chap08
.pdf=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
Ijb \uiheg_gbb f_lh^Z &DQYDV 7H[W2XW \ ^_ckl\bl_evghklb bkihevamxlky dhhj^bgZlu mkljhckl\Z >ey wlh]h bgl_jn_ck :LQ ^he`_g ij_h[jZah\Zlv eh]bq_kdb_ dhhj^bgZlu dhgdj_lgh]h '& \ dhhj^bgZlu mkljhckl\Z Wlh ^hklb]Z_lky aZ kq_l bkihevah\Zgby hij_^_e_ggh]h j_`bfZ hlh[jZ`_gby k\yaZggh]h k '&
>jm]Zy ijbqbgZ bkihevah\Zgby eh]bq_kdbo dhhj^bgZl² g_`_eZgb_ bkihevah\Zlv ibdk_eb ^ey jZ[hlu k nmgdpbyfb jbkh\Zgby <iheg_ \_jhylgh qlh ijb jbkh\Zgbb \Zf m^h[g__ jZ[hlZlv k lZdbfb _^bgbpZfb baf_j_gby dZd ^xcfu beb fbeebf_lju :LQ iha\hey_l baf_gylv _^bgbpu baf_j_gby iml_f baf_g_gby j_`bfZ hlh[jZ`_gby dZd [m^_l ihdZaZgh gb`_
J_`bfu hlh[jZ`_gby hij_^_eyxl ^\Z Zljb[mlZ ^ey '& ij_h[jZah\Zgb_ dhlhjh_ :LQ bkihevam_l ^ey i_j_kq_lZ eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu baf_j_gby mkljhckl\Z b hjb_glZpbx hk_c [ \ ^ey ^Zggh]h
'&
<hafh`gh nmgdpbb jbkh\Zgby j_`bfu hlh[jZ`_gby hjb_glZpby b lhfm ih^h[gu_ \_sb g_ dZ`mlky k\yaZggufb klhev m` hq_\b^guf h[jZahf k dhgl_dklhf mkljhckl\Z ihkdhevdm \ 'HOSKL ^ey jbkh\Zgby bkihevam_lky dZg\Z GZihfgbf qlh deZkk 7&DQYDV y\ey_lky h[hehqdhc ^ey '& WlZ k\yav klZgh\blky [he__ y\ghc ijb kjZ\g_gbb nmgdpbc:LQ *',k wd\b\Ze_glgufb f_lh^Zfb h[t_dlZ &DQYDV
f_lh^ deZkkZ 7&DQYDV &DQYDV5HFWDQJOH
nmgdpby*',5HFWDQJOH $'&
Ijb bkihevah\Zgbb nmgdpbb*',lj_[m_lky y\gZy i_j_^ZqZ dhgl_dklZ mkljhckl\Z '& dhgdj_lghc nmgdpbb \ lh \j_fy dZd f_lh^ dZg\u bkihevam_l '& g_y\guf h[jZahf aZ kq_l bgdZikmeypbb
< :LQ ij_^mkfhlj_gZ \hafh`ghklv aZ^Zgby j_`bfZ hlh[jZ`_gby ^ey '& beb k\hckl\Z 7&DQYDV +DQGOH Hij_^_e_gh \hk_fv j_`bfh\ hlh[jZ`_gby dhlhjufb fh`gh \hkihevah\Zlvky \ khhl\_lkl\bb k ihlj_[ghklyfb lZ[e Gb`_ ijb\_^_g ijbf_j ebklbg] dhlhjuc beexkljbjm_l g_dhlhju_ ih^jh[ghklb bkihevah\Zgby j_`bfh\ hlh[jZ`_gby
LZ[ebpZ J_`bfu hlh[jZ`_gby:LQ
J_`bf hlh[jZ`_gby |
JZaf_j eh]bq_kdhc |
Hjb_glZpby; < |
|
_^bgbpu baf_j_gby |
|
|
|
|
00B$1,627523,& |
Ijhba\hevgh[ ! \beb[ \ |
AZ^Z\Z_fZy AZ^Z\Z_fZy |
|
|
|
00B+,(1*/,6+ |
^xcfZ |
GZijZ\h <\_jo |
|
|
|
00B+,0(75,& |
ff |
GZijZ\h <\_jo |
|
|
|
00B,627523,& |
Ijhba\hevgh[ \ |
AZ^Z\Z_fZy AZ^Z\Z_fZy |
|
|
|
00B/2(1*/,6+ |
^xcfZ |
GZijZ\h <\_jo |
|
|
|
00B/20(75,& |
ff |
GZijZ\h <\_jo |
|
|
|
00B7(;7 |
ibdk_ev |
GZijZ\h <gba |
|
|
|
00B7:,36 |
^xcfZ |
GZijZ\h <\_jo |
|
|
|
<:LQhij_^_e_gh g_kdhevdh nmgdpbc k ihfhsvx dhlhjuo fh`gh baf_gblv beb ihemqblv bgnhjfZpbx h j_`bfZo hlh[jZ`_gby ^ey ^Zggh]h '&
6HW0DS0RGH |
MklZgZ\eb\Z_l j_`bf hlh[jZ`_gby ^ey ^Zggh]h dhgl_dklZ |
|
mkljhckl\Z |
|
|
*HW0DS0RGH |
IhemqZ_l j_`bf hlh[jZ`_gby ^ey ^Zggh]h dhgl_dklZ mkljhckl\Z |
|
|
6HW:LQGRZ2UJ([ |
Hij_^_ey_l gZqZeh dhhj^bgZl hdgZ ^ey ^Zggh]h dhgl_dklZ |
|
mkljhckl\Z lhqdZ k dhhj^bgZlZfb |
|
|
6HW9LHZ3RUW2UJ([ |
Hij_^_ey_l gZqZeh dhhj^bgZl hdgZ ijh_dpbb ^ey ^Zggh]h |
|
|
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
dhgl_dklZ mkljhckl\Z lhqdZ k dhhj^bgZlZfb
6HW:LQGRZ([W([ Hij_^_ey_l \_ebqbgu[ \^ey '& ^Zggh]h hdgZ Wlb agZq_gby bkihevamxlky \f_kl_ k \_ebqbgZfb[ \hdgZ ^ey \uiheg_gby i_j_\h^Z eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu baf_j_gby mkljhckl\Z
6HW9LHZ3RUW([W([ Hij_^_ey_l \_ebqbgu[ \^ey '& ^Zggh]h hdgZ ijh_dpbb Wlb agZq_gby bkihevamxlky \f_kl_ k \_ebqbgZfb[ \hdgZ ^ey \uiheg_gby i_j_\h^Z eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu baf_j_gby mkljhckl\Z
H[jZlbl_ \gbfZgb_ gZ lh qlh \ gZa\Zgbb wlbo nmgdpbc kh^_j`blky eb[h keh\h :LQGRZ eb[h keh\h 9LHZ3RUW Z \ hibkZgbb mihlj_[ey_lky khhl\_lkl\_ggh eb[h keh\h hdgh eb[h keh\hkhq_lZgb_ hdgh ijh_dpbb Wlb keh\Z ijhklh hagZqZxl kj_^kl\Z k ihfhsvx dhlhjuo bgl_jn_ck :LQ *', fh`_l \uihegylv ij_h[jZah\Zgb_ ba eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu baf_j_gby mkljhckl\Z Nmgdpbb kh keh\hf :LQGRZ k\yaZgu k eh]bq_kdhc kbkl_fhc dhhj^bgZl Z kh keh\hf 9LHZ3RUW² k kbkl_fhc dhhj^bgZl mkljhckl\Z AZ bkdexq_gb_f lZdbo j_`bfh\ hlh[jZ`_gby dZd 00B$1,627523,& b 00B,627523,& \Zf \jy^ eb ijb^_lky kebrdhf [_kihdhblvky h[ bo mklZgh\d_ Ke_^m_l hlf_lblv qlh ih mfheqZgbx \ :LQ bkihevam_lky j_`bf
00B7(;7
MklZgh\e_gguc ih mfheqZgbx j_`bf hlh[jZ`_gby 00B7(;7 gZijyfmx i_j_\h^bl eh]bq_kdb_ dhhj^bgZlu \ dhhj^bgZlu mkljhckl\Z Ihwlhfm _keb \u g_ baf_gyeb j_`bf hlh[jZ`_gby \k_]^Z bkihevamcl_ dhhj^bgZlu mkljhckl\Z ^ey \k_o dhgl_dklh\ mkljhckl\ ?klv g_kdhevdh nmgdpbc $3, ^ey dhlhjuo wlhl fhf_gl hq_gv \Z`_g GZijbf_j \ukhlZ rjbnlZ \k_]^Z hij_^_ey_lky \ ibdk_eyo mkljhckl\Z Z g_ \ eh]bq_kdbo ibdk_eyo
MklZgh\dZ j_`bfZ hlh[jZ`_gby
<u \_jhylgh aZf_lbeb qlh \k_ j_`bfu hlh[jZ`_gby bkihevamxl jZaebqgu_ jZaf_ju eh]bq_kdbo _^bgbp baf_j_gby Ihwlhfm \ jZaguo kemqZyo [m^_l m^h[gh bkihevah\Zlv jZagu_ j_`bfu hlh[jZ`_gby GZijbf_j _keb g_aZ\bkbfh hl jZaj_r_gby \uoh^gh]h mkljhckl\Z \Zf ihgZ^h[blky ijh\_klb ebgbx rbjbghc \ ^xcfZ lh j_`bf 00B/2(1*/,6+ hdZ`_lky \_kvfZ dklZlb
Qlh[u gZjbkh\Zlv \ dZq_kl\_ ijbf_jZ h^gh^xcfh\uc ijyfhm]hevgbd mklZgh\bl_ kgZqZeZ k\hckl\h
)RUP &DQYDV +DQGOH jZ\guf agZq_gbx 00B+,(1*/,6+ beb 00B/2(1*/,6+
6HW0DS0RGH &DQYDV +DQGOH 00B/2(1*/,6+
AZl_f gZjbkmcl_ ijyfhm]hevgbd bkihevamy khhl\_lkl\mxsb_ _^bgbpu baf_j_gby Ihkdhevdm j_`bf 00B/2(1*/,6+ bkihevam_l ^xcfZ ijhklh i_j_^Zcl_ agZq_gb_
&DQYDV 5HFWDQJOH
LZd dZd ijb mklZgh\d_ j_`bfZ hlh[jZ`_gby 00B7(;7 \ dZq_kl\_ _^bgbp baf_j_gby bkihevamxlky ibdk_eb lh ^ey kqblu\Zgby bgnhjfZpbb g_h[oh^bfhc ^ey ij_h[jZah\Zgby ibdk_e_c \ ^xcfu beb fbeebf_lju fh`gh bkihevah\Zlv nmgdpbx *HW'HYLFH&DSV AZl_f fh`gh \uihegblv kh[kl\_ggu_ \uqbke_gby h[ wlhf j_qv b^_l \ ]eZ\_ ³I_qZlv \ 'HOSKL´ J_`bfu hlh[jZ`_gby fh`gh jZkkfZljb\Zlv dZd kj_^kl\h iha\heyxs__ bgl_jn_ckm:LQjZ[hlZlv aZ \Zk H^gZdh \_jhylg__ \k_]h \Zf gbdh]^Z g_ m^Zklky ^h[blvky lhqguo jZaf_jh\ h[t_dlh\ hlh[jZ`Z_fuo gZ wdjZg_ ^bkie_y GZ wlh _klv g_kdhevdh ijbqbg <h i_j\uo :LQGRZV g_ mf__l hij_^_eylv jZaf_ju wdjZgZ²_c hklZ_lky lhevdh ij_^iheZ]Zlv bo Djhf_ lh]h \:LQGRZVh[uqgh aZ\urZ_lky fZkrlZ[ hlh[jZ`_gby qlh[u memqrblv qblZ_fhklv l_dklZ gZ fhgblhjZo B ihwlhfm gZijbf_j imgdlh\uc rjbnl gZ wdjZg_ bf__l lZdmx `_ \ukhlm dZd beb ^Z`_ imgdlh\uc rjbnl gZ [mfZ]_
MklZgh\dZ \_ebqbg:LQGRZ9LHZSRUW
Nmgdpbb 6HW:LQGRZ([W([ b 6HW9LHZ3RUW([W([ iha\heyxl mdZaZlv kihkh[ ij_h[jZah\Zgby eh]bq_kdbo _^bgbp baf_j_gby \ _^bgbpu mkljhckl\Z Wlb nmgdpbb ^_ckl\mxl lhevdh ijb mklZgh\d_ j_`bfZ hlh[jZ`_gby hdgZ jZ\guf 00B$1,627523,& beb 00B,627523,& < ex[hf ^jm]hf kemqZ_ hgb b]ghjbjmxlky LZdbf h[jZahf ke_^mxsb_ ^\_ kljhdb dh^Z hagZqZxl qlh gZ h^gm eh]bq_kdmx _^bgbpm ijboh^blky ^\_ _^bgbpu mkljhckl\Z ^\Z ibdk_ey
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
6HW:LQGRZ([W([ &DQYDV +DQGOH QLO 6HW9LHZSRUW([W([ &DQYDV +DQGOH QLO
:gZeh]bqgh ke_^mxsb_ kljhdb dh^Z hagZqZxl qlh gZ iylv eh]bq_kdbo _^bgbp ijboh^blky ^_kylv _^bgbp mkljhckl\Z
6HW:LQGRZ([W([ &DQYDV +DQGOH QLO 6HW9LHZSRUW([W([ &DQYDV +DQGOH QLO
<_jhylgh \u aZf_lbeb qlh ihke_^gbc ijbf_j wd\b\Ze_gl_g ij_^u^ms_fm < h[hbo kemqZyo khojZgy_lky h^gh b lh `_ hlghr_gb_ eh]bq_kdbo _^bgbp d _^bgbpZf mkljhckl\Z Z bf_ggh < ke_^mxs_f ijbf_j_ ^_fhgkljbjm_lky dZd wlhl ih^oh^ fh`gh bkihevah\Zlv ^ey baf_g_gby _^bgbp \ nhjf_
6HW:LQGRZ([W([ &DQYDV +DQGOH QLO 6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
Baf_g_gb_ j_`bfZ hlh[jZ`_gby ^ey dhgl_dklZ mkljhckl\Z ij_^klZ\e_ggh]h dZg\hc 9&/ gb d q_fm hkh[_gghfm \Zk g_ h[yau\Z_l l _ ijb g_h[oh^bfhklb \u fh`_l_ kihdhcgh \_jgmlvky d bkoh^ghfm j_`bfm < h[s_f kemqZ_ \ ijhp_kk_ jbkh\Zgby j_`bf hlh[jZ`_gby ^he`_g [ulv mklZgh\e_g \gmljb ^_kdjbilhjZ
Ihwlhfm g_kfhljy gZ baf_g_gb_ jZaf_jh\ nhjfu \u kfh`_l_ jZ[hlZlv k nhjfhc rbjbgZ b \ukhlZ h[eZklb deb_glZ dhlhjhc khklZ\eyxl u _^bgbp g_ ibdk_e_c
K ihfhsvx nmgdpbc 6HW:LQGRZ2UJ([ b 6HW9LHZ3RUW2UJ([ fh`gh baf_gblv jZkiheh`_gb_ gZqZeZ dhhj^bgZl l _ ihabpbb dhlhjZy ih mfheqZgbx gZoh^blky \ \_jog_f e_\hf m]em h[eZklb deb_glZ nhjfu ^ey j_`bfZ hlh[jZ`_gby 00B7(;7 DZd ijZ\beh \Zf ijb^_lky fh^bnbpbjh\Zlv lhevdh gZqZeh dhhj^bgZl hdgZ ijh_dpbb GZijbf_j k ihfhsvx ke_^mxs_c ijh]jZffghc kljhdb mklZgZ\eb\Z_lky q_luj_od\Z^jZglgZy kbkl_fZ dhhj^bgZl ihdZaZggZy gZ jbk
6HW9LHZSRUW2UJ([ &DQYDV +DQGOH &OLHQW:LGWK GLY &OLHQW+HLJKW GLY QLO
Jbk Q_luj_od\Z^jZglgZy kbkl_fZ dhhj^bgZl
H[jZlbl_ \gbfZgb_ gZ lh qlh \ dZq_kl\_ ihke_^g_]h iZjZf_ljZ \ nmgdpbyo 6HW:LQGRZ2UJ([
6HW9LHZ3RUW2UJ([ 6HW:LQGRZ([W([ b 6HW9LHZ3RUW([W([ i_j_^Z_lky agZq_gb_ QLO Nmgdpbb 6HW:LQGRZ2UJ([ b 6HW9LHZ3RUW2UJ([ ijbgbfZxl i_j_f_ggmx 73RLQW dhlhjhc ijbk\Zb\Z_lky ihke_^g__ agZq_gb_ gZqZeZ dhhj^bgZl qlh[u ijb g_h[oh^bfhklb _]h fh`gh [ueh \hkklZgh\blv ^ey ^Zggh]h '& Nmgdpbb 6HW:LQGRZ([W([ b 6HW9LHZ3RUW([W([ ijbgbfZxl kljmdlmjm 76L]H qlh[u khojZgblv bkoh^gu_ \_ebqbgu ^ey '& ih lhc `_ ijbqbg_
Ijbf_j bkihevah\Zgby j_`bfh\ hlh[jZ`_gby
< ebklbg]_ ^_fhgkljbjm_lky dZd mklZgZ\eb\Zlv j_`bfu hlh[jZ`_gby gZqZeZ dhhj^bgZl hdgZ b hdgZ ijh_dpbb Z lZd`_ ij_^_evgu_ \_ebqbgu hdgZ b hdgZ ijh_dpbb Djhf_ lh]h a^_kv beexkljbjm_lky ijhp_kk jbkh\Zgby jZaebqguo nb]mj k ihfhsvx f_lh^h\ 7&DQYDV
Ebklbg] BeexkljZpby bkihevah\Zgby j_`bfh\ hlh[jZ`_gby
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
XQLW 0DLQ)UP
LQWHUIDFH
XVHV6\V8WLOV :LQGRZV 0HVVDJHV &ODVVHV *UDSKLFV
&RQWUROV )RUPV 'LDORJV 0HQXV '% '%&*ULGV '%7DEOHV
W\SH
70DLQ)RUP FODVV 7)RUP
PP0DLQ 70DLQ0HQX
PPL0DSSLQJ0RGH 70HQX,WHP
PPL00B,627523,& 70HQX,WHP
PPL00B$1,627523,& 70HQX,WHP
PPL00B/2(1*/,6+ 70HQX,WHP
PPL00B+,,1*/,6+ 70HQX,WHP
PPL00B/20(75,& 70HQX,WHP
PPL00B+,0(75,& 70HQX,WHP
SURFHGXUH )RUP&UHDWH 6HQGHU 72EMHFW
SURFHGXUH PPL00B,627523,&&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL00B$16,7523,&&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL00B/2(1*/,6+&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL00B+,,1*/,6+&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL00B/20(75,&&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL00B+,0(75,&&OLFN 6HQGHU 72EMHFWSXEOLF
0DSSLQJ0RGH ,QWHJHU
SURFHGXUH &OHDU&DQYDV
SURFHGXUH 'UDZ0DS0RGH 6HQGHU 72EMHFWHQG
YDU0DLQ)RUP 70DLQ)RUP
LPSOHPHQWDWLRQ
^ 5 ')0`
SURFHGXUH 70DLQ)RUP &OHDU&DQYDV EHJLQ
ZLWK &DQYDV GREHJLQ
%UXVK 6W\OH EV6ROLG
%UXVK &RORU FO:KLWH
)LOO5HFW &OLS5HFWHQG
HQG
SURFHGXUH 70DLQ)RUP 'UDZ0DS0RGH 6HQGHU 72EMHFW YDU
3UHY0DS0RGH ,QWHJHU EHJLQ
&OHDU&DQYDV&DQYDV 7H[W2XW 6HQGHU DV 70HQX,WHP &DSWLRQ
MklZgh\blv j_`bf hlh[jZ`_gby jZ\guf 00B/2(1*/,6+
b khojZgblv ij_^u^msbc j_`bf
3UHY0DS0RGH 6HW0DS0RGH &DQYDV +DQGOH 0DSSLQJ0RGHWU\
MklZgh\blv gZqZeh dhhj^bgZl hdgZ ijh_dpbb \ e_\hf gb`g_f m]em
6HW9LHZ3RUW2UJ([ &DQYDV +DQGOH &OLHQW+HLJKW QLO
^ GZjbkh\Zlv g_kdhevdh nb]mj ^ey beexkljZpbb jbkh\Zgby k
ihfhsvx jZaebqguo j_`bfh\ aZ^Zgguo iZjZf_ljhf 0DSSLQJ0RGH `
&DQYDV 5HFWDQJOH
&DQYDV 5HFWDQJOH
&DQYDV (OOLSVH
&DQYDV 0RYH7R
&DQYDV /LQH7R
&DQYDV 0RYH7R
&DQYDV /LQH7R
ILQDOO\
<hkklZgh\blv ij_^u^msbc j_`bf hlh[jZ`_gby
6HW0DS0RGH &DQYDV +DQGOH 3UHY0DS0RGH
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
HQG HQG
SURFHGXUH 70DLQ)RUP )RUP&UHDWH 6HQGHU 72EMHFW EHJLQ
0DSSLQJ0RGH 00B7(;7 HQG
SURFHGXUH 70DLQ)RUP PPL00B,627523,&&OLFN 6HQGHU 72EMHFW YDU
3UHY0DS0RGH ,QWHJHU EHJLQ
&OHDU&DQYDV
MklZgh\blv j_`bf hlh[jZ`_gby jZ\guf 00B,627523,&
b khojZgblv ij_^u^msbc j_`bf
3UHY0DS0RGH 6HW0DS0RGH &DQYDV +DQGOH 00B,627523,&WU\
MklZgh\blv jZaf_ju hdgZ jZ\gufb [
6HW:LQGRZ([W([ &DQYDV +DQGOH QLO
MklZgh\blv jZaf_ju hdgZ ijh_dpbb jZ\gufb h[eZklb deb_glZ hdgZ
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
MklZgh\blv gZqZeh dhhj^bgZl hdgZ ijh_dpbb \ p_glj_ h[eZklb deb_glZ
6HW9LHZSRUW2UJ([ &DQYDV +DQGOH &OLHQW:LGWK GLY &OLHQW+HLJKW GLY QLO
GZjbkh\Zlv ijyfhm]hevgbd k bkihevah\Zgb_f l_dmsbo mklZgh\hd
&DQYDV 5HFWDQJOH
^ MklZgh\blv ^jm]hc jZaf_j hdgZ ijh_dpbb b gZjbkh\Zlv ^jm]hc
ijyfhm]hevgbd <uihegblv wlh _s_ ljb jZaZ qlh[u gZjbkh\Zgguc
ijyfhm]hevgbd fh`gh [ueh bkihevah\Zlv ^ey ij_^klZ\e_gby h^ghc
iehkdhklb ijh_dpbb \ q_luj_od\Z^jZglghc kbkl_f_ `
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
GZjbkh\Zlv weebik \ p_glj_ h[eZklb deb_glZ
&DQYDV (OOLSVH
ILQDOO\
<hkklZgh\blv ij_^u^msbc j_`bf hlh[jZ`_gby
6HW0DS0RGH &DQYDV +DQGOH 3UHY0DS0RGHHQG
HQG
SURFHGXUH 70DLQ)RUP PPL00B$16,7523,&&OLFN 6HQGHU 72EMHFW YDU
3UHY0DS0RGH ,QWHJHU EHJLQ
&OHDU&DQYDV
MklZgh\blv j_`bf hlh[jZ`_gby jZ\guf 00B$1,627523,&
b khojZgblv ij_^u^msbc j_`bf
3UHY0DS0RGH 6HW0DS0RGH &DQYDV +DQGOH 00B$1,627523,&WU\
MklZgh\blv jZaf_ju hdgZ jZ\gufb [
6HW:LQGRZ([W([ &DQYDV +DQGOH QLO
MklZgh\blv jZaf_ju hdgZ ijh_dpbb jZ\gufb wlhc h[eZklb deb_glZ hdgZ
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
MklZgh\blv gZqZeh dhhj^bgZl hdgZ ijh_dpbb \ p_glj_ h[eZklb deb_glZ
6HW9LHZSRUW2UJ([ &DQYDV +DQGOH &OLHQW:LGWK GLY &OLHQW+HLJKW GLY QLO
GZjbkh\Zlv ijyfhm]hevgbd k bkihevah\Zgb_f l_dmsbo mklZgh\hd
&DQYDV 5HFWDQJOH
^ MklZgh\blv ^jm]hc jZaf_j hdgZ ijh_dpbb b gZjbkh\Zlv ^jm]hc
ijyfhm]hevgbd <uihegblv wlh _s_ ljb jZaZ qlh[u gZjbkh\Zgguc
ijyfhm]hevgbd fh`gh [ueh bkihevah\Zlv ^ey ij_^klZ\e_gby h^ghc
iehkdhklb ijh_dpbb \ q_luj_o d\Z^jZglghc kbkl_f_ `
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
6HW9LHZSRUW([W([ &DQYDV +DQGOH &OLHQW:LGWK &OLHQW+HLJKW QLO
&DQYDV 5HFWDQJOH
GZjbkh\Zlv weebik \ p_glj_ h[eZklb deb_glZ
&DQYDV (OOLSVH
ILQDOO\
<hkklZgh\blv ij_^u^msbc j_`bf hlh[jZ`_gby
6HW0DS0RGH &DQYDV +DQGOH 3UHY0DS0RGHHQG
HQG SURFHGXUH 70DLQ)RUP PPL00B/2(1*/,6+&OLFN 6HQGHU 72EMHFW EHJLQ
0DSSLQJ0RGH 00B/2(1*/,6+'UDZ0DS0RGH 6HQGHU
HQG
SURFHGXUH 70DLQ)RUP PPL00B+,,1*/,6+&OLFN 6HQGHU 72EMHFW EHJLQ
0DSSLQJ0RGH 00B+,(1*/,6+'UDZ0DS0RGH 6HQGHU
HQG
SURFHGXUH 70DLQ)RUP PPL00B/20(75,&&OLFN 6HQGHU 72EMHFW EHJLQ
0DSSLQJ0RGH 00B/20(75,&'UDZ0DS0RGH 6HQGHU
HQG
SURFHGXUH 70DLQ)RUP PPL00B+,0(75,&&OLFN 6HQGHU 72EMHFW EHJLQ
0DSSLQJ0RGH 00B+,0(75,&'UDZ0DS0RGH 6HQGHU
HQG
HQG
Ihe_ ]eZ\ghc nhjfu 0DSSLQJ0RGH bkihevam_lky ^ey ojZg_gby l_dms_]h j_`bfZ hlh[jZ`_gby dhlhjuc bgbpbZebabjm_lky \ f_lh^_ )RUP&UHDWH mklZgh\dhc agZq_gby 00B7(;7 WlZ i_j_f_ggZy mklZgZ\eb\Z_lky ijb \uah\_ f_lh^h\ 00/2(1*/,6+ &OLFN 00+,(1*/,6+ &OLFN 00/20(75,& &OLFN b
00+,0(75,& &OLFN ba khhl\_lkl\mxsbo f_gx < wlbo f_lh^Zo aZl_f \uihegy_lky h[jZs_gb_ d f_lh^m 'UDZ0DS0RGH dhlhjuc kgZqZeZ mklZgZ\eb\Z_l j_`bf hlh[jZ`_gby ]eZ\ghc nhjfu jZ\guf agZq_gbx hij_^_ey_fhfm i_j_f_gghc 0DSSLQJ0RGH Z aZl_f jbkm_l g_kdhevdh nb]mj b ijyfuo bkihevamy ^ey aZ^Zgby bo jZaf_jh\ agZq_gby dhgklZgl ?keb \ ijhp_kk_ jbkh\Zgby nb]mj bkihevamxlky jZagu_ j_`bfu hlh[jZ`_gby lh jZaf_ju wlbo nb]mj [m^ml jZaebqZlvky ba aZ jZaguo _^bgbp baf_j_gby bkihevam_fuo \ dhgl_dkl_ aZ^Zggh]h j_`bfZ hlh[jZ`_gby GZ jbk b ihdZaZgu j_amevlZlu jZ[hlu f_lh^Z 'UDZ0DS0RGH ^ey j_`bfh\ hlh[jZ`_gby 00B/2(1*/,6+ b 00B/20(75,&
K ihfhsvx f_lh^Z PPL00B,627523,&&OLFN ^_fhgkljbjm_lky ijhp_kk jbkh\Zgby gZ dZg\_ nhjfu \ j_`bf_ 00B,627523,& < wlhf f_lh^_ kgZqZeZ mklZgZ\eb\Z_lky mdZaZgguc j_`bf hlh[jZ`_gby Z aZl_f ij_^_evgu_ \_ebqbgu hdgZ ijh_dpbb mklZgZ\eb\Zxlky jZ\gufb jZaf_jZf h[eZklb deb_glZ nhjfu Ihke_ wlh]h \ p_glj_ h[eZklb deb_glZ nhjfu jZkiheZ]Z_lky gZqZeh dhhj^bgZl qlh iha\hey_l ohjhrh ijhkfZljb\Zlv \k_ q_luj_ d\Z^jZglZ dhhj^bgZlghc kbkl_fu
Ihke_ \uiheg_gby ih^]hlh\bl_evguo hi_jZpbc wlhl f_lh^ jbkm_l \ dZ`^hc iehkdhklb ijh_dpbb ijyfhm]hevgbd Z \ p_glj_ h[eZklb deb_glZ² weebik H[jZlbl_ \gbfZgb_ qlh ^ey jbkh\Zgby jZaebqguo h[eZkl_c dZg\u bkihevamxlky h^gb b l_ `_ agZq_gby iZjZf_ljh\ i_j_^Z\Z_fuo nmgdpbb &DQYDV 5HFWDQJOH Wlh ^hklb]Z_lky aZ kq_l bkihevah\Zgby hljbpZl_evgh]h agZq_gby eb[h \ iZjZf_lj_ ; eb[h \ iZjZf_lj_ < eb[h kjZam \ h[hbo iZjZf_ljZo i_j_^Z\Z_fuo nmgdpbb 6HW9LHZ3RUW([W
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
Jbk J_amevlZl jZ[hlu f_lh^Z 'UDZ0DS0RGH k bkihevah\Zgb_f j_`bfZ hlh[jZ`_gby
00B/2(1*/,6+
Jbk J_amevlZl jZ[hlu f_lh^Z 'UDZ0DS0RGH k bkihevah\Zgb_f j_`bfZ hlh[jZ`_gby
00B/20(75,&
P_ev \dexq_gby \ ijh_dl f_lh^Z PPL00B$1,627523,&&OLFN \uihegyxs_]h l_ `_ kZfu_ hi_jZpbbaZ bkdexq_gb_f bkihevah\Zgby j_`bfZ 00B$1,627523,& khklhbl \ ^_fhgkljZpbb ijbgpbibZevguo jZaebqbc f_`^m j_`bfZfb hlh[jZ`_gby 00B,627523,& b 00B$1,627523,&
Ijb bkihevah\Zgbb j_`bfZ 00B,627523,& bgl_jn_ck :LQ ]ZjZglbjm_l ih h[_bf hkyf h^bg b lhl `_ nbabq_kdbc jZaf_j b \uihegy_l g_h[oh^bfu_ \ujZ\gb\Zgby Gh \ j_`bf_ 00B$1,627523,& bkihevamxlky nbabq_kdb_ jZaf_ju dhlhju_ \ h[s_f kemqZ_ fh]ml b g_ [ulv h^bgZdh\ufb wlh ihdZaZgh gZ jbk b
<u \b^bl_ qlh j_`bf 00B,627523,& h[_ki_qb\Z_l jZ\_gkl\h ^\mo hk_c \ lh \j_fy dZd lhl `_ ijh]jZffguc dh^ bkihevamxsbc j_`bf 00B$1,627523,& g_ ]ZjZglbjm_l wlh]h jZ\_gkl\Z ;he__ lh]h ijb jZ[hl_ \ j_`bf_ 00B,627523,& fh`gh [ulv m\_j_gguf qlh jZ\gu_ eh]bq_kdb_ dhhj^bgZlu [m^ml ij_h[jZah\Zgu \ dhhj^bgZlu mkljhckl\Z k khojZg_gb_f wlh]h jZ\_gkl\Z ^Z`_ _keb kbkl_fZ dhhj^bgZl mkljhckl\Z g_ y\ey_lky d\Z^jZlghc
Kha^Zgb_ ijh]jZffu jbkh\Zgby
GZ ijbf_j_ ijb\h^bfhc gb`_ ijh]jZffu jbkh\Zgby ^_fhgkljbjm_lky bkihevah\Zgb_ g_kdhevdbo [he__ keh`guo f_lh^h\ ijb jZ[hl_ k bgl_jn_ckhf *', b ]jZnbq_kdbfb bah[jZ`_gbyfb Bkoh^guc dh^ ijh_dlZ ij_^klZ\e_g \ ebklbg]_
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
Jbk J_amevlZl bkihevah\Zgby j_`bfZ 00B,627523,&
Jbk J_amevlZl bkihevah\Zgby j_`bfZ 00B$1,627523,&
Ebklbg] Ijh]jZffZ jbkh\Zgby''*3DLQW
XQLW 0DLQ)UP
LQWHUIDFH
XVHV6\V8WLOV :LQGRZV 0HVVDJHV &ODVVHV *UDSKLFV &RQWUROV)RUPV 'LDORJV %XWWRQV ([W&WUOV &RORU*UG 6WG&WUOVGUZSQHO 0HQXV &RP&WUOV 'GH0DQ
FRQVWFU0RYH
W\SH
7'UDZ7\SH GW/LQH'UDZ GW5HFWDQJOH GW(OOLSVH GW5RXQG5HFW
GW&OLS5HFW GW&URRNHG
AgZq_gby k\hckl\Z 7DJ h[t_dlZ 'UDZ3DQHO khhl\_lkl\mxl p\_lZf
7'UDZ6W\OH GV1R)LOO GV)LOO GV1R%RUGHU
70DLQ)RUP FODVV 7)RUP
VE[0DLQ 76FUROO%R[
LPJ'UDZLQJ3DG 7,PDJH
SQO7RRO%DU 73DQHO
VE/LQH 76SHHG%XWWRQ
VE5HFWDQJOH 76SHHG%XWWRQ
VE(OOLSVH 76SHHG%XWWRQ
VE5RXQG5HFW 76SHHG%XWWRQ
SQO&RORUV 73DQHO
FJ'UDZLQJ&RORUV 7&RORU*ULG
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
SQO)J%J%RUGHU 73DQHO
SQO)J%J,QQHU 73DQHO
%HYHO 7%HYHO
SQO)LOO6W\OH 73DQHO
SQO1R)LOO 7GGJ'UDZ3DQHO
SQO)LOO 7GGJ'UDZ3DQHO
SQO1R%RUGHU 7GGJ'UDZ3DQHO
PP0DLQ 70DLQ0HQX
PPL)LOH 70HQX,WHP
PPL([LW 70HQX,WHP
1 70HQX,WHP
PPL6DYH$V 70HQX,WHP
PPL6DYH)LOH 70HQX,WHP
PPL2SHQ)LOH 70HQX,WHP
PPL1HZ)LOH 70HQX,WHP
PPL(GLW 70HQX,WHP
PPL3DVWH 70HQX,WHP
PPL&RS\ 70HQX,WHP
PPL&XW 70HQX,WHP
VE5HFW6HOHFW 76SHHG%XWWRQ
6DYH'LDORJ 76DYH'LDORJ
2SHQ'LDORJ 72SHQ'LDORJ
VWE0DLQ 76WDWXV%DU
SE3DVWH%R[ 73DLQW%R[
VE)UHH)RUP 76SHHG%XWWRQ
SURFHGXUH )RUP&UHDWH 6HQGHU 72EMHFW
SURFHGXUH VE/LQH&OLFN 6HQGHU 72EMHFW
SURFHGXUH LPJ'UDZLQJ3DG0RXVH'RZQ 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ
6KLIW 76KLIW6WDWH ; < ,QWHJHU
SURFHGXUH LPJ'UDZLQJ3DG0RXVH0RYH 6HQGHU 72EMHFW 6KLIW 76KLIW6WDWH
; < ,QWHJHU
SURFHGXUH LPJ'UDZLQJ3DG0RXVH8S 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ
6KLIW 76KLIW6WDWH ; < ,QWHJHU
SURFHGXUH FJ'UDZLQJ&RORUV&KDQJH 6HQGHU 72EMHFW
SURFHGXUH SQO1R)LOO3DLQW 6HQGHU 72EMHFW
SURFHGXUH SQO1R)LOO&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL([LW&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL6DYH)LOH&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL6DYH$V&OLFN 6HQGHU 72EMHFW
SURFHGXUH )RUP&ORVH4XHU\ 6HQGHU 72EMHFW YDU &DQ&ORVH %RROHDQ
SURFHGXUH PPL1HZ)LOH&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL2SHQ)LOH&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL(GLW&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL&XW&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL&RS\&OLFN 6HQGHU 72EMHFW
SURFHGXUH PPL3DVWH&OLFN 6HQGHU 72EMHFW
SURFHGXUH SE3DVWH%R[0RXVH'RZQ 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ
6KLIW 76KLIW6WDWH ; < ,QWHJHU
SURFHGXUH SE3DVWH%R[0RXVH0RYH 6HQGHU 72EMHFW 6KLIW 76KLIW6WDWH
; < ,QWHJHU
SURFHGXUH SE3DVWH%R[0RXVH8S 6HQGHU 72EMHFW %XWWRQ 70RXVH%XWWRQ
6KLIW 76KLIW6WDWH ; < ,QWHJHU
SURFHGXUH SE3DVWH%R[3DLQW 6HQGHU 72EMHFW
SURFHGXUH )RUP'HVWUR\ 6HQGHU 72EMHFWSXEOLF
^ Hldjulu_ h[ty\e_gby `
0RXVH2UJ 73RLQW OjZgbl bgnhjfZpbx h furb
1H[W3RLQW 73RLQW OjZgbl bgnhjfZpbx h furb
'UDZLQJ %RROHDQ IjbagZd \uiheg_gby jbkh\Zgby
'UDZ7\SH 7'UDZ7\SH OjZgbl bgnhjfZpbx h lbi_ jbkh\Zgby 7'UDZ7\SH
)LOO6HOHFWHG IjbagZd aZeb\db nb]mj
1R)LOO6HOHFWHG IjbagZd hlkmlkl\by aZeb\db nb]mj
1R%RUGHU6HOHFWHG %RROHDQ IjbagZd jbkh\Zgby nb]mj [_a jZfdb
(UDVH&OLS5HFW %RROHDQ MdZau\Z_l m^Zeylv beb g_l ijyfhm]hevgbd
mk_q_gby
0RGLILHG %RROHDQ IjbagZd fh^bnbdZpbb bah[jZ`_gby
)LOH1DPH 6WULQJ OjZgbl bfy nZceZ bah[jZ`_gby
2OG&OLS9LHZ+ZQG +ZQG OjZgbl klZjh_ hdgh ijhkfhljZ [mn_jZ h[f_gZ
^ I_j_f_ggu_ \klZ\db bah[jZ`_gby `
3%R[0RYLQJ %RROHDQ IjbagZd i_j_f_s_gby h[t_dlZ 3DVWH%R[
3%R[0RXVH2UJ 73RLQW OjZgbl dhhj^bgZlu furb ^ey i_j_f_s_gby h[t_dlZ 3DVWH%R[
3DVWH%LW0DS 7%LWPDS OjZgbl jZkljh\h_ bah[jZ`_gb_
=eZ\Z |
*',rjbnlu b ]jZnbdZ |
|
|
|
|
\klZ\e_gguo ^Zgguo
3DVWHG %RROHDQ IjbagZd \klZ\e_gguo ^Zgguo
/DVW'RW 73RLQW OjZgbl dhhj^bgZlm 73RLQW ^ey jbkh\Zgby
ijhba\hevghc ebgbb
SURFHGXUH 'UDZ7R,PDJH 7/ %5 73RLQW 3HQ0RGH 73HQ0RGH
^ WlZ ijhp_^mjZ jbkm_l bah[jZ`_gb_ aZ^Zggh_ ihe_f
'UDZ7\SH ^ey dhfihg_glZ bah[jZ`_gby LPJ'UDZLQJ3DG `
SURFHGXUH 6HW'UDZLQJ6W\OH
^ < wlhc ijhp_^mj_ mklZgZ\eb\Zxlky jZaebqgu_ klbeb i_jZ
b dbklb 3HQ %UXVK gZ hkgh\_ agZq_gbc aZ^Zgguo k ihfhsvx
we_f_glh\ mijZ\e_gby nhjfu >ey mklZgh\db wlbo agZq_gbc
bkihevamxlky iZg_eb bgkljmf_glh\ b p\_lh\Zy k_ldZ `
SURFHGXUH &RS\3DVWH%R[7R,PDJH
^ WlZ ijhp_^mjZ dhibjm_l ^Zggu_ \klZ\e_ggu_ ba kbkl_fgh]h
[mn_jZ h[f_gZ :LQGRZV \ dhfihg_gl ]eZ\gh]h bah[jZ`_gby
LPJ'UDZLQJ3DG `
SURFHGXUH :0'UDZ&OLS%RDUG YDU 0VJ 7:0'UDZ&OLS%RDUG
PHVVDJH :0B'5$:&/,3%2$5'
^ Wlhl h[jZ[hlqbd khh[s_gbc i_j_o\Zlu\Z_l khh[s_gby
:0B'5$:&/,3%2$5' dhlhju_ ihkueZxlky dh \k_f hdgZf
^h[Z\e_gguf \ p_ihqdm ijhkfhljZ [mn_jZ h[f_gZ K
ihfhsvx nmgdpbb :LQ $3, 6HW&OLS%RDUG9LHZHU ex[h_
ijbeh`_gb_ fh`_l ^h[Z\blv k_[y \ wlm p_ihqdm ih^h[gh
lhfm dZd wlh k^_eZgh \ nmgdpbb )RUP&UHDWH `
SURFHGXUH &RS\&XW &XW %RROHDQ
^ Wlhl f_lh^ dhibjm_l qZklv ]eZ\gh]h bah[jZ`_gby
LPJ'UDZLQJ3DG \ [mn_j h[f_gZ :LQGRZV `HQG
YDU0DLQ)RUP 70DLQ)RUP
LPSOHPHQWDWLRQ
XVHV &OLS%UG PDWK
^ 5 ')0`
SURFHGXUH 70DLQ)RUP )RUP&UHDWH 6HQGHU 72EMHFW ^ < wlhf f_lh^_ ihey nhjfu mklZgZ\eb\Zxlky jZ\gufb agZq_gbyf
^_ckl\mxsbf ih mfheqZgbx AZl_f ^ey dhfihg_glZ LPJ'UDZLQJ3DG
kha^Z_lky jZkljh\h_ bah[jZ`_gb_ gZ dhlhjhf \uihegy_lky jbkh\Zgb_
B gZdhg_p k ihfhsvx nmgdpbb 6HW&OLS%RDUG9LHZHU ^Zggh_ ijbeh`_gb_
^h[Z\ey_lky dZd qZklv p_ihqdb ijhkfhljZ [mn_jZ h[f_gZ :LQGRZV
;eZ]h^Zjy wlhfm nhjf_ jZaj_rZ_lky ihemqZlv khh[s_gby :0B'5$:&/,3%2$5'
dhlhju_ ihkueZxlky dh \k_f hdgZf mihfygmlhc p_ihqdb ijb fh^bnbdZpbb
^Zgguo [mn_jZ h[f_gZ ` EHJLQ
6FUHHQ &XUVRUV>FU0RYH@ /RDG&XUVRU K,QVWDQFH 029(
1R)LOO6HOHFWHG 7UXH0RGLILHG )DOVH)LOH1DPH
3DVWHG )DOVHSE3DVWH%R[ (QDEOHG )DOVH
Kha^Zgb_ jZkljZ ^ey dhfihg_glZ LPJ'UDZLQJ3DG b mklZgh\dZ _]h ]jZgbp
ZLWK LPJ'UDZLQJ3DG GREHJLQ
6HW%RXQGV
3LFWXUH *UDSKLF 7%LW0DS &UHDWH
3LFWXUH *UDSKLF :LGWK
3LFWXUH *UDSKLF +HLJKW
HQG
Kha^Zgb_ jZkljh\h]h bah[jZ`_gby ^ey khojZg_gby \klZ\e_gguo ^Zgguo
3DVWH%LWPDS 7%LWPDS &UHDWHSE3DVWH%R[ %ULQJ7R)URQW
^ >h[Z\e_gb_ nhjfu \ p_ihqdm ijhkfhljZ [mn_jZ h[f_gZ :LQGRZV
KhojZg_gb_ ^_kdjbilhjZ ke_^mxs_]h hdgZ \ p_ihqd_ qlh[u _]h
fh`gh [ueh \hkklZgh\blv k ihfhsvx nmgdpbb :LQ $3,
&KDQJH&OLSERDUG&KDLQ \ f_lh^_ wlhc nhjfu )RUP'HVWUR\ `2OG&OLS9LHZ+ZQG 6HW&OLS%RDUG9LHZHU +DQGOH
HQG SURFHGXUH 70DLQ)RUP :0'UDZ&OLS%RDUG YDU 0VJ 7:0'UDZ&OLS%RDUG