Post on 26-Feb-2023
�_@T|@|�L?c W?|ih?@*�3@|�L? @?_,?��hL?4i?|@* #@4@}i�
w�t@?_hL �Mhi}LN?��iht�|) Lu @h��U!
@?_
aL�? `�@**i)N?��iht�|�it Lu @h��U! @?_ it|ih? �?|@h�L
@?_ ��,+
May 2002
DEVWUDFW
H{lvwlqj olwhudwxuh ljqruhv dgdswdwlrq uhvsrqvhv wr h{whuqdo h�hfwv zklfk/ lq
wxuq/ d�hfw wkh ghvljq ri dssursuldwh lqwhuqdol}dwlrq lqvwuxphqwv1 Zh xvh jhq0
hudo htxloleulxp qxphulfdo vlpxodwlrq prghov edvhg rq RHFG dqg XN gdwd
wr dqdo|}h wkh vljql�fdqfh ri wkhvh uhvsrqvhv wr frqjhvwlrq h{whuqdolwlhv/ dqg
dujxh wkdw wkh| qhhg wr eh wdnhq lqwr dffrxqw lq ghvljqlqj lqwhuqdol}dwlrq lq0
vwuxphqwv1 Zh frqvlghu oderu0ohlvxuh/ uhjlrqdo oderu prelolw| dqg krxvh sulfh
uhvsrqvhv wr frqjhvwlrq h{whuqdolwlhv1 Uhvxowv vkrz wkdw qrw wdnlqj dgdswdwlrq
uhvsrqvhv wr hqylurqphqwdo gdpdjh lqwr dffrxqw fdq vhulrxvo| plvohdg dqdo|}hv
ri wkh frqvhtxhqfhv ri lqwhuqdol}lqj h{whuqdolwlhv1 Li dgdswdwlrq lv suhvhqw/ h{0
whuqdolwlhv zloo eh sduwldoo| lqwhuqdol}hg/ wkh jdlqv iurp lqwhuqdol}dwlrq zloo eh
vpdoohu/ dqg d vlpsoh lqwhuqdol}dwlrq wd{ fdofxodwhg dv li dgdswdwlrq zhuh qrw
suhvhqw zloo w|slfdoo| ryhufruuhfw iru wkh h{whuqdolw|1
NH\ZRUGVG �_@T|@|�L?c , |ih?@*�|�itc �L?}it|�L?c W?|ih?@*�3@|�L?c ���}h@|�L?�
MHO FODVVLILFDWLRQG O2c "�c +ec +���
W Hduolhu yhuvlrqv ri wklv sdshu kdyh ehhq suhvhqwhg dw wkh QEHU Vxpphu
Lqvwlwxwh Phhwlqj rq Sxeolf Srolf| dqg wkh Hqylurqphqw +Dxjxvw 607/ 4<<;,
dqg dw vhplqduv dw wkh xqlyhuvlwlhv ri Zhvwhuq Rqwdulr dqg Zduzlfn/ dqg dw wkh
Lqglud Jdqgkl Lqvwlwxwh iru Ghyhorsphqw Uhvhdufk/ Erped|1 Zh duh judwhixo
wr wkh HVUF iru �qdqfldo vxssruw/ dqg wr Gdylg Dqgroidwwr/ Udjkdy Mkd/
Shwhu Odz/ Nlulw Sdulnk/ dqg Fduor Shuurql iru vxjjhvwlrqv dqg glvfxvvlrqv1 Lw
zdv Nlulw Sdulnk zkr vxjjhvwhg zh xvh wkh whup dgdswdwlrq wr ghvfuleh wkh
skhqrphqd zh glvfxvv1
Fruuhvsrqghqfh= Olvdqgur Deuhjr/ Fhqwuh iru wkh Vwxg| ri Joredolvdwlrq dqg
Uhjlrqdolvdwlrq/ Xqlyhuvlw| ri Zduzlfn/ Fryhqwu| FY7 :DO/ XN1 Who1= .77
+57,:98507795> Id{= .77 +57, :98:0587;> Hpdlo= Olvdqgur1DeuhjrCzduzlfn1df1xn
� W?|hL_�U|�L?
A�i *�|ih@|�hi L? i |ih?@*�|�it Mi}�?t ��|� ��}L�<t E�b2e� �_i?|��U@|�L? Lu |�i
_�gihi?Ui Mi|�ii? 4@h}�?@* tLU�@* @?_ Th��@|i Mi?i�|t ELh ULt|t� @?_ |�i ?ii_ |L
ULhhiU| uLh |��t ��|� @ |@ Lh t�Mt�_)� W| UL?|�?�it ��|� �L@ti<t E�bSf� ti4�?@*
T@Tih ���U� �_i?|��it |�i �4TLh|@?Ui Lu ThLTih|) h�}�|t �? _it�}?�?} �?|ih?@*�3@|�L?
�?t|h�4i?|t� A��t *�|ih@|�hi @h}�it |�@| |�i _�gihi?Ui Mi|�ii? @*|ih?@|��i ThLTih|)
h�}�|t *�it 4@�?*) �? �?UL4i _�t|h�M�|�L? igiU|tc @?_ |�@| Th�Lh M@h}@�?�?} E�L@t�@?
_i@*t� Mi|�ii? |�i T@h|�it U@? E��L**) Lh T@h|�@**)� �?|ih?@*�3i i |ih?@*�|�it MiuLhi
@?) L|�ih TL*�U) �?t|h�4i?| �t �ti_� �L*�U) �?t|h�4i?|t _it�}?i_ �? �}?Lh@?Ui Lu t�U�
M@h}@�?�?} U@? L�ihULhhiU| uLh @? i |ih?@*�|)�
A��t T@Tih UL?|�?�it |��t _�tU�tt�L? M) @*tL @h}��?} |�@| @_@T|@|�L? ELh Mi�@��
�Lh@* hitTL?tit� |L |�i _@4@}i @ttLU�@|i_ ��|� i |ih?@*�|�itc @ Tih�@t��i T�i?L4i?L?
@?_ L?i �}?Lhi_ �? |�i *�|ih@|�hic U@? @*tL @giU| �?|ih?@*�3@|�L? �?t|h�4i?| _it�}?�
, @4T*it Lu |��t |)Ti Lu @_@T|@|�L? �?U*�_i �?_���_�@*t tTi?_�?} 4Lhi |�4i �?_LLht
��i? �*|h@��L*i| h@_�@|�L? �?Uhi@tit @t _@4@}i |L |�i L3L?i *@)ih LUU�ht( hi*LU@|�?}
�Tt|hi@4 ��i? �t��?} t|LU!t @hi @_�ihti*) @giU|i_ M) TL**�|�L?( 4L��?} Mi|�ii?
*LU@|�L?t _�i |L *LU@*�3i_ i4�tt�L?t( Lh t��|U��?} |h@�i* |�4it �? Lh_ih |L @�L�_ |h@�U
UL?}it|�L?� i @h}�i |�@| |�iti Mi�@��Lh@* hitTL?tit ?ii_ |L Mi @UUL�?|i_ uLh �? @?)
TL*�U) �?|ih�i?|�L? _it�}?i_ |L �?|ih?@*�3i i |ih?@*�|�it� W}?Lh�?} |�i4 ��** |)T�U@**)
)�i*_ L�|UL4it ���U� L�ihULhhiU| uLh |�i i |ih?@*�|)�
W? |�i U@ti Lu |h@�U UL?}it|�L?c |�i i |ih?@*�|) ��_i*) |�L�}�| |L ?ii_ ULhhiU|�L?
�t |�@| |�i 4@h}�?@* Th��@|i @?_ tLU�@* ULt| Lu _h���?} _�gihc ��|� |�i *@||ih ?ii_�?}
|L Mi |@!i? �?|L @UUL�?| ��i? 4@!�?} |h@?t�| _iU�t�L?t @?_ 4L|��@|�?} |h@?t�| |@ it�
`�|� @ *@MLh�*i�t�hi U�L�Ui �?_ih*)�?} _iU�t�L?t Lu �Lh!iht ��L |h@�i*c �i @h}�i
|�@| |�i Thiti?Ui Lu _@4@}i E@�L�_i_ M) ?L| �Lh!�?}� @*tL Uhi@|it @ �i_}i Mi|�ii?
�
|�i 4@h}�?@* �@*�i ThL_�U| Lu *@MLh @?_ |�i 4@h}�?@* �@*�i Lu *i�t�hic @t �?_���_�@*t
@_@T| |L |�i _@4@}i @?_ 4L_�u) |�i�h *@MLh t�TT*) Mi�@��Lh� W?|ih?@*�3�?} UL?}it|�L?
i |ih?@*�|�it |�hL�}� @ |@ L? |h@?t�| ���U� hi_�Ui |�i ?�4Mih Lu |h@�i*iht �?Uhi@tit
|�i �i_}i Mi|�ii? |�i 4@h}�?@* ThL_�U| Lu *@MLh @?_ |�i 4@h}�?@* �@*�i Lu |�4i �u
|�ihi �t _�4�?�t��?} 4@h}�?@* ThL_�U|���|) Lu *@MLh �? |�i �Lh!T*@Ui� W? |��t U@tic
?i}*iU|�?} |�i @_@T|@|�L? |L _@4@}i L�ihit|�4@|it ETL|i?|�@**) t�@hT*)c @t �i t�L�
*@|ih M) ?�4ih�U@* t�4�*@|�L?t� |�i |h�i �i*u@hi }@�?t uhL4 �?|ih?@*�3@|�L?�
W? |�i ��_i*) �ti_ i?��hL?4i?|@* |i |tc t�U� @t �@�4L* @?_ �@|it E�bHH�c �i@hUi
@?_ A�h?ih E�bbf�c @?_ 5�iMih| E�bbD�c �i �?_ ?L _�tU�tt�L? Lu |��t @_@T|@|�L? �tt�i�
�*@tt�U@* T@Tiht �? |h@?tTLh| iUL?L4�Utc �?U*�_�?} @*|iht E�bS��c aL�?tL? E�bSe�c
@?_ ,*ti E�bH��c @?_ hiUi?| |i |t t�U� @t ��||L? E�bb�@�c ��||L? E�bb�M� @?_ Vih�
�Liu E�bbS�c Mi}�? uhL4 |�i ThLTLt�|�L? |�@| @TThLTh�@|i �?|ih?@*�3@|�L? Lu UL?}it|�L?
i |ih?@*�|�it �?�L*�it @ |h@?t�| |@ hi�iU|�?} |�i _�gihi?Ui Mi|�ii? 4@h}�?@* Th��@|i
@?_ tLU�@* ULt|c @?_ ?i}*iU|t |�i @_@T|��i Mi�@��Lh@* hitTL?tit �i ��}�*�}�| �ihi��
A�i TL�?| �@t ��_i @TT*�U@|�L? @?_ TL|i?|�@**) t�@hT*) U�@?}it |�i i�@*�@|�L? Lu
@TThLTh�@|i i?��hL?4i?|@* TL*�U�it�2
4Rwkhu olwhudwxuh h{dplqhv wkh h�hfwv ri frqjhvwlrq h{whuqdolwlhv rq uhvlghqwldo odqg xvh/ hpskd0
vl}lqj wkh glvwruwlrq lq odqg pdunhwv fuhdwhg e| wkhp +h1j1 Duqrww dqg PdfNlqqrq/ 4<:;> Khqghuvrq/
4<:8> Vrorz/ 4<:6,1 Vxoolydq +4<;6d/ 4<;6e,/ lq sduwlfxodu/ h{whqgv suhylrxv odqg0xvh prghov e| lq0
foxglqj d oderu ghpdqg vhfwru dqg frqvlghulqj qrw rqo| uhvlghqwldo odqg exw dovr lqgxvwuldo dqg
wudqvsruwdwlrq odqg/ vkrzlqj wkdw xqsulfhg frqjhvwlrq h{whuqdolwlhv glvwruw krxvlqj/ odqg dqg od0
eru pdunhwv/ zklfk/ lq wxuq/ jhqhudwh lqh�flhqflhv lq frpprglw| pdunhwv1 Qrqh ri wklv olwhudwxuh/
krzhyhu/ frqvlghuv wkh dgdswdwlrq h�hfwv rq lqvwuxphqw ghvljq zh vwuhvv khuh1
5Uhfhqw hfrqrphwulf lwhudwxuh h{soruhv xqlqwhqghg frqvhtxhqfhv ri hqylurqphqwdo srolf|/ exw
grhv qrw pdnh wkh olqn wr wkh ghvljq ri lqwhuqdol}dwlrq phdvxuhv wkdw zh pdnh khuh1 Ndkq +4<<;,/
2
W? _i�i*LT�?} L�h |�i4ic �i �ti @ ��ih@hU�) Lu ?�4ih�U@* 4L_i*t Lu �?t|h�4i?|
_it�}? hitTL?_�?} |L UL?}it|�L? i |ih?@*�|�itc @?_ @TTi@* |L �,�# _@|@ @?_ it|��
4@|it uhL4 t|�_�it �? U@*�Mh@|�?} @?_ T@h@4i|ih�3�?} |�i4� W? L�h �ht| 4L_i* |�i
t|h�U|�hi �t !iT| t�4T*ic ��|� L?i ThL_�Ui_ }LL_c �Lh!�hi*@|i_ |h@?t�|c @?_ _@4@}i
�? |�i uLh4 Lu UL?}it|�L? E|�4i @?_ |h@�U�hi*@|i_ �i@*|� igiU|t�� W? |��t 4L_i* �i
UL?t�_ih *@MLh�*i�t�hi hitTL?tit @t |�i @_@T|@|�L? �i��U*ic ��|� �?_���_�@*t @tt�4i_
|L @�L�_ _@4@}i M) ?L| �Lh!�?}� i |�i? UL?t�_ih @ 4L_i* ��|� hi}�L?@* *@MLh 4L�
M�*�|) @?_ hi}�L?�tTiU��U UL?}it|�L? _@4@}ic ��ihi @_@T|@|�L? LUU�ht �? |�i uLh4 Lu
�?_�Ui_ 4�}h@|�L? hitTL?tit�
i UL?t�_ih �@h�L�t i4Mi**�t�4i?|t L? |��t M@t�U hi}�L?@* t|h�U|�hi� �?i �?U*�_it
*LU@* �L�t�?} 4@h!i|tc ��|� hi}�L?@* �L�ti Th�Uit @_��t|�?} |L 4�}h@|�L? �?_�Ui_ M)
*LU@*�3i_ _@4@}i @?_ @U|�?} |L _@4T 4�}h@|�L?� Oihic U�@?}it �? �L�ti Th�Uit hi�iU|
|�i @_@T|@|�L? hitTL?ti |L hi}�L?�tTiU��U _@4@}i� �?L|�ih �t �tU@* igiU|tc t�?Ui �u
hi�i?�it uhL4 @?) �?|ih?@*�3@|�L? |@ @UUh�i tL*i*) |L L?i hi}�L?c @_@T|@|�L? hitTL?tit
@hi @giU|i_ M) hi�i?�i hi_�t|h�M�|�L? @UhLtt hi}�L?t� vi| @?L|�ih �t hi}�L?�tTiU��U
ThL_�U|�L?�hi*@|i_ _@4@}i �? |�i uLh4 Lu �|�*�|) *Ltt uLh hit�_i?|t Lu |�i @giU|i_
hi}�L?� Oihic @}@�?c 4�}h@|�L? �t |�i @_@T|@|�L? hitTL?tic M�| |�L �?t|h�4i?|t @hi
?ii_i_ |L �?|ih?@*�3i |�i i |ih?@*�|)Q@ tiU|Lh�tTiU��U ThL_�U|�L? |@ @?_ @ hi}�L?�
tTiU��U *@MLh t�Mt�_)�
A�i �tt�i Lu �L� |L @**L� uLh @_@T|@|�L? hitTL?tit �? �?t|h�4i?| _it�}? hi4@�?t
|�i t@4i |�hL�}� @** |�iti U@tit� W?|ih?@*�3@|�L? �?t|h�4i?|t _it�}?i_ @t |�L�}�
iru lqvwdqfh/ hvwlpdwhv wkh uhodwlrqvkls ehwzhhq hqylurqphqwdo txdolw| lpsuryhphqw dqg krxvhkrog
pljudwlrq lq Fdoliruqld1 Rwkhu vwxglhv lq wklv yhlq lqfoxgh Ehfnhu dqg Khqghuvrq +4<<:,/ Ehupdq
dqg Exl +4<<;,/ Ndkq +4<<:,/ dqg Ohylqvrq +4<<9,1
�
@_@T|@|�L? �t ?L| Thiti?| _�gih t�}?��U@?|*) uhL4 |�Lti ���U� |@!i @_@T|@|�L? hi�
tTL?tit |L _@4@}i �?|L @UUL�?|� A)T�U@**)c }@�?t uhL4 �?|ih?@*�3@|�L? @hi t�Mt|@?�
|�@**) t4@**ih |�@? |�Lti �? UL4T@h@M*i 4L_i*t ���U� �}?Lhi @_@T|@|�L? hitTL?titc @t
@hi i |ih?@*�|) ULhhiU|�?} |@ it Lh t�Mt�_�it� W? |�i *@?}�@}i Lu |�i *�|ih@|�hi L? |�i
�L@ti |�iLhi4c |�i �tt�i �t ?L| L?*) ��i|�ih T@h|�@* �?|ih?@*�3@|�L? Lu i |ih?@*�|�it
�@t LUU�hhi_ |�hL�}� �L@t�@? _i@*tc @?_ tL @ t�4T*i ��}L���@? |@ L�ihULhhiU|t uLh
|�i4( �| �t @*tL ��i|�ih @?) @_@T|��i hitTL?ti |L |�i i |ih?@*�|�it �@t @*tL |@!i?
T*@Ui�
2 W?|ih?@*�3�?} �L?}it|�L? , |ih?@*�|�it �? |�i �hiti?Ui Lu
w@MLh �@h!i| �_@T|@|�L? +itTL?tit
i �ht| UL?t�_ih @ t�4T*i 4L_i* Lu UL?}it|�L? i |ih?@*�|�it �? ���U� *@MLh t�TT*)
_iU�t�L?t @_@T| |L |�i |�4i *Ltt �? |h@�U �? �@h�L�t �@)t� �?i �t M) 4L_�u)�?}
|�i @4L�?| Lu *@MLh t�TT*�i_ |L |�i 4@h!i|( @?L|�ih �t M) hi*LU@|�?} uhL4 U�|�it |L
h�h@* @hi@t� i M��*_ L? *�|ih@|�hi ���U� it|�4@|it |�i tLU�@* ULt|t Lu |h@�U�hi*@|i_
i |ih?@* igiU|t �? U�|�it� A�iti �?U*�_i i Uitt |�4i �ti �? |h@�Uc ?L�tic i*i�@|i_
@UU�_i?| h@|itc @?_ |�i �4T@U| Lu t�*T��_itc ?�|h�U L �_itc @?_ T@h|�U�*@|i 4@||ih L?
��4@? �i@*|�c 4@|ih�@* _@4@}i @?_ T*@?| *�ui� k��t|) @?_ k@u|@?t!� E�bHS� tL4i
)i@ht @}L ThL_�Ui_ @? it|�4@|i |�@| |�i @__i_ tLU�@* ULt|t �? |�i N5 �ihi �? |�i Lh_ih
Lu �H Ui?|t E@| �bH2 Th�Uit� Tih i |h@ �i��U*i 4�*i( Tih�@Tt 2f |�4it |�i |�i? Th�Ui
Lu }@tL*�?i�� � 4Lhi hiUi?| �,�# E�bbe� hiTLh| T�|t UL?}it|�L?�hi*@|i_ @__�|�L?@*
6Nklvw| dqg Ndiwdqvnl +4<;9, dovr surgxfhg frpsrqhqw hvwlpdwhv iru h{wud wudyho wlph dv +lq
fhqwv,= dlu srooxwlrq +5,/ qrlvh srooxwlrq +7,/ h{fhvv ixho frqvxpswlrq +44,/ dgglwlrqdo dfflghqwv +46,/
dqg rwkhuv h�hfwv +44,1
e
|�4i �ti Ehi*@|��i |L uhii �L��?} |h@�U� @| 2��I Lu B#� uLh �,�# iUL?L4�itc ?L�ti
ULt|t @| f��Ic @UU�_i?| ULt|t @| ��D�2Ic @?_ *LU@* TL**�|�L? @| f�eI( �? |L|@* e�SI Lu
B#�� 6Lh |�i Nkc �i�Mih) E�bbD� hiTLh|t @? it|�4@|i EuLh �bb�� Lu UL?}it|�L? ULt|t
uhL4 @__�|�L?@* |�4i �ti @t i^���@*i?| |L �I Lu B#��e
A�iti @hi *@h}i Lh_iht Lu 4@}?�|�_ic ��|� tii4�?}*) t�}?��U@?| }@�?t @U��i�@M*i
uhL4 �?|ih?@*�3@|�L?� ��h TL�?| Lu _iT@h|�hi �t |�@| ��|� *LU@*�3i_ i |ih?@* igiU|t
�?_���_�@*t U@? @_@T| |L |�i _@4@}i |�i) t�gih �u |�i) |h@�i* |L �Lh!� �?i t�4T*i �@)
�t |L hi_�Ui |�4i t�TT*�i_ |L |�i 4@h!i|c M�| L|�ih 4Lhi t�M|*i hitTL?tit LUU�hc t�U�
@t U�@?}�?} |�i |�4i @| ���U� |h@?t�| LUU�ht� �iU@�ti |�iti igiU|t @hi Thiti?| �? |�i
Thi �?|ih�i?|�L? i^��*�Mh��4c |�i) @giU| |�i TihUi��i_ �i*u@hi }@�? uhL4 �?|ih?@*�3�?}
|�i i |ih?@*�|)� � ��}L���@? |@ Lh t�Mt�_) tii!�?} |L ULhhiU| uLh |�i _�gihi?Ui
Mi|�ii? @�ih@}i @?_ 4@h}�?@* _@4@}i E4@h}�?@* Th��@|i @?_ tLU�@* ULt|t� @t @ �@)
Lu }i?ih@|�?} |�i tLU�@* }@�? uhL4 �?|ih?@*�3@|�L? ���U� 4�ttit |�i U�@?}it �? |�iti
@_@T|@|�L? hitTL?tit @t �?|ih?@*�3@|�L? LUU�ht |)T�U@**) L�ihit|�4@|it |�i }@�?�
w@MLh�wi�t�hi +itTL?ti
i 4@!i L�h @h}�4i?| M) �ht| i @4�?�?} @ t�4T*i U@ti Lu UL?}it|�L? i |ih?@*�|�it
�? |�i Thiti?Ui Lu *@MLh�*i�t�hi U�L�Ui� i UL?t�_ih @ t�Lh| h�?c �? ���U� @__�|�L?t |L
hL@_ U@T@U�|) |L _i@* ��|� UL?}it|�L? @hi |@!i? @t �?ui@t�M*i�D A�i _@4@}i u�?U|�L?
7Vpdoo +4<<5, dqg Ploohu +4<;<, �qg frvw ri wudyho wlph �jxuhv iru wkh XV ri 83( dqg 93( ri
wkh krxuo| zdjh/ uhvshfwlyho|1 Pruh uhfhqwo|/ Fdoihh dqg Zlqvwrq +4<<;, kdyh hvwlpdwhg wkh ydoxh
ri wudqvlw wlph iru wkh XV edvhg rq d zloolqjqhvv wr sd| +ZWS, vxuyh|/ dqg �qg dq dyhudjh ZWS
shu krxu ri 4<( ri wkh jurvv krxuo| zdjh/ frqvlghudeo| vpdoohu wkdq rwkhu vwxglhv/ wkrxjk�xqolnh
RHFG +4<<7,�lw uh�hfwv wlph orvv rqo|1
8Vljql�fdqw lqfuhdvhv lq fdsdflw| ru lqiudvwuxfwxuh zlwklq +dv djdlqvw ehwzhhq, xuedq duhdv duh
D
uhL4 UL?}it|�L? �i UL?t�_ih �tc uLh ?L�c _i�?i_ L�ih |�i ?�4Mih Lu �Lh!iht �? |h@?t�|
�? �hM@? @hi@tc h�*�?} L�| 4Lhi tLT��t|�U@|i_ 4iU�@?�t4t |�hL�}� ���U� i �t|�?}
�hM@? hit�_i?|t U@? �L�?|*) hi_�Ui _@4@}i M)c t@)c t|@}}ih�?} |h@?t�| |�4it |L �Lh!�S
i UL?t�_ih |�i t|@h|�?} TL�?| uLh }@�?t LUU�hh�?} uhL4 �?|ih?@*�3@|�L? |L Mi L?i
��ihi �L@t�@? E�L@tic �bSf� M@h}@�?�?} �@t ?L| @*hi@_) LUU�hhi_� �L|Lh�t|t @hi |��t
?L| �L�?|*) M@h}@�?�?} |L 4�|�}@|i UL?}it|�L? _@4@}i� i hi}@h_ |��t @t @ hi@tL?@M*i
@tt�4T|�L? }��i? |�i *@h}i |h@?t@U|�L? ULt|t �?�L*�i_ �? |��t U@ti�
B��i? |�iti @tt�4T|�L?tc �i UL?t�_ih @ � i_ ?�4Mih Lu �Lh!ihtc 7uc i@U� Lu ��L4
�@t �_i?|�U@* �L4L|�i|�U Thiuihi?Uit� ,@U� �Lh!ih �@t @ � i_ i?_L�4i?| Lu |�4ic
���U� �i |@!i |L Mi �?�|)� Lh!iht _iU�_i L? �L� 4�U� Lu |�i�h |�4i |L _i�L|i
|L 4@h!i| @U|���|) E���U� hi^��hit |h@?t�|c @?_ �i?Ui UL?}it|�L?�c @?_ �L� 4�U� |L
_i�L|i |L *i�t�hic ���U�c uLh t�4T*�U�|)c �i @tt�4i |L Mi uhii Lu UL?}it|�L?� i _i?L|i
@}}hi}@|i |�4i _i�L|i_ |L ThL_�U|�L? M) @** �Lh!iht @t uc u Mi�?} 4i@t�hi_ ?i| Lu
|h@?t�| |�4i� �@h!i| ThL_�U|�L? �t }��i? M) @ _iUhi@t�?} hi|�h?t |L tU@*i ThL_�U|�L?
u�?U|�L?G
t ' uk( k � E��
��ihi t _i?L|it L�|T�|� A�i T@h@4i|ih k �t t|h�U|*) *itt |�@? L?ic @?_ _i�?it |�i
i*@t|�U�|) Lu L�|T�| ��|� hitTiU| |L |�i *@MLh �?T�|� A�i @�ih@}i ThL_�U| Lu *@MLh
Et*u� i Uii_t |�i 4@h}�?@* ThL_�U| Ekt*u��. `�|� |�i uLh4�*@|�L? �ti_ �ihi hi?|t
wkxv dvvxphg dzd|1 Wklv fdq eh gxh wr srolwlfdo rssrvlwlrq wr qhz urdgv e| h{lvwlqj uhvlghqwv/
xqzlhog| ohjdo surfhvv iru frpshqvdwlrq/ ru rwkhu frqvlghudwlrqv1
9Lq uhdolw|/ vxfk phfkdqlvpv duh fohduo| lpsruwdqw/ exw zh ljqruh wkhp iru qrz erwk wr vlpsoli|
wkh dqdo|vlv dqg wr nhhs wkh irfxv rq rxu pdlq srlqw1
:Htxdwlrq +4, fdq eh uhirupxodwhg dv frqvwdqw uhwxuqv wr vfdoh e| dgglqj d �{hg idfwru zlwk d
S
@*tL @UUh�i |L @? �?tTiU��i_ ?L?�*@MLhc � i_ u@U|Lh� i @tt�4i |�@| |�iti hi?|t
@UUh�i |L �L�ti�L*_t E�4T*�U�|*) |�hL�}� L�?iht��T Lu |�i � i_ u@U|Lh� �? *�4T�t�4
uLh4�
i @tt�4i @ _@4@}i u�?U|�L? uhL4 UL?}it|�L? ���U� �t �?Uhi@t�?} �? |�i 4@h!i|�
t�TT*�i_ *@MLh �?T�|c u
( ' bu�( � : � E2�
��ihi ( hiThiti?|t |L|@* _@4@}i E�ihi _i?L4�?@|i_ �? �?�|t Lu *@MLh�c (*7u �t |�i
_@4@}i Tih 4@h!i| T@h|�U�T@?|c b @?_ � @hi T@h@4i|iht Lu |�i _@4@}i u�?U|�L?�
� : � �4T*�it |�@| 4@h}�?@* i Uii_t @�ih@}i _@4@}i�
i @tt�4i �L�ti�L*_t �@�i @ �|�*�|) u�?U|�L? _i�?i_ L�ih }LL_t Et � @?_ *i�t�hi
E.� UL?t�4i_G
L ' LEtc.� E��
��ihi
. ' �� u*7u�(*7u Ee�
A�i i^�@|�L? uLh . hi�iU|t @? i?_L�4i?| Lu |�4i Tih �L�ti�L*_ Lu �?�|)c 4@h!i|
*@MLh t�TT*) Tih �L�ti�L*_ Lu u*7uc @?_ _@4@}i Tih �Lh!ih E�? |�4i �?�|t� Lu (*7u�
OL�ti�L*_t 4@ �4�3i �|�*�|) t�M�iU| |L @ U@t� M�_}i| UL?t|h@�?|
�t t ' `u7u
ED�
��ihi �t �t |�i Th�Ui Lu |�i }LL_c t c @?_ ` �t |�i 4@h!i| �@}i�
Free0Grxjodv vkduh +40�,1
.
A�i i |ih?@*�|) |�@| UL?}it|�L? Uhi@|it �? |��t U@ti �t |�@| �?_���_�@* �Lh!iht hi�
tTL?_ |L |�i @�ih@}i ELh Th��@|i� ULt| i@U� Lu |�i4 u@Uit �? |h@?t�|c ?L| |L |�i 4@h}�?@*
ELh tLU�@*� ULt|� 6hL4 E2�c 4@h}�?@* _@4@}i i Uii_t @�ih@}i _@4@}ic @?_ |�ihi @hi
}@�?t |L Mi �@_ uhL4 �?|ih?@*�3@|�L?� OL�i�ihc MiU@�ti Lu @_@T|@|�L? hitTL?tit |L
_@4@}ic @ �i_}i @*tL i �t|t �? |�i ��|��_@4@}i i^��*�Mh��4 Mi|�ii? |�i 4@h}�?@*
�@*�i ThL_�U| Lu *@MLh �? }LL_t ThL_�U|�L?Q���U� i^�@*t |�i �@}i h@|iQ@?_ |�i
4@h}�?@* �@*�i Lu |�4i �? *i�t�hi UL?t�4T|�L? E4@h}�?@* �|�*�|) Lu *i�t�hi�� A�hL�}�
@_@T|@|�L? �?_���_�@*t U@? 4�|�}@|i _@4@}i M) ?L| �Lh!�?}c @?_ �i?Ui i^�@|i |�i
4@h!i| �@}i ?i| Lu _@4@}i Tih �?�| Lu *@MLh t�TT*�i_ |L |�i 4@h}�?@* �|�*�|) Lu *i�t�hiG
`��� (
u
�' L. ES�
��ihi L. �t |�i 4@h}�?@* �|�*�|) Lu *i�t�hi�
W? |��t U@tic �?|ih?@*�3@|�L? �?t|h�4i?|t U@? hi_�Ui _@4@}ic M�| |�i) @*tL @*|ih
|�i @_@T|@|�L? |L |�i _@4@}i� � |h@?t�| |@ hi_�Uit L�|T�|c @?_ �i?Ui _@4@}ic M�|
�? _L�?} tL �| @*tL u�h|�ih �?Uhi@tit |�i 4@h}�?@* ThL_�U| Lu *@MLh �? }LL_t ThL_�U|�L?�
A�i _�t|Lh|�L? Mi|�ii? |�i 4@h}�?@* ThL_�U| Lu *@MLh �? }LL_t ThL_�U|�L? @?_ |�i
4@h}�?@* �@*�i Lu |�4i �? *i�t�hi UL?t�4T|�L? �t �?|i?t��i_ M) �?|ih?@*�3@|�L?c @?_
|�i }@�? uhL4 �?|ih?@*�3@|�L? �t hi_�Ui_� A�i @TThLTh�@|i �?|ih?@*�3@|�L? |@ h@|i
U@*U�*@|i_ �? 4L_i*t ��|� @_@T|@|�L? ��** _�gih uhL4 |�Lti ��ihi @_@T|@|�L? �t @Mti?|�
W? UL?|h@t|c �u @_@T|@|�L? hitTL?tit @hi ?L| Thiti?|c �?_���_�@*t i^�@|i |�i 4@h!i|
�@}i |L |�i 4@h}�?@* �|�*�|) Lu *i�t�hiG
` ' L. E.�
#@4@}i t|�** LUU�htc @?_ @giU|t 4@h!i| L�|T�| |�hL�}� E2� @?_ Ee�c M�| ?L �?|ih�
?@*�3�?} @_@T|@|�L? LUU�ht� �? LT|�4@* �?|ih?@*�3�?} |h@?t�| |@ M@ti_ L? E.� �L�*_
|)T�U@**) Mi *@h}ih |�@? L?i M@ti_ L? ES�c @?_ tL �L�*_ Mi |�i TihUi��i_ �i*u@hi
H
}@�?t uhL4 �?|ih?@*�3@|�L?� A�iti igiU|t LUU�h t�4T*) MiU@�ti @_@T|@|�L? hitTL?tit
|L _@4@}i �@�i @*hi@_) T@h|�@**) �?|ih?@*�3i |�i i |ih?@*�|)�
i �**�t|h@|i |�iti �4T@U|t Lu @_@T|@|�L? M) U@*�Mh@|�?} |�i t�4T*i 4L_i* ti| L�|
@ML�i |L @ �bbD Nk _@|@ ti| L? ThL_�U|�L?c UL?t�4T|�L?c @?_ UL?}it|�L?�hi*@|i_
_@4@}i @?_ TihuLh4�?} }i?ih@* i^��*�Mh��4 ?�4ih�U@* t�4�*@|�L?t� i UL4T�|i LT�
|�4@* �?|ih?@*�3@|�L? |@ h@|itc @?_ |�i }@�?t uhL4 �?t|�|�|�?} |�i4c ML|� �? |�i
Thiti?Ui @?_ |�i @Mti?Ui Lu @_@T|@|�L? hitTL?tit� A�i U@*�Mh@|�L? �t M@ti_ L? Nk
B#� �? �bbD �? |�i hi}�L? Lu .ff M�**�L? TL�?_t E� |h�**�L? N5 _L**@ht�� �tt�4�?} @
�Lh! uLhUi Lu 2D 4�**�L?c |��t }��it @? @??�@* �?UL4i Tih 4i4Mih Lu |�i �Lh! uLhUi
Lu @hL�?_ efcfff N5 _L**@ht� i �ti |�i *@MLh t�@hi �? |�i �@*�i Lu 4@h!i| ThL_�U�
|�L? �4T*�i_ M) �bbD Nk ?@|�L?@* @UUL�?| _@|@ Ef�SH�c @?_ |@!i |�i *i�t�hi t�@hi �?
i T@?_i_ �?UL4i E4@h!i| �?UL4i n *i�t�hi� |L Mi �%.�
6Lh U@*�Mh@|�L? L? |�i i?��hL?4i?|@* t�_ic |�i �,�# E�bbe� hiTLh| �i hiuih |L
i@h*�ih U�|it |�L _�gihi?| it|�4@|it Lu iUL?L4)���_i UL?}it|�L?�hi*@|i_ ULt|t( L?i
M@ti_ L? |L|@* |�4i *Lt|c i^���@*i?| |L H�DI Lu B#�c @?_ |�i L|�ih 2��I Lu B#�
M@ti_ L? |�4i *Lt| UL4T@hi_ ��|� uhii��L��?} |h@�U� �L4M�?�?} |�i �ht| it|�4@|i
��|� @UU�_i?| ULt|t E��D�2I Lu B#��c ?L�ti ULt|t Ef��I Lu B#�� @?_ *LU@* TL**�|�L?
ULt|t Ef�bI Lu B#�� )�i*_t @ |L|@* UL?}it|�L?�hi*@|i_ _@4@}i �}�hi Lu ����2I Lu B#��
�@ti_ L? |��t �}�hic @?_ |h)�?} |L U@T|�hi |L|@* h@|�ih |�@? L?*) UL?}it|�L?�hi*@|i_
_@4@}ic �i |@!i |L|@* M@ti�U@ti _@4@}i uLh |�i Nk @t Mi�?} �fI Lu B#��
Nt�?} |�iti _@|@ �i @hi @M*i |L U@*�Mh@|i t�@hi T@h@4i|iht uLh }LL_t @?_ *i�t�hi
UL?t�4T|�L? uLh �LMM�#L�}*@t Thiuihi?Uit� �tt�4�?} @ _@4@}i u�?U|�L? i*@t|�U�|)c
� E���U� �i ti| i^�@* |L ��D�c �i U@? |�i? _i|ih4�?i |�i L|�ih T@h@4i|ihc bc Lu
|�i _@4@}i u�?U|�L?� �@h| � Lu A@M*i � t�44@h�3it ML|� |�i _@|@ �ti_ �? @?_ |�i
b
T@h@4i|iht }i?ih@|i_ M) |�iti ThLUi_�hit�
A@M*i �G �L_i* , Tih�4i?|t W?|ih?@*�3�?} �L?}it|�L? #@4@}i
��|� @?_ ��|�L�| w@MLh�wi�t�hi �_@T|@|�L? +itTL?tit
�� 5TiU��U@|�L? Lu �@ti �@ti
Nk B#� EM�**�L? TL�?_t� .ff
�L?}it|�L?�hi*@|i_ _@4@}i EM�**�L? TL�?_t� .f
w@MLh t�@hi �? 4@h!i| ThL_�U|�L? f�SH
wi�t�hi t�@hi �? i T@?_i_ �?UL4i E4@h!i| �?UL4i n *i�t�hi� �%.
5�@hi Lu }LL_t �? Thiuihi?Uit EqC� f�DS
#@4@}i u�?U|�L? i*@t|�U�|) E�� ��D
�� W?|ih?@*�3@|�L? W4T@U|t ��|� �_@T|@|�L? +itTL?tit EI�
�T|�4@* |@ h@|i L? 4@h!i| *@MLh t�TT*) .�2
W?|ih?@*�3@|�L? }@�? E,V @t I Lu B#�� f�fH
��@?}i �? *@MLh t�TT*�i_ |L |�i 4@h!i| ����
�� W?|ih?@*�3@|�L? W4T@U|t ��|� �L �_@T|@|�L? +itTL?tit EI�
�T|�4@* |@ h@|i L? 4@h!i| *@MLh t�TT*) 2��f
W?|ih?@*�3@|�L? }@�? E,V @t I Lu B#�� f�.�
��@?}i �? *@MLh t�TT*�i_ |L |�i 4@h!i| � b�D
��h t�4�*@|�L? hit�*|t EML|� �? |�i Thiti?Ui @?_ @Mti?Ui Lu @_@T|@|�L? hitTL?tit�
@hi hiTLh|i_ �? A@M*i �� `�|� @_@T|@|�L? hitTL?titc �i t�L� @ |h@?t�| |@ Lu .�2I @t
Mi�?} ?ii_i_ |L @U��i�i u�** �?|ih?@*�3@|�L?c @?_ @? @ttLU�@|i_ �i*u@hi }@�? Lu f�fHI
Lu B#�� A��t �t @? i |hi4i*) t4@** ?�4Mih UL4T@hi_ |L |�i _@4@}i �? |�i M@ti
U@tic M�| �? |�i @Mti?Ui Lu @_@T|@|�L? hitTL?tit �| �?Uhi@tit t�@hT*)� B@�?t uhL4
�?|ih?@*�3@|�L? U@*U�*@|i_ @t |�L�}� |�ihi �ihi ?L @_@T|@|�L? hitTL?ti @hi ?i@h*)
?�?i |�4it *@h}ihc @| f�.�I Lu B#�c @?_ |�i LT|�4@* �?|ih?@*�3@|�L? |@ h@|i �t 2�I�
�f
�@h!i| *@MLh t�TT*) hitTL?tit _�gih M) @ u@U|Lh Lu ?i@h*) |�hii @UhLtt |�Lti U@tit�
W?U*�_�?} Lh i U*�_�?} @_@T|@|�L? hitTL?tit |L _@4@}i 4@!it @ *@h}i _�gihi?Ui |L
|�i _it�}? Lu @TThLTh�@|i �?t|h�4i?|t |L �?|ih?@*�3i i |ih?@*�|�it�
A@M*i 2G 5i?t�|���|) Lu W?|ih?@*�3@|�L? W4T@U|t �? A@M*i �
|L ki) �L_i* �@h@4i|iht
�'��� �'2�f qC'f�H
�� `�|� �_@T|@|�L? +itTL?titEI�
�T|�4@* |@ h@|i L? 4@h!i| *@MLh t�TT*) ��D �e�f .��
W?|ih?@*�3@|�L? }@�? E,V @t I Lu B#�� f�ff� f�2b f�ffe
��@?}i �? *@MLh t�TT*�i_ |L |�i 4@h!i| �f�.2 �D�. ���S
�� `�|� �L �_@T|@|�L? +itTL?titEI�
�T|�4@* |@ h@|i L? 4@h!i| *@MLh t�TT*) �S�f 2S�� 2��D
W?|ih?@*�3@|�L? }@�? E,V @t I Lu B#�� f�e2 ��� f��S
��@?}i �? *@MLh t�TT*�i_ |L |�i 4@h!i| �.�S ����� �D�f
5i?t�|���|) @?@*)3it L? |�i hit�*|t uhL4 A@M*i � �t�?} �@h�@|�L?t L? !i) 4L_i*
T@h@4i|iht @hi hiTLh|i_ �? A@M*i 2c @}@�? uLh U@tit ��|� @?_ ��|�L�| @_@T|@|�L?
hitTL?tit� A�iti hit�*|t t�}}it| |�@| |�i *@h}i _�gihi?Uit Mi|�ii? U@tit ��|� @?_
��|�L�| @_@T|@|�L? hitTL?tit Thi�@�*� W?Uhi@t�?} |�i i*@t|�U�|) Lu |�i _@4@}i u�?U|�L?
E�� �?Uhi@tit |�i }@�?t uhL4 �?|ih?@*�3@|�L? t�?Ui ML|� @�ih@}i @?_ 4@h}�?@* _@4@}i
�?Uhi@ti� V@h�@|�L?t LUU�h �? �4T@U| @*tL �?_ih U�@?}i_ Thiuihi?Ui T@h@4i|ihtc M�|
|�i |�i4i Lu |�i �4TLh|@?Ui Lu @_@T|@|�L? @tt�4T|�L?t t|�** Thi�@�*t� W?|ihhi}�L?@*
w@MLh wLU@|�L?@* +itTL?ti
� u�h|�ih �@) �? ���U� @_@T|@|�L? hitTL?tit |L UL?}it|�L? _@4@}i U@? LUU�h �t
��
��ihi _@4@}i �t *LU@*�3i_ @?_ *LU@|�L?@* U�L�Ui �t Thiti?|� AL t�L� �L� |��t u�h�
|�ih i*i4i?| Lu @_@T|@|�L? hitTL?ti U@? @giU| �?t|h�4i?| _it�}?c �i M��*_ L? |�i
*�|ih@|�hi L? �?|ihhi}�L?@* *@MLh 4LM�*�|) @ttLU�@|i_ ��|� 6*@||ihtc Oi?_ihtL? @?_
��it3!L�t!� E�b.e�c �L@_�@) @?_ 6*@||iht E�bH2�c @?_ �)iht E�bbf�c @4L?} L|�ihtc
@?_ @__ hi}�L?�tTiU��U i?��hL?4i?|@* UL?t�_ih@|�L?t |L |�i 4L_i* @ML�i� 6*@||ihtc
Oi?_ihtL? @?_ ��it3!L�t!� t�L� �L� *LU@* T�M*�U }LL_t �?@?Ui_ M) |@ it L? hit�
�_i?|t U@? }i?ih@|i �?i�U�i?| 4�}h@|�L?c t�?Ui �@}i h@|it _�gihi?Uit @UhLtt hi}�L?t
U@? Mi t�TTLh|i_ M) _�gihi?Uit �? �?_���_�@* Mi?i�|t *itt |@ it� W? L�h t|h�U|�hic �i
@tt�4i _@4@}i �t hi}�L?�tTiU��Uc @?_ |�@| 4�}h@?|t hitTL?_ M) UL4T@h�?} |�i �@}i
Thi4��4 |�i) U@? hiUi��i �u |�i) hi4@�? �? |�i @giU|i_ hi}�L? |L |�i ULt| |L |�i4 Lu
|�i _@4@}i |�i) �?U�h� �_@T|@|�L? |L hi}�L?�tTiU��U _@4@}i �? |��t U@ti }i?ih@|it
4�}h@|�L?�
i UL?t�_ih @? iUL?L4) ��|� |�L hi}�L?tc *@Mi*i_ @t L EuLh �hM@?� @?_ - EuLh
h�h@*�� ,?��hL?4i?|@* igiU|t LUU�h �? L?*) L?i Lu |�i |�L hi}�L?tc @?_ @giU| �?|ih�
hi}�L?@* *@MLh 4�}h@|�L?� 6Lh ?L�c �i @tt�4i |�ihi �t UL?}it|�L?�hi*@|i_ _@4@}i
��|��? |�i L hi}�L?c @giU|�?} L?*) |�i hi}�L?<t hit�_i?|t�H i @*tL @tt�4i |�@| *@MLh
�t �?|ihhi}�L?@**) 4LM�*i�
i @tt�4i @}@�? |�@| |�i iUL?L4) �@t @ � i_ i?_L�4i?| Lu *@MLhc 7uc ���U�
U@? 4L�i ULt|*itt*) Mi|�ii? |�i |�L hi}�L?tc @?_ |�@| i@U� hi}�L? �@t @ _iUhi@t�?}
hi|�h?t |L tU@*i ThL_�U|�L? u�?U|�L?
t � ' Eu��k�
c � ' Lc- EH�
;Wkxv/ e| zrunlqj lq wkh uxudo uhjlrq zrunhuv dyrlg wkh frppxwlqj frqjhvwlrq ri zrunlqj lq
flwlhv> ru/ dowhuqdwlyho|/ doo uhvlghqwv ri xuedq duhdv ehdu frqjhvwlrq frvwv e| olylqj wkhuh hyhq li wkh|
zrun vrphzkhuh hovh1
�2
��ihi t � _i?L|i L�|T�|c @?_ u� 4@h!i| t�TT*�i_ *@MLh �? hi}�L? �� A�i |ih4t k� @hic
@t @ML�ic t|h�U|*) *itt |�@? L?ic @?_ _i�?i |�i i*@t|�U�|) Lu L�|T�| ��|� hitTiU| |L
|�i *@MLh �?T�| �? hi}�L? �c ��|� |�i @�ih@}i ThL_�U| Lu *@MLh i Uii_�?} �|t 4@h}�?@*
ThL_�U|� +i?|t @}@�? @UUh�i |L �L�ti�L*_t E�4T*�U�|*) |�hL�}� L�?iht��T Lu � i_
u@U|Lht� uhL4 �?tTiU��i_ ?L?�*@MLhc hi}�L?�tTiU��U � i_ u@U|Lhtc @?_ �? �@)t |�@| _L
?L| �?��i?Ui *LU@|�L?@* U�L�Ui�
W? |��t U@tic �i @tt�4i _@4@}i u�?U|�L? ���U� �t �?Uhi@t�?} �? |�i ?�4Mih Lu
hit�_i?|t �? U�|�it EuL�G
(L ' bEuL��c � : � Eb�
��ihi(L hiThiti?|t |L|@* _@4@}i �? U�|�it E�ihi @}@�? _i?L4�?@|i_ �? �?�|t Lu *@MLh��
(L*uL �t |�i _@4@}i Tih �hM@? hit�_i?|c @?_ b @?_ � @hi T@h@4i|iht Lu |�i _@4@}i
u�?U|�L?� (- i^�@*t 3ihL�
�t |�i t�?}*i }LL_ �t �L4L}i?iL�t @UhLtt hi}�L?tc �| �@t |�i t@4i Th�Ui �? ML|�
hi}�L?tc @?_ �? i^��*�Mh��4 |�ihi �t 4@h!i| U*i@h�?} �? ML|� |�i }LL_ @?_ �? |�i *@MLh
4@h!i|t� �L?t�4iht �? i@U� hi}�L? 4@ �4�3i �|�*�|) t�M�iU| |L |�i�h M�_}i| UL?t|h@�?|
@?_ ThL_�Uiht 4@ �4�3i ThL�|t� �iU@�ti Lu �?|ihhi}�L?@* *@MLh 4LM�*�|)c i^��*�Mh��4
�?�L*�it @? i^�@*��|�*�|) UL?_�|�L? @UhLtt hi}�L?t� `�|� �_i?|�U@* Thiuihi?Uit uLh @**
UL?t�4ihtc �?|ihhi}�L?@* _�gihi?Uit �? �@}i h@|it @hi Lgti| M) |�i �@*�i Lu _@4@}i
uLh |�Lti *LU@|�?} �? hi}�L? L �
Wu @_@T|@|�L? Mi�@��Lh@* hitTL?tit @hi i T*�U�|*) hiUL}?�3i_c |��t )�i*_t |�i i^���
*�Mh��4 UL?_�|�L?G
`L
#�� (L
uL
$' `- E�f�
Wu ?L @_@T|@|�L? hitTL?tit i?|ihc |�i i^��*�Mh��4 UL?_�|�L? �t
`L ' `- E���
��
i UL?t�_ih |�i �?|ih?@*�3@|�L? �?t|h�4i?| �? |��t U@ti |L Mi @ |@ L? �?�@h_
4�}h@|�L? �?|L |�i UL?}it|i_ hi}�L? E��|� |�i hi�i?�it _�t|h�M�|i_ i^�@**) |L hit�_i?|t
Lu @** hi}�L?t�� W? |��t U@tic @ |h@_i �4M@*@?Ui uLh hi}�L?t �t �?@?Ui_ M) |@ hi�i?�it
hiUi��i_ M) |�i L|�ih hi}�L?c @?_ �? t�U� U@tit UL?t�4T|�L? �? hi}�L? �c �� c ��** ?L|
?iUitt@h�*) i^�@* hi}�L?@* L�|T�|c t � �
,�U�i?U) UL?_�|�L?t �? |�i *@MLh 4@h!i| �? |��t U@ti hi^��hi |�@| |�i 4@h}�?@*
_@4@}i �?��U|i_ L? M) @ 4�}h@?|c h@|�ih |�@? |�i @�ih@}i _@4@}i Tih hit�_i?|c t�L�*_
@giU| 4�}h@|�L? _iU�t�L?t� A��tc �? |��t 4L_i*c �i �@�i _�gihi?| i^��*�Mh��4 @?_
i�U�i?U) UL?_�|�L?t uLh |�i *@MLh 4@h!i|� `�ihi @_@T|@|�L? hitTL?tit @hi Thiti?|c
|�i *@MLh 4@h!i| i^��*�Mh��4 UL?_�|�L? �4T*�it |�@|
`LE�� bEuL��3�� ' `-c E�2�
���*i i�U�i?U) hi^��hit |�@|
`LE�� b�EuL��3�� ' `-� E���
A�iti UL?_�|�L?t �4T*) |�@| |�i 4@h}�?@* ThL_�U| Lu *@MLh Mi|�ii? |�i |�L hi}�L?t
_��ih}it� �?) 4L�i |L�@h_t �?|ih?@*�3@|�L? |�hL�}� @ |@ L? 4�}h@|�?} *@MLh ��**
L?Ui @}@�? @giU| @_@T|@|�L? hitTL?tit |L _@4@}i�
W? A@M*i � �i ThL��_i @ T@h@4i|ih�3@|�L? uLh |��t 4L_i*c @}@�? }i?ih@|i_ |�hL�}�
U@*�Mh@|�L?� i @*tL |@!i |�i Nk U@tic @?_ �ti �| @t @? i @4T*i Lu @? �,�# UL�?|h)
��|� hi}�L?�tTiU��U UL?}it|�L?� i �ht| U@*�Mh@|i |�i 4L_i* |L @ M@ti U@tic @?_ |�i?
UL4T�|i @ UL�?|ihu@U|�@* �? ���U� |@ TL*�U�it @hi �ti_ |L �?|ih?@*�3i |�i UL?}it|�L?
i |ih?@*�|)c i @4�?�?} U@tit ��|� @?_ ��|�L�| @_@T|@|�L? hitTL?tit� i �ti |�i t@4i
ThL_�U|�L?c *@MLh uLhUi @?_ UL?}it|�L?�hi*@|i_ ULt| _@|@ @t �? |�i Thi��L�t tiU|�L?c
M�| @tt�4i �? @__�|�L? |�@| *@MLh hit�_�?} �? UL?}it|i_ hi}�L?t hi�iU|t i4T*L)4i?|
�e
A@M*i �G �L_i* , Tih�4i?|t L? W?|ih?@*�3@|�L? Lu �L?}it|�L?
, |ih?@*�|�it ��|� W?|ihhi}�L?@* w@MLh �LM�*�|)
�� �@ti �@ti �@*�Mh@|�L?
Nk B#� EM�**�L? TL�?_t� .ff
5�@hi Lu *@MLh �? U�|�it f�S
+i}�L?�tTiU��U UL?}it|�L?�hi*@|i_
_@4@}i �? |�i M@ti U@ti EM�**�L? TL�?_t� .f
5�@hi Lu *@MLh �? ?@|�L?@* �?UL4i f�SH
#@4@}i u�?U|�L? i*@t|�U�|) ��D
�� W?|ih?@*�3@|�L? +iUL}?�3�?} �_@T|@|�L? EI�
�T|�4@* A@ +@|i L? NhM@? w@MLh ��.
B@�? uhL4 W?|ih?@*�3@|�L? E,V @t I Lu B#�� f�f�
��@?}i �? NhM@? w@MLh ���e
�� W?|ih?@*�3@|�L? ��|� �L �_@T|@|�L? EI�
�T|�4@* A@ +@|i L? NhM@? w@MLh �f�.
B@�? uhL4 W?|ih?@*�3@|�L? E,V @t I Lu B#�� 2�2
��@?}i �? NhM@? w@MLh ��f��
�? 4@?�u@U|�h�?} E@TThL �4@|i*) �SI Lu |L|@* i4T*L)4i?| �? �bbD�c T*�t L?i �@*u Lu
i4T*L)4i?| �? tih��Uit� W? UL4M�?@|�L?c |��t �t @TThL �4@|i*) SfI Lu |�i �Lh! uLhUi�
i @}@�? �ti @ *@MLh t�@hi �? |L|@* �@*�i Lu ThL_�U|�L? Lu f�SHc ti| � i^�@* |L ��Dc
@?_ U@*�Mh@|i |�i �@*�it Lu k� @?_ b�
+it�*|t �? T@h| � Lu A@M*i � t�L� i�i? *@h}ih _�tUhiT@?U�it �? |�i �i*u@hi }@�?t
uhL4 �?|ih?@*�3@|�L? �? |�i Thiti?Ui @?_ @Mti?Ui Lu @_@T|@|�L? hitTL?tit� B@�?t uhL4
�?|ih?@*�3@|�L? �u @_@T|@|�L? hitTL?tit @hi hiUL}?�3i_ @hi L?*) f�f�I Lu B#�c M�|
2�2I Lu B#� �u |�i�h Thiti?Ui �t �}?Lhi_� �T|�4@* |@ h@|it ��|� @_@T|@|�L? @hi
�D
��.Ic M�| �f�.I �? |�i�h @Mti?Uic @?_ |�i U�@?}it �? *@MLh 4�}h@|�L? @UhLtt hi}�L?t
_�gih M) @ u@U|Lh Lu @*4Lt| �f� W?ULhTLh@|�?} @_@T|@|�L? hitTL?tit 4@!it @? i�i?
*@h}ih �4T@U| |�@? �? L�h �ht| 4L_i*c ML|� �? |ih4t Lu |�i ti||�?} Lu |@ h@|it @?_ �?
|�i TihUi��i_ �i*u@hi }@�?t�
A@M*i e Thiti?|t ti?t�|���|) @?@*)t�t hit�*|t L? |�i i*@t|�U�|) Lu |�i _@4@}i u�?U|�L?
E�� @t �i** @t L? |�i @tt�4i_ t�3i Lu _@4@}i �? |�i M@ti U@ti� +it�*|t @}@�? t�L�
|�@| �i*u@hi }@�?t uhL4 �?|ih?@*�3@|�L? @hi ti?t�|��i |L 4L_i* T@h@4i|ih �@*�it �ti_c
@?_ T@h|�U�*@h*) |L |�i i*@t|�U�|) T@h@4i|ih �ti_ �? |�i _@4@}i u�?U|�L?( M�| |�@| |�i
t�@hT _�gihi?Uit @UhLtt U@tit ��|� @?_ ��|�L�| @_@T|@|�L? hitTL?tit Tiht�t|� A�iti
ti?t�|���|) @?@*)3it @*tL t�L� |�@| |�i �?|ih?@*�3@|�L? |@ h@|i @?_ �i*u@hi }@�?t @hi
�?�ihti*) hi*@|i_ |L |�i t�3i Lu _@4@}i |L ���U� |�i 4L_i* �t U@*�Mh@|i_�b
� OL�ti �h�Uit @?_ ��}h@|�L?
i ?i | UL?t�_ih @? i |i?t�L? |L |�i hi}�L?@* 4�}h@|�L? 4L_i* Thiti?|i_ @ML�ic
�? ���U� hi}�L?�tTiU��U �L�ti Th�Uit ?L� i?|ih |�i T�U|�hi��f A��t i |i?t�L? )�i*_t
hit�*|t �? ���U� @_@T|@|�L? igiU|t ?L� LUU�h |�hL�}� �L�t�?} 4@h!i|t� W? |��t 4L_i*
|�ihi @hi � i_ i?_L�4i?|t Lu �L�tit �? i@U� Lu |�i hi}�L?t( 4�}h@|�L? �?|L L?i hi}�L?
L�| Lu |�i L|�ih _h��it �T �L�ti Th�Uit �? |�i hiUi���?} hi}�L? @?_ _h��it Th�Uit _L�?
<Wkh uhdvrq iru wklv lv wkdw wkh lqwhuqdol}dwlrq wd{ ulvhv wkh glyhujhqfh ehwzhhq xuedq dqg uxudo
ydoxh pdujlqdo surgxfw ri oderu/ r�vhwlqj wkh uhgxfwlrq lq gdpdjh dqg lqwhuuhjlrqdo zdjh udwh zhgjh
lqgxfhg e| wkh wd{1
43Lqghhg/ lq vrph olwhudwxuh lw lv frpprq wr xvh lqgluhfw phdvxuhv ri orfdwlrq0vshfl�f gdpdjh dv
wkh fkdqjh lq odqg +ru krxvh, sulfhv1 Vhh/ iru lqvwdqfh/ vrph ri wkh vwxglhv lq Edugh dqg Shdufh
+4<<4, dqg Qdyuxg +4<<5,1
�S
A@M*i eG 5i?t�|���|) �?@*)tit uLh W?|ih?@*�3@|�L? , Tih�4i?|t ��|�
�L?}it|�L? , |ih?@*�|�it @?_ W?|ihhi}�L?@* w@MLh �LM�*�|)
�� �*|ih?@|��i �@h@4i|ih �L?�}�h@|�L?t uLh 5i?t�|���|) �@tit
V@*�i Lu 5�@hi Lu
kL � #@4@}i *@MLh
EI Lu B#�� �? U�|�it
�@ti � f�SH ��� �f f�S
�@ti 2 f�SH 2�f �f f�S
�@ti � f�SH ��f �f f�S
�@ti e f�SH ��D �D f�S
�@ti D f�SH ��D D f�S
�� W?|ih?@*�3@|�L? W4T@U|t ��|� �_@T|@|�L? EI�
i*u@hi �T|�4@* ��@?}i
B@�?W A@ L? uL �? uL
�@ti � f�fff� f�22 �f�22
�@ti 2 f�2D �2�� �b��
�@ti � f�b2 2e�S ��e�S
�@ti e f�fff. f�. �f�D
�@ti D f�fe� ��S �e�H
�� W?|ih?@*�3@|�L? W4T@U|t ��|�L�| �_@T|@|�L?EI�
i*u@hi �T|�4@* ��@?}i
B@�?W A@ L? uL �? uL
�@ti � ��H 2H�H �2H�b
�@ti 2 ��f ���e ����S
�@ti � e�� �e�e ����b
�@ti e e�2 e��� ��H�b
�@ti D f�S. �S�S ��H��
W O�U!t�@? ,V @t @ I Lu B#��
�.
�? |�i *@MLh _L?@|�?} hi}�L?� A�i igiU|t Lu hi}�L?�tTiU��U i |ih?@*�|�it L? *@MLh
�L�t @hi |�ihiuLhi _@4Ti_ M) @_@T|��i �L�ti Th�Ui igiU|tc t�?Ui |�iti @giU| |�i
4�}h@|�L? _iU�t�L? ��@ U�@?}it �? hi*@|��i hi@* �@}i h@|it @UhLtt hi}�L?t� W? |�iti
U@titc TL|i?|�@**) *@h}i hi_�t|h�M�|�L? �?_ih �?|ih?@*�3@|�L? U@? @*tL LUU�h �? u@�Lh Lu
|�Lti L�?�?} �L4it �? |�i ?L?�UL?}it|i_ hi}�L? Th�Lh |L @?) �?|ih�i?|�L? |L @U��i�i
�?|ih?@*�3@|�L?�
�Lhi uLh4@**)c �i @tt�4i |�@| �? i@U� hi}�L? |�ihi �t @ Thi�i �t|�?} t|LU! Lu �L�titc
7ML c 7M-� OL�tit @hi �?�?�|i*) _���t�M*iQ@ *@h}ih ThLTLh|�L? Lu |�i TLT�*@|�L? �? @
hi}�L? �4T*�it |�@| i@U� �?_���_�@* ELh �L�ti�L*_� *��it �? @ t4@**ih �L�ti� OL�tit
@UhLtt hi}�L?t @hi TihuiU| t�Mt|�|�|it �? Thiuihi?Uitc i�i? |�L�}� |�i tiT@h@|i � i_
�L�t�?} t|LU!t �4T*) _�gihi?| Th�Uit Lu �L�tit �? i@U� hi}�L? �? |�i Thiti?Ui Lu hi}�L?�
tTiU��U i |ih?@* igiU|t�
OL�ti�L*_ Thiuihi?Uit @hi �h�||i? @t
L ' LE��c M��( � ' Lc- E�e�
��ihi �� �t |�i Tih TihtL? UL?t�4T|�L? Lu }LL_t �? hi}�L? �c @?_ M� �t |�i Tih TihtL?
UL?t�4T|�L? Lu �L�t�?} �? hi}�L? �� i @}@�? �ti �LMM�#L�}*@t u�?U|�L?@* uLh4t uLh
E�e� �? ���U� qC @?_ qM _i?L|i t�@hi T@h@4i|iht L? }LL_t @?_ �L�t�?}�
B��i? |�i UL44L? }LL_t Th�Uic ��c @?_ |�i |�L hi}�L? tTiU��U �L�ti Th�Uitc �ML
@?_ �M- c �i U@? UL?t|h�U| hi}�L? tTiU��U |h�i ULt| Lu *���?} �?_�Uit uhL4 E�e� �t�?}
|�i i Ti?_�|�hi u�?U|�L?t
Z� ' }�E��c �M��( � ' Lc- E�D�
A�iti Th�Ui �?_�Uit @TTi@h �? |�i 4�}h@|�L? UL?_�|�L? E�f� @?_ E��� �? |�i Thiti?Ui
@?_ @Mti?Ui Lu @_@T|@|�L? hitTL?tit �? |�i uLh4
`L
ZL
#�� (L
uL
$'`-
Z-E�S�
�H
@?_
`L
ZL'`-
Z-E�.�
@?_ �L�ti Th�Uit �?��i?Ui 4�}h@|�L? _iU�t�L?t |�hL�}� |�i Z� �@h�@M*it �? ML|� |�i
��|� @?_ ��|�L�| @_@T|@|�L? hitTL?ti U@tit�
,^��*�Mh��4 Th�Uit uLh |�i }LL_c h�h@* @?_ �hM@? �L�t�?} E�? |ih4t Lu |�i ?��
4ih@�hic *@MLh� @hi }��i? M) � W
M� c ��c t�U� |�@|
M� ' 7M�
[�
�� '[�
t � E�H�
7u '[�
u� n(L c
i @}@�? T@h@4i|ih�3i |��t 4L_i* tTiU��U@|�L? E��|� �L�t�?}� �t�?} |�i Nk @t @?
iUL?L4) |�@| �t hiThiti?|@|��i Lu @? �,�# iUL?L4)� W? L�h M@ti U@tic M) U�L�Ui Lu
�?�|t |�i Th�Ui Lu �L�t�?} �t �?�|) �? ML|� �hM@? @?_ h�h@* @hi@t� i @tt�4i E|�hL�}�
|�i U�L�Ui Lu 7ML @?_ 7M-� |�@| DfI Lu �L�t�?} EM) �@*�i� �t �? �hM@? @hi@t �? |�i
M@ti U@tic @?_ �i tTiU�u) @ �L�t�?} t�@hi �? Thiuihi?Uit Lu f�2f� i *@|ih U@hh) L�|
ti?t�|���|) @?@*)3it L? |�iti T@h@4i|ih �@*�it�
A@M*it D @?_ S hiTLh| 4L_i* hit�*|t L? |�i �4T@U| Lu �?|ih?@*�3@|�L? |@ it �?
|�i Thiti?Ui Lu �L�ti Th�Ui U�@?}itc ��|� @?_ ��|�L�| @_@T|@|�L? hitTL?tit� A@M*i
. UL4T@hit |�i4 ��|� |�i ULhhitTL?_�?} ?L �L�ti Th�Ui U@tit� +it�*|t �? A@M*i D
L?Ui @}@�? t�L� |�@| �?ULhTLh@|�?} @_@T|@|�L? hitTL?tit t�@hT*) hi_�Uit LT|�4@* |@
h@|it� A�i Thiti?Ui Lu @_@T|��i �L�ti Th�Ui hitTL?tit @*tL t�Mt|@?|�@**) hi_�Uit |�i
�i*u@hi }@�?t uhL4 �?|ih?@*�3@|�L? @?_ 4�}h@|�L? L�| Lu |�i �hM@? @hi@t� A��t �t |�i
hit�*| Lu �L�ti Th�Uit u@**�?} �? |�i U�|�it @?_ h�t�?} �? h�h@* @hi@t @t |h@?t�| |�4i
�t |@ i_ @?_ TiLT*i 4L�i L�| Lu |�i U�|�it� A��t 4L�i4i?| �? �L�ti Th�Uit U@�tit
�b
A@M*i DG �L_i* , Tih�4i?|t L? W?|ih?@*�3�?} �L?}it|�L? , |ih?@*�|�it
��|� +i}�L?@* OL�ti �h�Ui ,giU|t
�� 5TiU��U@|�L? Lu M@ti U@ti
Nk B#� EM�**�L? TL�?_t� .ff
5�@hi Lu *@MLh �? U�|�it f�S
�L?}it|�L? +i*@|i_ #@4@}i EM�**�L? TL�?_t� .f
5�@hi Lu w@MLh �? ?@|�L?@* �?UL4i f�SH
5�@hi Lu ?@|�L?@* �L�t�?} �@*�i
|ih4t �? �hM@? @hi@ f�Df
5�@hi Lu �L�t�?} �? Thiuihi?Uit f�2f
�� W?|ih?@*�3@|�L? ��|� �_@T|@|�L? +itTL?tit EI�
�T|�4@* A@ +@|i L? NhM@? w@MLh 2�.
B@�?t uhL4 W?|ih?@*�3@|�L?W f�f�
��@?}i �? w@MLh �? ��|�it ����
�� W?|ih?@*�3@|�L? ��|�L�| �_@T|@|�L? +itTL?tit EI�
�T|�4@* A@ +@|i L? NhM@? w@MLh 2D�D
B@�? uhL4 W?|ih?@*�3@|�L?W ��f
��@?}i �? w@MLh �? ��|�it ��e��
W O�U!t�@? ,V @t @ I Lu B#��
2f
A@M*i SG 5i?t�|���|) �?@*)tit Lu |�i �L_i* ��|�
+i}�L?@* OL�ti �h�Ui ,giU|t
�� �*|ih?@|��i �@h@4i|ih �L?�}�h@|�L?t
V@*�i Lu 5�@hi Lu
kL � qC #@4@}i *@MLh �?
EI Lu B#�� U�|�it
�@ti � f�SH 2�f f�H �f f�S
�@ti 2 f�SH ��D f�. �f f�S
�� W?|ih?@*�3@|�L? W4T@U|t ��|� �_@T|@|�L? EI�
i*u@hi ��@?}i ��@?}i
B@�?W �? �LM �? �-
M
�@ti � f��f �D�e �f��
�@ti 2 f�ff. ���� 2�e
�� W?|ih?@*�3@|�L? W4T@U|t ��|�L�| �_@T|@|�L? EI�
i*u@hi ��@?}i ��@?}i
B@�?W �? �LM �? �-
M
�@ti � ��D �2f�H �.�D
�@ti 2 f�.� ����b 2e�f
W O�U!t�@? }@�?t @t @ I Lu B#��
2�
A@M*i .G �L4T@h�?} +it�*|t Lu W?|ih?@*�3@|�L? ��|� @?_ ��|�L�| OL�ti �h�Ui ,giU|t
�? �@tit ��ihi �_@T|@|�L? +itTL?tit �hi �hiti?|
EI�
�L_i* i*u@hi A@ L? ��@?}i �?
V@h�@?| B@�?W uL EI� uL EI�
�i?|h@* U@ti �O�, f�f� ��. ���e
�i?|h@* U@ti O�, f�f� 2�. ����
� ' 2 �O�, f�2D �2�� �b��
� ' 2 O�, f��f H�. ���.
#@4@}i V@*�i
EI B#�� ' �D �O�, f�fff. f�. �f�D
#@4@}i V@*�i
EI B#�� ' �D O�, f�fff� f�e �f�2
O�, G OL�ti�Th�Ui igiU|
�O�, G �L �L�ti�Th�Ui igiU|W ,V @t I Lu B#�
22
4�}h@|�L? |L�@h_t |�i UL�?|h)t�_i |L Mi t4@**ih @t �?|ih?@*�3@|�L? LUU�ht� OL�ti
Th�Ui igiU|t @*tL �?_�Ui @ _�t|h�M�|�L?@* �4T@U| @}@�?t| |�Lti hit�_�?} �? |�i U�|�it
MiuLhi �?|ih?@*�3@|�L?�
5i?t�|���|) @?@*)3it EA@M*i S� t�L� |�@| |�i *@h}i _�gihi?Uit �? U@tit ��|� @?_
��|�L�| @_@T|��i hitTL?tit Thi�@�* @UhLtt �@h�L�t 4L_i* T@h@4i|ih�3@|�L?t W?Uhi@t�?}
|�i _@4@}i u�?U|�L? i*@t|�U�|) 4@}?��it |�iti hit�*|tc ���*i hi_�U�?} |�i *@MLh L�|T�|
i*@t|�U�|) �? |�i �hM@? @hi@ )�i*_t U�@?}it �? |�i LTTLt�|i _�hiU|�L?� �t �? |�i 4L_i*
��|� ?L �L�ti Th�Uitc �?Uhi@t�?} |�i t�3i Lu |�i _@4@}i �? |�i M@ti U@ti hi_�Uit |�i
}@�? uhL4 �?|ih?@*�3@|�L?� +it�*|t �? A@M*i . i @4�?i �@h�L�t U@tit ��ihi @_@T|@|�L?
hitTL?tit @hi Thiti?| @?_ t�L�t *@h}ih �i*u@hi }@�?t uhL4 �?|ih?@*�3@|�L? UL4T@hi_
|L ?L��L�ti�Th�Ui 4L_i*tc t�?Ui *itt @_@T|@|�L? |L _@4@}i LUU�ht �? |�i M@ti U@ti�
e �|�ih W?��i?Uit L? ��}h@|�L?
�it�_it *@MLh t�TT*)c *LU@|�L?@* U�L�Uic @?_ �L�ti Th�Uitc ti�ih@* L|�ih @_@T|@|�L?
hitTL?tit |L i?��hL?4i?|@* _@4@}i LUU�h� W? |��t �?@* tiU|�L? |L |�i T@Tihc �i
UL?t�_ih |�L 4Lhi�
A�i �ht| �t @_@T|@|�L? |L hi}�L?�tTiU��U ThL_�U|�L?�hi*@|i_ _@4@}ic h@|�ih |�@?
UL?}it|�L?�M@ti_ _@4@}i� W? |��t U@tic |�L }LL_t E@ U*i@? @?_ @ _�h|) }LL_� i?�
|ih |�i @?@*)t�tc ��|� _@4@}i hi�iU|�?} |�i ThL_�U|�L? Lu |�i _�h|) }LL_ �? U�|�it�
�_@T|@|�L?�M@ti_ 4�}h@|�L? ?L� hit�*|t uhL4 �|�*�|)�M@ti_ _@4@}ic h@|�ih |�@? @
|�4i *Ltt� W4TLh|@?|*) �? |�iti U@titc |�L �?|ih�i?|�L?t E@ ThL_�U|�L? @?_ @ *@MLh
4@h!i| |@ Lh t�Mt�_)� @hi ?ii_i_ |L hit|Lhi i�U�i?U)( @ t�4T*i ��}L���@? ThL_�U|�L?
|@ ��** ?L| t��Ui |L u�**) �?|ih?@*�3i |�i i |ih?@*�|)�
A�i tiUL?_ U@ti �t ��ihi �tU@* i |ih?@*�|�it @h�ti �u |�i hi�i?�it h@�ti_ M) @?) �?�
|ih?@*�3@|�L? |@ @hi hi|�h?i_ tL*i*) |L |�i @giU|i_ hi}�L?c h@|�ih |�@? |L @** hit�_i?|t
2�
?@|�L?@**)� �_@T|@|�L? hitTL?tit |L |��t hi}�L?�tTiU��U hi�i?�i _�t|h�M�|�L?@* tU�i4i
U@? @*tL @giU| |�i U�L�Ui Lu �?|ih?@*�3@|�L? �?t|h�4i?|c @*|�L�}� |�i) @hi 4�tt�?} �?
@ 3ihL�|@ c �?�?|ih?@*�3i_ M@ti U@ti�
i @}@�? UL?t�_ih @? iUL?L4) ��|� |�L hi}�L?tQ���U�c @t MiuLhic �i *@Mi* �hM@?
EL� @?_ h�h@* E-�Q@?_ @ � i_ i?_L�4i?| Lu *@MLhc 7u� w@MLh U@? @}@�? ULt|*itt*)
4L�i Mi|�ii? hi}�L?t� i UL?t�_ih |�L }LL_tc U*i@? E�� @?_ _�h|) E(�c i@U� Lu ���U�
U@? Mi ThL_�Ui_ �? i@U� hi}�L? ��|� @ _iUhi@t�?} hi|�h?t |L tU@*i |iU�?L*L})
t �� ' Eu�� �
k�
� ( k�� �( � ' Lc-( � ' �c( E�b�
��ihi t �� _i?L|i L�|T�|t @?_ u�� _i?L|i *@MLh �?T�|t� A�i k
�� |ih4t @hi @}@�? t|h�U|*)
*itt |�@? L?ic @?_ @hi i^�@* |L |�i i*@t|�U�|) Lu L�|T�| ��|� hitTiU| |L *@MLh �?T�|t uLh
i@U� }LL_ �? i@U� hi}�L?� A�i @�ih@}i ThL_�U| Lu *@MLh @}@�? i Uii_t |�i 4@h}�?@*
ThL_�U| Lu *@MLh �? @** �?_�t|h�it� BLL_t @hi 4LM�*i @?_ �L4L}i?iL�t @UhLtt hi}�L?tc
@?_ �@�i |�i t@4i Th�Ui E��� �? ML|� hi}�L?t�
i UL?t�_ih @ U@ti ��ihi _@4@}i �t U@�ti_ M) |�i ThL_�U|�L? Lu |�i _�h|) }LL_
�? |�i �hM@? hi}�L?c @?_ L?*) �4T@U|t hit�_i?|t Lu U�|�it� i @tt�4i |�@| _@4@}i
|@!it |�i uLh4 Lu i4�tt�L?t ���U� *L�ih i?��hL?4i?|@* ^�@*�|) �? L � i @tt�4i @*tL
@ � i_ ULi�U�i?| _@4@}i u�?U|�L?G
(L ' wt L( E2f�
��ihi(L _i�?it |�i _@4@}i �? |�i U�|�it E�? �?�|t Lu hi_�Ui_ i?��hL?4i?|@* ^�@*�|)�c
w �t |�i _@4@}i Tih �?�| Lu ThL_�U|�L? Lu |�i _�h|) }LL_c @?_ t L( �t |�i ThL_�U|�L?
Lu |�i _�h|) }LL_ �? |�i U�|�it� (- i^�@*t 3ihL�
,?��hL?4i?|@* ^�@*�|) �? i@U� hi}�L?c '�c �t }��i? M)
'� ' 7'�(�( � ' Lc- E2��
2e
��ihi 7' �t i?��hL?4i?|@* ^�@*�|) MiuLhi _@4@}i LUU�ht�
i @tt�4i �_i?|�U@* Thiuihi?Uit uLh @** UL?t�4ihtc ��|� Thiuihi?Uit _i�?i_ L�ih
UL?t�4T|�L? Lu }LL_tc @?_ i?��hL?4i?|@* ^�@*�|) �? i@U� hi}�L?� A��tc
L ' LE��� c '
��( � ' �c(( � ' -cL E22�
OL�ti�L*_t 4@ �4�3i �|�*�|) t�M�iU| |L |�i�h M�_}i| UL?t|h@�?|
[�
����� n >�'� ' U� E2��
��ihi >� hiThiti?|t |�i t�@_L� Th�Ui ELh 4@h}�?@* �@*�@|�L?� Lu i?��hL?4i?|@* ^�@*�
�|)c @?_ U� �t i T@?_i_ �?UL4i� Ah@_i Mi|�ii? hi}�L?t U@? @}@�? Mi }i?ih@|i_ M)
�?|ih?@*�3@|�L? TL*�U) �?|ih�i?|�L?tc t�U� @t @ ��}L���@? ThL_�U|�L? |@ L? |�i _�h|)
�?_�t|h) �? |�i U�|�it� Oi?Ui ��� ��** ?L| ?iUitt@h�*) i^�@* t �
� �
W? i^��*�Mh��4c UL?t�4iht �? i@U� hi}�L? 4@ �4�3i �|�*�|) t�M�iU| |L |�i�h M�_}i|
UL?t|h@�?|c M�| MiU@�ti Lu �?|ihhi}�L?@* *@MLh 4LM�*�|)c i^��*�Mh��4 ?L� �?�L*�it @?
i^�@*��|�*�|) UL?_�|�L? @UhLtt hi}�L?t @t �i** @t 4@h!i| U*i@h�?} �? }LL_t @?_ *@MLh�
A��t ��|� �_i?|�U@* }LL_t Th�Uit @?_ Thiuihi?Uit @UhLtt hi}�L?tc _�gihi?Uit �? �@}i
h@|it @hi Lgti| M) |�i �@*�i Lu ThL_�U|�L?�hi*@|i_ _@4@}i uLh |�Lti hit�_�?} �? hi}�L?
L �
W? |�i tTiU�@* U@ti ��ihi �i �h�|i E22� �? tiT@h@M*i uLh4 @t |�i �|�*�|) u�?U|�L?
Tih �hM@? hit�_i?|c ��i�
L ' LE��� � n T E(�� E2e�
�i @tt�4i |�@| |�i t@4i _@4@}i T E(�� @UUh�it |L @** hit�_i?|t Lu U�|�it� ��}h@|�L?
i^��*�Mh��4 �? |�i Thiti?Ui Lu @_@T|@|�L? hitTL?tit hi^��hit
`L � T E(��
�LU' `- E2D�
2D
��ihi `L @?_ `- @hi �hM@? @?_ h�h@* �@}i h@|itc @?_ �LU �t |�i 4@h}�?@* �|�*�|)
Lu �?UL4i�
W? |�i Thiti?Ui Lu �?�?|ih?@*�3i_ _@4@}ic E2D� ��** ?L| t@|�tu) |�i UL?_�|�L?t
hi^��hi_ uLh �@hi|L LT|�4@*�|)� 6Lh i�U�i?U)c |�i �@}i h@|i _�gihi?|�@* E|�i _�gihi?Ui
�? |�i �@*�i 4@h}�?@* ThL_�U| Lu *@MLh @UhLtt hi}�L?t� t�L�*_ i^�@* |�i _@4@}i �? |�i
hi}�L? U@�ti_ M) |�i hi�*LU@|�L? Lu L?i i |h@ 4�}h@?|� 5�?Ui |�i 4@h}�?@* ThL_�U| Lu
*@MLh �? i@U� hi}�L? �t u@**�?}c @?_ @t _@4@}i �t @ � i_ ULi�U�i?| 4�*|�T*i Lu L�|T�|c
4@h}�?@* _@4@}i ��** Mi Mi*L� @�ih@}i _@4@}i��( @?_ @ 4�}h@|�L? i^��*�Mh��4 ��**
hit�*| �? |LL 4@?) TiLT*i hi4@�?�?} �? h�h@* @hi@tc ��i� |LL ui� TiLT*i ��** hit�_i �?
U�|�it�
�? �4T*�U@|�L? Lu |��t t|h�U|�hi �t |�@|c �? |��t U@tic @ T�)t�U@* i |ih?@*�|) Uhi@|it
@ tiUL?_ i |ih?@* igiU| @t 4�}h@?|t hitTL?_ |L @�ih@}ic ?L| 4@h}�?@* _@4@}i� �t @
hit�*|c |L @U��i�i �?|ih?@*�3@|�L? 4Lhi |�@? L?i �?t|h�4i?| �t ?ii_i_ E��i� 4Lhi |�@?
@ ��}L���@?c Lh ThL_�U|�L?c |@ L? _�h|) L�|T�| �? L�� �? @__�|�L?@* �?t|h�4i?|c @
hi}�L?�tTiU��U *@MLh t�Mt�_) Lh @? �?|ihhi}�L?@* |h@?tuihc �t ?ii_i_�
�hi��L�t 4L_i*t U@? @*tL Mi 4L_��i_ uLh i |ih?@*�|�it Lu |�i uLh4 |�@| LUU�ht
��ihi hi�i?�it h@�ti_ M) @ hi}�L?�tTiU��U ThL_�U|�L? |@ @UUh�i |L hit�_i?|t Lu L?i
hi}�L? L?*)� Wu |��t LUU�htc �tU@**)��?_�Ui_ 4�}h@|�L?c @t �? �L@_�@) @?_ 6*@||iht
E�bH2� ��** LUU�hc�2 @?_ |�iti ��** |i?_ |L UL4TL�?_ Lh Lgti| |�i 4�}h@|�L? �?_�Ui_
44Dyhudjh gdpdjh lv jlyhq e| htxdwlrq +53,/ zkloh pdujlqdo gdpdjh lv
CGX
COX@ �X
G�\ XG
OXG
Wklv h{suhvvlrq lv fohduo| vpdoohu wkdq +53,1
45Wkhuh lv dq h{whqvlyh olwhudwxuh rq pljudwlrq dqg �vfdo h{whuqdolwlhv1 Ehvlghv Erdgzd| dqg Iodw0
2S
M) *LU@* i |ih?@*�|�it� W? |��t U@tic |�i �@}i�@hM�|h@}i UL?_�|�L? �? |�i Thiti?Ui Lu
@_@T|@|�L? hitTL?tit }��i? M) E2D� MiUL4it
`L � T E(��
�LUn �L ' `- E2S�
��ihi �L _i?L|it |@ hi�i?�i Tih �Lh!ih �? hi}�L? L E�- ' f��
i �@�i �ti_ t|h�U|�hit �?ULhTLh@|�?} |�iti |�L ti|t Lu @__�|�L?@* ui@|�hit |L
L?Ui @}@�? @?@*)3i |�i �4T@U|t Lu �?|ih?@*�3@|�L? �? |�i Thiti?Ui @?_ @Mti?Ui Lu
@_@T|@|�L? hitTL?tit� W? ?�4ih�U@* �4T*i4i?|@|�L? �i i4T*L) Nk ThL_�U|�L? @?_
*@MLh uLhUi _@|@ @t �? |�i 4L_i* uhL4 |�i *@t| tiU|�L?c M�| �i ?L� _�t@}}hi}@|i |��t
M) �?_�t|h) EU*i@? @?_ _�h|)�� i |@!i |�i _�h|) �?_�t|h) |L UL?t�t| Lu 4@?�u@U|�h�?}
@?_ |h@?tTLh| @U|���|�itc ���U� �L�?|*) @UUL�?| uLh @TThL �4@|i*) 2DI Lu Nk B#��
i @tt�4i |�@| ThL_�U|�L? Lu _�h|) }LL_t E@?_ tih��Uit� |@!it T*@Ui �? �hM@? @hi@t
L?*)c @?_ |�@| @TThL �4@|i*) |�L |��h_t Lu U*i@? L�|T�| �t }i?ih@|i_ �? |�i U�|�it�
� t�Mt|�|�|�L? i*@t|�U�|) �? Thiuihi?Uit Lu ��D �t �ti_ uLh }LL_t UL?t�4T|�L? �? i@U�
hi}�L?c @?_ }LL_t t�@hi T@h@4i|iht @hi _i|ih4�?i_ |�hL�}� U@*�Mh@|�L?�
i |@!i |�i �@*�i Lu *LU@* i?��hL?4i?|@* _@4@}i |L Mi �I Lu B#�QhL�}�*)
UL?t�t|i?| ��|� it|�4@|it uhL4 �,�# E�bbe���� B��i? |��t it|�4@|ic @?_ @tt�4�?}
�LMM�#L�}*@t Thiuihi?Uit uLh }LL_t @?_ i?��hL?4i?|@* ^�@*�|)c @?_ @? i*@t|�U�|) Lu
4@h}�?@* �@*�@|�L? Lu i?��hL?4i?|@* ^�@*�|) ��|� hitTiU| |L _@4@}i Lu f�D E|�i �@*�i
whuv +4<;5,/ rwkhu sdshuv zkhuh wklv lvvxh lv dgguhvvhg lqfoxgh Exfkdqdq dqg Jrhw} +4<:5,/ Iodwwhuv/
Khqghuvrq dqg Plhv}nrzvnl +4<:7,/ Vwljolw} +4<::,/ Khufrzlw} dqg Slqhv +4<<4, dqg Exuelgjh dqg
P|huv +4<<7,1
46Wklv hvwlpdwh fruuhvsrqgv wr wkh vxp ri wkh frvwv ri qrlvh dqg orfdo srooxwlrq +lq whupv ri khdowk/
dqg pdwhuldo dqg yhjhwdwlrq gdpdjh, iru wkh XN lq RHFG/ 4<<71
2.
A@M*i HG W?|ih?@*�3@|�L? ,giU|t�? @ �hL_�U|�L?��@ti_ #@4@}i �L_i*
�� 5TiU��U@|�L? Lu �@ti �@ti
Nk B#� EM�**�L? TL�?_t� .ff5�@hi Lu *@MLh �? U�|�it f�S5�@hi Lu *@MLh �? ?@|�L?@* �?UL4i f�SHw@MLh ��|T�| i*@t|�U�|)NhM@? f�SH+�h@* f�SH
�hiuihi?Uit i*@t|�U�|) ��D�,5 t�@hit�*i@?�+�h@* f�D�*i@?�NhM@? f�D
5�@hi Lu }LL_t �? Thiuihi?Uit+�h@* f�b�NhM@? f�b.
#@4@}i EM�**�L? TL�?_t� .�f
�� W4T@U|t Lu W?|ih?@*�3@|�L? A@ it EI�`�|� `�|�L�|
�_@T|@|�L? �_@T|@|�L?i*u@hi }@�?W uhL4 �?t|�|�|�?}
ML|� @? LT|�4@* ThL_�U|�L? |@ @?_ @ *@MLh t�Mt�_) �? U�|�it f�f�b f�f22i*u@hi }@�?W uhL4 �?t|�|�|�?}
L?*) LT|�4@* ThL_�U|�L? |@ f�ff. f�f2��T|�4@* ThL_�U|�L? |@ h@|i L?t L( ��i? ?L *@MLh t�Mt�_) �t �ti_ 2�� ��S
�T|�4@* ThL_�U|�L? |@ ��i?t�Mt�_) |L uL� �t �ti_ e�2D e��H�T|�4@* t�Mt�_) h@|i L? uL� 2�e f�SD
W O�U!t�@? ,V @t @ I Lu B#��
2H
�ti_ �? �ihhL?� @?_ `�}*ic �bbe�c �i U@? t�4�*|@?iL�t*) U@*�Mh@|i |�i 4L_i* |L @?
�?�|�@* i?_L�4i?| Lu i?��hL?4i?|@* ^�@*�|) E 7'� @?_ @ t�@hi T@h@4i|ih L? i?��hL?�
4i?|@* ^�@*�|) �? Thiuihi?Uit� W? |�i ThLUittc �i U�LLti �?�|t t�U� |�@| |�i 4@h}�?@*
�@*�@|�L? Lu i?��hL?4i?|@* ^�@*�|) �t �?�|) �? ML|� hi}�L?t�
A@M*i H E�@h| �� Thiti?|t @?_ t�44@h�3it |�i T@h@4i|iht @?_ _@|@ �i �ti �? @
ThL_�U|�L?�M@ti_ _@4@}i 4L_i*� A�i hit�*|t t�L� t4@**ih _�gihi?Uit Mi|�ii? |�i
@_@T|@|�L? @?_ ?L�@_@T|@|�L? hitTL?ti U@tit� �L|i |�@| @ |�i �ti Lu L?*) @ |@
L? _�h|) L�|T�| )�i*_t L?*) T@h| Lu |�i }@�?t @U��i�@M*i |�hL�}� �?|ih?@*�3@|�L?� AL
@U��i�i u�** }@�?tc @ t�Mt�_) L? �hM@? *@MLh 4�t| Mi i4T*L)i_ EA@M*i Hc �@h| ��� �t
�?_�U@|i_ i@h*�ihc |��t �t MiU@�ti �Lh!iht 4@!i _iU�t�L?t L? 4�}h@|�L? L? |�i M@t�t
Lu @�ih@}i h@|�ih |�@? 4@h}�?@* Et4@**ih� _@4@}ic ���U� U@�tit |LL 4@?) TiLT*i |L
*i@�i |�i U�|�it �u L?*) @ ThL_�U|�L? |@ �t �ti_��e i ?L|i |�@| |�i �ti Lu @ t�Mt�_)
�?_�Uit @? �?Uhi@ti �? |�i ThL_�U|�L? |@ @t �i**� A��t �t MiU@�ti |�i t�Mt�_)c �?
4@!�?} �hM@? *@MLh U�i@Tihc U@�tit _�h|) �?_�t|h) L�|T�| |L �?Uhi@ti @?_ u�h|�ih
_i|ih�Lh@|it i?��hL?4i?|@* ^�@*�|)( |�i |@ �?Uhi@ti ULhhiU|t uLh |��t igiU|�
+it�*|t �? A@M*i b t�}}it| |�@| �? |�i Thiti?Ui Lu @ �tU@* i |ih?@*�|) �? |�i uLh4
Lu E?i|� |@ hi�i?�it @UUh��?} |L �hM@? hit�_i?|tc @_@T|@|�L? �@t *�||*i @__�|�L?@*
igiU| L? |�i �i*u@hi }@�? uhL4 �?|ih?@*�3@|�L? �?_ih _�gihi?| hi�i?�i |hi@|4i?|tc
��ihi@t |@ hi�i?�i |hi@|4i?| _Lit �@�i @? igiU| ��|�L�| @_@T|@|�L? hitTL?tit�
A��t MiU@�ti @_@T|@|�L? U@T|�hit Th�Lh 4�}h@|�L? hitTL?tit |L hi�i?�i igiU|t @?_
*�||*i i |h@ �t }@�?i_ ��i? |�i) @hi ?L| hiUL}?�3i_� W? UL?|h@t|c �? |�i�h @Mti?Uic
47Zkhq rqo| d surgxfwlrq wd{ lv xvhg/ wkh qxpehu ri uhvlghqwv lq wkh xuedq duhd idoov e| 416(>
zkhuhdv zkhq d vxevlg| lv dovr lqwurgxfhg/ wkh qxpehu ri flw| uhvlghqwv ulvhv e| 31<( +frpsduhg wr
wkh qrq0lqwhuyhqwlrq vfhqdulr,1
2b
A@M*i bG A@ +i�i?�i ,giU|t @?_ W?|ih?@*�3@|�L?
EI�
i*u@hi �T|�4@* �T|�4@*
B@�? A@ L? 5�Mt�_)
EI Lu B#�� ( �hL_� L? uL�
�� `�|� �_@T|@|�L? +itTL?tit
A@ hi�i?�it @UUh�i
|L _�h|) hi}�L? L?*) f�f�HH e�� 2�2
A@ hi�i?�it @UUh�i
?@|�L?@**) Tih U@T�|@ f�f�Hb e�2 2�e
�� `�|�L�| �_@T|@|�L? +itTL?tit
A@ hi�i?�it @UUh�i
|L _�h|) hi}�L? L?*) f�f�2e ��Sf ��2�e
A@ hi�i?�it @UUh�i
?@|�L?@**) Tih U@T�|@ f�f2�f ��S2 f�f
�f
|�i 4�}h@|�L? i |ih?@*�|) hi4@�?t �?�?|ih?@*�3i_� �L|i @*tL |�@| �? |�i @Mti?Ui Lu
@_@T|@|�L? hitTL?titc *@MLh �? U�|�it 4�t| Mi |@ i_ �u hi�i?�it @UUh�i |L |�i �hM@?
hi}�L? L?*)� A�i hi@tL? uLh |��t �t |�@| |��t hi�i?�i _�t|h�M�|�L? tU�i4i ��** @||h@U|
|LL 4@?) TiLT*i �?|L �hM@? @hi@t� Wu hi�i?�i �t _�t|h�M�|i_ ?@|�L?@**) L? @ Tih
U@T�|@ M@t�tc |�ihi �t ?L ?ii_ uLh @ |@ Lh t�Mt�_) �? |�i ?L @_@T|@|�L? U@tic @?_ u�**
�?|ih?@*�3@|�L? U@? Mi @U��i�i_ M) |�i tL*i �ti Lu @ |@ L? _�h|) L�|T�|� W? |��t U@tic
�i @hi igiU|��i*) M@U! |L |�i |h@_�|�L?@* ��}L���@? �Lh*_�
D �L?U*�t�L?
A��t T@Tih _�tU�ttit @_@T|��i igiU|t ELh Mi�@��Lh@*� hitTL?tit |L |�i _@4@}i
@ttLU�@|i_ ��|� i |ih?@*�|�itc @?_ @h}�it |�@| |�i) @hi �}?Lhi_ �? |�i *�|ih@|�hi M�|
U@? t�}?��U@?|*) @giU| |�i _it�}? Lu TL*�U�it @�4�?} |L ULhhiU| i?��hL?4i?|@* _@4@}i
|�hL�}� �?|ih?@*�3@|�L?� A�iti igiU|t LUU�h ��ihi �L�ti�L*_t Lh �h4t _�hiU|*) 4L_�u)
|�i�h Mi�@��Lh �? hitTL?ti |L i?��hL?4i?|@* _@4@}i� , @4T*it �?U*�_i 4L_�u)�?}
*@MLh t�TT*) _�i |L |�4i *Lt| �? |h@�Uc 4L��?} Mi|�ii? *LU@|�L?t _�i |L *LU@*�3i_
i4�tt�L?tc �Lh!�?} �?_LLht MiU@�ti Lu �*|h@��L*i| h@_�@|�L? uhL4 _@4@}i |L |�i L3L?i
*@)ih� i 4@�?*) uLU�t L? @_@T|@|�L? |L UL?}it|�L?�M@ti_ _@4@}i �? U�|�it E|�4i *Lttc
?L�tic @UU�_i?|tc �i@*|� igiU|t� |L �**�t|h@|i L�h @h}�4i?|�
i �ti 4L_i*t U@*�Mh@|i_ |L Nk _@|@ @?_ hit�*|t Lu �,�# t|�_�it L? |�i ULt| Lu
_@4@}ic @t �i** @t |L _@|@ L? |�i _���t�L? Lu |�i *@MLh uLhUi Mi|�ii? U�|�it @?_ �hM@?
@hi@t� i _i�i*LT @ ��ih@hU�) Lu i�ih 4Lhi UL4T*i 4L_i*t �? ���U� �L�ti Th�Ui iu�
uiU|t E���U� _@4Ti? 4LM�*�|)�c ThL_�U|�L? i |ih?@*�|) igiU|tc @?_ hi}�L?�tTiU��U |@
hi�i?�i igiU|t @hi |@!i? �?|L UL?t�_ih@|�L? @?_ }i?ih@|i �@h�L�t @_@T|@|�L? hitTL?tit�
W? @** U@titc @_@T|@|�L? hitTL?tit |L _@4@}i LUU�h @?_ @giU| Thi��?|ih?@*�3@|�L? i^���
*�Mh��4 L�|UL4it @?_ T@h|�@**) �?|ih?@*�3i |�i ULt|t Lu _@4@}i� B@�?t uhL4 �?|ih?@*�
��
�3�?} i |ih?@*�|�it tL @t |L ULhhiU| �?_�Ui_ 4�t@**LU@|�L?t Lu hitL�hUit @hi UL?t�_ih@M*)
t4@**ih |�@? �? 4L_i*t ���U� _L ?L| |@!i @_@T|@|�L? �?|L @UUL�?|� A@ h@|it ?ii_i_ |L
hit|Lhi �@hi|L LT|�4@*�|) @hi UL?t�_ih@M*) t4@**ih |�@? �? UL4T@h@M*i 4L_i*t ��ihi
@_@T|@|�L? igiU|t @hi @Mti?|� ��h UL?U*�t�L? �t |�@| @_@T|@|�L? ELh Mi�@��Lh@*� hi�
tTL?tit |L _@4@}i @hi �4TLh|@?| uLh i?��hL?4i?|@* TL*�U) _it�}?c @hi ?L| _�tU�tti_
�? |�i *�|ih@|�hic @?_ @hi �Lh|�) Lu 4Lhi t|�_)�
�2
+iuihi?Uit
�h?L||c +�a� @?_ a�B� �@Uk�??L? E�b.H�� R�@h!i| @?_ 5�@_L� w@?_ +i?|t ��|�
�L?}it|�L?c� �4ih�U@? ,UL?L4�U +i��i� SHG DHH�Sff�
�@�4L*c `� @?_ `� �@|it E�bHH�� A�i A�iLh) Lu ,?��hL?4i?|@* �L*�U) � �@4Mh�_}iG
�N��
�@h_ic a�� @?_ #�`� �i@hUic i_t� E�bb��� V@*��?} |�i ,?��hL?4i?| � wL?_L?G
,@h|�tU@?�
�iU!ihc +� @?_ V� Oi?_ihtL? E�bb.�� R,giU|t Lu ��h "�@*�|) L? #iU�t�L? Lu 6�h4t
�? �L**�|�?} W?_�t|h�it�� ��,+ Lh!�?} �@Tih S�Sf�
�ih4@?c ,� @?_ w� ��� E�bbH�� R,?��hL?4i?|@* +i}�*@|�L? @?_ w@MLh #i4@?_G
,��_i?Ui uhL4 |�i 5L�|� �L@t| ��h �@t�?�� W5� #�tU�tt�L? �@Tih �L� H2c
�Lt|L? N?��iht�|)�
�L@_�@)c +� @?_ 6� 6*@||iht E�bH2�� R,�U�i?U) @?_ ,^�@*�3@|�L? �@)4i?|t �? @
6i_ih@* 5)t|i4 Lu BL�ih?4i?|G 5)?|�it�t @?_ , |i?t�L? Lu +iUi?| +it�*|t��
�@?@_�@? aL�h?@* Lu ,UL?L4�Ut �DG S������
��U�@?@?c a��� @?_ ��a� BLi|3 E�b.2�� R,�U�i?U) w�4�|t Lu 6�tU@* �LM�*�|)G �?
�ttitt4i?| Lu |�i A�iML�| �L_i*�� aL�h?@* Lu ��M*�U ,UL?L4�Ut �G 2D�e��
��hM�_}ic a��� @?_ B��� �)iht E�bbe�� R+i_�t|h�M�|�L? ��|��? @?_ @UhLtt |�i +i�
}�L?t Lu � 6i_ih@|�L?�� �@?@_�@? aL�h?@* Lu ,UL?L4�Ut 2.G S2f��S�
��||L?c k�a� E�bb�@�� Ah@?tTLh| ,UL?L4�Ut� ��i*|i?�@4c NkG ,*}@h�
��||L?c k�a� E�bb�M�� Ah@?tTLh|c |�i ,?��hL?4i?| @?_ ,UL?L4�U �L*�U) � �*_iht�L|G
,*}@h�
�L@tic +�O� E�bSf�� RA�i �hLM*i4 Lu 5LU�@* �Lt|�� aL�h?@* Lu w@� @?_ ,UL?L4�Ut
�G ��ee�
�@*uiic a� @?_ �� `�?t|L? E�bbH�c RA�i V@*�i Lu ��|L4LM�*i Ah@�i* A�4iG W4T*�U@�
|�L?t uLh �L?}it|�L? �L*�U)c� aL�h?@* Lu ��M*�U ,UL?L4�Ut� SbG H����2�
��
,*tic ��k� E�bH��c R� +iuLh4�*@|�L? Lu |�i A�iLh) Lu �T|�4@* �L?}it|�L? A@ it��
aL�h?@* Lu Ah@?tTLh| ,UL?L4�Ut @?_ �L*�U) �DG 2�.��2�
6*@||ihtc 6�+�c a�V� Oi?_ihtL? @?_ ���� ��it3!L�t!� E�b.e�� R��M*�Ut BLL_tc ,u�
�U�i?U)c @?_ +i}�L?@* 6�tU@* ,^�@*�3@|�L?�� aL�h?@* Lu ��M*�U ,UL?L4�Ut �G
bb���2�
Oi?_ihtL?c a�V� E�b.D�� R�L?}it|�L? @?_ �T|�4�4 ��|) 5�3ic� aL�h?@* Lu NhM@?
,UL?L4�Ut 2�
OihUL��|3c ~� @?_ #� ��?it E�bb��� R��}h@|�L? ��|� 6�tU@* , |ih?@*�|�it�� aL�h?@*
Lu ��M*�U ,UL?L4�Ut eSG �S��Hf�
aL�?tL?c ���� E�bSe�� R�? |�i ,UL?L4�Ut Lu +L@_ �L?}it|�L?�� ,UL?L4i|h�U@� �2G
��.�Df�
k@�?c �� E�bb.�� R�@h|�U�*@|i �L**�|�L? Ahi?_t �? |�i N?�|i_ 5|@|it�� +i}�L?@*
5U�i?Ui @?_ NhM@? ,UL?L4�Ut 2.G H.��f.�
k@�?c �� E�bbH�� R�@*�uLh?�@ BhL�|�G � �i� wLL! @| |�i 5Th@�* @?_ 54L} +i*@�
|�L?t��T�� �i� vLh!G �L*�4M�@ N?��iht�|)c 4�4iL�
k��t|)c ��a� @?_ ��a� k@u|@?t!� E�bHS�� RA�i 5LU�@* �L|t Lu Ah@�U �L?}it|�L?
#�h�?} �i@! �ih�L_t�� �@Tih Thiti?|i_ |L |�i SS|� �??�@* �ii|�?} Lu |�i
Ah@?tTLh|@|�L? +iti@hU� �L@h_c @t��?}|L?�
wi��?tL?c �� E�bbS�� R,?��hL?4i?|@* +i}�*@|�L?t @?_ �@?�u@U|�hiht< wLU@|�L?
��L�UitG ,��_i?Ui uhL4 |�i �i?t�t Lu �@?�u@U|�hit�� aL�h?@* Lu ��M*�U ,UL�
?L4�Ut S2G D�2b�
��**ih� A� E�bHb�c RA�i V@*�i Lu A�4i @?_ |�i �i?i�| Lu A�4i 5@��?}c� NhM@?
W?t|�|�|i Lh!�?} �@Tih E @t��?}|L?c #�����
�)ihtc B� E�bbf�� R�T|�4@*�|)c 6hii �LM�*�|)c @?_ |�i +i}�L?@* ��|�Lh�|) �? @
6i_ih@|�L?�� aL�h?@* Lu ��M*�U ,UL?L4�Ut e�G �f.�2��
�@�h�_c 5� i_� E�bb2�� �h�U�?} |�i ,�hLTi@? ,?��hL?4i?| � �t*LG 5U@?_�?@��@?
N?��iht�|) �hitt�
�e
�i�Mih)c #��� E�bbS�� R�h�U�?} @?_ �L?}it|�L?G ,UL?L4�U �h�?U�T*it +i*i�@?| |L
�h�U�?} +L@_tc� �? A� ai?!�?tL? Ei_��c +i@_�?}t �? ��UhLiUL?L4�Ut� � uLh_G
� uLh_ N?��iht�|) �hitt�
�,�# E�bbe�� W?|ih?@*�3�?} |�i 5LU�@* �Lt| Lu Ah@?tTLh| � �@h�tG �,�#�
�i@hUic #�`� @?_ k� A�h?ih E�bbf�� A�i ,UL?L4�Ut Lu �@|�h@* +itL�hUit @?_ |�i
,?��hL?4i?| � �@*|�4LhiG A�i aL�?t OLT!�?t N?��iht�|) �hitt�
�ihhL?� �� @?_ +��� `�}*i E�bbe�� RW?|ih?@|�L?@* Ah@_i @?_ ,?��hL?4i?|@* "�@*�|)G
OL� W4TLh|@?| �hi |�i w�?!@}it�� �@?@_�@? aL�h?@* Lu ,UL?L4�Ut 2.G DD��S.�
��}L�c �� �� E�b2e�� A�i ,UL?L4�Ut Lu `i*u@hi� wL?_L?G �@U4�**@?�
54@**c k�`� E�bb2�� NhM@? Ah@?tTLh|@|�L? ,UL?L4�Ut� ���*@_i*T��@G O@h�LL_
�U@_i4�U ��M*�t�iht�
5L*L�c +��� E�b.��� R�L?}it|�L? �Lt| @?_ |�i Nti Lu w@?_ uLh 5|hii|tc� �i** aL�h?@*
Lu ,UL?L4�Ut eG Sf2��H�
5|�}*�|3c a�,� E�b..�� RA�i A�iLh) Lu wLU@* ��M*�U BLL_t�� W? �� 6i*_t|i�? @?_ +���
W?4@? Ei_t��c A�i ,UL?L4�Ut Lu ��M*�U 5ih��Uit� wL?_L?G �@U4�**@?�
5�**��@?c ���� E�bH�@�� RA�i Bi?ih@* ,^��*�Mh��4 ,giU|t Lu �L?}it|�L? , |ih?@*��
|�itc� aL�h?@* Lu NhM@? ,UL?L4�Ut �eG Hf��fe�
5�**��@?c ���� E�bH�M�� R5iUL?_��it| �L*�U�it uLh �L?}it|�L? , |ih?@*�|�itc� aL�h?@*
Lu NhM@? ,UL?L4�Ut �eG �fD�2��
5�iMih|c O� E�bbD�� ,UL?L4�Ut Lu |�i ,?��hL?4i?|G A�iLh) @?_ �L*�U) � �ih*�?G
5Th�?}ih�
Vih�Liuc ,� E�bbS�� A�i ,UL?L4�Ut Lu +i}�*@|�?} +L@_ Ah@?tTLh| � ��i*|i?�@4c NkG
,*}@h�
@*|ihtc ���� E�bS��� RA�i A�iLh) @?_ �i@t�hi4i?| Lu �h��@|i @?_ 5LU�@* �Lt| Lu
O�}��@) �L?}it|�L?�� ,UL?L4i|h�U@ �bG S.S�bb�
�D