!"# $% ' '() * *+,%" -.+/)/0,/" 1 1(,2"'/342/5" "#$%&' "()(#*&+ ,(-.*%./('%& )( 0#+#1&234/#1.5 0.13$%.) )( 634/#1. 7'#8(*+#).) 9.1#&'.$ :3%;'&/. )( "<=#1&
#
9&%.+ )( >3*+& ?23#$#@*#& A(*/&)#'B/#1&
*"3#(3/'" CD
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).) DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD C CDCD
A#-&+ )( (+%.)&+ )( (23#$#@*#&DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD F
CDFD
G.*()(+ E G*&1(+&+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD H
CDHD
>.*.1%(*#I.1#;' )($ ?+%.)& )( ?23#$#@*#& J K#+%(/.+ >(**.)&+DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD L
CDMD
N. ?13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. J K#+%(/.+ 1(**.)&+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD P
CDQD
N. ?13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. J K#+%(/.+ .@#(*%&+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDCR
CDLD
?$ G&%('1#.$ 634/#1& E ($ ?23#$#@*#& ".%(*#.$ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD CH
CDSD
?T(/-$&+ 1&%#)#.'&+ J )(-(')('1#.+ )( 1&' ! 5 " E = DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD CP
CDUD
N. (13.1#;' O3')./('%.$ #'%(V*.). J N. O&*/. )( ?3$(* DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD FR
CDPD
G.*<'%(+#+ ".%(/B%#1& J N. (13.1#;' O3')./('%.$ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDFF
CDCRD
?$ -&%('1#.$ 234/#1& )( 3'. +3@+%.'1#. (' V.+ #)(.$ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDFQ
CDCCD
?$ -*&@$(/. V('(*.$ )( $. A(*/&)#'B/#1. J W(V$. )( $.+ 0.+(+ )( X#@@+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD FS
?T(*1#1#&+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDHR FD
,#.V*./.+ )( 0.+( )( K3@+%.'1#. G3*. DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD HH FDCD
K3@+%.'1#. G3*.5 C O.+( DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD HH
FDFD
,&+ O.+(+ (' (23#$#@*#& J N. (13.1#;' )( >$.-(E*&'DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD HH
FDHD
>3.'%#O#1.')& $. )(-(')('1#. "Y! Z J N. (13.1#;' )( >$.3+#3+[>$.-(E*&'DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDMC
?T(*1#1#&+ DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDMH
A#-&+ )( (+%.)&+ )( (23#$#@*#&
C
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`&+D ?+%( a%#(/-& )( *($.T.1#;'b5 )(-(')(*B )( $.+ 1.*.1%(*4+%#1.+ 1#'<%#1.+ )( $. (8&$31#;' )($ +#+%(/. ^.1#. 3' (+%.)& )( (23#$#@*#&D :'.$#1(/&+ .$V3'&+ (T(/-$&+\ Y.Z N. *(.11#;' cF d e _F cF_ ?' .3+('1#. )( 1.%.$#I.)&* & )( 3'. 1^#+-.5 $. /(I1$. )( &=4V('& ( ^#)*;V('& %.*).*B .$V3'&+ .`&+ (' *(.11#&'.* 1&/-$(%./('%( -.*. O&*/.* .V3.D ,( ^(1^&5 -.*. (O(1%&+ -*B1%#1&+5 +( -3()( 1&'+#)(*.* 23( $. /(I1$. cF d _F -3()( .$1.'I.* 3' (+%.)& )( (23#$#@*#& +#' *(.11#;' 234/#1. Y(+%.)& /(%.[(+%.@$( 23( +( )(+1*#@#*B .)($.'%(ZD G&* &%*& $.)&5 $. -*(+('1#. )( 3' 1.%.$#I.)&*5 G% -&* (T(/-$&5 ^.*B 1&' 23( ($ (+%.)& )( (23#$#@*#& YcF_ -*B1%#1./('%( -3*.5 +# +( -.*%( )( $. -*&-&*1#;' (+%(23#&/<%*#1.Z +( .$1.'1( 1.+# 23( #'+%.'%B'(./('%(D
F
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
Y@Z N&+ +;$#)&+ ?' $. O.@*#1.1#;' )( .$V3'&+ .1(*&+5 3'. +&$31#;' +;$#). (+ +&/(%#). . 1&')#1#&'(+ )( %(/-(*.%3*. )&')( ($ (+%.)& )( (23#$#@*#& -&+(( .$V3'.+ -*&-#().)(+ )(+(.).+ Y)3*(I.5 /.$(.@#$#).)5 ('%*( &%*.+ZD G.*. /.'%('(* (+%.+ -*&-#().)(+ . $. %(/-(*.%3*. ./@#('%(5 -&* (T(/-$&5 (+%( .1(*& (+ ('O*#.)& )( O&*/. 1.+# #'+%.'%B'(.D ?$ '3(8& (+%.)& '& (+%B (' (23#$#@*#& -(*& $. %*.'+#1#;' .$ '3(8& (23#$#@*#& (+ /3E $('%.5 )( %.$ O&*/. 23( ($ .1(*& /.'%(')*B $.+ 1.*.1%(*4+%#1.+ )($ (+%.)& )( (23#$#@*#& .'%(+ )( ('O*#.*$&D _%*& 1.+& +#/#$.* +&' $&+ 8#)*#&+D ?$ (+%.)& )( (23#$#@*#& )( $. +4$#1. . 1&')#1#&'(+ ./@#('%.$(+ (+ ($ +;$#)& 1*#+%.$#'&D G(*& .$ +&/(%(* $. +4$#1. . 3' %*.%./#('%& %<*/#1& +( -3()( &@%('(* )( O&*/. .-.*('%(/('%( (+%.@$( 3' (+%.)& )( '& (23#$#@*#& 23( (+ ($ 8#)*#&D _%*&+ (T(/-$&+ +(*B' /('1#&'.)&+ E .1$.*.)&+ . $& $.*V& )($ 13*+&D
6767
1/9"% '( (%#$'"% '( (.+/)/0,/"
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f ($ /(%.[ (+%.@$( -*(+('%.*B 3'. *(+-3(+%. )#O(*('%(5 )(-(')#(')& )( $. /.V'#%3) )( $. -(*%3*@.1#;'D ?$ )#.V*./. . +(V3#* -*(+('%. 3'. .'.$&V4. 1&' +#+%(/.+ /(1B'#1&+\
Y1Z
:/;+,$ 676
Y.Z
?23#8.$('%( /(1B'#1& )( +#+%(/.+ (' Y.Z (23#$#@*#& /(%.[ (+%.@$(5 Y@Z (23#$#@*#& (+%.@$( E Y1Z (23#$#@*#& #'(+%.@$(
Y@Z ?' $. -&+#1#;' Y.Z ($ @.$;' +( ('13('%*. (' 3'. -&+#1#;' /(%.[(+%.@$(\ -(23(`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
G.*()(+ E G*&1(+&+
H
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g N&+ ('$.1(+ )( f&3 A3@( . 1&'%#'3.1#;' #$3+%*.' (+%.)&+ /(%.[(+%.@$(+ E +3 %*.'+#1#;' . (+%.)&+ /B+ (+%.@$(+\ :V3. +3@[('O*#.). :V3. +3@[('O*#.). :V3. +&@*(1.$('%.). :V3. +&@*(1.$('%.). K&$31#;' K&@*(+.%3*.). K&$31#;' +&@*(+.%3*.). rc.+%. $.+ 1^($.+s
67<7
^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8k"C(A2+VF$.R ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8k,-#7lmnH&U+ ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8kl:22-,0M@oi ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8k'X7*pLf$QM& ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8kRi#O0@X,8Mm ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8k.>[q_f6+m87 ^%%-\hhiiiDE&3%3@(D1&/hi.%1^j8k'ncQlm&lKt&
=$,('(% 8 =,"5(%"%
7' +#+%(/. %(*/&)#'B/#1& (+%.*B $#/#%.)& -&* -.*()(+ 23( *(+%*#'V#*B' & -(*/#%#*B' ($ #'%(*1./@#& )( ('(*V4.5 8&$3/(' & /.%(*#. ('%*( ($ +#+%(/. E +3+ .$*()()&*(+D N. %.@$. . +(V3#* -*(+('%. $&+ %#-&+ )( -.*()5 *(+%*#1%#8.+ & '&5 -.*. O$3T&+ )( 1.$&*5 *()#+%*#@31#;' )( 8&$3/(' E O$3T& )( /.%(*#.D 0$3T& & #'%(*1./@#& >.$&* A*
[email protected]& Y8&$3/('Z ".%(*#.
G.*()(+ W(+%*#1%#8. 9& *(+%*#1%#8. :)#.@B%#1. ,#.%<*/#1. W4V#). 0$(=#@$( m/-(*/(.@$( K(/#[-(*/(.@$(
?' 13.'%& . $.+ -.*()(+ +(/#[-(*/(.@$(+ 8.$( 3'. .1$.*.1#;'D :$V3'.+ -.*()(+ Y/(/@*.'.+5 -&* (T(/-$&Z -(*/#%(' ($ -.+& )( .$V3'.+ +3@+%.'1#.+ -(*& #/-#)( ($ )( &%*.+D G&* (T(/-$&5 $.+ /(/@*.'.+ 1($3$.*(+ -&+((' -&*&+ +($(1%#8&+ -&* %./.`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`.+D ,( (+%. O&*/. +#(/-*( ^.@*B O$3T& )( 1.$&* ('%*( )&+ 13(*-&+ 1&' %(/-(*.%3*.+ )#O(*('%(+D :3' (' ($ 8.14&5 $. ('(*V4. -3()( %*.'+#%.* -&* *.)#.1#;' E %&)&+ $&+ 13(*-&+ 1&'
M
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
%(/-(*.%3*. )#O(*('%( )( Rq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
[email protected]& pV E ($ 1.$&* 23( O$3E(' -&* ($ +#+%(/. %(*/&)#'B/#1& +( -3()(' )(%(*/#'.* . %*.8<+ )( $.+ (=-*(+#&'(+\
= "0>
? !0@
YCDCZ
)&')( " (+ $. -*(+#;'5 ! $. %(/-(*.%3*.5 > ($ 8&$3/('5 @ $. ('%*&-4.5 ? ($ 1.$&* 13.+#[(+%B%#1& E = ($ %*
[email protected]& 13.+#[(+%B%#1&D :$ .-$#1.* $. -*#/(*. $(E )( $. %(*/&)#'B/#1. -.*. -*&1(+&+ 13.+#[(+%B%#1&+ (' +#+%(/.+ 1(**.)&+ +( &@%#('( $. (13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. -.*. -*&1(+&+ 13.+#[(+%B%#1&+\ 0A
!0@ "0>
YCDFZ
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m/.V#'(/&+ 3' +#+%(/. %(*/&)#'B/#1& 23( 1&'%#('( 3'. -.*() #'%(*'. %&%.$/('%( *(+%*#1%#8. )( .13(*)& . $. O#V3*. CDF.D N. -.*() 1('%*.$5 #'#1#.$/('%( .)#.@B%#1. +( %*.'+O&*/. (' 3'. )#.%<*/#1. -(*& 1&' 3'. 1&')31%#8#).) %<*/#1. /3E
G.*()(+ E G*&1(+&+
Q
@.T. )( %.$ O&*/. 23( $. %*.'+O(*('1#. )( 1.$&* +( *(.$#1( /3E $('%./('%(D : %&)& #'+%.'%(5 $.+ )&+ -.*%(+ 23( 1&/-&'(' ($ +#+%(/. (+%.*B' (' (23#$#@*#& #'%(*'& -(*& $.+ %(/-(*.%3*.+ ! F E ! G +(*B' )#O(*('%(+D :$ O#'.$ ($ +#+%(/. .$1.'I. 3' '3(8& (+%.)& )( (23#$#@*#& )&')( $&+ )&+ 1&/-.*%#/#('%&+ +( ('13('%*.' . #V3.$ %(/-(*.%3*. Y! Fk ! GZD
:
t
Y.Z G.*() 1('%*.$ .)#.@B%#1.
:/;+,$ 67< G*&1(+& )( O$3T& )( ('(*V4. %<*/#1.D N.+ -.*()(+ (=%(*'.+ +&' .)#.@B%#1.+5 *4V#).+ ( #/-(*/(.@$(+D
:
t
Y@Z G.*() 1('%*.$ )#.%<*/#1.
:/@&+ +3@+#+%(/.+ -(*/.'(1(' 1&' 8&$3/(' 1&'+%.'%(5 (+ ) (1#*5 '& +( *(.$#I. %*
[email protected]& +&@*( '#'V3'& )( $&+ +3@+#+%(/.+D >&/& $.+ -.*()(+ (=%(*'.+ +&' %&%.$/('%( *(+%*#1%#8.+5 ($ 1./@#& (' ('(*V4. #'%(*'. %&%.$ (' ($ -*&1(+& +(*B '3$&D ,( (+%. O&*/. -&)(/&+ (+1*#@#*\ 0A F 0A G
R
0A F
!F0@ F "F 0>F
0A G
!G0@G "G 0>G
0@G
! F ! G
0@ F
YCDHZ
:+45 ($ 1./@#& %&%.$ )( ('%*&-4. )($ +#+%(/. 1&/& 3' %&)& (+%.*B ).)& -&* $. (=-*(+#;'\ 0@ 0@ F 0@ G
! C F 0@ F R ! G
YCDMZ
?+%( 1./@#& +&$& +(*B '3$& +# $.+ %(/-(*.%3*.+ +&' #V3.$(+ (' ($ %*.'+13*+& )( %&)& ($ -*&1(+&D >&/& .+3/#/&+ 23( #'#1#.$/('%( (+%.+ %(/-(*.%3*.+ +&' )#O(*('%(+5 ('%&'1(+ (+%( -*&1(+& 13.+#[(+%B%#1& '& (+ *(8(*+#@$( -3(+%& 23( ^.E 1./@#& (' $. ('%*&-4. %&%.$ )($ 3'#8(*+&D : $&+ -*&1(+&+ '& *(8(*+#@$(+ +( $(+ )('&/#'. 9,"5(%"% /,,(?(,%/0)(%D N&+ -*&1(+&+ 23( +( $$(8.' . 1.@& (' $. '.%3*.$(I. +&' %&)&+ #**(8(*+#@$(+D ?' $&+ 1.+&+ )( -*&1(+&+ /3E5 -(*& /3E $('%&+5 $&+ 1./@#&+ (' $.+
L
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
1.'%#).)(+ %(*/&)#'B/#1.+ +( .1(*1.*B' . $&+ 1./@#&+ 13.+#[(+%B%#1&+D ?'%&'1(+5 $. 3%#$#).) )( $&+ -*&1(+&+ 13.+#[(+%B%#1&+ E *(8(*+#@$(+ *(+#)( (' 23( '&*/.$/('%( (+%./&+ #'%(*(+.)&+ (' $. /.V'#%3) )( $.+ )#O(*('1#.+ )( $.+ 1.'%#).)(+ %(*/&)#'B/#1.+ ('%*( )&+ (+%.)&+ )( (23#$#@*#&D ?+%.+ )#O(*('1#.+ Y('(*V4.+5 ('%*&-4.+5 (%1gZ +&$& +(*B' O3'1#&'(+ )($ (+%.)& #'#1#.$ E O#'.$ )( (23#$#@*#&5 '& #/-&*%.')& $. %*.E(1%&*#. Y13.+#[(+%B%#1. & #**(8(*+#@$(Z 1&' 23( +( $$(8. . 1.@& ($ -*&1(+&D N. %*.E(1%&*#. 13.+#[(+%B%#1. '&+ -(*/#%( 1.$13$.* (+%.+ )#O(*('1#.+ 3%#$#I.')& $. %(*/&)#'B/#1. 1$B+#1.5 $& 23( '& (+ -&+#@$( 13.')& .$V]' (+%.)& '& +( ('13('%*. (' (23#$#@*#&D
67@7
*$,$5#(,/A$5/B3 '() -%#$'" '( -.+/)/0,/" C D/%#(2$% *(,,$'"%
N. -*(V3'%. .^&*. (+ u>;/& 1.*.1%(*#I.* 3' (+%.)& )( (23#$#@*#& . -.*%#* )( +3+ 8.*#.@$(+ %(*/&)#'B/#1.+j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
@ R
YCDQZ
K# E. '& *(+%.' *(+%*#11#&'(+ #'%(*'.+ 23( /.'#-3$.*5 ('%&'1(+ ($ (+%.)& )( (23#$#@*#& O#'.$ +(*B .23<$ 23( %#('( $. /B=#/. ('%*&-4. -&+#@$(D ?' %<*/#'&+ /.%(/B%#1&+5 13.')& 3' +#+%(/. .$1.'1( ($ (23#$#@*#&\ 0@ R5 0 F@ R v A 5 > 5 9 1&'+%.'%(+5 (+ )(1#*5 $. ('%*&-4. .$1.'I.*B 3' /B=#/&
YCDLZ
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w N(EZD K3-&'V./&+ ($ -*&1(+& V('(*.$5 #$3+%*.)& (' $. O#V3*. CDH5 (' )&')( ($ +#+%(/. (+%3)#.)& (+%B #'/(*+& (' 3' +#+%(/. /.E&* )&')( (+%( ]$%#/& +# (+%B 1&/-$(%./('%( .#+$.)&\
! $/ 5 "$/
=
F
G
?
>.*.1%(*#I.1#;' )($ ?+%.)& )( ?23#$#@*#& J K#+%(/.+ >(**.)&+
S
:/;+,$ 67@ G*&1(+&+ (' 3' +#+%(/. (' 1&'%.1%& 1&' .$*()()&*(+ %&%.$/('%( .#+$.)&+
?$ +#+%(/. )( #'%(*<+ (+%B )#8#)#)& (' )&+ 1&/-.*%#/#('%&+ F E G5 +(-.*.)&+ -&* 3'. -.*() #'%(*'. *(+%*#1%#8.D N.+ -.*()(+ (=%(*'.+ )($ +#+%(/. .^&*. -3()(' +(* )#.%<*/#1.+ E O$(=#@$(+D G&)*B ^.@(* #'%(*1./@#&+ )( ('(*V4. E 8&$3/(' 1&' $&+ .$*()()&*(+D 63(*(/&+ )(%(*/#'.* 13B$ +(*B ($ 1*#%(*#& .)(13.)& -.*. 1.*.1%(*#I.* ($ (23#$#@*#& (' %<*/#'&+ )( $.+ -*&-#().)(+ )($ +#+%(/. F d GD K3-&'V./&+ 23( $&+ .$*()()&*(+ %#('(' )#/('+#&'(+ /31^4+#/& /.E&*(+ 23( $.+ )($ +#+%(/.D :+45 $. %(/-(*.%3*. E $. -*(+#;' )( $&+ .$*()()&*(+ -(*/.'(1(' 1&'+%.'%(+ -.*. %&)& -*&1(+& 23( +( $$(8( . 1.@& (' ($ +#+%(/.D A./@#<'5 %&)&+ $&+ -*&1(+&+ 23( +( $$(8.' . 1.@& (' $&+ .$*()()&*(+ +(*B' 13.+#[(+%B%#1&+D :-$#1.')& $.+ $(E(+ -*#/(*. E +(V3'). )( $. %(*/&)#'B/#1. -.*. ($ 3'#8(*+& k +#+%(/. d .$*()()&*(+5 %(')*(/&+\
@ '( @ @ $/ R A'( A A $/ R
YCDSZ
N&+ +3@4')#1(+ '( E $/ ^.1(' *(O(*('1#. .$ 3'#8(*+& E .$*()()&*(+5 *(+-(1%#8./('%(D :-$#1.')& $. 1&')#1#;' )( 23( $&+ -*&1(+&+ (' $&+ .$*()()&*(+ +&' 13.+#[(+%B%#1&+ E 23( +3 %(/-(*.%3*. E -*(+#;' -(*/.'(1(' 1&'+%.'%(+5 %(')*(/&+\ ?$/ ? @ $/ ! ! $/ $/ = " > " > $/ $/ $/ $/
YCDUZ
9;%(+( 23( $&+ +#V'&+ (+%B' )( .13(*)& . $. 1&'8('1#;' )( 23( ($ %*
[email protected]& E 1.$&* +&' -&+#%#8&+ 13.')& O$3E(' ^.1#. ($ +#+%(/.D G&* &%*& $.)&5 $. -*#/(*. $(E .-$#1.). . $&+ .$*()()&*(+ *(+3$%.' ('\
A$/ ?$/ =$/ ? "$/ >
YCDPZ
K3@+%#%3E(')& YCDUZ E YCDPZ (' YCDSZ\
A ? "$/ > R @
? ! $/
R
YCDCRZ YCDCCZ
U
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
:^&*. /3$%#-$#1.*(/&+ YCDCCZ -&* ! Y+#(/-*( -&+#%#8.Z E +3@+%#%3#*(/&+ ($ 8.$&* )( ? 23( +( )(+-(T. )( YCDCRZ\ !$/ @ A "$/ > R &5
A "$/ > !$/ @ R
YCDCFZ
N. (13.1#;' YCDCFZ (+ ($ 1*#%(*#& )( (23#$#@*#& V('(*.$ (+1*#%& . -.*%#* )( $.+ -*&-#().)(+ )($ +#+%(/. E )( $. %(/-(*.%3*. E -*(+#;' )( $&+ .$*()()&*(+D :'.$#1(/&+ $&+ 1.+&+ -.*%#13$.*(+ 23( ).*B' &*#V(' . $&+ 1*#%(*#&+ )( (23#$#@*#& (' O3'1#;' )( )&+ 8.*#.@$(+\ Y#Z =,"5(%"% /%"(3#,B9/5"% E ! FGH 5"3 9$,('(% (I#(,3$% ,J;/'$% E " FGH7 ?+%&+ +&' 1&'&1#)&+ 1&/& -*&1(+&+ /(1B'#1&+ -.*. 13(*-&+ *4V#)&+ Y($ @.$;' )( $. O#V3*. CDC5 -&* (T(/-$&ZD ?' (+%( 1.+& $. (13.1#;' YCDCFZ %&/.*B $. O&*/.\
A R
YCDCHZ
K# E. '& *(+%.' *(+%*#11#&'(+ #'%(*'.+ 23( /.'#-3$.*5 ('%&'1(+ ($ (+%.)& )( (23#$#@*#& O#'.$ +(*B .23<$ 23( %#('( $. /4'#/. ('(*V4. #'%(*'. -&+#@$( &5 (' %<*/#'&+ /.%(/B%#1&+5 13.')& 3' +#+%(/. .$1.'1( ($ (23#$#@*#&\ 0A R5 0 FA R v @ 5 > 5 9 1&'+%.'%(+5 (+ )(1#*5 ($ /4'#/& )( $. ('(*V4. #'%(*'.
YCDCMZ
Y##Z =,"5(%"% /%"(3#,B9/5"% E ! FGH 5"3 9$,('(% (I#(,3$% K)(I/0)(%7 N. 1&')#1#;' )( -.*() O$(=#@$( #/-$#1. 23(5 )3*.'%( ($ -*&1(+&5 $. -*(+#;' )($ + #+%(/. (+%.*B #V3.$.). +#(/-*( . $. -*(+#;' )( $&+ .$*()()&*(+5 "$/ k "D ,( (+%. O&*/.5 3%#$#I.')& $. -*&-#().) )( $#'(.$#).) )($ &-(*.)&* )#O(*('1#. 5 %(')*(/&+ ($ 1*#%(*#& )( (23#$#@*#& -.*. -*&1(+&+ 23( +( $$(8(' . 1.@& 1&' 1&'+%.'%(+ @ E "\
A "> R
YCDCQZ
at.3%#I./&+b $. O3'1#;' A d "> 1&' ($ +4/@&$& H E $. $$./.*(/&+ )( ('%.$-4.D :+45 13.')& ($ +#+%(/. .$1.'1( ($ (23#$#@*#& $. ('%.$-4. +(*B /4'#/.5 &\
H A "> R v @ 5 "5 9 0H R5 0 FH R (' ($ (23#$#@*#&
YCDCLZ
?$ (23#$#@*#& (+%.*B 1.*.1%(*#I.)& -&* %('(* $. ('%.$-4. /4'#/.D Y###Z =,"5(%"% 5"3 9$,('(% (I#(,3$% ,J;/'$% E " FGH 8 '/$#L,2/5$%7 ,( O&*/. +#/#$.* . $. 1&')#1#;' .'%(*#&*5 -.*()(+ )#.%<*/#1.+ #/-$#1.*B' (' 3' -*&1(+& . ! $/ k ! D :+45 YCDCFZ +( %*.'+O&*/. ('\
A !@ R
YCDCSZ
: $. O3'1#;' A J !@ $. $$./.*(/&+ )( ('(*V4. )( c($/^&$%I E $. )(+#V'.*(/&+ 1&' ($ +4/@&$& FD ?'%&'1(+\
N. ?13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. J K#+%(/.+ 1(**.)&+
P
F A !@ R v ! 5 > 5 9 F 0F R5 0 F R (' ($ (23#$#@*#&
YCDCUZ
?$ (23#$#@*#& (+%.*B 1.*.1%(*#I.)& -&* %('(* $. O3'1#;' ('(*V4. )( c($/^&$%I /4'#/.D Y#8Z =,"5(%"% 5"3 9$,('(% (I#(,3$% K)(I/0)(% 8 '/$#L,2/5$%7 ?+%.+ 1&')#1#&'(+5 1&/& /('1#&'.)&5 #/-$#1.' (' "$/ k " E ! $/ k ! D ,( (+%. O&*/.5 1&' $&+ /#+/&+ .*V3/('%&+ 3+.)&+ .'%(*#&*/('%(\
A !@ "> R
YCDCPZ
: $. O3'1#;' A J !@ d "> $. $$./.*(/&+ )( ('(*V4. )( X#@@+ E $. )(+#V'.*(/&+ 1&' ($ +4/@&$& ID ?'%&'1(+\
I A !@ "> R v ! 5 "5 9 0I R5 0 FI R (' ($ (23#$#@*#&
YCDFRZ
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u>3B$ 1*#%(*#& . 3%#$#I.*j ,(-(')(*B )( $.+ 1&')#1#&'(+ 1&' 23( +( $$(8.' . 1.@& ($ -*&1(+&D
1$0)$ 676 J >*#%(*#&+ )( (23#$#@*#& E (+-&'%.'(#).) o.*#.@$(+ '.%3*.$(+ A 5 > 5 9 @ 5 > 5 9 @ 5 "5 9 ! 5 > 5 9 ! 5 "5 9
67M7
>*#%(*#&+ )( ?23#$#@*#& @ /B=#/. A /4'#/. H J AK"> /4'#/. F J A J !@ /4'#/. I J A J !@ K "> /4'#/.
0@ k R5 0 F@ x R 0A k R5 0 FA y R 0H k R5 0 FH y R 0F k R5 0 F F y R 0I k R5 0 FI y R
K('%#)& ?+-&'%B'(& @ y R A x R H x R F x R I x R
N$ -5+$5/B3 K+3'$2(3#$) '( )$ #(,2"'/342/5$ C D/%#(2$% 5(,,$'"%
N. (13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1.5 8B$#). -.*. -*&1(+&+ )&')( %&)&+ $&+ (+%.)&+ +&' (+%.)&+ )( (23#$#@*#&5 O3( )()31#). (' $. +(11#;' CDF 0A
!0@ "0>
YCDFCZ
:^&*.5 . -.*%#* )( $.+ )(O#'#1#&'(+ )( $&+ -&%('1#.$(+ %(*/&)#'B/#1&+ @ 5 H 5 F E I5 -&)(/&+ *(+1*#@#* (+%. (13.1#;' -.*. $.+ +#%3.1#&'(+ (' )&')( $.+ 8.*#.@$(+ #')(-(')#('%(+ Y1&'%*&$.@$(+Z )($ -*&1(+& +&'
CR
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
)#O(*('%(+ . @ E > D :+45 -&* (T(/-$&5 $. (13.1#;' YCDFZ -3()( +(* *(+1*#%. -.*. $. ('%*&-4. 1&' 8.*#.@$(+ #')(-(')#('%(+ A E > Y*(13<*)(+(5 A E > +&' $.+ 8.*#.@$(+ '.%3*.$(+ )( $. ('%*&-4.Z\ 0@
C
!
0A
"
0> !
YCDFFZ
?+%. (+ $. (13.1#;' O3')./('%.$ (' $. *(-*(+('%.1#;' ('%*;-#1. @ @ YA 5 > Z D ?' ($ 1.+& )( $. ('%.$-4.5 3%#$#I./&+ +3 )(O#'#1#;' -.*. *(+1*#@#* $. (13.1#;' YCDFZ\ 0H 0A "0>
>0"
YCDFHZ
& 0H !0@ >0"
YCDFMZ
K( )(T. .$ (+%3)#.'%( $. %.*(. )( )()31#* $.+ (13.1#&'(+ O3')./('%.$(+ (' $.+ *(-*(+('%.1#&'(+ )( F E ID N. %.@$. CDF -*(+('%. 3' *(+3/(' )( $.+ O&*/.+ )( $.+ (13.1#&'(+ O3')./('%.$(+ -.*. )#O(*('%(+ 1&'T3'%&+ )( 8.*#.@$(+D
1$0)$ 67< J ?13.1#;' 03')./('%.$ -.*. +#+%(/.+ 1(**.)&+ ="#(35/$) O$,/$0)(% 1(,2"'/342/5" P3'(9(3'/(3#(% A Y@ 5> Z @1 >
67Q7
@ YA 5> Z
A1 >
H Y@ 5"Z
@1 "
FY! 5> Z IY! 5"Z
!1 > !1 "
-5+$5/B3 :+3'$2(3#$) 0A
!0@ "0>
0@
C
0A
"
0> ! ! 0H !0@ >0"
0F @0! "0> 0I @0! >0"
N$ -5+$5/B3 K+3'$2(3#$) '( )$ #(,2"'/342/5$ C D/%#(2$% $0/(,#"%
?' $. +(11#;' .'%(*#&* +( -*(+('%.*&' $.+ )#8(*+.+ O&*/.+ -.*. $. (13.1#;' O3')./('%.$D N. +3-&+#1#;' )( +#+%(/. 1(**.)& #/-$#1. 23( $. 8.*#.1#;' )( $. 1.'%#).) )( /.%(*#. )( %&)&+ $&+ 1&/-&'('%(+ )($ +#+%(/. (' 13.$23#(* -*&1(+& (+ '3$.5 (+ )(1#*\ 0L *
)( $. /(I1$. R5 -.*. %&)&+ $&+ 1&/-&'('%(+
YCDFQZ
?' ($ 1.+& (' 23( +( *(.$#1(' -*&1(+& )&')( ($ +#+%(/. V.'. & -#(*)( /.%(*#.5 $. (13.1#;' YCDFQZ E. '& (+ 8B$#). E ^.@*B 1./@#&+ (' $. ('(*V4. )( X#@@+5 -&* (T(/-$&5 -*&8&1.)&+ -&* 1./@#&+ (' $. 1.'%#).) )( /.%(*#.D ?' %.$(+ 1.+&+ $. ('(*V4. )( X#@@+ %./@#<' %(')*B 1&/& 8.*#.@$(+ $. 1.'%#).) )( 1.). 3 '. )( $.+ +3@+%.'1#.+ 23( 1&/-&'(' $. /(I1$.5 (+ )(1#* IIY! 5"5L C5L F5gZD :'%(+ )( #'%*&)31#* (O(1%& )( $. 1.'%#).) )( /.%(*#. (' $. (13.1#;' O3')./('%.$5 8.$( $. -('. *(1&*).* ( #'%(*-*(%.* ($ 1&'1(-%& )( 3'. )(*#8.). -.*1#.$D G('+(/&+ (' 3' (=-(*#/('%& . *(.$#I.*D G&* (T(/-$&5
N. ?13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. J K#+%(/.+ .@#(*%&+
CC
23(*(/&+ /()#* ($ 1./@#& )( -*(+#;' )( 3' V.+5 -*&8&1.)& -&* 3' 1./@#& )($ 8&$3/('5 (' 3' (=-(*#/('%& 23( +( $$(8. . 1.@& . %(/-(*.%3*. E 1.'%#).) )( /.%(*#. 1&'+%.'%(D ?+%( (=-(*#/('%& +( -3()( *(-*&)31#* (' 3'. )(*#8.). -.*1#.$D 9&%(' 23( (' ($ +4/@&$& )( $. )(*#8.). -.*1#.$ .-.*(1(' (=.1%./('%( $.+ /.V'#%3)(+ #'8&$31*.).+ (' ($ (=-(*#/('%&\
>./@#& /.'#-3$.)& & -*&8&1.)& Y1./@#& )( 8&$3/('Z
" > ! 5L
>./@#& . /()#* Y1./@#& )( -*(+#;'Z
>&')#1#&'(+ ?=-(*#/('%.$(+
?+%. #'%(*-*(%.1#;' )($ 1&'1(-%& /.%(/B%#1& )( $.+ )(*#8.).+ -.*1#.$(+5 -&* $& %.'%&5 (+%B 4'%#/./('%( 1&'(1%.). . $&+ &@T(%#8&+ )( $. %(*/&)#'B/#1.\ /()#* 1./@#&+ )( 8.*#.@$(+5 -*&8&1.)&+ -&* $. /.'#-3$.1#;' )( .$V3'. &%*. 8.*#.@$(5 (' (=-(*#/('%&+ )&')( +( 1&'%*&$.' .$V3'.+ 1&')#1#&'(+D W(V*(+(/&+ .^&*. .$ (O(1%& )( 1./@#.* $. 1.'%#).) )( /.%(*#. +&@*( $. ('(*V4. #'%(*'. )( 3' +#+%(/.D m/.V#'(/&+ 3'. /(I1$. 1&/-3(+%. -&* - 1&/-&'('%(+D N. 1.'%#).) )( 1.). 3'& )( $&+ 1&/-&'('%(+ (+%.*B *(-*(+('%.). -&* $. 1&/-&+#1#;' 9 k YL C5 L F5 L H5 g5 L -ZD m/.V#'(/&+ %./@#<' 23( -&)(/&+ /()#* $. ('(*V4. )( X#@@+ . %*.8<+ )( 3' aX#@@+#;/(%*&b Y'& 1*(& 23( (=#+%. %.$ 1&+.5 -(*& $. -&)(/&+ #/.V#'.*ZD ?$ (=-(*#/('%& /('%.$ (+ )(%(*/#'.* ($ 1./@#& (' $. ('(*V4. )( X#@@+ (' ($ -*&1(+& )( .V*(V.* 3'. 1.'%#).) )( +3@+%.'1#. C (' 3' (=-(*#/('%& )&')( +( /.'%(')*B' 1&'+%.'%(+ $. %(/-(*.%3*.5 $. -*(+#;' E $. 1.'%#).) )( %&).+ $.+ )(/B+ +3@+%.'1#.+ 23( '& +(.' $. +3@+%.'1#. C5 %.$ 13.$ *(-*(+('%.)& (' $. O#V3*. CDMD
0L C
:/;+,$ 67M
I F
IG
>./@#& (' $. ('(*V4. )( X#@@+ Y0I k IG J I FZ -*&8&1.)& -&* 3' 1./@#& (' $. 1.'%#).) )( +3@+%.'1#. C Y0L CZ (' 3' (=-(*#/('%& )&')( +( /.'%#('(' 1&'+%.'%(+ %&).+ $.+ )(/B+ 8.*#.@$(+ Y! 5 "5 L F5 L H5 gZD
"
"
!
! Y:Z
YtZ
?$ 1./@#& (' $. ('(*V4. )( X#@@+5 ('%&'1(+5 (+%.*B ).)& -&*\
I L C ! 5 "5L
0I
F
0LC 5LH 5DDD
YCDFLZ
CF
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
?'%&'1(+5 . %(/-(*.%3*. E -*(+#;' 1&'+%.'%(+5 ($ 1./@#& (' $. ('(*V4. )( X#@@+ )(@#)& .$ 1./@#& (' $. 1.'%#).) )( /.%(*#. +(*B $. +3/. )( $&+ (O(1%&+ -*&8&1.)&+ -&* $. .)#1#;' )( 1.). 3'. )( $.+ +3@+%.'1#.+\
I I 0LC LC ! 5" 5L 5L 5DDD LF ! 5" 5L
0I
F
H
I 0LH DDD 5 v ! E " L H ! 5" 5L 5L 5DDD
0LF C 5L H 5DDD
C
YCDFSZ
F
N&+ (O(1%&+ )( 1./@#&+ )( %(/-(*.%3*. E -*(+#;' E. +&' 1&'&1#)&+ )( $. (13.1#;' -.*. +#+%(/.+ 1(**.)&+ Y8(* %.@$. CDFZD ,( (+%. O&*/.5 $&+ 1./@#&+ )( ('(*V4. )( X#@@+ +(*B 3'. 1&/@#'.1#;' )( %&)&+ $&+ (O(1%&+ /('1#&'.)&+5 (+ )(1#*5 (O(1%&+ )( 1./@#& )( %(/-(*.%3*. ! 5 -*(+#;' " E 1&/-&+#1#;' 9\ 0I @0! >0"
2
I
L * C
*
0L *
YCDFUZ
! 5 " 5 L M *
?$ 8(1%&* 9 *(-*(+('%. $. 1.'%#).) )( 1.). 3'& )( $&+ 1&/-&'('%(+ -*(+('%(+5 (+ )(1#*5 9kYL C5 L F5 g5 L 2Z5 1 (+ ($ ']/(*& )( +3@+%.'1#.+ -*(+('%(+ (' $. /(I1$. E ($ +4/@&$& L M * *(-*(+('%. $. 1.'%#).) )( /.%(*#. )( %&)&+ $&+ 1&/-&'('%(+ M )#O(*('%(+ )( *D G&* .^&*.5 1&' O#'(+ -3*./('%( %.23#V*BO#1&+5 3%#$#I.*(/&+ ($ +4/@&$& i -.*. *(-*(+('%.* $.+ )(*#8.).+ -.*1#.$(+ 1&' *(+-(1%& . L * E $( ).*(/&+ ($ '&/@*( )( 9"#(35/$)
ˆ
.+J2/5" '( )$ %+0%#$35/$ # (3 )$ 2(A5)$\
I z * L * ! 5" 5L
YCDFPZ
M *
G.*. O#'(+ )#)B1%#1&+5 3%#$#I./&+ ($ +4/@&$& 1#*13'O$(T& Y{Z +&@*( $. $(%*. V*#(V. /| YZD ?+%& (+ -.*. ('O.%#I.* 23( ($ -&%('1#.$ 234/#1& +( *(O#(*( . 3'. +3@+%.'1#. (' 3'. /(I1$.D N. .3+('1#. )($ 1#*13'O$(T& #')#1.*B 23( ($ -&%('1#.$ 234/#1& +( *(O#(*( . 3'. +3@+%.'1#. -3*. Y_T&\ '& %&).+ $&+ $#@*&+ 3%#$#I.' (+%. +#/@&$&V4.ZD : -.*%#* )( (+%. )(O#'#1#;'5 $. (13.1#;' YCDFPZ5 ('%&'1(+5 .+3/#*B $. O&*/. 1&/-.1%.\ 0I @0! >0"
2
z 0L * C
*
*
YCDHRZ
?+%. (+ $. (13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. -.*. +#+%(/.+ .@#(*%&+5 (+1*#%. -.*. $. ('(*V4. )( X#@@+D ?+%. (13.1#;'5 +#' (/@.*V&5 %&).84. %#('( 3' +4/@&$& +#' + #V'#O#1.)& 1$.*&5 ($ -&%('1#.$ 234/#1&D ,(T(/&+ $. #'%(*-*(%.1#;' O4+#1. )( (+%. 8.*#.@$( -.*. $. +#V3#('%( +(11#;'D ,()3I1./&+ .^&*. $. (13.1#;' O3')./('%.$ (' $.+ &%*.+ *(-*(+('%.1#&'(+D 7%#$#I.')& $. )(O#'#1#;' )( ('(*V4. )( X#@@+ }I k A d "> C !@ 5 & (' O&*/. )#O(*('1#.$5 0A k 0I [ 0 Y "> Z d 0 Y!@ Z~ &@%('(/&+ $. O&*/. ('(*V<%#1. )( $. (13.1#;' O3')./('%.$\ 0A !0@ "0>
2
z * 0L*
YCDHCZ
* C
,(T./&+ .$ (+%3)#.'%( $. )()311#;' )( $. (13.1#;' O3')./('%.$ (' $.+ )(/B+ *(-*(+('%.1#&'(+D ?$ -*&1()#/#('%& (+ +#/#$.* .$ 3%#$#I.)& (' $. +(11#;' .'%(*#&*\
?$ G&%('1#.$ 634/#1& E ($ ?23#$#@*#& ".%(*#.$
0@
C !
0A
" !
z *
* C
!
0>
0H !0@ >0"
(2
0L*
CH
YCDHFZ
(2
z 0L * C
0F @0! "0>
*
YCDHHZ
*
(2
z 0L * C
*
*
YCDHMZ
N. 1&'8('#('1#. '&+ ^.*B 3%#$#I.* 3'. )( $.+ *(-*(+('%.1#&'(+D 7'. .1$.*.1#;'\ (+%.+ (13.1#&'(+ -*(+('%.).+ +&' $.+ (13.1#&'(+ O3')./('%.$(+ (' +3+ O&*/.+ )#O(*('1#.$(+D N.+ (13.1#&'(+ O3')./('%.$(+ -*&-#./('%( )#1^.+ +&'\ A A @ 5> 59 @
@ A 5> 59
H H @ 5 " 59
YCDHQZ
F F ! 5> 59 I I ! 5 " 59
:+45 -&* (T(/-$&5 $. (13.1#;' A A Y! 5> 59Z '& (+ 3'. (13.1#;' O3')./('%.$5 -&* ($ /&%#8& )( 23( $. ('(*V4. #'%(*'. '& (+%B )(+1*#%. -&* +3+ 8.*#.@$(+ '.%3*.$(+D A.$ (13.1#;' -3()( (=#+%#* -(*& '& +(*B $. O3')./('%.$D 7'. (13.1#;' O3')./('%.$5 1&/& (+1*#%.+ (' YCDHQZ5 1&'%#('( %&). $. #'O&*/.1#;' %(*/&)#'B/#1. )( 3' )(%(*/#'.)& +#+%(/.D N. (13.1#;' A A Y! 5> 59Z '& 1&'%#('( %&). $. #'O&*/.1#;'D o<.+( >.$$(' a!5,%-.0:($-*2) $(0 $( *(+%.0'2+*.( +. +5,%-.)+$+*)+*2)b -.*. 3'. )#+13+#;' /B+ -*&O3'). +&@*( ($ %(/.D
67R7
-) ="#(35/$) S+J2/5" 8 () -.+/)/0,/" T$#(,/$)
m/.V#'(/&+ 3' -*&1(+& )&')( +( .V*(V. 3'. 1.'%#).) #'O#'#%(+#/.$ )( 3' 1&/-&'('%( * . 3'. /(I1$. )&')( +( /.'%#('(' @ 5 > E $. 1.'%#).) )( %&)&+ $&+ 1&/-&'('%(+ (=1(-%& ($ 1&/-&'('%( * 1&'+%.'%(+D ?'%&'1(+5 ($ 1./@#& (' $. ('(*V4. #'%(*'. (+%.*B ).)& -&*\
A z * L * @ 5> 5L
YCDHLZ
M *
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
CM
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
A @ H F I z * ! L* @ 5> 5L L* A 5> 5L L* @ 5" 5L L* ! 5> 5L L* ! 5" 5L M *
M *
M *
M *
YCDHSZ
M *
7' .'B$#+#+ )#/('+#&'.$ *B-#)& '&+ ^.1( 8(* 23( ($ -&%('1#.$ 234/#1& (+%B (=-*(+.)& (' ('(*V4. -&* /&$ E (+5 -&* $& %.'%&5 3'. 8.*#.@$( #'%('+#8.D >&/& %.$5 '& -3()( )(-(')(* )($ %./.`& )($ +#+%(/. E5 %./@#<'5 )(@( +(* 3'. O3'1#;' .-('.+ )( 8.*#.@$(+ #'%('+#8.+D _%*. O&*/. #'%(*(+.'%( )( ('%(')(* ($ +#V'#O#1.)& O4+#1& )($ -&%('1#.$ 234/#1& (+ . %*.8<+ )( 3' -*&1(+& 13.+#[(+%B%#1& )( .)#1#;' & *(/&1#;' )( 3'. /&$<13$. * )( 3'. /(I1$. )&')( +( /.'%#('( ($ 8&$3/(' )($ +#+%(/. 1&'+%.'%(D G.*. %.$(+ -*&1(+&+5 $. (13.1#;' O3')./('%.$ .+3/( $. O&*/.\ 0A !0@ z * 0L*
?
YCDHUZ
=
?$ -*#/(* %<*/#'& )($ $.)& )(*(1^& )( (+%. (13.1#;' *(-*(+('%. ($ 1.$&* 13.+#[(+%B%#1& E ($ +(V3')& ($ %*
[email protected]&D :+45 ($ -&%('1#.$ 234/#1& -3()( +(* 8#+%& 1&/& ($ %*
[email protected]& 13.+#[(+%B%#1& -.*. *(/&8(* C /&$ )( 3' 1&/-3(+%& )( 3'. /(I1$. /.'%('#(')& 1&'+%.'%(+ ($ 8&$3/(' )($ +#+%(/. E $. 1.'%#).) )( %&)&+ $&+ )(/B+ (2
1&/-&'('%(+D ,( ^(1^&5 ($ %<*/#'&
z 0L +( 1&'&1( 1&/& ($ %*
[email protected]& 234/#1& & ($(1%*&234/#1&D * C
*
*
G&* ]$%#/&5 $. #/-&*%.'1#. O3')./('%.$ )($ -&%('1#.$ 234/#1& (+ 23( ($ /#+/& -*&-&*1#&'. 3'. O&*/. #'(2348&1. -.*. )(%(*/#'.* 13.')& 3' +#+%(/. .$1.'I. ($ (23#$#@*#& /.%(*#.$ & 13.')& +( -*(+('%.*B 3' O$3T& '(%& )( /.%(*#. ('%*( -&*1#&'(+ )( 3' +#+%(/.D ,(/&+%*(/&+ (+%. .O#*/.1#;'D K3-&'V./&+ 3' +#+%(/. )#8#)#; (' )&+ -.*%(+5 %&%.$/('%( .#+$.)& )( +3+ .$*()()&*(+5 %.$ 1&/& *(-*(+('%.)& (' $. O#V3*. CDMD N. -.*() 1('%*.$5 #'#1#.$/('%(5 (+ %&%.$/('%( *(+%*#1%#8.D
:
:/;+,$ 67M
t
Y.Z G.*() 1('%*.$ .)#.@B%#1.
G*&1(+& )( O$3T& )( ('(*V4. %<*/#1.5 )( *()#+%*#@31#;' )( 8&$3/(' E )( O$3T& )( /.%(*#.D N.+ -.*()(+ (=%(*'.+ +&' .)#.@B%#1.+5 *4V#).+ ( #/-(*/(.@$(+D :
t
Y@Z G.*() 1('%*.$ )#.%<*/#1. Y1Z O$(=#@$( Y)Z -(*/(.@$( .$ 1&/-&'('%( C
?$ G&%('1#.$ 634/#1& E ($ ?23#$#@*#& ".%(*#.$
CQ
c.*(/&+ %*(+ (=-(*#/('%&+D ?' ($ -*#/(*& ($ +#+%(/. -.+.*B )( $. +#%3.1#;' Y.Z ^.1#. $. +#%3.1#;' Y@Z5 (+ )(1#*5 $. -.*() +( %&*'. )#.%<*/#1.D >&/& ($ -*&1(+& +( $$(8. . 1.@& . A 5 > E ! 1&'+%.'%(+5 '&+ 1&'8#('( 3%#$#I.* $. *(-*(+('%.1#;' ('%*;-#1.D ?$ 1./@#& )( ('%*&-4. (' $&+ )&+ +3@+#+%(/.+ (+%.*B' ).)&+ -&*\ 0@ F
C ! F
0A F
0@ G
C ! G
0A G
YCDHPZ
N. ('(*V4. #'%(*'. %&%.$ (+ 1&'+%.'%( Y$.+ -.*()(+ (=%(*'.+ +&' %&%.$/('%( *(+%*#1%#8.+Z E (+& #/-$#1. 23( $&+ 1./@#&+ (' ('(*V4. #'%(*'. )($ 1&/-.*%#/#('%& : +(.' #V3.$(+ . /('&+ $&+ )($ 1&/-.*%#/#('%& t\ 0A G kJ 0A FD >&/& $. ('%*&-4. (+ 3'. -*&-#().) (=%('+#8.5 ('%&'1(+ +3 1./@#& %&%.$ +(*B $. + 3/. )($ 1./@#& )( $.+ -.*%(+5 & +(.5 0@ k 0@ F d 0@ GD :)(/B+5 1&/& 8#+%& .'%(*#&*/('%(5 13.')& ($ +#+%(/. .$1.'I. ($ (23#$#@*#& $. ('%*&-4. +(*B /B=#/.5 & 0@ k RD >&/@#'.')& (+%.+ .O#*/.1#&'(+ 1&' $. (13.1#;' YCDHPZ $$(V./&+ . $. +#V3#('%( 1&'1$3+#;'\ 0@
C C 0@ C C 0A F & 0A F !F !G ! F !G
YCDMRZ
>&/& @ .$1.'I. 3' /B=#/& (' ($ (23#$#@*#&5 (+%. )(*#8.). %#('( 23( +(* '3$.5 (+ )(1#*5 13.')& $.+ %(/-(*.%3*.+ +(.' #V3.$(+ Y! F k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kJ 0> FD 7%#$#I.')& .*V3/('%.1#;' +#/#$.*5 $$(V.*(/&+ . $. (=-*(+#;'\ 0@
C C " " 0A F F G 0>F ! F !G !F !G
YCDMCZ
G.*. 23( 3'. O3'1#;' )( 8.*#.+ 8.*#.@$(+ .$1.'1( ($ /B=#/&5 +3+ )(*#8.).+ -.*1#.$(+ 1&' *(+-(1%& . $.+ 8.*#.@$(+ #')(-(')#('%(+5 (' (+%( 1.+& A F E > F5 +(.' '3$.+\
@ C C A ! ! R F F G " " @ F G R > F !F ! G
YCDMFZ
N. 1&'1$3+#;'5 ('%&'1(+ (+ 23( $.+ %(/-(*.%3*.+ E -*(+#&'(+ +( #V3.$.' 13.')& ($ +#+%(/. .$1.'1( ($ (23#$#@*#& ! F k ! G E " F k "GD :+45 5+$3'" +3 %/%#(2$ $)5$3A$ () (.+/)/0,/" 2(543/5" )$% 9,(%/"3(% %( /;+$)$3 (3 #"'" () %/%#(2$D o&$8(/&+ . ('O.%#I.* 23( (+%. 1&'1$3+#;' (+ 8B$#). +&$./('%( (' .3+('1#. )( 1./-&+ (=%(*'&+D
CL
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
0#'.$/('%(5 .^&*. $. -.*() 1('%*.$ %./@#<' +(*B +(/#[-(*/(.@$( . 3'& )( $&+ 1&/-&'('%(+ Y.$ 1&/-&'('%( C5 -&* (T(/-$&ZD >&/& $.+ -.*()(+ (=%(*'.+ +&' #/-(*/(.@$(+5 -&)(/&+ .O#*/.* 23( 0L CG k J 0L C FD :+45 $. (=-*(+#;' O#'.$ -.*. ($ +#+%(/. (' (23#$#@*#& +(*B\
z FC z CG C C " F "G 0A F 0>F ! F !G !F !G !F !G
F 0LC R
YCDMHZ
,( '3(8& %('(/&+ 23( @3+1.* ($ /B=#/& )( $. O3'1#;' @ 23( %#('( -&* 8.*#.@$(+ #')(-(')#('%(+ A F5 > F E L C F\
@ C C R A F !F ! G @ " " F G R > F !F ! G @ z G z F F C C R L C !G ! F :+#5 ! Fk! G5 " Fk "G E
YCDMMZ
ˆ ˆ D ?+%. ]$%#/. #V3.$).) *(-*(+('%. $. 1&')#1#;' )( (23#$#@*#& /.%(*#.$D K# A
B
1
1
*(-(%#/&+ ($ (=-(*#/('%& )(T.')& 23( $. -.*() +(. -(*/(.@$( .$ 1&/-&'('%( F5 H5 (%1D $ $(V.*(/&+ . $. 1&'1$3+#;' 23( 13.')& ($ +#+%(/. .$1.'I. ($ (23#$#@*#& /.%(*#.$ %(')*(/&+\
z F* z *G 5 -.*. %&)&+ $&+ 1&/-&'('%(+ -*(+('%(+ (' $. /(I1$.
YCDMQZ
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•Z (+ @.+%.'%( )#O(*('%( )( $. 1&'1('%*.1#;' )( &=4V('& (' $. .%/;+O(*. Y.$*()()&* )( FR•ZD 9;%(+( 23( (' '#'V3'. &1.+#;' (' $&+ (=-(*#/('%&+ +( /('1#&'; 23( 3'. -.*%( )($ +#+%(/. (+ $423#)&5 +;$#)& & V.+D N.+ 1&'1$3+#&'(+ . 23( $$(V./&+ +&' 8B$#).+ -.*. 13.$23#(* O.+( )( .V*(V.1#;'D :+45 +# ($ 1&/-.*%#/#('%& : (+ 3' V.+ E ($ t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
?$ G&%('1#.$ 634/#1& E ($ ?23#$#@*#& ".%(*#.$
CS
_%*. 1&'O3+#;' 1&/]' (' (+%3)#.'%(+ *(1#<' O./#$#.*#I.)&+ 1&' ($ 1&'1(-%& )( -&%('1#.$ 234/#1& (+ .+&1#.*$& . /(I1$.+D 7'. /(I1$. '& %#('( -&%('1#.$ 234/#1&D 63#(' $& %#('( (+ 3'. )(%(*/#'.). +3@+%.'1#. (' 3'. /(I1$.D N. .O#*/.1#;' a($ -&%('1#.$ 234/#1& )($ $423#)& (+ #V3.$ . %.'%&b '& %#('( '#'V]' +('%#)&D ?$ 1&**(1%& (+ )(1#* a($ -&%('1#.$ 234/#1& )($ @('1('& (' ($ $423#)& (+ #V3.$ . %.'%&bD ?$ -&%('1#.$ 234/#1& -.*. ($ (23#$#@*#& /.%(*#.$5 .$ O#'.$5 T3(V. ($ /#+/& -.-($ 23( $. %(/-(*.%3*. -.*. ($ (23#$#@*#& %<*/#1& E 23( $. -*(+#;' -.*. ($ (23#$#@*#& /(1B'#1&D "#('%*.+ ($ -&%('1#.$ 234/#1& )( 3'. +3@+%.'1#. '& +( #V3.$( . $& $.*V& )( %&)& ($ +#+%(/.5 ^.@*B O$3T& )( /.%(*#.5 )( $. /#+/. O&*/. 23( /#('%*.+ $. %(/-(*.%3*. '& +( #V3.$( ^.@*B O$3T& )( 1.$&*D o#+%& )( &%*. O&*/.5 +# +( &@+(*8. O$3T& )( /.%(*#. (' 3' )(%(*/#'.)& +#+%(/. (+ -&*23( $&+ -&%('1#.$(+ 234/#1&+ )( $.+ +3@+%.'1#.+ %&).84. '& +( ^.' #V3.$.)&D G.*. )(%(*/#'.* $. )#*(11#;' )($ O$3T&5 ^.V./&+ &%*& (=-(*#/('%&D >&'+#)(*(/&+ .^&*. 23( ($ +#+%(/. %#('( -.*()(+ O$(=#@$(+ E )#.%<*/#1.+5 (' 1&'%.1%& 1&' 3' @.`& 1&' %(/-(*.%3*. E -*(+#;' 1&'+%.'%(+D ?+%( +#+%(/. (+%B *(-*(+('%.)& (' $. O#V3*. CDQD N. %(/-(*.%3*. E -*(+#;' )($ +#+%(/. )3*.'%( (+%( -*&1(+& +&' 1&'%.'%(+ )(@#)& .$ 1&'%.1%& %<*/#1& E /(1B'#1& 1&' $&+ .$*()()&*(+5 @.T& 3'. +3-&+#1#;' 23( ($ -*&1(+& (+ 13.+#[(+%B%#1&D ?' (+%( 1.+& '&+ 1&'8#('( $. 3%#$#I.1#;' )($ -&%('1#.$ %(*/&)#'B/#1& 23( %('V. 1&/& 8.*#.@$(+ '.%3*.$(+ ! E "5 (+ )(1#*5 $. ('(*V4. )( X#@@+D N. (13.1#;' O3')./('%.$ YCDHRZ (+1*#%. -.*. 1.). 3'& )( $&+ +3@+#+%(/.+ %(')*B ('%&'1(+ $. O&*/.\ 0I F
z FC 0LCF
0IG
z CG 0LCG
YCDMLZ
!1 " 2.(+$(+,)
:/;+,$ 67Q G*&1(+&+ (' 3' +#+%(/. (' 1&'%.1%& 1&' .$*()()&*(+ 1&' %(/-(*.%3*. E -*(+#;' 1&'+%.'%(+D N.+ -.*()(+ (=%(*'.+ )($ +#+%(/. +&' )#.%<*/#1.+5 O$(=#@$(+ E #/-(*/(.@$(+D N. -.*() 1('%*.$ (+ +(/#-(*/(.@$( +&$./('%( . $. +3@+%.'1#. CD ?$ +#+%(/. (+%B O3(*. )( (23#$#@*#& E +( &@+(*8. 3' O$3T& )( +3@+%.'1#. CD
F
L N
G
>&/& $.+ -.*()(+ (=%(*'.+ )($ +#+%(/. +&' #/-(*/(.@$(+5 -&)(/&+ .O#*/.* 23( ($ 1./@#& (' $. 1.'%#).) )( +3@+%.'1#. (' ($ 1&/-.*%#/#('%& : +(*B ($ +#/<%*#1& )($ 1./@#& (' t5 (+ )(1#*5
B
dN1
dN D G&* &%*& A
1
$.)&5 $. ('(*V4. )( X#@@+ (+ (=%('+#8. E5 -&* $& %.'%& ($ 1./@#& %&%.$ (' X +(*B $. +3/. )( $&+ 1./@#&+ )( $.+ -.*%(+5 dG dG A dGB D ?'%&'1(+\
0I z FC z CG 0LCF R
YCDMSZ
CU
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
N. )(+#V3.$).) (' $. (13.1#;' 8#('( )($ ^(1^& 23( $. ('(*V4. )( X#@@+ (+ /4'#/. (' ($ (23#$#@*#& . ! 5 " E 9 1&'+%.'%(+ E5 -&* $& %.'%&5 )#+/#'3#*B /#('%*.+ ($ +#+%(/. '& (+%< (' (23#$#@*#&D 7' -*&)31%& )( )&+ O.1%&*(+ +(*B '(V.%#8& +# E +&$./('%( +# $&+ )&+ %<*/#'&+ %#('(' +#V'&+ 1&'%*.*#&+D ?'%&'1(+5 +# ($ O$3T& +( ). )( : ^.1#. t5 0L C F R E z FC z CG D K# +( ). )( t ^.1#. :5 0L C F R E z FC z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f. '& O3( '(1(+.*#& ^.@$.* )( $.+ O.+(+ ^&/&V<'(.+ 23( 1&/-&'(' ($ +#+%(/.D G.*. )(T.* 1$.*. (+%. )(O#'#1#;'5 .'.$#1(/&+ $.+ 1&')#1#&'(+ -.*. 23( 3'. /(I1$. )( %*(+ 1&/-&'('%(+ .V3.YCZ5 (%.'&$YFZ E ^(=.'&YHZ (+%< (' (23#$#@*#& (' %*(+ O.+(+ $423#)&[ $423#)&[8.-&*\
o.-&* YoZ
:/;+,$ 67R K#+%(/. (' (23#$#@*#& (' %*(+ O.+(+ o.-&*[N423#)& &*VB'#1&[ N423#)& :13&+&D N.+ #'%(*O.1(+ +&' -(*/(.@$(+ . %&)&+ $&+ 1&/-&'('%(+
N423#)& _*VB'#1& YN&*VZ N423#)& :13&+& YN .1Z
N. 1&')#1#;' )( (23#$#@*#& +( -3()( *(-*(+('%.* . -.*%#* )( $.+ +#V3#('%(+ (13.1#&'(+\ ?23#$#@*#& A<*/#1&\
!>
!O ! O .%6
Y#V3.$).) )( %(/-(*.%3*.+Z
$2
?23#$#@*#& "(1B'#1&\ "> "O "O .%6
Y#V3.$).) )( -*(+#&'(+Z
$2
O.%6
O z > $6'$ z $6'$ z $6'$
?23#$#@*#& ".%(*#.$\
z >
etanol
z O
.%6
etanol
$2
z O
$2
etanol
O O z > 5,P$(. z 5,P$(. z 5,P$(. .%6
$2
Y#V3.$).) )( -&%('1#.$(+ 234/#1&+Z
?T(/-$&+ 1&%#)#.'&+ J )(-(')('1#.+ )( !"# %& ' ( )
CP
?+ #/-&*%.'%( *([('O.%#I.* )&+ -3'%&+\ $. #V3.$).) )( -*(+#&'(+ +( ). -&* .3+('1#. )( 1./-&+5 (+-(1#.$/('%( ($ V*.8#%.1#&'.$ E 23( $&+ -&%('1#.$(+ 234/#1&+ +( #V3.$.' +3@+%.'1#. -&* +3@+%.'1#.D G&%('1#.$(+ 234/#1&+ )( +3@+%.'1#.+ )#O(*('%(+ '& %#('(' -&* 23< #V3.$.*+(D
67Y7
-U(29)"% 5"#/'/$3"% C '(9(3'(35/$% '(
5"3 $ X % 8 I
m$3+%*.*(/&+ $. *($.1#;' )($ 1&'1(-%& )( -&%('1#.$ 234/#1& E O$3T& )( /.%(*#. . -.*%#* )( .$V3'&+ (T(/-$&+ O./#$#.*(+ . %&)&+5 %&).84. +#' $. -*(&13-.1#;' )( 13.'%#O#1.* $.+ /.V'#%3)(+ )( -&%('1#.$(+ 234/#1&+ & 1&'1('%*.1#&'(+D Y.Z ?/-(1(/&+ 1&' $. @(@#). V.+(&+. *(-*(+('%.). (' $. O#V3*. CDSD N. @&%($$. #'#1#.$/('%( %.-.). 1&'%#('( (' +3 #'%(*#&* .V3. E >_ F )#+%*#@3#)&+ (' )&+ O.+(+5 $423#)& E 8.-&*D ?$ -*&1(+& )( )(+%.-.* $. @&%($$. -*&)31( 3'. *()311#;' )( -*(+#;'D u63< '&+ (+%B ('+(`.')& (+%( (=-(*#/('%&j :'.$#1(/&+ -*#/(*./('%( $. @&%($$. 1(**.). (' (23#$#@*#&D ?' (+%. + #%3.1#;' ($ -&%('1#.$ 234/#1& )($ >_F (' ./@.+ O.+(+ (+ #V3.$D 9& +( '&%. '#'V]' O$3T& '(%& )( /.%(*#. ('%*( $.+ )&+ O.+(+D ?' $. +(V3'). +#%3.1#;'5 #'/()#.%./('%( )(+-3<+ )( .@#(*%. $. @&%($$.5 +( &@+(*8. 3' O$3T& )( >_F )( $. O.+( $423#). . $. O.+( 8.-&*D :^&*.5 ($ -&%('1#.$ 234/#1& )($ >_F )#+3($%& (+ /.E&* 23( ($ -&%('1#.$ 234/#1& )($ >_F (' ($ 8.-&*D -%#" 3"% /3'/5$ .+( () 9"#(35/$) .+J2/5" (% +3$ K+35/B3 '( )$ 9,(%/B37 t.T.* $. -*(+#;' )($ #'%(*#&* )( $. @&%($$. #/-$#1; (' 3'. *()311#;' )($ -&%('1#.$ 234/#1& )($ >_ F (' ($ 8.-&* Y$.+ -*&-#().)(+ )( 3' $423#)& +&' O3'1#&'(+ /3E )<@#$(+ )( $. -*(+#;'ZD N. @(@#). )(T.*B )( @3*@3T(.* 13.')& ($ +#+%(/. .$1.'1( 3' '3(8& (+%.)& )( (23#$#@*#& )&')( ($ -&%('1#.$ 234/#1& )($ >_F )#+3($%& +(. #V3.$ .$ )($ >_ F (' ($ .#*(D "#('%*.+ +( &@+(*8( @3*@3T.+ ^.@*B )#O(*('1#.+ )( -&%('1#.$ 234/#1&D
:/;+,$ 67Y ,(+%.-.')& 3'. @&%($$. )( 3'. V.+(&+.
!"#$#%!&'#
!"#$#%!&'#
Y.Z
Y@Z
Y@Z ?$ T.@;'\ #/.V#'(/&+ 3' 8.+& +31#& 1&' V*.+. 23( +( $$('; 1&' .V3. -.*. $#/-#.*$&D :'%(+ )( .V*(V.*+( ($ T.@;'5 $. V*.+. '& +( )#+&$84. 1&/-$(%./('%( (' ($ .V3.5 ^.1#(')& 1&' 23( +( &@+(*8.*. )&+ O.+(+ (' ($ #'%(*#&* )($ 8.+&5 .V3. E V*.+.D N. .V*(V.1#;' )( T.@;' -*&8&1; 3' O$3T& )( V*.+. )(+)( $. O.+( V*.+. -3*. ^.1#. $. O.+( .13&+.D G&)(/&+ ('%&'1(+ )(1#* 23( ($ T.@;' )#+/#'3E; ($ -&%('1#.$ 234/#1& )( $.+ +3@+%.'1#.+ V*.+&+.+ (' $. O.+( .13&+.D ?+ 1 $.*& 23( (+%( 1./@#& (+ -*&8&1.)& -&* #'%(*.11#&'(+ /#1*&+1;-#1.+ ('%*( $.+ /&$<13$.+ )( .V3.[T.@;'[V*.+.5 -(*& ($ (O(1%& /.1*&+1;-#1& &@+(*8.)& O3( $. )#+/#'31#;' )($ -&%('1#.$ 234/#1& )( $. V*.+. (' +&$31#;' 7 -) 9"#(35/$) .+J2/5" '( +3$ %+0%#$35/$ (%X 9", )" #$3#"X +3$ K+35/B3 '( )$ 5"29"%/5/B3 '( )$ 2(A5)$ (3 .+( %( (35+(3#,$7
FR
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).) T.@;'
:/;+,$ 67Z N.8.')& 3' 8.+& o.+& +31#& X*.+. #'+&$3@$(
o.+& $#/-#& X*.+. K&$3@$(
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
A< 9(V*& >^.O#'
:/;+,$ 67[
A< 9(V*& >^.O#'
G*(-.*.')& 3' %<
UR€>
FQ€>
?+%&+ %*(+ (T(/-$&+ +#*8(' -.*. /&+%*.* $.+ )(-(')('1#.+ -*#'1#-.$(+ )($ -&%('1#.$ 234/#1&5 (+ )(1#*5 )(-(')( )( %(/-(*.%3*.5 -*(+#;' E 1&/-&+#1#;'D ?+%. .O#*/.1#;' -3()( +(* (+%.@$(1#). )( 3'. O&*/. /B+ O&*/.$D ?' $. *(-*(+('%.1#;' (' ('(*V4. )( X#@@+5 $.+ 8.*#.@$(+ #')(-(')#('%(+ +&' ! 5 " E 9D :+45 ($ -&%('1#.$ 234/#1& -3()( +(* (+1*#%& 1&/& O3'1#;' )( (+%.+ 8.*#.@$(+5 z *
z * ! 5 "59 D G(*& ($ -&%('1#.$ 234/#1& (+
3'. -*&-#().) #'%('+#8. E 3'. 1.*.1%(*4+%#1. )( %.$(+ O3'1#&'(+ #'%('+#8.+ (+ 23( z * ! 5 "5 L D= z * ! 5 "5 = 5 (' )&')( = (+ ($ 8(1%&* )( O*.11#&'(+ /&$.*(+ E L (+ ($ 1.'%#).) %&%.$ )( /.%(*#. Y9 k L D=ZD ,( (+%. O&*/.5 ($ -&%('1#.$ 234/#1& %(')*B $. +#V3#('%( O&*/. O3'1#&'.$\
z * z * ! 5 "5 =
67Z7
YCDMUZ
N$ (5+$5/B3 K+3'$2(3#$) /3#(;,$'$ C N$ K",2$ '( -+)(,
N. (13.1#;' YCDHCZ (+ $. (13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. (+1*#%. (' O&*/. )#O(*('1#.$\
N. (13.1#;' O3')./('%.$ #'%(V*.). J N. O&*/. )( ?3$(*
0A !0@ "0>
FC
2
z * 0L*
YCDHCZ
* C
N. O&*/. )( ?3$(* )( (+%. (13.1#;' +( &@%#('( . %*.8<+ )( +3 #'%(V*.1#;' . %(/-(*.%3*.5 -*(+#;' E 1&/-&+#1#;' 1&'%.'%(+D t.T& (+%.+ 1&')#1#&'(+ ($ -&%('1#.$ 234/#1& %./@#<' +(*B 1&'+%.'%(5 E. 23( (+%( +&$& )(-(')( )( (+%.+ 8.*#.@$(+D >&/& L * k L DP *5 ('%&'1(+ 0L * k P *D0L 5 E $. (13.1#;' YCDHCZ -3()( +(* (+1*#%. 1&/&\ A
@
>
2
A R
@ R
> R
* C
L
0A ! 0@ " 0> z P 0L *
YCDMPZ
*
L R
>&/& $. ('(*V4. #'%(*'.5 ('%*&-4. E 8&$3/(' +&' 8.*#.@$(+ (=%('+#8.+5 ($ $4/#%( #'O(*#&* )( $.+ #'%(V*.$(+ )(@(+ +(* '3$&+5 ('%&'1(+\ A !@ ">
(2
z * P * L
YCDQRZ
* C
>&/& L * k L DP * \ (2
A !@ "> z * L*
YCDQCZ
* C
?+%. (+ $. (13.1#;' O3')./('%.$ )( $. %(*/&)#'B/#1. (' +3 O&*/. #'%(V*.). & (' $. O&*/. )( ?3$(*D >./@#.')& . $. *(-*(+('%.1#;' )( ('(*V4. $#@*( )( X#@@+ YI k A J !@ d "> Z &@%('(/&+ $. (13.1#;' O3')./('%.$ #'%(V*.). -.*. $. ('(*V4. )( X#@@+\ I ! 5 " 59
2
z ! 5 "5 = L * C
*
YCDQFZ
*
N.+ 8.*#.@$(+ '.%3*.$(+ )( $. ('(*V4. )( X#@@+ O3(*&' (=-$#1#%.).+ (' $. (13.1#;' .'%(*#&*D ,(T./&+ 1&/& (T(*1#1#& .$ (+%3)#.'%( )(%(*/#'.* $. O&*/. #'%(V*.). -.*. $.+ &%*.+ *(-*(+('%.1#&'(+ Y@ 5 H E FZD N. (13.1#;' YCDQFZ *(8($. &%*. #/-&*%.'%( -*&-#().) )($ -&%('1#.$ 234/#1&D K# (+1*#@#/&+ (+%. (13.1#;' -.*. 3'. +3@+%.'1#. -3*. &@+(*8.*(/&+ 23( () 9"#(35/$) .+J2/5" '( +3$ %+0%#$35/$ 9+,$ (% /;+$) $ )$ (3(,;J$ '( \/00% 2")$, '( (%#$ %+0%#$35/$ 5+$3'" 9+,$5 &\ I ! 5 " 5 L* L ** ! 5 "
&
*
I L *
6 *
YCDQHZ
?+%. -*&-#().) )($ -&%('1#.$ 234/#1& +(*B 3%#$#I.). /31^.+ 8(1(+ . $& $.*V& )( (+%( 13*+&D 9;%(+( %./@#<' $. 1&'8('1#;' )( +#/@&$&V4. 23( 3%#$#I.*(/&+ (' (+%( %(=%&\ $.+ 8.*#.@$(+ (=%('+#8.+ +(*B' *(-*(+('%.).+ 1&' $(%*.+ /.E]+13$.+ YA 5 @ 5 > 5 F5 H 5 I5 Q "5 Q 9 5 (%1gZ E $.+ (=%('+#8.+ -&* /&$ .+&1#.).+ Y23(5 .$ O#'.$5 +&' #'%('+#8.+Z +(*B' *(-*(+('%.).+ -&* $.+ 1&**(+-&')#('%(+ /#']+13$.+ Y'5 )5 9 5 $5 55 65 2 "5 29 5 (%1gZD N. *($.1#;' ('%*( (=%('+#8. ( #'%('+#8. (+5 (' V('(*.$5 - k R h L Y' k A h L 5 ) k @ h L 5 gZD :+45 $.+ (13.1#&'(+
FF
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
O3')./('%.$(+ #'%(V*.).+ -3()(' +(* *(+1*#%.+ (' +3+ O&*/.+ #'%('+#8.+ . -.*%#* )( +3 )#8#+#;' ('%*( $. 1.'%#).) %&%.$ )( /.%(*#.\ ' !) "9
(2
z P * C
6
*
YCDQMZ
*
(2
z P * C
67[7
*
YCDQQZ
*
=$,L3#(%/% T$#(24#/5" C N$ (5+$5/B3 K+3'$2(3#$)
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
S S S 0P 0: 0T P : 5T T P 5 : : P 5 T
YCDQLZ
>&/-.*.')& (+%. (13.1#;' 1&' $.+ (13.1#&'(+ O3')./('%.$(+ (' +3 O&*/. )#O(*('1#.$5 -&)(/&+ 1&'1$3#* 23(\ Y#Z G.*. $. ('(*V4. #'%(*'. A A Y@ 5> 59Z\ !
A A A 5 " 5 z * L @ > 59 > @ 59 * @ 5> 5L
YCDQSZ
M *
Y##Z G.*. $. ('%*&-4. @ @ YA 5> 59Z\
@ z " @ @ 5 5 * ! A > 59 ! > A 59 ! L* A 5> 5L C
YCDQUZ
M *
Y###Z G.*. $. ('%.$-4. H H Y@ 5"59Z\ !
H H H 5 > 5 z * @ " 59 " @ 59 L * @ 5" 5L
YCDQPZ
M *
Y#8Z G.*. $. ('(*V4. )( c($/^&$%I F FY! 5> 59Z\ @
F F F 5 " 5 z * ! > L > 59 ! 59 * ! 5> 5L M *
YCDLRZ
G.*<'%(+#+ ".%(/B%#1& J N. (13.1#;' O3')./('%.$
FH
Y8Z G.*. $. ('(*V4. )( X#@@+ I IY! 5> 59Z\ @
I I I 5 > 5 z * ! " L " 59 ! 59 * ! 5" 5L
YCDLCZ
M *
?+%.+ *($.1#&'(+ +&' 1&'&1#).+ 1&/& *($.1#&'(+ -*#/.*#.+D ?+%.+ ) (*#8.).+ -.*1#.$(+5 1&/& /('1#&'.)& -*(8#./('%(5 +( -3()(' $((* 1&' 3' +('%#)& -*B1%#1& )( 3' 234/#1&D G&* (T(/-$&5 $. +#V3#('%( )(*#8.). -.*1#.$\
F > ! 59 +( -3()( $((* 1&/&\ u13B$ +(*B ($ 1./@#& (' $. ('(*V4. )( c($/^&$%I Y F Z5 -*&8&1.)& -&* 3' 1./@#& (' ($ 8&$3/(' Y V Z (' 3' (=-(*#/('%& 23( +( ^.1( . %(/-(*.%3*. E 1.'%#).) )( /.%(*#. 1&'+%.'%( Y! 5 9ZjD N. *(+-3(+%. . (+%. -*(V3'%. (+ a/('&+ $. -*(+#;'b5 )( .13(*)& . $. *($.1#;' YCDLRZD _%*. -*&-#().) #/-&*%.'%( )( $.+ O3'1#&'(+ )( (+%.)& (+ $.+ *($.1#&'(+ 23( %#('(' +3+ +(V3').+ )(*#8.).+D ?+%.+ *($.1#&'(+ +&' 1&'&1#).+ -&* *($.1#&'(+ )( ".=i($$ Y& *($.1#&'(+ )( K1^i.*IZ E (+%B' ).).+ -&*\
S S : P : 5 T P 5T P : P 5T : 5T
YCDLFZ
& )( O&*/. 1&/-.1%.\
FS FS P: :P
YCDLHZ
?$ +('%#)& )( (+%.+ *($.1#&'(+ V('(*.$(+ (+ 23( '& #/-&*%. ($ &*)(' 1&' 23( +( )(*#8( $. O3'1#;' S 5 ($ *(+3$%.)& +(*B ($ /#+/&D N. (13.1#;' YCDLFZ '&+ )#1( 23( a+# )(*#8./&+ S 1&' *(+-(1%& . P 5 /.'%('#(')& : 1&'+%.'%( E )(+-3<+ )(*#8./&+ $. O3'1#;' *(+3$%.'%( 1&' *(+-(1%& . : 5 /.'%('#(')& P 1&'+%.'%(5 8./&+ &@%('(* $. /#+/. O3'1#;' +# ^.1(/&+ $.+ )(*#8.).+ (' &*)(' #'8(*+&5 (+ )(1#*5 )(*#8& -*#/(*& 1&' *(+-(1%& . : E )(+-3<+ 1&' *(+-(1%& . P bD ,(T./&+ $. )(/&+%*.1#;' )( (+%. -*&-#().) )( $.+ O3'1#&'(+ )( (+%.)& .$ 13*+& E $#@*&+ )( >B$13$& 1&' 8.*#.+ 8.*#.@$(+ Y8<.+( (13.1#;' )( GO.OOZD G.*. '&+&%*&+ +(*B /3E #/-&*%.'%( +3 .-$#1.1#;' . $. %(*/&)#'B/#1.D N.+ +(V3').+ )(*#8.).+ )( $&+ -&%('1#.$(+ %(*/&)#'B/#1&+ A 5 @ 5 H 5 F E I5 ('%&'1(+5 (+%.*B' *($.1#&'.).+D G&* (T(/-$&5 -.*. $. ('(*V4. #'%(*'. %('(/&+ $.+ +#V3#('%(+ *($.1#&'(+ -*#/.*#.+ E +(V3').+ )(*#8.).+\
A A ! @ > 59 > @ 59 > @ > 59 @ 59
!
A A " > @ 59 @ > 59 @ > @ 59 > 59
"
YCDLMZ
YCDLQZ
FM
>&')#1#&'(+ E >*#%(*#&+ )( ?23#$#@*#& E ?+-&'%.'(#).)
?'%&'1(+5 $. *($.1#;' )( ".=i($$ 1&**(+-&')#('%(+ +(*B\
! " > @ 59 @ > 59
YCDLLZ
?+ )(1#*5 a($ 1./@#& )( %(/-(*.%3*. )( 3' +#+%(/. -*&8&1.)& -&* 3' 1./@#& )( 8&$3/('5 (' 3' (=-(*#/('%& 23( +( ^.1( 1&' ('%*&-4. E 1.'%#).) )( /.%(*#. 1&'+%.'%( +(*B #V3.$ . /('&+ ($ 1./@#& )( -*(+#;' -*&8&1.)& -&* 3' 1./@#& )( ('%*&-4. (' 3' (=-(*#/('%& 23( +( ^.1( 1&' 8&$3/(' E 1.'%#).) )( /.%(*#. 1&'+%.'%(+bD 7'. *(V$. '(/&%<1'#1. ]%#$ -.*. )(%(*/#'.* $.+ *($.1#&'(+ )( ".=i($$ -*(+('%(+ (' 3'. (13.1#;' O3')./('%.$ +( #$3+%*. . 1&'%#'3.1#;'D G*#/(*& (+1*#@#/&+ 3'. (13.1#;' O3')./('%.$5 -&* (T(/-$& (' $. *(-*(+('%.1#;' )( ('(*V4. )( c($/^&$%ID N. #)(. (+ 1(**.* 14*13$&+ ('%*( $.+ 8.*#.@$(+ )(-(')#('%(+ Y(' (+%( 1.+& @ 5 " E *Z E $.+ #')(-(')#('%(+ Y(' (+%( 1.+& ! 5 > 5 L *Z )( .13(*)& . $. +(13('1#.\
+( 1&'(1%. 1&' 3'. O$(1^. 3'. 8.*#.@$( )(-(')#('%( Y-&* (T(/-$&5 J@ Z 1&' 3'. #')(-(')#('%( Y-&* (T(/-$&5 > ZD ,( (+%. 1&'(=#;' YJ@ > Z +.$( $. )(*#8.). )( $. )(-(')#('%( 1&' *(+-(1%& . $. #')(-(')#('%(
@ > ! 59 .^&*. +( 1&'(1%. $. 8.*#.@$( )(-(')#('%( .+&1#.). . $. #')(-(')#('%( )($ -.+& .'%(*#&* YJ " 23( (+%B .+&1#.). . > Z 1&' $. #')(-(')#('%( .+&1#.). . $. )(-(')#('%( )($ -*#/(* -.+& Y! 23( (+%B .+&1#.). . J@ ZD ,( O&*/. .'B$&V.5 (+%. 1&'(=#;' +#/@&$#I. $. &%*. )(*#8.). -.*1#.$ )( $. *($.1#;' )( ".=i($$
" ! > 59 ?+%. *(V$. +( #$3+%*. (' $. O#V3*. CDCR . 1&'%#'3.1#;'D
0F @0! "0>
2
z * 0L* * C
@ " > ! 59 ! > 59
:/;+,$ 676G W(V$. '(/&%<1'#1. -.*. )(%(*/#'.* $.+ *($.1#&'(+ )( ".=i($$ )( 3'. (13.1#;' O3')./('%.$D
0F @0! "0>
2
z * 0L* * C
@ z * L* ! 5> 5L ! > 59 M *
0F @0! "0>
2
z * 0L* * C
" z * L* ! 5> 5L > ! 59 M *
?$ -&%('1#.$ 234/#1& )( 3'. +3@+%.'1#. (' V.+ #)(.$
FQ
,(T./&+ .$ (+%3)#.'%( $. -*3(@. )( $.+ *($.1#&'(+ )( ".=i($$ 23( +( -*(+('%.' . 1&'%#'3.1#;'\ Y#Z G.*. $. ('(*V4. #'%(*'. A A Y@ 5> 59Z\
! " > @ 5 @ 59 > 59
! " z * z * 5 @ > L L @ 59 * @ 5> 5L * @ 5> 5L > 59 M *
YCDLSZ.5@51
M *
Y##Z G.*. $. ('%.$-4. H H Y@ 5"59Z\
! > " @ 5 @ 59 " 59
! z * 5 L* @ 5" 5L @ " 59 M *
> z * L " @ 59 * @ 5" 5L
YCDLUZ.5@51
M *
Y###Z G.*. $. ('(*V4. )( c($/^&$%I F FY! 5> 59Z\
@ " z * z @ " 5 5 * L L > ! ! ! 59 > 59 * ! 5> 5L > 59 * ! 5> 5L > ! 59 M *
YCDLPZ.5@51
M *
Y#8Z G.*. $. ('(*V4. )( X#@@+ I IY! 5"59Z\
@ @ z > 5 * 5 " ! 59 ! " 59 L* ! 5" 5L ! " 59 M *
> z * L * ! 5" 5L " ! 59
YCDSRZ.5@51
M *
,( %&).+ (+%.+ *($.1#&'(+ -*(+('%.).+5 $.+ 23( 1&'%#('(' 3'. )(*#8.). -.*1#.$ 1&' $.+ 8.*#.@$(+ ! 5 "5 > E L +#/3$%B'(./('%( Y$.+ (13.1#&'(+ YCDLPZ. E 15 YCDSRZ. E 15 +(`.$.).+ (' *&T&Z5 +&' $.+ /B+ ]%#$(+ E. 23( $. *($.1#;' ('%*( (+%.+ 8.*#.@$(+ +&' T3+%./('%( $.+ (13.1#&'(+ )( (+%.)& 23( )(+1*#@(' ($ 1&/-&*%./#('%& ">!L )( 3' )(%(*/#'.)& +#+%(/.D ?' $. -*;=#/. +(11#;'5 3%#$#I.*(/&+ $.+ *($.1#&'(+ )( ".=i($$ -.*. *($.1#&'.* ($ -&%('1#.$ 234/#1& 1&' -.*B/(%*&+ /()#@$(+ ! 5 " E 9D
676G7 -) 9"#(35/$) .+J2/5" '( +3$ %+0%#$35/$ (3 ;$% /'($) ?/-(1(/&+ . 13.'%#O#1.* ($ -&%('1#.$ 234/#1& -.*. 3' %#-& )( +#+%(/. 23( 1&'&1(/&+ $. *($.1#;' ">!L 5 ($ V.+ #)(.$ -3*&\ ">
LU!
& "9 U!
YCDSCZ
u>;/& *($.1#&'.* ($ -&%('1#.$ 234/#1& 1&' (+%.+ -*&-#().)(+j K# /#*./&+ $. (13.1#;' YCDSRZ15 &@+(*8./&+ 23( ($ $.)& )(*(1^& +&$& 1&'%#('( $.+ 8.*#.@$(+ 23( .-.*(1(' (=-$41#%.+ (' $. (13.1#;' )( (+%.)&\
> * " ! 5L L * ! 5" *
YCDSFZ