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CIPGVKE
TCPUKGPVU
TQITCO
'/62
6JGQT[ $QQM
CONTENTS
(Click topic to jump to its location)
CHAPTER
PAGE
14
45
64
5. UNDERGROUND CABLES
150
6. TRANSFORMERS
192
238
251
9. UNIVERSAL MACHINE
311
10. SWITCHES
339
354
360
395
APPENDIX
I NUMERICAL SOLUTION OF ORDINARY DIFFERENTIAL EQUATIONS 413
II RE-INITIALIZATION AT INSTANTS OF DISCONTINUITIES
431
434
452
459
460
470
REFERENCES
472
24'(#%'
6Q QRGTCVG CP GNGEVTKE RQYGT U[UVGO TGNKCDN[ CPF VQ RNCP KVU GZRCPUKQP RTQRGTN[ WVKNKV[ GPIKPGGTU RGTHQTO
C XCTKGV[ QH PGVYQTM UVWFKGU 6JG OQUV EQOOQP V[RGU QH PGVYQTM UVWFKGU CTG
! UJQTV EKTEWKV
QT HCWNV CPCN[UKU
! RQYGT
QT NQCF HNQY CPCN[UKU
! UVCDKNKV[ CPCN[UKU CPF
! CPCN[UKU QH GNGEVTQOCIPGVKE VTCPUKGPVU
#OQPI VJGUG UVWFKGU EQPEGTPGF YKVJ GNGEVTQOCIPGVKE VTCPUKGPVU CTG RTQDCDN[ VJG OQUV EQORNKECVGF QPGU (QT VJG
DGIKPPGT VJGTG KU VJG FKHHKEWNV[ QH FGXGNQRKPI CP WPFGTUVCPFKPI QH VJG PCVWTG QH GNGEVTQOCIPGVKE VTCPUKGPVU KP RQYGT
U[UVGOU KP CFFKVKQP VQ VJG FKHHKEWNV[ QH NGCTPKPI JQY VQ UKOWNCVG VJGO YKVJ VJG 'NGEVTQOCIPGVKE 6TCPUKGPVU 2TQITCO
'/62 6JG RTQDNGO KU OWEJ GCUKGT HQT VJG GZRGTV YJQ PGGFU QPN[ OKPKOCN CFXKEG QP JQY VQ WUG VJG '/62
RTQRGTN[ $QVJ VJG DGIKPPGT CPF VJG GZRGTV OWUV JCXG UQOG WPFGTUVCPFKPI QH VJG NKOKVCVKQPU CPF KPJGTGPV GTTQTU QH
'/62 UKOWNCVKQPU JQYGXGT
6JWU DGICP VJG YTKVKPI QH VJG QTKIKPCN RTKOG EQPVTCEVQT YJQ YCU RCKF D[ $2# VQ CUUGODNG VJKU YQTM 2TQH
*GTOCPP 9 &QOOGN QH VJG 7PKXGTUKV[ QH $TKVKUJ %QNWODKC KP 8CPEQWXGT
%CPCFC /QTG OQFGTP JKUVQT[ ECP DG
HQWPF KP %CP#O '/62 0GYU VJG PGYUNGVVGT QH VJG 0QTVJ #OGTKECP WUGT ITQWR 2CUVKPI HTQO VJG ,WN[
CPF ,WN[ KUUWGU KU VJG HQNNQYKPI UVQT[ CDQWV VJG EQPXGTUKQP VQ EQORWVGT UVQTCIG
5KPEG VJG GCTN[ HCNN QH YJGP $2# TGEGKXGF VJG OCPWUETKRV HTQO VJG EQPVTCEVQT
VJGTG JCU DGGP CP GHHQTV VQ QDVCKP RGTOKUUKQP HQT $2# VQ RWDNKUJ CNN RQTVKQPU QH VJG DQQM VJCV
YGTG EQR[TKIJVGF D[ QVJGTU 6JKU JCU DGGP EQORNGVGF VQ VJG UCVKUHCEVKQP QH VJG $2# EQPVTCEVKPI
QHHKEGT YJQ LWUV TGEGPVN[ ICXG JKU CRRTQXCN HQT $2# VQ RTKPV VJKU YQTM CPF VQ FKUVTKDWVG EQRKGU
VQ QVJGTU
$CEM VQ VJG HKTUV RCTCITCRJ 6JG RGTEGRVKXG TGCFGT OKIJV CNTGCF[ JCXG CUMGF JKOUGNH EQPXGTV
HTQO RCRGT VQ 9QTF2GTHGEV!
GI OCIPGVKECNN[UVQTGF EQR[ QH VJG VGZV! 6JCV KU EQTTGEV QPN[ C RCRGT EQR[ YCU UWRRNKGF D[
2TQH &QOOGN YJQ ENCKOGF VJCV JKU FKUM HKNGU UQOGJQY JCF DGGP NQUV 5Q VJG MG[KPI D[
-YCPI[K )GT EQPVKPWGU KP 9GUV .KPP
KPENWFKPI CNN GSWCVKQPU YKVJ UQOG JGNR HTQO JGT OQVJGT TGECNN 0QY -YCPIEJKGP )GT VJG
[QWPIGT UQP JCU EQORNGVGF VJG QRGTCVKQP D[ CFFKPI CNN HKIWTGU CU 6+( DKVOCRU $QVJ JKIJ
UVGR UK\G )V 6JKU NGCFU VQ VTWPECVKQP GTTQTU YJKEJ OC[ CEEWOWNCVG HTQO UVGR VQ UVGR CPF ECWUG FKXGTIGPEG HTQO
VJG VTWG UQNWVKQP /QUV OGVJQFU WUGF KP VJG '/62 CTG PWOGTKECNN[ UVCDNG CPF CXQKF VJKU V[RG QH GTTQT DWKNFWR
6JG '/62 ECP UQNXG CP[ PGVYQTM YJKEJ EQPUKUVU QH KPVGTEQPPGEVKQPU QH TGUKUVCPEGU KPFWEVCPEGU
ECRCEKVCPEGU UKPING CPF OWNVKRJCUG BEKTEWKVU FKUVTKDWVGFRCTCOGVGT NKPGU CPF EGTVCKP QVJGT GNGOGPVU 6Q MGGR VJG
GZRNCPCVKQPU KP VJKU KPVTQFWEVKQP UCORNG QPN[ UKPINGRJCUG PGVYQTM GNGOGPVU YKNN DG EQPUKFGTGF CPF VJG OQTG
EQORNGZ OWNVKRJCUG PGVYQTM GNGOGPVU CU YGNN CU QVJGT EQORNKECVKQPU YKNN DG FKUEWUUGF NCVGT (KI UJQYU VJG
FGVCKNU QH C NCTIGT PGVYQTM LWUV HQT VJG TGIKQP CTQWPF PQFG 5WRRQUG VJCV XQNVCIGU CPF EWTTGPVU JCXG CNTGCF[ DGGP
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KPUVCPV QH VKOG VJG UWO QH VJG EWTTGPVU HNQYKPI CYC[ HTQO PQFG VJTQWIJ VJG DTCPEJGU OWUV DG
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UQNWVKQPU QT TCVJGT UOCNN PGVYQTMU CPF OQTG QT NGUU WUGNGUU HQT EQORWVGT UQNWVKQPU QH RTQDNGOU QH VJG UK\G V[RKECNN[
CPCN[\GF YKVJ VJG '/62 5KPEG GXGP PGY VGZVDQQMU RGTRGVWCVG VJG O[VJ QH VJG WUGHWNPGUU QH .CRNCEG VTCPUHQTOU
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NKPGCT QTFKPCT[ FKHHGTGPVKCN GSWCVKQPU
(QT VJG VTCPUOKUUKQP NKPG DGVYGGP PQFGU CPF NQUUGU UJCNN DG KIPQTGF KP VJKU KPVTQFWEVKQP 6JGP VJG YCXG
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VTCXGNNKPI QP VJG NKPG YKVJ YCXG XGNQEKV[ E 6JG FKUVCPEG VTCXGNNGF D[ VJKU QDUGTXGT KU Z Z
EV
Z NQECVKQP
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OWUV CNUQ TGOCKP EQPUVCPV 9KVJ VTCXGN VKOG
J NKPG NGPIVJ E
CP QDUGTXGT NGCXKPI PQFG CV VKOG V J YKNN UGG VJG XCNWG QH X
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=)? =X
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PQFG KU ITQWPFGF +P VJKU ECUG 'S
C KU RCTVKVKQPGF KPVQ C UGV # QH PQFGU YKVJ WPMPQYP XQNVCIGU CPF C UGV $
QH PQFGU YKVJ MPQYP XQNVCIGU 6JG WPMPQYP XQNVCIGU CTG VJGP HQWPF D[ UQNXKPI
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KU VTKCPIWNCTK\GF YKVJ QTFGTGF GNKOKPCVKQP CPF GZRNQKVCVKQP QH URCTUKV[ +P GCEJ VKOG UVGR VJG XGEVQT QP VJG TKIJVJCPF
UKFG QH 'S
D KU CUUGODNGF HTQO MPQYP JKUVQT[ VGTOU CPF MPQYP EWTTGPV CPF XQNVCIG UQWTEGU 6JGP VJG
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V? WUKPI VJG KPHQTOCVKQP EQPVCKPGF KP VJG VTKCPIWNCTK\GF EQPFWEVCPEG
OCVTKZ +P VJKU TGRGCV UQNWVKQP RTQEGUU VJG U[OOGVT[ QH VJG OCVTKZ KU GZRNQKVGF KP VJG UGPUG VJCV VJG UCOG
VTKCPIWNCTK\GF OCVTKZ WUGF HQT FQYPYCTF QRGTCVKQPU KU CNUQ WUGF KP VJG DCEMUWDUVKVWVKQP $GHQTG RTQEGGFKPI VQ VJG
PGZV VKOG UVGR VJG JKUVQT[ VGTOU JKUV QH 'S
D
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D CTG VJGP WRFCVGF HQT WUG KP HWVWTG VKOG UVGRU
1TKIKPCNN[ VJG '/62 YCU YTKVVGP HQT ECUGU UVCTVKPI HTQO \GTQ KPKVKCN EQPFKVKQPU +P UWEJ ECUGU VJG JKUVQT[
VGTOU JKUV JKUV CPF JKUV KP 'S
CTG UKORN[ RTGUGV VQ \GTQ $WV UQQP ECUGU CTQUG YJGTG VJG VTCPUKGPV
UKOWNCVKQP JCF VQ DG UVCTVGF HTQO RQYGT HTGSWGPE[
QT *\ CE UVGCF[UVCVG KPKVKCN EQPFKVKQPU 1TKIKPCNN[ UWEJ
CE UVGCF[UVCVG KPKVKCN EQPFKVKQPU YGTG TGCF KP DWV VJKU RWV C JGCX[ DWTFGP QP VJG RTQITCO WUGT YJQ JCF VQ WUG
CPQVJGT UVGCF[UVCVG UQNWVKQP RTQITCO VQ QDVCKP VJGO 0QV QPN[ YCU VJG FCVC VTCPUHGT DQVJGTUQOG DWV VJG UGRCTCVG
UVGCF[UVCVG UQNWVKQP RTQITCO OKIJV CNUQ EQPVCKP PGVYQTM OQFGNU YJKEJ EQWNF FKHHGT OQTG QT NGUU HTQO VJQUG WUGF
KP VJG '/62 +V YCU VJGTGHQTG FGEKFGF VQ KPEQTRQTCVG CP CE UVGCF[UVCVG UQNWVKQP TQWVKPG FKTGEVN[ KPVQ VJG '/62
YJKEJ YCU YTKVVGP D[ ,9 9CNMGT
6JG CE UVGCF[UVCVG UQNWVKQP UJCNN CICKP DG GZRNCKPGF HQT VJG ECUG QH (KI 7UKPI PQFG GSWCVKQPU CICKP
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PQY DGEQOGU
+ % + % + % + ' +
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QDXKQWU (QT VJG TGUKUVCPEG
+ '
8 & 8
4
6JKU QRVKQP KU UVKNN CXCKNCDNG KP VJG '/62 DWV KV JCU DGEQOG UQOGYJCV QH C JKUVQTKE TGNKE CPF JCU UGNFQO
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VCPJ
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CNN DGEQOG 6JKU UKORNKHKGF
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+ '
;UGTKGU % ;UJWPV 8 & ;UGTKGU 8
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CPF
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%
% LT% % ;UGTKGU % ;UJWPV 8 & 8 &
8 & LT% 8 & ;UGTKGU 8 ' +
4 LT.
4
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=;? =8? ' =+?
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#ICKP 'S
KU RCTVKVKQPGF KPVQ C UGV # QH PQFGU YKVJ WPMPQYP XQNVCIGU CPF C UGV $ QH PQFGU YKVJ MPQYP
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FGRGPFGPV FCORKPI
UGG 5GEVKQP
HQT VJG TGRTGUGPVCVKQP QH NQPI NKPGU KP NKIJVPKPI UWTIG UVWFKGU KH PQ TGHNGEVKQP EQOGU DCEM HTQO VJG
TGOQVG GPF FWTKPI VJG FWTCVKQP VOCZ QH VJG UVWF[
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ECUG JKUV
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UJQY WR KP PQFG +H PQVJKPI KU EQPPGEVGF VQ PQFG
QRGPGPFGF NKPG VJGP + YQWNF TGOCKP \GTQ HQT V J
6JG '/62 TGEQIPK\GU VJKU UKORNKHKECVKQP KH
VOCZ CPF
+H DQVJ EQPFKVKQPU
CPF
CTG OGV VJGP VJG '/62 TGRTGUGPVU VJG NKPG UKORN[ CU VYQ UJWPV TGUKUVCPEGU
(KI
6JKU UKORNKHKECVKQP UCXGU PQV QPN[
EQORWVGT VKOG DWV UVQTCIG URCEG CU
YGNN DGECWUG PQ JKUVQT[ VGTOU JCXG
VQ DG UVQTGF HQT VJG NKPG 6JKU NQPI
NKPG OQFGN KU OQUVN[ WUGF KP NKIJVPKPI
UWTIG UVWFKGU CPF
+V KU RQUUKDNG VQ OQFKH[ VJKU UKORNKHKECVKQP HQT ECUGU UVCTVKPI HTQO NKPGCT CE UVGCF[UVCVG EQPFKVKQPU CU YGNN KP
VJCV ECUG PQFGU CPF KP (KI YQWNF JCXG CE UVGCF[UVCVG EWTTGPV UQWTEGU EQPPGEVGF VQ VJGO
7PHQTVWPCVGN[ VJG '/62 FQGU PQV [GV EQPVCKP VJKU OQFKHKECVKQP
KP VTCPUKGPV TGEQXGT[ XQNVCIG UVWFKGU YJGTG VJG WPHCWNVGF NKPGU NGCXKPI VJG UWDUVCVKQP WPFGT UVWF[ CTG RTGHGTCDN[
OQFGNNGF VJKU YC[
6JG GSWCVKQP QH C NWORGF TGUKUVCPEG 4 DGVYGGP PQFGU M CPF O
KMO
V '
X
V & XO
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4 M
KU UQNXGF CEEWTCVGN[ D[ VJG '/62 CU NQPI CU VJG XCNWG QH 4 KU PQV WPTGCUQPCDN[ UOCNN
'TTQT #PCN[UKU
8GT[ NCTIG XCNWGU QH 4 CTG CEEGRVCDNG CPF FQ PQV FGITCFG VJG UQNWVKQP QH VJG EQORNGVG PGVYQTM +P VJG
NKOKVKPI ECUG 4 4 KVU TGEKRTQECN XCNWG 4 UKORN[ IGVU NQUV KP =)? QH 'S
VJCV KU KV YKNN PQV JCXG CP[
KPHNWGPEG QP VJG PGVYQTM UQNWVKQP CU KV UJQWNF DG # RTCEVKECN NKOKV HQT XGT[ NCTIG TGUKUVCPEGU KU VJG CRRTQZKOCVG
USWCTG TQQV QH VJG NCTIGUV TGCN PWODGT YJKEJ VJG EQORWVGT ECP JCPFNG
GI 4 KH VJG EQORWVGT CEEGRVU
PWODGTU WR VQ 6JKU KU DGECWUG KPVGTOGFKCVG GZRTGUUKQPU QH VJG HQTO 4
: CTG EQORWVGF KP VJG UVGCF[UVCVG
UQNWVKQP KP VJG EQPXGTUKQP HTQO KORGFCPEGU VQ CFOKVVCPEGU 'ZVTGOGN[ NCTIG XCNWGU QH 4 JCXG DGGP WUGF KP VJG RCUV
VQ QDVCKP XQNVCIG FKHHGTGPEGU DGVYGGP PQFGU YKVJ UWEJ OGVGTKPI TGUKUVCPEG DTCPEJGU KP PGYGT '/62 XGTUKQPU
XQNVCIG FKHHGTGPEGU ECP DG QDVCKPGF FKTGEVN[
8GT[ NCTIG TGUKUVCPEGU ECP DG WUGF VQ TGRNCEG VJG UGTKGU 4. GNGOGPVU KP U[OOGVTKE OWNVKRJCUG BEKTEWKVU
KH QPG KU QPN[ KPVGTGUVGF KP VJG ECRCEKVKXG EQWRNKPI COQPI VJG RJCUGU CU GZRNCKPGF KP (KI 6JKU VTKEM TGFWEGU
VJG PWODGT QH PQFGU DWV OQTG KORQTVCPVN[ KV CXQKFU CEEWTCE[ RTQDNGOU YJKEJ OC[ QEECUKQPCNN[ UJQY WR KH VJG B
EKTEWKV TGRTGUGPVU C XGT[ UJQTV NKPG UGEVKQP +P VJG UVGCF[UVCVG UQNWVKQP QH 'S
VJG XCNWG QH VJG UGTKGU
+V OC[ DG YQTVJ CFFKPI C FKCIPQUVKE RTKPVQWV KP VJG '/62 KH VJG CFOKVVCPEGU QH VJG UGTKGU CPF UJWPV GNGOGPVU
CTG VQQ HCT CRCTV KP QTFGTU QH OCIPKVWFG 6JKU YQWNF TGSWKTG C EQORCTKUQP QH T. CPF T% KP VJG UVGCF[UVCVG
UQNWVKQP CPF QH )V. CPF %)V KP VJG VTCPUKGPV UQNWVKQP
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Zzero
Zpos
Zpos
.
.
.
Zpos
with the first diagonal element being the zero sequence (ground mode) impedance, and the next M-1 diagonal elements
being the positive sequence (aerial mode) impedance,
)
C
D
%\GTQ ' %U %
/ & %O
C
D
To refer to the two distinct diagonal elements as zero and positive sequence may be confusing, because the
concept of sequence values has primarily been used for three-phase lines. "Ground mode" and "aerial mode" may be
more appropriate. Confusion is most likely to arise for double-circuit three-phase lines, where each three-phase line
has its own zero and positive sequence values defined by Eq. (4.50) and (4.51) with symmetrical components used for
each three-phase circuit, while in the context of this section the double-circuit line is treated as a six-phase line with
different zero and positive sequence values defined by Eq. (4.60) and (4.61). The fact that the terms zero and positive
sequence are used for M 3 as well comes from the generalization of symmetrical components of Section 4.1.4 to M
phases with the transformation matrix [56, p. 155]
U U U/
=5/&RJCUG? '
C
with
UKM '
/
GZR 6&L
B
K&
M&>
/
D
A special case of interest for symmetric bipolar dc lines11 is M = 2. In this case [T] of Eq. (4.58) and [S] of
Eq. (4.62a) are identical,
=6&RJCUG? '
&
4.1.3.3 Two Identical Three-Phase Lines with Zero Sequence Coupling Only
Just as a transposed single-circuit three-phase line can usually be approximated as a balanced line, so two
identical and parallel three-phase lines can often be approximated as "almost balanced" lines with an impedance matrix
of the form
< )U < )O < )O < )R < )R < )R
< )O < )U < )O < )R < )R < )R
< )O < )O < )U < )R < )R < )R
The transposition scheme of Fig. 4.22 would produce such a matrix form, which implies that the two circuits are only
coupled in zero sequence, but not in positive or negative sequence. Such a complicated transposition scheme is seldom,
if ever, used, but the writer suspects that positive and negative sequence couplings in the more common double-circuit
transposition scheme of Fig. 4.23 is often so weak that the model discussed here may be a useful approximation for the
case of Fig. 4.23 as well.
6Q DG EQPUKUVGPV NKPGU YKVJ / CPF / CTG ECNNGF UKPINGRJCUG CPF VYQRJCUG NKPGU
TGURGEVKXGN[ KP VJKU OCPWCN 6JKU FKHHGTU HTQO VJG +''' 5VCPFCTFU = R ? KP YJKEJ EKTEWKVU YKVJ QPG RJCUG
EQPFWEVQT CPF QPG PGWVTCN EQPFWEVQT
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=6? '
&
&
&
&
&
&
&
(4.66)
ZL
ZL
If each circuit has three-phase sequence parameters Zzero, Zpos, and if the three-phase zero sequence coupling between
the two circuits is Zzero-coupling, then the ground mode G, inter-line mode IL and line mode L values required by the EMTP
are found from
<)
+.
'
<)
\GTQ
&
<)
\GTQ&EQWRNKPI
C
=5? '
=5?&
'
XPGI
C C
C C
C C
C
D
and a = ej120E.
The columns in these matrices are normalized12; in that form, [S] is unitary,
=5?& ' =5 ?V
6JG GNGEVTKE WVKNKV[ KPFWUVT[ WUWCNN[ WUGU WPPQTOCNK\GF VTCPUHQTOCVKQP KP YJKEJ VJG HCEVQT HQT VJG =5?OCVTKZ
KU KPUVGCF QH % CPF HQT VJG =5? OCVTKZ KPUVGCF QH % 6JG U[OOGVTKECN EQORQPGPV KORGFCPEGU CTG
KFGPVKECN KP DQVJ ECUGU DWV VJG UGSWGPEG EWTTGPVU CPF XQNVCIGU FKHHGT D[ C HCEVQT QH %
=5?&
=5?&
< ) RJCUG
=5?
=5?
with [S] defined by Eq. (4.68), Eq. (4.70) produces the three-phase symmetrical component values required in Eq.
(4.67).
Balancing of double-circuit three-phase lines through transpositions never completely diagonalizes the
respective symmetrical component matrices. The best that can be achieved is with the seldom-used transposition scheme
of Fig. 4.22, which leads to
=< )
U[OO? '
< )\GTQ&+
<\GTQ&EQWRNKPI
< )RQU&+
< )RQU&+
<\GTQ&EQWRNKPI
< )\GTQ&++
< )RQU&++
< )RQU&++
(4.71)
If both circuits are identical, then Zzero-I = Zzero-II = Zzero , and Zpos-I = Zpos-II = Zpos ; in that case, the transformation matrix
of Eq. (4.65) can be used for diagonalization. The more common transposition scheme of Fig. 4.23 produces positive
and zero sequence coupling between the two
(a)
barrels rolled in
opposite direction
(b)
barrels rolled in
same direction
circuits as well, with the nonzero pattern of the matrix in Eq. (4.71) changing to
: *:
: * :
:* :
: *:
: * :
:* :
where "X" indicates nonzero terms. Re-assigning the phases in Fig. 4.23(b) to CI, BI, AI, AII, BII, CII from top to
bottom would change the matrix further to cross-couplings between positive sequence of one circuit and negative
sequence of the other circuit, and vice versa,
: *:
: * :
:* :
: *:
:* :
: * :
4.1.5 Modal Parameters
From the discussions of Section 4.1.3 it should have become obvious that the solution of M-phase transmission
line equations becomes simpler if the M coupled equations can be transformed to M decoupled equations. These
decoupled equations can then be solved as if they were single-phase equations. For balanced lines, this transformation
is achieved with Eq. (4.58).
Many lines are untransposed, however, or each section of a transposition barrel may no longer be short
compared with the wave length of the highest frequencies occurring in a particular study, in which case each section
must be represented as an untransposed line. Fortunately, the matrices of untransposed lines can be diagonalized as
well, with transformations to "modal" parameters derived from eigenvalue/eigenvector theory. The transformation
matrices for untransposed lines are no longer known a priori, however, and must be calculated for each particular pair
of parameter matrices [Zphase] and [Yphase].
To explain the theory, let us start again from the two systems of equations (4.31) and (4.32),
F8RJCUG
&
C
' =; ) RJCUG?=8RJCUG?
D
FZ
and
F+RJCUG
&
FZ
with [Yphase] = j [Cphase] if shunt conductances are ignored, as is customarily done. By differentiating the first equation
with respect to x, and replacing the current derivative with the second equation, a second-order differential equation for
voltages only is obtained,
F 8RJCUG
FZ
C
D
where the matrix products are now in reverse order from that in Eq. (4.73a), and therefore different. Only for balanced
matrices, and for the lossless high-frequency approximations discussed in Section 4.1.5.2, would the matrix products
in Eq. (4.73a) and (4.73b) be identical.
With eigenvalue theory, it becomes possible to transform the two coupled equations (4.73) from phase
quantities to "modal" quantities in such a way that the equations become decoupled, or in terms of matrix algebra, that
the associated matrices become diagonal, e.g., for the voltages,
F 8OQFG
FZ
with [ ] being a diagonal matrix. To get from Eq. (4.73a) to (4.74), the phase voltages must be transformed to mode
voltages, with
=8RJCUG? ' =6X? =8OQFG?
C
D
and
C
D
To find the matrix [Tv] which diagonalizes [Zphase][Yphase] is the eigenvalue/eigenvector problem. The diagonal elements
of [ ] are the eigenvalues of the matrix product [Zphase][Yphase], and [Tv] is the matrix of eigenvectors or modal matrix
of that matrix product. There are many methods for finding eigenvalues and eigenvectors. The most reliable method
for finding the eigenvalues seems to be the QR-transformation due to Francis [3], while the most efficient method for
the eigenvector calculation seems to be the inverse iteration scheme due to Wilkinson [4, 5]. In the supporting routines
LINE CONSTANTS and CABLE CONSTANTS, the "EISPACK"-subroutines [67] are used, in which the eigenvalues
and eigenvectors of a complex upper Hessenberg matrix are found by the modified LR-method due to Rutishauser. This
method is a predecessor of the QR-method, and where applicable, as in the case of positive definite matrices, is more
efficient than the QR-method [68]. To transform the original complex matrix to upper Hessenberg form, stabilized
elementary similarity transformations are used. For a given eigenvalue
with [U] = unit or identity matrix. Eq. (4.77) shows that the eigenvectors are not uniquely defined in the sense that they
can be multiplied with any nonzero (complex) constant and still remain proper eigenvectors13, in contrast to the
eigenvalues which are always uniquely defined.
Floating-point overflow may occur in eigenvalue/eigenvector subroutines if the matrix is not properly scaled.
Unless the subroutine does the scaling automatically, [Zphase][Yphase] should be scaled before the subroutine call, by
dividing each element by
-( 2g0 0), as suggested by Galloway, Shorrows and Wedepohl [39]. This division brings
the matrix product close to unit matrix, because [Z'phase][Y'phase] is a diagonal matrix with elements - 2g0 0 if resistances,
internal reactances and Carson's correction terms are ignored in Eq. (4.7) and (4.8), as explained in Section 4.1.5.2. The
eigenvalues from this scaled matrix must of course be multiplied with - 2g0 0 to obtain the eigenvalues of the original
matrix. In [39] it is also suggested to subtract 1.0 from the diagonal elements after the division; the eigenvalues of this
modified matrix would then be the p.u. deviations from the eigenvalues of the lossless high-frequency approximation
of Section 4.1.5.2, and would be much more separated from each other than the unmodified eigenvalues which lie close
together. Using subroutines based on [67] gave identical results with and without this subtraction of 1.0, however.
In general, a different transformation must be used for the currents,
=+RJCUG? ' =6K? =+OQFG?
C
6JKU KU KORQTVCPV KH OCVTKEGU =6 ? QDVCKPGF HTQO FKHHGTGPV RTQITCOU CTG EQORCTGF 6JG CODKIWKV[ ECP DG
TGOQXGF KP C PWODGT QH YC[U GI D[ CITGGKPI VJCV VJG GNGOGPVU KP VJG HKTUV TQY UJQWNF CNYC[U DG QT D[
PQTOCNK\KPI VJG EQNWOPU VQ C 'WENKFGCP XGEVQT NGPIVJ QH VJCV KU D[ TGSWKTKPI V V
V V
YKVJ V EQPLWICVG EQORNGZ QH V +P VJG NCVVGT ECUG VJGTG KU UVKNN CODKIWKV[ KP VJG UGPUG VJCV GCEJ EQNWOP EQWNF
DG OWNVKRNKGF YKVJ C TQVCVKQP EQPUVCPV G " CPF UVKNN JCXG XGEVQT NGPIVJ
!
and
=+OQFG? ' =6K?& =+RJCUG?
D
because the matrix products in Eq. (4.73a) and (4.73b) have different eigenvectors, though their eigenvalues are
identical. Therefore, Eq. (4.73b) is transformed to
F +OQFG
FZ
with the same diagonal matrix as in Eq. (4.74). While [Ti] is different from [Tv], both are fortunately related to each
other [58],
=6K? ' =6X ?&
V
where "t" indicates transposition. It is therefore sufficient to calculate only one of them.
Modal analysis is a powerful tool for studying power line carrier problems [59-61] and radio noise interference
[62, 63]. Its use in the EMTP is discussed in Section 4.1.5.3. It is interesting to note that the modes in single-circuit
three-phase lines are almost identical with the , , 0-components of Section 4.1.3.1 [58]. Whether the matrix products
in Eq. (4.73) can always be diagonalized was first questioned by Pelissier in 1969 [64]. Brandao Faria and Borges da
Silva have shown in 1985 [65] that cases can indeed be constructed where the matrix product cannot be diagonalized.
It is unlikely that such situations will often occur in practice, because extremely small changes in the parameters (e.g.,
in the 8th significant digit) seem to be enough to make it diagonalizable again. Paul [66] has shown that diagonalization
can be guaranteed under simplifying assumptions, e.g., by neglecting conductor resistances.
The physical meaning of modes can be deduced from the transformation matrices [Tv] and [Ti]. Assume, for
example, that column 2 of [Ti] has entries of (-0.6, 1.0, -0.4). From Eq. (4.78a) we would then know that mode-2 current
flows into phase B in one way, with 60% returning in phase A and 40% returning in phase C.
' 8M 8OQFG&M
mode-k
is the square
with
k
T
$M
C
B
$M
D
While the modal propagation constant is always uniquely defined, the modal series impedance and shunt
admittance as well as the modal characteristic impedance are not, because of the ambiguity in the eigenvectors.
Therefore, modal impedances and admittances only make sense if they are specified together with the eigenvectors used
in their calculation. To find them, transform Eq. (4.72a) to modal quantities
&
F8OQFG
FZ
The triple matrix product in Eq. (4.83) is diagonal, and the modal series impedances are the diagonal elements of this
matrix
=< ) OQFG? ' =6X?& =< ) RJCUG? =6K?
C
D
Similarly, Eq. (4.72b) can be transformed to modal quantities, and the modal shunt admittances are then the diagonal
elements of the matrix
)
C
D
The proof that both [Zmode] and [Ymode] are diagonal is given by Wedepohl [58]. Finally, the modal characteristic
impedance can be found from the scalar equation
< )OQFG&M
<EJCT&OQFG&M '
C
; )OQFG&M
<EJCT&OQFG&M '
D
; )OQFG&M
A good way to obtain the modal parameters may be as follows: First, obtain the eigenvalues
and the
eigenvector matrix [Tv] of the matrix product [Zphase][Yphase ]. Then find [Ymode ] from Eq. (4.85b), and the modal series
impedance from the scalar equation
< )OQFG&M '
8M
E
; )OQFG&M
The modal characteristic impedance can then be calculated from Eq. (4.86a), or from Eq. (4.86b) if the propagation
constant from Eq. (4.81) is needed as well. If [Ti] is needed, too, it can be found efficiently from Eq. (4.85a)
=6K? ' =; ) RJCUG? =6X? =; ) OQFG?&
E
because the product of the first two matrices is available anyhow when [Ymode] is found, and the post-multiplication with
[Ymode]-1 is simply a multiplication of each column with a constant (suggested by Luis Marti). Eq. (4.85c) also
establishes the link to an alternative formula for [Ti] mentioned in [57],
=6K? ' =; ) RJCUG? =6X? =&?
with [D] being an arbitrary diagonal matrix. Setting [D] = [Ymode]-1 leads us to the desirable condition [Ti] = [Tvt]-1 of
Eq. (4.80). If the unit matrix were used for [D], all modal matrices in Eq. (4.84) and (4.85) would still be diagonal, but
with the strange-looking result that all modal shunt admittances become 1.0 and that the modal series impedances
become k. Eq. (4.80) would, of course, no longer be fulfilled. For a lossless line, the modal series impedance would
then become a negative resistance, and the modal shunt admittance would become a shunt conductance with a value of
1.0 S. As long as the case is solved in the frequency domain, the answers would still be correct, but it would obviously
be wrong to associate such modal parameters with
&
MX
' 4 )K
MZ
CPF
&
MK
' ) )X
MZ
C
<KM&UWTIG ' NP
&KMFKM
D
E
with ri being the radius of the conductor, or the radius of the equivalent conductor from Eq. (4.30) in case of a bundle
conductor.14
Typically, each span between towers is represented separately as a line, and only a few spans are normally
modelled (3 for shielded lines, or 18 for unshielded lines in [8]). For such short distances, losses in series resistances
and differences in modal travel times are negligible. The effect of corona is sometimes included, however, by modifying
the simple model of Eq. (4.87) [8].
It is possible to develop a special line model based on Eq. (4.87) for the EMTP, in which all calculations are
done in phase quantities. But as shown here, the simple model of Eq. (4.87) can also be solved with modal parameters
as a special case of the untransposed line. The simple model follows from Eq. (4.72) by making two assumptions for
a "lossless high-frequency approximation":
1.
2.
The frequencies contained in the lightning surges are so high that all currents flow on the surface of
the conductors, and on the surface of the earth.
z
B
NP
JKTK
< ) KM ' LT
z
B
NP
&KMFKM
with the elements of [P] being the same as in Eq. (4.88) if the factor j 0/(2 ) is replaced by 1/(2 g0). Then both matrix
)TQWPF YKTGU CTG WUWCNN[ TGVCKPGF CU RJCUG EQPFWEVQTU KP UWEJ UVWFKGU +H VJG[ CTG GNKOKPCVGF VJG OGVJQF
QH 5GEVKQP OWUV DG WUGF QP =< ?
"
sq
products in Eq. (4.73) become diagonal matrices with all elements being
8M ' & Tgz
M'/
These values are automatically obtained from the supporting routines LINE CONSTANTS and CABLE
CONSTANTS as the eigenvalues of the matrix products in Eq. (4.73), by simply using the above two assumptions in
the input data (all conductor resistances = 0, GMR/r = 1.0, no Carson correction terms). The calculation of the
eigenvector matrix [Tv] or [Ti] needed for the untransposed line model of Section 4.2 breaks down, however, because
the matrix products in Eq. (4.73) are already diagonal. To obtain [Tv], let us first assume equal, but nonzero conductor
resistances R. Then the eigenvectors [tvk] are defined by
with the expression in parentheses being the matrix product [Zphase][Yphase], and [U] = unit matrix. Eq. (4.91) can be
rewritten as
=2 )?& =VXM? ' 8M&OQFKHKGF =VXM?
Eq. (4.92) is valid for any value of R, including zero. It therefore follows that [Tv] is obtained as the eigenvectors of
[P]-1, or alternatively as the eigenvectors of [P] since the eigenvectors of a matrix are equal to the eigenvectors of its
inverse. The eigenvalues of [P]-1 are not needed because they are already known from Eq. (4.90), but they could also
be obtained from Eq. (4.93) by setting R = 0.
For this simple mode, [Tv] is a real, orthogonal matrix,
=6X? =6X?V ' =7?
and therefore,
D.E. Hedman has solved this case of the lossless high-frequency approximation more than 15 years ago [45]. He
recommended that the eigenvectors be calculated from the surge impedance matrix of Eq. (4.87), which is the same as
calculating them from [P] since both matrices differ only by a constant factor.
One can either modify the line constants supporting routines to find the eigenvectors from [P] for the lossless
high-frequency approximation, as was done in UBCs version, or use the same trick employed in Eq. (4.91) in an
unmodified program: Set all conductor resistances equal to some nonzero value R, set GMR/r = 1, and ask for zero
Carson correction terms. If the eigenvectors are found from [P], then it is advisable to scale this matrix first by
multiplying all elements with 2 g0.
The lossless high-frequency approximation produces eigenvectors which differ from those of the lossy case
at very high frequencies [61]. This is unimportant for lightning surge studies, but important for power line carrier
problems.
Example: For a distribution line with one ground wire (Fig. 4.24) the lossless high-frequency approximation produces
the following modal surge impedances and transformation matrix,
mode
Zsurge-mode ( )
1
2
3
4
993.44
209.67
360.70
310.62
S
The elements from Eq. (4.87) are slightly larger, by a factor of 300,000/299,792, because the supporting routine LINE
CONSTANTS uses 299,792 km/s for the speed of light, versus 300,000 km/s implied in Eq. (4.87).
Representation in EMTP then would be by means of a 4-phase, constant-parameter, lossless line. The following
branch cards are for the first of 4 such cascaded sections:
-11A 2A
-11B 2B
-11C 2C
-11D 2D
993.44 .3E-6
993.44 .3E-6
993.44 .3E-6
993.44 .3E-6
2
2
2
2
4
4
4
4
The modelling of long lines as coupled shunt resistances [R] = [Zsurge-phase] has already been discussed in Section
3.1.3. In the example above, such a shunt resistance matrix could be used to represent the rest of the line after the 4
spans from the substation. Simply using the 4 x 4 matrix would be unrealistic with respect to the ground wire, however,
because it would imply that the ground wire is ungrounded on the rest of the line. More realistic, though not totally
accurate, would be a 3 x 3 matrix obtained from [Zphase] and [Yphase] in which the ground wire has been eliminated. This
model implies zero potential everywhere on the ground wire, in contrast to the four spans where the potential will more
or less oscillate around zero because of reflections up and down the towers.
Comparison with More Accurate Models: For EMTP users who are reluctant to use the simple model described in this
section, a few comments are in order. First, let us compare exact values with the approximate values. If we use constant
parameters and choose 400 kHz as a reasonable frequency for lightning surge studies, then we obtain the results of table
4.5 for the test example above, assuming T/D = 0.333 for skin effect correction and internal inductance calculation with
the tubular conductor formula, Rdc = 0.53609 /km, and = 100 m.
Zsurge-mode ( )
1
2
3
4
1027.6-j33.9
292.0-j0.5
361.9-j0.5
311.1-j0.5
R ( /km)
597.4
7.9
8.2
8.0
The differences are less than 0.5% in surge impedance and wave speed for the aerial modes 2 to 4, and not more than
5% for the ground return mode 1. These are small differences, considering all the other approximations which are made
in lightning surge studies. If series resistances are included by lumping them in 3 places, totally erroneous results may
be obtained if the user forgets to check whether R/4 # Zsurge in the ground return mode. For the very short line length
of 90 m in this example, this condition would still be fulfilled here.
Using constant parameters at a particular frequency is of course an approximation as well, and some users may
therefore prefer frequency-dependent models. For very short line lengths, such as 90 m in the example, most frequencydependent models are probably unreliable, however. It may therefore be more sensible to use the simple model
described here, for which answers are reliable, rather than sophisticated models with possibly unreliable answers.
A somewhat better lossless line model for lightning surge studies than the preceding one has been suggested
by V. Larsen [92]. To obtain this better model, the line parameters are first calculated in the usual way, at a certain
frequency which is typical for lightning surges (e.g., at 400 kHz). The resistances are then set to zero when the matrix
product [Zphase][Yphase ] is formed, before the modal parameters are computed. With this approach, [Ti] will always be
real. Table 4.6 shows the modal parameters of this better lossless model. They differ very little from those in Table
4.5.
Zsurge-mode ( )
1026.3
285.50
292.0
299.32
362.0
299.37
311.1
299.32
In particular, the wave velocity of the ground return mode 1 is now much closer to the exact value of Table 4.5. The
transformation matrix which goes with the modal parameters of Table 4.6 is
&
=6K? '
In this case [Tv] is no longer to [Ti]; Eq. (4.80) must be used instead.
its use will always produce errors, even if they are small and acceptable. The errors may be small in one particular
frequency region, and larger in other regions, depending on how the approximation is chosen.
One choice for an approximate transformation matrix would be the one used in the lossless approximations
discussed in Section 4.1.5.2. This may be the best choice for lightning surge studies.
For switching surge studies and similar types of studies, the preferred approach at this time seems to be to
calculate [Tv] at a particular frequency (e.g., at 1 kHz), and then to ignore the imaginary part of it. In this approach, [Tv]
should be predominantly real before the imaginary part is discarded. One cannot rely on this when the subroutine
returns the eigenvectors, since an eigenvector multiplied with ej50E or any other constant would still be a proper
eigenvector. Therefore, the columns of [Tv] should be normalized in such a way that its components lie close to the real
axis. One such normalization procedure was discussed by V. Brandwajn [79]. The writer prefers a different approach,
which works as follows:
1.
Ignore shunt conductances, as is customarily done. Then [Yphase] is purely imaginary. Use Eq. (4.85)
to find the diagonal elements of the modal shunt admittance matrix Ymode-k-preliminary.
2.
In general, these "preliminary" modal shunt admittances will not be purely imaginary, but j Cmode-kej k
k/2
transformation matrix, the modal shunt admittances will become j Cmode-k, or purely imaginary as in
the phase domain.
3.
To obtain the approximate (real and constant) transformation matrix, discard the imaginary part of
the normalized matrix from step 2.
4.
Use the approximate matrix [Tv-approx.] from step 3 to find modal series impedances and modal shunt
admittances from Eq. (4.84) and (4.85) over the frequency range of interest. If [Ti] is needed, use
=6K&CRRTQZ? ' =6X&CRRTQZ?&
V
5.
If the line model requires nonzero shunt conductances, add them as modal parameters. Usually, only
conductances from phase to ground are used (with phase-to-phase values being zero); in that case,
the modal conductances are the same as the phase-to-ground conductances if the latter are equal for
all phases.
An interesting method for finding approximate (real and constant) transformation matrices has been suggested
by Paul [66]. By ignoring conductor resistances, and by assuming that the Carson correction terms Rii + j Xii in Eq.
(4.7) and Rik + j Xik in Eq. (4.8) are all equal (all elements in the matrix of correction terms have one and the same
value), the approximate transformation matrix [Ti-approx.] is obtained as the eigenvectors of the matrix product
=% )
RJCUG?
with all elements of the second matrix being 1. To find [T v-approx.], Eq. (4.96) would have to be used. Wasley and
Selvavinayagamoorthy [93] find the approximate transformation matrices by simply taking the magnitudes of the
complex elements, with an appropriate sign reflecting the values of their arguments. They compared results using these
approximate matrices with the exact results (using complex, frequency-dependent matrices), and report that fairly high
accuracy can be obtained if the approximate matrix is computed at a low frequency, even for the case of double-circuit
lines.
If the M-phase line is assumed to be balanced (Section 4.1.3.2), then the transformation matrix is always real
and constant, and known a priori with Eq. (4.58) and Eq. (4.59). Two identical and balanced three-phase lines with zero
sequence coupling only have the real and constant transformation matrix of Eq. (4.65).
The preceding Section 4.1 concentrated on the line parameters per unit length. These are now used to develop
line models for liens of a specific length.
For steady-state solutions, lines can be modelled with reasonable accuracy as nominal -circuits, or rigorously
as equivalent -circuits. For transient solutions, the methods become more complicated, as one proceeds from the simple
case of a single-phase lossless line with constant parameters to the more realistic case of a lossy polyphase line with
frequency-dependent parameters.
for the total line length of 95 km, nominal -circuits are certainly accurate for each transposition section, since the
longest section is only 35 km long. A comparison between measurements on the de-energized line L3 and computer
results is shown in table 4.7 [80]. The coupling in this case is predominantly capacitive.
Table 4.7 - Comparison between measurements and EMTP results (voltages on energized line L1 =
372 kV and on L2 = 535 kV)
phase
measurement
EMTP results
A
B
C
30 kV
15 kV
10 kV
27.5 kV
13.8 kV
7.8 kV
A
B
C
11 A
5A
1A
10.5 A
3.2 A
1.5 A
Because nominal -circuits are so useful for studying complicated transposition schemes, a "CASCADED PI"
option was added to the BPA EMTP. With this option, the entire cascade connection is converted to one single circuit, which is an exact equivalent for the cascade connection. This is done by adding one "component" at a time, as
shown in Fig. 4.26. The "component" may either be an M-phase -circuit, or other types of network elements such as
shunt reactors or series capacitors. Whenever component k is added, the nodal admittance matrix
for nodes 1, 2, 3 is reduced by eliminating the inner nodes 2, to form the new admittance matrix of the equivalent for
the cascaded components 1, 2, ... K. This option keeps the computational effort in the steady-state solution as low as
possible by not having to use nodal equations for the inner nodes of the cascade connection, at the expense of extra
computational effort for the cascading procedure.
is lumped in a few places as long as R << Zsurge. In the EMTP, R/2 is lumped in the middle and R/4 at both ends of an
otherwise lossless line, as shown in Fig. 4.27, and as further discussed in Section 4.2.2.5. For this transient
representation, the EMTP uses the same assumption15 in the
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;
'
UJWPV
4
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<
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where
J ' NGPIVJ . )% )
< '
.)
%)
4 ' NGPIVJ @ 4 )
and
=;UJWPV? ' =6K? =;UJWPV&OQFG? =6K?V
While it is always possible to obtain the exact equivalent M-phase -circuit at any frequency in this way,
approximations are sometimes used to match the representation for the steady-state solution to the one used in the
transient solution. One such approximation is the lumping of resistances as shown in Fig. 4.27. Another approximation
is the use of real and constant transformation matrices in Eq. (4.100) and (4.101), as discussed in Section 4.1.5.3.
F8#
FZ
'
< ) U & < ) O +# % < ) O
+# % +$ % +%
The need for travelling wave solutions first arose in connection with rather simple lightning arrester studies,
where lossless single-phase line models seemed to be adequate. Section 1 briefly discusses the solution method used
in the EMTP for such lines. This method was already known in the 1920s and 1930s and strongly advocated by
Bergeron [81]; it is therefore often called Bergerons method. In the mathematical literature, it is known as the method
of characteristics, supposedly first described by Riemann.
It soon became apparent that travelling wave solutions were much faster and better suited for computers than
cascaded -circuits. To make the travelling wave solutions useful for switching surge studies, two changes were needed
from the simple single-phase lossless line: First, losses had to be included, which could be done with reasonable
accuracy by simply lumping R in three places. Secondly, the method had to be extended to M-phase lines, which was
achieved by transforming phase quantities to modal quantities. Originally, this was limited to balanced lines with builtin transformation matrices, then extended to double-circuit lines, and finally generalized to untransposed lines. Fig. 4.29
compared EMTP results with results obtained on TNAs, using the built-in transformation matrix for balanced threephase lines and simply lumping R in three places.
Fig. 4.29 - Energization of a three phase line. Computer simulation results (dotted line) superimposed on 8 transient
network analyzer results for receiving end voltage in phase B. Breaker contacts close at 3.05 ms in phase A, 8,05 ms
in phase B, and 5.55 ms in phase C (t=0 when source voltage of phase A goes through zero from negative to positive)
[82]. Reprinted by permission of CIGRE
While travelling wave solutions with constant distributed L, C and constant lumped R produced reasonable
accurate answers in many cases, as shown in Fig. 4.29, there were also cases where the frequency dependence,
especially of the zero sequence impedance, could not be ignored. Choosing constant line parameters at the dominant
resonance frequency sometimes improved the results. Eventually, frequency-dependent line models were developed
by Budner [83], by Meyer and Dommel [84] based on work of Snelson [85], by Semlyen [86], and by Ametani [87].
A careful re-evaluation of frequency-dependence by J. Marti [88] led to a fairly reliable solution method, which seems
to become the preferred option as these notes are being written. J. Martis method will therefore be discussed in more
detail.
Fig. 4.30 - Voltage at receiving end of a single phase line if a dc voltage of 10 V is connected to the sending end at t=0
(line data: R=0.0376 /mile, L=1.52 mH/mile, C=14.3 nF/mile, length-320 miles; receiving end terminated with shunt
inductance of 100 mH)
The solution methods for nominal -circuits have already been discussed in Section 3.4. With M-phase
nominal -circuits, untransposed lines (or sections of a line) are as simple to represent as balanced lines. In the former
case, one simply uses the matrices of the untransposed line, whereas in the latter case one would use matrices with
averaged equal diagonal and averaged equal off-diagonal elements.
The solution is exact as long as the travel time is an integer multiple of the step size t. If this is not the case,
then linear interpolation is used in the EMTP, as indicated in Fig. 4.31. Linear interpolation is believed to be a
reasonable approximation for most cases, since the curves are usually smooth rather than discontinuous. If
discontinuities or very sharp peaks do exist, then rounding to the nearest integer multiple of t may be more sensible
than interpolation, however. There is no option for this rounding procedure in the EMTP, but the user can easily
accomplish this through changes in the input data. Fig. 4.32 compares results for the case of Fig. 4.30 with sharp peaks
with and without linear interpolation. The line was actually not lossless in this case, but the losses were represented
in a simple way by subdividing the line into 64 lossless sections and lumping resistances in between and at both ends.
The interpolation errors are more severe if lines are split up into many sections, as was done here. If the line were only
split up into two lossless sections, with R lumped in between and at both ends, then the errors in the peaks would be
less (the first peak would be 18.8, and the second peak would be -15.4).
The accumulation of interpolation errors on a line broken up into many sections, with of each section not
being an integer multiple of t, can easily be explained. Assume that a triangular pulse is switched onto a long, lossless
line, which is long enough so that no reflections come back from the remote end during the time span of the study (Fig.
4.33). Let us look at how this pulse becomes distorted through interpolation as it travels down the line if
(a)
the line is broken up into short sections of travel time 1.5 t each, and
(b)
the line from the sending end to the measuring point is represented as one section ( = k @ 1.5 t, with k = 1,
2, 3,...).
X
<
down the line. The pulse loses its amplitude and becomes wider and wider if it is broken up into sections of travel time
1.5 t each. On the other hand, the pulse shape never becomes as badly distorted if the line is represented as one single
section.
What are the practical consequences of this interpolation error? Table 4.8 compares peak overvoltages from
a BPA switching surge study on a 1200 kV three-phase line16, 133 miles long. Each section was split up into two
lossless half-sections, with R lumped in the middle and
Line model
1
2
3
phase A
phase B
phase C
single section
1.311
1.191
1.496
7 sections
1.276
1.136
1.457
1.342
1.167
1.489
at both ends, as explained in Section 4.2.2.4. Run no. 1 shows the results of the normal line representation as one
section. Run no. 2 with subdivision into 7 sections produces differences of 2.6 to 4.7%. In run no. 3 the zero and
positive sequence travel times
= 664.93 s and
them integer multiples of t = 50 s. These changes could be interpreted as a decrease in both L' 0 and C' 0 of 2.25%,
and as an increase in both L'1 and C'1 of 0.96%, with the surge impedances remaining unchanged. Since line parameters
are probably no more accurate than 5% at best anyhow, these implied changes are quite acceptable. With rounding,
a slightly modified case is then solved without interpolation errors. Whether an option for rounding to the nearest
integer multiple of t should be added to the EMTP is debatable. In general, rounding may imply much larger changes
in L', C' than in this case, and if implemented, warning messages with the magnitude of these implied changes should
be added as well. In Table 4.8, runs no. 3 to 1 differ by no more than 2.3%, and the interpolation error is therefore
acceptable if the line is represented as one section. Breaking the line up into very many sections may produce
unacceptable interpolation errors, however.
If the user is interested in a "voltage profile" along the line, then a better alternative to subdivisions into
sections would be a post-processor "profile program" which would calculate
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voltages and currents at intermediate points along the line from the results at both ends of the line. Such a program is
easy to write for lossless and distortionless lines. Luis Marti developed such a profile algorithm for the more
complicated frequency-dependent line models, which he merged into the time step loop of the EMTP [90]. This was
used to produce moves of travelling waves by displaying the voltage profile at numerous points along the line at time
intervals of t.
Fig. 4.34(a) suggests a digital filtering effect from the interpolation which is similar to that of the trapezoidal
rule described in Section 2.2.1. To explain this effect, Eq. (1.6) must first be transformed from the time domain
X
V & KMO
V ' XO
V&J % KOM
V&J
< M
<
into the frequency domain,
+ '
8 & +MO '
< M
8 % +OM
< O
@ G <J
For simplicity, let us assume that voltage and current phasors Vm and Imk at node m are known, and that we want to find
I = Vk/Z - Ikm at node k. Without interpolation errors, Eq. (4.103) provides the answer. If interpolation is used, and if
for the sake of simplicity we assume that the interpolated value lies in the middle of an interval t, then Eq. (4.103)
becomes
)V
+KPVGTRQNCVGF '
<
J%
<
J&
8O % +OM @ @ G
%G
<
)V
' EQU T
)V
which is indeed somewhat similar to Fig. 2.10 for the error produced by the trapezoidal rule.
Single-phase lossless line models can obviously only approximate the complicated phenomena on real lines.
Nonetheless, they are useful in a number of applications, for example
(a)
in simple studies where one wants to gain insight into the basic phenomena,
(b)
(c)
For lightning surge studies, single-phase lossless line models have been used for a long time. They are
probably accurate enough in many cases because of the following reasons:
(1)
Only the phase being struck by lightning must be analyzed, because the voltages induced in the other
phases will be much lower.
(2)
Assumptions about the lightning stroke are by necessity very crude, and very refined line models are
therefore not warranted.
(3)
The risk of insulation failure in substations is highest for backflashovers at a distance of approx. 2
km or less. Insulation co-ordination studies are therefore usually made for nearby strokes. In that
case, the modal waves of an M-phase line "stay together," because differences in wave velocity and
distortion among the M waves are still small over such short distances. They can then easily be
combined into one resultant wave on the struck phase. There seems to be some uncertainty, however,
about the value of the surge impedance which should be used in such simplified single-phase
representations. It appears that the "self surge impedance" Zii-surge of Eq. (4.87a) should be used. For
nearby strokes it is also permissible to ignore the series resistance. Attenuation caused by corona may
be more important than that caused by conductor losses. At the time of writing these notes, corona
is still difficult to model, and it may therefore be best to ignore losses altogether to be on the safe side.
(KI 6TCPUHQTOCVKQP DGVYGGP RJCUG CPF OQFCN FQOCKP QP C VJTGGRJCUG NKPG
For simplicity, let us assume that the line has 3 phases. Then, with the notations from Fig. 4.35, each mode
is described by an equation of the form of Eq. (1.6), or
X
V % JKUVC&C
V&JC
<C C
X
V % JKUVD&D
V&JD
KD&D
V '
<D D
KC&C
V '
KE&E
V '
X
V % JKUVE&E
V&JE
<E E
where each history term hist was computed and stored earlier. For mode a, this history term would be
JKUVC&C
V&JC ' &
X
V&JC & KC&C
V&JC
<C C
and analogous for modes b and c. These history terms are calculated for both ends of the line as soon as the solution
has been obtained at instant t, and entered into a table for use at a later time step. As indicated in Fig. 4.36, the history
terms of a three-phase line would occupy 3 sections of the history tables for modes a, b, c, and the length of each section
would be
/ t, with
increased
increased
being the travel time of the particular mode increased to the nearest integer multiple
differ from each other, the 3 sections in this table are generally of different
length. This is also the reason for storing history terms as modal values, because one has to go back different travel
times for each mode in picking up history terms. For the solution at time t, the history terms of Eq. (4.106) are obtained
by using linear interpolation on the top two entries of each mode section.
# UKPINGRJCUG NKPG YQWNF UKORN[ QEEWR[ QPG UGEVKQP YJGTGCU C UKZRJCUG NKPG YQWNF QEEWR[ UKZ UGEVKQPU KP
VJKU VCDNG
%
the
solution in each time step, the entries in the tables of Fig. 4.36 must be shifted upwards by one location, thereby
throwing away the values at the oldest point at t-
increased
terms hist(t) at the newest point t. Instead of physically shifting values, the EMTP moves the pointer for the starting
address of each section down by 1 location. When this pointer reaches the end of the table, it then goes back again to
the beginning of the table ("wrap-around table") [91].
The initial values for the history terms must be known for t = 0, - t, -2 t, ... -
increased
knowing them beyond t = 0 comes from the fact that only terminal conditions are recorded. If the conditions were also
given along the line at travel time increments of t, then the initial values at t = 0 would suffice. For zero initial
conditions, the history table is simply preset to zero. For linear ac steady-state conditions (at one frequency ), the
history terms are first computed as phasors (peak, not rms),
*+56MO ' & 8O & +OM
<
C
where Vm and Imk are the voltage and current phasors at line end m (analogous for HISTmk ). With HIST = *HIST* ej ,
the instantaneous history terms are then
JKUVMO
V ' **+56MO* @ EQU
TV % " YKVJ V' &)V &)V
(4.108b)
Eq. (4.108) is used for single-phase lines as well as for M-phase lines, except that mode rather than phase quantities
must be used in the latter case.
Eq. (4.106) are interfaced with the rest of the network by transforming them from modal to phase quantities
with Eq. (4.78a),
RJCUG
K&
RJCUG
' ;UWTIG X
RJCUG
% JKUV&
C
<C
;UWTIG ' 6K
<D
&
6K V
D
&
<E
JKUV&
' 6K JKUVD&D
E
JKUVE&E
For a lossless line with constant L' and C', the transformation matrix [Ti] will always be real, as explained in the last
paragraph of Section 4.1.5.2. It is found as the eigenvector matrix of the product [C'][L'] for each particular tower
configuration, where [L'] and [C'] are the per unit length series inductance and shunt capacitance matrices of the line.
For balanced lines, [Ti] is known a priori from Eq. (4.58), and for identical balanced three-phase lines with zero
sequence coupling only it is known a priori from Eq. (4.65).
The inclusion of Eq. (4.109) into the system of nodal equations (1.8a) for the entire network is quite
straightforward. Assume that for the example of Fig. 4.35, rows and columns for nodes 1A, 1B, 1C follow each other,
as do those for nodes 2A, 2B, 2C (Fig. 4.37). Then the 3 x 3 matrix [Ysurge] enters into two 3 x 3 blocks on the diagonal,
as indicated in Fig. 4.37, while the history terms [hist1-2phase] = [hist1A-2A, hist1B-2B , hist1C-2C ] of Eq. (4.109c) enter into rows
1A, 1B, 1C, on the right-hand side with negative signs. Analogous history terms for terminal 2 enter into rows 2A, 2B,
2C on the right-hand side. While [Ysurge] is entered into [G] only once outside the time-step loop, the history terms must
be added to the right-hand side in each time step.
M-phase lossless line models are useful, among other things, for
(a)
(b)
in lightning surge studies, where single-phase models are no longer adequate, and
(c)
Lightning surge studies cannot always be done with single-phase models. For simulating backflashovers on
lines with ground wires, for example, the ground wire and at least the struck phase must be modelled ("2-phase line").
Since it is not always known which phase will be struck by the backflashover, it is probably best to model all three
phases in such a situation ("4-phase line"). An example for such a study is discussed in Section 4.1.5.2, with 4-phase
lossless line models representing the distribution line, and single-phase lossless line models representing the towers.
Not included in the data listing are switches (or some other elements) for the simulation of potential flashovers from
the tower top (nodes D) to phases A, B, C.
Losses are incurred in the series resistance R as well as in the shunt conductance G. The real shunt conductance of
an overhead line is very small (close to zero), however. If its value must be artificially increased to make the line
distortionless, with a resulting increase in shunt losses, then it is best to compensate for that by reducing the series
resistance losses. The EMTP does this automatically by regarding the input value RINPUT as an indicator for the total
losses, and uses only half of it for R,
)
4)
))
4 +0276
'
'
.)
.)
%)
With this formula, the ac steady-state results are practically identical for the line being modelled as distortionless or with
R lumped in 3 places; the transient response differs mainly in the initial rate of rise. From Eq. (4.111), the attenuation
constant
becomes
" '
4 ) +0276
%)
.)
The factor 1/2 can also be justified by using an approximate expression for the attenuation constant for lines with low
attenuation and low distortion [48, p. 257],
" '
4 ) +0276
) ) +0276
%)
%
.)
.)
%)
which is reasonably accurate if R << L and G << C. This condition is fulfilled on overhead lines, except at very
low frequencies. Eq. (4.112) is then obtained by dropping the term with GINPUT and by ignoring the fact that the waves
are not only attenuated but distorted as well.
If a user wants to represent a truly distortionless line where G is indeed nonzero, then the factor 1/2 should
of course not be used. The factor 1/2 is built into the EMTP, however, and the user must therefore specify RINPUT twice
as large as the true series resistance in this case.
With known, an attenuation factor e- is calculated ( = length of line). The lossless line of Eq. (1.6) is then
changed into a distortionless line by simply multiplying the history term of Eq. (1.6b) with this attenuation factor,
JKUVMO
V&J ' &
X
V&J & KOM
V&J @ G &"
< O
Better results are usually obtained with the lumped resistance model described next, even though lumping of
resistances in a few places is obviously an approximation, whereas the distortionless line is solved exactly if the travel
time is an integer multiple of t.
X
V % JKUVMO
V&J
<OQFKHKGF M
except that the values for the surge impedance and history terms are slightly modified. With Z, R and calculated from
Eq. (4.99),
<OQFKHKGF ' < %
4
and
JKUVMO
V&J ' &
<OQFKHKGF
4
XO
V&J %
<& KOM
V&J
This model with R/2 at both ends is not used in the EMTP. Instead, the EMTP goes one step further and lumps
resistances in 3 places, namely R/4 at both ends and R/2 in the middle, as shown in Fig. 4.27. This approach was taken
because the form of the equation still remains the same as in Eq. (4.115), except that
<OQFKHKGF ' < %
4
now. The history term becomes more complicated18, and contains conditions from both ends of the line at t - ,
JKUVMO
V&J ' &
<
<OQFKHKGF
4
XO
V&J %
<& KOM
V&J
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Users who want to lump resistances in more than 3 places can do so with the built-in three-resistance model,
by simply subdividing the line into shorter segments in the input data. For example, 32 segments would produce lumped
resistances in 65 places. Interestingly enough, the results do not change much if the number of lumped resistances is
increased as long as R << Z. For example, results in Fig. 4.30 for the distributed-parameter case were practically
identical for lumped resistances in 3, 65, or 301 places. Fig. 4.29 shows as well that TNA results are closely matched
with R lumped in 3 places only.
One word of caution is in order, however. The lumped resistance model gives reasonable answers only if R/4
<< Z, and should therefore not be used if the resistance is high. High resistances do appear in lightning surge studies
if the parameters are calculated at a high frequency, e.g., at 400 kHz in Table 4.5, where R = 597.4 /km in the zero
sequence mode. Lumping R in 3 places would still be reasonable in the case discussed there where each tower span of
90 m is modelled as one line, since 13.4
a longer line, say 90 km, then R/4 = 13,400 , which would produce totally erroneous results19. In such a situation it
might be best to ignore R altogether, or to use the frequency-dependent option if higher accuracy is required.
For M-phase lines, any of the M modes can be specified with lumped resistances. Mixing is allowed (e.g.,
mode 1 could be modelled with lumped resistances, and modes 2, ... M as distortionless). The lumped resistances do
not appear explicitly as branches, but are built into Eq. (4.115) (4.116) and (4.117) for each mode. Should a user want
to add them explicitly as branches, e.g., for testing purposes, then they would have to be specified as M x M - matrices
[R] in phase quantities, which could easily be done with the M-phase nominal -circuit input option by setting L =
0 and C = 0. All modes would have to use the lumped resistance model in this set-up, that is, mixing of models would
not be allowed in it.
4 ) % LT. )
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Both parameters are functions of frequency, even for constant distributed parameters R, L, G, C (except for lossless
and distortionless lines). The line model with frequency-dependent parameters can handle this case of constant
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distributed parameters20, even though it has primarily been developed for frequency-dependent series impedance
parameters R( ) and L( ). This frequency-dependence of the resistance and inductance is most pronounced in the zero
sequence mode, as seen in Fig. 4.20. Frequency-dependent line models are therefore important for types of transients
which contain appreciable zero sequence voltages and currents. One such type is the single line-to-ground fault.
To develop a line model with frequency-dependent parameters which fits nicely into the EMTP, it is best to
use an approach which retains the basic idea behind Bergerons method. Let us therefore look at what the expression
v + Zi used by Bergeron looks like now, as one travels down the line. Since the parameters are given as functions of
frequency, this expression must first be derived in the frequency domain. At any frequency, the exact ac steady-state
solution is described by the equivalent -circuit of Eq. (1.13), or in an input-output relationship form more convenient
here,
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which can be found in any textbook on transmission lines. Assume that we want to travel with the wave from node m
to node k. Then the expression V + ZcI is obtained by subtracting Zc times the second row from the first row in Eq.
(4.120),
8M & <E +MO '
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C
D
or rewritten as
with a negative sign on Ikm since its direction is opposite to the travel direction. Eq. (4.121) is very similar to Bergerons
method; the expression V + ZcI encountered when leaving node m, after having been multiplied with a propagation
factor e- , the same when arriving at node k. This is very similar to Bergerons equation for the distortionless line,
except that the factor is e- there, and that Eq. (4.121) is in the frequency domain here rather than in the time domain.
Before proceeding further, it may be worthwhile to look at the relationship between the equations in the
frequency and time domain for the simple case of a lossless line. In that case,
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Anybody familiar with Fourier transformation methods for transforming an equation from the frequency into the time
domain will recall that a phase sift of e-j in the frequency domain will become a time delay in the time domain.
Furthermore, Zc is now just a constant (independent of frequency), and Eq. (4.121) therefore transforms to
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which is indeed Bergerons equation (1.6).
For the general lossy case, the propagation factor
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with = + j , contains an attenuation factor e- as well as a phase shift e-j , which are both functions of frequency.
To explain its physical meaning, let us connect a voltage source Vsource to the sending end m through a source impedance
which is equal to Zc( ), to avoid reflections in m (Fig. 4.38). In that case, V m + Z cI mk = V source. Furthermore, let us
assume that the receiving end k is open. Then from Eq. (4.121),
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that is, the propagation factor is the ratio (receiving end voltage) / (source voltage) of an open-ended line if the line is
fed through a matching impedance Zc( ) to avoid reflections at the sending end21. If Vsource = 1.0 at all frequencies from
dc to infinity, then its time domain transform vsource(t) would be a unit impulse (infinitely high spike which is infinitely
narrow with an area of 1.0), and the integral of vsource(t) would be a unit step. Setting Vsource = 1.0 in Eq. (4.122) shows
that A( ) transformed to the time domain must be the impulse which arrives at the other end k, if the source is a unit
impulse. This response to the unit impulse,
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will be attenuated (no longer infinitely high), and distorted (no longer infinitely narrow). Fig. 4.39 shows these
responses for a typical 500 kV line of 100 miles length. They were obtained
(a)
(b)
positive sequence
mode with same
scale as (a)
(c)
positive sequence
mode with
expanded scale
Fig. 4.39 - Receiving end response vk(t) = a(t) for the network of Fig. 4.38 if vsource(t) = unit impulse [94]. Reprinted
by permission of J. Marti
from the inverse Fourier transformation of A( ) = exp(- ) calculated by the LINE CONSTANTS supporting routine
at a sufficient number of points in the frequency domain. The amplitude of the propagation factors A( ) for the case
of Fig. 4.39 is shown in Fig. 4.40.
The unit impulse response of a lossless line would be a unit impulse at t = with an area of 1.0. In Bergerons
method, this implies picking up the history term vm/Z + imk at t - with a weight of 1.0. In the more general case here,
history terms must now be picked up at more than one point, and weighted with the "weighting function" a(t). For the
example of Fig. 4.39(a),
min
max
max
is the travel time of the slowest waves. Each terms has its own
weight, with the highest weight of approx. 5400 around = 0.7 ms back in time. Mathematically, this weighting of
history at the other end of the line is done with the convolution integral
JKUVRTQRCICVKQP ' &
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which can either be evaluated point by point, or more efficiently with recursive convolution as discussed later. The
expression im-total in Eq. (4.124) is the sum of the line current i mk and of a current which would flow through the
characteristic impedance if the voltage vm were applied to it (expression Imk + Vm/Zc in the frequency domain).
With propagation of the conditions from m to k being taken care of through Eq. (4.124), the only unresolved
issue is the representation of the term Vk/Zc in Eq. (4.121b). For the same 500 kV line used in Fig. 4.39, the magnitude
and angle of the characteristic impedance Zc are shown in Fig. 4.41. If the shunt conductance per unit length G were
ignored, as is usually done, Zc would become infinite at
G is not completely zero anyhow, it was therefore decided to use a nonzero value, with a default option of 0.03 s/km.
As originally suggested by E. Groschupf [96] and further developed by J. Marti [94], such a frequency-dependent
impedance can be approximated with a Foster-I R-C
network. Then the line seen from node k becomes a simple R-C network in parallel with a current source histpropagation
(Fig. 4.42(a)). One can then apply the trapezoidal rule of integration to the capacitances, or use any other method of
implicit integration. This transforms each R-C block into a current source in parallel with an equivalent resistance.
Summing these for all R-C blocks produces one voltage source in series with one equivalent resistance, or one current
source in parallel with one equivalent resistance (Fig. 4.42(b)). In the solution of the entire network with Eq. (1.8), the
frequency-dependent line is then simply represented again as a constant resistance Requiv to ground, in parallel with a
current source histRC + histpropagation, which has exactly the same form as the equivalent circuit for the lossless line.
To represent the line in the form of Fig. 4.42 in the EMTP, it is necessary to convert the line parameters into
a weighting function a(t) and into an R-C network which approximates the characteristic impedance. To do this, Zc and
are first calculated with the support routine LINE CONSTANTS, from dc to such a high frequency where both A( )
= exp(- ) becomes negligibly small and Zc( ) becomes practically constant. J. Marti [94] has shown that it is best to
approximate A( ) and Zc( ) by rational functions directly in the frequency domain. The weighting function a(t) can
then be written down explicitly as a sum of exponentials, without any need for numerical inverse Fourier transformation.
Similarly, the rational function approximation of Zc( ) produces directly the values of R and C in the R-C network in
Fig. 4.42.
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with s = j and n < m. The subscript "approx" indicates that Eq. (4.125) is strictly speaking only an approximation to
the given function A( ), even though the approximation is very good. The factor e-j
fact that a(t) in Fig. 4.39 is zero up to t =
min
min
min
where the
values are zero anyhow (remember that a time shift - in the time domain is a phase shift e-j in the frequency domain).
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Because of its form as a sum of exponentials, the integral can be found with recursive convolution much more efficiently
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for i.
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<E&CRRTQZ
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with s = j . All poles and zeros are again real, negative and simple, but the number of poles is equal to the number of
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Rather than applying the trapezoidal rule to the capacitances in Fig. 4.42, J. Marti chose to use implicit integration with
Eq. (I.3) of Appendix I22, with linear interpolation on i. For each R-c block
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histpropagation enters into the right hand side.
The key to the success of this approach is the quality of the rational function approximations for A( ) and
Zc( ). J. Marti uses Bodes procedure for approximating the magnitudes of the functions. Since the rational functions
have no zeros in the right-hand side of the complex plane, the corresponding phase functions are uniquely determined
from the magnitude functions (the rational functions are minimum phase-shift approximations in this case) [94]. To
illustrate Bodes procedure, assume that the magnitude of the characteristic impedance in decibels is plotted as a function
of the logarithm of the frequency, as shown in Fig. 4.43 [94]. The basic principle is to approximate the given curve by
straight-line segments which are either horizontal or have a slope which is a multiple of 20 decibels/decade. The points
where the slopes change define the poles and zeros of the rational function. By taking the logarithm on both sides of
Eq. (4.130), and multiplying by 20 to follow the convention of working with decibels, we obtain
NQI*<E&CRRTQZ
U* ' NQIM % NQI*U%\*% NQI*U%\P*
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For s = j , each one of the terms in this expression has a straight-line asymptotic behavior with respect to . For
instance, 20 log *j + z1* becomes 20 log z1 for
for
line with a slope of 20 db/decade. The approximation to Eq. (4.137) is constructed step by step: Each time a zero corner
(at
= zi) is added, the slope of the asymptotic curve is increased by 20 db, or decreased by 20 db each time a pole
corner (at
= pi) is added. The straight-line segments in Fig. 4.43 are only asymptotic traces; the actual function
becomes a smooth curve without sharp corners. Since the entire curve is traced from dc to the
highest frequency at which the approximated function becomes practically constant, the entire frequency range is
approximated quite closely, with the number of poles and zeros not determined a priori. J. Marti improves the accuracy
further by shifting the location of the poles and zeros about their first positions. Fig. 4.44 shows the magnitude and
phase errors of the approximation of A( ), and Fig. 4.45 shows the errors for the approximation of Zc( ) for the line
used in Fig. 4.39.
L. Marti has recently shown [95] that very good results can be obtained by using lower-order approximations
with typically 5 poles and zeros rather than the 15 poles and zeros used in Fig. 4.44 and 4.45. Furthermore, he shows
that positive and zero sequence parameters at power frequency (50 or 60 Hz) can be used to infer what the tower
geometry of the line was, and use this geometry in turn to generate frequency-dependent parameters. With this
approach, simple input data (60 Hz parameters) can be used to generate a frequency-dependent line model internally
which is fairly accurate.
(a)
(b)
Fig. 4.44 - Errors in approximation of A( ) for line of Fig. 4.39 [94]. Reprinted by permission of J.
Marti
For M-phase lines, any of the M modes can be specified as frequency-dependent, or with lumped resistances,
or as distortionless. Mixing is allowed. A word of caution is in order here, however: At the time of writing these notes,
the frequency-dependent line model works only reliably for balanced lines. For untransposed lines, approximate real
and constant transformation matrices must be used, as explained in Section 4.1.5.3, which seems to produce reasonably
(a)
(b)
Fig. 4.45 - Errors in approximation of Zc( ) for line for Fig. 4.39 [94]. Reprinted by permission of
J. Marti
accurate results for single-circuit lines, but not for double-circuit lines. Research by L. Marti into frequency-dependent
transformation matrices in connection with models for underground cables will hopefully improve this unsatisfactory
state of affairs.
Field test results for a single-line-to-ground fault from Bonneville Power Administration have been sued by
various authors to demonstrate the accuracy of frequency-dependent line models [84]. Fig. 4.46 compares the field test
results with simulation results from an older method which used two weighting functions a1 and a2 [84], and from the
newer method described here. The peak overvoltage in the field test was 1.60 p.u., compared with 1.77 p.u. in the older
method and 1.71 p.u. in the newer method. Constant 60 Hz parameters would have produced an answer of 2.11 p.u.
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2KM) '
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S
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FK % FM & FK FM EQUKM
D
tgq
?
in Section 5.4.1
-Zm
0
[Zloop] =
(5.38a)
-Zm
0
0
-Zm
0 0 -Zm 0 0 -Zm 0 0 -Zm
Zs
with
Zm = Zpipe-mutual from Eq. (5.7c),
(5.38b)
(5.38c)
The first two terms in Eq. (5.38c) are found from Eq. (5.7b) and (5.6) (Zinsulation = 0 if pipe in contact with earth), and
Zearth is the earth-return impedance discussed in Section 5.3. Transforming Eq. (5.38a) to phase quantities produces
same matrix as
Z Z
....Z
Ze
for infinite
Z Z
....Z
Ze
[Zphase] =
pipe thickness
..............
.
0 0 ...
..............
(5.39a)
Z Z
....Z
Ze
Ze Ze
...Ze
Zs
(5.39b)
Z = Zs - 2Zm
The last row and column in Eq. (5.39a) represent the pipe quantities, while the first 9 rows and columns refer to core,
sheath (shield tapes), armor (skid wires) of phases a, b, and c.
If the pipe is in contact with the earth, then the shunt admittance matrix is the same as in Section 5.4.1. If it
is insulated, then the potential coefficient matrix of Eq. (5.34) must be expanded with one extra row and column for the
pipe, and the same element
2) '
T
NP RKRG&KPUWNCVKQP
BggT
TRKRG&QWVUKFG
P P
....P
Eq. (5.34)
P P
....P
[Pphase] =
.
0 0 ...
..............
P P
(5.41)
....P
The admittance matrix is then again found by inversion with Eq. (5.37).
(5.42)
into the equations for the series impedance and shunt admittance matrices. The bundling procedure for reducing the
equations from m individual to one equivalent conductor is the same as Method 1 of Section 4.1.2.2 for overhead lines,
and is therefore not explained again. It is exact if the conductors are continuously connected with zero connection
resistance (as the neutral conductors in Fig. 5.2), and accurate enough if the connections are made at discrete points with
negligible resistance (as in bonding of the sheath to the armor), as long as the distance between the connection points
is short compared to the wavelength of the highest frequency in the transient simulation.
As in the case of overhead lines with ground wires, some conductors in a cable may be grounded. For example,
the steel pipe of a pipe-type cable can usually be assumed grounded, because its asphalt mastic coating is not an electric
insulation. Also, neutral conductors may be connected to ground at certain intervals, or at both ends. If a conductor
i is grounded, then the condition is simply
Vi = 0
(5.43)
and conductor i can then be eliminated from the system of equations in the same way as described in Section 4.1.2.1.
Again, the elimination is only exact if the conductor is grounded continuously with zero grounding resistance, and
accurate enough if the distance between discrete grounding points is short compared to the wavelength of the highest
frequency.
An example of bundled as well as grounded conductors would be a single-core submarine cable which has its
sheath bonded to the armor. Since the asphalt coating of the armor is not an electric insulation, the armor is in effect
in contact with the sea water, and both sheath and armor are therefore grounded conductors. By eliminating both of
them, the submarine cable can be represented by single-phase equations for the core conductor, with the current return
combined in sea water, armor and sheath. For an overhead line, the equivalent situation would be a single-phase line
with two ground wires.
The case of segmented ground wires in overhead lines discussed in Section 4.1.2.5(b) can exist in cables as
well. For example, if the sheath is grounded at one end, but open and ungrounded at the other end, then the sheath could
be eliminated in the same way as segmented ground wires, provided the cable length is short compared to the wavelength
of the highest frequency. The support routine CABLE CONSTANTS does not have an option for such eliminations.
The user must represent the sheath as an explicit conductor, instead, with one end connected to ground. This offers the
advantage that the induced voltage at the other end can automatically be obtained, if so desired.
steady-state analysis, one can also use the single-phase representation of Fig. 5.14(b), with an impressed voltage
C RQN[RJCUG TGRTGUGPVCVKQP
D UKPINGRJCUG TGRTGUGPVCVKQP
F8KPFWEGF
FZ
There is no capacitive coupling between the power line and the pipeline if it is buried in the ground.
As explained later, nominal -circuits can only be used for very short lengths of pipeline (typically # 0.3 km
at 60 Hz). The single-phase representation is therefore preferable for steady-state analysis, because the distributed
parameters of Fig. 5.14(b) are more easily converted into an exact equivalent -circuit than the polyphase parameters
of Fig. 5.14(a). This results in the active equivalent -circuit of Fig. 5.15, with Yseries and Yshunt being the usual
parameters obtained from Eq. (1.14), while Iinduced is an active current [158],
+KPFWEGF '
& F8KPFWEGFFZ
< ) RR
F8
' < ) RR % < ) RR +KPFWEGF
FZ
&
F+
' ; ) RR 8
FZ
&
The solution for a line between nodes k and m is given in Eq. (1.13), except that the current is now Imodified, or rewritten,
+MO % +KPFWEGF
+OM & +KPFWEGF
'
;UGTKGU %
;UJWPV
& ;UGTKGU
& ;UGTKGU
8M
;UGTKGU %
;UJWPV 8O
This is exactly the same equations which comes out of the equivalent circuit of Fig. 5.15.
With this single-phase approach, the currents in the power line are assumed to be known, e.g., from the usual
type of short-circuit study. It is also assumed that they are constant over the length of the exposure to the pipeline, and
that the pipeline runs parallel to the power line (mutual impedances constant). If either assumption is not true, then the
power line-pipeline system must be split up into shorter sections as is customarily done in interference studies. The
effect of the pipe on the power line zero sequence impedance is usually ignored, but could be taken into account.
In both representations of Fig. 5.14, the mutual impedances between the pipe and the overhead conductors, as
well as the self impedance of the pipe with earth return, are needed. The mutual impedances are obtained with the
formulas discussed in Section 5.3.4. At 60 Hz, Carsons formula will give practically identical results as the more
complicated formula of Pollaczek.
The self impedance Zpp of the pipeline consists of the same three terms shown for the armor in Eq. (5.4). The
first two terms are calculated with Eq. (5.7b) and (5.6), while Rearth is found from the equations discussed in Section
5.3.
For the shunt admittance Ypp = G + j C, the capacitive part is calculated in the usual way with Eq. (5.13).
In contrast to the underground cable, the shunt conductance G of the pipeline can no longer be ignored. The insulation
around pipelines is electrically poor, either originally or because of puncturing during the laying operation. The loss
angle in Eq. (5.14) is so large on pipelines insulated with glass-fiber/bitumen that G becomes much larger than C
at power frequency, and if one part of the shunt admittance is ignored it should be C rather than G. On PVC-insulated
pipelines, G may still be smaller than C, though.
If the shunt resistance of the insulation is relatively small, then the grounding resistance of the pipe should be
connected in series with it2 [170], or
)) '
where
4)
KPUWNCVKQP
% 4 ) ITQWPFKPI
4 ) ITQWPFKPI '
with
earth
DGCTVJ
% NP
NP
B
&
J %
J%
&
Because of G >> C, the wavelength of buried pipelines is significantly shorter than that of underground
cables, as shown in Table 5.3 [170]. Therefore, a nominal -circuit of a circuit which includes a buried pipeline should
not be longer than approximately 0.8 km for
wavelength (km)
0.1
41.3
1.0
13.1
10.0
4.13
4
F8FZ
&
@
@
4
'
% LT
@
@
F8PFZ
4P
@ @
+
+
@
@
+P
The diagonal resistance matrix contains the dc resistances, and the full inductance matrix contains the self and mutual
inductances of the partial conductors. The formulas for the matrix elements depend on the shape of the partial
conductor, but they are well known.
To obtain the frequency-dependent impedance of a cable system, the matrices [R] and [L] are first computed.
At each frequency, the complex matrix [Z] = [R] + j [L] is formed, and reduced to the number of actual conductors with
Bundling Method 1 of Section 5.5. For example, if partial conductors 1,...50 belong to the core conductor, and partial
conductors 51,...120 to the sheath, then this bundling procedure will reduce the 120 x 120-matrix to a 2 x 2-matrix,
which produces the frequency-dependent impedances
<EE
T <EU
T
<EU
T <UU
T
This numerical method works well as long as the conductors are subdivided into sufficiently small partial
conductors. The size of these partial conductors must be of the same order of magnitude as the depth of penetration.
(5.49)
when a first-order method is used (higher-order methods exist as well). The unknowns are essentially the values of A
in the node points. If they were shown in the z-direction of a three-dimensional picture, then the triangles would appear
in a shape similar to a geodesic dome, with the roof height being the value of A. The equations for finding A are linear
algebraic
C 5VTCPFGF EQPFWEVQT KPUKFG RKRG QH TCFKWU 4
equations with a sparse matrix, but the number of node points or the number of equations is usually quite high (146
equations for the example of Fig. 5.20). Once the magnetic vector potential is known in the entire region, the
impedances can be derived from it.
For readers interested in finite element methods for cable impedance calculations, the papers by Konrad, Weiss
and Csendes [165, 166, 167] are a good introduction.
For transient simulations, it is more difficult to use modal parameters, as compared to overhead lines, because
the transformation matrix [Ti] can no longer be assumed to be constant as for a single-circuit overhead line. Fig. 5.21
shows the variation of the elements in the third column of [Ti] for a typical three-phase arrangement of 230 kV singlecore cables with core conductor and sheath in each [155]. Especially around the power frequency of 50 or 60 Hz, the
variations are quite pronounced.
Above a few kHz, the loop between core conductor and sheath becomes decoupled from the outer loop between sheath
and earth return, because the depth of penetration on the inside of the sheath for loop 1 becomes much smaller than the
sheath thickness. In that case, Ztube-mutual ~ 0. This makes the transformation matrix constant above a few kHz, as evident
from Fig. 5.21. For a single-phase single-core cable with sheath and armor, the three modes are identical with the 3
loops described in Eq. (5.1) at high frequency where Z12 ~ 0 and Z23 ~ 0. The transformation matrix between loop and
phase quantities of Eq. (5.9),
=6 ?&
K
'
CPF =6K? ' &
&
As of now (Summer 1986), there are no specific cable models in the BPA EMTP. The only way to simulate
cables is to fit cable data into the models available for overhead lines. It has long been recognized, of course, that this
is only possible in a limited number of cases. A method specifically developed for cables, as discussed in Section
5.9.2.3, will hopefully be implemented in late 1986 or early 1987. It has already been tested extensively in the UBC
EMTP.
(a)
(b)
Cable represented as
capacitance
Nominal -circuit representations have often been suggested as approximate cable models. They obviously
represent the capacitance effect correctly, but the pronounced frequency-dependence in the series impedance is ignored.
Nominal -circuits give reasonable answers probably only in those cases in which the simpler lumped capacitance
representation is already accurate enough.
F8E
FZ
with Zcore being the impedance of the core conductor with combined current return through sheath, armor and sea water.
Coupling to the cables of the other two phases can be ignored because the three cables are layed relatively far apart, to
reduce the risk of anchors damaging more than one phase in the same mishap.
When the equations have been reduced to single-phase equations, then it is straightforward to use the
frequency-dependent overhead line model described in Section 4.2.2.6.
Sometimes it is not necessary to take the frequency-dependence in the series impedances into account. For
example, single phase SF6-busses have been modelled quite successfully for fast transients with two decoupled lossless
single-phase lines, one for the inside coaxial loop and a second one for the outside loop between the enclosure and the
earth-return. The coupling between the two loops through the enclosure is negligible at high frequencies because the
depth of penetration is much less than the enclosure wall thickness. The only coupling occurs through reflections at
the terminations. Agreement between simulation results from such simple models and field tests has been excellent
[169].
The transformation matrix [Ti] is frequency-dependent up to a few kHz, though a constant [Ti] would be
acceptable for transients which contain only high frequencies (e.g., lightning surge studies).
(b)
The modal parameters (e.g., wave velocity and attenuation) are more frequency-dependent than on overhead
lines, as shown in Fig. 5.23 for three single-core cables with core and sheath [150].
C #VVGPWCVKQP
D 8GNQEKV[
Fig. 5.23 - Modal parameters as a function of frequency [150]. Reprinted by permission of IEE and
the authors
To derive an accurate model for an n-conductor cable system between nodes k and m, we can start from the
phasor equation (4.121) for the overhead line, if we replace that scalar equation, which was written for one phase or
mode, by a matrix equation for the n conductors,
=;E? =8M? & =+MO? ' =#? 6=;E? =8O? % =+OM?>
C
D
and
which yields
=+MO&OQFG? ' =;E&OQFG? =8M&OQFG? & =#OQFG? 6 =;E&OQFG? =8O&OQFG? % =+OM&OQFG? >
(5.53)
with both [Yc-mode] and [Amode] being diagonal matrices,
=;E&OQFG? ' =6K?& =;E? =6K V?&
C
D
& 8
E
and [Ti] is the matrix of eigenvectors of the same product [Yphase ] [Zphase ]. Eq. (5.53) consists of n decoupled (scalar)
equations, with one equation for each mode.
Transforming these scalar equations into the time domain is the same procedure as described in Section 4.2.2.6
for the overhead line. For mode i, the second term in Eq. (5.53) is found with the same convolution integral as in Eq.
(4.124),
JKUVRTQRCICVKQP ' &
JOCZ
mJOKP
KO&VQVCN
V&WC
W FW HQT GCEJ OQFG
with the current im-total being the sum of the line current imk and of a current which would flow through the characteristic
impedance of mode i if the voltage vm of mode i were connected across it. Only known history terms appear in Eq.
(5.55), and histpropagation can therefore be found by n recursive convolutions for the n modes, in the same say as in Section
4.2.2.6. The modal propagation factors are very similar in shape to those of an overhead line, as shown for Amode-3 ( )
in Fig. 5.24.
4% PGVYQTM
(5.56)
with an analogous equation for imk(t) at the other end. If the transformation matrix were constant and real, then Eq.
(5.56) could very easily be transformed back to phase quantities,
[ikm-phase(t)] = [Ti][Gequiv][Ti]t[vk-phase] + [Ti][hist]
as explained in Eq. (4.109) for the overhead line. As shown in Fig. 5.21, the transformation matrix [Ti] of cables is very
much frequency-dependent, and the transformation back to phase quantities now requires convolutions based on Eq.
(5.52),
=KRJCUG
V? '
=XOQFG
V? '
=V
V&W? =KOQFG
W? FW
m&4 K
V
m&4
=VK
V&W?V =XRJCUG
W? FW
C
D
where [ti] is a matrix obtained from the inverse Fourier transform of the frequency-dependent matrix [Ti]. Similar to
the curve fitting used for the modal characteristic impedances, each element of [Ti] is again approximated by rational
functions of the form
MK
K'
LT % RK
6z<
T ' M % j
with k0, ki and pi being real constants which, when transformed into the time domain, becomes
O
Vz<
V ' M F
V % j MK GZR
&RKV W
V
K'
With the simple sum of exponentials in Eq. (5.59), recursive convolution can be applied again (Appendix V). Then,
the convolution integrals in Eq. (5.57) can be split up into a term containing the yet unknown voltages and currents at
time t, and the known history terms which can be updated recursively,
=KRJCUG
V? ' =V? =KOQFG
V? % =JKUVEWTTGPV?
C
=XOQFG
V? ' =V?V =XRJCUG
V? % =JKUVXQNVCIG?
D
with [t0] being a real, constant n x n-matrix. With Eq. (5.60), the transformation of the modal equations (5.56) to phase
quantities is now fairly simple,
=KMO&RJCUG
V? ' =)RJCUG? =XM&RJCUG
V? % =JKUVRJCUG?
C
D
with
(5.61c)
Since the form of Eq. (5.61a) is identical to that of Eq. (4.109) for the overhead line with constant [Ti], adding the model
to the EMTP is the same as described there. The extra effort lies essentially in the evaluation of the two extra history
vectors [histcurrent] and [histvoltage]. After the network solution at each time step, Eq. (5.60) is used to obtain the modal
quantities from the phase quantities.
The principle of the frequency-dependent cable model is fairly simple, but its correct implementation depends
on many intricacies, which are described in [155]. In particular, it is important to normalize the eigenvectors in such
a way that the elements of [Ti] as well as the modal surge admittances Yc-mode-i both become minimum phase shift
functions. This is achieved by making one element of each eigenvector a real and constant number through the entire
frequency range. Furthermore, standard eigenvalue/eigenvector subroutines do not produce smooth curves of [Ti] and
[Yc-mode] as a function of frequency, because the order in which the eigenvalues are calculated often changes as one
moves from one frequency point to the next. This problem was solved by using an extension of the Jacobi method for
complex symmetric matrices. Symmetry is obtained by reformulating the eigenproblem
C
D
E
where
and
with [L] being the lower triangular matrix obtained from the Choleski decomposition of [Yphase] [157]. The Choleski
decomposition is a modification of the Gauss elimination method, as explained in Appendix III. One can also replace
[L] in Eq. (5.62) with the square root of [Yphase] obtained from
=; ) RJCUG? ' =:? =7? =:?&
where [
1/2
] is the diagonal matrix of the square roots of the eigenvalues, and [X[ is the eigenvector matrix of [Yphase].
Both approaches are very efficient if G is ignored, or if tan is constant for all dielectrics in the cable system, because
[L] or [Yphase]1/2 must then only be computed once for all frequencies.
For parallel single core cables layed in the ground (not in air), [Y] is diagonal if loop equations are used. In
that case it is more efficient to find the eigenvalues and eigenvectors for [Yloop][Zloop], where both [L] and [Yloop]1/2
become the same diagonal matrix with %Yloop-i as its elements. The conversion back to phase quantities is trivial with
Eq. (5.50).
The reason why the Jacobi procedure produces smooth eigenvectors is that the Jacobi algorithm requires an
initial guess for the solution of the eigenvectors. This initial guess is readily available from the solution of the
eigenproblem of the preceding frequency step; consequently, the order of the eigenvectors from one calculation to the
next is not lost.
Figure 5.27(a) shows the magnitude of the elements of row 3 of the eigenvector matrix [Ti] for the same 6conductor system as in Fig. 5.24, when standard eigenvalue/eigenvector routines are used. Fig. 5.27(b), on the other
hand, shows the same elements of [Ti] calculated with the modified Jacobi algorithm.
As an application for this cable model, consider the case of three 230 kV single-core cables (with core and
sheath), buried side by side in horizontal configuration, with a length of 10 km. A unit-step voltage is applied to the
core of phase A, and the cores of phases B and C as well as all three sheaths are left ungrounded at both ends. The unitstep function was approximated as a periodic rectangular pulse of 10 ms duration and a period of 20 ms with a Fourier
series containing 500 harmonics,
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superimposed on the exact answers. The two
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Magnitude of the elements of row 3 of [Ti] (same 6-conductor system as in Fig. 5.24)
curves are indistinguishable in this third pulse region where the phenomena have already become more or less periodic.
This shows that the EMTP cable model is capable of producing highly accurate answers. The insert on the right-hand
side of Fig. 5.29 shows the response to the first pulse, where the EMTP simulation results differ slightly from the exact
answers, not because of inaccuracies in the model but because the EMTP starts from zero initial conditions while the
exact answer assumes periodic behavior even for t < 0.
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EQPUVTWEVKQP CTG PQV MPQYP VJGP KV KU PQV GCU[ VQ FGEKFG YJGTG VQ RNCEG . +P VJG GZCORNG QH (KI PQ
y
EQPUVTWEVKQP FGVCKNU YGTG MPQYP CPF . YCU UKORN[ RNCEGF CETQUU VJG JKIJ XQNVCIG VGTOKPCNU +P URKVG QH VJKU
y
KP 5GEVKQP VJGP VJG PQPNKPGCT KPFWEVCPEG KU UKORN[ CFFGF CETQUU VJG YKPFKPI ENQUGUV VQ VJG EQTG +H VJG =.?
OQFGN QH 5GEVKQP KU WUGF QT KH =.? JCU CNTGCF[ DGGP EQTTGEVGF HQT VJG NKPGCT GZEKVKPI EWTTGPV VJGP C OQFKHKGF
PQPNKPGCT KPFWEVCPEG OWUV DG CFFGF KP YJKEJ VJG WPUCVWTCVGF RCTV JCU DGGP UWDVTCEVGF QWV
(KI 6JKU OQFKHKGF
PQPNKPGCT KPFWEVCPEG JCU CP KPHKPKVG UNQRG DGNQY VJG MPGGRQKPV
6CDNG %QORCTKUQP DGVYGGP OGCUWTGF CPF ECNEWNCVGF CKTEQTG KPFWEVCPEGU l +'''
CKTEQTG KPFWEVCPEG
RW
GZEKVGF
YKPFKPI
HNWZ OGCUWTGF
CV
VGUV
ECNEWNCVGF
YKVJ . KP 6
y
guiq
GTTQT
ECNEWNCVGF
YKVJ . KP 5
y
GTTQT
iq
gu
*
.
6
*
.
6
*
.
6
/GCUWTGF D[ KPVGITCVKPI VJG XQNVCIG CV VJCV VGTOKPCN 6JG OGCUWTGF UJQTVEKTEWKV KPFWEVCPEGU YGTG .
RW . RW . RW YJKEJ RTQFWEGU VJG UVCTEKTEWKV KPFWEVCPEGU QH . RW .
RW . RW
BF
BT
FT
$ $ $
CPF WUKPI $
.
KP 'S
CPF D[ CFFKPI VJG Z OCVTKZ YKVJ
VQ VJG Z FKCIQPCN DNQEM QH VJG JKIJ UKFG 6JKU DWTKGU VJG \GTQ UGSWGPEG OCIPGVK\KPI
%
=? ECP VJGP CICKP DG CFFGF CETQUU GCEJ QPG QH VJG RJCUGU
$[ UGVVKPI $ =.? YKNN TGOCKP UKPIWNCT 6JKU ECWUGU PQ RTQDNGOU KH VJG KPXGTUG KPFWEVCPEG KU WUGF
7UGTU YJQ RTGHGT =.?OCVTKEGU YQWNF JCXG VQ CFF CPQVJGT Z OCVTKZ YKVJ $ $ CPF $ $ VQ QPG
QH VJG UKFGU YKVJ $ . YJGTG . KU VJG NKPGCT
WPUCVWTCVGF RQUKVKXG UGSWGPEG OCIPGVK\KPI KPFWEVCPEG
%
# NKPGCT UJWPV EQPFWEVCPEG ) ECPPQV TGRTGUGPV VJG KTQPEQTG NQUUGU EQORNGVGN[ CEEWTCVGN[ 6JGUG NQUUGU
y
tqqu
uiq
qpp iq
WUGHWN VQ JCXG UQOG KFGC CDQWV VJG TCVKQ DGVYGGP VJG VYQ RCTVU 4GH =? YJKEJ OC[ DG UQOGYJCV QWVFCVGF IKXGU
TCVKQU QH
2J[UVGTGUKU2GFF[ EWTTGPV '
YJKNG C OQTG TGEGPV TGHGTGPEG =? SWQVGU C V[RKECN TCVKQ QH 1P OQFGTP VTCPUHQTOGTU J[UVGTGUKU NQUUGU CTG
VJGTGHQTG OWEJ NGUU KORQTVCPV VJCP VJG[ WUGF VQ DG DGHQTG VJG KPVTQFWEVKQP QH ITCKPQTKGPVGF UVGGN
+V KU IGPGTCNN[ CITGGF VJCV GFF[ EWTTGPV NQUUGU CTG RTQRQTVKQPCN VQ 8 CPF VQ H =? CV NGCUV KP VJG NQY
HTGSWGPE[ TCPIG YJKEJ UGGOU VQ EJCPIG VQ H
#
(TGSWGPE[FGRGPFGPV GFF[ EWTTGPV TGRTGUGPVCVKQPU YGTG FKUEWUUGF KP =? YJGTG 4 KU TGRNCEGF D[ C PWODGT QH
y
RCTCNNGN 4. DTCPEJGU +V KU FQWDVHWN YJGVJGT VJKU UQRJKUVKECVKQP KU PGGFGF JQYGXGT DGECWUG VJG TGFWEVKQP ECWUGF
D[ C RTQRQTVKQPCNKV[ EJCPIG HTQO H VQ H
#
D[ KPETGCUGU KP EQKN TGUKUVCPEG FWG VQ UMKP GHHGEV GVE #V CP[ TCVG NCDQTCVQT[ VGUVU YQWNF HKTUV JCXG VQ DG FQPG VQ
XGTKH[ VJG EQTTGEVPGUU QH VJG HTGSWGPE[ FGRGPFGPEG RTQRQUGF KP =? +P UWEJ VGUVU KV OC[ DG FKHHKEWNV VQ UGRCTCVG
GFF[ EWTTGPV CPF J[UVGTGUKU NQUUGU +H YG CEEGRV C RTQRQTVKQPCNKV[ YKVJ 8 CPF H VJGP C EQPUVCPV TGUKUVCPEG 4 FQGU
y
qppiq
8
RG5
4 CPF 8
y
RGS
T8
RGS
+P =? C KU UCKF VQ DG ENQUG VQ HQT ITCKPQTKGPVGF UVGGN CPF D +P =? C CPF D +H C D
YGTG WUGF VJGP VJG UWO QH J[UVGTGUKU CPF GFF[ EWTTGPV NQUUGU EQWNF DG OQFGNNGF D[ VJG EQPUVCPV TGUKUVCPEG 4 QT
y
EQPFWEVCPEG ) QH 'S
6JKU KU C TGCUQPCDNG HKTUV CRRTQZKOCVKQP =? GURGEKCNN[ KH QPG EQPUKFGTU VJCV
y
QH VJG VQVCN KTQPEQTG NQUUGU KP VTCPUHQTOGTU YKVJ ITCKPQTKGPVGF UVGGN (KI
C
UJQYU VJG PQPNKPGCT KPFWEVCPEG QH C EWTTGPV VTCPUHQTOGT YJKEJ YCU WUGF D[ % 6C[NQT VQ FWRNKECVG HKGNF VGUV TGUWNVU
KP C ECUG YJGTG VJG UGEQPFCT[ EWTTGPV YCU FKUVQTVGF D[ UCVWTCVKQP GHHGEVU =? (KI
D UJQYU 8 CU C HWPEVKQP
QH VJG GZEKVKPI EWTTGPV KP VJG VTCPUKGPV UKOWNCVKQP KH KTQPEQTG NQUUGU CTG OQFGNNGF YKVJ C EQPUVCPV TGUKUVCPEG 4
y
S +V ECP DG UGGP VJCV 4 PQV QPN[ ETGCVGU VJG V[RKECN UJCRG QH C PQTOCN OCIPGVK\CVKQP EWTXG
YKVJ NQYGT F8FK
y
0QPNKPGCT OCIPGVK\KPI
QH EWTTGPV VTCPUHQTOGT
4O '
X
)K
CU CP CNVGTPCVKXG VQ 'S
YKVJ )K DGKPI JCNH QH VJG JQTK\QPVCN YKFVJ QH VJG NQQR CV 8
(KI CPF X
T8
'S
KU FGTKXGF HTQO TGCNK\KPI VJCV CV 8 CNN VJG EWTTGPV OWUV HNQY VJTQWIJ VJG RCTCNNGN TGUKUVCPEG
yg
yg
HNWZ
+H OQTG XCNWGU QH )K CTG WUGF CV XCTKQWU RQKPVU CNQPI VJG 8CZKU VQIGVJGT YKVJ VJG EQTTGURQPFKPI XCNWGU HQT
X F8FV VJGP C TGUKUVCPEG 4 ECP DG EQPUVTWEVGF YJKEJ DGEQOGU PQPNKPGCT 6JKU RCTCNNGN EQODKPCVKQP QH PQPNKPGCT
y
TGUKUVCPEG CPF PQPNKPGCT KPFWEVCPEG JCU DGGP RTQRQUGF D[ .1 %JWC CPF -# 5VTQOUOQG =? VQ OQFGN HNWZ
EWTTGPV NQQRU ECWUGF D[ J[UVGTGUKU CPF GFF[ EWTTGPV GHHGEVU 6JG[ IKXG EQPXKPEKPI CTIWOGPVU YJ[ VJKU TGRTGUGPVCVKQP
KU TGCUQPCDNG +P RCTVKEWNCT VJG[ FKF OCMG EQORCTKUQPU DGVYGGP UKOWNCVKQPU CPF NCDQTCVQT[ VGUVU PQV QPN[ HQT C
UOCNN CWFKQ QWVRWV VTCPUHQTOGT YKVJ NCOKPCVGF UKNKEQP UVGGN DWV HQT C UWRGTOCNNQ[ EQTG KPFWEVQT CU YGNN (KI
UJQYU VJG PQPNKPGCT KPFWEVCPEGU CPF TGUKUVCPEGU HQT VJKU CWFKQ QWVRWV VTCPUHQTOGT =? (KI EQORCTGU VJG
NCDQTCVQT[ VGUV TGUWNVU YKVJ UKOWNCVKQP TGUWNVU =?
HKTUV TQY NCDQTCVQT[ TGUWNVU UGEQPF TQY UKOWNCVKQP TGUWNVU (KI
6JG CWVJQT KU TGNWEVCPV VQ ECNN KV J[UVGTGUKU NQQR DGECWUG VJG NQUUGU CUUQEKCVGF YKVJ VJKU NQQR CTG VJG UWO QH
J[UVGTGUKU CPF GFF[ EWTTGPV NQUUGU YKVJ VJG NCVVGT CEVWCNN[ DGKPI VJG NCTIGT RCTV KP VTCPUHQTOGTU YKVJ ITCKP
QTKGPVGF UVGGN
&
C KU C HCOKN[ QH HNWZEWTTGPV NQQRU HQT *\ UKPWUQKFCN HNWZ NKPMCIG QH XCTKQWU CORNKVWFGU (KI
D UJQYU
VYQ NQQRU QPG YKVJ C UKPWUQKFCN HNWZ NKPMCIG CPF VJG UGEQPF YKVJ C UKPWUQKFCN EWTTGPV (KI
E KU C HCOKN[ QH
NQQRU QDVCKPGF CV *\ HQT XCTKQWU CORNKVWFGU QH UKPWUQKFCN EWTTGPV (KI
F UJQYU C HCOKN[ QH NQQRU HQT
UKPWUQKFCN HNWZ NKPMCIGU CV CPF *\ +P CNN ECUGU VJG CITGGOGPV DGVYGGP OGCUWTGOGPVU CPF UKOWNCVKQP
TGUWNVU KU GZEGNNGPV 6JG OKPQT NQQRU KP (KI
G YGTG QDVCKPGF YKVJ C *\ UKPWUQKFCN EWTTGPV UWRGTKORQUGF
QP C FE DKCU EWTTGPV #ICKP VJGTG CRRGCTU VQ DG GZEGNNGPV CITGGOGPV
(KI /QFGN HQT GZEKVKPI EWTTGPV YKVJ RCTCNNGN PQPNKPGCT TGUKUVCPEGU CPF KPFWEVCPEGU
=? l +'''
6JG OQTG UQRJKUVKECVGF OQFGNU OGPVKQPGF CDQXG WUG RTGFGHKPGF VTCLGEVQTKGU QT VGORNCVGU KP VJG 8 KRNCPG
VQ FGEKFG KP YJKEJ FKTGEVKQP VJG EWTXG YKNN OQXG KH VJG HNWZ GKVJGT KPETGCUGU QT FGETGCUGU = ? 6JG VGEJPKSWG
QH =? JCU DGGP KORNGOGPVGF KP VJG $2#'/62
RUGWFQNKPGCT J[UVGTGVKE TGCEVQT DWV C ECTGHWN EQORCTKUQP YKVJ
VJG UKORNGT 4 TGRTGUGPVCVKQPU
GKVJGT NKPGCT QT PQPNKPGCT JCU PQV [GV DGGP FQPG /QTG TGUGCTEJ OC[ DG PGGFGF
y
DGHQTG TGNKCDNG J[UVGTGUKU OQFGNU DGEQOG CXCKNCDNG 5WEJ OQFGNU OC[ DG DCUGF QP VJG FWCNKV[ DGVYGGP OCIPGVKE CPF
GNGEVTKE EKTEWKVU YJKEJ YQWNF VJGP TGSWKTG VJG FKOGPUKQPU QH VJG KTQPEQTG CU KPRWV FCVC =? QT VJG[ OC[ DG DCUGF
QP VJG RJ[UKEU QH OCIPGVKE OCVGTKCNU =?
(KI %QORCTKUQP DGVYGGP OGCUWTGF CPF UKOWNCVGF HNWZEWTTGPV NQQRU =? l +'''
4GUKFWCN (NWZ
4GUKFWCN HNWZ KU VJG HNWZ YJKEJ TGOCKPU KP VJG KTQP EQTG CHVGT VJG VTCPUHQTOGT KU UYKVEJGF QHH +V JCU C OCLQT
'
KPHNWGPEG QP VJG OCIPKVWFG QH KPTWUJ EWTTGPVU 5VCTVKPI CP '/62 UKOWNCVKQP HTQO C MPQYP TGUKFWCN HNWZ KU TGNCVKXGN[
GCU[ YKVJ UKORNG CU YGNN CU YKVJ UQRJKUVKECVGF J[UVGTGUKU OQFGNU 6Q HKPF VJG TGUKFWCN HNWZ HTQO C UKOWNCVKQP KU OQTG
EQORNKECVGF CPF VJG TGUWNVU UVKNN UGGO VQ DG WPTGNKCDNG CV VJKU VKOG GXGP YKVJ UQRJKUVKECVGF J[UVGTGUKU OQFGNU 7PVKN
VJKU UKVWCVKQP KORTQXGU KV OKIJV DG DGUV VQ WUG C V[RKECN XCNWG HQT VJG TGUKFWCN HNWZ CU RCTV QH VJG KPRWV FCVC
7PHQTVWPCVGN[ PQV OWEJ FCVC KU CXCKNCDNG QP TGUKFWCN HNWZ # TGEGPV UWTXG[ D[ %+)4' =? JCU PQV CFFGF OWEJ
VQ KV GKVJGT GZEGRV HQT VJG SWQVCVKQP QH OCZKOWO XCNWGU QH CPF RW 6JKU UWTXG[ FQGU EQPVCKP C
TGCUQPCDNG COQWPV QH KPHQTOCVKQP CDQWV XCNWGU QH CKTEQTG KPFWEVCPEGU CPF UCVWTCVKQP EWTXGU JQYGXGT
6JG 7$% XGTUKQP QH VJG '/62 UVCTVU VJG UKOWNCVKQP HTQO C PQP\GTQ TGUKFWCN HNWZ YKVJ VJG HQNNQYKPI
CRRTQCEJ KP EQPPGEVKQP YKVJ RKGEGYKUG NKPGCT KPFWEVCPEGU
UGG CNUQ 5GEVKQP #V V VJG UVCTVKPI RQKPV
# NKGU CV 8
qupgx
wqq
uit
KU
ECNEWNCVGF YJKEJ YKNN DTKPI VJG EJCTCEVGTKUVKE DCEM VJTQWIJ VJG QTKIKP YJGP VJG UNQRG KU EJCPIGF DCEM VQ . CU UQQP
CU 8 # 8
uit
6JGTGCHVGT VJG PQTOCN 8KEWTXG YKNN DG HQNNQYGF /QTG FGVCKNU KP RCTVKEWNCT VJG RTQDNGO QH
QXGTUJQQV
8 UNKIJVN[ NCTIGT VJCP 8
wqq
YJGP IQKPI KPVQ UCVWTCVKQP CTG FKUEWUUGF KP 5GEVKQP (QT V[RKECN
UCVWTCVKQP EWTXGU UWEJ CU VJG QPG UJQYP KP (KI VJG NKPGCT UNQRG KU CNOQUV KPHKPKVG KP VJCV ECUG VJG HKTUV OQXG
KPVQ UCVWTCVKQP RTCEVKECNN[ NKGU QP VJG IKXGP 8KEWTXG TCVJGT VJCP UQOGYJCV JKIJGT CU KP (KI
6JGTG UGGOU VQ DG UQOG EQPHWUKQP KP VGTOKPQNQI[ DGVYGGP TGUKFWCN CPF TGOCPGPV HNWZ +V CRRGCTU VJCV
TGOCPGPV HNWZ KU VJG HNWZ XCNWG CV K KP VJG J[UVGTGUKU EWTXG WPFGT VJG CUUWORVKQP QH UKPWUQKFCN GZEKVCVKQP
'
+P VJG $2# XGTUKQP VJKU DTCPEJ V[RG JCU DGGP IGPGTCNK\GF HTQO VQ P UNQRGU
RUGWFQNKPGCT KPFWEVQT DWV
KV CRRGCTU VJCV KU PQ NQPIGT CEEGRVU TGUKFWCN HNWZ CU KPRWV FCVC
TGUKFWCN HNWZ CHVGT VJG VTCPUHQTOGT KU UYKVEJGF QHH 6JG GPGTI[ UVQTGF KP . YKNN UKORN[ DG FKUUKRCVGF KP 4 KP VJKU
y
OQFGN YKVJ CP GZRQPGPVKCN FGEC[ KP EWTTGPV CPF HNWZ VQ \GTQ XCNWGU 6JG HNWZ XCNWG CV VJG KPUVCPV QH UYKVEJKPI EQWNF
RQUUKDN[ DG ENQUG VQ VJG TGUKFWCN HNWZ DWV VJKU JCU PGXGT DGGP EJGEMGF #NUQ VJKU XCNWG YQWNF QPN[ DG OGCPKPIHWN
KH VJG VTCPUHQTOGT KU UYKVEJGF QHH D[ KVUGNH YKVJQWV NKPGU QT QVJGT GSWKROGPV EQPPGEVGF VQ KV
#WVQVTCPUHQTOGTU
+H CP CWVQVTCPUHQTOGT KU VTGCVGF VJG UCOG YC[ CU C TGIWNCT VTCPUHQTOGT VJCV KU KH VJG FGVCKNU QH VJG KPVGTPCN
EQPPGEVKQPU CTG KIPQTGF VJG OQFGNU FKUEWUUGF JGTG YKNN RTQDCDN[ RTQFWEG TGCUQPCDN[ CEEWTCVG TGUWNVU GZEGRV CV XGT[
NQY HTGSWGPEKGU #V FE VJG XQNVCIG TCVKQ DGVYGGP VJG NQY CPF JKIJ UKFG QH C HWNNYKPFKPI VTCPUHQTOGT YKNN DG \GTQ
YJGTGCU VJG XQNVCIG TCVKQ QH VJG CWVQVTCPUHQTOGT QH (KI DGEQOGU 4 4
FE XQNVCIG FKXKFGT GHHGEV
CC
(QT C OQTG CEEWTCVG TGRTGUGPVCVKQP UGTKGU YKPFKPI + CPF EQOOQP YKPFKPI ++ UJQWNF DG WUGF CU DWKNFKPI
DNQEMU KP RNCEG QH JKIJ UKFG * CPF NQY UKFG . 6JKU TGSWKTGU C TGFGHKPKVKQP QH VJG UJQTVEKTEWKV FCVC KP VGTOU QH
YKPFKPIU + CPF ++ 5KPEG OQUV CWVQVTCPUHQTOGTU JCXG C VGTVKCT[ YKPFKPI VJKU YKPFKPI 6 UJCNN DG KPENWFGF KP VJG TG
FGHKPKVKQP
(KTUV VJG XQNVCIG TCVKPIU CTG
8+ ' 8* & 8.
8+ + ' 8 .
8+ + + ' 8 6
6JG VGUV DGVYGGP * CPF . RTQXKFGU VJG TGSWKTGF FCVC HQT VJG VGUV DGVYGGP + CPF ++ FKTGEVN[ UKPEG ++ KU UJQTVGF
KP RW XCNWGU
8* & 8.
KP RW XCNWGU
CC
CCC
CC
CCC
DCUGF QP 8 8 YKNN HNQY VJTQWIJ < 6JKU EWTTGPV YKNN CNUQ HNQY VJTQWIJ + CPF ++ CU RW DCUGF QP 8 QT
CCC
CCC
EQPXGTVGF VQ DCUGU 8 8 +
8 8 8 CPF + 8 8 9KVJ VJGUG EWTTGPVU VJG RW XQNVCIGU DGEQOG
C
CC
8+ ' <+
8* & 8.
8+ + ' < + +
8*
8.
8*
% <+ + +
CC
KP RW XCNWGU
% <+ + +
KP RW XCNWGU
CC
VJGO CPF EQPXGTVKPI VJG UWO DCEM VQ C RW XCNWG DCUGF QP 8 RTQFWEGU VJG OGCUWTGF RW XCNWG
B
8* & 8.
8*
% <++
8.
8*
% <+++
KP RW XCNWGU
'SU
CPF
ECP DG UQNXGF HQT < < < UKPEG <
C
CC
CCC
CCC
CC
CCCCC
<
<
CC
CCC
8*8.
8* & 8.
% <*6
8*
8* & 8.
& <.6
8.
8* & 8.
KP RW XCNWGU
6JG CWVQVTCPUHQTOGT QH (KI ECP VJGTGHQTG DG VTGCVGF CU C VTCPUHQTOGT YKVJ YKPFKPIU + ++ +++ D[
UKORN[ TGFGHKPKPI VJG UJQTVEKTEWKV KORGFCPEGU YKVJ 'SU
CPF
6JKU OWUV DG FQPG HQT VJG
RQUKVKXG UGSWGPEG VGUVU CU YGNN CU HQT VJG \GTQ UGSWGPEG VGUVU +H VJG VTCPUHQTOGT JCU C ENQUGF FGNVC VJGP VJG \GTQ
UGSWGPEG FCVC OWUV DG HWTVJGT OQFKHKGF CU GZRNCKPGF KP 5GEVKQP CHVGT VJG TGFGHKPKVKQP QH VJG UJQTVEKTEWKV FCVC
+FGCN 6TCPUHQTOGT
#P KFGCN VTCPUHQTOGT YCU PQV CFFGF VQ VJG $2# '/62 WPVKN 6JG KFGCN VTCPUHQTOGT JCU PQ KORGFCPEGU
CPF UKORN[ EJCPIGU XQNVCIGU CPF EWTTGPV HTQO UKFG VQ UKFG
(KI CU HQNNQYU
X
X
'
P
K
K
' P
6JG OCVTKZ QH VJG CWIOGPVGF U[UVGO QH GSWCVKQPU YKVJ CP GZVTC EQNWOP HQT XCTKCDNG K CPF CP GZVTC TQY HQT 'S
GNGOGPV JCU DGGP GPEQWPVGTGF 6JKU RTQDNGO KU TGNCVGF VQ VJG VTGCVOGPV QH HNQCVKPI UWDPGVYQTMU
UGG PGZV 5GEVKQP
(NQCVKPI &GNVC %QPPGEVKQPU
/QUV VTCPUOKUUKQP CWVQVTCPUHQTOGTU JCXG FGNVCEQPPGEVGF VGTVKCT[ YKPFKPIU HQT VJG UWRRTGUUKQP QH VJKTF
JCTOQPKEU (TGSWGPVN[ PQVJKPI KU EQPPGEVGF VQ UWEJ VGTVKCT[ YKPFKPIU +P VJCV ECUG CPF KP UKOKNCT ECUGU VJG FGNVC
YKPFKPIU JCXG HNQCVKPI RQVGPVKCN YKVJ TGURGEV VQ ITQWPF
(KI QPN[ VJG XQNVCIGU CETQUU VJG YKPFKPIU CD DE
EC CTG FGHKPGF DWV PQV VJG XQNVCIGU KP C D QT E YKVJ TGURGEV VQ ITQWPF 5KPEG VJG '/62 UQNXGU HQT PQFG XQNVCIGU
YKVJ TGURGEV VQ ITQWPF VJG )CWUU GNKOKPCVKQP YKNN HCKN YKVJ C \GTQ FKCIQPCN GNGOGPV
6Q RTGXGPV VJG UQNWVKQP CNIQTKVJO HTQO HCKNKPI QPG ECP GKVJGT ITQWPF QPG QH VJG PQFGU
GI PQFG C QT
EQPPGEV UVTC[ ECRCEKVCPEGU QT NCTIG UJWPV TGUKUVCPEGU VQ QPG QT CNN PQFGU %QPPGEVKPI KFGPVKECN DTCPEJGU VQ GCEJ
QH VJG PQFGU JCU VJG EQUOGVKE CFXCPVCIG VJCV VJG XQNVCIGU KP C D E YKNN DG U[OOGVTKECN TCVJGT VJCP QPG QH VJGO
DGKPI \GTQ 6JG $2# XGTUKQP EQPPGEVU C NCTIG UJWPV TGUKUVCPEG CWVQOCVKECNN[ YKVJ CP CRRTQRTKCVG YCTPKPI YJGPGXGT
C \GTQ QT PGCT\GTQ FKCIQPCN GNGOGPV KU GPEQWPVGTGF (QT GZCORNG KH VJG \GTQ FKCIQPCN KU GPEQWPVGTGF CV PQFG E
VJGP C NCTIG TGUKUVCPEG YKNN DG EQPPGEVGF HTQO E VQ ITQWPF YJKEJ YKNN OCMG X
i
RGS
H
+
RGS
KPVQ 8 H
K 6JGUG UWRRQTV TQWVKPGU CU YGNN CU VJG DWKNVKP
=;RW? '
<RW
&
<RW
&
<RW
<RW
HTQO 'S
KU VJGP CFFGF VQ ;
CPF
YJKEJ OCMGU VJG OCVTKZ PQPUKPIWNCT #HVGT KVU KPXGTUKQP CPF EQPXGTUKQP HTQO RW VQ CEVWCN XCNWGU VJG Z
DTCPEJ KORGFCPEG OCVTKZ KU QDVCKPGF $[ PQV UGRCTCVKPI 4 CPF . VJKU KORGFCPEG OCVTKZ JCU PQP\GTQ QHHFKCIQPCN
TGUKUVCPEGU YJKEJ YQWNF RTQFWEG YTQPI TGUWNVU CV GZVTGOGN[ NQY HTGSWGPEKGU YJGP VJG OCIPKVWFG QH 4 DGEQOGU
EQORCTCDNG YKVJ VJG OCIPKVWFG QH T.
KP QPG RCTVKEWNCT GZCORNG 4 . T. CV H *\ #V FE CP QHHFKCIQPCN
TGUKUVCPEG YQWNF KORN[ C PQP\GTQ KPFWEGF XQNVCIG KP VJG UGEQPFCT[ YKPFKPI YJKEJ UJQWNF TGCNN[ DG \GTQ KP C HWNN
YKPFKPI VTCPUHQTOGT
(QT VJTGGYKPFKPI VTCPUHQTOGTU VJG CRRTQCEJ QH 5GEVKQP KU WUGF (KTUV VJG KORGFCPEGU QH VJG
GSWKXCNGPV UVCT EKTEWKV CTG HQWPF YKVJ 'S
YJKEJ KU VJGP EQPXGTVGF VQ VJG FGNVC EKTEWKV YKVJ 'S
VQ QDVCKP
VJG Z CFOKVVCPEG OCVTKZ =; ? QH 'S
#ICKP VJGTG KU PQ UGRCTCVKQP DGVYGGP 4 CPF . CPF EQORNGZ
KORGFCPEGU < CTG WUGF KP RNCEG QH : KP CNN VJGUG GSWCVKQPU 1PG VJKTF QH L:
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KU VJGP CFFGF VQ
HQNNQYGF D[ OCVTKZ KPXGTUKQP CPF EQPXGTUKQP VQ CEVWCN XCNWGU #ICKP PQP\GTQ QHHFKCIQPCN
TGUKUVCPEGU YKNN CRRGCT KP VJG DTCPEJ KORGFCPEG OCVTKZ CU CNTGCF[ FKUEWUUGF HQT VJG VYQYKPFKPI VTCPUHQTOGT
'ZEGRV HQT GTTQTU CV GZVTGOGN[ NQY HTGSWGPEKGU YJKEJ KU ECWUGF D[ PQV UGRCTCVKPI 4 CPF . VJG OQFGN
RTQFWEGF D[ :(14/'4 KU WUGHWN KH VJG RTGECWVKQPU HQT KNNEQPFKVKQPGF OCVTKEGU FKUEWUUGF KP 5GEVKQP CTG
QDUGTXGF
5WRRQTV 4QWVKPG $%64#0
6JKU UWRRQTV TQWVKPG YQTMU HQT CP[ PWODGT QH YKPFKPIU CPF HQT UKPINGRJCUG CU YGNN CU HQT VJTGGRJCUG
WPKVU +V WUGU VJG CRRTQCEJ QH 5GEVKQP CPF VQ RTQFWEG VJG =4? CPF =.? OCVTKEGU QH EQWRNGF DTCPEJGU
$%64#0 JCU CP QRVKQP HQT KPFWEVCPEG OCVTKEGU =.? CU YGNN KP ECUGU YJGTG VJG GZEKVKPI EWTTGPV KU PQP\GTQ $GECWUG
QH VJG KNNEQPFKVKQPKPI RTQDNGO
5GEVKQP VJG CWVJQT RTGHGTU VQ YQTM YKVJ =.? KPUVGCF QH =.? JQYGXGT
+ORGFCPEG OCVTKEGU RTQFWEGF D[ $%64#0 CPF :(14/'4 FKHHGT OCKPN[ KP VJG GZKUVGPEG QH QHHFKCIQPCN
TGUKUVCPEG XCNWGU KP VJG NCVVGT ECUG YJKEJ UJQWNF OCMG VJG OQFGN HTQO $%64#0 OQTG CEEWTCVG VJCP VJCV HTQO
:(14/'4 CV XGT[ NQY HTGSWGPEKGU
5WRRQTV 4QWVKPG 64'.')
6JKU UWRRQTV TQWVKPG YCU FGXGNQRGF D[ 8 $TCPFYCLP CV 1PVCTKQ *[FTQ EQPEWTTGPVN[ YKVJ VJG FGXGNQROGPV
: QH VJG GZEKVGF YKPFKPI K CTG HKTUV ECNEWNCVGF HTQO VJG EWTTGPV QH VJG RQUKVKXG CPF \GTQ UGSWGPEG GZEKVCVKQP VGUVU
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+H GZEKVCVKQP NQUUGU CTG KIPQTGF VJGP : KP RGT WPKV KU UKORN[ VJG TGEKRTQECN QH VJG RGTWPKV GZEKVKPI EWTTGPV 9KVJ
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RQUKVKXG CPF \GTQ UGSWGPEG XCNWGU VJWU MPQYP VJG RCKT QH UGNH CPF OWVWCN TGCEVCPEGU KU HQWPF HTQO 'S
(QT
VJG QVJGT YKPFKPIU KV KU TGCUQPCDNG VQ CUUWOG VJCV VJG RW TGCEVCPEGU CTG RTCEVKECNN[ VJG UCOG CU HQT YKPFKPI K
UKPEG VJGUG QRGPEKTEWKV TGCEVCPEGU CTG OWEJ NCTIGT VJCP VJG UJQTVEKTEWKV KORGFCPEGU 6JKU YKNN RTQFWEG VJG
KOCIKPCT[ RCTVU QH VJG QVJGT FKCIQPCN GNGOGPVU 6JG TGCN RCTV QH GCEJ FKCIQPCN GNGOGPV KU VJG TGUKUVCPEG QH VJG
RCTVKEWNCT YKPFKPI
9KVJ VJG FKCIQPCN GNGOGPV RCKTU MPQYP VJG QHHFKCIQPCN GNGOGPV RCKTU
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6JGUG KORGFCPEGU CTG HKTUV ECNEWNCVGF HQT RQUKVKXG CPF \GTQ UGSWGPEG CPF VJGP EQPXGTVGF VQ UGNH CPF OWVWCN
KORGFCPEGU YKVJ 'S
#U RQKPVGF QWV KP 5GEVKQP VJG GNGOGPVU QH =<? OWUV DG ECNEWNCVGF YKVJ JKIJ CEEWTCE[ QVJGTYKUG VJG
UJQTVEKTEWKV KORGFCPEGU IGV NQUV KP VJG QRGPEKTEWKV KORGFCPEGU 6JG NQYGT VJG GZEKVKPI EWTTGPV KU VJG OQTG GSWCN
VJG RW KORGFCPEGU < < CPF < DGEQOG COQPI VJGOUGNXGU KP 'S
'ZRGTKGPEG JCU UJQYP VJCV VJG RQUKVKXG
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EQORWVGT
YQTF NGPIVJ QH DKVU VQ CXQKF PWOGTKECN RTQDNGOU 1P EQORWVGTU YKVJ JKIJGT RTGEKUKQP VJG XCNWG EQWNF
QDXKQWUN[ DG NQYGT 1P NCTIG OQFGTP VTCPUHQTOGTU GZEKVKPI EWTTGPVU QH NGUU VJCP
ECP WUWCNN[ DG KPETGCUGF HQT VJG CPCN[UKU YKVJQWV KPHNWGPEKPI VJG TGUWNVU 5KPEG VJGUG KNNEQPFKVKQPKPI RTQDNGOU FQ
PQV GZKUV YKVJ =.? UWRRQTV TQWVKPG $%64#0 UJQWNF OCMG 64'.') WPPGEGUUCT[ CHVGT ECTGHWN VGUVKPI QH DQVJ
+H KV KU MPQYP VJCV VJG OCIPGVK\KPI KORGFCPEG UJQWNF DG EQPPGEVGF CETQUU C RCTVKEWNCT VGTOKPCN VJGP VJG
FKCIQPCN GNGOGPVU CTG OQFKHKGF VQ CEEQWPV HQT VJG FKHHGTGPEGU ECWUGF D[ VJG UJQTVEKTEWKVGF KORGFCPEGU DGVYGGP
VJG VGTOKPCNU
EJCPIGU 8
+
RGS
RGS
UKORNKH[KPI CUUWORVKQPU
VJG 8KEWTXG KU VQ DG IGPGTCVGF RQKPV D[ RQKPV CV UWEJ FKUVCPEGU VJCV NKPGCT KPVGTRQNCVKQP KU
CEEGRVCDNG KP DGVYGGP RQKPVU
(QT VJG EQPXGTUKQP KV KU PGEGUUCT[ VQ CUUWOG VJCV VJG HNWZ XCTKGU UKPWUQKFCNN[ CV HWPFCOGPVCN HTGSWGPE[ CU
C HWPEVKQP QH VKOG DGECWUG KV KU OQUV NKMGN[ VJCV VJG 8
RGS
+
RGS
RGS
84/5
6JG TGUECNKPI QH EWTTGPVU KU OQTG EQORNKECVGF GZEGRV HQT RQKPV K CV VJG GPF QH VJG NKPGCT TGIKQP #$
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6JG HQNNQYKPI RQKPVU K K CTG HQWPF TGEWTUKXGN[ #UUWOG VJCV K KU VJG PGZV XCNWG VQ DG HQWPF #UUWOG HWTVJGT
7
VJCV VJG UKPWUQKFCN HNWZ LWUV TGCEJGU VJG XCNWG 8 CV KVU OCZKOWO
9
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RGS
RGS
9KVJKP GCEJ UGIOGPV QH VJG EWTXG CNTGCF[ FGHKPGF D[ KVU GPF RQKPVU KP VJKU ECUG #$ CPF $% CPF %& K KU MPQYP
CU C HWPEVKQP QH 8
PCOGN[ RKGEGYKUG NKPGCT CPF YKVJ 'S
KU VJGP CNUQ MPQYP CU C HWPEVKQP QH VKOG 1PN[ VJG
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9
KPVGITCVKQP
TGCUQPCDNG UVGR UK\G E ( JCU VJG HQTO
( ' C % D K' % E K'
RGS9
D[ FGHKPKVKQP 'S
ECP DG UQNXGF HQT VJG WPMPQYP XCNWG
K 6JKU RTQEGUU KU TGRGCVGF TGEWTUKXGN[ WPVKN VJG NCUV RQKPV K JCU DGGP HQWPF
9
+
RGS
RGS
RGS
+
RGS
EWTXG GZEGRV HQT RQUUKDNG TQWPFQHH GTTQTU #U CP GZCORNG UWRRQTV TQWVKPG %108'46 YQWNF EQPXGTV VJG VCDNG QH
RGTWPKV 4/5 GZEKVKPI EWTTGPVU CU C HWPEVKQP QH RGTWPKV 4/5 XQNVCIGU
RGS
RW
RGS
RW
YKVJ DCUG RQYGT /8# CPF DCUG XQNVCIG M8 KPVQ VJG HQNNQYKPI HNWZEWTTGPV TGNCVKQPUJKR
8
8U
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RGS
RGS
RGS
CPF +
RGS
+
RGS
RGS
EWTXG KU QPN[ IKXGP CTQWPF VJG MPGGRQKPV CPF PQV HQT JKIJ XCNWGU QH UCVWTCVKQP
+P UWEJ ECUGU KV KU DGUV VQ FQ VJG EQPXGTUKQP HKTUV HQT VJG IKXGP RQKPVU CPF VJGP VQ GZVTCRQNCVG QP VJG 8KEWTXG YKVJ
VJG CKTEQTG KPFWEVCPEG
5CVWTCDNG 6TCPUHQTOGT %QORQPGPV
6JKU DWKNVKP OQFGN YCU QTKIKPCNN[ FGXGNQRGF HQT UKPINGRJCUG 0YKPFKPI VTCPUHQTOGTU +V WUGU VJG UVCT
EKTEWKV TGRTGUGPVCVKQP QH (KI 6JG RTKOCT[ DTCPEJ YKVJ 4 . KU JCPFNGF CU CP WPEQWRNGF 4. DTCPEJ DGVYGGP
PQFGU $75 CPF UVCT RQKPV 5 YJGTGCU GCEJ QH VJG QVJGT YKPFKPIU 0 KU VTGCVGF CU C VYQYKPFKPI VTCPUHQTOGT
HKTUV DTCPEJ HTQO 5 VQ $75 UGEQPF DTCPEJ HTQO $75 VQ $75 YKVJ M 0 6JG GSWCVKQPU HQT GCEJ QH
VJGUG VYQYKPFKPI VTCPUHQTOGTU CTG FGTKXGF HTQO VJG ECUECFG EQPPGEVKQP QH CP KFGCN VTCPUHQTOGT YKVJ CP 4.DTCPEJ
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VJG RTQFWEV =.? =4? KU U[OOGVTKE YJKEJ KU PQV VTWG KP VJG IGPGTCN ECUG
6JG KPRWV FCVC EQPUKUVU QH VJG 4 .XCNWGU QH GCEJ UVCT DTCPEJ CPF VJG VWTPU TCVKQU CU YGNN CU KPHQTOCVKQP
HQT VJG OCIPGVK\KPI DTCPEJ (QT VJTGGYKPFKPI VTCPUHQTOGTU VJG KORGFCPEGU QH VJG UVCT DTCPEJGU CTG WUWCNN[
CXCKNCDNG KP WVKNKV[ EQORCPKGU HTQO VJG FCVC HKNGU MGRV HQT UJQTVEKTEWKV UVWFKGU +H VJGUG XCNWGU CTG KP RW VJG[ OWUV
DG EQPXGTVGF VQ CEVWCN XCNWGU D[ WUKPI VJG RTQRGT XQNVCIG TCVKPI 8 HQT GCEJ QH VJG UVCT DTCPEJGU M 0 +H VJG
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UJQTVEKTEWKV KORGFCPEGU CTG MPQYP VJGP VJG UVCT DTCPEJ KORGFCPEGU ECP DG ECNEWNCVGF HTQO 'S
6JG UCVWTCDNG VTCPUHQTOGT EQORQPGPV JCU UQOG NKOKVCVKQPU YJKEJ WUGTU UJQWNF DG CYCTG QH
+V ECPPQV DG WUGF HQT OQTG VJCP VJTGG YKPFKPIU DGECWUG VJG UVCT EKTEWKV KU PQV XCNKF HQT 0
6JKU KU
OQTG CP CECFGOKE VJCP C RTCEVKECN NKOKVCVKQP DGECWUG VTCPUHQTOGTU YKVJ OQTG VJCP VJTGG YKPFKPIU CTG
UGNFQO GPEQWPVGTGF
6JG NKPGCT QT PQPNKPGCT OCIPGVK\KPI KPFWEVCPEG YKVJ 4 KP RCTCNNGN KU EQPPGEVGF VQ VJG UVCT RQKPV YJKEJ
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0WOGTKECN KPUVCDKNKV[ JCU QEECUKQPCNN[ DGGP QDUGTXGF HQT VJG VJTGGYKPFKPI ECUG +V KU PQV DGNKGXGF VQ DG C
RTQITCOOKPI GTTQT 6JG UQWTEG QH VJG KPUVCDKNKV[ JCU PGXGT DGGP ENGCTN[ KFGPVKHKGF VJQWIJ KV KU HGNV VJCV KV
KU ECWUGF D[ VJG CEEWOWNCVKQP QH TQWPFQHH GTTQTU 8 $TCPFYCLP TCP C ECUG KP KP YJKEJ VJG KPUVCDKNKV[
FKUCRRGCTGF YJGP VJG QTFGTKPI QH VJG YKPFKPIU YCU EJCPIGF
GI HKTUV YKPFKPI EJCPIGF VQ NQY UKFG HTQO
JKIJ UKFG
9JKNG VJG UCVWTCDNG VTCPUHQTOGT EQORQPGPV JCU DGGP GZVGPFGF HTQO UKPINGRJCUG VQ VJTGGRJCUG WPKVU
VJTQWIJ VJG CFFKVKQP QH C \GTQUGSWGPEG TGNWEVCPEG RCTCOGVGT KVU WUGHWNPGUU HQT VJTGGRJCUG WPKVU KU NKOKVGF
6JTGGRJCUG WPKVU CTG DGVVGT OQFGNNGF YKVJ KPFWEVCPEG QT KPXGTUG KPFWEVCPEG OCVTKEGU QDVCKPGF HTQO UWRRQTV
TQWVKPGU $%64#0 QT 64'.')
(TGSWGPE[&GRGPFGPV 6TCPUHQTOGT /QFGNU
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D
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QH UJQTVEKTEWKV KORGFCPEGU
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OQFGNNGF YKVJ RCTCNNGN TGUKUVCPEGU YJKEJ OCVEJGU VJG GZRGTKOGPVCN EWTXGU TGCUQPCDN[ YGNN
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FGCNKPI YKVJ OCVTKEGU =.? QT =.? TGUKUVCPEG QT EQPFWEVCPEG OCVTKEGU =4 ? QT =) ? EQWNF DG CFFGF CWVQOCVKECNN[ D[
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FKUEWUUGF KP 5GEVKQP 9JGVJGT VJG NKPGCT HTGSWGPE[ FGRGPFGPEG KP VJGUG RCTCNNGN 4. DTCPEJGU ECP DG UGRCTCVGF
GCUKN[ HTQO VJG PQPNKPGCT UCVWTCVKQP GHHGEVU YQWNF JCXG VQ DG XGTKHKGF KP NCDQTCVQT[ GZRGTKOGPVU
(QT VTCPUKGPV UVWFKGU YJKEJ KPXQNXG HTGSWGPEKGU CDQXG C HGY M*\ ECRCEKVCPEGU OWUV DG CFFGF VQ VJG 4.
OQFGNU #U UWIIGUVGF KP =? ECRCEKVCPEGU UJQWNF DG KPENWFGF
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ECRCEKVCPEGU ECP DG ECNEWNCVGF HTQO VJG IGQOGVT[ QH VJG VTCPUHQTOGT FGUKIP 1DXKQWUN[ VJG KPVGTPCN XQNVCIG
FKUVTKDWVKQP CETQUU C YKPFKPI YJKEJ KU QH UWEJ ITGCV EQPEGTP VQ VJG VTCPUHQTOGT FGUKIP ECPPQV DG QDVCKPGF YKVJ VJG
UKORNG OQFGN QH (KI (KI EQORCTGU OGCUWTGF KORGFCPEGU QH C VTCPUHQTOGT
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GI =?
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DGVYGGP PQFG
CPF NQECN ITQWPF
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CPF
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DG WUGF HQT VJG UVGCF[UVCVG UQNWVKQP 6JG XCNWG QH 656#46 KU KOOCVGTKCN CU NQPI CU KVU XCNWG KU PGICVKXG CPF VJG
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VGUVU QP VTCPUHQTOGTU CPF QVJGT GSWKROGPV # V[RKECN NKIJVPKPI KORWNUG XQNVCIG KU UJQYP KP (KI =? CPF C
V[RKECN UYKVEJKPI KORWNUG XQNVCIG KU UJQYP KP (KI =? 6JGTG KU PQ UKORNG TGNCVKQPUJKR DGVYGGP VJG VKOG
EQPUVCPVU " CPF C" KP 'S
CPF VJG XKTVWCN HTQPV VKOG 6
QT VKOG VQ ETGUV 6ET CPF VJG XKTVWCN VKOG VQ JCNH
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6JG VKOG CV YJKEJ VJG OCZKOWO QEEWTU KU HQWPF D[ UGVVKPI VJG FGTKXCVKXG
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CPF UQNXKPI HQT VOCZ +PUGTVKPI VOCZ KPVQ 'S
VJGP RTQFWEGU HOCZ 0QVG VJCV " CPF
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HQT C UKORNG UKPINGUVCIG KORWNUG IGPGTCVQT 6JG KPKVKCN XQNVCIG CETQUU % YQWNF DG PQP\GTQ CPF VJG UYKVEJ
ENQUKPI YQWNF UKOWNCVG VJG ICR HKTKPI (KI EQORCTGU OGCUWTGOGPVU CICKPUV '/62 UKOWNCVKQP TGUWNVU HQT VJG
YCXGUJCRG QH C OWNVKUVCIG KORWNUG IGPGTCVQT YJGTG VJG IGPGTCVQT YCU OQFGNNGF CU C PGVYQTM QH ECRCEKVCPEGU
TGUKUVCPEGU KP KPFWEVCPEGU =? 6JG URCTM ICRU YGTG TGRTGUGPVGF CU VKOGFGRGPFGPV TGUKUVCPEGU DCUGF QP 6QGRNGT U
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GZCEV YKVJ PQPUKOWNVCPGQWU
HKTKPI QH URCTM ICRU UKOWNVCPGQWU HKTKPI
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YKVJ NKOKVU RNCEGF QP VJG QWVRWV G" KP CEEQTFCPEG YKVJ TGEVKHKGT OKPKOWO HKTKPI CPING QT KPXGTVGT OKPKOWO GZVKPEVKQP
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CU UJQYP KP (KI 6JG EWTTGPV TGIWNCVQT QWVRWV G" OKPWU C DKCU XCNWG
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QRGTCVKQP DGECWUG VJG QRGPEKTEWKV UCVWTCVKQP EWTXG FGUETKDGU C FE TGNCVKQPUJKR DGVYGGP VJG FE HNWZ QH VJG TQVCVKPI
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FGVGTOKPGU VJG YCXGUJCRG QH VJG XQNVCIG +H VJG FKUVTKDWVKQP KU UKPWUQKFCN CU CUUWOGF KP VJG KFGCN OCEJKPG
KORNGOGPVGF KP VJG '/62 VJGP VJG XQNVCIG YKNN DG UKPWUQKFCN CU YGNN +P TGCNKV[ VJG FKUVTKDWVKQP KU FKUVQTVGF YKVJ
URCEG JCTOQPKEU CPF KV KU VJKU GHHGEV YJKEJ RTQFWEGU VJG JCTOQPKEU KP U[PEJTQPQWU OCEJKPGU
6JGTG CTG OCP[ FKHHGTGPV YC[U QH TGRTGUGPVKPI UCVWTCVKQP GHHGEVU =? CPF KV KU PQV EQORNGVGN[ ENGCT CV VJKU
VKOG YJKEJ QPG EQOGU ENQUGUV VQ HKGNF VGUV TGUWNVU /QTG TGUGCTEJ QP VJKU VQRKE KU PGGFGF #V VJKU VKOG VJG
TGRTGUGPVCVKQP QH UCVWTCVKQP GHHGEVU KP VJG '/62 KU DCUGF WRQP VJG HQNNQYKPI UKORNKH[KPI CUUWORVKQPU
6JG HNWZ NKPMCIG QH GCEJ YKPFKPI KP VJG F QT SCZKU ECP DG TGRTGUGPVGF CU VJG UWO QH C NGCMCIG HNWZ
YJKEJ
RCUUGU QPN[ VJTQWIJ VJCV YKPFKPI CPF QH C OWVWCN HNWZ
YJKEJ RCUUGU VJTQWIJ CNN QVJGT YKPFKPIU QP VJCV CZKU
CU YGNN CU KNNWUVTCVGF KP (KI
8 ' 8 % 8O
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8 NGCMCIG HNWZ WPCHHGEVGF D[ UCVWTCVKQP
8 OWVWCN HNWZ UWDLGEVGF VQ UCVWTCVKQP GHHGEVU
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QRGPEKTEWKV UCVWTCVKQP EWTXG KU IKXGP
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QP DQVJ CZGU CTG HQWPF HTQO VJGKT WPUCVWTCVGF XCNWGU D[ TGFWEKPI VJGO YKVJ VJG UCOG TCVKQ
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KP (KI
8O
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KH 8
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KPFWEVCPEGU VJGTGHQTG OCKPVCKP VJGKT UKPWUQKFCN FGRGPFGPEG QP TQVQT RQUKVKQP CEEQTFKPI VQ 'S
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RQUKVKXG UGSWGPEG EQORQPGPVU ECP DG ECNEWNCVGF CPF VJGP WUGF VQ EQTTGEV VJG KPVGTPCN XCTKCDNGU HQT UCVWTCVKQP GHHGEVU
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VQ DG TGRGCVGF KP UVGR
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EQORQPGPVU YKNN DG MPQYP HTQO VJG UVGCF[UVCVG UQNWVKQP
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UKOWNCVKQP CU ECP GCUKN[ DG XGTKHKGF KH C UVGCF[UVCVG UQNWVKQP KU HQNNQYGF D[ C VTCPUKGPV UKOWNCVKQP YKVJQWV CP[
FKUVWTDCPEG
5CVWTCVKQP WPFGT 6TCPUKGPV %QPFKVKQPU
6JG GSWKXCNGPV NKPGCT OCEJKPG FGUETKDGF KP 5GEVKQP ECPPQV DG WUGF KP VJG VTCPUKGPV UQNWVKQP DGECWUG
VJG RTQRGT NKPGCTK\CVKQP HQT UOCNN FKUVWTDCPEGU
CU VJG[ QEEWT HTQO UVGR VQ UVGR KU PQV VJG UVTCKIJV NKPG % KP (KI
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KPETGOGPVCN KPFWEVCPEG
6JG UCVWTCVKQP GHHGEV GPVGTU VJG VTCPUKGPV UQNWVKQP FKUEWUUGF KP 5GEVKQP KP VYQ RNCEGU PCOGN[ VJTQWIJ
VJG URGGF XQNVCIGU CPF VJTQWIJ VJG VTCPUHQTOGT XQNVCIGU %QPUKFGT VJG FKTGEV CZKU GSWCVKQPU
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RQYGT HNQYU OC[ QT OC[ PQV DG YJCV VJG WUGT YCPVU 6JGTG CTG OCP[ ECUGU JQYGXGT YJGTG VJG FGVCKNU QH VJG KPKVKCN
RQYGT HNQYU KP VJG PGVYQTM FQ PQV KPHNWGPEG VJG TGUWNVU QH VJG VTCPUKGPV UKOWNCVKQP (QT GZCORNG VJG UYKVEJKPI UWTIG
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CDQXG TCVGF XQNVCIG TCVJGT VJCP QDVCKPGF HTQO C NQCF HNQY UQNWVKQP #P[ EQODKPCVKQP QH UQWTEG
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XQNVCIGU YKVJ VJG HCEVQT 8585VTKCN HQT VJG HKPCN UKOWNCVKQP # NQCF HNQY UQNWVKQP KU PQV PGGFGF KP VJKU ECUG
6JG DGUV OGVJQFU HQT NQCF HNQY UQNWVKQPU CTG DCUGF QP VJG 0GYVQP4CRJUQP OGVJQF 9JGP 4CUOWUUGP
CFFGF C NQCF HNQY QRVKQP KP JG YCU CYCTG QH VJCV DWV JG EQWNF PQV CHHQTF VJG VTGOGPFQWU RTQITCOOKPI GHHQTV
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!
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CICKP
UVCVKE UVQTCIG 5KPEG VJG PQFCN OCVTKEGU CTG U[OOGVTKE KP VJG UVGCF[UVCVG CU YGNN CU KP VJG VTCPUKGPV
UQNWVKQP RCTV VJG NQYGT VTKCPIWNCT OCVTKZ KU PQV PGGFGF
%QPEGRV
D TWNGU QWV VJG VGZVDQQM CRRTQCEJ VQ GNKOKPCVKQP UJQYP KP 5GEVKQP +++ KP YJKEJ \GTQU CTG RTQFWEGF
EQNWOP D[ EQNWOP KP VJG NQYGT VTKCPIWNCT OCVTKZ DGECWUG VJG TGUWNVKPI TGFWEGF OCVTKEGU EJCPIG YKVJ HKNNKP GNGOGPVU
HTQO QPG GNKOKPCVKQP UVGR VQ VJG PGZV
4QYD[TQY GNKOKPCVKQP QP VJG OCVTKZ GNGOGPVU YKVJ UVCVKE UVQTCIG YQTMU DCUKECNN[ CU HQNNQYU
(KI +++
+PETGCUG M D[
5VQR RTQEGUU KH M
$WKNF TQY M QH =;? HTQO DTCPEJ VCDNGU KP C QPGFKOGPUKQPCN YQTMKPI TQY CTTC[
QT VTCPUHGT FCVC KPVQ
0
YQTMKPI TQY KH =;? KU CNTGCF[ CXCKNCDNG 7UG GKVJGT C HWNN YQTMKPI TQY UEJGOG QT C RCEMGF YQTMKPI TQY
UEJGOG CU FKUEWUUGF KP 5GEVKQP +++
w
w
GVE WR VQ ;
w!
0QVG VJCV TQYU QH VJG GZKUVKPI RCTV QH VJG WRRGT VTKCPIWNCT OCVTKZ CTG QPN[ TGECNNGF HTQO
ww
M KP EQORCEV HQTO VQ
VJG GZKUVKPI RCTV QH VJG WRRGT VTKCPIWNCT OCVTKZ GI YKVJ VJG TQY RQKPVGTEQNWOP KPFGZ UEJGOG QH 5GEVKQP
+++ 5KPEG VJG OCVTKEGU KP VJG '/62 CTG U[OOGVTKE QPN[ VJG WRRGT VTKCPIWNCT OCVTKZ JCU VQ DG UVQTGF
4GVWTP VQ UVGR
+H VJGTG KU QPN[ QPG UQNWVKQP CU KP VJG UVGCF[UVCVG KPKVKCNK\CVKQP VJGP VJG TKIJVJCPF UKFG =+? KU RTQEGUUGF
;4'%
- KU TGEKRTQECN QH VJG FKCIQPCN GNGOGPV KH 4
+ KU TKIJVJCPF UKFG KH ;7
, CTG VJG QHHFKCIQPCN GNGOGPVU QH
TQY M QH VJG WRRGT VTKCPIWNCT OCVTKZ CPF KH /7
, CTG VJG EQNWOP KPFKEGU O QH VJGUG GNGOGPVU VJGP GNKOKPCVKQP UVGR
M QH C TGRGCV UQNWVKQP YQWNF DG OQTG QT NGUU UKOKNCT VQ VJG HQNNQYKPI (QTVTCP UVCVGOGPVU
# 4
- ;4'%
-
&1 ,
DGIKPPKPI QH TQY
GPF QH TQY
/ /7
,
4
/ 4
/ ;7
, #
VCDNG QH NGPIVJ
0
HQT TQY
RQKPVGT
;&+#)
0
TGCN
-56#46
KPVGIGT
0
0
;7
TGCN
/7
KPVGIGT
. 0
0
0
0
0
EQORNGZ GNGOGPVU
0
0
0
0
VJGP YQTFU YQWNF DG PGGFGF HQT C TGCN OCVTKZ CPF YQTFU HQT C EQORNGZ OCVTKZ EQORCTGF YKVJ
YQTFU CPF YQTFU TGURGEVKXGN[ HQT UVQTKPI C HWNN OCVTKZ 6JG UCXKPIU CTG
+++
CPF
TGURGEVKXGN[
6JG NQYGT VTKCPIWNCT OCVTKZ PGGF PQV DG UVQTGF HQT TGRGCV UQNWVKQPU CPF
QPN[ GNGOGPVU VQ VJG TKIJV QH VJG FKCIQPCN OWUV DG RTQEGUUGF KP UVGR QH 5GEVKQP +++ YJKEJ EWVU VJG
QRGTCVKQP EQWPV KP VJG GNKOKPCVKQP RTQEGUU HQT VJG OCVTKZ CRRTQZKOCVGN[ KP JCNH 0Q UCXKPIU ECP DG ICKPGF
KP TGRGCV UQNWVKQPU JQYGXGT
2QKPV
C JCU DGGP FKUEWUUGF KP 5GEVKQP +++ KV TGUWNVU HTQO VJG HCEV VJCV C EQNWOP QH VJG NQYGT VTKCPIWNCT
OCVTKZ KU GSWCN VQ VJG TGURGEVKXG TQY QH VJG WRRGT VTKCPIWNCT OCVTKZ FKXKFGF D[ VJG PGICVKXG FKCIQPCN GNGOGPV 6JKU
RQKPV KU GZRNQKVGF KP VJG '/62
2QKPV
D KU VTWG DGECWUG VJG OWNVKRNKECVKQP HCEVQTU PGGFGF HQT VJG GNKOKPCVKQP QH ; ; KP UVGR QH
w
w
5GEVKQP +++ CTG CNTGCF[ CXCKNCDNG KP VJG FQVVGF EQNWOP QH (KI +++ 6JKU KU PQV GZRNQKVGF KP VJG '/62 UKPEG KV
KU FKHHKEWNV VQ CEEGUU VJKU FQVVGF EQNWOP FKTGEVN[ YKVJQWV UQOG CFFKVKQPCN KPFGZKPI VCDNGU # UKORNG YC[ QWV QH VJKU
RTQDNGO YQWNF DG VQ UVQTG GNGOGPVU QH VJG FQVVGF EQNWOP CU VJG[ CTG ETGCVGF KP C UGRCTCVG VCDNG HQT VJG TQYU QH VJG
NQYGT VTKCPIWNCT OCVTKZ DWV VJCV YQWNF FGHGCV VJG CFXCPVCIG QH RQKPV
C CDQXG
6JGTG KU UQOG CFXCPVCIG KP FKXKFKPI VJG TQYU QH VJG WRRGT VTKCPIWNCT OCVTKZ D[ VJG FKCIQPCN GNGOGPV KP VJG
NQQR YJGTG VJG[ CTG UVQTGF KP UVGR
QH 5GEVKQP +++
DCEMUWDUVKVWVKQP QH VJG TGRGCV UQNWVKQP CV VJG GZRGPUG QH QPG GZVTC OWNVKRNKECVKQP HQT GCEJ QHHFKCIQPCN GNGOGPV KP
VJG VTKCPIWNCT OCVTKZ 9JGP VJG '/62 YCU HKTUV YTKVVGP KV YCU CUUWOGF VJCV VJG OCVTKZ YKNN QPN[ DG VTKCPIWNCTK\GF
QEECUKQPCNN[
DGHQTG GPVGTKPI VJG VKOG UVGR NQQR CPF YJGPGXGT UYKVEJGU EJCPIG VJGKT RQUKVKQP 6JGTGHQTG FKXKUKQP
D[ VJG FKCIQPCN GNGOGPVU YCU EJQUGP VQ MGGR VJG QRGTCVKQP EQWPV KP VJG TGRGCV UQNWVKQPU KPUKFG VJG VKOG UVGR NQQR CU
NQY CU RQUUKDNG +P UKOWNCVKPI *8&% U[UVGOU VJG UCXKPIU KP VJG VKOG UVGR NQQR OC[ DGEQOG NGUU VJCP VJG GZVTC
QRGTCVKQPU PGGFGF HQT OWNVKRN[KPI VJG QHHFKCIQPCN GNGOGPVU YKVJ VJG TGEKRTQECN QH VJG FKCIQPCN GNGOGPV
9KVJ FKXKUKQP D[ VJG FKCIQPCN GNGOGPVU VJG OCVTKZ RTQEGUU KU QPN[ OQFKHKGF KP UVGR
QH 5GEVKQP +++
+P UVGR
KV OWUV DG TGCNK\GF QH EQWTUG VJCV VJG GNGOGPVU QH VJG WRRGT VTKCPIWNCT OCVTKZ CTG PQ NQPIGT ; DWV
wy
; ;
wy
ww
6JG RTQEGUU HQT TGRGCV UQNWVKQPU YKVJ VJG UVQTCIG UEJGOG QH 5GEVKQP +++ YQTMU TQWIJN[ CU HQNNQYU
&QYPYCTF QRGTCVKQPU
+PETGCUG M D[
)Q VQ DCEMUWDUVKVWVKQP KH M
0
OQFKH[ CNN EQORQPGPVU QH TKIJVJCPF UKFG HQT YJKEJ GPVTKGU GZKUV KP TQY M QH VJG
VTKCPIWNCTK\GF OCVTKZ
FKCIQPCN GNGOGPV GZENWFGF
&1 :: ,
DGIKPPKPI QH TQY
GPF QH TQY
+++
/ /7
,
4
/ 4
/ ;7
,#
4GVWTP VQ UVGR
$CEMUWDUVKVWVKQPU
4 YKNN DG TGRNCEGF D[ UQNWVKQP XGEVQT
5GV EQWPVGT M 0
&GETGCUG M D[
5VQR RTQEGUU KH M
)GV EQORCEV TQY M QH VJG VTKCPIWNCT OCVTKZ HTQO UVQTCIG CPF HKPF VJG UQNWVKQP HQT MVJ EQORQPGPV
YKVJ VJG HQNNQYKPI NQQR
FKCIQPCN GNGOGPV GZENWFGF
# 4
-
&1 :: ,
DGIKPPKPI QH TQY
GPF QH TQY
/ /7
,
:: # # ;7
,4
,
4
- #
4GVWTP VQ UVGR
+++
hgq
/8# CPF C FKHHGTGPV DCUG XQNVCIG HQT GCEJ XQNVCIG NGXGN
GI 8
hgq
M8 CPF 8
hgq
M8 KP C
M8 U[UVGO CU VJG DCUG XCNWGU 6JGP VJG RGTWPKV SWCPVKVKGU KP C UKPINGRJCUG PGVYQTM CTG
8
+RW ' +CEVWCN @ DCUG
5DCUG
8
8RW ' DCUG
8DCUG
+8
8DCUG
;RW ' ;CEVWCN @
5DCUG
5DCUG
<RW ' <CEVWCN @
8DCUG
+V OC[ DG UCHGUV VQ WUG VJGUG UKPINGRJCUG GSWCVKQPU HQT VJTGGRJCUG PGVYQTMU CU YGNN +P Y[EQPPGEVGF GSWKROGPV
5
hgq
hgq
XQNVCIG 8
hgq
6JG HQNNQYKPI YGNNMPQYP HQTOWNCU YKVJ VJTGGRJCUG DCUG XCNWGU YGTG FGXGNQRGF HQT RQUKVKXG UGSWGPEG
+8
RQYGT HNQY UVWFKGU YJGTG VJG FKUVKPEVKQP DGVYGGP Y[G CPF FGNVCEQPPGEVKQPU IGVU NQUV KP VJG EQPXGTUKQP HTQO VJTGG
RJCUG TGRTGUGPVCVKQPU VQ GSWKXCNGPV UKPINGRJCUG TGRTGUGPVCVKQPU HQT DCNCPEGF QRGTCVKQP
+RW ' +CEVWCN @
8CEVWCN
8RW '
8DCUG
8DCUG&RJCUG&VQ&RJCUG
5DCUG&VJTGG&RJCUG
8DCUG&RJCUG&VQ&RJCUG
+8
5DCUG&VJTGG&RJCUG
;RW
<RW '
'S
+8 ECPPQV QPN[ DG WUGF HQT VJG EQPXGTUKQP QH RQUKVKXG UGSWGPEG RCTCOGVGTU DWV HQT PGICVKXG CPF \GTQ
UGSWGPEG RCTCOGVGTU CU YGNN CU UJQYP KP VJG GZCORNG QH 5GEVKQP +8
2GTWPKV SWCPVKVKGU CU TCVKQU QH CEVWCN VQ DCUG XCNWGU CTG OGCPKPINGUU KH VJG DCUG XCNWGU CTG PQV NKUVGF CU RCTV
QH VJG FCVC CU YGNN (QT GZCORNG VJG RQUKVKXG UGSWGPEG UGTKGU KORGFCPEG QH CP QXGTJGCF NKPG KU HWNN[ FGUETKDGF D[
VJTGG CEVWCN XCNWGU
)
QT KH 4
CPF .
SMO .
O*MO
1P VJG QVJGT JCPF VJG TGEQTF HQT RGTWPKV SWCPVKVKGU EQPUKUVU QH XCNWGU
4
LT.
#
hgq
/8#
VJTGG RJCUG 8
hgq
M8
RJCUGVQRJCUG
9KVJ 4
4
V
CPF .
VJG HTGSWGPE[ EQWNF DG FTQRRGF HTQO VJG TGEQTF DWV VJG VKOG DCUG UJQWNF VJGP DG CFFGF
C RW .
#
hgq
C RW 5
%
hgq
/8#
VJTGGRJCUG 8
hgq
M8
RJCUGVQRJCUG
U
#FFKPI VJG VKOG DCUG OC[ UGGO UWRGTHNWQWU DWV VJGTG CTG UVCDKNKV[ RTQITCOU YJKEJ WUG E[ENGU
QH *\ CU C VKOG
DCUG KP YJKEJ ECUG .
C RW V
#
hgq
U
XCNWGU GURGEKCNN[ KH QPG RCTV[ EWUVQOCTKN[ WUGU DCUG XCNWGU YJKEJ CTG FKHHGTGPV HTQO VJQUG WUGF D[ VJG QVJGT RCTV[
(QT GZCORNG C VTCPUHQTOGT OCPWHCEVWTGT NKUVU VJG UJQTVEKTEWKV KPRWV KORGFCPEG KP RGTWPKV DCUGF QP VJG XQNVCIG CPF
RQYGT PCOGRNCVG TCVKPIU QH VJG VTCPUHQTOGTU
OCPWHCEVWTGT
<RW
5PCOGRNCVG
' <CEVWCN @
+8
8PCOGRNCVG
hgq
<
gigx
/8# 8
hgq
<RW
8
5DCUG
@
PCOGRNCVG @
8DCUG
5PCOGRNCVG
OCPWHCEVWTGT
' <RW
+8
1DXKQWUN[ VJG RGTWPKV SWCPVKV[ QH VJG OCPWHCEVWTGT YKNN DG SWKVG FKHHGTGPV HTQO VJG QPG WUGF D[ VJG WVKNKV[ EQORCP[
+P IGPGTCN VJG HQTOWNCU HQT EQPXGTUKQP HTQO DCUG VQ DCUG CTG
DCUG
+RW
DCUG
8RW
DCUG
;RW
DCUG
' +RW
DCUG
' 8RW
DCUG
' ;RW
5DCUG
5DCUG
8DCUG
8DCUG
8DCUG
8DCUG
5DCUG
8
@
@
DCUG
5DCUG
8DCUG
+8
+8
;JKIJ ' ;NQY @
<JKIJ ' <NQY @
+8
C RQUKVKXG
D PGICVKXG
E \GTQ
(KI +8 2QUKVKXG PGICVKXG CPF \GTQ UGSWGPEG PGVYQTMU UGGP HTQO JKIJ UKFG
6JKU EQPXGTUKQP VQ VJG JKIJ UKFG KU CFXCPVCIGQWU KH VJG IGPGTCVQT CPF UVGRWR VTCPUHQTOGT CTG VQ DG TGRNCEGF D[ C
6JGXGPKP GSWKXCNGPV EKTEWKV UGGP HTQO VJG JKIJ UKFG 9KVJ VJG FCVC QH (KI +8 VJG RQUKVKXG PGICVKXG CPF \GTQ
UGSWGPEG PGVYQTMU QH (KI +8 CTG QDVCKPGF CU HQNNQYU (QT VJG VTCPUHQTOGT
:CEVWCN '
S ' S
UGGP JKIJ UKFG
S ' S
UGGP JKIJ UKFG
QT
:CEVWCN '
S ' S
UGGP JKIJ UKFG
0QVG VJCV VJG FGNVC EQPPGEVKQP RTQXKFGU C UJQTVEKTEWKV HQT VJG \GTQ UGSWGPEG EWTTGPVU
(KI +8
E 9KVJ :
:
qs
S :
S VJG HKPCN VJTGGRJCUG 6JGXGPKP GSWKXCNGPV EKTEWKV QH (KI +8 KU QDVCKPGF D[
EQPXGTVKPI VJG UGSWGPEG TGCEVCPEGU VQ UGNH CPF OWVWCN TGCEVCPEGU YKVJ 'S
6JG CORNKVWFG QH VJG 6JGXGPKP
+8
XQNVCIGU KU UGV GSWCN VQ VJG XQNVCIG UGGP QP VJG JKIJ UKFG HQT VJG RCTVKEWNCT QRGTCVKPI EQPFKVKQP YJKEJ OC[ DG
M8 RJCUGVQRJCUG KP C RCTVKEWNCT ECUG
Z TGCEVCPEG OCVTKZ
:U :O :O
:O :U :O
:O :O :U
(KI +8 6JTGGRJCUG 6JGXGPKP GSWKXCNGPV EKTEWKV 5[OOGVTKE XQNVCIG UQWTEGU 8 8 8 YKVJ 4/5 CORNKVWFG
QH % M8 Z S : S
5
1PG EQWNF CNUQ WUG RGTWPKV SWCPVKVKGU HQT VJG 6JGXGPKP GSWKXCNGPV EKTEWKVU QH (KI +8 YKVJ VJG VTCPUHQTOGT
TCVKPIU CU DCUG XCNWGU +P VJCV ECUG : RW HQT VJG VTCPUHQTOGT CPF YKVJ 'S
+8
: C
C
RW RW
HQT VJG IGPGTCVQT 6JGP :
:
S YKVJ 5
hgq
:
qs
RW :
/8#
VJTGGRJCUG CPF 8
hgq
:
qs
S
M8
RJCUGVQRJCUG
%QPHWUKQP OC[ CTKUG YKVJ RGTWPKV SWCPVKVKGU DGECWUG VJG DCUG XCNWGU CTG PQV CNYC[U ENGCTN[ UVCVGF 6JKU
EQPHWUKQP ECPPQV CTKUG YKVJ CEVWCN XCNWGU
6JG FCVC TGEQTF KU UJQTVGT HQT CEVWCN XCNWGU CU UJQYP KP VJG NCUV RCTCITCRJ QH 5GEVKQP +8 GXGP KH 5
hgq
KP
VJG RGTWPKV TGEQTF KU NGHV QHH YKVJ VJG WPFGTUVCPFKPI VJCV KV KU CNYC[U /8#
#EVWCN XCNWGU CTG HKZGF EJCTCEVGTKUVKEU QH C RKGEG QH GSWKROGPV KPFGRGPFGPV QH JQY VJKU GSWKROGPV KU DGKPI
WUGF 6JKU KU PQV VTWG HQT RGTWPKV SWCPVKVKGU +H C M8 UJWPV TGCEVQT KU VGORQTCTKN[ WUGF QP C M8
EKTEWKV KVU RGTWPKV XCNWGU DCUGF QP M8 YQWNF JCXG VQ DG EQPXGTVGF VQ C DCUG QH M8
5KPEG VJG TCVKQ QH VTCPUHQTOGT XQNVCIG TCVKPIU KU PQV CNYC[U GSWCN VQ VJG TCVKQ QH DCUG XQNVCIGU QPG JCU VQ
CNNQY HQT QHHPQOKPCN VWTPU TCVKQU
WPGSWCN YKVJ RGTWPKV SWCPVKVKGU CP[JQY +H QPG JCU VQ CNNQY HQT
CP[ TCVKQ VJGP C TCVKQ QH HQT RGTWPKV SWCPVKVKGU KU PGKVJGT GCUKGT PQT OQTG FKHHKEWNV VQ JCPFNG VJCP C
TCVKQ QH M8 M8 HQT CEVWCN XCNWGU 6JGTGHQTG QPG OKIJV CU YGNN WUG CEVWCN XCNWGU (WTVJGTOQTG
VJG UKORNG UGTKGU KORGFCPEG TGRTGUGPVCVKQP QH VTCPUHQTOGTU YKVJ RGTWPKV TCVKQU QH
(KI
E YKVJ V
ECP UGNFQO DG WUGF KP '/62 UVWFKGU (QT GZCORNG C VJTGGRJCUG DCPM QH UKPINGRJCUG VTCPUHQTOGTU
KP Y[GFGNVC EQPPGEVKQP YQWNF TGSWKTG C Z =;?OCVTKZ OQFGN HQT GCEJ VTCPUHQTOGT QT CNVGTPCVKXGN[ CP
GSWKXCNGPV EKTEWKV TGRTGUGPVCVKQP YKVJ WPEQWRNG TGCEVCPEGU CU UJQYP KP (KI
D 6JG ECUG QH V
QHHGTU PQ CFXCPVCIG YJCVUQGXGT KP VJCV UKZDTCPEJ EKTEWKV
+8
+H VGUV FCVC KU CXCKNCDNG KP RGTWPKV SWCPVKVKGU GI HQT IGPGTCVQTU QT VTCPUHQTOGTU VJGP EQPXGTUKQPU CTG GXGP
PGEGUUCT[ HQT RGTWPKV XCNWGU UKPEG VJG DCUG XCNWGU FQ KP IGPGTCN PQV CITGG YKVJ VJG PCOGRNCVG TCVKPIU
6JGTGHQTG QPG OKIJV CU YGNN EQPXGTV VQ CEVWCN XCNWGU (WTVJGTOQTG VJG '/62 FQGU VJKU EQPXGTUKQP KP
OQUV ECUGU CP[JQY GI KP VJG OCKP RTQITCO KP VJG ECUG QH IGPGTCVQTU QT KP UWRRQTVKPI TQWVKPGU KP VJG
ECUG QH VTCPUHQTOGTU
#NN FKIKVCN EQORWVGTU WUG HNQCVKPIRQKPV CTKVJOGVKE PQYCFC[U CPF VJGTGHQTG CEEGRV PWODGTU QXGT C YKFG
TCPIG QH OCIPKVWFGU 6JGTGHQTG VJG PWODGTU FQ PQV JCXG VQ DG QH VJG UCOG QTFGT QH OCIPKVWFG CPF C VWTPU
TCVKQ QH M8 M8 ECWUGU PQ OQTG RTQDNGOU VJCP C VWTPU TCVKQ QH
5QOGVKOGU VJG SWGUVKQP KU TCKUGF YJGVJGT UQNWVKQPU YKVJ RGTWPKV XCNWGU CTGP V RQUUKDN[ OQTG CEEWTCVG VJCP
UQNWVKQPU YKVJ CEVWCN XCNWGU /CP[ [GCTU CIQ QP EQORWVGTU YKVJ HKZGFRQKPV CTKVJOGVKE RGTWPKV XCNWGU OC[ KPFGGF
JCXG RTQFWEGF OQTG CEEWTCVG VJCP VJG QVJGT 6Q UJQY VJKU NGV WU NQQM CV VJG UVGCF[UVCVG UQNWVKQP QH C UKPINGRJCUG
PGVYQTM YKVJ PQFCN GSWCVKQPU
=;
YJGTG =+
gigx
? KU IKXGP CPF =8
? =8
gigx
? =+
gigx
+8
gigx
? KU VQ DG HQWPF +P IGPGTCN VJG PGVYQTM YKNN JCXG VYQ QT OQTG XQNVCIG NGXGNU
gigx
gigx
WPKV SWCPVKVKGU VJG DCUG XQNVCIGU CTG HKTUV FGHKPGF KP VJG HQTO QH C FKCIQPCN OCVTKZ
8DCUG
8DCUG
=8DCUG? '
+8
@
@
8DCUG 0
YKVJ VJG RQUUKDKNKV[ QH GCEJ PQFG JCXKPI KVU QYP DCUG XQNVCIG +P TGCNKV[ QH EQWTUG CNN PQFGU YKVJKP QPG XQNVCIG NGXGN
YQWNF JCXG VJG UCOG DCUG XCNWG 9KVJ 5
hgq
DGKPI VJG UCOG HQT VJG GPVKTG PGVYQTM VJG EWTTGPV CPF XQNVCIG XGEVQTU
?
5
=8
=8
hgq
? =8
gigx
?=8
hgq
2TGOWNVKRN[KPI 'S
+8 YKVJ =8 ?5 CPF TGRNCEKPI =8
hgq
hgq
gigx
=;
?=8
+8
hgq
+8
? YKVJ 'S
+8 YKNN RTQFWEG VJG RGTWPKV GSWCVKQPU
? =+
?=+
hgq
+8
YKVJ
=;
?
5
=8
hgq
?=;
hgq
?=8
gigx
+8
hgq
6JGTGHQTG VJG EQPXGTUKQP HTQO CEVWCN VQ RGTWPKV XCNWGU EQPUKUVU QH VJG VTCPUHQTOCVKQP QH VJG EQGHHKEKGPV OCVTKZ
=;
? KPVQ =;
gigx
? YKVJ 'S
+8 6JKU VTCPUHQTOCVKQP KU XGT[ UKORNG UKPEG =8
hgq
hgq
M 0 KU OWNVKRNKGF D[ 8
hgqw
GCEJ TQY K
K 0 KU OWNVKRNKGF D[ 8
hgqu
+8
6JKU UECNKPI QRGTCVKQP JCU PQ KPHNWGPEG QP VJG UQNWVKQP RTQEGUU KH RKXQVKPI KU PQV WUGF DWV KV OC[ KPHNWGPEG
VJG CEEWOWNCVKQP QH TQWPFQHH GTTQTU 6JKU KPHNWGPEG QP TQWPFQHH GTTQTU KU FKHHKEWNV VQ CUUGUU (QT C U[UVGO QH NKPGCT
GSWCVKQPU VJG HQNNQYKPI ECP JQYGXGT DG UCKF = R? +H UECNKPI KU FQPG KP UWEJ C YC[ VJCV KV EJCPIGU QPN[ VJG
GZRQPGPV QH VJG HNQCVKPIRQKPV PWODGT
GI D[ WUKPI 5
/8# QT 8
M8 QT CPF 8
hgq
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=?
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=?
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=?
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=?
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=?
', &CXKUQP # JKIJQTFGT %TCPM0KEJQNUQP VGEJPKSWG HQT UQNXKPI FKHHGTGPVKCN GSWCVKQPU %QORWVGT
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=?
=?
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=?
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XCNWGU KP VJG PGVYQTM 'NGEVTC PQ RR ,WN[
=?
=?
95 /G[GT CPF *9 &QOOGN 6GNGRJQPGKPVGTHGTGPEG ECNEWNCVKQP HQT OWNVKEQPFWEVQT RQYGT NKPGU
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,CP
=?
# 9GZNGT
GFKVQT .CTIG 'PIKPGGTKPI 5[UVGOU 2GTICOQP 2TGUU 1ZHQTF %QPVTKDWVKQP D[ 2$
,QJPU 0WOGTKECN OQFGNNKPI D[ VJG 6./ OGVJQF
=?
8 $TCPFYCLP 5[PEJTQPQWU IGPGTCVQT OQFGNU HQT VJG CPCN[UKU QH GNGEVTQOCIPGVKE VTCPUKGPVU 2J& VJGUKU
7PKXGTUKV[ QH $TKVKUJ %QNWODKC 8CPEQWXGT %CPCFC
=?
49 *COOKPI 0WOGTKECN /GVJQFU HQT 5EKGPVKUVU CPF 'PIKPGGTU 5GEQPF 'FKVKQP /E)TCY*KNN $QQM %Q
0GY ;QTM R
QT R KP (KTUV 'FKVKQP
=?
=?
8 $TCPFYCLP &CORKPI QH PWOGTKECN PQKUG KP VJG '/62 UQNWVKQP '/62 0GYUNGVVGT XQN PQ RR
(GD
4
=?
( #NXCTCFQ 'NKOKPCVKPI PWOGTKECN QUEKNNCVKQPU KP VTCRG\QKFCN KPVGITCVKQP '/62 0GYUNGVVGT XQN PQ
RR (GD
=?
%+)4'9QTMKPI )TQWR 6JG ECNEWNCVKQP QH UYKVEJKPI UWTIGU ++ 0GVYQTM TGRTGUGPVCVKQP HQT
GPGTIK\CVKQP CPF TGGPGTIK\CVKQP UVWFKGU QP NKPGU HGF D[ CP KPFWEVKXG UQWTEG 'NGEVTC PQ RR
=?
4 /CNGYUMK 80 0CTCPEKE CPF ; 4QDKEJCWF $GJCXKQT QH VJG *[FTQ3WGDGE M8 U[UVGO WPFGT
VTCPUKGPV UJQTVEKTEWKV EQPFKVKQPU CPF KVU FKIKVCN EQORWVGT UKOWNCVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN
2#5 RR /CTEJ#RTKN
=?
/+6 5VCHH /CIPGVKE %KTEWKVU CPF 6TCPUHQTOGTU /+6 2TGUU %CODTKFIG /CUU
QTKIKPCN GFKVKQP
OCP[ TGRTKPVU VJGTGCHVGT R
=?
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9# /KVVGNUVCFV
=?
=?
=?
# 4QVJ *QEJURCPPWPIUVGEJPKM
*KIJ 8QNVCIG 'PIKPGGTKPI KP )GTOCP 5RTKPIGT 8KGPPC R
=?
5 5GUJW CPF /$ 4GGF .KPGCT )TCRJU CPF 'NGEVTKECN 0GVYQTMU #FFKUQP9GUNG[ 4GCFKPI /CUU
=?
#) 2JCFMG
GFKVQT &KIKVCN 5KOWNCVKQP QH 'NGEVTKECN 6TCPUKGPV 2JGPQOGPC +''' 6WVQTKCN %QWTUG %QWTUG
6GZV '*1294 +''' 5GTXKEG %GPVGT 2KUECVCYC[ 0,
=?
/* *GUUG 'NGEVTQOCIPGVKE CPF GNGEVTQUVCVKE VTCPUOKUUKQPNKPG RCTCOGVGTU D[ FKIKVCN EQORWVGT +'''
6TCPU 2QYGT #RR 5[UV XQN RR
=?
,4 %CTUQP 9CXG RTQRCICVKQP KP QXGTJGCF YKTGU YKVJ ITQWPF TGVWTP $GNN 5[UV 6GEJ ,QWTPCN XQN
RR
=?
( 2QNNCE\GM 1P VJG HKGNF RTQFWEGF D[ CP KPHKPKVGN[ NQPI YKTG ECTT[KPI CNVGTPCVKPI EWTTGPV 'NGMVTKUEJG
0CEJTKEJVGPVGEJPKM
KP )GTOCP XQN RR CPF 1P VJG KPFWEVKQP GHHGEVU QH C UKPING RJCUG
CE NKPG 'NGMVTKUEJG 0CEJTKEJVGPVGEJPKM
KP )GTOCP XQN RR
(TGPEJ VTCPUNCVKQP KP 4GXWG
)GPGTCN FG 'NGEVTKEKVG XQN RR
=?
/ 0CMCICYC CPF - +YCOQVQ 'CTVJTGVWTP KORGFCPEG HQT VJG OWNVKNC[GT ECUG +''' 6TCPU 2QYGT
#RR 5[UV XQN 2#5 RR /CTEJ#RTKN
=?
/% 2GT\ CPF /4 4CIJWXGGT )GPGTCNK\GF FGTKXCVKQP QH HKGNFU CPF KORGFCPEG EQTTGEVKQP HCEVQTU QH
NQUU[ VTCPUOKUUKQP NKPGU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR 0QX&GE
=?
=?
% )CT[ #RRTQEJG %QORNGVG FG NC 2TQRCICVKQP OWNVKHKNCKTG GP JCWVG HTGSWGPEG RCT WVKNKUCVKQP FGU OCVTKEGU
EQORNGZGU
%QORNGVG CRRTQCEJ VQ OWNVKEQPFWEVQT RTQRCICVKQP CV JKIJ HTGSWGPE[ YKVJ EQORNGZ OCVTKEGU
KP (TGPEJ 'F( $WNNGVKP FG NC &KTGEVKQP FGU 'VWFGU GV 4GEJGTEJGU 5GTKG $ PQ RR
=?
# >K ) 6GXCP # 5GON[GP CPF # %CUVCPJGKTC 6JG EQORNGZ ITQWPF TGVWTP RNCPG C UKORNKHKGF OQFGN
HQT JQOQIGPGQWU CPF OWNVKNC[GT GCTVJ TGVWTP +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
#WI
=?
./ 9GFGRQJN CPF #' 'HVJ[OKCFKU 9CXG RTQRCICVKQP KP VTCPUOKUUKQP NKPGU QXGT NQUU[ ITQWPF # PGY
EQORNGVG HKGNF UQNWVKQP 2TQE +'' XQN RR ,WPG
=?
# 5GON[GP )TQWPF TGVWTP RCTCOGVGTU QH VTCPUOKUUKQP NKPGU CP CU[ORVQVKE CPCN[UKU HQT XGT[ JKIJ
HTGSWGPEKGU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR /CTEJ
=?
+''' 9QTMKPI )TQWR 'NGEVTQOCIPGVKE GHHGEVU QH QXGTJGCF VTCPUOKUUKQP NKPGU 2TCEVKECN RTQDNGOU
UCHGIWCTFU CPF OGVJQFU QH ECNEWNCVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
/C[,WPG
=?
5 $WVVGTYQTVJ 'NGEVTKECN EJCTCEVGTKUVKEU QH QXGTJGCF NKPGU 'N 4GUGCTEJ #UUP 6GEJ 4RV 4GH 16
=?
4* )CNNQYC[ 9$ 5JQTTQEMU CPF ./ 9GFGRQJN %CNEWNCVKQP QH GNGEVTKECN RCTCOGVGTU HQT UJQTV CPF
NQPI RQN[RJCUG VTCPUOKUUKQP NKPGU 2TQE +'' XQN RR &GE
=?
2 5KNXGUVGT +ORGFCPEG QH PQPOCIPGVKE QXGTJGCF RQYGT VTCPUOKUUKQP EQPFWEVQTU +''' 6TCPU 2QYGT
#RR 5[UV XQN 2#5 RR /C[
=?
#' -GPPGNN[ (# .CYU CPF 2* 2KGTEG 'ZRGTKOGPVCN TGUGCTEJ QP UMKP GHHGEV KP EQPFWEVQTU #+''
6TCPU RV ++ XQN RR
=?
*, 9GUV CPF #. %QWTVU %WTTGPV FKUVTKDWVKQP YKVJKP CU[OOGVTKECN 7*8 DWPFNGU # NCDQTCVQT[
EQPHKTOCVKQP QH CPCN[VKECN UVWFKGU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,WN[#WI
=?
4$ 5JKRNG[ CPF &9 %QNGOCP # PGY FKTGEV OCVTKZ KPXGTUKQP OGVJQF #+'' 6TCPU RV +
%QOOWP
CPF 'NGEVTQPKEU XQN RR
=?
' %NCTMG %KTEWKV #PCN[UKU QH #% 2QYGT 5[UVGOU XQN 0GY ;QTM ,QJP 9KNG[
=?
5QPU
'CTVJEQPFWEVKQP GHHGEVU CPF RTCEVKECN TGUWNVU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
/CTEJ CPF RR ,WPG
=?
./ 9GFGRQJN CPF 4) 9CUNG[ 9CXG RTQRCICVKQP KP RQN[RJCUG VTCPUOKUUKQP U[UVGOU TGUQPCPEG GHHGEVU
FWG VQ FKUETGVGN[ DQPFGF GCTVJ YKTGU 2TQE +'' XQN RR 0QX
=?
)GPGTCN 'NGEVTKE %Q 6TCPUOKUUKQP .KPG 4GHGTGPEG $QQM M8 CPF #DQXG 0GY ;QTM ( 9GKFPGT
5QP 2TKPVGTU
4
=?
=?
+''' 9QTMKPI )TQWR 'NGEVTQUVCVKE GHHGEVU QH QXGTJGCF VTCPUOKUUKQP NKPGU +''' 6TCPU 2QYGT #RR
5[UV XQN 2#5 RR /CTEJ#RTKN
=?
*9 &QOOGN &KIKVCN EQORWVGT UQNWVKQP QH GNGEVTQOCIPGVKE VTCPUKGPVU KP UKPING CPF OWNVKRJCUG PGVYQTMU
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR #RTKN
=?
9GUVKPIJQWUG 'NGEVTKE %QTR 'NGEVTKECN 6TCPUOKUUKQP CPF &KUVTKDWVKQP 4GHGTGPEG $QQM 2KVVUDWTIJ
9GUVKPIJQWUG 'NGEVTKE %QTR
=?
'X 4\KJC 5VCTMUVTQOVGEJPKM6CUEJGPDWEJ HWGT 'NGMVTQVGEJPKMGT XQN ++ $GTNKP 9KNJGNO 'TPUV W 5QJP
KP )GTOCP
=?
5KGOGPU (QTOGN WPF 6CDGNNGPDWEJ HWGT 5VCTMUVTQO +PIGPKGWTG 'UUGP )KTCTFGV
KP )GTOCP
=?
=?
=?
=?
*9 &QOOGN CPF 95 /G[GT %QORWVCVKQP QH GNGEVTQOCIPGVKE VTCPUKGPVU 2TQE +''' XQN RR
,WN[
=?
./ 9GFGRQJN #RRNKECVKQP QH OCVTKZ OGVJQFU VQ VJG UQNWVKQP QH VTCXGNNKPIYCXG RJGPQOGPC KP RQN[RJCUG
U[UVGOU 2TQE +'' XQN RR &GE
=?
/% 2GT\ 0CVWTCN OQFGU QH RQYGT NKPG ECTTKGT QP JQTK\QPVCN VJTGGRJCUG NKPGU +''' 6TCPU 2QYGT #RR
5[UV XQN RR FKUEWUUKQP RR
=?
/% 2GT\ # OGVJQF QH CPCN[UKU QH RQYGT NKPG ECTTKGT RTQDNGOU QP VJTGGRJCUG NKPGU +''' 6TCPU 2QYGT
#RR 5[UV XQN RR FKUEWUUKQP RR
=?
./ 9GFGRQJN 'NGEVTKE EJCTCEVGTKUVKEU QH RQN[RJCUG VTCPUOKUUKQP U[UVGOU YKVJ URGEKCN TGHGTGPEG VQ
DQWPFCT[XCNWG ECNEWNCVKQPU CV RQYGTNKPG ECTTKGT HTGSWGPEKGU 2TQE +'' XQN RR 0QX
=?
=?
./ 9GFGRQJN CPF ,0 5CJC 4CFKQKPVGTHGTGPEG HKGNFU KP OWNVKEQPFWEVQT QXGTJGCF VTCPUOKUUKQP NKPGU
2TQE +'' XQN RR 0QX
=?
=?
,# $TCPFCQ (CTKC CPF ,4 $QTIGU FC 5KNXC 9CXG RTQRCICVKQP KP RQN[RJCUG VTCPUOKUUKQP NKPGU C IGPGTCN
UQNWVKQP VQ KPENWFG ECUGU YJGTG QTFKPCT[ OQFCN VJGQT[ HCKNU +''' 6TCPU 2QYGT 5[UVGOU XQN 294&
4
%4 2CWN 5QNWVKQP QH VJG VTCPUOKUUKQPNKPG GSWCVKQPU HQT NQUU[ EQPFWEVQTU CPF KORGTHGEV GCTVJ 2TQE
+'' XQN RR (GD
=?
$6 5OKVJ , $Q[NG $ )CTDQY ; +MGDG 8 -NGPC CPF % /QNGT /CVTKZ 'KIGPU[UVGO 4QWVKPGU
'+52#%- )WKFG 5GEQPF 'FKVKQP .GEVWTG 0QVGU KP %QOR 5EK XQN 5RTKPIGT 8GTNCI 0GY ;QTM
=?
=?
+''' 9QTMKPI )TQWR 5YKVEJKPI 5WTIGU 2CTV +8 %QPVTQN CPF TGFWEVKQP QP CE VTCPUOKUUKQP NKPGU +'''
6TCPU 2QYGT #RR
=?
4 9KNNQWIJD[
GFKVQT 5VKHH &KHHGTGPVKCN 5[UVGOU 2NGPWO 2TGUU 0GY ;QTM
=?
)) &CJNSWKUV
*9 &QOOGN CPF 0 5CVQ (CUV VTCPUKGPV UVCDKNKV[ UQNWVKQPU +''' 6TCPU 2QYGT #RR 5[UV XQN
2#5 RR
=?
# 5GON[GP CPF # &CDWNGCPW # U[UVGO CRRTQCEJ VQ CEEWTCVG UYKVEJKPI VTCPUKGPV ECNEWNCVKQPU DCUGF QP
UVCVG XCTKCDNG EQORQPGPV OQFGNNKPI
/CTEJ#RTKN
=?
+''' 6CUM (QTEG (KTUV DGPEJOCTM OQFGN HQT EQORWVGT UKOWNCVKQP QH UWDU[PEJTQPQWU TGUQPCPEG +'''
6TCPU 2QYGT #RR 5[UV XQN 2#5 RR 5GRV1EV
=?
=?
+''' 5VCPFCTF &KEVKQPCT[ QH 'NGEVTKECN CPF 'NGEVTQPKEU 6GTOU 5GEQPF 'FKVKQP RWDNKUJGF D[ +'''
9KNG[+PVGTUEKGPEG 0GY ;QTM
=?
)' (QTU[VJG CPF %$ /QNGT %QORWVGT 5QNWVKQP QH .KPGCT #NIGDTCKE 'SWCVKQPU
2TGPVKEG*CNN
2% /CIPWUUQP 6TCXGNNKPI YCXGU QP OWNVKEQPFWEVQT QRGPYKTG NKPGU # PWOGTKECN UWTXG[ QH VJG GHHGEVU
QH HTGSWGPE[ FGRGPFGPEG QH OQFCN EQORQUKVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
/C[,WPG
=?
8 $TCPFYCLP /QFKHKECVKQPU QH 7UGT U +PUVTWEVKQPU HQT /#46+ 5'672 '/62 0GYUNGVVGT XQN PQ
RR #WI
=?
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VTCPUKGPVU 7PKX QH $TKVKUJ %QNWODKC 8CPEQWXGT %CPCFC /C[
=?
'PINKUJ VTCPUNCVKQP 9CVGT *COOGT KP *[FTCWNKEU CPF 9CXG 5WTIGU KP 'NGEVTKEKV[ #5/' %QOOKVVGG
9KNG[ 0GY ;QTM
=?
%+)4' 9QTMKPI )TQWR 6JG ECNEWNCVKQP QH UYKVEJKPI UWTIGU + # EQORCTKUQP QH VTCPUKGPV PGVYQTM
4
=?
RCTCOGVGTU KP CP GNGEVTQOCIPGVKE VTCPUKGPVU RTQITCO +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
5GRV1EV
=?
,- 5PGNUQP 2TQRCICVKQP QH VTCXGNNKPI YCXGU QP VTCPUOKUUKQP NKPGU (TGSWGPE[ FGRGPFGPV RCTCOGVGTU
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,CP(GD
=?
# 5GON[GP CPF # &CDWNGCPW (CUV CPF CEEWTCVG UYKVEJKPI VTCPUKGPV ECNEWNCVKQPU QP VTCPUOKUUKQP NKPGU
YKVJ ITQWPF TGVWTP WUKPI TGEWTUKXG EQPXQNWVKQPU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
/CTEJ#RTKN
=?
# #OGVCPK # JKIJN[ GHHKEKGPV OGVJQF HQT ECNEWNCVKPI VTCPUOKUUKQP NKPG VTCPUKGPVU +''' 6TCPU 2QYGT
#RR 5[UV XQN 2#5 RR 5GRV1EV
=?
=?
%+)4' 9QTMKPI ITQWR 6JG ECNEWNCVKQP QH UYKVEJKPI UWTIGU +++ 6TCPUOKUUKQP NKPG TGRTGUGPVCVKQP
HQT GPGTIK\CVKQP CPF TGGPGTIK\CVKQP UVWFKGU YKVJ EQORNGZ HGGFKPI PGVYQTMU 'NGEVTC 0Q RR
,CP
=?
. /CTVK 8QNVCIG CPF EWTTGPV RTQHKNGU CPF NQYQTFGT CRRTQZKOCVKQP QH HTGSWGPE[FGRGPFGPV VTCPUOKUUKQP
NKPG RCTCOGVGTU /#5E 6JGUKU 7PKX QH $TKVKUJ %QNWODKC 8CPEQWXGT %CPCFC #RTKN
=?
(* $TCPKP 6TCPUKGPV CPCN[UKU QH NQUUNGUU VTCPUOKUUKQP NKPGU 2TQE +''' XQN RR 0QX
=?
=?
4) 9CUNG[ CPF 5 5GNXCXKPC[CICOQQTVJ[ #RRTQZKOCVG HTGSWGPE[ TGURQPUG XCNWGU HQT VTCPUOKUUKQPNKPG
VTCPUKGPV CPCN[UKU 2TQE +'' XQN RR #RTKN
=?
,4 /CTVK 6JG RTQDNGO QH HTGSWGPE[ FGRGPFGPEG KP VTCPUOKUUKQP NKPG OQFGNNKPI 2J& VJGUKU 6JG
7PKXGTUKV[ QH $TKVKUJ %QNWODKC 8CPEQWXGT %CPCFC #RTKN
=?
=?
' )TQUEJWRH 5KOWNCVKQP VTCPUKGPVGT 8QTICPIG CWH .GKVWPIUU[UVGOGP FGT *QEJURCPPWPIU)NGKEJUVTQO WPF
&TGJUVTQO7DGTVTCIWPI
5KOWNCVKQP QH VTCPUKGPV RJGPQOGPC KP U[UVGOU YKVJ *8&% CPF CE VTCPUOKUUKQP
NKPGU KP )GTOCP 2J& VJGUKU 6GEJPKECN 7PKXGTUKV[ &CTOUVCFV )GTOCP[
=?
- %CTNUGP '* .GPHGUV CPF ,, .C(QTGUV /CPVTCR /CEJKPG CPF 0GVYQTM 6TCPUKGPVU 2TQITCO 2TQE
+''' 2QYGT +PFWUVT[ %QORWVGT #RRN %QPH RR
=?
) )TQUU CPF /% *CNN 5[PEJTQPQWU OCEJKPG CPF VQTUKQPCN F[PCOKEU UKOWNCVKQP KP VJG EQORWVCVKQP QH
4
GNGEVTQOCIPGVKE VTCPUKGPVU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,WN[#WI
=?
+''' 9QTMKPI )TQWR 4GRQTV 4GEQOOGPFGF RJCUQT FKCITCO HQT U[PEJTQPQWU OCEJKPGU +''' 6TCPU
2QYGT #RR 5[UV XQN 2#5 RR 0QX
=?
42 5EJWN\ 9& ,QPGU CPF &0 'YCTV &[PCOKE OQFGNU QH VWTDKPG IGPGTCVQTU FGTKXGF HTQO UQNKF
TQVQT GSWKXCNGPV EKTEWKVU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR /C[,WPG
=?
'9 -KODCTM 2QYGT 5[UVGO 5VCDKNKV[ 5[PEJTQPQWU /CEJKPGU &QXGT 2WDNKECVKQPU 0GY ;QTM
=?
5QPU
=?
=?
+/ %CPC[ &GVGTOKPCVKQP QH OQFGN RCTCOGVGTU QH U[PEJTQPQWU OCEJKPGU 2TQE +'' XQN RV
$ RR /CTEJ
=?
$ #FMKPU CPF 4) *CTNG[ 6JG )GPGTCN 6JGQT[ QH #NVGTPCVKPI %WTTGPV /CEJKPGU #RRNKECVKQP VQ
2TCEVKECN 2TQDNGOU %JCROCP CPF *CNN .QPFQP
=?
*9 &QOOGN &CVC EQPXGTUKQP QH U[PEJTQPQWU OCEJKPG RCTCOGVGTU '/62 0GYUNGVVGT XQN 0Q
RR #RTKN
=?
+/ %CPC[ *, 4QJTGT -' 5EJPKTGN 'HHGEV QH GNGEVTKECN FKUVWTDCPEGU ITKF TGEQXGT[ XQNVCIG CPF
IGPGTCVQT KPGTVKC QP OCZKOK\CVKQP QH OGEJCPKECN VQTSWGU KPNCTIG VWTDQIGPGTCVQT UGVU
+'''
5VCVGQHVJG#TV 5[ORQUKWO 6WTDKPG )GPGTCVQT 5JCHV 6QTUKQPCNU 2WDN 0Q 6*11294
=?
4$ 5JKRNG[ & %QNGOCP CPF %( 9CVVU 6TCPUHQTOGT EKTEWKVU HQT FKIKVCN UVWFKGU #+'' 6TCPU 2V
+++ XQN RR (GD
=?
=?
&' *GFOCP 6JGQTGVKECN GXCNWCVKQP QH OWNVKRJCUG RTQRCICVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN
2#5 RR 0QX&GE
=?
& 2QXJ CPF 9 5EJWN\ #PCN[UKU QH QXGTXQNVCIGU ECWUGF D[ VTCPUHQTOGT OCIPGVK\KPI KPTWUJ EWTTGPV
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,WN[#WI
=?
- 5EJNQUUGT #P GSWKXCNGPV EKTEWKV HQT 0YKPFKPI VTCPUHQTOGTU FGTKXGF HTQO C RJ[UKECN DCUKU $TQYP
$QXGTK0CEJTKEJVGP XQN RR /CTEJ CPF #RRNKECVKQP QH VJG GSWKXCNGPV EKTEWKV QH CP
0YKPFKPI VTCPUHQTOGT $TQYP $QXGTK0CEJTKEJVGP XQN RR ,WPG
KP )GTOCP
=?
/ -J <KMJGTOCP /CIPGVK\KPI EJCTCEVGTKUVKEU QH NCTIG RQYGT VTCPUHQTOGTU 'NGMVTKEJGUVXQ 0Q RR
KP 4WUUKCP 'PINKUJ VTCPUNCVKQP KP 'NGEVTKE 6GEJPQNQI[ 7554
=?
'2 &KEM CPF 9 9CVUQP 6TCPUHQTOGT OQFGNU HQT VTCPUKGPV UVWFKGU DCUGF QP HKGNF OGCUWTGOGPVU
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,CP
=?
GNGEVTQOCIPGVKE VTCPUKGPV UVWFKGU KP RQYGT U[UVGOU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
4
=?
%9 6C[NQT 5KOWNCVKQP QH EWTTGPV VTCPUHQTOGTU +PVGTPCN 4GRQTV $QPPGXKNNG 2QYGT #FOKPKUVTCVKQP
(GD
=?
.1 %JWC CPF -# 5VTQOUOQG .WORGFEKTEWKV OQFGNU HQT PQPNKPGCT KPFWEVQTU GZJKDKVKPI J[UVGTGUKU
NQQRU +''' 6TCPU %KTEWKV 6JGQT[ XQN %6 RR 0QX
=?
,) (TCOG 0 /QJCP CPF 6 .KW *[UVGTGUKU OQFGNKPI KP CP GNGEVTQOCIPGVKE VTCPUKGPVU RTQITCO
+''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR 5GRV
=?
=?
=?
' %QNQODQ CPF ) 5CPVCIQUVKPQ 4GUWNVU QH VJG GPSWKTKGU QP CEVWCN PGVYQTM EQPFKVKQPU YJGP UYKVEJKPI
OCIPGVK\KPI CPF UOCNN KPFWEVKXG EWTTGPVU CPF QP VTCPUHQTOGT CPF UJWPV TGCEVQT UCVWTCVKQP EJCTCEVGTKUVKEU
'NGEVTC 0Q RR /C[
=?
VTCPUHQTOGTU OQFGNKPI CPF CRRNKECVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
,WN[
=?
4% &GIGPGHH # OGVJQF HQT EQPUVTWEVKPI VGTOKPCN OQFGNU HQT UKPINGRJCUG 0YKPFKPI VTCPUHQTOGTU
2CRGT # RTGUGPVGF CV +''' 2'5 5WOOGT /GGVKPI .QU #PIGNGU %CNKH ,WN[
=?
)9 5YKHV 2QYGT VTCPUHQTOGT EQTG DGJCXKQT WPFGT VTCPUKGPV EQPFKVKQPU +''' 6TCPU 2QYGT #RR
5[UV XQN 2#5 RR 5GRV1EV
=?
' -WHHGN CPF 95 <CGPIN *KIJ 8QNVCIG 'PIKPGGTKPI 2GTICOQP 2TGUU 1ZHQTF
=?
(9 *GKNDTQPPGT (KTKPI CPF XQNVCIG UJCRG QH OWNVKUVCIG KORWNUG IGPGTCVQTU +''' 6TCPU 2QYGT #RR
5[UV XQN 2#5 RR 5GRV1EV
=?
9( .QPI # UVWF[ QP UQOG UYKVEJKPI CURGEVU QH C FQWDNG EKTEWKV *8&% VTCPUOKUUKQP NKPG +'''
6TCPU 2QYGT #RR 5[UV XQN 2#5 RR /CTEJ#RTKN
=?
&, /GNXQNF 24 5JQEMNG[ 9( .QPI CPF 0) *KPIQTCPK 6JTGG VGTOKPCN QRGTCVKQP QH VJG 2CEKHKE
*8&% +PVGTVKG HQT FE EKTEWKV DTGCMGT VGUVKPI +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
,WN[#WI
=?
$% %JKW # EQPXGTVGT OQFGN HQT VJG FKIKVCN UKOWNCVKQP QH VTCPUKGPVU KP CEFE VTCPUOKUUKQP U[UVGOU
4
8 $TCPFYCLP +PHNWGPEG QH PWOGTKECN PQKUG QP VJG UVCDKNKV[ QH 6[RG 5/ OQFGN '/62 0GYUNGVVGT
XQN PQ RR (GD
=?
8 $TCPFYCLP +PXGUVKICVKQP CPF KORTQXGOGPV QH NQPI VGTO UVCDKNKV[ HQT VJG 6;2' U[PEJTQPQWU
OCEJKPG OQFGN '/62 0GYUNGVVGT XQN PQ RR 0QX
=?
&# %CNCJCP 0WOGTKECN EQPUKFGTCVKQPU HQT KORNGOGPVCVKQP QH PQPNKPGCT VTCPUKGPV EKTEWKV CPCN[UKU
RTQITCO +''' 6TCPU %KTEWKV 6JGQT[ XQN %6 RR ,CP
=?
, /GEJGPDKGT 5KOWNCVKQP QH U[PEJTQPQWU OCEJKPGU KP ECUGU YKVJ NCTIG URGGF EJCPIGU '/62
0GYUNGVVGT XQN PQ RR 1EV
=?
=?
=?
*- .CWY CPF 95 /G[GT 7PKXGTUCN OCEJKPG OQFGNNKPI HQT VJG TGRTGUGPVCVKQP QH TQVCVKPI GNGEVTKE
OCEJKPGT[ KP CP GNGEVTQOCIPGVKE VTCPUKGPVU RTQITCO +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
,WPG
=?
), 4QIGTU CPF & 5JKTOQJCOOCFK +PFWEVKQP OCEJKPG OQFGNNKPI HQT GNGEVTQOCIPGVKE VTCPUKGPV
RTQITCO 1PVCTKQ *[FTQ +PVGTPCN /GOQTCPFWO
=?
1RGTCVKPI &KXKUKQP
*- .CWY +PVGTHCEKPI HQT WPKXGTUCN OWNVKOCEJKPG U[UVGO OQFGNNKPI KP CP GNGEVTQOCIPGVKE VTCPUKGPVU
RTQITCO +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR 5GRV
=?
9( 6KPPG[ CPF ,9 9CNMGT &KTGEV UQNWVKQPU QH URCTUG PGVYQTM GSWCVKQPU D[ QRVKOCNN[ QTFGTGF
VTKCPIWNCT HCEVQTK\CVKQP 2TQE +''' XQN RR 0QX
=?
* 'FGNOCPP
, %CTRGPVKGT 1TFGTGF GNKOKPCVKQPU 2TQE 2QYGT 5[UVGOU %QORWVCVKQP %QPHGTGPEG .QPFQP
=?
9( 6KPPG[ 8 $TCPFYCLP CPF 5/ %JCP 5RCTUG XGEVQT OGVJQFU +''' 6TCPU 2QYGT #RR 5[UV
XQN 2#5 RR (GDT
=?
9( 6KPPG[ CPF 95 /G[GT 5QNWVKQP QH NCTIG URCTUG U[UVGOU D[ QTFGTGF VTKCPIWNCT HCEVQTK\CVKQP
+''' 6TCPU #WVQOCVKE %QPVTQN XQN #% RR #WI
=?
9( 6KPPG[ 5QOG GZCORNGU QH URCTUG OCVTKZ OGVJQFU HQT RQYGT PGVYQTM RTQDNGOU 2TQE TF 2QYGT
5[UVGOU %QORWVCVKQP %QPHGTGPEG 4QOG
=?
9( 6KPPG[ CPF 9. 2QYGNN %QORCTKUQP QH OCVTKZ KPXGTUKQP CPF URCTUG VTKCPIWNCT HCEVQTK\CVKQP HQT
4
UQNWVKQP QH RQYGT PGVYQTM RTQDNGOU 2CRGT RTGUGPVGF CV C 4QOCPKC75 %QPHGTGPEG QP 2QYGT 5[UVGOU
$WEJCTGUV
=?
$/ 9GGF[ 'NGEVTKE 2QYGT 5[UVGOU 6JKTF 'FKVKQP ,QJP 9KNG[ CPF 5QPU %JKEJGUVGT
'PINCPF
=?
*CPFDQQM QH /CVJGOCVKECN (WPEVKQPU 'FKVGF D[ / #DTCOQYKV\ CPF +# 5VGIWP RWDN D[ 75 &GRV
QH %QOOGTEG
=?
./ 9GFGRQJN CPF &, 9KNEQZ 6TCPUKGPV CPCN[UKU QH WPFGTITQWPF RQYGT VTCPUOKUUKQP U[UVGOU
U[UVGOOQFGN CPF YCXG RTQRCICVKQP EJCTCEVGTKUVKEU 2TQE +'' XQN RR (GD
=?
) $KCPEJK CPF ) .WQPK +PFWEGF EWTTGPVU CPF NQUUGU KP UKPINGEQTG UWDOCTKPG ECDNGU +''' 6TCPU
2QYGT #RR U[UV XQN 2#5 RR ,CP(GD
=?
5# 5EJGNMWPQHH 6JG GNGEVTQOCIPGVKE VJGQT[ QH EQCZKCN VTCPUOKUUKQP NKPGU CPF E[NKPFTKECN UJKGNFU $GNN
5[UVGO 6GEJPKECN ,QWTPCN XQN RR
=?
&4 5OKVJ CPF ,8 $CTIGT +ORGFCPEG CPF EKTEWNCVKPI EWTTGPV ECNEWNCVKQPU HQT 7& OWNVKYKTG
EQPEGPVTKE PGWVTCN EKTEWKVU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR /C[,WPG
=?
1 $TGKGP CPF + ,QJCPUGP #VVGPWCVKQP QH VTCXGNNKPI YCXGU KP UKPINGRJCUG JKIJXQNVCIG ECDNGU 2TQE
+'' XQN RR ,WPG
=?
=?
# 5GON[GP FKUEWUUKQP VQ 1XGTJGCF NKPG RCTCOGVGTU HTQO JCPFDQQM HQTOWNCU CPF EQORWVGT RTQITCOU
D[ *9 &QOOGN +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 R (GD
=?
=?
*9 &QOOGN CPF ,* 5CYCFC 6JG ECNEWNCVKQP QH KPFWEGF XQNVCIGU CPF EWTTGPVU QP RKRGNKPGU CFLCEGPV
VQ CE RQYGT NKPGU 4GRQTV VQ $% *[FTQ CPF 2QYGT #WVJQTKV[ HQT %'# %QPVTCEV
PQV
TGNGCUGF [GV
=?
,# 6GIQRQWNQWU CPF '' -TKG\KU 'FF[ EWTTGPV FKUVTKDWVKQP KP E[NKPFTKECN UJGNNU QH KPHKPKVG NGPIVJ FWG
VQ CZKCN EWTTGPV 2CTV ++ UJGNNU QH HKPKVG VJKEMPGUU +''' 2#5 RR /C[
=?
7PUCVWTCVGF RKRG +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,CP(GD
=?
4) 4QECOQTC CPF )9 $TQYP 5WTIG RTQRCICVKQP KP VJTGGRJCUG RKRGV[RG ECDNGU 2CTV ++
&WRNKECVKQP QH HKGNF VGUVU KPENWFKPI VJG GHHGEVU QH PGWVTCN YKTGU CPF RKRG UCVWTCVKQP +''' 6TCPU 2QYGT
#RR 5[UV XQN 2#5 RR /C[,WPG
=?
EQPFWEVQTU +''' 6TCPU 2QYGT &GNKXGT[ XQN 294& RR ,CP
=?
# #OGVCPK # IGPGTCN HQTOWNCVKQP QH KORGFCPEG CPF CFOKVVCPEG QH ECDNGU +''' 6TCPU 2QYGT 5[UV
XQN 2#5 RR /C[,WPG
4
=?
96 9GGMU .. 9W /( /E#NNKUVGT # 5KPIJ 4GUKUVKXG CPF KPFWEVKXG UMKP GHHGEV KP TGEVCPIWNCT
EQPFWEVQTU +$/ ,QWTPCN QH 4GUGCTEJ CPF &GXGNQROGPV XQN PQ RR 0QX
=?
# -QPTCF
# -QPTCF +PVGITQFKHHGTGPVKCN HKPKVG GNGOGPV HQTOWNCVKQP QH VYQ FKOGPUKQPCN UVGCF[UVCVG UMKP GHHGEV
RTQDNGOU +''' 6TCPU 8QN /#) RR ,CP
=?
, 9GKUU CPF <, %UGPFGU # QPGUVGR HKPKVG GNGOGPV OGVJQF HQT OWNVKEQPFWEVQT UMKP GHHGEV RTQDNGOU
+''' 6TCPU 8QN 2#5 RR 1EV
=?
=?
'2 &KEM 0 (WLKOQVQ ). (QTF CPF 5 *CTXG[ 6TCPUKGPV ITQWPF RQVGPVKCN TKUG KP ICUKPUWNCVGF
UWDUVCVKQPU RTQDNGO KFGPVKHKECVKQP CPF OKVKICVKQP +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
1EV
=?
'NGMVTK\KVCVUYKTVUEJCHV
KP )GTOCP XQN RR
=?
=?
& -KPF 6JG GSWCN CTGC ETKVGTKQP HQT KORWNUG XQNVCIG UVTGUU QH RTCEVKECN GNGEVTQFG EQPHKIWTCVKQPU KP CKT
'6<#
KP )GTOCP XQN RR
=?
=?
7 $WTIGT 5WTIG CTTGUVGTU YKVJ URCTM ICRU %JCRVGT KP 5WTIGU KP *KIJ8QNVCIG 0GVYQTMU GFKVGF D[ -
4CICNNGT 2NGPWO 2TGUU 0GY ;QTM
=?
+''' 9QTMKPI )TQWR /QFGNNKPI QH EWTTGPVNKOKVKPI UWTIG CTTGUVGTU +''' 6TCPU 2QYGT #RR 5[UV
XQN 2#5 RR #WI
=?
&2 %CTTQN 49 (NWIWO ,9 -CND CPF *# 2GVGTUQP # F[PCOKE UWTIG CTTGUVGT OQFGN HQT WUG KP
RQYGT U[UVGO VTCPUKGPV UVWFKGU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR /C[,WPG
=?
) $TCWPGT 5KOWNCVKQP QH VJG RGTHQTOCPEG QH OGVCNENCF UWDUVCVKQPU CPF QRGPCKT UWDUVCVKQPU WPFGT
NKIJVPKPI UWTIGU
KP )GTOCP 2J& FKUUGTVCVKQP &CTOUVCFV )GTOCP[
=?
&9 &WTDCM <KPEQZKFG CTTGUVGT OQFGN HQT HCUV UWTIGU '/62 0GYUNGVVGT XQN PQ RR ,CP
=?
$ -PGEJV 5QNKF UVCVG CTTGUVGTU %JCRVGT KP 5WTIGU KP *KIJ8QNVCIG 0GVYQTMU GFKVGF D[ - 4CICNNGT
2NGPWO 2TGUU 0GY ;QTM
=?
,% (NQTGU )9 $WEMNG[ CPF ) /E2JGTUQP 6JG GHHGEVU QH UCVWTCVKQP QP VJG CTOCVWTG NGCMCIG
TGCEVCPEG QH NCTIG U[PEJTQPQWU OCEJKPGU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR
4
/CTEJ
=?
/8- %JCTK <, %UGPFGU 5* /KPPKEJ 5% 6CPFQP CPF , $GTMGT[ .QCF EJCTCEVGTKUVKEU QH
U[PEJTQPQWU IGPGTCVQTU D[ VJG HKPKVGGNGOGPV OGVJQF +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5
RR ,CP
=?
4) *CTNG[ &,0 .KOGDGGT ' %JKTTKEQ\\K %QORCTCVKXG UVWF[ QH UCVWTCVKQP OGVJQFU KP U[PEJTQPQWU
OCEJKPG OQFGNU +'' 2TQE XQN RV $ RR ,CP
=?
# 5YGGVCPC 0 -WPMNG 0 *KPIQTCPK 8 6CJKNKCPK &GUKIP FGXGNQROGPV CPF VGUVKPI QH M8 CPF
M8 ICRNGUU UWTIG CTTGUVGTU +''' 6TCPU 2QYGT #RR 5[UV XQN 2#5 RR ,WN[
=?
/$ *WIJGU 49 .GQPCTF 6) /CTVKPKEJ /GCUWTGOGPV QH RQYGT U[UVGO UWDU[PEJTQPQWU FTKXKPI
RQKPV KORGFCPEG CPF EQORCTKUQP YKVJ EQORWVGT UKOWNCVKQPU +''' 6TCPU 2QYGT #RR 5[UV XQN
2#5 RR
=?
*9 &QOOGN # ;CP 5JK 9GK *CTOQPKEU HTQO VTCPUHQTOGT UCVWTCVKQP +''' 6TCPU 2QYGT
&GNKXGT[ XQN 294& RR #RTKN
=?
#P KPXGUVKICVKQP QH VJG
/ 4GPOKPI 6JG EJCNNGPIG QH DGVVGT '/62 6#%5 XCTKCDNG QTFGTKPI '/62 0GYUNGVVGT XQN PQ
RR #WI
=?
,# .KOC 0WOGTKECN KPUVCDKNKV[ FWG VQ '/626#%5 KPVGTTGNCVKQP '/62 0GYUNGVVGT XQN 0Q
RR ,CP
=?
. &WD CPF *9 &QOOGN 5KOWNCVKQP QH EQPVTQN U[UVGOU KP CP GNGEVTQOCIPGVKE VTCPUKGPVU RTQITCO YKVJ
6#%5 2TQE +''' 2+%# %QPH RR /C[
=?
=?
+''' 6CUM (QTEG %QPXGPVKQPU HQT DNQEM FKCITCO TGRTGUGPVCVKQPU +''' 6TCPU 2QYGT 5[UV XQN
2945 RR #WI
=?
,* 0GJGT 2JCUG UGSWGPEG KORGFCPEG QH RKRG V[RG ECDNGU +''' 6TCPU 2QYGT #RR 5[UV XQN
RR #WIWUV
4