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? \<Z<B@?] < G?@>AC]FGX?@FACZD GC_<B@< ^* EZ>BG?B?

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0FGE<b?_<B@>C DE<_^ CW@<_< ` B<BFG_>BCZ 7%l ?BA\>E ( &' P%c( &' ) %B< FD<@<B@ CW?G>\@? E<X< ^ ; WCEB?AE<X? ` <LG?G> DE<_< B< E<XC_<@>X?BFG_C CW?G>\@? 0BG>EB<G?CB<\ 1>G+ CBY>E>B=>g4 >i X>_>\CD] >BGF?B, 9 3 <WC E#, w <\?Gp <BX/ ^] C VW@<_< ` B<BFG_>BCZ 4 %/ \<J<# ( &' P%c( &' ) %^B<DE@>a>B@ DE<_< E<X< ^ 7%l ?BA\>EX@>=> ^ 6 / $ ( P ] >a^B<ECXBC@ZCX?B< DE?] @>B> 9 4 D W\?A<=?@?2 CB_>B=?@>CDE<_?] < X@>G>G<

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0FGE<b?_<B@>C DE<_^ VW@<_< ` B<BFG_>B?[ 4 %/ \<J< ( &' ) %c( &' Q%X@>G>G< B< F<` B<B@> E<XC_< !=?A\^F_\<FG?GCZ DCXE?@>G\<% ] >a^B<ECXB?[5E<_C B< DCLGC_<B@> ` B<BFG_>B?[CW?G>\@FACZ b?_CG< ^ FA DC_< G?@>AC]F\^J<@ DCF_C@>B@<? FGX?@FACZ WCE<_A<] >X?=?BFA? ^ * EZ>BG?B?" ^DC] CZB G> CD\CXB@>% ] >a^B<ECXB?]

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0FGE<b?_<B@> 7^X@>\C_<B@> B< 4 %/ \<J<# ( &' P%c( &' ) %$GE>BXC_< >_C\^=?@> ` B<BFG_>B?] 7%l ?BA\>E ( &' S%c( &( &%>^ECDFACZ FA DC_?] < ? CW@<_<CW?G>\@FACZ DE<_<? ` B<BFG_>B?[ E<XC_<DCE>XW>BCDE<_B<<B<\? < DC@>X?B<JB?[>^ECDFA?[ DE<_B?[F FG<_<5E<H>B@> DE<AF> VW@<_< FGE JBCZ 7%l ?BA\>E ( &' ) %c( &' Q%F X< , 9 $ <B<\? < E<X<DE>F X< AC@> F>DCFE>XBC ?\?B>DCFE>XBC CXBCF>B< G ] <J>B@>CW?G>\@FACDE<_B?[?BFG?GG<6 <` ] @>B< ?FA FG_<? VEZ<B? <=?@< FA D< 4 %/ \<J<# ( &' ) %c( &' Q%FDC B<@< F !XC\<` <A DECY>FCE< 7%l ?BA\>E?BC >] B?] ? * EZ>BG?B>"?FGE<b?_<J?] <CCW?G>\@FACDE<_B?]BC_?B<] < ?GE>BXC_?] <%5CE>XW>B< <B<\? <[ E_<GFA?[ # G<\?@<BFA?[?<EZ>BG?BFA?[DE<_B?[ E@>L>B@<%

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F X< , 9 $ <B<\? < E<X<DE>F X< AC@> F> B<DCFE>XBC ?\?B>DCFE>XBC CXBCF>B< G ] <J>B@>CW?G>\@FACDE<_B?[?BFG?GG<5E<H>B@> GE>BXC_< ; B<BFG_>BC 4 %/ \<J<# ( &' Q%c( &' R%>_C\^=?@> >^ECDFACZ ?FGE<b?_<B@> 7%l ?BA\>ECW?G>\@FACZ DE<_<? 5E?A D\@<B@>DE<H>B@> ^G@>=<@< B< \?G>E<GE>B<=?CB<\BC VW@<_< ` B<BFG_>BCZCW?G>\@FAC DE<_C E<X<5EC J<_<B@> E<` \?A<? ; B<BFG_>BC 4 %/ \<J<# ( &' Q%c( &' R%F\?JBCFG? G ] <J>B@< ?FGE<b?_<B@> 7%l ?BA\>ECXE>X<W< C DE<_^ B< VW@<_< ` B<BFG_>B?[DCLGC_<B@> E<XC_<DE?_<GBCZ ?CW?G>\@FACZ b?_CG< ^, + / 6 ? 5C_>\@?CG>] >\@B?] DE<_?] <, 9 %0FGE<b?_<B@>C^G@>=<@ B<B<=?CB<\BCCW?G>\@FAC DE<_C

0FGE<b?_<B@>C DE<_^ ; B<BFG_>BC 4 %/ \<J<# ( &' Q%c( &' R%B< DCLGC_<B@> ?FGE<b?_<B@> 7%l ?BA\>EDE?_<GBCZ ? 5E?A D\@<B@>CW?G>\@FACZ b?_CG<? \?G>E<GE>F ECZ<G ] <@J?BFG_C

5E<H>B@> ?<B<\? < 7^X@>\C_<B@> B< 4 %/ \<J<# ( &' R%c( &' S%GE>BXC_< ` B<BFG_>B?] 7%l ?BA\>E>^ECD>? <=?@> FA DC_?] <? CW@<_<CW?G>\@FACZ DE<_<? ` B<BFG_>B?[ E<XC_<^FDCE>XW< FB<=?CB<\B?]CW?G>\@FACDE<_B?]E@>L>B@?] <

0FGE<b?_<B@>C ` <LG?G? VW@<_< ` B<BFG_>BCZ 4 %/ \<J< ( &' R%c( &' S%DE?_<GBCZ ? E<X< ^CW?G>\@FACZ b?_CG< ] >a^B<ECXBC@CFCW< AC@> F D W\?A<=?@?DEC] ?@>B?\> FDC\

0FGE<b?_<B@>C VW@<_< ` B<BFG_>BCZ 7%l ?BA\>E ( &' R%c( &' S%_?L>A \GE<\B?] E<X< ^? <` C_?] < ^ ] >a^B<ECXBC@CW?G>\@FAC] DE<_^ D W\?A<=?@?

6 <` ] @>B< ?FA FG_<? VEZ<B? <=?@< FA D< 4 %/ \<J< ( &' R%c( &' S%FDC B<@< F !XC\<` <A DECY>FCE< 7%l ?BA\>E?BC >] B?] ? * EZ>BG?B>"?FGE<b?_<J?] <CCW?G>\@FACDE<_B?]BC_?B<] < ?zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

(y)

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GE>BXC_?] <%5CE>XW>B< <B<\? <[ E_<GFA?[ # G<\?@<BFA?[? <EZ>BG?BFA?[DE<_B?[ E@>L>B@<%

5E<H>B@> DE<AF> VW@<_< ` B<BFG_>BCZ 4 %/ \<J<# ( &' S%c( &( &%, 73 }5 $ <B<\? < E<X< 7%l ?BA\>EDE>F X< AC@> F> B<DCFE>XBC ?\?B>DCFE>XBC CXBCF>B< G ] <J>B@>CW?G>\@FACDE<_B?[?BFG?GG<

0BG>EX?F=?D\?B<EBC F X@>\C_<B@< B< 4 %/ \<J<# ( &' S%c( &( &%?FGE<b?_<B@>C ACBY>E>B=?@<] < ? 7%l ?BA\>EX@>J@?] DE<_?] < CW@<_< ` B<BFG_>B?[

E<XC_<

4 <` ?_ G>] >nmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBAH1&5. / 41( D( . +( / J*3( -+2, *O / ' . / 2& 4 I \

U-&5. * I ( ' ! 01/ )! ' 1! 2=! X( . &' \ -&6&S 01( ' 23/ +. *, W&3( ' 1(*231&7*5&6

V231&7*5&6* T C=%XE%F=%7<BXE< l ?BA\>E# J\<B?=< 2 <G>XE>

U/ ' *. & 8 E<@BC DE<H>B@>0/ 6( 3, &*@&51K( 3, &*231&7*5&. +&

H-&. *1&. ( H/ , &@&3( -+* < ' >/ 5/ 1. * Y1*+( ? ( &, 3*5. / 23*&, 3*5. / 23* &, 3*5. / 23* *231&7*5&6*8 E<@BC DE<H>B@> VW@<_< ` B<BFG_>B?[ ? 4 %/ \<J<# 8 E<@BCDE<H>B@>

FGE JB?[ E<XC_< G> 7%l ?BA\>E !( &' P%$( &( &%"F X@>\C_<B@> B<` B<BFG_>B?] ?FGE JB?] FA DC_?] <

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4 <` ?_ G>] > V23&, . 43& 0*3&. +& *@? ( D4. &1/ ' . / > * ( 41/ 02, / > 01*5&3. / > 01&5&

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9 / =! ' 1! 2=! Y-&3, & [ 43/ 1&= C &-. &1S 6-&. *=& W&3( ' 1(V231&7*5&6* T E%F=%T <B?@>\< : EW\@<B<=# ^B?_%FD>=%

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H-&. *1&. ( H/ , &@&3( -+* < ' >/ 5/ 1. * Y1*+( ? (&, 3*5. / 23* &, 3*5. / 23* *231&7*5&6* &, 3*5. / 23*

0FGE<b?_<B@>? 6 <X^ DCFGDA , %U ?LH>B?H ( &' P%c( &' ) %$<B<\? < [ E_<GFACZ CW@<_\@?_<B@< * ( ( &' ) c( &' Q%DE<_< DCGECL<JACZ D W\?A<=?@?AE>X?G?E<B@<

0FGE<b?_<B@> 6 <X^ DCFGDA , %U ?LH>B?H ( &' P%c( &' ) %$>ÊCDFACZ ? CW@<_\@?_<B@< ^ * \ ( &' ) c( &' Q%[ E_<GFACZ <BG?$ D W\?A<=?@?X?FAE?] ?B<=?@FACZDE?_<GBCZ DE<_<

0FGE<b?_<B@>? 0 \<Z<B@> B< , %U ?LH>B?H ( &' P%c( &' ) %$<B<\? < DE?_<GB?[ ` B<BFG_>B?] ( &' ) c( &' Q%DE<_< DC@>X?B<=< FA DC_?] <#

CW@<_\@?_<B@>` B<BFG_>BCZ E<X< !^` WCEB?A E<XC_< F<` B<BFG_>BCZ FA D<

0FGE<b?_<B@>? 0FGE<b?_<JA? WCE<_<A , %U ?LH>B?H ( &' P%c( &' ) %$<B<\? < >ÊCDFACZ ( &' ) c( &' Q%DE<_< ` <LG?G>DCGECL<J<

6 <XB< DEC@>AG ; B<BFG_>BC , % U ?LH>B?H ( &' P%c( &' ) %$, ÊCDFA> 2 C] ?F?@> ?FGE<b?_<B@> !? _@>LG<@# ( &' ) c( &' Q%19 78c( &' Oc6 + V4 c ?BG>E_@?# FG<G?FG?A>"56 c+ 0: 0c&&R(` <@>XBC F<: %8 C] \@>BC_?HCF\CWCX? AE>G<B@<DE>F X< ?DEC_>XW?, 9 DE<_< ` <LG?G>DCGECL<J<0FGE<b?_<B@> 0 \<Z<B@> B< , %U ?LH>B?H ( &' P%c( &' ) %^ZC_CE< C ACBY>E>B=?@?? CW@<_<ÂE>X?G?] < * \0FGE<b?_<B@> VW@<_< F Ê>XB?JA> , %U ?LH>B?H ( &' P%c( &' ) %$DE<_B?[ E? ?A< ^ AB@?Z> ( &' ) c( &' Q%DE<_^ , 9 $<zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

Lf)

&&ti : 1

0FGE<b?_<B@> VW@<_< E<X< ^ , %U ?LH>B?H ( &' P%c( &' ) %$X bBCFG? D W\?A<=?@?* \ ( &' ) c( &' Q%?BYCE] ?E<B@<DCGECL<J<

0FGE<b?_<B@>? 0 \<Z<B@> B< , %U ?LH>B?H# ( &' P%c( &' ) %$CW@<_< E<X< C ` B<BFG_>BC] FA D ? : %f ^GCE<= ( &' ) c( &' Q%E@>L<_<B@ CW@<_< ^* \ U <\B<EDCGECL<JA?[FDCEC_< CB\?B>

0FGE<b?_<B@>? 6 <X^ DCFGDA : %f ^GCE<= ( &' P%c( &' ) %$<B<\? < DE?] @>B> CW@<_\@?_<B@< * \ U <\B<E ( &' ) c( &' Q%4 @@CELA> D W\?A<=?@?2 CB_>B=?@>CDE? B<B@ ? C_EF?FGE<B?[ <EW?GE<bB?[CX\^A<0FGE<b?_<B@>? 6 <X^ DCFGDA : %f ^GCE<= ( &' P%c( &' ) %<B<\? < [ E_<GFACZ CW@<_\@?_<B@< * \ U <\B<EDE<_< GEb?LBCZ D W\?A<=?@?B<G@>=<B@<

0FGE<b?_<B@>? 6 <X^ DCFGDA : %f ^GCE<= ( &' P%c( &' ) %<B<\? < T ?E>AG?_> C CW@<_\@?_<B@< ^* \ U <\B<EB<AB<X? LG>G> D W\?A<=?@?B<FG<\> ^F\?@>XDC_E>X< DE<_?\< CGEb?LBC]B<G@>=<B@

0FGE<b?_<B@>? 0 \<Z<B@> B< : %f ^GCE<= ( &' P%c( &' ) %<B<\? < GbW> ` < ` B<BFG_>B?] U <\B<EB<AB<X LG>G> FA DC_?] <#DEC ` ECJ>B> CW@<_\@?_<B@>^J?BAC] ` <LG?GB> ` B<BFG_>BCZ E<X< !^=?@>B> ` WCEB?A E<XC_< F<

` B<BFG_>BCZ FA D<

0FGE<b?_<B@>? 0 \<Z<B@> B< : %f ^GCE<= ( &' P%c( &' ) %<B<\? < ^_Ca>B@< ` B<BFG_>B?] U <\B<EF FG<_< B<X CE< FA DC_?] <#B<X FG@>=<B@>] CW@<_\@?_<B@>B>ACBGEC\B?[ ` B<BFG_>BCZ E<X< !^] <B@?BFA?[ ^X@>\< ` WCEB?A E<XC_< F<

` B<BFG_>BCZ FA D<

3 ?B?@FA?WECX<EFA? 0 \<Z<B@> B< : %f ^GCE<= ( &' P%c( &' ) %ACB CE=?@? ^ DE<_^ ` B<BFG_>B?] U <\B<EGEb?LBCZ B<G@>=<B@< FA DC_?] <, 9

, 9 T ?E>=G?_> CB 0 \<Z<B@> B< : %f ^GCE<= ( &' P%c( &' ) %<BG?GE FGX<] <Z>F $ ` B<BFG_>B?] U <\B<E<==>FF GC FA DC_?] <XC=^] >BGF

, ] D?E?@FAC ; B<BFG_>BC : %f ^GCE<= ( &' P%c( &' ) %?FGE<b?_<B@> ] CX>\< ?FGE<b?_<B@> U <\B<EACEDCE<G?_B?[<A_? ?=?@< F <FD>AG<zyxwvutsrqponmlkjihgfedcbaZYXWVUTSRQPONMLKJIHGFEDCBA

~ &&

DE<_< GEb?LBCZB<G@>=<B@<

5E?DE>] < 7<FG<B<A DEC@>AGBCZ 0%2 ^BX<# ( &' ) %c( &' Q%DE?_E>] >B?[ G?] < : %f ^GCE<=E>` ^\G<GBCZ T %: EW\@<B<=?FGE<b?_<B@< ^CA_?E DEC@>AG<T Eb<_B> DCGDCE> ; B<BFG_>BC : %f ^GCE<= ( &' ) %c( &' Q%A<C <\G>EB<G?_B? ?FGE<b?_<B@> U <\B<E#] CX>\ Y?B<B=?E<B@< T %: EW\@<B<=? B@?[ C_ ^G@>=<@B<GEb?LBC B<G@>=<B@>

2 CB=>BGE<=?@> ; B<BFG_>BC : %f ^GCE<= ( &' ) %c( &' Q%DCX ` >GB?A< ?FGE<b?_<B@> U <\B<E

T Eb<_B> DCGDCE> ? , \>AGECB?JAC : %f ^GCE<= ( &' ) %c( &' Q%ACB=>BGE<=?@> CW@<_\@?_<B@> E<XC_< BGB?A< DEC@>AG

5E<_B? <FD>AG? 2 CCEX?B?E<B@> F<FG<BA< 0%2 ^BX<# ( &' ) %c( &' Q%ACEDCE<G?_B?[ DEC@>AGBCZ G?] < : %f ^GCE<=<A_? ?=?@<? U <\B<EE>FGE AGE?E<B@>

; <_ELB? E>` ^\G<G? 0 \<Z<B@> B< 0%2 ^BX<# ( &' Q%c( &' R%DEC@>AGBCZ ` B<BFG_>B?] : %f ^GCE<=?FGE<b?_<B@< FA DC_?] <# U <\B<E#

CW@<_\@?_<B@> T %: EW\@<B<=` B<BFG_>BCZ E<X< !^` WCEB?A E<XC_< F<` B<BFG_>BCZ FA D<"

U @>ECX<_BC DE<_C 0 \<Z<B@> B< 0%2 ^BX< ( &' P%c( &' ) %$^ DCFGD=?] < ` B<BFG_>B?] ( &' ) c( &' Q%B<AB<X> LG>G> FA DC_?] <#B<FG<\> ^F\?@>X CW@<_\@?_<B@>DC_E>X< DE<_< ` B<BFG_>BCZ E<X< !^GEb?LBCZ B<G@>=<B@< ` WCEB?A E<XC_< F<

` B<BFG_>BCZ FA D<"

U >a^B<ECXBC ; B<BFG_>BC 0%2 ^BX< ( &' P%c( &' ) %$DE?_<GBC DE<_C ?FGE<b?_<B@> ( &' ) %c( &' Q%?BG>\>AG<\BCZ_\<FB?LG_< ^ , 9 $

* B<\? < CX\^A> ; B<BFG_>BC 0%2 ^BX<# ( &' P%c( &' ) %7^X< , 9 $<^ ?FGE<b?_<B@> T %: EW\@<B<=DE>X] >GedcbaZYXWVUTSRQPONMLKJIHGFEDCBA+W' 9+E * ; +79/8/4Q

5ECW\>] <G?A< ; B<BFG_>BC 0%2 ^BX< ( &' ) %c( &' Q%DE<_BCZ ?FGE<b?_<B@>DE>_Ca>B@< DECD?F<, 9 $<^ DCXE J@] >a^B<ECXBCZDE?_<GBCZ DE<_<

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786 * 8, . 01* ; 4 * 4 78: , 4 0/ 0786 * M0: * 4 1 · `bb?]?fge

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Transcript of 786 * 8, . 01* ; 4 * 4 78: , 4 0/ 0786 * M0: * 4 1 · `bb?]?fge