:LMQNDDUW +XLVZLMQHQ @aVYYR dNaR_` `aRR[ PUR[V[ OYN[P ¼ 1VR]R T_\[QR[ _\`Æ ]V[\aNTR _bOfPNOR_[Ra ¼ @aVYYR dNaR_` PN]R _RQ ZR_Y\a R[ `Uf_Ng ¼ 3HU )OHV ¼
5RGH ZLMQHQ /D OLQGD 0DOEHF ¼ ._TR[aVW[`R dVW[ :NYORP Q_bVS X_bVQVT _VW]R `ZNRPX R[ a\PU [VRa aR gdNN_
1XPPHUR WUHV DO FXDUGUDGR
6SDQMH ¼ ! ZNN[QR[ TR_V W ]a \] RVXR[ cNaR[ /D OLQGD $UJHQWLQLH ¼ ¤ + `\\_aR[ Q_bVcR[' 4_N[NPUR :R_Y\a R[ 29V[QN ORaRXR[a Z\\V V[ URa @]NN[` dNa _RSR_RR_a ARZ]R_N[VYY\ NN[ QR Z\\VR YVTTV[T cN[ QRgR dVW[TNN_QR[ bVa GbVQ ._TR[aV[VR 0UN_Q\[[Nf R[ CV\T[VR_ gVW[ QR Q_bVS 5DXGL ,WDOLH ¼ `\\_aR[ cN[ QRgR dVW[ ZRa RR[ YVPUaR U\ba_VW]V[T 6aNYVNN[`R dVW[ bVa QR ]_\cV[PVR CR_\[N TRZNNXa cN[ QR :R_Y\aQ_bVS R[ QR 0\_cV[NQ_bVS &RQ XQ SDU ¼ NYON_V[\ bVa TNYYVPVN @a_\XYRb_VT ZRa RR[ )HULWDV ,WDOLH ¼ VZ]_R``VR cN[ ZN[QN_VW[ dVa S_bVa R[ PVa_b` :\QR_[R a_R[Q cN[ dVW[]_\QbPaVR cN[ QR :R_Y\a R[ 0NOR_[Ra `NbcVT[\[ 1R Q_bVcR[ d\_QR[ [N QR \\T`a *UXQHU YHOWOLQHU VFKXFNHUW ¼ RR_`a # dRXR[ aR Q_\TR[ TRYRTQ RR[ U\ZZNTR NN[ 4_b[R_ SRYaYV[R_ bVa <\`aR[_VWX YVPUa X_bVQVT QR NZR_\[R`aVWY cN[ dVW[ZR_XR[ O\b^bRa ZRa RR[ S_V``R NSQ_\[X
:LWWH ZLMQHQ
6DXYLJQRQ EODQF VSLHU ¼ `NbcVT[\[ OYN[P cN[ QR `aRYYR[O\`PU dVW[TNN_QR[ 2eP\aV`PUR @ZNRPX R[ TRb_ cN[ ]N``VRc_bPUa R[[PVa_b`
5RVp ZLMQ
6DQWD 'LJQD ¼ 1RgR PUVYRR[`R _\`Ã&#x2020; V` ]_NPUaVT YVPUa XR_`R[_\\Q 5Ra V` RR[ TRb_VTR dVW[ ZRa N_\ZNx` cN[ ]_bVZR[ R[ NN_QORVR[ 3URVHFFR CVT[NY ¼
&KDPSDJQH ¼ %DURQ GH IXHQWH JUDQGH UHVHUYH 2YRTN[aR PUNZ]NT[R S_V` S_bVaVT ZRa # ]V[\a ZRb[VR_ PUN_Q\[[Nf R[ ]V[\a [\V_