h?2 *mbH 1z2+i Q7 i?2 1m`QT2M lMBQM 1KBbbBQMb
h`/BM; a+?2K2, 1pB/2M+2 7`QK 6`2M+? JMm7+im`BM;
SHMib
lH`B+? CX q;M2`
JB`#2HH2 JmȿHb
_H7 J`iBM
lMBp2`bB// *`HQb AAA
AKT2`BH *QHH2;2 GQM/QM
AKT2`BH *QHH2;2 GQM/QM
CQMi?M *QHK2`
GQM/QM a+?QQH Q7 1+QMQKB+b
#bi`+i
>Qr /Q }`Kb `2bTQM/ iQ `2;mHiBQM M/ K`F2i BM+2MiBp2b\ lbBM; +QKT`2?2MbBp2 THMi@
H2p2H /i 7Q` `QmM/ N-8yy 6`2M+? KMm7+im`BM; }`Kb- i?Bb TT2` 2tTHQ`2b i?2 2+QMQKB+
M/ 2MpB`QMK2MiH `2bTQMb2 Q7 THMib iQ i?2 1m`QT2M lMBQM 1KBbbBQMb h`/BM; a+?2K2
U1l 1haV Ĝ i?2 1lǶb ~;b?BT +HBKi2 TQHB+vX Pm` `2bmHib bm;;2bi i?i 1ha@`2;mHi2/
KMm7+im`BM; THMib BM 6`M+2 `2/m+2/ 2KBbbBQMb #v M p2`;2 Q7 R8XdWX h?2 KQbi
K`F2/ `2/m+iBQM BM 2KBbbBQMb Bb Q#b2`p2/ /m`BM; S?b2 AA Ukyy3@kyRjVX AM i2`Kb Q7
2+QMQKB+ Qmi+QK2b- r2 }M/ biiBbiB+HHv bB;MB}+Mi `2/m+iBQM BM 2KTHQvK2Mi URyX9W BM
S?b2 AAVX q2 BK iQ mM/2`biM/ r?2i?2` i?2b2 `2/m+iBQMb `2 `2H ;HQ#H `2/m+iBQMb BM
2KBbbBQMb Q` r?2i?2` i?2v `2 K2`2Hv i?2 `2bmHi Q7 +`#QM H2F;2X G2F;2 Kv Q++m`
#2+mb2 QmiTmi b?B7ib iQ mM`2;mHi2/ THMib- 2Bi?2` rBi?BM i?2 1l Q` #`Q/X Ai Kv HbQ
Q++m` #2+mb2 `2;mHi2/ THMib QmibQm`+2 +`#QM BMi2MbBp2 T`ib Q7 i?2 T`Q/m+iBQM T`Q+2bbX
q2 KF2 bQK2 T`Q;`2bb BM T`QpB/BM; 2pB/2M+2 QM i?Bb #v HQQFBM; i i?2 7m2H KBt Q7 THMibX
#Qmi ?H7 Q7 i?2 `2/m+iBQM BM 2KBbbBQMb +M #2 ++QmMi2/ 7Q` #v M BM+`2b2 BM i?2 b?`2
Q7 ;b- r?B+? Bb H2bb +`#QM BMi2MbBp2 i?M +QH M/ QBHX h?Bb Bb #Qi? +QMbBbi2Mi rBi?
+`#QM H2F;2- #2+mb2 Q7 QmibQm`+BM;- M/ `2H 2KBbbBQMb `2/m+iBQMb /m2 iQ i2+?MQHQ;B+H
+?M;2X PM;QBM; `2b2`+? rBHH b?2/ 7m`i?2` HB;?i QM i?Bb BM i?2 7mim`2X q2 HbQ 2tKBM2
B7 i?2`2 Bb H2F;2 rBi?BM }`Kb #v HQQFBM; i }`Kb rBi? #Qi?- mM`2;mHi2/ M/ `2;mHi2/
THMibX >Qr2p2`- r2 }M/ MQ 2pB/2M+2 BM bmTTQ`i Q7 i?BbX
aiBHH T`2HBKBM`vX q;M2`, lMBp2`bB// *`HQb AAA /2 J/`B/- .2T`iK2Mi Q7 1+QMQKB+b- *HH2 J/`B/- Rke k3Nyj :2i72- aTBMX
S?QM2, Yj9 UyV NRe k9 3933- 2KBH, mr;M2`!2+QXm+jKX2bX JmȿHb, :`Mi?K AMbiBimi2 7Q` *HBKi2 *?M;2 M/ AKT2`BH *QHH2;2
"mbBM2bb a+?QQH- AKT2`BH *QHH2;2 GQM/QM- aQmi? E2MbBM;iQM *KTmb- GQM/QM aqd kw M/ *2Mi`2 7Q` 1+QMQKB+ S2`7Q`KM+2GQM/QM a+?QQH Q7 1+QMQKB+b- >Qm;?iQM ai`22i- GQM/QM q*k k1X 1@KBH, KXKmmHb!BKT2`BHX+XmFX J`iBM, AKT2`BH *QHH2;2
"mbBM2bb a+?QQH- AKT2`BH *QHH2;2 GQM/QM- aQmi? E2MbBM;iQM *KTmb- GQM/QM aqd kw M/ *2Mi`2 7Q` 1+QMQKB+ S2`7Q`KM+2GQM/QM a+?QQH Q7 1+QMQKB+b- >Qm;?iQM ai`22i- GQM/QM q*k k1X 1@KBH, `XK`iBM!Hb2X+XmFX *QHK2`, *2Mi`2 7Q` 1+QMQKB+
S2`7Q`KM+2 M/ :`Mi?K _2b2`+? AMbiBimi2- GQM/QM a+?QQH Q7 1+QMQKB+b M/ SQHBiB+H a+B2M+2- >Qm;?iQM ai`22i- GQM/QM
q*k k1X 1@KBH, DXKX+QHK2`!Hb2X+XmFX h?Bb T`QD2+i rb ;`i27mHHv bmTTQ`i2/ #v `2b2`+? 7mM/BM; 7`QK i?2 1+QMQKB+ M/
aQ+BH _2b2`+? *QmM+BH U;`Mi 1afCyyed9kfRV- i?2 1a_* *2Mi`2 7Q` *HBKi2 *?M;2 1+QMQKB+b M/ SQHB+v M/ i?2 :`Mi?K
6QmM/iBQM Bb ;`i27mHHv +FMQrH2/;2/X
R
R AMi`Q/m+iBQM
AM i?2 T`2b2M+2 Q7 K`F2i 7BHm`2- i?2 `QH2 Q7 ;Qp2`MK2Mi BMi2`p2MiBQM Bb Mim`HHv /2#i2/X A7
bm+? BMi2`p2MiBQM Bb iQ ?TT2M- QM2 Kmbi mM/2`biM/ ?Qr 2+QMQKB+ ;2Mib `2bTQM/ iQ `2;mHiBQM
M/ K`F2i BM+2MiBp2bX "v mM/2`biM/BM; i?Bb #2?pBQm`- BMi2`p2MiBQMb +M #2 /2bB;M2/ iQ
`2/m+2 i?2B` bQ+BH +QbiX
PM2 Q7 i?2 +H2`2bi 2tKTH2b Q7 K`F2i 7BHm`2 BM i?2 kRbi *2Mim`v Bb +HBKi2 +?M;2X hQ i?2
/2;`22 i?i +HBKi2 +?M;2 Bb /`Bp2M #v BM+`2b2b BM i?2 iKQbT?2`B+ +QM+2Mi`iBQM Q7 ;`22M?Qmb2
;b2b Ĝ TQbBiBQM i?i Bb bi`QM;Hv bmTTQ`i2/ #v i?2 T?vbB+H b+B2M+2 HBi2`im`2 UAS**- kyR9V ĜBi Bb `2bQM#H2 iQ `;m2 i?i dz+HBKi2 +?M;2XXXBb i?2 ;`2i2bi M/ rB/2bi@`M;BM; K`F2i 7BHm`2
2p2` b22MǴ Uai2`M- kyyeVX
h?2 1m`QT2M lMBQM ?b #22M +2Mi`H THv2` BM i?2 ;HQ#H 2zQ`ib iQ +m`# ;`22M?Qmb2 ;b
U:>:V 2KBbbBQMb M/ KBiB;i2 +HBKi2 +?M;2X AM kyy8- i?2 1l HmM+?2/ S?b2 A Q7 i?2
1KBbbBQMb h`/BM; avbi2K U1l 1haV- i?2 }`bi BMi2`MiBQMH bvbi2K 7Q` i`/BM; :>: 2KBbbBQMbX
6QHHQrBM; i?`22@v2` TBHQi T2`BQ/- S?b2 AA Q7 i?2 1l 1ha rb HmM+?2/ BM kyy3X +`Qbb Bib k3
J2K#2` aii2b UJaV M/ BM i?`22 1m`QT2M 1+QMQKB+ `2 U11V bii2b- i?2 1l 1ha +Qp2`b
H`;2 THMib 7`QK *Pk Ĝ2KBbbBQM BMi2MbBp2 BM/mbi`BH b2+iQ`b M/ HH Qi?2` +QK#mbiBQM +iBpBiB2b
rBi? `i2/ i?2`KH BMTmi #Qp2 kyJq?- +Qp2`BM; `QmM/ 98W Q7 i?2 1lǶb 2KBbbBQMb U8W
Q7 ;HQ#H 2KBbbBQMbVX .m`BM; i?2 }`bi irQ v2`b- i?Bb b+?2K2 BM+Hm/2/ TT`QtBKi2Hv Ry-eyy
BM/mbi`BH THMib 7`QK k8 JaX h?2`2 `2 MQr jR +QmMi`B2b M/ KQ`2 i?M RR-9yy THMib iFBM;
T`i BM i?2 a+?2K2X
h?Bb TT2` b2ib Qmi iQ mM/2`biM/ i?2 BKT+i Q7 i?2 1l 1ha QM i?2 2+QMQKB+ M/ 2MpB`@
QMK2MiH T2`7Q`KM+2 Q7 `2;mHi2/ BMbiHHiBQMb- i?`Qm;? i?2 mb2 Q7 +QKT`2?2MbBp2 THMi@H2p2H
/i #2ir22M RNNk M/ kyRyX *QKT`2/ iQ bim/B2b i i?2 ;;`2;i2 H2p2H- r?B+? ?p2 iQ B/2MiB7v
2z2+ib #v T`QD2+iBM; #b2HBM2 BMiQ i?2 7mim`2- r2 `2 #H2 iQ ++QmMi 7Q` B/BQbvM+`iB+ b?Q+Fb
z2+iBM; i?2 2+QMQKv b r?QH2 M/ bT2+B}+ b2+iQ`b Qp2` iBK2X 6m`i?2`KQ`2- i?2 mb2 Q7 THMi
H2p2H /i HHQrb mb iQ +QKT`2 i?2 T2`7Q`KM+2 Q7 THMib i?i `2 `2;mHi2/ mM/2` i?2 1l 1ha
iQ THMib rBi? bBKBH` +?`+i2`BbiB+b i?i `2 MQi `2;mHi2/X
h?2 +2Mi`H Qmi+QK2 Q7 BMi2`2bi 7Q` TQHB+v bm+? b i?2 1l 1ha `2 *Pk 2KBbbBQMbX h?2 QMHv
bQm`+2 7Q` `2T`2b2MiiBp2 2KBbbBQMb /i 7Q` #Qi? 1l 1ha M/ MQMĜ1l 1ha THMib `2 +QM}/@
2MiBH #mbBM2bb bm`p2vb KBMiBM2/ #v ;Qp2`MK2Mi biiBbiB+H ;2M+B2bX ++2bb iQ i?2b2 /ib2ib
Bb `2bi`B+i2/ M/ bm#D2+i iQ /Bb+HQbm`2 +QMi`QHX h?Bb 2tTHBMb r?v bim/B2b Q7 i?Bb FBM/ ?p2MǶi
#22M mM/2`iF2M iQ /i2X h?Bb TT2` mb2b /KBMBbi`iBp2 TM2H /i QM 6`2M+? KMm7+im`BM;
THMib iQ b?2/ HB;?i QM i?Bb Bbbm2X
h?2`2 Bb HbQ +QMbB/2`#H2 +QM+2`M `2;`/BM; i?2 BKT+i Q7 i?2 1l 1ha UM/ 2MpB`QMK2MiH
`2;mHiBQM KQ`2 #`Q/HvV QM 2+QMQKB+ Qmi+QK2b- bT2+B}+HHv BKT+ib QM i?2 +QKT2iBiBp2M2bbT`Q/m+iBpBiv- M/ 2KTHQvK2Mi Q7 `2;mHi2/ BMbiHHiBQMbX PM i?2 QM2 ?M/- #2+mb2 Q7 i?2
mMBHi2`H Mim`2 Q7 i?2 1l 1ha M/ i?2 BMi2;`iBQM Q7 2+QMQKB+ +iBpBiB2b BM ;HQ#H K`F2ibHQ##v ;`QmTb M/ TQHB+v KF2`b ?p2 HQM; `;m2/ i?i 2MpB`QMK2MiH `2;mHiBQM Kv mM/2`KBM2
k
i?2 +QKT2iBiBp2M2bb Q7 `2;mHi2/ }`Kb M/ dzFBHH DQ#bǴX PM i?2 Qi?2` ?M/- KQ`2 bi`BM;2Mi
`2;mHiBQM Kv 2M?M+2 T`Q/m+iBpBiv b H2bb T`Q/m+iBp2 }`Kb 2tBi i?2 K`F2i USQ`i2`- RNNRVX
PM2 `2bQM i?i /2#i2b Qp2` i?2 2+QMQKB+ +QMb2[m2M+2b Q7 2MpB`QMK2MiH `2;mHiBQM ?p2 `;2/
QM 7Q` bQ HQM; Bb i?2 Tm+Biv Q7 +QM+HmbBp2 2KTB`B+H 2pB/2M+2 U:`22MbiQM2- GBbi- M/ avp2`bQMkyRkVX P{+BH /ib2ib T`QpB/2 QM2 Q7 i?2 KQbi `2HB#H2 bQm`+2b 7Q` i?Bb FBM/ Q7 BM7Q`KiBQM
M/ r2 2tTHQ`2 i?2b2 Qmi+QK2b b r2HHX
Pm` `2bmHib bm;;2bi i?i 1ha@`2;mHi2/ KMm7+im`BM; THMib `2/m+2/ 2KBbbBQMb #v M p2`;2
Q7 R8XdW- +QKT`2/ iQ MQM@1ha THMib- bBM+2 i?2 BKTH2K2MiiBQM Q7 i?2 TQHB+v BM kyy8X h?2
KQbi K`F2/ `2/m+iBQM Q++m`b 7QHHQrBM; i?2 QMb2i Q7 S?b2 AA Q7 i?2 1l 1ha BM kyy3- i?Qm;?
i?2`2 bQK2 bB;Mb Q7 `2/m+iBQMb /m`BM; S?b2 A Ukyy8@kyydVX q?BH2 i?Bb Bb T`QKBbBM; BM i2`Kb
Q7 +HBKi2 TQHB+v Q#D2+iBp2- r2 HbQ }M/ RyX9W `2/m+iBQM BM 2KTHQvK2Mi 7Q` `2;mHi2/
THMib /m`BM; T?b2 AA Ĝ +QM+2`M- TQi2MiBHHv- 7Q` biF2?QH/2`b rQ``B2/ #Qmi i?2 2+QMQKB+
+QMb2[m2M+2b Q7 +`#QM K`F2ibX
h?2 +QMb2[m2M+2b Q7 Qm` `2bmHib `2 b 7QHHQrb, 2Bi?2` i?2 1l 1ha ?b #22M p2`v bm++2bb7mH BM
`2/m+BM; 2KBbbBQMb- #mi rBi? bB;MB}+Mi `2/m+iBQMb BM 2KTHQvK2Mi- Q` Bi ?b `2bmHi2/ BM +`#QM
H2F;2 r?2`2 2KBbbBQMb- b r2HH b 2KTHQvK2Mi M/ QmiTmi- `2 b?B7iBM; 7`QK `2;mHi2/ iQ
mM`2;mHi2/ 7+BHBiB2b- 2Bi?2` #`Q/ Q` rBi?BM 6`M+2X
h?2`2 `2 MmK#2` Q7 TQbbB#H2 +?MM2Hb M/ K2+?MBbKb i?`Qm;? r?B+? +`#QM H2F;2 +QmH/
Q++m`X 6B`bi- `2;mHi2/ }`Kb KB;?i KQp2 T`Q/m+iBQM iQ mM`2;mHi2/ THMib Ui ?QK2 Q` #`Q/VX
a2+QM/Hv- `2;mHi2/ }`Kb KB;?i #2+QK2 H2bb +QKT2iBiBp2 M/ HQb2 K`F2i b?`2b iQ }`Kb BM
Dm`Bb/B+iBQMb rBi? H2bb bi`BM;2Mi +`#QM `2;mHiBQMX h?B`/Hv- `2;mHi2/ }`Kb M/ 7+BHBiB2b KB;?i
QmibQm`+2 i?2B` KQ`2 +`#QM BMi2MbBp2 +iBpBiB2b iQ mM`2;mHi2/ THMibX h?Bb +b2 rQmH/ #2
+QMbBbi2Mi rBi? H2F;2c ?Qr2p2`- i?2`2 rQmH/ #2 HBiiH2 Q` MQ +?M;2 BM i?2 }MH QmiTmi Q7
`2;mHi2/ }`KbX
AM i?2 #b2M+2 Q7 ;HQ#H }`K@H2p2H /i- b r2HH b TT`QT`Bi2 +QMi`QH ;`QmTb- r2 +M MQi
7mHHv /BbiBM;mBb? #2ir22M i?2b2 /Bz2`2Mi +?MM2HbX L2Bi?2` /Q r2 ?p2 i?2 TQr2` iQ `2D2+i i?2
?vTQi?2bBb Q7 MQ H2F;2X L2p2`i?2H2bb- r2 +M KF2 T`Q;`2bb QM i?Bb Bbbm2 BM MmK#2` Q7 rvbX
6B`bi- r2 2tKBM2 r?2i?2` i?2`2 Bb Mv 2pB/2M+2 Q7 +?M;2b BM i?2 7m2H KBt mb2/ #v `2;mHi2/
THMibX A7 H2F;2 Bb Q++m``BM; /m2 iQ +?MM2Hb QM2 M/ irQ- r2 b?QmH/ 2tT2+i `2/m+iBQM BM
`2;mHi2/ 7+BHBiv QmiTmi rBi? HBiiH2 BKT+i QM i?2 7+BHBiv H2p2H 7m2H KBtX AM im`M- 2pB/2M+2 Q7
+?M;2b BM 7m2H KBt `2 bmTTQ`iBp2 Q7 H2F;2 +?MM2H i?`22X >Qr2p2`- i?2v +QmH/ HbQ BM/B+i2
i?i }`Kb +?B2p2 `2H 2KBbbBQM `2/m+iBQMb #v +?M;2b BM i?2 T`Q/m+iBQM i2+?MQHQ;vX
AMBiBH `2bmHib bm;;2bi i?i i?2 1l 1ha H2/b iQ bB;MB}+Mi M/ 2+QMQKB+HHv K2MBM;7mH +?M;2b
BM i?2 7m2H KBt, r2 }M/ `2/m+iBQMb BM i?2 b?`2 Q7 +QH M/ QBH mb2/ BM `2;mHi2/ THMib #v 9XddW
M/ 9XNkW `2bT2+iBp2Hv /m`BM; S?b2 AAX h?Bb `2/m+iBQM BM i?2 b?`2 Q7 +QH M/ QBH rb Qzb2i
#v M BM+`2b2 BM i?2 mb2 Q7 Mim`H ;b- r?Qb2 b?`2 BM+`2b2/ #v dXeeWX h?Bb +Q``2bTQM/b
iQ `2/m+iBQM BM i?2 +`#QM BMi2MbBiv Q7 i?2 7m2H KBt b i?2 +`#QM +QMi2Mi Q7 Mim`H ;br?BH2 TQbBiBp2- Bb bm#biMiBHHv H2bb i?M +QH M/ QBHX bBKTH2 #+F@Q7@i?2@2Mp2HQT2 +H+mHiBQM
bm;;2bib i?i 7m2H KBt +?M;2b ++QmMi 7Q` `QmM/ 8yW Ud T2`+2Mi;2 TQBMibV Q7 i?2 Q#b2`p2/
j
2KBbbBQM `2/m+iBQMbX
hQ `2}M2 Qm` mM/2`biM/BM; Q7 r?2i?2` i?Bb `2/m+iBQM `2~2+ib QmibQm`+BM; Q` Bb i?2 `2bmHi Q7
i2+?MQHQ;B+H +?M;2 Bi rQmH/ #2 /2bB`#H2 iQ ?p2 BM7Q`KiBQM QM BMi2`K2/Bi2 BMTmi BMi2MbBivX
A7 QmibQm`+BM; Bb KDQ` /`Bp2`- r2 b?QmH/ b22 M BM+`2b2 BM BMi2`K2/i2bǶ b?`2bX A7 }`Kb
QmibQm`+2 7`QK mM`2;mHi2/ +QmMi`B2b QmibB/2 i?2 1l r2 b?QmH/ HbQ b22 M BM+`2b2 BM }`K@
H2p2H BKTQ`i BMi2MbBivX AM i?2 +m``2Mi p2`bBQM Q7 i?2 TT2` r2 +MMQi T`QpB/2 i?BbX >Qr2p2`r2 `2 BM T`Q+2bb Q7 ;BMBM; ++2bb iQ i?Bb /i 7`QK i?2 `2H2pMi 6`2M+? ;2M+B2b M/ r2 rBHH
2tKBM2 i?Bb BM 7mim`2 p2`bBQM Q7 i?2 TT2`X
a2+QM/Hv- ?pBM; 7+BHBiv H2p2H /i- r2 +M 2tTHQ`2 B7 i?2`2 Bb Mv 2pB/2M+2 Q7 rBi?BM }`K H2F;2
7Q` }`Kb rBi? #Qi? mM`2;mHi2/ M/ `2;mHi2/ 7+BHBiB2bX `;m#Hv @ HH 2Hb2 2[mH @ r2 rQmH/
2tT2+i i?i Bi rQmH/ #2 2bB2` 7Q` bm+? }`Kb iQ b?B7i 2KBbbBQMb iQ mM`2;mHi2/ THMib b i?2v
`2 BM+m``BM; H2bb i`Mb+iBQM +Qbib i?M }`Kb r?Q ?p2 MQ T`22tBbiBM; HBMFb rBi? mM`2;mHi2/
7+BHBiB2bX >Qr2p2`- r2 /Q MQi }M/ Mv 2pB/2M+2 7Q` bm+? 2z2+ibX
>2M+2- #b2/ QM Qm` +m``2Mi `2bmHib r2 ?p2 MQ `2bQM iQ #2HB2p2 i?i i?2 2KBbbBQM `2/m+iBQMb
r2 }M/ `2 i?2 +QMb2[m2M+2 Q7 +`#QM H2F;2X >Qr2p2`- r2 2[mHHv +MMQi `2D2+i i?i MQ
H2F;2 Q++m`bX qBi? /i QM BMi2`K2/Bi2b M/ `2p2Mm2b r2 KB;?i #2 #H2 T`QpB/2 bQK2 HQr2`
#QmM/b QM ;HQ#H 2KBbbBQM `2/m+iBQMbX 6Q` BMbiM+2- bmTTQb2 r2 +MMQi }M/ 2pB/2M+2 iQ bmTTQ`i
i?2QmibQm`+BM; Q7 +`#QM BMi2MbBp2 T`Q/m+iBQM T`Q+2bb2bX AM i?Bb +b2 i?2 d T2`+2Mi;2 TQBMi
`2/m+iBQM BM 2KBbbBQMb- /m2 iQ 7m2H KBt +?M;2b-Bb HBF2Hv /`Bp2M #v i2+?MQHQ;v +?M;2b- i?2`2#v
T`QpB/BM; HQr2` #QmM/ 7Q` 2KBbbBQM `2/m+iBQMbX
7m`i?2` TQBMi Q7 +QM+2`M Bb i?2 iBKBM; Q7 i?2 2KBbbBQM `2/m+iBQMb r?B+? TT2`b T`BK`BHv
BM S?b2 AA Q7 i?2 1ha 7i2` kyydX 1KBbbBQMb i`/BM; T`QpB/2b BM+2MiBp2b iQ }`Kb iQ `2/m+2
2KBbbBQMb T`BK`BHv /m2 i?2 +imH Q` QTTQ`imMBiv +Qbi Q7 2KBbbBQM T2`KBibX >Qr2p2`- /m`BM;
i?2 b2+QM/ T?b2 Q7 i?2 1ha- i?2 T`B+2 Q7 +`#QM 72HH /m2 iQ +QK#BMiBQM Q7 7Q`+2b- bm+? b
i?2 }MM+BH +`BbBb M/ bi`QM; +QMi`+iBQM Q7 T2`KBi /2KM/X h?Bb #2;b i?2 [m2biBQM b iQ
r?v `2;mHi2/ THMib rQmH/ `2/m+2 2KBbbBQMb Mv KQ`2 i?M mM`2;mHi2/ THMibX AM b2+iBQM e
r2 BMi`Q/m+2 bBKTH2 i?2Q`v Q7 i?2 }`K i?i T`QpB/2b M 2tTHMiBQM 7Q` i?Bb TmxxH2X JQbi
biF2?QH/2`b 2tT2+i i?i T`B+2b rBHH BM+`2b2 BM i?2 7mim`2 UJ`iBM 2i HX- kyRjVX :Bp2M i?i
BMp2biK2Mib BM #i2K2Mi +TBiH iQ/v `2 /m`#H2 M/ rBHH +QMb2[m2MiHv Hbi mMiBH T`B+2b
BM+`2b2- r2 KB;?i 2tT2+i 2KBbbBQMb `2/m+iBQMb iQ/v 2p2M B7 +m``2Mi T`B+2b `2 HQrX h?Bb KQ/2H
BKTHB2b i?i M BM+`2b2 BM BMp2biK2Mi Bb bm{+B2Mi biiBbiB+ 7Q` 2KBbbBQM `2/m+iBQMbX h?Bb
`2bmHi HbQ ?2HTb iQ /BbiBM;mBb? r?2i?2` i?2 M2;iBp2 2KTHQvK2Mi 2z2+ib `2 /m2 iQ H2F;2 Q`
+QKTH2K2Mi`BiB2b rBi? +`#QM@BMi2MbBp2 +TBiHX AM i?2 Hii2` +b2- i?2 1ha b?QmH/ `2bmHi BM
M BM+`2b2 BM BMp2biK2MiX AM i?2 7Q`K2` +b2- r2 Kv 2tT2+i `2/m+iBQM BM BMp2biK2Mi- M/
T2`?Tb M BM+`2b2 BM BMi2`K2/B`v ;QQ/bX h?2 i?2Q`v HbQ ?b BKTHB+iBQMb 7Q` ?2i2`Q;2MQmb
i`2iK2Mi 2z2+ibX Ai BKTHB2b i?i 2tT2+i2/ 7mim`2 T`B+2 BM+`2b2b +M ?p2 TQbBiBp2 2z2+i QM
+m``2Mi 2KBbbBQMb B7 }`Kb /2+B/2 iQ 2tBi BM i?2 7mim`2X 6Bt2/ BMp2biK2Mib rBHH #2 mb2/ 7Q` b?Q`i2` KQmMi Q7 iBK2 B7 }`Kb BMi2M/ iQ 2tBi- M/ bQ i?2v rBHH `2/m+2 BMp2biK2Mib- BM+`2bBM;
2KBbbBQMbX h?Bb `2bmHi `Bb2b 7`QK i?2 /m`#BHBiv Q7 2KBbbBQM@bpBM; BMp2biK2MibX *QMb2[m2MiHvr2 KB;?i 2tT2+i iQ b22 M BM+`2b2 BM 2KBbbBQMb 7Q` }`Kb r?2`2 /2KM/ Bb BM2HbiB+ M/ i?2
9
bm#biBimi#BHBiv Q7 #i2K2Mi i2+?MQHQ;v rBi? dz/B`ivǴ +TBiH Bb HQrX 6BMHHv- }`Kb rBi? vQmM;2` +TBiH biQ+F `2 H2bb HBF2Hv iQ `2bTQM/ iQ +?M;2/ 7mim`2 T`B+2 2tT2+iiBQMb M/ bQ
Kv MQi `2/m+2 2KBbbBQMb /m`BM; T?b2 AAX lM/2`biM/BM; i?2 2KTB`B+H `2H2pM+2 Q7 i?2b2
2z2+ib Bb M //BiBQMH 7Q+mb Q7 Qm` +m``2Mi `2b2`+? 2zQ`ibX
h?2 `2KBM/2` Q7 i?2 TT2` Bb bi`m+im`2/ b 7QHHQrb, i?2 M2ti b2+iBQM `2pB2rb i?2 2tBbiBM;
2+QMQKB+b HBi2`im`2 QM i?2 1l 1hac b2+iBQM j /2b+`B#2b i?2 irQ /ib2ib mb2/ BM i?Bb TT2`c BM
a2+iBQM 9 r2 /Bb+mbb i?2 2+QMQK2i`B+ TT`Q+? /QTi2/X a2+iBQM 8 T`2b2Mib Qm` }M/BM;b QM i?2
2z2+i Q7 i?2 1l 1ha QM 2MpB`QMK2MiH M/ 2+QMQKB+ T2`7Q`KM+2 Q7 `2;mHi2/ THMibc b2+iBQM
e BMi`Q/m+2b KQ/2H KQiBpi2/ #v Qm` }M/BM;b M/ T`QpB/2b /Bb+mbbBQM Q7 Bib BKTHB+iBQMb
rBi? 7Q+mb QM Qm` +m``2Mi `2b2`+? 2zQ`ibc b2+iBQM d +QM+Hm/2bX
k 1tBbiBM; GBi2`im`2
h?2`2 `2 MmK#2` Q7 bim/B2b QM i?2 1l 1haX q?BH2 i?2 }MM+BH 2+QMQKB+b HBi2`im`2 ?b
MHvb2/ i?2 rQ`FBM;b Q7 i?2 HHQrM+2 K`F2i U2X;X H#2`QH 2i HX UkyyNV- h`QiB;MQM M/
.2H#Qb+ Ukyy3VV- QM2 TQHB+v p`B#H2 i?i Bb ?2pBHv /2#i2/ i #Qi? i?2 +/2KB+ M/ TQHB+v
H2p2H Bb i?2 T`+iB+2 Q7 HHQ+iBM; 2KBbbBQM T2`KBibX 1HH2`KM 2i HX UkyydV ;Bp2 /2iBH2/
++QmMi Q7 i?2 /2p2HQTK2Mi Q7 i?2 LSb mM/2` S?b2 A BM Ry 1m`QT2M +QmMi`B2bX AKTQ`iMi
/vMKB+ 2z2+ib Q7 T2`KBi HHQ+iBQM b+?2K2 i?i /2`Bp2 7`QK i?2 i`2iK2Mi Q7 THMib i?i
+HQb2 M/ Q7 M2r 2Mi`Mib `2 MHvb2/ #v ³?KM 2i HX UkyydVX S`2pBQmb `2b2`+? ?b HbQ
b?QrM i?i i?2b2 p`BiBQMb BM i?2 HHQ+iBQMb Q7 /Bz2`2Mi }`Kb `2;mHi2/ #v i?2 1l 1ha `2
BKTQ`iMi 7Q` BMMQpiBQM UJ`iBM- JmȿHb- M/ q;M2`- kyRjVX
Mim`H +QMb2[m2M+2 Q7 i?2 BKTH2K2MiiBQM Q7 i?2 1l 1ha Bb i?i }`Kb BM i?2 1ha 7+2
?B;?2` +`#QM T`B+2b i?M i?2B` +QKT2iBiQ`b QmibB/2 i?2 1l r?Q `2 MQi bm#D2+i iQ +QKT`@
#H2 `2;mHiBQMX h?Bb ?b H2/ iQ rQ``B2b #Qmi TQbbB#H2 HQbb Q7 +QKT2iBiBp2M2bb Q7 1m`QT2M
BM/mbi`vX rB/2bT`2/ TT`Q+? iQ bb2bbBM; i?2b2 2z2+ib ?b #22M iQ +HB#`i2 +QKTmi#H2
;2M2`H 2[mBHB#`BmK U*:1V KQ/2Hb i?i `2 +T#H2 Q7 T`2/B+iBM; i?2 +QMb2[m2M+2b Q7 /Bz2`2M@
iBH +`#QM T`B+BM; +`Qbb `2;BQMb M/ i?2 `2bmHiBM; +`#QM H2F;2 Ub22 i?2 bm`p2v #v SHib2pkyyRVX MQi?2` bi`M/ Q7 `2b2`+? +QM/m+ib 2t Mi2 MHvb2b Q7 i?2 +QKT2iBiBp2M2bb 2z2+ib Q7
i?2 1l 1ha- #b2/ QM bBKmHiBQMb M/ rBi? T`iB+mH` ii2MiBQM iQ b2+iQ`H /2iBHX 1tBbiBM;
bim/B2b Ubm+? b J+EBMb2v M/ 1+Q7vb UkyyeV Q` _2BMm/- kyy8V +QM+Hm/2 i?i +QKT2iBiBp2M2bb
2z2+ib `2 KQ/2`i2 b HQM; b T2`KBi HHQ+iBQM Bb 7`22 Q7 +?`;2X b H`;2` b?`2 Q7 T2`KBib
rBHH #2 m+iBQM2/ BM i?2 7mim`2- i?2 KQbi 2M2`;v@BMi2MbBp2 BM/mbi`B2b rBHH #2 i `BbF Q7 +QKT2i@
BiBp2M2bb HQbbX :`m##- "`2r2`- aiQ- >2BHKv`- M/ 6x2Fb UkyyNV `;m2 i?i bm+? /2i`BK2MiH
+QKT2iBiBp2M2bb BKT+ib `2 HBKBi2/ iQ bKHH MmK#2` Q7 BM/mbi`v b2+iQ`bX
o2`v 72r 2t TQbi 2pHmiBQM bim/B2b Q7 i?2 +QKT2iBiBp2M2bb 2z2+ib Q7 i?2 1l 1ha ?p2 #22M
+QKTH2i2/ iQ /i2X J`iBM 2i HX UkyRj#V `2pB2r i?Bb HBi2`im`2 BM /2iBHX .2KBHHv M/ ZmB`BQM
Ukyy3V M/ M;2` M/ P#2`M/Q`72` Ukyy3V bim/v i?2 BKT+i Q7 i?2 1l 1ha QM T`Q/m+iBQM M/
T`Q}i#BHBiv `2bT2+iBp2Hv 7Q` i?2 b2+iQ` Q7 B`QM M/ bi22H BM/mbi`v BM bKTH2 Q7 :2`KM }`KbX
h?2 7Q`K2` bim/v }M/b KQ/2bi +QKT2iBiBp2M2bb HQbb2b M/ i?2 Hii2` MQ bB;MB}+Mi BKT+i QM
8
`2p2Mm2b Q` 2KTHQvK2Mi Q7 i?2 }`Kb mM/2` `2;mHiBQMX _2+2Mi `2b2`+? ?b HbQ 2bi#HBb?2/
i?i i?2 2tBbiBM; HHQ+iBQM `mH2b #v i?2 1l `2 MQi QTiBKH M/ +QmH/ #2 KQ/B}2/ iQ +?B2p2
;`2i2` 2KBbbBQMb `2/m+iBQMb b r2HH b HQr2` `BbF Q7 +`#QM H2F;2 M/ HQbb Q7 +QKT2iBiBp2M2bb
UJ`iBM- JmȿHb- /2 S`2mt- M/ q;M2`- kyR9#-+VX bB/2 7`QK i?i- `2b2`+?2`b ?p2 #22M F22M
iQ 2pHmi2 i?2 2z2+iBp2M2bb Q7 i?2 1l 1ha i BM+2MiBpBxBM; +`#QM #i2K2MiX 1HH2`KM M/
"m+?M2` Ukyy3V M/ rQ`F #v .2H`m2 M/ .Ƕ?2b2H22` UkyydV +QK#BM2 i?2 *QKKmMBiv AM/2@
T2M/2Mi h`Mb+iBQM GQ; U*AhGV M/ +`#QM T`B+2 /i iQ T2`7Q`K +QmMi2`7+imH bBKmHiBQMb
i i?2 b2+iQ` H2p2HX 1HH2`KM 2i HX UkyRyV HbQ mb2 K+`Q TT`Q+? b r2HH b /i QM i?2
2H2+i`B+ miBHBiv b2+iQ` iQ bim/v #i2K2MiX HH i?`22 b?Qr i?2 Qp2`HH bm++2bb Q7 i?2 K`F2i@
#b2/ BMbi`mK2Mib QM 2KBbbBQMb #i2K2Mi- 2p2M i?Qm;? i?2 2KBbbBQM +Tb BM S?b2 A im`M2/
Qmi MQi iQ #2 #BM/BM;X 1KBbbBQM +Tb BM S?b2 AA ?p2 #22M KQ`2 K#BiBQmb bQ i?i i?2 `BbF Q7
Qp2`@HHQ+iBQM ?b #22M bm#biMiBHHv `2/m+2/ U1HH2`KM M/ CQbFQr- kyy3VX R
S2i`B+F M/ q;M2` UkyR9V mb2 /KBMBbi`iBp2 /i QM :2`KM KMm7+im`BM; }`Kb iQ 2biBKi2
i?2 BKT+i Q7 i?2 1l 1ha mbBM; M2`2bi@M2B;?#Q` Ki+?BM;X h?2v }M/ bB;MB}+Mi `2/m+iBQM
BM +`#QM 2KBbbBQMb /m`BM; i?2 }`bi ?H7 Q7 T?b2 AA Ui?2 Hbi v2` BM+Hm/2/ Bb kyRyV BM i?2
Q`/2` Q7 k8W i i`2i2/ }`KbX q?BH2 i?2v }M/ MQ 2z2+i QM 2KTHQvK2Mi- i?2v }M/ KQ/2`i2
#mi biiBbiB+HHv bB;MB}+Mi BM+`2b2b BM i?2 pHm2 Q7 QmiTmi M/ 2tTQ`ib /m`BM; i?2 b2+QM/
T?b2 Ĝ BMi2`T`2i2/ b i?2 Tbb@i?`Qm;? Q7 +`#QM T`B+2b QMiQ +QMbmK2`bX AM +QMi`bi iQ i?2B`
}`K@H2p2H MHvbBb- i?Bb TT2` MHvb2b i?2 TQHB+v BKT+i i i?2 THMi H2p2H @ i?2 }M2bi H2p2H Q7
/Bb;;`2;iBQM pBH#H2 iQ `2b2`+?2`b M/ i?2 H2p2H i r?B+? i`2iK2Mi Bb HHQ+i2/ mM/2` i?2
1ha r?2M THMi ?b QMHv QM2 BMbiHHiBQM Q` B7 HH THMi BMbiHHiBQMb `2 `2;mHi2/X
AM bmKK`v- Km+? Q7 i?2 2+QMQK2i`B+ 2pB/2M+2 QM i?2 2z2+ib Q7 i?2 1l 1ha bQ 7` Bb HBKBi2/ BM
b+QT2 M/ #b2/ T`BK`BHv QM b2+iQ`@H2p2H MHvbBbX q?BH2 bm+? M TT`Q+? ;Bp2b }`bi BMbB;?i
QM i?2 2z2+ib Q7 i?2 TQHB+v- Bi /Q2b MQi T`QpB/2 +QM+HmbBp2 2pB/2M+2 iQ /Bb2MiM;H2 i?2 +mbH
2z2+i Q7 i?2 1l 1ha 7`QK Qi?2` +QM+m``2Mi 2p2MibX 6m`i?2`KQ`2- r?BH2 T`2pBQmb 2zQ`ib ?p2
#22M K/2 iQ B/2MiB7v i?2 K;MBim/2 Q7 i?2 1ha QM 2MpB`QMK2MiH M/ 2+QMQKB+ T2`7Q`KM+2i?2`2 ?p2 #22M KBMBKH 2zQ`ib iQ mM/2`biM/ i?2 /`BpBM; 7Q`+2b #2?BM/ i?2b2 2z2+ibX q2 rBHH
//`2bb i?2b2 T`Q#H2Kb #v KFBM; mb2 Q7 HQM;Bim/BMH Q#b2`piBQMb i i?2 H2p2H Q7 i?2 BM/BpB/mH
#mbBM2bb 2Mi2`T`Bb2- 7Q` #Qi? 1ha M/ MQM@1ha THMib- iQ bim/v i?2 2z2+ib Q7 i?2 TQHB+v QM
2M2`;v mb2 M/ 2+QMQKB+ T2`7Q`KM+2 M/ 2tTHQBi i?2 ;`MmH`Biv M/ `B+?M2bb Q7 i?2 /i iQ
#2ii2` mM/2`biM/ i?2 /`BpBM; 7Q`+2b mM/2`HvBM; i?2 2biBKi2/ 2z2+ibX
j .i
jXR
MMmH am`p2v Q7 AM/mbi`BH 1M2`;v *QMbmKTiBQM
h?2 1*1A UGǶ1M[m2i2 MMm2HH2 bm` H2b *QMbQKKiBQMb /Ƕ1M2`;B2 /Mb HǶAM/mbi`B2V Bb bm`p2v
R
b 7` b Qi?2` +HBKi2 TQHB+v K2bm`2b `2 +QM+2`M2/- Bi ?b #22M b?QrM i?i i?2 *HBKi2 *?M;2 G2pv 7Q`
lE KMm7+im`BM; }`Kb ?/ MQ bB;MB}+Mi BKT+ib QM 2KTHQvK2Mi- ;`Qbb QmiTmi Q` iQiH 7+iQ` T`Q/m+iBpBiv
M/ i?i bm#biMiBH it /Bb+QmMi ;`Mi2/ iQ bQK2 }`Kb T`2p2Mi2/ 7m`i?2` +mib BM 2M2`;v mb2 UJ`iBM- /2 S`2mtM/ q;M2`- kyR9VX
e
+QM/m+i2/ MMmHHv BM 6`M+2Xkj Ai T`QpB/2b [mMiBiB2b M/ pHm2b Q7 2M2`;v +QMbmK2/ #v
2M2`;v ivT2 b r2HH b i?2 /Bz2`2Mi mb;2b Q7 2+? ivT2 Q7 2M2`;vX Pi?2` p`B#H2b T`QpB/2/ BM
i?2 bm`p2v BM+Hm/2 2KTHQvK2Mi- ;2Q;`T?B+H HQ+iBQM M/ b2+iQ`H +HbbB}+iBQMX AM7Q`KiBQM
7Q` i?2 7QHHQrBM; 2M2`;v ivT2b Bb `2[m2bi2/ 7`QK i?2 bm`p2v2/ }`Kb, 2H2+i`B+Biv U#Qm;?i- miQ@
T`Q/m+2/ M/ `2bQH/V- pTQm`- Mim`H ;b- Qi?2` ivT2b Q7 ;b pBH#H2 QM i?2 M2irQ`F- +QHHB;MBi2- +QF2- #miM2- T`QTM2- ?2pv 7m2H QBH- ?2iBM; QBH- Qi?2` T2i`QH2mK T`Q/m+ib- i?2 #H+F
HB[mQ` U #vT`Q/m+i Q7 i?2 +?2KB+H /2+QKTQbBiBQM Q7 rQQ/ 7Q` KFBM; TT2` TmHTV- rQQ/ M/
Bib #v@T`Q/m+ib- bT2+BH `2M2r#H2 7m2Hb- bT2+BH MQM@`2M2r#H2 7m2HbX 1H2+i`B+Biv mb;2b BM+Hm/2,
/`BpBM; 7Q`+2- i?2`KH mb2b- Qi?2` mb2b UBM+Hm/BM; 2H2+i`QHvbBbVX 6Q` Qi?2` ivT2b Q7 2M2`;v- i?2
bm`p2v /BbiBM;mBb?2b #2ir22M, KMm7+im`BM;- 2H2+i`B+Biv T`Q/m+iBQM- `r Ki2`BHb- ?2iBM;
M/ Qi?2` Tm`TQb2bX
lMiBH kyyd- }`Kb +Qp2`2/ #v i?2 bm`p2v BM+Hm/2/ i?Qb2 BM b2+iQ`b Rk iQ jd9 ++Q`/BM; iQ i?2
L6 `2pXR +HbbB}+iBQM- 2[mBpH2Mi i i?2 irQ@/B;Bi H2p2H iQ i?2 L*1 `2pXRX AM i?2 KQbi
`2+2Mi v2`b- #Qmi Rk-yyy 2bi#HBb?K2Mib `2 T`i Q7 i?2 bKTH2, HH BM/mbi`BH 2bi#HBb?K2Mib
2KTHQvBM; ky 2KTHQv22b Q` KQ`2 BM i?2 KQbi 2M2`;v +QMbmKBM; b2+iQ`b UkjXjkw- kjX8Rw M/
kjX8kwVc HH 2bi#HBb?K2Mib rBi? KQ`2 i?M i2M 2KTHQv22b BM b2+iQ` kyXRRw UKMm7+im`BM; Q7
BM/mbi`BH ;b2bVc HH 2bi#HBb?K2Mib rBi? KQ`2 i?M k8y 2KTHQv22b QM i?2 jRbi Q7 /2+2K#2` Q7
i?i v2`c bKTH2 Q7 2bi#HBb?K2Mib rBi? 2KTHQvK2Mi #2ir22M ky M/ k9N 2KTHQv22b BM b2+iQ`b
i?i `2 MQi 2M2`;v BMi2MbBp2X h?2 bKTHBM; 7`K2 BM+Hm/2b HH 6`2M+? KMm7+im`BM; 2Mi2`T`Bb2b
M/ 2bi#HBb?K2MibX h?2 H2p2H Q7 bm`p2v Bb i?2 2bi#HBb?K2Mi `i?2` i?M i?2 2Mi2`T`Bb2 ;Bp2M
i?i 2M2`;v +QMbmKBM; Ki2`BHb- 2H2+i`B+Biv M/ ;b K2i2`b M/ 7m2H iMFb `2 ?2H/ i i?i
H2p2HX h?2 `2bTQMb2 `i2 Bb +HQb2 iQ NyWX
jXk
MMmH "mbBM2bb am`p2v
h?2 11 UGǶ1M[m2i2 MMm2HH2 /2b 1Mi`2T`Bb2V +QHH2+ib #HM+2@b?22i /i i i?2 }`K H2p2H QM
im`MQp2`- 2KTHQvK2Mi- +TBiH- M/ ;;`2;i2 r;2b- b r2HH b BM7Q`KiBQM #Qmi }`K HQ+iBQM
M/ BM/mbi`v +HbbB}+iBQMX h?2 /i Bb H2bb /2iBH2/ i i?2 THMi H2p2HX h?2 /i `2 pBH#H2
7Q` i?2 T2`BQ/ RNNk iQ kyRy 7Q` }`Kb rBi? KQ`2 i?M ky 2KTHQv22b M/ HH i?2 THMib Q7 i?Qb2
}`KbX
jXj
h?2 1m`QT2M lMBQM h`Mb+iBQM GQ;
q?2M i?2 1l 1ha rb 2bi#HBb?2/ BM kyy8- 2+? J2K#2` aii2 +`2i2/ Bib QrM MiBQMH
`2;Bbi`v +QMiBMBM; HHQrM+2 ++QmMib 7Q` 2+? THMi M/ Qi?2` K`F2i T`iB+BTMibX h?2b2
`2;Bbi`B2b BMi2`HBMF rBi? i?2 *QKKmMBiv AM/2T2M/2Mi h`Mb+iBQM GQ; UQ` *AhGV- QT2`i2/ #v
i?2 *QKKBbbBQM- r?B+? `2+Q`/b M/ +?2+Fb 2p2`v i`Mb+iBQMX Ai Bb MQr +2Mi`HBb2/ b i?2
k
lMiBH kyy3 Bi rb +QM/m+i2/ #v i?2 a2`pB+2 /2b ûim/2b 2i /2b biiBbiB[m2b BM/mbi`B2HH2b Ua1aaAV- i?2 KBMBbi`v
BM +?`;2 Q7 KMm7+im`BM;X aBM+2 kyyN i?2 1*1A ?b #22M +QM/m+i2/ #v i?2 aiiBbiB+H /B`2+iBQM Q7 ALa11i?2 LiBQMH AMbiBimi2 Q7 aiiBbiB+b M/ 1+QMQKB+ aim/B2bX
j
HH THMi@H2p2H /i mb2/ ?2`2 rb T`QpB/2/ 7Q` `2b2`+? Tm`TQb2b #v mi?Q`BxiBQM Q7 i?2 *QKBiû /m a2+`2i
aiiBbiB[m2X
9
2t+2Ti b2+iQ`b R8- Re- kyXR- kkXR M/ kj
d
1m`QT2M lMBQM h`Mb+iBQM GQ; UQ` 1lhGVX 1+? Q7 i?2 TT`QtBKi2Hv Rk-yyy BMbiHHiBQMb
?b M ǴQT2`iQ` ?QH/BM; ++QmMiǴ BM Bib MiBQMH `2;Bbi`v- BMiQ r?B+? Bib QrM HHQrM+2b `2
Bbbm2/X Mv BM/BpB/mH Q` Q`;MBbiBQM rBb?BM; iQ T`iB+BTi2 BM i?2 K`F2i Bb #H2 iQ QT2M
mT i?2B` QrM dzT2`bQM ?QH/BM; ++QmMiǴ BM Mv Q7 i?2 `2;Bbi`B2bX h?2 *AhGǶb r2# T;2b KF2b
Tm#HB+Hv pBH#H2 +QMi+i /2iBHb 7Q` 2+? ++QmMi- i?2 MmK#2` Q7 HHQrM+2b HHQ+i2/ mM/2`
i?2 dzMiBQMH HHQ+iBQM THMǴ M/ i?2 +QKTHBM+2 TQbBiBQM Q7 2+? THMiX _2+Q`/b Q7 Qi?2`
ivT2b Q7 i`Mb+iBQMb `2 K/2 pBH#H2 7i2` T2`BQ/ Q7 }p2 v2`b ?b Tbb2/X
AM 6`M+2- i?2 MiBQMH `2;Bbi`v Bb KM;2/ #v i?2 *Bbb2 /2b .ûTƬibX h?2B` r2#bBi2 T`QpB/2b
//BiBQMH BM7Q`KiBQM- BM+Hm/BM; HBMF #2ir22M i?2 T2`KBi B/2MiB}2` U:A.A*V 7`QK i?2 MiBQMH
`2;Bbi`v M/ i?2 aA_1L UavbiĕK2 /ǶA/2MiB}+iBQM /m _ûT2`iQB`2 /2b 1Mi`2T`Bb2bV B/2MiB}2` 7`QK
i?2 ALa11X Hi?Qm;? 2+? THMi BM i?2 1*1A Bb B/2MiB}2/ #v aA_1h MmK#2`- i?2 aA_1L
MmK#2` +Q``2bTQM/b iQ i?2 }`bi MBM2 /B;Bib Q7 i?2 aA_1h MmK#2`- r?B+? HHQrb [mbB@T2`72+i
Ki+?BM; Q7 i?2 irQ /i#b2b i?`Qm;? i?2 aA_1L M/ TQbi+Q/2 B/2MiB}2`bX q?2M KmHiBTH2
THMib Q7 1l 1ha T`iB+BTiBM; 2Mi2`T`Bb2 b?`2 i?2 bK2 TQbi+Q/2- MK2 Ki+?BM; M/
HiBim/2@HQM;Bim/2 BM7Q`KiBQM pBH#H2 BM i?2 *AhG rb mb2/ iQ 2Mbm`2 #2ii2` Ki+?X
jX9
.2b+`BTiBp2 biiBbiB+b
h?2 `2bmHiBM; /ib2i BM+Hm/2b RR-8d8 THMib rBi?BM N-9N9 }`KbX je3 THMib rBi?BM kdN }`Kb
`2 T`i Q7 i?2 1l 1haX h#H2 R T`2b2Mib /2b+`BTiBp2 biiBbiB+b Q7 i?2 /Bz2`2Mi p`B#H2b mb2/
BM Qm` 2+QMQK2i`B+ MHvbBbX h#H2 k /2KQMbi`i2b ?Qr 1ha M/ MQM@1ha THMib /Bz2` rBi?BM
i?2b2 /BK2MbBQMbX h#H2 j T`2b2Mib /2b+`BTiBp2 biiBbiB+b Q7 i?2 /Bz2`2Mi p`B#H2b mb2/ BM Qm`
2+QMQK2i`B+ MHvbBb 7Q` 1ha THMib- #b2/ QM r?2i?2` i?2v #2HQM; iQ }`Kb rBi? KmHiBTH2
THMib i?i QMHv ?p2 1ha THMibc iQ }`Kb rBi? #Qi? 1ha M/ MQM@1ha THMibc Q` r?2i?2`
i?2v #2HQM; iQ bBM;H2@THMi 1ha }`KX q2 Q#b2`p2 i?i kNW Q7 1ha THMib `2 T`i Q7 }`Kb
rBi? MQM@1ha 7+BHBiB2bX qBi?BM i?Bb bm#b2i Q7 }`Kb- ekW Q7 i?2 THMib `2 MQi `2;mHi2/ #v
i?2 1haX Pp2`HH- r2 b22 i?i 1ha THMib `2 QM p2`;2 H`;2`- 2KBi KQ`2 :>: 2KBbbBQMb M/
`2 KQ`2 +`#QM BMi2MbBp2X h?2 7QHHQrBM; b2+iBQM /2b+`B#2b ?Qr r2 +QMbi`m+i `2T`2b2MiiBp2
+QMi`QH ;`QmT iQ +QKT`2 `2;mHi2/ M/ MQM@`2;mHi2/ THMib ;Bp2M i?2 Q#b2`p2/ /Bz2`2M+2b BM
+Qp`Bi2bX
9 _2b2`+? .2bB;M
AM i?Bb bim/v- r2 2tTHQBi p`BiBQM BM i?2 b2H2+iBQM +`Bi2`BQM #v r?B+? THMib `2 `2[mB`2/ iQ DQBM
i?2 1l 1haX "mBH/BM; QM i?2 TQi2MiBH Qmi+QK2b 7`K2rQ`F +QKKQMHv mb2/ BM i?2 T`Q;`K
2pHmiBQM HBi2`im`2- r2 T`QTQb2 i?i THMib +M #2 BM QM2 Q7 irQ bii2b, 2Bi?2` T`i Q7 i?2
K`F2i@#b2/ 1l 1ha- Q` T`2pBHBM; BM bii2 Q7 #mbBM2bb b mbmHX8
G2i ET Si = 1- B7 THMi B Bb K2K#2` Q7 i?2 1l 1ha M/ Bb i?2`27Q`2 T`i Q7 i?2 dzi`2iK2Mi
;`QmTǴX G2i ET Si = 0 B7 THMi B Bb MQi T`i Q7 i?2 1l 1ha M/ Bb i?2`27Q`2 T`i Q7 i?2
8
a22 >QHHM/ URN3eV 7Q` /22T2` /Bb+mbbBQM Q7 +mbH BM72`2M+2- i?2 TQi2MiBH Qmi+QK2b 7`K2rQ`F- M/ Bib
?BbiQ`vX
3
+QMi`QH ;`QmTX h?2 TQi2MiBH Qmi+QK2b Yit (1) M/ Yit (0)- +QM/BiBQMH QM K2K#2`b?BT M/ MQM@
K2K#2`b?BT `2bT2+iBp2Hv- /2MQi2 i?2 Qmi+QK2 p`B#H2b Q7 BMi2`2bi 7Q` THMi B BM i?2 TQbi@
i`2iK2Mi T2`BQ/ Ui4RV Q` i?2 T`2@i`2iK2Mi T2`BQ/ Ui4yVX q2 `2 BMi2`2bi2/ BM 2biBKiBM; i?2
p2`;2 i`2iK2Mi 2z2+i QM i?2 i`2i2/ UhhV,
αAT T = E[Yi1 (1) − Yi1 (0)|ET Si = 1],
r?2`2 αAT T K2bm`2b i?2 p2`;2 2z2+i Q7 i?2 1l 1ha QM i?2 Qmi+QK2 p`B#H2 Q7 BMi2`2biMK2Hv THMi H2p2H 2KBbbBQMbX 1KBbbBQMb i #Qi? i`2i2/ M/ mMi`2i2/ THMib `2 Q#b2`p2/ 7Q`
b2p2`H v2`b T`BQ` iQ i?2 MMQmM+2K2Mi Q7 i?2 1l 1ha BM kyyy- T`BQ` iQ Bib BKTH2K2MiiBQM BM
kyy8 M/ 7Q` S?b2b A M/ AA Q7 i?2 b+?2K2Xe
h?2 T`Q#H2K BM B/2MiB7vBM; i?2 +mbH 2z2+i Q7 i?2 1l 1ha `Bb2b 7`QK KBbbBM; /iX SHMi@
H2p2H 2KBbbBQMb /i 7Q` 1l 1ha T`iB+BTMib /m`BM; i?2 v2`b 7QHHQrBM; i?2 BKTH2K2MiiBQM Q7
i?2 T`Q;`KK2 +M #2 mb2/ iQ B/2MiB7v E[Yi1 (1)|ET Si = 1]X >Qr2p2`- [Yi1 (0)|ET Si = 1] Bb MQi
Q#b2`p2/X *QmMi2`7+imH Qmi+QK2b `2 +QMbi`m+i2/ mbBM; 2KBbbBQMb Q#b2`p2/ i THMib i?i `2
MQi bm#D2+i2/ iQ i?2 1l 1ha 7Q` i?2 /m`iBQM Q7 i?2 bim/vX
h?2 +`m/2bi M/ KQbi MBp2 2biBKi2 Q7 i?2 αAT T Bb Q#iBM2/ #v +QKTmiBM; M mM+QM/BiBQMH
/Bz2`2M+2@BM@/Bz2`2M+2X >Qr2p2`- QM2 Q7 i?2 KDQ` +QMbi`BMib BM 2biBKiBM; i?2 +mbH 2z2+i Q7
i?2 1l 1ha Bb +QMbi`m+iBM; bmBi#H2 +QmMi2`7+imH rBi? r?B+? iQ +QKT`2 1l 1ha THMibX
A7 i?2`2 `2 bB;MB}+Mi /Bz2`2M+2b #2ir22M i?2 +?`+i2`BbiB+b Q7 1ha M/ MQM@1ha THMib i?i
`2 +Q``2Hi2/ iQ THMi@H2p2H 2KBbbBQMb /vMKB+b- i?2M 2biBKi2b Q7 i?2 +mbH 2z2+i Q7 i?2 1l
1ha QM 2KBbbBQMb M/ 2+QMQKB+ Qmi+QK2b Kv #2 b2`BQmbHv #Bb2/ Ub22 >2+FKM- A+?BKm` M/
hQ//- RNN3VX
biased
αAT
T = E[∆Yi (1)|ET Si = 1] + E[Y0i |ET Si = 1] − E[Y0i |ET Si = 0].
hQ `2/m+2 i?2 #Bb BMi`Q/m+2/ #v Q#b2`p#H2 /Bz2`2M+2b #2ir22M 1ha M/ MQM@1ha THMibr2 2KTHQv b2KB@T`K2i`B+ +QM/BiBQMBM; bi`i2;v i?i Ki+?2b i`2i2/ THMib iQ MQM@i`2i2/
THMib #b2/ QM Q#b2`p#H2 +?`+i2`BbiB+b BM i?2 bTB`Bi Q7 >2+FKM- A+?BKm`- M/ hQ// URNNdc
RNN3V- "HmM/2HH 2i HX UkyyRV M/ #/B2 Ukyy8VX
9XR
a2KB@T`K2i`B+ +QM/BiBQMBM; bi`i2;v
b /Bb+mbb2/- bBKTH2 +QKT`BbQM Q7 1ha THMib rBi? MQM@1ha THMib- 2p2M 7i2` +QMi`QHHBM; 7Q`
Q#b2`p#H2b- Kv biBHH `2bmHi BM #Bb- ii`B#miBM; bQK2 Q7 i?2 +?M;2b #2ir22M i?2 Qmi+QK2 p`B@
#H2b iQ i?2 1l 1ha r?2M i?2v `2 `2HHv i?2 `2bmHi Q7 Qi?2` bvbi2KiB+ /Bz2`2M+2b #2ir22M
i`2iK2Mi M/ +QMi`QH THMibX Ji+?BM; 2biBKiQ`b- M 2ti2MbBQM Q7 biM/`/ `2;`2bbBQM T@
T`Q+?2b- +M ?2HT mb iQ `2/m+2 i?Bb #Bb- r?BH2 pQB/BM; i?2 T`K2i`B+ bbmKTiBQMb #Qmi i?2
`2HiBQMb?BT #2ir22M i?2 Qmi+QK2 p`B#H2 M/ i?2 +QMi`QH p`B#H2b BM Xi X Pm` TT`Q+? 7QHHQrb
>2+FKM 2i HX URNNd- RNN3V- r?Q BKTH2K2Mi i?2 7QHHQrBM; ;2M2`HBx2/ /Bz2`2M+2@BM@/Bz2`2M+2
2biBKiQ`,
e
1KBbbBQMb `2 +QMp2`i2/ 7`QK 7m2H mb2 7`QK i?2 1*1A /i#b2 mbBM; biM/`/Bx2/ +QMp2`bBQM 7+iQ`b iQ
#2 mb2/ #v 1l 1ha T`iB+BTMib BM 6`M+2 T`QpB/2/ #v i?2 .1J1 ;2M+vX
N
E[Yi1 (1) − Yi0 (1)|Xi , ET Si = 1]
αAT T =
=
1
N1
!
j∈I1 {(Yjt1 (1)
− Yjt0 (0)) −
!
k∈I0
ωjk (Ykt1 (0) − Ykt0 (0))}
r?2`2 I1 /2MQi2b i?2 b2i Q7 1l 1ha THMib- I0 i?2 b2i Q7 MQM@1ha THMib- M/ N1 i?2 MmK#2`
Q7 T`iB+BTiBM; THMib BM i?2 i`2iK2Mi ;`QmTX h?2 i`2i2/ THMib `2 BM/2t2/ #v jc i?2
+QMi`QH THMib `2 BM/2t2/ #v kX h?2 r2B;?i TH+2/ QM MQM@1ha THMi r?2M +QMbi`m+iBM; i?2
+QmMi2`7+imH 2biBKi2 7Q` 1l 1ha THMi j Bb ωjk . h?2b2 r2B;?ib +M #2 +H+mHi2/ mbBM; Mv
Ki+?BM; TT`Q+?X h?Bb BKTQb2b i?2 bK2 /Bbi`B#miBQM Q7 +Qp`Bi2b 7Q` 1ha M/ MQM@1ha
THMib U_Qb2M#mK M/ _m#BM- RN3jVX
}MH bbmKTiBQM- M2+2bb`v iQ `mH2 Qmi bTBHHQp2`b M/ ;2M2`H 2[mBHB#`BmK 2z2+ib- Bb i?i
TQi2MiBH Qmi+QK2b i QM2 THMi `2 BM/2T2M/2Mi Q7 i?2 i`2iK2Mi biimb Q7 Qi?2` THMibX h?Bb
Bb FMQrM b i?2 bi#H2 mMBi i`2iK2Mi pHm2 bbmKTiBQM Ualhoc _m#BM- RN3yVX q?BH2 Bi Bb
bi`B;?i7Q`r`/ iQ /2KQMbi`i2 i?i i?2 +QKKQM bmTTQ`i +QM/BiBQM M/ T`HH2H T`2@i`2M/b
bbmKTiBQM `2 biBb}2/- Qi?2` bbmKTiBQMb- bm+? b alho `2 MQi i2bi#H2c ?Qr2p2`- r2 +M
BKTH2K2Mi BM/B`2+i i2bib iQ 2pHmi2 r?2i?2` i?2b2 bbmKTiBQMb `2 THmbB#H2X h?Bb Bb BKTQ`iMi
b Bi KB;?i #2 i?2 +b2 i?i rBi?BM }`K- 2KBbbBQMb `2 `2HHQ+i2/ 7`QK 1ha THMib iQ MQM@
1ha THMibX 7m`i?2` +QM+2`M `2 TQbbB#H2 ;2M2`H 2[mBHB#`BmK 2z2+ib #2ir22M i`2iK2Mi M/
+QMi`QH THMibX A7 i?2 1ha z2+ib i?2 T`Q/m+iBpBiv Q7 H`;2` }`Kb- MQM@`2;mHi2/ THMib Kv
BM+`2b2 i?2B` K`F2i b?`2- BM+`2bBM; QmiTmi M/ 2KBbbBQMbX h?Bb Kv BM~i2 Qm` 2biBKi2
Q7 i?2 p2`;2 i`2iK2Mi 2z2+iX "v ;;`2;iBM; Qm` MHvbBb iQ i?2 }`K H2p2H U7Q`i?+QKBM;V
r2 +M +?2+F 7Q` TQi2MiBH bTBHHQp2`b rBi?BM@}`K- Hi?Qm;? r2 `2 mM#H2 iQ `mH2 Qmi bTBHHQp2`b
#2ir22M }`KbX lM/2`biM/BM; i?2 2z2+ib Q7 `2;mHiBQM M/ K`F2i BM+2MiBp2b QM K`F2i TQr2`
M/ +QKT2iBiBQM Bb M BMi2`2biBM; `2 7Q` 7mim`2 `2b2`+?X 6Q` HH THMi@H2p2H `2;`2bbBQMb i?2
biM/`/ 2``Q`b `2 +Hmbi2`2/ i i?2 }`K H2p2H iQ ++QmMi 7Q` Mv rBi?BM@}`K +Q``2HiBQM +`Qbb
THMibX
8 _2bmHib
AM i?Bb b2+iBQM r2 `2TQ`i i?2 `2bmHib 7`QK i?2 b2KB@T`K2i`B+ /Bz2`2M+2@BM@/Bz2`2M+2 TT`Q+?X
6Q` 2+? 1l 1ha THMi M/ 7Q` }t2/ #b2@v2`- r2 B/2MiB7v i?2 M2`2bi M2B;?#Qm` Ki+?
#b2/ QM T`QT2MbBiv b+Q`2Xd :Bp2M i?2 /B{+mHiB2b bbQ+Bi2/ rBi? bBx2 /Bz2`2M+2b #2ir22M
THMib- r2 2biBKi2 i?2 T`QT2MbBiv b+Q`2 mbBM; i?2 +`#QM BMi2MbBiv Q7 2+? THMi BM i?2 v2`
RNNN- i?2 MMQmM+2K2Mi v2` Q7 i?2 1l 1haX q2 HbQ Ki+? 2+? THMi 2t+iHv #v b2+iQ` i
i?2 irQ@/B;Bi H2p2HX3 "HM+2 i2bib `2 `2TQ`i2/ BM i?2 TT2M/BtX
d
_2bmHib- pBH#H2 QM `2[m2bi- `2 `Q#mbi iQ M2`2bi M2B;?#Qm` Ki+?BM; #b2/ QM 1m+HB/2M /BbiM+2 Q`
K?HMQ#Bb r2B;?iBM;X
3
_2bmHib- pBH#H2 mTQM `2[m2bi- `2 #`Q/Hv `Q#mbi iQ Ki+?BM; QM //BiBQMH +Qp`Bi2bX hQ bQK2 /2;`22
r2 `2 HBKBi2/ #v i?2 MmK#2` Q7 +Qp`Bi2b pBH#H2 iQ Ki+? QM- MK2Hv :>: 2KBbbBQMb- 2KTHQvK2Mi- M/
+`#QM 7+iQ` BMi2MbBivX _2bmHib `2 HbQ `Q#mbi iQ Ki+?BM; QM +`#QM 7+iQ` BMi2MbBiv M/ Ki+?BM; 2t+iHv
Ry
q2 #2;BM #v 2tKBMBM; i?2 2z2+ib Q7 i?2 1l 1ha i i?2 THMi H2p2HX q2 i?2M i2bi i?2 `Q#mbiM2bb
Q7 i?2b2 `2bmHib i i?2 }`K H2p2H M/ /2+QKTQb2 Mv 2z2+ib #b2/ QM i?2 bi`m+im`2 Q7 i?2 }`K
BM Q`/2` iQ B/2MiB7v i?2 T`2b2M+2- B7 Mv- Q7 bi`i2;B+ #2?pBQm` M/ H2F;2X
HH Q#b2`piBQMb T`BQ` iQ i?2 v2` RNNN `2 /2}M2/ b i?2 T`2@MMQmM+2K2Mi T?b2- i2bi Q7
i?2 T`HH2H i`2M/b bbmKTiBQMX "2ir22M RNNN M/ kyy9 r2 /2}M2 i?2 MMQmM+2K2Mi T?b2- iQ
+Tim`2 Mv bi`i2;B+ Q` 2tT2+iiBQMb@`2Hi2/ #2?pBQ` #v }`Kb bbQ+Bi2/ rBi? i?2 1l 1ha
#27Q`2 Bib BKTH2K2MiiBQMX S?b2 A Bb /2}M2/ b i?2 T2`BQ/ +Qp2`BM; kyy8@kyyd M/ S?b2 AA Bb
/2}M2/ b i?2 T2`BQ/ +Qp2`BM; kyy3@kyRyXN h?2 +Q2{+B2Mi BM i#H2 9 `2TQ`ib i?2 p2`;2 Q7 2+?
Q7 i?2b2 S?b2b Ĝ i?2 p2`;2 i`2iK2Mi 2z2+i QM i?2 i`2i2/X h?2 p2`;2 i`2iK2Mi 2z2+i QM
i?2 i`2i2/ 7Q` 2+? v2` Bb HbQ `2TQ`i2/ ;`T?B+HHv 7i2` 2+? i#H2X
8XR
SHMi G2p2H _2bmHib
h#H2 9 T`2b2Mib i?2 #b2HBM2 `2bmHib- TTHvBM; i?2 b2KB@T`K2i`B+ /Bz2`2M+2@BM@/Bz2`2M+2
bi`i2;v iQ THMi@H2p2H KMm7+im`BM; /i BM 6`M+2X 1+? TM2H `2TQ`ib i?2 p2`;2 i`2iK2Mi
2z2+i Q7 i?2 1l 1ha QM i`2i2/ 7+BHBiB2b +QKT`2/ iQ i?2 MMQmM+2K2Mi Q7 i?2 1l 1ha BM
kyyy 7Q` /Bz2`2Mi Qmi+QK2 p`B#H2, :>: 2KBbbBQMb- 1KTHQvK2Mi- M/ *`#QM AMi2MbBiv UHH
BM HQ;bVXRy
AM TM2H - r2 `2TQ`i i?2 2z2+i Q7 i?2 1l 1ha QM i?2 :>: 2KBbbBQMb Q7 1ha THMib +QKT`2/
iQ MQM@1ha THMibX *`m+BHHv- r2 MQi2 i?i /m`BM; i?2 T`2@MMQmM+2K2Mi T2`BQ/ i?2`2 TT2`b
iQ #2 MQ bB;MB}+Mi /Bz2`2M+2 #2ir22M 1ha M/ MQM@1ha 7+BHBiB2bX AM #Qi? i?2 MMQmM+2K2Mi
T?b2 M/ S?b2 A- r2 Q#b2`p2 MQ bB;MB}+Mi /Bz2`2M+2b BM 2KBbbBQMb #2ir22M 1ha M/ MQM@1ha
7+BHBiB2b +QKT`2/ iQ i?2 #b2HBM2 v2` RNNNX AM S?b2 AA r2 }M/ i?i i?2 1l 1ha ?b ?/
bB;MB}+Mi 2z2+i QM THMi@H2p2H 2KBbbBQMb- Q#b2`pBM; `2/m+iBQM BM :>: 2KBbbBQMb `M;BM;
7`QK RjXj@R8XdW- rBi? i?2 2z2+i bBx2 BM+`2bBM; b r2 `2bi`B+i i?2 KtBKmK /BbiM+2 #2ir22M
Ki+?BM; T`iM2`bX h?Bb Bb i?2 M2i 2z2+i Q7 `2H 2KBbbBQM `2/m+iBQMb M/ Mv +`#QM H2F;2X
SM2H " `2TQ`ib i?2 2z2+ib Q7 i?2 1l 1ha QM 2KTHQvK2Mi rBi?BM 1ha THMib +QKT`2/ iQ MQM@
1ha THMibX AMi2`2biBM;Hv- r2 Q#b2`p2 `2/m+iBQM BM 2KTHQvK2Mi /m`BM; i?2 MMQmM+2K2Mi
T?b2 M/ HbQ BM S?b2 AA- BM/B+iBM; i?i i?2 1l 1ha Kv ?p2 ?/ M BKT+i QM i?2
+QKT2iBiBp2M2bb Q7 1ha THMibX q2 Q#b2`p2 i?i- /m`BM; i?2 MMQmM+2K2Mi Q7 i?2 1l 1ha2KTHQvK2Mi 72HH #v 9X9W- r?BH2 /m`BM; S?b2 AA 2KTHQvK2Mi 72HH #v RyX9WX h?2 +QMb2[m2M+2b Q7
i?2b2 2KTHQvK2Mi 2z2+ib Kmbi #2 +`27mHHv +QMbB/2`2/X 1p2M B7 i?2 `2/m+iBQM BM 2KTHQvK2Mi Bb
MQi bbQ+Bi2/ rBi? +`#QM H2F;2- Bi Bb mM+H2` r?2i?2` i?2 1l 1ha BM+`2b2/ mM2KTHQvK2MiQ` r?2i?2` 2KTHQv22b +M 2bBHv ;BM rQ`F HQ+HHv BM MQM@1ha THMibX hQ i?2 /2;`22 i?i i?2
rBi?BM b2+iQ` i i?2 i?`22@/B;Bi H2p2H- b r2HH b Ki+?BM; 2t+iHv rBi?BM b2+iQ` M/ ;2Q;`T?B+ `2;BQMX h?2
2ti2MbBQM Q7 i?Bb TT`Q+? /`KiB+HHv +mib Qm` bKTH2 bBx2 #b2/ QM i?2 HBF2HB?QQ/ Q7 }M/BM; Ki+?X Pm`
2biBKi2b 7HH #2HQr +QMp2MiBQMH bB;MB}+M+2 H2p2Hb r?2M r?2M r2 Ki+? QM *`#QM AMi2MbBiv- 1KTHQvK2MiM/ :>: 2KBbbBQMb- r?BH2 Ki+?BM; 2t+iHv rBi?BM b2+iQ` K2bm`2/ i i?2 i?`22@/B;Bi H2p2H rBi? bKTH2 i?i
Bb d8W Q7 Qm` #b2HBM2 bKTH2X
N
S?b2 AA +``B2/ QM mMiBH kyRk- #mi i?2 +QM}/2MiBH /i 7Q` 6`2M+? }`Kb Bb QMHv +m``2MiHv pBH#H2 mMiBH
kyRyX q2 `2 rBiBM; QM i?2 /2HBp2`v Q7 M2r /i mT mMiBH i?2 2M/ Q7 S?b2 AAX
Ry
_2bmHib- pBH#H2 QM `2[m2bi- `2 `Q#mbi r?2M i?2 Qmi+QK2 p`B#H2b `2 K2bm`2/ BM H2p2HbX >Qr2p2`- i?2
bKTH2 bBx2 r?2M BKTQbBM; i?2 bi`B+i2bi `2TQ`i2/ +HBT2` URyWV Bb edW Q7 i?2 bKTH2 r?2M K2bm`2/ BM HQ;bX
RR
1ha ?/ 2z2+ib QM i?2 K`F2i b?`2 Q7 1ha@`2;mHi2/ 7+BHBiB2b- i?2`2 Kv #2 M BM+`2b2
BM 2KTHQvK2Mi QTTQ`imMBiB2b BM mM`2;mHi2/ THMibX h?Bb rQmH/ BMi`Q/m+2 M mTr`/ #Bb iQ
Qm` 2biBKi2b Q7 i?2 2z2+i Q7 i?2 1ha QM `2;mHi2/ THMib- b M BM+`2b2 BM 2KTHQvK2Mi Q`
2KBbbBQMb #v +QMi`QH THMib rQmH/ 2t+2`#i2 i?2 /Bz2`2M+2 #2ir22M `2;mHi2/ M/ mM`2;mHi2/
THMibX h?Bb rQmH/ #2 BM 2z2+i- pBQHiBQM Q7 i?2 alho bbmKTiBQMc ?Qr2p2`- i?2 2tBbi2M+2
M/ `2H2pM+2 Q7 bm+? bTBHHQp2` 2z2+ib `2 BMi2`2biBM; BM M/ Q7 i?2Kb2Hp2bX
h?2 1l 1ha TT2`b iQ ?p2 ?/ MQ 2z2+i /m`BM; S?b2 A QM 2Bi?2` 2KTHQvK2Mi Q` 2KBbbBQMbBM/B+iBM; i?i THMib Kv ?p2 ?/ HBiiH2 BM+2MiBp2 iQ `2/m+2 2KBbbBQMbX h?Bb Kv #2 i?2
`2bmHi Q7 THMib MQi #2BM; #H2 iQ #MF +`2/Bib #2ir22M S?b2b i i?2 iBK2- b r2HH b M Qp2`Hv
;2M2`Qmb T2`KBi HHQ+iBQM /m`BM; T?b2 A- r?B+? `2bmHi2/ BM THmKK2iBM; Q7 i?2 K`F2i T`B+2
BM T`BH kyye Ub22 HbQ "mb?M2HH 2i HX- kyRjV- i?mb `2/m+BM; i?2 BM+2MiBp2 iQ KF2 BMp2biK2Mib
iQ `2/m+2 2KBbbBQMbX
lM7Q`imMi2Hv- /m2 iQ /i HBKBiiBQMb- r2 `2 mM#H2 iQ 2tKBM2 i?2 2z2+i Q7 i?2 1l 1ha QM
i?2 +`#QM BMi2MbBiv Q7 T`Q/m+iBQM i i?2 THMi H2p2H- /2}M2/ b 2KBbbBQMb /BpB/2/ #v QmiTmiX
>Qr2p2`- r2 `2 #H2 iQ ;2i bQK2 K2bm`2 Q7 +`#QM BMi2MbBiv #v 2tKBMBM; i?2 2z2+i Q7 i?2 1l
1ha QM 2KBbbBQMb /BpB/2/ #v 2KTHQvK2MiX SM2H * `2TQ`ib i?i i?2 1l 1ha ?/ HBiiH2 2z2+i
QM i?2 +`#QM 7+iQ` BMi2MbBiv Q7 T`Q/m+iBQM rBi? MQ `Q#mbi 2z2+ib /m`BM; i?2 KBM T?b2b Q7
i?2 1haX h?2 #b2M+2 Q7 bB;MB}+Mi 2z2+ib /m`BM; i?2 KBM T?b2b Q7 i?2 1l 1ha BM/B+i2b
i?i i?2 `2/m+iBQMb BM 2KBbbBQMb `2 #2BM; Qzb2i #v i?2 `2/m+iBQMb BM 2KTHQvK2MiX P7 BMi2`2bir2 Q#b2`p2 i?i i?2 +`#QM BMi2MbBiv Q7 T`Q/m+iBQM BM+`2b2/ /m`BM; i?2 MMQmM+2K2Mi T?b2/`Bp2M #v `2/m+iBQM BM 2KTHQvK2Mi i i?Bb iBK2X 6mim`2 rQ`F BKb iQ #2ii2` mM/2`biM/ i?2
BMi2`T`2iiBQM Q7 i?Bb 2z2+i i?`Qm;? M 2tKBMiBQM Q7 bi`i2;B+ #2?pBQm` #v THMib BM /pM+2
Q7 T2`KBi HHQ+iBQMbX h?2 BM+2MiBp2b 7Q` }`Kb iQ `2bTQM/ BM /pM+2 Q7 i?2 1ha Bb HBF2Hv iQ
/2T2M/ QM i?2B` r`2M2bb Q7 i?2 +T+Biv i?`2b?QH/b- BM //BiBQM iQ i?2B` TQbBiBQM +QKT`2/
iQ i?2 i?`2b?QH/X 6B`Kb i?i `2 +HQb2 iQ i?2 i?`2b?QH/ ?p2 M BM+2MiBp2 iQ `2/m+2 2KBbbBQMb
M/ +T+Biv BM Q`/2` iQ pQB/- Q` `2/m+2 i?2 HBF2HB?QQ/ Q7- `2;mHiBQMX "v +QMi`bi- }`Kb i?i
`2 r2HH #Qp2 i?2 +T+Biv i?`2b?QH/ ?p2 M BM+2MiBp2 iQ BM+`2b2 +T+Biv M/ 2KBbbBQMb
BM Q`/2` iQ ;BM b KMv T2`KBib b TQbbB#H2 r?2M i?2 HHQ+iBQM Bb K/2 Ĝ `i+?2i 2z2+iX
lM/2`biM/BM; i?2 ?2i2`Q;2M2Biv bbQ+Bi2/ rBi? bm+? #2?pBQm` Bb Q7 ;`2i BMi2`2bi- i?Qm;?
HBF2Hv #2vQM/ i?2 b+QT2 Q7 i?Bb `2b2`+? /2bB;MX
6mM/K2MiHHv- Bi Bb BKTQ`iMi iQ mM/2`biM/ i?2 /2;`22 iQ r?B+? i?2b2 `2bmHib `2 i?2 `2bmHi
Q7 ;HQ#H 2KBbbBQMb `2/m+iBQMb- b QTTQb2/ iQ +`#QM H2F;2X b /Bb+mbb2/ BM i?2 BMi`Q/m+iBQM+`#QM H2F;2 +M Q++m` rBi?BM Q` #2ir22M }`Kb M/ rBi?BM i?2 1lf6`M+2 Q` #2ir22M i?2
1l M/ mM`2;mHi2/ +QmMi`B2b 7m`i?2` }2H/X
i 7+2 pHm2- i?2 `2bmHib BM i?Bb b2+iBQM ?p2 i?2 7QHHQrBM; BMi2`T`2iiBQMb, 2Bi?2` i?2 1ha ?b
#22M p2`v bm++2bb7mH BM `2/m+BM; 2KBbbBQMb- #mi i ;`2i +Qbi iQ }`Kb M/ rQ`F2`b U/2T2M/BM;
QM i?2 HBF2HB?QQ/ Q7 }M/BM; `22KTHQvK2MiV- Q` Bi ?b `2bmHi2/ BM `2HHQ+iBQM Q7 2+QMQKB+
+iBpBiv- i H2bi BM T`i- i?mb KBiB;iBM; Bib 2z2+iBp2M2bb BM `2/m+BM; 2KBbbBQMb Ĝ i`/2@Qz
b+?2K2X h?2 `2KBM/2` Q7 i?Bb b2+iBQM BKb iQ #2ii2` mM/2`biM/ ?Qr 2z2+iBp2 i?2 1ha ?b
Rk
#22M BM `2/m+BM; 2KBbbBQMb- M/ i?2 +QMb2[m2M+2b 7Q` 2KTHQvK2Mi `2/m+iBQMbX
8Xk
8XkXR
.Bb2MiM;HBM; i?2 *?MM2Hb
h?2 *QKTQbBiBQM Q7 1KBbbBQMb +`Qbb 6m2H hvT2b
b /Bb+mbb2/ #Qp2- +?M;2b BM i?2 7m2H KBt Q7 2KBbbBQMb +M TQBMi 2Bi?2` iQ QmibQm`+BM; Ĝ +`#QM H2F;2 +?MM2H Ĝ Q` iQ i2+?MQHQ;B+H +?M;2- i?i TQi2MiBHHv H2/b iQ ;HQ#H `2/m+iBQMb
BM 2KBbbBQMbX
h#H2 8 `2TQ`ib i?2 BKT+i Q7 i?2 1l 1ha QM i?2 `QH2 Q7 +QH- QBH- ;b M/ bi2K b b?`2
Q7 2+? THMiǶb 7m2H KBtX q2 Q#b2`p2 bm#biMiBH /DmbiK2Mib BM i?2 +QKTQbBiBQM Q7 i?2 7m2H
KBtX _2;mHi2/ THMib TT2` iQ `2/m+2 i?2B` b?`2 Q7 +QH M/ QBH #v +HQb2 iQ 8W r?BH2
BM+`2bBM; i?2B` b?`2 Q7 Mim`H ;b UdXeWVX h?Bb `2bmHib BM `2/m+iBQM BM i?2 +`#QM BMi2MbBiv
Q7 T`Q/m+iBQMX q?BH2 Mim`H ;b BM+`2b2b +`#QM 2KBbbBQMb- i?2 +`#QM +QMi2Mi Q7 Mim`H
;b Bb bm#biMiBHHv H2bb i?M i?i Q7 +QH M/ QBHX *QMb2[m2MiHv- b?B7i BM 7m2H mb2 7`QK +QH
M/ QBH iQ Mim`H ;b +M `2bmHi BM bm#biMiBH `2/m+iBQM BM THMi@H2p2H 2KBbbBQMb rBi?Qmi i?2
M22/ iQ `2/m+2 QmiTmiX bBKTH2 #+F@Q7@i?2@2Mp2HQT2 +H+mHiBQM +QK#BMBM; i?2 +Q2{+B2Mib
7`QK i#H2 8 rBi? i?2 +`#QM +QMi2Mi Q7 2KBbbBQMb T`QpB/2b M 2biBKi2 Q7 2KBbbBQM `2/m+iBQMb
bbQ+Bi2/ /m2 iQ 7m2H KBt +?M;2bX q2 2biBKi2 i?i i?Bb ++QmMib 7Q` M2`Hv 8yW Q7 i?2
Q#b2`p2/ 2KBbbBQMb `2/m+iBQMb- M p2`;2 `2/m+iBQM BM 2KBbbBQMb Q7 d T2`+2Mi;2 TQBMib BM
`2;mHi2/ THMib +QKT`2/ iQ MQM@`2;mHi2/ THMibXRR AM 7m`i?2` `2b2`+? r2 rBHH 2tTHQ`2 B7 i?Bb
`2/m+iBQM Bb /m2 iQ Qmi@bQm`+BM; Q` /m2 iQ i2+?MQHQ;v +?M;2bX AM i?2 Hii2` +b2 i?Bb +QmH/
BMi2`T`2i2/ b HQr2` #QmM/ 2biBKi2 Q7 ;HQ#H 2KBbbBQM `2/m+iBQMbX
8XkXk
h?2 *QKTQbBiBQM Q7 i?2 6B`K
AM i?Bb b2+iBQM r2 2tTHQ`2 B7 i?2`2 Bb Mv 2pB/2M+2 Q7 rBi?BM }`K H2F;2X q2 2tKBM2 irQ b2ib
Q7 `2bmHib BM T`iB+mH`, 6B`biHv- ?2i2`Q;2M2Biv BM i?2 1ha `2bTQMb2 Q7 KmHiBTHMi }`Kb rBi? #Qi?
1ha M/ MQM 1ha THMib p2`bmb }`Kb r?2`2 HH THMib `2 `2;mHi2/ #v i?2 1haX a2+QM/Hv- r2
HQQF i i?2 `2bTQMb2 Q7 MQM@1ha THMib BM 1ha }`KbX
>2i2`Q;2M2Biv h?2`2 `2 b2p2`H `2bQMb iQ 2tT2+i i?i THMib BM }`Kb rBi? #Qi? `2;mHi2/
M/ mM`2;mHi2/ 7+BHBiB2b `2bTQM/ /Bz2`2MiHv iQ 1ha T`iB+BTiBQM B7 H2F;2 Bb `2H2pMiX lM@
7Q`imMi2Hv- MQi HH `2bQMb bm;;2bi i?i i?2 /Bz2`2M+2 ;Q2b BMiQ i?2 bK2 /B`2+iBQMX PM i?2 QM2
?M/- r2 rQmH/ 2tT2+i i?i }`Kb rBi? M //BiBQMH +?MM2H iQ `2bTQM/ iQ i?2 1ha `2;mHiBQM @
BX2X- H2F;2 #2ir22M THMib Q7 i?2 bK2 }`K @ `2bTQM/ KQ`2 bi`QM;Hv 7Q` ;Bp2M H2p2H Q7 QmiTmi
U bm#bBiBimiBQM 2z2+iVX PM i?2 Qi?2` ?M/- i?2 QTTQ`imMBiv iQ b?B7i 2KBbbBQMb #2ir22M THMib
T`QpB/2b bm+? }`Kb +Qbi /pMi;2 bQ i?i i?2v `2 HBF2Hv iQ +QMi`+i QmiTmi #v H2bb i?M
RR
h?2 +`#QM +QMi2Mi Q7 7m2H ivT2b Bb 2biBKi2/ 7`QK bBKTH2 rBi?BM@THMi }t2/ 2z2+ib `2;`2bbBQM Q7 HQ;:>:
QM 2+? Q7 i?2 7m2H ivT2b M/ i?2 2H2+i`B+Biv b?`2- QKBiiBM; bi2K b i?2 #b2HBM2 +i2;Q`v #2+mb2 Bib 2KBbbBQMb
+QMi2Mi Bb x2`QX h?2 +H+mHiBQM +QK#BM2b i?2b2 +Q2{+B2Mib rBi? i?2 +Q2{+B2Mib 7`QK i#H2 8 b 7QHHQrb, *QH
2z2+i QM :>: 2KBbbBQMb 4 @yXy9dd ×kXReN 4 @yXRyj c PBH 2z2+i QM :>: 2KBbbBQMb 4 @yXy9Nk ×RXNyN 4 @yXyNj c
:b 2z2+i QM :>: 2KBbbBQMb 4 yXydee × 4 RXe3N 4 yXRkN X h?2 bmK Q7 i?2b2 i?`22 2z2+ib T`QpB/2b M 2biBKi2
Q7 i?2 b?`2 Q7 2KBbbBQM `2/m+iBQMb bbQ+Bi2/ rBi? `2/m+iBQM BM i?2 +`#QM BMi2MbBiv Q7 T`Q/m+iBQM, @yXRyj Y
@yXyNj Y yXRkN 4 @yXyedX
Rj
}`Kb r?2`2 HH 7+BHBiB2b `2 +Qp2`2/ #v i?2 1haX *QMb2[m2MiHv- r2 Kv 2tT2+i 2KBbbBQbM iQ
7HH #v H2bb UM QmiTmi 2z2+iVX T`BQ`B i?2 M2i 2z2+i Bb K#B;BQmbX P7 +Qm`b2 i?2`2 KB;?i HbQ
#2 ?2i2`Q;2M2Biv bBKTHv #2+mb2 Q7 Qi?2` /Bz2`2M+2b #2ir22M }`Kb i?i ?p2 #Qi? `2;mHi2/
M/ mM`2;mHi2/ 7+BHBiB2b M/ }`Kb rBi? QMHv `2;mHi2/ 7+BHBiB2bX 6Q` BMbiM+2 i?2v KB;?i #2
+iBp2 BM /Bz2`2Mi b2+iQ`b rBi? 7mM/K2MiHHv /Bz2`2Mi T`Q/m+iBQM i2+?MQHQ;B2bX
LQM@1ha THMib BM 1ha }`Kb H2bb K#B;BQmb bB;M Q7 rBi?BM }`K H2F;2 +QM+2`Mb i?2
2z2+i Q7 i?2 1l 1ha QM MQM@1ha THMib BM 1ha }`KbX *QKT`2/ iQ bmBi#H2 +QMi`QH THMib
BM MQM@1ha }`Kb r2 b?QmH/ }M/ M BM+`2b2 BM 2KBbbBQMb b r2HH b QmiTmi M/ 2KTHQvK2Mi B7
rBi?BM }`K H2F;2 Bb M Bbbm2X
h#H2 e `2TQ`ib Qm` `2bmHibX AM +QHmKM URV r2 `2TQ`i Qm` #b2HBM2 2biBKi2 7`QK i#H2 9 iQ
T`QpB/2 +QKT`BbQM 7Q` `2bmHibX AM +QHmKM UkV r2 `2TQ`i i?2 BKT+i Q7 i?2 1l 1ha QM 1ha
THMib i?i `2 T`i Q7 }`Kb i?i +QMiBM MQM@1ha THMib +QKT`2/ iQ HH MQM@1ha THMibX
*QMi``v iQ i?2 B/2 Q7 bi`QM;2` bm#biBimiBQM 2z2+i 7Q` T`i@1ha }`Kb- #mi BM HBM2 rBi? r2F2` QmiTmi 2z2+i- r2 Q#b2`p2 bKHH2` +Q2{+B2Mi bBx2 +QKT`2/ iQ i?2 2z2+i +`Qbb HH THMib
2[mH iQ `QmM/ M RRW `2/m+iBQM BM S?b2 AAX LQi2 i?i r2 BM+Hm/2 b TQi2MiBH +QMi`QHb MQM@
1ha THMib BM 1ha }`KbX A7 r2 `2 T`BK`BHv +QM+2`M2/ rBi? i?2 bm#biBimiBQM 2z2+i- i?Bb b?QmH/
v2i ;BM BM+`2b2 Qm` +Q2{+B2Mi 2biBKi2bXRk q2 2tTHQ`2 i?Bb BM +QHmKM UjV #v `2HvBM; QMHv
QM THMib BM MQM@1ha }`Kb b +QMi`QH ;`QmTX h?2 +Q2{+B2Mi 2biBKi2 Bb MQ HQM;2` bB;MB}+Mi i
i?2 RyW H2p2HX >Qr2p2`- i?Bb Bb #v M/ H`;2 /m2 iQ M BM+`2b2 BM MQBb2 `i?2` i?M bKHH2`
+Q2{+B2Mi 2biBKi2X
*QHmKM U9V `2TQ`ib i?2 `2bmHib 7Q` }`Kb i?i ?p2 MQ QTTQ`imMBiv iQ `2HHQ+i2 2KBbbBQMb rBi?BM@
}`K- BX2X- bBM;H2@THMi 1ha }`Kb M/ KmHiB@THMi 1ha }`Kb rBi? QMHv 1ha THMibX q2 Q#b2`p2
i?i- /m`BM; S?b2 AA- 1ha THMib `2/m+2 2KBbbBQMb #v kRW- +QKT`2/ iQ MQM@1ha THMibX h?2
K;MBim/2 Q7 i?Bb +Q2{+B2Mi Bb bm#biMiBHHv H`;2` i?M i?2 K;MBim/2 Q7 i?2 +Q2{+B2Mib BM
+QHmKMb UkV M/ UjVX >2M+2- i?iBb rQmH/ #2 BM HBM2 rBi? r2F2` QmiTmi 2z2+i 7Q` T`i@1ha
}`KbX >Qr2p2`- +`m+BHHv iQ HBMF i?Bb iQ rBi?BM }`K H2F;2 r2 M22/ iQ b22 M BM+`2b2 BM
2KBbbBQMb @ M/ Qi?2` Qmi+QK2b @ BM MQM 1ha THMib Q7 1ha }`KbX q2 2tKBM2 i?Bb BM +QHmKM
U8VX 6Q` 2KBbbBQMb r2 }M/ bKHH TQbBiBp2 2z2+iX >Qr2p2`- Bi Bb MQr?2`2 M2` biiBbiB+H
bB;MB}+M+2X 6Q` 2KTHQvK2Mi r2 /Q MQi }M/ Mv bB;MB}+Mi 2z2+i 2Bi?2` M/ i?2 TQBMi 2biBKi2
Bb 2[mHHv bKHH M/ KQ`2Qp2` M2;iBp2X
>2M+2- Bi Bb HBF2Hv i?i Mv ?2i2`Q;2M2Biv #2ir22M }`Kb rBi? #Qi? `2;mHi2/ M/ mM`2;mHi2/
THMib- M/ }`Kb i?i +QMbBbi QMHv Q7 `2;mHi2/ THMib Bb /m2 iQ Qi?2` i2+?MQHQ;B+H /Bz2`2M+2b
`i?2` i?M rBi?BM }`K H2F;2X
Rk
BX2X B7 HH M2`2bi M2B;?#Qm` +QMi`QH }`Kb r2`2 MQM@1ha THMib BM MQM 1ha }`Kb M/ HH 2KBbbBQM `2/m+iBQMb
BM 1ha THMib Q7 KmHiB THMi }`Kb `2 /m2 iQ H2F;2 iQ MQM 1ha }`Kb- BKT+i +Q2{+B2Mib b?QmH/ /Qm#H2
+QKT`2/ iQ +b2 r2`2 +QMi`QH THMib `2 /`rM 7`QK MQM@`2;mHi2/ }`KbX
R9
8Xj
8XjXR
6B`K G2p2H _2bmHib U7Q`i?+QKBM;V
G2F;2 +`Qbb aT+2\ 1pB/2M+2 7`QK *mbiQKb .i U7Q`i?+QKBM;V
e 6B`KbǶ `2bTQMb2 iQ +`#QM T`B+BM; @ bBKTH2 KQ/2H
Pm` 2KTB`B+H `2bmHib bQ 7` QM i?2 2z2+iBp2M2bb Q7 i?2 1l 1ha iQ `2/m+2 2KBbbBQMb Bb bQK2r?i
2M+Qm`;BM; 7`QK TQHB+v T2`bT2+iBp2X >Qr2p2`- 7`QK #Qi? M +/2KB+ M/ TQHB+v T2`bT2+iBp2
i?Bb BMi`Q/m+2b M //BiBQMH TmxxH2X AM i?2 rF2 Q7 i?2 2+QMQKB+ +`BbBb- i?2 T2`KBi T`B+2 BM
i?2 1l 1ha ?b 7HH2M iQ `2+Q`/ HQrbX q?v rQmH/ r2 2tT2+i i?i BM bm+? M 2MpB`QMK2Mi
`2;mHi2/ }`Kb rQmH/ KF2 2zQ`ib iQ `2/m+2 2KBbbBQMb Mv KQ`2 i?M mM`2;mHi2/ }`Kb\ AM
i?Bb b2+iBQM r2 BMi`Q/m+2 bBKTH2 KQ/2H i?i T`QpB/2b bQHmiBQM iQ i?Bb TmxxH2X
JQbi biF2?QH/2`b 2tT2+i i?i T`B+2b rBHH BM+`2b2 BM i?2 7mim`2 UJ`iBM 2i HX kyR9VX A7 }`Kb
`2 BMbiHHBM; 2[mBTK2Mi iQ/v i?i rBHH Hbi mMiBH T`B+2b BM+`2b2 M/ i?2 KQmMi Q` [mHBiv
Q7 i?Bb 2[mBTK2Mi z2+ib 2KBbbBQMb- i?2M r2 +M 2tT2+i `2/m+iBQMb iQ/v 2p2M B7 +m``2Mi T`B+2b
`2 HQrX q2 7Q`KHBx2 i?Bb B/2 BM i?Bb b2+iBQM #v BMi`Q/m+BM; bBKTH2 KQ/2H Q7 }`KX h?Bb
T`2b2Mib M BMi2`2biBM; T`/Qt, 2tT2+i2/ 7mim`2 T`B+2 BM+`2b2b +M ?p2 TQbBiBp2 2z2+i QM
+m``2Mi 2KBbbBQMbc ?Qr2p2`- B7 i?2 BM+`2b2 Bb bQ ?B;? i?i }`Kb /2+B/2 iQ 2tBi BM i?2 7mim`2#2+mb2 Mv }t2/ 2[mBTK2Mi rBHH #2 mb2/ 7Q` b?Q`i2` KQmMi Q7 iBK2- }`Kb Kv `2/m+2 i?2B`
BMp2biK2Mib- i?2`2#v BM+`2bBM; +m``2Mi 2KBbbBQMbX
h?Bb T?2MQK2MQM Bb FBM iQ i?2 bQ +HH2/ :`22M S`/QtX >Qr2p2` Bi /2`Bp2b MQi 7`QK i?2
T`2b2M+2 Q7 M 2t?mbiB#H2 TQHHmiBM; `2bQm`+2- #mi 7`QK i?2 HQM; i2`K Mim`2 Q7 2KBbbBQM bpBM;
BMp2biK2MibX
eXR
bBKTH2 KQ/2H
*QMbB/2` }`K i?i T`Q/m+2b mbBM; irQ T`Q/m+iBQM 7+iQ`b, 2M2`;v E r?B+? +mb2b 2KBbbBQMb
M/ +TBiH K rBi? i?2 7QHHQrBM; T`Q/m+iBQM 7mM+iBQM
Q = E + Kρ
LQiB+2 i?i ρ +QMi`QHb ?Qr bm#biBimi#H2 i?2 irQ 7+iQ`b `2X A7 ρ Bb +HQb2 iQ R i?2v `2 ?B;?Hv
bm#biBimi#H2- B7 ρ Bb +HQb2 iQ x2`Q i?2v `2 MQi p2`v ;QQ/ bm#biBimi2bX
amTTQb2 i?i +TBiH Hbib 7Q` irQ T2`BQ/b- ?2M+2 i?2 }`K ?b irQ T2`BQ/ THMMBM; ?Q`BxQMX
AM 2+? T2`BQ/ i?2 }`K Bb /2HBM; rBi? M UBMp2`b2V /2KM/ Q7 i?2 7Q`K
P = a − bQ
*QMbB/2` }`bi i?2 b?Q`i `mM T`Q}i KtBKBxiBQM 7Q` ;Bp2M KQmMi Q7 +TBiH
R8
Kt (a − bQ) Q − WE E
Q
r?2`2 WE Bb i?2 T`B+2 Q7 2M2`;vX
h?2 }`bi Q`/2` +QM/BiBQM #2+QK2b
a − 2bQ ≤ WE
*QMb2[m2MiHv
⎧
⎨ a−WE − K ρ
2b
E=
⎩0
B7 a − 2bK ρ > WE
Qi?2`rBb2
LQi2 i?i B7 i?2 +TBiH biQ+F ?B;? M/fQ` 2M2`;v T`B+2b `2 p2`v ?B;? i?2 }`K rBHH biQT mbBM;
U/B`ivV 2M2`;v HH@iQ;2i?2`X
h?2 irQ T2`BQ/ 7mM+iBQM Bb +QMb2[m2MiHv
Π2 (K) =
⎧&
'
& a−W '2
( a−W
)
a−WE1 2
1
ρ
⎪
E2
E1
⎪
0.5
+
0.5
−
KW
−
−
K
WE1 −
K
⎪
2
1+r
2
2b
⎪
⎪
⎪
⎪
⎪
B7 a − 2bK ρ > WE2 M/ B7 a − 2bK ρ > WE1
⎪
⎨
1
1+r
( a−W
2b
E2
)
− K ρ WE2
⎪
⎪
& a−W '2
( a−W
)
⎪
1
ρ
ρ
ρ
⎪
E1
E1
⎪
0.5
+
(a
−
bK
)
K
−
KW
−
−
K
WE1
K
⎪
2
1+r
2b
⎪
⎪
1−µ
⎪
⎩ B7 a − 2bK ρ ≤ W M/ B7 a − 2bK ρ µ ρ > W
E2
E1
LQiB+2 i?i BM i?2 +b2 r?2`2 i?2 }`K mb2b +`#QM BM #Qi? T2`BQ/b r2 ?p2 i?2 7QHHQrBM; 6P*
7Q` +TBiH,
−WK + ρK
ρ−1
*
+
1
WE1 +
WE2 = 0
1+r
AKTHvBM;
,
1
WE1 + 1+r
WE2
K=
ρ
WK
1
- 1−ρ
>2M+2- i?2 ?B;?2` i?2 +`#QM T`B+2 BM T2`BQ/ k i?2 KQ`2 +TBiH r2 `2 ;QBM; iQ BMp2bi M/ b
+QMb2[m2M+2 2M2`;v +QMbmKTiBQM ;Q2b /QrM 2p2M BM T2`BQ/ RX HbQ MQi2 i?i 7Q` Mv WE2 +QM/BiBQM a − 2bK ρ > WE2 Bb +QM/BiBQM Bb Hrvb K2i B7 ρ Bb bKHH 2MQm;?c BX2X B7 K M/ E `2
#/ bm#biBimi2b r2 Hrvb rMi iQ ?p2 bQK2 2M2`;v +QMbmKTiBQMX
LQi2 i?i
Re
,
- ρ
1
WE1 + 1+r
WE2 1−ρ
a − WE1
E1 =
−
ρ
B7 a − 2bK ρ > WE1 M/ a − 2bK ρ > WE2
2b
WK
Hi2`MiBp2Hv- }`Kb +QmH/ QMHv #2 T`Q/m+BM; BM T2`BQ/ RX
S`Q}ib r?2M QMHv T`Q/m+BM; BM T2`BQ/ R `2
Π1 (K) =
.
a − WE1
2
/2
*
+
a − WE1
ρ
0.5 − KWK −
− K WE1
2b
h?2 }`bi Q`/2` +QM/BiBQM 7Q` +TBiH BMp2biK2Mi #2+QK2b
WK = ρK1ρ−1 WE1
>2M+2
K1 =
.
ρWE1
WK
1
/ 1−ρ
S`QTQbBiBQM RX A7 7mim`2 +`#QM T`B+2b BM+`2b2 #2vQM/ +2`iBM i?`2b?QH/- /2KM/ Bb BM2HbiB+
2MQm;? M/ 2M2`;v M/ +TBiH `2 MQi p2`v bm#biBimi#H2- i?2M TQHHmiBQM BM i?2 T`2b2Mi rBHH
BM+`2b2X
S`QQ7X LQiB+2 i?i
1
Π1 (K1)−Π2(K) = (K − K1) WK +[K1 − K ] WE1 +
1+r
ρ
ρ
.
a − WE2
2
/2
*
+
1
a − WE2
ρ
0.5−
− K WE2
1+r
2b
bm{+B2Mi +QM/BiBQM 7Q` }`Kb QMHv T`Q/m+BM; BM T2`BQ/ R Bb
Π1 (K) − Π2(K) > 0
BX2X B7 QM2 T2`BQ/ T`Q}ib i K `2 ?B;?2` i?M irQ T2`BQ/ T`Q}ib i?2v Kmbi HbQ #2 ?B;?2` i
K1- i?2 QM2 T2`BQ/ QTiBKH +TBiH biQ+FX LQi2 i?i
1
Π1 (K) − Π2(K) =
1+r
bm{+B2Mi +QM/BiBQM 7Q` i?i Bb
.
a − WE2
2
/2
/2
*
+
a − WE2
1
a − WE2
0.5 −
WE2 > 0
2
1+r
2b
.
/2
*
+
a − WE2
a − WE2
⇐
0.5 −
WE2 > 0
2
2b
1
1+r
.
*
+
1
a − WE2
ρ
0.5 −
− K WE2
1+r
2b
Rd
⇐a−
BX2X WE2 <
ab
1+b
1+b
WE2 > 0
b
r?B+? Bb i`m2 B7 b Bb bm{+B2MiHv bKHH UBX2X /2KM/ bm{+B2MiHv BM2HbiB+V
1M2`;v +QMbmKTiBQM r?2M QMHv T`Q/m+BM; BM T2`BQ/ R #2+QK2b
a − WE1
a − WE1
E11 (WE1 ) =
− K1ρ =
−
2b
2b
.
ρWE1
WK
ρ
/ 1−ρ
G2iǶb MQr +QKT`2 i?2 2M2`;v +QMbmKTiBQM E Q7 }`K i?i Bb 2tTQb2/ iQ TQbBiBp2 #mi +QMbiMi
2M2`;v T`B+2 Q7 WE i?i Q7 }`K i?i ?b iQ Tv b2+QM/ T2`BQ/ T`B+2 WE2 > WE
,
&
WE 1 +
a − WE
E=
−
2b
WK
1
1+r
ρ
' - 1−ρ
ρ
LQr B7 r2 BM+`2b2 +QMbmKTiBQM iQ i?2 TQBMi r?2`2 i?2 +QKTMv ;Q2b Qmi Q7 #mbBM2bb BM T2`BQ/
k,
E11 (WE ) − E = −
.
ρWE
WK
ρ
/ 1−ρ
,
&
WE 1 +
+
WK
1
1+r
ρ
' - 1−ρ
ρ
=
.
ρWE
WK
ρ ,.
/ 1−ρ
1
1+
1+r
ρ
/ 1−ρ
−1
-
LQiB+2 i?i i?Bb Bb Hrvb TQbBiBp2 b ρ < 1X
AM Qi?2` rQ`/b, B7 i?2 }`K /Q2b MQi T`Q/m+2 BM i?2 b2+QM/ T2`BQ/- i?2M Bi rBHH BMp2bi H2bb +TBiH
H`2/v BM i?2 }`bi T2`BQ/X >2M+2- }`Kb bm#biBimi2 2M2`;v 7Q` +TBiH r?B+? +M BM+`2b2 Qp2`HH
+QMbmKTiBQM B7 i?2 /2KM/ Bb bm{+B2MiHv BM@2HbiB+X h?Bb 2Mbm`2b i?i i?2 i?i i?2 M2;iBp2
QmiTmi 2z2+i #2+mb2 Q7 ?B;?2` +Qbib /Q2b MQi Qmir2B;? i?2 bm#biBimiBQM 2z2+iX
6B;m`2 R BHHmbi`i2b i?Bb 7Q` T`iB+mH` b2i Q7 T`K2i2` bbmKTiBQMb BM /B;`K b?QrBM;
/Bz2`2Mi pHm2b 7Q` 2M2`;v T`B+2b BM T2`BQ/ k QM i?2 t@tBb M/ i?2 BKTHB2/ 2M2`;v +QMbmKTiBQM
BM T2`BQ/ R +QKT`2/ iQ i?2 +QMbmKTiBQM B7 T`B+2b r2`2 2[mH BM #Qi? T2`BQ/b QM i?2 v@tBbX
>2M+2- r2 b22 i?i b i?2 T`B+2 BM+`2b2 +QMbmKTiBQM BMBiBHHv 7HHb #v mT iQ kW PM+2 T`B+2
BM+`2b2 #v #Qmi N iBK2b i?2 T2`BQ/ R T`B+2 BM T2`BQ/ k Bi Bb MQ HQM;2` T`Q}i#H2 iQ T`Q/m+2
BM T2`BQ/ kX >2M+2- 2M2`;v +QMbmKTiBQM BM+`2b2b RW #Qp2 i?2 #b2HBM2 H2p2HX LQiB+2 i?i i?2
b2+QM/ p2`iB+H HBM2 BM 6B;m`2 R Ui `QmM/ R3V BM/B+i2b i?2 H2p2H i r?B+? i?2 }`K rQmH/ biQT
mbBM; 2M2`;v UT`QpB/2/ Bi rQmH/ MQi biQT T`Q/m+BM; BM T2`BQ/ kVX
R3
6B;m`2 R, h?2 2z2+i Q7 7mim`2 T`B+2 BM+`2b2b QM 2KBbbBQMb iQ/v
Energy consumption relative to E@1D
1.00
0.98
0.96
0.94
0.92
5
10
15
20
Energy Price in Period 2
LQi2b, S`K2i2` bbmKTiBQMb `2 ρ = 0.2- WE1 = 1- a = 20- b = 0.7- WK = 1- r = 10WX
eXk
aQK2 BKTHB+iBQMb
Pm` bBKTH2 KQ/2H ?b MmK#2` Q7 BKTHB+iBQMb r?B+? r2 +M TQi2MiBHHv i`MbHi2 BMiQ i2bi#H2
?vTQi?2bBbX 6B`biHv- Bi BKTHB2b i?i Bi rQmH/ #2 p2`v mb27mH iQ HQQF i BMp2biK2Mi M/ +TBiH b
Qmi+QK2 K2bm`2 b r2HHX h?Bb +M HbQ ?2HT iQ /BbiBM;mBb? B7 M2;iBp2 2KTHQvK2Mi 2z2+ib `2
/m2 iQ H2F;2 Q` +QKTH2K2Mi`Biv rBi? 2M2`;vX AM i?2 Hii2` +b2 r2 b?QmH/ i?i 1ha +mb2b
M BM+`2b2 BM BMp2biK2MiX AM i?2 7Q`K2` +b2 r2 KB;?i 2tT2+i `2/m+iBQM BM BMp2biK2Mi @ M/
T2`?Tb M BM+`2b2 BM BMi2`K2/Bi2bX
a2+QM/Hv- Bi rBHH #2 BMi2`2biBM; iQ 2tTHQ`2 B7 7Q` +2`iBM ivT2b Q7 }`Kb M/ b2+iQ`b r2 }M/ TQbBiBp2 2z2+i QM 2KBbbBQMbX q2 2tT2+i i?Bb B7 bm#biBimi#BHBiv Bb HQr M/ /2KM/ Bb BM2HbiB+X
i?B`/ BKTHB+iBQM Q7 i?2 KQ/2H Bb i?i }`Kb rBi? vQmM;2` +TBiH biQ+F `2 H2bb HBF2Hv iQ
`2bTQM/ iQ +?M;2/ 7mim`2 T`B+2 2tT2+iiBQMbX
h?2 7Q+mb Q7 Qm` +m``2Mi `2b2`+? 2zQ`ib Bb iQ i2bi i?2b2 BKTHB+iBQMb M/ BM /QBM; bQ T`QpB/2 KQ`2 i?Q`Qm;? BMbB;?i BMiQ i?2 `2bTQMb2 Q7 }`KbǶ iQ 2MpB`QMK2MiH `2;mHiBQMX
d *QM+HmbBQMb
h?Bb TT2` T`QpB/2b THMi@H2p2H 2pB/2M+2 Q7 i?2 2z2+iBp2M2bb Q7 i?2 1l 1ha QM i?2 2MpB`QMK2MiH
M/ 2+QMQKB+ T2`7Q`KM+2 Q7 i?2 KMm7+im`BM; b2+iQ` BM 6`M+2X lMHBF2 T`2pBQmb `2b2`+?- r2
mb2 THMi@H2p2H /i iQ 2tTHQBi p`BiBQM BM i?2 b2H2+iBQM +`Bi2`BQM #v r?B+? THMib `2 `2[mB`2/
iQ DQBM i?2 1l 1haX SHMi@H2p2H /i HHQrb mb iQ T`2+Bb2Hv 2biBKi2 i?2 BKT+i Q7 i?2 1l 1ha
#v +QKT`BM; i?2 T2`7Q`KM+2 Q7 THMib +Qp2`2/ #v i?Bb TQHB+v rBi? bBKBH` THMib i?i `2
MQiX *QKT`2/ iQ bim/B2b i i?2 ;;`2;i2 H2p2H- r?B+? ?p2 iQ B/2MiB7v 2z2+ib #v T`QD2+iBM;
RN
#b2HBM2 BMiQ i?2 7mim`2- i?Bb HHQrb B/BQbvM+`iB+ b?Q+Fb z2+iBM; i?2 2+QMQKv b r?QH2
M/ bT2+B}+ b2+iQ`b Qp2` iBK2 iQ #2 iF2M BMiQ ++QmMiX Ai HHQrb mb MQi QMHv iQ B/2MiB7v M/
K2bm`2 i?2 BKT+i Q7 i?2 1l 1ha- #mi HbQ iQ /Bb2MiM;H2 i?2 K2+?MBbKb #v r?B+? THMib
M/ }`Kb `2bTQM/X
Pm` `2bmHib BM/B+i2 i?i i?2 1l 1ha ?b `2bmHi2/ BM bB;MB}+Mi `2/m+iBQM BM :>: 2KBbbBQMb
UR8XdWV rBi?BM 1ha THMib- +QKT`2/ iQ MQM@1ha THMibX aQ 7`- r2 2biBKi2 i?i QM2 Q7
i?2 KBM /`Bp2`b Q7 i?2b2 2KBbbBQM `2/m+iBQMb TT2`b iQ #2 i?`Qm;? +?M;2b BM i?2 +`#QM
BMi2MbBiv Q7 7m2HX AM //BiBQM- r2 2tKBM2 i?2 /2;`22 iQ r?B+? }`Kb i?i ?p2 #Qi? 1ha
M/ MQM@1ha THMib 2M;;2 BM pQB/M+2 #2?pBQm` bm+? b rBi?BM@}`K H2F;2 Ĝ HQr@+Qbi
pQB/M+2 bi`i2;vX q2 }M/ MQ 2pB/2M+2 Q7 rBi?BM@}`K H2F;2 7Q` }`Kb i?i ?p2 #Qi? 1ha
M/ MQM@1ha 7+BHBiB2bX
AM //BiBQM iQ 2MpB`QMK2MiH Qmi+QK2b- Bi Bb Q7 TQHB+v M/ +/2KB+ BMi2`2bi iQ mM/2`biM/
r?2i?2` i?2 1l 1ha ?b M 2z2+i QM 2+QMQKB+ Qmi+QK2bX .m2 iQ Bib mMBHi2`H Mim`2- i?2`2
`2 +QM+2`Mb i?i i?2 1l 1ha ?b ?/ /2i`BK2MiH BKT+i QM i?2 T`Q/m+iBpBiv M/ 2+QMQKB+
T2`7Q`KM+2 Q7 `2;mHi2/ 7+BHBiB2bX q2 Q#b2`p2 i?i 1ha THMib 7+2 bB;MB}+Mi `2/m+iBQMb BM
2KTHQvK2Mi U@RyX9WV +QKT`2/ iQ MQM@1ha THMibX
6m`i?2` rQ`F Bb M22/2/ iQ #2ii2` mM/2`biM/ i?2 BKT+ib Q7 i?2 1l 1ha QM i?2 T`Q/m+iBpBiv M/
2+QMQKB+ T2`7Q`KM+2 Q7 THMib HQM;bB/2 Mv ;2M2`H 2[mBHB#`BmK 2z2+ib bbQ+Bi2/ rBi? i?2
1l 1haX q2 HbQ BK iQ #2ii2` mM/2`biM/ i?2 TQi2MiBH 7Q` +`#QM H2F;2 #2ir22M K`F2ib
#v BM+Q`TQ`iBM; /i i?i HBMFb }`Kb iQ i`/BM; T`iM2`b rBi?BM M/ QmibB/2 i?2 1lX
_272`2M+2b UAM+QKTH2i2V
®?KM- JX- .X "m`i`r- CX E`m;2`- M/ GX w2ii2`#2`; UkyydV, dz h2M@u2` _mH2 iQ
;mB/2 i?2 HHQ+iBQM Q7 1l 2KBbbBQM HHQrM+2b-Ǵ 1M2`;v SQHB+v- j8- RdR3ĜRdjyX
H#2`QH- 1X- CX *?2pHHB2`- M/ "X *?Đx2 UkyyNV, dz1KBbbBQMb *QKTHBM+2b M/ *`#QM
S`B+2b mM/2` i?2 1l 1ha, *QmMi`v aT2+B}+ MHvbBb Q7 AM/mbi`BH a2+iQ`b-Ǵ CQm`MH Q7
SQHB+v JQ/2HBM;- jR- 99eĜ9ekX
M;2`- LX M/ lX P#2`M/Q`72` Ukyy3V, dz6B`K T2`7Q`KM+2 M/ 2KTHQvK2Mi BM i?2 1l
2KBbbBQMb i`/BM; b+?2K2, M 2KTB`B+H bb2bbK2Mi 7Q` :2`KMv-Ǵ 1M2`;v SQHB+v- je- RkĜkkX
"mb?M2HH- CX "X- >X *?QM;- M/ 1X hX JMbm` UkyRjV, dzS`Q}iBM; 7`QK _2;mHiBQM, M
1p2Mi aim/v Q7 i?2 1l *`#QM J`F2i-Ǵ K2`B+M 1+QMQKB+ CQm`MH, 1+QMQKB+ SQHB+v- 8X
.2H`m2- 1X M/ qX .X .ǰ?2b2H22` UkyydV, dzS`B+2 /2i2`KBMiBQM Q7 1ha HHQrM+2b
i?`Qm;? i?2 brBi+?BM; H2p2H Q7 +QH M/ ;b BM i?2 TQr2` b2+iQ`-Ǵ AMi2`MiBQMH CQm`MH Q7
1M2`;v _2b2`+?- jR- RyyRĜRyR8X
.2KBHHv- .X M/ SX ZmB`BQM Ukyy3V, dz1m`QT2M 1KBbbBQM h`/BM; a+?2K2 M/ +QKT2iBi@
Bp2M2bb, +b2 bim/v QM i?2 B`QM M/ bi22H BM/mbi`v-Ǵ 1M2`;v 1+QMQKB+b- jy- kyyNĜkykdX
ky
1HH2`KM- X .X M/ "X EX "m+?M2` Ukyy3V, dzPp2`@HHQ+iBQM Q` #i2K2Mi\ S`2HBK@
BM`v MHvbBb Q7 i?2 1l 1ha "b2/ QM i?2 kyy8fye 1KBbbBQMb .i-Ǵ 1MpB`QMK2MiH M/
_2bQm`+2 1+QMQKB+b- 9R- kedĜk3dX
1HH2`KM- X .X- "X EX "m+?M2`- M/ *X *```Q- 2/bX UkyydV, HHQ+iBQM BM i?2
1m`QT2M 1KBbbBQMb h`/BM; a+?2K2, _B;?ib- _2Mib M/ 6B`M2bb- *K#`B/;2, *K#`B/;2
lMBp2`bBiv S`2bbX
1HH2`KM- X .X- 6X CX *QMp2`v- M/ *X /2 S2`i?mBb UkyRyV, S`B+BM; *`#QM, h?2
1m`QT2M lMBQM 1KBbbBQMb h`/BM; a+?2K2- *K#`B/;2 lMBp2`bBiv S`2bb- R 2/X
1HH2`KM- X .X M/ SX GX CQbFQr Ukyy3V, dzh?2 1m`QT2M lMBQMǶb 1KBbbBQMb h`/BM;
avbi2K BM S2`bT2+iBp2-Ǵ h2+?X `2TX- S2r *2Mi2` QM :HQ#H *HBKi2 *?M;2- qb?BM;iQM- .*X
:`m##- JX- hX GX "`2r2`- JX aiQ- _X >2BHKv`- M/ .X 6x2Fb UkyyNV, dz*HB@
Ki2 SQHB+v M/ AM/mbi`BH *QKT2iBiBp2M2bb, h2M AMbB;?ib 7`QK 1m`QT2 QM i?2 1l 1KBbbBQMb
h`/BM; avbi2K-Ǵ *HBKi2 1M2`;v ST2` a2`B2b- h?2 :2`KM J`b?HH 6mM/ Q7 i?2 lMBi2/
aii2bX
J`iBM- _X- GX "X /2 S`2mt- M/ lX CX q;M2` UkyR9V, dzh?2 BKT+i Q7 +`#QM it
QM KMm7+im`BM;, 1pB/2M+2 7`QK KB+`Q/i-Ǵ CQm`MH Q7 Sm#HB+ 1+QMQKB+b- RRd- RĜR9X
J`iBM- _X- JX JmȹHb- GX "X /2 S`2mt- M/ lX CX q;M2` UkyR9#V, dzAM/mbi`v
*QKT2MbiBQM lM/2` _2HQ+iBQM _BbF, 6B`K@G2p2H MHvbBb Q7 i?2 1l 1KBbbBQMb h`/@
BM; a+?2K2-Ǵ K2`B+M 1+QMQKB+ _2pB2r- Ry9- RĜk9X
ěěě UkyR9+V, dzPM i?2 1KTB`B+H *QMi2Mi Q7 *`#QM G2F;2 *`Bi2`B BM i?2 1l 1KBbbBQMb
h`/BM; a+?2K2XǴ 1+QHQ;B+H 1+QMQKB+b- Ry8- d3Ĝ33X
J`iBM- _X- JX JmȹHb- M/ lX q;M2` UkyRjV, dz*`#QM K`F2ib- +`#QM T`B+2b M/ BM@
MQpiBQM, 1pB/2M+2 7`QK AMi2`pB2rb rBi? JM;2`b-Ǵ ST2` T`2b2Mi2/ i i?2 MMmH J22iBM;b
Q7 i?2 K2`B+M 1+QMQKB+ bbQ+BiBQM- aM .B2;Q- CMm`v eX
J`iBM- _X- JX JmȹHb- M/ lX CX q;M2` UkyRj#V, dzh?2 AKT+i Q7 i?2 1l 1ha
QM _2;mHi2/ 6B`Kb, q?i Bb i?2 1pB/2M+2 7i2` 1B;?i u2`b\Ǵ pBH#H2 i aa_L,
?iiT,ffbb`MX+QKf#bi`+i4kj99jde Q` ?iiT,ff/tX/QBXQ`;fRyXkRjNfbb`MXkj99jdeX
J+EBMb2v M/ 1+Q7vb UkyyeV, dz_2pB2r Q7 1KBbbBQMb h`/BM; a+?2K2, am`p2v ?B;?HB;?ib-Ǵ
h2+?X `2TX- 1m`QT2M *QKKBbbBQM .B`2+iQ`i2 :2M2`H 7Q` 1MpB`QMK2Mi- "`mbb2HbX
SHib2p- aX oX UkyyRV, dzh?2 EvQiQ S`QiQ+QH, _2;BQMH M/ a2+iQ`H *QMi`B#miBQMb iQ i?2
*`#QM G2F;2-Ǵ h?2 1M2`;v CQm`MH- kk- 8jĜdNX
S2i`B+F- aX M/ lX CX q;M2` UkyR9V, dzh?2 AKT+i Q7 *`#QM h`/BM; QM AM/mbi`v,
1pB/2M+2 7`QK :2`KM JMm7+im`BM; 6B`Kb-Ǵ EB2H qQ`FBM; ST2`b RNRk- EB2H AMbiBimi2 7Q`
i?2 qQ`H/ 1+QMQKvX
kR
_2BMm/- CX Ukyy8V, dzAM/mbi`BH +QKT2iBiBp2M2bb mM/2` i?2 1m`QT2M lMBQM h`/BM; a+?2K2-Ǵ
h2+?X `2TX- AMi2`MiBQMH 1M2`;v ;2M+v- S`BbX
h`QiB;MQM- _X M/ X .2H#Qb+ Ukyy3V, dzHHQrM+2 i`/BM; Tii2`Mb /m`BM; i?2 1l 1ha
i`BH T2`BQ/, r?i /Q2b i?2 *AhG `2p2H\Ǵ X
kk
.2b+`BTiBp2 aiiBbiB+b
h#H2 R, .2b+`BTiBp2 aiiBbiB+b @ HH SHMib
Mean
Std. Dev. Std. Dev.
(Within) (Between)
ETS (Treatment Dummy)
0.051
0.000
0.175
GHG Emissions (1000 tonnes)
10.043
13.445
133.690
Number of Employees
224
77
379
Carbon Factor Intensity
0.050
0.047
0.203
Coal Share
0.016
0.023
0.083
Oil Share
0.183
0.090
0.254
Gas Share
0.332
0.092
0.295
Steam Share
0.005
0.017
0.049
Multiple Plants (Share)
0.356
0.000
0.466
# Observations
102459
# Plants
11575
# Firms
9494
h#H2 k, .2b+`BTiBp2 aiiBbiB+b @ .Bz2`2M+2 BM J2Mb
Mean
Mean
Difference
ETS
Non-ETS
(Treatment – Control)
GHG Emissions
78.115
6.375
71.739***
Employment
507.735
208.965
298.770***
Carbon Factor Intensity
0.373
0.033
0.340***
Coal Share
0.116
0.010
0.105***
Oil Share
0.161
0.185
-0.023***
Gas Share
0.454
0.326
0.128***
Steam Share
0.015
0.004
0.010***
Multi-Plant
0.591
0.343
0.247***
# Observations
5238
97221
102459
# Plants
368
11207
11575
# Firms
279
9302
9494
kj
h#H2 j, .2b+`BTiBp2 aiiBbiB+b @ 1ha THMib
GHG Emissions
Employment
Non-ETS plants
All ETS plants
Only ETS plants
Part ETS plants
Mean
Std. Dev
Mean
Std. Dev
Mean
Std. Dev
Mean
Std. Dev
78.115
28.508
79.224
28.101
76.372
29.144
24.435
12.020
in ETS firms
507.735 183.153 478.383 156.131 553.897 219.049 306.629 103.937
Carbon Factor Intensity 0.373
0.156
0.364
0.163
0.386
0.143
0.098
0.047
Coal Share
0.116
0.060
0.086
0.055
0.163
0.066
0.034
0.030
Oil Share
0.161
0.108
0.191
0.110
0.113
0.103
0.138
0.092
Gas Share
0.454
0.115
0.455
0.114
0.452
0.117
0.428
0.092
Steam Share
0.015
0.036
0.016
0.036
0.014
0.037
0.022
0.022
Multiple Plants (Share) 0.591
0.000
0.331
0.000
1.000
0.000
1.000
0.000
# Observations
5238
3202
2036
2485
# ETS plants
368
227
141
225
# ETS firms
279
192
87
87
k9
6B;m`2 k, h?2 b?`2 Q7 THMib- MQM@1ha THMib- M/ 1ha THMib- U#v b2+iQ`V
k8
" _2bmHib
h#H2 9, AKT+i i SHMi G2p2H @ _2bmHib 7`QK /Bz2`2M+2@BM@/Bz2`2M+2 T`QT2MbBiv b+Q`2 Ki+?BM;
2biBKiQ`b UTHMi H2p2HV
(1)
No Restriction
(2)
100%
(3)
50%
(4)
25%
(5)
10%
0.00388
(0.0147)
0.00382
(0.0131)
-0.0258
(0.0252)
-0.133***
(0.0349)
0.00327
(0.0147)
0.00418
(0.0132)
-0.0278
(0.0255)
-0.139***
(0.035)
0.00327
-0.0147
0.00402
(0.0132)
-0.0245
(0.0261)
-0.149***
(0.0351)
0.00305
-0.015
0.00443
(0.0134)
-0.0272
(0.0266)
-0.146***
(0.0378)
0.000477
-0.0152
0.00575
(0.0141)
-0.0358
(0.0282)
-0.157***
(0.0418)
-0.00822
(0.00993)
-0.0477***
(0.0141)
-0.0425*
(0.0247)
-0.0908***
(0.034)
-0.0082
(0.01)
-0.0457***
(0.0141)
-0.0412*
(0.0249)
-0.0896***
(0.0335)
-0.0082
(0.01)
-0.0446***
(0.0142)
-0.0369
(0.0253)
-0.0904***
(0.0332)
-0.00814
(0.0101)
-0.0418***
(0.0141)
-0.0422
(0.0257)
-0.105***
(0.0342)
-0.00769
(0.0103)
-0.0440***
(0.0147)
-0.0491*
(0.0273)
-0.104***
(0.0369)
0.0121
(0.016)
0.0515***
(0.0157)
0.0167
(0.0271)
-0.0422
(0.0356)
5238
279
0.0115
(0.0161)
0.0499***
(0.0157)
0.0135
(0.0275)
-0.0494
(0.0359)
5169
276
0.0115
(0.0161)
0.0486***
(0.0157)
0.0123
(0.028)
-0.0584
(0.0368)
5122
276
0.0112
(0.0163)
0.0462***
(0.0159)
0.0149
(0.0289)
-0.0415
(0.0389)
4965
272
0.00816
(0.0168)
0.0498***
(0.0166)
0.0134
(0.0309)
-0.0529
(0.0441)
4610
265
Panel A: GHG Emissions
Δln(GHG Emissions)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
Panel B: Employment
Δln(Employment)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
Panel B: Carbon Intensity
Δln(GHG/Employment)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
Observations
Clusters
LQi2b, h`2iK2Mi THMib `2 Ki+?2/ iQ +QMi`QH THMib #b2/ QM +`#QM BMi2MbBiv- rBi? 2t+i
Ki+?BM; QM b2+iQ`b i i?2 k /B;Bi H2p2HX *QHmKM R ?b MQ `2bi`B+iBQMb QM i?2 /BbiM+2 #2ir22M
M2B;?#Qm`bX *QHmKM k `2bi`B+ib i?2 /BbiM+2 Q7 i?2 M2`2bi M2B;?#Qm` iQ RyyWX *QHmKM j
`2bi`B+ib i?2 /BbiM+2 Q7 i?2 M2`2bi M2B;?#Qm` iQ 8yWX *QHmKM 9 `2bi`B+ib i?2 /BbiM+2 Q7 i?2
M2`2bi M2B;?#Qm` iQ k8WX *QHmKM 8 `2bi`B+ib i?2 /BbiM+2 Q7 i?2 M2`2bi M2B;?#Qm` iQ RyWX
aB;MB}+M+2 H2p2Hb `2 BM/B+i2/ b yXRy
yXy8
yXyyRX _Q#mbi aiM/`/ 2``Q`b- +Hmbi2`2/
i i?2 }`K H2p2H- `2 BM T`2Mi?2b2bX
ke
6B;m`2 j, .Bz2`2M+2 BM HQ;U:>:V 2KBbbBQMb- HQ;U1KTHQvK2MiV- M/ HQ;U*`#QM AMi2MbBivV
#2ir22M i`2iK2Mi M/ +QKT`BbQM THMib Qp2` iBK2X "b2 u2` RNNN UJtBKmK .BbiM+2
RyWV
kd
h?2 *QKTQbBiBQM Q7 1KBbbBQMb
h#H2 8, AKT+i QM 6m2H JBt @ _2bmHib 7`QK /Bz2`2M+2@BM@/Bz2`2M+2 T`QT2MbBiv b+Q`2 Ki+?BM;
2biBKiQ`b UTHMi H2p2HV
(1)
(2)
(3)
(4)
Coal Share
Oil Share
Gas Share
Steam Share
-0.00167
-0.0062
0.0125
0.000287
(0.00505)
(0.00813)
(0.00923)
(0.00149)
-0.0153**
-0.0109*
0.0207**
0.00555*
(0.00702)
(0.00609)
(0.00939)
(0.00328)
-0.0275**
-0.0238*
0.0422**
0.00965
(0.0125)
(0.014)
(0.0194)
(0.00678)
-0.0477***
-0.0492**
0.0766***
0.0112
(0.0164)
(0.0199)
(0.0258)
(0.00748)
# Observations
4610
4610
4610
4610
# Clusters
265
265
265
265
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
LQi2b, h`2iK2Mi THMib `2 Ki+?2/ iQ +QMi`QH THMib #b2/ QM +`#QM BMi2MbBiv- rBi? 2t+i Ki+?BM; QM b2+iQ`b i i?2 k /B;Bi
H2p2HX HH +QHmKMb `2bi`B+ib i?2 KtBKmK /BbiM+2 iQ RyWX aB;MB}+M+2 H2p2Hb `2 BM/B+i2/ b yXRy
yXy8
yXyRX _Q#mbi
aiM/`/ 2``Q`b- +Hmbi2`2/ i i?2 }`K H2p2H- `2 BM T`2Mi?2b2bX
k3
h?2 *QKTQbBiBQM Q7 i?2 6B`K
h#H2 e, AKT+i #v ivT2 Q7 }`K @ _2bmHib 7`QK /Bz2`2M+2@BM@/Bz2`2M+2 T`QT2MbBiv b+Q`2 Ki+?BM;
2biBKiQ`b UTHMi H2p2HV
(1)
(2)
(3)
(4)
(5)
0.000477
-0.0152
0.00575
-0.0141
-0.0358
-0.0282
-0.157***
-0.0418
-0.00302
(0.0302)
-0.0186
(0.0237)
-0.0164
(0.0403)
-0.111*
(0.0645)
-0.00399
(0.0304)
-0.0305
(0.0222)
-0.0038
(0.0411)
-0.0966
(0.0691)
0.00456
(0.0162)
0.0131
(0.0183)
-0.0661*
(0.0395)
-0.210***
(0.0552)
0.0604***
(0.0226)
0.0181
(0.0227)
0.0525
(0.0507)
0.0185
(0.0661)
3.481
3.508
3.508
3.463
1.661
-0.00769
-0.0103
-0.0440***
-0.0147
-0.0491*
-0.0273
-0.104***
-0.0369
0.0153
(0.0157)
-0.0600**
(0.0255)
-0.0663*
(0.0366)
-0.119**
(0.052)
0.0187
(0.0158)
-0.0773***
(0.0241)
-0.0609*
(0.0365)
-0.123**
(0.0533)
-0.0220*
(0.0132)
-0.0355*
(0.019)
-0.0487
(0.0399)
-0.106**
(0.053)
0.0339*
(0.0201)
-0.0497**
(0.0233)
-0.0122
(0.0438)
-0.00922
(0.0476)
5.570
5.657
5.657
5.514
5.240
0.00816
-0.0168
0.0498***
-0.0166
0.0134
-0.0309
-0.0529
-0.0441
-0.0183
(0.0354)
0.0414
(0.0263)
0.0499
(0.0509)
0.00799
(0.0732)
-0.0227
(0.0361)
0.0468*
(0.0268)
0.0571
(0.0523)
0.0262
(0.0755)
0.0266*
(0.0159)
0.0486**
(0.0223)
-0.0174
(0.0433)
-0.104*
(0.0592)
0.0265
(0.0224)
0.0678**
(0.0279)
0.0646
(0.0433)
0.0278
(0.0646)
ln(Carbon Intensity) 1999
-2.089
-2.149
-2.149
-2.051
-3.578
# Observations
# Clusters
Treatment Group
4610
265
1770
83
Part ETS
1707
81
Part ETS
2736
180
Only ETS
2248
84
Non-ETS in ETS
Non-ETS plants
Non-ETS plants
N/A
--
Panel A: GHG Emissions
Δln(GHG Emissions)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
ln(GHG Emissions) 1999
Panel B: Employment
Δln(Employment)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
ln(Employment) 1999
Panel B: Carbon Intensity
Δln(GHG/Employment)
Pre-Announcement SATT
Announcement Phase SATT
Phase I (2005-2007) SATT
Phase II (2008-2010) SATT
Control Group
Non-ETS plants in
ETS firms included
in control group
ETS plants
Non-ETS plants Non-ETS plants Non-ETS plants
Yes
Yes
No
LQi2b, h`2iK2Mi THMib `2 Ki+?2/ iQ +QMi`QH THMib #b2/ QM +`#QM BMi2MbBiv- rBi? 2t+i Ki+?BM; QM b2+iQ`b i i?2 k /B;Bi
H2p2HX HH +QHmKMb `2bi`B+ib i?2 KtBKmK /BbiM+2 iQ RyWX aB;MB}+M+2 H2p2Hb `2 BM/B+i2/ b yXRy
yXy8
yXyRX _Q#mbi
aiM/`/ 2``Q`b- +Hmbi2`2/ i i?2 }`K H2p2H- `2 BM T`2Mi?2b2bX
kN
*
"HM+2 h2bib
h?2 7QHHQrBM; };m`2b- T`2b2Mi #HM+2 i2bib 7Q` i?2 Ki+?BM; +Qp`Bi2b mb2/X AM //BiBQM- r2
T`2b2Mi `2bmHib /2KQMbi`iBM; `Q#mbiM2bb iQ i?2 `2bi`B+iBQM Q7 i?2 KtBKmK /BbiM+2 #2ir22M
i?2 i`2iK2Mi Q#b2`piBQM M/ Bib M2`2bi M2B;?#Q`X h?2 #b2 v2` mb2/ BM HH #HM+2 i2bib Bb
kyyyX
6B;m`2 9, .Bbi`B#miBQM Q7 T`2@i`2iK2Mi HQ;U*`#QM AMi2MbBivV 7Q` 1ha THMib M/ MQM@1ha
THMib, #27Q`2 Ki+?BM; M/ 7i2` Ki+?BM;
6B;m`2 8, ZZ THQi Q7 T`2@i`2iK2Mi HQ;U*`#QM AMi2MbBivV 7Q` 1ha THMib ;BMbi T`2@i`2iK2Mi
HQ;U*`#QM AMi2MbBivV 7Q` MQM@1ha }`Kb #27Q`2 Ki+?BM; M/ 7i2` Ki+?BM;
"v +QKT`BM; i?2 THQib BM 6B;m`2 9 r2 +M b22 i?2 BKT`Qp2K2Mib i?i Ki+?BM; ?b K/2 BM
i?2 /Bbi`B#miBQMb Q7 i?2 i`2iK2Mi M/ +QMi`QH ;`QmTbX h?2 ZZ THQib BM 6B;m`2 8 7m`i?2` /2KQM@
bi`i2 i?2 BKT`Qp2K2Mib i?i Ki+?BM; +M KF2X SM2H BM 6B;m`2 8 b?Qrb i?2 T`Q##BHBiv
/Bbi`B#miBQMb Q7 i?2 i`2iK2Mi M/ +QMi`QH ;`QmTb rBi?Qmi Ki+?BM;c TM2H " i?2 /Bbi`B#miBQMb
r?2M Ki+?BM; QM +`#QM BMi2MbBiv U8yW KtBKmK /BbiM+2Vc TM2H * i?2 /Bbi`B#miBQMb r?2M
Ki+?BM; QM +`#QM BMi2MbBiv URyW KtBKmK /BbiM+2VX
jy
h?2 ZZ THQib BM TM2H " Q7 6B;m`2 8 BM/B+i2b i?i i?2`2 Kv #2 bQK2 bF2rM2bb BM i?2 /Bb@
i`B#miBQM iQ i?2 `B;?iX AM bTBi2 Q7 i?Bb i?2 #HM+2 Bb M BKT`Qp2K2Mi mTQM i?2 mM+QM/BiBQMH
/Bz2`2M+2X
AM i?2 ;`T?b #2HQr- r2 pBbmHBx2 i?2 +?M;2 BM i?2 bKTH2 mb2/ r?2M r2 `2/m+2 i?2 KtBKmK
/BbiM+2 #2ir22M i`2iK2Mi mMBib M/ i?2B` M2`2bi M2B;?#Q` i BMi2`pHb Q7 RyyW- 8yW- M/
RyWX
6B;m`2 e, L2`2bi M2B;?#Qm`b BM+Hm/2/ r?2M i?2 KtBKmK /BbiM+2 #2ir22M i`2iK2Mi M/
+QMi`QH Bb `2bi`B+i2/ iQ RyW
jR