Text preview for : Proc_10_it_con indici.pdf part of Lancia Lybra Manuale d'Officina (Service Manual - Manual de Taller) Procedure Riparazione MOTORE - Part 1/8 - Pag. 821



Back to : Procedura_riparazione_®_. | Home

574(*):7* 5*7 1* 7.5&7&?.43.
24947*



.RHMGI HIP KVYTTS .3).(* ,7&+.(4 )*1 ,7:554 &99*3?.43. &;;*79*3?*

.RHMGI HIM WSXXSKVYTTM
8KV )IWGVM^MSRI 24947* * ,7:554 24945745:1847* 8:55479. ,7:554 24945745:1847* 9*89&* (.1.3)7. (455& * (45*7(-. '&8&2*394 &1'*74 24947* * ;41&34 5.8943. * '.*11* (42&3)4 ).897.':?.43* ).897.':?.43* 8*7'&94.4 (42':89.'.1* * 9:'&?.43. (.7(:.94 &1.2*39&?.43* &7.& 24947* &1.2*39&?.43* .3.*?.43* '*3?.3& (42&3). &((*1*7&947* (411*9947. ). &85.7&?.43* * 8(&7.(4 9:'&?.43. ). 8(&7.(4 * 8.1*3?.&947. 8.89*2& ). (43974114 *2.88.43. 1:'7.+.(&?.43* 24947* 7&++7*))&2*394 24947* (42&3). ;&7. 47,&3. 24947* ;EPMHMX



.3).(* ,7&+.(4 )*1 ,7:554

()







574(*):7* 5*7 1* 7.5&7&?.43.
24947*

57;CCCCCCCCCC9-9.+

7MJ

)IRSQMRE^MSRI

8KV

ª ª ª ª ª ª ª ª ª ª ª ª ª ª ª ª

*,1,/" " $/2--, *,1,-/,-2)0,/" 02--,/1& $/2--, *,1,-/,-2)0,/" 0*"+1, *,1,/" 1"01" ,-- " &)&+!/& ,-"/ %& 0*"+1,



)"/, *,1,/" " 3,)+, -&01,+& " &"))" ,*+!, !&01/&27&,+" !&01/&27&,+" 0"/1,&, ,*201&&)" " 127&,+&

&/ 2&1, )&*"+17&,+" /& *,1,/" )&*"+17&,+" &+&"7&,+" "+7&+ ,*+!& ")"/1,/"

,))"11,/& !& 0-&/7&,+" " 0 /& , 127&,+& !& 0 /& , " 0&)"+7&1,/& 0&01"* !& ,+1/,)), "*&00&,+&



()



574(*):7* 5*7 1* 7.5&7&?.43.
24947*


8KV

7MJ

)IRSQMRE^MSRI

ª ª ª

)2/&#& 7&,+" *,1,/" /##/"!!*"+1, *,1,/" ,*+!& 3/& ,/$+& *,1,/"



&99*3?.43.
1ONN? F? IJ?L;TCIHC >?PIHI ?MM?L? ?M?AOCN? =IH F; G;MMCG; ;NN?HTCIH? ? =OL; J?L ?PCN;L? >;HHC ;FF? J?LMIH? &F P;HI GINIL? =IHNC?H? HOG?LIM? J;LNC CH GIPCª G?HNI =IGJIH?HNC ;> ?F?P;N; N?GJ?L;NOL; ? =;PC ?F?NNLC=C MINNI N?HMCIH? 0?AOCL? M=LOJIFIM;G?HN? F? M?AO?HNC JL?=;OTCIHC KO;H>I MC ?M?AOIHI IJ?L;ª TCIHC H?F P;HI GINIL? ª MJ?AH?L? CF GINIL? ?> ;NN?H>?L? =B? MC; L;@@L?>ª >;NI ª HIH @OG;L? ª HIH ONCFCTT;L? @C;GG? FCCMJIHCOL? PC?H? CH>C=;NI F OMI >C ;NNL?Tª T;NOL? MJ?=C@C=B? ) ONCFCTTI >C N;FC ;NNL?TT;NOL? CH>CMJ?HM;C MC=OL?TT; PCA?HNC J?L CF F;PILI >C I@@C=CH; ,P? H?=?MM;LCI P?HAIHI CH>C=;N? ;FF CHN?LHI >?F *;HO;F? ;NN?HTCIHC MJ?=C@C=B? >; ;>INN;L? J?L ?PCN;L? F CHMILA?L? >C MCNO;TCIHC >C J?LCª =IFI -?L F ONCFCTTI >?C JLI>INNC =BCGC=C ;NN?H?LMC M=LOJIFIª M;G?HN? ;FF? CH>C=;TCIHC JL?P?HTCIH;FC JL?M=LCNN? MOFF; M=B?>; >C MC=OL?TT; =B? CF @ILHCNIL? >?P? =IHª M?AH;L? ;FF ONCFCTT;NIL? &F MCMN?G; >C ;==?HMCIH? ?F?NNLIHC=; A?H?L; N?HMCIHC >C 3 ?> IFNL? =B? JINL?CMNOLC;=C ACL? J?L=C¶ =IH AL;H>? =;ON?F; KO;H>I MC IJ?L; MO N;F? MCMN?G; I H?FF? PC=CH;HT? >?C MOIC =IGJIH?HNC

IHNLIFF;L? ;FFI MGIHN;AACI =B? C J;LNC=IF;LC =B? >?PIHI ?MM?L? =IHNL;MM?AH;NC LCJILNCHI C M?AHC >C LC@?LCG?HNI F LCGIHN;AACI FOIP? H?=?MM;LCI J?L JL?P?HCL? CHAL;H;G?HNC I ALCJJ;AAC H?F J?LCI>I CHCTC;F? >C @OHTCIH;G?HNI F LCGIHN;AACI @IH>;ª G?HN;F? LCMJ?NN;L? F? =IJJC? >C M?LL;AACI ?> C >;NC >C L?AIF;TCIH? 0IMNCNOCL? ;> IAHC LCGIHN;AACI AO;LHCTCIHC >C N?HON; ;H?FFC J;L;IFCI LIH>?FF? ?F;MNC=B? JC;MNLCH? >C MC=OL?TT; >;>C ;ONI?N?LCIL;NC -LIN?AA?L? ;>?AO;N;G?HN? =IH =;LN; ;>?MCP; I MNL;==C JOFCNC KO?FF? J;LNC >?F GINIL? =B? LCG;MN? M=IJ?LN? CH M?AOCNI ;FFI MGIHN;AACI JL?M?HN;HI J;MM;AAC ;FF CHAL?MMI >C JIFP?L? I =ILJC ?MNL;H?C ); MIMNCNOTCIH? >C ALOJJC I J;LNC=IF;LC MN;==;NC >?P? ?MM?L? ?@@?NNO;N; CGJC?A;H>I ?M=FOMCP;G?HN? LC=;GI ;MMC=OL;N; F CHN?L=;G CF J?L@?NNI @OHTCIH;G?HNI >?C P;LC ILA;HC -LCG; >C IAHC CHN?LP?HNI MOC =IGJIH?HNC >?FF CGJC;HNI >C ;FCG?HN;TCIH? =IG?FF CGJC;HNI =IH F ;NNL?TTI + =IFF?A;NI ;FF ;JJIMCN; P;FPIF; >C MJOLAI >?F =IFF?NNIL? >C LCJ;LNCTCIH? =IG
&;;*79*3?*
1ONN? F? IJ?L;TCIHC >?PIHI ?MM?L? ?M?AOCN? =IH F; G;MMCG; ;NN?HTCIH? ? =OL; J?L ?PCN;L? >;HHC ;C =IGª JIH?HNC -LCG; >C IAHC CHN?LP?HNI MOC =IGJIH?HNC >?FF CGJC;HNI ?F?NNLC=I =IGJL?MI FI M=IFF?A;G?HNI >?FF; <;NN?LC; ;==?LN;LMC =B? F; =BC;P? >C ;==?HMCIH? MC; CH JIMCTCIH? 01,- -?L M;G?HN? ;>?L?HNC >;L? F?Aª A?LC =IFJC ONCFCTT;H>I OH G;LN?FFI CH ;FFOGCHCI I CH JCIGC G;N?LC;FC @?LLIMC ONCFCTT;L? OH G;LN?FFI CH F?AHI I CH L?MCH; J?L J;LNC CH F?A; F?Aª A?L;

()







574(*):7* 5*7 1* 7.5&7&?.43.
24947*



()



24947* * ,7:554 24945745:1847*
ÂBDIDG4Â4Â6GPEEDÂBDIDEGDEPAHDG4

574(*):7* 5*7 1* 7.5&7&?.43.



.RHMGI HIP WSXXSKVYTTS .3).(* ,7&+.(4 )*1 84994 ,7:554 .RHMGI HIM GSQTPIWWMZM
(QT ' ) )IWGVM^MSRI (4251*88.;4 ,7:554 24945745:1847* 8*5&7&?.43* 24947* * 1&;&,,.4 ;EPMHMX



.3).(* ,7&+.(4 )*1 84994,7:554

57;CCCCCCCC9,9.+

7MJ

)IRSQMRE^MSRI

(QT

ª ª ª

,*-)"00&3, $/2--, *,1,-/,-2)0,/" 0"-/7&,+" *,1,/" " )3$$&, &0-"7&,+" " &+1"/3"+1& 02 ,*-)"00&3, *,1,/"

! "

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

' (4251*88.;4 ,7:554 24945745:1 847*
.RHMGI HIPPI STIVE^MSRM
(SHMGI ' ' 4TIVE^MSRI ,7:554 24945745:1847* GSR GEQFMS QIGGERMGS 87 ,7:554 24945745:1847* GSR GEQFMS QIGGERMGS 87 TIV ZIVWMSRM GSR GSRHM^MSREXSVI EVME ;EPMHMX



45*7&?.43.
' ,7:554 2494574 5:1847* (43 (&2'.4 2*( (&3.(4 87
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J 11"/& ª 0/ ª 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 0=IFF?A;L? F; NO<;TCIH? >C L?=OJ?LI P;JILC IFCI F;NI G;HC=INNI =ILLOA;NI FF?HN;L? F? @;M=?NN? ? LCGOIP?L? CF G;HC=INNI =ILLOA;NI >; NO<;TCIH? LCAC>; ; =ILJI @;L@;FF;NI =IGJF?NI >C LCMOIH;NIL?

0=IFF?A;L? CF G;HC=INNI =ILLOA;NI >; @CFNLI ;LC; ; NOI F;NI NOI

8XEGGS

57;CCCCC'9&9.+

ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ ª 0=IFF?A;L? F; JL?M; ;LC; @L?>>; >;F @CFNLI ;LC; /CGOIP?L? CF @CFNLI ;LC; =IGJF?NI >C G;HC=INNI =ILLOA;NI

57;CCCCC'9&9.+



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



FF?HN;L? F? @;M=?NN? ? LCGOIP?L? CF G;HC=INNI MOJ?LCIL? ?HNL;N; FCKOC>I >C L;@@L?>>;G?HNI ;F L;>C;NIL? 0=IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >;FF ?F?NNLIª P?HNCF;NIL? L;@@L?>>;G?HNI GINIL? ? >CMCGJ?ª AH;L? CF L?F;NCPI =;;FF? @;M=?NN?
)IRSQMRE^MSRI (SRRIXXSVI



*INILCHI ?F?NNLIP?HNIF; GINIL?

+

57;CCCCC'9(9.+

ª 3?>?L? CH ,J /2,1" >O?
;HN?LCILC ª 0/ ª 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ );NI MCHCMNLI
0=IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I >C L;@L?>>;G?HNI >;F L;>C;NIL? F;NI L;>C;NIL? 5IV WGSPPIKEVI MP QERMGSXXS TVIQIVI QERYEPQIRXI WYPPI QSPPIXXI I WJMPEVI P EXXEGGS VETMHS 3SXE 7IGYTIVEVI MP PMUYMHS HM VEJJVIHHEQIRXS MR YR MHSRIS VIGMTMIRXI

57;CCCCC'9&9.+

0PCN;L? F? PCNC ;
? LCGOIP?L? CF L;>C;NIL? >C L;@ª @L?>>;G?HNI GINIL? <
=IGJF?NI >C ?F?NNLIª P?HNCF;NIL?

57;CCCCC'9&9.+

57;CCCCC'9(9.+

0PCN;L? CF >;>I ? M=IFF?A;L? CF =;PI >C G;MM; <;Nª N?LC; >;F =;G
()






)IRSQMRE^MSRI

24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

(SRRIXXSVI



*;MM; <;NN?LC;



57;CCCCC'9&9.+

57;CCCCC'9&9.+

0PCN;L? F? PCNC ;
? MJIMN;L? F;N?L;FG?HN? CF =CFCH>LI IJ?L;NIL? @LCTCIH? <
=IGJF?NI >C NO<;TCIH? 3SXE +MWWEVI STTSVXYREQIRXI MP GMPMRHVS STIVE XSVI JVM^MSRI EPPE WGSGGE MR QSHS HE RSR SWXEGSPEVI PI WYGGIWWMZI STIVE^MSRM

0=IFF?A;L? F; NO<;TCIH? >C G;H>;N; FCKOC>I >C L;@@L?>>;G?HNI ;F LCM=;F>;NIL? F;NI N?LGIMN;NI 0=IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI >;F LCM=;F>;NIL? F;NI NOI >C ?HNL;N; FCKOC>I ;FF; JIGJ; ;=KO; 0=IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI N?LGIMN;NI

57;CCCCC'9&9.+

57;CCCCC'9&9.+

0=IFF?A;L? CF =;PI =IG;H>I ;==?F?L;NIL? >;F =ILJI @;L@;FF;NI 0PCN;L? CF >;>I ;
? >CMCGJ?AH;L? CF =;PI =IG;H>I ;==?F?L;NIL? <
>;FF; MN;@@; >C MOJª JILNI

0=IFF?A;L? CF L;==IL>I ; CHH?MNI L;JC>I >?FF; NO<;TCIH? >C G;H>;N; =IGI ; CHH?MNI L;JC>I >?FF; NO<;TCIH? P;JILC =IGC LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI ;F M?L<;NICI >C ;FCG?HN;TCIH? L;@ª @L?>>;G?HNI GINIL? F;NI M?L<;NICI



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



0=IFF?A;L? CF NOC JL?M; >?JL?MMCIH? >;F =;Mª MIH=CHI =;J;=CN; ;LC;

57;CCCCC'9&9.+

ª /CGOIP?L? CF N;JJI M?L<;NICI FCKOC>I M?LPIMN?LTI ? ;MJCL;L? CF FCKOC>I =IH OH; C>IH?; MCLCHA; 0=IFF?A;L? F; NO<;TCIH? >C ;MJCL;TCIH? IFCI M?Lª PIMN?LTI F;NI JIGJ; M?LPIMN?LTI 0PCN;L? CF L;==IL>I >?FF; NO<;TCIH? >C G;H>;N; IFCI M?LPIMN?LTI F;NI JIGJ; M?LPIMN?LTI 0PCN;L? C >;>C ;
? >CMCGJ?AH;L? F; NO<;TCIH? >C G;H>;N; IFCI M?LPIMN?LTI <
>;FF; JIGJ; M?LPIMN?LTI

57;CCCCC'9'9.+

0=IFF?A;L? C @F?MMCC CHH?MNIM?F?TCIH? G;L=? 0PCN;L? C >;>C ;
? CF KOCH>C MJIª MN;L? F; MN;@@; >C MOJJILNI =
=IGJF?N; >C @F?Mª MCC CHH?MNIM?F?TCIH? G;L=?

57;CCCCC'9&9.+

57;CCCCC'9'9.+

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

"FCGCH;L? F? =C;H@LCH;NOL? ?> ;FF?HN;L? C >;>C >?C GITTC LOIN? ;C M?GC;F
57;CCCCC'9&9.+

ª 3?>?L? CH ,J 127&,+" >C M=;LC=I ;NN;==I ;F GINIL?=IFF?NNIL? ª 0/ 0PCN;L? C >;>C ;
? M=IFF?A;L? C NCL;HNC M=;NIF; M?LPIMN?LTI <
>;C GIHN;HNC GITTC ;HN?LCILC =IH F ;NNL?TTI =

)IRSQMRE^MSRI (SHMGI

57;CCCCC'9'9.+

MM?GL;OFC=I AFC ;NNL?TTC ;
? <
J?L FI MN;==I >?F ALOJJI GINIJLIª JOFMIL?
)IRSQMRE^MSRI (SHMGI

=

"MNL;NNIL?



;

1L;P?LM;



)IRSQMRE^MSRI

(SHMGI

<

0OJJILNI



57;CCCCC'9&9.+

FF?HN;L? C >;>C >?FF? ;LNC=IF;TCIHC <;LL; MN;;>C ;
? M=IFF?A;L? F? ;LNC=IF;TCIHC <
>;FF; <;LL; MN;?AFC ;GGILNCTT;NILC ;C GIHN;HNC GITTC ;HN?LCILC 0PCN;L? =IGJF?N;G?HN? C >;>C >C @CMM;AACI >?C GITTC LOIN? ;C M?GC;F?HN?G?HN? ;FF?HN;NC /CGOIP?L? C GIHN;HNC ;HN?LCILC =IGJF?NC >C GITTC LOIN? >CM=BC @L?HC ? JCHT? @L?HC +MWWEVI STTSVXYREQIRXI M HYI WIQMEWWM TIV IZMXEVI GLI WM WJMPMRS HEP HMJJIVIR^MEPI

57;CCCCC'9&9.+

0PCN;L? F; PCN? >?FF; MN;@@; >C MOJJILNI =;C ACLC ;F =IJ?L=BCI ;HN?LCIL? ª 0PCN;L? F? >O? PCNC >?FF; M=;NIF; LIONCMGC =;G?F ALOJJI GINIJLIJOFMIL? ? @CMM;LFC =IH F? PCNC ;
JL?=?ª >?HN?G?HN? MPCN;N? ? CF



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



0PCN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I ALOJJI GINIJLIJOFMIL? F;NI >CMNLC
57;CCCCC'9&9.+

57;CCCCC'9(9.+

0PCN;L? F; PCN? >?F MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;ª MNC=I FF?HN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I JIMN?LCIL? ;FF; NL;P?LM; >?FF; MIMJ?HMCIH? ;HN?LCIL?

0PCN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I >?F MOJJILNI F;NI =;G ? C KOCH>C LCGOIP?L? CF MOJJILNI LCAC>I GINIJLIJOFMIL? F;NI =;G =IGJF?NI >C N;MM?FFI ?F;MNC=I >


57;CCCCC'9&9.+

57;CCCCC'9&9.+

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

<<;MM;L? CF G;LNCH?NNI C>L;OFC=I ? LCGOIP?L? CF ALOJJI GINIJLIJOFMIL? >;F P;HI GINIL?


+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI M=I==;
ª

3CN?

100")), ")01& , 02--,/1, )1, *&,

*

57;CCCCC'9'9.+ 57;CCCCC'9&9.+

ª &GL;OFC=; KOCH>C LCGOIP?L? AFC ;NNL?TTC ONCFCTT;NC J?L FI MN;==I

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I ALOJJI GINIJLIJOFMIL? F;NI >CMNLC+MWWEKKMS (SQTSRIRXI

7MEXXEGGS
ª IH OH; =;JL; C>L;OFC=; JIMCTCIH;L? ? @CMM;L? CF GINIJLIJOFMIL? ;AFC ;NNL?TTC >; ONCFCTT;L? J?L CF LC;NN;==I ª /CJILL? H?F P;HI GINIL? CF ALOJJI GINIJLIJOFª MIL? ONCFCTT;H>I CF G;LNCH?NNI C>L;OFC=I /CJILL? H?FF; MO; M?>? CF MOJJILNI LCAC>I GINIª JLIJOFMIL? F;NI =;G =IGJF?NI >C N;Mª M?FFI ?F;MNC=I <
? @CMM;LFI =IH F? PCNC =
?> C
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI M=I==;
ª



3CN?

100"))& ")ª * 01& & 02--+1$/ *,1,-/,-

3;FIL? >;+G
);NI =;G ª

=

3CN?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI =;G ª
57;CCCCC'9&9.+

>

OFFIH?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I >?F MOJJILNI F;NI =;G
0?LL;L? F; PCN? >?F MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;ª MNC=I ;FF; =IJJC; JL?M=LCNN; 3SXE (IRXVEVI M VMJIVMQIRXM HM TSWM^MSREQIRXS XVE MP WYTTSVXS VMKMHS I MP VIPEXMZS XEWWIPPS IPE WXMGS



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I JIMN?LCIL? ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI NL;P?LM; MIMJ?Hª MCIH? ;HN?ª LCIL?
ª



3CN?

100")), ")01& , 02--&+1"/* $/*,1,-/

*

57;CCCCC'9&9.+

ª 0?LL;L? F; PCN? >?FF; MN;@@; >C MOJJILNI =;C ACLC ;F =IJ?L=BCI ;HN?LCIL? /CJILL? H?FF? FILI M?>C C GIHN;HNC ;HN?LCILC ;
=IGJF?NC >C GITTC LOIN? >CM=BC @L?HC <
? JCHT? @L?HC =
? @CMM;LFC =IH C L?F;NCPC >;>C >
M?HT; M?LL;LFC 0?LL;L? C ?AFC ;GGILNCTT;NILC ;C GIHN;HNC GITTC ;HN?LCILC ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GIHª N;HN? GITTI LOIN; ;HN?ª LCIL?
ª



OFFIH?

**,/1&77ª * 1,/& +1 0*


57;CCCCC'9&9.+

ª /CGOIP?L? AFC ;NNL?TTC ONCFCTT;NC J?L FI MN;==I LC;NN;==I >?F ALOJJI GINIJLIJOFMIL? 0?LL;L? ;FF; =IJJC; JL?M=LCNN; F? PCNC >?FF; M=;NIF; LOINCMGC =;G+MWWEKKMS (SQTSRIRXI

IFF?A;L? F? ;LNC=IF;TCIHC ;
;FF; <;LL; MN;;>C <
;FF; =IJJC; JL?ª M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
ª

3;FIL? >;+G
);NI MOJJILNI OHCIH? =;G ª

<

!;>I



3CN?

0 1,) /2,1&0*& *&, *" !&##

*

/1& ,)ª 7&,+& // 01&)&77ª 1/& " +1

*

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI GITTI LOIN;
\

;

!;>I

0"*&)"/& +1 ,*ª -)"1& !& $&2+1&

*

)IRSQMRE^MSRI

(SHMGI

<

$IHCIG?NLI



57;CCCCC'9'9.+

IFF?A;L? C NCL;HNC M=;NIF; M?LPIMN?LTI ;
;C GIHN;HNC GITTC ;HN?LCILC ? @CMM;LFC =IH C L?F;NCPC >;>C <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GIHª N;HN? GITTI LOIN; ;HN?ª LCIL?
ª
57;CCCCC'9&9.+

<

!;>I

1&/+1& 01"/7, /"$&01/ ,+ 0 1,)" ª 0


*

"M?AOCL? >O? ;==C;==;NOL? MOF =IFF;LCHI >?C >;>C >C @CMM;AACI GITTC LOIN? ;C M?GC;FCª =;NI CH @CAOL;

57;CCCCC'9&9.+

57;CCCCC'9&9.+

ª 3?>?L? CH ,J 127&,+" >C M=;LC=I ;NN;==I ;F GINIL?=IFF?NNIL? ª 0/ 0?LL;L? ;FF; =IJJC; JL?M=LCNN; C >;>C ;
>?C GITTC LOIN? ;C M?GC;FI F ;NNL?TTI <
J?L CF M?LL;AACI ;> ;HAIFI

ª /CJILL? H?FF; MO; M?>? F; MN;@@; >C MOJJILNI =IGª JF?N; >C @F?MMCC CHH?MNIM?F?TCIH? G;L=? ? @CMM;LF; =IH C L?F;NCPC >;>C ? CF C CHH?MNIM?F?TCIH? G;L=? ª IFF?A;L? CF NOC JL?M; >?JL?MMCIH? ;F =;MMIHª =CHI =;J;=CN; ;LC; IFF?A;L? F; NO<;TCIH? >C G;H>;N; IFCI M?LPIª MN?LTI F;NI JIGJ; M?LPIMN?LTI ? M?LL;L? CF L?F;NCPI L;==IL>I ;FF; =IJJC; JL?M=LCNN;



()



24947* * ,7:554 24945745:1847*
ª ª ª ª ª ª ª ª ª ª ª

574(*):7* 5*7 1* 7.5&7&?.43.



+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
F;NI JIGJ; M?LPIª MN?LTI
ª



/;==IL>I

127&,+" -,*-0 ª 1,) 0"/3,ª 01"/7,

*

0?LL;L? C >;>C >?FF; MN;@@; NO<;TCIH? G;H>;N; IFCI M?LPIMN?LTI IFCI ;FF; JIGJ; M?LPIMN?LTI IFF?A;L? F; NO<;TCIH? >C ;MJCL;TCIH? IFCI M?LPIª MN?LTI F;NI JIGJ; M?LPIMN?LTI

3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ );NI MCHCMNLI
3?>?L? CH ,J /2,1" >O?
;HN?LCILC ª 0/ /CJILL? H?FF; MO; M?>? CF @CFNLI ;LC; =IGJF?NI >C G;HC=INNI =ILLOA;NI IFF?A;L? F; JL?M; ;LC; @L?>>; ;F @CFNLI ;LC; 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ IFF?A;L? CF G;HC=INNI =ILLOA;NI >; @CFNLI ;LC; ; NOI F;NI NOI /CJILL? H?FF; MO; M?>? CF G;HC=INNI =ILLOA;NI >; NO<;TCIH? LCAC>; ; =ILJI @;L@;FF;NI =IGJF?NI >C LCMOIH;NIL? IFF?A;L? F; NO<;TCIH? >C L?=OJ?LI P;JILC IFCI ;F G;HC=INNI =ILLOA;NI 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 3?>?L? CH ,J 11"/& ª 0/ /C@ILHCL? F CGJC;HNI >C L;@@L?>>;G?HNI GINIL? =IH CF FCKOC>I JL?M=LCNNI
9MTS (SQTSRIRXI )IRSQMRE^MSRI 6X

ª

)CKOC>I

&/ 2&1, /##/"!!ª *"+1, *,1,/"

-;L;@FO



57;CCCCC'9&9.+

ª

ª IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI ;F M?L<;NICI >C ;FCG?HN;TCIH? L;@ª @L?>>;G?HNI GINIL? F;NI M?L<;NICI ª IFF?A;L? CF L;==IL>I ; CHH?MNI L;JC>I >?FF; NO<;TCIH? P;JILC =IGI ; CHH?MNI L;JC>I >?FF; NO<;TCIH? >C G;H>;N; =IGI L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI N?LGIMN;NI ª IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI >;F LCM=;F>;NIL? F;NI NOI >C ?HNL;N; FCKOC>I ;FF; JIGJ; ;=KO; ª IFF?A;L? F; NO<;TCIH? >C G;H>;N; FCKOC>I >C L;@ª @L?>>;G?HNI ;F LCM=;F>;NIL? F;NI N?LGIMN;NI ª -IMCTCIH;L? CF =;PI =IG;H>I ;==?F?L;NIL? MOFF; MN;@@; >C MOJJILNI ª IFF?A;L? CF =;PI =IG;H>I ;==?F?L;NIL? ;F =ILJI @;L@;FF;NI ? L?ACMNL;LFI @;L? LC@?LCG?HNI ;F LC;Nª N;==I >?FF IJ #)"00&&)" =IG;H>I ;==?F?L;NIL? ª 0/
ª /CJILL? H?FF; MO; M?>? CF =CFCH>LI IJ?L;NIL? @LCª TCIH? ? @CMM;LFI =IH F? L?F;NCP? PCNC ª IFF?A;L? CF =;PI >C G;MM; <;NN?LC; ;F =;G? CF L;>C;NIL? L;@@L?>>;ª G?HNI GINIL? =IGJF?NI >C ?F?NNLIP?HNCF;NIL? ? @CMM;LFI =IH F? L?F;NCP? PCNC ;FF; NL;P?LM; MOJ?LCIL? ª IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; ;FF ?F?NNLIP?Hª NCF;NIL? L;@@L?>>;G?HNI GINIL? ? @CMM;L? CF L?F;ª NCPI =;? CF G;HC=INNI MOJ?LCIL? ?HNL;N; FCKOC>I >C L;@@L?>>;G?HNI ;F L;>C;NIL? ª IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I >C L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI L;>C;NIL?

/C@ILHCL? CF =CL=OCNI M?LPIMN?LTI =IH CF FCKOC>I JL?M=LCNNI
9MTS (SQTSRIRXI )IRSQMRE^MSRI 6X

ª

)CKOC>I

&/ 2&1, 0"/3,ª 01"/7,

121") $&



ª ª ª ª ª ª

-LI=?>?L? ;FFI MJOLAI ;LC; >?FF CGJC;HNI M?LPIª MN?LTI IJ?L;H>I =IG? >C M?AOCNI >?M=LCNNI IH LOIN? ;HN?LCILC MIFF?P;N? >; N?LL; ; GINIL? MJ?HNI ?@@?NNO;L? ª =C=FC >C =IGJF?N; LIN;ª TCIH? PIF;HN? >?MNL; ? MCHCMNL;
IHNLIFF;L? ?> ?P?HNO;FG?HN? LCJLCMNCH;L? CF FCP?FFI >?FF IFCI H?F M?L<;NICI /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL? PPC;L? CF GINIL? ?> ?@@?NNO;L? ª =C=FC >C =IGJF?N; LIN;TCIH? PIF;HN? >?MNL; ? MCHCMNL;
/CJLCMNCH;L? CF FCP?FFI >?FF IFCI H?F M?L<;NICI

' ,7:554 2494574 5:1847* (43 (&2'.4 2*( (&3.(4 87 5*7 ;*78.43. (43 (43).?.43&947* &7.&
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC; 0/9

()






ª

24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 IHN?HCNIL?=?MN?FFI <;NN?LC; 0/9 0=IFF?A;L? F; NO<;TCIH? >C L?=OJ?LI P;JILC IFCI F;NI G;HC=INNI =ILLOA;NI FF?HN;L? F? @;M=?NN? ? LCGOIP?L? CF G;HC=INNI =ILLOA;NI >; NO<;TCIH? LCAC>; ; =ILJI @;L@;FF;NI =IGJF?NI >C LCMOIH;NIL?

57;CCCCC'9&9.+

0=IFF?A;L? CF G;HC=INNI =ILLOA;NI >; @CFNLI ;LC; ; NOI F;NI NOI

57;CCCCC'9(9.+

ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC; 0/9 ª 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 IHN?HCNIL?=?MN?FFI <;NN?LC; 0/9 0=IFF?A;L? F; NO<;TCIH? >C L?=OJ?LI P;JILC IFCI F;NI G;HC=INNI =ILLOA;NI FF?HN;L? F? @;M=?NN? ? LCGOIP?L? CF G;HC=INNI =ILLOA;NI >; NO<;TCIH? LCAC>; ; =ILJI @;L@;FF;NI =IGJF?NI >C LCMOIH;NIL?

57;CCCCC'9&9.+

ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª 0=IFF?A;L? F; JL?M; ;LC; @L?>>; >;F @CFNLI ;LC; /CGOIP?L? CF @CFNLI ;LC; =IGJF?NI >C G;HC=INNI =ILLOA;NI

57;CCCCC'9&9.+



()



24947* * ,7:554 24945745:1847*
0=IFF?A;L? CF G;HC=INNI =ILLOA;NI >; @CFNLI ;LC; ; NOI F;NI NOI

574(*):7* 5*7 1* 7.5&7&?.43.



0=IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I >C L;@L?>>;G?HNI >;F L;>C;NIL? F;NI L;>C;NIL? 5IV WGSPPIKEVI MP QERMGSXXS TVIQIVI QERYEPQIRXI WYPPI QSPPIXXI I WJMPEVI P EXXEGGS VETMHS 3SXE 7IGYTIVEVI MP PMUYMHS HM VEJJVIHHEQIRXS MR YR MHSRIS VIGMTMIRXI

57;CCCCC'9&9.+

ª 3?>?L? CH ,J -/,1"7&,+" >?F P;HI GINIL? OH;
ª 0CMN 8/CJ;LI MINNIGINIL?9 ª 0=IFF?A;L? F; JL?M; ;LC; @L?>>; >;F @CFNLI ;LC; /CGOIP?L? CF @CFNLI ;LC; =IGJF?NI >C G;HC=INNI =ILLOA;NI

57;CCCCC'9&9.+

FF?HN;L? F? @;M=?NN? ? LCGOIP?L? CF G;HC=INNI MOJ?LCIL? ?HNL;N; FCKOC>I >C L;@@L?>>;G?HNI ;F L;>C;NIL? 0=IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >;FF ?F?NNLIª P?HNCF;NIL? L;@@L?>>;G?HNI GINIL? ? >CMCGJ?ª AH;L? CF L?F;NCPI =;;FF? @;M=?NN?
)IRSQMRE^MSRI (SRRIXXSVI



*INILCHI ?F?NNLIP?HNIF; GINIL?

+

57;CCCCC'9(9.+

ª 3?>?L? CH ,J &/ 2&1, L?@LCA?L;HN? >?F =IH>CTCIH;NIL? ª !?C>L;N;TCIH? ? /C=;LC=; 80=;LC=; CGJC;HNI =IH>CTCIH;G?HNI9 ª 3?>?L? CH ,J /2,1" >O?
;HN?LCILC ª 0/ 8/OIN? ;HN?LCILC9 ª 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI MCHCMNLI


57;CCCCC'9&9.+

0=IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >?F ACOHNI ?F?NNLIG;AH?NC=I =IGJL?MMIL? =IH>CTCIH;ª G?HNI

()






)IRSQMRE^MSRI

24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

(SRRIXXSVI



"F?NNLIG;AH?N? CHM?LCG?HNI =IGª JL?MMIL? =IH>CTCIH;NIL?

)

57;CCCCC'9&9.+

0PCN;L? F; PCN? ;
? M=IFF?A;L? F; @F;HAC; <
>?FF? NO<;TCIHC >C ?HNL;N;OM=CN; >;F =IGJL?MMIL? =IH>CTCIH;NIL? 0PCN;L? CF >;>I ;
? M=IFF?A;L? CF L;==IL>I CHN?LG?>CI <
>?FF; NO<;TCIH? >; ?P;JIL;NIL? ; =IGJL?MMIL? =IH>CTCIH;NIL? 0PCN;L? CF >;>I ;
? M=IFF?A;L? CF L;==IL>I CHN?LG?>CI <
>?FF; NO<;TCIH? >; @CFNLI >?C>L;ª N;NIL? ; ?P;JIL;NIL? 0PCN;L? CF >;>I ;
? M=IFF?A;L? CF L;==IL>I <
>?FF; NO<;TCIH? >; =IGJL?MMIL? =IH>CTCIH;NIL? ; =IH>?HM;NIL? F;NI =IH>?HM;NIL? 0PCN;L? CF >;>I ;
? M=IFF?A;L? CF L;==IL>I <
>?FF; NO<;TCIH? >; @CFNLI >?C>L;N;NIL? ; =IH>?Hª M;NIL? F;NI =IH>?HM;NIL? /CGOIP?L? F? NO<;TCIHC >C ?HNL;N;OM=CN; =IGª JL?MMIL? =IH>CTCIH;NIL? ª !CMCGJ?AH;L? F; NO<;TCIH? >; @CFNLI >?C>L;N;NIL? ; L;==IL>I CHN?LG?>CI >;FF; L?F;NCP; @;M=?NN; ? MJIMN;LF; ; F;NI

57;CCCCC'9)9.+



()



24947* * ,7:554 24945745:1847*
0PCN;L? F? PCNC ;
? LCGOIP?L? CF L;>C;NIL? >C L;@ª @L?>>;G?HNI GINIL? <
=IGJF?NI >C ?F?NNLIª P?HNCF;NIL? ? =IH>?HM;NIL? =


574(*):7* 5*7 1* 7.5&7&?.43.



0PCN;L? F? PCNC ;
? MJIMN;L? F;N?L;FG?HN? CF =CFCH>LI IJ?L;NIL? @LCTCIH? <
=IGJF?NI >C NO<;TCIH? 3SXE +MWWEVI STTSVXYREQIRXI MP GMPMRHVS STIVE XSVI JVM^MSRI EPPE WGSGGE MR QSHS HE RSR SWXEGSPEVI PI WYGGIWWMZI STIVE^MSRM

57;CCCCC'9&9.+

0=IFF?A;L? CF =;PI =IG;H>I ;==?F?L;NIL? >;F =ILJI @;L@;FF;NI 0PCN;L? CF >;>I ;
? >CMCGJ?AH;L? CF =;PI =IG;H>I ;==?F?L;NIL? <
>;FF; MN;@@; >C MOJª JILNI
57;CCCCC'9(9.+

0PCN;L? CF >;>I ? M=IFF?A;L? CF =;PI >C G;MM; <;Nª N?LC; >;F =;G)IRSQMRE^MSRI (SRRIXXSVI



*;MM; <;NN?LC;



57;CCCCC'9&9.+

0=IFF?A;L? F; NO<;TCIH? >C G;H>;N; FCKOC>I >C L;@@L?>>;G?HNI ;F LCM=;F>;NIL? F;NI N?LGIMN;NI 0=IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI >;F LCM=;F>;NIL? F;NI NOI >C ?HNL;N; FCKOC>I ;FF; JIGJ; ;=KO; 0=IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI N?LGIMN;NI
57;CCCCC'9&9.+

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

57;CCCCC'9&9.+

57;CCCCC'9&9.+

0=IFF?A;L? CF L;==IL>I ; CHH?MNI L;JC>I >?FF; NO<;TCIH? >C G;H>;N; =IGI ; CHH?MNI L;JC>I >?FF; NO<;TCIH? P;JILC =IGC LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI ;F M?L<;NICI >C ;FCG?HN;TCIH? L;@ª @L?>>;G?HNI GINIL? F;NI M?L<;NICI

0=IFF?A;L? CF NOC JL?M; >?JL?MMCIH? >;F =;Mª MIH=CHI =;J;=CN; ;LC;

57;CCCCC'9&9.+

57;CCCCC'9'9.+

ª /CGOIP?L? CF N;JJI M?L<;NICI FCKOC>I M?LPIMN?LTI ? ;MJCL;L? CF FCKOC>I =IH OH; C>IH?; MCLCHA; 0=IFF?A;L? F; NO<;TCIH? >C ;MJCL;TCIH? IFCI M?Lª PIMN?LTI F;NI JIGJ; M?LPIMN?LTI 0PCN;L? CF L;==IL>I >?FF; NO<;TCIH? >C G;H>;N; IFCI M?LPIMN?LTI F;NI JIGJ; M?LPIMN?LTI 0PCN;L? C >;>C ;
? >CMCGJ?AH;L? F; NO<;TCIH? >C G;H>;N; IFCI M?LPIMN?LTI <
>;FF; JIGJ; M?LPIMN?LTI

0=IFF?A;L? C @F?MMCC CHH?MNIM?F?TCIH? G;L=? 0PCN;L? C >;>C ;
? CF KOCH>C MJIª MN;L? F; MN;@@; >C MOJJILNI =
=IGJF?N; >C @F?Mª MCC CHH?MNIM?F?TCIH? G;L=?



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



57;CCCCC'9&9.+

57;CCCCC'9'9.+

"FCGCH;L? F? =C;H@LCH;NOL? ?> ;FF?HN;L? C >;>C >?C GITTC LOIN? ;C M?GC;F
FF?HN;L? C >;>C >?FF? ;LNC=IF;TCIHC <;LL; MN;;>C ;
? M=IFF?A;L? F? ;LNC=IF;TCIHC <
>;FF; <;LL; MN;?AFC ;GGILNCTT;NILC ;C GIHN;HNC GITTC ;HN?LCILC 0PCN;L? =IGJF?N;G?HN? C >;>C >C @CMM;AACI >?C GITTC LOIN? ;C M?GC;F?HN?G?HN? ;FF?HN;NC /CGOIP?L? C GIHN;HNC ;HN?LCILC =IGJF?NC >C GITTC LOIN? >CM=BC @L?HC ? JCHT? @L?HC +MWWEVI STTSVXYREQIRXI M HYI WIQMEWWM TIV IZMXEVI GLI WM WJMPMRS HEP HMJJIVIR^MEPI

57;CCCCC'9&9.+

ª 3?>?L? CH ,J 127&,+" >C M=;LC=I ;NN;==I ;F GINIL?=IFF?NNIL? ª 0/ 81O<;TCIH? M=;LC=I ;NN;==I ;F GINIL?=IF?NNIL?9 0PCN;L? C >;>C ;
? M=IFF?A;L? C NCL;HNC M=;NIF; M?LPIMN?LTI <
>;C GIHN;HNC GITTC ;HN?LCILC =IH F ;NNL?TTI =

)IRSQMRE^MSRI (SHMGI

=

"MNL;NNIL?


57;CCCCC'9'9.+

MM?GL;OFC=I AFC ;NNL?TTC ;
? <
J?L FI MN;==I >?F ALOJJI GINIJLIª JOFMIL?
)IRSQMRE^MSRI (SHMGI

;

1L;P?LM;



()






)IRSQMRE^MSRI

24947* * ,7:554 24945745:1847*
0PCN;L? F; PCN? >?F MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;ª MNC=I FF?HN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I JIMN?LCIL? ;FF; NL;P?LM; >?FF; MIMJ?HMCIH? ;HN?LCIL?

574(*):7* 5*7 1* 7.5&7&?.43.

(SHMGI

<

0OJJILNI



57;CCCCC'9&9.+

0PCN;L? F; PCN? >?FF; MN;@@; >C MOJJILNI =;C ACLC ;F =IJ?L=BCI ;HN?LCIL? ª 0PCN;L? F? >O? PCNC >?FF; M=;NIF; LIONCMGC =;G?F ALOJJI GINIJLIJOFMIL? ? @CMM;LFC =IH F? PCNC ;
JL?=?ª >?HN?G?HN? MPCN;N? ? CF

57;CCCCC'9&9.+

0PCN;L? F; PCN? >?F MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;ª MNC=I FF?HN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I JIMN?LCIL? ;FF; NL;P?LM; >?FF; MIMJ?HMCIH? ;HN?LCIL?

57;CCCCC'9&9.+

0PCN;L? F? PCNC >?F N;MM?FFI ?F;MNC=I >?F MOJJILNI F;NI =;G ? C KOCH>C LCGOIP?L? CF MOJJILNI LCAC>I GINIJLIJOFMIL? F;NI =;G =IGJF?NI >C N;MM?FFI ?F;MNC=I >

57;CCCCC'9(9.+



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.




+MWWEKKMS

(SQTSRIRXI

3;FIL? >;+G
);NI =;G ª

=

3CN?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI =;G ª

>

OFFIH?

57;CCCCC'9&9.+

<<;MM;L? CF G;LNCH?NNI C>L;OFC=I ? LCGOIP?L? CF ALOJJI GINIJLIJOFMIL? >;F P;HI GINIL?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I >?F MOJJILNI F;NI =;G+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI M=I==;
ª



3CN?

100")), ")01& , 02--,/1, )1, *&,

*

57;CCCCC'9'9.+

ª &GL;OFC=; KOCH>C LCGOIP?L? AFC ;NNL?TTC ONCFCTT;NC J?L FI MN;==I

57;CCCCC'9&9.+

7MEXXEGGS
ª IH OH; =;JL; C>L;OFC=; JIMCTCIH;L? ? @CMM;L? CF GINIJLIJOFMIL? ;AFC ;NNL?TTC >; ONCFCTT;L? J?L CF LC;NN;==I ª /CJILL? H?F P;HI GINIL? CF ALOJJI GINIJLIJOFª MIL? ONCFCTT;H>I CF G;LNCH?NNI C>L;OFC=I /CJILL? H?FF; MO; M?>? CF MOJJILNI LCAC>I GINIª JLIJOFMIL? F;NI =;G =IGJF?NI >C N;Mª M?FFI ?F;MNC=I <
? @CMM;LFI =IH F? PCNC =
?> C
;FF; =IJJC; JL?M=LCNN;

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I ALOJJI GINIJLIJOFMIL? F;NI >CMNLC+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI M=I==;
ª



3CN?

100"))& ")ª * 01& & 02--+1$/ *,1,-/,-

()







24947* * ,7:554 24945745:1847*
ª /CGOIP?L? AFC ;NNL?TTC ONCFCTT;NC J?L FI MN;==I LC;NN;==I >?F ALOJJI GINIJLIJOFMIL? 0?LL;L? ;FF; =IJJC; JL?M=LCNN; F? PCNC >?FF; M=;NIF; LOINCMGC =;G+MWWEKKMS (SQTSRIRXI

574(*):7* 5*7 1* 7.5&7&?.43.

3;FIL? >;+G
);NI MOJJILNI OHCIH? =;G ª



3CN?

0 1,) /2,1&0*& *&, *" !&##

*

57;CCCCC'9&9.+

0?LL;L? F; PCN? >?F MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;ª MNC=I ;FF; =IJJC; JL?M=LCNN; 3SXE (IRXVEVI M VMJIVMQIRXM HM TSWM^MSREQIRXS XVE MP WYTTSVXS VMKMHS I MP VIPEXMZS XEWWIPPS IPE WXMGS
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª
57;CCCCC'9&9.+



3CN?

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

0?LL;L? F? PCNC >?F N;MM?FFI ?F;MNC=I MOJJILNI LCAC>I JIMN?LCIL? ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI NL;P?LM; MIMJ?Hª MCIH? ;HN?ª LCIL?
ª



3CN?

100")), ")01& , 02--&+1"/* $/*,1,-/

*

ª 0?LL;L? F; PCN? >?FF; MN;@@; >C MOJJILNI =;C ACLC ;F =IJ?L=BCI ;HN?LCIL? /CJILL? H?FF? FILI M?>C C GIHN;HNC ;HN?LCILC ;
=IGJF?NC >C GITTC LOIN? >CM=BC @L?HC <
? JCHT? @L?HC =
? @CMM;LFC =IH C L?F;NCPC >;>C >
M?HT; M?LL;LFC 0?LL;L? C ?AFC ;GGILNCTT;NILC ;C GIHN;HNC GITTC ;HN?LCILC ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GIHª N;HN? GITTI LOIN; ;HN?ª LCIL?
ª



OFFIH?

**,/1&77ª * 1,/& +1 0*


IFF?A;L? F? ;LNC=IF;TCIHC ;
;FF; <;LL; MN;;>C <
;FF; =IJJC; JL?ª M=LCNN;

57;CCCCC'9&9.+



()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
ª

<

!;>I

/1& ,)ª 7&,+& // 01&)&77ª 1/& " +1

*

ª 3?>?L? CH ,J 127&,+" >C M=;LC=I ;NN;==I ;F GINIL?=IFF?NNIL? ª 0/ 81O<;TCIH? M=;LC=I ;NN;==I ;F GIIL?=IFF?NNIL?9 0?LL;L? ;FF; =IJJC; JL?M=LCNN; C >;>C ;
>?C GITTC LOIN? ;C M?GC;FI F ;NNL?TTI <
J?L CF M?LL;AACI ;> ;HAIFI
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GITTI LOIN;
\

;

!;>I

0"*&)"/& +1 ,*ª -)"1& !& $&2+1&

*

)IRSQMRE^MSRI

(SHMGI

<

$IHCIG?NLI



57;CCCCC'9'9.+

IFF?A;L? C NCL;HNC M=;NIF; M?LPIMN?LTI ;
;C GIHN;HNC GITTC ;HN?LCILC ? @CMM;LFC =IH C L?F;NCPC >;>C <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GIHª N;HN? GITTI LOIN; ;HN?ª LCIL?
ª

57;CCCCC'9&9.+

<

!;>I

1&/+1& 01"/7, /"$&01/ ,+ 0 1,)" ª 0


*

"M?AOCL? >O? ;==C;==;NOL? MOF =IFF;LCHI >?C >;>C >C @CMM;AACI GITTC LOIN? ;C M?GC;FCª =;NI CH @CAOL;

57;CCCCC'9&9.+

57;CCCCC'9&9.+

ª /CJILL? H?FF; MO; M?>? F; MN;@@; >C MOJJILNI =IGª JF?N; >C @F?MMCC CHH?MNIM?F?TCIH? G;L=? ? @CMM;LF; =IH C L?F;NCPC >;>C ? CF C CHH?MNIM?F?TCIH? G;L=?

()






ª

24947* * ,7:554 24945745:1847*
/CJILL? H?FF? FILI M?>C F? NO<;TCIHC >C ?HNL;N; OM=CN; =IGJL?MMIL? =IH>CTCIH;NIL? IFF?A;L? CF L;==IL>I ;
>?FF; NO<;TCIH? >; @CFNLI >?C>L;N;NIL? ; =IH>?HM;NIL? F;NI =IH>?Hª M;NIL? ? @CMM;LFI =IH CF >;>I <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

574(*):7* 5*7 1* 7.5&7&?.43.

IFF?A;L? CF NOC JL?M; >?JL?MMCIH? ;F =;MMIHª =CHI =;J;=CN; ;LC; IFF?A;L? F; NO<;TCIH? >C G;H>;N; IFCI M?LPIª MN?LTI F;NI JIGJ; M?LPIMN?LTI ? M?LL;L? CF L?F;NCPI L;==IL>I ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
F;NI JIGJ; M?LPIª MN?LTI
ª



/;==IL>I

127&,+" -,*-0 ª 1,) 0"/3,ª 01"/7,

*

3;FIL? >;+G
);NI =IH>?Hª M;NIL?
ª

<

!;>I

127 ,*ª -/"00,/" ,+!"+0ª 1,/"


*

0?LL;L? C >;>C >?FF; MN;@@; NO<;TCIH? G;H>;N; IFCI M?LPIMN?LTI IFCI ;FF; JIGJ; M?LPIMN?LTI IFF?A;L? F; NO<;TCIH? >C ;MJCL;TCIH? IFCI M?LPIª MN?LTI F;NI JIGJ; M?LPIMN?LTI

IFF?A;L? CF L;==IL>I ;
>?FF; NO<;TCIH? >; =IGJL?MMIL? =IH>CTCIH;NIL? ; =IH>?HM;NIL? F;NI =IH>?HM;NIL? ? @CMM;LFI =IH CF >;>I <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI =IH>?Hª M;NIL?
ª

<

!;>I

127 ,*ª -/"00,/" ,+!"+0ª 1,/"


*

IFF?A;L? CF L;==IL>I CHN?LG?>CI ;
>?FF; NO<;TCIH? >; @CFNLI >?C>L;N;NIL? ; ?P;JIL;NIL? ? @CMM;LFI =IH CF >;>I <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI L;==IL>I CHN?Lª G?>CI
ª

<
57;CCCCC'9&9.+

!;>I

ª IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI ;F M?L<;NICI >C ;FCG?HN;TCIH? L;@ª @L?>>;G?HNI GINIL? F;NI M?L<;NICI ª IFF?A;L? CF L;==IL>I ; CHH?MNI L;JC>I >?FF; NO<;TCIH? P;JILC =IGI ; CHH?MNI L;JC>I >?FF; NO<;TCIH? >C G;H>;N; =IGI L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI N?LGIMN;NI ª IFF?A;L? F; NO<;TCIH? >C LCNILHI FCKOC>I >C L;@ª @L?>>;G?HNI >;F LCM=;F>;NIL? F;NI NOI >C ?HNL;N; FCKOC>I ;FF; JIGJ; ;=KO; ª IFF?A;L? F; NO<;TCIH? >C G;H>;N; FCKOC>I >C L;@ª @L?>>;G?HNI ;F LCM=;F>;NIL? F;NI N?LGIMN;NI ª -IMCTCIH;L? CF =;PI =IG;H>I ;==?F?L;NIL? MOFF; MN;@@; >C MOJJILNI ª IFF?A;L? CF =;PI =IG;H>I ;==?F?L;NIL? ;F =ILJI @;L@;FF;NI ? L?ACMNL;LFI @;L? LC@?LCG?HNI ;F LC;Nª N;==I >?FF IJ #)"00&&)" =IG;H>I ;==?F?L;NIL? ª 0/
ª /CJILL? H?FF; MO; M?>? CF =CFCH>LI IJ?L;NIL? @LCª TCIH? ? @CMM;LFI =IH F? L?F;NCP? PCNC ª IFF?A;L? CF =;PI >C G;MM; <;NN?LC; ;F =;G? CF L;>C;NIL? L;@@L?>>;ª G?HNI GINIL? =IGJF?NI >C ?F?NNLIP?HNCF;NIL? ? =IH>?HM;NIL? KOCH>C @CMM;LFI =IH F? L?F;NCP? PCNC ;FF; NL;P?LM; MOJ?LCIL? ª /CJILL? H?FF; MO; M?>? F; NO<;TCIH? >; @CFNLI >?Cª >L;N;NIL? ; L;==IL>I CHN?LG?>CI ? @CMM;LF; =IH F; L?F;NCP; @;M=?NN;

127&,+" ! #&)1/, !"&!/1ª 1,/"

*

IFF?A;L? CF L;==IL>I CHN?LG?>CI ;
>?FF; NO<;TCIH? >; ?P;JIL;NIL? ; =IGJL?MMIL? =IH>Cª TCIH;NIL? ? @CMM;LFI =IH CF >;>I <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI L;==IL>I CHN?Lª G?>CI
ª

<

!;>I

127 ,*ª -/"00,/" ,+!"+0ª 1,/"


*

IFF?A;L? F; @F;HAC; >?FF? NO<;TCIHC >C ?HNL;N; OM=CN; ;F =IGJL?MMIL? =IH>CTCIH;NIL? ;
? @CMª M;LF; =IH F; PCN? <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI =IGª JL?Mª MIL?
ª

<

3CN?

127 ,*ª -/"00,/" ,+!"+0ª 1,/"


ª



()



24947* * ,7:554 24945745:1847*
ª ª ª

574(*):7* 5*7 1* 7.5&7&?.43.



3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC;9 3?>?L? CH ,J #+)&+, +1"ª /&,/" FO=? >C JIMCTCIH? OHI
MR I >R ª 0/ 8/C@ILHCG?HNI CGJC;HNI =IH>CTCIH;G?HNI9 /C@ILHCL? F CGJC;HNI >C L;@@L?>>;G?HNI GINIL? =IH CF FCKOC>I JL?M=LCNNI
9MTS (SQTSRIRXI )IRSQMRE^MSRI 6X

ª

)CKOC>I

&/ 2&1, /##/"!!ª *"+1, *,1,/"

-;L;@FO



ª

/C@ILHCL? CF =CL=OCNI M?LPIMN?LTI =IH CF FCKOC>I JL?M=LCNNI
9MTS (SQTSRIRXI )IRSQMRE^MSRI 6X

ª

)CKOC>I

&/ 2&1, 0"/3,ª 01"/7,

121") $&



ª ª ª ª ª ª
57;CCCCC'9)9.+

-LI=?>?L? ;FFI MJOLAI ;LC; >?FF CGJC;HNI M?LPIª MN?LTI IJ?L;H>I =IG? >C M?AOCNI >?M=LCNNI IH LOIN? ;HN?LCILC MIFF?P;N? >; N?LL; ; GINIL? MJ?HNI ?@@?NNO;L? ª =C=FC >C =IGJF?N; LIN;ª TCIH? PIF;HN? >?MNL; ? MCHCMNL;
IHNLIFF;L? ?> ?P?HNO;FG?HN? LCJLCMNCH;L? CF FCP?FFI >?FF IFCI H?F M?L<;NICI /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL? PPC;L? CF GINIL? ?> ?@@?NNO;L? ª =C=FC >C =IGJF?N; LIN;TCIH? PIF;HN? >?MNL; ? MCHCMNL;
/CJLCMNCH;L? CF FCP?FFI >?FF IFCI H?F M?L<;NICI

ª IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >?F ACOHNI ?F?NNLIG;AH?NC=I =IGJL?MMIL? =IH>CTCIH;NIL? ª IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; ;FF ?F?NNLIP?Hª NCF;NIL? L;@@L?>>;G?HNI GINIL? ? @CMM;L? CF L?F;ª NCPI =;? CF G;HC=INNI MOJ?LCIL? ?HNL;N; FCKOC>I >C L;@@L?>>;G?HNI ;F L;>C;NIL? ª IFF?A;L? CF G;HC=INNI CH@?LCIL? OM=CN; FCKOC>I >C L;@@L?>>;G?HNI >;F L;>C;NIL? F;NI L;>C;NIL? ª 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI MCHCMNLI
ª 3?>?L? CH ,J /2,1" >O?
;HN?LCILC ª 0/ 8/OIN? ;HN?LCILC9 ª /CJILL? H?FF; MO; M?>? CF @CFNLI ;LC; =IGJF?NI >C G;HC=INNI =ILLOA;NI ª IFF?A;L? F; JL?M; ;LC; @L?>>; ;F @CFNLI ;LC; ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª IFF?A;L? CF G;HC=INNI =ILLOA;NI >; @CFNLI ;LC; ; NOI F;NI NOI ª /CJILL? H?FF; MO; M?>? CF G;HC=INNI =ILLOA;NI >; NO<;TCIH? LCAC>; ; =ILJI @;L@;FF;NI =IGJF?NI >C LCMOIH;NIL? ª IFF?A;L? F; NO<;TCIH? >C L?=OJ?LI P;JILC IFCI ;F G;HC=INNI =ILLOA;NI ª 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 ?MN?FFI <;NN?LC;9

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

) 8*5&7&?.43* 24947* * 1&;&,,.4
.RHMGI HIPPI STIVE^MSRM
(SHMGI 4TIVE^MSRI ;EPMHMX

) ,7:554 24945745:1847* GEQFMS QIGGERMGS WXEGGEXS 8ITEVE^MSRI I VMGSQTSWM^MSRI



45*7&?.43.
) ,7:554 2494574 5:1847* (&2'.4 2*((& 3.(4 89&((&94 8*5&7&?.43* * 7.(42548. ?.43*
8GSQTSWM^MSRI
0=IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >;F GINILCHI >C ;PPC;G?HNI
)IRSQMRE^MSRI (SRRIXXSVI



*INILCHI > ;PPC;G?HNI


57;CCCCC)9'9.+

JLCL? CF =IJ?L=BCI ;
? M=IFF?A;L? F; =IHH?Mª MCIH? ?F?NNLC=; <
>;F GINILCHI >C ;PPC;G?HNI
)IRSQMRE^MSRI (SRRIXXSVI

0=IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >;FF CHN?LLONª NIL? FO=C L?NLIG;L=C;
)IRSQMRE^MSRI (SRRIXXSVI

<

*INILCHI > ;PPC;G?HNI



0PCN;L? F? PCNC ;
? LCGOIP?L? CF GINILCHI >C ;PPC;G?HNI <


&HN?LLONNIL? FO=C L?NLIG;L=C;

&

0PCN;L? CF >;>I ;
? F? PCNC <
? LCGOIP?L? CF =;GC@@?L?HTC;F? =
=IGJF?NI >C M?GC;F




()



24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.


(SHMGI

)IRSQMRE^MSRI

=

?HNL;@LCTCIH?



/CGOIP?L? F ;NNL?TTI @?LG;PIF;HI
)IRSQMRE^MSRI (SHMGI



HNC=IJJC;



57;CCCCC)9(9.+

*IHN;L? F ;NNL?TTI @?LG;PIF;HI
)IRSQMRE^MSRI (SHMGI

57;CCCCC)9&9.+



HNC=IJJC;



/CJILL? H?FF; MO; M?>? CF =;GC@@?L?Hª TC;F? ;
=IGJF?NI >C M?GC;F ? @CMM;LFI =IH F? PCNC =
? =IH CF >;>I >
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

0PCN;L? F? PCNC ;
? LCGOIP?L? FI MJCHAC>CM=I <
? CF >CM=I @LCTCIH? =


3;FIL? >;+G
);NI GINIL?
3;FIL? >;+G
);NI GINIL?


=

3CN?

*&, *" ª * +& ,!&#ª #"/"+7&)"

+MWWEKKMS

(SQTSRIRXI



>

!;>I

*&, *" ª * +& ,!&#ª #"/"+7&)"

IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; >?FF CHN?LLONª NIL? FO=C L?NLIG;L=C;

57;CCCCC)9&9.+

7MGSQTSWM^MSRI

/CJILL? H?FF; MO; M?>? FI MJCHAC>CM=I ;
=IGª JF?NI >C >CM=I @LCTCIH? <
ONCFCTT;H>I F ;NNL?TTI =
? @CMM;LFI =IH F? L?F;NCP? PCNC >
;FF; =IJJC; JL?M=LCNN;

()







24947* * ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

57;CCCCC)9(9.+

/CJILL? H?FF; MO; M?>? CF GINILCHI >C ;PPC;G?HNI ;
? @CMM;LFI =IH F? PCNC <
;FF; =IJJC; JL?ª M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI =;G

<

3CN?

*,1,/&+, 33&*"+1, ,*-)"1,

*

IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; ;F GINILCHI >C ;PPC;G?HNI ? =BCO>?L? CF L?F;NCPI =IJ?L=BCI IFF?A;L? F; =IHH?MMCIH? ?F?NNLC=; ;F GINILCHI >C ;PPC;G?HNI

57;CCCCC)9'9.+



()



8:55479. ,7:554 24945745:1847*
$ÂHPEEDGI8Â6GPEEDÂBDIDEGDEPAHDG4

574(*):7* 5*7 1* 7.5&7&?.43.



.RHMGI HIP WSXXSKVYTTS .3).(* ,7&+.(4 )*1 84994 ,7:554 .RHMGI HIM GSQTPIWWMZM
(QT & ' )IWGVM^MSRI +.88&,,.4 ,7:554 24945745:1847* 9&88*11. 8:55479. ,7:554 24945745:1847* ;EPMHMX



.3).(* ,7&+.(4 )*1 84994,7:554

57;CCCCCCCC9-9.+

7MJ

)IRSQMRE^MSRI

(QT

ª ª

#&00$$&, $/2--, *,1,-/,-2)0,/" 100"))& 02--,/1& $/2--, *,1,-/,-2)0,/"



()







8:55479. ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

& +.88&,,.4 ,7:554 24945745:1847*
.RHMGI HIPPI STIVE^MSRM
(SHMGI & & & & 4TIVE^MSRI 8:554794 7.,.)4 HIP KVYTTS QSXSTVSTYPWSVI 1EXS (&2'.4 87 8:554794 7.,.)4 5489*7.47* HIP KVYTTS QSXS TVSTYPWSVI 87 8:554794 7.,.)4 HIP KVYTTS QSXSTVSTYPWSVI 1EXS ).897.':?.43* 87 8:554794 7.,.)4 HIP KVYTTS QSXSTVSTYPWSVI PEXS ).897.':?.43* 87 TIV ZIVWMSRM GSR GSRHM^MSREXSVI ;EPMHMX


3;FIL? >;+G
);NI =;G ª

45*7&?.43.
+MWWEKKMS (SQTSRIRXI

& 8:554794 7.,.)4 )*1 ,7:554 24945745:1 847* 1&94 (&2'.4 87
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF =;G F? PCNC <
? C KOCH>C LCGOIP?L? CF MOJJILNI LCAC>I F;NI =;G


<

3CN?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI =;G ª

=

OFFIH?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

0?LL;L? F; PCN? >C @CMM;AACI MOJJILNI LCAC>I F;NI =;G+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, /&$&!, )1, *&, $/*,1,ª -/,-

*

57;CCCCC&9&9.+

7MEXXEGGS
/CJILL? H?FF; MO; M?>? CF MOJJILNI LCAC>I F;NI =;G ? @CMM;LFI ;F =;G ? C ;FF; =IJJC; JL?M=LCNN;



()



8:55479. ,7:554 24945745:1847* 7MEXXEGGS

574(*):7* 5*7 1* 7.5&7&?.43.


3;FIL? >;+G
);NI =;G ª

*IHN;L? CF MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;
? @CMM;LFI ;F =;G;>C <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

<

!;>I

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

57;CCCCC&9&9.+

0?LL;L? F; PCN? >C @CMM;AACI MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;MNC=I ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF =;G?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

& 8:554794 7.,.)4 5489*7.47* )*1 ,7:554 24945745:1847* 87
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F? PCNC ;
C ? LCGOIP?L? CF LCH@ILTI =
0PCN;L? F; PCN? ;
? C >;>C <
KOCH>C LCGOIª P?L? CF MOJJILNI LCAC>I JIMN?LCIL? >?F ALOJJI GINIJLIJOFMIL? =


*IHN;L? CF LCH@ILTI ;
? @CMM;LFI =IH F? PCNC <
? C

57;CCCCC&9&9.+

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF GINIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

& 8:554794 7.,.)4 )*1 ,7:554 24945745:1 847* 1&94 ).897.':?.43* 87
57;CCCCC&9&9.+

8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9

()






ª

8:55479. ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

-IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F? PCNC ;
? <
KOCH>C LCGOIP?L? CF MOJJILNI LCAC>I GINIL? F;NI >CMNLC

57;CCCCC&9&9.+

7MEXXEGGS
*IHN;L? CF MOJJILNI LCAC>I GINIL? F;NI >CMNLC ? @CMM;LFI ;F GINIL? =IH F? L?F;NCP? PCNC <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GINIL?
ª

57;CCCCC&9(9.+

<

3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF GINIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

0?LL;L? ;FF; =IJJC; JL?M=LCNN; F; PCN? >C @CMM;AACI MOJJILNI LCAC>I GINIL? F;NI >CMNLC+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

& 8:554794 7.,.)4 )*1 ,7:554 24945745:1 847* 1&94 ).897.':?.43* 87 5*7 ;*78.43. (43 (43 ).?.43&947*
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª ==?LN;LMC =B? F; =BC;P? >C ;==?HMCIH? MC; CH JIMCTCIH? 01,- KOCH>C M=IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC;
)IRSQMRE^MSRI (SRRIXXSVI

ª

;NN?LC;



ª ª

ª

3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI
3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9



()



8:55479. ,7:554 24945745:1847*
3?>?L? CH ,J ! &+$%& =IG;H>I =IGJL?MMIL? =IH>CTCIH;NIL? ;LC; ª 0/ 8 CHABC; =IG;H>I =IGJL?MMIL? =IH>CTCIH;NIL?9 ª 3?>?L? CH ,J &/ 2&1, L?@LCA?L;HN? >?F =IH>CTCIH;NIL? ª !?C>L;N;TCIH? ? /C=;LC=; 8!?C>L;N;TCIH? ? LC=;LC=;9 ª 3?>?L? CH ,J ,*-/"00,/" >?F =IH>CTCIH;NIL? ª 0/ ª IGJL?H>? =IHNLIFFI ?> ?P?HNO;F? LCJLCMNCHI FCP?FFI IFCI 8 IGJL?MMIL? =IH>CTCIH;NIL?9 -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F; PCN? >C @CMM;AACI MN;@@; >C =IFF?A;G?HNI MOJJILNI LCAC>I ;F =IFF?NNIL? >C ;MJCL;TCIH? 0PCN;L? F? PCNC ;
<
? =
KOCH>C LCGOIP?L? CF MOJJILNI LCAC>I GINIL? F;NI >CMNLC
ª

574(*):7* 5*7 1* 7.5&7&?.43.




0?LL;L? ;FF; =IJJC; JL?M=LCNN; F; PCN? >C @CMM;AACI MOJJILNI LCAC>I GINIL? F;NI >CMNLC+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

0?LL;L? F; PCN? >C @CMM;AACI MN;@@; >C =IFF?A;G?HNI MOJJILNI LCAC>I ;F =IFF?NNIL? >C ;MJCL;TCIH? /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I

57;CCCCC&9(9.+

57;CCCCC&9(9.+

7MEXXEGGS
*IHN;L? CF MOJJILNI LCAC>I GINIL? F;NI >CMNLC ? @CMM;LFI ;F GINIL? =IH F? L?F;NCP? PCNC <
? =
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI GINIL?
ª

<

3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

+MWWEKKMS

(SQTSRIRXI



3;FIL? >;+G
);NI GINIL?
ª

=

3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

ª 3?>?L? CH ,J ,*-/"00,/" >?F =IH>CTCIH;NIL? ª 0/ ª IGJL?H>? =IHNLIFFI ?> ?P?HNO;F? LCJLCMNCHI FCP?FFI IFCI 8 IGJL?MMIL? =IH>CTCIH;NIL?9 ª 3?>?L? CH ,J ! &+$%& =IG;H>I =IGJL?MMIL? =IH>CTCIH;NIL? ;LC; ª 0/ 8 CHABC; =IG;H>I =IGJL?MMIL? =IH>CTCIH;NIL?9 ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI
ª 3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
ª 3?>?L? CH ,J &/ 2&1, L?@LCA?L;HN? >?F =IH>CTCIH;NIL? ª !?C>L;N;TCIH? ? /C=;LC=; 8!?C>L;N;TCIH? ? LC=;LC=;9 ª IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC; ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

()







8:55479. ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

' 9&88*11. 8:55479. ,7:554 2494574 5:1847*
.RHMGI HIPPI STIVE^MSRM
(SHMGI ' ' ' 4TIVE^MSRI 9&88*114 *1&89.(4 HIP WYTTSVXS ERXIVMSVI PEXS HMWXVMFY^MSRI HIP KVYTTS QSXSTVSTYPWSVI 8SWX 9&88*114 *1&89.(4 HIP WYTTSVXS TSWXIVMSVI HIP KVYTTS QSXSTVSTYPWSVI 8SWX 9&88*114. *1&89.(4. HIP WYTTSVXS PEXS GEQFMS 8SWX ;EPMHMX


3;FIL? >;+G
);NI M=I==;
ª

45*7&?.43.
+MWWEKKMS (SQTSRIRXI

' 9&88*114 *1&89.(4 )*1 8:554794 &39*7.47* 1&94 ).897.':?.43* )*1 ,7:554 24945745:1847* 8489
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F? PCNC ;
? <
KOCH>C LCGOIP?L? CF N;MM?FFI ?F;MNC=I >?F MOJJILNI ;HN?LCIL? ALOJJI GINIJLIJOFMIL? =


<

3CN?

100"))& ")ª * 01& & 02--+1$/ *,1,-/,-

0?LL;L? F; PCN? >C @CMM;AACI MOJJILNI LCAC>I GINIL? F;NI >CMNLC+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, * /&$&!, *,1,/" )1, !&01/&27

57;CCCCC'9&9.+

57;CCCCC'9&9.+

7MEXXEGGS
*IHN;L? CF N;MM?FFI ?F;MNC=I >?F MOJJILNI ;HN?ª LCIL? ALOJJI GINIJLIJOFMIL? ;
? @CMM;LFI ;FF; M=I==; =IH F? PCNC <
;FF; =IJJC; JL?M=LCNN;

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF GINIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?



()



8:55479. ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.



' 9&88*114 *1&89.(4 )*1 8:554794 5489*7.47* )*1 ,7:554 24945745:1 847* 8489
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F? PCNC ;
? <
KOCH>C LCGOIP?L? CF N;MM?FFI ?F;MNC=I MOJJILNI JIMN?LCIL? ALOJJI GINIJLIJOFMIL?

57;CCCCC'9&9.+

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF GINIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

' 9&88*114. *1& 89.(4. )*1 8:554794 1&94 (&2'.4 8489
8XEGGS
57;CCCCC'9&9.+

7MEXXEGGS
/CJILL? H?FF; MO; M?>? CF N;MM?FFI ?F;MNC=I >?F MOJJILNI JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;
? @CMM;LFI ;FF; NL;P?LM; >?FF; MIMJ?HMCIH? ;HN?LCIL? =IH F? L?F;NCP? PCNC <
;FF; =IJJC; JL?ª M=LCNN;
+MWWEKKMS (SQTSRIRXI

ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª -IMCTCIH;L? OH G;LNCH?NNI C>L;OFC=I MINNI CF GINIL? 0PCN;L? F? PCNC ;
? <
KOCH>C LCGOIP?L? CF N;MM?FFI ?F;MNC=I MOJJILNI F;NI =;G

3;FIL? >;+G
);NI NL;P?LM; MIMJ?Hª MCIH? ;HN?ª LCIL?
ª

<

3CN?

100")), ")01& , 02--&+1"/* $/*,1,-/

*

0?LL;L? F; PCN? >C @CMM;AACI MOJJILNI LCAC>I JIMN?LCIL? ALOJJI GINIJLIJOFMIL? ;F L?F;NCPI N;MM?FFI ?F;MNC=I ;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

57;CCCCC'9&9.+

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª

7MEXXEGGS



3CN?

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

/CJILL? H?FF; MO; M?>? CF N;MM?FFI ?F;MNC=I MOJª JILNI F;NI =;G ? @CMM;LFI ;FF; M=I==; =IH F? PCNC <
;FF; =IJJC; JL?M=LCNN;

()






+MWWEKKMS

8:55479. ,7:554 24945745:1847*

574(*):7* 5*7 1* 7.5&7&?.43.

(SQTSRIRXI



3;FIL? >;+G
);NI M=I==;
ª

<

3CN?

100")), ")01& , 02--,/1, )1, *&,

*

0?LL;L? F; PCN? >C @CMM;AACI MOJJILNI LCAC>I F;NI =;G+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI N;MM?FFI ?F;MNC=I
ª



3CN?

02--,/1, /&$&!, -,01 $/*,1,ª -/,-2)0,/"

*

57;CCCCC'9&9.+

ª /CGOIP?L? CF G;LNCH?NNI C>L;OFC=I >; MINNI CF GINIL? ª 3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 ª /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?



()



574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.



"ÂI4HI04Â28A8C3G8

.RHMGI HIP WSXXSKVYTTS .3).(* ,7&+.(4 )*1 84994 ,7:554 .RHMGI HIM GSQTPIWWMZM
(QT & ' ( )IWGVM^MSRI (45*7(-. 5:39*7.* 9*89&* 8:5*7.47*. 9*89& (.1.3)7. :3.(& 89&((4 * 7.&99&((4 ;EPMHMX



.3).(* ,7&+.(4 )*1 84994,7:554

57;CCCCCCCC9-9.+

7MJ

)IRSQMRE^MSRI

(QT

ª ª ª ª

,-"/ %& -2+1"/&" 1"01" 02-"/&,/"& 1"01 &)&+!/& 2+& ª 01 , " /&11 ,

"

1"011"01"

&)&+!/& ª &+1"/3"+1& 3/&

()







574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.

& (45*7(-. 5:39*7.*
.RHMGI HIPPI STIVE^MSRM
(SHMGI & 4TIVE^MSRI (45*7(-.4 '4'.3* EGGIRWMSRI WY XIWXE GMPMRHVM 87 ;EPMHMX



45*7&?.43.
& (45*7(-.4 '4'.3* &((*38.43* 8: 9*89& (.1.3)7. 87
8XEGGS
0PCN;L? F? PCNC ;
? LCGOIP?L? CF =IJ?L=BCI C ;==?HMCIH? MO N?MN; =CFCH>LC <


57;CCCCC&9&9.+

7MEXXEGGS

ª /CJILL? H?FF; MO; M?>? CF =IJ?L=BCI C ;==?HMCIH? MO N?MN; =CFCH>LC ? @CMM;LFI =IH F? L?F;ª NCP? PCNC



()



574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.



' 9*89&* 8:5*7.47*.
.RHMGI HIPPI STIVE^MSRM
(SHMGI ' 4TIVE^MSRI 9*89& 8:5*7.47* 8.3.897& 8SWX KYEVRM^MSRI ^MSRI WXEGGEXE 8SWX KYEVRM^MSRI ;EPMHMX

' 9*89& 8:5*7.47* 8.3.897& 87 E GMRKLME HMWXVMFY ' 9*89& 8:5*7.47* )*897& 87 E GMRKLME HMWXVMFY
' 9*89& 8:5*7.47* )*897& 8SWX KYEVRM^MSRI ^MSRI WXEGGEXE 8SWX KYEVRM^MSRI

45*7&?.43.
' 9*89& 8:5*7.47* 8.3.897& 8489 ,:&73. ?.43*
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª ==?LN;LMC =B? F; =BC;P? >C ;==?HMCIH? MC; CH JIMCTCIH? 01,- KOCH>C M=IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC;
)IRSQMRE^MSRI (SRRIXXSVI

ª

ª ª ª ª ª ª

ª

;NN?LC;



ª ª ª

ª ª ª ª ª ª ª

3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI
3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª 0/ 8 CHABC; ;FN?Lª H;NIL?JIGJ; ;=KO;9 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC;9 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 ?MN?FFI <;NN?LC;9 3?>?L? CH ,J /, %"11,,&+ >C ;==?HMCIH? ª 0/ 8IC ;==?HMCIH?9 3?>?L? CH ,J ! ,-"/ %&,& >C JLIª N?TCIH? >?F =IG;H>I >CMNLCCMNLC?L? CH ,J -2)"$$& >?FF ;F?L? CH ,J $ 1"+21 -,01"/&,/" >C OH ;F?FF; >CMNLCR ª 0/ ; MOJJILNI CMNLC?MNLI ? MCHCª MNLI


ª

ª

ª

3?>?L? CH ,J &+$%& !"+11 =IG;H>I >CMNLC?FF; >CMNLCCMNLC?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 3?>?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
3?>?L? CH ,J 12, ,))"11,/" ,*201&&)" 2+& , =IGJF?NI >C ?F?NNLICª HC?NNILC ª 0/ ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 81O?L? CH ,J ,))"11,/" !& 0-&/7&,+" ª 0/ ? 0IMN AO;LHCTCIH? ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 8 IFF?Nª NIL? >C ;MJCL;TCIH? ; =;MMIH=CHI MN;==;NI9 3?>?L? CH ,J 1"01 02-"/&,/" 0&+&01/ ª 0/ ; =CHABC; >CMNLCCMNLC
7MEXXEGGS
ª 3?>?L? CH ,J 1"01 02-"/&,/" 0&+&01/ ª 0/ ; =CHABC; >CMNLCCMNLC?L? CH ,J ,))"11,/" !& 0-&/7&,+" ª 0/ ? 0IMN AO;LHCTCIH? ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 8 IFF?Nª NIL? >C ;MJCL;TCIH? ; =;MMIH=CHI MN;==;NI9 ª 3?>?L? CH ,J 12, ,))"11,/" ,*201&&)" 2+& , =IGJF?NI >C ?F?NNLICª HC?NNILC ª 0/ ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 81O
()




ª ª ª ª ª ª ª

574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.

ª

ª ª ª ª ª ª ª

ª

ª ª ª ª

3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 3?>?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 3?>?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 3?>?L? CH ,J &+$%& !"+11 =IG;H>I >CMNLC?FF; >CMNLCCMNLC?L? CH ,J $ 1"+21 -,01"/&,/" >C OH ;F?FF; >CMNLCR ª 0/ ; MOJJILNI CMNLC?MNLI ? MCHCª MNLI
3?>?L? CH ,J -2)"$$& >?FF ;F?L? CH ,J ! ,-"/ %&,& >C JLIª N?TCIH? >?F =IG;H>I >CMNLCCMNLC?L? CH ,J /, %"11,,&+ >C ;==?HMCIH? ª 0/ 8IC ;==?HMCIH?9 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 ?MN?FFI <;NN?LC;9 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC;9 3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª 0/ 8 CHABC; ;FN?Lª H;NIL?JIGJ; ;=KO;9 3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª /?AIF;TCIH? N?Hª MCIH? 81?HMCIH;G?HNI =CHABC; ;FN?LH;NIL? JIGJ; ;=KO;9 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI
3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC; /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

' 9*89& 8:5*7.47* 8.3.897& 87 & (.3,-.& ).897.':?.43* 89&((&9& 8489 ,:&73.?.43*
8XEGGS
ª 3?>?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 ª 3?>?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 0PCN;L? C >;>C ;
? LCGOIP?L? F; MN;@@; <
>C MOJJILNI C ;==?HMCIH?

57;CCCCC'9&9.+

ª 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 ª 3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 ª 3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
0PCN;L? F? PCNC ;
? LCGOIP?L? CF LCJ;LI JIMN?ª LCIL? =CHABC; >CMNLC =IGJF?NI



()



574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.




+MWWEKKMS

(SQTSRIRXI

3;FIL? >;+G
);NI N?MN; =CFCH>LC
ª

ª

3CN?

1"01" &)&+!/& 02-"/&,/&

*

ª

ª

ª ª
57;CCCCC'9'9.+

ª 3?>?L? CH ,J 12, ,))"11,/" ,*201&&)" 2+& , =IGJF?NI >C ?F?NNLICª HC?NNILC ª 0/ ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 81O?L? CH ,J ,))"11,/" !& 0-&/7&,+" ª 0/ ? 0IMN AO;LHCTCIH? ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 8 IFF?Nª NIL? >C ;MJCL;TCIH? ; =;MMIH=CHI MN;==;NI9 0PCN;L? F? PCNC ;
? LCGOIP?L? F; N?MN; MOJ?LCIL? MCHCMNL; <
/CGOIP?L? F; AO;LHCTCIH? N?MN; MOJ?LCIL? MCHCª MNL;

ª ª ª ª ª ª

3?>?L? CH ,J ,))"11,/" !& 0-&/7&,+" ª 0/ ? 0IMN AO;LHCTCIH? ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 8 IFF?Nª NIL? >C ;MJCL;TCIH? ; =;MMIH=CHI MN;==;NI9 3?>?L? CH ,J 12, ,))"11,/" ,*201&&)" 2+& , =IGJF?NI >C ?F?NNLICª HC?NNILC ª 0/ ; =IHPIAFC;NIL? ;LC;=;MMIH=CHI MN;==;NI 81O? CF LCJ;LI JIMN?LCIL? =CHª ABC; >CMNLC?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 3?>?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O? F; MN;@@; >C MOJJILNI C ;==?HMCIH? ? @CMM;LF; =IH C L?F;NCPC >;>C 3?>?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 3?>?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9

' 9*89& 8:5*7.47* )*897& 8489 ,:&73.?.43*
8XEGGS
ª -IMCTCIH;L? F; P?NNOL; MOF JIHN? ?F?P;NIL? ª ==?LN;LMC =B? F; =BC;P? >C ;==?HMCIH? MC; CH JIMCTCIH? 01,- KOCH>C M=IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC;
57;CCCCC'9&9.+

7MEXXEGGS

)IRSQMRE^MSRI

(SRRIXXSVI

ª /CJILL? H?FF; MO; M?>? OH; HOIP; AO;LHCTCIH? N?MN; MOJ?LCIL? MCHCMNL; ª /CJILL? H?FF; MO; M?>? F; N?MN; MOJ?LCIL? MCHCMNL; ? @CMM;LF; =IH F? L?F;NCP? PCNC ;FF; =IJJC; JL?M=LCNN;

ª

;NN?LC;



ª ª ª

3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI


()






ª ª ª ª ª ª ª

574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.
ª ª ª ª ª ª

ª

ª ª ª ª ª ª

ª ª

ª

3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª 0/ 8 CHABC; ;FN?Lª H;NIL?JIGJ; ;=KO;9 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC;9 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 ?MN?FFI <;NN?LC;9 3?>?L? CH ,J /, %"11,,&+ >C ;==?HMCIH? ª 0/ 8IC ;==?HMCIH?9 3?>?L? CH ,J ! ,-"/ %&,& >C JLIª N?TCIH? >?F =IG;H>I >CMNLCCMNLC?L? CH ,J -2)"$$& >?FF ;F?L? CH ,J $ 1"+21 -,01"/&,/" >C OH ;F?FF; >CMNLCR ª 0/ ; MOJJILNI CMNLC?MNLI ? MCHCª MNLI
3?>?L? CH ,J &+$%& !"+11 =IG;H>I >CMNLC?FF; >CMNLCCMNLC?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 3?>?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
3?>?L? CH ,J -/1& J;L;=;FIL? =IFF?NNIL? >C M=;LC=I ª 0/ 8-;L;=;FIL? =IFF?NNIL? >C M=;LC=I9 3?>?L? CH ,J /&-/, ),/" J?L NO<;TCIH? >C M=;LC=I ;NN;==I ;F =IFF?NNIL? ª 0/ 8/CJ;LI =;FIL? NL;NNI ;HN?LCIL? NO<;TCIH? >C M=;ª LC=I9 3?>?L? CH ,J 1"01 02-"/&,/" !"01/ ª 0/ ; =CHABC; >CMNLC?MNL; ; =CHABC; >CMNLC
ª

ª ª ª ª ª ª ª

ª

ª ª ª ª

3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 3?>?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 3?>?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 3?>?L? CH ,J &+$%& !"+11 =IG;H>I >CMNLC?FF; >CMNLCCMNLC?L? CH ,J $ 1"+21 -,01"/&,/" >C OH ;F?FF; >CMNLCR ª 0/ ; MOJJILNI CMNLC?MNLI ? MCHCª MNLI
3?>?L? CH ,J -2)"$$& >?FF ;F?L? CH ,J ! ,-"/ %&,& >C JLIª N?TCIH? >?F =IG;H>I >CMNLCCMNLC?L? CH ,J /, %"11,,&+ >C ;==?HMCIH? ª 0/ 8IC ;==?HMCIH?9 3?>?L? CH ,J ,+1"+&1,/" "01")), <;NN?LC; ª 0/ 8 ?MN?FFI <;NN?LC;9 3?>?L? CH ,J 11"/& ª 0/ 8;Nª N?LC;9 3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª 0/ 8 CHABC; ;FN?Lª H;NIL?JIGJ; ;=KO;9 3?>?L? CH ,J &+$%& =IG;H>I ;FN?LH;NIL?JIGJ; ;=KO; ª /?AIF;TCIH? N?Hª MCIH? 1?HMCIH;G?HNI =CHABC; ;FN?LH;NIL? JIGJ; ;=KO;9 3?>?L? CH ,J -LIN?TCIH? -/-,)ª 3"/" P;HI GINIL? H?F J;MM;LOIN; ;HN?LCIL? OH;
MR I >R ª 0/ 8-LIN?TCIH? J;L;JIFP?L?9 );NI >?MNLI
3?>?L? CH ,J /2,1 OH;
;HN?LCIL? ª 0/ 8/OIN; ;HN?LCIL?9 );NI >?MNLI
3?>?L? CH ,J -/,1"7&,+"/&-/, MINNIGINIL? ª 0/ 8/CJ;LI MINNIGINIL?9 IFF?A;L? CF GILM?NNI ª
>?FF; <;NN?LC; /CGOIP?L? F; P?NNOL; >;F JIHN? ?F?P;NIL?

7MEXXEGGS
ª 3?>?L? CH ,J 1"01 02-"/&,/" !"01/ ª 0/ ; =CHABC; >CMNLC?MNL; ; =CHABC; >CMNLC?L? CH ,J /&-/, ),/" J?L NO<;TCIH? >C M=;LC=I ;NN;==I ;F =IFF?NNIL? ª 0/ 8/CJ;LI =;FIL? NL;NNI ;HN?LCIL? NO<;TCIH? >C M=;ª LC=I9 ª 3?>?L? CH ,J -/1& J;L;=;FIL? =IFF?NNIL? >C M=;LC=I ª 0/ 8-;L;=;FIL? =IFF?NNIL? >C M=;LC=I9 ª 3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI


' 9*89& 8:5*7.47* )*897& 87 & (.3,-.& ).897.':?.43* 89&((&9& 8489 ,:&73.?.43*
8XEGGS
ª 3?>?L? CH ,J *+& ,11, >; NOI ; =ILJI @;L@;FF;NI ª 0/ 8*;HC=INNI >; NOI ; =ILJI @;L@;FF;NI9 ª 3?>?L? CH ,J ,/-, #/#))1, ª 0/ 8 ILJI @;L@;FF;NI9 0PCN;L? C >;>C ;
? LCGOIP?L? F; MN;@@; <
>C MOJJILNI C ;==?HMCIH?



()



574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.



57;CCCCC'9&9.+

57;CCCCC'9&9.+

0PCN;L? F? PCNC ;
? LCGOIP?L? CF LCJ;LI JIMN?ª LCIL? =CHABC; >CMNLC =IGJF?NI

FF?HN;L? C C @CMM;AACI JIGJ; M?LPIª MN?LTI FF?HN;L? F; PCN? >C N?HMCIH;G?HNI >?FF; =CHABC; =IG;H>I JIGJ; M?LPIMN?LTI

57;CCCCC'9'9.+

ª 3?>?L? CH ,J 12, J?L ;MN; FCP?FFI IFCI GINIL? ª 0/ 81O?L? CH ,J , %"11,+" CHNLIª >OTCIH? IFCI GINIL? ª 0/ 8I==B?NNIH? IFCI GINIL?9 ª 3?>?L? CH ,J 00,+ &+, =;J;ª =CN; ;LC; ª 0/ 8 ;MMIH=CHI =;J;=CN ;LC;9 ª 3?>?L? CH ,J -2)"$$& !"+11 ,+!,11 OH;
ª 0/ ; =CHABC; >CMNLC?HN;N; =IH>INN;9 );NI >?MNLI ? MCHCMNLI
0PCN;L? C >;>C ;
? F? PCNC <
KOCH>C LCGOIª P?L? F? MN;@@? =
>C MIMN?AHI NO<;TCIH? >C M=;ª LC=I

57;CCCCC'9'9.+

ª 3?>?L? CH ,J -/1& J;L;=;FIL? =IFF?NNIL? >C M=;LC=I ª 0/ 8-;L;=;FIL? =IFF?NNIL? >C M=;LC=I9 ª 3?>?L? CH ,J /&-/, ),/" J?L NO<;TCIH? >C M=;LC=I ;NN;==I ;F =IFF?NNIL? ª 0/ 8/CJ;LI =;FIL? NL;NNI ;HN?LCIL? NO<;TCIH? >C M=;ª LC=I9 0PCN;L? CF JL?=?>?HN?G?HN? ;FF?Hª N;NI ? C >;>C <
KOCH>C MJIMN;L? F; JIGJ; M?Lª PIMN?LTI =
=IGJF?N; >C MN;@@? >C MOJJILNI >
M?HT; M=IFF?A;L? F? L?F;NCP? NO<;TCIHC

()







574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.

57;CCCCC'9'9.+

57;CCCCC'9'9.+

0PCN;L? C >;>C ;
? MJIMN;L? CF =IFF?NNIL? >C M=;ª LC=I <
>;FF; N?MN; =CFCH>LC

7MEXXEGGS
/CJILL? H?FF; MO; M?>? OH; HOIP; AO;LHCTCIH? N?MN; MOJ?LCIL? >?MNL; /CJILL? H?FF; MO; M?>? F; N?MN; MOJ?LCIL? >?MNL; ;
? @CMM;LF; =IH F? L?F;NCP? PCNC <
;FF; =IJJC; JL?M=LCNN;
+MWWEKKMS (SQTSRIRXI

3;FIL? >;+G
);NI M?GC;F< CHN >C@@?ª L?HT
ª

<

OFFIH?

0"*&)"/& +1 ,*ª -)"1& !& $&2+1&

*

57;CCCCC'9'9.+

0PCN;L? F? PCNC ;
? LCGOIP?L? F; N?MN; MOJ?LCIL? >?MNL; <
/CGOIP?L? F; AO;LHCTCIH? N?MN; MOJ?LCIL? >?MNL;

57;CCCCC'9'9.+



()



574(*):7* 5*7 1* 7.5&7&?.43.
9*89&* (.1.3)7.



/CJILL? H?FF; MO;