Biology for the IB Diploma

Biology for the IB Diploma

Biology for the IB Diploma Brenda Walpole, Ashby Merson-Davies and Leighton Dann

This lively coursebook offers complete and thorough coverage of the Biology syllabus for the International Baccalaureate (IB) Diploma Programme, including the Standard and Higher Level topics and all eight Options.

The coursebook contains: • short-answer questions throughout the chapters to test knowledge, incorporating command terms as used in IB examinations to cultivate familiarity with the terms and develop skill in answering questions appropriately • exam-style questions at the end of each chapter, offering thorough practice for the examination • definitions of key terms displayed alongside the text for easy reference • links to Theory of Knowledge concepts alongside appropriate topics, to stimulate thought and discussion • clear, well-labelled illustrations and photos to help make concepts easy to understand.

Teacher support material and information on our full IB range are available at: ibdiploma.cambridge.org Other titles available: ISBN 978-0-521-18294-2 ISBN 978-0-521-13821-5

Ashby Merson-Davies has taught IB Biology for over 20 years. He was part of the IB Biology syllabus review team and has written a series of books which support the programme.

Leighton Dann has taught Biology at school and has been instrumental in developing new practical work for GCSE and post-16 courses in schools and colleges.

Course consultant: Peter Hoeben has been a deputy chief examiner and workshop leader for IB Biology, as well as a teacher for the subject.

for the IB Diploma

Brenda Walpole, Ashby Merson-Davies and Leighton Dann

The book clearly links to the syllabus by following the same division into topics and prominently displaying the assessment statements associated with each section. Students’ interest is stimulated by extra snippets of information displayed alongside the core text, offering deeper understanding and links with everyday life. Clear, simple language makes the text accessible to students of all abilities. Easy navigation is ensured with Standard and Higher Level material clearly marked in all chapters.

Brenda Walpole has 20 years’ experience of teaching IB Biology and has written over 30 science books. She is currently an independent consultant in science education.

Biology

Brenda Walpole, Ashby Merson-Davies and Leighton Dann

7^dad\n [dg i]Z >7 9^eadbV 7gZcYV LVaedaZ 6h]Wn BZghdc"9Vk^Zh AZ^\]idc 9Vcc 8djghZ XdchjaiVci/ EZiZg =dZWZc

Cambridge University Press’s mission is to advance learning, knowledge and research worldwide.

Our IB Diploma resources aim to: t FODPVSBHF MFBSOFST UP FYQMPSF DPODFQUT JEFBT BOE topics that have local and global significance t IFMQ TUVEFOUT EFWFMPQ B QPTJUJWF BUUJUVEF UP MFBSOJOH JO QSFQBSBUJPO for higher education t BTTJTU TUVEFOUT JO BQQSPBDIJOH DPNQMFY RVFTUJPOT BQQMZJOH critical-thinking skills and forming reasoned answers.

cam b r i d g e u n i v e r s i ty p r e s s Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Mexico City Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK www.cambridge.org Information on this title: www.cambridge.org/9780521171786 © Cambridge University Press 2011 This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

First published 2011 3rd printing 2013 Printed in India by Replika Press Pvt. Ltd A catalogue record for this publication is available from the British Library ISBN 978-0-521-17178-6 Paperback The publisher would like to thank the following teachers for reviewing the content: Jennifer Clarke Impington Village College, Impington Sarah Jinks St. Clare’s, Oxford Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

This material has been developed independently by the publisher and the content is in no way connected with nor endorsed by the International Baccalaureate Organisation.

8dciZcih >cigdYjXi^dc

k

=dl id jhZ i]^h Wdd`

k^

& HiVi^hi^XVa VcVanh^h

&

Introduction 1.1 Mean and distribution 1.2 The t-test 1.3 Correlation and cause

' 8Zaah Introduction 2.1 Cell theory 2.2 Prokaryotic cells 2.3 Eukaryotic cells 2.4 Membranes 2.5 Cell division

( I]Z X]Zb^hign d[ a^[Z Introduction 3.1 Chemical elements and water 3.2 Carbohydrates, lipids and proteins 3.3 DNA structure 3.4 DNA replication 3.5 Transcription and translation 3.6 Enzymes 3.7 Cell respiration 3.8 Photosynthesis

) <ZcZi^Xh > Introduction 4.1 Chromosomes, genes, alleles and mutation 4.2 Meiosis 4.3 Theoretical genetics 4.4 Genetic engineering and biotechnology

* :Xdad\n VcY Zkdaji^dc Introduction 5.1 Communities and ecosystems 5.2 The greenhouse effect 5.3 Populations 5.4 Evolution 5.5 Classification

1 1 4 8 &'

12 12 20 22 28 34 )%

40 40 42 46 48 49 53 58 60 +,

67 67 71 77 87 &%%

100 100 105 111 113 119

+ =jbVc ]ZVai] VcY e]nh^dad\n > Introduction 6.1 Digestion 6.2 The transport system 6.3 Defence against infectious disease 6.4 Gas exchange 6.5 Nerves, hormones and homeostasis 6.6 Reproduction

, CjXaZ^X VX^Yh VcY egdiZ^ch =A Introduction 7.1 DNA structure 7.2 DNA replication 7.3 Transcription 7.4 Translation 7.5 Proteins 7.6 Enzymes

- 8Zaa gZhe^gVi^dc VcY e]didhnci]Zh^h =A Introduction 8.1 Cell respiration 8.2 Photosynthesis

. EaVci hX^ZcXZ =A Introduction 9.1 Plant structure and growth 9.2 Transport in angiospermophytes 9.3 Reproduction in angiospermophytes

&% <ZcZi^Xh >> =A Introduction 10.1 Meiosis 10.2 Dihybrid crosses and gene linkage 10.3 Polygenic inheritance

&& =jbVc ]ZVai] VcY e]nh^dad\n >> =A Introduction 11.1 Defence against infectious disease 11.2 Muscles and movement 11.3 The kidney 11.4 Reproduction

&(%

130 130 134 140 146 149 157 &,%

170 170 173 175 177 182 185

&.)

194 194 201 '&)

214 214 220 228 '(+

236 236 240 248

'*(

253 253 260 267 274

^^^

Dei^dc 6 =jbVc cjig^i^dc VcY ]ZVai] Introduction A1 Components of the human diet A2 Energy in human diets A3 Special issues in human nutrition

Dei^dc 7 E]nh^dad\n d[ ZmZgX^hZ Introduction B1 Muscles and movement B2 Training and the pulmonary system B3 Training and the cardiovascular system B4 Exercise and respiration B5 Fitness and training B6 Injuries

Dei^dc 8 8Zaah VcY ZcZg\n Introduction C1 Proteins C2 Enzymes C3 Cell respiration C4 Photosynthesis

Dei^dc 9 :kdaji^dc Introduction D1 Origin of life on Earth D2 Species and speciation D3 Human evolution D4 The Hardy-Weinberg principle (HL) D5 Phylogeny and systematics (HL)

Dei^dc : CZjgdW^dad\n VcY WZ]Vk^djg Introduction E1 Stimulus and response E2 Perception of stimuli E3 Innate and learned behaviour E4 Neurotransmitters and synapses E5 The human brain (HL) E6 Further studies of behaviour (HL)

^k

'--

288 288 297 301 (&%

310 310 317 319 322 325 328 (((

333 333 337 341 348 (+%

360 360 366 377 383 388

)%'

402 402 405 412 418 422 428

Dei^dc ; B^XgdWZh VcY W^diZX]cdad\n Introduction F1 Diversity of microbes F2 Microbes and the environment F3 Microbes and biotechnology F4 Microbes and food production F5 Metabolism of microbes (HL) F6 Microbes and disease (HL)

)(,

437 437 442 448 452 455 457

Dei^dc < :Xdad\n VcY XdchZgkVi^dc

),&

Introduction G1 Community ecology G2 Ecosystems and biomes G3 Impacts of humans on ecosystems G4 Conservation of biodiversity (HL) G5 Population ecology (HL)

471 471 481 490 497 505

Dei^dc = ;jgi]Zg ]jbVc e]nh^dad\n =A Introduction H1 Hormonal control H2 Digestion H3 Absorption of digested foods H4 Functions of the liver H5 The transport system H6 Gas exchange

*&*

515 515 519 524 526 531 537

6chlZgh id h]dgi"VchlZg fjZhi^dch

*)-

6chlZgh id ZcY"d["X]VeiZg fjZhi^dch

**.

<adhhVgn

*-&

>cYZm

*.*

6X`cdlaZY\ZbZcih

+%%

>cigdYjXi^dc The International Baccalaureate Diploma course is designed to provide a broad education for students who will become our future citizens. Unlike other courses, the programme of study requires the study of six academic subjects, one of which must be an experimental science.

Biology has advanced at a rapid rate over recent decades and is truly the science of the 21st century. Advances in genetics, biochemistry, medicine and cell biology have kept the subject in the forefront of international news. To keep pace with new developments, the IB Biology course is regularly updated so that IB students can understand not only the principles of modern science but also the processes and the ethical implications that go with them.

Theory of Knowledge (TOK) provides a cross-curricular link between different subjects and stimulates thought and consideration of these issues.

Biology may be studied at Standard Level (SL) or Higher Level (HL) and both share a common core of six compulsory topics, which are covered in Chapters 1–6. At HL the core is extended to include a further five topics, covered in Chapters 7–11. In addition, at both levels, students then chose two Options to complete their studies.

Options A – C are additional topics for SL only, Options D – G can be studied at either level with extra material covered at HL, and Option H is for HL only.

All the topics required for the core at both SL and HL, as well as all eight Options, are included in this book.

Throughout, the colour of the page border indicates the level of the material on the page. Standard Level material has a mid-green page border all the way round, while Higher Level has a darker green at the top of the page and red at the bottom.

Each chapter is divided into sections which include the syllabus assessment statements as starting and reference points. Short-answer questions appear throughout the text so students can check their progress and become familiar with the style and command terms used, and examination style questions appear at the end of each chapter. Answers to all questions are given at the back of the book.

The study of Biology has a vital part to play in the future of the world. It is crucial to understanding our planet, the effect human activities have on it and how the organisms which live on it will survive in the future. The IB Biology course provides opportunities for scientific study in this global context that will both challenge and stimulate students.

>CIGD9J8I>DC

k

=dl id jhZ i]^h Wdd` As you read this book you will see that certain features are shown in different coloured boxes.

At the start of each section you will find a list of Assessment statements, which form the syllabus for the IB Biology course. They are the objectives for the section and give you the command terms such as ‘State’, ‘Describe’ and ‘Explain’ which will appear in the IB Biology examination papers.

Command terms give an idea of the depth of knowledge that is required for a given Assessment statement.

6hhZhhbZci hiViZbZcih

r r

Define ‘polygenic inheritance’.

Explain that polygenic inheritance can contribute to continuous variation, using two examples, one of which must be human skin colour.

Photosynthesis means ‘making things with light’. Glucose is the molecule most commonly made.

Evolution cumulative change in the heritable characteristics of a population

FjZhi^dch id Xdch^YZg & Consider the shape of mitochondria in Figure 2.9. Why do some mitochondria appear cylindrical and others circular? ' Plant cells have a single central vacuole. Examine the plant cell in Figure 2.11. How many vacuoles can you see? How can you explain this?

& Add` XVgZ[jaan Vi i]Z Z^\]i \VbZiZh ^c ;^\jgZ &%#'# =dl bVcn Y^[[ZgZci \VbZiZh VgZ i]ZgZ4

k^

Throughout the text, side boxes and definition boxes give additional information on various subjects related to the text. The content of the boxes is included to broaden your background knowledge of a topic and to help you remember key information.

Theory of Knowledge (TOK) boxes are also found throughout the text. These will provide food for thought and support the TOK you will be studying in your IB Diploma programme.You will be able to consider important questions about scientific knowledge, including ethical considerations and the development of new theories.

8Vc lZ WZa^ZkZ djg ZnZh4 Our own perception is a crucial source of knowledge. The way we see things depends on the interaction between our sense organs and our mind, and what we perceive is a selective interpretation.

When studying material that has been prepared for microscopic examination, we must always bear in mind that staining and cutting cells will alter their appearance. Interpreting images requires care, and what we perceive in a particular image is likely to be influenced by these techniques as well as our own expectations.

As you read, you will also see short-answer questions at various points in the text, usually at the end of a section. These will allow you to keep a check on your progress as you work through each chapter.

At the end of each chapter, examination style questions will give you the chance to check that you have understood each topic and help you prepare for your final examinations.

HiVi^hi^XVa VcVanh^h & >cigdYjXi^dc 4DJFOUJTUT VTF TUBUJTUJDT UP IFMQ UIFN BOBMZTF BOE VOEFSTUBOE UIF FWJEFODF UIFZ DPMMFDU EVSJOH FYQFSJNFOUT 4UBUJTUJDT JT BO BSFB PG NBUIFNBUJDT UIBU NFBTVSFT WBSJBUJPO JO EBUB BOE UIF EJÄ&#x201E; FSFODFT BOE SFMBUJPOTIJQT CFUXFFO TFUT PG EBUB #Z VTJOH TUBUJTUJDT XF DBO FYBNJOF TBNQMFT PG QPQVMBUJPOT PS FYQFSJNFOUBM SFTVMUT BOE EFDJEF IPX DFSUBJO XF DBO CF BCPVU UIF DPODMVTJPOT XF ESBX GSPN UIFN

&#& BZVc VcY Y^hig^Wji^dc 6hhZhhbZci hiViZbZcih

r r r r r r

4UBUF UIBU FSSPS CBST BSF B HSBQIJDBM SFQSFTFOUBUJPO PG UIF WBSJBCJMJUZ PG EBUB $BMDVMBUF UIF NFBO BOE TUBOEBSE EFWJBUJPO PG B TFU PG WBMVFT 4UBUF UIBU UIF UFSN ATUBOEBSE EFWJBUJPO JT VTFE UP TVNNBSJTF UIF TQSFBE PG WBMVFT BSPVOE UIF NFBO BOE UIBU PG BMM WBMVFT GBMM XJUIJO QMVT PS NJOVT POF TUBOEBSE EFWJBUJPO PG UIF NFBO &YQMBJO IPX UIF TUBOEBSE EFWJBUJPO JT VTFGVM GPS DPNQBSJOH UIF NFBOT BOE UIF TQSFBE PG EBUB CFUXFFO UXP PS NPSF TBNQMFT %FEVDF UIF TJHOJê DBODF PG UIF EJÄ&#x201E; FSFODF CFUXFFO UXP TFUT PG EBUB VTJOH DBMDVMBUFE WBMVFT GPS t BOE UIF BQQSPQSJBUF UBCMFT &YQMBJO UIBU UIF FYJTUFODF PG B DPSSFMBUJPO EPFT OPU FTUBCMJTI UIBU UIFSF JT B DBVTBM SFMBUJPOTIJQ CFUXFFO UXP WBSJBCMFT

8VaXjaVi^c\ i]Z bZVc 5IF mean JT BO BWFSBHF PG BMM UIF EBUB UIBU IBT CFFO DPMMFDUFE 'PS FYBNQMF JG ZPV NFBTVSF UIF IFJHIU PG BMM UIF TUVEFOUT JO ZPVS DMBTT ZPV DPVME ê OE UIF NFBO WBMVF CZ ê STU DBMDVMBUJOH UIF TVN PG BMM UIF WBMVFT BOE UIFO EJWJEJOH CZ UIF OVNCFS PG WBMVFT 4x x n

6 cdgbVa Y^hig^Wji^dc *G ZPV NFBTVSFE UIF IFJHIU PG UFO TUVEFOUT BOE QMPUUFE UIF WBMVFT PO B HSBQI XJUI UIF IFJHIU PO UIF x BYJT BOE UIF OVNCFS JO FBDI IFJHIU HSPVQ PO UIF y BYJT ZPV XPVME HFU B SFTVMU UIBU EJE OPU TIPX BO PCWJPVT USFOE *G ZPV NFBTVSFE UIF IFJHIU PG TUVEFOUT ZPVS HSBQI XPVME CFHJO UP MPPL CFMM TIBQFE XJUI NPTU WBMVFT JO UIF NJEEMF BOE GFXFS PO FJUIFS TJEF "T ZPV NFBTVSFE NPSF BOE NPSF TUVEFOUT IFJHIUT ZPVS HSBQI XPVME FWFOUVBMMZ CFDPNF B TNPPUI DVSWF BT JO 'JHVSF 1.1 PWFSMFBG 5IJT CFMM TIBQFE HSBQI PG WBMVFT JT DBMMFE B normal distribution /PSNBM EJTUSJCVUJPO DVSWFT NBZ CF UBMM BOE OBSSPX JG BMM UIF WBMVFT BSF DMPTF UPHFUIFS PS ë BUUFS BOE XJEFS XIFO UIF EBUB BSF NPSF TQSFBE PVU 5IF NFBO WBMVF JT BU UIF QFBL PG UIF DVSWF

Mathematical vocabulary You will find it helpful to understand some mathematical vocabulary first. r x SFQSFTFOUT B TJOHMF WBMVF m GPS FYBNQMF B QFSTPO T IFJHIU x N r n SFQSFTFOUT UIF UPUBM OVNCFS PG WBMVFT JO B TFU r x DBMMFE AY CBS SFQSFTFOUT UIF NFBO PG B TFU PG WBMVFT r 4 SFQSFTFOUT UIF TVN PG UIF WBMVFT r s SFQSFTFOUT UIF TUBOEBSE EFWJBUJPO PG UIF TBNQMF r Â&#x2122; SFQSFTFOUT AQMVT PS NJOVT r t JT B WBMVF DBMDVMBUFE VTJOH B GPSNVMB DBMMFE UIF At UFTU

& HI6I>HI>86A 6C6ANH>H

&

;gZfjZcXn [dg ZmVbeaZ! cjbWZg d[ hijYZcih Vi ZVX] ]Z^\]i

bZVc

4UBUJTUJDBM BOBMZTJT VTJOH TUBOEBSE EFWJBUJPO PS UIF t UFTU SFRVJSFT B TQSFBE PG EBUB UIBU JT DMPTF UP B OPSNBM EJTUSJCVUJPO 5IJT JT XIZ XIFO NFBTVSJOH TBNQMFT GSPN B QPQVMBUJPO JU JT CFTU UP HFU BT NBOZ TBNQMFT BT QPTTJCMF

HiVcYVgY YZk^Vi^dc KVajZ [dg ZmVbeaZ! ]Z^\]i

;^\jgZ &#& 6 cdgbVa Y^hig^Wji^dc#

5IF standard deviation TIPXT UIF TQSFBE PG BMM UIF WBMVFT BSPVOE UIF NFBO BOE UIFSFGPSF JU IBT UIF TBNF VOJUT BT UIF WBMVFT *O B OPSNBM EJTUSJCVUJPO PG BMM UIF WBMVFT JO B TBNQMF GBMM XJUIJO Â&#x2122; TUBOEBSE EFWJBUJPO PG UIF NFBO BOE UIJT JODSFBTFT UP XJUIJO Â&#x2122; TUBOEBSE EFWJBUJPOT PG UIF NFBO 'JHVSF 1.2

Ã&#x201E; &i 2+-

bZVc

;gZfjZcXn

;gZfjZcXn

bZVc

+-

Ã&#x201E; 'i 2.* .* KVajZ

KVajZ

;^\jgZ &#' Ild Y^[[ZgZci cdgbVa Y^hig^Wji^dc XjgkZh Ã&#x201E; [dg Wdi]! +- d[ i]Z kVajZh [Vaa l^i]^c & hiVcYVgY YZk^Vi^dc d[ i]Z bZVc! VcY .* [Vaa l^i]^c ' hiVcYVgY YZk^Vi^dch#

"OZ PCTFSWBCMF EJÄ&#x201E; FSFODF CFUXFFO B DIBSBDUFSJTUJD JO B TQFDJFT JT DBMMFE variation

5IFTF QFSDFOUBHFT BSF UIF TBNF GPS BMM TIBQFT PG OPSNBM EJTUSJCVUJPO DVSWFT 5IF TUBOEBSE EFWJBUJPO UFMMT VT IPX NVDI UIF EBUB TQSFBET PVU FBDI TJEF PG UIF NFBO m UIBU JT XIFUIFS UIF EJTUSJCVUJPO JT UBMM BOE OBSSPX PS XJEF BOE ë BU m BOE UIJT BMMPXT VT UP DPNQBSF TFUT PG EBUB & >c ;^\jgZ &#'! l]^X] hVbeaZ h]dlh i]Z \gZViZhi kVg^Vi^dc4

8VaXjaVi^c\ i]Z hiVcYVgY YZk^Vi^dc $IFDL UIBU ZPV LOPX IPX UP DBMDVMBUF TUBOEBSE EFWJBUJPO PO ZPVS DBMDVMBUPS

5IF TZNCPM GPS TUBOEBSE EFWJBUJPO JT s 3FNFNCFS UIBU s JT OPSNBMMZ DBMDVMBUFE GPS B TBNQMF GSPN UIF QPQVMBUJPO 4UBOEBSE EFWJBUJPO JT DBMDVMBUFE CZ FOUFSJOH UIF EBUB JOUP B TDJFOUJê D PS HSBQIJDBM DBMDVMBUPS PS B TQSFBETIFFU ' I]Z aZc\i] d[ i]Z ^cYZm Ã&#x2019; c\Zg d[ Ã&#x2019; kZ hijYZcih lVh bZVhjgZY# 8VaXjaViZ i]Z hiVcYVgY YZk^Vi^dc#

;^c\Zg aZc\i] $bb &' &&* &+ &)

'

Jh^c\ i]Z hiVcYVgY YZk^Vi^dc 5IF TUBOEBSE EFWJBUJPO DBO CF VTFE UP HJWF NPSF JOGPSNBUJPO BCPVU EJÄ&#x201E; FSFODFT CFUXFFO UXP TBNQMF BSFBT PS TFUT PG EBUB UIBU BSF CFJOH TUVEJFE 8F VTF TUBOEBSE EFWJBUJPO UP DPNQBSF UIF NFBOT BOE UIF TQSFBE PG EBUB JO UXP TFUT PG TBNQMFT 'PS FYBNQMF JG B CJPMPHJTU DPNQBSFE UIF IFJHIU PG QJOF USFFT HSPXJOH PO B XFTU GBDJOH NPVOUBJO TMPQF XJUI UIBU PG USFFT PO BO FBTU GBDJOH TMPQF EBUB NJHIU CF SFDPSEFE BT JO 5BCMF 1.1 =Z^\]i d[ lZhi"[VX^c\ igZZh $ b Â¥ %#* BZVhjgZbZcih

=Z^\]i d[ ZVhi"[VX^c\ igZZh $ b ¥ %#*

&+

&-

&'

'%

&)

&.

&(

&%

&-

&'

&+

.

&+

&&

&*

'&

IdiVa

&'%

&'%

BZVc

&*

&*

IVWaZ &#& 9ViV gZXdgYZY [dg i]Z ]Z^\]ih d[ e^cZ igZZh dc lZhi" VcY ZVhi"[VX^c\ bdjciV^c hadeZh#

-PPLJOH BU UIF NFBO WBMVFT JU TFFNT UIBU UIF IFJHIUT PG UIF USFFT JO UIF UXP BSFBT BSF TJNJMBS #Z DBMDVMBUJOH UIF TUBOEBSE EFWJBUJPOT PG UIF EBUB XF DBO FYBNJOF UIF SFTVMUT NPSF DMPTFMZ BOE TFF XIFUIFS UIJT JT DPSSFDU 8F DBO XPSL PVU UIF TUBOEBSE EFWJBUJPO PG FBDI TFU PG EBUB VTJOH UIF TUBOEBSE EFWJBUJPO GVODUJPO JO B TQSFBETIFFU PS PO B HSBQIJDBM DPNQVUFS BOE DPNQBSF UIF TQSFBE PG UIF EBUB JO FBDI DBTF 5IF NFBO WBMVFT EP OPU TIPX BOZ EJÄ&#x201E; FSFODF CFUXFFO UIF UXP TFUT PG EBUB CVU UIF TUBOEBSE EFWJBUJPO GPS UIF XFTU GBDJOH USFFT JT N BOE UIBU GPS UIF FBTU GBDJOH USFFT JT N 5IJT JOGPSNBUJPO UFMMT VT UIBU UIFSF JT NVDI XJEFS WBSJBUJPO JO UIF IFJHIUT PG UIF USFFT PO UIF FBTU GBDJOH TMPQF " CJPMPHJTU QSFTFOUFE XJUI UIJT JOGPSNBUJPO XPVME OFFE UP DPOTJEFS PUIFS GBDUPST CFTJEFT UIF EJSFDUJPO PG UIF TMPQF UIBU NBZ IBWF BÄ&#x201E; FDUFE UIF IFJHIU PG UIF USFFT $BMDVMBUJPO PG UIF TUBOEBSE EFWJBUJPO IBT HJWFO BEEJUJPOBM JOGPSNBUJPO XIJDI BMMPXT VT UP UIJOL BCPVU XIFUIFS UIF EJÄ&#x201E; FSFODFT CFUXFFO UXP TBNQMFT BSF MJLFMZ UP CF TJHOJê DBOU

:ggdg WVgh dc \gVe]h &SSPS CBST BSF B XBZ PG TIPXJOH FJUIFS UIF SBOHF PS UIF TUBOEBSE EFWJBUJPO PG EBUB PO B HSBQI 8IFO EBUB BSF DPMMFDUFE UIFSF JT VTVBMMZ TPNF WBSJBCJMJUZ JO UIF WBMVFT BOE UIF FSSPS CBST FYUFOE BCPWF BOE CFMPX UIF QPJOUT QMPUUFE PO B HSBQI UP TIPX UIJT WBSJBCJMJUZ & HI6I>HI>86A 6C6ANH>H

(

'PS FYBNQMF 5BCMF 1.2 TIPXT EBUB DPMMFDUFE PO IFBSU SBUF EVSJOH FYFSDJTF " EJÄ&#x201E; FSFOU WBMVF JT SFDPSEFE JO FBDI USJBM 'PS B TNBMM OVNCFS PG WBMVFT UISFF PS GPVS UIF NFBO JT QMPUUFE BOE UIF FSSPS CBS BEEFE UP TIPX UIF IJHIFTU BOE MPXFTU WBMVFT BT JO 'JHVSF 1.3 5IJT TIPXT UIF range PG UIF WBMVFT 'PS B MBSHFS OVNCFS PG WBMVFT ê WF PS NPSF UIF TUBOEBSE EFWJBUJPO JT DBMDVMBUFE BOE UIJT JT TIPXO JO UIF TBNF XBZ 'JHVSF 1.4

&(*

'

&)'

(

&(.

bZVc

&(.

IVWaZ &#' ;dg V hbVaa cjbWZg d[ kVajZh! dcan i]Z bZVc ^h XVaXjaViZY#

Ig^Va cjbWZg

=ZVgi gViZ$ WZVih b^c &

&

&(,

'

&)&

(

&()

)

&(+

*

&)%

+

&(.

bZVc

&(-

hiVcYVgY YZk^Vi^dc

'#+

&)'

=ZVgi gViZ $ WZVih b^c Ã&#x201E;&

&

&)) Zggdg WVg

&)% &(&(+ &() &(' &(%

;^\jgZ &#( =ZgZ! i]Z Zggdg WVg h]dlh i]Z gVc\Z d[ i]Z YViV# I]Z bZVc kVajZ d[ &(. ^h eadiiZY l^i] i]Z Zggdg WVg gVc\^c\ [gdb i]Z ]^\]Zhi kVajZ! &)'! id i]Z adlZhi kVajZ! &(*# &)'

=ZVgi gViZ$ WZVih b^c &

=ZVgi gViZ $ WZVih b^c Ã&#x201E;&

Ig^Va cjbWZg

&)% &(&(+ &() &('

;^\jgZ &#) I]^h i^bZ! i]Z Zggdg WVg h]dlh i]Z hiVcYVgY YZk^Vi^dc [gdb i]Z bZVc# I]Z bZVc kVajZ d[ &(- ^h eadiiZY l^i] i]Z Zggdg WVg h]dl^c\ ¥&i#

IVWaZ &#( ;dg Ã&#x2019; kZ dg bdgZ kVajZh! i]Z hiVcYVgY YZk^Vi^dc ^h Vahd XVaXjaViZY#

*O 5BCMF 1.3 XIFSF UIF NFBO JT BOE s JT UIJT NFBOT UIBU PG UIF WBMVFT GBMM XJUIJO Â&#x2122; UIBU JT CFUXFFO BOE BOE PG UIF WBMVFT GBMM XJUIJO Â&#x2122; UIBU JT CFUXFFO BOE Significance TJHOJê DBODF NFBOT UIBU JG BO JOWFTUJHBUJPO XBT DBSSJFE PVU UJNFT BOE FBDI UJNF UIFSF XBT B EJÄ&#x201E; FSFODF UIFO PG UIPTF EJÄ&#x201E; FSFODFT BSF QSPCBCMZ EVF UP UIF GBDUPS CFJOH JOWFTUJHBUFE BOE POMZ BSF QSPCBCMZ EVF UP DIBODF

)

&#' I]Z j"iZhi *O PSEFS UP EFDJEF XIFUIFS UIF EJÄ&#x201E; FSFODF CFUXFFO UXP TFUT PG EBUB JT JNQPSUBOU PS significant XF VTF UIF t-test *U DPNQBSFT UIF NFBO BOE TUBOEBSE EFWJBUJPO PG UIF UXP TFUT PG TBNQMFT UP TFF JG UIFZ BSF UIF TBNF PS EJÄ&#x201E; FSFOU " WBMVF GPS t JT DBMDVMBUFE VTJOH B TUBUJTUJDBM GPSNVMB 8F UIFO MPPL VQ UIJT WBMVF JO B TUBOEBSE UBCMF PG t WBMVFT MJLF UIF POF JO 5BCMF 1.4 /PUF UIBU t VOMJLF TUBOEBSE EFWJBUJPO EPFT OPU IBWF VOJUT :PV EP OPU OFFE UP

LOPX UIF GPSNVMB GPS DBMDVMBUJOH t CVU JG ZPV BSF JOUFSFTUFE ZPV DBO ê OE JU JO UIF HMPTTBSZ 5IFSF BSF UXP JNQPSUBOU DPMVNO IFBEJOHT JO B UBCMF PG t WBMVFT Adegrees of freedom BOE Asignificance level or probability A1SPCBCJMJUZ TIPXT XIFUIFS DIBODF BMPOF DPVME NBLF B EJÄ&#x201E; FSFODF CFUXFFO UXP TFUT PG EBUB UIBU IBWF CFFO DPMMFDUFE 5IFSF BSF GPVS EJÄ&#x201E; FSFOU MFWFMT PG QSPCBCJMJUZ TIPXO JO 5BCMF 1.4 5IF NPTU JNQPSUBOU DPMVNO UP CJPMPHJTUT JT UIF POF IFBEFE A PS *G WBMVFT GBMM JOUP UIJT DBUFHPSZ JU NFBOT UIBU PG UIF UJNF UIF EJÄ&#x201E; FSFODFT CFUXFFO UIF UXP TFUT PG WBMVFT BSF EVF UP TJHOJê DBOU EJÄ&#x201E; FSFODFT CFUXFFO UIFN BOE OPU EVF UP DIBODF 5IFTF BSF DBMMFE UIF Acritical values #JPMPHJTUT VTF UIF A PS WBMVF CFDBVTF MJWJOH UIJOHT IBWF OBUVSBM JOCVJMU WBSJBUJPO UIBU NVTU CF UBLFO JOUP BDDPVOU 9Z\gZZh d[ [gZZYdb

H^\c^Ã&#x2019; XVcXZ aZkZa dg egdWVW^a^in &% dg %#&

* dg %#%*

& dg %#%&

%#& dg %#%%&

&-

&#,(

'#&%

'#--

(#.'

&.

&#,(

'#%.

'#-+

(#--

'%

&#,'

'#%.

'#-*

(#-*

'&

&#,'

'#%-

'#-(

(#-'

''

&#,'

'#%,

'#-'

(#,.

'(

&#,&

'#%,

'#-&

(#,,

')

&#,&

'#%+

'#-%

(#,*

'*

&#,&

'#%+

'#,.

(#,(

'+

&#,&

'#%+

'#,-

(#,&

',

&#,%

'#%*

'#,,

(#+.

'-

&#,%

'#%*

'#,+

(#+,

'.

&#,%

'#%*

'#,+

(#++

(%

&#,%

'#%)

'#,*

(#+*

)%

&#+-

'#%'

'#,%

(#**

+%

&#+,

'#%%

'#++

(#)+

&'%

&#+*

&#.-

'#+'

(#(,

l YZXgZVh^c\ h^\c^Ã&#x2019; XVcXZ ^cXgZVh^c\ n IVWaZ &#) IVWaZ d[ j"kVajZh#

A%FHSFFT PG GSFFEPN JT DBMDVMBUFE GSPN UIF TVN PG UIF TBNQMF TJ[FT PG UIF UXP HSPVQT PG EBUB NJOVT EFHSFFT PG GSFFEPN n n ¢ XIFSF n JT UIF OVNCFS PG WBMVFT JO TBNQMF BOE n JT UIF OVNCFS PG WBMVFT JO TBNQMF 3FNFNCFS UP VTF UIF t UFTU UIFSF NVTU CF B NJOJNVN PG UP WBMVFT GPS FBDI TBNQMF BOE UIFZ NVTU GPSN B OPSNBM PS OFBS OPSNBM EJTUSJCVUJPO & HI6I>HI>86A 6C6ANH>H

*

Ldg`ZY ZmVbeaZ & 5XP TFUT PG TPZCFBO QMBOUT XFSF HSPXO XJUI BOE XJUIPVU UIF BEEJUJPO PG GFSUJMJTFS 5IF IFJHIUT PG UIF QMBOUT XFSF NFBTVSFE BGUFS EBZT #PUI TFUT PG EBUB GPSNFE OFBS OPSNBM EJTUSJCVUJPOT TP B t UFTU XBT DBSSJFE PVU *T UIFSF B TJHOJê DBOU EJÄ&#x201E; FSFODF JO HSPXUI CFUXFFO UIF UXP TFUT PG QMBOUT

>cXgZVhZ ^c ]Z^\]i d[ eaVcih V[iZg (% YVnh$Xb ¥%#* HVbeaZ cjbWZg

<gdje & Ã&#x201E; cd [Zgi^a^hZg

<gdje ' Ã&#x201E; %#& [Zgi^a^hZg

&

&%#%

&'#*

'

,#%

&(#%

(

.#*

&(#%

)

-#*

&'#*

*

,#*

&*#*

+

&%#%

&'#*

,

.#*

&%#*

-

.#*

&)#%

.

-#*

&%#%

&%

-#*

&%#*

bZVc

-#.

&'#)

XVaXjaViZY kVajZ [dg j

*#.+

Step 1 %FUFSNJOF UIF OVNCFS PG EFHSFFT PG GSFFEPN GPS UIF EBUB

EFHSFFT PG GSFFEPN

¢

Step 2 (P EPXO UIF EFHSFFT PG GSFFEPN DPMVNO PO UIF t UBCMF JO 5BCMF 1.4 UP UIF WBMVF Step 3 (P BDSPTT UIF UBCMF BOE ê OE UIF DSJUJDBM WBMVF PG t m UIBU JT UIF OVNCFS JO UIF A PS DPMVNO *O UIJT FYBNQMF JU JT Step 4 $BMDVMBUF B WBMVF GPS t VTJOH UIF BQQSPQSJBUF TUBUJTUJDBM GPSNVMB JO ZPVS DBMDVMBUPS PS TQSFBETIFFU *O UIJT DBTF UIF DBMDVMBUFE WBMVF GPS t JT Step 5 $PNQBSF UIF DBMDVMBUFE WBMVF GPS t XJUI UIF DSJUJDBM WBMVF GSPN UIF UBCMF *G UIF DBMDVMBUFE WBMVF PG t JT HSFBUFS UIBO UIJT DSJUJDBM WBMVF UIFO UIFSF JT B TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF TFUT PG EBUB *G UIF DBMDVMBUFE WBMVF PG t JT MPXFS UIBO UIF DSJUJDBM WBMVF UIFO UIF EJÄ&#x201E; FSFODF JT EVF UP DIBODF *O UIJT DBTF JT HSFBUFS UIBO TP XF DPODMVEF UIBU UIFSF JT B TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF NFBOT 5IJT JOEJDBUFT UIBU UIF GFSUJMJTFS NBZ IBWF DBVTFE UIF JODSFBTF JO HSPXUI JhZ IVWaZ &#) id ]Zae ndj VchlZg i]ZhZ fjZhi^dch# ( >c Vc ^ckZhi^\Vi^dc id XdbeVgZ ild \gdjeh d[ eaVcih \gdlc l^i] Y^[[ZgZci aZkZah d[ b^cZgVah! i]Z YZ\gZZh d[ [gZZYdb Y[ lVh '% VcY i]Z XVaXjaViZY kVajZ [dg j lVh )#%'# LVh i]ZgZ V h^\c^Ã&#x2019; XVci Y^[[ZgZcXZ WZilZZc i]Z ild hZih d[ YViV4 ) >c Vcdi]Zg ^ckZhi^\Vi^dc i]Z WdYn bVhh d[ XgVWh a^k^c\ dc V lZhi"[VX^c\ h]dgZ lVh XdbeVgZY l^i] i]Vi d[ XgVWh [gdb Vc ZVhi"[VX^c\ h]dgZ# I]Z YZ\gZZh d[ [gZZYdb lVh (, VcY i]Z XVaXjaViZY kVajZ [dg j lVh &#-'# LVh i]ZgZ V h^\c^Ã&#x2019; XVci Y^[[ZgZcXZ WZilZZc i]Z ild hZih d[ YViV4

*G UIF DBMDVMBUFE WBMVF PG t JT DMPTF UP UIF DSJUJDBM WBMVF UIF DPODMVTJPO JT MFTT DFSUBJO UIBO JG UIFSF JT B HSFBUFS EJÄ&#x201E; FSFODF CFUXFFO UIF WBMVFT +

Ldg`ZY ZmVbeaZ ' "O JOWFTUJHBUJPO XBT DBSSJFE PVU UP TFF JG MJHIU JOUFOTJUZ BÄ&#x201E; FDUFE UIF TVSGBDF BSFB PG JWZ MFBWFT " SBOEPN TBNQMF PG MFBWFT XBT DPMMFDUFE GSPN FBDI TJEF PG B XBMM POF TVOOZ BOE UIF PUIFS TIBEFE 5IF TVSGBDF BSFB GPS FBDI MFBG XBT GPVOE BOE t XBT DBMDVMBUFE BT 5IF t WBMVF PG JT HSFBUFS UIBO UIF DSJUJDBM WBMVF PG GPS EG TIPXO JO 5BCMF 1.4 5IJT JOEJDBUFT UIBU MJHIU JOUFOTJUZ EPFT BÄ&#x201E; FDU UIF TVSGBDF BSFB PG UIFTF JWZ MFBWFT 5IF WBMVF JT WFSZ DMPTF UP UIF DSJUJDBM WBMVF PG BOE TP UIJT DPODMVTJPO JT RVJUF XFBL *G UIF DBMDVMBUFE WBMVF GPS t XFSF NVDI IJHIFS TBZ XF DPVME GFFM NVDI TBGFS XJUI UIF DPODMVTJPO BOE JG JU XFSF BT IJHI BT GPS FYBNQMF XF DPVME GFFM WFSZ DFSUBJO

* 6c ^ckZhi^\Vi^dc lVh XVgg^ZY dji dc i]Z Z[[ZXi d[ edaaji^dc dc i]Z YZch^in d[ WgVcX]^c\ XdgVa d[[ i]Z >cYdcZh^Vc ^haVcY d[ =d\V# I]Z cjbWZg d[ XdgVah [djcY ^c . b' lVh XdjciZY ^c V XaZVc VgZV VcY ^c V edaajiZY VgZV# 7di] hZih d[ YViV [dgbZY cZVg"cdgbVa Y^hig^Wji^dch hd V j"iZhi lVh XVgg^ZY dji# HVbeaZ cjbWZg

7gVcX]^c\ XdgVah $ cjbWZg eZg . b' 8aZVc VgZV

EdaajiZY VgZV

&

,

+

'

-

+

(

*

*

)

.

)

*

-

+

+

,

*

,

&%

,

-

-

)

.

-

,

&%

.

*

&&

+

+

&'

,

+

&(

+

-

&)

.

)

&*

&&

Ã&#x2026;

&+

-

Ã&#x2026;

bZVc

,#.

*#+

XVaXjaViZY kVajZ d[ j

)#*%

9ZiZgb^cZ ^[ i]Z edaaji^dc ]Vh Vc Z[[ZXi dc i]Z YZch^in d[ WgVcX]^c\ XdgVa# =dl XZgiV^c ^h ndjg XdcXajh^dc4

& HI6I>HI>86A 6C6ANH>H

,

L]n VgZ hiVi^hi^Xh ^bedgiVci4

FjZhi^dch id Xdch^YZg

*O TDJFODF TUBUJTUJDT BSF PGUFO VTFE UP BEE DSFEJCJMJUZ UP BO BSHVNFOU PS TVQQPSU B DPODMVTJPO *OUFSOBUJPOBM PSHBOJTBUJPOT TVDI BT UIF 6OJUFE /BUJPOT DPMMFDU EBUB PO IFBMUI UP FOTVSF BJE QSPHSBNNFT BSF QSPQFSMZ EJSFDUFE #FJOH BCMF UP VTF BOE JOUFSQSFU TUBUJTUJDT JT BO JNQPSUBOU TLJMM

& %P ZPV CFMJFWF UIF GPMMPXJOH TUBUFNFOUT *G OPU XIZ OPU r 5IFSF JT B DIBODF UIBU JO B HSPVQ PG QFPQMF UXP XJMM IBWF UIF TBNF CJSUIEBZ r PVU PG EFOUJTUT SFDPNNFOE ;BQQP UPPUIQBTUF r PG MVOH DBODFST BSF SFMBUFE UP TNPLJOH ' $BO TUBUJTUJDT CF NBOJQVMBUFE UP QSPEVDF NJTMFBEJOH DMBJNT

&#( 8dggZaVi^dc VcY XVjhZ Correlation JT POF PG UIF NPTU DPNNPO BOE VTFGVM TUBUJTUJDT *U EFTDSJCFT UIF EFHSFF PG SFMBUJPOTIJQ CFUXFFO UXP WBSJBCMFT *O UIF MBTU ZFBST UIF OVNCFS PG QFPQMF UBLJOH B IPMJEBZ FBDI ZFBS IBT JODSFBTFE *O UIF MBTU ZFBST UIFSF IBT BMTP CFFO BO JODSFBTF JO UIF OVNCFS PG IPUFMT BU IPMJEBZ SFTPSUT 1MPUUJOH UIJT EBUB PO B HSBQI BOE BEEJOH B USFOE MJOF BT TIPXO JO 'JHVSF 1.5 TIPXT B positive correlation 4JNJMBSMZ B HSBQI DBO CF QMPUUFE UP TIPX BOOVBM EFBUIT GSPN JOë VFO[B BOE UIF OVNCFS PG JOë VFO[B WBDDJOFT HJWFO *O UIJT DBTF UIFSF JT B negative correlation BT TIPXO JO 'JHVSF 1.6 8JUI UIFTF FYBNQMFT XF NJHIU GFFM TBGF UP TBZ UIBU POF TFU PG EBUB JT MJOLFE UP UIF PUIFS BOE UIBU UIFSF JT B causal relationship m CFDBVTF UIFSF BSF NPSF UPVSJTUT NPSF IPUFMT IBWF CFFO CVJMU HSFBUFS VTF PG UIF JOë VFO[B WBDDJOF IBT SFTVMUFE JO GFXFS EFBUIT GSPN JOë VFO[B )PXFWFS JU JT JNQPSUBOU UP SFBMJTF UIBU KVTU CFDBVTF UIF HSBQI TIPXT B trend JU EPFT OPU OFDFTTBSJMZ NFBO UIBU UIFSF JT B DBVTBM SFMBUJPOTIJQ 'PS FYBNQMF QMPUUJOH UIF OVNCFS PG QFPQMF VTJOH NPCJMF QIPOFT JO UIF MBTU

CjbWZg d[ ]diZah ^c ]da^YVn gZhdgi

&'% &%% -% +% )% '% %

%

&%

'% (% )% *% +% ,% CjbWZg d[ eZdeaZ iV`^c\ Vc VccjVa ]da^YVn s &%%%

;^\jgZ &#* 6 edh^i^kZ XdggZaVi^dc#

-

-%

CjbWZg d[ eZdeaZ ^c V Xdbbjc^in l]d Y^ZY [gdb ^c[ajZcoV

(*%% (%%% '*%% '%%% &*%% &%%% *%% %

%

*%

&%% &*% '%% '*% (%% (*% CjbWZg d[ ^c[ajZcoV kVXX^cVi^dch \^kZc ^c i]Z Xdbbjc^in

)%%

)*%

;^\jgZ &#+ 6 cZ\Vi^kZ XdggZaVi^dc#

ZFBST BHBJOTU UIF BSFB PG "NB[PO SBJOGPSFTU DVU EPXO XPVME TIPX B QPTJUJWF DPSSFMBUJPO #VU UIJT EPFT OPU NFBO UIBU UIF VTF PG NPCJMF QIPOFT IBT DBVTFE SBJOGPSFTU UP CF DVU EPXO m OPS EPFT JU NFBO UIBU B SFEVDUJPO JO SBJOGPSFTU BSFB SFTVMUT JO NPSF NPCJMF QIPOF VTF 0CTFSWBUJPOT XJUIPVU FYQFSJNFOUT DBO TIPX B DPSSFMBUJPO CVU VTVBMMZ FYQFSJNFOUT NVTU CF VTFE UP QSPWJEF FWJEFODF UP TIPX UIF DBVTF PG UIF DPSSFMBUJPO

:cY"d["X]VeiZg fjZhi^dch 1 "O FSSPS CBS ESBXO PO B HSBQI PS DIBSU NVTU BMXBZT CF B SFQSFTFOUBUJPO PG " # $ %

UIF NFBO UIF TUBOEBSE EFWJBUJPO UIF WBSJBUJPO TIPXO CZ UIF EBUB UIF t WBMVF

2 5IF XJEUI PG MFBWFT XBT NFBTVSFE BOE UIF WBMVFT JO NN XFSF 5IF NFBO JT NN 8IBU JT UIF CFTU FTUJNBUF PG UIF TUBOEBSE EFWJBUJPO " # $ %

NN NN NN NN

3 .FBTVSFNFOUT PG USVOL EJBNFUFS XFSF UBLFO GPS USFFT JO POF XPPE BOE UIF USVOL EJBNFUFST PG USFFT XFSF NFBTVSFE JO B TFDPOE XPPE *G B t UFTU XFSF DBSSJFE PVU UIF EFHSFFT PG GSFFEPN VTFE XPVME CF " # $ %

& HI6I>HI>86A 6C6ANH>H

.

4 " TUVEFOU FYBNJOFE UXP XBMMT POF GBDJOH FBTU BOE UIF PUIFS GBDJOH XFTU )F NFBTVSFE UIF QFSDFOUBHF PG FBDI XBMM UIBU XBT DPWFSFE XJUI MJDIFOT 4JYUFFO TBNQMFT GSPN FBDI XBMM XFSF SFDPSEFE 5IF DBMDVMBUFE WBMVF PG t XBT 6TJOH UIF t UBCMF 5BCMF 1.4 UIF DPODMVTJPO JT " # $ %

EFHSFFT PG GSFFEPN BSF BOE UIFSF JT B TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF XBMMT EFHSFFT PG GSFFEPN BSF BOE UIFSF JT OP TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF XBMMT EFHSFFT PG GSFFEPN BSF BOE UIFSF JT B TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF XBMMT EFHSFFT PG GSFFEPN BSF BOE UIFSF JT OP TJHOJê DBOU EJÄ&#x201E; FSFODF CFUXFFO UIF XBMMT

5 CBOBOBT XFSF DPMMFDUFE GSPN B TJOHMF QMBOUBUJPO BOE XFJHIFE 5IFJS NBTTFT GPSNFE B OPSNBM EJTUSJCVUJPO )PX NBOZ CBOBOBT XPVME CF FYQFDUFE UP CF XJUIJO TUBOEBSE EFWJBUJPOT PG UIF NFBO " # $ %

6 *O B OPSNBM EJTUSJCVUJPO XIBU QFSDFOUBHF PG WBMVFT GBMM XJUIJO Â&#x2122; TUBOEBSE EFWJBUJPO PG UIF NFBO BOE Â&#x2122; TUBOEBSE EFWJBUJPOT PG UIF NFBO

7 5IF MFOHUIT PG UIF MFBWFT PG EBOEFMJPO QMBOUT HSPXJOH PO B MBXO XFSF NFBTVSFE 5IF NFBO MFOHUI XBT NN BOE UIF TUBOEBSE EFWJBUJPO XBT NN " TFDPOE TFU PG EBUB PO EBOEFMJPO MFBG MFOHUI XBT DPMMFDUFE GSPN B XBTUFMBOE BSFB TPNF EJTUBODF BXBZ 5IF NFBO XBT NN BOE UIF TUBOEBSE EFWJBUJPO NN 8IBU DBO ZPV TBZ BCPVU UIF EJÄ&#x201E; FSFODFT JO UIF MFOHUIT PG UIF EBOEFMJPO MFBWFT GSPN UIF UXP EJÄ&#x201E; FSFOU IBCJUBUT

8 4BMNPO MJWF BOE SFQSPEVDF JO UXP SJWFST JO /PSXBZ m UIF /BNTFO BOE (BVMB SJWFST %BUB XFSF DPMMFDUFE PO UIF OVNCFS PG FHHT MBJE CZ UIF TBMNPO JO UIFTF UXP SJWFST *O UIF 3JWFS /BNTFO UIF NFBO OVNCFS MBJE XBT FHHT QFS TBMNPO BOE UIF TUBOEBSE EFWJBUJPO XBT 'PS UIF 3JWFS (BVMB UIF NFBO XBT FHHT QFS TBMNPO BOE UIF TUBOEBSE EFWJBUJPO XBT *T UIFSF B EJÄ&#x201E; FSFODF CFUXFFO UIF OVNCFS PG FHHT MBJE CZ UIF ê TI JO UIF UXP EJÄ&#x201E; FSFOU SJWFST

a 4UBUF UIF USFOE TIPXO CZ UIF HSBQI b 8IBU DBO ZPV TBZ BCPVU UIF SFMBUJPOTIJQ CFUXFFO UIF UXP TFUT PG EBUB

**% *(% CjbWZg d[ [VaaZc dg Wgd`Zc igZZh

9 0WFS B QFSJPE PG ZFBST UIF OVNCFS PG FMFQIBOUT JO UIF .PSFNJ HBNF SFTFSWF JO #PUTXBOB XBT SFDPSEFE FBDI ZFBS %BUB XFSF BMTP DPMMFDUFE PO UIF OVNCFS PG GBMMFO BOE CSPLFO USFFT 5IF EBUB BSF TIPXO PO UIF HSBQI PO UIF SJHIU

*&% ).% ),% )*% )(% )&% (.% (,% %

&%

%

*% &%% &*% CjbWZg d[ ZaZe]Vcih

'%%

10 %VOH CFFUMFT DPMMFDU GSFTI EVOH JO XIJDI UP MBZ UIFJS FHHT 5IFSF BSF UXP HSPVQT m UIPTF UIBU CVSZ EVOH ACVSJFST BOE UIPTF UIBU SPMM BXBZ CBMMT PG EVOH ASPMMFST "O JOWFTUJHBUJPO XBT DBSSJFE PVU UP TFF JG UIFSF XBT BOZ EJÄ&#x201E; FSFODF JO UIF RVBOUJUZ PG EVOH SFNPWFE GSPN B ê FME CZ UIFTF UXP HSPVQT #PUI TFUT PG EBUB GPSNFE OFBS OPSNBM EJTUSJCVUJPOT TP B t UFTU XBT DBSSJFE PVU HVbeaZ cjbWZg

BVhh d[ Yjc\ Wjg^ZY$\ ¥&

BVhh d[ Yjc\ gdaaZY VlVn$\ ¥&

&

*+

*)

'

*-

*'

(

*+

*(

)

**

*&

*

*(

**

+

+%

*)

,

*-

*)

-

*+

**

.

*&

*(

&%

**

*'

&&

*,

*(

&'

*'

*+

&(

*)

*&

&)

*,

*'

&*

*.

*(

bZVc

**#-

*(#'

XVaXjaViZY kVajZ d[ j

(#**

6TJOH 5BCMF 1.4 PO QBHF 5 XIBU DPODMVTJPO DBO ZPV ESBX DPODFSOJOH BOZ EJÄ&#x201E; FSFODF JO UIF NBTT PG EVOH SFNPWFE CZ UIF UXP HSPVQT PG CFFUMFT

& HI6I>HI>86A 6C6ANH>H

&&