X_Z_^_d_~~~~~~~~~~$${$$(@4 K >U"x$Q'  d_f_____`$`0`4`:`<`>`~~~~~~~~~~~$${$$(@4 K >U"x$Q'  >`@`B`P`f`x`z`~`````~~~~~~~~~~$${$$(4 K >U"x$Q'` ```````` aaaa~~~~~~~~~~$${$$(4 K >U"x$Q'  aa4aBaXataaaaaaa ~~~~~~~~~~$${$$(4 K >U"x$Q'  aaaaaab$b(b.b2bU"x$Q' bbcddf@jmrptvwyyy{$$z$$( K >U"x$Q'yy0}Z~(ލړ|^қL̞(Ρ.0$$$ލ^ړ ȘΘқ$HJNRV|Ġjlnrvġơ̡Ρءڡޡ02(,~¾¾¾¾5H*5H*5mH 6H*5CJOJQJ5CJH*OJQJ5CJH*OJQJmH 5CJOJQJmH H*mH mH H*56Iލړ|^қL̞(Ρ.0DFHLfh|~¥ܥޥ $*,.BJNRZlnzȦئܦަ $48:< c0DFHLfh|~$$~$$p$$(4  J yU"% ¥ܥޥ $xssssssssssss$$$$(14  J y>U"% ¥*,vxĦƦܦަ "8:~DF\^<>ln :<fh~Īƪ֪ت.0>@̬Ь  DF 6mH 6H*mH CJH*CJmH CJ5H*55mH X$*,.BJNRZlnzs$$(R4  J y>U"%`$$ Ȧئܦxsssssssssss$$$$(4  J y>U"%  ܦަ $48:xsssssssssssx$$$$(4  J y>U"%  :<JRX\dlts$$(4  J y>U"% $$ <JRX\dlt"$,4<HX\^`nt|~ƨΨ֨ި$,4@HPV^flnp~  (26:<>LT\jlrv c"$,4<HX\^`ns$$(Z4  J y>U"%`$$ nt|~ƨΨs$$(4  J y>U"% $$ Ψ֨ި$,4s$$(4  J y>U"% $$ 4@HPV^flnp~s$$(4  J y>U"% $$  s$$(4  J y>U"% $$  (26:<>LT\jlrs$$(o4  J y>U"%`$$ rvȪΪЪs$$(4  J y>U"% $$ ȪΪЪڪު"&26>@,rܳ  FHJ~ĻƻȻ&(*,.02468FPRTVbfzȼʼܼ޼ cЪڪު"&2s$$(4  J y>U"% $$ 26>@,rܳsnnnnnnnnn$$$(4  J y>U"% $$ ȴ&(prvzʻλ*,TV24tv,.:<lnNP 56H* 56mH mH CJmH CJH*CJ5H* 5H*mH 5H*55mH 6R  FHJ~ĻƻȻ&$f$$&(*,.02468FPRTTp$$(4 n3/ bU"%`l`lllll$f$ TVbfz||||||||||||$f${$$(54 n3/ bU"% , ,,,  ,, ȼʼܼ޼x||||||||||$f${$$(R4 n3/ bU"% *,.024@Bx||||||||||||$f${$$(4 n3/ bU"%*,.024@BZ\^lnprtvĽƽ޽"0>LRXfln|~ҾԾ־~.X cBZ\^lnprtv|{$$(4 n3/ bU"%$f$Ľƽ޽|{$$(4 n3/ bU"%$f$"0>LRXfl|{$$( 4 n3/ bU"%$f$ ln|~|||||||||||$f${$$(]4 n3/ bU"% ҾԾ־||||||||||$f${$$(4 n3/ bU"% \||||||||||$f${$$(4 n3/ bU"% ~.X~~~~yyyyyyyyy$$${$$($4 n3/ bU"%&,.04>@NbdLNBDvx*, ^` 8Bz|TV>@tv$&z|HJ5H* 56:mH 5H*55mH \u$$(8 n3 f+ " "         $$ *,0@BLV\^`bdprx (*4@FHJLN\^f~ 8FP c*,0s$$(4 n3 f+ " "``$$ 0@BLV\^`bdprxs$$(#4 n3 f+ " "  $$ s$$(*4 n3 f+ " "  $$  (*4s$$(#4 n3 f+ " "  $$ 4@FHJLN\^f~s$$(~4 n3 f+ " "  $$ u$$(# n3 f+ " "$$  8FP^dlu$$(# n3 f+ " "$$ P^dlpvx$&(*,:<D\^p &68FPXZ\^`npx $8DR\bj clpvxu$$(# n3 f+ " "$$ $&(*u$$(* n3 f+ " "$$ *,:<D\^pzuuuuuuuuuuu$$$$(~ n3 f+ " "  zuuuuuuuuuuu$$$$(# n3 f+ " " &68FPXZ\^`zuuuuuuuuuuuz$$$$(* n3 f+ " " `npxu$$( n3 f+ " "$$  u$$(# n3 f+ " "$$ $8DR\bjrz|u$$(# n3 f+ " "$$ jrz| ,.4LXfrxz|~$02468:<>@NPXhjx cunnn$f$$$( n3 f+ " "$$  ,.4Lq$$(24 n3 f+ " "$f$ LXfrxz|~q$$(4 n3 f+ " "$f$ $f$$02468:xqqqqqqqqqqqq$f$$$(24 n3 f+ " " :<>@NPXhjxq$$(4 n3 f+ " "$f$ sx$$( n3 f+ " "$f$   $zsssssssssss$f$$$(2 n3 f+ " "   $&46<TVXblnprtvxz| (<>LZ`bdfhx~ $&*,:>FZ\^hrxz c$&46<TVXblnprtxqqqqqqqqqqqq$f$$$(#4 n3 f+ " " tvxz|q$$(#4 n3 f+ " "$f$ s$$(# n3 f+ " "$f$  (<>LZ`bdfs$$(@ n3 f+ " "$f$ Jfh*,"$\^*,.0@lnrttvJLPVXtvxz|ާާH*CJ5CJOJQJCJ 5CJ OJQJ5OJQJmH  6:H*mH  6:mH  6H*mH 6mH H*mH 6mH CJH* CJH*mH CJmH CJ5H*5Bfhx~zssssssssssss$f$$$(2 n3 f+ " "  $&*q$$(*4 n3 f+ " "`$f$ *,:>FZ\^hrxz|~xqqqqqqqqqqqq$f$$$(4 n3 f+ " ", z|~  "$26<T`jtz\\tvX$>~rrh  c~q$$(*4 n3 f+ " ",$f$   "s$$(* n3 f+ " "$f$ "$26<T`jtzzuuuuuuuuuuuu$$$$(k n3 f+ " " s$$(4 n3 f+ " "l$$ \\snnnnnnnn$$$(4 n3 f+ " ",$$ tvX$>~rr$$ jlrxz04:rtz~,.4 "(LNZ\fhjnrh\^`bf          6H*6H* 6H*mH 6mH H*:H*mH :H*mH Xh  *,.8:<HJL`dfhvxz$$$       @ B L N R T           jnpDH "$.02<>BLNTX^hj 5H*mH  56H*5H*5mH  56mH 5H*mH mH 66H*6mH H*R *,.8:<HJL`dfhvxz$&(8:<TVXnprtvxz|~  028<BLN\dp|  , cjnpr(*.046rtLN |LNlnxz pvx ":<HJ       ""##56CJmH CJCJH*5H* 5H*mH  5H*mH 5mH 55H*T$&(8:<TVXnpr$$rtvxz|~WpRRRRRRRR$$$$(h48n3 " !p#5&l(`lllll`llllll $$AD<<<<<$$$$(4dn3 y" !p#5&l( ,,,,,    ,,,,,,  028<BL$$ LN\dp|C4>>>>>>$$$$(dn3 y" !p#5&l($$   ,CL>>>>>>$$$$(adn3 y" !p#5&l(,DHNTbhpt  .>P^`l 2<@FPZ\^pxz $0<>Jbfjpz c,DHNTbhpt$$ C$>>>>>>$$$$(Kdn3 y" !p#5&l( $$  .>P^`lCX>>>>>>$$$$(Zdn3 y" !p#5&l(l$$  C\>>>>>>$$$$(Rdn3 y" !p#5&l(2<@FPZ\^px$$ xzC(>>>>>>$$$$(Zdn3 y" !p#5&l( $$ $0<>JC(>>>>>>$$$$(Rdn3 y" !p#5&l(Jbfjpz$$ CP>>>>>>$$$$(Rdn3 y" !p#5&l( $&*.>HJXdt   " . F L P ^ d j r t ~    ""#0#2#4#@#B#D#P#R#T#b#d#r#t#v#######$$$$&$($*$:$<$>$f$h$j$$$$$$$$$$$$$$$ c $&*.>H$$ HJXdtCH>>>>>>$$$$(Rdn3 y" !p#5&l($$    " . C8>>>>>>$$$$(Kdn3 y" !p#5&l(. F L P ^ d j r t ~  $$   ""#0#C>>>>9$$$$$(kdn3 y" !p#5&l(## ##4#6#8#D#F#H#T#V#Z#^#d#f#j###$$$$$$*$,$0$2$$$$$$$$$$$$$$p%r%&&h&n&&&>'@'''$(((r(t())t)z)))$***x*z***+ +++ ,",V,X,V-X--..mH CJ 5H*mH  5H*mH  56H*5H*5mH 556 56mH R0#2#4#@#B#D#P#R#T#b#d#r#t#v#######$$$$&$($*$:$<$>$$$>$f$h$j$$$$$$$$]x$$(#4" v> / }"E U"t%V'``````llll`l$$ $$$$$$$$$$$$$$$ $$$$$$$$$$% %.%8%<%B%H%R%V%Z%h%p%r%%%%%%%%%%%%&&&&&*&2&>&H&T&t&x&|&&&&&&&&&&&&&&'' ''' '$'('6'>'@'N'Z'j't'|''''''''''''''(((0(6(<(D(L(P(T(X( c$$$$$% %.%8%L`GGGGGGG$$$$(54Nv> / }]"E U"t%V'      ,,,, ,8%<%B%H%R%V%Z%h%p%$$p%r%%%%%%%%NTIIIIIII$$$$(Nv> / }]"E U"t%V'%%%%%&&&&$$&&*&2&>&H&T&t&x&N(IIIIIII$$$$(ZNv> / }]"E U"t%V'x&|&&&&&&&&$$&&&&&&&''N IIIIIII$$$$(RNv> / }]"E U"t%V'' ''' '$'('6'>'$$>'@'N'Z'j't'|'''N4IIIIIII$$$$(ZNv> / }]"E U"t%V''''''''''$$''''(((0(6(N4IIIIIII$$$$(ZNv> / }]"E U"t%V'6(<(D(L(P(T(X(h(r($$X(h(r(t(((((((((((()))))*)6)D)R)`)))))))))))))))**0*4*8*H*L*V*^*d*p*x*z************+ +++ +.+:+H+V+d+~+++++++++++++++,,,$,,,2,6,:,B,N,V,X, cr(t((((((((NPIIIIIII$$$$(RNv> / }]"E U"t%V'((((())))$$))*)6)D)R)`)))N`IIIIIII$$$$(ZNv> / }]"E U"t%V')))))))))$$)))))**0*4*N\IIIIIII$$$$(RNv> / }]"E U"t%V'4*8*H*L*V*^*d*p*x*$$x*z********NLIIIIIII$$$$(RNv> / }]"E U"t%V'*****+ +++$$+ +.+:+H+V+d+~++NTIIIIIII$$$$(RNv> / }]"E U"t%V'+++++++++$$++++++,,,NIIIIIII$$$$(ZNv> / }]"E U"t%V',$,,,2,6,:,B,N,V,$$V,X,V-X--...NIIIDDD$$$$$(Nv> / }]"E U"t%V'X,V-X--...,...0.>.@.B.R.T.V.f.h.j........////// /$/B/D/F/`/b/d/~/////////////////////////000 0$0(0,00020Z0000000000(1111 2&2>2D2X2j2222223 c.. .0.2.4.B.D.V.X.\.......// // /"/0/2/////////// 0 00X0Z000000000J3v3x3~3333555557788H8J888889F9H9L9::::::::<"<X<Z<d<f<t<v<x<<CJH*CJ6mH H*6H*mH H*mH [.,...0.>.@.B.R.T.V.f.h.j........////// /$/B/D/$$D/F/`/b/d/~//////]$$(l4" N +  U"#%````````````$$ ///////////////$$//////000LGGGGGGG$$$$(4NN + ] U"#%            0 0$0(0,00020Z0000000s$$(l4 N  U"#%$$ 0000(1111 2&2>2D2X2j222222383$$383:3>3B3F3J3333333333334&4`4444445&5>5B5J5d55555555555555555n666 7D7N777777(808J8V8p88889 99999P9T9X9\9`9d9h9l9n99 :::::K:X:a:::::::::: c83:3>3B3F3J3333NIIIIIII$$$$(NN + ] U"#%3333333334&4`4444445&5>5B5J5d555$$(D4 N  U"#%$$555555555NIIIIIII$$$$(NN + ] U"#%5555555n666 7D7N777777(808J8V8p88889$$( N ] U"#%$$9 99999P9T9X9NIIIIIII$$$$(NN + ] U"#%X9\9`9d9h9l9n99 :::::K:X:a:$r$$( N ] U"#%$$a::::::::::::;H<r<$$:::;H<r<t<==>>??BJBlBBBBjCCNHKLFOVLY8\^d|fTimBopv z$|̐x02jګܫʭ "fhlH4fxrtb nX cr<t<==>>??NIIIIDI$$$$(NN + ] U"#%<<6=8=:=>=D=J=N=f=h=n===>>>>???BB B BbBdBhBBBBBBBBBBBRCfCFFKKSS(\0\2\6\hhhhhiii i~jjjjm@mnnnnvvv vϽH*mH 6 6H*mH 6mH H*mH CJ5CJOJQJCJOJ CJOJQJCJH* CJH*mH CJmH CJCJH*J?BJBlBBBBjCCNHKLFOVLY8\^d|fTimBopv z$|̐$̐x02jګܫʭ "fhlH4$$02hjګܫ  "JPTX $*"*fhltvz׫׫56CJOJQJmH 56CJH*OJQJmH 5CJH*OJQJ5CJOJQJmH 6H* 6H*mH 6mH  5OJQJjy5OJQJUCJ5CJOJQJmH CJ 5CJ OJQJmH 5CJ OJQJ5OJQJmH 5`fhjHR  "$(.028>@BnrxzBJNVZ^d.068rvϾϾӾ˾ 5OJQJ j٨UH*66H* jU6mH H*mH mH 5CJH*OJQJmH 5CJOJQJmH 5CJOJQJ56CJOJQJmH Ffxrtb n$v|~<DHRbjv~*0:@XbPZbl&.,6fhlprtx~,26:|~ $H*mH 5CJOJQJ5CJH*OJQJ5CJOJQJmH 6 6H*mH 6mH H*mH R$,.246@DFHJPRZ\^dpxbj$&,.ĻH*6H*mH CJOJQJmH  CJOJQJ6 6H*mH 6mH 5CJH*OJQJ5CJH*OJQJmH 5CJOJQJmH 5CJOJQJD~DFHLfn"$(,>DZ\^bd$*6@r|(*.008PX$.JRH*6H*6 6H*mH 6mH H*mH mH CJ5CJOJQJ5CJOJQJmH j׹5CJOJQJUM"jrBFL      2 : j l p r         028>npv|~˭˭5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH H* 6H*mH 66mH H*mH mH 56OJQJmH  5OJQJ jUAPVXZ&(,4n~8:>@FHLNZ\`fhξξδδߖ5CJH*OJQJ5CJOJQJmH 6 6H*mH H*mH 56H*OJQJmH 56H*OJQJ56OJQJmH 56OJQJ5OJQJmH  5OJQJj)5OJQJU6mH H*mH 5CJOJQJCJOJQJmH  CJOJQJ2X\$Zh"@)--d-f-.J11f203f34F5$67P8::$$X\$Zh"@)--d-f-.J11f203f34F5$67P8:: ;N;P;P@DPELLHNLNNNQTTBUVV(X>]`feje\f^f"mpv}V" 8 v(\zbdNehnvx~hlr|<@hjDJNT024(,4<@D!!!!!!8"H"`"f"--b-d-f-P2R2X2\2b2d2445CJ5OJQJmH 6H*mH  6H*mH mH H*6mH 5CJH*OJQJmH 5CJOJQJmH 5CJOJQJ5CJH*OJQJH555555:: ; ;L;N;P;l;n;p;p<r<t<= ="=&=====`>b>d>>>>>>>>>>>D?F?H?J?P?R???????@@@@@@@@@*A,A.A]`feje\f^f"mpv$$CCDDEELLLLHNJNLNNNQQTTTTTTT"U$UJUNUUUVVVVVVVVvWzWWWhXjXlXnXXXXXYYYYYYjZrZZZZ[[[[[d\n\\\\\h]j]l]n]ſ 6H*mH 6mH H*mH 6H*56OJQJ5OJQJmH  j#U6 jJ U 5OJQJ jUmH H*H*Kn]]]]]],^.^2^F^J^\^b^_ _*_,___&`*``` a"a$a&aaaaabbbb,c6cpcvc d ddd.d4d"e$e*e@eDeHeLe^edefehejeeeefHfJf\f^ffffffffffff0g8gh hhhpiviH*mH 5OJQJmH  5OJQJ j^BU6H* 6H*mH 6mH H*mH 6Svijjjjjjjjj$k(k*k0kkkkkkk ll8l>lmmm mpmrmtmmmmmmmmmmmmnnnnnzn|nnnnoo*p,p.pppFlpĥȥ024V^4:TX^fv jlU 5OJQJ j^U j[UmH 5CJ 5CJH* 5CJmH H*6mH 6Rv bj8:>BJRRXֹڹֺغںvz&bh X\zpv * jUmH 56OJQJ 5OJQJ jUmH H* 6H*mH 66mH R\zbdNFRRVz$PVZ`:@ (bd"&zdn  ʸʬ j;U CJOJQJ5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH H*66mH mH 56OJQJmH 56OJQJ 5OJQJ5OJQJmH ?N^Z\^HJTlnx*,.hjl  Z\dPThjl  (DF|ǿѳǿѳǿCJ5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH  6H*mH 6mH 6H*mH 56OJQJ 5OJQJ jfUDFRRVzBP~BFLN@B ` r v . 0 &d :#>###')+/0N3R3N4P45 9<<=P>>?>AAABBCCKMNBNzSVlYYnZ_iiiijjDnppqvttvwxxexz|~RT   &z|4:BDPTNPZ^`dft|~ JV^bľıľľľ6H*j)"5CJU 6H*mH 6mH j5CJU jU j U jU6H*mH 5CJ5CJOJQJj5CJOJQJUFzBP~BFLN@B ` r v $$b  &*,.02>@BFHNPRX\^fh>@BDFH &:<>z|5CJOJQJ j8U 6H*mH 6mH 6 j,UH*mH H*mH V24:<>BD^b tv~&.|~HJRL6>\d$&.>@r t v . nH* jwUCJ 5OJQJ j$PUH*mH 6 jCUH*mH 6mH 5CJOJQJmH 5CJOJQJ5CJH*OJQJJv . 0 &d :#>###')+/0N3R3N4P45 9<<=P>>?>A$prxz~NXtv:<Fjl\^df&0bdjnxT V ^ b      0"2"6"8"h"j"l"n"r"v":# 6H*mH OJ 6H*mH 6mH 6H*:H*H*mH H*mH 6T:#<#>#L#N###p$r$x$@%B%H%J%P%''''<-B-t-z-..////R/Z/ 00x000000001111>1D11111111111j2r222D3J3N3P3R3N4P444444455(606`6j666 j&U 6H*mH H*mH 6mH 6H*6H*mH 5OJQJmH  5OJQJ j'UQ6666677t7|7j8t899>9F9f9n9r9z9996:>:::::2;:;x;;< <(<2<<<<<<<<<<<<<<<<(=0=2=4===> >F>N>P>R>T>V>X>^>b>l>r>|>>>>>>>> 6H*mH 6H*5CJOJQJ5CJH*OJQJmH 5CJH*OJQJ5CJOJQJmH 6mH 6mH H*L>>>>>>>>>>>>????????>A@ADALANARAVAfAxAAAAAAAAAAAAAAAAB BBBB&BBBBBCCCCCCCCCCCVD`DdDDDE&EnEtETFZFFF$G5CJH*OJQJmH 5CJH*OJQJ 6H*mH 66mH H*mH 5CJOJQJmH 5CJOJQJN>AAABBCCKMNBNzSVlYYnZ_iiiijjDnppqvttv$$G&G*G.G0G4GbGhGGGHHHHHJ JZJ^JbJhJKKJLRLLLLLMMMMMMMMMMMMNNNNNNN"N8NBNNNNNFOHOLOOO(P.PPPPPQQQQR RRRRRRR^S5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH 6H*6mH 6H*mH H*mH N^SdSSSJTLTPTTTTT8U@UUUUUUU`VbVlVnVVVWWXX"X&XVX\X2Y6Y8YZJZNZZZZZ^^^^^^^__f`l`bb5CJOJQJ5CJH*OJQJ5CJH*OJQJmH 5CJOJQJmH H*mH 6mH H*mH 6LbbcJdPdee e&eHLXrz28ڈ,2$jvx|Č24BJLT`b028:>@BJ^`hjϹϱϱϱ5CJOJQJ5CJH*OJQJ5CJH*OJQJmH 5CJOJQJmH  jMUOJQJ 6H*mH 6mH  5OJQJ jI.U6mH H*FxxxH{~Tބ20,\<HJh:Ȗ$JZ^\`8ʻ|r,fhD,.x|z|xh* .    pej̎֎"*,.46>DFNPRXZbvď̏ԏ֏JT̐А  (*24:<BDRZ\dfln<>DFL CJOJQJCJOJQJmH 6 6H*mH  6H*mH 5CJH*OJQJmH 5CJH*OJQJ5CJOJQJmH 6mH mH 5CJ5CJOJQJDLRVZ`bj|H”@BFJTVdfpr &(68BDRV\^`jnėƗΗԗ֗ؗܗ H*mH H*mH 6 6H*mH 6mH  5OJQJ jU5CJOJQJmH 5CJOJQJ5CJH*OJQJmH 5CJH*OJQJHHJh:Ȗ$JZ^\`8ʻ$ $ΘИ& ȜҜ<>\^`f PZڞޞ djŸğƟܟhn5CJH*OJQJ5CJH*OJQJmH 6H* 6H*mH 6mH H*mH mH 5CJOJQJmH 5CJOJQJK@LRX^`bfjrt~¡ơʡΡ026Z\^|*4Ф֤x|ȥ dfltv8:>@t|̧ԧ 8H*5 5OJQJ jܩUH*H*mH mH  6H*mH 6mH 66H*U8@Ψبlx(.z| $&.068>BDJLPX"$.6:@DFLPTX*,46:<@FJZ\^`( j3U 5OJQJ jU 5CJmH 5CJH*mH  5CJH*5CJ6H*H*mH H*mH  6H*mH 66mH K(2RV|~ȯү2:°Ȱ &"(,<HNprvxԴ޴$(FHLص޵dflpx|~ "&*,06T^`ҷܷ 5OJQJ jU6H*H*H*mH mH  6H*mH 6mH 6VܷBJvz (TVZ^T\κԺ "(*026<>DĻȻnt| DJt HNVdrz 6H*mH H*mH 6mH H*mH 6\|r,fhD,.$NZhjHPpvrzrt~ t~48^56H*OJQJ56OJQJ 5OJQJ jTBUH*CJ5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH 6mH 6mH D^d$&.>n,.2v|f,.0268:<xz~V\`h02<>BDNR:@nv 5OJQJ jOUH*mH 6 6H*mH 6mH mH H*X >FrtxRZ>@DFv~,xz|~lt2:Zlpx hjn .6~ 6H*mH  jEU 5OJQJ jDsUH*mH H*mH 66mH V (,0nvxz|zt "5CJH*OJQJmH 5CJOJQJ5CJH*OJQJ5CJOJQJmH 6H*656OJQJ 5OJQJ jUH*mH  6H*mH 6mH H*mH D.x|z|xh* .    pF!#&&0&2&n)N-$$",2:<BJLT\^fxFf \brz08 X`    " ( * , .  * 2 r z     5OJQJ jU66mH H*mH 5CJOJQJmH 5CJH*OJQJ5CJOJQJQ  " & x z | ~ V ^     VXZ^:<>BbhFNv"&068:<>@FHPT`bhx~\^dlnv&*RTVX^`H*mH H*H*mH  6H*mH 6mH 6H*6Z`jlrtvLNXZ\^`fln*,026<>DJN"RTVZhjlz|&.&0&.. / /7777ʷ5CJH*OJQJ 5OJQJCJ5CJOJQJH*H*mH 6H*mH 6H*OJQJmH  OJQJmH OJQJ 6H*mH 6mH FF!#&&0&2&n)N-.. //L377|8=BBCCGKlOnU6X8XXX|[[\\x^b eeeglq\svzfz|ZPJLޜ$&  Z04D:tJeN-.. //L377|8=BBCCGKlOnU6X8XXX|[[\\x^b e$$77777777778888;;;;;<<= ==x====D>F>J>N>>>>>>>???P?Z???@@@4@6@:@@@@@@@@@@@ABAFAAAAAAABBB8B:B>BXBbBBBBB j$UH*mH H* 6H*mH 6mH mH 5CJOJQJ5CJH*OJQJ5CJOJQJmH PBBRCTCXCtCvC|CCCCCBDHDpDrDxDEEEEE EpErEvExEzEEFFFFFGG GGGGGGG`GbGfGhGGGG*H,H0HHHHHHHII I`JhJlJtJJJJKLKPK^LfLLLпппн66H*H* 6H*mH H*mH 6mH 56H*OJQJmH 56OJQJmH 5H*OJQJ5OJQJmH  5OJQJJL0M8M6NrssPsXst.t2tDHJPVX\^fzHJޜʦҦ @FRZ  jBUCJ5CJOJQJ5CJ OJQJ 5OJQJ 6H*mH H*mH H*mH 6mH 6Pޜ$&  Z04D:$$ 8@¬ȬBLNPRXޭ  ®ƮЮ֮خ48HJȯ 024*Xd 5OJQJ jYU6H*mH 5CJOJQJ5CJH*OJQJ5CJOJQJmH 6mH Qdht~ ". hr`j>DHNx*.  $,:Dbx|mH 656OJQJmH  5OJQJ jU6mH YtJ X        L   $$J X        L   0!X#'*--..2T449,CJ"NPRUVX^Vb6jqqrrvvwwFJjlTЎ0HRУң,.R:.0̺κ&(Nbe$<B$T\fnDLPZ"*DJNT     b f        ^ b      p))))$*,*---.f0l01"11 jU jUj5OJQJU56OJQJmH 56OJQJ jUCJ5CJOJQJ 5OJQJ66mH J 0!X#'*--..2T449,CJ"NPRUVX^Vb6jqq$11115555R;X;J<P<`<l<P@Z@@@AADD:EDE^EdEEEEEEE`GfGjGrG`HjH"I*IdIrIZJ^JpJ|JJJJJJJJJ KKKKKKLLMMNNNNNOvOzOOOLQTQ$S,SSSST>TFTTU`UfUVVVVfWnWWWWWX6mH 6bXXdYhYtZxZZZ<[B[[[[[\ \\\ ^^_`d`j`|``aaaaf"fjgxggggghh i$iNi\ikkVlXl^lllnllllllllm\mbmhmrmmmn n&nnn oooofpppqqq&qhqlq~qqqqqrss 5OJQJ j"U 6H*mH H*mH H*66mH YqrrvvwwFJjlTЎ0HRУң,.R$$szs~sssNtTtuu vvvvvvvwxxyyyyyy"z$z(z*z{{{| |(|T|Z||||| }*} ~~T~`~FJ\jFHJj4:\^`bZ`~z|~6H*H*mH  jcTUH*mH  5OJQJ jJ@U 6H*mH 6mH 6T’ƒpx<BFN”ĔƔȔ &"*  ",LNPR ʚҚ<>@BĜƜʜv~ܡޡΣУ*,"*OJQJ56OJQJ jgUCJ5CJOJQJ 5OJQJ66H* 6H*mH 6mH H*mH mH H*M"JPȹ.0ʺ̺κ ,.04&<@@BHJLNjlpmH H*5H*OJQJ56H*OJQJ56OJQJ jwU6H*CJ5CJOJQJCJ 5CJ OJQJ 5OJQJ66mH H:.0̺κ&(NbZ\$$pxz|BDFHLNPR`bdf8:<@*,.08:DFHPRV56H*OJQJ56OJQJ 5OJQJ jUH*mH mH H* 6H*mH 6mH 6H*6PZ\Hd .22%-4>569;>?@CD2G4GGG~J QNS]bhn8r:rbrrrttRu4|6|.H2L( Xf6`*,DV>df<Z24 H F .  6 0 6 eVXZbdh8:.0:<@FJ  Z56H*OJQJmH 56OJQJmH  5OJQJ jUH*mH H*mH 6H*6 6H*mH 6mH N" "$&(*,.>@DFRX "&*468246>@F6H*H*mH  6H*mH 6mH 6H*mH [\Hd .22%-4>569;>?@CD2G4GGG$$8:BDVX^dTVX^`bd "prtv @Dbdfnpt 6H*mH 6mH H*H*mH mH 66H*[ &(*2 "$&bj             $ @ B D \ ^ ` b X b d h l n p x z ~       N P R Z \ ` $&(*.02 jU 6H*mH 6mH 6H*6H*mH mH H*V2lnprtDNPR(*,8:@2:@HNRVX^d$&(0<@vxz~lnprtLH*mH 6H*6 6H*mH 6mH 5H*OJQJmH OJQJ5H*OJQJ5OJQJmH  5OJQJNLNPXZ`|~         !!!!&!*!4!z"|"""""""""""T#j#####$%%%%%%%%%++++++++444444EEF FFF2G4GGGJJCJ 5CJ OJQJ 5OJQJH*mH mH H*6H*6 6H*mH 6mH TG~J QNS]bhn8r:rbrrrttRu4|6|.H2L( Xf$$J&K(K*K,KKKKK*M,M.M0MLNNNPNRNVNXNZN\NOOOObbb&b(b,beeeeeeppp"p$p*p8r:rrrtttyy4| „ƄdjJPʆΆ.45OJQJmH  j(UCJ 5CJ OJQJ 5OJQJ 6H*mH 6mH H*mH mH 6H*6P48>\bfnډʊΊnr08$VZ̎Ҏ<@pxޏ &\bƐTZđjpT\HL ,26<̚Қ08|$tzZ`6mH mH 6a (ğȟV^ FJءޡ| $*rxflpv".2 $,dhةީlrv~ĪЫԫbhlt`bdfnpаذ2:PT066H*mH 6af6`*,DV>df<Z24 H