View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Working Paper Series

What Is the Real Story for Interest Rate
Volatility?

WP 99-09

Andreas Hornstein
Federal Reserve Bank of Richmond
Harald Uhlig
Tilburg University

This paper can be downloaded without charge from:
http://www.richmondfed.org/publications/

`@| t |i hi@* t|Lh) uLh ?|ihit| h@|i L*@|*|)q



?_hi@t OLh?t|i?|@?_ O@h@*_ N*}}
U|LMih 2c bbb
6i_ih@* +itihi @?! Lu +U4L?_ `Lh!?} @Tih bbb

Devwudfw
Zkdw lv wkh vrxufh ri lqwhuhvw udwh yrodwlolw|B Zk| gr orz lqwhuhvw udwhv suhfhhg exvlqhvv
f|foh errpvB Prvw revhuyhuv whqg wr dvvxph wkdw prqhwdu| srolf| lv odujho| uhvsrqvleoh
iru lw1 Lqghhg/ d vwdqgdug uhdo exvlqhvv f|foh prgho gholyhuv udwkhu vpdoo xfwxdwlrqv lq uhdo
lqwhuhvw udwhv1 Khuh/ krzhyhu/ zh suhvhqw wzr prghov ri wkh uhdo exvlqhvv f|foh ydulhw| lq
zklfk uhdo udwh xfwxdwlrqv duh ri vlplodu pdjqlwxgh dv lq wkh gdwd/ zkloh vlpxowdqhrxvo|
pdwfklqj vdolhqw exvlqhvv f|foh idfwv1 Wkh vhfrqg prgho dovr uhsolfdwhv wkh f|folfdo ehkdylru
ri uhdo lqwhuhvw udwhv1
Wkh prghov exlog rq uhfhqw zrun e| Gdqwklqh0Grqdogvrq/ Mhupdqq/ dqg Erogulq0Fkulvwldqr0
Ilvkhu1 Zh dvvxph wkdw wkhuh duh zrunhuv dqg fdslwdo rzqhuv1 Wkh uvw prgho srvlwv kdelw
irupdwlrq dqg dgmxvwphqw frvwv wr wkh vwrfn ri fdslwdo1 Wkh vhfrqg prgho dvvxphv wkdw lw
wdnhv wlph wr sodq lqyhvwphqw dqg wlph wr exlog fdslwdo1
Nh|zrugv= lqwhuhvw udwh yrodwlolw|/ uhdo exvlqhvv f|foh prghov/ uhdo lqwhuhvw udwh/ prq0
hwdu| srolf|/ kdelw irupdwlrq/ wlph wr sodq/ wlph wr exlog/ fdslwdo dgmxvwphqw frvwv
MHO frghv= H76/ H77/ H65/ H83/ J45
Ilhogv= Pdfurhfrqrplfv/ Fdslwdo Pdunhwv

Zh duh yhu| judwhixo iru wkh h{fhoohqw frpphqwv e| dq dqrq|prxv uhihuhh1

Zh zrxog dovr olnh wr wkdqn Mrqdv
Ilvkhu iru khosixo frqyhuvdwlrqv uhjduglqj lqwhuhvw udwh yrodwlolw| fdofxodwlrqv1 Dq| rslqlrqv h{suhvvhg duh wkrvh ri
wkh dxwkruv dqg gr qrw qhfhvvdulo| uhhfw wkrvh ri wkh Ihghudo Uhvhuyh Edqn ri Ulfkprqg ru wkh Ihghudo Uhvhuyh
V|vwhp1
|Ihghudo Uhvhuyh Edqn ri Ulfkprqg/ Uhvhdufk Ghsduwphqw/ S1R1 Er{ 5:955/ Ulfkprqg/ YD 56594/ XVD/
hpdlo= dqguhdv1kruqvwhlqCulfk1iue1ruj
}Wloexuj Xqlyhuvlw| dqg FHSU> FhqwHU/ Wloexuj Xqlyhuvlw|/ Srvwexv <3486/ 8333 OH Wloexuj/
Wkh Qhwkhuodqgv/ hpdlo= xkoljCnxe1qo/ id{= .6404607996399/ skrqh= .6404607996437/ krph sdjh=
kwws=22fhqwhu1nxe1qo2vwd2xkolj





W?|hL_U|L?

L?i|@h) TL*U) t Lu|i? TihUii_ @t Lh!?} |hL} U@?}it ? hi@* ?|ihit| h@|it W| t @h}i_
|@| 4L?i|@h) TL*U) @giU|t hi@* h@|it |hL} U@?}it ? ?L4?@* h@|it MiU@ti ?L4?@* uhU|L?t
4@!i |i @_t|4i?| Lu ThUit t*}}t OL tL*_ LT|4@* 4L?i|@h) TL*U) Mi UL?_U|i_c }i?
|t i L? L 4L?i|@h) TL*U) Lh!tq ?i t}}it|L? t |@| 4L?i|@h) TL*U) tL*_ 4Li ?
@ @) |L ?i|h@*3i |i igiU|t Lu ?L4?@* uhU|L?t UULh_?} |L |t ic |i 4L?i|@h) TL*U)
@|Lh|) tL*_ |h) |L €?_ |i hi@* h@|i U L*_ i4ih}i ? @? iUL?L4) |L| uhU|L?t 
U@** |t |i ?@|h@* h@|i  @?_ |i? ULLti |i ?L4?@* ?|ihit| h@|i tU |@| |i 4T*i_ hi@*
h@|i |h@U!t |i ?@|h@* h@|ic }i? |i ?@|L? h@|i _i |L t*}}t ThUi @_t|4i?|
AL _L tLc L?i L*_ ?ii_ |L U@*U*@|i |t ?@|h@* hi@* h@|i +i@* Mt?itt U)U*i |iLh) Lgiht
@? @TTi@*?} uh@4iLh! |L UL?_U| |iti U@*U*@|L?tc @t |t |iLh) @t Mii? @M*i |L tUUittu**)
4@|U ^@?||@|i ui@|hit Lu |i Mt?itt U)U*i _itT|i |t h@|ih t4T*i t|hU|hi W? UL?|h@t|
|L @| t LMtihi_ ? |i _@|@c t|@?_@h_ hi@* Mt?itt U)U*i 4L_i*tc Liihc @*tL Thi_U| @ ih)
*L L*@|*|) Lu |i hi@* h@|i LhiLihc |i U)U*U@* Mi@Lh Lu |i hi@* h@|i ? |iti 4L_i*t t
Lu|i? _}i_ |L Mi @| L__t | |i i4ThU@* i_i?Uic tii i} k?} @?_ `@|tL? EbbS
6hL4 |iti LMtih@|L?t L?i UL*_ UL?U*_i |@| |i hi@* h@|i ? @? iUL?L4) | ?L4?@*
uhU|L?t Mi@it ih) _gihi?|*) |@? ? @? iUL?L4) |L| ?L4?@* uhU|L?t 6h|ih4Lhi
4L?i|@h) TL*U) _Lit @TT@hi?|*) ?L| |h) |L |@h}i| |i ?@|h@* h@|ic @?_ | t ^|i TLttM*i |@| @
*@h}i T@h| Lu |i LMtihi_ hi@* h@|i L*@|*|) @t Mii? ?_Ui_ M) 4L?i|@h) TL*U) *|ih?@|i*)
L?i 4}| UL?U*_i |@| |i 4L?i|@h) TL*U) @|Lh|) ?_ii_ |hit |L |h@U! |i ?@|h@* h@|ic
M| |@| M@tU hi@* Mt?itt U)U*i 4L_i*t 4tt L| L? |i hi@* h@|i 4Li4i?|tc _itT|i U@T|h?}
L|ih !i) ^@?||) 4Li4i?|t ^|i i**
Ai €ht| UL?U*tL? @TTi@ht ?@||h@U|i |L t uLh @ ?4Mih Lu hi@tL?t 6ht| @?_ uLhi4Lt|c
| tL*_ Mi @ U@ti Lu UL?Uih?c MiU@ti L?i L*_ |i? @i |L @h}i |@| |i *@h}i U|@|L?t
?_Ui_ M) 4L?i|@h) TL*U) @hi ThLM@M*) *@h}i*) ??iUitt@h) @?_ ULt|*) Ai @**LU@|L?@* igiU|t
Lu |i *@h}i 4Li4i?|t ? |i hi@* h@|i UL*_ Mi tMt|@?|@* At L*_ Mi @ } ThUi |L
T@)c u |t @t _L?i L?*) uLh |i }L@* Lu Tht?} ThUi t|@M*|) 5iUL?_c t|@?_@h_ hi@* Mt?itt
U)U*i 4L_i*t Thi_U| ?it|4i?| |L Mi ^|i i*@t|U | hitTiU| |L ?|ihit| h@|i 4Li4i?|tG |i
U|@|L?t ? |i hi@* h@|i tL*_ |ihiuLhi *i@_ |L tMt|@?|@**) *@h}ih t?}t ? ?it|4i?|t
|@? |Lti |@| i LMtihi
W? |t T@Tihc i |ihiuLhi Thti |i tiUL?_ UL?U*tL? `i @t!G t | TLttM*i |L €?_ @?
i?|hi*) Rhi@* i T*@?@|L? uLh |i L*@|*|) Lu hi@* ?|ihit| h@|itq Wic t |ihi @ @h@?| Lu |i
hi@* Mt?itt U)U*i 4L_i* L| |ihic U 4@|Uit ML| |i LMtihi_ hi@* ?|ihit| h@|i L*@|*|)
@t i** @t L|ih t@*i?| ui@|hit Lu Mt?itt U)U*itq `i tL |@| |t t |i U@ti `i |ihiuLhi
U@** | |i Rhi@* t|Lh) uLh ?|ihit| h@|i U|@|L?t W?_ii_c i ** ThL_i |L 4L_i* @h@?|t
|@| _L |i |hU! W| L*_ |i? ?L| Mi @h_ |L i |i?_ |iti 4L_i*t | @ h@|ih T@tti
4L?i|@h) @|Lh|)c U _Lit ?L|?} M| |h@Ui L| |i _ii*LT4i?|t Lu |i hi@* h@|it L? |i
4@h!i| ? |t TL*U) _iUtL?
`i tL*_ i4T@t3ic |@| |t T@Tih L?*) _i4L?t|h@|it |i TLttM*|) uLh tU @ hit*|c
|L| |@!?} @ €?@* @?_ t|hL?} t|@?_ L? |i _tUttL? @| |i Mi}???} Lu |t ?|hL_U|L?
,i? @Mti?| |@| _tUttL?c | t ?|ihit|?} |L Tt |i hi@* Mt?itt U)U*i T@h@_}4 uh|ih ?
|i _hiU|L? Lu ^@?||@|i*) hiUL?U*?} 4@UhLiUL?L4U Mi@Lh | €?@?U@* 4@h!i| u@U|t

Aihi t @ hiUi?| *|ih@|hic uLUt?} L? |iti ^it|L?tc Lu|i? 4L|@|i_ M) i T*@??} |i
i^|) Thi44 LMtih@|L?c tii ih@ @?_ hitUL|| EbHDG @ thi) @?_ uh|ih ?t}|t U@?
Mi uL?_ ? +Li?Lht| EbbD t i T*@?i_ ? wi||@ @?_ N*} Ebb.c L?i ?ii_t t3i@M*i
U|@|L?t ? |i 4@h}?@* |*|) Lu UL?t4T|L? ? Lh_ih |L @i @?) LTi Lu i T*@??} |i
i^|) Thi44  t4*@h LMtih@|L? *it @| |i i@h| Lu @?) @||i4T| |L i T*@? |i ?|ihit|
h@|i L*@|*|)c t?Ui |i t@ui h@|i Lu ?|ihit| t itti?|@**) i^@* |L |i i TiU|i_ ?|ih|i4TLh@*
4@h}?@* h@|i Lu tMt|||L?c M@hh?} |h@?t@U|L? ULt|t Atc *i i _L ?L| uLUt L? |i
i^|) Thi44 ihic i U@? ?L?i|i*itt uh|u**) _h@ L? |@| *|ih@|hi |L 4@!i ThL}hitt L?
Lh |@t! @| @?_
 tMt|@?|@* ML_) Lu |@| *|ih@|hi @t t|_i_ iUL?L4it | i L}i?Lt*) iL*?} UL?
t4T|L? t|hi@4t @?_ tL? |@| R@M| uLh4@|L? @?_ RU@|U?}T | |i aL?itit Thiu
ihi?Uit U@? }L @ *L?} @) |L@h_ hiUL?U*?} LMtihi_ i^|) Thi4@ | |iLh)c tii i} Mi*
Ebbfc bbbc L?t|@?|?_it Ebbf @?_ @4TMi** @?_ LUh@?i Ebbb OLiihc |?}t Mi
UL4i @ *L| 4Lhi _U*|c i? |h)?} |L i?_L}i?3i UL?t4T|L?c @?_ ?|hL_Ui ?it|4i?| @?_
ThL_U|L? |iU?L*L}it @t i** @t i M*i *@MLh aih4@?? EbbHc uLh i @4T*ic L*_t *@MLh tT
T*) € i_ ? Lh_ih |L LM|@? hi@tL?@M*i hit*|t wi||@ @?_ N*} EbbD @i tL?c |@| t4T*)
?|hL_U?} RU@|U?}T Thiuihi?Uit ?|L @? L|ihti t|@?_@h_ hi@* Mt?itt U)U*i 4L_i* *i@_t
|L i Uitti t4LL|?itt Lu UL?t4T|L?c | L|ih @h@M*it *!i *ithi tL*_ih?} |i Mh_i?
Lu |i ThL_U||) U|@|L?t
Ai 4Lt| tUUittu* @||i4T| |L _@|i Lu 4@hh)?} ML| €?@?U@* 4@h!i| u@U|t | Mt?itt
U)U*i U|@|L?t t _i |L L*_h?c ht|@?Lc @?_ 6tih Ebbb Ai) ThL_i @ RThiuihhi_
4L_i* | @M| uLh4@|L? ? @ |LtiU|Lh iUL?L4)c @?_ @? @tt4i_ ?@M*|) |L @_t| i|ih
*@MLh Lh U@T|@* uLh L?i TihL_ t @ hit*|c @ ThL_U||) tLU! L? 4T@U| ** L?*) @giU|
UL?t4T|L?c tMt|@?|@**) 4L?} 4@h}?@* |*|) 6h|ih4Lhic MiU@ti Lu @M| uLh4@|L?
@}i?|t |h) |L 4@?|@? |i ?i UL?t4T|L? *ii* ? |i u|hi Ai) @hi @M*i |L 4@|U 4Lhi
Lh *itt ML| €?@?U@* 4@h!i| u@U|t @t i** @t Mt?itt U)U*i u@U|t
h T@Tih Lit @ tMt|@?|@* ?|i**iU|@* _iM| |L |ih Lh! OLiihc |ih @tt4T|L? Lu
?€?|i*) } @_t|4i?| ULt|t uLh L?i TihL_ @?_ uLh ML|c U@T|@* @?_ *@MLhc tii4t |L }i?ih@|i
|i Thi_U|L?c |@| hi4L?} |i ThLM*i4t | *@MLh @_t|4i?|t L*_ @*tL hi4Li ML|
|i i^|) Thi44 @?_ |i ?|ihit| h@|i U|@|L?t `i _}i |t |L Mi h@|ih 4T*@tM*i
W?t|i@_c i Thti @ hL|i ThLTLti_ M) #@?|?i @?_ #L?@*_tL? Ebb2c bbe ? @ tihit Lu
T@Tiht Ai) @tt4i |L h@|ih |@? L?i RU*@tt Lu @}i?|t ? |ih 4L_i*tG RU@T|@* L?iht
@?_ RLh!iht `*i |i Lh!iht _L ?L| L? @?) @tti|tc |i U@T|@* L?iht _L ?L| Lh! Ai
*@||ih ui@|hi 4@!it | 4TLttM*i uLh U@T|@* L?iht |L ti *ithi @t @? @_t|4i?| U@??i*
uLh ThL_U||) tLU!t `i i |i?_ |ih Lh! ? |L @)t W? Lh €ht| 4L_i*c i @__|L?@**)
@tt4i @M| uLh4@|L? Thiuihi?Uit uLh |i U@T|@* L?ihtc L uh|ih4Lhi u@Ui @_t|4i?| ULt|t
i? ?it|?} ? |ih U@T|@* t|LU!c |t igiU|i*) |h??} |i4 ?|L aih4@??*!i @}i?|t W?
Lh tiUL?_ 4L_i*c i !iiT t|@?_@h_*LL!?} Thiuihi?Uit M| @tt4i |@| ?it|4i?| _iUtL?t
|@!i |4i |L T*@? W? t44@h)c Lh T@Tih U@? Mi ii_ @t @ t)?|itt Lu |i Lh! M) k)_*@?_ @?_
hitUL|| EbH2c #@?|?i @?_ #L?@*_tL? Ebb2c bbec aih4@?? EbbH @?_ L*_h?c ht|@?Lc
@?_ 6tih Ebbb W| |h?t L| |@| ML| 4L_i*t @hi t4T*i @t i** @t @M*i |L 4@|U tL4i Lu
|i !i) u@U|t 5L4i@| thTht?} |L tc |i tiUL?_ 4L_i* @U|@**) @TTi@ht |L TihuLh4 Mi||ih
|@? |i €ht|
2

`i i |t T@Tih ?L| @t |i R€?@* @?tih M| h@|ih @t @ t|iTT?} t|L?i |L @ _iiTih
?_iht|@?_?} Lu |i 4iU@?t4 ? hi@* Mt?itt U)U*i 4L_i*t 5hi*)c Lh 4L_i*t @i tL4i
)i||LMi_tULihi_ ?_ith@M*i ui@|hitc U u|hi hiti@hU 4@) @?| |L |h) |L 4ThLi
TL?
Ai T*@? Lu |i T@Tih t @t uL**Lt W? tiU|L? 2c i _LU4i?| tL4i u@U|t @ML| |i L*@|*|)
@?_ U)U*U@* Mi@Lh Lu ?L4?@* @?_ hi@* ?|ihit| h@|it W? tiU|L? c i tL |i ?@M*|) Lu
@ Mi?U4@h! hi@* Mt?itt U)U*i 4L_i* |L @UUL?| uLh |i U|@|L?t ? hi@* ?|ihit| h@|it W?
tiU|L? e i ?|hL_Ui Lh €ht| 4L_i* 5iU|L? D Thiti?|t |i tiUL?_ 4L_i* 6?@**)c tiU|L? S
UL?U*_it

2

Ai 6@U|t

W? |i TLt|@h N5 iUL?L4) hi@* h@|it @hi ^|i L*@|*ic @?_ | hitTiU| |L @}}hi}@|i L|T|
*L hi@* h@|it |i?_ |L ThiUi_i } u|hi L|T|c @?_ } Uhhi?| L|T| |i?_t |L ThiUi_i
} u|hi hi@* h@|it W? |t tiU|L? i _LU4i?| |iti u@U|t uLh @hLt _i€?|L?t Lu |i hi@*
h@|ic U t _i€?i_ @t |i ?L4?@* h@|i 4?t |i ?@|L? h@|i `i ThL_i @ MhL@_ ti| Lu
hit*|t uLh @hLt 4i@thit Lu |i ?L4?@* ?|ihit| h@|ic |i ThUi ?_i ti_ uLh _i@|L?c @?_
|i 4i|L_ ti_ |L U@*U*@|i ?@|L? h@|it __|L?@* _tUttL? @?_ _LU4i?|@|L? Lu |i
u@U|tc T@h|*) i4T*L)?} @*|ih?@|i 4i|L_t tU @t uLhiU@t|i_ ?@|L? h@|itc U@? Mi uL?_ ?
i} k?} @?_ `@|tL? EbbSc 5|LU! @?_ `@|tL? EbbHc @?_ #L|ti) @?_ 5UL** Ebbb
6Lh ?L4?@* h@|it i ti |i 6i_ih@* 6?_t +@|i E66+ @?_ hi|h?t L? 4L?| @?_ )i@h
|hi@th) M**t A@M*i  tLt |i L*@|*|) @?_ |i ULhhi*@|L?t | hi@* L|T| uLh ?L4?@*
?|ihit| h@|it t @ 4i@thi Lu hi@* @}}hi}@|i L|T| i ti B ? U@?i_ bH2 _L**@ht Ai
_@|@ t uLh bSD |L bbSc t?} ^@h|ih*) tihitc |4i@ih@}?} 4L?|*) _@|@ uLh |i ?|ihit|
h@|it Ai _@|@ @t LM|@?i_ uhL4 |i iMt|i Lu |i 6i_ih@* +itihi @?! Lu 5| wLt `i
Thiti?| |L t|@|t|Ut uLh |i L*@|*|) Lu h@|it Lu hi|h? 6Lh |i €ht| 4i@thic i U@*U*@|i |i
t|@?_@h_ _i@|L? Lu @??@* h@|it Lu hi|h? LM|@?i_ uhL4 @ih@}?} ^@h|ih*) h@|it Lu hi|h?2
6Lh |i tiUL?_ 4i@thi i U@*U*@|i |i t|@?_@h_ _i@|L? Lu @??@*3i_ ^@h|ih*) h@|it Lu
hi|h? @u|ih *Luhi^i?U) 4Li4i?|t @i Mii? hi4Li_ | |i OL_hU!hitUL|| €*|ihc tii
i} LL*i) @?_ hitUL|| EbbD 6Lh |i UL4Li4i?| Lu h@|it Lu hi|h? | L|T| i ti
OL_hU!hitUL|| €*|ihi_ ^@h|ih*) tihit UULh_?} |L |@M*i c ?L4?@* h@|it U|@|i 2D |L
TihUi?| @??@**)c t?} ?€*|ihi_ _@|@ Ai ULhhi*@|L?t tLc |@| ?L4?@* ?|ihit| h@|it @hi
*Lc i? ThiUii_?} @ hti ? L|T|c @?_ } uL**L?} | At ui@|hi ? |i _@|@ t |)TU@**)
?|ihThi|i_ @t ?_Ui_ M) 4L?i|@h) TL*U)
hiuih@M*) L?i L*_ *!i |L U@*U*@|i |i hi@* h@|i Lu @? @tti| o| M) tM|h@U|?} @ 4i@thi
Lu i TiU|i_ ?@|L? Lih |i @tti|<t *ui tT@? Z| uhL4 |t ?L4?@* ?|ihit| h@|i |  Aihi @hi |L
4 Wkh

dqdo|vlv khuh frpsohphqwv rwkhu zrun zklfk surfhhgv zlwklq wkh iudphzrun ri djjuhjdwh hfrqrplf
prghov1 Wkhuh lv d vhsdudwh vwudqg ri olwhudwxuh zklfk vwxglhv dvvhw sulflqj txhvwlrqv lq khwhurjhqhrxv djhqw
hfrqrplhv zlwk lqfrpsohwh pdunhwv1 Vhh iru h{dpsoh ghq Kddq +4<<8/ 4<<9,/ Nuxvhoo dqg Vplwk +4<<:, dqg
Khdwrq dqg Oxfdv +4<<9,1
5 Uhodwhg zrun rq wkh htxlw| suhplxp vwxglhv dqqxdo udwhv ri uhwxuq/ vhh iru h{dpsoh Fhffkhwwl/ Odp dqg Pdun
+4<<6,1

ttit |@| hi^hi tL4i |L}| 6ht|c U ThUi ?_i tL*_ Mi ti_ |L U@*U*@|i ?@|L?q
?_ tiUL?_c L _L i U@*U*@|i |i i TiU|i_ ?@|L? @TThLTh@|i uLh U@*U*@|?} |i hi@* h@|iq
AL _i@* | |i €ht| ttic i U@*U*@|i ?@|L? h@|it M@ti_ L? |i L?t4ih hUi W?_i
EWc |i ihtL?@* L?t4T|L? , Ti?_|hi hUi W?_i E,c @t i** @t |i hL_Uih hUi
W?_i EW 5hi*)c |i ti Lu |i W t t|@?_@h_ ? |i *|ih@|hi OLiihc |L |i _i}hii |@|
|ihi @hi _gihi?Uit t?} L|ih ThUi ?_Uitc |i) tL*_ Mi Lu ?|ihit|
AL _i@* | |i tiUL?_ ttic @?_ t?Ui ?@|L? h@|it @hi t*}}t ? |i _@|@c @?_ U@? Mi
uLhiU@t|i_ hi@tL?@M*) @UUh@|i*) uLh T |L @ )i@hc i @i ti_ hi@*3i_ ?@|L? h@|it h@|ih
|@? tL4i uLhiU@t| |ihiLuG L|ihtic @? @__|L?@* tti @htit @t |L |i ULUi Lu |i uLhiU@t|?}
4i|L_ `i ti |hii 4i|L_t |L U@*U*@|i ?@|L? h@|it Ai €ht| |L 4i|L_t U@*U*@|i |i
hi@*3i_ ?@|L? h@|i Lih |i L*_?} TihL_ Lu |i @tti|c ihi@t |i |h_ 4i|L_ *LL!t @| |i
T@t| ?@|L? i Tihi?Ui 6Lh |i €ht| 4i|L_ i ti |i @??@*3i_c hi@*3i_ ?@|L? h@|i Lih
|i *ui Lu |i @tti| E_i?L|i_ M) Ri^@* ? |i |@M*ic |@| t Z|e^@, ' Ee*  ER|n  R| c ihi
R| t |i *L} Lu |i ThUi *ii* @?_  _i?L|it uLh 4@?) ^@h|iht |i @tti| t i*_ 6Lh |i tiUL?_
4i|L_ i ti |i hi@*3@|L? Lu |i M@U!@h_*LL!?} )i@h ?@|L? h@|i E_i?L|i_ M) R )h
? |i |@M*ic |@| t Z|+e@o ' R|n  R|n e  6Lh |i |h_ 4i|L_ i ti |i L?i)i@h ?@|L?
h@|i U @_ t| Mii? hi@*3i_ @| |i t|@h| Lu |i *ui Lu |i @tti|c |@| t Z|,@}}e_ ' R|  R| e 
At t @TThLTh@|ic u |i Uhhi?| ?@|L? h@|i t @? i Ui**i?| Thi_U|Lh Lu u|hi ?@|L? h@|it
T |L L?i )i@h
6Lh |i _gihi?| ?L4?@* h@|it |iti 4i|L_t @hi 4T*i4i?|i_ @t uL**Lt `i ti |i |h_
4i|L_ ER*@}}i_ ?@|L? h@|it uLh @** h@|it 6Lh |i )i@h Ahi@th) M** h@|i |i €ht| @?_
tiUL?_ 4i|L_ @hi i^@*i?| 6Lh @tti|t | tLh|ih 4@|h|) |@? L?i )i@hc @??@*3i_ ?
@|L? h@|it Lih |i L*_?} TihL_ @hi ^|i L*@|*i ERi^@*c tL ti Lu |i hi@*3i_ L?i )i@h
?@|L? h@|i tii4t Tih@Tt 4Lhi ti?tM*i ER )i@h 6Lh |i 6i_ih@* 6?_t h@|ic i @i ti_
|i ?@|L? h@|i @| |i }it| uhi^i?U) @@*@M*i |L @TThL 4@|i |i ?@|L? h@|i Lih |i
*ui Lu |i @tti|c i 4L?|*) uLh |i W @?_ Wc M| ^@h|ih*) uLh |i , A@M*i f ? |i
@TTi?_ tLt |i L*@|*|) @?_ |i ULhhi*@|L?t | hi@* L|T| uLh Lh i?|hi @hi|) Lu hi@*
?|ihit| h@|itc |t Thiti?|?} @ MhL@_ ti| Lu hit*|t
W? |i uL**L?} i uLUt L? |i hit*|t uLh @ tMti| Lu |i ?|ihit| h@|it @?_ ThUi ?_i it
6ht|c i L?*) UL?t_ih |i |L UL?t4ih ThUi ?_i itc , @?_ Wc MiU@ti ? i Lu Lh
|iLh) _itUhMi_ Mi*L |iti @hi |i hi*i@?| ThUi _i@|Lht 5iUL?_c |L i U*_i }uhi^i?U)
4Li4i?|tc | t ThLM@M*) 4Lhi ti?tM*i |L U@*U*@|i ?@|L? h@|it @t )i@h|L)i@h U@?}it ? |i
ThUi *ii*c @?_ |L UL?Ui?|h@|i L? 4L?|t Ahi@th) M**t Lh  )i@h Ahi@th) M**t h@|ih |@? |i
ih) tLh| |ih4 6i_ih@* 6?_t h@|i W? A@M*i 2 i _LU4i?| |i L*@|*|) @?_ |i ULhhi*@|L?t
| hi@* L|T| uLh @** hi@* ?|ihit| h@|it `i €?_ |@| |i U|@|L? Lu |i E?€*|ihi_ hi@* h@|i
t 4i@thi_ h@|ih ThiUti*) |L Mi tL4iihi Mi|ii? 2. TihUi?| @?_ 2b TihUi?|c i U*_?}
|i L?i } ?4Mih Lu e TihUi?| uLh |i i TLt| W ?@|L? h@|ic 4@|Ui_ |L |i  )i@h
Ahi@th) M** L4T@hi_ | L|ih Lh! Lh it|4@|it Lu |i hi@* h@|i L*@|*|) @hi L? |i *L
t_iG iUUi||c w@4c @?_ @h! Ebb c uLh i @4T*ic it|4@|i |i L*@|*|) Lu |i ht!uhii h@|i
@| D2. TihUi?| Ai U)U*U@* Mi@Lh Lu hi@* h@|it t *itt U*i@hc @?_ _iTi?_t ^|i @ M| L? |i
i @U| @) ? U ?@|L? h@|it @hi UL?t|hU|i_ @?_ tM|h@U|i_ uhL4 |i ?L4?@* hi|h?t Ai
h@?}i ?U*_it ?i}@|i @t i** @t TLt|i ?4Miht @| @** *i@_t @?_ *@}t L?i|i*ittc t3@M*i
?i}@|i ULhhi*@|L?t @hi 4Lhi uhi^i?| uLh *i@_?} ?|ihit| h@|it @?_ t4@** ?i}@|i Lh t*}|*)
3

3

e

tti|
joc?u
66+

4L AM** 2DS
)h AM**
2SS

jocO
H.
e
 .

ef  f 2f f ff f 2f
f ef
fDD fef f22 ff. f e fDf fDS fD. fDe
fD f . fb ffH f
feS fD fD feb
feb f S f2f ffS f f fe feD fee fe2

A@M*i G Ai L*@|*|) @?_ |i ULhhi*@|L?t | hi@* L|T| uLh ?L4?@* ?|ihit| h@|it ** tihit
@hi ^@h|ih*) @?_ O€*|ihi_c i UiT| uLh |i €ht| UL*4? @t _itUhMi_ ? |i |i | Ai UL*4?
i@_i_ M) Re UL?|@?t |i ULhhi*@|L? Lu oE|  e @?_ +E|c i uLh *i@_?} ?|ihit| h@|it Ai
L*@|*|) 4i@thit ihi @t i** @t ? @** L|ih |@M*it @hi ? TihUi?|
T

Z

4L AM**G
, i^@*
W i^@*
, *@}}i_
W *@}}i_
)h AM**G
, i^@*
W i^@*
, *@}}i_
W *@}}i_
4@ G
4i_@?G
4?G

joc?u

jocO

ef

 f

2f

2SH
2HS
2.
2eD

eS
.e
D
2S

fee feS fe f f fS f2 ff ff. fff
f2e f2. f D f H f f f2D f2D f2D fS
fS ff f f2H f H f
f22 ff. ff.
ff. fe fH f2e f2 ff. ff f2. f .

2b
e
2 
2Db
e
2.e
2.

D
H.
22
 e
H.
e
D

feS
feS
ffb
f2
ff.
fe
feS

feb
fDS
ff
fD
fe
feD
fDS

feH
fSf
ffb
fS
fH
fe
fSf

f

f S
fD2
f2
fb
f2H
f 
fD2

ff

f2e
fe
f 
fD
f H
fb
fe

f

fH
f 2
f2e
fff
f
f.
f 2

2f

fD
f2S
f
f.
f22
fD
f2H

f

f
fb
ff
f e
ff.
fD
f S

ef

ff2
ffH
f.
fee
ff2
ff.
f .

A@M*i 2G 5i*iU|i_ Rhi@tL?@M*i ?4Miht @?_ |ih h@?}it @?_ 4i_@?t
TLt|i ULhhi*@|L?t @hi 4Lhi uhi^i?| uLh *@}}?} ?|ihit| h@|it ,i? u |i *i@_?} ULhhi*@|L?t
@hi TLt|ic |i) |i?_ |L Mi t4@**ih |@? |i ULhhitTL?_?} *@}}?} L?it  t4*@h UL44i?|
@TT*it |L ?i}@|i *@}}?} ULhhi*@|L?t
`i |ihiuLhi UL?U*_i |@| |i hL *@Mi**i_ R4i_@? }it @ u@h*) }LL_ _itUhT|L? Lu ML|
|i t3i Lu |i U|@|L?t Lu hi@* ?|ihit| h@|it @t i** @t |ih U)U*U@* ThLTih|it Ai ThiUi_?}
_tUttL?t tL*_ ThL_i uLh @4T*i U@|L? ? ?|ihThi|?} |t t|@|i4i?|

Ai W?@M*|) Lu |i i?U4@h! L_i* |L UUL?| uLh
W?|ihit| +@|i VL*@|*|)
iuLhi _ii*LT?} Lh L? 4L_i*tc | t }LL_ |L @TThiU@|i |i _U*|) Lu t|@?_@h_ hi@* Mt?itt
U)U*i 4L_i*t |L hiT*U@|i |i ui@|hit Lu ?|ihit| h@|it _LU4i?|i_ ? tiU|L? 2 `i t@** ti
|i Mi?U4@h! 4L_i* Lu O@?ti? EbHD uLh |tG 4@?) L|ih hi@* Mt?itt U)U*i 4L_i*t ? |i
*|ih@|hi i M| t4*@h ui@|hit
D

O@?ti?<t 4L_i* t i@t*) t|@|i_ A4i t _tUhi|i @?_ |i Lh3L? t ?€?|i Aihi t @?
?€?|i*) *i_ hiThiti?|@|i @}i?| | Thiuihi?Uit Lih UL?t4T|L? S| @?_ *@MLh ?|
%"
&
[ | S| 3#  
 ?|
.
q
#
|'f

E

ihi f q  t |i |4i Thiuihi?Ui T@h@4i|ihc @?_ |i Uh@|hi T@h@4i|ih # : f 4i@thit
|i _i}hii Lu ht! @ihtL? Ai *?i@h _t|*|) uLh Lh!?} t ?|ihThi|i_ ? O@?ti? @t |i
hit*| Lu @ *@MLh *L||ih) hL_U|L? t UL?t|@?| hi|h?t |L tU@*i @?_ @tt4i_ |L Mi }i? M) @
LMM#L}*@t ThL_U|L? u?U|L?c
+| ' | &|w  ?| w
E2
3

3

| f

w

 |i U@T|@* t@hi T@h@4i|ih }}hi}@|i ThL_U||) | iL*it @UULh_?} |L
5| ' 45|

3



n "| c "|  Q Efc j2 

E 

uLh 5| ' *L} |  *L} 7 |T| U@? Mi ti_ uLh UL?t4T|L? Lh }hLtt ?it|4i?|c
S| n %| ' +|

Ee

i U@T|@* t ThL_Ui_ | |i *?i@h |iU?L*L})
&| ' E  B&|

3



n %| 

ED

At i^@|L? ** Mi tMt|@?|@**) @*|ihi_ ? |i 4L_i*t Lu tiU|L? e @?_ D
Ai UL4Ti||i i^*Mh4 Lu |t iUL?L4) t @hi|LLT|4@* @?_ @? i^*Mh4 @**LU@|L?
U@? Mi LM|@?i_ @t |i tL*|L? |L |i tLU@* T*@??ih<t ThLM*i4c |@| t 4@ 43i E tMiU| |L
|i UL?t|h@?|t E2c E c Eec @?_ ED t|@|i_ @MLi `i LM|@? |i ht!uhii hi@* h@|i Lu hi|h?
uhL4 |i LtiL*_<t ,*ih i^@|L? U t|@|it |@| |i 4@h}?@* |*|) *Ltt uhL4 UL?t4?}
L?i ?| *itt |L_@) @t |L i^@* |i i TiU|i_ |*|) }@? uhL4 |i @__|L?@* UL?t4T|L? i?
?it|i_ ? @ ht!uhii @tti|
k
l
#
-|s 
ES
S| # ' q.| S|n
3

3

`i T@h@4i|ih3i |i 4L_i* @t uL**Lt  TihL_ hiThiti?|t @ ^@h|ih @?_ i € @** T@h@4i|iht
i UiT| |i ht! @ihtL? T@h@4i|ih # @| |ih t|@?_@h_ @*itc i
B ' ff2Dc w ' f Sc q ' fbbc 4 ' fbDc j ' f.2Ic
@?_ i tL*i uLh  UL?_|L?@* L? |i ?Lh4@*3@|L? ? '  uLh t|i@_) t|@|i i4T*L)4i?| W? Lh
i Tih4i?|t i @h) # |L t|_) |t igiU| L? ?|ihit| h@|it L|i |@| L?*) *L}@h|4U Thiuihi?Uitc
# ' c @hi UL?tt|i?| | M@*@?Ui_ }hL|c ?*itt S| t _i|hi?_i_ @TThLTh@|i*)G i t@** }?Lhi
|iti ttit uLh |i ThTLti Lu Lh _tUttL?
AL tL*i |iti @?_ @** tMti^i?| 4L_i*tc i @i ti_ @ *L}*?i@h ,*ih i^@|L? @TThL@U
Lhi tTiU€U@**)c @u|ih LM|@??} |i i^@|L?t U@h@U|ih3?} |i i^*Mh4 @?_ @tti| ThUit uLh
Lh iUL?L4) uhL4 |i t@* €ht|Lh_ih UL?_|L?t @?_ ui@tM*|) UL?t|h@?|tc i @i U@*U*@|i_
|i ?L?t|LU@t|U t|i@_) t|@|ic @?_ |i? ti_ @ €ht|Lh_ih *?i@h @TThL 4@|L? ? |i *L}@h|4
S

Lu @** @h@M*it @hL?_ |@| t|i@_) t|@|i |L tMt|||i Lh t)t|i4 Lu i^@|L?t M) @ *?i@h t)t|i4
Lu i^@|L?t ? |i *L}_i@|L?t @@) uhL4 |i t|i@_) t|@|i At t)t|i4 U@? |i? Mi tL*i_ M)
i*4?@|?} |i ?t|@M*i hLL|t ? @ @hi|) Lu itti?|@**) i^@*i?| @TThL@Uit Lhi _i|@*t @?_
@? 4T*i4i?|@|L? Lu |i tL*|L? t?} |i ?_i|ih4?i_ ULiUi?|t 4i|L_ U@? Mi uL?_ ?
N*} Ebbb Ai hit*|t ihi ihi U@*U*@|i_ M) |i €ht| @|Lhc t?} 4i|L_t @?_ @*}Lh|4t
TLt|i_ M) k?} @?_ `@|tL? Ebb. __|L?@* _i|@*t L? |i ThL}h@4t U@? Mi LM|@?i_ uhL4
|@| @|Lh L? hi^it|
Ai tL*|L? 4i|L_ hi*it L? ?4ihU@* @TThL 4@|L?c @t |ihi t ?L U*Lti_uLh4 tL*|L?
@@*@M*i 4ihU@* @TThL 4@|L? i?|@*t @TThL 4@|L? ihhLht Ai tL*|L? *|ih@|hi @t
hiUi?|*) Mi}? |L ?it|}@|i @TThL 4@|L? ihhLht Lu *?i@h3@|L? 4i|L_t ? }hi@|ih _i|@*c
tii i} #L|ti) @?_ @L Ebb2 Lh a__ EbbH W? T@h|U*@hc |i @tti| ThU?} 4T*U@|L?t
LM|@?i_ ? |t T@Tih @hi ?*!i*) |L Mi ih) ThiUti W? Lh_ih |L 4?43i @TThL 4@|L?
ihhLhtc i _L ?L| *L}*?i@h3i |i ThLUitt uLh |i ht!uhii h@|i M| U@*U*@|i |i ht!uhii h@|i
uhL4 @? @TThL 4@|L? Lu |i ,*ihi^@|L? U |@!it ht! @ihtL? ?|L @UUL?|c
-|s ' q

3







i T b|  .| b|n  jb2 *2 

E.

6Lh |t U@*U*@|L? b| _i?L|it |i *L}_i@|L? Lu 4@h}?@* |*|) Lu UL?t4T|L? uhL4 |t
t|i@_) t|@|i
@*ic jb2 t |i @h@?Ui Lu |i uLhiU@t| ihhLh Lu |i 4@h}?@* |*|) Lu UL?t4T|L?c



2

jb2 ' .| b|n  .| b|n c @?_ i ti |i *L}*?i@h @TThL 4@|L? uLh |i t|LU@t|U ThLUitt
Lu |i 4@h}?@* |*|) Lu UL?t4T|L?c tii aih4@?? EbbH
`i @*tL @?| |L LM|@? @ 4i@thi Lu |i 4@h!i| ThUi uLh ht!c @?_ i t@** _L tLc t?} @
|h@_i_ tiUh|)G U@T|@* Ai h@|i Lu hi|h? L? U@T|@* t t4T*)
k

l

-|& ' w|n E&| *?|n w n R&fc|n *R&c|

EH

ihi R&fc| _i?L|it |i ThUi Lu L*_ U@T|@* ? TihL_ | @u|ih ThL_U|L? |@!it T*@Ui @?_ R&c| _i?L|it
|i ThUi Lu ?i U@T|@* @| |i i?_ Lu TihL_ | W? |i M@tU }hL| 4L_i* |i ThUi Lu ?i U@T|@*
t € i_ @| L?ic R&c| ' c @?_ |i ThUi Lu L*_ U@T|@* t R&fc| '   B
Ai 4@h!i| ThUi uLh ht! Lh |i 5@hTi h@|L U@? |i? Mi U@*U*@|i_ M) __?} |i i Uitt
hi|h? L? L*_?} U@T|@* Lih |i ht!uhii h@|i __i_ M) |i t|@?_@h_ _i@|L? Lu |i hi|h?
L? L*_?} U@T|@* `i i |t U@*U*@|L? @t hiThiti?|?} |i 5@hTi h@|L Lu @ U@T|@*M@ti_
t|LU! 4@h!i| h@|ih |@? |i |iLhi|U@**) 4@ 4@* LM|@?@M*i 5@hTi h@|L 5?Ui |i hi|h?t |L
L*_?} U@T|@* 4@) ?L| Mi TihuiU|*) ULhhi*@|i_ | UL?t4T|L?c | 4@) Mi TLttM*i |L UL?t|hU|
@tti|t | @ }ih 5@hTi h@|L ? |t 4L_i* ? |i L|ih @?_c |i t@4i 4@) Mi |hi uLh
|i 5@hTi h@|L |)TU@**) U@*U*@|i_ uhL4c t@)c |i hi|h?t L? L*_?} @? ?_i  `i |ihiuLhi
ULti |t @TThL@U h@|ih |@? _hiU|*) U@*U*@|?} |i 5@hTi h@|L uhL4 |i ThLUitt Lu 4@h}?@*
|*|it W? tLh|c |i 5@hTi h@|L ? @** Lh |@M*it tL*_ Mi ?_iht|LL_ @t @? ?|ihit|?} *Lih
ML?_ uLh |i 4@h!i| ThUi Lu ht!c UL?t|hU|i_ t4*@h*) |L |i @) |i 5@hTi h@|L t |)TU@**)
U@*U*@|i_ ? |i _@|@
Ai t|@|t|Ut i ti |L U@h@U|ih3i @? iUL?L4) @hi LM|@?i_ M) }i?ih@|?} 2ff t@4T*it |
2ff LMtih@|L?t i@U 6Lh i@U t@4T*i i U@*U*@|i hi@*3@|L?t uLh ^@?||) @h@M*it M@ti_ L?
6 Wkh

qrwdwlrq iroorzv Erogulq/ Fkulvwldqr dqg Ilvkhu +4<<<,1

.

#'
j+
jS *j+
j% *j+
j? *j+
.d-s o
j-s
&
.d-  -s o*j-&

fD
22f
f2b
ef
fb
ef
feS
ff2


.2
fD2
2eS
fD
e
f b
ff2

2
ee
f2e
2b
fSf
ef
f D
ff

f N5 _@|@
fH
.2
ffH
f.e
Sb
e.b
f b
fbH
e
f
ffe
fD

A@M*i G ki) Mt?itt U)U*i t|@|t|Ut uLh O@?ti?<t 4L_i* VL*@|*|it j ihi @?_ @** L|ih |@M*it
@hi 4i@thi_ ? TihUi?| Ai ?4Miht uLh N5 _@|@ ihi U@*U*@|i_ uhL4 LL*i) @?_ hitUL||
EbbDc A@M*i c T 2 6Lh UL?t4T|L?c ?it|4i?| @?_ *@MLhc |i hLt i?||*i_ R5c
RWV @?_ R,5ON+5 @i Mii? ti_ Ai @*i Lu fD uLh |i 5@hTi h@|L Lu ?it|?} ?
U@T|@* t uhL4 LUh@?i Ebb.c A@M*i 2
|i *L}*?i@h3@|L? @?_ hi@*3@|L?t Lu |i ^@h|ih*) ht!uhii h@|i @?_ |i ^@h|ih*) hi|h? L?
U@T|@* t?} i^@|L?t E. @?_ EH `i _i€?i |i @??@* h@|i Lu hi|h? L? |i ht!uhii @tti| Lh
U@T|@* @t |i @ih@}i h@|i Lu hi|h? Lih @ )i@h At _i€?|L? @*tL ULhhitTL?_t |L |i hi@*3i_
h@|i Lu hi|h? uhL4 L*_?} |i @tti| uLh uLh ^@h|iht `i _L ?L| _i|hi?_ |i @??@*3i_ ht!
uhii h@|i Lh |i hi|h? L? U@T|@* i? i U@*U*@|i |ih L*@|*|) t?itt U)U*i t|@|t|Ut uLh
^@h|ih*) tihit @hi LM|@?i_ M) _i|hi?_?} i@U tihit | |i OL_hU!hitUL|| €*|ih 6Lh |i
U@*U*@|L? Lu |i *i@_?} @?_ *@}}?} ULhhi*@|L?t Lu |i ^@h|ih*) ht!uhii h@|i | L|T|c |i
^@h|ih*) ht!uhii h@|i t @*tL _i|hi?_i_
?i 4}| |?! |@| }ih @*it uLh # ** hit*| ? }ih U|@|L?t ? 4@h}?@* |*|it
@?_ |t Lu |i ht!uhii h@|i At t @U|@**) ?L| |hiG @t L?i U@? tii uhL4 |@M*i c ?Uhi@t?}
# 4ihi*) hit*|t ? t4LL|ih UL?t4T|L? @?_ i4T*L)4i?|c tii @*tL |i _tUttL? ? wi||@
@?_ N*} EbbD ih@** |i L*@|*|) Lu |i ht!uhii h@|i t Lu @? Lh_ih Lu 4@}?|_i |LL *L
UL4T@hi_ | |i _@|@ 6?@**)c |@M*i e U*i@h*) tLt |i t|hL?} ThLU)U*U@*|) Lu |i ht!uhii
h@|i ? |i t|@?_@h_ }hL| 4L_i*c U t ?L| UL?tt|i?| | |i LMtihi_ *i@_*@} T@||ih?
uLh hi@* h@|iL|T| ULhhi*@|L?te
Ai *@t| hL Lu |@M*i E@?_ t4*@h |@M*it Mi*L @*tL *t|t |i 5@hTi h@|L @t @ 4i@thi
Lu |i 4@h!i| hi|h? uLh ht!G |@| h@|L L*_ ?ii_ |L Mi @hL?_ fD uLh @??@* _@|@ W| L?<|
Mi ?i@h |@| uLh @?) Lu Lh 4L_i*tc ?_U@|?} |@| Lh 4L_i*t L*_ u@* |L 4@|U |i LMtihi_
i^|) Thi44c tii wi||@ @?_ N*} Ebb. uLh @ 4Lhi i |i?ti _tUttL? OLiihc @t
i4T@t3i_ ? |i ?|hL_U|L?c Lh uLUt ihi t L? |i ?|ihit| h@|i L*@|*|) h@|ih |@? |i
i^|) Thi44c U t hi*@|i*) i@tih |L i T*@? t i T*@?i_ @MLic |i U@*U*@|i_ 5@hTi
h@|L tL*_ uh|ih4Lhi Mi ?_iht|LL_ @t @ *Lih ML?_
7 Zh

rqo| uhsruw wkh fruuhodwlrqv iru  @ 5 vlqfh wkh fruuhodwlrqv iru rwkhu ydoxhv ri  duh hvvhqwldoo| wkh vdph1

H

*i@_%*@} ' ef  f 2f f
# ' 2f
f22 f S fD2 f.

ff f 2f
f
ef
fbD fDH f2. ffD f

A@M*i eG Lhhi*@|L?t Lu ?|ihit|t @?_ L|T|t @| *i@_t @?_ *@}t uLh O@?ti?<t 4L_i*

e

L_i* G O@M| 6Lh4@|L? @?_ _t|4i?| Lt|t

`i ?L UL?t_ih @? iUL?L4) | |L |)Tit Lu @}i?|tc Lh!iht @?_ U@T|@* L?iht `Lh!iht _L
?L| @i @UUitt |L U@T|@* 4@h!i|t @?_ UL?t4i |ih *@MLh ?UL4i Aih ULUi ?L*it L?*)
L 4U |L Lh! @T|@* L?iht _L ?L| Lh! M| |i) @i @UUitt |L U@T|@* 4@h!i|tc @?_
|i) U@? t4LL| |ih UL?t4T|L? Lih |4i M) ULLt?} L 4U |L t@i @T|@* L?iht
Thiuihi?Uit Lih UL?t4T|L? @UhLtt |4i TihL_t @hi ?L| @__|i*) tiT@h@M*ic h@|ih |i) @hi
tMiU| |L @ R@M| uLh4@|L? ui@|hi U @t Mii? ?|hL_Ui_ ? hiUi?| Lh! L? @tti| ThU?}
? _)?@4U }i?ih@* i^*Mh4 4L_i*t Ai i**Mi?} Lu @? @}i?| | |iti Thiuihi?Uit _Lit
?L| L?*) _iTi?_ L? |i @}i?|<t Uhhi?| UL?t4T|L?c M| | @*tL _iTi?_t L? |i @}i?|<t T@t|
UL?t4T|L? *ii*t At ui@|hi Lu Thiuihi?Uit @t |i TL|i?|@* |L 4@!i |i hi@* h@|i Lu hi|h?
4Lhi L*@|*i MiU@ti | 4@!it |i 4@h}?@* h@|i Lu ?|ih|i4TLh@* tMt|||L? 4Lhi L*@|*i
W? |i i^*Mh4 Lu |i iUL?L4) U@T|@* L?iht< t@?}t @hi ?it|i_ ? |i U@T|@* t|LU! Lu
|i iUL?L4) 6Lh Lh iUL?L4) i @tt4i |@| U@?}it Lu |i U@T|@* t|LU! @hi tMiU| |L @?
?Uhi@t?} 4@h}?@* @_t|4i?| ULt| AL}i|ih | |i R@M| Thiuihi?Uit |t ui@|hi |i?_t |L
?Uhi@ti |i hi@* h@|i L*@|*|)c t?Ui | 4@!it | 4Lhi ULt|*) |L t4LL| UL?t4T|L? Lih |4i
U ? |h? ?Uhi@tit |i L*@|*|) Lu |i ?|ih|i4TLh@* 4@h}?@* h@|i Lu tMt|||L?
hiuihi?Uit Lu Lh!iht @?_ U@T|@* L?iht @hi _gihi?| ? Lh 4L_i* ?i U@? i |t @t @
UL?i?i?| _itUhT|L? Lu @ 4Lhi UL4T*U@|i_ Thiuihi?Ui tTiU€U@|L?c ihi |i U@T|@* L?iht
Thiuihi?Uit @hi @? @TThL 4@|L?c u UL?t4T|L? t }c @?_ |i Lh!ih Thiuihi?Uit @hi @?
@TThL 4@|L? u UL?t4T|L? t *LG |t L*_ @*tL t|u)c ) i *i@i *@MLh tTT*) L| Lu
|i U@T|@* L?iht ULUi ti|c t?Ui |i 4@h!i| @}i i@h?i_ ihi UL*_ Mi UL?t_ihi_ @t |h@*
UL4T@hi_ |L |i __i?_ ?UL4i *|ih?@|i*)c L?i U@? i |t @t 4L_i**?} |i hit*| Lu ti*u
ti*iU|L?G @}i?|t L i@t*) }i| ti_ |L @ } UL?t4T|L? *ii*c |@| t @i @M| uLh4@|L?
Thiuihi?Uitc 4@) Mi 4Lhi *!i*) |L M*_ T @ *@h}i U@T|@* t|LU! Lih |4i |@? @}i?|t L _L
?L| `i ?L _itUhMi |i iUL?L4) ? 4Lhi _i|@*c ? T@h|U*@h ? |t _i@|L? uhL4 O@?ti?<t
4L_i*

e

Ai iUL?L4)

Aihi @hi ?L |L ?€?|i*) *i_ hiThiti?|@|i @}i?|tc @ U@T|@* L?ih @?_ @ Lh!ih Ai
U@T|@* L?ih _Lit ?L| tTT*) *@MLh @?_ ih ?|ih|i4TLh@* Thiuihi?Uit Lih UL?t4T|L? @hi
%"
&
[ | ESS|  ^|3 3#  
.f
q
#
|'f

ihi ^|



3

Eb

t |i @M| t|LU!c iL*?} @UULh_?} |L
^| ' ^|



3

n E  kSS|
b

Ef

ihi f  kc    At Thiuihi?Ui tTiU€U@|L? 4T*it |i Uhi@|L? Lu R@M|tG } UL?
t4T|L? ? |t TihL_ 4T*it @ } ^| ?i | TihL_c @?_ |ihiuLhi ?_Uit |i U@T|@* L?ih
?i | TihL_ |L |h) |L t|U! |L |t }ih *ii* Lu UL?t4T|L? At ?|ih|i4TLh@* _iTi?_i?Ui t
hiUL}?3i_ M) |i U@T|@* L?ih i? tL*?} ih 4@ 43@|L? ThLM*i4 |L Mi _itUhMi_ Mi*L
Ai ?€?|i*) *i_ Lh!ih @t Thiuihi?Uit Lih UL?t4T|L? S @?_ *@MLh ?
%"
&
[ |
)
q T ES|  ?| 
.f
|'f

E

ihi ) : c f
q
c  : fc @?_ T t @? ?Uhi@t?} @?_ UL?U@i u?U|L? Ai i @U|
tTiU€U@|L? Lu |i u?U|L? T t hhi*i@?| t?Ui i @tt4i |@| |i Lh!ih @t ?L @UUitt |L
|i U@T|@* 4@h!i| @?_ |ihiuLhi ?L LTTLh|?|it uLh ?|ih|i4TLh@* UL?t4T|L? t4LL|?}D
AL t|u) |i @Mt|?i?Ui Lu Lh!iht uhL4 U@T|@* 4@h!i|tc i @TTi@* |L ?4L_i**i_ |h@?t@U|L?
ULt|t Lh MLhhL?} *4|t 6Lh i @4T*ic u q t t4@**ih |@? qc |i Lh!ih L*_ |)TU@**) @?|
|L MLhhL uhL4 |i U@T|@* L?ih @}@?t| u|hi ?UL4iG @ MLhhL?} UL?t|h@?| L*_ Thii?|
4 uhL4 _L?} tL w!itic u T E @t @ Uh@|hi t4*@h |L |i |*|) u?U|L? Lu |i U@T|@*
L?ihc |ihi 4@) ?L| Mi 4U }@? uhL4 |h@_i Mi|ii? |iti |L }hLTt Lu @}i?|t ? Lh_ih
|L UhLtt?thi i@U L|ih @}@?t| tLU!tG u |h@?t@U|L? ULt|t @hi t3i@M*i i?L}c |iti |h@_it
** ?L| |@!i T*@Ui W?_ii_c wt@h_ EbbH _LU4i?|tc |@| Df TihUi?| Lu @** LtiL*_t |
LtiL*_ i@_t Mi|ii? D @?_ S )i@ht Lu @}i @i @ ?i| i@*| *itt |@? 2D |4it |ih
?UL4i ?U*_?} hi|hi4i?| t@?}t ? |i uLh4 Lu W+<tc L4i i^|)c iU*itc i|U **}@?
@?_ 5@*@@h|? EbbS tL |@| |i @t| 4@Lh|) Lu LtiL*_t _Lit ?L| _hiU|*) T@h|UT@|i
? i^|) @?_ ML?_ 4@h!i|t AihiuLhic *i Lh ThLUi_hi |L i U*_i |iti Lh!iht uhL4 @tti|
4@h!i|t Tih @tt4T|L? t h@|ih Uh_ic | tii4t @ tiu* t|iT |L 4@!i ? *}| Lu |iti u@U|t
hL_U|L? t |i t@4i @t ? O@?ti?<t 4L_i*c tii i^@|L? E2 @?_ E  Ai L|T| }LL_ U@?
Mi ti_ uLh UL?t4T|L? SS c S @?_ ?it|4i?| %
SS| n S| n %| ' +| 

E2

W? UL?|h@t| |L i^@|L? ED ? O@?ti?<t 4L_i*c i @tt4i |@| |ihi @hi ?Uhi@t?} 4@h}?@*
@_t|4i?| ULt|t |L ?it|4i?| tU |@| }ih ?it|4i?| )i*_t *Lih 4@h}?@* @__|L?t |L
|i U@T|@* t|LU!
&| ' E  B &|  n } E%| *&|   &| 
E 
3

3

3

ihi f B  t |i _iThiU@|L? h@|i @?_ } t @? ?Uhi@t?} UL?U@i u?U|L? U t@|t€it
} EB ' B @?_ } EB ' S


8 Wkh

suhihuhqfhv ri wkh zrunhu lpso| d oderu vxsso| ixqfwlrq zklfk ghshqgv rq uhdo zdjhv rqo|/ wkdw lv wkhuh
duh rqo| vxevwlwxwlrq hhfwv exw qr zhdowk hhfwv/ vhh Juhhqzrrg/ Khufrylw} dqg Kxpdq +4<;;,1 Wklv dssolhv
hyhq li wkh zrunhu kdg dffhvv wr d fdslwdo pdunhw1 Pruh suhflvho|/ vxssrvh wkdw wkh zrunhu frxog dffxpxodwh
zhdowk dw dffruglqj wr dw @ Uw dw4 fzw .qw zw 1 Lw lv vwudljkwiruzdug wr vhh wkdw wkh wzr uvw rughu frqglwlrqv iurp
glhuhqwldwlqj wkh remhfwlyh ixqfwlrq zlwk uhvshfw wr fzw dqg qw vxemhfw wr wklv frqvwudlqw lpso| wkdw Dqw 4 @ zw /
l1h1 wkdw wkh oderu vxsso| rqo| ghshqgv rq zdjhv dqg qrw rq dw 1 Frqvxpswlrq/ ri frxuvh/ zrxog ghshqg rq dw 1
9 Zlwk wklv vshflfdwlrq ri wkh dgmxvwphqw frvwv j wkh vwhdg| vwdwh ri wkh hfrqrp| zlwk dgmxvwphqw frvwv
lv wkh vdph dv wkh rqh ri dq hfrqrp| zlwkrxw dgmxvwphqw frvwv dqg vwdqgdug fdslwdo dffxpxodwlrq htxdwlrq
nw @ +4  , nw4 . {w 1

f

 !i) T@h@4i|ih t |i Uh@|hi Lu }Ec U i t44@h3i *LU@**) @hL?_ |i t|i@_) t|@|i
M) |i T@h@4i|ih 1  fc

1'
B} EB
Ai *@h}ih |i @*i |i t4@**ih t |i igiU| Lu ?Uhi@t?} 4@h}?@* @_t|4i?| ULt|t 6Lh |i
*4|?} U@ti Lu 1 ' 4c |ihi @hi ?L @_t|4i?| ULt|t @?_ |i U@T|@* @UU4*@|L? i^@|L? ED
@TT*it `i ** i Tih4i?| | 1 ? |i ?4ihU@* t4*@|L?t Mi*L
6Lh |i UL4Ti||i i^*Mh4 i @tt4i |@| @ hiThiti?|@|i €h4 LTih@|it |i ThL_U|L?
|iU?L*L}) @?_ Mi@it UL4Ti||i*) ? @** 4@h!i|t Ai €h4 hi?|t U@T|@* tihUit uhL4 |i
U@T|@* L?ih uLh @ h@|i _| @?_ hit *@MLh tihUit uLh @ @}i h@|i | uhL4 |i Lh!ih Ai U@T|@*
L?ih ?Uhi@tit ih U@T|@* t|LU! M) 4@!?} ?it|4i?|t @UULh_?} |L |i U@T|@* @UU4*@|L?
i^@|L? E  Ai U@T|@* L?ih |i? LT|43it |*|) Eb tMiU| |L |i @M| uLh4@|L?
i^@|L? Efc |i U@T|@* @UU4*@|L? i^@|L? E  @?_ |i M_}i| UL?t|h@?|


SS| n %| ' _| &|  

Ee

3

Ai Lh!ih 4@ 43it |*|) E tMiU| |L |i M_}i| UL?t|h@?|
S| ' | ?| c

ED

U 4T*it |i *@MLh tTT*) u?U|L?
)?)|

3



' |

ES

@?_ |ihiuLhi @ *@MLh tTT*) i*@t|U|) Lu *E)   6Lh @*it Lu ) U*Lti |L ?|)c |i *@MLh
tTT*) i*@t|U|) L? |i @}}hi}@|i *ii* MiUL4it ^|i } @?_ 4@) @TTi@h |L Mi @| L__t |
4UhLiUL?L4U LMtih@|L?t W? |i @TTi?_ i ThL_i @? ?|ihThi|@|L? uLh } @ *@MLh
tTT*) i*@t|U|) ? @ ?L?hiThiti?|@|i @}i?| uh@4iLh!
 UL4Ti||i i^*Mh4 t @ ThLUitt uLh iSS| c S| c %| c +| c &| c ?| c | c _| c ^| j tU |@| E
}i? i_| jc iSS| c %| c &| c ^| j tL*it |i U@T|@* L?ih<t |*|) 4@ 43@|L? ThLM*i4c E }i? i| jc
iS| c ?| j tL*it |i Lh!iht |*|) 4@ 43@|L? ThLM*i4c E }i? i_| c | jc i+| c &| c ?| j tL*it
|i €h4t ThL€| 4@ 43@|L? ThLM*i4c E @** 4@h!i|t U*i@h
Ai ht!uhii h@|i @?_ |i hi|h? L? U@T|@* @hi t|** @t _i€?i_ ? i^@|L?t E. @?_ EH
6Lh |i ht!uhii h@|i i @i |L 4L_u) |i U@T|@* L?ih<t 4@h}?@* |*|) Lu UL?t4T|L? |L
@UUL?| uLh @M| uLh4@|L? iU@ti Lu @_t|4i?| ULt|t |i ThUi Lu U@T|@* ? |ih4t Lu |i
UL?t4T|L? }LL_ t ?L *L?}ih € i_ M| t@|t€it
R&fc|







%|
' Bn}
}
&|




%|
&|





%|
Rc| @?_ Rc| ' }
&|




%|
&|

3

c

tii L*_h?c ht|@?Lc @?_ 6tih Ebbb

e2

+it*|t

`i U@*Mh@|i |i 4L_i* |i t@4i @) |i O@?ti?4L_i* t U@*Mh@|i_ ? tiU|L? |L |i i |i?|
|@| t TLttM*ic |@| t i ti |i t@4i @*i uLh |i |4i _tUL?| u@U|Lh qc |i U@T|@* ?UL4i


t@hi wc @?_ |i ThL_U||) ThLUitt 4 @?_ j"  6Lh |i *@MLh i*@t|U|)c i ti ) ' e ?
Lh_ih |L @TThL 4@|i*) @Uii @ h@|L Lu |i L*@|*|) Lu *@MLh |L L|T| Lu |hii ^@h|iht 6Lh
|i tTiU€U@|L? Lu |i |*|) u?U|L? Lu |i U@T|@* L?ihtc i @i i Tih4i?|i_ | |L
ULUit Ai €ht| t _i |L aih4@?? EbbH @?_ @t @*tL Mii? ti_ @t i** @t it|4@|i_ ?
L*_h?ht|@?L6tih EbbbG ihic i ti|  ' f @?_ k ' fH. Ai tiUL?_ t 4L|@|i_ M)
7 ihi 77 t
@4TMi** @?_ LUh@?i Ebbbc L @i t}}it|i_ |L €  ' fb. @?_ k '   7c
@ T@h@4i|ih }i? ? |ih T@Tihc € i_ @| 77 ' ffD.
AL TL?|t @i |L Mi 4@_i UL?Uih??} Lh ti Lu @4TMi** @?_ LUh@?i<t tTiU€U@|L?
6ht|c uLh |t tTiU€U@|L? @M| hiThiti?|t @? i |ih?@*|) W? T@h|U*@h |t 4i@?t |@| uLh |i
U@T|@* L?ih<t |*|) 4@ 43@|L? ThLM*i4 |i @M| t|LU! t ?L| |hi@|i_ @t @ ULUi @h@M*ic
h@|ih | t |hi@|i_ @t @? i L}i?Lt ThLUitt 5iUL?_c Lh @M| @UU4*@|L? i^@|L? Ef t @
*?i@h3i_ ihtL? Lu |i }*) ?L?*?i@h tTiU€U@|L? ti_ M) @4TMi** @?_ LUh@?i W?t|i@_
Lu h|?} _L? @ *@ Lu 4L|L? uLh |i @M| *ii*c |i) TLt|*@|i @ ThLUitt uLh |i thT*t
UL?t4T|L? h@|L 7|  ESS|  ^|  *SS| . Nt?} |*_it |L ?_U@|i *L}tc |i) @tt4i |@| r|
iL*it @UULh_?} |L
3

7 n 
r| ' E   *L}E7
r|

3



n VE
r|   E
S|  S|
3

3



 } c

E.

ihi c 77 @?_ } @hi T@h@4i|ihtc @?_ ihi |i u?U|L? VE
r t }i? M)
+

VE
r '


77

3



t

7  c r  r6@%
  2E
r  *L}E7
fc
r  r6@%

EH



7 n   772 *2 ,^@|L? E. U@? |i? Mi ti_ |L M@U! L| |i 4T*i_ @M|
| r6@% ' *L}E7
*ii* ^|  6Lh Lh ThTLtitc i @?| |L ti @ *?i@h3i_ ihtL? Lu E. AL _L tLc L?i ?ii_t |L
hiT*@Ui VE
r|   | |t t|i@_) t|@|i @*i V
7  77    ? i^@|L? E. 6h|ih4Lhic |L @
7 M) _i€?|L? Lu 7|  Nt?} |iti
€ht|Lh_ih *L}*?i@h @TThL 4@|L?c r| ' V
7 E
S|  ^|  n *L}E  7
@TThL 4@|L?t ? i^@|L? E. )i*_t
3

3

3

^|



3

' UL?t| n 
^|

3

2

n E  
SSc|  
3

| |t t |i t@4i uLh4 @t @ E*@}}i_ *L}*?i@h @TThL 4@|L? Lu Ef- L4T@h?} t|i@_) t|@|it
€?@**) _i4L?t|h@|it |@| |i *@||ih i^@|L? U@? ?_ii_ Mi ii_ @t |i *?i@h3i_ ihtL? Lu
i^@|L? E. `i tL*_ i4T@t3ic |@| i ti_ |i Lh! Lu @4TMi** @?_ LUh@?i Ebbb
4ihi*) @t @ }_i |L TU! hi@tL?@M*i T@h@4i|iht k @?_ c h@|ih |@? _L?} t|Ui |L |ih
Thiuihi?Ui tTiU€U@|L? ?i hi@tL? uLh |ih ?L?*?i@h tTiU€U@|L? t |L @Uii @ UL?t|@?|
ht!uhii h@|ic u UL?t4T|L? t @ h@?_L4 @*! At }i|t *Lt| ? |i *?i@h @TThL 4@|L? ti_
ihiG ?_ii_ | t |i ih) L*@|*|) ? |@| ht!uhii h@|i U t |i uLUt Lu Lh ?it|}@|L?
6h|ih4Lhic |i u** UL?ti^i?Uit Lu |i Lh}?@* ?L?*?i@h Thiuihi?Ui tTiU€U@|L? ? @ _)?@4U
iUL?L4) @hi *!i*) |L Mi @h_ |L @?@*)3ic t?Ui i} UL?t4T|L? M?U?} 4@) Mi Thiuih@M*i
|L @ t4LL| UL?t4T|L? T@|c tii w?}^t| @?_ N*} Ebbb 6Lh @** |iti hi@tL?tc i @i
uLUti_ L? |i *?i@h3i_ ihtL? Lu |ih Thiuihi?Ui tTiU€U@|L? ihi
: Qrwh

wkdw rxu wlph lqgh{ frqyhqwlrq iru wkh kdelw vwrfn lv glhuhqw iurp wkh rqh xvhg lq Fdpsehoo dqg
Frfkudqh +4<<<,= wkhuh lv qr vxevwdqwlyh glhuhqfh1

2

O@M| uLh4@|L? ?Uhi@tit |i L*@|*|) Lu |i 4@h}?@* h@|i Lu ?|ih|i4TLh@* tMt|||L?
@?_ |ihiuLhi @*tL |i L*@|*|) Lu |i ht!uhii h@|i uLh @ }i? UL?t4T|L? ThLUitt ? |i
L|ih @?_c @M| uLh4@|L? @*tL ?Uhi@tit |i ?Ui?|i |L t4LL| UL?t4T|L? Lih |4i W?
|t tiU|L?<t i Tih4i?|t i t|_) |i igiU|t L? |i ht!uhii h@|i i? i @h) |i @_t|4i?|
ULt| T@h@4i|ih 1c |@| t i 4@!i | 4Lhi Lh *itt _U*| uLh |i U@T|@* L?ih |L t4LL|
UL?t4T|L? Lih |4i 6Lh Lh Mi?U4@h! tUi?@hLc i ti |i ht! @ihtL? T@h@4i|ih # ' 2
@?_ |i @_t|4i?| ULt| Uh@|hi T@h@4i|ih 1 ' f2  L*_h?c ht|@?Lc @?_ 6tih Ebbb
@h}i |@| M@ti_ L? i4ThU@* i_i?Ui 1 ' f2 hiThiti?|t @? TTih ML?_ uLh @_t|4i?| ULt|tc
@?_ |@| t ) i ULti |@| @*i uLh Lh Mi?U4@h! tTiU€U@|L? OLiihc |t T@h@4i|ih
t @h_ |L T? _L? _iUti*) M) i4ThU@* LMtih@|L?t At |L}i|ih | Lh @4 @| tL?}
UL?tt|i?U) Lu Lh 4L_i* | LMtihi_ hi@* h@|i U|@|L?t 4@_i t i Tih4i?| | |i
uL**L?} h@?}i Lu ULUitc
1 5 ifDc f2 c f fc j
** L|ih T@h@4i|iht @hi |i t@4i @t uLh |i O@?ti? tTiU€U@|L? ? |i ThiLt tiU|L?
Ai Mt?itt U)U*i t|@|t|Ut @hi Thiti?|i_ ? |@M*i D uLh |i aih4@??%L*_h?ht|@?L
6tih tTiU€U@|L?c @?_ ? |@M*i S uLh |i *?i@h3i_ @4TMi**LUh@?i tTiU€U@|L? Ai UhLtt
ULhhi*@|L?t Lu |i ht!uhii h@|i | L|T| @hi Thiti?|i_ ? |@M*i . uLh |i M@ti*?i T@h@4i|ih
@*it Lu ML| tTiU€U@|L?tH Aiti |@M*it tL |@| | t ?_ii_ TLttM*i |L ?Uhi@ti |i hi@*
h@|i U|@|L?t tMt|@?|@**) @MLi |i @*it }i?ih@|i_ M) |i M@ti*?i O@?ti? tTiU€U@|L?
L|i |@| _i |L |i }ih L*@|*|) Lu |i 4@h}?@* |*|) Lu UL?t4T|L?c |i @ih@}i ht!uhii
h@|i _iU*?it tMt|@?|@**) | }ih @_t|4i?| ULt|tc tii i^@|L? E. At t4T*) t}}it|t
|@| i @i |L @_t| |i |4i _tUL?| u@U|Lh |L 4@|U |i @ih@}i ht!uhii h@|i Ai 4L_i*t
_L ?L| 4@|U |i U)U*U@* Mi@Lh Lu |i hi@* h@|i ? |i _@|@c tii tiU|L? 2 ,tti?|@**) |i hi@*
h@|i t|Uit uhL4 UL?|i4TLh@?iLt*) ThLU)U*U@* ? |i O@?ti? 4L_i* |L UL?|i4TLh@?iLt*)
UL?|ihU)U*U@* ? Lh @M| uLh4@|L? 4L_i*tc tii |@M*i . 5|**c |i *i@_?} ULhhi*@|L?t @hi
tL4i@| 4Lhi _iUti*) ?i}@|i |@? |i *@}}?} L?itc ? *?i | |i LMtihi_ U)U*U@*
Mi@Lh Lu |i hi@* h@|i 6?@**) ?L|i |@| uLh } i?L} @_t|4i?| ULt|t |i 5@hTi h@|Lt
uLh |i @M| uLh4@|L? 4L_i*t @hi @ML| @*u Lu @| i LMtihi ? |i _@|@
Ai 4L_i* _Lit hiT*U@|i 4Lt| Lu |i t@*i?| Mt?itt U)U*i ui@|hitc tU @t |i ThLU)U*U@*|)
Lu ?it|4i?|c *@MLh @?_ UL?t4T|L? @t i** @t |i Lh_ih?} Lu L*@|*|itG ?it|4i?| t 4Lhi
L*@|*i |@? L|T|c U ? |h? t 4Lhi L*@|*i |@? UL?t4T|L? Ai ?it|4i?||L
L|T| L*@|*|) t |LL *L UL4T@hi_ |L |i _@|@c M| |t t @ ui@|hi Lu Lh 4L_i**?} t|h@|i})
wL}*?i@h3@|L? Lu |i M_}i| UL?t|h@?| Lu |i U@T|@* L?ih )i*_t
S7S SS| n %
7%| ' w7
+ +|
ihi M@ht _i?L|i t|i@_) t|@|i @*it @?_ @|t _i?L|i *L}_i@|L?t t *L?} @t UL?t4T|L?
Lu |i U@T|@* L?ih t ThLU)U*U@*c | 4t| |ihiuLhi Mi |i U@ti |@|
j%
w7
+
 
j+
%7
; Zh

Eb

rqo| uhsruw uhvxowv iru wkh edvholqh sdudphwhu ydoxh  @ 3=56 ehfdxvh iru wkh yduldwlrqv lq  zklfk zh
frqvlghu/ wkh txdqwlwdwlyh hhfw rq wkh fruuhodwlrq ri wkh ulvn iuhh udwh zlwk rxwsxw lv plqlpdo iru hdfk vshflfdwlrq1



1'
j+
jS *j+
jSS *j+
jS *j+
j% *j+
j? *j+
.d-s o
j-s
&
.d-  -s o*j-&

fD
S.
fbD
fb
ff
H
f.

f
f2e

f2
.f
fb
f.f
ff
2
f.
2
Se
fe

f f
Sb
fb2
fDb
ff
2S
f.
2bS
eHf
fD

ff N5 _@|@
S.
.2
fHH
f.e
f2S
ff
 D
e.b
f.
fbH
eff
fbH
ffe
fDf

A@M*i DG ki) Mt?itt U)U*i t|@|t|Ut uLh |i aih4@??%L*_h?ht|@?L6tih tTiU€U@|L?
Lu @M| uLh4@|L? 6Lh i T*@?@|L?t tii A@M*i 
5?Ui |i t|i@_)t|@|i ?it|4i?||LL|T| h@|L t ti| i^@* |L @TThL 4@|i*) f2S @t L?i Lu |i
!i) LMtih@M*i ^@?||itc |L U |i 4L_i* t U@*Mh@|i_c @?_ t?Ui |i U@T|@* t@hi t *!iti
ti| |L w ' f Sc |i h@|L Lu |iti L*@|*|it U@??L| i Uii_ e t @ Tt_ic |i L*@|*|) Lu
UL?t4T|L? U@??L| Mi |LL *L i|ih ?i UL*_ @4 @| hiU|u)?} |tc M| |tc ? @?) U@tic t
?L| |i 4@? uLUt Lu |t T@Tih
w!itic |i L*@|*|) Lu U@T|@* L?ih UL?t4T|L? t @ 4*|T*i Lu Lh!ih UL?t4T|L?
? |i _@|@c tii @?! @?_ ~i*_it Ebbc ihi@t |@| h@hi*) ** Mi |i U@ti ? @?) Lu |i
4L_i*t i UL?t_ih ? |t T@Tih ?i U@? tii |t @t uL**Lt 5?Ui S| ' | ?| ' E  w+| c |
uL**Lt |@| S| 4t| Mi TihuiU|*) ULhhi*@|i_ | +| @?_ 4t| @i |i t@4i L*@|*|)c 4i@thi_
? TihUi?| 5?Ui |L|@* UL?t4T|L? t S| ' SS| n S| c L?i U@? hih|i |t ? *L}_i@|L? uLh4
@t
S7S
S7
S| ' SS| n S| 
S7
S7
5TTLti ?L uLh t4T*U|) |@| |i UL?t4T|L? Lu |i U@T|@* L?ih SS| @?_ L|T| +| @hi
TihuiU|*) ULhhi*@|i_c i |@| SS| ' V+| uLh tL4i V Ai i^@|L? ?L 4T*itG
jS2 '



S7S V n S7
S7

2

j+2

@?_ L?i U@? tii |@| V
c i U@T|@* L?ih UL?t4T|L? U|@|it *itt |@? Lh!ih UL?
2
2
t4T|L? g jS *j+
 Ai ?4Miht ? |i |@M*it ?_U@|i |@| |t U@*U*@|L? t ?L| i @U|c
t?Ui ?_ii_ SS| t ?L| TihuiU|*) ULhhi*@|i_ | +| c M| ?L?i|i*itt |t *L}U t UL4Ti**?} 
TLttM*i @i?i 4@) Mi |L @**L |i Lh!ih tL4i TLttM*|) |L t4LL| UL?t4T|L?c M| |t
L*_ LMLt*) @*tL @*|ih @** L|ih t|@|t|Ut ? |t 4L_i* W? @?) U@tic |t ui@|hi t thi*) @?
?_ith@M*i ThLTih|) Lu |i U*@tt Lu 4L_i*t t|_i_ ? |t T@Tihc @?_ t}}it|t L?i _4i?tL? ?
U u|hi hiti@hU U@? 4ThLi L? |i hit*|t LM|@?i_ ihi

e

1'
j+
jS *j+
jSS *j+
jS *j+
j% *j+
j? *j+
.d-s o
j-s
&
.d-  -s o*j-&

fD
SS
fbf
f2H
ff
2b
f.
ef
.2H
f2S

f2
S.
fHb
fD
ff

f.
2 H
Df
fb

f f
Sb
fHH
fb
ff
 e
f.
2bD
.b
fS

ff N5 _@|@
SH
.2
fH.
f.e
ffS
ff
 H
e.b
f.
fbH
.
fHb
ffb
fDf

A@M*i SG ki) Mt?itt U)U*i t|@|t|Ut uLh |i @4TMi**LUh@?i tTiU€U@|L? Lu @M| uLh4@|L?
6Lh i T*@?@|L?t tii A@M*i 
*i@_%*@} ' ef  f 2f f
ff
f
2f
f
ef
a6
fb f e fD2 f. fbD fD f22 ff f.

fe f f feb f.2 ff fSH fe f22 ffD
A@M*i .G Lhhi*@|L?t Lu ?|ihit|t @?_ L|T|t @| *i@_t @?_ *@}t uLh |i aih4@??%L*_h?
ht|@?L6tih Ea6 @?_ |i @4TMi**LUh@?i E tTiU€U@|L? Lu @M| uLh4@|L?

D

L_i* 2G hi_i|ih4?i_ W?it|4i?|

6Lh |i tiUL?_ 4L_i*c i t@** @tt4i |@| | |@!it |4i |L 4T*i4i?| ?it|4i?| T*@?tc @ ui@|hi
U @t Mii? i4T@t3i_ M) L*_h?c ht|@?Lc @?_ 6tih Ebbb `i !iiT |i t|hU|hi
Lu |i ThiLt 4L_i* Lu _t|?}t?} Mi|ii? U@T|@* L?iht @?_ Lh!iht W| |h?t L| |@|
@M| uLh4@|L? t ?L *L?}ih ?ii_i_ |L 4@|U |i !i) u@U|tG |i _i*@)i_ 4T*i4i?|@|L? ui@|hi
@*L?i 4@!it | tUi?|*) _U*| uLh |i U@T|@* L?ih |L tu|*) hi@U| |L U@?}?} iUL?L4U
UhU4t|@?Uit 5?Ui ti _Lit ?L| tTT*) *@MLhc ih UL?t4T|L? tL*_iht 4U Lu |i Mh_i? Lu
|i ThL_U||) U|@|L?tc 4T*)?} *@h}i @h@|L?t ? |i ?|ih|i4TLh@* h@|i Lu tMt|||L?
@?_ |ihiuLhi ? hi@* ?|ihit| h@|it

D

Ai i?hL?4i?|

Ai _itUhT|L? Lu |i 4L_i* t itti?|@**) |i t@4i @t |i 4L_i* ? |i ThiLt tiU|L? eG i
** UL?Ui?|h@|i L? t|@|?} |i _gihi?Uit Ai Thiuihi?Uit Lu |i U@T|@* L?ih @hi @t ? Eb @?_
Ef | |i hit|hU|L? |@| |ihi t ?L @M| uLh4@|L?c |@| t i ti| k '  ' f Ai |*|)
u?U|L? Lu |i Lh!ih t }i? M) Ec @t MiuLhi hL_U|L? t |i t@4i @t ? O@?ti?<t 4L_i*c
tii i^@|L? E2 @?_ E  Ai }LL_t 4@h!i| U*i@h?} UL?_|L? t i^@|L? E2
Ai Uh|U@* _gihi?Ui |L |i 4L_i* ? |i ThiLt tiU|L? t |@| i ?L @tt4i |@| |
|@!it |4i |L 4T*i4i?| ?it|4i?| Lhi tTiU€U@**)c |L UL4T*i|i @? ?it|4i?| ThLiU| Lu t3i
r| t|@h|i_ ? TihL_ | hi^hit @t ?T|t r| ?|t Lu |i L|T| }LL_ ? TihL_ | @?_ E   r|

D

?|t ? TihL_ | n  At |L|@* i Ti?_|hit L? ?it|4i?| ? TihL_ | @hi
%| ' r| n E   r|  

E2f

3

`i @tt4i |@| @? ?it|4i?| ThLiU| @__t |L |i U@T|@* t|LU! @UULh_?} |L |t t|@}i Lu UL4
T*i|L?c
E2
&| ' E  B &|  n dr| n E   r|  o ' E  B &|  n %| 
3

3

3

h tTiU€U@|L? _giht uhL4 |i t|@?_@h_ |4i|LM*_ tTiU€U@|L?c k)_*@?_ @?_ hitUL||
EbH2c ? |@| @? ?it|4i?| ThLiU| 44i_@|i*) @__t |L |i U@T|@* t|LU! @?_ ?L| L?*) @u|ih
| t UL4T*i|i_ Ai |4i|LT*@? tTiU€U@|L? UL?t_ihi_ M) L*_h?c ht|@?Lc @?_ 6tih
Ebbb ULhhitTL?_t |L  ' fc @?_ itti?|@**) 4i@?t |@| ?it|4i?| t Thi_i|ih4?i_
Ai UL4Ti||i i^*Mh4 t _i€?i_ ? @ t4*@h u@tL? @t ? |i ThiLt tiU|L? Ai
hi|h? L? U@T|@* t U@*U*@|i_ M@ti_ L? |i ThUi Lu ?i U@T|@* R&| ' >| *b| @?_ |i ThUi Lu L*_
U@T|@* R&f| ' E  B >| *b| c ihi >| t |i w@}h@?}i 4*|T*ih L? |i U@T|@* L?ih<t U@T|@*
@UU4*@|L? i^@|L? E2 @?_ b| t |i U@T|@* L?ih<t 4@h}?@* |*|) Lu UL?t4T|L?

D2

+it*|t

AL U@*Mh@|i |i 4L_i*c i @i ti_ # ' 2c w ' f Sc q ' fbbc B ' ff2Dc ) ' ec 4 ' fbD
@?_ j" ' f.2I @t MiuLhi Ai Uh|U@* tti ihi t ?L |i T@h@4i|ih  U _i|ih4?it |L
@| i |i?| ?it|4i?| t Thi_i|ih4?i_ `i @i ti*iU|i_ |i uL**L?} h@?}i
 5 ifec fe2Dc feDc fDj 
Ai 4L_i* _Lit tMt|@?|@**) Mi||ih |@? |i @M| uLh4@|L? 4L_i*t Lu |i ThiLt tiU|L?
uLh |i !i) Mt?itt U)U*i t|@|t|Ut @?_ |i ht!uhii h@|i t|@|t|Utc tii |@M*it H @?_ b 6Lh |i
U@ti |@| @ML| DD TihUi?| Lu i Ti?_|hit L? ?it|4i?| ThLiU|t @hi Thi_i|ih4?i_c  ' feDc
|i L*@|*|) Lu |i ht!uhii h@|i t U*Lti |L |i i4ThU@**) LMtihi_ @*it 6h|ih4Lhic |i
ht!uhii h@|i t *i@_?} UL?|ihU)U*U@* @?_ *@}}?} ThLU)U*U@* `i? 4Lhi |@? DD TihUi?|
Lu ?it|4i?| i Ti?_|hit @hi ThiUL44||i_c |i L*@|*|) Lu |i ht!uhii h@|i t ^|i }
@?_ |i ht!uhii h@|i t t|hL?}*) UL?|ihU)U*U@* *i@_?} @?_ ThLU)U*U@* *@}}?} Ai L|ih
!i) Mt?itt U)U*i u@U|t @hi hL}*) ? *?i | |i _@|@c tMiU| |L |i TTih ML?_ L? |i
?it|4i?||LL|T| L*@|*|)c tii i^@|L? Eb @MLi @?_ |i _tUttL? |@| uL**Li_ | L
|Ui |@| uLh *L @*it Lu  UL?t4T|L? Lu U@T|@* L?iht t ?L 4Lhi L*@|*i |@? UL?t4T|L?
Lu Lh!iht 6Lh *L @*it Lu c |@| t } ThiUL44|4i?| Lu ?it|4i?| i Ti?_|hitc ML|
UL?t4T|L? @?_ ?it|4i?| i Ti?_|hit @hi 4Lhi L*@|*i |@? L|T| At LUUht MiU@ti
?it|4i?| @?_ UL?t4T|L? @hi L?*) i@!*) ULhhi*@|i_ | i@U L|ih
Ai ?||L? uLh |i ULhhi*@|L? T@||ih? Mi|ii? |i ht!uhii h@|i @?_ L|T| t t4T*iG TL?
4T@U| Lu |i ThL_U||) tLU!c |i U@T|@* L?iht t |L TLt|TL?i UL?t4T|L? @?_ ?t|i@_
M) 4Lhi Lu |i U@T|@* t|LU! Lh |i ?it|4i?| }LL_tc @t |i) @hi ?L ^|i ThL_U|i OLiihc
? @}}hi}@|ic |i tTT*) Lu U@T|@* U@??L| i@t*) Mi ?Uhi@ti_ MiU@ti 4Lt| Lu ?it|4i?| t
Thi_i|ih4?i_ AL 4@!i |iti @}}hi}@|i ui@tM*|) UL?_|L?t UL?tt|i?| | |i _ithit Lu |i
U@T|@* L?ihtc |i ?|ihit| h@|i 4t| u@** tUi?|*) u@h |L _tULh@}i t@?}t Ai u@** ? |i
S

'
j+
jS *j+
jSS *j+
jS *j+
j% *j+
j? *j+
.d-s o
j-s
&
.d-  . s o*j-&

fef fe2D feD fDf N5 _@|@
SH SS SH SH
.2
fb2 fb fbf fHH
f.e
2 fe fHH fD
ff ff ff ff
 e  D  D  D
e.b
f. f. f. f.
fbH
ef. ef2 eS efe
.e DHH e f feS
ffe ffe ff ff
fDf

A@M*i HG ki) Mt?itt U)U*i t|@|t|Ut uLh |i 4L_i* | Thi_i|ih4?i_ ?it|4i?| 6Lh i T*@
?@|L?t tii A@M*i 
*i@_%*@} ' ef  f 2f f
ff
f
2f
f
ef
 ' fef ffH ff f fD fb f b ff f2 ff
 ' fe2D ff. ffb f fe fS f S ffS f22 ff2
 ' feD ffS ff. ffb ff f f  ffH f22 ffS
 ' fDf
fD f  fDf f.2 fbb fS. fef fb ff2
A@M*i bG Lhhi*@|L?t Lu ?|ihit| h@|i @?_ L|T| @| *i@_t @?_ *@}t uLh |i 4L_i* | Thi_i|ih
4?i_ ?it|4i?|
?|ihit| h@|i t T@h|U*@h*) *@h}i ? |i €ht| TihL_c @?_ |i? t 4Lhi 4L_it| ? |i tMti^i?|
TihL_tc |@| t @_t|t M@U! |L t|i@_) t|@|i u@h*) ^U!*) Ai |iU?L*L}) ThLUittc L? |i L|ih
@?_c tLt @ *L| 4Lhi Tihtt|i?Ui AihiuLhic |i u@** ? |i ?|ihit| h@|i @TTi?t h}| @| |i
4T@U| Lu |i ThL_U||) tLU!G ? |L|@*c |t }it |i R@TTi@h@?Ui Lu ?|ihit| h@|i _iU*?it
*i@_?} |i U)U*i

S

L?U*tL?t

`i @i Thiti?|i_ |L 4L_i*t Lu |i hi@* Mt?itt U)U*i @hi|)c ? U |i U|@|L?t Lu
hi@* h@|it @hi tMt|@?|@**) }ih |@? ? |i M@ti*?i O@?ti? hi@* Mt?itt U)U*i 4L_i* *i
t4*|@?iLt*) 4@|U?} t@*i?| Mt?itt U)U*i u@U|t 6Lh |i 4L_i* | Thi_i|ih4?i_ ?it|
4i?| i 4@|U Lh i Uii_ |i LMtihi_ L*@|*|) Lu |i ht!uhii h@|i @?_ i hiT*U@|i |i U)U*U@*
ui@|hit Lu ?|ihit| h@|i 4Li4i?|t
L| 4L_i*t @tt4i |L U*@ttit Lu @}i?|tG U@T|@* L?iht @?_ Lh!iht `Lh!iht @hi Thii?|i_
uhL4 T@h|UT@|?} L? @tti| 4@h!i|t Tih @tt4T|L? W? |i €ht| 4L_i*c U@T|@* L?iht @i
@M|uLh4@|L? Thiuihi?Uit UU4*@|L? Lu |i U@T|@* t|LU! t tMiU| |L @_t|4i?| ULt|t
W? |i tiUL?_ 4L_i*c | |@!it |4i |L 4T*i4i?| ?it|4i?| ThLiU|t L| i?hL?4i?|t *i@_ |L
u@h*) *@h}i U|@|L?t ? |i ?|ih|i4TLh@* 4@h}?@* h@|i Lu tMt|||L? Lu U@T|@* L?iht @?_
|ihiuLhi |L hi@* ?|ihit| h@|i U|@|L?t UL44i?th@|i | |i _@|@ W? |i tiUL?_ 4L_i*c |i
.

*@h}it| 4Li4i?| @TTi?t L? 4T@U| Lu |i |iU?L*L}) tLU! 5?Ui |i |iU?L*L}) ThLUitt t
}*) Tihtt|i?|c M| |i ?|ihit| U|@|L?t hi|h? |L t|i@_) t|@|i ^U!*)c |i 4L_i* Thi_U|t
?|ihit| h@|i _iU*?it |L *i@_ |i U)U*i W? t4c |i T@Tih _i4L?t|h@|it |i TLttM*|) |@| |ihi
t @? i?|hi*) hi@* i T*@?@|L? uLh |i U|@|L?t ? hi@* ?|ihit| h@|it
At i ihUti ti_t _LM| L? |i ?|ihThi|@|L? Lu 4Lt| LMtihihtc |@| 4L?i|@h) TL*U) t
hitTL?tM*i uLh |iti hi@* h@|i U|@|L?t W?t|i@_c | 4@) i** Mi |@| 4L?i|@h) TL*U) Mi@it
h@|ih T@tti*)c uL**L?} h@|ih |@? _t|Lh|?} |i hi@* h@|i U|@|L?t _U|@|i_ M) |i 4@h!i|c
@?_ ?_ii_ UL?Ui?|h@|?} L? |i |@t! Lu 4@?|@??} ThUi t|@M*|) ?t|i@_

H

+iuihi?Uit
do Mi*c ?_hi c Rtti| ThUit ?_ih @M| uLh4@|L? @?_ U@|U?} T | |i aL?ititc
4ihU@? ,UL?L4U +ii @Tiht @?_ hLUii_?}tc L* Hf E@) bbfc He2
d2o Mi*c ?_hi c R+t! Thi4@ @?_ |ih4 Thi4@ ? }i?ih@* i^*Mh4c aLh?@* Lu L?i
|@h) ,UL?L4Ut e E6iMh@h) bbbc  
d o L*_h?c Ui*ic w@hi?Ui a ht|@?L @?_ aL?@t # 6tihcRO@M| Tihtt|i?Uic @tti|
hi|h?t @?_ |i Mt?itt U)U*ic _h@u|c Lh|it|ih? N?iht|) Ebbb
deo @4TMi**c aL? v @?_ aL? O LUh@?ic R) uLhUi Lu @M|G @ UL?t4T|L?M@ti_ i T*@
?@|L? Lu @}}hi}@|i t|LU! 4@h!i| Mi@Lhc aLh?@* Lu L*|U@* ,UL?L4) f. ETh* bbbc
2fD2D
dDo iUUi||c 5|iTi? Bc w@4c L!5@?}c @?_ i*tL?  @h!c RAi i^|) Thi44 @?_ |i
ht!uhii h@|iG 4@|U?} |i 4L4i?|tc aLh?@* Lu L?i|@h) ,UL?L4Ut  Ebb c 2eD
dSo LUh@?ic aL? Oc R`ihi t |i 4@h!i| }L?}q N?Uih|@? u@U|t @?_ ?Li* |iLhitc
,UL?L4U ihtTiU|itc 6i_ih@* +itihi @?! Lu U@}Lc Li4Mih%#iUi4Mih bb.c 
.
d.o L?t|@?|?_itc BiLh}i c RO@M| uLh4@|L?G @ hitL*|L? Lu |i i^|) Thi44 T33*ic
aLh?@* Lu L*|U@* ,UL?L4) bH Ea?i bbfc DbDe 
dHo LL*i)c AL4@t 6 @?_ ,_@h_  hitUL||c R,UL?L4U BhL| @?_ t?itt )U*itc ?
AL4@t 6 LL*i)c i_|Lhc 6hL?|iht Lu t?itt )U*i +iti@hUc h?Ui|L? N?iht|) hitt
bbDc h?Ui|L?c ac  H
dbo #@?|?ic ai@?ihhic aL?  #L?@*_tL?c @?_ +@?t ih@c RAi i^|) Thi44 @?_
|i @**LU@|L? Lu ?UL4i ht!c aLh?@* Lu ,UL?L4U #)?@4Ut @?_ L?|hL* S Ebb2c Dfb 2
dfo #@?|?ic ai@?ihhi @?_ aL?  #L?@*_tL?c Rtti| ThU?} 4T*U@|L?t Lu hi@* 4@h!i|
uhU|L?tc #tUttL? @Tih bDfec N?iht|i _i w@t@??i E#iUi4Mih bbe
do _i? O@@?c `ac RAi |ih4 t|hU|hi Lu ?|ihit| h@|it ? hi@* @?_ 4L?i|@h) iUL?L4itc
aLh?@* Lu ,UL?L4U #)?@4Ut @?_ L?|hL*c b EbbDc bfbbef
d2o _i? O@@?c `ac RN?_iht|@?_?} i^*Mh4 4L_i*t | @ t4@** @?_ @ *@h}i ?4Mih Lu
@}i?|tc ,+ Lh!?} T@Tih D.b2 EbbS
d o #L|ti)c U@i* @?_ 5 @Lc ROL i** _L *?i@h @TThL 4@|L? 4i|L_t Lh!q aLh?@*
Lu L?i|@h) ,UL?L4Ut 2b Ebb2c 2DDH
deo #L|ti)c U@i* @?_ h@? 5UL**c RAi Mi@Lh Lu |i hi@* h@|i Lu ?|ihit| Lih |i Mt?itt
U)U*ic 44iLc 6i_ih@* +itihi @?! Lu +U4L?_

b

dDo Bhii?LL_c aihi4)c ~ OihUL|3 @?_ Bhi}Lh) ` Og4@?c RW?it|4i?|c U@T@U|) |
*3@|L?c @?_ |i hi@* Mt?itt U)U*ic 4ihU@? ,UL?L4U +ii .H Ea?i bHHc ef2.
dSo O@?ti?c BcRW?_tM*i *@MLh @?_ |i Mt?itt U)U*ic aLh?@* Lu L?i|@h) ,UL?L4Ut S
EbHDc 2H fH
d.o aih4@??c NhM@? ac Rtti| ThU?} ? ThL_U|L? iUL?L4itc aLh?@* Lu L?i|@h) ,UL
?L4Ut e EbbHc 2D.2.D
dHo a__c ki??i| wc 4ihU@* i|L_t ? ,UL?L4Utc WA hittc bbH
dbo k?}c +LMih| B @?_ @h! ` `@|tL?c RL?i)c ThUitc ?|ihit| h@|it @?_ |i Mt?itt
U)U*ic +ii Lu ,UL?L4Ut @?_ 5|@|t|Ut .H E6iMh@h) bbSc DD 
d2fo k?}c +LMih| B @?_ @h! ` `@|tL?c R5)t|i4 hi_U|L? @?_ tL*|L? @*}Lh|4t uLh
t?}*@h *?i@h _gihi?Ui t)t|i4t ?_ih h@|L?@* i TiU|@|L?t Ebb. 44iL
d2o k)_*@?_c 6?? @?_ ,_@h_  hitUL||c RA4i |L M*_ @?_ @}}hi}@|i U|@|L?tc ,UL?L
4i|hU@ Df EbH2c  eD .f
d22o wi||@c @h|? @?_ O@h@*_ N*}c R@? @M| uLh4@|L? Mi hiUL?U*i_ | Mt?itt U)U*i
u@U|tqc i?|,+ # bDDec A*Mh} N?iht|) EbbDc uLh|UL4?}c +ii Lu ,UL?L4U
#)?@4Ut
d2 o wi||@c @h|? @?_ O@h@*_ N*}c Rhiuihi?Uitc UL?t4T|L? t4LL|?} @?_ ht! Thi4@c
i?|,+ # b.Sfc A*Mh} N?iht|) Ebb.
d2eo wt@h_c ??@4@h@c R? |i 4TLh|@?Ui Lu |i ThiU@|L?@h) t@?} 4L|ic 4ihU@?
,UL?L4U +iic , @Tiht @?_ hLUii_?}t HH E@) bbHc eebeD 
d2Do w?}^t|c w@ht @?_ O@h@*_ N*}c R? UL?t4T|L? M?U?} ?_ih @4TMi**LUh@?i
@M| uLh4@|L?c _h@u|c A*Mh} N?iht|) Ebbb
d2So @?!c  @?_ 5 ~i*_itc RAi UL?t4T|L? Lu t|LU!L*_iht @?_ ?L?t|LU!L*_ihtc
aLh?@* Lu 6?@?U@* ,UL?L4Ut . Ebbc b.2
d2.o ih@c + @?_ , hitUL||c RAi i^|) Thi44G @ T33*ic aLh?@* Lu L?i|@h) ,UL
?L4Utc D EbHDc eDS
d2Ho **}@?c @ti)  @?_ j@ih j 5@*@@h|?c R_LT|L? Lu €?@?U@* |iU?L*L}itG W4
T*U@|L?t uLh 4L?i) _i4@?_ @?_ 4L?i|@h) TL*U)c @|L?@* hi@ Lu ,UL?L4U +iti@hU
`Lh!?} @Tih DDfe E@hU bbS
d2bo +L}ihtL?c +U@h_c RW?_tM*i *@MLhc *L||ihit @?_ i^*Mh4c aLh?@* Lu L?i|@h) ,UL
?L4Ut 2 EbHHc S

2f

d fo +Li?Lht|c Biih|c Rtti| ThU?} 4T*U@|L?t Lu i^*Mh4 Mt?itt U)U*i 4L_i*tc ?
AL4@t 6 LL*i)c i_|Lhc 6hL?|iht Lu t?itt )U*i +iti@hUc h?Ui|L? N?iht|) hitt
bbDc h?Ui|L?c ac 2be f
d o 5|LU!c a@4it O @?_ @h! ` `@|tL?c Rt?itt U)U*i U|@|L?t ? N5 4@UhLiUL?L4U
|4i tihitc ,+ `Lh!?} @Tih L `SD2Hc ETh* bbH
d 2o N*}c O@h@*_c R |LL*!| uLh @?@*)3?} ?L?*?i@h _)?@4U t|LU@t|U 4L_i*t i@t*)c ?
+@4L? @h4L? @?_ ?_hi 5UL|| Ei_|Lhtc L4T|@|L?@* i|L_t uLh |i 5|_) Lu
#)?@4U ,UL?L4itc  uLh_ N?iht|) hitt bbbc TT f  S
d o `i*c *TTic RAi i^|) Thi44 T33*i @?_ |i ht!uhii h@|i T33*ic aLh?@* Lu L?
i|@h) ,UL?L4Ut 2e EL bHbc efe2

2

TTi?_
? @*|ih?@|i ?|ihThi|@|L? Lu *@MLh tTT*)
At tiU|L? ThL_it @? ?|ihThi|@|L? Lu |i *@MLh tTT*) i*@t|U|) ? @ ?L?hiThiti?|@|i
@}i?| uh@4iLh! 5TTLtic |@| |ihi t @ UL?|?4 Lu Lh!iht  5 df( o | Thiuihi?Uit
4@ iES c ? ( 7 j

E22

ihi 
7 t |i ?__@* hitih@|L? |*|) Lu Lh!ih c hiiU|?} i} L4i ThL_U|L?c u@4*)
tTTLh| Lh ?i4T*L)4i?| ?th@?Uic @?_ ihi S ' ? c @t MiuLhi 5TTLti uh|ih4Lhic |@|
7 Lh ? ' f @hi |i L?*) ULUit W?
Lh! L?*) UL4it ? UL?|h@U|t Lu € i_ *i?}|c i ? ' 
L|ih Lh_tc tTTLti |i Lh!ih u@Uit |i ULUi Lu i|ih |@!?} T @ u**|4i LM Lh t|@)?}
?i4T*L)i_c @?_ hiUi?} t hitih@|L? |*|) ?t|i@_
wi| 8 E Mi |i TLT*@|L? _t|hM|L? u?U|L? uLh 7  ,^@|L? E22 @?_ Lh L|ih @tt4T
|L?t 4T*) |@| @}}hi}@|i *@MLh ? t }i? M)
?E ' 7 8 EE7 c 7 

E2 

Bi? @ |*|) u?U|L? Ec c h|i  '   E7
 uLh |i tL*|L? |L |i i^@|L? 7 ' E7 c 7 c
ThL_i_ | i t|t Ai _t|hM|L? u?U|L? 8 Ec U _i*iht |i i^*Mh4 hi*@|L?tT
ESc t |i? }i? M)
#
$ 
   E7
 )3
8 E7
 ' 7

)
3

3

ihiih   E i t|t *|ih?@|i*)c }i? @ _t|hM|L? Lih hitih@|L? |*|itc L?i U@? ti
|i i^@|L?t @MLi |L M@U! L| |i |*|) u?U|L? Ec 7 
W? t4c }i? @ € i_*i?}| Lh! _@) @?_ |i Rh}| TLT*@|L? _t|hM|L? Lu hitih@|L?
|*|itc L?i U@? }i?ih@|i |i t@4i *@MLh tTT*) @t @ u?U|L? Lu @}i @t ? |i 4L_i* |
i^@|L? E `i €?_ |t *||*i @}}hi}@|L? hit*| tiu* uLh |i ?|ihThi|@|L? Lu Lh 4L_i*c ?
T@h|U*@hc t?Ui h@|ih } *@MLh tTT*) i*@t|U|it @hi ?ii_i_ |L 4@|U |i LMtihi_ U|@
|L?t ? *@MLh |L U|@|L?t ? B# h@|L Ai hit*| tc Lu ULhtic h@|ih t4*@h |L |i *L||ih)
t|€U@|L? ? O@?ti? EbHD Lh +L}ihtL? EbHH `i @i 4Lhi *Mih|) ihi ? |i ULUitc
t?Ui |ihi @hi ?L UL?ti^i?Uit uLh ?|ih|i4TLh@* _iUtL?t M) @tt4T|L? 6?@**)c | tL*_ Mi
TL?|i_ L| |@| L?i ?ii_t |L Mi U@hiu* ? i@*@|?} i*u@hi UL?ti^i?Uit Luc t@)c 4TLt?}
*@MLh |@ itG @}}hi}@|i i*u@hi uLh |i Lh!iht t ?L }i? M)
3

7 8 EE
7 c 
7 n
`i*u@hi ' E7 c 
h@|ih |@? E

22

]

"

7 7 
Ec

7_8 E7


T
Z
joc?u
66+G
, i^@*
2.2
W i^@*
2HH
W i^@*
e2
,
)h
2Df
W
)h
2DH
W
)h
.b
, *@}}i_ 2e
W *@}}i_ 2DD
W *@}}i_
.e
4L AM**G
, i^@*
2SH
W i^@*
2HS
W i^@*
eH
,
)h
2D.
W
)h
2D.
W
)h
bS
, *@}}i_ 2.
W *@}}i_ 2eD
W *@}}i_
Hf
)h AM**G
, i^@*
2b
W i^@*
e
W i^@*
eH2
, *@}}i_ 2 
W *@}}i_ 2Db
W *@}}i_
be

jocO

ef

 f

2f

f

Sb
b.
 f
 H

.D
e2
 .
.S

fe
f f
fb
f H
fH
f
f
fD
ff.

f b
f 
f2.
f2S
ffb
ffb
f.
ffe
ffe

f 2
f2b
f2H
fD
fff
ffH
ff
ffS
ff

fD ffD fD fD ffb
f2. fe ffS ff ff.
f2D f22 fD fD f.
ffH f2H f e f f f2
fe f2e f2 ffb ffe
ff ff ffD fD f2D
f2e fe
feH fe f f
f2
f 2 f2H fe fff
ffH ff ff2 ff f2

fe
ff
f2
f
f2
f 2
f.
f
f 

eS
.e
.

22
bf
D
2S
He

fee
f2e
fD
fef
ffe
ff
fS
ff.
ffb

feS
f2.
f2
fe
ff
ff.
ff
fe
ffb

fe
f D
f f
f b
ff.
f
f
fH
ff.

f f
f H
f f
f2D
ff.
f.
f2H
f2e
ffS

fS
f f
f 
f
ff.
f2
f H
f2
fff

f2
f2D
f2D
ff
f.
f 
f
ff.
fe

ff
f2D
f2S
ffH
f2H
f b
f22
ff
f2.

ff.
f2D
f2H
ffb
f S
feS
ff.
f2.
f b

fff
fS
f2
ffD
f .
feD
ff.
f .
fe.

D
H.
2De
22
 e
bD

feS feb feH f S
feS fDS fSf fD2
fee fDD fDb fDe
ffb ff ffb f2
f2 fD fS fb
f2 ff ffD ffe

f2e
fe
fe.
f 
fD
ff2

fH
f 2
fef
f2e
fff
fH

fD
f2S
f e
f
f.
f 

f
fb
f2D
ff
f e
fe

ff2
ffH
ff
f.
fee
fD

ff

f

2f

f

ef

A@M*i fG Ai L*@|*|) @?_ |i ULhhi*@|L?t | hi@* L|T| uLh hi@* ?|ihit| h@|it , T*@?@|L?t
@?_ UL44i?|t @hi ? |i |i |

2