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(KIWTG 7NVTCUVTWEVWTG QH%KVTWU CWTCPVKWO EGNN UWURGPUKQPU%GNNYCNNEYOKVQEJQPFTKCOXCEWQNGU XTKDQUQOGU³CPFEQPVTQNOCVGTKCN#(UJQYKPI HKDTKNNCTCURGEVQHVJGEGNNYCNNUJGNKEKVGFEGNN$J GNKEKVGFEGNN%&UJQYKPICWVQRJCIKEXCEWQNGUCXJ GNKEKVGFOCVGTKCN'UJQYKPIUGETGVKQPXGUKENGUX'NKEKVGF OCVGTKCN),UJQYKPIETGUEGPVFGHKDTKNNCVKQPQHVJGEGNN YCNNRQN[OGTUÎJGNKEKVGF)*JGNKEKVGF+CPF
JGNKEKVGF,DCT#PO$%')+,PO&(*
PO
GNGOGPVU6JKUECPDGTGKPHQTEGFD[VJGHCEVVJCVVJGOCVG TKCN YCU OQTG TGCEVKXG VQ VJG WTCP[N CEGVCVG CPF NGCF EKVTCVG KPFKECVKPI CP CEKF EQORQUKVKQP YJKEJ YQWNF GZRNCKPVJGUVTQPIGTCHHKPKV[HQTVJGOGVCN
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ÑTPGPDWTICPF-PQTTCPF YJGCV8CPFGTGVCN
'NKEKVGF CPF PQPGNKEKVGF EWNVWTGU GZRTGUUGF DCUKE KUQGP\[OGUDWVVJGGNKEKVGFOCVGTKCNRTGUGPVGFCITGCVGT CEVKXKV[ /CP[ CVVGORVU JCXG DGGP OCFG VQ FGHKPG VJG HWPEVKQPUQHCPKQPKEQTECVKQPKERGTQZKFCUGKUQGP\[OGU #PKQPKEKUQGP\[OGUJCXGDGGPUWIIGUVGFVQDGKPXQNXGF KP VJG ETQUUNKPMKPI QH EGNNYCNN RQN[OGTU CPF KP
A
B
5.85
6.85
7.35
8.15 8.45 8.65
9.30
C0 C3 3 C2 2 C1 1
9.30 8.15
8.45
C0 C8 8 C6 6 C4 4
(KIWTG'HHGEVUQHEJKVKPQPVJGCEVKXKV[QHGZVTCEGNNWNCTRGTQZKFCUGKUQHQTOUKPUWURGPUKQPEWNVWTGF%KVTWUCWTCPVKWO EGNNUCHVGTJQHEJKVKPVTGCVOGPVCPFEQPVTQN%EGNNUCVVJGUCOGVKOG#CPFCHVGTJQHEJKVKPVTGCVOGPVCPF EQPVTQN%EGNNUCVVJGUCOGVKOG$
NKIPKHKECVKQP )CURCT GV CN CNVJQWIJ ECVKQPKE RGTQZKFCUGU JCXG CNUQ DGGP KORNKECVGF KP VJG NCVVGT RTQEGUU<JGPICPF8CP*W[UVGG8CP*W[UVGGCPF <JGPI1WTTGUWNVUUJQYVJCVVJGDCUKERGTQZKFCUG KUQGP\[OGURCTVKEKRCVGKPVJGTGURQPUGQH%CWTCPVKWO VQ UVTGUU
2JGP[NCNCPKPGCOOQPKCN[CUGECVCN[UGUVJGHKTUVUVGR QHVJGDKQU[PVJGUKUQHFGHGPEGTGNCVGFRJGP[NRTQRCPQKFU D[ U[PVJGUK\KPI CPVKOKETQDKCN OGVCDQNKVGU GI RJ[VQCNGZKPU CPF NKIPKP +P EWNVWTGF EGNNU QH% CWTCPVKWO CP KPETGCUG KP VJKU GP\[OG CEVKXKV[ KU EQPPGEVGF VQ VJG RJNQTQINWEKPQN TGCEVKQP KP YJKEJ VJG JKIJGT FGRQUKVKQP QH TGF RTGEKRKVCVG QEEWTTGF CHVGT J +PETGCUGF2#.CEVKXKV[KPTGURQPUGVQDKQVKECPFCDKQVKE HCEVQTU JCU DGGP TGRQTVGF KP OCP[ URGEKGU GI RQVCVQ UWURGPUKQPEWNVWTGU&ÑTPGPDWTICPF-PQTTJQR EGNN UWURGPUKQP EWNVWTGU 6TGXKUCP GV CN CPF *[RGTKEWO RGTHQTCVWO EGNN UWURGPUKQP EWNVWTG )CF\QXUMCGVCN
OCNOGVCDQNKUO
%JKVKP KPFWEGF C HCUV J FGHGPEG TGURQPUG KP% CWTCPVKWO UWURGPUKQP EGNNU#HVGT J VJG EWNVWTG YCU CDNGVQTGUVQTGVJGKTPQTOCNFGXGNQROGPV#PKPETGCUGKP DCUKE RGTQZKFCUGU CPF 2#. CEVKXKV[ YCU QDUGTXGF VJCV YCU CUUQEKCVGF YKVJ NKIPKHKECVKQP /QTRJQNQIKECN EJCPIGU YGTG UKOKNCT VQ EGNN CIKPI FGOQPUVTCVKPI VJG ECRCEKV[QHVJGEJKVKPVQKPFWEGEGNNCIKPICPFFGCVJHQT VJKUFKEQV
#EMPQYNGFIOGPV9GYKUJVQVJCPM%CRGU2+%&6$TC\KN HQTUWRRQTVKPI/+)CNNºQ
4'('4'0%'5
$QWFGV #/ .CRKGTTG % )TKOC2GVVGPCVK , $KQEJGOKUVT[CPFOQNGEWNCTDKQNQI[QHNKIPKHKECVKQP 0GY2J[VQN
$TCFHQTF//#TCRKFCPFUGPUKVKXGOGVJQFHQTVJG SWCPVKVCVKQPQHOKETQITCOSWCPVKVKGUQHRTQVGKPWVKNK\KPI VJGRTKPEKRNGQHRTQVGKPF[GDKPFKPI#PCN$KQEJGO
%CORDGNN//'NNKU$'(WPICNGNKEKVQTOGFKCVGF TGURQPUGU KP RKPG EGNN EWNVWTGU + +PFWEVKQP QH RJGP[NRTQRCPQKFOGVCDQNKUO2J[VQEJGOKUVT[
%QTVGNC\\Q#./CTCKU/(,QUGNGCW,2%JCPIGUKP RGTQZKFCUGU KP VJG UWURGPUKQP EWNVWTG QH4WDWU HTWVKEQUWUFWTKPIITQYVJ2NCPV%GNN6KUUWG1TICP%WNV
&CTXKNN#)#WIWT%$GTIOCPP%%CTNUQP49%JGQPI,, 1NKIQUCEEJCTKPUQNKIQUCEEJCTKFGUVJCVTGIWNCVG ITQYVJFGXGNQROGPVCPFFGHGPUGTGURQPUGUKPRNCPVU )N[EQDKQNQI[
&KZQP4##EJPKPG.-QVC2.KW%4GF[/559CPI. 6JGRJGP[NRTQRCPQKFRCVJYC[CPFRNCPVFGHGPEG ŌCIGPQOKEURGTURGEVKXG/QN2NCPV2CVJQN &ÑTPGPDWTI*-PQTT&'XCNWCVKQPQHGNKEKVQTCPF JKIJRTGUUWTGKPFWEGF GP\[OCVKE DTQYPKPI WVKNK\KPI RQVCVQ5QNCPWOVWDGTQUWOUWURGPUKQPEWNVWTGUCUC OQFGNU[UVGOHQTRNCPVVKUUWGU,#ITKE(QQF%JGO
(TCPU\2(5EJGNN,*0#PWNVTCUVTWEVWTCNUVWF[QP VJGGCTN[FGXGNQROGPVQH<GCOC[UUQOCVKEGODT[QU %CP,$QV
(WPM%$TQFGNKWU2+PHNWGPEGQHITQYVJTGIWNCVQTU CPF GNKEKVQT QP RJGP[NRTQRCPQKF OGVCDQNKUO KP UWURGPUKQP EWNVWTGU QH 8CPKNNC RNCPKHQNKC 2J[VQEJGOKUVT[
)CF\QXUMC5/CWT[5&GNCWPC[#5RCUGPQUMK/,QUGRJ % *CIÃIG & ,CUOQPKE CEKF GNKEKVCVKQP QH *[RGTKEWO RGTHQTCVWO . QH RJGP[NRTQRCPQKFU CPF PCRJVQFKCPVJTQPGU2NCPV%GNN6KUUWG1TICP%WNV
)CURCT62GPGN%%CUVKNNQ(,)TGRRKP*#VYQUVGR EQPVTQN QH DCUKE CPF CEKFKE RGTQZKFCUGU CPF KVU UKIPKHKECPEG HQT ITQYVJ CPF FGXGNQROGPV 2J[UKQN 2NCPV
,QUGNGCW,2%QTVGNC\\Q#.%JCODCV)4WGN-#EVKXCVKQPQHRGTQZKFCUGUHTQORNCPVEGNNUWURGPUKQPU D[Z[NQINWECPQNKIQUCEEJCTKFGGNKEKVQTU2NCPV2GTQZKF 0GYUNGVV
.GUPG[/5'HHGEVQHŎGNKEKVQTUŏQPGZVTCEGNNWNCT RGTQZKFCUGCEVKXKV[KPUWURGPUKQPEWNVWTGFUNCUJRKPG 2KPWUGNNKQVVKK'PIGNO2NCPV%GNN6KUUWG1TICP%WNV
/E&QWICNN),(T[5%:[NQINWECPPQPCUCEECTKFG CPCVWTCNN[QEEWTTKPIQNKIQUCEEJCTKPCTKUGUKPXKVTQD[ RQN[UCEEJCTKFGDTGCMFQYP,2NCPV2J[UKQN
/E)JKG6-/CUGN02/CENGCP&%TQHV$,5OKVJ)4 $KQEJGOKECNTGURQPUGUQHUWURGPUKQPEWNVWTGF 5WICTECPG EGNNU VQ CP GNKEKVQT FGTKXGF HTQO VJG TQQV RCVJQIGP2CEJ[OGVTC EJCWPQTJK\C #WUV , 2NCPV 2J[UKQN
/GNQ05%CDTCN,/5(GXGTGKTQ/2'ZVTCEGNNWNCT RGTQZKFCUGUHTQOEGNNUWURGPUKQPEWNVWTGUQH8CEEKPKWO O[TVKNNWU 2WTKHKECVKQP CPF EJCTCEVGTK\CVKQP QH VYQ ECVKQPKEGP\[OGU2NCPV5EK
/GUUPGT$$QNN/'ZVTCEGNNWNCTRGTQZKFCUGUQH UWURGPUKQPEWNVWTGEGNNUQHURTWEG2KEGCCDKGUHWPICN GNKEKVQTKPFWEGFKPCEVKXCVKQP2NCPV%GNN6KUUWG1TICP %WNV
/WTCUJKIG 6 6WEMGT &2* )TQYVJ HCEVQT TGSWKTGOGPVUQH%KVTWUVKUUWGEWNVWTG+P%JCROCP*& GF 2TQEGGFKPIU QH VJG (KTUV +PVGTPCVKQPCN %KVTWU 5[ORQUKWORR7PKXGTUKV[QH%CNKHQTPKC 4KXGTUKFG
0GITGN,,CXGNNG(+PFWEVKQPQHRJGP[NRTQRCPQKF CPF V[TCOKPG OGVCDQNKUO KP RGEVKPCUG QT RTQPCUG GNKEKVGFEGNNUWURGPUKQPEWNVWTGUQHVQDCEEQ0KEQVKCPC VCDCEWO2J[UKQN2NCPV
0KEJQNUQP 4. *COOGTUEJOKFV 4 2JGPQNKE EQORQWPFUCPFVJGKTTQNGKPFKUGCUGTGUKUVCPEG#PPW 4GX2J[VQRCVJQN
2KSWGTCU#1NOQU'*GNNÈP'%[VQNQIKECNEJCPIGU TGNCVGF YKVJ UCNV VQNGTCPEG KP GODTKQIGPKE ECNNWU QH %KVTWUNKOQP2NCPV%GNN6KUUWG1TICP%WNV 4GP ; 9GUV %# 'NKEKVCVKQP QH FKVGTRGPG
DKQU[PVJGUKUKPTKEG1T[\CUCVKXC.D[EJKVKP2NCPV 2J[UKQN
4COQPGNN-$GTTQECN.QDQ/-QJ5,KPTQPI9'FYCTFU * 5VCEG[ ) 5QOGTXKNNG 5 .QUUQHHWPEVKQP OWVCVKQPUKPEJKVKPTGURQPUKXGIGPGUUJQYKPETGCUGF UWUEGRVKDKNKV[ VQ VJG RQYFGT[ OKNFGY RCVJQIGP 'T[UKRJGEKEJQTCEGCTWO2NCPV2J[UKQN 5JKDW[C0/KPCOK'1NKIQUCEEJCTKFGUKIPCNNKPI HQTFGHGPUGTGURQUPUGUKPRNCPVU2J[UKQN/QN2NCPV 2CVJQN
5KNXC64)%QTVGNC\\Q#.&KGVTKEJ5/%%[VQNQIKECN CURGEVUQHUVQTCIGOQDKNK\CVKQPKPUGGFUQH&CNDGTIKC OKUEQNQDKWOFWTKPIIGTOKPCVKQPCPFRNCPVNGVITQYVJ %KÄP%WNV
5RWTT#4#NQYXKUEQUKV[GRQZ[TGUKPGODGFFKPI OGFKWOHQTGNGEVTQPOKETQUEQR[,7NVTCUVTWEV4GU
5VCEG[)5JKDW[C0%JKVKPTGEQIPKVKQPKPTKEGCPF NGIWOGU2NCPV5QKN
6TGXKUCP/655EJGHHGT,,%8GTRQQTVG4'HHGEVQH GNKEKVCVKQP QP VJG RGTQZKFCUG CEVKXKV[ KP UQOG EGNN UWURGPUKQP EWNVWTGU QH JQR*WOWNWU NWRWNWU 2NCPV %GNN6KUUWG1TICP%WNV
8CNNGV % %JCDDGTV $ %\CPKPUMK; /QPVKGU $ *KUVQEJGOKUVT[ QH NKIPKP FGRQUKVKQP FWTKPI UENGTGPEJ[OCFKHHGTGPVKCVKQPKPCNHCNHCUVGOU#PP$QV
8CP *W[UVGG 4$ <JGPI : %CVKQPKE RGCPWV RGTQZKFCUG CPF VJG QZKFCVKQP QH HGTWNKE CEKF 2J[VQEJGOKUVT[
8CPFGT 2 8CTWO -/ &QOCTF # )WGFFCTK 0'' /QGTUEJDCEJGT$/%QORCTKUQPQHVJGCDKNKV[ QH RCTVKCNN[ 0CEGV[NCVGF EJKVQUCPU CPF EJKVQQNKIQUCEEJCTKFGUVQGNKEKVTGUKUVCPEGTGCEVKQPUKP YJGCVNGCXGU2NCPV2J[UKQN
8GTRQQTVG4%QPVKP#/GOGNKPM,$KQVGEJPQNQI[ HQT VJG RTQFWEVKQP QH RNCPV UGEQPFCT[ OGVCDQNKVGU 2J[VQEJGO4GX
8KNNGICU / $TQFGNKWU 2' 'NKEKVQTKPFWEGF J[FTQZ[EKPPCOQ[N%Q# V[TCOKPG J[FTQZ[ EKPPCOQ[NVTCPUHGTCUGKPRNCPVEGNNUWURGPUKQPEWNVWTGU 2J[UKQN2NCPV
9CMCOCVUW-6CMCJCOC7%JCPIGUKPRGTQZKFCUG CEVKXKV[CPFKPRGTQZKFCUGKUQ\[OGUKPECTTQVECNNWU 2J[UKQN2NCPV
9CNVGT/*4GIWNCVKQPQHNKIPKHKECVKQPKPFGHGPUG +P/GKPU$6GF)GPGU+PXQNXGFKP2NCPV&GHGPUG RR5RTKPIGT9KGP
9CTPGEM*/*CWI65GKV\*7#EVKXCVKQPQHEGNN YCNNCUUQEKCVGFRGTQZKFCUGKUQGP\[OGUKPRGCGRKEQV[NU D[CZ[NQINWECPFGTKXGFPQPCUCEEJCTKFG,'ZR$QV
9JGVVGP 49 /CE-C[ ,, 5GFGTQHH 44 4GEGPV CFXCPEGUKPWPFGTUVCPFKPINKIPKPDKQU[PVJGUKU#PPW 4GX2NCPV2J[UKQN2NCPV/QN$KQN ;COCFC# 5JKDW[C 0 -QFCOC 1#MCVUWMC 6
+PFWEVKQP QH RJ[VQCNGZKP HQTOCVKQP KP UWURGPUKQP EWNVWTGF TKEG EGNNU D[ 0CEGV[NEJKVQQNKIQUCEEJCTKFGU $KQU$KQVGEJPQN$KQEJGO
