ML15163A303
| ML15163A303 | |
| Person / Time | |
|---|---|
| Site: | Indian Point  |
| Issue date: | 06/12/2015 |
| From: | Entergy Nuclear Operations, Morgan, Morgan, Lewis & Bockius, LLP |
| To: | Atomic Safety and Licensing Board Panel |
| SECY RAS | |
| References | |
| 50-247-LA, ASLBP 15-942-06-LA-BD01, RAS 27941 | |
| Download: ML15163A303 (12) | |
Text
01234526733582921358 257825873912012017129132578251587312 373912 132 2 9!53292"#$ %&$'(2
( ')292*"$+% $#,$'($) #*2
.//.01234/-5-/6-34/3789:;-<=43-5>?->@5A-.4;B37-6CC6;D48-;/./3-6E-43B-967F:;-C3/D/D64-/6-D4/37G343-.4H-73I=3;/-E67-13.7D48-2 -
J583289K2'53358289K2'7L85152M9521358 2392NM29K5132M9138925!2'$*"$#,O2 N59152392N5P532982(391720198K73912N57812'5152(K51K513239258K715132 J35123452Q85P512923452M91371K5132013587352'57!2N7352R532R(M2926QSS,+ 201712
9132 132KT582 29!53292"#$ %&2'515292N$ ,2U152O2 #*" 2 2
ijklmnopqrstlumpqvmkwluxkp y\hcX\Vf_c\dVz\[Z{`V^[\d[ZV l}~V?Z_XhYX`Vb?V fV?_VlV V V ?]X\X\VV~}~ lV
[aVVVlVV}lVV~~V V V V V V WXYZ[\][V^_`a[V V V bcd[Vec][VfZ[gch[\dV V V V V
V V V V V W}~V V
V
\[VV~}V V
V bV]a[XZV[{aXd_Z`V^_cggc_\V VV_][\dV^_\dZ_aV[gV}V_]caa[Vfc[V _]caa[VV~} V V V V b?z^V [g_\g[Vd_V((gdV_ZVhhcdc_\XaVy\_ZXdc_\V[{XZhc\{VWc][\g[V [\h[\dVd_Vf[ZX\[\daVzd[\hVd[VZ((\]`V_Vd[V^_\dXc\[\dV y\d[{ZXd[hVW[XVXd[V[gdV^VV V y\hcX\Vf_c\dV\cdV¢[ZVV _][dV_V}~lV Wc][\g[V_VfV V V zzz^zbVV^VW[dd[ZVd_Vz\d[Z{`V((gdV_ZVhhcdc_\XaVy\_ZXdc_\V[{XZhc\{Vd[V fZ__g[hVWc][\g[V[\h[\dVd_Vf[ZX\[\daVzd[\hVd[V^_\dXc\[\dV
`[VVW[XVXd[V[gdVZ((\]`Vd_V}V[XZgV^VV} V hXd[hVZcaVV~}V V
V Vz\d[Z{`VW[dd[ZVWl Vd_V^V[{XZhc\{VfZ__g[hVWc][\g[V [\h[\dV[{XZhc\{Vzd[\hc\{Vd[V^_\dXc\[\dV`[VVW[XVXd[V [gdc\{VZ((\]`Vd_V}V[XZgVhXd[hV[][¢[ZVV~lV Wl } ~}V V V V [XZVbcZV_ZVXhXV V z\d[Z{`V]a[XZV[ZXdc_\gVy\]Vz\d[Z{`VcgV[Z[¢`VZ_chc\{Vd[VXddX][hVZ[g_\g[Vd_Vd[V^V Z((gdV_ZVXhhcdc_\XaVc\_ZXdc_\V((Z[\][VVXgg_]cXd[hVYcdVd[VZ__g[hV]X\{[gVd_Vd[V y\hcX\Vf_c\dVV[]\c]XaVb[]cc]Xdc_\gVbVc\V((Z[\][VVVV[VZ[g_\g[gVd_Vd[VZ((gdV_ZV Xhhcdc_\XaVc\_ZXdc_\VXZ[VZ_ch[hVc\VddX][\dVVV V _V\[YV[{aXd_Z`V^_cd[\dVcgVXh[Vc\VdcgVg¢cddXaVVV V V]_`V_VdcgVZ[g_\g[VX\hVd[VXgg_]cXd[hVddX][\dgVcgV¢[c\{Vg¢cdd[hVd_Vd[Vh[gc{\Xd[hV[YV _ZVbdXd[V_c]cXaVc\VX))_ZhX\][VYcdV~V^V}~VVV V
V V V V V V
^£zV p VW}~V p
p p p p p p p V zbfbzVVzzbVVyyWVyyVV V zyV£zVz¥zbyVV£zV^yzVV V fzVVWzVzVzbyVzz^VV}Vzbp V p p pp p V V V V V V V V V V V V V V zzV^WzVfzybVy^V yyVfyV^WzVzzyVyVVV
^zVV}~lV V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V zbfbzVVzzbVVyyWVyyVzyV£zVz¥zbyV V£zV^yzVfzVVWzVzVzbyVzz^VV}V[XZgV V y\V_Zh[ZV_ZVd[V^VgdXVd_V]_a[d[Vd[cZVZ[c[YV_Vd[Vz\d[Z{`VZ((gdV_ZV[]\c]XaV b[]cc]Xdc_\V[\h[\dVd_V[d[\hVd[V^_\dXc\[\dV`[VVa[XVd[gdVd[V^V^_\dXc\[\dVX\hV e[\dcaXdc_\V?ZX\]Vb^e?VXgVZ((gd[hVXhhcdc_\XaVc\_ZXdc_\VV[g[VZ((gdgVX\hVz\d[Z{`§gV Z[g_\g[gV_aa_YVVV V ¨©<<p¬-°p V Wc][\g[V[\h[\dV((gdVWVb[]dc_\VlV+/-y\d[{ZXd[hVW[XVXd[V[gdVyWV[gdV[gadg²V X{[gV}³V_VVddX][\dVV((Z[\][VVh[dXcagVXaaVd[gdVZ[ggZ[gVc\Vd[VX¢g_ad[VZ[ggZ[V g]Xa[V_V+/-gcX²V_\hgV[ZVgXZ[Vc\]VX¢g_ad[µVV¶cd_dVZ_chc\{Vd[V]_ZZ[g_\hc\{VXd_g[Zc]V Z[ggZ[V_ZV[X]Vd[gdVZ[ggZ[Vd[VbV]a[XZV[{aXd_Z`V^_cggc_\V^VgdXV]X\\_dV ]_\cZVdXdVd[V+/-]Xa]aXd[hV[XV]_\dXc\[\dVc\d[Z\XaVZ[ggZ[V_ZVd[V[gc{\?XgcgW_gg ^__aX\dVX))ch[\dVfXV*²V_VlVgc{V_\hgV[ZVgXZ[Vc\]V{X{[µVYXgVgXdcgc[hVhZc\{VyWVd[gdV [Z_ZX\][V((Z[\][Vy\hcX\Vf_c\dV]a[XZV[\[ZXdc\{V\cdV_VVyf V[]\c]XaVb[]cc]Xdc_\VbV }}l¢V]_\gcgd[\dVYcdVd[VhcZ[]dc_\V_V]a[XZVz\[Z{`Vy\gdcdd[VzyV[cgc_\VV((Z[\][V VX\hVd[Vd[gdV[d_h_a_{`V_V[Zc]X\VXdc_\XaVbdX\hXZhgVy\gdcdd[¸[Zc]X\V]a[XZVb_]c[dV bybV}¹ ~~ V((Z[\][VV V _ZV[Xa[VX\V[][ZdVZ_Vb[]dc_\VlVZ[XhgV V
+/-[VaXgdVdY_Vd[gdgVY[Z[V
º VV [VaXgdVyWVc\VZcaV~~VXhVXV[XgZ[hV]_\dXc\[\dVa[XVZXd[VWdVVXdV d[Vd[gdVZ[ggZ[V_V~}VgcXVYXgV~~ V>>V]_\dXc\[\dVXcZVY[c{dVVhX`V YcdVXV}>>V]_\ch[\][Va((a²V V
bc\][VfXV[XagVlVgc{VXVd[gdVZ[ggZ[V_V~}VgcXVZ_dgV]_\][Z\VdXdVd[Vd[gdVZ[ggZ[VYXgV \_dV{Z[Xd[ZVdX\VfXVVVV V [VgdXVZ((gdgVdXdVd[Vac][\g((VZ_ch[Vd[V]_ZZ[g_\hc\{VZ[]_Zh[hVXd_g[Zc]VZ[ggZ[gV Z_V[X]V_Vd[Vc[VyWVd[gdVZ[gadgVZ[]_Zh[hVc\Vb[]dc_\Vlp p [g_\g[V p [Vc\cVXaa_YX¢a[V]_\dXc\[\dVZ[ggZ[VhZc\{VXV`[VVd[gdVcgV[gdX¢acg[hVc\VXZX{ZXV V_Vbyb}~~ V+/-^_\dXc\[\dVb`gd[VW[XX{[V[gdc\{V[cZ((\dg²VYc]V gdXd[gVdXdV+/-[V`[VVd[gdVZ[ggZ[VgXaaV\_dV¢[Va[ggVdX\V~VfXV_ZVd[VhZXdc_\V_Vd[V`[VV d[gd²V_ZVd[Vyf V]_\dXc\[\dVd[VfXVcgVlVgc{VZ[gadc\{Vc\VXVc\cVXaa_Y[hV]_\dXc\[\dV Z[ggZ[VhZc\{Vd[V`[VVd[gdV_Vl} Vgc{VV V [Vyf Vy\d[{ZXd[hVW[XVXd[V[gdVZ_][hZ[Vf~~~Vg[hV_ZVd[V~~VyWVgdXd[gVdXdVd[V a_Y[gdVZ[ggZ[VZ[Xhc\{VhZc\{Vd[VyWVYXgV~}Vgc{VY[\Vd[V_dgch[VXd_g[Zc]VZ[ggZ[V YXgVllVgc{Vc[ahc\{VXVc\cVd[gdVZ[ggZ[V_Vl}} Vgc{Vbc\][Vd[Vc\cVd[gdVZ[ggZ[V _Vl}} Vgc{VYXgV{Z[Xd[ZVdX\Vd[Vc\cVZ[cZ[hVZ[ggZ[V_Vl} Vgc{Vd[VZ[cZ((\dgV_V byb}~~ VY[Z[VgXdcgc[hV V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V V [Vc[Vd[gdgVch[\dcc[hVc\VWl Vb[]dc_\VlVXZ[Vd[VyWgV[Z_Z[hVc\V{gdVV b[d[¢[ZVlV[][¢[ZVV\[VVX\hVZcaV~~VV[Va_Y[gdVZ[]_Zh[hVd[gdVZ[ggZ[gV X\hVd[Vc{[gdVXd_g[Zc]VZ[ggZ[gVXZ[VZ[]_Zh[hV¢[a_YVV_VZ[]_Zh[hVXd_g[Zc]VZ[ggZ[gV XZ[VXXcaX¢a[VZ_Vd[V{gdVVd[gdVVV V [XZV W_Y[gdV^_\dXc\[\dV £c{[gdVd_g[Zc]V fZ[ggZ[Vc[Z[\dcXaV fZ[ggZ[VgcXV fZ[ggZ[VgcXV V _VhXdXV V V lV }}V l~lV }~V V V l1/4V l V V } V l1/4V l V 1/4[VXd_g[Zc]VZ[ggZ[VYXgV\_dV[XgZ[hV¢dVXgg[hVd_V¢[VlVgcXVVV V ¨©<<p¬-1/2p V [VaXgdVg[\d[\][V_VX{[VV_VVddX][\dVV((Z[\][VVZ_VWVb[]dc_\VlV+/-`[V?V X\hV^Vd[gdc\{²VZ[XhgV+/-_d[gVXZ[VZ_ch[hV_ZVd[gdVXcaZ[g3/4VV£_Y((ZV\_V\_d[gVc\VX¢a[VlV_ZV g¢g((\dVX{[gV_Vd[VWVY[Z[VZ_ch[hVdXdVh[dXcaVVXVYc]V`[V?VX\hV`[V^Va_]XaVa[XV ZXd[Vd[gdgVWWgVXca[h¿V¢VYXdV]_ZZ[]dc[VX]dc_\gVY[Z[V[Z_Z[h¿VX\hV]VYXdVcgd_Zc]XaVd[gdV XcaZ[gVX[V¢((\VZ((dcdc[VZ_Vd[Vd_dXaV_aXdc_\V_V`[V?V[\[dZXdc_\gVX\hV`[V^Vcg_aXdc_\V Xa[gVV V [VgdXVZ((gdgVdXdVd[Vac][\g((VZ_ch[VdcgVcggc\{Vc\_ZXdc_\VV V [g_\g[V V [VWWVXcaZ[gV]_ZZ[]dc[VX]dc_\gVX\hVcgd_Zc]XaVd[gdVXcaZ[gVXgVZ((dcdc[VZ_Vd[Vd_dXaV _aXdc_\V_V`[V?V[\[dZXdc_\gVX\hV`[V^Vcg_aXdc_\VXa[gV_aa_YVV V Zc\{Vd[V VZ((ac\{V_dX{[Vc\V~lVd[Va[XVZXd[VdZ_{VfVcdZ_{[\VbaVWc\[V^[]V eXa[V}V¸l²VYXgV }V))¸c\VYc]V[]((h[hVd[VX))[dX\][V]Zcd[Zc_\V_V~~V))¸c\VV[V X))[dX\][V]Zcd[Zc_\VcgVX\VXhc\cgdZXdc[VaccdVX\hVXVc{[ZVXa[V]X\V¢[VX))[d[hVYcd_dVZ[XcZV_\V X\Vc\hcchXaV]Xg[V¢XgcgVY[\Vd[V_[ZXaaV]_\dXc\[\dVa[XX{[VZ[Xc\gVYcdc\Vd[V~^}~V [\hcVVaccdVVcgVXcaZ[VYXgVh_][\d[hVc\Vd[Vyfz^V^_ZZ[]dc[V]dc_\VZ_{ZXVbc\][VX\V [XaXdc_\Vh[_\gdZXd[hVdXdVdcgVa[XVZXd[VhchV\_dVXh[Zg[aVcX]dVd[VX¢cacdV_Vd[V]_\dXc\[\dV d_V[Z_ZVcdgVh[gc{\V\]dc_\Vc[V((dVd[Va[XVZXd[VaccdgV_V~^}~V[\hcVVdcgVXa[V YXgVX))[d[hVX\hVXVZ[XcZVXgV¢((\Vg][ha[hV_ZVd[V~V VZ((ac\{V_dX{[VcgVYXgV\_dVXV Z((dcdc[VXcaZ[Vgc\][VdcgVXa[VXhV\_dVZ[c_gaV[]((h[hVcdgVa[XVZXd[VaccdVV V ag_VhZc\{Vd[V VZ((ac\{V_dX{[Vd[Va[XVZXd[VdZ_{V^VcdZ_{[\VbaVWc\[V^yeVV ²VYXgV~~~V))¸c\VYc]V[]((h[hVd[VX))[dX\][V]Zcd[ZcXV_Vl~~V))¸c\VVcgVXcaZ[Vd_V((dV d[VX))[dX\][V]Zcd[ZcXVYXgVX))[d[hV¢[]Xg[Vd[V_[ZXaaVa[XX{[VZ[Xc\[hVYcdc\Vd[V~^}~V [\hcVVaccdV((\Vd_{VXVZ[XcZVYXgVc\((]dc[VVcgVYXgVh_][\d[hVc\Vd[Vyfz^V ^_ZZ[]dc[V]dc_\VZ_{ZXV\V[XaXdc_\V_VdcgVXa[Vc\hc]Xd[hVdXdVdcgVYXgVXVZ((dcdc[VXcaZ[VV Zc\{V ~Vd[VZc_ZV_dX{[Vc\V~ VXa[VVXca[hVd[Va[XVZXd[Vd[gdVYcdVXVa[XX{[VZXd[V_V ~~~V))¸c\VVcgVXcaZ[Vd_V((dVd[VX))[dX\][V]Zcd[Zc_\VYXgVX))[d[hVgc\][Vd[V_[ZXaaV ]_\dXc\[\dVa[XX{[VYXgV¢[a_YVd[VXaa_YX¢a[VaccdVX\hVXVZ[XcZVYXgVg][ha[hV_ZV Vc\V~lVV V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V [VZ[XcZVc\V V]X\{[hVd[VXa[Vh[gc{\VZ_VXVXZhVg[XdVd_VXVg_dVg[XdVXa[V_Y((ZVd[V _gdVY_ZVd[gdVc\hc]Xd[hVdXdVd[Va[XVZXd[VZ[Xc\[hV[a[Xd[hVVV\Vc\[gdc{Xdc_\Vc\hc]Xd[hVdXdVd[V ac[aV]Xg[V_Vd[V[][ggc[Va[XX{[VhZc\{Vd[V V_gdVY_ZVd[gdVYXgVhXX{[Vd_Vd[VXa[V c\d[Z\XagV]Xg[hV¢`Vd[VY[ahc\{VZ_][ggVhZc\{Vd[VZ[XcZVVbc\][Vd[Vc{[ZVa[XVZXd[VhchV\_dV Xh[Zg[aVcX]dVd[VX¢cacdV_Vd[V]_\dXc\[\dVd_V[Z_ZVcdgVh[gc{\V\]dc_\Vc[V((dVd[Va[XV ZXd[VaccdgV_V~^}~V[\hcVVXa[VVYXgVX))[d[hVX\hV]_ZZ[]dc[VX]dc_\gVX[V¢((\V ca((\d[hVd_V[\gZ[VdXdVd[VZ[XcZV]ZZ[\daVg][ha[hV_ZVd[V~VZ((ac\{V_dX{[V VYcaaV \_dVZ[gadVc\VgccaXZVhXX{[V V ¨©<<p¬-p V [VgdXV\_d[gVdXdVd[Vg[V_VzyVVl~V[VV((Z[\][VVcgVX))[dX¢a[V_ZVZ((Z[\]c\{V ¢`Vac][\g((gVZ__gc\{Vd_VX[\hVd[cZV[]\c]XaVb[]cc]Xdc_\gVbgVd_V[ZX\[\daV[d[\hVd[V yWVgZ[caaX\][Vc\d[ZXaVd_V}V[XZgVZ_ch[hVgcVg[]cc]V]_\hcdc_\gVXZ[VgXdcgc[hV V ^_\hcdc_\VVZ_Vb[]dc_\VlV_VzyVVl~V[cgc_\VVZ[XhgV V _ZV]Xa]aXdc\{Vd[V`[VVa[XX{[VZXd[Vd[Vac][\g((Vg_ahVg[Vd[Vh[c\cdc_\Vc\Vd[V zyVVl~V[VVc\Vac[V_VdXdVc\Vbyb}~~ V((ZVd_VbzVb[]dc_\V V V b[]dc_\V}~V_Vd[VbzV_ZVzyVl~V[cgc_\VVZ[XhgV V [V[Z_ZX\][Va[XX{[VZXd[VcgV]Xa]aXd[hVXgVd[VgV_Vd[V`[VV[ZV
]_\ch[\][VaccdV^WVX\hVXga[dVc\cVXdYX`Va[XX{[VZXd[VfWVa[XX{[V ZXd[V_ZVXaaV`[V?VX\hV`[V^VXdYX`gVdXdVY[Z[Vc\Vg[Zc][Vcg_aXd[hV_ZV\_dVac\[hVV Vc\Vd[cZVd[gdV_gcdc_\Vc[VVhZXc\[hVX\hV[\d[hVd_V]_\dXc\[\dVXd_g[Z[VZc_ZV d_V[Z_Zc\{Vd[V`[VVd[gdVVy\VXhhcdc_\Va[XX{[VXdYX`gVdXdVY[Z[Vcg_aXd[hV hZc\{V[Z_ZX\][V_Vd[Vd[gdV¢[]Xg[V_V[][ggc[Va[XX{[VgdV¢[VX]d_Z[hVc\d_V d[V[Z_ZX\][Vh[d[Zc\Xdc_\VV[V[Z_ZX\][V]Zcd[Zc_\V_ZV`[VVd[gdgVcgVXV
[Z_ZX\][Va[XVZXd[V_Va[ggVdX\V~WXV V b[]dc_\VV+/-`[VVd[gdV[Z_ZX\][V]Zcd[Zc_\²V_Vbyb}~~ V((Z[\][VVh[c\[gV d[V+/-[Z_ZX\][Va[XX{[VZXd[²VX\hVZ[XhgVc\VXZdV V
+/-[V[Z_ZX\][V]Zcd[Zc_\V_ZVXV`[VVd[gdVcgV[dVcVd[V[Z_ZX\][Va[XX{[VZXd[V cgVa[ggVdX\VWXVV[V[Z_ZX\][Va[XX{[VZXd[VcgV[XaVd_Vd[VgV_Vd[V[XgZ[hV
`[VVd[gdV^W VX\hVd[Vd_dXaVXga[dVfWV_VXaaV`[V?V_ZV`[V^VXdYX`gV cg_aXd[hVhZc\{V[Z_ZX\][V_Vd[V`[VVd[gdV V
ddX][\dVVfX{[VlV_VV_Vz\d[Z{`§gVWV((Z[\][VV_ZVyf V^_acX\][VYcdV^_\hcdc_\VV Z[XhgVVV V ya((\dXdc_\V_VzyVl~V[VVYcaaVZ[cZ[Vg[V_Vd[Vh[c\cdc_\V_V
+/-[Z_ZX\][Va[XX{[VZXd[²Vh[c\[hVc\Vb[]dc_\V}~V_ZV]Xa]aXdc\{Vd[V`[VVa[XX{[V ZXd[VY[\V[Z_Zc\{V`[VVd[gdgV V
[V^VgdXV\_d[gVdXdVd[V+/-gV_\hVW[XX{[²VcgV_\VXV]_\dc\_gVdZ[\hVd_YXZhgV[]acgc\{Vd[V V
VW}~V _][dV_V}~lV ddX][\dV fX{[VlV_VV V V yf VbV}}lhVa[XX{[VZXd[VX))[dX\][V]Zcd[ZcXV_Va[ggVdX\V_ZV[XaVd_VV~}WXVc[V~~}V [Z][\dV]_\dXc\[\dVY[c{dV[ZVhX`VXgVZ[a[]d[hVc\Vb^e?VylV¢[a_YVV[VgdXV\((hgVd_V h((a_VXV¢[dd[ZV\h[ZgdX\hc\{V_VY`VdcgV[\_[\_\VcgV_))ZZc\{Vd_VX[VcdgVZ[{aXd_Z`V h[]cgc_\VV[VgdXV\_d[gVdXdVyf §gVgdXd((\dV_V]_acX\][Vc\hc]Xd[gVdZ[Vd[\g[Vc[V+/-YcaaV Z[cZ[²VV_VX[VcdgVZ[{aXd_Z`Vh[]cgc_\Vd[VgdXV\((hgVd_V\h[ZgdX\hVY[d[ZVyf §gV`[VV yWVaX\dVd[gdVZ_][hZ[gV]ZZ[\daVZ[a[]dVzyVl~V[cgc_\V§gVh[c\cdc_\V_V+/-[Z_ZX\][V a[XX{[VZXd[²VVyVd[VyWVd[gdVZ_][hZ[gV]ZZ[\daVZ[a[]dVd[VZ[cgcd[Vh[c\cdc_\Vd[VgdXV Z((gdgVcgd_Zc]XaVc\_ZXdc_\VXgVd_VY[\Vd[VZ[cgcd[VzyVl~V[cgc_\VVh[c\cdc_\VYXgV Xh_d[hVc\d_VyWVd[gdVZ_][hZ[gVVy\VXhhcdc_\Vd[VgdXVZ((gdgVdXdVz\d[Z{`V]a[XZV[ZXdc_\gV y\]Vz\d[Z{`VZ_ch[VXV]_`V_Vd[V]ZZ[\dVyf VyWVd[gdVZ_][hZ[gVaX\dVhZXYc\{gV[d]V_ZV Z_][hZXaV[][ZdgVZ_Vd[g[Vh_][\dgVd_VXchVd[VgdXVc\V\h[ZgdX\hc\{VY`VdcgV[\_[\_\V cgV_))ZZc\{VV V [g_\g[V V [Vyf VyWVcgV[Z_Z[hV\h[ZVZ_][hZ[Vf~~~V+/-y\d[{ZXd[hVW[XVZXd[V[gd²V[V]ZZ[\dV Z[cgc_\V_VdcgVZ_][hZ[VcgVZ[cgc_\VVhXd[hV¸ ¸~Vbc\][VX\VyWVXgV\_dV¢((\V[Z_Z[hVgc\][V
~~VdcgVZ_][hZ[VXgV\_dV¢((\VhXd[hVgc\][V~~VV V
[cgc_\VV_VzyV_c]XaV[_ZdVl~VYXgVXZ_[hV¢`Vd[V^V¢Xg[hV_\VXVbX[dVzXaXdc_\V [_ZdVhXd[hV\[VV~~VX\hVd[\Vcgg[hV_ZVg[V¢`VzyVc\VXVa[dd[ZVhXd[hV_[¢[ZVV~~V bc\][VdcgVd_c]XaVZ[_ZdVYXgVcgg[hVXd[ZVd[Vyf VyWVZ_][hZ[VYXgVaXgdVZ[cg[hVd[V]ZZ[\dV [Zgc_\V_Vf~~~Vh_[gV\_dVc\]ah[Vd[VZ[cZ((\dgV_VzyVl~V[cgc_\VV[Z[_Z[V z\d[Z{`VYcaaVZ[cg[Vf~~~VZc_ZVd_Vd[V\[dVyWVX\hVYcaaVc\]ah[Vd[VzyVl~V[cgc_\VVVV Z[cZ((\dgVXgVZ_ch[hVc\Vd[V^VgX[dV[XaXdc_\VhXd[hV\[V}V~~VV]_`V_Vd[V]ZZ[\dV [Zgc_\V_Vf~~~VcgVXddX][hVd_VdcgVyVZ[g_\g[V_ZVc\_ZXdc_\VV V [Vh[c\cdc_\V_V[Z_ZX\][Va[XX{[VZXd[Vc\VzyV_c]XaV[_ZdVl~V[cgc_\VVcgV_Z[V h[dXca[hVdX\VdXdV_Vbyb}~~ VXgVg_Y\V¢`Vd[V_d[hV_Zdc_\gV_Vd_g[Vh_][\dgVc\V d[VX¢_[V[gdc_\VVVf[Z_ZX\][Va[XX{[VXgVh[c\[hVc\Vf~~~VcgV+/-bV_VX¢_[VZ[_ZdV WXV³V^WV+/-bVWz²VX\hVXga[dVc\cVXdYX`Va[XX{[VZXd[V_VX\`VXdYX`Vcg_aXd[hVhZc\{V yWVh[Vd_V[][ggc[VW[XX{[²VV[V+/-^W²VcgVd[V[ZV]_\ch[\][Va[XX{[VZXd[VX\hV+/-WX²VcgVd[V [XgZ[hVa[XX{[VZXd[VV[Z[_Z[Vd[Z[VXZ[V[YVZX]dc]XaV((]dgVdXdVZ[gadVZ_VZ[cgc\{Vd[V h[c\cdc_\V_V[Z_ZX\][Va[XX{[VZXd[Vgc\][Vd[Vh[c\cdc_\gVXZ[Vg¢gdX\dcXaaVgccaXZVV V [VZ[g_\g[Vd_VylV¢[a_YVhcg]gg[gVd[VZ_Â[]d[hVyWVa[XX{[VZXd[VXdVd[V[\hV_Vd[V}V[XZV c\d[ZXaV¢Xg[hV_\Vd[VZ[c_gVyWVZ[gadgVVVVV V ¨©<<p¬-Ãp V WVb[]dc_\VlV+/-yWV[gdV[gadg²VX{[gV}V³VV_VVddX][\dVV((Z[\][VV gXZc[gVd[Vyf V`[VVyWVd[gdVZ[gadgVgc\][V{gdVVV[g[Vd[gdVZ[gadgVXZ[V gXZc[hVc\Vd[V_aa_Yc\{VX¢a[V V
Åuklp xpvrjÇpluÉunlpp Ñlxkpmlxxrmlpxup
©vjkujljkplnwkplmp p pÇuoV ZcaV~~V ~~ V ~}V V
VW}~V _][dV_V}~lV ddX][\dV fX{[V}V_VV V V \[VV ~~lV V [][¢[ZVV ~~ l V V b[d[¢[ZVlV ~~ ~V }V {gdVV ~~ ~V V V [VgdXV\_d[gVdXdVd[Vcgd_Zc]XaVdZ[\hVc\hc]Xd[gVdXdV]_\gcgd[\daV_ZVXaaVc[Vcgd_Zc]XaVyWgVd[V +/-gV_\hVW[XX{[²VcgV_\VXV]_\dc\_gVdZ[\hVd_YXZhgV[]acgc\{Vd[Vyf VbV}}lhVa[XX{[VZXd[V xØÚxÚÜáâXVc[V~~}>>V^_\dXc\[\dVY[c{dV[ZVhX`V V c[\Vd[VX¢_[VyWVZ[gadgVdZ[\hVd[V^VgdXVZ((gdgVdXdV V V[Vac][\g((V[aXc\VY`VdcgV[\_[\_\VcgV_))ZZc\{VXdVyf VV_Z[Vc_ZdX\daVYXdVcgV yf §gVa_\{Vd[ZV]_ZZ[]dc[VX]dc_\VaX\Vd_VXZZ[gdV_ZVZ((Zg[VdcgVdZ[\hVVV V [g_\g[V V z\d[Z{`Vh_[gV\_dV¢[ac((VdXdVd[Vyf V`[VVyWVd[gdVZ[gadgVgc\][V{gdVVc\hc]Xd[V dXdVd[Vyf V]_\dXc\[\dVcgVh[{ZXhc\{V_ZV]_\gdcdd[gVX\VXh[Zg[VdZ[\hVZ[cZc\{V]_ZZ[]dc[V X]dc_\VVfXgdVyWVd[gdgV[Z_Z[hVX]Z_ggVd[Vc\hgdZ`VX[Vg_Y\VdXdVd[V+/-XgV_\hV a[XX{[g²V[XgZ[hVhZc\{VyWgV]X\VXZ`VZ_V[Z_ZX\][Vd_V[Z_ZX\][VXgV h[_\gdZXd[hV_ZV[Xa[V¢`Vd[Vy\hcX\Vf_c\dVVcgd_Zc]XaVd[gdVZ[gadgVV\VyWVcgV [Z_Z[hVd_Vd[gdVd[V]_\dXc\[\dV¢_\hXZ`VXgVY[aaVXgVa[XX{[VZ_V`[V?V[\[dZXdc_\gV X\hV`[V^V[\[dZXdc_\gVV[V+/-XgV_\h²VyWVcgVd[Va[XX{[VZ_Vd[V^_\dXc\[\dVX\hV d[V`[V?VX\hV^V[\[dZXdc_\gVd[gd[hVXgVXZdV_Vd[VyWVXgVY[aaVXgVd[Va[XX{[VdZ_{Vd[V
`[V?VX\hV^V[\[dZXdc_\gV\_dVd[gd[hVXgVXZdV_Vd[VyWVV[V`[V?VX\hV^Vd[gdgVZ[gadgV
]X\VXZ`VZ_VyWVd_VyWVh((\hc\{V_\Vd[Vg`gd[gVdXdVXZ[V[\d[hVhZXc\[hVX\hV_[\V d_VXd_g[Z[V_ZVd[VyWV[Va[XX{[VZ_Vd[V`[V?VX\hV^V]__\[\dgV]X\\_dV¢[V g[hV_ZVdZ[\hc\{V_VZ[gadgVgc\][Vd[VyWVh_[gV\_dVc\_c\dVd[Vg_Z][V_Va[XX{[VVy\V Xhhcdc_\VcgXaVc\g[]dc_\gV_Vd[Vc\d[Z\XaVX\hVd[V[d[Z\XaV]_\dXc\[\dVgZX][gVYcaaV
]_\dc\[Vd_V¢[V[Z_Z[hVXgVZ[cZ[hV¢`Vd[VbzVb[]dc_\V¥yV^_h[V[g[VcgXaV c\g[]dc_\gVXZ[V]XX¢a[V_Vch[\dc`c\{V_d[\dcXaVh[{ZXhXdc_\VcVX\`VY[Z[Vd_V_))ZVZc_ZVd_Vd[V
\[dVyWVVVVV V
aaV_Vd[Vyf VyWV+/-XgV_\h²Vd[gdVZ[gadgVX[V[dVd[V~V^V}~V[\hcVV]Zcd[Zc_\V_V
~WXVVcgVh[_\gdZXd[gVdXdVd[V_[ZXaaV]_\dXc\[\dVa[XX{[V`[VV`[V?VX\hV`[V
^VXgV¢((\VXc\dXc\[hVXdVa[XX{[VZXd[gVa[ggVdX\Vd[VXgg[hVa[XX{[VZXd[Vc\Vd[VaX\dV X))ch[\dVX\XagcgVV[V+/-XgVa[d²V]Zcd[Zc_\V_ZVd[V]_\dXc\[\dVa[XX{[V`[VV`[V?VX\hV
`[V^VcgV~}WXVXVa_Y[ZVXa[VdXdVXggZ[gVdXdVdXdVd[Z[VcgVXZ{c\V_ZV_d[\dcXaV h[{ZXhXdc_\VdXdV]_ahVc\]Z[Xg[Vd[V]_\dXc\[\dVa[XX{[VZXd[V¢[_Z[Vd[V\[dVyWVcgV
[Z_Z[hVVb]Vh[{ZXhXdc_\Vcgd_Zc]XaaVXgV_))ZZ[hVZcXZcaVc\V`[V?VX\hV^V [\[dZXdc_\gVYc]VcgVY`Vd[g[V[\[dZXdc_\gVXZ[Vd[gd[hVXdVXV{Z[Xd[ZVZ((\]`VdX\Vd[V yWVVV V z[\VcVd[VXgdVyWVZ[gadgVXZ[V[dZX_aXd[hVdZ_{V~ Vd[VZ[gadc\{VXa[VgdcaaVY_ahV
\_dV[]((hVd[V+/-XgV_\h²VX))[dX\][V]Zcd[ZcXV_V~WXVVZd[Z_Z[Vd[Vyf V^_\dXc\[\dV W[XX{[VXd[V[gdc\{VfZ_{ZXVY_ahVXag_VZ[cZ[Vd[V+/-XgVa[d²V]Zcd[Zc_\Vd_V¢[V[dVZc_ZVd_V aX\dVZ[gdXZdVV_d[VdXdVd[VXZ_[hVZ_{ZXVXag_VZ_ch[gV_ZVd[V]Xg[VY[Z[VX\V
\X))[dX¢a[Vc[V+/-XgV_\h²Va[XX{[V~WXVyWVY[Z[Vd_V¢[V[Z_Z[hVVzyVl~V V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V [cgc_\VVgdXd[gV+/-yVd[V`[VV[Z_ZX\][Va[XX{[VZXd[VcgV\_dVX))[dX¢a[Vd[V [Z_ZX\][V]Zcd[Zc_\VcgV\_dV[dVX\hVXVh[d[Zc\Xdc_\Vg_ahV¢[V[Z_Z[hVd_Vch[\dc`Vd[V
]Xg[V_V\X))[dX¢a[V[Z_ZX\][VX\hVh[d[Zc\[VXZ_ZcXd[V]_ZZ[]dc[VX]dc_\gV\][V
]_a[d[hVX))[dX¢a[V[Z_ZX\][Vg_ahV¢[VZ((gdX¢acg[hV¢`Vh[_\gdZXdc\{VX\V X))[dX¢a[V[Z_ZX\][Va[XX{[VZXd[VhZc\{VXVg¢g((\dV`[VVd[gdV¢[_Z[VZ[gc\{V
_[ZXdc_\VX\hV¢`V[Z_Zc\{VX\_d[ZVg))[ggaV`[VVd[gdVYcdc\VlV_\dgV_aa_Yc\{Vd[V
\g))[ggaV`[VVd[gd²VVV V
gV\_d[hVX¢_[Vz\d[Z{`Vh_[gV\_dV¢[ac((VdXdVd[Vyf V]_\dXc\[\dVcgVh[{ZXhc\{V_ZVdXdVd[V yf V`[VVyWVd[gdVZ[gadgVgc\][V{gdVV]_\gdcdd[VX\VXh[Zg[VdZ[\hVZ[cZc\{V
]_ZZ[]dc[VX]dc_\VV[Z[_Z[Vz\d[Z{`VcgV\_dVaX\\c\{Vd_Vca((\dVX\`VZd[ZV]_ZZ[]dc[V X]dc_\gV¢[]Xg[Vd[V`[VV?VX\hV^Va[XX{[VZXd[gV]_\dc\[Vd_V((dVd[V~^}~V
[\hcVVaccdgVVyVd[VaccdgVXZ[V\_dV[dVd[VZ_{ZXVZ[cZ[gV]_ZZ[]dc[VX]dc_\gVX\hV _Z[VZ((\dV`[VV`[V?V_ZV`[V^Vd[gdc\{VVVVV V Vz\d[Z{`Vg_ahVc\]ah[Vc\VcdgVZ[g_\g[VXVhcg]ggc_\V_VX\`Vyf V]_\dXc\[\dV_hcc]Xdc_\gV XÂ_ZV_ZVc\_ZVdXdVX`VX[VX[]d[hV]_\dXc\[\dVc\d[{ZcdVgc\][V{gdVVV V [g_\g[VV V [Z[VX[V¢((\V\_V_hcc]Xdc_\gVd_Vd[Vyf V]_\dXc\[\dVgc\][VVdXdVXZ[V]_\gch[Z[hV XÂ_ZVy[V_Vd[Vd[VdXdVY_ahVZ[cZ[Vg[XZXd[Vd[gdc\{V[ZV[\hcVVb[]dc_\VyeV b_[Vc\_ZV_hcc]Xdc_\gVX[V¢((\VXh[Vd_Vd[V]_\dXc\[\dVgdZ]dZ[Vgc\][VVg]V XgVcg_aXdc\{V_Zdc_\gV_Vd[VY[ahV]X\\[aVg`gd[VZ[aX]((\dV_Vac\[ZVc\gaXdc_\VX\[agVd_V g_ZdVac\[ZVc\g[]dc_\gVX\hVZ[XcZc\{Vh[aXc\Xdc_\V_\Vd[V_dgch[VYXaaV_Vd[V]_\dXc\[\dV c\gch[Vd[V[a[]dZc]XaV[\[dZXdc_\Vd\\[aVV_\[V_Vd[g[Vc\_ZV_hcc]Xdc_\gV_ZVXc\d[\X\][V X]dccdc[gVY_ahVXh[Zg[aVX[]dVd[Va[XVc\d[{ZcdV_V]_\dXc\[\dVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV V V_ZV[X]VyWVd[Vac][\g((VZ_ch[Vd[Vc\hcchXaV]aXdc[VfWVa[XX{[VZXd[V_ZVXaaV
`[V?VX\hV`[V^VXdYX`Vd[gdVXa[gVdXdV]_\gdcdd[VXVXZdV_Vd[Vd_dXaV[Z_ZX\][V a[XX{[VZXd[Vc[V+/-gV_\hVW[XX{[²VXa[gVch[\dcc[hVc\Vd[VdX¢a[VX¢_[VVV V
[g_\g[V V [V_aa_Yc\{VcgVd[VfWVa[XX{[VZXd[Vc\_ZXdc_\VXXcaX¢a[V_ZV[X]V_Vd[VyWVd[gdgV Xhhcdc_\XaVh[dXcagV_\VgV_\hVa[XX{[VXZ[VXddX][hVV V XV~~VyWVV V VVVV¶^fb1/4V_\[VVVVVVVVVVVVVVVVVVVVVV¹V~ V))¸c\V VVVV¶^fbV_\[VVVVVVVVVVVVVVVVVVVVVVV¹V}}V))¸c\V VVVV^_\dXc\[\dVbZX`V£[Xh[ZV¹VV))¸c\V VVVV^_\dXc\[\dVbZX`V£[Xh[ZV¹V V))¸c\V VVVVfZ{[VbaVVVVVVVVVVVVVVVVVVVVVVV¹V}l V))¸c\V VVVVfZ{[VzXgdVVVVVVVVVVVVVVVVVVVVV¹V}}~ V))¸c\V VVVVfZ[ggZ[V[ac[VVVVVVVVVVVVVVVVVVVV¹Vl}V))¸c\V V VVVV_dXaVfWVXhh[hVVl} V))¸c\V V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V V VVV1/4V¶^fbV ¹V¶[ahV^X\\[aVfZ[ggZcXdc_\Vb`gd[V V
¢VVyWVV V
VVVVV_dXaVfWVXhh[hVV~V))¸c\V V
]VVyWVV V
VVVVVf[\[dZXdc_\VVX\hVeeVVVVVVVVVVVVVVVVVVVVVVVV¹Vl V))¸c\V VVVVVd[ZV[\[dZXdc_\gVyg_aXd[hVhZc\{VyWV¹V}V))¸c\V VVVVVV VVVV_dXaVfWVXhh[hVVl~V))¸c\V hVlVyWVV V VVVVV~§VcZa_]VVVVVVVVVVVVVVVVVV¹VlV))¸c\V VVVVV VX\V^__a[ZV\cdVVVVV¹V~V))¸c\V VVVVVcZVzÂ[]d_ZVcg]XZ{[V¹V}V))¸c\V VVVVVf[\[dZXdc_\VVVVVVVVVV¹V} V))¸c\V VVVVVf[\[dZXdc_\VeeVVVVVVVVV¹VlV))¸c\V V VVVVV_dXaVfWVXhh[hVV~lV))¸c\V V lVhhcdc_\XaVc\_ZXdc_\VX¢_dV_YVyf VaX\dVVZ_{ZXgVgXdcg`Vd[V{chX\][V_V[{aXd_Z`V f_gcdc_\VV+/-za((\dVV[c\[Vya((\dXdc_\VX\hV_\cd_Zc\{VfZ_{ZX²V_VVlV [cgc_\VV((Z[\][VlV V [g_\g[Vf_gcdc_\VVza((\dVV_VVlVgdXd[gVc\VXZdVdXdV+/-[Vac][\g((Vg_ahV Z__g[V_\cd_Zc\{VZ_{ZXgVdXdVc\]ah[VXV[X\gVd_VXh[Xd[aVdZX]Vd[V[Z_ZX\][V _V[c[\dVdXdVY[\Vh[{ZXh[hV]X\VX[]dVd[V]_\]agc_\gV_Vd[Vac][\g((§gV[\{c\((Zc\{V [XaXdc_\VX\hVc\d[{ZXd[hVh[]cgc_\VXc\{VdXdVg_ZdVd[V]X\{[Vd_Vd[VW?V[VZ_{ZXV g_ahV¢[V]XX¢a[V_VdZ[\hc\{V[c[\dV[Z_ZX\][VXd[ZVXV]X\{[VXgV¢((\V ca((\d[hVd_Vh[_\gdZXd[VdXdV[Z_ZX\][VcgV]_\gcgd[\dVYcdVd[VXggdc_\gVc\Vd[V dZXhcdc_\XaV[\{c\((Zc\{VX\hVZ_¢X¢cacgdc]VX\Xag[gV]_\h]d[hVd_VÂgdc`Vd[V]X\{[²V V [V_[ZXaaV]_\dXc\[\dVa[XX{[Vc\]ah[gVa[XX{[VdZ_{V]_\dXc\[\dV[\[dZXdc_\gVX\hV dZ_{V]_\dXc\[\dVcg_aXdc_\VXa[gV^yegVc[V`[V?VX\hV^Vd[gdc\{V[V`[V?VX\hV^V a[XVZXd[Vd[gdc\{VcgVXVXacdVZ_{ZXVca((\d[hV[ZVd[VZ[cZ((\dgV_Vyf V[]\c]XaV b[]cc]Xdc_\Vg[]dc_\V}}lVcgVZ_{ZXV[\gZ[gVdXdV`[V?VX\hV^Va[XVZXd[gVXZ[V [XgZ[hV_\VXV[Zc_hc]V¢XgcgVX\hVd[VZ[gadgVXZ[VdZ[\h[hVd_V[\gZ[VdXdVh[{ZXhXdc_\VcgV ch[\dcc[hVX\hV]_ZZ[]d[hVZc_ZVd_V[]((hc\{Vd[V]_ZZ[g_\hc\{VZ[{aXd_Z`VaccdgVcgV Z_{ZXV[\gZ[gVdXdVd[VZ[cZ((\dgV_V_gcdc_\VV[a((\dVV_VVlVXZ[VgXdcgc[hV _ZVd[V]_\dXc\[\dVa[XVZXd[Vd[gdVV V V ¬içi¬iq©i¨p V VW[dd[ZVWl VhXd[hV[][¢[ZVV~lVZ_VWXYZ[\][V^_`a[Vz\d[Z{`V]a[XZV V
VW}~V _][dV_V}~lV ddX][\dV fX{[VV_VV V V [ZXdc_\gVd_VbV]a[XZV[{aXd_Z`V^_cggc_\VZ[{XZhc\{Vd[VfZ__g[hVWc][\g[V [\h[\dV[{XZhc\{Vzd[\hc\{Vd[V^_\dXc\[\dV`[VVW[XVXd[V[gdc\{VZ((\]`Vd_V
}V[XZgVbV))[ggc_\V_VWl } ~}V V
VzyVl~V[cgc_\VV+/-y\hgdZ`Vch[ac\[V_ZVya((\dc\{Vf[Z_ZX\][?Xg[hVdc_\V _V~V^VfXZdV}~V[\hcV²V]d_¢[ZV~~VbV))[ggc_\V_VW~~ ~lV V Vbyb}~~ V[XcZ[hV{gdVV~V+/-^_\dXc\[\dVb`gd[VW[XX{[V[gdc\{V [cZ((\dg²V V lV[{aXd_Z`Vch[VVlV[cgc_\VVhXd[hVX`V~V+/-\VZ_X]V_ZVgc\{V fZ_¢X¢cacgdc]VcgVgg[gg[\dV_\VfaX\db[]cc]V^X\{[gV_V[VWc][\gc\{V?Xgcg²VbV
))[ggc_\V_VWV~~~~~V V}}