• Tidak ada hasil yang ditemukan

Computational Enzyme Design

N/A
N/A
Protected

Academic year: 2023

Membagikan "Computational Enzyme Design"

Copied!
149
0
0

Teks penuh

(1)

Computational Enzyme Design

Thesis by

Bernardo Sosa Padilla Araujo

In Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy

CALIFORNIA INSTITUTE OF TECHNOLOGY Pasadena, California

2014

(Defended May 1, 2014)

(2)

!!

! 2014

Bernardo Sosa Padilla Araujo All Rights Reserved

(3)

!!!

!"#$%&'$(

(

"#$%&'('!#)(*+ %,#'-!)+ .-/!0)+ 1"234+ !/+ '5-+ (&'#$('-.+ !.-)'!6!7('!#)+ #6+ ($!)#+ (7!.+

/-8&-)7-/+'5('+9!**+6#*.+!)'#+(+/%-7!6!-.+'5,--:.!$-)/!#)(*+/',&7'&,-;+<5!/+$-'5#.+5(/+

-$-,0-.+ (/+ (+ %,#$!/!)0+ '##*+ 6#,+ -)0!)--,!)0+ -)=>$-/;+ ?)+ '5!/+ '5-/!/@+ ?+ .-/7,!A-+ $>+

-66#,'/+('+!$%,#B!)0+().+(%%*>!)0+"23+$-'5#./+'#+'5-+.-/!0)+#6+-)=>$-/;++

"5(%'-,+??+.-/7,!A-/+'5-+.-B-*#%$-)'+().+A-)75$(,C+,-/&*'/+6#,+(+$#*-7&*(,+

.>)($!7/+1D34+%,#'#7#*+'#+%,-/7,--)+-)=>$-+.-/!0)/;+E-/&*'/+!).!7('-+'5('+'5-+D3+

%,#'#7#*+ !/+ /&77-//6&*+ !)+ /7,--)!)0+ -)=>$-/+ 6#,+ -)=>$('!7+ (7'!B!'>;+ <5-+ %,#'#7#*+ !/+

0-)-,(*@+,-%,#.&7!A*-@+().+-F7-*/+('+.!/7(,.!)0+6(*/-+%#/!'!B-+.-/!0)/+95!*-+%,-.!7'!)0+

'5-+$#/'+(7'!B-+-)=>$-/+7#,,-7'*>;++

"#)6#,$('!#)(*+75()0-/+(,-+%(,'+#6+'5-+,-%-,'#!,-+'5('+)('&,(*+-)=>$-/+&/-+'#+

7('(*>=-+,-(7'!#)/;+"5(%'-,+???+7#$%,!/-/+'5-+7#$%&'('!#)(*+.-/!0)+().+-F%-,!$-)'(*+

75(,(7'-,!=('!#)+#6+',!#/-%5#/%5('-+!/#$-,(/-+1<?D4@+(+$#.-*+-)=>$-+6#,+'5-+/'&.>+#6+

7('(*>'!7+(7'!B!'>+!)+'5-+7#)'-F'+#6+7#)6#,$('!#)(*+75()0-/;+G/!)0+(+)#B-*+$&*'!:/'('-+

.-/!0)+1DH34+$-'5#.+'5('+7()+7#)/!.-,+$&*'!%*-+/'('-/+!)+(+/!)0*-+%,#'-!)+/-8&-)7-+

#%'!$!=('!#)+7(*7&*('!#)@+9-+.-/!0)-.+'5-+6*-F!A*-+5!)0-/+!)+<?DI/+(7'!B-+/!'-+*##%;++

J+7-)',(*+75(**-)0-+!)+'5-+"23+6!-*.+!/+'5-+,-*!(A*-+-)0!)--,!)0+#6+()+-)=>$-+6#,+

()>+.-/!,-.+,-(7'!#);+?)+"5(%'-,+?K@+?+.-/7,!A-+'5-+7#)7-%'&(*!=('!#)+().+(%%*!7('!#)+#6+

(+ 5!05:'5,#&05%&'+ 7#$%&'('!#)(*+ 6,($-9#,C+ 6#,+ '5-+!"# $%&%+ .-/!0)+ #6+ -)=>$('!7+

(7'!B!'>+!)'#+!)-,'+/7(66#*./;+<?D+!/+&/-.+(/+(+$#.-*+/>/'-$;+

+ + +

(4)

!B

)!*+,(-.(/-0),0)1(

(

!"#$%&'$( !!!( ( ( ( (

)&"23(45(/46$36$#(( !B(

)&"23#(&67(.89:%3#( B(

!""%3;8&$846#( (B!!!(

/<&=$3%#(

( (

"5(%'-,+?(((((((((((((((++?)',#.&7'!#)( (L(

( ( (

"5(%'-,+??((((((((((((((((?)+H!*!7#+H7,--)!)0+#6+M)=>$('!7+J7'!B!'>N+J+D#*-7&*(,(( (LO(

((((((((((((((((((((((((((((((((((((3>)($!7/+J%%,#(75+

( (

"5(%'-,+???(((((((((((((("#$%&'('!#)(*+3-/!0)@+D#*-7&*(,+3>)($!7/+H7,--)!)0@+().+ +PQ+

+++++++++++++++++++++++++++++++++++MF%-,!$-)'(*+"5(,(7'-,!=('!#)+#6+R*-F!A*-+S!)0-/+!)++

+++++++++++++++++++++++++++++++++++<,!#/-%5#/%5('-+?/#$-,(/-(

(

"5(%'-,+?K((((((((((((((J+S!05:<5,#&05%&'+"#$%&'('!#)(*+R,($-9#,C+6#,+'"#(%&%++ ++TU+

+++++++++++++++++++++++++++++++++++M)=>$-+3-/!0)+().+!'/+J%%*!7('!#)+<#9(,./+'5-+3-/!0)+#6++

+++++++++++++++++++++++++++++++++++<,!#/-%5#/%5('-+?/#$-,(/-+J7'!B!'>+

(5)

B

)!*+,1(!0>(.?@AB,1(

+

R!0&,-+L:L;+ )$#*+,+-%+%,-:/7,--)!)0+#6+-)=>$('!7+(7'!B!'>+(%%*!-.+!)+'5-+

7#$%&'('!#)(*+%,#'-!)+.-/!0)+6,($-9#,C+ V+

R!0&,-+L:W;+ <,!#/-%5#/%5('-+!/#$-,(/-+(/+(+%(,(.!0$+6#,+7#)6#,$('!#)(*+

+ 75()0-/+!)+-)=>$('!7+7('(*>/!/+ T+

R!0&,-+L:X;+ H75-$-+/5#9!)0+'5-+5!05:'5,#&05%&'+7#$%&'('!#)(*+9#,C6*#9+

+ 6#,+.-/!0)!)0+-)=>$-/+!)'#+!)-,'+/7(66#*./+ LQ+

<(A*-+W:L;+ "#$%(,!/#)+#6+-F%-,!$-)'(*+,-/&*'/+9!'5+D3+%,-.!7'!#)/++

+ 6#,+'5-+V+YM+.-/!0)/+!)+'5-+',(!)!)0+/-'+ XQ+

<(A*-+W:W;+ H&$$(,>+#6+'5-+D3+,-/&*'/+6#,+'5-+YM+.-/!0)/+,-%#,'-.+A>+

EZ'5*!/A-,0-,+".#/,;+ XL+

<(A*-+W:X;+++++++++2,#'#7#*+X+,-/&*'/+6#,+'5-+Y-$%+-*!$!)(/-/+A>+EZ'5*!/A-,0-,+".#/,;+ XW+

<(A*-+W:O;+ 2,#'#7#*+X+,-/&*'/+6#,+01#2%,++75#,!/$('-+$&'(/-+().+!'/+LLO+/!)0*-+

$&'()'/+,-%#,'-.+A>+[(//!*(+".#/,1+ XO+

R!0&,-+W:L;+++++++Y-$%+-*!$!)('!#)+ XV+

R!0&,-+W:W;+ D3+%,#'#7#*/+ XT+

R!0&,-+W:X;+ 2,#'#7#*/+X+().+O+-F7-*+('+.!/7(,.!)0+6(*/-:%#/!'!B-+.-/!0)/+ OQ+

R!0&,-+W:O;+ "*(!/-)+,-(,,()0-$-)'+#6+75#,!/$('-+A>+75#,!/$('-+$&'(/-+ OL+

R!0&,-+W:P;+ 3!:(F!(*+7#)6#,$('!#)+#6+75#,!/$('-+ OW+

R!0&,-+W:U;+ <,()/6-,(A!*!'>+'#+()#'5-,+,-(7'!#)N+MF($%*-/+#6+D3+/!$&*('!#)/++

+ ,-/&*'/+6#,+\<+().+!'/+!)(7'!B-+3OV?+B(,!()';+ OX+

R!0&,-+W:];+ <,()/6-,(A!*!'>+'#+()#'5-,+,-(7'!#)N+D3+/!$&*('!#)+,-/&*'/+ OO+

R!0&,-+W:V;+ "#$%&'('!#)(*+%-,6#,$()7-+ OP+

<(A*-+X:L;+ D&*'!%*-+/-8&-)7-+(*!0)$-)'+#6+)('&,(*+<?D/I+*##%+U+ ]Q+

<(A*-+X:W;+ )$#&+&%+7#$%*-$-)'('!#)+(//(>+,-/&*'/+ ]X+

<(A*-+X:X;+ H&$$(,>+#6+-F%-,!$-)'(*+75(,(7'-,!=('!#)+#6+7*#/-.+*!A,(,>+ ]O+

<(A*-+X:O;+ H&$$(,>+#6+-F%-,!$-)'(*+75(,(7'-,!=('!#)+#6+7*#/-.+A!(/-.+*!A,(,>+ ]P+

(6)

B!

<(A*-+X:P;+ H&$$(,>+#6+-F%-,!$-)'(*+75(,(7'-,!=('!#)+#6+-B-)+*!A,(,>+ ]U+

<(A*-+X:U;+ H&$$(,>+#6+-F%-,!$-)'(*+75(,(7'-,!=('!#)+#6+#%-)+A!(/-.+*!A,(,>+ ]]+

<(A*-+X:];+ H&$$(,>+#6+-F%-,!$-)'(*+75(,(7'-,!=('!#)+#6+#%-)+*!A,(,>+ ]V+

<(A*-+X:V;+ H&$$(,>+#6+'5-+$#/'+(7'!B-+$&'()'/+ ]T+

<(A*-+X:T;+ "#$%(,!/#)+#6+D3+,-/&*'/+9!'5+"23+,-/&*'/+ VQ+

R!0&,-+X:L;+ <,!#/-%5#/%5('-+!/#$-,(/-+(/+(+$#.-*+/>/'-$+6#,+7#)6#,$('!#)(*+

75()0-/+!)+-)=>$('!7+7('(*>/!/+ VL+

R!0&,-+X:W;+ H&$$(,>+#6+'5-+7#$%&'('!#)(**>+.-/!0)-.+<?D+5!)0-+*!A,(,!-/+ VX+

R!0&,-+X:X;+ ?)+B!B#+7#$%*-$-)'('!#)+(//(>+,-/&*'/+6#,+'5-+.-/!0)-.+*!A,(,!-/+ VO+

R!0&,-+X:O;+ ?)+B!',#+(7'!B!'>+(//(>+,-/&*'/+6#,+-(75+#6+'5-+*!A,(,!-/+ VP+

R!0&,-+X:P;+ <5-,$#6*&#,+(//(>+/5#9-.+'5('+(**+$&'()'/+-F5!A!'+9!*.:'>%-:*!C-+

'5-,$(*+/'(A!*!'>+ VU+

R!0&,-+X:U;+ K(,>!)0+'5-+7#)',!A&'!#)+#6+'5-+#%-)+().+'5-+7*#/-.+/'('-/+!)+'5-+

+ +DH3+7(*7&*('!#)+ V]+

R!0&,-+X:];+ "#$%(,!/#)+#6+$#,-+7*#/-.+A!(/-.+<?D+5!)0-+*!A,(,!-/++

+ 9!'5+'5-+DHJ+().+'5-+#,!0!)(*+7*#/-.+().+7*#/-.+A!(/-.+*!A,(,!-/+ VV+

R!0&,-+X:V;+ D3+()(*>/!/+#6+<?D+5!)0-+$&'()'/+ VT+

R!0&,-+X:T;+ H3H:2J^M+()(*>/!/+#6+-)=>$-+/($%*-/+ TQ+

<(A*-+O:L;+ ^-#$-',!7+7#)/',(!)'+7#)'(7'/+A-'9--)+'5-+7('(*>'!7+,-/!.&-/+

+ ().+3SJ2+!)+'5-+(7'!B-+/!'-+/-(,75+().+,-%(7C!)0+7(*7&*('!#)/+ LLV+

<(A*-+O:W;+ MF%-,!$-)'(*+75(,(7'-,!=('!#)+#6+.-/!0)/+#)+'5-+6!B-+)#B-*+/7(66#*./+LLT+

<(A*-+O:X;+ <#%+LQ+.-/!0)/+#)+/7(66#*.+L_M`+1>-(/'+<?D4N+$#*-7&*(,+.>)($!7/+

/!$&*('!#)/+().++$#&+&%+7#$%*-$-)'('!#)+,-/&*'/+ LWQ+

<(A*-+O:O;+ "#$A!)('#,!(*+.-0-)-,('-+7#.#)+*!A,(,>+#)+/7(66#*.+W2H_+ LWL+

<(A*-+O:P;+ "#$A!)('#,!(*+.-0-)-,('-+7#.#)+*!A,(,>+#)+/7(66#*.+XDS^+ LWW+

<(A*-+O:U;+ "#$A!)('#,!(*+.-0-)-,('-+7#.#)+*!A,(,>+#)+/7(66#*.+LJPX+ LWX+

<(A*-+O:];+ "#$A!)('#,!(*+.-0-)-,('-+7#.#)+*!A,(,>+#)+/7(66#*.+X"aT+ LWO+

<(A*-+O:V;+ 2(,'!(*+75(,0-/+6#,+.!5>.,#F>(7-'#)-+%5#/%5('-+13SJ24+ LWP+

(7)

B!!

R!0&,-+O:L;+ <,!#/-%5#/%5('-+!/#$-,(/-+1<?D4+(/+(+$#.-*+/>/'-$+6#,+-)=>$-+ ++

+ 7('(*>/!/+ LWU+

R!0&,-+O:W;+ S!05:'5,#&05%&'+7#$%&'('!#)(*+9#,C6*#9+6#,+-)=>$-+.-/!0)+ LW]+

R!0&,-+O:X;+ H&$$(,>+#6+'5-+6!B-+!)-,'+/7(66#*./+'5('+%(//-.+(**+'5-++

+ 7#$%&'('!#)(*+/'-%/+ LWV+

R!0&,-+O:O;+ )$#&+.3%+(7'!B!'>+$-(/&,-$-)'/+#6+.-/!0)/+ LWT+

R!0&,-+O:P;+ MF($%*-+#6+7!,7&*(,+.!75,#!/$+$-(/&,-$-)'/+ LXQ+

R!0&,-+O:U;+ J7'!B-+/!'-+#6+>-(/'+<?D+123b+?3N+L_M`4+ LXL+

R!0&,-+O:];+ H-7#).:0-)-,('!#)+.-/!0)/+#)+(+'5-,$#%5!*!7+/7(66#*.+ LXW+

R!0&,-+O:V;+ H-7#).:0-)-,('!#)+.-/!0)/+#)+(+/7(66#*.+95-,-+'5-+.-/!0)-.++

+ 7('(*>'!7+5!/'!.!)-+*!-/+('+'5-+%#/!'!B-+-).+#6+(+/5#,'+(*%5(+

+ 5-*!F@+,-/-$A*!)0+(+7#)/-,B-.+6-('&,-+#6+)('&,(*+<?D/+ LXX+

R!0&,-+O:T;+ H-*-7'-.+.-/!0)/+#)+/7(66#*.+LJPX+(,-+/'(A*-+ LXO+

R!0&,-+O:LQ;+ H-*-7'-.+.-/!0)/+#)+/7(66#*.+LJPX+-*&'-+6,#$+HM"+7#*&$)+

+ +9!'5+'5-+-F%-7'-.+8&('-,)(,>+/',&7'&,-+ LXP+

R!0&,-+O:LL;+ 3SJ2+('#$+)($-/+ LXU+

+

(8)

B!!!

!**B,C?!)?-01(

+

JJ+ ($!)#+(7!.+

"J+ 7('(*>'!7+()'!A#.!-/+

"3+ 7!,7&*(,+.!75,#!/$+

"D+ 75#,!/$('-+$&'(/-+

"23+ 7#$%&'('!#)(*+%,#'-!)+.-/!0)+

"2G+ 7-)',(*+%,#7-//!)0+&)!'+

.:^J2+ .:0*>7-,(*.-5>.-:X:%5#/%5('-+

3"+ .-0-)-,('-+7#.#)+

3SJ2+ .!5>.,#F>(7-'#)-+%5#/%5('-+

01#-%,+# 0*-4"3+-4+/#-%,+#

0-,%*"!++ -)-,0>+#6+'5-+7*#/-.+/'('-++

M3<J+ -'5>*-)-.!($!)-'-',((7-'!7+(7!.+

0%5"$+ -)-,0>+#6+'5-+#%-)+/'('-++

0.%./,+ '#'(*+-)-,0>++

MKb+ -$%!,!7(*+B(*-)7-+A#).+

6/+ 6-$'#/-7#)./+

^23S+ ":0*>7-,#*%5#/%5('-+.-5>.,#0-)(/-+

^2G+ 0,(%5!7/+%,#7-//!)0+&)!'+

6-/.+ 7('(*>'!7+7#)/'()'++

YM+ Y-$%+-*!$!)('!#)+

YD+ D!75(-*!/+7#)/'()'+

D3+ $#*-7&*(,+.>)($!7/+

DHJ+ $&*'!%*-+/-8&-)7-+(*!0)$-)'+

(9)

!F

DH3+ $&*'!:/'('-+.-/!0)+

_J+ )#'+(%%*!7(A*-+

_J3S+ ,-.&7-.+)!7#'!)($!.-+(.-)!)-+.!)&7*-#'!.-+

_bc+ P:)!',#A-)=#F!=#*-+

_3+ )#'+.-'-,$!)-.+

_DE+ )&7*-(,+$(0)-'!7+,-/#)()7-+

_2K+ )-0('!B-+%,-.!7'!B-+B(*&-+

_2<+ 7#)/'()'+)&$A-,+#6+%(,'!7*-/@+%,-//&,-@+().+'-$%-,('&,-+

)/+ )()#/-7#)./+

2b"+ %-,!#.!7+A#&).(,>+7#).!'!#)/+

23b+ %,#'-!)+.('(+A()C+

2DM+ 2(,'!7*-+$-/5+M9(*.+

22K+ %#/!'!B-+%,-.!7'!B-+B(*&-+

%/+ %!7#/-7#)./+

EMH2+ ,-/',(!)-.+-*-7',#/'('!7+%#'-)'!(*+

ERG+ ,-*('!B-+6*#,-/7-)7-+&)!'/+

H3H:2J^M+ /#.!&$+.#.-7>*+/&*6('-+%#*>(7,>*($!.-+0-*+-*-7',#%5#,-/!/+

HM"+ /!=-:-F7*&/!#)+75,#$('#0,(%5>+

HH3+ /!)0*-:/'('-+.-/!0)+

<MJ+ ',!-'5()#*($!)-+

<MK+ '#A(77#+-'75+B!,&/+

<?D+ ',!#/-%5#/%5('-+!/#$-,(/-+

<$+ $!.%#!)'+#6+'5-,$(*+.-)('&,('!#)+7&,B-+

<H+ ',()/!'!#)+/'('-+

<HJ+ ',()/!'!#)+/'('-+()(*#0+

(10)

F

K(6'-,+ ,-(7'!#)+,('-+(6'-,+/($%*-+(..!'!#)+

KA-6#,-+ ,-(7'!#)+,('-+A-6#,-+/($%*-+(..!'!#)+

KD3+ B!/&(*+$#*-7&*(,+.>)($!7/+

K#A/+ #A/-,B-.+,-(7'!#)+,('-+

7+ 9-!05'!)0+7#-66!7!-)'+!)+(+$&*'!:/'('-+.-/!0)+7(*7&*('!#)+

\<+ 9!*.+'>%-+

#+++++++++++++++++++++++++$-()+,-/!.&-+$#*(,+-**!%'!7!'>+

(11)

! "!

!

#$%&'()!*!

!

*+'),-./'0,+!!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!

!!

!

!

!

(12)

! 1!

!"#$%&'()*&(+,-./$(!00,1,&"2(3424/$'2'(

203(!%4!5(!6+,5!0'!5,.7-!+,'!8(!&,44087(!50'$,.'!'$(!(904'(+/(!,3!(+:;<(4=!>+:;<(4!

%//(7()%'(!'$(!)%'(!,3!80,7,?0/%7!)(%/'0,+4@!5$0/$!5,.7-!,'$()504(!+,'!&),/((-!3%4'!

(+,.?$! ',! 4.4'%0+! 703(="! A$(;! %)(! )(4&,+4087(! 3,)! <,4'! ,3! '$(! /$(<0/%7!

')%+43,)<%'0,+4! '$%'! ,//.)! 50'$0+! %! /(77=! BCD! )(&70/%'0,+@! &$,',4;+'$(404@! %+-!

?7;/,7;404! %)(! 4,<(! ,3! '$(! 0++.<()%87(! (9%<&7(4! ,3! '$(! &),/(44(4! '$%'! 0+E,7E(!

(+:;<(4=! D7'$,.?$! '$(! ,)0?0+! ,3! '$(! /%'%7;'0/! &,5()! ,3! (+:;<(4! 04! +,'! 5(77!

.+-()4',,-!%+-!04!4'077!%!',&0/!,3!-(8%'(@!(+:;<(4!5,)6!8;!7,5()0+?!'$(!%/'0E%'0,+!

(+()?;!,3!'$(!)(%/'0,+=1F!G!

! >E(+!'$,.?$!4;+'$('0/!/%'%7;4'4!/%+!%//(7()%'(!/$(<0/%7!')%+43,)<%'0,+4!',!%!

?)(%'! (9'(+'@! (+:;<(4! $%E(! 4(E()%7! %-E%+'%?(4! ,E()! '$(<=! C%'.)%7! (+:;<(4! /%+!

/%'%7;:(!E();!-0E()4(!/$(<0/%7!)(%/'0,+4=!H,4'!%)(!$0?$7;!4&(/030/!3,)!'$(0)!4.84')%'(!

%+-! /%+! 8(! )(?0,I4(7(/'0E(=! A$(;! %)(! %74,! )(7%'0E(7;! (%4;! ',! /,+4')./'! %+-! %)(!

80,-(?)%-%87(=! H,)(! 0<&,)'%+'7;@! '$(;! /%+! 5,)6! %'! +,)<%7! /,+-0'0,+4! ,3! &J@!

'(<&()%'.)(@! %+-! &)(44.)(=! K0<&7;! &.'@! L(+:;<(! /%'%7;404! 04! +,'! -033()(+'! 3),<!

/$(<0/%7!/%'%7;404@!M.4'!8(''()=NO!D!&)0,)0@!'$(4(!&),&()'0(4!<%6(!(+:;<(4!&)(3()%87(!

',!,'$()!';&(4!,3!/%'%7;4'4!3,)!%!8),%-!)%+?(!,3!%&&70/%'0,+4=!!

P+(!70<0'%'0,+!,3!'$(!%&&70/%8070';!,3!(+:;<(4!',!<%+;!<(-0/%7!%+-!0+-.4')0%7!

&),87(<4! 04! '$(! 3%/'! '$%'! '$(! +%'.)%7! )(&()',0)(! 04! +,'! (9$%.4'0E(F! '$.4@! +%'.)%7!

(+:;<(4! 40<&7;! -,! +,'! (904'! ',! /%'%7;:(! <%+;! &,'(+'0%77;! 0+'()(4'0+?! )(%/'0,+4=! *+!

%--0'0,+@! ,.)! .+-()4'%+-0+?! ,3! '$(! &$;40/%7! &)0+/0&7(4! '$%'! ?,E()+! '$(! 4')./'.)(I 3.+/'0,+! )(7%'0,+4$0&! ,3! (+:;<(4! %+-! &),'(0+4! 0+! ?(+()%7! 04! 70<0'(-@! 0<&(-0+?! '$(!

)(70%87(!/,+4')./'0,+!,3!%+!(+:;<(!3,)!%+;!-(40)(-!)(%/'0,+=!

(13)

! G!

35%67242,5"4/(8&',-"(50(!"#$%&'(

#,<&.'%'0,+%7! &),'(0+! -(40?+! Q#RBS! 04! '$(! %.',<%'(-! 0-(+'030/%'0,+! ,3! %<0+,! %/0-!

4(T.(+/(4!'$%'!5077!3,7-!0+',!%!4&(/030/!'$)((I-0<(+40,+%7!4')./'.)(=U!#RB!<('$,-4!

$%E(! 8((+! (9'(+40E(7;! .4(-! 3,)! '$(! -(40?+! ,3! &),'(0+4! 3,)! 0<&),E(-! 4'%8070';@!

4,7.8070';@! &),'(0+I&),'(0+! 80+-0+?@! +,E(7! 4/%33,7-4@! ('/=VIW! X(/(+'! 4.//(44(4! 0+!

-(40?+0+?! +,E(7! (+:;<(4! $%E(! &),<&'(-! /,+40-()%87(! 0+'()(4'! 0+! '$(! 30(7-="YI"O! A,!

-%'(@! -(40?+()! (+:;<(4! $%E(! ,.'&()3,)<(-! &)(E0,.47;! )(&,)'(-! /%'%7;'0/!

%+'08,-0(4="U! A$(! %/'0E0'0(4! ,3!!"# $%&%! -(40?+(-! (+:;<(4! %)(! ';&0/%77;! 7,5()! '$%+!

'$,4(!,3!'$(0)!+%'.)%7!/,.+'()&%)'4F!$,5(E()@!'$#&'()%!(E,7.'0,+!<('$,-4!/%+!8(!.4(-!

',! 0<&),E(! %! <,-()%'(7;! %/'0E(! -(40?+()! (+:;<(! ',! ;0(7-! $0?$7;! %/'0E(!

80,/%'%7;4'4="VF!"Z!B(4&0'(!'$(4(!4.//(44(4@!0'!04!0<&,)'%+'!',!+,'(!'$%'!(%/$!4.//(443.7!

(9%<&7(!,3!'$(!%&&70/%'0,+!,3!#RB!<('$,-4!04!%//,<&%+0(-!8;!%!E%4'!+.<8()!,3!3%74(!

&,40'0E(! )(4.7'4@! 4.??(4'0+?! %! 7%/6! ,3! .+-()4'%+-0+?! ,3! '$(! &$;40/%7! &)0+/0&7(4! '$%'!

?,E()+!(+:;<(!4')./'.)(!%+-!3.+/'0,+="[!*+!<,4'!/%4(4@!%!7%)?(!+.<8()!,3!(+:;<(!

-(40?+4! <.4'! 8(! '(4'(-! ',! 30+-! %! 3(5! %/'0E(! -(40?+4@! ;0(7-0+?! %! 7,5! 40?+%7! ',! +,04(!

)%'0,=!A$(!%8070';!',!/,+404'(+'7;!-(40?+!%+!(+:;<(!3,)!%+;!-(40)(-!)(%/'0,+!)(<%0+4!

'$(!L$,7;!?)%07N!,3!'$(!30(7-="ZI"W!!

*+! '$04! /,+'(9'@! '$(! /,+')08.'0,+4! ,3! <;! 5,)6! /%+! 8(! /,+-(+4(-! -,5+! ',!

'$)((!-033()(+'!4'.-0(4F!'$(4(!%)(!,.'70+(-!$()(!%+-!%)(!-(4/)08(-!0+!<,)(!-(&'$!0+!

'$(!+(9'!/$%&'()4=!

!

(14)

! O!

*$#+','-%#+-)""$'$.#%/#"$0123('-#3-('&'(1##

R)0E(''!"(#3,4"G!)(&,)'(-!%+!0'()%'0E(!%&&),%/$!',!/,<&.'%'0,+%7!(+:;<(!-(40?+=!A$04!

%&&),%/$!0+/7.-(-!'$(!(E%7.%'0,+!,3!0+0'0%77;!0+%/'0E(!/,<&.'%'0,+%7!(+:;<(!-(40?+4!

',!-('()<0+(!'$(!/%.4(4!,3!0+%/'0E0';=!D<,+?!,'$()!'(/$+0T.(4@!<,7(/.7%)!-;+%<0/4!

QHBS!40<.7%'0,+4!5()(!.4(-!',!-('()<0+(!4')./'.)%7!37%54!0+!'$(!-(40?+(-!(+:;<(4=!

\0'$!'$04!0+3,)<%'0,+@!/$%+?(4!5()(!<%-(!0+!'$(!-(40?+!4')%'(?;!'$%'!;0(7-(-!%/'0E(!

/%'%7;4'4! 3,)! '$(! ](<&! (70<0+%'0,+! Q]>S! )(%/'0,+=! A$04! )(4.7'! 4.??(4'(-! '$%'! HB!

40<.7%'0,+4!/,.7-!4()E(!%4!%!&)(I4/)((+0+?!4'(&!0+!'$(!#RB!3)%<(5,)6=!

! *+!#$%&'()!**!,3!'$04!'$(404@!5(!?(+()%70:(!'$(!0-(%!,3!.40+?!HB!40<.7%'0,+4!3,)!

4/)((+0+?!(+:;<(!-(40?+4=!D!.4(3.7!&),',/,7!3,)!4/)((+0+?!(+:;<%'0/!%/'0E0';!4$,.7-!

<(('!'$)((!/)0'()0%^!Q"S!8(!/,<&.'%'0,+%77;!0+(9&(+40E(@!Q1S!/,))(/'7;!30+-!'$(!<,4'!

%/'0E(!-(40?+4@!%+-!QGS!-04/%)-!<,4'!,3!'$(!3%74(!&,40'0E(!-(40?+4!Q_0?.)(!"I"S=!\0'$!

'$(4(!/)0'()0%!0+!<0+-@!5(!'(4'(-!4(E()%7!HB!&),',/,74!,+!%!')%0+0+?!4('!,3!(+:;<(4=!

A$(! 8(4'! &),',/,7! 5%4! 4.84(T.(+'7;! .4(-! ,+! '5,! 7%)?()! %+-! <,)(! -0E()4(! 4('4! ,3!

(+:;<(4!'$%'!$%-!%7)(%-;!8((+!(9&()0<(+'%77;!/$%)%/'()0:(-=!!X(4.7'4!0+-0/%'(!'$%'!

'$(! HB! &),',/,7! 04! 4.//(443.7! 0+! 4/)((+0+?! (+:;<(4! 3,)! (+:;<%'0/! %/'0E0';=! A$(!

&),',/,7! 04! ?(+()%7@! )(&),-./087(@! %+-! (9/(74! %'! -04/%)-0+?! 3%74(! &,40'0E(! -(40?+4!

5$07(!&)(-0/'0+?!'$(!<,4'!%/'0E(!-(40?+4!/,))(/'7;=!!

!

5"+'.$'$.#-%$/%)23('%$3,#-63$."+#'$#"$012"+#

#RB!/%7/.7%'0,+4!$%E(!';&0/%77;!8((+!.4(-!',!(E%7.%'(!%+-!4(7(/'!&),'(0+!4(T.(+/(4!

0+! '$(! /,+'(9'! ,3! %! 40+?7(! +%'0E(! 4')./'.)(@! %! <('$,-! )(3())(-! ',! %4! 40+?7(I4'%'(!

-(40?+!QKKBS=V!D7'$,.?$!&),'(0+4!%)(!?(+()%77;!(+/,.+'()(-!0+!%!40+?7(!+%'0E(!4'%'(@!

(15)

! U!

<%+;!<.4'!8(!%87(!',!%44.<(!'5,!,)!<,)(!-033()(+'!4')./'.)%7!,)!/$(<0/%7!4'%'(4!',!

/%));! ,.'! '$(0)! 3.+/'0,+4=1F! 1YI1G! _,)! (9%<&7(@! 4,<(! (+:;<(4! <.4'! .+-()?,!

/,+3,)<%'0,+%7! /$%+?(4! ',! 8(! 3.+/'0,+%7=! A$(;! %74,! +((-! ',! 30+(7;! '.+(! '$(0)!

%330+0'0(4! 3,)! 4.84')%'(4@! ')%+40'0,+! 4'%'(4@! %+-! &),-./'4! ',! /%'%7;:(! )(%/'0,+4!

(330/0(+'7;F!0+!,'$()!5,)-4@!'$(;!<.4'!%/$0(E(!4(E()%7!-033()(+'!/$(<0/%7!4'%'(4=!!

X(/(+'7;@! %! +,E(7! <.7'0I4'%'(! -(40?+! QHKBS! <('$,-! 5%4! -(E(7,&(-! '$%'! /%+!

/,+40-()!4(E()%7!4'%'(4!,3!%!&),'(0+!0+!%!40+?7(!4(T.(+/(!,&'0<0:%'0,+!/%7/.7%'0,+=1O!

*+! #$%&'()! ***! ,3! '$04! '$(404@! 5(! -(4/)08(! $,5! '$04! +,E(7! %7?,)0'$<! 5%4! '(4'(-! ,+!

')0,4(&$,4&$%'(! 04,<()%4(! QA*HS@! %+! (+:;<(! '$%'! /,+'%0+4! %! 7,,&! '$%'! ,4/077%'(4!

8('5((+!'5,!4'%'(4@!,&(+!%+-!/7,4(-!Q_0?.)(!"I1S=!2,,&!V!%/'4!706(!%!70-!3,)!'$(!%/'0E(!

40'(! ,3! A*H! %+-! /%+! %44.<(! 8,'$! ,&(+! %+-! /7,4(-! /,+3,)<%'0,+4! '$%'! 3%/070'%'(!

4.84')%'(! 80+-0+?@! &),-./'! (4/%&(@! %+-! /%'%7;404=1UI1[! A$(! 37(908070';! '$%'! %77,54! 3,)!

'$(!/,+3,)<%'0,+%7!/$%+?(!0+!7,,&!V!04!&),E0-(-!8;!'5,!GI%<0+,!%/0-!$0+?(4!%'!'$(!

8(?0++0+?!%+-!%'!'$(!(+-!,3!'$(!7,,&=1W!A,!'(4'!'$(!&()3,)<%+/(!,3!HKB!%+-!(9&7,)(!

0'4! %-E%+'%?(4! ,E()! KKB@! 5(! /,<&.'%'0,+%77;! -(40?+(-! A*H! 37(9087(! $0+?(4! .40+?!

8,'$! <('$,-4=! >9&()0<(+'%7! /$%)%/'()0:%'0,+! ,3! 4(7(/'(-! -(40?+4! )(E(%7(-! '$%'!

/%7/.7%'0,+4! 3%E,)0+?! '$(! /7,4(-! 4'%'(! ,E()! '$(! ,&(+! 4'%'(! 5()(! <,)(! ),8.4'! %'!

&)(-0/'0+?! $0?$7;! %+-! <,-()%'(7;! %/'0E(! <.'%+'4=! P.)! )(4.7'4! %74,! 0+-0/%'(-! '$%'!

HKB! /,.7-! &()3,)<! 8(''()! '$%+! KKB! %'! )(/%&0'.7%'0+?! +%'.)%77;! ,84()E(-! $0+?(!

4(T.(+/(4=!!

A$(! (9&()0<(+'%7! -%'%! ?(+()%'(-! 0+! '$04! 4'.-;! 5%4! %74,! .4(-! ',! '(4'! '$(!

.'070';! ,3! '$(! &)(I4/)((+0+?! &),',/,7! Q-(4/)08(-! 0+! #$%&'()! **! ,3! '$04! '$(404S=! HB!

40<.7%'0,+4! 5()(! ).+! ,+! %77! '$(! A*H! -(40?+4=! A$(! )(4.7'4! 4.??(4'(-! '$%'! %?%0+@! %4!

(16)

! V!

&)(E0,.47;! ,84()E(-! 3,)! ,'$()! )(%/'0,+4! Q#$%&'()! **S@! '$(! HB! &),',/,7! /%+! -04/%)-!

3%74(!&,40'0E(!-(40?+4!%+-!/,))(/'7;!&)(-0/'!'$(!<,4'!%/'0E(!,+(4=!

!

7%83)!+#(6"#!"#$%&%#!"+'.$#%/#"$0123('-#3-('&'(1#

A$(!<,4'!4,.?$'I%3'()!?,%7!,3!/,<&.'%'0,+%7!(+:;<(!-(40?+!04!'$(!%8070';!',!)(70%87;!

(+?0+(()!<%-(I',I,)-()!(+:;<(4="[!*+!#$%&'()!*`!,3!'$04!'$(404@!*!-(4/)08(!<;!(33,)'4!

',5%)-! -(40?+0+?! /%'%7;'0/! %/'0E0';! 0+',! 0+()'! &),'(0+! 4/%33,7-4=! A*H! 5%4! .4(-! %4! %!

<,-(7! 4;4'(<! 8(/%.4(! 0'! 04! (%4;! ',! 5,)6! 50'$! (9&()0<(+'%77;! %+-! '$()(! 04! %+!

0+/)(-087(!%<,.+'!,3!<.'%'0,+%7!%+-!<(/$%+04'0/!-%'%!%E%07%87(!,+!0'=OF!1WIG"!*!-(E04(-!

%!$0?$I'$),.?$&.'!/,<&.'%'0,+%7!3)%<(5,)6!'$%'!/,.7-!0+!&)0+/0&7(!8(!(9'(+-(-!',!

,'$()! )(%/'0,+4! Q_0?.)(! "IGS=! A$(! 30)4'! 4'(&! 0+! '$(! 3)%<(5,)6! 4(7(/'(-! &),'(0+!

4')./'.)(4! 3),<! %E%07%87(! -%'%8%4(4! %+-! 0-(+'030(-! %&&),&)0%'(! 40'(4! 50'$0+! (%/$!

4/%33,7-!'$%'!/,.7-!%//,<<,-%'(!'$(!A*H!%/'0E(!40'(=!R.'%'0E(!/%'%7;'0/!)(40-.(4!%+-!

4'%8070:0+?! <.'%'0,+4! 5()(! '$(+! &)(-0/'(-! .40+?! /,+E(+'0,+%7! (+:;<(! -(40?+!

<('$,-4=! _0+%77;@! 8;! .40+?! '$(! HB! &),',/,7! -(4/)08(-! 0+! #$%&'()! **! ,3! '$04! '$(404@!

/%+-0-%'(! -(40?+4! 5()(! 4/)((+(-! 3,)! 80+-0+?! ',! '$(! 4.84')%'(=! P.'! ,3! '$(! 4'%)'0+?!

a[YYY! &),'(0+! 4')./'.)(4@! U! +,E(7! 4/%33,7-4! &%44(-! '$(! 8%''();! ,3! /,<&.'%'0,+%7!

'(4'4!%7,+?!50'$!Z!+%'.)%7!A*H4!'$%'!5(!0+/7.-(-!%4!&,40'0E(!/,+'),74=!>9&()0<(+'%7!

/$%)%/'()0:%'0,+! ,3! '$(! ',&I)%+6(-! -(40?+4! %+-! -(?(+()%'(! /,-,+! QB#S! E%)0%+'!

708)%)0(4!8%4(-!,+!'$(!U!+,E(7!4/%33,7-4!)(4.7'(-!0+!+,!%/'0E(!E%)0%+'4=!!

! B(4&0'(! '$(! 7%/6! ,3! 4.//(44! 0+! -(40?+0+?! (+:;<%'0/! %/'0E0';! 0+',! 0+()'!

4/%33,7-4@! ,.)! <('$,-4! 5()(! %87(! ',! )(/%&0'.7%'(! %/'0E(! 40'(4! 0+! '$(! 507-I';&(! A*H!

4')./'.)(4! '$%'! 4()E(-! %4! &,40'0E(! /,+'),74=! H,)(,E()@! '$(4(! /,<&.'%'0,+%77;!

(17)

! Z!

)(-(40?+(-! A*H4! 5()(! %87(! ',! /,<&7(<(+'! %! A*HI-(30/0(+'!9+-6")'-6'3# -%,'! 4')%0+@!

-(<,+4')%'0+?! '$(! ,E()%77! E%70-0';! ,3! ,.)! /,<&.'%'0,+%7! %&&),%/$=! A$(! ?(+()%7!

/,<&.'%'0,+%7! 3)%<(5,)6! (4'%8704$(-! 0+! '$04! 5,)6! 04! &),<040+?! %+-! /,.7-! &),E(!

.4(3.7!3,)!3.'.)(!(+:;<(!-(40?+!(+-(%E,)4=!!

(18)

! [!

!

!

!

!

!

!

!

! (

9,-7*&( :;:<( !"# $%&%'(( 6*&;'1*&&","-( 50( &"#$%42,1( 412,=,2$( 466/,&>( ,"( 2.&(

15%67242,5"4/( 6*52&,"( >&',-"( 0*4%&?5*@<(A$(! 4/$(<(! 077.4')%'(4! '$(! -(40?+!

&),/(44=! A$(! HB! &),',/,7! $(7&4! )(-./(! '$(! +.<8()! ,3! (9&()0<(+'%7! '%)?('4! 8;!

-04/%)-0+?!3%74(I&,40'0E(!4(T.(+/(4=!

!

(19)

! W!

!

! ( ( ( ( ( ( ( ( ( (

9,-7*&( :;A<#B*,5'&6.5'6.42&( ,'5%&*4'&( 4'( 4( 64*4>,-%( 05*( 15"05*%42,5"4/(

1.4"-&'( ,"( &"#$%42,1( 1424/$','<( C)D( PE()%77! 4')./'.)(! ,3! A*H! -(&0/'0+?! '$(!

/,+3,)<%'0,+%7! /$%+?(! 8('5((+! '$(! ,&(+! Q,)%+?(! 7,,&S! %+-! /7,4(-! Q&.)&7(! 7,,&S!

4'%'(4<(CED(A*H!7,,&!V!(<&$%40:0+?!'$(!GI)(40-.(!CI'()<0+%7!QR`\S!%+-!#I'()<0+%7!

Q]`DS!$0+?(4!%'!'$(!8(?0++0+?!%+-!(+-!,3!'$(!7,,&@!)(4&(/'0E(7;=!A$(!$0+?(4!&),E0-(!

'$(!37(908070';!3,)!'$(!/,+3,)<%'0,+%7!/$%+?(=!C3D(A$(!A*H!)(%/'0,+!4/$(<(=!2,,&!Vb4!

/7,4(-! /,+3,)<%'0,+! 04! )(4&,+4087(! 3,)! 4(T.(4'()0+?! '$(! )(%/'0,+! 0+'()<(-0%'(@!

5$0/$! 5,.7-! ,'$()504(! )(%/'! 50'$! 5%'()! %+-! (70<0+%'(! &$,4&$%'(! &),-./0+?!

<('$;?7;,9%7@!%!$0?$7;!/;',',90/!<,7(/.7(=!!

!

!

)( E(

3(

(20)

! "Y!

!

!

!

!

!

!

!!

!

!

!

!

!

!

!

!

!

!

!

!

9,-7*&(:;F<(G1.&%&('.5?,"-(2.&(.,-.;2.*57-.672(15%67242,5"4/(?5*@0/5?(05*(

>&',-","-(&"#$%&'(,"25(,"&*2('14005/>'<((

!

(21)

! ""!

H&0&*&"1&'(

"=! _()4$'@! D=! Q"WWWS=!:();-(;)"# 3$!# 2"-63$'+2# '$# <)%("'$# +-'"$-"=# ># .;'!"# (%#

"$012"#-3(3,1+'+#3$!#<)%("'$#/%,!'$.@!\=!J=!_)((<%+=!

1=! J()4/$7%?@!B=!Q"W[[S=!A$(!),7(!,3!0+-./(-!30'!%+-!/,+3,)<%'0,+%7I/$%+?(4!,3!

(+:;<(4!0+!4&(/030/0';!%+-!/%'%7;404=!?'%%).3$'-#@6"2'+()1!:I@!V1IWV=!

G=! \%)4$(7@!D=!Q"WW[S=!>7(/'),4'%'0/!,)0?0+!,3!'$(!/%'%7;'0/!&,5()!,3!(+:;<(4!%+-!

'$(!),7(!,3!&)(,)?%+0:(-!%/'0E(!40'(4=!A#?'%,#@6"2!AJF@!1ZYGU=!

O=! ]+,57(4@!c=!X=!Q"WW"S=!>+:;<(!/%'%7;404^!C,'!-033()(+'@!M.4'!8(''()=!B3(;)"!FKL@!

"1"I"1O=!

U=! B%$0;%'@!d=!*=!e!H%;,@!K=!2=!Q"WWVS=!R),'(0+!-(40?+!%.',<%'0,+=!C)%("'$#:-'"$-"!

K@![WUIWYG=!

V=! D7E0:,! P@! D77(+! dB! e! H%;,! K2=! Q1YYZS=! #,<&.'%'0,+%7! &),'(0+! -(40?+!

&),<04(4!',!)(E,7.'0,+0:(!&),'(0+!(+?0+(()0+?=!?'%("-6$'D;"+!MA@!G"fGU=!

Z=! B%$0;%'@!d=!*=!e!H%;,@!K=!2=!Q"WWZS=!B(!+,E,!&),'(0+!-(40?+^!_.77;!%.',<%'(-!

4(T.(+/(!4(7(/'0,+=!:-'"$-"!AJN@![1I[Z=!

[=! ].$7<%+@! d=@! B%+'%4@! g=@! *)(',+@! g=! #=@! `%)%+0@! g=@! K',--%)-@! d=! 2=! e! d%6()@! B=!

Q1YYGS=! B(40?+! ,3! %! +,E(7! ?7,8.7%)! &),'(0+! 3,7-! 50'$! %',<0/I7(E(7! %//.)%/;=!

:-'"$-"!FLA@!"GVOI"GV[=!

W=! H%7%6%.46%4@!K=!H=!e!H%;,@!K=!2=!Q"WW[S=!B(40?+@!4')./'.)(!%+-!4'%8070';!,3!%!

$;&()'$()<,&$070/!&),'(0+!E%)0%+'=!B3(;)"#:();-(;)3,#?'%,%.1!K@!OZYIOZU=!

"Y=! d,7,+@! B=! C=! e! H%;,@! K=! 2=! Q1YY"S=! >+:;<(I706(! &),'(0+4! 8;! /,<&.'%'0,+%7!

-(40?+=!C)%-""!'$.+#%/#(6"#B3('%$3,#>-3!"21#%/#:-'"$-"+#%/#(6"#E$'("!#:(3("+#%/#

>2")'-3!ON@!"O1ZOI"O1ZW=!

""=! X,'$7048()?()@! B=@! ]$()4,+46;@! P=@! \,77%/,''@! D=! H=@! c0%+?@! 2=@! B(#$%+/0(@! c=@!

d('6()@!c=@!g%77%$()@!c=!2=@!D7'$,33@!>=!D=@!h%+?$(770+0@!D=@!B;<@!P=@!D78(/6@!K=@!J,.6@!

]=! C=@! A%5306@! B=! K=! e! d%6()@! B=! Q1YY[S=! ](<&! (70<0+%'0,+! /%'%7;4'4! 8;!

/,<&.'%'0,+%7!(+:;<(!-(40?+=!B3(;)"!MKF@!"WYIiO=!

"1=! K0(?(7@!c=!d=@!h%+?$(770+0@!D=@!2,E0/6@!J=!H=@!]044@!g=@!2%<8()'@!D=!X=@!#7%0)@!c=!2=!K=@!

g%77%$()@!c=!2=@!J07E()'@!B=@!g(78@!H=!J=@!K',--%)-@!d=!2=@!J,.6@!]=!C=@!H0/$%(7@!_=!>=!

(22)

! "1!

e! d%6()@! B=! Q1Y"YS=! #,<&.'%'0,+%7! -(40?+! ,3! %+! (+:;<(! /%'%7;4'! 3,)! %!

4'()(,4(7(/'0E(!80<,7(/.7%)!-0(74I%7-()!)(%/'0,+=!:-'"$-"!FAO@!GYWIG"G=!

"G=! R)0E(''@! J=! ]=@! ]044@! g=@! 2((@! A=! H=@! d7,<8()?@! X=@! #$0/%@! X=! D=@! A$,<%4@! 2=! H=@!

J07E()'@! B=@! J,.6@! ]=! C=! e! H%;,@! K=! 2=! Q1Y"1S=! *'()%'0E(! %&&),%/$! ',!

/,<&.'%'0,+%7! (+:;<(! -(40?+=! C)%-""!'$.+# %/# (6"# B3('%$3,# >-3!"21# %/#

:-'"$-"+#%/#(6"#E$'("!#:(3("+#%/#>2")'-3!:LO@!GZWYIGZWU=!

"O=! ]$%)(@! K=! B=@! ]0&+04@! j=@! g)(04(+@! R=! c=@! A%6(./$0@! X=@! D4$%+0@! j=@! g,7-4<0'$@! H=@!

K,+?@!j=!_=@!g%77%$()@!c=!2=@!K07<%+@!*=@!2(%-()@!J=@!K.44<%+@!c=!2=@!K',--%)-@!d=!2=@!

A%5306@! B=! K=! e! d%6()@! B=! Q1Y"1S=! #,<&.'%'0,+%7! )(-(40?+! ,3! %! <,+,+./7(%)!

:0+/! <('%77,(+:;<(! 3,)! ,)?%+,&$,4&$%'(! $;-),7;404=! B3(;)"# @6"2'-3,#

?'%,%.1!N@!1WOIGYY=!

"U=! J07E()'@! B=! Q1YYYS=! #)0'0/%7! %+%7;404! ,3! %+'08,-;! /%'%7;404=!>$$;3,# F"&'"8# %/#

?'%-6"2'+()1!IO@!ZU"IZWG=!

"V=! d7,<8()?@!X=@!])0(4@!J=@!R0+6%4@!B=!H=@!H0''7@!R=!X=!>=@!g).''()@!H=!g=@!R)0E(''@!J=!]=@!

H%;,@!K=!2=!e!J07E()'@!B=!Q1Y"GS=!R)(/040,+!04!(44(+'0%7!3,)!(330/0(+'!/%'%7;404!0+!

%+!(E,7E(-!6(<&!(70<0+%4(=!B3(;)"!KLF@!O"[Ik=!

"Z=! ])0(4@! J=@! d7,<8()?@! X=! e! J07E()'@! B=! Q1Y"GS=! B(! +,E,! (+:;<(4! 8;!

/,<&.'%'0,+%7!-(40?+=!@;))"$(#G<'$'%$#'$#@6"2'-3,#?'%,%.1!:J@!11"I11[=!

"[=! d%6()@!B=!Q1Y"YS=!D+!(9/0'0+?!8.'!/$%77(+?0+?!),%-!%$(%-!3,)!/,<&.'%'0,+%7!

(+:;<(!-(40?+=!C)%("'$#:-'"$-"!:O@!"["ZI"["W=!

"W=! d,7,+@!B=!C=@!`,0?'@!#=!D=!e!H%;,@!K=!2=!Q1YY1S=!B(!+,E,!-(40?+!,3!80,/%'%7;4'4=!

@;))"$(#G<'$'%$#'$#@6"2'-3,#?'%,%.1!I@!"1UI"1W=!

1Y=! g()4'(0+@! H=@! 2(46@! D=! H=! e! #$,'$0%@! #=! Q"WWOS=! K')./'.)%7! <(/$%+04<4! 3,)!

-,<%0+!<,E(<(+'4!0+!&),'(0+4=!?'%-6"2'+()1!FF@!VZGWIVZOW=!

1"=! J%<<(4@!g=!g=!Q1YY1S=!H.7'0&7(!/,+3,)<%'0,+%7!/$%+?(4!0+!(+:;<(!/%'%7;404=!

?'%-6"2'+()1!M:@![11"I[11[=!

11=! J(+:7()I\07-<%+@! ]=! e! ]()+@! B=! Q1YYZS=! B;+%<0/! &()4,+%70'0(4! ,3! &),'(0+4=!

B3(;)"!MKL@!WVOIWZ1=!

1G=! J(+:7()I\07-<%+@! ]=! D=@! A$%0@! `=@! 2(0@! H=@! P''@! H=@! \,73I\%':@! H=@! _(++@! A=@!

R,:$%)460@!>=@!\074,+@!H=!D=@!R('46,@!g=!D=@!]%)&7.4@!H=@!J.8+()@!#=!g=!e!]()+@!B=!

(23)

! "G!

Q1YYZS=!*+')0+40/!<,'0,+4!%7,+?!%+!(+:;<%'0/!)(%/'0,+!')%M(/',);=!B3(;)"!MKL@!

[G[Ii"G=!

1O=! D77(+@!d=!B=!e!H%;,@!K=!2=!Q1Y"YS=!D+!(330/0(+'!%7?,)0'$<!3,)!<.7'04'%'(!&),'(0+!

-(40?+!8%4(-!,+!3%4'()=!A%;)$3,#%/#@%2<;(3('%$3,#@6"2'+()1!F:@!WYOIW"V=!

1U=! \0770%<4@! c=! #=! e! H/-()<,''@! D=! >=! Q"WWUS=! B;+%<0/4! ,3! '$(! 37(9087(! 7,,&! ,3!

')0,4(&$,4&$%'(! 04,<()%4(! I! '$(! 7,,&! <,'0,+! 04! +,'! 70?%+-I?%'(-=!

?'%-6"2'+()1!FM@![GYWI[G"W=!

1V=! K.+@!c=!e!K%<&4,+@!C=!K=!Q"WWWS=!i+-()4'%+-0+?!&),'(0+!70-4^!]0+('0/!%+%7;404!

,3! %/'0E(! $0+?(! <.'%+'4! 0+! ')0,4(&$,4&$%'(! 04,<()%4(=! ?'%-6"2'+()1! FN@!

""OZOI""O["=!

1Z=! K.+@! K=! J=! e! K%<&4,+@! C=! K=! Q"WW[S=! B('()<0+%'0,+! ,3! '$(! %<0+,! %/0-!

)(T.0)(<(+'4! 3,)! %! &),'(0+! $0+?(! 0+! ')0,4(&$,4&$%'(! 04,<()%4(=! C)%("'$#

:-'"$-"!J@!"OWUI"UYU=!

1[=! l0%+?@! c=! j=@! K.+@! c=! J=! e! K%<&4,+@! C=! K=! Q1YY"S=! A$(! 0<&,)'%+/(! ,3! $0+?(!

4(T.(+/(!3,)!7,,&!3.+/'0,+!%+-!/%'%7;'0/!%/'0E0';!0+!'$(!)(%/'0,+!/%'%7;:(-!8;!

')0,4(&$,4&$%'(!04,<()%4(=!A%;)$3,#%/#H%,"-;,3)#?'%,%.1!FLJ@!""YGI"""1=!

1W=! \0()(+?%@!X=!]=@!]%&('%+0,.@!>=!g=!e!`(+6%'(4%+@!X=!Q1Y"YS=!A)0,4(&$,4&$%'(!

04,<()%4(^!D!$0?$7;!(E,7E(-!80,/%'%7;4'=!@",,;,3)#3$!#H%,"-;,3)#I'/"#:-'"$-"+!

IJ@!GWV"IGW[1=!

GY=! #.0@!m=!e!]%)&7.4@!H=!Q1YYGS=!#%'%7;404!%+-!4&(/030/0';!0+!(+:;<(4^!D!4'.-;!,3!

')0,4(&$,4&$%'(! 04,<()%4(! %+-! /,<&%)04,+! 50'$! <('$;7! ?7;,9%7! 4;+'$%4(=!

C)%("'$#:'2;,3('%$+!II@!G"UIk=!

G"=! ]+,57(4@! c=! X=! e! D78();@! \=! c=! Q"WZZS=! R()3(/'0,+! 0+! (+:;<(! /%'%7;404! I!

(+()?('0/4!,3!')0,4(&$,4&$%'(!04,<()%4(=!>--%;$(+#%/#@6"2'-3,#F"+"3)-6!:L@!

"YUI"""=!

!

!

(24)

! "#!

!

$%&'()*!++!

!

!"#$%&%'(!,-*))./.0!12!3.456&(/-!7-(/8/(59!7!

:1;)-<;&*!=5.&6/->!7''*1&-%!

!

!

!

!

!!

!

!

!

!

!

!

!

!

!!

!

!

!

!

!

)*+,-.*#/0(1#+#1+"23'0%,-#%"#,0.,+0+-%("#'(+2-4(0.*#5%-4#64(1+3#78#9%&&.0#!!!#+"*#

$-.,4."#:8#9+;(8##

(25)

! "?!

"#$%&'(%!!

$<**).(! -16'<(&(/1.&;! '*1()/.! @)>/0.! A$B=C! (11;>! &*)! ;/6/()@! (1! (%)! *);/&D;)!

'*)@/-(/1.! 12! &-(/8)! ).456)>! &.@! (%<>! '*1@<-)! &! ;&*0)! .<6D)*! 12! 2&;>)! '1>/(/8)>E!

$1.>)F<).(;5G!/.!(%)!D)>(!>-).&*/1G!%<.@*)@>!12!@)>/0.>!.))@!(1!D)!)H')*/6).(&;;5!

>-*)).)@! (1! 2/.@! &! 2)I! &-(/8)! 1.)>E! +.! &@@/(/1.G! &--<*&()! '*)@/-(/1.! 12! ).456&(/-!

&-(/8/(5!*)F</*)>!/.-;<>/1.!12!D&-JD1.)!@5.&6/->!&.@!/6';/-/(!>1;8&(/1.K!D1(%!2&-(1*>!

&*)!0).)*&;;5!.)0;)-()@!/.!-1661.!$B=!/6';)6).(&(/1.>E!!+.!(%/>!I1*JG!I)!@)8);1'!

&! :1;)-<;&*! =5.&6/->! A:=C! '*1(1-1;! (%&(! '*18/@)>! &! *);/&D;)! &.@! -16'<(&(/1.&;;5!

2)&>/D;)! I&5! (1! '*)L>-*)).! ).456)! @)>/0.>! 21*! &-(/8)! 8&*/&.(>E! B*);/6/.&*5! I1*J!

/.@/-&()@!)H-);;).(!&0*))6).(!D)(I)).!)H')*/6).(&;!@&(&!&.@!:=!'*)@/-(/1.>E!M)!

()>()@! (%)! 6)(%1@1;105! 1.! &! ;&*0)*! &.@! 61*)! @/8)*>)! >)(! 12! ).456)>! 21*! I%/-%!

)H')*/6).(&;!@&(&!&;*)&@5!)H/>(E!N<*!*)><;(>!><00)>(!(%&(!(%)!6)(%1@!/>!(*&.>2)*&D;)!

(1! @/22)*).(! *)&-(/1.>! &.@! %&>! %/0%! >).>/(/8/(5! AOEP?C! &.@! >')-/2/-/(5! AOEP"CE! N<*!

'*1(1-1;!&;>1!)H%/D/(>!%/0%!.)0&(/8)!'*)@/-(/8)!8&;<)!AOEQ#C!&.@!&;I&5>!'*)@/-(>!(%)!

61>(!&-(/8)!).456)>!-1**)-(;5G!'*18/@/.0!&!<>)2<;!%"#3%&%'(#>-*))./.0!(11;!21*!(%)!$B=!

2*&6)I1*JE!!

(26)

! "R!

)*%&+,-(%.+*!

:<-%!&(().(/1.!%&>!*)-).(;5!D)).!'&/@!(1!(%)!-%&;;).0)!12!).456)!@)>/0.E"L?E!S)-&<>)!

12! (%)/*! %/0%! >')-/2/-/(5G! )22/-/).-5G! &.@! D/1@)0*&@&D/;/(5G! ).456)>! &*)! 011@!

-&.@/@&()>! 21*! /.@<>(*/&;! &.@! 6)@/-&;! &'';/-&(/1.>G! &.@! &*)! 12().! '*)2)**)@! (1!

-&(&;5>(>!1D(&/.)@!8/&!-%)6/-&;!>5.(%)>/>E!T1I)8)*G!(%)/*!<>)!/.!61>(!&'';/-&(/1.>!/>!

;/6/()@! D5! @/22/-<;(/)>! /.! @)>/0./.0! &.! ).456)! I/(%! (%)! *)F</*)@! -&(&;5(/-! &-(/8/(5E!

U%)!-).(*&;!-%&;;).0)!12!(%)!2/);@!/>!(%<>!(1!-1.>/>().(;5!@)>/0.!&.!).456)!21*!&.5!

@)>/*)@!*)&-(/1.E!!

$16'<(&(/1.&;!'*1()/.!@)>/0.!A$B=C!%&>!'*18).!(1!D)!<>)2<;!/.!).0/.))*/.0!

/6'*18)@! >(&D/;/(5G! .18);! >-&221;@>G! '*1()/.L'*1()/.! /.()*&-(/1.>G! )(-ERLQ! T1I)8)*G#

).456)!@)>/0.!*)6&/.>!1.)!12!(%)!61>(!-%&;;).0/.0!(&>J>!(%&(!(%/>!2/);@!2&-)>E!U%)*)!

&*)! -<**).(;5! 1.;5! &! 2)I! )H&6';)>! 12! ><--)>>2<;!*.# "(<(! -16'<(&(/1.&;! ).456)!

@)>/0.E"K! VL?K! "OK! ""! 7! 6&W1*! ;/6/(&(/1.! 12! (%)! 6)(%1@1;105! />! (%&(! /(! -&..1(! *);/&D;5!

'*)@/-(! '*1()/.! >)F<).-)>! I/(%! (%)! @)>/*)@! -&(&;5(/-! 2<.-(/1.E! U%/>! '*1D;)6! >()6>!

2*16!/.&--<*&-/)>!/.!(%)!61@);>!&.@!21*-)!2/);@>!<>)@G!&>!I);;!&>!2*16!&.!/.-16';)()!

<.@)*>(&.@/.0!12!(%)!>(*<-(<*)L2<.-(/1.!*);&(/1.>%/'>!/.81;8)@!/.!).456&(/-!&-(/8/(5E!

$1.>)F<).(;5G! -16'<(&(/1.&;! ).456)! @)>/0.! -&;-<;&(/1.>! (5'/-&;;5! '*)@/-(! 6&.5!

&6/.1!&-/@!>)F<).-)>!(1!D)!&-(/8)!(%&(!&*)!.1(!A2&;>)!'1>/(/8)>CG!5/);@/.0!&!;1I!>/0.&;!

(1!.1/>)!A&-(/8)!(1!/.&-(/8)C!*&(/1E!+.!(%)!D)>(!>-).&*/1G!%<.@*)@>!12!@)>/0.>!6<>(!D)!

()>()@! (1! 2/.@! &! 2)I! &-(/8)! 1.)>E! +.! &@@/(/1.! (1! (%)! 1D8/1<>! -1>(>! 12! >-*))./.0! /.!

()*6>!12!(/6)!&.@!*)>1<*-)>G!)H')*/6).(&;!>-*))./.0!&;>1!'*)>).(>!-%&;;).0)>!(%&(!

6&5! D)! @/22/-<;(! (1! 18)*-16)E! X1*! )H&6';)G! -%&;;).0)>! 6&5! D)! ).-1<.()*)@! /.! (%)!

1'(/6/4&(/1.!12!%)()*1;101<>!)H'*)>>/1.G!'*1()/.!'<*/2/-&(/1.G!1*!(%)!&8&/;&D/;/(5!12!

(27)

! "P!

%/0%L(%*1<0%'<(!>-*))./.0!6)(%1@>E!U%)!-16'<(&(/1.&;!'*1()/.!@)>/0.!2*&6)I1*J!

I1<;@! (%<>! D).)2/(! 2*16! %&8/.0! &.!%"# 3%&%'(#'*)L>-*))./.0! >()'! (%&(! />! -&'&D;)! 12!

*);/&D;5!*&.J/.0!>(*<-(<*)>!&--1*@/.0!(1!(%)/*!-&(&;5(/-!'*1')*(/)>E!!

$16'<(&(/1.&;! (11;>! %&8)! '*)8/1<>;5! D)).! <>)@! (1! F<&.(/25! ).456&(/-!

-&(&;5>/>E"YL"#! +.! '&*(/-<;&*G! M&*>%);! .-# +&8"VK! "?! &.@! T&66)>L,-%/22)*! .-# +&8"R! /.@)').@).(;5! &'';/)@! (%)! )6'/*/-&;! 8&;).-)! D1.@! A3ZSC! 6)(%1@! (1! &! >6&;;! >)(! 12!

).456)>E! 7;(%1<0%! )H-);;).(! -1**);&(/1.! D)(I)).! -&;-<;&()@! &.@! )H')*/6).(&;!

-&(&;5(/-! *&()>! I&>! *)'1*()@G! .)/(%)*! 12! (%)>)! >(<@/)>! &.&;54)@! /.&-(/8)! 6<(&.(>E!

U%)*)21*)! (%)5! @/@! .1(! &>>)>>! (%)! 6)(%1@[>! &D/;/(5! (1! @/>(/.0</>%! &-(/8)! 6<(&.(>!

2*16! /.&-(/8)! 1.)>G! I%/-%! />! -*/(/-&;! /.! *.# "(<(! ).456)! @)>/0.! &'';/-&(/1.>E!

7@@/(/1.&;;5! T1<J! .-# +&8"P# <(/;/4)@! :=! (1! F<&;/(&(/8);5! &.&;54)! -16'<(&(/1.&;;5!

@)>/0.)@! ).456)>E! 7;(%1<0%! *)&>1.&D;)! &0*))6).(! D)(I)).! )H')*/6).(&;! *)><;(>!

&.@! :=! '*)@/-(/1.>! I&>! 21<.@G! 1.;5! 1.)! *)&-(/1.! I&>! >(<@/)@! &.@! (%<>! (%)!

0).)*&;/(5!12!(%)!6)(%1@!I&>!.1(!()>()@E!!

\)-).(;5G! B*/8)((! .-# +&8"O! *)'1*()@! (%)! ><--)>>2<;! *.# "(<(! -16'<(&(/1.&;!

@)>/0.!12!).456)>!21*!(%)!])6'!);/6/.&(/1.!A]3CAX/0<*)!YL"7CG!&!*)&-(/1.!21*!I%/-%!

.1! .&(<*&;! -&(&;5>(! )H/>(>E! +.! (%)/*! >(<@5G! :=! >/6<;&(/1.>! -16D/.)@! I/(%! >/6';)!

0)16)(*/-!-*/()*/&!I&>!<>)@!(1!'*)@/-(!(%)!&-(/8/(5!12!&!>6&;;!>)(!12!).456)!@)>/0.>E!!

U%)>)! *)><;(>! /;;<>(*&()@! (%)! -16';)6).(&*5! *1;)! 12! :=! >/6<;&(/1.>! /.! (%)! $B=!

2*&6)I1*JE! U1! J))'! (%)! -&;-<;&(/1.>! -16'<(&(/1.&;;5! &221*@&D;)G! -<**).(!

/6';)6).(&(/1.>! 12! $B=! @1! .1(! /.-;<@)! D&-JD1.)! @5.&6/->! 1*! )H';/-/(! >1;8&(/1.G!

D1(%!12!I%/-%!';&5!&.!/6'1*(&.(!*1;)!/.!).456&(/-!-&(&;5>/>E"^K!"Q!:=!>/6<;&(/1.>G!1.!

(%)!1(%)*!%&.@G!-&.!61@);!D1(%E!!

(28)

! "^!

+.!(%)!-<**).(!I1*JG!I)!@)8);1'!&!-;&>>/-&;!:=!'*1(1-1;!&/6)@!&(!'*18/@/.0!&!

0).)*&;G!*);/&D;)G!&.@!-16'<(&(/1.&;;5!&221*@&D;)!&''*1&-%!(%&(!-1<;@!&.&;54)!6&.5!

@)>/0.>! &.@! @/>-&*@! 61>(! 12! (%)! 2&;>)! '1>/(/8)>E! _/8).! (%&(! &! <./8)*>&;! 2)&(<*)! 12!

).456)!-&(&;5>/>!/>!(%)!&D/;/(5!(1!;/6/(!(%)!61(/1.>!12!(%)!><D>(*&()!/.!(%)!&-(/8)!>/()!

(1!-1.21*6&(/1.>!&.@!0)16)(*/)>!(%&(!&;;1I!-%)6/>(*5!(1!(&J)!';&-)G!I)!@)-/@)@!(1!

<>)!&!0)16)(*5LD&>)@!-*/()*/1.!(%&(!-1<;@!D)!*)&@/;5!0).)*&;/4)@!(1!&.5!*)&-(/1.E!!+.!

1(%)*!I1*@>G!@)>/0.>!(%&(!;&-J!>(*<-(<*&;!/.()0*/(5!&.@!@1!.1(!6&/.(&/.!(%)!'<(&(/8)!

-&(&;5(/-!-1.(&-(>!@<*/.0!(%)!-1<*>)!12!(%)!>/6<;&(/1.!&*)!'*)@/-()@!(1!D)!/.&-(/8)G!

&.@!&*)!(%)*)21*)!@/>-&*@)@E!!

+.! (%)! 21;;1I/.0! >)-(/1.>G! I)! @)>-*/D)! %1I! (%)! :=! '*1(1-1;! I&>! 1'(/6/4)@!

&.@! ()>()@! 21*! *)'*1@<-/D/;/(5G! &--<*&-5G! &.@! (*&.>2)*&D/;/(5! (1! 1(%)*! *)&-(/1.>E! U1!

&;;1I!21*!;&*0)L>-&;)!>-*))./.0G!(%)!'*1(1-1;!/>!@)>/0.)@!(1!'*)>)*8)!-16'<(&(/1.&;!

)22/-/).-5E!M)!<>)@!/.!(1(&;!18)*!"PO!@/22)*).(!>(*<-(<*)>!&/6)@!&(!-&(&;54/.0!)/(%)*!

12!(I1!*)&-(/1.>9!(%)!])6'!);/6/.&(/1.!12!?L./(*1D).4/>1H&41;)!A`SaC!1*!(%)!$;&/>).!

*)&**&.0)6).(!12!-%1*/>6&()E!N<*!*)><;(>!><00)>(!(%&(!(%)!:=!'*1(1-1;!/>!0).)*&;G!

&.@! )H-);>! &(! @/>-&*@/.0! 2&;>)L'1>/(/8)! @)>/0.>! I%/;)! '*)@/-(/.0! (%)! 61>(! &-(/8)!

).456)>!-1**)-(;5E!!

!

/0$-1%$!'*,!2.$(-$$.+*!

=,-%1%>+-%("#(/#-4.#,0(-('(&#

+.!1*@)*!(1!1'(/6/4)!(%)!:=!'*1(1-1;!21*!&--<*&-5!&.@!-16'<(&(/1.&;!')*21*6&.-)G!

@/22)*).(! >/6<;&(/1.! -1.@/(/1.>! .))@)@! (1! D)! ()>()@E! X1<*! @/22)*).(! '*1(1-1;>! I)*)!

(29)

! "Q!

()>()@!AX/0<*)!YLYCE!M)!<>)@!(%)!^!])6'!);/6/.&(/1.!@)>/0.>!*)'1*()@!D5!B*/8)((!.-#

+&8"O!&>!&!(*&/./.0!>)(!AU&D;)!YL"CE!_/8).!(%&(!(%)!J)5!-1.(&-(!/.!(%)!&-(/8)!>/()!/>!(%)!

%5@*10).! D1.@! D)(I)).! (%)! 0).)*&;! D&>)! A7>'! 1*! _;<C! &.@! (%)! %5@*10).! 1.! (%)!

><D>(*&()G! (%/>! @/>(&.-)! I&>! 61./(1*)@! @<*/.0! (%)! >/6<;&(/1.! &.@! I&>! <>)@! (1!

'*)@/-(! &-(/8/(5! AX/0<*)! YL"SCE! ,(*<-(<*)>! (%&(! 6&/.(&/.)@! (%/>! -1.(&-(! @<*/.0! (%)!

>/6<;&(/1.! A(/6)L&8)*&0)! @/>(&.-)! b! VEYO! cGYOK! Y"C! I)*)! '*)@/-()@! (1! D)! &-(/8)G!

I%)*)&>!(%1>)!(%&(!@/@!.1(!I)*)!'*)@/-()@!(1!D)!/.&-(/8)E!!

+.!(%)!2/*>(!8)*>/1.!12!1<*!>-*))./.0!&''*1&-%!AX/0<*)!YLYCG!6/./6/4&(/1.!I&>!

')*21*6)@!(1!);/6/.&()!-;&>%)>!I/(%!I&()*!61;)-<;)>!I%/;)!J))'/.0!&;;!.1.LI&()*G!

.1.L%5@*10).!&(16>!2/H)@E!U%/>!I&>!21;;1I)@!D5!&!%)&(/.0!'%&>)!(1!D*/.0!(%)!>5>()6!

(1!(%)!(&*0)(!()6')*&(<*)!AVOO!]CE!7.!)F</;/D*&(/1.!>()'!I&>!@1.)!&(!`BU!-1.@/(/1.>!

AVOO! ]! &.@! "! &(6CE! S5! 61./(1*/.0! ()6')*&(<*)G! '*)>><*)G! *&@/<>! 12! 05*&(/1.G! &.@!

\:,=G!I)!).><*)@!(%&(!(%)!>5>()6!I&>!)F</;/D*&()@E!X/.&;;5G!(%)!'*1@<-(/1.!'%&>)!

-1.>/>()@!12!YO!.>!12!`BU!:=E!!

,/6<;&(/1.>!I)*)!*<.!21*!(%)!^!])6'!);/6/.&(/1.!@)>/0.>!/.!(%)!(*&/./.0!>)(E!

U1!/;;<>(*&()!%1I!(%)!>/6<;&(/1.>!I)*)!&.&;54)@G!I)!I/;;!21-<>!1.!(I1!@)>/0.>9!T_L"!

&.@! T_LY! AX/0<*)! YL"$CE! S1(%! 12! (%)>)! @)>/0.>! <>)! (%)! >&6)! '*1()/.! >-&221;@! )8).!

(%1<0%! (%)/*! &-(/8)! >/()>! &*)! /.! @/22)*).(! ;1-&(/1.>! I/(%/.! (%)! >(*<-(<*)E! U%)! &-(/8)!

>/()!12!T_LY!/>!61*)!D<*/)@!(%&.!T_L"d>E!+.!1<*!>/6<;&(/1.>G!T_L"G!&.!)H')*/6).(&;;5!

/.&-(/8)! @)>/0.G! )H%/D/(>! &! ;&*0)! &8)*&0)! -&(&;5(/-! @/>(&.-)! AeYO! cCG! /.@/-&(/.0!

@/22<>/1.!12!(%)!><D>(*&()!2*16!(%)!&-(/8)!>/()!)&*;5!/.!(%)!>/6<;&(/1.!AX/0<*)!YL"$CE!

T_L"! />! (%)*)21*)! '*)@/-()@! (1! D)! /.&-(/8)E! $1.8)*>);5G! T_LYG! &.! )H')*/6).(&;;5!

&-(/8)!@)>/0.G!@/>';&5>!&.!&8)*&0)!-&(&;5(/-!@/>(&.-)!I/(%/.!-&.1./-&;!%5@*10).!D1.@!

(30)

! YO!

@/>(&.-)>!Af!VEY!cCE!U%)!:=!*)><;(>!/.@/-&()!(%&(!(%)!><D>(*&()!*)6&/.>!D1<.@!(1!(%)!

&-(/8)!>/()!@<*/.0!(%)!).(/*)!>/6<;&(/1.E!U%<>G!T_LY!/>!'*)@/-()@!(1!D)!&-(/8)E!=)>'/()!

(%)>)!><--)>>2<;!'*)@/-(/1.>G!(%)!'*1(1-1;!I&>!.1(!&--<*&()!).1<0%!(1!D)!<>)2<;E!N.;5!

(%*))! 12! (%)! )/0%(! @)>/0.>! I)*)! '*)@/-()@! -1**)-(;5! AU&D;)! YL"CE! 7! 61*)! @)(&/;)@!

&.&;5>/>! 12! (%)! >/6<;&(/1.>! *)8)&;)@! (%&(! (%)! 2/*>(! (%*))! >()'>! 12! B*1(1-1;! "!

A6/./6/4&(/1.G!%)&(/.0G!&.@!)F</;/D*&(/1.C!I)*)!-16';)();5!@/>*<'(/.0!(%)!>(*<-(<*)!

12! >16)! 12! (%)! @)>/0.>E! X1*! /.>(&.-)G! (%)! D/.@/.0! &.@! -&(&;5(/-! -1.(&-(>! 12! 1(%)*!

@)>/0.>! /.! (%)! (*&/./.0! >)(G! I)*)! ;1>(! &2()*! )F</;/D*&(/1.! 12! (%)! >5>()6E! +.! ;/0%(! 12!

(%)>)!1D>)*8&(/1.>G!I)!@)-/@)@!(1!61@/25!(%)!'*1(1-1;!(1!/.-;<@)!*)>(*&/.(>!1.!(%)!

&-(/8)!>/()!*)>/@<)>!/.!1*@)*!(1!J))'!(%)!>(*<-(<*)!&>!-;1>)!&>!'1>>/D;)!(1!(%)!@)>/0.!

>(*<-(<*)G!&(!;)&>(!<.(/;!(%)!).@!12!(%)!)F</;/D*&(/1.E!

M)!(%)*)21*)!@)8/>)@!B*1(1-1;!Y!AX/0<*)!YLYCE!U%)!6&/.!@/22)*).-)!D)(I)).!

(%/>!'*1-)@<*)!&.@!B*1(1-1;!"!/>!(%&(!%&*61./-!*)>(*&/.(>!&*)!&'';/)@!(1!(%)!&-(/8)!

>/()! *)>/@<)>! &.@! ><D>(*&()! @<*/.0! (%)! %)&(/.0! A21*-)! -1.>(&.(! )F<&;! (1! ?O!

J-&;g61;g7YC!&.@!)F</;/D*&(/1.!>()'>!A!21*-)!-1.>(&.(!>(&*(/.0!2*16!?O!J-&;g61;g7Y!

&.@!0*&@<&;;5!*);)&>/.0!(1!O!J-&;g61;g7YCE!!B*1(1-1;!Y!5/);@)@!'*)@/-(/1.>!(%&(!&*)!

61*)! -1.>/>().(! I/(%! )H')*/6).(&;! *)><;(>G! I/(%! 2/8)! 12! )/0%(! @)>/0.>! '*)@/-()@!

-1**)-(;5! AU&D;)! YL"CE! T1I)8)*G! "7?VL"! &.@! "UTXL"G! D1(%! /.&-(/8)! @)>/0.>! A2&;>)!

'1>/(/8)>CG! I)*)! &0&/.! '*)@/-()@! (1! D)! &-(/8)E! X<*(%)*! &.&;5>/>! '*18/@)@! >16)!

8&;<&D;)!;)>>1.>E!h>/.0!1.;5!(%)!2/*>(!"O!.>!12!>/6<;&(/1.!*)><;()@!/.!)H&-(;5!(%)!>&6)!

'*)@/-(/1.>! &>! <>/.0! YO! .>K! (%)*)21*)G! (%)! (/6)! 12! (%)! '*1@<-(/1.! '%&>)! -1<;@! D)!

%&;8)@E!+.!&@@/(/1.G!I)!%5'1(%)>/4)@!(%&(!(%)!%)&(/.0!>()'!-1<;@!D)!@/>-&*@)@!&.@!

(31)

! Y"!

(%&(!W<>(!&.!)F</;/D*&(/1.!&(!(%)!(&*0)(!()6')*&(<*)!6/0%(!D)!).1<0%!(1!)F</;/D*&()!

(%)!>5>()6E!!

U1!)H';1*)!(%)!/6'&-(!12!(%)>)!-%&.0)>!1.!1<*!>-*))./.0!(11;G!I)!21*6<;&()@!

(I1!61*)!'*1(1-1;>!AB*1(1-1;>!V!&.@!#G!X/0<*)!YLYCE!U%)!6/./6/4&(/1.!>()'!I&>!(%)!

>&6)! &>! D)21*)E! T1I)8)*G! (%)! %)&(/.0! '%&>)! I&>! .1(! /.-;<@)@G! &.@! %&*61./-!

*)>(*&/.(>!I)*)!&'';/)@!1.!&;;!.1.LI&()*G!.1.L%5@*10).!&(16>!@<*/.0!)F</;/D*&(/1.E!

U%)! 21*-)! -1.>(&.(>! 21*! (%)>)! *)>(*&/.(>! I)*)! 0*&@<&;;5! *);)&>)@! 2*16! ?O!

J-&;g61;g7Y!<>/.0!(%)!21;;1I/.0!;11'9!!]i?Og#/G!/!i!OG!"G!Y!j!?E!!U%)!'*1@<-(/1.!'%&>)!

I&>!&;>1!@/22)*).(E!B*1(1-1;!V!<>)@!<.*)>(*&/.)@!:=!1.!&;;!&(16>G!I%)*)&>!B*1(1-1;!

#!&'';/)@!*)>(*&/.(>!1.!.1.L&-(/8)!>/()!*)>/@<)>!<>/.0!&!;1I!21*-)!-1.>(&.(!A]i?Og#?!

J-&;g61;g7YCE!+.!D1(%!-&>)>G!(%)!'*1@<-(/1.!'%&>)!I&>!1.;5!"O!.>E!!

S1(%! '*1(1-1;>! '*1@<-)@! *)><;(>! (%&(! I)*)! /.! &0*))6).(! I/(%! (%)!

)H')*/6).(&;! @&(&! 21*! (%)! (*&/./.0! >)(! AU&D;)! YL"CE! UI1! 12! (%)! (%*))! 2&;>)! '1>/(/8)!

@)>/0.>! /.! (%)! (*&/./.0! >)(! I)*)! @/>-&*@)@G! I%/;)! &;;! 12! (%)! &-(/8)! @)>/0.>! I)*)!

-1**)-(;5! '*)@/-()@E! U%)>)! *)><;(>! ><00)>()@! (%&(! B*1(1-1;>! V! &.@! #! -1<;@! 5/);@!

<>)2<;!'*)@/-(/1.>!I/(%!1.;5!"O!.>!12!>/6<;&(/1.!(/6)E!!

!

$%12&+-%("#+"*#+"+&;3%3#(/#-4.#?@#.">;1.#*.3%A".*#B;#\k(%;/>D)*0)*!.-#+&8C!

M)! .1I! &'';5! (%)! >-*))./.0! &''*1&-%! (1! &! ;&*0)*! &.@! 61*)! @/8)*>)! >)(! 12! ]3!

).456)>! (%&(! %&@! D)).! -16'<(&(/1.&;;5! @)>/0.)@! D5! \k(%;/>D)*0)*!.-# +&!#E! +.! (%&(!

>(<@5G!-16'<(&(/1.&;!6)(%1@>!I)*)!<>)@!(1!@)>/0.!-&.@/@&()!>)F<).-)>E!X/2(5L./.)!

@)>/0.>! A/.! >)8).()).! @/22)*).(! >-&221;@>C! I)*)! >);)-()@! 21*! )H')*/6).(&;!

-%&*&-()*/4&(/1.E!N.;5!)/0%(!12!(%)6!I)*)!21<.@!(1!%&8)!6)&><*&D;)!&-(/8/(5E!

(32)

! YY!

B*1(1-1;>! V! &.@! #! I)*)! *<.! /.! (*/';/-&()G! <>/.0! @/22)*).(! *&.@16! .<6D)*!

>))@>G!21*!?O!12!(%)!]3!@)>/0.>!*)'1*()@!D5!\k(%;/>D)*0)*!.-#+&8D#!I%/-%!/.-;<@)@!(%)!

^!&-(/8)!).456)>E!7>!>)).!/.!U&D;)!YLY!&.@!X/0<*)!YLVG!B*1(1-1;!V!-1**)-(;5!'*)@/-()@!

R!12!(%)!^!&-(/8)!@)>/0.>!A>).>/(/8/(5!12!OEP?CG!I%)*)&>!B*1(1-1;!#!1.;5!@/@!>1!21*!#!

@)>/0.>! A>).>/(/8/(5! 12! OE?OCE! +.! D1(%! -&>)>G! (%)! (I1! 61>(! &-(/8)! ).456)>! I)*)!

&61.0!(%1>)!'*)@/-()@!-1**)-(;5E!N.!(%)!1(%)*!%&.@G!D1(%!'*1(1-1;>!)H%/D/()@!%/0%!

>')-/2/-/(5!AOEP"CG!I%/-%!6)&.>!(%&(!P"l!12!2&;>)!'1>/(/8)>!&*)!D)/.0!@/>-&*@)@E!+.!

&@@/(/1.G! D1(%! '*1(1-1;>! >%1I)@! %/0%! AOEQ#C! .)0&(/8)! '*)@/-(/8)! 8&;<)! A`BZCG!

6)&./.0! (%&(! Q#l! 12! (%)! @)>/0.>! (%&(! &*)! '*)@/-()@! &>! /.&-(/8)! &*)! /.@))@!

)H')*/6).(&;;5!/.&-(/8)E!7@@/(/1.&;;5G!B*1(1-1;!V!)H%/D/(>!%/0%)*!'1>/(/8)!'*)@/-(/8)!

8&;<)! ABBZC! (%&.! B*1(1-1;! #E! `1()! &;>1! (%&(! (%)! >6&;;! )**1*! D&*>! /.! X/0<*)! YLV!

/.@/-&()! (%&(! 1<*! '*1(1-1;>! &*)! *)'*1@<-/D;)E! ,/.-)! (%)>)! *)><;(>! >%1I)@! (%&(!

B*1(1-1;! V! I&>! (%)! D)>(! '*1(1-1;! ()>()@G! I)! @)-/@)@! (1! <>)! /(! 21*! (%)! *)>(! 12! 1<*!

>/6<;&(/1.>E!E!+2!I)!I)*)!(1!<>)!B*1(1-1;!VG!/.>()&@!12!%&8/.0!(1!@1!)H')*/6).(>!1.!

2/2(5! -&.@/@&()! @)>/0.>! (1! 2/.@! )/0%(! &-(/8)! 1.)>G! I)! I1<;@! 1.;5! %&8)! (1! *<.!

)H')*/6).(>! 1.! )/0%()).! -&.@/@&()! >)F<).-)>! (1! 2/.@! >/H! &-(/8)! @)>/0.>G! I%/-%!

/.-;<@)!(%)!(I1!61>(!&-(/8)!1.)>!AU&D;)!YLYCE!

N<*! >/6<;&(/1.>! *)8)&;)@! (%&(! 21*! 61>(! 12! (%)! @)>/0.>! '*)@/-()@! (1! D)!

/.&-(/8)G!-16'<(&(/1.&;;5!@)>/0.)@!&-(/8)!>/()!0)16)(*/)>!&*)!@/>*<'()@!)&*;5!/.!(%)!

>/6<;&(/1.!AI/(%/.!(%)!2/*>(!V!.>CG!)8/@).-/.0!&!;&-J!12!>(*<-(<*&;!/.()0*/(5!I/(%/.!(%)!

D/.@/.0!'1-J)(E!X1*!)H&6';)G!1.)!-1661.!2&/;<*)!/>!(%&(!(%)!0).)*&;!D&>)!1*!(%)!mL

>(&-J/.0!*)>/@<)!A-&(&;5(/-!*)>/@<)>!/.!(%)!]3!&-(/8)!>/()G!X/0<*)!YL"SC!2;/'>!1<(!12!(%)!

&-(/8)!>/()G!'*)2)**/.0!(1!/.()*&-(!I/(%!><**1<.@/.0!I&()*!61;)-<;)>!/.>()&@!12!(%)!

(33)

! YV!

><D>(*&()E!7>!&!*)><;(G!(%)!><D>(*&()!618)>!(1!&!2/.&;!.1.L-&(&;5(/-!'1>/(/1.!I/(%/.!(%)!

&-(/8)! >/()! 1*! -16';)();5! @/22<>)>! &I&5! 2*16! (%)! '1-J)(G! *).@)*/.0! &! '*)@/-()@!

/.&-(/8)!@)>/0.E!

!

60+"3/.0+B%&%-;# -(# +"(-4.0# .">;1+-%'# 0.+'-%("E# 64.# F&+%3."# 0.+00+"A.1."-# (/#

'4(0%31+-.#

+.!&!(%/*@!>)(!12!()>(>G!I)!&'';5!B*1(1-1;!V!(1!(%)!>(<@5!12!-%1*/>6&()!6<(&>)>!A$:>CE!

$:!-&(&;54)>!(%)!D/1;10/-&;;5!*);)8&.(!<./61;)-<;&*!*)&**&.0)6).(!12!-%1*/>6&()!(1!

'*)'%).&()G! &! $;&/>).! *)&**&.0)6).(! AX/0<*)! YL#7CE! U%)! *)&-(/1.! />! '&*(! 12! (%)!

D/1>5.(%)(/-! '&(%I&5! 12! &*16&(/-! &6/.1! &-/@>! ><-%! &>! (*5'(1'%&.! &.@! (5*1>/.)E! +(!

%&>!&!8)*5!I);;!-%&*&-()*/4)@!-%)6/>(*5YYLY?!&.@!%&>!D)).!(%)!><DW)-(!12!*)>)&*-%!/.!

1<*! ;&D! 21*! >)8)*&;! 5)&*>EYR! M)! D&>)@! 1<*! >(<@5! 1.! $:! 6<(&.(>! (%&(! %&@! D)).!

'*)8/1<>;5! >(<@/)@! D5! n&>>/;&!.-# +&8YP! +.! (%&(! I1*JG! )H%&<>(/8)! 6<(&0).)>/>! I&>!

-&**/)@!1<(!1.!>/H!>)-1.@&*5!&-(/8)!>/()!*)>/@<)>G!5/);@/.0!21*(5!&-(/8)!6<(&.(>!&.@!

>)8).(5L21<*!/.&-(/8)!1.)>!AX/0<*)!YL#SCE!

U%)!0)16)(*/-!-*/()*/&!&''*1'*/&()!21*!&.&;5>/>!12!:=!(*&W)-(1*/)>!@)').@!1.!

(%)! *)&-(/1.E! X1*! (%)! *)&**&.0)6).(! 12! -%1*/>6&()G! I)! 61./(1*)@! (%)! @/>(&.-)!

D)(I)).! (%)! (I1! -&*D1.>! (%&(! I/;;! 21*6! &! D1.@! /.! (%)! '*1@<-(! A%8.EG! (%)! $RL$^!

@/>(&.-)C! &.@! <>)@! &! -<(L122! @/>(&.-)! 12! VE?! c! &>! -*/()*/&Y^AX/0<*)! YL?CE! B*)8/1<>!

>(<@/)>! %&8)! >%1I.! (%&(! (%)! ).456)! -&(&;54)>! (%/>! *)&-(/1.! D)-&<>)! (%)! @/L&H/&;!

-1.2/0<*&(/1.!A*)&-(/8)!-1.2/0<*&(/1.C!12!(%)!><D>(*&()!/>!61*)!2&81*)@!/.!(%)!&-(/8)!

>/()!(%&.!/.!I&()*K!/.!I&()*G!(%)!@/L)F<&(1*/&;!-1.2/0<*&(/1.!/>!61*)!>(&D;)EY^!_/8).!

(%/>G! I)! '1>(<;&()@! (%&(! (%)! ><D>(*&()! 6<>(! J))'! (%)! @/L&H/&;! -1.21*6&(/1.! 21*! (%)!

(34)

! Y#!

).456)! (1! D)! &-(/8)G! &.@! (%)*)21*)! @)-/@)@! (1! &;>1! 61./(1*! (%)! *);)8&.(! @/%)@*&;!

&.0;)!A%8.8D!N#L$VL$#LN"C!AX/0<*)!YL?CE!

M/;@L(5')!@3'4.0%'4%+# '(&%! $:! AB=S! +=9! "3$:C! &.@! /(>! ""#! >/.0;)! 6<(&.(>G!

I/(%! -%1*/>6&()! D1<.@! (1! (%)! &-(/8)! >/()! /.! (%)! @/L&H/&;! -1.21*6&(/1.G! I)*)!

><DW)-()@!(1!:=!>/6<;&(/1.>E!U5'/-&;!:=!*)><;(>!1D(&/.)@!21*!(%/>!>)(!12!).456)>!&*)!

/;;<>(*&()@!D5!I/;@L(5')!$:!A"3$:C!&.@!/(>!)H')*/6).(&;;5!/.&-(/8)!6<(&.(!"3$:L

=#^+!AX/0<*)!YLRCE!!X1*!(%)!I/;@L(5')!).456)G!(%)!><D>(*&()!$^L$R!@/>(&.-)!I&>!8)*5!

;1-&;/4)@! &(! VEVY! cE! 7.&;5>/>! 12! (%)! @/%)@*&;!&.0;)>! >%1I)@! (%&(! (%)! ><D>(*&()! &;>1!

*)(&/.)@!&!@/L&H/&;!-1.2/0<*&(/1.!AN#L$VL$#LN"!@/%)@*&;!&.0;)!o!!"VQ°CE!+.!-1.(*&>(G!

"3$:L=#^+!%&@!&.!&8)*&0)@!$^L$R!@/>(&.-)!12!VEQ!cK!/.!&@@/(/1.G!&!(*&.>/(/1.!&(!YE?!

.>!-1**)>'1.@/.0!(1!&!2/.&;!@/L)F<&(1*/&;!-1.21*6&(/1.!I&>!1D>)*8)@E!=/%)@*&;!&.0;)!

8>E!(/6)!';1(>!&;>1!)H%/D/(!&!(*&.>/(/1.!&(!YE?!.>!(1!&!-1.21*6&(/1.&;!>(&()!-1.>/>().(!

I/(%! &! 2/.&;! @/L)F<&(1*/&;! -1.2/0<*&(/1.! 12! (%)! ><D>(*&()! AN#L$VL$#LN"! @/%)@*&;!

&.0;)!o!!QO°CE!

U%)! *)><;(>! &.@! -1.-;<>/1.>! 21*! (%)! $:! 6<(&.(>! I)*)! -16'&*&D;)! (1! (%1>)!

1D(&/.)@! 21*! (%)! ]3! ).456)>! AX/0<*)! YLP! &.@! U&D;)! YL#CE! 7>! /.! (%)! -&>)! 12! (%)! ]3!

).456)>G! (%)! 61>(! &-(/8)! 6<(&.(>! &*)! '*)@/-()@! -1**)-(;5G! &.@! (%)! 6&W1*/(5! 12! (%)!

6<(&.(>! @/>-&*@)@! D5! (%)! '*1(1-1;! &*)! /.@))@! /.&-(/8)! A%/0%! `BZCE! +(! />! I1*(%!

.1(/-/.0!(%&(!(%/>!()>(!I&>!-%&;;).0/.0!/.!6&.5!I&5>E!+(!/.81;8)@!&!@/22)*).(!*)&-(/1.G!

D<(!61*)!/6'1*(&.(;5G!(%)!>(*<-(<*&;!@/22)*).-)>!D)(I)).!(%)!6<(&.(>!&.@!(%)!I/;@L (5')! ).456)! I)*)! 6/./6&;p1.;5! >/.0;)! 6<(&.(>! I)*)! &.&;54)@E! U%)>)! *);&(/8);5!

6/.1*! >(*<-(<*&;! @/22)*).-)>! '*18/@)! &! >(*/.0).(! ()>(! 12! (%)! '*1(1-1;d>! &D/;/(5! (1!

@/>-*/6/.&()! D)(I)).! @)>/0.>! I/(%! @/22)*).(! ;)8);>! 12! &-(/8/(5E! U10)(%)*G! (%)>)!

(35)

! Y?!

2/.@/.0>!><00)>(!(%&(!(%)!0)16)(*/-!-*/()*/&LD&>)@!:=!'*1(1-1;!-&.!D)!><--)>>2<;;5!

(*&.>2)**)@!(1!&!@/22)*).(!*)&-(/1.E!

!

F(1,2-+-%("+&#,.0/(01+"'.!

$16'<(&(/1.&;!')*21*6&.-)!12!:=!>/6<;&(/1.>!@)').@>!1.!6&.5!2&-(1*>G!/.-;<@/.0!

(%)!>/4)!12!(%)!>5>()6G!(%)!-<(122!@/>(&.-)G!B:3G!)(-EYQ!+(!I&>!(%)*)21*)!/6'1*(&.(!(1!

@)()*6/.)!(%)!')*21*6&.-)!&.@!>-&;&D/;/(5!12!1<*!'*1(1-1;!1.!(%)!(5')!12!>5>()6!I)!

/.().@)@!(1!I1*J!1.E!X/0<*)!YL^!>%1I>!&.!&>>)>>6).(!12!B*1(1-1;!Vd>!')*21*6&.-)!

1.! $BhL1.;5! &.@! $BhL_Bh! -1.2/0<*&(/1.>E! h>/.0! _BhL$Bh! -;<>()*>! -&.! D)! &.!

/.()*)>(/.0! &;()*.&(/8)! D)-&<>)! /(! '*18/@)>! &! ?L! (1! "OL21;@! /6'*18)6).(! /.!

')*21*6&.-)E!!

!

3+*(1-$.+*$!

S5! 6&J/.0! *&(/1.&;LD&>)@! 61@/2/-&(/1.>! (1! 1<*! '*1(1-1;G! I)! @)8);1')@! &.! )H';/-/(!

>1;8).(! 61;)-<;&*! @5.&6/->! &''*1&-%! (1! '*)L>-*)).! ).456)! @)>/0.>E! U%)! *)><;(>!

><00)>(!(%&(!1<*!6)(%1@1;105!/>!0).)*&;G!*)'*1@<-/D;)G!&.@!-&.!@/>-&*@!2&;>)!'1>/(/8)!

@)>/0.>!I%/;)!'*)@/-(/.0!(%)!61>(!&-(/8)!@)>/0.>!-1**)-(;5E!+.!&@@/(/1.G!(%)!6)(%1@!

>))6>! (1! D)! *)&@/;5! (*&.>2)*&D;)! (1! 1(%)*! -%)6/>(*/)>E! U%)! 61>(! &''*1'*/&()!

0)16)(*/-! -*/()*/&! (1! D)! <>)@! I/(%! (%)! '*1(1-1;! I/;;! @)').@! 1.! (%)! *)&-(/1.! &.@!

'*1'1>)@! 6)-%&./>6G! &.@! >%1<;@! D)! @)()*6/.)@! D&>)@! 1.! -%)6/-&;! /.(</(/1.! 1*!

'*)8/1<>!)H')*/6).(&;!@&(&E!!

U%)!:=!'*1(1-1;!&;>1!)H%/D/(>!'*16/>/.0!-16'<(&(/1.&;!')*21*6&.-)E!+.!(%)!

.1(L>1L2&*! 2<(<*)G! I%).! &! "O! .>! >/6<;&(/1.! />! (*/8/&;G! I)! ).8/>/1.! <>/.0! /(! 1.!

(36)

! YR!

(%1<>&.@>! 12! -&.@/@&()! @)>/0.>! 21*! &! 2&>(! >-*))./.0E! U%)! %/(>! 2*16! (%/>! /./(/&;!

>-*))./.0! -1<;@! D)! 2<*(%)*! >-*<(/./4)@! D5! *<../.0! (%)! '*1(1-1;! 21*! ;1.0)*! (/6)!

>-&;)>G! 1*! D5! >)((/.0! <'! >/6<;&(/1.>! /.! I%/-%! 6&.5! /.>(&.-)>! 12! (%)! ><D>(*&()! &*)!

';&-)@! *&.@16;5! /.! (%)! >/6<;&(/1.! D1H! &.@! <.D/&>)@! D/.@/.0! (1! (%)! &-(/8)! >/()! />!

)8&;<&()@!@<*/.0!(%)!-1<*>)!12!(%)!>/6<;&(/1.EVO!!

N<*!2/.@/.0>!&;>1!><00)>(!(%&(!2<(<*)!)221*(>!/.!-16'<(&(/1.&;!).456)!@)>/0.!

>%1<;@! D)! 21-<>)@! 1.! /.-;<@/.0! D&-JD1.)! 2;)H/D/;/(5! &.@! /6'*18/.0! (%)! >1;8&(/1.!

61@);>!<>)@!/.!(%)!@)>/0.!-&;-<;&(/1.>E!+.!'&*(/-<;&*G!&!61*)!&--<*&()!@)>-*/'(/1.!12!

/.()*&-(/1.>!12!(%)!'*1()/.!I/(%!(%)!>1;8).(!-1<;@!).%&.-)!1<*!&D/;/(5!(1!'*)@/-(!(%)!

'1>/(/1./.0! 12! %/0%;5! -%&*0)@! >/@)-%&/.>! I/(%/.! (%)! D/.@/.0! '1-J)(! 12! @)>/0.)*!

).456)>E!

+.! ><66&*5G! (%/>!%"# 3%&%'(! (11;! >%1<;@! '*18)! <>)2<;! D5! %);'/.0! *)>)&*-%)*>!

21-<>!(%)/*!)H')*/6).(&;!)221*(>!1.!@)>/0.>!(%&(!%&8)!).1<0%!>(*<-(<*&;!/.()0*/(5!(1!

6&/.(&/.! (%)! '<(&(/8)! -&(&;5(/-! 0)16)(*5! @<*/.0! (%)! -1<*>)! 12! &! >%1*(! &.@!

-16'<(&(/1.&;;5!&221*@&D;)!>/6<;&(/1.E!!

!

4'%0&.'1$!'*,!40%5+,$!

9G#3%12&+-%("3#+"*#'0%-.0%+!

,/6<;&(/1.>! (5'/-&;;5! >(&*()@! I/(%! (%)! ><D>(*&()! D1<.@! (1! (%)! &-(/8)! >/()! 12! (%)!

).456)E! U%)! 76D)*! 21*-)! 2/);@! I&>! <>)@! /.! &;;! >/6<;&(/1.>K! 76D)*! 21*-)! 2/);@!

22QQ,SV"! I&>! /6';)6).()@! 21*! '*1()/.>! &.@! (%)! 0).)*&;! 76D)*! 21*-)! 2/);@VY! I&>!

<>)@! 21*! >6&;;! 61;)-<;)>E! X1*! (%)! ])6'! );/6/.&(/1.! ><D>(*&()! A`SaCG! I)! <>)@!

(37)

! YP!

-%&*0)>!(%&(!%&@!D)).!@)8);1')@!'*)8/1<>;5"OG!&.@!21*!(%)!-%1*/>6&()!61;)-<;)G!I)!

-&;-<;&()@! -%&*0)>! <>/.0! (%)! *)>(*&/.)@! );)-(*1>(&(/-! '1().(/&;! A\3,BC! 6)(%1@! &(!

TXgRLV"_q! ! &>! /6';)6).()@! /.! (%)! \3=,! >)*8)*EVVK! V#! 76D)*U11;>! "O! I&>! <>)@! (1!

'*)'&*)! (%)! >(*<-(<*)>! 21*! >/6<;&(/1.>EV?! T5@*10).! &(16>! I)*)! &@@)@! (1! (%)!

>(*<-(<*)>G!&2()*!I%/-%!(%)!>5>()6>!I)*)!-16';)();5!>1;8&()@!I/(%!I&()*!61;)-<;)>!

AU+BVB!I&()*!61@);CE!X/.&;;5G!`&+!1*!$;! /1.>!I)*)!&@@)@!(1!.)<(*&;/4)!(%)!>5>()6>E!

U%)!-);;!>%&')!I&>!&!*)-(&.0<;&*!D1H!1*!&!(*<.-&()@!1-(&%)@*1.E!

U%)! >/6<;&(/1.>! I)*)! -&**/)@! 1<(! <>/.0! (%)! :=! >12(I&*)! `7:=! YEPEYQ! B*)>><*)!I&>!J)'(!-1.>(&.(!<>/.0!(%)!`1>)LT118)*!n&.0)8/.!'/>(1.!6)(%1@!I/(%!&!

@&6'/.0! (/6)! 12! ?O! 2>! &.@! &! @)-&5! ')*/1@! 12! "OO! 2>E! n&.0)8/.! @5.&6/->! I&>! <>)@!

I/(%!&!(&*0)(!-1.>(&.(!()6')*&(<*)!12!VOO!]!&.@!&!?!'>L"!@&6'/.0!-1)22/-/).(E!!M)!

(11J! &@8&.(&0)! 12! (%)! 6<;(/';)! (/6)L>()''/.0! -&'&D/;/(/)>! 12! (%)! -1@)9! &! Y! 2>! (/6)!

>()'! I&>! <>)@G! .1.LD1.@)@! /.()*&-(/1.>! A8&.! @)*! M&&;>! &.@! );)-(*1>(&(/-C! I)*)!

-&;-<;&()@!)8)*5!(I1!>()'>G!&.@!;1.0!*&.0)!);)-(*1>(&(/-!/.()*&-(/1.>!r'&*(/-;)!6)>%!

3I&;@!AB:3C!I/(%!')*/1@/-!D1<.@&*5!-1.@/(/1.>!ABS$Cs!I)*)!-&;-<;&()@!)8)*5!21<*!

>()'>E! Z/><&;! 61;)-<;&*! @5.&6/->! AZ:=C! I&>! <>)@! (1! 8/><&;/4)! &.@! &.&;54)! (%)!

>/6<;&(/1.>EVR!

B<*);5! 0)16)(*/-! -*/()*/&! I)*)! <>)@! (1! '*)@/-(! ).456&(/-! &-(/8/(5E! M)!

%5'1(%)>/4)@! (%&(! >(*<-(<*)>! (%&(! 6&/.(&/.)@! (%)! &-(/8)! >/()L><D>(*&()! -1.(&-(>!

*);)8&.(!(1!D/.@/.0!&.@!-&(&;5>/>!I1<;@!D)!&-(/8)E!X1*!(%)!])6'!);/6/.&(/1.!*)&-(/1.!

(%)! -&(&;5(/-! -1.(&-(! D)(I)).! (%)! 0).)*&;! D&>)! A&>'&*(&()! 1*! 0;<(&6&()C! &.@! (%)!

%5@*10).! 1.! ?L./(*1D).4/>1H&41;)! I&>! 61./(1*)@! @<*/.0! (%)! >/6<;&(/1.>! &.@! (%)!

(/6)! &8)*&0)! I&>! -&;-<;&()@E! =)>/0.>! (%&(! )H%/D/()@! &! (/6)L&8)*&0)@! -&(&;5(/-!

(38)

! Y^!

@/>(&.-)! b! VEY! c! I)*)! '*)@/-()@! (1! D)! &-(/8)G! 1(%)*I/>)! /.&-(/8)EYOK! Y"! ,/6/;&*;5! 21*!

$;&/>).! *)&**&.0)6).(! 12! -%1*/>6&()G! (%)! @/>(&.-)! D)(I)).! (%)! (I1! -&*D1.! &(16>!

(%&(! I1<;@! 21*6! &! D1.@! /.! (%)! '*1@<-(! A$^L$RC! I&>! 61./(1*)@E! =)>/0.>! (%&(!

)H%/D/()@! &! (/6)L&8)*&0)@! $^L$R! @/>(&.-)! b! VE?! c! I)*)! '*)@/-()@! (1! D)! &-(/8)G!

1(%)*I/>)!/.&-(/8)EY^!

!

G./%"%-%("3#

U*<)!'1>/(/8)9!>/6<;&(/1.!i!&-(/8)!7`=!)H')*/6).(!i!&-(/8)!!

X&;>)!'1>/(/8)9!>/6<;&(/1.!i!&-(/8)!7`=!)H')*/6).(!i!/.&-(/8)!!

U*<)!.)0&(/8)9!>/6<;&(/1.!i!/.&-(/8)!7`=!)H')*/6).(!i!/.&-(/8)!!

X&;>)!.)0&(/8)9!>/6<;&(/1.!i!/.&-(/8)!7`=!)H')*/6).(!i!&-(/8)!

,')-/2/-/(59!'*1'1*(/1.!12!(*<)!.)0&(/8)>!(%&(!&*)!-1**)-(;5!/@).(/2/)@9!

,')-/2/-/(5!i!t!(*<)!.)0&(/8)>g!At!(*<)!.)0&(/8)>!u!t!2&;>)!'1>/(/8)>C!

,).>/(/8/(5E!'*1'1*(/1.!12!(*<)!'1>/(/8)>!(%&(!&*)!-1**)-(;5!/@).(/2/)@9!

! ,).>/(/8/(5!i!t!(*<)!'1>/(/8)>g!At!(*<)!'1>/(/8)>!u!t!2&;>)!.)0&(/8)>C!

`)0&(/8)! '*)@/-(/8)! 8&;<)! A`BZC9! '*1'1*(/1.! 12! '*)@/-()@! .)0&(/8)>! (%&(! &*)! (*<)!

.)0&(/8)>9!

! `BZ!i!t!(*<)!.)0&(/8)>!g!At!(*<)!.)0&(/8)>!u!t!2&;>)!.)0&(/8)>C!

B1>/(/8)! '*)@/-(/8)! 8&;<)! ABBZC9! '*1'1*(/1.! 12! '*)@/-()@! '1>/(/8)>! (%&(! &*)! (*<)!

'1>/(/8)>9!

! BBZ!i!t!(*<)!'1>/(/8)>!g!At!(*<)!'1>/(/8)>!u!t!2&;>)!'1>/(/8)>C!

#

(39)

! YQ!

"(6*+710,8090*%$!!

U%)!&<(%1*>!(%&.J!:&*/)!7*5!21*!%);'!I/(%!(%)!6&.<>-*/'(E!!

!

Referensi

Garis besar

Dokumen terkait

NADUPALLI SRIRAMARAJU A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR DEGREE OF DOCTOR OF PHILOSOPHY Department of Telugu School of Humanities University of

RHIZOME APHICHAT CHIDBUREE A THESIS SUBMITTED TO THE GRADUATE SCHOOL IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN HORTICULTURE THE

THEERAPHON PHORNSAWATCHAI A THESIS SUBMITTED TO THE GRADUATE SCHOOL IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN HORTICULTURE THE

RUNGNAPA CHANGJERAJA A THESIS SUBMITTED TO THE GRADUATE SCHOOL IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN HORTICULTURE THE GRADUATE

SAINAMPUENG PAVINEE CHANVICHIT A THESIS SUBMITTED TO THE GRADUATE SCHOOL IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY IN HORTICULTURE

paniculata Plant Extract Preparation 67 CHAPTER 4: RESULTS AND DISCUSSION 69 4.1 Rational MIP Design by Computational Approach 69 4.1.1 Conjecture of the Active Sites for the

Abstract Implantable Wireless Intraocular Pressure Sensors Thesis by Po-Jui Chen Doctor of Philosophy in Electrical Engineering California Institute of Technology The work in