Le Méta-Instrument

Transcription

Le Méta-Instrument
Étude d’une représentation hiérarchique liant
micro et macro-structures musicales
Raphaël MARCZAK
Responsable : Myriam DESAINTE-CATHERINE
Tuteur ENSEIRB : Bernard PERROT
Projet à Finalité Entreprise
SCRIME – ENSEIRB
Du 1er février au 31 juin 2007
ABCDEB
FG HIJJKHL JHMNGOLG PO QKRSTG UVMHIHWUVXPG YINM NPH POG NLHPWLPHG IHYKHGNWGOLGZ
JGHQGLLIOL TI HMITVNILVKO RG LHKVN MLIJGN WTG[N RG TI WHMILVKO QPNVWITG \ TI TPLUGHVG]Z
TI WKQJKNVLVKO GL T^G_MWPLVKO RG T^KGP`HG GO WKOWGHL a WGWV IbO RG T^IJJTVXPGH c TI
QPNVXPG MTGWLHKIWKPNLVXPGZ IP_ VONLHPQGOLN OPQMHVXPGNZ GL JTPN JHMWVNGQGOL IP
dMLIefONLHPQGOLg
hijklmnoimpjk qrpklmnostkm
uvw xy z y{ | v}~€y{
‚ƒ„…†D‡ƒˆ…‚
‰
Ž
Š ‹…‚ƒŒƒŒ
g G ‘F’fd“ g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g ”
g• G dMLIefONLHPQGOL – g g g g g g g g g g g g g g g g g g g g g g g g g —
g– ˜HK™GL •˜fd g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g •
gš I WKQJKNVLVKO QPNVWITG g g g g g g g g g g g g g g g g g g g g g g g g –
g› ^G_MWPLVKO QPNVWITG g g g g g g g g g g g g g g g g g g g g g g g g g g –
gœ FKQJKNVLVKO GL G_MWPLVKO JKPH TG dMLIefONLHPQGOL g g g g g g g g g š
g G NVžOIT IPRVK g g g g g g g g g g g g g g g g g g g g g g g g g g g g g š
gŸ FIUVGH RGN WUIHžGN g g g g g g g g g g g g g g g g g g g g g g g g g g g š
gŸg GNWHVJLVKO RGN JIHLVGN JHMeWKQJKNVLVKO g g g g g g g g g g g g œ
gŸg• GNWHVJLVKO RP QKRSTG \ JIHLVGN KHžIOVNILVKOZ WKQJKNVLVKO GL G_MWPLVKO 
g” ¡VNPITVNILVKO RG JVSWGN GL IVRG c TI RV¢PNVKO g g g g g g g g g g g g g Ÿ
g”g ’GJHMNGOLILVKO RG T^IQJTVLPRG g g g g g g g g g g g g g g g g g Ÿ
g”g• ‘JGWLHKžHIQQG g g g g g g g g g g g g g g g g g g g g g g g g g ”
g”g– £WKPNQKžHIJUG g g g g g g g g g g g g g g g g g g g g g g g g g •—
g”gš GN ¤OVLMN ‘GQVKLVXPGN ¥GQJKHGTTGN g g g g g g g g g g g g g g •
g”g› ¦KLILVKO RG WKQJKNVLGPH g g g g g g g g g g g g g g g g g g g g ••
g”gœ I `VRMK WKQQG JIHLVLVKO g g g g g g g g g g g g g g g g g g g •–
g— §PLVTN TKžVWVGTN G_VNLIOLN g g g g g g g g g g g g g g g g g g g g g g g g •–
g—g F‘KPOR g g g g g g g g g g g g g g g g g g g g g g g g g g g g g •–
g—g• ‘MXPGOWGPHN g g g g g g g g g g g g g g g g g g g g g g g g g g g •–
FKQJKNVLVKO
NJMWVbXPG JKPH TG dMLIefONLHPQGOL g g g g g g g g g g g •–
g
gg G JHKLKWKTG §‘F g g g g g g g g g g g g g g g g g g g g g g g g •›
gg• ˜ILWU d£¨©d‘˜ g g g g g g g g g g g g g g g g g g g g g g g g •›
g• FKQJKNVLVKO UVMHIHWUVXPG GL JIH WKOLHIVOLG g g g g g g g g g g g g g g •œ
g•g ¥GHQVOKTKžVG NLHPWLPHMG RG ªGIO KPVN f ‘£¦¥§ g g g g g g •
g•g• G TKžVWVGT f’f¦ g g g g g g g g g g g g g g g g g g g g g g g g g •Ÿ
g•g– G TKžVWVGT «§¨“‘ g g g g g g g g g g g g g g g g g g g g g g g –—
g– £OIT¬NG RG JVSWGN JKPH TG dGLIefONLHPQGOL g g g g g g g g g g g g g g –—

­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
Á
Å
Æ
Õ
g–g ^VONLHPQGOL ¥’§d˜“ g g g g g g g g g g g g g
g–g• I JVSWG F¿F§¦“ g g g g g g g g g g g g g g g
g–g– ¤O VONLHPQGOL RG TI JVSWG f˜§dÀ“ g g g g g g g
„ÃÈC㈅‚ †ŒC †…‚‚BŒC
•g MbOVLVKON g g g g g g g g g g g g g g g g g g g g g g g g g
•g• GP_ JUINGN žMHMGN JIH TG QKRSTG g g g g g g g g g g g g
•g– GN HMNGH`KVHN RG OKLGN g g g g g g g g g g g g g g g g g g
•g–g ˜HMNGOLILVKO g g g g g g g g g g g g g g g g g g g g
•g–g• ‘MTGWLVKOOGH PO NKO RION PO HMNGH`KVH g g g g g g
•gš GN YKVLGN [GPVTTGN \ NKO GL N¬OLUSNG g g g g g g g g g g g
•gšg I YKVLG NKO g g g g g g g g g g g g g g g g g g g g
•gšg• I YKVLG N¬OLUSNG g g g g g g g g g g g g g g g g g
•g› I YKVLG OÇPR g g g g g g g g g g g g g g g g g g g g g g g
•gœ GN GOWUIÈOGQGOLN g g g g g g g g g g g g g g g g g g g g
•gœg «KVLG IWLV`G©«KVLG VOIWLV`G g g g g g g g g g g g g
•gœg• “OWUIÈOGQGOLN LGQJKHGTN g g g g g g g g g g g g
•gœg– “OWUIÈOGQGOLN M`MOGQGOLVGTN g g g g g g g g g g
•g GN G¢GLN g g g g g g g g g g g g g g g g g g g g g g g g g g
•gŸ GN žGNLGN g g g g g g g g g g g g g g g g g g g g g g g g g
•gŸg ÉGNLGN JU¬NVXPGN g g g g g g g g g g g g g g g g g
•gŸg• fO[KHQILVKON žGNLPGTTGN NPH TG dMLIefONLHPQGOL g
•gŸg– ÉGNLGN TKžVXPGN g g g g g g g g g g g g g g g g g g
•g” VGO GOLHG žGNLGN GL VOLGHIWLV`VLM g g g g g g g g g g g g g
•g”g ¤OG HGTILVKO RG WKOLHIVOLG g g g g g g g g g g g g
•g”g• ’GTILVKON GOLHG žGNLGN GL GOWUIÈOGQGOLN g g g g g
•g”g– ’GTILVKON GOLHG žGNLGN GL `IHVIYTGN g g g g g g g g
•g— I NKHLVG g g g g g g g g g g g g g g g g g g g g g g g g g g
ʅ†Ë̌C †Œ ‡Ä̇DÌ Í…D„ ÌÎB†ˆƒˆ…‚ Œƒ ͅD„ ÌΌB‡Dƒˆ…‚
–g ¡IHVIYTGN R^GO`VHKOOGQGOL©¡IHVIYTGN RG QKRPTILVKO g g
–gg ¡IHVIYTGN R^GO`VHKOOGQGOL g g g g g g g g g g g g
–gg• ¡IHVIYTGN RG QKRPTILVKO g g g g g g g g g g g g g
–g• ¤LVTVNILVKO R^PO IHYHG g g g g g g g g g g g g g g g g g g g
–g•g £P QKQGOL RG T^MRVLVKO g g g g g g g g g g g g g
–g•g• £P QKQGOL RG T^G_MWPLVKO g g g g g g g g g g g g
ЃˆÌˆC㈅‚ Ñ ÊÄÒDŒƒƒŒ †Œ ÌΈ‚ƒŒ„ÓćŒ
AŒÍ„BCŒ‚ƒÄƒˆ…‚ †Îˆ‚Cƒ„DEŒ‚ƒC Œƒ †Œ ͈ˇŒC
•
g g g g g g g –•
g g g g g g g –•
g g g g g g g ––
ÅÆ
g g g g g g g –š
g g g g g g g –›
g g g g g g g –›
g g g g g g g –›
g g g g g g g –œ
g g g g g g g –
g g g g g g g –
g g g g g g g –
g g g g g g g –Ÿ
g g g g g g g š—
g g g g g g g š—
g g g g g g g š
g g g g g g g š–
g g g g g g g ›š
g g g g g g g ››
g g g g g g g ››
g g g g g g g ›œ
g g g g g g g ›œ
g g g g g g g ›
g g g g g g g ›
g g g g g g g ›
g g g g g g g œ
g g g g g g g œœ
‰Ï
g g g g g g g œŸ
g g g g g g g œŸ
g g g g g g g œ”
g g g g g g g 
g g g g g g g 
g g g g g g g •
ÔÆ
ÔÏ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
‹…‚‡ÌDCˆ…‚
ֈ×̈…ÄÄÍØˆŒ
–
ŽÕ
ŽÏ
uvw xy z y{ Ù Ú Û €y{
g
g•
g–
gš
g›
gœ
g
gŸ
g”
g—
g
g•
g–
gš
•g
•g•
•g–
•gš
•g›
•gœ
•g
•gŸ
•g”
•g—
•g
•g•
•g–
•gš
•g›
•gœ
•g
˜UKLK RP dGLIefONLHPQGOL g g g g g g g g g g g g g g g g g g g g g g g —
‘WUGQI RGN YKPLKON RP dMLIefONLHPQGOL JKPH TG YHIN žIPWUG g g g g 
’GJHMNGOLILVKO žTKYITG g g g g g g g g g g g g g g g g g g g g g g g g g ›
¤OG HGJHMNGOLILVKO R^IQJTVLPRG ÜdVOG e ’gd£’FÝ£Þ e •——ß g g g Ÿ
¤OG JIHLVLVKO RG JVSWG QV_LG ÜF¦’àG`HVGH e ’gd£’FÝ£Þ©ªgd£Ý“f¦á e •——œß ”
¤OG HGJHMNGOLILVKO JIH NJGWLHKžHIQQG ÜdVOG e ’gd£’FÝ£Þ e •——ß •—
¤OG HGJHMNGOLILVKO JIH IWKPNQKžHIJUG ÜdVOG e ’gd£’FÝ£Þ e •——ß •—
¤OG IOIT¬NG I`GW TGN ¤‘¥ g g g g g g g g g g g g g g g g g g g g g g g •
˜IHLVLVKO HMITVNMG JIH ªg£e£«“ Z àgF§£¤¥¥f GL ªg£’’£ “ ÜJVSWG f˜§dÀ“ e •——ß
“_GQJTG R^POG JVSWG WKQJKNMG c T^IVRG R^PO NMXPGOWGPH ܓWWU¬QKOKHG e ’gd£’FÝ£Þ e •——
˜ILWU d£¨©d‘˜ HMITVNM JIH ªKNGJU £’’£ “ g g g g g g g g g g •œ
˜IHLVLVKO I`GW TI LGHQVOKTKžVG NLHPWLPHMG RG ªGIO KPVN f ‘£¦¥§ •Ÿ
‘WUMQI RG TI UVMHIHWUVNILVKO I`GW f’f¦ ÜJIH FIHTKN F£f’“‘ß g g g •”
G TKžVWVGT «§¨“‘ g g g g g g g g g g g g g g g g g g g g g g g g g g g –
«KVLG NKO NLILVXPG GL R¬OIQVXPG g g g g g g g g g g g g g g g g g g g g –
GP_ G_GQJTGN RG YKVLG N¬OLUSNG g g g g g g g g g g g g g g g g g g g –Ÿ
I YKVLG žMOMHVXPG g g g g g g g g g g g g g g g g g g g g g g g g g g g –”
“_GQJTG R^GOWUIVOGQGOL LGQJKHGT g g g g g g g g g g g g g g g g g g g š
«KVLG VOIWLV`G©«KVLG IWLV`G g g g g g g g g g g g g g g g g g g g g g g g š›
“`GOGQGOL g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g g š›
«KVLG JKP`IOL âLHG IWLV`MG©«KVLG JKP`IOL âLHG RGNIWLV`MG g g g g g g šœ
¥HIONVLVKO NVQJTG R^POG YKVLG IWLV`G `GHN POG VOIWLV`G g g g g g g g g š
¥HIONVLVKO R^POG YKVLG IWLV`G `GHN JTPNVGPHN IPLHGN g g g g g g g g g g šŸ
¥HIONVLVKO RG JTPNVGPHN YKVLGN IWLV`GN `GHN POG IPLHG g g g g g g g g g š”
¥HIONVLVKO RG JTPNVGPHN YKVLGN IWLV`GN `GHN JTPNVGPHN YKVLGN g g g g g g ›
¥HIONVLVKO GO RMWITM g g g g g g g g g g g g g g g g g g g g g g g g g g g ›•
dPTLVJTGN WKORVLVKON g g g g g g g g g g g g g g g g g g g g g g g g g g ›–
I WKORVLVKO £LLGOLG g g g g g g g g g g g g g g g g g g g g g g g g g g ›Ÿ
I WKORVLVKO àVO g g g g g g g g g g g g g g g g g g g g g g g g g g g g ›Ÿ
GN HGTILVKON ãIJJPVãZãHGTIWUMã GL ãIJJPVäHGTIWUMã g g g g g g g g g ›”
I HGTILVKO ãNGTGWLVKOã g g g g g g g g g g g g g g g g g g g g g g g g g œ—
š
›
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•gŸ
•g”
•g•—
•g•
•g••
•g•–
šg
šg•
šg–
›g
›g•
›g–
›gš
›g›
›gœ
›g
›gŸ
›g”
›g—
›g
›g•
›g–
›gš
GN RV¢MHGOLN žHKPJGN g g g g g g g g g g g g g g g g g g g g g g
àKHQIL žMOMHIT R^POG WKOLHIVOLG NPH POG `IHVIYTG g g g g g g g
¥HKVN G_GQJTGN RG [KOWLVKON RG LHION[GHL g g g g g g g g g g g g
dKRPTILVKO RG TI UIPLGPH I`GW LHKVN YKPLKON g g g g g g g g g
«INWPTGQGOL R^PO VONLHPQGOL c T^IPLHG g g g g g g g g g g g g
FUKV_ RP YKPLKO TG JTPN IJJP¬M g g g g g g g g g g g g g g g g
“_GQJTG RG QVNG GO JTIWG R^POG NLHPWLPHG g g g g g g g g g g g
FKQJKNVLVKO GO [IVNIOL `IHVGH TGN `IHVIYTGN RG QKRPTILVKO g g
FKQJKNVLVKO GO [IVNIOL `IHVGH TGN `IHVIYTGN R^GO`VHKOOGQGOL g
fONLHPQGOL ¥’§d˜“ ܏©œß g g g g g g g g g g g g g g g g g g
fONLHPQGOL ¥’§d˜“ ܕ©œß g g g g g g g g g g g g g g g g g g
fONLHPQGOL ¥’§d˜“ ܖ©œß g g g g g g g g g g g g g g g g g g
fONLHPQGOL ¥’§d˜“ ܚ©œß g g g g g g g g g g g g g g g g g g
fONLHPQGOL ¥’§d˜“ ܛ©œß g g g g g g g g g g g g g g g g g g
fONLHPQGOL ¥’§d˜“ ܜ©œß g g g g g g g g g g g g g g g g g g
˜VSWG F¿F§¦“ ܏©›ß g g g g g g g g g g g g g g g g g g g g g
˜VSWG F¿F§¦“ ܕ©›ß g g g g g g g g g g g g g g g g g g g g g
˜VSWG F¿F§¦“ ܖ©›ß g g g g g g g g g g g g g g g g g g g g g
˜VSWG F¿F§¦“ ܚ©›ß g g g g g g g g g g g g g g g g g g g g g
˜VSWG F¿F§¦“ ܛ©›ß g g g g g g g g g g g g g g g g g g g g g
fONLHPQGOL f˜§d““ ܏©–ß g g g g g g g g g g g g g g g g g g g
fONLHPQGOL f˜§d““ ܕ©–ß g g g g g g g g g g g g g g g g g g g
fONLHPQGOL f˜§d““ ܖ©–ß g g g g g g g g g g g g g g g g g g g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
g
ϥ
œ–
œš
œ›
œœ
œ
›
œ

Ÿ
Ÿ•
Ÿ–
Ÿš
Ÿ›
Ÿœ
Ÿ
ŸŸ
Ÿ”
”—
”
”•
”–
”š
åæ}€ç z Û è}~ç æ
^KHVžVOG RG TI QPNVXPG GNL VOWGHLIVOGZ QIVN GTTG NGQYTG HGQKOLGH IP_ JGPJTGN
TGN JTPN JHVQVLV[NZ XPV RM™c PLVTVNIVGOL RP YKVNZ RGN JVGHHGNZ KP TGPHN JHKJHGN WKHJN
JKPH žMOMHGH PO GOWUIÈOGQGOL RG NKONg
FGN JHGQVGHN KY™GLN KOL `VLG ILLGVOL TGPHN TVQVLGNg GN UKQQGN KOL ITKHN WKQe
QGOWMN c NG WKONLHPVHG TGPHN JHKJHGN VONLHPQGOLN RG QPNVXPGg £P bTN RGN IOOMGNZ
RV`GHN VONLHPQGOLN GL RV`GHN OKLILVKON ÜWKQQG JIH G_GQJTG TG NKT[SžGß KOL [IVL TGPHN
IJJIHVLVKONg ÉHéWG c WGTIZ VT GNL RG`GOP JKNNVYTG RG WKQJKNGH GL RG LHIONQGLLHG NGN
WKQJKNVLVKON JKPH XP^GTTGN NKVGOL ™KPMGN JIH O^VQJKHLG XPGT QPNVWVGOg
“O ”šŸZ ˜VGHHG ‘WUIG¢GHZ GQJTK¬M IP WTPY R^GNNIV RG TI HIRVK [HIOêIVNGZ RMe
WVRG R^GOHGžVNLHGH NPH RVNXPG RGN NKONZ XP^VTN JHK`VGOOGOL R^VONLHPQGOLNZ R^KY™GLN
RG TI `VG XPKLVRVGOOG KP RG TI OILPHGg “O NG NGH`IOL RG JTPNVGPHN LKPHOGeRVNXPGN
RMWTGOWUMN c RGN QKQGOLN JHMWVNZ GL GO G_JMHVQGOLIOL RGN G¢GLN ÜJIH G_GQJTG GO
HITGOLVNNIOL TI TGWLPHGßZ VT RMbOVL POG QPNVXPG R^PO OKP`GIP žGOHG PLVTVNIOL G_WTPe
NV`GQGOL RGN NKON JHMeGOHGžVNLHMNZ QKRVbMN KP OKOg £`GW T^IJJIHVLVKO RG TI YIORG
QIžOMLVXPGZ VT JPL GONPVLG [IVHG RP QKOLIžG GO WKPJIOL GL GO HGWKTTIOL RGN QKHe
WGIP_ RG YIORGNZ WHMGH RGN YKPWTGN [IWVTGQGOLZ ™KPGH PO NKO c T^GO`GHN GLWg
I QPNVXPG IVONV WHMG JKHLGHI R^IYKHR TG OKQ RG ëìíîïìð ñòóñôõöðZ JPVN ëì÷
íîïìð øñòìíëøöîïìðg ¦KPN TI RMNVžOKON JTPLùL IP™KPHR^UPV NKPN TG LGHQG RG ëìíîïìð
úû ðñöôòøñòìíöîïìðg
¤OG JVSWGü MTGWLHKIWKPNLVXPG NG WKQJKNG GO NLPRVKZ GL GNL GONPVLG žMOMHITGQGOL
RV¢PNMG NION QPNVWVGONZ NPH PO KHWUGNLHG RG UIPLeJIHTGPHNýg FGTPV XPV RV¢PNG TI
JVSWG NG WKOLGOLG RG NJILVITVNGH TGN NKON GO RMWVRIOL NPH XPGT UIPLeJIHTGPH GO`K¬GH
TGN NKONg §O JIHTG ITKHN RG JVGWG JKPH NPJJKHLg
FGHLIVON WKQJKNVLGPHNZ `KPTIOL HI™KPLGH POG JHMNGOWG UPQIVOG TKHN RG TI RV¢Pe
þijsÿjlpmpjk
tklts t qt om ÿ n tonl ljo tkm ÿ ol qrokt qp pkt
œ

­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
NVKO RG TGPHN JVSWGNZ RMWVRGOL RG [IVHG RGN WKQJKNVLVKON ëî öðíg ION WG WINZ GO JTPN
RG TI JIHLVG MTGWLHKIWKPNLVXPGZ PO KP JTPNVGPHN QPNVWVGON ™KPGOL GO QâQG LGQJNg
fT G_VNLG RV`GHNGN QIOVSHGN RG N¬OWUHKOVNGH TI JIHLVG NPH NPJJKHL RV¢PNMG I`GW TI
JIHLVG VONLHPQGOLITG ™KPMG GO RVHGWL a TI JTPN PLVTVNMG GNL RG TIVNNGH c PO VONLHPe
QGOLVNLG POG JMRITG NPH TIXPGTTG VT JGPL IJJP¬GH JKPH TIOWGH KP IHHâLGH TI JIHLVG
MTGWLHKIWKPNLVXPGg
M™cZ I`GW TGN JVSWGN QV_LGNZ OKPN JKP`KON OKLGH POG `KTKOLM RG WGHLIVON WKQe
JKNVLGPHN c HG`GOVH c POG QVNG GO NWMOG GL c POG VOLGHIWLV`VM JHKWUG R^PO WKOWGHL
QPNVWIT JTPN LHIRVLVKOOGTg
¦KPN RVNJKNKON IP™KPHR^UPV RG WKOLHùTGPHN žGNLPGTN GOLVSHGQGOL JHKžHIQQIYTGNZ
JGHQGLLIOL TG RMWTGOWUGQGOL RG NKON `IHVMN ܞHéWG c RGN bWUVGHN NKONZ KP žHéWG c RG
TI N¬OLUSNGß GL TI QKRVbWILVKO GO LGQJN HMGT RG WGN NKONg £`GW RG LGTN WKOLHùTGPHN GL
TI JPVNNIOWG WHKVNNIOLG RGN KHRVOILGPHNZ VT RG`VGOL JKNNVYTG R^VOLGHJHMLGH RGN JVMWGN
GO LGQJN HMGTg
dITžHM WGTIZ RG LGTN WKOLHùTGPHN JGHQGLLIOL RG žMOMHGH LKPL L¬JG RG NKO KP
R^IJJTVXPGH LKPL L¬JG R^G¢GL OG RVNJKNGOL JIN RG JIHLVLVKOZ c TI RV¢MHGOWG RGN
VONLHPQGOLN LHIRVLVKOOGTNg G JTPNZ VTN NKOL GOWKHG RV WVTGN c JHKžHIQQGHZ WG XPV
[HGVOG RG OKQYHGP_ WKQJKNVLGPHNg
G LHI`IVT JHMNGOLM RION WG HIJJKHL GNL PO RGN JHK™GLN RG TI •˜fd JKPH TGXPGT
TG ‘F’fd“ Ü  ß IJJKHLG NGN WKQJMLGOWGNg fT WKONVNLG GO TI JHKJKNVLVKO RP QKe
RSTG RG WKQJKNVLVKO QPNVWITG MLPRVM RION WG QMQKVHGZ YINM NPH POG HGJHMNGOLILVKO
UVMHIHWUVXPG TVIOL QVWHK GL QIWHKeNLHPWLPHGN QPNVWITGNg FG QKRSTG JGHQGL T^PLVTVNIe
LVKO R^PO WKOLHùTGPH žGNLPGT JIHLVWPTVGH \ TG dMLIefONLHPQGOL a JPVN TI WKQJKNVLVKO
GL GObO T^G_MWPLVKO RG TI WHMILVKOg
“O M`VLIOL TG LHI`IVT RG JHKžHIQQILVKOZ GL GO JGHQGLLIOL RG žPVRGH TI WKQe
JKNVLVKO GL T^G_MWPLVKO R^POG JVSWGZ WG QKRSTG I JKPH YPL RG NVQJTVbGH TG LHI`IVT
RGN WKQJKNVLGPHNZ GL RG JHKJKNGH POG VRMG RG JIHLVLVKO JKPH TGN QPNVWVGONg fT I
MžITGQGOL JKPH YPL RG JHKJKNGH POG OKP`GTTG [IêKO RG WKQJKNGH JIH KHžIOVNILVKO
UVMHIHWUVXPG RGN RKOOMGN GL RP LGQJNZ GO JIHLIOL RG TI QVWHKeNLHPWLPHG ÜTG NKOß
`GHN TI QIWHKeNLHPWLPHG ÜTI [KHQG RG TI JVSWGßg fT JHKJKNG IPNNV RG NG YINGH NPH TG
QMWIOVNQG RGN WKOLHIVOLGNZ RM™c VOVLVM IP ‘F’fd“ I`GW TG TKžVWVGT «§¨“‘Z TKžVWVGT
IP NGVO RPXPGT WG QKRSTG NGHI VQJTMQGOLMg
mt jnst qt nj n ss mpjk kmtn imp t o mpsjq t
moqpj qt n mpjk tm qt ti tni t tk k jns mp ot tm tk olp ot timnj ijolmp ot
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
Ÿ
ION WG HIJJKHLZ OKPN ITTKON LKPL R^IYKHR [IVHG PO HIJJGT RG T^G_VNLIOL GO WKQe
JKNVLVKO GL HGJHMNGOLILVKO RG JVSWGNg ¦KPN G_JTVXPGHKON MžITGQGOL WKQQGOL OKPN
I`KON IOIT¬NM RGN JVSWGN GL VONLHPQGOLN G_VNLIOLNZ JPVN OKPN JHMNGOLGHKON TG QKRSTG
GO HGžIHRIOL WKQQGOL NKOL KHžIOVNMGN TGN RKOOMGNZ GL WKQQGOL NKOL [KHQITVNMN TGN
WITWPTN JKPH T^MRVLVKO GL T^G_MWPLVKOg “ObOZ OKPN JHKJKNGHKON RG HGJHMNGOLGH RION
WG QKRSTG XPGTXPGN JVSWGN WKQJKNMGN JKPH TG dGLIefONLHPQGOLg
v ~}€y
ç æ}y }y
! "!
#$
% & ' () *
G ‘F’fd“ HMNPTLG R^POG WKO`GOLVKO RG JIHLGOIHVIL GOLHG TG FKONGH`ILKVHG
¦ILVKOIT RG ’GžVKO RG «KHRGIP_Z T^“¦‘“f’«] GL T^¤OV`GHNVLM «KHRGIP_ g G
‘F’fd“ I JKPH KY™GWLV[N Ü Ÿ ß \
RG [I`KHVNGH TI WKTTIYKHILVKO GOLHG NWVGOLVbXPGN GL IHLVNLGN c RGN bON RG HGe
WUGHWUG GL RG WHMILVKOg GN IHLVNLGN YMOVbWVGOL R^PO LHION[GHL RG WKOOIVNNIOWGN
NWVGOLVbXPGNZ GL TGN NWVGOLVbXPGN RG T^G_JGHLVNG QPNVWITG RGN WHMILGPHN
RG RV¢PNGH TGN HMNPTLILN RGN HGWUGHWUGN RION TI WKQQPOIPLM VOLGHOILVKOITG
RG [I`KHVNGH TI RV¢PNVKO VOLGHOILVKOITG RGN ÇP`HGN IHLVNLVXPGN
RG JHKQKP`KVH TGN WKTTIYKHILVKON NWVGOLVbXPGN GL IHLVNLVXPGN I`GW R^IPLHGN
WGOLHGN RG HGWUGHWUG GL RG WHMILVKO GO àHIOWG KP c T^MLHIOžGH
RG [I`KHVNGH TGN IWLVKON JMRIžKžVXPGN RION TGN VONLVLPLVKON JIHLGOIVHGN IVONV
XPG RION TGN IPLHGN MLIYTVNNGQGOLN JPYTVWN R^GONGVžOGQGOL GL RG WHMILVKO c
LKPN TGN OV`GIP_
I HGWUGHWUG [KORIQGOLITG NWVGOLVbXPG RP ‘F’fd“ N^G¢GWLPG IP I«’fü RION
T^MXPVJG fQIžG GL ‘KOg G JTPNZ TG ‘F’fd“ RM`GTKJJG RGN JHK™GLN IHLVNLVXPGN GO
WKTTIYKHILVKO I`GW TGN WKQJKNVLGPHNg ^POG QIOVSHG žMOMHITGZ TI HGWUGHWUG GO VO[KHe
QILVXPG QPNVWITG GNL RV`VNMG GO RGP_ RKQIVOGN INNG RVN™KVOLN \ PO RKQIVOG N¬Qe
YKTVXPG XPV GNL TVM c TI QKRMTVNILVKO RG JVSWGN QPNVWITGNZ RG HSžTGN QPNVWITGN RION
TG YPL R^POG IVRG c T^IOIT¬NG GL c TI WKQJKNVLVKO a GL PO RKQIVOG NKPNeN¬QYKTVXPG
XPV GNL TVM c T^IOIT¬NGZ TG LHIVLGQGOL GL TI N¬OLUSNG RG NKONg GN RGP_ RKQIVOGN NKOL
h ij t mpjk t oÿ nptont qr timnjkp ot k jns mp ot tm qpjijssokpi mpjkl qt jn
qt o
þ jn mjpnt jnqt pl qt ti tni t tk k jns mp ot
+
+
+
+
+
,
-
/
0
.
”
.
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
—
IYKHRMN GO LGOLIOL RG LHKP`GH RGN HGJHMNGOLILVKON WKQJILVYTGN JKP`IOL WKUIYVLGH
RION PO QâQG TKžVWVGTg
! "1
#$
) 2 3 45 (6 738 9 : $ 63
;
g ˜UKLK RP dGLIefONLHPQGOL
G dMLIefONLHPQGOL GNL PO WKOLHùTGPH žGNLPGT WHMM GO ”Ÿ” JIH ‘GHžG “ £¤e
«f“’ IJHMN RGN LHI`IP_ NPH TG RMJTIWGQGOL RP NKO RION PO GNJIWG c LHKVN RVQGOe
NVKON Ü •œ –— œ ßg ‘GHžG “ £¤«f“’ `KPTIVL ITKHN JKP`KVH [IVHG M`KTPGH TGN
NKON LKPL GO TGN NJILVITVNIOLg ˜TPN LIHRZ T^VOLâHGL RG JKP`KVH HGLHKP`GH TG ™GP R^PO
VONLHPQGOLVNLG TKHN RG TI RV¢PNVKO R^POG JVSWG IWKPNQILVXPG GNL IJJIHPZ JGHQGLe
LIOL ITKHN POG JTPN žHIORG G_VYVTVLM R^VOLGHJHMLILVKOg
“O ””œ IJJIHIVNNGOL TGN dMLIefONLHPQGOLN RG RGP_VSQG žMOMHILVKOg ˜PVN GO
•——šZ ˜PWGdPNG JHKJKNG TI `GHNVKO –Z JTPN QIOVIYTG GL JGHQGLLIOL T^PLVTVNILVKO RP
JHKLKWKTG §JGO ‘KPOR FKOLHKT Ü – ßg
‘GHžG “ £¤«f“’ RMbOVL TG dGLIefONLHPQGOL WKQQG \
PO RKPYTG ªK¬NLVW JKHLIYTG XPV JGPL QIOVJPTGH NVQPTLIOMQGOL GL VOe
RMJGORIQQGOL TGN POGN RGN IPLHGNZ ›š `IHVIYTGN WKOLVOPGN
g
< => ?
+
@
A
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²

GN ›š `IHVIYTGN NKOL MWUIOLVTTKOOMGN GO œ YVLN ›—— [KVN JIH NGWKORGg
§O HGLHKP`G NKPN WUIXPG RKVžL XPILHG YKPLKON GO QKPNNG QKTTGZ JGHQGLLIOL
IVONV RG HGWPJMHGH TI JHGNNVKO R^IJJPV NPH TI LKPWUGg GN JUITIOžGN RGN VORG_NZ QIe
™GPHN GL IOOPTIVHGN JGP`GOL MžITGQGOL [IVHG JHGNNVKO NPH PO YKPLKO GO QKPNNGg £P
OV`GIP RP JKPWGZ PO NTVRGHý JGHQGL RG NMTGWLVKOOGH POG `ITGPHg
^VOWTVOIVNKO RGN QIVONZ IVONV XPG TI JKNVLVKO GO ¨ GL ¿ RG WUIXPG I`IOLeYHIN
GNL MžITGQGOL JHVNG GO WKQJLGg I bžPHG g• JGHQGL RG `KVH TI JKNVLVKO RGN WIJLGPHN
RG TI QIVO žIPWUGZ GL TGPHN OPQMHKN ÜJKPH TI QIVO RHKVLGZ W^GNL TI QâQG WUKNGg §O
PLVTVNGHI ɏ JKPH JIHTGH RP WIJLGPH  RG TI QIVO žIPWUGZ › JKPH TG WIJLGPH › RG
TI QIVO RHKVLG GLWgßg
g• ‘WUGQI RGN YKPLKON RP dMLIefONLHPQGOL JKPH TG YHIN žIPWUG
I JHMWVNVKO RGN QGNPHGN RG JHGNNVKON GL RG JKNVLVKON JGHQGL RG WITWPTGH TI `Ve
jmtkmpjs mnt pkt pnt
< => ?
+
B
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•
LGNNGZ T^IWWMTMHILVKO GL TG NGON RG WUIXPG WIJLGPHg
T^UGPHG IWLPGTTGZ TGN RM`GTKJJGQGOLN JKPH dGLIefONLHPQGOL NG [KOL NKPN d£¨©d‘˜Z
˜PHG ILIZ KP LKPL NVQJTGQGOL GO F g
C
DD
! ";
E 8FG $3
1E ()
G QKRSTG XPG OKPN ITTKON JHMNGOLGH RION WG HIJJKHL [IVL JIHLVG RGN WVOX JHK™GLN
JVTKLGN JKPH TI •˜fd GL TG dMLIefONLHPQGOL – Ü •” ßg G YPL JHVOWVJIT RG TI •˜fd
GNL R^VOLMžHGH TGN RV¢MHGOLN NI`KVHe[IVHG IPLKPH RP dMLIefONLHPQGOL RION
POG VOLGH[IWG GHžKOKQVXPG GL KP`GHLGZ JGHQGLLIOL TI QPLPITVNILVKO RGN
HGNNKPHWGN RG T^VONLHPQGOLIHVPQ G_VNLIOLZ GL RG [I`KHVNGH T^VOLMžHILVKO
RG OKP`GIP_ JHK™GLN VOLGHIWLV[N IPRVK`VNPGTN YVRVHGWLVKOOGTNg
I •˜fd JGPL âLHG PLVTVNMG JIH RGN OKOeJHKžHIQQGPHNZ NVQJTVbIOL IVONV NKO IWe
WMN IP_ WKQJKNVLGPHNg “TTG GNL VQJTMQGOLMG GO NPV`IOL POG IHWUVLGWLPHG WTVGOL©NGH`GPHZ
IbO RG JKP`KVH [IVHG RP WITWPT RVNLHVYPM NPH R^IPLHGN QIWUVOGN GO HMNGIPg
I •˜fd GL NGN WVOX JHK™GLN INNKWVMN NKOL HMITVNMN žHIWG c POG WKTTIYKHILVKO
[KHLG GOLHG \
˜PWGdPNG Ü œ ß
G £d Ü – ß
G I«’f Ü  ß
G fd‘f Ü š ß
^f’F£d Ü ” ß
I ÉHIORG àIYHVXPG Ü • ß
^¤OV`GHNVLM dW ÉVTT Ü › ß
¡KVWV TGN WVOX JHK™GLN JVTKLGN JKPH TI •˜fd GL TG dMLIefONLHPQGOL – \
M`GTKJJGQGOL GL M`ITPILVKO RG WVOX VONLHPQGOLN RG QPNVXPG `VHLPGTN `VNPGTN
RVHVžMN JIH TG dMLIefONLHPQGOL –g
M`GTKJJGQGOL R^PO JHKžHIQQG VONLHPQGOL TKžVWVGT JKPH QIOVJPTGH RGN ITe
žKHVLUQGN RG N¬OLUSNG RG TI `KV_Z RP WUIOL GL RG TI JIHKTG ܐfd‘fß I`GW TG
dMLIefONLHPQGOL – GL TI •˜fdg
M`GTKJJGQGOL R^PO QKRSTG RG WKQJKNVLVKO QPNVWITG YINM NPH POG HGJHMNGOe
LILVKO UVMHIHWUVXPG TVIOL QVWHK GL QIWHKeNLHPWLPHGN QPNVWITGNg
§P`GHLPHG GL WKOOG_VKON I`GW RGN TKžVWVGTN ãžHIOR JPYTVWãg
jn mjpnt qr ijolmp ot olpi t
jn mjpnt qr k jns mp ot ÿjon i kp ot tm tl iptkitl qt r k kpton
klmpmom qt ti tni t tm jjnqpk mpjk ijolmp ot olp ot
+
+
+
+
+
H
+
+
+
+
+
+
0
I
0
J
I
K
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
+
! "L
–
˜KHLIžG GL RKWPQGOLILVKO RG TI WKTTGWLVKO R^VONLHPQGOLN TKžVWVGTNg
#4
M F : N F 7 O3 OF 6
: 9 7 OM 4 P$
I WKQJKNVLVKO QPNVWITG GNL T^MWHVLPHG R^POG ÇP`HG QPNVWITG GO G_JTVWVLIOL NKO
RM`GTKJJGQGOL LGQJKHGTg G WKQJKNVLGPH JGPL LHI`IVTTGH NPH RGN OKLILVKONZ LGTTGN
XPG WGTTGN RP NKT[SžGZ KP LHI`IVTTGH RVHGWLGQGOL NPH RGN NKON GOHGžVNLHMNg
˜KPH TI WKQJKNVLVKO LHIRVLVKOOGTTGZ KO PLVTVNG JTPN `KTKOLVGHN TI OKLILVKO RP
NKT[SžGZ RKOOIOL RGN VO[KHQILVKON RG UIPLGPHZ RG RPHMG GL R^VOLGONVLM JKPH WUIXPG
OKLG JTIWMG LGQJKHGTTGQGOL NPH POG JIHLVLVKOg
˜KPH TI WKQJKNVLVKO MTGWLHKIWKPNLVXPGZ OG RVNJKNIOL JIN RG OKLILVKON INNG JHMe
WVNGN GL G_UIPNLV`GNZ W^GNL PO LHI`IVT RVHGWLGQGOL NPH RGN NKON GOHGžVNLHMN XPV JHVQGg
ION WG WINZ TG WKQJKNVLGPH RVNJKNG R^POG YIOXPG RG NKONZ XP^VT JGPL IžGOWGH LGQe
JKHGTTGQGOL TGN PON c TI NPVLG RGN IPLHGN NPH POG JVNLG ÜQKOLIžGß KP NVQPTLIOMQGOL
NPH JTPNVGPHN JVNLGN ÜQV_IžGßg
fT JGPL GONPVLG RMbOVH \
RGN `IHVILVKON R^VOLGONVLM ܙKPGH POG JVNLG JTPN KP QKVON [KHLß
RGN `IHVILVKON RG JKNVLVKO RION T^GNJIWG ÜK `GPLeKO RV¢PNGH TG NKO TKHN RG
T^G_MWPLVKOßg ION TG WIRHG R^POG WHMILVKO GO NLMHMKZ W^GNL RMbOVH PO `KTPQG
JKPH T^GOWGVOLG RG žIPWUGZ GL WGTPV JKPH WGTTG RG RHKVLG
RGN G¢GLN c IJJTVXPGH NPH LGT KP LGT NKO ÜJKPH JIH G_GQJTG WUIOžGH TI UIPLGPHZ
bTLHGH TG NKOZ gggß
,
+
Q
+
+
! "R
# S$ T 2 M 9 3 O F 6
: 9 7 OM 4 P$
^G_MWPLVKO QPNVWITG WKHHGNJKOR IP ™GP GO LGQJN HMGT R^PO IHLVNLG `KPTIOL VOLGHe
JHMLGH POG ÇP`HGg ION TG WIRHG R^POG QPNVXPG MWHVLG žHéWG IP NKT[SžGZ TG QPNVWVGO
JGPL G_MWPLGH T^ÇP`HG GO LHIRPVNIOL TI JIHLVLVKOg
ION TG WIRHG R^POG WKQJKNVLVKO MTGWLHKIWKPNLVXPG K T^KGP`HG GNL b_MG NPH PO
NPJJKHL ÜNKP`GOL NPH PO F ßZ TI JGH[KHQIOWG HG`VGOL c MLGORHG TI NJILVITVNILVKO
RP WKQJKNVLGPH a GO G¢GLZ TI JVSWG GNL TG JTPN NKP`GOL WKQJKNMG GO NLMHGKZ JKPH
âLHG GONPVLG RV¢PNMG NPH POG RV IVOG R^GOWGVOLGN GO WKOWGHLg fT [IPL RKOW WUKVNVH TGN
GOWGVOLGN XPV ™KPGHKOL TI JIHLVG žIPWUGZ GL WGTTGN XPV ™KPGHKOL TI JIHLVG RHKVLGZ IVONV
XP^POG `IHVILVKO RP `KTPQGg
Q
,
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
! "U
š
& F : N F 7 O3 OF 6 $ 3 $ T 2 M 9 3 OF 6 N F 9 8 P$ ) 2 3 4 5 ( 6 7 3 8 9 : $ 6 3
˜KPH TG dMLIefONLHPQGOLZ WG XPG OKPN I`KON G_JTVXPM IP RGNNPN OG NP L JINg “O
G¢GLZ WG WKOLHùTGPH JGHQGL RG ™KPGH RGN JVSWGN MTGWLHKIWKPNLVXPGN NION XPG WGTTGNeWV
OG NKVL b_MGN NPH PO NPJJKHLg FGTI `GPL RVHG XPG TG QPNVWVGO OG RKVL JIN NGPTGQGOL
NJILVITVNGH TI JVSWGZ QIVN VT RKVL MžITGQGOL IžVH NPH NKO RM`GTKJJGQGOL ÜWUKVNVH PO
NKOZ IJJTVXPGH RGN G¢GLN GO LGQJN HMGTZ GLWgßg
I WKQJKNVLVKO JIH NKT[SžG GNL LHKJ HMRPVLG JKPH HGJHMNGOLGH LKPN TGN L¬JGN RG
NKON GL TI WKQJKNVLVKO RVHGWLG NPH TGN NKON GOHGžVNLHMN GNL LHKJ HVžVRGg fT [IPL RKOW
LHKP`GH POG OKP`GTTG [IêKO RG WKQJKNGHZ GL PO N¬NLSQG RG OKLILVKO JGHQGLLIOL
R^IVRGH c TI JGH[KHQIOWG GL c TI LHIONQVNNVKO RGN ÇP`HGNg F^GNL TG YPL JHGQVGH RP
QKRSTG XPG OKPN ITTKON JHMNGOLGHg
£`IOL WGTIZ OKPN ITTKON `KVH RGN QMLUKRGN RG `VNPITVNILVKO GL RG WKQJKNVLVKO
G_VNLIOLGNg
! "V
#$
7OW 6 4 P
4 9 X OF
G NKO GNL PO JUMOKQSOG JU¬NVXPG GOžGORHMG JIH POG KORG IWKPNLVXPG RPG c
TI `VYHILVKO R^PO WKHJNg ^KORG NG JHKJIžG GO [IVNIOL `VYHGH TGN QKTMWPTGN IPLKPH
R^POG JKNVLVKO R^MXPVTVYHGg
§O HGJHMNGOLG žMOMHITGQGOL TG NVžOIT IPRVK LGQJKHGTTGQGOL JIH TI `IHVILVKO RG
T^IQJTVLPRG RP NKO GO [KOWLVKO RP LGQJNg ˜KPH JKP`KVH âLHG NLKW M NPH RGN NPJJKHLN
OPQMHVXPGNZ WG NVžOIT NPYVL PO MWUIOLVTTKOOIžGZ JPVN POG XPIOLVbWILVKO ÜJKPH PO
F Z T^MWUIOLVTTKOOIžG GNL RG šš—— GL TI XPIOLVbWILVKO NPH œ YVLNßg
G NVžOIT NKOKHG JGPL IPNNV âLHG HGJHGNGOLM RION TG RKQIVOG [HMXPGOLVGTZ GO
PLVTVNIOL TI LHION[KHQMG RG àKPHVGH JGHQGLLIOL RG RMWKQJKNGH PO NKO GO POG NKQQG
RG NVOPNK RGNg §O HGJHMNGOLG ITKHN TI [HMXPGOWG GL T^IQJTVLPRG RG WUIXPG NVOPNK RG
WKQJKNIOL TG NKO c PO VONLIOL RKOOMg Ü •Ÿ ß
A
Y,
Z
Z
! "[
& 4 \ O$ 8
X$7
M\ 4 8 W $ 7
I HGJHMNGOLILVKO RG TI bžPHG g– HGJHGOR TG JHKWGNNPN VOLMžHIT RG TI WKQJKe
NVLVKO MTGWLHKIWKPNLVXPGZ XPV JGPL MžITGQGOL NGH`VH RG YING JKPH RGN WKQJKNVLVKON
JTPN LHIRVLVKOOGTTGNg ¤O RGN VOLMHâLN RG [KHQITVNGH WG JHKWGNNPN GNL R^GNNI¬GH R^INe
NPHGH POG JGHGOOVLM IP_ KGP`HGNZ NIWUIOL XPG TI RMLGHVKHILVKO RGN NPJJKHLN GNL POG
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
g– ’GJHMNGOLILVKO žTKYITG
+
›
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
œ
JHKYTMQILVXPG VQJKHLIOLG ÜJIH G_GQJTG JKPH TGN IHWUV`GN RG T^f¦£ Ü  ßßg ¦KLHG
QKRSTG OG N^VOLMHGNNG TPV XP^IP_ JIHLVGN KHžIOVNILVKO RGN RKOOMGNZ WKQJKNVLVKO GL
G_MWPLVKOg àIVNKON XPIOR QâQG POG WKPHLG RGNWHVJLVKO RGN JIHLVGN JHMWMRIOL TI
WKQJKNVLVKOZ I`IOL RG RKOOGH TGN JKVOLN WTG[N XPG RKVL VOLMžHGH OKLHG QKRSTGg
]
^ _` _ ^
a b c d e fg h f i j
k b c g l e h f b c g e m n d i o g i c fh f i j
‹…„ÍC C…‚…„ŒC
¦KPN IJJGTKON WKHJN NKOKHG PO KY™GL XPV GNL GOHGžVNLHM GO NLPRVKZ JKPH NGH`VH
RG YING c TI WKQJKNVLVKOg ¤O WKHJN NKOKHG JGPL LHSN YVGO âLHG PO KY™GL XPGTWKOXPGZ
PO VONLHPQGOL RG QPNVXPGZ POG `KV_ GLWg “O WTIVHZ O^VQJKHLG XPGT KY™GL JKP`IOL
JHKRPVHG RP NKOg ¤OG VRMG JKPH TI [KHQITVNILVKO RG WGLLG JIHLVG NGHIVL RG NG YIe
NGH NPH TGN LHI`IP_ RG ˜VGHHG ‘WUIG¢GH Ü –• ß XPV I JHKJKNM POG L¬JKTKžVG GL POG
QKHJUKTKžVG JKPH RMWHVHG TGN NKONg
BÒDŒ‚‡Œ ŒD
¤OG NMXPGOWG ™GP GNL PO NVžOIT IPRVK JHK`GOIOL R^PO GOHGžVNLHGQGOL KP R^POG
N¬OLUSNGg ¤OG [KHQITVNILVKO RG WGLLG JIHLVG HG`VGORHIVL c RMWHVHG TG JHKWGNNPN RG
JHVNG RG NKO KP RG N¬OLUSNG IbO RG JKP`KVH GNNI¬GH RG TG HGWHMGH GO WIN RG JGHLG RG
TI NMXPGOWG ™GPg
Â× ŒƒC C…‚…„ŒC
¤O KY™GL NKOKHG GNL POG JIHLVG RG TI NMXPGOWG ™GPZ XPV JHMNGOLG PO VOLMHâL
JKPH TG WKQJKNVLGPHg “O G¢GLZ POG NMXPGOWG ™GP WKOLVGOL YGIPWKPJ RG QKQGOLN
VOVOLMHGNNIOLNZ KP R^GHHGPHN ÜNKP G RION TG QVWHKZ NILPHILVKO GLWgßg ¤O KY™GL NKOKHG
JGPL âLHG HGJHMNGOLM JIH POG RILG RG RMYPL GL RG bO RION TI NMXPGOWG ™GPg FGN KY™GLN
NKOKHGN NGH`GOL RG YING JKPH TI WKQJKNVLVKOg §O JGPL TGN WKONVRMHGH WKQQG RGN
OKLGNg
ŒƒC ̈́ˆEĈ„ŒC
FGHLIVON G¢GLN NKOL IJJTVXPMN JGORIOL TI RV¢PNVKO ÜOKPN TG `GHHKON JIH TI NPVLGßZ
QIVN WGHLIVON TG NKOL c JHVKHVZ IbO RG QKRVbGH TGN KY™GLN NKOKHGNZ GL R^GO [KPHOVH RG
OKP`GIPg FG JHKWGNNPN NGHIVL VOLMHGNNIOL c QMQKHVNGHZ IbO RG JKP`KVH HG`GOVH NPH
TI QILVSHG NKOKHG VOVLVITG PLVTVNMG RION TI JVSWG NION RG`KVH LKPL HGRMbOVHg
klmpmom mpjk qt r oqpj plot
p
q
q
r
st
u
-
I
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
^ _` _v
a b c d e fg h f i j
c fh f i j
kw
o i k x yb

z g l eh fb c i e { l j fc l h fi j | d i o g i n
b h b } m d w h fi j
¤OG [KVN XPG OKPN RVNJKNKON R^PO GONGQYTG RG NKONZ R^G¢GLN GL M`GOLPGTTGQGOL
RG žGNLGN JGHQGLLIOL RG QKRVbGH TI JVSWG GO LGQJN HMGTZ VT GNL JKNNVYTG RG RMbOVH TGN
LHKVN JUINGN WTG[N RG TI WHMILVKO QPNVWITG \ TI TPLUGHVGZ TI WKQJKNVLVKO GL T^G_MWPLVKO
RG TI JVSWGg
¡KVWV TGN RV¢MHGOLN JKVOLN XPG WG QKRSTG RKVL HGNJGWLGH \
^GNJIWG RP TPLUVGHZ RP WKQJKNVLGPH GL RP QPNVWVGO RKV`GOL âLHG NMJIHMNg
¥KPN TGN RGžHMN R^G_MWPLVKO RKV`GOL âLHG JHVN GO WKQJLGZ W^GNL c RVHG XPG
WG QKRSTG RKVL JGHQGLLHG RG HGJHMNGOLGH RGN JVSWGN NION IPWPOG VOLGHIWLVKO
ÜJVSWGN JKPH NPJJKHLß ™PNXP^IP_ JVSWGN GOLVSHGQGOL VOLGHIWLV`GN ÜJVSWGN JKPH
dMLIefONLHPQGOLßg
G QKRSTG RKVL âLHG UVMHIHWUVXPGZ IbO R^IVRGH c TI WKQJHMUGONVKO RG TI NLHPWe
LPHG RG TI JVSWG GL VT RKVL âLHG JKNNVYTG R^IJJTVXPGH RGN G¢GLN c RV¢MHGOLN
OV`GIP_ RG TI UVMHIHWUVGg
fT RKVL âLHG JKNNVYTG RG RMbOVH RGN GOWUIÈOGQGOLN LGQJKHGTN ÜLHSN HVžVRGZ TG
QPNVWVGO O^I JIN RG WKOLHùTG RGNNPNß KP M`MOGQGOLVGTN ÜJTPN TVYHGZ TG QPNVWVGO
JGPL ¬ IžVH JIH NGN žGNLGNßg
fT RKVL âLHG JKNNVYTG R^VOLGH`GOVH O^VQJKHLG K GL O^VQJKHLG XPIORg “O G[e
[GLZ WGWV JGHQGL RG HGNJGWLGH TG JHKWGNNPN VOWHMQGOLIT RG TI WKQJKNVLVKO a TG
WKQJKNVLGPH OG WHMM JIN [KHWGQGOL NI JVSWG GO JIHLIOL RP RMYPL JKPH ITTGH
™PNXP^c TI bOZ GL VT RMNVHG NKP`GOL GO HGWKQJKNGH POG JIHLVG JHMWVNGZ IJHMN
POG JHGQVSHG MYIPWUGg
fT RKVL âLHG JKNNVYTG RG RVNJKNGH R^POG JIHLVLVKO ÜRM`GTKJJGQGOL JKNNVYTG RG
TI JVSWG RION TG LGQJNßg
FG QKRSTG RKVL MLGORHG WGTPV RG «§¨“‘ Ü`KVH JIHLVG g•g–ß a GO G¢GLZ WG RGHOVGH
WKQJKHLG RGN RILGN GL RGN RPHMGNZ ITKHN XPG OKPN NKPUIVLKON JKP`KVH JHGORHG GO
WKQJLG RGN `IHVIYTGN RG RGP_ L¬JGN \
¡IHVIYTGN RG QKRPTILVKOZ XPV NKOL RGN `IHVIYTGN R^G¢GL JGHQGLLIOL RG QKRVbGH
TG NKO JHKRPVL c RV`GHN GORHKVLN RG TI UVMHIHWUVGg
¡IHVIYTGN R^GO`VHKOOGQGOLZ XPV NKOL RGN `IHVIYTGN JGHQGLLIOL RG QKRVbGH TI
NLHPWLPHG RG TI WHMILVKOg
+
+
+
+
+
+
+
+
Q
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
! "~
 O7 9 4 PO7 4 3 OF 6
X$
N O€ M $ 7
$3
4 OX $

P4
Ÿ
X O‚ 9 7 OF 6
ION OKLHG QKRSTGZ OKPN `KPTKON LHKP`GH POG `VNPITVNILVKO JKPH TG QPNVWVGOZ GL
POG `VNPITVNILVKO IVRIOL TG WKQJKNVLGPH RION NKO JHKWGNNPN RG WKQJKNVLVKOg ˜KPH
WGTIZ OKPN ITTKON R^IYKHR HGžIHRGH XPGTTGN NKOL TGN L¬JGN RG `VNPITVNILVKON G_VNLIOLGNg
AŒEĄÒDŒ
GN XPGTXPGN LGWUOVXPGN XPG OKPN ITTKON JHMNGOLGH VWV NKOL R^POG žHIORG PLVTVLM
JKPH IOIT¬NGH POG JVSWGZ GL JKPH IVONV T^IJJHMUGORGH RP QVGP_ JKNNVYTG GO `PG
R^POG RV¢PNVKOZ JIH G_GQJTGg FG OG NKOL GO IPWPO WIN RGN IVRGN c TI WKQJKNVLVKOZ
JPVNXP^GTTGN OG JGP`GOL GLHG PLVTVNMGN XP^POG [KVN TI JVSWG WKQJKNMGg FG OG NKOL JIN
OKO JTPN RGN JIHLVLVKONZ WIH GTTGN OG RKOOGOL JIN INNG R^VORVWILVKON IP QPNVWVGO
JKPH HG™KPGH G_IWLGQGOL TI JVSWGg
ƒ
,
^ _„ _ ^
… b g e m c b jh l h fi j
k b y †l o g y fh w k b
gš ¤OG HGJHMNGOLILVKO R^IQJTVLPRG ÜdVOG e ’gd£’FÝ£Þ e •——ß
^VO[KHQILVKO TI JTPN WKPHIOLG TKHNXPG T^KO KYNGH`G PO NKO KP POG QPNVXPG NPH
KHRVOILGPH GNL WGTTG RG TI WKPHYG R^IQJTVLPRGg ‘V POG LGTTG WKPHYG OG JGPL HVGO VOe
RVXPGH NPH TG L¬JG RG NKONZ GTTG JGPL GO HG`IOWUG RKOOGH RGN VO[KHQILVKON NPH TGN
LGQJN [KHLN KP TGN žHIORN WUIOžGQGOLN RG TI JVSWGg
ION T^G_GQJTG RG TI bžPHG gšZ KO JGPL RMLGWLGH PO NKO LHSN [KHL XPV N^ILLMOPGZ
JPVN PO NKO JGHWPNNV[ NPV`V R^PO HGTILV[ NVTGOWGg §O `KVL GONPVLG RGP_ NKON [KHLN NPVe
`VN R^PO GONGQYTG INNG POV[KHQG [IVNIOL JGONGH c POG OIJJG RG NKONZ NPH TIXPGTTG
IJJIHIVNNGOL RG LGQJN GO LGQJN XPGTXPGN MTMQGOLN RG JGHWPNNVKOg
G OKQYHGP_ WKQJKNVLGPHN RG JVSWG QV_LG I™KPLGOL WGLLG VO[KHQILVKO IP YIN
RGN JIHLVLVKON R^VONLHPQGOL WTINNVXPG IbO R^IVRGH TGN QPNVWVGON c NG HGJMHGH NPH TI
YIORG ÜbžPHG g›ßg
< => ?
+
,
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
”
g› ¤OG JIHLVLVKO RG JVSWG QV_LG ÜF¦’àG`HVGH e ’gd£’FÝ£Þ©ªgd£Ý“f¦á
e •——œß
< => ?
^ _„ _v
+
‡g bdhei {el o o b
¤O NJGWLHKžHIQQG GNL POG HGJHMNGOLILVKO INNKWVIOL c WUIXPG VONLIOL R^PO NVe
žOIT NKO NJGWLHG RG [HMXPGOWGg £`GW POG LGTTG HGJHMNGOLILVKOZ OKPN KYLGOKON PO JTPN
žHIOR OKQYHG R^VO[KHQILVKON NPH TG NKO KP TI QPNVXPGg fT GNL OKLIQQGOL JKNNVYTG
RG RMLGWLGH PO NKO UIHQKOVXPG KP VOUIHQKOVXPGZ PO NKO HVWUG GO [HMXPGOWGNZ GLWg
“O RGUKHN RP RKQIVOG QPNVWITZ TG NJGWLKžHIQQG GNL LHSN PLVTG JKPH TI HGWKOOIVNe
NIOWG RG TI JIHKTGg
GN VO[KHQILVKON [KPHOVGN VWV JIH POG LGTTG IOIT¬NG NKOL JTPLùL R^KHRHG LVQYHITZ
QâQG NV WG OG NKOL XPG RGN VORVWILVKON ÜVT GNL VQJKNNVYTG RG RG`VOGH TG LVQYHG G_IWL
™PNLG GO HGžIHRIOL TG NJGWLHKžHIQQGßg FGWV JGPL JGHQGLLHGZ NV OKPN HGNLKON RION
TG RKQIVOG RGN JVSWGN QV_LGNZ c PO VONLHPQGOLVNLG RG NI`KVH N^VT `IPL QVGP_ ™KPGH
RION LGTTG KP LGTTG [HMXPGOWGNZ KP M`VLGH LGTTG KP LGTTG IPLHGg
ION T^G_GQJTG RG TI bžPHG gœZ XPV WKHHGNJKOR IP NJGWLHKžHIQQG RG T^G_GQJTG
JHMWGRGOLZ KO KYLVGOL RGN VO[KHQILVKON RV¢MHGOLGNg §O KYNGH`G PO NKO LHSN HVWUG
GO [HMXPGOWGNZ XPV GO JGHR IP [PH GL I QGNPHG JKPH NG WKOWGOLHGH `GHN TG žHI`Gg G
NVTGOWG HGTILV[ GNL RKOW GO [IVL PO [KOR žHI`Gg £P OV`GIP RG TI OIJJGZ VT GNL JKNNVYTG
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•—
gœ ¤OG HGJHMNGOLILVKO JIH NJGWLHKžHIQQG ÜdVOG e ’gd£’FÝ£Þ e •——ß
RG `KVH XP^VT N^IžVL QIOV[GNLGQGOL R^PO QâQG NKO LGOPZ HVWUG GO [HMXPGOWGNZ GL JTPN
IVžP XPG TG HGNLG RG TI JVSWGg
< => ?
^ _„ _ˆ
+
‰ diw co i{elg Šb
g ¤OG HGJHMNGOLILVKO JIH IWKPNQKžHIJUG ÜdVOG e ’gd£’FÝ£Þ e •——ß
^IWKPNQKžHIJUGZ RG`GTKJJM JIH TG ÉHKPJG RG ’GWUGHWUG dPNVWITG RG T^fONLVLPL
¦ILVKOIT RG T^£PRVK`VNPGT Ü Ÿ ßZ GNL PO KPLVT RG HGJHMNGOLILVKO RP NVžOIT NKOKHGZ GL
NPHLKPL RGN JUMOKQSOGN NKOKHGNg “O JTPN RGN VO[KHQILVKON R^IQJTVLPRG GL RG [HMe
XPGOWGZ VT JGHQGL R^I™KPLGH RGN N¬QYKTGN VORVXPIOL RGN VOLGOLVKONZ IbO RG HGORHG
< => ?
+
•
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
T^IOIT¬NG JTPN TVNVYTGZ GL [IWVTVLGH TG LHI`IVT RG T^IHLVNLG TKHN RG TI RV¢PNVKO RG NKO
ÇP`HGZ JIH G_GQJTGg
‘PH TI bžPHG gZ KO HGLHKP`G RKOW TI QâQG JVSWG IOIT¬NMGZ QIVN TGN I™KPLN
HGITVNMN JGHQGLLGOL R^I™KPLGH RG TI WTIHLMZ GL RG TI TVNVYVTVLMg §O NIVL JIH G_GQJTG
XP^VT ¬ I PO NVTGOWGZ PO NKO RG NVHSOGZ RGN MWTILNZ RGN ILLGOPILVKON GLWg
^ _„ _‹
Œ b c  j fh m c
‡ b o fi h fŽ w b c
b o g i e b y y b c
gŸ ¤OG IOIT¬NG I`GW TGN ¤‘¥
ION T^IWKPNQKžHIJUGZ TGN N¬QYKTGN GL VOLGOLVKON NKOL TIVNNMN c TI RVNWHMLVKO RP
WKQJKNVLGPH KP RG T^IOIT¬NLGg £`GW TGN ¤OVLMN ‘MQVKLVXPGN ¥GQJKHGTTGNZ PO [KHQIe
TVNQG R^IOIT¬NG GNL JHKJKNM JIH TGN QPNVWVGON WUGHWUGPHN RP TIYKHILKVHG dPNVXPG GL
fO[KHQILVXPG RG dIHNGVTTG Ü  ßg §O WKONVRSHG XP^POG ¤OVLM ‘MQVKLVXPG ¥GQJKHGTTG
GNL PO QKHWGIP RG TI QPNVXPG LGT XP^VT JKNNSRGZ žHéWG c NKO G`KTPLVKO QKHJUKTKžVGZ
PO NGON LGQJKHGT a QâQG UKHN WKOLG_LGg £VONVZ TI RPHMG RG WUIWPOG RG WGN POVLMN
O^GNL JIN b_GZ GTTG RMJGOR RG TI JVGWG IOIT¬NMGg GPHN RMbOVLVKON NG YINGOL NPH RGN
G_GQJTGN WKOWHGLNg fT ¬ I GO LKPL ” ¤OVLMN ‘MQVKLVXPGN ¥GQJKHGTTGNg FVLKON GO
XPGTXPGNePOGN JIH G_GQJTG ÜRMbOVLVKON K WVGTTGNß \
FUPLG \ úïìîûî ôð îóíöø û ð ïìî íð ôòë ö íìí ðóí ìîí øíñì û ðëðóö ðôöð
úóðô îð òöðóöîðûû ð ïìî íð ñòó ðôöîð ðó úóðô îð ñîó úöîïìð
FKOLHIWLMeMLGORP \ ø òô íðóíøöîòó ð ñòë ôðííîòó ñòëëð íî òó í ø ì øîö
òôöðëðóö ñòóöôð ìó ò íöøñû ð ìîí ñðö ò íöøñû ð ñ ð ôìöø û ðëðóö
‘PH T^GHHG \ û îëø ð ðíö ñðûû ð ìó øöðøì ïìî ø øóö ø ø ûú íðí òîû ðí òì ñòì ú
íòó ëòöðìô ñòóöîóìð ø øóñðô íìô û ðôôð ô ñð íø îöðííð øñïìîíð
“LVHGQGOL \ òóóð û îë ôðííîòó ø ûû ðô ðôí û ð ëø îëìë ìó ð òôö ìó
ôòñðííìí
“O KLLGQGOL \ ëø û ôú û ð ôðû øöî ø ûúøöòîôð øóí û ø øôîöîòó ðí ú úóðëðóöí
íòóòôðí îû ó ø øí øööðóöð ð íìí ðóíð
< => ?
+

+
“”

‘
‘
•
‘
–
“” 
+
™
+
’ ‘
•
—
œ
“
”
‘
“
–
š“
—

‘

’ ‘
—


“”
‘
•
“

”
+
’
–
“”
›
œ
–
‘
–
“”
›
‘
+
@
•
—
”˜
‘
“”
™
— “
” ‘‘
“

‘

˜

˜
 • ž
”
” ‘‘
“
–
— “”
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
••
AŒEĄÒDŒ
GN ¤OVLMN ‘MQVKLVXPGN ¥GQJKHGTTGN JGP`GOL MžITGQGOL âLHG POG IVRG IP WKQe
JKNVLGPH JKPH G_JHVQGH NGN VRMGN I`IOL TI WKQJKNVLVKOZ GO RKOOIOL RGN VORVWILVKON
žMOMHITGN NPH TI [KHQG XPG JHGORHI NI JVGWGg I bžPHG gŸ GNL PO G_GQJTG WHMM JIH
TG FGOLHG ¦ILVKOIT RG KWPQGOLILVKO ˜MRIžKžVXPG Ü • ß
ƒ
^ _„ _Ÿ
i h l h fi j
k b d i o g i c fh b w e
g” ˜IHLVLVKO HMITVNMG JIH ªg£e£«“ Z àgF§£¤¥¥f GL ªg£’’£ “
ÜJVSWG f˜§dÀ“ e •——ß
£P ‘F’fd“Z LHKVN WKQJKNVLGPHN ܪPTVI £e£«“ Z àTKHGOL F§£¤¥¥f GL ªKe
NGJU £’’£ “ß KOL WKQJKNMZ RPHIOL TG RMHKPTGQGOL RG WG JHK™GLZ POG JVSWG
JKPH RGP_ dMLIefONLHPQGOLN GL PO “d¤’ g £bO RG JKP`KVH WKQJKNGH GL ™KPGH
GONGQYTGZ VTN KOL PLVTVNM POG HGJHMNGOLILVKO XPV TGPH GNL JHKJHGg I bžPHG g” QKOLHG
TG HMNPTLIL RG WGLLG HGJHMNGOLILVKOg I JIHLVG UIPLG N¬QYKTVNG TGN IQJTVLPRGNZ TI
JIHLVG YINNG N¬QYKTVNG TGN UIPLGPHNg
jkmn ton m imp t so mpÿjpkml q t jÿÿ ÿ n om km
< => ?
+
¡
¢
£
¤
¥¦§¨ © ª
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
^ _„ _«
Œ l ¬ fk m i
•–
d i o o b g l e h fh f i j
˜KPH TG dMLIefONLHPQGOLZ POG NKTPLVKO JKPH LHIONQGLLHG POG JVSWG c PO QPe
NVWVGO GNL RG bTQGH POG JGH[KHQIOWGZ GL RG TPV QKOLHGHg FGWV JGHQGL RG TPV [IVHG
MLPRVGH TG TVGO GOLHG TG žGNLG GL TG NKO JHKRPVLg F^GNL IWLPGTTGQGOL T^POG RGN QMLUKRGN
TGN JTPN PLVTVNMGNg
! "!­
® 9 3 OP7
PF W OM O$ P7
$ T O73 4 63 7
GN TKžVWVGTN XPG OKPN JHMNGOLKON VWV NKOL PLVTVNMN RION TI WKQJKNVLVKO MTGWLHKIe
WKPNLVXPGg ‘^VTN NKOL VOLMHGNNIOLN JKPH TGN JVSWGN JKPH YIORGZ VTN OG JGHQGLLGOL JIN
TI WKQJKNVLVKO UVMHIHWUVXPG GL NKOL JGP G WIWGN JKPH [IVHG VOLGH`GOVH PO WKOLHùTGPH
žGNLPGTg
^ _^¯ _^
° ‡iw jk
F‘KPOR GNL PO TIOžIžG TVYHG RG N¬OLUSNG NKOKHG WHMG GO ”Ÿ› JIH «IHH¬ ¡“’e
F§“ GO TIOžIžG Fg T^IVRG RG RGP_ bWUVGHN LG_LPGTN NGH`IOL c RMbOVH HGNJGWLVe
`GQGOL PO KHWUGNLHG R^VONLHPQGOLN GL RGN JIHLVLVKONZ WG JHKžHIQQG žMOSHG IJHSN
WKQJVTILVKO POG QPNVXPG WKHHGNJKORIOL IP_ VONLHPQGOLN GL c TGPHN JIHLVLVKON HGNe
JGWLV`GNg fT GNL MžITGQGOL JKNNVYTG RG RMbOVH RGN OKLGNeM`MOGQGOLN GO LGQJN HMGT
JKP`IOL JHK`GOVH RG RV¢MHGOLN WKOLHùTGPHN Ü • ßg
C
^ _ ^ ¯ _v
‡mŽwbj dbwec
GN NMXPGOWGPHN NKOL TGN TKžVWVGTN ÜNKP`GOL WKQQGHWVIP_ß TGN JTPN PLVTVNMN JKPH
TI WKQJKNVLVKO MTGWLHKIWKPNLVXPG b_MG NPH NPJJKHLg fTN JGHQGLLGOL R^KHžIOVNGH LGQe
JKHGTTGQGOL POG JVSWG GO TI RMWKPJIOL GO JTPNVGPHN JVNLGN XPV NGHKOL ™KPMGN NVQPTe
LIOMQGOLg ‘PH POG JVNLGZ T^KHžIOVNILVKO LGQJKHGTTG WKHHGNJKOR IP QKOLIžG a NPH
JTPNVGPHN JVNLGNZ VT N^IžVL RP QV_IžGg “ObOZ VT GNL JKNNVYTG R^IJJTVXPGH RGN G¢GLN NPH
LKPL KP JIHLVG R^POG JVNLGg
‘PH TI bžPHG g—Z OKPN `K¬KON POG JIHLVG RG T^KHžIOVNILVKO R^POG JVSWGg GN
WKPHYGN ™IPOGN HGJHMNGOLGOL TI `IHVILVKO RP `KTPQGZ GL TGN WKPHYGN YTGPGN HGJHMe
NGOLGOL TI NJILVITVNILVKO GOLHG TG WIOIT žIPWUG GL TG WIOIT RHKVLg
! "! !
& F : N F 7 O3 OF 6 7 N 2 M O± ² 9 $ N F 9 8 P$ ) 2 3 4 5 ( 6 7 3 8 9 : $ 6 3
G dMLIefONLHPQGOL GNL PO WKOLHùTGPH žGNLPGTZ VT OG JHKRPVL RKOW IPWPO NKO
RVHGWLGQGOLg fT [IPL TG YHIOWUGH c PO KHRVOILGPH NPH TGXPGT PO JHKžHIQQG [GHI TG
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•š
g— “_GQJTG R^POG JVSWG WKQJKNMG c T^IVRG R^PO NMXPGOWGPH ܓWWU¬QKOKHG
e ’gd£’FÝ£Þ e •——ß
< => ?
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•›
TVGO GOLHG JIHIQâLHGN žGNLPGTN GL JIHIQâLHGN NKOKHGNZ KP JIHIQâLHGN žGNLPGTN GL
G¢GLN \ KO JIHTG ITKHN RG ëø îó g
FG QIJJVOž NG HMITVNG GO LHIVLIOL TGN QGNNIžGN §‘F GO`K¬MN JIH TG dMLIe
fONLHPQGOLg ¡K¬KON R^IYKHR GO XPKV WKONVNLG TG JHKLKWKTGZ JPVN OKPN `GHHKON TG
TKžVWVGT JHVOWVJIT PLVTVNM JKPH HMITVNGH WG QIJJVOžg
‘‘
•
³
^ _^ ^ _^
Œ b g e i h i d i yb
´ ‡°
G JHKLKWKTG §‘F Ü – ß GNL PO JHKLKWKTG RG WKQQPOVWILVKO GOLHG KHRVOILGPHNZ
N¬OLUMLVNGPHN RG NKO GL IPLHGN QILMHVGTN QPTLVQMRVI JGHQGLLIOL POG WKQQPOVWILVKO
GO HMNGIPg fT I MLM RM`GTKJJM GOLHG IPLHG JKPH HMJKORHG IP_ TIWPOGN RP JHKLKWKTG
df fg
¤O QGNNIžG §‘F HGNNGQYTG c POG ¤’ NPV`VG JIH RGN VRGOLVbWILGPHN RG `Ie
HVIYTG GL TGPHN `ITGPHN INNKWVMGNZ XPG T^KO GO`KVG JIH HMNGIP c POG IPLHG QIWUVOG
ÜG_ \ ã©JHGQVGH©VWV© Z¢ •g› –g•ãßg KHN RG TI HMWGJLVKO R^PO LGT QGNNIžGZ VT GNL JKNe
NVYTGZ žHéWG c T^IRHGNNGZ RG RV¢MHGOWVGH TGN RV¢MHGOLN QGNNIžGN GO JHK`GOIOWGZ GLZ
N^VTN RKV`GOL âLHG IOIT¬NMNZ RG HMWPJMHGH TGN `ITGPHN RGN `IHVIYTGNg
GN [KOWLVKON R^GO`KV GL RG HMWGJLVKO G_VNLGOL GOLHG IPLHG JKPH F‘KPORZ FZ
F Z dI_©d‘˜Z ˜ Z GLWg
DD
^ _ ^ ^ _v
µ l h dŠ
¶ ‰ · ¸¶ ‡µ
d£¨©d‘˜ Ü › ß GNL PO TKžVWVGT RG JHKžHIQQILVKO QPNVWITG WHMG JIH dVTTGH
˜¤Fޓ¥¥“ GL I`VR ÝfFF£’“f IP QVTVGP RGN IOOMGN ”Ÿ—g I JIHLVG d£¨
NGHL c WKOLHùTGH GO LGQJN HMGT RGN VONLHPQGOLN df fZ TI JIHLVG d‘˜ XPIOL c GTTG
WKOLVGOL RGN QKRPTGN RG LHIVLGQGOLN IPRVKg FGWV JGHQGL TI WHMILVKO R^VONLITTILVKON
NKOKHGN VOLGHIWLV`GNg
d£¨©d‘˜ GNL PO TIOžIžG `VNPGT [KORM NPH TI OKLVKO RG øöñ ðôg ¤O JILWUGH
GNL PO GONGQYTG R^KY™GLN HGTVMN GOLHG GP_ GL WKQQPOVXPIOL JIH GO`KV RG QGNNIžGNg
áPIOR VT HGêKVL PO QGNNIžGZ PO KY™GL HMITVNG POG [KOWLVKOZ GL GO NKHL TG KP TGN HMe
NPTLILÜNßg
^G_VNLIOWG R^PO RHV`GH dMLIefONLHPQGOL JKPH d£¨©d‘˜ GL R^POG YVYTVKe
LUSXPG §‘F JKPH WG QâQG TKžVWVGT GO [IVL T^PO RGN JTPN PLVTVNMN JKPH TI HMITVNILVKO
RG QIJJVOžg FGWV RVLZ YGIPWKPJ RG WKQJKNVLGPHN O^IHHV`GOL JIN c N^GO NGH`VH WIH
ÿtk jokq jkmnj
‘
º»
¹
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•œ
WGTI HGNLG RG TI JHKžHIQQILVKOg
g ˜ILWU d£¨©d‘˜ HMITVNM JIH ªKNGJU £’’£ “
ªKNGJU £’’£ “ WKQJKNG YGIPWKPJ JKPH TG dMLIefONLHPQGOL I`GW d£¨©d‘˜g
I bžPHG g QKOLHG PO G_GQJTG RG JILWU XP^VT I HMITVNMg
< => ?
! "!1
+
& F : N F 7 O3 OF 6
\ O2 8 4 8 M\ O² 9 $
$3
N 48
M F 63 8 4 O63 $
GN G_GQJTGN JHMNGOLMN VWV NKOL RGN JHKJKNVLVKON JKPH JGHQGLLHG RG NG HIJJHKe
WUGH TG JTPN JKNNVYTG RG TI [IêKO RKOL PO WKQJKNVLGPH VQIžVOG NI WKQJKNVLVKOg
FG NKOL RGN IJJHKWUGN G_JMHVQGOLITGN XPV JHMNGOLGOL RGN KY™GWLV[N NVQVTIVHGN IP_
OKLHGNg
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
^ _^ v _^
b e o f j i y i { f b c h e w d h w e m b
k b ¼ b l j Œ i w fc a ½
•
‡‰  ´
“O HGWUGHWUIOL PO TVGO GOLHG TVOžPVNLVXPG GL QPNVXPGZ GL GO KYNGH`IOL TGN RV[e
[MHGOLN RMWKPJIžGN JKNNVYTGN RION POG JUHING ÜJUHINGZ TG_VGZ QKHJUSQGZ JUKOSQGZ
QMHVNQGNßZ ªGIO KPVN f ‘£¦¥§ Ü – ß N^GNL VOLGHGNNM c HGžIHRGH NV WGN RMWKPJIžGN
HGNLGOL JGHLVOGOLN JKPH TI QPNVXPG MTGWLHKIWKPNLVXPGg
fT RMbOVL T^POVLM QVOVQITG WKQQG
LKPL NKO HGJHMNGOLIOL POG POVLM RG JHKWGNNPNg FG JHKWGNNPN WKQQIORG
TI QKRVbWILVKO ÜKP OKO QKRVbWILVKOß LKP™KPHN VRGOLVXPG R^PO JIHIe
QSLHG KP R^PO [IVNWGIP RG JIHIQSLHGN RP NKOg
fT T^IJJGTTG øíð
¤OG JUING GNL WKQJKNMG RG š JIHIQSLHGNZ XP^VT OKQQG ôò û
JHKbT QMTKRVXPG
JHKbT H¬LUQVXPG
JHKbT UIHQKOVXPG
JHKbT R¬OIQVXPG
˜IH TI NPVLGZ VT RMbOVL RGN ðóöîö úí WKQQG PO HGžHKPJGQGOL RG JTPNVGPHN JUINGN
R^POG QGQG QILVSHGZ RG JHKWGNNPN NVQVTIVHG KP `IHVIOL JHKžHGNNV`GQGOL
˜TPNVGPHN GOLVLMN JGP`GOL [KHQGH PO ôòì ð GL JTPNVGPHN žHKPJGN JGP`GOL [KHQGH
POG ôøíð ÜYVGO XP^POG JUHING JPVNNG GLHG WKQJKNMG MžITGQGOL R^POG NGPTG JUINGßg
‘PH TI bžPHG g• ÜMLIYTVG JIH ªGIO KPVN f ‘£¦¥§ßZ OKPN `K¬KON NPH TI
žIPWUG TGN JHKJKNVLVKON RG OKLILVKO \
JHKbT R¬OIQVXPG \ NKO LGOPZ WHGNWGORKZ RGWHGNWGORK
JHKbT QMTKRVXPG \ RP žHI`G I T^IVžPZ RG T^IVžP IP žHI`GZ LGOP
JHKbT H¬LUQVXPG \ IWWMTMHILVKOZ RMWMTMHILVKOZ MžIT
JHKbT UIHQKOVXPG \ NKO JPHZ NKO YHPVLM
NKO JPH RG`GOIOL YHPVLMZ NKO YHPVLM RG`GOIOL JPH
G_GQJTG WKQYVOIOL JTPNVGPHN JIHIQSLHGN \ NKO JPHZ LGOPZ IWWMTMHIOL GL M`Ke
TPIOL RP žHI`G `GHN T^IVžP
RHKVLGZ OKPN JKP`KON `KVH POG JIHLVLVKO QIOPNWHVLG HGJHGOIOL WGN MTMQGOLNZ
JHKJKNMG JIH ªGIO KPVN f ‘£¦¥§g
FGLLG LGHQVOKTKžVG GNL VOLMHGNNIOLG RION NI [IêKO RG JHMNGOLGH POG `VNPITVNILVKO
GL POG QKRMTVNILVKO ILKQVXPGg
‘¹
‘
+
+
+
+
•
‘¹
+
+
+
+
+
+
C
‘
¾
•Ÿ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
g• ˜IHLVLVKO I`GW TI LGHQVOKTKžVG NLHPWLPHMG RG ªGIO KPVN f ‘£¦¥§
AŒEĄÒDŒ
G žHIJUVNQG RG WGLLG LGHQVOKTKžVG I MLM HMWGQQGOL I™KPLM IP TKžVWVGT «§¨“‘g
< => ?
+
ƒ
^ _ ^ v _v
Œ b yi { fd fb y ½ … ½ f’f¦ GNL PO TKžVWVGT RM`GTKJJM NKPN d£¨©d‘˜ JIH FIHTKN F£f’“‘ Ü •– •š
•• ßg ^VRMG GNL RG NLHPWLPHGH TI WKQJKNVLVKO GO JIHLIOL RG JHMTS`GQGOLNZ IJJGTMN
øë û ðíZ G¢GWLPMN NPH PO NKOg
FGN JHMTS`GQGOLN JGP`GOL NPYVH RV¢MHGOLN LHIVLGQGOLNZ GL âLHG JTIWMN RION RGN
î ìôðíg FIHTKN FIVHGN RMbOVL TI bžPHG WKQQG
T^INNGQYTIžG RG JTPNVGPHN NIQJTGN IžGOWMN GO [KOWLVKO RP LGQJN a GTTG
UMHVLG RG LKPLGN TGN JHKJHVMLMN RGN NIQJTGNg
§O JGPL IVONV HMWPJMHGH POG NLHPWLPHG RG QVWHKeQKOLIžGNZ GL QKRVbGH TGN JIHIe
QSLHGN RG WUIXPG NIQJTG NV YGNKVOg
“O JIHLIOL R^POG bžPHGZ VT GNL JKNNVYTG RG WHMGH RGN í ôîó î ìôðíZ RKOL
T^VOLMHâL JHVOWVJIT GNL RG JKP`KVH IJJTVXPGH POG LHION[KHQILVKO žTKYITG c LKPN TGN
‘IQJTGN RG TI bžPHGg
FUIXPG bžPHG JGPL GONPVLG [IVHG JIHLVG R^POG ðíò íöôìñöìôðg G TI QâQG QIe
OVGHG XP^POG bžPHG GNL PO GONGQYTG RG NIQJTGNZ POG dGNK NLHPWLPHG GNL PO GONGQYTG
¿
‘
À •
Á› ‘
Â
• À •
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
g– ‘WUMQI RG TI UVMHIHWUVNILVKO I`GW f’f¦ ÜJIH FIHTKN F£f’“‘ß
+
•”
–—
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
RG bžPHGNZ GO I™KPLIOL WGJGORIOL PO WKOWGJL RG WKPWUGNZ RKOW RG JKT¬JUKOVGg
“ObOZ NIQJTGNZ bžPHGN GL QGNK NLHPWLPHGN JGP`GOL GLHG IžGOWMN NPH POG îëð÷
ûîóðg fT GNL JKNNVYTG R^I™KPLGH c WGLLG LVQGTVOG RGN JVNLGN IPRVK GL df fZ JKPH TGN
JVSWGN QV_LGN OKLIQQGOLg
FG TKžVWVGT OKPN I VONJVHM JKPH OKLHG QKRSTG WIH VT HGTVG RGN VO[KHQILVKON RG
QVWHKeNLHPWLPHG I`GW RGN VO[KHQILVKON RG QIWHKeNLHPWLPHGg
Ã
^ _ ^ v _ˆ
Œ b yi { fd fb y Ä ´ · Å ‡
«§¨“‘ GNL PO TKžVWVGT RM`GTKJJM IP ‘F’fd“Z R^IYKHR JIH £OLUKO¬ «“¤’f¡À
Ü •— ßZ JPVN HGJHVN JIH «HPOK ¡£“Ý“ GL £OLKVOG £§d«“’¥g ‘KO VOLMHâL HMe
NVRG RION POG OKP`GTTG [IêKO RG JGONGH TI WKQJKNVLVKOg ˜TPLùL XPG RG JTIWGH RGN
NKON KP RGN M`MOGQGOLN RVHGWLGQGOL NPH RGN JVNLGN LGQJKHGTTGNZ TG TKžVWVGT JHKJKNG
R^PLVTVNGH PO GONGQYTG RG YKVLGN HGTVMGN GOLHG GTTGN JIH RGN WKOLHIVOLGNg £VONVZ TG
WUIOžGQGOL R^POG JIHLVG RG TI WKQJKNVLVKO RG`HI [IVHG IRIJLGH TG HGNLG RG TI JVSWG
JKPH HGNJGWLGH GL KJLVQVNGH WGN WKOLHIVOLGNg
GN WKOLHIVOLGN JGP`GOL âLHG NPH TI RPHMG R^POG YKVLGZ NPH TI JKNVLVKO R^POG YKVLG
JIH HIJJKHL c POG IPLHG KP NPH PO M`MOGQGOL G_LMHVGPH JGHQGLLIOL RG XPVLLGH POG
YKVLGg GN YKVLGN JGP`GOL MžITGQGOL WKOLGOVH R^IPLHGN YKVLGNg
G TKžVWVGT JHKJKNG R^PLVTVNGH TGN HGTILVKON RG £TTGO WKQQG WKOLHIVOLGN NPH TGN
JKNVLVKON RGN YKVLGN \
£ YG[KHG « \ TI YKVLG £ RKVL bOVH I`IOL XPG « OG WKQQGOWGg
£ QGGLN « \ TI YKVLG £ RKVL bOVH IP QKQGOL K « WKQQGOWGg
£ K`GHTIJN « \ TI YKVLG £ RKVL bOVH IJHSN TG RMYPL RG «g
£ NLIHLN « \ TI YKVLG £ RKVL WKQQGOWGH IP QKQGOL K « WKQQGOWGg
£ RPHVOž « \ TI YKVLG £ WKQQGOWGH IJHSN « GL NG bOVH I`IOL «g
£ bOVNUGN « \ TI YKVLG £ RKVL bOVH IP QKQGOL K « NG LGHQVOGg
£ GXPITN « \ TGN YKVLGN £ GL « RKV`GOL WKQQGOWGH GL bOVH GO QâQG LGQJNg
F^GNL GO MLGORIOL WG TKžVWVGT XPG TG QKRSTG JHMNGOLM RION WG HIJJKHL `I LHMN
WGHLIVOGQGOL LHKP`GH POG HMITVNILVKO TKžVWVGTTGg
+
Q
+
+
Q
+
+
Q
+
+
! "!;
Æ 6 4 PÇ 7 $
X$
N O€ M $ 7
N F98
P$
) $345(6 7389 : $ 63
¤O VONLHPQGOL GNL PO GONGQYTG RG TVGON GOLHG RGN JIHIQâLHGN žGNLPGTN GL RGN
JIHIQâLHGN NKOKHGN KP R^G¢GLg ¤OG JVSWG GNL POG WKQJKNVLVKO XPV JGPL M`GOLPGTTGe
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
gš G TKžVWVGT «§¨“‘
+
–
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
–•
QGOL [IVHG VOLGH`GOVH PO KP JTPNVGPHN VONLHPQGOLNg
£bO RG JKP`KVH JHKJKNGH PO QKRSTG JGHLVOGOLZ RGN VONLHPQGOLN] KOL MLM IOIe
T¬NMGN žHéWG c T^MLPRG RG JILWU d£¨ a IVONV XPG RGN JVSWGN JKPH dGLIefONLHPQGOL
žHéWG c RGN GOXPâLGN IPJHSN RGN WKQJKNVLGPHNZ c RGN F GL c RG TI `VRMKg I JIHe
LVG › QKOLHG TI QVNG GO JTIWG RG WGN IOIT¬NGN RION OKLHG QKRSTGg
˜KPH TGN WIJLGPHN RP dMLIefONLHPQGOLZ `KVH TI bžPHG g•
È
^ _^ˆ _^
Œ †f j c h e w o b j h
…´¶ µÅ
^VONLHPQGOL ¥’§d˜“ GNL PO VONLHPQGOL RM`GTKJJM JIH ‘GHžG “ £¤«f“’g
GP_ YKPLKON JGHQGLLGOL RG JINNGH R^POG YIOXPG RG NKON RG JVIOK c POG
YIOXPG RG NKON RG LHKQJGLLGg
¤O YKPLKO JGHQGL RG bTLHGH TG NKOg
WUIXPG JPTNILVKOZ PO IHJSžG KP PO IWWKHR GNL ™KPMg ¤O YKPLKO JGHQGL RG
RMWVRGH NV KO GNL GO QKRG IHJSžG KP GO QKRG IWWKHRg
G OKQYHG RG OKLGN RG T^IHJGžG KP RG T^IWWKHR GNL RMWVRM JIH PO NTVRGHg
“O ¿ Z KO RMLGHQVOG TI JHGQVSHG OKLG RG T^IHJSžG KP RG T^IWWKHRg
“O ¨ Z KO RMLGHQVOG TI `ITGPH RG TI JPTNILVKOg
¤O YKPLKO JGHQGL R^I™KPLGH RGP_ KWLI`GNg
¤O YKPLKO JGHQGL R^I™KPLGH PO LKOZ GL PO IPLHG JGHQGL R^GOTG`GH PO LKOg
¤O NTVRGH JGHQGL RG WKOLHKTGH TG `KTPQG žMOMHITg
+
+
+
C
+
+
+
+
+
+
^ _ ^ ˆ _v
Œ l g fx d b
°É °Œ ´ Å
F¿F§¦“ GNL POG JVSWG GO LHKVN JIHLVGN WKQJKNMG JKPH RGP_ dMLIefONLHPQGOLN
JIH ɬKHž¬ Þ¤’¥£Ég ¡KVWV TI RGNWHVJLVKO RGN RGP_ JHGQVSHGN JIHLVGNg
˜HGQVSHG JIHLVG \
˜KPH TG dMLIefONLHPQGOL  \
¤O YKPLKO JGHQGL RG RMWTGOWUGH PO NKO RG ãQKPWUGãg
“O ¨ GL GO ¿ Z KO [IVL `IHVGH TI UIPLGPH RP NKOg
¤O YKPLKO JGHQGL R^IJJTVXPGH PO `VYHILK ÜJTPN VT GNL IJJP¬MZ JTPN TG `Ve
YHILK NGHI HIJVRGßg
¤O YKPLKO JGHQGL R^IJJTVXPGH PO bTLHG JINNG UIPLg
˜KPH TG dMLIefONLHPQGOL • \
I JKNVLVKO RP YHIN GO ¨ ™KPG POG OKLGZ PO JGP WKQQG NPH POG UIHJGg
‘LHPWLPHG RG TI JIHLVG \
h ÿnj n ss mpjkl qo m klmnostkm s ÿÿpk
+
+
+
+
+
+
+
+
Ê
¥
ª
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
––
§O RKVL I`KVH POG QKOLMG GO JPVNNIOWG RG NKON RG JTPN GO JTPN RGONGNZ
OGH`GP_ GL IVžPNg
GP_VSQG JIHLVG \
˜KPH TGN dMLIefONLHPQGOLN  GL • \
^IQJTVLPRG R^PO QKP`GQGOL RG UIPL GO YIN GO ¿ RMLGHQVOG PO IWWKHR
WKOLGOIOL RG JTPN GO JTPN RG OKLGNZ JTPN T^IQJTVLPRG GNL žHIORGg
¤O NTVRGH WKOLHùTG TG `KTPQGg
‘LHPWLPHG RG TI JIHLVG \
FGLLG JIHLVG GNL PO ãWKQYIL RGN NKONã GOLHG RGP_ dGLIefONLHPQGOLNg FUIe
WPO c TGPH LKPHZ TGN QPNVWVGON GNNIVGOL RG JHKRPVHG TG NKO TG JTPN [KHL XPV
žMOMHGHI TI JTPN žHIORG HMNKOOIOWGg
+
+
+
+
+
+
^ _ ^ ˆ _ˆ
j
fj ch e w o b jh
k b yl g fx d b ½ µ ´ ¶ Ë Å
I JVSWG f˜§dÀ“ GNL POG JVSWG WKQJKNMG JIH ªPTVI £ £«“ Z àTKHGOL F§e
£¤¥f GL ªKNGJU £’’£ “ JKPH RGP_ dMLIefONLHPQGOLN GL PO “d¤’g ¡KVWV
TI RGNWHVJLVKO R^PO VONLHPQGOL PLVTVNM RION WGLLG JVSWGg
§O PLVTVNG TI N¬OLUSNG žHIOPTIVHG JKPH JHKRPVHG PO NKOg I JKNVLVKO GO ¨ R^PO
YHIN JGHQGL RG RMJTIWGH TI [GOâLHG RG žHIOPTIHVNILVKOg
‘PH WUIXPG QIVOZ PO YKPLKO JGHQGL R^I™KPLGH PO RGQV LKOZ PO YKPLKO JGHQGL
R^I™KPLGH PO LKO GL PO YKPLKO JGHQGL R^I™KPLGH POG KWLI`Gg
“O LKPHOIOL TI JIPQG R^POG QIVO `GHN T^VOLMHVGPHZ KO RMWTGOWUG PO NKOg §O
T^IHHâLG GO LKPHOIOL TI JIPQG `GHN T^G_LMHVGPHg
‘V KO RKOOG PO WKPJ NGW RG UIPL GO YIN I`GW TGN RGP_ YHIN NGHHMN TG TKOž RP
WKHJNZ PO NKO `VKTGOL GNL ™KPMg
+
+
+
+
Í
v ~}€y
Ì
€Ú v æ ~{v}~ç æ z y{ z ç æ æ y{
Î
^KY™GWLV[ RP QKRSTG XPG OKPN ITTKON JHMNGOLGH RION WG WUIJVLHG GNL RG JGHe
QGLLHG R^POG JIHL POG QMLUKRG RG WKQJKNVLVKO žMOMHITG GL UVMHIHWUVNMGZ GL R^IPLHG
JIHL POG HGJHMNGOLILVKO RGN JVSWGN IVONV WHMMGNZ XP^GTTGN NKVGOL JKPH YIORG KP JKPH
dMLIefONLHPQGOLg
£bO RG OG JIN TVQVLGH TI WKQJKNVLVKOZ TG QKRSTG NG YING JHVOWVJITGQGOL NPH POG
YKVLG JKP`IOL GO WKOLGOVH R^IPLHGNZ GL WG NPH IPLIOL RG OV`GIP_ RGNVHMNg FGLLG YKVLG
NGHL JKPH TI NLHPWLPHILVKO RG TI WKQJKNVLVKOg
˜IH G_GQJTGZ OKPN JKPHHVKON I`KVH POG YKVLG FKOWGHLZ WKOLGOIOL RGN YKVLGN
˜VGWGZ ˜VGWG•Z ˜VGWG–Z XPV WKOLVGORHIVGOL GTTGNeQâQGN RGN YKVLGN ˜IHLVG£Z ˜IHe
LVG«Z ˜IHLVGFZ GLWg
˜KPH RG TI QPNVXPG JTPN LHIRVLVKOOGTTGZ OKPN JKPHHVKON I`KVH POG YKVLG FKOWGHLZ
WKOLGOIOL RGN YKVLGN dPNVXPGZ dPNVXPG•Z GLWg XPV GTTGN QâQGN NGHIVGOL RMWKQJKe
NMGN NGTKO PO NWUMQI FKPJTGLZ ’G[HIVOZ ˜KOLdPNVWITZ GLWg
I UVMHIHWUVNILVKO N^IHHâLG TKHNXPG TGN YKVLGN NGH`GOL POVXPGQGOL c TI žMOMHILVKO
RP NKO a VT N^IžVL RGN YKVLGN íòó GL í óö íðg
˜
1 "!
¹š
Ï 2 ± 6 O3 OF 6 7
I NLHPWLPHG UVMHIHWUVXPG NPH TIXPGTTG OKPN ITTKON OKPN YINGH GNL WGTTG R^PO
IHYHGg ¦KPN JKP`KON RKOW PLVTVNGH PO `KWIYPTIVHG NVQVTIVHGg
’GQIHXPGN \ OKPN RVHKON XP^POG YKVLG GNL GOžTKYIOLG XPIOR GTTG I RGN GO[IOLNZ
GL XP^POG YKVLG GNL GOžTKYMGN XPIOR GTTG I PO JIHGOLg
–š
–›
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
օˆƒŒ „ćˆ‚Œ
¤OG YKVLG GNL POG ôøñîóð TKHNXP^GTTG O^GNL JIN GOžTKYMGg ¤OG HIWVOG GNL POVXPG
RION TG QKRSTGZ GTTG WKHHGNJKOR c NKO JKVOL R^GOLHMGg
օˆƒŒC ӌDˆÌ̌C
¤OG YKVLG GNL POG ðìîûû ð TKHXP^GTTG O^GNL JIN GOžTKYIOLGg GN YKVLGN RG žMOMHIe
LVKO RG NKO íòó GL í óö íð NKOL KYTVžILKVHGQGOL RGN YKVLGN [GPVTTGNg
օˆƒŒC ‚ D†C
¤OG YKVLG GNL PO ó ì TKHNXP^GTTG GNL OV [GPVTTGZ OV HIWVOG a W^GNL c RVHG XP^GTTG
GNL GOžTKYMG GL GOžTKYIOLGg FGN YKVLGN NGH`GOL c NLHPWLPHGH TGN MTMQGOLN RG TI JVSWGg
™
˜
¹š
Ð
Ñ
1 "1
Ï $9T
“
N \ 4 7$ 7
W282$7
N48
P$
: F X € P$
G QKRSTG HGJHMNGOLG RGP_ JUINGN RVNWLVOWLGN RG TI `VG R^POG WHMILVKO QPNVWITG \
TI WKQJKNVLVKO GL T^M_GWPLVKOg ¦KPN JKP`KON `KVH TI WKQJKNVLVKO WKQQG TI QVNG GO
JTIWG R^POG C ‚ƒÄŒ GL T^M_GWPLVKO WKQQG TI CBEÈÒDŒ WKHHGNJKORIOLGg
Ò
1 ";
#$7
8 2 7 $ 8 Ó F O8 7
X$
6F3$7
¦KPN VOLHKRPVNKON RION WGLLG JIHLVG TI OKLVKO RG HMNGH`KVHN RG OKLGNg
v _ˆ _ ^
µ e m c b jh l h fi j
GN HMNGH`KVHN RG OKLGN NKOL RGN GONGQYTGN žTKYIP_ WKOLGOIOL JTPNVGPHN NKONZ
IP_XPGTN VT GNL JKNNVYTG R^IWWMRGH žHIWG c PO GONGQYTG RG JIHIQSLHGNg FGWV JGHQGL
RG HGORHG TGN JKNNVYVTVLMN RG ™GP JTPN G_VYTGN a WKQQG NPH PO N¬OLUGLVNGPH K JKPH
WUIOžGH T^GONGQYTG RGN NKONZ VT NP L R^IJJP¬GH NPH POG LKPWUGg
¤O HMNGH`KVH RG OKLGN GNL POG NPVLG KHRKOOMG RG NKONg ‘KVL T^G_JHGNNVKO NPV`IOLG \
¨ ÜNKOZ NKO•Z NKO–Z NKOšZgggßg ¦KPN I`KON
¨ TG OKQ RP HGNGH`KVH
NKOZ NKO•ggg TGN NKON RP HGNGH`KVH
¨ V T^MTMQGOL VeGQG RP HGNGH`KVH ÜJIH G_GQJTG ¨  GNL VWV MžIT I NKOß
§O RMbOVL MžITGQGOL RGN NKPNeHMNGH`KVHNg
¨ g¿ GNL PO NKPNeHMNGH`KVH VOWTP RION ¨ Z I`GW PO KHRHG XPV JGPL âLHG RV¢MHGOLg
¨g¿ N^KYLVGOL RKOW GO bTLHIOL ¨ GL GO G¢GWLPIOL POG JGHQPLILVKO RP HMNPTLILg
@
Q
Ô
+
+
+
–œ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
¨ g¿ NKO•Z NKO JIH G_GQJTG
˜HGOKON PO G_GQJTG WKOWHGL JKPH VTTPNLHGH WGWV \
JVIOK J §Z J § Z J’“Z J’“ Z JdfZ Jà£Z J࣠Z J‘§Z J‘§ Z J£Z
J£ Z J‘f
JVIOKgRKQI™GPH J §Z J’“Z JdfZ Jà£Z J‘§Z J£Z J‘f
JVIOKgRKQVOGPH J §Z J’“Z J’“ Z Jà£Z J‘§Z J‘§ Z J£
JVIOK – GNL GžIT I J’“
JVIOKgRKQI™GPH – GNL GžIT I Jdf
JVIOKgRKQVOGPH – GNL GžIT I J’“
ggg
Ô Õ
Ö
Ô Õ
+
×
×
×
×
×
Ö
Ô Õ
+
Ö
Ô Õ
+
×
×
×Ö
+
+
+
×
+
v _ˆ _v
‡ m yb d h fi j j b e
wj
ci j
k l j c w j e m c b e ¬ i fe
ION WG QKRSTGZ KO IPLKHVNG T^IWWMN c WGN HMNGH`KVHN RG QIOVSHG R¬OIQVXPGZ GO
PLVTVNIOL RGN `IHVIYTGNg ˜IH G_GQJTGZ GO PLVTVNIOL TGN `IHVIYTGN VONLHPQGOLZ žIQQG
GL V \
VONLHPQGOL V J’“ NV
VONLHPQGOL JVIOK
GL V –
VONLHPQGOLgžIQQG V GNL GžIT I Jdf NV
VONLHPQGOL JVIOK
žIQQG RKQI™GPH
GL V –
ggg
¤O IPLHG G_GQJTG LGQJKHGTg “OWUIVOKON \
VONLHPQGOLgžIQQG V
VONLHPQGOLgžIQQG V 
VONLHPQGOLgžIQQG V •
VONLHPQGOLgžIQQG V –
VONLHPQGOLgžIQQG V š
GO JHGOIOL VONLHPQGOL JVIOK
žIQQG RKQI™GPH
GL V 
OKPN KYLGOKON T^IHJGžG J §Z J’“Z JdfZ Jà£Z J‘§
Ô
+
Ô
Ô
+
Ô
Ô
Ô
+
+
+
+
+
+
D
D
D
D
Ô
+
Ô
Ô
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
–
AŒEĄÒDŒ
“O TGN ™KPIOL GO QGQG LGQJNZ WGTI RKOOG PO IWWKHR
FGN `IHVIYTGNZ JGHQGLLIOL TI NMTGWLVKO R^PO NKO JIHQVN PO GONGQYTG RG HGNGHe
`KVHNZ NGHKOL RGbOVGN WKQQG RGN øôîø û ðí ðó îôòóóðëðóög
ƒ
–
1 "L
#$7
Ø F O3 $ 7

Ù$ 9 OPP$ 7
–
“”
Ú 7F 6
$3
7Ç 63 \ € 7$
FGN RGP_ YKVLGN [GPVTTGN NGH`GOL c TI žMOMHILVKO RP NKOZ TI JHGQVSHG GO PLVTVe
NIOL RGN MWUIOLVTTKON NKOKHGNZ TI RGP_VSQG GO WHMIOL PO NKO I`GW PO GONGQYTG RG
JIHIQâLHGNg
v _‹ _ ^
Œ l Û i fh b c i j
¤O NKO JGPL âLHG RMbOV RG RGP_ [IêKON RV¢MHGOLGN \
NLILVXPGQGOLZ IPXPGT WIN VT I POG RPHMG b_GZ GL TI YKVLG NKO WKOLVGOL NGPTGQGOL
̌ ‡ØˆŒ„ C…‚ c ™KPGHg
R¬OIQVXPGQGOLZ IPXPGT WIN NI RPHMG RMJGOR RP NKO WUKVNVZ GL TI YKVLG NKO
WKOLVGOL PO Œ‚CŒE×̌ †Œ Ä̌D„C JGHQGLLIOL RG WUKVNVH LGT KP LGT NKO RION
PO HMNGH`KVH žTKYIT RG OKLGNg
+
Ü
+
Ý
•g «KVLG NKO NLILVXPG GL R¬OIQVXPG
áPIOR TI YKVLG GOžTKYIOL POG òîöð íòó óøëîïìð GNL ™KPMGZ TG NKO GNL NGTGWe
LVKOOMg fT [IPL RKOW RKOOGH TGN YKOOGN `ITGPHN IP_ `IHVIYTGN R^GO`VHKOOGQGOL I`IOL
T^G_MWPLVKO RG WGLLG YKVLGg
< => ?
+

v _‹ _v
“˜
Œ l Û i fh b c Þ j h Š x c b
˜KPH TI YKVLG N¬OLUSNGZ VT N^IžVL NVQJTGQGOL R^POG YKVLG I`GW RGN `IHVIYTGN JGHe
QGLLIOL RG žMOMHGH PO NKOZ XPG OKPN IJJGTGHKON øôîø û ðí ð ëò ì û øöîòóg “O `KVWV
XPGTXPGN G_GQJTGN \
–

“
“
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
+
+
1 "R
–Ÿ
•g• GP_ G_GQJTGN RG YKVLG N¬OLUSNG
+
‘¬OLUSNG IRRVLV`G \ žHéWG IP_ LHI`IP_ RG àKPHVGHZ WGHLIVON WKQJKNVLGPHN KOL
GP T^VRMG RG žMOMHGH RP NKO GO G¢GWLPIOL POG NKQQG RG NVOPNKVRGNg ION
T^G_GQJTG RG TI bžPHG •g•Z VT GNL JKNNVYTG RG WKOLHùTGH TI [HMXPGOWG GL T^IQJTVe
LPRG RG LHKVN NVOPNKVRGNg
‘¬OLUGNG žHIOPTIVHG \ LHSN PLVTVNMG GO GTGWLHKIWKPNLVXPGZ TI N¬OLUGNG žHIOPTIVHG
HG`VGOL c RMbOVH POG [GOâLHG c T^VOLGHVGPH R^PO NKOZ RION TIXPGTTG RGN JGLVLN
GOWUIOLVTTKON RG XPGTXPGN QVTTVNGWKORGN NKOL ™KPMN IP UINIHRg ION T^G_GQJTG
RG TI bžPHG •g•Z VT GNL JKNNVYTG RG WKOLHùTGH TI JKNVLVKO GL TI LIVTTG RG TI [GOâLHGZ
IVONV XPG TG OKQYHG RG žHIVON ™KPMN NVQPTLIOMQGOLg
#4
Ø F O3 $
6ß 9X
dIVOLGOIOL XPG OKPN I`KON JHMNGOLM TGN YKVLGN [GPVTTGN JGHQGLLIOL RG JHKRPVHG
RP NKOZ VT OKPN [IPL VOLHKRPVHG TI YKVLG OÇPR JGHQGLLIOL R^KHžIOVNGH WGN [GPVTTGNZ
GL R^I™KPLGH RG T^VOLGHIWLV`VLMZ NV YGNKVOg “TTG RMWHVL TGN MTMQGOLN NPV`IOLN \
¤O OKQ g
GN GOWUIÈOGQGOLN RG YKVLGNZ NKPN [KHQG M`MOGQGOLVGTTG KP NKPN [KHQG LGQe
JKHGTTGg
¤OG TVNLG R^G¢GLN XPG T^KO NKPUIVLG TPV IJJTVXPGHg
¤OG TVNLG RG `IHVIYTGN QKRPTIOL TGN G¢GLNg
¤OG TVNLG RG `IHVIYTGN R^GO`VHKOOGQGOLg
¤OG TVNLG RG žGNLGN JKP`IOL IžVH NPH TGN `IHVIYTGN RGN YKVLGN GOžTKYMGNg
¤OG RPHMGZ b_G KP `IHVIYTGg
¤OG RILG RG RMYPL GL POG RILG RG bOg
¤OG `IHVIYTG R^IWLV`ILVKO ÜYKKTMGOOGß
+
+
+
+
+
+
+
+
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g– I YKVLG žMOMHVXPG
+
–”
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
š—
¦KPN ITTKONZ RION TI NPVLG RG WG WUIJVLHGZ RMWHVHG WGN MTMQGOLN PO JIH POg
FGLLG YKVLG OÇPR JGHQGL RG HGJHMNGOLGH TGN GNJIWGN RP TPLUVGHZ RP WKQJKNVLGPH
GL RP QPNVWVGO \
PO WKQJKNVLGPH `KPTIOL WHMGH POG JVGWG NION VOLGHIWLVKO OG NG NGH`VHI XPG RGN
GOWUIÈOGQGOLN LGQJKHGTN GL RGN G¢GLNg
PO TPLUVGH `KPTIOL POVXPGQGOL RMbOVH PO WKQJKHLGQGOL R^VONLHPQGOL NG NGHe
`VHI JHVOWVJITGQGOL RGN GOWUIÈOGQGOLN M`MOGQGOLVGTNZ RGN žGNLGN GL RGN G¢GLNg
PO WKQJKNVLGPH `KPTIOL RMbOVH PO VONLHPQGOLZ IVONV XPG TI JVGWG JKP`IOL âLHG
™KPMG I`GW TPVZ PLVTVNGHI RGN GOWUIÈOGQGOLN G`GOGQGOLVGTNZ RGN GOWUIÈOGQGOLN
LGQJKHGTNZ RGN žGNLGN GL RGN G¢GLNg
IP QKQGOL RG T^G_MWPLVKOZ TG QPNVWVGO PLVTVNGHI TGN žGNLGNg
+
+
+
+
1 "U
#$7
$ 6 M\ 4 à 6 $ : $ 63 7
I JIHLVG ðóñ ø óðëðóö R^POG YKVLG OÇPR JGHQGL RG RMWHVHG T^IžGOWGQGOL GOLHG
JTPNVGPHN YKVLGNZ RG QIOVSHG LGQJKHGTTGZ KP M`MOGQGOLVGTTG ÜI`GW RGN HMNGIP_ RG
˜GLHVßg ˜KPH WUIXPG YKVLGZ PO WUKV_ RKVL âLHG [IVL GOLHG TGN RGP_ JKNNVYVTVLMN \
“OWUIÈOGQGOL LGQJKHGT \ TG OKQYHG RG YKVLGN GNL b_G GL TG QPNVWVGO OG JGPL
™KPGH XPG TGN YKVLGN MWHVLGN
“OWUIÈOGQGOL M`MOGQGOLVGT \ JGHQGL RGN GOWUIÈOGQGOLN RKOL KO OG WKOOIVL
JIN TG OKQYHG G_IWL RG YKVLGN a TG QPNVWVGO GNL WKOLHIVOL JIH TI NLHPWLPHG QIVN
JIN JIH TG OKQYHGg FGWV GNL PLVTG JKPH RKOOGH POG G_VYVTVLM c T^VOLGHJHMLILVKOZ
GL JGHQGLLHG T^VQJHK`VNILVKOg
¹
á
+
+
@
v _« _ ^
Ä i fh b l d h f¬ b ¸ Ä i fh b
f j l d h f¬ b
£`IOL R^ITTGH JTPN TKVOZ RMbOVNNKON WG XPG OKPN IJJGTKON POG YKVLG IWLV`GZ GL
POG YKVLG VOIWLV`Gg FGWV O^I RG NGON XP^IP QKQGOL RG T^G_MWPLVKOZ W^GNL c RVHG IP
QKQGOL K PO QPNVWVGO `I ™KPGH TI JVSWGg
օˆƒŒ 惈 Œ
¤OG YKVLG GNL IWLV`G TKHNXPG TGN žGNLGN XP^GTTG WKOLVGOLZ IVONV XPG WGP_ QKRPTIOL
NGN `IHVIYTGNZ NKOL JHVN GO WKQJLGg “O RMbOVNNIOL ‘Ü¨ß GL “Ü¨ß TG RMYPL GL TI bO
R^POG YKVLG ¨ Z POG YKVLG ¨ GNL IWLV`G c PO VONLIOL L TKHNXPG
g
օˆƒŒ ˆ‚ćƒˆ Œ
¤OG YKVLG GNL VOIWLV`G TKHNXP^GTTG O^GNL JIN IWLV`Gg áPIOR POG YKVLG GNL VOIWLV`GZ
LKPLGN TGN YKVLGN XP^GTTG GOžTKYGZ™PNXP^IP_ YKVLGN [GPVTTGNZ NKOL VOIWLV`GNg GN žGNLGN
Q
Ý
â ãä å æ ç æ è ãä å
Ý
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
š
XP^GTTG WKOLVGOLZ IVONV XPG WGP_ XPV TI WKOLHùTGZ NKOL VžOKHMNg ¤OG YKVLG ¨ GNL VOIWLV`G
c PO VONLIOL L TKHNXPG
KP
g
ç é â ãä å
v _« _v
ç ê è ãä å
Å j dŠ l ë j b o b jh c h b o g i e b yc
•gš “_GQJTG R^GOWUIVOGQGOL LGQJKHGT
GN YKVLGN GOWUIVOMGN RG QIOVSHG LGQJKHGTTG JGP`GOL âLHG RGN YKVLGN OKGPRNZ
RG NKOZ KP RG N¬OLUSNGg “TTGN NKOL JTIWMGN NPH POG TVžOG RG LGQJNZ JIHWKPHPG JIH
POG WPHNGPHZ GL JGP`GOL âLHG WKOLHIVOLGN TGN POGN I`GW TGN IPLHGN JIH RGN HGTILVKON
RG £TTGO ÜG_GQJTG bžPHG •gšßZ `KVH JIHLVG g•g–
FUIXPG YKVLG JGPL I`KVH POG RPHMG b_GZ KP `IHVIYTG ÜGOLHG PO QVOVQPQ GL PO
QI_VQPQßg
¤OG YKVLG GNL IWLV`G IP QKQGOL RG T^G_MWPLVKO TKHNXPG TG WPHNGPH JIHWKPHIOL TI
TVžOG RG LGQJN JINNG NPH GTTGZ GL GNL VOIWLV`G NVOKOg
¤OG LGTTG YKVLG NG LGHQVOG TKHNXPG TG RGHKPTGQGOL LGQJKHGT IHHV`G c NKO LGHQGZ
KP NV POG LHIONVLVKO NPH TI YKVLG GOžTKYIOLG GNL IJJTVXPMGg
< => ?
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
š•
FGLLG JIHLVG I RM™c MLM [KHQITVNMG NKPN «§¨“‘ JIH £OLUKO¬ «“¤’f¡À g ION
TG WIRHG R^PO GOWUIVOGQGOL RGN YKVLGN I`GW TGN HGTILVKON RG £TTGOZ «§¨“‘ WHMM PO
GONGQYTG RG WKOLHIVOLGN TVOMIVHGN XPV NKOL HMNKTPGN žHIWG c TI YVYTVKLUSXPG ÉGWKRG
Ü œ ßg
“O RMbOVNNIOL ‘Ü¨ß GL “Ü¨ß TG RMYPL GL TI bO R^POG YKVLG ¨ Z TGN WKOLHIVOLGN RG
£TTGO N^G_JHVQGOL RG TI [IêKO NPV`IOLG \
£ QGGLN « \
“Ü£ß ‘Ü«ß
£ NLIHLN « \
‘Ü£ß ‘Ü«ß
£ bOVNUGN « \
“Ü£ß “Ü«ß
£ GXPITN « \
‘Ü£ß ‘Ü«ß
“Ü£ß “Ü«ß
£ YG[KHG « \
“Ü£ß ‘Ü«ß
£ RPHVOž « \
‘Ü£ß ‘Ü«ß
“Ü£ß “Ü«ß
£ K`GHTIJN « \
‘Ü£ß ‘Ü«ß
‘Ü«ß “Ü£ß
“Ü£ß “Ü«ß
fT OG [IPL JIN KPYTVGH RG HI™KPLGH JKPH WUIXPG YKVLG ¨ \
‘Ü¨ß “ܨß
“Ü¨ß e ‘Ü¨ß RPHGGäQVOVQPQ
“Ü¨ß e ‘Ü¨ß RPHGGäQI_VQPQ
ÉGWKRGZ JKPH WUIXPG HI™KPL RG YKVLGZ HGWITWPTG GO LGQJN HMGT TGN `ITGPHN “ GL ‘
HGNJGWLIOL TGN MžITVLMN GL VOMžITVLMNg KHNXPG T^KO QKRVbG POG `ITGPHZ WGLLG QKRVbe
WILVKO GNL JHVKHVLIVHGg FGTI `GPL RVHG XPG NV T^KO JTIWG POG YKVLG ¨ XPGTXPGJIHL NPH
TI TVžOG RG LGQJNZ ‘Ü¨ß GL “Ü¨ß IPHKOL TI `ITGPH RMWVRMG JIH TG JTIWGQGOLZ GL TGN
IPLHGN `ITGPHN `KOL NG WITWPTGH JIH HIJJKHL c WGTTGN WVg
¤OG VRMG c MLPRVGH NGHIVL RG HGJHGORHG POG WKOLHIVOLG RG TI JHGQVSHG `GHNVKO RG
«§¨“‘Z QIVN IYIORKOOMG JIH TI NPVLGg “TTG WKONVNLG c HGTVGH RGP_ YKVLGN JIH RGN
HGTILVKON RG JHKJKHLVKON RG RPHMGg ˜IH G_GQJTGZ POG YKVLG £ RG`HI LKP™KPHN RPHGH
+
Ô
+
Ô
+
Ô
+
Ô
Ô
+
æ
+
ì
æ
+
æ
æ
æ
+
íÔ
ì
æ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
š–
RGP_ [KVN JTPN TKOžLGQJN XP^POG YKVLG «Z GLWg
v _« _ˆ
Å j dŠ l ë j b o b jh c m ¬ m j b o b jh fb yc
¤OG IPLHG [IêKO R^GOWUIÈOGH TGN YKVLGN GNL RG TGN IžGOWGH NKPN [KHQG M`MOGQGOe
LVGTTGZ W^GNL c RVHG XPG TG JINNIžG RG T^POG c T^IPLHG GNL NKPQVN c RGN WKORVLVKON c
HGQJTVHg
˜IH G_GQJTGZ JKPH žMOMHGH PO NKO c WUIXPG JPTNILVKOZ VT NP L R^I`KVH POG POVXPG
YKVLG XPV NG HGTIOWG c WUIXPG JPTNILVKOg ION WG WINZ TI WKORVLVKO c HGQJTVH GNL T^ILe
LGOLG R^PO WGHLIVO TIJN RG LGQJN I`IOL RG HGTIOWGH TI YKVLGg
¦KPN `KPTKON IVONV G_JHVQGH RGN NPWWGNNVKON RG YKVLGN I`GW RGN HGTILVKON RG
£TTGO ÜK`GHTIJNZ QGGLNZ YG[KHGNß GL RGN N¬OWUHKOVNILVKON RG YKVLGN ÜNLIHLNZ bOVNUGNZ
GXPITNß RG [IêKO OKO G_LGONV`Gg
FGLLG JIHLVG MLGOR TG JHKžHIQQG «§¨“‘Z XPV GNL GNNGOLVGTTGQGOL YINM NPH RGN
RM`GTKJJGQGOLN LGQJKHGTN ÜQâQG NV RG T^VOLGHIWLV`VLM JGPL ¬ âLHG I™KPLMGßg
AÄÍ͌ÌC CD„ ̌C „BCŒÄD †Œ Œƒ„ˆ
¤O HMNGIP RG ˜GLHV GNL PO žHIJUG KHVGOLM I`GW \ Ü š ß
¤O OKQYHG bOV RG JTIWGN HGJHGNGOLMGN JIH RGN WGHWTGN
¤O OKQYHG bOV RG LHIONVLVKON HGJHGNGOLMGN JIH RGN LVHGLN
¤O OKQYHG bOV R^IHWN KHVGOLMN ITTIOL R^POG JTIWG `GHN POG LHIONVLVKOZ KP R^POG
LHIONVLVKO `GHN POG JTIWG
§O IJJGTTG \
˜TIWG R^GOLHMG POG JTIWG R^K NKOL VNNPN RGN IHWN `GHN POG LHIONVLVKOg
˜TIWG RG NKHLVG POG JTIWG K IHHV`GOL RGN IHWN JHK`GOIOL R^POG LHIONVLVKOg
¥HIONVLVKO NKPHWG POG LHIONVLVKO NION JTIWG R^GOLHMGg
¥HIONVLVKO JPVLN POG LHIONVLVKO NION JTIWG RG NKHLVGg
¤OG JTIWG JGPL âLHG QIHXPMG I`GW PO KP JTPNVGPHN ™GLKONg
fT GNL JKNNVYTG RG `ITVRGH POG LHIONVLVKO TKHNXPG LKPLGN TGN JTIWGN R^GOLHMG WKOLVGOOGOL
IP QKVON PO ™GLKOg KHNXP^GTTG GNL `ITVRMGZ LKPLGN TGN JTIWGN R^GOLHMG HGTVMGN c WGLLG
LHIONVLVKO JGHRGOL PO ™GLKOZ GL LKPLGN TGN JTIWGN RG NKHLVG WKHHGNJKORIOLGN žIžOGOL
PO ™GLKOg FG JINNIžG N^IJJGTTG ã¥VH RG TI LHIONVLVKOãg
î
+
+
+
Q
+
+
+
+
Q
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
šš
¤OG LHIONVLVKO NKPHWG [IVL IJJIHIVLHG PO OKP`GIP ™GLKOZ POG LHIONVLVKO JPVL GO
NPJJHVQG POg
ŒC „ŒCŒÄD †Œ Œƒ„ˆ †Ä‚C ÖÂ
£WLPGTTGQGOLZ £OLKVOG £§d«“’¥ LHI`IVTTG NPH T^PLVTVNILVKO RGN HMNGIP_ RG
˜GLHV JKPH «§¨“‘ Ü ” ßg “O G¢GLZ T^KY™GWLV[ RG NI LUMNG GNL RG HGPNNVH c VOLMžHGH
RG T^VOLGHIWLV`VLM RION «§¨“‘ ÜILLGOLG R^PO M`MOGQGOL G_LMHVGPHßg ION WG WINZ TG
JHKYTSQG QI™GPH GNL TI RMLGHQVOILVKO R^POG NKTPLVKO GO LGQJN HMGTg ^ITžKHVLUQG
RG WITWPT JKPH TG ™GP GNL JTPN WKQJTVXPM WIH VT [IPL c WUIXPG VONLIOLZ WITWPTGH T^GOe
NGQYTG RGN JKNNVYTGNg FGTI JGPL NG [IVHG žHéWG c PO HMNGIP RG ˜GLHVg
ï
ðsp
î
ŒC „BCŒÄD †Œ Œƒ„ˆ ͅD„ ‚…ƒ„Œ E…†Ë̌
¦KPN JHKJKNKON POG N¬OLI_G NVQJTVbMG JKPH IVRGH TG WKQJKNVLGPHZ GL OKPN [Ge
HKON TG TVGO c WUIXPG MLIJG GOLHG WGLLG N¬OLI_G GL PO HMNGIP RG ˜GLHVZ XPG OKPN
PLVTVNKON JKPH NI JPVNNIOWG R^G_JHGNNV`VLMg
GN JTIWGN ‘Ü¨ß GL “Ü¨ß HGJHMNGOLGOL HGNJGWLV`GQGOL T^IWLV`ILVKO GL TI RMNIWLVe
`ILVKO RG TI YKVLG ¨g KHNXP^PO ™GLKO IHHV`G NPH ‘ܨßZ TI YKVLG N^IWLV`Gg KHNXP^PO
™GLKO IHHV`G NPH “ܨßZ TI YKVLG NG RMNIWLV`Gg ION TG WIRHG RG TI RMNIWLV`ILVKOZ TG
™GLKO RVNJIHIVL RG TI JTIWG ãLKPL RG NPVLGã IJHSN TI RMNIWLV`ILVKOg
“ObOZ OKPN OG LKTSHGHKON XP^PO NGPT ™GLKO QI_VQPQ NPH WUIXPG JTIWGg £VONVZ
NV POG JTIWG RG NKHLVG WKOLVGOL PO ™GLKOZ OKPN OG JKPHHKON JIN LVHGH TI LHIONVLVKOg
ï
î
ˆ ŒÄD †Î惈 ㈅‚ †Œ ÌÄ ×…ˆƒŒ
¤OG YKVLG IWLV`G GNL HGJHGNGOLMG GO LHIVLN žHINg
¤OG YKVLG VOIWLV`G GNL HGJHGNGOLMG GO LHIVLN bONg
Ü`KVH bžPHG •g›ß
G WKQJKNVLGPH JGPL RMWVRGH RG T^MLIL VOVLVIT GO WUKVNVNNIOL TGN YKVLGN IWLV`GN GL
VOIWLV`G IP QKQGOL RG TI QVNG GO JTIWG RG TI JIHLVG GOWUIÈOGQGOLg
ION PO HMNGIP RG ˜GLHVZ WGTI WKHHGNJKOR c RGN JTIWGN ‘Ü¨ß WKOLGOIOL VOVLVITGe
QGOL PO ™GLKOg
ñ Ý
+
+
Ý
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
òÝ
š›
•g› «KVLG VOIWLV`G©«KVLG IWLV`G
+
B‚ŒEŒ‚ƒ
•gœ “`GOGQGOL
¤O M`MOGQGOL GNL HGJHGNGOLMG JIH PO WIHHM OKVHg ¤O WIHHM OKVH OG JGPL WKOLGOVH
XP^PO M`MOGQGOLZ XP^VT NKVL LGQJKHGT KP žGNLPGTg
Ü`KVH bžPHG •gœß
ION TG HMNGIP RG ˜GLHVZ PO M`MOGQGOL GNL POG LHIONVLVKOg
‡ƒˆ Œ„ …D †ŒC惈 Œ„ D‚Œ ׅˆƒŒ
¤OG YKVLG JKP`IOL âLHG IWLV`MG I POG âWUG GOLHIOLG NPH NI žIPWUG
< => ?
ó
Ý
+
+
Ý
@
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
šœ
•g «KVLG JKP`IOL âLHG IWLV`MG©«KVLG JKP`IOL âLHG RGNIWLV`MG
+
¤OG YKVLG JKP`IOL âLHG RGNIWLV`MG I POG âWUG NKHLIOLG NPH NI RHKVLGZ KP GO
YIN ÜOKPN `GHHKON TI RV¢MHGOWG RION TI NPVLG RG WGLLG NGWLVKOß
Ü`KVH bžPHG •gß
ION TG HMNGIP RG ˜GLHVZ T^IWLV`ILVKO WKHHGNJKOR c POG IHHV`MG NPH POG JTIWG
‘Ü¨ß GL POG RMNIWLV`ILVKO c POG IHHV`MG NPH POG JTIWG “Ü¨ß ÜRG TIXPGTTGZ RION WG
WINZ KO NPJJHVQG TG ™GLKO ™PNLG IJHMNßg
Ä ƒ„Ä‚Cˆƒˆ…‚ †ÎD‚Œ ׅˆƒŒ D‚Œ ÄDƒ„Œ
¤OG LHIONVLVKO GOLHG RGP_ YKVLGN GNL HGJHGNGOLMG JIH POG âWUG NKHLIOL R^POG
YKVLGZ GOLHIOL RION POG IPLHGZ GL I`GW PO M`MOGQGOLg
I YKVLG I`GW TI âWUG NKHLIOLG RKVL âLHG IWLV`Gg
KHNXPG T^M`MOGQGOL NPH`VGOLZ TI YKVLG I`GW TI âWUG NKHLIOLG RG`VGOL VOIWe
LV`GZ GL TI YKVLG I`GW TI âWUG GOLHIOLG WKHHGNJKORIOLG RG`VGOL IWLV`Gg
Ü`KVH bžPHG •gŸß
ION TG HMNGIP RG ˜GLHVZ TI LHIONVLVKO GNL T^M`MOGQGOLZ GL WGLLG LHIONVLVKO JTIWG
PO ™GLKO RION “Ü¨ß I`GW ¨ TI YKVLG I`GW POG âWUG NKHLIOLG GL PO IPLHG ™GLKO RION
‘Ü¿ß I`GW ¿ TI YKVLG I`GW TI âWUG GOLHIOLG WKHHGNJKORIOLGg
@
+
ï
ô
@
+
@
@
+
@
@
@
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
š
•gŸ ¥HIONVLVKO NVQJTG R^POG YKVLG IWLV`G `GHN POG VOIWLV`G
+
FGWV GNL POG HGTILVKO ëððöí RION TGN HGTILVKON RG £TTGOg
Ä ƒ„Ä‚Cˆƒˆ…‚ †ÎD‚Œ ׅˆƒŒ Œ„C ÍÌDCˆŒD„C ׅˆƒŒC
¤OG LHIONVLVKO R^POG YKVLG `GHN JTPNVGPHN YKVLGN GNL HGJHGNGOLMG JIH POG âWUG
NKHLIOL R^POG YKVLGZ NG NMJIHIOL NPH PO M`MOGQGOL GO JTPNVGPHN âWUGN GOLHIOL RION
JTPNVGPHN YKVLGNg
I YKVLG I`GW TI âWUG NKHLIOLG RKVL âLHG IWLV`Gg
KHNXPG T^M`MOGQGOL NPH`VGOLZ TI YKVLG I`GW TI âWUG NKHLIOLG RG`VGOL VOIWe
LV`GZ GL WGTTGN I`GW TGN âWUGN GOLHIOLGN WKHHGNJKORIOLGN RG`VGOOGOL IWLV`GNg
Ü`KVH bžPHG •g”ß
ION TG HMNGIP RG ˜GLHVZ TI LHIONVLVKO GNL T^M`MOGQGOLZ GL WGLLG LHIONVLVKO JTIWG
PO ™GLKO RION “Ü¨ß I`GW ¨ TI YKVLG I`GW POG âWUG NKHLIOLG GL PO IPLHG ™GLKO RION
‘Ü¿ß I`GW ¿ TGN YKVLGN I`GW TGN âWUGN GOLHIOLGN WKHHGNJKORIOLGNg
FGWV GNL POG HGTILVKO íöøôöí RION TGN HGTILVKON RG £TTGOg
ï
Ý
@
@
+
@
@
+
@
@
@
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g” ¥HIONVLVKO R^POG YKVLG IWLV`G `GHN JTPNVGPHN IPLHGN
+
šŸ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g— ¥HIONVLVKO RG JTPNVGPHN YKVLGN IWLV`GN `GHN POG IPLHG
+
š”
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
›—
Ä ƒ„Ä‚Cˆƒˆ…‚ †Œ ÍÌDCˆŒD„C ׅˆƒŒC Œ„C D‚Œ CŒĎ ׅˆƒŒ
¤OG LHIONVLVKO RG JTPNVGPHN YKVLGN `GHN POG YKVLG GNL HGJHGNGOLMG JIH JTPNVGPHN
âWUGN NKHLIOL RG WUIWPOG RGN YKVLGNZ NG HGžHKPJIOL NPH PO M`MOGQGOL GO POG NGPTG
âWUG GOLHIOL RION POG YKVLGg
GN YKVLGN I`GW TGN âWUGN NKHLIOLGN RKV`GOL âLHG IWLV`Gg
KHNXPG T^M`MOGQGOL NPH`VGOLZ TGN YKVLGN I`GW TGN âWUGN NKHLIOLGN RG`VGOOGOL
VOIWLV`GNZ GL WGTTG I`GW TI âWUG GOLHIOLG WKHHGNJKORIOLG RG`VGOL IWLV`Gg
Ü`KVH bžPHG •g—ß
ION TG HMNGIP RG ˜GLHVZ TI LHIONVLVKO GNL T^M`MOGQGOLZ GL WGLLG LHIONVLVKO JTIWG
PO ™GLKO RION “Ü¨ß I`GW ¨ TGN YKVLGN I`GW TGN âWUGN NKHLIOLGN GL PO IPLHG ™GLKO
RION ‘Ü¿ß I`GW ¿ TI YKVLG I`GW TI âWUG GOLHIOLG WKHHGNJKORIOLGg
FGWV GNL POG HGTILVKO óîí ðí RION TGN HGTILVKON RG £TTGOg
Ä ƒ„Ä‚Cˆƒˆ…‚ †Œ ÍÌDCˆŒD„C ׅˆƒŒC Œ„C ÍÌDCˆŒD„C ׅˆƒŒC
¤OG LHIONVLVKO RG JTPNVGPHN YKVLGN `GHN JTPNVGPHN IPLHGN GNL HGJHGNGOLMG JIH
JTPNVGPHN âWUGN NKHLIOL RG WUIWPOG RGN YKVLGNZ NG HGžHKPJIOL GO PO M`MOGQGOLZ
JPVN NG NGJIHIOL `GHN JTPNVGPHN âWUGN GOLHIOL RION R^IPLHGN YKVLGNg
GN YKVLGN I`GW TGN âWUGN NKHLIOLGN RKV`GOL âLHG IWLV`Gg
KHNXPG T^M`MOGQGOL NPH`VGOLZ TGN YKVLGN I`GW TGN âWUGN NKHLIOLGN RG`VGOOGOL
VOIWLV`GNZ GL WGTTGN I`GW TGN âWUGN GOLHIOLGN WKHHGNJKORIOLGN RG`VGOOGOL IWe
LV`GNg
Ü`KVH bžPHG •gß
ION TG HMNGIP RG ˜GLHVZ TI LHIONVLVKO GNL T^M`MOGQGOLZ GL WGLLG LHIONVLVKO JTIWG
PO ™GLKO RION “Ü¨ß I`GW ¨ TGN YKVLGN I`GW TGN âWUGN NKHLIOLGN GL PO IPLHG ™GLKO
RION ‘Ü¿ß I`GW ¿ TGN YKVLGN I`GW TGN âWUGN GOLHIOLGN WKHHGNJKORIOLGNg
„Ä‚Cˆƒˆ…‚ Œ‚ †B‡ÄÌB
fT GNL JKNNVYTG RG HMITVNGH POG LHIONVLVKO GO RMWITMZ W^GNL c RVHG XPG JGORIOL TI
HMITVNILVKO RG T^M`MOGQGOL RG LHIONVLVKOZ TI YKVLG XPV RKVL OKHQITGQGOL NG RMNIWLVe
`GH `I HGNLGH IWLV`G JGORIOL PO TIJN RG LGQJNZ RMLGHQVOM JIH POG WKORVLVKO R^IHHâLg
G T^IPLHG WKLM RG TI LHIONVLVKOZ TI YKVLG N^IWLV`G RVHGWLGQGOLg KOWZ JGORIOL TG TIJN
RG LGQJNZ TGN RGP_ YKVLGN NKOL IWLV`GN GO QâQG LGQJNg
˜KPH TI RV¢MHGOWVGH R^POG IPLHG LHIONVLVKOZ OKPN TI [GHKON NKHLVH JIH TG YIN RG
TI YKVLGg
ï
Ý
@
@
@
+
@
+
@
@
@
¾
¹
ï
Ý
@
@
+
@
@
+
@
@
@
õ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g ¥HIONVLVKO RG JTPNVGPHN YKVLGN IWLV`GN `GHN JTPNVGPHN YKVLGN
+
›
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g• ¥HIONVLVKO GO RMWITM
+
›•
›–
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
Ü`KVH bžPHG •g•ß
ION PO HMNGIP RG ˜GLHVZ KO GO`KVG RVHGWLGQGOL PO ™GLKO RION ‘Ü¿ß I`GW ¿ TI
YKVLG RG`IOL âLHG IWLV`MGZ GL PO IPLHG ™GLKO RION POG JTIWG `VRGg áPIOR TI WKORVLVKO
R^IHHâL NPH`VGOLZ TG ™GLKO RG TI JTIWG `VRG JINNG RION POG JTIWG “Ü¨ß LGHQVOIOL TI
YKVLG R^KHVžVOGg
FGWV GNL POG HGTILVKO ò ðô û ø í RION TGN HGTILVKON RG £TTGOg
ÌDCˆŒD„C B B‚ŒEŒ‚ƒC
–
î
‘
Ý
•g– dPTLVJTGN WKORVLVKON
˜TPNVGPHN M`MOGQGOLN JGP`GOL IJJIHIVLHG NPH POG GWUGNg ION WG WIN \
áPIOR TG JHGQVGH M`MOGQGOL NPH`VGOLZ TGN YKVLGN ¬ GLIOL HGTVMGN JIH RGN âWUGN
NKHLIOLGN NG RGNIWLV`GOL a GTTGN RKV`GOL âLHG IPJIHI`IOL LKPLGN IWLV`GNg
KHNXPG TG RGHOVGH M`MOGQGOL NPH`VGOLZ TGN YKVLGN ¬ GLIOL HGTVMGN JIH RGN âWUGN
GOLHIOLGN N^IWLV`GOLg
GN M`MOGQGOLN RKV`GOL NPH`GOVH NMXPGOLVGTTGQGOLg
Ü`KVH bžPHG •g–ß
< => ?
+
@
+
+
+
@
@
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
›š
ION TG HMNGIP RG ˜GLHVZ TG JHGQVGH M`MOGQGOL GO`KVG PO ™GLKO RION TGN “ܨß
I`GW ¨ TGN YKVLGN ¬ IHHV`IOLZ GL PO ™GLKO RION POG JTIWG `VRGg FGLLG JTIWG `VRG NG
HGTVG c POG IPLHG LHIONVLVKOg G RGHOVGH M`MOGQGOL GO`KVG PO ™GLKO RION TGN ‘Ü¿ß
I`GW ¿ TGN YKVLGN ¬ GLIOL HGTVMGN JIH RGN âWUGN GOLHIOLGNg
FGWV GNL POG HGTILVKO ð òôð RION TGN HGTILVKON RG £TTGOg
@
 ™
1 "V
#$7
$‚ $37
ION WGLLG JIHLVG RG TI YKVLGZ OKPN RG`KON WUKVNVH TGN G¢GLN XPV JGP`GOL N^¬
IJJTVXPGHg FGLLG TVNLG `I RMLGHQVOGH TGN `IHVIYTGN RG QKRPTILVKO NPH TGNXPGTTGN VT
NGHI JKNNVYTG R^IžVHg
¡KVWV POG TVNLG ÜOKO G_UIPNLV`Gß R^G¢GLN GL TGN `IHVIYTGN XPV ¬ NKOL INNKWVMGN \
dKRPTILVKO RP `KTPQG \
`KT \ HMGT JKNVLV[Z HGJHMNGOLIOL TG JKPHWGOLIžG RP `KTPQGg
G_GQJTG \ —— JKPH ™KPGH TG NKO NION `IHVILVKO RG `KTPQGZ ›— JKPH TG ™KPGH
RGP_ [KVN QKVON [KHLZ •—— JKPH TG ™KPGH RGP_ [KVN JTPN [KHLggg
‘JILVITVNILVKO NPH O WIOIP_ \
WIOIT ggg WIOITO \ HMGT JKNVLV[Z HGJHMNGOLIOL TG JKPHWGOLIžG RP `KTPQG NPH
WG WIOITg ‘V PO NKO GNL QKOKZ VT GNL ™KPM NVQPTLIOGQGOL NPH LKPN TGN WIOIP_g
‘V PO NKO GNL NLMHGKZ TI JIHLVG žIPWUG GNL ™KPM NPH LKPN TGN WIOIP_ JIVHN GL
TI JIHLVG RHKVLG NPH LKPN TGN WIOIP_ VQJIVHNg ‘V PO NKO GNL WKQJKNM JKPH O
WIOIP_Z WUIXPG WIOIT ™KPG TI JIHLVG ILLHVYPMGg
G_GQJTG \ NPH RGP_ WIOIP_Z NV WIOIT •› GL WIOIT• ›Z TG NKO NGHI JTPLKL
JGHêP c RHKVLGg
FUIOžGQGOL RG TI UIPLGPH \
JVLWU \ HMGT JKNVLV[ KP OGžILV[Z HGJHMNGOLIOL TGN RGQVeLKONg
G_GQJTG \  JKPH PO RGQVeLKO NPJGHVGPHZ • JKPH POG KWLI`G NPJGHVGPHGZ e•
JKPH PO LKO VO[GHVGPH ggg
àVTLHIžG RGN [HGXPGOWGN UIPLGN GL YINNGN \
[HGXU \ HMGT JKNVLV[Z HGJHMNGOLIOL TI [HMXPGOWG IP RGTI RG TIXPGTTG TGN [HMe
XPGOWGN NGHKOL NPJJHVQMGNg
[HGXY \ HMGT JKNVLV[Z HGJHMNGOLIOL TI [HMXPGOWG GO RGNNKPN RG TIXPGTTG TGN
[HMXPGOWGN NGHKOL NPJJHVQMGNg
G_GQJTG \ I`GW [HGXU ›—— GL [HGXY •——Z NGPTGN TGN [HMXPGOWGN WKQJHVNGN
GOLHG ›—— GL •—— NGHKOL IPRVYTGNggg
“O WUKVNVNNIOL T^G¢GL ûöôð GL T^G¢GL ñ øó ðëðóö ð øìöðìôZ VT RG`VGOL JKNNVYTG
R^IžVH NPH TGN `IHVIYTGN ôðï Z ôðï GL îöñ g
+
+
+
+
+
Ô
+
Ô
+
+
+
+
+
+
Ô
+
Y,
Ô
Y,
¾
™
¹
¹
™

‘
¹
•
“
¹
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
››
FGN `IHVIYTGNZ JGHQGLLIOL TI QKRPTILVKO RGN JIHIQâLHGN R^G¢GL NGHKOL RGbOVGN
WKQQG RGN øôîø û ðí ð ëò ì û øöîòóg
¦KPN `GHHKONZ RION TI JIHLVG RGWHV`IOL TGN VOLGHIWLVKON ÜNGWLVKO •g”ß WKQQGOL
IžVH NPH WGN `IHVIYTGNg
fT NGHIVL VOLGHGNNIOL RG JGHQGLLHG c OKLHG QKRSTG R^PLVTVNGH TGN JTPžVON ¡‘¥Z
£ ‘˜£ KP d£¨Z LHSN PLVTVNMN RION TGN QPNVXPGN MTGWLHKIWKPNLVXPGNg
–
1 "[
#$7

“
“
W $ 73 $ 7
¤OG JIHLVG RG TI YKVLG GNL HGNGH`MG IP_ žGNLGNZ JGHQGLLIOL RG QKRPTGH TGN `Ie
HVIYTGNZ XP^GTTGN NKVGOL RG QKRPTILVKO KP R^GO`VHKOOGQGOLZ KP R^IžVH NPH TG RMHKPe
TGQGOL RG TI JVSWGg
¤O žGNLG GNL PO NVžOIT MWUIOLVTTKOMg ION TG WIRHG RP dMLIefONLHPQGOLZ T^MWUIOe
LVTTKOOIžG GNL RG ›—— `ITGPHN JIH NGWKORGZ I`GW RGN `ITGPHN JKP`IOL `IHVGH GOLHG —
GL g
v _` _ ^
ö b ch b c g ŠÞ c fŽ w b c
¦KPN RMbOVHKON WKQQG ðíöðí íîïìðí PO žGNLG G_GWPLM JIH T^VONLHPQGOLVNLGg
̅ͅȌ Ӆ‚‡ƒˆ…‚‚ŒÌ̌
àIVNKON PO TVGO GOLHG OKLHG QKRSTG GL T^IJJHKWUG [KOWLVKOOGTTG RP žGNLG RG ªGIOe
dVWUGT F§¤¥¤’f“’ Ü •› ß a OKPN JKP`KON GNNI¬GH RG RMbOVH RGN L¬JGN RG žGNLGN
JKPH OKLHG QKRGTGg
žGNLG R^G_WVLILVKO \ žGNLG IWLV`IOL POG YKVLG NKO
žGNLG RG QKRVbWILVKO NLHPWLPHGTTG \ žGNLG QKRVbIOL POG `IHVIYTG R^GO`VHKOGe
QGOL
žGNLG RG QKRVbWILVKO JIHIQGLHVXPG \ žGNLG QKRVbIOL POG `IHVIYTG RG QKRPe
TILVKO
žGNLG JHMJIHILKVHG \ žGNLG NMTGWLVKOOIOL POG YKVLG KP POG IPLHG
•
‘ ¹˜
õÒ
+
+
+
+
‚ƒBÄÄ×̌ BÍĄÄ×̌
“O OKPN YINIOL NPH TGN OKLVKON R^VOLGžHIYVTVLM GL RG NGJIHIYVTVLM RG ’gª£F§«
Ü • ßZ HGJHVNGN JIH ªGIOedVWUGT F§¤¥¤’f“’Z OKPN JKP`KON WTINNGH TGN žGNLGN RION
÷p
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
›œ
RGP_ GONGQYTGN \
fOLMžHIYTGN \ žGNLGN XPV OG JGP`GOL GLHG NGJIHMNZ TI QKRVbWILVKO RG T^PO GOe
LHIVOIOL TI QKRVbWILVKO RG T^IPLHGg ˜IH G_GQJTGZ NV OKPN `KPTKON RMJTIWGH
POG NKPHVN RG žIPWUG c RHKVLG NPH PO GWHIOZ VT GNL XPINVGQGOL VQJKNNVYTG RG
TG [IVHG OILPHGTTGQGOL GO TVžOG RHKVLG GO M`VLIOL TGN QKP`GQGOLN `GHN TG UIPL
KP `GHN TG YINg
‘MJIHIYTGN \ žGNLGN RVNLVOWLNg ˜IH G_GQJTGZ TG YKPLKO RHKVL GL TG YKPLKO žIPWUG
RG TI NKPHVNg
FG WTINNGQGOL VORPVL POG WKONMXPGOWG NPH TI RVQGONVKO RGN WKPHYGN RG žGNLG
RION OKLHG QKRMTVNILVKOg GN NMJIHIYTGN NGHKOL RION PO GNJIWG c RGP_ RVQGONVKONZ
TGN VOLMžHIYTGN RION PO GNJIWG RG RVQGONVKO JTPN žHIORGg
+
+
v _` _v
½ j øi e o l h fi j c { b ch w b yyb c c w e yb ¶ m h l n ½ j ch e w o b jh
£JHGN GOXPâLG IPJHSN RGN WKQJKNVLGPHN RP ‘F’fd“ PLVTVNIOL TG dMLIefONLHPQGOLZ
`KVWV XPGTXPGN HGQIHXPGN VQJKHLIOLGN XPV JGP`GOL âLHG [IVLGN \
G RGJTIWGQGOL RG T^I`IOL YHIN UKHV KOLITGQGOLZ `GHLVWITGQGOLZ IVONV XPG
T^VOWTVOIVNKO RG TI QIVO NKOL RGN žGNLGN VOLMžHIYTGNg
GN IPLHGN žGNLGNZ R^IJJPV NPH PO YKPLKO KP RG RMJTIWGQGOL RP NTVRGH NKOL
NGJIHIYTGN
GN š YKPLKON JTIWMN IP YKPL RG WUIXPG RKVžL NKOL RV WVTGN c RVNLVOžPGHg §O
IJJPVG NKP`GOL PO JGP NPH TGN YKPLKON IR™IWGOLN WGTPV XPG T^KO `GPL `HIVQGOL
GO[KOWGHg
GN VO[KHQILVKON RGN WIJLGPHN XPV OKPN VOLMHGNNGOL NKOL \ TI JKNVLVKO IYNKTPGZ
TI JKNVLVKO HGTILV`GZ TI `VLGNNGZ T^IWWMTMHILVKOZ TI RMLGWLVKO RG JVW R^IWWMTMHILVKO
ÜTGN IWKPJNß
FGHLIVOGN VO[KHQILVKON [KOL VOLGH`GOVH JTPNVGPHN WIJLGPHNg F^GNL TG WIN JIH
G_GQJTG RG T^MWIHLGQGOL RGN YHINZ RG T^IOžTG R^PO I`IOL YHINZ RG TI RV¢MHGOWG
GO ¨ KP GO ¿ GOLHG TGN RGP_ YHINZ RG TI RMLGWLVKO R^POG [KHQG ÜJIH G_GQJTGZ
[IVHG PO WIHHM I`GW NKO YHINßZ RG T^IJJPV NPH JTPNVGPHN YKPLKON GO QGQG LGQJNg
,
+
+
+
+
+
v _` _ˆ
ö b ch b c yi { fŽ w b c
FGHLIVOGN QKRVbWILVKON RG `IHVIYTGN RG QKRPTILVKO KP R^GO`VHKOOGQGOL OG RMe
JGORGOL JIN RVHGWLGQGOL RP žGNLG RG T^VONLHPQGOLVNLGg ¦KPN RMbOVNNKON ITKHN TI
QKRVbWILVKO RG WGN `IHVIYTGN WKQQG RMJGORIOL RG ðíöðí úñôîöíg FGWV JGPL GLHG
JIHLVWPTVSHGQGOL PLVTG TKHNXPG TI JVSWG WKOLVGOL POG JIHLVG RGQIORIOL POG `HIVG
`VHLPKNVLMg fT JGPL GLHG NKPUIVLIYTG RG JHKJKNGH XP^PO IJJPV NPH PO YKPLKO žMOSHG
•
›
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
POG WKPHYGg ˜IH G_GQJTGZ PO IJJPV NPH PO YKPLKO JHKRPVL PO RMWHGNWGORK IPLKe
QILVXPGQGOLg G žGNLG JU¬NVXPG GNL T^IJJPV NPH PO YKPLKOZ QIVN TG žGNLG TKžVXPG
GNL POG WKPHYG ITTIOL R^PO QI_VQPQ c PO QVOVQPQ g
1 "~
# O$ 6
v _„ _ ^
$ 638 $
W $ 73 $ 7
 j b e b yl h fi j
$3
O6 3 $ 8 4 M 3 OÓ O3 2
k b d i jh e l fjh b
“OLHG PO žGNLG GL POG VOLGHIWLVKOZ OKPN VONLITTKON POG HGTILVKO RG WKOLHIVOLGZ
WIH TI YVRVHGWLVKO RG TI WKOLHIVOLG JGHQGL \
IP WKQJKNVLGPH RG N^VOLMHGNNGH IP_ `IHVIYTGN GL GOWUIÈOGQGOLNZ GL TG žGNLG
NG WITWPTG IPLKQILVXPGQGOLZ KP RG N^VOLMHGNNGH IP_ žGNLGN GL `VNPITVNGH T^VOe
PGOWG NPH TGN `IHVIYTGN GL GOWUIÈOGQGOLNg
IP QPNVWVGO RG N^VOLMHGNNGH IP_ žGNLGNZ GL R^VO PGOWGH TGN `IHVIYTGN GL TGN GOe
WUIÈOGQGOLNg
ION WGLLG JIHLVGZ OKPN RVNLVOžPKON TG JKVOL RG `PG RG T^VONLHPQGOLVNLGZ XPV IžVL
NPH TGN žGNLGN GL TIVNNG TGN `IHVIYTGN NG WITWPTGHZ RP JKVOL RG `PG RP WKQJKNVLGPHZ
XPV IžVL JHVOWVJITGQGOL NPH TGN `IHVIYTGNZ GL TIVNNG TGN žGNLGN NG WITWPTGHg
‘PH TGN bžPHGN XPV `KOL NPV`HGZ ɏZ ɕ GL ɖ HGJHMNGOLGOL TGN YKPLKO Z • GL –
RG TI QIVO žIPWUGZ GL ɨ TI JKNVLVKO GO ¨ RG T^I`IOL YHIN žIPWUGg G JTPNZ RION TGN
G_GQJTGNZ OKPN O^PLVTVNGHKON XPG TI JKNVLVKO IYNKTPG WKQQG RKOOMG RGN WIJLGPHNZ
QIVN VT GNL JKNNVYTG R^PLVTVNGH TI RMHV`M JHGQVSHG R^PO WIJLGPH Ü`VLGNNGß KP TI RMHV`M
NGWKORG ÜIWWMTMHILVKOßZ TI JKNVLVKO HGTILV`G GLWg
ION OKLHG QKRSTGZ PO žGNLG GNL PO NVžOIT MWUIOLVTTKOOMg §O WKONVRSHG PO GOe
NGQYTG RG žGNLG
I`GW HGJHMNGOLIOL TI `ITGPH RP žGNLG c
T^MWUIOLVTTKO Lg
+
@
@
+
ù ú ûù ü ý þþþý ù ÿ
v _„ _v
ù
ç
ù
… b yl h fi j c b jh e b { b ch b c b h b j dŠ l ë j b o b jh c
¦KPN JHMNGOLKON VWV TGN RV¢MHGOLGN WKOLHIVOLGN XPV `KOL NGH`VH JKPH GOWUIÈOGH
TGN YKVLGN NKPN [KHQG M`MOGQGOLVGTTGg GN WKORVLVKON NKOL QVNGN GO JTIWG TKHNXPG TI
KP TGN YKVLGÜNß RKOL GTTGN RMJGORGOL N^IWLV`GÜOLß a KP RION TG WIN R^POG NPVLG R^M`Me
OGQGOLNZ TKHNXPG TG JHMWMRGOL I MLM `ITVRMg
¦KPN JHKJKNKON RGN WKOLHIVOLGN RG YING ÜILLGOLGZ bOZ IJJPVZ HGTIWUMZ NGTGWLVKOß
GL RGN WKO™KOWLVKON KP RVN™KOWLVKON RG WKORVLVKOg
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
›Ÿ
GN LHIONVLVKON JGP`GOL RMJGORHG RG `IHVIYTGNg FG NKOL RION WG WIN RGN `IHVIYTGN
R^GO`VHKOOGQGOLNg
Ä ‡…‚†ˆƒˆ…‚ ヌ‚ƒŒ ï
•gš I WKORVLVKO £LLGOLG
FGLLG HGTILVKO GNL WUKVNVG TKHNXPG PO TIJN RG LGQJN N^GNL MWKPTM IP QKQGOL RG
TI QVNG GO JTIWG RG T^M`MOGQGOLg
‘PH TI bžPHG •gšZ TKHN RG T^IWLV`ILVKO RG £Z OKPN QGLLKON GO JTIWG PO LVQGH RG
L QVTTVNGWKORGNg ¦KPN JINNKON c TI YKVLG « RSN XPG L QVTTVNGWKORGN NG NKOL MWKPTMGNg
‘V L GNL POG `IHVIYTGZ L GNL RMbOVG WKQQG MLIOL POG `IHVIYTG R^GO`VHKOOGQGOLg
Ä ‡…‚†ˆƒˆ…‚ ‚ < => ?
ï
+
Ü
•g› I WKORVLVKO àVO
FGLLG HGTILVKO GNL WUKVNVG TKHNXPG TI YKVLG RMNVžOMG NG LGHQVOGg fT [IPL XPG WG
NKVL POG YKVLG R^GOWUIÈOGQGOL LGQJKHGTg
‘PH TI bžPHG •g›Z OKPN JINNKON c TI YKVLG « RSN XPG T^GOWUIÈOGQGOL VOLGHOG c
£ NG LGHQVOGg
ŒC „ŒÌ㈅‚C ÄÍÍDˆ „ŒÌćØB ÄÍÍDˆ „ŒÌćØB
FGN LHKVN HGTILVKON NKOL M`MOGQGOLVGTTGNZ GL RMJGORGOL RGN žGNLGNg FG NKOL RGN
HGTILVKON JHKWUGN RP WKQJKHLGQGOL RGN VOLGHHPJLGPHNg ¦KPN I`KON \
< => ?
ï
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•gœ GN HGTILVKON ãIJJPVãZãHGTIWUMã GL ãIJJPVäHGTIWUMã
+
›”
œ—
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
IJJPVܞGNLGZ NGPVTß \ TI `ITGPH RP žGNLG JINNG R^POG `ITGPH VO[MHVGPHG IP NGPVT
c POG `ITGPH NPJMHVGPHGg F^GNL c RVHG XPG JKPH PO žGNLG Z NGPVT GL
NGPVTg
HGTIWUMܞGNLGZ NGPVTß \ TI `ITGPH RP žGNLG JINNG R^POG `ITGPH NPJMHVGPHG IP NGPVT
c POG `ITGPH VO[MHVGPHGg F^GNL c RVHG XPG JKPH PO žGNLG Z NGPVT GL
NGPVTg
IJJPVäHGTIWUMܞGNLGZ NGPVTß \ TI `ITGPH RP žGNLG JINNG R^POG `ITGPH VO[MHVGPHG
IP NGPVT c POG `ITGPH NPJMHVGPHGZ JPVN HGJINNG c POG `ITGPH VO[MHVGPHGg F^GNL
c RVHG XPG JKPH PO žGNLG Z NGPVTZ NGPVT JPVN NGPVT ÜI`GW O ßg
fWVZ TI WKOLHIVOLG GNL YV™GWLV`GZ VT O^¬ I RKOW JIN RG WUKV_ c [IVHGg ¤O žGNLG VQe
JTVXPG POG LHIONVLVKOZ POG LHIONVLVKO GNL WKORVLVKOOMG JIH PO žGNLG JHMWVNg
‘PH TI bžPHG •gœ \
RP JKVOL RG `PG RG T^VONLHPQGOLVNLGZ NPH T^GOWUIÈOGQGOL RP UIPLZ TKHN RG
T^IJJPV NPH TG YKPLKO ɏZ OKPN JINNKON c TI YKVLG «Z JPVN OKPN HG`GOKON c TI
£ TKHN RP HGTIWUGQGOLg ‘PH T^GOWUIÈOGQGOL RP YINZ OKPN JINNKON RG TI £ c TI
« GO IJJP¬IOL JPVN GO HGTIWUIOL ɏg
RP JKVOL RG `PG RP WKQJKNVLGPHZ NPH T^GOWUIÈOGQGOL RP UIPLZ TG JINNIžG c
TI YKVLG « GNL WKORVLVKOOM JIH PO žGNLG R^IJJPVZ GL TG HGLKPH c TI YKVLG £
GNL WKORVLVKOOM JIH PO žGNLG RG HGTIWUGQGOLg ‘PH T^GOWUIÈOGQGOL RP YINZ TG
JINNIžG c TI YKVLG « OGWGNNVLG PO IJJPV GL PO HGTIWUGQGOL R^PO YKPLKOg
+
ù
ù
ù
ç
ù
ù
ç
í
ç
+
ù
ç
í
+
ù
ù
ç
í
ù
ç
ù
+
+
ï
Ä „ŒÌ㈅‚ CB̌‡ƒˆ…‚
•g I HGTILVKO ãNGTGWLVKOã
FGLLG HGTILVKO WKHHGNJKOR c TI RMLGWLVKO R^POG JKNVLVKO R^PO WIJLGPHg
< => ?
+
ç
í
œ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
NGTGWLVKOܞGNLGZ QVOZ QI_ß \ TI `ITGPH RP žGNLG NG NVLPG GOLHG TI `ITGPH QVO GL
TI `ITGPH QI_g F^GNL c RVHG XPG JKPH PO žGNLG Z QVO QI_g
fWVZ TI WKOLHIVOLG O^GNL JIN YV™GWLV`GZ VT ¬ I RKOW PO WUKV_ c [IVHGg ¤OG RMLGWLVKO
R^POG `ITGPH VQJTVXPG POG LHIONVLVKOZ QIVN POG LHIONVLVKO GNL WKORVLVKOOMG JIH PO
GONGQYTG RG `ITGPHNg fT [IPL RKOW WUKVNVH RION WG WIN TI `ITGPH TI JTPN JGHLVOGOLG c
RKOOGH IP žGNLGg ˜KPH WGTI TG QKRSTG IOIT¬NG TI `ITGPH RP WIJLGPH I`IOL TI `KTKOLM
RG LHIONVLVKOZ GL JHGOR TI `ITGPH TI JTPN JHKWUG HGNJGWLIOL TI WKOLHIVOLGg
‘PH TI bžPHG •g \
RP JKVOL RG `PG RG T^VONLHPQGOLVNLGZ TKHNXPG TG WIJLGPH RG JKNVLVKO RG ¨ GO`KVG
POG `ITGPH GOLHG — GL —g•›Z OKPN JINNKON RG £ c «g
RP JKVOL RG `PG RP WKQJKNVLGPHZ TG JINNIžG RG £ c « GNL WKORVLVKOOM JIH POG
`ITGPH RG ¨ WKQJHVNG GOLHG — GL —g•›g
ŒC ąD͌C ÂÐ
fT GNL JKNNVYTG RG HGžHKPJGH WGN HGTILVKON NGTKO RGP_ HSžTGN \
“¥ ÜHGTILVKOäZgggZHGTILVKOäOß \ LKPLGN TGN HGTILVKON RKV`GOL âLHG HGNJGWLMGNg
§¤ÜHGTILVKOäZgggZHGTILVKOäOß \ IP QKVON POG RGN HGTILVKON RKVL âLHG HGNJGWe
LMGg
‘PH T^GOWUIVOGQGOL RP UIPL RG TI bžPHG •gŸZ OKPN RG`KON I`KVH TG WIJLGPH RG
JKNVLVKO RG ¨ WKQJHVN GOLHG — GL —g•›Z IVONV XPG TG YKPLKO ɏ IJJP¬M JPVN HGTIWUMg
FGWV JGHQGL RG [IVHG POG NMTGWLVKOZ JPVN POG `ITVRILVKO JIH IJJPV NPH PO YKPLKOg
“O YINZ OKPN NKPUIVLKON RKOOGH TG QâQG WKQJKHLGQGOL IP YKPLKO ɏ GL ɕg
+
ù
í ù
ç
í
+
+
ï
sõ÷
+
+
v _„ _ˆ
… b y l h f i j c b j h e b { b c h b c b h ¬l e f l Û y b c
¦KPN JHMNGOLKON VWV TGN RV¢MHGOLGN WKOLHIVOLGN XPV `KOL NGH`VH c QKRPTGH TGN `Ie
HVIYTGN RP QKRSTGg
FGN WKOLHIVOLGN NKOL RG TI [KHQG \ WKORVLVKO a I¢GWLILVKOg
GN `IHVIYTGN NKOL MWUIOLVTTKOOMGN WKQQG TGN žGNLGNg GN `IHVIYTGN R^GO`VHKOOGe
QGOLZ QKVON NPNWGJLVYTGN RG WUIOžGQGOLZ JGP`GOL âLHG NKPNeGOWUIVOLVTTKOOMGNg
§O WKONVRGHG PO GONGQYTG RG `IHVIYTGN RG QKRPTILVKO I`GW
PO HMGT HGJHMNGOLIOL TI `ITGPH RG TI `IHVIYTG c T^MWUIOLVTTKO Lg
ú û
ç
ü ý þþþý
ÿ
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•gŸ GN RV¢MHGOLN žHKPJGN
+
ϥ
œ–
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g” àKHQIL žMOMHIT R^POG WKOLHIVOLG NPH POG `IHVIYTG
+
I`GW
§O WKONVRGHG PO GONGQYTG RG `IHVIYTGN R^GO`VHKOOGQGOL
PO HMGT HGJHMNGOLIOL TI `ITGPH RG TI `IHVIYTG c T^MWUIOLVTTKO Lg
¤OG WKOLHIVOLG GNL RG TI [KHQG Z
I`GW GL PO žGNLGZ POG `IHVIYTG R^GO`VHKOOGQGOL KP POG `IHVIYTG RG QKRPTIe
LVKO GL POG `IHVIYTG R^GO`VHKOOGQGOL KP POG `IHVIYTG RG QKRPTILVKOg I JIHLVG
ãNVã GNL [IWPTLILV`G NV TI WKORVLVKO GNL ¥g
Ä ÍĄƒˆŒ ‡…‚†ˆƒˆ…‚
I JIHLVG WKORVLVKO RG TI WKOLHIVOLG RMWHVL TGN JHMHGXPVN JKPH IJJTVXPGH TI JIHe
LVG I¢GWLILVKOg “TTG WKOLVGOL LKPLGN TGN HGTILVKON GL žHKPJGN XPG OKPN I`KON `P c
TI JIHLVG •g”g•Z IVONV XPG TI WKORVLVKO 㥠ã XPV VORVXPG XPG TI JIHLVG I¢GWLILVKO GNL
LKP™KPHN M_GWPLMGg
è ú ûè ü ý þþþý è ÿ
è ç è
â
ä
ç
ãä
ç åý
ç
ú
ã
üý
ý þþþý
ÿå
ÿ
ï
Ä ÍĄƒˆŒ Ä Œ‡ƒÄƒˆ…‚
‘V TI WKORVLVKO GNL `MHVbMGZ TI `IHVIYTG WKOWGHOMG JGPL ITKHN âLHG QKRVbMGg ˜KPH
WGTIZ OKPN PLVTVNKON RGN [KOWLVKON RG LHION[GHL GOLHG TGN `ITGPHN RP WIJLGPHZ GL TGN
`ITGPHN RG TI `IHVIYTGg ‘PH TI bžPHG •g•—Z OKPN I`KON – G_GQJTGN RG [KOWLVKON RG
LHION[GHL \
VRGOLVLM \ TI `IHVIYTG JHGORHI RKOW RGN `ITGPHN GOLHG — GL 
ï
t
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
œš
•g•— ¥HKVN G_GQJTGN RG [KOWLVKON RG LHION[GHL
+
RVNWHMLVNILVKO \ TI `IHVIYTG JHGORHI TI `ITGPH — NV TG WIJLGPH RG JKNVLVKO HGO`KVG
POG `ITGPH GOLHG — GL —g›Z  NVOKOg
RKPYTG \ TI `IHVIYTG JHGORHI RGN `ITGPHN GOLHG — GL •
¤OG [KOWLVKO RG LHION[GHL JKPHHI âLHG RMbOVG JIH NI [KHQPTGZ KP JIH NI WKPHYGg
‘^VT ¬ I JTPNVGPHN WIJLGPHNZ OKPN JKP`KON QGLLHG WUIWPOG RGN [KOWLVKON RG LHION[GHL
WKHHGNJKORIOLGN GO HGTILVKO IHVLUQGLVXPG ÜG_GQJTG \ [ÜÉß žÜÉ•ß e UÜɖßßg
FKQQG OKPN JIHTKON RG WKOLHIVOLGNZ POG QKRVbWILVKO R^PO KP JTPNVGPHN žGNLGN
JGPL GOLHIVOGH TI `IHVILVKO RG TI `IHVIYTGZ QIVN POG QKRVbWILVKO RG TI `IHVIYTG
GOLHIVOG IPNNV POG `IHVILVKO RGN žGNLGN INNKWVMNg
FGWV NVžOVbG XPG QKRVbGH POG `ITGPH RKVL JGHQGLLHG RG HGLHKP`GH TI `ITGPH RGN
WIJLGPHN JGHQGLLIOL RG TI žMOMHGHg ‘V TI [KOWLVKO RG LHION[GHL GNL YV™GWLV`GZ VT O^¬ I
IPWPO JHKYTSQGg ‘V WG O^GNL JIN TG WINZ OKPN JHGORHKON TI `ITGPH TI JTPN JHKWUG RG
TI `ITGPH IWLPGTTG RP WIJLGPHg ˜IH G_GQJTGZ JKPH TI RVNWHMLVNILVKO RG TI bžPHG •g•—Z
NV TG WIJLGPH GNL —gœ GL XPG OKPN `KPTKON XPG TI `IHVIYTG NKVL c —Z OKPN TG JINNGHKON
c —g›g ‘^VT GNL c —gšZ OKPN TG TIVNNKON LGT XPGTg
+
+
D
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
œ›
GN žGNLGN JGHQGLLIOL RG HGNJGWLGH TI JIHLVG WKORVLVKO RKV`GOL IPNNV I`KVH TGN
YKOOGN `ITGPHN HGNJGWLIOL TI WKOLHIVOLGg
ŒC ŒŒEÍ̌C
•g• dKRPTILVKO RG TI UIPLGPH I`GW LHKVN YKPLKON
¡K¬KON LHKVN G_GQJTGN JKPH VTTPNLHGH WGLLG JIHLVG \
‘PH TI bžPHG •g•Z OKPN I`KON POG QKRPTILVKO RG UIPLGPH LGTTG XPG TG WKQJKe
NVLGPH ªKNGJU £’’£ “ T^I PLVTVNM NPH NKO RGHOVGH VONLHPQGOLg ¤O YKPLKO
JGHQGL RG JINNGH IP RGQV LKO NPJMHVGPHZ PO IPLHG IP LKO NPJMHVGPH GL TG
RGHOVGH c T^KWLI`G NPJMHVGPHGg FGL G_GQJTG JGHQGL RG QKOLHGH T^PLVTVNILVKO RG
JTPNVGPHN YKPLKON RION POG WKOLHIVOLGg
‘PH TI bžPHG •g••Z OKPN I`KON PO POVXPG YKPLKO JGHQGLLIOL RG JINNGH R^PO
VONLHPQGOL T^IPLHGg FGL G_GQJTG JGHQGL RG QKOLHGH T^PLVTVNILVKO RG TI `ITGPH
< => ?
+
+
+
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
•g•• «INWPTGQGOL R^PO VONLHPQGOL c T^IPLHG
WKPHIOLG RG TI `IHVIYTGg
‘PH TI bžPHG •g•– ¥KP™KPHN JIH HIJJKHL c T^VONLHPQGOL RG ªKNGJU £’e
’£ “Z OKPN I`KON VWV š YKPLKON QVN GO HGTILVKOZ LGT XPG NGPT TG YKPLKO
TG JTPN IJJP¬M NKVL JHVN GO WKQJLG ÜGL NV NI `ITGPH GNL MžITGQGOL IP RGNNPN
R^PO NGPVTßg FKQQG TGN š YKPLKON NKOL WKLG WKLGZ WGTI JGHQGL RG NVQJTVbGH
TG LHI`IVT RG T^VONLHPQGOLVNLGZ WIH T^IJJPV NPH PO RG WGN YKPLKON [IVL JIH[KVN
IJJP¬GH NPH TGN YKPLKON IR™IWGOLNg
< => ?
+
œœ
1 "!­
#4
+
7F 8 3 O$
£P QKQGOL RG T^G_MWPLVKOZ TI NKHLVG R^POG YKVLG GNL POG NKHLVG RG NKOg áPIOR
POG YKVLG žMOSHG RVHGWLGQGOL PO NKO ÜYKVLG [GPVTTGßZ GTTG GO`KVG WG NKO c TI YKVLG XPV
T^GOžTKYGZ XPV T^GO`KVG c WGTTG XPV T^GOžTKYG GLWg GO IJJTVXPIOL c WUIXPG OV`GIP TGN
G¢GLN NGTKO TGN `ITGPHN RGN `IHVIYTGN RG QKRPTILVKOg G NKO GNL ™KPM POG [KVN IHHV`M
NPH TI YKVLG HIWVOGg
­®¯°±²®³´µ´¶·³ ¸¶±°µ°¹¸¶º»® ¼¶µ³´ ½¶¹°· ®´ ½µ¹°·¾²´°»¹´»°®² ½»²¶¹µ¼®²
< => ?
•g•– FUKV_ RP YKPLKO TG JTPN IJJP¬M
+
œ
v ~}€y
ç z xy z y èv xèÛ x
ç Û € x y èÛ}~ç æ
ç Û € x z ~}~ç æ y}
Î
Î
!" !# $ %&'" ( )* ++) ,)%' +" - ) . /+" . " !+!* + $ )* ' . "*0 1&$ " 2)3
. - "&+" . " !" - ) . /+" 4 + 51. %&%) . " + $ %/!" $ ' +" !)- $ ) %&"* ' "& + 5"0 1!*&%)
. " + $%/!" $ ' + 5% &'* - "&% &" 6
; "!
4 8 O4 Ø P$ 7
X S$ 6 Ó O 8 F 6 6 $ : $ 6 3 7  4 8 O 4 Ø P $ 7
X$
: F5
X 9 P4 3 OF 6
8 !" - ) . /+" ( )* *&%+% ) . "*0 &9 $ " . " ,'%: +" *0 !)- $ )'&"- "&
. %; 1'"& 4 +" ,'%:+" . 5", %') "- "& "& +" ,'%: +" . " - ) . * +&%) 6
ˆ _^ _^
<l e fl Û yb c
k †b j ¬ fe i j j b o b j h
= " ,'%:+" . 5", %') "- "& )& ." ,'%: +" $ "'- "&&& . 5>%' * ' + &'* !3
&* '" ." + !)- $ ) %&%) ( )* : %" " 1+"!&%) & * ) . * '1 "',)%' ( )* :%"
" . 1&"'- % & * "!# ?"- "& 6
õÒ@ A
= " ,'%: +" . 5", %') "- "& )& 1!# &%++) 1" B + - C- " 2'1D *" !" D* " +"
>" &" 6 E ++" $ "*,"& 1,"&* "++"- "& C&'" )* 31!# &%++) 1" 6
F . 1G %& + 5" "- : +" . " ,'%: +" . 5", %') "- "& è ú ûè ü ý þþþý è ÿ
* '1"+ '"$ '1 "&& + ,+"* ' . " + ,'%: +" è B + 51!# &%++) & 6
HI
,"!
è ç J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
H\
] ^_`a`b cd e
= )' D* 5* " : )%&" . 1!+'" * " ,'%: +" . 5", %') "- "& ( &)*&" +" : )%&" + 5"3
>+): & f * D* 5B + : )%&" '!% " '"g)%,"& +" - C- " %. "&%G !&"*' . " ,'%: +" 6 h * .
* " : )%&" '"g)%& !"& %. "&%G !&"* ' ( "++" $ "'- "& B ) $ /'" . 5>%' . " * 6
i d j c Ü ^`b cd e
= - ) . %G !&%) . 5* " &"++" ,'%: +" B 5%- $ )'&" D* "+ %,"* . " + # %1''!# %"
" & # 1'%&1" f * D* 5*0 2"* %++" 6
E . 5*&'" &"'- " ( * " - ) . %G !&%) . 5* " ,'%:+" . 5", %') "- "& B * %3
,"* " '1$ "'!*&" *' &)*&" +" : )%&" " >+): 1" 6 E '", !# " ( +" : )%&" " >+): &
+" +%"* . " + - ) . %G !&%) " *: %')& $ !"&&" - ) . %G !&%) 6
k " !# )%0 1&1 2%& G . " $ "'- "&&'" + - ) .%G !&%) . " + 5", %') "- "& * '
+ 5%&1>'+%&1 . 5* )* 3': '" l$ ' "0 "- $ +" * %,"* . * !) !"'& ( . " + $ %"!" ( . 5* "
$ '&%" ( "&! 6m "+) +" )* # %& . * !)- $ ) %&"* ' 6 k " 2) !&%) "- "& " & %&* %&%2 . * " &'* !&* '" # %1''!# %D* " 6
n ' "0 "- $ +" ( % )* *&%+% ) * " $ * + &%) . )&'" $ %/!" $ )* ' >1 1'"' . "
) $ +* )* - )% '$ %. "- "& ( )* $ )*,) . 1!%. "' . 5!!1+"'"' f * &" * " $ '&%"
. " + $%/!" ( + $ %/!" "&%/'" ( "&! 6
ˆ _ ^ _v
<l o fl Û yb c
k b o i k w yl h fi j
= " ,'%: +" . " - ) .* +&%) $ "'- "&&"& . " 2%'" ,'%"' !"'&% $ '- /&'" .*
) * %,"* . 5* " : )%&" 6 = )' . " + '"- )&1" . 5* ) ( "++" +" - ) . %G "')& "
$$ +%D * & +" "; "& D* 5"++" !)&')+"& 6
õÒ@ A
= " ,'%: +" . 5", %') "- "& )& 1!# &%++) 1" B + - C- " 2'1D *" !" D* " +"
>" &" 6
F . 1G %& + 5" "- :+" ." ,'%: +" . " - ) .* +&%) ú û ü ý þþþý ÿ
* '1"+ '"$ '1 "&& + ,+"* ' . " + ,'%: +" B + 51!# &%++) & 6
,"! ç J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
pq
] ^_`a`b cd e
= )' D* 5* " : )%&" . 1!+'" * " ,'%:+" . " - ) . * +&%) ( "++" $ "'- "& B
. 5>%' . " * 6 r"* +" + : )%&" + 59& . 1!+'1" $ ) /. " + 5%. "&%G !&"* ' 6
) $ /'"
i d j c Ü ^`b cd e
k )&'%'"- "& *0 ,'%: +" . 5", %') "- "& ( +" ,'%:+" . " - ) .* +&%) )&
+) !+" B + : )%&" ( ! 5" & B .%'" D* 5* " - ) . %G !&%) . 5* " ,'%: +" . " - ) . * +&%) "
" '1$ "'!*&" $ *' . 5*&'" : )%&" 6 k "!% $ "'- "& . " #%1''!#% "' + 5$ $ +%!&%) . "
"; "& 6
s $ $ "+ 4 * ) " & >1 1'1 * %,"* ." 2"* %++" ( "& '"- )&" +" +) > . " + 5': '" (
. " G + " $ /'" ( $ )* ' C&'" f )* 1 B + '!% " 6 t !# D *" %,"* ." + '"- )&1" ( . "
"; "& $ "*,"& 5$ $+%D* "' $ )* ' - ) . %G "' +" ) 6
r% !" ,'%: +" 1&%"& #1'%&1" ( +" "; "&
5$ $ +%D* "'%"& ): +%> &)%'"- "& *
%,"* ." 2"* %++" ( ! 5" & B . %'" * - )- "& . " + $ ') . * !&%) . * ) 6 F ' %+ " & &)*&
B 2%& !) !",: +" . " ,)*+)%' $ $ +%D* "' * " - ) . %G !&%) * ) . %'"!&"- "& >1 1'1 (
"& * " *&'" * %,"* . " + $ %/!" "&%"'" 6
n ' "0 "- $+" ( +" !)- $ ) %&"* ' $ )* ''%& . 1!%. "' ." '" . '" $ %/!" * $ "* $+*
%>* " ( &)*& " !)&%* & . 5$ $ +%D* "' . " - %!')3,'%&%) . " # *&"*' * %,"*
. 5* ) l, %: '&) m 6 u)*& '1+% "' * %,"* . " + $') . * !&%) . * ) " & "v $ "*
%&* %&%2 6
8 " $ +* ( + 5)'. '" . 5$ $+%!&%) ." "; "& " & $ '%- )'. %+ 6 n' "0 "- $ +" ( $ $ +%D* "'
* G +&'" $ *% * !# >"- "& ." # *&"* ' . ) " * '1 * +&& .%; 1'"& . 5* !# 3
>"- "& . " # *&"* ' * %, % . 5* G +&'" 6 r% +" !)- $ ) %&"* ' ,"*& G +&'"' $ *% !# >"' +
# *&"* ' . 5* " 2"*%++" ( "& !# >"' + # *&"*' $ * % G +&'"' + $ %/!" "&%"'" ( %+ )* "3
'%& %- $ ) %:+" ." ,)%' . D* "+ )'. '" $ $ +%D* "' +" "; "& * %,"* . " + 2"* %++" 6
E G ( !"'&% "; "& +9 "& '$%. "- "& +" ) ,& . " +" - ) . %G "' " !) 13
D* " !" 6 w % % ( * " $ $+%!&%) . 5* &"+ "; "& * ' * " $%/!" - %0 & $+* %"*' )
"&'" "*0 " . ) "' $ +" - C- " '1 *+&& D* " + 5$ $+%!&%) ." !" - C- " "; "& * '
+ 5" "- : +" 1$ '1 . " ) ) " !)'" - %0 1 6
u)*& !"!% f * &%G " + . 1G %&%) . " !" . "*0 %/- " &9 $ " . " ,'%: +" 6
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
y z{
px
| } ~~€  } ~‚ ƒ „ …† ƒ  ‡ ˆ ‡ ‰
k )- - " )* + 5,) , * . +" !# $ %&'" $ '1!1. "& ( + &'* !&* '" " & !"++" . 5*
': '" 6 E "; "& ( + # %1''!# %" $ "*& &'/ :%" C&'" , * " !)- - " * ': '" . )& !# D *"
) "*. $ ) /. " . " &&'%: *& 4
Š = : )%&" '!% " " & + '!% " . " + 5': '"
Š = " : )%&" 2"* %++" )& +" 2"* %++" . " + 5': '"
Š ‹ " : )%&" " >+): &" " & +" $ /'" ." : )%&" D* 5"++" ">+): " lD* % "')& . ) !
" "2& m
Š w * %,"* . " !# D* " ) "* . ( )* ,) !)- - " &&'%: *& 4
Š = " >" &"
Š = " ,'%: +" . " - ) . *+&%)
Š = " ,'%: +" . 5", %') "- "&
Š E &'" 2'/'" ( )* ,) +" !)&'%&" . 5" !# ? "- "& l&"- $ )'"++" )* 1,13
"- "&%"++" m
Š 8 5* $ /'" ,"' " "2& ( )* ,) +" !)&'%&" "&'" !"'&% >" &"
.* $ /'" "& !"'&% " ,'%: +" ." "2& ( "& "&'" !"'&% >" &" . * $ /'" "&
+ 5" !# ? "- "& . " "2&
Œ Ž 
 ‘ ’ “ ’ ” •– — ” ˜ ™š — ›– ›“ •
w * - )- "& . " + 51. %&%) ( + 5': '" " & !) &'* %& * 2* ' "& B - " *'" 6 t !# D* " % 3
&& ( &)*&" +" !)&'%&" .1f B $ +!1" )& ) "* +"- "& B ,1'%G "' ( - % * %
B )$&%- % "' 6
F "&" . $ ' œ žŸ Ÿ¡ ¢žŸ œ£ ¤ ¥ ¦œ£ ž§¢Ÿ £ ž ¥ +" !#)%0 ." + - "%++"* '" )+*&%) %
+ '1 )+*&%) . 5* " !)&'%&" . ) " $ +* %"* ' '1 * +&& $ ) %:+" 6 n)* ' !"+ ( . "
$ )%. )& $ +!1 * ' +" !)&'%&" $ )* ' . 1&"'- % "' !"++" B '" $ "!&"' " $ '%)'%&1 6
h * . +" !)- $ ) %&"* ' . 1!%. " . 51!'%'" $%/!" l,)%' !# $%&'" ¨ m 4
Š * " - ) . %G !&%) . 5* " ,'%:+" . $&" + 51,"&* "+ >" &" !)''" $ ) . &
Š * " - ) . %G !&%) . 5* >" &" . $&" + 51,"&* "++" ,'%: +" !)''" $ ) . &"
Š +" $ >" . 5* " : )%&" B + 5*&'" . * "!# ?"- "& 1,1 "- "&%"+ . )%&
'" $ "!&"' + !). %&%) . " $ >"
Š + ,+%. &%) . 5* " !) . %&%) . " $ >" 2%& $ "' . 5* " : )%&" B + 5*&'"
©+ " & $ ) %: +" . 5,)%' * " '"+&%) . " !)&'%&" B * - )- "& ª ( ,"! )* !) . %&%) $ '1+: +" 6
r !) . %&%) $ '1+: +" ( + '"+&%) " & ." + 2)'- " «¬ ­ª® ¯ ° ±² ³ ´ ² µ ´ ¶¶¶´ ²· ¸ (
,"! ²· * >" &" ( * " ,'%: +" . 5", %') "- "& )* * " ,'%: +" . " - ) . * +&%)
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
p¹
"& «¬ * " ,'%:+" . 5", %') "- "& )* * " ,'%: +" . " - ) . *+&%) 6 ©+ " & $ ) %: +"
. 5,)%' . " !)&'%&" +% 1%'" ( )*,"& * " - % " B + 5"!# "++" "&'" * " ,+"* ' . "
>" &" "& * " ,'%: +" ( )* ) +% 1%'" ( $ ' "0 "- $ +" +)' . " + . % !'1&% &%) 6
w,"! * " )* $+* %"*' !) . %&%) $ '1+: +" ( + !)&'%&" . )%& C&'" $ '1!1. 1"
. 5* º % º ,"! +" !) . %&%) 6 = 2)'- " >11'+" " & » ¼ ½¾¿ À¼ª¼¾¿ ±Á  ­ª®¸ ´ ÃÄ¾Å Æ «¬ ­ª® ¯
° ±² ³ ´ ² µ ´ ¶¶¶´ ² · ¸ ( ,"! Á Â "& ²· * >" &" ( * " ,'%:+" . 5", %') "- "& )* * " ,3
'%: +" . " - ) . * +&%) "& «¬ * " ,'%: +" . 5", %') "- "& )* * " ,'%: +" . " - )3
. *+&%) 6 8 + 51&& !&* "+ ." ) '"!# "'!# " ( $ ' - D* " . " &"- $ ( %+ )* " &
%- $ ) %: +" . " 2)'- +% "' "&%/'"- "& +" !)&'%&" 6 k "!% .", ' 2%'" + 5):f "& . 5* "
1&* . " &#1)'%D* " *' + '1 )+*&%) . " !" !)&'%&" 6
8 )&'" - ) . /+" ( )$&%- % "' * " !)&'%&" "&'" * >" &" "& * " ,'%:+"
'", %"& B &')*,"' B + 51!# &%++) ª Ç +" ,+"* ' +" - )% 1+)%> 1" . " ,+"* ' B
+ 51!# &%++) ª 6
Œ Ž Ž
 ‘ ’ “ ’ ” •– — ” ˜ ™”È š É ‘ – ›“ •
= )' . " + 5"0 1!*&%) ( ! 5" & B . %'" +)' D* " +" - * %!%" f )* " + $ %"!" !)- $ ) 1" (
+ 5': '" " & !'11 .9 - %D* "- "& 6 k )&'%'"- "& B + $ # " . 51. %&%) ( !" " )&
$ +* . " !)&'%&" D* % '"+%"& +" >" &" B . " ,'%: +" )* . " : )%&" "&'" "++" (
- % . " 2) !&%) 6 E "; "& ( +" - * %!%" >%& * %D* "- "& * ' +" >" &" $ )* ' !+3
!* +"' +" ,'%: +" ( "& f - % + 5%,"' " l'" "',1 B + $ # " . 51. %&%) m ( %+ " & . ) !
$ ) %: +" . 5)'%"&"' +" !+!* + 6
= )' . " + 5!&%,&%) . 5* " : )%&" 4
Š E ++" - "& " $ +!" +" &' %&%) "&'" " "2&
Š E ++" - "& " $ +!" +" 2) !&%) "&'" " ,'%: +"
Š E ++" !&%," +" : )%&" % %&%+"- "& !&%," $ '- %
Š E ++" # 1'%&" . " ,'%: +" . 5", %') "- "& ." )
6
"& +" >" &" . " ) $ /'" 6
" "2& 6
$ /'" 6
= )' . " + , %" . 5* " : )%&" 4
Š E ++" .1&"!&" +" !# >"- "& * ' " ,'%: +" . 5", %') "- "& ( "& +" &' 3
- "& B " "2& 6
Š E ++" '"!* $ /'" +" ) $ ')," & . " "2& ( "& $ $+%D* " +" "; "& !)''" $ )3
. & . 5$ '/ " ,'%: +" . " - ) . * +&%) ,& ." +" &' - "&&'" B ) $ /'" 6
r 5%+ 5>%& . " + '!%" ( +" ) " & f )* 1 6
Š E ++" "!)*&" +" !)&')+" * ' +" &' %&%) "&'" +" "2& 6
n)* ' * " 2"* %++" 4
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
pÊ
Š E ++" - "& " $ +!" +" 2) !&%) "&'" " ,'%: +" "& +" >" &" . " ) $ /'" 6
Š E ++" >1 /'" . * ) 6 l. +" !. '" . * !# )%0 . * '1 "',)%' . " )&" ( "++"
!#)% %& * % +" : ) ) m
= )' . " + . 1 !&%,&%) . 5* " : )%&" 4
Š E ++" . 1 !&%," &)* " "2& ( f * D * 5*0 2"* %++" 6
Ë Ì Í Î ÏÐ Ñ Ò
Ó
Ô Ð ÏÕÏ Í Ð ÏÖ ×
Ø
Í Ù Ú ÒÐÐÒ
ÛÒ
Õ ÜÏ × Ð Ò Ñ Ý Í Þ Ò
8 ßàá âãääã å ßæäçã è à éê á å æëáãàäéàá ì ãá í ßDê ãääãá í éàäæßàä âéí í ãàä îã îé> çï
âçãî là éà ãà âéæã çí åîëí ãàäë m ìãð æßçä ß>çæ îéæáDê ã îã âéí å éáçäãêæ ì ëáçæã ì éàà ãæ êà
ãñ ãí åîã ì ã ì ãðãîéå å ãí ãàä ì ã áß å çòâã ó
= ôçì ëã ãáä ì ôßðéçæ êà ã æãå æëáãàäßäçéà í ãääßàä î ôê à ãà ìãááéê á ìãá ßêäæãá îãá
: éçäãá è áê æ ê à ã îç>à ã ìã äãí å á è ãà îçáäßàä îãá : éçäãá ßðãâ îãê æá ðßæçß: îãá ãä îãê æá
>ãáäãá ó = ôéæì æã ìãá : éçäãá ãáä ì ãäãæí çà ë ãà å ßæâéê æßàä î ôßæ: æã ì ôëì çäçéà ãà å æéõéàï
ì ãê æ ó
F à å ãêä ì ëâçì ãæ ì ôßâäçðãæ ê à ã : éçäã è åê çá ì ã õßçæã ðßæçãæ äãîîã éê äãîîã ðßæçß: îãá è
ì ã îßà âãæ äãî éê äãî áéà è ì ã ì ëáßâäçðãæ ê à ã : éçäã å éê æ ãà ßâäçðãæ êà ã ßêäæãá ãäâ ó
F à ß ßîéæá êà ã áê çäã ì ôëðëà ãí ãàäá ì ëâæçðßàä îß å çòâã è ãä ì éà à ßàä ãà í Cí ã äãí å á è
å êçáD ê ã îãá ðßæçß: îãá áéàä æãîçëãá å ßæ âéàäæßçàäã ßêñ > ãáäãá è ê à ãñ ãí å îã ì ôãñ ëâêäçéà
B ê à çà áäæê í ãàäçáäã ó
©î å éêææßçä Cäæã çàäãæãááßàä ì ã à ã å ßá âéí å éáãæ ì ßà á îã ìëäßçî è í ßçá ì ã ì éà à ãæ
ì ãá çàäãàäçéà á è : ßáëãá å ßæ ãñ ãí å îã áê æ îãá ‹ ru ó
p¨
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ¨ óx Š E ñ ãí å îã ì ã í çáã ãà å îßâã ì ôê àã áäæêâäêæã
pö
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ¨ ó¹ Š k éí å éáçäçéà ãà õßçáßàä ðßæçãæ îãá ðßæçß: îãá ìã í é ì ê îßäçéà
pH
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ¨ óÊ Š k éí å éáçäçéà ãà õßçáßàä ðßæçãæ îãá ðßæçß: îãá ì ôãàð çæéàà ãí ãàä
pp
Ë Ì Í Î ÏÐ Ñ Ò
û
ü Ò Î Ñ ý þ Ò ×Ð Í Ð ÏÖ ×
ÎÏ
Û ÜÏ × þ Ð Ñ Ú ÿ Ò × Ð þ
ÒÐ
ÛÒ
ÞÒþ
8 ßàá âã â ßå çäæã è à éê á æãå æëáãàäéà á ì ßà á à éäæã í é ì òîã îãá çà áäæêí ãàäá ãä îß
å çòâã ìëâæçäá ì ßà á îß å ßæäçã xóxÊ ó néê æ à ã å ßá áê æâ ßæ>ãæ îãá áâ ëí ßá è à éê á í ãääéà á
îãá âéàäæßçàäãá ãà äßàä Dê ã îë>ãàì ã ó
îãá >ãáäãá ãàðéçãàä ì ãá ðßîãêæá ãàäæã q ãä xó
©à áäæêí ãàä u s F n E Š lxm ßæçßäçéà ìê ðéîê í ã ãàäæã q ãä xqq u ðéî xqq ¹ö
Š l¹m ßæçßäçéà ìã îß å ê îáßäçéà ãàäæã öq ãä xöq : åí
u å êîáßäçéà öq xqq Š lÊ m k ßà>ãí ãàä ì ê í é ì ã ßââéæì ßæå ò> ã ßðãâ ê à ê à çD êã : éêäéà
E u lßå å ê ç æãîßâ ë l xè q óö m è í é ì ã ßæå ã>ã m í é ìã ßââéæì
E u lßå å ê ç æãîßâ ë l xè q óö m è í é ì ã ßââéæì m í é ì ã ßæå ã>ã
Š l¨ m k ßà>ãí ãàä ì ã î ôçà áäæê í ãàä ßðãâ ì ãêñ : éêäéà á
ßå å ê ç æãîßâ ë l8 H è q óöm çà áäæ åçßà é
ßå å ê ç æãîßâ ë l8 ö è q óöm çà áäæ áßñ éå éà ã
Š löm k éçñ ì ã îß àéäã ì ã ì ëå ßæä ì ã î ôßââéæì éê ì ã î ôßæå ò> ã
u ç ö 8
Š lH m ßæçßäçéà ì ã îß ßêäãêæ ßðãâ ê à : éêäéà å éê æ ê à äéà áêå ëæçãê æ è ê à : éêäéà
å éê æ êà äéà çàõëæçãê æ è ãä ê à : éêäéà å éê æ ¹ é âäßðãá áê å ëæçãê æãá ó
u å çäâ ¹ 8 x ï ¹ 8 ¹ ¹¨ 8 Ê
Š lpm çîäæß> ã ì ãá õæòD ê ãà âãá ãà ìãááéê á ì ôê à àéí : æã âéí åæçá ãàäæã q ãä xqqqq
u õæãD: xqqqq 8 ¨
s ßå å ãî
Š lI m rãîãâäçéà ì ôê àã : éçäã f éê ßàä ì ãêñ à éäãá ãà õéàâäçéà ì ã îß å éáçäçéà ìê
áîçì ãæ ì æéçä
pI
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
p\
áãîãâäçéà l8 ¹ö èq ó¹ö èq óöq m
Š l\ m rãîãâäçéà ì ôê à ã : éçäã f éê ßàä ê à ã à éäã ãà õéà âäçéà ì ã îß å éáçäçéà ì ê áîçì ãæ
ìæéçä
áãîãâäçéà l8 ¹ö èq èq ó¹öm
Š lxq m rãîãâäçéà ì ôê à ã : éçäã f éê ßàä Dê ßäæãá à éäãá ãà õéà âäçéà ì ã îß å éáçäçéà ìê
áîçì ãæ ì æéçä
áãîãâäçéà l8 ¹ö èq ópö èq óxm
Š lxxm rãîãâäçéà ì ôê à ã : éçäã f éê ßàä äæéçá à éäãá ãà õéà âäçéà ì ã îß å éáçäçéà ìê
áîçì ãæ ì æéçä
áãîãâäçéà l8 ¹ö èq óöq èq ópöm
n çòâã k k = F E l x å éê æ îãá > ãáäãá ì ê ãäßï©à áäæê í ãàä xè ¹ å éê æ îãá > ãáäãá
ìê
ãäß ©à áäæê í ãàä ¹m
Š lxm k ßà>ãí ãàä ì ã å ßæäçã âéà ì çäçéà à ë å ßæ ê à : éêäéà
ßå å ê ç l xó xè q óöm
Š l¹m 8 ëâîãà â ãí ãàä ì ôê à áéà ßðãâ ê à : éêäéà
ßå å ê ç l xó ¨ è q óöm
é ì ê îßäçéà ì ã îß õæëD ê ãàâã ì ã ð ç: æßäé ãà q ãä ¨ q v
Š lÊ m
xó ö
u ð ç:æßäé
¨q
çîäæß>ã
ì
ãá
õæëD
êãà âã ãà ì ãááéê á ì ôê à à éí : æã âéí åæçá ãàäæã q ãä xqqqq
l¨
m
Š
xqqqq
xó H
u õæãD:
è ãä ì ôêà é âäßðã
Š löm ßæçßäçéà ì ã îß ßêäãêæ ì ôê à é âäßðã í ßñ çí ê í ãà
í ßñ çí ê í ãà
x¹
xó
x¹
xó
u å çäâ
é
ì
ã
ßæå
ã
ó
=
ß
å
éáçäçéà
ãà
lH
m
f éê ã ê à ã à éäã ó
Š
áãîãâäçéà l ¹ ó
èq èq óxm å éêæ îß éäã x
áãîãâäçéà l ¹ ó
èq óxèq ó¹ m å éê æ îß éäã ¹
áãîãâäçéà l ¹ ó
èq ó¹ èq óÊ m å éê æ îß éäãÊ
áãîãâäçéà l ¹ ó
èq ó¨ èq óö m å éê æ îß éäã¨
áãîãâäçéà l ¹ ó
èq óö èq óH m å éê æ îß éäã ö
áãîãâäçéà l ¹ ó
èq óH èq óp m å éê æ îß éäãH
áãîãâäçéà l ¹ ó
èq óp èq óI m å éê æ îß éäã p
áãîãâäçéà l ¹ ó
èq óI èq ó\ m å éê æ îß éäãI
áãîãâäçéà l ¹ ó
èq ó\ èxm å éêæ îß éäã\
ìê
ãäßï©àáäæê í ãàä x ì ëäãâäã ê àã ðßîãêæ áêå ëæçãê æã B
Š lpm = ã âßåäãê æ ãà
q óxè çî å æãà ì îß í ßçà
ßå å ê ç l xó
èq óxm
=
ã
âßåäãê
æ
ãà
ìê
ãäßï©àáäæê í ãàä ¹ ì ëäãâäã ê àã ðßîãêæ áêå ëæçãê æã B
lI
m
Š
q óxè çî å æãà ì îß í ßçà
ßå å ê ç l ¹ ó
èq óxm
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
Iq
Š l\ m = ôßí å îçäê ì ã ì ê í éêðãí ãàä ì éà à ã Ê ¹ è H¨ éê x¹I à éäãá
áãîãâäçéà l xó
èq óxèq ó¨ m å éê æ ʹ éäãá
áãîãâäçéà l xó
èq óö èq óp m å éê æ H¨ éäãá
áãîãâäçéà l xó
èq óp èxm å éêæ x¹I éäãá
=
ã
âßåäãê
æ
ãà
ìê
ãäßï©à áäæê í ãàä æãå ßááã ßê ì ãááê á ì ã q óxè â ôãáä êà
lxq
m
Š
éäãF ;
æãîßâ ë l xó
èq óxm
©à áäæêí ãàä ì ã îß åçòâã ©n F
E
ßæçßäçéà
ì
ã
îß
ßêäãê
æ
ßðãâ ì ãêñ ì éç>äá å éê æ ê à ì ãí çïäéà áê å ëæçãê æ è
lxm
Š
ìãêñ ì éç>äá å éêæ ê à äéà áê å ëæçãê æ ãä ì ãêñ ì éç>äá å éê æ ê àã é âäßðã áê å ëæçãê æã ó
ö
8ö
¹
xq
¹ 8 xq
x¹
xö
x¹ 8 xö
u å çäâ
éêðãí ãàäá ìê ßêä ðãæá îã : ßá ì ãá ì ãêñ : æßá å éê æ ì ëâîãà â ãæ êà
Š l¹ ãä ¹ ôm
áéà ð çéîãàä
èq óxm èæãîßâ ë l8 èq óxmm
l¹mE u læãîßâ ë l
èq ó\ m èßå å ê ç l8 èq ó\ mm
l¹ ômE u lßåå ê ç l
Š lÊ m nßê í ã ì ã îß í ßçà > ßê â ã ðãæá î ôçàäëæçãêæ è ì ëâîãà â ãí ãàä ì ã îß á9 àä òáã
ßå å ê ç l s è q óöm
Š l¨ m nßê í ã ì ã îß í ßçà > ßê â ã ðãæá î ôãñ äëæçãêæ è ßææCä ìã îß á9 àä òáã
æãîßâ ë l s è q óöm
Š löm néáçäçéà ìã îß õãà Cäæã ì ã á9 àä òáã >æßàêîßçæã ãà å éê æâãàäß> ã ì ã îß äßçîîã
>îé: ßîã
xqq
u å éáçäçéà
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óx Š ©à áäæêí ãàä u s F
n E lx H m
Ix
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö ó¹ Š ©à áäæêí ãàä u s F
n E l¹ H m
I¹
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óÊ Š ©à áäæêí ãàä u s F
n E lÊ H m
IÊ
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö ó¨ Š ©à áäæêí ãàä u s F
n E l¨ H m
I¨
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óö Š ©à áäæêí ãàä u s F
n E lö H m
Iö
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óH Š ©à áäæêí ãàä u s F
n E lH H m
IH
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óp Š n çòâã k
k = F E lx öm
Ip
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óI Š n çòâã k
k = F E l¹ öm
II
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö ó\ Š n çòâã k
k = F E lÊ öm
I\
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óxq Š n çòâã k
k = F E l¨ öm
\q
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óxx Š n çòâã k
k = F E lö öm
\x
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óx¹ Š ©àáäæê í ãàä ©n F
E E lx Ê m
\¹
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óxÊ Š ©àáäæê í ãàä ©n F
E E l¹ Ê m
\Ê
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
÷ øù ú ö óx¨ Š ©àáäæê í ãàä ©n F
E E lÊ Ê m
\¨
Ë Ö × Þ ÕÚ þ ÏÖ ×
= ã í é ì òîã D ê ã à éê á ßðéà á åæëáãàäë ì ßàá âã æßå å éæä å ãæí ãä ì ã æãå æëáãàäãæ ãä
ì ã áçí å îçG ãæ ì ãêñ ëäßå ãá çí å éæäßàäãá ì ã äéêäã âæëßäçéà í ê áçâßîã ßçà áç Dê ã î ôëäßå ã
ì ã îêä ãæçã è áç ê à âéàäæ îãê æ >ãáäê ãî ãáä êäçîçáë ó éê á ßðéà á õßçä îã â éçñ ì ã à éê á
çàäëæãááãæ ßê í é ìòîã ì ßà á áéà çàäë>æßîçäë è ßê îçãê ì ã à ôãà âç: îãæ Dê ôê à ã å ßæäçã ó = ß
âéà áëDê ãà âã í ßf ãêæã ì ã âã â éçñ ãáä Dê ã äéê á îãá å éçàäá à ôéàä å ê Cäæã å ßæõßçäãí ãàä
õéæí ßîçáëá è à éäßí í ãàä îß õéæí ßîçáßäçéà æç>éê æãê áã ì ãá âéàäæßçàäãá ó k ãîîãïâç ì ãð æß
õßçæã î ôé:f ãä ì ôê à ã ëäê ì ã ä ëéæçDê ã ì ßà á ê à õêäê æ å æé â ã ó
8 ã í Cí ã è îß ðßîçì ßäçéà ãáä f ê áäã ãñ å ëæçí ãàäßîã ßðãâ ì ãêñ çà áäæê í ãàäá ãä ê à ã
å çòâã è í ßçá çîá éàä ëäë â éçáçá å éê æ îãêæá ßå å æé â ãá ì ç; ëæãàäãá lßå åæé â ã râ ßãõï
õãæçãà à ã å éê æ éáãå = w s s w = 8 E è åîê á äæßìçäçéà à ãîîã å éê æ rãæ>ã 8 E = w ‹ ©E s m
ßG à ì ôãááß9ãæ ì ôçîîê áäæãæ îß ðãæáßäçîçäë ì ê í é ì òîã ó
ßî>æë âãîß è ì ã à éí : æãêñ å éçàäá ì ê âß çãæ ì ãá â ßæ>ãá éàä ëäë æãáå ãâäëá Š E à å ãæí ãääßàä ìã í é ì ëîçáãæ ìãá ãà â ß?à ãí ãàäá äãí å éæãîîãí ãàä è îãá í ê áçDê ãá
å éê æ : ßà ì ãá à ã áéàä å ßá ãñ âîê ãá ì ã âã í é ì òîã ó
Š E à å ãæí ãääßàä ì ã í é ìëîçáãæ ì ãá ãà â ß?à ãí ãàäá ãðëàãí ãàäçãîá è îß îêä ãæçã
å ãêä Cäæã í çáã ãà å îßâã ãà å æéå éáßàä ê à âéæå ê á >ãáäãáïãà â ß?à ãí ãàäá ó
Š E à å ãæí ãääßàä ê à í é ìòîã ì ã âßîâê î îéæá ì ã î ôëìçäçéà è æãîçßàä îãá ðßæçß: îãá ßðãâ
ìãá âéàäæßçàäãá è îãá âéí å éáçäçéà á å ãêðãàä ì éà à ãæ îçãê B ì ãá æãå æëáãàäßäçéà á è
ãä îãá >ãáäãá çà ëæãàäá å ãêðãàä áã âßîâê îãæ ó E à ßêäéæçáßàä ë>ßîãí ãàä B âã Dê ã
î ôãì çäçéà å êçááã áã õßçæã à ôçí å éæäã é ãä à ôçí å éæäã D ê ßà ì è çî à ã îçí çäã å ßá îã
å éäãàäçãî âæëßäçõ ì ê âéí å éáçäãêæ ó
Š E à å æéå éáßàä êà ã áäæêâäêæã çëæßæâ çDê ã è âã í é ì òîã ãááßçã ì ã áã æßåå æé â ãæ
îã å îê á å éááç: îã ì ã îß í ßà çòæã ì éàä îãá âéí å éáçäãêæá å ãà áãàä îãêæá âæëßäçéàá ó
8 ã å îê á è âãääã áäæê âäê æã å ãæí ãä ì ôßçìãæ B îß âéí å æë ãàáçéà ãä B î ôßà ßî9 áã
ì ôê àã åçòâã ó
Š E à å ãæí ãääßàä ãàG à ê à í é ì òîã ì ôëñ ãâêäçéà è çî ì éà àã ê à áãà á õéà âäçéàà ãî ßêñ
ìç; ëæãàäá >ãáäãá ì ê âéàäæ îãê æ è ãä áçí å îçG ã îß å ãæõéæí ßà âã í ê áçâßîã ó
= ã îé >çâçãî Dê ã âã í é ì òîã å ãæí ãääæß ì ã ì ëðãîéå å ãæ ìãð æßçä ßçì ãæ B îß ì ëí éï
\ö
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
\H
âæßäçáßäçéà ì ã îß âéí å éáçäçéà å éê æ
ëäßï©à áäæê í ãàä è ßçà áç Dê ã å éê æ äéêä ä9 å ã ì ã
âéàäæ îãêæá >ãáäê ãîá ìã îß í Cí ã í ßà çòæã D êã îãá áãDê ãà âãê æá áêæ éæì çà ßäãê æá éàä
å ê è ãà áçí å îçG ßàä îã í éàäß>ã ãä îã í çñ ß> ã è æãà ì æã ßââãááç: îã îß âéí å éáçäçéà í ê áçï
âßîã ßê å îê á >æßà ì à éí : æã ó
Ï ÕÏÖ Ñ Í Î Ì ÏÒ
x
¹ Ê ¨ ö H p I \ xq xx
x¹ xÊ x¨ xö xH xp xI x\ ¹q ¹ x
¹¹ ¹Ê ääå áâæçí ã óîß: æç óõæ ó
ääå óâà ì å óõæ áãâéà ì ßçæã : ßâí ê áçDê ã ñ ê 9 ç ê áä ó äí ï âéå9 æç> ä âà ì å ó
ääå óâà í ßä ó: ãæ ãîã9óãì ê éå ãàáéê àì âéàäæéî ó
ääå óâ9 : ãæ óê åïà ßàâ9óõæ ì ãí éá >ãççïq xq â ß ¹ çà ìãñ ó äí î ó
ääå óâ9 âîçà > p¨ óâéí å æé ì êâäá í ßñ í áå ó
ääå ó>ãâé ìã óéæ> ó
ääå óçà ß óõæ ó
ääå óçà ß óõæ >æí éêäçîá ì ãð ßâéêáí é >æßå ã çà ì ãñ óõæ ó äí î ó
ääå óçæâßí óõæ ó
ääå óf ßvví êäßàä óâéí ó
ääå óîß:æç óõæ ó
ääå óîß>æßà ìãõß: æçDê ã óâéí ó
ääå óîßí óf ê ááçãê óõæ ó
ääå óîçí áç óõæ ó
ääå óí â>çîî óâß ó
ääå óå ê âãí ê áã óâéí ó
= ãá ê à çäãá áãí çéäçDê ãá äãí å éæãîîãá è à éêðãîîãá âîëá å éê æ î ôãâéêäã lâì æéí m ó
râæçí ã ï æßå å éæä ì ôßâäçð çäë ¹qqH ó
w àäéçà ã w îîéí : ãæä ßà ì
9 æçßí 8 ãáßçàäãï k ßä ãæçà ã ó ©àäãæßâäçðã áâéæãá ß
í é ì ãî õéæ áå ãâçõ9 çà > äãí å éæßî æãîßäçéà á : ãä ããà çàäãæßâäçðã ßà ì áäßäçâ ãðãàäá ó
w àä éà9 ãêæçðë ó ‹ à îé>çâçãî ì ã âéí å éáçäçéà í ê áçâßîã âéí :çà ßàä ê à í é ì òîã
áå ãâäæßî è ìãá áäæê âäê æãá çëæßæâ çDê ã ãä ì ãá âéàäæßçàäãá ó ¹qqq ó
éê îßà >ãæ ó ¥ ! œ " £ ¤ # œœ$ ó ¹qqq ó
k ßæîéá k ßçæãá ó ãæá ê à ã ãâæçäê æã ì ãá å æé âãááêá ì ã í çâæéí éàäß> ã ó ¹qqÊ ó
k ßæîéá k ßçæãá ó ©æçà çâæéí éàäß> ã çà >æßå çâßî áéê à ì ãì çäçà > ßà ì í çñ çà >
s çâ ßæì
äé éî ó ¹qq¨ ó
\p
J KL M NO KP QR QSTP U SNMRM VU SW XK YSRP Q Z SVM T K Q Z R VM T[O QM XV QXM KO Z XOSVRYKO
¹¨ ¹ö ¹H ¹p ¹I ¹\ \I
%&' ( ) & *" & +
, " ¥¡
'- "&
" - " " & . ãßà çâ ãî k éêäê æçãæ ó œ£ ž§ œ & ¥ ' ¥¡ž " ¥& ¤ ¥  § œ¦¥¡¡ " ¡ ¡ œ£ œ § ¥¡ ó ¹qq H ó
rãæ / ã ì ã 0 ßê 1 çãæ ó xö ßà á ì ã å æßäç 2 êã ìê í ëäßïçà áäæê í ãàä ó ¹qq¨ ó
s ó ßâé 1 ó ©àäã / æß 1 çîçä 3 ßàì áãå ßæß 1 çîçä 3 éõ çà åêä ì ãð çâãá ó x\\¨ ó
r 3 îðßçà ßæâ ßàì ó % £ ¢ &4 ¡ ¥ ¥ ž !4 £ ž 5¡ ¥ ¤ " ! œ£ 6 " ¡Ÿ ¦¢ & 7£ œ ž ¥ ¡ ¤ ¥ ¦œ " §¡8 ó
k ßæîéá k ßçæãá ó
œ §Ÿž ¥ ¡ ¤ ¥ ¦œ  œ ¡ŸžŸ œ£ ¥ ¥  ¥ ¡ ¤ œ žŸ ¡ Ÿ £ œ § ¢žŸ
ä ãáçá è ¹qqH ó
¤¥
£ §¢žŸ œ£ ¥ ž ¢ £ Ÿ ¢žŸ œ£ ¤ ¢ž §Ÿ¢ ¡Ÿ ¦¢ ó n
¹qqH ó
/
n ê âã
ê áã ó n îßäãïõéæí ã ì ã å æé æßí í ßäçéà çàäãæßâäçðã í êîäçí é ì ßîã ßêäéê æ
ì ê í ëäß çà áäæê í ãàä Ê ãä âçà å æéf ãäá åçîéäãá ßááé âçëá ó
2
Êq räê ì çé n ê âã ê áã ó 0 ã í ëäßïçà áäæê í ãàä Ê ó uãâ à çâßî æãå éæä è ¹qq¨ ó
Ê x ãßàï 0 éê çá . ç rßàäé ó n æéå éáçäçéà ì ã äãæí çà éîé / çã áäæê âäê æëã å éê æ î ôßà ßî3 áã
ãä îß âéí å éáçäçéà í ê áçâßîãá ãä ì ã æãå æëáãàäßäçéà á 3 í 1 éîç 2 êã ì ã îß í êáç 2 ê ã
ëîãâäæéßâéêáäç 2 ê ã ó ¹qqH ó
Ê ¹ n çãææã râ ßã 9 ãæ ó §¢Ÿž - ¤ ¥¡ œ :; ¥ž¡ " ¡Ÿ ¦¢ ") ó x\ pp ó
MARCZAK Raphaël
Étude d'une représentation hiérarchique liant
micro et macro-structures musicales
Annexe : Cahier des charges
Maître de stage : Myriam DeSainte-Catherine
Responsable pédagogique : Bernard Perrot
Vendredi 16 mars 2007
Introduction
L'origine de la musique est incertaine, mais elle semble remonter aux peuples les plus
primitifs, qui déjà utilisaient du bois, des pierres, ou leurs propres corps pour générer un
enchaînement de sons basés sur le rythme, et ayant une visée mystique.
Ces premiers objets, que l'on peut considérer comme des corps sonores, dans la
représentation de Pierre Schaeffer, ont vite atteint leurs limites. L'Homme a alors commencé à se
construire ses propres instruments de musiques. Une problématique de la pérennité des œuvres ainsi
créées a alors été posée. Il fallait trouver une notation pour décrire les enchaînements de sons, de
gestes ou de rythme. En effet, certains peuples, comme les Egyptiens, n'ont pas jugé utile
d'imaginer une représentation de la musique. Il ne nous reste que des dessins montrant des hommes
jouant de la musique, mais il nous est incapable de reproduire les airs alors créées.
En chine est né, dix siècles avant Jésus Christ, une première proposition de gamme à 5 notes
symboliques, suivie, quelques siècles plus tard, par une gamme à 7 degrés, proche de celle utilisée
aujourd'hui.
On retrouvera également chez les Grecques un besoin de représenter la musique sous la
forme d'un alphabet très simple.
Au moyen âge, avec le christianisme, la musique, d'abord monophonique, devient notée au
Xe siècle sous forme de neumes. La musique profane, condamnée par l'Église car polyphonique, ne
trouvera de notation qu'au XIIe siècle avec la notation mensurale (sous forme de mesure).
D'autres faits marquant, comme le clavier bien tempéré de Jean Sebastien Bach, permettront
d'affiner les représentations, pour arriver au solfège classique actuel.
A chaque changement majeur (comme par exemple le passage de la monophonie à la
polyphonie), il y a eu adaptation de la notation. Certaines musiques ont du également changer de
partition pour être parfaitement représentées (exemple de la partition dodécaphonique).
Dans les années 1950, avec l'apparition de la musique concrète, n'importe quel corps sonore
peut être considéré comme une composante de la musique.
Quand il était possible, en caricaturant un peu, de représenter la musique classique avec des
informations de hauteur, rythme, et durée, comment représenter maintenant une musique utilisant
une exhaustivité de sons et également des « bruits » n'ayant parfois aucune hauteur distincte ?
Pierre Schaeffer, dans son Traité Des Objets Musicaux, essaie de classer les sons par
typologie et morphologie sonore. Jean Louis Di Santo propose également une représentation plus
globale de la musique.
Aujourd'hui, avec la puissance croissante des ordinateurs, des instruments numériques,
programmables, ont vu le jour. C'est le cas notamment du Méta-Instrument, présent au SCRIME
(Studio de Création et de Recherche en Informatique et Musique Electroacoustique).
Cet instrument, puisque programmable, dépend donc de patch présents dans un ordinateur,
et qui vont guider son comportement aux différents stimuli du musicien. On a donc un instrument
pouvant avoir un ensemble de comportements différents ; c'est donc un instrument d'instruments.
Plusieurs pièces ont été composées pour le Mét-aInstrument, et il est impressionnant de
remarquer que deux musiciens différents joueront la pièce de deux façons totalement différentes. De
plus, il n'existe pas aujourd'hui de partition permettant de représenter de manière exhaustive une
œuvre électroacoustique.
L'idée de ce sujet de stage est donc d'essayer de représenter la musique sous formes de
structures allant du bas niveau vers le plus au niveau, et essayant, pour chaque structure, d'en définir
les composantes principales. L'instrument devra faire parti de cet ensemble de structure, et devra
donc également être défini. Pour nous limiter, nous baserons l'étude sur le metaInstrument (car il est
suffisamment complet pour englober les autres instruments).
Ce sujet, vaste, ne pourra pas être terminé en 5 mois (il est plus approprié à une thèse). Nous
allons donc nous limiter à certaines structures, notamment l'instrument. Des réalisations
informatiques seront également menées.
Nous allons donc, dans une première partie, présenter le SCRIME, puis le Méta-Instrument.
Nous verrons ensuite une première représentation hiérarchique qui servira de base de recherche.
Nous évoquerons enfin les réalisations informatiques désirées.
Le SCRIME
Le SCRIME (Studio de Création et de Recherche en Informatique et Musique
Electroacoustique) est un laboratoire de recherche rattaché au LaBRI (Laboratoire Bordelais de
Recherche en Informatique). Son intérêt principal réside dans la volonté de faire se rencontrer
artistes et scientifiques, les premiers apportant des problématiques liées à leurs créations, les
seconds cherchant des solutions et des évolutions en lien avec la musique.
Il y a d'ailleurs deux directeurs : Myriam Desainte-Catherine pour la direction scientifique,
et Christian Eloy pour la direction artistique.
Le SCRIME résulte d'une collaboration étroite entre l'université de Bordeaux I, l'ENSEIRB
et le Conservatoire National de Région de Bordeaux.
Parmi les logiciels développés par les chercheurs du SCRIME, un a une importance
particulière pour ce stage : BOXES.
Le logiciel BOXES
Le logiciel BOXES, développé au sein du SCRIME depuis une dizaine d'années, permet
d'aborder une autre manière de composer. Les logiciels de composition habituels proposent
généralement une considération temporelle de la musique. Ici, la musique est représentée comme un
ensemble de contraintes. Des boites (d'où le nom de BOXES) peuvent contenir des sons, des effets
etc. et même d'autres boites. Chaque boite peut dépendre d'une autre boite avec des relations
(comme par exemple : avant celle là, après celle ci, en même temps ...). Ensuite, un solveur de
contraintes organise la musique. Ce logiciel permet d'envoyer des informations par Open Sound
Control, pour être utilisé par MAX/MSP notamment (logiciel massivement utilisé pour la
composition et la programmation d'instruments électroniques).
BOXES a une importance pour ce stage, car il serait souhaitable que la recherche de
structures hiérarchique puisse être ensuite intégrée à ce logiciel.
Le Méta-Instrument
Le Méta-Instrument est un instrument de musique assistée par ordinateur développé par
PuceMuse. Le premier prototype a été créé en 1989 par Serge De Laubier. Après une deuxième
version, PuceMuse a sorti en 2004 la version 3, compatible avec le protocole Open Sound Control
(OSC). C'est cette version qui est disponible en deux exemplaires au SCRIME.
Le Méta-Instrument peut récupérer, grâce à 54 capteurs, la position des avant-bras,
l'inclinaison des mains, l'appuie sur des boutons placés au niveau des phalanges (mesure de la
pression), et un « slider » au niveau du pouce. Il y a également un moniteur vidéo permettant de
visualiser des informations.
Les données des capteurs sont envoyées par Ethernet et peuvent être récupéré par OSC dans
de nombreux logiciels, notamment Max/MSP, afin de générer du son, ou du contrôle (entre autre).
Un premier schéma
Piste
Mouvements
Mapping
Instrument
Retours
Gestes
Effets
Notes
Séquences jeu
Objets sonore
Corps sonore
Synthèses
Quelques explications :
• Un corps sonore est un objet qui va servir pour créer un son.
• Une séquence jeu est une prise de son faite avec un ou plusieurs corps sonores, ou avec
de la synthèse.
• Dans une séquence jeu, on peut récupérer des objets sonores, c'est à dire des parties de la
séquence jeu qui ont un intérêt musical.
• Il est possible d'appliquer des effets sonores sur ces objets sonores, pour en obtenir
d'autres,
• Grâce à ça, il est possible de constituer un ensemble de notes pour un instrument.
• Un instrument peut également permettre d'appliquer des effets, et se définit également
par un ensemble de gestes et de retours.
• L'organisation temporelle permet la génération de la piste audio diffusée.
Chaque boite doit être définie de manière plus exhaustive. C'est le but de ce stage. Ceci dit,
vu la complexité, nous allons juste nous concentrer sur la définition de l'instrument, en essayant de
regarder l'ensemble des gestes possibles, la limite de l'instrument etc. et essayer de proposer une
aide pour que l'artiste puisse donner, avec sa pièce musicale, un corpus d'association entre geste et
intention.
Développements souhaités
Il serait bénéfique, dans le cadre de ce Master recherche, qu'un certain nombre de
développements puissent être menés.
Le premier développement consiste dans le portage de patch MAX/MSP existant pour le
metaInstrument 2 (protocole MIDI) vers le metaInstrument 3 (protocole OSC). Ceci permettra
d'appréhender le logiciel MAX/MSP et le fonctionnement du metaInstrument et du protocole OSC.
Par la suite, plusieurs autres développements pourront être demandés, comme par exemple
essayer d'intégrer les éléments de la recherche de la structure hiérarchique dans le logiciel BOXES.
Sources :
http://www.coindumusicien.com/Lecoin/index.html
http://scrime.labri.fr/
http://www.pucemuse.com/

Documents pareils

group-iv - radian ias academy

group-iv - radian ias academy 24.“V” vd;Dk; XbuGj;J xU bkhHpapd; bghUs; njh;f. tpiliaj; njh;e;bjL Ans C mk;g[ Ans A ey;tHp xsitahh; 25.“I” vd;Dk; xbuGj;J x bkhHpapd; bghUs; njh;f. ed;bdwp rptg;gpufhrh; Ans A tpag; tpag;g[ bghpa...

Plus en détail