Syllabus Stochastiek

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) GZI^T_WH`Q\[QOhTVLDG$I GJEHG [QW Qc ]cd[2GJE EHGVG [QGJGJE deBI( a'&)"2*+BI#D&5 A gT [cNEHADCUT JW "! GVG [T_W CUGVGJ]cd[ E
]DA ADC OG `Ncd[QWHCFGJ`DG [T [2L A g OcNE$#%JAdc_W I G&_cNEHGJC'% \(VG [)%XTVG [*#"T +,?GcDc_OG GJG [ ]DA \QOTVLDGf`Ncd[QWHG-(?GJCUT g0G [ M
EHG [ `Ncd[QWHG [.>GJCUGJ`DG [QO `Q\[[2G [;IKADCUOQG [ OAADCEHG EHGVG [*/KGXW 02A \ I G [7I G2GJEB`cd[WHG-1?GJCUT gG [dEBLDGJLDGJ]DG [
OQA ADCnGJG [7I ADC"g0GJEnGJG [7OQA23>G_WFEHGJG [*# Ohcd[4?GJCFGJ`DG [2G [7I GOQG`Ncd[QWA2"GJG [ LDG?G \2CFEHG [T_W$#5hT + ]DA ADC?GJG_O
\QTVEH`DA g WHE76 GJ]DG [98#OQAADC:2GJE cDcd[ EFc'\QTVEH`DA gWFEHG [ EHGbEHGVG [I cDcNCT + OGLDG?G \2CFEHG [T_W76 GJ]DG [98QA2QEHCFGJGXOQE G [OcNE
cDcd[ EFc ]DGJCF]DA2VLDG [QWÊHGnOQGVG [ OQA ADC;2GJE$EHADEFcDc cDcd[dEFc g0ADLDG_T + `DG.\QTVEH`DA gWFEHG [ ]cd[<QGJE$G-1?GJCUT gG [dE$SYH[<2GJE
]DA ADC?GJG_Of`CT + LDG [ I GnOhcd[<=2>@?BA r >@CD
E9FGH9IKJH9LNMPOQJRTSVUXWYJZ3I\[]H9I^Z(_a`bZdceOfUgZ3IKJ@ZhI
)G]DA2VLDG [QOQG WHEHG_T [2L I ADCUOE$I GVQGJE a" !$&!j6i #F&)0C>&ki Q 30W* *+; LDG [2A G gO9
@A*+;&)0G dl nm3oqpr:s2to,uvp<oQuvppwp xy(p$z0{}|'p~doqp$~1{oQjp$zp$~3p$o,pp$z0oqppx0y(pz{}|p$~do1ppQ0o7|epr{ 2p
1{o}|B0oqp~1;p$~){ 'prp1{}o}@|B0o7Yt~(p$o7ppz oqppx0y(pz{}|p$~do${ 0~pz;|'pr{ pD{}o}@2|,oqp$~.t~4(p$o
oQuvppsep7px0y(pz{}|p$~do0~s{}odep$t@r@{ ~p$zv{~'ootet@r<|'pr{ p1{}o}@|Boqp$~zsepoQuvpp7p x0ydp$z0{|p$~3oqp$~3
`NWM &87 ! \g gGJC$OQG.\QTVEH`DA g WHEHG [ ]Ncd[2GJEZGJGJCWHEHGnG-(?GJCUT g0G [ E^g0GJEZOQGnLDGJEFcVG [ r@$$$Y RSA ADCGV` ]Ncd[
OQG \QTVEH`DA gWHEHG [.]Ncd[2GJE GJGJCUWHEHG G-1?GJCUT gG [dES[ \g gGJCFG [bIKG OG \QTVEH`DA g WHEHG [ ]Ncd[QGJE E I GJGXOG$G-1?GJCUT gG [dE
g0GJEOGLDGJEFcVG [ r@$$$j \g g0GJC[ \ OQG gADLDG_T + `DG \QTVEH`DA gWHEHG [ ]cd[7OQG0EPIKGJGG-1?GJCUT gG [dEHG [ WUcdg0G [
g0GJEZOGcNCFG [
r@E r r@ C $$$2 r@ C E r C C $$2 C $$$ k E r k C $$$2 k
I cDcNCT +P2GJEcDcNC k q A r@ C $$$Y q A r@ C $$$ ADCFCUGXW ?A [QOQGJGJCFE gGJE OQG MPOQG)\TVEH`DA gWHE ]DAADCb2GJE
GJGJCUWHEHG G-1?GJCUT gG [dEBG [ OcDcNC[Qc OG MPOQG \QTVEH`DA gWHEn]DAADC2GJEEPIKGJGXOQG G-1?GJCUT gG [dE$YH[ EHADEFcDcP%XT +H[ GJC <
]Ncd[&% \(V`DGBhcNCFG [*
)G?A ]DG [QWFEFcDcd[QOQGWHEHG_T [QL `cd[ c_W]DA2VLDE LDGJLDG [QGJCUc_T_WHGJGJCUO I ADCOQG [ [QcDcNCQGJE0LDGJ]c^]cd[ G-(>GJCT g0G [ M
EHG [*vGJE7?GJI^T +HW$T_WZGJG [ A2LdcX]DG
@A*+;&)0G dl 7p$D1u p x0ydp$z0{|p$~3oqp$~37rB${ BprYt2~wsepN5|'ep$r{ 2p1{o}|B0oqp$~t~1p$opp$z0oqp
p xy(p$z0{}|'p~dop$z9|epr{ 2pD{}o}@2|,oqp$~Yt2~(p$oNoQuvpp spp xy(p$z0{|p~do{ ~1p$~p$zB{ ~)z&prp|
${}~3toQ{QpYt~D{}o}@2|,oqp$~gYt~Xsepwppz oqpoQuvppwpx0y(pz{}|p$~doqp~)94|'pr{ p1{o}|B0oqp~z1poBsepzsep
p xy(p$z0{}|'p~do}bp~2Yz0o}set~${ 0~4p$z,{~oot2trh 95$$*|'ep$r{ p1{o}|B0oqp~3
C
KLB:BI#Fa ;< dl -
C %XT +F[ ? g0ADLDG_T + `DG \QTVEH`DA gWHEHG ["]DA ADC0OQCUTVGI ADC?G ["g0GJE GJG ["OA2d?G_WHEHGJG [ G [C \TVEH`DA gWHEHG [7]DAADC'
IKADC?G [fg0GJE$GJG [g \[ E$
e)cd[2LDG$%XTVG [ GJCb[2GJE7%JA ]DGJGSOQGJGV]DGJC %XcdgG_T [2LDG [ ]cd[ GJG [ ]DGJC%Xcdg0G_T [2Lfg0GJE GVG g0G [ EHG [%XT +F[ c_WGJCCT + Ek+ GXW
[ \(VG [fA G [2G [<%XT +F[ ]Ncd[VG [2LDEHG #d%XT +F[ GJCT [ EHADEFcDcC OQGJGV]DGJC %Xcdg0G_T [QLDG [ ]Ncd[fGJG [ ]DGJC %Xcdg0G_T [2Lg0GJE
GVG g0G [ EHG [*
FGH9IKJH9L7[KSVL TSV
c "Z3I
'cNEHG [ IKG [\2GJE cDcd[ EFc^]DA2VLDADCOQG [ ]Ncd[ A2(+ G EHG [ EHGVG [*

G?GXW 02A \dIKG [ GJGJCUWHE ]DGJCW QTVG [OQG
A21+ G EHG [*P)G [2`&T + ]DAADC>GJG_OcDcd[2GJEZcDcd[ EFc']DA2VLDADCOQG [f]DA ADCOQGVGJEHEHGJCW G [ Y
GJE,6 ]DGJCUW QTVG [QOT8]?GXOQA GVG [fIKG2GJE%JG OQG c_W6 A [QOGJCUW QGXT_OdcDcNC8
G% \(VG [w2GJE7_cNEHGJCbAAD`fA4]DGJC6 [QTVGJE M
A [QOQGJCW 2GXT_O3cNCFG8dA21+ G EHG [&2Gd?G [*5G [QÒcDcNCT +"T + ]DAADC>GJG_O cDcd[0CFA2OQGZG [%JIKcNCUEHGNcVG [ I cDcNCT + OQG
cVG [ ]cd[ G G [`DVG \2C]DGJCUW 0QTVG [QOQG,hcVG [<%XT +F[fOTVG 2\Qc `1VG \2C[QTVGJEZEHGnA [QOQGJCUW 02GXT_OQG [&%XT +F[*
@A*+;&)0G dl ?bz;{ ~ A "k r k! C $$ C r @r 2z sep$~4t~& @p$zD{ r}rp~3sepeQ$poqp~3
`NWM &87 !#" cD%W $ EHG_T [2L r CEHAG RSA ADCQGJEZGJGJCUWHEHG.A21+ G E2Gd?G [IKG gADLDG_T + `(2GXOQG [* RSAADC2GJEZE I GJGXOG
A21+ G E & r g0ADLDG_T + `12GXOG [*SRSAADCN2GJEZOQGJCUOQGbA21+ G E & C0g0ADLDG_T + `1QGXOQG [*#2G [1%JA ]DA ADCFE$KRSAADCN2GJE MPOQG
A21+ G ET_WGJC)Ohcd[[2ADL g cDcN!C G G [ g0ADLDG_T + `1QGXT_O9 Y [ EHADEFcDcK%XT +F[fGJC)]DA2VLDG [QWbOQGnWFEHG_T [2LO>\QW "k! r k!
C $$ C r A Vk c X\(VEHGXTVE$# c EHADCUT_c}Zg0ADLDG_T + `12GXOG [*
KLB:BI#Fa ;< dl J

C7%XT +H[= A? ]DA2VLDADCUOQG [ ]cd[ OQGOQCUTVG,VGJEHEHGJC'W G ![ Y#>[Qcdg0G_T + `
( Y ( ) ) j
Ne _W I GKAAD` [QTVGJE M9A [QOQGJCW 2GXT_O3cNCFG A21+ G EHG [ EHAG_cNEHG [ IKADCUOQESOQG WFTVEU\QcNEFTVGZcd[OQGJCUW$* G EHGVG [[\2GJEScDcd[ EFc
]DA2VLDADCUOQG [ ]Ncd[ A2(+ G EHG [ IKcDcNCU]cd[ GJC GJG [ cDcd[dEFc*[QTVGJE M9A [QOGJCUW QGXT_OdcDcNCZg0ADLDG [%XT +H[*a/ T + ]DAADC?GJG_O&2GJE
cDcd[ EFc ]DA2VLDADCUOQG []DA ADCÔQG,VGJEHEHGJCUW Y Y
@A*+;&)0G dl = 7p$D1u)gekp joqp$~u"t2tz0Yt2~p$zb 9 $$$ *~d{Qp$oQ ~3sepz $1p{}s t2tz${ ~1K ,+ $$ +
A " -Bt2~<{ ~4p$z

9. $$$0*/
Yr ezsp$~4Yt2~spjpNgekp joqp$~3
`NWM &87 ! /KGXW 2A \ I OG;A2(+ G EHG [GJGJCWHE c_Wf]DGJCUW 0QTVG [QO9 RSA2VLDG [Q0W $ EHG_T [2L r 2 1%XT +F[ GJC g0ADLDG_T + `DG
]DA2VLDADCUOQG [9 e;_WZI GBOQG[QTVGJE M9A [QOGJCUW QGXT_OdcNCFGBA21+ G EHG [ A AD` c_Wb%JA2Ocd[QTVL'%XTVG [9#Ocd[&2Gd?G [ I G[ \EHGJ]DGJG
g0ADLDG_T + `(2GXOQG [LDGJEHG_O9#I cd[ E$GV`DG]DGJCFI^T_WFWFG_T [2L0]cd[T + ]DA ADC?GJG_OfOQG [QTVGJE M9A [QOQGJCUW 2GXT_OdhcNCFGBA21+ G EHG [
A [QOQGJC_T [2L VGJ]DGJCFEOQG$%JG OQG"\TVEH`DA gWHE$ bTVG A21+ G EHG [`2\h[[2G [ IKG A2 ]DGJCUW TVG [QOQG"g cd[QTVGJCFG [
A [QOQGJC_T [2L ]DGJCFI^T_WFWHGVG [;]Ncd[;]DA2VLDADCUOQGbTVEBLDG_OQEBA AD` ]DA ADCOQG0cd[QOQGJCFG 9 $$$ * [QTVGJE M9A [QOQGJCUW 2GXT_OdhcNCFG
A21+ G EHG [*YH[ EHADEFcDcv2Gd?G [I G0Oh\QW 9 $$$*/ g cDcQGJELDG$%JA1 EHG cDcd[ EFc ]DGJCUW 0QTVG [QOQG0]DA2VLDADCUOG [
LDGJEHG_O9
KLB:BI#Fa ;< dl S

C7%XT +H[ 1 > C r r PA r C0]DA2VLDADCUOQG []cd[fOGB] TVGJCNVGJEHEHGJCUW' Y [Qcdg0G_T + `
( ( ( ( ) ) ) ) (
FGH9IKJH9LvZdZ3L[VZdc(H9UgZ3LqOfI TZhI\Z3I`PH]c2JOJ2OZ3W
)G>[QTVGJGJC0OQG a6&)0BI(&2IC B C>&
; O* a'&)"BO( &I C B: C>&;O* 6 ?A ]DG [D8 k QAAdWHG< #S]DA ADCA
1$$$j #>OQAADC

A r@$$$j r@

A
A
A
@
r
@
r
r r
k

YH![ 1GXTVEHG LDGQC\QTV`DG [ IKG.]DA ADCBOQG.GJGJCWHEHG EPIKGJG I cDcNCUOQG [;OQG A [ ]DG [dEFTVG A r )RSAADCcd[OQGJCFGnI cDcNCUOQG [ ]Ncd[
D#Q`DVGXT [QGJCOcd[ A LDCFADEHGJC)Ocd[<D#OQG >[T GJ CFG [I G.OQGT [2A g T_cDc A G JT G [dEbc_W[ \(k
@A*+;&)0G dl _ bz${
~ p$z${rr p$~3spspprpz jt|pr{~Dep$~Xt~g2|t~ {}~Xpp$~p$zt2|'p$r{}~ t~
|Yt2~"
`NWM &87 ! $2EHG IKG?GXW QA \dIKG [ GJG [7CUT +B]Ncd[ ?AdWFTVEFTVGXW#SgGJEB G [2G [ G [ 0 [ \(VG [*# G
_cNEHG [ OQG)G [2G [ ADCFCFGXW ?A [QOGJCFG [ gGJEKOGGVG gG [dEHG []Ncd[ GJG [ OGJGV]DGJC %Xcdg0G_T [2L0]Ncd[ A g.]cd[2L]Ncd[OQG2GVG
]DGJC %XcdgG_T [2L g0GJE GVG gG [dEHG [9 $ EHG_T [2L r ?%JGJLDEOcNE$IKGnOQGBG [QG [fG [ [ \(VG [ A2

k e
gcd[TVGJCFG [A2fGJG [fCT +K`Q\[[2G [&VGJLDLDG [9
KLB:BI#Fa ;< dl ,
C7%XT +H[ A= > C r vA=0OGJGV]DGJC %Xcdg0G_T [2LDG []Ncd[ "! ]Ncd[ A g.]cd[2L EPIKGJG#?[QcdgG_T + `
! ! !
GJCF` A2 OcNET + ]DAADC?GJG_O OQG ]DGJC %Xcdg0G_T [QLDG #
[ $ ! G %[ ! LDG_T + `%XT +F[ G [;Oh\QWbgcDcNCG G [7gcDc
LDGJEHG_O I ADCUOG [*
G`Q\[[QG [OQGT [QA gT_cDc
A G J&T G [ E gGJE<6 + r ?A4]DG [ D8 \QTVEFOQC3\2``DG [ T [g6 ?A ]DG [D8 G [X6 >A4]DG [
r 8 RSA ADC;A r@$$$Y LDG_OQE^T g gGJCUW

+

A
+
r k r k r
A k + r ' k + r + )(<A k + r k + r A + r
r C
bTVENVGXT_OEÊHADEbOQG,%JADLDG [QcDcdg OQG <'#D&30B:5 Q;I+* 2!+C I OTVG.GJG [ GJG [ ]DA \QOTVLDGg cd[QTVGJCZLDGJG 1EA g OQGnGJGJCWHEHG
T [2A g T_cDc A G JT G [ EHG [EHGB>GJCUGJ`DG [2G [*
r r
r C r
r = = r
1
r r r r
r ? r C r ? r
) CUTVGj2A GJ`]cd[ " cDW Jc

/KGXW QA \dI [ \ GJG [ ]DGJC%Xcdg0G_T [2Lfg0GJE GVG g0G [ EHG [*$e;_WI G2GJE^cDcd[ EFc OQGJGV]DGJC %Xcdg0G_T [QLDG []Ncd[fA g.]Ncd[2L
[ \( OcNE0T_W G G [9# [QcdgG_T + ` OQG<VGJLDGf]DGJC %Xcdg0G_T [QL1 #2GJE0cDcd[ EFcZOQGJGV]DGJC %XcdgG_T [2LDG []Ncd[ A g.]cd[QL r #2GJE
cDcd[ EFc OGJGV]DGJC %Xcdg0G_T [2LDG [;]Ncd[fA g.]Ncd[2L<CD#>EHADE2GJEcDcd[ EFc OQGJGV]DGJC %XcdgG_T [2LDG [;]cd[A g.]cd[QL A2EHGVG [*#
Ocd[;]2T [QOQG [ IKG2GJEbEHADEFcDc cDcd[dEFc OQGJGV]DGJC %XcdgG_T [2LDG [*)cNEcDcd[ EFc T_WC h#T%XTVG0RSA ADC?GJG_O r =D.RSA2VLDG [QW
$ EHG_T [2L r 0LDG_OQEZGJCOcd[fOh\QW `DG [h[2G_T + `

A
r =
+
+ $$ +

r

AC
)GnT_OQG [ EFTVEHGXTVE r = T_W$GJG [ W>G JT_cDc LDGJ]c']cd[fOGB]DA2VLDG [QOQG.WFEHG_T [2L(#]2GJE a6&)0BI(&)%0(Q >MX*+BO
@A*+;&)0G dl >c
+ A

r 211
`NWM &87 ! GnLDGC\QTV`DG [$ EHG_T [QL r DBg 2GJE M9]DA \QOTVLDGBQCFA2Oh\( E
+ A + + $$@ +
\QTVE)EHG.CUGJ`DG [2G [ g0A GJEHG [ IKG `DGJGJCbGJG [ A GJG [ \TVEOQG A2?GJG [d]DA2VLDG [QOG c EHADCFG [ + Z[2G g0G [*#?OTVG
]DGJCgG [QTVLD]2\d_OTVLDG [*#dG [ c_W IKGZOcNE LDGXOcD cd[2Gd?G [*#D]DA ADC cVG)gADLDG_T + `DG^`DG \1%JG [0A2QEHGVG [9 G^WHA g g0GJCFG [
Ocd[ Oh\QWEHGJCg0G []Ncd[ OG.]DADCg A 1$$$j ^GJEb`2TVG$%JG [;]cd[w hM9G [G [ ! 8 W)`cd[ A2 [2GJE
%JA ]DGJG g cd[QTVGJCFG [ c_WK+ GbOQGJGV]DGJC %XcdgG_T [2LDG []cd[ A g.]cd[QLB`Ncd[ ` TVG$%JG [f\QTVE GJG [ ]DGJC %Xcdg0G_T [2L ]Ncd[A g.]Ncd[2L
#Oh\QW A2 gcd[TVGJCFG [*

@TVGXW &A A r A g r =KEHG` CUT + LDG [9
KLB:BI#Fa ;< dlI
RSA ADC AC G [ AX=%JGJLDEOQGWFEHG_T [2L

+ A + $C %+ + A + $= + $=
+
) G>[QTVGJGJC OQG ( %'k*F&)"BO( &2OC B >C &

; O* 6 ?A ]DG [ $$$j * 8# I cDcNCT + $$$j * LDGj2GVGf[QTVGJE [2GJLdcM
EFTVGJ]DGnLDGJEFcVG [%XT +F[ g0GJE + $$ + * A #QO AADC

A
9 $$$Y * 9$$$*/
I cDcNCT +ÎKG I GJGJCOQG A [ ]DG [dEFTVG A r cd[dEHGJCFG [9)RSA ADCcd[QOQGJCUG.I cDcNCUOQG [ ]Ncd[ $$$Y * OQG>[QT&GJ CUG [ IKG
OQGng \(VEFT [2A g T_cDc A G JT G [ E)c_W)[\(k
GwQGd?G [6cZLDG$%XTVG [ OcNE OQGg \(VEFT [2A g T_cDc
A G JT G [ E&2GJE cDcd[dEFcbg0ADLDG_T + `DG]DA2VLDADCUOG [ LDGJG 1E ]Ncd[
A21+ G EHG [I cDcNCT + [TVGJE M9A [QOQGJCUW 02GXT_OdcNCUGZA21+ G EHG [gADLDG [ ]DA ADCF`DA g0G [*#D%XTVG $2EHG_T [2L r ?Dv)G$%JG A G JT G [ E
LDGJG 1E A AD`2GJE cDcd[ EFc]cNCFEFTVEFTVGXWK]cd[]DAADCULDGXW 2CUGJ]DG [A gn]Ncd[2L(#2OcNE I^T3%JGJLDLDG [ A2W d_TVEFWFT [QLDG [ T [ OT_Wk+F\[( EHG
OQGJGV]DGJC %XcdgG_T [2LDG []cd[ ]DA ADCFLDGXW 02CFGJ]DG [A g.]cd[2L(#h]cd[ GJG [ ]DGJC %Xcdg0G_T [QL g0GJE GVG gG [dEHG [*
@A*+;&)0G dl 3pz~hsep$z0oqp$r1 + $$ + * A |p$o* 1 A r@$$$j bzb${ 0~
pz ${r
r p$~3sep|'t~d{Qp$zp$~| pp~.pz jt|pr{~Dt~)2|t~ yoqp'y]r{}o}$p~{}~ pz jt|pr{~p$~)Yt~ |Yt~
zp0ydp oQ{Qp$@pr{ ep$r{ tet~<5 Y$$$Y
`NWM &87 ! RSA ADC.OQG0GJGJCUWFEHG]DGJC %Xcdg0G_T [QL g0GJE GVG g0G [ EHG [.2Gd?G [;IKG0]DA2VLDG [QW $ EHG_T [2L r g0ADLDG M
_T + `12GXOG [*eb[QcVAADL.2G3>G [ I G]DAADC0OQG EPIKGJGXOQG ]DGJC %Xcdg0G_T [QL
gADLDG_T + `(2GXOQG [* RSAADC OQG MPOQG
]DGJC %XcdgG_T [2L2Gd?G [ I G
g0ADLDG_T + `1QGXOQG [*"GJEZEHADEFcDc cDcd[ EFc'g0ADLDG_T + `DGA2W 3_TVEFWFT [ M
LDG [ T_WÔh\QW ]DA2VLDG [Q%W $ EHG_T [2L r CLDG_T + `fcDcd[2GJE:QCFA2Oh\( E$]Ncd[fOTVGcDcd[ EFcVG [*#*Oh\QW LDG_T + ` cDcd[

k ,
+ 9 + $$ + *
$

9
*
A 5) k . 5 k k .k5 +
$$ * k k k k ** + + 99 + + $$$$+ + ** + * */ k k k k ** + + 99 + + $$$$+ + ** + *

A 9 $$$*.
2GJEHLDGJG [ I G.gAGXWFEHG [<?GJI^T +%JG [9
KLB:BI#Fa ;< dl-
/KGXW QA \dI OQG]DGJC %XcdgG_T [2L $! )TVGJCT_W Oh\QW^LDG_T + ` Dc cd[OQCUTVG G.Wd_TVEFWHG [ O G$%JGn]DGJC %XcdgG_T [2L
A2 T [ EPIKGJG;OGJGV]DGJC %Xcdg0G_T [2LDG [ ]Ncd[A g.]Ncd[2L A C G [ 9 A r G ] T [OQG [OQG D] A2VLDG [QOQG A
= > C r PAX='cNCFEFTVEFTVGXW
$! )!
$! $!
$! !
?A [QOGJC:>GJIT + W$LDGJ]DG [ I G.OQGB]DA2VLDG [QOQG.LDG [2GJCUc_T_WFcNEFTVG ]cd[2GJE7T [2A g T \g ]cd[ GJIZEHA [9
@A*+;&)0G dl W?

$$
* + $$ + A
r

KLB:BI#Fa ;< dl ;J
GJG g AC = G [A =D#hOcd[&%JGJLDE)OQGWHEHG_T [2L
* + + A + + + $C + C$ + C$
+ + A + + + =$ + =$ + =$
+ $= + $= + $= + ?$
/KGXOQG [2`<QTVGJCT +$OcNE A r
` THd[VZ3I
r 7A GJ]DGJG>]DGJCW QTVG [OQGb]DA2VLDADCUOQGXW%XT +H[ GJC$g0ADLDG_T + `]DAADC OQGNVGJEHEHGJCUWK]cd[2GJEKI A ADCUO
CD 2A GJ]DGJG'gcd[QTVGJCUG [ `2\h[[2G [c E)gG [QWHG [*#1%JGJL eB# /N# # # :# # #?G [<B#A2fGJG [fCT +%XTVEHEHG [ c_W
cD " GJCUWFA [2G [ e G [</ [QcDcDWHE^GV`cDcNCbg0A GJEHG [&%XTVEHEHG [
* " GJCUWFAA [ [QTVGJE^c 0dEHGJCUcDcd[I^T*%XTVEHEHG [
" GJCUWFA [2G ![ G [ [QTVGJE[QcDcDWFE$GV`cDcNC)`2\h[[2G [%XTVEHEHG [
O* e)cd[ cVGB>A4]DG [2LDG [2A G gOQGBGXT_WFG [g0A GJE$IKADCUOQG [ ]DA2_OcDcd[
=D &QAGJ]DGJG gcd[TVGJCFG [ `2\[+ G)OQGVGJEHEHGJCUW ]Ncd[&2GJE$c 1c?GJE A2GJG [CUT +vVGJLDLDG [*#d%JA [OQGJC$OcNE$OQGNVGJEHEHGJCW
G [ [QcDcDWFEZGV`cDcNC_TVLDLDG [ [ A2w2A GJ]DGJG g cd[QTVGJCFG [&%JA [QOGJCÔcNE^GJC] T + `D_T [Q`DGJCUW[QcDcDWFE^GV`NcDcNC
_TVLDLDG [ [*#h[ \ G E)gAGXT_T + `]#Q] TVGJC
1( 2A GJ]DGJG'gcd[QTVGJCUG [`2\[B+ GB]2T + S[QTVGJE M9A [QOQGJCW 2GXT_O3cNCFG,cVG [T [ OQCUTVGBA [QOGJCUW QGXT_OdcNCFGBG g g0GJCUW
WFEHA2d?G [*#QA2f]DA ADCFIKcDcNCOQG.OcNE$GV`DG.G g gGJC$g T [QWHEHG [QW G G [wc9?GJ]cNE
)T [ E $ EHG OQGcVG [ [\]DAADCBc_W)GJG [ CUT +)[ \(VG [ G [OG0G g g0GJCUWc_W r WFT $G [2G [;OTVG;+ G c_W
6 W 2ADEHEHG [*8QEU\WFWHG [ A '[QcDcDWHE$OQG)[ \(VG [d_cDcNEFWHE$2A GJ]DGJG gcd[QTVGJCUG [`Q\[+ GB[\C=,hcVG [ A4]DGJC r C
G g g0GJCUWK]DGJCUOGVG [*#A2 ]DA ADCFI cDcNCUOQGnOhcNEZLDGJG [fG [2`DGVGnG g g0GJC:VGJGJLd_T + ,E
2A GJ]DGJG g cd[QTVGJCFG [ `Q\[+ GBC= [TVGJE M9A [QOQGJCUW 02GXT_OdcNCUGBcVG [ A ]DGJC r C0A [QOQGJCW 2GXT_O3cNCFGG g g0GJCUW
]DGJCOQGVG [
?D7A GJ]DGJGQ]DG EHADCFG [ $$$ T%XT +F[ GJC g0GJE r@ C $$$ ! ]DA ADC A r@$$$j G [ + $$ + A
dGNVA A2QEKA ]DGJC72GJEKCFA AdWHEHGJC OAADC cVGJG [ WHEFcd?G [0]Ncd[VG [2LDEHG r [cDcNCKCUG EFW G [ 4A [QcDcNC?A ]DG [ EHG
OAG [* QAGJ]DGJGSgcd[TVGJCFG [f`Q\[+ G%JA ]Ncd[ 1 [QcDcNC = =:VA2?G [ AGJ]DGJG OcDcNCU]cd[ LdcDcd[ GJC
]2T_c C C 2AGJ]DGJG gcd[QTVGJCUG [`2\[B+ G]Ncd[ 1 [cDcNC C= C=bVA2>G [f] T_c rD
D bGQC\QTV` r C A g g0GJEZT [QOh\d EFTVGBEHG,_cNEHG [<%XTVG [OcNE
AC ]

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7/ T +GJG [VADEFT [2L ]DAADCÌ c_T 3 JcNEFTVGJIKGXOWHEHCUT +HOQG [%XT +F[GJC] T + b]DGJCUW TVG [QOQGcVG [ gGJE OcDcNCUT [ GJG [
!E*+#F5 _cd[QO G [ ] T + Sg0GJEZOcDcNCUT [fGJG [ MN 5 _cd[QO9
cDA GJ]DGJG']DGJCUW QTVG [QOG]DA2VLDADCUOQGXW]cd[ OQGcVG [<%XT +F[ GJC
* ,2A GJ]DGJG g cd[QTVGJCFG [)`Q\[+ G OQG EFTVG [BcVG [T [B] T + 2LDG [\g g0GJCUOG LDCUAG?G [b]Ncd[BE I GJGK]DGJCUOQGVG [
K[ A22A GJ]DGJG g cd[QTVGJCFG [ T [ ]2T + [QTVGJE M9A [OQGJCUW 02GXT_OdcNCFGnLDCFAG?G [ ]Ncd[ E I GJG
O*A GJ]DGJGh]DGJCUW QTVG [QOG^]DA2VLDADCUOQGXW%XT +F[ GJC I cDcNCT +a%JI cN``DG)G [WFEHGJCF`DG;_cd[QOG [[QTVGJE [QcDcDWFE GV`NcDcNC
_TVLDLDG [
G@ K[2A GJ]DGJG$]DA2VLDADCUOQGXW IKcDcNChT +QCFG JTVGXW G G [ ]cd[6OGGJGJCWHEHGfEPIKGJGcVG [ GJG [ WHEHGJCF`_cd[QOT_W$#
c_Wg0GXOQ0G G G []cd[fOGB]DA2VLDG [QOQGnE I GJG#>GJE GJEHGJCUc
2A GJ]DGJG>gcd[TVGJCFG [ `2\h[N+ GZOGZEFTVG [cVG [ T [ ]2T + ?LDG [\hg g0GJCOQG LDCFAG?G [ ]DGJCOQGVG [*# I cDcNCT +
GV`DG.LDCFA GfGJG [ WHEHGJCU` G [ GJG [&%JIKcN`_cd[O?GJ]cNE
L1 K[ A22A GJ]DGJG g cd[QTVGJCFG [ T [ [TVGJE M9A [QOQGJCUW 02GXT_OdcNCUGLDCFA G>G [
] T +H[;OQG 2\2ADEFT G [dEHG [;]Ncd[ OQG0cd[ EPIKAADCUOG [T +cDZG [ G@ #V* G [ $G [ ZG [ L1ZLDG_T + ` @n\h[+ G
OhTVEZ]DGJCF`1_cNCFG [
r 7/KGJI^T +HW $2EHG_T [2L r CD
r r bGJG 'GJG [cVEHGJC[QcNEFTVG ?GJI^T + W ]Ncd&[ $ EHG_T [QL r r C OQA ADC:2GJE>GJIT + W ]cd[ $ EHG_T [2L r .EHGbLDG [2GJCUc_T_WHGJCUG [*
r CD7/KGJI^T +HWÔhcNEZ]DAADC A r@ C $$$ LDG_OE
r A 1

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dc [[2GJGJCI GnG-1?GJCUT gG [dEHG [&?GXW 02A \dIKG [*#`Q\[[QG [I GE I GJG.E 1?G [ A [QOQGJCUW 2GXT_OQG [
M OQGJEHGJC3gT [QT_WHEFT_W 2GBG-(?GJCUT g0G [ EHG [*#QI cDcNCT +$OQGn\QTVEH`DA gWFEZ]cd[fEHGJ]DADCFG [f]NcDWHE _TVLDE$#
M EHA GJ]c_WFG-1?GJCUT gG [dEHG [*#QI cDcNCT +ZOQGn\TVEFW _cNL ]Ncd[2GJE6 EHA GJ]ck8*c QQcd[2LDE$
eN_W I^T_WF`2\[OTVLng0A2OQG2]DA ADC EHA GJ]c_WFG-1?GJCUT gG [dEHG [LDGQC\QTV`DG [ I G`cd[WHC\QT g.EHG [* G [`cd[QWFC\QT g.EHG:?GXWHEFcDcNE
\QTVE$GJG [OQCUTVGJEFc A21+ G EHG [
r
OQG %6&k*$!$2G ;6#$%'&)(*+ A WHEHGJGJ`DCFAG 1C\QT g.EHG WFcdgdVGW c G@
CD GJG [4 A2VG EFTVG OQGJGV]DGJC %XcdgG_T [2LDG [ ]Ncd[
')G$%JG OGJGV]DGJC %Xcdg0G_T [2LDG [ I ADCOQG [ >QI;O*$%"O&k*+;&k*$
A LDG?G \2CFEHG [T_WFWHG [ GJ]DG [ EFW LDG [QAG g O9

=D GJG [ 5 0!+([ * QCFA2hcT_TV E g0GXcDW\2CFG@ A2 #OTVGncDcd[ GV`DG GJG [ 5>I"! EHAGJ]DA GJLDE$
KLB:BI#Fa ;< *l
/ T +;2GJEÎKGJC?G [ ]Ncd[ G G [;OQA2d?G_WHEHGJG [*#>IKcDcNCT +$I G.LDG [dEHGJCFGXWUWHGJGJCUOw%XT +H[ T [QGJE^cDcd[dEFc ADLDG [*#?`Q\[[2 G [IKG
OQG]DA2VLDG [OQG `DG \(%JGXW g cN`DG [
A r@ C $$$ ? ! # cVG OQGJGV]DGJC %XcdgG_T [2LDG ["]cd[
# ! ,A ]DA ADC
A r@ C $$$j ?
bcNEIKG OQGn`Ncd[QWHC\T gnEHG T [ OTVE)]DA ADC?GJG_OGJG [ CFGXOQG_T + `DG `DG \1%JG.]2T [QOQG [9#>WHEHA GVEbA2A [1%JG T [ EU\ VEFTVG.G [GJCF]NcM
CUT [2L(#*OTVG.I G `2\h[[2G [fWFcdgG [d]NcNEHEHG [;T [OGn]DA2VLDG [QOQG ;('i &)#F&!ECD30MN>*/Q <6pGI#$B2*+p2IO*+I;"l G
]DA GJCFG [ GJG [7LDGJLDGJ]DG ["EHAGJ]Nc_WHG-(>GJCT g0G [ E `DGJGJC0\QTVEG [ LDGJ]DG [ g0GJE bOQGCFG_cNEFTVGJ]DG 1CFG 2\2G [dEFTVGcDcd[
]Ncd[2GJE0A2QEHCFGXOQG [ ]Ncd[6OQG GJ]DG [ EU\Qc_TVEHGXTVE B eN_W0IKGfOTVEOQA G [7]DA ADC A r@ C $$$ # ` CUT + LDG [ I GfGJG [ CUT +
LDGJEFcVG #[ , ! # OTVG cVGJCVGXT >\( EU\QcNEFTVGXWN%Xc ]DGJCFEHA [2G [*# gcDcNC]DAADCbLDCFADEHGJCbIKADCUOQG [QOG WHEHGJGXOhW)OhT EHGJC
T + GJG [%JGJ`DGJCFG I cDcNCUOQG %Xc$`DA gG [6EHG_TVLDLDG [* A GJI GÎ G T [6IKGJCF`DG_T + `1QGXT_!O ,.[QTVGJE`Q\[[2G [
?GcVG [*# I^TVG [ I GbEHA1 LDCUcDcNL0T [ A [QW$g0A2OQG ,SLDG_T + `cDcd"[ ` TVG$%JG [9 GJCUÀ29#QOcNE OQG^CFG_cNEFTVGJ]DG
1CFG \QG [dEFTVGX
W G [ Oh\QW A AD#` OGB]DA2VLDG [QOQGnGXTVLDG [W Qc3>G [2Gd?G [
G
, qr@ ]DA ADC^cV
CD r

N5A r@
CDC
% & $ 5A $
CD=

c_'W $$$ OT_Wk+F\[( EHGBGJ]DG [ EU\Qc_TVEHGXTVEHG [w%XT +F[*#O9 I %% )(N*A %+ (7-A , ]DA ADC ' A .

1
0.8
0.6
50
0.4
100
150
200
0.2
0
TVL \\2C7CD r v)GbCFG_cNEFTVGJ]DG ,CFG 2\2G [ EFTVGXW , A r@$$$Y C #]cd[ OG)LDG?G \2CUEHG [QT_W,#h\QTVEH`DA g WHEN`C3\QT_W1#
T + GJG [ CUT + ]cd[C LDGXWFT g \(VGJGJCUOGI ADC>G [fgGJE$GJG [fGJGJC_T + `DG g \[ E$
bTVE7VGXT_OQEA [QW$EHADEÔGB]DA2VLDG [QOQG.OG>[QTVEFTVG
T ''&k*F&9l
{ pp$~@t~1z1{}|oqp't@r1p$oY@r ep~3sepprso

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11

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a)TVEÔQG$%JGnOQG?[QTVEFTVG`Q\[[2G [ IKGnOQGB]DA2VLDG [QOQG.GXTVLDG [QW 0Qcd?G [f]Ncd[" G [ c GXT_OQG [9
&G ;"!+CF303i5i *l eN_W Ohcd[ *A +
r
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r
KLB:BI#Fa ;< *l ?
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T g c_W $$
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/ T +^GJG [;EHA GJ]c_WHG-(?GJCUT g0G [ EBg0GJEWVG EFWBEPIKGJG g0ADLDG_T + `DG\QTVEH`DA gWHEHG [;W CFGJ`DG [ IKG ]cd[ GJG [ Ik*+;#F"*D&>1
G [;[2AG gG [ IKG.OQG.EPIKGJG \QTVEH`DA g WHEHG [ !+%"CWC >! ; ( &!$)%65:5 &)"G AS`C3\QT_WZG [ g \h[dEZA r G [ G `2TVG$%JG [

A 1E r ! A , ! r !
! r ! bA GJE)OQG !+%0C C !+5 0! _TVLDE)OQGB`Ncd[QWUgcDcNE ]cDWHE$
KLB:BI#Fa ;< *l J
/ T +fGJG [EHAGJ]Nc_WHG-(?GJCUT g0G [ E g0GJE g0ADLDG_T + `DG \TVEH`DA gWHEHG [`2TVG$%JG [ IKG
A r@ C $$$Y ! G [* OQG
A2VG EFTVGb]cd[ cVGOGJGV]DGJC %Xcdg0G_T [2LDG [ ]Ncd[
a)G^`Ncd[QWUg cDcNE _TVLDEK]DA2VGXOTVL ]cDWFE OQA ADC OQG r LDGJEFcVG [
r ! YC ! $$e r ! eN_WZcVG !$&)(i ;\>QI;O*$%0I&k*+&k*+ GJ]DG [ I cDcNCUW 0QT +F[(_T + `%XT +H[9#QLDG_OQE
! A A r@$$$j G [W CFGJ`DG [ IKGn]Ncd[GJG [ !E;C *+H*$#$;5:5 &)"G %6&k*
:bcd[ LDG_OQE]DA ADC)GV`DG

A

A ! "

$1?G JT_cVGLDGJ]NcVG [%XT +F
[ AC ]DA ADC?GJG_OCD2 11KG [ A ? ]DAADC>GJG_OwCD r
KLB:BI#Fa ;< *l =
! CFGJ``DG [I GGJG [WHEHGJGJ`1QCFA G *]cd[ GVG g0G [ EHG [ \TVE GJG [?A2h\(_cNEFTVG^]cd[ GVG gG [dEHG [9#Ocd[`2\[h[2G [ I GAAD`
OQG [2`DG [cDcd[QGJEZ` TVG$%JG [ ]Ncd[ `Q[QTV` `DGJCUW\TVEZGJG [ ]NcDcDWbg0GJE `Q[QTV``DGJCW$#>OTVGnLDG [\g g0GJCUO&%XT +F[f]Ncd[ r EHADE
G [ gGJE
r G g0G [ IKG OQGf`Q[QTV` `DGJCUW G G [ ]DA ADC G G [ \QTVEOG]NcDcDWG [VGJEHEHG [ I GfA2 OQG ]DA2VLDADCUOQG#$Ocd[ X% T +F[OQG
gADLDG_T + `DG \QTVEH`DA gWFEHG [ cVG LDGJADCUOG [QOQG M9EFcVG [ k $$$j )g0GJE $$$ @r $$$Y ! G [7cVG
]DGJCW QTVG [O9PGJE^cDcd[ EFc ]Ncd[fOQG$%JG M9EFcVG [T_W

r $$@ . + r A .
PV` ]cd[fOG$%JG M9EFcVG [2GJG 1EÔh\W `cd[QW
.

G [fI GnWQCFGJ`DG [ ]Ncd[fGJG [ GI>BO#+<6;"<6 2!E>C *$g!9*+59i6#$B:>1 BI0<0;#b*+;#$%0GOG GA&)"G
CD G ` CUT + LDG [nGJG [ BO"GI>BO#+<60<6 2!E>C *$ !E*+>;596i #+B:1 BI0<0;# *+;#$%0GOG GA&)"G c_W I Gd_T [QOG_T [2LdW
`Q[QTV``DGJCW EHGJLDG_T + ` \QTVE OQG ]cDcDW [2G gG [* cNEU\\QC_T + ` g0A GJEOcd[ %XT +F[* )G g0ADLDG_T + `DG
\TVEH`DA gWHEHG [%XT +F[ [ \ cVG OGJGV]DGJC %Xcdg0G_T [2LDG [ gGJE GVG g0G [ EHG [ ]Ncd[ r@$$$j ! G [2GJE cDcd[ EFc
g cd[QTVGJCFG [ A g ]Ncd['%JA(8 [ A [2LDGJADCUOQG [QOG@ OQGJGV]DGJC %XcdgG_T [2L GJG [LDGJADCUOG [QO M9EFchEHG)gcN`DG [ T_W GJE
cd[OQGJCFGZIKAADCOQG [*#dGJCP%XT +H[ LDGJADCOQG [QOQG M9EFcVG [ OTVGZOQG$%JG OQG A [2LDGJADCUOQG [QOG@ OQGJGV]DGJC %XcdgG_T [2Ln]Ncd[
r@$$$ ! A2dVGJ]DGJCFG [ G [fOh\QWb%XT +F[ GJC;TVGJC
A
.
gADLDG_T + `(2GXOQG [9#2OhTVGIKGb\TVEKW Qg gGJEHCUTVGZA4]DGJCFI GJLdT [QLDG [fcVGBGJ]DG [ IKcDcNCUW QT +F[(_T + ` c EHG [G [Oh\QWKcVG
`Ncd[QW r > LDGJ]DG [*
=D G g0G [0I GZEHG [W VADEHEHG)OG$`2[QTV` `DGJCUW G G [ ]DA ADC G G [\TVE OQGZ]NcDcDW G [VGJLDLDG [ IKGZGV`DG^`Q[QTV` `DGJC EHGJC\2L.T [0OQG
]NcDcDW cV]DADCFG [W I G$OQG ]DA2VLDG [QOQG$`2TVG$%JG [*# Ohcd[,%XT +F[ OQG$g0ADLDG_T + `DG^\QTVEH`DA gWFEHG [ EHG T_OG [dEFT 3 GJCUG [0g0GJEScVG
LDGJADCOQG [QOQG M9EFcVG [ k $$$j Zg0GJE $$$j r@$$$j ! GJEBcDcd[dEFcSgADLDG_T + `DG\QTVEH`DA g WHEHG [
hT +KOTVE G-(>GJCT g0G [ EKT_W$Oh\W G [GV`DG.\TVEH`DA gWHE:2GJG 1E$OQG$%JG 1OGB`cd[QW r > GW QCFGJ`DG []Ncd[GJG [
GI>BO#+<6;"<6 2!E>C *$ !9*+;590i #$B:>1 ([>*X*+;#$%0GOG GA&)"G
eN_W$#K%JAdc_W T [7OQG ]DA ADC?GJG_OQG [ EHADE'QTVGJC.EHAG#
GJG [7GXT [QOTVLDG A $c ,EHGcNCUG ]DGJC %XcdgG_T [2L T_W.G [ \QTVE cVG
OQGJGV]DGJC %XcdgG_T [2LDG [ ]Ncd[
n?GXWHEFcDcNE$# T_WbGJCBW CUcN`DG.]Ncd[ < &!ECW#$W*+ `Ncd[QWHC3\QT g.EHG [*Be;_W
[QTVGJEBc ,EHGhcDcNCnT_W$#
?GXWHEFcDcN E g0GJGXWHEFc 6&>* \QTVEZcVG.OGJGV]DGJC %Xcdg0G_T [2LDG []Ncd#[

KLB:BI#Fa ;< *l S
G [I^T +%JGJC `cd[ A g GJG [6]DGJCFEFT JcVG cDW OQCUcDcDTVG [*# IKcDcNCT + OGh\[ E ]Ncd[OQGfIT +%JGJCGJG [ JTVCF`DG7?GXW 02CUT + ,E
I cDcNC_cd[2LdWGJG [._T [2GXcDTVCFG W 0QcDcV]DGJCUOQG_T [QL T_WcDcd[2LDGCUc E$# OhTVG0]cd[ EHADE r VAA2QE$ G [ LDGJG 1EnOQG0I^T + %JGJC
GJG [ >T [2`DG7?GJLdT [QWU[2G QGXT_O9#dI c E EHADEQT +SI GJGJCKWHEFT_WHEFcDcNEKG [VGJGXWHEKOcd[0c *I GV`>\[dESA2 OQG^W 0QcDcV]DGJCUOQG_T [QL
IKADCUOQEcDcd[2LDGJIKG$%JG [*& G` TVG$%JG [
A 1E r G [ OQG0`1VGXT [QWHEHG A2VG EFTVGfOQGJGV]DGJC %XcdgG_T [2LDG [ ]Ncd[
# OTVG
cDcd[ r KEHADE^G [ gGJE = ]DA2_OQA GJE^G [fcVG T [dEHGJCU]cVG [T [[2G [
>GJ]NcNE$ fLDCFA [QOf]Ncd[fOQG.W 2g g0GJEHCUTVG
`2TVG$%JG [fIKG % A OcNE aA 3#I cDcNCT + r@ YH[ OQGngcDcNEHEQGJADCUTVGIKADCUOQE:?GJI G$%JG [OcNE
QTVGJC3g0GJGBIKADCUOQE$]NcDWHEHLDGVGJLdO;A2
>GXW 2CUT + 1E$GJG [ 2!EC *+\*$#$;5:5 &)"G%6&k*

KLB:BI#Fa ;< *l _
GJE;?GcVG [f]Ncd[ OG,VGJ]DG [QWFOh\h\2CZ]Ncd[ GJG [ I^TVGJ`DG \2CUTVLLDGJ`DA%JG [ EHCUcd[QWFT_WHEHADC)`Q\[[2G [IKGnA2]cNEHEHG [;c_WGJG [
EHA GJ]c_WHG-(?GJCUT g0G [ E$ R cDcN`` TVGXWFE gG [QTVGJC
A 1 # OQG `1VGXT [QWHEHG A2VG EFTVGZOQGJGV]DGJC %XcdgG_T [2LDG [.]cd[
#
OTVGbcDcd[ r SEHADE G [ gGJE =S]DA2_OQA GJEKG [ cVGBT [dEHGJCU]cVG [T [[QG [
>GJ]NcNE$#2G [ aA

g0GJE GJG [f]NcDWHE7?AdWFTVEFTVG LDGJEFc G [ g0GJE

/ T + OT_W CUGJEHG`Ncd[QWHC\T gnEHG [9#g0GJE [Qcdg0G^T [ ]DA ADC?GJG_O&CD #2IKADCUOQEKOQG^`Ncd[QWUg cDcNE LDG A [QWHEHC\2GJGJCOOAADCb2GJE
EHGVG [ ]Ncd[ g0ADLDG_T + `(2GXOQG [*)G 1~10o;Yt~.1p$o;oqpr}rp~ # LDGXOQGJGVEHG_T + `.?GXW QCFGJ]DG [ T [4AA OWHEU\2` r # IKADCUOQE
A AD` I G deBO( a6&)0*+BO#F&;5 LDG [2A G gO9' G% \dVG [G [Q`DGVG0]DAADC?GJG_OQG [;\QTVEbOQG A gBhT [QcNEHADCUTVGJ`cDcd[2LDGJ]DG [
OTVG CFGVGJ]Ncd[dE%XT +F[;]DAADCOG m3ot2oQ{ oQ{ $1p7 j{}t ,)TVGJCT +ÎKADCUOQEBOQG EHA GXWHEFcd[QO ]Ncd[;GJG [ OGJGVEk+ G gA2VG X\\(k#
cNEHA A g<# 1ADEHA [*#GVGJ` EHCFA [*#hGJE GJEHGJCcD?GXW 02CFGJ]DG [fOQA ADCZGJG [<>\[dEZT [ OQG #>OQG t@$pBz1{}|oqp v)G IKADCUOQE
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OQGJGVEk+ GXWIKADCUOQE.[ \4?GXW 02CFGJ]DG [ T [ EHGJC3g0G [ ]Ncd[ OQG0]DGJCUOG_T [2L ]Ncd[ OQG$%JG OGJGVEk+ GXWnA ]DGJC OQG GVG [*
G,% \dVG [ [\ WU\g g TVGJCKOCUTVGB]DGJCUW 0QTVG [QOQG g0A2OQGVG [&?GXW 2CT + ]DG [fOhTVGBQTVGJCF]DA ADCZIKADCUOQG [ LDGQC3\QTVÈ$
KLB:BI#Fa ;< *l ,
GJE$EHADEFcVGncDcd[dEFc g0ADLDG_T + `DG A [ L \2CUcNEFTVGXW$T_W 3#2A g OcNE GV` ]Ncd[ OQG OQGJGVEk+ GXW g0ADLDG_T + `DG GVG [ EHGJC
?GXW TV``2T [2LwQGJG ,E$ cd[[QGJGJC GV` ]Ncd["OQG$%JG EHAGXWHEFcd[OQG [ ]Ncd[ 2GJE.W 2WHEHGJG g GJ]DG [7IKcDcNCUW QT +F[(_T + `7T_W$#
W QCUGJ`DG [ I G^]cd[2GJE i :M m `NBOk* ([ 6 g0A2OQGk# OhcNE LDGXW TVÈKT_WS]DAADCKW 2WHEHG g0G [gGJESLdcDWUg0A2VG X\dVG [*
KLB:BI#Fa ;< *l c
cd[[2GJGJC OG;OQGJGVEk+ GXWfc_W [QTVGJE]cd[ GV`NcDcNCfEHG A [QOQGJCUW 02GXT_OQG [ IKADCUOQG [g?GXW 2A \ IÔ9#Î ADCUOE&2GJE cDcd[ EFc
A [ L \QCUcNEFTVGXWKLDG_T + ` cDcd[2GJEKcDcd[dEFc g0ADLDG_T + `(2GXOQG [ A g [\(VG [ G [ r G [2G [ A2 GJG [ CUT + Ek+ G)EHG7%JGJEHEHG [9
)G r G [2G [ IKADCUOQG [fOhcd[ LDG$%XTVG [ c_WOQGBEU\QWFWHG [W 2ADEHEHG [ ]cd[ OQG GVG [ OTVGBA2fGJG [ CUT + Ek+ GWHEFcDcd[ G [
OQG [ \(VG [;c_WBOQG0[QTVGJE]Ncd[ GV`cDcNCBEHG A [QOGJCUW QGXT_OQG [OGJGVEk+ GXW$GJEBcDcd[dEFc gADLDG_T + `DG EHA GXWHEFcd[QOQG [ ]Ncd[
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A
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KLB:BI#Fa ;< *l I
RSA ADC WFA g gTVLDG cd[QOQGJCFG;OQGJGVEk+ GXWUW WFEHG g0G [ T_WQGJE #F( & m T &)#$2C gA OG$]cd[ EHA GcDWFWFT [2L(#ÎKcDcNChT + GJG [
GKEHG [2AADLdWFEHG G G [OGJGVEk+ G `Ncd[)?GJ]NcNEHEHG [ G [ Oh\QW g0A GJE LDG_OQG [] # I cDcNCT +.OGOQGJGVEk+ GXW IKGJGJC
[QTVGJE M9A [QOGJCUW QGXT_OdcDcNC7%XT +F[ G [ IKcDcNChT +KIKGJGJCcVG.]cd[ GV`NcDcNCÊHGnA [QOQGJCUW 02GXT_OQG [*#?g0ADLDG_T + `DG, A [ L \2CcNEFTVGXW
OQG$%JG OQGn`Ncd[QW$` CUT + LDG [* *A(8 [ A [ L \QCUcNEFTVGnIKADCUOQEZ]DA2VGXOhTVL?GXW 02CFGJ]DG [fOQA ADCcDcd[ EHGnLDGJ]DG [I G V`DG.]cd[OQG
GVG [ GJG [fOGJGVEk+ G>GJ]NcNEHEHG [*vGJE^cDcd[ EFc gADLDG_T + `DG#>]DGJCUW TVG [QOQGB A [ L \2CUcNEFTVGXWT_WZOh\QW
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A
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Y ! >c_W' Ohcd[ $ A_T g
$
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5A
A , + + +

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[ \*#$[2GJE c_W T [OQGf]DADCUTVLDG A2QLdcX]DG# \TVE T [6`Ncd[QWHG [6A2 OAADCUW[2GXOQGXW0]Ncd[OQG GJ]DG [ EU\Qc_TVEHGXTVEHG [
$$$j
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GV`NcDcNCcDWFWHG [QOGbW 2A G [2G [f` CUT + LDE
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r r
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r > + r
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r CD7/KGXW 02A \ I 2GJE]DA2VLDG [OQG0G-1?GJCUT gG [dE$' G LDAAdTVG [ gGJEGJG [;OQA2d?G_WHEHGJG [ [2GJEN%JA2_cd[2L EHADEbI G ]DA ADC
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]Ncd[OGÔQA2d?G_WHEHGJG [GJ]DG [I cDcNCUW 0QT +H[d_T + `%XT +F[0A g >A4]DG [0EHG`DA g0G [ G [ OcNE cVGI ADC?G [ GV`NcDcNC$[QTVGJE
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!

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r =D G [ OQA g T [2AdW ?GV?GXWHEFcDcNE.\TVE)GJG [4%JA LDCFA ADEng0ADLDG_T + `DG]DGJC %Xcdg0G_T [QL OQA gT [2AdWFEHG [2G [* GV`DG OQANM
g T [2AdWHEHGJG [ WHEFcDcd[ EPIKGJGbLDGJEFcVG [f\QTVE OQG]DGJC %Xcdg0G_T [QL r@ C $$$@ ! vV`DGbWHEHGJG [ T_W$\[QTVGJ`]* cNE$T_WKOQG
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( ZG [
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A A 5A
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T ''&k*F& -Tl V{ npp$~)@r}rpoQ{Qpt~ pp~doQ(t@r{}oqp${}oqp$~fs -pp$p~doQ(t@r{oqp{oqp~{}~1p$oqp~

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A
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# OTVGbcDcd[ r SEHADE G [g0GJE = ]DA2_O AGJEKG [ OhTVG)OQG)OQGJGV]DGJC %XcdgG_T [2LDG [ #" " $$ "
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r?
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A
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A r@$$$j WHEHA1 cDWHEFT_W A [Qc QQcd[2`DG_T + `%XT +F[
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9 ]h =D= `Q\[[2G [IKG =D2 11Kc_W^]DA2VLDEW 02CUT + ]DG [
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KLB:BI#Fa ;< -9l -
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r ?D=0LDG_OE^T g gGJCUW
k $$$j ! A r A ! $$ !

r ZYHg3_T GJGJCFE =DC OhcNE G [ W$ A(3%XT +H[ K[" G [ G [ G [

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%XT +F[ W A(
cD G.EHCFGJ` `DG [ OQGW 02A2d?G [QcDcDW$#hG [ I GnEHCFGJ``DG [QCFG JTVGXW r CFA OGB`cDcNCFE$
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[\
A A A
+

KLB:BI#Fa ;< ?Tl / T + GJG [0G-1?GJCUT gG [dE g0GJE g0ADLDG_T + `DG\QTVEH`DA g WHEHG [ LDG [ \g gGJCUO.]cd[ r EHADE G [0gGJE T_W OQG `cd[W OcNE
\QTVEH`DA g WHE A2QEHCFGJGXOQE$# A r@$$$j + $$ + A r T +KT + W$ A("2GJCc_T [2LDG [.]cd['2GJE G-(?GJCUT g0G [ E
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A $$$j T_W$OT_W CFGJGJE$G [
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RSA ADC
A $$$Y A 5A $ $ $$ * + $$ + A
1(?
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IKADCUOQG [ c_WQGJEcDcd[ EFcSWU\( $ GXWFWHG [ T [ W$ A(*cVEHGJC[QcNEFTVGJ]DG [ gGJEWU\d $ GXWH`cd[W G [;OcNE Oh\QW;T [ k
]DGJCUOQGJG_O T_W$ c1 I#hOQG gcNCFLdT [QcVGB]DGJCOQG_T [2LDG [f]Ncd[ GJG [ g \dVEFT [2A gT_cVGB]DGJCUOG_T [2L%XT +F[<T [2A g T_cDck
GOQG ?[QT GJ CFG [[ \2GJE?GJLDCUT C BIO*D&):%" ([#$< &)([;"!$&BO"O QI;#+<6&)"G 7RSA ADC2GJE0LDG g cN`)?GJ` T + M
`DG [ IKG0GJGJCUWHE,2GJEbE I GJGXOT gG [QWFTVA [QcVG LDGJ]ck G [2A G g0G [;OQG0WHEHA1 cDWHEFT_W QGC4M9]DG EHADC A ZG [
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T A
D D A
$ $
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OQG T [d2A \QO;A [QOGJC ?A4]DG [42GJEbLDGTVGXO g
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TVL \\2C 1( r =D
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r A _T g
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$ $ D D A r@
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RSA ADCOQG (P #+GA&)"O\QI;#+<6&)"GI!E14%6"C *F&>! G [
LDG_OQEZGJC
A $ D D G [
A
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TA $$ D $$$j $$ D &A $$$j
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*

KLB:BI#Fa ;< ?Tl ?
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AC r
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r # GJCFÀ2 OcNEOQGBA2d?GJCF]1_cNÈHG]Ncd[ LDG_T + ` T_WZcDcd[ r @CDP)GnOT 0dE2GXT_O T_W$EHG%XTVG [T [ TVL \\2C 1( r r
RSA ADC r `Q\[[2G [IKG c_WZ]DA2VLDEb\QTVEHCFGJ`DG [2G [
5A $ A $ C r A C AC r
$
$
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T_WZOQG.OT E2GXT_O [\(k
T ''&k*F&g?Vl J V{ A $$$j pp~)0o$Dt0oQ{ $1p&@p o2z0 $$$ 1poqp$~ WHEHA1 QcDWFEFT_W 7A [ M
c QQcd[2`DG_T + ` W$ A( trztrr p A r@$$$Y sep<pp$~3oQ1tr{}oqp${}oqp$~
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2
1.5
1
0.5
0
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1.5
1
0.5
0
0
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1
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VT L \\2C 1( r r P)GnOT 0dE2GXT_O 5

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$$$ 5A $$ $$$Y
1( e
Bg OcNE^]DGJCUOG_T [2LDG [ OQA ADC \[]DGJCUOQG_T [2LdW \[d EFTVGXWb]cDWHEHLDGVGJLdO I ADCUOG [*#*LDG_OQE 1( eÔcd[ G [ WVG EFWOcd[
c_W
TA $$ <A $$$Y
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RSA ADCN2GJEÔhT_W CFGJEHGLDGJ]Nc LDG_OQE 1(KOcd[ G [ W VG EFWOhcd[ c_W
A $$$Y A 5A A $$ A $$$Y
G [ ]DA ADCN2GJE; A [dEFT [ \2GLDGJ]Nc LDG_OQE 1(KOcd[ G [ W VG EFWOhcd[fc_W
$$$Y 5A $$ $$$j
KLB:BI#Fa ;< ?Tl =
eN_W G [ ?GXT_OQG WHEFcd[QOcDcNCUO[QADCgcDc]DGJCUOQGJG_O%XT +F[ G [B%JGb%XT +H[ WHEHA1 cDWHEFT_W 0A [Qc kcd[2`DG_T + ` Ocd[.IKADCUOQE
OQGOT 0dEQGXT_O ]Ncd[ A LDGJLDGJ]DG [OAADC
A
aA r C
r C
A C r

)G$%JG \[( EFTVGT_WÎ GJGJCFLDGJLDGJ]DG [;T [ TVL \\QC 1( r =D
*T + GJG [WFEHAD 0QcDWHEFT_W 02G M9]DG EHADC LDGXOQG >[TVGJGJCUO A2
G [ GJG [ \[( EFTVGeN_W
cNEFWHAG [d_T + `T_W$#QOcd[ T_W A
g0GJE A GJG [ WFEHAD 0QcDWHEFT_W 02GLDCFA ADE2GXT_O9"bcd[LDG_OQE$T [&2GJE
OT_W CUGJEHGLDGJ]c
A 5A A V

!
!

r D
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G [fT [QGJE7 A [dEFT [ \2GLDGJ]Nc
A $$ , V $$

eN_W A CBG [ A + #2Ocd[ T_W A + eN_W G [ W$ A(D%XT +H[9# Ocd[ LDG_OQEK]DAADC
A 5A + A A A A

T [2GJEOT_W CFGJEHGG [
5A
A $

$
T [2GJE; A [dEFT [ \2GLDGJ]Nck

1(
KLB:BI#Fa ;< ?Tl S
1( r
1( r r
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A 5A r T 9 r V

1( r C

]DA ADC A 1$$$j + 9
Bg OcNE A2LDGJ]cNEB`Ncd[ I ADCUOG [c_W2GJEbcDcd[ EFcSWU\( $ GXWFWHG [;T [ W$ A( cVEHGJC[QcNEFTVGJ]DG [7g0GJEbWU\( $ GXWH`Ncd[QW V#
T_W 2GJEbcDcd[ EFc WU\( $ GXWFWFG [ T [ + 9 W$ A( cVEHGJC[QcNEFTVGJ]DG [ gGJE)WU\d $ GXWH`cd[W V# T_W)O>\QW T [ k + 9 T
]DGJCUOQGJG_OG [ LDG_OQE
A 5A + 9 r T

1( r =
cd[[2GJGJC I G 1( r C'G [ 1( r =']DGJCULDG_T + `DG [%XTVG [ I GZOcNE IKGZg< 9 ]] `Ncd[QWHEQGJADCFGJEFT_W QGZcNCFL \g0G [ EHG ['2Gd?G [
?GJI G$%JG [OcNE
9 A + 9
1( r 11

0.15
0.1
0.05
0
2
0
-2
0
-2
2
TVL \\2C (1 r = G [<hTV]cNCUT_cNEHG [2ADCgcVGOhT E2GXT_O9

KLB:BI#Fa ;< ?Tl _
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c_WZ]DA2VLDEN?GJCFGJ`DG [2G [* RSA ADC LDG_OQE
5A
A $

$

A $ r r

$
$
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A A

RSA ADC T_WKOQG^T [ EHGJLDCUcd[QO [ \(G [ OQGÔT 0dE2GXT_O]Ncd[ Oh\QW AAD`] G7%XTVG [ [ \Oh\W OcNE OG^WHA g ]cd[EPIKGJG
A [Qc QQcd[2`DG_T + `DGnG-( 9 ]DGJCUOQGJG_OQG WHEHA1 QcDWHEFT_W 2G.LDCFAADEQGXOQG [ C *K]DGJCUOQGJG_OT_W e;VLDG gG [2GJCZLDG_OQE)OcNE
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KLB:BI#Fa ;< ?Tl ,
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]DA2VLDE^]DA ADC A . \QTVE 1( G [ 1(
A VA TA
G [fOh\W$OcNE ]DGJCOQGJG_OT_W$ $

KLB:BI#Fa ;< ?Tlc
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?GXWHEFcDcd[ GJC G [ W$ A( gGJE A + G [ A + &bcd[7LDG_OQE O cNE A + A
+
+
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+ + ]DGJCUOQGJG_O T_W$^RSA2VLDG [QW 1( r r $T_W)]DA ADC
%JGJ`DGJCFG
aA $ r ' ( r
$
A C r $

$
r
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A

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r 7)G0WHEHA1 QcDWFEFT_W 2G LDCFAADEQGXT_O 2GJG ,Eb]DGJCUOG_T [2LdW \[( EFTVG '%
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'cDcNE%XTVG [ OcNE
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]Ncd[
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cD/KGcDc OQGOT 0dE2GXT_O]cd[ A
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1( T + OQGB]DGJCUOQG_T [2LdW \[d EFTVG]cd[fGJG [ WHEHA1 QcDWFEFT_W 2G.LDCFA ADE2GXT_O
cD
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* T + G [%XT + ,A _T g )G [ VA V GV`DGf`Ncd[QW WHEHGVE
T ]DAADC
A [( $ \QOQGJGJC OcNE gGJE `Ncd[QW T [ GJG [ c 1EHGcNCFG A BGXT [QOTVLDG;]DGJC %XcdgG_T [2L
EHGJCUG E`DA g.EZc_W A [ EFT [\ ]DGJCUOQGJG_OT_W
/KGJI^T +HWÔhcNE A V ! GXT [QOhTVLA Sc ,EHGcDcNC)T_W$
Y ! hLDGQC\QTV`]DGJC %Xcdg0G_T [QLDG [f]Ncd[fOQGB]DADCg
A V !

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(

c_W r
VA rr >.>@1C $ + =C>@=C ccc___WWW 1 r 1
c_W
r
cD Bc [QcOcNE GJG [ ]DGJCUOQG_T [QLdW \h[( EFTVGnT_W$
* T + GJG [ WHEHA1 cDWHE g0GJEf]DGJCOQG_T [2LdW \[( EFTVG' /KGcDcOQG7`cd[QWFG [ =
? 11 11 A
?D T + [2ADCg cDc =D#211K]DGJCUOQGJG_O9v)C\QÒQGB]DA2VLDG [OQGn`Ncd[QWHG [ \TVEZT [fOQGB]DGJCUOQG_T [QLdW \h[( EFTVG]Ncd[fOQG
WFEFcd[QOcDcNCUO[QADCgcVGB]DGJCUOG_T [2L G [ ?
ZRSGJCUA [QOQGJCUWHEHG OcNE GJG [BWHEHCUTV` E'WHEFT + LDG [QOQG" A [ EFT [\QG ]DGJCUOQG_T [QLdW \h[( EFTVG 2GJG 1E G [%XT + A VADL 4
/KGcDc OQGB]DGJCUOQG_T [QLdW \h[( EFTVG]Ncd[ cNEN2GJG 1E ]DAADCGJG [f]DGJCUOQG_T [QL
D T + GJG [ WHEHAD 0QcDWHE g0GJE5T [ k T*]DGJCUOQG_T [QL( T + [2GJLdcNEFTVG hhT [2A gT_cDc]DGJCUOQGJG_O0g0GJEcNCUcdgGJEHGJCUW
G [ V:)C\Q` OG`cd[W K\QTVE)T [ OQG.]DGJCUOQG_T [2LdW \[d EFTVGn]Ncd[ /KGJCFGJ`DG [;OQG$%JG.`cd[W^]DA ADC
A r
T + WHEFcd[OcDcNCUO"[QADCgcDcS]DGJCOQGJG_O9/KGcDcKOQG OT 0dEQGXT_O7]Ncd[
A & cNE ]DA ADC.]DGJCUOG_T [2L
QGJG ,E / GhcDc A AD`

r êN_WOQGWHEHA1 QcDWFEFT_W 2G;LDCFA ADE2GXT_O WFEFcd[QOcDcNCUO [2ADCgcDcZ ]DGJCUOQGJG_O T_W#ZOcd[ 2GJG 1E A +
GJG [ ]DGJCUOQG_T [2L( Bg0LDGJ`DGJGJCUOT#'c_W GJG [ ^]DGJCUOQG_T [QL2GJG 1E$# T_W A >
WFEFcd[QOcDcNCUO[QADCgcDc*]DGJCUOGJG_O9
r r T + A $$$Y Sg \dVE k $$$j ]DGJCUOQGJG_OT#2O>\QW g0GJE OQG^`Ncd[QWH]DGJCUOG_T [2LnLDGJLDGJ]DG [ T [ 1(?
T + A c_W A + $$ + G [ Â $$$ cNE^T_W$OG]DGJCUOG_T [2L
]Ncd[
r CD T + v/KGJI^T +HWÔcNE$]DA ADC^GV` E I GJGJEFc WHEHA1 QcDWHEHG [ G [ LDG_OE
+
+

r =D7/KGJI^T +HW 1ADCg \(VG 1( r 11Zg0GJE$GJG [ A gT [cNEHADCUT_W cNCFL \gG [dE$
r 1( bGJLDGJ]DG [ %XT +H[ A [Qc kcd[2`DG_T + `DG WHEHA1 QcDWFEHG [ $$$Y gGJEcVG GJG [7G-( *)]DGJCUOQG_T [2L( *T + A

'cDcNE)gGJE7?Gj\df]cd[ ]DA2VGXOTVLDG T [QOh\( EFTVG%XTVG [ OcNE GJG [ bcdg g c ]DGJCUOQG_T [2L&2GJG 1EZG [
LDGJG SA AD` OQGBQTVGJChT +?Gj2ADCFG [QOGhcNCUcdg0GJEHGJCUW
r ZRSGJCUA [QOQGJCUWHEHGKOcNE G [ WFEHAD 0QcDWHEFT_W 07A [c kQcd[Q`DG_T + `DGfWHEHA1 QcDWFEFT_W 2G]NcNCUT_c?GVG [.%XT +F[ G ["OcNE
GV`DG " AdT_WUWHA [f]DGJCUOGJG_OT_W^gGJE:cNCUcdg0GJEHGJC
cD
cDcNE7%XTVG [OcNE Â + GJG [ " AdT_WFWHA [ ]DGJCUOQG_T [2Lg0GJE:cNCUcdgGJEHGJC + 2GJG 1E$
*Y W [ \ " AdT_WFWHA [ ]DGJCUOQGJG_O ?A+Hc1#>gGJE$I GV`DGcNCUcdg0GJEHGJC
r ?D
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WFEHAD 0QcDWHEFT_W 02G.LDCUAADE2GXOG [ k 9 ]DGJCUOQGJG_O T_W$ *TVGBRSA ADC?GJG_!O 1(D

(

(
)

r !( T + GJG [fEPIKGJG MPOT gG [QWFTVA [QcVG WHEHAD 0QcDWHEFT_W 02Gn]DG EHADCBg0GJE$`Ncd[QWFOhT E2GXT_O
5A

ccd_[QW OQGJCUW

cDcNE7%XTVG [OcNEb%JA IKG c_W WHEFcd[QOcDcNCO[2ADCg cDc*]DGJCUOQGJG_OT_W

r D T + GJG [fEPIKGJG MPOT gG [QWFTVA [QcVG WHEHAD 0QcDWHEFT_W 02Gn]DG EHADCBg0GJE$`Ncd[QWFOhT E2GXT_O
5A ccd_[QW OQGJCUW 1
/KGcDc OQGngcNCULdT [QcVGnOT 0dE2GXOG [* *T +F[ G [ W$ A(
r T + GJG [fEPIKGJG MPOT gG [QWFTVA [QcVG WHEHAD 0QcDWHEFT_W 02Gn]DG EHADCBg0GJE$`Ncd[QWFOhT E2GXT_O
5A + ccd_[QW OQGJC W$ r@ r
/KGcDc OQGngcNCULdT [QcVGnOT 0dE2GXOG [* *T +F[ G [ W$ A(
C T + GJG [fEPIKGJG MPOT gG [QWFTVA [QcVG WHEHAD 0QcDWHEFT_W 02Gn]DG EHADCBg0GJE$`Ncd[QWFOhT E2GXT_O
5A

ccd_[QW OQGJCW$ r@ r
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h

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&A r
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