Page 86 - 77_02

!"#$%&'()#*+#,-."#

L-#! ,2)*%'#! &'+;+0#-! *)! )*6)$+9+$#! 6&'@! TI! 0'&jL4)9(#%M8! /-! *);20(&! 6#'A,)%'&!
4)9(#%! ! )*! -#! ,#%'+G! ()! (#%&*! )0! -#! C2)! $#(#! 9+-#! $&'')*6&0()! #! 20#! 20+(#(!
)>6)'+,)0%#-! L$&,6'+,+(&M! 1! $#(#! $&-2,0#@! #! 6#'%+'! ()! -#! *);20(#@! #! 20! +0*%#0%)!
()!,)(+(#8!<#!6'+,)'#!$&-2,0#!$&(+9+$#!)-!)*%'#%&!L-&%)M@!#-!C2)!6)'%)0)$)!$#(#!9+-#!
L$&,6'+,+(&M8! V&',#-,)0%)! 0'&jL4)9(#%M! *)'A! +;2#-! #! -)0;%ELjM@! )0! $#*&!
$&0%'#'+&! -#*! '),2)*%'#*! *)'A0! ()! (+*%+0%&! %#,#K&! C2)! -#! ,2)*%'#! &'+;+0#-@!
*+%2#$+30!C2)!%#,D+?0!62)()!(#'*)!)0!)-!'),2)*%')&!H#$tt0+9)8!!

S2#0(&! *)! %&,#! fˆ2 !$&,&! )*%+,#$+30! 620%2#-! ()! 9Y! 6#'#! )=#-2#'! -#!
*+,+-#'+(#(! ()! -#*! (+*&-2$+&0)*@! *);N0! -&*! ')*2-%#(&*! 6')*)0%#(&*! )0! -#! a#D-#! [! *)!
6&('F#! $&0*+()'#'! C2)! %&(&*! -&*! -&%)*! )>$)6%&! )-! U! %+)0)0! ! 6)'9+-)*! ()! (+*&-2$+30!
*+,+-#')*! #-! -&%)! ()! ')9)')0$+#@! $2#0(&! *)! 2%+-+G#! $&,&! $'+%)'+&! ()! *+,+-#'+(#(! )-!
=#-&'!()!UX!L$&,62%#(&!D#*A0(&*)!)0!20#!(+*%#0$+#!,)(+#!()-!TX`!6#'#!%&(&*!-&*!
620%&*M8!

'1"$#"'=34!"#$%&')*!()!*+,+-#'+(#(!$&'')*6&0(+)0%)*!#!-#*!(+9)')0%)*!$&,6#'#$+&0)*8!

Ref-Tes1 Ref-Tes2 Ref-Tes3 Ref-Tes4 Ref-Tes5

fˆ2 60.01 51.08 51.2 50.07 48.04

/0! -#! a#D-#! c! *)! ,2)*%'#0! -&*! =#-&')*! ,)(+&*@! $&'')*6&0(+)0%)*! #! -#*!
'),2)*%'#*! D&&%*%'#6! 6#'#! -&*! (+*%+0%&*! -&%)*@! ()! fˆ2! !1! -&*! +0%)'=#-&*! ()! $&09+#0G#!
D&&%*%'#6! B_! 6#'#! (+*%+0%&! 0N,)'&! ()! *+,2-#$+&0)*@! $#-$2-#(&*! $&0! -#! 920$+30!
:8;3:93!P)(+#0%)!)*%#!920$+30!*)!)*%'#%+9+$#!-#!,#%'+G!()!(#%&*!L:8;3=M!!1!*)!$#-$2-#!)-!
)*%#(F*%+$&!L:8;3>M!()!$#(#!20#!()!-#*!4!'),2)*%'#*!D&&%*%'#6!;)0)'#(#*!,)(+#0%)!
-#!920$+30!$//?!$')#(#!6&'!:#=+*&0!1!f+0t-)1!L[uM!1!#(#6%#(#!6#'#!)*%)!)*%2(+&8!!

!

D&&%L(#%#@! *%#%+*%+$@! 4@! *+,e]&'(+0#'1]@! *%16)e]+]@! *%'#%#e')6LT@0M@! <eVd<<@! ,eX@! j)+;E%*eVd<<@!
'#08;)0e920$%+&0L(@!6M!(@!,-)eVd<<@!888M!

D&&%8$+LD&&%8&2%@!$&09eX8ZU@!%16)e]#--]@!+0()>eTI,+0LY@-)0;%ELD&&%8&2%v%XM@!

=#'8%XeVd<<@!=#'8%eVd<<@!%XeVd<<@!%eVd<<@!<eVd<<@!Ee920$%+&0L%M!%@!

E(&%e920$%+&0L%M!')6LT@-)0;%EL%MM@!E+0=e920$%+&0L%M!%@!888M!

/0! -#! a#D-#! c! %#,D+?0! *)! &D*)'=#! C2)! -&*! )>%'),&*! +09)'+&')*! ()! -&*!
+0%)'=#-&*!()!$&09+#0G#!#-!ZU`!D#*#(&!)0!YXXX!,2)*%'#*!*&0!!UT8UU@!cg8Wg@!cu8XX@!
cu8Tc! 1! cU8U[! 6#'#! -&*! -&%)*! a)*T@! a)*Y@! a)*[@! a)*c! 1! a)*U! ')*6)$%+=#,)0%)8! /*%&!
+0(+$#!C2)!%&(&*!-&*!-&%)*!)>$)6%&!)-!6'+,)'&!*)!$&0*+()'#'F#0!0&!*+,+-#')*!#-!-&%)!
()! ')9)')0$+#! $2#0(&! *)! 2%+-+G#! )-! =#-&'! ()! UX! $&,&! 620%&! ()! $&'%)! 6#'#! #$)6%#'!

>@#