!"#$%#&#'(%)"'(*)(+,(-)".'*#$/.#%,0(-).&)",12",().

&3"#%,0(
•  4$1)",%%#5$(16".#%,0(782#+#9"#'(16".#%'0(
•  !"#$%#&#'(%)"'(*)(+,(1)".'*#$/.#%,0(
•  -).&)",12",().&3"#%,0(
•  -)".5.)1"':(;():%,+,:(*)(1).&)",12",().&3"#%,0(

<(
4$1)",%%#5$(16".#%,0(782#+#9"#'(16".#%'0(
=)( *':( :#:1).,:( 82)( ):1/$( )$( %'$1,%1'( ,( 1",>6:( *)( 2$,( &,")*(
*#,16".,$,(:)(*#%)(82)():1/$()$(%'$1,%1'(16".#%'0(
=':( :#:1).,:( )$( %'$1,%1'( 16".#%'( )$( ):1,*':( #$#%#,+):( ,"9#1","#':(
)>'+2%#'$,$(?,:1,(,+%,$@,"(2$():1,*'(*)()82#+#9"#'(A$,+(B)82#+#9"#'(
16".#%'C( ;( &)".,$)%)$( )$( 6+( .#)$1",:( $'( :)( %,.9#)$( +,:(
%'$*#%#'$):():1,9+)%#*,:0(7$():1)(&"'%):'(?,9"/(2$(#$1)"%,.9#'(*)(
)$)"D3,()$1")(+':(*':(:#:1).,:E(%2;,($,12",+)@,(:)():1,9+)%)"/(./:(
,*)+,$1)0((

F(
!"#$%#&#'(%)"'(*)(+,(-)".'*#$/.#%,0(
=':( :#:1).,:( 1)".'*#$/.#%':( )$( )82#+#9"#'( 16".#%'( %'$( 2$( 1)"%)"'(
):1/$()$()82#+#9"#'(16".#%'()$1")(:30(
7:1)():(2$(?)%?'()G&)"#.)$1,+('9:)">,*'()$(+,($,12",+)@,0(
7+( &"#$%#&#'( %)"'( &)".#1)( #$1"'*2%#"( 2$,( .,D$#12*E( ):&)%3A%,( *)( +,(
1)'"3,(1)".'*#$/.#%,E(*)$'.#$,*,(1).&)",12",().&3"#%,0(

H(
-).&)",12",().&3"#%,(
IJ+#@,").':(1"):(.61'*':(&,",(*)A$#"+,0(!"'%)*).':(,:3(&,",(#+2:1","(82)(2$(
*)1)".#$,*'( %'$%)&1'( )$( -)".'*#$/.#%,( B;( 1,.9#6$( )$( K3:#%,C( &2)*)(
L")%2)$1).)$1)(#$1"'*2%#":)(*)(*#L)")$1):(L'".,:()82#>,+)$1):0(
-'*,:(:)(9,:,$()$()+(&"#$%#&#'(%)"'0(
•  I$,(*)A$#%#5$(L'".,+(*)($,12",+)@,(.,1)./J%,(9,:,*,()$(+,(L'".,(
L2$%#'$,+( 82)( *)9)( ")+,%#'$,"( +,:( >,"#,9+):( *)( *':( :#:1).,:( )$(
)82#+#9"#'(16".#%'0(
•  I$,( *)A$#%#5$( ./:( +#D,*,( ,( +,( )G&)"#.)$1,%#5$( 82)( ):1,9+)%)( *)(
.'*'().&3"#%'()+(%'$%)&1'(*)(#:'1)".,0(
•  I$,( *)A$#%#5$( L'".,+( 82)( ?,%)( 2:'( *)+( %'$%)&1'( *)( ")+,%#5$( *)(
)82#>,+)$%#,( )$( 2$( %'$M2$1'( ;( :2( &,"J%#5$( )$( %+,:):( *)(
)82#>,+)$%#,0(
!'"(:)$%#++)@E()$(+'(82)(:#D2)E(2J+#@,").':(:#:1).,:(:#.&+):E(%2;':():1,*':(:)(
*):%"#9)$( &'"( :'+'( *':( >,"#,9+):( #$*)&)$*#)$1):E( ,2$82)( +':( .#:.':(
,"D2.)$1':(:)()GJ)$*)$(:#$(&"'9+).,(,(:#:1).,:(./:(%'.&+)M':0(
N(
O'$:#*6"):)(2$(:#:1).,(P()$()82#+#9"#'(16".#%'(%'$(2$(:#:1).,(O0(7:1'(
#.&+#%,( 82)( *)9)( ?,9)"( 2$,( ")+,%#5$( .,1)./J%,( )$1")( :2:(
%''"*)$,*,:(!"#$#%"#$#!&#$#%&Q(
'"&B!"#$#%"#$#!&#$#%&C(R(S(
O'$:#*6"):)(1,.9#6$(2$(:#:1).,(T()$()82#+#9"#'(16".#%'(%'$()+(.#:.'(
):1,*'(*)()82#+#9"#'(*)(O0(O'.'(,$1):E(*)9)()G#:J"(2$,(")+,%#5$(
'(&B!(#$#%(#$#!&#$#%&C(R(S(
!)"'E(:)DU$()+(&"#$%#&#'(%)"'(*)(+,(-)".'*#$/.#%,E(P(;(T(*)9)$():1,"(
)$()82#+#9"#'(16".#%'E():1'():E(*)9)()G#:J"(2$,(")+,%#5$(*)"#>,*,(*)(
+,:(*':(,$1)"#'"):(
( ( '"&B!"#$#%"#$#!&#$#%&C(R(S(
( (( ( ( ( ( ( ( ( ( ( '"(B!"#$#%"#$#!(#$#%(C(R(S(
( # '(&B!(#$#%(#$#!&#$#%&C(R(S(

V(
W#(*):&)M,.':(%&()$(+,:(*':(&"#.)",:(
%&#R#)"&B!"#$#%"#$#!&C( ( *# # %&#R#)(&B!(#$#%(#$#!&C##
X(*)(,823(
)"&B!"#$#%"#$#!&C(R#)(&B!(#$#%(#$#!&C####
#####)"&B!"#$#%"#$#!&C(Y#)(&B!(#$#%(#$#!&C(R((S# # (
82)(*)9)(:)"()82#>,+)$1)(,(
'"(B!"#$#%"#$#!(#$#%(C(R(S(
82)($'(*)&)$*)(*)(!&0(7:(*)%#"E( ( #)"&B!"# $#%"# $#!&C#Y#)(&B!(# $#%(# $#!&C(R( (S(
*)9)(:)"(1,+(82)(:)()+#.#$)(!&0((
!,",( 82)( ):1'( :),( &':#9+)( +,( L'".,( ./:( D)$)",+( ;( :#.&+)( 82)( *)9)(
1)$)"(+,(L2$%#5$()B!#$#%#$#+C(*)9)(:)"(
)B!#$#%#$#+C(R#,#-B!#$#%C(Z#.#/B+C# # ( (

[(
 ,#-"B!"#$#%"C(Z#.#/B!&C#0#,#-(B!(#$#%(C#1#.#/B!&C(
X(:#.&+#A%,$*'(

-"B!"#$#%"C(R#-(B!(#$#%(C(
7$( D)$)",+E( %'.'( )+( '"*)$( *)( )+)%%#5$( *)( PE( T( ;( O( ):( ,"9#1","#'E( :)(
&2)*)$(#$1)"%,.9#,"(:2:(&,&)+):(;("):2+1,(

-"B!"#$#%"C(R#-(B!(#$#%(C(R#-&B!&#$#%&C(
7$( )+( )82#+#9"#'( 16".#%'( )$1")( *':( :#:1).,:( )G#:1)( 2$,( .,D$#12*E((
L2$%#5$( *)( +,:( %''"*)$,*,:( 1)".'*#$/.#%,:E( 82)( 1'.,( )+( .#:.'(
>,+'"()$(+':(*':(:#:1).,:(&,",():)():1,*'(*)()82#+#9"#'(16".#%'0(

7:1,(.,D$#12*(:)(*)$'.#$,(1).&)",12",().&3"#%,(!2#

(! 0#-B!#$#%C(

\(
]),.':(,?'",(2$(:)D2$*'(.61'*'0(
O'$:#*6")$:)(*':(:#:1).,:(1)".'*#$/.#%':(P(;(TE(%2;,:(%''"*)$,*,:(
1)".'*#$/.#%,:(:),$E("):&)%J>,.)$1)E(!"$#%"$#!($#%(0(-",%).':(+':(
%'""):&'$*#)$1):( *#,D",.,:( !"3%"( ;( !(3%(( B]7^( K4_I^PC0( W)( &'$)$(
)$(%'$1,%1'(16".#%'(;(,+%,$@,"/$()+()82#+#9"#'(16".#%'0(`,"82).':(
2$( &2$1'( )$( ,.9':( *#,D",.,:( %'""):&'$*#)$1)( ,( ):)( ):1,*'( *)(
)82#+#9"#'( 16".#%'( B!"4$# %"4C( ;( B!(4$# %(4C0( `,$1)$#)$*'( )+( .#:.'(
):1,*'( *)( )82#+#9"#'( &,",( 2$'( *)( +':( :#:1).,:E( &'"( )M).&+'( )+( TE(
B!(4$# %(4CE( .'*#A82).':( +,:( %''"*)$,*,:( *)+( P( *)( .,$)",( 82)( :)(
,+%,$%)(2$($2)>'():1,*'(*)()82#+#9"#'(B!"5$#%"5C((%'$()+(TE(((B!(4$#%(4C0((
^)#1)").':( ):1,( '&)",%#5$0( a91)$*").':( ,:3( 2$( %'$M2$1'( *)( ):1,*':(
*)+( :#:1).,( P( )$( )82#+#9"#'( 16".#%'( %'$( )+( ):1,*'( B!(4$# %(4C( *)+(
:#:1).,(T0(7$()+(*#,D",.,(!"3%"():1':():1,*':(>)$*"/(")&"):)$1,*':(
&'"(2$,(:)"#)(*)(&2$1':0(W#(:)(1'.,$()$($U.)"'(:2A%#)$1)(;():1/$(
&"5G#.':(:)(+)(&'*"/(,M2:1,"(2$,(+3$),E(82)(*)$'.#$,.':(#:'1)".,(
B)$()+(:#:1).,(PC0((

b(
K#M).':( ,?'",( )+( ):1,*'( B!"4$# %"4C( *)+( :#:1).,( P( ;( ")&#1,.':( +,(
'&)",%#5$(,$1)"#'"(>,"#,$*'(+':():1,*':(*)+(:#:1).,(T()$()82#+#9"#'(
16".#%'(%'$()+():1,*'(B!"4$#%"4C(*)+(:#:1).,(P0(a91)$*").':(,?'",(
2$(%'$M2$1'(*)(&2$1':()$()+(*#,D",.,( ( (!(3%(( (;(+,(%'""):&'$*#)$1)(
#:'1)".,()$()+(:#:1).,(T0((
-'*':( +':( ):1,*':( )$( +,( #:'1)".,( *)+( :#:1).,( P( ):1,"/$( )$( )82#+#9"#'(
16".#%'(%'$(+':(*)+(:#:1).,(T0(
c,( #:'1)".,( *)( P( %'$1)$*"/( 1'*':( +':( ):1,*':( *)( P( )$( )82#+#9"#'(
16".#%'(%'$(+,(%'""):&'$*#)$1)(#:'1)".,(*)(T0(
d(
O'$:#*)").':( ,?'",( 2$( $2)>'( ):1,*'( )$( P( 82)( $'( ):16( )$( )82#+#9"#'(
16".#%'(%'$($#$D2$'(*)(+':():1,*':(*)(T(,$1)"#'"):0(
O'$:1"2;,.':( +,:( %'""):&'$*#)$1):( #:'1)".,:( *)( P( ;( *)( T0( 7:1,:(
#:'1)".,:($'(%'"1,"/$(,(+,:(#:'1)".,:(,$1)"#'"):(&2):1'(82)(:#(*':(
#:'1)".,:(*)(2$(:#:1).,(12>#)",$(2$(&2$1'(%'.U$(:)"3,$(+,(.#:.,(
#:'1)".,0(
a91)$*").':E( ,:3E( *#L)")$1):( #:'1)".,:( B82)( $'( :)( %'"1,$C( &,",( 2$(
:#:1).,E( 82)( #$%+2;)$( 1'*':( +':( ):1,*':( 82)( ):1/$( )$( )82#+#9"#'(
16".#%'(%'$(2$():1,*'(*)(")L)")$%#,0(
!'*).':(,:#D$,"(,?'",(2$(>,+'"($2.6"#%'(,(%,*,(#:'1)".,(B)+(.#:.'(
&,",( +,:( #:'1)".,:( 82)( :)( %'""):&'$*,$( )$( *#L)")$1):( :#:1).,:CE(
*#:J$1'(&,",(%,*,(2$,(*)()++,:0(7:1'(&)".#1)(*)A$#"(2$,(.,D$#12*E(
++,.,*,( 1).&)",12",( ).&3"#%,E( 82)( 1'.,( )+( .#:.'( >,+'"( &,",(
,82)++':():1,*':(82)():1/$()$()82#+#9"#'(16".#%'()$1")(:30(

<S(
 I’
II’
III’
IV’

XA XB

<<(
-)"%)"(.61'*'0(
O'$:#*6"):)( )+( %'$M2$1'( *)( 1'*':( +':( :#:1).,:( 1)".'*#$/.#%':(
&':#9+):()$(1'*':(+':():1,*':(*)()82#+#9"#'(&':#9+):0(
7$():1)(%'$M2$1'(:)(&2)*)(*)A$#"(+,(")+,%#5$(9#$,"#,(e):1/()$()82#+#9"#'(
16".#%'(%'$f0(
7:1,(")+,%#5$(9#$,"#,(%2.&+)(+,:(1"):(&"'&#)*,*):Q(
•  ^)g)G#>,0( -'*'( :#:1).,( )$( )82#+#9"#'( ):1/( )$( )82#+#9"#'( 16".#%'(
%'$:#D'( .#:.'E( &2):1'( 82)( %2,+82#)"( &,"1)( ,"9#1","#,( *)+( :#:1).,(
):1/()$()82#+#9"#'(16".#%'(%'$()+("):1'(*)+(.#:.'0(
•  W#.61"#%,0(W#()+(:#:1).,(P():1/()$()82#+#9"#'(16".#%'(%'$()+(:#:1).,(
TE(T():1/()$()82#+#9"#'(16".#%'(%'$(P0(
•  -",$:#J>,0( W#( P( ):1/( )$( )82#+#9"#'( 16".#%'( %'$( T( ;( T( ):1/( )$(
)82#+#9"#'(16".#%'(%'$(OE(P(;(O():1/$()$()82#+#9"#'(16".#%'E()$(>#"12*(
*)+(&"#$%#&#'(%)"'(*)(+,(-)".'*#$/.#%,0(
!'"( 1,$1'( +,( ")+,%#5$( 9#$,"#,( e):1/( )$( )82#+#9"#'( 16".#%'( %'$f( ):( 2$,(
")+,%#5$(*)()82#>,+)$%#,0((
<F(
7:1,( ")+,%#5$( *)( )82#>,+)$%#,( ):1,9+)%)( 2$,( &,"J%#5$( )$( %+,:):(
*)( )82#>,+)$%#,( *)+( %'$M2$1'( *)( 1'*':( +':( ):1,*':( *)(
)82#+#9"#'(*)(1'*':(+':(:#:1).,:(1)".'*#$/.#%':(&':#9+):0(
O,*,( 2$,( *)( ):1,:( %+,:):( *)( )82#>,+)$%#,( B)+).)$1':( *)+(
%'$M2$1'( %'%#)$1)C( ):( 2$( :29%'$M2$1'( *#:M2$1'( %'$( 1'*,:( +,:(
*)./:( )( #$%+2;)( 1'*':( +':( ):1,*':( *)( 1'*':( +':( :#:1).,:(
&':#9+):( 82)( ):1/$( )$( )82#+#9"#'( 16".#%'( %'$( 2$'( %2,+82#)",(
*)():,(%+,:)(*)()82#>,+)$%#,0(
W)( &2)*)( )$1'$%):( ,:#D$,"( 2$( >,+'"( $2.6"#%'( ,( %,*,( 2$,( *)(
):1,:(%+,:):(*)()82#>,+)$%#,E(*#:J$1'(&,",(%,*,(2$,(*)()++,:0(
7:1,(.,D$#12*(:)(*)$'.#$,(1).&)",12",().&3"#%,E(*)(.'*'(82)(
1'*':(+':():1,*':()$()82#+#9"#'(16".#%'(J)$)$()+(.#:.'(>,+'"(
*)(+,(1).&)",12",().&3"#%,0(
O'.'( +,( 1).&)",12",( ).&3"#%,( $'( *)&)$*)( *)+( 1,.,h'( *)+(
:#:1).,E():(2$,(>,"#,9+)(#$1)$:#>,0((
<H(
-)".5.)1"':0(7:%,+,:(*)(1).&)",12",().&3"#%,0(
!,",( >)"( :#( *':( :#:1).,:( 1)".'*#$/.#%':( P( ;( T( ):1/$( )$( )82#+#9"#'(
16".#%'($'():(&")%#:'(&'$)"+':(*#")%1,.)$1)()$(%'$1,%1'0(T,:1,(%'$(
2J+#@,"( 2$( 1)"%)"( :#:1).,( O( B:)( ):%'D)"/( 2$( :#:1).,( 82)( :),(
.,$)M,9+)C( 82)( :)( &'$*"/( )$( %'$1,%1'( 16".#%'( %'$( P( ?,:1,( 82)(
,+%,$%)()+()82#+#9"#'0(W#$(.'*#A%,"(:2():1,*'()+(:#:1).,(O(:)(&'$*"/(
)$(%'$1,%1'(16".#%'(%'$(T0(W#($'(%,.9#,(:2():1,*'E(P(;(T():1,"/$(,(
+,(.#:.,(1).&)",12",().&3"#%,i(:#(O(%,.9#,(,+(&'$)"+'()$(%'$1,%1'(
%'$( TE( P( ;( T( $'( +'( ):1,"/$0( 7:1)( 1)"%)"( :#:1).,( O( $'( ):( 2$(
1)".5.)1"'( 1'*,>3,E( &2):1'( 82)( $'( &)".#1)( ,:#D$,"( 2$( >,+'"(
$2.6"#%'( ,( +,( 1).&)",12",( ).&3"#%,0( W)( &'*"3,( *)$'.#$,"(
1)".':%'&#'E( 82)( :'+'( ):1,9+)%)( +,( #D2,+*,*( '( *):#D2,+*,*( *)( +,:(
1).&)",12",:().&3"#%,:(*)(*':(:#:1).,:0(
!,",( 82)( O( :),( 2$( 1)".5.)1"'( ):( $)%):,"#'( *)A$#"( 2$,( &"'&#)*,*(
1)".'.61"#%,(;(2$,():%,+,0(((

<N(
!,",( %'$:1"2#"( 2$( 1)".5.)1"'( :)( ):%'D)( 2$,( &"'&#)*,*( *)+( :#:1).,(
82)( >,( ,( ,%12,"( %'.'( 1,+( 82)( >,"3)( *)( .,$)",( :#D$#A%,J>,( %'$( +,(
1).&)",12",( ).&3"#%,E( .,$1)$#)$*'( %'$:1,$1):( '( %'$( >,"#,%#5$(
%'$1"'+,*,( +,:( *)./:( >,"#,9+):0( 7:1,( >,"#,9+)E( !E( :)( *)$'.#$,(
&"'&#)*,*(1)".'.61"#%,0(
W)D2#*,.)$1)( :)( ):1,9+)%)( 2$,( ")+,%#5$( .,1)./J%,E( ):%'D#*,(
,"9#1","#,.)$1)E( )$1")( +,( 1).&)",12",( ).&3"#%,( !( ;( +,( >,"#,9+)(
1)".'.61"#%,( !0( 7:1,( L2$%#5$E( 2$3>'%,( ;( .'$51'$,E( #$%+2;)( 6(
&,"/.)1"':( ,M2:1,9+):0( !,",( *)1)".#$,"( +,( ):%,+,( :)( ,1"#92;)$(
>,+'"):( *)1)".#$,*':( *)( !( ,( ):1,*':( *)( ")L)")$%#,( ):%'D#*':(
,"9#1","#,.)$1)( B&2$1':( AM':C( %,",%1)"#@,*':( &'"( +':(
%'""):&'$*#)$1):( >,+'"):( *)( !0( W)( $)%):#1,$( 1,$1':( &2$1':( AM':(
%'.'( &,"/.)1"':( :)( #$%+2;,$( )$( +,( L2$%#5$0( W2:J12;)$*'( +':(
>,+'"):( *)( !( ):%'D#*':( ;( +':( >,+'"):( *)( !( %'""):&'$*#)$1):E( :)(
'9J)$)$(6()%2,%#'$):(82)(&)".#1)$(*)1)".#$,"(+':(>,+'"):(*)(+'(6(
&,"/.)1"':0(=)():1)(.'*'(+,(L2$%#5$(1)".'.61"#%,(82)*,(*)A$#*,(
%'.&+)1,.)$1)0((
<V(
7:%,+,:(O)+:#2:(;(j)+>#$0(
!,",(*)A$#"(2$,():%,+,(:)(2J+#@5(#$#%#,+.)$1)(2$(%"#1)"#'(9,:,*'()$(*':(
&2$1':(AM':0(P(&,"J"(*)(<dVN(:)(%,.9#5()+(%"#1)"#'(&'"()+(*)(2$(:'+'(
&2$1'(AM'0(P2$82)()+(%"#1)"#'(,%12,+(:)(9,:,()$(:'+'(2$(&2$1'(AM'E(
J)$)(#$1)"6:(%'$'%)"()+(%"#1)"#'(,$1)"#'"(,(<dVN(&,",(>)"(%2,+():()+(
'"#D)$(*)(+':(>,+'"):():%'D#*':0(
!,",( *)A$#"( #$#%#,+.)$1)( +,( ):%,+,( O)+:#2:( B1,.9#6$( %'$'%#*,(
&'&2+,".)$1)( %'.'( ):%,+,( %)$kD",*,C( :)( ):%'D#5( 2$,( ")+,%#5$(
+#$),+()$1")(+,(1).&)",12",().&3"#%,( !(;(+,(&"'&#)*,*(1)".'.61"#%,(
!0(
#!#0#,#!#1#.#
&'"(+'(82)(:)(")82#)")$(*':(&2$1':(AM':0(W)():%'D#)"'$(%'.'(1,+):()+(
&2$1'( *)( ?#)+'( B,D2,( +382#*,( )$( )82#+#9"#'( %'$( ?#)+'( ,( ( <( ,1.( *)(
&"):#5$CE(,+(82)(:)(,1"#92;5()$(>,+'"(S('OE(;()+(&2$1'(*)(>,&'"(B,D2,(
+382#*,()$()82#+#9"#'(%'$(>,&'"(*)(,D2,(,(<(,1.(*)(&"):#5$CE(,+(82)(
:)(,1"#92;5()+(>,+'"(<SS('O0(((
<[(
=)(,%2)"*'(%'$():1,()+)%%#5$(+,(1).&)",12",().&3"#%,()$(D",*':(
O)+:#2:(82)*,(*)A$#*,(%'.'(

o X " Xh
! ( C) = 100
Xv " Xh

*'$*)( !( ):( )+( >,+'"( *)( +,( &"'&#)*,*( 1)".'.61"#%,( ,( +,( 1).&)",12",(
).&3"#%,(82)(:)(.#*)(;(+':(:293$*#%)(/#;(7(?,%)$(")L)")$%#,(,+(>,+'"(
*)(!()$(+':(&2$1':(*)(?#)+'(;(>,&'"E("):&)%J>,.)$1)0(
c,( 1).&)",12",( ).&3"#%,( ./:( 9,M,( 82)( :)( &2)*)( ,+%,$@,"( )$( +,(
$,12",+)@,(B)+(++,.,*'(%)"'(,9:'+21'C():((l(F\HE<V('O0(

<\(
W)( *)A$#5( )$1'$%):( 2$,( $2)>,( ):%,+,( B):%,+,( j)+>#$E( +,( 1).&)",12",(
).&3"#%,(:)(.#*)()$(m)+>#$E(jC(*)(.'*'(82)()+(%)"'(*)():1,():%,+,(
%'#$%#*,( %'$( )+( %)"'( ,9:'+21'( ;( +,:( >,"#,%#'$):( *)( 1).&)",12",(
).&3"#%,()$(j(;()$('O(:),$(#D2,+):(
((! BjC(R(F\HE<V(Z#! B'OC(
c':(>,+'"):()$(+,():%,+,(j)+>#$(:'$(:#).&")(&':#J>':0(
7$( +'( 82)( :#D2)E( &'"( :)$%#++)@E( 2J+#@,").':( )+( 16".#$'( 1).&)",12",(
&,",( ")L)"#"$':( ,( +,( 1).&)",12",( ).&3"#%,E( ?,:1,( *)A$#"( +,(
1).&)",12",( 1)".'*#$/.#%,( %'$( ,;2*,( *)+( :)D2$*'( &"#$%#&#'E( ;(
2J+#@,").':(+,(+)1",(8()$(>)@(*)(!0(
c,( 1).&)",12",( )$( +,( ):%,+,( j)+>#$( +,( *)$'.#$,").':( 1).&)",12",(
,9:'+21,0(
W)( &2)*)$( 2J+#@,"( #$*#:J$1,.)$1)( +,:( ):%,+,:( j)+>#$( ;( O)+:#2:0( 7$( +,(
>#*,(%'J*#,$,(:)(:2)+)(2J+#@,"(./:(L")%2)$1).)$1)(+,():%,+,(O)+:#2:(
B'( %)$kD",*,CE( ,2$82)( )$( 1)G1':( %#)$kA%':( :)( 2:,$( +,:( *':( '(
&")L)")$1).)$1)(+,():%,+,(j)+>#$0(((
<b(
7$( <dVN( :)( :2:J12;5( +,( ):%,+,( 82)( 2:,( *':( &2$1':( AM':( &'"( '1",( 82)(
2:,(:'+'(2$(&2$1'(AM'E()+#D#)$*'(+':(>,+'"):($2.6"#%':(*)(.'*'(82)(
+,( $2)>,( ):%,+,( %'#$%#*#)",( %'$( +,( &")>#,.)$1)( *)A$#*,( %'$( *':(
&2$1':(AM':0(
W)( )+#D)( %'.'( L2$%#5$( 1)".'.61"#%,( B)$( +,( ):%,+,( ,9:'+21,C( +,(
)G&"):#5$(
8#0#,#!#####
-#)$)(2$(:'+'(&,"/.)1"'i(&'"(1,$1'(:)($)%):#1,(:'+'(2$(&2$1'(AM'0(
O'.'(&2$1'(AM'(:)():%'D#5()+(&2$1'(1"#&+)(*)+(,D2,0(7:1)():(2$():1,*'(
82)( :)( *,( U$#%,.)$1)( &,",( 2$( >,+'"( ):&)%3A%'( *)( &"):#5$( ;(
1).&)",12",0(c,(1).&)",12",(*)+(&2$1'(1"#&+)():(
8(R(SES<('O(R(F\HE<[(j0(

<d(
^):2+1,()$1'$%):(

X
T = 273,16
X3

*'$*)(!9():()+(>,+'"(*)(+,(&"'&#)*,*(1)".'.61"#%,()$()+(&2$1'(1"#&+)0((
7+( &2$1'( 1"#&+)( *)+( ,D2,( ):( 2$( ):1,*'( )$( 82)( %')G#:1)$(
:#.2+1/$),.)$1)()$()82#+#9"#'(*)(L'".,():1,9+)(?#)+'E(,D2,(+382#*,(
!
;( >,&'"( *)( ,D2,0( 7:1)( ):1,*'( )G#:1)( )G%+2:#>,.)$1)( ,( 1).&)",12",(
*)(F\HE<[(j(;(&"):#5$(&,"%#,+(*)+(>,&'"(*)(,D2,(*)([<<E\H(!,0(

FS(
c,(>)$1,M,(*)(+,():%,+,(*)(2$(&2$1'(AM'("):&)%1'(*)(+,(*)(*':(&2$1':(
AM':():(*'9+)0(
!'"( 2$,( &,"1)E( +,( )G&"):#5$( .,1)./J%,( 2J+#@,*,( ):( ./:( :#.&+)( ;(
%'$++)>,()+(,M2:1)(*)(2$(:'+'(&,"/.)1"'()$(>)@(*)(*':0(
!'"( '1",E( ;( 6:1,( ):( ./:( #.&'"1,$1)E( )+( &2$1'( 1"#&+)( *)+( ,D2,( ):( 2$(
):1,*'(U$#%'E(82)(:)(*,(:'+'(&,",(2$(>,+'"(*)(+,(1).&)",12",(;(*)(+,(
&"):#5$0( 7:1'( &)".#1)( *)A$#"( ):1)( ):1,*'( :#$( &':#9#+#*,*( *)( )""'"E(
&2):(:)():1/(%'$(%)"1)@,()$():)():1,*'(:#(,&,")%)$(+,:(1"):(L,:):(B;(
$'( :)( ):1/( )$( 6+( :#( $'( ):1/$( &"):)$1):( +,:( 1"):CE( .#)$1",:( 82)( +':(
)82#+#9"#':( 9#L/:#%':( :5+#*'Y+382#*'( ;( +382#*'Y>,&'"( *)&)$*)$( *)( +,(
&"):#5$0(!,",(82)(+':():1,*':(*)(")L)")$%#,(:),$(+':(&2$1':(*)(?#)+'(
;( >,&'"( ):( &")%#:'( 82)( +,( &"):#5$( :),( )G,%1,.)$1)( <( ,1.i( 2$(
&)82)h'( )""'"( )$( )+( %'$1"'+( *)( 6:1,( :)( 1",$:.#1)( ,+( %,+#9",*'( *)+(
1)".5.)1"'0(

F<(
7:%,+,:(K,?")$?)#1(;(^,$m#$)0(
P2$82)( +,:( ):%,+,:( j)+>#$( ;( O)+:#2:( :'$( +,:( 2J+#@,*,:( &,",( 2:':(
%#)$kA%'(;()$(+,(.,;'"3,(*)(&,3:):E()$(,+D2$':(&,3:):(,$D+':,M'$):(
B&'"()M).&+'E(77IIC()$(+,(>#*,(%'J*#,$,(;()$(,+D2$':(*'%2.)$1':(
16%$#%':( :)( :2)+)( 2J+#@,"( 1'*,>3,( '1",( ):%,+,E( +,( ):%,+,( K,?")$?)#1E(
82)( 2J+#@,( )+( D",*'( K,?")$?)#1( B'KC0( c,( %'""):&'$*)$%#,( )$1")( +,(
):%,+,(O)+:#2:(;(+,(K,?")$?)#1():(+,(:#D2#)$1)Q(
!"#$%&'%(')(*()(+,-$' &.' &/'

!2$1'(*)(?#)+'( S( HF(
!2$1'(*)(>,&'"( <SS( F<F(

c,(%'$>)":#5$()$1")():%,+,:(>#)$)(*,*,(&'"(
C F " 32
=
5 9
*'$*)( &( ;( '( ")&"):)$1,$( +':( >,+'"):( *)( +,:( 1).&)",12",:( )$( +,:(
"):&)%J>,:():%,+,:(O)+:#2:(;(K,?")$?)#10((

! FF(
c,( ):%,+,( ^,$m#$)( B^C( ):( +,( ):%,+,( *)( 1).&)",12",( ,9:'+21,( 82)( :)(
%'""):&'$*)(%'$(+,():%,+,(K,?")$?)#1(*)+(.#:.'(.'*'(82)(+,():%,+,(
j)+>#$(+'(?,%)(%'$(+,(O)+:#2:0(
W)( *)M,( %'.'( )M)"%#%#'( &,",( )+( ,+2.$'( *)1)".#$,"( )+( >,+'"( *)+( %)"'(
,9:'+21'()$(+,():%,+,(K,?")$?)#1(;(+,(*)A$#%#5$(*)(+,():%,+,(^,$m#$)0((

FH(
O2,$*'( :)( "),+#@,$( .)*#*,:( %'$( 1)".5.)1"':( *#:J$1':E( +':( >,+'"):(
'91)$#*':E( &'"( *)A$#%#5$E( %'#$%#*)$( )$( )+( &2$1'( AM'0( W#$( ).9,"D'(
&2)*)( 82)( :)( '9:)">)$( &)82)h,:( *#L)")$%#,:( )$( +':( "):2+1,*':( ,+(
.)*#"(+,:(1).&)",12",:()$('1"':():1,*':0((
7:1'( $'( ):( :'"&")$*)$1)E( ;,( 82)( :)( ?,( >#$%2+,*'( 2$,( .,D$#12*(
L2$*,.)$1,+(%'.'(+,(1).&)",12",(,+(%'.&'"1,.#)$1'(*)(:#:1).,:(
&,"J%2+,"):E( %'.'( :'$( +':( 1)".5.)1"':E( )$( +':( 82)( +,( &"'&#)*,*(
1)".'.61"#%,( B>'+2.)$E( "):#:1)$%#,( )+6%1"#%,E( :2:%)&J9#+#*,*(
.,D$6J%,E( )1%0C( :)( &2)*)( %'.&'"1,"( *)( .'*'( .2;( *#L)")$1)( )$(
2$':(2('1"':0(
7:1,( *#A%2+1,*( :)( "):'+>)"/( )$( )+( .,"%'( *)+( :)D2$*'( &"#$%#&#'( *)( +,(
1)".'*#$/.#%,E(%2,$*'(:)(*)A$,(+,(1).&)",12",(1)".'*#$/.#%,0(
W#$( ).9,"D'E( :)( &2)*)( :'+2%#'$,"( *)( .,$)",( &"/%J%,( 2J+#@,$*'( 2$(
J&'(*)(1)".5.)1"':E()+(1)".5.)1"'(*)(D,:E()$(82)(+':("):2+1,*':(
$'(*)&)$*)$(*)+(D,:(2J+#@,*'0(((

FN(
O'$:#*)").':( 2$,( .,:,( :4( *)( 2$( D,:( PE( ,( >'+2.)$( %'$:1,$1)E( ;(
2:).':( +,( &"):#5$( ;( %'.'( &"'&#)*,*( 1)".'.61"#%,0( W),( ;94( +,(
&"):#5$( )$( )+( &2$1'( 1"#&+)( ;( ;4( +,( &"):#5$( )$( )+( ):1,*'( )$( 82)( :)(
82#)")( .)*#"( B&,",( AM,"( #*),:E( :2&'$D,.':( 82)( ):( )+( &2$1'( *)(
>,&'"i(:#$().9,"D'(:)(&2)*)(1",9,M,"(%'$(%2,+82#)"('1"'():1,*'C0(c,(
.)*#*,(*)(+,(1).&)",12",(>#)$)(*,*,()$():1)(%,:'(&'"(

pv1
T = 273,16 1
p3
pv1
^)&"):)$1).':()+(>,+'"((((((((((((L")$1)(,(;
1 9 0((
4
p3
!

FV(
n,D,.':(,?'",(+,(.#:.,(.)*#*,E(&)"'(")J",$*'(*)+(:#:1).,(2$,(&,"1)(
*)+( D,:E( .,$1)$#)$*'( )+( .#:.'( >'+2.)$( B):( 2$( 1)".5.)1"'(
*#L)")$1)(*)+(,$1)"#'"E(&2):1'(82)(J)$)(.)$':(.,:,(*)(D,:C0(P?'",(
+':(>,+'"):(*)(;75(;(;95(:)"/(.)$'"):0(
W#(+,(.)*#*,($'(*)&)$*#)",(*)+(1)".5.)1"'E(+':(%'%#)$1):(;7#<;9(:)"3,$(
#D2,+):()$(,.9':(%,:':(;()+(>,+'"(*)(+,(1).&)",12",(:)"3,()+(.#:.'0(
W#$( ).9,"D'E( :)( '9:)">,( )G&)"#.)$1,+.)$1)( 82)( ,&,")%)( ,+D2$,(
*#L)")$%#,0(`,"%,.':()+($2)>'(&2$1'()$(+,(D"/A%,(;7#<;9#=#;90(
^)#1)",.':( +,( .)*#*,:( %'$( $2)>':( 1)".5.)1"':( *)+( D,:( P( ")J",$*'(
:2%):#>,.)$1)( &'"%#'$):( *)( D,:0( O,*,( >)@( '91)$*").':( .)$'"):(
>,+'"):( *)( +,:( &"):#'$):( ;( +#D)",:( *#L)")$%#,:( "):&)%1'( *)( +,:(
.)*#*,:(,$1)"#'"):(*)+(%'%#)$1)(;7# <;9E():1'():E(*)(+,(1).&)",12",0(
P:3E(%,*,(1)".5.)1"'():1/(*,$*'(2$("):2+1,*'(,+D'(*#L)")$1)(*)(+':(
*)./:0((((

F[(
7+(&"'%):'(*)(")J","(.,:,(*)+(:#:1).,(;E(&'"(1,$1'E(*#:.#$2#"(+,(&"):#5$(
$'( &'*"/( ?,%)":)( #$*)A$#*,.)$1)( &2):1'( 82)( ++)D,").':( ,( 2$(
&2$1'( )$( 82)( :#( :)D2#.':( ,:3( $':( 82)*,"3,.':( &"/%J%,.)$1)( :#$(
D,:0( 4$1)"&'+,.':( )$1")( +':( &2$1':( '91)$#*':( ;( '91)$*").':( 2$,(
%2">,( *)( >,"#,%#5$( :2,>)0( W#( ,?'",( )G1",&'+,.':( *):*)( )+( U+J.'(
&2$1'('91)$#*'(?,:1,(;9(#D2,+(,(%)"'('91)$*").':(2$(>,+'"(*)(%'"1)(
%'$()+()M)(*)('"*)$,*,:0(7$():1)(%,:'("):2+1,"/(;7#<;9#R(<EH[[S(&,",((((((((
;9( R( S0( =)&)$*#)$*'( *)( +,( &")%#:#5$( *)( +,:( .)*#*,:( *)( &"):#5$(
"):2+1,"/( 2$,( .,;'"( '( .)$'"( &")%#:#5$( )$( +,( 1).&)",12",0( O'$(
.)*#*,:( .2;( &")%#:,:( *)( &"):#5$( :)( &2)*)$( '91)$)"( "):2+1,*':(
.2;(&")%#:':(&,",(+,(1).&)",12",0((
^)&)J.':()+(&"'%):'(2J+#@,$*'(,?'",(2$(:)D2$*'(D,:(T0(a91)$).':(
2$,(%2">,(*#:J$1,(*)(+,(,$1)"#'"E(&)"'(,+()G1",&'+,"(?,%#,(;9(#D2,+(,(
%)"'('91)$).':()+(.#:.'(>,+'"(+3.#1)(82)()$()+(%,:'(,$1)"#'"0(
^)&#J)$*'( )+( &"'%):'( %'$( '1"':( 1)".5.)1"':( *)( D,:( 2J+#@,$*'(
*#L)")$1):(D,:):(:)('9J)$)$(*#L)")$1):(%2">,:E(&)"'()+(>,+'"(+3.#1)(
&,",(;9(1)$*#)$*'(,(%)"'():()+(.#:.'()$(1'*':(+':(%,:':0(
F\(
Se observa experimentalmente

Fb(
7:1'( ++)>,( ,( *)A$#"( 2$,( ):%,+,E( +,( ):%,+,( *)+( D,:( #*),+E( )$( 82)( +,(
1).&)",12",(:)(.#*)(2J+#@,$*'(+,()G&"):#5$(
p
T = 273,16 lim
p3 " 0 p
3

=)( ):1)( .'*'( 2J+#@,$*'( 2$( 1)".5.)1"'( *)( D,:( %2,+82#)",E( :)(
'91)$*"/()+(.#:.'("):2+1,*'0(-6$D,:)()$(%2)$1,(82)():1,():%,+,($'(
&"):2&'$)( +,( )G#:1)$%#,( *)( 2$( ?#&'16J%'( D,:( #*),+E( :#$'( 82)( :)(
!
2J+#@,$(:#).&")(D,:):("),+):0(
P2$82)( 1'*,>3,( +,( ):%,+,( ):1/( >#$%2+,*,( ,( 2$( *)1)".#$,*'( J&'( *)(
1)".5.)1"':E(&)".#1)():1,9+)%)"(%'$('1"':(1)".5.)1"':()+(.#:.'(
"):2+1,*'( *)( 2$,( .)*#*,( *)( 2$( ):1,*'( %2,+82#)",E( *)$1"'( *)( 2$(
%#)"1'( .,"D)$( *)( )""'"( &")):1,9+)%#*'E( 1'.,$*'( )$( %,*,( %,:'(
L2$%#'$):( *)( %,+#9",%#5$( 82)( #$%+2;)$( 6( &,"/.)1"':E( %2;':( >,+'"):(
:)(*)1)".#$,$(%'$(,;2*,(*)(6(&2$1':(AM':(,2G#+#,"):E(%2;':(>,+'"):(
:)(?,$():1,9+)%#*'(2J+#@,$*'(2$(1)".5.)1"'(*)(D,:0((

Fd(
HS(
7$( D)$)",+E( 2$,( .)*#*,( &")%#:,( %'$( 2$( 1)".5.)1"'( *)( D,:( ):( 2$,(
'&)",%#5$(*)+#%,*,E(82)(#$%+2;)($2.)"':,:(%'"")%%#'$):0(
!'"():'($'(:)(:2)+)$(2J+#@,"(&,",(?,%)"(.)*#*,:(?,9#12,+.)$1)E(:#$'(
82)( :2( L2$%#5$( ):( :)">#"( &,",( +,( %,+#9",%#5$( *)( '1"':( 1)".5.)1"':(
./:(.,$)M,9+):0(
IJ+#@,$*'( 1)".5.)1"':( *)( *#:J$1'( J&'E( 9#)$( %,+#9",*':E( :)( '9J)$)$(
>,+'"):( #D2,+):E( *)$1"'( *)+( .,"D)$( *)( )""'"( *)( +,( .)*#*,E( &,",( +,(
.)*#*,( *)( +,( 1).&)",12",( *)( 2$( *)1)".#$,*'( ):1,*'(
1)".'*#$/.#%'0(

H<(
c,( 1).&)",12",( B%2;,( 2$#*,*( ):( )+( m)+>#$C( ):( 2$,( *)( +,:( :#)1)(
.,D$#12*):( L2$*,.)$1,+):( )$( K3:#%,E( M2$1'( ,+( J).&'(
B:)D2$*'CE( +,( +'$D#12*( B.)1"'CE( +,( .,:,( Bm#+'D",.'CE( +,(
#$1)$:#*,*( *)( %'""#)$1)( )+6%1"#%,( B,.&)"#'CE( %,$J*,*( *)(
:2:1,$%#,(B.'+C()(#$1)$:#*,*(+2.#$':,(B%,$*)+,C0(
c,(*)A$#%#5$(*)(+,:(2$#*,*):(9/:#%,:E(,(&,"J"(*)(2$,(*)A$#%#5$(
#$#%#,+E( ?,( #*'( %,.9#,$*'( %'$( )+( J).&'E( .,$1)$#)$*'( :2(
>,+'"E(&)"'(2J+#@,$*'(&,",(+,(*)A$#%#5$('1",:(")L)")$%#,:0(!'"(
)M).&+'E( )+( .)1"'( :)( *)A$#5( #$#%#,+.)$1)( %'.'( +,(
*#)@.#++'$6:#.,( &,"1)( *)+( %2,*",$1)( *)+( .)"#*#,$'( 1)""):1")E(
*):&26:( :)( ")A"#5( ,( 2$( '9M)1'( &,1"5$( ;( )$( +,( ,%12,+#*,*( ):1/(
")L)"#*'(,(2$(L,%1'"(B<oFdd(\dF(NVbC(*)+():&,%#'(")%'""#*'(&'"(
+,(+2@()$()+(>,%3'()$(2$(:)D2$*'0(
W#$().9,"D'E():1,:(")>#:#'$):(*)(+,:(*)A$#%#'$):(*)(+,:(2$#*,*):(
9/:#%,:( :)( ?,%)$( :5+'( )G%)&%#'$,+.)$1)( *)( 1,"*)( )$( 1,"*)0(
O2,$*'(:)(?,%)$E(:2)+)$(#"(,%'.&,h,*,:(*)(%#)"1,(&'+6.#%,0((
HF(
c,(1)$*)$%#,(,%12,+():(")L)"#"(+,(*)A$#%#5$(*)(+,:(2$#*,*):(9/:#%,:(,(+,:(
%'$:1,$1):( p:#%,:( B>)+'%#*,*( *)( +,( +2@E( $U.)"'( *)( P>'D,*"'E(
%'$:1,$1)( *)( !+,$%mE( %'$:1,$1)( *)( T'+1@.,$$E( %,"D,( )+6%1"#%,(
)+).)$1,+C0(

7:1'(")82#)")(82)():1,:(%'$:1,$1):(:),$(.)*#*,:(%'$(D",$(&")%#:#5$0(
7$( +,( ,%12,+#*,*( +,( *)A$#%#5$( *)( m)+>#$( BjCE( 82)( ):( +,( 2$#*,*( *)(
1).&)",12",(1)".'*#$/.#%,E(*#%)(82)():(+,(L",%%#5$(<oF\HE<[(*)(+,(
1).&)",12",(1)".'*#$/.#%,(*)+(&2$1'(1"#&+)(*)+(,D2,0(

W)( ?,( &"'&2):1'( 2$,( $2)>,( *)A$#%#5$E( ")L)"#*,( ,( +,( %'$:1,$1)( *)(
T'+1@.,$E(82)(:)(?,;,()$():12*#'E(;(82)(&'*"3,(:)"(%'$:#*)",*,()$(
+,(O'$L)")$%#,(_)$)",+(*)(!):':(;(`)*#*,:(,(%)+)9","()$(FS<b0(
!'"(+'(82)(82#@/:()$(2$(L212"'($'(.2;(+)M,$'(?,9"3,(82)(.'*#A%,"(+,(
*)A$#%#5$( *)( m)+>#$( B'( :)D2#"( 2J+#@,$*'( *2",$1)( .2%?':( ,h':( ./:(
+,(*)A$#%#5$(,%12,+(")L)"#*,(,+(&2$1'(1"#&+)(*)+(,D2,C0(

HH(
K4q(

HN(