Recent advances in biological pretreatment of microalgae and lignocellulosic biomass for biofuel production

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1. Introduction
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Renew Sust Energ Rev, 2019, 105: 105-128. doi: 10.1016/j.rser.2019.01.048.

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2. Overviews and perspectives
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

UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
1A> F:CHK LNLM:BG:;BEBMR BLLN>L BG ;BH?N>EL FHLMER K:BL> ?KHF MA> ><H
GHFB< :G= >GOBKHGF>GM:E :LI><ML PAB<A :K> I:KMB<NE:KER K>E:M>= MH MA>
?>>=LMH<DL IK>MK>:MF>GM ><HGHFR >GSRF> <HLML ?>KF>GM:MBHG >?i<:<R
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IE:GML GHM HGER IKH=N<> >G>K@R ;NM :ELH <HGLNF> BM &G :==BMBHG MA>
IE:GML :ELH @>G>K:M> P:LM>L MA:M <HNE= IHM>GMB:EER ;> A:KF?NE ?HK MA>
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1A> F:CHK <HFIHG>GML BG MA> <>EE P:EE H? )  :K> <>EENEHL>
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<K>:L>L MA> <KRLM:EEBGBMR H? <>EENEHL> %>FB<>EENEHL> BL : A>M>KHIHERF>K
:G= <HGLBLML H? LAHKM EBG>:K :G= AB@AER ;K:G<A>= <A:BGL H? =B??>K>GM A>Q
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EB@GBG FHE><NE> BL =HG> ;R MA> K:=B<:E IHERF>KBS:MBHG H? MA> ;:LB< LMKN<
MNK:E NGBML PA>K> =B??>K>GM MRI>L H? EBGD:@>L :K> ?HNG= BG O:KRBG@ JN:G
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MA> =>@K:=:MBHG H? EB@GH<>EENEHL> 89
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Fig. 4. 0MKN<MNK> :G= <HFIHLBMBHG H? : MRIB<:E FB<KH:E@:E <>EE P:EE K>=K:PG ?KHF 89


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Fig. 5. 1AK>> F:CHK KHNM>L H? ;BHF:LL <HGO>KLBHG PBMA =B??>K>GM MRI>L H? ;BH?N>EL />
=K:PG ?KHF 89
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<>EEL :K> :EEHP>= MH @KHP HG ;BHF:LL >BMA>K ;R MA> LN;F>K@>= <NEMNK>
89 HK LHEB=LM:M> <NEMBO:MBHG M><AGBJN>L 89 PAB<A MA>G FNEMBIER
:G= <:KKR HNM MA>BK F>M:;HEBLF ,? MA>L> MPH <NEMBO:MBHG M><AGBJN>L
LN;F>K@>= <NEMBO:MBHG BL M><AGB<:EER ?>:LB;E> ;NM BGBMB:E LHEB= EH:=BG@ K>
JNBK>= MH ;> EBFBM>= MH :KHNG=  ?HK ;>MM>K >?i<B>G<R PABE> LHEB=LM:M>
F>MAH= <:G NL> FHK> BGBMB:E LHEB= – 89 - BG<EN=> : PB=>
K:G@> H? G:MNK:EER H<<NKKBG@ FB<KHHK@:GBLFL >BMA>K LBG@E> HK BG <H<NE
MNK> HK >GSRF> LRLM>FL INK> HK FBQMNK> <<HK=BG@ER - <:G ;> <:M>
@HKBS>= BGMH FB<KH;B:E IK>MK>:MF>GM ?NG@:E ;:<M>KB:E FB<KH;B:E <HGLHK
MB: :G= >GLBEBG@ :G= >GSRF:MB< IK>MK>:MF>GM 1A> F:CHK M><AGHEH@B<:E
:LI><ML :IIKHQBF:M> IK>MK>:MF>GM MBF> I>KBH= :=O:GM:@>L :G= =BL:=
O:GM:@>L H? >:<A :IIKH:<A :K> LNFF:KBS>= BG 1:;E> 
FHG@ MA> - :IIKH:<A>L ?NG@:E :G= >GLBEBG@ IK>MK>:MF>GML K>JNBK>
K>E:MBO>ER AB@A>K MBF> NI MH FHGMAL <HFI:K>= MH MA> MBF> K>JNBK>=
?HK ;R ;:<M>KB:E <HGLHKMB: :G= >GSRFB< IK>MK>:MF>GML %HP>O>K MBF>
K>JNBK>= ?HK :G >??><MBO> IK>MK>:MF>GM LHE>ER =>I>G=L HG MA> ;BHF:LL
LMKN<MNK> :G= <HFIHLBMBHG PA>K> IK>MK>:MF>GM H? )  FB@AM G>>= EHG@
MBF> MH ;K>:D =HPG BML EB@GH<>EENEHLB< F:MKBQ :G= K>FHO:E H? EB@GBG
L LM:M>= >:KEB>K 0><MBHG  MA> M:K@>M H? IK>MK>:MF>GM :ELH O:KB>=
;>MP>>G )  :G= FB<KH:E@:> LBG<> MA> ?HKF>K >QI><ML =>EB@GBi<:MBHG
PBMAHNM HK PBMA FBGBFNF EHLL H? AHEEH<>EENEHL> PABE> AR=KHERLBL H?
F:<KHFHE><NE>L BL MA> M:K@>M H? FB<KH:E@:> IK>MK>:MF>GM L : K>LNEM :G
BGM>K <HFI:KBLHG HG MA> IK>MK>:MF>GM RB>E= ;>MP>>G )  :G= FB<KH:E
@:> ;BHF:LL PHNE= GHM ;> K>:EBLMB< +>O>KMA>E>LL =>EB@GBi<:MBHG HK AR
=KHERMB< >?i<B>G<R GHM HGER O:KR =N> MH MA> IK>MK>:MF>GM :IIKH:<A :I
IEB>= ;NM :ELH BM <:G =B??>K :FHG@ MA> ;BHF:LL BG MA> L:F> <:M>@HKR >B
MA>K )  HK FB<KH:E@:> - H? )  BL F:BGER =HG> ;R ?NG@B PABE> >G
SRF:MB< HK AR=KHERMB< ;:<M>KB:E IK>MK>:MF>GM A:O> FHLMER ;>>G K>IHKM>=
?HK FB<KH:E@:> IK>MK>:MF>GM
 "+).45+)5453/) )536'8/954 5,   '4*  (/5,;+29
-KH=N<MBHG H? $ ;BH?N>EL ?KHF FB<KH:E@:> BL M><AGH><HGHFB<:EER
FHK> ?>:LB;E> MA:G MA> IKH=N<MBHG H? $ :G= $ ;BH?N>EL 89 *B
<KH:E@:> :K> IKHFBLBG@ HO>K $ :G= $ ?>>=LMH<DL ?HK MA> GHGK>JNBK>
F>GM H? :K:;E> E:G= ?>:LB;BEBMR H? K><R<EBG@ MA> GNMKB>GML F:QBFNF ;BH
F:LL NMBEBS:MBHG EHP HI>K:MBHG:E <HLML E>LL >G>K@R <HGLNFIMBHG :G= :
LNLM:BG:;E> ;BH?N>EL IKH=N<MBHG 89 #HK BGLM:G<> FB<KH:E@:> <:G
IKH=N<> FHK> MA:G  MBF>L AB@A>K ;BHF:LL MA:G MA> ;BHF:LL H;M:BG>=
?KHF MA> ?:LM>LM @KHPBG@ M>KK>LMKB:E IE:GM LPBM<A @K:LL 89 GHMA>K
>Q<>EE>GM M><AGB<:E ?>:LB;BEBMR BG MA> IKH=N<MBHG H? FB<KH:E@:> ;BHF:LL BL
MA> :;BEBMR MH @KHP MA>F BG P:LM>P:M>K 89 *HK>HO>K LHF> A:EHIABEB<
A:EHMHE>K:GM :G= A:EH:=:IM>= FB<KH:E@:> LI><B>L A:O> K><>GMER ;>>G K>
IHKM>= ?HK LNLM:BG:;E> ;BH?N>E IKH=N<MBHG MA:M <:G ;> <NEMBO:M>= BG F:
KBG> HK L:EBG> P:M>K 8–9
!>LIBM> MA> ;KB@AM IKHLI><ML H? FB<KH:E@:> BG MA> IKH=N<MBHG H? ;BH
?N>EL :G= ;BHK>iG>KR BM BL LMBEE FHLMER <HGiG>= MH MA> K>L>:K<A E>O>E >Q
<>IM : ?>P K>IHKML HG BML <HFF>K<B:EBS:MBHG 89 HFI:K>= MH $
;BH?N>EL K>L>:K<A :<AB>O>F>GML :G= <HFF>K<B:E >QIEHBM:MBHG H? $ ;BH
?N>EL BL K>E:MBO>ER F:MNK> ;NM BM BL GHM M><AGH><HGHFB<:EER <HFI>MBMBO>
MH $ ;BH?N>EL 1A>K>?HK> M><AGH><HGHFB< BFIKHO>F>GML :K> LMBEE K>
JNBK>= ?HK ;HMA $ :G= $ ;BH?N>EL MH K>:<A MH MA> L:MBL?:<MHKR E>O>E H?
BG=NLMKB:E :K>G: &G MABL K>@:K= >QIEHBM:MBHG H? ;BHEH@B<:E IK>MK>:MF>GM
BG MA> @>G>K:MBHG H? $ :G= $ ;BH?N>EL <HNE= ;KBG@ : ;K>:DMAKHN@A ?HK
MA>L> ;BH?N>EL


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 1
"QIEHK:MBHG H? O:KBHNL F>MAH=L ?HK IK>MK>:MF>GM H? EB@GH<>EENEHLB< :G= FB<KH:E@:> ;BHF:LL 89
-K>MK>:MF>GM
F>MAH=L IIKH:<A>L 1BF>
*:CHK>m><ML
HG;BHF:LL
LMKN<MNK> =O:GM:@>L !BL:=O:GM:@>L
!>O>EHIF>GM
LM:@>
*><A:GB<:E
-ARLB<:E •-K><HG=BMBHGBG@MH – FF LBS>
• ABIIBG@MH – FF LBS>
•$KBG=BG@:G=FBEEBG@MH – FF LBS>
•*><A:GB<:E<HFFBGNMBHGMHiG>LBS>
?>P
FBGNM>L
∼ FBG
•"QM>G=>=
LNK?:<>:K>:
•!><K>:L>=
<KRLM:EEBGBMR
H?<>EENEHL>
•"GA:G<>=
;NED=>GLBMR
•&FIKHO>=
:<<>LLB;BEBMR
MH>GSRF>L
•&G<K>:L>=
IHKHLBMR
•"GA:G<>=
jHP IKHI>K
MB>L
•":LRA:G=EBG@
•&FIKHO>= F:LL :G=
A>:M MK:GL?>K BG MA>
LN;L>JN>GM AR=KHERLBL
:G=?>KF>GM:MBHG
•%B@AAR=KHERLBLRB>E=
•%B@A >G>K@R
BGINM
•+H EB@GBG K>
FHO:E
•"<HGHFB
<:EER GHM
?>:LB;E>
HFF>K<B:EER
IKHO>G
M><AGHEH@R
&KK:=B:MBHG
-ARLB<:E •$:FF:BKK:=B:MBHG
•"E><MKHG;>:FBKK:=B:MBHG
•*B<KHP:O>BKK:=B:MBHG
•2EMK:LHGB<MK>:MF>GM
*BGNM>LMH
AHNKL •"QM>G=>=
LNK?:<>:K>:
•!><K>:L>=
<KRLM:EEBGBMR
H?<>EENEHL>
•0HEN;BEBS:
MBHG H?
A>FB<>EEN
EHL>
•-:KMB:E
=>@K:=:MBHG
H?EB@GBG
•!><K>:L> BG
MA> FHE><N
E:KP>B@AM
•&FIKHO>= =HPGLMK>:F
>GSRF:MB< AR=KHERLBL
K:M>
•%B@A>G>K@R>k<B>G<R
•"QI>GLBO>
•0EHP :EM>K
:MBHGK:M>
•+HM ><H
?KB>G=ER
HFF>K<B:EER
IKHO>G
M><AGHEH@R
<B= A>FB<:E •-K>MK>:MF>GM PBMA BGHK@:GB< :<B=L LN<A :L
%p0,p % E %p-,p %+,p PA>K> BL %p0,p
FHLMERNL>=
•,K@:GB< :<B=L EBD> ?NF:KB< :G= F:E>B< :<B=L F:R
:ELH;>NL>=
•<B= <HG<>GMK:MBHG BL ;>EHP  BG =BENM> :<B=
:G= – BG<HG<>GMK:M>=:<B=MK>:MF>GML
•1>FI>K:MNK> K:G@>L ?KHF  MH  ` BG =BENM>
:<B= :G= – ` BG <HG<>GMK:M>= :<B= MK>:M
F>GML
– FBG •"QM>G=>=
LNK?:<>:K>:
•/>FHO:E H?
A>FB<>EEN
EHL>
•EM>K>=
EB@GBG LMKN<
MNK>
•"GA:G<>=
=B@>LMB;BEBMR
•%B@AK>:<MBHGK:M>
•4>EELMN=B>= M><A
GBJN>
•)HP EB@GBG
LHEN;BEBS:
MBHG
•%B@A BG
AB;BMHK ?HK
F:MBHG
• HKKHLBHG H?
>JNBIF>GM
K>:<MHK
•/>JNBK>
F>GM H?
G>NMK:EBS:
MBHG
!>FHGLMK:MBHG
IE:GM;R
'>GGBG@L20
ED:EB A>FB<:E •+:,% (,% :G= :,%p :K> PB=>ER NL>= ?HK :E
D:EBG>IK>MK>:MF>GM
0>O>K:E
FBGNM>LMH
AHNKL
•"QM>G=>=
LNK?:<>:K>:
•0HEN;BEBS:
MBHG H?
A>FB<>EEN
EHL>
•!>@K:=:MBHG
H?EB@GBG
•/>JNBK>F>GM H? EHP
M>FI>K:MNK> :G= IK>L
LNK>
•&FIKHO>= =HPGLMK>:F
AR=KHERLBL
•$HH= ?HK EHP EB@GBG
<HGM:BGBG@;BHF:LL
•/>E:MBO>ER
EHG@ K>:<
MBHGMBF>
•!Bk<NEMB>L
BG G>NMK:E
BS:MBHG
):;HK:MHKRL<:E>


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 1 54:/4;+*
-K>MK>:MF>GM
F>MAH=L IIKH:<A>L 1BF>
*:CHK>m><ML
HG;BHF:LL
LMKN<MNK> =O:GM:@>L !BL:=O:GM:@>L
!>O>EHIF>GM
LM:@>
,SHGHERLBL
 A>FB<:E •"QIHLNK> H? ;BHF:LL MH HSHG> @:L :M : jHP K:M>
H?:KHNG=  FEFBG
– FBG •0>E><MBO>
EB@GBG LHEN
;BEBS:MBHG
•)HP HK BGAB;BMHK ?HK
F:MBHG
•/HHF M>FI>K:MNK>
:G= :MFHLIA>KB< IK>L
LNK>
•%B@A <HLML
?HK HGLBM>
HSHG> IKH
=N<MBHG :G=
NL>
•0:?>MR BLLN>L
?HK j:FF:
;BEBMR :G=
MHQB<BMR H?
HSHG>
):;HK:MHKRL<:E>
&HGB<EBJNB=L&)L
 A>FB<:E •"QIHLNK> H? ;BHF:LL MH &)L MA:M :K> EBJNB=L :M
:F;B>GM M>FI>K:MNK> :G= K>F:BG EBJNB= NI MH :
<>KM:BGK:G@>H?M>FI>K:MNK>L:MNIMH  `
– FBG •"GE:K@>=
LNK?:<>:K>:
•0HEN;BEBS:
MBHG H? <>EEN
EHL> :G=
A>FB<>EEN
EHL>
•)B@GBG K>
FHO:E
•&)L :K> K><R<E:;E> :G=
K>NL:;E>
•)HP >G>K@R <HGLNFI
MBHG
•%B@A;BHF:LLEH:=
•%B@A <HLML
H?&)L
•/>JNBK>
F>GM H? &)
K><HO>KR
0MBEEBGMA>
IKBF:KRLM:@>H?
K>L>:K<A
,K@:GHLHEO
 A>FB<:E •"QIHLNK> H? ;BHF:LL MH : FBQMNK> H? :G HK@:GB<
EBJNB=:G=P:M>KBGK:MBH
•*BG>K:E :<B= F:R ;> NL>= :L <:M:ERLM ?HK =><K>:L
BG@ IKH<>LL M>FI>K:MNK>L HK BFIKHOBG@ EB@GBG K>
FHO:E
 FBG •0HEN;BEBS:
MBHG H?
A>FB<>EEN
EHL> :G=
EB@GBG
•/>FHO:E H?
<>EENEHL>
?KHF ;BH
F:LL BG
LHEB=?HKF
•)HP M>FI>K:MNK> :G=
IK>LLNK>
•+>NMK:E I% <HG=BMBHG
)HP<>EENEHL>EHLL
•-NK><>EENEHL>RB>E=
•"m><MBO> ?HK AB@A
EB@GBG <HGM:BGBG@ ;BH
F:LL
•+>>= MH K>
FHO> LHE
O>GML
•%B@A<HLML
•&GAB;BMHK
@>G>K:MBHG
):;HK:MHKRL<:E>
0M>:F>QIEHLBHG
-ARLB<H<A>FB<:E •&G<EN=>L:NMHAR=KHERLBL:G=:G>QIEHLBHGLM>I
•.NB<D A>:MBG@ ;R AB@AIK>LLNK> L:MNK:M>= LM>:F
:M – ` :G= – :MF
• :G ;> =HG> PBMA HK PBMAHNM :==BMBHG H? :G :<B=
:L<:M:ERLM
0>O>K:E
FBGNM>L
:KHNG=
 FBG
•"QM>G=>=
LNK?:<>:K>:
•0HEN;BEBS:
MBHG H?
A>FB<>EEN
EHL>
•0HEN;BEBS:
MBHG H?
EB@GBG
•EM>K:MBHG
H? EB@GBG
LMKN<MNK>
•+H K><R<EBG@ HK >GOB
KHGF>GM:E<HLML
•0AHKM=NK:MBHG
•)HP >G>K@R K>JNBK>
F>GM
•0N@:K EHLL
=NKBG@ IHLM
AR=KHERLBL
IKH<>LL
•&GAB;BMHK
?HKF:MBHG
HFF>K<B:EER
:=:IM>=
)BJNB=AHMP:M>K
-ARLB<H<A>FB<:E •2L:@> H? P:M>K :L MA> K>:<MBHG F>=BNF :M AB@A
M>FI>K:MNK>L – `  :G=IK>LLNK>
 FBG •"QM>G=>=
LNK?:<>:K>:
•0HEN;BEBS:
MBHG H?
A>FB<>EEN
EHL>
•0HEN;BEBS:
MBHG H?
EB@GBG
•+H K>JNBK>F>GM H? <:M
:ERLMLHK<A>FB<:EL
•+H HK EBMME> BGAB;BMHK
?HKF:MBHG
•%B@A K><HO>KR H? LN@
:KL
•%B@A P:M>K
K>JNBK>F>GM
•%B@A >G>K@R
BGINM
•%B@A<HLML
•)HP RB>E= H?
?>KF>GM:;E>
LN@:KL
=:IM>=MHIBEHM
L<:E>
4>MHQB=:MBHG
-ARLB<H<A>FB<:E •"QIHLNK> H? ;BHF:LL MH AB@A M>FI>K:MNK>
– `  :G= IK>LLNK> NI MH  *-: NL
BG@HQR@>GHK:BK
– FBG •"QM>G=>=
LNK?:<>:K>:
•)B@GBG =>
<HFIHLBMBHG
•/>=N<>=
<KRLM:EEBGBMR
H?<>EENEHL>
•*H=>K:M><:IBM:E<HLML
•$HH=EB@GBGK>FHO:E
•$HH= <:K;HAR=K:M> K>
<HO>KR
•&FIKHO>= >GSRF:MB<
=B@>LMB;BEBMR
•%B@A >G>K@R
BGINM
•)HP A>FB
<>EENEHL> K>
<HO>KR
•/>JNBK>
F>GM H? >Q
I>GLBO> F:
M>KB:EL ?HK
K>:<MHK
=:IM>=BG
=>FHGLMK:MBHG
IE:GM;RBH$:LHE
:G=0MK:N;BG@


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 1 54:/4;+*
-K>MK>:MF>GM
F>MAH=L IIKH:<A>L 1BF>
*:CHK>m><ML
HG;BHF:LL
LMKN<MNK> =O:GM:@>L !BL:=O:GM:@>L
!>O>EHIF>GM
LM:@>
0NI>K<KBMB<:EjNB=
-ARLB<H<A>FB<:E •2L:@> H? LHEO>GM :M MA> M>FI>K:MNK> :G= IK>L
LNK>:;HO>MA><KBMB<:EIHBGM
•-K>MK>:MF>GM PBMA LNI>K<KBMB<:E ,p BL PB=>ER
NL>= ?HK BML FH=>K:M> <KBMB<:E M>FI>K:MNK> :G=
IK>LLNK>
 FBG •&G<K>:L>=
LNK?:<>:K>:
•"m><MBO>
EB@GBG K>
FHO:E
•&G<K>:L>=
<>EENEHL> =B
@>LMB;BEBMR
•%B@ALHEB=EH:=
•)HPM>FI>K:MNK>
•)HP LN@:K =>@K:=:MBHG
•*BGBFNF HI>K:MBHG:E
<HLML
•1HM:E NMBEB
MB>L <HLML
:K>E:K@>K
•,NMINM BL :?
?><M>= ;R
LHF> ?:<MHKL
):;HK:MHKRL<:E>
FFHGB:i;>K
>QIEHLBHG#"5
-ARLB<H<A>FB<:E
•"QIHLNK> H? ;BHF:LL MH EBJNB= :FFHGB: :M
– ` :G= IK>LLNK> FHK> MA:G  *-: ?HK
KHN@AER  FBG PAB<A MA>G ?HEEHPL : K:IB= =>
<HFIK>LLBHG
– FBG •"QM>G=>=
LNK?:<>:K>:
•0HEN;BEBS:
MBHG H? <>EEN
EHL> :G=
A>FB<>EEN
EHL>
•/>FHO:E H?
EB@GBG :G=
:EM>K>=
EB@GBG LMKN<
MNK>
•3>KR >m><MBO> ?HK EHP
EB@GBG <HGM:BGBG@ ;BH
F:LL
•%B@A <HLML
?HK :FFH
GB: :G=
>JNBIF>GM
HFF>K<B:EER
:=:IM>=;R
!N-HGM
BHEH@B<:E
IK>MK>:MF>GM • NEMBO:MBHG H? EB@GBG =>@K:=BG@ ?NG@B :G= ;:<M>
KB: BG ;BHF:LL :M MA> HIMBFNF M>FI>K:MNK> :G=
<NEMNK:E <HG=BMBHGL H? MA> K>LI><MBO> FB<KHHK
@:GBLFL
–P>>DL •!>EB@GBi<:
MBHG H? ;BH
F:LL
•0MKN<MNK:E
:EM>K:MBHG H?
<>EENEHL>
:G= A>FB
<>EENEHL>
•)HP<HLM
•"<H?KB>G=ER
•+H K>E>:L> H? MHQB<
<HFIHNG=L
•+H>lN>GM@>G>K:MBHG
•+H BGAB;BMHK ?HKF:MBHG
•)HG@ BG<N
;:MBHGMBF>
•0EHP K:M> H?
=>EB@GBi<:
MBHG
• :K;HAR
=K:M>EHLL
•/BLD ?HK
A>:EMA A:S
:K=
=:IM>=MHIBEHM
L<:E>
*B<KH:E@:E ;BHF:LL <:G ;> IK>MK>:M>= ;BHEH@B<:EER NLBG@ AR=KHERMB<
>GSRF>L INKBi>= HK FBQMNK> H? >GSRF>L HK FB<KHHK@:GBLFL A:OBG@ AR
=KHERMB< :<MBOBMB>L !>I>G=BG@ HG MA> ;BH:@>GML NL>= MABL IK>MK>:MF>GM
<:G K>LNEM BG MA> O:KRBG@ :FHNGML H? =>IHERF>KBS:MBHG H? MA> ;BHIHER
F>KL <>EENEHL> LM:K<A EBIB= :G= IKHM>BG PAB<A IKHOB=>L LBFIE> FHE>
<NE>L ?HK ?NKMA>K =HPGLMK>:F IKH<>LLBG@ +- :G>KH;B< =B@>LMBHG HK ?>K
F>GM:MBHG 89 ,G MA> HMA>K A:G= - H? )  F:BGER =BLBGM>@K:M> MA>
EB@GH<>EENEHLB< F:MKBQ K>FHO> EB@GBG ?KHF BM :G= K>E>:L> AHEEH<>EENEHL>
PBMAHNM AR=KHERSBG@ MA> IHERL:<<A:KB=>L "O>GMN:EER : ?NKMA>K AR=KHE
RLBL LM>I BL G><>LL:KR ?HK MA> IK>MK>:M>= )  MH H;M:BG LBFIE> LN@:KL
?KHF <>EENEHL> :G=HK A>FB<>EENEHL> 1A>K>?HK> ;BHEH@B<:E IK>MK>:MF>GM
H? FB<KH:E@:> :L P>EE :L ;BH?N>E IKH=N<MBHG ?KHF MABL ;BHF:LL <:M>@HKR
:K> M><AGH><HGHFB<:EER FHK> ?>:LB;E> MA:G MAHL> H? ) 
2G?HKMNG:M>ER MA> G>M IKH=N<MBHG <HLML H?  $ ;BH?N>EL BL ?HNG= MH ;>
AB@A>K MA:G MA> <HLML H? $ :G=  $ >MA:GHE #HK >Q:FIE> MA> <HLML ?HK
<HKG >MA:GHE $ LPBM<A@K:LL >MA:GHE $ FBL<:GMANL >MA:GHE $
:G= <HKG LMHO>K >MA:GHE $ P>K> >LMBF:M>= MH ;>    :G=
 @:EEHG K>LI><MBO>ER PABE> MA> <HLM ?HK :E@:E ;BH=B>L>E P:L K>
IHKM>= MH ;> :KHNG= – @:EEHG 89 EMAHN@A $ ;BH?N>EL :K> FHK>
><HGHFB< IKH=N<MBHG H? MABL ;BH?N>E BL <HGiG>= MH HGER : ?>P <HNGMKB>L
EBD> 20 K:SBE :G= LHF> "NKHI>:G <HNGMKB>L *HK>HO>K MA> <AHB<>
H? ?>>=LMH<DL ?HK ;BH?N>E IKH=N<MBHG BG :GR <HNGMKR K>ER HG LHF> ?:<
MHKL BG<EN=BG@ MA> @>H@K:IAB< EH<:MBHG ><HGHFB< <HG=BMBHGL :G= =>
F:G= ?HK ?HH=?N>EL H? MA:M I:KMB<NE:K <HNGMKR HGLB=>KBG@ MA>L> ?:<MHKL
$ ;BH?N>EL @>G>K:EER AHE= FHK> IHM>GMB:E HO>K $ :G= $ ;BH?N>EL >O>G
MAHN@A FHK> =>O>EHIF>GML :K> LMBEE K>JNBK>= ?HK @>G>K:MBG@ <HLM>??><
MBO> ;BH?N>EL ?KHF FB<KH:E@:> 89
3. Approaches of biological pretreatment
 /525-/)'2 68+:8+':3+4: (? ,;4-/
#NG@:E IK>MK>:MF>GML :K> EBFBM>= MH )  :G= GH K>IHKM <:G ;> ?HNG=
MBEE GHP MA:M NL>= ?NG@:E <>EEL =BK><MER ?HK IK>MK>:MF>GM H? FB<KH:E@:>
;BHF:LL 89 EMAHN@A : LMN=R P:L K><>GMER K>IHKM>= BM NL>= HGER
<KN=> ;KHMA H? "8'3+:+9 <+89/)5258 <HGM:BGBG@ FBQMNK>L H? ?NG@:E >GSRF>L
:G= GHM MA> EBOBG@ <>EEL H? MA> ?NG@NL 89 0HF> F>F;>KL H? :LB=BHFR
<HM: :K> I:KMB<NE:KER K>GHPG>= ?HK MA>BK EB@GBG=>@K:=BG@ <:I:;BEBMR MA:M
A:O> EHG@ ;>>G NL>= ?HK MA> IK>MK>:MF>GM H? )  1A> EB@GBG =><HFIHL
BG@ ?NG@B :K> <E:LLBi>= BGMH MAK>> ><HEH@B<:E @KHNIL LN<A :L PABM>KHM
;KHPGKHM :G= LH?MKHM ?NG@B 4/# /# :G= 0/# K>LI><MBO>ER 4/#
:G= /# BG<EN=> MA> F>F;>KL H? ;:LB=BHFR<>M>L PABE> 0/# @KHNI <HG
LBLML FHLMER H? :L<HFR<>M>L
 @HH= GNF;>K H? 4/# <:G =>@K:=> EB@GBG <HFIE>M>ER ;R HQB
=BSBG@ EB@GBG FHE><NE>L 89 PA>K>:L EB@GBG ;K>:D=HPG ;R 0/# BL
LEHP :G= BG<HFIE>M> 89 *HK>HO>K 0/# =>@K:=> IHERL:<<A:KB=> ?K:<
MBHGL H? ;BHF:LL ?:LM>K MA:G BML EB@GBG ;K>:D=HPG &G :G >Q<>IMBHG
'*56.58' LI P:L K>IHKM>= MH =>@K:=> EB@GBG FHK> K:IB=ER MA:G MA>
<:K;HAR=K:M>L 89 &G MA> I:LM R>:KL : ?>P 0/# A:O> ;>>G K>IHKM>=
?HK - PAB<A BG<EN=> 96+8-/22;9 4/-+8+4/)/22/;3 ).8?95-+4;3 :G= "8/
).5*+83' 8++9+/ 89 /# IK>?>K>GMB:EER =>@K:=> AHEEH<>EENEHL> K:MA>K
MA:G EB@GBG 89 %HP>O>K MA>L> ?NG@B F:R :ELH I:KMB:EER ;K>:D=HPG
MA> EB@GBG FHE><NE>L MAKHN@A #>GMHG’L K>:<MBHGL MA>K>;R ?:<BEBM:MBG@
MA> :<<>LL H? AR=KHERMB< >GSRF>L =NKBG@ =HPGLMK>:F AR=KHERLBL H? MA>
IK>MK>:M>= ;BHF:LL 89 /# NL>= ?HK IK>MK>:MF>GM H? ;BHF:LL BG
<EN=>= 25+56.?22;3 :8'(+;3 89 59:/' 62')+4:' 89 54/56.58'
6;:+'4' '4* 59:/' 62')+4:' 89 FHG@ MA> EB@GBG=>@K:=BG@ ?NG@B
4/#L :K> :II>:K>= MH ;> IK>=HFBG:GM ?HK IHLL>LLBG@ >?i<B>GM EB@GBG
=>@K:=BG@ <:I:;BEBMR &G :==BMBHG 4/# <:G :ELH M:K@>M <>EENEHL> :G=
BG<K>:L> >GSRF:MB< =B@>LMB;BEBMR H? MABL IHERL:<<A:


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 2
1><AGHEH@B<:E :IIKH:<A>L H? ;BHEH@B<:E IK>MK>:MF>GM
IIKH:<A *:CHKM><AGHEH@R
-K>MK>:MF>GM
MBF> =O:GM:@>L !BL:=O:GM:@>L />F:KDL />?
#NG@:E
IK>MK>:MF>GM •"QIHLNK> H? ;BHF:LL MH BG=BOB=N:E ?NG
@:E LI><B>L F:BGER ;:LB=BHFR<>M>L
?NG@B NLBG@ >BMA>K LN;F>K@>= HK LHEB=
LM:M><NEMNK>M><AGBJN>
4>>DLMH
FHGMAL •)HPIK>MK>:MF>GM<HLML
•)>LL K>:@>GM <HGLNFIMBHG
•)>LL>G>K@RK>JNBK>F>GM
•+H HK E>LL P:LM> @>G>K:
MBHG
•)HP <HLML ?HK =HPG
LMK>:FK><HO>KR
•+H HK E>LL BGAB;BMHKL ?HK
F:MBHG
•)HLL H? <:K;H
AR=K:M>L
•)HG@ IK>MK>:M
F>GMMBF>
"k<B>GM?HKEB@GBG
K>FHO:E?KHF) ;NM
EHG@MBF>:G=EHLLH?
AHEEH<>EENEHL>PHNE=;>
MA>F:CHK;HMME>G><DL
89
:<M>KB:E
IK>MK>:MF>GM •"QIHLNK> H? ;BHF:LL MH EB@GBG =>@K:=
BG@ )  HK AR=KHERMB< FB<KH:E@:>
;:<M>KB:
0>O>K:E=:RL •*HK> K:IB= @KHPMA MA:G
?NG@B
•/>E:MBO>ER LAHKM>K IK>
MK>:MF>GMMBF>
•":LB>K @>G>MB< F:GBINE:
MBHGMA:G?NG@B
•*HK> <HLM>m><MBO> MA:G
?NG@B
•%B@A>K :=:IM:;BEBMR MA:G
?NG@B
•+H HK E>LL BGAB;BMHKL ?HK
F:MBHG
•/>E:MBO>ER
EHP>K EB@GBG
=>@K:=BG@ >k
<B>G<R <HF
I:K>=MH?NG@B
-KHFBLBG@?HK<HLM
>m><MBO>IK>MK>:MF>GM
I:KMB<NE:KER?HK
FB<KH:E@:>;BHF:LL
8–9
-K>MK>:MF>GM
;RFB<KH;B:E
<HGLHKMB:
•"QIEHBM:MBHG H? <H<NEMNK> LRLM>FL
<HGLBLMBG@ H? ?NG@:E?NG@:E HK ;:<M>K
B:E;:<M>KB:EHK;:<M>KB:E?NG@:E
0>O>K:E=:RL •/>E:MBO>ER EHP>K BG<N;:
MBHG MBF> <HFI:K>= MH
?NG@:EIK>MK>:MF>GM
• HFIE>Q FB<KH;B:E <HF
FNGBMR :<<>E>K:M> HK
@:GB< AR=KHERLBL PAB<A BG
MNKG ?:<BEBM:M> MA> :<<>LLB
;BEBMR H? >GSRF>L BG EB@GH
<>EENEHL>L
• HGMBGNHNL :G= LM:;E>
@>G>K:MBHG H? F>M:;HEBM>L
K>JNBK>= ?HK EB@GBG ;K>:D
=HPG
•"GA:G<>= IKH=N<MBOBMR
:G=;BHF:LLNIM:D>
•&G=BOB=N:E
LMK:BGL F:R
?:<> =Bk<NEMB>L
BG :=:IMBG@ MH
MA> >GOBKHG
F>GM:E jN<MN:
MBHGL
HNE=;>IKHFBLBG@
IK>MK>:MF>GM?HK
FB<KH:E@:>BG<EN=BG@
FBQMNK>H?AR=KHERMB<
;:<M>KB:ELMK:BGL
8–9
"GSRF:MB<
IK>MK>:MF>GM •2MBEBS:MBHG H? INKBi>= HK <KN=> >G
SRF>L LBG@E> HK >GSRF> <H<DM:BEL
EB@GBGHERMB<HKAR=KHERMB<HKFBQ>=
%HNKLMH:
?>P=:RL •/>E:MBO>ER EHP>K BG<N;:
MBHG MBF> <HFI:K>= MH
?NG@:E :G= ;:<M>KB:E IK>
MK>:MF>GM
•%R=KHERLBL H? F:<KHFHE>
<NE>L MA:M ?:<BEBM:M>L ?NK
MA>K <HGO>KLBHG IKH<>LL
I:KMB<NE:KER =NKBG@ ;BH@:L
IKH=N<MBHG
•-KH=N<MBHG :G=
INKBi<:MBHG H?
>GSRF>L F:R
;><HLMER
•-HHK LM:;BEBMR
H? EB@GBGHERMB<
>GSRF>L BG BG
=NLMKB:E
IKH<>LL>L
1A>FHLM>k<B>GM
;BHEH@B<:EIK>MK>:MF>GM
I:KMB<NE:KER?HK
FB<KH:E@:>
89
Table 2 54:/4;+*
IIKH:<A *:CHKM><AGHEH@R
-K>MK>:MF>GM
MBF> =O:GM:@>L !BL:=O:GM:@>L />F:KDL />?
-K>MK>:MF>GM
;R>GLBEBG@ •0BFNEM:G>HNL LMHK:@> :G= IK>MK>:M
F>GM H? ;BHF:LL NLBG@ O:KBHNL ;BHEH@
B<:E LRLM>FL LN<A :L FBQMNK>L H? E:<MB<
:<B= ;:<M>KB: ) FBQMNK> H? )
:G=AR=KHERMB<>GSRF>L
4>>DLMH
FHGMAL •4B=>ER NL>= ?HK <KHI LMHK
:@>
• :G ;> <:KKB>= HNM NG=>K
FH=>K:M> >GOBKHGF>GM:E
<HG=BMBHGL
•)>LL HK GH P:LM>L @>G>K:
MBHG
•)HP=HPGLMK>:F<HLML
•)HG@ BG<N;:
MBHGMBF>
•)HLL H? HK@:GB<
F:MM>K F:BGER
<>EENEHL> :G=
A>FB<>EENEHL>L
-KHFBLBG@?HK
LBFNEM:G>HNLLMHK:@>
:G=IK>MK>:MF>GMH?
) :G=FB<KH:E@:>
;BHF:LL
89
KB=> 89 %HP>O>K HG> H? MA> =K:P;:<DL H? LN<A :<MBOBMR BL MA> GHGL>
E><MBO> IK>MK>:MF>GM MA:M <:NL>L EHLL H? <>EENEHL> =NKBG@ IK>MK>:MF>GM
0>E><MBO> :G= GHGL>E><MBO> EB@GBG ;K>:D=HPG ;R 4/#L =>I>G= HG
MA>BK <:I:;BEBMR MH IKH=N<> <:K;HAR=K:M> =>@K:=BG@ AR=KHERMB< >G
SRF>L PBMA MA> L><K>MBHG H? >QMK:<>EENE:K EB@GBGHERMB< >GSRF>L 0HF>
4/#L <:G IKH=N<> HGER EB@GBGHERMB< >GSRF>L PBMAHNM IKH=N<BG@ :GR
AR=KHERMB< QRE:G:L>L :G= <>EENE:L>L PAB<A BG<EN=> !:85(/2;8;9 5.9./
3'+.'4+85).'+:+ ).8?959658/;3 :G= "8'3+:+9 <+89/)5258 89 0>O>K:E
DGHPG 4/#L +- 2+;85:;9 59:8+':;9 <:G :ELH IKH=N<> AR=KHERMB< >G
SRF>L 89 %HP>O>K  59:8+':;9 <:G =>@K:=> EB@GBG L>E><MBO>ER
PBMAHNM =><HFIHLBG@ <>EENEHL> :G= A>FB<>EENEHL> 89 &M A:L BG=B
<:M>= MA:M L>E><MBO> EB@GBG K>FHO:E FB@AM ;> K>E:M>= GHM HGER MH MA>
IKH=N<MBHG H? AR=KHE:L>L ;NM :ELH MH LHF> HMA>K ?:<MHKL LN<A :L MA>


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
IK>MK>:MF>GM <HG=BMBHGL 1A> >?i<B>G<R H? ;BHEH@B<:E =>EB@GBi<:MBHG <:G
;> =>M>KFBG>= ;R F>:LNKBG@ MA> L>E><MBOBMR O:EN> ?HK EB@GBG ;K>:D=HPG
PAB<A BL =>iG>= :L MA> K:MBH H? EB@GBG EHLL MH <>EENEHL> EHLL 89 #NG@:E
LMK:BGL LAHPBG@ : EHP L>E><MBOBMR O:EN>   LAHNE= GHM ;> <HGLB=>K>=
?HK ;BHEH@B<:E =>EB@GBi<:MBHG 89
1A> >?i<B>G<R :L P>EE :L HNM<HF>L H? )  IK>MK>:MF>GM ;R 4/#L :K>
IKBF:KBER :??><M>= ;R MA> ?NG@:E LI><B>L :G= G:MNK> H? ;BHF:LL 1:;E>
 &G :==BMBHG MA> :FHNGM H? =>EB@GBi<:MBHG =>I>G=L HG MA> JN:GMBMR H?
EB@GBG BG MA> ;BHF:LL PA>K> MA> EHP>LM EB@GBG <HGM:BGBG@ ;BHF:LL F:R
LAHP MA> AB@A>LM EB@GBG K>FHO:E B? HMA>K ?:<MHKL K>F:BG <HGLM:GM HK HNM
H? <HGLB=>K:MBHG ,G MA> HMA>K A:G= :FHNGML H? EB@GBG K>FHO:E :G= MA>
MBF> K>JNBK>= ?HK IK>MK>:MF>GM F:R :ELH O:KR =>I>G=BG@ HG MA> G:MNK>
H? ;BHF:LL #HK >Q:FIE> PHH=R ;BHF:LL K>JNBK>L K>E:MBO>ER AB@A>K BG<N
;:MBHG MBF> PBMA >O>G : EHP>K :FHNGM H? EB@GBG K>FHO:E BG <HFI:KBLHG
PBMA MA> :@KB<NEMNK:E K>LB=N>L HK @K:LL>L 1:;E>  89 1A> K>:LHG ;>
ABG= MABL <HNE= ;> MA> IK>L>G<> H? K>E:MBO>ER AB@A>K :FHNGML H? =>@K:=
:;E> <HFIHNG=L BG MA> K>LB=N>L MA:G BG MA> PHH=L 89
 /525-/)'2 68+:8+':3+4: (? ('):+8/'
2MBEBS:MBHG H? ;:<M>KB: BG - <HNE= ;> FHK> IKHFBLBG@ ?HK K>=N<
BG@ MA> IK>MK>:MF>GM MBF> :L MA> @KHPMA K:M> :G= F>M:;HEB< :<MBOBMR
H? ;:<M>KB: :K> ?:LM>K MA:G MAHL> H? ?NG@:E LI><B>L %HP>O>K EB@GBG
=>@K:=:MBHG ;R MA> ;:<M>KB:E LMK:BGL BL GHM :L IHM>GM :L H??>K>= ;R
MA> EB@GBG =>@K:=BG@ ?NG@B 89 )B@GBG =>@K:=BG@ ;:<M>KB: I:K
MB<NE:KER BG<EN=> :<MBGHFR<>M>L αIKHM>H;:<M>KB: :G= γIKHM>H;:<M>KB:
89 #HK BGLM:G<> : βIKHM>H;:<M>KBNF LMK:BG ;68/'</*;9 ('9/2+49/9
 <:G NL> EB@GBG :L MA> LHE> <:K;HG LHNK<> :G= BM K>LNEM>= 
EB@GBG K>FHO:E :?M>K  =:RL 89 &G :==BMBHG LHF> :>KH;B< ;:<M>KB: EBD>
.5*5)5));9059:// LI !6./4-5(/;3 LI :G= ')/22;9 LI <:G IKH=N<> EB@GBG
=>@K:=BG@ >GSRF>L 89
,G MA> HMA>K A:G= AR=KHERMB< ;:<M>KB: :K> BFIHKM:GM ?HK MA> IK>
MK>:MF>GM H? FB<KH:E@:> PAB<A IKH=N<> AR=KHERMB< >GSRF>L <HGMBGN
HNLER =NKBG@ MA>BK @KHPMA NG=>K ?:OHK:;E> <HG=BMBHGL &G MABL K>@:K=
AR=KHERMB< ;:<M>KB: :K> >O>G ;>MM>K MA:G NLBG@ >GSRF>L :L MA> E:M>K
<:G EHL> MA>BK :<MBOBMR NIHG MBF> 89 %R=KHERMB< ;:<M>KB: <:G :ELH ;>
NL>= ?HK IK>MK>:MBG@ )  =NKBG@ ;BH@:L IKH=N<MBHG PAB<A F:R BG<EN=>
259:8/*/;3 LI +22;25354'9 LI ')/22;9 LI ".+83535459658' LI :G=
!:8+6:53?)+9 LI 89 1A>K> A:L ;>>G : @KHPBG@ BGM>K>LM BG ;:<M>KB:E
IK>MK>:MF>GM H? ;BHF:LL NG=>K MA> FB<KH:>KH;B< <HG=BMBHGL ?HK BFIKHO
BG@ F>MA:G> IKH=N<MBHG =NKBG@ :G:>KH;B< =B@>LMBHG &G MABL INKIHL> NG
DGHPG AR=KHERMB< ;:<M>KB: <HGLBLM>= H? ;HMA :G:>KH;B< :G= ?:<NEM:MBO>
;:<M>KB: P>K> LMN=B>= NG=>K MA>KFHIABEB< <HG=BMBHG NLBG@ ;BH@:L LENKKR
MA:M K>LNEM>= : LB@GB?B<:GM BFIKHO>F>GM BG F>MA:G> RB>E= 89 %HP
>O>K NMBEBS:MBHG H? MA>KFHIABEB< :G= ?:<NEM:MBO> ;:<M>KB:E FBQMNK>L BG
;BHF:LL IK>MK>:MF>GM <HNE= ;> <A:EE>G@BG@ BG F:BGM:BGBG@ MA> HIMBFNF
@KHPMA <HG=BMBHGL ?HK =B??>K>GM ;:<M>KB:E LI><B>L
%R=KHERMB< ;:<M>KB: NL>= ?HK IK>MK>:MBG@ FB<KH:E@:> F:BGER BGOHEO>L
;:<M>KB:E LI><B>L MA:M A:O> :E@B<B=:E <:I:;BEBMR %HP>O>K MA>K> :K>
HGER : ?>P K>IHKML HG MA> NL:@> H? :E@B<B=:E ;:<M>KB: ?HK IK>MK>:M
F>GM H? FB<KH:E@:> 89 &G :G >:KEB>K LMN=R .258+22' <;2-'8/9
P:L IK>MK>:M>= PBMA ')/22;9 :.;8/4-/+49/9 &1/&$ LMK:BG ?HK EBIB= >Q
MK:<MBHG ?KHF MA> FB<KH:E@: =NKBG@ ;BH=B>L>E IKH=N<MBHG PAB<A K>
LNEM>=  BG<K>:L> BG EBIB= K><HO>KR 89 GHMA>K LMN=R P:L =HG>
?HK =BLKNIMBG@ MA> <>EE P:EE H? .258+22' LI NLBG@ ')/22;9
Table 3
"??><ML H? LHF> L>E><M>= PABM>KHM ?NG@:E IK>MK>:MF>GM HG MA> EB@GH<>EENEHLB< <HGM>GML H? ) 
#NG@:ELMK:BG BHF:LL
NEMNK>
M><AGBJN>
-K>MK>:MF>GM
MBF>=
0>E><MBOBMR
O:EN>
)B@GBG
K>FHO:E
%>FB<>EENEHL>
EHLL
>EENEHL>
EHLL
/>F:KDLHO>K:EE
>k<B>G<R p: />?
2+;85:;959:8+':;9 /B<>LMK:P 0N;F>K@>=      *>=BNF 89
6;2354'8/;3 0N@:K<:G>MHI 0N;F>K@>=  ∼ ∼ ∼ ∼ %B@A 89
9;(<+83/9658' HKGLMHO>K 0HEB=LM:M>      %B@A 89
9;(<+83/9658' /4;9:'+*' PHH=<ABIL 0HEB=LM:M>    − &G>k<B>GM 89
9;(<+83/9658' *BL<:GMANL 0N;F>K@>=  – – – – −89
9;(<+83/9658' /N;;>KPHH= 0HEB=LM:M>      $HH= 89
9;(<+83/9658' /4;98'*/':' PHH=
<ABIL
0HEB=LM:M> –  – – – )HP 89
9;(<+83/9658' HKGLMHO>K 0HEB=LM:M>   ∼ ∼ ∼ %B@A 89
9;(<+83/9658' 0PBM<A@K:LL 0HEB=LM:M>   ∼ ∼ ∼ %B@A 89
9;(<+83/9658' 4A>:MLMK:P 0HEB=LM:M>   ∼∼∼ *>=BNF 89
9;(<+83/9658' %:K=PHH=L 0HEB=LM:M>   ∼ ∼ ∼ %B@A 89
'45*+83'
';9:8'2+
/4;98'*/':' PHH=
<ABIL
0HEB=LM:M> – – – – – )HP 89
?)45658;9 LI 0PBM<A@K:LL 0HEB=LM:M>  − ∼ − − − 89
"8'3+:+9./89;:' HKGLMHO>K 0HEB=LM:M>      *>=BNF 89
+8/658/'2')+8':' ':I:G>L>K>=IBG>
/4;9*+49/B58'
0N;F>K@>=  − − − − 89
!:+8+;3./89;:;3 ':I:G>L>K>=IBG> 0N;F>K@>=  − − − − 89
52?658;9(8;3'2/9 ':I:G>L>K>=IBG> 0N;F>K@>=  − − − − 89
"8'3+:+9<+89/)5258 /N;;>KPHH=+<+'
(8'9/2/+49/9
0HEB=LM:M>      )HP 89
.'4+85).'+:+
).8?959658/;3
HMMHGLM:ED 0HEB=LM:M>  − − − − 89
).8?959658/;3 HMMHGLM:ED 0N;F>K@>=  − − − − 89
).8?959658/;3 HKGLMHO>K 0N;F>K@>=      )HP 89
?':.;96'22/*;9 HKGLMHO>K 0N;F>K@>=      )HP 89
?)45658;9
9'4-;/4+;9
HKGLMHO>K 0N;F>K@>=      )HP 89
?':.;99:+8)58+;9 HKGLMHO>K 0N;F>K@>=      )HP 89
52?658;9
)536'):;9
HKGLMHO>K 0N;F>K@>=      )HP 89
.2+(/'(8+</9658' HKGLMHO>K 0N;F>K@>=      *>=BNF 89
: ,O>K:EE I>K?HKF:G<> P:L <HGLB=>K>= ;:L>= HG L>E><MBOBMR O:EN>   BG>k<B>GM    EHP   F>=BNF – @HH=   AB@AER >k<B>GM


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
2/).+4/,583/9 MA:M >Q>KM>= LB@GB?B<:GM >??><ML PBMABG  A 89 &G :
K><>GM LMN=R GBG> <>EENEHERMB< ;:<M>KB:E LMK:BGL ;>EHG@BG@ MH MA> @>G
>K: +85354'99+;*5354'9.8?9+5('):+8/;3 :G= '5;2:+22' P>K> BLH
E:M>= :G= >O:EN:M>= ?HK FB<KH:E@:E IK>MK>:MF>GM MA:M K>LNEM>=
– AB@A>K F>MA:G> RB>E= =NKBG@ :G:>KH;B< =B@>LMBHG
 /525-/)'2 68+:8+':3+4: (? 3/)85(/'2 )54958:/'
- BL <HFFHGER =HG> ;R >FIEHRBG@ INK> <NEMNK>L H? ?NG@B :G= ;:<
M>KB: %HP>O>K MA>K> :K> MPH F:CHK IKH;E>FL PBMA MA> INK> <NEMNK> LRL
M>FL  K>JNBK>F>GM MH LMKB<MER F:BGM:BG MA> <HG=BMBHGL >LL>GMB:E ?HK
INK> <NEMNK> :L P>EE :L MA> BG:;BEBMR H? <:KKRBG@ HNM IK>MK>:MF>GM BG :G
HI>G LRLM>F :G=  K>JNBK>F>GM H? EHG@ IK>MK>:MF>GM MBF> 89 
G>P BGLB@AM H? =>O>EHIBG@ :G= NLBG@ FB<KH;B:E <HGLHKMB: <HNE= A:O> IH
M>GMB:E ?HK HO>K<HFBG@ MA>L> BLLN>L *B<KH;B:E <HGLHKMB: <HGLBLM H? FBQ
MNK>L H? FB<KHHK@:GBLFL MA:M PHKD LRG>K@BLMB<:EER HG MA> ;BHF:LL =NK
BG@ IK>MK>:MF>GM 89 &G ?:<M FB<KHHK@:GBLFL BG G:MNK> EBO> BG
MA> <HFFNGBMR :G= <:KKR HNM LRG>K@BLMB< F>M:;HEB< :<MBOBMB>L MH =>@K:=>
<HFIE>Q LN;LMK:M>L PAB<A :K> H?M>G =B?i<NEM MH =><HFIHL> BG=BOB=N:EER
89 1A> LRG>K@BLMB< F>M:;HEB< ?>:MNK>L H;L>KO>= BG FB<KH;B:E <HGLHK
MB: P>K> E:K@>ER LMN=B>= BG K><>GM R>:KL MH :LLBFBE:M> MA>L> ?>:MNK>L BGMH
MA> ;BHIKH<>LL M><AGHEH@R 89 1A> >QIEHBM:MBHG H? MABL <HG<>IM BG
- BL GHP:=:RL <HGLB=>K>= :L HG> H? MA> IKHFBLBG@ M><AGHEH@B<:E IKH
@K>LL>L BG ;BHF:LL IK>MK>:MF>GM
&G :==BMBHG MH K>=N<BG@ MA> IK>MK>:MF>GM MBF> FB<KH;B:E <HGLHKMBNF
LRLM>F H??>KL LHF> HMA>K :=O:GM:@>L HO>K LBG@E> FB<KH;B:E IK>MK>:MF>GM
EBD> BG<K>:L>= :=:IM:;BEBMR BFIKHO>= AR=KHERLBL >?i<B>G<R :G= IKH=N<
MBOBMR <HGMKHEE>= I% :G= BG<K>:L>= LN;LMK:M> NMBEBS:MBHG 89 %HP
>O>K =>LIBM> MA> IKHFBLBG@ ?>:MNK>L FB<KH;B:E <HGLHKMB: A:O> LHF>
M><AGB<:E =B?i<NEMB>L ?HK MA> K>:EPHKE= :IIEB<:MBHG LN<A :L LM:;BEBMR H?
FB<KHHK@:GBLFL BG MA> <HGLHKMB: :G= F:BGM>G:G<> H? MA> >??><MBO> <HG
=BMBHGL ?HK LRG>K@BLMB< :<MBOBMB>L H? MA> IHINE:MBHG 1A> >??><MBO> <HGLHK
MBNF LRLM>F BL =>LBK>= MH ;> LM:;E> :G= K>@NE:MBO> PBMA H??>KBG@ MA> >G
A:G<>= AR=KHERMB< >?i<B>G<R 89
*B<KH;B:E <HGLHKMBNF A:L I:KMB<NE:KER ;>>G =K:PG :MM>GMBHG BG MA>
IK>MK>:MF>GM H? ;BHF:LL NL>= BG :G:>KH;B< =B@>LMBHG ?HK ;BH@:L;BH
F>MA:G> IKH=N<MBHG LBG<> MABL LRLM>F <:G LB@GB?B<:GMER BG<K>:L> MA>
;BH=>@K:=:;BEBMR H? MA> ;BHF:LL ;R K>=N<BG@ MA> <KRLM:EEBGBMR :G= =>
@K:=BG@ MA> F:<KHFHE><NE>L 89 *HK>HO>K BG LHF> <:L>L FB<KH
;B:E <HGLHKMB: P>K> :IIEB>= ?HK MA> INKIHL> H? >GSRF:MB< IK>MK>:MF>GM H?
;BHF:LL BG MA> :G:>KH;B< =B@>LM>K NLBG@ HGER <>EENEHERMB< ;:<M>KB: 89
"O>G MAHN@A :IIEB<:MBHG H? FB<KH;B:E <HGLHKMBNF LRLM>F BL IK>=HFBG:GM
BG ;BH@:L IKH=N<MBHG BM A:L :ELH LMN=B>= BG MA> IKH=N<MBHG H? HMA>K ;BH
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

UNCORRECTED PROOF
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?KHF >BMA>K ?NG@B HK ;:<M>KB: #HK >Q:FIE> O>KL:MBE> I>KHQB=:L> 3-
"  :KRE:E<HAHE HQB=:L> , "  @ERHQ:E HQB=:L>
$),5 "  :KRE:E<HAHE =>AR=KH@>G:L>L ! " 
IHERIA>GHE HQB=:L> --, "  =R>=><HEHKBSBG@ I>KHQB=:L>
!R- "  :G= JNBGHG> K>=N<M:L>L ./ "  #HK =>
M:BE>= K>OB>P H? MA>L> >GSRF>L K>?>K MH 89
*HLM H? MA> E:<<:L>L LMN=B>= BG MA> I>KLI><MBO> H? ;BHEH@B<:E =>EB@
GBi<:MBHG :K> FHLMER =>KBO>= ?KHF 4/# +HP:=:RL ;:<M>KB:E E:<<:L>L
A:O> :ELH ;>>G LAHPG BGM>K>LM ?HK EB@GBG ;K>:D=HPG :G= :IIEB<:MBHG BG
HMA>K ;BHM><AGHEH@B<:E IKH<>LL>L ):<<:L>L :K> LMKN<MNK:EER FNEMB<HII>K
 N >GSRF>L <HGM:BGBG@ ?HNK N :MHFL BG MA> <:M:ERMB< <>GM>K MA:M IE:R
KHE>L BG MA> <:M:ERMB< :<MBHG 89 EMAHN@A E:<<:L> BL : P>EEDGHPG
EB@GBGHERMB< >GSRF> BM BL : E:K@> FHE><NE> A:OBG@ MA> FHE><NE:K P>B@AM
G>:KER  D!: MA:M <:NL>L =B?i<NEMB>L MH >GM>K =>>I BGMH MA> LN;LMK:M>
:G= A>G<> <:G PHKD HGER HG MA> LNK?:<> H? MA> LN;LMK:M>L 89
&G :==BMBHG E:<<:L>L A:O> EHP K>=HQ IHM>GMB:E – 3 PAB<A =H>L
GHM ?:OHK MH HQB=BS> GHGIA>GHEB< <HFIHNG=L NG=>K G:MNK:E <HG=BMBHGL
89 1A> HQB=:MBHG H? MA> IA>GHEB< <HFIHG>GML -  ;R E:<<:L>L H<
<NKL MAKHN@A MA> K:=B<:E <:M:ERS>= F><A:GBLF :L BEENLMK:M>= BG #B@
: %HP>O>K E:<<:L> <:G :<M HG MA> GHGIA>GHEB< <HFIHG>GML +- 
:G= =>>I BGMH MA> LN;LMK:M> BG MA> IK>L>G<> H? LHF> HQB=:MBHG F>=B
:MHKL <:EE>= E:<<:L> F>=B:MHK LRLM>F )*0 89 1A> <HFFHG )*0
BG<EN=> b:SBGH;BL>MARE;>GSMAB:SHEBG>LNE?HG:M> 10 AR
=KHQR;>GSHMKBSHE> %1 +AR=KHQRIAMA:EBFB=> %-& :G= +AR=KHQ
R:<>M:GBEB=> +% 89 1A>L> F>=B:MHKL ;:LB<:EER :<M :L O>AB<E>L
MH MK:GL?>K >E><MKHG =NKBG@ E:<<:L> F>=B:M>= HQB=:MBHG H? GHGIA>GHEB<
<HFIHG>GML #B@ ; &G : MRIB<:E F>=B:MHKF>=B:M>= <:M:ERLBL E:<<:L>
BGBMB:EER HQB=BS>L MA> F>=B:MHK 1A> HQB=BS>= F>=B:MHK MA>G FHO>L MH MA>
<>EE P:EE PA>K> BM BL K>=N<>= MH BML BGBMB:E ?HKF ;R MA> LN;LMK:M> #B@ <
)B- :ELH <:EE>= EB@GBG:L> BL : A>F><HGM:BGBG@ @ER<HIKHM>BG :G=
BL <HFI:K:MBO>ER GHGLI><Bi< MH BML LN;LMK:M>L 89 &M <:G HQB=BS>
;HMA - :G= +- BG MA> IK>L>G<> H? %p,p 89 PA>K> HQB=:MBHG
H? - BL H? IK>?>K>G<> :G= FN<A ?:LM>K <HFI:K>= MH MA> HQB=:MBHG
K:M> H? +- 89 1A> )B-F>=B:M>= HQB=:MBHG H? - :G= +- BGBMB
:M>L PBMA MA> ?HKF:MBHG H? )B-BGM>KF>=B:M> <HFIHNG= & :G= && )B-&
:G= )B-&& PAB<A :K> IKH=N<>= ;R MPH @>G>K:E LM>IL #BKLMER )B-& BL
?HKF>= MAKHN@A : >p−HQB=:MBHG H? MA> G:MBO> #>p BG MA> IK>L>G<>
H? %p,p PABE> ?HKF:MBHG H? )B-&& ?HEEHP>= MPH L>JN>GMB:E K>=N<MBHG
H? )B-& PBMA >p−>:<A MBF> ?KHF MA> =HGHK LN;LMK:M> #B@  89
&G MA> LN;L>JN>GM :<MBHG H? )B- - L :K> <HGO>KM>= BGMH IA>GHQR K:=
B<:EL MAKHN@A MA> K>=N<MBHG H? )B-& :G= )B-&& PAB<A IA>GHQR K:=B
<:EL MA>K>:?M>K K>:<M BG MA> IK>L>G<> H? HQR@>G :G= @>G>K:M> KBG@<E>:O
:@> IKH=N<ML ,QB=:MBO> K>:<MBHG H? +- H<<NKL ;R MA> @>G>K:MBHG H?
K:=B<:E <:MBHG MAKHN@A >p−HQB=:MBHG IKH<>LL ?HEEHP>= ;R LB=><A:BG


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 4
0HNK<>L <A:K:<M>KBLMB<L :G= F><A:GBLF H? MA> F:CHK EB@GBGHERMB< >GSRF>L
+:F>H?
>GSRF>L 0HNK<>L *:CHK<A:K:<M>KBLMB<L *:CHKFH=>H?:<MBHG />F:KDL />?
):<<:L>L %B@A>KIE:GMLBGL><ML?NG@B+- "8'3+:+9
<+89/)5258;:<M>KB:+- @596/8/22;3
2/65,+8;3')/22;92/).+4/,583/9:G=
:<MBGHFR<>M>L+- !:8+6:53?)+9-8/9+;9
•*:BGER FHGHF>KB<
@ER<HIKHM>BG K:K>ER
AHFH =BF>KB< A>M>KH
=BF>KB< HK AHFH
M>MK:F>KB<
• HGM:BGL FNEMB<HII>K
?HNK :MHFL ;HNG= MH
=Bm>K>GM ;BG=BG@ LBM>L
BGMA>:<MBO>LBM>
•>EHG@L MH MA> @KHNI
H?;EN>HQB=:L>L
• :M:ERS>L MA> HQB=:MBHG H? IA>GHEB< <HFIH
G>GML -  BG EB@GBG ;R K>=N<BG@ ,p BGMH
%p,
•+HGIA>GHEB< <HFIHNG=L +-  <:G :ELH
;> HQB=BS>= BG MA> IK>L>G<> H? LHF> F>=B:
MHKL
- <:G;>
=>@K:=>=
PBMAHNM)*0
;NM+- G>>=L
)*0
89
)B@GBG
I>KHQB=:L>
)B-
#NG@B+- ).8?959658/;3:G=;:<M>KB:
+- ')/22;99;(:/22/9•"QBLML BG O:KBHNL BLH
?HKF PAB<A :K> @ER<H
IKHM>BGL PBMA FHE><N
E:KP>B@AM – D!:
• HGM:BG  FHE><NE> H?
A>F> :L BKHG IKHMH
IHKARKBG &5 BG >:<A
FHE><NE>H?IKHM>BG
•2GBJN> ?HK BML AB@A K>
=HQIHM>GMB:E
•4HKDL :M NGNLN:EER
EHPI% –
• :G HQB=BS> ;HMA -
:G=+-
•)B- -KH=N<>L BGM>KF>=B:M> <HFIHNG= &
)B-& MAKHN@A >p−HQB=:MBHG H? MA> G:
MBO> #>p BG MA> IK>L>G<> H? %p,p PAB<A
<E>:O>L,,;HG=
•/>=N<MBHG H? )B-& ;R MPH L>JN>GMB:E K>=N<
MBHG PBMA >p−>:<A MBF> ?KHF MA> =HGHK
LN;LMK:M> K>LNEML BG MA> ?HKF:MBHG H? MA>
<HFIHNG=&&)B-&&
•)B-& :G= )B-&& M:D> I:KM BG MA> =>@K:=:MBHG
H?- :G=+- 
#BKLMEB@GBG
=>@K:=BG@
>GSRF>BLHE:M>=
?KHF 
).8?959658/;3
89
*:G@:G>L>
I>KHQB=:L>
*G-
#NG@B+- 2+;85:;9 LI:G=;:<M>KB:+-
;68/'</*;9('9/2+49/9 •G :<B=B< :G= @ER<HLR
E:M>= @ER<HIKHM>BG I&
∼
• HGM:BG  FHE><NE> H?
A>F> :L BKHG IKHMH
IHKARKBG &5 BG >:<A
FHE><NE>H?IKHM>BG
•*HE><NE:K P>B@AM
K:G@>L ?KHF  MH
 D!:
•*:QBFNF :<MBOBMR <:G
;> ?HNG= :M MA> *Gp
<HG<>GMK:MBHG :;HO>
 μ*
•,QB=:MBHG H? *Gp MH *Gp BG MA> IK>L
>G<> H? %p,p PAB<A *Gp BG MNKG ;>BG@
<A>E:M>= PBMA HK@:GB< :<B= <:G :<ML :L :
=BmNLB;E> HQB=:GM :G= HQB=BS>L - BG EB@GBG
•1A> *Gp F>=B:M>= HQB=:MBHG H? +- H<
<NKL ;R ?HKFBG@ K>:<MBO> K:=B<:EL K>JNBKBG@
:G:==BMBHG:EF>=B:MHK
:GHQB=BS>
;HMA- :G=
+-
89
)*0 E:<<:L> F>=B:MHK LRLM>F +-  GHGIA>GHEB< <HFIHNG=L -  IA>GHEB< <HFIHNG=L
Fig. 6. :M:ERMB< F><A:GBLF H? E:<<:L> BG EB@GBG =>@K:=:MBHG : ,QB=:MBHG H? IA>GHEB< <HFIHG>GML BG EB@GBG ;R E:<<:L> PBMAHNM K>JNBKBG@ :GR F>=B:MHKL ; HQB=:MBHG H? GHGIA>GHEB<
<HFIHG>GML BG EB@GBG ;R F>=B:MHK 10F>=B:M>= E:<<:L> :G= < />=HQ <R<E> H? : MRIB<:E E:<<:L>F>=B:MHK HQB=:MBHG LRLM>F />=K:PG PBMA FH=Bi<:MBHG ?KHF 89


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Fig. 7. :M:ERMB< <R<E> H? )B- LAHPBG@ MA> F><A:GBLF H? ?HKFBG@ )B-& :G= )B-&& BGM>KF>
=B:M>L />=K:PG ?KHF 89
<E>:O:@> =>F>MARE:MBHG BGMK:FHE><NE:K :==BMBHG :G= K>:KK:G@>F>GML
BG +- L ?HK =>M:BEL K>?>K MH 89
*G-L :ELH DGHPG :L %p,p =>I>G=>GM HQB=HK>=N<M:L>L :K> >QMK:
<>EENE:K @ER<HIKHM>BGL :G= L><K>M>= BG FNEMBIE> BLH?HKFL <HGM:BGBG@ HG>
FHE><NE> H? A>F> :L BKHG IKHMHIHKIARKBG &5 L@A>K >M :E 
*G- :<ML HG EB@GBG ;R HQB=BSBG@ *Gp MH *Gp BG MA> IK>L>G<> H?
%p,p MRIB<:E K>:<MBHG BL *Gp  %p  %p,p  *Gp  %p,
PAB<A BL MA>G <A>E:M>= MH :G HK@:GB< :<B= EBD> HQ:EB< :G= F:EHGB< :<B=L
1A> <A>E:M>= *Gp <HFIE>Q :<ML :L : LMKHG@ HQB=:GM :G= <:G =B??NL>
MAKHN@AHNM MA> EB@GBG F:MKBQ 89 1A> *Gp <A>E:MHK <:G HQB
=BS> O:KBHNL - L BG EB@GBG MAKHN@A K>:KK:G@>F>GML ;HG= <E>:O:@>L :G=
GHG>GSRF:MB< =>@K:=:MBHG :L LAHPG BG #B@ : 89 %HP>O>K MA>
*Gp <A>E:MHK BL GHM : LMKHG@ HQB=:GM :G= MANL MA> :<MBOBMR H? MABL <HF
IE>Q BL EBFBM>= HGER MH - L 89 ,G MA> HMA>K A:G= *G- <:G HQB=BS>
+- L MAKHN@A MA> ?HKF:MBHG H? K>:<MBO> K:=B<:EL BG MA> IK>L>G<> H? :G
:==BMBHG:E F>=B:MHK FHLMER MABHEL LN<A :L @ENM:MABHG> 89 1A> *Gp
HQB=BS>L MABHEL BGMH MABRE K:=B<:EL PAB<A BG MNKG :<<>IM AR=KH@>G ?KHF
+- :G= ?HKF ;>GSREB< K:=B<:E >GSREB< K:=B<:E LN;L>JN>GMER IKH=N<>L
iG:E IKH=N<ML MAKHN@A GHG>GSRF:MB< K>:<MBHG 4ABE> >GSRF> K>:<MBHG
H? *Gp :ELH <HNIE>L PBMA MA> I>KHQB=:MBHG H? EBIB=L MH <:M:ERS> α β
:G= β:KRE >MA>K <E>:O:@>L H? MA> FH=>E +- :G= β, EB@GBG K>LI><
MBO>ER #B@ ; 89
Fig. 8. *G- <:M:ERS>= HQB=:MBHG H? IA>GHEB< : :G= GHGIA>GHEB< ; EB@GBG FH=>E <HFIHNG=L />=K:PG PBMA FH=Bi<:MBHG ?KHF 8–9


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
 +2/-4/A)':/54 5,  :.85;-. +4:54’9 ).+3/9:8?
1A> /# <:G I:KMB:EER =>@K:=> EB@GBG GHG>GSRF:MB<:EER </' MA> IKBG
<BIE>L H? #>GMHG’L <A>FBLMKR PAB<A <:G ;> <HGLB=>K>= :L MA> /4 </<5
<A>FB<:E IK>MK>:MF>GM H? ;BHF:LL 0HF> 4/# EBD>  ).8?959658/;3 <:G
:ELH NL> #>GMHG’L <A>FBLMKR ?HK MA> L:F> INKIHL> BG :==BMBHG MH MA>BK
>GSRF:MB< EB@GBG =>@K:=:MBHG LRLM>F 89 %HP>O>K MABL GHG>G
SRF:MB< EB@GBG ;K>:D=HPG BL GHM IK>?>K>GMB:E L : K>LNEM EB@GBG =>@K:
=:MBHG ;R #>GMHG’L <A>FBLMKR BL FHLMER IKHGHNG<>= ?HK /#
/# A:L MA> :;BEBMR MH IKH=N<> >QMK:<>EENE:K %p,p MA:M M:D>L I:KM BG
MA> #>GMHG’L K>:<MBHG PBMA */O:E:G<>= F>M:E BHGL FHLMER #>p MH IKH
=N<> ?K>> K:=B<:EL :<<HK=BG@ MH MA> "J  :G= "J  PAB<A BG MNKG
HQB=BS> EB@GBG FHE><NE>L 89 1A> AR=KHQRE ?K>> K:=B<:E IKH=N<>= BG
#>GMHG’L K>:<MBHG <:G :ELH :MM:<D HG MA> @ERHLB=B< EBGD:@>L BG MA> AHEEH
<>EENEHL> :G= MANL <:G =>@K:=> <>EENEHL> :G= A>FB<>EENEHL> BG :==BMBHG
MH EB@GBG 89 1ABL A:L F:=> EB@GBG =>@K:=:MBHG ;R #>GMHG’L <A>F
BLMKR :L MA> GHGL>E><MBO> :IIKH:<A :G= BL E>LL :MMK:<MBO> ?HK ;BHF:LL IK>
MK>:MF>GM 89 1ABL ;HMME>G><D A:L :ELH EBFBM>= MA> NL:@> H? /# ?HK
- H? ;BHF:LL >O>G MAHN@A #>GMHG’L <A>FBLMKR A:L MA> IHM>GMB:E MH H??>K
: LMK:B@AM ?HKP:K= :G= >?i<B>GM IK>MK>:MF>GM :IIKH:<A ?HK ;BH?N>E IKH
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1A> AR=KHERMB< FB<KHHK@:GBLFL NL>= ?HK FB<KH:E@:E IK>MK>:MF>GM
@>G>K:EER >Q>KM MA>BK >??><ML HG MA> <>EE P:EE =BLKNIMBHG :G= AR=KHERLBL
H? BGMK:<>EENE:K ;BHIHERF>KL ;R L><K>MBG@ MA> K>LI><MBO> AR=KHERMB< >G
SRF>L !NKBG@ IK>MK>:MF>GM PBMA BG=BOB=N:E FB<KHHK@:GBLF >BMA>K LBG
@E> 89 HK FBQMNK>L H? AR=KHERMB< >GSRF>L F:R ;> L><K>M>= 89
,G MA> HMA>K A:G= IK>MK>:MF>GM PBMA FB<KH;B:E <HGLHKMB: K>LNEML BG
MA> :O:BE:;BEBMR H? <H<DM:BEL H? AR=KHERMB< >GSRF>L 89 !>I>G=BG@
HG MA> FB<KHHK@:GBLFL AR=KHERMB< >GSRF>L F:R BG<EN=> <>EENE:L>L QR
E:G:L>L IKHM>:L>L I><MBG:L>L <ABMBG:L>L ERLHSRF>L EBI:L>L :G= :FR
E:L>L 89 #HK >Q:FIE> FB<KH:E@:E <>EEL P>K> =BLKNIM>= ;R 58
*/' '2-/)/*' MAKHN@A L><K>MBHG H? >QMK:<>EENE:K IKHM>:L>L :L P>EE :L ;K>:D
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E:L> ;R MA> ;:<M>KBNF 89
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M:GM <HFIHG>GML ?HK ;BH?N>EL IKH=N<MBHG :K> IHERL:<<A:KB=>L <>EENEHL>
:G= LM:K<A EBIB= :G= IKHM>BG 1A> AR=KHERLBL I:MM>KG H? MA> F:CHK
;BHIHERF>KL MAKHN@A MA> :<MBHG H? K>LI><MBO> AR=KHERMB< >GSRF>L :K>
LAHPG BG #B@  EMAHN@A AR=KHERLBL H? >:<A <HFIHG>GM BL LAHPG NG
MBE MA> ?HKF:MBHG H? K>LI><MBO> iG:E IKH=N<M IKH@K>LL BG AR=KHERLBL :L
P>EE :L MA> ?HKF:MBHG H? iG:E IKH=N<M LHE>ER =>I>G= HG MA> >?i<B>G<R
H? MA> LMK:BG MRI>L :G= E>O>E H? L><K>M>= >GSRF>L :G= IKH<>LL <HG=B
MBHG :L>= HG MA>L> ?:<MHKL AR=KHERLBL H? MA> ;BHFHE><NE>L F:R ;> >B
MA>K <HFIE>M> HK BG<HFIE>M> &G @>G>K:E MA> <HFIE>M> ;K>:D=HPG H? <>E
ENEHL> H? FB<KH:E@:E ;BHF:LL H<<NKL ;R MA> LRG>K@BLMB< :<MBHG H? MAK>>
<>EENEHERMB< >GSRF>L #B@ : #BKLMER :G >G=Hβ→ @EN<:G:L> K:G
=HFER <E>:O>L MA> BGM>KG:E β@ER<HLB=B< EBGD:@>L H? <>EENEHL> <A:BG 0><
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>G= H? <>EENEHL> FHE><NE> :G= @>G>K:M> LF:EE>K HEB@HL:<<A:KB=>L PAB<A
:K> ?NKMA>K ;KHD>G =HPG BGMH @EN<HL> :G= F:EMHL> ;R MA> :<MBHG H? :
β@EN<HLB=:L> 89
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LB=> MA> FB<KH:E@:E <>EEL ?M>K =BLKNIMBHG H? <>EEL LM:K<A BL :O:BE:;E> ?HK
:FREHERMB< <HGO>KLBHG %HP>O>K MA> IKH<>LL BL EBMME> ;BM <HFIE>Q :G=
G>>=L MA> :<MBHGL H? LHF> >GSRF>L :L LAHPG BG #B@ ; #BKLMER MPH
@KHNIL H? :FREHERMB< >GSRF>L BLH:FRE:L>L :G= INEENE:G:L>L :<M HG MA>
:FREHI><MBG H? LM:K<A :G= <HGO>KM BM BGMH :FREHL> ;R <E>:OBG@ α→
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;HMA IHERL:<<A:KB=> BGMH @EN<HL> F:EMHL> :G= F:EMH=>QMKBGL )BD>PBL>
>QHβ–:FRE:L>L :<M HG MA> GHGK>=N<BG@ >G=L H? :FREHL> :G= <HGO>KM>=
BM BGMH F:EMHL> #BG:EER F:EMHL> BL ;KHD>G =HPG BGMH @EN<HL> ;R MA> :<
MBHG H? @EN<H:FRE:L>L 89 -KHM>BG BG MA> FB<KH:E@:> ;BHF:LL BL AR
=KHERS>= ;R MA> :<MBHG H? IKHM>HERMB< >GSRF>L &GBMB:EER MA> IHERI>I
MB=> <A:BG H? IKHM>BG BL ;KHD>G =HPG BGMH LF:EE I>IMB=>L MA:M :K> LN;
L>JN>GMER <HGO>KM>= BGMH MA> :FBGH :<B=L #B@ < )BIB= BL MA> F:BG
<HFIHG>GM BG ;BH=B>L>E IKH=N<MBHG &M BL :ELH :G BFIHKM:GM <HFIHG>GM
?HK @>G>K:MBG@ ;BH@:L :G= ;BHAR=KH@>G PA>K> BM G>>=L MH ;> AR=KHERS>=
BGMH ?:MMR :<B=L 2G=>K MA> :G>KH;B< <HG=BMBHG EBIB=L :K> BGBMB:EER AR
=KHERS>= BGMH @ER<>KHE PAB<A BL ?NKMA>K <HGO>KM>= MH EHG@ <A:BG ?:MMR
:<B=L ;R MA> :<MBHG H? >QMK:<>EENE:K EBI:L>L 89
5. Factors a*ecting biological pretreatment
&G HK=>K MH :<AB>O> MA> F:QBFNF >?i<B>G<R H? - DGHPE>=@> HG
MA> ?:<MHKL :??><MBG@ FB<KH;B:E @KHPMA :G= F>M:;HEBLF BL O>KR BFIHKM:GM
89 1A> HNM<HF>L H? - BL :??><M>= ;R O:KBHNL ?:<MHKL PAB<A :K> FHK>
:II:K>GM BG ?NG@:E HK ;:<M>KB:E IK>MK>:MF>GM 1A> I:K:F>M>KL :??><MBG@
- <:G ;> K>E:M>= MH ;BHF:LL HK LN;LMK:M>L +- G:MNK> H? ;BHF:LL I:K
MB<E> LBS> :G= FHBLMNK> <HGM>GM ;BH:@>GML +- MRI>L H? FB<KHHK@:G
BLF HK >GSRF>L :G= BGH<NENF <HG<>GMK:MBHG :G= IKH<>LL <HG=BMBHGL
+- IK>MK>:MF>GM MBF> M>FI>K:MNK> I% :G= :>K:MBHG K:M> 1A> G:MNK>
H? ;BHF:LL BL HG> H? MA> IKBF:KR ?:<MHKL PAB<A =B??>K GHM HGER ?HK BML
<A>FB<:E <HFIHLBMBHG ;NM :ELH ?HK ;HM:GB<:E HKB@BG :L =BL<NLL>= >:KEB>K
0><MBHG  1RI>L H? FB<KHHK@:GBLFL :G= LMK:M>@B>L H? NLBG@ MA> ;BH
EH@B<:E :@>GML @K>:MER :??><M MA> >?i<B>G<R H? - PAB<A P>K> =BL<NLL>=
BG MA> IK>OBHNL L><MBHG 0><MBHG 
0NK?:<>L H? ;BHF:LL <HGLBLM H? >QM>KG:E :G= BGM>KG:E :K>: PA>K> MA>
LA:I> :G= LBS> H? I:KMB<E>L :K> BFIHKM:GM ?HK F:BGM:BGBG@ MA> LNBM:;E>
>QM>KG:E LNK?:<> :K>: :G= <:IBEE:KR LMKN<MNK> H? ;BHF:LL <HFIHG>GML
89 0F:EE I:KMB<E> LBS>L <HNE= ;> =>LBK>= :L BM IKHOB=>L BG<K>:L>= =B
@>LMB;BEBMR :G= iG:E RB>E= ;R >GA:G<BG@ MA> LNK?:<> :K>: %HP>O>K =B?
i<NEMB>L BG MA> =HPGLMK>:F IKH=N<M K><HO>KR BL :G BLLN> BG MA> NL:@> H?
LF:EE LBS> I:KMB<E>L 89 &G ?:<M MHH LF:EE I:KMB<E> LBS> BL GHM ?:OHK:;E>
?HK :<AB>OBG@ : ;>MM>K >?i<B>G<R :L MA> LF:EE>K BGM>KI:KMB<E> LI:<> :?
?><M FB<KH;B:E @KHPMA :G= F>M:;HEBLF ;R K>=N<BG@ MA> K:M> :G= :FHNGML
H? :>K:MBHG 89 !NKBG@ - H? ;BHF:LL :>K:MBHG BL BFIHKM:GM ?HK HQR
@>G:MBHG INKIHL> ,p K>FHO:E A>:M =BLLBI:MBHG ANFB=BMR F:BGM>G:G<>
:G= =BLMKB;NMBHG H? OHE:MBE> <HFIHNG=L IKH=N<>= ;R FB<KH;B:E F>M:;H
EBLF 89 ,G MA> HMA>K A:G= : E:K@>K I:KMB<E> LBS> :??><ML MA> >?i<B>G<R
H? MA> IK>MK>:MF>GM IKH<>LL ;R EBFBMBG@ FB<KH;B:E I>G>MK:MBHG BGMH MA>
LN;LMK:M>L :G= =><K>:LBG@ MA> NGB?HKF =B??NLBHG H? :BK MAKHN@AHNM MA>
LRLM>F
-K>MK>:MF>GM MBF> BL HG> H? MA> FHLM BFIHKM:GM ?:<MHKL BG - %HP
>O>K MA> HIMBFNF IK>MK>:MF>GM MBF> F:R O:KR BG K>LIHGL> MH MA> MRI>L
H? ;BHEH@B<:E :@>GML FB<KH;B:E <NEMNK>L HK >GSRF>L FB<KH;B:E LMK:BGL
;BHF:LL K><:E<BMK:G<> :G= IKH<>LL <HG=BMBHGL #HK >Q:FIE> F:QBFNF
LN@:K RB>E= P:L H;M:BG>= =NKBG@ AR=KHERLBL H? KB<> LMK:P IK>MK>:M>=
PBMA  59:8+':;9 :?M>K  = 89 PA>K>:L LN@:K RB>E= =B= GHM BG
<K>:L> LB@GB?B<:GMER :?M>K  = =NKBG@ IK>MK>:MF>GM H? <HKG LMHO>K PBMA
: ?NG@:E LMK:BG  9;(<+83/9658' 89 ,G MA> HMA>K A:G= LN@:K <HG
<>GMK:MBHG P:L ?HNG= MH ;> =><K>:L>= :?M>K  = PA>G PA>:M LMK:P
P:L IK>MK>:M>= PBMA  ).8?959658/;3 89 &G <HGMK:LM :G BG<K>:L>
BG LN@:K RB>E= P:L K><HK=>= NGMBE  = =NKBG@ IK>MK>:MF>GM


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Fig. 9. *><A:GBLF H? =>@K:=BG@ MAK>> BFIHKM:GM ;BHIHERF>KL BG FB<KH:E@:> ;R MA> :<MBHG H? AR=KHERMB< >GSRF>L  LM:K<A  <>EENEHL> :G=   IKHM>BG />=K:PG :G= FH=Bi>= ?KHF
89
H? PHH= <ABIL PBMA " <+89/)5258 89 &G @>G>K:E BG<N;:MBHG MBF> PBEE
;> FN<A EHG@>K BG ?NG@:E IK>MK>:MF>GM P>>DL MH FHGMAL <HFI:K>= MH
MA> HMA>K :IIKH:<A>L
*HBLMNK> <HGM>GM BG MA> ;BHF:LL BL :GHMA>K <KBMB<:E ?:<MHK :G= LN?
i<B>GM E>O>E H? FHBLMNK> BL G><>LL:KR ?HK : A>:EMAR FB<KH;B:E @KHPMA
:G= ;BH=>@K:=:MBHG :<MBOBMR 89 %HP>O>K MA> HIMBFNF FHBLMNK>
<HGM>GM K>JNBK>= ?HK - O:KR =>I>G=BG@ HG MA> MRI> H? FB<KHHK@:GBLF
LI><B>L LMK:BG :G= ;BHF:LL 89 1A> ;:<M>KB:E :G= ?NG@:E <>EEL @>G
>K:EER @KHP P>EE PBMA MA>BK :<MBO> F>M:;HEBLF NG=>K : FHBLMNK> E>O>E
;>MP>>G  :G=  89 "Q<>LLBO> FHBLMNK> <HGM>GM =><K>:L>L BG
M>K I:KMB<E> LI:<>L :G= IHKHLBMR H? MA> LN;LMK:M>L PAB<A LN;L>JN>GMER
K>=N<>L HQR@>G =B??NLBHG MAKHN@AHNM MA> LRLM>F :G= BGAB;BML :>KH;B<
@KHPMA H? FB<KHHK@:GBLFL ,G MA> HMA>K A:G= MHH EHP E>O>E H? P:M>K
<:NL>L =>E:R>= @KHPMA H? FB<KH;B:E <>EEL =NKBG@ IK>MK>:MF>GM 89
1>FI>K:MNK> BL HG> H? MA> FHLM BFIHKM:GM IKH<>LL I:K:F>M>KL BG
- MA:M BL K>JNBK>= MH ;> F:BGM:BG>= :M MA> HIMBFNF E>O>E ?HK :<AB>O
BG@ IKHI>K @KHPMA :G= F>M:;HEB< :<MBOBMB>L H? <>EEL =NKBG@ - !>
I>G=BG@ HG MA> FB<KHHK@:GBLFL HIMBFNF M>FI>K:MNK>L ?HK 4/# O:K
B>= ;>MP>>G  ` :G=  `  L<HFR<>M>L ?NG@:E LI><B>L <:G @KHP :M :
AB@A>K M>FI>K:MNK> NI MH G>:KER  ` PABE> MA> @KHPMA M>FI>K:MNK>L
?HK ;:LB=BHFR<>M>L LMK:BGL K:G@>= ;>MP>>G  :G=  ` 89 1A>
K>:LHGL ?HK O:KB:MBHGL BG @KHPMA :G= IK>MK>:MF>GM M>FI>K:MNK>L H? =B?
?>K>GM ?NG@B <HNE= ;> =N> MH MA> O:KB:MBHG BG ?NG@:E IARLBHEH@R LMK:BGL
:G= MRI>L H? LN;LMK:M>L 89 1A> F>M:;HEBLF H? 4/# =NKBG@ LHEB=LM:M>
<NEMBO:MBHG NLN:EER @>G>K:M>L A>:M PAB<A BG MNKG BG<K>:L>L MA> M>FI>K
:MNK> @K:=B>GM BG MA> ;BHK>:<MHK 89 1ABL BL : D>R <A:EE>G@> BG MA> =>
LB@GBG@ H? ;BHK>:<MHK ?HK :IIEB<:MBHG H? LHEB=LM:M> IK>MK>:MF>GM HG E:K@>
L<:E>
1A> I% BG <NEMNK> F>=BNF :??><ML @KHPMA H? FB<KHHK@:GBLFL :G=
L><K>MBHG H? >GSRF>L *HLM H? MA> 4/# NLN:EER @KHP :M LEB@AMER :<B=B<
I% – 89 I% <:G ;> =><K>:L>= :?M>K : ?>P =:RL H? FB<KH
;B:E @KHPMA 89 ,G MA> HMA>K A:G= jN<MN:MBHGL BG I% BG MA> F>=BNF
@K>:MER :??><M MA> IKH=N<MBHG ! LMKN<MNK>L :G= :<MBOBMR H? EB@GBGHERMB<
:G= AR=KHERMB< >GSRF>L 89 4BMA :G >Q<>IMBHG LHF> AB@A EB@GBG
=>@K:=BG@ ?NG@B EBD> $'8'8/' +,,;9)':' :G= /).53/:;9 97;'2+49 P>K> K>
IHKM>= ?HK IKH=N<BG@ EB@GBGHERMB< >GSRF>L PBMA : AB@A>K :<MBOBMR NG=>K
EHP I% <HG=BMBHGL 89


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
6. Research progresses and developments
1A> =HPGLMK>:F RB>E= BL MA> IKBF:KR BG=B<:MHK ?HK >O:EN:MBG@ MA> >?
i<B>G<R H? - &G I:KMB<NE:K - H? )  ?:<BEBM:M>L LN;L>JN>GM AR=KHERLBL
:G= ?>KF>GM:MBHG ?HK @>G>K:MBG@ MA> M:K@>M ;BH?N>EL - FHLMER PHKDL BG
)  ;R K>FHOBG@ EB@GBG <HGM>GM ?KHF MA> ;BHF:LL MA:M >GA:G<>L IHK>
LBS> H? MA> ;BHF:LL :G= IKHOB=>L >GE:K@>= LNK?:<> :K>: ?HK >GA:G<>=
:<<>LLB;BEBMR H? MA> AR=KHERMB< >GSRF>L <>EENE:L>L :G=HK QRE:G:L>L
89 %R=KHERLBL H? MA> <>EENEHL> :G=HK A>FB<>EENEHL> H? MA> IK>
MK>:M>= ;BHF:LL K>LNEM BG MA> H;M:BGF>GM H? LHEN;E> LN@:KL MA:M :K> LN;
L>JN>GMER ?>KF>GM>= BGMH ;BH?N>EL )BD>PBL> FB<KH:E@:> ;BHF:LL BL LN;
C><M>= MH MA> =HPGLMK>:F ?>KF>GM:MBHG HK :G>KH;B< =B@>LMBHG MH IKH=N<>
K>LI><MBO> ;BH?N>EL 1A> =HPGLMK>:F RB>E=L H? LHF> )  :G= FB<KH:E@:>
H;M:BG>= :?M>K IK>MK>:MF>GM :K> LNFF:KBS>= BG 1:;E>  &M <:G ;> GHM>=
MA:M MA> BG<K>:L> BG ;BH?N>E RB>E= =N> MH MA> :IIEB<:MBHG H? - BL FN<A
AB@A>K BG FB<KH:E@:> MA:G BG )  #HK >Q:FIE> BKK>LI><MBO> H? MA> -
:IIKH:<A :G= ;BHF:LL MA> F:QBFNF BG<K>:L> BG F>MA:G> RB>E= :?M>K -
H? )  P:L K>IHKM>= MH ;>  PAB<A P:L  BG FB<KH:E@:> 1:;E>

1A> =HPGLMK>:F RB>E=L <:G O:KR =>I>G=BG@ HG MA> IK>MK>:MF>GM
:IIKH:<A>L ;BHF:LL LMKN<MNK> :G= <HFIHLBMBHG :G= MA> IKH<>LL <HG
=BMBHGL &M BL MANL =B?i<NEM MH <HFI:K> MA> iG:E RB>E= <HG<ENLBO>ER NGE>LL
:EE MA> ?:<MHKL :K> M:D>G BGMH <HGLB=>K:MBHG HK : <HFIK>A>GLBO> HIMBFNF
<HG=BMBHG <:G ;> >LM:;EBLA>= +>O>KMA>E>LL MA> F:BG ?H<NL H? - HK HMA>K
IK>MK>:MF>GM F>MAH=L BL MH BG<K>:L> MA> =HPGLMK>:F RB>E= H? MA> M:K@>M
;BH?N>EL <<HK=BG@ER MA> BG<K>:L>= =HPGLMK>:F RB>E= :G= M><AGH><H
GHFB< OB:;BEBMR K>F:BG :L MA> ;:LBL ?HK :EFHLM :EE MA> K><>GM K>L>:K<A >?
?HKML HG - L BL LNFF:KBS>= BG 1:;E>  MA> K><>GM K>L>:K<A IKH@K>LL>L
BG - <:G ;> <:M>@HKBS>= BGMH MAK>> ;:LB< :LI><ML LN<A :L BLHE:MBHG :G=
L<K>>GBG@ H? MA> IHM>GM ;BH:@>GML HK LNBM:;E> ;BHF:LL M><AGH><HGHFB<
BFIKHO>F>GML :G= HIMBFBS:MBHG H? MA> IK>MK>:MF>GM <HG=BMBHGL
,G> H? MA> F:CHK :G= ;:LB< K>L>:K<A MK>G=L BG - BL MA> BLHE:MBHG
:G=HK L<K>>GBG@ H? IHM>GM EB@GBGHERMB< :G= AR=KHERMB< LMK:BGL :L >B
MA>K BG=BOB=N:E LMK:BGL 8–9 HK FB<KH;B:E <HGLHKMB: 8–9 G
HMA>K BGM>K>LMBG@ :G= IKHFBLBG@ K>L>:K<A >??HKM P:L F:=> K><>GMER HG
MA> NMBEBS:MBHG H? KNFBG:GM FB<KHjHK: ?HK MA> IK>MK>:MF>GM H? FB<KH:E
@:> ;BHF:LL 89 /NFBG:GM FB<KHjHK: :K> MA> G:MNK:E AR=KHERMB<
;:<M>KB:E <HGLHKMB: ?HNG= BG MA> =B@>LMBO> LRLM>FL H? M>KFBM>L :G= KN
FBG:GML 89 #HK >Q:FIE> :KK:@TG1KBGB=:= >M :E 89 K>IHKM>=
: LB@GB?B<:GM K>=N<MBHG BG F>MA:G> IKH=N<MBHG MBF> ;R MA> IK>=HFB
G:GM KNFBG:GM ;:<M>KB: EBD> 259:8/*/;3 85:+5)':+22' '4* 9+;*5354'9
&G :==BMBHG MH L<K>>G HNM IHM>GM FB<KHHK@:GBLFL L<K>>G
Table 5
0NFF:KR HG MA> =HPGLMK>:F IKH=N<M RB>E=L ?HK LHF> ;BHF:LL :?M>K ;BHEH@B<:E IK>MK>:MF>GML
BHF:LL
#BG:E
IKH=N<M -K>MK>:MF>GM:IIKH:<A
-K>MK>:MF>GM
<HG=BMBHGL
1>FIMBF> !HPGLMK>:FRB>E=L
HFI:KBLHGPBMANGMK>:M>=
;BHF:LL />?

0:P=NLM BH@:L:G=
F>MA:G>
*B<KH;B:E<HGLHKMBNFR>:LM:G=
;:<M>KB:ELMK:BGL
 ` = •BH@:LRB>E=  )D@ 30
•*>MA:G>RB>E=  )D@ 30
•AB@A>K;BH@:LRB>E=
• AB@A>K F>MA:G>
RB>E=
89
/B<>LMK:P *>MA:G> #NG@:E2+;85:;959:8+':;9  ` = •*>MA:G>RB>E=  )D@ 30 • AB@A>K F>MA:G> RB>E= 89
/B<>LMK:P *>MA:G> #NG@:E"8/).5*+83'8++9+/ ` = •*>MA:G>RB>E=  )D@ 30 • AB@A>K F>MA:G>
RB>E=
89
HKGLM:ED 0N@:K #NG@:E.'4+85).'+:+
).8?959658/;3
 ` = •*:Q L:<<A:KBi<:MBHG RB>E=

•AB@A>KRB>E= 89
HKGLMHO>K "MA:GHE #NG@:E+8/658/569/9
9;(<+83/9658'
 ` = •*:Q@EN<HL>RB>E=
•*:Q>MA:GHERB>E=
•AB@A>K>MA:GHERB>E= 89
0PBM<A@K:LL 0N@:K #NG@:E?)45658;9 LI  ` = •*:Q =B@>LMB;BEBMR H? <>EENEHL>

•AB@A>KLN@:KRB>E= 89
*BL<:GMANL $EN<HL> #NG@:E+8/658/569/9
9;(<+83/9658'
 ` = *:Q@EN<HL>RB>E= •– MBF>LAB@A>KRB>E= 89
#BO>:@KB<NEMNK:E
K>LB=N>L
BG=BOB=N:EER
"MA:GHE "GLBEBG@PBMA>GSRF>L F;B>GM= •"MA:GHE RB>E=  @@ <HMMHG
LM:ED MH  @@ MKBMB<:E>
A:R
• MKBMB<:E> A:R MH
 <HMMHG LM:ED AB@A>K
RB>E=
89
/)85'2-'+
);:5*+93;95(2/7;;9 *>MA:G> "GSRF:MB<<>EENE:L>IKHM>:L> β
@EN<:G:L>:G=QRE:G:L>
 `  A •*>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
.258+22' LI *>MA:G> :<M>KB:E')/22;92/).+4/,583/9 `  A •*>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
'445).258569/9
-'*/:'4'
*>MA:G> :<M>KB:E '5;2:+22'
584/:./452?:/)'
 `  A − • – AB@A>KRB>E= 89
!)+4+*+93;95(2/7;;9 *>MA:G> "GSRF:MB<<>EENE:L>:G=>G=H
@:E:<MHNKHG:L>
 `  A •*>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
!)+4+*+93;95(2/7;;9 *>MA:G> "GSRF:MB<>LM>K:L>:G=IKHM>:L> `  A •*>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
!)+4+*+93;95(2/7;;9 *>MA:G> "GSRF:MB<<>EENE:L>>LM>K:L>:G=
IKHM>:L>>G=H@:E:<MHNKHG:L>
 `  A •*>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
*BQ>=FB<KH:E@:> *>MA:G> #NG@:E"8'3+:+9<+89/)5258− • *>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
*BQ>=FB<KH:E@:> *>MA:G> "GSRF:MB<E:<<:L> − • *>MA:G>RB>E=  FE@ 30 •AB@A>KRB>E= 89
.258+22'6?8+45/*59' 0N@:K:G=
EBIB=
"GSRF:MB< >EENE:L> `  A − •  BG<K>:L> BG <>EENEHL>
AR=KHERLBL
• BG<K>:L> BG EBIB= K><HO
>KR
89
.258+22'<;2-'8/9 %R=KH@>G "GSRF:MB<<KN=>>GSRF>L  `  A • FE %@<>EEL •MBF>LAB@A>KRB>E= 89
.258+22'<;2-'8/9 %R=KH@>G
:G=
F>MA:G>
:<M>KB:E259:8/*/;3
:.+835)+22;3
 ` = − • AB@A>KRB>E= 89
30 3HE:MBE> LHEB=


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 6
0HF> L>E><M>= K>L>:K<A IKH@K>LL>L :G= =>O>EHIF>GML BG MA> ;BHEH@B<:E IK>MK>:MF>GM =NKBG@
E:LM iO> R>:KL –
6>:K ,;C><MBO>L *:CHKiG=BG@L />F:KDL />?
 • HF;BG>=
<A>FB<:E
+:p ,p :G=
;:<M>KB:E ;68/
'</*;9 ('9/2+49/9
 IK>MK>:M
F>GM H? KB<>
LMK:P
•0N@:K RB>E= BF
IKHO>= ;R
– HO>K
LBG@E> +:p ,p
IK>MK>:MF>GM
•0N@:K RB>E= BG
<K>:L>= ;R
–?HE=L
HO>K NGMK>:M>=
KB<>LMK:P
• G>P LMK:M
>@R BG MA>
IK>MK>:MF>GM
H? ;BHF:LL NL
BG@ LRG>K@R H?
<A>FB<:E :G=
;:<M>KB:E
LMK:BG
89
 • HF;BG>= :G=
BG=BOB=N:E IK>
MK>:MF>GM H?
<HKG LMHO>KL ;R
MPH ?NG@:E
LMK:BGL "8/).5
*+83'
.'8@/'4;3 :G=
96+8-/22;9 LI
>QMK:<M>= >G
SRF>L :G=
<HF;BG>= >G
SRF>L:ED:EB
+:,% ?HK
F>MA:G> IKH
=N<MBHG
•*BQ>= ?NG@:E
IK>MK>:MF>GM =>
<K>:L>= F>MA:G>
IKH=N<MBHG ;R

•*>MA:G> RB>E=
BG<K>:L>= ;R
 :?M>K :E
D:EB>GSRF> IK>
MK>:MF>GM
•*BQ>= ?NG@:E
IK>MK>:MF>GM
F:R GHM ;>
@HH= ?HK
F>MA:G> IKH
=N<MBHG ;NM
FBQ>= >G
SRF>L <:G BG
<K>:L>
F>MA:G>
RB>E=
89
 •-K>MK>:MF>GM H?
<HKG LMHO>KL NG
=>K MA>K
FHIABEB< ∼
`  :G=
3+95IABEB< ∼
`  <HG=BMBHGL
;R ')/22;9 9;(
:/22/9
•*>LHIABEB< M><A
GBJN> <HGLNF>=
E>LL >G>K@R ;NM
RB>E= P:L K>E:
MBO>ER EHP>K
MA:G MA:M H;
M:BG>= ?KHF
MA>KFHIABEB<
IK>MK>:MF>GM
•1A>KFHIABEB<
IK>MK>:MF>GM
BL ;>MM>K MA:G
3+95IABEB<
IK>MK>:MF>GM
B? AB@A>K >G
>K@R <HG
LNFIMBHG <:G
;> :==K>LL>=
IKHI>KER
89
 •&LHE:MBHG :G=
B=>GMBi<:MBHG H?
EB@GBG =>@K:=
BG@ ;:<M>KB:
?KHF MA> KHMM>G
PHH= :G= :IIEB
<:MBHG BG MA>
IK>MK>:MF>GM H?
PA>:MLMK:P
•1A> AB@A>LM
EB@GBGHERMB< =B
@>LMB;BEBMR P:L
LAHPG ;R ;81
.52*+8/' LI %
LMK:BG HNM H? 
BLHE:M>L
• HFI:K>= MH
?NG@B ;:<M>K
B:E IK>MK>:M
F>GM BL
LAHKM>K :G=
>:LR MH FH=
B?R @>G>MB
<:EER 0H G>P
;:<M>KB:E
LMK:BGL PHNE=
;> IKHFBLBG@
?HK - H? ) 
89
 •!>EB@GBi<:MBHG
H? LM>:F IK>
MK>:M>= IHIE:K
;R : LF:EE E:<
<:L>L L):< BLH
E:M>= ?KHF 3?
)52':569/9 LI
•/>E>:L> H? :<B=
IK><BIBM:;E>
IHERF>KB< EB@GBG
BG<K>:L>= ;R
?HE=L PABE>
:<B=LHEN;E>
EB@GBG JN:GMBMR
=><K>:L>= ;R

•L):< MH@>MA>K
PBMA <>EENE:L>
BG<K>:L>=  H?
@EN<HL>RB>E=
•1ABL BL MA>
iKLM K>IHKM HG
=>EB@GBi<:
MBHG H? L):<
HG PHH=R
;BHF:LL
•L):< BL
IKHFBLBG@
=N> MH MA> LM:
;BEBMR MH :
PB=> K:G@> H?
I% :G= M>F
I>K:MNK> LBF
IE> IKH=N<
MBHG :G= >:LR
>G@BG>>KBG@
89
Table 6 54:/4;+*
6>:K ,;C><MBO>L *:CHKiG=BG@L />F:KDL />?
 •IIEB<:MBHG H?
KNFBG:E jNB= :L
AR=KHERMB< ;:<
M>KB:E LHNK<> BG
MA> IK>MK>:M
F>GM H? FBQ>=
FB<KH:E@:E ;BH
F:LL ?HK
F>MA:G> IKH
=N<MBHG
•*:CHK ;:<M>KB:E
@>G>K: BG MA> KN
FBG:E jNB= P>K>
259:8/*/;3 85
:+5)':+22' :G=
9+;*5354'9
•-K>MK>:MF>GM
:G= F>MA:G>
@>G>K:MBHG P>K>
<HFIE>M>= ;R
HGER  = PBMA
F:QBFNF
F>MA:G> RB>E= H?
 FE %p @
,!
•/NFBG:GM
;:<M>KB:
<HNE= AHE=
FN<A IHM>G
MB:E ?HK
IKHFBLBG@
IK>MK>:MF>GM
H? I:KMB<N
E:KER FB<KH:E
@:>;BHF:LL
89
 •0<K>>GBG@ H?
?HNK DGHPG
:@KB<NEMNK:E
K>LB=N>L <HKG
LMHO>K ;:KE>R
LMK:P <HKG<H;
:G= PA>:M
LMK:P ?HK ?NG
@:E 86+> 2')
:+;9 IK>MK>:M
F>GM
• HKG LMHO>K
LAHP>= MA> ;>LM
K>LNEM BG M>KFL H?
EB@GBG K>FHO:E
F:Q 
LN@:K EHLL FBG
 :G= L>
E><MBOBMR O:EN>
F:Q
•!HPGLMK>:F =B
@>LMB;BEBMR H? <:K
;HAR=K:M>L BG
<K>:L>= ;R
–
•1A> ?HNK ;BH
F:LL>L P>K>
L>E><M>=
;:L>= HG
MA>BK <HFIH
LBMBHG :G= @>
H@K:IAB<
:O:BE:;BEBMR
HKG LMHO>K
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89


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Table 6 54:/4;+*
6>:K ,;C><MBO>L *:CHKiG=BG@L />F:KDL />?
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MBF>G>M=
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Table 6 54:/4;+*
6>:K ,;C><MBO>L *:CHKiG=BG@L />F:KDL />?
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BG@ H? LNBM:;E> ;BHF:LL ?HK - :G= ;BH?N>E IKH=N<MBHG BL :GHMA>K K><>GM
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89 #HK BGLM:G<> : L<K>>GBG@ H? ;BHF:LL P:L K><>GMER =HG> NLBG@ ?HNK
PB=>ER :O:BE:;E> :@KB<NEMNK:E K>LB=N>L MH >O:EN:M> MA> O:KB:MBHG BG MA> K>
LIHGL> H? ?NG@:E @KHPMA :G= =>EB@GBi<:MBHG ?HK ;HM:GB<:E HKB@BGL H? ;BH
F:LL 89
1><AGHEH@B<:E BFIKHO>F>GM BG - BL NMFHLM BFIHKM:GM ?HK H;M:BG
BG@ : ;>MM>K >?i<B>G<R PBMA : AB@A>K =HPGLMK>:F RB>E= &G MABL K>
@:K= HG> H? MA> GHM>PHKMAR M><AGHEH@B<:E IKH@K>LL>L BG K><>GM MBF>L
BL MA> <HF;BG:MBHG H? - PBMA HMA>K MK:=BMBHG:E IK>MK>:MF>GM F>MA
H=L 1A> <HG<>IM H? LN<A <HF;BG:MBHG A:L ;>>G BGO>LMB@:M>= =NKBG@
MA> E:LM L>O>K:E R>:KL 8–9 HF;BG:MBHG H? - <:G ;> =HG> ;R
O:KBHNL P:RL LN<A :L ;BHEH@B<:EIARLB<:E 89 ;BHEH@B<:E<A>F
B<:E 8–9 ;BHEH@B<:EIARLB<H<A>FB<:E 89 :G= >O>G ;BH
EH@B<:E;BHEH@B<:E 89 1A> F:CHK :=O:GM:@>L H? <HF;BG>= IK>MK>:M
F>GM HO>K MA> LBG@E> - :K> K>E:MBO>ER AB@A>K EB@GBG K>FHO:E :G= =B


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
@>LMB;BEBMR H? MA> ;BHF:LL LAHKM>K IK>MK>:MF>GM MBF> EHP>K <:K;HAR
=K:M>L EHLL :G= AB@A>K =HPGLMK>:F RB>E=L 89 1H :<AB>O> M><AGH><H
GHFB< LNLM:BG:;BEBMR BG - :GHMA>K IKHFBLBG@ M><AGB<:E :LI><M <HNE= ;>
LHEB=LM:M> <NEMNK> MA:M H??>KL ?>:LB;BEBMR MH <HG=N<M - NG=>K AB@A LHEB=
EH:= %HP>O>K FHGBMHKBG@ H? FB<KH;B:E @KHPMA =NKBG@ IK>MK>:MF>GM BL
BFIHKM:GM :G= BM BL GHM :G >:LR CH; LN<A LRLM>F <HFI:K>= MH MA> LN;
F>K@>= <NEMNK> 1H :==K>LL MABL BLLN> JN:GMBi<:MBHG H? @>GHFB< !+
P:L =HG> ;R J- / ?HK JN:GMB?RBG@ MA> <>EEL BG LHEB= LM:M> <NEMNK> 89
"LM:;EBLAF>GM H? MA> HIMBFNF HI>K:MBHG:E <HG=BMBHGL BG - BL BFIHK
M:GM ?HK >GLNKBG@ BML M><AGH><HGHFB< ?>:LB;BEBMR ?HK MA> M:K@>M ;BH?N>EL
&G @>G>K:E - A:L ;>>G K><>BO>= BML K>L>:K<A BGM>K>LML ?HK FBE= HI>K
:MBG@ <HG=BMBHGL PABE> FBE= M>FI>K:MNK>L F:R <K>:M> IKH;E>FL BG MA>
<HGLHEB=:M>= :G:>KH;B< =B@>LMBHG =HG> NG=>K MA>KFHIABEB< <HG=BMBHGL
1H LHEO> MABL BLLN> MA>KFHIABEB<  `  IK>MK>:MF>GM P:L LMN=B>= NL
BG@ ;BH@:L LENKKB>L :L MA> BGH<NENF ?HK ;:<M>KB:E IK>MK>:MF>GM H? <HKG
LMHO>KL 89 &M P:L K>IHKM>= MA:M F>MA:G> RB>E= BG<K>:L>= ;R 
NG=>K MA>KFHIABEB< <HG=BMBHG <HFI:K>= MH MA> RB>E= H? NGMK>:M>= ;BH
F:LL 89 !>LIBM> MA> >??><MBO>G>LL H? MABL M><AGBJN> MA>K> :K> MPH
F:CHK BLLN>L PBMA MABL :IIKH:<A LN<A :L NMBEBS:MBHG H? NGDGHPG FB
<KHjHK: ?KHF MA> LENKKR :G= K>JNBK>F>GM H? AB@A M>FI>K:MNK>L 1A>K>
?HK> ?HK iG=BG@ : FHK> L>E><MBO> M><AGBJN> PBMA K>=N<>= >G>K@R <HG
LNFIMBHG FB<KH:>KH;B< IK>MK>:MF>GM H? LMHO>KL P:L <HG=N<M>= NG=>K
3+95IABEB< <HG=BMBHGL  `  NLBG@ : INK> ;:<M>KB:E LMK:BG ')/22;9 9;(
:/2/9 89 1ABL :IIKH:<A P:L ?HNG= MH ;> >?i<B>GM GHM HGER ?HK =><K>:L
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O>LMB@:M>= =NKBG@ F>MA:G> IKH=N<MBHG MA:M K>IHKM>= LB@GB?B<:GM =><K>:L>
BG M>FI>K:MNK> :G= MBF> 89
7. Challenges and future perspectives
 .'22+4-+9 /4  5, 
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AB@A>K >?i<B>G<R H? - <HFI:K>= MH MA> <HGO>GMBHG:E M><AGBJN>L #HK
>Q:FIE> IK>MK>:MF>GM H? KB<> LMK:P ;R : ?NG@:E LMK:BG :G= LM>:F ;>
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AB@A>K EB@GBG K>FHO:E :G= AR=KHERLBL >?i<B>G<R MA:G MAHL> IKHOB=>= ;R
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

UNCORRECTED PROOF
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EB>K 0><MBHG  ;BH<HGO>KLBHG H? ;BHF:LL BGMH ;BH?N>EL K>JNBK>L LHF>
@>G>K:E LM>IL BG<EN=BG@ IK>MK>:MF>GM AR=KHERLBL :G= ?>KF>GM:MBHG MA:M
F:D> MA> ;BH<HGO>KLBHG IKH<>LL <HFIEB<:M>= B? <HFI:K>= PBMA MA> IKH
=N<MBHG H? $ ;BH?N>EL 1H FBGBFBS> MA> LM>IL L>O>K:E <HF;BG:MBHGL
A:O> :EK>:=R ;>>G K>IHKM>= #HK >Q:FIE> : L>I:K:M> L:<<A:KBi<:MBHG
LM>I <:G ;> FBGBFBS>= ;R :IIERBG@ LBFNEM:G>HNL L:<<A:KBi<:MBHG :G=
?>KF>GM:MBHG 00# 89 &G MA>L> BGM>@K:MBHG :IIKH:<A>L IK>MK>:MF>GM
A:L ;>>G B@GHK>= :G= MANL : L>I:K:M> IK>MK>:MF>GM LM>I BL LMBEE K>JNBK>=
- <:G IKHOB=> : HG>LM>I IKH<>LL ?HK <HGO>KMBG@ ;BHF:LL BGMH ;BH?N
>EL PA>K> FB<KHHK@:GBLFL NL>= BG - <HNE= ;> MA> FHLM IKHFBLBG@ ;BH:
@>GML ?HK =>O>EHIBG@ : LN<<>LL?NE - 1H =>O>EHI - @>G>MB< >G@B
G>>KBG@ BL NLN:EER K>JNBK>= MH >LM:;EBLA MA> >GSRF> LRLM>FL HK I:MAP:RL
BG MA> LMK:BG LH MA:M : LBG@E> FB<KHHK@:GBLF <:G I>K?HKF :EE MA> G><>L
L:KR <HGO>KLBHGL 89 2MBEBS:MBHG H? LMK:BGL BG - PBMA MA> <:
I:;BEBMR H? IK>MK>:MBG@ ;BHF:LL PHNE= IKHOB=> :G >:LR LMK:M>@R ?HK >L
M:;EBLABG@ - LMK:BG #HK >Q:FIE> ?HNK >G=HIARMB< ?NG@:E LMK:BGL P>K>
K><>GMER K>IHKM>= MH A:O> K>L>KOHBKL H? AR=KHERMB< :G= EB@GBGHERMB< >G
SRF>L PAB<A P>K> F:KD>= :L MA> IKHFBLBG@ ?>:MNK>L H? MA>L> LMK:BGL ?HK
=>O>EHIBG@ - 89
8. Conclusion
HFI:K>= MH MA> <HGO>GMBHG:E MA>KFH<A>FB<:E IK>MK>:MF>GM M><A
GBJN>L - <HNE= ;> FHK> IKHFBLBG@ ?HK ;BHF:LL IK>MK>:MF>GM =N> MH
BML EHP>K >G>K@R <HGLNFIMBHG K>JNBK>F>GM FBE=>K HI>K:MBG@ <HG=BMBHGL
:G= EHP>K ;RIKH=N<M ?HKF:MBHG %HP>O>K <HFF>K<B:E >QIEHBM:MBHG H?
MABL M><AGBJN> BL LMBEE BG BML BG?:G<R ?HK >G<HNGM>KBG@ LHF> ANK=E>L &G
I:KMB<NE:K - H? )  BL ABG=>K>= ;R EHG@ BG<N;:MBHG MBF> AB@A <:K;HAR
=K:M> EHLL :G= EHP >?i<B>G<R )BD>PBL> O:KB:MBHGL BG MA> K><:E<BMK:G<>
:G= <HFIHLBMBHG H? MA> <>EE P:EEL :FHG@ MA> FB<KH:E@:E LI><B>L :K> F:
CHK ABG=K:G<>L BG MA> - H? FB<KH:E@:> +>O>KMA>E>LL : ?NKMA>K <HFIK>
A>GLBO> :G= K>:EPHKE= M><AGH><HGHFB< K>L>:K<A >??HKML <HNE= HO>K<HF>
MA>L> BLLN>L :G= IKHOB=> : LNLM:BG:;E> - ?HK E:K@> L<:E> IK:<MB<>L E
MAHN@A : ?>P MA>KFH<A>FB<:E IK>MK>:MF>GM F>MAH=L A:O> LAHPG : ;>M
M>K I>K?HKF:G<> MA:G - :G= A:O> ;>>G :=:IM>= BG E:K@>L<:E> ?:<BEBMB>L
MA>L> :IIKH:<A>L :K> GHM ><HGHFB< :G= ><H?KB>G=ER 0H - BL GHP BG
<K>:LBG@ER @:BGBG@ @K>:M>K :MM>GMBHG :G= BM PHNE= K>:EER ;> GB<> MH iG=
- :L : LM:G=:EHG> :G= LNLM:BG:;E> IK>MK>:MF>GM F>MAH= BG MA> G>:K ?N
MNK>


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
Acknowledgements
1ABL PHKD P:L LNIIHKM>= ;R MA> +:MBHG:E +:MNK:E 0<B>G<> #HNG=:
MBHG H? ABG: $K:GM +H  ABG: -HLM=H<MHK:E 0<B>G<> #HNG
=:MBHG $K:GM +H * %B@AE>O>E M:E>GML IKHC><M H? 0BQ 1:E
>GM ->:DL -KHC><M BG 'B:G@LN -KHOBG<> $K:GM +H 0466 :G= +:
MBHG:E (>R /  ! -KH@K:F $K:GM +H 6# 
Declarations of interest
+HG>
References
89   0:A: + .NK>LAB $' (>GG>=R * HMM: BHEH@B<:E IK>MK>:MF>GM H? <HKG
LMHO>K PBMA PABM>KHM ?NG@NL ?HK BFIKHO>= >GSRF:MB< AR=KHERLBL &GM BH=>M>KBHK
BH=>@K:=   –
89 ' 3:L<H HKK>: 5 $> 6 )B BHEH@B<:E IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL
BG 0& *NLL:MMH "= BHF:LL ?K:<MBHG:MBHG M><AGHEH@B>L ?HK : EB@GH<>EENEHLB<
?>>=LMH<D ;:L>= ;BHK>iG>KR "EL>OB>K FLM>K=:F  II –
89  =: 0BEO: *:<A:=H  #>KK:S BHEH@B<:E IK>MK>:MF>GM H? LN@:K<:G> ;:@:LL>
PBMA ;:LB=BHFR<>M>L IKH=N<BG@ O:KB>= I:MM>KGL H? ;BH=>@K:=:MBHG BHK>LHNK
1><AGHE   –
89 / 0BG=AN - BGH=  -:G=>R BHEH@B<:E IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BH
F:LL–G HO>KOB>P BHK>LHNK 1><AGHE   –
89 / *BEE:MB 0 0R:FLB:A  +BDE:LLHG *+ :AR:GMH ( )N=JNBLM *'
1:A>KS:=>A BHEH@B<:E IK>MK>:MF>GM H? EB@GH<>EENEHL>L PBMA PABM>KHM ?NG@B :G=
BML :IIEB<:MBHGL : K>OB>P BH/>LHNK<>L   –
89 / KHK: +( 0A:KF: 0 (NF:K 3:EHKBS:MBHG H? ;RIKH=N<ML ?HEEHPBG@ MA>
;BHK>iG>KR <HG<>IM <HFF>K<B:E :LI><ML H? ;RIKH=N<ML H? EB@GH<>EENEHLB< ;BH
F:LL BG ( A:G=>E *% )N<B:GH 0BEO>BK: "=L =O:G<>L BG LN@:K<:G>
;BHK>iG>KR "EL>OB>K FLM>K=:F  II –
89 ' 0BG@A 0 $N HFF>K<B:EBS:MBHG IHM>GMB:E H? FB<KH:E@:> ?HK ;BH?N>EL IKH=N<
MBHG />G>P 0NLM:BG "G>K@R />O   –
89 " AF:= (( -:GM )B@GBG <HGO>KLBHG : D>R MH MA> <HG<>IM H? EB@GH<>EENEHLB<
;BHF:LL;:L>= BGM>@K:M>= ;BHK>iG>KR BG 1 A:LD:K  -:G=>R 03 *HA:G
!' )>> 0( (A:G:E "=L 4:LM> ;BHK>iG>KR "EL>OB>K FLM>K=:F  II
–
89 % 7:;>= 0 0NEM:G: '+ 0:AN 5 .B G HO>KOB>P HG MA> :IIEB<:MBHG H? EB@GB
GHERMB< FB<KHHK@:GBLFL :G= >GSRF>L ?HK IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL
BG -( 0:K:G@B 0 +:G=: - *HA:GMR "=L /><>GM :=O:G<>F>GML BG ;BH?N>EL
:G= ;BH>G>K@R NMBEBS:MBHG 0IKBG@>K+:MNK> 0BG@:IHK>  II –
89 ' :KKBEEH/>R>L * :KK:@TG1KBGB=:= $ NBMK\G BHEH@B<:E IK>MK>:MF>GML H?
FB<KH:E@:E ;BHF:LL ?HK @:L>HNL ;BH?N>E IKH=N<MBHG :G= MA> IHM>GMB:E NL> H? KN
F>G FB<KHHK@:GBLFL : K>OB>P E@:E />L   –
89 5 7A:H ( )NH 6 7A:G@ 7 7A>G@ 6 :B  4>G >M :E &FIKHOBG@ MA>
F>MA:G> RB>E= H? F:BS> LMK:P ?H<NL HG MA> >??><ML H? IK>MK>:MF>GM PBMA ?NG@B :G=
MA>BK L><K>M>= >GSRF>L <HF;BG>= PBMA LH=BNF AR=KHQB=> BHK>LHNK 1><AGHE
  –
89 /$ 0:K:M:E> $ (NF:K / :GN  5B: 0 ->KBR:L:FR $! 0:K:M:E>  <KBMB<:E
K>OB>P HG :G:>KH;B< =B@>LMBHG H? FB<KH:E@:> :G= F:<KH:E@:> :G= <H=B@>LMBHG H?
;BHF:LL ?HK >GA:G<>= F>MA:G> @>G>K:MBHG BHK>LHNK 1><AGHE  
–
89 ' 3:L<H HKK>: 5 $> 6 )B #NG@:E IK>MK>:MF>GM H? GHGLM>KBE> FBL<:GMANL ?HK
>GA:G<>= >GSRF:MB< AR=KHERLBL BHK>LHNK 1><AGHE   –
89 ! %>KGTG=>S  /B:[H * H<: *  $:K<Z:$HGSTE>S 0:<<A:KBi<:MBHG H? <:K
;HAR=K:M>L BG FB<KH:E@:E ;BHF:LL ;R IARLB<:E <A>FB<:E :G= >GSRF:MB< IK>MK>:M
F>GML :L : IK>OBHNL LM>I ?HK ;BH>MA:GHE IKH=N<MBHG A>F "G@ '  
–
89 / %:KNG *( !:GJN:A "GSRF:MB< AR=KHERLBL H? FB<KH:E@:E ;BHF:LL ?HK
;BH>MA:GHE IKH=N<MBHG A>F "G@ '   –
89 # -:LLHL " 2@@>MMB % :KKXK> & #>KK>K -K>MK>:MF>GM H? FB<KH:E@:> MH BFIKHO>
;BH@:L IKH=N<MBHG : K>OB>P BHK>LHNK 1><AGHE   –
89 3 :KN: 33 $HN= 0 (:E:F=A:= *B<KH;B:E IK>MK>:MF>GM H? P:M>K AR
:<BGMA ?HK >GA:G<>= AR=KHERLBL ?HEEHP>= ;R ;BH@:L IKH=N<MBHG />G>P "G>K@
  –
89 -0 +B@:F  0BG@A -KH=N<MBHG H? EBJNB= ;BH?N>EL ?KHF K>G>P:;E> K>LHNK<>L
-KH@ "G>K@R HF;NLM 0<B   –
89  !>FBK;:L -HEBMB<:E ><HGHFB< :G= >GOBKHGF>GM:E BFI:<ML H? ;BH?N>EL : K>
OB>P IIE "G>K@   0–0
89 % 7:;>= $ #:KNJ + HR<> '+ 0:AN - $:G>L:G "O:EN:MBHG H? AB@A LN@:K
<HGM:BGBG@ <HKG @>GHMRI>L :L OB:;E> ?>>=LMH<DL ?HK =><K>:LBG@ >GSRF> <HGLNFI
MBHG =NKBG@ =KR@KBG= >MA:GHE IKH=N<MBHG ' 1:BP:G &GLM A>F "G@  
–
89 % 7:;>= + HR<> ' 0:AN $ #:KNJ "O:EN:MBHG H? MA> JN:EBMR H? =KB>= =BL
MBEE>KL @K:BGL PBMA LHEN;E>L ?HK GHKF:E :G= AB@A LN@:KR <HKG @>GHMRI>L =NKBG@
=KR–@KBG= >MA:GHE IKH=N<MBHG ' E>:G -KH=   –
89 *# !>FBK;:L BHK>iG>KB>L ?HK ;BH?N>E NI@K:=BG@ : <KBMB<:E K>OB>P IIE "G>K@
  0–0
89 % 7:;>= $ #:KNJ '+ 0:AN *0 SBKNG / %:LABF  +:LKNEA:J HR<>
BH>MA:GHE IKH=N<MBHG ?KHF ?>KF>GM:;E> LN@:K CNB<> 0<B 4HKE= '  AMMIL
=HBHK@
89 % 7:;>= '+ 0:AN  0N>ER + HR<> $ #:KNJ BH>MA:GHE IKH=N<MBHG ?KHF
K>G>P:;E> LHNK<>L <NKK>GM I>KLI><MBO>L :G= M><AGHEH@B<:E IKH@K>LL />G>P 0NL
M:BG "G>K@R />O   –
89 % 7:;>= $ #:KNJ ' 0:AN  HR<> - $:G>L:G  <HFI:K:MBO> LMN=R HG GHK
F:E :G= AB@A LN@:KR <HKG @>GHMRI>L ?HK >O:EN:MBG@ >GSRF> <HGLNFIMBHG =NKBG@
=KR@KBG= >MA:GHE IKH=N<MBHG A>F "G@ '   –
89 d) 0:GM:G: * *>BK>E>L +>P LM:K<A>L :K> MA> MK>G= ?HK BG=NLMKR :IIEB<:
MBHGL : K>OB>P #HH= -N;EB< %>:EMA   –
89 % 7:;>=  HR<> $ #:KNJ ' 0:AN  <HFI:K:MBO> >O:EN:MBHG H? :@KHGHFB<
I>K?HKF:G<> :G= D>KG>E <HFIHLBMBHG H? GHKF:E :G= AB@A LN@:KR <HKG @>GHMRI>L
7>: F:RL ) @KHPG ?HK =KR@KBG= >MA:GHE IKH=N<MBHG &G= KHI -KH=  
–
89 + $:NK:O 0 0BO:L:GD:KB $0 (BK:G  +BG:P> ' 0>EOBG 2MBEBS:MBHG H? ;BHK>
LHNK<>L ?HK LNLM:BG:;E> ;BH?N>EL : K>OB>P />G>P 0NLM:BG "G>K@R />O  
–
89 * /HL>G "GOBKHGF>GM:E LNLM:BG:;BEBMR MHHEL BG MA> ;BH?N>E BG=NLMKR BH?N>E
/>L '   –
89 # A>KN;BGB +! BK=  HPB> $ 'NG@F>B>K  0<AE:F:=BG@>K 0 4H>LL$:E
E:L<A "G>K@R:G= @K>>GAHNL> @:L;:L>= )  H? ;BH?N>E :G= ;BH>G>K@R LRLM>FL
D>R BLLN>L K:G@>L :G= K><HFF>G=:MBHGL />LHNK HGL>KO /><R<E  
–
89 ( !NMM:  !:O>K>R '$ )BG "OHENMBHG K>MKHLI><MBO> ?HK :EM>KG:MBO> ?N>EL iKLM
MH ?HNKMA @>G>K:MBHG />G>P "G>K@   –
89 0 <ABG:L $'4 "NO>KBGD HGLHEB=:M>= ;KB>?BG@ H? ;BH<A>FB<:E >MA:GHE IKH
=N<MBHG ?KHF EB@GH<>EENEHLB< ;BHF:LL "E><MKHG ' BHM><AGHE   –
89 1!% N@@ * AF:= "* %:K=BF:G / /:AF:GIHNK -:MAP:RL ?HK =>@K:=:
MBHG H? EB@GBG BG ;:<M>KB: :G= ?NG@B +:M -KH= />I   –
89  )BF:R>F 0  /B<D> )B@GH<>EENEHLB< ;BHF:LL ?HK ;BH>MA:GHE IKH=N<MBHG <NK
K>GM I>KLI><MBO>L IHM>GMB:E BLLN>L :G= ?NMNK> IKHLI><ML -KH@ "G>K@R HF;NLM 0<B
  –
89 $ => $HGS:EH !& HEI: *% %:;B; *4 #K::BC> :<M>KB:E >GSRF>L BGOHEO>=
BG EB@GBG =>@K:=:MBHG ' BHM><AGHE   –
89 ) 7A:G@ $ %>GKBDLLHG $ $>EE>KLM>=M 1A> ?HKF:MBHG H? β–β LMKN<MNK>L BG EB@GBG
;BHLRGMA>LBL—:K> MA>K> MPH =B??>K>GM I:MAP:RL ,K@ BHFHE A>F  
–
89 / EF:KL=\MMBK & $NGG:KLLHG #K:FE>BhLE: >M:G\EL ^K j\DGNF EZ?F:LL: F>h
ABM:DcKNF ;:DM>KZNF 2GBO>KLBMR H? DNK>RKB  〈AMMILLD>FF:GBLA:G=E>
〉
89 ' -WK>S ' *NGHS!HK:=H 1 => E: /N;B: ' *:KMBG>S BH=>@K:=:MBHG :G= ;BH
EH@B<:E MK>:MF>GML H? <>EENEHL> A>FB<>EENEHL> :G= EB@GBG :G HO>KOB>P &GM *B<KH
;BHE   –
89 0( -K:C:I:MB - (:NLABD  *:EBD 3( 3BC:R -AR<HK>F>=B:MBHG <HNIE>= IKH
=N<MBHG H? :E@:E ;BHF:LL A:KO>LMBG@ :G= :G:>KH;B< =B@>LMBHG IHLLB;BEBMB>L :G=
<A:EE>G@>L BHM><AGHE =O   –
89  $HGSTE>S‐#>KGTG=>S  0B:EO> + >KG>M '- 0M>R>K &FI:<M H? FB<KH:E@:>
<A:K:<M>KBLMB<L HG MA>BK <HGO>KLBHG MH ;BH?N>E -:KM && ?H<NL HG ;BHF>MA:G> IKH
=N<MBHG BH?N>E BHIKH= BHK>iG   –
89 ' 3>E:SJN>S)N<BH /* /H=KZ@N>S':LLH )* HEE:  0T>GS$:EBG=H !" >K
O:GM>L BLG>KHL + @NBE:K >M :E *B<KH:E@:E ;BHF:LL IK>MK>:MF>GM ?HK
;BH>MA:GHE IKH=N<MBHG : K>OB>P BH?N>E />L '   –
89 " 2@@>MMB  0B:EO> " 1K:;ER '- 0M>R>K &GM>@K:MBG@ FB<KH:E@:> IKH=N<MBHG
PBMA :G:>KH;B< =B@>LMBHG : ;BHK>iG>KR :IIKH:<A BH?N>E BHIKH= BHK>iG
  –
89 6 A>G 5. 7A:H %4 6>G 0% %H ) A>G@ !' )>> >M :E *B
<KH:E@:>;:L>= <:K;HAR=K:M>L ?HK ;BH?N>E IKH=N<MBHG BH<A>F "G@ '  
–
89  0BF:L/H=KB@N>L %!* 3BEE>E: - *:KMBGL )$ *:KJN>L - HE>IB<HEH
- 1HGHG *B<KH:E@:> ?HK ><HGHFB< :IIEB<:MBHGL :=O:GM:@>L :G= I>KLI><MBO>L
?HK ;BH>MA:GHE ' "QI HM   –
89 7 -HII>K *$ 1NHAR >RHG= MA> @K>>G NG=>KLM:G=BG@ MA> >OHENMBHG:KR INS
SE> H? IE:GM :G= :E@:E <>EE P:EEL -E:GM -ARLBHE   –
89 *' 0<AHES 1) 4>BLL /" 'BGD>KLHG ' 'BG@ / /HMA 2 $HH=>GHN@A >M :E
2EMK:LMKN<MNK> :G= <HFIHLBMBHG H? MA> +:GGH<AEHKHILBL @:=BM:G: <>EE P:EE "N
D:KRHM >EE   –
89 0 +:G=: ' *HA:FF:= 0+ />==R ' (HSBGLDB ( !:E:B -:MAP:RL H? EB@
GH<>EENEHLB< ;BHF:LL <HGO>KLBHG MH K>G>P:;E> ?N>EL BHF:LL HGO>KL BHK>iG
  –
89 ( 0DCUG>L - )BG=;E:= ' *NEE>K BH , –: FNEMB=BL<BIEBG:KR ;BHEH@B<:E :I
IKH:<A NLBG@ LHE:K >G>K@R MH <:IMNK> ,  PABE> IKH=N<BG@ %  :G= AB@A O:EN>
IKH=N<ML BHFHE "G@   –
89 7 0A>G ( 7A:G@ * 0B * )BN 0 7ANH ! )BN >M :E 0RG>K@R H? EB@GH<>EENEHL>L
IK>MK>:MF>GM ;R LH=BNF <:K;HG:M> :G= ;:<M>KBNF MH >GA:G<> >GSRF:MB< AR=KHER
LBL H? KB<> LMK:P BHK>LHNK 1><AGHE   –
89 00 %:LL:G $ 4BEEB:FL ( ':BLP:E "F>K@BG@ M><AGHEH@B>L ?HK MA> IK>MK>:M
F>GM H? EB@GH<>EENEHLB< ;BHF:LL BHK>LHNK 1><AGHE   –
89 14* %>G=KBDL $ 7>>F:G -K>MK>:MF>GML MH >GA:G<> MA> =B@>LMB;BEBMR H? EB@
GH<>EENEHLB< ;BHF:LL BHK>LHNK 1><AGHE   –


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
89 % 7:;>= ' 0:AN  HR<> $ #:KNJ #N>E >MA:GHE IKH=N<MBHG ?KHF EB@GH<>EEN
EHLB< ;BHF:LL :G HO>KOB>P HG ?>>=LMH<DL :G= M><AGHEH@B<:E :IIKH:<A>L />G>P
0NLM:BG "G>K@R />O   –
89 # -:LLHL ' :KK>M>KH & #>KK>K HFI:KBG@ IK>MK>:MF>GM F>MAH=L ?HK BFIKHOBG@
FB<KH:E@:> :G:>KH;B< =B@>LMBHG MA>KF:E AR=KHMA>KF:E FB<KHP:O> :G= NEMK:
LHNG= A>F "G@ '   –
89 ! (NF:KB / 0BG@A -K>MK>:MF>GM H? EB@GH<>EENEHLB< P:LM>L ?HK ;BH?N>E IKH=N<
MBHG : <KBMB<:E K>OB>P />G>P 0NLM:BG "G>K@R />O   –
89  $NIM: '- 3>KF: 0NLM:BG:;E> ;BH>MA:GHE IKH=N<MBHG ?KHF :@KHK>LB=N>L :
K>OB>P />G>P 0NLM:BG "G>K@R />O   –
89   0:A: $' (>GG>=R + .NK>LAB * HMM: BHEH@B<:E IK>MK>:MF>GM H? <HKG
LMHO>K PBMA -AE>;B: ;K>OBLIHK: +//)‐ ?HK >GA:G<>= >GSRF:MB< AR=KHERLBL
:G= >?i<B>GM >MA:GHE IKH=N<MBHG BHM><AGHE -KH@   –
89 6 7A>G@ ' 7A:H # 5N 6 )B -K>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL ?HK >G
A:G<>= ;BH@:L IKH=N<MBHG -KH@ "G>K@R HF;NLM 0<B   –
89 4 ANMMH ( .NK>LAB ( %:KBC:G / ;KH 1 ;;:L  :SFB >M :E &GLB@AM
BGMH IKH@K>LL BG IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL "G>K@R  
–
89 3 *BLAK: ( ':G: ** ':G:  $NIM: "GA:G<>F>GM BG FNEMBIE> EB@GHERMB<
>GSRF>L IKH=N<MBHG ?HK HIMBFBS>= EB@GBG =>@K:=:MBHG :G= L>E><MBOBMR BG ?NG@:E
IK>MK>:MF>GM H? LP>>M LHK@ANF ;:@:LL> BHK>LHNK 1><AGHE   –
89 + 6:AF>= % :KK>K> *+ *:KSHNDB & 0F::EB "GA:G<>F>GM H? ;BH@:L IKH
=N<MBHG ?KHF 2EO: LI ;R NLBG@ LHEB=LM:M> ?>KF>GM:MBHG :L ;BHEH@B<:E IK>MK>:M
F>GM E@:E />L   –
89 ) 6:G@ # 5N 5 $> 6 )B A:EE>G@>L :G= LMK:M>@B>L ?HK LHEB=LM:M> :G:>KH;B< =B
@>LMBHG H? EB@GH<>EENEHLB< ;BHF:LL />G>P 0NLM:BG "G>K@R />O  
–
89  4:G 6 )B #NG@:E IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL BHM><AGHE =O
  –
89 " /HN<A>L & %>KIHYE$BF;>KM ' 0M>R>K % :KK>K> &FIKHO>F>GM H? :G:>KH;B<
=>@K:=:MBHG ;R PABM>KHM ?NG@B IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL : K>OB>P
/>G>P 0NLM:BG "G>K@R />O   –
89 5 6:G 7 4:G@ ( 7A:G@ * 0B * )BN ) A:B >M :E :<M>KB:>GA:G<>= =BENM>
:<B= IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL BHK>LHNK 1><AGHE  
–
89 6 0AB 5 6:G . )B 5 4:G@ * EBN 0 5B> >M :E !BK><M>= ;BH<HGO>KLBHG H?
(K:?M EB@GBG MH IHERAR=KHQR:ED:GH:M> ;R NIKB:OB=NL ;:LBE>GLBL  PBMAHNM :GR
IK>MK>:MF>GM -KH<>LL BH<A>F   –
89 1!% N@@ * AF:= "* %:K=BF:G / 0BG@A 1A> >F>K@BG@ KHE> ?HK ;:<M>
KB: BG EB@GBG =>@K:=:MBHG :G= ;BHIKH=N<M ?HKF:MBHG NKK ,IBG BHM><AGHE
  –
89 ( -HLSRM>D * B>SDHPLD:  0DEH=HPLD: ) !K>PGB:D *B<KH;B:E <HGLHKMBNF
PBMA AB@A <>EENEHERMB< :<MBOBMR * %  ?HK >GA:G<>= ;BH@:L IKH=N<MBHG #KHGM
*B<KH;BHE    AMMIL=HBHK@?FB<;
89 0 4HG@PBE:BP:EBG 2 /:MM:G:<AHFLKB 1 ):HMA:G:<A:K>HG ) "NKPBE:B<ABMK 6
&@:K:LAB 3 A:FIK>=: G:ERLBL H? : MA>KFHIABEB< EB@GH<>EENEHL> =>@K:=BG@ FB
<KH;B:E <HGLHKMBNF :G= FNEMBLI><B>L EB@GH<>EENEHERMB< >GSRF> LRLM>F "GSRF *B
<KH; 1><AGHE   –
89 . 7A:G@ ' %> * 1B:G 7 *:H ) 1:G@ ' 7A:G@ >M :E "GA:G<>F>GM H?
F>MA:G> IKH=N<MBHG ?KHF <:LL:O: K>LB=N>L ;R ;BHEH@B<:E IK>MK>:MF>GM NLBG@ :
<HGLMKN<M>= FB<KH;B:E <HGLHKMBNF BHK>LHNK 1><AGHE   –
89  %HF!B:S # -:LLHL & #>KK>K 1 3B<>GM - ETGJN>S "GSRF:MB< IK>MK>:MF>GM
H? FB<KH:E@:> NLBG@ ?NG@:E ;KHMA ?KHF 1K:F>M>L O>KLB<HEHK :G= <HFF>K<B:E E:<
<:L> ?HK BFIKHO>= ;BH@:L IKH=N<MBHG E@:E />L   –
89 0 A:N=KR - :AKB +/ *HA>BF:GB 1><AGH><HGHFB< :G:ERLBL H? FBEDBG@ H?
HMKRH<H<<NL ;K:NGBB ?HK K>G>P:;E> AR=KH<:K;HG IKH=N<MBHG E@:E />L
  –
89 ( -AP:G %  ,G@ 4% A>G 1  )BG@ "- +@ -) 0AHP ,O>KOB>P
<HFI:KBLHG H? IK>MK>:MF>GM M><AGHEH@B>L :G= ?>KF>GM:MBHG IKH<>LL>L H?
;BH>MA:GHE ?KHF FB<KH:E@:> "G>K@ HGO>KL *:G:@   –
89 * HKHPBMSD: +/ *HA>BF:GB 0NLM:BG:;E> ;BH?N>EL ?KHF :E@:> *BMB@ =:IM
0MK:M $E   –
89 6 )B * %HKLF:G + 4N . ):G + !N;HBL‐ :E>KH BH?N>EL ?KHF FB<KH:E@:>
BHM><AGHE -KH@   –
89 ( (NF:K 0 $AHLA & G@>EB=:DB 0) %HE=M ! (:K:D:LA>O * *HK:E>L >M
:E /><>GM =>O>EHIF>GML HG ;BH?N>EL IKH=N<MBHG ?KHF FB<KH:E@:> :G= F:<KH:E
@:> />G>P 0NLM:BG "G>K@R />O   –
89 1 &LABD: +/ *HA>BF:GB - :AKB 0NLM:BG:;E> L:EBG> FB<KH:E@:> <H<NEMBO:
MBHG ?HK ;BH?N>E IKH=N<MBHG : <KBMB<:E K>OB>P />G>P 0NLM:BG "G>K@R />O
  –
89 1 &LABD: - :AKB !4 ):BK= +/ *HA>BF:GB 1A> >??><M H? @K:=N:E BG<K>:L>
BG L:EBGBMR HG MA> ;BHF:LL IKH=N<MBOBMR :G= ;BH<A>FB<:E <HFIHLBMBHG H? L>O>K:E
F:KBG> A:EHMHE>K:GM :G= A:EHIABEB< FB<KH:E@:> ' IIE -AR<HE  
–
89 1 &LABD: +/ *HA>BF:GB - :AKB !4 ):BK= 0 E:BK ! -:KE>OEB>M
%:EH:=:IM>= FB<KH:E@:> ?HK ?N<HQ:GMABG IKH=N<MBHG >??><M H? BG<K>F>GM:E BG
<K>:L> BG L:EBGBMR E@:E />L   –
89 BH>G>K@R " HFF>K<B:EL<:E> =>FHGLMK:MBHGL H? :E@:> ?HK ;BH?N>EL IKH=N<MBHG
 〈AMMIPPP>MBI;BH>G>K@R>NO:EN><A:BGL<HGO>KLBHGM><AGHEH@B>L
:=O:G<>=M><AGHEH@B>L<HGO>KLBHGH?:JN:MB<;BHF:LL
<HFF>K<B:EL<:E>=>FHGLMK:MBHGLH?:E@:>?HK;BH?N>ELIKH=N<MBHG〉
89 ,BE@:> E@:> ;BH=B>L>E <HFF>K<B:E O>GMNK>L  〈AMMIPPPHBE@:><HF
:E@:>HBE;BH=<HL<HLAMFE〉
89 ( %:FF>E #NG@:E =>@K:=:MBHG H? EB@GBG BG $ :=BL<A (" $BEE>K "=L !KBO>G
;R G:MNK> IE:GM EBMM>K JN:EBMR :G= =><HFIHLBMBHG  &GM>KG:MBHG:E 4:EEBG@?HK=
 II –
89 ( A:G=>E   $HGV:EO>L ') 0MK:I 00 =: 0BEO: BH=>EB@GBi<:MBHG H? EB@GH
<>EENEHL> LN;LMK:M>L :G BGMKBGLB< :G= LNLM:BG:;E> IK>MK>:MF>GM LMK:M>@R ?HK <E>:G
>G>K@R IKH=N<MBHG KBM />O BHM><AGHE   –
89 " 0ABKD:O:G= 0 :KHNMB:G !' $:I>L / 6HNG@ HF;BG:MBHG H? ?NG@:E :G=
IARLB<H<A>FB<:E IKH<>LL>L ?HK EB@GH<>EENEHLB< ;BHF:LL IK>MK>:MF>GM –: K>OB>P
/>G>P 0NLM:BG "G>K@R />O   –
89  0 %:LMKNI  %HP>EE #% ):KL>G + 0:MABMLNDL:GHA  $HH=>EE ' '>EEBLHG
!B??>K>G<>L BG <KRLM:EEBG> <>EENEHL> FH=Bi<:MBHG =N> MH =>@K:=:MBHG ;R ;KHPG :G=
PABM> KHM ?NG@B #NG@:E BHE   –
89 3 K:GM>L ' '>EEBLHG  $HH=>EE -><NEB:KBMB>L H? ;KHPGKHM ?NG@B :G= ;BH<A>FB
<:E #>GMHG K>:<MBHG PBMA K>@:K= MH MA>BK IHM>GMB:E :L : FH=>E ?HK ;BHIKH<>LLBG@
;BHF:LL IIE *B<KH;BHE BHM><AGHE   –
89 7 $:H 1 *HKB / (HG=H 1A> IK>MK>:MF>GM H? <HKG LMHO>K PBMA $EH>HIAREENF
MK:;>NF (2 ?HK >GSRF:MB< AR=KHERLBL BHM><AGHE BH?N>E   
89 '0 0<ABEEBG@ ' B / E:G<A>MM> 0* !NG<:G 1/ #BEE>R 24 1L<ABKG>K
)B@GH<>EENEHL> FH=Bi<:MBHGL ;R ;KHPG KHM ?NG@B :G= MA>BK >??><ML :L IK>MK>:M
F>GML HG <>EENEHERLBL BHK>LHNK 1><AGHE   –
89 *' /:R !' )>:D -! 0I:GN /' *NKIAR KHPG KHM ?NG@:E >:KER LM:@> =><:R
F><A:GBLF :L : ;BHEH@B<:E IK>MK>:MF>GM ?HK LH?MPHH= ;BHF:LL BG ;BH?N>E IKH=N<
MBHG BHF:LL BH>G>K@   –
89  KHK: 0 -KBR: - 0A:KF: 0 0A:KF: ) +:BG "O:EN:MBG@ ;BHEH@B<:E IK>MK>:M
F>GM :L : ?>:LB;E> F>MAH=HEH@R ?HK >MA:GHE IKH=N<MBHG ?KHF I:==R LMK:P BH
<:M:E @KB< BHM><AGHE   –
89  0TG<A>S )B@GH<>EENEHLB< K>LB=N>L ;BH=>@K:=:MBHG :G= ;BH<HGO>KLBHG ;R ?NG@B
BHM><AGHE =O   –
89 ( ,D:FHMH 0 +:K:R:F:  (:MLNH & 0AB@>F:MLN % 6:G:L> BHLRGMA>LBL H?
I:GBL:E=>AR=> ;R MA> PABM>KHM ;:LB=BHFR<>M> -E>NKHMNL HLMK>:MNL ' BHL<B BH
>G@   –
89 * 1:GB@N<AB % 0NSNDB ! 4:M:G:;> ( 0:D:B ( %HLABGH 1 1:G:D: "O:EN:
MBHG H? IK>MK>:MF>GM PBMA -E>NKHMNL HLMK>:MNL ?HK >GSRF:MB< AR=KHERLBL H? KB<>
LMK:P ' BHL<B BH>G@   –
89  (:F<A:KH>G 3 A:FIK>=: ) "NKPBE:B<ABMK - HHGL:P:G@ 0<K>>GBG@ :G=
HIMBFBS:MBHG H? I:K:F>M>KL :??><MBG@ ?NG@:E IK>MK>:MF>GM H? HBE I:EF >FIMR ?KNBM
;NG<A "# ;R >QI>KBF>GM:E =>LB@G &GM ' />G>P "G>K@R "GOBKHG "G@  
–
89 5 7A:G@ % 6N % %N:G@ 6 )BN "O:EN:MBHG H? ;BHEH@B<:E IK>MK>:MF>GM PBMA
PABM> KHM ?NG@B ?HK MA> >GSRF:MB< AR=KHERLBL H? ;:F;HH <NEFL &GM BH=>M>KBHK
BH=>@K:=   –
89  #>KK:S  -:KK: ' #K>>K ' :>S: ' /H=KZ@N>S A:K:<M>KBS:MBHG H? PABM>
SHG>L IKH=N<>= HG -BGNL K:=B:M: PHH= <ABIL ;R $:GH=>KF: :NLMK:E> :G= >KBIH
KBHILBL LN;O>KFBLIHK: 4HKE= ' *B<KH;BHE BHM><AGHE   –
89  4:G 6 )B *B<KH;B:E =>EB@GBi<:MBHG H? <HKG LMHO>K ;R >KBIHKBHILBL LN;O>K
FBLIHK: ?HK BFIKHOBG@ <>EENEHL> =B@>LMB;BEBMR "GSRF *B<KH; 1><AGHE  
–
89 0 (NF:KB ! !:L BHEH@B<:EER IK>MK>:M>= LN@:K<:G> MHI :L : IHM>GMB:E K:P F:M>
KB:E ?HK MA> >GA:G<>F>GM H? @:L>HNL >G>K@R K><HO>KR ;R MPH LM:@> ;BHARMA:G>
IKH<>LL BHK>LHNK 1><AGHE   –
89  $N>KK: / *>G=HGV:  #>KK:S *HE><NE:K P>B@AM =BLMKB;NMBHG H? PHH= <HF
IHG>GML >QMK:<M>= ?KHF -BGNL M:>=: ;BHMK>:M>= ;R >KBIHKBHILBL LN;O>KFBLIHK:
"GSRF *B<KH; 1><AGHE   –
89 # +:S:KIHNK !( ;=NEE:A + ;=NEE:A / 7:FBKB "O:EN:MBHG H? ;BHEH@B<:E
IK>MK>:MF>GM H? KN;;>KPHH= PBMA PABM> KHM ?NG@B ?HK >GSRF:MB< AR=KHERLBL *:M>
KB:EL   –
89  4:G 6 )B "??><MBO>G>LL H? FB<KH;B:E IK>MK>:MF>GM ;R >KBIHKBHILBL LN;O>K
FBLIHK: HG =B??>K>GM ;BHF:LL ?>>=LMH<DL BHK>LHNK 1><AGHE  
–
89 ' )BN *) 4:G@  1HGGBL * %:;M>L>E:LLB> 5 )B:H . %N:G@ #NG@:E IK>
MK>:MF>GM H? LPBM<A@K:LL ?HK BFIKHO>= L:<<A:KBi<:MBHG :G= LBFNEM:G>HNL >GSRF>
IKH=N<MBHG BHK>LHNK 1><AGHE   –
89 )B' 0NG #A 6Q 6N:G 7R 6:G 5? )BN "??><M H? ;BHEH@B<:E IK>MK>:MF>GM
PBMA 1K:F>M>L ABKLNM: RC HG >GSRF:MB< AR=KHERLBL H? <HKG LMHO>K &GM BH=>M>KBHK
BH=>@K:=   –
89 '4 )>> (0 $P:D '6 -:KD *' -:KD !% AHB * (PHG >M :E BHEH@B
<:E IK>MK>:MF>GM H? LH?MPHH= -BGNL =>GLBjHK: ;R MAK>> PABM> KHM ?NG@B ' *B<KH
;BHE   –
89 ' 0AB *0 ABGG // 0A:KF:0ABO:II: *B<KH;B:E IK>MK>:MF>GM H? <HMMHG
LM:EDL ;R LHEB= LM:M> <NEMBO:MBHG H? -A:G>KH<A:>M> <AKRLHLIHKBNF BHK>LHNK 1><A
GHE   –
89 ' 0AB // 0A:KF:0ABO:II: *0 ABGG *B<KH;B:E IK>MK>:MF>GM H? <HMMHG
LM:EDL ;R LN;F>K@>= <NEMBO:MBHG H? -A:G>KH<A:>M> <AKRLHLIHKBNF BHK>LHNK
1><AGHE   –
89 $* /:LAB= *' !NK:G‐->G: / /:AF:GIHNK ! 0:IL?HK= 1! N@@ !>EB@GB
i<:MBHG :G= >GA:G<>= @:L K>E>:L> ?KHF LHBE <HGM:BGBG@ EB@GH<>EENEHL> ;R MK>:M
F>GM PBMA ;:<M>KB:E EB@GBG =>@K:=>KL ' IIE *B<KH;BHE   –
89 4 5N 0 #N 7 6:G@ ' )N $NH /HG@;H &FIKHO>= F>MA:G> IKH=N<MBHG ?KHF
<HKG LMK:P ;R FB<KH:>KH;B< IK>MK>:MF>GM PBMA : INK> ;:<M>KB: LRLM>F BHK>LHNK
1><AGHE   –
89 # )_ ' 'B ) 0A:H - %> :<M>KB:E ;BH:N@F>GM:MBHG ?HK BFIKHOBG@ F>MA:G> :G=
AR=KH@>G IKH=N<MBHG ?KHF FB<KH:E@:> BHM><AGHE BH?N>E   


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
89 %( 0A:KF:  5N 4 .BG BHEH@B<:E IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL
?HK ;BH?N>EL :G= ;BHIKH=N<ML :G HO>KOB>P 4:LM> BHF:LL 3:EHK  AMMIL
=HBHK@LR
89 0# #N # 4:G@ 57 6N:G 7* 6:G@ 0' )NH 0 4:G@ >M :E 1A> MA>K
FHIABEB< `  FB<KH:>KH;B< IK>MK>:MF>GM H? <HKG LMK:P ?HK :G:>KH;B< =B@>LMBHG
BHK>LHNK 1><AGHE   –
89 6 A>G *! :B '0 A:G@ &FIKHOBG@ FB<KH:E@:E HBE <HEE><MBG@ >?i<B>G<R
;R IK>MK>:MBG@ MA> FB<KH:E@:E <>EE P:EE PBMA =>LMKN<MBO> ;:<M>KB: BH<A>F "G@ '
  –
89 *! :B 6 A>G 4  )N %- 4:G 0% %H '0 A:G@ "GA:G<BG@ MA>
HBE >QMK:<MBHG >?i<B>G<R H? AEHK>EE: ONE@:KBL PBMA <>EE=BLKNIMBO> IK>MK>:MF>GM
NLBG@ :<MBO> >QMK:<>EENE:K LN;LM:G<>L ?KHF :<BEENL MANKBG@B>GLBL &1/&$
BH<A>F "G@ '   –
89 0 %> 5 #:G +/ (:MNDNKB 5 6N:G # 4:G@ / $NH "GA:G<>= F>MA:G>
IKH=N<MBHG ?KHF FB<KH:E@:E ;BHF:LL ;R :G:>KH;B< ;BHIK>MK>:MF>GM BHK>LHNK
1><AGHE   –
89  4>G 5 6N:G .5 )B ' )BN ' />G 5 4:G@ >M :E HFI:KBLHG :G= >O:EN:
MBHG H? <HG<NKK>GM L:<<A:KBi<:MBHG :G= :G:>KH;B< =B@>LMBHG H? +:IB>K @K:LL :?M>K
IK>MK>:MF>GM ;R MAK>> FB<KH;B:E <HGLHKMB: BHK>LHNK 1><AGHE  
–
89 ! (:ER:GB (* )>> 10 (BF ' )B 00 !ABF:G 6  (:G@ >M :E *B<KH;B:E
<HGLHKMB: ?HK L:<<A:KBi<:MBHG H? PHH=R ;BHF:LL :G= >MA:GHE ?>KF>GM:MBHG #N>E
  –
89 00 !ABF:G '/ %:P ! (:ER:GB 3  (:EB: 6  (:G@ '( )>> 0BFNEM:G>
HNL IK>MK>:MF>GM :G= L:<<A:KBi<:MBHG @K>>G M><AGHEH@R ?HK >GA:G<>= LN@:K
RB>E=L ?KHF ;BHF:LL NLBG@ : ?NG@:E <HGLHKMBNF BHK>LHNK 1><AGHE  
–
89 *" !:O>R $ ,MHHE> *B<KH;B:E ;BHiEFL ?KHF ><HEH@R MH FHE><NE:K @>G>MB<L
*B<KH;BHE *HE BHE />O   –
89 ' 0AHG@ */ 'BF>G>S !B:S % HEEBGL 1HP:K=L LRGMA>MB< FB<KH;B:E <HGLHKMB:
?HK ;BHIKH<>LLBG@ NKK ,IBG BHM><AGHE   –
89 ( K>GG>K ) 6HN #% KGHE= "G@BG>>KBG@ FB<KH;B:E <HGLHKMB: : G>P ?KHGMB>K
BG LRGMA>MB< ;BHEH@R 1K>G= BHM><AGHE   –
89 * !:LAM;:G % 0<AK:?M 4 .BG #NG@:E ;BH<HGO>KLBHG H? EB@GH<>EENEHLB<
K>LB=N>L HIIHKMNGBMB>L  I>KLI><MBO>L &GM ' BHE 0<B   
89 1/ 7NKHm 0 5BJN>L 4/ NKMBL HGLHKMB:F>=B:M>= ;BHIKH<>LLBG@ H? <>EEN
EHL> MH >MA:GHE PBMA : LRF;BHMB< EHLMKB=BNF IARMH?>KF>GM:GLR>:LM <H<NEMNK>
BHM><AGHE BH?N>E   
89 00 EB "# ;HFHAK: ' 0NG "??><MBO> ;BHIK>MK>:MF>GM H? L:P=NLM P:LM>
PBMA : GHO>E FB<KH;B:E <HGLHKMBNF ?HK >GA:G<>= ;BHF>MA:G:MBHG BHK>LHNK
1><AGHE   –
89 5 #:G@ . )B 6 )BG 5 )BG 6 !:B 7 $NH >M :E 0<K>>GBG@ H? : FB<KH;B:E <HG
LHKMBNF ?HK L>E><MBO> =>@K:=:MBHG H? EB@GBG ?KHF MK>> MKBFFBG@L BHK>LHNK 1><A
GHE   –
89  *N[HS  %B=:E@H * 7:I:M: ! '>BLHG  /BJN>EF> * /BO:L 2L> H? <>EEN
EHERMB< F:KBG> ;:<M>KB: ?HK >GSRF:MB< IK>MK>:MF>GM BG FB<KH:E@:E ;BH@:L IKH=N<
MBHG IIE "GOBKHG *B<KH;BHE   –
89 * *:DB 0 &LDA:DHO: 1 7A:G@ 4 .BG :<M>KB:E <HGLHKMB: <HGLMKN<M>= ?HK MA>
=><HFIHLBMBHG H? @:O> ;BHF:LL BH>G@BG>>K>=   –
89 ' %N 6 5N> % $NH *M $:H ' )B 0 7A:G@ >M :E !>LB@G :G= <HFIHLBMBHG
H? LRGMA>MB< ?NG@:E;:<M>KB:E FB<KH;B:E <HGLHKMB: MA:M BFIKHO> EB@GH<>EENEHERMB<
>GSRF> :<MBOBMR BHK>LHNK 1><AGHE   –
89 '' *BGMR *" 0BG@>K 0 0<AHES % :> '% AG " #HLM>K >M :E !>
LB@G :G= <A:K:<M>KBS:MBHG H? LRGMA>MB< ?NG@:E;:<M>KB:E <HGLHKMB: ?HK =BK><M IKH
=N<MBHG H? BLH;NM:GHE ?KHF <>EENEHLB< ;BHF:LL -KH< +:ME <:= 0<B 20
  –
89 4 7AHG@ 7 7A:G@ 6 )NH 0 0NG 4 .B:H * 5B:H "??><M H? ;BHEH@B<:E IK>
MK>:MF>GML BG >GA:G<BG@ <HKG LMK:P ;BH@:L IKH=N<MBHG BHK>LHNK 1><AGHE
  –
89  /H=KB@N>S  E:LP:= ( >GRHNGBL  ,E:;B -K>MK>:MF>GM M><AGBJN>L NL>=
BG ;BH@:L IKH=N<MBHG ?KHF @K:LL />G>P 0NLM:BG "G>K@R />O  
–
89 02 ):KL>G ( %CHKM$K>@>KL>G % 3:SB?>ADAHK:G '* 1KBHEH H>GLBEBG@ H?
LMK:P PBMA LN@:K ;>>M E>:O>L BG<K>:L>L MA> F>MA:G> RB>E= ?KHF LMK:P BHK>LHNK
1><AGHE   –
89 4 !>P:K - *<!HG:E= / 4ABMM>G;NKR 1A> AR=KHERLBL H? @K:LL A>FB<>EENEHL>L
=NKBG@ >GLBE:@> ' 0<B #HH= @KB<   –
89 6 7A>G@  6N 60 A>G@ / 7A:G@  '>GDBGL '0 3:G=>K$A>RGLM "??><ML H?
>GLBE:@> HG LMHK:@> :G= >GSRF:MB< =>@K:=:;BEBMR H? LN@:K ;>>M INEI BHK>LHNK
1><AGHE   –
89 !+ 1AHFILHG '* :KG>L 1- %HN@AMHG "??><M H? :==BMBHGL HG >GLBEBG@ :G=
FB<KH;B:E <HFFNGBMR H? L>G>L<>= PA>:M LMK:P IIE BH<A>F BHM><AGHE
  –
89 ! $:EE>@HL % 4>=PBML<AD: ) *H>EE>K  7>AGL=HK? 4 0MBGG>K "??><M H? I:K
MB<E> LBS> K>=N<MBHG :G= >GLBEBG@ ?>KF>GM:MBHG HG ;BH@:L ?HKF:MBHG :G= LBE:@>
JN:EBMR H? PA>:M LMK:P BHK>LHNK 1><AGHE   –
89 ' :KKHL‐/BHL  /HF:GZ $ $:KKHM>  ,K=:L BHF:LL LN@:K :G= ;BH>MA:GHE
IHM>GMB:E H? LP>>M <HKG $  BH>G>K@R   –
89 1% />@:LL: 0 4HKMF:GG 0P>>M LHK@ANF :L : ;BH>G>K@R <KHI EBM>K:MNK> K>
OB>P BHF:LL BH>G>K@   –
89 6 A>G // 0A:KF:0ABO:II:  A>G "GLBEBG@ :@KB<NEMNK:E K>LB=N>L ?HK
;BH>MA:GHE IKH=N<MBHG IIE BH<A>F BHM><AGHE   –
89 * F;R>'>GL>G (0 'HA:GL>G 1 !B=BHG 7 (T=TK '" 0<AFB=M 0 *>R>K
"GLBEBG@ :L ;BHEH@B<:E IK>MK>:MF>GM H? @K:LL ?>LMNEHEBNF ARDHK MA> >?
?><M H? <HFIHLBMBHG =KR F:MM>K :G= BGH<NE: HG <>EENEHL> <HGO>KMB;BEBMR BHF:LL
BH>G>K@   –
89 ' -ET<B=H 0 :I:K>=: )B@GBGHERMB< >GSRF>L : ;BHM><AGHEH@B<:E :EM>KG:MBO> ?HK
;BH>MA:GHE IKH=N<MBHG BHK>LHNK BHIKH<>LL   
89 * L@A>K 7 AF:= %*+ &J;:E ED:EB :G= >GSRF:MB< =>EB@GBi<:MBHG H? LN@
:K<:G> ;:@:LL> MH >QIHL> <>EENEHL> IHERF>KL ?HK L:<<A:KBi<:MBHG :G= ;BH>MA:GHE
IKH=N<MBHG &G= <KHI -KH=   –
89  3:G>@:L  %>KGHG ' :KME>MM "GSRF:MB< :G= HK@:GB< :<B= IK>MK>:MF>GM H?
L>:P>>= >??><M HG K>=N<BG@ LN@:KL IKH=N<MBHG :G= HG ;BH@:L BGAB;BMBHG &GM '
F;B>GM "G>K@R   –
89  *:A=R ) *>G=>S * :EE>LM>KHL  $HGSTE>S#>KGTG=>S "GA:G<>= F>MA:G>
IKH=N<MBHG H? AEHK>EE: ONE@:KBL :G= AE:FR=HFHG:L K>BGA:K=MBB ;R AR=KHERMB<
>GSRF>L :==BMBHG "G>K@ HGO>KL *:G:@   –
89 6* 6NG !% (BF 6( ,A %0 0ABG (4 'NG@ IIEB<:MBHG H? : GHO>E >G
SRF:MB< IK>MK>:MF>GM NLBG@ <KN=> AR=KHERMB< >QMK:<>EENE:K >GSRF> LHENMBHG MH FB
<KH:E@:E ;BHF:LL ?HK =:KD ?>KF>GM:MBO> AR=KH@>G IKH=N<MBHG BHK>LHNK 1><AGHE
  –
89   #N 1  %NG@ '6 A>G % 0N 41 4N %R=KHERLBL H? FB<KH:E@:>
<>EE P:EEL ?HK IKH=N<MBHG H? K>=N<BG@ LN@:K :G= EBIB= >QMK:<MBHG BHK>LHNK 1><A
GHE   –
89 % 7A>G@ ' 6BG 7 $:H % %N:G@ 5 'B  !HN !BLKNIMBHG H? AEHK>EE: ONE@:KBL
<>EEL ?HK MA> K>E>:L> H? ;BH=B>L>EIKH=N<BG@ EBIB=L : <HFI:KBLHG H? @KBG=BG@ NEMK:
LHGB<:MBHG ;>:= FBEEBG@ >GSRF:MB< ERLBL :G= FB<KHP:O>L IIE BH<A>F
BHM><AGHE   –
89 (% (BF &0 AHB %* (BF 0$ 4B %' :> BH>MA:GHE IKH=N<MBHG ?KHF
MA> GNMKB>GM LMK>LLBG=N<>= FB<KH:E@: AEHK>EE: ONE@:KBL ;R >GSRF:MB< AR=KHERLBL
:G= BFFH;BEBS>= R>:LM ?>KF>GM:MBHG BHK>LHNK 1><AGHE   –
89 0- AHB *1 +@NR>G 0' 0BF "GSRF:MB< IK>MK>:MF>GM H? AE:FR=HFHG:L
K>BGA:K=MBB ;BHF:LL ?HK >MA:GHE IKH=N<MBHG BHK>LHNK 1><AGHE  
–
89  *:A=R ) *>G=>S 0 E:G<H * :EE>LM>KHL  $HGSTE>S#>KGTG=>S -KHM>:L>
<>EE P:EE =>@K:=:MBHG H? AEHK>EE: ONE@:KBL >??><M HG F>MA:G> IKH=N<MBHG BHK>
LHNK 1><AGHE   –
89 $ BN=:= , /N;BE:K ) S\<:K  1HKH * >: d 1HKK>L >M :E ->K?HKF:G<>
H? :G >GSRF:MB< >QMK:<M BG HMKR<H<<NL ;K:NGBB <>EE P:EE =BLKNIMBHG ' BHL<B BH
>G@   –
89 " "ABF>G ' %HEF+B>EL>G * -HNEL>G '" H>ELF:G= &GjN>G<> H? =B??>K
>GM IK>MK>:MF>GM KHNM>L HG MA> :G:>KH;B< =B@>LMBHG H? : iE:F>GMHNL :E@:> />
G>P "G>K@   –
89 ( 7B>FBnLDB & /HF:GHPLD: * (HP:ELD: "GSRF:MB< IK>MK>:MF>GM H? EB@GH<>E
ENEHLB< P:LM>L MH BFIKHO> ;BH@:L IKH=N<MBHG 4:LM> *:G:@  
–
89 - (:NLABD  *:EBD 0 0A:KF: 3>KFB<HFIHLMBG@ :G ><H‐?KB>G=ER HIMBHG ?HK ?>K
F>GM:MBHG :G= =R> =><HEHNKBS:MBHG P:LM> =BLIHL:E E>:G–0HBE BK 4:M>K
  –
89 0( -K:C:I:MB  A:MM:<A:KR:  *:EBD 3( 3BC:R -K>MK>:MF>GM H? :E@:E ;BH
F:LL NLBG@ ?NG@:E <KN=> >GSRF>L E@:E />L   –
89 0( -K:C:I:MB  *:EBD 3 3BC:R 1 0K>>DKBLAG:G "GA:G<>= F>MA:G> IKH=N<MBHG
?KHF :E@:E ;BHF:LL MAKHN@A LAHKM =NK:MBHG >GSRF:MB< IK>MK>:MF>GM :G= <H=B@>L
MBHG PBMA <:K;HG KB<A P:LM> /0 =O   –
89 * !:LAM;:G % 0<AK:?M 1 0R>= 4 .BG #NG@:E ;BH=>@K:=:MBHG :G= >GSR
F:MB< FH=Bi<:MBHG H? EB@GBG &GM ' BH<A>F *HE BHE   
89 !40 4HG@ 0MKN<MNK> :G= :<MBHG F><A:GBLF H? EB@GBGHERMB< >GSRF>L IIE
BH<A>F BHM><AGHE   –
89 ' )B % 6N:G ' 6:G@ :<M>KB: :G= EB@GBG =>@K:=:MBHG #KHGM BHE ABG:
  –
89 0 *:CNF=:K 1 )NDD ', 0HE;B:MB 0 :N>K 0( +:BK '" KHG:G >M :E /HE>L
H? LF:EE E:<<:L>L ?KHF 0MK>IMHFR<>L BG EB@GBG =>@K:=:MBHG BH<A>F  
–
89 3 />G@:G:MA:G *% $HE= 0I><MK:E <A:K:<M>KBS:MBHG H? MA> HQB=BS>= LM:M>L H?
EB@GBG I>KHQB=:L> :G >QMK:<>EENE:K A>F> >GSRF> ?KHF MA> PABM> KHM ;:LB=
BHFR<>M> -A:G>KH<A:>M> <AKRLHLIHKBNF BH<A>F   –
89 "* 4HHEKB=@> *BQ>= >GSRF> LRLM>FL ?HK =>EB@GBi<:MBHG H? EB@GH<>EENEHLB< ;BH
F:LL :M:ERLML   –
89 )- AKBLMHIA>K  6:H 6 'B )B@GBG ;BH=>@K:=:MBHG PBMA E:<<:L>F>=B:MHK LRL
M>FL #KHGM "G>K@ />L  
89 / HNK;HGG:BL * -:B<>  #K>B>KFNMA " H=B> 0 HKG>F:G />:<MBOBMB>L H?
O:KBHNL F>=B:MHKL :G= E:<<:L>L PBMA DK:?M INEI :G= EB@GBG FH=>E <HFIHNG=L
IIE "GOBKHG *B<KH;BHE   –
89  $:EEB - $>GMBEB A>FB<:E F>LL>G@>KL F>=B:M>= HQB=:MBHGL PBMA MA> >GSRF>
E:<<:L> ' -ARL ,K@ A>F   –
89 0 !>L:B  +BMR:G:G= *B<KH;B:E E:<<:L>L :G= MA>BK :IIEB<:MBHGL : K>OB>P LB:G
' BHM><AGHE   –
89 - BGH= (2 ':GN / 0BG=AN  -:G=>R %R=KHERLBL H? EB@GH<>EENEHLB< ;BHF:LL
?HK ;BH>MA:GHE IKH=N<MBHG BG - LAHD ) AKBLMB:G / 0M>O>G !
E:N=>$BEE>L $ "=@:K= "=L BH?N>EL :EM>KG:MBO> ?>>=LMH<DL :G= <HGO>KLBHG
IKH<>LL>L <:=>FB< -K>LL FLM>K=:F  II –
89 ( 3:EEB % 4:KBBLAB *% $HE= ,QB=:MBHG H? FHGHF>MAHQRE:M>= :KHF:MB< <HF
IHNG=L ;R EB@GBG I>KHQB=:L> KHE> H? O>K:MKRE :E<HAHE BG EB@GBG ;BH=>@K:=:MBHG
BH<A>F   –
89 - %:KO>R ' -:EF>K ,QB=:MBHG H? IA>GHEB< <HFIHNG=L ;R EB@GBG:L> ' BHM><A
GHE   –
89 $ #>BCHH *1 *HK>BK: - EO:K>S 1 )^‐ A:N '* )>F: "O:EN:MBHG H? MA>
>GSRF> F:G@:G>L> I>KHQB=:L> BG :G BG=NLMKB:E L>JN>G<> ?HK MA> EB@GBG HQB
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UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
=:MBHG :G= ;E>:<ABG@ H? >N<:ERIMNL DK:?M INEI ' IIE -HERF 0<B  
–
89 (" %:FF>E ( '>GL>G *! *HSN<A )) ):G=N<<B * 1B>G " ->:L> )B@GB
GHERLBL ;R : INKBi>= EB@GBG I>KHQB=:L> ' BHE A>F   –
89 $3 />==R * 0KB=A:K *% $HE= E>:O:@> H? GHGIA>GHEB< β =B:KREIKHI:G>
EB@GBG FH=>E =BF>KL ;R F:G@:G>L> I>KHQB=:L> ?KHF >OB=>G<> ?HK : AR=KH@>G :;
LMK:<MBHG F><A:GBLFIA:G>KH<A:>M> <AKRLHLIHKBNF >OB=>G<> ?HK : AR=KH@>G :;
LMK:<MBHG F><A:GBLF "NK ' BH<A>F   –
89 2 1NHK % 4:KBBLAB %" 0<AH>F:D>K *% $HE= ,QB=:MBHG H? IA>GHEB< :KRE
@ER<>KHE ;>M::KRE >MA>K EB@GBG FH=>E <HFIHNG=L ;R F:G@:G>L> I>KHQB=:L> ?KHF
-A:G>KH<A:>M> <AKRLHLIHKBNF HQB=:MBO> <E>:O:@> H? :G :EIA:<:K;HGRE FH=>E
<HFIHNG= BH<A>F   –
89 4 :H 6 #NDNLABF: ( '>GL>G 'K * *H>G (" %:FF>E ,QB=:MBO>
=>@K:=:MBHG H? GHGIA>GHEB< EB@GBG =NKBG@ EBIB= I>KHQB=:MBHG ;R ?NG@:E F:G
@:G>L> I>KHQB=:L> #"0 )>MM   –
89 + (:IB<A (1 0M>??>G * %H?KB<AM>K  %:M:DD: &GOHEO>F>GM H? EBIB= I>KHQB
=:MBHG BG MA> =>@K:=:MBHG H? : GHGIA>GHEB< EB@GBG FH=>E <HFIHNG= ;R F:G
@:G>L> I>KHQB=:L> H? MA> EBMM>K=><HFIHLBG@ ?NG@NL 0MKHIA:KB: <HKHGBEE:
BH<A>F BHIARL />L HFFNG   –
89 !* (:MH + "EZ: * #ERMA>   )RGG -K>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL
NLBG@ #>GMHG <A>FBLMKR BHK>LHNK 1><AGHE   –
89 3 $\F>S1HKB;BH  $:K<Z:*:KMZG *' *:KMZG>S d1 *:KMZG>S # $NBEEWG
&G=N<MBHG H? >QMK:<>EENE:K AR=KHQRE K:=B<:E IKH=N<MBHG ;R PABM>KHM ?NG@B MAKHN@A
JNBGHG> K>=HQ <R<EBG@ IIE "GOBKHG *B<KH;BHE   –
89  /BML<ADHm !><:R F><A:GBLFL H? ;KHPGKHM ?NG@B 1><AGB<:E />L>:K<A >GMK>
H? #BGE:G= "LIHH  〈AMMIPPPOMMiBG?I=?IN;EB<:MBHGL-I=?〉
89   $BE;>KM !* (BG@  1AHF:L 1A> HQB=:MBHG H? LHF> IHERL:<<A:KB=>L ;R
MA> AR=KHQRE K:=B<:E :G "0/ BGO>LMB@:MBHG :K;HAR=K />L   –
89 1( (BKD / &;:<A *! *HSN<A % HGG>K ) %B@AE>R A:K:<M>KBLMB<L H? <HM
MHG <>EENEHL> =>IHERF>KBS>= ;R : ;KHPGKHM ?NG@NL ;R :<B= HK ;R <A>FB<:E HQB
=:GML %HES?HKL<A &GM ' BHE A>F -ARL 1><AGHE 4HH=   –
89 ( *B<A:ELD: ( *B:S>D ) (KSRLM>D 0 )>=:DHPB<S &GjN>G<> H? IK>MK>:MF>GM
PBMA #>GMHG’L K>:@>GM HG ;BH@:L IKH=N<MBHG :G= F>MA:G> RB>E= ?KHF EB@GH<>EEN
EHLB< ;BHF:LL BHK>LHNK 1><AGHE   –
89 5 4:G@ 7 )B ' 0N 6 1B:G 5 +BG@ % %HG@ >M :E )RLBL H? : K>=MB=> <:NLBG@
:E@: E>Q:G=KBNF M:F:K>GL> <:NL>= ;R ;:<M>KB: ?KHF BML IAR<HLIA>K> BHE HG
MKHE   –
89  -:NE $ -HAG>KM &GM>K:<MBHGL H? MA> :E@B<B=:E ;:<M>KBNF (HK=B: :E@B<B=: PBMA
=B:MHFL K>@NE:M>= IKHM>:L> >Q<K>MBHG ?HK LI><Bi< :E@:E ERLBL -)H0 ,G>  
>
89 . E ;=:EE:A 1 +BQHG '/ #HKMP>G=>E 1A> >GSRF:MB< <HGO>KLBHG H? F:CHK
:E@:E :G= <R:GH;:<M>KB:E <:K;HAR=K:M>L MH ;BH>MA:GHE #KHGM "G>K@R />L  

89 ! BKG> 5 -:EHNF>M ) C]KGLLHG * EO>L  *:MMB:LLHG G:>KH;B< =B@>LMBHG
H? EBIB=KB<A P:LM>—>??><ML H? EBIB= <HG<>GMK:MBHG />G>P "G>K@  
–
89 !- *:NKR:  0BG@E: 0 +>@B G HO>KOB>P H? D>R IK>MK>:MF>GM IKH<>LL>L ?HK
;BHEH@B<:E <HGO>KLBHG H? EB@GH<>EENEHLB< ;BHF:LL MH ;BH>MA:GHE  BHM><A  
–
89 0 HE:=H/H=KZ@N>S  1HJN>KH ' *:KMZG'NTK>S / 1K:O:BGB -
$:K<Z:"G<BG: "??><M H? MA>KF:E :<B= :ED:EBG> :G= :ED:EBG>I>KHQB=> IK>MK>:M
F>GML HG MA> ;BH<A>FB<:E F>MA:G> IHM>GMB:E :G= DBG>MB<L H? MA> :G:>KH;B< =B@>L
MBHG H? PA>:M LMK:P :G= LN@:K<:G> ;:@:LL> BHK>LHNK 1><AGHE  
–
89 ! 0:EO:<A^:  -KB>MH * )\I>S;>E:BK:L 1 )N A:N d1 *:KMZG>S *'
*:KMZG>S #NG@:E IK>MK>:MF>GM :G :EM>KG:MBO> BG L><HG=@>G>K:MBHG >MA:GHE ?KHF
PA>:M LMK:P BHK>LHNK 1><AGHE   –
89 00 %P:G@ 0' )>> %( (BF ', (: (' (BF %$ 0HG@ BH=>@K:=:MBHG
:G= L:<<A:KBi<:MBHG H? PHH= <ABIL H? -BGNL LMKH;NL :G= )BKBH=>G=KHG MNEBIB?>K:
;R PABM> KHM ?NG@B ' *B<KH;BHE BHM><AGHE   –
89 - $>KO:BL - *HEBG 1A> KHE> H? P:M>K BG LHEB=LM:M> ?>KF>GM:MBHG BH<A>F "G@ '
  –
89 // 0BG@A:GB: ( -:M>E / 0H<<HE  -:G=>R /><>GM :=O:G<>L BG LHEB=LM:M>
?>KF>GM:MBHG BH<A>F "G@ '   –
89 * *NLM:?: 1$ -HNEL>G ( 0A>G@ #NG@:E IK>MK>:MF>GM H? KB<> LMK:P PBMA
-E>NKHMNL HLMK>:MNL :G= 1KB<AH=>KF: K>>L>B MH >GA:G<> F>MA:G> IKH=N<MBHG NG
=>K LHEB=LM:M> :G:>KH;B< =B@>LMBHG IIE "G>K@   –
89 (0*0 /:@A:O:K:H 13 /:G@:G:MA:G +$ (:K:GMA 0HF> >G@BG>>KBG@ :LI><ML
H? LHEB=LM:M> ?>KF>GM:MBHG BH<A>F "G@ '   –
89 &! />B= BHEH@B<:E =>EB@GBi<:MBHG H? :LI>G PHH= ;R LHEB=LM:M> ?>KF>GM:MBHG
PBMA MA> PABM>KHM ?NG@NL *>KNEBNL MK>F>EEHLNL IIE "GOBKHG *B<KH;BHE
  –
89 &! />B= 0HEB=LM:M> ?>KF>GM:MBHGL ?HK ;BHEH@B<:E =>EB@GBi<:MBHG "GSRF *B<KH;
1><AGHE   –
89 )* *:KK: 0*= ,EBO>BK:)HG@:MMB / 0H:K>L '*= )BF: #) ,EBO:K>L #
*HK>BK: &GBMB:E I% H? F>=BNF :??><ML HK@:GB< :<B=L IKH=N<MBHG ;NM =H GHM :??><M
IAHLIA:M> LHEN;BEBS:MBHG K:S ' *B<KH;BHE   –
89 $ $>B@>K % K:G=E $ #NKK>K / 0<ANEBG 1A> >??><M H? <HII>K HG MA> :<MBOBMR H?
<>EENE:L> :G= β@EN<HLB=:L> BG MA> IK>L>G<> H? FHGMFHKBEEHGBM> HK EFHGMFHKBE
EHGBM> 0HBE BHE BH<A>F   –
89 " @HLBG " ,=B>K 0HEB=LM:M> ?>KF>GM:MBHG EB@GBG =>@K:=:MBHG :G= K>LNEMBG@ =B
@>LMB;BEBMR H? PA>:M LMK:P ?>KF>GM>= ;R L>E><M>= PABM>KHM ?NG@B IIE *B<KH;BHE
BHM><AGHE   –
89 ) 7A:H $) :H ' 4:G@ %6 />G ! !HG@ 7+ )BN >M :E #NG@:E IK>
MK>:MF>GM H? <HKGLM:ED PBMA -A:G>KH<A:>M> <AKRLHLIHKBNF ?HK >GA:G<BG@ >GSR
F:MB< L:<<A:KBi<:MBHG :G= AR=KH@>G IKH=N<MBHG BHK>LHNK 1><AGHE  
–
89 */ $KN;>KKNGANF>K ' '>KG>R " 7HA:K * +NLL;:NF>K  %B>@>K $
H<AF:GG >M :E <NMH=>LFNL H;EBJNNL :L : ;>G<AF:KD LMK:BG ?HK >O:EN:MBG@
F>MA:G> IKH=N<MBHG ?KHF FB<KH:E@:> BGjN>G<> H? =B??>K>GM LMHK:@> :G= IK>MK>:M
F>GM F>MAH=L HG ;BH@:L RB>E= E@:E />L   –
89  *N[HS  %B=:E@H * 7:I:M: ! '>BLHG  /BJN>EF> * /BO:L 2L> H? <>EEN
EHERMB< F:KBG> ;:<M>KB: ?HK >GSRF:MB< IK>MK>:MF>GM BG FB<KH:E@:E ;BH@:L IKH=N<
MBHG IIE "GOBKHG *B<KH;BHE  8"* 9
89 # ,F>MMH $ .NBKH@: - -o>GBgD: / 4ABMMHG  '>??>KLHG / 3BEE: &FI:<ML H?
FB<KH:E@:> IK>MK>:MF>GML ?HK BFIKHO>= :G:>KH;B< =B@>LMBHG MA>KF:E MK>:MF>GM
MA>KF:E AR=KHERLBL NEMK:LHNG= :G= >GSRF:MB< AR=KHERLBL 4:M>K />L  
–
89 5 6:G@ 1 4:G@ )+ $:H %' 6BG 5 )_ &LHE:MBHG B=>GMBi<:MBHG :G= <A:K
:<M>KBS:MBHG H? EB@GBG‐=>@K:=BG@ ;:<M>KB: ?KHF .BGEBG@ ABG: ' IIE *B<KH;BHE
  –
89 0 %:AGD>  ;>G=KHMA 1 ):G@>K #* H=H[>K - /:FF * -HK<:K >M :E
HFIE>M> @>GHF> L>JN>G<> H? : G>P /NFBGH<H<<:<>:> ;:<M>KBNF BLHE:M>= ?KHF
:G:>KH;B< ;BHF:LL AR=KHERLBL $>GHF> GGHNG<   >–
89 $$ AHG@ 5' %N:G@ '% !B !7 5N 6  %> 6+ ->B >M :E BH=>@K:
=:MBHG H? :ED:EB EB@GBG ;R : G>PER BLHE:M>= /AH=H<H<<NL IRKB=BGBOHK:GL
72 BHIKH<>LL BHLRLM "G@   –
89 * :KK:@TG1KBGB=:= ' :KKBEEH/>R>L $ NBMK\G %R=KHERLBL H? FB<KH:E@:E ;BH
F:LL NLBG@ KNFBG:E FB<KHHK@:GBLFL :L : IK>MK>:MF>GM MH BG<K>:L> F>MA:G> K>
<HO>KR BHK>LHNK 1><AGHE   –
89 ' $BFWG>S ! @N:=H  HNS:L ' #>KK>K  0><H 2L> H? KNF>G FB<KHHK
@:GBLFL MH ;HHLM MA> :G:>KH;B< ;BH=>@K:=:;BEBMR H? FB<KH:E@:> E@:E />L
  –
89 ( 0KBO:LM:O: - @K:P:E  /:ABF:G -K>MK>:MF>GM :G= IKH=N<MBHG H?
;BH>MA:GHE ?KHF =B??>K>GM EB@GH<>EENEHLB< ;BHF:LL &GM '   –
89 . 4:G@ 7 4:G@ # 0A>G ' %N # 0NG ) )BG >M :E -K>MK>:MBG@ EB@GH<>EENEHLB<
;BHF:LL ;R MA> <HG<>GMK:M>= IAHLIAHKB< :<B= IENL AR=KH@>G I>KHQB=> -%- ?HK
>GSRF:MB< AR=KHERLBL >O:EN:MBG@ MA> IK>MK>:MF>GM j>QB;BEBMR HG ?>>=LMH<DL :G=
I:KMB<E> LBS>L BHK>LHNK 1><AGHE   –
89 ' A:G@ ' #:G 5 4>G 0<K>>GBG@ H? ?NG@B <:I:;E> H? AB@AER L>E><MBO> =>@K:
=:MBHG H? EB@GBG BG KB<> LMK:P &GM BH=>M>KBHK BH=>@K:=   –
89 * $:K<Z:1HKK>BKH * )\I>S;>E:BK:L 1 )N A:N '* )>F: #NG@:E IK>
MK>:MF>GM H? :@KB<NEMNK:E K>LB=N>L ?HK ;BH>MA:GHE IKH=N<MBHG &G= KHI -KH=
  –
89 # *: + 6:G@  5N % 6N ' 4N 5 7A:G@ HF;BG:MBHG H? ;BHEH@B<:E IK>
MK>:MF>GM PBMA FBE= :<B= IK>MK>:MF>GM ?HK >GSRF:MB< AR=KHERLBL :G= >MA:GHE IKH
=N<MBHG ?KHF P:M>K AR:<BGMA BHK>LHNK 1><AGHE   –
89 * E>Q:G=KHIHNEHN $ GMHGHIHNEHN " #K:@DHN & +M:BDHN $ )R;>K:MHL
#NG@:E IK>MK>:MF>GM H? PBEEHP L:P=NLM :G= BML <HF;BG:MBHG PBMA :ED:EBG> MK>:M
F>GM ?HK >GA:G<BG@ ;BH@:L IKH=N<MBHG ' "GOBKHG *:G:@   –
89 6 !:B * 0B 6 A>G + 7A:G@ * 7AHN . )B:H >M :E HF;BG:MBHG H? ;BHEH@B
<:E IK>MK>:MF>GM PBMA +:,%2K>: IK>MK>:MF>GM :M <HE= M>FI>K:MNK> MH >GA:G<>
>GSRF:MB< AR=KHERLBL H? KB<> LMK:P BHK>LHNK 1><AGHE   –
89 * *NLM:?: 1$ -HNEL>G 6 5B: ( 0A>G@ HF;BG:MBHGL H? ?NG@:E :G= FBEEBG@
IK>MK>:MF>GML ?HK >GA:G<BG@ KB<> LMK:P ;BH@:L IKH=N<MBHG =NKBG@ LHEB=LM:M>
:G:>KH;B< =B@>LMBHG BHK>LHNK 1><AGHE   –
89 $ )B % A>G 0RG>K@BLMB< F><A:GBLF H? LM>:F >QIEHLBHG <HF;BG>= PBMA ?NG@:E
MK>:MF>GM ;R -A>EEBGNL ;:NFBB ?HK MA> IK>MK>:MF>GM H? <HKG LM:ED BHF:LL BH>G
>K@   –
89 5 $NB $ 4:G@ * %N 6 6:G HF;BG>= ?NG@:E :G= FBE= :<B= IK>MK>:MF>GM H?
$ER<RKKABS: NK:E>GLBL K>LB=N> ?HK >GA:G<BG@ >GSRF:MB< AR=KHERLBL :G= HBE IKH=N<
MBHG BH/>LHNK<>L   –
89 ** &LAHE: &LKHB *' 1:A>KS:=>A "??><M H? ?NG@:E :G= IAHLIAHKB< :<B= IK>
MK>:MF>GM HG >MA:GHE IKH=N<MBHG ?KHF HBE I:EF >FIMR ?KNBM ;NG<A>L ,-"#
BHK>LHNK 1><AGHE   –
89 % 6:G@ ( 4:G@ 4 4:G@ /  0NG &FIKHO>= ;BH<HGO>KLBHG H? IHIE:K ;R
LRG>K@BLMB< MK>:MF>GML PBMA PABM>KHM ?NG@NL 1K:F>M>L O>ENMBG: ! IK>MK>:M
F>GM :G= :ED:EBG> ?K:<MBHG:MBHG BHK>LHNK 1><AGHE   –
89  4:G 6 )B "??><M H? AHM P:M>K >QMK:<MBHG :G= EBJNB= AHM P:M>K IK>MK>:MF>GM HG
MA> ?NG@:E =>@K:=:MBHG H? ;BHF:LL ?>>=LMH<DL BHK>LHNK 1><AGHE  
–
89 01 1AHFL>G '" )HG=H[H * F;R>'>GL>G 0 %>BLD> 7 (T=TK 0 *>R>K
HF;BG:MBHG H? >GLBEBG@ :G= ?NG@:E =>EB@GBi<:MBHG :L >??><MBO> PA>:M LMK:P IK>
MK>:MF>GM BHM><AGHE BH?N>E   
89 7 0BF>G@ $ 0:<A: %$ &L:;>EE> / *:KB>+HYEE>  - /;:L>= F>MAH= MH
JN:GMB?R ?NG@:E @KHPMA =NKBG@ IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL ' *B<KH
;BHE *>MAH=L   –
89 0 %> 5 #:G 0 )NH +/ (:MNDNKB / $NH "GA:G<>= MA> >G>K@R HNM<HF>L ?KHF
FB<KH:E@:E ;BHF:LL ;R MA> GHO>E ;BHIK>MK>:MF>GM "G>K@R HGO>KL *:G:@
  –
89 / 0BG@A ' %N */ />@G>K '4 /HNG= ' /:EIA '+ 0:==E>K >M :E "G
A:G<>= =>EB@GBi<:MBHG H? LM>:FIK>MK>:M>= IHIE:K ;R : ;:<M>KB:E E:<<:L> 0<B />I
  


UNCORRECTED PROOF
&'(+*+:'2 +4+='(2+'4*!;9:'/4'(2+4+8-? +</+=9 >>>  >>>>>>
89 01 1AHFL>G '"$ )HG=H[H * F;R>'>GL>G 0 %>BLD> 7 (T=TK 0
*>R>K HF;BG:MBHG H? >GLBEBG@ :G= ?NG@:E =>EB@GBi<:MBHG :L >??><MBO> PA>:M
LMK:P IK>MK>:MF>GM BHM><AGHE BH?N>E   
89 ' )BN 00 0B=AN *) 4:G@  1HGGBL * %:;M>L>E:LLB> ' *:H >M :E "O:EN:
MBHG H? O:KBHNL ?NG@:E IK>MK>:MF>GM H? LPBM<A@K:LL ?HK >GA:G<>= L:<<A:KBi<:MBHG
:G= LBFNEM:G>HNL >GSRF> IKH=N<MBHG ' E>:G -KH=   –
89 ( *: 7 /N:G -KH=N<MBHG H? : EB@GH<>EENEHERMB< >GSRF> LRLM>F ?HK LBFNEM:G>HNL
;BH=>EB@GBi<:MBHG :G= L:<<A:KBi<:MBHG H? <HKG LMHO>K >FIEHRBG@ <H<NEMNK> H?
?NG@B BHK>LHNK 1><AGHE   –
89 )! (ANHG@ / (HG=H /! )>HG 1( GA 0 *>@NKH ( 0ABFBSN >M :E "??><M
H? <A>FB<:E ?:<MHKL HG BGM>@K:M>= ?NG@:E ?>KF>GM:MBHG H? LN@:K<:G> ;:@:LL> ?HK
>MA:GHE IKH=N<MBHG ;R : PABM>KHM ?NG@NL -AE>;B: LI *$ BHK>LHNK 1><AGHE
  –
89 + -:KD %6 (BF 4 (HH % 6>H &$ AHB ,K@:GHLHEO IK>MK>:MF>GM PBMA
O:KBHNL <:M:ERLML ?HK >GA:G<BG@ >GSRF:MB< AR=KHERLBL H? IBM<A IBG> -BGNL KB@B=:
BHK>LHNK 1><AGHE   –
89 4 :H  0NG / )BN / 6BG 5 4N HFI:KBLHG H? MA> >??><ML H? iO> IK>MK>:M
F>GM F>MAH=L HG >GA:G<BG@ MA> >GSRF:MB< =B@>LMB;BEBMR :G= >MA:GHE IKH=N<MBHG
?KHF LP>>M LHK@ANF ;:@:LL> BHK>LHNK 1><AGHE   –
89 + 0:KD:K 0( $AHLA 0 :GG>KC>> ( BD:M BH>MA:GHE IKH=N<MBHG ?KHF :@KB
<NEMNK:E P:LM>L :G HO>KOB>P />G>P "G>K@   –
89 5 6:G 7 4:G@ ( 7A:G@ * 0B * )BN ) A:B >M :E :<M>KB:>GA:G<>= =BENM>
:<B= IK>MK>:MF>GM H? EB@GH<>EENEHLB< ;BHF:LL BHK>LHNK 1><AGHE  
–
89 5 7A:H # ->G@ ( A>G@ ! )BN "GA:G<>F>GM H? MA> >GSRF:MB< =B@>LMB;BEBMR H?
LN@:K<:G> ;:@:LL> ;R :ED:EB–I>K:<>MB< :<B= IK>MK>:MF>GM "GSRF *B<KH; 1><AGHE
  –
89 * !> ): 1HKK> / *:KMZG0:FI>=KH e #BEE:M *" "N@>GBH  ETGJN>S *
%>KGTG=>S >M :E HFI:KBLHG H? MA> >?i<B>G<R H? ;:<M>KB:E :G= ?NG@:E E:<<:L>L BG
=>EB@GBi<:MBHG :G= =>MHQBi<:MBHG H? LM>:FIK>MK>:M>= EB@GH<>EENEHLB< ;BHF:LL ?HK
;BH>MA:GHE IKH=N<MBHG ' &G= *B<KH;BHE BHM><AGHE   –
89 0 !>K>GG>  ):K@>:N  >KD:EHm  /HNLL>:N  4BEA>EF - %:M<A>K
+HGAR=KHERL:;E> F:<KHFHE><NE:K <HGLMBMN>GML ?KHF HNM>K P:EEL H? AEHK>EE:
?NL<: :G= +:GH<AEHKNF >N<:KRHMNF -ARMH<A>FBLMKR   –
89 d 1HKK>L #$ #>KFHLH  /BG<\G ' :KM:<>D / HKC: ! '>BLHG A:EE>G@>L
?HK <HLM>??><MBO> FB<KH:E@:> :G:>KH;B< =B@>LMBHG BG  /HE:G=H / #K:G<BL<:
"=L BH=>@K:=:MBHG >G@BG>>KBG@ :G= M><AGHEH@R &G1><A  II –
89 % 4:G@ /1 %BEE 1 7A>G@ 5 %N  4:G@ "??><ML H? ;:<M>KB:E <HFFNGBMB>L HG
;BH?N>EIKH=N<BG@ FB<KH:E@:> LMBFNE:MBHG BGAB;BMBHG :G= A:KO>LMBG@ KBM />O
BHM><AGHE   –
89 - HANMLDRB " HNP>K BH@:L IKH=N<MBHG ?KHF :E@:> :G= <R:GH;:<M>KB:
MAKHN@A :G:>KH;B< =B@>LMBHG : />OB>P G:ERLBL G= />L>:K<A +>>=L BG '4
)>> "= !O:G<>= BH?N>EL G= BHIKH=N<ML 0IKBG@>K +>P 6HKD +>P 6HKD
+6  II –
89 *0 (BF '0 :>D 60 6NG 0' 0BF 0 -:KD 0  (BF %R=KH@>G IKH=N<
MBHG ?KHF AE:FR=HFHG:L K>BGA:K=MBB ;BHF:LL NLBG@ : MPHLM>I <HGO>KLBHG
IKH<>LL :G:>KH;B< <HGO>KLBHG :G= IAHMHLRGMA>MB< ?>KF>GM:MBHG &GM ' %R=KH@ "G
>K@R   –
89 $* 0<HMM * DAM:K *' )>GMS /" 0P:G>R "G@BG>>KBG@ L<:E>NI :G= ><H
GHFB< :LI><ML H? ?NG@:E IK>MK>:MF>GM H? PHH= <ABIL "GOBKHGF>GM:EER ?KB>G=ER
M><AGHEH@B>L ?HK MA> INEI :G= I:I>K BG=NLMKR 'HAG 4BE>R  0HGL +>P 6HKD
–
89 1B:G 5? 7 #:G@ # $NH &FI:<M :G= IKHLI><MBO> H? ?NG@:E IK>‐MK>:MF>GM H? EB@GH
<>EENEHLB< ;BHF:LL ?HK >GSRF:MB< AR=KHERLBL BH?N>E BHIKH= BHK>iG  
–
89 6 4:G@ 1 *<EEBLM>K /NF>G FB<KH;>L >GSRF>L :G= ?>>= =B@>LMBHG: K>OB>P
LB:GNLM ' GBF 0<B   –
89 0 R=BG " 6fE=fKfF , &G<>  &G<> /NF>G :G:>KH;B< ?NG@B <K>:M> G>P HIIHK
MNGBMB>L ?HK >GA:G<>= F>MA:G> IKH=N<MBHG ?KHF FB<KH:E@:> ;BHF:LL E@:E />L
  –
89 * BE:E %* &J;:E % %N 4 4:G@ 5 7A:G@ *>M:;HEB< >G@BG>>KBG@ :G= >G
SRF>F>=B:M>= IKH<>LLBG@ : ;BHM><AGHEH@B<:E O>GMNK> MHP:K=L ;BH?N>E IKH=N<
MBHG–: K>OB>P />G>P 0NLM:BG "G>K@R />O   –
89 1 *:@H<A: % 7:;>= * 6:G@ ' 6NG % 7A:G@ 5 .B &FIKHO>F>GM H? BG
=NLMKB:EER BFIHKM:GM FB<KH;B:E LMK:BGL ;R @>GHF> LAN?jBG@ <NKK>GM LM:MNL :G= ?N
MNK> IKHLI><ML BHK>LHNK 1><AGHE   –
89 " #HDNF %* 7:;>= . $NH ' 6NG % -:G@ 6 G >M :E *>M:;HEB< >G@B
G>>KBG@ H? ;:<M>KB:E LMK:BGL NLBG@ /&0-/ :L LRLM>FL ?HK ;BHLRGMA>LBL H?
O:EN>:==>= IKH=N<ML #HH= BHL<B  AMMIL=HBHK@C?;BH

89 ' *HG<:=: ' 1:F:RH  :K=HG: &GM>@K:MBG@ iKLM L><HG= :G= MABK= @>G
>K:MBHG ;BHK>iG>KB>L BG<HKIHK:MBG@ FB<KH:E@:> BGMH MA> LN@:K<:G> ;BHK>iG>KR
A>F "G@ 0<B   –
89 * *:G=>@:KB 0 #:KS:= '# $]K@>GL /><>GM MK>G=L HG M><AGH><HGHFB< :L
L>LLF>GM 1" H? LN@:K<:G> ;BHK>iG>KB>L BH?N>E />L '   –
89 * *:G:G  4>;; *H=>KG FB<KH;B:E LHEB= LM:M> ?>KF>GM:MBHG M><AGHEH@R ?HK
?NMNK> ;BHK>iG>KB>L ?HK MA> IKH=N<MBHG H? :==>=O:EN> IKH=N<ML BH?N>E />L '
  –
89 # A>KN;BGB 1A> ;BHK>iG>KR <HG<>IM NLBG@ ;BHF:LL BGLM>:= H? HBE ?HK IKH=N<BG@
>G>K@R :G= <A>FB<:EL "G>K@R HGO>KL *:G:@   –
89 * 6:G@ ' 6NG % 7A:G@ 1 *:@H<A: % 7:;>= 6 5N> >M :E $>G>MB<:EER
>G@BG>>K>= LMK:BGL :IIEB<:MBHG :G= :=O:G<>L ?HK  IKHI:G>=BHE IKH=N<MBHG
?KHF @ER<>KHE #HH= 1><AGHE BHM><AGHE   
89 . $NH 6 G ' 6NG * 6:G@ 1 *:@H<A: ' 7AN >M :E "GA:G<>=
qM:@:MHL> IKH=N<MBHG ;R LIHK> LNK?:<>=BLIE:R>= r:K:;BGHL> BLHF>K:L> ?KHF BLH
E:M>= ):<MH;:<BEENL ;K>OBL -  :G= ;BHMK:GL?HKF:MBHG BHK>LHNK 1><AGHE
  –
89 . $NH % 7:;>= % 7A:G@ 5 4:G@ ' 6NG $ 7A:G@ >M :E ,IMBFBS:MBHG H?
?>KF>GM:MBHG F>=BNF ?HK : G>PER BLHE:M>= R>:LM LMK:BG 7R@HL:<<A:KHFR<>L
KHNQBB '*  :G= >O:EN:MBHG H? ?:<MHKL :??><MBG@ ;BHLRGMA>LBL H? !:K:;BMHE
)41   –
89 0 (P:D 6  -:KD '% 0>H BHLRGMA>LBL H? AR=KHQRIKHIBHGB< :<B= ?KHF
@ER<>KHE BG K><HF;BG:GM "L<A>KB<AB: <HEB >QIK>LLBG@ ):<MH;:<BEENL ;K>OBL =A:
:G= =A:/ @>G> <ENLM>KL :G= " <HEB ( :E=% BHK>LHNK 1><AGHE  
–
89 % 7A:G@ ' 6NG % 7:;>= * 6:G@ $ 7A:G@ 6 .B >M :E -KH=N<MBHG H? QREBMHE
;R >QIK>LLBG@ QREBMHE =>AR=KH@>G:L> :G= :E<HAHE =>AR=KH@>G:L> ?KHF $EN
<HGH;:<M>K MA:BE:G=B<NL :G= <H;BHMK:GL?HKF:MBHG H? PAHE> <>EEL BHK>LHNK 1><A
GHE   –
89 / =>G %::G =:IMBG@ MA> R>:LM <HGLHEB=:M>= ;BHIKH<>LLBG@ I:K:=B@F ?HK ;BHK>
iG>KB>L BH?N>E />L '   –
89 - *:CB=B:G * 1:;:M:;:>B * 7>BGHE:;>=BGB *- +:@ALA;:G=B 6 ABLMB *>M:
;HEB< >G@BG>>KBG@ H? FB<KHHK@:GBLFL ?HK ;BH?N>E IKH=N<MBHG />G>P 0NLM:BG "G
>K@R />O   –
89 4 4N /4 !:OBL * 1K:G$R:Fi  (NH ( ):NMMB 0 *BA:EM<A>O: >M :E
A:K:<M>KBS:MBHG H? ?HNK >G=HIARMB< ?NG@B :L IHM>GMB:E <HGLHEB=:M>= ;BHIKH<>LLBG@
AHLML ?HK <HGO>KLBHG H? EB@GH<>EENEHL> BGMH :=O:G<>= ;BH?N>EL IIE *B<KH;BHE
BHM><AGHE   –
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