7 _“,~6 _“,QF]
_“:7,QF]
33 C?g Q
$BDIF 4ZTUFN
n
·
7 _“,~6 _“,QF]
currency1?·65$0?&
:ULWH 7LPLQJ
’
5HDG 7LPLQJ
:(B/
$
:ULWH
+ROG 7LPH
:ULWH 6HWXS 7LPH
’DWD,Q
:ULWH $GGUHVV
2(B/
+LJK =
-XQN 5HDG $GGUHVV
*DUEDJH
5HDG $FFHVV
7LPH
’DWD 2XW
5HDG $FFHVV
7LPH
’DWD 2XW-XQN
5HDG $GGUHVV
$
’2(B/
1
0
:(B/
1
ZRUGV
[ 0 ELW
65$0
7 _“,~6 _“,QF]
O￥Q?
I?a’5$0
1 [ 0 65$09–,
ˇ“,<
U&$69 ′? XJ
“0!,|+
5$6B/– ZKLOH
&$6B/ LV WRJJOHG
$
5RZ $GGUHVV
&$6B/
5$6B/
&RO $GGUHVV &RO $GGUHVV
0! ′
1
1o
’5$0
o
0!g?
0 !
1 [ 0 65$0
&RO $GGUHVV &RO $GGUHVV
‘ 0! ′
0! ′ fl 0! ′
7 _“,~6 _“,QF]
flX&DFKH· j
|
￡?X,|< ’5$0 z6
￡aX,|< 65$0 z?
V *9 SkG ′?¨?a
a￡? X,|< ‘? D ′
￡ ￡,|<X?
<
,|<ˇ?
&DFKH ’5$0
7 _“,~6 _“,QF]
\
4,|?‘&DFKH?
fl 9?&DFKHX?0
&DFKHm9*9‘ 6*9
63$5&VWDWLRQ X,|ˇ?
§
7 _“,~6 _“,QF]
+ ·,j
z? 6
￡ a?
￡!? "
{
DB?
0HPRU\
<
0
HP
R
U\
0HPRU\
0HPRU\
0
HP
R
U\
7 _“,~6 _“,QF]
rQ· [
&38,<
V %\WHV
V QV
&DFKH
,%\WHV
a QV
a ELW
,
0 %\WHV
QV XV
a
* %\WHV

a
b
￡
′?¨
·$
a
,<
&DFKH
,|<
0D
+ %ORFNV
I 3DJHV
[? )LOHV
g)!
c?￥<
+V
&DFKH{
+V
0ˇ?
,+V
0,
0E\WHV
W?{
W"{
W?
W?
7 _“,~6 _“,QF]
p Wˇ6
…?s
c nX?¨ Y ′ N¨WaX…
_V X? o X c;?¨
O_X …?
¨ …? 7HPSRUDO /RFDOLW\ Vp CM7
′ w ￥ M\ a? ′
N¨ …? 6SDWLDO /RFDOLW\ ￥X 9 X
C\? 7 S X C N¨ ￥X
N¨
′X
7 _“,~6 _“,QF]
rQ ˇ6
ˇ)?n?¨ DB?{ ¨
W?{ &DFKH <W￥X?
Wa W? J?S \ X?Nr
W"{,<W X?
W? W6 J?S W pX?Nr
DB+
{,|? U? U X CX a)!
W"{
,|<
,
W?{
,|<
FDFKH
˙ <
9 <;+
<+
7 _“,~6 _“,QF]
rQ
W"{
,|<
,
W?{
,|<
FDFKH
˙ <
9 <;+
<+
Q +LW DB W? X? +? _V;+
Q [ +LW 5DWH W? ￥,| ′Xcurrency1[
Q?¨ +LW 7LPH ′ W? Q DBX?¨
5$0 ′?¨ BnQ X?¨
0LVV U￠W" X+ R?DB <+
[ 0LVV 5DWH Q [
3 0LVV 3HQDOW\ 6W?,|X DB+
X?¨?+x <X?¨
Q?¨ 3
7 _“,~6 _“,QF]
*\ currency1? l
L_D
+?a +V
Q?¨ +V
3 <
′?¨ <
g?¨ <
[
&DFKH ￡,%,%
7 _“,~6 _“,QF]
&DFKH? "
¨ …? 7HPSRUDO /RFDOLW\ Vp CM7
′ w ￥ M\ a? ′
￥ ′X CM <W￥X
N¨ …? 6SDWLDO /RFDOLW\ ￥X 9 X C
\? 7 S X C N¨ ￥X
￥,|+XDB+ Kˇ| W?,|
W"{
,|<
,
W?{
,|<
&DFKH
˙ <
9 <;+
<+
7 _“,~6 _“,QF]
!B 9? !BXDB4
,!B
ˇ) "?! X
,!B
! FDFKH?
h? B FDFKH "
V)?’ i FDFKH 6"
0 ·&DFKH $ P4&DFKH
,
+V¨y &DFKH
,
$
%
&
’
(
)
&DFKH?,QGH[
7 _“,~6 _“,QF]
[
&DFKH7fi 7DJ …&DFKHRE,QGH[
,|<+V !
1
+VX¨y FDFKH
&DFKH?,|< XW"1!
&DFKH R,|< XW? 1 !
&DFKH?
1
1
&DFKH R [ [
0 FDFKH X
… –,K9
!
9DOLG %LW
1
+VX¨y FDFKH
+V
+V
1
+V
+V
+V
7 _“,~6 _“,QF]
&DFKH j?
′
&DFKHN
0 > @
′
0 > @
0 > @
R DB
9
0 > @
0 > @
QDB
QDB
m7DJ 6HW 9
m7DJ 6HW 9
′
Q
0 > @
0 > @
′
Q
s?
u &RPSXOVRU\ 0LVVHV
7 _“,~6 _“,QF]
&DFKH ·?y
&DFKH+ XFDFKH? XFDFKHDB
fl 9 d!6?X _
+V¨y FDFKH +?a %\WH
¨ …? Vp7 ′? +V w ￥X
9 a? ′? +V
N¨ …? Vp7 ′? +V w ￥
X 9 ′? +V ￥X+V
Z N¨ …? rtDB+X?a
¨y &DFKH DB
+V
+V
+V
+V
&DFKH R
!
7 _“,~6 _“,QF]
j? % ·,%$ P4&DFKH
b
1
+VFDFKH
X 1 ! &DFKH R
"X0! +V ‰ +?a
0
&DFKH DB
%\WH
[
0 &DFKH
X …,|
!
%\WH %\WH
%\WH %\WH %\WH
%\WH %\WH
&DFKH R
&DFKH?&DFKH R _ [
_ [
+V ‰
_ [
7 _“,~6 _“,QF]
W?·s
DB+W? b N¨ …?X
W?XDB+?W?X 3
UWSX?¨9? DB+
VpDB+X?a?bFDFKH?a?Z w
[3 rt
G ′?¨ b
Q?¨[ [ 3 [ [
3
+?a
[ ￥N¨ …?
DB+W
9Z?¨ …?
G ′?¨
rtZ 3 ‘
[
+?a
+?a
7 _“,~6 _“,QF]
0Z– ·j?
&DFKH?a E\WHV +?a E\WHV
FDFKH DB+
Vp7 ′ CM w \? ￥X 9? ′? CM
H? Ga?S? CM
w a? ′? CM \?
` FDFKH 9DB W a?S ! f?
FDFKH
FDFKH u, X_ &’ 5
U &RQIOLFW 0LVVHV?s·—¨X
X,|!B FDFKH?
r?FDFKH ￡
&DFKH CM
&DFKH DB
!
%\WH %\WH %\WH
&DFKH R
%\WH
7 _“,~6 _“,QF]
T ( &DFKH
1? (?￡ &DFKH? 1 DB+ HQWULHV
1 ¨y FDFKHJ?0
_ (FDFKH
&DFKH?9 ‰FDFKH X?
X? Rfl J currency1W
B Rcurrency1WX§p9 ‰DB
&DFKH DB
&DFKH +
&DFKH R
!
&DFKH DB
&DFKH +
&DFKH R
!
&DFKH?
0X[
6HO 6HO
&DFKH +
currency1W
R
currency1W
+LW
7 _“,~6 _“,QF]
( &DFKHj?
1? (&DFKH ¨y &DFKH
1 currency1W< currency1W<
g?DB? rtZq?X? ‰
Q? !k DB
¨y &DFKH &DFKH+ Q !k
Q J?`; Vp? ￥ a6?
&DFKH DB
&DFKH +
&DFKH R
!
&DFKH DB
&DFKH +
&DFKH R
!
&DFKH?
0X[
6HO 6HO
&DFKH +
currency1W
R
currency1W
+LW
7 _“,~6 _“,QF]
0Z– ·j? (
< (&DFKH (X?˙|S U$
‘<?U&DFKH?
J currency1W X&DFKH R
_ +?a +V U1 !Xcurrency1W<
Bn?b< (FDFKH U
&DFKH DB
+V
&DFKH R !S
!
+V +V
+V +V +V
&DFKH R
+V ‰
_ [;
7 _“,~6 _“,QF]
&DFKHaxˇ?
u &RPSXOVRU\ FROG VWDUW ILUVW
UHIHUHQFH? ′? C+
s?
U &RQIOLFW FROOLVLRQ
,|<!B FDFKH!B
rtFDFKH ￡
rt (z
￡ &DSDFLW\
&DFKHJ? –,c ′ X DB+
rtFDFKH ￡
·,QYDOLGDWLRQ J“fl _V,2 ′,|<
7 _“,~6 _“,QF]
¨y
1? (
< (
u
&DFKH ￡
￡
·
U
&DFKHaxˇ
/
:
/
:
/
M
/
:
‰
‰
‰
… Vp? R 5X? w u? ’Z
7 _“,~6 _“,QF]
9 P4?
¨y &DFKH
￡,|<!B FDFKH!B
n! Ufl ˇ)?
’!X CM 6]&DFKH?!B X! CM
1? (&DFKH
￡,|<!B ‰1 FDFKH!B
< (&DFKH
￡ PHPRU\!B,ˇ)FDFKH!B
1? (?< (&DFKH X ′
￠,|<,? X C+
+R?N¨ 6? FDFKHDB+
b OBn i U 6]&DFKH X DB+
7 _“,~6 _“,QF]
&DFKH /
c 6*9
@?c ‰ &DFKHDBM 6?
￥ S *9 /HDVW 5HFHQWO\ 8VHG
@?~) ′Z? C
6? S?¨u S XDBM
T)X /58*9Xr
< (XDB+
@? 6 \ FDFKHDB+
￡DB+fl Z? ′? \
ˇ DBM
ˇ|? \
DB+
DB+
DB+
6 \
7 _“,~6 _“,QF]
&DFKH fl?>
&DFKH ˇ?0currency1FDFKHm?0¨
FDFKHcurrency1DBFDFKH¨ u
&DFKHm?0
V)– &DFKH‘,|< DBX ¨?"
‰
mcurrency1?,ULWH %DFN m9&DFKH ’? &DFKH?
&DFKHDB+ U 6?&DFKH? !?&DFKH+XDB?m
,|<
￡ &DFKHDB+ Urt a! ’LUW\ ELW
U? ￡a,|<X?
{? \?
mSa,ULWH 7KURXJK?m9FDFKH‘,|<
o?,|<? 6Zo
7 _“,~6 _“,QF]
fl?· C
&DFKH‘,|< ¨ U m <
< DBm9FDFKH‘m <
,|<{ < < XY m9,|<
m < ￡ fl? ),)2
L_DBMXD′
\Q?0 Vp,|?0Xe[ m?¨
’5$0m<
,|< u,?X_
,|e[ m?¨ ’5$0m?0
m <E‘
3URFHVVRU
&DFKH
:ULWH %XIIHU
’5$0
7 _“,~6 _“,QF]
C?…
,|?0e[ m?¨ ’5$0m<?¨
Vp `\S?¨ &38<?¨?‘`9Z
\,|?
· BZ?Xm < W? v?
&38?s<?¨ ’5$0m<?¨
m <E‘X?
S mcurrency1?FDFKH
] ‘{ / FDFKH
/
&DFKH
3URFHVVRU
&DFKH
:ULWH %XIIHU
’5$0
3URFHVVRU
&DFKH
:ULWH %XIIHU
’5$0
7 _“,~6 _“,QF]
6} > =6}
!DBm,|<!B [ W{ Z
w? Uˇ“?+ +V XJ“DB"
X m !,ULWH $OORFDWH
m? !,ULWH 1RW $OORFDWH
&DFKH,QGH[
&DFKH ’DWD
%\WH
&DFKH 7DJ ([DPSOH [
([ [
[
9DOLG %LW
%\WH %\WH
%\WH %\WH %\WH
%\WH %\WH
&DFKH 7DJ
%\WH 6HOHFW
([ [
7 _“,~6 _“,QF]
x_0Z "
$+ 6XE EORFN
DB+ K ˉX !X)!DB
_V,%¨y &DFKH %DB+ %$+
￡ FDFKHDBM K !
m?fl?$+ XDB
&DFKHDB
&DFKH R
6%
V
9
%L
W
6%
V
9
%L
W
6%
V
9
%L
W
6%
V
9
%L
W
6XE EORFN 6XE EORFN 6XE EORFN 6XE EORFN
% %
% %
%\WH %\WH
7 _“,~6 _“,QF]
A P?&$
FDFKH
EXV
PX[
&38
&DFKH
0
EXV

’5$0
‘
,|<‘&DFKH ¨ DB?

,|?+x ′
_V
I?a’5$0
6’5$0
&’5$0
5$0EXV
&RVW
&38
0
&38
&DFKH
EXV
0 0 0 0
7 _“,~6 _“,QF]
!DB?,|< 6,00 %XV
63$5&VWDWLRQ · +?…
,|
{ <
!
<
0
EXV
,
|
<
+
<?+ 0EXV?+
…
&DFKH
6XSHU63$5& <
&DFKH
DB
&DFKH
,<
,
|
<
+
,
|
<
+
,
|
<
+
,
|
<
+
,
|
<
+
,
|
<
+
,
|
<
+
7 _“,~6 _“,QF]
63$5&VWDWLRQ ·F &DFKH
63$5&VWDWLRQ X?…&DFKH
￡‘ 0% ¨y
+?a %
$+?a %
m9*9 mcurrency1? m !
<?+ 0EXV?+
…&DFKH
6XSHU63$5& <
&DFKH
DB
&DFKH
,<
0%
¨y
mcurrency1?
m !
7 _“,~6 _“,QF]
63$5&VWDWLRQ · 7 &DFKH
63$5&VWDWLRQ XY…?&DFKH
￡‘,%? (
+?a %
$+?a %
m9*9? U
…a $+?a?… { &DFKH
<?+ 0EXV?+
…&DFKH
6XSHU63$5& <
&DFKH
,%?
DB
&DFKH
,<
0%
¨y
mcurrency1?
m !
7 _“,~6 _“,QF]
63$5&VWDWLRQ · &DFKH
63$5&VWDWLRQ XY…DB&DFKH
￡‘,%? (
+?a %
$+?a %
m9*9 mSa m? !
…a $+?a?… { &DFKH
<?+ 0EXV?+
…&DFKH
6XSHU63$5& <
&DFKH
,%?
DB&DFKH
,%?
:7,1$
,<
0%
¨y
mcurrency1?
m !
7 _“,~6 _“,QF]
TZ9 · ¨
Y…S 1? (FDFKH"
( 1? (FDFKH ￡K J?0X1 ¨y FDFKH
u,?1 ¨y FDFKH X￡,% 7Q,I6
X?a
,I6?a
63$5&VWDWLRQ ·{&DFKH"
( {
Y…?‘DBFDFKH?…FDFKH DQG
<?+ 0EXV?+
…&DFKH
6XSHU63$5& <
&DFKH
,%?
DB&DFKH
,%?
:7,1$
,<
0%
¨y
mcurrency1?
m !
7 _“,~6 _“,QF]
63$5&VWDWLRQ · Q
\? ¨X,|< ￡
a 0% 0E ’5$0,%XI?a65$0
0% 0E,%XI?a65$0
o
’5$0
ELWV !
ELWV
[ 65$0
,[
0%
’5$0
ELWV !
[ 65$0
,[
0%
0HPRU\ %XV !
7 _“,~6 _“,QF]
k
c …?s
ˇ)?¨Y c _b ′WaX N¨
¨ …? 7HPSRUDO /RFDOLW\
N¨ …? 6SDWLDO /RFDOLW\
UX&DFKH O_
u &RPSXOVRU\ 0LVVHV _V
U &RQIOLFW 0LVVHV rtFDFKH ￡‘? (
z UQX 5 t 5
￡ &DSDFLW\ 0LVVHV rtFDFKH ￡
m9*9,ULWH 3ROLF\
mSa,ULWH 7KURXJK U m < UQX
5 m <E‘
mcurrency1? {?