Image Quality Control in Computed Tomography - Homepage

Transcription

Image Quality Control
in
Computed Tomography
A software solution to perform constancy tests
Diplomarbeit
im Studiengang “Medizinische Informatik”
am Fachbereich
“Krankenhaus und Medizintechnik, Umwelt und Biotechnologie”
der Fachhochschule GießenFriedberg
in Zusammenarbeit mit
Centre de Recherche Public Henri Tudor – SANTEC
29, Avenue John F. Kennedy
L1855 Luxembourg
vorgelegt von
Philipp Sprenger
Referent:
Prof. Dr. Klemens Zink
Korreferent: Dipl. Inf. (FH) Andreas Jahnen
Luxembourg, den 30.08.2005
. /012234335/671 . 895:8; <=
>?@AB?C @ADEFA@ ?GH I JKLL ?GH J?@ MNAE?@O@PJ@ Q?RENB KAS@?C @?O@PLCFPJ?O TPJ PTA TPC@A U@AV@PW
JTPO J@A KPO@O@S@P@P X?C@AKCTA TPJ YTO@EKLL@P@A >?EZLB?CC@E @ALC@EEC HKS@[
\GH @ADEFA@ B?GH OATPJLFCYE?GH JKB?C @?PM@ALCKPJ@P I JKLL J?@ ]AS@?C YT V?LL@PLGHKZCE?GH@P
^V@GD@P KTLO@E?@H@P V@AJ@P JKAZI LNZ@AP P?GHC _A`PJ@ J@A a@Z@A@PC@P TPJ @bC@AP@P c@CA@T@A
JKO@O@P LRA@GH@P [
de ACI QKCTB I fPC@ALGHA?ZCg
?
h 4< 9 24=; <=
U?@E@ i @PLGH@P HKS@P JTAGH ZKGHE?GH@ jNBR@C@PYI J@A c@A@?CLC@EETPO MNP a@LLNTAG@P TPJ ?HA@A
CKCDAFZC?O@P fPC@ALC`CYTPO J?@L@ ]AS@?C @ALC BkOE?GH O@B KGHC[
i @?P S@LNPJ@A@A QKPD O?EC ]PJA@KL lKHP@P I J@A KEL mANn@DCE@?C@A TPJ c@CA@T@A B?GH LC@CL TPC@AW
LC`CYCI O@ZkAJ@AC TPJ O@ZNAJ@AC HKCI LNV?@ mANZ[ QA[ jE@B@PL ^?PD ZÀ J?@ c@CA@TTPO ?B aKHB@P
J@A oKGHHNGHLGHTE@[
]EE@P i?CKAS@?C@AP MNP p]qrst BkGHC@ ?GH ZÀ JKL ZA@TPJE?GH@ TPJ RANJTDC?M@ ]AS@?CLDE?B K
JKPD@P [ c@LNPJ@AL lNHKPP@L >@AB@P ZÀ J?@ ?PC@PL?M@ ZKGHE?GH@ fPC@ALC`CYTPO ?B c@A@?GH J@A
lKMKWmANOAKBB?@ATPOI LNV?@ ]PJA@KL ]A@PL J@A B?A S@? @POE?LGH@P oNABTE?@ATPO@P LC@CL @?P@
OANu@ >?EZ@ VKA[
^TE@CYC JKPD@ ?GH B@?P@P sEC@AP I J?@ B?A J?@ RA?MKC@P UNAKTLL@CYTPO@P LGHKvC@P I B?GH J?@ E@CYC@P
i NPKC@ KTLLGHE?@uE?GH B?C J?@L@A ]AS@?C YT S@LGHFZC?O@P [
??
\P wxxyI CHA@@ z@KAL KZC@A CH@ ?PCANJTGC?NP NZ CH@ NAJ?PKPG@ NZ {| i KAGH wxx{ }{~ ?P XTb@BSNTAO
CHKC NSE?OKC@L CH@ NR@AKCNAL NZ J?O?CKE ?B KO?PO LzLC@BL CN JN TKE?Cz KLLTAKPG@I CH@ t@PCA@ J@
a@GH@AGH@ mTSE?G >@PA? rTJNA W p]qrst NA?O?PKC@J CH@ RANn@GC e RC?B KO@ W TKE?Cz tNPCANE
ZNA e RC?B KE i @J?GKE \B KO@L }w~[
oNGTL@J NP A@OTEKA TKE?Cz GNPCANE C@LCL dGNPLCKPGz C@LCLg GKAA?@J NTC Sz CH@ GE?P?GKE LCKv CN
J@C@GC GHKPO@L ?P CH@ R@AZNAB KPG@ NZ K J@M?G@I e RC?B KO@ ?L CKAO@C@J CN LTRRNAC CH@ KJNRC?NP NZ
CH@ NAJ?PKPG@ ?PCN RAKGC?L@[
rH@A@ZNA@I K LNZCVKA@ ?L J@M@ENR@J CN A@KE?L@ KP ?BRE@B@PCKC?NP NZ GNPLCKPGz C@LC ?P CH@ BNLC
?BRNACKPC AKJ?NENOz BNJKE?C?@L E?D@ i KOP@C?G a@LNPKPG@ \B KO?POI tNBRTC@J rNBNOAKRHzI Q?OW
?CKE i KBBNOAKRHzI qTGE@KA i @J?G?P@I KPJ mEKPKA WAKz[
rH?L J?RENB K CH@L?L J@KEL V?CH GNPLCKPGz C@LC?PO ?P tNBRTC@J rNBNOAKRHz V?CH?P CH@ LGNR@
NZ e RC?B KO@[ \C O?M@L ?PLCATGC?NP HNV CN JN GNPLCKPGz C@LCLI OTA@L NTC CH@ @T?RB@PC P@@J@JI
?EETLCAKC@L CH@ L@T@PG@ NZ C@LC?POI KPJ PKEEz RANM?J@L CH@ LNZCVKA@ CN KGGNBRE?LH CHNL@ C@LCL[

w[{[ e M@AM?@V [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
w[w[ trWiNJTE@ NZ e RC?B KO@ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ y
[{[ TKE?Cz ]LLTAKPG@I TKE?Cz tNPCANE KPJ r@LC?PO
[w[ ]GGNBRE?LHB@PC NZ tNPLCKPGz r@LC [ [ [ [ [ [ [
[[ X@M@EL NZ sbR@AC?L@ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
[y[ \B KO@ ]GT?L?C?NP i NJ@L [ [ [ [ [ [ [ [ [ [ [ [
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
¥ ¦ § ¨ © ¨
y[{[ mHKPCNBL [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[ i@KLTA@B@PC NZ A@T?A@J r@LC mKAKB@C@AL [ [ [ [ [ [ [
y[w[{[ tr qTBS@A [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[w[ fP?ZNAB?Cz [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[[ qN?L@ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[y[ X?P@KA?Cz [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[¢[ pRKC?KE a@LNETC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[|[ pE?G@ rH?GDP@LL [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[[ ]JJ?C?NPKE mKAKB@C@AL ?BRE@B@PC@J ?P CH@ trWiNJTE@
y[[{[ mNL?C?NP?PO [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[[w[ \PGA@B@PCKC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
?M
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
¡
¢
¢
£
¤
[
[
[
[
[
[
[
[
[
[
[
ª
{{
{
{
{
{
{y
{y
{|
{£
{£
{£
«¬®¯®°
y[[[ m?b@E p?Y@ [ [ [ [ [ [ [ [ [
y[y[ a@Z@A@PG@ UKET@L KPJ rNE@AKPG@L
y[y[{[ a@Z@A@PG@ UKET@L [ [ [ [ [
y[y[w[ rNE@AKPG@L [ [ [ [ [ [ [ [ [
¡ ©¨± ²¦
¢[{[ a@T?A@B@PCL [ [ [ [ [ [ [ [ [ [ [
¢[{[{[ Q@M@ENRB@PC sPM?ANPB@PC
¢[{[w[ \B KO@l [ [ [ [ [ [ [ [ [ [
¢[w[ rH@ e RC?B KO@ oAKB@VNAD [ [ [ [
¢[w[{[ QKCKSKL@ [ [ [ [ [ [ [ [ [
¢[w[w[ \PC@APKC?NPKE?LKC?NP [ [ [ [
¢[w[[ >@ER pzLC@B [ [ [ [ [ [ [
[
[
[
[
[
[
[
[
[
[
[
³ §¦
|[{[ cKL?G mA?PG?RE@L [ [ [ [ [ [ [ [ [ [ [
|[{[{[ mANE@ i KPKO@B@PC [ [ [ [
|[{[w[ p@T@PG@ NZ tNPLCKPGz r@LC
|[{[[ XKzNTC sE@B@PCL [ [ [ [ [ [
|[{[y[ mKGDKO@ pCATGCTA@ [ [ [ [ [
|[w[ X@M@E ] [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[w[{[ mANE@ i KPKO@B@PC [ [ [ [
|[w[w[ p@T@PG@ NZ X@M@E ] r@LC [
|[w[[ a@LTECL [ [ [ [ [ [ [ [ [ [ [
|[w[y[ QKCKSKL@ tNPLCATGC?NP [ [ [
|[[ X@M@E c [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[[{[ mANE@ i KPKO@B@PC [ [ [ [
|[[w[ p@T@PG@ NZ X@M@E c r@LC [
|[[[ a@LTECL [ [ [ [ [ [ [ [ [ [ [
|[[y[ QKCKSKL@ tNPLCATGC?NP [ [ [
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
¶ ¦
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
{¤
{¤
{¤
{¤
[
[
[
[
[
[
[

ww
ww
w
wy
w¢
w|
w£
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
´
wµ
wµ
x
w
y
£
£
µ
yw
y
y¢
y¢
yµ
¢w
¢
¡¡
M
«¬®¯®°
·
¡´
¸ ¹º¦ ¸ »¦ ¦
c [{[ e M@AM?@V [ [ [ [ [ [ [ [ [
c [w[ mNL?C?NP?PO [ [ [ [ [ [ [ [
c [[ pE?G@ ¼ ?JCH [ [ [ [ [ [ [ [
c [y[ \PGA@B@CKC?NP [ [ [ [ [ [ [
c [¢[ m?b@E p?Y@ [ [ [ [ [ [ [ [ [
c [|[ X?P@KA?Cz [ [ [ [ [ [ [ [ [ [
c [£[ XNV tNPCAKLC a@LNETC?NP [
c [¤[ >?OH tNPCAKLC a@LNETC?NP
c [µ[ fP?ZNAB?Cz KPJ qN?L@ [ [ [
³
|w
|
|
|y
|y
|¢
|¢
||
||
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
»¦ ½±
³¶
t [{[ X@M@E ] [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ |£
t [w[ X@M@E c [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ |£
¾ ¾ ¹
¶
M?
¿ À Á
[{[ pGKPP?PO RA?PG?RE@L NZ LR?AKE tr }wy~ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[{[ ] O@P@A?G RHKPCNB ZNA tr ?B KO?PO[ rH@ SNJz L@GC?NP ?L NZC@P K L@RKAKC@ RHKPW
CNB }w{~ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[w[ iNJTEKA KAGH?C@GCTA@ NZ CH@ tKCRHKP Â RHKPCNB CHKC KEENVL BNJTE@L CN S@ ?PW
C@AGHKPO@J[ sM@Az ?PL@AC @PKSE@L B@KLTA@B@PC NZ LR@G?G RKAKB@C@AL[ }{~ [ [ [ [
y[[ rH@ iNJTEKC?NP rAKPLZ@A oTPGC?NP dA?OHCgI CHKC A@LTECL ZANB CH@ J?LGA@C@ oNTA?@A
CAKPLZNAB KC?NP NZ CH@ mN?PC pRA@KJ oTPGC?NP dE@ZCg O@P@AKC@J V?CH K LR@G?KE RHKPW
CNB ?PL@AC[ }w{~ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
y[y[ tNPOTAKC?NP NZ CH@ KETB?P?TB LCA?RL CN B@KLTA@ LE?G@ CH?GDP@LL[ p?PG@ CH@ KPOE@
?L DPNVP I CH@ YWKb?L E@POCH dLE?G@ CH?GDP@LLg GKP S@ GKEGTEKC@J NTC NZ CH@ bWKb?L
E@POCH ?P CH@ ?B KO@ }w{~[ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
¢[{[ rH@ lKMK w pQj I pCKPJKAJ sJ?C?NP M[ {[[ rH@ lKMK w aTPC?B@ sPM?ANPB@PC
dlasg GNPL?LCL NZ CH@ M?ACTKE B KGH?P@I CH@ lKMK REKCZNAB GNA@ GEKLL@LI KPJ LTRW
RNAC?PO E@L[ rH@ lKMK w pQj ?PGETJ@L CH@ las KPJ J@M@ENRB@PC CNNEL LTGH KL
GNBR?E@AL KPJ J@STOO@AL[ }w~ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
¢[w[ rH@ e RC?B KO@ oAKB@VNAD CHKC RANM?J@L O@P@AKE ZTPGC?NPKE?Cz ZNA KEE BNJKE?C?@L[
sM@Az GNPLCKPGz C@LC ?BRE@B@PCKC?NP ?L A@RA@L@PC@J ?P K L@M@AKE CKSL[ [ [ [ [ [ [
¢[[ ] CAKPLEKC?NP HKLH CKSE@ V?CH CH@ D@zL NP CH@ E@ZC L?J@ CHKC KA@ A@REKG@J ?P CH@
ATPP?PO RANOAKB Sz CH@ KRRN?PC@J EKPOTKO@ LCA?PO[ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
¢[y[ rH@ e RC?B KO@ >@ER pzLC@B CHKC ?EETLCAKC@L HNV CN TL@ CH@ LNZCVKA@[ iNA@NM@AI
?C O?M@L ?PZNAB KC?NP KSNTC RHzL?GKE SKGDOANTPJL KPJ CH@ @T?RB@PC CHKC ?L P@@J@J[
µ
{w
{w
{¢
{£
w
w¢
w|
w£
|[{[ p@T@PG@ NZ GNPLCKPGz C@LC ?P tr iNJTE@ X@M@E ] KPJ X@M@E c [ [ [ [ [ [ [ [ [ [ {
M??
ÃÄ°® ¬Å ÆÄÇ ÈÉ¯°
tNPCANE rKS EKzNTC NZ X@M@E ] dCNRg KPJ X@M@E c dSNCCNB g [ [ [ [ [ [ [ [ [ [ [ [ [
e RC?B KO@ RKGDKO@ LCATGCTA@ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
mANE@ ¼ ?YKAJ tr i NJTE@ X@M@E ] CHKC ?L TL@J CN GA@KC@ K P@V RANE@[ [ [ [ [ [ [
pR@G?KE L?Y@J G@PCA@ a e \ CN @PGNTPC@A KEVKzL CH@ RHKPCNBL ?PL@AC[ [ [ [ [ [ [ [ [
rH@ GNPCANE KA@K ?P X@M@E ] KZC@A M@A?GKC?NP drNR Ê CH@ L@E@GC@J ?B KO@ GNAA@EKC@L
V?CH K RANE@Ë cNCCNB Ê PN RANE@ ZNTPJ ZNA CH?L ?B KO@g[ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[£[ rH@ B Kb?BTB J?LCKPG@ S@CV@@P RHKPCNB NTCE?P@ KPJ AKPO@ NTCE?P@ CN GKEGTEKC@
CH@ tr PTBS@A NZ K?A[ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[¤[ a e \ KEENGKC?NP ZNA TP?ZNAB?Cz KPJ PN?L@ B@KLTA@B@PC[ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[µ[ X@M@E ] A@LTECL CKS Ê p?PG@ CH@ TP?ZNAB?Cz @PCAz ?P CH@ A@LTEC CKSE@ ?L L@E@GC@JI
TP?ZNAB?Cz J@CK?EL KA@ J?LREKz@J[ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[{x[ QKCKSKL@ GNPLCATGC?NP NZ X@M@E ] CN @PKSE@ K LCNAKO@ NZ CH@ RANE@L KPJ A@LTECL[ [
|[{{[ mANE@ ¼ ?YKAJ tr i NJTE@ X@M@E c CHKC ?L TL@J CN GA@KC@ K P@V RANE@[ [ [ [ [ [ [
|[{w[ X@M@E c GNPCANE KA@K KZC@A RANE@ L@E@GC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[{[ X@M@E c GNPCANE KA@K KZC@A M@A?GKC?NP [ sM@Az RKAKB@C@A CKS J?LREKzL dGNENTA@J
JNCg ?Z CH@ L@E@GC@J ?B KO@ GNAA@EKC@L V?CH CH@ RANE@ NA PNC[ [ [ [ [ [ [ [ [ [ [ [ [
|[{y[ p@T@PG@ NZ X@M@E c GKEGTEKC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[{¢[ X@M@E c A@LTECL CKS [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[{|[ QKCKSKL@ GNPLCATGC?NP NZ X@M@E c [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
|[w[
|[[
|[y[
|[¢[
|[|[
] [{[
] [w[
] [[
] [y[
mNL?C?NP?POI pE?G@ ¼ ?JCH I \PGA@B@PCKC?NP I m?b@E p?Y@I X?P@KA?Cz
XNV tNPCAKLC a@LNETC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
>?OH tNPCAKLC a@LNETC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
fP?ZNAB?Cz KPJ qN?L@ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[
[

¢
¤
µ
yx
y{
y{
yw
yy
y¤
yµ
¢x
¢{
¢w
¢y
¢µ
|x
|x
|{
t [{[ X@M@E ] A@LTECL RA?PC M?@V [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ |¤
t [w[ X@M@E c A@LTECL RA?PC M?@V I RKO@ { W w [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ |µ
t [[ X@M@E c A@LTECL RA?PC M?@V I RKO@ w W w [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ £x
M???
¿ À Ì
y[{[ mHzL?GKE RKAKB@C@AL KPJ CH@?A LR@G?G CzR@L NZ A@Z@A@PG@ MKET@L[ pNB@ A@Z@A@PG@
MKET@L KA@ b@JI NCH@A J@R@PJ NP LGKPP@A L@CC?POL E?D@ CTS@ MNECKO@ NA LE?G@ CH?GDP@LL[ {µ
¢[{[ \BRNACKPC @bC@APKE E?SAKA?@L TL@J ?P CH@ e RC?B KO@ LNZCVKA@ ?BRE@B@PCKC?NP [ [ [ ww
|[{[ mKAKB@C@A ?PJ?G@L ?P X@M@E c [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ y|
|[w[ a@Z@A@PG@ MKET@ ?PJ?G@L ?P X@M@E c [ fL@J CN ?J@PC?Zz CH@ CzR@ NZ A@Z@A@PG@ MKET@ KL
CH@A@ KA@ J?v@A@PG@L ?P TP?C KPJ RKAKB@C@A KEENGKC?NP [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ y£
?b
Í Î Ï \B KO@ O@P@AKC?PO ?P BNJ@AP tNBRTC@J rNBNOAKRHz dtrg ?L SKL@J NP B KPz M@Az GNBRE@b RANW
G@JTA@L[ \C GNBB@PG@L Sz CH@ O@P@AKC?NP NZ WAKzI JNP@ ?P CH@ WAKz CTS@I ZNEENV@J Sz CH@
J@C@GC?NP NZ S@KB KCC@PTKC?NP CHANTOH CH@ J?O?CKE J@C@GCNAI KPJ PKEEz CH@ A@GNPLCATGC?NP NZ CH@
?B KO@ J@R@PJ?PO NP TL@J A@GNPLCATGC?NP KEONA?CHBL[ sM@Az L?POE@ RANG@JTA@ HKL KP ?PÐT@PG@ NP
?B KO@ TKE?Cz KPJ GNPL@T@PCEz ?L KSE@ CN GKTL@ B?LCKD@L ?P ?B KO@[
>NV@M@AI @M@P LB KEE GHKPO@L ?P ?B KO@ TKE?Cz GKP ?BRE?GKC@ TP@bR@GC@J @v@GCL NP J?KOPNLC?G
L?OP?GKPG@ KPJ PKEEz GKTL@ P@OKC?M@ @v@GCL CN CH@ RKC?@PC[
rH@A@ZNA@I B KPTZKGCTA@AL RANM?J@ L@AM?G@ C@GHP?G?KPL @PJT@J V?CH J?KOPNLC?G RANOAKBL CN
Nv@A TKE?Cz GNPCANE NP CH@ SKL?L NZ B K?PC@PKPG@ KOA@@B@PCL[ rH@L@ KOA@@B@PCL ?PGETJ@ R@A?NJ?G
A@M?L?NP C@LCL KL V@EE KL B K?PC@PKPG@ ?P CH@ GKL@ NZ ZKCKE J?LGA@RKPGz ?P ?B KO@ TKE?Cz J@C@GC@J
Sz CH@ NR@AKCNA ?CL@EZ[
p?PG@ CH@ J?LGA@RKPGz ?P ?B KO@ TKE?Cz BTLC S@ S?O @PNTOH CN S@ ?J@PC?@J Sz CH@ NR@AKCNA
KPJ R@A?NJ?G A@M?L?NP C@LCL KA@ PNC KSE@ CN J@C@GC GHKPO@L ?BB@J?KC@Ez NP CH@?A KRR@KAKPG@I KP
TP?EKC@AKE TKE?Cz GNPCANE NPEz JNP@ Sz CH@ B KPTZKGCTA@AL ?L ?PLTÑ G?@PC[ aKCH@AI CH@ NR@AKCNA
?CL@EZ LHNTEJ S@ KSE@ CN C@LC ?CL LGKPP@AL ?P KJJ?C?NP [
oNGTL@J CN CH@ LGKPP@AL GNPLCKPGz S@HKM?NTA NM@A C?B@I ?P GNPLCKPGz C@LC CH@ NR@AKCNA ?CL@EZ
GKP C@LC LR@G?G RKAKB@C@AL @bRA@LL?PO CH@ SKL?G Z@KCTA@L NZ CH@ LGKPP@A[ ] GNPLCKPGz C@LC ?L
KSE@ CN J@C@GC TKE?Cz GHKPO@L ?BB@J?KC@Ez LN KL CH@ ZA@T@PGz NZ JN?PO CH@L@ C@LCL ?L J@G?L?M@[
o?PKEEzI K GNBS?PKC?NP NZ NR@AKCNAL ZA@T@PC GNPLCKPGz C@LCL KPJ B KPTZKGCTA@AL R@A?NJ?G A@M?W
L?NP C@LCL OTKAKPC@@L S@LC TKE?Cz KLLTAKPG@[
>NV@M@AI KL K GNPL@T@PG@ NZ LGKPP@AL H?OH KM@AKO@ TC?E?LKC?NP CH@A@ ?L PNC BTGH C?B@ NP CH@
NR@AKCNAL L?J@ CN JN C@LCLI LN KC RA@L@PC GNPLCKPGz C@LC?PO ?L PNC RA@MKE@PC[
\P CH@ _AKPJ QTGHz NZ XTb@BSNTAOI L?PG@ wxx{ CH@ NR@AKCNAL KA@ NSE?OKC@J CN JN CH@L@
C@LCL A@OTEKC@J Sz CH@ NAJ?PKPG@ NZ {| i KAGH wxx{ }{~[ rH@A@ZNA@I CN LTRRNAC CH@ KJNRC?NP
?P XTb@BSNTAO KPJ BNA@NM@A CN @LCKSE?LH GNPLCKPGz C@LC?POI CH@ t@PCA@ J@ a@GH@AGH@ mTSE?G
{
ÒÓ Ô®É¬ÕÈÖ®Ä¬
>@PA? rTJNA W p]qrst da@LNTAG@ t@PCA@ ZNA >@KECH tKA@ r@GHPNENO?@Lg NA?O?PKC@J CH@ RANn@GC
e RC?B KO@ W TKE?Cz tNPCANE ZNA e RC?B KE i @J?GKE \B KO@L }w~[
e RC?B KO@ ?L CKAO@C@J CN A@KE?L@ K GNBRE@C@ ?BRE@B@PCKC?NP NZ GNPLCKPGz C@LC ?P CH@ BNLC ?BW
RNACKPC AKJ?NENOz BNJKE?C?@L E?D@ i KOP@C?G a@LNPKPG@ \B KO?POI tNBRTC@J rNBNOAKRHzI J?O?CKE
i KBBNOAKRHzI qTGE@KA i @J?G?P@I KPJ REKPKA WAKz TPC?E qNM@BS@A wxx£[ cKL@J NP CH@ J@M@EW
NRB@PC NZ K GNPLCKPGz C@LC LNZCVKA@ LNETC?NP I e RC?B KO@ LTRRNACL CH@ RAKGC?GKE ?BRE@B@PCKC?NP
V?CH?P CH@ HNLR?CKEL KL V@EE[
rH?L J?RENB K CH@L?L J@KEL V?CH CH@ tr BNJTE@I CH@ ALC A@KE?LKC?NP NZ K BNJKE?Cz ?P e RC?BW
KO@[ iz CKLD I CH@ LNZCVKA@ ?BRE@B@PCKC?NP NZ GNPLCKPGz C@LC ?P tNBRTC@J rNBNOAKRHzI GNM@A@J
CH@ KPKEzL?L NZ RHzL?GKE SKGDOANTPJLI CH@ KGGTBTEKC?NP NZ A@T?A@B@PCLI A@OTEKC?NPLI KPJ @bR@AC
NR?P?NPLI CH@ J@M@ENRB@PC NZ LCKPJKAJ @E@B@PCL ?P GNPLCKPGz C@LCI KPJ CH@ LNZCVKA@ ?BRE@B@PCKW
C?NP ?CL@EZ[ ]EE A@LTECL KA@ RTC CNO@CH@A ?P H@A@ ZNGTL@J CN CH@ LNZCVKA@ ?BRE@B@PCKC?NP ?PGETJ@J
NP CH@ KRR@PJ@J tQ [
rN @PC?A@Ez TPJ@ALCKPJ KEE KLR@GCLI ?C ?L P@G@LLKAz CN S@ ZKB?E?KA V?CH CH@ SKL?G RA?PG?RE@L NZ
tNBRTC@J rNBNOAKRHz[
rH@ ALC RKAC NZ CH?L J?RENB K CH@L?L dGHKRC@A w KPJ yg O?M@L ?PZNAB KC?NP KSNTC CH@ e RC?B KO@
RANn@GC GNPG@RC?NP KPJ ZTPJKB@PCKEL NZ GNPLCKPGz C@LC ?P tNBRTC@J rNBNOAKRHz[ oTACH@ABNA@I
GHKRC@A y J@LGA?S@L CH@ RHzL?GKE KLR@GCL NZ GNPLCKPGz C@LC CHKC RANM?J@L CH@ SKL?L CN TPJ@ALCKPJ
HNV CH@ LNZCVKA@ VNADL[
rH@ L@GNPJ RKAC ZNABTEKC@L CH@ LNZCVKA@ ?BRE@B@PCKC?NP [ pCKAC?PO V?CH CH@ ZTPJKB@PCKEL
KPJ A@T?A@B@PCL CHKC ?PGETJ@L K J@LGA?RC?NP KSNTC CH@ e RC?B KO@ oAKB@VNAD I K SKL?G LNZCVKA@
?BRE@B@PCKC?NP TL@J CN B@AO@ KEE BNJKE?C?@LI CHKC VKL KEA@KJz ?BRE@B@PC@J S@ZNA@[ o?PKEEzI Bz
GNPCA?STC?NP CN CH@ e RC?B KO@ LNZCVKA@ RKGDKO@ ?L OTA@J NTC ?P GHKRC@A | CHKC J@CK?EL CH@ tr
BNJTE@I KP ?BRE@B@PCKC?NP NZ KTCNB KC@J GKEGTEKC?NP NZ GNPLCKPGz C@LC RKAKB@C@AL ?P tNBRTC@J
rNBNOAKRHz[
w
× Î Ø Ù Ï Ú Û ÜÝ Ü Þßà áß âàã
TKE?Cz A@T?A@B@PCL ZNA J?O?CKE ?B KO?PO LzLC@BL ?P B@J?G?P@ KA@ ?BRNACKPC S@GKTL@ B@J?GKE
J?KOPNL@L KA@ NZC@P SKL@J NP CH@ NTCGNB@ NZ CH@L@ LzLC@BL[ rH@A@ZNA@I ?C ?L P@G@LLKAz CN JN
A@OTEKA TKE?Cz GNPCANE C@LCL CN @PLTA@ CH@ L?OP?GKPG@ ?P O@P@AKC@J ?B KO@L[
>NV@M@AI ?P CH@ _AKPJ QTGHz NZ XTb@BSNTAO CH@A@ HKJ PNC @b?LC@J KPz E@OKE NSE?OKC?NP ZNA
NR@AKCNAL CN JN CH@L@ C@LCL[ TKE?Cz KLLTAKPG@ GNB@L V?CH?P CH@ KLL?OPB@PC NZ i@J?GKE mHzL?GL
STC TPC?E wxx{I i@J?GKE mHzL?GL VKL PNC A@GNOP?L@J ?P CH@ >@KECHGKA@ pzLC@B NZ XTb@BSNTAOË
CH@A@ V@A@ PN i @J?GKE mHzL?GL Q@RKACB@PC ?P KPz HNLR?CKE CN JKC@[
rH@ CAKPLEKC?NP NZ sTANR@KP Q?A@GC?M@ µ£äy sfa]r e i }µ~ ?PCN CH@ NAJ?PKPG@ NZ {| i KAGH
wxx{ ?P XTb@BSNTAO }{~ PKEEz NSE?OKC@L CH@ NR@AKCNAL CN JN TKE?Cz KLLTAKPG@ NZ J?O?CKE ?B KO?PO
LzLC@BL KBNPO NCH@AL[ tNPL@T@PCEzI KC CHKC BNB@PC i@J?GKE mHzL?GL @PC@A@J CH@ >@KECHGKA@
pzLC@B NZ CH@ _AKPJ QTGHz NZ XTb@BSNTAO[ \P GNPL@T@PG@ NZ CH@ E@OKE NSE?OKC?NPL CH@ ONMW
@APB@PC NZ XTb@BSNTAO CNND L@M@AKE B@KLTA@L ZNA RAKGC?GKE ?BRE@B@PCKC?NP NZ CH@ NAJ?PKPG@[
mANn@GC e RC?B KO@ A@KE?Y@L NP@ RKAC NZ CHKC RKGDKO@ NZ B@KLTA@L[
rH@ mANn@GC e RC?B KO@ ?BRE@B@PCL GNPLCKPGz C@LC?PO KL RKAC NZ TKE?Cz KLLTAKPG@ ?P J?O?CKE
?B KO?PO LzLC@BL ?P B@J?G?P@[ e A?O?PKC@J Sz CH@ t@PCA@ J@ a@GH@AGH@ mTSE?G >@PA? rTJNA W
p]qrst KPJ NCH@A RKACP@AL }{¤~I e RC?B KO@ LTRRNACL CH@ TL@AL NZ AKJ?NENO?GKE J@M?G@L CN GNPCANE
CH@?A BNJKE?C?@L KPJ CN NSL@AM@ E@OKE NSE?OKC?NPL[ \C ?L ZNGTL@J NP A@OTEKA TKE?Cz GNPCANE C@LCL
GKAA?@J NTC Sz CH@ GE?P?GKE LCKv CN J@C@GC GHKPO@L ?P CH@ R@AZNAB KPG@ NZ K J@M?G@[
rH@A@ZNA@ K LNZCVKA@ V?EE S@ J@M@ENR@J CN KLL@LL CH@ ?B KO@ TKE?Cz NZ CH@ LTRRNAC@J BNJKE?C?@L
KL @KL?Ez KPJ KL T?GDEz KL RNLL?SE@ }{{~[ rH?L LNZCVKA@ V?EE GNB@ V?CH K OT?J@ NZ S@LC RAKGC?G@
ZNA @KGH BNJKE?Cz CN
{[ B KD@ CH@ TL@AL TPJ@ALCKPJ CH@ ?BRNACKPG@ NZ CH@L@ C@LCLI

åÓ æç¯ èÉ¬é ¯Ö® êë ®Äì íÇ¯
w[ CAK?P CH@ TL@AL CN R@AZNAB CH@L@ A@OTEKA C@LCL[
rH@ @EJL NZ e RC?B KO@ KA@ J?O?CKE REKPKA WAKzLI J?O?CKE i KBBNOAKRHzI tr I qTGE@KA i @J?G?P@
pmstr GKB@AKL KPJ i a\ LGKPP@AL[ ]EE CH@L@ BNJKE?C?@L KA@ GNBS?P@J ?P K O@P@AKE ZAKB@VNAD
STC K BNJTEKA GNPLCATGC?NP ZKG?E?CKC@L KP ?PJ@R@PJ@PC J@M@ENRB@PC NZ @KGH BNJKE?Cz dL@@ GHKRC@A
¢[wg [ p?B?EKA?C?@L ?P RKAC?GTEKA BNJTE@L KA@ OTA@J NTC CN @E?B?PKC@ JNTSE@ J@M@ENRB@PC KL V@EE[
i NA@ ?PZNAB KC?NP KSNTC CH@ e RC?B KO@ RANn@GC NP CH@ e RC?B KO@ >NB@RKO@ }w~[
Û ÜÛ Ü îïð ñò ó ôõà òö Þ ÷øâùúûà
TKE?Cz KLLTAKPG@ ?P tNBRTC@J rNBNOAKRHz GKP O@P@AKEEz S@ LRE?C ?P CVN RKACL[ e P@ RKAC ?L
JNP@ Sz CH@ B KPTZKGCTA@A KC GNBB?LL?NP?PO K P@V LGKPP@A KL V@EE KL ?P R@A?NJ?G A@M?L?NP C@LCL[
¼ H@P GNBB?LL?NP?PO K P@V LGKPP@A B KPTZKGCTA@AL JN KGG@RCKPG@ C@LC?PO CHKC ?BRE?@L GKE?W
SAKC?NP KPJ KLLTAKPG@ NZ GNAA@GC VNAD[ oTACH@ABNA@I SKL@J NP B K?PC@PKPG@ KOA@@B@PCL R@A?NJ?G
A@M?L?NP C@LCL B KD@ LTA@ CHKC CH@ LGKPP@A VNAD@J V@EE ?P CH@ R@A?NJ S@ZNA@[ rH@L@ C@LCL KA@ M@Az
C?B@ GNPLTB?PO KPJ A@T?A@ LR@G?KE KPJ AKCH@A @bR@PL?M@ @T?RB@PC }{{~[
]L @M@Az GHKPO@ ?P ?B KO@ TKE?Cz LHNTEJ S@ J@C@GC@J ?BB@J?KC@Ez NP ?CL KRR@KAKPG@I CH@
L@GNPJ RKAC NZ TKE?Cz KLLTAKPG@ ?P tNBRTC@J rNBNOAKRHz LHNTEJ S@ JNP@ Sz CH@ NR@AKCNA
?CL@EZ ?P CH@ VKz NZ ZA@T@PC GNPLCKPGz C@LCL[ rH@L@ C@LCL KA@ BTGH @KL?@A CN ATP STC CH@z GKP
NPEz LHNV GHKPO@L ?P CH@ SKL?G R@AZNAB KPG@ NZ K LGKPP@A[
rH@ trWi NJTE@ NZ e RC?B KO@ ?BRE@B@PCL GNPLCKPGz C@LC?PO ?P tNBRTC@J rNBNOAKRHz[ \C
•
O?M@L ?PLCATGC?NPL CN CH@ NR@AKCNA HNV CN JN GNPLCKPGz C@LCLI
•
J@P@L CH@ @T?RB@PC P@@J@J ZNA GNPLCKPGz C@LCLI
•
LCKPJKAJ?L@L CH@ RANG@JTA@ NZ GNPLCKPGz C@LCLI KPJ
•
RANM?J@ CH@ LNZCVKA@ CN KGGNBRE?LH GNPLCKPGz C@LCL[
y
ü Î Ï ý ÜÝ Ü þ ôú õâøÿ
ôáú à þ ôú õâøÿ îò øáò õ ú ó ïà øâ û
TKE?Cz KLLTAKPG@ I TKE?Cz GNPCANE KPJ C@LC?PO KA@ GENL@Ez A@EKC@J[ rH@z KA@ KEE PKB@J ?P CH@
GNPC@bC NZ e RC?B KO@ CH@A@ZNA@ CH@ J?v@A@PG@L LHNTEJ S@ GEKA?@J[ iNLK?G \PG[I KP ?PPNMKCNA
?P C@LC?POI TKE?Cz KLLTAKPG@I J@Z@GC B KPKO@B@PC KPJ B@KLTA@B@PC C@GHP?T@L CN LTGG@LLZTEEz
J@M@ENR EKAO@I GNBRE@b LNZCVKA@ LzLC@BL }{|~I J@P@JÊ
•
] L@C NZ KGC?M?C?@L J@L?OP@J CN @PLTA@ CHKC CH@ J@M@ENRB@PC KPJäNA B K?PC@PKPG@ RANG@LL ?L
KJ@TKC@ CN @PLTA@ K LzLC@B V?EE B@@C ?CL NSn@GC?M@L[
•
] L@C NZ KGC?M?C?@L J@L?OP@J CN @MKETKC@ K J@M@ENR@J VNAD RANJTGC[
•
rH@ RANG@LL NZ @b@GTC?PO K LzLC@B V?CH CH@ ?PC@PC NZ PJ?PO J@Z@GCL[
]GGNAJ?POEzI GNPLCKPGz C@LC ?L NPEz NP@ RKAC NZ TKE?Cz KLLTAKPG@ ?P O@P@AKE[ \C ?L JNP@ Sz CH@
NR@AKCNA ?P KJJ?C?NP CN B KPTZKGCTA@AL R@A?NJ?G A@M?L?NP C@LCL CN @PLTA@ S@LC TKE?Cz GNPCANE ?P
?B KO@L[
ý ÜÛ Ü
ò ù ÷õâ ùà ø òö îò øú ÿ ïà ø
tNPLCKPGz ?L J@P@J KL CH@ TKE?Cz NZ S@?PO ZA@@ ZANB GHKPO@ NA MKA?KC?NP }¤~[ \P tNBRTC@J
rNBNOAKRHz ?B KO@ TKE?Cz J@R@PJL NP B KPz MKA?NTL ?PÐT@PG@LI CH@A@ZNA@ GNPLCKPGz ?P tr
B@KPL GNPLCKPC LGKPP@A R@AZNAB KPG@ CHKC J@P@L KP KA@K NZ TLTKE MKA?KC?NP V?CH?P VH?GH ?B KO@
¢
Ó «¬°®íÖ æ¯°® Ä «¬ìë È®¯Õ æ¬ì ¬ÇÉíëç
TKE?Cz ÐTGCTKC@L V?CHNTC ?PÐT@PG@ NZ ?PC@ARA@CKC?NP [ >@PG@I ?C ?L @LL@PC?KE CN PJ K VKz CN
B@KLTA@ LGKPP@A R@AZNAB KPG@ KPJ CN @bRA@LL ?C ?P CH@ ZNAB NZ RHzL?GKE RKAKB@C@AL[ e PEz CH@P ?C
?L RNLL?SE@ CN J@P@ KP KA@K NZ TLTKE MKA?KC?NP KPJ O@P@AKEEz CN @PKSE@ K J@GEKAKC?NP NZ LGKPP@AL
GNPJ?C?NP [
tNPLCKPGz C@LC LHNTEJ GNPL@T@PCEz S@ KSE@ CN J@C@GC K GHKPO@ ?P CH@ R@AZNAB KPG@ NZ K LGKPP@A
NM@A C?B@[ \C LHNTEJ OTA@ NTC ENPOWC@AB R@AZNAB KPG@ BNJ?GKC?NPL KL V@EE KL SA@KD NTC GHKPO@L[
rH@ SKL?L ?L ST?EJ Sz CH@ J@C@AB?PKC?NP NZ CH@ GTAA@PC LGKPP@A LCKC@[ rH?L ?L @bRA@LL?M@ CHKC
?C GKP S@ GNBRKA@J NP CH@ NP@ HKPJ V?CH K A@Z@A@PG@ LCKC@ CN J@C@GC LTJJ@P GHKPO@L KPJ NP CH@
NCH@A HKPJ V?CH CH@ LCKC@L GKEGTEKC@J ?P K R@A?NJ S@ZNA@ CN OTA@ NTC ENPOWC@AB R@AZNAB KPG@[
rH@ L?OP?GKPG@ NZ GNPLCKPGz C@LC J@R@PJL KGGNAJ?POEz NP CH@ L?OP?GKPG@ ?P @MKETKC?NP NZ CH@
LGKPP@A LCKC@[ rH?L @MKETKC?NP ?L B KJ@ TR NZ CH@ GKEGTEKC?NP NZ B KPz J?v@A@PC RKAKB@C@AL VH?GH
@PKSE@L ?P GNBRKA?LNP NZ C@BRNAKEEz J?v@A@PC J@C@AB?PKC?NPL PNC NPEz CH@ J@C@GC?NP NZ GHKPO@L
STC KELN ?P CH@ GKL@ NZ GHKPO@L VH@A@ CH@L@ GHKPO@L CNND REKG@[
>NV@M@AI GNPLCKPGz C@LC ?L K LCKPJKAJ?L@J B KPTZKGCTA@ ?PJ@R@PJ@PC RANG@JTA@[ \C ?L PNC KSE@
CN GNPCANE KPz B KPTZKGCTA@A LR@G?G RANR@AC?@L KPJ JN@L PNC JN KPz C@GHP?GKE LTAM@z NZ CH@
LGKPP@A[ rH@ VKz NZ O@P@AKC?PO ?B KO@L ?P tNBRTC@J rNBNOAKRHz ?L PNC CNTGH@J Sz GNPLCKPGz
C@LC S@GKTL@ ?CL @bRA@LL?M@P@LL A@LCL TRNP CH@ ?PC@ARA@CKC?NP NZ KEA@KJz O@P@AKC@J ?B KO@L dL@@
tHKRC@A yg[
tNBRTC@J rNBNOAKRHz ?L K WAKz SKL@J LzLC@B [ rH@A@ZNA@I ?C ?L P@G@LLKAz CN RN?PC NTC CH@
J@E?B?CKC?NP NZ JNL@ B@KLTA@B@PCL V?CH?P GNPLCKPGz C@LCL JNP@ Sz CH@ trWi NJTE@ NZ e RC?B KO@[
e RC?B KO@ ?L O@KA@J CN B@KLTA?PO ?B KO@ TKE?Cz KL ?CL PKB@ ?BRE?@L TKE?Cz GNPCANE ZNA NRC?B KE
B@J?GKE ?B KO@L[
e Z GNTAL@I ?B KO@ TKE?Cz J@R@PJL KBNPO NCH@AL NP LGKPP@A L@CC?POL E?D@ CTS@ MNECKO@ KPJ
GTAA@PC CHKC GNAA@EKC@L J?A@GCEz CN CH@ JNL@ KPJ J@LGA?S@L GNPL@T@PCEz K GENL@ GNPP@GC?NP S@CV@@P
?B KO@ TKE?Cz KPJ JNL@[ >@PG@I ?C ?L P@G@LLKAz CN JN ?B KO@ TKE?Cz C@LCL Sz TL?PO KEVKzL CH@
LKB@ LGKPP@A L@CC?POL[ \BR@AZ@GC?NPL ?P ?B KO@L GKP GNPGETJ@ B?LCKD@L ?P JNL@ NA?@PCKC?NP STC ?P
PN VKz ?B KO@ TKE?Cz C@LC?PO LTSLC?CTC@L JNL@ B@KLTA@B@PCL[ rH@ NR@AKCNAL GNBB?CB@PC CN JN
JNL@ B@KLTA@B@PCL ?P A@LR@GC NZ RKC?@PC LKZ@Cz ?L PNC ?PMNEM@J ?P e RC?B KO@[
|
ý Üý Ü àßà õ òö ÷à áøâ à
c@L?J@ K J@CK?E@J GKEGTEKC?NP NZ C@LC RKAKB@C@ALI CH@ RA?PG?RE@L NZ GNPLCKPGz C@LC KA@ SKL@J NP
@bKGC C@LC @b@GTC?NP VH?GH HKL CN S@ OTKAKPC@@J Sz CH@ @b@GTC@A[ rH@A@ZNA@I CH@ LCKv VHN
TPJ@ACKD@L GNPLCKPGz C@LC BTLC S@ CAK?P@J LT?CKSEz[
rH@ \PLC?CTC@ NZ mHzL?GL KPJ sPO?P@@A?PO ?P i@J?G?P@ d\msi g J@P@J ?P A@RNAC ££ }{£~ CVN
E@M@EL NZ @bR@AC?L@ ZNA ANTC?P@ R@AZNAB KPG@ C@LC?PO NZ J?KOPNLC?G WAKz ?B KO?PO LzLC@BL[
•
•
Ê ]RRE?GKSE@ CN CH@ BNA@ ZA@T@PC C@LCL VH?GH KA@ O@P@AKEEz T?GD KPJ L?BRE@
RKLLäZK?E C@LCL VH?GH JN PNC A@T?A@ LNRH?LC?GKC@J C@LC @T?RB@PC NA J@CK?E@J KPKEzL?L[
rH@L@ C@LCL KA@ E?D@Ez CN S@ TPJ@ACKD@P Sz CH@ AKJ?NOAKRH?G LCKv NA K AKJ?NENOz J@RKACB@PC[
Ê ]RRE?GKSE@ CN E@LL ZA@T@PCI BNA@ KPKEzC?GKE C@LCL A@T?A?PO OA@KC@A @T?RB@PC
A@LNTAG@L KPJ @bR@AC?L@[ rH@L@ KA@ BNLC E?D@Ez CN S@ TPJ@ACKD@P Sz B@J?GKE RHzL?GL LCKv I
STC B Kz KELN S@ TPJ@ACKD@P Sz L@AM?G@ @PO?P@@AL NA NCH@A LCKv @bC@APKE CN CH@ AKJ?NENOz
J@RKACB@PC[
\P A@LR@GC CN CH@ CVN RKACL NZ TKE?Cz KLLTAKPG@ ?P tNBRTC@J rNBNOAKRHz J@LGA?S@J ?P w[w NP
RKO@ yI CH@ B KPTZKGCTA@AL B K?PC@PKPG@ A@RA@L@PCL X@M@E c C@LC?PO VH?E@ GNPLCKPGz C@LCL JNP@
Sz CH@ GE?P?GKE LCKv ?P CH@ GNPC@bC NZ e RC?B KO@ KA@ SKL@J NP X@M@E ] [
>NV@M@AI ?P CH@ _AKPJ QTGHz NZ XTb@BSNTAO CH@A@ ?L K CH?AJ RKACz VHN KGCL ?P CH@ TKE?Cz
KLLTAKPG@ LzLC@B NZ AKJ?NENOz J@M?G@L[ rH@ sPC@PC@ J@L > R?CKTb XTb@BSNTAO@N?L ds>XgI KP
KLLNG?KC?NP A@RA@L@PC?PO KBNPO NCH@AL CH@ HNLR?CKEL KPJ RA?MKC@ GE?P?GL ?P XTb@BSNTAO V?CH KP
NSn@GC?M@ CN J@Z@PG@ CH@?A RANZ@LL?NPKE ?PC@A@LCL KPJ CH@ A@KE?LKC?NP ?P KEE ?CL ZNABL NZ HNLR?CKE
RANOA@LL[ ]L K RANn@GC RKACP@A NZ e RC?B KO@ }{¤~I CH@z @PKSE@ CH@ @bC@PL?NP NZ e RC?B KO@ CN X@M@E
c C@LCL PNC NPEz KL CH@z RTC CH@?A DPNVE@JO@ CN CH@ J@M@ENRB@PC STC KELN KL CH@z RANM?J@ CH@?A
@bR@ACL KPJ @T?RB@PC CN JN CH@L@ C@LCL[
rH@A@ZNA@I CH@ trWiNJTE@ NZ e RC?B KO@ ?L LRE?C ?P CVN RKACL[ e P@ RKAC RANM?J@L CH@ ?BRE@W
B@PCKC?NP NZ CH@ BNA@ ZA@T@PC X@M@E ] C@LCL JNP@ Sz CH@ GE?P?GKE LCKv [ rH?L RKAC A@RA@L@PCL KP
@KLz CN TL@ LNETC?NP V?CH K B?P?BTB NZ TL@A ?PC@AKGC?NP [ rH@ NCH@A RKAC ?BRE@B@PC?PO X@M@E c
C@LCL ?L BNA@ KPKEzC?GKEI P@@JL LR@G?KE @T?RB@PC KPJ A@T?A@L OA@KC@A @bR@AC?L@[rH?L RKAC V?EE
NPEz S@ TL@J Sz CH@ s>X CHKC HNEJL CH@ @T?RB@PC KPJ @bR@ACL[
£
ý Ü Ü ! ùúûà
" ôâ âøâò ñò óà p?PG@ {µ£y CH@ ALC tr LGKPP@AL @PC@A@J CH@ HNLR?CKEL CH@ A@L@KAGH KPJ J@M@ENRB@PC NZ P@V
Z@KCTA@L KPJ C@GHP?T@L OANVL KPJ OANVL[ ¼ H?E@ CH@ ALC LGKPP@AL NPEz LGKPP@J L@T@PC?KE LE?G@
KZC@A LE?G@I CH@ LR?AKE LGKPP?PO B@CHNJ @PKSE@J KC CH@ S@O?PP?PO NZ CH@ {µµxL K GNPC?PTNTL LGKP
RANG@JTA@ VH?GH RA@G?R?CKC@L OA@KC KJMKPCKO@L @LR@G?KEEz ?P A@LR@GC NZ LGKP C?B@[ sM@P CHNTOH
?C ENND@J E?D@ CH@ ia\ A@REKG@L CH@ tr ?P CH@ ZTCTA@ CH@ ZTACH@A J@M@ENRB@PC CN BTEC? J@C@GCNA
LGKPP@AL B KD@L CH@ tNBRTC@J rNBNOAKRHz LC?EE CN NP@ NZ CH@ BNLC ?BRNACKPC ?B KO?PO LzLC@B
?P B@J?G?P@[
>NV@M@AI P@V Z@KCTA@L KPJ C@GHP?T@L A@T?A@ P@V GNPL?J@AKC?NPL ?P GNPLCKPGz C@LC[ \P O@P@AKE
CH@A@ KA@ CHA@@ J?v@A@PC KGT?L?C?NP BNJ@L ?PC@A@LC?PO ?P A@LR@GC NZ GNPLCKPGz C@LC[
#$
•
] GNPM@PC?NPKE LE?G@WSzWLE?G@ ?B KO@ KGT?L?C?NP BNJ@ dKELN A@Z@AA@J CN KL Kb?KE LGKPP?POg
VH@A@ CH@ tr LzLC@BL TLTKEEz GNPCK?PL K L?POE@WLE?G@ J@C@GCNA KAAKz CHKC RANM?J@L NP@
CAKPLKb?KE ?B KO@ LE?G@ R@A ANCKC?NP NZ CH@ tr OKPCAz[ ]ZC@A CH@ KGT?L?C?NP NZ NP@ LE?G@ CH@
CKSE@ ?L BNM@J K LC@R ZNAVKAJ KPJ CH@ P@bC LE?G@ V?EE S@ KGT?A@J[
•
\P LR?AKE LGKPP?PO CH@ ?B KO@L KA@ KGT?A@J V?CH GNPC?PTNTL CKSE@ Z@@J KPJ GNPC?PTNTL W
AKz AKJ?KC?NP [ ]PKCNB?GKE AKPO@L KA@ LGKPP@J ?P GNPC?PTNTL ZKLH?NP KPJ CH@ ?B KO@L GKP
S@ A@GNPLCATGC@J ?P KAS?CAKA?Ez P@ ?PGA@B@PCL KC KPz J@L?A@J RNL?C?NP V?CH?P CH@ LGKPP@J
MNETB@ dL@@ o?OTA@ [{g[
•
iTEC?WLE?G@ TL@L CH@ LKB@ SKL?G KRRANKGH CN ?B KO@ A@GNPLCATGC?NP KL L@T@PC?KE L?POE@ LE?G@
tr }{~[ cTC CH@ Kb?KE ?B KO@ RANJTG@J Sz L?POE@ LE?G@ tr ?L J@M@ENR@J ZANB K L?POE@
ANV NZ J@C@GCNAL KPJ CH@ Kb?KE ?B KO@ B KJ@ ZANB K BTEC?WLE?G@ LGKPP@A TL@L L@OB@PCL ZANB
L@M@AKE ANVL NZ J@C@GCNAL[ tNPL@T@PCEz ?P BTEC?WLE?G@ LGKPP?PO CH@ J@C@GCNA LzLC@B BTLC
P@G@LLKA?Ez S@ GNBRNL@J NZ BNA@ CHKP K L?POE@ ANV NZ J@C@GCNA @E@B@PCL[ rHKC @PKSE@L CH@
KGT?L?C?NP NZ BNA@ CHKP NP@ LE?G@ L?BTECKP@NTLEz[ \P LR?AKE BNJ@ @KGH BTEC?WLE?G@ ?B KO@
?L A@GNPLCATGC@J ZANB KP @PL@BSE@ NZ JKCK CKD@P ZANB J?v@A@PC RNL?C?NPL KGANLL CH@ S@KB
KPJ ZANB J?v@A@PC J@C@GCNA ANVL }{~[
#% & '# ¤
o?OTA@ [{[Ê pGKPP?PO RA?PG?RE@L NZ LR?AKE tr }wy~
_@P@AKEEz LR@KD?PO CH@ J?v@A@PC KGT?L?C?NP BNJ@L JN PNC A@KEEz KGC CN CH@ @E@B@PCKAz L?OP?ZW
?GKPG@ NZ GNPLCKPGz C@LC ZNA CH@ L?BREz A@KLNP CHKC CH@ B K?P J?v@A@PG@L KA@ @?CH@A SKL@J ?P CH@
KEONA?CHBL NA CH@ PTBS@A NZ J@C@GCNA @E@B@PCL[ tNPLCKPGz C@LC NP CH@ SKL?L NZ ?B KO@L ?L PNC
KSE@ CN C@LC K LR@G?G J@C@GCNA @E@B@PC S@GKTL@ @KGH R?b@E ?P CH@ ?B KO@ A@LTECL ZANB CH@ LzP@AOz
NZ B KPz J?v@A@PC J@C@GCNA @E@B@PCL[ rH@ J@C@GCNA @E@B@PCL KA@ PNAB KEEz C@LC@J Sz CH@ LGKPP@A
?CL@EZ ?P J?KOPNLC?G RANOAKBL ATPP?PO ?P CH@ SKGDOANTPJ[
q@M@ACH@E@LLI CH@ trWi NJTE@ NZ e RC?B KO@ SANKJEz LTRRNACL CH@ GKEGTEKC?NP NZ GNPLCKPGz ?PW
J@R@PJ@PC NZ KGT?L?C?NP BNJ@L[ e PEz LNB@ RKAKB@C@AL KA@ PNC KSE@ CN S@ C@LC@J ?P LR?AKE BNJ@
LN ?C ?L A@GNBB@PJ CN C@LC KEVKzL ?P L@T@PC?KE Kb?KE BNJ@ VH@A@ CH@ trWiNJTE@ ?L J@L?OP@J
ZNA[ iNA@NM@AI K E?B?C?PO ZKGCNA GKP S@ CH@ TL@J RHKPCNB KL LNB@ RHKPCNBL JN PNC LTRRNAC KEE
KGT?L?C?NP BNJ@L JT@ CN CH@?A GNPLCATGC?NP dL@@ GHKRC@A y[{g[
µ
( Î Ø Ï ) À * Ï Ø À Ï ]L @KAEz KL ?P {µ££I CH@ ]B@A?GKP ]LLNG?KC?NP NZ mHzL?G?LCL ?P i@J?G?P@ d]]mi g J@LGA?S@J ?P
?CL A@RNAC mHKPCNBL ZNA m@AZNAB KPG@ sMKETKC?NP KPJ TKE?Cz ]LLTAKPG@ NZ tr pGKPP@AL }~
CH@ SKL?L NZ TKE?Cz KLLTAKPG@ ?P tNBRTC@J rNBNOAKRHz[
]SNTC {x z@KAL EKC@A ?P {µ¤¤I CH@ o@J@AKE tHKBS@A NZ mHzL?G?KPL ?P _@AB KPz RKLL@J K OT?J@W
E?P@ ZNA TKE?Cz KLLTAKPG@ ?P REKPKA WAKz VH?GH S@GKB@ @bRKPJ@J ?P {µµw CN tNBRTC@J rNW
BNOAKRHz }{µ~[ rHKC OT?J@E?P@ J@P@J trW?B KO@L KL LzP@AOz NZ J?v@A@PC GNBRE@b C@GHP?GKE KPJ
B KCH@B KC?GKE LzLC@BL CHKC LHNTEJ OTKAKPC@@ CVN TKE?C?@L[
•
]EVKzL K ENGKC?NPW?PJ@R@PJ@PC A@EKC?NPLH?R S@CV@@P trWPTBS@A KPJ KCC@PTKC?NP GN@ÑW
G?@PC[
•
]GGTAKC@ GNPZNAB?Cz S@CV@@P ?B KO@ KPJ LGKPP@J NSn@GC @LR@G?KEEz V?CH A@OKAJ CN J@PL?Cz
J?v@A@PG@L dGNPCAKLCg KPJ J@CK?EL dLRKC?KE A@LNETC?NPg[
oTACH@AI ?C PKB@J RHzL?GKE RKAKB@C@AL CN GNPCANE CH@L@ TKE?C?@L ?P ZA@T@PC C@LCL[
\PLR?A@J Sz CHKC OT?J@E?P@ ?P {µµµI CH@ sTANR@KP tNBBTP?Cz RKLL@J KZC@A CVN z@KAL NZ C@LC?PO
A@RNAC sfa {|w|w sTANR@KP _T?J@E?P@L NP TKE?Cz tA?C@A?K ZNA tNBRTC@J rNBNOAKRHz }{x~[
rHKC ?PC@APKC?NPKE OT?J@E?P@ @PHKPG@J CH@ RKAKB@C@AL CN B@KLTA@ ?B KO@ TKE?Cz KPJ LGKPP@A
R@AZNAB KPG@ KGGNAJ?PO CN \PC@APKC?NPKE sE@GCANC@GHP?GKE tNBB?LL?NP d\stg A@GNBB@PJKC?NPL
}wx~[
\BRNACKPC ZNA GNPLCKPGz C@LC NZ ?B KO@ TKE?Cz KA@
{[ tr qTBS@A MKET@LI
w[ fP?ZNAB?CzI
[ qN?L@I
{x
+ Ó èç °ÄÖí , - ¯í°ÈÉ¯ì ¯® ¬Å . Öí¯É è¯ÉÅ¬Éì íÖ¯
y[ X?P@KA?CzI
¢[ pRKC?KE a@LNETC?NP I KPJ
|[ pE?G@ rH?GDP@LL[
rN C@LC CH@L@ RKAKB@C@ALI LR@G?KE LzPCH@C?G C@LC NSn@GCLI LNWGKEE@J RHKPCNBLI V?CH GKE?SAKC@J
RHzL?GKE RANR@AC?@L KA@ P@G@LLKAz[
ÜÝ Ü / ú øò ù rH@A@ KA@ K ENC NZ J?v@A@PC RHKPCNBL VH?GH J?v@A ?P GNPLCATGC?NP KPJ RKAKB@C@A LTRRNAC J@W
R@PJ?PO NP B KPTZKGCTA@A KPJ BNJ@E[ q@M@ACH@E@LL CH@z LHKA@ LNB@ SKL?G GHKAKGC@A?LC?GL OTA@J
NTC ?P \msi a@RNAC w }w{~Ê
tNBRTC@J CNBNOAKRHz RHKPCNBL KA@ TLTKEEz GzE?PJA?GKEI KPJ KGGNBBNJKC@ SNCH H@KJ KPJ
SNJz LGKPP?PO[ rH@ H@KJ KPJ SNJz A@O?NPL B Kz S@ KL L@RKAKC@ RHKPCNBLI NA GNBS?P@J ?PCN NP@[
]L NP@ RHKPCNB CH@ SNJz A@O?NP ?L @?CH@A K J?LC?PGC L@GC?NP V?CH K EKAO@A J?KB@C@AI NA ?L GA@KC@J
Sz REKG?PO KP KPPTETL NM@A CH@ LB KEE@A RHKPCNB TL@J ZNA H@KJ ?B KO?PO[ rH@ H@KJ A@O?NP B Kz
HKM@ K SNP@ @T?MKE@PC A?PO CN L?BTEKC@ CH@ LDTEE[ rH?L A?PO ?L @?CH@A RKAC NZ CH@ RHKPCNB VKEEI
NA ?L KP KPPTETL CHKC GKP S@ LVKRR@J V?CH CH@ SNJz A?PO[ }w{~
o?OTA@ y[{ ?EETLCAKC@L K O@P@A?G J?KOAKB NZ K RHKPCNB GNBS?P?PO KEE Z@KCTA@L RNLL?SEz ZNTPJ
NP tr RHKPCNBL[
pNZCVKA@ TL@J CN KLL?LC GNPLCKPGz C@LC RANM?J@L ?CL TP?T@ RHKPCNBL KPJ TLTKEEz CH@ GHN?G@ NZ
LT?CKSE@ LNZCVKA@ J?LR@PL@ V?CH CH@ GHN?G@ NZ K RHKPCNB [ pNB@ LNZCVKA@ KPJ RHKPCNB B KPTZKGW
CTA@AL KA@ PKB@J ?P S?SE?NOAKRHz }{y I {¢~[
sKGH LGKPP@A ?L PNAB KEEz J@E?M@A@J V?CH K RHKPCNB CN KEENV CH@ STz@A ?PJ?M?JTKE C@LC?PO[
rH@L@ RHKPCNBL KA@ O@P@AKEEz J@L?OP@J ZNA X@M@E ] C@LC?PO[ oNA K GNBRE@C@ X@M@E c C@LC K
LR@G?KE RHKPCNB ?L P@G@LLKAz[
rH@A@ZNA@I CH@ RHKPCNB LTRRNAC NZ CH@ trWi NJTE@ J@R@PJL NP CH@ J?v@A@PC E@M@EL[ rH@ X@M@E
] ?BRE@B@PCKC?NP ?L O@KA@J CN LTRRNAC KEE J?v@A@PC RHKPCNBL KEA@KJz @b?LC?PO ?P CH@ HNLR?CKEL
?P NAJ@A CN KMN?J CH@ RTAGHKL@ NZ P@V RHKPCNBL[
X@M@E c C@LCL V?EE S@ JNP@ Sz CH@ s>X CHKC KEA@KJz HNEJL K X@M@E c C@LC RHKPCNB GKEE@J
tKCRHKP Â ¢xx}{~[ tNPL@T@PCEzI X@M@E c ?BRE@B@PCKC?NP ?L E?B?C@J CN CH@ tKCRHKP Â ¢xx
RHKPCNB [
{{
o?OTA@ y[{[Ê ] O@P@A?G RHKPCNB ZNA tr ?B KO?PO[ rH@ SNJz L@GC?NP ?L NZC@P K L@RKAKC@ RHKPCNB
}w{~
tKCRHKP Â ¢xx ?L K LCKPJKAJ RHKPCNB ZNA GNBRA@H@PL?M@ tr R@AZNAB KPG@ B@KLTA@B@PCL[ \C
GNPL?LCL NZ J?v@A@PC BNJTE@L CN GNPCANE CH@ J?v@A@PC RKAKB@C@AL KPJ ?CL J@L?OP KEENVL BNJTE@L
CN S@ ?PC@AGHKPO@J do?OTA@ y[wg[
o?OTA@ y[w[Ê i NJTEKA KAGH?C@GCTA@ NZ CH@ tKCRHKP Â RHKPCNB CHKC KEENVL BNJTE@L CN S@ ?PC@AW
GHKPO@J[ sM@Az ?PL@AC @PKSE@L B@KLTA@B@PC NZ LR@G?G RKAKB@C@AL[ }{~
{w
ÜÛ Ü ñàú ôáà ùà ø òö áà " ôâáàó ïà ø /úáú ùàøà á
0 12131 45 6789:;
rH@ tr PTBS@A ?L CH@ KCC@PTKC?NP MKET@ ?P CH@ A@GNPLCATGC@J tr ?B KO@ @bRA@LL@J ?P >NTPL@EJ
TP?CL d>fg }{w~[ \C A@Ð@GCL CH@ E?P@KA KCC@PTKC?NP GN@Ñ G?@PC KPJ ?L Kv@GC@J Sz CH@ WAKz CTS@
MNECKO@I S@KB ECAKC?NP KPJ NSn@GC CH?GDP@LL }{x~[
rH@ tr MKET@ (H ) NZ K LKBRE@ NZ B KC@A?KE L ?L J@P@J Sz CH@ @bRA@LL?NP Ê
s
Hs =
µs (E) − µw (E)
· 1000HU
µw (E)
VH@A@ µ (E) KPJ µ (E) KA@ CH@ E?P@KA KCC@PTKC?NP GN@Ñ G?@PCL KC CH@ @P@AOz NZ CH@ WAKz
s
w
S@KB ZNA CH@ LGKPP@J LKBRE@ KPJ VKC@A A@LR@GC?M@Ez[ rH@ tr PTBS@A NZ VKC@A ?L GNPL@T@PCEz
Sz J@P?C?NP @TKE CN x >f [
rN C@LC CH@ KGGTAKGz ?P tr PTBS@A NZ K LGKPP@AI ?C ?L LTÑ G?@PC CN LGKP KP NSn@GC V?CH DPNVP
KCC@PTKC?NP GN@Ñ G?@PCI BNLCEz VKC@A @T?MKE@PC B KC@A?KE[ U@A?Zz?PO CH@ LGKPP@A GKEGTEKC@J tr
PTBS@A LHNTEJ J@C@GC GHKPO@L[
0 12121 <=>?@;8>AB
fP?ZNAB?Cz A@EKC@L CN CH@ A@T?A@B@PC ZNA CH@ tr PTBS@A NZ @KGH R?b@E ?P CH@ ?B KO@ NZ K
HNBNO@P@NTL NSn@GC CN S@ CH@ LKB@ V?CH?P PKAANV E?B?CL NM@A MKA?NTL A@O?NPL NZ CH@ NSn@GC[ }{x~
] RHKPCNB ?PL@AC CN C@LC TP?ZNAB?Cz ?L GKLC ZANB K LNE?J TP?ZNAB B KC@A?KEI ?J@KEEz V?CH K
tr PTBS@A @TKE CN VKC@A[ rH@ KJMKPCKO@L NZ TL?PO K LNE?J B KC@A?KE ?P GNBRKA?LNP CN E?T?J
CKPDL ?L CH@ @E?B?PKC?NP NZ MKA?KC?NPL KLLNG?KC@J V?CH GHKPO@L ?P VKC@A LNTAG@L KPJ PKCTAKEEz CH@
GNPM@P?@PG@[
rH@ TP?ZNAB?Cz ?L GKEGTEKC@J ZANB CH@ GNBRKA?LNP NZ CH@ B@KP tr PTBS@A ZANB K A@O?NP NZ
?PC@A@LC da e \g KC CH@ G@PCA@ NZ CH@ ?B KO@ CN CH@ B@KP tr PTBS@A KC RNL?C?NPL P@KA CH@ @JO@ NZ
CH@ RHKPCNB [ iNA@NM@AI CN M?LTKE?L@ TP?ZNAB?CzI K RANE@ NZ tr PTBS@AL KGANLL CH@ J?KB@C@A NZ
CH@ RHKPCNB ?PL@AC GKP S@ RENCC@J[
0 121C1 6@>D:
m?GCTA@ @E@B@PC dR?b@Eg NA ?B KO@ PN?L@ ?L CH@ ENGKE LCKC?LC?GKE ÐTGCTKC?NP ?P CH@ tr PTBS@AL NZ
?PJ?M?JTKE R?GCTA@ @E@B@PCL NZ K HNBNO@P@NTL a e \[ qN?L@ ?L J@R@PJ@PC NP CH@ AKJ?KC?NP JNL@
{
KPJ HKL K B KAD@J @v@GC NP ENV GNPCAKLC A@LNETC?NP [ rH@ B KOP?CTJ@ NZ CH@ PN?L@ ?L ?PJ?GKC@J Sz
CH@ LCKPJKAJ J@M?KC?NP NZ CH@ tr PTBS@AL NM@A K a e \ ?P K HNBNO@P@NTL LTSLCKPG@[ \B KO@ PN?L@
J?B?P?LH@L V?CH CH@ TL@ NZ K LE?OHCEz ÐKCC@P@J GNPMNETC?NP D@AP@EI V?CH L?BTECKP@NTL A@JTGC?NP NZ
LRKC?KE A@LNETC?NP KPJ KP ?PGA@KL@ ?P ENV GNPCAKLC A@LNETC?NP [ \B KO@ PN?L@ ?L ?PM@AL@Ez RANRNAC?NPKE
CN CH@ LTKA@ ANNC NZ CH@ JNL@ KPJ CN CH@ LE?G@ CH?GDP@LL[ oNA @bKBRE@I ?Z CH@ JNL@ ?L HKEM@J CH@P
CH@ PN?L@ V?EE NPEz ?PGA@KL@ Sz KSNTC yx E [ tNPM@AL@EzI K A@JTGC?NP ?P LE?G@ CH?GDP@LL A@T?A@L K
RANRNAC?NPKC@ ?PGA@KL@ ?P JNL@ ?P NAJ@A CN KMN?J KP ?PGA@KL@ ?P PN?L@[ }{x~
rH@ ?B KO@L CN GNPCANE TP?ZNAB?Cz GKP S@ TL@J CN C@LC PN?L@ KL V@EE[ rH@ J?KB@C@A NZ CH@ a e \
CN B@KLTA@ CH@ LCKPJKAJ J@M?KC?NP ZANB LHNTEJ S@ A@KLNPKSEz LB KEE E?D@ NP@WZCH CN NP@WC@PCH
NZ CH@ J?KB@C@A NZ CH@ RHKPCNB [
0 1210 1 F>=:G;>AB
X?P@KA?Cz GNPG@APL CH@ E?P@KA A@EKC?NPLH?R S@CV@@P CH@ GKEGTEKC@J tr PTBS@A KPJ CH@ E?P@KA
KCC@PTKC?NP GN@Ñ G?@PC NZ @KGH @E@B@PC NZ CH@ NSn@GC[ }{x~
rN @LCKSE?LH CH@ A@EKC?NPLH?R NZ tr PTBS@A KOK?PLC E?P@KA KCC@PTKC?NP GN@Ñ G?@PCI LKBRE@L NZ
K?AI VKC@AI m@ALR@b I SNP@ LTSLC?CTC@ NA KPz NCH@A L?B?EKA B KC@A?KEL NZ DPNVP GNBRNL?C?NP KPJ
J@PL?Cz KA@ LGKPP@J ?P K LT?CKSE@ RHKPCNB [ ]CC@PTKC?NP GN@Ñ G?@PCL GKP S@ NSCK?P@J ZNA B KC@A?KEL
NZ DPNVP GNBRNL?C?NP KPJ J@PL?CzI ZNA O?M@P WAKz @P@AO?@L[ ] DPNVE@JO@ NZ CH@ WAKz @P@AOz
LR@GCATB ?P CH@ RHKPCNB ?L CH@A@ZNA@ A@T?A@JI KPJ KL CH@ WAKz S@KB ?L PNC BNPN @P@AO@C?GI
KP @v@GC?M@ S@KB @P@AOz ?L KLLTB@J[ }w{~
tNPL@T@PCEz K RHKPCNB ?PL@AC CN C@LC E?P@KA?Cz GNPCK?PL KC E@KLC ZNTA LKBRE@L NZ J?v@A@PC
B KC@A?KE[ rH@ B KC@A?KEL KA@ GNBBNPEz r@ÐNP dH?OH@LC J@PL?CzI L?B?EKA CN SNP@gI KGAzE?GI ENVW
J@PL?Cz RNEz@CHzE@P@ dXQmsg KPJ K?A dENV@LC J@PL?Czg[
0 121H1 IJGA>GK L:D@K7A>@=
pRKC?KE A@LNETC?NP NZ KP ?B KO?PO LzLC@B J@LGA?S@LI HNV P@ CH@ J@CK?EL KA@ CHKC GKP S@ L@RKAKC@J
}{w~[ tNBRTC@J rNBNOAKRHz J?v@A@PC?KC@L CVN D?PJL NZ A@LNETC?NP Ê
{[ >?OH GNPCAKLC A@LNETC?NP
w[ XNV GNPCAKLC A@LNETC?NP
{y
M »¦ >?OH GNPCAKLC A@LNETC?NP J@C@AB?P@L CH@ B?P?BTB L?Y@ NZ J@CK?E
M?LTKE?L@J ?P CH@ REKP@ NZ CH@ LE?G@ V?CH K GNPCAKLC N {x E [ \C J@R@PJL NP CH@ LE?G@ CH?GDP@LLI
CH@ J@C@GCNA V?JCH I CH@ A@GNPLCATGC?NP KEONA?CHB I CH@ NSn@GC CN J@C@GCNA J?LCKPG@I CH@ bWAKz CTS@
ZNGKE LRNC L?Y@ KPJ CH@ B KCA?b L?Y@[
>?OH GNPCAKLC A@LNETC?NP GKP S@ B@KLTA@ Sz CH@ GKEGTEKC?NP NZ CH@ BNJTEKC?NP CAKPLZ@A ZTPGC?NP
di rog[ rH@ iro A@LTECL ZANB K J?LGA@C@ oNTA?@A CAKPLZNAB KC?NP NZ CH@ RN?PC LRA@KJ ZTPGC?NP
dmpog CHKC J@LGA?S@L K RANE@ RENC KGANLL K RN?PC LNTAG@ O@P@AKC@J V?CH K LR@G?G RHKPCNB ?PL@AC
do?OTA@ y[g[ rH@ a@LNETC?NP ?L TNC@J KL CH@ LRKC?KE ZA@T@PGz d?P E?P@ RK?ALäGB g KC VH?GH CH@
BNJTEKC?NP ZKEEL CN ¢x E I {x E NA w E i ro [
rN GA@KC@ KP ?BRTEL@ NA RN?PC LNTAG@ ZANB VH?GH CH@ iro GKP S@ GKEGTEKC@J CzR?GKEEz K
H?OHWJ@PL?CzI CTPOLC@P GKAS?J@ S@KJ ?L GKLC V?CH?P K HNBNO@P@NTL B KC@A?KE[
i NA@NM@AI CH@ iro GKP KELN S@ GKEGTEKC@J ZANB SKAWCKAO@C RKCC@APL[ rH?L B@CHNJ ?L BNA@
GNBRE?GKC@J KPJ PNC TL@J ?P CH@ trWi NJTE@[ i NA@ ?PZNAB KC?NP KSNTC CH?L B@CHNJ GKP S@ ZNTPJ
?P }w¢~[
o?OTA@ y[[Ê rH@ i NJTEKC?NP rAKPLZ@A oTPGC?NP dA?OHCgI CHKC A@LTECL ZANB CH@ J?LGA@C@ oNTA?@A
CAKPLZNAB KC?NP NZ CH@ mN?PC pRA@KJ oTPGC?NP dE@ZCg O@P@AKC@J V?CH K LR@G?KE RHKPCNB
?PL@AC[ }w{~
¹± »¦ XNV GNPCAKLC A@LNETC?NP ?L GNPL?J@AKSEz E?B?C@J Sz PN?L@ KPJ J@W
C@AB?P@L CH@ L?Y@ NZ J@CK?E CHKC GKP S@ M?L?SEz A@RANJTG@J ?Z CH@A@ ?L NPEz K LB KEE J?v@A@PG@ ?P
J@PL?Cz A@EKC?M@ CN CH@ LTAANTPJ?PO KA@K[
m@AG@PCKO@ GNPCAKLC ?L J@P@J KLÊ
%C =
(CTobject − CTbackground)
× 100%
(CTbackground − CTair )
{¢
O R@AG@PCKO@ GNPCAKLC
tr PTBS@A NZ NSn@GC
CTobject O
tr PTBS@A NZ B@J?TB SKGDOANTPJ B KC@A?KE
CTbackground O
tr PTBS@A NZ K?A
CTair O
%C
\Z CH@ SKGDOANTPJ B KC@A?KE ?L VKC@AI CH@ @TKC?NP L?BRE?@L CN (CT /10)% [ }w{~
object
] RHKPCNB ?PL@AC RANJTG@J CN B@KLTA@ ENV GNPCAKLC GNPL?LCL CzR?GKEEz NZ K PTBS@A NZ J?v@A@PC
L?Y@J NSn@GCLI @?CH@A KC NP@ LR@G?G GNPCAKLC NA KC K Z@V J?v@A@PC PNB?PKE GNPCAKLCL[ p?PG@ CH@z
KA@ PNB?PKE CH@z LHNTEJ S@ B@KLTA@J NP @KGH LGKPP@A KPJ LGKPP?PO RANCNGNEI ZNA KP KGGTAKC@
OTA@ NZ ENV GNPCAKLC J@C@GCKS?E?Cz[
rH@ tKCRHKP Â ¢xx ENV GNPCAKLC ?PL@AC GNPL?LCL NZ K L@A?@L NZ GzE?PJA?GKE ANJL NZ MKA?NTL J?KBW
@C@A dwI I yI ¢I £I µI {w KPJ {¢BB g KPJ GNPCAKLC E@M@EL dx[ E I x[¢ E I KPJ { E [g[ rH@ LKBRE@L KPJ
CH@ SKGDOANTPJ B KC@A?KE HKM@ @T?MKE@PC @v@GC?M@ KCNB?G PTBS@AL[ e PEz CH@ J@PL?Cz ?L MKA?@J
CN RANJTG@ GHKPO@L ?P @v@GC?M@ KCC@PTKC?NP GN@Ñ G?@PCL[ }{~
0 121P1 IK>Q: 5 R>QS=:DD
pE?G@ CH?GDP@LL dLE?G@ V?JCHg ?L CH@ @v@GC?M@ CH?GDP@LL NZ CH@ CNBNOAKRH?G L@GC?NP [ \C ?L O@P@AKEEz
LR@G?@J KL CH@ ZTEE V?JCH KC HKEZ B Kb?BTB do¼ >i g d [[[g NZ CH@ YWKb?L L@PL?C?M?Cz RANE@[ }w{~
] B@CHNJ CN GNPCANE LE?G@ CH?GDP@LL ?P LCKPJKAJ Kb?KE LGKPP?PO VKL NA?O?PKEEz LTOO@LC@J ?P KP
]]mi A@RNAC }~ KPJ ?BRANM@J Sz ¼ H?C@ @C KE[ }w|~[ rH?L B@CHNJ ?L SKL@J NP NP@ NA BNA@ CH?P
H?OH GNPCAKLC C@LC NSn@GCLI LTGH KL K CH?P LCA?R NZ KETB?P?TB LH@@C NA V?A@I REKG@J KC KP KPOE@ CN
CH@ LGKP REKP@ do?OTA@ y[yg[ rH@ KBNTPC NZ CH@ KETB?P?TB LCA?R L@@P ?P CH@ ?B KO@ ?L J@R@PJ@PC
NP CH@ CH?GDP@LL NZ CH@ ?B KO@J LE?G@I KPJ CH@ KPOE@ NZ CH@ KETB?P?TB CN CH@ LGKP REKP@[ }w{~
]GGNAJ?POEz CH@ LE?G@ CH?GDP@LL GKP S@ GKEGTEKC@JÊ
sw = d × tanθ ◦
sw
O ?B KO@J LE?G@ V?JCH do¼ >i g }BB~
O o¼ >i B@KLTA@J J?LCKPG@ ZANB RANE@ }BB~
KPOE@ NZ ?PGE?PKC?NP NZ KETB?P?TB LCA?RL CN CH@ bWKb?L
θO
d
i NJ@AP RHKPCNBL RANM?J?PO KP KPOE@ NZ w◦ CN KGH?@M@ ENPO@A AKBR ?B KO@L CHKC A@JTG@ CH@
@v@GCL NZ ?BRA@G?L@ ?B KO@ B@KLTA@B@PCL[ tNPL@T@PCEzI CH@z TL@ K TUVW UXYZ[ \]TT[\^_]X ` U\^]T
NZ [
tanθ ◦ 0.42
{|
o?OTA@ y[y[Ê tNPOTAKC?NP NZ CH@ KETB?P?TB LCA?RL CN B@KLTA@ LE?G@ CH?GDP@LL[ p?PG@ CH@ KPOE@ ?L
DPNVP I CH@ YWKb?L E@POCH dLE?G@ CH?GDP@LLg GKP S@ GKEGTEKC@J NTC NZ CH@ bWKb?L E@POCH
?P CH@ ?B KO@ }w{~[
Üý Ü
óó âøâò ú õ /úáú ùàøà á âù ÷õà ùà øàó â ø à îïð ñò ó ôõà
c@L?J@ CH@ RKAKB@C@AL J@P@J Sz CH@ sTANR@KP tNBBTP?Cz }{x~I CH@A@ KA@ LNB@ NCH@A RKAKB@C@AL
LTRRNAC@J Sz CH@ tKCRHKP Â ¢xx KPJ ?BRE@B@PC@J ?P CH@ trWi NJTE@[
0 1C131 a@D>A>@=>=b
p?PG@ tKCRHKP Â ¢xx ?L K dLGKPP@Ag B KPTZKGCTA@A ?PJ@R@PJ@PC RHKPCNB I CH@A@ ?L PN RA@GKLC
BNTPC?PO KC KPz LGKPP@A[ rH@A@ZNA@I CH@ tKCRHKP Â ¢xx GNB@L V?CH ?CL LR@G?G RNL?C?NP?PO
LzLC@B Sz BNTPC?PO ?C NP CH@ GKL@ KPJ REKG?PO CH@ SNb J?A@GCEz NP CH@ CKSE@ do?OTA@ y[w E@ZCg[
c@ZNA@ LCKAC?PO V?CH GNPLCKPGz C@LCI CH@ KGGTAKC@ RNL?C?NP?PO BTLC S@ M@A?@J[ oNA CH?L RTARNL@
CH@ RNL?C?NP M@A?GKC?NP L@GC?NP ?PL?J@ CH@ RHKPCNB GNPCK?PL y V?A@ AKBRL VH?GH A?L@ KC w◦ KPOE@L
ZANB CH@ SKL@ CN CH@ CNR NZ CH@ BNJTE@[ rH@ AKBR ?B KO@L GHKPO@ ?Z CH@ LGKP G@PCA@ ?L KSNM@ NA
S@ENV CH@ Y Kb?L G@PCA@ NZ CH@ C@LC BNJTE@[ ]P ?EETLCAKC?NP GKP S@ ZNTPJ KC CH@ tKCRHKP Â ¢xx
B KPTKE }{~ NP CH@ KRR@PJ@J tQ [
0 1C121 c=Q;:8:=AGA>@=
rH@ V?A@ AKBRL GKP KELN S@ TL@J CN C@LC RANR@A LGKP ?PGA@B@PCKC?NP [ pGKP ?PGA@B@PCKC?NP
J@LGA?S@L CH@ CKSE@ BNM@B@PC S@CV@@P J?v@A@PC LE?G@ KGT?L?C?NPL ?P Kb?KE BNJ@[ rzR?GKEEz CH@
LRKG@ S@CV@@P CVN KJnKG@PC LE?G@L LHNTEJ S@ Y@AN CHKC CH@ LGKP ?PGA@B@PCKC?NP KPJ LE?G@ CH?GDP@LL
KA@ CH@ LKB@ MKET@[
{£
oNA B@KLTA@B@PC NZ ?PGA@B@PCKC?NP CH@ RHKPCNBL V?A@ AKBR ?PL@AC ?L LGKPP@J V?CH O?M@P LE?G@
V?JCH KPJ CH@ AKBR L@GC?NPL KA@ B KAD@J ?P CH@ ?B KO@[ rH@A@TRNP CH@ CKSE@ ?L ?PGA@B@PC NP@
LE?G@ V?JCH KPJ K L@GNPJ LGKP KGT?A@J VH@A@ CH@ AKBR L@GC?NPL KA@ B KAD@J A@LR@GC?M@Ez[ rHTL
CH@ J?LCKPG@ S@CV@@P CH@ B KAD@A ?P CH@ ALC ?B KO@ CN CH@ B KAD@A ?P CH@ L@GNPJ ?B KO@ BTEC?RE?@J
Sz CH@ AKBR KPOE@ GNAA@GC?NP ZKGCNA GKEGTEKC@L CH@ ?PGA@B@PCKC?NP L?B?EKAEz CN LE?G@ V?JCH [
0 1C1C1 a>d:K I>e:
pRKC?KE E?P@KA?Cz NZ R?b@E L?Y@ M@A?GKC?NP GNPCANEL ?Z K B@KLTA@J J?LCKPG@ ?P KP ?B KO@ GNAA@EKC@L
V?CH CH@ J?LCKPG@ ?P A@KE?Cz[ rH@A@ZNA@I K RHKPCNB ?PL@AC GNPCK?PL BTEC?RE@ HNE@L ?P b@J J?LW
CKPG@L[ rzR?GKEEz CH@z KA@ EE@J V?CH H?OHWJ@PL?Cz B KC@A?KE NA K?A CN @PLTA@ K OA@KC J?v@A@PG@ ?P
KCC@PTKC?NP CN CH@ LTAANTPJ?PO B KC@A?KE KPJ CHTL KP @KLz ?J@PC?GKC?NP ?P CH@ ?B KO@[
p?PG@ CH@ J?LCKPG@L KA@ DPNVP I CH@ R?b@E L?Y@ GKP S@ M@A?@J Sz GNTPC?PO CH@ PTBS@A NZ R?b@EL
S@CV@@P CH@ HNE@ G@PCA@L[
Ü Ü f àöà áà à g ú õôà ú ó ïò õà áú à rH@ CKLD NZ GNPLCKPGz C@LC ?L CH@ @bKB?PKC?NP NZ LGKPP@AL GNPLCKPGz S@HKM?NTA NM@A C?B@[ tNPW
LCKPGz C@LC ?L PNC TKE?@J CN GNPCANE ?Z LGKPP@A R@AZNABL KL KGGTAKGz KL B KPTZKGCTA@ RANB?L@J[
0 10 131 L:?:;:=Q: hGK7:D
\P GNPLCKPGz C@LC @KGH RKAKB@C@A J@P@J ?P y[w KPJ y[ HKL CN S@ GNBRKA@J CN ?CL A@Z@A@PG@ MKET@
CN J@C@GC GHKPO@L[ pNB@ A@Z@A@PG@ MKET@L KA@ b@JI NCH@A J@R@PJ NP LGKPP@A L@CC?POL E?D@ CTS@
MNECKO@ NA LE?G@ CH?GDP@LL[
]L LHNVP ?P rKSE@ y[{ BNLC A@Z@A@PG@ MKET@L KA@ b@J[ rH@z KA@ J@LGA?S@J ?P sfa {|w|w }{x~[
e PEz LRKC?KE A@LNETC?NP KPJ PN?L@ KA@ LGKPP@A LR@G?G[ a@GNAJ?PO NZ B@KLTA@J A@LNETC?NP KPJ
PN?L@ ?P CH@ ALC R@A?NJ NZ JN?PO GNPLCKPGz C@LC RANM?J@L Sz KM@AKO?PO CH@ P@G@LLKAz A@Z@A@PG@
MKET@L[ rH?L RAKGC?G@ GKP S@ JNP@ JT@ CN CH@ KLLTBRC?NP CHKC LGKPP@A R@AZNAB KPG@ A@B K?PL
GNAA@GC ?P A@GNAJ?PO C?B@[ i NA@NM@AI E@O?C?B KGz GNPCANE LHNTEJ S@ JNP@ ?P KJJ?C?NP [
0 10 121 5@K:;G=Q:D
sM@P CHNTOH LGKPP@A R@AZNAB KPG@ GNB@L KGGTAKC@I @KGH GNPLCKPGz C@LC V?EE LHNV B?PNA GHKPO@L
S@CV@@P B@KLTA@J MKET@L KPJ A@Z@A@PG@ MKET@L JT@ CN TLTKE MKA?KC?NP ?P LGKPP@A R@AZNAB KPG@[
{¤
i j
tr PTBS@A
fP?ZNAB?Cz
qN?L@
X?P@KA?Cz
pRKC?KE A@LNETC?NP
pE?G@ CH?GDP@LL
mNL?C?NP?PO
\PGA@B@PCKC?NP
m?b@E L?Y@
kl m
qNB?PKE tr PTBS@A NZ CH@ LGKPP@J B KC@A?KE
x
]v@GC@J Sz J?v@A@PC LGKPP@A L@CC?POL
qNB?PKE tr PTBS@A NZ CH@ LGKPP@J B KC@A?KE
a@LNETC?NP RNV@A NZ CH@ LGKPP@A KPJ Kv@GC@J Sz J?v@A@PC
LGKPP@A L@CC?POL
qNB?PKE LE?G@ CH?GDP@LL
x
qNB?PKE LE?G@ CH?GDP@LL d?PC@AWLE?G@ J?LCKPG@ O xg
qNB?PKE R?b@E L?Y@
rKSE@ y[{[Ê mHzL?GKE RKAKB@C@AL KPJ CH@?A LR@G?G CzR@L NZ A@Z@A@PG@ MKET@L[ pNB@ A@Z@A@PG@
MKET@L KA@ b@JI NCH@A J@R@PJ NP LGKPP@A L@CC?POL E?D@ CTS@ MNECKO@ NA LE?G@ CH?GDP@LL[
]L K PKCTAKE GNPL@T@PG@ NZ @bCAKP@NTL J?LCTASKPG@I B@KLTA@J RKAKB@C@AL NZ KP ?PCKGC LGKPP@A
MKAz S@CV@@P CH@?A A@Z@A@PG@ MKET@L[ rH@A@ZNA@I ?C ?L P@G@LLKAz CN J@P@ TLTKE MKA?KC?NP E?B?CL[
e PEz ?Z B@KLTA@J MKET@ ?L NTCL?J@ ?CL E?B?C GNPLCKPGz C@LC ZK?E@J[
UKA?KC?NP E?B?CL NZ CH@ RKAKB@C@AL TL?PO b@J A@Z@A@PG@ MKET@L KA@ KEA@KJz J@P@J Sz CH@
sTANR@KP tNBBTP?Cz ?P sfa {|w|w }{x~[ rH@L@ E?B?CL KA@ LRKG?NTL KPJ LHNTEJ S@ KLLTB@J CN
S@ CH@ KSLNETC@ E?B?C[ >NV@M@AI CH@ A@T?A@B@PC CN GNPLCKPGz C@LC ?L CN J@C@GC KEA@KJz LB KEE
GHKPO@L ?P ?B KO@ TKE?Cz CH@A@ZNA@ MKA?KC?NP E?B?CL TL@J ?P e RC?B KO@ LHNTEJ S@ J@P@J ?P KPNCH@A
VKz[
UKA?KC?NP ?L SKL@J NP B KCH@B KC?GKE A@EKC?NPL KPJ J@P@J KL LCKPJKAJ J@M?KC?NP σ I KLL?OP@J
Sz K GNPGA@C@ MKET@ CHKC GKP S@ GKEGTEKC@J[ ]L CH@ ALC R@A?NJ NZ JN?PO GNPLCKPGz C@LC V?EE S@
TL@J CN GKEGTEKC@ LGKPP@A J@R@PJ@PC A@Z@A@PG@ MKET@L CH@ LKB@ C?B@ GKP S@ TL@J CN GKEGTEKC@ CH@
LCKPJKAJ J@M?KC?NP NZ @KGH RKAKB@C@A ?P CH@ VKz NZ
σx =
O LCKPJKAJ J@M?KC?NP
q O PTBS@A NZ MKET@L
r
1 X
(xi − x̄)2
N
σx
B@KLTA@J MKET@
KM@AKO@
x̄ =
rN GKEGTEKC@ K L?OP?GKPC LCKPJKAJ J@M?KC?NP CH@ PTBS@A NZ MKET@L LHNTEJ S@ S?O @PNTOH [
tNPL@T@PCEzI ?C ?L ?BRNACKPC PNC CN B KD@ CH@ ALC R@A?NJ NZ JN?PO GNPLCKPGz C@LC CN LHNAC[
xi =
{µ
]GGNAJ?PO CN _KTLL J?LCA?STC?NP I |¤Iw£ E NZ B@KLTA@J MKET@L dNZ KP ?PCKGC LGKPP@Ag KA@ V?CH?P σ I
µ¢Iy¢ E V?CH?P wσ I KPJ µµI£ E V?CH?P σ [
wx
n Î * À o Á
pNZCVKA@ ?BRE@B@PCKC?NPL CN GNPCANE CH@ ZTPGC?NPKE?Cz NZ CH@ J?v@A@PC ?B KO?PO LzLC@BL dBNJKEW
?C?@Lg ?P B@J?G?P@ KA@ KL NEJ KL CH@ BNJKE?C?@L CH@B L@EZ[ oANB @KAEz NP CH@A@ V@A@ CH@ B KPTW
ZKGCTA@AL ?PC@A@LC CN DPNV ?Z CH@?A BNJKE?C?@L LC?EE VNAD ZA@@ ZANB J@Z@GCL ?P RAKGC?L@[ XKC@AI V?CH
CH@ J@M@ENRB@PC NZ LR@G?KE RHKPCNBLI CH@ A@T?A@B@PC NZ RANZ@LL?NPKE GNPLCKPGz C@LC LNZCVKA@
OA@V CN @PKSE@ CH@ RHKPCNBL TL@A CN C@LC KEE RKAKB@C@AL CH@ RHKPCNB RANM?J@L[ rNJKz CH@A@ KA@
L@M@AKE B KPTZKGCTA@AL VH?GH L@EE TKE?Cz GNPCANE LNZCVKA@ ZNA CH@ J?v@A@PC BNJKE?C?@L }{y~[
pN VHz CN ?BRE@B@PC K CNCKEEz P@V LNZCVKA@ ?P CH@ GNPC@bC NZ e RC?B KO@ p
rH@ B K?P A@KLNP ZNA K P@V ?BRE@B@PCKC?NP ?L SKL@J ?P CH@ RTARNL@ NZ e RC?B KO@ CN nN?P TKE?Cz
GNPCANE ZNA J?v@A@PC BNJKE?C?@L CNO@CH@A[ mANZ@LL?NPKE LNZCVKA@ ?BRE@B@PCKC?NPL KA@ ?P O@P@AKE
LR@G?KE?L@J ?P K LR@G?G BNJKE?Cz[ rHTLI CH@A@ ?L TKE?Cz GNPCANE LNZCVKA@ ZNA i a\ J@M?G@L KPJ
TKE?Cz GNPCANE LNZCVKA@ ZNA tr J@M?G@LI STC CH@A@ ?L PN LNZCVKA@ CHKC GKP S@ TL@J ZNA SNCH [
rH@A@ZNA@I ?Z K HNLR?CKE J@G?J@L CN JN GNPLCKPGz C@LC ?C HKL CN
{[ KPKEzL@ VH?GH ?L CH@ S@LC LNZCVKA@ CN JN CH?LI
w[ STz K E?G@PG@I KPJ
[ CAK?P CH@ GE?P?GKE LCKv HNV CN TL@ CH@ LNZCVKA@
ZNA @KGH BNJKE?Cz[ tNPL@T@PCEzI CH@ GE?P?GKE LCKv HKL CN S@ CAK?P@J ZNA B KPz J?v@A@PC LNZCVKA@
?BRE@B@PCKC?NPL VH?GH KA@ LTRRNAC@J Sz J?v@A@PC LNZCVKA@ RANJTG@A[
rN SA?PO TKE?Cz GNPCANE CN CH@ NR@AKCNAI CH@A@ LHNTEJ S@ KP @KLz CN TL@ LNZCVKA@ CHKC GKP S@
TL@J ZNA KEE BNJKE?C?@L[ iNA@NM@AI ?C LHNTEJ S@ REKCZNAB ?PJ@R@PJ@PC KPJ NR@P LNTAG@ ?P NAJ@A
CN LKM@ CH@ NR@AKCNAL @bR@PL@L KPJ CN @PKSE@ K GTLCNB?LKC?NP CHANTOH CH@ RNLL?S?E?Cz CN KJJ
?PJ?M?JTKE GNJ@ Sz CH@ NR@AKCNA ?CL@EZ[
w{
q Ó . ¬Å®ríÉ¯ ÆÈÕíì ¯®í , °
s ÜÝ Ü f à " ôâáà ùà ø rN B@@C CH@ A@T?A@B@PC NZ S@?PO REKCZNAB ?PJ@R@PJ@PCI CH@ e RC?B KO@ LNZCVKA@ ?L VA?CC@P ?P
lKMK }w~[ lKMK @PKSE@L K REKCZNAB ?PJ@R@PJ@PC TL@ NP P@KAEz @M@Az NR@AKC?PO LzLC@B de pg E?D@
¼ ?PJNVLI pNEKA?LI i KG e p NA X?PTb KL ENPO KL K lKMK aTPC?B@ sPM?ANPB@PC dlasg do?OTA@ ¢[{g
?L ?PLCKEE@J[ iNA@NM@AI CH@A@ KA@ ENCL NZ J?v@A@PC NR@P LNTAG@ RANn@GCL }ww~ KPJ ?BRE@B@PCKC?NPL
VA?CC@P ?P lKMK VH?GH KA@ TL@J ?P CH@ J@M@ENRB@PC NZ e RC?B KO@[ ¼ ?CHNTC CH@L@ GNJ@ E?SAKA?@L
CH@ e RC?B KO@ LNZCVKA@ J@M@ENRB@PC VNTEJ HKM@ P@M@A S@@P RNLL?SE@ ?P CHKC C?B@ KPJ BNA@NM@A
?P CHKC EKAO@ LGKE@[
rKSE@ ¢[{ ?EETLCAKC@L KP KSA?JO@J E?LC NZ CH@ BNLC ?BRNACKPC @bC@APKE E?SAKA?@L TL@J ?P CH@
e RC?B KO@ LNZCVKA@ ?BRE@B@PCKC?NP [
t j
u%
#
\B KO@l
\B KO@ RANG@LL?PO CNNE
HCCR ÊääALS [?PZN[P?H [ONMä?nä
loA@@tHKAC
rNNE CN GA@KC@ GHKACL
HCCR ÊääVVV [n ZA@@[NAOänZA@@GHKACä
>pX Qc
lKMK QKCKSKL@
HCCR ÊääHLEJS [LNTAG@ZNAO@[P@Cä
l_NNJ?@L oNABL lKMK XKzNTC i KPKO@A HCCR ÊääVVV [n ONNJ?@L[GNB äZA@@VKA@äZNABLä
?r@bC
lKMK RJZWE?SAKAz
HCCR ÊääVVV [ENVKO?@[GNB ä?r@bCä
\YmKGD
\PLCKEE@A O@P@AKCNA
HCCR ÊääVVV [?YZNAO@[GNB ä?YRKGDä
rKSE@ ¢[{[Ê \BRNACKPC @bC@APKE E?SAKA?@L TL@J ?P CH@ e RC?B KO@ LNZCVKA@ ?BRE@B@PCKC?NP
H13131 v:w:K@J8:=A x=w>;@=8:=A
rN J@M@ENR EKAO@ LNZCVKA@ RANn@GCL K RNV@AZTE J@M@ENRB@PC @PM?ANPB@PC ?L P@G@LLKAz[ rH@ lKMK
EKPOTKO@ KEA@KJz GNB@L V?CH K pNZCVKA@ Q@M@ENRB@PC j?C dpQjg do?OTA@ ¢[{g CHKC GKP S@ TL@J[
cKL@J NP CH@ pQj CH@A@ KA@ LNB@ M@Az GNBZNACKSE@ KPJ RNV@AZTE J@M@ENRB@PC @PM?ANPB@PCL E?D@
sGE?RL@ }¢~ NA q@Cc@KPL }£~[ p?PG@ CH@?A GNJ@ GNBR?EKC?NP ?L SKL@J NP CH@ LR@G?G lKMK GNBR?E@A
nKMKG CH@ GNBRKC?S?E?Cz S@CV@@P CH@ J?v@A@PC J@M@ENRB@PC @PM?ANPB@PCL ?L OTKAKPC@@J drH@ J@W
CK?E@J ZTPGC?NPKE?Cz NZ lKMK ?L J@LGA?S@J NP CH@ pTP i?GANLzLC@BL HNB@RKO@ }w~g[ tNPL@T@PCEzI
CH@A@ ?L PN P@G@LL?Cz CN TL@ K LR@G?G J@M@ENRB@PC @PM?ANPB@PC ZNA e RC?B KO@ ?BRE@B@PCKC?NP
LN KL @KGH J@M@ENR@A GKP B KD@ ?CL R@ALNPKE GHN?G@[
rH@ trWi NJTE@ VKL GNBRE@C@Ez ?BRE@B@PC@J Sz CH@ TL@ NZ sGE?RL@ }¢~[ sGE?RL@ ?L KP NR@P
REKCZNAB ZNA CNNE ?PC@OAKC?NP ST?EC Sz KP NR@P GNBBTP?Cz NZ CNNE RANM?J@AL[ e R@AKC?PO TPJ@A
KP NR@P LNTAG@ RKAKJ?OB I V?CH K GNBBNP RTSE?G E?G@PL@ CHKC RANM?J@L ANzKECz ZA@@ LNTAG@ GNJ@
ww
o?OTA@ ¢[{[Ê rH@ lKMK w pQj I pCKPJKAJ sJ?C?NP M[ {[[ rH@ lKMK w aTPC?B@ sPM?ANPB@PC dlasg
GNPL?LCL NZ CH@ M?ACTKE B KGH?P@I CH@ lKMK REKCZNAB GNA@ GEKLL@LI KPJ LTRRNAC?PO E@L[
rH@ lKMK w pQj ?PGETJ@L CH@ las KPJ J@M@ENRB@PC CNNEL LTGH KL GNBR?E@AL KPJ
J@STOO@AL[ }w~
KPJ VNAEJ V?J@ A@J?LCA?STC?NP A?OHCLI CH@ @GE?RL@ REKCZNAB RANM?J@L CNNE J@M@ENR@AL V?CH TEC?B KC@
Ð@b?S?E?Cz KPJ GNPCANE NM@A CH@?A LNZCVKA@ C@GHPNENOz[ }¢~
] ZTEE J@LGA?RC?NP NZ CH@ sGE?RL@ GNBBTP?Cz KPJ VH?C@ RKR@AL JNGTB@PC?PO CH@ J@L?OP KPJ
TL@ NZ CH@ sGE?RL@ mEKCZNAB KA@ KMK?EKSE@ KC }¢~[
i NA@NM@AI ?P BTEC? J@M@ENR@A LNZCVKA@ RANn@GCL K M@AL?NP GNPCANE LzLC@B ?L A@T?A@J[
] LzLC@B ZNA D@@R?PO CAKGD?PO NZ BTEC?RE@ M@AL?NPL NZ K E@I TLTKEEz LNTAG@ GNJ@[
U@AL?NP GNPCANE LzLC@BL KA@ BNLC TL@ZTE VH@P B KPz J@M@ENR@AL KA@ VNAD?PO CNO@CH@A
NP K RANn@GCI CN H@ER RA@M@PC NP@ J@M@ENR@A ZANB NM@AVA?C?PO KPNCH@A J@M@ENR@A yL
GHKPO@LI KPJ CN B KD@ ?C @KLz CN A@M@AC CN K RA@M?NTL M@AL?NP NZ K E@[ }w£~
rH@ BNLC RNRTEKA M@AL?NP GNPCANE LzLC@B KMK?EKSE@ CNJKz ?L CH@ tNPGTAA@PC U@AL?NPL pzLC@B
dtU pg }y~[ \C ?L ANSTLCI NR@P LNTAG@ KPJ TL@J ?P B KPz RANn@GCL KEE NM@A CH@ VNAEJ[ rH@ ?PC@OAKC?NP
?PCN sGE?RL@ }¢~ KPJ q@Cc@KPL }£~ Kv@GC@J CH@ J@G?L?NP CN TL@ tU p KELN ?P CH@ J@M@ENRB@PC NZ
e RC?B KO@[
H13121 c8Gb:z
rH@ B K?P @BRHKL?L ?P e RC?B KO@ J@M@ENRB@PC ?L ZNGTL@J CN CH@ ?B KO@ RANG@LL?PO L?PG@ LGKPP@A
R@AZNAB KPG@ ?L GKEGTEKC@J ZANB RHKPCNB ?B KO@L[ rH@A@ZNA@I K RNV@AZTE ?B KO@ RANG@LL?PO E?SAKAz
w
VKL P@G@LLKAz CHKC LTRRNACL
{[ {|WS?C Q\t e i ?B KO@LI
w[ CH@ GKEGTEKC?NP NZ KA@K KPJ R?b@E MKET@ LCKC?LC?GL NZ TL@AWJ@P@J L@E@GC?NPLI
[ CH@ B@KLTA@B@PC NZ J?LCKPG@L KPJ KPOE@LI
y[ E?P@ RANE@ RENCLI
¢[ GNPCAKLC B KP?RTEKC?NP I
|[ BTEC?RE@ PTBS@AL NZ ?B KO@L L?BTECKP@NTLEzI
£[ LRKC?KE GKE?SAKC?NP I
¤[ OAKz LGKE@ GKE?SAKC?NP I
KPJ B KPz NCH@A Z@KCTA@L[ mA@L@PCEzI CH@ ZKLC@LC RTA@ lKMK ?B KO@ RANG@LL?PO RANOAKB KEE NM@A CH@
VNAEJ ?L \B KO@l }w¤~[
Q@M@ENR@J Sz ¼KzP@ aKLSKPJ KC CH@ a@L@KAGH p@AM?G@L cAKPGH dqKC?NPKE \PLC?CTC@ NZ i@PCKE
>@KECH I c@CH@LJKI i KAzEKPJI fp]g ?C ATPL @?CH@A KL KP NPE?P@ KRRE@C NA KL K JNVPENKJKSE@
KRRE?GKC?NP [ i NA@NM@AI ?C ?L NR@P LNTAG@ KPJ GKP KELN S@ TL@J KL K GEKLL E?SAKAz VH?GH ?L JNP@ ?P
e RC?B KO@[ ]EE ?B KO@ RANG@LL?PO RKACL ?P e RC?B KO@ J@M@ENRB@PC KA@ SKL@J NP \B KO@l[
s ÜÛ Ü ï à Þ ÷øâùúûà { áú ùàãòá |
tNPLCKPGz C@LC ANTC?P@L ?P CH@ J?v@A@PC BNJKE?C?@L KA@ L?B?EKAI STC PNC CH@ LKB@[ sKGH BNJKE?Cz
HKL CN S@ J@M@ENR@J L@RKAKC@Ez SKL@J NP ?CL ?PJ?M?JTKE A@T?A@B@PCL KPJ P@@JL[ \P CH@ GNPLCATGW
C?NP NZ CH@ e RC?B KO@ LNZCVKA@ ?BRE@B@PCKC?NP @KGH BNJKE?Cz A@RA@L@PCL K BNJTE@[ ]EE BNJTE@L
KA@ RTC CNO@CH@A ?P K B K?P ZAKB@VNAD I GKEE@J e RC?B KO@ oAKB@VNADI CHKC RANM?J@L O@P@AKE ZTPGW
C?NPKE?Cz CHKC ?L TL@J Sz KEE BNJTE@L E?D@ EKPOTKO@ L@CC?POL NA LNZCVKA@ TRJKC@[ rH@ tr BNJTE@ ?P
RKAC?GTEKA ?L LRE?C KOK?P ?P CVN BNJTE@L dX@M@E ] KPJ X@M@E cg VH?GH KA@ SNCH HKPJE@J L@RKAKC@Ez
E?D@ J?v@A@PC BNJKE?C?@L[
]L OTA@ ¢[w LHNVLI @KGH BNJTE@ NSCK?PL K CKS ?PL?J@ CH@ e RC?B KO@ oAKB@VNAD V?CH?P VH?GH
CH@ LR@G?G GNPLCKPGz C@LC ANTC?P@L KA@ A@KE?L@J[ \C ?L RNLL?SE@ CN J?LKSE@ @KGH CKS dBNJTE@g ZNA
J?v@A@PC e RC?B KO@ ?PLCKEEKC?NPL[ oNA @bKBRE@I CH@ e RC?B KO@ ?PLCKEEKC?NP ?P CH@ HNLR?CKEL V?EE
NPEz @PKSE@ CH@ TL@ NZ tr X@M@E ] VH?E@ CH@ s>X GKP KELN TL@ tr X@M@E c [
wy
o?OTA@ ¢[w[Ê rH@ e RC?B KO@ oAKB@VNAD CHKC RANM?J@L O@P@AKE ZTPGC?NPKE?Cz ZNA KEE BNJKE?C?@L[
sM@Az GNPLCKPGz C@LC ?BRE@B@PCKC?NP ?L A@RA@L@PC@J ?P K L@M@AKE CKSL[
H12131 vGAG9GD:
rH@ e RC?B KO@ oAKB@VNAD KELN ?PGETJ@L K >zR@ALNP?G pX QKCKSKL@ d>pXQcg }|~[ >pX ?L KP
NR@PWLNTAG@ KEEWlKMK JKCKSKL@ @PO?P@I ALC A@E@KL@J V?CH LNTAG@L ?P {µµ¤[ \C LCKAC@J KL K L?BRE@
B@BNAzWNPEz @PO?P@ STC Sz CH@ z@KA wxxxI ?C HKJ J@M@ENR@J ?PCN K ZTEEz Ð@JO@J pX @PO?P@[
mA@L@PCEz >pXQc ?L CH@ E@KJ?PO pX A@EKC?NPKE JKCKSKL@ @PO?P@ VA?CC@P ?P lKMK[ \C HKL K
lQct JA?M@A KPJ LTRRNACL K A?GH LTSL@C NZ ]qp\Wµw pX dcqo CA@@ ZNAB KCg RETL pX µµ KPJ
wxx @PHKPG@B@PCL[ \C Nv@AL K LB KEE dE@LL CHKP {xxD ?P NP@ M@AL?NP ZNA KRRE@CLgI ZKLC JKCKSKL@
@PO?P@ VH?GH Nv@AL SNCH ?PWB@BNAz KPJ J?LDWSKL@J CKSE@L KPJ LTRRNACL @BS@JJ@J KPJ L@AM@A
BNJ@L[ }|~
\P CH@ GTAA@PC M@AL?NP NZ e RC?B KO@ CH@ >pXQc ?L ?PGETJ@J ?P CH@ ?PLCKEE@A[ tNPL@T@PCEzI
@KGH ?PLCKEEKC?NP HKL ?CL NVP JKCKSKL@ ?PLCKEE@J KC CH@ ENGKE JA?M@ CHKC V?EE S@ LCKAC@J L?BTEW
CKP@NTLEz CN CH@ RANOAKB [ \P EKC@A M@AL?NPL NZ e RC?B KO@ ?C ?L REKP@J NPEz CN HKM@ NP@ G@PCAKE
JKCKSKL@ CHKC @KGH e RC?B KO@ ?PLCKEEKC?NP GNPP@GCL CN[
rH@ JKCKSKL@ ?L TL@J CN LKM@ CH@ A@LTECL NZ KEE BNJKE?C?@L ?PGETJ?PO CH@?A ?B KO@L[ pNB@ BNJTE@L
KELN TL@ ?C CN LCNA@ P@@J@J ?PZNAB KC?NP CHKC GKP PNC S@ HKAJ GNJ@J ?P CH@ LNTAG@ GNJ@[ \PL?J@ CH@
JKCKSKL@ CH@A@ KA@ PN CKSE@L LHKA@J Sz J?v@A@PC BNJTE@L[ sKGH CKSE@ GKP S@ @bKGCEz KLL?OP@J CN
K LR@G?G BNJTE@[
i NA@NM@AI CN KAAKPO@ K GEKLL?@J KGG@LL CN CH@ JKCKSKL@ CH@ GNPP@GC?M?Cz ?L H@EJ Sz CH@ e RW
C?B KO@ oAKB@VNAD KPJ @KGH BNJTE@ GKP NPEz A@T@LC CH@ GNPP@GC?NP KPJ PNC GNPP@GC ?CL@EZ CN
CH@ JKCKSKL@[
w¢
H12121 c=A:;=GA>@=GK>DGA>@=
p?PG@ e RC?B KO@ ?L K ?PC@APKC?NPKE RANn@GC CH@ LNZCVKA@ HKL CN S@ BTEC?E?POTKE[ \P CH@ GTAA@PC
M@AL?NP ?C LTRRNACL sPOE?LH I oA@PGH KPJ _@AB KP STC CH@A@ ?L CH@ RNLL?S?E?Cz CN KJJ EKPOTKO@L
V?CHNTC GHKPO@L KC CH@ LNTAG@ GNJ@[
rH@A@ KA@ L@M@AKE ZKG?E?C?@L CN ?PC@APKC?NPKE?L@ lKMK RANn@GCL[ \P O@P@AKE CH@z KA@ KEE SKL@J ?P
CH@ TL@ NZ D@zL ?PLC@KJ NZ HKAJWGNJ@J LCA?POL V?CH?P CH@ LNTAG@ GNJ@[ \Z CH@ RANOAKB @PGNTPC@AL
K D@zI K RKAC?GTEKA GEKLL B KCGH@L ?C V?CH K HKLH CKSE@ do?OTA@ ¢[g CHKC HNEJL KEE CAKPLEKC?NPL CN
KEE @b?LC?PO D@zL KPJ A@CTAPL CH@ LR@G?G CAKPLEKC@J LCA?PO J@R@PJ?PO NP CH@ KRRN?PC@J EKPOTKO@[
o?OTA@ ¢[[Ê ] CAKPLEKC?NP HKLH CKSE@ V?CH CH@ D@zL NP CH@ E@ZC L?J@ CHKC KA@ A@REKG@J ?P CH@
ATPP?PO RANOAKB Sz CH@ KRRN?PC@J EKPOTKO@ LCA?PO[
\P CH@ e RC?B KO@ oAKB@VNAD CH@ ?PC@APKC?NPKE?LKC?NP GEKLL ?L GKEE@J rAKPLEKCA?b CHKC HKL S@@P
KEA@KJz ?BRE@B@PC@J ZNA CH@ ?PC@APKC?NPKE?LKC?NP NZ NCH@A RANn@GCL[
]L K LCKC?G GEKLLI CH@ rAKPLEKCA?b GEKLL JN@L PNC HKM@ CN S@ ?PLCKPC?KC@J KPJ GKP S@ TL@J KL K
LCKC?G A@Z@A@PG@ ?P CH@ VHNE@ RANn@GC[ rH@ CAKPLEKC?NPL KPJ D@zL KA@ LCNA@J ?P LNWGKEE@J cTPJE@L[
] cTPJE@ GNPL?LCL NZ L@M@AKE EKPOTKO@ E@L[ sKGH E@ GNPCK?PL CH@ D@zL KPJ CH@ GNAA@LRNPJ?PO
CAKPLEKC?NP NZ CH@ LR@G?G EKPOTKO@[ \Z K P@V EKPOTKO@ P@@JL CN S@ KJJ@J NPEz K P@V CAKPLEKC?NP
E@ HKL CN S@ KRR@PJ@J[
c@ZNA@ ?PLCKPC?KC?NP NZ CH@ B K?P GEKLL@LI CH@ cTPJE@L HKM@ CN S@ KJJ@J CN CH@ rAKPLEKCA?b GEKLL[
qNV CH@ EKPOTKO@ GKP S@ L@C KPJ CH@ D@zL KA@ TLKSE@ dL@@ ]EONA?CHB {g[ \Z CH@ rAKPLEKCA?b JN@L
PNC PJ CH@ D@z ?P CH@ EKPOTKO@ E@I CH@ D@z ?CL@EZ V?EE S@ A@CTAP@J[
w|
rH@ ?BRE@B@PCKC?NP NZ \PC@APKC?NPKE?LKC?NP SKL@J NP CH@ rAKPLEKCA?b GEKLL
}j
~
ää ]JJ CH@ cTPJE@L CN CH@ rAKPLEKCA?b
rAKPLEKCA?b [KJJcTPJE@ d ET [CTJNA[LKPC@G[NRC?B KO@[BNJTE@L[GC[E@M@Ec [B K?PZAKB@[rAKPLEKCA?b gË
rAKPLEKCA?b [KJJcTPJE@ d ET [CTJNA[LKPC@G[NRC?B KO@[BNJTE@L[GC[E@M@Ec [GKEGTEKC?NP [rAKPLEKCA?b gË
rAKPLEKCA?b [KJJcTPJE@ d ET [CTJNA[LKPC@G[NRC?B KO@[BNJTE@L[GC[E@M@Ec [RANE@[rAKPLEKCA?b gË
rAKPLEKCA?b [KJJcTPJE@ d ET [CTJNA[LKPC@G[NRC?B KO@[BNJTE@L[GC[E@M@Ec [A@LTECL[rAKPLEKCA?b gË
[[[
ää p@C CH@ XKPOTKO@
rAKPLEKCA?b [L@CXNGKE@ d @P fp gË
[[[
ää _@C K CAKPLEKC?NP LCA?PO
lXKS@E EKS@E O P@V lXKS@E dgË
EKS@E[L@Cr@bC drAKPLEKCA?b [O@CrAKPLEKC?NPpCA?PO dj@zggË
H121C1 :KJ IBDA:8
]P HCBEWSKL@J >@ER pzLC@B ?L KELN ?PGETJ@J ?P CH@ e RC?B KO@ oAKB@VNAD do?OTA@ ¢[yg[ \C O?M@L
?PLCATGC?NPL HNV CN TL@ CH@ LNZCVKA@ KPJ VHKC KA@ CH@ S@P@CL NZ e RC?B KO@[ pC?EE ?P J@M@ENRB@PC
LCKC@ ?C V?EE S@ EE@J V?CH GNPC@PCL KL CH@ RANn@GC RANG@@JL[
o?OTA@ ¢[y[Ê rH@ e RC?B KO@ >@ER pzLC@B CHKC ?EETLCAKC@L HNV CN TL@ CH@ LNZCVKA@[ iNA@NM@AI ?C
O?M@L ?PZNAB KC?NP KSNTC RHzL?GKE SKGDOANTPJL KPJ CH@ @T?RB@PC CHKC ?L P@@J@J[
w£
\C ?PGETJ@L CH@ Z@KCTA@LI A@T?A@B@PCLI C@GHP?GKE ?PZNAB KC?NPLI J@M@ENRB@PC KPJ STO A@RNAC?PO
NZ e RC?B KO@[ rH@ TL@A B KPTKEL KA@ L@RKAKC@J ?PCN @KGH BNJTE@ KPJ @PHKPG@J Sz K LG?@PC?G
?PZNAB KC?NP A@RNAC CHKC @bREK?PL CH@ RHzL?GKE SKGDOANTPJ NZ JN?PO GNPLCKPGz C@LC ?P CH@ J?v@A@PC
BNJKE?C?@L[
]EE RANn@GC RKACP@AL }{¤~ KA@ VNAD?PO CNO@CH@A NP CH@ GNPC@PC NZ CH@ H@ER LzLC@B [
w¤
Î ) ÜÝ Ü ú â / áâ â÷õà p?PG@ CH@ tr iNJTE@ A@KE?L@L CH@ ALC ?BRE@B@PCKC?NP NZ K BNJKE?Cz ?P CH@ e RC?B KO@ oAKB@VNAD
?C E@KJL CH@ VKz ZNA KEE CH@ NCH@A BNJKE?C?@L[ \P M?@V NZ KP @KLz CN TL@ LNZCVKA@ KEE BNJTE@L LHNTEJ
ENND KL L?B?EKA KL RNLL?SE@ CN @PKSE@ KP ?PCT?C?M@ HKPJE?PO[ rH@A@ZNA@I X@M@E ] KPJ X@M@E c KA@
SKL@J NP L?B?EKA?Cz ?P EKzNTC @E@B@PCLI RANE@ B KPKO@B@PCI L@T@PG@ KAGH?C@GCTA@ KPJ RKGDKO@
LCATGCTA@ VH?GH GKP S@ TL@J KL K C@BREKC@ ZNA CH@ J@M@ENRB@PC NZ CH@ NCH@A BNJTE@L[
P13131 a;@K: G=Gb:8:=A
e RC?B KO@ ?L KSE@ CN C@LC KP ?PP?C@ PTBS@A NZ LGKPP@AL CHKC ?BRE?@L KP NAOKP?L@J LGKPP@A B KPW
KO@B@PC CN @PLTA@ @KGH A@LTEC ?L @bRE?G?C KEENGKC@J CN CH@ LR@G?G LGKPP@A[ i NA@NM@AI LCKC?LC?GKE
ENPO C@AB KPKEzL?L A@T?A@L GNBRKAKSE@ A@LTECL JT@ CN CH@ RKAKB@C@AL KA@ ?PÐT@PG@J Sz LGKPP@A
L@CC?POL E?D@ CTS@WMNECKO@ NA LE?G@ CH?GDP@LL[ oNA @bKBRE@I PN?L@ ?L J?A@GCEz KLLNG?KC@J V?CH LE?G@
CH?GDP@LL KGGNAJ?POEz CH@ PN?L@ B@KLTA@J ?P K ¢BB LE?G@ ?L PNC GNBRKAKSE@ CN CH@ PN?L@ B@KLTA@J
?P K w[¢BB LE?G@ @M@P ?Z ?C ?L CH@ LKB@ LGKPP@A[
tNPL@T@PCEzI e RC?B KO@ GNB@L V?CH K RANE@ B KPKO@B@PC LzLC@B CHKC ?J@PC?@L K LGKPP@A
KPJ ?CL LGKP L@CC?POL CHANTOH CH@ Q\t e i >@KJ@A NZ CH@ ?B KO@L KPJ KLL?OPL CH@L@ ?PZNAB KC?NPL
CN K RANE@ CHKC VKL GA@KC@J S@ZNA@[ sKGH LGKPP@A GKP HKM@ BTEC?RE@ RANE@L JT@ CN J?v@A@PC
LGKP L@CC?POL[ ] RANE@ ?L ?J@PC?@J Sz ?CL PKB@ dX@M@E ]g NA \Q dX@M@E cg KPJ J@C@AB?PKC@ Sz
CH@ ZNEENV?PO RKAKB@C@AL Ê
•
i KPTZKGCTA@A
•
i NJ@E
•
>NLR?CKE dNPEz X@M@E cg
wµ
Ó æç¯ «æ - ¬ÕÈ, ¯
•
pCKC?NP
•
mHKPCNB dNPEz X@M@E ]g
•
UNECKO@
•
tTAA@PC
•
pE?G@ rH?GDP@LL
•
tNPMNETC?NP j@AP@E
i NA@NM@AI A@Z@A@PG@ MKET@L KPJ CNE@AKPG@L KA@ KELN @BS@JJ@J ?P K RANE@I STC CH@z KA@ PNC TL@J
ZNA TP?T@ ?J@PC?GKC?NP KPJ GKP S@ GHKPO@J KC KPz C?B@[
sKGH BNJTE@ RANM?J@L K RANE@ V?YKAJ CN @PKSE@ CH@ TL@A CN GA@KC@ K P@V RANE@ LC@R Sz
LC@R [ rH@ LR@G?G RANE@ B KPKO@B@PC J@R@PJL NP RKAC?GTEKA A@T?A@B@PCL NZ @KGH BNJTE@ KPJ
?L CH@A@?PKZC@A J@LGA?S@J ZNA X@M@E ] dGHKRC@A |[w[{g KPJ X@M@E c dGHKRC@A |[[{g[
P13121 I:7:=Q: @? 4@=DAG=QB 5:DA
rH@ L@T@PG@ NZ GNPLCKPGz C@LC ?P X@M@E ] KPJ X@M@E c ?L P@KAEz CH@ LKB@[ rH@ NPEz J?v@A@PG@
?L CHKC ?P X@M@E c CH@ TL@A HKL CN GHNNL@ CH@ RANE@ CHKC ?L TL@J B KPTKEEzI VH?E@ ?P X@M@E ] CH@
RANE@ V?EE S@ GHNL@P KTCNB KC?GKEEz[ rHKC A@LTECL ZANB CH@ ZKGC CHKC CH@ RANE@ B KPKO@B@PC ?P
X@M@E c ?L BTGH BNA@ GNBRE?GKC@J CHKP ?P X@M@E ] [ ]P KTCNB KC?LB ?P RANE@ GHN?G@ ?P X@M@E c
VNTEJ R@AZNAG@ ?PMNEM@ KP ?PGA@KL@J GNBRE@b?Cz KPJ GNPL@T@PCEz ?PLCKS?E?Cz CHKC VNTEJ S@KA PN
A@EKC?NP CN CH@ TL@AL KJJ?C?NPKE @bR@PL@[
c@ZNA@ TL?PO e RC?B KO@I CH@ RHKPCNB HKL CN S@ LGKPP@J KL J@LGA?S@J ?P ?CL B KPTKE[ rH@ LGKP
L@CC?POL HKM@ CN S@ CH@ LKB@ E?D@ CH@ RANE@ J@P?C?NP ?P e RC?B KO@[ rH@ TL@A PKEEz A@G@?M@L
K L@A?@L NZ ?B KO@L dLE?G@Lg CH@ RKAKB@C@AL V?EE S@ GKEGTEKC@J ZANB [ \Z e RC?B KO@ ?L TL@J CH@ ALC
C?B@ KPJ CH@A@ ?L PN RANE@ KEA@KJzI CH@ ?B KO@L GKP S@ TL@J CN GA@KC@ K P@V RANE@[
]ZC@A ?B KO@ KGT?L?C?NP KEE RA@RKAKC?NPL KA@ JNP@ KPJ e RC?B KO@ GKP S@ TL@J CN JN GNPLCKPGz
C@LC[ rH@ VNADÐNV NZ GNPLCKPGz C@LC ?P X@M@E ] KPJ X@M@E c ?L ?EETLCAKC@J ?P o?OTA@ |[{[
½ \P CH@ M@A?GKC?NP RKAC CH@ ?B KO@L V?EE S@ ENKJ@J ?PCN CH@ ZAKB@VNAD [ \P CH@
GTAA@PC M@AL?NP NZ e RC?B KO@ CH@ TL@A J@GEKA@L K LHKA@J ZNEJ@A @?CH@A NP K ENGKE JA?M@ NA NP CH@
P@CVNAD CHKC HNEJL CH@ ?B KO@L[ rH@P e RC?B KO@ ENKJL KEE ?B KO@L NTC NZ CHKC ZNEJ@A ?PCN CH@
x
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[{[Ê p@T@PG@ NZ GNPLCKPGz C@LC ?P tr iNJTE@ X@M@E ] KPJ X@M@E c
B@BNAz[ oNA EKC@A M@AL?NPL ?C ?L REKP@J CN GA@KC@ K J?A@GC KGG@LL CN m]tpL dm?GCTA@ ]AGH?M?PO
KPJ tNBBTP?GKC?NP pzLC@B g[
¼ H?E@ ENKJ?POI e RC?B KO@ EC@AL NTC KEE ?B KO@L V?CHNTC Q\t e i >@KJ@AI J?v@A@PC L?Y@I NA OAKz
LGKE@ J@RCH CN @PLTA@ K GNAA@GC KPKEzL?L[ rH@ A@B K?P?PO ?B KO@L V?EE S@ KPKEzL@J KPJ L@E@GC@J[
rH@ L@E@GC?NP KEONA?CHBL CAz CN OTA@ NTC VH?GH ?L CH@ S@LC LE?G@ CN B@KLTA@ K RKAKB@C@A KPJ
{
Ó æç¯ «æ - ¬ÕÈ, ¯
KLL?OPL @KGH RKAKB@C@A CN KP ?B KO@[ \Z KEE KLL?OP@J ?B KO@L GNAA@EKC@ CN K RANE@I K GKEGTEKC?NP
GKP S@ JNP@[
rH@ TL@A ?L PNV KSE@ CN B KPTKEEz GHKPO@ CH@ L@E@GC@J ?B KO@L S@ZNA@ LCKAC?PO CH@ GKEGTEKC?NP [
sKGH GHKPO@ ?P CH@ L@E@GC?NP GKTL@L K P@V RANE@ GNAA@EKC?NP GNPCANE[
¦¦ \P CH@ GKEGTEKC?NP RKAC CH@ A@LTECL V?EE PKEEz S@ GKEGTEKC@J KPJ GNBRKA@J CN CH@
A@Z@A@PG@ MKET@L[ \Z KP @AANA NGGTAL ?P KPz GKEGTEKC?NP B@CHNJI ZNA @bKBRE@I ?Z TP?ZNAB?Cz ?L
GKEGTEKC@J KPJ CH@ LE?G@ JN@L PNC LHNV LCATGCTA@L NZ KP TP?ZNAB RHKPCNB ?PL@ACI CH@ GKEGTEKC?NP
V?EE S@ LCNRR@J KPJ KP @AANA B@LLKO@ KRR@KAL GNPCK?P?PO ?PZNAB KC?NP KSNTC CH@ RANSE@BL[ \P
CH@ GKL@ NZ KP @AANA CH@ TL@A GKP GHKPO@ CH@ VANPO LE?G@ KPJ A@LCKAC CH@ GKEGTEKC?NP [
\Z CH@ GKEGTEKC?NP VKL LTGG@LLZTEI K J@CK?E@J A@LTEC M?@V O?M@L ?PZNAB KC?NP KSNTC VH@A@ NZ CH@
A@LTECL KA@ GKEGTEKC@J KPJ ?Z CH@z KA@ ?PL?J@ CH@?A CNE@AKPG@L[ qNV I KEE A@LTECL KPJ ?B KO@L GKP S@
LKM@J ?P CH@ JKCKSKL@ KPJ GNPL@T@PCEz A@ENKJ@J KC KPz C?B@[ i NA@NM@AI CH@z GKP S@ RA?PC@J
ZNA RKR@A JNGTB@PCKC?NP ?Z P@G@LLKAz d]RR@PJ?b tg[
P131C1 FGB@7A xK:8:=AD
] V@EE LCATGCTA@J EKzNTC L@AM@L KL CH@ SKL?L ZNA KP @KLz HKPJE?PO LNZCVKA@[ rH@ VNAD ÐNV NZ
NR@AKC?PO e RC?B KO@ KA?L@L ZANB CH@ EKzNTC CHKC GE@KAEz ?PJ?GKC@L CH@ L@T@PG@ NZ GNPLCKPGz C@LC
J@LGA?S@J ?P |[{[w[
¼ ?CH?P CH@ BNJTE@ CKSL RANM?J@J Sz CH@ e RC?B KO@ oAKB@VNAD dL@@ o?OTA@ ¢[w NP RKO@ w¢gI
CH@ HKPJE?PO NZ X@M@E ] KPJ X@M@E c ?L KELN A@KE?L@J KL K CKSS@J RKP@ CHKC GNPCK?PL K GNPCANE
CKS CN GNPCANE KPJ @b@GTC@ CH@ GNPLCKPGz C@LC do?OTA@ |[wg[
rH@ GNPCANE CKS ?PGETJ@L ZNTA J?v@A@PC KA@KL[
· \P CH@ ?PRTC KA@K CH@ TL@A J@GEKA@L CH@ ZNEJ@A CHKC HNEJL CH@ ?B KO@L[ rH@ J@GEKAKC?NP
GKP S@ JNP@ @?CH@A CzR?PO B KPTKEEz NA OAKRH?GKEEz TL?PO NZ CH@ LCKPJKAJ E@WNR@P J?KENO[
¦ · rH@ GNPCANE KA@K ?BRE@B@PCL CH@ TL@AL RNLL?S?E?Cz CN GHKPO@ CH@ RA@L@E@GC@J LE?G@L
KZC@A M@A?GKC?NP [ iNA@NM@AI ?C O?M@L ?PZNAB KC?NP KSNTC CH@ GNAA@EKC?NP S@CV@@P ?B KO@ KPJ RANE@[
© · rH@ LCKC@ KA@K ?EETLCAKC@L VHKC e RC?B KO@ ?L GTAA@PCEz JN?PO[ \C LHNVL CH@ M@A?GKW
C?NP KPJ GKEGTEKC?NP RANOA@LLI CH@ LTGG@LL LCKC@ KPJ VHKC LHNTEJ S@ JNP@ P@bC[
w
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[w[Ê tNPCANE rKS EKzNTC NZ X@M@E ] dCNRg KPJ X@M@E c dSNCCNB g

Ó æç¯ «æ - ¬ÕÈ, ¯
© · rH?L KA@K GNPCK?PL KEE P@@J@J STCCNPL CN GNPCANE CH@ L@T@PG@ NZ GNPLCKPGz C@LC[
i NA@NM@AI ?C ?L TL@J LCKAC CH@ RANE@ V?YKAJ KPJ CN ENKJ KEA@KJz LKM@J A@LTECL[
sKGH GKEGTEKC?NP ?P CH@ GNPCANE CKS RA@G?R?CKC@L K P@V A@LTEC CKS CHKC ?EETLCAKC@L KEE A@LTEC ?PZNAW
B KC?NP [ rH@ PTBS@A NZ A@LTEC CKSL ?L PNC E?B?C@J CN @PKSE@ CH@ GNBRKA?LNP S@CV@@P J?v@A@PC
A@LTECL[ ] J@CK?E@J EKzNTC J@LGA?RC?NP ZNA X@M@E ] KPJ X@M@E c ?L L@RKAKC@Ez O?M@P ?P |[w[ KPJ
|[[ JT@ CN @E@B@PCKAz J?v@A@PG@L[
P1310 1 aGQSGb: IA;7QA7;:
p?PG@ ?P X@M@E ] KPJ X@M@E c CH@ L@T@PG@ KPJ EKzNTC @E@B@PCL KA@ L?B?EKAI ?C ?L NSM?NTL CN KELN
TL@ K M@Az L?B?EKA RKGDKO@ LCATGCTA@ V?CH?P CH@ LNTAG@ GNJ@[ rH?L GHKRC@A O?M@L K LB KEE NM@AM?@V
KSNTC CH@ LNTAG@ GNJ@ GNPG@RC?NP KPJ HNV CH@ J?v@A@PC RKGDKO@L KA@ VNAD?PO CNO@CH@A[ >NV@M@AI
CN @PC?A@Ez TPJ@ALCKPJ CH@ LNTAG@ GNJ@ ?C ?L P@G@LLKAz CN S@ ZKB?E?KA V?CH lKMK[ rH@ ?PC@A@LC@J
A@KJ@A GKP P CH@ lKMKJNG JNGTB@PCKC?NP NP CH@ KRR@PJ@J tQ [
] RKGDKO@ OANTRL A@EKC@J GEKLL@LI ?PC@AZKG@L KPJ LTSRKGDKO@L[ \P e RC?B KO@ KEE RKGDKO@L HKM@ CN
LCKAC V?CH Z^]TUX^[\]W^_VUY[ KGGNAJ?PO CN rfQ e a ä p]qrst LR@G?GKC?NPL[ ]L LHNVP
?P o?OTA@ |[I CH@ e RC?B KO@ oAKB@VNAD GNPL?LCL NZ M@ RKGDKO@L A@KE?L?PO J?v@A@PC ZTPGC?NPKE?Cz[
¾ rH@ ?BRE@B@PCKC?NP NZ CH@ JKCKSKL@ ?L ZNTPJ ?P KP @bC@APKE E?SAKAz CHKC ?L
?PC@OAKC@J ?P e RC?B KO@[ rH@A@ZNA@I CH@ JKCKSKL@ RKGDKO@ JN@L PNC GNPCK?P JKCKSKL@ ZTPGC?NPW
KE?Cz GEKLL@L STC AKCH@A RA@Z@A@PG@ GEKLL@L CN GTLCNB?L@ CH@ JKCKSKL@ CN e RC?B KO@ A@T?A@B@PCL[
i NA@NM@AI L@M@AKE LGA?RCL ZNA LCAK?OHC JKCKSKL@ B KP?RTEKC?NPL KA@ ZNTPJ ?P CHKC RKGDKO@ ZNA
C@LC?PO RTARNL@[
rH@ V?JO@CL RKGDKO@ OANTRL KEE GEKLL@L VH?GH KA@ TL@J ?P CH@ VHNE@ RANn@GC
CN ZTEE CH@ e Sn@GCWNA?@PC@J RANOAKBB?PO RKAKJ?OB [ oNA @bKBRE@I K GEKLL CHKC ?BRE@B@PCL CH@
ZTPGC?NPKE?Cz CN M?@V KPJ B KP?RTEKC@ K Q\t e i ?B KO@ ?L P@@J@J ZNA @M@Az BNJTE@ KPJ KGGNAJ?POEz
ZNTPJ ?P CH@ V?JO@CL RKGDKO@[ tHKPO@L ?P K GEKLL V?CH?P CH@ V?JO@CL RKGDKO@ GNPL@T@PCEz @v@GCL
GHKPO@L ?P CH@ VHNE@ RANn@GC[
» \GNPL KPJ RANR@ACz E@L S@ENPO CN CH@ A@LNTAG@L NZ e RC?B KO@[ rH@A@ZNA@I
CH@z KA@ RTC CNO@CH@A ?P CH@ A@LNTAG@L RKGDKO@[
y
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[[Ê e RC?B KO@ RKGDKO@ LCATGCTA@
¢
Ó æç¯ «æ - ¬ÕÈ, ¯
¦ rH@ TC?E RKGDKO@ GNPCK?PL GEKLL@L NA?O?PKEEz ?BRE@B@PC@J ZNA K LR@G?G BNJTE@
CHKC B Kz KELN S@ H@ERZTE ZNA NCH@A BNJTE@L[ \Z K GEKLL PKEEz KRR@KAL KL TL@ZTE ZNA CH@ NCH@A
BNJTE@LI ?C V?EE S@ BNM@J CN CH@ V?JO@CL RKGDKO@[
§¦ ]EE BNJTE@L KA@ ?BRE@B@PC@J ?P LTSRKGDKO@L V?CH?P CH@ BNJTE@L RKGDKO@[
rH@ trWi NJTE@ ?L GNPL@T@PCEz REKG@J H@A@ LTAANTPJ@J Sz CH@ NCH@A BNJTE@L[
rH@ trWiNJTE@ GNPCK?PL CVN LTSRKGDKO@L ZNA X@M@E ] KPJ X@M@E c TL?PO K M@Az L?B?EKA GNPW
LCATGC?NP [ i NA@NM@AI K TC?E RKGDKO@ STPJE@L KEE trWi NJTE@ LR@G?@J GEKLL@L TL@J ?P SNCH E@M@EL[
sKGH E@M@E GNPL?LCL NZ ZNTA B K?PWRKGDKO@LÊ
•
i K?PZAKB@
•
tKEGTEKC?NP
•
a@LTECL
•
mANE@
§¨ rH@ B K?PZAKB@ RKGDKO@ GNPCK?PL CH@ B K?P BNJTE@ GEKLL KPJ A@KE?L@L CH@
GNPCANE CKS [ ]EE GEKLL@L CN GNPCANE CH@ ?PC@APKE VNADÐNV KPJ HKPJE?PO NZ K BNJTE@ KA@ ZNTPJ ?P
CHKC RKGDKO@[ ]L K RKAC NZ CH@ GNPCANE CKS I CH@ GNPCANE KA@K ?L KELN ?BRE@B@PC@J ?P K LTSRKGDKO@
NZ B K?PZAKB@[
¦¦ ]EE GKEGTEKC?NPL NZ K BNJTE@ KA@ ZNTPJ ?P CH@ GKEGTEKC?NP RKGDKO@[ \C
B Kz S@ GNPL?J@A@J KL K SEKGD SNb CHKC P@@JL CH@ ?B KO@L ZNA ?PRTC KPJ A@CTAPL K A@LTECLWBNJ@E
KL NTCRTC[ ] GKEGTEKC?NP GNPCANEE@A GEKLL ?L TL@J CN GNBBTP?GKC@ CN CH@ GKEGTEKCNAL KPJ A@KE?L@L
CH@ ?PC@AZKG@ S@CV@@P B K?PZAKB@ KPJ GKEGTEKC?NP [ ]L ?B KO@ RANG@LL?PO ?L P@G@LLKAz ZNA EC@A?PO
KPJ KPKEzL?PO CH@ ?B KO@L KC M@A?GKC?NP I CH@ M@A?GKC?NP ?L KELN ?BRE@B@PC@J ?P CH@ GKEGTEKC?NP
RKGDKO@[
»¦ rH@ A@LTECL RKGDKO@ GNPCK?PL KEE GEKLL@L CN M?@V KPJ RANG@LL CH@ A@LTECWBNJ@E
CHKC ?L A@CTAP@J Sz CH@ GKEGTEKC?NP GNPCANEE@A GEKLL[ rH@ B K?P A@LTECL GEKLL V?EE S@ GKEE@J Sz
CH@ B K?PZAKB@ KPJ GA@KC@L CH@ A@LTECL CKS [ iNA@NM@AI CH@ RA@RKAKC?NP NZ CH@ A@LTECWBNJ@E ZNA
JKCKSKL@ LCNAKO@ ?L KELN JNP@ CH@A@[
|
Ó æç¯ «æ - ¬ÕÈ, ¯
¦ i KPz GEKLL@L KA@ P@G@LLKAz CN NAOKP?L@ CH@ BNJTE@ J@R@PJ@PC RANE@ B KPW
KO@B@PC[ rH@z KA@ RTC CNO@CH@A ?P CH@ RANE@ RKGDKO@ CHKC KELN ?PGETJ@L CH@ RANE@ V?YKAJ KPJ
JKCKSKL@ GNPP@GC?NP CHANTOH CH@ e RC?B KO@ oAKB@VNAD [
ÜÛ Ü àßà õ
rH@ tr i NJTE@ X@M@E ] ?BRE@B@PCL GNPLCKPGz C@LC CN R@AZNAB Sz CH@ GE?P?GKE LCKv [ \C ?L SKL@J
NP X@M@E ] @bR@AC?L@I J@P@J ?P \msi A@RNAC ££ }{£~ dL@@ tHKRC@A [g KPJ CKD@P NM@A Sz CH@
EKV [ rH@ B@KLTA@B@PCL JNP@ ?P X@M@E ] KA@
•
tr qTBS@A MKET@LI
•
fP?ZNAB?CzI KPJ
•
qN?L@
VH?GH GKP S@ GKEGTEKC@J NTC NZ K HNBNO@P@NTL RHKPCNB ?PL@AC RANM?J@J Sz KEE RHKPCNBL[ ]GW
GNAJ?POEzI NPEz NP@ LE?G@ ?L P@G@LLKAz ZNA X@M@E ] C@LCL[ rH@ C@LC ZA@T@PGz LHNTEJ S@ JK?Ez CN
V@@DEz Ë CH?L A@T?A@L K ZKLC KPJ @KLz LNZCVKA@ LNETC?NP [
QT@ CN CH@ LB KEE PTBS@A NZ RKAKB@C@AL B@KLTA@J ?P X@M@E ] I CH@ tr iNJTE@ X@M@E ] ?L GNBW
RE@C@Ez KTCNB KC@JI P@@JL HKAJEz KPz TL@A ?PC@AKGC?NP I RA@M@PCL B?LCKD@L SKL@J NP CH@ L?BRE?G?CzI
STC ?L PNC M@Az Ð@b?SE@[
P12131 a;@K: G=Gb:8:=A
]L RA@M?NTLEz B@PC?NP@J dGHKRC@A |[{[wgI ?P X@M@E ] CH@ RANE@ V?EE KTCNB KC?GKEEz S@ GHNL@P
Sz CH@ LNZCVKA@ SKL@J NP CH@ Q\t e i >@KJ@A ?PZNAB KC?NP [ rN B KD@ KP ?PM@AL@ RANE@ L@KAGH
RNLL?SE@I CH@ X@M@E ] RANE@ B KPKO@B@PC HKL CN B@@C LNB@ LR@G?KE A@T?A@B@PCL[
] RANE@ BTLC S@ TP?T@Ez J@P@J LN CHKC KP ?B KO@ GKP PNC GNAA@EKC@ V?CH BTEC?RE@ RANE@L[
oTACH@ABNA@I ?C ?L PNC KEENV@J CN GA@KC@ CVN ?J@PC?GKE RANE@L[ ]P ?B KO@ KEVKzL HKL CN S@
KSLNETC@Ez KLLNG?KC@J CN NP@ LR@G?G RANE@[
]L J@LGA?S@J ?P GHKRC@A |[{[{I K RANE@ ?L J@P@J Sz K LGKPP@A dB KPTZKGCTA@AI BNJ@EI LCKC?NPgI
CH@ LGKP L@CC?POL dMNECKO@I GTAA@PCI LE?G@ CH?GDP@LLI GNPMNETC?NP D@AP@EgI KPJ ?P X@M@E ] CH@
RHKPCNB CHKC ?L TL@J[ ]EE CH@L@ ?PZNAB KC?NP KA@ REKG@J ?P CH@ Q\t e i >@KJ@A @bG@RC ZNA CH@
RHKPCNB [
£
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[y[Ê mANE@ ¼ ?YKAJ tr i NJTE@ X@M@E ] CHKC ?L TL@J CN GA@KC@ K P@V RANE@[
oNACTPKC@EzI CH@A@ KA@ LNB@ @BRCz @PCA?@L V?CH?P CH@ Q\t e i >@KJ@A VH?GH GKP S@ TL@J CN
J@P@ CH@ RHKPCNB [ p?PG@ K LGKPP@J RHKPCNB JN@L PNC HKM@ K RKC?@PC PKB@I CH@ TL@A GKP J@P@
CH@ PKB@ NZ CH@ RHKPCNB KL LGKPP@J RKC?@PC LN ?C KRR@KAL ?P CH@ Q\t e i >@KJ@A[ rH@ LNZCVKA@
PKEEz A@KJL NTC CH@ RKC?@PC PKB@ @PCAz KPJ LN O@CL CH@ RHKPCNB [ \Z CH@ RKC?@PC PKB@ JN@L PNC
GNAA@EKC@ V?CH K RHKPCNB I e RC?B KO@ KLDL ZNA B KPTKE ?PRTC[
\P LNB@ HNLR?CKEL ?C ?L PNC RNLL?SE@ CN CzR@ ?P CH@ RKC?@PC PKB@ JT@ CN b@J LGKPWRANCNGNEL[
\P CHKC GKL@I CH@ LNZCVKA@ GKP @KL?Ez S@ GHKPO@J CN A@KJ NTC KPNCH@A @PCAz CHKC GNPCK?PL CH@
RHKPCNB PKB@[
¼ ?CH?P K RANE@ ?P X@M@E ] I CH@ LGKP L@CC?POL GNPG@AP CN KEE B@KLTA@J RKAKB@C@AL dtr PTBS@AI
TP?ZNAB?CzI PN?L@g[ rN GNPCANE J?v@A@PC LGKP L@CC?POL ?C ?L P@G@LLKAz CN GA@KC@ BTEC?RE@ RANE@L
ZNA CH@ LKB@ LGKPP@AI NP@ ZNA @KGH L@CC?POL[
rH@ RANG@JTA@ CN GA@KC@ K P@V RANE@ ?L ?EETLCAKC@J ?P o?OTA@ |[y[ rH@ V?YKAJ HKL CN @PLTA@ CH@
¤
Ó æç¯ «æ - ¬ÕÈ, ¯
TL@A J@P@L CH@ LGKPP@A @bKGCEz E?D@ CH@ @PCA?@L ?P CH@ Q\t e i >@KJ@A[ rH?L ?L JNP@ NP LC@R w
V?CH KTCNB KC?G J@C@GC?NP VH@A@ CH@ ?PZNAB KC?NPL KA@ CKD@P J?A@GCEz NTC NZ KP ?B KO@[ iNA@NM@AI
CH@ V?YKAJ RA@M@PCL CN GA@KC@ CH@ LKB@ RANE@ CV?G@[
P12121 I:7:=Q: @? F:w:K 5:DA
rH@ L@T@PG@ NZ X@M@E ] C@LCL ?L SKL@J NP CH@ CVN LC@RL KAGH?C@GCTA@ J@LGA?S@J ?P |[{[w[ ]ZC@A
CH@ TL@A J@P@J CH@ RKCH CHKC GNPCK?PL CH@ L@A?@L NZ RHKPCNB ?B KO@L dLE?G@Lg ?P CH@ ?PRTC KA@KI
K GE?GD NP CH@ M@A?GKC?NP STCCNP LCKACL CH@ M@A?GKC?NP [
½ ]ZC@A RA@WEC@A?PO CH@ LNZCVKA@ HKL CN J@C@GC CH@ LE?G@ A@RA@L@PC?PO CH@ HNBNO@W
P@NTL ?PL@AC NZ CH@ RHKPCNB [ rH@A@ZNA@I KP KEONA?CHB GKEGTEKC@L CH@ S@LC LE?G@ ZNA X@M@E ] C@LC[
rH@ GKEGTEKC?NP ?L SKL@J NP CH@ A@T?A@B@PC CN PJ K HNBNO@P@NTL RHKPCNB ?PL@AC V?CH K tr
PTBS@A KANTPJ x >f [ oNA CH?L RTARNL@I K G?AGE@J a e \ ?L REKG@J ?P CH@ G@PCA@ NZ @KGH ?B KO@I KGW
GTAKC@ L?Y@J CN @PGNTPC@A KEVKzL CH@ RHKPCNBL ?PL@AC do?OTA@ |[¢g[ rH@ BNLC B?P?B KE LCKPJKAJ
J@M?KC?NP A@EKC@J CN K B@KP tr PTBS@A GENL@ CN x >f ?PJ?GKC@L CH@ S@LC ?B KO@[
o?OTA@ |[¢[Ê pR@G?KE L?Y@J G@PCA@ a e \ CN @PGNTPC@A KEVKzL CH@ RHKPCNBL ?PL@AC[
rH@ KEONA?CHB ?L Kv@GC@J Sz PN?L@[ rzR?GKEEzI ?Z K L@A?@L GNPCK?PL BTEC?RE@ ?B KO@LI A@RA@L@PC?PO
CH@ HNBNO@P@NTL RHKPCNB ?PL@AC JNP@ V?CH J?v@A@PC LGKP L@CC?POLI CH@ KEONA?CHB KEVKzL L@E@GCL
CH@ NP@ V?CH K B Kb?BTB ?P MNECKO@I GTAA@PC KPJ LE?G@ CH?GDP@LL[
]ZC@A M@A?GKC?NP CH@ L@E@GC@J ?B KO@ KRR@KAL ?P CH@ GNPCANE KA@K VH@A@ZANB ?C GKP S@ GHKPO@J
S@ZNA@ GKEGTEKC?NP [ \Z ?C GNAA@EKC@L V?CH K RANE@I CH@ RANE@ PKB@ ?L KELN LHNVP ?P CH@ GNPCANE
KA@K do?OTA@ |[|g[
qNV K GKEGTEKC?NP GKP S@ JNP@ ?PJ@R@PJ@PCEz ?Z K RANE@ VKL ZNTPJ NA PNC[ >NV@M@AI K
GKEGTEKC?NP V?CHNTC RANE@ KLLNLL?KC?NPKEENGKC?NP JN@L PNC HKM@ A@Z@A@PG@ MKET@L KPJ CNE@AKPG@L
KPJ GKP GNPL@T@PCEz PNC S@ LKM@J ?P CH@ JKCKSKL@[
µ
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[|[Ê rH@ GNPCANE KA@K ?P X@M@E ] KZC@A M@A?GKC?NP drNR Ê CH@ L@E@GC@J ?B KO@ GNAA@EKC@L
V?CH K RANE@Ë cNCCNB Ê PN RANE@ ZNTPJ ZNA CH?L ?B KO@g[
¦¦ mA?B KA?Ez CH@ RHKPCNBL RNL?C?NP ?L J@C@GC@J TL?PO LCKPJKAJ VKPJ CAKG?PO KEONW
A?CHBL[ ] VKPJ CAKG?PO KEONA?CHB ?L KSE@ CN J@C@GC KP NSn@GCL NTCE?P@ ?Z ?C J?v@AL ZANB CH@
@PM?ANPB@PC[ rH@ RHKPCNB ?L LTAANTPJ@J Sz K?A LN ?C GKP @KL?Ez S@ ZNTPJ[ cKL@J NP CH@ NTCE?P@
CH@ G@PCA@ RN?PC KPJ J?KB@C@A KA@ GKEGTEKC@J KL A@Z@A@PG@ ZNA CH@ NCH@A GKEGTEKC?NPL[
\P tr PTBS@A GKEGTEKC?NP CH@ tr PTBS@A NZ VKC@A KPJ K?A ?L GKEGTEKC@J[ p?PG@ CH@ HNBNO@W
P@NTL RHKPCNB ?PL@AC GNPL?LCL NZ VKC@A @T?MKE@PC B KC@A?KEI CH@ tr PTBS@A NZ VKC@A GKP @KL?Ez
S@ GKEGTEKC@J KL CH@ B@KP NZ K LB KEE a e \ KC CH@ G@PCA@ NZ CH@ RHKPCNB [ rH@ tr PTBS@A NZ K?A ?L
PNC A@RA@L@PC@J V?CH?P CH@ RHKPCNB STC ZNTPJ ?P ?CL @PM?ANPB@PC[ rN B?P?B?L@ @JO@ @v@GCL CH@
K?A a e \ HKL CN S@ REKG@J KC CH@ G@PCA@ NZ CH@ B Kb?BTB J?LCKPG@ S@CV@@P RHKPCNB NTCE?P@ KPJ
AKPO@ NTCE?P@[ ]L ?EETLCAKC@J ?P OTA@ |[£I CH@ B Kb?BTB J?LCKPG@ ?L ?PJ?GKC@J KC CH@ @bC@PL?NP
NZ K E?P@ J@P@J Sz CH@ G@PCA@ RN?PC NZ CH@ RHKPCNB KPJ CH@ G@PCA@ RN?PC NZ CH@ AKPO@[
oNA TP?ZNAB?Cz B@KLTA@B@PCLI CH@ B@KP tr PTBS@A NZ K G@PCA@ a e \ HKL CN S@ GNBRKA@J CN
CH@ B@KP tr PTBS@A KC CH@ R@A?RH@Az[ rH@A@ZNA@I CH@ RHKPCNB ?PL@AC ?L L@OB@PC@J CN J@P@
ZNTA a e \L KC CH@ R@A?RH@Az CHKC GKP S@ GNBRKA@J CN CH@ G@PCA@ a e \ do?OTA@ |[¤g[ rH@ B Kb?BTB
J?v@A@PG@ ?P CH@ B@KP tr PTBS@A A@LTECL KL TP?ZNAB?Cz[
yx
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[£[Ê rH@ B Kb?BTB J?LCKPG@ S@CV@@P RHKPCNB NTCE?P@ KPJ AKPO@ NTCE?P@ CN GKEGTEKC@ CH@
tr PTBS@A NZ K?A[
o?OTA@ |[¤[Ê a e \ KEENGKC?NP ZNA TP?ZNAB?Cz KPJ PN?L@ B@KLTA@B@PC[
rN B@KLTA@ PN?L@I CH@ LCKPJKAJ J@M?KC?NP NZ K G@PCA@ a e \ L?Y@J {x E NZ CH@ RHKPCNBL J?KB@C@A
do?OTA@ |[¤g ?L GKEGTEKC@J[
i NA@NM@AI CN B KD@ TP?ZNAB?Cz KPJ PN?L@ GNBRKAKSE@ CN NCH@A LGKPP@AL CH@ R@AG@PCKO@ MKET@L
KA@ KELN O?M@P KL PNAB KE?L@J TP?ZNAB?Cz KPJ PNAB KE?L@J PN?L@Ê
%x =
x
× 100%
(CTwater − CTair )
y{
Ó æç¯ «æ - ¬ÕÈ, ¯
O TP?ZNAB?Cz ä PN?L@
tr PTBS@A NZ VKC@A
CTwater O
tr PTBS@A NZ K?A[
CTair O
x
P121C1 L:D7KAD
]EE A@LTECL KA@ J?LREKz@J ?P CH@ A@LTECL CKS CHKC KRR@KAL KZC@A CH@ GKEGTEKC?NP HKL S@@P P?LH@J[
rH@ A@LTECL CKSE@ KGCL KL K PKM?OKCNA ZNA CH@ J?v@A@PC RKAKB@C@AL[ \Z K RKAKB@C@A ?L L@E@GC@JI CH@
?B KO@ LHNVL CH@ RNL?C?NP NZ CH@ a e \L VH?E@ GKEGTEKC?NP J@CK?EL KRR@KA[ o?OTA@ |[µ ?EETLCAKC@L K
A@LTECL CKS J?LREKz?PO TP?ZNAB?Cz J@CK?EL[
o?OTA@ |[µ[Ê X@M@E ] A@LTECL CKS Ê p?PG@ CH@ TP?ZNAB?Cz @PCAz ?P CH@ A@LTEC CKSE@ ?L L@E@GC@JI TP?W
ZNAB?Cz J@CK?EL KA@ J?LREKz@J[
] RANE@ NZ tr PTBS@AL KGANLL CH@ CVN J?KONPKEL NZ CH@ RHKPCNB KA@ KELN RENCC@J KL K M?LTKE
A@RA@L@PCKC?NP NZ TP?ZNAB?Cz KPJ PN?L@[
oTACH@AI GNENTA@J ?GNPL V?CH?P CH@ A@LTECL CKSE@ KA@ TL@J ZNA NRC?GKE ?EETLCAKC?NP ?Z CH@ A@LTECL
KA@ ?PL?J@ CH@?A CNE@AKPG@L NA PNC[ >NV@M@AI CH@ LTGG@LL LCKC@ NZ K GKEGTEKC?NP JN@L PNC @v@GC CH@
RNLL?S?E?Cz CN LKM@ CH@ A@LTECL ?P CH@ JKCKSKL@[
yw
Ó æç¯ «æ - ¬ÕÈ, ¯
]EE ?PZNAB KC?NP ?PL?J@ CH@ A@LTECL CKS GKP S@ LKM@J ?P CH@ JKCKSKL@[ rHKC ?PGETJ@L @M@Az
J@CK?E@J GKEGTEKC?NP MKET@I CH@ RNL?C?NPL NZ CH@ a e \LI KPJ CH@ ?B KO@[ tNPL@T@PCEzI ?Z K A@LTEC
V?EE S@ A@WENKJ@J PN GKEGTEKC?NP ?L P@G@LLKAz[
i NA@NM@AI KZC@A GKEGTEKC?NP I ?C ?L RNLL?SE@ CN ON SKGD CN CH@ GNPCANE CKS I L@E@GC KPNCH@A LE?G@
ZANB CH@ LKB@ L@A?@LI KPJ LCKAC CH@ GKEGTEKC?NP KOK?P [ XNO?GKEEzI CH@ GKEGTEKC?NP A@LTECL ?P KPNCH@A
A@LTEC CKS A@RA@L@PC?PO KPNCH@A LE?G@ ZANB CH@ LKB@ L@A?@L[ qNC CN LNRH?LC?GKC@ ENPO C@AB KPKEzL?L
NPEz NP@ A@LTEC NZ K L@A?@L GKP S@ LKM@J[ \Z KPNCH@A A@LTEC KEA@KJz @b?LCL ?P CH@ JKCKSKL@I CH@ TL@A
GKP NM@AVA?C@ ?C STC PNC LKM@ ?C ?P KJJ?C?NP [
mAKGC?GKEEzI CH@ TL@A GKEGTEKC@L @KGH LE?G@ V?CH?P K L@A?@L CHKC A@RA@L@PCL CH@ HNBNO@P@NTL RKAC
NZ CH@ RHKPCNB [ rH@ S@LC A@LTEC LHNTEJ PKEEz S@ LKM@J ?P CH@ JKCKSKL@[
P1210 1 vGAG9GD: 4@=DA;7QA>@=
rH@ e RC?B KO@ oAKB@VNAD RANM?J@L NP@ JKCKSKL@ ZNA KEE BNJTE@L dL@@ tHKRC@A ¢[w[{g[ ]GGNAJW
?POEzI NP@ L@GC?NP ?L TL@J Sz CH@ tr iNJTE@ X@M@E ] GNBRNL@J NZ K RANE@ KPJ A@LTEC RKAC
do?OTA@ |[{xg[
rH@ RANE@ RKAC LCNA@L KEE RANE@L GA@KC@J V?CH CH@ RANE@ V?YKAJ[ \CL GNPLCATGC?NP ?L J@L?OP@J
CN @PKSE@ CH@ SKL?G Z@KCTA@ NZ X@M@E ] Ê CH@ ?PM@AL@ RANE@ L@KAGH [
rH@A@ZNA@I K G@PCAKE CKSE@ GC RANE@ HNEJL KEE @b?LC?PO RANE@L KGGTAKC@Ez J@P@J V?CH A@Z@AW
@PG@L CN NCH@A RANR@ACz CKSE@L[ \Z CH@ RANR@AC?@L KA@ DPNVP I CH@ RANE@ GKP S@ ZNTPJ[ \Z CH@
LGKPP@AI CH@ L@CC?POL KPJ CH@ RHKPCNB KA@ ?J@PC?@J KPJ CH@ \QL KA@ ZNTPJ ?P CH@ RANR@ACz
CKSE@L K RANE@ GKP S@ GE@KAEz KLL?OP@J[
\P CH@ GTAA@PC M@AL?NP CH@ CKSE@ GC LGKPL@CC?POL ?L ?PNR@AKSE@ KL CH@A@ ?L PN J?v@A@PG@ ?P
MNECKO@I GTAA@PCI LE?G@ CH?GDP@LL KPJ D@AP@E S@CV@@P CH@ J?v@A@PC RKAKB@C@AL[ \P EKC@A M@AL?NPL ?C
?L REKPP@J CN @PKSE@ J?v@A@PC L@CC?POLË CH@A@ZNA@I CH@ CKSE@ VKL RA@GKTC?NPKAz KJJ@J[
\P CH@ A@LTECL RKACI KEE A@LTECL J@LGA?S@J ?P |[w[ KA@ LCNA@J[ ] GNPP@GC?NP CN GC RANE@ @PLTA@L
CHKC @KGH A@LTEC ?L KLL?OP@J CN K LR@G?G RANE@[ rH@ A@LTEC RKAC GNPCK?PL CH@ GNNAJ?PKC@L NZ KEE
a e \LI CH@ GKEGTEKC@J A@LTECL KPJ CH@ ?B KO@ CHKC ?L LKM@J KL K S?PKAz LCA@KB [ rH@ LCNAKO@ L?Y@
J@R@PJL NP CH@ L?Y@ NZ CH@ ?B KO@ STC CzR?GKEEz ?L KRRANb [ ¢xxjc R@A A@LTEC[
y
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[{x[Ê QKCKSKL@ GNPLCATGC?NP NZ X@M@E ] CN @PKSE@ K LCNAKO@ NZ CH@ RANE@L KPJ A@LTECL[
yy
Ó æç¯ «æ - ¬ÕÈ, ¯
Üý Ü àßà õ
]C CH@ C?B@ KL CH@ J@M@ENRB@PC NZ X@M@E c LCKAC@JI X@M@E ] VKL KEA@KJz ?BRE@B@PC@J[ tNPL@W
T@PCEzI X@M@E c A@RA@L@PCL CH@ GNPC?PTKC?NP NZ X@M@E ] C@GHPNENOz KJKRC@J CN BNA@ GNBRA@H@PW
L?M@ A@T?A@B@PCL[ Q@L?OP@J ZNA NP@ LR@G?G RHKPCNB I X@M@E c Z@KCTA@L CH@ Ð@b?S?E?Cz CN GA@KC@
JzPKB?G RANE@L GTLCNB?L@J CN CH@ TL@A[
X@M@E c RANM?J@L CH@ B@KLTA@B@PC NZ KEE RKAKB@C@AL J@LGA?S@J ?P y[w KPJ y[ Sz CH@ TL@ NZ CH@
tKCRHKP Â ¢xx RHKPCNB [ ] JzPKB?G RANE@ JN@L PNC ?P@M?CKSEz GNPCK?P KEE RKAKB@C@AL[ rH@
TL@A GKP J@G?J@ VH?GH RKAKB@C@AL KA@ B@KLTA@J[ iNA@NM@AI ?C ?L RNLL?SE@ CN B@KLTA@ CH@ LKB@
RKAKB@C@A V?CH J?v@A@PC LGKP L@CC?POL V?CH?P K L?POE@ RANE@[
>NV@M@AI CH@ Ð@b?S?E?Cz ?BRE?GKC@L KP ?PGA@KL@J GNBRE@b?Cz PNC NPEz ?P CH@ RANOAKB LCATGCTA@
STC KELN ?P CH@ HKPJE?PO NZ CH@ LNZCVKA@[ rH@A@ZNA@I CH@ TL@A HKL CN S@ KVKA@ NZ
•
HNV CN TL@ CH@ LNZCVKA@I
•
CH@ RHzL?GKE SKGDOANTPJ NZ KEE RKAKB@C@ALI
•
CH@ RHKPCNB HKPJE?POI KPJ
•
CH@ HKPJE?PO NZ CH@ LGKPP@A[
X@M@E c @bR@AC?L@ ?L A@T?A@J CN TL@ X@M@E c ?BRE@B@PCKC?NP [ mA@L@PCEz ?P XTb@BSNTAO X@M@E c
C@LCL KA@ JNP@ Sz CH@ s>X STC GKP KELN S@ JNP@ Sz @M@AzNP@ B@@C?PO CH@ PKB@J A@T?A@B@PCL[
P1C131 a;@K: G=Gb:8:=A
rN @PKSE@ JzPKB?GKE RANE@L K LR@G?KE RANE@ B KPKO@B@PC ?L P@G@LLKAz[ \P X@M@E c K RANE@
?L GNBRNL@J NZ K b@J RKAC A@RA@L@PC?PO ?PZNAB KC?NPL KSNTC CH@ LGKPP@A KPJ K JzPKB?GKE RKAC
A@KE?L?PO K GTLCNB?L@J GNEE@GC?NP NZ RKAKB@C@AL[ ] RKAKB@C@A ?L HKPJE@J E?D@ KP ?PJ@R@PJ@PC
NSn@GC KLL?OP@J CN K LR@G?G RANE@[
]GGNAJ?PO CN X@M@E ] I CH@ LGKPP@A ?L J@P@J Sz CH@ B KPTZKGCTA@AI CH@ BNJ@E KPJ CH@ LCKC?NP [
i NA@NM@AI ?P X@M@E c CH@ HNLR?CKE ?L ?PGETJ@J CN L?BRE?Zz B KPKO?PO J?v@A@PC HNLR?CKEL V?CH?P
K L?POE@ e RC?B KO@ ?PLCKEEKC?NP [ rH@ GNBS?PKC?NP NZ LGKPP@A ?PZNAB KC?NPL KPJ RANE@ PKB@
A@RA@L@PCL K RANE@ NSn@GC CHKC CH@ RKAKB@C@AL KLL?OP CN[
] RKAKB@C@A ?L J@P@J Sz
•
mANE@ \Q I
y¢
Ó æç¯ «æ - ¬ÕÈ, ¯
•
mKAKB@C@A \PJ@b I
•
UNECKO@I
•
tTAA@PCI
•
pE?G@ rH?GDP@LLI
•
tNPMNETC?NP j@AP@EI KPJ
•
mA@Z@AA@J pE?G@[
rH@ RKAKB@C@A ?PJ@b LR@G?@L VHKC D?PJ NZ RKAKB@C@A ?C ?L[ rKSE@ |[{ E?LCL KEE RNLL?SE@ ?PJ?G@L K
X@M@E c RKAKB@C@A GKP HKM@[

x
{
w

y
¢
|
£
u%
mHKPCNB RNL?C?NP M@A?GKC?NP
pE?G@ V?JCH GKEGTEKC?NP
pGKP ?PGA@B@PCKC?NP GKEGTEKC?NP
m?b@E L?Y@ GKEGTEKC?NP
tr PTBS@A E?P@KA?Cz GKEGTEKC?NP
>?OH GNPCAKLC A@LNETC?NP GKEGTEKC?NP
XNV GNPCAKLC A@LNETC?NP GKEGTEKC?NP
fP?ZNAB?Cz KPJ PN?L@ GKEGTEKC?NP
rKSE@ |[{[Ê mKAKB@C@A ?PJ?G@L ?P X@M@E c
pGKP L@CC?POL dMNECKO@I GTAA@PCI LE?G@ CH?GDP@LLI D@AP@Eg J@P@J ZNA @KGH RKAKB@C@A L@RKAKC@Ez
ZKG?E?CKC@ CH@ RNLL?S?E?Cz CN B@KLTA@ CH@ LKB@ D?PJ NZ RKAKB@C@A V?CH J?v@A@PC L@CC?POL[
rH@ J@GEKAKC?NP NZ K RA@Z@AA@J LE?G@ ?L P@@J@J ZNA M@A?GKC?NP [ \P X@M@E c NPEz KP KGGTAKC@
RNL?C?NP@J RHKPCNB RANM?J@L @bRA@LL?M@ A@LTECL[ rH@A@ZNA@I CH@ ALC RHKPCNB ?PL@AC ?L TL@J ZNA
RNL?C?NP?PO M@A?GKC?NP A@RA@L@PC?PO K LCKPJKAJ RKAKB@C@A d?PJ@b xg CHKC HKL CN S@ KJJ@J ALC[
cKL@J NP CH@ ENGKC?NP NZ CH@ RNL?C?NP?PO LE?G@ ?P CH@ L@A?@L NZ RHKPCNB ?B KO@LI CH@ ENGKC?NP NZ
KPz NCH@A LE?G@ GKP S@ J@P@J KL CH@ J?LCKPG@ CN CH@ RNL?C?NP?PO LE?G@[
\P NCH@A VNAJLI CH@ RA@Z@AA@J LE?G@ J@LGA?S@L CH@ J?LCKPG@ ?P LE?G@L S@CV@@P RNL?C?NP?PO LE?G@
KPJ CH@ LE?G@ TL@J ZNA B@KLTA@B@PC NZ CH@ LR@G?G RKAKB@C@A[ QT@ CN K b@J RHzL?GKE J?LCKPG@
CH@ J?LCKPG@ ?P LE?G@L J@R@PJL NPEz NP CH@ L@E@GC@J LE?G@ CH?GDP@LL CHKC V?EE TLTKEEz PNC GHKPO@
KL ENPO KL CH@ LKB@ LGKP RANCNGNE ?L TL@J ZNA @M@Az C@LC[
o?PKEEzI @KGH RKAKB@C@A HKL NP@ NA BNA@ A@Z@A@PG@ MKET@L A@LR@GC?M@Ez CNE@AKPG@L[ p?PG@ CH@
PTBS@A ?L PNC b@J KPJ J@R@PJL NP CH@ RKAKB@C@A ?PJ@b CH@z GKP PNC S@ @BS@JJ@J ?P CH@
y|
Ó æç¯ «æ - ¬ÕÈ, ¯
J@P?C?NP NZ CH@ RKAKB@C@AL[ tNPL@T@PCEzI K A@Z@A@PG@ MKET@ ?PGETL?M@ ?CL CNE@AKPG@ ST?EJL KOK?P
KP ?PJ@R@PJ@PC NSn@GCI STC ?P CHKC GKL@ KLL?OP@J CN K LR@G?G RKAKB@C@A[ ]GGNAJ?PO CN CH@
RKAKB@C@ALI K A@Z@A@PG@ MKET@ NSn@GC ?L ?PJ@b@J drKSE@ |[wg KPJ J@P@J Sz
•
mKAKB@C@A \Q I
•
a@Z@A@PG@ UKET@ \PJ@b I
•
a@Z@A@PG@ UKET@I KPJ
•
rNE@AKPG@[

x
{
w

y
¢
|
£
¤
µ
{x
{{
{w
{
{y
{¢
{|
{£
{¤
i j

x
x
x
{
w

y
y
y
y
¢
¢
¢
|
|
|
£
£
u%
mNL?C?NP?PO
mNL?C?NP?PO LzBB@CAz
mNL?C?NP?PO B KAD@A E@POCH
pE?G@ V?JCH
\PGA@B@PCKC?NP
p?Y@ NZ RHKPCNB ?PL@AC
Q?LCKPG@ S@CV@@P B KAD@AL
tr PTBS@A NZ K?A
tr PTBS@A NZ XQms
tr PTBS@A NZ KGAzE?G
tr PTBS@A NZ C@ÐNP
¢x E iro
{x E iro
w E i ro
Q?KB@C@A NZ { E PNB?PKE GNPCAKLC
Q?KB@C@A NZ x[¢ E PNB?PKE GNPCAKLC
Q?KB@C@A NZ x[ E PNB?PKE GNPCAKLC
fP?ZNAB?Cz
qN?L@

BB
BB
BB
BB
BB
BB
BB
>f
>f
>f
>f
tzGE@LäGB
tzGE@LäGB
tzGE@LäGB
BB
BB
BB
>f
>f
rKSE@ |[w[Ê a@Z@A@PG@ MKET@ ?PJ?G@L ?P X@M@E c [ fL@J CN ?J@PC?Zz CH@ CzR@ NZ A@Z@A@PG@ MKET@ KL
CH@A@ KA@ J?v@A@PG@L ?P TP?C KPJ RKAKB@C@A KEENGKC?NP [
mAKGC?GKEEzI CH@ RANE@ V?YKAJ do?OTA@ |[{{g ?L TL@J CN GA@KC@ K P@V RANE@ SKL@J NP K L@A?@L
NZ RHKPCNB ?B KO@L JNP@ ?P CH@ LKB@ VKz E?D@ CH@ ZTCTA@ C@LCL[ ]ZC@A J@P?C?NP NZ CH@ LGKPP@A
ZANB CH@ ALC ?B KO@I CH@ TL@A GKP GTLCNB?L@ CH@ RANE@ Sz KJJ?PO KPz RANM?J@J RKAKB@C@AL[ rH@
V?YKAJ @PLTA@L CH@ RNL?C?NP?PO RKAKB@C@A ?L KJJ@J ALCI VH?GH CHKP J@P@L LE?G@ PTBS@A Y@AN[
y£
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[{{[Ê mANE@ ¼ ?YKAJ tr i NJTE@ X@M@E c CHKC ?L TL@J CN GA@KC@ K P@V RANE@[
]ZC@A CHKC J@P?C?NP I CH@ RA@Z@AA@J LE?G@ PTBS@A NZ CH@ ZNEENV?PO RKAKB@C@AL GKP S@ J@GEKA@J KL
CH@ J?LCKPG@ CN CH@ RNL?C?NP?PO LE?G@[
y¤
Ó æç¯ «æ - ¬ÕÈ, ¯
P1C121 I:7:=Q: @? F:w:K 5:DA
]ZC@A J@GEKAKC?NP NZ CH@ ZNEJ@A GNPCK?P?PO CH@ ?B KO@LI CH@ TL@A HKL CN L@E@GC CH@ RANE@ CHKC ?L
TL@J[ ]L KOK?PLC X@M@E ] I CH@ RANE@ V?EE PNC KTCNB KC?GKEEz S@ GHNL@P Ë ?C ?L O@P@AKEEz RNLL?SE@ CN
GA@KC@ ?J@PC?GKE RANE@L KECHNTOH ?C JN@L PNC A@KEEz B KD@ L@PL@[
\Z CH@ TL@A L@E@GCL K RANE@ CN S@ ENKJ@J CH@ LNZCVKA@ ?P?C?KEEz A@KJL NTC CH@ GNAA@LRNPJ?PO
LGKPP@A ?PZNAB KC?NP [ e PON?PO KEE RKAKB@C@AL KLL?OP@J CN CH@ RANE@ KA@ ENKJ@J KPJ LHNVP ?P
CH@ GNPCANE KA@K do?OTA@ |[{wg[ sKGH RKAKB@C@A A@RA@L@PCL K CKS CHKC GNPCK?PL NP CH@ E@ZC L?J@
KP KA@K CN LHNV CH@ LE?G@ KPJ NP CH@ A?OHC L?J@ CH@ A@T?A@J LGKP L@CC?POL[
o?OTA@ |[{w[Ê X@M@E c GNPCANE KA@K KZC@A RANE@ L@E@GC?NP [
½ ]L CH@ RANE@ ?L KEA@KJz J@P@J ?P X@M@E c M@A?GKC?NP CH@ RA@WEC@A KEONA?CHBL
KA@ @PHKPG@J CN EC@A KEE ?B KO@L PNC GNAA@EKC?PO V?CH CH@ LGKPP@A KL V@EE[
\P RAKGC?G@ CH@ RHKPCNB ?L RNL?C?NP@J ?PL?J@ CH@ OKPCAz KPJ K L@A?@L NZ LE?G@L ?L LGKPP@J[ \Z
KP NRC?GKE GNPCANE NZ CH@ ?B KO@L J@C@GCL SKJ RNL?C?NP?POI CH@ RHKPCNB V?EE S@ A@RNL?C?NP@J KPJ
LGKPP@J KOK?P [ tNPL@T@PCEzI ?P X@M@E c CH@ TRENKJ@J ?B KO@L GKP S@ GNBRNL@J NZ BTEC?RE@
L@A?@L[
rH@A@ZNA@I ?P M@A?GKC?NP CH@ A@LC NZ ?B KO@L V?EE S@ J?M?J@J ?PCN CH@ J?v@A@PC L@A?@L[ rH@
RNL?C?NP?PO ?L GKEGTEKC@J ZNA @M@Az L@A?@L ZANB CH@ ALC KPJ EKLC M@ LE?G@L CN J@C@GC CH@ S@LC
RNL?C?NP?PO LE?G@ CHKC ?PJ?GKC@L CH@ S@LC L@A?@L[
cKL@J NP CH?L LE?G@ CH@ LNZCVKA@ L@E@GCL KEE LE?G@L P@@J@J ZNA CH@ B@KLTA@B@PC NZ CH@ NCH@A
RKAKB@C@AL NP CH@ SKL?L NZ CH@ RKAKB@C@AL RA@Z@AA@J LE?G@ PTBS@AL[ ]L CH@ LE?G@L KA@ ZNTPJI CH@z
KA@ KLL?OP@J CN CH@?A LR@G?G CKSL[
yµ
Ó æç¯ «æ - ¬ÕÈ, ¯
sKGH CKS B KCGH@L CH@ ?B KO@ CN CH@ A@T?A@J LGKP L@CC?POL do?OTA@ |[{g[ e PEz ?Z @M@Az RKAKBW
@C@A GNAA@EKC@L CN ?CL ?B KO@I K GKEGTEKC?NP GKP S@ JNP@[
o?OTA@ |[{[Ê X@M@E c GNPCANE KA@K KZC@A M@A?GKC?NP [ sM@Az RKAKB@C@A CKS J?LREKzL dGNENTA@J JNCg
?Z CH@ L@E@GC@J ?B KO@ GNAA@EKC@L V?CH CH@ RANE@ NA PNC[
]GGNAJ?PO CN X@M@E ] I CH@ TL@A ?L KSE@ CN GHKPO@ CH@ L@E@GC@J LE?G@ ?P @M@Az RKAKB@C@A CKS
S@ZNA@ LCKAC?PO GKEGTEKC?NP [
¦¦ rH@ GKEGTEKC?NP NZ CH@ RKAKB@C@AL J@R@PJL NP CH@ LR@G?G RHKPCNB GHKAKGC@A?LC?GL
KPJ ?L J@LGA?S@J ?P J@CK?EL ?P CH@ tKCRHKP Â ¢xx B KPTKE }{~[ ]L CH@ GKEGTEKC?NP J@P?C?NPL
?PL?J@ CH@ tKCRHKP Â ¢xx B KPTKE GNM@A CH@ \msi A@T?A@B@PCLI CH@z GKP S@ TL@J ZNA X@M@E c
?BRE@B@PCKC?NP [
tNPL@T@PCEzI @KGH GKEGTEKC?NP KEONA?CHB ?P X@M@E c ?BRE@B@PCL CH@ VKz NZ B@KLTA?PO K
RKAKB@C@A KL J@P@J ?P CH@ tKCRHKP Â ¢xx B KPTKE[
rH@A@ KA@ @?OHC GKEGTEKCNAL ?P X@M@E c I NP@ ZNA @KGH D?PJ NZ RKAKB@C@A[ rH@z KA@ ?J@PC?GKE
@bCA?PL?G KL CH@z TL@ KEE CH@ LKB@ CVN ?PC@AZKG@L ZNA ?PRTC KPJ NTCRTC KPJ GNPL@T@PCEz J?v@A
NPEz ?P CH@ KEONA?CHBL V?CH?P [
rH@ L@T@PG@ NZ CH@ GKEGTEKC?NP ?P X@M@E c ?L ?EETLCAKC@J ?P o?OTA@ |[{y[ ]EE RKAKB@C@AL KA@
GKEGTEKC@J L@T@PC?KEEz[ ] GKEGTEKC?NP J?LCA?STCNA LTGG@LL?M@Ez A@CA?@M@L KEE RKAKB@C@A CKSL KPJ
LTRRE?@L @KGH CKS CN CH@ LR@G?G GKEGTEKCNA NP CH@ SKL?L NZ CH@ RKAKB@C@A ?PJ@b [
]ZC@A GKEGTEKC?NP @M@Az GKEGTEKCNA A@CTAPL CVN D?PJL NZ A@LTECL[
•
•
] A@LTEC CKSE@ GNPCK?P?PO CH@ A@LTEC MKET@LI CH@?A A@Z@A@PG@ MKET@L KPJ CNE@AKPG@L[ rH?L
CKSE@ KGCL KL K A@LTEC NM@AM?@V [
] J@CK?E@J ?PC@AKGC?M@ A@LTECL RKP@EI GNPCK?P?PO CH@ ?B KO@ KPJ KEE J@CK?E@J A@LTECL[ \C O?M@L
¢x
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[{y[Ê p@T@PG@ NZ X@M@E c GKEGTEKC?NP [
¢{
Ó æç¯ «æ - ¬ÕÈ, ¯
?PZNAB KC?NP KSNTC ?PC@AB@J?KC@ A@LTECL KPJ ?L KSE@ CN LHNV CH@ GKEGTEKC?NP a e \L V?CH?P
CH@ ?B KO@[
] A@LTEC GNEE@GCNA PKEEz GNEE@GCL KEE A@LTECL GNB?PO ZANB CH@ GKEGTEKCNAL CN GA@KC@ KP NM@AM?@V
CKS ?PGETJ?PO KEE A@LTEC NM@AM?@V CKSE@L[ i NA@NM@AI ?C GA@KC@L ZNA @KGH J@CK?E@J A@LTEC RKP@E K
LR@G?KE RKAKB@C@A A@LTEC CKS [
]EE CKSL KA@ RTC CNO@CH@A CN GNBRNL@ CH@ A@LTECL[
P1C1C1 L:D7KAD
]GGNAJ?PO CN X@M@E ] I @M@Az GKEGTEKC?NP ?P CH@ GNPCANE CKS ?BRE?GKC@L K P@V A@LTEC CKS [ ] A@LTEC
CKS ?L GNBRNL@J NZ CH@ C?CE@ GNPCK?P?PO CH@ RANE@ PKB@ KPJ C@LC JKC@I K G@PCA@ RKAC A@RA@L@PC?PO
CH@ A@LTECL GNB?PO ZANB CH@ A@LTEC GNEE@GCNA KPJ CH@ LKB@ STCCNPL KL ?P X@M@E ] CN LKM@I ENKJI
RA?PC KPJ GENL@ CH@ A@LTECL[
o?OTA@ |[{¢[Ê X@M@E c A@LTECL CKS [
]L L@@P ?P o?OTA@ |[{¢I KEE ?PZNAB KC?NP KSNTC CH@ A@LTECL KA@ RTC CNO@CH@A ?P CH@ G@PCA@ KA@K NZ
CH@ A@LTECL CKS ?P CH@ ZNAB NZ KPNCH@A CKSS@J RKP@ CHKC GNPCK?PL KEVKzL K L?POE@ A@LTECL NM@AM?@V
¢w
Ó æç¯ «æ - ¬ÕÈ, ¯
CKS KL V@EE KL K J@CK?EL CKS ZNA @M@Az RKAKB@C@A[
]L ?P X@M@E ] I @M@Az A@LTEC KPJ a e \ GNNAJ?PKC@ ?L LKM@JI ?P X@M@E c CH@ PTBS@A NZ a e \L KPJ
?PC@AB@J?KC@ A@LTECL ?L L?BREz CN S?O[ rH@A@ZNA@I X@M@E c P@@JL K LR@G?G LKM@ GNPG@RC[
oNA ENPO C@AB KPKEzL?LI NPEz CH@ MKET@L ?P CH@ A@LTECL NM@AM?@V KA@ P@G@LLKAz LN CHKC LNE@Ez CH@
NM@AM?@V MKET@L KA@ LKM@J ?P CH@ JKCKSKL@[
i NA@NM@AI CH@ TL@A GKP KAAKPO@ CN LKM@ CH@ ?B KO@L ?P KJJ?C?NP [ \P CHKC GKL@ KP @EKSNAKC@
GNPG@RC OTKAKPC@@L @M@Az ?B KO@ ?L NPEz LKM@J NPG@ KL K LE?G@ GKP RANM?J@ BTEC?RE@ RKAKB@C@AL[
\P A@CTAP I ?Z K A@LTEC ?L ENKJ@JI CH@ LNZCVKA@ A@KJL NTC CH@ NM@AM?@V ?PZNAB KC?NPL KPJ GA@KC@L
CH@ NM@AM?@V CKS [ \Z CH@ JKCKSKL@ GNPCK?PL ?B KO@L ?P KJJ?C?NP I K A@GKEGTEKC?NP NZ CH@ J@CK?EL ?L
JNP@ KPJ CH@ J@CK?EL CKSL KA@ KJJ@J[
\Z CH@A@ KA@ KC E@KLC CHA@@ C@LCL LKM@JI CH@ GHKAC STCCNPL ?P CH@ NM@AM?@V CKS GKP S@ TL@J CN
J?LREKz CH@ RANOA@LL NZ CH@ LR@G?G RKAKB@C@A[
pGA@@PLHNCL NZ CH@ J@CK?EL CKSL KPJ CH@ RA?PC M?@VL KA@ LHNVP ?P ]RR@PJ?b c KPJ t [
P1C10 1 vGAG9GD: 4@=DA;7QA>@=
rH@ JKCKSKL@ GNPLCATGC?NP ZNA X@M@E c ?L SKL@J NP CH@ RANE@ A@T?A@B@PCL KPJ ?EETLCAKC@J ?P
o?OTA@ |[{|[
]GGNAJ?PO CN CH@ CHA@@ NSn@GCL NZ K RANE@I CH@ RANE@ RKAC GNPCK?PL CHA@@ B K?P CKSE@L GCS RANE@I
GCS RKAKB@C@AL KPJ GCS A@ZMKET@L[ ] RANE@ GNPL@T@PCEz GKP HKM@ BTEC?RE@ RKAKB@C@ALI K RKW
AKB@C@A BTEC?RE@ A@Z@A@PG@ MKET@L[
tCS RKAKB@C@A?PJ@b KPJ GCS A@ZMKET@L?PJ@b KA@ NP RKA V?CH CKSE@ |[{ KPJ |[wI HNV@M@AI
GCS A@ZMKET@L?PJ@b ?L @PHKPG@J Sz J@ZKTEC MKET@L P@@J@J ZNA CH@ RANE@ V?YKAJ[
]EE A@LTEC MKET@L KA@ LCNA@J ?P CKSE@ GCS A@LTECL JKCK[ oNA TP?T@ ?J@PC?GKC?NP I CH@z KA@
KEENGKC@J CN K LR@G?G A@LTECL RKAKB@C@A KPJ J@P@J Sz CH@ A@Z@A@PG@ MKET@ ?PJ@b [ ] A@LTEC
RKAKB@C@A GNBS?P@L K RKAKB@C@A V?CH CH@ LR@G?G JKC@ NZ B@KLTA@B@PC[
rH@ P ÊB A@EKC?NPLH?R S@CV@@P ?B KO@ KPJ A@LTEC RKAKB@C@A ?L A@KE?L@J ?P CKSE@ GCS A@LTECL ?B KO@W
J@J?GKC?NP KL K RKAKB@C@A GKP HKM@ BTEC?RE@ ?B KO@L d?PGA@B@PCKC?NP I ENV GNPCAKLC A@LNETC?NPg KL
V@EE KL KP ?B KO@ GKP HKM@ BTEC?RE@ RKAKB@C@AL dRNL?C?NP?POI LE?G@ V?JCH I R?b@E L?Y@I E?P@KA?Czg[
¢
Ó æç¯ «æ - ¬ÕÈ, ¯
o?OTA@ |[{|[Ê QKCKSKL@ GNPLCATGC?NP NZ X@M@E c [
¢y
Î Ï rH@ ALC LC@R CN KGH?@M@ CH@ NSn@GC?M@L NZ e RC?B KO@ ?L JNP@[ ¼ ?CH CH@ ?BRE@B@PCKC?NP NZ CH@
ALC BNJKE?Cz ?P e RC?B KO@I CH@ tr BNJTE@ KMK?EL CH@ ZTACH@A J@M@ENRB@PC ?P CVN VKzL[
\C A@KE?L@L K LNZCVKA@ ZNTPJKC?NP KPJ KRRN?PCL CH@ J?A@GC?NP ZNA CH@ J@M@ENRB@PC NZ CH@ NCH@A
BNJKE?C?@L[ Q@M@ENR@J EKzNTC @E@B@PCLI CH@ L@T@PG@ NZ JN?PO K C@LCI CH@ LNTAG@ GNJ@I KPJ B KPz
NCH@A SKL?G Z@KCTA@L KA@ PNV KMK?EKSE@[ tNPL@T@PCEzI CH@ J@M@ENRB@PC NZ K P@V BNJKE?Cz GKP
GNPG@PCAKC@ CN CH@ RANR@A GKEGTEKC?NPL CHKC @PKSE@L KP @Ñ G?@PC RANOA@LL KPJ PKEEz E@KJL CN K
GNBRA@H@PL?M@ LNZCVKA@ LNETC?NP [
>NV@M@AI KL CH@ tr BNJTE@ @PGNTAKO@L CH@ ZTACH@A J@M@ENRB@PCI P@V Z@KCTA@L J@M@ENR@J ?P
CH@ NCH@A BNJTE@L V?EE S@ ?PC@OAKC@J ?PCN CH@ tr BNJTE@ KL V@EE[
e P CH@ NCH@A L?J@I CH@ tr BNJTE@ ?BRE@B@PCL KP @KLz KPJ TL@A ZA?@PJEz VKz CN R@AZNAB
GNPLCKPGz C@LC ?P tNBRTC@J rNBNOAKRHzI A@KJz CN S@ TL@J[ rH@ GNPLCATGC?NP KPJ L@RKAKC?NP ?P
X@M@E ] KPJ X@M@E c @PKSE@L K Ð@b?SE@ KLL?OPB@PC KPJ J@BNPLCAKC@L CHKC KP @bC@PL?M@ GNPLCKPGz
C@LC JN@L PNC ?PMNEM@ OA@KC @bR@PL@[
rH@ P@bC BNPCHL V?EE S@ TL@J ZNA C@LC?PO CN ?J@PC?Zz CH@ RAKGC?GKE?Cz ?P CH@ HNLR?CKEL[ rHKC C?B@
LHNTEJ O?M@ P@V ?BRTEL@L ZNA ?BRANM@B@PCL KPJ OTA@ NTC CH@ RNLL?S?E?Cz CN ?PGETJ@ @bC@APKE JNL@
B@KLTA@B@PCL ?PCN CH@ LNZCVKA@[ rH@ @bGETL?NP NZ JNL@ B@KLTA@B@PCL ?L RANSKSEz CH@ S?OO@LC
J@G?C NZ CH@ GTAA@PC M@AL?NP [ ]P ?PC@OAKC?NP VNTEJ @PEKAO@ CH@ RNLL?S?E?Cz NZ KGGA@J?CKC?NP ?P
_@AB KPz CHKC ?L REKPP@J ZNA CH@ P@bC z@KA[
]P KGGA@J?CKC?NP PKEEz E@KJL CH@ VKz ZNA K V?J@ KA@K TL@ PNC NPEz ?P XTb@BSNTAO KPJ _@AW
B KPz KL CH@ LNZCVKA@ ?L BTEC?E?POTKEI REKCZNAB ?PJ@R@PJ@PCI @bC@PL?SE@I KPJ ZA@@ NZ GHKAO@[
\P LTBB KAzI V?CH CH@ ?BRE@B@PCKC?NP NZ CH@ tr BNJTE@ KP ?BRNACKPC LC@R ?L JNP@ CN KGH?@M@
CH@ B K?P NSn@GC?M@ NZ e RC?B KO@I CN SA?PO TKE?Cz GNPCANE CN CH@ NR@AKCNA[ ]Pb?NTL P@M@A CN ENNL@
CH@ L?OHC NP CH@ A@KE A@KLNP ZNA KEEÊ CH@ RKC?@PC[
¢¢
Ì }{~ a OE@B@PC OAKPJWJTGKE JT {| B KAL wxx{I HCCR ÊääVVV [@CKC[ETäQam
}w~ e RC?B KO@ W TKE?Cz tNPCANE ZNA e RC?GKE i@J?GKE \B KO@LI tam >@PA? rTJNA W ta p]qrst I
HCCR ÊääRANn@GCL[LKPC@G[ETäNRC?B KO@
}~ ]B@A?GKP ]LLNG?KC?NP NZ mHzL?G?LCL ?P i@J?G?P@ {µ££ UX^]V ` ]T [T` ]TVUX\[ UZU^_]X
UX UZ_^ ¡TUX\[ ]` ¢£ ¤\UXX[T a@RNAC qN { di @J?GKE mHzL?GL mTSE?LH?POI y¢{
U@APNP cEMJI i KJ?LNP I ¼ \ ¢£x¢g HCCR ÊääVVV [KKRB [NAO
}y~ oA@@ pNZCVKA@ oNTPJKC?NP
HCCR ÊääVVV [PNPOPT [NAOäGMLä
¢]X\TT[X^
\PG[I
¥[T_]X
¤ ^[V
¦¢ ¥¤§ I
}¢~ sGE?RL@ oNTPJKC?NP I \PG[ {xw t@PCA@RN?PC@ QA?M@ e CCKVKI e PCKA?NI tKPKJKI jw_ |c {
HCCR ÊääVVV [@GE?RL@[NAO
}|~ >pX QKCKSKL@ sPO?P@I HCCR ÊääHLEJS [NAO
}£~ q@Cc@KPL \Qs I HCCR ÊääVVV [P@CS@KPL[NAO
}¤~ mA?PG@CNP fP?M@AL?Cz G wxxI ¨]T© [^Â ª « I HCCR ÊääVVV [GNOLG?[RA?PG@CNP [@JTäGO?W
S?PäV@SVP
}µ~ sTANR@KP Q?A@GC?M@ µ£äy sfa]r e i I HCCR Êää@TANRK[@T [?PCä
}{x~ tNBB?LL?NP NZ CH@ sTANR@KP tNBBTP?CzI ¬ ®¯ ª ¯ ª ¦UZ_^ ¢T_^[T_U ` ]T ¢]VW^[ £]°
V]YTUW ± ®²²²§
}{{~ ]PJA@KL lKHP@P I ³W ^_VUY[ WT]´ [\^ [\T_W^_]X I HCCR ÊääVVV [LKPC@G[ET
}{w~ _s >@KECHGKA@I µ [\ \Z]WU[_U I HCCR ÊääVVV [KB@ALHKBH@KECH [GNB äB@JGzGENRK@J?Kä
¢|
¶ Ä ·,Ä¬ÇÉíëç
}{~ rH@ mHKPCNB XKSNAKCNAzI pKE@B I q ¸ I ¢U^WUX VUXUZ I HCCR ÊääVVV [RHKPCNBEKS [GNB
}{y~ tNPLCKPGz C@LC LNZCVKA@ B KPTZKGCTA@ALÊ
]T?EKS I ¡£_¤\UX ¢£ I HCCR ÊääVVV [KT?EKS [GNB
rH@ \PLC?CTC@ ZNA aKJ?NENO?GKE \B KO@ pG?@PG@I \PG[I ¡^]¡ ¹_^[ I HCCR ÊääVVV [CH@?A?L[GNB
}{¢~ mHKPCNB B KPTZKGCTA@ALÊ
rH@ mHKPCNB XKSNAKCNAzI fp] I HCCR ÊääVVV [RHKPCNBEKS [GNB
_KBB@bWai \ daKJ?KC?NP i @KLTA@B@PCL \PGNARNAKC@JgI HCCR ÊääVVV [OKBB@b [GNB
i NJTL i@J?GKE Q@M?G@L \PG[I HCCR ÊääVVV [BNJTLB@J[GNB
t\ap tNBRTC@J rNBNOAKRHz \B KO?PO a@Z@A@PG@ pzLC@BLI HCCR ÊääVVV [G?AL?PG[GNB
pGKPJ?CANP?b ¼@EEHkZ@AI HCCR ÊääVVV [LGKPJ?CANP?bWV@EEHNZ@A[GNB ä
}{|~ i NLK?G \PG[I pNZCVKA@ a?LD i KPKO@B@PC p@AM?G@L wx¢ q [ i?GH?OKP ]M@[I pT?C@ ww{{ tH?GKONI
\X |x|x{I HCCR ÊääVVV [BNLK?G?PG[GNB
}{£~ \PLC?CTC@ NZ mHzL?GL KPJ sPO?P@@A?PO ?P i @J?G?P@Ê a@RNAC ££Ê [\]VV[X[ ÛXUT ` ]T
T]^_X[ W[T` ]TVUX\[ ^[^_XY ]` _UYX]^_\ º°TU _VUY_XY ^[V I {µµ£
}{¤~ e RC?B KO@ mANn@GC mKACP@AÊ sPC@PC@ J@L > R?CKTb XTb@BSNTAO@N?L ds>XgI i?P?LC A@ J@
EK pKPC » di pgI t@PCA@ J@ a@GH@AGH@ >@PA? rTJNA drTJNAgI cA`J@ADAKPD@PHKTL rA?@A dcjW
rA?@Ag[
}{µ~ X@?CE?P?@P J@A cTPJ@LFAYC@DKBB@A YTA TKE?CFCLL?GH@ATPO ?P J@A tNBRTC@ACNBNOAKRH?@[
QC[ ¼ AYC@SE[ ¤µÊ >@ZC yµ d {µµwg dsPOE?LH CAKPLEKC?NP Ê _T?J@E?P@L NZ CH@ o@J@AKE tHKBW
S@A NZ mHzL?G?KPL NP TKE?Cz KLLTAKPG@ ?P GNBRTC@J CNBNOAKRHz[ \PC@APKE QNGTB@PC tst
\\ä¢yäµwWsqg
}wx~ \PC@APKC?NPKE sE@GCANC@GHP?GKE tNBB?LL?NP Ê UZU^_]X UX T]^_X[ ^[^_XY _X V[_\UZ _VUY°
_XY [WUT^V[X^ [ mKAC w W |Ê ¢]XÛX\ ^[^ ° º°TU [½_WV[X^ ` ]T \]VW^[ ^]V]YTUW I
{µµyÊ \st {wwWwW| d_@P@MKI \stg
}w{~ \PLC?CTC@ NZ mHzL?GL KPJ sPO?P@@A?PO ?P i@J?G?P@Ê a@RNAC wÊ µ [UT[V[X^ ]` ^[ [T` ]T°
VUX\[ ¢UTU\^[T_^_\ ]` ¾_UYX]^_\ ¿°TU ¤ ^[V [ _X µ [_\_X[ [ mKAC Ê ¢]VW^[
£]V]YTUW ¿°TU ¤\UXX[T I wPJ sJ?C?NP wxx
}ww~ e R@P pNTAG@ mANn@GCLÊ HCCR ÊääVVV [LNTAG@ZNAO@[P@C
¢£
¶ Ä ·,Ä¬ÇÉíëç
}w~ pTP i?GANLzLC@BL \PG[I tNRzA?OHC G {µµyWwxx¢I HCCR ÊääVVV [LTP [GNB äI pTP i?GANLzLC@BLI
\PG[
}wy~ jKE@PJ@A ¼] I ¢]VW^[ ^]V]YTUW ° `XUV[XÛZ± ^[V ^[\X]Z]Y ± _VUY[ ½UZ_^ ±
UWWZ_\U^_]X I U?E@zWUt> U@AEKOI ¼@?PH@?B I wxxx
}w¢~ p?CC@AI Q [q [I _NJJKAJI l[p[HCCR ÊääVVV [?YZNAO@[GNB ä?YRKGDäI KPJ o@AA@EEI a [j [I µ [^] ` ]T
^[ V[UT[V[X^ ]` ^[ V]ZU^_]X ^TUX` [T `X\^_]X ]` UVWZ[ _VUY_XY ^[V `T]V ÀUT°
ÛTY[^ WU^^[TX I ]RRE?@J e RC?GLI {µµ¢I M[ y P [ yI RR [ £y|W£¢{[
}w|~ ¼ H?C@ Q a I pR@EE@A a Q I rKzENA m i {µ¤{ UZU^_]X W[T` ]TVUX\[ \UTU\^[T_^_\ _X \]V°
W^[ ^]V]YTUW cA?C?LH lNTAPKE NZ aKJ?NENOz ¢y ww{Ww{
}w£~ mH?E?R _A@@PLRTP I HCCR ÊääRH?E?R [OA@@PLRTP [GNB äL@?KäOENLLKAz
}w¤~ a@L@KAGH p@AM?G@L cAKPGH I qKC?NPKE \PLC?CTC@ NZ i@PCKE >@KECH I c@CH@LJKI i KAzEKPJI fp] I
ÁVUY[Â± ÁVUY[ WT]\[_XY UX UXUZ _ _X ´ UU I HCCR ÊääALS [?PZN[P?H [ONMä
¢¤
Ã Î Ø
ÄÅÆ ÇÅÈÉÊË ÌÈÅÍË
ÄÎÆ ÌÊÊÏÇÐÑÅÐÌÒÓ ÔÅÐÉÕÅÓ ÈÅÓÏÅÊ
o?OTA@ ] [{[Ê mNL?C?NP?POI pE?G@ ¼ ?JCH I \PGA@B@PCKC?NP I m?b@E p?Y@I X?P@KA?Cz
¢µ
Ö Ó èçí®¬ì Ôì íÇ¯°
o?OTA@ ] [w[Ê XNV tNPCAKLC a@LNETC?NP
o?OTA@ ] [[Ê >?OH tNPCAKLC a@LNETC?NP
|x
Ö Ó èçí®¬ì Ôì íÇ¯°
o?OTA@ ] [y[Ê fP?ZNAB?Cz KPJ qN?L@
|{
Î ¿ × Ø Ø
ÜÝ Ü Þßà áß âàã
|w
¶ Ó Ã¯ Ù¯, ¶ Ú ¯°È, ®° èí¯, °
ÜÛ Ü /ò âøâò â û
Üý Ü Û õâ à Ü âóø |
¶ Ó Ã¯ Ù¯, ¶ Ú ¯°È, ®° èí¯, °
Ü Ü ! áà ùàøúøâò Üs Ü / â à õ Û âÝ à
|y
¶ Ó Ã¯ Ù¯, ¶ Ú ¯°È, ®° èí¯, °
Ü Ü â àúáâøÿ
ÜÞ Ü òã îò øáú ø f à ò õôøâò |¢
¶ Ó Ã¯ Ù¯, ¶ Ú ¯°È, ®° èí¯, °
Üß Ü à âû îò øáú ø f à ò õôøâò Üá Ü â âöòáù âøÿ ú ó ã ò â à
||
Î Ø Ø ä o
î ÜÝ Ü àßà õ
î ÜÛ Ü àßà õ
|£
«Ó Ú ¯°È, ®° èÉÄ® åÄ¯ r
o?OTA@ t [{[Ê X@M@E ] A@LTECL RA?PC M?@V [
|¤
«Ó Ú ¯°È, ®° èÉÄ® åÄ¯ r
o?OTA@ t [w[Ê X@M@E c A@LTECL RA?PC M?@V I RKO@ { W w
|µ
«Ó Ú ¯°È, ®° èÉÄ® åÄ¯ r
o?OTA@ t [[Ê X@M@E c A@LTECL RA?PC M?@V I RKO@ w W w
£x
æ Î æ ¿ •
çè éêëè ëìíîíïðì
ñ \PLCKEE@A
ñ pNTAG@ tNJ@
•
ò ðóôè ëìíîíïðì
ñ Q?RENB K rH@L?L
ñ lKMKJNG
ñ tKCRHKP i KPTKE
•
õöîè éêë çè î÷ëø
ñ X@M@E ]
ñ X@M@E c
£{