Analise Exergia e Produçao Entropia

Anita Zvolinschi
On exergy analysis and

entropy production
minimisation in indutrial
ecology
Doctoral thesis
for the degree of doktor engenir
Trondheim, September 2006
Norwegian University of Science and Technology
Faculty of Natural Sciences and Technology
Department of Chemistry
Innovation and Creativity
NTNU
Norwegian University of Science and Technology
Doctoral thesis
for the degree of doktor enginir
Faculty of Natural Sciences and Technology
Department of Chemistry
Anita Zvolinschi
ISBN 82-471-8068-5 (printed version)
ISBN 82-471-8067-7 (electronic version)
ISSN 1503-8181
Doctoral theses at NTNU, 2006:151
Printed by NTNU-trykk

EGFON"XQ`HYT1^.Q`_MK\`cfKMFON"i}\R_M\RT1KMF=HJIKMFONPIMHJIiGQRI-rQ`_M_MHJNPZ\RW=KQ`K-KMFON6]BNU^.Q`_MKMXNUTaK
\`cdfFONUXHJIMKM_Mg$Q`TOZ$KMFON[pTOZWOIMKM_MHlQ`s{rP\RsJ\Rjkg$_\Rjk_Q`XXNkGhB\R_MifNUjkHlQ`TAmbT=HYnoNU_IMHYKpg
\`cbq)rUHJNUTOrPNQ`TOZ@EtNPrF=TO\RsJ\RjkgAhbELhBm-tE_\RTOZFONUHYXhB\R_Mi}QgoiLHYKMF=HYTKMFON6ppTOZWOI
KM_MHlQ`s}rP\RsJ\RjkgHYTKMFONTONU_MjkgaTaKNUTOIMHYnoNDTOZWOIMKM_Mga^=_\`NPrUKVEGFONHYTznoNUTaK\R_Mg@ZOQ`KQ
QRrPyaW=HJIMHYKMHJ\RT@dfF.Q`^=KNU_{a{Q`TOZN)^NU_MHYXNUTzKQ`sif\R_Mc|\R_LXNQRIMW=_MHYT=jKMFON^.Q`^NU_IMFONPNUK
KNUX^NU_Q`KMW=_NPIQ`TOZX\RHJIMKMW=_NPIdfF.Q`^=KNU_DoifNU_NrQ`_M_MHJNPZ\RW=KQ`Khb\R_IoNqao\RjOI
XHYsYsOQ`KBqao\RjkTVsJ\arQ`KNPZVQ`S\RW=Kbk")Xcu_\RXE_\RTOZFONUHYXHYT rPNUTzKM_Q`shB\R_Mi}Qgo
3FONUT1KMF=HJI-if\R_MSNUjkW=TKMFONU_NifNU_NINUnoNU_Q`sHJZ=NQRI4QPnkQ`HYslQ`S=sJNHYT1sYHYKNU_Q`KMW=_NQ`S\RW=K
FO\iKMFON}NUT=jkHYTONPNU_MHYT=j-KMFONU_MX\)ZgaT.Q`XHJrPIRHYT6^.Q`_MKMHJrUW=slQ`_kKMFON}N=NU_Mjkg4rP\RTOrPNU^=KoIMFO\RW=sJZ
SNQ`^=^=sYHJNPZHYTzK\<KMFONLv.NUsJZ\`cHYTOZWOIKM_MHlQ`sNPrP\RsJ\RjkgobTOZoKMFONU_NbifNU_Nc|NUiHJZ=NQRIGQ`S\RW=K
FO\iKMFONDHY_M_NUnoNU_IMHYS=sJN[KMFONU_MX\)ZgaT.Q`XHJrPIfHYT^.Q`_MKMHJrUW=slQ`_GNUTzKM_\Râg^=_\)ZWOrUKMHJ\RTrQ`sw
rUW=slQ`KMHJ\RT1Q`TOZVXHYT=HYXHJIQ`KMHJ\RTIFO\RW=sJZVSNHYTaKM_\aZWOrPNPZHYTKMF=HJI{v.NUsJZbEGFONU_Nc\R_NkKMF=HJI
KMFONPIMHJI\R_MHYjkHYT.Q`KNPZAcu_\RXKMFONifNUsYsw)TO\iLTTONPNPZAK\W=TOZ=NU_IMKQ`TOZQ`TOZ&HYTOrU_NQRINVKMFON
NrUHJNUTOrUgV\`cbNUTONU_MjkgaHYTzKNUTOIHYnoNbHYTOZWOIMKM_MHlQ`s^=_\)rPNPIINPI{EGFONU_MX\aZg)T.Q`XHJrPI-INPNUXNPZ
HYTOZHJIM^NUTOIQ`S=sJNK\vOTOZ3\RTONkI[I\RsYW=KMHJ\RT3HYT8QX4W=sYKMHYKMWOZ=N1\`c"_NPI\RW=_rPN1Q`TOZA^=_\)rPNPII
Q`sYKNU_MT.Q`KMHYnoNPIEGFONNUXNU_MjoNUTOrPNc\R_6IMWOIMKQ`HYT.Q`S=HYsYHYKpg@Z=NUnoNUsJ\R^NPZKMF=HJI"KMFONPIMHJI"K\iGQ`_Z=I
cQRrUK\R_Ie\RKMFONU_fKMF.Q`TNrUHJNUTOrUgHYT\R_Z=NU_eK\4Z=NQ`siLHYKMFKMFONbrP\RTOrPNU^=K}\`cIMWOIMKQ`HYT.Q`S=HYsYHYKpgo
o .3.o
HY_IMKiLHJIMFK\N)^=_NPII[X4gQ`^=^=_NPrUHlQ`KMHJ\RTK\&_\`cNPII\R_ qaHYjkTON}NUsJIKM_MW=^cu_\RX
]NU^.Q`_MKMXNUTzK<\`cGdfFONUXHJIMKM_MgohBELhbm"c\R_FONU_^.Q`HYTOIMKQ`)HYT=jN\R_MKIK\DrP\RTanaHYTOrPN6XN
KMF.Q`KbIMFO\RW=sJZKM_MWOIMKX4gif\R_M1Q`TOZHYTOIMHYjkFzK4K\DiL_MHYKN6KMF=HJI-KMFONPIMHJI"{KMF.Q`T= FONU_c\R_
KMFON-rP\RTOIMKM_MWOrUKMHYnoN4_NPINQ`_rFIMW=jkjoNPIMKMHJ\RTOIQ`TOZFONU_{TONUnoNU_NUTOZHYT=jIMW=^=^\R_MK
LQRr)TO\iLsJNPZjoN6_\`c|NPII\R_BbNUsYjoN4f_Q`KMKNUScu_\RXKMFON<hbELhBm"IpTOZWOIMKM_MHlQ`srP\RsJ\Rjkg
_\Rjk_Q`XXNc|\R_eNUTOrP\RW=_Q`jkHYT=j<XN{K\<Q`^=^=sYgNNU_MjkgQ`T.Q`sYgIMHJIK\"Qu^.Q`_MKMHlQ`s^=_\aZWOrUK
sYHwc|NrUgrUsJNkxKMF.Q`T=F=HYX'c\R_}KMFONHYTOIHYjkFzK}HYTzK\"sYHwcNbrUg)rUsJNQ`T.Q`sYgIMHJILQ`TOZIMgIMKNUX'KMF=HYT=z
HYH
YH T=jO gHYTzKNU_NPIMKHYT@IMWOIMKQ`HYT.Q`S=HYsYHYKgiGQRIKM_MHYjkjoNU_NPZSag1_\`cNPII\R_bNPZNU_4nRQ`TZ=NU_
b\a\RHkiLFO\HYTaKM_\aZWOrPNPZXNGHYTzK\QRIM^NPrUKI\`cN=NU_MjkgzS.QRINPZ6HYTOZHJrQ`K\R_IHYTIMWOIMKQ`HYT.Q`S=sJN
Z=NUnoNUsJ\R^=XNUTaKfN^=_NPII}X4gjk_Q`KMHYKMWOZ=NK\"F=HYXEGFONBHYTznkQ`sYW.Q`S=sJN4Q`TOIMifNU_IGjkHYnoNUT[Sag
_\`c|NPII\R_f~bslQn"G\RsYslQ`TOZo_\`cNPII\R_nkQ`_qk_MKNPIMn`jOaQ`TOZ]b_eR_Q`TQ`sYsoFONUsY^NPZ
XNK\KMFONNNU_MjkgQ`T.Q`sYgIMHJI"\`c{^\ifNU_"^=slQ`TzKIQ`TOZ@KMFON^.Q`^NU_4^=_\)ZWOrUKMHJ\RT$XHYsYs
KMF.Q`T=DKMFONUXc|\R_L^=_\n)HJZHYT=jXNiLHYKMFKMFONUHY_bN)^NU_MKMHJIN-\RTVN=NU_MjkgDQ`T.Q`sYgIMHJI
grP\RsYsJNQ`jkWONPIfcu_\RX'KMFONb]NU^.Q`_MKMXNUTzKL\`cdfFONUXHJIMKM_MgQ`TOZpTOZWOIMKM_MHlQ`srP\RsJ\Rjkg_\`
jk_Q`XXNV^=_\n)HJZ=NPZ&XN[iLHYKMFAQ1sJ\RK\`cB^=_\`c|NPIIMHJ\RT.Q`sBQRIIMHJIMKQ`TOrPNZW=_MHYT=j@KMFON[KMFONPIMHJI
i}\R_Mqa^NPrUHlQ`sLKMF.Q`T=IQ`_NjkHYnoNUTK\1]B_6HYnaHYTOZo\RF.Q`T=TONPIINUTiLFO\Q`sYsJ\ifNPZXN
K\IMF.Q`_NF=HJIL_NPINQ`_rF N)^NU_MHJNUTOrPN\RT[KMFONIMKQ`KN-\`cxXHYT=HYX4W=XNUTzKM_\Râg^=_\)ZWOrUKMHJ\RT
mBIMHYT=jtQ`KNi}\RW=sJZ&TO\RKSN[^\kIIMHYS=sJNDiLHYKMFO\RW=KF=HJIFONUsYÂ6Q`sJI\1KMF.Q`T=]B_tQ`_I
hbW=XXNPZOQ`s=]B_fbWOZW=TbkI\R_Z=NQ`TOZHYT.Q`_L{goNUT=jc|\R_}KMFONUHY_fFONUsY^DiLHYKMFKNPrF=T=HJrQ`s
rP\RX^=W=KMHYT=j^=_\RS=sJNUXIaQ`TOZ6K\-EtNU_MN{}_MW=no\RsYsc|\R_F=HJIxFONUsYîLHYKMF^=_QRrUKMHJrQ`sO^=_\RS=sJNUXI
GQ`Xjk_Q`KNcW=stK\bswcu_NPZB\RsYX4SNU_Mjc|\R_LF=HJIbQRIIMHJIMKQ`TOrPN-ZW=_MHYT=jX<gDKNPrF=T=HJrQ`stn)HJIMHYKI
K\KMFONDhb\R_IoNDqao\Rj1-q)<Q`Kqao\RjkT4Q`sJI\1QRr)TO\iLsJNPZjoNKMFONDQRIIMHJIMKQ`TOrPNcu_\RX
qaKNUiGQ`_MKdfslQ`_MOhbELhBmc|\R_NPZHYKMHYT=jKMF=HJI{KMFONPIMHJI
HYT.Q`sYsYgo}iLHJIMF K\N)^=_NPIIX<gjk_Q`KMHYKMWOZ=N"K\X4g IMW=^=^\R_MKMHYnoN6Q`TOZK\RsJNU_Q`TaKBc|Q`XHYsYgo
EGFONUHY_NUTOrP\RW=_Q`joNUXNUTzK-F.QRISNPNUTrP\RTOIMKQ`TzKKMF=_\RW=jkFO\RW=KBX4grQ`_NPNU_}KMF.Q`T=[KMFONUX
c|\R_KMFONUHY_FONUsY^$Q`TOZ1W=TOZ=NU_IMKQ`TOZHYT=jZW=_MHYT=jVKMFONKMHYXNKMF=HJIKMFONPIMHJI4if\R_Mi}QRI4SNUHYT=j
Z=\RTONkfiLHJIMF[K\Z=NPZHJrQ`KNKMF=HJI{KMFONPIMHJILK\6X<g[I\RTeQRIMHYsJN\oQ`T
bW=jkWOIMKkkkOEt_\RTOZFONUHYX
bOuROUz
1
GE FONb\RSNPrUKMHYnoNb\`cKMF=HJIfKMFONPIMHJIeHJIK\HYX^=_\noNKMFONS.QRIMHJIc|\R_}Q`^=^=sYg)HYT=j4HYTOZWOIKM_MHlQ`sNPrP\Rsw
\RjkgDK\KMFONNUnkQ`sYW.Q`KMHJ\RT \`cXQ`KNU_MHlQ`sxQ`TOZVNUTONU_Mjkg[_NPI\RW=_rPN-WOIN4Q`TOZKM_Q`TOIc|\R_MXQ`KMHJ\RT
HYT<HYTOZWOIMKM_MHlQ`s=IMg)IKNUXItEGFONfW=TOZ=NU_MsYgaHYT=jFaga^\RKMFONPIMHJIi}QRIKMF.Q`KiLFONUT<KMFON}INPrP\RTOZ<slQPi
\`cKMFONU_MX\)ZgaT.Q`XHJrPIfHJI}Q`^=^=sYHJNPZHYKeHYX^=_\noNPIfKMFONS.QRIMHJIc|\R_WOIMHYT=j<HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg
c|\R_fKMFON-NUnkQ`sYW.Q`KMHJ\RT\`ctKMFONWOINQ`TOZDKM_Q`TOIc|\R_MXQ`KMHJ\RT\`c_NPI\RW=_rPNPIGHYTDHYTOZWOIMKM_MHlQ`sIg)I
KNUXIDx=NU_MjkgQ`T.Q`sYg)IHJI"Q`TOZ@NUTzKM_\R^zg^=_\aZWOrUKMHJ\RTrQ`sJrUW=slQ`KMHJ\RTQ`TOZXHYT=HYXHJIQ`KMHJ\RT
\`cGHYTOZWOIMKM_MHlQ`s}^=_\arPNPIINPI4Q`_NWOINPZ@QRIXNUKMFO\)Z=Ic|\R_<Q`T.Q`sYgIMHJI[dfF.Q`^=KNU_^=_NPINUTaKI
Q`T@HYTzKM_\)ZWOrUKMHJ\RT@K\VKMFONKMFONPIMHJIQ`TOZ@Z=NPIrU_MHYSNPI4iLFzg@Q`TOZFO\iKMFONINPrP\RTOZslQPi\`c
KMFONU_MX\)ZgaT.Q`XHJrPIrQ`TSNGQ`^=^=sYHJNPZ6HYT"HYTOZWOIKM_MHlQ`sONPrP\RsJ\RjkgoEGFONGIMKQ`KMWOI\`cKMFONGNUnRQ`sYW.Q
KMHJ\RTXNUKMFO\aZ=Ifc|\R_e_NPI\RW=_rPNbWOINbHYTHYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgHJIGQ`sJI\4_NUn)HJNUifNPZ}dfF.Q`^=KNU_G
jkHYnoNPIQ"S=_MHJNcx^NPZOQ`jo\RjkHJrQ`stHYTzKM_\)ZWOrUKMHJ\RTVK\6KMFON-N=NU_Mjkg[Q`T.Q`sYg)IMHJI{XNUKMFO\aZ=^=_NPINUTzK
HYT=jHYKI"QRZnRQ`TaKQ`joNPIQ`TOZsYHYXHYKQ`KMHJ\RTOIVq)NUnoNU_Q`s}N=Q`X^=sJNPI6Q`_NHYsYsYWOIMKM_Q`KNPZ@HYT@\R_Z=NU_
K\IMFO\i8FO\i9NNU_MjkgQ`T.Q`sYgIMHJI{rQ`T[SNWOINPZEGFONc|\RsYsJ\iLHYT=jN=NU_MjkgDHYTOZHJrQ`K\R_IbQ`_N
HYTaKM_\aZWOrPNPZ6N=NU_Mjkg_NUTONUiGQ`S=HYsYHYKg NNU_Mjkg1NrUHJNUTOrUg 4Q`TOZNUTzn)HY_\RT=XNUTzKQ`s
rP\RX^.Q`KMHYS=HYsYHYKpg
pTdfF.Q`^=KNU_KMFON[N=NU_MjkgHYTOZHJrQ`K\R_IQ`_NQ`^=^=sYHJNPZ$K\Q`TOIifNU_iLFONUKMFONU_K\S=W=HYsJZ
QT.Q`KMW=_Q`sjzQRI|vO_NPZ1\R_-Fag)Z_\RjoNUT|vO_NPZ@rP\RX4S=HYTONPZrUgrUsJN6^\ifNU_4^=slQ`TzKK\DXNPNUK-HYT
rU_NQRINPZVcW=KMW=_NTONPNPZ=Ibc\R_BNUsJNPrUKM_MHJrUHYKg HYThB\R_Mi}QgobEGFON<_NPIMW=sYKIIMFO\iKMF.Q`KBKMFON4Kpif\
^\i}NU_{^=slQ`TzKILiLHYKMFZHwNU_NUTzKbZ=NUjk_NPNPI\`cdL~ NUXHJIIHJ\RTVQ`S.Q`KNUXNUTzKBQ`_N-NPyaW=HYnkQ`sJNUTzK
WOZjoNPZ[SzgDKMFONUHY_BNNU_MjkgD_NUTONUi}Q`S=HYsYHYKpgQ`TOZNUTanaHY_\RT=XNUTaKQ`srP\RX^.Q`KMHYS=HYsYHYKgoS=W=KTO\RK
WOZjoNPZSzgKMFONUHY_{NNU_MjkgNrUHJNUTOrUHJNPIeEGFON-N=NU_MjkgNrUHJNUTOrUgHYTOZHJrQ`K\R_LcQPno\RW=_ILKMFON
rP\RTOIMKM_MWOrUKMHJ\RT1\`ceKMFON<T.Q`KMW=_Q`sxjzQRI|vO_NPZrP\RX4S=HYTONPZ1rUgrUsJN4^\i}NU_^=slQ`TzKHYTrP\RX<S=HYT.Q
KMHJ\RT[iLHYKMFdL~ INPyzWONPIMKM_Q`KMHJ\RTVHYT Q6Z=NU^=sJNUKNPZjzQRIL_NPINU_Mno\RHY_
pT$dfF.Q`^=KNU_6OKMFONN=NU_MjkgHYTOZHJrQ`K\R_IQ`_NZ=NUKNU_MXHYTONPZ@K\NUnkQ`sYW.Q`KNKMFON_NPI\RW=_rPN
WOIN"HYTQ^.Q`^NU_-^=_\aZWOrUKMHJ\RTQ`TOZ_NPrUg)rUsYHYT=jIMgIMKNUXiLHYKMF=HYTKMF=_NPNZHwNU_NUTzKiGQRIMKN
^.Q`^NU_xXQ`T.Q`joNUXNUTzKeIrPNUT.Q`_MHJ\kIpTQRZ=ZHYKMHJ\RToINUnoNU_Q`s=HYTOZHJrQ`K\R_IS.QRINPZ"\RT6sYHwc|NGrUg)rUsJN
HYTanoNUTzK\R_MgQ`T.Q`sYgIMHJI6Q`_NrQ`sJrUW=slQ`KNPZK\ NUnRQ`sYW.Q`KNKMFONNUTanaHY_\RT=XNUTaKQ`sL^NU_c|\R_MXQ`TOrPN
2
HYn
\`ceKMFONIg)IMKNUX-Etif\DS\RW=TOZOQ`_MHJNPIQ`_N6INUKBc\R_KMFON6IMgIMKNUXK\vOTOZiLF.Q`K-NNPrUKKMFON
rF.Q`T=joN \`cKMFON IMg)IKNUXS\RW=TOZOQ`_MgF.QRI\RTKMFONVHYTOZHJrQ`K\R_IpT3Q`sYX\kIMKDQ`sYsbrQRINPI
KMFON6N=NU_MjkgQ`TOZsYHwcN"rUgrUsJN<HYTanoNUTzK\R_MgHYTOZHJrQ`K\R_IcQPno\RW=_NPZKMFON6IMgIMKNUXiLHYKMF=HYTKMFON
IrPNUT.Q`_MHJ\iLHYKMF Q"F=HYjkFVZ=NUjk_NPN4\`ci}QRIMKNU^.Q`^NU__NPrUgrUsYHYT=jO
O\RsYsJ\iLHYT=jKMFON<NNU_MjkgDsJ\kIIZHJIMKM_MHYS=W=KMHJ\RTVHYTKMFON4^.Q`^NU_^=_\aZWOrUKMHJ\RTrF.Q`HYTQ`T.Q`sYgINPZ
HYT[dfF.Q`^=KNU_fOzHYKei}QRIfHJZ=NUTzKMHwv.NPZKMF.Q`KeKMFON^.Q`^NU_}Z_MgaHYT=j<^=_\arPNPIIHJIe\RTONb\`cKMFON{X\kIMK
N=NU_MjkgzHYTaKNUTOIMHYnoN-^=_\)rPNPIILHYT[KMF.Q`K{rF.Q`HYTeEGFONU_Nc|\R_Nk=HYT dfF.Q`^=KNU_bOQ`T[HYTOZWOIMKM_MHlQ`sw
IrQ`sJNGeQ`sYXNUK^.Q`^NU_Z_Mg)HYT=jBXQRrF=HYTON{HJIxrF.Q`_QRrUKNU_MHJINPZQ`TOZ\R^=KMHYXHJINPZ6Sag<HYKIQRrUKMW.Q`s
Q`TOZ<XHYT=HYX4W=X?NUTzKM_\Râg4^=_\)ZWOrUKMHJ\RT6_Q`KNkpKtHJIIMFO\iLT6KMF.Q`KKMFONeINPrP\RTOZ<slQPi\R^=KMHYXQ`s
\R^NU_Q`KMHJ\RT^.Q`KMF\`cKMFONZ_MgaHYT=j<XQRrF=HYTONbHJInoNU_Mg6TONQ`_eK\-KMFONBQRrUKMW.Q`s\R^NU_Q`KMHJ\RT^.Q`KMF
iLFONUT\RT=sYgKMFON4IMKNQ`XKNUX^NU_Q`KMW=_NPIBQ`_N-nkQ`_MHJNPZfAFONUTKMFON4HYT=sJNUKbQ`HY_{FaW=XHJZHYKgHJI
HYTOrU_NQRINPZi}Nc|\RW=TOZVKMF.Q`KKMFON<K\RKQ`sNUTaKM_\R^zg^=_\aZWOrUKMHJ\RT_Q`KN"rQ`T SN<_NPZWOrPNPZ Sag
W=^K\korP\RX^.Q`_NPZK\6KMFON-_Nc|NU_NUTOrPNIMgIMKNUX
BHYnoNUTKMF.Q`KXQ`Tzg1\`cLIMHYT=jksJN^=_\arPNPIIW=T=HYKI4rQ`TSNrF.Q`_QRrUKNU_MHJINPZSag KMFONNUTzKM_\R^zg
^=_\)ZWOrUKMHJ\RT_Q`KNkeKMFONKMFONPIMHJI6^=_\R^\kINPIQ`THYTOZHJrQ`K\R_HYTAdfF.Q`^=KNU_ KMF.Q`KNUT.Q`S=sJNPI
HYTOZWOIMKM_MHlQ`sbNPrP\RsJ\Rjkg@K\ vOTOZ$FO\ic|Q`_QIMHYT=jksJN^=_\)rPNPII6W=T=HYKHYT&\R^NU_Q`KMHJ\RT&HJI"cu_\RX
KMFONbIMKQ`KN{\`cXHYT=HYX4W=XNUTzKM_\Râg^=_\aZWOrUKMHJ\RTEGFONHYTOZHJrQ`K\R_fHJIKNU_MXNPZKMFONL^=_\)rPNPII
XQ`KMW=_MHYKpgHYTOZHJrQ`K\R_G RQ`TOZHJIrQ`sJrUW=slQ`KNPZ"QRItKMFON_Q`KMHJ\{SNUKi}NPNUT<XHYT=HYX<W=XNUTaKM_\R^zg
^=_\)ZWOrUKMHJ\RTQ`TOZKMFONQRrUKMW.Q`sfNUTaKM_\R^zg1^=_\)ZWOrUKMHJ\RT@\`cQ[IMHYT=jksJN^=_\)rPNPII4W=T=HYKEGF=HJI
HYTOZHJrQ`K\R_-HJI-IMW=jkjoNPIKNPZVc|\R_WOIN6QRIQK\)\Rsc\R_BHYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgSNPrQ`WOIN<HYKjkHYnoNPI
Q_NQ`sYHJIMKMHJrVsYHYXHYKc|\R_KMFON HYX^=_\noNUXNUTzK[^\RKNUTzKMHlQ`s\`c_NPI\RW=_rPN WOINHYT3HYTOZWOIMKM_MHlQ`s
^=_\)rPNPIINPIEGFONxc|\RsYsJ\iLHYT=jBHYTOZWOIMKM_MHlQ`szW=T=HYKItifNU_NfQ`T.Q`sYgINPZ-Sag QLrP\`Q`TOZrP\RW=TaKNU_
rUW=_M_NUTaKFONQ`KxN=rF.Q`T=joNU_oKif\Q`sYKNU_MT.Q`KMHYnoNPI\`cq=~ \)HJZOQ`KMHJ\RT_NQRrUK\R_oQBZHJIMKMHYsYslQ`KMHJ\RT
rP\RsYW=XTQ`TOZ[KMFON^.Q`^NU_Z_Mg)HYT=jXQRrF=HYTON4cu_\RXdfF.Q`^=KNU_B}KLiGQRI{c|\RW=TOZ[KMF.Q`K{KMFON
rFONUXHJrQ`s_NQRrUK\R_IF.QnoN6KMFON6slQ`_MjoNPIMK-^\RKNUTaKMHlQ`sK\DSN<HYX^=_\noNPZrP\RX^.Q`_NPZ1K\KMFON
\RKMFONU_{^=_\)rPNPIILW=T=HYKIbZHJIrUWOIINPZ
2

d
B]B
QRZK
EL
Gb
{~B]
Gb
d}B
dL~B]
]p
d
x
B
BEq
]
E
d}
d}
)Eq

3EL
h-dLd}
h
Q`HY_rP\RX^=_NPII\R_
Q`S=HJ\RKMHJr4Z=NU^=sJNUKMHJ\RT^\RKNUTzKMHlQ`s
Q`HY_Z_MHJNPZK\RT=TON
Q`W=K\`KMFONU_MXQ`s_Nc|\R_MXNU_
S\RHYsJNU_FO\RWOIN-^=slQ`TzK
S=HJ\RsJ\RjkHJrQ`s\)g)joNUTVZ=NUXQ`TOZ
S\RHYsJNU_FO\RWOIN-^=slQ`TzK
rU_\kIILFONQ`KN=rF.Q`T=joNU_
rFONUXHJrQ`s\PgajoNUTVZ=NUXQ`TOZ
Z=NHYT=aHYT=j^=slQ`TzK
NNU_MjkgQ`T.Q`sYgIMHJI
cuWONUsrP\RX^=_NPII\R_
cuWONUsN)^.Q`TOZ=NU_
FONQ`KN=rF.Q`T=joNU_
F=HYjkFKNUX^NU_Q`KMW=_N"IMF=HwcK_NQRrUK\R_
B_\kII{]\RXNPIMKMHJr4_\aZWOrUK
jzQRILKMW=_MS=HYTON
sYHwcNrUgrUsJN4Q`T.Q`sYgIMHJI
sYHwcNrUgrUsJN-HYTanoNUTzK\R_Mg
sJ\iGKNUX^NU_Q`KMW=_N<IF=HwcuK_NQRrUK\R_
X\RTO\`NUKMF.Q`TO\RsxQ`XHYTON
X\RsJNPrUW=slQ`_i}NUHYjkFzK
X4W=T=HJrUHY^.Q`si}QRIMKNKM_NQ`KMXNUTzK^=slQ`TaK
T.Q`KMW=_Q`stjzQRI|vO_NPZVrP\RX4S=HYTONPZVrUgrUsJN-^\i}NU_{^=slQ`TzK
K\RKQ`sT=HYKM_\RjoNUT
^.Q`^NU_XQàHYT=j^=slQ`TaK
^=_N_Nc\R_MXNU_
K\RKQ`s^=FO\kIM^=FO\R_MWOI
n)H
)q E
E
EL
EL
33EL
!" # $%&'( *)
A
b
B
ci
Cp
Dcyl
E
r G
h
H
vap H
sor H
l
L
Lij
J
Jq
Ji
Js
m
M H2 O
n
p
p
p
pp
Pr
R
Re
Q
S
MI KNQ`XKMW=_MS=HYTON
KM_Q`TOIM^\R_MKQ`KMHJ\RT
KMFONU_MX\`XNPrF.Q`T=HJrQ`s^=W=sY^=HYT=j^=slQ`TzK
i}\a\)ZgzQ`_Z
iGQRIMKN-^.Q`^NU_{KM_NQ`KMXNUTzKb^=slQ`TzK
iGQRIMKN-i}Q`KNU_bKM_NQ`KMXNUTzKb^=slQ`TzK
Q`_NQ\`cxKM_Q`TOIc|NU_,+ X
iLHJZKMFV\`cx^.Q`^NU_bIMFONPNUK- .+ X S.QRIMHJILi}NUHYjkFzKB\`c^.Q`^NU_,+ )j0/<X XQRIIrP\RX^\kIMHYKMHJ\RT \`cxrP\RX^\RTONUTzK i ,+ IM^NPrUHwv.r-FONQ`K{rQ`^.QRrUHYKpgVQ`KrP\RTOIMKQ`TzK^=_NPIIMW=_Nk,+0/6aj ZHlQ`XNUKNU_B\`cxZ_Mg)HYT=jrUgasYHYTOZ=NU_I,+ X N=NU_Mjkgo,+ _NQRrUKMHJ\RTHYS=SOI{NUTONU_Mjkgo,+0/"X\Rs \noNU_Q`sYsFONQ`K{KM_Q`TOIc|NU_{rP\aNrUHJNUTaK+ 1/"X NUTzKMF.Q`sYâgo+
nkQ`^\R_MHJIQ`KMHJ\RT - NUTzKMF.Q`sY^zg\`cxKMFONc_NPNi}Q`KNU_+0/")j I\R_M^=KMHJ\RTVNUTaKMF.Q`sY^zg\`cxKMFON-i}Q`KNU_bK\6^.Q`^NU_+0/")j sJNUT=jkKMFV\`cxKMFON-^.Q`^NU_IMFONPNUKLSNUKifNPNUT Ki}\rUg)sYHYTOZ=NU_I,+ X K\RKQ`ssJNUT=jkKMFV\`cx^.Q`^NU_IMFONPNUKLHYT^.Q`^NU_Z_Mg)HYT=jXQRrF=HYTONk+ X ^=FONUTO\RXNUTO\RsJ\RjkHJrQ`sxrP\aNrUHJNUTaK{c|\R_{rP\RW=^=sYHYT=j\`c2OWNPI i Q`TOZ j
2OW[\`cKMFONNUnkQ`^\R_Q`KNPZ[i}Q`KNU_+ aj0/<X I 2OW[\`cK\RKQ`stFONQ`K,+ 3/6X 2OW[\`cxrP\RX^\RTONUTzK i ,+ X\Rs /"X I 2OW[\`cxNUTaKM_\R^zgo+0/"X ?I XQRII42.\i8_Q`KNk,+ )j0/6I X\RsJNPrUW=slQ`_bifNUHYjkFzKB\`ciGQ`KNU_+ )j0/<X\Rs
cQRrUK\R_{HYTy)I|Y@| ot| oQ`TO-Z| o
^=_NPIIMW=_N4\`cKMFON-IMgIMKNUX.+ S.Q`_ IMKQ`TOZOQ`_Z^=_NPIIMW=_Nk,+ S.Q`_ NPyaW=HYsYHYS=_MHYW=XnkQ`^\RW=_L^=_NPIIMW=_Nk,+ S.Q`_ NPyaW=HYsYHYS=_MHYW=XnkQ`^\RW=_L^=_NPIIMW=_N\noNU_^.Q`^NU_,+ S.Q`_ _Q`TOZKMsTzW=X4SNU_+ jzQRI{rP\RTOIMKQ`TaK+0/6X\Rst NUg)TO\RsJZ=ILTaW=X4SNU_+
FONQ`KZ=NUsYHYnoNU_NPZVK\6KMFON- IMgIMKNUX.+ NUTzKM_\Râg\`cKMFON4IMg)IKNUX.+0/6 2
naHYH
dS
dt irr
vap S
sor S
K\RKQ`stNUTaKM_\R^zg[^=_\)ZWOrUKMHJ\RTV_Q`KNk,+ 1/" nkQ`^\R_MHJIQ`KMHJ\RT NUTzKM_\R^zg\`cxKMFONc_NPNi}Q`KNU_

+0/6aj I\R_M^=KMHJ\RTNUTzKM_\R^zg\`cKMFON-i}Q`KNU_bK\6^.Q`^NU_
+0/6aj
KNUX^NU_Q`KM- W=_Nk+ - \R_5+ d HYTzKNU_MT.Q`sNUTONU_Mjkgo+ KM_QPnoNUsYsYHYT=jDIM^NPNPZ[\`c^.Q`^NU_
KMF=_\RW=jkF KMFON-^.Q`^NU_{Z_Mg)HYT=jXQRrF=HYTONk+ X
/6I no\RsYW=XNk+ X if\R_M[Z=\RTON\RTVKMFONIMgIMKNUX.+ X\RslQ`_BrP\RX^\kIMHYKMHJ\RT \`cxrP\RX^\RTONUTzK i .+ KMFONU_MX\)ZgaT.Q`XHJr<Z_MHYnaHYT=jc\R_rPN i
HYT=sJNUKbQ`HY_FzW=XHJZHYKgo+ )j ~6/")jZ_MgDQ`HY_ IQ`KMW=_Q`KMHJ\RT FzW=XHJZHYKpg\`cQ`HY_bQ`S\noN
KMFON-^.Q`^NU_IMFONPNUK.+ )j ~6/<ajZ_MgQ`HY_ X\RHJIMKMW=_N<rP\RTzKNUTzKB\`c^.Q`^NU_
+ )j ~6/<)jZ_Mg^.Q`^NU_ 0
T
U
v
V
W
xi
Xi
Xin,air
X

879:0<;=%&'( )
1 2

N=NU_Mjkg_NUTONUiGQ`S=HYsYHYKgHYTOZHJrQ`K\R_<,+ rP\)NrUHJNUTzKIbHYTVy)I]bpoLQ`TOZ]bpo
N=NU_MjkgDNrUHJNUTOrUgDHYTOZHJrQ`K\R_+ NUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`KMHYS=HYsYHYKpg[HYTOZHJrQ`K\R_+ Z=NPI\R_M^=KMHJ\RT HJI\RKMFONU_MXHYTVy)I]bpoLQ`TOZ]ba
KMFONU_MXQ`srP\RTOZWOrUKMHYn)HYKgo+ 3/6X Zg)T.Q`XHJrn)HJIrP\kIMHYKgo.+ )j0/"XI )HYTONUXQ`KMHJrn)HJIrP\kIMHYKgo+ X /6I ^=_\)rPNPIILXQ`KMW=_MHYKg[HYTOZHJrQ`K\R_+ sJ\)rQ`stNUTzKM_\Râg[^=_\aZWOrUKMHJ\RT_Q`KNk+ 3/"X ^.Q`^NU_IMFONPNUK{iL_Q`^ Q`T=jksJN4\RTrUgasYHYTOZ=NU_,+?> -
,@ A !BCD!E FGH A D(0:!B<D!

rUg)s
Ur g)sYHYTOZ=NU_
HYT
HY=T ^=W=K
\RW=K
\R=W KM^=W=K
^
^.Q`^NU_
I JLKM N JPO @QK

kY sJNPrUKM_MHJrUHYKgZ=NUXQ`TOZc|\R_eKMFONb^=_\)ZWOrUKMHJ\RT\`cZHwNU_NUTzKG^.Q`^NU_fjk_QRZ=NPI
=R$sYHJyaW=HJZ4^.QRraHYT=jBS\oQ`_ZGq)\RW=_rPNktNUKI\d}\R_M^\R_Q`KMHJ\RT|kkkoM
k GE FONU_MXQ`s{NUTONU_MjkgZ=NUXQ`TOZc|\R_<KMFON^=_\aZWOrUKMHJ\RT&\`cBZHwNU_NUTaK"^.Q`^NU_
jk_QRZ=NPIetSRsYHJyaW=HJZ[^.QRr)HYT=jS\oQ`_Zq)\RW=_rPNkeNUKI\d}\R_M^\R_Q
KMHJ\RT@|kkkoM-4----4----4---
k E_NUTOZ=I-\`c^.Q`^NU_Q`TOZ S\oQ`_ZVWOIN4HYT KMFON<\R_MsJZQ`TOZ ZHwNU_NUTzKjoNP\`
jk_Q`^=F=HJr-_NUjkHJ\RTOIBq)\RW=_rPNk NUKI\d}\R_M^\R_Q`KMHJ\RT$|kkkoM--
Y EGFONVKM_Q`TOIHYKMHJ\RT3\`cXQ`KNU_MHlQ`sJIc_\RXIMKQ`KN@|Q`K p T 6K\$|Q`K
_NPyzW=HY_NPI[HYT=^=W=K\`c<FONQ`K QQ`TOZif\R_M? W cu_\RX KMFON
p T
IMW=_M_\RW=TOZHYT=joI{|Q`K EGFONfFONQ`KxZ=NUsYHYnoNU_NPZ<K\bKMFON}IMW=_M_\RW=TOZHYT=joI
HJI Q
--p4T----4----4--- k
EGFONNUTONU_MjkgGQ`TOZVNNU_Mjkg1{fS.Q`slQ`TOrPN4\`cxS=HJrUg)rUsYHYT=jO'-- o
EGFONKMF=_NPNfIMKQ`TOZOQ`_Z4XHwKMW=_NPI\`cOQ`HY_R\)rPNQ`T"Q`TOZ<eQ`_MKMFIrU_MWOIKtiLHYKMF
KMFONUHY_{_Nc|NU_NUTOrPNIMW=SOIMKQ`TOrPNPI--4----4--- k
d}\RTznoNUTaKMHJ\RT.Q`sQ`TOZ&FONQ`KHYTaKNUjk_Q`KNPZ8ZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XT?{
kIM\R_Z=N-NUKbQ`sOkkà ---4----4--- k
Y Q`_MKMHlQ`sYsYgrUsJ\kIMW=_NG\`cKMFON}rQ`_MS\RTWOINPZ"HYTslQ`TzKIeAQ`TOZ6@rP\RX<S=HYTONPZ
iLHYKMF~b^=KMHJ\RTd?|Qo}\R_~b^=KMHJ\RTV]uS----4--- a
B_QRIIMXQ`T=TZHlQ`jk_Q`XuHYT Gc\R_bXQ`^=^=HYT=jKMFON<NNU_Mjkg[sJ\kIINPIHYT
slQ`TzKB<<--4----4----4--- z
B_QRIIMXQ`T=TZHlQ`jk_Q`XuHYT Gc\R_bXQ`^=^=HYT=jKMFON<NNU_Mjkg[sJ\kIINPIHYT
slQ`TzKB--4----4----4--- k
x=NU_Mjkg4TONPNPZ=I{uHYTV8c\R_Q`S.Q`KNUXNUTzK\`cKMFON{dL~ NUXHJIIHJ\RTOIcu_\RX
slQ`TzKBiLHYKMF~b^=KMHJ\RTd+|QoLQ`TOZDc_\RXslQ`TzKB3iLHYKMF~b^=KMHJ\RTd+uSk
OY ~bnoNU_MnaHJNUi9\`cKMFONIg)IMKNUXiLHYKMFHYKIrP\RX^\RTONUTaKIHYT[KMFON-T.Q`_M_\i9Q`TOZ
iLHJZ=NIMgIMKNUXS\RW=TOZOQ`_MHJNPI[--4----4--- k
1
O
O
O
O
O
O
O
Y

,T UWV.X1Y[Z=ZU\^]_#`V
EGFON}Z=NUXQ`TOZ=Ixc\R_xNUsJNPrUKM_MHJrUHYKgozKMFONU_MXQ`s=NUTONU_Mjkgok_NUTONUi}Q`S=sJNQ`TOZ"TO\RT
_NUTONUi}Q`S=sJN{^=_MHYXQ`_Mg<_NPI\RW=_rPNPIe\`cKMFONLIMgIMKNUX+HYTq)rPNUT.Q`_MHJ\kIakVQ`TOZ
")c\R_LKMFONT.Q`_M_\ih-GQ`TOZ[iLHJZ=Nq=}S\RW=TOZOQ`_MHJNPIV4--- R
dL~ NUXHJIIMHJ\RTOIc_\RX0KMFONbIMgIMKNUX0HYT[q)rPNUT.Q`_MHJ\kI#azQ`TOZ"kc|\R_eKMFON
T.Q`_M_\ihLQ`TOZDiLHJZ=NuGIg)IMKNUXS\RW=TOZOQ`_MHJNPI-4--- R
h-~ Q`TOZdL~?NUXHJIIMHJ\RTOILcu_\RXKMFON4IMg)IKNUXHYTq)rPNUT.Q`_MHJ\kI6aO.Q`TOZ
")c\R_LKMFONT.Q`_M_\ih-GQ`TOZ[iLHJZ=Nu8}IMg)IKNUXS\RW=TOZOQ`_MHJNPI3- k
dfFONUXHJrQ`sz\)g)joNUT4Z=NUXQ`TOZdL~B]\`cKMFONiGQRIMKNUi}Q`KNU_xNcbWONUTzKtcu_\RX
KMFONGIMgIMKNUX+HYTq)rPNUT.Q`_MHJ\kI[akQ`TOZ<c|\R_KMFON}T.Q`_M_\i9hQ`TOZ6iLHJZ=N
u8}IMg)IKNUXS\RW=TOZOQ`_MHJNPI--4----4--- k
Et\RKQ`sT=HYKM_\RjoNUTh eQ`TOZ^=FO\kIM^=FO\R_MWOI eNUXHJIIMHJ\RTOI}HYTKMFONiGQRIMKN
i}Q`KNU_bNcbWONUTzK{c_\RXKMFONIMgIMKNUXHYTq)rPNUT.Q`_MHJ\kI8a=Q`TOZ")c\R_LKMFON
T.Q`_M_\ihLQ`TOZDiLHJZ=NuGIg)IMKNUXS\RW=TOZOQ`_MHJNPI-4--- R
W=T=HJrUHY^.Q`sfI\RsYHJZ1iGQRIMKN 1qa8\`c}KMFONIMgIMKNUX HYT$q)rPNUT.Q`_MHJ\kIEa
Q`TOZ[")c\R_LKMFON-T.Q`_M_\ih-GQ`TOZ[iLHJZ=Nu8}IMgIMKNUXS\RW=TOZOQ`_MHJNPI R
x=NU_MjkgNrUHJNUTOrUg RN=NU_Mjkg-_NUTONUi}Q`S=HYsYHYKpgD Q`TOZ4NUTzn)HY_\RT=XNUTzKQ`s
rP\RX^.Q`KMHYS=HYsYHYKg1 e\`ctKMFONIMgIMKNUX'HYTq)rPNUT.Q`_MHJ\kIda)Q`TOZD<zc\R_}KMFON
T.Q`_M_\ihLQ`TOZDiLHJZ=NuGIg)IMKNUXS\RW=TOZOQ`_MHJNPI-4--- k
df_\kIIINPrUKMHJ\RTV\`cKMFON-^.Q`^NU_Z_Mg)HYT=jXQRrF=HYTONkx--4--- k
xQ`^NU_KNUX^NU_Q`KMW=_N< xQ`TOZX\RHJIMKMW=_NrP\RTzKNUTzK- HYT ZHY_NPrUKMHJ\RT
\`cxKMFONXQRrF=HYTONk-4T---4---w-4-z-- o
xQ`^NU_fKNUX^NU_Q`KMW=_NbnRQ`sYHJZOQ`KMHJ\RT,e)XNQRIMW=_NPZ Q`TOZIMHYX4W=slQ`KNPZ
ZOQ`KQB---4---4----4--- k
\)rQ`sNUTzKM_\Râg[^=_\aZWOrUKMHJ\RT HYT ZHY_NPrUKMHJ\RT \`cxKMFON-XQRrF=HYTONk - k
TaKM_\R^zgD^=_\aZWOrUKMHJ\RTV_Q`KN^NU_GzX\)Z=N4? f (g h'
Q`TOZMi8 fHYT[KMFON_NcNU_NUTOrPNIg)IMKNUX[4----4--$k
TaKM_\R^zgDF^=_\aZWOrUKMHJ\RTV_Q`KN^NU_GX\)Z=N4? f (g h'
Q`TOZMi8 FfHYT[KMFON4\R^=KMHYXQ`sIMgIMKNUXt-4----4--$
Et\RKQ`sNUTaKM_\R^zgV^=_\)ZWOrUKMHJ\RTQRI-QcW=TOrUKMHJ\RT\`cfHYT=sJNUKQ`HY_BFzW=XHJZHYKpg HYT
\R^=KMHYXQ`stIMgIMKNUXI EGFON_NcNU_NUTOrPNIg)IMKNUXHJIbQ`sJI\6jkHYnoNUT@ $k
EGFONc\RW=_SNPZDq=~ \PHJZOQ`KMHJ\RTD_NQRrUK\R_LIMg)IKNUX0iLHYKMFvOnoNHYTaKNU_MXNPZHw
Q`KNFONQ`KN=rF.Q`T=joNU_IQRrPrP\R_ZHYT=jK\b\aNUH MNU_NUKQ`st|kkà6--$k
EGFONLIMHYT=jksJNSNPZ6KMW=S=W=slQ`_fq=~ \PHJZOQ`KMHJ\RT_NQRrUK\R_IMgIMKNUX?rP\RTOIMHJZ=NU_NPZ
SzgDo\RF.Q`T=TONPIINUTQ`TOZ[}MNUsJIMKM_MW=^@|kkà --4---$
EGFONKNUX^NU_Q`KMW=_NPI\`c{KMFON_NQRrUKMHJ\RT$XHwKMW=_NI\RsYHJZsYHYTON<Q`TOZKMFON
rP\)\RsYHYT=jQ`joNUTaK<ZOQRIMFONPZsYHYTONGQRI}cW=TOrUKMHJ\RT\`cIrQ`sJNPZ_NQRrUK\R_LsJNUT=jkKMF
QRrPrP\R_ZHYT=jK\z\RF.Q`T=TONPIINUT Q`TOZ}MNUsJIMKM_MW=^@|kkà4---$
~b^NU_Q`KMHYT=j-sYHYTONPIxHYT6rdGQ`SNEGF=HJNUsJNLZHlQ`jk_Q`XI\`cQRZHlQ`S.Q`KMHJr|QoxQ`TOZ
ZHlQ`S.Q`KMHJruSGZHJIKMHYsYslQ`KMHJ\RTVrP\RsYW=XTOI----4---$k
2
I JLKM j lk xQK
Y x =NU_MjkgDrP\RTzKNUTzK\`cxQ^2.\i8HYTVIKQ`KN-rP\RX^.Q`_NPZK\KMFON-NUTanaHY_\RT
XUN TaKIMKQ`KN
x=UN _MjkgHYT=^=W=KIdL~ NUXHJIIMHJ\RTQ`TOZ[NNU_MjkgDsJ\kIIGc|\R_LKi}\X\RTO\`
^=_\RâgasJNUTON-jksYgrP\Rsff}^=_\)ZWOrUKMHJ\RT_\RW=KNPI"Et\RSNU_4kok
eQ`sYWONPIQ`_NjkHYnoNUT[c\R_LKMFON^=_\aZWOrUKMHJ\RTV\`c\RTON-K\RT=TON\`cf6
EGFONKpga^Nk=sJ\)rQ`KMHJ\RT.Q`TOZVQ`X\RW=TzKB\`cxN=NU_MjkgsJ\kII4uHYT[P3F /)jbs
HYTVQ`sYW=XHYT=HYW=X^=_\aZWOrUKMHJ\RTfEGFON-NNU_MjkgDHYT=^=W=K{iGQRI4"P3F/ajbs
}MNUsJIMKM_MW=^VQ`TOZGNPZ=NQ`WVkk
EGFON-N=NU_MjkgDHYT=^=W=KONNU_MjkgsJ\kIIOQ`TOZVNNU_MjkgDIQPn)HYT=joI4uHYTP3F
\`cQrP\RTznoNUTaKMHJ\RT.Q`sZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XTVrP\RX^.Q`_NPZK\Q`T \R^=KMHYXQ`s
FONQ`KHYTaKNUjk_Q`KNPZ ZHJIMKMHYsYslQ`KMHJ\RT rP\RsYW=XTBp]BHdLiLHYKMF Q<c|NPNPZ92.\i
\`cQ`TVNPyzW=HYX\RslQ`_SNUT=NUTONK\RsYWONUTON<XHw)KMW=_N4\`cGk"X\Rs /I
bkI\R_Z=N-NUKQ`sfkkà
EGFON-N=NU_MjkgDsJ\kIIuHYTP8}\`cQ`Tq)\RsYHJZ~)HJZ=NOWONUsd}NUsYseq=~BdL
W=T=HYK{\R^NU_Q`KNPZ Q`KQ"^=_NPIIW=_N\`cGS.Q`_}~bTON-X\RsJN\`cxXNUKMF.Q`TON-HJI
rP\RX^=sJNUKNUsYg[rP\RTznoNU_MKNPZQ`TOZ[KMFONrUW=_M_NUTaKbZ=NUTOIMHYKpgHJI4-8/`rUX
}MNUsJIMKM_MW=^VQ`TOZRsYsJNU_b\RsJIK4kko
x=NU_MjkgaS.QRINPZ[HYTOZHJrQ`K\R_I< Q`TOZ fc|\R_LKi}\rQRINIMKMWOZHJNPI
q)NPNKNKLc|\R_{N)^=slQ`T.Q`KMHJ\RTOI
Y x=NU_MjkgHYT=^=W=KI<u_NUTONUi}Q`S=sJN"Q`TOZ[TO\RT_NUTONUi}Q`S=sJNsJ\kIINPI<uHYTzKNU_MT.Q`s
Q`TOZ[NKNU_MT.Q`sQ`TOZ[\RW=KM^=W=KI"uTONUKNUsJNPrUKM_MHJr^\ifNU_dL~ OIMg)TzKMFONUKMHJr
jzQRIec|\R_{slQ`TaKbGQ`TOZslQ`TzKb?{fiLHYKMF Q`TOZ[iLHYKMFO\RW=K~b^=KMHJ\RT
d+dLG\R_b~b^=KMHJ\RT ]]-=bsYsTzW=X<SNU_IQ`_N-HYT =EGFONW=TOrPNU_MKQ`HYT
KpgHYT[KMFON-TaW=X4SNU_IHJINPIMKMHYXQ`KNPZ[K\ oHJIL^\ifNU_b^=slQ`TzKbQ`TOZ
xHJIGcWONUsN^.Q`TOZ=NU_
2
k
k
k
`
o
HYH
mnoqpPrtsvuxwy9T,z|{!r4}!~Xos{
pT=^=W=K< inGQ`TOZ\RW=KM^=W=K< out}\`cKMFON4rQ`_MS\RTXQRII42.\i8_Q`KN M ec\R_
slQ`TaKb=slQ`TzKb?{OslQ`TaK+Q`TOZ3iLHYKMF~b^=KMHJ\RTd+6-d
Q`TOZ-dB=_NPI^NPrUKMHYnoNUsYgO.Q`TOZ[slQ`TaKb+Q`TOZ3iLHYKMF~b^=KMHJ\RTV]8B]
Q`TOZB]6_NPIM^NPrUKMHYnoNUsYg=
k
E\RKQ`sN=NU_MjkgHYT=^=W=K E _NUTONUi}Q`S=sJN"N=NU_MjkgHYT=^=W=K< E
WOINcW=sN=NU_Mjkg\RW=KM^=W=K6 E =N=NU_MjkgHYT=^=W=KLc|\R_BdL~ Q`S.Q`KNUXNUTaK
OQ`TOZN=NU_MjkgaS.QRINPZ[HYTOZHJrQ`K\R_I< eNUTzn)HY_\RT=XNUTzKQ`s
_ENUTONUiGQ`S=HYsYHYKgo fN=NU_MjkgNrUHJNUTOrUgo fNUTzn)HY_\RT=XNUTzKQ`sxrP\RX^.Q`KMHYS=HYsYHYKgO
EGFON-W=TOrPNU_MKQ`HYTaKg[HYTKMFON4NNU_MjkgHYTOZHJrQ`K\R_IrQ`sJrUW=slQ`KMHJ\RTOIbHJI{NPIMKMHYXQ`KNPZ
o
OY QRII M {Q`TOZNNU_Mjkg1 E GHYT=^=W=K{HYTznoNUTaK\R_Mg\`cKMFONIg)IMKNUXHYT

q)rPNUT.Q`_MHJ\kI8aOQ`TOZ")c\R_LKMFONT.Q`_M_\iQ`TOZiLHJZ=NIMgIMKNUXS\RW=TOZOQ`_MHJNPI
ZOQ`KQQ`_N^NU_Q`HY_Z_MHJNPZVK\RT=TON\`c^.Q`^NU_=EqHJILK\RKQ`sZ_MgI\RsYHJZ=I
R
O QRII M {Q`TOZNNU_Mjkg1 E L\RW=KM^=W=K{HYTznoNUTaK\R_Mg\`cKMFONIg)IMKNUXHYT q)rPNUT.Q
_MHJ\kIda.Q`TOZ")c\R_LKMFON-T.Q`_M_\iQ`TOZ[iLHJZ=N4IMg)IKNUXS\RW=TOZOQ`_MHJNPI
ZOQ`KQQ`_N<Q`HY_Z_MHJNPZ[K\RT=TON4\`c^.Q`^NU_O{~B]+HJILS=HJ\RsJ\RjkHJrQ`s\PgajoNUT
Z=NUXQ`TOZdL~B]9HJIrFONUXHJrQ`s\)g)joNUTVZ=NUXQ`TOZ.
R
O x=NU_MjkgDsJ\kII E HYT /QRZK.N=NU_MjkgsJ\kII{ZHJIMKM_MHYS=W=KMHJ\RT@ D =HYT
Q`TOZN=NU_MjkgDNrUHJNUTOrUg1 =HYT G\`cxKMFON-rP\RX^\RTONUTaKIHYTKMFON-Ig)IMKNUX
HYT q)rPNUT.Q`_MHJ\kI6a=@Q`TOZ" )c|\R_LKMFONiLHJZ=NIMgIMKNUXS\RW=TOZOQ`_MHJNPI
k
O EGFON-XQ`HYT NNU_MjkgvOjkW=_NPIbQ`TOZ[KMFON-N=NU_MjkgaS.QRINPZ[HYTOZHJrQ`K\R_IB\`cKMFON
IMgIMKNUXHYT q)rPNUT.Q`_MHJ\kI6a=@Q`TOZ[")c\R_KMFONT.Q`_M_\ih-GQ`TOZ[iLHJZ=Nu8
IMgIMKNUXS\RW=TOZOQ`_MHJNPI
k
Y ]B_Mg)HYT=jjk_\RW=^VIM^NPrUHwv.rQ`KMHJ\RTOI
k
~b^NU_Q`KMHYT=j^.Q`_Q`XNUKNU_Ib^cKMFONe"eQ`sYXNUKb^.Q`^NU_{Z_Mg)HYT=jXQRrF=HYTONk k
EGFON-K\RKQ`sNUTzKM_\R^zg[^=_\)ZWOrUKMHJ\RT Q`TOZ[HYKIrP\RTzKM_MHYS=W=KMHJ\RTOIBK\6KMFON-_Nc|NU_NUT
rPN4Q`TOZ[\R^=KMHYXQ`sIMKQ`KNPI)c|\RW=_Q`HY_{FzW=XHJZHYKMHJNPI
k
Y EGFON4QRrUKMW.Q`sNUTzKM_\R^zg[^=_\)ZWOrUKMHJ\RTV_Q`KNk dS/dt KMFON-XHYT=HYX4W=X
NUTaKM_\R^zg[^=_\)ZWOrUKMHJ\RT_Q`KNkt dS/dt HYTV /?^NU_{xmINPNTO\RKNPI
S|cc\R_LKMFON4\RKMFONU_IM^NPrUHwv.rQ`KMHJ\RTOI.Q`TOZ[KMFON-^=_\)rPNPIILXQ`KMW=_MHYKpgDHYTOZHJrQ
k
K\R_<
C
in
in,renewable
out
in,abatement
loss
minim
irr
actual
irr
K
< B

@,A && :%

*&B<) A :

!" # A <

!" # )0

**!0*!

k*Y ! . G A\RKMBHYnkQ` KMHJ\RT--4----4----4---
k AFagDQ`TOZFO\i9rQ`T[i}N4Q`^=^=sYgDKMFONINPrP\RTOZDslQi9\`cxKMFONU_MX\aZg)T.Q`XHJrPI
K\HYTOZWOIMKM_MHlQ`stNPrP\RsJ\RjkgF---4----4---
k EGFONbIKQ`KMWOIf\`cKMFONBNUnRQ`sYW.Q`KMHJ\RTK\)\RsJIc|\R_e_NPI\RW=_rPNbWOINQ`TOZKM_Q`TOIc|\R_
XQ`KMHJ\RTHYTHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg-4----4---
k HYX\`cxKMFON-KMFONPIMHJI?4----4----4--- k
k ~bW=KMsYHYTON\`cxKMFON-KMFONPIMHJIC---4----4---
Y 0:Ta%=KM_\aZ WO"rUKMHJ\RHT$-G A 4!C- F)-0B -) %L-545-M-<,<-F%-&4<- .G -- F`
TONU_MjkgDHJI{rP\RTOINU_MnoNPZ ----4----4--- `
x=NU_MjkgHJI{TO\RK{rP\RTOINU_MnoNPZ --4----4--- k
dGQ`sJrUW=slQ`KMHYT=jN=NU_Mjkg ----4----4--- k
9IrQ`sJNK\XNQRIMW=_N-sJ\kIMKLi}\R_MDHYT^=_\arPNPIIQ`T.Q`sYg)IHJIQ`TOZ[Z=NPIMHYjkT - k
Q`)HYT=jQ6^=_\)rPNPIILX\R_NIWOIMKQ`HYT.Q`S=sJN----4--- `
x=NU_Mjkg[Q`T.Q`sYgIMHJI{\RTVQ`TQ`jkjk_NUjzQ`KNPZsJNUnoNUsx=NU_MjkgaS.QRINPZ[HYTOZHJrQ`K\R_I k
qaKM_NUT=jkKMFOIbQ`TOZ[sYHYXHYKQ`KMHJ\RTOIB\`cNNU_Mjkg[Q`T.Q`sYg)IHJI'--4--- o
,<F% A ! F P)%GP B< ! 6 9! . )G A ! F)<B *) F%F
m}!rtsv*r{
DD)B ! qv<GB &'P0GHB%,B<)D( x<DP) F*!
Y pTzKM_\)ZWOrUKMHJ\RT--4---4----4--- z
EGF=_NPNN=NU_MjkgzS.QRINPZ[HYTOZHJrQ`K\R_I4----4--- k
\ifNU_b^=slQ`TzKIbiLHYKMFdL~ Q`S.Q`KNUXNUTzKB\R^=KMHJ\RTOI{K\SN-rP\RX^.Q`_NPZ&- z
NUKMFO\aZ=\RsJ\Rjkg -4---4----4--- a
NPIW=sYKI{---4---4----4--- z
]BHJIrUWOIIMHJ\RT+--4---4----4--- k
d}\RTOrUsYWOIMHJ\RTOI?--4---4----4--- k
,<F% FG) 9B%,B<)**0*! :% F F) %,5 [ D D(<^D: .G A B
FGH<B%,B<)%,!!0& :x <%
OY pTzKM_\)ZWOrUKMHJ\RT -4---4----4--- k
O EGFONHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg[Q`^=^=_\oQRrF4----4--- `
O EGFON-IrPNUT.Q`_MHJ\kIBQ`TOZ[KMFONUHY_{^=_\)rPNPIINPI3----4--- k
O ]-Q`KQ6I\RW=_rPNPIbQ`TOZQRIIMW=X^=KMHJ\RTOI4----4--- )
O NPIW=sYKI{Q`TOZZHJIrUWOIIMHJ\RT --4----4--- R
O d}\RTOrUsYWOIMHJ\RTOI?--4---4----4--- `
xY Mp!Tz<KMB_ *\)ZGWOrUKM) HJ\RT -D-&4 F)- D(0-: - *4 -# -D D(-0G-4%-&- BC- k
EGFON^.Q`^NU_Z_MgaHYT=jXQRrF=HYTON-4----4--- k
LQ`slQ`TOrPNNPyaW.Q`KMHJ\RTOI}4---4----4---
EGFON-NUTzKM_\Râg[^=_\aZWOrUKMHJ\RT --4----4--- k
dGQ`sJrUW=slQ`KMHJ\RTOI--4---4----4--- k
NPIW=sYKI{---4---4----4--- k
]BHJIrUWOIIMHJ\RTOI --4---4----4---$k
d}\RTOrUsYWOIMHJ\RTOI?--4---4----4---$o
D: .B0!"& A C%GP B< !
G A !C F)0B ) F%

Y pTzKM_\)ZWOrUKMHJ\RT--4---4----4---$k
LQRr)jk_\RW=TOZ --4---4----4---$k
]NvOT=HYT=jKMFON-^=_\)rPNPIIGXQ`KMW=_MHYKg[HYTOZHJrQ`K\R_B--4---$k
dGQ`sJrUW=slQ`KMHJ\RTOI--4---4----4---$k
]BHJIrUWOIIMHJ\RT+--4---4----4---$k
d}\RTOrUsYWOIMHJ\RTOI?--4---4----4---$k
*B0) A ^ FG$<B *&&G E " A <x :;

<<0B<

DD0G 6 .B<xG<!B<D *x FG=!< F&G ! ^5) F*
DD0G .B<!G0!BC D H FG!:0 F&G ! 5) F*" F
HYn
m}!*rtsvr{
n
DD0G 5^ A G %=B *GP *E
5) F*! FGH

DD0G d .B0!G<!BCD * FG!< F&G ! ÊD *
DD0G d .B0!8G0!BC D FG!!:0 F&G ! ÊD *
DD0G = 55M ! A &D EG ED FG
DD0G 8 .B<G0!BC D *0*! %G ! 3 FG A &D,
" @ B0 C 94LS FG$

DD0G 55 . .G%* :GQt
DD0GB0 56<C& &<BC FB F)FD A ) DPDP) F*W5^

DD0GB0 5xD D<
& ;,DP) F*MQ^
DD0G .55MG;,DP) F*M ^

DD0GB0 0 5( )<E A !DP) F*E^6 FG= A
F)[ qvP:0GHB *&'<GB%,B0) 'D( x0DP) F*MW'7E
DD0G 5xMx !<x !09!:0 &0*D) F*t^ F

DD0G 5xMx !0D D<!:0 &*D) F*Mt5^

DD0G 5
& A B<D F), !B<< DP) F*S ^
DD0G 5xM!: F!D( ! *x ;1W^

DD0G =5<C& .G% F&B
0) A !<G$& .G0)
D D(<G%D .B<

DD0G [x< !: F!<B .<B<0*! A !<G$& .G0)
D D(<G%D .B<

0%$72<V
[ Jx
. *
hB\RKsJ\RT=jQ`jo\={FzW=XQ`T=)HYTOZF.QRIIMKQ`_MKNPZ&K\c\R_NPINPN Q`TOZ&_NPrP\RjkT=HJINKMF.Q`KcuW=_MKMFONU_
W=TOrP\RTaKM_\RsYsJNPZjk_\iLKMF\`cfKMFON^\R^=W=slQ`KMHJ\RT@Q`TOZHYKINPrP\RTO\RX<g1iLHYsYsKMF=_NQ`KNUTKMFONNUT
n)HY_\RT=XNUTzKbc\R_^NP\R^=sJNkQRI{i}NUsYsxQRI{c\R_B\RKMFONU_bIM^NPrUHJNPI\RTeQ`_MKMF{EGFON4NUTanaHY_\RT=XNUTaK
iLHYKMF1HYKI-\R\RTON6slQgoNU_^=_\RKNPrUKMHJ\RTjksJ\RS.Q`serQ`_MS\RT\Pg)joNUTrUg)rUsJNkS=HJ\aZHYnoNU_IMHYKpgoQ`TOZ
T.Q`KMW=_Q`s_NPI\RW=_rPNPI_NPINU_Mno\RHY_IfHJIHY_M_NUnoNU_IHYS=sYg6ZOQ`XQ`joNPZSzg\RTONb\`cKMFONX\kIMKHYT2OWONUT
KMHlQ`sNPrP\RTO\RXHJr4QRrUKMHYn)HYKMHJNPIHYTOZWOIMKM_Mgof-NP\R_MjoNPIrUW\)NUjoNUT@o)koRof^\RHYTzKNPZ\RW=K
KMF.Q`KKMFONNUTzKMHY_NNPrP\RTO\RX<g HJIQslQ`_MjoNrP\RTanoNU_MKNU_4\`cGQ`T1NUTO\R_MX\RWOIyaW.Q`TzKMHYKpg\`c}sJ\iG
NUTaKM_\R^zgXQ`KNU_MHlQ`sJIc\kIIHYs=cuWONUsJIoXNUKQ`s\R_NPIHYTzK\4F=HYjkFNUTzKM_\R^zgXQ`KNU_MHlQ`sJIBuiGQRIMKN
EGFONLrF.Q`T=joN{\`cNUTaKM_\R^zgHJIZHJrUKQ`KNPZSag6KMFONLINPrP\RTOZ6slQPi\`cKMFONU_MX\)ZgaT.Q`XHJrPIoiLF=HJrF
Q`sJI\BjkHYnoNPIxWOIxKMFONLZHY_NPrUKMHJ\RT\`cKMFONLrF.Q`T=joNked}\RTOINPyaWONUTzKMsYgozKMFONGyzW.Q`sYHYKpg6Q`TOZ6TO\RKKMFON
yaW.Q`TzKMHYKpg\`c}T.Q`KMW=_Q`sf_NPI\RW=_rPNPIHJI<Z=NU^=sJNUKNPZ\R_sJ\kIMKEGFONINPrP\RTOZslQPi'\`cGKMFONU_MX\`
Zg)T.Q`XHJrPI{rQ`T_NQ`sYHJIMKMHJrQ`sYsYg[Z=NUKNU_MXHYTON4KMFONXQ`jkT=HYKMWOZ=NkOKg)^NkOQ`TOZ[sJ\arQ`KMHJ\RT \`cKMFON
yaW.Q`sYHYKg6sJ\kIINPIKMF.Q`Ke_NPIMW=sYKc_\RX0KMFON{WOINQ`TOZKM_Q`TOIc|\R_MXQ`KMHJ\RTD\`cT.Q`KMW=_Q`s_NPI\RW=_rPNPI
BIMHJZ=N<cu_\RXKMFON6Z_QRIMKMHJr6XNQRIMW=_N6K\[IsJ\i+^\R^=W=slQ`KMHJ\RTjk_\iLKMF@Q`TOZKMFONNPrP\RTO\RXHJr
jk_\iLKMFSag1c|\R_rPNkxKMFONX\kIK"NNPrUKMHYnoNi}QPg@K\V_NPZWOrPNKMFONPINsJ\kIINPI<HJI"K\VWOINQ`TOZ
KM_Q`TOIc|\R_MX_NPI\RW=_rPNPIX\R_NNrUHJNUTzKMsYgo
G\RKMFDyzW.Q`sYHYKpgQ`TOZDyzW.Q`TaKMHYKg\`c_NPI\RW=_rPNPI{Q`_NTONPNPZ=NPZc|\R_}Z=NUnoNUsJ\R^=XNUTaKOQ`TOZDQ<IMWOI
KQ`HYT.Q`S=sJN-Z=NUnoNUsJ\R^=XNUTaK_NPyaW=HY_NPILKMFONUHY_{INPrUW=_N-IMW=^=^=sYg[Q`KG_NQRI\RT.Q`S=sJNrP\kIMKQ`TOZDiLHYKMF
XHYT=HYXQ`sfTONUjzQ`KMHYnoNHYX^.QRrUKI[pTko)KMFON\R_MsJZ$d}\RXXHJIIMHJ\RT$\RTTanaHY_\RT=XNUTaK
Q`TOZ<]BNUnoNUsJ\R^=XNUTaK{uKMFONe}_MW=TOZKMslQ`TOZd}\RXXHJIIMHJ\RTiGQRIKMFONvO_IMKKMF.Q`KtslQ`W=TOrFONPZ"KMFON
XNQ`T=HYT=j\`cxIMWOIKQ`HYT.Q`S=sJN4Z=NUnoNUsJ\R^=XNUTzK{qaWOIMKQ`HYT.Q`S=sJN<Z=NUnoNUsJ\R^=XNUTzKBi}QRIBZ=NvOTONPZ QRI
KMFON<pZ=NUnoNUsJ\R^=XNUTaK<KMF.Q`K-XNPNUKI4KMFON6TONPNPZ=I4\`cGKMFON6^=_NPINUTzKiLHYKMFO\RW=K"rP\RX^=_\RXHJIMHYT=j

mnoqpPrtsvuxy9Uruq}rz}!
MK FON4Q`S=HYsYHYKpg[\`ccW=KMW=_N-joNUTONU_Q`KMHJ\RTOIK\XNPNUK{KMFONUHY_b\iLTTONPNPZ=I}_MW=TOZKMslQ`TOZkko
EGFON-d}\RXXHJIIMHJ\RTTO\RKNPZKMF.Q`KfHYKI}Z=NvOT=HYKMHJ\RT[rP\RTzKQ`HYTOIGKi}\"oNUgrP\RX^\RTONUTaKIG*vWR
Q`TOZ"k|R=U$~bT&KMFONDsYHYXHYKQ`KMHJ\RTOIrP\RX^\RTONUTzK\`c-IMWOIMKQ`HYT.Q`S=sJNZ=NUnoNUsJ\R^=XNUTaK
~Bfd}]kkoL^=_\R^\kINPZDKMF.Q`K
kfpEGFON_Q`KNPI{\`cWOIN-\`c_NUTONUi}Q`S=sJN-_NPI\RW=_rPNPI{IMFO\RW=sJZDTO\RK{N=rPNPNPZDKMFONUHY_L_Q`KNPI{\`c
_NUjoNUTONU_Q`KMHJ\RTe
fpEGFONb_Q`KNPIL\`cWOINb\`cTO\RT_NUTONUi}Q`S=sJN-_NPI\RW=_rPNPILIFO\RW=sJZTO\RKLN=rPNPNPZKMFONB_Q`KNPI
Q`K{iLF=HJrF_NUTONUiGQ`S=sJN<IW=SOIMKMHYKMW=KNPIQ`_NZ=NUnoNUsJ\R^NPZ)eQ`TOZ
fpEGFON_Q`KNPI\`c{^\RsYsYW=KQ`TzKNUXHJIIMHJ\RTOI6IMFO\RW=sJZTO\RK"N=rPNPNPZKMFONrP\R_M_NPI^\RTOZHYT=j
QRIIMHYXHYslQ`KMHYnoN4rQ`^.QRrUHYKpg[\`cKMFONNUTanaHY_\RT=XNUTaK
I NPrUW=_N IMW=^=^=sYg\`c-_NPI\RW=_rPNPIHJIjoNUTONU_Q`sYsYgAQ`jk_NPNPZK\SNQTONPrPNPIIQ`_MgS=W=KTO\RK
IMWrUHJNUTaK_NPyaW=HY_NUXNUTzKc|\R_-IMWOIMKQ`HYT.Q`S=sJNZ=NUnoNUsJ\R^=XNUTaK=W=_MKMFONU_MX\R_NkIMWOIMKQ`HYT.Q`S=sJN
Z=NUnoNUsJ\R^=XNUTaK<F.QRI-K\[c\RsYsJ\i0IMWOIMKQ`HYT.Q`S=sJN^.Q`KMFOI\`c}_NPI\RW=_rPNWOINQ`TOZ1KM_Q`TOIMc\R_MXQ
KMHJ\RTOIsYHYoNKMFO\kINbHYX^\kINPZDSagKMFONBKMF=_NPN-rP\RTOIMKM_Q`HYTOILXNUTaKMHJ\RTONPZSagD~Bfd}]kko
jk_NQ`KNU_x_NPI\RW=_rPNfKM_Q`TOIc|\R_MXQ`KMHJ\RTNrUHJNUTOrUg"Q`sYsJ\i{IIMWOrF"_NPI\RW=_rPNPIK\rP\RTzKM_MHYS=W=KN
K\6Z=NUnoNUsJ\R^=XNUTzKGc|\R_LQ4sJ\RT=joNU_G^NU_MHJ\aZ\`ctKMHYXNknoNUTDc|\R_}_NPI\RW=_rPNPI}KMF.Q`K}XQgNUnoNUT
KMW.Q`sYsYgSNPrP\RXN6HYTON^NUTOIMHYnoNQ`TOZiLHJZ=NUsYgQnRQ`HYslQ`S=sJNkQ`T1HYTOrU_NQRIN\`cfKMF=HJI4NrUHJNUTOrUg
HJIfsYHYoNUsYgK\_NUXQ`HYTQI\RW=jkFzKGI\RsYW=KMHJ\RTK\4_NPZWOrPNKMFON_NPI\RW=_rPNbTONPNPZ=IG\RKMFIMHYX^=sJN
Q`TOZrP\RX^=sJN$IMg)IKNUXI6Q`_NDKMFONUT&NrUHJNUTaKMsYgZ=NPIHYjkTONPZ$K\ F.Q`_MnoNPIKQ`TOZ@KM_Q`TOIMc\R_MX
_NPI\RW=_rPNPI.Q`TOZVQ`S.Q`KN-KMFONQRII\arUHlQ`KNPZNUTanaHY_\RT=XNUTaKQ`sHYX^.QRrUKI
NQ`_MT=HYT=jQ`S\RW=K-KMFON6^.Q`KMFOI\`c}_NPI\RW=_rPNWOINQ`TOZQ`S\RW=K-KMFON6sJNUnoNU_Ic|\R_-sYHYjkFzKNUT=HYT=j
KMFON-HYX^.QRrUKB\`c_NPI\RW=_rPNWOIN<Q`TOZ[KM_Q`TOIc|\R_MXQ`KMHJ\RT \RTVKMFON4NUTzn)HY_\RT=XNUTzKBHJI\RTON-_\RsJN
\`cHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkgo}EGFONKNU_MXHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkgz-i}QRIb^=_\R^\kINPZDc|\R_{KMFON-vO_IMK
KMHYXNGSag<=_\kIrFQ`TOZ-Q`sYsJ\R^\RW=sJ\kIkkoHYTQ^.Q`^NU_^=W=S=sYHJIMFONPZ6HYTq)NU^=KNUX4SNU_kk
HYTU. f}d"q|R.x=_\kIrFQ`TOZ-Q`sYsJ\R^\RW=sJ\kI{kkoNUX4S=_QRrPNPZ6HYT6KMFONUHY_x^.Q`^NU_
KMFONrP\RTOrPNU^=K"\`cGHYTOZWOIKM_MHlQ`s}XNUKQ`S\RsYHJIMX6iLF=HJrFxg)_NPI[kko-F.QRI"Z=NUnoNUsJ\R^NPZ@K\
\R_MjzQ`T=HJINKMF=HYT=aHYT=j"Q`S\RW=KfKMFONLXQRIIMHYnoNkaIMg)IKNUXQ`KMHJrLKM_Q`TOIc|\R_MXQ`KMHJ\RT\`cXQ`KNU_MHlQ`s._N
I\RW=_rPNPIHYT<NPrP\RTO\RXHJNPI.\RsYsJ\iLHYT=jjkW=HJZ=NUsYHYTONPI^=_\R^\kINPZ<SzgO_\kIrFQ`TOZ"-Q`sYsJ\R^\RW=sJ\kI
kkoLQ`TOZ[xg)_NPI4kko=HYTOZWOIKM_MHlQ`stNPrP\RsJ\RjkgKQòNPIbQ6IMg)IKNUXn)HJNUiHYTZ=NUnoNUsJ\R^=HYT=j
IMKM_Q`KNUjkHJNPI}K\4c|QRrUHYsYHYKQ`KNbX\R_NBNrUHJNUTzKGWOIN\`cXQ`KNU_MHlQ`sJI{Q`TOZNUTONU_MjkgQ`TOZK\4_NPZWOrPN
KMFONb_NUsJNQRINB\`cti}QRIMKNPI}K\<KMFONbNUTanaHY_\RT=XNUTaKeEGFONbW=sYKMHYXQ`KN\RSNPrUKMHYnoNB\`ctKMFONv.NUsJZHJI
KMFONBNUXNU_MjoNUTOrPN-\`cQ`TNPrP\RTO\RX<gKMF.Q`KGrUg)rUsJNPILQ`sYs\`ctXQ`KNU_MHlQ`sJI}KMF.Q`KGHYKfWOINPIzNUXHYKMKMHYT=j
y}<rzqorz}!
\RT=sYg[c|NUi?Q`X\RW=TzKI\`ceiGQRIMKNkiLF=HYsJN"^=_\n)HJZHYT=j[F=HYjkF1yzW.Q`sYHYKpg INU_Mn)HJrPNPIBK\KMFON"slQ`_MjoN

^\R^=W=slQ`KMHJ\RT Q`sY_NQRZgDFONU_N4Q`TOZIMKMHYsYssYHYoNUsYgDK\6jk_\i
EGFONX\RKMHYnRQ`KMHJ\RTc|\R_4KMFONKMFONPIMHJI"rP\RXNPI4c_\RXCKMFONTONPNPZiLFONU_NHYTOZWOIMKM_MHlQ`sLNPrP\RsJ\Rjkg
rP\RTc_\RTzKNPZiLHYKMF_NQ`s^=_\RS=sJNUXIrQ`TNUnRQ`sYW.Q`KN<KMFON4WOIN<Q`TOZ KM_Q`TOIc\R_MXQ`KMHJ\RT1\`c_N
I\RW=_rPNPIHYT1rP\RX^=sJN1IMgIMKNUXINk jO"QT.Q`KMHJ\RT.Q`sNPrP\RTO\RX4g1\R_QvO_MXQRIifNUsYseQRIHYT
IMHYX^=sJNBIMgIMKNUXIbNk jOfQ`THYTOZWOIMKM_MHlQ`s^=slQ`TzKL\R_LQIMHYT=jksJNb^=_\)rPNPII}W=T=HYKEGFONbIMgIMKNUXI
IMKMWOZHJNPZHYTKMF=HJI<KMFONPIMHJI<Q`_N\`c{KMFONslQ`KMKNU_"Kg)^NPIbT@NUTONU_Mjkg1^\RsYHJrUgyaWONPIMKMHJ\RT_NUsw
NUnkQ`TzK-K\[hB\R_Mi}Qg1Q`TOZQiGQRIMKNU^.Q`^NU__NPrUg)rUsYHYT=jV^=_\RS=sJNUX _NUsJNUnRQ`TaKK\Q^=W=sY^@Q`TOZ
^.Q`^NU_XHYsYsxQ`TOZVK\I\RsYHJZiGQRIMKN4^=slQ`T=TONU_Ibc_\RXEt_\RTOZFONUHYXrUHYKpgiLHYsYstSN<Q`T.Q`sYgINPZ
pTOIMKNQRZ\`c{X\n)HYT=jK\i}Q`_Z=IF=HYjkFONU_6sJNUnoNUsJI6\`c\R_MjzQ`T=HJIQ`KMHJ\RTHYTKMFONNPrP\RTO\RX<goKMFON
KMFONPIMHJILQ`^=^=sYHJNPI}HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgK\i}Q`_Z=I{IHYT=jksJN^=_\)rPNPII}W=T=HYKI-uHNkeQ^.Q`^NU_GZ_Mgz
HYT=jDXQRrF=HYTONkIMHYT=jksJN6FONQ`KN=rF.Q`T=joNU_IZHJIKMHYsYslQ`KMHJ\RTrP\RsYW=XTOIrFONUXHJrQ`s_NQRrUK\R_I
EGF=HJIXQPg&SNW=TON^NPrUKNPZ{IMHYTOrPNHYTOZWOIKM_MHlQ`sNPrP\RsJ\RjkgX\kIMKMsYg&Z=NQ`sJIiLHYKMF3F=HYjkFONU_
sJNUnoNUsJIBKMF.Q`TKMF=HJIb\ifNUnoNU_WOIMHYT=jDKMF=HJI-Q`^=^=_\oQRrFKMFON"KMFONPIMHJIBiLHYsYsjkHYnoN6QI\RsYW=KMHJ\RT
K\KMFON[Q`S\noNXNUTzKMHJ\RTONPZTONPNPZTNUTaKM_\R^zg^=_\aZWOrUKMHJ\RTXHYT=HYXHJIQ`KMHJ\RTXNUKMFO\aZ
iLHYsYsSN6Z=NUX\RTOIMKM_Q`KNPZ1K\[\RS=KQ`HYT\R^=KMHYXQ`s_NPI\RW=_rPN6KM_Q`TOIMc\R_MXQ`KMHJ\RT\`c}HYTOZWOIMKM_MHlQ`s
^=_\)rPNPIINPI}c_\RXKMFON^NU_IM^NPrUKMHYnoN4\`cKMFONINPrP\RTOZDslQPi9\`cxKMFONU_MX\)ZgaT.Q`XHJrPI
1.Fz.HLte.t$,o^
e ` G,!co
te.=L'}o
TONU_Mjkg$^\RsYHJrUg@HYT&hB\R_Mi}Qg&rP\RTzKMHYTaWONPIK\1SNQ`THYX^\R_MKQ`TzKIW=SNPrUK\`c-Z=\RXNPIMKMHJr
^\RsYHYKMHJrQ`sZHJIrUWOIIMHJ\RTiLHYKMFHYTaKNU_MT.Q`KMHJ\RT.Q`sfrP\RTOINPyaWONUTOrPNPI"hb\R_MiGQPgI-c|\kIIMHYs_NPI\RW=_rPN
_NPINU_Mno\RHY_IBrP\RTzKM_MHYS=W=KN6IMHYjkT=Hwv.rQ`TaKMsYgVK\W=_\R^NkIINPrUW=_MHYKpgV\`ceIMW=^=^=sYg\`cNUTONU_Mjkg_N
I\RW=_rPNPIEGFONBNUTONU_MjkgINPrUK\R_GHYThB\R_Mi}QgHJI}W=T=HJyaWONBHYTDW=_\R^NkhB\R_Mi}Qg_NU^=_NPINUTaKI
\`cKMFONG^\R^=W=slQ`KMHJ\RT\`cW=_\R^NkQ`TOZ6HYKF.QRIfRo+\`cKMFONL\RHYsO_NPI\RW=_rPNPIkzo?\`cKMFON
T.Q`KMW=_Q`sjzQRI}_NPI\RW=_rPNPILQ`TOZko0\`ctKMFONbFzgZ_\R^\ifNU_L_NPI\RW=_rPNPI-qaKQ`KMHJIMKMHJrPIGhB\R_Mi}QPg
kkkohb\R_MiGQPgF.QRI"Q`sJI\NKNUTOIMHYnoNQRrPrPNPII<K\\iLT_NUTONUi}Q`S=sJN_NPI\RW=_rPNPI"I\[KMF.Q`K
iLF=HJrF1^=_\n)HJZ=NPIhb\R_Mi}NUjkHlQ`TI\)rUHJNUKgiLHYKMF1FzgZ_\R^\ifNU_EGF=HJIrP\noNU_I4Q`sYX\kIMK4ko
\`cBKMFONZ=\RXNPIMKMHJrNUsJNPrUKM_MHJrUHYKpg&Z=NUXQ`TOZrP\RTOIMHJZ=NU_MHYT=jKMF.Q`KKMFON[NUsJNPrUKM_MHJrUHYKg&Z=NUXQ`TOZ
c|\R_<^=W=X^=HYT=j1iGQ`KNU_S.QRrK\KMFONiGQ`KNU__NPINU_Mno\RHY_HJI6NrUsYWOIHYnoNUsYg^=_\)ZWOrPNPZcu_\RX
_NUTONUiGQ`S=sJN_NPI\RW=_rPNPIV~bKMFONU_<_NUTONUiGQ`S=sJN_NPI\RW=_rPNPI<_NUXQ`HYTQ`K"QDnoNU_Mg1sJ\i0sJNUnoNUs
S=W=KQRrPrP\RW=TaK{c|\R_Q`T QRZ`WOIKNPZVo\`cK\RKQ`sNUTONU_MjkgDIW=^=^=sYgo
sJNPrUKM_MHJrUHYKpgHJIbQXQ\R_rP\RX^\RTONUTzK\`cZ=\RXNPIMKMHJr^=_MHYXQ`_MgNUTONU_MjkgIW=^=^=sYgoOXNPNUKMHYT=j
QRI6X<WOrF3QRIzo \`cbKMFONZ=\RXNPIKMHJrDvOT.Q`s{NUTONU_MjkgZ=NUXQ`TOZ&{cKNU_QZ_\R^&HYTKMFON
NUsJNPrUKM_MHJrUHYKpgVZ=NUXQ`TOZHYTkkkZWON-K\QIMHYjkT=Hwv.rQ`TzKHYTOrU_NQRIN4HYT^=_MHJrPNPI.KMFON4Z=NUXQ`TOZ
_\kIN}Q`jzQ`HYT6HYT"kk`BSag< oK\"kbEGAF[qaKQ`KMHJIMKMHJrPIxhb\R_MiGQPg6kkkoEGFONfF=HYjkFONPIMK
_Q`KNPI[\`c4HYTOrU_NQRINF.QPnoNSNPNUT3HYTKMFON1INU_Mn)HJrPN1Q`TOZ3_NPIMHJZ=NUTzKMHlQ`s4INPrUK\R_IEGFO\RW=jkF
m noqpPrtsvuxy9Uruq}rz}!
HYTOZWOIMKM_MgVQRrPrP\RW=TaKNPZc|\R_zo\`cT.Q`KMHJ\RT.Q`sNUsJNPrUKM_MHJrUHYKg Z=NUXQ`TOZVHYT kkkHYKI{_Q`KN<\`c
jk_\iLKMFVF.QRIGSNPNUTVIMsJ\i}NU_{KMF.Q`THYT[KMFON-INU_Mn)HJrPNQ`TOZ[_NPIMHJZ=NUTaKMHlQ`stINPrUK\R_IeEGFONWOIN-\`c
NUsJNPrUKM_MHJrUHYKpg<HYT"KMFONGNUTONU_MjkgzHYTaKNUTOIMHYnoNLHYTOZWOIMKM_MHJNPIQRrPrP\RW=TzKIc\R_Q`S\RW=Kà9\`c.T.Q`KMHJ\RT.Q`s
NUsJNPrUKM_MHJrUHYKpg[WOINHYT kk` qaKQ`KMHJIMKMHJrPIbhb\R_MiGQPgkkà
EGFaWOIhB\R_Mi}QPgHJITO\i?c|QRrUHYT=jDHYX^\R_MKQ`TzK"rF.Q`sYsJNUT=joNPISNPrQ`WOIN"HYK-F.QRIKMFON6\R_MsJZI
X\kIMKHYTzKNUTOIMHYnoN<NUsJNPrUKM_MHJrUHYKgZ=NUXQ`TOZ^NU_rQ`^=HYKQfT kkÒOKMFON-TONUK{vOjkW=_N-iGQRIbk
AF<NUsJNPrUKM_MHJrUHYKg-^NU_trQ`^=HYKQqaKQ`KMHJIMKMHJrPIhb\R_MiGQPg4kkàRQ`TOZKMF=HJIvOjkW=_NeHJIN^NPrUKNPZ
K\jk_\i-EGFON6NUsJNPrUKM_MHJrUHYKpgZ=NUXQ`TOZjk_\iLKMFHJI\RW=KM^.QRrUHYT=j\RTOIMFO\R_N6NUsJNPrUKM_MHJrUHYKpg joNUT
NU_Q`KMHJ\RTGQ`TOZ&dL~ NUXHJIIMHJ\RTOIQ`_NKMFzWOI_MHJIHYT=jOd}\RTOINPyaWONUTzKMsYgo}T.Q`KMW=_Q`sLjzQRI|vO_NPZ
^\i}NU_<^=slQ`TaKI"Q`_NINPNUX K\SNKMFONX\kIK"Q`^=^=_\R^=_MHlQ`KNi}QPg\`cLHYTOrU_NQRIMHYT=jKMFONZ=\`
XNPIMKMHJr<NUsJNPrUKM_MHJr^\ifNU_IMW=^=^=sYgoLEGF=HJIBZ=NPrUHJIMHJ\RT HJIIMW=^=^\R_MKNPZVSag[KMFONFaW=joN4T.Q`KMHJ\RT.Q`s
T.Q`KMW=_Q`sjzQRIe_NPINU_MnoNPI)KMFON{_NUslQ`KMHYnoNUsYgsJ\iAHYX^.QRrUKL\RTKMFONBNUTzn)HY_\RT=XNUTzKGHwci}NHYjkTO\R_N
jksJ\RS.Q`siGQ`_MXHYT=jOQ`TOZ[KMFONsYHYXHYKNPZ[^\kIIMHYS=HYsYHYKgDK\NKNUTOZ[FzgZ_\R^\ifNU_rQ`^.QRrUHYKgo
NPNUKMHYT=jHYKIbgo\RK\KQ`_MjoNUK{iLHYKMFO\RW=KrP\RX^=_\RXHJIMHYT=jINPrUW=_MHYKg\`cIMW=^=^=sYgDHJI{FO\ifNUnoNU_
hB\R_Mi}QgIeS=HYjkjoNPIMKNUTONU_Mjkg<^\RsYHJrUg<rF.Q`sYsJNUT=joNkEGF=HJIrF.Q`sYsJNUT=joNHJIQRZ=Z_NPIINPZ6HYTdfF.Q`^
KNU_LoiLF=HJrFHJIGQrP\RX^=_NUFONUTOIHYnoNBIKMWOZg\`cKif\"ZHwNU_NUTzKGjzQRI|vO_NPZrP\RX<S=HYTONPZ[rUg)rUsJN
^\i}NU_^=slQ`TzKIbiLHYKMFVKpif\ZHwNU_NUTaKb\R^=KMHJ\RTOIc\R_bQ`S.Q`KNUXNUTaKB\`cedL~ NUXHJIIHJ\RTOIeEGFON
\R^=KMHJ\RTOIQ`_NKMFON1dL~ INPyaWONPIMKM_Q`KMHJ\RT8Q`TOZ3KMFONdL~ K\@XNUKMF.Q`TON1rP\RTznoNU_IMHJ\RTSag
XNQ`TOI-\`ce^=FO\RK\kIgaTaKMFONUKMHJrQ`sYsYg v=OQ`KMHJ\RT1\`cfrQ`_MS\RT1HYT S=HJ\RXQRIIIM^NPrUHwv.rQ`TOIMifNU_
K\Q^\RsYHJrUgyaWONPIMKMHJ\RT\`ciLF=HJrFKg)^N[\`c^\ifNU_^=slQ`TaKK\SNDS=W=HYsYKHYT&hB\R_Mi}QPg$HJI
jkHYnoNUTc_\RX'KMFONb^NU_I^NPrUKMHYnoN\`cKMFONINPrP\RTOZslQPi\`ctKMFONU_MX\)ZgaT.Q`XHJrPIWOIHYT=j"N=NU_Mjkg
Q`T.Q`sYgIMHJIGQ`TOZN=NU_MjkgzS.QRINPZHYTOZHJrQ`K\R_IEGFONBQ`HYX0HJIK\<Z=NUX\RTOIMKM_Q`KNBKMF.Q`KeHwcHYTOZWOI
KM_MHlQ`sNPrP\RsJ\RjkgQRZ=\R^=KIGKMFONBN=NU_MjkgzS.QRINPZHYTOZHJrQ`K\R_IGHYKGF.QRI}KMFON-Q`S=HYsYHYKgK\6Q`jkjk_NUjzQ`KN
KMFON<KNPrF=T=HJrQ`sZ=NUKQ`HYsJI\`cOc\R_NOQ`X^=sJNk.KMFON<Ki}\^\i}NU_^=slQ`TzKIQ`TOZ rP\RXX<W=T=HJrQ`KN
KMFONPIN-Z=NUKQ`HYsJI{K\6^\RsYHYKMHJrUHlQ`TOIHYT[KMFONUHY_{Z=NUS.Q`KN4Q`S\RW=KLiLF=HJrFKg)^N-\`c^\ifNU_b^=slQ`TzK{K\
rP\RTOIMKM_MWOrUK
C9kFLF
z.=eofx
e `V,@,kDOHf
eLF
EGFONb^=W=sY^DQ`TOZ^.Q`^NU_fHYTOZWOIMKM_MgHJIfKMFONv=cKMFslQ`_MjoNPIMK}WOINU_G\`ctNUsJNPrUKM_MHJrUHYKg[Q`TOZKMFONU_MXQ`s
NUTONU_MjkgHYTKMFON\R_MsJZThB\R_Mi}QgoKMF=HJI-HYTOZWOIMKM_MgHJI-KMFONKMF=HY_ZslQ`_MjoNPIMKHYTOZWOIMKM_MHlQ`s
NUsJNPrUKM_MHJrUHYKpg4WOINU_xQcuKNU_KMFONeS.QRIMHJreXNUKQ`sJItHYTOZWOIKM_Mg<Q`TOZKMFONf^NUKM_\RsJNUW=X?Q`TOZ4rFONUXHJrQ`sJI
HYTOZWOIMKM_Mgo}EGF=HJIrQ`KNUjo\R_MHJINPI{KMFON^=W=sY^Q`TOZ[^.Q`^NU_HYTOZWOIMKM_MgVQRIQ`TVN=NU_MjkgzHYTaKNUTOIMHYnoN
\RTONk=iLF=HJrFVXQòNPILHYKBQ`T[HYTzKNU_NPIMKMHYT=jrQRINIMKMWOZgc\R_LHYTOZWOIKM_MHlQ`stNPrP\RsJ\Rjkgo
BNU_N}Q^.Q`_NUTzKMFONPIHJIxHJItjkHYnoNUTrP\RTOrPNU_MT=HYT=j-KMFON}Z=NvOT=HYKMHJ\RT6\`cKMFONe^NU_c\R_MXQ`TOrPNGrU_MHYKNU_MHlQ
KMF.Q`KBHJIbrQ`sYsJNPZNrUHJNUTOrUgobAFONUTrF.Q`_QRrUKNU_MHJIHYT=jVQIMgIMKNUXQRIBQ`TNUTONU_MjkgzHYTaKNUTOIMHYnoN
y}<rzqorz}!
\RTONkKMF=HJIbvO_IMKQRI)I{c\R_-QZ=NvOT=HYKMHJ\RT1\`ceNrUHJNUTOrUgeQ`TOZVKMFONUT c|\R_QKMF=_NPIMFO\RsJZ\noNU_
iLF=HJrFKMF.Q`K<Ig)IMKNUX HJI4NUTONU_Mjkg1HYTzKNUTOIHYnoNQRrPrP\R_ZHYT=j K\KMFONZ=NvOT=HYKMHJ\RTWOINPZx
rUHJNUTOrUg HJIQoNUgrP\RTOrPNU^=K-K\[QRIINPIIBKMFON6^NU_c\R_MXQ`TOrPN\`c}QDIg)IMKNUX Q`KQ`TzgsJNUnoNUs\`c
\R_MjzQ`T=HJIQ`KMHJ\RT6pK-_NUslQ`KNPI-KMFONNNPrUK\RS=KQ`HYTONPZt\R_\RW=KM^=W=KK\KMFONNNPrUKIMW=^=^=sYHJNPZ
\R_}HYT=^=W=KEGFONBslQRr\`cxQ4W=T=Hwv.NPZDIrUHJNUTaKMHwv.rQ`sYsYgzS.QRINPZVQ`^=^=_\oQRrF[K\"KMFONBINUsJNPrUKMHJ\RT\`c
nkQ`sYWONPIx\`cQBIMg)IKNUXIHYT=^=W=KIQ`TOZ6\RW=KM^=W=KIsJNQRZ=IK\ZHwNU_NUTaKKM_NQ`KMXNUTzKIZ=NU^NUTOZHYT=j
\RT"KMFON}sJNUnoNUsO\`c.HYTzKNU_NPIMKxO\R_NOQ`X^=sJNkzQ`KQ{T.Q`KMHJ\RT.Q`sONPrP\RTO\RX<g<sJNUnoNUszNrUHJNUTOrUg4F.QRI
SNPNUTZ=NvOTONPZQRIBKMFON4_Q`KMHJ\D\`ceNUTONU_MjkgprP\RTOIMW=X^=KMHJ\RT<K\[]GK-QZ=\iLTIrQ`sJNPZ
sJNUnoNUsac|\R_eHYTOIMKQ`TOrPN-Q`K}Q`THYTOZHYn)HJZW.Q`sHYTOZWOIKM_MHlQ`sINPrUK\R_)NUTONU_MjkgNrUHJNUTOrUgF.QRIfSNPNUT
Z=NvOTONPZVQRI{KMFON-_Q`KMHJ\\`cNUTONU_MjkgprP\RTOIMW=X^=KMHJ\RTK\6jk_\kII\RW=KM^=W=K
^=_\R^NU_}Z=NvOT=HYKMHJ\RT[\`ctNrUHJNUTOrUgHJIe_NUsJNUnkQ`TzKGK\<HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgHYTIMKMHYX<W=slQ`KMHYT=j
ZHJIrUWOIIMHJ\RTOIL\RTNUTONU_MjkgprP\RTOIW=X^=KMHJ\RTQ`TOZ[NUTONU_MjkgpIQnaHYT=joIiLF=HJrFHYTrP\RsYsJ\)yzW=HlQ`s
WOIQ`joNbXNQ`TOIGNNU_MjkgrP\RTOIMW=X^=KMHJ\RTQ`TOZN=NU_MjkgIQnaHYT=joI)_NPIM^NPrUKMHYnoNUsYgo]NPrU_NQRIMHYT=j
N=NU_Mjkg[rP\RTOIMW=X^=KMHJ\RTQ`TOZHYTOrU_NQRIMHYT=jDNNU_MjkgIQPn)HYT=joI_NPyaW=HY_NvO_IKBQ`TQRrPrP\RW=TaKMHYT=j
XNUKMFO\)Z"c\R_xKMFONuXQ`KNU_MHlQ`sQ`TOZNUTONU_Mjkg=HYT=^=W=KIeQ`TOZ\RW=KM^=W=KIaQ`TOZ6KMFONUTQBKMFO\R_\RW=jkF
Z=NUKNU_MXHYT.Q`KMHJ\RT\`cKMFON{NrUHJNUTOrUg\`cKM_Q`TOIc|\R_MXQ`KMHJ\RT\`cKMFONLHYT=^=W=KIHYTzK\4KMFON{\RW=KM^=W=KI
INPN}q)NPrUKMHJ\RTk }c|\R_cW=_MKMFONU_ZHJIrUWOIIMHJ\RTEGFONerQRIN\`c=KMFONe^=W=sY^"Q`TOZ^.Q`^NU_tHYTOZWOIKM_Mg
HJILZHJIrUWOIINPZ[HYT[KMFONc|\RsYsJ\iLHYT=jO
sJNPrUKM_MHJrUHYKpgQ`TOZKMFONU_MXQ`sNUTONU_MjkgVZ=NUXQ`TOZ=Ibc\R_B^=_\)ZWOrUKMHJ\RT\`cGQIyaW.Q`_N)HYsJ\RXNUKM_N
\`cfZHwNU_NUTzK-^.Q`^NU_jk_QRZ=NPIHJIBWOIMW.Q`sYsYgV^=_NPINUTaKNPZHYTsYHYKNU_Q`KMW=_N6K\rF.Q`_QRrUKNU_MHJINKMFON
^NU_c\R_MXQ`TOrPN}\`cO_NPI\RW=_rPNfWOINHYT<KMFONe^=W=sY^Q`TOZ<^.Q`^NU_HYTOZWOIMKM_MgoxHYjkW=_NPIGkY}Q`TOZk
IMFO\iKMFON-Z=NUXQ`TOZDc|\R_{NUsJNPrUKM_MHJrUHYKgQ`TOZDKMFONU_MXQ`stNUTONU_Mjkgc\R_{ZHwNU_NUTzK{^.Q`^NU_Ljk_QRZ=NPI
\noNU_eQ^NU_MHJ\)Z"\`cKi}NUTzKg"vOnoNGgoNQ`_IEGFONPIN}vOjkW=_NPIrQ`TSNeWOINPZ6K\BrF.Q`_QRrUKNU_MHJINLKMFON
HYTOZWOIMKM_MgoaS=W=KfrQ`T=TO\RK}SN{WOINPZK\W=TOZ=NU_IMKQ`TOZ[Q`TOZZ=NUKNU_MXHYTONBKMFONbIM^NPrUHwv.r_NQRI\RTOI
SNUF=HYTOZKMFONN=NU_MjkgIQPn)HYT=joIEGFON N=NU_Mjkg&rP\RTOIMW=X^=KMHJ\RT/ÌQnaHYT=joIXNPrF.Q`T=HJIMXHJI
QcNPNPZS.QRr^=_\)rPNPIILiLF=HJrFHJIDQRIX<WOrFQRIDQZ_MHYnoNU_[\`c<NPrP\RTO\RXHJrjk_\iLKMFQRI[Q
rP\RTOINPyaWONUTOrPN\`cNPrP\RTO\RXHJr1jk_\iLKMFxga_NPIVNUK Q`skkkoEGFONU_Nc|\R_NkHYK[HJIVQ`sJI\
HYX^\R_MKQ`TzK[K\)TO\i KMFON^\RKNUTaKMHlQ`s-c|\R_jk_\iLKMF8HYT8Q^.Q`_MKMHJrUW=slQ`_VHYTOZWOIMKM_Mgo0EGFON
jk_\iLKMF"^\RKNUTzKMHlQ`s=HJIxrP\RXX\RT=sYg"^=_NPINUTzKNPZQRIQKM_NUTOZ6\`cQ`T=TzW.Q`s=WOIN}\`cQb^.Q`_MKMHJrUW=slQ`_
^=_\)ZWOrUKHYjkW=_NDk IFO\i{I-IMWOrFQKM_NUTOZc|\R_b^.Q`^NU_Q`TOZ^=W=sY^WOIN4HYTKMFON"\R_MsJZ
Q`TOZDHYTVZHwNU_NUTzKjoNP\Rjk_Q`^=F=HJr_NUjkHJ\RTOI
pTOZWOIMKM_MHlQ`sONPrP\RsJ\Rjkg6sJ\a\RIc|\R_eQIMg)IKNUXQ`KMHJrGi}QPg6K\Z=NQ`s=iLHYKMFKMFONLNNU_Mjkg6rP\RTOIMW=X^
KMHJ\RTQ`TOZ1IQnaHYT=joI-HYTHYTOZWOIMKM_MgSNPrQ`WOIN6HYKHJIHYTzKNU_NPIMKNPZ1K\DS=W=HYsJZQ`T1HYTaKNU_M_NUslQ`KMHJ\RT
SNUKi}NPNUT$Q`TNrUHJNUTzK6WOIN\`cL_NPI\RW=_rPNPIQ`TOZQ[jo\)\aZ@NUTzn)HY_\RT=XNUTzKQ`sG^NU_c|\R_MXQ`TOrPN
HYTHYTOZWOIKM_MHlQ`sfIMgIMKNUXIHYTOZHYT=jVKMFONiGQPg1_NPyaW=HY_NPI"Q[KMFONU_MX\aZg)T.Q`XHJrQ`^=^=_\oQRrF
iLF=HJrF&NUT.Q`S=sJNPI6WOI6K\ ^=_\R^NU_MsYgQ`TOZrP\RX^=sJNUKNUsYg$NUnkQ`sYW.Q`KNDKMFONDWOINQ`TOZ$KM_Q`TOIMc\R_
XQ`KMHJ\RT1\`cf_NPI\RW=_rPNPIHYTHYTOZWOIKM_MHlQ`sIMg)IKNUXI4BHYnoNUT1KMF=HJIBS.QRr)jk_\RW=TOZdfF.Q`^=KNU_-
e0vERi}|MP|Uu <cR*PCuM!C=P|R5R dcv.

c8CM<

f ? q) z u0MCWCUuPgC=CoR"!!!
#
#$
e 0vE%z'&tqRc <qkPCuM!C=P|R5R dcv.

q
C<<() (f*++qa,o0-MC./C0M0UuU'gC1CMk|R23!!!
#4#
y}<rzqorz}!
e CW^ 65o' &Fv`< 7=

c6R8 MCWz!4u: 9"
R R dqW<vCM
.z|EvR|R=;CMPuUgC1CMkk<13!!!
#
#$
^=_NPINUTaKI{Q`T[NUnRQ`sYW.Q`KMHJ\RT\`cKMFONb_NPI\RW=_rPNbWOINb^NU_c|\R_MXQ`TOrPNQ`TOZKMFONNUTanaHY_\RT=XNUTaKQ`s
^NU_c\R_MXQ`TOrPN\`c{Q^.Q`^NU_4^=_\)ZWOrUKMHJ\RTQ`TOZ_NPrUg)rUsYHYT=jVIg)IMKNUX HYThb\R_MiGQPgox=NU_Mjkg
Q`T.Q`sYgIMHJI{Q`TOZ[sYHwc|NrUg)rUsJNHYTanoNUTzK\R_MgVQ`T.Q`sYgIMHJIQ`_NQ`^=^=sYHJNPZ[K\"vOTOZ[KMFONQ`TOIifNU_{K\6KMFON
c|\RsYsJ\iLHYT=jyaWONPIMKMHJ\RTx3F.Q`KLHJIGKMFONSNPIKGZ=NUjk_NPN-\`cx^.Q`^NU_L_NPrUg)rUsYHYT=jHYT[_NUslQ`KMHJ\RT[K\Q
IM^NPrUHwv.r^=W=sY^ Q`TOZ[^.Q`^NU_L^=_\)ZWOrUKMHJ\RTVXHYsYs
>
= zF"o$t&eV.o,oe)tAptE?
dfF.Q`^=KNU_I-Q`TOZQ`_N"QrP\RTzKMHYTaW.Q`KMHJ\RT\`ceKMFON4i}\R_MVZ=\RTON"\RTNUTaKM_\R^zgV^=_\)ZWOrUKMHJ\RT
XHYT=HYXHJIQ`KMHJ\RT1\`cfIHYT=jksJN6Q`TOZrP\RT=TONPrUKNPZ^=_\)rPNPIIbW=T=HYKISzgKMFON"jk_\RW=^1\`cf_\`c|NPII\R_
qaHYjkTON<}NUsJIMKM_MW=^Q`TOZFONU_BrP\ìf\R_MoNU_I-Q`K{KMFON4hBELhBm<Ib]BNU^.Q`_MKMXNUTaKB\`c}dfFONUXHJIKM_Mg
HYT&KMFONslQRIMKKNUTgoNQ`_IAEGFON[_NPINQ`_rFN\R_MKIZ=\RTONV\RT&KMFONNUTaKM_\R^zg&^=_\)ZWOrUKMHJ\RT
XHYT=HYXHJIQ`KMHJ\RT1^=_\RS=sJNUX \RW=jkFaK-K\SN"S=_\RW=jkFzK-K\HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgoSNPrQ`WOIN"KMFON
IMKQ`KN\`c}XHYT=HYX4W=XCNUTzKM_\R^zg^=_\)ZWOrUKMHJ\RTXHYjkFzK4SNINPNUTQRIKMFONX\kIMK-IMWOIMKQ`HYT.Q`S=sJN
IMKQ`KN\`cG\R^NU_Q`KMHYT=jVHYTOZWOIMKM_MHlQ`s^=_\)rPNPIINPI"EGF=HJIIMKQ`KNrQ`TSN<c\RW=TOZSag XNQ`TOI<\`c
KMFONHY_M_NUnoNU_IMHYS=sJN4KMFONU_MX\aZg)T.Q`XHJrPI
q)NUnoNU_Q`s\RW=KrP\RXNPIGF.QPnoNBSNPNUTDQRIINU_MKNPZSagKMF=HJI}jk_\RW=ÊGFONbvO_IMK}i}QRI}KMFONbNPyaW=HY^.Q`_
KMHYKMHJ\RT6\`c.KMFONGZ_MHYnaHYT=jbc|\R_rPNPIKMFONP\R_NUXqQ`W.Q`_NUKQ`s)kkkokEGF=HJIxKMFONP\R_NUX+i}QRI
WOINPZDQRI{Q<Z=NPIMHYjkTrU_MHYKNU_MHlQ4c\R_GFONQ`KLNrF.Q`T=joNU_I4hbW=XXNPZOQ`stQ`TOZ}MNUsJIMKM_MW=^kk
rFONUXHJrQ`s_NQRrUK\R_IqQ`W.Q`_NUKQ`sko)}NUsJIKM_MW=^NUK4Q`sxkkkkkbkI\R_Z=N6NUK
m noqpPrtsvuxy9Uruq}rz}!
Q`skkkkQoQ`TOZZHlQ`S.Q`KMHJrZHJIKMHYsYslQ`KMHJ\RTrP\RsYW=XTOIqQ`W.Q`_NUKQ`skk<EGFON6INPrP\RTOZ
_NPIMW=sYKiGQRIKMFON"Q`^=^=sYHJrQ`KMHJ\RT\`cfKMFON4KMFONP\R_NUX \`cfNPyaW=HY^.Q`_MKMHYKMHJ\RT\`cfNUTaKM_\R^zg^=_\aZWOr
KMHJ\RTHYTrFONUXHJrQ`s_NQRrUK\R_I}MNUsJIMKM_MW=^1Q`TOZIMslQ`TOZkkZ=N"b\aNUH MNU_-NUKQ`skk`zQ
o\RF.Q`T=TONPIINUTDQ`TOZ}MNUsJIMKM_MW=^DkkÒkkk)hW=XXNPZOQ`sNUK}Q`skkkoeQ`TOZZHJIMKMHYsYslQ`KMHJ\RT
rP\RsYW=XTOI[Z=Nb\aNUH MNU_<NUK6Q`skk`kSkIM\R_Z=NNUK6Q`skkk`SEGF=HJI<KMFONP\R_NUXCi}QRI
vO_IMK^=_\noNPZSagE\RTOZ=NUW=_Q`TOZ[enRQkQ`sJNUT$kokOiLFO\Q`sJI\6^=_\R^\kINPZHYKbQRIQ6Z=NPIMHYjkT
rU_MHYKNU_MHJ\RT&HYT&IHYT=jksJND^=_\arPNPIIW=T=HYKI$EGFONDKMF=HY_Z\RW=KrP\RXN[i}QRIKMFONVZHJIrP\noNU_Mg$\`c-Q
F=HYjkFai}QPgHYTIKQ`KNIM^.QRrPNc\R_f_NQRrUK\R_I}iLHYKMFXHYT=HYX<W=XNUTaKM_\R^zg^=_\aZWOrUKMHJ\RT1o\RF.Q`T
TONPIINUTAQ`TOZ&}MNUsJIMKM_MW=ÂkkkoEGFONVif\R_MIMFO\ifNPZ&KMF.Q`KKMFONU_NHJIQ1rP\RsYsJNPrUKMHJ\RT3\`c
I\RsYW=KMHJ\RTOIc\R_4KMFONNUTzKM_\Râg1^=_\aZWOrUKMHJ\RTXHYT=HYXHJIQ`KMHJ\RT@^=_\RS=sJNUX HYTQ[_NQRrUK\R_Q`TOZ
KMF=HJI6rP\RsYsJNPrUKMHJ\RTsJ\)\R)I<sYHYoNQ F=HYjkFai}QPgiLHYKMFHYKI"rP\RT=TONPrUKMHYT=j1_\oQRZ=IEGFONF=HYjkFai}QPg
F.QRIBSNPNUTV^=_\noNPZK\SN"Q`TNUTONU_MjkgaNrUHJNUTzK-iGQPg HYT \R_Z=NU_K\\R^NU_Q`KN<KMFON4_NQRrUK\R_
HYTHYKI4IMKQ`KNIM^.QRrPNo\RF.Q`T=TONPIINUTQ`TOZ}MNUsJIMKM_MW=^@kkkoEGF=HJIi}\R_MjzQnoNINUnoNU_Q`s
N^=slQ`T.Q`KMHJ\RTOIiLFzgKMFON"F=HYjkFai}QPgHJIbHYTQ`jk_NPNUXNUTaK-iLHYKMFKMFON"IMKQ`KN\`cuKMFONpQ`_MK\R^NU_
Q`KMHYT=j4rP\RTOZHYKMHJ\RTOIf^=_QRrUKMHJINPZSagrFONUXHJrQ`s.^=_\)rPNPIIfNUT=jkHYTONPNU_IK\)ZOQPg6HYTKMFONGc|\RsYsJ\iLHYT=j
rFONUXHJrQ`sB_NQRrUK\R_I1IMW=sY^=FzW=_DZHJ\PHJZ=N \)HJZOQ`KMHJ\RTBQ`XX\RT=HlQIgaTaKMFONPIMHJIGXNUKMF.Q`TO\Rs
IMg)TzKMFONPIHJI^=_\R^.Q`TON4Z=NUFag)Z_\RjoNUT.Q`KMHJ\RTQ`TOZ[KMW=S=W=slQ`_IMKNQ`X_Nc\R_MXHYT=jO
TaKM_\R^zgD^=_\)ZWOrUKMHJ\RT[XHYT=HYXHJIQ`KMHJ\RTHYT[rP\RT=TONPrUKNPZ[^=_\)rPNPIIGW=T=HYKIGi}QRILKMFONBslQRIMKL\RW=K
rP\RXN6\`cKMFON<jk_\RW=^BbkIM\R_Z=N4NUK-Q`sx|kkkkQo{c|\RW=TOZVKMFON"INPrP\RTOZ)slQi+\R^=KMHYXQ`s\R^
NU_Q`KMHYT=j"rP\RTOZHYKMHJ\RTOI}\`ctQ^=_\R^.Q`TONbZ=NUFzgZ_\RjoNUT.Q`KMHJ\RTD^=slQ`TzKG\`cKpifNUTaKgaIMHwrP\RT=TONPrUKNPZ
^=_\)rPNPIIbW=T=HYKILEGFONPIN4rP\RTOZHYKMHJ\RTOIBjzQnoN4KMFON<sJ\i}NPIMKbK\RKQ`sxNUTzKM_\Râg^=_\)ZWOrUKMHJ\RTQ`TOZ
KMFON-F=HYjkFONPIKNNU_MjkgDNrUHJNUTOrUg[\`cKMFONiLFO\RsJN-^=slQ`TzK
bsYKMFO\RW=jkFKMF=HJIHJIBnoNU_Mg[HYX^\R_MKQ`TzKKMF=HJIBKMFONPIMHJIBZ=\aNPIBTO\RKBWOINKMFON6Q`^=^=_\oQRrF\`cKMFON
NUTaKM_\R^zg^=_\aZWOrUKMHJ\RT1XHYT=HYXHJIQ`KMHJ\RT\`c}rP\RT=TONPrUKNPZ1^=_\)rPNPIIBW=T=HYKI4pTOIMKNQRZHYKWOINPI
KMFON"jk_\RW=Î-_NPINQ`_rFN\R_MKI-\RT1KMFON6NUTaKM_\R^zg^=_\aZWOrUKMHJ\RT1XHYT=HYXHJIQ`KMHJ\RT\`cfIMHYT=jksJN
^=_\)rPNPII"W=T=HYKI"HYT\R_Z=NU_6K\Z=NvOTONDQ`T$HYTOZHJrQ`K\R_"c|\R_<HYTOZWOIMKM_MHlQ`sLNPrP\RsJ\Rjkgo1GNPrQ`WOIN
KMFONU_N-HJI{Q"sYHYKMKMsJN4N)^NU_MHJNUTOrPNiLHYKMFKMFONBc|\R_MX4W=slQ`KMHJ\RT.rQ`sJrUW=slQ`KMHJ\RTQ`TOZDXHYT=HYXHJIQ`KMHJ\RT
\`cGNUTzKM_\R^zg^=_\)ZWOrUKMHJ\RT1HYT1HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgodfF.Q`^=KNU_<jkHYnoNPIQ`TNOQ`X^=sJN6FO\i
K\c|\R_MX4W=slQ`KNkrQ`sJrUW=slQ`KNQ`TOZXHYT=HYXHJIN6KMFONNUTzKM_\Râg^=_\)ZWOrUKMHJ\RTHYTQ`T1HYTOZWOIMKM_MHlQ`s
^.Q`^NU_}Z_Mg)HYT=j6XQRrF=HYTONkEGFONUTOdfF.Q`^=KNU_{4XQòNPIfWOINb\`ctKMF=HJIfHYTOIMHYjkFaK}K\<HYTzKM_\)ZWOrPN
Q`TOZ&Q`^=^=sYgQTONUiHYTOZHJrQ`K\R_K\HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgoEGFON[NUnkQ`sYW.Q`KMHJ\RT\`cKMFONcuW=sYs
_Q`T=joN\`c"HYX^=sYHJrQ`KMHJ\RTOIKMF.Q`KKMFONQ`^=^=sYHJrQ`KMHJ\RT\`c<KMF=HJI[HYTOZHJrQ`K\R_VXQPgF.QPnoNQ`KVQ
^=_\)rPNPII{rF.Q`HYTQ"iLFO\RsJN4^=slQ`TzK.\R_BQ`THYTOZWOIMKM_MHlQ`sINPrUK\R_=HJI{TO\RK{goNUKbZ=NvOTONPZHYTKMF=HJI
KMFONPIMHJI
Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

z {!ruWz o:(s}!}(LFDNM
.P O Q e e. }+&`.tfO ,4eFz3L

p=Rff<..7R
3F=HYKN1kà4Z=NvOTONPZ$HYTOZWOIKM_MHlQ`s{NPrP\RsJ\RjkgQRIQpIMKMWOZg@\`cKMFON
2.\i{I\`cXQ`KNU_MHlQ`s
Q`TOZNUTONU_MjkgVHYTHYTOZWOIMKM_MHlQ`seQ`TOZ1rP\RTOIW=XNU_4QRrUKMHYnaHYKMHJNPI\`c}KMFON6NNPrUKI-\`ceKMFONPIN2.\i{I
\RTKMFONbNUTzn)HY_\RT=XNUTzKOQ`TOZ\`cKMFONHYT2OWONUTOrPN\`cNPrP\RTO\RXHJrk)^\RsYHYKMHJrQ`sa_NUjkW=slQ`K\R_MgQ`TOZ
I\)rUHlQ`scQRrUK\R_Ib\RTKMFON62.\i{IWOIN4Q`TOZ[KM_Q`TOIMc\R_MXQ`KMHJ\RT\`c_NPI\RW=_rPNPI{B_QRNPZ=NUsQ`TOZ
bsYsJNUTzSag|kkkoG^=_\R^\kINPZ[KMF.Q`KBQ`sYsti}QRIMKN4XQ`KNU_MHlQ`sJIF.QnoN4K\SNINPNUTQRI{^\RKNUTzKMHlQ`s
TaW=KM_MHJNUTzKIQ`TOZVQ`sYsHYTOZWOIMKM_MHlQ`sxQRrUKMHYnaHYKMHJNPIF.QPnoNK\\R^=KMHYXHYN4KMFONUHY_b\noNU_Q`sYsNrUHJNUTOrUgo
Q`TOZW=sYKMHYXQ`KNUsYgDK\6NUsYHYXHYT.Q`KN4Q`sYsi}QRIMKNkeEGF=HJILIMW=jkjoNPIMKMHJ\RT[HJI{Q`TNKNUTOIMHJ\RT\`ciLF.Q`K
xg)_NPI kkorQ`sYsJNPZ8uCaRU. MRlc Q`TOZ&rF.Q`_QRrUKNU_MHJINPZQRI6KMFON NUTONU_Mjkgz
Q`TOZ)nkQ`sYWONgaHJNUsJZHYT=j^=_\arPNPII{NPIINUTaKMHlQ`sK\NPrP\RTO\RXHJr4Z=NUnoNUsJ\R^=XNUTaKxga_NPI4kko
O\RW=_}Q`_NQRIe\`cHYTzKNU_NPIMKf_NUslQ`KNPZK\-KMFONLWOIN{Q`TOZKM_Q`TOIc\R_MXQ`KMHJ\RT\`c_NPI\RW=_rPNPIfQ`TOZK\
KMFONIMKMWOZg-\`cXQ`KNU_MHlQ`s)Q`TOZNUTONU_Mjkg2.\i{IF.QPnoNeSNPNUT-HJZ=NUTaKMHwv.NPZ4HYT-HYTOZWOIKM_MHlQ`saNPrP\RsJ\Rjkgo
EGFONPINQ`_NPIBQ`_N-NNU_Mjkg[QRrPrP\RW=TzKMHYT=jOQ`T.Q`sYgIMHJIXNQRIMW=_NUXNUTaKQ`TOZ[\R^=KMHYXHJIQ`KMHJ\RT
pT$KMFONDQ`_NQ\`c-QRrPrP\RW=TzKMHYT=jO}KMFONDHYTOZWOIMKM_MHlQ`s{NPrP\RsJ\RjkgHJIrP\RTOrPNU_MTONPZiLHYKMF&rP\RX^.Q`_
HYT=j1Q`TOZQRrPrP\RW=TaKMHYT=jQ`sYsf)HYTOZ=I6\`c{_NPI\RW=_rPNIK\ar)I6Q`TOZ2.\i{I<c\R_"KMFON^=W=_M^\kIN\`c
_NPI\RW=_rPN[QnRQ`HYslQ`S=HYsYHYKpgQ`TOZsJ\kIIQRrPrP\RW=TaKMHYT=jOpKQ`sJI\rP\RX^.Q`_NPIQ`TOZQRrPrP\RW=TzKIQ`sYs
)HYTOZ=I\`cG^=_\aZWOrUKMHJ\RT$Q`TOZrP\RTOIMW=X^=KMHJ\RT@XQ`KNU_MHlQ`sei}QRIKNPIKMF.Q`K"Q`_NZHJIM^\kINPZHYTzK\
KMFONNUTzn)HY_\RT=XNUTzKc\R_LKMFONB^=W=_M^\kIN-\`cXNQRIW=_MHYT=jKMFONNUTzn)HY_\RT=XNUTzKQ`sF.Q`_MX^\RKNUT
KMHlQ`s\`cKMFONPIN{XQ`KNU_MHlQ`si}QRIMKNPIGQ`TOZ\`cKMFO\kIN{^=_\)rPNPIINPIfKMF.Q`KejoNUTONU_Q`KNBKMFONPIN{iGQRIMKNPI
EGFONbvO_IMKLTO\RKMHJ\RT[iGQRIL^=_\R^\kINPZDSzgQ`sYseok)tkkoTDF=HJIGKMFONPIMHJIGFON^=_\R^\kINPZ
N=NU_Mjkg"QRIeQ`TQRrPrP\RW=TaKMHYT=j4XNQRIMW=_N\`c_NPI\RW=_rPNLIK\ar)IeQ`TOZ2.\i{ISNPrQ`WOINLN=NU_Mjkg<HJI
Z=NvOT.Q`S=sJNQ`TOZXNQRIMW=_Q`S=sJNBc|\R_{Q`TzgXQ`KNU_MHlQ`s_NPI\RW=_rPN-IMK\arQ`TOZ2.\iiLF.Q`KI\)NUnoNU_
rP\RTaKM_Q`_MgK\-KMFONLFONQ`Ke\`crP\RX4S=WOIMKMHJ\RTKMF.Q`KHJIeQ-XNQRIMW=_N{\`crP\RX4S=WOIMKMHYS=sJNXQ`KNU_MHlQ`sJI
\RT=sYgOQ`sYsIt^=_\R^\kIQ`szi}QRIS.QRINPZ\RTKMFONXNQRIW=_NHYTzKM_\)ZWOrPNPZ4HYT4KMFON{`KMF4rPNUTzKMW=_Mg
SagV=_NUTOrFQRrQRZ=NUXHJrUHlQ`TOIdGQ`_MTO\RKhQPn)HJNU_\RTOrPNUsJNUK-EGF=HJIBXNQRIMW=_N<i}QRIrQ`sYsJNPZ
ck")ulP |6Szg=_NUTOrF@QRrQRZ=NUXHJrUHlQ`TOIeR`RY uu SagbXNU_MHJrQ`TIrUHJNUTaKMHJIMKI
e
Q`TOZJ S0c Szg_NPINQ`_rFONU_IbHYTW=_\R^Nk
EGFON-joNUTONU_Q`sxZ=NvOT=HYKMHJ\RT\`cN=NU_MjkgDHJIbQyzW.Q`TaKMHYKg\`cif\R_M[iLF=HJrF rQ`T SNNKM_QRrUKNPZ
SagQ`T[N)KNU_MT.Q`srP\RTOIMW=XNU_{ZW=_MHYT=jQ<_NUnoNU_IMHYS=sJNBHYTzKNU_QRrUKMHJ\RTSNUKi}NPNUTVQ"IMg)IKNUXQ`TOZ
HYKIBIMW=_M_\RW=TOZHYT=joIW=TzKMHYsNPyaW=HYsYHYS=_MHYW=XHJI_NQRrFONPZBNU_MjkgVZ=NU^NUTOZ=I\RT KMFON<_NUslQ`KMHYnoN
IMKQ`KNPIV\`c6Q$IMgIMKNUX Q`TOZHYKI[IMW=_M_\RW=TOZHYT=joIQRIZ=NvOTONPZSzg8Q`TagA_NUsJNUnkQ`TzKINUK\`c
^.Q`_Q`XNUKNU_I$mbTOZ=NU_rP\RX^=sJNUKN[NPyzW=HYsYHYS=_MHYW=XGN=NU_MjkgHJI6NU_\=$LrPrP\R_ZHYT=jK\KMF=HJI
Z=NvOT=HYKMHJ\RT\`c-N=NU_Mjkg@KMFOND^=_\RS=sJNUX rP\RTOIMHJZ=NU_NPZHYTOrUsYWOZ=NPIvO_IKKMFONIMgIMKNUX\R_HYKI
XQ`KNU_MHlQ`sQ`TOZNUTONU_MjkgHYT=^=W=KQ`TOZ4\RW=KM^=W=K.2.\i{I`KMFONUTKMFONeIMW=_M_\RW=TOZHYT=joIkQ`TOZvOT.Q`sYsYgo
KMFONi}\R_MKM_Q`TOIMcNU_M_NPZ[K\KMFON-N)KNU_MT.Q`srP\RTOIMW=XNU_

EGFON<slQ`KMKNU_TO\RKMHJ\RTIMW=jkjoNPIMKNPZ X\R_N<_NPrPNUTaKMsYgVSagVxga_NPINUK-Q`skkob\kINUTQ`TOZ
]BHYTOrPNU_-kkoa_NUjzQ`_Z=IGN=NU_MjkgQRIGQXNQRIMW=_NB\`c^\RKNUTzKMHlQ`sF.Q`_MX0c_\RX^=_\aZWOrUKMHJ\RT
Q`TOZ&rP\RTOIW=X^=KMHJ\RTXQ`KNU_MHlQ`siGQRIMKNPIiLF=HJrF3Q`_NZHJI^\kINPZ&HYTzK\1KMFONNUTanaHY_\RT=XNUTaK
EGFONHJZ=NQNUXNU_MjoNPZ@cu_\RXCKMFONc|QRrUK"KMF.Q`K6KMFONrFONUXHJrQ`s{NNU_MjkgHYTc|\R_MXC\`cBrFONUXHw
rQ`sYsYgQ`TOZ^=FzgIMHJrQ`sYsYg_NQRrUKMHYnoNbXQ`KNU_MHlQ`siGQRIMKNPIB\R_}N)KNU_MT.Q`sN=NU_MjkgsJ\kIINPIxrQ`TSN
INPNUTQRIBQ6XNQRIW=_N4\`c^\RKNUTaKMHlQ`sNUTanaHY_\RT=XNUTaKQ`sxF.Q`_MX}EGF=HJIBN=NU_MjkgHJIbZHJIIMHY^.Q`KNPZ
HYTaK\VKMFONNUTanaHY_\RT=XNUTaKeQ`TOZKMF=_\RW=jkF@HYKI<rFONUXHJrQ`sf^\RKNUTzKMHlQ`sGrQ`T@rQ`WOINF.Q`_MX
K\
KMFON6NUTzn)HY_\RT=XNUTzK6Q`TOZsYHYnaHYT=j[rPNUsYsJI6q)NQ`joNU_-Q`TOZ1EGFONUHJI|kkkkQ SbHYsYsYWOIKM_Q`KNPZ1INUnz
NU_Q`sQ`^=^=sYHJrQ`KMHJ\RTOI\`cerFONUXHJrQ`sN=NU_Mjkg QRIQ`TQ`sYKNU_MT.Q`KMHYnoN<K\HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgVK\
NUnkQ`sYW.Q`KN4Q`TOZVQRIINPIIGKMFON-^\RsYsYW=KMHJ\RT^\RKNUTaKMHlQ`s\`cxXQ`KNU_MHlQ`si}QRIKNPI
B\i}NUnoNU_}xg)_NPIQ`TOZQRIMHYT=H4|kkàQ`_MjkWONPZ$KMF.Q`KHwc-NNU_Mjkg@HJI6K\SNDWOINPZQRIQ
XNQRIMW=_N-\`c^\RKNUTaKMHlQ`sNUTzn)HY_\RT=XNUTzKQ`stF.Q`_MXKMFONZ=NvOT=HYKMHJ\RT\`cKMFONb_Nc|NU_NUTOrPN-IMKQ`KNPI
KMF.Q`K{iGQRIL^=_\R^\kINPZ[SzgqaQ`_MjkW=KbNUKQ`skkoLK\rP\RX^=W=KN-KMFONIMKQ`TOZOQ`_ZVrFONUXHJrQ`s
N=NU_Mjkg@\`c-Q`Tzg$rFONUXHJrQ`srP\RX^\RW=TOZIMFO\RW=sJZ$SN_NU^=slQRrPNPZEGFONQ`_MjkW=XNUTzKINUTzW
XNU_Q`KNPZSzgxg)_NPIQ`TOZ QRIMHYT=H}|kkà{ifNU_N"KMF.Q`KBKMFON4Z=NvOT=HYKMHJ\RT1\`cKMFON<_NcNU_NUTOrPN
IMKQ`KNPI4IMFO\RW=sJZSNZ=NU^NUTOZ=NUTzK<\RT1KMFONNUTzn)HY_\RT=XNUTzKQ`s}IMHYT= HYTaK\[iLF=HJrFQDrFONUXHJrQ`s
rP\RX^\RW=TOZDHJILZHJIM^\kINPZD\R_L_NUsJNQRINPZQ`TOZKMFONUgIMFO\RW=sJZDSNZ=NU^NUTOZ=NUTaK\RTDiLF.Q`K{IM^N
rUHwv.r-_NQRrUKMHJ\RTOIB\)rPrUW=_{iLHYKMF=HYTVKMF.Q`KBIMHYT=exga_NPIBQ`TOZQRIHYT=Hf|kkàG^=_\R^\kINPZ[KMF.Q`K
KMFON6IMHYT=aIM^NPrUHwv.r<_Nc|NU_NUTOrPN6IM^NPrUHJNPIBIFO\RW=sJZ SN<WOINPZHYTOIMKNQRZ\`ceKMFON6IMKQ`TOZOQ`_Z_Nc
NU_NUTOrPNIM^NPrUHJNPI^=_\R^\kINPZSzgqaQ`_MjkW=KNUK-Q`skko"0rFONUXHJrQ`sIMW=SOIMKQ`TOrPN6iLHYKMF
QDsJ\RT=j _NPIMHJZ=NUTOrPNKMHYXNHYTKMFONQ`KMX\kIM^=FONU_NksYHYKMFO\kIM^=FONU_N\R_4FzgZ_\kIM^=FONU_NXQg1SN
Q1rQ`TOZHJZOQ`KNc\R_KM_NQ`KMXNUTaKDQRIQIMHYT=zI^NPrUHwv.r[_Nc|NU_NUTOrPNIM^NPrUHJNPI&B\i}NUnoNU_}c\R_
KMFON<^=W=_M^\kIN4\`ceNPIMKMHYXQ`KMHYT=jKMFON<rFONUXHJrQ`sNNU_Mjkg\`cerFONUXHJrQ`sxrP\RX^\RW=TOZ=IbHYT KMF=HJI
KMFONPIMHJIKMFONrQ`sJrUW=slQ`KMHJ\RTQ`^=^=_\oQRrFVjkHYnoNUTSagqaQ`_MjkW=KbNUKbQ`skkoGiLHYsYsSNWOINPZ
pTKMFON<Q`_NQ\`cQ`T.Q`sYgIMHJI.HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg[HJIbrP\RTOrPNU_MTONPZViLHYKMF WOIMHYT=jXNUKMFO\)Z=IK\
Q`T.Q`sYgINQ`Tzg)HYTOZ\`c}XQ`KNU_MHlQ`sfQ`TOZ1NUTONU_Mjkg_NPI\RW=_rPNQ`TOZ'2.\iKM_Q`TOIMc\R_MXQ`KMHJ\RTHYT
HYTOZWOIMKM_MHlQ`s}IMgIMKNUXIEGFONINPrP\RTOZ1slQPi\`c}KMFONU_MX\)Zg)T.Q`XHJrPI4HJIcuW=TOZOQ`XNUTaKQ`s}IMHYTOrPN
HYKI{N=NU_MjkgXNQRIMW=_NHJI{rP\RT=TONPrUKNPZ[K\6KMFON-rP\R_M_NPrUKbQRrPrP\RW=TaKMHYT=j\`cxKMFONnRQ`_MHJ\RWOI{aHYTOZ=I
\`cXQ`KNU_MHlQ`stQ`TOZNUTONU_Mjkg
2.\i{I{Q`TOZDKMFONrP\R_M_NPrUKQ`T.Q`sYgIMHJIG\`cKMFONUHY_LKM_Q`TOIc|\R_MXQ`KMHJ\RTOI
iLHYKMFO\RW=KVN=rPNU^=KMHJ\RT'BQ`TzKkk{Q`_rF.Q`skk{=_Q`KMrFONU_kkbqaQ`_MjkW=K Q`TOZ
NUKNUslQkkaf_\)ZgzQ`TOIM)goRaFONU_MT kko-NUT=TONUg[kÒz\RKQRIbkk)qaQ`_MjkW=K
NUK[Q`skkoEGFONN=NU_MjkgAQ`T.Q`sYgIMHJIXNUKMFO\aZ3i}QRIDZ=NUnoNUsJ\R^NPZ3K\Z=NUKNU_MXHYTONKMFON
N=NU_MjkgsJ\kIINPI}Q`TOZKMFONb^\RKNUTaKMHlQ`s\`c_NPZWOrUHYT=j6KMFONPIN{sJ\kIINPIHYTNUT=jkHYTONPNU_MHYT=j"IMgIMKNUXI
EGFONK\RKQ`s.NNU_Mjkg6sJ\kIIB rQ`TSNLc\RW=TOZSagIMW=S=KM_QRrUKMHYT=j4KMFONbIMW=X0\`cQ`sYsN=NU_Mjkg
2.\i{IerP\RXHYT=j4HYTaK\KMFON{IEg)IMKNUX E ocu_\RXKMFONIMW=X\`ctQ`sYs.NNU_Mjkgx2.\i{I}rP\RXHYT=j4\RW=K
c_\RXKMFON-IMg)IKNUX E EGFON-rQ`sJrUW=slQ`KMHJ\RTV\`c E E Q`TOZ E HJIG_NcNU_M_NPZDK\QRI
loss
in
out
in
out
loss

k
N=NU_MjkgDQ`T.Q`sYgIMHJIOQ`TOZVykYGjkHYnoNPI{KMFON_NUslQ`KMHJ\RTc|\R_LKMFONN=NU_MjkgS.Q`slQ`TOrPNk
kY
E E =E
out
{z[(]^_]`baV
| inTU
VWYXZ\
loss
EGFONGN=NU_Mjkg4sJ\kII\`cQBIMgIMKNUX?rQ`T6SNfc|\RW=TOZ6iLHYKMFO\RW=KXQàHYT=jW=^Q`TN=NU_Mjkg4S.Q`slQ`TOrPN
HwcrP\R_M_NPIM^\RTOZHYT=j@K\RKQ`sNUTzKM_\Râg&^=_\)ZWOrUKMHJ\RTAHJIDQPnkQ`HYslQ`S=sJNk8EGFON1\RW=gzqaK\)Z=\RslQI
KMFONP\R_NUX HJIBWOINcW=sFONU_N-\RW=gkktqaK\aZ=\RslQkko<EGFON<KMFONP\R_NUX HJIN^=_NPIINPZ
QRI

dS
Eloss = T0
t
dt irr
| c Z
e%f4g {z^_]igYjbV WYVk }
Jd
4h

k o
> > q> >

iLFONU_N E HJIxKMFONLN=NU_Mjkg4sJ\kIIxHYTKMFON}Ig)IMKNUX T HJIxKMFONLNUTzn)HY_\RT=XNUTzKeKNUX^NU_Q`KMW=_N
R'kk4Q`TOZ
HJIbKMFON"K\RKQ`sNUTzKM_\Râg ^=_\)ZWOrUKMHJ\RT_Q`KNQRIQ_NPIMW=sYK
\`TcKMFON[HY_M_NUnoNU_IMHYS=HYsYHYKpg&(dS/dt)
\`cKMFON^=_\arPNPIINPIKMF.Q`K\)rPrUW=_HYT&KMFONIMgIMKNUX\noNU_QjkHYnoNUT
HYTaKNU_MnRQ`st\`cxKMHYXN t
EGFONU_NVQ`_NVKi}\)HYTOZ=I\`cNNU_Mjkg$sJ\kIINPIHYTAQIg)IMKNUXfT.Q`XNUsYgKMFONNKNU_MT.Q`sBQ`TOZ
HYTaKNU_MT.Q`sNNU_MjkgsJ\kIINPIxKNU_MT.Q`sNNU_MjkgsJ\kIINPILQ`_NB_NUslQ`KNPZDK\<KMFONB_NUslQ`KMHYnoNrP\RTOZHw
KMHJ\RTOI\`cKMFON{IMgIMKNUX0Q`TOZHYKIeIMW=_M_\RW=TOZHYT=joIBuHNkTO\RTHJZ=NQ`sFONQ`KHYTOIMW=slQ`KMHJ\RToW=TaWOINPZ
N=NU_MjkgKMF.Q`KGsJNQPnoNPI{Q4^=slQ`TzKLIMWOrF[QRIGNUXHJIIMHJ\RTOI}HYT
2OWONjzQRINPIG\R_GNUXHJIIMHJ\RTOI}HYTi}Q`KNU_
NcbWONUTaKIa\RW=K2.\i3rP\)\RsYHYT=j4iGQ`KNU_)T=HYKM_\RjoNUTHYTQ`HY_INU^.Q`_Q`KMHJ\RT^=slQ`TaKIEGFONIMW=X\`c
NKNU_MT.Q`sN=NU_MjkgDsJ\kIINPI\noNU_Q`sYsW=T=HYKI\`cKMFON<IMg)IKNUXHJI{KMFON4K\RKQ`sNKNU_MT.Q`sN=NU_Mjkg
sJ\kIIL\`cxKMF.Q`KIMgIMKNUX
pTzKNU_MT.Q`sGNNU_MjkgsJ\kIINPI6Q`_NZWONK\VKMFONHY_M_NUnoNU_IMHYS=HYsYHYKpg\`c{^=_\)rPNPIINPI<KQàHYT=j^=slQRrPN
HYTOIMHJZ=NBKMFONIMgIMKNUXZWONBK\6^=_NPIIMW=_NZ_\R^FONQ`KQ`TOZXQRIIGKM_Q`TOIc|NU_LQ`TOZDKM_Q`TOI^\R_MK
EGFONPINGsJ\kIINPIQ`_NLXQ`HYT=sYg"_NUslQ`KNPZK\-KMFONGHYX^NU_cNPrUKMHJ\RTOIf\`cKMFONGXQ`KNU_MHlQ`sQ`TOZNUTONU_Mjkg
KM_Q`TOIc|\R_MXQ`KMHJ\RTOIHYTNQRrFHYTOZHYn)HJZW.Q`s.W=T=HYKf\`cKMFONIMg)IKNUX0Q`TOZKMFONLXQ`T=TONU_eHYTiLF=HJrF
KMFONPIN<W=T=HYKI-Q`_N"HYTzKNUjk_Q`KNPZHYTzK\DKMFON"IMgIMKNUXEGFON6IMW=X\`cfHYTzKNU_MT.Q`sN=NU_MjkgsJ\kIINPI
\noNU_bQ`sYsW=T=HYKI\`cxKMFONIMgIMKNUXHJILKMFON-K\RKQ`sHYTaKNU_MT.Q`sN=NU_MjkgsJ\kII{\`cKMF.Q`KbIMg)IKNUX
EGFON-ZHJIMKM_MHYS=W=KMHJ\RT \`cKMFON-HYTaKNU_MT.Q`stN=NU_MjkgsJ\kIINPI{\noNU_{KMFONW=T=HYKI\`cKMFON-IMgIMKNUXrQ`T
SN\RS=KQ`HYTONPZc_\RX'KMFONBN=NU_MjkgQ`T.Q`sYg)IHJIGQ`K}KMFONBS\RW=TOZOQ`_Mg\`cNQRrFDW=T=HYKrP\RTOIMHJZ=NU_NPZ
QRI}QS=slQRrS\PxEGFONZHJIMKM_MHYS=W=KMHJ\RTD\`cKMFONLHYTzKNU_MT.Q`sNNU_MjkgsJ\kIINPIHYTNQRrFS=slQRrS\
W=T=HYKLrQ`T[SNB\RS=KQ`HYTONPZc_\RXKMFONNUTzKM_\RâgS.Q`slQ`TOrPNuKMFONBvO_IKGNPyaW.Q`sYHYKgD\`ceyk oM
\R_Bc_\RXKMFON"HYTaKNUjk_Q`se\`cesJ\)rQ`sxNUTaKM_\R^zg^=_\)ZWOrUKMHJ\RT1_Q`KN"\noNU_-KMFON6no\RsYW=XN uKMFON
slQRIMK{NPyaW.Q`sYHYKg[\`cyk oMOHwcxQrP\RTzKM_\RsIW=_c|QRrPNHJIL^=W=KHYT[KMFON4Q`^=^=_\R^=_MHlQ`KNV^=slQRrPNk
loss
irr
dS
dt
A(Jsout
Jsin )
k o
dV > 0
}
>
BNU_Nk (dS/dt) HJI}KMFONbK\RKQ`sNUTzKM_\Râg^=_\)ZWOrUKMHJ\RTD_Q`KNB\`cKMFONBIg)IMKNUX J HJI}KMFON
NUTaKM_\R^zg2OW\RW=K\`cLKMFON6no\RsYW=XN \`cLKMFONIMgIMKNUX HJI-KMFONNUTaKM_\R^zg2OW1HYTzK\
KMFON"no\RsYW=XN V \`cfKMFONIMg)IKNUX HJVIKMFON"sJ\)rQ`sxNUTaKM_\R^zJg^=_\)ZWOrUKMHJ\RT1_Q`KNk A HJIBKMFON
IMW=_cQRrPNQ`_NQ6KMF=_\RW=jkF iLF=HJrFKMFON82OW=NPI{NUTaKNU_BQ`TOZ[sJNQnoN-KMFON-no\RsYW=XN V
p_M_NUnoNU_IMHYS=sJNKMFONU_MX\)Zg)T.Q`XHJrPI\`NU_IQ1Ig)IMKNUXQ`KMHJri}QPgK\@Z=NU_MHYnoNKMFON[sJ\)rQ`sNUT
KM_\Râg ^=_\)ZWOrUKMHJ\RT_Q`KNk "EGF=HJIHJI_NcNU_M_NPZK\QRIKMFON6sJ\)rQ`sNUTzKM_\R^zg1^=_\)ZWOrUKMHJ\RT
rQ`sJrUW=slQ`KMHJ\RT$OR_MslQ`TOZVNUKQ`s.kk
|
irr
{z[(] ^_]`baV
T`4gYW Jl Z\
irr
out
s
in
s
n
X
k a
Ji Xi
> > > >

>
iLFONU_N J Q`TOZ X Q`_NrP\RTRW=jzQ`KN^2OW)|c\R_rPN^.Q`HY_I_M_NUnoNU_IHYS=sJNKMFONU_MX\aZg)T.Q`XHJrPI
jkHYnoNPIKMF.Q`K{NQRrF2OWDHJIQ"sYHYTONQ`_cuW=TOrUKMHJ\RTV\`cQ`sYsc|\R_rPNPI=\R_{HYTDc|\R_MX4W=slQ6c|\R_MX
i=1
}
m a1]^FV`ngPW J|l Z l W 4{z
hbd +a gPo à1]Âa d ^_]pgYo `
Ji =
n
X
Lij Xj
iLFONU_N
k o
i = 1, 2, ..., n
j=1
iLFONU_N L Q`_N[KMFON[^=FONUTO\RXNUTO\RsJ\RjkHJrQ`srP\)NrUHJNUTzKILQ`TOZ X Q`_N[KMFON[KMFONU_MX\)Zgz

T.Q`XHJr"Z_MHYnaHYT=jc|\R_rPNPIb\`cKMFON<IMg)IKNUXb~bTOIQ`joNU_B^=_NPIrU_MHYSNPZ KMF.Q`KNQRrF2OWHJIbrP\RT
TONPrUKNPZAK\HYKIrP\RTRW=jzQ`KNVc\R_rPNVnaHlQ1KMFON^=FONUTO\RXNUTO\RsJ\RjkHJrQ`srP\)NrUHJNUTzKIKMF.Q`KQ`_N
_NUslQ`KNPZ[SagDKMFONc\RsYsJ\iLHYT=j_NUslQ`KMHJ\RT~bTOIQ`joNU_4kQ S
ij
Li FONU_N i, j = 1, 2, ..., n
k o
pKxHJIHYX^\R_MKQ`TaKK\)TO\iKMF.Q`KKMFONGsYHYTONQ`_P2OW)|c\R_rPN{_NUslQ`KMHJ\RTOIHYTyOk oxQ`_NLsJ\arQ`s
Q`TOZ^\kIN-c|NUi9_NPIKM_MHJrUKMHJ\RTOI-\RT KMFONUHY_WOINkEGFON<^=FONUTO\RXNUTO\RsJ\RjkHJrQ`serP\aNrUHJNUTaKI
rQ`T1SN"cuW=TOrUKMHJ\RTOI4\`c}KMFONIMKQ`KN6nkQ`_MHlQ`S=sJNPI<Q`TOZKMFON6jksJ\RS.Q`s(2OWa|c|\R_rPN_NUslQ`KMHJ\RTOI4LQ`_N
KMFONU_Nc|\R_NL\`cuKNUTTO\RTsYHYTONQ`_.\R_KMF=HJI_NQRI\RTkHY_M_NUnoNU_IMHYS=sJNGKMFONU_MX\)ZgaT.Q`XHJrPIKMFONP\R_Mg
K\)ZOQPgHJI{Q<noNU_IQ`KMHYsJNKMFONP\R_MgKMF.Q`KQ`^=^=sYHJNPI{K\6XQ`Tzg^=_QRrUKMHJrQ`s^=_\RS=sJNUXI<QcIMM\RsJZ
Lij = Lji
ij

Q`TOZ bQ`KMNkkbkI\R_Z=N<NUKBQ`skkk}MNUsJIMKM_MW=^Q`TOZ GNPZ=NQ`WkkkNUjkWONU_Q

Q`TOZ[W=S=Hkkk=BHYslQ`_Q`TOZ{W=S=HtkkkObkIM\R_Z=N-NUKQ`s.kk
EGFONN=NU_MjkgS.Q`slQ`TOrPNkKMFONNUTzKM_\R^zgS.Q`slQ`TOrPNk.Q`TOZKMFONBHYTzKNUjk_Q`s\`ctKMFONBsJ\)rQ`sNUTzKM_\R^zg
^=_\)ZWOrUKMHJ\RT[\noNU_GKMFONno\RsYW=XN V rQ`TSNBrQ`sJrUW=slQ`KNPZHYTOZ=NU^NUTOZ=NUTaKMsYgo.Q`TOZX4WOIMKGjkHYnoN
KMFONIQ`XN<Q`TOIMi}NU_{c|\R_{KMFONK\RKQ`stNUTaKM_\R^zg^=_\)ZWOrUKMHJ\RT_Q`KN4\`cKMFONIMgIMKNUX}eQRrF\`c
KMFONPIN{XNUKMFO\aZ=IeF.QRIHYKIe\iLTQRZnkQ`TzKQ`joNPIGQ`TOZ_Q`T=joN{\`ctQ`^=^=sYHJrQ`S=HYsYHYKpgoeO\R_eNOQ`X^=sJNk
HYKHJI6^\kIIMHYS=sJNDK\1rFONPrKMFON[rP\RTOIMHJIMKNUTOrUg\`cBKMFON[XQ`KMFONUXQ`KMHJrQ`sX\)Z=NUsJIKMF.Q`KQ`_N
WOINPZK\"X\aZ=NUstQ`TOZDIMHYX<W=slQ`KN^=_\arPNPIINPIG\`cxQ<IMHYT=jksJNB^=_\arPNPIIGW=T=HYKEGF=HJIGHJILZ=\RTONBSag
rFONPr)HYT=j HwcLKMFONsJ\arQ`seNUTaKM_\R^zg@^=_\aZWOrUKMHJ\RT_Q`KNHJI4^\kIMHYKMHYnoNHYTQ`sYsf^\RHYTaKI<\`c{KMF.Q`K
W=T=HYK
pKHJIKMFaWOIe^\kIIMHYS=sJNLK\<\RS=KQ`HYTKMFONbrP\RX^=sJNUKNbyaW.Q`TzKMHYKQ`KMHYnoNBrF.Q`_QRrUKNU_MHJIMKMHJrPIG\`cN=NU_Mjkg
sJ\kIINPIHYT1QIg)IMKNUXbEGFONPIN<sJ\kIINPIQ`_N"rP\RT=TONPrUKNPZiLHYKMFKMFON"HYTzKNU_MT.Q`sQ`TOZN)KNU_MT.Q`s
rP\RTOZHYKMHJ\RTOI{\`cKMFON-IMgIMKNUXxhbNKGK\6KMFONbsJ\)rQ`KMHJ\RTOILiLFONU_N-N=NU_MjkgsJ\kIINPIL\arPrUW=_KMFON
_NQRI\RTOIbiLFzg KMFONUgV\)rPrUW=_BrQ`TSN<rUslQRIIMHwv.NPZBEGF=HJIBHYTc\R_MXQ`KMHJ\RTHJIBnoNU_MgHYX^\R_MKQ`TzK
HYTQ`sYsrP\RTOrPNU^=KMHJ\RTZ=NPIMHYjkTAQ`TOZ&\R^NU_Q`KMHJ\RTAIMKQ`joNPI\`cKMFONVIMg)IKNUX&LrPrP\R_ZHYT=jK\
}_\)ZgzQ`TOIMagNUKQ`sakàzo8\`c=KMFONeN=NU_MjkgBsJ\kIINPIHYT<Q{IMg)IKNUXrQ`T4SNeQ`KMKM_MHYS=W=KNPZ
K\DKMFONIKQ`joN\`c}^=_\)rPNPIIrP\RTOrPNU^=KMHJ\RTxQ`TOZ1zoK\[KMFONNUT=jkHYTONPNU_MHYT=jZ=NPIMHYjkTIMKQ`joNk
EGFaWOIQ`S\RW=K4ko\`c}KMFONN=NU_MjkgsJ\kIINPI-HYTQDIMgIMKNUX Q`K-KMFON\R^NU_Q`KMHYT=jVIMKQ`joNQ`_N
TO\RKLsYHYoNUsYgDK\6SN_NPZWOrPNPZ
E\IMW=XXQ`_MHJINk=KMFONXQ`HYT \RSNPrUKMHYnoNPIb\`cxN=NU_MjkgQ`T.Q`sYg)IMHJIbQ`_Nk
kEt\Z=NUKNU_MXHYTONVKMFON[^\kIIMHYS=HYsYHYKg\`c_NQ`sYHJIMHYT=jQTONUi^=_\arPNPII\R_Z=NPIMHYjkT=HYT=j@Q
TONUiIg)IMKNUX\`cQ`TagrP\RX^=sJNHYKgiLHYKMFO\RW=K{Z=NUKNU_MXHYT.Q`KMHJ\RTV\`ctKMFONZHJIMKM_MHYS=W=KMHJ\RT
\`c}HYTaKNU_MT.Q`sfN=NU_MjkgsJ\kIINPIqaWOrF$Q[Z=NUKNU_MXHYT.Q`KMHJ\RTHJI-^\kIIMHYS=sJN6KMF=_\RW=jkFKMFON
NNU_MjkgS.Q`slQ`TOrPN<Q`KLKMFON-S\RW=TOZOQ`_Mg[\`cKMFON^=_\)rPNPII{\R_bIMg)IKNUXQ`TOZ[KMFON-IMW=SOIN
yzWONUTaKZ=NUKNU_MXHYT.Q`KMHJ\RT\`cK\RKQ`stN=NU_MjkgsJ\kII{Q`TOZ\`cxN=NU_Mjkg[NrUHJNUTOrUgo
Et\Z=NUKNU_MXHYTON<KMFONN=NU_MjkgDsJ\kIINPIbQ`TOZVKMFONN=NU_MjkgDNrUHJNUTOrUHJNPI\`ceQ`sYsW=T=HYKIB\`c
QIg)IMKNUXHYT1\R^NU_Q`KMHJ\RT4Et\[Z=NUKNU_MXHYTON6KMFON"^\kIIMHYS=HYsYHYKMHJNPIBc\R_BHYTOrU_NQRIMHYT=j[KMFON
NNU_Mjkg$NrUHJNUTOrUg\`cKMFON[IMgIMKNUXQRIQiLFO\RsJNDSzgXNQ`TOI\`cBHYTOrU_NQRIMHYT=jKMFON
NNU_MjkgDNrUHJNUTOrUHJNPIb\`cxKMFON-W=T=HYKILHYTQ6IMg)IKNUXEt\Z=NUKNU_MXHYTON4iLF=HJrFVW=T=HYKIb\`c
KMFON4IMgIMKNUXQ`_N<X\kIMKbHYT2OWONUTzKMHlQ`s\RT HYKIbNNU_Mjkg NrUHJNUTOrUgoEt\NUnkQ`sYW.Q`KN4KMFON
sYHYXHYKI\`cNNU_Mjkg[NrUHJNUTOrUHJNPILc|\R_{KMFONI^NPrUHwv.r-rP\RTOZHYKMHJ\RTOIB\`cKMFONW=T=HYKI{HYTKMFON
IMg)IKNUX
pTKMFON-Q`_NQ"\`ctXNQRIMW=_NUXNUTaK=HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgHJIGrP\RTOrPNU_MTONPZDiLHYKMF[WOIMHYT=j"HYTOZHJrQ
K\R_I~bTONiGQPgK\6NUnkQ`sYW.Q`KNKMFONB^NU_c|\R_MXQ`TOrPN\`cxQ"IMgIMKNUX'K\"KM_Q`TOIc|\R_MX_NPI\RW=_rPNPI
U
HJI6KMFON[N=NU_MjkgNrUHJNUTOrUgocW=TOZOQ`XNUTzKQ`s{_\RsJNDHYT&Z=NUKNU_MXHYT.Q`KMHJ\RT3\`cBKMFON[N=NU_Mjkg
NrUHJNUTOrUg@HJI4^=slQgoNPZ$SzgKMFONNNU_MjkgsJ\kIINPI<KMF.Q`K<KQòN^=slQRrPNHYTNUnoNU_MgW=T=HYK\`c{KMFON
IMgIMKNUXEGFONN=NU_MjkgDNrUHJNUTOrUgHJIZ=NvOTONPZ QRI
T0 dS
Eout
Eloss
dt
=
=1
=1
Ein
Ein
Eout + T0
irr

dS
dt irr
kk
q)\R_MHYTQ`TOZ6f_\)ZgzQ`TOIM)gkkoIFO\ifNPZ6KMF.Q`KKMFON}NNPrUKx\`c.NNU_Mjkg4sJ\kIINPIHYT<ZHwNU_NUTzK
W=T=HYKI<\`c{QVIMgIMKNUX HJIW=TONPyaW.Q`sDEGFONcW=_MKMFONU_KMFONW=T=HYKI"Q`_NHYTKMFON^=_\arPNPII<rF.Q`HYT
\`c}KMFONIMg)IKNUXKMFON6jk_NQ`KNU_HJIKMFON6NNPrUK6EGFONNNPrUKBHJI-rUsJ\kINUsYg _NUslQ`KNPZiLHYKMF1KMFON
N=NU_Mjkg"NrUHJNUTOrUHJNPIf\`cKMFON{W=T=HYKI3rF.Q`T=joNHYTNNU_Mjkg6NrUHJNUTOrUg\`c\RTONGW=T=HYK}QNPrUKI
KMFON<rP\RTOIMW=X^=KMHJ\RT\`ceN=NU_MjkgQ`KKMFON4HYT=^=W=Kb\`cKMFON4NUTaKMHY_N<Ig)IMKNUXHYTOZ=NU^NUTOZ=NUTaKMsYgV\`c
KMFON"sJ\)rQ`KMHJ\RT\`ceKMFON"W=T=HYKBHYTiLF=HJrF1KMF=HJI-rF.Q`T=joN\)rPrUW=_I-0rF.Q`T=joN6HYTKMFON6N=NU_Mjkg
sJ\kII{\R_NUTaKM_\R^zg6^=_\aZWOrUKMHJ\RT\`c\RTONGW=T=HYKZHwNU_NUTaKMsYg6Q`TOZ6TO\RTNPyaW=HYnRQ`sJNUTaKMsYgQNPrUKI
KMFONK\RKQ`sfN=NU_MjkgNrUHJNUTOrUg\`cLKMFONIMg)IKNUXtiLHYKMF@KMFONrP\RTOZHYKMHJ\RT@KMF.Q`K<KMFONN=NU_Mjkg
\RW=KM^=W=K\`cxKMFONIMgIMKNUXHJILKMFON-IQ`XNk
EGF=HJIHJIKMFON _NQRI\RTAiLFagAQ`T3NUT=jkHYTONPNU_[IMFO\RW=sJZAvO_IMKKM_Mg&K\Z=NPrU_NQRINKMFON N=NU_Mjkg
sJ\kIINPI"Q`K<KMFONW=T=HYKI<sJ\arQ`KNPZ@HYTKMFONvOT.Q`sGIMKQ`joNPI<\`c{KMFON^=_\arPNPII<rF.Q`HYTQ`TOZKMFONUT
KMFO\kINsJ\)rQ`KNPZHYTKMFON[\RKMFONU_IMKQ`joNPITQRZ=ZHYKMHJ\RTfKMFONNUT=jkHYTONPNU_IFO\RW=sJZvOTOZKMFON
ZHwNU_NUTzK6rP\RTzKM_MHYS=W=KMHJ\RTOI6K\VKMFONN=NU_Mjkg1sJ\kII4\R_"NUTzKM_\R^zg^=_\aZWOrUKMHJ\RTHYT@NQRrF@W=T=HYK
\`c-KMFONVIg)IMKNUX3EGFONVNUTaKM_\R^zg&^=_\)ZWOrUKMHJ\RTrQ`sJrUW=slQ`KMHJ\RT3\`NU_IQ1Ig)IMKNUXQ`KMHJrVi}Qg
K\ IM^=sYHYKKMFONK\RKQ`s}NUTzKM_\Râg^=_\aZWOrUKMHJ\RT_Q`KNSNUKi}NPNUT@HYKI<ZHwNU_NUTaK"rP\RTaKM_MHYS=W=KMHJ\RTOI
INPNKMFONNOQ`X^=sJN\`cQD^.Q`^NU_<Z_Mg)HYT=jXQRrF=HYTONHYT$dfF.Q`^=KNU_6oBI<QD_NPIW=sYKtKMFON
rP\RTaKM_MHYS=W=KMHJ\RTOI}ZWONK\ZHwNU_NUTzKe)HYTOZ=Ie\`cKM_Q`TOIM^\R_MKfIMWOrFQRIXQRIIkFONQ`K}Q`TOZrF.Q`_MjoN
KM_Q`TOIM^\R_MKfrQ`TSNb\RS=KQ`HYTONPZTIMWOrFDQ-iGQPgHYKeHJIe^\kIIMHYS=sJN{K\<yzW.Q`TaKMHwcugQ`TOZsJ\arQ`sYHJIN
KMFONN=NU_MjkgsJ\kII{ZWON-K\ZHwNU_NUTzKbKM_Q`TOIM^\R_MKL^=FONUTO\RXNUT.Q
pTQRZ=ZHYKMHJ\RTKMFONU_N"HJIQ`THYTaKNU_Z=NU^NUTOZ=NUTOrPNSNUKpifNPNUT1KMFONIMKM_MWOrUKMW=_N6\`c}KMFON"Ig)IMKNUX
Q`TOZ1HYKI4K\RKQ`seN=NU_MjkgNrUHJNUTOrUgexKMFONN=NU_Mjkg1NrUHJNUTOrUgZ=NPrU_NQRINPI"QRI-KMFONTzW=X4SNU_
\`cHYKI"W=T=HYKI"_MHJINPIpTdfF.Q`^=KNU_IQ`TOZHYK"iLHYsYsGSNIMFO\iLT$KMF.Q`K6KMFONF=HYjkFONU_6KMFON
rP\RX^=sJNHYKg\`c{KMFONIMgIMKNUXI<Q`T.Q`sYgINPZuHNk[TzW=X<SNU_6\`c{^=_\arPNPIIW=T=HYKIKMFONsJ\ifNU_
KMFONN=NU_MjkgDNrUHJNUTOrUgD\`cxKMFO\kINIg)IMKNUXI
EGFON"NNU_MjkgNrUHJNUTOrUgIFO\RW=sJZVSNWOINPZQRIbQ`THYTOZHJrQ`K\R_bHYT HYTOZWOIMKM_MHlQ`sxNPrP\RsJ\RjkgSN
rQ`WOINDHYKF.QRIKMFONQRZnRQ`TaKQ`joNK\SNDQ`^=^=sYHJrQ`S=sJN NPyzW.Q`sYsYgifNUsYs{c\R_IMHYX^=sJNIg)IMKNUXI
Nk jOLQ`TVHYTOZWOIKM_MHlQ`st^=slQ`TzKbQ`TOZ[c|\R_rP\RX^=sJNVIMgIMKNUXI4Nk jOLQT.Q`KMHJ\RT.Q`sNPrP\RTO\RX4gO
~bKMFONU_}HYTOZHJrQ`K\R_I}S.QRINPZ\RTKMFONbN=NU_MjkgrQ`sJrUW=slQ`KMHJ\RTDrQ`TSNrP\RX^=sJNUXNUTaKQ`_MHYsYgWOINPZ
K\HYTOZHJrQ`KN6NNU_MjkgNrUHJNUTOrUgoEGF=HJIbKMFONPIMHJIB_NPrP\RXXNUTOZ=IKif\D\RKMFONU_NNU_MjkgaS.QRINPZ

HYTOZHJrQ`K\R_Ic\R_HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgoziLF=HJrFifNU_N_NPrPNUTzKMsYg6^=_\R^\kINPZHYTKMFONLsYHYKNU_Q`KMW=_N
]NUiLW=swcNUKQ`sOkkkoEGFONPIN-HYTOZHJrQ`K\R_IifNU_N-KNU_MXNPZ[Sag]NUiLW=swcNUKQ`st|kkkoLQRI
N=NU_Mjkg_NUTONUiGQ`S=HYsYHYKg Q`TOZ[NUTanaHY_\RT=XNUTaKQ`srP\RX^.Q`KMHYS=HYsYHYKpgo
pT1KMFONQ`_NQ[\`cL\R^=KMHYXHJIQ`KMHJ\RTHYTOZWOIMKM_MHlQ`sfNPrP\RsJ\RjkgHJIrP\RTOrPNU_MTONPZiLHYKMF1c\R_MX<W=slQ`KMHYT=j
Q`TOZ@\R^=KMHYXHJIMHYT=j1\RSNPrUKMHYnoNcuW=TOrUKMHJ\RTOIVEGFON\RSNPrUKMHYnoNcW=TOrUKMHJ\RT@KMF.Q`K"HJI4^=_\R^\kINPZ
HYTKMF=HJI6KMFONPIMHJI6HJI"KMFONK\RKQ`s{NUTzKM_\R^zg^=_\)ZWOrUKMHJ\RTEGFONXHYT=HYXHJIQ`KMHJ\RT&^=_\RS=sJNUXHJI
c|\R_MX4W=slQ`KNPZQRI
HYTOZ"XHYT=HYX4W=X
IMW=SNPrUKLK\jkHYnoNUTVrP\RTOIMKM_Q`HYTzKI k o
|
}
> > >
> > > >
EGF=HJINUTaKM_\R^zg^=_\)ZWOrUKMHJ\RT&XHYT=HYXHJIQ`KMHJ\RTA^=_\RS=sJNUX^\kINPZ$HYT^=_QRrUKMHJrPNkfiLFONU_NifN
Z=NQ`siLHYKMFNPyaW=HY^=XNUTzK\`cvOT=HYKN-IMHYNiLF=HJrFifNiLHJIMF[K\\R^NU_Q`KNHYTDvOT=HYKNKMHYXNkOrQ`T
SNWOINPZK\ Q`TOIMi}NU_<KMFONyzWONPIKMHJ\RTiLF=HJrF$\R^NU_Q`KMHJ\RT@^.Q`KMFF.QRI4XHYT=HYX<W=X HYTzKNU_MT.Q`s
N=NU_MjkgsJ\kII{\R_LXHYT=HYX4W=XNUTzKM_\R^zg[^=_\)ZWOrUKMHJ\RTViLHYKMFVjkHYnoNUTVrP\RTOIMKM_Q`HYTzKI
yaW.Q`KMHJ\RTkkIMFO\i{I4KMF.Q`K6\RTONIMKM_Q`KNUjkg1K\ Z=NUnoNUsJ\R^$N=NU_MjkgzNrUHJNUTaK6\R^NU_Q`KMHJ\RT
^.Q`KMFOI<HYTHYTOZWOIMKM_MHlQ`s}^=_\)rPNPIINPI<XQPgSNK\V_NPZWOrPNKMFONK\RKQ`s}NUTaKM_\R^zg^=_\)ZWOrUKMHJ\RT
_Q`KN (dS/dt) oNPNU^=HYT=jKMFONIQ`XNN=NU_Mjkg\RW=KM^=W=K E B\R_-KMFONIQ`XNN=NU_Mjkg
HYT=^=W=K< E fc|\R_Q6jkHYnoNUTVNUTanaHY_\RT=XNUTaKQ`sKNUX^NU_Q`KMW=_N T GQ`TOZVQ6jkHYnoNUT^NU_MHJ\)Z\`c
KMHYXNV tAFONUTXHYT=HYXHJIHYT=j KMFONK\RKQ`s}NUTzKM_\Râg^=_\aZWOrUKMHJ\RT@_Q`KN\`c{QIMgIMKNUX
HYKHJI<KMFONUT^\kIIMHYS=sJNK\VZHJIMKMHYT=jkW=HJIFSNUKifNPNUT$^=_QRrUKMHJrQ`sGIMKM_Q`KNUjkHJNPI<K\HYX^=_\noNKMFON
^=_\RS=sJNUXIb_NUslQ`KNPZK\KMFON4_NPI\RW=_rPN-KM_Q`TOIc|\R_MXQ`KMHJ\RT\`cxKMF.Q`KbIMg)IKNUXfTO\iLHYT=jKMFON
XQ`HYTI\RW=_rPNPIe\`cNUTaKM_\R^zg^=_\)ZWOrUKMHJ\RTXNQ`TOI)TO\iLHYT=jKMFON{XQ\R_rP\RX^\RTONUTzKIf\`cQ
IMgIMKNUXIGHY_M_NUnoNU_IMHYS=HYsYHYKpgoQ`TOZDKMFaWOI{^=HYT=^\RHYTzKQ"_NQ`sYHJIMKMHJr-KMFONU_MX\)ZgaT.Q`XHJr-HYX^=_\noN
XNUTaK4^\RKNUTzKMHlQ`sc|\R_KMF.Q`K"IMg)IKNUX K\[KM_Q`TOIc|\R_MX KMFON_NPI\RW=_rPNPIEGF=HJI4^\RKNUTaKMHlQ`sfHJI
ZHwNU_NUTzK<KMF.Q`TKMF.Q`K4\RS=KQ`HYTONPZc\R_-KMFONrP\RTOZHYKMHJ\RT@\`cLXQHYX4W=X NNU_Mjkg1NrUHJNUTOrUgo
iLFONUTQ`sYsxHYTzKNU_MT.Q`s}NNU_Mjkg sJ\kIINPIQ`_N6NU_\Q`KKMFONN^NUTOIN6\`cLQ`T1HYTvOT=HYKNQ`_NQc\R_
KMFONNPyaW=HY^=XNUTzK[Q`TOZAQ`TAHYTvOT=HYKNKMHYXNc\R_KMFON^=_\)rPNPIINPIKMF.Q`K\arPrUW=_WOIMHYT=jKMF.Q`K
NPyaW=HY^=XNUTzK
pK-IMFO\RW=sJZSN6TO\RKNPZKMF.Q`K-KMFONKMFONU_MX\aZg)T.Q`XHJr\R^=KMHYXHJIQ`KMHJ\RT^=_\RS=sJNUXCQRI-Z=NvOTONPZ
Q`S\noN-F.QRIrP\RTOrPNU^=KMW.Q`stsYHYXHYKQ`KMHJ\RTOIfEGFONPIN4Q`_N-ZWON-K\KMFONBcQRrUK{KMF.Q`KNUTaKM_\R^zg[^=_\`
ZWOrUKMHJ\RT$XHYT=HYXHJIQ`KMHJ\RT&Z=NQ`sJI\RT=sYg@iLHYKMFKMFONDrP\RTOIMW=X^=KMHJ\RTQ`TOZsJ\kIINPI"\`cBNNU_Mjkgo
iLFONU_NQRIGHYTD^=_QRrUKMHJrPNk=\RTONBX4WOIMKGK\"KQòNBHYTzK\QRrPrP\RW=TaKQ4iLHJZ=NBnkQ`_MHJNUKg\`crP\RTOIMW=X^
KMHJ\RTOIEGFONU_Nc|\R_NkLHYKHJIrU_MHYKMHJrQ`sbK\@rQ`_M_Mg&\RW=KQKNPrF=TO\`NPrP\RTO\RXHJr1Q`T.Q`sYg)IHJIQ`TOZ
\R^=KMHYXHJIQ`KMHJ\RTViLF=HJrFHYTano\RsYnoNNPIMKMHYXQ`KNPI\`cTONPrPNPIIQ`_MgDrQ`^=HYKQ`sQ`TOZ[I\)rUHlQ`sN)^NUTOINPI

Z
dS
=
dV
dt irr
V
T.`ngYW Jl Z l W 4hbd a+gYo `kqoA`boAkq{z
oAr]pgYo ` l W [bÂVkts YW k d ^_]pgPo `
irr
in
out

Q`TOZIMFO\RW=sJZsJNQRZ)HYTKMFONbsJ\RT=j<_MW=T)K\"NPrP\RTO\RX4g\`ctT.Q`KMW=_Q`s_NPI\RW=_rPNPIb\ifNUnoNU_=HYK
HJITO\RKb^\kIIMHYS=sJN-K\aTO\iHwce\RTON<rQ`TQ`_M_MHYnoN<Q`KQKM_MW=sYg[KNPrF=TO\`NPrP\RTO\RXHJr\R^=KMHYX4W=X
iLHYKMFO\RW=KBrP\RTOIMHJZ=NU_MHYT=jHYT QRZ=ZHYKMHJ\RTKMFON4NNU_Mjkg[Q`T.Q`sYg)IHJI{\`cKMFON4NUTzKMHY_N4Ig)IMKNUX
pTKMF=HJIZHY_NPrUKMHJ\RTKMFONGM\RHYTzKQ`^=^=sYHJrQ`KMHJ\RT \`cNNU_MjkgQ`T.Q`sYgIMHJIbQ`TOZVNUT=jkHYTONPNU_MHYT=jNPrP\`
TO\RXHJrPIiGQRI^=_\R^\kINPZ6W=TOZ=NU_KMFONGT.Q`XNL\`cx=NU_Mjo\`rP\RTO\RXHJrPIeSagq)rF=HYXZKBkko
q)\R_MHYT[Q`TOZ}_\)ZgzQ`TOIM)g kkoa}_\)ZgzQ`TOIM)gNUK}Q`skàO-Q`jkjkHJ\RsYHxkkkko
HYTW=_\R^NkQ`TOZW=TOZ=NU_eKMFON{T.Q`XN\`cEGFONU_MX\`rP\RTO\RXHJrPIGSzgE_MHYS=WOIkznRQ`TOI
kkoswqQgoNPZQ`TOZ b^=sJNProRoswqQgoNPZQ`TOZ nkQ`TOIoRoLHYTKMFON"mT=HYKNPZ
qaKQ`KNPIATKMFONPIN[Ki}\XNUKMFO\)Z=I}KMFON\R^=KMHYXHJIQ`KMHJ\RT^=_\RS=sJNUXHJIIMHYXHYslQ`_MsYgI\RsYnoNPZ
WOIMHYT=j[QINUKb\`ceNPyaW.Q`KMHJ\RTOIbKMF.Q`KrP\RX4S=HYTONPIKMFON4^=_MHJrPNPI\`cKMFON<rP\RX^\RTONUTzKI\`cfQIMg)IM
KNUXCKMFONUHY_"\R^NU_Q`KMHYT=j^.Q`_Q`XNUKNU_IQ`TOZKMFONUHY_6NNU_MjkgNrUHJNUTOrUHJNPIEGFON^=_MHJrPNPI"Q`_N
TO\RK-INUKSzg KMFON"W=T=HYKBXQRIIS=W=KBSagVKMFON6IM^NPrUHwv.r6NNU_MjkgrP\RTzKNUTzK\`cGNQRrFXQ`KNU_MHlQ`s
Q`TOZNUTONU_MjkgIMKM_NQ`XEGFONPINXNUKMFO\)Z=I}F.QPnoNBKi}\6QRZnkQ`TzKQ`joNPIL\noNU_GKMFONbrUslQRIIHJrQ`s\RTON
uKNPrF=TO\`NPrP\RTO\RXHJr Q`T.Q`sYgIMHJINUnoNUTKMFO\RW=jkF$HYKrP\RX^=sJNUXNUTzKI_Q`KMFONU_KMF.Q`TIMW=SOIMKMHw
KMW=KNPIHYKEGFON4QRZnRQ`TaKQ`joNPIb\`cKMFONPIN-XNUKMFO\)Z=IbQ`_Nk
kLEGFONUgDZHY_NPrUKMsYgD_Nc2.NPrUKyaW.Q`sYHYKgDsJ\kIINPI{\`cQ`sYs)HYTOZ=I{\`cxT.Q`KMW=_Q`st_NPI\RW=_rPNPI
LEGFONNNPrUKI\`cKMHYXNZ=NU^NUTOZ=NUTzKbc|QRrUK\R_I"Nk jOx^=_MHJrPN-^\RsYHJrUg=LQ`_N-N=rUsYWOZ=NPZ
EGFONBZ=NUnoNUsJ\R^=XNUTzKL\`cKMFONPINbKi}\4XNUKMFO\)Z=I}F.QRIfNUno\RsYnoNPZHYTINUnoNU_Q`sZHY_NPrUKMHJ\RTOI}HYTKMFON
slQRIMK6KpifNUTzKpg$vOnoNDgoNQ`_IV\R_Q`Tkkb\RKQRIVkkxno\RTqa^.Qò\i{IaHNUKQ`sLkk
swqQgoNPZkkzeQ`sJNU_\6NUK}Q`skÒ=q)rUHYW=S=S.Q<kkàO\R_GNOQ`X^=sJNkano\RTqa^.Qò\i{IaH
NUKQ`s{k<^=_\R^\kINPZK\NKNUTOZ$KMFONDNNU_Mjkg$QRrPrP\RW=TzKMHYT=jK\HYTOrUsYWOZ=NDKMFONDNUTanaHw
_\RT=XNUTaKQ`sfNKNU_MT.Q`sYHYKMHJNPIiLF=HYsJNq)rUHYW=S=S.Q|kkàBZ=NUnoNUsJ\R^NPZQXNUKMFO\)ZrQ`sYsJNPZKMFON
xKNUTOZ=NPZ$x=NU_MjkgLrPrP\RW=TzKMHYT=jOfiLF=HJrF$KQòNPI"HYTzK\1QRrPrP\RW=TzKslQ`S\RW=_rQ`^=HYKQ`seQ`TOZ
NUTanaHY_\RT=XNUTaKQ`s{_NUXNPZHlQ`KMHJ\RT&rP\kIMKI1hBNUnoNU_MKMFONUsJNPIIKMFONPINXNUKMFO\)Z=IrQ`Tc|QRrUHYsYHYKQ`KN
KMFONHYTOrP\R_M^\R_Q`KMHJ\RT \`cQ`T\R^=KMHYXHJIQ`KMHJ\RTQ`^=^=_\oQRrFVHYT[HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkgofb\ifNUnoNU_
KMFONKMFONPIHJIZ=\aNPI4TO\RKXQòNWOIN\`cQ`Tag\`cGKMFONPINXNUKMFO\)Z=IpTOIMKNQRZtHYKiLHYsYsWOINQ
XNUKMFO\)Z$K\vOTOZXHYT=HYX4W=XNUTzKM_\R^zg^=_\)ZWOrUKMHJ\RTAQ`^=^=sYg)HYT=j@Q XNUKMFO\aZ&iLF=HJrF&F.QRI
SNPNUT_NPrPNUTaKMsYg^=_\noNPZK\<SNBQK\)\RsK\<QRrF=HJNUnoN-Q`^=^=_\oQRrF.Q`S=sJNQ`TOZQ`KMKQ`HYT.Q`S=sJN-I\RsYW
KMHJ\RTOI-\`ceKMFON"XHYT=HYX<W=X NNU_MjkgsJ\kIINPIBHYTKMFON"Z=NPIMHYjkTQ`TOZ\R^NU_Q`KMHJ\RT\`cfHYTOZHYnaHJZW.Q`s
^=_\)rPNPIILW=T=HYKI
vy uXnsd{rorW{8}!~[rns5sqo:<orz}!rt}}!|{~}!uuqs{q}<Cuqsx{so:ruo:F{W~}!uJI
orz}!z
z {!ruWz o:(s}!}(LFD
.P w f,eF*t
k,o.`z f` f
e,z$tQpefC0{..
E\BNUnkQ`sYW.Q`KNGKMFON}^NU_c|\R_MXQ`TOrPNL\`cQBIMgIMKNUXIc\R_x_NPI\RW=_rPN}WOINLQ`TOZ"KM_Q`TOIc|\R_MXQ`KMHJ\RTOI
HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg[XQòNPIWOIN4\`cINUnoNU_Q`st^=Fag)IHJrQ`sXNUKMFO\)Z=IBQ`TOZVKMFONUHY_BQRII\arUHlQ`KNPZ
HYTOZHJrQ`K\R_IeEGFON-IMKQ`KMWOIL\`cKMFONPINXNUKMFO\)Z=IQ`TOZDKMFONHYTOZHJrQ`K\R_ILHJIG^=_NPINUTzKNPZ[HYT[KMFON
c|\RsYsJ\iLHYT=jO
Q !q !<G1& .G4F.QPnoN<SNPNUT ^\R^=W=slQ`_bK\Z=NUKNU_MXHYTON<KMFON4^=Fag)IHJrQ`stS.QRIMHJIB\`c
NPrP\RTO\RXHJrGQRrUKMHYnaHYKpg<Q`TOZ<HYKItHYTaKNU_QRrUKMHJ\RTiLHYKMF<KMFONfNPrP\kIMg)IKNUXLZ_MHlQkQ`TOIN}NUKQ`sako)
Q`KMKMFONUi{INUK4Q`skkkoEGFONPIN6XNUKMFO\)Z=I4Z=NUKNU_MXHYTONKMFON6XQRII\`cfXQ`KNU_MHlQ`s2.\i{I
KMF.Q`K^.QRIINPIc_\RX KMFONNPrP\kIMgIMKNUXIK\KMFONNPrP\RTO\RX4gQ`TOZ1KMFONNUXHJIIMHJ\RTOI-c_\RX KMFON
NPrP\RTO\RX<gVK\KMFON<NPrP\kIMgIMKNUXIB\kIMKB\`cKMFON6IMKMWOZHJNPI-Q`_N6Q`KbKMFON<sJNUnoNUs\`ceKMFON"NUTzKMHY_N
NPrP\RTO\RX<goxS=W=K<ZHJIQ`jkjk_NUjzQ`KMHJ\RTK\X\R_NZ=NUKQ`HYsJNPZsJNUnoNUsJI<HJISNUHYT=j Z=NUnoNUsJ\R^NPZO\R_
NOQ`X^=sJNk)KMFONbQ`KNU_MHlQ`ssJ\ibT.Q`sYgIMHJIfIKMWOZHJNPIfKMFONbWOINB\`cXQ`KNU_MHlQ`sJIGHYTHYTaKNUjk_Q`KNPZ
HYTOZWOIMKM_MHlQ`sxQ`TOZ rP\RTOIW=XHYT=jDQRrUKMHYn)HYKMHJNPIbqaHYTOrPN4XQRIIbZ=\)NPI{TO\RKrQ`^=KMW=_N<XQ`TzgV\RKMFONU_
^=_\R^NU_MKMHJNPIt\`c=XQ`KNU_MHlQ`sJIRIMWOrF<QRIKMFONUHY_NUTONU_Mjkg-Q`TOZ<NNU_MjkgnkQ`sYWONPIKMFONf IMKMWOZHJNPI
Q`_NsYHYXHYKNPZVSzgKMFONUXINUsYnoNPI
bT.Q`sYg)IKIQ`KKMFOND1W=^=^NU_MKQ`spTOIMKMHYKMW=KN[F.QnoNZ=NUnoNUsJ\R^NPZQ`THYTOZHJrQ`K\R_rQ`sYsJNPZKMFON
kc|R$ )q c!c
aO fq=}_MHYT=joNUPWNUK"Q`skÒq)rF=XHJZK}sJNPNU
kÒbHYTzKNU_MSNU_MjoNU_GNUK{Q`skàEGF=HJI}HYTOZHJrQ`K\R_LXNQRIMW=_NPI}KMFONBXQRIIG\`ct_NPI\RW=_rPNPI
X\noNPZc_\RX KMFONNUTanaHY_\RT=XNUTaK"c\R_<^=_\n)HJZHYT=jQDW=T=HYK"XQRII<\`cG^=_\)ZWOrUK<\R_6Q[W=T=HYK
INU_Mn)HJrPNkBNU_MKiLHJrF$Q`TOZrP\ì}\R_MoNU_IHYTKMFONUHY_4_NUn)HJNUiBNU_MKiLHJrFNUK<Q`sekokQ`_
jkWONPZKMF.Q`KGKMF=HJIGHYTOZHJrQ`K\R_LHJI}TO\RKLQ<jo\)\aZK\)\Rsc|\R_}KMFONBNUnkQ`sYW.Q`KMHJ\RT\`cNUTanaHY_\RT=XNUTaKQ`s
HYX^.QRrUKQRII\arUHlQ`KNPZDiLHYKMF[KMFON_NPI\RW=_rPNWOINbSNPrQ`WOIN-NQRrFXQ`KNU_MHlQ`sHYT[ fqHJIGTO\RK
NPyaW.Q`sYsYg W=TOZ=NPIHY_Q`S=sJNkO\R_4NOQ`X^=sJNkiLFONUKMFONU_KMFONXQRII-KMF=_\RW=jkF=^=W=K<rP\RXNPI-cu_\RX
KMFON6T.Q`KMW=_Q`sfjzQRI-KMF.Q`K-cWONUsJI4QD^\ifNU_<^=slQ`TzK4\R_4KMFON_MHYnoNU_i}Q`KNU_<KMF.Q`K4rP\)\RsJI-HYKKMFON
p}qDHJIBTO\RKQ`S=sJN"K\IMFO\iiLF=HJrF1XQ`KNU_MHlQ`sxHJIbKMFON"X\kIMKbW=TOZ=NPIHY_Q`S=sJN<K\joNUTONU_Q`KN
NUsJNPrUKM_MHJrUHYKpg@HYT&Q ^\ifNU_^=slQ`TaK@pT&QRZ=ZHYKMHJ\RTepfqHJI6TO\RKIMWrUHJNUTaKK\NUnkQ`sYW.Q`KN
KMFOND_NPI\RW=_rPNVWOINDSNPrQ`WOIN[HYKZ=\)NPITO\RKKQòN[HYTaK\QRrPrP\RW=TzK[Q`Tzg$NUTONU_Mjkg$_NPI\RW=_rPN
KM_Q`TOIc|\R_MXQ`KMHJ\RT
0:% <G1&< .G"IMWOrFQRIbTONUKNUTONU_MjkgQ`T.Q`sYg)IMHJI-Q`TOZVcuWONUsxrUgrUsJN6Q`T.Q`sYgIMHJI
Z=NUKNU_MXHYTONeKMFONP2.\i\`c=NUTONU_MjkgKMF=_\RW=jkF<nRQ`_MHJ\RWOINPrP\RTO\RXHJrfQRrUKMHYn)HYKMHJNPI}Q`T=TO\RToR
d}\RTOIMKQ`T=QQ`TOZbNU_NUTOZ=NPNUT8kÒqa^=_NUT=j&kkoEGFONPINXNUKMFO\aZ=I6rP\RTOIMHJZ=NU_6KMFON
NUTONU_MjkgrP\RTzKNUTaK\`cHYTOZWOIMKM_MHlQ`soHYT=^=W=KIcu_\RXNPrP\kIg)IMKNUXIQ`TOZ-HYTOZWOIMKM_MHlQ`sz\RW=KM^=W=KIcu_\RX
KMFONNPrP\RTO\RX4goys x=^=^NUs}NUK6Q`sfkok-^=_\R^\kINPZKMFON0^)wkuU*c 0cR
d}]fHYTOZHJrQ`K\R_LS.QRINPZ[\RT[KMFONBTONUK{NUTONU_Mjkg[Q`T.Q`sYg)IHJIxEGF=HJILHYTOZHJrQ`K\R_LXNQRIMW=_NPILHYT
o\RW=sJNPI}KMFONBZ=NUXQ`TOZ\`c^=_MHYXQ`_MgNUTONU_Mjkgc|\R_e^=_\)ZWOrUKMHJ\RTD\`cQ4XQRIIfW=T=HYK}\`c^=_\aZWOrUK

\R_LQW=T=HYKG\`cINU_Mn)HJrPNkpKeHYTOrUsYWOZ=NPIGKMFONBNUTONU_Mjkg_NPyzW=HY_NUXNUTaKI}c\R_}KM_Q`TOIM^\R_MK=Q`TOZKMFON
c|NPNPZ=IMK\)rNUTONU_MjkguHNkLKMFON4^=_MHYXQ`_MgVNUTONU_MjkgZ=NUXQ`TOZc|\R_KMFON4XQ`KNU_MHlQ`sJIB^=_\aZWOrPNPZ
c_\RX\RHYserP\oQ`sL\R_6if\)\aZ.sJR^NU_ko)=_MHJIrF=)TONPrF9ko)O_MHJIrF=)TONPrFNUKQ`s
kkoEt\QRrPrP\RW=TaK6c\R_Q`sYs{NUTONU_Mjkg@Z=NUXQ`TOZ=IesJR^NU_Vkok<^=_\R^\kINPZ$K\WOIN
KMFONrQ`sJ\R_MHwv.rnRQ`sYWONPI4\R_KMFON[YF zc6Mo0 k FbI\`c{Q`sYs)HYTOZ=I\`cLNUTONU_Mjkg
_NPI\RW=_rPNPIVHYoNXQRIIxNUTONU_Mjkg@Q`sJI\ Z=\aNPI<TO\RK6rQ`^=KMW=_NKMFONrP\RTzKM_MHYS=W=KMHJ\RT&\`c{TO\RT
rQ`sJ\R_MHwv.r4XQ`KNU_MHlQ`sJI.Q`TOZ[HYjkTO\R_NPIKMFON-INPrP\RTOZ[slQPi9\`cKMFONU_MX\)ZgaT.Q`XHJrPI
EGFON6 |k|<1 |U|R/ =k.|ReB]B}HJI}WOINPZHYTKMFONBIMKQ`TOZOQ`_Zd}XNUKMFO\)ZK\
QRIINPIILKMFON-HYX^.QRrUK\`c_NPI\RW=_rPNWOIN\`cQ6^=_\aZWOrUKsYHwcNrUgrUsJNkeLrPrP\R_ZHYT=jK\BW=HYTONPN
Q`TOZ[F=HJIrP\RsYsJNQ`jkWONPI<BW=HYTONPNNUKBQ`sOkkko=KMFONB]B&HJIQ"XNQRIMW=_N\`cxKMFONZ=NPrU_NQRIN
\`cKMFON{QPnkQ`HYslQ`S=HYsYHYKg\`cQ`S=HJ\RKMHJrL_NPI\RW=_rPNPIHYTKMFONGT.Q`KMW=_Q`s.NUTzn)HY_\RT=XNUTzKfEGFONGXNUKMFO\aZ
^=_NPINUTaKNPZSagW=HYTONPNNUKtQ`sz|kkko_NPyaW=HY_NPIKMFONZHYn)HJIMHJ\RT\`cOB]BHYTKi}\rQ`KNUjo\R_MHJNPI
\RTONc\R_}XQ`KNU_MHlQ`sJIGIMWOrFQRI}\R_NPILQ`TOZXHYTONU_Q`sJI=Q`TOZD\RTONc\R_ec\kIIHYsOcWONUsJI}IWOrF[QRIf\RHYs
T.Q`KMW=_Q`sjzQRI}Q`TOZrP\oQ`sbIfZ=NPIrU_MHYSNPZHYTKMFON{XNUKMFO\)Zc|\R_KMFONBrQ`sJrUW=slQ`KMHJ\RT\`cQ`S=HJ\RKMHJr
Z=NU^=sJNUKMHJ\RT[\`c_NPI\RW=_rPNPIfKi}\<^=_\RS=sJNUXILQ`_NBZ=NvOTONPZ)_NPIMW=sYKMHYT=j<HYTKi}\6ZHwNU_NUTaK}NUTOZ)
^\RHYTzKIKMFONsJ\kII[\`c"KMFONQPnkQ`HYslQ`S=HYsYHYKg\`c<T.Q`KMW=_Q`sNUsJNUXNUTaKIVQ`TOZKMFONsJ\kIID\`c<KMFON
QnRQ`HYslQ`S=HYsYHYKpgA\`cc\kIIMHYsLcWONUsJIEt\1vOTOZKMFONQ`X\RW=TaK\`c-KMFONVsJ\kII\`c<QnRQ`HYslQ`S=HYsYHYKpg\`c
c|\kIIMHYs=cWONUsJIaKMFON{sJ\ifNU_GFONQ`KMHYT=j<nkQ`sYWONPI}\`cc|\kIIMHYs.cuWONUsJI}Q`_NWOINPZB\i}NUnoNU_KMFONU_NbQ`_N
ZHwNU_NUTzKGQ`sYKNU_MT.Q`KMHYnoNPIfK\WOIN{IQ`XNGc|\kIIMHYs=_NPI\RW=_rPNPITKMFONbN=Q`X^=sJN\`cS=W=_MT=HYT=j"\`c
QBc|\kIIMHYs_NPI\RW=_rPNkaKMFON{N=NU_Mjkg"rP\RTaKNUTzKG\`cS=W=_MTaKcWONUs=HJIsJ\kIMKeNUTaKMHY_NUsYgoEGFON{Z=NU^=sJNUKMHJ\RT
\`cGc|\kIIMHYscWONUsJIiLHYsYsGQ`sJI\[HYTOrU_NQRINHYTKMFONrQRIN\`cLTO\RTrQ`sJ\R_MHwv.rWOIN\`c}c|\kIIMHYscuWONUsJI
c|\R_BNOQ`X^=sJNkHYT KMFON<^=_\)ZWOrUKMHJ\RT\`cf^=slQRIMKMHJrPIBEGFONc|\R_MX4W=slQWOINPZ K\rQ`sJrUW=slQ`KN"KMFON
B]jkHYnoNPIeKMFONIQ`XNnRQ`sYWON{\`cB]HYTS\RKMFKMFONS=W=_MT=HYT=j"Q`TOZTO\RTrQ`sJ\R_MHwv.rbWOIN{\`c
KMFONIQ`XNc\kIIMHYscuWONUs.INPN4BW=HYTONPNNUKbQ`s|kkkofBILIMKQ`KNPZ[Sagd}\R_MTONUsYHJIINUTkok
HYTF=HJIeKMFONPIMHJIzKMF=HJIcQRrUKXQòNPIeKMFONb]HYTOZHJrQ`K\R_}HYT.Q`^=^=_\R^=_MHlQ`KNQRIfQXNQRIMW=_N{c\R_
KMFONNUnkQ`sYW.Q`KMHJ\RTV\`cx_NPI\RW=_rPN-WOINQ`TOZKM_Q`TOIc\R_MXQ`KMHJ\RT
,<F% !<G$&< .GKQòN-HYTzK\QRrPrP\RW=TzKKMFONBvO_IKQ`TOZ[INPrP\RTOZ[slQPi{I\`cKMFONU_
X\)ZgaT.Q`XHJrPIzQ`TOZ"KMFONUg"rQ`^=KMW=_N{Q`TQ`_M_QPg6\`c.XQ`KNU_MHlQ`sQ`TOZ6NUTONU_Mjkgx2.\i{IW=TOZ=NU_xKMFON
IQ`XNW=T=HYKzo\RW=sJNkeEGFONPINLXNUKMFO\)Z=IeF.QnoNsJ\RT=jSNPNUTWOINLK\4Z=NUKNU_MXHYTONbKMFON{KMFONU_MX\`
Zg)T.Q`XHJr4NrUHJNUTOrUg[\`cHYTOZWOIMKM_MHlQ`st^=_\)rPNPIINPI<=_Q`KMIrFONU_6kk.G\kIMTRQò\n)HJrkk
}_\)ZgzQ`TOIMag1oRqaQ`_MjkW=KbNUKBQ`skk.b\RKQRI<kkHYKMPX\R_M_MHJIQ`TOZVQ`Fkk
b\RKQRIVkkofK\Q`T.Q`sYg)INDKMFONDSNUF.QPn)HJ\RW=_\`c-NPrP\kIMgIMKNUXIVo\R_MjoNUTOINUT9kok}Q`TOZ
K\VQRrPrP\RW=TaK4c|\R_4Q`sYseNPrP\RsJ\RjkHJrQ`s}^=_\aZWOrUKI"Q`TOZINU_Mn)HJrPNPI-HYTKMFON\RHYTaK4NPrP\RTO\RXHJrQ`TOZ
NPrP\RsJ\RjkHJrQ`s}IMg)IKNUX QRI4QDIMHYT=jksJNTONUKpif\R_M\`cGXQ`KNU_MHlQ`sfQ`TOZNUTONU_Mjkg'2.\i{IBQ`WQ`TOZ
LQÌMF=HkkÒmbaHJZi}N"Q`TOZLQ`)IMF=HxkkÒ| {BHNUKQ`skkàeQ`_MHJ\RWOINKNUTOIMHJ\RTOI\`c
N=NU_MjkgQ`T.Q`sYgIMHJI-IMWOrFQRI-TOZWOIMKM_MHlQ`sfdfW=X<W=slQ`KMHYnoNx=NU_Mjkgd}\RTOIMW=X^=KMHJ\RTT.Q`sYgIMHJI
qaQ`_MjkW=KNUKQ`skkoox=NU_MjoNUKMHJrLHwcNLdfgrUsJN}bT.Q`sYgIMHJILd}\R_MTONUsYHJIINUT[kokxQ`TOZ6HwcN
dfgrUsJN<NU_MjkgVbT.Q`sYgIMHJI"-\RT=jDQ`TOZ Q`sYsxkk{ifNU_N6Z=NUnoNUsJ\R^NPZVK\NUnkQ`sYW.Q`KN4KMFON
vy uXnsd{rorW{8}!~[rns5sqo:<orz}!rt}}!|{~}!uuqs{q}<Cuqsx{so:ruo:F{W~}!uJI
orz}!z
z {!ruWz o:(s}!}(LFD
^NU_c\R_MXQ`TOrPN4\`cHYTOZWOIMKM_MHlQ`sIMg)IKNUXILK\6WOINQ`TOZ[KM_Q`TOIc|\R_MX_NPI\RW=_rPNPI
EGFONTOZWOIKM_MHlQ`sLdfW=X<W=slQ`KMHYnoNNU_Mjkgd}\RTOIW=X^=KMHJ\RTXNUKMFO\)ZZ=NUKNU_MXHYTONPI6KMFONrUW
X<W=slQ`KMHYnoNNNU_Mjkg$rP\RTOIMW=X^=KMHJ\RT3\`cbHYTOZWOIMKM_MHlQ`s{^=_\)ZWOrUKMHJ\RT&^=_\)rPNPIINPIQ`TOZrF.Q`HYTOI
qaQ`_MjkW=KBNUKbQ`skkoL^=_\R^\kINPZKMFONqâYku"J S<q k= k1QRIBQ`TVHYTOZHw
rQ`K\R_c\R_b_NPI\RW=_rPN<Z=NU^=sJNUKMHJ\RTHYTHYTOZWOIMKM_MHlQ`s^=_\)rPNPIINPIL EGF=HJIHYTOZHJrQ`K\R_-Q`jkjk_NUjzQ`KNPI
Q`sYsGNNU_Mjkg_NPyzW=HY_NUXNUTaKI6c\R_"KMFON^=_\aZWOrUKMHJ\RT&\`cQVIM^NPrUHwv.rW=T=HYK<^=_\)ZWOrUKB\iG
NUnoNU_GKMF=HJIHYTOZHJrQ`K\R_Z=\)NPITO\RKKQòNVHYTaK\QRrPrP\RW=TaKKMFON NNU_MjkgsJ\kIINPIQRII\arUHlQ`KNPZ
iLHYKMFDKMFON-ZHJIM^\kIQ`s\`ctKMFON^=_\)ZWOrUK{\R_}KMFONBHYT2OWONUTOrPN\`c_NPrUg)rUsYHYT=j\R_G_NUWOIN\`c^=_\aZ)
WOrUKI]BNUiLW=swcfQ`TOZtQ`T=joNUT=FO\noN|kkko{rUslQ`HYXNPZ1QI\RsYW=KMHJ\RT K\KMF=HJIb^=_\RS=sJNUXQ`TOZ
Z=NUnoNUsJ\R^NPZQ`THYTOZHJrQ`K\R_KMF.Q`K6iGQRI"rQ`sYsJNPZ$KMFONJ S0c0UMkckfuF \ c9)Ou
!cPbEGF=HJIBHYTOZHJrQ`K\R_KQòNPIBHYTzK\DQRrPrP\RW=TzK-KMFON"NNU_Mjkg[_NPyaW=HY_NUXNUTzKIQRII\arUHlQ`KNPZ
iLHYKMFAKMFON ZHJIM^\kIQ`sbQ`TOZA_NPrUgrUsYHYT=j\`cXQ`KNU_MHlQ`sJIT3\RKMFONU_i}\R_MGKMFONPINQ`W=KMFO\R_I
F.QnoNbHYTaKNUjk_Q`KNPZ[INUnoNU_Q`sHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg^=_MHYTOrUHY^=sJNPIGHYTzK\Q<INUKG\`cHYTOZHJrQ`K\R_I}c\R_
NUTanaHY_\RT=XNUTaKBQRIINPIIMXNUTzK\`cxKNPrF=TO\RsJ\Rjkg]NUiLW=swceQ`TOZ[tQ`T=joNUT=FO\noN"kkko
q)rUHYW=S=S.Q@|kkàB^=_\R^\kINPZKMFONxKNUTOZ=NPZNU_Mjkg1LrPrP\RW=TzKMHYT=jXNUKMFO\)Z1K\Z=NUKNU_
XHYTON}KMFONLrUW=X4W=slQ`KMHYnoNNNU_Mjkg"rP\RTOIMW=X^=KMHJ\RTQRII\)rUHlQ`KNPZ"iLHYKMFTO\RK\RT=sYg4KMFONGXQ`KNU_MHlQ`s
Q`TOZNUTONU_MjkgHYT=^=W=KIeS=W=KGQ`sJI\iLHYKMFKMFON{slQ`S\RW=_LQ`TOZrQ`^=HYKQ`sHYT=^=W=KI}\`cTO\RTN=NU_MjoNUKMHJr
NKNU_MT.Q`sYHYKMHJNPI<q)rUHYW=S=S.Qkkà
EGFONBx=NU_MjoNUKMHJrBHwcN-dfg)rUsJNBbT.Q`sYg)IMHJIGQ`TOZDHwc|NdfgrUsJNbNU_MjkgbT.Q`sYgIMHJIei}NU_NNUslQ`S\`
_Q`KNPZc|\R_}ZHwNU_NUTzKL^=W=_M^\kINPIEGFONB^=W=_M^\kINb\`cKMFON{vO_IK}XNUKMFO\)ZHJI}K\<HYTOrP\R_M^\R_Q`KN
KMFONBNNU_MjkgrP\RTOrPNU^=KGHYTKMFONIMKQ`TOZOQ`_ZDd}"EGF=HJIGHJI}iLFzgQ`sYsKMFONIMKNUÔI}HYT[d}9Q`_N
KMFON"IQ`XN6QRIbKMFON6IMKNUÔIbHYT1x=NU_MjoNUKMHJr"d}<EGFON"HYTznoNUTzK\R_MgIMKNU^HYTKMFON<x=NU_MjoNUKMHJr
d}HJIX\R_NVNKNUTOIMHYnoN[KMF.Q`TKMF.Q`K\`c-KMFONIMKQ`TOZOQ`_Z3d}XNUKMFO\aZGSNPrQ`WOIN[HYK
_NPyaW=HY_NPIBQrP\RX^=sJNUKNx2.\iGIMFONPNUK-\`cKMFON<XQRII-Q`TOZ NUTONU_Mjkg2.\i{I\`cfQ`sYs^=_\)ZWOrUKMHJ\RT
IMKNUÔIEGFONHYX^.QRrUKbQRIINPIIMXNUTaKIMKNU^VrP\RTOIMHJIKI\`cxKMFON4rQ`sJrUW=slQ`KMHJ\RT \`cKMFONN=NU_Mjkg[\`c
KMFON^2.\i{I"Q`TOZKMFONZ=NUKNU_MXHYT.Q`KMHJ\RT$\`cLKMFONN=NU_MjkgsJ\kIINPIHYT@Q`sYsf^=_\aZWOrUKMHJ\RTIMKNUÔI
EGFONU_NbHJITO\"rUslQRIIMHwv.rQ`KMHJ\RTDIMKNUÊGFONLvOT.Q`s_NPIMW=sYKG\`cKMF=HJIeXNUKMFO\)ZHJIKMFONBIMW=X'\`cQ`sYs
N=NU_MjkgsJ\kIINPIiLF=HJrFVHJI{Z=NvOTONPZ QRILKMFONsYHwc|NrUgrUsJN-HY_M_NUnoNU_IMHYS=HYsYHYKgo
EGFON^=W=_M^\kIN \`c<KMFONHwcNdfgrUsJNNU_Mjkg3T.Q`sYgIMHJIXNUKMFO\aZ3HJIK\$NUnRQ`sYW.Q`KN1Q`TOZ
XNQRIMW=_NKMFONrP\RTOZHYKMHJ\RTOI\`c<IMWOIKQ`HYT.Q`S=HYsYHYKgHYTKMFONZ=NPIMHYjkT^=F.QRIN\`c<NUT=jkHYTONPNU_MHYT=j
IMgIMKNUXIV-\RT=jQ`TOZ&Q`sYskkEGF=HJIrP\RTOZHYKMHJ\RT3HJIrF.Q`_QRrUKNU_MHJINPZASagKMFON[WOIN
\`cGNNU_Mjkg_NPI\RW=_rPNPI-HYTIMWOrF@Qi}QgKMF.Q`K-KMFON6HYT=^=W=K4\`c}N=NU_Mjkg iLHYsYseSN"^.Q`HJZ1S.QRr
ZW=_MHYT=jKMFON4sYHwc|N<KMHYXN<\`ceKMFON"IMgIMKNUXQ`TOZVKMFON<WOINPZZ=NU^\kIMHYKIbX4WOIKBSN4rP\RX^=sJNUKNUsYg
_NPIMK\R_NPZ
E\[I\RsYnoNKMFON6HYX^NU_cNPrUKMHJ\RTOI4^=_\n)HJZ=NPZ1SzgXQRII4Q`TOZ1NUTONU_MjkgQRI-XNQRIMW=_NPI-c\R_-KMFON
NUnkQ`sYW.Q`KMHJ\RT@\`cLXQ`KNU_MHlQ`sLQ`TOZNUTONU_Mjkg1_NPI\RW=_rPNWOINQ`TOZKM_Q`TOIMc\R_MXQ`KMHJ\RTxg)_NPI4NUK
k
Q`sLkko6Q`TOZHYT=TznoNPZ=NUT9kà<HYTOZ=NU^NUTOZ=NUTzKMsYg$^=_\R^\kINPZ$NNU_Mjkg$QRIQ SNUKMKNU_
XNQRIMW=_NLc\R__NPI\RW=_rPN{WOINLQ`TOZZ=NU^=sJNUKMHJ\RTHYTKMFONLd}AXNUKMFO\)ZHYT=TanoNPZ=NUTkà
Q`TOZ<slQ`KNU_HYT=TznoNPZ=NUTQ`TOZ }BIMKMsYW=TOZkokkIW=jkjoNPIMKNPZ<Q{KMFONU_MX\aZg)T.Q`XHJrLQ`^=^=_\oQRrF
HYTiLF=HJrFVKMFON-WOIN-\`cXQ`KNU_MHlQ`sxQ`TOZNUTONU_MjkgD_NPI\RW=_rPNPIHYTd}+Q`_NK\SN-Z=NPIrU_MHYSNPZ
QRI}NUHYKMFONU_}rP\RTOIW=X^=KMHJ\RTD\`ctN=NU_Mjkg\R_f^=_\aZWOrUKMHJ\RT[\`ctNUTzKM_\RâgoTaKM_\R^zg^=_\aZWOrUKMHJ\RT
F.QRI-Q`sJI\SNPNUTrP\RTOIMHJZ=NU_NPZ1QRI-QXNQRIMW=_N"\`ceNUTzn)HY_\RT=XNUTzKQ`se^\RsYsYW=KMHJ\RT&xg)_NPIBQ`TOZ
Q`_MKMHYT.QRIkkoxQ`TOZQRI4Q`TNPrP\kIg)IMKNUX
ZHJIMKMW=_MS.Q`TOrPN .Q`SNU_4NUK<Q`sekkBslQRIMSag
kkkWONUXXNUstkkoxxg)_NPINUKQ`sOkkoxQ`_MjkWONPZKMF.Q`KN=NU_Mjkg4HJIQ`TQ`^=^=_\R^=_MHlQ`KN
rP\RTOrPNU^=KGc|\R_LIMKQ`KMHJIMKMHJrQ`sWOINk)S\RKMFVQRI{Q4XNQRIW=_N-\`ct_NPI\RW=_rPN-IMK\)rI{Q`TOZ
2.\i{IQ`TOZ
QRIeQBXNQRIW=_N{\`ciGQRIMKN{NUXHJIIHJ\RTOIeQ`TOZ^\RKNUTzKMHlQ`s=c|\R_rQ`WOIMHYT=j4NUTanaHY_\RT=XNUTaKQ`sF.Q`_MX
xg)_NPINUK<Q`skkoIMKQ`KNPZKMF.Q`KKMFONU_NQ`_NKMF=_NPNQRZnRQ`TaKQ`joNPI<\`cGWOIMHYT=jN=NU_MjkgHYT
KMFONd}<OEGFON-vO_IMKQRZnRQ`TaKQ`joNHJIKMF.Q`KNNU_Mjkg[Q`sYsJ\i{IKMFONrQ`sJrUW=slQ`KMHJ\RT \`cKMFONU_MX\`
Zg)T.Q`XHJrNNU_MjoNUKMHJrfNrUHJNUTOrUgoEGF=HJI}iLHYsYsKNUsYsWOIfK\<iLF.Q`KGNKNUTzKGKMFONb^=_\arPNPIIfrQ`T
SN}HYX^=_\noNPZEGF=HJIHYX^=_\noNUXNUTzKfiLHYsYsOF.QPnoN{Q`THYXXNPZHlQ`KNHYX^.QRrUK\RTKMFON{Q`X\RW=TzK
\`c}_NPI\RW=_rPNPI-WOINPZ1Q`TOZi}QRIKNPI4Q`TOZ1\RKMFONU_NUXHJIIMHJ\RTOIjoNUTONU_Q`KNPZEGFONINPrP\RTOZ1QRZ)
nkQ`TzKQ`joN<\`cxN=NU_MjkgzNUT=F.Q`TOrPNPZ d}HJILKMFONcQRrUK{KMF.Q`K{HYKGcQRrUHYsYHYKQ`KNPIbrP\RX^.Q`_MHYT=jnoNU_Mg
ZHwNU_NUTzK}HYKNUXIfIWOrFQRIfrFONUXHJrQ`s^=_\aZWOrUKIzW=KMHYsYHYKMHJNPI}IMWOrFDQRIeNUsJNPrUKM_MHJrUHYKpgQ`TOZFONQ`K
Q`TOZDiGQRIMKNkEGFON-Q`W=KMFO\R_IQ`sJI\6IMKM_NPIINPZKMF.Q`KLX\RTONUKQ`_MgW=T=HYKI{Q`_NX4WOrF[sJNPIILIQ`KMHJI
cQRrUK\R_MgSNPrQ`WOINb\RSanaHJ\RWOIMsYgKMFONUgiLHYsYsSNbQ-cuW=TOrUKMHJ\RTD\`cKMHYXNBQ`TOZ\`ct\RKMFONU_}^\RsYHYKMHJrQ`s
cQRrUK\R_IBKMF.Q`KbHYTsJ\RT=jDKNU_MXQ`_N<TO\RK-IMHYjkT=Hwv.rQ`TzKEGFON"KMF=HY_ZQRZnkQ`TzKQ`joN6HJIbKMFON<^\kI
IMHYS=HYsYHYKpg[K\QRrPrP\RX^=sYHJIMF goNQ`_K\`goNQ`_Q`WOZHYKMHYT=jc\R_{slQ`_MjoNvO_MXI=HYTOZWOIMKM_MHJNPI.\R_NUnoNUT
T.Q`KMHJ\RTOIeEGFONBrUW=_M_NUTaKbQ`^=^=_\oQRrF \`cIMKQ`TOZOQ`_ZDd}9HJIGF=HYjkF=sYgW=TOIQ`KMHJIMc|QRrUK\R_MgoiLHYKMF
Q4S=W=HYsYKHYTDHYTOrP\RX^NUKNUTOrPNK\"rP\RX^.Q`_N2.\i{IG\`cZHwNU_NUTzKGT.Q`KMW=_NksYHYoN{Q`^=^=sJNPIBQ`TOZ
p\R_Q`T=joNPIxg)_NPI{NUKbQ`skkoNU_MjkgD_NUX\noNPIKMF=HJI{HYX^\R_MKQ`TzKBZ=Nv.rUHJNUTOrUgo
.6 ~ p ,-.Cp
EGFON-KMFONPIHJIbQ`HYXI{K\_NUHYTc\R_rPN-HYTOZWOIKM_MHlQ`sNPrP\RsJ\Rjkg[SzgDKMFONP\R_NUKMHJrQ`sHYT=^=W=K{c_\RXS\RKMF
NUT=jkHYTONPNU_MHYT=jKMFONU_MX\)Zg)T.Q`XHJrPI{Q`TOZHY_M_NUnoNU_IHYS=sJNKMFONU_MX\aZg)T.Q`XHJrPIQ`TOZK\"HYX^=_\noN
KMFONQ`^=^=sYHJrQ`KMHJ\RT\`cGHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg c\R_-KMFONNUnkQ`sYW.Q`KMHJ\RT\`cfKMFON6_NPI\RW=_rPNWOIN6\`c
HYTOZWOIMKM_MHlQ`sGIMgIMKNUXI[EGFONyzWONPIKMHJ\RTKMF.Q`K"iLHYsYsfIM^NPrUHwv.rQ`sYsYgSNQRZ=Z_NPIINPZHJI F z
kvU0M'a R@k=Y PCcoR vR =kW uCa|R#MRYv Et\
Q`TOIMi}NU_LKMF=HJIGyzWONPIMKMHJ\RTKMFONBKMFONPIMHJIG^=_\R^\kINPI}K\"HYTzKM_\)ZWOrPN-INUnoNU_Q`sHYTOZHJrQ`K\R_IOI\RXN
\`cBKMFONUX^=_\R^\kINPZSag\RKMFONU_If\RTON[\`cKMFONUXTONUiEGFON[rP\RTOrPNU^=KI\`cbKMFONDINPrP\RTOZ
slQi0\`cfKMFONU_MX\)ZgaT.Q`XHJrPIIMWOrFQRIN=NU_MjkgM2.\itN=NU_Mjkg sJ\kIIQ`TOZ&uXHYT=HYX<W=X-NUT
KM_\Râg<^=_\)ZWOrUKMHJ\RToiLHYsYs=SN}WOINPZ"KMF=_\RW=jkFO\RW=KKMFONGKMFONPIMHJIxK\BS=W=HYsJZQ`TW=TOZ=NU_IMKQ`TOZHYT=j
\`cB_NPI\RW=_rPNDWOIN[Q`TOZKM_Q`TOIc\R_MXQ`KMHJ\RTHYTHYTOZWOIKM_MHlQ`s{IMg)IKNUXIHYT$joNUTONU_Q`s}Q`TOZ$HYT
NUTONU_MjkgaHYTzKNUTOIMHYnoN<HYTOZWOIMKM_Mgo=HYT[^.Q`_MKMHJrUW=slQ`_
yvYr z sx}!~[rns5rns{Wz|{
.P o@,-p
b^.Q`_MK"cu_\RX dfF.Q`^=KNU_I[Q`TOZVKMFONKMFONPIMHJIrP\RTOIMHJIMKI\`crF.Q`^=KNU_IiLF=HJrFAQ`sYsGF.QPnoN
SNPNUT\R_Q`_N4Q`S\RW=K{K\6SN^=W=S=sYHJIFONPZVINU^.Q`_Q`KNUsYgo
D!0 ^=_NPINUTzKIBiLFzgQ`TOZVFO\iKMFON"INPrP\RTOZ slQPi+\`cKMFONU_MX\aZg)T.Q`XHJrPI-IMFO\RW=sJZ
SN<rP\RTOIHJZ=NU_NPZHYTHYTOZWOIKM_MHlQ`sNPrP\RsJ\Rjkgo4pKQ`sJI\HYTaKM_\aZWOrPNPI-KMFON6rQRIN6IMKMWOZHJNPIHYTKMFON
KMFONPIMHJIbQ`TOZ3HYKDjkHYnoNPIDKMFONIKQ`KMWOI[\`c4KMFONNUnRQ`sYW.Q`KMHJ\RTK\)\RsJIc\R_D_NPI\RW=_rPNWOIN1Q`TOZ
KM_Q`TOIc|\R_MXQ`KMHJ\RTHYTHYTOZWOIKM_MHlQ`stNPrP\RsJ\Rjkgo
D!0 ^=_NPINUTzKIKMFONeKMFONP\R_NUKMHJrQ`sS.QRrajk_\RW=TOZ6\`c.KMFONfKMFONPIMHJIxq)NUnoNU_Q`sNOQ`X^=sJNPI
iLHYKMF[KMFON4Q`^=^=sYHJrQ`KMHJ\RTOIB\`cNNU_Mjkg[Q`T.Q`sYg)IHJIQ`TOZNUTzKM_\Râg[^=_\aZWOrUKMHJ\RT XHYT=HYXHJIQ`KMHJ\RT
Q`_NQ`sJI\^=_NPINUTzKNPZ
D!0 rQ`sJrUW=slQ`KNPIHYT&Z=NUKQ`HYs{KMF=_NPNVNNU_MjkgHYTOZHJrQ`K\R_IK\1NUnkQ`sYW.Q`KNDKMFONIMWOI
KQ`HYT.Q`S=sJN^\i}NU_L^=_\aZWOrUKMHJ\RT[^.Q`KMFOIGHYTDKi}\jzQRI|vO_NPZDrP\RX4S=HYTONPZVrUg)rUsJNB^\ifNU_L^=slQ`TaKI
iLHYKMFVZHwNU_NUTzKZ=NUjk_NPNPIB\`cdL~ Q`S.Q`KNUXNUTaK-\R^=KMHJ\RTOIfEGFON<IQ`XN-jzQRIKMW=_MS=HYTON<rP\RX6
S=HYTONPZrUgrUsJNDKNPrF=TO\RsJ\Rjkg$HJI6WOINPZc|\R_6KMFOND^\ifNU_^=_\)ZWOrUKMHJ\RT&HYTS\RKMFKif\^\ifNU_
^=slQ`TaKIfEGFON6dL~ NUXHJIIMHJ\RTQ`S.Q`KNUXNUTzK-\R^=KMHJ\RTOIbQ`_N4KMFON4INPyaWONPIMKM_Q`KMHJ\RTV\`cfdL~ HYT
QZ=NU^=sJNUKNPZVT.Q`KMW=_Q`sxjzQRIb_NPINU_Mno\RHY_Q`TOZ KMFON^=FO\RK\kIgaTaKMFONUKMHJr"rP\RTanoNU_IMHJ\RT1\`c}dL~ K\
S=HJ\RXQRII{Q`TOZDKMFONUT[\`cS=HJ\RXQRIILK\6IMg)TzKMFONUKMHJrjzQRIOQ<^=HY^NUsYHYTONyzW.Q`sYHYKpgXNUKMF.Q`TON_MHJrF
jzQRI
D!0^=_NPINUTzKI6KMFONDNNU_Mjkg$Q`T.Q`sYg)IHJI6Q`TOZ$sYHwc|NrUg)rUsJNHYTznoNUTaK\R_Mg\`cBQ ^.Q`^NU_
^=_\)ZWOrUKMHJ\RTQ`TOZ_NPrUg)rUsYHYT=jIg)IMKNUXHYThB\R_Mi}Qgo"EGF=_NPN^.Q`^NU_-_NPrUgrUsYHYT=jIrPNUT.Q`_MHJ\kI
Q`_NLrP\RTOIMHJZ=NU_NPZHYT_NUslQ`KMHJ\RTiLHYKMFQ`THYTzKNUjk_Q`KNPZ^=W=sY^Q`TOZ6^.Q`^NU_XHYsYsOHYThB\R_Mi}Qgo
INUK\`cHYTOZHJrQ`K\R_IS.QRINPZ\RTS\RKMFN=NU_Mjkg"Q`T.Q`sYgIMHJIeQ`TOZsYHwc|NGrUg)rUsJN{HYTznoNUTzK\R_MgQ`T.Q`sYgIMHJI
HJIb^=_\R^\kINPZ K\SNWOINPZHYT vOTOZHYT=jKMFON<SNPIMKbiGQRIMKNU^.Q`^NU_B_NPrUgrUsYHYT=j[Z=NUjk_NPN"HYT KMFON
XHYsYsrP\RTOIMHJZ=NU_NPZ
D!0 IMFO\i{ILFO\iK\<c|\R_MX4W=slQ`KNkOrQ`sJrUW=slQ`KN<Q`TOZXHYT=HYXHJINKMFONK\RKQ`sNUTzKM_\R^zg
^=_\)ZWOrUKMHJ\RT_Q`KN4HYT1QeQ`sYXNUKB^.Q`^NU_BZ_Mg)HYT=jDXQRrF=HYTONkEGFON"HYX^.QRrUKIB\`cerF.Q`T=jkHYT=j
KMFONHYT=sJNUK{IMKNQ`XKNUX^NU_Q`KMW=_NPI{HYT[KMFON-Z_Mg)HYT=jjk_\RW=ÔI{\`cxKMFON-Z_MgaHYT=jXQRrF=HYTONkQ`TOZ
\`crF.Q`T=jkHYT=jDKMFON-HYT=sJNUKQ`HY_FzW=XHJZHYKpgHYTKMFON<Z_MgaHYT=jXQRrF=HYTON"\RTKMFONK\RKQ`sNUTzKM_\R^zg
^=_\)ZWOrUKMHJ\RT_Q`KN4Q`_NIKMWOZHJNPZ
D!06"^=_NPINUTzKIQTONUi$HYTOZHJrQ`K\R_KMF.Q`KjkHYnoNPIQ_NQ`sYHJIMKMHJr}sYHYXHYKc\R_KMFONeHYX^=_\noN
XNUTaK^\RKNUTzKMHlQ`s=\`cO_NPI\RW=_rPNfWOIN^NU_c|\R_MXQ`TOrPNf\`cQ`TagHYTOZHYnaHJZW.Q`s)^=_\)rPNPIItW=T=HYKEGF=HJI
HYTOZHJrQ`K\R_KNU_MXNPZKMFON6^=_\)rPNPIIXQ`KMW=_MHYKpg HYTOZHJrQ`K\R_tHJIWOINPZK\[NUnRQ`sYW.Q`KN6KMFON6ZHJI
KQ`TOrPN}SNUKifNPNUTKMFONLQRrUKMW.Q`sOQ`TOZ6\R^=KMHYXQ`s=\R^NU_Q`KMHJ\RTHYT"KNU_MXI\`cNUTzKM_\Râg<^=_\)ZWOrUKMHJ\RT
c|\R_-KMFON6FONQ`K4N=rF.Q`T=joNU_IrFONUXHJrQ`sf_NQRrUK\R_ItZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XTOIQ`TOZ@Q^.Q`^NU_
2
k
Z_Mg)HYT=jXQRrF=HYTONk
D!0E6rP\RTOrUsYWOZ=NPIeKMFONLXQ`HYTvOTOZHYT=joIe\`cKMFONLKMFONPIMHJIeQ`TOZjkHYnoNPIeI\RXN{ZHY_NPrUKMHJ\RTOI
c|\R_GcuW=KMW=_N_NPINQ`_rF[c|\R_{HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgHYT[KMFON4rP\RTzKNKIMKQ`KNPZVQ`S\noNk
O\R_4TO\RKQ`KMHJ\RTOI-_NUsJNUnRQ`TaK4K\[N=NU_MjkgQ`T.Q`sYgIMHJI-KMFON6KMFONPIMHJI-c\RsYsJ\i{I-KMFON_NPrP\RXXNUTOZOQ
KMHJ\RTOI<jkHYnoNUTSagEtIQ`KIQ`_\RT=HJI[|kkko[hB\RKQ`KMHJ\RTOI4_NUsJNUnkQ`TzK"K\VNUTaKM_\R^zg@^=_\aZWOrUKMHJ\RT
XHYT=HYXHJIQ`KMHJ\RTVXNUKMFO\aZc|\RsYsJ\i8Z=N4B_\)\RK{Q`TOZ[Q`PW=_kàf~bKMFONU_TO\RKQ`KMHJ\RTOIGc\Rsw
sJ\i3KMFONBmbdBIG_NPrP\RXXNUTOZ=NPZ[IMg)X4S\RsJIxEGFONQ`S=S=_NUn)HlQ`KMHJ\RTOI{Q`TOZIMgaX<S\RsJI}WOINPZ
HYTKMF=HJI{KMFONPIMHJIQ`_NZ=NvOTONPZ[HYTVKMFON-hb\RXNUTOrUslQ`KMW=_Nk
0%$72<V
9O
+xlO
* K J J MK J
j O 1G
q1)\'K7 a \*7+ i 17$.7 a,b
a 34b30P4b
b
P3N"Y"3
""b.:
3
"P3G6"
6J3|YK.?("P33
;4.| \
"KPG "
0F
N$
iNK$p
%K)$
$A$A7
K(n$4pK4nKH
H$1+
H.K+
1
J
H
)( !" #\.% $& !' ()H.+
*-
N4p % ,.
-6
0 /
mnoqpPrtsvu0@y`LsvuLFD21}EL{z z {ruWz o:Ls}!}(LFD43Xns6s5svuLFD}!spPr

! B
N-N)^=slQ`HYT[FO\i8KMFON-N=NU_MjkgrP\RTzKNUTaKb\`cQ"_NPI\RW=_rPN-rQ`TSNBrQ`sJrUW=slQ`KNPZiLHYKMF
_NPIM^NPrUKK\$KMFON1NUTanaHY_\RT=XNUTaK Q`TOZiLHYKMF_NPIM^NPrUKDK\@^=_\)ZWOrUKIMKQ`KNPI'x)
NU_MjkgrQ`sJrUW=slQ`KMHJ\RTOILQ`_N{TO\i3IMKQ`TOZOQ`_ZDQ`TOZrQ`TSNZ=\RTONiLHYKMFjo\)\aZQRrPrUW=_QRrUgo
_\)ZWOrUKMHJ\RT Q`TOZD_NPrUg)rUsYHYT=j\`cXQ`KNU_MHlQ`sJI{rQ`T[SN-Q`T.Q`sYg)INPZOQRI{ifNUsYstQRIG^\ifNU_
^=_\aZWOrUKMHJ\RTerP\RTO\RXHJrjzQ`HYTOIG\R_fS=HJ\RsJ\RjkHJrQ`sIMHYjkT=Hwv.rQ`TOrPN-Q`_NbTO\RK}rP\RTOIMHJZ=NU_NPZ
HYTNNU_Mjkg[Q`T.Q`sYgIMHJIEGFONXNUKMFO\)Z[\`NU_IL\RTON\`cXQ`Tzgi}Qg)IK\"\RS=KQ`HYTVX\R_N
IMWOIMKQ`HYT.Q`S=sJN"HYTOZWOIMKM_MHlQ`sx^=_\)rPNPIINPIbN6IMW=jkjoNPIMKBKMF=_NPN"N=NU_MjkgaS.QRINPZHYTOZHJrQ
K\R_I-KMF.Q`KrQ`T1SN<WOINPZK\Q`jkjk_NUjzQ`KNNNU_MjkgrQ`sJrUW=slQ`KMHJ\RTOIQ`TOZi}N^=_NPINUTaK
S\RKMFN=Q`X^=sJNPIQ`TOZ_NPIW=sYKIb\`cKMFONUHY_-Q`^=^=sYHJrQ`KMHJ\RTOIbHYTNUsJNPrUKM_MHJrUHYKgjoNUTONU_Q`KMHJ\RT
Q`TOZFag)Z_\RjoNUT$^=_\)ZWOrUKMHJ\RT$Q`TOZ@WOINHYTcWONUs}rPNUsYs}rQ`_IVEGFONIMKM_NUT=jkKMFOIQ`TOZ
sYHYXHYKQ`KMHJ\RTOIb\`cN=NU_MjkgDQ`T.Q`sYgIMHJIQ`_N4Q`sJI\6^=_NPINUTzKNPZ
OP
6 toe)t
EGFON^=_\)ZWOrUKMHJ\RT8\`c"Q`sYsXQ`KNU_MHlQ`sJIKM_Q`TOI^\R_MKQ`TOZ^=W=S=sYHJrINU_Mn)HJrPNPIHYT3cQRrUKDQ`sYs
FaW=XQ`TVQRrUKMHYnaHYKMHJNPI}_NPyaW=HY_NPILNUTONU_Mjkg"2OWfHJ\RsJ\RjkHJrQ`stQ`TOZHYTOZWOIMKM_MHlQ`sIg)IMKNUXIGIMK\R^
cW=TOrUKMHJ\RT=HYT=jiLHYKMFO\RW=KxQGIMW=^=^=sYg-\`cNUTONU_MjkgoEGFONeQ`_MKMF"\RS=KQ`HYTOIKMF=HJINUTONU_Mjkg2OWcu_\RX
KMFONqaW=T{EGFON4NUTONU_Mjkg2OWKMF=_\RW=jkFQIMg)IKNUXHJIbQ`sYiGQPgIrP\RTOINU_MnoNPZQRrPrP\R_ZHYT=jK\
KMFON"vO_IMK-slQi0\`cfKMFONU_MX\)Zg)T.Q`XHJrPItS=W=KNUTONU_MjkgrQ`TrF.Q`T=joNHYTzK\ZHwNU_NUTzKc\R_MXI
LrPrP\R_ZHYT=jK\BKMFONfINPrP\RTOZ4slQi$\`cKMFONU_MX\aZg)T.Q`XHJrPIRKMFONU_N}HJIQbrP\RTznoNU_IHJ\RT\`c.NUTONU_Mjkg
KMF.Q`KGHJIGQ`sYi}QPgI}c_\RXNUsJNPrUKM_MHJrQ`s=rFONUXHJrQ`s=\R_f^\RKNUTzKMHlQ`sNUTONU_MjkgK\4KMFONU_MXQ`sNUTONU_Mjkgo
EGFON4^=W=_M^\kIN<\`cKMF=HJIbrF.Q`^=KNU_bHJIK\jkHYnoNKMFON<slQPi{IB\`cKMFONU_MX\aZg)T.Q`XHJrPIbc\R_bNUTONU_Mjkg
2.\i9Q`T.Q`sYg)IHJIOQ`TOZDHYTzKM_\)ZWOrPN4Q6rP\RTznoNUT=HJNUTaKnkQ`_MHlQ`S=sJNc|\R_{INPrP\RTOZDslQPi9Q`T.Q`sYgIMHJI)KMFON
N=NU_Mjkg$cuW=TOrUKMHJ\RT9EGFONVN=NU_Mjkg$cuW=TOrUKMHJ\RT3HJI{QRIifNIMF.Q`sYsbINPNkGKMFONVNUTONU_MjkgAQnRQ`HYsw
Q`S=sJNc\R_4if\R_MHYT$Q[jkHYnoNUT$NUTzn)HY_\RT=XNUTzKeQ`TOZ@\RT=sYg1KMF=HJIcW=TOrUKMHJ\RTrQ`T@jkHYnoNQ[c|Q`HY_
rP\RX^.Q`_MHJI\RT\`c}KMFONNUTONU_MjkgNrUHJNUTOrUg1\`c{ZHwNU_NUTzK4^=_\)rPNPIINPIxNU_MjkgQ`T.Q`sYgIMHJI-HJI
Q ifNUsYswNPIKQ`S=sYHJIMFONPZ&S=_Q`TOrF\`cbKMFONU_MX\)ZgaT.Q`XHJrPIeGHYK"HYTc|\R_MXIQ`S\RW=KKMFONsJNUnoNUsJI\`c
N=NU_Mjkg2.\i{IGQ`TOZKMFON{N=NU_Mjkg6sJ\kIINPIeZW=_MHYT=j"NUTONU_MjkgrP\RTznoNU_IMHJ\RTHYT^=_\)ZWOrUKMHJ\RT^=_\`
rPNPIINPIxN-TONPNPZDS.QRIMHJr-KMFONU_MX\)Zg)T.Q`XHJrPI{K\IMFO\i8KMF=HJI4Nk jOYOGKM)HYTOI<kkoM
= o.Qp[te`Ft.
OPP O
EGFONIMgIMKNUXI\`cfHYTaKNU_NPIMK-HYT1HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg1Q`_NQ`sYs
PeHNk4KMFONUg N=rF.Q`T=joN
FONQ`Kif\R_MQ`TOZ XQRIIiLHYKMFKMFON<IW=_M_\RW=TOZHYT=joIBN<rQ`TN=Q`XHYTONQIMXQ`sYsIg)IMKNUX
uHNk{QS\V\`cc|NUiX\RsJNPrUW=sJNPI{\R_Q6slQ`_MjoN<\RTONuHNk{Q`T \RHYs_NPINU_Mno\RHY_{EGFONU_MX\)Zgz
T.Q`XHJrPIfZ=NQ`sJIiLHYKMFS\RKMFKg)^NPIe\`cIMg)IKNUXINPyzW.Q`sYsYg"ifNUsYsxN{_NUjzQ`_ZKMFON{IMgIMKNUX0QRI
QS=slQRrS\P)xKMFONU_MX\aZg)T.Q`XHJrIMg)IKNUXHJIfrF.Q`_QRrUKNU_MHJINPZSzgHYKI}IMKQ`KN{nkQ`_MHlQ`S=sJNPI!e
`
y `LsvuLFDz|{8}!F{svu!s
k
KMFON^=_NPIIMW=_NkaKNUX^NU_Q`KMW=_N-Q`TOZrFONUXHJrQ`s^\RKNUTaKMHlQ`sJIKfHJIf\`cHYTaKNU_NPIMK}K\4rP\RX^.Q`_N
KMFON-IMKQ`KNPI\`cKMFON-S=slQRrDS\SNc\R_N<Q`TOZQcuKNU_bQ"^=_\)rPNPIILF.QRI{KQòNUT^=slQRrPNk
TONU_Mjkg3HJIDTO\RKVQ`TQ`SOI\RsYW=KN1yaW.Q`TzKMHYKpgoNTONPNPZQ@_NcNU_NUTOrPNc|\R_DHYKIDXNQRIMW=_N
XNUTaKO\R_fHYTOIKQ`TOrPNka^\RKNUTzKMHlQ`sNUTONU_MjkgHJIfXNQRIMW=_NPZiLHYKMF_NPIM^NPrUK}K\<Q4NU_\<FONUHYjkFzK
sJNUnoNUspTzKNU_MT.Q`s{NUTONU_Mjkg@HJI6XNQRIMW=_NPZiLHYKMF_NPIM^NPrUK"K\1Q rPNU_MKQ`HYT&IMKQ`TOZOQ`_ZIMKQ`KNk
NrQ`TXNQRIMW=_NKMFON)k0<u.cR*c cu_\RX \RTONIMKQ`KNK\Q`TO\RKMFONU_
=SzgDXNQRIMW=_MHYT=jFO\i9X4WOrFif\R_M W LQ`TOZ[FONQ`K" Q}TONPNPZ[K\
U = U U
SNQRZ=Z=NPZ1K\DrF.Q`T=joNKMFON6HYTaKNU_MT.Q`seNUTONU_Mjkg cu_\RX KMFON6HYT=HYKMHlQ`snkQ`sYWON U K\DKMFON"vOT.Q`s
nkQ`sYWON U xLrPrP\R_ZHYT=j6K\KMFON{vO_IMKeslQi3\`cKMFONU_MX\)Zg)T.Q`XHJrPI U = Q + W oiLFONU_N
HJIxKMFON{QRZ=Z=NPZ6FONQ`KeQ`TOZ W HJIxKMFON}if\R_M"KMF.Q`KHJIxTONPNPZ=NPZ6K\BKQòNLrPNU_MKQ`HYTXQ`KNU_MHlQ`sJI
Q
c_\RXIMKQ`KN 1 K\ 2 EGFON-WOINcuW=si}\R_MHJI W = W p V =INPN-yt| o
d}\RTOINU_MnkQ`KMHJ\RTV\`cNUTONU_MjkgDKMFONUTXNQ`TOILKMF.Q`K
|Y
U =U +Q+W
EGFONU_NBQ`_N{XQ`Tzg^=_\arPNPIINPIKMF.Q`KfrQ`TS=_MHYT=j6Q`S\RW=KeKMF=HJIe^.Q`_MKMHJrUW=slQ`_LrF.Q`T=joNk)S=W=KeKMFON
vO_IMKbslQPi?\`cKMFONU_MX\)ZgaT.Q`XHJrPI-IQg)IbKMF.Q`K-Q`sYs\`cKMFONUX Q`_N<NPyaW=HYnkQ`sJNUTzKTHYjOYk
i}N-HYTOZHJrQ`KN-^.Q`KMFOI a Q`TOZ b
EGFONbvO_IMKGslQPi8\`cKMFONU_MX\aZg)T.Q`XHJrPIL^=W=KIGFONQ`K{Q`TOZDif\R_M\RTKMFONIQ`XNBS.QRIMHJIEGFONUg
Q`_NJ q)uR|.|}XNQ`T=HYT=jKMF.Q`KKMFONUgS\RKMFrQ`T&rF.Q`T=joNKMFONDHYTzKNU_MT.Q`sNUTONU_Mjkg$\`cQ
IMgIMKNUX}W=KHJI"FONQ`KQ`sYiGQPgINPyzW=HYnkQ`sJNUTzK6K\if\R_MFdfsJNQ`_MsYgoiLFONUT$HYK"rP\RXNPI6K\
FONQ`KMHYT=j Q_\)\RXi}N\RS=KQ`HYTKMFONIQ`XNFONQ`KMHYT=jSzgS=W=_MT=HYT=ji}\a\)ZHYT@QvO_NU^=slQRrPNk
\R_Sag^.QRIIMHYT=jKMFON IQ`XN Q`X\RW=TaK\`co\RW=sJNPIKMF=_\RW=jkFQ`TNUsJNPrUKM_MHJrVFONQ`KNU_HYTKMFON
_\)\RXxfW=KziLFONUTHYK}rP\RXNPIeK\Z=\RHYT=j<if\R_MzFONQ`KfHJI{u !c|CBK\4NUsJNPrUKM_MHJrbNUTONU_MjkgoT
NNPrUKONUsJNPrUKM_MHJrUHYKgVHJIG^=W=_N-if\R_M}N-F.QPnoN4K\X4W=sYKMHY^=sYg Q SzgDKMFONNrUHJNUTOrUg\`ceQ
dGQ`_MTO\RKXQRrF=HYTONHYT\R_Z=NU_fK\vOTOZKMFONLXQHYX4W=X'if\R_M6KMF.Q`KfrQ`TSNL\RS=KQ`HYTONPZcu_\RX
@ A@
a
Q
W '
b
1
p
1
T
0
p
0
T
2
e CW3R-&tMR=u|R16kckqcCk^pk p 7 T #tk p 7
#^vJ q)W"$ )} Mo0
Q#R zeC
- W # 7 MCuc0cak0R pk p 7
T
#;&tk<qWWuc0cak0Rl
T
Q
1
k
KMFONFONQ`K<I\RW=_rPNkpT1^=_QRrUKMHJrPNkKMFON\RS=KQ`HYT.Q`S=sJNi}\R_MHJI<Q`sYi}QPgI"IMXQ`sYsJNU_KMF.Q`TKMFON
i}\R_M1cu_\RXQdGQ`_MTO\RK<XQRrF=HYTONDSNPrQ`WOINkQ`X\RT=jKMFON\RKMFONU_<_NQRI\RTOIxKMFONDdGQ`_MTO\RK
NrUHJNUTOrUgDHJILKMFON-sYHYXHYKMHYT=jrQRIN\`cxNU_\^\ifNU_{^=_\)ZWOrUKMHJ\RT
\R_M&HJIDQ`TQ`SOI\RsYW=KN yaW.Q`TzKMHYKpgo+EGFONQ`S=HYsYHYKpgA\`c<QIg)IMKNUXK\@Z=\@if\R_MHJIKMFONUT
Q`SOI\RsYW=KNkQ`TOZVHYKBrQ`T SN4XNQRIMW=_NPZ \RT1Qi}\R_MVIrQ`sJNk{EGFON6Q`S=HYsYHYKg \`cfQIMgIMKNUXK\
Z=\Vif\R_MjkHYnoNPIQ[TONUW=KM_Q`s}S.QRIMHJI4c\R_"rP\RX^.Q`_MHYT=j1ZHwNU_NUTaK<^=_\)rPNPIINPI<KMF.Q`K4XQgSN
T.Q`KMW=_Q`sG\R_<HYTOZWOIKM_MHlQ`sVEGFONPINQ`_MjkW=XNUTzKI6F.QPnoNsJNQRZ@K\KMFONHYTaKM_\aZWOrUKMHJ\RT&\`cLKMFON
N=NU_MjkgcW=TOrUKMHJ\RTeI\RXNUKMF=HYT=jKMF.Q`KXNQRIMW=_NPI6KMFONQ`S=HYsYHYKgK\Z=\if\R_MHYTQ jkHYnoNUT
NUTanaHY_\RT=XNUTaK
=98 Fo.Qe tft.
OPP w
EGFON-N=NU_MjkgcW=TOrUKMHJ\RT[i}QRILHYTaKM_\aZWOrPNPZDK\\RS=KQ`HYTVQ`TQ`SOI\RsYW=KNXNQRIW=_MHYT=jIrQ`sJNbc\R_
NUTONU_MjkgoOQ<IrQ`sJNbKMF.Q`KfXNQRIMW=_NPIGKMFONQ`S=HYsYHYKgK\6Z=\4WOINcW=sif\R_Me~bTONB\`cKMFONBsJNQRZHYT=j
IrUHJNUTaKMHJIMKIHYTKMFON{^=_NUnaHJ\RWOIfrPNUTzKMW=_Mgo)]BNUTaS=HYjkFkkoxI^NUsYsJNPZKMF=HJIe\RW=KHYTKMFON-kkRI
pKeiGQRI{Q`sY_NQRZgXNUTzKMHJ\RTONPZDW=TOZ=NU_{Q`TO\RKMFONU_}T.Q`XNbSagBHYS=SOI}HYTkkBHYS=SOIk
EGFONcW=TOrUKMHJ\RTHJIL^.Q`_MKMHJrUW=slQ`_MsYgDWOINcW=sHYTHYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkgo=SNPrQ`WOIN-HYKLHJIQ`SOI\RsYW=KN
Q`TOZ[_Nc|NU_ILK\[u^. MRF|
EGFONNNU_MjkgcW=TOrUKMHJ\RT@HJIc\RW=TOZ@Szg1_NUiL_MHYKMHYT=jKMFONvO_IK"Q`TOZINPrP\RTOZslQi{I"\`cLKMFONU_
X\)ZgaT.Q`XHJrPI$Nc\RsYsJ\i]BNUTaS=HYjkFkkoGQ`TOZrP\RTOIMHJZ=NU_Q^=_\)rPNPII6KMF.Q`KKQòNPI
I\RXN<XQ`KNU_MHlQ`sJIbcu_\RXIMKQ`KN 1 K\IKQ`KN 2 ZW=_MHYT=jKMHYXN t Q`sJ\RT=j[QrPNU_MKQ`HYT^.Q`KMF
IQg^.Q`KMF HYTHYjOOYkEGFON^=_\)rPNPIIGHYTzKNU_QRrUKI{iLHYKMF[KMFON-NUTzn)HY_\RT=XNUTzKOiLF=HJrFF.QRI
KNUX^NU_Q`KMW=a_N T Q`TOZ ^=_NPIIMW=_N p EGFONU_Nc|\R_NkifN<HYTzKM_\)ZWOrPN<KMFON<nkQ`_MHlQ`S=sJNPIb\`cKMFON
NUTanaHY_\RT=XNUTaKHYTzK\[y|YEGFON6FONQ`KKMF.Q`KS=_MHYT=joIKMFON"Ig)IMKNUXc_\RX IMKQ`KN 1 K\
xsJNQRZ=I<K\1Q rF.Q`T=joNDHYTKMFONDNUTzn)HY_\RT=XNUTzK Q = Q hB\RK6Q`sYsL\`c{KMFONif\R_M
2 Q
QRZ=Z=NPZ@K\KMFONIMg)IKNUX HJIWOINcW=se\RT=sYg HJI[EGFONWOINcuW=sfif\R_M HJI4KMFONK\RKQ`s
i}\R_MXHYTaWOI{KMFONN^.Q`TOIMHJ\RTi}\R_M p VW GZ=\RTON-SagKMFON4IMg)IKNUXEGWF=HJILjkHYnoNPI
| o
U = Q p V + W
EGFONU_N@HJI1Q`T9NUTzKM_\Râg9rF.Q`T=joN@HYTKMFONNUTzn)HY_\RT=XNUTzK S Q`TOZHYT9KMFON@Ig)IMKNUX
S ZW=_MHYT=jAKMFON@^=_\)rPNPII EGFONNUTzn)HY_\RT=XNUTzK1F.QRIrP\RTOIMKQ`TzKKNUX^NU_Q`KMW=_Nk"I\
EGFON-K\RKQ`sNUTzKM_\R^zgrF.Q`T=joNHJI
S = Q / T

| o
dS
S + S =
t 0
0
dt
irr
EGFONLNUTaKM_\R^zg"^=_\aZWOrUKMHJ\RT^NU_xW=T=HYKxKMHYXNL\`cIMgIMKNUXQ`TOZ6NUTzn)HY_\RT=XNUTzKeHJI (dS/dt)
irr
y `:5*svuLFDz|{}<r4}!F{qsvu!s
o
Q`TOZKMF=HJILyaW.Q`TzKMHYKgDHJILQ`sYi}Qg)I{^\kIMHYKMHYnoN-\R_GNU_\=EGF=HJILHJI}KMFON-INPrP\RTOZslQi8\`cKMFONU_MX\`
Zg)T.Q`XHJrPIx3FONUTKMFONPIN-_NUslQ`KMHJ\RTOIBQ`_NHYTzKM_\)ZWOrPNPZHYTVy| o=i}N4\RS=KQ`HYT

| a
dS
W =T
t + U + p V T S
@ vu
dt
irr
GE F=HJI}NPyzW.Q`KMHJ\RT[Q`sJI\<jkHYnoNPI}KMFONN^=_NPIIMHJ\RTc\R_fXQ)HYX<W=XWOINcuW=sif\R_M W xN
vOTOZ W iLFONUTKMFOND^=_\arPNPII"HJI6_NUnoNU_IMHYS=sJNusYHYoNc|\R_6HYTOIMKQ`TOrPNQ1dGQ`_MTO\RKrUg)rUsJN
iLFONUT (dS/dt) R0{EGFON4N=NU_MjkgDcuW=TOrUKMHJ\RT\R_bKMFON4N=NU_Mjkgo.HJIbKMFONU_Nc\R_N"Z=NvOTONPZ
QRI
| o
EW
= U + p V T S
x=NU_Mjkg[HJIbQIMKQ`KN-cW=TOrUKMHJ\RTHYKZ=\aNPIbTO\RKbZ=NU^NUTOZV\RT KMFON^=_\)rPNPIILEGFON4sJ\kIMK{if\R_M
\R_-KMFON[YÙJ S<q HJIKMFONZHwNU_NUTOrPNSNUKi}NPNUTKMFONXQHYX4W=X
if\R_M& W -Q`TOZ
KMFON<_NQ`si}\R_M W bEGF=HJIBHJIbKMFONBWO\gaqaK\aZ=\RslQIKMFONP\R_NUX\RW=g@kkqaK\)Z=\RslQ
kko

| o
dS
E
W
=T
t = W
W
dt
EGFONGsJ\kIMKxi}\R_M"\R_sJ\kIMKN=NU_Mjkg"Z=NU^NUTOZ=I\RTKMFONG^=_\)rPNPIIT6^\R^=W=slQ`_KNU_MXIkKMFONGsJ\kIMK
i}\R_M[HJIKMFON RHYTQXQRrF=HYTON6\R_Q^=_\)rPNPIILpXQ`jkHYTON"Q^NU_I\RT\RTQS=HJrUg)rUsJN
HYjOO +Q`TOZ{
max
max
irr
max
max
loss
loss
max
irr
E n e rg y
in
E n e rg y
o u t
E x e rg y
in
E x e rg y
E x e rg y
lo s t
o u t
e Cv3ya'&t*c u#knS<c fq# RwkU Uu0

EGFONU_N6HJI4Q`TNUTONU_MjkgHYT=^=W=KHYT1KNU_MXI\`c}c|\a\)Z c\R_KMFON6^NU_I\RTEGF=HJI-HYT=^=W=K-HJIrP\RT
noNU_MKNPZK\FONQ`KeQ`TOZif\R_MezKMFONLNUTONU_Mjkg"HJIrP\RTOINU_MnoNPZVHYjOz -kO\)\aZrQ`TQ`sJI\-SN
XNQRIMW=_NPZ[\RTQ`TNNU_MjkgIrQ`sJNkEGFON^NU_I\RT[HJI{Z=\RHYT=jif\R_MDWOIMHYT=jKMFONBc|\)\aZDN=NU_Mjkg
HYjOe LfEGFONi}\R_M^NU_c|\R_MXNPZ&HJIKMFON[c|\R_rPN[KMHYXNPIKMFONVKM_QPnoNUsYsJNPZ3ZHJIMKQ`TOrPNk
}W=KS=HJrUgrUsYHYT=jHJITO\RKZ=\RTON[iLHYKMFO\RW=K\noNU_rP\RXHYT=jc_MHJrUKMHJ\RTuKMF.Q`KHJIeKMFON NUTzKM_\R^zg
^=_\)ZWOrUKMHJ\RT\`c}S=HJrUgrUsYHYT=jHJI^\kIMHYKMHYnoN6EGFONU_NHJIQ`sYi}Qg)I4sJ\kIMKif\R_M1\R_-sJ\kIMK-N=NU_Mjkg
HYjOa 4{aQ`TOZey| oN^=slQ`HYTOIeFO\iAK\vOTOZHYKxEGFONBNNU_MjkgsJ\kIIeXQPgSN{_NUsw
Q`KMHYnoNUsYgslQ`_MjoNk)c|\R_}_NUslQ`KMHYnoNUsYgIMXQ`sYs^NU_MHJ\aZ=IG\`ctKMHYXNkpTDINPrP\RTOZ)slQPi0
6Uk|R=U
k
i}N Q`_NINPNU)HYT=jK\vOTOZAQ^.Q`KMFA\`c-\R^NU_Q`KMHJ\RTAKMF.Q`KF.QRIXHYT=HYX<W=X NUTaKM_\R^zg^=_\`
ZWOrUKMHJ\RTD_Q`KNk=INPNBhW=XXNPZOQ`sQ`TOZD}MNUsJIMKM_MW=^|kko\RF.Q`T=TONPIINUTVQ`TOZ}MNUsJIMKM_MW=^
|kkkoObkIM\R_Z=N-NUKbQ`s|kkà
3HYKMFKMFONB^=HJrUKMW=_N\`ctS=HJrUgrUsYHYT=j6HYTXHYTOZi}NBrQ`TDrP\RTOrUsYWOZ=NQRIec\RsYsJ\i{IEGFONBNUTONU_Mjkg
2.\iKMF=_\RW=jkFQ`T&\R^NUTIMgIMKNUXCHJIrP\RTOIMKQ`TzKVHYjO xEGFONDrFONUXHJrQ`sbNUTONU_Mjkg
HYT=^=W=K[Nk jOYc\)\aZHYTzKQòN4iLHYsYseKQòNZHwNU_NUTaK4c|\R_MXI<HYTKMFONNUTONU_Mjkg\RW=KM^=W=KDNk jOY
S=HJrUgrUsYHYT=jQ`TOZ@FONQ`KEGFON2.\i\`cNUTONU_Mjkg@QPnkQ`HYslQ`S=sJNc\R_<if\R_MxKMFONN=NU_Mjkg2.\i
KMF=_\RW=jkFQIMgIMKNUXHJIxTO\RKrP\RTOINU_MnoNPZ.eoHYKxHJIx_NPZWOrPNPZ6Sag<KMF=HJIrP\RTanoNU_IMHJ\RT HYjOk L
N}\RS=KQ`HYT<sJNPIIti}\R_MKMF.Q`T4KMFON}NNU_Mjkg-HYT=^=W=KRSNPrQ`WOIN}I\RXNeN=NU_Mjkg-HJIsJ\kIMKTONU_Mjkg
rP\RTanoNU_IMHJ\RTVHJIQ`sYiGQPgIrP\RT=TONPrUKNPZViLHYKMFsJ\kIMK{N=NU_MjkgoxOQ`X^=sJNPIb\`cxsJ\kIMKLif\R_MDHYT[KMFON
NUTONU_MjkgQ`TOZrFONUXHJrQ`sHYTOZWOIKM_MHJNPIF.QPnoNbSNPNUTrP\RX^=W=KNPZSagZ=Nbqai}QkQ`TNUKfQ`s|kkà
OP6 ~
; pee 8 Fz.
x=NU_MjkgHJIZ=NvOTONPZiLHYKMF&_Nc|NU_NUTOrPN[K\1KMFON[NUTanaHY_\RT=XNUTaKAEGFON[NUTanaHY_\RT=XNUTaKF.QRI
KNUX^NU_Q`KMW=_N T ^=_NPIIMW=_N p OQ`TOZQ<rPNU_MKQ`HYT rFONUXHJrQ`strP\RX^\kIMHYKMHJ\RTnkQ`_MgaHYT=j6iLHYKMF
KMFONbsJ\arQ`KMHJ\RT[\RTKMFONbfQ`_MKMFEGFONBIKQ`TOZOQ`_ZKNUX^NU_Q`KMW=_N T HJIf\`cKNUTINUKeK\6kk<
Q`TOZ[KMFON4IMKQ`TOZOQ`_Z[^=_NPIIMW=_N p K\[<Q`KMX\kIM^=FONU_Nk
0
N
H
-
A g C l2
2 +
B a , B
2 +
C o , C
+
K , L i
2 +
N i , H
2 S e O 4
H e
N e
A r
K r
X e
C O
D
2
2 -
, H A sS O 4
+
iO , B r , C
2 +
s+, C u , F
2
+
+ , M g , M
2 P O 4 , P b C
2 +
, S r , W O
O
O
, A u C l2 , B (O H )
2 +
a , C d C l2, C l
2 , H g C l4 , IO 3 ,
2 +
2 n , M o O 4 , N a+,
2 l2, R b+ , S O 4,
2 +
2 4 , Z n
A l2S iO
C r2O 3
F e 2O 3
C a C O
S b 2O
S n O 2
U O 3
.M
C o 3O 4
M n O 2
C a 3(P O
g C O
S iO
T iO
V 2O
2
2
4 ) 2
e CW365o-&tu0Wv4URo
6So0v<4R 7 MRki{Cu< <qca\zuu
u 6vP !cv6 R(
EGFONIKQ`TOZOQ`_ZrP\RX^\kIHYKMHJ\RTF.QRILSNPNUT[KMFONIMW=SMNPrUK{\`cxZHJIrUWOIIMHJ\RT=INPNBc|\R_{N=Q`X^=sJN
bF=_NUTOZKIBkkoOqaQ`_MjkW=KGNUK}Q`skkoQ`TOZxga_NPIGQ`TOZQRIMHYT=Hx|kkàEGFONbZHJI
rUWOIIHJ\RTF.QRIGZ=NUnoNUsJ\R^NPZDSNPrQ`WOINKMFONNUTzn)HY_\RT=XNUTzKHJIfTO\R_MXQ`sYsYgTO\RKGHYTNPyaW=HYsYHYS=_MHYW=X
Q`TOZ[SNPrQ`WOINKMFONU_N4Q`_NsJ\arQ`snkQ`_MHlQ`KMHJ\RTOI{HYTHYKIrP\RX^\kIMHYKMHJ\RT
y Q{qco:sxrt},I9sco{!Cuqsd}{!rEL}!u?9z p*uq}s{v{do:o:HDF{Wz|{do:s{vzL
k
pTDKMF=HJILKMFONPIMHJIi}NBc\RsYsJ\iqaQ`_MjkW=KIbQ`^=^=_\oQRrFVHYT[KMFON-Z=NvOT=HYKMHJ\RTV\`cIMKQ`TOZOQ`_ZrP\RX6
^\kIMHYKMHJ\RTQ`TOZ@_Nc|NU_NUTOrPNDIMKQ`KNPI1EGFON[Q`W=KMFO\R_Z=NvOTONPZ$KMF=_NPNXHw)KMW=_NPI\`cKMFONDNUT
n)HY_\RT=XNUTzK6\RTONc|\R_KMFONQ`HY_\RTONc\R_<KMFON\arPNQ`TQ`TOZ@\RTONc|\R_KMFONeQ`_MKMFI"rU_MWOIMK
qaQ`_MjkW=KNUKQ`sLkkoEGFONDKMF=_NPNVIMKQ`TOZOQ`_ZXHwKMW=_NPI\`cbKMFONNUTanaHY_\RT=XNUTaKQ`_N
HYsYsYWOIMKM_Q`KNPZHYTVHYjO. eEGFON-TaW=X4SNU_Ib\`c_Nc|NU_NUTOrPNIMW=SOIMKQ`TOrPNPIHYTKMFONPIN-XHwKMW=_NPI
Q`_Nbv==NPZK\D=kOQ`TOZa_NPI^NPrUKMHYnoNUsYgoEGFONU_NBHJIL\RT=sYg\RTONB_Nc|NU_NUTOrPN-IMW=SOIMKQ`TOrPN
^NU_rFONUXHJrQ`s.NUsJNUXNUTzKaQ`TOZ"NQRrFXHw)KMW=_N}F.QRIQBrPNU_MKQ`HYTQPnoNU_Q`joNLrP\RX^\kIMHYKMHJ\RTO\R_
NOQ`X^=sJNkRjk_Q`^=F=HYKNGF.QRIrQ`_MS\RTZHJ\)HJZ=N{QRIx_Nc|NU_NUTOrPNGIMW=SOIMKQ`TOrPNkzQ`TOZ"FzgZ_\RjoNUTF.QRI
sYHJyaW=HJZViGQ`KNU_4QRIB_NcNU_NUTOrPNkpTKMF=HJIb^=HJrUKMW=_NkQ`T1\RHYsx_NPINU_Mno\RHY_HJIBTO\RKQ^.Q`_MK-\`ceKMFON
IMKQ`TOZOQ`_ZNUTzn)HY_\RT=XNUTzK[pKHJI4QD_NPI\RW=_rPNkSNPrQ`WOINHYK4Z=\)NPI-TO\RKF.QnoNQ`T$QPnoNU_Q`joN
rP\RX^\kIMHYKMHJ\RTBqaQ`_MjkW=KI-IKQ`TOZOQ`_Z NUTanaHY_\RT=XNUTaK-HJIbrP\RX^\kINPZ\`cKMFON4X\kIMKIMKQ`S=sJN
\R_Q`S=W=TOZOQ`TaK{IM^NPrUHJNPI{QPnkQ`HYslQ`S=sJNk
EGFONIMKQ`TOZOQ`_ZNNU_MjkgHJI-TO\i0KMFONNNU_MjkgrQ`sJrUW=slQ`KNPZ1c|\R_IMKQ`TOZOQ`_Z1KNUX^NU_Q`KMW=_Nk
^=_NPIIW=_N6Q`TOZrP\RX^\kIMHYKMHJ\RTq)NUKI-\`c}IMKQ`TOZOQ`_Z1N=NU_MjkHJNPI-\`cf_Nc|NU_NUTOrPNrP\RX^\RTONUTaKI
F.QnoNDSNPNUT$KQ`S=W=slQ`KNPZ&Q`TOZZHJIrUWOIINPZqaKQ`TOZOQ`_Z$nkQ`sYWONPI\`c T uKNUX^NU_Q`KMW=_N S
NUTaKM_\R^zgO U uHYTzKNU_MT.Q`sNUTONU_Mjkg=LQ`TOZ&Z=NU_MHYnoNPZ^=_\R^NU_MKMHJNPI H NUTzKMF.Q`sY^zgOQ`TOZ G
BHYS=SOINUTONU_Mjkg=LQ`_NjkHYnoNUTVIMW=SOIrU_MHY^=KI !k
x=NU_Mjkg"Q`T.Q`sYgIMHJIrP\RTOrPNU_MTOIerQ`sJrUW=slQ`KMHJ\RTOIe\`c oQ`TOZ x^=_NPIIMHJ\RTOIKMF.Q`K
rQ`TSN6WOINPZ1K\VrQ`sJrUW=slQ`KNKMFONN=NU_Mjkg1rP\RTzEKNUTzK6E\`c{QDFONQ`KE_NPINU_Mno\RHY_6Q`K T t\`c{\RTON
rP\RX^\RTONUTzKQ`TOZ1\`cLQrFONUXHJrQ`sfXHw)KMW=_Nk_NPIM^NPrUKMHYnoNUsYgoQ`_N6jkHYnoNUTHYTEQ`S=sJNYk
&
| 3Rqi S0c R..G 4A @G$ zuVUk^ =CWv[uUOR"U.
x=NU_Mjkg[rP\RTzKNUTzKB\`cQ`TQ`X\RW=TzUKk\`cx FO!NQ`K Q .Q`K T
E
x=NU_Mjkg[=rPQ((T
\RTzKNUTzKB\`cxT\R)/T
TON4rP\R) X^\RTONUTaKBQ`K p Q`TOZ T
E = (H H ) T (S S )
x=NU_Mjkg[rP\RTzKNUTzKB\`cQ`TVHJZ=NQ`sXHw)KMW=_N-\`cIMW=SOIMKQ`TOrPNPIBQ`K p Q`TOZ T
@ v>=
in
out
loss
heat
1
tm
1
E1rx = rx G0 (T0 )
EGFONU_MX\)ZgaT.Q`XHJrnRQ`_MHlQ`S=sJNPIc\R_KMFONLc\R_MX<W=slQRIHYTEQ`S=sJNbY{rQ`TSN}c|\RW=TOZHYTINUnoNU_Q`s
S\a\RINk jOxg)sYi}Q`_ZQ`TOZHYTOZslQPgkà$xKNUTOIMHYnoNDKQ`S=sJNPIrQ`TSNc\RW=TOZ$HYT
Q`jkXQ`T$NUK"Q`sGkkod}\RXX\RT$^=_\Rjk_Q`XI<c\R_<^=_\arPNPII4X\)Z=NUsYsYHYT=j sYHYoNBIM^NUT
sYWOI<|kkkoLQ`sJI\rP\RTaKQ`HYT ZOQ`KQ`S.QRINPIGc|\R_N=NU_MjkgrQ`sJrUW=slQ`KMHJ\RTOI
Rk 3FC(oD-D,opo.R6(Cp6e$.Ct
OPP
x=NU_MjkgQ`T.Q`sYg)IHJI.\R_BrQ`sJrUW=slQ`KMHJ\RT\`cN=NU_Mjkg[HYT=^=W=K.\RW=KM^=W=KQ`TOZsJ\kIIrQ`TVSN-WOINPZ
HYTHYTOZWOIKM_MgotKMFON^=W=S=sYHJrINPrUK\R_Q`TOZQRrQRZ=NUXHlQDc|\R_INUnoNU_Q`se^=W=_M^\kINPIC BbWONPIMKMHJ\RTOI
k
K\SNQ`TOIMi}NU_NPZ[Szg[N=NU_MjkgDQ`T.Q`sYgIMHJI{rQ`TSNk
F zRt
zP*u M!C=Pk M PCEkc|Ru)k(au-Ru|
CC).eJ 0ze4 &DEGF=HJIG^=_\RS=sJNUXrP\RTOrPNU_MTOIGKMFON_\RW=KNBKMF.Q`KLKQòNPILI\RXNB_QPiXQ`KN

_MHlQ`sJIcu_\RX0IKQ`KNK\4QiGQ`TzKNPZ^=_\aZWOrUKeHYTIMKQ`KN a]BHwNU_NUTzKf_\RW=KNPIfQ`_N{^\kIIMHYS=sJNk
EGFONUgXQPgTONPNPZQ[nRQ`_Mg)HYT=jVZ=NUjk_NPN\`cL_NUTONUi}Q`S=sJN_NPI\RW=_rPNPINrQ`T@QRIM 9)k
Cv<u^J S<c *vv`N U6z0
vM U|W =CWv[ Rukq|R D
$ z3Rt
z< URu`6^=' ze4 `7 ` cRU*c vU0M RC
|q)wC 1 ` D&O\R_bHYTOIKQ`TOrPNkFO\iZ=\)NPIbT.Q`KMW=_Q`sjzQRIb^NU_ c\R_MXHYTVcWO7 NUsrPNUsYs
rQ`_ILrP\RX^.Q`_NPZDK\6\RKMFONU_{rQ`_IEGFONBN=NU_MjkgsJ\kIIfXQgZHwNU_GSNUKpifNPNUT[KMFONZHwNU_NUTzK
_\RW=KNPIOXQàHYT=jI\RXN-\`cKMFONUXX\R_N4NrUHJNUTzKKMF.Q`T \RKMFONU_I
4F z$R z MRud0 RVCub cMkRku|R=b BkU;
PR"uF }J ^J S<q DEGF=HJIbHJIbQ`T \R^=KMHYXHJIQ`KMHJ\RT^=_\RS=sJNUXiLFONU_N"\RTON4INPNUIK\

vOTOZ\R^NU_Q`KMHYT=jrP\RTOZHYKMHJ\RTOIc\R_Q6IHYT=jksJN-^=_\arPNPIILKMF.Q`KLjkHYnoN-XHYT=HYX4W=XN=NU_MjkgsJ\kII
$ zo{UUP auu4vUCMbu5vR|R u"C). CLuu
ze E D
7
qaWOrF@IMKMWOZHJNPI-F.QnoNSNPNUTZ=\RTON6c|\R_rP\RW=TzKM_MHJNPIxQ`X\RT=jKMFONUXCqai}NPZ=NUT3uQ`sYskko
Q`TOZ"hb\R_MiGQPgD_MKNPIMn=`jkkkRkkkox_MKNPIMn=`j6|kkQ`sJI\BZHJZ"Q`T6NNU_Mjkg4Q`T.Q`sYgIMHJI
c|\R_{INUnoNU_Q`strP\RW=TaKM_MHJNPI
xOQ`X^=sJNPIVOfSNUsJ\iLQ`_N[Kg)^=HJrQ`sNOQ`X^=sJNPI\`cNNU_Mjkg&Q`T.Q`sYgIMHJI\`c^=_\aZWOrUKMHJ\RT
^=_\)rPNPIINPIfHYTHYTOZWOIMKM_MgoxNbIMF.Q`sYsINPN{KMF.Q`KfKMFONUgQ`_NbQ`sJI\"Q`sYs._NUsJNUnkQ`TzK}c|\R_eHYTOZWOIMKM_MHlQ`s
NPrP\RsJ\RjkgofTVq)NPrUKMHJ\RT OifNIMF.Q`sYsS=_MHYT=jKMFON4Q`T.Q`sYg)IHJIGHYTVxOQ`X^=sJNPI4K\Q"X\R_N
Q`jkjk_NUjzQ`KNPZsJNUnoNUsQsJNUnoNUsKMF.Q`KXQgSN6WOINcW=sxc|\R_-^\RsYHYKMHJrQ`seZHJIrUWOIIMHJ\RTOIq)NUnoNU_Q`s
HYTOZHJrQ`K\R_IS.QRINPZ\RTVN=NU_MjkgrQ`sJrUW=slQ`KMHJ\RTOIbiLHYsYsSNHYTzKM_\)ZWOrPNPZ
, F&DP) M F) A B0&B F)[D .G A B H: A !0
pT3\R_Z=NU_[K\$NUnkQ`sYW.Q`KNZHwNU_NUTaK[^=_\aZWOrUKMHJ\RT_\RW=KNPIc|\R_X\RTO\`^=_\RâgasJNUTONjksYg)rP\Rs
E\RSNU_kokBrQ`sJrUW=slQ`KNPZKMFONQRII\)rUHlQ`KNPZ1NNU_MjkgHYT=^=W=KI4Q`TOZ1N=NU_MjkgVsJ\kIINPI<EGFON
_NPIMW=sYKIGQ`_NLjkHYnoNUTHYTEQ`S=sJN EGFONrP\RXXNU_rUHlQ`s^=_\)ZWOrUKMHJ\RT_\RW=KNka_\RW=KN"kWOINPI
&
|, "yz8qi S<c $ )u Gg F c6l|RkJ S<c w`q UC ze
R HyM
|*R R\ 8 JIi#07 M!C=P|R) b&.. vc KKML#$CN=k F<Cv
Ru/ PCu M!C=Pk 4R*<RO4 6R HyM
|*8R R%
b\RW=KN xNU_MjkgHYT=^=W=K bNUTONUi}Q`S=sJN4N=NU_MjkgHYT=^=W=K dL~
x=NU_MjkgsJ\kII
+0/Kf - +/K } + K/K } - +0/Kf
Ò

UO
z
k
k
UO
2
_Qi&XQ`KNU_MHlQ`sJIc_\RX0rU_MWOZ=Nb\RHYsEGFONb\RKMFONU_fQ`sYKNU_MT.Q`KMHYnoNk)_\RW=KN{kWOINPIeS=HJ\RXQRIIfQ`TOZ
I\RslQ`_bNUTONU_MjkgVQRIN=NU_MjkgHYT=^=W=KILZHJIKMHYTOrUKMHJ\RTVi}QRIbXQRZ=NSNUKi}NPNUTN=NU_Mjkg[HYT=^=W=KI
c_\RX_NUTONUi}Q`S=sJNQ`TOZTO\RT_NUTONUiGQ`S=sJN_NPI\RW=_rPNPI-HYT1KMFON"Kpif\[_\RW=KNPI"XHJIIHJ\RTOI\`c
dL~ i}NU_N4Q`sJI\rQ`sJrUW=slQ`KNPZ
EQ`S=sJNG bIMFO\i{IKMF.Q`KKMFON}^=_\arPNPIINPItHYT"_\RW=KNPIxQ`TOZ"F.QPnoNGIMHYXHYslQ`_xN=NU_MjkgsJ\kIINPI
EGFONU_NfHJItKMFaWOITO\TONPNPZ"K\ZHJIKMHYT=jkW=HJIMF6SNUKpifNPNUT6KMFONe^=_\)rPNPIINPItc_\RX9KMFONf^NU_I^NPrUKMHYnoN
\`c.KMFONUHY_N=NU_MjkgsJ\kII\RW=KNGF.QRIQBI\RXNUiLF.Q`KIMXQ`sYsJNU_N=NU_MjkgHYT=^=W=Kx_NPyzW=HY_NUXNUTaK
KMF.Q`TD_\RW=KN-&F.QRIaS=W=KG_\RW=KN-AF.QRI}X\kIMKL\`cHYKI}HYT=^=W=KGcu_\RX_NUTONUiGQ`S=sJN-_NPI\RW=_rPNPI
pT_\RW=KNB<kKMFONU_NQ`_NBdL~ NUXHJIIMHJ\RTOIaiLF=HYsJN{_\RW=KNBF.QRILdL~ v=OQ`KMHJ\RTrFO\RHJrPN
rQ`TKMFONUTSN<XQRZ=N4SNUKi}NPNUT1_\RW=KNPI-Q`TOZ\RTKMFON<S.QRIHJIb\`ceKMFONUHY_-ZHwNU_NUTzKWOIN
\`cx_NUTONUi}Q`S=sJN<NNU_MjkgHYT=^=W=KIbQ`TOZ dL~ NUXHJIIMHJ\RTOI
pTX\kIMK"rQRINPIifNUHYjkFaKMHYT=j\`cnkQ`_MHlQ`S=sJNPI4HJI6ZHwrUW=sYKxS=W=K"TONPrPNPIIQ`_Mgo1~bTONiGQPgK\
HYTaKM_\aZWOrPNi}NUHYjkFzKMHYT=j HJIK\QRII\)rUHlQ`KNNQRrFHYX^\R_MKQ`TzK-cQRrUK\R_-iLHYKMF@QDrP\kIMK~bKMFONU_
cQRrUK\R_I4KMF.Q`TKMFO\kINrP\RTOIMHJZ=NU_NPZFONU_NkQ`_NKMFONUT_NUsJNUnkQ`TzKO\R_"HYTOIMKQ`TOrPNk_\RW=KN
TONPNPZ=I}QX4WOrFslQ`_MjoNU_GQ`_NQ-KMF.Q`T_\RW=KNb<zTanoNPIMKMXNUTzKGrP\kIMKIfQ`_N{goNUKeTO\RK)TO\iLTc\R_
_\RW=KNOQ`TOZIWOrFVrP\kIMKI{TO\R_MXQ`sYsYg[QNPrUKQZ=NPrUHJIMHJ\RT
, F&DP) &D 0 *) D .B0!
}gVIMgIMKNUXQ`KMHJrQ`sYsYgrQ`sJrUW=slQ`KMHYT=j Q`sYsNNU_Mjkg sJ\kIINPIHYTQIMHYT=jksJN"^=_\arPNPIIKQ`_MjoNUKIBc\R_
^=_\)rPNPII{HYX^=_\noNUXNUTzKI-SNPrP\RXNn)HJIMHYS=sJNk{EQòN"QRIBQ`T NOQ`X^=sJNkKMFON4rQ`sJrUW=slQ`KMHJ\RT1\`c
rP\RTaKM_MHYS=W=KMHJ\RTOI{K\ E c|\R_G^=_\aZWOrUKMHJ\RT \`cxQ`sYW=XHYT=HYW=Xc_\RXQ`sYW=XHYT=HYW=X\PHJZ=Nk=INPN
}MNUsJIMKM_MW=^VQ`TOZGNPZ=NQ`W|kkEGFON-_NPIMW=sYKIbQ`_N-jkHYnoNUTHYTVEQ`S=sJN4
&
| 365o' &t4 YoR RCC).}J xJ S<c w` u |9 Ocb #6u
R "uO0* C 7R &tJ 7 S<c $ ) ze`xF 5 |9 Ocb\ QPRUU @R
fW<MF S8"!!
#
x=NU_MjkgDsJ\kIILSzg
\arQ`KMHJ\RT\`csJ\kII
x=NU_MjkgsJ\kII
+ PAF/)jbs dfF.Q`_MjoNKM_Q`TOIMcNU_
T[KMFONNUsJNPrUKM_\RsYg)KN
k
TZHwWOIMHJ\RT.Q`sslQgoNU_I
Y
GKNUsJNPrUKM_\aZ=N4IMW=_c|QRrPNPI

T[KMFON-S=W=sYD^.Q`_MK{\`cxKMFONrQ`KMFO\)Z=N
T[KMFON-S=W=sYD^.Q`_MK{\`cxKMFON4Q`TO\)Z=NPI
B\RK{^=_\aZWOrUKI
_\aZWOrUKIsJNQPn)HYT=jQ`K{TE S8E

qaHJZ=N-_NQRrUKMHJ\RTOI
GK{KMFON4Q`TO\)Z=N
Y
EGFONU_MXQ`srP\RTOZWOrUKMHJ\RT EGF=_\RW=jkFQ`sYstIMHJZ=NiGQ`sYsJI
O
Et\RKQ`sNNU_MjkgsJ\kII
)
@ v>=
loss
k
EGFONNNU_Mjkg$HYT=^=W=K1NUsJNPrUKM_MHJrUHYKgAHYT=^=W=Kc_\RX KMFONVjk_MHJZ.6c|\R_KMFON ^=_\aZWOrUKMHJ\RT3HJI
P3F/aj6Q`sYW=XHYT=HYW=XEGFONIW=X0\`csJ\kIMKeN=NU_MjkgHJI})-PAF/)jONINPNLKMF.Q`KfsJ\kIINPI
Q`_NBNPIM^NPrUHlQ`sYsYgslQ`_MjoNBHYTKMFONbi}Q`sYsJIG\`ctKMFONBrPNUsYs)iLFONU_NbKMFONUgQ`X\RW=TzKGK\4O 4P3F/ajO
EGF=HJI-XNQ`TOIKMF.Q`KifNIMFO\RW=sJZZ=NUno\RKNN\R_MK-K\QSNUKMKNU_Z=NPIMHYjkTrP\RTOIKM_MWOrUKMHJ\RT\`c
KMFONrPNUsYsHYT1KMFONi}Q`sYsEGFON6^=_\)ZWOrUKMHJ\RT@\`cLQ`sYW=XHYT=HYW=X c_\RX Q`sYW=XHYT=HYW=X
rQ`TOIrQ`T
SNQ`T.Q`sYg)INPZ[HYT[KMFONIQ`XNXQ`T=TONU_fEGF=HJILF.QRI{TO\RKLSNPNUTVZ=\RTONI\"cQ`_
, F&DP) *&D F) !<C 'D: .G A B *D
EGFOND^=_\)rPNPII6HYTOZWOIMKM_MHJNPIQ`_NDXQM\R_NUTONU_MjkgrP\RTanoNU_MKNU_IHYT$K\aZOQgII\arUHJNUKpgoq)NU^
Q`_Q`KMHJ\RT$XNUKMFO\)Z=I6Q`_NDNPIM^NPrUHlQ`sYsYgrP\kIMKMsYgc_\RXQ`T$N=NU_Mjkg1^NU_IM^NPrUKMHYnoNkfQ`TOZKMFONU_N
Q`_Nc|NUiQ`sYKNU_MT.Q`KMHYnoN[XNUKMFO\aZ=I3FONUTHYKrP\RXNPIK\1INU^.Q`_Q`KMHJ\RTQ`TOZ$^=W=_MHwv.rQ`KMHJ\RT
\`c{rP\RX^\RTONUTzKIxZHJIMKMHYsYslQ`KMHJ\RTHJI4\`cKNUTW=T.Qno\RHJZOQ`S=sJNkhbNUi'rP\RTOrPNU^=KI"Q`_NKMFONU_Nc\R_N
SNUHYT=j QRrUKMHYnoNUsYg^=W=_IMWONPZsYHYoNZHlQ`S.Q`KMHJrZHJIMKMHYsYslQ`KMHJ\RTFONQ`K^=W=X^@QRIIMHJIMKNPZ1ZHJIMKMHYsYslQ
KMHJ\RTQ`TOZFONQ`KHYTzKNUjk_Q`KNPZZHJIMKMHYsYslQ`KMHJ\RTTKMFONGTONKeNOQ`X^=sJNkoi}N{rP\RX^.Q`_NLKMFONLslQRIMK
rP\RTOrPNU^=KbK\Q6rP\RTznoNUTzKMHJ\RT.Q`sQRZHlQ`S.Q`KMHJrZHJIKMHYsYslQ`KMHJ\RT rP\RsYW=XT
pTArP\RTanoNUTzKMHJ\RT.Q`s4ZHJIMKMHYsYslQ`KMHJ\RTKMFONU_MXQ`s-NUTONU_Mjkg&HJIIW=^=^=sYHJNPZAHYTQ1_NUS\RHYsJNU_Q`KKMFON
S\RKMK\RX'\`cKMFONrP\RsYW=XT[Q`KF=HYjkFKNUX^NU_Q`KMW=_Nk=Q`TOZHYKfHJIiLHYKMFOZ_QiLTHYTQrP\RTOZ=NUTOINU_
Q`K{KMFONK\R^ \`cKMFONrP\RsYW=XTQ`KbQ"sJ\i}NU_KNUX^NU_Q`KMW=_NHYjOO -
Q
F e e d
H e a t
c o n d
D is tila te
D is tila te
c o n d
H e a t
Q i
re b
P ro d u c t
F e e d
H e a t
re b
P ro d u c t
e CW3VUOgRORRNu#kMkWHu.kvMRuYk|RR 62fq#
QXZYoQ RU<ÛGR% )3!![U$#
pTKMFON[FONQ`KHYTzKNUjk_Q`KNPZ3ZHJIMKMHYsYslQ`KMHJ\RT3rP\RsYW=XTHYjOe {I\RXN\R_Q`sYs\`cBKMFON
FONQ`K}_NUsJNQRINPZHYTKMFON{K\RÎNPrUKMHJ\RTHJIeKM_Q`TOIc|NU_M_NPZK\<KM_QPgIfHYTKMFON{S\RKMK\RXINPrUKMHJ\RTDQ`K
sJ\)rQ`KMHJ\RTOI-iLFONU_N6HYK-HJITONPNPZ=NPZ6EGF=HJIZ=NPIMHYjkT1_NPZWOrPNPI-KMFON6KMFONU_MXQ`sfNUTONU_Mjkg TONPNPZ=NPZ
HYTKMFON_NUS\RHYsJNU_e}W=K{NKM_Q6if\R_MDHJILTONPNPZ=NPZK\_Q`HJIN-KMFON^=_NPIIW=_N-HYTKMFONK\R^^.Q`_MK
Q`TOZQRrPrP\RX^=sYHJIMF@KMFONHYTzKNU_MT.Q`s}FONQ`K4KM_Q`TOIc|NU_[EGFONKpif\ZHJIMKMHYsYslQ`KMHJ\RT$rP\RsYW=XTOI<rQ`T
k
SNbrP\RX^.Q`_NPZiLFONUTDKMFONUg^=_\)ZWOrPNBKMFONbIQ`XNByaW.Q`sYHYKg\`ct^=_\aZWOrUKIL\RW=KL\`cKMFONIQ`XN
rFONUXHJrQ`sXHwKMW=_N{HYT=^=W=KEGFON{N=NU_MjkgrP\RTzKNUTaK}\`cKMFONXQ`KNU_MHlQ`sIMKM_NQ`XIfHYT=^=W=K}Q`TOZ
\RW=KM^=W=KQ`_NKMFONUTKMFONIQ`XNHYTKMFONKif\ZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XTOIQ`TOZ@KMFONU_Nc|\R_NkxifN
rQ`TrP\RX^.Q`_NKMFONN=NU_MjkgsJ\kIINPIEGFONrQ`sJrUW=slQ`KMHJ\RTi}QRI"Z=\RTONSagkIM\R_Z=NNUK<Q`s
|kkàEGFON_NPIMW=sYKIQ`_NIMFO\iLTHYTEQ`S=sJN" O
&
| 3VUO' &tJ S<q uF 7 J S<c wR 7 kn S<c PRu0t u 9 # 4
R..|RRRlUuYkkR " =CWv[k1 RMkW Hu.kv
RlUuYkkR "2 A\Wh|g # 7 zu !vW] @LF z3J 4Rn qaRYC vU ^_ HpR F*
6y Sk0v" x !!R O. QXZYz RPC0P}R% )3!!UF#
d}\RTanoNUTzKMHJ\RT.Q`sx]BHd ~b^=KMHYXQ`sBp]BHd
bNUS\RHYsJNU_bNNU_MjkgHYT=^=W=K
Uzk
k
d}\RTOZ=NUTOINU_bN=NU_Mjkg\RW=KM^=W=K
zk
pkk
hBNUKrP\RX^=_NPII\R_{if\R_MDHYT=^=W=K
k
)KM_Q6FONQ`KbNrF.Q`T=joNU_HYT=^=W=KN=NU_Mjkg
po
NU_MjkgDsJ\kII
kk
oR
NU_Mjkg[IQnaHYT=joI
kk
@ v>=
EQ`S=sJNB "IMFO\i{IfKMF.Q`KeKMFONX\R_NbrP\RX^=sYHJrQ`KNPZFONQ`KHYTzKNUjk_Q`KNPZ[ZHJIMKMHYsYslQ`KMHJ\RTDrP\RsYW=XT

Bp]BHdLLF.QRIKMFON<^\RKNUTaKMHlQ`s\`ceIQPn)HYT=jQslQ`_MjoN"Q`X\RW=TaK-\`ceNNU_Mjkg[sJ\kII6|kkPAF
\noNU_BKMFONQRZHlQ`S.Q`KMHJrZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XTc|\R_Qc|NPNPZ2.\i+_Q`KN\`cbkX\Rs /Ì-EGF=HJI
NOQ`X^=sJNIMFO\i{ILKMF.Q`K{KMFONN=NU_MjkgDQ`T.Q`sYgIMHJI{rQ`TVSNWOINPZDK\rP\RX^.Q`_NZ=NPIMHYjkTOI
rP\RX^=sJNUKN-rP\RX^.Q`_MHJI\RTIFO\RW=sJZDQ`sJI\4KQòNBHYTzK\QRrPrP\RW=TaKLKMFONBN=NU_MjkgHYT=^=W=KGTONPNPZ=NPZ
K\1rP\RTOIMKM_MWOrUKQ`TOZ&ZHJIMXQ`TzKMsJNVKMFONIMgIMKNUXIx^NU_MHJNUTOrPNIMFO\i{IKMF.Q`KKMFON[N=NU_Mjkg
HYT=^=W=K_NPyaW=HY_NPZc|\R_KMFON rP\RTOIMKM_MWOrUKMHJ\RTA\`c-KMFON[^=_\)rPNPIINPyaW=HY^=XNUTzKHJI\`cKNUTX<WOrF
IMXQ`sYsJNU_bKMF.Q`T KMFON<NNU_Mjkg[HYT=^=W=KB_NPyaW=HY_NPZc|\R_{^=_\)rPNPIIb\R^NU_Q`KMHJ\RTHYTVHYKIBNUTzKMHY_N<sYHwcN
rUgrUsJN\RX4S.Q`_ZHkkko
, F&DP) 0:%:0! A :B< A )Q ` $M! FD( :E!<B!
EGFONBKM_Q`TOIM^\R_MK{INPrUK\R_LK\)ZOQPgHJIGWOIMHYT=jQ<slQ`_MjoN^.Q`_MK{\`cKMFONBc|\kIIMHYscuWONUs_NPINU_Mno\RHY_IK
HJIbHYX^\R_MKQ`TaKK\vOTOZQ`sYKNU_MT.Q`KMHYnoNPI-K\KMFONPIN4_NPI\RW=_rPNPIQ`TOZ _NPZWOrPN"KMFON4KM_Q`TOI^\R_MK
_NUslQ`KNPZ3NUXHJIIMHJ\RTOI81_MHYjkFzK|kkàrQ`sJrUW=slQ`KNPZ3KMFON NNU_MjkgsJ\kIIc|\R_Q`T3HYTzKNU_MT.Q`s
rP\RX<S=WOIMKMHJ\RTNUT=jkHYTON}Q`TOZ6QLcWONUswrPNUsYsrQ`_EGFON}N=NU_Mjkg-sJ\kIINPIifNU_N}X\R_NeKMF.Q`T6Z=\RW=S=sJN
HYTVQ`TV\R_ZHYT.Q`_Mg[rQ`_LKMF.Q`THYTQ<cuWONUswrPNUsYstrQ`_
}MNUsJIMKM_MW=^Q`TOZ@RsYsJNU_b\RsJIK[kko<rQ`sJrUW=slQ`KNPZKMFONsJ\arQ`KMHJ\RT&Q`TOZ@XQ`jkT=HYKMWOZ=N[\`c
N=NU_Mjkg@sJ\kIINPIQ`KVoR1 HYTAQI\RsYHJZ&\)HJZ=NcuWONUs{rPNUsYs<q=~BdL6KMF.Q`K\R^NU_Q`KNPZ&\RT
XNUKMF.Q`TONkINPNEQ`S=sJN EGFONUgc|\RW=TOZtiLHYKMF@I\RXNIMHYX^=sYHwv.rQ`KMHJ\RTOIKMF.Q`K") \`c
`
& |"ak-&txJS<c wù|9;#RbFg)Of
qkv[kfWv6
C( +FG*R|<J 6"Pu)R*4C P R.cUW 7 ku40cWU.<=u
'
lx"q QPR! c@R2Yzu|cH+R K!K5b#$
x=NU_MjkgHYT=^=W=K
kR
\)rQ`KMHJ\RT \`cNNU_MjkgsJ\kIINPI
HYT[_Nc|\R_MXHYT=j_NQRrUKMHJ\RT
k
SagHYTOrP\RX^=sJNUKN4_NQRrUKMHJ\RTOI
SagrU_QRr)I
ZWONK\\noNU_M^\RKNUTaKMHlQ`s
k
ZWONK\z\RW=sJN-FONQ`K
k
\R_M[\RW=KM^=W=K
kk
x=NU_MjkgDNrUHJNUTOrUguHYT
)
2
KMFONN=NU_MjkgDHYT=^=W=KiGQRIWOINPZ QRILif\R_MG \kIMK{\`cKMFONN=NU_MjkgDsJ\kIINPIifNU_N<QRII\arUHlQ`KNPZ

iLHYKMF<KMFON^=_\)ZWOrUKMHJ\RT<\`c=FzgZ_\RjoNUT4cWONUskc_\RXXNUKMF.Q`TONBkLaQ`TOZ-K\KMFONe\noNU_M^\`
KNUTaKMHlQ`sQ`TOZo\RW=sJNLFONQ`KsJ\kIINPI{|kQ`TOZkBOR_NPIM^NPrUKMHYnoNUsYg=\`cKMFONLNUsJNPrUKM_\arFONUXHJrQ`s
rPNUsYs
OPQ c
LeHzx` 3,o@Cf.f
NbF.QPnoN-INPNUT[Q`S\noNBKMF.Q`KGQ4^=_\)rPNPIILQ`sYi}QPgIGsJNQRZ=I}K\4sJ\kIK}N=NU_MjkgoEGF=HJIGZHJIIMHY^.Q`KNPI
NUTONU_MjkgyzW.Q`sYHYKpgQRIBFONQ`KHYT KMFON6IMW=_M_\RW=TOZHYT=joI4TX\kIMK-rQRINPIFONQ`K2.\i+HYTzK\KMFON
IMW=_M_\RW=TOZHYT=joIHJIGTO\RKLF.Q`_MX6cuW=se \R_NBHYX^\R_MKQ`TzKLc|\R_LKMFON-NUTzn)HY_\RT=XNUTzKbHJIGKMFONU_Nc\R_N
KMF.Q`Kb_NQRrUKQ`TzKI }F.QPnoN"rF.Q`T=joNPZHYTzK\^=_\aZWOrUKI q)\RXN<_NPI\RW=_rPNPIbF.QPnoN
SNPNUT&Z=NU^=sJNUKNPZ}EQ`TOZI\RXNW=Tai}Q`TaKNPZSagz^=_\)ZWOrUKIF.EQPnoND^=_\RS.Q`S=sYg$SNPNUTc\R_MXNPZ
Q`TOZZHJIrQ`_Z=NPZ[HYTzK\KMFON4NUTzn)HY_\RT=XNUTzK
Q`Tzg"HYTOZWOIMKM_MHlQ`s=^=_\)rPNPIINPIQ`_N}TONPrPNPIIQ`_Mg<SNPrQ`WOINL\`cKMFONUHY_^=_\aZWOrUKIQ`TOZINU_MnaHJrPNPI
NX4WOIK<KMFONU_Nc|\R_NvOTOZ$QVi}QgK\Z=NQ`sGiLHYKMF@KMFONUHY_6W=Tai}Q`TzKNPZ&Szga^=_\aZWOrUKIQ`TOZ
^=_\)ZWOrUKIQcuKNU_WOINSag4I\)rUHJNUKgoTQ`T"HJZ=NQ`s)IMHYKMW.Q`KMHJ\RTRi}NfrQ`T"S=_MHYT=jKMFONPIN^=_\)ZWOrUKI
S.QRrK\KMFONUHY_{_NQRrUKQ`TzKIMKQ`KNkbTVN=NU_MjkgIMW=^=^=sYgDHJILWOIW.Q`sYsYgTONPNPZ=NPZVK\6XQòNKMF=HJI
^=_\)rPNPII6F.Q`^=^NUTpTIMWOrFQIMHYKMW.Q`KMHJ\RTfHYTOZWOIMKM_MHlQ`s{^=_\)rPNPIINPIrQ`TSNDIQ`HJZK\SN
Cv{aRu |KMF.Q`THYTKMFONLIMHYKMW.Q`KMHJ\RTiLFONUTKMFONG^=_\aZWOrUKI}Q`_NLZHJIM^\kINPZ6HYTzK\-KMFON
NUTanaHY_\RT=XNUTaK}QcKNU_WOINkxEGFONLNNU_Mjkg6IMW=^=^=sYg6rQ`TSNGKNU_MXNPZKMFONLN=NU_Mjkg"TONPNPZ=NPZ6c\R_
Q`S.Q`KNUXNUTaK E
Q`TOZHYKrQ`T SN-KQòNUTQRIKMFON4NNU_Mjkg[K\XQòN"QrPNU_MKQ`HYT
^=_\)rPNPII{X\R_N<IMWOIMKQ`HYT.Q`S=sJN4SzgQ`S.Q`KNUXNUTzKLB\i}NUnoNU_KMFON^\kIIHYS=sJN-sJ\kII\`cT.Q`KMW=_Q`s
rQ`^=HYKQ`sHYTKMFONLc|\R_MX'\`cNF.Q`WOIMKMHYS=sJNb_NPI\RW=_rPNPIfIFO\RW=sJZSNLKQòNUTHYTaK\"QRrPrP\RW=TaKfiLFONUT
rQ`sJrUW=slQ`KMHYT=jKMFONNNU_MjkgTONPNPZ=NPZDc|\R_bQ`S.Q`KNUXNUTzK
bTO\RKMFONU_[^\RHYTaKDK\@SN KQòNUTHYTzK\&QRrPrP\RW=TzK[HJIKMFONN=NU_MjkgANrUHJNUTOrUg3HYT3KMFONWOIN
in
in,abatement
out
yQd1`:5*svuLFD'o:o:HD{vz|{8}!'o:oL$LuqsJLorts
ssve3(`:5svuLFD&fWo{qsz zcort}!uv{ k
\`cKMFON[_NUTONUi}Q`S=sJNQ`TOZTO\RT_NUTONUi}Q`S=sJN_NPI\RW=_rPNPI E rP\RX^.Q`_NPZ&K\ E &EGFON
rUsJ\kINU_-KMFONKif\ nkQ`sYWONPI4Q`_NkKMFONsJ\RT=joNU_<ifNrQ`ToNPNU^KMFONN=NU_Mjkg\`cG_NPI\RW=_rPNPIc\R_
KMFONcW=KMW=_Nk=W=_MKMFONU_MX\R_NkHYK[HJIDTO\RK Q`_MS=HYKM_Q`_MHYsYg3iLF=HJrF8_NPI\RW=_rPNk E bifNWOIN
HYT3\RW=_^=_\)ZWOrUKMHJ\RTQ`TOZ3Q`S.Q`KNUXNUTzK[^=_\)rPNPIINPIq)\RXN _NPI\RW=_rPNPI[Q`_N_NUTONUiGQ`S=sJN
iLHYKMF[\R_GiLHYKMFO\RW=K{IMXQ`sYsQ`S.Q`KNUXNUTzKN=NU_MjkgTONPNPZ=I=I\RXNQ`_NrP\RT=TONPrUKNPZDiLHYKMF[slQ`_MjoN
Q`S.Q`KNUXNUTaKN=NU_Mjkg[_NPyaW=HY_NUXNUTzKIbN4^=_NPINUTzKKMFON4N=NU_MjkgzS.QRINPZVHYTOZHJrQ`K\R_IKMF.Q`K
yaW.Q`TzKMHwcgKMFONPINc|QRrUK\R_I{SNUsJ\i
=98 Fo.Q(C toO,k.t. =98 Fo.q`. pP
OPh g
k,z
x=NU_MjkgaS.QRINPZ"HYTOZHJrQ`K\R_IifNU_NGHYTaKM_\aZWOrPNPZSag<]NUiLW=swcNUKeQ`s=|kkkoK\-QRZ=Z_NPIIxKMFON
^\RHYTzKIBHYTq)NPrUKMHJ\RT1 \RT1Q`TQ`jkjk_NUjzQ`KNPZsJNUnoNUsEGFON6Q`W=KMFO\R_IXQRZ=N"QZHJIMKMHYTOrUKMHJ\RT
SNUKi}NPNUTN=NU_MjkgI\RW=_rPNPIKMF.Q`KfifNU_N{_NUTONUiGQ`S=sJNiLHYKMFO\RW=K}FzW=XQ`Tif\R_MaQ`TOZI\RW=_rPNPI
KMF.Q`K}ifNU_NBTO\RT_NUTONUi}Q`S=sJNkfEGFONUgZ=NvOTONPZKMFONB_NUTONUi}Q`S=HYsYHYKgc_QRrUKMHJ\RTD\`cKMFONBN=NU_Mjkg
HYT=^=W=KI
E
|k
=
E
BNU_Nk E
HJILKMFONIMW=X\`cQ`sYstN=NU_MjkgDIMW=^=^=sYHJNPZ[c_\RX_NUTONUi}Q`S=sJN<_NPI\RW=_rPNPI
b\RW=KN B HYT=Q`X^=sJN<Q`S\noN<F.QRI TONQ`_\RTONeQ`TOZ QnRQ`sYWON"\`c\RTON4FONUsYÔIBZ=NvOTON
Q`T[HJZ=NQ`s^=_\)rPNPII
EGFON-N=NU_Mjkg[NrUHJNUTOrUg1 fi}QRIZ=NvOTONPZ QRI4INPNykkdfF.Q`^=KNU_"
| o
E
E T (dS/dt) t
=
=
@
out
in
in
in,renewable
in
in,renewable
out
Ein
in
irr
Ein
EGFON"nkQ`sYWON\`c}\RTON6_NU^=_NPINUTaKI4Q_NUnoNU_IMHYS=sJN^=_\)rPNPIIKMF.Q`KF.QRI4QNU_\[NUTzKM_\R^zg^=_\`

ZWOrUKMHJ\RT_Q`KN[ (dS/dt) R'o-EGF=HJIB^=_\)rPNPIIB_NPyzW=HY_NPIHYTvOT=HYKNQ`X\RW=TaKI\`ceKMHYXN
Q`TOZ/`\R_Q`_NQN)TO\iKMF.Q`KKMFONsYHYXHYKBc\R_ HJIGW=T=_NQ`sYHJIMKMHJrSNPrQ`WOINi}N-Z=NUXQ`TOZ
^=_\)ZWOrUKI\R_INU_MnaHJrPNPIHYTAQvOT=HYKNKMHYXNkEGFON[ HYTOZHJrQ`K\R_ HYTOZHJrQ`KNPIFO\ic|Q`_i}N
Q`_Ncu_\RXC_NUnoNU_IMHYS=sJND\R^NU_Q`KMHJ\RTEGFON[Q`SOI\RsYW=KNnkQ`sYWONPI<\`c E Q`TOZ E Q`_NIMKMHYsYs
HYX^\R_MKQ`TzK_NUslQ`KMHYnoNUsYgIMXQ`sYsGrF.Q`T=joNHYT HNkYxHYT$QZHJIMKMHYsYslQ`KMHJ\RT$^=_\)rPNPIIxrQ`T
IMKMHYsYsXNQ`TVKMF.Q`KbQ"sJ\RK\`cNNU_MjkgDrQ`TSN-IQPnoNPZEQ`S=sJN< ^\RHYTzKNPZ \RW=KLKMF=HJILcQRrUK
EGFONGKMF=HY_ZHYTOZHJrQ`K\R_f^=_\R^\kINPZSzg6]NUiLW=swcNUKeQ`s|kkkoHJINUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`K
HYS=HYsYHYKpg pKGHJIGKMFON-yzWO\RKMHJNUTaK\`cKMFON-N=NU_MjkgHYT=^=W=KIGc\R_GKMFON^=_\)ZWOrUKMHJ\RT^=_\)rPNPIINPI
Q`TOZKMFONIMW=X \`c{Q`sYsNNU_MjkgHYT=^=W=KI-TONPrPNPIIQ`_Mg K\VQ`S.Q`KN6KMFONNUXHJIIMHJ\RTOI4Q`TOZ
^=E_\)ZWOrUKI-Q`KbKMFON"NUTOZ \`cfKMFONUHY_BsYHwc|N E
{^=sYWOIBKMFON<N=NU_MjkgHYT=^=W=KIbc|\R_bKMFON
irr
out
in
in,abatement
in
k
^=_\)ZWOrUKMHJ\RTV^=_\)rPNPIINPI E
| o
E
=
E +E
yaW.Q`KMHJ\RT1| orQ`TIMFO\i3WOIiLFONUKMFONU_L\R_eTO\RKf^=_\aZWOrUKIGQ`TOZ^=_\aZWOrUKMHJ\RTDNUXHJIIMHJ\RTOI
TONPNPZQ"slQ`_MjoN-N=NU_MjkgHYT=^=W=KGc|\R_LKMFONUHY_Q`S.Q`KNUXNUTzKbK\6XQòNKMFONUXF.Q`_MXsJNPIILHYTrP\RX6
^.Q`_MHJI\RTiLHYKMFKMFON6NNU_MjkgHYT=^=W=Kbc|\R_bKMFON"^=_\)ZWOrUKMHJ\RT\`c^=_\)ZWOrUKIQ`_MXsJNPIIZ=\aNPI
TO\RK<XNQ`T@KMF.Q`K<KMFONUHY_"N=NU_MjkgrP\RTzKNUTaK"HJI4NU_\=HYK<\RT=sYgIMKQ`KNPI<KMF.Q`Kc\R_"N=Q`X^=sJNk
KMFONU_NDHJITO\QRrPrUW=X<W=slQ`KMHJ\RTA\`crQ`_MS\RTZHJ\)HJZ=Nc_\RX c|\kIIMHYsLI\RW=_rPNPIHYTKMFONQ`KMX\`
IM^=FONU_NkeSNPrQ`WOINHYK6HJI"c|\R_6HYTOIMKQ`TOrPN[INPyaWONPIMKM_Q`KNPZHYTzK\QZ=NU^=sJNUKNPZjzQRI6_NPINU_Mno\RHY_
EQòNQ`jzQ`HYTKMFONNOQ`X^=sJN[\`cbT.Q`KMW=_Q`sLjzQRI\R_6XNUKMF.Q`TON<c|\R_NUsJNPrUKM_MHJrD^\ifNU_^=_\`
ZWOrUKMHJ\RT,erQ`_MS\RTZHJ\PHJZ=N4HJIbQ^=_\)ZWOrUKb\`cT.Q`KMW=_Q`stjzQRIB\PHJZOQ`KMHJ\RTViLHYKMFQ`HY_}pTKMFON
IMHYX^=sJNPIK"_NUjkHYXN^\kIIMHYS=sJN\RTONXQPg@rP\RTOIHJZ=NU_Q`T$Q`S.Q`KNUXNUTaK^=_\arPNPII4c|\R_6rQ`_MS\RT
ZHJ\)HJZ=N-\RT=sYgofqaHYTOrPNKMFONB^=_\)ZWOrUK4uHNkNUsJNPrUKM_MHJrUHYKgOGZ=\)NPI}TO\RKLTONPNPZQ`S.Q`KNUXNUTzK=KMFON
NUTanaHY_\RT=XNUTaKQ`srP\RX^.Q`KMHYS=HYsYHYKpgHYTOZHJrQ`K\R_{HJI{rQ`sJrUW=slQ`KNPZQRI
|Yo
E
=
E +E
bTNKM_NUXNQ`S.Q`KNUXNUTzK}XQPgSNGK\rUsJ\kINLKMFONXQ`KNU_MHlQ`srUgrUsJNLHYTQ-Ig)IMKNUXdfsJ\kIMHYT=j
KMFON<XQ`KNU_MHlQ`srUg)rUsJN"rQ`TSN"INPNUT1QRIB\RTON"IMKM_Q`KNUjkgVc\R_b_NUKMW=_MT=HYT=j[KMFONvOT.Q`sIMKQ`KN"\`c
^=_\)ZWOrUKIbQ`TOZ NUXHJIIMHJ\RTOI{HYTQIMgIMKNUXK\HYKI^=_NUnaHJ\RWOIbIMKQ`KNkfEGF=HJIbIMKM_Q`KNUjkg[HJILTO\RK
TONPrPNPIIQ`_MgKMFONSNPIMK\RTONHwcKMFON^=_NUn)HJ\RWOI"IKQ`KNHJI6Z=NvOTONPZ$HYT$XQRrU_\kIrP\R^=HJrKNU_MXI
iLHYKMFO\RW=KBKQàHYT=jHYTzK\DQRrPrP\RW=TzKKMFON<NNU_MjkgZ=NU^=sJNUKMHJ\RT\`ceN)F.Q`WOIKMHYS=sJN4_NPI\RW=_rPNPI{T
KMF=HJIrP\RTzKNKLKMFONIMHYT=aIM^NPrUHwv.rZ=NvOT=HYKMHJ\RT3\`c-KMFONV_NcNU_NUTOrPN IMKQ`KNPI^=_\R^\kINPZ&Sag
xg)_NPIfQ`TOZQRIMHYT=Ht|kkàQRIZHJIrUWOIINPZHYTq)NPrUKMHJ\RT k zXQPg6SNLX\R_NQ`^=^=_\R^=_MHlQ`KN
KMF.Q`TKMFON-pIKQ`TOZOQ`_Z)4_NcNU_NUTOrPN"IMKQ`KNPIB^=_\R^\kINPZVSag qaQ`_MjkW=K-NUKQ`skkobB\iG
NUnoNU_c|\R_{KMFON-^=W=_M^\kIN-\`cNPIMKMHYXQ`KMHYT=jKMFON4NNU_MjkgHYTOZHJrQ`K\R_IHYTdfF.Q`^=KNU_IbQ`TOZ[O
KMFON4Q`^=^=_\oQRrFVjkHYnoNUTSagVqaQ`_MjkW=KNUKbQ`skko}iLHYsYsSNWOINPZ
pT KMFON4c|\RsYsJ\iLHYT=jOKi}\Q`^=^=sYHJrQ`KMHJ\RTOI-\`ceKMFON"NNU_MjkgHYTOZHJrQ`K\R_IQ`_N"^=_NPINUTaKNPZ-EQ
S=sJN{ jkHYnoNPIeN=Q`X^=sJNPI\`cKi}\jzQRI|vO_NPZrP\RX4S=HYTONPZrUgrUsJNL^\ifNU_e^=slQ`TzKIbano\RsYHYTOIrF=H
NUKbQ`skkk`SLQ`TOZ[Ki}\Fag)Z_\RjoNUTS.QRINPZVcWONUswrPNUsYstrQ`_I<hBNPNUsYHJI{NUKbQ`s.kkkoOiLF=HJrF
i}NU_N4QRIINPIINPZDSzgDKMFONKMF=_NPNN=NU_MjkgzS.QRINPZHYTOZHJrQ`K\R_I
EGFON"IMKMWOZg[Szgano\RsYHYTOIrF=HNUKBQ`sx|kkk`SbQ`T.Q`sYg)INPZ Ki}\jzQRI|vO_NPZ rP\RX<S=HYTONPZ1rUg)rUsJN
^\i}NU_^=slQ`TzKI{Q1IMKQ`TOZOQ`_Z&^\i}NU_^=slQ`TaKGiLF=HJrF3rP\RX4S=WOIMKIZHY_NPrUKMsYgT.Q`KMW=_Q`sjzQRI
HYT@QjzQRIKMW=_MS=HYTONkQ`TOZQ[TONUi?^=_\R^\kIQ`seKMF.Q`K-vO_IMK4rP\RTanoNU_MKIKMFONT.Q`KMW=_Q`sjzQRI4HYTzK\
Fag)Z_\RjoNUT$Q`TOZKMFONUTrP\RX4S=WOIMKI4KMFONFzgZ_\RjoNUTHYTQjzQRIKMW=_MS=HYTONkEGFONdL~ NUXHJI
IMHJ\RTOIfNUXNU_MjoNPZc_\RXKMFON{^\i}NU_e^=slQ`TaKIei}NU_NIMW=SOINPyaWONUTzKMsYgQ`S.Q`KNPZSzg6XNQ`TOI}\`cQ`T
Q`XHYTONDQ`SOI\R_M^=KMHJ\RT^=_\arPNPIIQ^=FO\RK\kIMgaTaKMFONUKMHJrrP\RTanoNU_IMHJ\RT\`cbdL~ HYTzK\VS=HJ\RXQRII
in
in
in
in, abatement
in
in
in,abatement of CO2
yji V*ruqsv"LrnF{6o:" zyIEzrorz}!F{}!~s5*svuLFDMo:o:HDF{Wz|{

o
Q`TOZQVQ`T.QRNU_\RS=HJrjzQRIMHwv.rQ`KMHJ\RT\`cGS=HJ\RXQRIIHYTzK\VXNUKMF.Q`TONkEGFONnRQ`sYWONPI<\`c}KMFONNa
NU_MjkgHYTOZHJrQ`K\R_IvO_IKb_\iHYT1EQ`S=sJN6 obIMFO\i+TO\QrUsJNQ`_iLHYT=TONU_-EGFONU_Nc\R_NkHYT
KMF=HJIGrQRINk)KMFONBHYTOZHJrQ`K\R_I{rQ`T=TO\RKGjkHYnoNBWOIfKMFONBHYTc|\R_MXQ`KMHJ\RTI\<KMF.Q`KG\RTONrQ`T[Z=NPrUHJZ=N
iLF=HJrF^\ifNU_b^=slQ`TzKIMFO\RW=sJZSN-rP\RTOIMKM_MWOrUKNPZ
&
| 3kk8qi S0c HJM`!W[uR|kC 7 R #UC ze`!4R(
v<J Sk| UxJ S
YRk|R=
dGQRINIKMWOZHJNPIQ`TOZ[^=_\)rPNPIINPILK\6SN-rP\RX^.Q`_NPZ
zk AFNUsJNPrUKM_MHJrUHYKpg[joNUTONU_Q`KMHJ\RT Szg

hBQ`KMW=_Q`stjzQRI|vO_NPZrP\RX4S=HYTONPZ rUg)rUsJN^\ifNU_^=slQ`TaK z k k
gZ_\RjoNUT|vO_NPZVrP\RX<S=HYTONPZVrUgrUsJN-^\ifNU_^=slQ`TzK z `
bg)Z_\RjoNUT[c|\R_GcWONUswrPNUsYstrQ`_I ^=_\)ZWOrPNPZ[Szg
tQ`_MjoNIrQ`sJN<IMKNQ`X_Nc|\R_MXHYT=j
k z
NUKQ`HYswIrQ`sJNi}Q`KNU_bNUsJNPrUKM_\RsYgIMHJI
k kk k
@
b,c
nl m 2 oqp oqrtsvuws0xrypz9uwsox%{y|q} lnm 2 ~ort%tsZox~0|_x[svt{h|xrt|uwsvrtox%swVo%|

rt |_{Wzxrts0{h{)oqx p|_uoq{h{)%_s0{Wrt|xA]|qtsw%svreoqV{)~oqx9p"s}|_%x Vx l oq%rtsvZox
_|_x{h~esvroq_p"
b
s0~rhtV~vrz]s0xseoqrtsJpzAoy4x uwV&svs0V{4svroq __
c
z%t|_s0x_ 2 "svGo0z{yuox%}o~vrtts9pzuwsoqx{)|}bnortsvsvVsv~vrht|_z{h{0
oxArtsvx]{h|_Vor4~oqhtsv}s0x{Wreoqrt|_x%{)s0s0{bsvrbo!q_[
a
EGFONIMKMWOZg1SzghBNPNUsYHJI"NUK"Q`sG|kkko4Q`T.Q`sYgINPZ@FzgZ_\RjoNUTQRI6QrQ`_M_MHJNU_"HYT@cuWONUswrPNUsYs
rQ`_IINPN"INPrP\RTOZ_\i+HYT1EQ`S=sJN o-EGFON<vO_IMKB^=_\aZWOrUKMHJ\RT1XNUKMFO\)ZVHJIBSagVXNQ`TOI
\`c-QslQ`_MjoNIrQ`sJNDT.Q`KMW=_Q`s{jzQRIIMKNQ`X_Nc|\R_MXHYT=j1^=_\)rPNPII!e}KMFON[\RKMFONU_HJI6SzgXNQ`TOI
\`cLNUsJNPrUKM_\RsYg)IHJI\`c}iGQ`KNU_4WOIMHYT=jViLHYTOZ^\ifNU_4K\_MW=TKMFONNUsJNPrUKM_\RsYgIMHJI-^=_\)rPNPIIEGFON
slQ`_MjoNIrQ`sJN_Nc|\R_MXHYT=j_\RW=KNWOINPIL\RT=sYgTO\RT_NUTONUi}Q`S=sJN4N=NU_MjkgoiLF=HYsJNKMFON-NUsJNPrUKM_\Rsw
gIMHJIG_\RW=KN-WOINPINUsJNPrUKM_MHJrUHYKgDc_\RXQ"iLHYTOZ^\ifNU_B^=slQ`TzKfEGF=HJI{N)^=slQ`HYTOIKMFONZHwNU_NUTzK
IrP\R_NPIc\R_ DEGFONNUTanaHY_\RT=XNUTaKQ`s{rP\RX^.Q`KMHYS=HYsYHYKgo IMFO\i{I<KMF.Q`K"Q[F=HYjkF@N=NU_Mjkg
HYT=^=W=K"HJI4_NPyaW=HY_NPZc\R_dL~ Q`S.Q`KNUXNUTzKQcKNU_4KMFON_Nc|\R_MXHYT=jIMKNU^ EGFONU_NHJI"ZHJI
rF.Q`_MjoN-\`cNNU_MjkgDQRIGsJ\iGKNUX^NU_Q`KMW=_N-FONQ`KL\RT=sYgoiLFONUT[FzgZ_\RjoNUT[HJI}^=_\aZWOrPNPZDSag
NUsJNPrUKM_\RsYgIMHJIGdfsJNQ`_MsYgoOKMFON-slQRIMKBQ`^=^=_\oQRrFVHJIX4WOrFVX\R_N4NUTanaHY_\RT=XNUTaKQ`sYsYg[c_MHJNUTOZsYg
Q`TOZIMWOIMKQ`HYT.Q`S=sJNkiLHYKMFF=HYjkFIrP\R_NPIc|\R_ Q`TOZ BKIBZ_QPiLS.QRr HJI.FO\ifNUnoNU_KMFON
X<WOrFVsJ\ifNU_BNNU_MjkgDNrUHJNUTOrUg R? kkrP\RX^.Q`_NPZVK\
OPQ
Cz.fe?p|te, 8 o.p
NfF.QPnoNLINPNUTQ`S\noN}KMF.Q`KNNU_Mjkg4rQ`sJrUW=slQ`KMHJ\RTOIerQ`T<SNeWOINPZ<K\QRIINPIItFO\i$NNPrUKMHYnoN
NUTONU_MjkgDHJIrP\RTanoNU_MKNPZVHYTQIMHYT=jksJN^=_\)rPNPIIOsYHYoN-HYTVKMFON4Q`sYW=XHYT=HYW=X^=_\)ZWOrUKMHJ\RT rQRIN
xOQ`X^=sJNoEGFONQ`T.Q`sYgIMHJIBKMFONUT1jkHYnoNPIHYTc\R_MXQ`KMHJ\RTQ`S\RW=KFO\i+K\HYX^=_\noNKMFON
c
k
^=_NPINUTaKIMKQ`KN\`cx\R^NU_Q`KMHJ\RTViLHYKMFKMFONIQ`XN-NPyaW=HY^=XNUTzKfxNU_Mjkg[Q`T.Q`sYgIMHJI{rQ`T Q`sJI\
SNWOINPZ[K\NUnkQ`sYW.Q`KN-TONUi8HJZ=NQRIGc|\R_NPyaW=HY^=XNUTzKbHYX^=_\noNUXNUTzKsYHYoN-HYTxOQ`X^=sJN<
iLFONU_NKMFONrP\RTOrPNU^=K{\`cxQ<FONQ`KHYTaKNUjk_Q`KNPZVZHJIMKMHYsYslQ`KMHJ\RTrP\RsYW=XT[iGQRILZHJIrUWOIINPZEGFON
IQnaHYT=joIHYTsJ\kIMKN=NU_Mjkg"ZW=_MHYT=j^=_\)rPNPII\R^NU_Q`KMHJ\RTHYTKNU_MXI\`c_NPZWOrPNPZ^\i}NU_erP\kIMKI
XQgZ=NcNUTOZslQ`_MjoNU_GHYTznoNPIMKMXNUTaK{rP\kIMKIfTONPNPZ=NPZHYTKMFONbTONUi3Z=NPIMHYjkTNU_MjkgQ`T.Q`sYgIMHJI
rQ`T Q`sJI\SNWOINPZ[K\Q`^=^=_\oQRrFQ6iLFO\RsJN4^=_\aZWOrUKMHJ\RTrF.Q`HYT$Nk jOYOFzgZ_\RjoNUTHYTVZHwc
c|NU_NUTzKf^=_\R^=W=sJIMHJ\RTIg)IMKNUXIEGFONU_NQ`_NLTO\4IrQ`sJNko^=_MHJrPNk)IM^.QRrPN\R_fKMHYXN{sYHYXHYKQ`KMHJ\RTOI
K\NNU_MjkgQ`T.Q`sYgIMHJIGTQRZ=ZHYKMHJ\RTN=NU_MjkgrQ`TVSN-WOINPZVK\jkHYnoNnkQ`sYWONK\QT.Q`KMW=_Q`s
_NPI\RW=_rPN<Nk jOYoc|\kIIMHYs)cWONUs.\R_XHYTONU_Q`s.\R_NHYTKNU_MXIe\`cFO\iX<WOrFNNU_Mjkg6HJITONPNPZ=NPZ
K\_NPIK\R_NHYK
EGFONGXQ`HYTQRZnkQ`TzKQ`joN{\`cN=NU_Mjkg"Q`T.Q`sYgIMHJIxHJIxKMF.Q`KxHYKxHJIx^\kIIMHYS=sJNeTO\RK\RT=sYg<K\BHYX^=_\noN
Q4IMHYT=jksJN{^=_\)rPNPIIzS=W=KGQ`sJI\K\4rP\RX^.Q`_N-Q`TOZNUnkQ`sYW.Q`KNZHwNU_NUTzKG^=_\)rPNPIINPIx=NU_Mjkgz
S.QRINPZ3HYTOZHJrQ`K\R_IVQ`_N WOINcW=sFONU_NkEGFONUg&jkHYnoN1Q`jkjk_NUjzQ`KNPZHYTc|\R_MXQ`KMHJ\RTK\KMFON
slQgaXQ`TzQRIcQ`_QRI\RTON}HJIQ`S=sJNGK\Q`jkjk_NUjzQ`KN zuu))t.M!C=Uu0 zRaN PoPC
EGFON{Z=NUKQ`HYsJISNUF=HYTOZKMFONNNU_Mjkg6NrUHJNUTOrUgo zQ`_NGHYX^\R_MKQ`TaKc|\R_KMFONLHYTOZWOIMKM_MgoxEGFON
_NUTONUiGQ`S=HYsYHYKgc_QRrUKMHJ\RT Q`TOZKMFONNUTzn)HY_\RT=XNUTzKQ`s}rP\RX^.Q`KMHYS=HYsYHYKgo Q`TOZ XQg
SNX\R_N-HYX^\R_MKQ`TzK{c|\R_LKMFON-^=W=S=sYHJrINPrUK\R_
x=NU_Mjkg6rQ`T=TO\RKgoNUKSN}WOINPZQRIQBXNQRIW=_NL\`c^\RKNUTzKMHlQ`s.NUTanaHY_\RT=XNUTaKQ`sQ`TOZ6S=HJ\RsJ\RjR
HJrQ`sF.Q`_MXc\R_}KMFONBXQ`KNU_MHlQ`si}QRIMKNPI{Q`TOZDNUXHJIIMHJ\RTOIGZHJIM^\kINPZHYTzK\6KMFONQ`KMX\kIM^=FONU_Nk
Fag)Z_\kIM^=FONU_N6\R_BsYHYKMFO\kIM^=FONU_NkEGF=HJIsYHYXHYKQ`KMHJ\RT1HJIb^.Q`_MKMsYgVZWON<K\KMFON<XNUKMFO\)Z=\RsJ\Rjkg
KMF.Q`K-HJI-rP\RXX\RT=sYgWOINPZHYTNNU_MjkgQ`T.Q`sYg)IHJIsYHYKNU_Q`KMW=_N6K\[rP\RX^=W=KN6KMFONrFONUXHJrQ`s
N=NU_Mjkg\`ctrFONUXHJrQ`srP\RX^\RW=TOZ=IINPN{KMFONQ`_MjkW=XNUTzKIGHYTDxg)_NPI}Q`TOZQRIHYT=Hx|kkà
rP\RTO\RXHJrVrP\RTOIMHJZ=NU_Q`KMHJ\RT&HJI"TO\RKrP\RTOIMHJZ=NU_NPZ$HYTNNU_Mjkg$Q`T.Q`sYg)IHJIEGFONDNPrP\RTO\RXHJr
nkQ`sYWON<\`cXQ`KNU_MHlQ`sJIQ`TOZ if\R_MVnRQ`_MHJNPIB\noNU_KMFON"rP\RW=_IN<\`cKMHYXNkBEGFON<^=_MHJrPN<\`ceNUsJNPr
KM_MHJrUHYKpgZ=NU^NUTOZ=I\RT$iLFONUKMFONU_NUsJNPrUKM_MHJrUHYKg$HJI6^=_\)ZWOrPNPZ$WOIMHYT=jI\RslQ`_rPNUsYsJIiLHYTOZ\R_
T.Q`KMW=_Q`sjzQRI-EGFON<cQRrUKbKMF.Q`K-N=NU_MjkgQ`T.Q`sYgIMHJIBHJIBTO\RKrP\RTOrPNU_MTONPZiLHYKMFKMFON"^=_MHJrPN6\`c
NUsJNPrUKM_MHJrUHYKpg\R_LrP\RXX\)ZHYKMHJNPIGXQPgHYT[I\RXNrP\RTaKN)KIGSN_NUjzQ`_Z=NPZQRILQ`TQRZnkQ`TzKQ`joNk
ENPrF=TO\RsJ\RjkHJNPI6rQ`TSNrP\RX^.Q`_NPZiLHYKMFO\RW=K<_NUjzQ`_Z1K\[KMFON^=_NPINUTaK<ZOQgI<NPrP\RTO\RX4go
S=W=KiLHYKMFKMFON<^NU_IM^NPrUKMHYnoN<\`cfSNUHYT=jDjo\)\aZVc\R_BKMFON"NUTzn)HY_\RT=XNUTzK4NU_Mjkg Q`T.Q`sYgIMHJI
^=_\naHJZ=NPIGQKMHYXNZ=NU^NUTOZ=NUTzKGIrQ`sJNLKMF.Q`KeXNQRIW=_NPIFO\iAjo\a\)ZQ-Ig)IMKNUX0HJISzg6XNQ`TOI
\`cxHYKI{N=NU_Mjkg_NUTONUiGQ`S=HYsYHYKgoNNU_MjkgDNrUHJNUTOrUgoQ`TOZVNUTzn)HY_\RT=XNUTzKQ`sxrP\RX^.Q`KMHYS=HYsYHYKgo
d}\RTOIMHJZ=NU_Q`S=sJNif\R_MIMKMHYsYs_NUXQ`HYTOI[K\$SNZ=\RTONHYTKMFONQ`_NQ$\`c"N=NU_Mjkg3Q`T.Q`sYgIMHJI
EGFONN=NU_Mjkg_NPyzW=HY_NUXNUTaKIc|\R_Q`S.Q`KNUXNUTzK\`cBXQ`KNU_MHlQ`sbi}QRIMKNPIcu_\RX ^=_\aZWOrUKMHJ\RT
Q`TOZrP\RTOIMW=X^=KMHJ\RT^=_\arPNPIINPIBHYT \RW=_I\arUHJNUKpgVrQ`T=TO\RKSN<IMgIMKNUXQ`KMHJrQ`sYsYgVrP\RX^=HYsJNPZ
EGF=HJI"HYTc|\R_MXQ`KMHJ\RT$IFO\RW=sJZSNQ`TQRZnRQ`TaKQ`joNc\R_"HYTOZWOIMKM_MHlQ`sGNPrP\RsJ\Rjkgop_M_NUnoNU_IMHYS=sJN
KMFONU_MX\)ZgaT.Q`XHJrPIxR_MslQ`TOZNUKQ`skkk}MNUsJIMKM_MW=^Q`TOZ$}NPZ=NQ`Wkk4KNQRrFONPI
WOIbX\R_NQ`S\RW=KbKMFON4_NQRI\RTOIbc|\R_KMFON"NNU_MjkgVsJ\kIINPIQ`TOZVKMFON<T.Q`KMW=_N<\`cKMFON"INPrP\RTOZ
c
yji V*ruqsv"LrnF{6o:" zyIEzrorz}!F{}!~s5*svuLFDMo:o:HDF{Wz|{

k
slQi'\R^=KMHYXQ`sf\R^NU_Q`KMHJ\RT^.Q`KMFOIHYTHYTOZWOIKM_MHlQ`se^=_\)rPNPIINPIQ`TOZrQ`TS=_MHYT=j KMHYXNQ`TOZ
Q`_NQ QRI4nkQ`_MHlQ`S=sJNPI"HYTzK\ KMFONQ`T.Q`sYgIMHJIEGF=HJI<HJI"NUslQ`S\R_Q`KNPZ@W=^\RTdfF.Q`^=KNU_IVQ`TOZ
V\`cKMF=HJI"KMFONPIMHJIqaWOrF$aTO\iLsJNPZjoNDXQPg@Q`sJI\ FONUsY^HYX^=_\noNDKMFONNNU_Mjkg@Q`T.Q`sYgIMHJI
K\)\RsHYTcW=KMW=_Nk.Q`TOZQRIbQrP\RTOINPyaWONUTOrPNkOHYK{XQg[FONUsY^HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkg[K\SNUKMKNU_
W=TOZ=NU_IMKQ`TOZ_NPI\RW=_rPN-WOINQ`TOZ[KM_Q`TOIMc\R_MXQ`KMHJ\RT HYTNUTONU_MjkgzHYTaKNUTOIMHYnoN4HYTOZWOIKM_Mgo
@
0%$72<V
O K KM@lJlkJLJ J J8K
K J J KMJ 8xO
LJ8Jx
' OlK
kJ A8x * 9 K
\
i 17$.7 a,b q1)\'KF7 b A T' 1 7 c 7

G \ q d
y
4bP3q3P"3 ""3:. b ;K34b30P

.
c ;3
:K 37
3G3GK"P
P
3
"P3G6"
6J3|YK.?("P33
;4.| \
"KPG "
0F
d ;KY+;K34b;.0K:YF3i\K("Y"3
;KY+Y"K
YJ37\K("Y"33bJ;6+F KbP3
q$p4q:
/1pH4v
n
$,p]3!v1
;v
$ "
) JQ
v (
mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

! B
Hwc|NrUg)rUsJN{Q`T.Q`sYgIMHJIxHJIQ`TNPIMKQ`S=sYHJIMFONPZ6K\)\Rsc|\R_HYTOZWOIKM_MHlQ`sONPrP\RsJ\RjkgoTQ`T.Q`sYga
IMHJI\`cKMFON{NUTONU_Mjkg6WOINLHYTKMFON{rFONUXHJrQ`sQ`TOZNUTONU_Mjkg"HYTaKNUTOIMHYnoN{HYTOZWOIKM_Mg<HJIfIMKMHYsYs
W=TOZ=NU_-ZHJIrUWOIIMHJ\RT HYT KMF=HJIbv.NUsJZbN"Q`_MjkWON<KMF.Q`KbKMFON6rP\RTOrPNU^=K\`cfN=NU_MjkgrQ`T
^=slQPg6Q{_\RsJNfHYT6HYTOZWOIMKM_MHlQ`s=NPrP\RsJ\RjkgoRWOIMHYT=jQ{_NPrPNUTaK^\RsYHJrUg4yaWONPIMKMHJ\RTQRIHYsYsYWOIKM_Q
KMHJ\RTEGFONyaWONPIMKMHJ\RTHJIeiLFONUKMFONU_fK\4S=W=HYsJZQT.Q`KMW=_Q`s.jzQRIx\R_}QFag)Z_\RjoNUT|vO_NPZ
jzQRIKMW=_MS=HYTONrP\RX<S=HYTONPZ)rUg)rUsJN^\ifNU_^=slQ`TaKeK\XNPNUKHYTOrU_NQRINPZTONPNPZ=Ixc|\R_NUsJNPr
KM_MHJrUHYKgHYThb\R_MiGQPgofq)NUnoNU_Q`sHYTOZHJrQ`K\R_ILQ`_N{_NUsJNUnkQ`TzK}c|\R_KMF=HJIfZHJIrUWOIIMHJ\RTQ`TOZ
ifNBrQ`sJrUW=slQ`KNKMF=_NPNbS.QRINPZ\RTN=NU_MjkgrQ`sJrUW=slQ`KMHJ\RTOI=QRIe^=_\R^\kINPZHYTKMFONbsYHYKNU_
Q`KMW=_NkEGFON<HYTOZHJrQ`K\R_I-Q`_N4KMFON<NNU_Mjkg_NUTONUiGQ`S=HYsYHYKgoKMFON"NNU_MjkgNrUHJNUTOrUgo
Q`TOZKMFONbNUTanaHY_\RT=XNUTaKQ`strP\RX^.Q`KMHYS=HYsYHYKgoeNbIMFO\iFO\iKMFONPINbHYTOZHJrQ`K\R_ILrQ`T
SNWOINPZ1K\VNUnkQ`sYW.Q`KN =kuo PC6aRu U , $ zc M!C=P|R&HYTKpif\ jzQRI
vO_NPZ4rP\RX<S=HYTONPZ<rUgrUsJN^\ifNU_^=slQ`TzKINxc|\RW=TOZ-KMF.Q`KtKMFONKif\^\ifNU_^=slQ`TzKItHYT
yzWONPIKMHJ\RTifNU_NfNPyzW=HYnkQ`sJNUTzKkQRI=WOZjoNPZSagKMFONUHY_tNNU_Mjkg_NUTONUiGQ`S=HYsYHYKg"Q`TOZKMFONUHY_
NUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`KMHYS=HYsYHYKgoOS=W=KLTO\RKLSagKMFONUHY_{N=NU_MjkgNrUHJNUTOrUgofEGF=HJIGHYT
ZHJrQ`K\R_cQPno\RW=_NPZKMFON{IMKQ`TOZOQ`_Z^\ifNU_}^=slQ`TzKa^\kIIHYS=sYg<HYTrP\RX4S=HYT.Q`KMHJ\RTiLHYKMF
dL~ INPyaWONPIMKM_Q`KMHJ\RTHYTQVZ=NU^=sJNUKNPZjzQRI<_NPINU_Mno\RHY_VEGFONQ`T.Q`sYg)IHJI<IMW=jkjoNPIKNPZ
KMF.Q`KbKMFON4^=_NPINUTzKIMHYKMW.Q`KMHJ\RT c\R_b^\ifNU_B^=_\aZWOrUKMHJ\RT c_\RXc|\kIIMHYscWONUsJI{HJIBIMWOrF
KMF.Q`K\RTONGXQPg"F.QPnoNLK\-rFO\a\kINGHYTjoNUTONU_Q`s=SNUKpifNPNUT^\i}NU_^=_\)ZWOrUKMHJ\RTiLHYKMFQ
F=HYjkFN=NU_MjkgNrUHJNUTOrUgoS=W=KesJ\i3N=NU_Mjkg_NUTONUi}Q`S=HYsYHYKpgoO\R_}KMFON\R^=^\kIMHYKNe)iLHYKMF
sJ\iN=NU_MjkgVNrUHJNUTOrUgQ`TOZF=HYjkF1N=NU_MjkgV_NUTONUi}Q`S=HYsYHYKpgo<EGFON"joNUTONU_Q`sxHYX^\R_
KQ`TOrPN\`c}N=NU_MjkgQ`T.Q`sYgIMHJIi}QRI4Z=NUX\RTOIMKM_Q`KNPZ1Szg KMF=HJI-N=Q`X^=sJNk"pKNUT.Q`S=sJNPI
rP\RXX4W=T=HJrQ`KMHJ\RTSNUKi}NPNUT[ZHwNU_NUTaK}^=_\`c|NPIIMHJ\RT.Q`sjk_\RW=ÔIEGFONbKNPrF=TO\RsJ\RjkHJrQ`s
Z=NUKQ`HYsJIW=TOZ=NU_IMK\)\aZSzgKMFONNUT=jkHYTONPNU_IxrQ`T@SNKM_Q`TOIM^\kINPZK\VXNQ`T=HYT=jRcuW=s
Q`jkjk_NUjzQ`KNPZHYTOZHJrQ`K\R_Ic\R_{Z=NPrUHJIHJ\RTXQòNU_I
P^ zeCR( LF zc YR.Q gC u*W[ U| [qi S<q kR l Lqi S0c HJM`!W
*RkC
wP
6 toe)t
pTOZWOIMKM_MHlQ`s=NPrP\RsJ\RjkgHJIXNQ`TzKxK\BSNQ`TQ`joNUTzK\`crF.Q`T=joNfc\R_HYTOZWOIMKM_MgSag^=_\n)HJZHYT=j
^=_MHYTOrUHY^=sJNPIBQ`TOZ[K\a\RsJI{KMF.Q`KrQ`TDc\kIKNU_Q6rF.Q`T=joNK\i}Q`_Z=IQ"X\R_NIMWOIMKQ`HYT.Q`S=sJN4I\arUHw
NUKpgoL_MHYTOrUHY^=sJNPIBsYHYoNHYTOZWOIMKM_MHlQ`sXNUKQ`S\RsYHJIMX6xg)_NPIQ`TOZ qaHYX\RT=HJI6kàprUsJ\kINPZ
HYTOZWOIMKM_MHlQ`sNPrP\kIMgIMKNUX6b=_\kIrFQ`TOZ6-Q`sYsJ\R^\RW=sJ\kI}kkoKNPrF=TO\RsJ\RjkHJrQ`sc|\a\)Z-ifNUSOIM
B_QRNPZ=NUstQ`TOZDbsYsJNUTzSagkkoGQ`TOZHYTOZWOIMKM_MHlQ`sIgaX<S=HJ\kIMHJI"F=_NUTc|NUsJZVQ`TOZNU_MKMsJNU_
kokQ`_NTO\iWOINPZ3QRIjoNUTONU_Q`sB^=_MHYTOrUHY^=sJNPIHYTAHYTOZWOIMKM_MHlQ`sBNPrP\RsJ\RjkgoE\a\RsJILIMWOrF
sYHwc|NrUg)rUsJN1Q`T.Q`sYgIMHJIQ`TOZ3TONUK[NUTONU_Mjkg3Q`T.Q`sYgIMHJI{joNUTONU_Q`KNrP\RX^.Q`_Q`KMHYnoN1IMKMWOZHJNPI[\`c
XQ`KNU_MHlQ`sQ`TOZNUTONU_MjkgrP\RTanoNU_IMHJ\RT^=_\)rPNPIINPIB\i}NUnoNU_)KMFONPINLK\)\RsJI}Q`_NBQRrPrP\RW=TzKMHYT=j
z
0yUruq}rz}!
z
c|\R_bNUTONU_Mjkg TONPNPZ=IbHYTKNU_MXI\`cesJ\ifNU_FONQ`KMHYT=j[nRQ`sYWONPIbIEGFON"INPrP\RTOZslQPi?\`c
KMFONU_MX\)ZgaT.Q`XHJrPI4HJI-TO\RK4rP\RTOIMHJZ=NU_NPZKMFONUTBIQD_NPIMW=sYKtKMFONnRQ`_MHJ\RWOI<yzW.Q`sYHYKMHJNPI<\`c
NUTONU_MjkgVQ`_N4TO\RKBrQ`sJrUW=slQ`KNPZQ`TOZrQ`T=TO\RKbKMFaWOISN4rP\RX^.Q`_NPZ\R_bIKMWOZHJNPZVHYTNUTONU_Mjkg
rP\RTanoNU_MKMHYT=j^=_\)rPNPIINPI
q)NUnoNU_Q`sb^.Q`^NU_IF.QPnoNV^=_NPINUTzKNPZAKMFONHYX^\R_MKQ`TOrPN \`c-W=TOZ=NU_IMKQ`TOZHYT=j$KMFON yzW.Q`sYHYKpg
\`cNUTONU_Mjkg@TONPNPZ=IHYTHYTOZWOIKM_MHlQ`sIMgIMKNUXIeQ`TOZ$cW=_MKMFONU_MX\R_NkfKMFONDTONPNPZK\1ZHJIrUWOII
iLFONU_N-Q`TOZFO\iKMFONNUTONU_MjkgyaW.Q`sYHYKg\R_GN=NU_MjkgZ=NUjk_QRZ=NPILHYTKMFONPINIMgIMKNUXI)INPNc\R_
NOQ`X^=sJNd}\RT=TONUsYsYgQ`TOZA\kIMF=slQ`TOZ+kokGd}\R_MTONUsYHJIINUTkok}\i}NUTzKMF.Q`s4Q`TOZ
QRIMKNUTaSNU_MjkkoxZ=NDqaiGQkQ`TNUK"Q`sG|kkàq)rUHYW=S=S.Q$|kkàEGFONSNUTONvOKI6\`c
N=NU_MjkgzS.QRINPZXNUKM_MHJrPIB\noNU_KMFON4XNUKM_MHJrPIS.QRINPZV\RTVXQ`KNU_MHlQ`sQ`TOZVNUTONU_Mjkg[HYTaKNUTOIMHYKg
i}NU_NeHYsYsYWOIMKM_Q`KNPZ<Szg {HzNUKxQ`sa|kkàxEGF=HJIt^.Q`^NU_Q`HYXIK\rP\RTaKMHYTzWON}KMF=HJIZHJIrUWOIIMHJ\RT
NIF.Q`sYsINPNDKMF.Q`KKMFON_NPIMW=sYKI\`cN=NU_Mjkg$Q`T.Q`sYgIMHJIrQ`TSNVQ`jkjk_NUjzQ`KNPZHYTKMF=_NPN
N=NU_MjkgzS.QRINPZ HYTOZHJrQ`K\R_IHYTHYTOZWOIKM_MHlQ`sNPrP\RsJ\Rjkgo4NQ`_MjkWON6KMF.Q`KKMFONPIN"HYTOZHJrQ`K\R_I
iLHYsYstyaW.Q`TzKMHwcg[ZHwNU_NUTaKQRI^NPrUKI{\`cIMWOIKQ`HYT.Q`S=sJN^\ifNU_b^=_\aZWOrUKMHJ\RTT.Q`XNUsYgDHYKI{_N
TONUiGQ`S=HYsYHYKgoBNNU_Mjkg&NrUHJNUTOrUgoBQ`TOZKMFONNNU_Mjkg_NPyaW=HY_NUXNUTzKIc|\R_Q`S.Q`KNUXNUTaK\`c
dL~ NUXHJIIMHJ\RT1N[Z=NUX\RTOIKM_Q`KNDKMFONWOINcuW=sYTONPII6\`cBKMFONPINHYTOZHJrQ`K\R_ISzgN=Q`X6
HYT=HYT=j$Q1_NPrPNUTzK[hB\R_MifNUjkHlQ`T3^\RsYHJrUg^=_\RS=sJNUX Z=NQ`sYHYT=jiLHYKMFQRZ=ZHYKMHJ\RT.Q`s-NUsJNPrUKM_MHJrUHYKg
joNUTONU_Q`KMHJ\RTHYT hB\R_Mi}Qgo{hb\R_MiGQPgF.QRIK\rP\RX^=sYg[iLHYKMFHYKIgo\RK\_\RK\)rP\RstKQ`_MjoNUK
EGF=HJI<XNQ`TOI"KMF.Q`KdL~ NUXHJIIMHJ\RTOI<X4WOIMK6SN_NPZWOrPNPZSzgQ`S\RW=K[XHYsYsYHJ\RT$K\RT=TONPI
dL~ NPyaW=HYnkQ`sJNUTzKI6rP\RX^.Q`_NPZiLHYKMF@KMFONVkkVsJNUnoNUsQ`TOZ@Q`S\RW=K[XHYsYsYHJ\RTK\RT=TONPI
dL~ NPyaW=HYnRQ`sJNUTaKIrP\RX^.Q`_NPZ1iLHYKMFKMFON6^=_\`MNPrUKNPZvOjkW=_N6c|\R_-kINPN"AF=HYKNxQ
^NU_4hB\=DkVHYT=HJIMKM_Mg\`cLKMFONTzn)HY_\RT=XNUTzKkkoDEGFON^=_\R^\kIQ`seK\VS=W=HYsJZKpif\
T.Q`KMW=_Q`sjzQRI|vO_NPZ^\i}NU_f^=slQ`TaKI}Q`Ke`_IK<Q`TOZb\RsYsJIMTONPIfiLHYsYsOSNNUnRQ`sYW.Q`KNPZ\RTKMF=HJI
S.QRrajk_\RW=TOZ{EGFON"rP\RTOIMKM_MWOrUKMHJ\RT\`c^\ifNU_B^=slQ`TzKIBiLHYKMF I\RXN4aHYTOZ \`c}dL~ Q`S.Q`KN
XNUTaK{\R^=KMHJ\RTHJIGTONPrPNPIIQ`_MgoEGFONU_Nc|\R_NkOG\RsYslQ`TOZ[NUKQ`s|kkGQ`TOZDslQ`KMKNU__MKNPIn`j
|kkkoF.QPnoN^=_\R^\kINPZQ^\i}NU_"^=slQ`TaK6KMF.Q`K"S=W=_MTOI"Fag)Z_\RjoNUT$HYTOIMKNQRZ$\`c{T.Q`KMW=_Q`s
jzQRIFzgZ_\RjoNUT&KMF.Q`KHJI\RS=KQ`HYTONPZ$SzgQ T.Q`KMW=_Q`s{jzQRI6_Nc\R_MXHYT=j1^=_\)rPNPIIG\RsYslQ`TOZ
NUKQ`skkk_MKNPIMn`jkkko1EGF=HJI6^=slQ`TaKHJI<KMFONU_Nc|\R_NKQòNUT&QRI"\RTOND\`cKMFOND\R^
KMHJ\RTOIxBIKMFONB\RKMFONU_}\R^=KMHJ\RTifNbKQòN{KMFONBIMKQ`TOZOQ`_ZpeA^\i}NU_G^=slQ`TzK-B_NPNUT=FO\RWOIN
]_\Rjk_Q`XXN<kkko
]
NBQ`HYX'K\<rP\RX^.Q`_NbKMFONPIN^=slQ`TaKIfWOIHYT=j<N=NU_MjkgQ`T.Q`sYg)IHJIBuHNkYaXQ`^=^=HYT=j\`ctNUTONU_Mjkg
yaW.Q`sYHYKgWOINQ`TOZZ=NUjk_QRZOQ`KMHJ\RT@HYTQ`sYs^=_\arPNPII-IMKNUÔIQ`TOZKMF=_NPNNNU_MjkgaS.QRINPZ1HYT
ZHJrQ`K\R_I-KMF.Q`K-_Nc2.NPrUK4HYX^\R_MKQ`TaK<QRIM^NPrUKI\`cfKMFONIMWOIKQ`HYT.Q`S=HYsYHYKg1\`cLQIMgIMKNUX uHNkY
_NUTONUiGQ`S=HYsYHYKgoNrUHJNUTOrUgoQ`TOZ_NPrUg)rUsYHYT=j\`cLXQ`KNU_MHlQ`sJIEGFONQ`HYX
HJIK\VS=_MHYT=j\RW=K
Q`_MjkW=XNUTaKIKMF.Q`Kc|Qno\RW=_\RTONKpga^N\`c^\ifNU_b^=slQ`TzKb\noNU_KMFON\RKMFONU_bHYT QIMgIMKNUXQ`KMHJr
XQ`T=TONU_Q`TOZHYTQi}QgVKMF.Q`K-iLHYsYsxSNQ`sJI\WOINcW=sc\R_-\RKMFONU_-NUsJNPrUKM_MHJrUHYKgjoNUTONU_Q`KMHJ\RT
IMgIMKNUXIGNc\R_NKMFONIMgIMKNUXI4Q`_NrQ`sJrUW=slQ`KNPZHYT@Z=NUKQ`HYsifN^=_NPINUTzK"KMFONN=NU_Mjkgz
u
2
2
k
.S QRINPZHYTOZHJrQ`K\R_I<Q`TOZ1KMFONXNUKMFO\)Z=\RsJ\RjkgNUX^=sJ\goNPZ[qaW=SOINPyaWONUTzKMsYgoifNZ=NPIrU_MHYSNk
Q`T.Q`sYgINkzQ`TOZrF.Q`_QRrUKNU_MHJINLKMFONLKpif\\R^=KMHJ\RTOIc\R_NUsJNPrUKM_MHJrUHYKpgjoNUTONU_Q`KMHJ\RTHYT.Q`sYsYgozifN
ZHJIrUWOIIHJIIMWONPIeKMF.Q`K}rP\RW=sJZFONUsY^K\4W=TOZ=NU_IMKQ`TOZKMFONbWOINcW=sYTONPIIfQ`TOZKMFON{XNQ`T=HYT=j6\`c
KMFON-^=_NPINUTzKIMKMWOZgo
(o. 8 o.c`. ek,z
wPP O
x=NU_MjkgXNQRIMW=_NPIeKMFONNUTONU_MjkgyzW.Q`sYHYKpg\`ctQ`TzgXQ`KNU_MHlQ`sF2.\iA\R_}IMK\armbT=sYHYoN{XQRII
Q`TOZNUTONU_Mjkgo.NNU_MjkgHJILTO\RK{rP\RTOINU_MnoNPZ.e=HYT NUnoNU_MgIMWOrPrPNPIIMHYnoN^=_\arPNPII{IMKNU^N=NU_MjkgHJI
Z=NUjk_QRZ=NPZZ=NUTzKMHwcgaHYT=j[N=NU_MjkgZ=NUjk_QRZOQ`KMHJ\RTZW=_MHYT=jKMFON"^=_\)rPNPIIMHYT=j\`cGQXQ`KNU_MHlQ`s
Q`sYsJ\i{IbWOIbK\HYTzKNU_M^=_NUKHYKIbrQ`WOINPIpX^=_\noNUXNUTaK\R^=KMHJ\RTOIBrQ`TKMFONUTSN<NUnRQ`sYW.Q`KNPZ
Q`TOZrP\RX^.Q`_NPZ
EGFON-KMF=_NPNHYTOZHJrQ`K\R_IHYTaKNUTOZ=NPZVK\yaW.Q`TzKMHwcgDKMFONIMWOIMKQ`HYT.Q`S=HYsYHYKpg\`cKMFON-^\i}NU_^=_\`
ZWOrUKMHJ\RT^.Q`KMFOIaQ`_NkG|QoKMFON{NNU_Mjkg"_NUTONUi}Q`S=HYsYHYKpg oiLF=HJrFrP\RTOIHJZ=NU_IKMFON{N=NU_Mjkg
HYT=^=W=KG\`c_NUTONUi}Q`S=sJNB_NPI\RW=_rPNPI-
rP\RX^.Q`_NPZK\<KMFONK\RKQ`s\`cQ`sYsN=NU_Mjkg
HYT=^=W=KID E cebuSKMFONN=NU_Mjkg1NErUHJNUTOrUgA iLF=HJrF$IMFO\i{I4FO\i0ifNUsYs}KMFONNUTONU_Mjkg
yaW.Q`sYHYKg$HJI^=_NPINU_MnoNPZHYTKMFONIMgIMKNUXer"KMFONNUTanaHY_\RT=XNUTaKQ`sBrP\RX^.Q`KMHYS=HYsYHYKpg9
iLF=HJrFrP\RTOIMHJZ=NU_IKMFON[N=NU_Mjkg@TONPNPZ=NPZ$K\^=_Nc|NU_Q`S=sYgQ`S.Q`KNVQ`sYs{NUXHJIIMHJ\RTOIQ`TOZ&Q`sYs
^=_\)ZWOrUKI-QcuKNU_BKMFON<NUTOZ\`cKMFONUHY_sYHwcNkbEGFONPIN<HYTOZHJrQ`K\R_IifNU_N4vO_IMKbHYTaKM_\aZWOrPNPZSag
]NUiLW=swcLNUK<Q`s|kkkotiLFO\Q`sJI\D^=_\n)HJZ=NPZHYsYsYWOIMKM_Q`KMHJ\RTOI<\`c}KMFONUHY_WOIN6HYT1KMFONNUnRQ`sw
W.Q`KMHJ\RT\`c}KMFONIMWOIMKQ`HYT.Q`S=HYsYHYKg\`c}NUsJNPrUKM_MHJrUHYKpgjoNUTONU_Q`KMHJ\RT1HYTQrP\`joNUTONU_Q`KMHJ\RT^\ifNU_
^=slQ`TaKBQ`TOZDHYT Q"^=FO\RK\no\RsYKQ`HJr4^\i}NU_^=slQ`TzK"]BNUiLW=swcNUKQ`s.kkko
EGFON"NNU_Mjkg\`cI\RslQ`_b_QRZHlQ`KMHJ\RTQ`TOZKMFON"I\RslQ`_bN=NU_MjkgIMK\R_NPZHYTS=HJ\RXQRIIQ`_N4rP\RT
IMHJZ=NU_NPZAQRI_NUTONUi}Q`S=sJN _NPI\RW=_rPNPIc\R_N=NU_Mjkgo}iLF=HYsJN[KMFONN=NU_Mjkg\`cBc|\kIIMHYsGcWONUsJIHJI
TO\RT_NUTONUiGQ`S=sJNk{{cKNU_{KMF=HJIbrUslQRIIMHwv.rQ`KMHJ\RTHJILXQRZ=Nk.KMFON4NNU_MjkgD_NUTONUi}Q`S=HYsYHYKpgVHYTOZHw
rQ`K\R_< }HJI{rQ`sJrUW=slQ`KNPZQRI
in,renewable
in
| Y
pTDQ`jk_NPNUXNUTaKLiLHYKMFDKMFONBINPrP\RTOZslQi\`ctKMFONU_MX\aZg)T.Q`XHJrPI=ZW=_MHYT=jQ`Tzg_NQ`s^=_\)rPNPII
KMFONU_NHJI<Q`TNUTONU_Mjkg1yzW.Q`sYHYKpgsJ\kIIZWONK\DKMFONTONPrPNPIIQ`_MgZ_MHYn)HYT=j[c|\R_rPNPI-KMF.Q`K4Z_MHYnoN
KMFON^=_\)rPNPIIGHYT[KMFON-ZHY_NPrUKMHJ\RTViGQ`TzKNPZfEGF=HJILsJ\kIIGHJI{Q`sJI\rQ`sYsJNPZ[KMFON-N=NU_MjkgsJ\kIIK
c|\RsYsJ\i{I{ZHY_NPrUKMsYgDKMF.Q`KQ`T[HYX^\R_MKQ`TzKBIMKM_Q`KNUjkgc|\R_GHYX^=_\n)HYT=jKMFON-IMWOIKQ`HYT.Q`S=HYsYHYKg[\`c
IMgIMKNUXI}HJI}K\4_NPZWOrPNKMFONb_Q`KN\`cN=NU_MjkgsJ\kIIG\R_GNUTzKM_\R^zg^=_\)ZWOrUKMHJ\RT=\R_aHYT[\RKMFONU_
i}\R_Z=I=K\6HYTOrU_NQRINKMFON-N=NU_MjkgNrUHJNUTOrUgofEGFON-NNU_MjkgDNrUHJNUTOrUg1 fHJILZ=NvOTONPZVQRI
KMFON"_Q`KMHJ\[\`ceKMFON6WOINcW=sxNNU_Mjkg\RW=KM^=W=K E BQ`TOZKMFON"N=NU_MjkgVTONPNPZ=NPZK\D\RS=KQ`HYT
KMF.Q`Kt E
=
Ein,renewable
Ein
out
in
0y Xnuqsss5*svuLFD&fWo{qsz zcort}!uv{
u A@
| o
pTKMFON^=_NPINUTzK6rQRINkKMFONWOINcW=seN=NU_Mjkg\RW=KM^=W=K<HJI4KMFONTONUK6NUsJNPrUKM_MHJr^\ifNU_6XQRZ=N
QnRQ`HYslQ`S=sJNc|\R_<I\)rUHJNUKgSag1KMFON^\i}NU_6^=slQ`TzKeQ`TOZ@KMFONN=NU_MjkgHYT=^=W=K"HJI4KMFONN=NU_Mjkg
rP\RTaKNUTzK-\`cKMFONT.Q`KMW=_Q`sjzQRIBQRIbHYKHJIbHYTVKMFON<jzQRIb_NPINU_Mno\RHY_.^=sYWOI-Q`Tag[^\kIIHYS=sJN4I\RslQ`_
N=NU_MjkgHYT=^=W=Kb\R_{\RKMFONU_{HYT=^=W=KI
BHYnoNUT6KMF.Q`Ki}NLZ=\TO\RKi}Q`TzKeK\bHYTOrU_NQRIN{NUXHJIIMHJ\RT6sJNUnoNUsJISag<HYTOZWOIMKM_MHlQ`s=^=_\)ZWOrUKMHJ\RT
Q`sYs)WOINPZ<^=_\aZWOrUKIQ`TOZ"i}QRIMKNPIxX<WOIMKSNGQ`S.Q`KNPZQ`KxQ`^=^=_\)HYXQ`KNUsYg"KMFONGIQ`XNe_Q`KNLQRI
KMFONUg[Q`_N^=_\aZWOrPNPZf}WNU_MHYT=j\`cxWOINPZD^=_\)ZWOrUKIQ`TOZ[iGQRIMKNPI{HYT[KMFONNUTanaHY_\RT=XNUTaK
XQgSNDTONPrPNPIIQ`_Mgo}FO\ifNUnoNU_AAFONUT&T.Q`KMW=_Q`sbjzQRIHJIWOINPZ&QRIQ c|NPNPZ=IMK\arc\R_Q
^\i}NU_^=slQ`TzKKMFON^=_\)ZWOrUKHJINUsJNPrUKM_MHJr^\i}NU_Q`TOZ@QRI-i}QRIMKNifNF.QnoNQ`X\RT=jKMFON
\RKMFONU_jzQRINPI`rQ`_MS\RT6ZHJ\PHJZ=NkdfsJ\kIMW=_N}\`cKMFON}rQ`_MS\RT"rUgrUsJN_NPyaW=HY_NPIKMF.Q`KtifNf_NUKMW=_MT
rQ`_MS\RTK\KMFONIMKQ`KNHYK<F.QRZ1HYTKMFON_NPINU_Mno\RHY_HNkK\VT.Q`KMW=_Q`sejzQRI[~bT=sYg1HYTKMF=HJI
XQ`T=TONU_{i}NrQ`TVIM^NQ`\`cQ6^\i}NU_{^=_\aZWOrUKMHJ\RT iLHYKMFO\RW=KBdL~ NUXHJIIMHJ\RTOI
EGFONNUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`KMHYS=HYsYHYKpg i}QRIZ=NvOTONPZSagA]NUiLW=swcbNUKQ`skkko"QRI
c|\RsYsJ\i{I
=
Eout
Ein
Ein
Ein + Ein,abatement
| o
iLFONU_N E HJIKMFON NNU_MjkgHYT=^=W=KK\@KMFON^=_\)ZWOrUKMHJ\RT3^=_\)rPNPIINPIfKMFONIQ`XNQRIHYT

y)I{|YQ`TOZ9| o}Q`TOZ E
HJIKMFONDK\RKQ`sbN=NU_Mjkg@HYT=^=W=K_NPyaW=HY_NPZK\
Q`S.Q`KN{Q`sYsONUXHJIIHJ\RTOIeQ`TOZ6i}QRIMKNPI}Q`TOZNUnoNUTzKMW.Q`sYsYgQ`sYsOWOINPZ"^=_\)ZWOrUKIxTKMFONG^=_NPINUTzK
IMKMWOZg-KMFONU_NfHJITO\BQ`S.Q`KNUXNUTaKTONPNPZ=NPZ<c|\R_tKMFON}NUsJNPrUKM_MHJrUHYKgozQRIHYKIxNUTOZ^=_\)ZWOrUKxHJItFONQ`K
HYT KMFON4T.Q`KMW=_Q`sxNUTzn)HY_\RT=XNUTzKx=NU_MjkgHYT=^=W=KI-Q`_NTONPNPZ=NPZK\Q`S.Q`KNQ`sYsNUXHJIIMHJ\RTOI
S=W=K{i}NIMF.Q`sYst\RT=sYgDrP\RTOIMHJZ=NU_bKMFONNUXHJIIMHJ\RT\`cfdL~ rP\RX^=sJNUKN_NUKMW=_MTV\`cfdL~ K\
T.Q`KMW=_Q`sjzQRI{HJI{W=Tc|\R_MKMW=T.Q`KNUsYg[TO\RK{KNPrF=T=HJrQ`sYsYg[cNQRIHYS=sJNk.I\i}N<Q`_N-sYHYXHYKNPZVK\Z=NQ`s
iLHYKMF[Kpif\Q`^=^=_\)HYXQ`KMHJ\RTOIBK\Q6rUsJ\kINPZVrQ`_MS\RTVrUgrUsJNk
pT KMFON"HJZ=NQ`sIMHYKMW.Q`KMHJ\RT\RTON"XQPgIQPg KMF.Q`KXQ`TXQRZ=NIMg)IKNUXIBIFO\RW=sJZ F.QnoN"^NU_
c|NPrUKMsYg"rUsJ\kINPZXQ`KNU_MHlQ`s.rUgrUsJNPIfQ`TOZIMFO\RW=sJZ^NU_c|\R_MXKMFONPIN{rUgrUsJNPIHYTQX\kIMKfNrUHJNUTzK
iGQPg8uHNk_NUnoNU_IHYS=sYg=QRrPrP\R_ZHYT=j@K\1KMFONINPrP\RTOZslQPi\`c-KMFONU_MX\)ZgaT.Q`XHJrPIAEGFON
\RT=sYgHYT=^=W=K4K\[KMFONIMg)IKNUX IMFO\RW=sJZ1SN_NUTONUi}Q`S=sJNN=NU_MjkgVc_\RX KMFONqaW=TxQ`TOZ1KMFON
\RT=sYg\RW=KM^=W=KIMFO\RW=sJZ@SNFONQ`KNUTzKM_\Râg=TIMWOrF&Q IMHYKMW.Q`KMHJ\RTeQ`sYsLNNU_MjkgaS.QRINPZ
HYTOZHJrQ`K\R_I{Z=NvOTONPZDFONU_NQ`_NW=T=HYKpgoeEGF=HJILIMHYKMW.Q`KMHJ\RTrQ`T=TO\RKSN-QRrF=HJNUnoNPZHYT[_NQ`sYHYKgo
FO\ifNUnoNU_pKHJIIMKMHYsYs=^\kIIMHYS=sJNLK\WOINLKMFONGHYTOZHJrQ`K\R_IeK\4N=Q`XHYTONLKMFONyzWONPIMKMHJ\RT^\kINPZ
in
in,abatement
z
HYTKMFON{HYTzKM_\)ZWOrUKMHJ\RT,e=rQ`T\RTON^\ifNU_}^=slQ`TzKfSN{c|Qno\RW=_NPZ\noNU_eKMFON\RKMFONU_}iLFONUTDdL~
Q`S.Q`KNUXNUTaK<^=_\)rPNPIINPI4Q`_N6HYTOrUsYWOZ=NPZHYTKMFONQ`T.Q`sYgIMHJIrP\RX^=sJNUKNUsYg\R_-^.Q`_MKMHlQ`sYsYgobI
i}NIMF.Q`sYs}INPNkKMFONHYTOZHJrQ`K\R_IQ`_NQ`S=sJNK\^\RHYTzK<K\ Q[^.Q`KMF\`cIMWOIMKQ`HYT.Q`S=sJN^\ifNU_
^=_\)ZWOrUKMHJ\RT
wPP w
FE}o4'| ; *RAt,etfkLVo.
G\RKMF^\i}NU_^=slQ`TzKIeWOINGT.Q`KMW=_Q`sOjzQRIxc_\RX0Q-hB\R_MKMFq)NQBT.Q`KMW=_Q`s.jzQRI_NPINU_Mno\RHY_xEGFON
^=slQ`TaKIQ`_N<Z=NPIMHYjkTONPZK\F.QPnoN4KMFON4IQ`XN<N)F.Q`WOIMKBrP\RX^\kIHYKMHJ\RTOIK\Q`sYsJ\i9c\R_bQc|Q`HY_
rP\RX^.Q`_MHJI\RTSNUKi}NPNUTKMFONUXEGF=HJI"HJIQRrF=HJNUnoNPZ$SagQ`XHYTON[Q`SOI\R_M^=KMHJ\RT^=_\)rPNPIINPI
iLF=HJrFQ`_NHYTaKNUjk_Q`KNPZiLHYKMFKMFON^\ifNU_"^=slQ`TzKIEGFON^\i}NU_4^=_\)ZWOrUKMHJ\RT@rQ`^.QRrUHYKg
\`cxS\RKMF[^=slQ`TaKIHJIGKMFON4IQ`XNk=zk6 =I\6KMFONKNPrF=TO\RsJ\RjkHJNPIB\`cKMFON-^=slQ`TaKILvOKLiLHYKMF
KMF=HJIL^=_\)ZWOrUKMHJ\RT rQ`^.QRrUHYKpgo
*55) F* HJI{Q"IMKQ`TOZOQ`_ZD^\i}NU_L^=slQ`TzK<_NPNUT=FO\RWOIN-Z ]_\Rjk_Q`XXN4kkko
iLF=HJrFVHJIbQ6rP\RX<S=HYTONPZ rUgrUsJN-KMF.Q`KBrP\RX4S=WOIMKIT.Q`KMW=_Q`stjzQRI{HYTQ6jzQRILKMW=_MS=HYTONk}XHYTON
Q`SOI\R_M^=KMHJ\RT^=_\)rPNPIINPIDQ`_NVHYTaKNUjk_Q`KNPZ3iLHYKMF3KMFONVjzQRIKMW=_MS=HYTONrP\RX4S=HYTONPZrUgrUsJNVK\
rQ`^=KMW=_N6dL~ cu_\RXKMFONNF.Q`WOIMKLjzQRINPI
5) F*HJIQFag)Z_\RjoNUT|vO_NPZ^\ifNU_^=slQ`TaKiLF=HJrFHJIQ`T1HYTzKNUjk_Q`KNPZIg)IMKNUX
SNUKi}NPNUTQT.Q`KMW=_Q`sBjzQRI_Nc|\R_MXHYT=j^=slQ`TzKc\R_FzgZ_\RjoNUT3^=_\aZWOrUKMHJ\RT8Q`TOZQjzQRI
KMW=_MS=HYTONrP\RX4S=HYTONPZrUgrUsJN iLFONU_N Fag)Z_\RjoNUTHJIrP\RX4S=WOIMKNPZG\RsYslQ`TOZNUK[Q`s}kkk
_MKNPIn`j kkkoGNc|\R_N6FzgZ_\RjoNUTHJIrP\RX<S=WOIMKNPZKMFON6jzQRI-XHw)KMW=_N\`cfFzgZ_\RjoNUT
Q`TOZ dL~ HJIINU^.Q`_Q`KNPZ[HYT Q`TVQ`XHYTONrFONUXHJrQ`sxQ`SOI\R_M^=KMHJ\RT^=slQ`TzK
EGFON\RW=KMsJNUKIb\`cxslQ`TzKI+Q`TOZQ`_N-KMFON-IQ`XNSzgKMF=HJIrFO\RHJrPNk
N-F.QnoNrFO\kINUTK\Q`T.Q`sYgINKi}\\R^=KMHJ\RTOILc|\R_bdL~ Q`S.Q`KNUXNUTzK}EGFONUg[Q`_Nk
B
^D OrP\RTOIMHJIKMHYT=j\`cKMF=_NPN4IKNUÔI{KMF.Q`KbrP\RTanoNU_MKbKMFON<rQ`^=KMW=_NPZdL~ cu_\RX
slQ`TaK[ \R_HYTaK\$IMgaTaKMFONUKMHJrVjzQRIQ1^=HY^NUsYHYTONyzW.Q`sYHYKpgXNUKMF.Q`TON_MHJrFjzQRIEGFON
IMKNUÔILQ`_NkLeFO\RK\kIMg)TzKMFONUKMHJrrP\RTanoNU_IMHJ\RT\`cxdL~ HYTzK\"S=HJ\RXQRII-\RsJZXQ`ToRo
oT.QRNU_\RS=HJrZHYjoNPIMKMHJ\RT@\`cLS=HJ\RXQRIIDNUjk_Q`TOZ3kkoxQ`TOZo}HJ\RjzQRI4^=_\)rPNPIIMHYT=j
Q`^\a\R_BQ`TO'Z {fQ`T=jVkko
G
ED *$1OiLHYKMF\RT=sYgV\RTON4IMKNU^T.Q`XNUsYgVINPyaWONPIMKM_Q`KMHJ\RT\`cGdL~ c_\RXslQ`TzK
+\R_bHYTaK\QZ=NU^=sJNUKNPZVT.Q`KMW=_Q`sjzQRI{_NPINU_Mno\RHY_LEGF=HJIB\R^=KMHJ\RTVHJIX\RKMHYnRQ`KNPZ SzgDKMFON
c|NQRIMHYS=HYsYHYKg\`cdL~ INPyzWONPIKM_Q`KMHJ\RTu3F=HYKNbkkkoeQ`TOZKMFON{sYHYXHYKNPZN=NU_MjkgNrUHJNUTOrUg
\`cedL~ rP\RTznoNU_IMHJ\RT K\S=HJ\RXQRII4}HJIMHJ\Q`TOZ[fHJIHJ\kko
EGFON{ZHwNU_NUTzKe^=slQ`TzKIfQ`TOZ^=_\arPNPIINPIQ`_NLHYsYsYWOIMKM_Q`KNPZHYTHYjOzYkx=W=sYs.Z=NUKQ`HYsJIfQ`S\RW=K
0y srn}0}!}(LFD
S o c ie ty
E le c tric ity
P l E a En L t A
N a tu ra l g a s , a ir,
s e a w a te r
B io g a s
p ro c e s s in g
C O
(a )
P l a n At B
O p tio n C
B io g a s
E le c tric ity
R e fo rm in g
C y c le
E c o s y s te m
C le a n e d
e x h a u st
g a se s
B io m a s s
d ig e s tio n
C O 2 a m in e
a b s o rp tio n
C O 2-b io m a s s
c o n v e rs io n
B io m a s s
F e rtilis e rs
C O
2
S u n lig h t
E le c tric ity
P El a E n L t A
s e a w a te r
C O
O p tio n D
2
C le a n e d
e x h a u st
g a se s
E le c tric ity
P l a n R t Ae C f B y o c r m l e i n g
E c o s y s te m
S o c ie ty
C O 2
s e q u e s tra tio n
C O 2 a m in e
a b s o rp tio n
C O
2
(b )
e CW5.R0 {C|Ru U wRW6u<C(Rz!Wu8 }YR.uBR^f?U*v

zuFRg#CF)|Rh #$
KMFON4T.Q`KMW=_Q`sjzQRIb^=_\)rPNPIIMHYT=jHYTVKMFON<^\ifNU_^=slQ`TzKI-Q`TOZ\RTVKMFON6Q`S.Q`KNUXNUTzK\R^=KMHJ\RTOI
Q`_NjkHYnoNUTHYT ^=^NUTOZHJrPNPI{+Q`TOZ_NPIM^NPrUKMHYnoNUsYgo
wP6 ~
Oet.
EGFONDjzQRIKMW=_MS=HYTON rP\RX4S=HYTONPZArUg)rUsJN[^\i}NU_^=slQ`TaKIifNU_NVX\aZ=NUsYsJNPZ&WOIMHYT=j@EL{~
I\`cKiGQ`_Nc_\RXEGFONU_MX\2.\isYXQRIM_MHkkoìLF=HYsJNKMFONFag)Z_\RjoNUT<^=_\aZWOrUKMHJ\RT<^=slQ`TzK
Q`TOZKMFON[Q`XHYTONQ`SOI\R_M^=KMHJ\RT^=slQ`TzKi}NU_NDX\aZ=NUsYsJNPZ$WOIHYT=jeL~6/`4I\`cKiGQ`_Ncu_\RX
{~6/`DqaHYX4W=slQ`KMHJ\RTq)rUHJNUTOrPNPIDq)p1q=d}kkA]NUKQ`HYsJNPZA^=_\arPNPIIZ=NPIrU_MHY^=KMHJ\RTOI
^=_\)rPNPIIIKM_NQ`XZOQ`KQQ`TOZS\RW=TOZOQ`_MgVrP\RTOZHYKMHJ\RTOI-Q`_N4jkHYnoNUT HYTb^=^NUTOZHJrPNPIbQ`TOZ
EGFONI\`cKiGQ`_ND^=_\n)HJZ=NPZXQ`KNU_MHlQ`sw<Q`TOZ@NUTONU_Mjkga2.\iIMFONPNUKI<c|\R_<KMFON^=_\)rPNPIINPI
\`c{HYTaKNU_NPIMKVx=NU_MjkgHYT=^=W=KIQ`TOZ\RW=KM^=W=KI6\`cbQ`sYs}HYTOZHYnaHJZW.Q`sGIMKM_NQ`XI"ifNU_NrQ`sJrUW
slQ`KNPZc_\RXKMFON-ZOQ`KQ6HYTKMFONPIN2.\iGIMFONPNUKIWOIMHYT=jIMKQ`TOZOQ`_Z[XNUKMFO\)Z=I4b\RKQRI<kk
qaQ`_MjkW=KBNUKBQ`skkoLEGFONNUTanaHY_\RT=XNUTaKQ`s_NcNU_NUTOrPN4KNUX^NU_Q`KMW=_N<i}QRI" d8Q`TOZ
KMFON^=_NPIIW=_Ni}QRI4k S.Q`_eEGFONrFONUXHJrQ`sNNU_MjkgD\`cNQRrF IMKM_NQ`XiGQRIrP\RX^=W=KNPZ
HYT1Q`THYTFO\RWOIN"^=_\Rjk_Q`X WOIMHYT=jDKMFON"IKQ`TOZOQ`_ZrFONUXHJrQ`seN=NU_MjkgnRQ`sYWONPI\`cGrP\RX^\`
TONUTaKI6QRI<^=_\R^\kINPZSagqaQ`_MjkW=KNUK"Q`sGkko~b^=KMHJ\RTOId0Q`TOZ@]ifNU_NsYHYoNUiLHJIN
rQ`sJrUW=slQ`KNPZWOIMHYT=j HJrU_\kI\`cuKxrPNUs3EtNPrF=T=HJrQ`sBZ=NUKQ`HYsJI\`c-KMFONPIN\R^=KMHJ\RTOIrQ`TASN
c|\RW=TOZDHYTVb^=^NUTOZHw[OQ`)HYT=jIMW=_N-KMF.Q`KXQRIIQ`TOZNUTONU_Mjkg[rP\RTOINU_MnkQ`KMHJ\RT^=_MHYTOrUHw
^=sJNPItifNU_N}\RSNUgoNPZ`KMFONN=NU_Mjkg-sJ\kIIHYT<NQRrF"^=_\arPNPIIti}QRIZ=NUKNU_MXHYTONPZ4SagIMW=S=KM_QRrUKMHYT=j
KMFON6N=NU_Mjkg \RW=KM^=W=Kc_\RXKMFON"HYT=^=W=K<]Q`KQc|\R_BKMFON6X\aZ=NUsYsYHYT=j\`ceKMFONdL~ Q`XHYTON
Q`SOI\R_M^=KMHJ\RT$^=_\)rPNPII"ifNU_NKQòNUTcu_\RX qQ`TOZ=NU_k1bsYs}KMFONPINZOQ`KQ ^=_\n)HJZ=NPZ
KMFONHYT=^=W=K{TONPNPZ=NPZc\R_LKMFON-rQ`sJrUW=slQ`KMHJ\RT\`cN=NU_MjkgaS.QRINPZ[HYTOZHJrQ`K\R_I
x=NU_MjkgVQ`T.Q`sYgIMHJI{sJ\)rQ`sYHJINPIQ`TOZVyaW.Q`TzKMHwv.NPIBKMFON<NUTONU_MjkgyaW.Q`sYHYKgZ=NUjk_QRZOQ`KMHJ\RT1\R_BNa
0
P o w e r 2 2 2 .5
L o s s
2 2 .4
G ro s s
p o w e r
1 3 4 .7
M e c h a n ic a l p o w e r 2 4 .1
M o n o e th a n o la m in e
3 2 .4
c a p tu re
p la n t
L P S te a m
4 8 .9
M a k e -u p w a te r 4 .1
E x h a u s t
g a s e s
1 9 .2
C o n d e n s e r
L o s s
1 9 .2
S te a m
G ro s s
p o w e r
2 8 6 .5
tu r b in e
L o s s
2 5 .6
C O
1 0 0 M W
G a s tu r b in e
N a tu ra l
g a s
8 0 0 .8
C o m b u s to r
L o s s
2 4 0 .3
re c o v e ry
g e n e ra to r
C o m p r e s s e d a ir
L o s s
1 4 .4
H e a t
s te a m
A ir
c o m p re s s o r
z
NU_Mjkg[sJ\kIIBZWONK\XQRIIQ`TOZVNUTONU_MjkgVrP\RTanoNU_IMHJ\RTOIpK{HJIbTO\R_MXQ`sHYTNNU_MjkgVQ`T.Q`sYgIMHJI
K\ ^=_NPINUTzK6KMFON_NPIMW=sYKI"HYT_QRIIMXQ`T=T$ZHlQ`jk_Q`XIB_QRIIMXQ`T=TkàxiLF=HJrF&Q`_N
N=NU_MjkgW=KMHYsYHJIQ`KMHJ\RTVXQ`ÔIEGF=HJIG^=_QRrUKMHJrPN-i}QRI}c|\RsYsJ\i}NPZ[FONU_NBc|\R_}^=_NPINUTzKMHYT=jN=NU_Mjkg
W=KMHYsYHJIQ`KMHJ\RT HYT[KMFON-^\ifNU_^=slQ`TzKI
EGFON}rP\RTOIMKM_MWOrUKMHJ\RTQ`TOZ<ZHJIXQ`TzKMsYHYT=j-^=F.QRINPI\`cQ`Tzg<IMW=SOIMgIMKNUXi}NU_NfTO\RKxrP\RTOIMHJZ=NU_NPZ
HYTTONUHYKMFONU_fKMFONLNNU_MjkgQ`T.Q`sYgIMHJITO\R_HYTrQ`sJrUW=slQ`KMHJ\RT\`cN=NU_MjkgzS.QRINPZ6HYTOZHJrQ`K\R_IBINPN
]BHJIrUWOIIHJ\RThb\NPrP\RTO\RXHJr<QRIINPIIMXNUTaK{i}QRI^NU_c|\R_MXNPZ
wPP
.Ceo
d x0
DP) F*!
EGFONIMW=XXQ`_Mg\`cKMFONbN=NU_MjkgrQ`sJrUW=slQ`KMHJ\RT\`cKMFONB^\ifNU_G^=slQ`TzKIGHJI}^=_NPINUTaKNPZHYTKMFON
vO_IMKxKpif\-rP\RsYW=XTOI\`cEQ`S=sJN{YkzQ`TOZ"HYTB_QRIIMXQ`T=TZHlQ`jk_Q`XIxHYTHYjoIk BQ`TOZ
EGFON-Z=NUKQ`HYsJNPZZOQ`KQSNUF=HYTOZDKMFONKQ`S=sJN4Q`TOZDKMFON-ZHlQ`jk_Q`XIBQ`_NjkHYnoNUTHYT[^=^NUTOZHJrPNPI
+Q`TOZ
L o s s
4 2 .6
L o s s
1 3 .6
H e a te d
s e a w a te r
4 .0
C o n d e n s a te
2 6 .5
C le a n e d
e x h a u s t
g a s e s
4 .3
C O 2
1 8 .5
e0v;5.%z.I4M`cRORC u9;#PC6
0u^JS<q Y`!-
}wk.
0y _s{!Cr{
u v
. R8iqS<c F*)uv*bze|RRMHWU*ze|# 7 Y`!u.cRtR

kcR RC)v*)u *U P| Fzq gGF !cul!c4R* uU|z`1#
PC }wk.7 u7#R; }YR.f f#zuu[R7 zuu)7 )wF)|R=g g|#6 FR9h
h bu0 vc"Cv4: 9&t)cURu. uu0 vc5oW
5M, N 8\
=F zc YR.GR^PiqFnS
R0c(
qaKM_NQ`X\R_^=_\arPNPII
8-d -d 8B] B]

& . 5.
JS
#

#$
$
K,v$
h
p " b K v
hQ`KMW=_Q`sjzQRI
\RTO\`NUKMF.Q`TO\RslQ`XHYTON
hB = ~ = ~
dGQ`_MS\RT
\"b Kv
qaW=T=sYHYjkFaK
q)NQi}Q`KNU_
QòNW=î}Q`KNU_
bsYjzQRN
kk
k

OY
ko)
_!:M%&E&
+
pq
v[04
bg)Z_\RjoNUTV^=slQ`TzK
\i}NU_b^=slQ`TaK
kk
dL~ rQ`^=KMW=_N4^=slQ`TzK z
Q6
dL~ rP\RTanoNU_IMHJ\RT
}HJ\RXQRII{ZHYjoNPIKMHJ\RT
}HJ\RjzQRIL^=_\)rPNPIIMHYT=j
Q6
dL~ INPyaWONPIMKM_Q`KMHJ\RT
K+
|pF
QJvv4q
xF.Q`WOIMK{jzQRINPI
O
Q`_MXINQPi}Q`KNU_
O
kk
_!:M%_
B_\kIIL^\ifNU_\RW=KM^=W=K zk
bWx^\i}NU_{c|\R_{

bWx^\i}NU_{c_\RXx kk
Fq
+ 0 (+
HYT Ld ~ rQ`^=KMW=_N^=slQ`TzK ÒY
HYT ~b^=KMHJ\RT1d3\R_]
3
2
2
kk
o)
kk
k
kk

)
kz
zo)

O
k
kk
k
k

Rk

kR
zk
k
kk

k

`z
zk

)
k
k
kk
k
k

kk

oR
Uz
kk

ko)
)
o)

kk
kk

k
R
kk
z
kk
zÒ
)k
R

)

kk

k
k
kk
O

kk
kk
R
ok)

o)

kÒ
kk

z
k

&.
U 5.R.uF=k|R$#$
aq KM_NQ`X\R_L^=_\arPNPII
8-d -d
Fq
$ $
hBNUKNUsJNPrUKM_MHJr-^\i}NU_ z k zk zk zk
dL~
Ò O
\RTO\`NUKMF.Q`TO\RslQ`XHYTON k o) k k
dGQ`_MS\RT

ONU_MKMHYsYHJINU_I
k k
qag)TzKMFONUKMHJr4jzQRI
zk aR
_!:M%qE& zk zk kk oRY
E x h a u s t g a s e s
8 .3
s h ft re a c to r
H e a t e x h a n g e r
H ig h - te m p e r a tu r e
H e a t e x h a n g e r
C O 2
2 4 .4
L o s s
9 .3
a te r r e m o v e l u n it
L o s s
1 .2
L o w -te m p e ra tu re
s h ift r e a c to r
H e a t e x c h a n g e rs
H E 3 , 4
L o s s
1 .8
L o s s
1 .1
A u to -th e rm a l re fo rm e r
L o s s
2 1 4 .8
L o s s
4 .3
- a m in e a b s o r p tio n
L o s s
3 8 .2
G ro s s
p o w e r
2 7 8 .8
L o s s
2 4
L o s s
2 5 .3
H 2 - r ic h g a s
8 2 .1
L o s s
7 3 .2
C O
S te a m
G ro s s
p o w e r
1 5 8 .9
M a k e -u p w a te r 8 .8
H e a t re c o v e ry s te a m g e n e ra to r
w ith s u p p le m e n ta r y fir in g
2 0 0 M W
C o n d e n s e r
L o s s
1 3 .3
tu r n b in e
M P S te a m
4 0 .6
H e a te d
s e a w a te r
7 .6
P re re fo rm e r
M ix e r
N a tu ra l
g a s
8 5 9 .2
L o s s
9 .4
G a s tu r n b in e
L o s s
8 .5
H E 1
6B] B]
zk z k
k k
z O
zk zk
H E 2
L o s s
3 .4
e0v;5.65o.I4M`cRORC u9;#PC6
0u^JS<q Y`!-
}YR.Lf
0y _s{!Cr{
EQ`S=sJNDYjkHYnoNPI"TO\R_MXQ`sYHJINPZ$_NPIMW=sYKI"WOIMHYT=jKMFONDIMKQ`TOZOQ`_Z$pe^\ifNU_^=slQ`TaKQRIQ
_Nc|NU_NUTOrPNk8EGFON^\i}NU_DQnRQ`HYslQ`S=sJNVc|\R_KMFONVI\arUHJNUKpg$cu_\RXKMF=HJI^=slQ`TaKHJIzk
EGFON<_QRIIMXQ`T=T ZHlQ`jk_Q`XIbjkHYnoN<Q`T\noNU_Mn)HJNUi9\`cKMFON<QRrUKMW.Q`sTzW=X<SNU_Ibc|\R_{KMFONKpif\
^=slQ`TaKIEGFON{KMF=HJraTONPII}\`cKMFONbQ`_M_\i{IfHYTKMFONPINZHlQ`jk_Q`XIuHYT 8HJIe^=_\R^\R_MKMHJ\RT.Q`s
K\[KMFONNNU_Mjkg1rP\RTzKNUTaK"\`c{Q[IMKM_NQ`XiLF=HYsJNKMFONjk_NUgI^.QRrPNHJIKMFONN=NU_MjkgsJ\kII-HYT
QVrPNU_MKQ`HYT@^=_\)rPNPIIuHYT$ EGFONW=TOrPNU_MKQ`HYTzKpgHYTKMFONN=NU_MjkgZOQ`KQHJI<NPIMKMHYXQ`KNPZ
K\[SN o[EGFONNU_M_\R_4HJI<ZWONK\QRIIMW=X^=KMHJ\RTOI<XQRZ=NHYTKMFONrQ`sJrUW=slQ`KMHJ\RTOIxsYHYoN
KMFONQRIIW=X^=KMHJ\RTOI\`cxHJZ=NQ`sjzQRIQ`TOZ\`cNPyzW=HYsYHYS=_MHYW=X_NQRrUK\R_IeEGFONQRrPrUW=_QRrUgDHYTKMFON
_Q`KMHJ\kILHJIIMHYXHYslQ`_
EQ`S=sJNfYIMFO\i{IKMF.Q`KKMFON_Q`KMHJ\\`cT.Q`KMW=_Q`szjzQRINNU_MjkgHYT=^=W=KtK\{TONUK^\ifNU_x\RW=KM^=W=KtHJI
HYT"slQ`TzK"`Q`TOZ<HYKxHJIY}HYT6slQ`TzKNfrQ`TQ`sJI\BINPNfKMF.Q`KKMFONfXQ`HYT6_NQRI\RT<c\R_
KMF=HJI{ZHwNU_NUTOrPN4Q`_N-KMFON-N=NU_MjkgDsJ\kIINPIGHYTKMFONFag)Z_\RjoNUT ^=_\aZWOrUKMHJ\RT ^=slQ`TzKBI{rQ`T
SNINPNUT4cu_\RXKMFON}B_QRIIMXQ`T=T<ZHlQ`jk_Q`XILHYjoIR Q`TOZ< oRKMFONeKi}\bKNPrF=TO\RsJ\RjkHJrQ`s
\R^=KMHJ\RTOIQ`^=^NQ`__Q`KMFONU_BZHwNU_NUTzKiLHYKMF slQ`TaKBSNUHYT=jX<WOrFX\R_N<rP\RX^=sJNKMF.Q`T
slQ`TaK<REGFONPINLZHlQ`jk_Q`XIeIMFO\iKMFONLZHJIMKM_MHYS=W=KMHJ\RT\`cKMFON}T.Q`KMW=_Q`sOjzQRIN=NU_Mjkg4HYT=^=W=K
Q`TOZ[\`cxKMFONN=NU_MjkgsJ\kIINPILHYT[KMFON-^\ifNU_b^=slQ`TzKI
EGFONbXQ\R_LI\RW=_rPNPIG\`ctsJ\kIKGN=NU_MjkgHYTDslQ`TzK{"QRrPrP\R_ZHYT=jK\<HYjO= =Q`_NbKMFONbjzQRI
KMW=_MS=HYTONuO PAF )jT.Q`KMW=_Q`stjzQRIOKMFON4Q`XHYTON4Q`SOI\R_M^=KMHJ\RT ^=_\arPNPII<| 6PAF )j
T.Q`KMW=_Q`sjzQRIaQ`TOZ/KMFON{IMKNQ`X0KMW=_MS=HYTON"| -P3F /aj<T.Q`KMW=_Q`s.jzQRIxpTslQ`TzKGk/KMFON
sJ\kIINPIfQ`_NbX\R_NbIM^=_NQRZ\RW=KINPNHYjO xjzQ`HYTKMFONjzQRIfKMW=_MS=HYTONBF.QRIeX\kIK}\`cKMFON
sJ\kIINPI| 6PAF /)jT.Q`KMW=_Q`stjzQRI=iLHYKMFKMFON-_Nc|\R_MXNU_bQRI{TaW=X4SNU_Kpif\sJ\kII{I\RW=_rPN
k "P3F /ajT.Q`KMW=_Q`sjzQRI
N}INPNfKMF.Q`KQ`XHYTONLQ`SOI\R_M^=KMHJ\RT6TONPNPZ=IQbIMW=SOIMKQ`TaKMHlQ`sONNU_MjkgHYT=^=W=KxpT"slQ`TzKKMF=HJI
N=NU_MjkgrP\RXNPIfcu_\RXKMFONU_MXQ`sQ`TOZDNUsJNPrUKM_MHJrNUTONU_MjkgHYTDrP\RX4S=HYTONPZrUgrUsJNkTDslQ`TaKG
KMFONSNPIMK}\R^=KMHJ\RTHJIeK\4iLHYKMFOZ_QiKMFON{KMFONU_MXQ`sNUTONU_Mjkgcu_\RX'KMFONbIKNQ`X0^=_\)ZWOrPNPZHYT
KMFON}FzgZ_\RjoNUT^=slQ`TzKxpTZ=\RHYT=jI\=RKMFONLNUsJNPrUKM_MHJr^\ifNU_^=_\)ZWOrUKMHJ\RTHYT6KMFON}rP\RX<S=HYTONPZ
rUgrUsJN\`cKMFON4slQ`TaKBHJIsJNPIIbQNPrUKNPZGO\R_{cW=_MKMFONU_KNPrF=T=HJrQ`sZ=NUKQ`HYsJI\RT slQ`TzKI
Q`TOZ6kQ`TOZ"\RT~b^=KMHJ\RTOIedQ`TOZ]3INPN}^=^NUTOZHw"3Q`TOZ"`_NPIM^NPrUKMHYnoNUsYgoxNfc\RW=TOZ
KMF.Q`K{dL~ Q`SOI\R_M^=KMHJ\RTHYTDQ`XHYTONrQ`WOINPILQ`TN=NU_MjkgsJ\kII}\`c o'\`cKMFONT.Q`KMW=_Q`sjzQRI
rFONUXHJrQ`sN=NU_MjkgHYT=^=W=K{K\slQ`TzK"=pTslQ`TzKBAKMF=HJIsJ\kIIGi}QRIb\RT=sYg1kY
:( *H& !E F) FB
EGFON\RT=sYg1rFONUXHJrQ`s}NUsJNUXNUTaK"rUgrUsJNIMKMWOZHJNPZFONU_NktHJI-KMFONrQ`_MS\RT@rUg)rUsJNkEGFONrQ`_
S\RT XQRII#2.\i?_Q`KNPIuHYTajRd /I{c|\R_BNQRrF1^\ifNU_-^=slQ`TzK-iLHYKMFQ`TOZiLHYKMFO\RW=K-KMFONUHY_
rP\RX<S=HYT.Q`KMHJ\RTiLHYKMFQ`S.Q`KNUXNUTzK~b^=KMHJ\RTOI"d+Q`TOZ1]Q`_N6jkHYnoNUT1HYTEQ`S=sJN 6bNU_Nk
KMFON-Q`X\RW=TzKb\`crQ`_MS\RT[KQòNUTDcu_\RXKMFONT.Q`KMW=_Q`sjzQRIG_NPINU_Mno\RHY_LHJIGjkHYnoNUT[HYT[KMFONbvO_IMK
u v
k
rP\RsYW=XT1c|\R_slQ`TaK<uW=^=^NU_F.Q`swcL\`c}KMFON6KQ`S=sJNQ`TOZslQ`TzK<usJ\ifNU_<^.Q`_MK4\`cfKMFON
KQ`S=sJNpT2.\i8rP\RTaKM_MHYS=W=KMHJ\RTOIbQ`_NBjkHYnoNUT[HYTDKMFONBKMF=_NPNBvO_IMK}rP\RsYW=XTOI=iLF=HYsJN\RW=K2.\i
nkQ`sYWONPI{Q`_NjkHYnoNUT[HYTDKMFONslQRIMKGKMF=_NPN-rP\RsYW=XTOIEGFONKQ`S=sJN-IMFO\i{I)c\R_GHYTOIMKQ`TOrPNkKMF.Q`K
&.
U 5.%z\F u$ #RCv ) C)H # u<C( R` @LF zHMk M #UC
}wk. u
# 7 }YR.Pf qf # 7 GwRxR^f zu F)|Rg u gR^f 6g 7
v1 MPu # 7 R }wk.REf zu F)|Rh u (hR^f h 7
v PC #
6-d 8B]
8-d 6B]
sJ\iZ=NPIrU_MHY^=KMHJ\RT
hQ`KMW=_Q`sjzQRI
R k k
bHY_
k o k
)F.Q`WOIMKjzQRINPI
k k k k z
dL~
k k k
) k
.NU_MKMHYsYHJINU_I
k
F! F)4B< :( * k o UO ` k o UO `

qagIMKNUX
-d B]
-d B]
sJ\iZ=NPIrU_MHY^=KMHJ\RT
hQ`KMW=_Q`sjzQRI
kk k UO k k
bHY_
k k Y
)F.Q`WOIMKjzQRINPI
kYk k k k k
dL~
k k R
)Y
.NU_MKMHYsYHJINU_I
`
F! F)4B< :( * kk UO k k kk UO k k

C
C,in
C,out
C,in
C,out
\RT=sYg[\RW=KL\`cxQ4K\RKQ`s\`c} <)jRd /IGHJI}_NPrP\noNU_NPZDHYTKMFONIMg)TzKMFONUKMHJrjzQRI}HYTV~b^=KMHJ\RT

dBxiLF=HYsJNDKMFON[IQ`XND_Q`KMHJ\c|\R_INPyaWONPIMKM_Q`KNPZ$jzQRI6HJI \RW=K\`c"UO )jRd IT
~b^=KMHJ\RTVdB=kk0\`crQ`_MS\RTHYT2.\ic_\RX'T.Q`KMW=_Q`sjzQRI}i}QRILrP\RTanoNU_MKNPZDHYTzK\6IMg)Tz/KMFONUKMHJr
jzQRI"<ajRd /ILQ`TOZ[cNU_MKMHYsYHJINU_I"| 6)jRd /IeEGFON-_NUXQ`HYT=HYT=j^.Q`_MK\`crQ`_MS\RTiGQRI
c|\RW=TOZHYTKMFONrUsJNQ`TONPZN)F.Q`WOIKejzQRINPIf_NUsJNQRINPZK\KMFONQ`KMX\kIM^=FONU_N"ajRd /IQ`TOZ
HYTKMFON4dL~ _MHJrFVjzQRI{\RS=KQ`HYTONPZcu_\RXS=HJ\RjzQRI^=_\arPNPIIMHYT=jV|6)jRd /I
EGFON6XQRII62.\i_Q`KN\`cLrQ`_MS\RT1KMF.Q`K4i}QRINKM_QRrUKNPZc_\RX KMFONT.Q`KMW=_Q`sjzQRI_NPINU_
no\RHY_<Q`TOZWOINPZHYTslQ`TaK"kk ajRd /IBiGQRIk D)jRd /IF=HYjkFONU_<KMF.Q`THYTslQ`TaK
)jRd IGEGFON4IQ`XN4ZHwNU_NUTOrPN<HYTKMFONHYT=^=W=K#2.\i9_Q`KNPIiGQRILc|\RW=TOZiLFONUT
KMFON<dL~ rQ`^=KM/W=_NPZVHYTslQ`TzKBQ`TOZVAiGQRIQ`S.Q`KNPZSag[~b^=KMHJ\RT1d3\R_]6
2
0y _s{!Cr{
k
NBINPNbKMF.Q`K}KMFONb_NPrUgrUsYHYT=j6\`crQ`_MS\RTHJI}TO\RKGrP\RX^=sJNUKNkOQ`TOZKMF.Q`K~b^=KMHJ\RT[]8Szgc|Q`_
IMK\R_NPI{X\kIMK{\`cKMFON4rQ`_MS\RTVNKM_QRrUKNPZDc_\RXKMFON-T.Q`KMW=_Q`sjzQRI_NPINU_Mno\RHY_
,0:%D A !E !&0*1ED
~b^=KMHJ\RTdrP\RTOIMHJIMKNPZ\`c4KMF=_NPNIMKNUÔI?EGFONZ=NUKQ`HYsJNPZ\`c<NQRrFIMKNU^8Q`_N jkHYnoNUTHYT
b^=^NUTOZHw[S=W=KbQ6IMW=XXQ`_MgDHJILjkHYnoNUTHYTHYjoIO |Qo-slQ`TzKBrP\RX<S=HYTONPZViLHYKMF
~b^=KMHJ\RTVdL}Q`TOZuSBslQ`TzK{3rP\RX4S=HYTONPZDiLHYKMF ~b^=KMHJ\RT dLEGFONNNU_MjkgTONPNPZ=NPZc\R_
u v
S o c ie ty
E le c tric -p o w e r
4 0 0
P l E a En L t A
9 6 0
s e a w a te r
S y n th e tic g a s 2 0
4 5 7
B io g a s
p ro c e s s in g
C O
4 .4
3 .7
B io g a s
4 6 2
R e fo rm in g
C y c le
E c o s y s te m
(a )
4 2 .3
B io m a s s
d ig e s tio n
C O 2 a m in e
a b s o rp tio n
C O 2-b io m a s s
c o n v e rs io n
B io m a s s
4 8 8
F e rtilis e rs
2 3
C le a n e d
ex h au st
g ases
2
C O
2
S u n lig h t
7 6 2
S o c ie ty
E le c tric -p o w e r
4 0 0
P l E a En L t B
9 9 2
R e fo rm in g
C y c le
E c o s y s te m
s e a w a te r
S y n th e tic g a s 2 1
4 7 6
B io g a s
p ro c e s s in g
C O
5 .2
2
B io g a s
4 8 8
4 9
6 .2
B io m a s s
d ig e s tio n
C O 2 a m in e
a b s o rp tio n
C O 2-b io m a s s
c o n v e rs io n
B io m a s s
F e rtilis e rs 5 2 0
3 0 .5
C le a n e d
ex h au st
g ases
2
C O
2
S u n lig h t
8 0 8
(b )
eCv;5.U.iqS<q *vvù9;#PC<.Mkc.GugGF q"k=icMC

}YR. zuF)|Rg #R MC GwRfzuF)|R=g pp#$
2
KMFONLKMF=_NPNbIMKNUÔIHYTD~b^=KMHJ\RT[di}NU_N{KQòNUTcu_\RX'KMFONL^\ifNU_}^=slQ`TzKIfKMFONUXINUsYnoNPIEGFON
IQ`XNKg)^Nb\`cNNU_MjkgHYT=^=W=K}HYTD~b^=KMHJ\RTD]i}QRI}sYHJIMKNPZHYTEQ`S=sJNYk)INPN{KMFONKif\<slQRIMK
rP\RsYW=XTOIeEGFONNNU_MjkgsJ\kIINPIGHYTVKMFON-^=_\arPNPIINPI{Q`_N4Q`sJI\IMFO\iLTVHYT[KMF=HJILKQ`S=sJNk
EGFON{N=NU_Mjkg6TONPNPZ=NPZK\4rP\RTznoNU_MK{dL~ HYTzK\<IMgaTaKMFONPIMHJIjzQRIfSzg~b^=KMHJ\RT[d$i}QRI}k
c|\R_-slQ`TzK4"Q`TOZRV c\R_-slQ`TaK4EGFON6XQ`_MHYTONQ`_NQRIKMF.Q`K4Q`_N6_NPyzW=HY_NPZK\
KM_Q`^DQ`sYsdL~ rP\RXHYT=j4c_\RXslQ`TzKG8Q`TOZHYTaK\4S=HJ\RXQRIIzi}NU_N-k-F.Q"Q`TOZkkk
F.Q_NPIM^NPrUKMHYnoNUsYgo
3FONUTKMFON}dL~ NUXHJIIMHJ\RTHJIQ`S.Q`KNPZSzgINPyzWONPIMKM_Q`KMHJ\RTD~b^=KMHJ\RT<]KMFONK\RKQ`saN=NU_Mjkg
TONPNPZ=NPZDc|\R_Q`S.Q`KNUXNUTzKbi}QRIBo6V c|\R_{slQ`TzK".Q`TOZ1k c\R_{slQ`TaKb
2
m noqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

,0:% !0G$GB ! :
EGFONN=NU_MjkgzS.QRINPZHYTOZHJrQ`K\R_IGi}NU_N-rQ`sJrUW=slQ`KNPZcu_\RXEQ`S=sJNYk)WOIMHYT=jy)I|Y
| obsYsKNU_MXIGHYTKMFONPINBNPyaW.Q`KMHJ\RTOIQ`_NBjkHYnoNUTDHYT[V HYTKMFONbvO_IMKGKMF=_NPNrP\RsYW=XTOI
\`cEQ`S=sJN ziLF=HYsJNGKMFONGHYTOZHJrQ`K\R_Ic|\R_slQ`TzKIfAQ`TOZiLHYKMFQ`TOZ6iLHYKMFO\RW=K}~b^=KMHJ\RTOI
dQ`TOZ]?Q`sYKNU_MT.Q`KMHYnoNUsYgVQ`_NIFO\iLTHYTKMFONslQRIK{KMF=_NPNrP\RsYW=XTOI\`cEQ`S=sJN<
#
&|5.65o'
&kRJ S0c uF E # 7 W ze |"J S<q uF E
z!Pcan S<c C)v *)0 E # 7 J S<c uF PCGg F Mkq"U. E
#7
R*J S0c HJM`!WDuR|kC H#J S<c W ze u 7 H#J S0c Q P 7 R7
Hd. MRFRC
o+ uu #$&t5)cURu. u un S<c koC
qagIMKNUX E E RYq)wkE|R=xkEW 5
V8
V8

ko zk
`
kk z o
6-d kR zk k)
`
zk k k
6B] kk zk
k
kk o k
kk zk
k
kk k o
-d ok zk
o
zk `
B] k` zk
k
kk ` k
EGFONN=NU_Mjkg_NUTONUi}Q`S=HYsYHYKgHYTOZHJrQ`K\R_I\`cS\RKMF^=slQ`TaKIQ`_N[TONQ`_NU_\= R kk
slQ`TaK[Q`TOZ R kk3slQ`TaK{}EGFONTzW=X<SNU_I_Nc|NU_K\KMFONV\R^NU_Q`KMHJ\RT.Q`s
^=F.QRIN\`c4KMFON^=slQ`TzKIEGFONsJ\inkQ`sYWONPIDrQ`TASNN)^=slQ`HYTONPZ3Szg3Q`sYX\kIMKDTO\HYT=^=W=K
\`c-_NUTONUi}Q`S=sJN_NPI\RW=_rPNPIiLHYKMFAN=NU_Mjkg&rP\RTzKNUTaKZHwNU_NUTzKcu_\RXNU_\AuKMFON IM^NPrUHwv.r
rFONUXHJrQ`stNNU_MjkgD\`cINQPi}Q`KNU_bKMF.Q`KLHJIGTONPNPZ=NPZDHYTVQ"slQ`_MjoN-yzW.Q`TaKMHYKgDHJI{Q`sYX\kIMKLNU_\z
EGFON"NNU_Mjkg[_NUTONUiGQ`S=HYsYHYKgHYTOrU_NQRINPIbiLFONUT i}N"Q`KMKNUX^=KBK\rUsJ\kINKMFON"rQ`_MS\RTrUg)rUsJN
Sag$~b^=KMHJ\RTdBxEGFONnkQ`sYWONSNPrP\RXNPI k c\R_6S\RKMF@^\i}NU_^=slQ`TzKI6iLFONUT$KMFONUg@Q`_N
rP\RX<S=HYTONPZ1iLHYKMF@~b^=KMHJ\RT@dBEGFON<XQ`HYT1_NQRI\RTc\R_KMF=HJIjzQ`HYTHYT rP\RX^.Q`_NPZiLHYKMF
KMF.Q`KGc|\R_{slQ`TzKb9Q`TOZ[Q`sJ\RTONk=HJIGKMFON-NNU_MjkgHYT=^=W=KGc_\RXKMFON4qaW=TAFONUTslQ`TzKI
\R_GAQ`_NBrP\RX4S=HYTONPZDiLHYKMF~b^=KMHJ\RT[]8KMFONbnRQ`sYWONB\`c Z=\aNPI}TO\RKGrF.Q`T=joNkOQRIGQ`sYX\kIMK
Q`sYstN=NU_MjkgHYT=^=W=KIbQ`_NTO\RT_NUTONUi}Q`S=sJN"I\RW=_rPNPI
EGFON[N=NU_MjkgNrUHJNUTOrUgo eHJIQ`sYi}QPgIF=HYjkFONU_c|\R_slQ`TzKKMF.Q`T$c|\R_6slQ`TzKINPN
IMHwKMFVrP\RsYW=XTHYTVEQ`S=sJN6 GEGFON4ZHwNU_NUTOrPN4HYT SNUKi}NPNUTslQ`TaKB?Q`TOZ HJIb `
^\RHYTzKI-EGF=HJI-ZHwNU_NUTOrPN"_NUXQ`HYTOIHwcG~b^=KMHJ\RT]HJIBHYTOrUsYWOZ=NPZINPN<rP\RsYW=XTIMHw_\i{I
KMF=_NPN4Q`TOZVIMHwHYTVEQ`S=sJN< pKLSNPrP\RXNPIbIMXQ`sYsJNU_<| ko}Hwce~b^=KMHJ\RTd3HJI{WOINPZ
EGFON"NUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`KMHYS=HYsYHYKgo Oi}QRIrQ`sJrUW=slQ`KNPZVc\R_bKMFONnkQ`_MgaHYT=jDZ=NUjk_NPNPIB\`c
dL~ rQ`^=KMW=_NkbsY_NQRZgslQ`TaKIfQ`TOZrP\RTaKQ`HYTDQ`TQ`S.Q`KNUXNUTzKG^=_\arPNPIIkKMFONBdL~
rQ`^=KMW=_NBSzgXNQ`TOI}\`cQ`T[Q`XHYTONQ`SOI\R_M^=KMHJ\RTD^=slQ`TzKEGFONbnRQ`sYWONPI}\`c ifNU_NB^.Q`HY_MiLHJIN
`
in
out
in
out
in,renewable
in,renewable
in,abatement
in,batement
0yTz|{q{v{vz}!
k
KMFONIQ`XNiLHYKMF=HYT[KMFONQRrPrUW=_QRrUgjkHYnoNUTHYTDTzW=X<SNU_Ic\R_LslQ`TaKI{+Q`TOZQ`sJ\RTONKMFON
nkQ`sYWONPI\`c ifNU_N o)c|\R_KMFON<^=slQ`TaKIrP\RX4S=HYTONPZiLHYKMF~b^=KMHJ\RT@dKMFONUg ifNU_N k
Q`TOZ Ò.Q`TOZiLHYKMF~b^=KMHJ\RTV]KMFONUgDifNU_N4 kQ`TOZ k
wPQ c
pReRCt
EGFON<NNU_Mjkg[HYTOZHJrQ`K\R_IiLHYsYstvO_IMKSN4ZHJIrUWOIINPZ^NU_bINkSNc\R_N4ifN<WOINKMFONUXHYTQ`T
\noNU_Q`sYsONUnRQ`sYW.Q`KMHJ\RT\`cKMFONG^.Q`_MKMHJrUW=slQ`_^=_\RS=sJNUX^\kINPZRT.Q`XNUsYg"KMF.Q`K\`ciLF=HJrF^\ifNU_
^=slQ`TaKLK\6S=W=HYsJZOslQ`TzKb\R_{slQ`TaKQ`sJ\RTONk.\R_LiLHYKMFVQ`S.Q`KNUXNUTzK~b^=KMHJ\RTOIBd3\R_G]6
N-rP\RTaKMHYTzWON-K\6jkHYnoN-joNUTONU_Q`s^NU_IM^NPrUKMHYnoNPIL_NUslQ`KNPZ[K\"KMFONWOIN-\`cKMFONPINHYTOZHJrQ`K\R_I
HYT[HYTOZWOIMKM_MHlQ`sNPrP\RsJ\Rjkgo
, 5&0 F #,0:% !0GGB ! :
N-F.QnoNINPNUT[c_\RXKMFON-_NPIW=sYKI{HYTVEQ`S=sJN< 6KMF.Q`KbQ`sYs\R^=KMHJ\RTOIZHJIrUWOIINPZ[FONU_N4Q`_N
cQ`_c_\RXSNUHYT=j<_NUTONUi}Q`S=sJNkEGFONbNNU_Mjkg_NUTONUiGQ`S=HYsYHYKgHYTOZHJrQ`K\R_Ifc|\R_eslQ`TaKI}Q`TOZ
Q`sJ\RTON"\R_rP\RX4S=HYTONPZiLHYKMF~b^=KMHJ\RT]Q`_Nc|\R_BQ`sYs^=_QRrUKMHJrQ`sxXNQRIMW=_NPIBNU_\=bEGFON
\RT=sYgiGQPgK\4_Q`HJINBKMFONbnRQ`sYWONB\`ctKMF=HJI}HYTOZHJrQ`K\R_LHJI}K\4WOIN~b^=KMHJ\RTVd&HYTDrP\RX<S=HYT.Q`KMHJ\RT
iLHYKMFKMFON6^\ifNU_-^=slQ`TaKI~bT=sYg KMFONPIN6rP\RX<S=HYT.Q`KMHJ\RTOI^\RHYTzK-K\[QX\R_N6IMWOIMKQ`HYT.Q`S=sJN
^\i}NU_^=_\aZWOrUKMHJ\RTcu_\RX KMFON6^\RHYTzK<\`c}n)HJNUi0\`c pT1KMFON6HJZ=NQ`seIMHYKMW.Q`KMHJ\RT Rk
FONU_Ni}Nc|\RW=TOZnkQ`sYWONPI4\`cLTONQ`_" ODEGFONF=HYjkFnRQ`sYWON\`cLKMFONN=NU_Mjkg_NUTONUiGQ`S=HYsYHYKg
c|\R_KMFON^\ifNU_^=slQ`TaKIHYTrP\RX<S=HYT.Q`KMHJ\RTiLHYKMF@~b^=KMHJ\RTd9XQgSNQ`T@Q`_MjkW=XNUTzKc\R_
Z=NUnoNUsJ\R^=HYT=jKMF=HJI{\R^=KMHJ\RT[c|\R_bdL~ Q`S.Q`KNUXNUTzK
EGFONGN\R_MKIK\-Q`^=^=_\)HYXQ`KNUsYg6rUsJ\kIN}KMFONGrQ`_MS\RTrUgrUsJNkoQ`TOZ<KMFaWOIxK\BQ`KMKQ`HYTQF=HYjkFONU_
N=NU_Mjkg _NUTONUiGQ`S=HYsYHYKgHYTOZHJrQ`K\R_xZ=\[TO\RK<rP\RXNiLHYKMFO\RW=K<Z_QiLS.QRrIEGFON_Q`HJINHYT
K\[ DHJIQRrPrP\RX^.Q`T=HJNPZ1SagQZ_\R^1HYTKMFON"N=NU_Mjkg NrUHJNUTOrUgocu_\RX zK\[ k
HYTslQ`TzK<Q`TOZ[c_\RX kK\ <HYT slQ`TaKBO_NPI^NPrUKMHYnoNUsYgo{bsJI\=.HYKbIMFO\RW=sJZ SN

_NUXNUX<SNU_NPZDKMF.Q`KL\RT=sYgQc_QRrUKMHJ\RTD\`cKMFONK\RKQ`stQ`X\RW=TaK{\`crQ`_MS\RT1kkeHJI}KQòNUT
rQ`_N}\`c.HYT"KMF=HJI\R^=KMHJ\RTzrcEQ`S=sJNL dfsJNQ`_MsYgKMFONGNNU_Mjkg<NrUHJNUTOrUg4HJIxIMHYjkT=Hwv.rQ`TzKMsYg
_NPZWOrPNPZ[iLFONUTVKMFONNNU_Mjkg_NUTONUi}Q`S=HYsYHYKpgHYTOrU_NQRINPI
EGFONLN=NU_Mjkg"NrUHJNUTOrUHJNPIejkHYnoNQrUsJNQ`_XNPIIQ`joNGiLFONUTHYKrP\RXNPIK\rP\RX^.Q`_MHYT=j4slQ`TaKI
Q`TOZQ`sJ\RTONkBEGFONU_N<HJIb_NQRI\RTK\^=_Nc|NU_slQ`TzK-+K\slQ`TzK-c_\RXQ`TN=NU_Mjkg
NrUHJNUTOrUg[^\RHYTzKB\`cxn)HJNUi=SNPrQ`WOIN4slQ`TzK9F.QRIBQ6F=HYjkFONU_nkQ`sYWON4\`c Lq)\=OHYKHJI{TO\RK
HY_M_NUsJNUnkQ`TzKxiLFONUKMFONU_ifNLQ`S.Q`KN{dL~ Szg<Q`XHYTONLQ`SOI\R_M^=KMHJ\RT6SNc\R_NG\R_QcuKNU_KMFON}^\ifNU_
^=_\)ZWOrUKMHJ\RTQRIfWOZjoNPZ c_\RXKMFON"HYTOZHJrQ`K\R_Q`sJ\RTONkrP\RXXNUTaK\RT1\RW=_rFO\RHJrPN\`c
Q`sYKNU_MT.Q`KMHYnoNPI"K\SNrP\RX^.Q`_NPZ@HJI<TO\i0HYT^=slQRrPNk[NF.QPnoNrFO\kINUTQRIS.QRINrQRINPI
^=slQ`TaKI<iLF=HJrF$Q`sY_NQRZgF.QPnoNDQrPNU_MKQ`HYT$Z=NUjk_NPN\`cbdL~ Q`S.Q`KNUXNUTzKHNkVHYTKNU_MXI
\`cfQ`XHYTONQ`SOI\R_M^=KMHJ\RT^=_\)rPNPIINPIBEGFON<N=NU_MjkgVNrUHJNUTOrUg\`cfslQ`TzK-0Q`TOZslQ`TaK
u
k
iLHYKMFO\RW=KKMFON6Q`XHYTON6Q`SOI\R_M^=KMHJ\RT^=_\)rPNPIINPIbifNU_N kQ`TOZ a)_NPIM^NPrUKMHYnoNUsYg@uTO\RK
IMFO\iLT HYTEQ`S=sJN6 o{3HYKMFO\RW=KBKMFON"Q`XHYTON6Q`SOI\R_M^=KMHJ\RT^=_\arPNPIINPI.KMFON<NUTOZ)IMKQ`KNPI
\`c.slQ`TaKI&Q`TOZ<@Q`_NfZHwNU_NUTzKkFO\ifNUnoNU_kXNQ`T=HYT=jKMF.Q`KKMFONPIN}IMg)IKNUXIrQ`T=TO\RKSN
rP\RX^.Q`_NPZVHYT Q<c|Q`HY_i}QPgoeNrP\RX^.Q`_NPZKMFON^=slQ`TaKIb\RTQ<c|Q`HY_LS.QRIMHJI=TONUnoNU_MKMFONUsJNPII
slQ`TaK-+HJIbIMKMHYsYsSNPIKOc_\RXQ`TNNU_MjkgNrUHJNUTOrUgV^\RHYTaKB\`cn)HJNUiEGF=HJIrP\RTOrUsYWOIMHJ\RT
iLHYsYsTO\RKBrF.Q`T=joN4Hwcxi}NrP\RX4S=HYTON<KMFON-^=slQ`TaKIiLHYKMF1~b^=KMHJ\RT ]ê=KMFONN=NU_Mjkg[NrUHJNUTOrUg
iLHYsYsIMHYT=K\ oslQ`TaK<iLHYKMF$~b^=KMHJ\RT]B\R_4 `slQ`TzK"iLHYKMF~b^=KMHJ\RT@]-
3FONUT<KMFONf^=slQ`TzKIQ`_N}rP\RX4S=HYTONPZ"iLHYKMF~b^=KMHJ\RTdBKMFONUHY_xNNU_Mjkg<NrUHJNUTOrUg4HYTOZHJrQ`K\R_I
SNPrP\RXNGKMFONLIQ`XN- R kozQbnoNU_Mg<sJ\inRQ`sYWONkxAIMF=HwcuK\`cKMFON}Ig)IMKNUX+S\RW=TOZOQ`_MHJNPI
K\"HYTOrUsYWOZ=N4Q`XX\RT=HlQQ`TOZc|NU_MKMHYsYHJINU_IG^=_\)ZWOrUKMHJ\RTiLHYsYsTO\RK}HYX^=_\noN-KMFONHYTOZHJrQ`K\R_I
c|\R_{slQ`TzKB
EGFONDNUTzn)HY_\RT=XNUTzKrP\RX^.Q`KMHYS=HYsYHYKpg$HYTOZHJrQ`K\R_[ Z=\)NPI"TO\RK<jkHYnoN[Q`TzgQ`_MjkW=XNUTzKK\
cQPno\RW=_"slQ`TzK6'\noNU_<slQ`TaK"iLFONUKMFONU_<KMFON^=slQ`TaKI<Q`_NQ`sJ\RTONk\R_<Q`_NrP\RX4S=HYTONPZ
iLHYKMF~b^=KMHJ\RTOId3\R_]6
EGFON"Q`S\noN<Q`T.Q`sYgIMHJI{iGQRIrQ`_M_MHJNPZ\RW=K{iLHYKMFO\RW=KBrP\RTOIHJZ=NU_MHYT=jKMFON4N=NU_MjkgDTONPNPZ=IbQ`TOZ
sJ\kIINPIbK\S=W=HYsJZ1Q`TOZZHJIMXQ`TzKMsJN6KMFON<^\ifNU_-^=slQ`TaK\RX4S.Q`_ZHekkkobIMFO\ifNPZKMF.Q`K
KMFONPIN@QRIIMW=X^=KMHJ\RTOI ifNU_Njo\)\)Z0uiLHYKMF=HYT'^\RHYTaKc|\R_VrP\RX4S=HYTONPZrUg)rUsJN^\ifNU_
^=slQ`TaKIV\`c<KMFONIQ`XN1IMHYNS.QRINPZ8\RT8rP\oQ`s-jzQRIMHwv.rQ`KMHJ\RTO\R_[KMFONFzgZ_\RjoNUT|vO_NPZ
rP\RX<S=HYTONPZrUgrUsJN{^\i}NU_G^=slQ`TzK)iLHYKMFHYKIfN)KM_Q<NPyaW=HY^=XNUTzK)KMFONBQRIIMW=X^=KMHJ\RTXQgSN
sJNPII{jo\a\)ZS=W=K\`cxKMFON-IQ`XN\R_Z=NU_\`cxXQ`jkT=HYKMWOZ=Nk
, 5MD( *) B F)[G< !M L BCD 0<
D) F*E! A )G
EGFONHYTOZHJrQ`K\R_I<WOINPZFONU_NQ`_N\RS=KQ`HYTONPZ@iLHYKMF_NUslQ`KMHYnoNUsYg1F=HYjkF@QRrPrUW=_QRrUgoDEGF=HJIHJI
Q`TVQRZnkQ`TzKQ`joNc|\R_Q6Z=NPrUHJIMHJ\RTXQ`)HYT=j^=_\)rPNPIIEGFON-NUTzn)HY_\RT=XNUTzKQ`sxrP\RX^.Q`KMHYS=HYsYHYKg
ZHJZTO\RKjkHYnoNbQ^=_Nc|NU_NUTOrPNLc|\R_fQ`Tag6\`cKMFONL^\i}NU_f^=slQ`TaKI)I\QZ=NPrUHJIMHJ\RTK\S=W=HYsJZ\RTON
\`ceKMFONUXIMFO\RW=sJZWOIN6Q`_MjkW=XNUTzKIrP\RT=TONPrUKNPZK\KMFON6\RKMFONU_BHYTOZHJrQ`K\R_IBEGFON6N=NU_Mjkg
NrUHJNUTOrUgHYTOZHJrQ`K\R_I-jzQPnoN6KMFON"XNPIIQ`joN<KMF.Q`K-slQ`TaKiLHYKMFO\RW=KNKM_QDQ`S.Q`KNUXNUTzK
^=_\)rPNPIINPIfSNUgo\RTOZKMFONQ`XHYTONQ`SOI\R_M^=KMHJ\RT^=_\)rPNPIINPIfHJIf^=_NcNU_Q`S=sJNBK\"slQ`TzKLiLHYKMF
Q`XHYTONQ`SOI\R_M^=KMHJ\RT\`c"dL~ c<~b^=KMHJ\RT8dHJIINUsJNPrUKNPZLKMF=HJIF.QRIKMFONVZ_QiLS.QRrI
KMF.Q`KKMFONU_NHJIQnoNU_Mg&slQ`_MjoN _NPZWOrUKMHJ\RT3HYT3KMFONNNU_Mjkg&NrUHJNUTOrUgoQ1_Q`KMFONU_DslQ`_MjoN
Q`_NQHJI[TONPNPZ=NPZ-Q`TOZKMFONU_NHJIIKMHYsYsBHYTOrP\RX^=sJNUKNQ`S.Q`KNUXNUTzKV\`cNUXHJIIMHJ\RTOI'EGFON
yaWONPIMKMHJ\RTKMF.Q`K"NUXNU_MjoNPI-c_\RX KMF=HJI4ZHJIrUWOIIMHJ\RTtHJIiLFONUKMFONU_4HYKKMFONUT@^.QPgIK\VQ`S.Q`KN
SagINPyaWONPIMKM_Q`KMHJ\RT~b^=KMHJ\RT]}\R_GSzg[Q`T[X\RTO\`NUKMF.Q`TO\RsQ`XHYTON4Q`SOI\R_M^=KMHJ\RT[^=_\)rPNPII
Q`sJ\RTONkEGFON ZHwNU_NUTOrPN HYTANUTanaHY_\RT=XNUTaKQ`srP\RX^.Q`KMHYS=HYsYHYKpgSNUKi}NPNUT3slQ`TaK Q`TOZ
slQ`TaKB9iLHYKMF~b^=KMHJ\RT]+HJI{sJNPIIKMF.Q`T@o}EGFON_NQRI\RTc\R_{KMF=HJIbZHwNU_NUTOrPN<HJILKMFON
NKM_QNUsJNPrUKM_MHJr^\ifNU_"TONPNPZ=NPZK\ IMK\R_NdL~ HYTKMFONZ=NU^=sJNUKNPZ@jzQRI_NPINU_Mno\RHY_[EGFON
IMK\R_Q`joN{^=_\RS=sJNUX'\`cdL~ rQ`^=KMW=_NPZc_\RXKMFONQ`XHYTONI\RsYW=KMHJ\RTHJI\RTKMFON\RKMFONU_F.Q`TOZ
2
0yTz|{q{v{vz}!
o
TO\RK{I\RsYnoNPZHYT[KMFONrQRIN-jkHYnoNUTSagiLF.Q`KifN-F.QnoN4rQ`sYsJNPZslQ`TaKb"
=_\RXKMFONfQ`S\noNrP\RTOIMHJZ=NU_Q`KMHJ\RTOIifN}Q`^=^NQ`_tK\LSNHYT<QGKM_QRZ=N\ÌMHYKMW.Q`KMHJ\RTRQGKg)^=HJrQ`s
IMHYKMW.Q`KMHJ\RTc|\R_e^\RsYHYKMHJrUHlQ`TOIEGFONQ`T.Q`sYg)IMHJIfKNUsYsJI}KMF.Q`Kfi}NBQ`_NbHYT[Q4IMHYKMW.Q`KMHJ\RTiLFONU_NbifN
F.QnoNK\rFO\)\kIN-SNUKifNPNUTV^\ifNU_{^=_\)ZWOrUKMHJ\RTiLHYKMFF=HYjkFN=NU_MjkgNrUHJNUTOrUgoOS=W=KLsJ\i
N=NU_Mjkg<_NUTONUiGQ`S=HYsYHYKgslQ`TzK}AiLHYKMF[~b^=KMHJ\RT]o\R_KMFON\R^=^\kIMHYKNeaiLHYKMFsJ\iAN=NU_Mjkg
NrUHJNUTOrUgQ`TOZF=HYjkFNNU_Mjkg6_NUTONUiGQ`S=HYsYHYKgslQ`TzKGiLHYKMF[~b^=KMHJ\RTDdLzslQ`TzKGZ=\aNPI
TO\RKb^NU_c|\R_MXSNUKMKNU_BKMF.Q`TQ`TagV\`cKMFONPIN"\R^=KMHJ\RTOIQ`TOZ rQ`TSN4KQòNUT\RW=Kbc_\RXKMFON
KM_QRZ=N\èqaWOrFQ4KM_QRZ=N\ÌMHYKMW.Q`KMHJ\RTXQPgSNbrP\RXX\RTc|\R_GIMHYKMW.Q`KMHJ\RTOI}iLFONUTc|\kIIMHYs
cWONUsJILQ`_NbKMFON_NPI\RW=_rPNPIxNBF.QPnoN-IMFO\iLTVQ`S\noNKMF.Q`KGN=NU_MjkgQ`T.Q`sYgIMHJI{Q`TOZDN=NU_Mjkg
HYTOZHJrQ`K\R_IrQ`T\`NU_-QyaW.Q`TzKMHYKQ`KMHYnoN"S.QRIMHJIbc|\R_BQ`T.Q`sYgIMHJIB\`cejzQ`HYTOIBQ`TOZ sJ\kIINPIEGF=HJI
HYT=^=W=K{XQgDSNWOINcW=sc|\R_{^\RsYHYKMHJrUHlQ`TOIHYTKMFONUHY_{i}NUHYjkFzKNPZZ=NPrUHJIMHJ\RT=S=W=KbQ`sJI\c\R_LKMFON
jo\noNU_MT=XNUTzKQ`sxINPrUK\R_{HYT[KMFONUHY_{_NPINQ`_rFcW=TOZHYT=j^=_MHJ\R_MHYKMHJNPI
, 70< F)[D(<!D(0B 0
EGFONfgo\RK\B_\RK\arP\RsrQ`T<SNeINPNUT"QRIxQLvO_IMKN\R_MKSzg-KMFONfHYTzKNU_MT.Q`KMHJ\RT.Q`sOrP\RXX<W=T=HYKg
K\rP\RXXHYKHYKINUswc-K\1_NPZWOrPNdL~ NUXHJIIHJ\RTOIif\R_MsJZiLHJZ=NkEGFONV^=_NPINUTzKN=Q`X^=sJN
IMFO\i{IKMF.Q`KHYKHJI^\kIIMHYS=sJNK\Q`T.Q`sYgINeHYT<QLIMgIMKNUXQ`KMHJrXQ`T=TONU_xQ`sYKNU_MT.Q`KMHYnoNe_\RW=KNPIc\R_
^\i}NU_e^=_\)ZWOrUKMHJ\RTHYTjzQRI|vO_NPZrP\RX4S=HYTONbrUg)rUsJNL^\i}NU_e^=slQ`TaKIeiLHYKMFnRQ`_Mg)HYT=j4Z=NUjk_NPNPI
\`ctdL~ Q`S.Q`KNUXNUTzKefg"KQ`)HYT=jHYTzK\"QRrPrP\RW=TzKeKMFONbINPrP\RTOZslQiA\`cKMFONU_MX\aZg)T.Q`XHJrPI
i}NrQ`T8NPIKQ`S=sYHJIMF8Q@IrQ`sJNc\R_[NUTONU_MjkgAyaW.Q`sYHYKgoBT.Q`XNUsYgAKMFON1NNU_Mjkg3IrQ`sJNk0EGFON
yaW.Q`sYHYKgD\`cNUTONU_MjkgHYT[HYKIGnRQ`_MHJ\RWOILc\R_MXIGHJILrQ`sJrUW=slQ`KNPZQRILNNU_MjkgoEGF=HJILKMFONUTVQ`sYsJ\i{I
Q<rP\RX^.Q`_MHJI\RT[\`cQ`TzgNUTONU_MjkgrP\RTznoNU_MKMHYT=j^=_\)rPNPII)N=NUX^=sYHwv.NPZFONU_NBSagKi}\6^\ifNU_
^=_\)ZWOrUKMHJ\RTIg)IMKNUXIT@KMFONvO_IK<^=slQRrPNkxKMFONZ=NUKQ`HYsJNPZ@N=NU_Mjkg@Q`T.Q`sYgIMHJI<jkHYnoNUT@HYT
B_QRIIMXQ`T=T[ZHlQ`jk_Q`XIQ`TOZ[^=^NUTOZHJrPNPIL9Q`TOZ[)HJI}WOINcW=sTDKMFON-INPrP\RTOZ^=slQRrPNk
KMFON-N=NU_MjkgzS.QRINPZ[HYTOZHJrQ`K\R_IbQ`_N-WOINcuW=s
O\R_6KMFON^=_\`c|NPIIMHJ\RT.Q`sLNUT=jkHYTONPNU_eN=NU_Mjkg@Q`T.Q`sYgIMHJI6rQ`TSNWOINPZ@K\ sJ\)rQ`sYHJIN^\RHYTzKI
iLFONU_N4_NPINQ`_rFN\R_MKIBIMFO\RW=sJZVSNrP\RTOrPNUTaKM_Q`KNPZHYT \R_Z=NU_BK\HYTOrU_NQRIN<NNU_MjkgN
rUHJNUTOrUgofEGFON4Q`T.Q`sYg)IHJIQ`sYsJ\i{IQ6rP\RX^.Q`_MHJI\RTQ`TOZ QRIINPIIMXNUTaK\`cZHwNU_NUTaKXQ`KNU_MHlQ`s
Q`TOZ1NUTONU_MjkgrP\RTznoNU_IMHJ\RT@IMg)IKNUXIiLHYKMF1KMFONIQ`XN<cuW=TOrUKMHJ\RT@\RT1KMFONIQ`XNIrQ`sJNk6K
FONUsYÔIHYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgK\@QRZFONU_N K\KMFON[vO_IKslQPi QRIifNUsYs-QRIK\KMFONINPrP\RTOZ
slQi'\`cGKMFONU_MX\aZg)T.Q`XHJrPIDEGFONNUT=jkHYTONPNU_MHYT=j^=_\`cNPIIMHJ\RT.Q`sJI4rQ`T@QRIINPII-KMFON^\RKNUT
KMHlQ`s=c|\R_HYX^=_\noNUXNUTaKIL\`cQIMg)IKNUXzQ`TOZKM_Q`TOIMXHYKeKMF=HJI^\RKNUTzKMHlQ`s.K\KMFONLHYTOZWOIMKM_MHlQ`s
NPrP\RsJ\RjkHJIMKoiLFO\iLHYsYs=KMFONUTSNGHYTc|\R_MXNPZQ`S\RW=KKMFONG^\kIIMHYS=sJN}sYHYXHYKI\`cKMFONGHYTOZHJrQ`K\R_I
EGFONKNPrF=TO\RsJ\RjkHJrQ`s=Z=NUKQ`HYsJIQ`_NjkHYnoNUT<HYT4b^=^NUTOZHJrPNPI$Q`TOZ<KHJIrUsJNQ`_c_\RX8KMFONPIN
Q`^=^NUTOZHJrPNPIKMF.Q`KKMFONU_NGQ`_NeTaW=XNU_\RWOIxKNPrF=TO\RsJ\RjkHJrQ`sOZ=NUKQ`HYsJISNUF=HYTOZ4KMFONfHYTOZHJrQ`K\R_I
qaWOrFQ{ifNQ`sYKMF\`cOKNPrF=T=HJrQ`sOZ=NUKQ`HYsJIxHJIZHwrUW=sYKxK\BrP\RX^=_NUFONUTOZ"c\R_TO\RTNUT=jkHYTONPNU_MHYT=j
u
k
^=_\`c|NPIIMHJ\RT.Q`sJIeKLHJIGHYTKMF=HJIrP\RTzKNKKMF.Q`KN=NU_MjkgzS.QRINPZDHYTOZHJrQ`K\R_I=vO_IMKL^=_\R^\kINPZ
SagD]NUiLW=swcNUKbQ`st|kkkorQ`TSN-WOINcW=s.QRILifN4F.QPnoN4HYsYsYWOIMKM_Q`KNPZSagD\RW=_bN=Q`X^=sJNk
EGFONPIN"HYTOZHJrQ`K\R_I-rQ`THYTOrUsYWOZ=NQ`sYsKNPrF=T=HJrQ`sZ=NUKQ`HYsJI-\RTQXNQ`T=HYT=jRcW=seQ`jkjk_NUjzQ`KNPZ
sJNUnoNUsLQ`TOZKMFONUg&Q`_N[KMFONU_Nc|\R_N[X4WOrFAX\R_N QRrPrPNPIIMHYS=sJN[K\Z=NPrUHJIHJ\RT&XQòNU_IKMF.Q`T
\RKMFONU_MiLHJINk
NIQPiHYTKMFONZ=NvOT=HYKMHJ\RT3\`cBKMFONHYTOZHJrQ`K\R_IKMF.Q`KKMFONUgQ`sYs{F.QnoNVQ`T&HJZ=NQ`s{sYHYXHYK
\`c4W=T=HYKpgo?EGFONPINQ`_NVW=T=_NQ`sYHJIMKMHJrsYHYXHYKI[\`c<\R^NU_Q`KMHJ\RT{SNPrQ`WOINQ`Tzg&T.Q`KMW=_Q`s\R_
XQ`TXQRZ=NIMgIMKNUX F.QRIQ`TNNU_MjkgANrUHJNUTOrUg&SNUsJ\iW=T=HYKgo+EGFON rP\RTanoNU_IMHJ\RT\`c
I\RslQ`_6NUTONU_MjkgHYT^=slQ`TzKI"HJI<TONUnoNU_"iLHYKMFO\RW=K6N=NU_MjkgsJ\kIINPIVK"HJI4KMFONU_Nc|\R_NSNUgo\RTOZ
N^NPrUKQ`KMHJ\RT$KMF.Q`KQ`Tzg@XQ`TXQRZ=N[IMgIMKNUXCrQ`T$_NQRrFKMFONHJZ=NQ`sGsYHYXHYK6c|\R_"N=NU_Mjkg
NrUHJNUTOrUgoBIQrP\RTOINPyaWONUTOrPNGKMFONLNUTzn)HY_\RT=XNUTzKQ`srP\RX^.Q`KMHYS=HYsYHYKg6HJIQ`sYi}Qg)I}QNPrUKNPZ
SagDN=NU_MjkgDsJ\kIINPIQ`TOZKMFONNNU_MjkgDHYT=^=W=KITONPNPZ=NPZK\Q`S.Q`KNNUXHJIIMHJ\RTOI=iGQRIMKNPIbQ`TOZ
WOINPZ^=_\aZWOrUKIxEGFON{rP\RTOIKM_MWOrUKMHJ\RT\`cX4W=sYKMHYsJNUnoNUs.XQ`KNU_MHlQ`srUg)rUsJNPIiLHYKMF=HYTHYTOZWOIMKM_MHlQ`s
IMgIMKNUXIc\R_<Q`sYs}NUXHJIIMHJ\RTOIiGQRIMKNPIxQ`TOZWOINPZ^=_\aZWOrUKIHJI"Q[KQRIMc|\R_4HYTOZWOIMKM_MHlQ`s
NPrP\RsJ\Rjkgo
pKHJIHYT@KMF=HJI4IMHYKMW.Q`KMHJ\RT@ifNTONPNPZ@QD^=_QRrUKMHJrQ`s}_\RW=KNK\i}Q`_Z=I6IMWOIMKQ`HYT.Q`S=HYsYHYKpg@Q`TOZ@Q
XNUKMFO\)Z=\RsJ\Rjkg6K\QRIINPIIxKMFONG_\RW=KNkxEGF=HJIHJIxiLFzg"ifN{if\RW=sJZsYHYoNGK\BT.Q`XNLKMFONLN=NU_Mjkg
HYTOZHJrQ`K\R_Ifak. uR|kCSNPrQ`WOINKMFONUgjkHYnoNeIMWOrF6Q{ZHY_NPrUKMHJ\RTEGFONUgZ=\
TO\RKbSNPrP\RXN<W=T=HYKgoS=W=KKMFONUgIFO\RW=sJZSN<QRI{F=HYjkF1QRIb^\kIIHYS=sJNk}+_NQ`sYHJIQ`S=sJN4KQ`_MjoNUK
c|\R_KMFON[NNU_Mjkg$NrUHJNUTOrUg$HYTIMHYT=jksJN^=_\)rPNPIIW=T=HYKIiGQRIZHJIrUWOIINPZ$Szg$GNMQ`TQ`TOZ
E\RTOZ=NUW=_kkohbW=XXNPZOQ`sNUK4Q`s|kkkoo\RF.Q`T=TONPIINUT@Q`TOZ1}MNUsJIMKM_MW=^|kkko
c<^=_\)ZWOrUKMHJ\RT8HJI[rQ`_M_MHJNPZ\RW=KiLHYKMF8IMWOrFQ^=_QRrUKMHJrQ`ssYHYXHYK\RTKMFON1N=NU_MjkgsJ\kII
uT.Q`XNUsYg&iLHYKMF3XHYT=HYX4W=X NUTaKM_\R^zgA^=_\aZWOrUKMHJ\RTKMFON N=NU_Mjkg&NrUHJNUTOrUgA\`cXQ`Tag
^=_\)rPNPIINPIrQ`TSN[_Q`HJINPZ&SNUgo\RTOZ&KMFONV^=_NPINUTzKDZOQPgIsJNUnoNUspKc|\RsYsJ\i{IKMF.Q`KKMFON
TONPNPZ c|\R_N=NU_Mjkg[c|\R_Q`S.Q`KNUXNUTzK^=_\)rPNPIINPIBHYTQ`KMKNUX^=KIK\DrUsJ\kIN"XQ`KNU_MHlQ`srUg)rUsJNPI
SNPrP\RXNPI<IXQ`sYsJNU_cQ`K<KMFONIQ`XNKMHYXNkc\kIIHYscuWONUsJI6Q`_N_NU^=slQRrPNPZSag1_NUTONUi}Q`S=sJN
NUTONU_Mjkg1I\RW=_rPNPIifNiLHYsYseSN\RT@QD^.Q`KMFKMF.Q`K4iLHYsYsHYTOrU_NQRINQ`sYsfNNU_MjkgHYTOZHJrQ`K\R_I
EGF=HJILHJIbQ6^.Q`KMFK\iGQ`_Z=IczURu | F zc *!P|R.
N-F.QnoN4INPNUTVQ`S\noN4FO\i8KMFONslQPi{I\`cxKMFONU_MX\)ZgaT.Q`XHJrPIQRINUX<S=_QRrPNPZSzg[N=NU_Mjkg
Q`T.Q`sYgIMHJILrQ`TASN[WOINPZ&K\jkHYnoN HYTc|\R_MXQ`KMHJ\RTAKMF.Q`KrQ`TFONUsY^3^\RsYHYKMHJrUHlQ`TOIHYTKMFONUHY_
rFO\RHJrPNSNUKpifNPNUT1cW=KMW=_N\R^=KMHJ\RTOIc|\R_-^\ifNU_^=_\)ZWOrUKMHJ\RT6EGFON6KMF=_NPNNNU_MjkgaS.QRINPZ
IMWOIKQ`HYT.Q`S=HYsYHYKgHYTOZHJrQ`K\R_I_NPrPNUTaKMsYg^=_\R^\kINPZHYTKMFONsYHYKNU_Q`KMW=_NkeifNU_N[rPNUTzKM_Q`sLHYT
KMF=HJIbrP\RTzKNKfLQRINPZ\RTVKMF=HJILc_Q`XNUif\R_MOifN<Q`_MjkWONKMF.Q`K{HYTOZWOIMKM_MHlQ`sNPrP\RsJ\RjkgoOiLHYKMF
HYKIrP\RTOrPNU^=K\`cOIMWOIMKQ`HYT.Q`S=HYsYHYKpg<Q`TOZHYKItiLHYsYsYHYT=jkTONPIIK\{SNeQ`T"Q`joNUTaK\`cOrF.Q`T=joNfK\iGQ`_Z=I
QX\R_N4IMWOIMKQ`HYT.Q`S=sJN"I\)rUHJNUKgoIMFO\RW=sJZ QRZ=\R^=KBKMFONPIN4HYTOZHJrQ`K\R_I{EGFONHYTOZHJrQ`K\R_IrQ`T
SNWOINPZiLHJZ=NUsYgo[T^.Q`_MKMHJrUW=slQ`_xKMFONUg1rQ`T@SNWOINPZK\NPIMKQ`S=sYHJIFQIrQ`sJNK\XNQ
IMW=_N6^\i}NU_4^=_\)ZWOrUKMHJ\RTIMgIMKNUXI6hBNUnoNU_MKMFONUsJNPIIt\RKMFONU_-HYTOZHJrQ`K\R_I6Q`_N6TONPNPZ=NPZQRI
0yQd m}!v{Wz}!F{
k
IMWOIKQ`HYT.Q`S=HYsYHYKgHJIfX\R_NBKMF.Q`T[NNU_Mjkg_NUTONUiGQ`S=HYsYHYKgoON=NU_MjkgNrUHJNUTOrUgoOQ`TOZDNUTzn)HY_\RT
XNUTaKQ`strP\RX^.Q`KMHYS=HYsYHYKg@QPgoNU_bNUKbQ`sOkkà
wPh g
; e=fCtf
N<c|\RW=TOZ KMF.Q`KI\RXN<_NPrPNUTaKMsYg ^=_\R^\kINPZN=NU_MjkgzS.QRINPZ1IWOIMKQ`HYT.Q`S=HYsYHYKgHYTOZHJrQ`K\R_I
rQ`T"SNfWOINPZ<K\BQRIINPIIKMFON}IWOIMKQ`HYT.Q`S=HYsYHYKg"\`c\R^=KMHJ\RTOIc\R_^\ifNU_x^=_\)ZWOrUKMHJ\RTzQ`TOZ<ifN
F.QnoN<^=_\R^\kINPZKMF.Q`KKMFON"HYTOZHJrQ`K\R_I-SNPrP\RXN"K\)\RsJIiLHYKMF=HYTKMFON<HYTOZWOIKM_MHlQ`sNPrP\RsJ\Rjkg
c_Q`XNUif\R_MNF.QPnoN[IFO\iLTKMF=HJI6WOIMHYT=jKMFONDN=Q`X^=sJN[\`cQVT.Q`KMW=_Q`sLjzQRIMQ`TOZQ
Fag)Z_\RjoNUT|vO_NPZrP\RX4S=HYTONPZDrUgrUsJN{^\ifNU_}^=slQ`TzKQ`TQRrUKMW.Q`s^\ifNU_}^=_\)ZWOrUKMHJ\RT^\RsYHJrUg
^=_\RS=sJNUXHYT[hb\R_MiGQPgobjkjk_NUjzQ`KNPZDHYTc|\R_MXQ`KMHJ\RTc|\R_GZ=NPrUHJIMHJ\RTDXQòNU_IGi}QRIL\RS=KQ`HYTONPZ
c_\RXKMF=_NPNN=NU_MjkgzS.QRINPZHYTOZHJrQ`K\R_I
EGFON-^.Q`_MKMHJrUW=slQ`_B^=_\RS=sJNUXi}QRIrP\RTOrUsYWOZ=NPZQRILc|\RsYsJ\i{I}EGFON4Ki}\^\i}NU_^=slQ`TzKIBiLHYKMF
Q`S.Q`KNUXNUTaK \R^=KMHJ\RTOI[i}NU_NNPyzW=HYnkQ`sJNUTzKQRI"WOZjoNPZSzg3KMFONUHY_VN=NU_MjkgA_NUTONUiGQ`S=HYsYHYKg
HYTOZHJrQ`K\R_6Q`TOZSzg1KMFONUHY_"NUTzn)HY_\RT=XNUTzKQ`sLrP\RX^.Q`KMHYS=HYsYHYKg$Q`sJ\RTONktS=W=K<KMFONN=NU_Mjkg1Nc
v.rUHJNUTOrUHJNPI6\`cQ`sYs}Ig)IMKNUXI4jzQPnoN[QrUsJNQ`_"XNPIIQ`joNkVEGFON\R^=KMHJ\RT$K\VZ=NQ`s}iLHYKMF$dL~
Q`S.Q`KNUXNUTaKbSNUgo\RTOZVQ`XHYTON<Q`SOI\R_M^=KMHJ\RTOWOIMHYT=jI\RslQ`_NUTONU_Mjkg[F.Q`sYnoNPZ[KMFON4N=NU_MjkgDNc
v.rUHJNUTOrUg\`cfS\RKMF1^\ifNU_^=slQ`TaKI6EGFONU_Nc\R_NkINPyaWONPIMKM_Q`KMHJ\RT\`cLdL~ HYTQDZ=NU^=sJNUKNPZ
jzQRIe_NPINU_Mno\RHY_}INPNUXNPZKMFONX\kIMKen)HlQ`S=sJN{^.Q`KMF}W=K}Q`sJI\KMF=HJI}IMg)IKNUXslQ`TaK}iLHYKMF
~b^=KMHJ\RT1]sJ\ifNU_NPZKMFON"N=NU_Mjkg NrUHJNUTOrUgIMHYjkT=Hwv.rQ`TaKMsYgo<EGFONQ`T.Q`sYgIMHJI-IMW=jkjoNPIMKNPZ
KMF.Q`KLKMFON^=_NPINUTaK{IMHYKMW.Q`KMHJ\RT[c|\R_G^\ifNU_{^=_\)ZWOrUKMHJ\RT[c_\RXjzQRI|vO_NPZ[rP\RX4S=HYTONPZ rUg)rUsJN
^\i}NU_4^=slQ`TzKI<HJI4IWOrFKMF.Q`K<ifNXQPgF.QPnoNK\rFO\)\kINSNUKpifNPNUT^\i}NU_<^=_\)ZWOrUKMHJ\RT
iLHYKMFF=HYjkF NNU_MjkgDNrUHJNUTOrUgoOS=W=K{iLHYKMFVsJ\iN=NU_MjkgD_NUTONUi}Q`S=HYsYHYKgo\R_{KMFON\R^=^\kIMHYKNe
iLHYKMF[sJ\i9N=NU_MjkgNrUHJNUTOrUgQ`TOZ[F=HYjkFVN=NU_Mjkg_NUTONUi}Q`S=HYsYHYKgo
EGFON"HYX^\R_MKQ`TOrPN\`cfN=NU_MjkgQ`T.Q`sYgIMHJIHJIKMF.Q`K-HYK-NUT.Q`S=sJNPI-rP\RXX4W=T=HJrQ`KMHJ\RTSNUKpifNPNUT
ZHwNU_NUTzK{^=_\`c|NPIIMHJ\RT.Q`sJIEGFONKNPrF=TO\RsJ\RjkHJrQ`sxZ=NUKQ`HYsJI=W=TOZ=NU_IMK\)\)ZVQ`TOZD^=_\n)HJZ=NPZSag
KMFON-NUT=jkHYTONPNU_I.rQ`T[SNKM_Q`TOIMslQ`KNPZK\Q"XNQ`T=HYT=jRcuW=sQ`jkjk_NUjzQ`KNPZVsJNUnoNUs.Q`TOZ[\RT[KMF=HJI
sJNUnoNUs=KMFONUgDrQ`TSN-rP\RX^=_NUFONUTOZ=NPZSagDZ=NPrUHJIHJ\RTXQòNU_I
N<^=_\R^\kINPZVK\T.Q`XN<KMFON"N=NU_MjkgHYTOZHJrQ`K\R_I"czUR u uR|kUSNPrQ`WOIN
KMFONUgIMFO\iiLF=HJrFZHY_NPrUKMHJ\RTK\DKQòNK\i}Q`_Z=I4X\R_NQ`TOZ1X\R_NaRu U F zc
M!C=P|R.bEGFONvO_IMKN\R_MKIF.QnoN4SNPNUT XQRZ=N<K\INUKBQ_NQ`sYHJIQ`S=sJN4KQ`_MjoNUKBc|\R_KMFON
N=NU_Mjkg NrUHJNUTOrUgHYTZHwNU_NUTzKHYTOZWOIMKM_MHlQ`s^=_\)rPNPIINPIuQ`sYsbkkZ=Nqai}QkQ`TNUK4Q`s
kkà\R_Nif\R_MDHJILTONPNPZ=NPZK\rP\RTzKMHYTzWON4KMF=HJI{N\R_MKbQ`TOZD^=_\RX\RKNKMFONTONPrPNPIIQ`_Mg
rF.Q`T=joNPI{HYTKNPrF=TO\RsJ\Rjkgo
u
o .3.
bT=HYKQano\RsYHYTOIrF=H.QRr)TO\iLsJNPZjoNPIKMFONvOT.Q`TOrUHlQ`sOIMW=^=^\R_MKcu_\RXKMFONfbNPINQ`_rFd}\RW=TOrUHYs
\`chb\R_MiGQPgo
>$72+
O LJx{ A8x J+

!#"%$&')(+*-, .0/1 $32 15476 89 1;:< =>@?A32# 1CB7DE1 $&(9 6GF)H
a,c
a,b
KI JMLMNMOQPSRUTWV-XAY[Z9\-X]\_^-à[Rb\_^_RbV-cced
f d9g8V-RQPScd9JhPi\-jlkm`;LMRSV-NnX]T]ZoV-JMLY!Jhp;T]RU\_JMcd9JhPqVrXAY!Jn^_T]JMdEd9RUT]JM^
y \-RUz{d9^_T]V-J}|if JMd9T~gMp_V-d9RURUPbObceT~PK`dEJs\-Ptjl\-jlZ9Txuwd9vMJMdEZEcedVrTxOUJMPSLRQ` d9ZqvnJM\_X]\-^-`
yiQrh )RU\_JMLMvMdET]c} y \_RUzwVG`
a
'Q &'b'
3Qx_)+K_(]~q-;+q+K_q
riGQ+bQ'Etn'[-Q'Ut
#'bpqGq0& {9 #=qbn Q- Q_%ErUEQsK iE
th
nS _ nGEM'nW!n9EEsKA=SnSr;-WW
EMSqM_sn It#b
#q9h+
lsG_qSKq Kh K 7 q So _ 9 h K
_
-
- o r
_K
sQmKsqi _ 9 S 9 q q sQ - M
sq0 _K [K K q GK n )Qq K+ ls
_K q sKKl GSK-Kq h sqKs s ! K M
sKs GK M st q - 9 sS s 9K
[K Ks m s qq ls h 3 G _ 9 n+Q
0KstS 9K mKst _ s 9h nKst h S s
Kse rr r mq 9Kh ls _ 9
+ M
9 K s _ [ s ! K sq Kst qS KS sKs
s s 9 s s 9 q qq h hKs 9K
h K s 9
# 9 Ws !
h
9K G hs+ hs s sG h

hS nQ GK -K n Kq ) mKsw _K
s [h 9 3 9iS 9K
[ hm s [h
9 3 q S 9K ls q oKs ) K 9Ks _K G
K h ; _ M r _ 9 KsiK qiq K+ MGK Ks
[ h _K M
ls s ) CK 9 MGKCS
_ 9 sq h h 0KsmMqK G n
q K Als q r -K q lKs -K Ksq K [K
h + h q{ M q _ ls M A G 7 _ o sq
K s r 9
9 GKq q
_ sQ

036

.
<

V

,
]36
.

3

OP'5R

1W

X,
>

,3
.@;
_.;
2 2P
1

a[ ab

3cd3 ]

$
e

8

L

8
D
$ 36
EB,

<
Q<[ .\02

V^
X3

X,

3

0
+2

g

L&-'*)

/Q
,3
>

%
9,`V.3 ]
_3*

/

V

@
I3
$

1

D

F

U36
fG

8

H&-'*),I

Y#,Z

= M,

B8

"
h

V

1W
1"
+2

,7'5R$#,
2 2P;

M,

98

g
,TS$R
X#8 93

,-
= 3 >
5
EB,
EB8

@A

C2
3 >
L
<
J K#
0
6
:;

B,
3* NO 2P
3* 0
B
/

% &('*)+#$
;@

B8
G

7

D
36
1

536

+2E

%

9

43
?

"!$#$

] 3*

N3

@

e
G h

M8
iNjkl7mn+opqsr*t<u v wxò/vwKvjn.yNz{u\u}|.~NwpEjEvwKvjnNn>jkBuz{xC|7Tz j.kBu]j.z{xjx

Pmnk|(";jnJkOwxYwukpzQpK|-T;jnJk+wpjo@z{xòz 1wPmnKp
"
-BT7I<EW
ls 9 9h } qq GK M -SS rr r
rt Ks M sSK q Q q sK hKs n
sK { qQ s +q n h 3 - nq } sq [h
q -qq 9 q s s 9 q qqw qMq sQ _
S + w qQ h m hK s sS s h h7
qqQq M - Mq _ sQ h lq iS

Ksq q 8qS0Ks Ks _ qQ qq{ hK q K
K +s hlKs [s M sSK 7Q 9 7 Ks [s M ) _ 0 s
GK n q - ols 8qS q _ q- m m h
Q
;

.
g
<

B8S 3
=

+2P3*
DP8

3*
#8S 3

D36

eb
_3

/

E
N
/
e 2

eU
= 2P
3* N

e
/

03*

=
I
<
8

b

s
_3

]
.
M,W3

!L ;

>

%
2
.P87B#8O C
g

1 2

<
U

?

f

=

1

<2

_ 'WS-;-WW
n sQq =lsA rr r 9 n sq Q[ ls h
nS )q _ r ! 0nSK 0 rr r M sqm sm
q r = qK{o sK K %qq
lse sK K qq ; K q Q ; K 9 - - 9
9 K } s q qq ; ! 9 - l h s
K sK Kqie rK qq s q G ) G _r rqqQqm
s sK K { -K s _ s M K lh Ks
G [ eKhm KK q mKs sq sK K Aqq s
r 9 GQsq s sK +7 9K s sSK
h & 8[MS )q _ M r0qQ s + # hK s
h
_K

- _K l [S
qnq s 5}S 9 s q qqq r K C rr
r M sq M sSK -qqq
n _ q
q MqSK ls h
- _qt 7s K 9Ks
M sK e G n K hKq rt h S s e
n sSK -qqq e _ 9 K KKq w h

KK
[ K
h{Ksi h
-{ h 9 h
M S
q
K h Ks7 h
_K e hh h
n
l s s h rqql GlMq K _ MGK K _q lh
K sq Ks qQ h h -qq! r 9 [K n
sSK -qq G ) G [K h 3 r -qq lh GS qKh
K _ 8 Ks 9Mt h
-K0K _q
l Ks h 9 + sq K G h
_K8 G8Mq [ +Ks
Ks0h h _K G) 0 _ _K eSKs h !Ks0 h SK { -
_K s Q { + Ks _ _
_K

mMq n+Q G s GQsq
mS 9[Ks q q hK 9K q sK K n _K Gq
sS & _ M nqSK {Ks Q q s h s
Ks rr r GS {+ { sq
qS
h
0+Q + - qq !K _q! q 9K h GQqKs GS0
M sSK q - o n w - Gq #
h 7S l S lsqQ0K _q) qwKs 7K 9 q _
n ) s 9 [K t s q hs s
Gq KsmG hS %Q GKq # r h eS l =S
w q K 9K Ks 9MK _q Khw S 9qwKs 9 K

a

8

1

Q

E3

sQ

.\I,`
P8

<

O

1
#8*
V?

1
_

a2
,
hd2

F

>

1 ;2

P,Zf

1
O 2 V
8

G
O

/

;h

G
e

;
>
]O3*
G

Q

\

TQ

/P8T,9$

G
s

@ 5 3
B

1
/

=

h,M!C
e
$

8
UG
0
V

@3

< I
#$

8

8

] 2P

1 L3

35
f

6P8 #8
1M/

?
>

8R
h
*P8 ,<

>

;
5
1 G

I
<

e 2 N

?
<

G
,Y hV X#

2P V@

L
=

C
0
/

,
s

$ 3

D

P'

U
e

Q
T

]*
D

2P

Q
,6+B#,` f #

9
T
;

e s3 I e3
O ab

X,Z

1
>
8

g
>

1
8

#.
#86)E@

C ,

@
R=
+B#

1 2
L

e
e
<

s
<

%[ ]

X,
N

D\g,"
B8

," 03 5
[% 3
%

Q >
ab

?

1I

8
1-

Nf 3 G

B
P8 #

"$
B8

Q
@
Q

1 2 b

d[ ]
f3 C

1
1

N

1a2P
Q

Q6

>
e
35
7

2

LP8 ,
>
P8 #8
! =

;

0

,

e

Q"
S _ nGEM'nW!n9EEsKA=SnSr;-WW
EMSqM_snIt#b

s qQ q hK 9K 7q K Ks{ rr r M sq
M sSK q _ _K w ilso _K S
9 K q _ 8 GK n
riq K+ tls Kq K
-q K % G s GK M q _ )Ks GK M s 7 sS s 9
[K7Ks 8 s qq ls{qq Kh Qq K+ -q K
-q K
h +
h q7 GK M q
q MqSK ls!S 9K A G K q0 h i _ 9 ) SKs
[K7S s _ 9 Ks ! _ [ r ls0G_qSKq [s
h rK [ 9AKs!nqKA hK M sSK
G n q -
_
_K i - t r
_K nG r{ -
sK 9mKsn s s{ h SKs _ r
-K
lhiK K [K h hK s K )qq
hq K hK
Ks SKs h Ks _ 9 s !S 9K Als = KsK
Kso _K eM Kq MKs sSK h q K+ Ks -K
oKs hq KM ils q Ks o _ o r
_K Ks+
Ks h
- KsS 9 e _ 9 q r % nKs
s sq! Ksq _ 9 { _ sQ q _{ sK K qq

L
1

s
C

V

G ab
e36

(, . U36

.,
,C

.

@

1

s
1
e3

C
M8

U
"\

G
3e,`
X8

>

e
M8$ B,

Q
B8
?"dEI7IX;EM_WE9MZI7B9MC
sK K rqq % sA Ks +K M+KK # h qq
_ sK +
n +
G h

q h ) G h s G ' Ks ; !!
K s s K q s GSK-Kq s Ksm MqS0 Ksq
; !{ Ksi - Ks s sqqw qq s M K
eQrS GS w eKs ; s e s 9K q qq
_K & K r GsqK 9 qQ & _ M MqSK enqq
- ! sK K qq
lhK
q sK K Aqq G s m7Ks sqKK
9KsnqK hK GK M
i 9K nqS ;
M sSK Ks +Kh - i GQ q K 9 sG%Ks K
K Ks h h [K +K Ks S- sK _q q s s
SKs h [K q _ t GKq
G K h s
) SKs h = GQ [K } o 9h ls K SKs
Ksi _
_K Kstqq !Ks t _ r
_K lsq
SKs h s {nq sQ Ks hKs - h h -Ks mq
S -K 8 mq Ss sK Gqq K S 9K 7 9 K
; ! G ) G q qq QK s GKq sK K -qqq
)

Q

M
1
,!<
X3

Q
f

/
N
<

< ,
{O!=

g

/

Q
36
> T6
L 6/
2
b

1
2
= X3
,
,
P,
Q2

e 2 0

18_!L
N
9,Z
35

$
,

=
G

,
,;
s

B8

.
9^
0[

a[
I[

;.
s

C

9,
G
].36
D

1 e

.:C
f
Q
8"R=
7
B

b
I
.
36
3
D 3

B
(
,Y
*

B

e

< 73
$
X3 7 3 Y

/,Yg
1 WV!= C

=
e 3e,`

s3*

V

/
g s3
$ 3
E3 O

B8

-
<
T

Q-
,Z

B

U $
+ # 5 [

Q
"

f
#8T

N2

B,Z

$

Q g
B,

e
0

s B

@
98

;2

I
D
$

.&

1
6

Q

,

f

3*

.
_

hG3*

2

,

B8
D

g
Q

.[
#.

X8

>

,
>
g

5

h36

T
"
<

O

D [
< _

J B
_
19

S
3*B8

s
[

D

N3
]

#0d

B8
B8

1
V

D@ X3 B

$

8
h 3
N2

Q

Q
8
0M;+WKxEqqWqGShnS9
5 = ] x ]_ E
h
-KA SKs K 9 M AKs n+h KqA Gqq - h
9 K s q qq ; ! GK ] Ks7 h
GK S 9[Ks q q hK 9K o s 9K s)
h h r
_ ; _ +q _ o S sSq
Ks _r rqqQq G ) G! Ks [s m _K
}KhK Ks h h ho Ks _K Gqq r GQ
G h tls h e 9K SKs h M+ {G G
hS
qMq s hS sKs h tq r A Ks
9 K t s q qq ; !% i tKs) _K lsA h +
Ks _K tq n s r hS s sK Ks [ e h
sq
[s E KsE = E +h E+q = EKs 9+K E +s E } h E
Ks h +qt Ks 9 K s h h E Ks
_ +q Ks sS sS E Ks h +q
in _ QK s 9
9 Q GKq
wKs
@ h +q swKs0 S Kh K 9[-q K KsE -qqq
9 K s q qq ; !0q r K
G
hKst _ S s l M 9 G

/-@B9
W]M

G

7g

Q5

)

X,
B,

Q

5

Y

G

$

s3
K

O P8 8

1

.

C.

F

?

V8
< $

g
s 3

"

Q
G

?

7
e

.
0

d
K

G X3

TP8+B#

Q
b
_ 53

B8
GCX

]-
$
- -(

0
:C

C

#,;
{ X

;U

1 + #

V8

$
X3

^
8X#
in

<

5
5

G
D
C

loss

in

out
?

O
@7:Y89 8X#,

F

,
out
,

products

>

,W

loss
,
wastes

]U36

g? 3

QL

;C2P
<

$ 36
*

Q-

QI
?
wastes
products

,9
loss

6

g
98
#
Q
U ^
Eproducts + Ewastes
Eout
=
Ein
Ein
=
8 #
_K mKsw _ S s - )oGKs ) _ 9 s Kh)

S 9iKs q q sQ Ks [s -K lsqQi _ 9 ) K
M+
hs + ls K! _ 9 00Ksm h
s 9h ! 9 G !
)h

F
B, 3
N
E
#,Y
Q

03
CO 35 @&-

36

>
O

5
=
#8

$[

e3
.[

X3 ^
U

V8
Ein,
8 #
renewable
[s E
Ks[ _ +q s 9 q qq E Ks
_ +q Ks 9 K e s h KhK )q sK h
s 9 qQ qq GnS Ks+ K 97 M Gh 9 s 7 s
q r K 9K Ks K{K 8 r r 3 G s w h
s !ls 9K w _ 9 M+
hs + !0Ks
rr r mq 9Kh lh7 _ 9 sGK _
3

36 U

in,renewable

0
?
/Q

1

G

Q"

f
Q
8

Ein

g

E4

3* L
X8=)

, 8 8s3

#8

<<2

D:C

Q

CV 35 U&-

in
B,Y3
1
<fU3
,<

V

]

EMSqM_snIt#b
+
h sSK -qqq E
iKsl h h m h
s _ Ks+ sq h 9 9 r E
0
hK K
hs + '[! 9 G !

-
<

G
.
5

s

35 V&W
#-

h
Q
Ein,
Ein,
production + Ein,
(C

in,abatement
#87)

in,production
X3 ^
@
8 #
production
products + Ein,
abatement
abatement wastes
l s - wq 9Kh G qoKs 8 K h } GKo

_ hKKs K si 9
9 Ks Gq _ h }
Ks - s7Ks sS sS Ks7 -K
8 K K s
Gq rKs 9 - M
) [Kh Gqq h 9 S [h s q KM 7 rr r
9K s
! KhK Ks h sq h 9 9 Ks
h h Ks [ -qqq sSK e Ksm K s0
9 ) s M K 9K s ! K r M
GK M ) sS s 9K
Ks G n
h 3 r q _ G n
=
n ; ~ x_ ;9
_ r M Kh!K [ Ks A q h
GSKq A
Ks w _ h h sq 8
Ks
K h
lsq qq G 5
r 9 [hQ}Ks 9 K s h } h h Ks
rr r r K K s + Ks _K M
h rK ;
K ; s G 9K G h h h ls K ; 9K
q qq{ s h s s KsS GQ s q r {lsi s
q r q q7q h Kr GtKs s 9K s7
K 9 q q Kh!K _Ks r 9 q q r G G
h
sG! GQ Ks 0s 9K s
lsq sK sSK _ Ksq n s r eKs _K n
Qh s GK sS s q s h }Ks r 9
KhK ) G K 9wKsiq s sSK _ r q n s r
Kso _K q qK h ; mq r K hK }7Kso r
q r [K GKs iK _q lS S S
sK i _ GSKrKq
9 K - GSK
Gh s
GS K G oMs q sK q Ks GSKrKq GQrS 9
[K Ks K K
sQm Ks s ! K M sG0q s h
ls _ 9 h K Ks o - i r KsG h
qS KS lKs { s s s 9 s 9 K q qq

1

X3 D3

#
1
1
$3*
W]MQ

1

B ;

5

:C

1

B,

O

]

0

2
a[
8
a[

D

V, 8 8L2

1

,

_
1 8D)E
G

U;2
7

B8N)E
0P87B#,T

s 3 >
L
=
s
.
]
g:C

1
1 8T
?)+R
?

<

.P8 ,9

Q

8
U
s;
]

1

h 3
G

G\
134

.
1 L
s
a[
?O

e
$ 3

0< -!L'

<d

,T

h

G

C#T
5

>
.3
e

g

1

8

L

* 5 B 8

G

N
G&
D+ #,7

g

B,

c
V8
@a2

X3

h ]

Q6
/Q

B,`3 G

87)E

B,O

>

W #
D3*

?
C

,7)RL21 ; B#8
G
= V /
V

5

a[ M,

1

- h\-
hS
>
1 , 3

`
1
> )+RL21 ;;

^=+X#*

>

3
_
LO3*
P< -!L' #,

U
g ?
B,

0
;C2P
C
V
1

#6 2
/-
!
X,3
d
]3*

X3

b

,T
h
<
GQ3 8V)

W

1 $

O
:;

36

?3*
@
Q
E
@
03*
,6
*b

G

Q

]
M8
1T

B,* 2P
3* fd
3* U

,
0 M;+WKxEqqWqGShnS9
Kst 9K h0 K s! 9
9 KsG
GK =KsqQm _ 9 + 0 s si n sq
9 w 9 w

x [ q
ls ) Ks i r h 9K hS - m
S 90Ks q q s rr r M sq K q 9Kq
GK M w _sS S 9K [K Ks w
9 w ls K
_ sqo Khw M KwwKs
Ks - r GK s m _sS ls 9
9 Ks M+ sK K [qq GQ qi rq sK h 9K
Ks0 h _ sq Ks{K s tKs q nGK7 _
_K
m _
sK h K K 90Ksq q 7M sQ n K hqSK -
qq _ G hqS h mKs s t Ksq h rqqQq Ks
} 9 Goq Ss sK G M+K # K lKs -qqqo Ks
qS }q K+ h [KKs 9 h rK - } G
KK o G K -qq Ksw _K sl Ks 9 K 7 h
h 9 h hw r Kq !lh +q{Ks M+Kh hSqS [s i + sq
q K s7 h o hqK 9 M 9K K K ls
[K sql 9 Ks 9 h Ks[K i G Mq h K
&Ki qK 9K s s G rqqw eKsi _K %Ks 9 q
Mq q qS K q h =-K s + sS )
Ks w h sq Ks S h-
rr r hq 9K s7 Ks Ks G 3 & s
r
wS s 0 _sS
=q x #h
lseK &K 9eq _K } - [h M+
K q Qq K+ GK M
} _sS # s !
K- Kso _K wn Kq KsoK i ) -
n Kq Ks els Kn
q rK
9 3 9 K n M
&q sKK Ks r
n sSK
s 9K Ks qS KS 7Ks = s
h 90Ks w 9 )ls 9K 0M

rK 9 3 tK - [ hwn
_K Ks [
Ks M rKs [ hwn q sKK Ks r GK M

/Q
]V36
8*!L

_S
/C 9 _
W]M]

N

;
/-

3

;

2 2P;
:C

e;
=

3

B,
s

$S

b
W

1
/
V8

G

$

V3

]
1

h
>
LN
C

U

9,

. 1

Q_
V3*

Q8
V,Z
P,_

1 2

QM
L3

g

1
e
!L

]
dA
L

O
2P
2
(
,"

5 1g
:C

8s

8
_
G

#

2 2
%Q

V8
"`--
;2 1

e

.3
O
h
6
<
=
V .
8

$3*

-%
<

C 9,

G
Q
1
P,
W

W]M
G
$ 1$:C EB,
1e
6
Q
NQ

B

V

Q
eC X35

>
OS
VC

E

X353

0

U
5
e3

2

9

G
G

_
<

B8

X--

]
]f36

=
KA

]

1

19

N

1
V
s

_3* =
:C E

]

X,
]
g
h

D
O
'
T

,`

B - X\Y
T $C 9,ZS
3*B8

h
=D3*

s
e

_
C g

B

1* B

( gC 9,S
3*B8
W
/-

63*

0 B
eS
0C =
B,

B,
=3 ]

/Q

B87)EV

LQ

3
93
> +2

s
0Q
ED

8
B8

B,

V8h

[
- $C 98
_03 ]
3
W

B8e)

*
1
2 2P
1

/
B8
e

3
@

B,

2
gQ

*3*

EMSqM_sn It#b
T re a te d w a s te w a te r (e m is s io n s to w a te r)
W a te r C o o lin g ,
re s e rv o ir p ro c e s s
fre s h w a te r
W o o
T h e
m ech
p u lp in
L o g s
F o re s try
B io -fu e ls
G as
re s e rv o ir
P u lp
P ro c e ss
P ap er
w a te r
W e t p u lp
S to c k
m a k in g
p re p a ra tio n
p la n t
E le c tric ity , s te a m
d y a rd
rm o a n ic a l P u lp
g p la n t
B a rk
S lu d g e
M u n ic ip a l w a s te
in c in e ra tio n p la n t
P ap er
D is tric t h e a tin g
E x h au st g as
(e m is s io n s to a ir)
N a tu ra l g a s -fire d
c o m b in e d c y c le
p o w e r p la n t
W a rm c o o lin g s e a w a te r
W a s te p a p e r
tre a tm e n t p la n t
U se rs
C o n d e n s a te
B o ile rh o u s e p la n t
N a tu ra l g a s
C o o lin g s e a w a te r
A ir
R e c y c le d w a s te p a p e r
D e -in k in g
p u lp in g p la n t
W a s te w a te r
tre a tm e n t p la n t
S o lid w a s te (a s h )
E x h a u s t g a s (e m is s io n s to a ir)
N a r r o w s y s te m b o u n d a r y
W id e s y s te m b o u n d a r y
7zt<njgY\8*jnKXzJjlm+e\j$pkpEjylTz \Oz\\p/>my=vmx`jx\pez\x \j$xYwnKnmlwxYo

lTzJo;jepKkpEjymt<xYoBwnKzPjKp
9 r C sS s 9K
s n K 9K sS 5nS )q Ks
_sS S [Ks S 5Ks GK M 9 r r Ks
S Ks hS GK sS s 9K ils _K Q GS K
G + - - Mq st G s sSi G Ks )
M Kqiq s h Ks _K M
Ks
sSt
Ksi - {Ks s ! K r M 0n s Ks sQ ! e _sS S
Ks [ h M %Ks
sSi Ks _K Ks Ks s
7M s _ KSs 9K 7 Ks s _sS S mls GS{K 9
s sSitGh 9 s } G _K M
} }Kh
K sK 9 s r 9K q qq M h Q GKq
sqqq
%+ % ~
ls sSK Ks! _K h ) i sq! s 9 K s _
s ! K M 9 Ks w [K w GS
sq
s ! K r M M 0Ks G n lGh 9 s AKs
sl s ! K M sA GK n sS s 9K 9 A + r
M q _
rqqQq h } sqKs s ! K M
Ks GK M q sK h Als -Ksw q s ! K

O
9

<2P
)

V,
@3*

1

B,

g

U

G
C

/

C
.
1
$ D

<

B,
C
/

1

W

B8

$ 1
/

]U36
K
B8
W]MQ
/-

X\Y *((

3
T
7
4
3
"
;0

0

8 !LI
=3*
e
C
*S
_C T
3
I
7
"
K#"

L

36
/
:C

9\3
e
]
M8

_3*

U
<

=
+2E

,
E

1
/J K#
$

1 ?
?A

N
h 3
N
.
1
EB8

D
G[7
<
9

hQ ,L

N["
<

E3

X3

%
Q 8
e 3
g
G3 ]

1
1

"36
]
M8h)

/
9,L%
EB,
./

1

N

3
52
_ {qqEKWwEMe )nS-qQSQ
M sSK s M K 9K
GK M q qSK _ s M K 9K
KK M qQK Ks A s qq _-
_
rK ; e e { Ksi _ 9 h K h
- G )
Gw Ks h K sw 9
9 KsiQ GKq
9 - S
}

7
<

O
, N
U:;

5
"\

9,36

@

9

1
1
,9
a[

/ B

9,
1
1

s

]f

@
D
e 3*
9,

,9

g L3
]U36
P8
?""Z;EWVM7B7PU7BT
l qq K+ GK M
qS Kh
Ks q K -q K K s q )- sQ n
sSK 9
M { 9
[h wKs GK M !q qS sQ ) _sS [ l hS
GKw sS s 9K
Ksqq 7Kh q K+ -q K
q MqSK %MGK K s q r qq s q
h 3 r GK n sQ n sSK -q K G
h q7 GK M oq K s ! K r n ] KsG
M sq [h -q K G oh + h q KstG n
sq lsq h qq GK M s M K G n 9
r A KK qK K )t s M K 9K G
wKs q _ oKsqlq K+ Ks GK M AK 9 sG q -
r s ! K M [l s M K iKs
[s ll sS s 9 [K
Ks s qq
&K)Ks { 9 o G 0 _K q sKK Ks [
r 9 G=Ks K Ks -K M
Wq #
r
[s Ks )- w ) + sq Aq 9hq
G qK hS lse 5Gh 9 s Q 7
nG !s sQ 0Ks # s qq [h tKs )-
h s t [ ) _ M r h GS Kq
Ks qQ h h r W q sKK h
GS Kq W
7
[s wKs K
Gh 9 s
h e )- }h s )- 7ls 9 -qqK
K s s hS - +h h ) & h i Gh s
Ks h K s! w K e hw q K q _K
mK 9 qi M+K qq K h ; r Ks
s GK
Mls K Gh 9 s s K
s KKq Ks s s 9 Ks -qq 9

036

6[

,

<

g3*

36

1

1
&.,9

<

7
6

#,3
#8

N

36
eQ
8L!3

eQ

2P

3
987

I36

$&

"= 3
1
1-
gL3*

+2

1
1

$U)3
eP

[
hJ B
0

,

"

3

?

,

1

1
G

D3
,-
@
1

$3

E3
I

1

a[

C@ =

.
[ e

K#
8
C;
>M8

," 0 '5#8
6
h
3
" 8 8X#8
_

3

B,`3

<% S
3 Q
, E3 2
5 %)>)

M8
5U)>)#,3
8
]

>
s Q 5 I#,
N

O
C .

6
^W

_
3 h ab
_
e
[

K#

E3

$ 5 )T

<
Ge0
B
TC

>

3

1
Y IC Y#,

D
f

$
"

=
8L!
X,

B8
<;
>%\#,M3

W

3
N
O P8 8

*S
6C (

1
B8)E

7

- S
> LC T

7

1

s

.
N 3
5
R=2

8)E

O

C I
_

<

O
I

*

[
7Q $\ 5I#

3
hN

T

#,
3*

L
<
3
VQ / U)I#8<)E

4 2 $36

G

N(,

N[

87R=

+2
1
5
g[
73*
EMSqM_sn It#b
[Ks M - Gh s
n r
[s Ks s n s si _ 8
q sKK sSqt G K +K q M r Gh sq
e _ q ! Ks[MG s s
@Ks qq GS 9[ l 7iKs -
h 0 G M - Gh s
h 3 -
[s Ks GK n M Ks
qq
s Ks [ rqq 7K s h +q
KK s h hq Q s q h _ ) &K ts ;G 9K
} GQh _ 9 K s 9 K h 9 K GS 9
s s t 0 sQ G K rK

GK 9 9 [s iKs -qq G 9
Ks!
}Ah qQ h 9 _ hKKs
q KsG hs+ hs s h s n h h Ks
h } Ksh + s 9 K G 9
s )ls 9 9 { _ h G! Ks - rr r
[s t M Ks 9 7
nG s s
s 9 sw h _ M MG
h h 7
r KnG
= h )- Gq KqS G
nG
qS KmMG
9 G mq th s _ n ) r
- hq% qS K
9M Ks+ r 9 Ks [ h! -K n

$
L

8
85!
. Q D " I#,-3
]

,C"
$
h"

#8

,

8U)
85!3*
36

Q

85!
8

_
1

V
3*

;O

0
_
/Y
LQ

> @

/

2

.
3*

] ,
3*

3*

8

, ; 0 '5#
@#,

`,
C3*
N
,"

U#8
X3
WQ * S$s"I#Z

9,
1
/

Q
$

L
2
1
g3*

>

/ ;
6

Z

6
U#,
f3
@#,@
<85!
1C; +2J[

X^L

2E 36

g
G ]

C 2
DO[
8

6

D
h 7
LQ
O
2P

5*#,3
2P
=Q $ *gI#,C3
f

s

, 3 2 1

X,
D3*

U 5

36
$Q \
1W

X3 D
5U(,<",Cs)
C
E
s?[

2J[

B
ab

G
/
@

5Ud)1)

>
8
85! 2 dQ s)*#,I3

;U

?
V
L
G

@
h

_3 ]
>
]

2

B8
Ks [ hM Ks - q sK= Ks [ GS Kq Wq #
GK M o 9 r A [s KK h q Ks
q qS GK M Ks s m Ks + _sS S
Kt K Ks q q [h s
n K Ks M q _
)
T3 ]
85!

B,
3*

[

36

X3
GQ D\ 5I#,(3

C:;
s

5
_

8

D@

7
T 8 8X#^
Q6
9

e3

E

1 +2
_ m-&oSGSqQwEM9FIt WWs
hS GKA sS s 9K
[s AKs [s -q K
Ks KK h qq -q K
GK n )q qS
Ks s _sS @) sS s 9 [K7Ks s qq Als
9 9 K
Gh 9 s s 0 s s 9 _K KS sS )
_sS
s M K 9K sS ) W [s h r s M K
n
GK M t s h lh sS q Kq Ks _
sqq MS )q Ks 5 _sS
MS q _sS
Ks GK M i 9 r
#nS )q _sS
Ks hS GKl sS s 9K r
onS )q Ks GK
n [ 9 r Ks
ls -qqq Ks qK Ks G G A _ GSK sK
Ks+ sSK s W n K K GKs -
9 K s sG!Mq q sK h SKs 0 h
-K{ t -
r
_K

ls ) - M K Ks { w
{ n K G Ks
s
Ks r 9 Ks 9 K s h h h
Ks -q K
q MqSK Kh 9 Ks 9 iKs
qS KS s 9K 9 G q th s _ n ) r S
G sQh S + Ks 9 lKs _q s h
Ks _q %q t sKK K s[ 3 st GS s s %S
Ks 9 iKs G n o 9 r eS
Ks hS G sS s 9K wS { 9K
h Ks r 9 q Ks q K+t Ks [ h -K
M lsq 9 ) sQ oqKK 9[Ksl r 9 Ks[ -K
-q K+
h Ks [ hm _K M Kq
lso r 9 qtGh 9 s ) sQ 9 Ks - o r
_ 9 lse h _ 9 9 Ks _
_K
K 9 G M G eKsi r e 9 Ks [s i -K G )
G GQ } Ks } 9 qi i G # MGK
[ h
_K M
-qq hq K hK G hK s 9 q
Ksq M s w Kst - q M _
<
8L!0
C36
M#
1
1

9

8L!

c+

K#

1
1
1
E3

h3*
6/
d

3
1
s

Q ,

h

B8
*
*
E3

1

e
g

<h#,
<h#,
IJ

N; e
]

.
+2
W

9

636
2
<h#8

1

I
I

$ 8 8

E3

1
G
Q =J=Ch#,C
s

J

E3

B,-
C#I

6 a2

5

V

8

?

1*

B#,"

O[

1

8
g3* g

B8T
G

*

e

G

NP8 #
#,
G3 ]
>

>

8

03
?
=P8

"Q
G

+2
1

Q ,
9,5

1

h 1
9

Q

1 s G
Q

h3
1

9 V
E

3
G

GQ V !L

G

1

g X3
_Q 0
s
$

X3D3 ]

VQ /
1 3
G

2

P,WS
C D2
N 1
g 1

1

5 1s3
6
s(,&",D.,

B8

h3*
93*

B8

Q=
#,

O 1
s0
3

U
_P8

G
?
D.
1M; 2J[

S
> C V

1

%&7,W
?
1
$

d

1 $,

`%W7;DMI4M %7BPWI
=P

D6
:;

9

7
, #g

"
GQ D+

@

"3

M8
LQ s
C
)
D

I
C
"Q

1
E3
L#,3

/
36
.

36

/&VGs#

V8

.Q 5 @)I#,3
LP
9

$@36
Q
?

1
*
Q
_

>
=3

3
3 ]

1
V!L aU'g8

EMSqM_snIt#b

=
n ; % = ] x ]_ ;9
ls - w r G 9 7o h K
K Ks rr r
r K K sm + Ks [ htM Kq Ks - -q
K+
9 tq qS e r e 9 q ; s
Ks h W 9
s Ks h h W 9 lsqo 9 q
q roKs GQ
h m h h h 9 n o s s
K hm Ks M-K ] M Es 9 K so M ils h
_- h s s 9 s 9 K q qq [h Ks
h h _- h e r sS 8 sS = _ sK 9 q n
s r _ h GK 9 q M s }Q Gq ls GK
9 +wKs q l Ks G _ sq Ksw -K
S q K - n
r r 9 q Gh 9 s S q n s r Kse -K
lsqm 9 q + M _ hqt 9 q
ls [ K mKs A _ r _K G !S 9KsA -K
h h i qS KS Ks [ s s s 9 s 9
K q qq # h l QK s 9
9
hS % GK #

# +q)Ks! h Ks h h qS KS _Ks M s s
s 9 s 9 K q q Kst -
ls K Gs K 9K t8K 9%Ks h#Gh 9 s =Ksq h h mKs
_K Ksq K [K h + h q7 GK M q - -q K
GK qS KS Ks m s h
-q K
q [K -q K+
hls G [Kh sSK [Ks KK
hsK hK Ks q h h sSK K

h 3 - h sSK Qqq
lsqq Gs K 9K K 9Ks h
o qS KS sG 8qS
Ksw Ksw _K M
[h {KswGKs h h q
s sq Kh! q[ -q K
-q K
"
f7PBDM7477PW
W]M
s

h

O3* L
]

$3

,

#.

]

E3

"

]V3*
1
2

K#8

,-3

/
e
,T
5

1
G 2
]3*

8
Q
Q
>

G
>
V8
- g'g2'g 8

B,

B, 2P
3* V
3*
/ 8 8 #,

g
1 ,
8 #8
,
2

V M8
@!= aV'g,

1

s

1U

G

? -

, ;C2P
<
1 ?3
0
D0

G

3

h

+2E

D
<
3*
1 L
$
C

V 2P
3* D
3* h

Q
D?:C
]
P8 8,Z

> 36

- W
U3 ]

U 13
8X#s
O

-
X3

{ X

.

3
>
3

`

h (
T

B ;
$(,&@.8)

/-

C

0

* B
8 8
M36

>

_?3*

,
2 8 #8
Wj0o;jywxòp"mn$yGwBEjnKzJwuWwxòOjx`jnJkn>jKpmtCn1jKp

L
36 0D
36 /

O
"[

G
D3

;

,

V8
1

s

*

B,; 2
"

N

6

g
<

dP

s
Q

@

?98
O

B,<3
U

3*

sfD&"8

5
<
EB,

2P

2

@3
$#86

E
/
b

5 5
L

OfD
U

.8

C

_
mQG3{EM S+QKW
EMSqM_sn It#b
_
mQG3{EM S+QKW
ls[Kh Gs K 9K K 9)Ks h s s 9 K q qq
8qS Kst i - n
s _ Ksm s n K
sS ) Ks7 -K M G q r K hK 5Ks h 5
s s 9 K q qq{ Ks [s t _K w S Kh h
hq GK -q K q [K -q K+
_nq sQ Ks
hq Gt Ks h e 9 G!K 9! s ! qS KS s 9K

>

5Q
@b
3

>

C

2P
36 0

@
5

=

$

7 2P
3* g

G
L

B86)
UQ

/3
G
V3

19;

O

,
sfD&",

1 >

V85 3

5

g

ED
1
98
"!$#%'& )(+*,&.-0/213)45267)752678.9:6#;)<(+*4=),>)?8.9@A),>)B@* CD4E*,>&

,1F,HGIA),>)B@*JC)4LK><(+*<8M<-21N5O)-E1N/P6#%P-)8Q-D6I)(R,TS>5<),*)71-VUW9=XY*F,&[Z\9H/21
6#%P,*)N1B^]_a`M*,&MB07& b]cSd`+CA1J,>&d*)?<-e
!$#%P41e*d&.-31N/3D('f-O-)71F,;-\,g6c1h*i*,&MB@*F6I)<9:*,&+-D14j?&+B@*.-D6I<kmlnFo;pAq2rPsHutwvsHyxwlzzoHr{pO|.{Aq+{}HqM{pAqD~H;r3.L{}HqbqD[lrArl~Hri.Le|.p~%lel;qFm~;lv
{pAndqD~+~H2%l;qF|.~HYe|.p~Y+~Hel;ql~ {A{}Hq|.{+Fr;}HqDpAqFa{}HqqD[lrArl~Hr
.LA}HqD[le|.za2%ndqD~;qDM|.~HM|.{{AqDpe~;l{pAndqD~|.~H;}HFrA;}HpoHril~J{A{}HqM:|.{AqDp
q)+oHqD~J{e|.~H"{}Hqi|.+o;~J{.=io;~;lDlg|.zrOzlw:|r{AqF
kmlnFo;pAqEsHutwr}HLrV{}g|.{V{}Hq[{pAqD~H;rVl~ qD[lrOrl~Hrc|2do;pP{}Hq[r%r{AqDl{}|
};lnF};qDnFpAq2qh.Lg|.qDpipAq2D%Dzl~;nc2qD~g|.plV)ma}Hq+zd|.L{}Hq" qD[lrArl~Hr
7pA2qD~g|.pl'lr@{}HqLzq2r{a~Hq2[g|.pAq2bl{}M{}g|.{@pA2qD~g|.plFra|.~HM
a}HqE qD[lrArAl~Hr\|.pAq3pAq2%oH2q2T7pA%uc2qD~g|.plTW{Ah%u+{A~;~Hq2rP |%{
c2qD~g|.pl)a}Hq[HnFo;pAq"|.zrArA}HeLr3{}g|.{i{}Hq+zd|. qD[lrArAl~lr3};lnF};z
;qDqD~H;q2~{}Hq"r%r{AqD>o;~HH|.pdI~{}Hqhl;qbo;~HH|.pd{}Hqhzd|.
qD[lrArAl~Hri7pA{}HqhrAr{AqDlrE;q2DpAqe|rAq2pAec2qD~g|.plWV{AFFu{A~;~Hq2r
2
EMSqM_sn It#b
@A\ b: ) (Ef-O-<?1,;-0/)N1F(6#%P-<8.-)6ID(Rf,S>5O),>*<?1.-VUW9mX*,&EZ\9H/21P6#%

,>*<1B]_:`M*,>&MB0?& M]'È-<8.-D6I)(C1,&d*F<c<-2
|%{c2qD~g|.plV)@a}Hq%lqDpAqD~H2q{}g|.{b2Do;pArb>qD{q2qD~{}HqT~g|.ppA|.~H
l;q[rA2qD~g|.pl"lr{}HqE2~J{pl;o;{l~{}g|.{V{}Hq'{pO|.~Hrp{O|.{l~~HqD{I:p}g|rV~{}Hq
Do;3o;z|.{ldqizd|w.@ qD[lrArl~T.={}HqPr%r{AqDT
2qD~g|.pl[lra|.zrOic|2do;pAq2"JM{}Hq\{pAqD~H;rnFldqD~"l~wkmlnHJsH s'?pa{}Hq\qD[lrOrl~Hr.
~;l{pAndqD~+~H2%l;qb|.~He|.p~+~H2%l;q+l~J{Aw{}HqM|.{+Fr;}HqDpAqFba}Hq+;q2DpAqe|rAq
l~w{}Hq{pO|.~Hrp{O|.{l~;qDM|.~H"7pA2qD~g|.plb{AM2qD~g|.pl+pAq2%oH2q2r{}Hqzd|
.L{}V |.~HRqD[lrArl~Hrewa}Hqbzd|.V qD[lrArl~lripAq2%oH2q2pA
sl~2qD~g|.plY{AsHuTn |%{El~2qD~g|.pl'}HqD~{}Hq"r%r{AqD}g|rE|
~g|.ppAo;~HH|.pd };lzql{@lr@pAq2%oH2q2[7pAeFtl~w2qD~g|.plEh{A ni |%{
l~2qD~g|.plM}HqD~T{}HqirrA{AqD}g|r|'l;qVo;~HH|.pd
kmlnFo;pAq2r:sHu3|.~HbsHuinFldq{}Hqzd|;r:.${}HqqD[lrOrl~Hra.$A}HqD[le|.zW2%JndqD~w;qDM|.~H
c\PM|.{{AqDpe>~;l{pAndqD~Y7 |.~H;}HFrA;}HpoHrE7 al~{}Hq3:|r{AqDa|.{AqDpPq)+oHqD~ {
{}g|.{Elr'%lrAe|.pA;q2l~ {A{}HqhzJe|.zpAWa}Hq2rAqhzd|;rE|.pAqbpAq2%oH2q2}HqD~|T};lnF}
;qDnFpAq2q.ia|r{AqDg|.>qDpwlrhpAq2D%Dzq2|.~HoHrOq2Y?ph~HqDLr;pl~ {wg|.qDpb;pA%oHD{l~
a}HqEA}g|.~;ndq'l~r%r{AqDo;~HH|.p;q2r\~H{|QWq2D{{}Hq3F|.zoHq2r\.{}Hq2rAqizd|;r%oHq
{Ah{}Hqi?|D{{}Hq';pAJ2q2rOrAq2r\>qDd~H{}HFrAqi7p\;o;z|.~Hg|.>qDp;pA%oHD{l~;M~H{
}g|edqbroHO}l~H;r3.LqD[lrArAl~HrewkmlnFo;pAq+sHyxr}HeLr3{}g|.{ipAq2D%Dzl~;n|w};lnF};qDnFpAq2q
.@a|r{AqDg|.qDpV}g|r|hrzlnF}J{z~HqDn |.{ldq[q)Wq2D{\~{}Hq[|.+o;~ {P.io;~;lDlg|.z@rAzl
a|r{Aq7JP7pE{}Hq"r%r{AqDl~Y2qD~g|.plRl{}~g|.ppAeRo;~HH|.pd};lzq"l{
2
_
mQG3{EM S+QKW
@JA\yH\_[ *,&:)(Ef-O-<?1,;-0/)N1F(6#%P-<8.-)6ID(Rf,S>5O),>*<?1.-VUW9mX=9*,&
Z9H/D1P6#;P,>*<1B]_:`M*,>&MB0?& M]'È-<8.-D6I)(C1,&d*F<c<-2
x
@ A\db#%)(E?5A*418e ),& )(+*,&]):`M1N/P6#%iB@*.-D6I)B@*F6I)'7;D,g6g/)1(

6#%V-<8.-D6I)(f,S>5O),>*<?1.-UW9XY*F,&3Z9%/21P6#%P,*)1B]_a`[*F,&+B0?& +]'È-<8.-)6ID(
C1,&d*)?)-2
EMSqM_sAt#b
@ \"!g1F6c*F4W,H671A D,]7_ `M*,&VKg#1-cKg#1F<J-M] `b)(Ef-O-)71,H-\,6#;PB@*-)6I

B@*F6I)3Y;),6g/)N1F(6#%V-<8.-)6ID(Rf,S>5OD,*)71.-VUW9mX*,>&'Z9H/D1P6#;P,>*<1B^]_a`
*F,&+B0?& M]'È-<8.-D6I)(C1,&d*F<c<-2
t
@FJA\IeV,H?5DyK%*4W-214?&MB@*.-)6Ib]?S'`[1/P6#%P-<8.-)6I)(f,S>5O),>*<?1.-VUW9mX
*,&EZ\9H/21P6#%i,*)1B]7_:`M*,&bB0?& +]Q'È-<8.-)6I)(C1,&d*)?)-2
_
mQG3{EM S+QKW
G n+K MqS mKs - -q K [K [ h M
ls ho Ks +7Ks r Ks hS ! G
_ -q K
_ -q K [s Ks
_K /G M
[h m / -q K
-q K [s Ksm _K G [ hM
5 = ]
Q#h
]_ ;9
ls) _
_K G 9 t rK t G t _ mKs h G h h
+Qq! Ksm _K Gq K W 9 q
G )
GoKs h ) h h +q Ks q M s Ks - W 9 q
G e Ksq 9 sKs _ _ 9 W 9
#
hS s sK r
lsG h +o Ks7 _K -q K+
+ Ks
GK 9 q
q MqSK lst sq{ 9 ) oG
9 s Ksw _ sq
7mKsw h 9 h h[ h
r 9 Ks [s _K W 9 q
[h Ks sq
9 ) oGh 9 s Ks Kst h +q{K 9{-q { G
q M s Ks _K W 9 q
'oo n K r Gs KK 9
Ksqw sq 9 [K - Gq G Alh - 7 q K 7n s
S %Ks Gq G e Ks r 9 7q qS 9wKstM Ks
_K 9K [K Ks -qqq[K 9! Gq sK hKsm _K
9 Ks !{K 9 {Ks M nKso - -q K G
G ! _ +o / _ [h -q K+
o G eG
h +Q
/ _ q nqSK ls G _ +Mq
V _
/ _ Ks) _K -q K [K [ h)M
lK 9[ -q K [K [ hM Als G MSh Kh[ s / G
Ks0q K hK Ks[ s n K 9K sS ) Ks!G ; _ + Ks
_K Wqm 9 hKs [ s n K ; 0 9
9 Ks !K 9Kse s M K 9K sS ) 0Ks M ) r CKs
MG As s r [Ks0q n s r [K Ks qK) h +Qq K s
Ks Ks qKq K h o KsG h + Ks _K [K
[ htn wlsi h + _K K hK D 9 +q{K 9 +
KsiG # h +w Ks - stKst s n K 9K sS
-q K [h -q K Ks +Ks _ t S s t h +
Ks n ) Gqq r Ks[G ; h +Q -q K

/DQ
G

<?C

=

.,3

/

3
e
-3* T

,

V

@3

?/
CDC
L.3 ]
-

]3*

C

B8

h -
0 1,

B8

D0,`3

.
<
;9
=:;
3 ]

/

,6

{ X

'g2'g #8_5
?

B,-3
/-@B9
D

U
/D

3
W]MQ

h[
?

/

b
G

,
8/

G -
,
8 #,Y _3

(
8 8 B#
h": X89 8 #I2= 8 #8
TCjn khump1pjKp
1

Q
-
=
3

1

(
- ?'g2'g #8 )
CO

N

1

U3
=

U

X3

Q

$(,X3
#,
5<
]

V8

D

1

B,?

3

1
N

U 3
OQ @
_Q

d
g

s08!L

3
Z,

0
1
f
g
G

1

s

73

D
5 X3
IQ *

=

1
,
- 0'g #8

1
1
1
V

D
&
.53 ]

2

1 eQ

B8
G

G
B8

sG3
$
X3
5Q *

>

1 >
1
8 ,

B8
,W

8 #,-3

B,
,"3

3
G
1

@.3 ]

(

3

(

U 1
0

3
V

KA
6
s
,
X3

1 B8
0
(

D

5
Q

8

D

D3

U
(,(&
*
1

3 ]

B8
N ":`8` 8X##*

(
Q
1

8 ,
G3
3
G

1
(

-
,;

3
8 #5

1 >
1
f

F
1
0
; ,
E3
?

D

EMSqM_sAt#b
[h m Gqq
-q K
q MqSK
s tKs - n
Ks Ks _K K hK h
+Qqt Ks -K _ M r sGoKs ls M r [K D
oKslMG s s [K 9 Ks 9 q r K h
tKs!G M _ + Ks0 _K Dls s _ Gqq 0 Ks n
- [K D
Ks qQ h h D
_K {Ksl h +Qq iKsS _ K hK Ks[ -K 9Ks[ h
S sSqm Ksoq n s rm Kso _K o n K r q
9 K 9Ks h C S sSq Ksq M s Ks -
sG s} 8qS SKs mKs q K Ks Q _K
M
sG{Ks Als m[ sm _q hK ss )S &[lKst G lKs
M r r Wq 9 Ks M r r }Ks
q s ls _ M r _ m S sSqGh 9 s %Ks n -
r n 9 s Ks GS K 9 Kh M 9 [K _ 8
S Ks n Gh sq [K _ M rA _ i h Wql 9 q
'! n+ _ 9Ksi _ +Qq KKs K s{ hS s
Ks! h S s 9 _ 9 S ; Ks! -K s
Ks hS 9K 5 Ks7 _ +Qq Ks7q n s r Ks n
- GS 9 s! M K hKq{ tKh
n _ ) -Q KsK q n GQh sq! Ks M r
r Gq K Wq{ 9 q
')Ks n K r q
Ksqt n K hKq0 S 9K Ks [s m _K
% Ks _Ks _
- S K 9[Ks M 7Ks
MG s s ) +AM ! S s[ hK ) Mq K
Ki Ks Ks qQ h [ _ KsK s 9 }KsonG
s s r r q h M [ sl Kh sq sGKs [
K [hQ h q#h +s % rqK &K)Ks 9% Gq)Ks -KK
MG s s r [K ws 9 M q s 9K r l s nGK q
KS Ks s h ni e Ks q '0
Grr stK 9Ks _ S s s M K 9K } +rm Mi G
s G n+QK lsiMqKsGqq s n K 9K h s
+KKqKs n h i Ks s sq7 Ks s M K 9K
sS ) Ks _K
(,3

L

G

3

>

#
B

B

B,

X35Y#8
V8

B8

? 3
.Q V\3
_ 7Q
#

#-

B

&D.,
N
6Q g\3
Q f\3
2P
5
6

1

;
L
+2
g Q
#8
)
F

/

(

f\
35Y#8

Q

1
'
#8
Q
F

9,
3

8I)
V

0
+2P fQ

1

DQ
*.3
V,

h
3

;
>
G

*

?

1
;
F
Is

I
+2P

1
ab

3

!= a@'g,<3
Q

;
O

gQ
9,3

2P

ab

_
-

F
h

F

V8

V8
U 3
G
1
N
3 ]

X8"!L

P,
2P
1

;

G
:C
2

; ,
1

L
Q
Q 8

1
1
_Q 8I)E
s
+2P

1
7

1 >
1

>
h
+2
= 3
_Q L

2

V8(
G ,
G
7G 3

>

87R=
M 3
;

;
G
O' #8T)
$3

s
5

8
]
3
*

@

g

,`

O

5Q "3

N
0
:C
.[
- L'

.

,
6Q
K
;
$

D
G

1
e

_

D
Q =
0

8 ,

G
1 8e
@' #8
6 ab

(

+2P Q V

F
;

"

b
G
"
G

$0
U

? ab
D\

1
N
B
2
8L)

, "@ 2

1
1

_
mQG3{EM S+QKW
9 q [Ks h _ 9 Ksw s o 9Ksq

_ 9 9K s
) C hS sKs sq7
Ksq _ 9 Ks _K -q K+
[K
[ h t - M ls sqoGh 9 s Ks _ 9
q r # sK 9Ks h Ksq7 _ 9 s
Ks o GK n q _ 7Qq K sKs o -K
M

[ / j
:
:
'
-K
-q K
-q K
-q K

+
+
+
+
+
A
G +
rUQGv H's <9@<

#9+r+9EvQ;s0 ['lY 9< Q::eWwb U n h 9Ifr'b rEq)#gQ$+ E )
d
? =
+A Wd&G'U-Q%E')PU'Q9= 9< d+&'Q ?q Qo 'bq'U Eh#E3)9<mU ''t'-E'b<
TCjn kwpjoDz\xYozJ>wPmnKp
(

87:;

3 ] \#

8 8

36

g

f 8 #.2? 8 #3

B8

s
U(,6&

5
Q

X3

0,*3
1

1

O

Ss#

>

B8
w;uj=Y N";jnJkhumpKp
z\x
loss
wxYoOj;jnJkVj zPjxYk
z\x

&
loss
5U
8
8
"U
8
8
; 8
g)
8
8
5
@)
8
8
1
B<8
Sss7
8
8
8
<8
8
loss
8
8
8
8
<8
8
8
8
8
8
8
B<8
B<8
8
8
B<8
8
8
8
8
8
8
B<8
8
`1jx`wnKzJmp

8
z{x
loss
8
*g
z{x
mne\j/lTz o;j$pKkpEjymt<xYoBwnKk;

O
jCjn khump1p0ozQp nKzPt z mx
m+e\j.>myLvmx`jx\p0me\jepKkpEjy
%wxYo
C
wBoB
<8
8
8
8
8
8
8
w q 9 Ks h 9 iKs 9K h
_ 9 mKs) sq% h _ 9 MqS t mKs) tKs
h q GK M hK 9K s ! K r n sSK lsoh +s
Ks h qo GK M hK 9K G q hK- wKs M #Ks )
GKseG _ h h h Ks _K nGKKs
[ hn Kq ls M+K 8qS G tKs G s 9
h h [s Ks7 -K M } [ h lh M 9 s
Ks GSwK 9{Ks h Ks GK n sG Gqq r {s Mq s
! e3

T
3*

1
3 ]

N3

1

X

s
36

8 ,

e
3*
.
-

X

>

-3
5b
Q

b

/3*

/36

>

=
s

98
/
g

. X3
U

3

17
36

V,
.3 ] 8

;

$ 3
e
$
<
D
X8

<Q

,

C
EMSqM_sAt#b

+
)
w;uj=Y
z\xvYt
E
\
E E

V '
:
M '
-q K -q K -q K
Wj0jCjn k?z\xvYt
in, renewable
z\xYozJ>wPmn1p
j;jnJkDmt}vYt<
lTz oCj
`1jxYwnz mp
in

h
<8
,
P CA K#
out
X<8

P
in, renewable

L

K#
{2#

{2#
{2#

h&
8
X<8
X<8
8
X<8
8
8
8
+

8X
8
8
8
8
8
M '
`1jx`wnKzJmp
jCjn khn>jx`jl7wCz{uz k
>my=vw zPz\u}z k
m+e\jepKkpEjyz{x
X~
8
8
7zatCn>jgY B8gTCjn kDj zJjx`k
wxYolTzJo;j
hwxYo

8
8
,
in, abatement
mne\jex`wnKnml
X<8
,
K#
P
,
36
wxò
=jxz\n+mxyjxPwu
NpKkpEjycmt<xYoBwnzJjp
h h
V _
E
h 7 h h
_
E
0 s 9 m _ h
/ _ +
E
h 9 9
/ _
E
CA K#
wxYoh\jNj;jn k
Lj;jnJkOnjx`jl7w;z\uz\ k
P
out
in, abatement
=j;jn kVj zPjxYk
>my=vw zPz\u}z k m+e\jepKkpEjyz{x

n>jx`jl7wCujGj>;jnJk
in
jCjn k=mn/w;wBEjyjx
wxYo
NpKkpEjymt<xYoBwnKzPjKp
^:
hwxYoOjxXz{nmxyjxPwu
mne\j/xYwnKnml
_
mQG3{EM S+QKW
! qQ qmK 9 G s sK htKsmM
Kst _K
K s ;
_ sGm +mKson
ls h hmK 9 Gt n r 9 9 r
GKq s G [K5Ks h q G n hK 9K Ks G
G [K Ks _ sK Ks -K M
ls h +s 7Ks h q
GK M hK 9K 5Ks !Ks h +s Ks 7 K s
GK 9 s r [h5 5 8qS h h h n M
h 0 G h tKsmK
9K _ Ks S % 9 3M s
s 5ls s M K 9K 5Ks GK M KK
sS s 9K
GS Kq ) h Khw G s 9 9Ks GK M mls
h h[oKsqQ K! Ks _K ) Gqq G[ h sq h
Ks 9 9 Ks GK M }lhooKs G oKs tM
Gh 9 s mKs h h 9 9 ri -q K
[K
[ hM
Wq hq s0 )
K _ e 9
s - - 9 # sl qK 9KsK ql h t _ 9 q
-q K [s }Ks q }Ks _K [K M
lh
slK 9 th + h qw GK M hK 9K 7Ks 8 _
[Ks
ls h 7 S s [ Ksm _K @ -q K
G0Ks
K K 9 Ks -K -q K
-q K
lh sK 9 -q K 5 q iKs[ h i S s o _ 9 [s
Ksl _K G Ks n
w sq iq Kw +
Ksm h S s _ 9 [s Ksm _K G! Ks [ hM
w MKs s G q K+ '{ M K t Ks
K h ; r sSK h t S s s)wKsl 0 _K M
lh sSK Mw 9 s 7 Ks GS)K 9lKs )- 3 GQ 7 h h
Ks -K Ks M
G[q K r sS [K h +
h q r ] s ! K n [h Gtq K } sS
[K _ q r ] q K { Ks _K [K [ h
M
ls{ _ s 9h Ks{ _K -q K G & s G
[KeKs h q M q _ 7 Kst -K G +
0Ks
_K -q K+
q nqSK lsw M+K{ 8qSl G
[s Ksi -K M
G [ h w ;Ks si G sq
l -q K 7 + -q K +lh sSK M[ 9 s oKs
_K s s 9 i _ h h G n [ s M K 9K
9 r [h Ks 0 s 9 _ 7 h! sq
ls - q 9Kh Ksi _K -q K

sG

]f
g3* =

d3
3 g 3
3*

3*

>

X

V
_
F
>

,
*

3*

+2

1

8
U

?

hQ
OC
aZ,
-

=
8 #8

dO

X3
X

X3

B8

_3
5V 1
F

O P8 8N X362P

=3

e36
h#

B8

B8

0
C

"3
h

C<2

$3 ]
G
1

8 #8

h36
O P8 8G 3
0
K#,W3

36
X80)

;

C

$ 3

V
F

N
<Q
8X#I3*
8B#s
C

$
s

3

h

B8TS =

36

>

5
=

f(,M&%3
3

V&
I

X3
F

/

a[ T

E3 ,
g

I
3*
C

V
.3*

?

?

D

$

/
3*
#

@
3
0

U
;
>
G

/

X
; X,
P8

O3*

8 ,

s

8

,
$ T

0,93

V,`

B8
U g

:;

$
3
e3*
N
:;
d

O3*

0

1
>@
Q

b
s

1
3 ]
D

1
1

D
>

3*

g3
N
;
>

:;

]
D
,*3
8

B8
3*
36

53

@D
C
3
O3 ]

B8

G
36

D

8 ?

>
E

1

D

>

ND3*
V
B8
h

008

0
G
7

*
:C

3*
#5
3*

V3* s3 ] 8s
,

N
,3

6&h.,C
Z 2P

3*

L
/

8 8T)

36
b

*3*

36 g

Q
;

1
1

5

M8

D
EMSqM_sAt#b
-q K+
)MGK _K n Kq ls0 sq) ) q)K
sq K+ [K 5n
)
-q K+
9n h -q K Ks [ h{ -K n ls K
GS K q[ s[Ks GSK 9AKs ) h sq h
Ks 9 9 ri Ks G 9
GK M Gtq sK h 9 h +s t
Ks[ _K [K [ hlM q K 9 [K 5M
Wq
KK 5 9 [h lKs r) _ sq h #Ks sSK
n G! s G GS 0 Wq 9

K 9! h
_KlKs M{q r s oKs -
r
_Kw e h w hS siKstnq{ hK GK M q
q S 9 K q _ M r q K+ GK n q -
lsq K+oq sq s
h + h q7 GK n hK
9K G q hKr M sSK -S 0 _ 9 G 5 5Ks
h
_ r
-K ) s } Ks MqK h q7
GK n q -
ls q KsAK Ks mK 9 Ksq K [K lh + h qA n
_ tKs!MqK 9K G)q +K h _ 9
- w r _ 9 Als r 9 q W 9 q
s
sqK e M qQ Gw GK{
) s q 5MGK G 5 h GQq lh S
Ks [ _K Q GS KKKqt G}q K {Ks h h h
q qq Ks _ hm K s GKq 8Ks _ +q
_ 9 { Ksm -K
ls _ i Gqq rK _ 8 - h 9 K s q qq
Ks _ r
-K G S- 9 sK 5 _ l s 0Ks
l G G q !Ks h h qS KS -Ks ; s
s 9 s s 9 K qQ qq Ks +Ks h sq#
s GKq0 sG h 9 G Ksm GS! GKmK
iKs - Ks m iKs }Ks) n K sq i h SK S s
MG w - l S K M hK e 0q qSK
q _ Ks GKm
9 S 7 Ks _K K s7 _ +nS )q
M sSK q _ q K+ S }Ks _K K hK s
- 9K s Kh + Ks _ +q GQrS 9 [K GK M
s M K 9K ) h h GKs q #Ks ) K 9 Ks n ) GKsnG
s s r Ks M - Ks 9qK!q r K h 0oKs
L@h&",

8
7

Uh&fO
;

3

G
3

6
G3*
(
=3 ]

3*

G3*
_
3
g
8
I

s[

0

]
1
G

X3

.
E3 @

B8

T3

O

5
3

_
C
(

8 #8
h-7EIPWI

?

8

X

36

=

,
5 aF
/

1

[

8

@

1

T3* 7
G

,
3=#

;

0
<

d

1
1

G
sQ g
0

a2

0

M
2
0
6

1 / -
8$
U)RL21 ;;
+

N
D[
;

/36

*
8 #, 2
#,Z)+RL21 ;
8

^

T ab
"

;2
8

U
,

e
V8

d

B
LO3*
36

1

s

53
O36 @

= :;

8)
M,

O
X3
?

X3
s
_ GQ _3

0
EB,
G
36

$

O
Q
; X,

B,

s

B8

DD
V8' G

8-!=
G
1

Q

"

Q
5
36 60 2P

3* *

e

=

=3*

036
03
h

s

>

98

D
3 @

D ab

3

+B#,*3

I

V
:C

1
D
8
>

<

?

G

dV
,IV X3

]

>

e36

CV
>
=
G

B,<N3
L

8

N.,
8 #,B3

"
g3 ]

g

X3

L3*
"
T3

F

e36

,I
3

3*
I X3
(Q ,

_ M3+KWs
G = h +[ Kst -
K s hKsq M s {K 90Ks M K

ls M K s s s GK s i qQ r eKs s G
q sq 9n h!Ks [ { hS GK Ks h
lh n { G h sK 9 eK 90Ksmq sq h _
- h K
9Ki sK + r7Ks qQ q sQ - M sq n
sSK q _
d g
w 9 w AmK r Ks 9 q 9 9
[Ks -

1
O
G

<

UD
]
; ,
G
36
e
3 D
L
L
1
V,

]
g[
M8
G3

1

0

Q
/

.

]D36

+2

OD

1"

8
] /:C

8
T" UPY"9 -
S
hC NC 9,S
3*B,

e
8

0 f
a2
1 Q

&%

'"(

)

!#"

&%
$
%*!"
+,"
!%"#$&&(+*-,) ..- 3 &>0/ "%,l= 1 (+( 1 => A? 32# 1

B7DE1 '$ (9 G6 FH
a,b
f d9g8V-RQPScd9Jhy Pt\-jluwvMd9cT]OQPSRU`
IKJMLMNMOQPSRUTWV-XAY[Z9\-X]\_^-à[Rb\_^_RbV-cced \_RUz{d9^-TWV-J}|iJnTxp_dERbOUTxPK`\-jlZET]d9JnZ9dV-JML
yiQrh ))dERUZq\_vMJMJMLM\_vMXx\_dET]^-c}` y \_RUzwVG`
a
+Q 'Uio &21

;4325{~h#G6373KGh83Q-73:9]E<;>=@?8<1]A;4B+s=<;DC2<;>;E
S V
r {qqqM x+ U WEAUU-WWA=SA__b M
#q9h+
M - _ q+K n 9K % M mq i q
M M K sq ls[ sSK #Ks M -
rqqQ GKs hK iq rK K & h -
Gh s lKs s ! K r GQh s 9 w

{ {ls Gh s G t h M eK q - s
Ks[ h [SKs s 9 Ksl sK h[ oK hs 9 A
9 h G q _K s ilso o S - 9 w
M 9 n- S[ Ks Gh s
- h )Ks M
n 9 G K)q [KKs G 9 Ks
Gh s lsoG A r sSK Ks - rqq G s _
9 Ks h h_qSl h h S n G
q r S! _ h eq _K s ) m K
K q _K s ) Gh 9 s i S 9 0 _Kq
_ M r h h }K 9t Gm q 9
s GtKsm S 9 0 _ {Ks w qw s + 8qS
Ks0G n r sSK Als q KKs MG mKs sq
SrK Ks[ r h GKs!Qqq C Ks q
G0r 9 9[h + 9 ! _Kq [K Kh h
FE
i
(
/

e
T

8

V7
S
36B8
f

X8
G
1
=
[ =3* 7[
8
Q

85)E
]
EU
g3

0 ab

]

7$

Q
iNjkl7mn+opq
]
wpKpO nwxpEvmn\|
03*

GQ3
5
]
,M

7

M85R=2
UN

=3

e3* $
=3

< P,C

;
g
_
5

>

2
>
C
$
C

1

g
1
B8gR

N
D
0[
98

7
@
V,
L
C
=

s
;
C 9,
0

X
$
@

1
1
;
<
3*
1
<
/
8O

;
G
h3
D
C

]

8IR=
_
N
1
;
<
M,Y
/

1 C2
6
"

U S
@C !$<!

g

9/ a2 <

_

<
=

>

3
D V

9,

;N
<

6

V`
_
+2P

1
3

e
C
*

1

,

G
1
I36

1

b
L

<C
< P8
0jw0 n+wxpPvmn\|0*wKvmn+wB z mx|.*x nmKvYkOvYnm
ot z mx|r5wKvjn0onkz{xC|_WvZ z{yNz{pw zJmx

% _ hK s q q hK 9K M K l G )s 8 +
sq #lh s#K 9 _qq# h +q Ks in qG h _
_K
s q m G 3n GQ h 9qKs h + Ks0
h h h) h o A h h! _K C G 3M GQ
M s h Ks _ +qm -qqm rqqQm 9 # h
- hqQ K hK sSK +q hS 9 s
G
G sQ h {Ks{ r sSK 7Qs GS
S
_KK 9K }q s HG+WK h S es
Ks n r -qq [h7 G)Mq M K G rqq [K7h +s 9
h s 5S + h + h h h lq S
ls h +l nqS ; M - Gh s G Mq qQ
sQh%S
w 9K h
h oKs sSK } M r
WBTI7<BPW
0

8

I
G

1
6

V
(
36 I

0

Q >C2

P

S D

#.
]

6

N

>

Q 1;2

Z

B

s S=G
V O

I3
5

2

9, .
1 8eC
O *e

:C

a2
h
B
0P8 Y#8

a[ =
*
N

] M8TT
0

NO
g

1

G
V8!
D
f
G ?
,C3
NP8
G
1
Q

;
<
Q
6

f

;U
C
=
*
.

$ [

/P8 #e
f
1

e
O
B

=

NP86B#8
h

=P8 #8
G
?f

CU
<

h
$

r =SAh_M M
-qqo qnq h s K s 5ls K 9 l 9
hK 0Ks{ sSK tq K M - GQh s
ls Gh s q sK AK 3s 9
hs 9 h 8
h ! M 9 h 0 G
lstG % sSK e h r q sK 9 s qq
C hK 9K SKs ls! SKs G s h !Ks0
sSK m tQs GS h 0-S S
S
e wK nKsm M 9 q Kst 9 9 K Ks r
s Ks hK 9K K 9 q Ks n sq 9tKs &
Ks GQh s wKs q sK 9 lh sS
S +
q sK 9 r [lsm 8qS{ r Kst S 9 0q _K s h Ks
- s Ks!G n sSK 0 r qK 0K _ s
Ks h i Ks0Qqq hK n M 9K Ks M - GQh s
_-m m s S r -qq
ls 9K s Ks G Cs 9 hq 5Ks 9K s Ks s 9
s qr S r s - h q M r
h } 9K -S h m qnq q } Ks
EKs K G + t { + 0qq ) 9 mKs 9K
q [K G 9 sK K Gh sq s Q S
r )S
{
AKsq h Ks nS )q
s 9
G s s n
K
G s Ksos 9
s iq- S Ks + Kh } G _S M i M 9
G tq r q0K 9 ) m r q [KeKs G
r mK %QqK 90 +q s 9K sSK S
- 9K s[ Ks M - Gh s lh0 q[K 9 h ) Ks
M K SrQi r h oK qK _ qSK s s

ls Gh sK 9 )K _ GKs JI S n r Gh s 9 w
{
sqq s ! K n [K GK S +
M
ls sSK GS 9M h
sq M
ls M hK q r 9 s Ks qQ h
-qq r +
r h 3
q _ M
s 9K Ks + &qSK Ks M - GQh s Ks
#
5Khh + & nq Gh seKs M KsqS q [K q

V

_ X3e8

C
<
.

<

1

1

<

)
B,

<M8

;

1 8

F

]36
D
,3

G
M
I
/

C@ O

1
@

1
8
<
,
h
;2
eh

8
`

_
I
/
,5
<
#8(
,
D\

C X,
@
0

<@
=N ;
8

G
1
s3

$

2

1

$3

/Q
?[

CD
C
C 8s

12
NP87 ,

G
?
#=36 e
N

d

-3
]

#8D)
=3
V
Q
G

Q*

$
C P,6

$
L
G
b
.

.
8
G
=
-P8 #8
$@
2P

1+

;

1
<2

e:; U
1
D

g
L

$

.
C

)

1@f

s
<

17

WP8 ,XS=G
1
1
h

s
[

F
;eS
8!=

98D
.P8I,WS
F
CG36 "

1 8
>
1

, Q
U

Q ,T

936 W

/Q
/f

1
_
<2PQ3
:C
[
1
1
C
C
@.
/3

/Q

< U

,

I 7
K
b
V

1

e

L

N2
L
G
1

N
N

*

,*3
D
V8
1
CV
<
Q3
$
]

3
`8
\
?" 7Z57"E"
7

W3

M;7"
M,
C ,"C 9,S
36B,
<

KA
28
6

D
<
<V

1 * B
2
+2

(

=
. 3
.
03

2 D
B
8 88)
I"

2P

h

YG
;
/3
;

8

D
8

E
5 -S

@

V

1

h3
X35

+2
S V
R o lls
W e t p a p e r
1
3
2
s t
5
4
7
6
C y lin d e r s
2 n d D r y in g g r o u p
D r y in g g r o u p
D ry p a p e r
1 1 1 3 1 5 1 7 1 9 2 1 2 3 2 5 2 7 2 9 3 1 3 3 3 5 3 7 3 9 4 1 4 3 4 5 4 7 4 9 5 1
1 0 1 2 1 4 1 6 1 8 2 0 2 2 2 4 2 6 2 8 3 0 3 2 3 4 3 6 3 8 4 0 4 2 4 4 4 6 4 8 5 0
9
D o u b le - fe lt
S in g le - fe lt
S te a m b o x
D r y in g g r o u p
rd
7zt<njLK;\8NM(nmpKpKPpj zJmxm+e\j6vwKvjn.onkz{x<ywBCz{x`jX
! nq 9 + rK 9 - Ks GQh s!s-
hKso rK Gh s [hQw M 9 h 9 + hs K q
ls M #KsqS G#Ks [
S [ _K !G +K
+K MS q ) h 0
m +
ls{ S - 9 ) [K S l 9 Mr S [h
r 9 nS )q
n w h Ks GQh s {ls h 0
_ S w
Ks M K q - s!K 9wq
[KKs) nqS ; 9K s + o i 9 #ls i K t
_K K hK rKs r s Mt GwGKs M hq
sq 8 G{Ks + MS q Kst ) - + q ] {Ksiq s
9 r + q [ _ ;
_K nKst K
G _r l h o }M 9 r 9 s #Ks hq hK }
Ks+t h ! M 9 h { G
ls i ) Mqw q 9K s Ks GQh s 8KsoK wq
9K e Ks K Qqq r
Ks h h { s Ks
Kh Mq % ls q 9K eKs M - Gh s
n _ ; s Ksqq r eM n 9
[K h h {q 9K
K
O
-
h { 9 h P hs 9 h
# K
RQ
-qq
SQ
tM +
lh
Q
Q + Q
h !K 9 sG K s n 9 h 0 G q _K s

>
8 shA 8!

N
*

<
a[

G
[
1

E3

N h
.
?

1
K#
L
=

8
1
D`
+2P
8

,<3

N

N

=
g
1
< a[ M8_)U
b
o 8
<
/

*:;
P8 8
9,

9,

g

1

/
[
1

$ 2

2

0
s
?

O

1
98

<
=

, ,

,
f

<
<O;
L
2

C{8 $nkz{x<0nmtXvpPvj>z *>w zJmxp
=
s
G ,
'IC
e

1

[
1

>
V
G
9,`
C a[ M8g

N
8 V,B
3 O
h

[
1
. 8 88

_
1

CM,
sV,VN35
1
88
E3

"
'I<
(

D
V8
C

Yw;u]j
g

K
5

e
<
.
h

UN 2

0

g[

>
9,
V,

^(L3 ]
V
e

(

1
h3
] C
C
Q
(
C
M,
s

V,Y
>
2P
1

8

,M3
E3
*
G

0

X3 $
1

8 NV,.
Q

1
,9, ,
,
D

X8

r
T!ExEMqtVUh-WWs
ls - rqqQrq K + n 9 hq h M _ [s Ks
M AKsqSA - 9 Ks - GQh s [ h K ; s[ MqA hq
K 9 ) h s } SK XW
r hqYW HM
=Ks
M !KsqS[ q w o h hs 9 hs 9 { n 9 [K G
q MqSK
- hqSZ nKs M mKsqS q MS q } )
h _MS q r GS [K Ks [ s [ K hq q MqSK Als
[s GQh s q th 9K + r hq { K [q AKs
Q Ks h nK +s hKs r GQh s h _q
K s s K 9K Ks n M 9 w ws 9 h Ks n
M 9 [h +
Ks s[
lsw n 9K
S [ Ks r Gh swK 9 wq sK h +
9 wlsq 9 eKs+ + e 9 e eKsi - 9M
h s Ks sqi -
Ks ) Ksm KK nG r [Ksm hK
9K
LK \[
]E^[_
S
I s
S M ! M 9
S M GK mq r
M
/
h S n GK mq r
n
/
S 9 ! M 9
S 9 ! _
9
++
/
S!K n 9 q i
# K r
+
-qq -
lh -

}
G
D

T

03
? [

1

O
5
e
C
O

Q
E<

.
]

V,

,
E3

D

B8
8! N3

<
,
f
<
2
.
5 3e8
g
.
.
V,
D3

1
]
<

e, 6,

1
D

E<
<

E3

3
a[ [
G

V,

,M
G
1
8/S

/,

N 1h
M,

.
1
8 8
[
1

<

53
9,3*

1
-

G
1
<
<
58W)

<
,
1

8T

@

C
B8N)E
D
<
,

_
-
O3

]
?
g
8G

1

$

,

a2
98
Yw;u]j
; C8-vjnw z\xC/vwnwyjEjnKp.m+e\jsr
(
1
wuyj9vwKvjnNonkz\xCywB;z\x`j

)E 5
G
1
, 0 '
)E 5
_

R= _
L
)E L
,YC

,<
8
<
O
EB,YC
C
D

]
C
?
G
1
, 0 '
)E L
C
)E

G
1
.O

, 0 'A

_

AO8
@
G

.AO8

>V

.A
`
ba
l s n i q Ks SiKs & Ks Gh s AQq #
h s Khi q _ qSK GtKs z _ qSK q sK h tKs sq
9K s GQ [ s l dz s )eKs
M wsqS _ [Kh Ks n KsqS n Ks y x _ qSK st
Ks M !KsqS s qS lss 9 _ 9 @Ks M [ 9 [
s qS
\
OMPMI 7YBEW7

1
h [
:C

1

/
8/g
1
s

M8
3
6
.

s3
L
s

2E

M8

C2

.
5
1 Q

98V

,
8 88
]
Q

,
2_
26

$

_
S V
K 9K K 9 hKsq s K 9K e G +q
)
1

1
,

5
n
dw
=
J
dz
vB
8X#
[h Kstq s K 9K e r % s +q
3

O
n
dhp
air
=
(Jq,cyl + Jq,air Jhin
H2 O (Tair )),
dz
vB
8 #
[s h h 7Ks MqS ; rK M n 9
9 q MqSK J )Ks{S M 9K 9 Ks n lKsqS J
Ks s 9 _q h i n
9 m n
q MqJSK Als GS n 1 Gw Ks r hq.W cM r
! 2 G Ks - hqRZ
PwK Ks G
hK K 9!Ksm MqS ; K M !
3

,<

in air
B, H2 O

B8
:C
/

3*
C
:C

e

>G

a[

N3*
=

D
,

<

N
;
?

a[

1
/
q,air
s
.
q,cyl
V
,
e, UD5,
e8

C
8 #
paper
hp = hdryp (Tp ) + whin
(Tp , w)
H2 O
Ks h K 9Km Kh! 9K [K q MqS! dz

/

dhp
dz
:C
V3

,

C
hp dTp hp dw
+
Tp dz
w dz

in paper
wh
(T
,
w)
p
H
O
dTp
dw
2
+
= Cp,p
dz
w
dz
dTp
J in air
J (wH)
h
(Tair ) +
= Cp,p
dz
v B H2 O
vB
w
=
8 #
[s Ks GKm
G sQ = s Gh 9 sS

0Q

NQ
:C Ef":`8" 8X#=3* $
":`8W 8 # V7:Y89 8 #5U
dTp
n
=
dz
v B Cp,p

M,
s

1

1
;

<

(wH)
Jq,cyl + Jq,air J
w
8 #
9K r
+qKs Ks n GK
q r w M = M 9 T q nqSK G8Ks M KsqS q
K +7Ks [s - Gh s ls{ hK 7
M!q
[K Ks G 9
)

1

5
L3
e
": X8g 8X#O4 8 #
#M$

G
1
=
g
/

V 18
8
#,X
>

B,

O
T
":`8Y 8 #

1

G

mnWSU-7nS-;-WW

l s r 8 r sSK @Ksw 7 sq i
r dz [K h0 + &qSK Als q !
Q
?" -B9(IBT77<BEW
=

;?
C

@

+2

(
8

;

Q

dsp Jq,cyl Jq,air
in air
JsH2 O (Tair ) .
=b v B
dz
Tcyl
Tair

8 #
wK Ks G hK K 9!Ksm MqS ; M !
P

e
G

a[

C
8 #
paper
sp = sdryp (Tp ) + wsin
(Tp , w)
H2 O
Ks h K 9Km Kh0 9K [K q MqS[ dz

e

dsp
dz
=
=
:C
V3
sp dTp sp dw
+
Tp dz
w dz

in paper
ws
(T
,
w)
p
H2 O
dw
Cp,p dTp
+
Tp dz
dw
dz
Cp,p dTp
J in air
J (wS)
sH2 O (Tair ) +
Tp dz
vB
v B w
[s w 7Ks G )w q s 9
r
\3

=Q
:C Eh3
s

1

s
_ s Gh 9
O; D":`8Z 8X##,

= nb Jq,cyl T1p
1
Tcyl
T1air

(wS)
+ w
.
+ Jq,air

+J T1p (wH)
w
8 B#
1
Tp
1 V

8 B#
w
lKsl K
r q MqSK 9
MS qH
Ks{K 9Sq Ks M )KsqS Ksw _ 9 #ls{Ks
9K s H S + eKs n _ nlst so
sK[n _ M+KK Gqq _ oKsqq Ks q ls
K Ks K +r 3 5K h +7Ksq r K hK s Ks

,

E3

0
Q
0
[
1
E3

_

CG

0
e36 5
e

>

+2

;
6

,;

.!= aUN8
OQ3
] ?
B,
36

G
8

<<
<;2
8

;
S V
sSK @Ks{s 9 s n K [h {Ks G) +qKs{q r K hK
Ks G{ s n K {ls qq
hq GSK Ks
M - -qq s M! h rK ; K
ls0 ) Kr
qq s 9) s M K (1/T 1/T ) (1/T 1/T ) Ks K
q !Ks G! s n K{!Kst qK eK 90 K [K J
9K
l 0KsG +K Ks n !sqS Ks )S
Ks & Ks - Gh s +qAKslG ; r sSK Ks
- Gh s

<

0

1
8

I
0

X3

1 >
,<3

=Q

C<
]
/

sV

a[ M,

1
*

s

07:Y8 8 8
cyl

e2
3 .

1 >

,<

g
;2
air
L/ 3

":`8W 8 B#8
)

1
7:Y89 8 B#

5
C2

1W
_
e
,

$
,C
1
;G
<
$3

,
dS
dt
=
irr
ZL
8 #
dz
lh0!KsmG_KqSK sSK n h h_KqS! h h S n

GK tq w
n
# % # 8
d
fe %_ %
lss 9 9K s s
K K G

G
s
8 .<
out
MaW
_
:C

.[
=
R$A<
?
K#8
X\Y E
h W W
=
$
O35
U
Jq,cyl = hcylp (Tcyl Tp ) = hcylp Tcyl Tp

1
1
Tp Tcyl
8X#
)Kss 9# s q- S h n
[s h
h
n 9 q MqSK ls 9K s h
+
h
M _
rs r
_ h sq K Ks Ks r
M sS wKs ) K 9iKs qKK sq Gt s M Ki r 9
Ks 9 oM
_ Ks M KsqS [h G
; r KK Kh s M
K s M
K
h K KsmS M 9K 9 sK Ks Kss 9
G! s ls qs 9! s 0q- S 0 sK Ks G
s m sqm KsS M 9K
[qq _ #QS hKs -G h s
Jq,air = hpair (Tair Tp ) = hpair Tair Tp

pair
cylp

$
,

B8

1
F
6
Q

3

Q
<+ #0 ]
V

1
8V

Q

3

1
D

1
C

1
M8G!

L

=

*

1
/
,I Q
3

F

f )E

1%
0

> B,

pair
O

@
O
36
D
8

,5)

1%
/ O;

1

8

1

X3

h 3e8 1

#6
cylp
@!= aO_8

/
<
1
1
Tp Tair

17

=

hP
$

r
E WGx-WWs
hgq S
0 Q w 9 Ks S n 9K
Ks M !KsqS0 Gq sK
,

/P8 ,WS

# Q

s

$

1
9
3*

1
hpair (X Xin,air ).
Cp,dryair + X Cp,H2 O
J=
8 #
Ksls 9A GSKqA 9 9 n
w
q MqSCK X !KsCm 9 9K _ 9MmKs n 0sqS X
lKs S 9 ! _
Q hhKK 9 h q 9 9 Ks n & h os 9 s
q- S Ks h s s h Ks M GK mq r !! n
r Ksoq GSms 9 s q- S 0s _ s GKQh
[h 0 s s S
AK 9 QmKs M
Mq Ks ! s M h m s sqi Ksmq r GS{s 9
s 0q- S qK !Khwqr S r G sSK e Ks n
GK q r M w Mq
K Mi G{Mq n+ e igqS
}q K -
) s QqK 9oKs Kr qq
Ks Gl s M K sG[Ks Ksw qK J
hKs
K- qm (X X ) [h mKsm qQK
[ +
_ 8 9K mKs Gm s M K K- q - Ks
sSK m G sG8Mq s m h s 9K s M - lq s
9 9 9 i [Ks hq + 9M mK -qq [K Ksq
iK #QqtK 9wKs sQt
{ + s 9K r #
sSK [h s)K 9
sGlq qS _S)Ks{S M 9K
[Kst K m M 9K q _K s0 Ks M r Gh s

K _ Ks n - GQh s Gt s M 9
Ks sq -K ls _K K hK n GK q r w
M 9 T ) K % 9K e -
Ks G +K Ks M KsqS 5Ks - Gh s ls h
9 s Ks 9K + } 9 q
Kso -
-qSK A _K n KKq s 9 GSKq Ks 9
9
n ! -%S

,
K
1
g
;
F
8")

1

F

;

N
"N3*

]
U
e

,
,Y
in,air

C G
D Q
< M

1

IC X35
V

B8
1

]
s

1

p,H2 O
p,dryair
B,

85!=

,

F

h

1 ;

G
+2

BB#,

1

g
C

1

_

1

F

*

M,Z

C e
*P8Y+ #

,M

?
+2 <
s
5

O

/
;
P89 #8
*
G
": 86 8 B#. 8 #,
g

1
L
s

D ab
.
Q

<

9
1G Q

5 [ T
5

1
V":Y8- 8 B#,3 9

,
8D
M

.
8

CU
2

;
D3
. ;

V":`8M 8 #,

M
W
8-

":`8- 8 #

$
1
,3
*":`8Y 8 #

:;

<

1
0
g
/
O
8")

in,air
e

9,C3

1
,3

1
$
_

8
hM7P`BP-7
[
.

>
h7
V8
G
1

#I3
1L
1?

53
Q
8 ;
1

N
U
f

;?;

N
3
V

1

G

/ X3

O

D
6

1

8
8

M, P8 8
#?
": 89 8X#6 8 #,
V

-
LP8W+X#8

?
3*

S V
l s[ hK 9K G M K sK Ks 9 9kj
hK 9K - M sSK
[hQ sq s rK
9K
SKs
h KswG_KqSK sSK Als{ n
q! Ks 9 9 K Ks - s ) Ks hK
K K 9 q Ks n GK q
M
G)Ksq sK 9 rl Ks hK 9K Als [ / M ln h
mKs!K M 9 q
C AK 9 Ks
K r
t
K
9
i
} }KsQqq
lst n 9 i KsmKh C G{Qs+ s K 9{Kst MqS ; h S
M G iq r G + QsGq M 9 qw Ks
K[ ) s
K _ 7Ks MqSl - Ksw S 9 l _ h Ks
- s s KsmG sSK

K q r0Ks q !K 9{Q GS KiKs sqt _K

q M n 9
GK q r # ls
K q [KQS # M 9 G r wKs n KsqS
#
-qq [KKs q K 9 Ks Ks) r sSK
Ks Gh s %
_K K hK - hq Ks sq
hK A _K %
# # +iKs q M s
r sSK iQ ql Ks{ S 9 7K @q _K s #
h 7 Ks r s sG0Ks [Kst hK _K
# 9_ %
x n n
\l
m
# Ks ! Ks K 9K C T w Ks z _ qSK C Ks GS
M - Gh s ls{ M 9 Ks !l Ks0 s GQ
hq G T GKs M tKsqS GQq so sGKs h %m G
9K ls KQ! T q q M h)Ks hq no W lh K[
n n
q - s _ 9 AKs M AKsqS qq h
n. W
qS h. Z @ nS )q )m h T s nq sKs
M ! sK ws 9 9 s @Kss 9 h [ s ! Gq
9 {S n 9K
Ks K - Ks q- 7 Ks n KsqS{ 9M h
[h # 9M h Kslqq - ls q sql hs 9
h W h 0Ks G Ks Kh w Ks T 9 z

N

<

h3* T

1
1

1G

Q ,W

3
=
[

=

3
8

/
:;
Q9:;
1

98
8 h<V
8X#
g
2
G
12

X2
<@
@
3 N 3
L

@ 0

>

g
>

_
;
1
CD
C

98
]
a[

G
1

2P

O
98
f7PB
e[
_

G
f3
8 8 #8(
.

1
7

G
E<

98

$,N
36

1
/[

T
<
W

5;

_

B`
6
C
g
/
$8

*g
C

.
6Q
?

C
T
<
,
V8
V

e
E<
<

U

e 8 8 #,

N
2E

` X
X3

Q

98
=
?
9,
e
e
e
8)G

G
1
=
[
.
<
X35Y#,

Q2

;.
C

?
_
6

N
wL
V,

X3

8

@ 8 8 #8

/

.\

Q

f 8 8 #8$ B,M3 .

X3

$
N 8 8

*
.
)
GL
M 9

1
G
1
N
.3
N
2P

za

U 8 8 #,9

>
G
1
V

;
<
88
^

b

[
a[
5

% 0

>@
@36
s3*

,

98
G
1

[
1
5f Q
$
G
63

.
@
9,
G
1
D

/
N
$

1

G
NKyNz\xY>mxY,C3
/[?/
1
1
36
N;
6
<
C
0'
X#

1

0
0
s
98
N

NQ

7
g

$ 0 'g,

[

r mQG3
85 1st
1.4
3rd drying group
2nd
80
T , oC
70
65
0.8
60
0.6
T
55
0.4
50
0.2
45
40
0
50
100
0
200
150
z, m
w T
7zat<n>jKC\[;8$r5wKvjn/Ejy=vjnw t<nj
75
w, kg H O/ kg dry paper
1.2
\ w
wxYoymz{p t<n>j01mxEjx
m+e\j$ywBCz{x`jX
z{x
oz{n>j zJmx
ls
n s G[ Ks!s 9 h AKs!S n 9K 7 Q Kn
9 [h5 KoeM n K r Ks7M + h Ks7Kh r
) sq hq G n o M 9 9M h
K
Ks M !KsqS Gsq{ h
[Kh r 9K s Gq [K
h qq Ks hq Gq rK GsqoKs7 n T9
9oKs
& Ks Gh s
ls GK q r % Ks ! }q sK hq G
Ks K qq r s [hq q M h0Kstq sK r wr
9 + {ls - 9 + K 9{KstM + h Ks
- ils q sq Ks G q hS-q h m h
9 z = 160 m h ;KsiK M K 9Ks 0Ks n wKsqS{ Gq [K
K Wq # 9 sKs# o Ks ! w 9 Kh - 9K lh
hS-q[ sQ q qSK tKs{ rGK sqQ G 0q r Ks n
KsqS[ Ks [ _K _ qSK e Ks - Gh s
; V8
36
5
1

,"3

9,
@
e[
1

g
/

G
e

O
[
.

s3 ]

D 0 '

_3
9,
G
1
8 8
X3 ?

@

/

0

5 8 8X#, Q
"

>d

3
0 '
8
, P8 8,

6

G
1
5

O
h
1
8
N

1

?
,Y3

O
98

C
87!
5

,I

C2

1L

"
:C

G
1

s

1
+G

I
e
G
.
8

rd
C
;
>

/
T

1 $

7
6
[

g
3

1 ?

1

/3
98
L
S V
#h x +q x h %_
\l
p
ls M { M 9 Gq Ks M w n 9
r [h ) m e sw S =- G
q r 9 Ks M sqS sG q 9 9 # q q
Ks n i n 9 s [K Ks _ M t M 9
W ! tM ls G r ! 9 r 9K s [s [Ks
M 0KsqS q os 9 h Ks ) -qq h s
9!Ks Y I S n - GQh s w
# Ks !tK 9tKs K 9 M tKsqSm M 9 q h +s t
9M h K 5Ks+ G Ks K ) - s [h
) tK Ks+Q G Ks GK
9K } sG
n n
Mq sKs tM % G r G sG% s +t!Ks }Kh 9K %ls
_ s nS )q Ks 9
G e n 9 q _ 9qwKs
h ;S s Ks 7 9K slK 9 s 7 Ks h 7Ks Gq G
Ks G

M 9Q
.
XY

,Y3

e 1
3
h
>:C
<
_
@ 0 '

s
;D

=3
0

73
3

0Q

O
N

g
>

85 1st

:C

NQ

1
@;<

O[
W36 W

_
s
za
G
1
52

,
X#8
wX@

X3
G
1
=
+2
G
N

3

,I3

9

G
1
$
98G!
2
73

h S
/C _
fU

8_&

1 h *
O3
e
Q
G
1
N
$ Q 8s

>

0
h

C
,`
L
L

7;

G

[
0
5
=
X3
1
K#8
$7
G
1
?
[ f\ X#$3

%
G
1
N
[ .3*

< 9

s
W
C

98

1
8
3rd Drying group
2nd
80
75
T /
70
65
60
55
50
45
40
0
50
100
z / m
150
7zatCn>jYK; B8gr5wvjn0EjyLvjn+wB tCn>j.wuzJoBw zJmx|"yjwptCn>jo

oBwPw;
200
wxòGpz{yNt<uawEj>o

r mQG3
300
1st
3rd drying group
2nd
/ J/(K m s)
250
200
150
100
50
0
0
50
100
150
200
z / m
7zt<njYK; 8s9m>wujx nmKvYkevYnmot z mx z\x
oz\nj> z mxm+e\j/ywB;z\x`j
n # #
ls 0 sSK z _ qSK Ks GQh swKs
# tls
h Ks KoKsG A r sSK Ks
GQh s ls r KsG_KqSK ! h 9K
r )mKs M M 9 rKs { G n n 9K
[hQ GQsqlKs M sq 9)Ks{M + h GQ - lKsq
- 9K s Ks!s 9K iq _K s ! Ks[Kh r [s
Ks r 9 + 7K K %Ks s e _ Ks
Ks GQh s ls n n 9K ) h [K _ 8 - 9K s
M sq GGh 9 s [s Ksi 9oq r K hK s G
s 9[ s M K! mK _ sG0s
# #
\l
r n
ls! r sSK 9 n r h[ Ks sq0 _K As
#
{ nqS =Ks h +sqK sq r sSK
9{Ksms 9 h ] lKs - hqs W ; m in JP hs 9
M\l9]
Zd M
X{`d

C
C
L
[

8 8 8

17

1

8
Q
5
h

?

Zd M
8 8 8N!

,
za
M,
C
N P8 8

_
[

w

98
za
wXN

9,
?
0
98T!

9, .3
ab
G

$
35Y#8
L
I
0

X35

>
0
9,;3

1
\
1
*

X{`d XW -

1

1
;
C
M8")
1
1
5

_

6
1 3
3

;
<
6

8
,`3*

1
M 9

G
1
L
[ ,

U
1
2E
_
_
,
#
C

;f
C

0

<
$, 1:;
>C

K#8 =
35

S V
h ] {Ks - hqtM [K _ in h
9 h G ] mKs - hq MK tM 0 q 7
r sSK s Ks n MS )q C ) h ) }
- hq: Z WS o tM 0 P MG tM nKsoq K hK s
Ks qK sq 'i s7Ks G s M KoK 9o q Gq 9
Ksq r 9K s
lsm r sSK 9 M r h Ks hK # - 0Ks
% w q M sKstq _K h sSK
- hq Ks K r Ks ) m r sSK Ks
hK _ _K q [KiKs sq %ls +K K h ; r _ ; 9K
-q 9!Ksms 9 h - 9 Ks r )lsq hq
+K# iKsS % sSK +q Ks tM % #
[KmKs+Q # %ls sSK 9 - hqH M [h
r 9 Ks t r s GQs Ks s
n r h eq r GK Ksq q n _ r hq Ks
sq! _K Ks A K 9K sSK 9 nS )q
M h
<
G P8 8

1
N
h
f

G
?
?

<

8 8
8_! _

O
C
8)

<
_
<
#L
<

C
K#
E3
2

<
, P8 8
K#,

1
<

/
X34 3

8

9,

1
$[

/
0Q
V

1
3 gQ

Q
A4
5

35

C@
<
9,`

;f
<
a[ -
>:C

<

C
0 8 8
525,3
1

U
V

CG
C

< a[
e
<

_
/
1
,

L

98
E3

,"
B
< 8*

7
G

;$
<
[

"

C/
<
A
0
D

E3
?
$
O

e 8 8 8
C
1

s
_

G
/3

\
N

0[

=

h
/6,

1
K#
@
1

<

8

;O
<
f Q

? 3
e
98
C

<
P8 8

;
C

O

1
<
,

< 8
600
square:
Mode A
circle:
Mode B
diamond: Mode C
point:
Mode D
pentagram: Mode E
(dS/dt)irr / J/(K s)
500
400
300
200
100
0
0
20
40
60
80
Drying Mode Number
F
120
R
7zat<n>jYK;8KB8g*x nmKvYk$vYn+mXot z mxnwEj5vjn0ymo;j=!

wxYo.
100
Gz\x \j/n>j\jnjxY1j0pkpEjy
'

r mQG3
600
square: Mode A
circle: Mode B
diamond: Mode C
point: Mode D
pentagram: Mode E
/ J/(K s)
500
400
(dS/dt)
irr
300
200
100
0
0
20
40
60
80
Drying Mode Number
100
120

"zt<njYKCvu8s*x nmKvYkevYn+mXot z mxnwEj5vjn/yGmXo;j=!
F
'
.z\xf\j.mKv` z\yGwuZpKkpEjy
wxYo0
E _ x n % +
9 +qKsoG sSK Ks q K hK s Ks
s 9 G s M K + oKs sq hK W h # -K %ls
h S M GK q r G[Ks = hK 9K s w
M
M
Ks K{ hK 9K m eKsm SwK M 9 q llsm S
9 q _K s ) Ks sG ) Ks ) Ks Go 5Ks
sq - sSK G 8 sSK G GQhS
Ks sq7 - Ks hK _K lhi n
Gqq Ks } Ks 9 9 } n 9 sq }
+
7Ks K 7Qqq - q nqSK [h wl s G 7 7
KsoKh - #qKs Kh q 9 ls
q M s G Ks sq Kss 9 h hq
#
lsqq hK 9K G M QqKsm MqS{ Q + Ks S
M\l9Q
(
X -
B`W X{`
-
Zd M
1
Cf
C
"N

1
,
5
6

9,(

#-
e\
_3*
X\`
W K# >

_
K

1

out
R
5C
O
K#8
<
X8
/
)
$[

X
9,Y3
3

G

=[

V8T!

3

B

s36 L

8 8

1
;
V8

>
1

$

G

@

;

(

8 8

0
;

;
b
8
D3* _
G
B,3

CD
C
@36 _

3
G
1

>
D
9,

G
1
1
C?
<
?
.
9,
0 '

B,

1
1
_

0'

1
<
,

+ S V
LK "
9 ++ ++ +
S 9 ! _
/
_K
h h h
%G sSK
r K hK s
w 9[ s M K
Gl s M K
S!K M 9
# K -
-qq r
lh r
+
lsmq q n _ S! M 9 q s
9 q _K s 5KsG 0 r sSK # Ks ! Ks h
@ r sSK G sSK 7 S 9 _ [h {Ks GK )
q s0 9 +q[Ksm hK % n 9 q{ Ks
GQ - lsi K # +q q [w n+QK t
sqKs G sSK s s G Ks
S 9 { _ Q + 7Ksi SK M 9 Gqq _ 7
Ks sq + 9 {iKs S 9 _ G Sth +s
h +s 0Ks sq Ks S K M 9 q CKs K qq
- s[nqq + + [Ksq q M _ sql Ks
sq{ - #ls0 K + Ks sSK 7AKs sSK Ks Kr
q G s n K [h {Ks0s 9l s M Kq r K hK 9 sl Ks
S
ls Kw #
G sG
M Ks nG r + X
9 h MG l Ks{ K G nqS
# /E h#Kh% sG#Ks nq sQ iK 9 0Ks - - r sSK
G s 9K 90Q r 9K s0 Ks n r GQh s
ls s 9K) r sSK iGs K i # [ q s h _K
K 9K {ls [ - 9K sw Ks Gh s q s 9K r #
sSK 97Kss 9 h
CKsS
9 Gq - hq [s Ksi S 9 _ G +
9 Als G G[K 9[Ks GK[ Ks K + 3 eK h / G
s 9K s K 9 J e{q q n _ qt
0 qiKs
wCuj
; B8
Wj0PmPwu-jx nmKvYkevYnmot z mxwxYoz\\p/>mxY nKzPt z mxp/Pm\j/n>j\jnjxY1j

wxYo?mKv` z\yGwuZpPwEjKp
) L
;
C
]
B,<
<
D
1
CD
C
'

9,A
8

<8
<8
<8
f

1
,A
<8
<8
@

>@

>

0
G
1
, 0 '
_

G

G
1
-
f
O
98

1
C
C
$
C
]
.

,
EB,9

V8

*
e

5

>
]

36

@[

?

5Q
L

1

2 ]
a2
G
1
G
G
1

;
D
=Q
1 ^
C?[
B

X3

s
G

_

D 8 8 e36 5
<0

8!
36 _ ;
/

5
135
/
W
7 ;

1 >
,<3
8 8 <,

<
EB,3

2
L
D

P8

<0
G
1

98
]

8 8f!
3598
_
C

N

;
-
D 8 8 #5

=
/
1
;d
<
D 5

;h
C
>
8

1
,A
1

)

mtCn/wz{n$z\xu]jT;t<yNz oz\ zPjKp
35
s

3 O
9^
e
h

<

;e
<
98

0
.;
$
C

D36

gQ
;
8g
0C X3

]
s

>

?

8

0 ;
E 3*
+2
]

8

;0
C
, , 2 ,g

;
in,air

"
/ 8 8
,Z3
g

_3*

<

8
5
s
=

*6 2P ;
.

;
2 ,g
CO
<D

":`28M 8 B#I3*
f":`8( 8 #

ryxwS+Ws
1.8
x 10
(ref.)
(min.)
(dS/dt)irr,J/(K s)
1.6
1.4
1.2
1
0.8
0
0.02
0.06
0.08
0.1
, kg H O/kg dry air
in,air
"zt<njLK;{z8
0.04
X
0.12
0.14
+ E
mBPwu-jx nmKvYkevYn+mXot z mxwp0wLtCxY z mxm+$z\xu]jIwz\ns;t<yNz oz kz\x

mKvZ z{ywuZpkpEjy.p
Wj/n>j\jnjxY1j0pkpEjyz{p/wu pm0z{jx
n+K0K -m s)K 9)Ks{Ks Kr q G

s M K +
G s 9KmK
{ h Ks r s M sK K 9K Ks
s 9K q _K s Ks M r GQh s ls GK hK 9K G
Ks h s{tq0Ks0 8qS) h o Ks0G r sSK
s KstQqq - G0 _ h h {q
GS h ;KstG % sSK G sq q
K
q Ks sq _K tls o sSK G
Gh 9 s [s K r Gq GS h [h
Ksqq r G0 _ h o h
}|
_ sKs q Ks sSK 7 sSK hn )
_ sQlKs GSK Ksq SK #q sK h 9K s!K 9{
1
9,

1
5

2P

1

8

OQ

s
?
f3*

7

QW

8
V8

1

1
3*
1
;
<

@X
1
C@
<

g
1
DX
2
U36 L

U
T

3*

98
C
,
<
,Z3
<
8
7PWI
s
s

C
X,
G

[
C<
98

2P

b
@

@3*

O
G

@

3*
1 3

s
G
6

L

*
@7:Y89 8 B# g. ;

$
1

(

;?
<

]
1
U

6

8
9,

=3

S V
n #
# # %+ } _
v~
n % +
ls n Ks q ) qKK 9K G # Ks! r sSK
M GQh s Ks{K 90 h @ r sSK
[Ks Gh s qs h M h! q0 M 9K q _K s
h Ks sSK 5 n - G sGonq 5 K
h 9K 5 hq qqiM P _
_K
hS 9 9K 9M hwKso s - 9K sSK
M Gh 9 s [q # ls r w Ks sSK C 5Kh +q
9oK K 9 Ks ; @ eKs7 _ tKs _K 9K
h Gs 9 Ks _ KsK 9K K 9 hrq
sG Gq 9 Ks M qKh + s s Kq
#
E iq K hK s % Ks G
#
[K S 9 _ [Ks E sQq +
+K) _K K h MS q s 9 G s W 9 [h !
# GKs + sws 9 s 9 s iKs + s G# s
sq W 9 Gw ) q s r h W sGm KK
[Ks +K _QK 9Km s #
lsK M 9 K 9 KsqQK _q tKs hq 7
Ks 9K lsqt M 9 qKs eni GhSKs MqS
q r ls S 9 _
h Ks - s
KKt S ! K 9K llst hK 9K h Ksi s
K s 9i s 9K K h ; sSK M+K
GGh 9 s 5 s G }Ks S 9 _ lh M h K-
G ! s }i Ks7K GtKs l s
q K 9
sKMtKs q Ks hqK sS ml s 7

K 9K e Ks
Kw{q h h K
KswS) K 9 qls+ 7s Ks M+Kh sSK 7
sSK q[ M 9K KsS M 9K rqqQ s 0 h K
%m K )[ !Gs K Ks [ 9 # Ks[ S 9 _
GQs Ks 9 9K AKs7G ! r sSK 5 Ks r
GQh s M sq
q 7Ks sqo _K
n q r hKsK 9 h sSK K MqS
7Ks K 9K s! eK n 9 qw [ h Ks r s
M `
/-?
YZ M
5 B
_
e
Y
7

$

V

,

/Q
8 8

8
,I3
:;G
s

*
s

36
1
C

G

B

C

,

L -

<

8 <8)

8 #(3
g
,`

1

0
B,

V

h
]
EB8

$:; B8
f
2P

E
,
B
/

^
.

;
:C
V8
*
;

;O
2P

U

5

;O
<
G
1
;
C

1
<
8=
1
;
C
G

O

*eQ
L

V
3

B,"

;@
C 2
a[ .

C

b

<

1

O
9,Z

,
;
,

1

d
1

I

h
1
1

@

1

0

EB,

,
C
%f
2P

1
,;3
,

?
1
X8 8

M8D!

1 ,

Q
]
D
@
]

[
D
?

]
98

Q

<

*G

-
,C

Q
;

@/

Q
.

/
Q
X3

G
1

1

C
8

1
?

Cf
C

8 8 #8

Q

1
L

G #8/g
O

h

;h
C

8

)E
98
1

Q

;
<

1
N

1

E3

M8

G
1
Q

L

% 3
-
(

C

$

>

8

W
0

; 3

N

$
1
L
V 8 8 8
1
8 8 <,
?3* g+X#
e[

8 8 ,-
;
X\Y
X\`

C
C

X3
1 M,
Zd M
s

1
X{`YI . M(
.

6
V8s)E
$b
]
E
O

B
e
G
X8

ryxwS+Ws
E_ %
v~
m Eh x ) %
ls 9s h[ sl Ks[ r sSK M r #
s ! K 9 K 9
s ! K l r
s ! K +
sq K ! h sSK GS
Ks G iq!K 9S m sSK M q w Ks +Qq
M KK [h h Kh n MqSK Ks sSK Gh 9 s
Q + Ks M 9 Ks SK n qKK Wq
9 q
5 l oKs) S n 9 M+K 0 r
q
ls s S 9 ! _ 9 h sSK
M
9 s Ks 9 9K MG oKs 9 r 9 9
Mr S Ks Gh s o M 9oKs Gh s h t s 7h + S
_
n _ GSKq lMq s Ks s- q h s 9K
s Gq q h s 9K sK)n qG h S [s { Ks Gh s{s-
ls q Ks enq eKhq _ !KsKs K 9 )
+q q [h _ qSK q Ks
s M 9K GSKq qq s s M+K
Kh _ qSK _ sG! s htqq s iq sK h 9K s0 Ks 9n
_K sQ sq h [Kst 9K Ks q &! sS KKs q
r qKK s Ks tKs w M 9K + K 9
KK sSK sKmM 9 9 s lh t - = h M h o
Ks Kqm Ks M {
ls - 9 h hS o # G G { h nG r 9n h
M [ls MG 0 r 9 Kstn
MS q eKst ) GK r
s #lh MG G Mq GQrS 9 [KoKs[ KK GK lq r MG
Ks M s S
r nS
+K s ! K
- Gh sq lKs KK GK q r 7 G nq Mh +s
]
n A hi s - 9 [Kh Ksqq
- s S
r =S
lKh MG _Ks
S n 9K KM 9 onqq qiKs K GS GQi s n K
ls +K! sts 9K q _K s Ks s 9{KstK Kw
Ks GK - }lho Ks Gs GoS- h sq Ks n
GK Ksm
- n sq h n r #t qG -
M Kst KK GK iq MG { r G0 G h
KsK 9 h sSK lh Mq Ks

M `Q
5

;Y X\

X\Y

;N
C
<N 3
,3 g[

<

e
<

G C

;3
D
> 8

3
C

(

8 #8(!

_
98I
8IC

$

0

1
d G

1

CV
<

G
O/
g
]

1

^
3
V

/ ]V

e

C<

CM8
g3

O
/

0a2
_
9,Y

$:C E
8I)
/
;2

.

1
e
N 1 M8
V
+2
1

]
1

=

<

<C
X3

1

1

<

>
N

G
/

C3
/f

9, 8
V
G
1

=
,

Q

36

1
C

7

,

1 >
8
@
]

/

" 3 >

3
@

,I
g

E3 hQ

5P8`B#87!

R$AC
8 C$
IP8B#8T)

$

.

E3
_P8` , ]3*
G

98

e
[
V
.3
IP8 ,< ]3*
_
7

G
,

L
R$A<f

K#,

N
\

G 8 8 , "

$

8 VCf
/
E@ _
1
1
D

1
9,
G
5
g\

G
1

5

O
8
!

$ 3
B8

8
?Q

.
C X3
6
g
1

,
Q
0
C
s
]
V
1

1
1

1

5

B8R=
1
P8 8
8 <= 3 >
,

_
,B
E

,

8
]
L

@ aF
X,<
[?

N

N
N

CA <N 3
K#
;
;

>

=
C

]

.Q
8(

P8

NC

,

?
G
1
V
(
M8(

"

1
;
O
s[
8

C

.
,
W

g
85R

0

C
<
98

+2E
h3*

U
]

+2E

@
]

N2
+ S V
M 9 q! Ks 9 9 K Ks K[ r s Ks
M Ks hK 9K

1

K
1

Mv~`]

1

g[
E3 G
G
X^

98
/-U
h h )Ks M - rqq 7 q s sq7 9K s

q o 9K s Ksls 9 G s q r
0ls h % h q{Ks EK 0 M 9 t hw Ks
GQh si [K 9K sq K 9 # )ls q !G
9 s o q sqSK [K # 0s K 9Ks h sq h KKs 9K K
s GK oKs{ S 9 ) _ l s + s 9K{ sq ) Gh 9 s
Ks r M sSK lhlK 9K q s h _K Als
r sSK G 9 sK r sq [Ks -K
[K + sq [Kss 9 G hq[ h0 Ks -K
lsKsq 7 s & h K Ks q +q _K 9K h
Ks _qt }Ks _K (G S l h
K K
s { 0 G _Ks
)
<

@
G
<
h
N

G
:;
8X#62g 8 #8
9

1

*

=
e
O3
V
Q
8 8

_
C

C
<
V

3
]

,
*

D

C
:C

6

L

7
1
>

>

0P8 ,-
98
P8

2

*3
= 2P ;
Q

5

57: 8 8X#, 8 #

;
C<
H
Q
Q
G
1

=V

,

9,< ;
E
2 :C

?

1

1 8 8 #8

98

/Q

e
DQ
/
G3
@3*
X,-3
7N
<

;O
C

V,
V8
g3*
.

#8
V
Jq,air = lqq

J = lq
1
1
Tp Tair
1
1
Tp Tair
lq
1 (wH) (wS)
+
Tp
w
w
1 (wH) (wS)
+
Tp
w
w
8 #
8 #
w l l l l [ s M KAqr S r Ksl Gq ls o q
Mq S 9 h }S
Ks 9s sq ;
)
KsS n 9K Gq lsq- S h M Ks ; q _K s 9lKs
Gq Ks t Ks M ! Mq AS
q K KsqQ 9K sKs
r
) q K
K 9Ksq G - r
CK 9Ks
K- q GQ s _ 8 wKs h _ 9K
Ks Qs MG K _ 8 sq q qq r s 5K 9 sG
q r [KKs Qqq
s qStq eq- S s n K
G + h Gn Kq l h
K K ls q h -
K s n h q [KoKslqq
hS h -
KKs

qq

,;
*
>

8
F

$

C

:C

L

I

8
M8

D
.Q3
8

O 3
1

g 3
8

L
#s 8 #L3
0[
# 8 #
? ab

8

8
": X8]
_ ..
*3
h
L
0Z,M7: 8 8
Q3e,
s

QL ab

.P8I+B#
?
@Q >

1
/3
(
F
C
G

1

,

1

] $

C/
#8
35
F

I
N

(

1 >
<
e": 8 8 #-D 8 #
r
M3+KWs
lh rqKK 9K Gnq h s G Kt Ks _ qSK Gh 9 h

q qS 9K s h Gi s 9K s '0w n K r Kq
_SK s K 9 & K 9K s GS s Ks 9
Ks sSK &Q - Gh s ls r h s
s sqwKs &qK 9 Ks s 9
G0 s s n
K lh Ks !0K 9!Ksqm 9K s sG[Mm S r ls
q sq0 q l h
sK 9 GA s n K
_ 8 _ qSK K 9 Kr q r h K 9 Ks
K- q! - ! s + ls[q qr S r) K s
8qStKs h h7 Ks _q s _ Ks n Ks
K- q eq qr S r ) nqS{K 9{Ks r
sSK _ln M+KK =q _K s swK 9[Ks w sq 7
mKs h 9[Kh h r s ) [ q
y
q sQ K
h M r GQh s [h
sqq s ! K GS KQ Ks n - -qq GQh s
K + q M % M 9 GK q r ls h G
9 7 Q G r swK 9lKs r 8 sSK
sq h o 9K e Ks h
S MK _ql hK 8qq
M sq h)Ks n G
q r 9oKs & Ks Gh s q s 9 [h Ks7 S 9
9 K M 9 q Ks r s ) hK 9K 5 K 9 q

i MqS0 KstG sSK e + 7Ks S
9 ! _ [lsG # sSK G sq
q
Ks sqm _K h Ks S 9 0 _ G s s GQ
Q q ] ) oGh 9 s [s w M 9 G 9 r 9 s
Ksm eKs K - s lGK K 9K s nmq h
r qKK onq s0Ks0 r sSK n r

;

:;
/h[

0
/3 a2
e #8

5
< -
#

_ 8IC

I

+2

0
$

1 >
]
F

;
C<

C@
2

D

8
"
,B

8T
C <
F

U3
[

1
,G[
*
g

,Z3
1

e )

1O

5
_?
T h
X8V*
F

8
98

s

G
1

1
:C
TQ

G
$
3
7
,Z
@36
6
O h
G
_/

8
h-7EIPWI

1
>
7 3
,

W
[
]
6

;

)

@

1

1
1

b

G5Q
2 *
g
L$ ab
*

:;

8$)
2
53

1

2
1

C/
<

=

C
$
]

?
=
;

1 3
s[
,
8

,C3 g

1 ,"3
7
< <3*

U3* =

]

1

+2
1 2

Q 8

B

G

M8*C
G
1
N3* g 1
L

X8I

;
<
C
2 ]
E@3* 5[
f 3

;

=
*

1
CD
C

2

Ch
<
O

3
#L3

g
,N3
s

< P8

V,

<2PQ3

b
$

1
CV
C

8"
$
?
C2
P8 8, B

EB8

G
1

L
7
e
G
1
6/

@.Q

]

%

<

L

1

Q

_
a2

*

$Q
8
hsL.R
ls 0q Q sS w
h Kh qQ w
w
hKsS 9 9 9

C

'
VS
3*D

S
3*

L 1 Q 8

984S
fC d!$<!0,

,%'
"
, '%#"

#%#"*

"
"
).%
!#"%$&')(+*-, =>@?A32# 1CB7DE1 $&(9 6GFH

a,b
'$%
KI JMLMNMOQPSRUTWV-XAY[Z9\-X]\_^-à[Rb\_^_RbV-cced
y \-RUz{d9^_T]V-J}|if JMdET~g8p_V-d9RURQObPST~cPK`d9Jh\-Pjl\rj[Z9Txuwd9JMvMZEdEdceVrTxOUJMPbLRU` d9ZqvnJM\_X]\-^-`
yiQrh )RU\_JMLMvMdET]c} y \_RUzwVG`
a
'Q E&biE&21[&'bi'
+q+K_q&AK-G xK~-q
tAE+Ut'Ew%E'b&UEUq
K3QK-x~-q_hUQ8 32xt&AK-G xK~-q =qU 3Q 3Q-7 3Q 9'+NG>1o>!E>C+
S 3tnSrqQQ-KGK3MWb-{&[M;+WKxEAqqWqG
#q9h+
q r m _ 9 G G A s -qq Ks _K sqMS )q
Ks GS sK 9l n 9K Ks rqq i +K s & S
K 9 M 9K h Ks 9o q- h r s
K lhK 9e M GS K GnS 9 G s
q sK w sSK e e Gqt !K )lst _ 9 ; Ks
rqqQ 9 K _ 9 n h s GwKs 9KMS q Ks h
r sSK 9 Ks GS 8 sSK 9{
Ks h 9 iKs) GK# 9 9 ) q
rqqQ h{ Kss sK ] 0s 9w h Ms
GS _K 9K eq
n r Gh s 0 _ 9
5
M
h
q
K 5 n+Q G KK
G m KsKs t MG K rqq
T
-
5

98

1

1

8-

,Y
V

= [
$
$

@
<C
G
iNjkl7mn+opqEUz{xz\yNtCy
E3

8
h

0
1

,
E3

Ch
<

1
I 1

/
a2
D
1

G

,

X#8LR=

h

g

;f
< 2

P8 8

C2 F
/
G9,ZD
g

1

,

7
(
D

Q

,
X,B
1

D
1
Q
,6

L

*

1

;
<
7

T

CV
C
=

/

( -6

1
1

1
1

,
O

Q @G
X8
jx n+mvYkv`n+mot zJmx|Kxòt;p nKzJwuIj1muam1k|-v` z{yNz{pw
z mx|(r*nm1jKpKp/yw tCnz k
WBTI7<BPW
sK K !qq - sq h K _ }Ks 9K sh 5nS )q

sK K % - 0 _ [K Ks 9 9 m sK 9 9
sK K sSK _K 7n _- -qq -qq) 9
rK o sK K qS 9K qq s ols 9K sKh } +K
qQ sK 9 K % sqm- s )Ks 9 K ; _K
e hsK sq ; _K
8 & - -K l 9!MGK
K s sq ls s 7 sw 9
9
_ 9 K 9 G qKsG s h m Kss 9K
s Wq i sKK t s h M hi sSi i Krq ls
q rK
h-q sG qKs s
5 9 K
s o h rs GKKh o h h hqK s CKs 9
h 9K }n sq r sq 3 G }r sQ Gt h
_K } S K Ks q hS n i s M+q
q q +
hs + ! h
K K
l h [ S K mKs q
lsoG A r sSK 9 M Kso sq
_ qS S K oKs q 9 h
sSK CKs n hS s C 5 hK 9K sK Ksq sK 9 rK 9
Ks sSK GS Kso _K snoq sK r ls -qqqK 9
)

Q

V

1

3

/
!<

G

N
<

<C

1

U
E

<C

C

s

0 !s#
2
V2

8

Qg

M,
X3
5
1

X,

#

O

,

@
X8

;

8$!
1

9,_

1 8
c/
9,
COV

;

<

<C

,(3

D&-'*!

I
Q
, 35 D&W

2
1
,<e

d:C E
7
1
%
. &-'*!$#

/
e
M8?T
;

1
;f
C

Q9 X3
2 .

s
N
Q
$
?

]`
/B8
I:;
G

, 8 8

X#
X#

g
1
@
:C

,
O
Q
e

0P<!$#8&
8

/h
1
>%&-'*!

1

Q Q
s

s X3
g

98"!

Q

,3

1

QW

Q`
<

Q
X
0
Q

CU
2

.

1

'WS-;-WW
M [K h sSK qmKsh +sqK{ h
;S s lh)K 9!Ks n! r qK + sq hqK s sK K
qq +K Gnq s h sq KK - Ksl _ t S s
KK rqq h
lh n 9 } K s S K eKs q7
sK K qq S K !Ks q) 8 _K 9K o
Ks K- qq
hqt -qq & s Ks K
-qq ht i
qt sQ}K -qqqms s
q 0Gh 9 s [KsmK 9 h sSK
lK h r sq G [ Ks _K sqlMS q Ks GS sK 9 oK 9
[K mq sK 9 s h r sSK [ 0 Kh G
Ks
& [ M h s M GKs 9K nS )q
Ks h
GS 9 G sSK + -qq
[K q sK 9 r{ { sSw h h 0lsm _ 9 Mtq G
G o KsiKs o MG K A Ks -qq n q-
Ks)K 9) h sSK G%Ks h _K 9 #ls GK 9K
hS h sQ _ 9 Kq Ks sq 7 h K [ 7s
rqq h n Ks[K 9[ h r sSK
N
-qq h s Gws 9 _Q =Qs qS _KK 9K q s
M - GQh s [ M sQ m{ sK 9 hS sKs -qq
9 K _ 9 sK oKs 9 9 q 9 9 w Ksq h RG+W h
S 0-S S 0G sqQ K sQh
S + lsq h q l KsQs -qqi sK
lsis sK e M K sK K qS wK 9{ G iq
K hK Ks G =qq s s h 9K s [ rr r
Q q m r _ ls qS mq KQq
-qq h _ s GS 9K h +K
s 9m h w s s +q h + s Gqo s 9
h Q 9K rqqQq s 8 KA G Mq hSG qG s
+Qq _q { = hs
K
q K0Kst GKw S tKs q 0ls h hK
sK 9K 5 Ks -qq 9 K _ 9 iKs GQq rK s
9M Ks q!Ks h 7 Ks _ 9
a4

$

D3
B8
V
/

CD
C
]

[
"=

1

X,
@.

Q
=
_

D

Q

h

0f

8
1

C

Lg

1

f

1
5

/
1
<C

T

g

._
(
L

5
P8 ,T
NP8

$

,
/

1
8T

1
=[

h
U
_
/
I

f =
/
8
7
.
,

1?3 ;O

;N
<

1

,M

3
9,Yw
e
,0
b
b C

N

s

B8
2

1
0?Q
N
1
,

sQ

>
,7
G

7
e
_Z

1 GQ

/
]

BB#8

O
:;
G ,
*
G

1

g

Q

_

%

Q
*.

1
G
1

1
T

M

G &
1
O

Q
G UP 1 #8
8N!

0B, L NQ

, P8 8
L
7
N
O
s

N
1

1
$ 1N Q
P8 ,
B#8
I

,
g

3
]
1
s[

twu}z kho;jPn+w;oBw zJmxfzQpsnj>otKjoVPmhwyNz\xz{yNt<yG8
63

,

_

=
536

98

/

E3

C<

98

L
pPwEjsz\x@l;zJD\jen+wEj0m+0jxZjn k

;D
<
G [
G
"

Q
F
G
8

;0
C
V

1
;
<

<

0

b
7

;
<
"
1

1

/

1
>

2

6

8h)
7
0
0

C<
O
0vYnm1jp1pyw t<nKz kDz\xYozJ>wPmn8N) $3

G

,<

G
*

< 35
B8T)E
$

8

9,

<C
3

X8

8
/ [

0

ÒM
9;W7I
rqq h[ [K 9K K 9 n GS KQ 7G =
sSK 9
@lh K M 9 SKs
r sq (dS/dt)
eKst sq J h G J !
; !0 Kst - [K o +!qSK A s [ 7 9K Ks r = r
sSK 9 l !Ks V Ksm _K hq

Z
dS
= A(J J ) = dV > 0
!
*

1

<

1
,

;
Q
N
X3

<
1

1
V:C
irr
3
@
1

E

,
;
h
out
s
dt
;
1
;
Q
#=
s,in

1

C

U

s,out

V,
#
;
$

;
$":`89
8X#8
in
s
irr
8X#
ls } sq ]Ks Ki +q G n hq K hK Ks
_K [h Ks r sSK 9 +q i 9K mls
r sq Ks +Ks q ws )S
MGK nKsG_KqS h 9K s [qq _ 5 Ksqq
Ks q 8 sSK sK -M n+KK ls )
sq q sKK s 9K sK 9 s Ks h Ks
-qq s
S K Ks q +q 9K si
q r [K KsmQqq Ks q
ls - r sSK 9oq 9 sm 9K # s n K hs
s K 90 Gq [Kh _K s 9 9K _q
qq Ks h Ks GS K 9e n 9K 5 KseK 9
h r sSK ols _ _ K 9 o 9K
sq h 9n hKs -K K s G K 9 s 9K
9 9
S K Ks q h rG
cG
S
h sq0Ks r = r sSK
JX
=
w J iKs - } } rK i q sK h X Ks7q G 9
K- q G
l r s wq ih 9K Kr qq
s0 Ks hs s Js + q- S L

;

V,`3

;
Q

.
Q
[

CU
<

<C

e

.

U":`8I
8X#8D)
L3
K

?
1 0Q
03

/

;f
C
0
d

>

G
V8@

,

98
X3

,
Q3
8

.
N
e

,Z3
C
:C

8

V8=R=
98
C<

>
<C

s
/
.
1

1
.
$3*

U
8

f
1
Q 1
:C
DQ3

;
C
f
1
/

N
X,
;
<

1

:C E#$

1
s
U;
1

1
1 1

D

U

1
g

2

Q 8
)

[

$
<C
. $s

;D
<
_Df
e ,
Q

C?":`8W
_P8 X#,
8 #8
8 #
i=1

,

C?
h

857
;
I
U

=G
E

-

F

]
d

N

;
(

#^
ij
Ji =
n
X
i,j=1
Lij Xj
8 #
T!rSGM
s ) m - [K hq
9K s{ n K K e GS Ki

G ,
7
Q

s35
E3 $

1
) Kr qq Ks [
I
3 .
^
J1 = L11 X1 + L12 X2

3
,
J2 = L21 X1 + L22 X2
8 #
lsG r sSK 9 (dS/dt) K q Ks n 9 Ks

rr r +A sKs h 9K 9! s
q qq
_K 'T0 Ks _ +Q E e + e
lh 9K qQ Ks r h Ksq [hQ G h M h

K 9
r h
1
;
C

,

V8_)
f
Q
1

1
:C
s

,
_
1

L C2
,
,`
=
loss
< Q
G
1

N:C E
h
1

D
C@ f+B#_U

irr

V,B3

C@":`8-
3*
8 #8

C Q@+B#8
Eloss = T0
dS
dt
8 #
irr
l s eh + 9 G ! r sSK 5 q h + 9 s
h 9K q qq lh G 9
# s
lsS ) Kso ) s
K 9 K + s % Ks r sSK o 9K K 9l _K
s K 9 MS q hs s s + sqr S r% =Ks
9K sKh L = L -Ks{Q & s qS r 9K s
% + [ Ks - h sSK 9 ) +lKsl qK
; GS
AS { e GS 8Ks
K q hs s K 9 sqt AKs GSK s0K 9[ Gq hKs
s 9A s AMS q Ks GSK - Ks!q- Es 9K r
Ks q soKs 9 K ; ![K +s h0Ks GS )ls r
r sSK 9 n h
nMqq q
S
C ,I
d
1
:C E

1
+ B#8
1
;
C

s3

8

"
/+ #

R= 1
-
/
Q

_
ij
G

1
s

6

;N
<

_
C

5

>
$
@

;@
<

C
Vh
R= 1
+ , Y#,W

1
F

2 DR= K
6

SLG
E3

1

1

.":`8C
Z
Q

8 #
8
9,R= 1
ji

s? 3

h
1

s3

;N
<
N
G
*36 *

#,
+ , Y#8

=
E3

;Z^
h
s

1
0
s
G
1
,3 6
$P8 #8$S

s

a
=

Q9 X3
$
,"

CA

A

f

1 $Q

,
N ,<
s

2 #,

,

8
s

N S=G

LP8 #^
= B
X
rj
+2
r Gj

1 dP
1
+ D Jq
+v
T
T dz

8 #
[s Ks[ +Q &qSK Ks GS
Ks[ 9 - h sK
9 - GS !Ks GS _ S
0Ks whs
s t GSK j 7 D T #Ks M 9 GSKG -
3
\<
1

KA
3

Y

K#,
<A
{#,C
e

6

=\

= Q
2 #,

G\
G
1
1
2 #,

7
E
G
a
$ /#8
9K G s i{ mKsG - r sSK 9) { h
K
-S &=q r 9 s sS hq KsS
q G 9 qq ls s GSK s _Ks Ks GSK
9 GSK j r 7KswQs q0 G /T lsqq 7 @
ss 9[ s _Ks lKs G 9 s 9
KsKs
q! (1/T ) ls GK) s!mKs q rJKs AKs h
-S
Ks q
[s wKsG q o
GSK v - z [Ks(1/T
+K)(dP/dz)
Ks GS 0 PhMq
h KsG 0 r sSK 9
9Ks K
Ks e sq +q s t 9K 9n hwKs r _K 9K
s
e q qq tls 8 +q o sK +r KsoK 9o
r sSK e Ks -
Kh M ) Qq r G K 9 9 S 9 Ks M
sq rqq h [s ) h 7K 9 iq K 9 [ sS)
sq
'{ eq siKsi h S s 7S 9 -qqq {lh
S s +

T
E
=
=1
E
E
[s E [Kst h h{ Kst _K
0Ksm h h hw
Ks7 _K ls7 _ sq E E TE (dS/dt)
nq sQ GK ls h S s h
[s Ks r sSK lhiiKs }KsKsq SK
S rqqQ [K s Gi h K 9 _ n+
[K K sS sq
M+ s _ 9 9 7 sq s
KK
+ K 9 sSK J sK-q hK [K h
K
9 stn0 GSK n q ls K t s!iq [K
Ks G h r sSK [ A qSKhMKs h
r sSK !Ksmq s 9 w sqKK lls s _ 9 [ s
Ks q Ks [ q sK 9 s hK 9K
":C
V
8 #W3*

X8

-P8 #8()

6
g
,9
a
,
Q
,`
g g

8

;D
<

V8
)
G
3 @
/

<
)
,<3
8 #0
1

.

h
>

?3 s

G
5

in

V8

F

dQ

_3

1
D

+2

R=
s

8!d

<

eh[
>

0
X8
dS
dt irr

in
"
:`8_
X3

[
irr
F

G
/
8
98.
.3
U:C

1
dS
dt
_

>
1P,

_[
G
_3
N
e 3
X

/

g3 W
9^

LN
irr

.

_/3

98

f

6

3

G_[

1
min
8 #

<
/

0

,"":`8*
M8

;f
C

out
8 #8

/

1

1
8 #

/
8
X *
<

V,
out
_
<
in
Q

$
<
?
1

;V
<

,93
1
$h 3

,
:;
G

O
Q

;
<
U

1 V

d

in

C
out

6
M8
s

F
f
*

8

":Y8_
s

_ ]
1T

1
s

_

,

,
s

s

=
9
,W3
-
g
6M,
L
$

f:;

1
*
1
;
<

C

EB,
N Q

1 -
<
GZ

s

G
1

_Q
U
[
1
;.
C
,

1

L[

6 SLG

+;
1
8 B#
T!rSGM
_ %
n % +
l
rRe %hE x 5h
Ks GKi t GiKs K 9tKs +t M K 9
KstK 9t h r sSK 0
W% h
h
q h
l h S
S
K K }S
S
K K G sq S + 0-S iS
G sqQ K K sh#S +
% h

M+ }K 9oKs7G [ sq
q r GSK 9K hS-q W s 9 h _KK 9K q i
h [s CKs r 9 r sSK C h _K K h
Ks0K 9w Gq 9 )K { K 9 q lhKsq G J
A
G h sK 9 G
s
q 9K s[GM r s qS - 9K s W h

KKs w 9K s Ks A Ksq M
h
[ 9 K 9 h _QK 9K o MqS ; h q q M h!
h KKK
Kr q r sSK KswK
Gqi K 9 qw Ks -qq wlh{K 9 r G eKs ; q
9K s 9[ _Q s hK _KK 9K q s GKs Mq
9K 7 h r K mq K 9 tM G hK s s h
MS )q Kso h KKK sSK qq s o hK
9K lsw hK K _K K hK 7 qq s sQ[AK 9 [hQKs
q+Ko s
h 9K 5 o eKs KK
M KK ) rqK q+t }K 9o M
s K 9 &s 9 s Ks Mq sq r 9 Ks + [s ls 9
s [ +K0 s l {Ks hKs ! 9 Ks
l _ 8 _ _ M r0q _K s sq ! q
h
ls ) oS
qKs Ksq J
A [hQK 9qK 9 sSK _K Ks0K 9! h @
sSK C 5M GS K q sK r Ks Kr qq
lsKsq G sK { S K Ks q rqqQq [s
[ s 9Ks wq s K 9K C 9K s q sK h
Ks r ls A Ksq G M+ G hqK K K s 9
h
K K s GS
S
l h iS
S
_KK 9K q s
7S ls s 9h C Ks A Ksq M [s
_ Kq S 5Gh 9 h h sSK 5 GS
(\
9]M

X X{`
GQ
0
B<,
,-
S=G

,7B<,W

_3

1

D
1

G

g
Q

B#8_)U

0+ # 1 ]
:C

6E

Q

1

1

1

E3
0

(

=

1

5

@
> +
3
1

1

1

/

D S=G
P
aF

#86R

1

=

D

Q

C
*

. "
3
O
Q

G $!=
,
a2
3
:C

e
[2
= e

2

,

8 )
#e;
2

;

1

?P8 X#8

1
X#,

1

<
1

3* O

t<z vwn z z mxdm_mn+1jp

L
P8,
G3
D

/ 3
>G

V,
G X,

=
@

D

e
a[ V E

G3
V
1 P8S
8
B<,
Q

_ ab

Is
<

1
$3* g
d;
]
0P8I+

36 W

D t<z vwn
0 "

GY#
,W #8
;
"#,3

<

7

?

Z
Q

;
<

V ab
_36 L

L

Gd
G
O3* @

1 C

1

Q

36
@O
?

:;
1

,"

;?
C
1

8T
:C

s
+18

,
:;

98

B#8
1
C
<

W
M,

,-
LP8

Q 8

IP8
0P8 ,
.P8
R= 1
6

s
,Y ,;

z z mxm+jx n+mvYk vYnmot z mx 7I#,=

*<2

0P8 ,

;d
<
L
1
X\`
G
1
.j tCz vwn z\ zJmx

8 8
sA
YZ M
.P87, ,-

, ,`

+B#/

1
hO
> U
,

35

;V
<
0P87
UV

s ,;!=
*

E3 E

1
:C
D

U
5

0
U

C
<

93
3

TP8C, #,B.
E

;

W
C<

/
<C

]

DP
Q

8

NP8
G

3

U

_K K S
C GM r q s K 9K 9K s7
_ 9 9K _KK 9K
0S
ls +Kiq rr sS 9K Ks hK 9K G
h
sSK -qq h [K q sK sSK G +
iG sq sK hK hq _Ksq _
w lhiKsq h GKqiKs tM q l K 9 qK 9
M s o Ks _K -_ Ks tM 0 K 9 K 9 q! 7Ks -K
sQ K 9K 9K s GKs q sK 9 M
Gqq r
G sqQ K K S Ks 9 ! Ks!K 9[ h
r sSK [s Ks qq ) K 9 qK } 9i K 9 q
Ks[ _K # - mKs ; GS G Ks oK 9Ks
9K h sSK )
9 Gq M
[ [ h q h n _ Kswn q _K s0 Ks{ -K
ls [ s GS ) qK 9 0 h _ - ho _ 9K
h e KsqK K SK s [ Ksq s hS
9K )ls q 0Gh 9 s ) 9 G MGKsqK
A + h A 9 - - 9K wKslK 9 h
sSK e Ks Kw hK q _K K 9{ qt S
q h 7G sq K
s Ks 9 o KsoK 9 h r sSK {K s
Gq 9K s K qq + _ r Kh '=q 8K 9
s S rw -K s M+q!q K 9 GS KKKq ; !
h + w s S t M 9K K 9o Gq 8 n 9q [K A =
G 9K q sK r Kr qq qQ s +qtK 9t sq n 9 -K
K 9 n+ h @ sSK 7K 9q) n!
; [
% h
{Kh h 9 q _K s qq s
_ q
0Ks n+ G G rqqQ 9 K -Ks{K 9[ [hQKs
-qq0 M 9q [K h sSK [KKs 9
sqKs sS J %lh K 9l h sSK G#Ks)h +sqK
h S s K 9 n+ [tGh 9 AKh KK sS ls
! sm h sG!M GhS h sSK hs )S J
ls ! Ks rqq + sq o M Ks 9 9 s W h
[ [h GhS- iKs0q s + Ks -qq ) 9 AK 9

Q

0
Q
h

DP8 #,g
P

;.
<

C

O #W
B #8
g

g
8 '

(

X

8
:C

V[
a2
G3*

? *

.

Q
V,
1
<

g;
s

h;
V,
:C

G

1

1

Q

>
s3
0

1

8

h

;f
C

U #(
3

V8 -

0
X3
G
Q

,
,
98

<

0Q

/

F

>

C3*
$
Q

I
_

1

I
C

1
s

1
/

]
9,
C;2
;<

^
0

;

>F

;
C

8

1 I 1

1

;
C

V8

#8
]V

g
fN
F
O B
= I$
_3

N3

O
>
]

,
0
h
1

>

L

1
M^ C

g

/Q
1

1

1
;

X P8 8 X3 g

8W)
,
1

1
sf ,Z

L

;
<

Q

/
1

s3
7-,

1
>

@yw tCn>j8" 3

,M

8

1 /
/

,

Q
F

h+ #
1

s
s X35

<.

U@
G ,
X3 @;z;l7wk
1 V3
e
N

7-, " g 6, "_

I "

1

g3

5

Q
6$ X3

T

<

.

C
<
Q

6

T_
0
.

=P8WB#8

/Q

O

"
EB,
/
1
e

"

CV
C

1

E
>
/

1
0

;0
C

I

L.[

9,
V Q
_
G
2

Q
*
C
e
C

Z B
3
3
s
X3
#8

8

#
8TR=
Q

ihh_ )nS-qQ-KGK3MWb-
Ks S K [K r sSK sG s Kh0q _
G% h-q sG# s %Ks -qq M 9q [ 9% M+K A GSKq

eQq 9M K 9 G }S 9 C sK K w -K
h +Q0 !Ksm r sSK e -qqq )ls !Ksi
sSK e ;Ks tKs K swKsi _ {ls G
wKs KK e M K m Kso s 3 sK s
qq + n MqSK 9 sK 9 9h s%K 9=Ks sK K r _K sK sG
G t r 9 t tKs sS +M Ks- qq+ _K G!K 9#q _K s
9K eKsoK 9 h r sSK
sK K % n 9K n s = sK K %qq sMq s! s
8 K[ sqt QK s
') [KKhl G K 9 ) M+ G wK 9 _ 9q!s
-qq{{ M 9 K 9i h sSK
Kh G !Ks
ls h s GAKs 9K
Ks h r sSK 9 Ks GS r sSK 9
-qq[ - Gq o rqqQ h sq
-
/
W
X
_3

V

;V
<

X3
7

h

<

X,

C

*

,

1

1 6 B

Q
1
b
N

*3

1
I

G
0
,
.
1
8

;
C

B8/

Q
0
,
/

Q
.

1

Q >
$Q

X8

C2

s

8

I

63 g

1
$0

W

;@
<
B,

0

1 Q

1
U

6
.
=
1

;
<
,
e":`89

6
3
98=
I [ O
h
$

C@
<
_vYnm1jKpKpgyw t<nz\ k.z{xòz 1wPmn,

;
<
@.

8
><

5

E$

G
1

L .
N
M8s)E

.Q

$
Q

L
`B";PEI7Y9

;D
<

N

O
5

3

1
*7"%B" 7BT

1
8 B#8
ls7 _ 9 Ks !os
KK -qq 9 K S
-qq [K + sSK 5 GS 9 oo n 9 [K
h r sSK lh{K 9t M 9K G0Ks qK M+K
q q h 9K h SK CKs !7q K hq
q K 9K i 9 q KG W Ks +K s q KG ls h 9K
M 9K e ; 9 nKsmh + Kst _K K 9t Gq Ks
-qq r sK sGrh + Ks[h + [ sM[ GS KQ oq s
r sSK W mq sK r Kr qq tls h qqm q h
Ks tM q r ) K 9 qt GSo Ks 9K }Ks sK
M nqS ; 7G sq K K l s )Ks 9 K S !
sG h s h s m 9K i s-+K n m K 9 S
h Kh sq K 9 ) Kh K 9iKs h n h s
slK 9)Ks -qq GKK _ sqqqQ K Alhlq s sK
sGM Gs GQ 9K h S s s
sK 9AKs ! ; Gq AqQ s + n ls! _ 9

dS minim
dt irr

dS actual
dt irr

0

X3
.3

1

1<

,

X3
*

/

h

736

*s

C ,
>

C
7
9,(

Q

P8h

1
B8
F
G

8_)

1

/
D
E
U

1

] D

] C
N

#8

1
P8
3

K#8

K#8
G

0 @?
=

$ 3

;363
1 e

1 B,3

6

1

B
;36
%d
e ]:C f [ M,
9,

,
8 B#
.
E
.

1
1
9,=

Q
a[
E

6 8 8
T

98

Q
G

,
E

;
C
GC

?

<

;D
<

1

GU
3
U

X8)E

V #( 8T! 3

8

S 3t nSrqQQ-KGK3MWb-{&[M;+WKxEAqqWqG
GQsq h [s Ks -qq%% M 9 9%Ks)K 9) h

sSK )ls rqq0[Ks 9 sGKh M h s
Kh KK rqq K + Ks tM t - K 9 q
w 8 -qqq hq Ks sS Mq KsS
-qq 9 K _ 9 G G [K KsS 0 h S s

s 9 {QS -qq h [s 9 en Ks
9 lsqQ oKs rqqQq s 9m h s 9m _Q
9 -K _ 9K C ) GS ) &q M s 9K 5
_ 9 9K _KK 9K 5q
n r -qqi eK 3s 9
K & h Gh s ls 9 Ks 9K s ) }Gh 9 s
0-S !S ;G sqQ
K
sQh%S + q nqSK
ls q A Ks! 9K s + 9 lsl 9 K Ks GS
r sSK 9 (dS/dt)
Ks h r sSK
9 (dS/dt) AKs! qS rqqQq G GKsS -qq 9 K
_ 9
lss 90 h rqqQq ) m 9 Mq sKs KsmK qK[
h K Cls q + Ks ) sq Ks 9 lGK
h ) q S K h K Ks0 0s 9 h
ls [ q _K s QKs oKs GQ ; sG q
K
9 q MqSK %Kso S h Si n 9 qi
KswsG[K
q MqSK 7Ks{s 9[ s lq- S
Mls rqq 9 K _ 9 G
7 Ksoq
q & rs 9 h q MqSK }ls K G
9 K _ 9 _ 9K eK 9 } MG K M+K
Ks7qq G Ks Ksq G _ 9
Ks7 hS
Ks 9 K _ 9 G0h + +K h mq s hiK 9!Ks m
sG sQ hit Ks{q r & {s 9 h [ 7Ks )
M 9 s Als{s 9 h -qq mq r & !s 9l h
9 rqqQ ) s + sq
ls -qq 9 K _ 9 e ) Qs GS
-
K Ks KsKh
KK sq 9 s -qqo G
Mq q 9 Ks C Kse sK K sqKs [h eKseGKs s )

B

<
Ee3
98
$

5

hM7P`BP-7
/ 3

]
Q
O
,

f
1

2 /#8

*/

Q 8
C
B8

E3

G

1

,

N2
V3

1

UD
a2
B8
-
88
.
1 5
/
L

;
C
,; "3 `

,

7

T
E

X35
1

G
3*
9,Y

=

+2

g

D

d

8 ?
G
Q

+2

8

,53
8

8O)E

,
L36

R
88dR= O

U 3

-
]
F

a[

EB8*
;

#8
N
G
1

1
?[

L
O3 -C X35

B8

e X3

3* G

g3*
* EU
#,

1 8d
K
0
G
G

^
N

>

1

,

E

D
3 f[

,I
G
X3e8

#,
G,C

P,
h

0

g

,
Q
]
N
L.
/

03
?
8 O<CA ,Z
$
E

1

>
actual ,M

+2

F
LP8M #,
irr

D

;

,
63
?+

*
6
e
X3
A

B#,
G

G

Q
LP8W

1M8
;

, 3 2

;
e

. 1

1
minim ,

X,3

E3

*3
g

,
0
irr

8

Q

;
C
1
_

X#,

G9,7@
N
f

#,U
>

NC

8
WD
R

0 a2 C

U
S=G

1-
G

Q
f
C

, 53 - 53

1

1

Q
1

O

1
8
N
V
,`D
X,W

1
e
Q
/
ab
V
7
]2

h 3
8
E WGx-WWs
Lu w
S
-qq
w 90 _Q
&
&
_ 9K
s 3n GS
h GS
- 9K
_ 9 9K
w
n r
K
Yw;u]j
;{8

(dS/dt)V
(dS/dt)
O
I
+
_
Wj0wB twu(jxY n+mKv`k$vYnmot zJmxn+wBEj
actual
irr i
minim z\x
irr
w xYoh\j

a Jpj>j0xYmEjp/ "mne\j.m\jn$pPvj>z *>w zJmxp
\jeyNz{xz{yNt<y
vjns
jx nmKvYk$v`n+mot zJmxnwEj
vYn+mX1jKp1p.yw tCnz kz{xòz 1wPmn
A K# actual
A K# minim
b 9^
' 2

=g
'
8

+2

$g
]
R

+2

9^
V

1

!5 Q

c
9 Q
L

b
c
d
e
f
g

irr
irr
"
8
8
<8
8

;
8 B
8
<8
9^
8
9^
=) {' f
'

d
/e' e

g

6AD>DfDD
6<(>2><y>2<D>\(h\c>JJD2D7}>
<
6^DcJc}DD<h}><c><D77..\cV yA2

6ADJ}D><<}<><>>7R72@2DD}}7
DR}>
6#(D]J2H>V<7Dv<DDJ>H8 R \ }7D2
{2R>:7>J\(\y{>c2\ 2 2
6N>J@D77>DDJ>8 c }7@{2
D}8V72{2>s7>JL\cv(c\2{>\ 2@
6AD2b<}8@2><D77Ro@2.{DDhs(8 >
}>c2\ 2
{rS K {S 0 9 KsmG sSK 9 {Ks K

GS Ks sq iKs _K K 9tq K 3n
GS so _ 9 s 9m _Q # tls _K G
sK K &Q GS
Ks r sSK G h Q 5 q
K 9 h Ks S h S S { Ks GSK _ [Ke _q
K Ks h S GSK _ qQ r KsG
r sSK 9 G M K 0-S K S Ks sSK
- sSK G
5 iKs sq) -K
oKsl hK s s {G _s 9 s {
o h

$P8- # Q

/U[

Qa2 V

;

1

.

1
;/
C

1
;U
C
Q

,_
=

;N
C

Q

1

8
a

53* T

1

;
<
=
1
.3*
,
T

8V!
V
8 6A

1

"

1

@

6

>

2

;
a
,3

;
$[

+2
3* /

7P8 #
"

8X#8
36
$

1
G
2

2
1

87A

Q
yini P in T
Feed
HX
in
A1
T1
777 7 7 7 7 7 7 7 7 7 7 7 7 7
77 77 77 77 77 177 77 77 77 h77 177 77 77
777 Bed
T2
HX
A2
777 7 7 7 7 7 7 7 7 7 7 7 7 7
77 77 77 77 277 77 77 77 77 h77 277 77 77
777 Bed
T3
HX
A3
T 4
HX
A4
out
yi PoutT out
"
7ztCn>jYuB\8
HX
A5
T5
Product
7777 77 77 77 77 77 77 77 77 77 77 77 77 77
77 Bed
7 7 7 7 737 7 7 7 h7 7 37 7
777 7 7 7 7 7 7 7 7 7 7 7 7 7
77 77 77 77 77 477 77 77 77 h77 77 477 77
777 Bed
mXz o;w z mxUn>jwBPmn/pkpEjylTz \O7j/z{xEjnKyjozJwEj
:{[4
; 9
9 lh[ q- G M+K [Ks h!Q + Ks GS
hqK 8 KsG q 9 9 ws 9 _Q tls 9 K _ 9
G Ks GS 9K in ;q sK h K K 9!Ks GS
G0nq sK sqKs w S sKs 9sQ h st Ks h
r sSK 9 Kh GS G!h + (dS/dt)
G sqQ K K q!Ks h G sSK
9 Ks ; GS h % ls q )Kh GS
+ Ks KK s 9 0G sq K
K 9 Ks hK 0 h GS G GS K GSK h
s 9i s h Q Ko Ks GS q s o
sSK lh 9 9 K _ 9 ls tM
h M h! KsK 9 M 9K lh[[ s 9 # [hs !
Ks 9 h sSK } m Ks n 9
GSK - q- r0 )7 Gq Als ) GS _K
9M sq [ Ks s )Ks KA G q- t
Ksl
n sSK G)Gh 9 s [h 0 Ks 9K ) G t q- i
GGh 9 s [K q q M _ sSK Ks +K7 Ks GS
'Ks Km G K 9m K 9 ls n
9 7 qr KsKs K h7 Ks GS o hnq GKsq
K 9 Ks h 9K
h _GKs GS t
Gs K 9[Ks S Wq # mQq # K 9 oQ m Ks
)Ksw hK 9K ) sK sq i w Ks in ! K 9 q

9,
36
8 B

j>w_jB<wxC;jnKp
X3
1
WjTmt<nK>jo
{A 8
wB>>mnoz\xCOPmGi.mXjz jnNj*wu
1
G3* 5

1"
D Q

s

@

,Y.
Q

;D
<

,

,
_

8
? X3;
X8I 3
@
1
s3

B

0

_36
.
E
]

s

s

e
/
8 .A/#8
irr

?

1

5

V
-

U #;
=N 3

Q
G

/

1
< 8 R=

<
98
/

1

1
U
Q

36
1 U\3
8G

Q

?3*
?

h#8)
U

1
98D!
$ 8
1

1

1

s

;
;

L

2
5

G
+2

=
=;
8
03*

L

88
U

1
3
8 C
(

1
8 ,3

5

C V
G
1

8
8 #8
9,

V 8
= 1

<mLpPvmB E<

3 O
$

, 8 8
LQ

]

_

#

8

6

C

/

6[
1 M,C3

0

U@

E
98
1
;
C

e X3
N[

1
6[
8

h

1
;
C
88

C
C
a
/
/
8 #8

3*

Q

1
0
_
< " 8

h

Q ,
EWGx-WWs
+q _ 8 q wKsiG # r sSK 9 K s {Ks

sq
ls rqq 9 K 5 _ 9
Ks h GS G
Ks 9 K
+r ih +s K 9K Ks M GS
_ 9 s l K s sG7 K 97 s GS K h ; CnSK
K Ks GKs w S Kh nqq q [s ) q s h Ks
sSK 9 '0 s 0Ksi h GS wK 0Ks _
M GS Alh!Ks !!K 9[Ks 9 K _ 9 sKs sG[M s
q _ 8 rqqQq @ls K GS q - K
Ksqq [K q MqSw s h q qq M hKhq Ks
9s h tM sG
s ab
s

E

1
;
C

O

8g)

,
X3
M,Z3
e;

,

8 B#8T

3

D

V

6
E
]

g

h36
a[
Q
s

[
?
Q
?

G3
$

8
V

>

=/

8
.

G
ab
@

; ,
,M

=
8 B#

C

8 3
U
1

O ,

<

;

/[
]D

,
s
O
C

Ta (z)
T
P
0
j
P(z)
j (z)
WjspKz\xCu]j+1joO ttCuwn
{[4
mXz o;w z mx@n>jwBPmnepKkpEjy
Cm<wxx`jp1pjxwxYo.iju}p ntv
2
1mxpKzJo;jn>joVk
B
950
T
Ta
(Ta , L) optimal
900
"
7ztCn>jLuB\[C8
TL
T (z)
Temperature / K
f
1
8
@

850
(Ta) optimal
800
750
Reference
700
650
600
0
7zat<n>j
h
uB ;8
0.2
0.4
0.6
Position /
0.8
h
{[4
Wj0Ejy=vjnw t<njpNm+e\j/n>jwB zJmxfyNzaB tCn>j
Cm<wxx`jp1pjxwxYo.iju}p ntv
B
Jpmu}zJou}z\x`j wxYoh\j
>mmuz{x<?wX;jx o;wp1j>ouz\x`j wpTKt<xY zJmxm+sp1wuj>o?njw;Pmn.ujx<\
wB>1mn+oz{xCVPm
+
s _ 9 9K _KK 9K q 9K s s RG+WK hS

{G h sSK 9l a M s -
9 ls7 hK [ - sSK 9
M s7
G 9 oKs -qq 9 K _ 9
q s s l 9 ls 9K s s _
s _ 9 9K _K 9K {K s +7nS 9 sK K &
_KK 9K q s + _ 9 9Kq s q rK iq
G s 9 _Q oKs SMG }Ksq h s ls hK
q o iKs)GKs % ! =s 9 _Q - s
G
G _ 9 h h Ks _ 9 9Kmq h {rS K 0S +
Ksos 9
GK _KK 9K
Ksos 9 9
_KK 9K q h {rS K 0S + RG+WK hS
ls _KK 9K q Q 9K s so G h + rqqQ
K _ 9
[h tKs -qq{Q 9K 7M s 3 s so G
_ 9 Qq 9 lGK _ q ) q sK h G
h - q r hAKs tM l qA Ks{ n 9K _ M ls
q [K )qK tM K qo GoKs )qK _ 9 G nqS
# Ks !K 9 tM [ K q K Ks{ M 9K sw +
Ks h K s o 0 r sSK
lsA
w0 GS K _KK 9K iq m= s e 9M
lh _
# Ks !Ks 9n &lh _ _ 9 9K
_ 9 9K _KK 9K eq s h _
5
Q
P8 Y# N
, -

@

Q

8 #,`3
? X3

h
8 #,
] Y
a
Gd3

,
X3
LP8

1
>$3*
/

1
G Q
1V8.
Q

Q

L
G
#,

L2

1

2

]

? ab
8

,I

1

M8
0

;g
6

X'6

e Q
a
8
1
cu
rv
m
riu
lib
ine
ui
Op
era
tin
pe
gl
Eq
lin
ing
at
per
A>2@2
1 0
\@h(D2
h D
"zt<njYuB 8Wvjn+wB z{xC?uz\x`jKp$z{xÊ 4MTwC>j WCzJju]jNozJwnwy.p0m+/wBozJw;wB z
oz wCw zJ
+ hoz{p z\u{uw zJmx 1mu}t<yNxp
98
G Q
1

O

1
U
e3

G
X'6

2
a

LP8

s

;D
<
3
G

O X3
1

LP8 #8

1

>

*6

,
1
1
5eQ
g;
,Y
#s
88G
C

Qa2

8
G e
.

,
N
1 5 C 0B #,B
h
CC 2P

C
:C

V Q
% S=_B
-
L;
d X3

/ Q

1

Q
G

f
G e
G 8!

N
CA

a
O
8e)

;< 2P
U
Q

N 3

.
E
.

^
$G
Q

C
a
<8
rv

1

riu
Q
G U
U
E3
536 =

88
G

1
es
G
Q

C
<
cu

3*
8 CA
-
G
1
O
lin
Q
;

8

Q

>
P8!
V O[
1
CN
C
$
;< 2P
,C
tin

0

1
lib
M8
G
ra

1

ui

7 Q
Eq
w wxYo
2

wS+W
lsi n 9K sq{ eKs _ 9 9Kiq s iK 9 +Mq smKsi n

h ; ! lq sK tw ls)s 9 h r 9
GQe Ks _ 9 9K _K 9K q sw 9 mKsi n 9K sq!
Mi K GQKs h K s n 9K { 7q
s sq hKsG % sSK hq GQq Kst sSK
Ksq enqq q mq sK
# sKs rqqQ 9 K _ 9 G{ 9 M -
Qh s qlKslMGK sl 9 ls[ sSK G 9
h Q q sK r sSK 7 n ) q r K n
Gh s sQh=S + r o
eKsmG % r sSK G n K h S 9 {q M+KK

9 }ls s 9 oKh G
++
lsh + s ws !K 9Ks o sG sQ nG rK A7 Ks
-qq Q + tKs[ S n 9 q) s 9 [h q h tKs
S 9 0q M+KK
5Ks[ S 9 G !q r s G s KslG
sSK M GKK sq G sQ G
Qqq
hK n r GQh s Ks
K mMl n 9 [K S 9 q _K s G + G n+ wKsl 9 9K
MG [ Ks - 9 9lS r 9K s [Ks M l Gq lh sG
Mq h GK GSKq hs )S
9 )wq[K 9Ks 9s h{ s{ G n r sSK n
M sq oS [ h h h oK K 9
Ks GKs -qqq 7l s q h l o }Ks n
- GQh s q M K l GS) Ks h SK 90 h
q qq ls rqqQ 9 K _ 9 [Ks + S!q _K [h +
= h 7 K + h r

[ Ks{ S 9 [q M+KK Q sS l w n
GQhS 9 [qK 9#Ks 9s hl sl KsG s sSK
l M K sG0

ls q 9M Ks mKsAK +Ks Ks 9K s# Ks -qq
9 K _ 9 Gm G h s } Kh M ls _ 9 i 9
GQqKs0 M 9K + -qq) K s ) sK sq _ qS
q G + s M 9 7s 9m h #q & sG

1
O

. ]:C ]/ X3 "

,
B,

/

I
GP

<f
C
G

1

UQ3
.3
-

8
$
Q

A/#
G

s

Q
8
G

,;3
5

B

]@

2

1
1
8

G

(

L
s
,

OQ

G
1

80*

1
C0
<
7PW

,"

1
K 036 $

.3* . [
$

X35
3

1
(

/
8
?s

1

T
N
L36B8"

1

+2

,(

O
1

.Q

?

6h
1
;
<
DQ

G
/
5

5 (

>

1
;

g
>

8

G
2 ]M,
6[

O
G
1
G
_
M8T!L; 9,3

Z
I
;2
s
8h

X3
=
; ,T

G -
$/
"

6
E
#, $
G
1 ,
g

1
>

T
s
O
,

L
X3

;D
<

c 8
(
M, ; ./

h

/
X8
V
1
8,C3

.

"

<U
N
C

G
1

s

L

h
1
A/#8Z'I
f
Q

2
36

gN[

=G
=
2

B

7
T

1
3* =

,Y

1
?
98.! e

;G
<
B#8T!

1

h

1
Q
88

98
) 3 _ 3

<

=36
-
3

L

1 7
<

1 8
R$AC
C2
K#8
O 8

G

6P8

1B8

U

1
:;

1
;U
C
8
_
L

,

Q
D
B
G
.

1
/
1
;D
<

G
G e

1
/ Q

:C

1
N Q
,$

q & r ls K M 9q + %{Ks h KKK r sSK
lsw _ 9 [ KK G _nq sQ0[q qlKs GS rqql
h A ]mK 9 h r sSK
sG
KKmK 9 ] Ks S K m 9m M 9K
s [ Ks
9 K _ 9 rqqQiMGK + sq
s qK
9M h!Ks r MG K # K 9 KK rqqQ
ls 9{ h SK h 9K q qq) -
w hKh eKs q q h SK M 9K 9mKs 9

h sSK sqqlKsw rr r = GS[ K 9[ n
9K w iq sQ s sq _Ks h K s M h[ K r sG G
M sq K s _- 9 e ) s7 h q qq [K
9{ q s hK K 9 ls S K sSK 7 sGn
s Kh s
! sGq s h Ks 9 K _ 9 s )S -K 9 !Ks
w s -qq{ sGKs ; w s sq +KKsi 9 K _ 9
G)Gh 9 s )Ks! )s GS 7 9 { CK 9)
K 9n h)Ks 9s h{ sq) Ks +Qq G sq h - s [h GS
h m S s MG - h + -qq 9 K t _
9 h-q Q sG sqqq K nK 9l h qQ[t -qq
ls G M Gh s - eKs ) K 9 lh -qqim h
r sK s h0S o 8 r
m h 7 r
h 9K s %Ks _ 9 t Gt qK M KKq 0
Qs qS
s
! r;S
GKs q qK K 9 _K nqiM 9 o rr
r sK _ ls h _ qS G qlKs h K m KsK 9
_K K 9 Ks - ls h K [s eKs
_K h K [K rr r s h K 9s S
sS 9 9 o rqq K 9o h sSK
G ) _ s ;Gh 9 9 _ qS q sqS e Ks GS
-qq ls -qq 9 K _ 9 0 G sqmK 9K 9!! h n
h r Ks r l - ls s sq } h s rr r
K 9 [K Kh sq
9sQ h7q KQ 5 M h7 q
s + M sqMS )q _ 8 - Kq lst _ 9 m M s
Ks h oqS wSw K K sSK &w Q M s e Ks
sK K lqS i h s+ hqK s qQ s +q s Ks
-qq 9 K _ 9 m s 9M h - sK K -K [K
q MqSeKsS 8qSo Ks7 - ls rqq 9 K } _ 9
2

8

"[

]

1
50

@

1

@

0

=

5

)
,
5

$

B8

L3

8

e

Q

V
s
E

X8e!

b
/ @

=
C

Q

N
D

G
8
O

1

D3
?
3

,
/

,

e
8D
1
h
f

2

,

2
1

98g)
8 2
"P8+X#
1

U [ O
8
8

Cf
C

a2
X8
@

=
ee
:;

2

Q
0

W

G
ab
s
]G
2
s

87C

L.
d

0

,"3

C 3 >

1 .V

8
E3

e

1
,*dd

?
1P,
G
8
W+B#,
8
M,

+2
/C X33
N

13

5

N
h

$
C

0
D

:C
3
?3

M,
2

.

gO $Q

,
73
88(
3e8-!
X3

1
7
TP8+B#,Cs G

,

,
-

X3

1

"
<
736 7

,

9
_
O

1

/ Q
1
/

F
1

T 5!<

_
8
1 G
=

1
6

1

Z

;
> 3
N
G

6
I
D

/

Q
=
* 0

Y#,-f
Y#87*O< 3
5

8$

6 /

5

,
4
=

"
P8
O

98
Z

dV 2P
Q

1

$

;
<
1
9,

;

5
8

=
,
M8f
1

;/
<

G
/
d

:;

.

I
1

D

G
36
P8 8

1
1

;?
<
98"! 6
:;

,

G
17 8O
@

L
1
g

2
/

;

Q >
.

g3

M3+KWs
q0 loK rqqQq e ) sq h K l
9 S

q n+ Ks s rqq 9 K _ 9 S 9Ks
M sq{ K -qq h ls! _ 9 K s
K wKs q qq
hK 9K S 8 r qK
sK K qq &w sqq G sq 9 MKs 9 Wq sK 9 s
h sSK e _K lh0 9 9 hrq
sG h M Ks rr r ls _ 9 t Ks
_ 9
oKs s S [ _ 9 oKs S 9K C
hK M n 9K 9 hqK & _ 9q [hQ sK rqq
oS sK K -qqq M+K - 9K K e h KK
K Ksq rqq h ils rqq 9 K e _ 9 +
r s K qq e rt r sK K GSKq % n
K hqK MKsoK 9i h r sSK G n+h
sS Kst _ q q h SK e s 3 r sKi -K
ls rqq 9 K m _ 9 sG#n sQ m sK 9% s rqqQ Ks
M Gq sGKs [ 7Ks h s lKh ) sq oq
KsG ) r sSK 9 Ksq nSK eq s +q
GKs !Kh
d g
ls hKs 0K 7Ks 0q Q sS { _ Kh q

h
@
;
@

Q
<C

1
5

f

6

?
7
W
E

Ch

N0

1

/O

h3
<<

1 #

2

*

:C

$U
>

=
C<

Q"
1

=

G

a2
G
,
12
$h
=
X8T

1

2

;2

h3 L0

e

;
C
T

s

5
X 0
6e3*

,
;h
G
/

1
.
e
1
1

1

8
1
;
<

7< 35
V8
98T)
g
1

X,C

Q
9,

_
Q
DA
6

8

s

@

Q9

?Q3
/ s

O

8
_

<

,*

7

CD
C
e

f
_
B80)
0

g3
P8

B87
h-7EIPWI
g
E
X8
I
,<3 g
]

N2
G

X8
T" UPY"9 -B

e

'

S
36

98
, ,"(,
%#&

'"(,

).%
)H%#&%
%
ls E K Ks rr r G ) q r
_ qS q s s sq Ks q qq s i qq s GSK-Kq {
S 9Ks s o s 9K q qq o sK K s _K # G nq
Ks) h_qS sQ q Q M K K wKs GK 0 i sK K
qq Als G s 3 G SKs hK 9 s s 7 7 sK K
qq h sG Gqq rmKs GSK 9Kso s
9 K
s q qq h h K !KsS %q K i sK K -qqq
ls MKhwKsqK G 9 e S q sK K Aqq Ksq SK
h + sq K Ks q S K Ks q
h %0 )Ks GK %KsS 9K o q q s t s 9K
s K _K h
- sSK h 9K
e Gh 9 _ 9 m ) _ M rm q mls K
G m 9 -qq h ] s K [h Ks 9K G
mK -qq h ] s K h r ls 9 q s sK sm
Kh[Ksq m h s M
) h 9 s [ s KsiQqq
Ks qKs
M K sK K sqq ls K s GQsq 9 K o s
; ! _Ki } sK K [qq 9 S- ) Ks - sinS
7Ks{S 9K - Ks q q s M sq sK K 8 _K
=

6

B8
g

h

2T

>
G

Q
36

N

G

$
e

Q
X3 N

;
<O
g
5
8 X3

Q

3

U:C E

_
g 3

.
? P8 8
P8 8

Q

I

*

;
C

E3 @ ab

Q7Q

Q :;

Q

Q
C
8

C<

1

8
#,-3
K#8

Q

Q;

0[

Q
G

1

03*

3e8
<Q 3 ;f

C
<<

*L

7Q

8?

1

1
L

3

O
9
1 /

$

C2

53 s
T
I

b
V

,

'

1
1

s
1M
I3*/
*

:C

X3
B8

Q

UQ3

"
B

1
?3

g
=

C<
=
]

Q 7
3 M,

Q

8
S x M3+WswEM Sqqe[M--WWsw&[G tA
) h 9 s }KsKsq SK ) G Ks KsqK
qQ
S 9K sl Ks0 _
_K Ks0 sSK h
9K e sK K rqqQq
) h M+ K q h _ 9 K 9 Mqq r Ks
sK K qq
)
GS { s M sqKK w
G s ) sK Ks [ _ 9 lKsi h s 9h Ks
h S s Ks - [q 9Kh ls sqKK
G [sSKs h 9 G q th s -
M r qS s G h h h qS KS e w {ls
K K 9[Ks ) n ) r [K _ 8 h qq{ K
9 9 r 0 h r [s t KsS
sq h sG [s
KsS sq wls Ksiq sK sSK Ks 9 G
eq th s - M r0 q ih 9K [K sqK 9K
h S 9 G q KG ls 9h t Ks h _ 9 9
smq s + hS 9 hqS 7 _ 9 [h
Ks 9Ks w sK 9 9 M ) sSK G q ih s _ n )
r G h s 9 ' G q s h K 9 sK K iqq Ks
h h!KsqQ _ 9 G[- [ 9tq s + hS 9 0 Ks n )
r GS 9q h 9K CMS q + sq M KS s
Ks hS 9 9n h [hQ M ) wKs nq s sS
) h
q }Ks h _ 9 Gt ) h S 9
M sSK q _ _K 9K [K r 9
n 0 w ls -K GQS 5K q _ 8 7q K+
GK M r [K ) _ 8 { - M Kq AlstK
Ks ) }K 9mKs q K [K h + h q n q - -q K
G q 7 Ks{ h
{ - { r _ 9 [ Ksw _K
MGK [ hm _K n Kq & G K 9[Ks sq! Ks
h m _ 9 q sK h 9 8qS i mKs l _K M Kq
[h Ks sq Ks - r _ 9 h 9
qS Kh _K rKs!K Ks K 9)Ks! _ & h sq
- r r hq G qQ qq sS GKq 9 _
9K S K -qqq
n sSK K s!
M _ 8 GK M hq h
sqt K st 9
9 K 9t GKq ) qQ
_ sQ ' Gmq s h K 9Ks _ q sq h - hq _K
9K 9 9 S m G K q qq GKqt
q GK KK ; G K 9w _
_K! GQK
7Ks n _ { ql { h & 8[ + _ wq
'
Q

1Z
1
'

Q
F

[

;
X3

"

8
6

s

=

1

53*

"

;

D

s
;
U

Q
3
3*

]

9,
L

G

$

g
*

;
8*)V

V

;

1

1 2 b

P

Us#

e
U

C2
]

8I

/

/f36

2

@

2
03

e

g _

s

,
f 2
C
1
LO3*
]36

V

8

Q
@ ab

L
]
s X3

L@
L
C

,
<

L3*
1

3

G

Q
,

e
@
.3*
M80) s3*

,

C

* X3

M8

U

X8") 536

G3

'

=
;

Q

/

NfD
_Q s@ ab
L36

.

8")h

73

1

.
1; +2

, I

]
1 0b
0

3 ab

hh
C
D

3O3 ]
E3
]
>

D3

=3

:C
N; +2J[

f'5R

%S
3*B8

_
X3
36

'5R

3
#,
:C
S
3*B8

E

/

;
1

V 3
=Q

?
e
<
a2
%S
3*
#8
;
2J[

G/
_3

E%

;
E
M8) O3*

V ab
L
1 6 3
7
C

h

h

D
3*
G

.

1

1

X^
1
_3

D

*
D3* V
'

$ 3
LQ

0

8
Q

I3

.
1<; W
e

.
E3 X3
_Q

Q

:C

C
<

d :;

6

*3

C

3
Z8!L
]D
1*; +2J[

3
gQ
+

1

I
,
8
#,-
36 03
1C

36 s >3
U

QW

s + hK s M sSK Ks h + tq S GK M
q _ hK ls _ l Khl h [ qKK 9Ks { _ {
9 7 G Ks n Ks Mi h sq [K h 9
K 9wnGKSw _ 9 sq h hS soKsnqK h q
GK n hK 9K Ks
) h
q Ks _ +q s r sSK }
M - GQh s [h Gw h K ; e ) h G{ si Ks +K
h 3 r sK -qq h Ks tlsoG A sSK 9
Ks Gh s G 9
h h_KqS h h S n
_ tq r [h )KsA S K M 9 q !Ks r s )
hK 9K K 9 q -S _ i KhtQ h %
G K 9{Ks - % r sSK G sQ %r % 9tKs
h s hqQ KnKs n - rqqQ -qq G K 9Ks
qq
hK M 9K 9K} Ks Gh s s Ks GS
M 9K 9K [s 7Ks{K M 9 q w K Ks r s
Ks Gh s 9q sK rA S 9 _ s Ks[ S 9 _ G
s s G 8 G K 9wKsG A r sSK 9oq
M sq G[q oKs sqm _K ls h q
q { [hQ _ qSK 7m 0 h ) GhSw h o q-
Ks n - Gh s t%q h qq s q sK 9 r ) sGw
r q sK h 9K ss )S
) h qQ 9K Gh 9 s Ks 9 Ks
K
h 9K r sSK } K soK rqq h
Ks 7 K K t hK -qqi n 9K 9 hqK G
M+ G C _ 9 [hQ G 5Ks rqq 9 K _ 9
lhA _ 9 G qK M s sK K qq G KK
wKs MG K ) q q s _r -qq
h ' G eK 9 en s q _ 8 hqK eQsGqq
9 _ 8 n 9K q _K s

sG G
o Gq7 sqQ s } sGKs @q K
KsG # sSK 9m Kstq nSK 7q s +q s!Ks
Mq sS
SKs AKs 9n _ qKoK 9o h hK
sK K wqq C qQKseqq
Ks q K s
Gh 9 Ks GK sq eS 97Ks qQ q sQ
s 9K sK K _K 9 _ 8 9K S K
-qq h sSK -qqqA 9 r sSK

@ 1

e
/
<

98

L
'
1

;2

C
]

1

<

g
fQ3

1
5
2 ]

I
1
3
'

]
1
d

K

(

6
O[

]

8D

M,

(36

EB8"

1

6
;

>
0

]
E3*

1
V8
]

g
.

1
;
C

,
]

I3

1
$

8

e
I
g
-3

1

L;
K

$3
N

1

1

,I3
>

36

5

/

V
Q

U
1

8

*s

;

]T

Xz{xòm+$vYnm1jp1pDtCxz\J,"
C
G
0
3*

Q
G
. ab
s
$mn?\jhpwyj

h

E

N
Q2
A
0
V

1

1

Q

7

/
@

8@!

G

g/

M8

,

Q
D

1

1
3* $G
8
1
CV
C

?

2
g
1
CU
<

;
C

1
N .

;
<
f'

G
1

85) _3* =

A
G ab

G
1
G

I3*
G

8

L

P8

*
C
X3

C<
#8

9,
h3*

@ 1,W
0
a[

0
$
O

.

s3*
B
1

G

?
*
T
$
M,
O
]

17[

g
f3

;U
C

1
?3

g

0
@36

]

/
P8
s
Q
,3

f

Q X8D

36

E
$
.3
G36

$3
0

N
.

N
=

.
s

36
_[

T
h[

Q

7
C

Q3

C<

.

;

1
<C
h
$ s ab
/
;

,"
D

h
;
?
,

2
IG
<

Q
q - hq ;KsqQ0 _ 9 { G Ksq SK
9K s AnGK QS K ; q h [ ls S roKs
sq 9 9n w )S %Ks
KsS K G sGmqK
Kh)KsqK s0tKs GS)K 9)Ks{ q Ks 9K s s Kh)KsqK
oKsmQ m r 9 _- -qq h
_ 9 q K hq [ s oQS lG_KqSKq s
G qmKs s 9h S _K } h [h
q{Ksq 9Kh e _K e w Ksi _ sq hw 9 9tKs

rr r s 9Ko MqS Ks K s GKq Ks _K {
h sK 9 Ks ) sG i sKKA0Ks - t s rq i sK
q ih s } _ M ) ) h Ks h q GK M
q _ e r 9
n ) h !lh M
h K- G[KsS q M sq[oKs GS[K 90K [q s +q ) m
Ks _K w )S [s Kse - n Kq ) Ksq
_ 9 QQ P{K sK K !qq G h qo )
_ 9 [h ;qS Ks 9K sKh 5MS )q sK K 0 _K
rr r _K + h _ ; ! h sGK + h h) h ; !
ls tKs _ 9 K 9 ;qSKh 9K sKh K + nGK h
h h! h ; ! 8 Gq[ _ 7KhlKsq q lnwKs +K
sK0 _ 9 liKs0qQ s 7Q G ) GmKsQ w -K
M
_K s{ n hS s 9! - = q K s0
M G-S 9 [KKs _ 9 s!Kh) GS KKK _ s{ h
KsmS hK Ks + _K rqqQ h r ;q qS
qq s ! !K +r G !q K _K lK 9! mKsm
- sSK o + q }K 9 M Ks7 r
sSK ;q hq0 + sK K %qS sqS Ks q
# _ 9K s Ks _ C S s Ksq q
9 q sK K tqq Ks sq - n- q q s
s 9K KK _K
_K _ Ks -qqq
[Kh + h +q [K h S sSql S[Ks _ 9q
9K Ksi sSK h 9K SKs K 9K
+K s Kqq _ Ksm Sw{ sS - q Q
hS rm7Ksq MG mlhw _ oK 9Ks Mt
r q sK h 9K sK K qq
h

N

,

5
8 3

,_3
,
V
Q

L
Q

L
,

98

Q

1

W

X,[
/

C

O
X8

Q
_
G

F

X

>

=
C

1
1
?

D

/
]
CM86

0
]
V
1

,

1

Q
g h

9,Z[

,

@

G;B,

C
e ? 1
B8

s

g
2

N 3 8
,

.
,Q ,

,
V8s)Ef

F
$2

N

Q

1

O 3
1

f
[

CV
C

Q
,

Q

d :;

GC

5?3

\

h3

Q

fh

]
1
U.

=
G

=3
s I3 9

dU
9,

E3

V8s!

8Tg

h
9^hQ
$

G

<

3*
Q
2
?
=
I

9,

G
e
Q

#8

/

G3
0#

G ,
,93
*P'
,

N X3

X3 8")D

B8I)@

D
#

M8

8
8

5
"
f@
g

$ 3*
G 3
/Q ?P'

1

3
I
e36 $
*

1

f

3

]9

2

O6

e

g

8

<V

1
b
M,

a[

E

1" ;

1

3*
G

_
T
1

,

a[ V
*

8 3

8T!=

1
3
$

f
1
$

^
ls)KsqK# n s QS M+Kh Kq KKs ) { sG GKs ) sG

S sQ n K sq [K r sSK 9K
h 9K
sK K #qq ) h q r 9 K n+ 9M h0s s
Kh M K sqw in [ K -qq h ls0 r S 9K
GS K 9K Ks q q s s ! sK K sqq
G7Ks{ { K -qq h m 0K 9) G sG)Mq GQs
M ltKhi Ks KK MG K t o qQ q s
M sq7 Q GS K s 'ioK s n+ h
h K _ m q q h SK hs s Ks K MG [s
hs s K KKs ) Ks M h s q sK h iGKs - h
-qq h lh h M h Ks M+Kh C h s -qqq
7K s! Gh 9 KsS [Ks hq Kr qq ls G
M G _
_K{ Q h qi q tKh 9K
s )S ls 9K Ks G 3n G Ks h
-t
K 9A sG MG [s [ 9 !Ks qG 9
qG 9 w h
+Qq sA _ M r% s n K hs s 0K 9#rq # t S -qqq
ls nG rK # h r sSK eK rqq h{ G sG
SAMq _K 9K h h iKs! _ r ) -qqA r 9K
h }Ks n _ qS Ks h r sSK
Ks _ &qq s hK
M Ki qMq
h }Ks
_ qSK _ eKs _ &qq s hK sK K rqqQq s
Ks &qq s hK 9K SKs h q r !Ksq SKs h q
qQ Ks s K -qqq [s h q sKK hq h +
M KK 5 KsG !q+ s Ks sS Krq qS K n )
s 9K 7 M ) ) s Ks! r qK sK K
qq q s K -qqq q Ks M _ qS
_ hK rqqQq [s 9 K q _ m rq lsl h
_K +riM s s GQrS 9K eKs 8qSt 9 K q _
[K Ksm h &qq s hK
'KK Aq _ i n _
_Km sK K -qqq [K
q S[ KK l _ q ) h - wK o oKh _ qSK i
KK { - { n [KK q GK M q - oq K+ ls
_ mK 9tKs 9 sq S K 9 s
q qS _ M r7Q qq C _ 8 h ls e -
r Kqo Ks eM KK h _K sq sKK r eKs
r 9iKs G s eq s K 9K ! G GwKsqq
f
I"`BPWI
+9
-
6/

1

1

8h!

1
C

I3

Q

?3
]

2

6

e

G
N$
aF

Q

,W

I
;
/V8
O

8T'

I3

h 1@

ab

.

?

s

?

Q

QI

Q"

G
% ab
?

2

8

*
e +2

V X3

=3*

<
]
98

8T

D ;

1
D
.
b
0
L

QI

8

;
C

Q`

Q
Q
9,

=
B,
O
C

Q7
1
7

G 87

Q

O
Q >C2
]

8

/
=

0
< 8T
03
*
G
e aF
%
3

e

/
1
?
b

K
G

2

3
*Q

@

Q7
1

1

]
<

]d
] s

/V8U C

2

e

LO
g

h

[

Q

$[

B

;V
<

1
?
B
C N

G

s

1 >
-
0

]

3

=3 6
= ab

G
Q >C2
3
I
8)

C<

W
1

X8

K =
7

M,
UO
=

Q

G

Q

03
1
C/
,
;
5

=
*
V

W

@

8
I
8
1
@
B

8
;
X3
1
O

1

(3
Z8! -
1 @[
_
,

?;

;D
<

?9

O/
/

?
s3
B8L'
<

1C

Q
"B7
$3

;
;2

8

a[Y ," >
8

fQ3 s g3 T

,_
, P8 8

UQ3
Ks q q
KK G !%q h sq 9 qq sS
9K Mq s -qq - + sq K e sqoKs s
qQ h sq {M sqqq r o r Ks i sq sK 9
S h GKs rqq 9K PwK iKsq[q h sq
qq sS - r C s 3 K-
_K [KsqQ r Kq
h qQ o sK K rqqQq Gi G M hq h sG - h
9K 9M h0Ksiq n+K q qq S GSK s q h
Ksq 9K s st r 9 q ih s [K + sq K s
9M h s K -qqq7 e _ r Kq lh 5n
G0 s _ qSK q sK K qq
Ks h Ks h 3 G _ 9 q r Kh KsqKKs n
h tq Ss sKt Q s _ qq+ _K sS Q Krqq
K s GKsh+ hs -qqq[K 9 Gq 9t h Ks
Aq K sqKs h SK _ t sK K r _K %ls [
h+ hs rqqQq M r qK tQ t _ q r K } r h G
K + hG hh hsG+ rKsqK Ah+ hs 7S 9K hsK sqq
s 9K h s s[q qK sq GKs h n+K h
9 h K e m Ks
sGKs _ qSK h qQ Mwo K 7Ksq GqS mnS )q
Ks!Qs n h o GQ GK 9 K ] #Ks GK0 h
sK K A -K Ks MG K rr r K 9Ksq 9 K
t Kst - s {Kh hKs SKs h s h smKs
K o h sq 9q#s tM Gq mKslK h M h h
hK KsA _ sq 9q n+ m q GK h %ls
Qs # h GKq G0 9 { KsmK & nqS ;ts
q M+KK s K sMqq } _ 9 nG rK l rr r
+

Q

G !<

T
C

0

1 U

5

!=

Q >

1
>
G

V8
8_

36
;
>
_
,
8
?
]

Q

Q
=
,

2
3
8

5

O
1

;

6

7
Q

]

N
C

Q
[
;2E T [2
-/f

C
;e!<

#

536
1

C D
,

?

Q g P8 8
/
Q

2
85

<
0Q

]
1
,Y
]

< 35
L

V
Q
1

$

.
V8
G3*

,
,

Q

B8

^
BP,<

$

e

Q
" 1
9,

a2
]:C
,T V
V3

s@
g

>C

D 8C

QP8)

s
I

L
$

B,

,

98
f

CO

Q

C2

G

*:;
Q >

@ 1

G

.

Qg

eT
2

C =
B

G

)

,

Q*

g 1G
]:C
G

I

e
$
/C

1

T

f
e
gU
. #8
C 6

<C
]:;
C
Z #8
C2

Q
a[

1
"
"($%

K s
K
e K sQh (g { h r
{ +
- h

{q q sKK h GKh +
{s W

{
g
{ _ H
0 sqK 9q
+ Q
q
h hK 9Ks h q
s 9K q C G h 3K s 9K
q- -qqq

Q
q
h g
s wKs t Mq
q r sSK Ks -qqq K 9
s

Q
bP GK s
% + h ;lsi - M
sqw 9K GK ! hK s { - GqQ
K ]M
h l Q ++
w M s SsK }rK
G M q q GqqqQ
l - s
M
tP h K q
K
_
G
rrK + hlsmqq & _
- s! + s s & S s Qs qq hS
M
+ Q
# 0 I
6 FM
a
w g
!5
Q

,T!.8,T*
9,7`8,TgG
9,WN8W

; B,(.8^B<8 _jKpmt<n+1j 5mlpq
otCp nzJwu(j>mxYmyNzJjp8
M,T!.8,

]V

e)
P, G8,( C
,"_8,
WjGywEjnzJwuIwpzQpm+Gz\x
8

U.8 'g8

9, 8^. 8 Wjj;jn kUyj\<mo m+jx`jnJkDpkpEjy.pNwx`wu}kpzQp8
B8ZS 3

`8
!

!=

, 8W 8
1
8*xZjn k
9,6s8"%
> 9, 8_

1

G

8*R=
[
Q
!=
2
9,s8f
> 9, 8W 8`'

;
C

8ZrI;kpKzJ>wu _jzJjl

!=
, .8,f
]36
B8 -jyNz 1wu`*xCz{x`j1jnKz\xC
! " ^
, ;
<8

G

1
C<
8

;

8
8
C<
O
G

_

/Q
2
2
; 8
g
CmtCnxYwu
8

< ,
, 8U

P,Z68 8

L
KxEjnKxYwB z mx`wu Cmt<nxYwu-m+ 0jw6wxYoN7u}t<z oG7uml

,

^T/
1

+2
s

9^ AA35353e8
98
J

;;

#8
98YRL
>
! ,(88^58YrI;kpKzJ>wu -jyNzQp nKk8

!L ;
>M,(8,5 ><M,s8O
:

wxò.r5wvjn

,
C2 F
TwxYwBoBw
,
@
B,S 3

`8

-
DT
2 sV

V

8
P^
8Mr*tCu v
8
!<3*
>M,sN87.8I QB, $8 8
,s8
L
8^ 8
-jyNz >wu 0wPw8

>
98
!9WqUS
T
q HP
s K S 9n
s hM
hrQ W h L
9K w h q
Gh +
q P

h Kh I
q P + W " :
)s
h
q bP
KK G
G MG K 0ls K 9
qq 3 -
W
Q 10/23
e #$&%(')'*'"+-,/.
!<
,0/8 .8^48s)E
CQ
!<
1
>V8/z\x
8=.8=!=
K#, Yj>;xYmum>k wxYoD\j0*xz\nmxyjxJ8`Sg

N.8L_8
T! /fT
,
@e'g8
,908 08^G
8 Kxòt;p nKzJwu7j>muam>kBq
73*
>@";
LT
!<

Q.
,Z/8 .8^
D' 8

ewxò;mm @m+
ml7wnopGuampz{x<U\jGywEjnzJwu7kBu]jKp8
8
KxYotCp nzJwuW5>mum>k89"36
>T;
8W'
a2
V8
!<
,Y/8 .8Y f

,YG8- 8
2
X;8Y51mxYmyNzPj *vBvYuz t

Q
C`^
e
45&687:9 +<; 3P=3?>"@ACB> 9ED @ D + 4 3GF0/2/2"H3?I<J 7K6EL/5 F ; 7NMO7K687 @P 7RQTS > S87:9 >"@AVUW>"XY>"@P 7
Z\[ @A DGSED [ @ 9 3^]`_ Z 3a3 Z X 7Kb7 XY>"@Ac 7 A3ed +gf _h:i/h:jlknmoEpq]OrkEs f _-oNtOuqi/3 I [ Xv303I<X 9w7KbTDx7K6
4 P1>qA 7KyzD P|{ 687:989 3~}~}3//<Q&"H23
45&687:9 +T; f3 P=3T>"@A QTDGy [ @ Dx9 + P3GF\ ,/, H3 n_pqTNtN]rqjoKvrEkqj]`n|onNtNh1TtN]`_&uWs:kqt
NKvrq]_rNjxopToN"oNjGknmoN_gO3/ 7 P@ DGS87 A> SED [ @ 9 P@ DGb7K689EDGS5 { 687:9w9 3q [q 5 [ + a>"}g>"@3
45&687:9 +&; 3 P3 + 45&687:9 + 33>"@AB> 6ESED @g> 9 + 3- ,/,/ 3&I<J 7K6EL/5 +& > 98S87 >qP:P [q @ SED @ L +
>"@A(X DlMO7N P 5 PKX 7 >"@g>"X 5&98Dx9 3 f _-oNtOuqig + ./. Q&//3
45&687:9 +; 3 P3 + 45&687:9 + 3^3>"@A> 6E6 + U3GF0/2/2/03 f< oNtu/i*mkqoNtr/_pRk/tw (]`_
~#
o h8kq_-kqiq3? Q I 49 Z 7 @ SE687M [ 6S 7 B>"@g> L7Ky7 @ S [ M I<@ bTDG6 [ @ y7 @ S >"X
7; :9 [q 6 P 7:f 9 3~ [ @ S > D @ 7K X 7 > + 6 >"@P 7 3
U 7 A 7 > J + 3>"@A \ 7 X 98SE6 } + Q 30/2/2 . 3 7 > S + y > 989 >"@AP8g> 6EL7SE6 >"@ 9 } [ 6ES + >"@A
Pw 7KyzD P1>"X 687 >qP SED [ @ 9 > SD @ S87K6M >qP 7:9 3 n_!oNtn_-r/]k/_rqj&kqTtN_rqjksVoNtNk1pqiq_rq]OhN
+ 0 . QH/3
U 7 A 7 > J + 3 + QTS >"@A> 7K6ES + 3 + 7Kyzy7:9 +" 3*>"@A \ 7 X 9ESE6 } + Q 3 ,/,/, 3/} SEDGyzDG > SED [ @
[ M } 6 [ P 7:98987:9|57: D }g> 6ESEDGSED [ @3\&kq&tn_r/j\ks=|kq_ f K&]`j]OKtn]ToNtNk1pqiq_rq]OhN
+ 0"H<0 Q&0 ./, 3
U 7:7K6 + 3GF0/2/2/23 M6 E|zkqvmgoKtn]Ohon1oErqtEhNomkqtKb AK2 ` ~&<] s1oN
h:i/h:jGo ]Ynn]Okq_~W_rqji"n]`ksjl!oNtN_r/]"ooNjes:kqt|oErq)ionT]hKjxonK3 4 9ESE6 >"X D >"@
687:7 @~f [q 987 P 7 3 49 } 7 @A>"X 7 +~ D P S [ 6ED > + 4 9ESE6 >"X D >3
U 7 >"@ 4 3GFW ,/ 03 f _gtEknmi=uToN_-oNtEr/]Okq_tk/qu"~oEr/rq_p&]pWkq3 D X 7K5 3 7
[ 6 3 +
U 7 >"@ + 4 3^>"@A [ @A 7 6 + 3? ,/,/ 3I D }g> 6ESEDGSED [ @ + [ } SEDGy >"X>"XGX [ P1> SED [ @ + >"@A S 7
P [ @ 98SE6 P S >"X->"}~} 6 [ >qP8 S [ } 687 A D P SED @ L [ 6EL >"@ DG > SED [ @ D @@g> S 687 3~oNqoN e_ etErqjGopTo
~oNtn]OKo^ + 1 .) 23
\!"G:nK-/
1 .
U 7 7K6 + I33GF ,/, H3]h:tk1r/j urTo1zN]Ok/!oEhN_-kqjlkwuqirq_p]OhKtEkN]Okqjlkwuqi/3 Z > y~6ED A L7
@ DGb7K689EDGS!5 { 687:9w9 3 Z > y|~6ED A L7 3
U 7K6EL9 A>"X + =3 + QTSE68qyzy >"@ + 4 33>"@A 7K6ES D P8 + I3 30/2/2 . 3I<@ bTDG6 [ @ y7 @ S >"X
> 989w7:989Ey7 @ S [ M<S [ > 98S87D @P D @ 7K6 > SED [ @ 9ESE6 > S87KL/Dx7:9M [ 6 Z 7 @ SE6 >"X? [ 6 > 5 3^n_!oNtn_-rq
]Okq_rqj&kq&tn_r/jks + 0// 0q03
U Dx9ED [ 3>"@AVU Dx98D [ 4 3 3 Q [ y7S 7K6Ey [ A 5 @g> yzD P 9z687Ky > 6 9 [ @}~ [ S [ 985 @
S 7KSED P + 7 @ 7K6EL/5 P [ @ b7K68+ 9ED [ @3 f,/,/_^ oNtu/i<kq_qoNtwN]k/_rq_-prq_r1uoKoK_gg + *H *H 3
U [ XGXY>"@A + =3 + I 6ES87:98b"L + N3 Q 3>"@A Q } 7KD P8 + 3GF0/2/2/3IJ 7K6EL/5 >"@g>"X 5&98Dx9 [ ML > 9
S 6E~D @ 7 P [ y~D @ 7 AP 5 PKX 7 DGS Z P1>"} S 687 9ED @ L > S [ vS 7K6Ey >"X 687NM [ 6EyzD @ L [ M
@g> S 6 >"X L > 9 3\tk)hwo8oEpq]_Tu" ksoW2kqoKtoN_ôNtr]kq_Vrq_pgTNvrq]_rKjGo=oN"oNjGknm
oN_g<kq_1s1oNt8oN_hwoK3 Dx7KL7 + U 7 X L/D y 3
U [ 9 @ > [ b&D P + 3GF , . 3VoEhK_]Oh8rqjoNtNk1pqiq_rq]OhN!]`_oNtnrq_"3 7K6 XY> L
7 [ A [ 6QTS87KD @ [ }<3 687:9 A 7 @3
U 6ED @ L7K Q 3 D @ S87K6E-7K6EL7K6 3">"@A Q P8~ SE 3GF H3*!@ S87KL/6 > SED @ L9 9ES > D @g> ~D X DGS!5
D @ S [ S 79E+ 59ES8+ 7Ky [ M @g> SED [ @g>"X+ >qP:P [q @ S89 F 7 + P1> 9w7 [ ,/M-, D @ S87K6E687KL/D [ @g>"X y > S87K6ED >"X~ [ 9 3
n_g!oKtn_r]kq_-rqjgiqmk"n]&
k1poNjksKvrq]`_-rNjxo=oN"oNjGknmoN_ f hKjN]`"o(k/t
<kqmjxoNoN_gvr/tni=\mmtEk1rhN~on=vkgTNvrq]_rN]j]i/3{?> 6EDx9 + 6 >"@P 7 3~}~}3g/ ,) 23
U 6 [ A 5 >"@ 9 5 F , q3 f oNtOuqioKk1pksoNtNk1pqiq_rq]Ohrq_-rqji"N]YRv]_nn]Orq_/"3
I<@ 7K6EL/DG5 >3B [ 9 P [ +; 989ED >3
U 6 [ A 5 >"@ 9 5 + 3BV3 + Q [ 6ED @ + B3 3>"@A 7 [ + {3GF ,/, H3~oRohK]voN_hKiVks
]_pqTNtN]r/j&mtk)hwonw1on: f< oNtOuqirq_rqji"n]`r/_pkNm-]`]x1r/]Okq_g3I<X 9w7KbTDx7K6 3 7 [ 6 3
U 6 @A S XY>"@A + 3=3GF ,/, 23&tR<kqzk/_^Tt8on RkqtNjGp<kq]Ynn]Okq_kq_ f _
1]tEkq_oN_grq_poK"oNjGknmoN_gO3^J M [ 6 A@ DGb7K6898DGS!5 { 687:989 3gJ M [ 6 A3
U E6 59 [ @ + 4 3>"@A [ + z3GF , . 3mmj]voEpm^]`rqj<kq_tkqjxm-]=]`Kr]kq_onN]
r/]Okq_rq_ph8kq_gtEkqjl3~ D X 7K5 3g 7 [ 6 3
Z\[ @~@ 7 XGX 5 +~ 3>"@A [ 9 ~XY>"@A + Z 3{?3 ,/, &3 [ > 9 } 7 P S89 [ M P [ @ 9 y } SED [ @ 98D @ L >"@
7 J 7K6EL/5v > 9w7 A y7 > 9 687 [ M A 7KL/6 >qA> SED [ @ S [ >qA b >"@P 7S 7S 7 [ 6E5 >"@A DGy }~X 7Ky7 @ S >
SED [ @ [ MD @A 98SE6ED >"X 7 P [ X [ L/5 3 on:kqTtEhwo(<kq_:oNtN*r/]Okq_rq_-poEh:i/h:j]_Tuz + ,/,) 0)&3
Z\[ @ 9ES >"@ > +T; 3/>"@A 7K687 @A 7:7 @ +T; 3 ,/ H3/I y [ A Dx7 A 7 @ 7K6EL/5 >"@A 7 P [ @ [ yzD P b >"X 7
D @ S 7 @ DGS87 A QTS > S87:97 P [ @ [ y5 , / + , >"@A , q03 onKk/TtEhwonrq_-p f _-oNtOuqi
+ 10 ,) 1/3
1/
\
"G:nK-/
Z\[ 6 @ 7 X Dx9w987 @ + Z 3GF ,/, &3=oNtNzk)pqiq_rq]hKRr/_pNKvrq]`_-rNjxopoK"oNjGknmoN_g!o
T:okEso oKtuqir/_rqji*N]Yrq_-potEo8pqh1]kq_ks]tnt8oN"oKtwN]ON]j]i/3&{< S 7:9EDx9 3@ DGb7K6
98DGS!5 [ M 7 @ S87 + S 7 7KS 7K6 XY>"@A 9 3
Z\[ 6 @ 7 X Dx9w987 @ 3 3g>"@A DG689 30/2/2/03~ 7b >"X 7 [ M?S 77 J 7K6EL7KSED PX DlMO7 P 5 PKX 7 > 9
9w7:989Ey7 @ S^7:+~9E;D A 7:9 S 7 Z 4 3 +f _-oNtOuqi<kq_:oNtN*r/]Okq_r/_pr/_r1uoNoN_ + KH)
KH0"H3
>"@ Dx7 X + a3-a3->"@A ; [ 9w7 @ + BV3 4 30/2/2/03-IJ 7K6EL7KSED P 7 @ b&DG6 [ @ y7 @ S >"X> 98987:9w9Ey7 @ S [ M
X DlMO7 P 5 PKX 77KyzDx989ED [ @ 9M [ 6b > 6ED [q 9 > S [ y [ ~D X 7:9 >"@A M 7 X 9 3 f< oKtuqi"_n_!oNtn_-r/]k/_rqj
&kq&tn_r/j~ + 0 &, H3
A 7 U 7:7K6 + a3 + [ 6E687 XGX + I3->"@AU\X [ P + 3 ,/,/ 3 [ @ LqvS87K6Ey7 @ 7K6EL/5T!7 P Dx7 @P 5RDGy
} 6 [ b7Ky7 @ S89D @ S 7 }g>"} 7K6 >"@A [ > 6 A D @A 9ESE6E5 3 f _-oKtuqi + 0"H2/ 0"H0/3
A 7 6 [&[ S + Q 3 ; 3>"@A B> 6 + {?3GF ,/ H3|kq_ f KT]j]ONtN]T oNtNk1pqiq_rq]OhNN3
[ b7K6 3 [ @A [ @3
A 7 [ 7KD 7K6 + 3 + a [ g>"@~@ 7:98987 @ + I3W>"@A \ 7 X 9ESE6 } + Q 3\0/2/2"H>3 7987 P [ @A XY>
[ } SEDGy >"X}g> S [ M > M [q 6v^7 A Q 2 P [ @ b7K6ES87K6 DGS
b7 7 > S7 JPwg>"@ L7K689 3 f _-oKtuqi
+. 0 .)&. H3
A 7 [ 7KD 7K6 + 3 +\ 7 X 9ESE6 } + Q 3 + b >"@A 7K6 [T[ D + =3â3 + 6 [ 9w9 + U3 + @ [ P8 7 + 3^\3
>"@A 4 @A 7K68987 @ + 3/0/2/2/03/{ [ 98DGSED [ @ D @ L 7 > S<7 JPwg>"@ L7K689<D @ ~D @g> 6E5|SE6 > 5 A Dx9ESED XGXY> SED [ @
98D @ LDx9 [ M [ 6 P 7 [ } 7K6 > SED [ @3 f _-oKtuqi(<kq_"oKtwN]kq_rq_prq_-r1uoNoN_g~- + . & ./ /3
A 7 [ 7KD 7K6 + 3 +; /9 [ 6 A 7 + 4 3<>"@A \ 7 X 9ESE6 } + Q 30/2/2"H 3 Dx98SE6EDG SED [ @ [ M 7 > S
7 J~P8g>"@ L7D @ [ } SEDGy y A D > > SED PA Dx9ESED XGXY> SED [ @P [ X y @ 9 3 f _-oNtOuqi + 0"H0 .) 0"H/H23
A 7WQ >/>"@ + ag3 4 3 + b >"@A 7K6 [&[ D + 3">"@A Q >"@ > 6 >"@g> 6 > 5 >"@g>"@ +T 3GF0/2/2"H3 f hK]voN_h:i
r/_pnTNvrq]_rK]`j]i]`_R~ooN_-oNtOuqirq_pzhKoN]hwrqj^]`_p/Ktn]vonN3B> 6 P 7 X 7 T 7K6 + !@P/3G3
7 [6 3
7 @ ~DGL +~ 3 3- ,/. 3 79w7 P [ @A XY> 7 P Dx7 @P 5 [ M P8 7KyzD P1>"X} 6 [ P 7:98987:9 3oN
]Oh8rqj f _&uq]`_ô8oNtN]`_Tu^hK]OoK_hwo + &, 3
7 X M a3->"@A >"@ L7 @~ [ b7 3-0/2/2/03 >"@ SEDGS > SEDGb7 > 98987:989Ey7 @ S [ M9 [ X D A > 9ES87
SE687 > SEy7 + @ Sz9E5&98S87K y9|D @ S 7D @+ A 9ESE6ED >"X 7 P [ X [ L/5 } 7K689 } 7 P SEDGb7T57 J 7K6EL/5 >"@g>" X 59EDx9 3
f _1]tkq_goK_gvrqj^-hK]voN_hnorq_p<oEhN_k/jlk8u/i + /1/2 /1 . 3
7 X M + a3<>"@A >"@ L7 @~ [ b7 + =3 3?0/2/2/3<I<J 7K6EL7KSED P y > S87K6ED >"X D @~} S } 7K6 @ DGS
9w7K6EbTD P 7 cIB{ Q d M [ 6S 7 > 98987:9898y7 @ S [ Mg687:9 [q 6 P 7 } 6 [ A P SEDGb&DGS!5 [ MgSE6 >"@ 9 } [ 6ES P [ y
y [ A DGSEDx7:9 3 oNKkq&thnon<k/_~:oNtN*r/]Okq_rq_p oEhKihKj]_Tu + 1 )*H3
\
"G:nK-/
1
7 X M + ag3->"@A >"@ L7 @~ [ b7 + 3 3-0/2/2 . 3-!@ S87KL/6 > SED @ LD @A 9ESE6ED >"X 7 P [ X [ L/5 } 6ED @
P D }~X 7:9D @ S [ > 987KS [ M7 @ b&DG6 [ @ y7 @ S >"X 9 98S > D @g> ~D X DGS!5D @A D P1> S [ 689M [ 6S87 P8~@ [ X [ L/5 > 9
987:9w9Ey7 @ S 3 onKkq&tEhwo<kq_~1oNtN*r/]Okq_r/_poEhKihKj]`_Tu + H ,) H/03
7 X M + a3 +" >"@ L7 @~ [ b7 + 3 + B XxA 7K6 + a3 + b >"@A 7 @|U 7K6EL + BV31>"@A b >"@A 7K6 [&[ D + 3
0/2/2/23XGX 9ESE6 > SED [ @ S [ > 6 A 9 >"@ SEDlM5&D @ LS 79 9ES > D @g> ~D X DGS!5 [ MS87 Pw~@ [ X [ L/5 3tEowoN_
oK=]`NtNi + 12 ) /KH3
I< 687 @ MO7 XxA a3~>"@A 7K6ES X 7K6 3 &3!@A 9ESE6ED >"X 7 P [ X [ L/5D @} 6 >qP SED P 7 F 77Kb [ X
SED [ @ [ MD @ S8+ 7K6 A 7 } 7 @A 7 @P 7 > + S >"X ,/ , @A [ 6EL 3?Tk/TtN_rqj<ksn_p/Ktn]Orqj f h8kqjGk8uqi +
,3
I<X Q > 57 A + z3- ,/, 3 4 987 P [ @A XY> > 9w7 A [ } SEDGyzDx9 > SED [ @c}g> 6ES89 >"@A(0dN3&kq&tn_r/j
ks f _-oNtOuqirq_-prq&t1N]`_ôWk/oNtg + , q2/3
I<X Q > 57 A + z3>"@A 4 }~X 7 P + 4 3 , q23 4 }~}~X D P1> SED [ @ [ M-S 7K6Ey [ 7 P [ @ [ yzD P>"}~} 6 [ >qPw S [
S 7 >"@g>"X 59EDx9 >"@A [ } SEDGyzDx9 > SED [ @ [ M^b >"} [ 6 P [ y } 687:989ED [ @A 7:9 >"X SED @ L9E59ES87Ky 3&kq&tn_r/j
ks f _-oNtOuqiWk/oNt}~}3) 0/3
I<X Q > 57 A + z3>"@AI b >"@ 9 +; 3< , q23 7K6Ey [ 7 P [ @ [ yzD P 9 >"@A S 7 A 7:9EDGL @ [ M 7 > S
9E59ES87Ky9 3g f tr/_~Krh1]kq_&kqTtN_rqj?ks f _-oNtOuqiWkqoNt - + ) 0/3
I<X y > 986ED + B3GF ,/, 3| |
1oNtwrq_~rqj3~ 7K6Ey [ [ @P/3G3~ 7 [ 6 3
I 6ES87:98b"L + N3~0/2/2/23~IJ 7K6EL/5 >"@g>"X 5&98Dx9 [ MS 7 [ 6 7KL/D >"@ 9 [ P Dx7KS!5 3 f _ôNtu/i +~,/.
, q3
I 6ES87:98b"L + n3T0/2/2/3 Q [ P Dx7KS!57 J 7K6EL/5 >"@g>"X 59EDx9 F>P [ y }g> 6EDx9 [ @ [ M A D 7K687 @ S9 [ P Dx7KSEDx7:9 3
f _ôNtu/i + 0 . 0q23
I 6ES87:98b"L + N30/2/2 . 3I<@ 7K6EL/5 + 7 J 7K6EL/5 >"@A 7 J S87 @A 7 A !7 J 7K6EL/5 >"@g>"X 59EDx9 [ MWS 7 [ 6
7KL/D >"@ 9 [ P Dx7KS!5 0/2/2/23 f _-oKtuqi| + "H ,) . 3
I b >"@ 9 +&; 3GF\ , , 3 mtEk1ks&r/onw1oNtOuqiz]Yokq_jizh8kq_~N]YK!oN_goEr"NTt8oksmk/!oN_g
]Orqjkqt s:kqthNoK=]Oh8rqjni"N!oN=K3-{ S 7:9EDx9 3 > 6ESEy [q S Z\[ XGX 7KL7 + 4 @~@ 46E [ 6
Bn3
g> ^7K6 + BV3 + Dx7Ky7:9 + =3<>"@A QTS87 }~g>"@ + 3GF ,/,/. 3 f _gtEknmi"=oN_g1]`tEkq_oN_=rq_p
t8onKk/TtEhwonK3 Q } 6ED @ L7K6 7K6 XY> L 3U 7K6 X D @ + 7K6Ey >"@ 5 3
D @~@ b7 A 7 @ 3GFz H3 Z g> 6 >qP S87K6EDx9 > SED [ @ y7KS [ A 9M [ 6 A 7 }~X 7KSED [ @ [ M7 @ 7K6EL/5 >"@A
y > S87K6ED >"X 687:+ 9 [q 6 P 7:9 ,/3g, ]_z3&3&A 7 > 7:9 + 4 3Ta 7 @ 987 @ + 3 X q} 7K6 >"@A 3 3 D @A
M [ 689 c 7 A 9 d + n_!oOuqtEr/]`_&u(nmrh:w1onwNoK_gW]_gvk3 Q I 4 Z I 6 [ } 7 + U 6 9
987 X 9 + U 7 X L/D y 3}~}3g . 3
1
\
"G:nK-/
D @~@ b7 A 7 @ + 3/>"@A 9ES X @A + {?3~ ,/, &3/IJ 7K6EL/Dx7:9 [ M @g> S 6 >"X 687:9 [q 6 P 7:9D @zX DlMO7 P 5 PKX 7
> 9w987:989Ey7 @ S >"@A [ S 7K6 >"}~}~X D P1> SED [ @ 9 3 f _-oNtOuqig +, 0/ &, /3
D @~@ b7 A 7 @ + 3 + a [ g>"@ 989 [ @ + a3 + D @A + {?3W>"@A B [ ^7K6EL + 4 3GF0/2/2/23] s:ohKihKjxo
rqw:oNwnoN_ks|oN_-oKtuqisntEkq Kk/j]Opzr"K!o1Rkqt *]`_TuWrnmoNtR"!#)3&@ DGb7K689EDGS5
[ MQTS [ P [ X y 3 QTS [ P [ X y + Q 7 A 7 @3
DGSE:y [ 6E6EDx9 +; 3\I3W>"@AB>" +; 3 Q 3\=3 ,/ 23\ y } 6 [ b&D @ L A Dx9ESED XGXY> SED [ @ P [ X y @
A 7:98DGL @ 9ED @ LS 7K6Ey [ A 5 >"@ yzD PR> b > D XY> ~D X DGS5 >"@g>"X 59EDx9 3q f &kqTtN_rqj + 0/ .)
0*H3
[ @ 5 [ +$ 3^ , *H3 7K6Ey [ A 5 @g> yzD P|>"@g>"X 59EDx9 [ M687 P SED gP1> SED [ @3N3 ; 7Kb7K689EDG X 7y [ A 7 X
[ M?687 P SED gP1> SED [ @3^n_!oNtn_-r/]k/_rqjTk/TtN_rqjkEsoN]hwrqj f _Tuq]_-o8oKtn]_TuT + ) 0&3
q6 XY>"@A + 3 Q 3 + q6 XY>"@A + 3>"@A \ 7 X 9ESE6 } + Q 3GF0/2/2/3ntnt8oN"oKtwN]ONjxooNtNk1pqiq
_-rq]hN1oEkqtNirq_-p=\mmj]h8r]kq_3g 6 A3 7 A@3>"} DG6 3 6 [ @A 7KDGy + [ 6 > 5 3
6 > SE P8 7K6 + 3GF( , /03=oNt_&rq_TuK% |&"rqjGkq<]KhN!o8hN_]`KhN~ooNtN
k1p/i"_-rq]'q ]_1s tN&_Tu|poN f< oKtuq]vo18ovuqtn] (on]`_p/]Oo!o8hN_]`KhN~ooKtnk1pqiq_r/=])*3
@ [ A3~{?> 6EDx9 f 3 u
6 > SE19 P8 7K6 + 3 , /3-IJ 7K6EL7KSED P1>"X 7 P Dx7 @P 5 3 *Wt8oN_~Kv+k (W, a tNoK. -|trEsN& + H
H , 3
6EDx9 P8 @ 7 P8 +; 3 ,/, &3 7z987 A P SEDGb7z7 7 P S [ MD A 7 @ SED P1>"X}~ 59ED P1>"X @ DGS89 3n_g!oNtN
_-r/]k/_rqjTkq&tN_rqjks + 10 .) 10/3
6EDx9 P8 @ 7 P8 +; 3 + 7KD @ L9 +<; 3?>"@AV [ MO9ES87KSES87K6 + {?3 ,/,/ 3?I D @ 9ES87KD @ 9 X 7:989 [ @ 9 [ M
7 @ 7K6EL/5 >qP:P [q @ SED @ LD @ Z 4 3n_g!oNtN_r/]Okq_r/jTkq&tn_-rqjks + 0// 0q03
6 [ 9 P8 +~; 3>"@A >"XGX [ } [q X [ 9 + =3^ ,//, 3 QTSE6 > S87KL/Dx7:9M [ 6y >"@ M >qP S 6ED @ L 3-hK]voN_g] /h
oNtn]Oh8rq_( + KH0 ./. 3
> L/L/D [ X D 3 4 3GF 23~oNtnk1p/i"_-rq]hN1ôEh8k/_pq!jGrq rq_-rqji"N]YK3 4 Z Q9E5&y } [
98D y 987K6EDx+7:;9 + [ 310/,/0 + Z g> 6 X 7:9 Z 3 [ y > 9 3
> L/L/D [ X D 3 4 3GF 3 hK]voN_h:irq_ph8k"N]_Tu/3 4 Z QC9E5&y } [ 98D y 987K6EDx7:9 + [ 3
0/ .+ Z g> +\6 X ; 7:9 Z 3 ,/[ y > 9 f3
7Ky P D 3>"@A :S 6 4 3 3IJ 7K6EL/5 >"@g>"X 59EDx9 [ M > 9 XG}~ D A 7N } XG}} 687 }g> 6 >
SED [ @} 6 + [ P 7:989D @ S 7 } XG}(+ >"@A,/}g,/>" } 7K6D @A 9ESE6E5 3 f _-oNtOuqi(<k/_~:oNtN*r/]Okq_10 rq_r1uToN
oN_ + / 0/23
7 [ 6EL7:9 P [ 7KL7 @ =3GF &/3ooN_gtEknmijlrqrq_-p~oo8h8kq_kq]OhmtEk1hwonnN3&> 6
b > 6 A@ DGb7K68; 9EDGS!5 { 68+ 7:989 3 Z > , y|~6ED A L7 + B 4 3
\
"G:nK-/
1 ,
7 [ 6EL7:9 P ; [ 7KL7 @ + 3GF= , q3 f _-oKtuqirq_poEhwkq_kq]Ohi/1n_~K]]Okq_rqj<rq_p
rq_-rqji/]Oh8rqj?oNwKr/i*K3~{ 7K6EL > y [ @3-J M [ 6 A3
DG~9 + a3~3GFW , /3o-hK]voN_g] /hWrnm~oNtnks2\]v1nK3 [ b7K6 3g 7 [ 6 3
XY> 985 + 3 ,// 3I@ SE6 [ } 5 + } [ XGX SED [ @V>"@A 7 @ b&DG6 [ @ y7 @ S >"XWA 7KL/6 >qA> SED [ @3<K]k
g + //2 / . 3
[ XxA y >"@ + a3 , , 3 S A [T[ 6 >"X L >"X y > 989 P X S 687:9 3N3 4 }~}~X D P1> SED [ @ 9 33 r/!oNt oK
1oErqtEhN + , 3
[ @ L + BV30/2/2 . 3TI<J 7K6EL/5 >"@g>"X 59EDx9 [ M >} XG}>"@A}g>"} 7K6yzD XGXv3&n_g!oNtN_r/]Okq_r/jgTkq&tN
_r/jks f _-oNtOuqion1oErqtEhN + ,)&, 3
[ @ L B3>"@A>"XGX 30/2/2/3@ 7 J 7K6EL/5 >"@A 9 9ES > D @g> X 7 A 7Kb7 X [ } y7 @ S 8N3
@A D P1> + S [ 689 >"@A y7KS [ + A 9 3 f< oNtu/i_Rn_g!oNtN_r/]Okq_rqj&kqTtN_rqj^ + 0) 0//3
[q 5 + B3 //, 3 Q 6 X e@ 7K6EL/Dx7 SED X Dx9 > X 7 3&kqTtN_rqj?poi"n]OKo +. 2 &. 3
6 > 7 A 7 X 3>"@A 4 XGX 7 @ 5 U3GF?0/2/2/3&n_pqTNtN]rqj f h8kqjGk8uqi/3T0"@A 7 A@3{ 687 @ SED P 7 >"XGX +
I<@ L7 X [T+ [ A Z X D 9 3~ 7 + [ 6 3
6 > 7 A 7 X + 3^>"@A 4 XGX 7 @ T5 + U3 ; 3GF ,/,/. 3n_pqTNtN]r/j f h8k/jlk8u/iq3^{ 687 @ SED P 7 >"XGX + I<@
L7 X [T[ A Z X D 9 3~ 7 a 7K68987K5 3
6 > 9w9Ey >"@~@ {3 H3I<@ L/D @ 7:7K6ED @ LqvS 7K6Ey [ A 5 @g> yzD P 9 >"@A S 7K6Ey [ A 5 @g> yzD P 9 [ M
X DlMO7 + S 77 J 7K+ 6EL/5 3,/r/ &tN<]Yn:oN_~:hN&rsK!oN_ + / .) "H/3
687:7 @~ [q 9w7 5; 4 { 6 [ L/6 > yzy7 + n3GF(0/2/2/23oErpq]`_&uknm-]Okq_~sKk/t(~oRh8rnm^Tt8oks
\ 2 oN]`wN]kq_RrmkqoKtRNvr]kq_:6o!mk/tNkW7!98:3 QTS [ 6 P I<@ L/D @ 7:7K6ED @ L
Z\[ @ 9 X S >"@P 5 3 4y98S87K6 A> y + S 7 7KS 7K6 XY>"@A 9 3
D @ 7:7 a3U3 [ 6E687 B3 7KD @ L9 3 }~} 7:9 3 X 7KD @ 3 A 7 [ @ D @ L
4 3 + b >"@+ 7K689 ++ 3 + Q X 7:7:+ 9 D + + 4 3^3 + +? ; + + Q 3 + A 7 + > 7:+9 + =3 +3 + ; A 7 + U 6 D @ + 3 ++
b >"@ D @ +^; 3g>"@A D ~687KL/S89 + BV3 4 3ga3GF0/2/2/03rq_-pEk1:k kq_j] s1ohKihKjxozr"w1onwN
oN_g!m~oKtr/]Okq_r/j?uq&]pTovk~o=w Nvrq_-prqtEp"N3 X b7K64 P1>qA 7KyzD P{ X Dx9 7K6 3
[ 6 A 687 P8 S + S 7 7KS 7K6 XY>"@ 9 3
> M9 [ XxA + U3>"@A ; > S 7 + Q 3? ,/,/. 3 Z 6EDGS87K6ED > M [ 6 X [ P1>"X 7: D X DG~6ED yD @> 985&9ES87Ky
DGS SE6 >"@ 9 } [ 6ES [ M 7 > S >"@A y > 989 3Tkq&tn_-rqjksvr]YK]h8r/j-i"n]OhN + H/ H , H3
>"@~@ [ @ + U3 , q3 79ESE6 P S 687 [ M7 P [ 9E59ES87Ky9 3~Tk/TtN_rqj^ksoEkqt8oK]Oh8rqj *W]OkqjGk8uqi
+. .)&. H3
KH2
\
"G:nK-/
> + ag3 3>"@A UW> 9 D + U3 ; 3<0/2/2"H3I<J&}g>"@A D @ L7 J 7K6EL/5 >"@g>"X 5&9EDx9S [ >qP:P [q @ S
M [ 67 P [ 9E59ES87Ky } 6 [ A P S89 >"@A 987K6EbTD P 7:9 3 f _)]`tEkq_oN_gvr/j-hK]voN_hnozrq_p<oEhK_kqjGk8uqi
+ q ) //&3
7KDGy A>"X 7 > SED @ L {XY>"@ S F0/2/2/23 7 > S<M6 [ y > 9ES87D @ 6 [ @A 7KDGy M [ 6 > L [T[ A 7 @
b&DG6 [ @ y7 @ S c D @ [ 6 7KL/D >"@dN3 WW 3 S87Kb 3 @ [<; M 7K6 @ b > 6Ey7Nv-7 A 687KyzD X D [ 3 }Â M cO>qP:P 7:98987 A
aT>"@ > 6E5 0/2/2/dN3
7 XGX 9ESE6 y + 3 ,/, &3 4 @ 7 J 7K6EL/5 >"@g>"X 9EDx9M [ 6 > > 9ES87 > S87K6(SE687 > SEy7 @ S }~XY>"@ S
>"@ 7:9ESEDGy > SED [ @ [ MS 7 P [ @ 9 y } SED [ @ [ M }~ 5&9ED P1>"X 687:9 [q 6 P 7:9 =3 Rr/!oNt f _)]`tEkq_oN_g
|on:oEr/thN + H/H &. /3
7K6ES D Pw + I3 3 + { 7 > 987 + 3 Q 3>"@A [ 9 ~XY>"@A + Z 3{?3 ,/, &3\I b >"X > SED @ L S 7
7 @ bTDG6 [ @ y7 @ S >"X DGy }g>qP S [ M } 6 [ A P S89 >"@A} 6 [ A P SED [ @} 6 [ P 7:9w987:9 F>P [ y }g> 6EDx9 [ @ [ M
98D J y7KS [ A 9 3o-hK]voN_hwokEso(k/vrqj f _)]`tEkq_oN_g + 1 0 , 3
D @ S87K6E^7K6EL7K6 + 3 + 6 >"@ 7 @A [ @ + Q 3 + 7 X M7 @ 9 + B3>"@A Q P8 yzD A S U\X 7:7 + 3GF ,/, H3
n_-hKtEo8r"n]_T>u on:kq&thwo\tEk1pq~h:]`)]itEkq/u" f hwkqoh:]OoN_ôNtN1]hnon1
()mm~oKtNvrqj
K
7
E
6
S
8
9
E
S
G
D
S
8
S
7
K
7
E
6
S
rnm~oNtnk<? !3 }~} >"X?!@

3~ }~} >"Xv3
@P 6 [ } 7K6 > + \3^{?3>"@A DGSES + 3-{3 3GF= ,//. 3T_-prqoN_gvrqjksoEr/rq_prqw
tErq_~s:oKtN3~a [ ~@ D X 7K5 4 Q [ @ 9 3 7 [ 6 3
Q KH2"H2F ,/, 3w tErsK|n_g!oNtN_r/]Okq_rqjvrq_prqtpVw K @K @ f _1]tk/_
oN_vrqjrq_r)uoNoN_g|] s:o?i/h:jGo(n:onnnoN_g||\tn]_hK]emjxonrq_p^tErqoNkqt*3
@ S87K6 @g> SED [ @g>"X< 6EL >"@ DG > SED [ @ [ MQTS >"@A> 6 A DG > SED [ @Cc Q dN3 7 @ 7Kb > + Q DGSE17K6 XY>"@A3
Q KH2"H/F\ ,/, &3TwVtrEsNn_g!oNtN_r/]Okq_rqj-vrq_prqtEpw K @: f _1]tkq_goK_
vr/jrq_r1uoKoK_gzk1rqjr/_p(-hwknm~oo./_]]kq_Crq_pn_"oN_gvk/tni_r/ji"n]`N3^@ S87K6
@g> SED [ @g>"X 6EL >"@ DG > SED [ @ [ MQTS >"@A> 6 A DG > SED [ @Cc Q dN3 7 @ 7Kb > + Q DGSE17K6 XY>"@A3
a [ g>"@~@ 7:98987 @ I3>"@A 7 X 9ESE6 } Q 30/2/2"H3/B D @ DGy y 7 @ SE6 [ } 5 } 6 [ A P SED [ @ D @z}~X L
[ 687 >qP S [ 689 + F 4 @ [ } SE\DGy >"XP [ @ SE+ 6 [ X?} 6 [ X 7Ky 9 [ X b7 A M [ 6Q 2 [ J D A> SED [ @3 f _-oKtuqi
+ 0"H2/ 0"H0/3
a [ g>"@~@ 7:98987 @ I3>"@A 7 X 9ESE6 } Q 30/2/2 3 y7K6ED P1>"X 7Kb&D A 7 @P 7zM [ 6 > A! DGL > 5
D @ 9ES > S879 }g>qP +79BM [ 6687 >q\P S [ 689 DGS + yzD @ DGy . y 7 @ SE6 [ } 5 } 6 [ A P SED [ @3oN]hwrqj f _
u/]`_-owoNtn]_Tu-hK]voN_hno + KH , KH ,/. 3
a [ g>"@~@ 7:98987 @ + I3 + yzy7 A>"X + 3>"@A \ 7 X 9ESE6 } + Q 30/2/2/03B D @ DGyzDx9ED @ LRS 7z7 @
SE6 [ } 5 } 6 [ A P SED [ @ D @ 7 > Sz7 J~P8g>"@ L7 3n_g!oKtn_r]`_r/j\&kqTtN_rqjWks|oErrq_prqw
tErq_~`s1oNt + 0/"H ,) 0/ . H3
\
"G:nK-/
KH
a [ 6EL7 @ 9w7 @ + Q 3I3GF ,/, &3n_g!oOuqtEr/]Okq_kso8h8k"ni"K!oN oEkqtN]von: mr/O!oKtn_g3 X 7K6
4 P1>qA 7KyzD P{ X Dx9 7K689 3gU [ 9ES [ @ + B 4 3
A D[ J
D A >"7=} yz[T[ D J 6 S+ 4 6873>"T@5 A>qA 9 >"[ @ 6 L } +SED ; [ @ 3? [ ,/@ /, y 3 [ X 7 D @P 7KXYSE> D P 69w9E7Dx7K}gb> 7 6 > P1SE> D 6E[ @ [ @[ M3Wy7KS oNg>"]@ hw7Nrq j P1> 6E_T uq[ ]@
f _-o8oNtN]_Tu
-h:]OoN_-hwo + )q0/ )q/3
7K6E>SEDx6 7:X 989 9 [ [ M @ }g+ >"B} 7K36 >"[@@ A S Q [ 7\D @ SED6 @ >"7@ @ 9EDx+ 7 BV@ S 3GFW}~ 7,/@ [0y3~7 @g >7A D @ 6ED @ 7 L @P P 7 [ @ [ S M>qS P S 7 A 6E5&5&D L/@ 6 L [ 9 [ P Mg[ S } D 7 P}g} >"6 }[ } 7K6
7K[ X 9b37K6 ]g_> agy 3 } 4S [ 9 @ [ 6ES 3}~c }7 A33eH d + H ]2/tEp(3 n_!oNtn_-r/]k/_rqj?tniq]_Tugiqmk"n]&3 [ Xv3/3
+
, &.
7 KDx987K6 > 9 + U3 3GF ,/, /3] s:oNhKihKjxo|r/vrs:kqtk/tnoOu/]rq_]jrq_p r"N3>"} DG6 3
6 [ @A 7KDGy + [ 6 > 5 3
{ 687 7:@~9w@ 9 7K3~5 + 7 3 [ 3G6 F 3 ,/ H3 f _-oNtOuqih8kq_qoNtwN]k/_]`_oWmtEk1hwonn]_pqTNtN]OonK3 4 P1>qA 7KyzD P
\]OhN 7 s:X 9EkqSEt 6 } _T+ uqQ]_-3To8>"oK@twAK3*U @ 7 S8A 7K7 6 >@g > JSED + [ @g>"3GF?X Z 0/2/7 2@ /SE683 7 f [ jGoNMg4 oN}~_}~X Dx7 kAs\ntN tE7KoK6E"y oNtn[ nA ]vN5 jG@go> yzD oNP tN9 z k)98pqS iq>"@_ rqXv 3
+
Q U , f . , . /3
SE6EDG SED [ @ M [ 6yzD @
DG\y 7 X y 9ESE6 X [ } 9ES + Q 3[ >"6 @AD @ 9 >XY>"@P8 A 7K+ yzD 3P1>" X 3687 ,/>q,/P S, [ 36 PK X [7 9wA 7z6ESDGb&[ D @ >"L@A M [ M6 > P 67 MA 6 Dx[ 9Ey
7: D X DG~6ED y 3?8N3
J D A> SED [ @ [ MQ 2 3&n_-pqKtn]Orqj f _Tuq]_-o8oNtN]`_&uRoN]`NtNCi on1oErqtEhN| + /2 . /2 ./. 3
\A 7P XSE9ED SE[ 6 @ } D @ + Q 9 [ 3X >"D A @A[ J B D A 7XGX M7K 6 7 X[P 7X 9EXGSX 9 + 3 Q 3^jx oE,/h:, tEk13&hNI<oKJ =7K6E]OL/h8rq5j7 |h:P vDxr7 @ P 5 >"H/@HTA X H [ P1>"3 X 7 > S } 6 [
f
+ .
7
E
9
E
S
6
Q
7
7
Q
6
D
G
D
y
y
T\5 X7: D }g} > + 6ESEDG3 SE+ D U[ @ A [ M> M [J 6 + P 7:93>"D @ @A DG6E68>7Kb 7K> 6898+ DG IX 370/S 2/ 2/7K26E3Ty B [ A @ 5 @g> yzD P 7 9 @ 3SEn6 _[ } pq5 TN} tN6 ][ rqA j P SE_TD uq[ ]@
f
_-owoNtn]_TuoN]`NtNi on1oErqtEhN + H/H"H H/H/3
7 X 9ESE6 } Q 3 Q > > 6 I3 U 7 A 7 > J 3T>"@A b >"@A 7K6 [&[ D =3g 3& 7 A 6EDGbTD @ L
M\[ 6 P 7 A Dx9ESE6E+ DG + SED [ @ M [ + 6yz+ D @ DGy y X [ + 9ES [ 6 D @>Pw 7K yzD P1>"+ X 687 >qP ,/S ,/[ , 6 PKX [ 987S [ >"@A
M > 6M6 [ y7: D X DG~6ED y 3n3 7 [ 6E5 3n_p/Ktn]Orqj f _&uq]`_ô8oNtN]`_TuoN]YKtnDi on:o8rqthK
+ /2"H /2 . 23
3~ ,/, &3@A 7NM7 @ 987 [ M-S 7 P y XY> SEDGb77 @ 7K6EL/5 A 7Ky >"@A3&n_g!oKtn_r]kq_-rqj
&kqX qT}tN_ rq7Kj?6 + k
s + /3
3 +<; 7KD @~g> 6 A S + 3 + Q > 5 [ 9 D + \3 + Q P8g> 7N
MO7K6XG~}~} 3 7 X + Q P8= 3 +<X 1 7 6 L7K36 >"+ @aA3 + B> > L @ P87K 6 +
=3GF( &E3 -|&=&jGr/]OoKtN!oNt _-oKtuq]voErq&rq_p
*oOuq+ tN] (+oN<=Fo /_]+ ]k/_-oN_~G *oNt8oEhN_&_T+ u"NoK&,/k1, po:3 7K6 XY> L y|f =3 98987 XxA [ 6M 3
KH0
\
"G:nK-/
XY> [ }
SEDGy [ 7K>"D X7K}g6 + > S 3 [ M 3 + > a M[ [qg >"6@~v^@ 7:7 98A 987 Q @ + I3P [ >"@ @bA 7K6E\S87K 76 X 98SE6 DGS H} + Q b3^7 0/ 2/72"> HS3^7 J~ P87g>"987@ P L[ 7K@68A
9 3 f _-oKtuqi
2
+. 0 .)&. H3
} 7K6M [ 6Ey >"@P 7M [ 6S 7K6Ey >"X}~XY>"@ S 3-n_g!oNtN_rq
]Okq[ _S > r/9 j^+ &kq&3tna_3^r/ j,/ks23~|Io8J r/7KW6ErqL/_5 pP 6EDGS8j&7K]6EpD > [ jlM kq
+ KHT 1/3
,//. 3oo oKtuqio:&k1pksoNtNrqjm-jlrq_r/_rqji*N]YK3U SES87K6
[ [ 6ES S > 9 9 + 3 3[ @aA 3GF
[

@
3
_- oN7KtOyzuqiyg7 X i"+ K!UoN=3 + N 3 Dx7 X [ 9w9 7 @ D + XxA Q 7 3 @ 3DGb>"7K@68A 9EDGS!QT5 687 { @ 68987:7 98@ 9 +3 U[ 3GF9 D Xx,/A , 7 &37 ] @ s:oKy hK> i6 hK jx3 o_rqji*N]Y(ks
f
;
;
+
7Kyzy7 X 3/ 3)I<@ 7K6EL/5 > 9 > M >qP S [ 6 [ M } 6 [ A P SED [ @>"@A 7 @ SE6 [ } 5 > 9 >W} [ XGX SED [ @
D @A D P1> S [ 6+"D @ ; y >q,/P /6 , [ !7 P [ @ [ yzD P y [ A 7 XGX D @ L 3 f hwkqjlkwuq]hwrqj f h8kq_kq]OhN + 1/0 23
7KL/6 >"@A 3 3B 7KS g>"@ 7zM6 [ y ~D [ y > 989|985&9ES87Ky9 >"@g>"X 5&9EDx9 >"@A Z 2 > > S87N
y 7 @ S } [ S8+7 ; @ SED >"Xv,/3 , *]Okqr"w|rq_p *]k)oK_-oNtOuqi + /2 13
] s:o?ihKjxo=w1onwNoK_gk/tpq]Oh
|D o!@mA kqM tK[ O6839 +[ 6 3 A D P 3GFZ\[q ,/,/@. P D3?X |[ M kqtB p/]D h@ Dx9ES8&7K68]p9 oK3 jZ\]_-[ on} 7 @~kq_
g> L7 @ + 7 @ y > 6 3
n_D @~N@~] &[ ]Okq+ _U3*kEs>"@A QToNyz]DGShw rqj +/; _T3Tuq ], _- o8, oK3*tw 7i"S m7Kkq6Eny ]T[ A 5 @goN> tnyz]vonD P 7 P DxHT7 @P q5 [ 3 M A Dx9ESED XGXY> SED [ @3
f
+
[ y| > 6 A D 30/2/2/3 DlMO7 P 5 PKX 7 > 989w7:989Ey7 @ S P [ y }g> 6EDx9 [ @ [ MS87 Pw~@ D P1>"X 9 [ X SED [ @ 9
M [ 6 Z 2 7K+yz Dx989ED [ @ 9(68 7 A P SED [ @ D @ } [ 7K6L7 @ 7K6 > SED [ @3 f _-oNtOuqi <kq_qoNtwN]k/_ rq_p
rq_r1uoKoK_gg +, 12 3
985&[ 9E S87K7 y@ S 9 gF>"> X + B68983 S 9E3TS87 >"}@3 A on>:kq9ES8&7 t@ hwôNw7K6EL <+ kq_~:3oKItn*3gr ,/]kq,/_ 3rq_@p A 9ESEoE6Eh:D i/>"h:X j]7 _TP u[ X ~[ L/5 >" @A /7 @3 7K6EL/5
+.
B>"@~@ D @ 7 @ + a3 + { ~ y >"XY> D @ 7 @ + 3 + >"X > +/; 3q>"@A{ 7KSES87K68989 [ @ + 3q0/2/2/03qI<@ 7K6EL/5 > 9
} 7 P S89D @}g>"} 7K6yzD XGX 9 SED X DG:D @ LM S 687S87 P8~@ [ X [ L/5 3mmj]voEp~oNtnrqj f _Tuq]_-o8oKtn]_Tu
+, 0 ,)&, &3
B> 6 P8g>"X +q; 3GF ,/. 3"roNtNzk)pqiq_rq]:~oo:^jGo\ ekqt eòWpo\2j I e_-oNtOuq]Oo&]j]`KrTNjGo:3
@ [ A3~{?> 6EDx9 3
B> SES 7 9 + I3 + 4y >"@~@ + Z 3 + U 6ED @ L7K + Q 3 + Dx9 7K6 [ >"X 9 D + BV3 + SES X 7K6 + B3 +
=X3 7KD Q @ P8 + ; SE 3 + B=3 [ 6Eb DGL>"@RP8A 7KD + 6 z[ 3 + 7KS SEIS 3g7 >"+ @ZA(3 +; 7KDx[ 98A 7 @ 3GF6E0/L 2/+ 2/I23\3 +\; o[ L/D PwoK ]lu"+ & 3 k+ sQ _P8rg>"]kq@_A:X +
r/+ !oNtN]rqj~kq+ Jk/+ sNtkq] _pqTN+tN]r/j~oEhwkq_kq]vonN+ 3" [ 6 XxA ; 7:9 [q 6 P 7 !@ 98SEDGS S87 31> 9
D @ L/S [ @ Z 3
\
"G:nK-/
KH
B> 57K6 + 4 3 3 + 689ES [ @ + =33?>"@AV{ [ X [ 9 D + Z 33?0/2/2"H3? 7y X SED A Dx9
P D X D @g> 6E5D @ 7 @P 7 [ M P [ yzy [ @ 9 9ES > D @g> ~D X DGS!5D @A D P 7:9 3^tEkq_g]voNtnks f h8kqjGk8uq]Oh8rqj
f _g1]`tEkq_oN_ + H ,) 0/3
BP > L >"XGX + \3 ; 3 + DGS87 + {?3 + 6 >"@ 7 + BV3">"@A D @AX 7 + {?3GF0/2/2/3/n_g!oOu/tr/!o8p:kqj]p
r"K!o|zr/_r1uoNoN_!\ j] s:ohKihKjxo]_"oK_gvkqtNiq3gUXY>qP 7:7 X Q P Dx7 @P 7 cO0"@A 7 A DGSED [ @dN3
B 7KS89 [ Z\[ 6 } [ 6 > SED [ @F
0/2/2/23 B 7KS89 [ P [ 6 } [ 6 > SED [ @3
7K9EDGS87 F
SES }F ;?; WW 3 y7KS89 [ 3P [ y ; cO>qP:P 7:98987 A D @B> 6 P80/2/2/dN3
B D @ Dx9ESE6E5 [ MS 7 I<@ bTDG6 [ @ y7 @ S F ,/,/ 3|kqtNoOuq]Orq_ ?j]r/!orq_TuoWkqj]OhKL
i K
"oNtN1]voN3B D @ Dx9ESE6E5 [ M\S 7 I<@ bTDG6 [ @ y7 @ S +; 7 } [ 6ESS [ S 7QTS [ 6ESED @ L c [ 6 7KL/D >"@
{> 6 X D > y7 @ S d +^; 7 } [ 6ES [ 30 , 3
B [ 6 >"@ + BV3a3GF ,/ 03-*r/]`jGrN]j]i_rqji"n]`:W&]povk f h:]OoN_ f _ôNtu/M
i :oK3
{ 687 @ SED P 7N >"XGX + I<@ L X 7 [T[ A Z X D 9 3~ 7 a 7K68987K5 + Q&4 3
7:7 X Dx9 + B3 + b >"@A 7K6 [T[ D + =3a3>"@A 7:7K6 X D @ L9 + a3a3 Z 30/2/2/23TIJ 7K6EL7KSED PX DlM7 P 5
PKX 7 >"@g>"X 59EDx9 [ M 5 A 6 [ L7 @} 6 [ A P SED [ @>"@A 9ES [ 6 > L79E59ES87Ky9M [ 6 > S [ y [ SEDGb7 >"}
}~X D P1> SED [ @ 9 3-n_g!oNtN_r/]Okq_rqj&kqTtN_rqj?ksipqtEk8uoN_ f _-oNtOuqi +. &. H . 3
D X 989 [ @ +~ 30/2/2"H3 7 > S >"@A y > 989WSE6 >"@ 9MO7K6WD @ y X SED P 5 X D @A 7K6 A 6E5&D @ L 3N3 4 @g>"X 59EDx9
[ My >qP8 D @ 7 A> S >3oN]Oh8rqj f _&uq]`_ô8oNtN]`_Tu(rq_-p=\tEk1hwoNwn]_Tu= + . HT ./. 3
Dx989 >"@ + 4 3 ,/. 3 4 S 7 [ 6E5 [ M A 6E5TD @ L 9ED @ L9ES87 > y 7 > S87 ACA 6 y9 3oN]`NtNi
rq_-p=n_p/Ktni| + ,/) 0//3
[ 689 7Q [ L @ S87K6 @g>"X ; 7 } [ 6ES F|0/2/2/23 f _)]`tEkq_oN_gvr/Nj o!mkqtK @O@O@q3 [ 689 7
Q [ L4Q&4 + Q [ L @ + [ 6 > 5 3
[ 689 7Q [ L @ S87K6 @g>"X ; 7 } [ 6ES F|0/2/2/3 f _)]`tEkq_oN_gvr/Nj o!mkqtK @O@"!3 [ 689 7
Q [ L4Q&4 + Q [ L @ + [ 6 > 5 3
[ 689 7Q [ L9\yzD XGXvF<0/2/2/3~n_g!oNtN_rqj o!mkqtKO3T [ 689 7Q [ L=4Q&4 + Q [ L @ + [ 6 > 5 3
XGX + 3 , q3 7 > S } y } 9 >"@AA Dx9ESED XGXY> SED [ @3oK=]Oh8rqj f _Tuq]_-o8oKtn]_TuR\tEk8uqt8onw
+./) "H3
yzy7 A>"X +/ 3)>"@A \ 7 X 9ESE6 } + Q 3"0/2/2/3)I D }g> 6ESEDGSED [ @ [ M~M [ 6 P 7:9 > 9 >WX [ 7K6? [q @A
[ @ S 77 @ SE6 [ } 5 } 6 [ A P SED [ @ D @V 7 > S=7 J~P8g>"@ L7 3n_g!oNtN_r/]Okq_r/jTk/TtN_rqjWks=oEr/
rq_-pzrqwtr/_~`s1oNtg + 0 0 0 /3
yzy7 A>"X + 3 +g\ 7 X 9ESE6 }>"@A Z\[ 9ES87 > + BV3g0/2/2/3B D @ DGyzDG:D @ LS 7|7 @ SE6 [ } 5 } 6 [
A P SED [ @ 6 > S87 [ M >"@ 7 J [ S 7K6EyzD P 687 >qP S [ 6 DGS z>WP [ @ 9ES >"@ S 7 > SvSE6 >"@ 9M7K6 P [ 7 P Dx7 @ S F
KH/H
\
"G:nK-/
7 > yzy [ @ D > 687 >qP SED [ @3~n_pqTNtN]r/j f _Tuq]_-o8oKtn]_TuoN]`NtNiCoN:oErqtEhN|^ + 12"H/H
12 . 3
yzy7 A>"X + 3 +; /9 [ 6 A 7 + 4 3 + a [ g>"@~@ 7:9w987 @ + I3<>"@A \ 7 X 98SE6 } + Q 3?0/2/2 . 3 Q&7 P
[ @AXY> [ } SEDGyzDG > SED [ @ [ M > S XY> 6\9ES87 > y 687NM [ 6Ey7K6 3~oN]h8r/j f _&uq]`_ô8oNtN]`_Turq_p
tk1hnonwN]`_Tug + H0 ,) H/H23
I Z FW ,/, 3\Wkqjj]k/_mt8oN"oN_]kq_ rq_ph8kq_gtEkqjx f _g1]`tEkq_oN_vrqjhKtN]!oNtN]Orzs:kqt
NKvrq]_rNjxotrq_vmkqtK! omkqtK! f P 8
Q&RnV? !&Rq3\ 6EL >"@ DG > SED [ @ M [ 6 IP [
@ [ yzD P Z\[ [ } 7K6 > SED [ @>"@A 7Kb7 X [ } y7 @ S cvI Z dN3{?> 6EDx9 3
@ 9 > L7K6 +/ 3 , 1>3 ; 7 P D } 6 [ P1>"X 687 XY> SED [ @ 9D @ DG6E687Kb7K689EDG X 7S 7K6Ey [ A 5 @g> yzD P 9 3\i"n
]Oh8rqSj oN1]voN + H2 .) H0/3
@ 9 > L7K6 +/ 3T , 3 ; 7 P D } 6 [ P1>"X 687 XY> SED [ @ 9D @ DG6E687Kb7K689EDG X 7\S 7K6Ey [ A 5 @g> yzD P 9 3/\i"n
]Oh8rqSj oN1]voN + 0/0/ .) 0/0 , 3
{> [ 9 D 3 UW> 6ES P > 3 QTSE6 yzD XGX [ Z 3>"@A QTS87 @ 98SE6 y Q 3 /3I b >"X >
SED [ @ [ M7: +T >$ SED + [ @ 9 >"}~} 6 [ J +PDGy $ > + SED @ LS 7K6Ey + [ A 5 @g> yzD P=>"@A SE6 >"@ 9 + } [ 6ES },/,6 [ } 7K6ESEDx7:9 [ M
> S8 7K6 + 98/S8q7 > 3y >"@A> DG6M [ 6 9w7D @ Z 4 [ M A 6E5TD @ L } 6 [ P 7:989w7:9 3tniq]_TuoEhK_kqjGk8uqi
+ .
{ 7KS87 XY> +; 3 , "H3~IJ 7K6EL/5 [ M 7 > S6 >qA D > SED [ @3Tkq&tN_rqjks|o8r/tErq_~s:oNt +
, 03
{ 6 >"~X a3GF 3oKtnk1pqiq_r/=]OhNkEszmrnmoNt /8oNtrq_pVr/!oKt] Tt8onN3{<
S 7:98Dx9 + 3~> 6Eb > , 6 A @ DGb7K689EDGS!5 3
{ 6EDGL [ L/D @ 7 + N3GF ,/./. 3oNtNk1pqiq_rq]OhNksntnt8oN"oNtnn]vNjxotk1hnonw1onN3 Z g> 6 X 7:9 Z 3
[ y > 9 3 Q } 6ED @ L 7 XxA3
;7K6E>"L/@ 5 S +U>$ @ 37 ,/. [ 3-6 IA J M 7K[ 6E6L/DxS87 7 + P8~7K@D @D P1@ >"7X > 7:b 9 > D XY> [ 6EX S7 M 6[ 6 A S8dN7 3gP8~@ kqDxtn9 KP8hN 7 &_T> 6Eu-oK7K_DGS8]9E WM V n_TDGL u oN7K_DG]v+S oNB &ctnI<J oK
1oN_+ + / &3
;[ M7K7L @ SE7K6 6 [ > } + D P 3 >"> @6E6EA Dx7K; 689 3~D + Tai*3N]0/hw2/rq2j /3 oN )D ]O@ oN7K SED P 7: > SED [ @ 19<2/M[ 3 6 A D 9ED [ @ D @ S 7 } 687:987 @P 7
f +
; [ A D 9 + 3>"@A [ SES89 Pw D @ L +T 3g , , 3{?>"} 7K6 >"@A [ > 6 AA 6E5&D @ L } 6 [ P 7:989 >"@A DGS89
D @A 7 } 7 @A 7 @P 7 } [ @A 6E5&D @ L >"@Az}g>"} 7K6S87 P8~@ [ X [ L/D P1>"X-}g> 6 > y7KS87K689 3T 3 6E5TD @ LD @
S 7y X SEDl P 5 X D @A 7K6 A 6E57K6987 P SED [ @3-Wrnm]voNtg + &, 3
;_-r/[ 98]7 k/@ _+ rqBVjT3 kq4 &tN3_>"rq@jA ks D @_-P oN7KtO6 uq+ %i n3 on,/:,/oE,r/t3hNIJ 7K6EL/5 />"@g >"X 5/9E1Dx/9 [ 3 M > 9ES87|7KyzDx9898D [ @ 9 3n_g!oNtN
f
+ .
\
"G:nK-/
KH .
3 +-\ 7 X 9ESE6 } + Q 3 + U 7 A 7 > J + 3>"@A> MO9 [ XxA + U3
;0/2//2/9 2 [ 36 A 7 [ + @ 4 7: 3 + D X DG[ ~986E9 D [ y y [ + y [ 3X 7
P XY> 6 A 5 @g> yzD P 998DGy XY> SED [ @ 9 [ M9ES87 >qA 5!98S > S87 7 > S
>"@A y > 9w9SE6 >"@ 9 } [ 6ESD @RP [ @A 7 @ 9 > SED [ @3gN3 [ P1>"X 7: D X DG~6ED y 3Tkq&tn_-rqjks<kqjjlk/]p
rq_-p=n_g!oKt`s:rhwo|-h:]OoN_-hwog + ) ) /. 3
;6ED /y9 [ y 6 A [ 7 X +7 P 4 3 XY+> \6 A 7 5 X 9E@gSE> 6 yz } D P + 9<Q 9E3 DG+ y U 7 XYA > 7 SE>D [ @ J 9 + [ M-3~98S8>"7 @>qAA 5!>9ES M9> S87 [ XxA 7 >+ S U>"3~@0/A 2/2y />398 9[ SE@ 6 >"7:@ 9 } D X [ DG6ES
D @P [ @A 7 @ 9 > SED [ @3/8N3) 6 >"@ 9M7K6 P [ 7 P Dx7 @ S89 3&kqTtN_rqjgkEs<kqjjGkq]p|rq_pn_!oNt`s:rhwo-hK]
oN_-hwo + ./.) /"H3
/9 [ 6 A 7 4 3 7 X 9ESE6 } Q 3 a [ g>"@~@ 7:9w987 @ I3>"@A >"@ 987 @ 3GF(0/2/2 >3<B D @
DG; yzDG: D @ LCS + 77 +@ \SE6 [ } 5 } 6 [ + A P + SED [ @ D @ >P8 7Kyz+ D P1>"X} 6 [ P 7:989M [ 6 +;A 7 5 A 6 [ .L7 @g> SED [ @
[ M } 6 [ }g>"@ 7 3]`_ Q 3 \ 7 X 98SE6 } + a3I3< 9ES >qA + 3 @A 7K68987 @ + 4 3 ; /9 [ 6 A 7 >"@A
3 9 > S89 > 6 [ @ Dx9 c 7 A 9 d \tEk1hwowoEpq]_Tu"Vkso"X th \\ <k/_1s:oKtEoN_-hwonkqjxEN3
?>"} DG64 P1>qA 7KyzD P{ 687:9w9 + F 6 [ @A 7KDGy + [ 6 > 5 3g}~}3 ./f , /2/23
3 + >"@ L + 3 + > > ^7 + 3>"@A \ 7 X 98SE6 } + Q 3GF
;0/2//2"9 H [ 3 6 AQ&77 P+ [ 4@A 3 + XY> > > >"D @g >"> X 5+ 9EB
Dx9 [ M >"@ D @ S87K6 @g>"X( 7 > SvD @ S87KL/6 > S87 A A Dx98SED XGXY> SED [ @ P [ X
y @3]`_ ; 3 ; DGb7K6 [ +- 3B [ @ 6 > 5 +-; 3{ X D A [ >"@A 3 9 > S89 > 6 [ @ Dx9 c 7 A 9 d + \tEk1hwowoEpq
]_Tu"ks f \\C<kq_)s:oNt8oN_hnonY@O@:w*ZQ&R?X/`X<Q/+@"#:[!TY3 >"@g> > S [ + B 7 J D P [ 3
}~}312 / . 3
;Q&7 /P 9 [ @[ 6 AA XY7 > + 4 >"3 + @g>"X > 5& 98> Dx9 D [ > M + >"B@ D3 @+ S8 7K6 @g>">"@ X^L +~7 > S3 + vD @ S8>7KL/ 6> > ^S87 7 +A A 3Dx9E>"SE@D XGA XY> \SED [ 7 @(X 9EP SE[6 X } y + @Q 330/2/2 oN. 3
]Oh8rqj f _Tuq]_- o8oNtN]`_&u^hK]OoK_hwo + / ,/,) 10123
Q >"@A 7K6 + B33GF\ ,/, /3 f hwk1rq]`_ôWWRs1oEr"N]OK]`j]i|N~pqi<kq_gtErh:k") @? !T
\t8o!mr/tEoEpsKkqt-vr/vkq]jNijkqt|rq_g]OoNjl3~?X [q 6 >"@ Dx7 Xv3
Q > > 6 I3 7 X 9ESE6 } Q 3&>"@A Dx7 @ 3&B3- 3&I D }g> 6ESEDGSED [ @ [ MM [ 6 P 7:9 3 4 @ 7
} E6 D @P D }~+ X 7+M [ \6 } 6 [ P 7:989 + A 7:98DGL @>" @A [ +~} 7K6 > SED [ @,/3, n_pqTNtN]r/j f _Tuq]_-o8oKtn]_TuoN]`NtN i
oN:oErqtEhN + HKHT H . 3
Q > > 6 I3 yzy7 A>"X 3/>"@A 7 X 98SE6 } Q 3 &3/I D }g> 6ESEDGSED [ @ [ MgM [ 6 P 7:9 I<J
S87 @ SED [ @+ S [ + Pw 7KyzD P1>"X 687 +T>q P S [ 689 3\\<kq m&!oKtw+ |rq_p,/, oK=]Oh8rqj f _Tuq]_-o8oNtN]_Tu + Q 0 ,)
Q "H3
Q > > 6 + I3 + QTDG6 > L 9 > + 3>"@A 4 @A 687:987 @ + U30/2/2/3I >"X S 7K6Ey [ A 5 @g> yzD P(A Dx9
S >"@P 7 >"@A 7: D }g> 6ESEDGSED [ @ [ MzM [ 6 P 7:9 } 6ED @P D }~X 7:9 >"}~}~X Dx7 A S [ ~D @g> 6E5 A Dx9ESED XGXY> SED [ @3
&kqTtN_rqj?ksi"n]Oh8rqj\oN]YKtni Y + 0/10 0//0/23
Q Pw DGy A S + I3GF ,/. 3\oNtNzk)pqiq_rq'] "3 Q } 6ED @ L7K6 7K6 XY> L 3-U 7K6 X D @3
KH
\
"G:nK-/
Q Pw yzD A S U\X 7:7 + 3GF ,/, H3\(]voN1]voNj\=oKjNtr/hN&pToNtzoN_KhN^] ] m=r"
r`_(sa&tb:qkqjlkwuq]Y:hNonc(]`tKKhNrsN!oK_g3~U DG6 V 987K6 7K6 XY> L y| =3U 7K6 X D @3
Q P D ~ > + I3"0/2/2"H3q 6 [ y 7 @ L/D @ 7:7K6ED @ L7 P [ @ [ yzD P 9S [ 7 J S87 @A 7 A 7 J 7K6EL/5 >qP:P [q @ SED @ L F
4 } [ 989EDG X 7 }g> S M6 [ y y [ @ 7KS > 6E5S [ 687:9 [q 6 P 7< > 987 A|P [ 9ESED @ L 3Tk/TtN_rqjks?n_pqTNtN]Orqj
f h8kqjGk8uqi + ,) H23
Q&7 > L7K6 3{?3>"@A 7KDx9 3 30/2/2/0/>3&I<J 7K6EL7KSED P} [ XGX SED [ @(} [ S87 @ SED >"XvFI 9ESEDGy > S
D @ LS 7+ 687Kb [ P1> ~D X DGS!5 [ M P8+ 7Kyz D P1>"X?} [ XGX SED [ @3 f< oKtuqdi K*_n_g!oNtN_r/]Okq_rqj&kq&tn_r/j
+ 0q 0 03
Q&7 > L7K6 3{3>"@A 7KDx9 3 3-0/2/2/0 3 4 @ DlM [ 6Ey A 7 @ DGSED [ @>"@A >"@ SEDGS > SEDGb7
> 98Dx9M [ + 6WD @A 98SE6ED >"X 7 P [ X [ + L/5 3T k/TtN_rqjks?jGo8rq_-oNttk1p/h:]Okq_Y + 0/0 .) 0/ . 3
Q I 4 Z F& ,/, H3/ f &T]OpoNj]`_ôns:kqt<] s1o?ihKjxo<w1onwNoN_g!< <k)pokstrh:
]OhwoK3 Q [ P Dx7KS!5 [ M I<@ b&DG6 [ @ y7 @ S >"X- [ J D P [ X [ L/5 >"@A Z 7KyzDx9ESE6E5 c Q I 4 Z dN3/> 9 D @ Lq
S[@ Z 3
Q 7K6 [T[ A + 3 3W , /23< 7 A 6E5TD @ L [ M9 [ X D A 9 3<8wn3?B 7 Pwg>"@ Dx9Ey [ MS 7 A 6E5TD @ L
}g>"} 7K6 3gn_pqTNtN]Orqjrq_p f _Tuq]_-o8oKtn]_TuoN]`NtNi + 1/0 1/3
QTD A >"XGX + Q 3 + U [ @A + a3^>"@A [q L XY> 9 + 3GF ,/,/, 3-@A 9ESE6ED >"X b >"X D A> SED [ @ [ M > y X
SED }~X 7S87 P8~@ Dx 7 }g>"} 7K6 A 6E5TD @ L(9EDGy XY> S [ 6 3W&\tk)hwo8oEpq]_Tu"kEso f _Tuq]_-o8oNtN
]_Tu 8\tk)hwonwrq_p\tk)pqh15 e~rqj]i<kq_1s1oNtEoK_hwoK3 4 @g>" 7KDGy + Z 4 3}~}3g0& /2/3
QTDGy XY> SED [ @ Q P Dx7 @P 7:9 Q B Q Z nF=0/2/2/3 QTDGy XY> SED [ @ 9 P Dx7 @P 7:9 0/2/2 U 687 > Z 4
} 6 <[ ; DGDb7K689ED [ @ 3 Z ; B3 Q [ MS > 687 A 7:9 P 6ED } SED [ @> S F SES }F ;?; + WW 3 98+DGy9 P Dl +
7:9w9 P [ 6 3P [ y ;* 9 ; 7 @ L ; 9EDGy9 P D { 6 [ A P S89 ; } 6 [ A P S X Dx9ES ; } 6 [ 8 ; A 7NM > X S 3 SEy cO>qP:P 7:98987 A
D @ Q&7 } S87Ky-7K6 0/2/2"HTdN3
Q [ D @ D @ 7 @ + B3 ,/,/. 3B [ A 7 X D @ L [ M 7K A 6E5&D @ L 3tNiq]`_&u<oEhK_kqjGk8uqiz + 0/ & /3
Q [ 6ED @ + BV3 3>"@AU 6 [ A 5 >"@ 9 5 + 3TBV3- ,/, 03 4 y7KS [ A M [ 6S 7K6Ey [ A 5 @g> yzD P [ }
SEDGyzDG > SED [ @F<N3 7 [ 6E5 >"@A(>"}~}~X D P1> SED [ @ S [ >"@(> yzy [ @ D > !9E5 @ S 7:9EDx9 }~XY>"@ S 3 f _-oKtuqi
+ 12 ,) /3
Q } 687 @ L + 33GF ,// 3oKoN_ôNtu/irq_rqji"n]`rq_-pooN_-oNtOuqit8oEK&]tEoNoN_ks
oK_-oNtOuqiNi*K!oN=N3~{ 6 > 7KL7K6 { X Dx9 7K689 3g 7 [ 6 3
QTS >"@A DGL X +; 30/2/2"H3 7 P8 7KyzD P1>"X D @A 9ESE6E5 F Z g>"XGX 7 @ L7:9 >"@AV>"@ 9 7K689 3]]Oo
n_&uoN_]voN&t<oEhN_g]9h + 0 0 , 3
QTS > SEDx98SED P 9 [ 6 > 5 F0/2/2/3~ 7K9EDGS87 F SES }F ;?; WW 3 989E 3 @ <[ ; 7 @ L X Dx9 ; 9 7 P S89 ; cO>qP
P 7:9w987 A D @RB> 6 Pw0/2/2/dN3
\
"G:nK-/
KHT
QTS > SEDx9ESED P 9 [ 6 > 5 F0/2/2"H3 7K9EDGS87 F< SES }F ;?; WW 3 989E 3 @ [<; 7 @ L X Dx9 ; 9 7 P S89 ; cO>qP
P 7:989w7 A D @B> 6 Pw0/2/2/dN3
QTS [ A [ XY> 4 3^ 3 7 P 5 PKX 7 } 6 [ P 7:98987:9 [ M?S 7L > 9W7 @ L/D @ 7 c D @ 7K6Ey >"@dN3Uf?-
- + 12 + 12 , //,/3
QT > 6EL S + a3>"@A{ 7KS87 XY> +T; 3GF , . 3 f< oNtOuqiv]_zkqj]`w)"3q 5 A> @ D P S >|> ~[ [
7 Pw~@ D P @ 7 3g> 689 > + { [ XY>"@A3
QT > 6EL S + ag3 + B [ 6E6EDx9 + 3 ; 3>"@A QTS87 > 6 A + 3 ; 3GFW ,// 3 f< oNtu/irq_r/ji"n]`ksoNtN
rqjhNoN]Oh8rqjrq_po:vrqj`j&tuq]Oh8rqjmtEk1hwonn:onK3 7KyzDx9 }~ 7K687 3 7 [ 6 + Q&4 3
?> D + Q 3^>"@A>"@ M 3 [ A> +^ 3-BV3? ,/ 3 Z 7KyzD P1>"X 7 J 7K6EL/5 [ M [ 6EL >"@ D P y > SES87K6D @
> 9ES87 > S87K6 3n_g!oNtN_r/]Okq_rqj&kqTtN_rqj?ks f _1]tEkq_oN_rqjp/]Oon- + /2 KH3
[ -7K6 + I3GF ,/, &3~oN]h8r/j^mtEk1hwonn(knm-]]Y:r/]Okq_<]orq]OpkEso oNtOuqi"oEh8kq
_k/=]OhNrq_-p=j] s:oh:i/h:jGorqw:oNwnoN_O3{< S 7:98Dx9 3 7 X MS @ DGb7K6898DGS!5 [ M 7 Pw~@ [ X [ L/5 +
7 X MS + S 7 7KS 7K6 XY>"@A 9 3
[ X y >"@ +; 3 Z 3">"@A D @ 7 + {?3 Z 3& , H 3@ S 7DG6E687Kb7K689EDG X 7 } 6 [ A P SED [ @ [ M7 @ SE6 [ } 5 3
oK1]OoKksk1poKtn_i"N]hN +g. /&3
[ @A 7 6 + 3GF ,/, 23-I D }g> 6ESEDGSED [ @ [ M7 @ SE6 [ } 5 } 6 [ A P SED [ @F 4 A 7:9EDGL @>"@A [ } SEDl
yzDx9 > SED [ @P 6EDGS87K6ED [ @ D @Pw 7KyzD P1>"X 7 @ L/D @ 7:7K6ED @ L 3]`_ Q 3 QTDx7 @ D S5 P >"@A{?3 Q >"XY> y [ @
c 7 A 9 d + pq*rq_hnonW]`_oKtnk1pqiq_r/=]OhN1<]_]!oN]ooNtNk1pqiq_rq]OhN\rq_-poNtN
k)oEhwkq_kq]OhNN3> 5 X [ 6 >"@A 6 >"@P Dx9 + 7 [ 6 3}~}3) .) 0/2 3
[ @A 7 6 + 3^>"@A b >/>"X 7 @ + I3 ,/ &3Î D }g> 6ESEDGSED [ @ [ M7 @ SE6 [ } 5 } 6 [ A P SED [ @3 4 @
[ } SEDGy >"X DGS5 P 6EDGS87K6ED [ @ M [ 6SE6 >"@ 9MO7K6 >"@A 987 }g> 6 > SED [ @} 6 [ P 7:98987:9 3n_pqTNtN]rqj f _Tuq]
_-owoNtn]_Tu(rq_poN]`NtNi on1oErqtEhN +. 2 &. 3
6EDG 9 BV3GF , /3oKtnk"Kvr/]hKrq_pVoNtNk1pqiq_rq]OhNN3 >"@ [ 9ESE6 >"@A3^ 7
[6 3 +
9 > S89 > 6 [ @ Dx9 + 3GF|0/2/2 . 3 7 @ DGSED [ @ 9 >"@A@ [ y7 @PKXY> S 687D @ 7 J 7K6EL/5 >"@g>"X 59EDx9 >"@A
7 J 7K6EL [ 7 P [ @ [ yzD P 9 3]_ Q 3 \ 7 X 9ESE6 } + a3I3 9ES >qA + 3 @A 7K68987 @ + 4 3 ; /9 [ 6 A 7
>"@A 3~ 9 > S89 > 6 [ @ Dx9 c 7 A 9 d \tEk1hwowoEpq]_Tu"kso="X th \\ <kq_)s:oNt8oN_hnon=k/jGN3
?>"} DG64 P1>qA 7KyzD P{ 687:989 F< + 6 [ @A 7KDGy + [ 6 > 5 3g}~}3g/0f /0 . 3
D A 7 + =3/3/>"@AUW> 9 D + U3 ; 3/0/2/2"H3 7K6Ey [ A 5 @g> yzD P>qP:P [q @ SED @ L [ M^7 P [ 985&9
S87Ky P [ @ SE6EDG SED [ @ S [ 7 P [ @ [ yzD P 987 P S [ 689 DGS >"}~}~X D P1> SED [ @ S [ ,/, 0 QR7 P [ @ [ y5 3
f _g1]`tEkq_oN_vrqj-hK]voN_hnor/_poEhK_kqjGk8uqi| + H 12 H 0&3
KH
\
"G:nK-/
3 + 6 > L [ } [q X [ 9 + Z 3 +& > >"@ [ + B3 +
Q&7K>"6EX 6 7K> 6 [ + 4 3\3 >"+ @ A9 > S8{ 9 DG> 6 > [ @ agDx9 3+ 3 + Hb 3 [ @ ZW Q }g4 > B [ } 9 6 [ D + X BV
7Ky FA 7 @ DGSED [ @ >"@A P [ @ b7 @ SED [ @g>"X
9 [ X SED +[ @ 3 f _-oNtOuqiz + + / .) ,/ , /3
3 7K6Ey [ A 5 @g> yzD P 9\-7K5 [ @AzX [ P1>"X 7: D X DG~6ED y 3tk1h*
|D r/XY> ]O6 kq+ _agrq3j>"|@h8A r; poN ~iD + -ahK3T]v0/oN2/_2hw/
o g
+ / & /3
b [ @ Q }g> [ 9 D + BV3 ; 3 + 6 > b > S + 3g>"@AUW> S > S [ + BV3 ,/, /3 4 L X [ >"X 987 P [ @AXY>
>"}~} 6 [ >qPw S [ S 77Kb >"X > SED [ @ [ M7 @ 7K6EL/5T P [ @ 987K6Eb > SED [ @ 985&9ES87Ky9S > D @ LD @ S [ >qP:P [q @ S
7 P [ @ [ yzD P>"@A 7 @ b&DG6 [ @ y7 @ S >"X M >qP S [ 689 3 f _gtEknm]vo U h- + 1 ,) . 3
> L/y >"@ + 3 + I b >"@ 9 + 3 + > 6 X [ + N3 + UW> D X 7K5 + Q 3>"@A Q yzy +; 3GF\ , 3ôNjxoEh:!o8p
~r/jonkEs=oN]Oh8rqjoNtNk1pqiq_rq]Oh\tkNm~oNtK]OonK3 Q [ b7K6 @ y7 @ S { 6ED @ SED @ L M`
gP 7 3> 9 D @ L/S [ @ Z 3
> L @ 7K6 + 30/2/2/23? 7 4 {< QD @A 9ESE6ED >"X M [ 6Ey XY> SED [ @ [ M ,/, M [ 6S 7S 7K6
y [ A 5 @g> yzD P} 6 [ } 7K6ESEDx7:9 [ M > S87K6 >"@A 9ES87 > y 3&kq&tn_r/jks f _Tuq]_-o8oNtN]_Tu=sKk/tr"
&t:N]_-on|rq_-p=Wk/oNttrq_Krh:]Okq_~|ks~o f ~g + . 2 03
>"XGX + 3GFz , /&3 f< oKtuqii
:osn&j<kq_hwom-<]]j
_ on:kq&thwoh8h8k/T_g]_Tu/3!@
98SEDGS S87 [ M 7 [ 687KSED P1>"X?{< 59ED P 9 3 S87KL [ 6EL +g; 7 } [ 6ES [ 3g/ H03
>"XGX + 3GFW ,/ 3 f< oNtOuqik
1osn&j<kq_hno!m-O3~{< S 7:9EDx9 3 Z g>"X y7K689 @ DGb7K689EDGS5
[ M 7 Pw~@ [ X [ L/5 + S87K [ 6EL + Q 7 A 7 @3
>"XGX + 3 ,// 3IJ 7K6EL/5 [ 9D @ D @A 98SE6ED >"X} 6 [ P 7:9w987:9 3 f _-oKtuqiz + , 0/2 3
>"XGX + 3>"@A [ @ L + BV30/2/2/3&@ 7 J 7K6EL/5 >"@A 9 9ES > D @g> X 7 A 7Kb7 X [ } y7 @ S 3 f< oNtOuqi
_n_g!oKtn_r]kq_-rqjTkq&tN_rqj^ + 10 ) KH . 3
7KDGSE + 3 + UW> 6 XY> + BV3 +; >"@ DGS g>"@ +; 3 + U 6ED XGX + 3 + [ 6 @ 7 X [ 7 + Q 3>"@A> y +; 3
,/,/, 3 DlM7 P 5 PKX 7|y >"@g> L7Ky7 @ S [ My @ D P D }g>"X 9 [ X D A > 9ES87 3^n_g!oNtN_r/]Okq_rqj&kq&tn_r/j
kEs + ,/.) 0/2/3
DGS87 + Z 3\B3\0/2/2/3 Q&7 }g> 6 > SED [ @ >"@A P1>"} S 687 [ M Z 2 M6 [ y XY> 6EL798S > SED [ @g> 6E5
9 [q 6 P 7:9 >"@A 9w7: 7:9ESE6 > SED [ @ D @ L7 [ X [ L/D P1>"X M [ 6Ey > SED [ @ 9 P [ >"X ^7 A 9 >"@AA 7:7 } 9 >"X D @ 7
> DlMO7K689 3g]`trq_-M
p RrqN!orq_r1uToNoN_g<w:k1hK]Or/]Okql_ + "H .) & . 3
DGS87 +&; 3GF\ ,/, H3T{ 687NM >qP 7 3]`_=U3 4 XGX 7 @ 5 >"@A 3 ; D P8g> 6 A 9 c 7 A 9 d + ot8o8oN_]_Tu
kEsn_pqTNtN]r/j f h8kqni"N!oN=K3g> SED [ @g>"X 4 P1>qA 7Ky5 { 687:989 F\> 9 D @ L/S [ @ Z 3g}~}3
N3
D XxA + BV3 + y 6 > + 4 3>"@A D X L7 @ + 3 ,/,/ 3 7 A Dx9ESE6EDG SED [ @ [ M9 [ XY> 67 @ 7K6EL/5
> SWS 7 I> 6ES 99 6M >qP 7 3<oEknmi"n]Oh8rqSj |on:oEr/thNoKO!oNt + Hq Hq3
\
"G:nK-/
KH ,
D XG 7 X y989 [ @ + U3 + g> L7K6 [ X y +| 3 + D X 989 [ @ + 3>"@A QTS87 @ 9ESE6 y + Q 3 ,/, H3 4 @
7 J} 7K6EDGy7 @ S >"X 9ES A 5 [ M P [ @ S >qP S P [ 7 P Dx7 @ S89D @ }g>"} 7K6 A 6E5TD @ L 3rnmm-]&kq&tn_r/j
+ ./,) 3
D XG 7 X y989 [ @ + U3 + D X 989 [ @ +~ 3 + QTS87 @ 9ESE6 y + Q 3>"@A D @ y7K689ES87 A S +; 3 ,/, 3 QTDGy
XY> SED [ @ y [ A 7 X 9 [ My X SEDl P 5 X D @A 7K689 }g>"} 7K6 A 6E5TD @ L 3tniq]_Tu-oEhN_-kqjlkwuqig + /)/
10/2 . 3
6EDGL S + Q 3g0/2/2"H3 Z\[ y }g> 6EDx9 [ @ [ MS 7S 7 [ 687KSED P1>"X} 7K6M [ 6Ey >"@P 7 } [ S87 @ SED >"X [ M?M 7 X
P 7 XGX 9 >"@AR 7 > S7 @ L/D @ 7:9 3oK_-oNrNjxo f _-oKtuqi + ) ,) ,/. 3
7 [ + z3 + >"@ L + 3 + D + Q 3>"@A >"@ L + =3"0/2/2"H3/B [ A 7 X D @ L [ MS 7 A 6E5TD @ L } 6 [ P 7:989
D @}g>"} 7K6 }~XY>"@ S89 3 -=kqtEo8rq_&W~oN]h8r/j f _Tuq]_-o8oNtN]_Tu= + q q/3
D + 3 + > + a3 + D A 7 + =3/>"@A=UW> 9 D + U3/0/2/2"H3/ Dx7K6 > 6 Pw D P1>"X S 7K6Ey [ A 5 @g> yzD P
y7KSE6ED P 9M [ 67Kb >"X > SED @ LS 7\7 @ b&DG6 [ @ y7 @ S >"X 9 98S > D @g> ~D X DGS!5 [ MD @A 9ESE6ED >"X} 6 [ P 7:98987:9 3
f _g1]`tEkq_oN_vrqj-\tEk8uqt8onwg + /2/0 KH3
@~@ 7:98987 @ + I3g>"@A \ 7 X 9ESE6 } + Q 30/2/2//>3g 7987 P [ @ARXY> [ }
$SEDGb y [ >"X D X @ 9[ Pw} 7KD 6 + > 4 SED 3[ + @ a [ [ gM >">
}g>"} 7K6 A 6E5TD @ LVy >qP8 D @ 7 3zoK=]Oh8rqj f _Tu/]`_-owoNtn]_Tu-h:]OoN_-hwo
+ / . ///03
b [ X D @ 9 Pw D 4 3 7 X 98SE6 } Q 3?>"@AV [ X y|^7K6EL 4 3GF0/2/2/3I<J 7K6EL/5 >"@g>"X 5&9EDx9 >"@A
X$ DlMO7N P 5 PKX 7 >"+ @g>"X 5&+<98\Dx9 [ M >}g>"+ } 7K6yzD XGXv3]`_V3 +[q > + U3I<X y7KL >/> 6 A + U63 b >"X 7
>"@A BV3<B [ 6 >"@c 7 A 9 d + \tEk1hwowoEpq]_Tu"kEs~oO R th f \\<kq_)s:oNt8oN_hnonkqjx\EEN3
Z\[ } 7 @~g> L7 @ + 7 @ y > 6 3~}~}3 . HT ./. H3
b [ X D @ 9 Pw D 4 3 7 X 9ESE6 } Q 3 U [ XGXY>"@A =3>"@A b >"@A 7K6 [&[ D =3T0/2/2/ 3TIJ 7K6EL/5
9$ 98S > D @g> ~D X+ DGS!5+TD @\A D P1> S [ 689 > + 9 > + S [T[ X D @ D @+ A 9ESE6ED >"X 7 P [ X [ L/5 3 4 }~}~X + D P1> SED [ @ S [ S [ L > 9
687 ARP [ y~D @ 7 AP 5 PKX 7 } [ 7K6 }~XY>"@ S89 3Tkq&tn_-rqjksn_p/Ktn]Orqj f h8k/jlk8u/irh8hwo!m^!oEpN"3
b [ X D @ 9 Pw D 4 3 7 X 9ESE6 } Q 3 U [ XGXY>"@A =3q>"@A b >"@AA 7K6 [&[ D =3GF0/2/2/03q!@PKX A
D$ @ L7 J 7K6EL/5 + >"@g>"+"X\5 9EDx9D @ D @+ A 98+ SE6ED >"X 7 P [ X + [ L/5 F 7 P1> 9w7 [ M P [ y|~+ D @ 7 AP 5 PKX 7 } [ 7K6
}~XY>"@ S89 3]_ 3~ 9 > S89 > 6 [ @ Dx9 + BV3~B [ 6 >"@ + 3 Z :Dx7:9 XY>z>"@AR3~U 6 P @ 7 @c 7 A 9 d + \tk/
hwowoEpq]_Tu"ks|o? m th f \\<kq_1s1oNt8oN_hwoNkqjxN3qU 7K6 X D @ + 7K6Ey >"@ 5 3q}~}3/q 23
n ~po2qSrts n
ujvwvTxy{zw|W}~uP<Ex: zx"<|
vO|Ny{YP,?OxU z?GTUywzT^{ywzS?
^ywz{|?|
^y{D+c
UyÔduSywz
\\:UO&%N&O"F^FL^:<N[)
<{ XY>"@ S4Dx9 >"@ D @ S87KL/6 > SED [ @ -7KS 7:7 @> 9ES >"@A> 6 A} [ 7K6 }~XY>"@ S c 687:7 @~ [q 987 ;=4 { 6 [
L/6 > yzy7 0/2/2/2d +g D P8 Dx9 >@g> S 6 >"X L > 9 687 A L > 9vS 6E~D @ 7 P [ y~D @ 7 AP 5 PKX 7 + >"@A>
Z 2 > yzD @ 7 > 9 [ 6 } SED [ @c 4 U Q d}~XY>"@ S 3? DGL 687W4 9 [ 9<S 7 } 6 [ P 7:989 [ A D > L/6 > y
M [ 6WS Dx9 }~XY>"@ S +g D X 7 > X 7:94 >"@A 4 L/DGb7S 7 } 6 [ P 7:98998SE687 > y A> S >3
7 P [ y|~D @ 7 AP 5 PKX 7 P [ @ 9EDx9ES89 [ M > L > 9vS 6E~D @ 7 c d 7K687 @g> S 6 >"X L > 9 c)d Dx9
P [ y 9ES87 A DGS > DG6 cO0d\} 687Kb&D [q 9 X 5 P [ y } 687:98987 A D @>"@> DG6 P [ y } 687:989 [ 6 c 4 Z dN3 4M`
S87K6S 7 P [ y| 9ES [ 6 + S 7 DGL vS87Ky } 7K6 > S 687 >"@A DGL } 687:9w9 687z7 J&g> 98SL > 987:9 cHTd
7 @ S87K6 > S 6E~D @ 7 cd 7K687S 7K5|7 J}g>"@A|} 6 [ A P D @ L9 g> MS [ 6 3? Dx9 [ 6 Dx9 987 A
S [ A 6EDGb7=S 7 > DG6 P [ y } 687:989 [ 6 c 4 Z d>"@A S 7L7 @ 7K6 > S [ 6 c dN3 7 7 > S P [ @ S87 @ S [ M
S 7W7 Jg> 9ES<L > 987:9 c . d Dx9SE6 >"@ 9M7K6E687 A S [ S 7W9ES87 > y P 5 PKX 7D @>"@ @ 687 Az 7 > S<687 P [ bT
7K6E59ES87 > y L7 @ 7K6 > S [ 6 c Q dN3~ 79ES87 > y L7 @ 7K6 > S87 A 7K687|7 J}g>"@A 99 P:P 7:9898DGb7 X 5
D @> 9ES87 > y
S 6E~D @ 7 c Q d; DGS S 687:7 } 687:989 687 X 7Kb7 X 9 F> DGL } 687:989 687 c{ Q d +
> y7 A D y } 687:989 687 cB{ Q d >"@A>X [ } 687:9w9 6879ES87 > y S 6E~D @ 7 c { Q d 687N
9 } 7 P SEDGb7 X 5 3 79ES87 > y P 5 PKX 77 @+ A 9 DGS > P [ @A 7 @ 987K6 c Z d S g> S 9w 7:9987 > + > S87K6
> 9 P [T[ X D @ L > L7 @ S 3 7 [ !9ESE687 > y P [&[ X D @ Lz987 > > S87K6WDx9687 X 7 > 9w7 A D @>|XY> 6EL79 6M >qP 7
987 > > S87K6 [ A 5 + [ A 5S g> S P1>"@ -7 >= 7 > S9 [q 6 P 7M [ 6WyzD P 6 [ >"X L > 7L/6 [ D @ L 3
7=7 J&g> 98SL > 9 cO0)d Dx9 @ [ Sb7 @ S87 A S [ S 7 @g> S 6 >"X 7 @ b&DG6 [ @ y7 @ S + SDGSDx9 689ES
PKX 7 >"@ 7 A M6 [ y Z D @> y [ @ [ 7KS g>"@ [ XY> yzD @ 7 cBI 4 dP8 7KyzD P1>"X> 9 [ 6 } SED [ @} 6 [ P 7:989
D @ S 74 U Q }~XY>"@ S 23 7 }~XY>"@ S P [ @ 9EDx9ES89 [ MS 7M [ XGX [ D @ L @ DGS89 F> MO7:7 AP [&[ X 7K6 Z
c 7K687z9ESE687 > y 0 Dx9 P [&[ X 7 A> S 0 Z d > X [ 7K6 c 7K687S 7 } 687:989 687=Dx99 X DGL S X 5
D @ P 687 > 987 A> S /3 0 > 6 d + > Z 2 > . 9 0[ 6 } SE+ D [ @ S [ 7K6 c 7K687 Z 2 Dx9 P8 7KyzD P1>"XGX 5 >
9 [ 6E^7 A 5y7 >"@ 9 [ M BI 4 d > 687KL7 @ 7K6 > SED [ @RP [ X y @c 7K687 BI 4 Dx9\687KL7 @ 7K6 > S87 A
T5y7 >"@ 9 [ M > y7 A D y } 687:+ 989 687|9ES87 > >y > yzD J S 687 [ M Z 2 >"@A > S87K6b >"} [q 6WDx9
687 X 7 > 987 Agd + >z> 9 7K6 c 7K687 > S87K6M6 [ yS 7|yzD J S 687|Dx9987 }g> 6 > S87 Agd + >P 6 [ 989 7 > S
7 J~P8g>"@ L7K6 c Z I\d S [ } y } 9 >"@A S [ > DG6 P [&[ X 7K689 Z 0>"@A Z 3 49 > 9EDx9M [ 6
S 77 J 7K6EL/5 P1>"XxP XY> + SED [ @ [ MS 7 +Z 2 4 U Q }~XY>"@ S + S 7 IP [ > yzD @ 7 } 6 [ P 7:989=T5
?X [q 6 >"@ Dx7 X > 9 987 ACc Q >"@A 7K6 ,/, )dN3 7 Pwg> 6 >qP S87K6EDx9ESED P 9 [ MS Dx9 } 6 [ P 7:9w9 > 687 F
>BI 4 9 [ X b7 @ S [ [ M 0 2/2 y 3 / c1210 L /y 3 + /2 S 3 [ M BI 4 D @X Dx D A
c DGS >} 687:989 687 [ M H3 0 > 6
>"@> A S87K6 d DG+ S > y> 7S87KA y D } y7K 6 } > 68S 7: 98689 7 68[ 7M 9EKS8H 7 > 0y Z d [ >" @AR[ M > 0&O2 3 , y 6837 /P
[ b7K6E5 [ M Z c S 3 Z
} 6EDGS 5 dN3< 7 A 7KS > D X 7 A} 6 [ P 7:989 . [ + A D > L/6 > y , [ MS 7 Z 2 4 U Q }~XY2>"@ S\,/,=Dx9 L/DGb7 @>"X 9 [2
D @R DGL 3 4 + A [ @ 9ESE687 > y M6 [ y S 7|9ES >"@A> 6 A} [ 7K6 }~XY>"@ S 3
0.
T
H R S G
3 2
3 1
H P -S T
3 3
3 5
3 4
M P -S T
L P -S T
3 7
B lo w e r
C O N D
3 9
C H E
4 7
4 5
4 8
4 9
R e b o ile r
M P s a tu ra te d s te a m (1 4 5 0C , 4 .2 b a r)
3 4 b is
3 8
4 4
M a k e -u p
w a te r
4 1
3 6
S e a w a te r
2 1
4 6
C o o le r
C 2
C O
W a rm
s e a w a te r
N a tu r a l g a s - fir e d c o m b in e d c y c le p o w e r p la n t
C O
2
a m in e a b s o r b tio n ( A B S ) p la n t
n tsSr2qpo~ n
A ir
G T
F e e d
c o o le r C 1
4 3
5 0
F la s h e r
4
3
L P
D ru m
M P
D ru m
C o o le r
C 3
R e g e n e r a t io n
c o lu m n
A C
H P
D ru m
A b s o r p tio n
to w e r
?gq_Gr\jqt:ks /rqtGuq]
p qkPJwnno1hkt\|8oTtqGu]
F u e l
e x p
1
C le a n e d
e x h a u s t
g a s
N a tu ra l
g a s
n ~po2qSrts n
grKjGo|\tk1hnonwNt8oErqpr/vrONt8oErq _&woNtwzrqwpJk/tEr/!ov)
kqjxoEhK&jGrqt|oN]Gu"TO=)<kqjlr/th8kqmk"N]]Okq_C i )WsKk/t\jGrq_g?kqtKtEo8rq
_&8oNtntEo8rpoNtnrqt8o|tEos:oNtNt8oEpvk]Gu
y
[
B
J c y [ X 7 zd
Z 2 Z 1 Z i 2
c L ; 9 d
2 2
2
3 0/0 3 "H
3 "H 3 H 3 2/
23 2
03
0 +
, &3 0 , 3 , 2 .23 2/ ,
23 "H 0/23e*H 3 ./. ,
H +g.+ 0 &13 2 . 0 3 H , H3 2 ,
&3 103 . . 3 .
+ /0
10 , 3 0 3 2/0
12/23 2/2
/
1 3 0 3 2/0
12/23 2/2
"H
3 , 3 2/0
12/23 2/2
"H ~Dx9
12/23 2/2
. H33 /2 33 2/2/00
.
12/23 2/2
,
,
/ + ,
12/3 2 3 2/0
12/23 2/2
+ H/H , 3 , . 3 2/0
12/23 2/2
H
23 0/2 3 2/0
12/23 2/2
H
3 0&3 0 23 H0
, &3 3 . / 103 . H /&3 H
H/H + HT a , .23G1. 0/3G12 /3 /2
3 "H
H .+ H b *H , 3 H 0/03 /. 23GKH
/2 3 0
H + H ,
H/3e . H3 ,/. ,/, 3e ,
H23eq2 H3 , ,/, 3 , H
23 2/
.2
+
a
b
S:.W`T&+9
{ WGC{UT9 Y+9,++W
9{<9 9
S,.W` T&9
{WGC{T 9:+W
9<9 99
S\\:UO&%N&O"F^FL^:<N[)
{<XY>"@ S U Dx9 >"@ D @ S87KL/6 > SED [ @ ^7KS 7:7 @z> 5 A 6 [ L7 @} 6 [ A P SED [ @=}~XY>"@ S >"@A> 5 A 6 [ L7 @
687 AP [ y|~D @ 7 AP 5 PKX 7 } [ 7K6 }~XY>"@ S 3 4SE6 >qA DGSED [ @g>"X 98S87 > y 687NM [ 6EyzD @ L } 6 [ P 7:989 } 6 [
A P 7:9 > M 7 X DGS DGL 5 A 6 [ L7 @P [ @ S87 @ S 3B [ A 7K6 @ L > 9S 6E~D @ 7:9 DGS X [ x
P [ y 9ES [ 689 > 687W687:9ESE6ED P S87 A DGS 687KL > 6 A S [ S 7 @ DGSE6 [ L7 @P [ @P 7 @ SE6 > SED [ @ D @ S 7\M 7 Xv3
7K687NM [ 687 + >"@> DG6v X [ @> S [ vS 7K6Ey >"X 687 >qP S [ 6 c 4 ; d > 9 P8 [ 987 @ S [ } 6 [ A P 7 5
A 6 [ L7 @ M6 [ y @g> S 6 >"X L > 9 cU [ XGXY>"@A 7KS >"Xv30/2/2 + I 6ES87:9Eb~"L 0/2/2 . dN3 DGL 687W4 0 9 [ 9
S 7 } 6 [ P 7:989 [ A D > L/6 > y M [ 6 {<XY>"@ S U + D X 7 ?> X 7:94 0|>"@A 4 L/DGb7S 7 } 6 [ P 7:989
9ESE687 > y A> S >3
H.
H T S
1 3
2 5
1 5
2 7
A T R
1 4
H E 3
2 4
1 6
1 7
H E 4 H E 5
1 8
1 9
2 0
W R
A C
4 0
W a te r
4
3
1 0
G T
S F
6
p r o d u c tio n p la n t
3 2
H P -S T
1 1
3 0
A ir
M IX
2 9
7
H
2
N a tu ra l
g a s
L P
D ru m
M P
D ru m
H P
D ru m
3 1
4 2
4 3
H R S G
3 3
3 5
3 4
L P -S T
M P -S T
3 4 b is
S e a w a te r
4 1
3 6
3 7
C O N D
3 9
3 8
C le a n e d
e x h a u s t
g a s
M a k e -u p
w a te r
W a rm
s e a w a te r
- fir e d c o m b in e d c y c le p o w e r p la n t
n tsSr2qpo~ n
1 2
H E 2
L T S
H E 1
2 2
2 8
2 1
2 3
3 4 b is
P R E
C O 2 a m in e
a b s o r p tio n p la n t
F C
2 6
F u e l
e x p
=G"P=?
?+"."g
"T{ 9 `PTYCC2&?t{
C O
5 0
n ~po2qSrts n
./.
@ S 7 5 A 6 [ L7 @} 6 [ A P SED [ @z}~XY>"@ S + @g> S 6 >"X L > 9 c)d Dx9 P [ @ b7K6ES87 A S [ > L > 9yzD J S 687
[ M P1> 6E [ @A D [ J D A 7 5 A 6 [ L7 @ >"@A > S87K6D @ S 7M [ XGX [ D @ L9ES87 } 9 3 DG689ES D @>} 687N
687NM [ 6Ey7K6 c{ ; Id + + y [ 9ES [ MS + 7 7 > b& Dx7K6 5 A 6 [ P1> 6E [ @ 9 > 687687NM [ 6Ey7 A + DGS 9ES87 > y
D @ S [ > 9E5 @ S 7:9EDx9L > 9WyzD J S 687 [ M 5 A 6 [ L7 @>"@AP1> 6E [ @ y [ @ [ J D A 7 3 7y7KS g>"@ 7
M6 [ y @g> S 6 >"X L > 998SE687 > y Dx9 P [ @ b7K6ES87 A S [ > L > 9yzD J S 687 c10d T5y7 >"@ 9 [ M >"@> S [
S 7K6Ey >"X 687NM [ 6EyzD @ L687 >qP SED [ @ S g> S 987:9|98S87 > y c , d>"@AC> DG6 c/)d|> 9 P [ v687 >qP S >"@ S89 3
Q&7 P [ @A S 7 P1> 6E [ @ y [ @ [ J D A 7M6 [ y S 79ESE687 > y c10d Dx9 P [ @ b7K6ES87 A DGS 9ES87 > y D @ S [
P1> 6E [ @+ A D [ J D A 7D @ S 7 DGL >"@AX [ vS87Ky } 7K6 > S 6879 DlMS687 >qP S [ 689 c Q >"@A Q +
687:9 } 7 P SEDGb7 X 5 dN3 D @g>"XGX 5 + S 7 > S87K6 >"@A|P1> 6E [ @=A D [ J D A 7 > 687687Ky [ b7 A M6 [ y S 7y > D @
9ESE687 > y
D @> > S87K6687Ky [ b >"Xc d @ DGS >"@A D @> 4 U Q }~XY>"@ S 687:9 } 7 P SEDGb7 X 5 3| 7
} 6 [ P 7:98998S87 } 9 D @ S 74 U Q }~XY>"@ S ; > 687S 79 > y7 > 9S [ 987 } 6 >qP SEDx98+ 7 A D @({<XY>"@ S4 3 [ 6
9 > 7 [ M9EDGy }~X D P DGS!5 + DGL 3 4 0 D XGX 9ESE6 > S87:9S 7 } 6 [ P 7:9w9 [ A D > L/6 > y [ M >"XGX} 6 [ P 7:98987:9
A D DG> S L/ 6 [q> y SS D @ 7S 4 7U 4 Q U }~Q XY>"}~@ XYS >"3@ S 3 DGL 6874 L/DGb7:9|S 7zD @ M [ 6Ey > SED [ @ [ M\S 7 } 6 [ P 7:989 [
7z9ES87 > y P 5 PKX 7D @{<XY>"@ S U Dx9 A D 7K687 @ SS g>"@ S g> SD @{<XY>"@ S|4 3@ 7 A D 7K687 @P 7
Dx9S g> SS 7 ; Q D @{<XY>"@ S U Dx99 }~}~X 7Ky7 @ S87 A 5 %> 6ED @ L(987 P SED [ @ c Q <d + 7K687
3 O [ MS 7 5 A 6 [ L7 @} 6 [ A P 7 A D @ S 7 5 A 6 [ L7 @ } 6 [ A P SED [ @}~XY>"@ SDx9 6 @ S 3
7 @ 7 P [ @ L 6 > SED [ @ Dx9 @ 7:7 A 7 A ^7 P1> 987 [ MS 77 J SE6 >z 7 > SW687: DG687Ky7 @ SD @ S 7
{ ; I>"@A 4 ; 3 4 @ [ S 7K6 A D 7K687 @P 7Dx9S g> SS 79ES87 > y P 5 PKX 7WD @{<XY>"@ S U S > 7:9S 7
>qA b >"@ S > L7 [ MS 7 DGL 7 J 7K6EL/5 P [ @ S87 @ S [ MW4 ; c10d + Q cKHTd + >"@A Q c)/d
} 6 [ A P S89<S 6 [q L > 7 > S7 J~P8g>"@ L7 @ 7KS [ 6 3< 7 @ 7KS [ 6 P [ @ 9EDx9ES89 [ M^S 687:7 7 > S
7 J~P8g>"@ L7K689 + I + I0 + >"@AI<H3 7z687Ky > D @ D @ L 7 > S|7 J~P8g>"@ L7K689 c D 3 7 3 + I
>"@AI . d> 687 987 A S [ 7 J~P8g>"@ L7 7 > S-7KS 7:7 @ M 7 XcO0/0d>"@A 9ES87 > y c . dN3z 7
9 > S 6 > S87 A 98S87 > y cO/2d [ ~S > D @ 7 A D @ S 79ES87 > y P 5 PKX 7 [ M {<XY>"@ S U Dx9W9 } 7K6 7 > S87 A D @
S 7 ; Q + >"@A S 7 @ DGS|Dx97 J&}g>"@A 7 A D @ S 7Q 3U 7NM [ 687zDGSDx9 6 @ S|D @ S 7L > 9
S 6E~D @ 7 P [ y 9ES [ 6 + S 7 Z 2 PKX 7 >"@ 7 A 2 v6ED Pw L > 9 cO0/0d Dx9 P [ y } 687:9w987 A S [ 103 H > 6
D @> M 7 X?P [ y } 687:989 [ 6 c Z d D @ [ 6 A 7K6S [ M tX X S 7 } 687:9w9 687|9 } 7 P D gP1> SED [ @ 687: DG687 A
T5S 7L > 9S 6E~D @ 7:9 987 A3
n ~po2qSrts n
grTNjGo&\tk)hwonw|Nt8oErq pr/vrONt8oErq _&woNtw\r"wpJWkqtEr/!ov)

zk/jGoEh:TjGrqt=oN]luqTv=)kqjGrqt|h8kqmkqn]]kq_ insKk/t\jlr/_gG*kqtNt8oErq
_&8oNtnt8oErpoNtn=rqt8o|tEos:oNtNt8oEpvkz]lu&
J i c y [ X 7 zd
{
""
O 9O :
? :? < <
O :
OO
,O O
O
< O <
&<??, ,< :" :
O
< &
<&
O 9O ,
,O < <
< "
<O
O " " " , < , < , ,O < :
< <
9O
O O
O
< O <
?
O, 9O O, , < : ? O ?, ,
< ,

O, 9O < < : ? : O & ,
< ,

O, 9O <, < : ? O , ,
< ,
< 9O ,< < " < O?

O
& ,
O
" 9O O : < : ? O
O
<, ?
,?<
O 9O O : < : ? O
O
<, ?
<<
< 9O ,
9O
,?<
"" 9O ,
9O
:"<
< 9O ,
9O
,OO,
,O 9O ,
9O
,OO
9O 9O ,
9O
,OO
< 9O ,
9O
""O ,< 9O ,
9O

O 9O ,
9O
<?<
< 9O ,
9O
,<?"
,< <
,
,O
"??,
< ,O
O
,O
:O?,
:O :O ,
,O
O?
:O :O :
,O
O
S:.W`T&+9
wWGC{^T 9:+W
9<9 99
S,.W` TY+
{WECwUT 2Y9:+W
9{O9 99
2
a
b
1,2+
n ~po2qSrts n
.
rNjxo\T! |r/vrsKk/t1oNjxoEh:!oEp|mtEk1hwoNwNt8oErq=OKtEo8rq _&8oNtn!oNm~oNtEr/Tt8oNg*
mtEoNwn&t8o(lm*hNoN]Oh8rqj f chem r/_pvk/vrqjo oKtuqi f tot wWsKk/t\jlr/_g r/_p%*
kqtKtEoEr/ _&8oNtntEo8rpoNtnrqt8o|tEos:oNtNt8oEpvk]Gu"1|rq_pz&
[
{XY>"@ S4
{XY>"@ S U
}
I chem I tot
}
I chem I tot
c 0 Z d c > 6 d cB d cB d c 0 Z d c > 6 d cB d cB d
H 13e /, 3 2/23 ,
H 13e /. 03e /./, 3 0
0
/
3
2

2
3
2

2
3
2
/3 2
23 2
23 2
13
23 2 0//3 / 3
23 2 0/2"H3 H
H
1/0 , . 3 .
3 0 2 . 3 , 10 . 2 .. 3 H . 3 /&/3 .
/3 2 . 3e 0/0 . 3 0
/2/0 /3 2
3 0 0"H/3e KH
.
0 . 13 &3 /, 03
.H/H2/22 1 3G3 &33 2 , 22/, 33e
. 3G 3 2 , 0/23 0.
,12
./,// . 3 2 3 2 , 0 3
. 3G
23 0
/

2
3
2
H
./,/2/2 KH. 3 0 q0 3
&3e
10
,
,
/
1
2 13 q0 3 3G
KH
H.0 , 13 H &1,3e ,/,/. 3e
.
/ 13 2 &13e / , 3 ,
1
0/2/2 103 &13e q&3e
0/ 103 0 &103 0 q/3 0
)
1/2 //3 &103 0 . 3 .
0 . //3e &103 0 *HT&3

0,
,
/3 2
3G , 3 0
0 . 123G q03G 03G
0/
3 3 2 q/3 0
1 / 10, /3 . . H , , 3 /3
0"H
0/
/0 . 10/3 . H23e /&3e
0
/0 . 10/3 2 3 H
13G
/2
2. ///3G ./, 3e . /3 2

.//.//, 1/0/3G3 , HH//33 00 K/H103e3G H/1 013e3 0 , 33e0 /H123 3
/0
/
/2 /23 2 HT&3e . 23 2 . 2 0/, 3 ./ ,. 3 , /)&3e.
.
"H
/2"H
H3 . H3 10 . 3 2 0*H
H3 0 3 . 12/3 2
"H ~ Dx9 KH .
H3 .
H3 2 H 3 , 0*H
H3 0
H3e
&3
/
0"H
23 2 . H3 2 . H3 2
0"H
23 2 3 . 3 .

/
3
2

2
3
2

2
3
2
/3 2
23 2
23 2
0
/3 2
23 2
H3 2
0
/3 2
23 2
&3
,
0"H
23 H . H3 2 ./. 3 2
0"H
23 2 q23e
q23e
./
n ~po2qSrts n
rNjxo7!h8k/_g]`_gr/]Okq_/
{<XY>"@ S4
{<XY>"@ S U
}
I chem I tot
}
I chem I tot
c 0 Z d c > 6 d cB d cB d c 0 Z d c > 6 d cB d c B d
H
.
3 H
23G
H3G
.
3 H
23G
3
H 0
23G
& 3G
, 10//03 2 3 2
H
/
3
2

H
3
2

H
3
G
3
/ H
H
&3
&3 3
/
3
2
/H H
/
3
2
/

0
3
H
/

0
3
H
. 3
. 3
H . / . 1 /3 2
H 3.
H 3 . /. 1 /3 2
./. 3 . ./. 3 .
H
/3 2
H 3.
H 3. ,
/3 2
,
./.&3 . ./.&3 .
HT
2
/3 2
/03 H
/03 H , 2
/3 2
,
. 3
.0"H3
H
/3 H
3
3,
3 .
0/2
/3 0
3
3 . 0/2
,, 3 H 0"H3 H
.2
3H
[
U\GNN ONG)FN%
3F ^
4 } D } 7 X D @ 7N! >"X DGS!5 @g> S 6 >"X L > 9 [ M > S87Ky } 7K6 > S 687 [ M H Z >"@A>} 687:989 687 [ M )q2
> 6 + Dx9|7 J SE6 >qP S87 A M6 [ y >( [ 6 7KL/D >"@ [ 9 [ 687L > 9687:987K06Eb [ DG6 + D P8g> 9 > y [ XY> 6
P [ y } [ 9EDGSED [ @ c D @ y [ X 7 zd [ M=y7KS g>"@ 7 F 3 H 7KS g>"@ 7 FCH3 } 6 [ }g>"@ 7 F03G10
S >"@ 7 F23e/ + } 7 @ S >"@ 7 F23 0/ + 7 J~>"@ 7 F2 3 2 , + P1+ > 6E [ @A D [ J D A 7 F+ . 3 "H + @ DGSE6 [ L7 @F+
03 .+ >"@A > S87K6 F23 2/3 Dx9L > 9 > 9 Pw [ 987 @> 9S 7|M [ 9w9ED X M 7 X 687:9 [q 6 P 7|D @ [ S
} [ 7K6 }~XY>"@ S89 3 [ 6S Dx9(687:9 [q 6 P 7 + 7 P1>"XxP XY> S87 A >VP8 7KyzD P1>"X 7 J 7K6EL/5 [ M H3 .
Ba / L @g> S 6 >"X L > 9 3 4MS87K6Dx9|7 J SE6 >qP S87 A M6 [ y S 7687:987K6Eb [ DG6 + S 7 @g> S 6 >"X L > 9Dx9
689ES(SE6 >"@ 9 } [ 6ES87 A 5 } D } 7 X D @ 7:9 >"@A S 7 @ 7 J}g>"@A 7 A D @ > M 7 X 7 J}g>"@A 7K6 3 7
7 J}g>"@A 7K6Dx9 987 A S [ A 6 [ } S 7L > 9 } 687:989 687M6 [ y )q2 > 6WS [ 13e > 6 3
7L/6 [q }P [ @ SE6EDG SED [ @ y7KS [ Ac QT > 6EL SW7KS >"Xv3- ,// d > 9 9w7 A S [ 7:98SEDGy > S87S 7
Pw 7KyzD P1>"X 7 J 7K6EL/5 P [ @ S87 @ S [ MWS 7y [ @ [ !7KS g>"@ [ XY> yzD @ 7y [ X 7 P X 7D @X Dx D A}~g> 987 3
4 b >"X 7 [ M /3 . H a / y [ X y [ @ [ !7KS g>"@ [ XY> yzD @ 7 > 9 987 A3
79ES > S87 P [ @A DGSED [ @ 9 [ M?S 7 > DG6 9w7 A D @ S 7 } [ 7K6 }~XY>"@ S89 7K687|987KSS [ > S87Ky } 7K6
> S 687 [ M 0 Z >} 687:989 687 [ M /3 2 > 6 > 687 XY> SEDGb7 yzD A DGS5 [ M /O2 >"@A> y [ XY> 6
P [ y } [ 9EDGSE D [ @V+ c D @ y [ X 7 zd [ M @ DGSE6 [ L7 @+ FW/&3 ./+ [ J 5&L7 @F0/23 0 + > 6EL [ +@F23 , + Z 2 F
23 2/ + >"@A > S87K6 F23 "H3 7 P [&[ X D @ L987 > > S87K6 > 9 > 989 y7 A S [ ^7 > b > D XY> X 7 > S
0 Z 7=+^6E Dx98 7 D Pw[ MS > 7 9|P S [& [ 7X D @S87KLRy 98} 7 7K> 6 > > S S8 7K6867 S8> 7KS y . } 2 7K 6 1> 2/S 2 68y 7 987 > >(9 A> 987 9 } S y 7 D A@ S 9 [ [q ^S 7 7K16 @0 Z [ 6 > D 5X 7 3
+-
S 7 P [ @A 7 @ 9w7K6S87Ky } 7K6 > S 687 > 9987KSWS [ -7 0"H 0 Z 3
79ES > S87N [ MvS 7N > 6ESL > 9S 6E~D @ 7 > I : 4 L > 9\S 6E~D @ 7M6 [ y 7 @ 7K6 >"XI<X 7 P
SE6ED Pc Id + > 9 987 A D @ [ S } [ + 7K6 }~XY>", @ S8. 9 3 Z > 6E [ @CA D [ J D A 7 P [ y } 687:989ED [ @ > 9
n ~po2qSrts n
./,
>qP:P [ y }~X Dx9 7 A 9ED @ L > S 687:7N!9ES > L7D @ S87K6 P [&[ X 7K6 P [ y } 687:9w9 [ 6 >"@A > 9 987: 7 @ S
} y }3I>qPw 98S > L7 [ M P [ y } 687:989ED [ @V} 7K6M [ 6Ey7 A DGS >"@ Dx9w7 @ SE6 [ } D P 7 P Dx7 @P 5 [ M
q2O 2O
>"@A 687:9 } 7 P SEDGb7 X 5 3= 7 7 > S7 J~P8g>"@ L7K689M [ 6D @ S87K6 P [T[ X D @ L 7K687
y [ A +7 XG X 7 A DGS >=/. } 687:+ 989 687 A 6 [ } [ M O3
@ [q 6y [ A 7 X 9 >"@A 98DGy XY> SED [ @ 9 + 7 > 989 y7 A S g> S >"XGXP8 7KyzD P1>"X 687 >qP S [ 689 + S 7
Z > 9 [ 6 } SED [ @ S [ 7K6 >"@A S 7 > yzD @ 7687KL7 @ 7K6 > SED [ @ P [ X y @ > 687 [ } 7K6 > S87 A> S
7: 2D X DG~6ED y 3V> S87K6 >"@+ A 9ES87 > y } 6 [ } 7K6ESEDx7:9 7K687(M [ 6Ey XY> S87 A T5S 7 4 {< Q
D @A 9ESE6ED >"X M [ 6Ey XY> SED [ @ M [ 6S 7S 7K6Ey [ A 5 @g> yzD P} 6 [ } 7K6ESEDx7:9 [ M > S87K6 >"@A 9ES87 > y
c> L @ 7K6 0/2/2/2dN3 4 } 687:989 687 A 6 [ } [ M O > 9 > 9w9 y7 A D @ 7 >qPw [ MS 7M [ XGX [ D @ L
7: D } y7 @ S89 F} 687Nv687NM [ 6Ey7K6 + DGL >"@AX [ vS87Ky } 7K6 > S 6879 DlMS687 >qP S [ 689 + >"@ A D @
7 >qPw [ MS 7 7 > S7 JPwg>"@ L7K689 cI d >"@A [ @ 7 [ M O D @ S 7 > S [ vS 7K6Ey >"X
687NM [ 6Ey7K6 + S 7 Z 2 > 9 [ 6 } SED [ @ S [ 7K6 + >". @A + S 7 > yzD @ 7687KL7 @ 7K6 > SED [ @P [ X y @3
1/2
n ~o2qSrts
u vwvTxy{zw|W} jl<Ex: zx"<|

vO|Ny{Y1,?OxU z? Uywz U:"wv
j
O|Ny{d+ >vO|^yw Sywz
\3,UO&%G<O"F^FHN:<N[NF
GD L 687 U 9 [ 9S 7 } 6 [ P 7:989 [ A D > L/6 > y M [ 6 } SED [ @ Z 3q?> X 7:9 UW>"@AzU0 L/DGb7
S 7 } 6 [ P 7:989W9ESE687 > y A> S > M [ 6WS Dx9 [ } SED [ @ 7 @ DGS\Dx9 P [ y~D @ 7 A DGS R{<XY>"@ S4 >"@A
{<XY>"@ S U + 687:9 } 7 P SEDGb7 X 5 3@} SED [ @ Z + S 7 Z 2 P1>"} S 687 Ac . 2d D @{<XY>"@ S4 [ 6 U Dx9
P [ @ b7K6ES87 A b&D >}~ [ S [ 9E5 @ S 7:98Dx9S [ ~D [ y > 9w9 c . 0d 5zy7 >"@ 9 [ M > y > 6ED @ 7yzD P 6 [ >"X L > 7
P X SEDGb > SED [ @ 985&9ES87Ky 3 6 [ y A 7 > S87K6ED @ LT5 P 7 @ SE6EDlM L > SED [ @>A 6E5z~D [ y > 989 c . d>"@A
>X Dx D A 687:9ED A 7 c ./. d> 687 [ ~S > D @ 7 A3 7 A 6E5R~D [ y > 989Dx9 P [ @ b7K6ES87 A bTD > ~D [ y > 989
>"@g> 7K6 [ ~D PA DGL7:9ESED [ @ S [ ~D [ L > 9 c . HTdc 7KL/6 >"@A ,/, d> S > S87Ky } 7K6 > S 687 [ M ) 0 Z
>"@A S 7 > SEy [ 9 }~ 7K6ED P} 687:989 687 3 7R~D [ L > 9 [ ~S > D @ 7 A Dx9 > L > 9yzD J S 687 [ M . 2
687 S P 3 } 7Ky6 > 7KS8S 7 gAV>"@ > 7 S|>"S @7A . [ 2 SES [ Sy 3 [ M Z A DGL27:3 9ES84 7K6 }g3(> 6ES= M76 [ ~y D [ L S > 79Dx~9 D [ } L 6 > [ 9 P + 7:9w> 987 9 A [ X DA 568y7:987 D >"A @ 9 7[ Dx9 M
>} 687:9w9 687R9 D @ L >qA 9 [ 6 } SED [ @c{ Q&4 d [ @ y [ X 7 P XY> 69EDx7Kb7 P1> 6E [ @ c >"} [&[ 6 >"@A
>"@ L ,//, d + D @ [ 6 A 7K6S [[ ~S > D @> y7KS g>"@ 7Nv6ED P8 L > 9 c ./ dN3 7 P1>"XGX 7 A S Dx9=L > 9
S 7985 @ S 7KSED P L > 9 c ./ d + >"@A 7 > 9w9 y7 A S g> SDGS g> 9 >(} 687:989 687 [ M 0/2 > 6 >"@A
P [ @ S > D @ 9 > yzD J S 687 [ M 2 S 3 y7KS g>"@ 7 >"@AC12 S 3 Z 2 3 4SS Dx99ES > S87 S 7
9E5 @ S 7KSED P L > 9\Dx9 A Dx9 } [ 987 , A D @>A 7 }~X 7KS87 A L > 9687:987K6Eb [ DG6 3<@ [q 269ES A 5 +T 7 > 989 + y7 A
S g> SS 7 P1> 6E [ @P [ @ S87 @ S [ MS 7 Z 2 P1>"} S 687 A D @{<XY>"@ S894 >"@AU Dx9D @ S87KL/6 >"XGX 5
P [ @ b7K6ES87 A D @ S [ S 7 P1> 6E [ @ [ M~D [ y > 989 3 Dx9 P [ @ b7K689ED [ @ Dx9 P1> 6E6EDx7 A [q SD @ S 7
y > 6ED @ 7WyzD P 6 [ >"X L > 7 P X SEDGb > SED [ @ 9E59ES87Ky +/ D P8P [ @ 9EDx9ES89 [ M987Kb7K6 >"X12/2/2g> } [ @A 9 3
I>qPw} [ @A Dx9 D XxA M6 [ y 0/2g> vy [ A X 7:9 c 7KL/6 >"@A ,/, dN3zI>qP8 y [ A X 7Dx9M7 A
T5 > Z 2 > DG6yzD J S 687WL > 9 c/FG12 S zdN3 98D @ LS 7:987 > 9w9 y } SED [ @ 9 + >"@A S 7 L 687
[ M >"@(> b7K6 > L7 A 6E5v~D [ y > 9w95&Dx7 XxA [ M . L A 6E5Tv~D [ y > 989 } 7K6y 2 } 7K6 A> 5 c [ XxA y >"@
, , d + 7 P1>"XxP XY> S87 A S g> S > S [ S >"X y > 6ED @ 7 > 687 > [ M 12/2|g>>"@AR . 2/2g>} 7K657 > 6
C O
A ir
5 1
5 0
S y n th e tic
g a s
C O 2 - a ir
m ix in g
5 2
M a r in e m ic r o - a lg a e
c u ltiv a tio n s y s te m
5 5
F e r tiliz e r s
D e - w a te r in g
u n it
5 3
5 8
5 7
C O
B io g a s p r e s s u r e
s w in g a b s o r p tio n
B io g a s
C H 4,C O
2
5 4
B io m a s s
d ig e s tio n
]Guq&tEoC*W\tEk1hwonnwJWkq pq]Or1uqtErq sKkqtzm-]Okq_

5 6
n ~po2qSrts
1
Dx9687: DG687 A S [ SE6 >"}>"XGXP1> 6E [ @ M6 [ y S 7 Z 2 P1>"} S 687 A D @R{<XY>"@ S4 >"@A({<XY>"@ S U +
687:9 } 7 P SEDGb7 X 5 3
7M [ XGX [ D @ L687 >qP SED [ @ > 9 9w7 A S [ P1>"XxP XY> S87S 7 P [ @ b7K689ED [ @ [ M Z 2 D @ S [ ~D [ y > 989
cU 7 7K6 ,/, HTdNF
2
106CO2 + 236H2 O + 16NH+
= C106 H181 O45 N16 P + 118O2
4 + HPO4
+171H2 O + 14H+
9ED @ LS Dx9687 >qP SED [ @ [ @ 7 P1>"@P1>"XxP XY> S87S g> S >"@> y [q @ S [ M /3 L } 7K6 L A 6E5
~D [ y > 989 P1>"@ ^7687 X + 7 > 987 A D @ S 7 @g> S 6 >"X 7 @ b&DG6 [ @ y7 @ S 3!@V./>q. A~A DGSED [ @ 2 + > ~D [ y > 989
Pw 7KyzD P1>"X M [ 6Ey XY> [ M c Z 45 16 {d > 9 9w7 A S [ @A S 7~D [ y > 9897 X 7Ky7 @
S >"XP [ y } [ 9EDGSED [ @3= 7 P1>"106XxP XY181
> S87 A S g> SS 7~D [ y > 9895TDx7 XxA [ M > y [ Dx9ES 687 P [ @ S87 @ S
[ M , 2 S
g> 9|S 7M [ XGX [ D @ L7 X 7Ky7 @ S >"X\P [ y } [ 9EDGSED [ @c D @ y > 989 > 9 OM687:7 A 6E5
y > SES87K6 d [ M P1> 6E [ @F . 03 H + 5 A 6 [ L7 @F &3 H + [ J 5&L7 @F0 , 3e + @ DGSE6 [ L7 @F , 3 0 + >"@A
}~ [ 9 }~ [ 6 9 F/3 3
[ 6S 7 P1>"XxP XY> SED [ @ [ MS 7 A DGL7:9ESED [ @|P [ @ b7K689ED [ @|} [ S87 @ SED >"X [ M~D [ y > 989D @ S [ y7KS g>"@ 7 +
c ,/, d S g> S . 2 y X [ My7KS g>"@ 7
> S7 9ES >"98@7(AS > 6 7RAR7:} 9E68SE7:DGy989 > SE68D7 [ @c/3} 26 [ b& D > A 6 7 dA >"@5A S8 7K7Ky L/6} >"7K@6 A
> S 687 cO0 Z d> 687M [ 6Ey7 A 7 @ [ @ 7
L/6 > y [ M Pw 7KyzD P1>"X [ J 5&L7 @|A 7Ky >"@A(c Z d Dx9 P [ @ b7K6ES87 A . 0S [ ~D [ L > 9 c 7KL/6 >" @A ,/, dN3
7=6 > SED [ ^7KS 7:7 @ Z >"@A b [ XY> SED X 79 [ X D A 9 c Q d [ MM687:7N > 9 A 6E5v~D [ y > 989 > 9
987KSzS [ /3 03 4SzS Dx9z6 > SED [ + . 2 y XWJ/3
0
H0/2 y X y7KS g>"@ 7687:9 X S89M6 [ y S 7
P [ @ b7K689ED [ @ [ M [ @ 7 A 6E5vL/6 > y [ M?~D [ y > 989 3
7 [ S 7K6 } 6 [ A P SM6 [ y S 7 { Q&4 } 6 [ P 7:989Dx9 > Z 2 !7 @ 6ED P8 7 A > 9ES87L > 99ESE687 > y 3
7 > 989 y7 A S g> SS Dx99ESE687 > y Dx9687 P DG6 P XY> S87 A D @ S [ S 7|y > 6ED @ 7yzD P 6 [ >"X L > 7 P X
SEDGb > SED [ @ 9E59ES87Ky > MS87K6 A D X SED [ @ DGS > DG6 3 [ 7Kb7K6 + S Dx9 > 9 @ [ S P [ @ 9ED A 7K6D @ [q 6
P1>"XxP XY> SED [ @3 7 [ S 7K6 } 6 [ A P S89M6 [ y S 7z~D [ y > 989 A 7 > S87K6ED @ L @ DGS >"@A M6 [ y
S 7~D [ y > 989 >"@g> 7K6 [ ~D PA DGL7:9ESED [ @R} 6 [ P 7:989 > 687 >=X Dx D AR>"@A 9 [ X D A 687:9ED A 7 + 687:9 } 7 P
SEDGb7 X 5 3 7K5 P [ 6E687:9 } [ @A S [ S 798SE687 > y9 ./. >"@A . + 687:9 } 7 P SEDGb7 X 5 + D @ DGL 3?U/3
7 @g> y7 A S 7:987687:9ED A 7:9 > 9S 7 X Dx D A>"@A 9 [ X D A MO7K6ESED X Dx987K6 + 687:9 } 7 P SEDGb7 X 5 + -7N
P1> 987S 7K5 P [ @ S > D @ ~D [ A 7KL/6 >qA> X 7 5 A 6 [ P1> 6E [ @ 9 >"@A yzD P 6 [ !7 X 7Ky7 @ S89 D P8> 687
b >"X > X 7687:9 [q 6 P 7:9M [ 6WS 7y > 6ED @ 7|yzD P 6 [ >"X L > 7L/6 [ D @ L } 6 [ P 7:989 >"@A D @ M [ 687:9ESE6E5 3
S 7\:UO&G<O"F^FHNL:<N [NF
@z} SED [ @ + S 7 Z 2 687 P [ b7K687 A M6 [ y } [ 7K6 }~XY>"@ S89<Dx9 689ES P [ y } 687:98987 A>"@A S 7 @
A Dx9 } [ 987 A3!@ [q 698S A 5 + S 7 P [ y } 687:9w9ED [ @ [ M Z 2 > 9y [ A 7 XGX 7 A T5S 687:7 P [ y } 687:9
9 [ 689 DGS P [&[ X D @ L >"@A > S87K6 > 9 D @ L > MS87K67 >qP8P [ y } 687:989 [ 6 3 7 P [ y } 687:989 [ 6
n ~o2qSrts
1 /0
[q S X 7KS } 687:989 687:9 7K687 H > 6 + . > 6 >"@A/2 > 6 + 687:9 } 7 P SEDGb7 X 5 3 4MS87K67 >qP8P [ y
} 687:989 [ 6 + S 7 [ > 9 P [T[ X 7 A S [ 0/2 0 Z >"@A 9 [ y7 P [ @A 7 @ 9w7 A > S87K6 > 9 > 9 7 A
[ <3 4MS87K6S 7S DG6 AP [ y } 687:989 [ 6 S 79ESE687 > y P [ @ S > D @ D @ L Z > 9 P [T[ X 7 A S [ X Dx
D A 9ES > S87 >"@A} y } 7 A S [ >(} 687:+ 989 687 [ M 0/2/2 > 6 3 Dx9 X Dx 2D A Dx9 A Dx9 } [ 987 A D @V>
A 7 }~X 7KS87 A L > 9687:987K6Eb [ DG6 3\ 7M [ XGX [ D @ L P8g> 6 >qP S87K6EDx9ESED P 9 7K687 > 989 y7 A M [ 6S 7 A 7N
}~X 7KS87 A 687:9w7K6Eb [ DG6 F>zA 7 } S [ M 12/2/2 y + >z} 687:989 687 [ M KH . > 6 + >"@A> S87Ky } 7K6 > S 687
[ M /2 0 Z 3
zU ^ G NFN%N^1.NFN ^!
7z [q @A> 6E5 P [ @A DGSED [ @ 9 >"}~}~X Dx7 A S [ {<XY>"@ S89|4 >"@AU c 987:74 }~} 7 @A D J 4 d 7K687
>"X 9 [ 987 A S [ } 7K6M [ 6Ey S 7 P1>"XxP XY> SED [ @ 9 [ M } SED [ @ 9 Z >"@A 3{ 7K657 > 6 + / . A> 5&9
7K} 68SE7 D [ P @ [ @ Z 9ED A[ @~7K68X 57 A > 9 2z[ A} > 7K5&6 9 > SEcD 1[ 0@ SEDG[qy 687\9 M [} 67K6 S A7 > }5 d[ 7K7K6 687}~XY >"98@ 7 S8AR9 >"> @9WAS 7 } >qSEPD [ SE@DGb7 }~+" [ S D [ X 7\985 M @[ 6
S 7:9EDx9 } 7K6ED [ A M [ 6 S 7yzD P 6 [ >"X L > 7 P X SEDGb > SED [ @ @A 7K6 [q S A [T[ 6 P [ @A DGSED [ @ 9 + -7KS 7:7 @
4 } 6ED X>"@A Q&7 } S87Ky-7K6 3 7 X [ P1> SED [ @ [ MS 7 } [ 7K6 }~XY>"@ S89 > 9 P8 [ 987 @ D @ 9 [q S 7K6 @
[ 6 > 5 cO/2 XY> SEDGS A 7 dN3 4SS Dx9 X [ P1> SED [ @ >"@>"@~@ >"X L X [ >"X 9 [ XY> 66 >qA D > SED [ @ [ @
S 7 [ 6EDG [ @ S o>"X 9 6M >qP 7 [ M > [q S , q2 +/y 2 > 9 > 9w9 y7 AVc D XxA 7KS >"Xv3 ,/,/ dN3
@~X 5 g>"X M [ MS Dx9 > y [q @ S [ M6 >qA D > SED [ @c 6 >"@ L7 A -7KS 7:7 @ H2/2>"@Aq2/2@ y d Dx9
987 A M [ 6 }~ [ S [ 9E5 @ S 7:9EDx9 3 Dx9=6 >qA D > SED [ @ Dx9 P1>"XGX 7 A}~ [ S [ 985 @ S 7KSED PR>qP SEDGb76 >qA Dl
> SED [ @ c{ 4 ; = 485 kWh/m2 dN3V 6 [ yS Dx9 { 4 ; [ @~X 5 . [ MDGSzDx9 P [ @ b7K6ES87 A
D @P8 7KyzD P1>"X 7 J 7K6EL/5 [ M\~D [ y > 989 cU Dx9ED [ >"@AU Dx98D [ ,/,/ dN3 7 9w7 A S Dx9 L 687S [
P1>"XxP XY> S87S 79 [ XY> 6v > 987 A 687 @ 7 > X 7|7 J 7K6EL/5D @~} SM [ 6 } SED [ @ Z D @RP [ y~D @g> SED [ @
S [ DGS S 7{<XYS >"[ @ S S8>"9\X 4 7 @ >"7K@6EL/A5 U 3 J @>q[ MA~A 9 [DGSEXYD > [ 6@ 6+&>q A 7 D > > SE9wD [9 @ yDx9 7 A 23S g> Sc{ S 7KS877 6 XY>> SED [|"[ HTMd S >"7@7 A J 7KS 6EgL/> 5 S S J 7
7 J 7K6EL/5 P [ @ S87 @ S [ MS 7=987 > > S87K6 987 A> 9y > 6ED @ 7, yzD P 6 [ >"X L > 7L/, 6 [ D+ @ L(y7 A D y Dx9
17K6 [ 3 7 Pw 7KyzD P1>"X 7 J 7K6EL/5 [ MS 7~D [ y > 989 > 9 P1>"XxP XY> S87 A 9ED @ LS 7=M [ XGX [ D @ L
687 XY> SED [ @Cc QT > 6EL S7KS >"Xv3 ,// dNF
cU 0d
chem
chem
Ebiomass
= (LHV + Lw zw ) + Ew
zw
Dx9S 7 X [ 7K6 7 > SED @ L=b >"X 7 c
)&3 Ba L A 6E5~D [ y > 989 d
Dx9 S 7K 687 7 LHV
XY> S87 @ S7 @ S g>"XG} 5 [ M7Kb >"} [ 6 > SED [ @ [ M LHV
> S87K6 c Lw . 03 /H/HBa / L > S87K6 d + + Lzww
Dx9S 7 > S87K6 P [ @ S87 @ S [ MW~D [ y > 989 + Dx9S 7 P [ 6E687 P SED [ @ P [ 7 P Dx7 @ S c 23 , 0 M [ 6
9ESE687 > y9 DGS > , 2 S 3 A 6E5Tv~D [ y > 989 P [ y } [ 9EDGSED [ @c QT > 6EL S|7KS >"Xv3< ,// dEd + >"@A
23 2 . Ba / L dN3
chem Dx9S 79 } 7 P D gPP8 7KyzD P1>"X 7 J 7K6EL/5 [ M X Dx D A > S87K6 c E chem
Ew
w
9ED @ L I 3WcU 0d +< 7 P1>"XxP XY> S87 A S g> SS 7(9 } 7 P D gPPw 7KyzD P1>"X 7 J 7K6EL/5 [ M~D [ y > 989
DGS > , 2 S 3 A 6E5y > SES87K6Dx9 13 zBa / L 3
?> X 7 U L/DGb7:9S 7 P8 7KyzD P1>"X>"@A S [ S >"X 7 J 7K6EL/5 [ M?7 >qPw 9ES87 > y D @} SED [ @ Z 7 @
DGSDx9 P [ y|~D @ 7 A DGS {<XY>"@ S4 [ 6 U3~> X 7:9 U\H>"@ARU . L/DGb7S 7 >"XY>"@P 7:9M [ 6WS 7
n ~po2qSrts
1 /
S [ S >"X>"@AP1> 6E [ @ y > 989 + >"@A S 7z7 J 7K6EL/5 >"XY>"@P 7:9M [ 6 } SED [ @ Z 7 @{<XY>"@ S=4
>"@AU 687:9 } 7 P SEDGb7 X 5 Dx9 P [ y|~D @ 7 A3 77 J 7K6EL/5 @ 7:7 A 9|S [ 9 }~} [ 6ES >"XGX} 6 [ P 7:98987:9
D @} SE+ D [ @ Z > 6879 9E+ S > D @ 7 A T5S 7 } [ 7K6 }~XY>"@ S89D @ 7:9ESED [ @3\ 7 > 9w9 y7 A S g> S
S 7R7 J 7K6EL/Dx7:99 ~SE6 >qP S87 A M6 [ y } [ 7K6 }~XY> S89 > 687D @ S 7(M [ 6Ey [ M7 X 7 P SE6ED P} [ 7K6 3
?> X 7 UW L/DGb7:9S 77 J 7K6EL/5 > y [q @ S89(S g> S > 687 @ 7:7 A 7 A M [ 6 Z 2 > > S87Ky7 @ S(D @
{<XY>"@ S894 >"@ARU3
rNjxo=*W\tEk1hwoNwKtEoEr/pr/vrvNt8oErq _gT8oNtnr"nEJWkq tr!o!)
kqjxoEhK&jlr/t|oN]Gu"TO=*<zrqw|h8kqmk"N]]Okq_ h insKkqtzm-]Okq_ CoN_\jGrq_g
]`1oEpWk/tNt8oErq _T8oKtwt8oErpToNtwrqtEot8os1oNtNtEoEp(vkz]GuU*
[ y
B
P i c S 3zd
c L ; 9 d c L / y [ X`d Z 2 Z 4 2 2 2 Q [ X D A
2.
H 3 H3 ,
3,
23 2
/
,
,
23 2/
/3 . 0/23 /&3
. 0 H0 /H 33 H2 00/233 ,
123 2
. 0 . 3 0 1 3 2
,12233 22
23 2
. H 3e 0/,3
,
. 0/0/, 3 0 3
. 23 2 . 23 2
23G
./.
, 3
,/q,233 ,
3
0
3.
.
3 . H./,23 ,
.
,
.
, 3 )&3G.
,/1.233 .2 H23 3 . 2
./
,
,
rNjxo=*&W\tEk1hwoNwKtEoEr/pr/vrvNt8oErq _gT8oNtnr"nEJWkq tr!o!)
zk/jGoEh:TjGrqt|oK]lu"&v=)<r"w|h8k/m~k"n]]k/_Ch i wWsKk/tzm^]kq_ ~oN_\jlr/_gG*
]`1oEpWk/tNt8oErq _T8oKtwt8oErpToNtwrqtEot8os1oNtNtEoEp(vkz]GuU*
[ y
B
P c S 3zd
c L ; 9 d c L / y [ X`d Z 2 Z 4 2i 2 2 Q [ X D A
23 2
. 2 . 2 23 3 . 2 H0 33 ,
,/2, 3 3 2/,
/3 . 0/23 /&3
. 0 .0//.3 0 0/23 ,
123 2
. 0 3G 1 3 2
,12233 22
23 2
. H 0/,23 H 0/,3
,
. 0/"H3G 3
. 23 2 . 23 2
23G
./.
, 3
,/q,233 ,
3
0
3.
. 1 23 0 H./,23 ,
.
,
.
.
,/1.233 .2 H23 3 . 2
1

2
3
0
)
&
G
3
./
,
n ~o2qSrts
1"H
grTNjGoC*!T oNtOuqiRpr/vrs:kqt\mtEk1hwonn|Nt8oErq=vNt8oErq _gT8oNtnr"nEJWkqtr/!o
!!m~oEhK] /hzf< hNoK=]Oh8rqjo oNtOuqi f chem rq_pvk/vrqj?o oNtOuqi E tot ns:kqtzm-]Okq_
oN_R\jlr/_g? rq_-p=\jGrq_gE* rqt8o|1oEpkqtNt8oErq _T8oKtwt8oErpToNtwzrqt8ot8os1oNtNtEoEp
vk]GuU*
[
{<XY>"@ S4
{<XY>"@ S U
y
I chem
I chem
I tot y
I tot
c L / 9 d cBa / L d cB d c L / 9 d cBa / L d cB d
2.
H 3 0/03 H .
0/03 H
23 .
0/03e
0/03e
.
23 2 . 2 . 3 2
23 2
23 2
. 0 H0 /H 33 H2 2/33 2/22
H

3
H
/
0
/
3
0
/
3
/
2
. 0 . 3 0 13 ,
3
,
. 233 0
0
G
3
T
H
H
,23 H 0/3 H
.&3 H
. H 3e 0/3 H
./,/3 2
H
/
0
T
H
/
. 0/0/, 3 0 23G
0/03 0/"H3G
23G
0/03 .
./.
23G) 3
23 2/0
23G
.
33 . 2033 2/ 0
/
0

0
3
1

2
3
0

0
3
/
0
3
.
, 3 H3e
.
H

3
1

2
3
0
H

e
3
T
H
q
3H
./
, ,
.
n ~po2qSrts
1 .
grTNjGoC* Wn_qm!]`_zrq_-pkqmkqzzrqwpJk/tEr/!ov)h8r/t:Ek/_zrqwpJk/
tEr/!ov "/*r/_po oNtOuqi Ws:kqt\jGrq_g< ]_h8kqN]_r/]Okq_<]m^]kq_ ^kqt
K!oErq _&8oNtnt8oErp oNtrqt8of t8os1oNtnt8oEpvk]luT* f< oNtu/ijGk"w f loss]`h8rqjGhKTjGr/!oEp
r" ]`niq_go:]hur"1
y
y$#
{ 6 [ P 7:989 ; 9ESE687 > y y f in y$f # out I
I
I
%'&
Z 2(*),c +.. -02/d +21 +.354

4DG6 c . )d
Z > DG6
[ S 2>"6X
798
Z 45)2:;6 4<> ->DG=,6 ?A@CB
Q&7 > > S87K6
IJg> 9ESWL > 987:9
Q @~X DGL S
U D [ y > 989 c . 0d
4DG6
Q&7 > > S87K6
IJg> 9ESWL > 987:9
[ S >"X
D
U D :E[ (Fy?G)<> @H98:I9 -J+.35c . 4 0d
I<X 7 P SE6ED P } [ 7K6
U D [ y > 989 c . d
7K6ESED X Dx987K6 c ./. d
[ S >"X
D
U D+24 [ :Ey KJ@L> +M98=<9 3 c . d
QTS87 > y
I<X 7 P SE6ED P } [ 7K6
U D [ L > 9 c . HTd
7K6ESED X Dx987K6 c . d
Z\[ @A 7 @ 9 > S87
[ S >"X
NOQP
U D [ L > ->=S9 RT:Ec .K>KJHT+.d3U4
I<X 7 P SE6ED P } [ 7K6
Z 2 c . /d
Q c ./ d
[ S >"X
2
in
H 3
H / 3 2
. /3
/3
H/. H , 3 H
123 2
103 0
23 2/
103 0
103 0
/3 2
,in
in
out
0/3
23 2
/3
0/3 .. / 3
13
. 33 H2
,q/3
0 H3 H
H ./ 3 2
H013
123 2
. q/3 0 13G) , 03 . q/3 0
0 . H 3 H 1 03 H H /, 3 H
H03
0 30
0/0/3 0
0 . H3 H 1 03 H . /3e 0 . H3 H
0 3 0 1 03 2 H / 3 2
KHT&3
"H3 2
3e
, 3e
KHT3 . &3
)q3 2 1 03 2 . 0 . 3e )q3 2
, 3e , 3G H/03 2
0/23 2
, 33
, 3e , 3G H 03 2 , , , 3e
,out
out
loss
103 0
103 0
13
13
103 H2
23 2/
/3 2
13G)
H /, 3 H
23 2
23 2
03 2
H , /3 H /2/3 0
103 2
23 H
103 H
H / 3 2
23 0
H / 3 0 H 3 .
,03G3
,
103 2
H/03 2
0/03
"H3 H
. , 3 0 3 .
03G
&3 2
, 3G
H3 H
H . 3
H/3 2 0/3 2
3
n ~o2qSrts
1/
grTNjGoC*5mWn_qm!]`_r/_pk/&mkqr"wpJWkqtEr/!ov)hwrqt:8kq_r"wpJWkq
tr!o! "/)rq_p(o oKtuqi sKkqtjlrq_G *]_h8k/K]`_r]kq_<]m-]Okq_ ^kqt
K!oErq _&8oNtnt8oErp oNtrqt8of t8os1oNtNtEoEp(vk]luTU * f< oNtu/ijGk"wz f loss z]Yh8rqjGhK&jlr/!o8p
r" ]Yniq_g~oK]hur"1
{ 6 [ P 7:989 ; 9ESE687 > y y in f in $y f # out
I in y out $y # ,out I out I loss
,in
%'&
Z 2(*),c +.. -V2/Wd +21 +.354 . 23 . 13 0"H3 H
4DG6 c . )d
2 . 3 2 23G 23 2
.
Z > DG6
././. 33 . 113e3e ))&&33 HH &3 2
[ S 2>"6X
3
1
e
3
"
0

H
3
H
././. .
././. .
798
Z 45)2:;6 4<> ->DG=,6 ?A@CB
3 13e )&3 H
> 6Ey 987 > > S87K6 H././0. . . 3 2
H3G
IJg> 9ESL > 987:9 /, 23 2 /3G 3 ,
Q @~X DGL S
2 3H
U D [ y > 989 c . 0d

0 23 2 13e . 13 .
4DG6
2 3 2 23 2
23 2
Q&7 > > S87K6
H. ./,/. . 3 .
23 2
IJg> 9ESL > 987:9
23 2 /3G
03 2
[ S >"X
/0q23 . KH3 /3 //,0q23 . KH3 . 3 . . 3
D
U D :E[ (Fy?G)<> @H98:I9 -J+.35c . 4 0d 0 23 2 13e . 13 .
I<X 7 P SE6ED P } [ 7K6
H , 30
U D [ y > 989 c . d
0 , 3e 13 . . 0/23 0
7K6ESED X Dx987K6 c ./. d
0 . 23 23 0
23 .
[ S >"X
0 23 2 13e . . 3e 0 23 2 13e . 0/23e H . 3 2
D
U D+24 [ :Ey KJ@L> +M98=<9 3 c . d 0 , 3e 13 . . 0/23 2
QTS87 > y
03
H . 32
I<X 7 P SE6ED P } [ 7K6 . ,
3 0
U D [ L > 9 c . HTd
0/03G 123 . H / 3 2
7K6ESED X Dx987K6 c . d
&3
3 2
/23 2
7
9
8
S
7
Z\[ @A @ >
03
H3 2
[ S >"X
03 13 . . &/3 0 . 03 , 13 . . "H3 2 &3 0
NOXP
U D [ L > -Y=S9 RT:Ec .KTKTHT+.d3U4 0/03G 123 . H / 3 2
I<X 7 P SE6ED P } [ 7K6
0/3 2
Z c /d
103 2 3
30
Q 2c ./ . d
123G &3 0
HT. q3 H
[ S >"X
0/03G 123 . . 2 , 3 2 0/03G 123 . H /3 0&3 H
2
n ~po2qSrts
1
grTNjGoC*=R <f oKtuqi_-o8o8p"v]_R=s:kqt|r8r/!oNoN_gWks\ 2 sNtk/ \jGrq_g \
rq_p\jGrq_gp * F*<]`_oN]th8kqN]_r/]Okq_<]m-]k/_C [Zrq_p*\Z
t8on!m~oEh:]"oNjiN(rq_pm-]Okq_[Z rq_-p]* Zt8on!m~oEh:]"oNjiN/
4 Z U Z 4 U 6
{ 6 [ P 7:989
Z 2 S [ ~D [ y > 989 P [ @ b7K689ED [ @ H6 0 3 H 6 , 3 2 6
U D [ y > 989 A DGL7:9ESED [ @

e3
3 0
U D [ L > 9 } 6 [ P 7:989ED @ L
0/23 2 0/23 2
3 1/0 3
Z 2 987: 7:9ESE6 > SED [ @
[ S >"X
/3 2 . 3 0 3 1/03
n ~o2qSrts ^
u vwvTxy{zw|W}_ p<Ex:Dz{x"<|v{?|
^y{Yp|
ya`^xy^?O z{?Uy{z U:"wv
j
O|Ny{d+ bExy{S<|^dcC0e Uy{zgf
Dx9 >"}~} 7 @A D JP [ @ S > D @ 9S DG6ES87:7 @ 987 P SED [ @ 9 c Z Z 1dih D PwA 7:9 P 6EDG^7S 7 P [ y } [
@ 7 @ S89 [ MS 7985&9ES87KyD @ Q P 7 @g> 6ED [ 9 $ h >"@A3 Z g>"} S87K6 H L/DGb7:9S 7 A 7:9 P 6ED } SED [ @
[ MS 7(9E59ES87Ky >"@A DGS9 } 7 P D 7:9 D P8 } 6 [ P 7:9899ES87 } 9 > 687 }g> 6ES [ MS 7(9E59ES87KyD @
D Pw 9 P 7 @g> 6ED [ 3| 7D @ b7 @ S [ 6E5 A> S > [ @ y > 989 >"@A 7 J 7K6EL/5 > 987:9 > 687 >"X 9 [ L/DGb7 @
M [ 67Kb7K6E5 P [ y } [ @ 7 @ SD @ S 7 @g> 6E6 [ >"@A D A 79E59ES87Ky [q @A> 6EDx7:9 c 987:7 Z g>"} S87K6
HTdN3 7|7: > SED [ @ 9 9w7 A M [ 67 J 7K6EL/5 P1>"XxP XY> SED [ @> 687 } 687:987 @ S87 A3
7M [ XGX [ D @ L >"}~} 7 @A D P 7:9 P [ 6E687:9 } [ @A S [ S 7M [ XGX [ D @ L P [ y } [ @ 7 @ S89 [ M~S 7985&9ES87Ky
D @ Q P 7 @g> 6ED [ 9 $ h >"@AR=F
/3 4 }~} 7 @A D J Z M [ 6WS 7 [T[ A 5 > 6 Ac d
03 4 }~} 7 @A D P 7:9 Z 0 Z M [ 6WS 7S 7K6Ey [ vy7 Pwg>"@ D P1>"X?} XG} D @ L }~XY>"@ S cWB{d
3 4 }~} 7 @A D P 7:9 Z H Z . M [ 6WS 7 }g>"} 7K6y > D @ L }~XY>"@ S c{B{d
H3 4 }~} 7 @A D J Z M [ 6WS 7 A 7NvD @ D @ L }~XY>"@ S c {\d
. 3 4 68}~7 } AR7 P@[ A y|D P ~7:D9 @ Z 7 A P kZ 5 j PKX M 7 [ 6<} S[ 77K6 [}~D XYX >"7K@ 6 S c[q 9w 7 }~{XY{>"@d S cU\{d<>"@A S 7 @g> S 6 >"X L > 9
3 4 }~} 7 @A D J Z 12 M [ 6S 7 > 9ES87 > S87K6SE687 > SEy7 @ S }~XY>"@ S cW{d
&3 4 }~} 7 @A D J Z / M [ 6S 7 > 9ES87 }g>"} 7K6SE687 > SEy7 @ S }~XY>"@ S c {W{\d
3 4 }~} 7 @A D J Z 10 M [ 6S 7y @ D P D }g>"X > 9ES87D @P D @ 7K6 > SED [ @}~XY>"@ S cB {d
j 3 4 }~} 7 @A D J Z 1 M [ 6S 7SE6 >"@ 9 } [ 6ES > SED [ @@ K7 S [ 6 cdN3
@ S 7M [ XGX [ D @ L h S 77: > SED [ @ 9\M [ 67 J 7K6EL/5 P1>"XxP XY> SED [ @ [ M > S87K6 >"@A [&[ A vS!5 } 7
E9 SE687 > y9 > 687 } 86 7:987 @ S87 A3
n ~po2qSrts ^
1 j
[ 6<S 7 > S87K6vS!5 } 79ESE687 > y9 c M687:9 > S87K6 h DG687 > S87K6 h} 6 [ P 7:989 > S87K6 >"@A > 9ES87
> S87K6 dih DGS => S87Ky } 7K6 > S 687 A D 7K687 @ SS g>"@ S 7 > b7K6 > L7 >"@~@ >"X 7 @ b&DG6 [ @ y7 @ S >"X S87Ky
} 7K6 > S 687 cO> 989 y7 A D @ S Dx9W9ES A 5S [ ^7 T 0 /. dih S 77 J 7K6EL/5 P [ @ S87 @ S A 7S [
S 7 7 > S > 9 P1>"XxP XY> S87 A> 9
c Z )d
T
T
thermal
ln( ))
Ewater
= Q(1
T T
T
7K687
c Z 0d
Q = mcp (T T )
7K687 h Q Dx9S 7WS 7K6Ey >"X 7 @ 7K6EL/5 [ [ M > S87K6 ; > 9ES87 > S87K6 c D @ id h m Dx9S 7Wy > 989
[ 6 > S87 [ M > S87K6 ; > 98S87 > S87K6 c D @ L /9 dih~>"@A cp Dx9S 79 } 7 P D gP 7 > S P1>"}g>qP DGS!5 [ M
> S87K6 ; > 9ES87 > S87K6 c D @Ra / L dN3
[ 6<S 7 [T[ A vS!5 } 7y > S87K6ED >"X 9 h DGS > y > 989<6 > SED [ 03 l O l23 /m h S 7 Pw 7KyzD P1>"X
C
7 J 7K6EL/5 > 9 P1>"XxP XY> S87 A T5 c [ S > 9 j /. d
c Z d
chem
Ewoodtype
[kJ/kg wood]
materials = LHVwood + W L
S 77K687 7 @ S Wg>"XGDx} 95 S [ 7M\y7Kb > >"98} 9[ M6 6 > >qSEP D [ SED@ [ @ [ M [ My > S8[ 7KDx6 98S > S687|S D 7@ 9ES S >"7 @A > [&6 [ A A vS8S7K5 y } } 77Ky 6 > > S S8 7K686E7 D >"c X<>"@A L0 j Dx 9
T
dN3
7 P [ 7 P Dx7 @ S Dx9 P1>"XxP XY> S87 A 5 c [ S > 9 j /. dNF
0
H
N
1.0438 + 0.1882 H
C 0.2509(1 + 0.7256 C ) + 0.0383 C
O
0.3035 C
[]
c Z HTd
Dx9S 7 > S [ yzD P 6 > SED [ -7KS 7:7 @ S 7 5 A 6 [ L7 @>"@AP1> 6E [ @ D @ S 7 [T[ A
S5 } 7K7687 y H/C
> S87K6ED >"Xnh N/C Dx9S 7 > S [ yzD P 6 > SED [ ^7KS 7:7 @ S 7 @ DGSE6 [ L7 @>"@ACP1> 6E [ @ D @
S 7 [&[ A vS!5 } 7y > S87K6ED >"Xnhg>"@A O/C Dx9S 7 > S [ yzD P 6 > SED [ -7KS 7:7 @ S 7 [ J 5&L7 @>"@A
P1> 6E [ @ D @ S 7 [T[ A vS!5 } 7y > S87K6ED >"Xv3<U 7 P1> 987 [ M XY>qP [ M9 P Dx7 @ S A> S >oh S 77 7 P S
[ M9 XG}~ 6 > 9 @ [ S|S > 7 @ D @ S [ >qP:P [q @ S=D @I 3c Z HTdN3 4 X 9 [ h S 77 J 7K6EL/5 [ MWS 7
> 9 RP [ @ S > D @ 7 A D @ S 7M 7 X > 9 @ 7KL X 7 P S87 A3
X
^QpUUa :rq>sut
7 [&[ A 5 > 6 A c d> S [ 689 7Q [ L9(yzD XGX 687 P 7KDGb7:9 >"@A 9ES [ 687:9S 79 [ MS [&[ A
c [ 6 7KL/D >"@ 9 } 6 P 7 h&\]OhwoErzrK]Oon*id h > 6 >"@A [T[ AzP8 D } 9S g> S > 687 } 6 P8g> 987 A M6 [ y
S 7M [ 687:98SE6E5 3 7 X [ L9 > 687 }g> 6ESED >"XGX 5 A 7K > 6 7 A > S=S 7 [T[ A 5 > 6 A >"@A}g> 6ESED >"XGX 5
> SS 7S 7K6Ey [ vy7 P8g>"@ D P1>"X} XG} D @ L }~XY>"@ S cWB{ dN3~ 7| > 6 [ ~S > D @ 7 A> SS 7
[T[ A 5 > 6 A>"@A S g> S } 6 Pwg> 987 A M6 [ y S 7M [ 687:9ESE6E5 > 687987 @ SS [ S 7 [ D X 7K6 [q 987
nkvwv o2qSrts ^
) q2
}~XY>"@ S cU{\dN3 7 > y [q @ S [ M7 X 7 P SE6ED P DGS!5 >"@A S 7K6Ey >"X 7 @ 7K6EL/5 @ 7:7 A 7 A M [ 6zS 7
} 6 [ P 7:98987:9D @ S 7 [&[ A 5 > 6 A> 687 [ ~S > D @ 7 A M6 [ y @g> S 6 >"X L > 9 687 A } [ 7K6 }~XY>"@ S
c {{d>"@A [ D X 7K6 [q 9w7 }~XY>"@ S cU{dih 687:9 } 7 P SEDGb7 X 5 3 4 9EDGL @ D gP1>"@ S > y [q @ S [ M
M687:9 > S87K6 } 7K6S [ @~@ 7 [ M }g>"} 7K6 } 6 [ A P 7 A Dx9687: DG687 A D @ S 7 [&[ A 5 > 6 A3 7
i7 x 7 @ S [ M > 9ES87 > S87K6 P [ @ S > D @ 9 [ 6EL >"@ D P y > SES87K6 cU >"@A Z dih-}~ [ 9 }~ [ 6 9
c{ t d>"@A@ DGSE6 [ L7 @ c t dN3 [ A> S > > 9 } [ 9w9EDG X 7S [[ ~S > D @ M [ 6S 7|7KyzDx989ED [ @ 9D @ S [
9ESE> 687S87K> 6 y A [ M 7S [ > 9ES S8 7 7 > S8[&7K[ 6 A [ 5 M?> S 6 A7 >"X [ > @ 9E7 S83<7 > S87:7K9867SE7K68yz7 > DxSE98y98D [7 @@ S 9 }~> 68XY>"7@ M S [q c 98@7:A 7 D @ > S X 77 DZ @~1} 2 dNS 3 [

?> X 7 Z L/DGb7:9S 7D @ b7 @ S [ 6E5 A> S > [ MS 7 [&[ A 5 > 6 A D @ Q P 7 @g> 6ED [ 9 $ h >"@Ah
M [ 6WS 7 @g> 6E6 [ >"@A D A 79E59ES87Ky [q @A> 6EDx7: 9 3
nkvwv o2qSrts ^
)&
nkvwv o2qSrts ^
) q0
=oy,N>N<" zy <UNNFOP'NFEFa{E)qJ| [t
7S 7K6Ey [ vy7 P8g>"@ D P1>"X} XG} D @ L }~XY>"@ S cWB{\d> S [ 689 7Q [ L9yzD XGX^P [ @ 9EDx9ES89 [ M
S [ [&[ A} XG} D @ LM >qP D X DGSEDx7:9 h S87K6Ey7 AWB{>"@AWB{ 8N3 7M [ XGX [ D @ L } 6 [
P 7:989w7:9 > 687 P1> 6E6EDx7 A [q S 7K687 F [&[ Ag>"@AX D @ LS 6 [q L A 7K > 6 D @ L hP8 D } 9 > 9 D @ L h
A 7 > S87K6ED @ L h} 687 7 > SED @ L h>"@A 687 @ D @ L h 9 P 687:7 @ D @ L >"@A S D P 7 @ D @ L 3 7 > 9 D @ L
>"@A 9 P 687:7 @ D @ L } 6 [ P 7:989w7:9 > 6879 7 P SS [ > S 7K6Ey >"X} 687KSE687 > SEy7 @ S h D X 7S 7 A Dx9
D @ S87KL/6 > SED [ @>"@AA 7 ~6 > SED [ @} 6 [ P 7:98987:9 > 687 P1> 6E6EDx7 A D @> 987K6EDx7:9 [ M A Dx9 P 687 @ 7K689 > S
[ b7K6 } 687:989 687 3 4MS87K6 P8 D }~} D @ L >"@A > 9 D @ L h S 76 > y > S87K6ED >"X Dx9 } 687 7 > S87 A DGS
9ES87 > y >"@A S 7 @ 687 @ 7 A D @ > S [ !9ES87 } 687 @ D @ L9E5&98S87Ky D @ D P8 S 7 6898S=9ES87 }
Dx9 P1> 6E6EDx7 A [q S > S > SEy [ 9 }~ 7K6ED P} 687:9w9 687 D X 7S 7987 P [ @A 9ES8 7 } Dx9 P1> 6E6EDx7 A [q S > S
>} 687:989 687 [ M H~3 } > 6 3{> 6ES [ MS 7 [ 6EL >"@ D P y > SES87K689 [ MS 7 [T[ A Dx9 A Dx989 [ X b7 A D @
} > XGS8} 7KD 6 @ L>"@}~AXY>"A @ DxS 9 3P1> 6 A 7 A D @ S 7 } 6 [ P 7:989 > S87K6 A [ @ 9ESE687 > y
S 7S 7K6Ey [ vy7 Pwg>"@ D P1>"X
4 XY> 6EL79 g> 687 c O2 h D @ S87K6Ey [ MS 7 7 > SED @ Lb >"X 7 d [ MS 77 X 7 P SE6ED P DGS!5687: DG687 A
D @ 687 @ 7K689Dx9 P [ @ b7K6ES87 A D @ S [ 7 > SD @ M [ 6Ey [ M X [ } 687:9w9 687|9ES87 > y 3 Dx99ES87 > y Dx9
[ ~S > D @ 7 A M6 [ y S 7 [&[ A y [ Dx9ES 687 >"@ARA D X SED [ @ > S87K6D @ S 7687 @ 7K689 3\ 7K6Ey >"X
7 @ 7K6EL/5zy > 5z-7687 P [ b7K687 A(> 99ES87 > y D @ S 7687 @ 7K689^7 P1> 987 [ MS 7 } 687:9w9 687 AP [ @
A DGSED [ @ 9 @A 7K6ES > 7 @ 7K687 3 Dx99ES87 > y h> MS87K6WDx9 PKX 7 >"@ 7 A S 6 [q L R 7 > S7 J~P8g>"@ L7K6 h
Dx9 9w7 A> 9 } 6 [ P 7:9899ES87 > y M [ 6 }g>"} 7K6 A 6E5TD @ L 3 4MS87K6W687 @ D @ L h S 7 } XG} Dx99 P 687:7 @ 7 A
>"@ARPKX 7 >"@ 7 A S 6 [q L > S87K6ED @ L >"@ARA 7 > S87K6ED @ L } 6 [ P 7:9w987:9 3
?> X 7:9 kZ >"@A Z } 687:987 @ S<S 7\D @ b7 @ S [ 6E5 A> S > [ MS 7S 7K6Ey [ vy7 Pwg>"@ D P1>"Xg} XG} D @ L
}~XY>"@ S WB{?>"@AzWB{8i h 687:9 } 7 P SEDGb7 X 5 h D @ Q P 7 @g> 6ED [ 9 $ h >"@A h M [ 6<S 7 @g> 6E6 [
>"@A D A 7|9E5&98S87Ky [q @A> 6EDx7:9 3
nkvwv o2qSrts ^
)q
)*H
nkvwv o2qSrts ^
nkvwv o2qSrts ^
|zy,N1G <l w.a{ GFQq+]|~[t
)U}
7 }g>"} 7K6y > D @ L }~XY>"@ S c{B{d> S [ 689 7Q [ L9yzD XGXP [ @ 98Dx9ES89 [ MS 687:7 }g>"} 7K6
A 6E5&D @ Ly >qP8 D @ 7:9 h S87K6Ey7 Az{BVh{B >"@Az{B3 7M [ XGX [ D @ L } 6 [ P 7:989 @ DGS89 > 687
}g> 6ES [ MS 7 }g>"} 7K6y >qP8 D @ 7:9 F> 9ES [ P } 687 }g> 6 > SED [ @ @ DGS h> 7 >qA [ JVc 7K687=S 7
9 9 } 7 @ 9ED [ @ [ M ~687:9Dx9D @ SE6 [ A P 7 A S [ S 7 DG687 >"@A M [ 6Ey9 > @ DlM [ 6Ey A Dx9 } 7K6898D [ @ [ M
~687:9 >qP 6 [ 9w9S 7S [ S >"X D A S [ M?S 7 DG687^7 X S dihg> DG687987 P SED [ @c 7K687S 7 > S87K6
M6 [ y S 7 }g>"} 7K6 7KVDx9 A 6 > D @ 7 A S [ > 6 [q @A / y [ Dx9ES 687 P [ @ S87 @ S dih>R} 687:989 687
987 P SED [ @c 7K687WS 7 > S87K6 [ MS 7 }g>"} 7K6 7KDx9<687Ky [ b7 A T5 } 687:9w9ED @ L A [ @ S [ > [q S
H }Ozid h~>=A 6E5TD @ L987 P SED [ @c 7K687S 7 }g>"} 7K69 7:7KSy [ Dx9ES 687Dx9\687Ky [ b7 A T5 7 > SED @ L
S 7 7K DGS RA 6E5&D @ L P 5 X D @A 7K689 id hg> 687:7 X 7K6 c 7K687S 7 }g>"} 7K69 7:7KSDx9W6 [ XGX 7 AgdN3
7 }g>"} 7K6 A 6E5&D @ L } 6 [ P 7:9w9Dx9 P1> 6E6EDx7 A [q S 9ED @ Lz9ES87 > y 7 > S87 AP 5 X D @A 7K689W7 @PKX [ 987 A
D @>PKX [ 987 AC [&[ A3!@ S 7 A 6E5&D @ L987 P SED [ @ S 7 }g>"} 7K6 7KDx9 A 6EDx7 A S [ S 7 @g>"X
A 6E5 P [ @ S87 @ S [ M j 2 S 3 3 4 X y [ 9ES >"XGX S 7S 7K6Ey >"X 7 @ 7K6EL/5 987 A M [ 6 A 6E5&D @ LR7 @A 9
} D @ S 7 [T[ A 7 Jg > 9ES > DG6 3| 7=S87Ky } 7K6 > S 687 [ MS 77 Jg> 9ES > DG6Dx9 }} 0 Z >"@A
S 7 yzD A DGS!5Dx9 23GKH L 2 / L A 6E5 > DG6 3 4 9Ey >"XGX}g> 6ES c1 S 3 zd [ MS 7|y [ Dx9
S 687Dx9 A 6EDGb7 @ [ S [ S 7 > SEy [ 9 }~ 7K687 3 7687Ky > D @ D @ L }g> 6ESDx9 }g> 98987 A S 6 [q L >
7 > S687 P [ b7K6E59E59ES87Ky P [ @ 9EDx9ESED @ L [ M987Kb7K6 >"X 7 > SW7 JPwg>"@ L7K689 3 7 7 > SW687 P [ b7K6E5
9E59ES87Ky > 9 @ [ SS > 7 @ D @ S [ >qP:P [q @ S=D @ S 7 P1>"XxP XY> SED [ @3( 7 > 989 y7 A S g> S|S 7
S 7K6Ey >"X 7 @ 7K6EL/5 [ MS 7 [&[ A 7 Jg> 9ES > DG6<Dx9687 X 7 > 987 A D @ S [ S 7 > SEy [ 9 }~ 7K687 DGS [q S
>=} 687 X DGyzD @g> 6E5SE687 > SEy7 @ S DGS S 7K6Ey >"X 7 @ 7K6EL/5(687 P [ b7K6E5 3
?> X 7:9 Z H>"@A Z }} 687:987 @ S|S 7D @ b7 @ S [ 6E5 A> S > [ MWS 7 }g>"} 7K6|y > D @ L }~XY>"@ S89|D @
Q P 7 @g> 6ED [ 9 $ h >"@ARh M [ 6WS 7 @g> 6E6 [ >"@A D A 7|9E5&98S87Ky [q @A> 6EDx7:9 3
)q
nkvwv o2qSrts ^
nkvwv o2qSrts ^
)/
N1Gy.G.a{GFQqT[t
nkvwv o2qSrts ^
@ S Dx9?9w7 P SED [ @ S 7 A 7NvD @ D @ L }~XY>"@ S > S [ 689 7Q [ L9yzD XGX Dx9 } 687:987 @ S87 A3< 7\y > 989
>"@A 7 J 7K6EL/5D @~} S ;"[q S } SD @ b7 @ S [ 6E5 A> S > [ MS Dx9 }~XY>"@ S > 687L/DGb7 @ D @?> X 7 Z 3
7M [ XGX [ D @ L } 6 [ P 7:9899ES87 } 9 > 687 P1> 6E6EDx7 A [q S?D @ S 7 A 7NvD @ D @ L }~XY>"@ S F 687N } XG} D @ L [ M
687 P [ b7K687 A}g>"} 7K6 c 7K687S 7687 P [ b7K687 A=}g>"} 7K6Dx9 } SD @ S [ >"@ 7: D } y7 @ S } 6 [ A P D @ L
} XG} S [ L7KS 7K6 DGS [ S > S87K6 >"@Az} XG} 7 A DGS y7 P8g>"@ D P1>"X>"@Az 5 A 6 > X D P> L/DGS >
SED [ @ 687:9 X SED @ LD @ S [ 987 P [ @A> 6E5 ~687:9 dih y7 P8g>"@ D P1>"X 687Ky [ b >"X [ MDGy } 6EDGSEDx7:9 c 7K687
987 P [ @A> 6E5 ~687:9 > 687|9w7 }g> 6 > S87 A M6 [ y DGy } 6EDGSEDx7:9D @ 9 P 687:7 @ vS5 } 7=7: D } y7 @ S DGS
A D 7K687 @ S A DGy7 @ 9ED [ @ 9 [ M9 P 687:7 @ [ } 7 @ D @ L >"@A b > 6ED [q 9S!5 } 7:9 [ M 5 A 6 [ P 5 PKX [ @ 7:9 dih D @
687Ky [ b >"X T5 [ S > SED [ @c 7K687WD @ DGS87Ky9 > 687 A Dx9 } 7K68987 A 5|y7 >"@ 9 [ M P8 7KyzD P1>"X 99 P8
> 9 5 A 6 [ L7 @} 7K6 [ J D A 7 h 9 [ A D y 5 A 6 [ J D A 7 >"@A 9 [ A D y 9ED X D P1> S87D @A Dx9 } 7K689w7K689 hT>"@A
987 }g> 6 > S87 A M6 [ y ~687z9 X 6E6E5T5y7 >"@ 9 [ M\S [ !9ES > L7 [ S > SED [ @dN3 4MS87K6 A 7NvD @ D @ L
S 79w7 P [ @A> 6E5 } XG} [ ~S > D @ 7 A Dx9S D P 7 @ 7 A>"@A > 9 7 A 9ED @ L9EDx7Kb7^7 X S } 687:98987:9 3
@ [q 69ES A 5 7 > 989 y7 A S g> SS 7|987 P [ @A> 6E5 } XG}P [ @ 9EDx9ES89 [ M $> }/2~F }/2 yzD J S 687
[ M @ 7 9 }g>"} 7K689 >"@A y > L > :D @ 7:9 3 7D @ >"@A [ S 7K6DGy } 6EDGSEDx7:9 > 687|M [q @A D @ S 7
> 6 9E@ S87 D @ L > S8} 7K 6|6 i7} x [ 98 7 7 3 @ S [ 6D @ S 79 X A L7=S g> SDx9987 @ SS [ S 7= [ D X 7K6 [q 9w7 }~XY>"@ SM [ 6
?> X 7 Z } 687:987 @ S89S 7D @ b7 @ S [ 6E5 A> S > [ MS 7 A 7NvD @ D @ L }~XY>"@ SD @ Q P 7 @g> 6ED [ 9 $ h
>"@AR h M [ 6WS 7 @g> 6E6 [ >"@A D A 79E59ES87Ky [q @A> 6EDx7:9 3
nkvwv o2qSrts ^
) j
kn vwv o2qSrts ^
2
zy,QN.F<[NNEFq+d[t=NM^dN^:{ yEE ,&Oy
E.^&L<F mp<lE)qJD\[t
@ S Dx9987 P SED [ @ S 7 [ D X 7K6 [q 987 }~XY>"@ S cU\{d>"@A S 7 @g> S 6 >"X L > 9 687 AP [ y|~D @ 7 A
P 5 PKX 7 } [ 7K6 }~XY>"@ S c {{d> 687 } 687:9w7 @ S87 AA\ 7y > 989 >"@A 7 J 7K6EL/5(D @~} S ;"[q S } S
D @ b7 @ S [ 6E5 A> S > M [ 6S 7:9w7 }~XY>"@ S89 >"X [ @ 7 >"@A S [ L7KS 7K6 > 687|L/DGb7 @ D @> X 7:9 Z Z
>"@AR?> X 7 Zkj h 687:9 } 7 P SEDGb7 X 5
S U[ EE Q [ L yzD XGXnh S > y [q @ S [ M\S y >"X @ L @ , A A S [ y >"@ M >qP S wE
@ }g>"} D } 8[ A P A VS E, S* } ,[ M [ D X E Fc)d S [ > E; [&[ A > S
[ D X E[ M > }>"@A/B P1>"}g>qP DGS* h E, } P SEDGb X c S E S? [ D X g> > D A D E A
AA h D X S XY> SES [ @ g> > y [ bTD @ LL DGS d c d [ @ W X P S D P [ D X [ M >HB
P1>"}g>qP DGYS hcOd>"@A [ @ [ D X [ D X [ M > }B P1>"}g>qP DGSY [ D X [qzE }~XY>"@ S
g> > >qP } E,EEw Ek S > yS w ~D @ h D PwP1>"@ L @ > S 0 X P S D P DGSY|M 8[ y S DGL
} E,E8w E;8 } > > S w > S A S > y Fc }} > h/H } Z d [ ~S > D @ A D @ S [ D X E ? [ A> h
S D 0 S > y S w ~D @ D @ [ S [ } > S AA D D S0 E > 8[ @ [qw S A A [ , @ [ S
P [ @ D A E A DGSM U[ S P1>"XxP XY> SED [ @
?> X zZ L/DGb , S D @ b @ S U[ A> S > [ MS [ D X [qz E }~XY>"@ SD @ Q P @g> D [ $ h
>"@AR h M U[ S @g> J8[ >"@A D A ] S y [q @A> D ,
@g> S w >"X L > E AP [ y|~D @ AP PKX } [ }~XY>"@ S D Pw D S > @> S M >qP D X DGYS
M U[ X P S D P DG*S L @ > SED [ @ D @A } 8[ P S > S U[ EE Q [ L yzD XGXn } 8[ P S g>
, @(} 8[ } [ E A S [ P [ @ S E P S A D @ S @ J S < > E < S S P8~@ D P1>"XA S > D X > E
S @ [ S @ [ @ < E M U[ E h S D @ b @ S U[ A> S > [ M-S {{ > [ ~S > D @ A M 8[ y
Z g>"} S |>"@A }~} @A D J E > > EE y A S g> SS > y [q @ S [ M X P S D P DG*S
@ , A A M U[ S }g>"} } 8[ A P SED [ @ h > S > S >"@A > S }g>"} S E > SEy @ S >"@A
> S }g>"} D @P D @ > SED [ @ D [ ~S > D @ A M 8[ y S {{
?> X Z L/DGb , S D @ b @ S U[ A> S > [ MS @g> S w >"X L > E AP [ y~D @ AP PKX } [
}~XY>"@ SD @ Q P @g> D [ $ h >"@AR h M U[ S @g> J8[ >"@A D A S y [q @A> D ,
?> X kZ jdE yzy > D E, S E,E X S z[ ~S > D @ A D @ ?> X ,Z >"@A Z D @ U[ A S [
[ ~S > D @ S A> S > M U[ S @ L P [ @ b E D [ @ E P S U[ D @ S \ S y
nkvwv o2qSrts ^
nkvwv o2qSrts ^
nkvwv o2qSrts ^
nkvwv o2qSrts ^
H
Np p<D:< &EFQq>ss3[t
@ S D E P SED [ @ S } 8[ P ,I A , P D } SED [ @ [ M > S > S S E > SEy @ S }~XY>"@ S cW{d
D } E,E @ S AA < > EE y } SED [ @ >"@A S M [U y XY> M [U S 9 J L P1>"XxP XY> SED [ @ [ MS
Pw yzD P1>"X >"@A yzD E D [ @ S g> S > E }g> S [ MS > S > S P [ y } [ DGSED [ @> E >"X 8[
L/DGb @ D @ b @ S U[ A> S > [ MS D }~XY>"@ SD @ Q P @g> D [ $ h >"@A> E } E,I @ S A
D @> X Z < o ,E A> S > E P [ XGX P S A M 8[ yS > S > S S E > SEy @ SM >qP D X DGSY
> S U[ EE Q [ L yzD XGnX
M [ XGX [ D @ L > EE y } SED [ @ >"@A DGy }~X D gP1> SED [ @ Ez E A M U[ S P1>"XxP XY> SED [ @ [ M
J L [ MD @~} S >"@A [q S } Sy > S D >"X [ Fc)d S > S > P [ @ D A E A>
> D AP [ @ S > D @ D @ L P [ y } [ @ @ S [ MWS y >"X J L c > S d>"@APw yzD P1>"X J L
c U[ L >"@ D P y > SES kE } E,E @ S A Z >"@AU h}~ [ }~ U[ Ez c{ t d>"@A@ DGS 8[ L @
c t dEid h<c d S [ J L P [ @ S @ S [ M PKX >"@ > S >"@A @P [ @ S > yzD @g> S A@ S D @ S D
@ [ S , SEDGy > S AA WcOd 9 J L y| [ A D A D @ D XxA D @ L >"@A S 9 J L @ , A A M U[
}~XY>"@ Sy > D @ S @g>"@P > E] J~PKX A A M 8[ y S ] J L P1>"XxP XY> SED [ @ cHTd ] S y
[q @A> [ M W{ D A > @> 8[q @A S }~XY>"@ S
> S > S S g> S P [ y , M 8[ y S [&[ A > AA h S y [ vy Pwg>"@ D P1>"X} XG} D @ L
}~XY>"@ S h>"@A }g>"} y > D @ L }~XY>"@ S g> > S y } > S w Ez[ M } 0 Z ^ D S y } > S w E
D A D E @ SM 8[ yS > b > L >"@~@ >"X @ bTD 8[ @ y @ S >"X S y } > S w E c T 0 Z id
D y >"@ S g> SS V J L P [ @ S @ S [ MS > S > S h~A z S [ DGS > S P [ @ S @ S h
D A D E @ S\M 8[ y 8[ S y >"X J L P [ @ S @ S c E thermal d [ M > S > S
wastewater
> P1>"XxP XY> S A> F
c Z < )d
T
T
ln( ))
E thermal = Q(1
0
wastewater
T T0
T0
E
c Z < d
Q = mcp (T T )
E h Q D S S y >"X @ L [ [ M > S > S c D @ dih m D S y > E [
> S [ M > S > S c D @ L / dih>"@A c D S [ } P D gP > S P1>"}g>qP DGS* [ M > S c D @
p
a / L id
S y } > S wE P8g>"@ L =[ M > S > S @ DGS }g> EE, S 8[q L S S E > SEy @ S
}~XY>"@ SD 9 y >"XGnX S > > EE y A S g> S\S J L X [E A z > S J~P8g>"@ L S , @
S > d S J > S L A >"@ y A>" @[ A S M U[ > S > D D D @ D LC@ S DGL @ D g> P1D >"@ S S y } @C >q> A~S wA EDGSE D [ D @@ h S DGS > D >XxA ED8@ L y DA S >"gX 8> [ S
D @ DGL @ D gP1>"@ S [ b h S > D D @ S D XxA D @ L [ MS S E > SEy @ S }~XY>"@ S P1>"@
P [&[ X AA [ @VA z S [ > S b >"} U[ > SED [ @ D y >"@ S g> SS S y >"X @ L
M U[ > SED @ L=S D XxA D @ L P1>"@ DGy } U[ S >"@ S h>"@A>"X 8[ h S W J L X [EE XY> S A S [
0
nkvwv o2qSrts ^
}
S } 8[ A P SED [ @hA D S DG SED [ @C>"@A JPwg>"@ L [ MS y >"X @ L z E > E >"X 8[
J L X [EE, @ S S E > S A > S > S D kE X > E A D @ S [ S > S 0E,E b [ D
,E\ J L X [EE, E @ [ S P [ @ D A E A D @ S ] S A
oNtu/iks=kqtOurq_g]hr/O!oKti> D >"@A>"@ M \ [ A>c j d [ A S g> SS S >"@
Af<> APw yzD P1>"X J L [ M [U L >"@ D P y > SES D @ > S > S P1>"@ Q, SEDGy > S A
c XGX S y jj /dNF
c Z < d
D S S :[UE SED P1>"X [ J TL @A y >"@A [ M > S > S XGX S y c jj /d
[ ~ S > ED @ TAOD
> b >"X z=[ M 1o a LM [U S Pw yzD P1>"X J L [ MS P8 yzD P1>"X [ J &L @
A y >"@Ac Z d y > SES h->"@A/ > b >"X z[ M a /LzM [U S Pw yzD P1>"X J L [ MS
~D [ P8 yzD P1>"X [ J &L @=A y >"@AcU d y > SES P [ @ S DG SED [ @ [ MS A D X SED [ @ [ M
Z >"@AU y > SES D @ S [ } wE > S > @ [ S P [ @ D A E A M [U S P1>"XxP XY> SED [ @
[ MS J L [ M > S > S \ J L P [ @ S @ S [ M > S > S > P1>"XxP XY> S A
P [ @ D A D @ L [ @~X S S y } > S wE P [ @ S DG SED [ @h I, I Z <
f>< oN> tyzu/iy k[ s|@ D mg &y k"!mgc&kq tN+Rd>"rq@_Ap>"_XG]XtE}~k8 u[oK_ }~ [U S Ez > > > }~E8 [ y }~ gA > S S g> D [ S @ >" XGXWc@ {DGS 8 [ L 2 @ id z J D S
S >"@A> APw yzD P1>"X 4J L [ M > yzy [ @ D y D G a /y [ X >"@A M U[ 4 { 2 D
4
1"HzG a /y [ X c QT > L S S >"nX j / id
f<SE D oNX D tEu/ i AkE> sSShN oN]Oh8rqji W {a [ y > > ED @ S P8 yzX DGy D P1 >"X c Z >">@A d[ >"@@A >S J D X D > yc > S S D >"X>"> X E
yzD @ D y > X 2 c Q 4 d 3JcKH 1d 2 >"@A oe S D 8[ @> 2 c Q 4d 3 J j 2 id h
>"@A S U[ L >"@ D P|} [ X &y E h E, } P SEDGb X P8 yzD P1>"X J L/D ,[ M?S ,E P8 yzDl
P1>"X E P [ XGX P S A M 8[ y QT > L S S >"nX c j / id
L >"@ D P} [ X &y E > E *S } D P1>"XGX PKXY> E D A> X [ @ Lq P8g> D @ U[ L >"@ D P y [ X P X , DGS
y [ X P XY> DGL S S , @V< 4 >"@A< 1 0 \ J L P [ @ S @ S [ M U[ L >"@ D P} [ X
y E D DGL ~X P U[ JE XY> S A S [ S > y [q @ S [ M [ J &L @ hT@ DGS 8[ L @(>"@A E XG}~ w D @ S
y [ X P X , QT > L S S >"nX c j / d L > b S b >"X z ,[ M S >"@A> A=P8 yzD P1>"X J L M U[
E b >"X U[ L >"@ D PP [ y } [q @A @ S D 0 S A h S P8 yzD P1>"X J L/D ,W[ MS U[ L >"@ D P
} [ X Ty E E], SEDGy > S A S [ S > y cH a /L } [ X &y id
f<DGS oN tu/Z i> k2+sU[ Nj ~p1uX ,o3+ >"@ A > S E E y E y A > SD @ gD > @ SL S P8 yzE D y P1>"[ X b M ACU[ }~y [ }~A 8U[ [ EJ z D A ,D >"} @EAP D P1} > DG S > S[ @ A
> S , P8 yzD P1>"X J L/D ,[ MWS ,E P8 yzD P1>"X E P1>"XxP XY> S A M 8[ y QT > L S
S >"nX c j / id M [ XGX [ D @ L P8 yzD P1>"X J L/D , E[ ~S > D @ AF a /LM U[
Z > 3 c{ 4 d 2 h< a /L(M U[ Xx{ 4 h<< a /LM U[ |Z > Z 3 h< a /L(M U[ X!cvd 3 h
Eorganic
matter
= 13.7 T OD
[kJ/l]
nkvwv o2qSrts ^
>"@AH} a /LzM [U cvd 3

U[ L >"@ D P y > SES D @ X A L > > EE y A S [ } E,E @ S > P XGX X [I c Z 12 24 12 d
[U > P XGX SED IEz c Z 5 7 2 d=c XGX S y jj /diz P8 yzD P1>"X J L [ M P XGX
X [ E D e a /L c QT > L S S >"Xn\ j / dih D X S g> S [ M P XGX SED EEz D /o a /L
c XGX S y jj /di
?> X =Z < L/DGb , S D @ b @ S [U A> S > [ M<S > S > S S E > SEy @ S }~XY>"@ SD @ Q P
@g> D [ $ h >"@AR h M U[ S @g> J8[ >"@A D A S y [q @A> D ,
nkvwv o2qSrts ^
nkvwv o2qSrts ^
/
Np <G &:< &EFq>s 3[t
@ S D E P SED [ @>=} 8[ P ,E A , P D } SED [ @ [ MS > S }g>"} S E > SEy @ S }~XY>"@ SD E S
} E,E @ S AA @ h S D @ b @ S [U A> S > M [U S D }~XY>"@ SD @ Q P @g> D [ $ h >"@A > E
L/DGb @ D @> X Z /
> S }g>"} S E > SEy @ S }~XY>"@ S c{W{dP [ @ D S ?[ M 8[U SED @ L >"@A >"X , } E,E D @ L
[ MS > S }g>"} P [ XGX P S A M 8[ y S [qz E [ XxA D @ 8[ @A DGy > S }g>"} h
A X DGb E A L > > L S E P m h D A y } A [ @ S SED }~} D @ L [&[U[ MS S [U > L
D XxA D @ L E >"@ @ [ @ }g>"} DGS yD WE y [ b AA @h S > S }g>"} D E @ S
S [ > y > L @ SED P E }g> > SED [ @ h>"@j
A @g>"XGX h S [ > y >"@ >"X P E, @ D @ L X P S D P DGS*
A y >"@A M U[ S D }~XY>"@ SD 0E }~}~X D A S @g> S w >"X L > E A(} [ }~XY>"@ S X [ P1> S A
> S U[ EE Q [ L yzD XGXc E, }~} @A D J Z id
?> X =Z / L/DGb , S D @ b @ S U[ A> S > [ MS > S }g>"} S E > SEy @ S }~XY>"@ SD @ Q P
@g> D [ $ h >"@AR h M U[ S @g> J8[ >"@A D A S y [q @A> D ,
nkvwv o2qSrts ^
nkvwv o2qSrts ^
j
~N dGNF<FGp c.N<.^&,FHE)QqT|rs[t
@ S D kE P SED [ @ h>|} 8[ P ,E A , P D } SED [ @ [ MS y @ D P D }g>"X > S D @P D @ > SED [ @R}~XY>"@ S
D } E,E @ S AA D @ b @ S U[ A> S > M [U S D }~XY>"@ S=D @ Q P @g> D [ $ h >"@A > E
>"X 8[ L/DGb @ D @> X Z
M >qP D X DG*S [ My @ D P D }g>"X > S D @P D @ > SED [ @(P [ @ D S [ M^S E,VI P SED [ @ FP [ y| z
SED [ @ h S y >"X @ L E P [ b >"@A z L > S E > SEy @ S P [ y z SED [ @ E P SED [ @
g> S E, }g> >"XGX XX D @ , h >qPw DGS >(P1>"}g>qP DG*S [ M S [ @~@ } [qw @ X D @
D M U[ D @P D @ > SED [ @ [ M > S }g>"} h D X S [ S S [ > E M U[ y > E P [ y z SED [ @
[ MM [T[ A > S >"@A [ S [qz E [ XxA >"@A D @A z S D >"X > S , P [ y z SED [ @
E P SED [ @ M U[ > S }g>"} D Pwg> >qP S D E A > y [ ~D X L > S P [ @ D SED @ L [ M > E
D ,[ M >"X S @g> S ~J AC>"@A y [ ~D X > E E S > S }g>"} M z X @A L m[ ,
P [ y z SED [ @ L > S D P [&[ X A > S D @P S X [ > SED @ LVb >"X z R[ M
> S }g>"} D DGL S g>"@ S g> S [ MS yzD J A > S , c) b Ba L id
M w @g>qP D A DGb&D A A D @ S E, [ @ , F S M , A D @ L [ @ h S P @ S >"X [ /@ c E
P [ y z SED [ @ S > , }~XY>qP id h?>"@A S @g>"X [ @ c E S > , > E A D P1> A Agid
@ S P [ y| z SED [ @ [ @ S >"X S @g> S y [ b y @ S [ M > E >"XGX [ S [ g> b > L [&[ A
yzD J D @ L [ M > S S g> SD ] J} [ E A S [ > y >qA D > SED [ @ L > S D D @PKX D @ A
< o D @ U[ A S [ @ Ew E >P [ @ SED @ [qz y [ b y @ S [ MS > S P [ y z SED [ @
} 8[ P ,E D P [ @ S 8[ XGX A (S > D @ LD @ S [ >qP:P [q @ S F S S > y y > E [ h S |[ J TL @
>"@A(P1> [ @ y [ @ [ J D A P [ @P @ S > SED [ @ D @ S z L > h S P [ y| z SED [ @ S y } >
S w E >"@A> y X @ L/S [ b S L > S < z L > >qP D A S E > SEy @ SWD A [ @ >
E yzD A P E ~ h D PwP [ @ D S [ M > M > D 7
P X S M U[ WE y [ b&D @ L > , >"@A
> I X P SEDGb P1> S >"X &SED P E A P SED [ @ @ DGSWM U[ VE y [ b >"X [ M @ DGS 8[ L @ [ J D A , >"@A U[ L >"@ D P
yzD P 8[ } [ XGX S >"@ S P E ~ z I, >X DGy 8[ X SED [ @ D @ > S S g> SD } > A
P [q @ S P w JE @ S X DGS [ S z L > > S D S [ S >"XGX b >"} U[ D I AA h D P8
y >"@ S g> S @ [ > S x z @ SS E > SEy @ SD @ P ,I >
?> X Z L/DGb , S D @ b @ S U[ A> S > [ MS y @ D P D }g>"X > S D @P D @ > SED [ @}~XY>"@ S
D @ Q P @g> D [ $ h >"@ARh M U[ S @g> J8[ >"@A D A ] S y [q @A> D ,
nkvwv o2qSrts ^
nkvwv o2qSrts ^
j
N>:N,F^<Ip qJt
@ S D E P SED [ @ S A D S >"@P , M U[ S S >"@ } [U S > SED [ @ [ M }g>"} >"@A > S }g>"}
> E } E,E @ S AA D @ b @ S U[ A> S > [ MS S >"@ } [U S > SED [ @ D @ Q P @g> D [ $ h >"@A
> E L/DGb @ D @R?> X =Z 1o
S > > E8 y A S g> SS P [ @ L w > SED [ @ [ MS >"@ } [U S > SED [ @@ S [UE D S > y
D @ >qPw P @g> D [ > S }g>"} Ww[qw P ]8U[ SED @ L [ M<S > S }g>" } > > EE y A
[ @~X D @ S P1> Iz[ M > S }g>"} E P PKX D @ L h>"@A@ [ SD @ S P1> E[ M > S }g>"}
D @P D @ > SED [ @
@ DGS S U[ EE Q [ L yzD XGXc@g> J8[ S y [q @A> id h> S >"@ } [U S A D S >"@P
[ M o~} y } S [ @~@ @ } D @ S }g>"} } 8[ A P A > > EE y AA V U[ S D A
S y [q @A> h S S >"@ } U[ S > SED [ @@ S U[ E$
S > S @ S @ } D @ S }g>"}
D S >"@ } U[ S A M 8[ y S U[ E8 Q [ L yz D XGX S [ 8[ @A DGy \ M [ XGX [ D @ L S }
D @ S S >"@ } U[ S > SED [ @@ S U[ E E P [ @ D A E AF
W 8[ y U[ E8 Q [ L yzD XGX S [ 8[ @A DGy h S S >"@ } [U S A D S >"@P D y h

}~X z y y } S* E S w @\ D S >"@ } [U SD A [ @ DGS A D ,E X S E P m[ M >
S [ @~@ , P1>"}g>qP DGSY
y S P [ XGX P SED [ @} [ D @ S PKX [E S [ S [qzI [ XxA D @ 8[ @A DGy S [ S
W 8[
> S }g>"} S E > SEy @ S }~XY>"@ S c{W{d D @B XG z h S S >"@ } [U S A D S >"@P
D y h}~X z y y } S* E S w @ D S >"@ } [U SzD A [ @ CL > > L
S E P o DGS >(< S [ @~@ , P1>"}g>qP DGS*
oW 8[ y S P [ XGX P SED [ @} [ D @ SS [ S y @ D P D }g>"X > S }g>"} D @P D @ > SED [ @}~XY>"@ S
cB{\dih S S >"@ } [U S A D S >"@P D < y h"}~X z < y y } SY E S w @ D
S >"@ } [U SD A [ @ A D ,E X S E P m[ M > S [ @RP1>"}g>qP DGS*
> S > [ @ S E,8[qw P zE >"@A yzD E D [ @ E XY> S A S [ S S >"@ } [U S @ S [UE
y >"@ [ My A D y DG AA D ,E X S E P m c S [ @d E S > @ M 8[ y U , c di
> S [U PKXY> DGy A S g> SS > y [q @ S [ M J L } @ S|D @ E P8 S E P m D oG1"H
BaA D ,E X J L } L [ M }g>"} =[U > S }g>"} } = yS >"@ } [U S A D S >"@P
cU ,W di\ P8 yzD P1>"X J L [ M<S A D ,E X M z X DGS >"@> EE y A > SED [[ M
/Z j h /Z go h>"@A Q /Z go HTmh > P1>"XxP XY> S A> c [ S > j }dNF
nkvwv o2qSrts ^
j
chem
Ediesel
= LHVdiesel + 9417S
= 1.0401 + 0.1728
H
O
S
H
+ 0.0432 + 0.2169 (1 2.0629 )
C
C
C
C
>"@A
LHVdiesel = 42.7
c Z 1 )d
[kJ/kg diesel]
[kJ/kg diesel]
[]
c Z 1 d
c Z 1 d
M [ XGX [ D @ L X DlM P PKX yzD E D [ @ M [U[ @ = aA D ,E X J L E P1>"XxP XY> S A

U , c dNF L P1> [ @A D [ J D A hoGKH L A 8[ P1> [ @ h~"H/H L @ DGS 8[ L @
y [ @ [ J D A hoo L P1> [ @ y [ @ [ J D A hwo~/ L }g> SED P XY> S y > SES E cU ,9 di
> S > [ @ D @ S @g>"XP [ y| z SED [ @ @ L/D @ J L P [ @ b E D [ @ P D @P , SEDGy > S E
S > @ M 8[
y ' E, c di @ S D [UE h>"@ J L P [ @ b E D [ @ P D @P [ M
~}O > P1>"XxP XY> S A M [U > M z X > D H P PKX S E P @ L/D @ S g> S=D [ } > S AC> S >
} , A [ M } y >"@A>"@R> b > L P [ y } E,E D [ @ > SED [[ M < P D @P b >"X z
X [ > EI,[ ~h SS > D @ } A @g> >"MX S *S =\M U[E ~b S > >qD P> SE D X [ @ X [ [ >qMA D @ SD @ @gS >"[ X } @ S L/> D @ S w M D P >"SE@D [ A @ DGX b&[D E@ EL ,h&h >"@S A >"@ S yz DX E[ ED E[ ,@
D @ S 8[ A P A X DGL SED @ L h > SED @ L >"@AR> D P [ @A DGSED [ @ D @ L
?> X Z 1 L/DGb , S D @ b @ S U[ A> S > [ MS S >"@ } U[ S > SED [ @@ S U[ E D @ Q P @g> D [
$ h >"@A h M U[ S @g> J8[ >"@A D A [q @A> D ,
jH
nkvwv o2qSrts ^
nkvwv o2qSrts
j}
u vwvTxy{zw|W} {xLx<EzyU |
Ox
?|
^y{jw,xz |[yxEz{x
j
3v{SvTxz?|[yv{Opx"
[ @ S g>"XG} "> @A @ S 8[ } P8g>"@ L , M [U > S S , @ S S > S , D @ S }g>"}

, S >"@A S > D @ > S [ S }g>"} V , S Ew M >qP hg> E
H = sor H + vap H +
>"@A
Tair
Tp
in air
Cp,H
dT
2O
sor H
R
vap H
ln((w, Tp )) +
Tp
M H2 O
Tp
! Z
in
air
in
air
Tair C
p H2 O
R
p,H2 O
ln
dT.
+
M H2 O
p
T
Tp
c )d
S =
\8[U } SED [ @ @ S g>"XG} [ M X Dx D A > S S [ }g>"} D

sor H = R
ln(w, Tp )
.
(1/Tp )
A ,8[U } SED [ @ D 8[ S y [ M }g>"} c{ >"~X j d D

(w, Tp ) =
>"@A
pp
= exp(1 Tp 2 ),
p
(D 2)
c d
c HTd
E A S yzD @ A > X Ew[ @>"@A Q [ D @ D @ @Vc j d
1 = exp(15.03w 1.37 w 3.14),
2 = exp(13.53w 2.90 w + 2.9).
c }d
c d
D @ L Z XY> z D z Z XY>"} 8[ @ E XY> SED [ @h S \ b >"} [U > SED [ @ @ S g>"XG} RD

vap H = R
ln(p /p )
,
(1/Tp )
c /d
E S ] D X DG D y b >"} [qw } E,IEwE > L/DGb @ {?> [ E D S >"Xnc jj )dW>
n;vwv o2qSrts
p (Tp ) = 0.133 103 exp(18.303
> S P1>"}g>qP DGS* [ M }g>"} D S > @>
3816.44
).
Tp 46.13
c d
c j d
D S [ } P D gP > S P1>"}g>qP DGSY [ M A }g>"} D XG X y E 8[ @ S >"nX
c jj EHT d C8 p,dryp
L/L , S A S g> SS > S P1>"}g>qP DGS* [ M @ } D @ SD }/za / L
Cp,p = Cp,dryp + wCp,H2 O ,
nkvwv o2qSrts
u vwvTxy{zw|W}D]{xx ?OUy{:+xLExwg |xyÔ {:xz |

y {xEz{x
j
3v{SvTxz?|[yv{Opx"
> SS >"@ M P [ P D @ S S , @(P X D @A >"@Az}g>"} E P1>"XxP XY> S A DGS

> E XY> SED [ @ L/DGb @ ; [ A D z >"@A [ SES P8 D @ L c j j d
cI )d
hcylp = 1556.6w + 52.87.
> SWS >"@ M P [ P D @ S S , @ S }g>"} , S >"@A> D E P1>"XxP XY> S A

M 8[ y S M [ XGX [ D @ L E XY> SED [ @ L/DGb @ !@P 8[ } >>"@A DGSES c j }di @ S
}g>"} , SD X [ P1> S A S , @ S [ P X D @A E h S > SS >"@ M P [m P D @ SD
hpair
#4/5
"

1/2
0.62ReD P r 1/3
ReD 5/8

0.3 + h
.
=
1
+
i
2/3 1/4
Dcyl
282000
1 + 0.4
Pr
cI d
@ S }g>"} , WS D D @RP [ @ S >qP S GD S

P X D @A h S > S S >"@ M P [m P D @ S
D
hpair =
Rel <
105
h>"@A DGSWD
hpair =
cI d

1/2
0.664Rel P r 1/3
l
cI HTd

1/3
4/5
Pr
0.037Rel 871
l
@ Rel > 5 105

; @ [ XxA >"@A{ >"@A S X@ y| E E A S yzD @ A
ReD =
v Dcyl
Rel =
vl
Pr =
Cp
.
cI }d
XGX^}~ D P1>"X} 8[ } SED ,[ MS L > }~g> I c C h h >"@A d> E P1>"XxP XY> S A> SWS
>"@A T di p
T
X y S y } > S wE cO> b > L |[ M
air

Analise Exergia e Produçao Entropia

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Analise Exergia e Produçao Entropia

Enviado por

Direitos autorais:

Formatos disponíveis

Anita Zvolinschi

On exergy analysis and

Innovation and Creativity

K\RKQ`stNUTaKM_\R^zg[^=_\)ZWOrUKMHJ\RTV_Q`KNk,+ 1/" nkQ`^\R_MHJIQ`KMHJ\RT NUTzKM_\R^zg\`cxKMFONc_NPNi}Q`KNU_

,@ A !BCD!E FGH A D(0:!B<D!

I JLKM N JPO @QK

WOINcW=sN=NU_Mjkg\RW=KM^=W=K6 E =N=NU_Mjkg HYT=^=W=KLc|\R_BdL~ Q`S.Q`KNUXNUTaK

OY QRII M {Q`TOZNNU_Mjkg1 E GHYT=^=W=K{HYTznoNUTaK\R_Mg\`cKMFONIg)IMKNUXHYT

DD0GB0 56<C& &<BC FB F)FD A ) DPDP) F*W5^

DD0G .55MG;,DP) F*M ^

DD0G 5xMx !<x !09!:0 &0*D) F*t^ F

\RT=sYg[c|NUi?Q`X\RW=TzKI\`ceiGQRIMKNkiLF=HYsJN"^=_\n)HJZHYT=j[F=HYjkF1yzW.Q`sYHYKpg INU_Mn)HJrPNPIBK\ KMFON"slQ`_MjoN

e0vERi}|MP|Uu <cR*PCuM!C=P|R5R dcv. 

e 0vE%z'&tqRc <qkPCuM!C=P|R5R dcv. 

e CW^ 65o' &Fv`< 7=

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

.P O Q e e. }+&`.tfO ,4eFz3L

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

> > q> >

> > > >

iLFONU_N L Q`_N[KMFON[^=FONUTO\RXNUTO\RsJ\RjkHJrQ`srP\)NrUHJNUTzKILQ`TOZ X Q`_N[KMFON[KMFONU_MX\)Zgz

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

Q`TOZ bQ`KMN kkbkI\R_Z=N<NUKBQ`skkk}MNUsJIMKM_MW=^Q`TOZ GNPZ=NQ`WkkkNUjkWONU_Q

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

q1)\'K7 a \*7+ i 17$.7 a,b

mnoqpPrtsvu0@y`LsvuLFD21}EL{z z {ruWz o:Ls}!}(LFD43Xns6s5svuLFD}!spPr

e Cv3ya'&t*c u#knS<c fq# RwkU Uu0

CC).eJ 0ze4 &DEGF=HJIG^=_\RS=sJNUXrP\RTOrPNU_MTOIGKMFON_\RW=KNBKMF.Q`KLKQ`oNPILI\RXNB_QPiXQ`KN

|q)wC 1 ` D&O\R_bHYTOIKQ`TOrPNkFO\iZ=\)NPIbT.Q`KMW=_Q`sjzQRIb^NU_ c\R_MXHYTVcWO7 NUsrPNUsYs

PR"uF }J ^J S<q DEGF=HJIbHJIbQ`T \R^=KMHYXHJIQ`KMHJ\RT^=_\RS=sJNUXiLFONU_N"\RTON4INPNUIK\

EQ`S=sJNB "IMFO\i{IfKMF.Q`KeKMFONX\R_NbrP\RX^=sYHJrQ`KNPZ FONQ`KHYTzKNUjk_Q`KNPZ[ZHJIMKMHYsYslQ`KMHJ\RTDrP\RsYW=XT

KMFONN=NU_MjkgDHYT=^=W=KiGQRIWOINPZ QRILif\R_MG \kIMK{\`cKMFONN=NU_MjkgDsJ\kIINPIifNU_N<QRII\arUHlQ`KNPZ

EGFON"nkQ`sYWON\`c}\RTON6_NU^=_NPINUTaKI4Q _NUnoNU_IMHYS=sJN^=_\)rPNPIIKMF.Q`KF.QRI4Q NU_\[NUTzKM_\R^zg^=_\`

yji V*ruqsv"L rnF{6o:" zyIEzrorz}!F{}!~s5*svuLFDMo:o:HDF{Wz|{

zk AFNUsJNPrUKM_MHJrUHYKpg[joNUTONU_Q`KMHJ\RT Szg

nl m 2 oqp oqrtsvuws0xrypz9uwsox%{y|q} lnm 2 ~ort%tsZox~0|_x[svt{h|xrt|uwsvrtox%swVo%|

yji V*ruqsv"L rnF{6o:" zyIEzrorz}!F{}!~s5*svuLFDMo:o:HDF{Wz|{

i 17$.7 a,b q1)\'KF7 b A T' 1 7 c 7

4bP3q3P"3 ""3:. b ;K34b30P

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

iLFONU_N E HJIKMFON NNU_MjkgHYT=^=W=KK\@KMFON^=_\)ZWOrUKMHJ\RT3^=_\)rPNPIINPIfKMFONIQ`XNQRIHYT

e CW5.R0 {C|Ru U wRW6u<C(Rz!Wu8 }YR.uBR^f?U*v

. R8iqS<c F*)uv*bze|RRMHWU*ze|# 7 Y`!u.cRtR

8-d -d 8B] B]

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

 F! F)4B< :( * k o UO ` k o UO `

 F! F)4B< :( * kk UO k k kk UO k k

\RT=sYg[\RW=KL\`cxQ4K\RKQ`s\`c} <)jRd /IGHJI}_NPrP\noNU_NPZDHYTKMFONIMg)TzKMFONUKMHJrjzQRI}HYTV~b^=KMHJ\RT

eCv;5.U.iqS<q *vv`u9;#PC<.Mkc.GugGF q"k=icMC

m noqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

HYTslQ`TzK<Q`TOZ[c_\RX k K\ <HYT slQ`TaKBO_NPI^NPrUKMHYnoNUsYgo{bsJI\=.HYKbIMFO\RW=sJZ SN

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

Q <[ .\02

iNjkl7mn+opqsr*t<u v wx`o/vwKvjn.yNz{u\u}|.~Nw pEjEvwKvjnNn>jkBuz{xC|7Tz j.kBu]j.z{x jx

 !L ;

w q K 9K Ks 9MK _q Khw S 9qwKs 9 K

 .\ I,`

h  d  2

O 2  V 

] 2P     

6 P8  #8

* P8  ,< 

 ,Y h V   X# 

2P  V @  

K\RKQ`stNUTaKM_\R^zg[^=_\)ZWOrUKMHJ\RTV_Q`KNk,+ 1/" nkQ`^\R_MHJIQ`KMHJ\RT NUTzKM_\R^zg\`cxKMFONc_NPNi}Q`KNU_

,@ A !BCD!E FGH A D(0:!B<D!

WOINcW=sN=NU_Mjkg\RW=KM^=W=K6 E =N=NU_MjkgHYT=^=W=KLc|\R_BdL~ Q`S.Q`KNUXNUTaK

OY QRII M {Q`TOZNNU_Mjkg1 E GHYT=^=W=K{HYTznoNUTaK\R_Mg\`cKMFONIg)IMKNUXHYT

DD0GB0 56<C& &<BC FB F)FD A ) DPDP) F*W5^

DD0G .55MG;,DP) F*M ^

DD0G 5xMx !<x !09!:0 &0D) Ft^ F

\RT=sYg[c|NUi?Q`X\RW=TzKI\`ceiGQRIMKNkiLF=HYsJN"^=_\n)HJZHYT=j[F=HYjkF1yzW.Q`sYHYKpg INU_Mn)HJrPNPIBK\KMFON"slQ`_MjoN

e0vERi}|MP|Uu <cR*PCuM!C=P|R5R dcv.

e 0vE%z'&tqRc <qkPCuM!C=P|R5R dcv.

e CW^ 65o' &Fv`< 7=

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

.P O Q e e. }+&`.tfO ,4eFz3L

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

iLFONU_N L Q`_N[KMFON[^=FONUTO\RXNUTO\RsJ\RjkHJrQ`srP\)NrUHJNUTzKILQ`TOZ X Q`_N[KMFON[KMFONU_MX\)Zgz

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

Q`TOZ bQ`KMNkkbkI\R_Z=N<NUKBQ`skkk}MNUsJIMKM_MW=^Q`TOZ GNPZ=NQ`WkkkNUjkWONU_Q

Ay @CB'$n D'o:nF} Eco:GELs6oqpp*HDrnsd{s}! o$E}!~4rnsvuJI9}FDoKIEz{xrt}

mnoqpPrtsvu0@y`LsvuLFD21}EL{z z {ruWz o:Ls}!}(LFD43Xns6s5svuLFD}!spPr

e Cv3ya'&t*c u#knS<c fq# RwkU Uu0

CC).eJ 0ze4 &DEGF=HJIG^=_\RS=sJNUXrP\RTOrPNU_MTOIGKMFON_\RW=KNBKMF.Q`KLKQ`oNPILI\RXNB_QPiXQ`KN

|q)wC 1 ` D&O\R_bHYTOIKQ`TOrPNkFO\iZ=\)NPIbT.Q`KMW=_Q`sjzQRIb^NU_ c\R_MXHYTVcWO7 NUsrPNUsYs

PR"uF }J ^J S<q DEGF=HJIbHJIbQ`T \R^=KMHYXHJIQ`KMHJ\RT^=_\RS=sJNUXiLFONU_N"\RTON4INPNUIK\

EQ`S=sJNB "IMFO\i{IfKMF.Q`KeKMFONX\R_NbrP\RX^=sYHJrQ`KNPZFONQ`KHYTzKNUjk_Q`KNPZ[ZHJIMKMHYsYslQ`KMHJ\RTDrP\RsYW=XT

KMFONN=NU_MjkgDHYT=^=W=KiGQRIWOINPZ QRILif\R_MG \kIMK{\`cKMFONN=NU_MjkgDsJ\kIINPIifNU_N<QRII\arUHlQ`KNPZ

EGFON"nkQ`sYWON\`c}\RTON6_NU^=_NPINUTaKI4Q_NUnoNU_IMHYS=sJN^=_\)rPNPIIKMF.Q`KF.QRI4QNU_\[NUTzKM_\R^zg^=_\`

yji Vruqsv"LrnF{6o:" zyIEzrorz}!F{}!~s5svuLFDMo:o:HDF{Wz|{

zk AFNUsJNPrUKM_MHJrUHYKpg[joNUTONU_Q`KMHJ\RT Szg

nl m 2 oqp oqrtsvuws0xrypz9uwsox%{y|q} lnm 2 ~ort%tsZox~0|_x[svt{h|xrt|uwsvrtox%swVo%|

yji Vruqsv"LrnF{6o:" zyIEzrorz}!F{}!~s5svuLFDMo:o:HDF{Wz|{

4bP3q3P"3 ""3:. b ;K34b30P

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

iLFONU_N E HJIKMFON NNU_MjkgHYT=^=W=KK\@KMFON^=_\)ZWOrUKMHJ\RT3^=_\)rPNPIINPIfKMFONIQ`XNQRIHYT

e CW5.R0 {C|Ru U wRW6u<C(Rz!Wu8 }YR.uBR^f?U*v

. R8iqS<c F)uvbze|RRMHWU*ze|# 7 Y`!u.cRtR

8-d -d 8B] B]

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

F! F)4B< :( * k o UO ` k o UO `

F! F)4B< :( * kk UO k k kk UO k k

\RT=sYg[\RW=KL\`cxQ4K\RKQ`s\`c} <)jRd /IGHJI}_NPrP\noNU_NPZDHYTKMFONIMg)TzKMFONUKMHJrjzQRI}HYTV~b^=KMHJ\RT

eCv;5.U.iqS<q *vv`u9;#PC<.Mkc.GugGF q"k=icMC

m noqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

HYTslQ`TzK<Q`TOZ[c_\RX kK\ <HYT slQ`TaKBO_NPI^NPrUKMHYnoNUsYgo{bsJI\=.HYKbIMFO\RW=sJZ SN

mnoqpPrtsvuu0y`:5*svuLFD{!{ro:z oz zrDMz zcort}!uv{

Q<[ .\02

iNjkl7mn+opqsr*t<u v wx`o/vwKvjn.yNz{u\u}|.~NwpEjEvwKvjnNn>jkBuz{xC|7Tz j.kBu]j.z{xjx

!L ;

w q K 9K Ks 9MK _q Khw S 9qwKs 9 K

.\I,`

hd2

O 2 V

] 2P

6P8 #8

*P8 ,<

,Y hV X#

2P V@

#.

D\g,"

P8 #8

M8$ B,

U $

h 3

CO 35 @&-

CV 35 U&-

35 V&W

l s - wq 9Kh G qoKs 8 K h } GKo

s;

* 5 B 8

a[ M,

P< -!L' #,

1T

C 9,

$ 1$:C EB,

eC X35

D

7zt<njgY\8*jnKXzJjlm+e\j$pkpEjylTz \Oz\\p/>my=vmx`jx\pez\x \j$xYwnKnmlwxYo

hQ ,L

]f

" 8 8X#8

s Q 5 I#,