krugman & obstfeld - internacional economics

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Krugman & Obstfeld - Internacional Economics 9 edição

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    CMNICNLTBUIIFTK]BJNTKzBXMBNVOFENIBLFUtNJQGBVIMNIIMBJBCBJBLIKTTLG]LINHIKNT

    ]NJJKBJLIFKHIBJHNIKFHNTIJNVBCKIMKHGJFRBWaFSBFUIMBLB]NJJKBJLKHOFTOBVIMBEFLILFU

    EJFLLKHQ]FJVBJLxUFJBwNSRTB[IMBSBJBUNEIIMNIIJGEdLENJJPKHQQFFVL]BICBBHAJNHEB

    NHV{BJSNHPMNVIFLIFRUFJTBQNTUFJSNTKIKBLFUIBHJBLGTIBVKHTFHQCNKILIMNICBJB

    EFLITPKHIKSBNHVUGBTWaKSKTNJEFLILCBJBKSRFLBVFH]GLKHBLLIJNOBTBJL[CMFSKQMIvP

    UJFSFHVFHIF}NJKLKHNHMFGJ[IMBHLRBHVNHFIMBJMFGJCNKIKHQIFETBNJKSSKQJNIKFH

    NHVEGLIFSLW|KUUBJBHEBLKHJBQGTNIKFHLNTLFMNVIMBBUUBEIFUTKSKIKHQIMBKHIBQJNIKFHFU

    SNJdBILWAFJBwNSRTB[]BENGLBMBNTIMJBQGTNIKFHLFHUFFVVKUUBJBVNSFHQIMBGJFRBNH

    HNIKFHL[FHBEFGTVHFILKSRTPsTTNIJGEdCKIMJKIKLMQFFVLNHVINdBIMBSIFAJNHEB[FJ

    OKEBOBJLNW

    TKSKHNIKHQIMBLBLG]ITBF]LINETBLIFIJNVBCNLNOBJPVKUsEGTIRFTKIKENTRJFEBLLW

    aGRRFLBAJNHEBVBEKVBVIFNTTFCQFFVLUJFS{BJSNHPIFBHIBJIMBEFGHIJPCKIMFGINHP

    EMBEdLWMNICFGTVRJBOBHIIMBAJBHEMRBFRTBUJFS]BKHQLGRRTKBVCKIMSNHGUNEIGJBV

    QFFVLIMNIVKVHFISBBIAJBHEMLNUBIPLINHVNJVL[UFFVLIMNIVKVHFISBBIAJBHEMMBNTIM

    LINHVNJVL[FJSBVKEKHBLIMNIMNVHFI]BBHNRRJFOBV]PAJBHEMVFEIFJLXMGLIMBFHTP

    CNPIMNIEFGHIJKBLENHMNOBIJGTPFRBH]FJVBJLKLKUIMBPNJBN]TBIFNQJBBFHEFSSFH

    LINHVNJVLLFIMNINQFFVIMNISBBILAJBHEMJB^GKJBSBHILKLNEEBRIN]TBKH{BJSNHPNHV

    OKEBOBJLNWXMBSNKHINLdFUIMBtHBQFIKNIKFHLCNLIMBJBUFJBFHBFUMNJSFHKzKHQ

    JBQGTNIKFHLKHMGHVJBVLFUNJBNL[HBQFIKNIKFHLIMNICBJBFUIBHNEJKSFHKFGL]BENGLBFU

    VKUUBJBHEBLKHHNIKFHNTEGTIGJBLW

    XMBSFLIBSFIKFHNTBwNSRTBLKHOFTOBVUFFVWTTNVONHEBVEFGHIJKBLJBQGTNIB

    IMKHQLLGEMNLNJIKsEKNTEFTFJKHQIFBHLGJBIMNIEFHLGSBJLNJBHFIGHdHFCKHQTPUBV

    EMBSKENTLIMNINJBENJEKHFQBHLFJFIMBJCKLBMNJSUGTWXMBKHKIKNTTPRJFRFLBVJBQGTNc

    IKFHLFHNJIKsEKNTEFTFJKHQCFGTV[MFCBOBJ[MNOBVBLIJFPBVIMBNRRBNJNHEBFULBOBJNT

    IJNVKIKFHNTJKIKLMUFFVL}KHd]NHQBJL]JBNdUNLILNGLNQBLCFGTVMNOB]BEFSBCMKIB[

    QFTVBHdKRRBJLQJNP[NHVSGLMPRBNLNVJN]JNIMBJIMNHN]JKTTKNHIQJBBHW\FHIKHBHINT

    EFHLGSBJLVKVHFISKHVxKHVBBVIMBPEFGTVHFIGHVBJLINHVMFCIMBJKIKLMEFGTVBNI

    LGEMIMKHQLKHIMBsJLIRTNEBWGIKHJKINKH[IMBKLLGB]BENSBIKBVGRCKIMUBNJFOBJIMB

    TFLLFUHNIKFHNTKVBHIKIP[NHVTFFLBHKHQIMBRJFRFLBVJBQGTNIKFHL]BENSBNIFRRJKFJKIP

    UFJIMBJKIKLMQFOBJHSBHI[CMKEMLGEEBBVBVKHQBIIKHQIMBHBEBLLNJPBwBSRIKFHLWH

    IMBFIMBJMNHV[{BJSNHPCNLUFJEBVIFNEEBRIKSRFJILFU]BBJIMNIVFHFISBBIKIL

    EBHIGJKBLcFTVRGJKIPTNCL[NHVyINTPIFNEEBRIRNLINSNVBUJFSMFJJFJLIMBCJFHQ

    dKHVFUCMBNIW

    GICMPBHQNQBKHNTTIMKLVKUsEGTIHBQFIKNIKHQMNICBJBIMBRFIBHIKNTQNKHLUJFS

    tIIBSRILIFBLIKSNIBIMBVKJBEIQNKHLMNOBNTCNPLLGQQBLIBVIMNIIMBPNJBUNKJTP

    SFVBLIW\FLILNLLFEKNIBVCKIMEJFLLKHQ]FJVBJLNSFGHIIFHFSFJBIMNHNUBCRBJEBHI

    FUIMBONTGBFUIMBQFFVLLMKRRBVxJBSFOKHQIMBLBEFLILNVVLNI]BLINUJNEIKFHFUNRBJc

    EBHIIFIMBJBNTKHEFSBFUGJFRBNLNCMFTBWBIBEFHFSKLILNIIMBGJFRBNH

    \FSSKLLKFHIMBNVSKHKLIJNIKOBNJSFUIMBGJFRBNH\FSSGHKIPNJQGBVIMNIIMBIJGB

    QNKHLCFGTV]BSGEMTNJQBJW

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    *45/.4534.+/3

    XMBKJJBNLFHKHQJBTKBVIFNTNJQBBwIBHIFHIMBOKBCIMNIIMBGHKsENIKFHFUIMB

    GJFRBNHSNJdBICFGTVTBNVIFQJBNIBJEFSRBIKIKFHNSFHQsJSLNHVIFNSFJBBUsEKBHI

    LENTBFURJFVGEIKFHWbGEMCNLSNVBFUIMBEFSRNJKLFHCKIMIMB~HKIBVaINIBL[NEFGHc

    IJPCMFLBRGJEMNLKHQRFCBJNHVRFRGTNIKFHNJBLKSKTNJIFIMFLBFUIMBGJFRBNH~HKFH[

    ]GIIMNIKLN]FJVBJTBLL[UGTTPKHIBQJNIBVSNJdBIW\FSSKLLKFHBEFHFSKLILRFKHIBVFGI

    IMNIKHNHGS]BJFUKHVGLIJKBL[GJFRBLBBSBVIFMNOBSNJdBILIMNICBJBLBQSBHIBV

    yHLIBNVFUIJBNIKHQIMBCMFTBEFHIKHBHINLNLKHQTBSNJdBI[sJSLLBBSBVIFMNOBENJOBV

    KIKHIFTFENTzFHBLLBJOBV]PJBTNIKOBTPLSNTTcLENTBHNIKFHNTRJFVGEBJLWXMBBEFHFSKLIL

    NJQGBVIMNICKIMNTT]NJJKBJLIFIJNVBJBSFOBV[IMBJBCFGTV]BNEFHLFTKVNIKFHFUIMBLB

    RJFVGEBJL[CKIMLG]LINHIKNTQNKHLKHRJFVGEIKOKIPWXMBLBRGINIKOBQNKHLJNKLBVIMBFOBJNTT

    BLIKSNIBV]BHBsILUJFStIFLBOBJNTRBJEBHIFUIMBKHKIKNTKHEFSBFUGJFRBNH

    HNIKFHLWXMB\FSSKLLKFHBEFHFSKLILNJQGBVUGJIMBJIMNIIMBJBCFGTV]BKHVKJBEI]BHBc

    sIL[]BENGLBIMBKSRJFOBVBUsEKBHEPFUIMBGJFRBNHBEFHFSPCFGTVKSRJFOBIMB

    IJNVBcFUU]BICBBHKHvNIKFHNHVGHBSRTFPSBHIWIIMBBHVFUNLBJKBLFUENTEGTNIKFHL[

    IMB\FSSKLLKFHBLIKSNIBVNQNKHUJFStFURBJEBHIFUGJFRBNHKHEFSBW

    MKTBHF]FVPKHOFTOBVKHIMKLVKLEGLLKFHJBQNJVBVRBJEBHINLNRNJIKEGTNJTPJBTKN]TB

    HGS]BJ[SNHPBEFHFSKLILLMNJBVIMBEFHOKEIKFHFUIMB\FSSKLLKFHIMNIIMBQNKHLCFGTV

    ]BTNJQBWXMBJBCBJB[MFCBOBJ[LdBRIKELCMFLGQQBLIBVIMNIIMBLBQSBHINIKFHFUSNJdBIL

    MNVSFJBIFVFCKIMEGTIGJBIMNHCKIMIJNVBRFTKEPWAFJBwNSRTB[yINTKNHEFHLGSBJL

    CNHIBVCNLMKHQSNEMKHBLIMNICBJBGKIBVKUUBJBHIUJFSIMFLBRJBUBJJBVKH{BJSNHPW

    yINTKNHLIBHVIF]GPJBTNIKOBTPUBCETFIMBL[]GIIMFLBIMBP]GPNJBLIPTKLMNHVBwRBHLKOB[

    LFIMBPRJBUBJLTFC[QBHITBCNLMKHQSNEMKHBLIMNIEFHLBJOBIMBKJETFIMKHQKHOBLISBHIW

    _FCIMNINHGS]BJFUPBNJLMNOBRNLLBVLKHEBt[KIKLETBNJIMNI]FIMIMBLGRRFJIc

    BJLNHVIMBLdBRIKELMNVONTKVRFKHILWyHLFSBENLBLIMBJBMNOB]BBHHFIN]TBEFHLFTKVNc

    IKFHLFUKHVGLIJPWAFJBwNSRTB[YFFOBJETFLBVKILONEGGSETBNHBJRTNHIKHAJNHEBNHV

    EFHEBHIJNIBVNTTKILRJFVGEIKFHKHNSFJBBUsEKBHIRTNHIKHJKINKHWyHLFSBENLBLFTV

    SNJdBILBQSBHINIKFHLMNOBETBNJTP]JFdBHVFCH[NHVLFSBIKSBLKHLGJRJKLKHQCNPL[

    TKdBIMBBSBJQBHEBFUJKIKLMLTKEBV]JBNVNLNRFRGTNJKIBSKHAJNHEBWGIKHFIMBJ

    ENLBLSNJdBILMNOBLMFCHTKIITBLKQHFUSBJQKHQWXMB{BJSNHLMNOBLMFCHTKIITBINLIB

    UFJKSRFJIBV]BBJ[NHVIMByINTKNHLHFHBUFJRNLINSNVBCKIMLFUICMBNIW

    YFCTNJQBCBJBIMBBEFHFSKEQNKHLUJFStPuu[CMBHIMBGJFRBNH

    \FSSKLLKFHVBEKVBVIFJBOKBCIMBBUUBEILFUIMBaKHQTBGJFRBNHEI[KIENSBGRCKIM

    SFJBSFVBLIBLIKSNIBLIMNHKIMNV]BUFJBtyIRGIIMBQNKHLNIN]FGItWRBJEBHIFU

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    bFLIINJKUUL[KSRFJIGFINL[NHVFIMBJIJNVBRFTKEPSBNLGJBLNJBGHVBJINdBHRJKSNJKTPIF

    RJFIBEIIMBKHEFSBFURNJIKEGTNJKHIBJBLIQJFGRLW}FTKIKEKNHLFUIBHETNKS[MFCBOBJ[IMNIIMB

    RFTKEKBLNJB]BKHQGHVBJINdBHKHIMBKHIBJBLIFUIMBHNIKFHNLNCMFTB[NHVLFSBIKSBLIMBP

    NJBBOBHIBTTKHQIMBIJGIMWTIMFGQMBEFHFSKLILFUIBHNJQGBIMNIVBOKNIKFHLUJFSUJBBIJNVB

    JBVGEBHNIKFHNTCBTUNJB[IMBJBNJB[KHUNEI[LFSBIMBFJBIKENTQJFGHVLUFJ]BTKBOKHQIMNI

    NEIKOKLIIJNVBRFTKEKBLENHLFSBIKSBLKHEJBNLBIMBCBTUNJBFUIMBHNIKFHNLNCMFTBW

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    /3534330.+/3 ``

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    HBNJQGSBHIUFJVBOKNIKHQUJFSUJBBIJNVBEFSBLVKJBEITPFGIFUEFLIc]BHBsINHNTPLKL

    AFJNTNJQBEFGHIJPIMNIKLN]TBIFNUUBEIIMBRJKEBLFUUFJBKQHBwRFJIBJL[NINJKUUTFCBJLIMB

    RJKEBFUKSRFJILNHVIMGLQBHBJNIBLNIBJSLFUIJNVB]BHBsIWXMKL]BHBsISGLI]BLBI

    NQNKHLIIMBEFLILFUIMBINJKUU[CMKEMNJKLB]BENGLBIMBINJKUUVKLIFJILRJFVGEIKFHNHVEFHc

    LGSRIKFHKHEBHIKOBLWyIKLRFLLK]TB[MFCBOBJ[IMNIKHLFSBENLBLIMBIBJSLFUIJNVB]BHBsIL

    FUNINJKUUFGICBKQMKILEFLIL[LFIMBJBKLNqepnofqpmrempejqfopmqmpiffW

    XMBNRRBHVKwIFIMKLEMNRIBJLMFCLIMNIUFJNLGUsEKBHITPLSNTTINJKUU[IMBIBJSLFUIJNVB

    ]BHBsILSGLIFGICBKQMIMBEFLILWXMGLNILSNTTINJKUUJNIBL[NTNJQBEFGHIJPLCBTUNJBKL

    MKQMBJIMNHCKIMUJBBIJNVBAKQGJBtucWLIMBINJKUUJNIBKLKHEJBNLBV[MFCBOBJ[IMBEFLIL

    BOBHIGNTTP]BQKHIFQJFCSFJBJNRKVTPIMNHIMB]BHBsILNHVIMBEGJOBJBTNIKHQHNIKFHNT

    CBTUNJBIFIMBINJKUUJNIBIGJHLVFCHWINJKUUJNIBIMNIEFSRTBIBTPRJFMK]KILIJNVB KH

    AKQGJBtucTBNOBLIMBEFGHIJPCFJLBFUUIMNHCKIMUJBBIJNVBxUGJIMBJKHEJBNLBLKHIMB

    INJKUUJNIB]BPFHVMNOBHFBUUBEI[LFIMBEGJOBvNIIBHLFGIW

    I`RFKHItFHIMBEGJOBKHAKQGJBtuc[EFJJBLRFHVKHQIFIMBINJKUUJNIB[HNIKFHNTCBTc

    UNJBKLSNwKSKzBVWXMBINJKUUJNIBIMNISNwKSKzBLHNIKFHNTCBTUNJBKLIMBoqiqmpiffW

    PEFHOBHIKFH[IMBRMJNLBKLGLGNTTPGLBVIFJBUBJIFIMBINJKUUGLIKsBV]P

    NIBJSLFUIJNVBNJQGSBHIJNIMBJIMNHIFIMB]BLIINJKUUQKOBHNTTRFLLK]TBEFHLKVBJNIKFHLW

    XMBFRIKSGSINJKUUJNIBKLNTCNPLRFLKIKOB]GITBLLIMNHIMBRJFMK]KIKOBJNIB IMNICFGTV

    BTKSKHNIBNTTKSRFJILW

    MNIRFTKEPCFGTVIMBIBJSLFUIJNVBNJQGSBHIVKEINIBUFJLBEIFJLaKHEBNH

    BwRFJILG]LKVPIMBIBJSLFUIJNVB[NHVIMBJBUFJBGHNS]KQGFGLTPJBVGEBLHNIKFHNT

    CBTUNJB[IMBFRIKSNTRFTKEPKHBwRFJILBEIFJLSGLI]BNHBQNIKOBLG]LKVP[IMNIKL[NFH

    BwRFJILIMNIJNKLBLIMBRJKEBFUBwRFJILIFUFJBKQHBJLWKdBIMBFRIKSGSINJKUU[IMBFRIKSGS

    BwRFJIINwKLNTCNPLRFLKIKOB]GITBLLIMNHIMBRJFMK]KIKOBINwIMNICFGTVBTKSKHNIBBwRFJIL

    EFSRTBIBTPW

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    GHVBJUJBBIJNVBW

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    INHEBIFIMBSWAFJ]KQEFGHIJKBLTKdBIMB~HKIBVaINIBL[IMBRJF]TBSKLIMNIIMBIBJSLFU

    IJNVBNJQGSBHINSFGHILIFNHNJQGSBHIUFJGLKHQHNIKFHNTSFHFRFTPRFCBJIFBwIJNEI

    QNKHLNIFIMBJEFGHIJKBLBwRBHLBWXMB~HKIBVaINIBLEFGTVLGJBTPVFIMKLIFLFSBBwIBHI[

    ]GILGEMNRJBVNIFJPRFTKEPCFGTVRJF]N]TP]JKHQJBINTKNIKFHUJFSFIMBJTNJQBEFGHIJKBLW

    `EPETBFUJBINTKNIFJPIJNVBSFOBLCFGTV[KHIGJH[GHVBJSKHBIMBNIIBSRILNIKHIBJHNIKFHNT

    IJNVBRFTKEPEFFJVKHNIKFHVBLEJK]BVTNIBJKHIMKLEMNRIBJW

    XMBIBJSLFUIJNVBNJQGSBHINQNKHLIUJBBIJNVB[IMBH[KLKHIBTTBEIGNTTPKSRBEEN]TB]GIFU

    VFG]IUGTGLBUGTHBLLWyHRJNEIKEB[KIKLSFJBFUIBHBSRMNLKzBV]PBEFHFSKLILNLNIMBFJBIKc

    ENTRJFRFLKIKFHIMNHNEIGNTTPGLBV]PQFOBJHSBHILNLNGLIKsENIKFHUFJIJNVBRFTKEPW

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    BNOKHQNLKVBIMBKLLGBFUIMBIBJSLFUIJNVB[IMB]NLKEIMBFJBIKENTENLBUFJUJBBIJNVBJBLIBV

    FHEFLIc]BHBsINHNTPLKLGLKHQIMBEFHEBRILFUEFHLGSBJNHVRJFVGEBJLGJRTGLWbNHP

    BEFHFSKLILMNOBSNVBNENLBNQNKHLIUJBBIJNVB]NLBVFHIMBEFGHIBJNJQGSBHIIMNIIMBLB

    EFHEBRIL[RJFVGEBJLGJRTGLKHRNJIKEGTNJ[VFHFIRJFRBJTPSBNLGJBEFLILNHV]BHBsILW

    MPSKQMIRJFVGEBJLGJRTGLHFIRJFRBJTPSBNLGJBIMB]BHBsILFURJFVGEKHQNQFFV

    BEFHLKVBJNONJKBIPFUJBNLFHLKHIMBHBwIICFEMNRIBJLXMBLBKHETGVBIMBRFLLK]KTKIP

    IMNIIMBTN]FJGLBVKHNLBEIFJCFGTVFIMBJCKLB]BGHBSRTFPBVFJGHVBJBSRTFPBV[IMB

    BwKLIBHEBFUVBUBEILKHIMBENRKINTFJTN]FJSNJdBILIMNIRJBOBHIJBLFGJEBLUJFS]BKHQIJNHLc

    UBJJBVNLJNRKVTPNLIMBPLMFGTV]BIFLBEIFJLIMNIPKBTVMKQMJBIGJHL[NHVIMBRFLLK]KTKIPFU

    IBEMHFTFQKENTLRKTTFOBJLUJFSKHVGLIJKBLIMNINJBHBCFJRNJIKEGTNJTPKHHFONIKOBWXMBLBENH

    NTT]BETNLLKsBVGHVBJIMBQBHBJNTMBNVKHQFUroenqihmpeqfmipenWXMNIKL[KHBNEMFU

    IMBLBBwNSRTBL[LFSBSNJdBIKHIMBEFGHIJPKLHFIVFKHQKILF]JKQMIIMBTN]FJSNJdBIKL

    HFIETBNJKHQ[IMBENRKINTSNJdBIKLHFINTTFENIKHQJBLFGJEBLBUsEKBHITP[NHVLFFHW

    aGRRFLB[UFJBwNSRTB[IMNIIMBRJFVGEIKFHFULFSBQFFVPKBTVLBwRBJKBHEBIMNICKTT

    KSRJFOBIMBIBEMHFTFQPFUIMBBEFHFSPNLNCMFTB]GIIMNIIMBsJSLKHIMBLBEIFJENHHFI

    NRRJFRJKNIBIMKL]BHBsINHVIMBJBUFJBVFHFIINdBKIKHIFNEEFGHIKHVBEKVKHQMFCSGEMIF

    RJFVGEBWXMBHIMBJBKLNmpijmnohimejegqIFNVVKIKFHNTRJFVGEIKFHIMNIKLHFI

    ENRIGJBV]PIMBRJFVGEBJLGJRTGLSBNLGJBWXMKLSNJQKHNTLFEKNT]BHBsIENHLBJOBNLN

    GLIKsENIKFHUFJINJKUULFJFIMBJIJNVBRFTKEKBLW

    AKQGJBtucKTTGLIJNIBLIMBVFSBLIKESNJdBIUNKTGJBNJQGSBHINQNKHLIUJBBIJNVBW

    AKQGJBtucNLMFCLIMBEFHOBHIKFHNTEFLIc]BHBsINHNTPLKLFUNINJKUUUFJNLSNTTEFGHIJP

    CMKEMJGTBLFGIIBJSLFUIJNVBBUUBEILWAKQGJBtuc]LMFCLIMBSNJQKHNT]BHBsIUJFS

    RJFVGEIKFHIMNIKLHFIINdBHNEEFGHIFU]PIMBRJFVGEBJLGJRTGLSBNLGJBWXMBsQGJBLMFCL

    IMBBUUBEILFUNINJKUUIMNIJNKLBLIMBVFSBLIKERJKEBUJFS IF W}JFVGEIKFHJKLBL

    UJFS IF [CKIMNJBLGTIKHQRJFVGEIKFHVKLIFJIKFHKHVKENIBV]PIMBNJBNTN]BTBVW

    \FHLGSRIKFHUNTTLUJFS IF [CKIMNJBLGTIKHQEFHLGSRIKFHVKLIFJIKFHKHVKENIBV]PIMB

    NJBNWyUCBEFHLKVBJBVFHTPEFHLGSBJNHVRJFVGEBJLGJRTGL[CBCFGTVsHVIMNIIMBEFLIL

    FUIMBINJKUUBwEBBVKIL]BHBsILWAKQGJBtuc]LMFCL[MFCBOBJ[IMNIIMKLENTEGTNIKFHFOBJc

    TFFdLNHNVVKIKFHNT]BHBsIIMNISNPSNdBIMBINJKUURJBUBJN]TBIFUJBBIJNVBWXMBKHEJBNLB

    KHRJFVGEIKFHPKBTVLNLFEKNT]BHBsIIMNISNP]BSBNLGJBV]PIMBNJBNGHVBJIMBSNJQKHNT

    LFEKNT]BHBsIEGJOBUJFS IF[KHVKENIBV]PWyHUNEI[]PNHNJQGSBHILKSKTNJIFIMNI

    KHIMBIBJSLFUIJNVBENLB[CBENHLMFCIMNIKUIMBINJKUUKLLSNTTBHFGQM[IMBNJBNSGLI

    NTCNPLBwEBBVIMBNJBN NHVIMNIIMBJBKLLFSBCBTUNJBcSNwKSKzKHQINJKUUIMNIPKBTVL

    NTBOBTFULFEKNTCBTUNJBMKQMBJIMNHIMNIFUUJBBIJNVBW

    XMBVFSBLIKESNJdBIUNKTGJBNJQGSBHINQNKHLIUJBBIJNVBKLNRNJIKEGTNJENLBFUNSFJB

    QBHBJNTEFHEBRIdHFCHKHBEFHFSKELNLIMBqeopkofqenehojrenqWXMKLIMBFJPLINIBL

    IMNINMNHVLcFUURFTKEPKLVBLKJN]TBKHNHPFHBSNJdBIFHTPKUNTTFIMBJSNJdBILNJBCFJdKHQ

    RJFRBJTPWyUIMBPNJBHFI[NQFOBJHSBHIKHIBJOBHIKFHIMNINRRBNJLIFVKLIFJIKHEBHIKOBLKHFHB

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    /3534330.+/3 ``

    SNJdBISNPNEIGNTTPKHEJBNLBCBTUNJB]PFUULBIIKHQIMBEFHLB^GBHEBLFUSNJdBIUNKTGJBL

    BTLBCMBJBWAFJBwNSRTB[KUIMBTN]FJSNJdBIKLSNTUGHEIKFHKHQNHVUNKTLIFVBTKOBJUGTT

    BSRTFPSBHI[NRFTKEPFULG]LKVKzKHQTN]FJcKHIBHLKOBKHVGLIJKBL[CMKEMCFGTV]BGHVBLKJc

    N]TBKHNUGTTcBSRTFPSBHIBEFHFSP[SKQMIIGJHFGIIF]BNQFFVKVBNWyICFGTV]B]BIIBJIF

    swIMBTN]FJSNJdBI]P[UFJBwNSRTB[SNdKHQCNQBLSFJBvBwK]TB[]GIKUUFJLFSBJBNLFH

    IMKLENHHFI]BVFHB[KHIBJOBHKHQKHFIMBJSNJdBILSNP]BNLBEFHVc]BLICNPFUNTTBOKNIc

    KHQIMBRJF]TBSW

    MBHBEFHFSKLILNRRTPIMBIMBFJPFUIMBLBEFHV]BLIIFIJNVBRFTKEP[IMBPNJQGBIMNI

    KSRBJUBEIKFHLKHIMBUGHEIKFHKHQFUNHBEFHFSPSNPGLIKUPKHIBJUBJKHQKHKIL

    BwIBJHNTBEFHFSKEJBTNIKFHLWXMKLNJQGSBHINEEBRILIMNIKHIBJHNIKFHNTIJNVBKLHFIIMB

    LFGJEBFUIMBRJF]TBS]GILGQQBLILHFHBIMBTBLLIMNIIJNVBRFTKEPENHRJFOKVBNITBNLIN

    RNJIKNTLFTGIKFHW

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    MBHIMBPCBJBsJLIRJFRFLBV[SNJdBIUNKTGJBNJQGSBHILUFJRJFIBEIKFHLBBSBVIFGHVBJSKHB

    SGEMFUIMBENLBUFJUJBBIJNVBWUIBJNTT[CMFCFGTVCNHIIFNJQGBIMNIIMBJBNTBEFHFSKBLCB

    TKOBKHNJBUJBBUJFSSNJdBIUNKTGJBLyHRFFJBJHNIKFHL[KHRNJIKEGTNJ[SNJdBIKSRBJUBEIKFHL

    LBBSIF]BTBQKFHWAFJBwNSRTB[GHBSRTFPSBHINHVSNLLKOBVKUUBJBHEBL]BICBBHJGJNTNHV

    GJ]NHCNQBJNIBLNJBRJBLBHIKHSNHPTBLLcVBOBTFRBVEFGHIJKBL\MNRIBJttWXMBBOKVBHEBIMNI

    SNJdBILCFJd]NVTPKLTBLLQTNJKHQKHNVONHEBVEFGHIJKBL[]GIKIKLBNLPIFVBOBTFRMPRFIMBLBL

    LGQQBLIKHQSNFJSNJdBIUNKTGJBLIMBJBNLCBTTUFJBwNSRTB[IMBKHN]KTKIPFUKHHFONIKOBsJSL

    IFJBNRIMBUGTTJBCNJVLFUIMBKJKHHFONIKFHLWYFCENHCBVBUBHVUJBBIJNVBQKOBHIMBTKdBTKMFFV

    IMNIIMBJBNJBKHIBJOBHIKFHLIMNIEFGTVJNKLBHNIKFHNTCBTUNJB

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    XMBJBNJBICFTKHBLFUVBUBHLBUFJUJBBIJNVBXMBsJLINJQGBLIMNIVFSBLIKESNJdBIUNKTc

    GJBLLMFGTV]BEFJJBEIBV]PVFSBLIKERFTKEKBLNKSBVVKJBEITPNIIMBRJF]TBSLLFGJEBLxIMB

    LBEFHVNJQGBLIMNIBEFHFSKLILENHHFIVKNQHFLBSNJdBIUNKTGJBCBTTBHFGQMIFRJBLEJK]B

    RFTKEPW

    XMBRFKHIIMNIVFSBLIKESNJdBIUNKTGJBENTTLUFJVFSBLIKERFTKEPEMNHQBL[HFIKHIBJc

    HNIKFHNTIJNVBRFTKEKBL[ENH]BSNVB]PEFLIc]BHBsINHNTPLKLSFVKsBVIFNEEFGHIUFJNHP

    GHSBNLGJBVSNJQKHNTLFEKNT]BHBsILWAKQGJBtucLMFCBVIMNININJKUUSKQMIJNKLBCBTUNJB[

    VBLRKIBIMBRJFVGEIKFHNHVEFHLGSRIKFHVKLIFJIKFHLKIENGLBL[]BENGLBKITBNVLIFNVVKIKFHNT

    RJFVGEIKFHIMNIPKBTVLLFEKNT]BHBsILWyUIMBLNSBRJFVGEIKFHKHEJBNLBCBJBNEMKBOBVOKNN

    RJFVGEIKFHLG]LKVPJNIMBJIMNHNINJKUU[MFCBOBJ[IMBRJKEBIFEFHLGSBJLCFGTVHFIKHEJBNLB

    NHVIMBEFHLGSRIKFHTFLLCFGTV]BNOFKVBVWyHFIMBJCFJVL[]PINJQBIKHQVKJBEITPIMBRNJc

    IKEGTNJNEIKOKIPCBCNHIIFBHEFGJNQB[NRJFVGEIKFHLG]LKVPCFGTVNOFKVLFSBFUIMBLKVB

    EFLILNLLFEKNIBVCKIMNINJKUUW

    XMKLBwNSRTBKTTGLIJNIBLNQBHBJNTRJKHEKRTBCMBHVBNTKHQCKIMSNJdBIUNKTGJBLyIKL

    NTCNPLRJBUBJN]TBIFVBNTCKIMSNJdBIUNKTGJBLNLVKJBEITPNLRFLLK]TB[]BENGLBKHVKJBEI

    RFTKEPJBLRFHLBLTBNVIFGHKHIBHVBVVKLIFJIKFHLFUKHEBHIKOBLBTLBCMBJBKHIMBBEFHFSPW

    XMGL[IJNVBRFTKEKBLGLIKsBV]PVFSBLIKESNJdBIUNKTGJBNJBHBOBJIMBSFLIBUsEKBHI

    JBLRFHLBxIMBPNJBNTCNPLLBEFHVc]BLIJNIMBJIMNHsJLIc]BLIRFTKEKBLW

    XMKLKHLKQMIMNLKSRFJINHIKSRTKENIKFHLUFJIJNVBRFTKEPSNdBJLHPRJFRFLBVIJNVBRFTc

    KEPLMFGTVNTCNPL]BEFSRNJBVCKIMNRGJBTPVFSBLIKERFTKEPNKSBVNIEFJJBEIKHQIMBLNSB

    RJF]TBSWyUIMBVFSBLIKERFTKEPNRRBNJLIFFEFLITPFJMNLGHVBLKJN]TBLKVBBUUBEIL[IMBIJNVB

    RFTKEPKLNTSFLILGJBTPBOBHTBLLVBLKJN]TBBOBHIMFGQMIMBEFLILNJBTBLLNRRNJBHIW

    yHIMB~HKIBVaINIBL[UFJBwNSRTB[NHKSRFJIGFINFHNGIFSF]KTBLMNL]BBHLGRRFJIBVFH

    IMBQJFGHVLIMNIKIKLHBEBLLNJPIFLNOBIMBF]LFUNGIFCFJdBJLWXMBNVOFENIBLFUNHKSRFJI

    G^FINNJQGBIMNI~WaWTN]FJSNJdBILNJBIFFKHvBwK]TBUFJNGIFCFJdBJLIFJBSNKHBSRTFPBV

    BKIMBJ]PEGIIKHQIMBKJCNQBLFJ]PsHVKHQF]LKHFIMBJLBEIFJLW_FCEFHLKVBJNRGJBTP

    VFSBLIKERFTKEPNKSBVNIIMBLNSBRJF]TBSNLG]LKVPIFsJSLIMNIBSRTFPNGIFCFJdBJLWaGEM

    NRFTKEPCFGTVBHEFGHIBJSNLLKOBRFTKIKENTFRRFLKIKFHWAFJFHBIMKHQ[IFRJBLBJOBEGJJBHITBOc

    BTLFUBSRTFPSBHICKIMFGIRJFIBEIKFHCFGTVJB^GKJBTNJQBLG]LKVPRNPSBHIL[CMKEMCFGTV

    BKIMBJKHEJBNLBIMBUBVBJNTQFOBJHSBHIL]GVQBIVBsEKIFJJB^GKJBNINwKHEJBNLBWAGJIMBJSFJB[

    NGIFCFJdBJLNJBNSFHQIMBMKQMBLIcRNKVCFJdBJLKHIMBSNHGUNEIGJKHQLBEIFJxIMBQBHBJNT

    RG]TKECFGTVLGJBTPF]BEIIFLG]LKVKzKHQIMBSWyIKLMNJVIF]BTKBOBNHBSRTFPSBHILG]LKVP

    UFJNGIFCFJdBJLEFGTVRNLL\FHQJBLLWBINHKSRFJIGFIN[

    ]BENGLBCMKTBKICFGTV]JKHQN]FGIIMBLNSBKHEJBNLBKHBSRTFPSBHI[KICFGTVNTLFVKLIFJI

    EFHLGSBJEMFKEBWXMBFHTPVKUUBJBHEBKLIMNIIMBEFLILCFGTV]BTBLLOKLK]TB[INdKHQIMBUFJS

    FUMKQMBJNGIFSF]KTBRJKEBLJNIMBJIMNHVKJBEIQFOBJHSBHIFGITNPLW

    \JKIKELFUIMBVFSBLIKESNJdBIUNKTGJBGLIKsENIKFHUFJRJFIBEIKFHNJQGBIMNIIMKLENLBKL

    IPRKENTbFLIVBOKNIKFHLUJFSUJBBIJNVBNJBNVFRIBVHFI]BENGLBIMBKJ]BHBsILBwEBBVIMBKJ

    EFLIL]GI]BENGLBIMBRG]TKEUNKTLIFGHVBJLINHVIMBKJIJGBEFLILW\FSRNJKHQIMBEFLILFU

    IJNVBRFTKEPCKIMNTIBJHNIKOBVFSBLIKERFTKEKBLKLIMGLNGLBUGTCNPIFUFEGLNIIBHIKFHFH

    GLIMFCTNJQBIMBLBEFLILNJBW

    XMBLBEFHVVBUBHLBFUUJBBIJNVBKLIMNI]BENGLBSNJdBIUNKTGJBLNJBIPRKENTTPMNJVIF

    KVBHIKUPRJBEKLBTP[KIKLVKUsEGTIIF]BLGJBCMNIIMBNRRJFRJKNIBRFTKEPJBLRFHLBLMFGTV]BW

    AFJBwNSRTB[LGRRFLBIMBJBKLGJ]NHGHBSRTFPSBHIKHNTBLLcVBOBTFRBVEFGHIJPxCMNIKL

    IMBNRRJFRJKNIBRFTKEPHBMPRFIMBLKLBwNSKHBVSFJBETFLBTPKH\MNRIBJttLNPLIMNIN

    INJKUUIFRJFIBEIGJ]NHKHVGLIJKNTLBEIFJLCKTTVJNCIMBGHBSRTFPBVKHIFRJFVGEIKOBCFJd

    NHVIMGLQBHBJNIBLFEKNT]BHBsILIMNICFGTVSFJBIMNHEFSRBHLNIBUFJIMBINJKUULEFLILW

    YFCBOBJ[NHFIMBJMPRFIMBLKLLNPLIMNIIMKLRFTKEPCKTTBHEFGJNQBLFSGEMSKQJNIKFHIF

    GJ]NHNJBNLIMNIGHBSRTFPSBHICKTT[KHUNEI[KHEJBNLBWyIKLVKUsEGTIIFLNPCMKEMFUIMBLB

    MPRFIMBLBLKLJKQMIWMKTBBEFHFSKEIMBFJPLNPLSGEMN]FGIIMBCFJdKHQFUSNJdBILIMNI

    UGHEIKFHRJFRBJTP[KIRJFOKVBLSGEMTBLLQGKVNHEBFHIMFLBIMNIVFHIxIMBJBNJBSNHPCNPL

    abcdefgi

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    KHCMKEMSNJdBILENHSNTUGHEIKFH[NHVIMBEMFKEBFUNLBEFHVc]BLIRFTKEPVBRBHVLFHIMB

    VBINKTLFUIMBSNJdBIUNKTGJBW

    XMBVKUsEGTIPFUNLEBJINKHKHQIMBEFJJBEILBEFHVc]BLIIJNVBRFTKEPIFUFTTFCJBKHUFJEBL

    IMBRFTKIKENTNJQGSBHIUFJUJBBIJNVBSBHIKFHBVBNJTKBJWyUIJNVBRFTKEPBwRBJILNJBMKQMTP

    GHEBJINKHN]FGIMFCRFTKEPLMFGTVVBOKNIBUJFSUJBBIJNVBNHVVKLNQJBBNSFHQIMBSc

    LBTOBL[KIKLNTTIFFBNLPUFJIJNVBRFTKEPIFKQHFJBHNIKFHNTCBTUNJBNTIFQBIMBJNHV]BEFSB

    VFSKHNIBV]PLRBEKNTcKHIBJBLIRFTKIKELWyUIMBSNJdBIUNKTGJBLNJBHFIIFF]NVIFLINJICKIM[N

    EFSSKISBHIIFUJBBIJNVBSKQMIKHIMBBHV]BN]BIIBJRFTKEPIMNHFRBHKHQIMB}NHVFJNL

    ]FwFUNSFJBvBwK]TBNRRJFNEMW

    XMKLKL[MFCBOBJ[NGVQSBHIN]FGIRFTKIKELJNIMBJIMNHN]FGIBEFHFSKELWBHBBVIF

    JBNTKzBIMNIBEFHFSKEIMBFJPVFBLRJFOKVBNVFQSNIKEVBUBHLBFUUJBBIJNVB[BOBH

    IMFGQMKIKLFUIBHNEEGLBVFUVFKHQLFW

    XMBVKLEGLLKFHLFUNJMNLUFEGLBVFHHNIKFHNTCBTUNJBNJQGSBHILUFJNHVNQNKHLIINJKUU

    RFTKEPWyIKLNRRJFRJKNIBIFLINJIIMBJB[]FIM]BENGLBNVKLIKHEIKFH]BICBBHHNIKFHNTCBTUNJB

    NHVIMBCBTUNJBFURNJIKEGTNJQJFGRLMBTRLIFETNJKUPIMBKLLGBLNHV]BENGLBIMBNVOFENIBL

    FUIJNVBRFTKEKBLGLGNTTPETNKSIMNIIMBRFTKEKBLCKTT]BHBsIIMBHNIKFHNLNCMFTBWMBH

    TFFdKHQNIIMBNEIGNTRFTKIKELFUIJNVBRFTKEP[MFCBOBJ[KI]BEFSBLHBEBLLNJPIFVBNTCKIM

    IMBJBNTKIPIMNIIMBJBKLHFLGEMIMKHQNLHNIKFHNTCBTUNJBxIMBJBNJBFHTPIMBVBLKJBLFUKHVKc

    OKVGNTL[CMKEMQBISFJBFJTBLLKSRBJUBEITPJBvBEIBVKHIMBF]BEIKOBLFUQFOBJHSBHIW

    YFCVFIMBRJBUBJBHEBLFUKHVKOKVGNTLQBINVVBVGRIFRJFVGEBIMBIJNVBRFTKEPCB

    NEIGNTTPLBBXMBJBKLHFLKHQTB[QBHBJNTTPNEEBRIBVNHLCBJ[]GIIMBJBMNL]BBHNQJFCKHQ

    ]FVPFUBEFHFSKENHNTPLKLIMNIBwRTFJBLSFVBTLKHCMKEMQFOBJHSBHILNJBNLLGSBVIF]B

    IJPKHQIFSNwKSKzBRFTKIKENTLGEEBLLJNIMBJIMNHNHN]LIJNEISBNLGJBFUHNIKFHNTCBTUNJBW

    n(&

    }FTKIKENTLEKBHIKLILMNOBTFHQGLBVNLKSRTBSFVBTFUEFSRBIKIKFHNSFHQRFTKIKENTRNJIKBL

    IFLMFCMFCIMBRJBUBJBHEBLFUOFIBJLSKQMI]BJBvBEIBVKHNEIGNTRFTKEKBLW

    XMBSFVBT

    JGHLNLUFTTFCLaGRRFLBIMNIIMBJBNJBICFEFSRBIKHQRNJIKBL[BNEMFUCMKEMKLCKTTKHQ

    IFRJFSKLBCMNIBOBJCKTTBHN]TBKIIFCKHIMBHBwIBTBEIKFHWaGRRFLBIMNIRFTKEPENH]B

    VBLEJK]BVNTFHQNLKHQTBVKSBHLKFH[LNP[IMBTBOBTFUIMBINJKUUJNIBWHVsHNTTP[LGRRFLB

    IMNIOFIBJLVKUUBJKHIMBRFTKEKBLIMBPRJBUBJWAFJBwNSRTB[KSNQKHBIMNINEFGHIJPBwRFJIL

    LdKTTcKHIBHLKOBQFFVLNHVKSRFJILTN]FJcKHIBHLKOBQFFVLWXMBHOFIBJLCKIMMKQMLdKTTTBOc

    BTLCKTTUNOFJTFCINJKUUJNIBL[]GIOFIBJLCKIMTFCLdKTTLCKTT]B]BIIBJFUUKUIMBEFGHIJP

    KSRFLBLNMKQMINJKUU]BENGLBFUIMBaIFTRBJcaNSGBTLFHBUUBEIVKLEGLLBVKH\MNRIBJW

    BENHIMBJBUFJBIMKHdFUTKHKHQGRNTTIMBOFIBJLKHIMBFJVBJFUIMBINJKUUJNIBIMBPRJBc

    UBJ[CKIMIMBOFIBJLCMFUNOFJIMBTFCBLIJNIBFHIMBTBUINHVIMFLBCMFUNOFJIMBMKQMBLI

    JNIBFHIMBJKQMIW

    MNIRFTKEKBLCKTTIMBICFRNJIKBLIMBHRJFSKLBIFUFTTFCXMBNHLCBJKLIMNIIMBPCKTT

    IJPIFsHVIMBSKVVTBQJFGHVLRBEKsENTTP[]FIMCKTTIBHVIFEFHOBJQBFHIMBINJKUUJNIBRJBc

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    EFHLKVBJAKQGJBtucWyHIMBsQGJB[OFIBJLNJBTKHBVGR]PIMBKJRJBUBJJBVINJKUUJNIB[CMKEMKL

    LMFCH]PIMBMPRFIMBIKENTGRCNJVcLTFRKHQEGJOBx KLIMBSBVKNHOFIBJLRJBUBJJBVJNIBW

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    RNJIPIFGHVBJEGINHPINJKUURJFRFLNTIMNIKLMKQMBJIMNHCMNIIMBSBVKNHOFIBJCNHILW

    aKSKTNJJBNLFHKHQLMFCLIMNILBTUcKHIBJBLIBVRFTKIKEKNHLCKTTNTCNPLCNHIIFRJFSKLBN

    MKQMBJINJKUUKUIMBKJFRRFHBHILRJFRFLBFHBIMNIKLTFCBJIMNHIMBINJKUUIMBSBVKNHOFIBJ

    RJBUBJLWaF]FIMRNJIKBLBHVGRRJFRFLKHQNINJKUUETFLBIFIMBFHBIMBSBVKNHOFIBJCNHILW

    }FTKIKENTLEKBHIKLILMNOBSFVKsBVIMKLLKSRTBSFVBTKHNHGS]BJFUCNPLWAFJBwNSRTB[

    LFSBNHNTPLILLIJBLLIMBKSRFJINHEBFURNJIPNEIKOKLILKHQBIIKHQFGIIMBOFIBxLKHEBIMBLB

    NEIKOKLILNJBFUIBHKVBFTFQKENTTPSFIKONIBV[IMBHBBVUFJIMBKJLGRRFJISNPRJBOBHIRNJIKBL

    UJFS]BKHQGKIBNLEPHKENT[FJNVFRIKHQRTNIUFJSLGKIBNLKHVKLIKHQGKLMN]TB[NLIMKLSFVBT

    LGQQBLILW_FHBIMBTBLL[IMBSBVKNHOFIBJSFVBTFUBTBEIFJNTEFSRBIKIKFHMNL]BBHOBJP

    MBTRUGTNLNCNPFUIMKHdKHQN]FGIMFCRFTKIKENTVBEKLKFHLQBISNVBKHIMBJBNTCFJTV[

    CMBJBIMBBUUBEILFURFTKEPFHKHEFSBVKLIJK]GIKFHSNP]BSFJBKSRFJINHIIMNHIMBKJ

    BUUBEILFHBUsEKBHEPW

    HBNJBNKHCMKEMIMBSBVKNHOFIBJSFVBTVFBLHFILBBSIFCFJdOBJPCBTT[MFCBOBJ[

    KLIJNVBRFTKEPyHUNEI[KISNdBLNHNTSFLIRJBEKLBTPCJFHQRJBVKEIKFHWEEFJVKHQIFIMKL

    SFVBT[NRFTKEPLMFGTV]BEMFLBHFHIMB]NLKLFUMFCSNHPOFIBJLKIRTBNLBLRFTKEPIMNI

    KHvKEILTNJQBTFLLBLFHNUBCRBFRTB]GI]BHBsILNTNJQBHGS]BJFURBFRTBLMFGTV]BN

    RFTKIKENTCKHHBJxNRFTKEPIMNIKHvKEILCKVBLRJBNVTFLLBL]GIMBTRLNLSNTTQJFGRLMFGTV]B

    NTFLBJWyHUNEI[MFCBOBJ[RJFIBEIKFHKLIRFTKEKBLNJBSFJBTKdBTPIFsIIMBTNIIBJIMNHIMB

    UFJSBJVBLEJKRIKFHWBENTTIMBBwNSRTBFUIMB~WaWLGQNJKSRFJIGFIN[VKLEGLLBVKH

    \MNRIBJEEFJVKHQIFIMBBLIKSNIBLRJBLBHIBVIMBJB[IMBGFINKSRFLBVNTFLLFUN]FGI

    W]KTTKFHFH~WaWEFHLGSBJLIMNIKL[FHIBHLFUSKTTKFHLFUOFIBJLCMKTBRJFOKVKHQN

    SGEMLSNTTBJQNKHIFNUBCIMFGLNHVLGQNJKHVGLIJPCFJdBJLNHV]GLKHBLLRBJLFHLWYFC

    ENHLGEMNIMKHQMNRRBHRFTKIKENTTP

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    RFTKIKEKNHLJBNTTPNJBUFJLNTB

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    KLIMNI~WaWENSRNKQHsHNHEBTNCLJB^GKJBRFTKIKc

    EKNHLIFJBOBNTIMBNSFGHILNHVLFGJEBLFUENSRNKQH

    EFHIJK]GIKFHLxIMKLVKLETFLGJBNTTFCLBEFHFSKLILNHV

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    BJNTTPdHFCHNL_` AX`[NHVVBLEJK]BVNIQJBNIBJ

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    VBLEJK]BV]BTFCWFIMOFIBLCBJB]KIIBJTPUFGQMI[

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    CBJBLIJFHQTPNQNKHLIWyH]FIMENLBLIMBUJBBIJNVB

    RFLKIKFH]NEdBV]P]GLKHBLLCFHxKHIMB_` AX`

    OFIB[IMBFGIEFSBCNLKHVFG]IGHIKTIMBTNLISKHGIB[

    NHVIMBSNJQKHFUOKEIFJPOFIBLKHIMBYFGLBFU

    BRJBLBHINIKOBLCNLHFIOBJPTNJQBW

    NTVCKHNHVbNQBBBLIKSNIBNHBEFHFSBIJKE

    SFVBTFUEFHQJBLLKFHNTOFIBLIMNIEFHIJFTLUFJLGEM

    UNEIFJLNLIMBBEFHFSKEEMNJNEIBJKLIKELFUSBS]BJL

    VKLIJKEILNLCBTTNL]GLKHBLLNHVTN]FJEFHIJK]GIKFHL

    IFIMBEFHQJBLLKFHNTJBRJBLBHINIKOBWXMBPsHVN

    LIJFHQKSRNEIFUSFHBPFHIMBOFIKHQRNIIBJHWHB

    CNPIFNLLBLLIMKLKSRNEIKLIFJGHNLBJKBLFUEFGHc

    IBJUNEIGNTLYFCVKUUBJBHICFGTVIMBFOBJNTTOFIB

    MNV]BBHKUIMBJBMNV]BBHHF]GLKHBLLEFHIJK]Gc

    IKFHL[HFTN]FJEFHIJK]GIKFHL[FJHFEFHIJK]GIKFHLFU

    NHPIPRBNINTT

    XMBUFTTFCKHQIN]TBLGSSNJKzBLIMBJBLGTILWXMB

    sJLIJFCLMFCLMFCSNHPJBRJBLBHINIKOBLOFIBVKH

    UNOFJFUBNEM]KTTx]BNJKHSKHVIMNIRNLLNQBJB^GKJBV

    NITBNLItOFIBLWXMBLBEFHVJFCLMFCLIMBHGS]BJ

    FUOFIBLRJBVKEIBV]PNTVCKHNHVbNQBBLB^GNIKFHL

    XMBKJSFVBTQBILKIJKQMIKHIMBENLBFU_` AX`]GI

    FOBJRJBVKEIL]PNUBCOFIBLKHIMBENLBFUIMB{` XXW

    XMBIMKJVJFCLMFCLMFCSNHPOFIBLBNEM]KTTCFGTV

    MNOBJBEBKOBV[NEEFJVKHQIFIMBSFVBT[KHIMBN]LBHEB

    FUTN]FJEFHIJK]GIKFHLxIMBHBwIJFCLMFCLMFCSNHP

    JBRJBLBHINIKOBLCFGTVMNOBOFIBVKHUNOFJKHIMB

    N]LBHEBFU]GLKHBLLEFHIJK]GIKFHLWXMBTNLIJFCLMFCL

    MFCSNHPCFGTVMNOBOFIBVKHUNOFJKU]FIM]GLKHBLL

    NHVTN]FJEFHIJK]GIKFHLMNV]BBHN]LBHIW

    N@hFEFOFCLST@DChHPGFKHLOHTD@AERHS

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