274

+ 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

  • Upload
    others

  • View
    7

  • Download
    0

Embed Size (px)

Citation preview

Page 1: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����������� ��������������������������������� ���!"� ���"�#����$��&%"��������

�'��)(��*�,+���-��./���0������������213���+��� !4� ��5�,���5�

687

��9;:=<?>A@=BDC;9;EF:��HGI�#EF9;J

��KMLN9;EFJOBD:�BQP,�'LF<OEFR;LSEQTU(�R;<?VMES:A>=<?@ 7 BMP,��BMJOBD:=KMW;BXKQ@�� ESR8VMES:ST Y[ZMZD\

�]@^9;EF>=<?>�>A_ 6;` <?@A@^ESWa@^Bb@=9;E

(�R;<?VMES:=>A<?@ 7 BMPc��BDJ?BD:^KMW5BdKQ@�� ESR8VDEF:

<OReCfKM:�@^<OKMJgPh_;JjifJOJ ` EFRk@

BQPl@=9;E-:=ESmk_;<?:=E ` EFRk@=>�PhBM:�@^9;E-W;EFnD:=EFEHBQP

� BLF@^BM:�BMP�o�95<OJOBM>=BDC;9 7

��C;C;JO<?ESW#�)KQ@=9;E ` KQ@=<OLS>

pMqDqQr

Page 2: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<?>�@^9;EF>=<O>�PhBD:�@=9;EH� B'L @^BD:�BMPco,9;<?JOBD>ABDC;9 7

W;EFnD:=EFE 687

��9;:=<?>A@=BDC;9;EF:��HGI�#EF9;J

9fKM> 6 EFESR#KMC;C;:AB[VDESW

687

��:^KM<?n��5G��MBD9;R;>

� 7 R;R3� GI��ESR;R5EF@^9k_ `

�@=ESC;9fKQR)�-G �5KM<?R

� BD_5nDJ KM>�1 GI� 7 LN9�� K

��K @^E

Page 3: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#EF9;J T ��9;:A<O>�@^BDC;95ES:�� G�� o,9 G � GjTf��C5C;JO<?ESW#�)KQ@=9;E ` KQ@^<?LS>��

��K 7 EF>=<OKMR ��<OEF:^KM:ALN9;<OLSKMJk�#BW;ESJ?<OR;n�KMR;W �)KM: �QB[VH��9fKM<?R �< ` _;JOKQ@^<?BDR�PhBM:/��9;:=BDR5<OLc1 KM>A@��<OR5n � <?>=ESKM>=E

+�9;EF>=<O>�W;<?:=ESL @^EFW 687 ��>=>=<?>A@^KMR8@�o,:ABMPhES>A>=BD:���:^KM<?n �5G �MBD9;R;>

�����'+&�&����+

�R @=9;<O> @=9;ES>A<O>FT�KeW 7 RfK ` <OLb>ACfKQ@=< KMJ ` BW;ESJlPhBD: @^9;Ed>AC;:=ESKMW BQP���9;:ABDR;<?Ld1 KM>�@^<OR5n

� <O>AE KM>AE�<?Ra��BDJOBM:^KMW;B ` _;J?E�W;EFES:�<?>�W;EF:=<jVDESW Ph:AB ` K > 7 >�@^E ` BMP W;<��gEF:=ESR8@=< KMJ ESmk_fKQ@=<OBDR5>

@^9;KQ@aL KMC'@^_;:AES>a@^9;E mk_fKMJ?<?@NK @^<?VME)>ACfKQ@^<OKMJ�KMR5W2@=E ` CUBD:=KMJ 6 ES9;K[V<?BD_;:eBMPH@^9;E W;<?>=ESKM>=EQG

+�9;EF>=E-W;<��UES:AESR8@^<OKMJ ESmk_fKQ@=<OBDR;>&KQ:=E <?R;LSBD:ACUBM:^KQ@=ESW <?Rk@=BdKMReE ` C;<?:=<OLSKMJ ��K 7 EF>=< KQR 95<OES:=KM:��

LN9;<?L KMJ ` BW;EFJ @=9;:=BM_;nD9)@=9;E _;Rk_;>A_fKMJl>A@^EFC3BMP,W;E @^EF: ` <OR;<?>A@^<?LHKM_5@^BM:=ESnM:=ES>A>=<jVDE _;C WfKQ@=ES>FG

�'CfK @^< KQJ�E�UESL @^>H<OR3@^95E ` BW;ESJ,KQ:=EbW;EF>=LS:A< 6 ESW W;<O:AESLF@=J 7 <OR3@^95EXW5<��UES:=EFR8@^< KQJcESmk_fKQ@=<OBDR5>

:^K @^9;EF:�@=9fKMRb@^95:=BD_;nM9d@=9;E&_;>=E�BMPULSBD:A:=EFJ KQ@=<OBDR;>�<ORb@^9;E�W;KQ@NK5G�+�9;E&_;>=E�BMPUW;EF@=ES: ` <OR5<O>A@=<OL

_;C WfKQ@=ES>�<?>�K >=< ` C5JO<?i;L KQ@=<OBDRb@^9;KQ@�:AESW;_;LFES>�@^95E Rk_ ` 6 ES:�BMP C;KM:^K ` EF@=ES:A>�@^9fK @ ` _;>�@ 6 E

ES>�@^< ` KQ@=ESW T 7 E @,>A@=<OJOJ8C5:=B[V<OW;EF>,K�fE �'< 6 J?E ` B'W;EFJ8@^9fKQ@�nD<?VMES>l:=E KQ>=BDRfK 6 JOE�C;:=EFW;<OL @^<OBMR;>/PhBM:

@^95EbW;<O>AE KM>AEMG +�95EXC BD>�@^ES:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDR)nDESR;EF:^KQ@=ESW 687 @^95EbWfKQ@NK ` BW;ESJl9;<OEF:^KM:ALN9 7

C BD>=>AES>=>AES>�LN9fKQ:^KML @^ES:A<O>�@^<OLF>�@=9fKQ@�KM:=E KQ@ 7 C;<?L KMJ*PhBD: ` KMR 7 �)KM: �QB[V#LN9;KM<OR��#BDR8@^E ��KM:=J?B

>=< ` _;JOKQ@^<?BDR @^EFLN9;R;<Omk_;EF>SG�+/B KQW;W;:=EF>=>�@^9;EF>=E W5<��XLS_;Jj@^<?ES>STIKdR;E���������� @^EFLN9;R;<?m_5E <?>

W;E VDESJ?BDC ESW3@^9fK @�9fKM>�mk_fKMJ?<?@=<OES>�>=< ` <?J KM:�@^Be:AESLFESR8@^J 7 <OR8@=:=BW;_;LSEFW3@^E ` C ES:=EFW � KMR;nDE V'<?R

@ 7 CUE�KMJOnMBD:=<j@^9 ` >SG/+�9;E ` E @^9;BW;BDJ?BDn 7 <?> _5>=ESW @^B i5@�@=9;E ��12� ` BW;ESJ TkKMR;W C BD>�@^ES:A<OBD:

CfKM:=K ` EF@^EF:�ES>A@=< ` KQ@^EF>�KM:=E�@=9;ESR _;>=EFW @^BHB 6 @^KM<ORdC;:AESW;<?LF@=<OBDR;> K 6 BD_5@���9;:ABDR;<?L&1 KM>�@^<OR5n

� <O>AE KM>AEMG

<O<O<

Page 4: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<?>)K 6 >A@^:=KMLF@)KMLFLS_;:=KQ@^EFJ 7 :=EFC;:=EF>=EFRk@=>�@^9;E LSBMRk@=ESR8@�BQP @^95E L KQR;W;<OW;KQ@^E�� >a@^9;EF>=<?>SG

:=EFLSB `X` ESR;Wa<?@=>�C;_ 6 J?<OLSKQ@^<?BDR G

�'<OnMR;ESW��:^KM<?n �5G �MBD9;R;>

Page 5: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

������������� ���

+�9;<?>/@=9;ES>A<O>/<O>/W;ESW5<OL K @^ESWH@^B ` 7 JOB[VMESJ 7 �&<jPhEMT �MESR;R5<?PhES:FG,�'95E�9fKQ>�JOB[VMESW KQR;W >A_;C;C BD:A@=ESW` E�PhBD: ` BD:AE�@=9fKMR PhBD_;: 7 ESKM:=>FT8C;_5@=@=<OR;n�_;C �&<?@=9 T8K ` BDR;n�BM@^9;EF:�@^95<OR;nD>FT 6 BD:=<?R;n�W;<?R;R;EF:LSBMRkVMES:A>^KQ@=<OBDR K 6 BD_5@�W;ESEF:�KMR;W)>A@NK @^<O>�@^<?LS>SG�1 <?@=9;BD_5@�9;ES:FT ��BD_;JOW)R;EFVMES:�9fK VDE ` KMW5E<?@�@=9;<O>�P KQ:SG,+�9;<?>�<O>&:=ESKMJOJ 7 PhBD: 7 BD_ T �MEFR��

Page 6: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ��� � ����� � ��� ���

+�9;<?>�@^95ES>=<?> ��BD_;JOW)R;BM@ 9;K[VME 6 ESESR3C BD>A>=< 6 JOE �&<j@^9;BM_5@�@=9;E nDEFR;ES:ABD_;> >A_;C;C BD:A@�BMP ` 7P K ` <OJ 7 TSPh:A<OESR5W;>STMKMR;W-@^9;BD>AE @=9fKQ@/9fK VDE C;:AB V<?W;ESW nD_;<OW;KMR;LSE�B[VDEF:/@=9;E 7 ESKM:=>FGc+�9fKMR�� 7 BD_�*<��HKMR;W)�)KM:ALS<OK5T;PhBD:&LSBDJ?JOEFLF@^<jVDEFJ 7 �kR;B �&<?R;n E VDES: 7 @^9;<?R;n;G�+�9fKQR��k>�@^B ` 7 LFB ` ` <?@A@^EFEMT� 7 R;R���EFR;R;E @^9k_ ` T �@^E VDEb�'KM<OR T;KMR;W#� BD_;nX� 7 LN9�� K5TfPhBD:&KMJ?J BMP/@^9;EF<O:�LFB ` ` ESR8@=>�KQR;W@^95ES<O:�@=< ` EMG +�9fKMR��k>�@=B ` 7 KMW5V<O>ABD:ST ��:=KM<On��MBD9;R;>FT PhBM:�C5:=B[V<OW;<?R;nd9;<O>&nD_;<?WfKMR;LFE KQR;W9;<?> Ph:A<OESR5W;>=9;<?C G,� BD>A@�BMP*KMJ?J T8 ��BD_;J?W J?< �QE�@=BH@=9fKMR��d$-KM:AESR $-KQP KQWfKM:,PhBD:�@^E KQLN9;<OR;n ` E` BD>A@&BMP �&9fKQ@� �R5B �]K 6 BD_5@&>A@^KQ@^<?>A@=<OLS>FG

Page 7: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ��� ��� ��

.�<?nD_;:=EF> GHG GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �'<

+lK 6 JOEF> G-GHG GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG � �'<?V

��9fKMC'@^ES:

YDG �Rk@=:=BW;_;L @^<OBMR0G GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p

p G �#B'W5ESJO>�BQPc�,C;<?W;E ` <OLF> G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �

p GjY � E @^ES: ` <?R;<O>�@^<?L-�#BW;ESJ?>�BMPc�,C;<?W;E ` <OLF> GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �

p G p ��K 7 ES>=<OKMR���<OEF:^KM:ALN9;<OLSKMJ �#BW;ESJ?>�BMP���C5<OW;E ` <?LS>aG GHGHG GHG GHGHG GHG-G GHG Y[\

� G ���'CfKQ@=< KMJ � B'W;EFJ PhBD:���9;:ABDR;<OL 1 KM>�@^<OR5n � <?>=ESKM>=E GHGHG GHG GHGHG GHG-G GHG p��

� GjY ��KQ@^K]G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p Z

� G p o,:=E VQKMJOEFR;LSE �#BW;ESJ PhBD:���95:=BDR;<?L 1 KQ>A@^<?R;nX� <O>AE KM>AE GHG GHG GHGHG GHG-G GHG � Y

� G p GjY �#B'W5ESJ/�#BM@=<?VQKQ@=<OBDR G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �8p

� G p G p �R;LSBD:ACUBM:^KQ@=<OR;n �'CfK @^< KQJ*�#< �5<?R;n GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG � �

� G p G � +�9;E ��<OEF:^KM:ALN9;<OLSKMJ �@^KQ@^<?>A@^<?L KMJ �#BW;ESJ G GHG-G GHGHG GHG GHGHG GHG-G GHG r��

� G � .�<?R;W;<?R;ndKX!-BB'W#�#BW;EFJ)GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG r \

� G r ��LSLSEFC5@��Q��EAESLF@��#EF@=9;BW;>�PhBD:�@^9;E ��12�"�#B'W5ESJ GHGHG GHG GHGHG GHG-G GHG � p

r G �)KM: �QB[V#��9fKM<OR#�#BMRk@=E ��KM:=J?B �< ` _;JOKQ@^<?BDR PhBM:�@^9;E ��12� � B'W;EFJ GHG-G GHG �8p

r GjY �)KQ: �MB[V#��9fKQ<OR)�#EF@=9;B'W5> G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �8p

r G p �@=B'LN9;KM>A@=<OLH� 7 RfK ` <OLS>�� EF@^95B'W;> GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG � Z

r G � � +/E ` CUEF:=ESW#� KMR;nDE V<OR ��JOnMBD:=<j@^9 ` PhBD:&��BM_;R;W;EFW�� ESR5>=<?@=<OEF> G GHG-G GHG ���

r G � GjY �)KM: �QB[V#��9fKM<OR#�'< ` _;JOKQ@^<?BDR ��@=@=E ` C5@^>�PhBD:�@=9;E ��12� �#BW;EFJ#GHG-G GHG �M\

V<O<

Page 8: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G � G p � VMES:ALSB ` <OR;nb@=9;EH� <��XLS_;Jj@^<?ES> GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG \ �

r G � G � +l_;R5<OR;nb@^95E � � �'+��a��J?nDBD:=<j@^9 ` G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Z r

r G � G r +lEF>A@ �'LSEFRfKM:=<?BD> �&<?@=9)$�R;B �&R#� ESR;>A<?@=<OES> GHG-G GHGHG GHG GHGHG GHG-G GHG Z �

r G � G � ` C;J?E ` ESR8@NK @^<OBMR PhBD:�@^9;E ��12� �#BW;ESJ]GHG-G GHGHG GHG GHGHG GHG-G GHG Y � �

r G r o/ES:APhBM: ` KMR;LSE-BMP/@^95E �#KM: �QB V#��9;KM<OR)�5K ` C;JOEF:eG GHGHG GHG GHGHG GHG-G GHG Y � Z

�'G ��EF>=_;Jj@^>dG GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � p

�'GjY ��RfKMJ 7 >A<O>&BMP/@^9;EHolBM>A@^EF:=<?BD:&�,>A@^< ` K @^ES> GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � p

�'G p �#BW;EFJ % KMJO<?WfKQ@^<?BDR GHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y �Mq

� G � <O>=LF_;>=>A<OBDR GHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � \

�'G ��BDR;LSJ?_;>=<?BDR GHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\'Y

��C5CUEFR;W;<��

� Gg��LSLFESC5@^KMR;LFE ��KQ@^EF>�PhBD:��'< ` _;J KQ@=<OBDR ��B ` CfKM:=<?>=BDR5>�GHGHG GHG GHGHG GHG-G GHG Y[\ �

� GjY ��LSLSEFC5@NKQR;LSE ��KQ@=ES>�PhBD:�@=9;E-+l:A_;R;L K @^ESW)��BD: ` KQJ*�'< ` _;J K @^<OBMR;> G GHG-G GHG Y[\ �

� G p ��LSLSEFC5@NKQR;LSE ��KQ@=ES>�PhBD:�@=9;E �#_;J?@=<?VQKM:A< KQ@=E ��BM: ` KMJ*�'< ` _;JOKQ@^<?BDR;> GHG-G GHG Y[\ �

��Gl+�K 6 JOES>�PhBM:�@^9;E �#BW;ESJ % KQJO<OW;KQ@^<?BDRa�'< ` _;J K @^<OBMR;> G GHGHG GHG GHGHG GHG-G GHG Y[\M\

��GjY !�:=BD_5C�� R;EH�'< ` _;JOKQ@^<?BDRe�&ES>=_5J?@^>�GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\M\

��G p !�:=BD_5C#+ ��B �< ` _;JOKQ@^<?BDR �&ES>A_;J?@=> GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\M\

��G � !�:=BD_5C#+�9;:AESE �'< ` _;J K @^<OBMRe��EF>=_;Jj@^>&GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\MZ

��G r !�:=BD_5C).fBD_;:��'< ` _5J KQ@=<OBDRe�&ES>A_;J?@=> GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\MZ

��G � !�:=BD_5C).�<jVDEH�'< ` _;JOKQ@^<?BDR �&ES>A_;J?@=> GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\MZ

��G � !�:=BD_5C��'< � �'< ` _;JOKQ@^<?BDR �&ES>A_;J?@=> GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\MZ

��G � !�:=BD_5C��'E VDEFR3�'< ` _;J K @^<OBMR �&ES>=_5J?@^>HGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z q

��G \ !�:=BD_5C)�,<OnM9k@��< ` _;JOKQ@^<?BDR �&ES>A_;J?@=>�GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z q

��G Z !�:=BD_5C)��<OR;EH�'< ` _;JOKQ@^<?BDR �&ES>A_;J?@=> GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z'Y

V<O<O<

Page 9: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��G��)KQ@^JOK 6 ��BW;E�PhBD:�@^9;E �)KQ: �MB[V#��9fKQ<OR#�'< ` _;J KQ@=<OBDR5> GHG GHG GHGHG GHG-G GHG Y[Z �

��GjY �#<?>=LFESJOJOKMR;EFBD_;>�o,:=B 6 K 6 <OJ?<?@ 7 .f_;R;LF@=<OBDR5>�GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z �

��GjYDG?Y .I_5R;LF@=<OBDR�J?BDn ` VR��QES:AR G ` GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z �

��GjYDG p .I_5R;LF@=<OBDR�J?BDnM@=:=_;R;L ` VR G ` G GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z r

��G p ��BW;E�PhBD:��'< ` _;J K @^<OR5n @^9;E-+/:=_;R5L KQ@=ESW���BD: ` KMJg� <O>A@=:=< 6 _5@^<?BDR;> G GHG-G GHG Y[Z��

��G p G?Y o�:ABDnD:=K `�@^:=_5R;LSR;BM: ` LSB ` C;>SG ` GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z��

��G p G p .I_5R;LF@=<OBDR�` ES95J��&<?@=LN9 G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[ZMZ

��G p G � .I_5R;LF@=<OBDR�JOKMR;n �&<j@^LN9 G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pMq Y

��G p G r .I_5R;LF@=<OBDR�:�� �&<?@=LN9 G ` GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pMqQr

��G � ��BW;E�PhBD:��'< ` _;J K @^<OR5n @^9;EH��BD: ` KMJ � <?>A@=:=< 6 _5@^<?BDR;>0GHG GHG GHGHG GHG-G GHG pMq��

��G � G?Y o�:ABDnD:=K `�` VR;BD: ` KMJ?LSB ` C;>SG ` GHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pMq��

��G � G p .I_5R;LF@=<OBDR�` ES95JOR;BD: ` KQJ G ` GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pMq Z

��G � G � .I_5R;LF@=<OBDR�JOKMR;nDR5BD: ` KMJ G ` GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p Y p

��G � G r .I_5R;LF@=<OBDR�:��&R;BD: ` KMJ G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p Y �

��G r ��BW;E�PhBD:�@^95E ��95:=BDR;<?L�1 KM>�@^<?R;nX� <O>=ESKM>=EH� B'W;EFJ GHG GHG GHGHG GHG-G GHG p Y �

��G r G?Y .I_5R;LF@=<OBDR�C ` K �QES: � G ` GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p Y �

��G r G p .I_5R;LF@=<OBDR�C BD>�@=Ph_;R � R;BDC;< G ` G GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p Y Z

��G r G � o�:ABDnD:=K `�C;:=E V ` ES95J �Qn;G ` GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pDp Y

��G r G r .I_5R;LF@=<OBDR�` EF@=CfKM: �Qn;G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pDp r

��G r G � .I_5R;LF@=<OBDR�` EF@=CfKM: �MK5G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pDp \

��G � �'< ` _;JOKQ@^<?BDRa��BW;E�PhBD:��#BW;ESJ % KMJ?<OWfK @^<OBMR GHG-G GHGHG GHG GHGHG GHG-G GHG pDp Z

��G �'G?Y o�:ABDnD:=K `�nD:=BD_5C YS@^EF>A@SG ` GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p��Mq

��G �'G p .I_5R;LF@=<OBDR�>A< ` :=_;RgG ` GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p��Qr

��G �'G � .I_5R;LF@=<OBDR�` EF@=>=< ` �Qn5G ` G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG p�� �

< �

Page 10: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&EFPhES:AESR;LFES> G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG pQr��

Page 11: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � ����� � �

.�<?nD_;:=E

� GjY ��BDJ?BD:^KQW;B � ESES: ��KQ@^K ��RfKMJ 7 >=<O>a(�R;<?@=> KMLS:ABD>=>e@^95E >�@NKQ@=EMG +�9;E J KM:AnDES:

>ACfKQ@^<OKMJ _;R;<?@=>�KM:AE�@^9;E ���&(�>ST5@=9;E�> ` KMJOJ?ES:�_;R;<j@^>�KQ:=E n8K ` E ` KMR;KMnDE ` ESR8@

_;R5<?@^>FG GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG � Y

� G p !�:^KMC59 BQP�@=9;EdW;ES:A<?VQKQ@^<jVDEbBMP�� VDEF:=>=_5>��*GX�@^K 6 J?EbCUBD<?R8@^> � q T?Y � r � KM:=EbBMR

@=9;E���K �'<?>SG G GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG ���

� G � o,:=BMCUBD:�@^<?BDRbBMP W;ESEF: �&9;<OLN9b@^EF>A@ C BD>=<j@^<?VME 687 7 ESKM:,PhBD:,�&�&(�> r T �'TkKQR;WaY q G

+�9;Eb@=BM@NKMJ�R_ ` 6 EF: @^EF>A@^EFW <?>�>=9;B �&R <OR�@=9;E 6 KML �knD:=BM_;R;W T/KMJ?>=B 687�7 ESKM:SG

+�9;E C;:=BMCUBD:�@^<?BDR �&9;<OLN9 @^ES>�@ C BD>A<?@^<jVDEdW;EFLS:=ESKM>=EF>bKM>-@^9;EXRk_ ` 6 ES:-@^EF>A@^EFW

<?R;LS:AE KM>AES>ST KM>&W;BES>�@=9;E�VMKQ:=< K 6 <OJ?<?@ 7 G G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG r Z

� G r � ������������ ��������! #"$�% ����"&�'�(��)�!�����+*("-,-���! .�����(���/��0�����'�(1�2��!�( ���3�4��5�����'����"76��"&�'��89�;:=<�>@?BA ?DCE841F:5GH�! #"I��J&J7"K*("&�'���!�� �L�����'���M"&��"&�KC=89JN:)O��! #"I*� �#P��'2��Q���'"&RD�D6*("K��J7"S����/T89/+:VUEC=�! #"W�NR�"&�'��P�"X���!��%"K���'�(�@YZ��[�M��P��'����"�\L]^ #"M���'�(��_����/H ����`6���P��'���a�������'Kb#���M���!�( �_����! #"��F �!��"&�'�(��c ��KR�"51%"&"K���'J&��*("K/_��V ��NR�"5�.�Dbd���e2��RD��*02#"-��� ��"$���W��'/#"&����� ��(P �*0�(P ;�3�! �"$/��(fF"&�!"K��J7"g1%"&�@,�"&"K�S�! #"$�@,�h/��������'�(1+2d6�!�( ���&\ G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG � �

� G � ��BDR8@=BD_;: C;J?BM@ BQP_i 687kj G �#BD>�@bBMP�@=9;E VQKMJO_5ES> BLSLF_;:bKMJ?BDR;n�K 6 KMRfKMR;K>A9fKMC ESW):A<OW;nME BMPc95<OnD9eC;:AB 6 K 6 <OJO<j@ 7 G G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG �M\

�'<

Page 12: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� G � ��BDR8@=BD_;:�C;JOBM@=>�BMP�VQKM:A< K 6 JOE CfKQ<O:=>�PhBD:�@=9;E KMLSLFESC5@^KMR;LSEH>^K ` C;J?ES:FG�o,J?BM@ � K �

>A9;B �&>/@=9;E,nD:^KQC;9-BMP'@=9;E�KMLFLSESJ?ES:=KQ@^<?BDR.i VDEF:=>=_5>l@^95E ` B[VDE ` EFR8@lC;KM:^K ` EF@=ES:

� Glo�J?BM@ � 6 �g>=9;B �&> @^9;E�nD:=KMC;9-BMP@^9;E�JOBMR;n�@^EF: ` >A_;>A@^KM<ORfK 6 JOE,J?EFVDEFJ j VDEF:=>A_;>

� G-o,JOBM@ � L ��>=9;B �&>�@^95E nD:^KQC;93BMP-i VMES:=>A_;>�� >@?BA ? Tg@=9;E <?R;<?@=< KMJ C;:AEFVQKMJOEFR;LSE<?R �&�&( @^EFR G�o,JOBM@ � W ��>=9;B �&>�@=9;E nD:=KMC;9 BQP ��� A ? VDEF:=>A_;>�@^9;E�KMLSLFESJOEF:^KQ@=<OBDRi G,+�9;ES>AE nD:=KMC;9;>�<?R;W;<OLSKQ@^E�LFBD:=:AESJOKQ@^<?BDRaK ` BDR;n @^95EHC;KM:^K ` EF@=ES:A>SG�G-G GHG �MZ

� G � ��BDR8@=BD_;:&CfKM<?:�C;JOBQ@^>�BMP/@^95E VMKQ:=< K 6 JOEF>�PhBD:�@^95E-KMLSLFESC5@^KMR;LSEH>^K ` C;J?ES:FG,o,JOBM@

� K � >A9;B �&>c@^9;E�nD:^KQC;9 BMP;@=9;E�KQLSLSEFJOEF:^KQ@=<OBDRSiaVMES:=>A_;>c@^95E�<OR;<j@^<OKMJDC;:AEFVQKMJOEFR;LSE<?R �&�&(2i;VMEMT ��� A ? G�o�J?BM@ � 6 ��>=9;B �&>�@=9;E nD:=KMC;9 BQP*@^9;E�<OR;<j@^< KQJ;C;:=E VQKMJOEFR;LSEF>

� >@?BA ? KMR;W ��� A ? G)o,JOBQ@ �hL �H>A9;B �&> @^95E nD:=KMC;9 BQP)� >@?BA ? KMR;W ��� A ? G o,JOBM@ � W �

>A9;B �&>�@=9;E-nD:^KMC59#BMP ��� A ? VDEF:=>=_5>�@=9;E���� A ? G GHG-G GHGHG GHG GHGHG GHG-G GHG �Dq

r GjY olKM<O:-C;J?BM@-PhBD:HKMJOJ �MqDq��NqDqMq <j@^EF:^KQ@=<OBDR;>�BQP�@^9;EXCfKM:=K ` EF@^EF:=>.i2KMR;W j C5:=B �W;_5LSESW 687 @^95E�>A@^KMR;WfKQ:=W :=KMR;W;B ` ��KMJ ��>^K ` C;JOEF:SG/+�9;E�W;<?>A@=<OR;L @^<?VME 6 KMRfKMR;K

>A9fKMC Eb>=ESEFR <?R)@^95EdKMLSLFESC5@^KMR;LSEd>=K ` C5JOE <?> R;BM@ C;:=EF>=ESR8@SG +�9;EdKMJ?nDBD:A<?@^9 `

P KM<?JOEFW @^BdC;:=BW;_;LFE�@^9;E-LSBM:=:=EFLF@�W;<O>�@^:A< 6 _5@=<OBDR KQP @^EF: �MqDq��NqDqMq <?@=ES:^K @^<OBMR;>SG G \ q

r G p olKM<O:�C5JOBM@=>�PhBD:�KMJ?Jg<?@=ES:=KQ@^<?BDR;>�BQP/@=9;E�VQKM:=<OK 6 JOEF>�PhBD:�@=9;E�>A@^KMR;WfKQ:=Wa:^KMR5W;B `

��KMJ � >^K ` C;JOEF:SG +�9;E#KMJOnDBM:=<?@=9 ` P KM<OJ?ESW @^B C;:AB'W;_5LSEa@^9;EaLSBM:=:=EFLF@ W;<O>�@^:A<��

6 _'@^<OBMR KQP @^EF: �DqDq��NqMqDq <?@=ES:=KQ@^<?BDR;>SG o,JOBM@ � K � >A9;B �&> @=9;E3nD:=KMC;9 BMPH@^9;E

KMLFLSEFJOES:=KQ@^<?BDR i]VDES:A>=_;> @^9;E ` B VME ` ESR8@ CfKM:^K ` E @^ES: � G o�J?BM@ � 6 �d>A9;B �&>

@=9;E)nD:=KMC;9 BMP @^95E)JOBMR;n @=ES: ` >A_;>A@^KM<OR;K 6 JOE JOE VDEFJ j VDEF:=>A_;> � G o,J?BM@ � L �

>A9;B �&>&@=9;E nD:=KMC;9eBMP�i VDES:A>=_;>)� >@?BA ? T@^9;E�<OR;<j@^< KQJ C5:=EFVQKMJ?ESR;LFE <OR ���&( @=ESR G

o,JOBQ@ � W ��>A9;B �&>�@^95EHnM:^KMC;9aBMP ��� A ? VDEF:=>=_5>�@^95E KQLSLSEFJOEF:^KQ@=<OBDR�i G GHG-G GHG \5Y

�'<O<

Page 13: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G � olKM<O:HC;JOBQ@ BMP�KMJOJ�<?@=ES:=KQ@^<?BDR;>�PhBD: @=9;E C;KM:^K ` EF@=ES:A>Qi2KMR;W j C;:=BW;_;LFESW 687

@=9;E � KMR;nDE V'<?R >^K ` C;J?ES:SG +�9;E3W5<O>A@=<OR;L @^<jVDE 6 KQRfKMRfK >A9fKMC E3>=ESEFR <?R @^9;E

KMLFLSEFC5@NKMR5LSE >=K ` C;JOE�<?>�R5BM@�C;:=EF>=ESR8@SG�+�9;EH>A@^EFC)>A<��SE ��KM>�BMR @=9;E-BD:=W;EF:�BQP

Y�� Y q���� ? G +�9;EdKMJ?nDBD:A<?@^9 ` P KM<OJ?ESW @^B C;:AB'W5_;LSE @=9;E LFBD:=:AESLF@ W;<O>�@^:=< 6 _5@=<OBDR

KQP @=ES: �DqMq��NqDqDq <j@^EF:^KQ@=<OBDR;>FG�G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG \ �

r G r olKM<O:HC;JOBQ@ BMP�KMJOJ�<?@=ES:=KQ@^<?BDR;>�PhBD: @=9;E C;KM:^K ` EF@=ES:A>Qi2KMR;W j C;:=BW;_;LFESW 687

@=9;E�@^E ` C ES:=EFW�� KMR;nMEFV<ORa>^K ` C;J?ES:FG +�95EHW5<O>A@=<OR;L @^<jVDE 6 KMRfKQRfKb>=9fKMC EH>=ESEFR

<?R @=9;E KQLSLSEFC5@NKQR;LSE >=K ` C;JOEb<?> R;BQ@ C5:=ES>AESR8@ TcKMR;W @=9;EXLN9fKM<OR ��KQ> _;R;K 6 JOE

@=B VDEFRk@=_;:=EbP KM:�Ph:=B ` <?@=>�<?R;<?@=< KMJ*C BD>=<j@^<?BDR�KQ@�@^9;E BD:=<?nD<OR G�+�9;EbKMJ?nDBD:A<?@^9 `

P KM<?JOEFW�@=B C5:=BW;_;LSEa@^95E LFBD:=:AESL @ W;<?>A@=:=< 6 _5@^<?BDR KQP @^EF: �MqDq��NqDqMq <j@^EF:^KQ@=<OBDR;>FG

��BM@^E Ph:AB ` @=9;EaK �'ES> @=9fKQ@ @=9;EeLN9fKM<?R <O> @=<OnD98@=J 7 LSBDR5LSESR8@=:^KQ@=ESW R;E KM:b<j@^>

>�@NKM:�@^<OR5ndVQKMJ?_;E-KQ@�@=9;E-BD:=<?nD<OR G G GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG \ r

r G � olKM<O: C;J?BM@^>/BMPfKQJOJ8<?@=ES:=KQ@^<?BDR;> PhBD: @^9;E�VQKM:=<OK 6 J?ES>*PhBD:*@^9;E�@^E ` C ES:AESW �/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` G�+�9;EbKMJ?nDBD:=<j@^9 ` P KM<OJ?ESWa@^B C;:=BW;_;LFE @^95E LSBM:=:=EFLF@�W;<O>�@^:=< 6 _5@=<OBDR

KQP @=ES: �MqDq��NqDqMq <?@=ES:^K @^<OBMR;>SGlo,JOBM@�� K �l>A9;B �&>�@=9;E�nD:=KMC;9bBMPI@^95E&KMLSLFESJOEF:^KQ@=<OBDR

i VDES:A>=_;> @=9;E ` B[VDE ` ESR8@ CfKM:^K ` E @^ES: � G�o,JOBM@ � 6 �H>=95B �&> @=9;E nD:=KMC;9 BQP

@=9;E-JOBDR;n @=ES: ` >=_;>�@NKM<?RfK 6 J?E JOE VDEFJ j VDEF:=>=_5> � G�o,JOBM@ �hL ��>=95B �&>&@^95E�nD:^KMC59

BMP-i�VDEF:=>=_5>V� >@?BA ? TU@=9;E <OR5<?@^<OKMJ C;:AEFVQKMJ?ESR;LFE <OR3�&�&( @=ESR G�o,J?BM@ �hW ��>A9;B �&>

@=9;E-nD:^KMC59#BMP ��� A ? VDEF:=>A_;>�@=9;EHKMLSLFESJOEF:^KQ@=<OBDR i G G GHGHG GHG GHGHG GHG-G GHG \��

r G � (�R;<?VQKM:A< KQ@=E�R;BD: ` KQJ5W;EFR;>=<j@ 7 �&<?@=9 ` ESKMR �SEF:=B;TDVQKM:A< KMR;LFE�@^95:=ESEQGc� LS_5:=:=EFR8@

>�@NKQ@=Eb<O>�JOK 6 ESJOEFW�� G�+�9;Eb95<OnD9;EF: C;:AB 6 K 6 <?JO<j@ 7 KM:=ESK <O>�@=B @^9;E JOEFP @�BMP�@^9;E

LF_;:=:AESR8@�>�@NKQ@=EMTfJ?B ��ES:&C;:AB 6 K 6 <OJO<j@ 7 KM:=ESKM>�KM:=E�@^Bb@=9;E-:=<OnM9k@SG�GHGHG GHG-G GHG Z p

r G � +�9;E 6 <?VQKM:A< KQ@=E R;BD: ` KQJbW;<O>�@^:=< 6 _5@=<OBDR0@^:A_;R;LSKQ@^EFW"BDR� q � Y� �&<?@=9 ` E KMR

� q � � �Nq � � ����KMR;WaLSB[VQKM:A< KMR;LFE q � qMq Y����IG�GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Z��

�'<O<O<

Page 14: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G \ olKM<O:��&<O>=EXC;J?BM@^>-BMP�@^9;E ` ESKMR CfKM:^K ` E @^ES:A>�� > KMR;W�� � PhBD:�@^95EX@=:=_;R;LSKQ@^EFWR;BM: ` KMJ,W;<O>�@^:A< 6 _5@=<OBDR �&<j@^9 @=:=_;E ` E KMR � q � � �Nq � � � ��KMR5W @^:A_;EXLSB[VQKM:=<OKMR;LSE

q � qDq Y � � G�� K ��>A9;B �&>�\ �NqDqDq <j@^ES:=KQ@^<?BDR;> PhBD:�@^95E�<OR;<j@^< KQJIVQKMJ?_;E � q��Nq � � G�� 6 �

>A9;B �&> \ �NqMqDq <?@=ES:^K @^<OBMR;> PhBD: @^95EX>�@NKM:�@^<?R;neVMKQJO_;E � q �Nq � qDq Y � �*G � L � >A9;B �&>

\ �^qDqDq <j@^EF:^KQ@=<OBDR;>�PhBD:-@^95E >A@^KM:A@=<OR;n VQKMJO_;E � q � ���^q � r ��� G � W �H>=95B �&> \ �NqDqDq

<j@^ES:=KQ@^<?BDR;>�PhBM:�@^9;E->A@^KM:A@=<OR;nbVQKMJ?_;E � q � Y �Nq � \ � � G-G GHGHG GHG GHGHG GHG-G GHG ZDZ

r G Z o,JOBQ@^>�BQP*@^9;E J?BDn C BM@=ESR8@^<OKMJI>=L KQJOE :AESW;_;L @^<?BDR;> 687 @^9;BD_5>^KMR;We<j@^EF:^KQ@=<OBDR;>�PhBD:

@=9;E ` E KQR CfKM:=K ` EF@^EF:=>�� > KMR5W�� � PhBD:b@=9;E3�#���'+���>=< ` _;J KQ@=<OBDR BQP @^9;E

@=:=_;R;LSKQ@^EFW R;BM: ` KMJcW;<?>A@^:A< 6 _'@^<OBMR Gb+�9;EX>=BDJ?<OW3JO<?R;Eb>=95B �&>H@^9;Ed:AES>=_5J?@^>-PhBD:

� > T;@=9;E-W;BM@=@=ESW JO<?R;E >=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G�G GHGHG GHG GHGHG GHG-G GHG Y qMq

r GjY q o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E CfKM:=K ` EF@^EF:=>�� > KMR;W�� � PhBD:�@^95E�@^9;E�>=< ` _;J K @^<OBMR BMPg@^9;E p W;< ` ESR;>A<OBDR;KMJ@=:=_;R;LSKQ@^EFW�R;BD: ` KMJ�W;<?>A@^:A< 6 _'@^<OBMR G�+�9;E >ABDJO<?W JO<?R;EX<O> @=9;E �#���'+�� KMJ?nDB �

:A<?@^9 ` Tg@=9;EbWfKM>A9 ��W5BM@-<O> @=9;Ed� KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` TgKMR5W @=9;EbW;BM@A@^ESW JO<?R;E

<?> @=9;E�>�@NKMR;W;KM:=W :=KMR;W;B ` ��KMJ �IG�� K �,>=9;B �&>�@=9;E�:=ES>A_;J?@=>�PhBD:�� > G � 6 � >A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y q �

r GjYDY0o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E VQKM:=<OKMR;LFE BMP�@=9;E CfKM:=K ` EF@^EF:=>� > KQR;W� � PhBD: @=9;E @=9;E >=< ` _;JOKQ@^<?BDR BQP

@=9;E p W5< ` ESR;>A<OBDRfKQJ�@=:=_;R5L KQ@=ESW R;BD: ` KQJ W5<O>A@=:=< 6 _5@^<?BDR Ga+�9;E >ABDJO<?W J?<OR;EX<O>

@=9;EH�#� �+�� KQJOnDBD:A<?@=9 ` T8@=9;E-WfKM>=9 ��W;BM@&<?>�@^95E-�/KQR;nDEFV<?R#KQJOnDBD:A<?@=9 ` TKMR5W

@=9;EbW;BM@A@^ESW J?<OR;E <O>�@=9;Eb>A@^KMR;WfKM:AW :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&>�@^9;Eb:AES>=_5J?@^>

PhBD:�� > G � 6 ��>=9;B �&>&@^9;E-:AES>=_5J?@^>�PhBD:�� � G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y q��

�5<jV

Page 15: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r GjY p o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E#C;KM:^K ` EF@=ES:A> � > KMR;W�� � PhBD:b@^9;Ea@^9;E >=< ` _;JOKQ@^<?BDR BMP�@=9;E ��� W;< ` EFR �

>A<OBDRfKQJ�@^:A_;R;L K @^ESW R;BD: ` KQJ�W;<?>A@^:A< 6 _'@^<OBMR G +�9;Ed>ABDJO<?W3JO<OR5E <O> @=9;EX�#� �+��

KMJ?nDBD:A<?@^9 ` Tg@=9;EXWfKM>=9 ��W;BM@ <O>�@=9;E � KMR5nDEFV<OR KMJOnMBD:=<j@^9 ` T*KMR;W @^9;EXW;BM@A@^EFW

J?<OR;E <O>�@=9;Eb>A@^KMR;WfKM:AW :^KMR;W5B ` ��KMJ � G � K ��>=9;B �&>�@^9;Eb:AES>A_;J?@=>�PhBD: � > G � 6 �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y q �

r GjY � o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E VQKM:=<OKMR;LFE BMP�@=9;E CfKM:=K ` EF@^EF:=>� > KQR;W� � PhBD: @=9;E @=9;E >=< ` _;JOKQ@^<?BDR BQP

@=9;E ��� W5< ` ESR;>A<OBDRfKQJ/@=:=_;R;LSKQ@^EFW3R;BD: ` KMJ/W;<?>A@^:A< 6 _'@^<OBMR G�+�95Eb>=BDJ?<OW)J?<OR;E <O>

@=9;EH�#� �+�� KQJOnDBD:A<?@=9 ` T8@=9;E-WfKM>=9 ��W;BM@&<?>�@^95E-�/KQR;nDEFV<?R#KQJOnDBD:A<?@=9 ` TKMR5W

@=9;EbW;BM@A@^ESW J?<OR;E <O>�@=9;Eb>A@^KMR;WfKM:AW :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&>�@^9;Eb:AES>=_5J?@^>

PhBD:�� > G � 6 ��>=9;B �&>&@^9;E-:AES>=_5J?@^>�PhBD:�� � G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y q \

r GjY r o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KQR;W � � PhBD:�@^9;E-@^95E >A< ` _;JOKQ@^<?BDR BMPl@^9;E p W;< ` ESR;>A<OBDR;KMJU@=:=_;R;LSKQ@^EFWR;BM: ` KMJ&W;<O>�@^:=< 6 _5@=<OBDR G +�9;E)>ABDJO<?W J?<OR;Ea<O>d@^95E3�#���'+�� KMJ?nDBD:A<?@^9 ` T�@^9;E

WfKQ>=9 � W;BM@�<O>�@=9;E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFW#J?<OR;E�<?>�@^9;E->�@NKMR �

WfKQ:=Wb:^KQR;W;B ` ��KMJ �IG � K �l>=9;B �&>,@^95E�:=ES>A_;J?@=>cPhBD: � > G � 6 �l>A9;B �&>,@^9;E�:AES>=_5J?@^>

PhBD:�� � G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y q Z

r GjY �"o,JOBQ@^>-BMP�@=9;EXJOBDneC BM@^EFR8@^< KQJ,>=L KQJOEd:=EFW;_;LF@=<OBDR5> 687 @^< ` E PhBM:-@=9;EdVMKQ:=< KQR;LSE

BMP�@^9;EdCfKQ:^K ` EF@=ES:=> � > KMR;W � � PhBD:�@^95Ed@=9;EX>=< ` _;J KQ@=<OBDR)BMP�@=9;E p W;< ` EFR �>A<OBDRfKQJ�@^:A_;R;L K @^ESW R;BD: ` KQJ�W;<?>A@^:A< 6 _'@^<OBMR G +�9;Ed>ABDJO<?W3JO<OR5E <O> @=9;EX�#� �+��

KMJ?nDBD:A<?@^9 ` Tg@=9;EXWfKM>=9 ��W;BM@ <O>�@=9;E � KMR5nDEFV<OR KMJOnMBD:=<j@^9 ` T*KMR;W @^9;EXW;BM@A@^EFW

J?<OR;E <O>�@=9;Eb>A@^KMR;WfKM:AW :^KMR;W5B ` ��KMJ � G � K ��>=9;B �&>�@^9;Eb:AES>A_;J?@=>�PhBD: � > G � 6 �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG YDY q

�V

Page 16: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r GjY � o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=>�� > KMR;W � � PhBD:�@^9;E�@^9;E�>=< ` _;JOKQ@^<?BDRdBMPg@=9;E ��� W;< ` ESR5>=<OBMRfKMJ5@=:=_;R;LSKQ@^EFWR;BM: ` KMJ&W;<O>�@^:=< 6 _5@=<OBDR G +�9;E)>ABDJO<?W J?<OR;Ea<O>d@^95E3�#���'+�� KMJ?nDBD:A<?@^9 ` T�@^9;E

WfKQ>=9 � W;BM@�<O>�@=9;E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFW#J?<OR;E�<?>�@^9;E->�@NKMR �

WfKQ:=Wb:^KQR;W;B ` ��KMJ �IG � K �l>=9;B �&>,@^95E�:=ES>A_;J?@=>cPhBD: � > G � 6 �l>A9;B �&>,@^9;E�:AES>=_5J?@^>

PhBD:�� � G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG YDYMY

r GjY �"o,JOBQ@^>-BMP�@=9;EXJOBDneC BM@^EFR8@^< KQJ,>=L KQJOEd:=EFW;_;LF@=<OBDR5> 687 @^< ` E PhBM:-@=9;EdVMKQ:=< KQR;LSE

BMP�@^9;E CfKM:^K ` E @^ES:A> � > KMR;W � � PhBM:&@=9;E @=9;E >A< ` _5J KQ@=<OBDReBMP�@^9;E ��� W;< ` EFR �>A<OBDRfKQJ�@^:A_;R;L K @^ESW R;BD: ` KQJ�W;<?>A@^:A< 6 _'@^<OBMR G +�9;Ed>ABDJO<?W3JO<OR5E <O> @=9;EX�#� �+��

KMJ?nDBD:A<?@^9 ` Tg@=9;EXWfKM>=9 ��W;BM@ <O>�@=9;E � KMR5nDEFV<OR KMJOnMBD:=<j@^9 ` T*KMR;W @^9;EXW;BM@A@^EFW

J?<OR;E <O>�@=9;Eb>A@^KMR;WfKM:AW :^KMR;W5B ` ��KMJ � G � K ��>=9;B �&>�@^9;Eb:AES>A_;J?@=>�PhBD: � > G � 6 �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG YDY p

r GjY[\ o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E CfKQ:^K ` EF@=ES:=> � > KMR5W � � PhBD:-@^95EX@=9;E >A< ` _;JOKQ@^<?BDR3BMP�@=9;E @ ��B�W;< ` EFR �>A<OBDRfKQJlR;BM: ` KMJ W;<O>�@^:=< 6 _5@=<OBDR T �&<j@^9�LFBD:=:AESJ K @^<OBMR ��� q � \��MZ KMR;W3>A@=ESC3>A<��SEY � Y q�� � G#+�9;E >=BDJ?<OW J?<OR;EX<O>-@^95Ea�#� �+�� KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>=9 ��W;BM@ <O>

@=9;E�� KMR;nDE V<ORaKMJ?nDBD:=<j@^9 ` TkKMR;W @=9;E W;BQ@=@^EFWeJO<?R;E�<?>�@^95E >A@^KMR;WfKM:AWe:^KMR5W;B `

��KMJ �IG � K ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G�G GHG YDY �

r GjY[Z o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�VMKQ:=< KQR;LSE�BQPU@=9;E�CfKM:=K ` E @^EF:=> � > KMR;W � � PhBM:�@^9;E�@=9;E�>=< ` _;J K @^<OBMR BMP @^9;E@ ��B W;< ` EFR;>=<?BDRfKMJfR;BM: ` KMJfW;<O>�@^:A< 6 _5@=<OBDRgT �&<j@^9 LSBD:A:=ESJOKQ@^<?BDR ��� q � \��QZ KMR5W>�@^ESC >=<��FE Y�� Y q�� � Gc+�9;E�>=BDJ?<OWXJO<OR5E�<O>�@^9;E��#� �+�� KMJ?nDBD:=<j@^9 ` TM@=9;E�W;KM>=9 �W;BQ@ <?>-@=9;E �/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` T*KQR;W @=9;E W5BM@=@=ESW J?<OR;Ed<?>-@=9;EX>A@NKQR;WfKM:AW

:=KMR;W;B ` ��KMJ �IG � K � >A9;B �&>�@^95E�:=EF>=_;Jj@^> PhBD:�� > G � 6 ��>=9;B �&>�@=9;E�:AES>=_5J?@^> PhBD:�� � G YDY �

�'V<

Page 17: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G pMq o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJDW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LFBD:=:AESJ K @^<OBMR ��� q � \��MZ&KMR5W >�@^ESC >=< �SE&Y � Y q�� � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T�KMR;W @=9;E)W5BM@=@=ESW J?<OR;Ea<O>d@^95E�>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IG � K �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� > G � 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHGHG GHG-G GHG YDY �

r G p Y0o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�VMKQ:=< KQR;LSE�BQPU@=9;E�CfKM:=K ` E @^EF:=> � > KMR;W � � PhBM:�@^9;E�@=9;E�>=< ` _;J K @^<OBMR BMP @^9;E��� W;< ` ESR;>A<OBDR;KMJ R;BD: ` KMJ/W;<O>�@^:A< 6 _5@=<OBDRgT �&<j@^93LFBD:=:AESJ K @^<OBMR � � q � \��MZ KMR5W>�@^ESC >=<��FE Y�� Y q � � Gc+�9;E�>=BDJ?<OWXJO<OR5E�<O>�@^9;E��#� �+�� KMJ?nDBD:=<j@^9 ` TM@=9;E�W;KM>=9 �W;BQ@ <?>-@=9;E �/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` T*KQR;W @=9;E W5BM@=@=ESW J?<OR;Ed<?>-@=9;EX>A@NKQR;WfKM:AW

:=KMR;W;B ` ��KMJ �IG � K � >A9;B �&>�@^95E�:=EF>=_;Jj@^> PhBD:�� > G � 6 ��>=9;B �&>�@=9;E�:AES>=_5J?@^> PhBD:�� � G YDY \r G pDp o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR;W � � PhBD:&@^9;E-@^95E >=< ` _;JOKQ@^<?BDReBMPc@=9;E @ ��B W;< ` EFR;>=<?BDRfKMJ R5BD: ` KMJW;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=EFJ KQ@=<OBDR � � q � \��MZdKMR;W >A@^EFC)>A<��SEdY � Y q�� � G +�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG GHG GHGHG GHG-G GHG YDY Z

r G p�� o,JOBQ@^>-BMP�@=9;EXJOBDneC BM@^EFR8@^< KQJ,>=L KQJOEd:=EFW;_;LF@=<OBDR5> 687 @^< ` E PhBM:-@=9;EdVMKQ:=< KQR;LSE

BMP*@=9;E�C;KM:^K ` EF@=ES:A> � > KMR;W � � PhBM: @=9;E�@^95E�>=< ` _;JOKQ@^<?BDR BQP @^9;E�@ ��BbW;< ` EFR �>A<OBDRfKQJlR;BM: ` KMJ W;<O>�@^:=< 6 _5@=<OBDR T �&<j@^9�LFBD:=:AESJ K @^<OBMR ��� q � \��MZ KMR;W3>A@=ESC3>A<��SEY � Y q�� � G#+�9;E >=BDJ?<OW J?<OR;EX<O>-@^95Ea�#� �+�� KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>=9 ��W;BM@ <O>

@=9;E�� KMR;nDE V<ORaKMJ?nDBD:=<j@^9 ` TkKMR;W @=9;E W;BQ@=@^EFWeJO<?R;E�<?>�@^95E >A@^KMR;WfKM:AWe:^KMR5W;B `

��KMJ �IG � K ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G�G GHG Y pQq

�V<O<

Page 18: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G pQr o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR5W � � PhBM:-@=9;E @=9;EX>=< ` _;J KQ@=<OBDR3BQP�@^95E ��� W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJ

W;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=EFJ KQ@=<OBDR � � q � \��MZdKMR;W >A@^EFC)>A<��SEdY � Y q�� � G +�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG GHG GHGHG GHG-G GHG Y p Y

r G p �"o,JOBQ@^>�BMPg@=9;E�JOBDnHCUBQ@^ESR8@=< KMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:,@^9;E&VQKM:=<OKMR;LFE�BQP

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJDW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LFBD:=:AESJ K @^<OBMR ��� q � \��MZ&KMR5W >�@^ESC >=< �SE&Y � Y q � � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T�KMR;W @=9;E)W5BM@=@=ESW J?<OR;Ea<O>d@^95E�>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IG � K �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� > G � 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHGHG GHG-G GHG Y pMp

r G p�� o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJDW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LFBD:=:AESJ K @^<OBMR ��� q � ZDZ p KMR5W >�@^ESC >=< �SE&Y � Y q�� � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T�KMR;W @=9;E)W5BM@=@=ESW J?<OR;Ea<O>d@^95E�>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IG � K �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� > G � 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHGHG GHG-G GHG Y p r

r G p �"o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR5W � � PhBM:-@=9;E @=9;EX>=< ` _;J KQ@=<OBDR3BQP�@^95E ��� W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJ

W;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=EFJ KQ@=<OBDR � � q � ZMZ p KMR;W >A@^EFC)>A<��SEdY � Y q�� � G +�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG GHG GHGHG GHG-G GHG Y p �

�V<O<O<

Page 19: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G p \ o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�VMKQ:=< KQR;LSE�BQPU@=9;E�CfKM:=K ` E @^EF:=> � > KMR;W � � PhBM:�@^9;E�@=9;E�>=< ` _;J K @^<OBMR BMP @^9;E��� W;< ` ESR;>A<OBDR;KMJ R;BD: ` KMJ/W;<O>�@^:A< 6 _5@=<OBDRgT �&<j@^93LFBD:=:AESJ K @^<OBMR � � q � ZDZ p KMR5W>�@^ESC >=<��FE Y�� Y q�� � Gc+�9;E�>=BDJ?<OWXJO<OR5E�<O>�@^9;E��#� �+�� KMJ?nDBD:=<j@^9 ` TM@=9;E�W;KM>=9 �W;BQ@ <?>-@=9;E �/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` T*KQR;W @=9;E W5BM@=@=ESW J?<OR;Ed<?>-@=9;EX>A@NKQR;WfKM:AW

:=KMR;W;B ` ��KMJ �IG � K � >A9;B �&>�@^95E�:=EF>=_;Jj@^> PhBD:�� > G � 6 ��>=9;B �&>�@=9;E�:AES>=_5J?@^> PhBD:�� � G Y p �r G p Z o,JOBQ@^>�BMPg@=9;E�JOBDnHCUBQ@^ESR8@=< KMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:,@^9;E&VQKM:=<OKMR;LFE�BQP

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJDW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LFBD:=:AESJ K @^<OBMR ��� q � ZDZ p KMR5W >�@^ESC >=< �SE&Y � Y q � � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T�KMR;W @=9;E)W5BM@=@=ESW J?<OR;Ea<O>d@^95E�>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IG � K �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� > G � 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHGHG GHG-G GHG Y p �

r G �Dq o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�CfKM:^K ` E @^ES:A> � > KMR;W � � PhBM: @^9;Ec@=9;E,>=< ` _;J K @^<OBMR BMPk@^9;E pQqDq W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJDW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LFBD:=:AESJ K @^<OBMR ��� q � ZDZ p KMR5W >�@^ESC >=< �SE&Y � Y q�� � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T�KMR;W @=9;E)W5BM@=@=ESW J?<OR;Ea<O>d@^95E�>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IG � K �

>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� > G � 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHGHG GHG-G GHG Y p \

r G � Y0o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR;W � � PhBD:�@=9;E @=9;E >A< ` _5J KQ@=<OBDRaBMPc@=9;E pQqDq W;< ` EFR;>=<?BDRfKMJ*R5BD: ` KMJW;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=EFJ KQ@=<OBDR � � q � ZMZ p KMR;W >A@^EFC)>A<��SEdY � Y q�� � G +�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG GHG GHGHG GHG-G GHG Y p Z

�5< �

Page 20: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G �8p o,JOBQ@^>�BMP @^95E KQLSLSEFC5@NKQR;LSEH:^KQ@=ES> 687 W;< ` EFR;>=<?BDR PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E�R5BD:��

` KMJ >=< ` _;J KQ@=<OBDR �&<?@=9 LSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p KQR;W >A@=ESC�>=< �SE3Y � Y q�� � G+�9;E�>=BMJO<OWbJ?<OR;E�<O>c@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` T @^9;E&WfKM>A9 ��W5BM@ <O>c@^95E&�/KQR;nDEFV<?R

KMJ?nDBD:A<?@^9 ` T'KMR;We@^95EHW5BM@=@=ESW JO<OR5E <O>�@^95EH>�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ �IG�G-G GHG Y � Y

r G ��� o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJ�W5<O>A@=:=< 6 _5@^<?BDR T��&<?@=9 LSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p T,KQR;W >A@=ESC�>=< �SE#Y �Y q � � G�+�9;E >ABDJO<?W J?<OR;EX<O>H@^9;Ea� � �'+�� KQJOnDBD:A<?@=9 ` T @^95E WfKM>A9 ��W5BM@b<O>H@^9;E

� KMR;nMEFV<ORHKMJ?nDBD:=<j@^9 ` T KQR;W�@^9;E,W;BQ@=@^EFW-JO<OR5Ec<O>g@=9;E�>A@^KMR;WfKM:AW-:^KMR;W5B ` ��KMJ �IG

� K ��>=9;B �&>&@^9;E-:AES>=_5J?@^>�PhBD:�� > G � 6 ��>=9;B �&>�@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G G GHG-G GHG Y ���

r G �Mr o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR5W � � PhBM:-@=9;E @=9;EX>=< ` _;J KQ@=<OBDR3BQP�@^95E ��� W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJ

W;<?>A@=:=< 6 _5@^<?BDR T �&<?@=9eLSBD:A:=ESJOKQ@^<?BDR ��� q � ZDZ p T5KMR5We>A@^EFCe>=< �SE Y �3Y q � � G,+�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�� � G GHG GHG GHGHG GHG-G GHG Y �Qr

r G � �"o,JOBQ@^>�BMPc@^95E JOBMn C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR;> 6k7 9k_;R;W;:AESW3<j@^ES:=KQ@^<?BDR;>�PhBD:

@=9;E�CfKM:=K ` E @^EF:=> � > KMR5W�� � PhBM:�@^9;E�@^9;E�>A< ` _;JOKQ@^<?BDRHBMPI@^9;E ��� W;< ` ESR;>A<OBDR;KMJR;BM: ` KMJ�W5<O>A@=:=< 6 _5@^<?BDR T��&<?@=9 LSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p T,KQR;W >A@=ESC�>=< �SE#Y �Y q���� G�+�9;E >ABDJO<?W J?<OR;EX<O>H@^9;Ea� � �'+�� KQJOnDBD:A<?@=9 ` T @^95E WfKM>A9 ��W5BM@b<O>H@^9;E

� KMR;nMEFV<ORHKMJ?nDBD:=<j@^9 ` T KQR;W�@^9;E,W;BQ@=@^EFW-JO<OR5Ec<O>g@=9;E�>A@^KMR;WfKM:AW-:^KMR;W5B ` ��KMJ �IG

� K � >A9;B �&>�@^9;E :AES>A_;J?@=>�PhBD: � > G�� 6 � >A9;B �&>�@^9;E�:=ES>A_;J?@=>�PhBD: @^9;E�VQKM:A< KMR5LSE�BQP

� > G3GHG GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � �

� �

Page 21: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G ��� o,JOBQ@^>-BMP�@=9;EXJOBDnaC BM@^EFRk@=< KMJ,>AL KMJ?E :AESW;_5LF@^<?BDR;> 687 @^< ` E PhBD:�@^95E CfKQ:^K ` E��

@=ES:=> � > KMR5W � � PhBM:-@=9;E @=9;EX>=< ` _;J KQ@=<OBDR3BQP�@^95E ��� W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJ

W;<?>A@=:=< 6 _5@^<?BDR T �&<?@=9eLSBD:A:=ESJOKQ@^<?BDR ��� q � ZDZ p T5KMR5We>A@^EFCe>=< �SE Y �3Y q���� G,+�95E>ABDJO<?W J?<OR;E�<O>�@^9;E �#���'+�� KMJOnDBM:=<?@=9 ` T@=9;E-WfKM>=9 ��W;BM@�<?>&@=9;EH� KMR;nDE V'<?R)KQJ��

nDBM:=<?@=9 ` TDKMR;Wd@^95E�W;BM@=@=ESWXJO<?R;E�<?>c@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � G � K ��>A9;B �&>

@=9;E-:=ES>A_;J?@=>�PhBD:�� > G�� 6 ��>A9;B �&>�@=9;E-:=ES>A_;J?@=>�PhBD:�@^9;E�VQKM:A< KMR;LFE�BMP � > G G GHG Y ���

r G � � +�< ` E#C;JOBM@=> BMP�@^9;E�C;KM:^K ` EF@=ES:A>S� >@?BA ? KMR;WT��� A ? PhBD: @=9;E �)KQ: �MB[V LN9fKM<?R

>A< ` _;JOKQ@^<?BDR G � K ��>=9;B �&> @=9;E C;J?BM@HBMP5� >@?BA ? 6k7 <?@=ES:=KQ@^<?BDR G � 6 �H>A9;B �&> @^9;E

C;J?BM@&BMP ��� A ? 6k7 <?@^EF:^KQ@=<OBDRgG4G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y rDq

r G � \"+�< ` E C5JOBM@=> BMP @^9;EbCfKQ:^K ` EF@=ES:=>V��� A ? KQR;W � PhBD: @=9;EX�)KM: �MB[V3LN9fKM<?R >=< ` �

_;JOKQ@^<?BDR G � K � >=9;B �&>b@^9;EeC;KM:^K ` EF@=ES:h��� A ? 687 <j@^EF:^KQ@=<OBDR G � 6 � >=9;B �&>d@^9;E

CfKQ:^K ` EF@=ES: � 687 <j@^ES:=KQ@^<?BDR G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y r Y

r G � Z"+�< ` E C;JOBQ@^>dBMP @=9;E)CfKQ:^K ` EF@=ES:=>Zi KQR;W j PhBD:d@^9;E��)KM: �MB[V LN9;KM<OR >=< ` �

_;JOKQ@^<?BDR G @ <?>XR5BM@ LFJOESKM:bPh:=B ` @=9;ES>AE)C;J?BM@^>b@^9;KQ@ @=9;E LN9fKM<OR 9fKM>X:=ESKMLN9

>�@NKQ@=<OBDRfKQ:=<?@ 7 G � K �b>=9;B �&> @=9;E CfKM:^K ` E @^ES: i]VDEF:=>A_;> @^95E#<j@^ES:=KQ@^<?BDR G � 6 �

>A9;B �&>�@=9;E-CfKM:^K ` E @^ES: j VMES:A>=_;>�@^9;E-<?@=ES:=KQ@^<?BDR G GHGHG GHG GHGHG GHG-G GHG Y r��

r G r8q ��BDR8@=BD_;: C5JOBM@ BMP�@=9;E W 7 RfK ` <?L CfKQ:^K ` EF@=ES:=>Wi 687Tj PhBD: p � q��NqDqMq <j@^ES:=K �@=<OBDR;>�BMP @=9;E-�)KM: �MB[V LN9;KM<OR >A< ` _5J KQ@=<OBDR G +�9;E�LFBDR8@^BD_5:�C;J?BM@�<?>�E �'@=:=E ` EFJ 7

LFJOBD>AE @^B @=9;EbKMLFLSESC'@NKMR;LFEd>^K ` C;JOEF:�C;J?BM@ <?R)ifnD_5:=E � G � KMR;W3C5:=BW;_;LSEF> @^9;E

W;<?>A@=<OR;L @^<?VME 6 KMRfKQRfKX>A9fKMC ESW :=<?W;nDEMGGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y rMr

� �'<

Page 22: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

r G r Y ��BDR8@=BD_;:HC;JOBM@=>�C;:=BW;_;LFESW 6k7 p � q��NqDqMq <?@^EF:^KQ@=<OBDR5> BMP�@=9;E �)KM: �MB[V LN9fKM<?R

>A< ` _;JOKQ@^<?BDR G +�9;E JOKM:=nMEHRk_ ` 6 EF:�BMP�CUBM<OR8@^>�C;:=BW;_;LFES>�K > ` BBM@^9;EF:&< ` KMnDE

@=9fKMR�@^9;EaLSBMRk@=BD_;:d< ` KMnDE C;:=BW;_;LFESW 687 @=9;E KMLSLFESC5@^KMR;LFE)>^K ` C;J?ES:FG � K �

>A9;B �&>�@^95E�CfKQ:^K ` EF@=ES:=> � VMES:=>A_;>�i G � 6 �,>=95B �&> @^9;E�CfKM:=K ` EF@^EF:=> � VDEF:=>A_;>

j G � L ��>=9;B �&>�@^9;E&CfKQ:^K ` EF@=ES:=>^i)VMES:A>=_;>�� >@?BA ? G �hW ��>=9;B �&>�@^9;E&CfKQ:^K ` EF@=ES:=>

i VMES:=>A_;>g��� A ? G0G GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y r �

r G rkp ��BDR8@=BD_;:HC;JOBM@=>�C;:=BW;_;LFESW 6k7 p � q��NqDqMq <?@^EF:^KQ@=<OBDR5> BMP�@=9;E �)KM: �MB[V LN9fKM<?R

>A< ` _;JOKQ@^<?BDR G +�9;E JOKM:=nMEHRk_ ` 6 EF:�BMP�CUBM<OR8@^>�C;:=BW;_;LFES>�K > ` BBM@^9;EF:&< ` KMnDE

@=9fKMR�@^9;EaLSBMRk@=BD_;:d< ` KMnDE C;:=BW;_;LFESW 687 @=9;E KMLSLFESC5@^KMR;LFE)>^K ` C;J?ES:FG � K �

>A9;B �&> @^9;EXCfKM:=K ` EF@^EF:=>Wi VMES:A>=_;>e��� A ? G � 6 ��>=9;B �&>H@^9;E CfKM:^K ` E @^ES:A>_��� A ?VMES:=>A_;> � >@?BA ? G � L ��>=9;B �&>�@^9;E&CfKQ:^K ` EF@=ES:=>c��� A ? VMES:A>=_;>�� >@?BA ? G �hW ��>=9;B �&>�@^9;E

CfKQ:^K ` EF@=ES:=>)��� A ? VMES:=>A_;>g��� A ? GgGHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y r��

r G r�� o,JOBQ@�BQPg@^95E�C BM@^EFR8@^< KQJf>=L KQJOE�:=ESW5_;LF@=<OBDR 6k7 <j@^EF:^KQ@=<OBDRbPhBD:�E KQLN9 CfKM:=K ` E @^EF:SG

+�9;E&WfKQ>=9;EFW JO<?R;E�>A9;B �&> @=9;E&:=ES>A_;J?@=>�BMPI@^9;E&>A@^KMR;WfKQ:=WX:^KMR;W5B ` ��KMJ �IGc+�95E

>ABDJO<?W)JO<?R;E >A9;B �&> @^9;E :=ES>A_;J?@=>�PhBD:�KQJOnDBD:A<?@=9 ` r G r G�+�9;E nM:^KMC;95> <OJ?JO_;>�@^:^K @^E

6 BM@^9 @^9;E C B'BD:bC ES:�PhBD: ` KMR;LFE#BQP�@^95E#>�@NKMR;W;KM:=W :^KMR;W5B ` ��KQJ ��KMR;W @^9;E

LFBDR8VDES:AnDESR5LSE�@=B >�@NKQ@=<OBDRfKQ:=<?@ 7 BMP r G r G � K �c>A9;B �&>�@^95E�:AES>A_;J?@=> PhBD:3� >@?BA ? G � 6 �

>A9;B �&> @^95EX:AES>A_;J?@=>HPhBD:V��� A ? G �hL � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>-PhBD:V��� A ? G � W �->A9;B �&>

@=9;Ed:=ES>A_;J?@=>�PhBD:Mi�G �hE � >=9;B �&>-@^9;Ed:AES>=_5J?@^>�PhBD: j G �hP�� >=9;B �&>-@^9;Ed:AES>=_5J?@^>

PhBD: � G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y r \

� �'<O<

Page 23: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�'GjY .�<j@=@=ESW)VQKMJ?_;ES>�KQR;W3LSBD:A:=EF>=C BDR;W;<?R;n Ph:=EFm_5ESR8@^<?>A@HLSBDR'ifW;ESR5LSEb<OR8@=ES:AVQKMJ?>�PhBD:

@=9;E C;:ABDCUBM:A@^<?BDR BMP�<OR5PhEFLF@=ESW�W;EFES: <?R#@=9;E EFR;W;E ` <OL :=EFnD<OBDRgT 6 KQ>=ESW3BMR)@^9;E

LFB ` C BDR;EFR8@ � �&<?>=E ` ESW;<OKMR BMP&@=9;EeCUBM>A@^EF:=<?BD: >^K ` C;J?EMG � ESC;<?LF@=ESW�KM:AE � K �

�&�&( r T*KQR;W � 6 �����&( �G � 6 >AES:�VDESW C;:AEFVQKMJOEFR;LSEF>-KM:=E W;ESR;BQ@^ESW �&<j@^9 � T

Z���� LFBDR5ifW;EFR;LSEd<?Rk@=ES:�VMKQJO>�KM:AE W;EFR;BM@^EFW 6k7�� KMR;W�@=9;EbC;:AESW;<?LF@^EFW3VMKQJO_;E

<?>�W;ESR;BQ@^ESW 687�� G GHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � r

�'G p .�<j@=@=ESW)VQKMJ?_;ES>�KQR;W3LSBD:A:=EF>=C BDR;W;<?R;n Ph:=EFm_5ESR8@^<?>A@HLSBDR'ifW;ESR5LSEb<OR8@=ES:AVQKMJ?>�PhBD:

@=9;E C;:ABDCUBM:A@^<?BDR BMP�<OR5PhEFLF@=ESW�W;EFES: <?R#@=9;E EFR;W;E ` <OL :=EFnD<OBDRgT 6 KQ>=ESW3BMR)@^9;E

LFB ` C BDR;EFR8@ �&<O>AE ` EFW;< KMR BMP&@^9;EeC BD>A@=ES:A<OBD: >^K ` C;JOEQG � ESC;<?LF@^EFW�KM:=E � L �

�&�&(0Y q TkKMR;W �hW �,���&( p �G�� 6 >=EF:AVDEFW C;:AEFVQKMJ?ESR;LFES>�KM:=E�W;EFR;BM@=ESW �&<?@^9 � T

Z���� LFBDR5ifW;EFR;LSEd<?Rk@=ES:�VMKQJO>�KM:AE W;EFR;BM@^EFW 6k7�� KMR;W�@=9;EbC;:AESW;<?LF@^EFW3VMKQJO_;E

<?>�W;ESR;BQ@^ESW 687�� G GHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y ���

�'G � .�<j@=@=ESW)VQKMJ?_;ES>�KQR;W3LSBD:A:=EF>=C BDR;W;<?R;n Ph:=EFm_5ESR8@^<?>A@HLSBDR'ifW;ESR5LSEb<OR8@=ES:AVQKMJ?>�PhBD:

@=9;E C;:ABDCUBM:A@^<?BDR BMP�<OR5PhEFLF@=ESW�W;EFES: <?R#@=9;E EFR;W;E ` <OL :=EFnD<OBDRgT 6 KQ>=ESW3BMR)@^9;E

LFB ` C BDR;EFR8@ �&<O>AE ` EFW;< KMR BMP&@^9;EeC BD>A@=ES:A<OBD: >^K ` C;JOEQG � ESC;<?LF@^EFW�KM:=E � E �

�&�&( rDr G�� 6 >AES:�VDESW3C5:=EFVQKMJ?ESR;LFES>�KQ:=E W5ESR;BM@=ESW �&<j@^9 � TgZ���� LSBDR5i;W;ESR;LFE

<?Rk@=ES:�VMKQJO>&KM:AE�W;ESR;BQ@^ESW 687�� KMR;Wa@^9;E-C;:AESW;<?LF@=ESWaVMKQJO_;E�<?>�W;ESR;BQ@^ESW 687�� G0Y � �

�'G r o,:=EFW;<OL @^EFW#C;:AEFVQKMJ?ESR;LFES>�Ph:=B ` Y[Z�� � @=B pDp � q T5PhBD:�KMJ?J �&�&(�> 6 KM>AESW BDRe@^9;E

` ESW;<OKMRaLS_;:�VDE 6 KM>AESW BDR @=9;E-CUBM>A@^EF:=<?BD:&�)KM: �MB[VaLN9fKM<?R#>=K ` C;JOEQG�GHG-G GHG Y ���

�'G � �'BMJO<OW#JO<?R;E <?>�@=9;E ` ESW;<OKMR#@=:^KML �aPhBD:�C5:=EFVQKMJ?ESR;LFE 6 KM>AESW BDR)@=9;E C BD>A@=ES:A<OBD:

�)KQ: �MB[V LN9fKM<?R#>=K ` C;JOE ��� � �DqMq��NqDqDq � G���KM>A9;ESW#JO<OR5ES>�:=EFC;:=EF>=EFRk@ CUBD<?R8@ �

�&<?>=E�Z���]LS:=EFW;< 6 JOE <OR8@^EF:AVQKMJO> 6 KM>AESWbBDR �)KM: �MB[V LN9fKQ<OR >=K ` C;JOEQG � K �/>A9;B �&>

�&�&( � G � 6 �H>A9;B �&>b���&( r G � L �H>=95B �&> ���&( Y � T �&95<OLN9 6 BD:=W5ES:=>H@^9;E

EFR;W;E ` <OL�:AESnD<?BDR G��hW ��>=9;B �&>����&(4Y �'G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y �Q\

� �'<O<O<

Page 24: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � � �

+lK 6 JOE

� GjY ��ES<OnM9 6 BD:A9;B'BW :=EFJ KQ@=<OBDR;>A9;<OC5> 6 EF@ ��ESEFR0�&�&(�>SG � <OnD<j@^>e:=E PhES:a@^B ���&(

Rk_ ` 6 ES:&<?R#.l<OnD_;:AE � GjYDG GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG r8q

� G p ��ES<OnM9 6 BD:A9;B'BW :=EFJ KQ@=<OBDR;>A9;<OC5> 6 EF@ ��ESEFR0�&�&(�>SG � <OnD<j@^>e:=E PhES:a@^B ���&(

Rk_ ` 6 ES:&<?R#.l<OnD_;:AE � GjYDG GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG r Y

� G � Z���� ��K 7 ES>A< KMR�LF:=EFW;< 6 J?E <?R8@^ES:�VQKMJO>FTUC BD>A@=ES:A<OBD:�ES>�@^< ` KQ@=ES>STUKMR;W ` BW;EF>�PhBD:

@=9;E ` KQ:=nD<?RfKMJkCUBM>A@^EF:=<?BD:cW;EFR;>=<j@^<OEF>,>=< ` _;J K @^ESW _;>=<?R;n @^9;E&KQLSLSEFC5@NKQR;LSE&>^K ` �

C;J?ES:FG,��JOJUVMKQJO_;EF>�9fK VDE 6 EFESR ` _;J?@=<OC;J?<OESW 687 Y qDq G GHGHG GHG GHGHG GHG-G GHG ���

r GjY % KMJ?_;ES>,BQPU@=9;E�$-BMJ ` BDnDBD:AB V ��� ` <?:=R;B[V�@=ES>A@�>�@NKQ@=<O>�@^<OL&KQR;Wb@^9;E&LSBM:=:=EF>=C BDR;W �

<?R;n-� � VQKMJO_5ES>/LSB ` CfKM:A<OR;n�@^95E�KMLFLSESC'@NKMR;LFE�>=K ` C5JOE �&<?@^9-@^95E��)KM: �MB[VHLN9fKM<?R>=K ` C5JOE PhBD:�ESKMLN9#C;KM:^K ` EF@=ES:FG G GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y r Z

r G p Z���� ��K 7 EF>=< KQR)LS:AESW;< 6 JOE-<?Rk@=ES:�VMKQJO>&KMR;W)�#BDR8@=E ��KM:AJOBdES>�@^< ` KQ@=ES>�PhBD:&C BD>��

@=ES:=<?BD:dW;ESR5>=<?@ 7 Ph:AB ` @^95E3�)KM: �MB[V LN9fKM<?R >=< ` _;JOKQ@^<?BDR G���J?J�VMKQJO_;EF> 9fK VME

6 ESEFR ` _5J?@^<?C;JO<?ESW 687 Y qDq G G GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � q

�'GjY �&ES>A_;J?@=> BMP @^95E nD:ABD_;C � >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q �T�i � q � Y q T j �q � � q T KMR5W � � q � q YDG�% KMJ?_;ES>�KM:AEH@=9;E K[VMES:=KMnDE :AES>A_;J?@�BMP � q C;>AES_;W;B WfKQ@NK>AEF@^>FG G GHGHG GHG GHGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y �Qr

�'G p �&ES>A_;J?@=> BMP-@^9;E)nD:=BD_5C r >=< ` _;J KQ@=<OBDRgT �&<?@=9 � >�A ? � q � q �'T)� � A ? � q � q YDTi � q � Y q T j � q � q �T KMR;W � � q � q YDG ��JOJ BMP,@=9;E @^:A_;E CfKQ:^K ` EF@=ES:�VQKMJ?_;ES>KM:AEbL KMC'@^_;:AESW 687 @^95EbLS:=EFW;< 6 JOE <?Rk@=ES:�VMKQJO>SG�% KMJ?_;ES> KM:=EdK VDEF:^KMnMESW B[VDES: � q

C;>AES_;W5B WfKQ@^Kb>=EF@=>SGaGHG G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y � �

� �'<jV

Page 25: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� GjY ��LSLSEFC5@NKQR;LSE :^KQ@=ES>�PhBD:�@^95E ` _;J?@=<?VQKM:=<OKQ@^E&@^:A_;R;LSKQ@^EFW#R;BM: ` KMJ W;<?>A@^:A< 6 _'@^<OBMR G Y[\ �

� G p ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � \��MZ5G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q�� � G,G GHG Y[\ r

� G � ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � \��MZ5G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q�� � G,G GHG Y[\ r

� G r ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � \��MZ5G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q ��� G,G GHG Y[\��

� G � ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � Z�� q G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q � � G,G GHG Y[\��

� G � ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � Z�� q G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q � � G,G GHG Y[\��

� G � ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � Z�� q G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q ��� G,G GHG Y[\ �

� G \ ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � ZMZ p G,+�9;EH>A@=ESC;>�>=< �SE�<O>�Y � Y q�� � G GHG Y[\ �

� G Z ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � ZMZ p G,+�9;EH>A@=ESC;>�>=< �SE�<O>�Y � Y q�� � G GHG Y[\ �

� GjY q ��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � ZMZ p G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q � � G,G GHG Y[\��

� GjYDYb��LSLSEFC5@NKQR;LSE�:^KQ@=ES>,PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:,@^9;E ` _;Jj@^<jVMKQ:=< K @^E�R5BD: ` KMJ;W;<?>��

@=:=< 6 _5@^<?BDR �&<?@=9 LFBD:=:AESJOKQ@^<?BDR ��� q � ZMZ p G,+�9;EH>A@=ESC >=<��FE-<O>�Y � Y q���� G,G GHG Y[\��

��GjY �&ES>A_;J?@=> BMP @^95E nD:ABD_;C Y >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q �T�i � q � Y q T j �q � q �'T;KMR;W � � q � q YDG G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\M\

� �V

Page 26: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��G p �&ES>A_;J?@=> BMP @^95E nD:ABD_;C p >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q �T�i � q � Y q T j �q � Y �'T;KMR;W � � q � q YDG G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[\MZ

��G � �&ES>A_;J?@=> BMP-@^9;E)nD:=BD_5C � >=< ` _;J KQ@=<OBDRgT �&<?@=9 � >�A ? � q � q �'T)� � A ? � q � q YDTi � q � Y q T j � q � Y �'T;KMR;W � � q � q YDG G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z q

��G r �&ES>A_;J?@=> BMP-@^9;E)nD:=BD_5C � >=< ` _;J KQ@=<OBDRgT �&<?@=9 � >�A ? � q � q �'T)� � A ? � q � q YDTi � q � Y q T j � q � � q T;KMR;W � � q � q YDG G GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z q

��G � �&ES>A_;J?@=> BMP @^95E nD:ABD_;C �a>A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q YMT�i � q � Y q T j �q � q �'T;KMR;W � � q � q YDG G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z'Y

��G � �&ES>A_;J?@=> BMP @^95E nD:ABD_;C \ >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q YMT�i � q � Y q T j �q � Y �'T;KMR;W � � q � q YDG G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z'Y

��G � �&ES>A_;J?@=> BMP @^95E nD:ABD_;C Z >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q YMT�i � q � Y q T j �q � � q T;KMR;W � � q � q YDG G G-GHG GHG GHGHG GHG GHG-G GHGHG GHG GHGHG GHG-G GHG Y[Z p

Y

Page 27: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� ���������� ���������

��R5E�BMPI@^9;E ` BD>�@�P KM>ALS<?RfKQ@^<?R;n�KMR5Wb< ` CUBD:�@NKMR8@ 6 :^KQR;LN9;ES>�BMPIC BDC;_5J KQ@=<OBDR 6 <OBDJ?BDn 7 <?>

@^95E ` BW;ESJ?<OR;nbBMPlLSBMRk@^KMnD<?BD_;>&C;9;EFR;B ` ESR;BDRgTfBD:&ESC;<?W;E ` <OLF>SG�+�9;EH>A@^_5W 7 BMPcEFC;<OW5E ` <OLS>

<O>�<OR8@^EFnD:^KQJl@^B @^9;Eb>A_;:AV<?VQKMJ/BMP 9k_ ` KMR;<?@ 7 G�+�9;EbC BM@^EFRk@=< KMJ/< ` CfKML @�BQP�K W;<O>AE KM>AEdKM> <?@

` B VMES>�@=9;:=BD_5nD9eK >AB'LF<OEF@ 7 L KQR 6 E�Ph:A<OnD98@=ESR;<?R;n;G,.fBD: E��5K ` C;JOEQT5<?R PhBD_;:�@^ESEFR8@^9eLSEFR8@^_;: 7

�,_;:=BMCUEQT p � ` <?JOJ?<OBDR C ESBMC;JOE&W;<?ESW Ph:AB ` @^95E���JOKML �X� E KQ@=9 �hC;_;J ` BDR;KM: 7 C5J KMnD_5EMTkBD_5@�BMP

K C BDC;_5J KQ@=<OBDR BMP�K 6 BD_5@ Y qDq ` <?JOJO<?BDR G ��R�EF>A@=< ` KQ@^EFW�9fKMJjPcBMPc@=9;E � G � ` <OJ?JO<?BDR � � @^EFLS>

W;<?ESW3Ph:=B ` > ` KMJOJ?CUB �UG �#BD:=Ed:AESLSEFR8@^J 7 T <OR Y[Z5Y Z5T ` BM:=E @=9fKMR pMq ` <?JOJ?<OBDRaC ESBDC;J?EbW;<OEFW

nDJ?B 6 KMJ?J 7 <OR-@^9;E <OR ;_;ESR �SK�CfKQR;W;E ` <OL � ��� T � r G/+lBWfK 7 T @^9;EF:=E�<O> �&<OW;EF>=C;:AE KMW K ��KM:AESR;EF>=>KMR;W)KQ@=@=ESR8@^<?BDR nD<?VMESR#@=B W;<?>=ESKM>=EF>�>=_5LN93KM>�����-� � � p T ��� TUKM> ��EFJOJ/KM>�R;BDR � <OR5PhEFLF@=<OBD_;>

<OJ?JOR;EF>=>AES>/>=_;LN9XKM>l9;E KM:�@cW;<?>=ESKM>=E�KMR;W LSKMR;LSEF:SGc+�95ES:=E�KM:=E�KMJO>AB �&<OW5ES>=C5:=E KQWbL KM>AES>cBMPIJ?ES>A>

nDJOK ` BM:=BD_;>,W5<O>=ESKM>=EF>�>=_5LN9eKM> ` KMJOKM:=<OK5T �&9;<?LN9 9fKM>�KMR EF>A@=< ` KQ@^EFW � � q ` <OJOJ?<OBDR L KM>AES>�<?R

ESR5W;E ` <OL-KM:AE KM> � ��� T � r G+�9;E C BM@=ESR8@^<OKMJcW;E VMKQ>A@NK @^<OBMR @=9fKQ@HL KQR 6 E LSKM_;>AESW 687 KMR <OR'PhESLF@=<OBD_5>�W;<O>AE KM>AE 9fKQ>

L KQ_;nD98@,@^9;E�KQ@=@=ESR8@^<?BDRbBMP 6 BM@^9 @=9;E�R;E��&> ` ESW5< K KMR5W @^9;E�C5_ 6 JO<?LMG�olBM@=ESR8@^<OKMJ 6 <?BDJOBMnD<OLSKMJ

KQ@A@NKML �k>bKM>A<OW;EQTcRfKQ@=_;:^KQJ�W;<?>=E KQ>=ES> >A@^<?JOJ�C BD>=EeK#nD:^K VDE @^9;:AE KQ@ @^B)@=9;E C;_ 6 JO<OLQG��&ESLFESR8@

BD_5@ 6 :=ESK �k>�BQP �'E VDES:AE���LS_5@=E��&ES>AC;<O:=KQ@^BD: 7 � 7 R;W;:AB ` E � �'� ��� � TD1 EF>A@���<OJ?E�% <?:=_;>FT'KQR;W

K V< KMRa<OR f_;ESR � Kb9fK VDE KMJOJUnD:^K 6;6 EFWa9;E KMW5JO<OR5ES>&KMR;WaC;:AB ` C5@^EFWa@=9;E-:=ESKMLF@=<OBDReBMPlC;_ 6 JO<OL

9;ESKMJ?@=9 B �XLS< KQJO>bKMLF:=BD>A> @^9;E ��BD:AJOW G �,VMESR <OJ?JOR;EF>=>=EF> @^9fK @bW;B R;BM@ �k<?JOJ�KQ:=EeLSBM>A@^J 7 @=B

>=BLS<?EF@ 7 <OR @=ES: ` >�BQP JOBD>�@�C;:AB'W;_5LF@^<jV<?@ 7 KMR;We:=EFW;_;L @^<OBMR BMP @^9;E�m_;KMJO<j@ 7 BQP JO<?PhEQG,(�R5W;ES: �

>A@^KMR;W;<?R;n 95B � W5<O>=ESKM>=EF>�E VDBDJjVDE�W 7 R;K ` <?L KMJ?J 7 KMR;W >ACfKQ@^<OKMJOJ 7 9fKQ>�KMR5W �&<OJ?J;LSBDR8@=<ORk_;E�@=B

9;EFJOC C5_ 6 JO<?Ld9;E KMJj@^9 B �XLS< KQJO>-LSB ` 6 KQ@H@^9;EF>=E R5ESn8KQ@=<?VME E�UESL @^>FG)�#KQ@^9;E ` K @^<OLSKMJ ` BW �

p

Page 28: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

ESJ?> @^9fK @ W5ES>=LF:=< 6 Eb@^95Ed@=E ` CUBM:^KMJ 6 ES9;K[V<?BD_;:-KMR;W @^95EX>ACfKQ@=< KMJc>AC;:=ESKMW BQP�W;<?>=ESKM>=EXKM:AE

< ` C BD:A@^KMR8@�<OR @=9;<O>&C;:AB'LFES>=>FG

�)KQ@^95E ` KQ@^<?L KMJ ` BW;ESJ?> BMP;EFC;<OW5E ` <OLS>*:AESC;:AES>AESR8@�K�>=< ` C;J?<?ifLSKQ@^<?BDR BMP@^95E 6 <?BDJOBMnD<OLSKMJ

C;:AB'LFES>=>AES>a<OR8VMBDJ?VMESW T 6 _5@e@=9;E 7 KM:=E3R5BDR;EF@=9;ESJ?ES>A>e< ` CUBD:�@NKMR8@ST 6 EFL KM_;>AE�@^9;E 7 EFRfK 6 J?E

:=EF>=ESKM:=LN9;EF:=>�@^B _;R;W;EF:=>A@^KMR;WaW;<?>=E KQ>=E W 7 RfK ` <?LS>�KQR;W @^B C5:=ESW5<OLF@�@^9;E C BM@=ESR8@^<OKMJI< ` CfKMLF@

BMPlKMRaESC5<OW;E ` <?LMG���B ` C;J?<OL K @^ESW 6 <OBDJ?BDnD<?L KMJI> 7 >�@^E ` >&BMP @^EFRa9fK VDE�PhE KQ@=_;:=EF>�@^9fK @&L KMR 6 E

:=ESKM>=BMRfK 6 J 7b` BW;EFJOESW 687 :AESJ K @^<?VMESJ 7 >=< ` C5JOE ` KQ@^95E ` KQ@^<?L KMJ> 7 >A@=E ` >SG �,C;<OW5E ` <OLS>,9;K[VME

6 ESESR >A@=_;W;<OEFW _;>A<OR;n�W;E @^ES: ` <?R;<O>�@^<?LMT[>A@^KQ@^<?>A@=<OL KQJ T KMR;W >A@=B'LN9fKQ>A@^<?L ` BW;ESJ?<OR;n�@=ESLN9;R5<Omk_;ES>FG

+�9;EF>=E @^95:=ESE ` E @^9;BW;>�BM:=<OnM<ORfKQ@=ESW KQ@�W5<��UES:=EFR8@�@^< ` EF>�KMR5W PhBD:�W5<��UES:=EFR8@�:=ESKM>=BMR;>STfKQR;W

KQ@d@^< ` EF>b@^9;E 7 >AESE ` _5R;:=EFJ KQ@=ESW T 6 _5@X@^9;E 7 9;K[VME 6 ESEFR KMC;C5JO<OEFW ABM<OR8@^J 7 �&<?@=9 nM:=E K @

>=_5LSLSEF>=> � ��� T ��� T*Y �kT � p G� EF@^EF: ` <OR;<?>A@=<OL ` B'W5ESJO>&W;EF>=LF:=< 6 E @=9;E >AC;:=ESKMW�BMP�W;<O>AE KM>AE @=9;:=BD_5nD9)> 7 >�@^E ` > BQP,BD:��

W;<?RfKM: 7 BD:�CfKM:�@^< KQJlW;<��gEF:=EFRk@=< KMJ EFm_;KQ@^<?BDR;> � ��� T ��� T �MZ G �R 6 _;<?JOW;<?R;n K W;EF@=ES: ` <OR5<O>A@=<OL` B'W;EFJ;@^9;E�nDB8KMJf<?>�BMP @^EFR @^B nD<?VME�@^9;E ` BW;ESJIKQ> ` _5LN9 Ph:=EFESW;B ` KQ>�R;EFLSEF>=>^KQ: 7 @^B ` K �QE

<?@ 6 <OBMJOBDnD<?L KMJ?J 7 C;J KQ_;>=< 6 JOEQG]+�9k_;> K W;EF@=ES: ` <?R;<O>�@^<OL ` B'W;EFJ�LSKMR 9fK VDE K JOKM:=nDE#Rk_ ` �

6 ES: BQP&CfKM:^K ` E @^ES:A>ST�KMR5W <O> A_;W;nDEFW 6k7 @^95E mk_fKMJ?<?@NK @^<?VME 6 ES9;K[V<?BD_;: <j@ E �595< 6 <j@^> KQR;W

<?@=>bE��'C;JOKMRfKQ@=BD: 7 LSKMCfK 6 <OJO<j@^<?ES>SG �*<?@=@=JOE :AESn8KQ:=W�<O>bnD<jVDEFR @=B K VQKM<?J K 6 J?E WfK @NK BD:bCfKM:A>=<��

` BDR 7 Ga(�R'PhBD:A@=_;RfKQ@=ESJ 7 T���nDB'BW�� 6 _5@ LSB ` C;J?<OL K @^ESW ` B'W5ESJO>HKM:AE BQP @^ESR < ` CUBD>A>=< 6 JOE @=B

>=BMJ?VDE�E��'C;JO<?LS<j@^J 7 T8>=BdK ` BW;ESJ?ES: E ` C;JOB 7 >�mk_fKMJ?<?@^KQ@^<jVDE�KMRfKMJ 7 >A<O> BD:�Rk_ ` ES:A<OLSKMJgKQC;C;:=B �'<��

` KQ@^<?BDR G,�#KMR 7 W;E @^EF: ` <OR;<?>A@^<?L ` BW;ESJ?> 6 ESnD<?R KM>�>=< ` C;J?E�C BDC;_5J KQ@=<OBDR ` BW;EFJO>ST>=_5LN9#KQ>

@^95E�JOBDnM<O>A@=<OL�ESmk_fK @^<OBMR T8KMR;WdKQ:=E�W;EF:=<jVDESWXKM>�CfKM:A@=<OLF_;J KM:/L KQ>=ES>,BQP ` _;J?@=<OC;J?E�>=C ESLS<?ES>,LFB ` �

C EF@^<j@^<?BDR ` BW;ESJ?>ST>=_;LN9aKM> @^9;E � BQ@ � K � %�BMJ?@^EF:=:=K-C5:=ESW;KQ@^BD: ��C;:AE 7 ` BW;EFJ Gl% KQ:=< K @^<OBMR;>�BDR

@^95ES>=E ` BW;EFJO>&<OR;LFJO_;W5EH@=< ` E���JOKMnbW;<��gEF:=ESR8@=< KMJ*EFm_;KQ@^<?BDR ` B'W5ESJO>&KQR;W�CfKM:�@^<OKMJ W;<��gEF:=ESR �

@^<OKMJIESmk_fKQ@=<OBDR5>�@^9;KQ@�<?R;LSBD:ACUBM:^KQ@=E�KMnME�>A@=:=_;L @^_;:AES>FG��CfKQ@^<OKMJ CUBDC5_;J KQ@=<OBDRXC;:AB'LFES>=>AES>�LSKMR

Page 29: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

6 E ` B'W5ESJOEFW W5EF@^EF: ` <OR;<?>A@=<OL KQJOJ 7 _;>A<OR;n#W;<O>ALS:=E @^E >=CfKQ@=< KMJ,>�@^:A_;LF@=_;:=EF> >=_;LN9�KQ> JOKQ@=@=<OLSEF>SG

�#BD:AEeLSB ` C;J?<OL K @^ESW >=CfK @^< KQJ ` B'W;EFJO> _;>=EaW;E @^ES: ` <?R;<O>�@^<?LXVMES:=>A<OBDR5>XBQP&W;<��U_;>=<?BDR ESmk_fK �

@^<?BDR;> � �'YDT ��� T ��� G���R < ` C BD:�@NKMR8@�PhESKQ@^_5:=E�BMPlW;<��UES:AESR8@^<OKMJgEFmk_fKQ@^<?BDR;>�BMPlESC5<OW;E ` <?LS>�<?>@^9;KQ@ >A< ` C;JOE ` B'W;EFJO> �&<?@=9 K)> ` KQJOJ,Rk_ ` 6 ES: BMP�CfKM:=K ` EF@^EF:=> BMP @^EFR 9fK VDE m_;KMJO<j@NKQ@=<?VDE

PhE K @^_;:AES>�@=9fKQ@�KM:AE�>=< ` <?J KM: @=B�@^95BD>=E�BMP ` BD:AE�LSB ` C;J?<OLSKQ@^EFW ` B'W;EFJO>FGl+�9;<?>cC BD<OR8@ �&<OJOJ 6 E

E��'C;J?BD<?@=ESWaJ K @^ES:�<?R @^9;<?>�@^9;EF>=<O>�PhBD: 6 _;<OJ?W;<OR;n K ` BW;ESJgPhBM:���9;:=BDR5<OL�1 KQ>A@^<?R;nX� <O>AE KM>AEMG

�@^BLN9fKM>�@^<OL ` BW;ESJ?>,W;ES>ALS:=< 6 E�@=9;E&>=C;:AE KMWXBMPUW;<O>AE KM>AE�_;>A<OR;n->�@^BLN9fKM>A@=<OL&W;<��gEF:=ESR8@=< KMJ

ESmk_fK @^<OBMR;> >=_5LN9 KM>�LSBDR8@NKQLF@-C;:AB'LFES>=>AES>FT/W5<��U_;>=<?BDR�C;:AB'LFES>=>FT*BD: LFBDR8@^<ORk_;BM_;> 6 <?:A@^9 KQR;W

W;ESKQ@^93C;:AB'LFES>A> � � p T ��� T rkp G �@^BLN9fKM>�@^<?L ` BW;EFJO>�LSBDR;>A<O>�@-BMP K W 7 RfK ` <OL ` BW;ESJ��&<?@=9:^KQR;W;B ` CfKQ:^K ` EF@=ES:=>*@=9fKQ@/LSBDR8@^KM<OR K�R5BD<O>AE @=ES: ` G +�9;ES>AE ` B'W;EFJO> KM:AE�BMP @^EFR W;<�� LF_;J?@*@=B

>=BMJ?VDE�E��'C;JO<?LS<j@^J 7 G +�9;E�nDB8KMJ<O>/@^B�LSKMC5@^_5:=EMTkKQ>�Ph_;JOJ 7 KM>cC BD>=>A< 6 J?EMT @^9;E�:=KMR;W;B ` RfK @^_;:AE�BMP

C BDC;_;JOKQ@^<?BDR-> 7 >A@=E ` >ST �&9;<?LN9 L KQR :=EF>=_;Jj@�<?R ` B'W5ESJO>*@=9fKQ@lKM:=E ` K @^9;E ` KQ@=<OLSKMJOJ 7 :A<OnDBM:=BD_;>

6 _5@ �&<?@^9 R5B 6 <OBDJ?BDnD<?L KMJc<?R8@^ES:AC;:=E @NKQ@=<OBDR � ��� G �'< ` C;J?<?P 7 <OR5n#KQ>=>=_ ` C5@=<OBDR5> L KMR ` K �QE

@^95E ` B'W5ESJ @^:=KMLF@^K 6 J?EMT;>A_;LN93KM>&@^9;E KM>A>=_ ` C5@^<?BDRe@^9fK @�@=9;EHR;BD<O>AE�@^ES: ` <O>�KX��:=B �&R;<OKMR

` BM@^<?BDR � r Y� Gl��J?@^95BD_;nD9�@^95ES>=E KM>A>=_ ` C5@=<OBDR;> KQ:=E ` K @^9;E ` KQ@=<OLSKMJOJ 7 W;ES>A<O:^K 6 JOE,KQR;W ` K �QE@^95E ` BW;ESJ 6 BM@=9 LFB ` C;_5@NK @^<OBMRfKMJOJ 7 PhE KM>A< 6 J?EaKMR;W E KM>A<OES: @=B ` KMR5<OC;_;JOKQ@^EQT,@^9;E 7 ` K 7

R;BM@ 6 E 6 <?BDJOBDnM<OL KQJOJ 7 KMC;C5:=BDC;:A< KQ@=EXKMR;W W;B)R;BM@ <OR;LFBD:=C BD:^K @^E K[VQKM<?J K 6 JOEbWfKQ@^K5G)� P @=ESR T

9;B ��EFVDEF:STgKMRfKMJ 7 @=<OLSKMJ KMC;C;:AB �5< ` K @^<OBMR;>�JOESKMW @=B ��BD: �QK 6 JOE ` BW;EFJO> �&<?@=9#PhESKQ@^_;:AES>&@^9fK @

KM:AE 6 BM@=9 6 <OBDJ?BDnD<OLSKMJOJ 7 <OR8@=ES:=C5:=EF@^K 6 J?E-KMR;W ` KQ@=9;E ` KQ@=<OL KQJOJ 7 EFJOEFn8KMR8@ � �YDT ��� G��:=<?@=<OLSKMJ5@^BH>A@^KQ@^<?>A@=<OL KQJ ` BW;EFJO>,BMPgESC;<?W;E ` <OLF> <?>,@^9;E�W;<O:AESL @�<?R;LSBM:=C BD:^KQ@=<OBDRbBQP WfKQ@^K

@^BH@^9;E ` BW;EFJ � � p T Y �'T � r G,+�9;E�C5:=< ` KM: 7 LSBDR5>=<OW5ES:^K @^<OBMR;> PhBM:�KH>A@^KQ@^<?>A@^<?L KMJ ` BW;ESJ KM:AE@^95E�@ 7 CUE KMR;WeK ` BD_;R8@�BMP WfKQ@^K5T'KMR;WeK VQKM<OJOK 6 <?JO<?@ 7 BMP*LFB[VMKQ:=< K @^E�<?R5PhBD: ` KQ@=<OBDRgGl�*< ` <j@^ESW

WfKQ@^KeK VMKQ<OJ K 6 <OJ?<?@ 7 LSKMR ` K �ME @=9;E _;>AEbBMP ` KQR 7 BMP,@=9;E ` BM:=E LFB `X` BDR)W;EF@=ES: ` <OR5<O>A@=<OL

BD:�>A@^BLN9fKM>�@^<?L ` BW;EFJO>�<OR5PhESKM>=< 6 JOEQTU>A<OR;LFE @^9;EF>=E ` B'W5ESJO>�BMP @=ESR39fK VDE KMR K 6 _;R5WfKMR;LFE BMP

r

Page 30: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

CfKM:=K ` EF@^EF:=>FG �@NKQ@=<O>�@^<OLSKMJ ` BW;ESJ?>�@ 7 C;<OLSKMJOJ 7 9fK VME BM@=9;ES:�LFBDR;>A<OW;EF:^KQ@=<OBDR;>&KQ> ��ESJ?J T'>=_;LN9

KM>&@^9;E W;<��XLF_;J?@ 7 BMP�i;@=@=<OR;n ` BW;EFJO> �&<?@=9)R;BDR5>A@NKQR;WfKM:AW)W;<?>A@^:A< 6 _'@^<OBMR;>STIKMR5W)@^9;EH:=EFJ K �

@^<jVDE�ESKM>=E-KMR5W 6 ESR5EFi;@&BMP/i;@A@^<OR5n ` BW;EFJO> �&<j@^9eR;BD: ` KQJOJ 7 W5<O>A@=:=< 6 _5@^EFWeWfKQ@^K5G,�R ` KMR 7

<OR5>A@NKQR;LSEF>STcCfKQ:^K ` EF@=ES:=> KM:AEX@=:^KMR;>�PhBD: ` ESW <OR KMR KQ@A@^E ` C5@-@=B�KMLN9;<?EFVMEeK ` B'W5ESJ �&<?@=9

R;BD: ` KQJO<?@ 7 BM: JO<?R;E KQ:=<?@ 7 Tc>=< ` C5JO<?P 7 <?R;ne@^9;EeLSKMJOLF_;J KQ@=<OBDR5>HPhBD:H@^9;E ` BW;ESJ G � R;E BMP&@^95E

nD:AE KQ@ 6 EFR;EFi5@^> BQP�>A@^KQ@^<?>A@^<?L KMJ ` BW;ESJ?<OR;ne<?>H@=9;E K 6 <OJ?<?@ 7 @=B):AESW;_;LFE @=9;E VQKM:A< K 6 <?JO<j@ 7 <?R

@^95EXC;KM:^K ` EF@=ES: EF>A@=< ` KQ@^EF> @^9;:ABD_;nD93@^95EX_5>=EdBMP�LSB[VQKM:=<OKQ@^EF>-KMR;W3@^9;Ed<?Rk@=:=BW;_;L @^<OBMR�BMP

BM@=9;ES:bE �5C5J KMRfK @^BD: 7 VQKM:A< K 6 J?ES>FG ��B ��E VDES:FT�@=:^KMR;>�PhBD: ` <OR5n)@^9;EeC;KM:^K ` EF@=ES: >ACfKMLFE#KQR;W

<OR5LSJO_5W;<OR;n @=9;EbE��'C;JOKMRfKQ@=BD: 7 VMKQ:=< K 6 JOEF>�KMR;W LSB[VQKM:A< KQ@=ES>�L KQR >AB ` E @^< ` EF> LSB ` EdKQ@-@^95E

JOBM>=>,BMP �AW;<?:=ESL @�<OR8@^EF:=C;:AEF@^K 6 <OJ?<?@ 7 �;Gl.fBD:cE��5K ` C;J?EMT8>=B ` E&BMP @^9;E�>ACfKQ@=< KMJ;W5<O>=ESKM>=E ` B'W5ESJO>

E ` C;J?B 7 ESWbR;B � W;B R5BM@cEF>A@^< ` K @^E�@=:^KMR5> ` <O>=>A<OBDR :^KQ@=ES>cW5<O:=EFLF@=J 7 T 6 _5@�<OR;>�@^E KQW ` BW;ESJk@^95E

JOBMn ��:AESJ K @^<?VME�:A<O> � T5>=<OR5LSE @^95E @^:^KQR;>APhBD: ` EFWe>=CfKQLSE-L KMR 6 E ` BW;EFJOESW KM>&Kd!HKQ_;>=>A< KMR KM_ �

@^BM:=ESnM:=ES>A>=<jVDE�C;:AB'LFES>=> � Y �kT�� r Gc+�95:=BD_;nM9 @^9;E�_5>=E�BMP ��K 7 ES>A< KMRb9;<?ES:=KM:=LN9;<?L KMJ ` B'W;EFJO<?R;n;T@^95E ` B'W;EFJOEF: LSKMR W;E VDEFJOBDC E �@^:=E ` EFJ 7 LSB ` C;J?E�� 6 _'@�<OR8@=ES:=C5:=EF@^K 6 J?E ` B'W5ESJO>FGc��K 7 ES>=<OKMR

9;<?ES:^KQ:=LN9;<?L KMJ ` BW;ESJ?>�:AESJ K @^E ` _5J?@^<?C;JOE�CfKM:=K ` EF@^EF:=>�@=9fKQ@�KM:AE LSBMR;R;ESL @^EFW 687 @=9;E�>A@=:=_;L �

@^_5:=E BQPc@^9;EHC;:AB 6 JOE ` G&.fBD:�>A@^KQ@^<?>A@=<OL KQJ*ESC;<?W;E ` <OL ` B'W;EFJO>FTUKXC;:=<?BD:=< �kR;B �&J?ESW;nDE BMPc@^95E

mk_fKMJ?<?@NK @^<?VME 6 ES9;K[V<?BD_;: BMP,@=9;E W;<?>=ESKM>=E <?>�BMP�J?ES>A> LSBDR5LSES:AR3@^9fKMR#PhBD:�W;E @^EF: ` <OR;<?>A@^<?L BM:

>A@=B'LN9;KM>A@=<OL ` B'W5ESJO>FG�+�9;EbE KQ>=E �&<?@=9 �&9;<OLN9�@=9;EbWfKQ@^K L KQR 6 E _;>AESW3@^B i5@ @^9;E ` BW;ESJ

KMR;W#@^9;E LSBDR5i;W;ESR;LFEbBMPc@=9;E CfKQ:^K ` EF@=ES:�ES>A@=< ` KQ@^EF> KM:AE BQP�nD:=ESKQ@^EF:�LFBDR;LSEF:=R G� @ <?>�@^95E

WfKQ@^K @^9fKQ@�W;:A<?VME @^9;E ` B'W;EFJO<?R;n C;:AB'LFES>=>FG

�R @=9;E 6 BW 7 BMP/@^9;<?>�@^9;EF>=<O>FTf@^9;EF>=E @=9;:=EFE ` BW;ESJ?<OR;nbC;KM:^KMW5<On ` >&KM:=E-W;<?>=LF_;>=>AESW�<?R

` BD:=EeW;E @NKM<?J T �&<j@^9 @^9;EaE ` C;9;KM>=<?>bBDR @=9;Ea��K 7 EF>=<OKMR 9;<?ES:=KM:=LN9;<?L KMJ ` BW;EFJO<OR5n3KM>=C ESL @

BMP >A@^KQ@^<?>A@=<OL KQJ ` B'W5ESJO<?R;n;G�� W 7 R;K ` <?L >=C;KQ@^<OKMJ ` BW;ESJ/PhBD:-��9;:ABDR;<OL 1 KM>�@^<?R;na� <O>AE KM>AE

� ��12� ��<OR ��BL � 7 �#BM_;R8@NKM<?Ra�#_;J?E�W;EFES:�<?>�<OR8@=:=BW;_;LSEFW G,+/B WfKQ@=EMT;KH>=CfK @^< KQJU>�@NKQ@=<O>A@=<��

Page 31: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

L KQJ ` BW;EFJ PhBD:�@^9;<?>�W;<O>AE KM>AE�9fKM>�R;BQ@ 6 EFESRaC;:AES>=EFR8@^ESWgG�+�9;<?> ` BW;EFJg<O>�W;ES:A<?VDEFWePh:=B ` K

> 7 >�@^E ` BMP�W;<��UES:AESR8@^<OKMJ/ESmk_fKQ@=<OBDR;>FT*KMR;W3W5ES>=LF:=< 6 EF> @^9;E >ACfKQ@=< KMJ/W 7 RfK ` <OLF> W;<O:AESL @^J 7 <?R

@^95E�W5<��UES:=EFR8@^< KQJfESmk_fKQ@=<OBDR;>FTk:^KQ@=9;ES:,@^9;KMRX@=9;:=BM_;nD9XLSBD:A:=ESJOKQ@^<?BDR;>c<?Rb@^9;E�WfKQ@^K5Gc��EFL KM_5>=E

@^95E C BD>A@=ES:=<?BD:�W;<O>�@^:=< 6 _5@=<OBDR;>�PhBD:&@^95Eb��12� ` B'W;EFJ 9fK VDE >AB ` E _;Rk_;>=_;KMJ�LN9fKQ:^KML @^ES:A<O> �

@^<?LS>FT'KHR;E� �#KM: �QB V ��9fKQ<OR �#BDR8@^E ��KM:=J?BH>A< ` _5J KQ@=<OBDR @=ESLN9;R;<?mk_;E�<?>�LFBDR;>A@=:=_;L @^EFW @^9fK @

_5@=<OJO< �SEFW mk_fKMJ?<?@^<?ES> Ph:=B ` E��'<?>A@^<?R;n�@=ESLN9;R;<?mk_;ES>c@=B�E�XLS<?ESR8@^J 7 >=K ` C5JOE�W5<O>A@=:=< 6 _5@^<?BDR;> @^9fK @

JO<jVDE&BDR 6 BD_5R;W;ESW CfKM:^K ` E @^ES:�>ACfKMLSEF>SG�+�9;E�C;:=BDC ES:�@^<?ES>�BMP @=9;E�R5E� ������� @=ESLN9;R;<?mk_;E

KM:AE�E��5K ` <OR;EFWdKMR;WdLSB ` CfKM:AESW @=B�E��'<O>�@^<OR5n ` E @^9;BW;>SG�+�9;E ` BW;EFJ5<O>li;@�_;>=<?R;n @^95E�R;E�

������� @=ESLN9;R5<Omk_;EMG +�9;EH:=EF>=_;Jj@^>�BMPl@=9;E ` BW;EFJ*KM:=E-W;<?>=LF_;>=>AESW3KMR5W#<?Rk@=ES:AC;:=E @^ESWgTUKQR;W

6 BM@^9 @=9;E ` B'W;EFJO<?R;n ` EF@=9;B'WdKQR;W @^9;E�>=< ` _;J KQ@=<OBDR ` E @^9;BWbKM:AE�E ` C;<O:A<OLSKMJOJ 7 VQKMJO<?WfKQ@=ESW G

+�9;:=BD_5nD9;BD_5@�@=9;E&CfKMC ES:ST � � IW;EFR;BM@^EF> @=9;E ` KQ:=nD<?RfKMJ5W5<O>A@=:=< 6 _5@^<?BDRbBMPU@^9;E&:^KQR;W;B `VQKM:=<OK 6 J?E � T � � � � *W;EFR;BM@=ES>�@^9;E-LFBDR;W;<j@^<OBMRfKMJ W;<O>�@^:=< 6 _5@=<OBDReBMP � nD<jVDESR � G +�95E ` _;J��

@^<jVQKM:=<OKQ@^EHR;BD: ` KMJ/W;<?>A@^:A< 6 _'@^<OBMR �&<?@=9 ` E KMR�� KQR;W3LSB[VQKM:=<OKMR;LFE ` K @^:=< ��� <?>�W;EFR;BM@=ESW

687 � ��� � � � G�.IBM: ` KQ@=:=<?LSES>FT�� � > W;ESR;BQ@^ES>�@^9;EH<OR8VMES:=>AE ` KQ@^:A<��UTfKMR5W� � W;ESR5BM@^EF>�@^95E@^:=KMR;>ACUBD>AEMG

Page 32: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� �������� �� ��� ����� � � �

��C5<OW;E ` <?L ` BW;ESJ?<OR;n�<?>#KQR <OR8@=ESR;>AESJ 7 <?Rk@=ES:AW;<O>ALS<OC5JO<OR;KM: 7 >=_ 6 AESLF@ST W5:^K �&<OR;n @^B �

nDE @^9;EF:lK�VQKM:A<OE @ 7 BMP ` K @^9;E ` KQ@=<OLSKMJMKQR;W->A@NK @^<O>�@^<?L KMJQW;<O>ALS<OC5JO<OR5ES>SG/� B'W;EFJO<?R;n&KMC;C;:AB8KMLN9;EF>

:^KQR;nDE Ph:=B ` >A@=B'LN9;KM>A@=<OL-C;:=BLSEF>=>AES>&@^BdW;EF@=ES: ` <?R;<O>�@^<OL ` BW;ESJ?>�@^BdE ` C;<?:=<?L KMJUWfKQ@NKdKMR;KMJ��

7 >=<?>SG +�9;ES>AEaKMC;C;:AB8KMLN9;EF>dKM:=E nDESR;EF:^KMJ?J 7 nD_;<?W;ESW 6k7 6 <OBMJOBDnD<?L KMJ,LFBDR;>A<OW;EF:^KQ@=<OBDR;>H@^9fK @

9;EFJOC @=B)LFBDR;>A@=:=_;L @bK ` BW;ESJ�KQR;W @^B W;E @^ES: ` <?R;EX<?@^>HE�UESL @^<jVDESR5ES>=>FG)+�9;E KMC;C;:AB8KMLN9;EF>

@^9;KQ@XKM:=E ` BD>�@b< ` CUBM:A@NKQRk@ <OR @^95EeLSBDR;>�@^:A_;LF@=<OBDR�BMP�K ` BW;ESJ PhBD:X��9;:ABDR;<OL 1 KM>�@^<OR5n

� <O>AE KM>AEHKM:=E�W;E @^EF: ` <OR;<?>A@^<?L�KMR;W >A@^KQ@^<?>A@=<OL KQJ ` B'W;EFJO>FG

��� � ��� ��� ��� � ����� ��� � ������� �� ��� ����� � � �

� EF@^EF: ` <OR;<?>A@=<OL ` BW;EFJO> W5ES>=LF:=< 6 E @=9;E 6 EF9fK V<OBD_;: BMP�W 7 RfK ` <OL > 7 >A@^E ` >b@=9;:=BD_5nD9

@^95E)_;>AE�BMP�BD:AW;<OR;KM: 7 BD:XCfKM:�@^< KQJ�W5<��UES:=EFR8@^< KQJ�EFmk_fKQ@^<?BDR;>FG +�9;E)>A@^_5W 7 BQP�W 7 RfK ` <OLF>

> 7 >�@^E ` >�9;KM>�<j@^>�BD:=<?nD<OR5>,<ORd@^9;E ` <?W �NY �MqDq � >ST �&<j@^9e�<O:��>^KDKQL���E��@^BMR � > ��BD: �bBDR nM:^K V �

<?@^KQ@^<?BDR KMR;W�C5J KMR;E @NKM: 7a` BQ@^<OBMR � ��� G���E���@^BDR � >�if:A>A@ ��BD: �aBDR#@=9;E >A_ 6 AESL @�<OR8VMBDJ?VMESW

@^95E @ ��B � 6 B'W 7 C5:=B 6 J?E ` BMP�LSKMJOLF_;J K @^<OR5n @=9;E ` BM@^<?BDR BMP�@^9;E E KM:�@^9 KQ:=BD_;R5W @^9;E >=_;RgG

� KQ@^EF:dE�UBD:A@=> K @ E �@^ESR5W;<OR;n ��E���@^BDR � > ` E @^9;BW;>b@^B3@^95E @=9;:=EFE�� 6 BW 7 C;:AB 6 JOE `�� PhBM:

E��5K ` C;J?EMT @^9;E ` BQ@^<OBMR BQP�@^95E >A_;R T�ESKM:A@=9 TcKQR;W ` B'BMR � JOESW @^B)KMR EFVDEFR8@^_fKMJ�:=ESKMJO< � K �

@^<?BDR�@^9fKQ@X>AB ` E > 7 >�@^E ` > BQP�W;<��UES:AESR8@^<OKMJ�ESmk_fK @^<OBMR;> ��ES:AE�KMR;KMJ 7 @^<?L KMJ?J 7 _;R;>ABDJ?VQK 6 J?EMG

��B ��EFVMES:ST,_5R;>=BDJjVQK 6 JOE ` B'W;EFJO>-L KQR >A@=<OJ?J 6 E KMRfKMJ 7 �SESW m_;KMJO<j@NKQ@=<?VDEFJ 7 TlKQR;W @=9;<O>HLN9fKM: �

KML @^ES:A<O>�@^<OLH<O> �&9 7 @=9;ES>AE ` B'W;EFJO>�KM:AE >A@=<OJ?J*_;>=EFW3<OR ` KMR 7 KMC;C;J?<OLSKQ@^<?BDR;>SG�.IBM:�W;E @NKM<?JOEFW

W;<?>=LS_5>=>=<?BDR;>&BMP/@^9;E-mk_fKMJ?<?@^KQ@^<jVDE�KMR;KMJ 7 >=<?>�BMPlW;<��UES:AESR8@^<OKMJ ESmk_fK @^<OBMR;>STf>AESE � \ � TI\5T ��� GolES:A9fKMC;>�@=9;EdE KM:AJO<OEF>A@-_;>AEdBMP ` KQ@=9;E ` KQ@^<?LS>�@=BaW;EF@=ES: ` <OR5<O>A@=<OLSKMJOJ 7a` BW;ESJcKaC BDC �

_;JOKQ@^<?BDR�L KQR 6 E @^:=KMLSEFW3@^B3Y pMqDp T �&9;EFR �*ESBMRfKM:=W5Ba.�< 6 BDRfKMLFLS<lC;:=BDC BD>AESW @^9;E P K ` BD_;>

Page 33: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>=EFmk_;ESR;LFE BQP�<?R8@^ESnMES:=> @=B ` BW;EFJcKe:^K 656 <?@�CUBDC5_;J KQ@=<OBDR � ��� G +�9;Eb>=_ 6 AESL @ � >Hif:A>A@-< ` �

C BD:A@^KMR8@dE KM:AJ 7 KMC5C;JO<?L KQ@=<OBDR W5<OW�R;BM@d>A_;:AP KMLFE#_5Rk@=<OJ�@=9;E E��'CUBMR;ESR8@^<OKMJ�nD:AB ��@=9 ` BW;ESJ

<OR8@=:=BW;_;LSEFW <OR0Y �QZD\ 687 +�9;B ` KM>e�)KMJ?@=9k_;>SG�+�9;E3E��'C BDR;EFRk@=< KMJ�nD:=B ��@=9 ` BW;ESJ�:=E �

>=_5J?@^>-KQ>�@^9;Eb>ABDJO_'@^<OBMR)@^B �)KQJ?@^9k_;> � LSBMR;>A@^KMR8@-:^KQ@=E BMP nD:=B ��@=9 KQ>=>=_ ` C5@=<OBDRgT*KMR;W3<?>�K

>A@^KMR;WfKQ:=W E��5K ` C;JOE�BMP/@^95EH>A< ` C;JOE�>=ESC;KM:^K 6 JOE-W;<��UES:AESR8@^<OKMJ EFm_;KQ@^<?BDR�

� �

��� ��� � � � p G?Y �

�&9;EF:=E � <?>�@^9;E->A<��SE-BMP/@^95EHC BDC;_5J KQ@=<OBDR T'KMR;W � <?>�@^9;E-nD:AB ��@=9#:=KQ@^EQG

�)KMJ?@=9k_;> � E��'C BDR;ESR8@=< KMJ ` BW;EFJ/<?> KXJO<OR5E KM:�W;<��UES:AESR8@^<OKMJ ESmk_fKQ@=<OBDRgTgKMR5W�9;ESR5LSE @^95E

>=BMJO_5@=<OBDR C;:AESW;<?LF@^>H_;R 6 BD_;R;W;EFW nD:AB ��@=9 BM:HE �@^<OR5LF@^<?BDR T/W;ESC ESR5W;<OR;n BDR @^9;EXLN9;BD<?LSEdBMP

CfKM:=K ` EF@^EF:=>,KQR;W @^9;E�<?R;<?@=< KMJ8LFBDR;W;<j@^<?BDR;>SG���EF<?@^95ES:c_;R 6 BD_;R;W5ESWdnD:=B ��@=9XR5BD:cE��@=<OR;L @^<OBMR

BLSLS_5:=> <?R ` BD>�@ C BDC;_5J KQ@=<OBDR;>FT �&95<OLN9 @ 7 C;<?L KMJ?J 7 @=ESR;W @^B ��KM:=W;> K J?BDR;n @^EF: ` >A@^K 6 J?E

C BDC;_;JOKQ@^<?BDR#J?EFVMESJ TUL KMJ?JOEFW#@^95E����� ����������� ����� ����� G�+�9k_;>�EFm_;KQ@^<?BDR p GjY <O>�BDR;J 7 _5>=EFPh_5J

KM>�Kb>=9;BM:A@&@^EF: ` C BDC;_;JOKQ@^<?BDR ` B'W5ESJ G

+�9;E&R;ESEFW PhBD:�K�>=EFJ?P � JO< ` <?@=<OR;n&C BDC;_;JOKQ@^<?BDR ` B'W;EFJ;JOEFWb@^B�@^9;E&J?BDnD<O>�@^<?L�ESmk_fK @^<OBMRdPhBM:

nD:AB ��@=9 T �&95<OLN9 ��KQ>�C;:=BMCUBD>AESWa<OR5<?@^<OKMJOJ 7 687 o�<?ES:A:=E�%�EF:=9k_;JO>�@�<OR)Y[\ � \ � ��� Gc%�EF:=9k_;JO>�@ � >` B'W;EFJ�<O> ` BD:AE :AE KMJ?<O>�@^<OLb@=9fKMR @=9;Ee�#KMJ?@=9_5> ` B'W;EFJ KM> K JOBDR;na@^EF: ` W;EF>=LS:A<OC5@=<OBDR BMP

C BDC;_;JOKQ@^<?BDR)nD:AB ��@^9 T*KQR;W <?@ <?R;LSBM:=C BD:^KQ@=ES>�K L KM:A: 7 <OR;neLSKMCfKMLF<?@ 7 CfKM:=K ` E @^EF:�� G-+�9;E

JOBMnD<O>�@^<OL ` B'W;EFJl<?> R;B ��BDR;EbBMP,@=9;E ` BD>A@�LSB `X` BMR;J 7 _;>AESW ` BW;EFJO>�<?R ` KQ@^9;E ` K @^<OLSKMJ

6 <?BDJOBDn 7 T KMR;W)VQKM:A< KQ@=<OBDR5>�KMC5CUESKM:�<?R ` KMR 7 W5<��UES:=EFR8@-KMC;C;J?<OLSKQ@^<?BDR;>SG& @�<O> K :=ESJOKQ@^<jVDEFJ 7

>=< ` C5JOE�R5BDR;JO<?R;E KQ: ` BW;EFJ T8KMR5WX<j@,E��'9;< 6 <?@=>cmk_fKMJ?<?@NK @^<?VME 6 ES9fK V<OBD_5:,nDESR;EF:^KMJ?J 7 B 6 >AES:AVMESW

<OR ` KMR 7 CUBDC5_;J KQ@=<OBDR5>SG�%�ES:=9k_;J?>A@�>=_;nMnDES>�@^ESW#@^9;E ` BW;ESJ*<?R Y \ � \ @^B W;ES>ALS:=< 6 EH9k_ ` KMR

C BDC;_;JOKQ@^<?BDR;>ST'KMJj@^9;BD_5nD9 <?@ ��KQ>�R;BM@�_;R8@=<OJ�Y Z pMq @=9fKQ@�9;<?> ��BD: � :=ESLFES<jVDESW R;BM@=<OLFEMT �&95ESR

��K 7` BDR;W o/E KM:AJ >=ESKM:=LN9;EFW PhBD:eK ` B'W;EFJ��&95<OLN9 9fKM> >ABDJO_'@^<OBMR;> LN9fKQ:^KML @^ES:A<O>�@^<OL)BMPHK

>=<?n ` BD<OWfKQJ�LS_;:�VDE KMR;W E ` C;<O:A<OL KQJOJ 7 LSBDR5>A@^:A_;LF@=ESW %�ES:A9k_;JO>�@ � > JOBDnM<O>A@=<OLaESmk_fK @^<OBMR � � � G

\

Page 34: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��B ��EFVMES:ST,@=9;E JOBMnD<O>�@^<OL ` BW;ESJ ��KM> R;BM@ W;ES:A<?VMESW��� � � ����� ��� ��� �3_;R8@=<OJ�Y[Z p � 6k7 ��J?Ph:=EFW

�DK ` ES>b�*BM@ � K � r � G � R5<OLSE W;ES:A<?VQKQ@^<?BDR BMP�@=9;EeJOBMnD<O>�@^<OL ` B'W5ESJ�<?> C;:AB[V'<?W;ESW�<?R � ��� G+�9;EeJ?BDnD<O>�@^<?L ` B'W5ESJ �&<j@^9 <j@^> >A<On ` BD<?WfKMJ�LS_;:�VDE �&<OJ?J 6 E @=9;Ee>A@^KM:A@=<OR;n�C BD<?Rk@ PhBD: @^95E

��9;:ABDR;<OL�1 KQ>A@^<?R;n � <?>=ESKM>=E ` BW;ESJIC;:AES>AESR8@^EFW <?R @=9;<O>�@^9;EF>=<?>SG,+�9;E J?BDnD<?>A@^<?L ` BW;ESJILSKMR

6 E �&:A<?@A@^ESR KM>�

� �

��� ��� � ����� � � � � p G p �

�&9;EF:=E � <O>/@^9;E�LSKM:=: 7 <OR;n LSKMCfKMLF<?@ 7 T ��� q <?>l@^95E�LSBDR5>A@NKQRk@�nM:=B ��@^9b:=KQ@^EQT8KMR;W � <?>�@^95E

>=< �SE&BMP @^9;E�C BDC;_;JOKQ@^<?BDR G/+�9;E�PhBD: ` BQPgEFm_;KQ@^<?BDR p G p <O>�:AESJ K @^<?VMESJ 7 >A< ` C;JOE&KMR5W J?E KMW;>c@=B

KMR E��'C;JO<?LS<j@�R;BDR;J?<OR;ESKM: ` BW;EFJ;PhBD:�CUBDC5_;J KQ@=<OBDRbnM:=B ��@^9 G,+�95E ` B'W;EFJfKM>A>=_ ` ES> @^9fKQ@ @^95E

nD:AB ��@=9 :^K @^E � <O> LSBMR;>A@^KMR8@ TfKM>�<O> @^9;E�L KM:A: 7 <OR;n L KMC;KMLS<j@ 7 � Gc+�95ES>=E-KQ>=>=_ ` C5@=<OBDR5>�KM:AE

>=B ` E��&9fKQ@/>=< ` C;J?<O>�@^<OLQTS<?R-@=9fKQ@ nD:AB ��@^9H:^KQ@=ES>*@ 7 C;<OLSKMJOJ 7 VQKM: 7 �&<?@=9 ��E K @^9;EF:lLFBDR;W;<j@^<OBMR;>ST

687 :AESnD<?BDR;>FT BM:�W;_;EH@^B BM@^9;EF:�P KML @^BD:A>SG�+�9;E ` BW;ESJ L KQR 6 E E��@^EFR;W;EFW <?R�KdVMKQ:=<OE @ 7 BMP

��K 7 > @^B <?R;LSJ?_;W;E�@^95ES>=E�P KMLF@=BD:=>FG�� R;E�< ` C;JO<?ESWbC;:ABDCUEF:A@ 7 BMPU@^9;E�>=< ` C5JOE�JOBMnD<O>�@^<OL ` BW;ESJ

<O> @=9fKQ@�R5E� ` E ` 6 EF:=>�BMP @^9;EbC BDC;_5J KQ@=<OBDR�< ` ` ESW5< KQ@=ESJ 7 LFBDR8@^:A< 6 _5@=E @^Be@^95EXnM:=B ��@^9 T

�&9;<?LN9 <?> R;BM@b@=:=_;EePhBD: C BDC;_5J KQ@=<OBDR;>H@^9fK @d:=ESC5:=BW;_;LSEa>AE��'_fKMJ?J 7 G �#E ` 6 ES:A>dBMP�@=9;ES>AE

C BDC;_;JOKQ@^<?BDR;> ` _;>�@ :=ESKMLN93KXLSES:�@NKM<?R�KMnME 6 EFPhBD:AEH@=9;E 7 KM:=E K 6 J?EH@=B :AESC;:AB'W;_5LSEMG�+�9;ES:AE

KM:AE�>AEFVMES:^KQJ ��K 7 >�BMPU<OR;LFBD:=C BD:=KQ@^<?R;n @^9;<?>�C;:=BDC ES:�@ 7 <OR8@=B-@=9;E�W;<��UES:AESR8@^<OKMJ;ESmk_fK @^<OBMR p G p G

� R;E ` E @^9;BW <?> 6k7 KQW;W;<OR5n�K�@^< ` E ��W;EFJ K 7 @=ES: ` ��� @^B p G p T �&9;<?LN9 J?E KMW;>*@=B�EFm_;KQ@^<?BDR p G � G

� �

��� ��� � ��� � � � ��� �� � � � � p G � �

+�9;BD_;nD9 >=B ` E��&9fKQ@ LS:=_5W;EMT @^9;EXJOBMnD<O>�@^<OL ESmk_fKQ@=<OBDR p G p <?>�_;>=E Ph_;J�<?R C;:=B[V<OW;<?R;n K

mk_fKMJ?<?@NK @^<?VME�_5R;W;ES:A>A@^KMR;W;<?R;nbBMP >=< ` C5JOE&nD:=B ��@=9eBMP/K >=<?R;nDJ?E�C BDC;_;JOKQ@^<?BDR _5R;W;ES:�JO< ` <?@=ESW

:=EF>=BD_5:=LSEF>SG � R;E�nDEFR;ES:=KMJO< � KQ@=<OBDR BMPI@^9;E�J?BDnD<?>A@^<?L ` BW;ESJ@^9fKQ@c<O>c< ` C BD:A@^KMR8@�@=B�ESC;<?W;E ` <��

BDJ?BDn 7 <O>-@^95E LSJOKM>=> BMP ` BW;EFJO> 6 :=BDKMW;J 7 LSKMJOJ?ESW��� � ��� � ��� ����������� ��� Ga+�9;EF>=E ` B'W5ESJO>

Z

Page 35: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;EF>=LS:A< 6 EX@=9;E <?R8@^ES:=KMLF@=<OBDR BMP�@ ��B#BD: ` BD:AEX>ACUEFLS<?ES>ST�KMR;W KM:=E K#>A< ` C;JOEbE �'@=ESR;>A<OBDR BMP

@^95EHBMR;E�� >=C ESLS<?ES>&JOBMnD<O>�@^<OL ` BW;ESJ G�+�9;EHnDEFR;ES:=KMJ @ ��BX>=C ESLF<OEF> ` B'W5ESJ <?>�

� � >��� �

� > � � >����F>�> � >����%> � � � � � p G r �� � ���� �

� � � � � ��� � > � >���� ��� � � � ��&9;EF:=E � > Tc<O>-@^9;E >=<��FE BMP&C BDC;_5J KQ@=<OBDR BDR;EQT � � <?>H@=9;E >=< �SE BMP�C BDC;_;JOKQ@^<?BDR @ ��B;T �F> �KMR;W � � > KM:AE <?Rk@=ES:=KMLF@=<OBDR @^ES: ` >�:=ESC5:=ES>AESR8@^<?R;n @^95E LSB ` C EF@^<j@^<?BDR 6 EF@ ��ESEFR >=C ESLS<?ES>�PhBM:JO< ` <j@^EFW :=EF>=BD_5:=LSEF>STI@^9;E-CfKQ:^K ` EF@=ES:=> �F>�> KMR;W � ��� :AESC;:AES>=EFR8@�@^95E �&<?@^95<ORa>=C ESLF<OES>&LFB ` �

C EF@^<j@^<?BDR T&KMR;W � > KMR;W � � KM:AE)@^95E3R;EF@ 6 <O:A@=9 �QW;ESKQ@^9 :=KQ@^EF> PhBD: E KMLN9 >=C ESLF<OEF>SG�+�9;E

` B'W;EFJ p G r <?>�E��@^:AE ` ESJ 7 VMES:=>=KQ@^<?JOE�PhBM:�W;ES>ALS:A< 6 <?R;n @ ��Bb>ACUEFLS<?ES>&<OR8@^EF:^KML @^<?BDR;>ST'KMR;WaLSKMR

E KQ>=<OJ 7X6 E�E��@^EFR;W;ESWe@=B @^9;:AESE�BD: ` BM:=E�>=C ESLS<?ES>FG���ESL KQ_;>=E�ESKMLN9eBMP*@^95E >=< � C;KM:^K ` EF@=ES:A>

L KQR 6 E �FES:AB;T;C BD>=<j@^<?VMEMT'BD:�R;EFn8KQ@=<?VDEQT5PhBD:�R;BbE�UESL @ T;EFR;9fKMR;LFE ` ESR8@ TfBM:�< ` C ESWfKMR5LSEMT':=E �

>=C ESL @^<jVDESJ 7 T@^9;EF:=E�KM:AE K @=BM@NKQJ ��� � � p ZHVQKM:A< KQ@=<OBDR;>,PhBD:�@^95E�@ ��B >=C ESLS<?ES> ` BW;ESJUKMJOBMR;EMT

KMR;WdESKMLN9dLSB ` 6 <ORfKQ@=<OBDR JOE KQW;>c@^B-K�W;<��gEF:=ESR8@�LFBDR5ifnD_5:^KQ@=<OBDR �&<j@^9XK W;<��gEF:=ESR8@�<?Rk@=ES:AC;:=E �

@NK @^<OBMR � ��� G,+�95E PhB'LF_;>�9;ES:AE�<O>�BMRa@ ��Bd>=C ESLF<OES> ` BW;ESJ?>ST 6 BM@=9 6 EFL KM_;>AE�@^9;E�Rk_ ` 6 ES:A>BMP�VQKM:A< KQ@=<OBDR5>-KM:=E EFVDEFR J KM:AnDES:�PhBD: ` BD:=EX>=C ESLF<OES> � ��� PhBD: � >ACUEFLS<?ES> � T,KMR;W 6 EFL KM_;>AE

@^95E 7 KM:=EXBMP�nM:=E K @^ES>�@ < ` C BD:A@^KMR;LFEX<?R EFC;<OW5E ` <OL ` BW;EFJO<OR5n;G % KM:A<OBD_5>HLFBDR5ifnM_;:^KQ@=<OBDR5>

PhBD:�@=9;E�@ ��BX>=C ESLF<OES> ` B'W;EFJ _;>A<OR;nb@^95E-@ ��B 6k7 PhBM_;:&KM:=:=K 7 p G ���������� � � � > � � ����� � � �F>�> � ����� � � �%> � ������ � � � � � � ����� � � � � > � ����� � � � ��� � �

���� � p G � �

@,>A9;BD_;J?W 6 E�R;BQ@^ESWgT89;B ��E VDES:FT@=9fKQ@,R5BM@,EFVMES: 7b` K @^9;E ` KQ@=<OLSKMJ ` BW;ESJ9fKM>�K 6 <?BDJOBMnD<OLSKMJ

<OR8@=ES:=C5:=EF@^KQ@^<?BDR G-+�9;E VQKM:A< KQ@=<OBDR;>�BMP p G r KMR;W p G � �&<?@=9�@^9;EbnM:=E K @^ES>�@->=<?nDR;<?i;L KMR;LFEbKM:AE

@^95BD>=E�@^9;KQ@�W;EF>=LS:A< 6 E 6 <OBDJ?BDnD<?L KMJILSB ` C EF@=<?@^<?BDR �h>=C ESLF<OES>&LFB ` C EF@=<OR;n PhBM:�@^9;E�>=K ` E�JO< ` �

<?@=ESW :AES>ABD_;:=LFE � T >AL K VDEFR;nD<?R;n;T,> 7` 6 <OBD>A<O>STcKMR;W ` BD>A@ < ` CUBD:�@NKMR8@=J 7 PhBD: ESC;<?W;E ` <OBMJOBDn 7 T

Y q

Page 36: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

C;:AESWfKQ@=BD:�� C;:=E 7 :AESJOKQ@^<?BDR;>=95<OC;>FGc� nDBBW E��5K ` <ORfK @^<OBMR BMP >AEFVMES:^KQJ*LSB ` CUE @^<j@^<OBMR ` B'W5ESJO>

<O>�C5:=B[V<OW;EFW 687 � ��� /KMR5W � �MZ G+�9;E�C;:=EFWfKQ@^BM:���C5:=E 7 :AESJOKQ@^<?BDR;>=95<OC�<O>*:AESC;:AES>AESR8@^EFW 687 @^9;E KM:A:^K 7 p G � T �&<?@^9 � > 6 ES<OR5n

@^95EHRk_ ` 6 EF:�BQP�C;:AE 7 KMR5W � � 6 ES<?R;nb@^9;E-Rk_ ` 6 ES:&BMPlC;:AESWfKQ@=BD:=>FG��� � � q �

� � � q

� �� � p G � �

�'E @=@^<?R;n �%>�> � � ��� � q :AE ` B VMES>�@=9;E �&<?@^95<ORH>=C ESLS<?ES>lLSB ` CUE @^<j@^<OBMR T[>=B�@^9fKQ@/@^95E�nD:AB ��@=9

BMP @^9;E C;:=EFWfKQ@=BD:=>#<O>aJO< ` <j@^ESW BMR;J 7 687 @^95E K VQKM<OJOK 6 <?JO<?@ 7 BMP C;:=E 7 THKMR;W @^95E nD:AB ��@=9

BMP�@=9;E�C;:AE 7 <?> J?< ` <?@^EFW�BDR;J 7 687 @=9;E�Rk_ ` 6 ES: BMP-C;:=EFWfKQ@=BD:=>FG0+�9;E)if:A>A@eC;:AESWfK @^BD: �

C;:AE 7 LSB ` C EF@^<j@^<?BDR ` BW;EFJ ��KM>�LSBDR;>�@^:A_;LF@=ESW <?R;W;ESC ESR5W;ESR8@^J 7X6k7 ��J?Ph:=EFW �*BM@ � K <OR Y[Z p �

� r � ,KQR;W�% <j@^B %�BDJj@^EF:=:^K <OR Y[Z p�� � ��� G�+�9;Ed�*BM@ � K � %�BDJ?@=ES:=:=K ` B'W5ESJ�<?>�< ` C BD:A@^KMR8@�@=BESC5<OW;E ` <?L ` B'W;EFJO>�KMR;W �&<OJ?J 6 E�W;E VDEFJOBDC ESWd<OR ` BD:AE�W;E @NKM<?J G/+�9;ES:AE&KM:=EQT8<OR P KQLF@ TM>=EFVMES:=KMJ

�k<OR;W5> BQP C;:AESWfKQ@=<OBDRd>ALSESR;KM:=<?BD>SGc+�95ES>=E�<OR;LFJO_;W5E�CfKM:^KQ>=<?@=<O> ` KMR;WXL KQR;R;< 6 KMJO<?> ` T 6 _5@ @^95E

` BD>A@&LFB ` ` BDRe<?>�@^9fKQ@�<?R �&9;<OLN9#BDR;E�>=C ESLF<OEF>�PhEFESW;>�_;C BDR KMR;BM@=9;ES:FG

� � >��� �

� > � � >����D> � � � � p G � �� � ���� �

� � ��� � � ��� � � > � ��,mk_fKQ@^<?BDR p G ��>=9;B �&>�@^9;E&�*BM@ �QK � %�BDJj@^ES:A:^K ` BW;ESJ T �&9;EF:=E�KMJOJ'LSBE�XLS<?ESR8@^> KM:AE&KM>=>A_ ` ESW

@^B 6 E C BD>A<?@^<jVDEQG��R @^9;E K 6 >=EFR;LSEeBQP&C;:=EFWfKQ@^BM:=> ��� � � Tc@=9;E C;:AE 7 � � > � �&<OJ?J ` _;J?@=<OC;J 7

<OR5W;EFifR5<?@^EFJ 7 KQ@&:^K @^E � > T �&95<OJOE�<OR @^95E K 6 >=EFR;LSE-BMPlC;:=E 7 T;@=9;E-C;:=EFWfKQ@^BM:=> �&<OJ?JgW;<?E�B �3K @

:^K @^E � � Gc+�95E�C;:AESWfK @^BD:A> �k<?JOJ;B � @^9;E&C;:AE 7 KQ@�:=KQ@^E �D> T �&9;<OJ?E�@^9;E&> �k<?JOJ;BMP @^95E�C5:=ESW;KQ@^BD:A><ORaLSKQ@^LN9;<?R;nb@^9;EF<O:�C;:AE 7 <?>�:=ESC5:=ES>AESR8@^EFW 687 � � G� _;KMJO<j@NKQ@=<?VDE�KMRfKQJ 7 >=<?>�BMP @^9;E-�*BM@ � K � %�BDJj@^EF:=:^K ` BW;EFJg:=E VDESKMJO>�@=9fKQ@�PhBD:�KMR 7 <OR;<j@^<OKMJ

C BD>=<j@^<OBMR ��� > � q � � � � � q � � T@=9;E ` BW;ESJfnD<jVDEF>�K�P K ` <?J 7 BMP LFJOBD>AESW LF_;:AVMES>FT �&9;<OLN9 < ` C;JO<?ES>

YDY

Page 37: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

L 7 LFJO<OL 6 ES9fK V<OBM_;: � ��� G +�95<O> ` ESKMR;>d@^9fK @ KQ>X@=9;E#Rk_ ` 6 EF: BMP�C;:=E 7 <OR;LF:=ESKM>=EF>ST�@^95E

Rk_ ` 6 ES:�BMP�C;:=EFWfKQ@=BD:=>��&<OJOJ*<?R;LS:AE KM>AEMTU_;R8@^<OJ @^95E C;:AE 7 KM:=E �<?JOJ?ESW B � P KM>A@=ES:�@=9fKMR)@=9;E 7

:=EFC;:=BW;_;LFEMGd+�9;EFR @=9;EdC;:=EFWfKQ@^BM:=>ST JOKML �k<OR;n PhBB'WgT �&<OJOJlW;ESLF:=ESKM>=E KMJO>AB;T*KMR5W @=9;EbL 7 LSJ?E

�&<OJ?JU@=9;ESR :=EFCUESKQ@�<?@^>AESJjP�G

��> ` ESR8@=<OBDR;EFW 6 EFPhBD:AEMT ` BM>A@ VMKQ:=< K @^<OBMR;>�BDR @=9;E�@ ��Bb>=C ESLF<OES>�LSB ` C EF@^<j@^<?BDR ` BW;ESJ

9fK VDE�R5B 6 <OBDJ?BDnD<?L KMJf<?Rk@=ES:AC;:=E @NKQ@=<OBDR G�+lBbLFBDR;>A@=:=_;L @�K ��BD: � K 6 J?E ` B'W;EFJ PhBM:�ESC5<OW;E ` <?LS>ST

9;B ��EFVDEF:ST@^9;E&�*BM@ �QK � %�BDJj@^ES:A:^K ` BW;ESJ'BDR;J 7 R;ESEFW;>,@^B 6 E&KMJ?@=ES:=EFWb>=J?<OnD98@^J 7 Gl�*EF@�� � � >6 E @^9;EbRk_ ` 6 EF: BMP >=_;>ALSEFC5@^< 6 JOEb<?R;W;<?V<?W;_fKMJ?>�<?R)@^9;EbC BDC;_5J KQ@=<OBDR T KMR5W J?EF@ � � � � 6 E@^95E�Rk_ ` 6 ES: BMP*<?R5PhESL @^ESW <OR;W5<?V<OW;_;KMJO>��h<OR5PhEFLF@^<jVDEF> � G�.fBD:�K->=< ` C;J?E�EFC;<OW5E ` <OLMT8@=9;E 6 <?:A@=9

:^K @^E-BMPc>A_;>=LFESC5@=< 6 J?ES>FT � > Tf<O>&>=E @�@=B �FES:=B5G��'E @=@=<OR;n �D> � � � ��� � q TIKQR;W � � � � � q T

@^95E �*BM@ � K � %�BDJj@^EF:=:^K ESC;<?W;E ` <OL ` B'W5ESJ <?>�

� ���� �

� � � � � p G \ �� �� � ��� � � � � � �

��mk_fK @^<OBMR p G \e<?>-Ka>ACUEFLS<OKMJcL KQ>=EdBMP�@^9;EdC;:AESWfK @^BD:�C;:AE 73` BW;ESJ p G �'G +�9;EbPh_;R;WfK �

` ESR8@NKMJIW;<��gEF:=EFR;LSE�JO<OEF>�<OR @=9;E�<OR8@^EF:=C;:AEF@NK @^<OBMR BMPg@^9;E�CfKM:^K ` E @^ES:A>SG��<OR;LFE�@=9;E �AW5E KQ@=9��

BMP�Ke>=_;>ALSEFC5@^< 6 JOEb:AES>=_5J?@^>-<?R�@^9;E � 6 <O:A@=9�� BMP�KMR3<?R5PhESL @^<?VMEMT PhBD: @=9;<O> ` BW;ESJ T � L KMR 6 E

<OR8@=ES:=C5:=EF@=ESW KM>�@^9;Ed<?R5PhESL @^<OBMR3:^KQ@=EMGb+�9;EdCfKM:=K ` EF@^EF: � <O>�<?R8@^ES:AC;:=E @^EFW KM>�@=9;EdW;E KQ@=9

:^K @^E BD:�:AE ` B VQKMJ8:=KQ@^E PhBD: @^9;E�W;<O>AE KM>AEMG�+�95E��*BM@ � K � %�BDJ?@=ES:=:=K�ESC;<?W;E ` <OL ` B'W;EFJKM>=>A_ ` EF>

@^9;KQ@�@^9;E&C BDC;_;JOKQ@^<?BDRbE��'C ES:=<?ESR;LFES>��� ������ � ���� � � �������MTD@^9fKQ@ <?>ST8EFVMES: 7 LFBDR8@NKML @ CfKM<O:

<OR5W;<?V<OW5_fKMJO> <OR @^9;EaC BDC;_;JOKQ@^<?BDR <O>dEFm_;KMJOJ 7 JO< �MEFJ 7 @=B ` ESE @ G�+�9;<?> ` BW;ESJ�W;BES>dR;BQ@

KMJ?JOB ��PhBD:�KMR 7 R;E�� >=_5>=LSEFC5@^< 6 JOEF>,@^B 6 E&<?Rk@=:=BW;_;LFESWb@^B�@^95E�> 7 >A@^E ` T>=B�@=9;E�@^< ` E�Ph:=K ` E

<O>�R5ESLSEF>=>=KM:=<?J 7 >A9;BD:A@SGd+�9_5>H@=9;EdW;<O>AE KM>AE ` B'W5ESJOEFW 687 ESmk_fKQ@=<OBDR p G \ �&<OJOJlEFVMESR8@^_fKQJOJ 7

� 6 _5:=R BD_'@ �HBD:�:A_;R <j@^> LSBD_;:A>=EQT5>=<?R;LSE�@^9;EF:=E�KM:=E�R;B R5E� >=_5>=LSEFC5@^< 6 JOEF> 6 ES<OR5n KMW5W;ESW @=B

Y p

Page 38: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^95E C BDC;_;JOKQ@^<?BDR G 1 9;ESR�BMR;J 7 @=9;E nMESR;EF:^KMJ/W 7 RfK ` <OLF>�BMPl@^9;E W;<O>AE KM>AE KM:AE BQPc<OR8@=ES:=EF>A@ST

<?@ <O>bR;BM@X_;R5LSB `X` BMR @^B >=LSKMJOE 6 BM@^9�CfKM:�@^>bBMP�@^95E EFmk_fKQ@^<?BDR 687 @^9;Ee@^BQ@NKMJ�C BDC;_5J K �

@^<?BDR � � � � T,>=B�@^9;KQ@ 6 BM@^9 ��KMR5W � :=ESC5:=ES>AESR8@d@^9;E C;:=BDC BD:�@^<OBMR BMP�@=9;E @=BM@NKMJ�@^9;KQ@ <?>

>=_5>=LSEFC5@^< 6 JOEHKMR5W#<?R5PhESL @^<?VMEMTf:AES>=C ESL @^<jVDESJ 7 G

�#B'W5ESJ p G \ L KQR�KMJ?>=B 6 EH:=EFC;:=EF>=ESR8@=ESW LSBDR5LS<O>AESJ 7 _;>=<?R;n K fB � LN9fKM:�@ BD:&LSB ` CfKQ:A@ �

` ESR8@NKMJW;<OKMnD:^K ` T �&9;<?LN9 >=9;B �&>,ESKMLN9bLSJOKM>=>�KMR;W <?R;W;<?L KQ@=ES>l@=9;E�:=KQ@^EF>cKQ@ �&9;<OLN9 <OR;W;<jV<OW �

_fKMJ?> fB ��<?Rk@=B�KMR;W BD_5@cBQP K�CfKM:�@^<OLF_;J KQ:/LFJ KM>A>SGl+�9_5>,ESmk_fKQ@=<OBDR p G \�LSKMR 6 E�:AESC;:AES>=EFR8@^ESW

KM>�

� � ������� �� ��� �

+�9;E KM:A:=B � 6 EF@ ��ESEFR ��KMR;W � <?R;W;<OLSKQ@^EF> @^9;KQ@d<OR;W5<?V<OW;_;KMJO> KM:=E fB �&<?R;n3BD_5@dBMP�@^95E

>=_5>=LSEFC5@^< 6 JOE LSJ KQ>=>�KMR5W�<OR8@^B @^9;E <?R5PhESL @^<jVDE LFJ KM>A>�KQ@ K :^KQ@=E BMP � � � �ITgKMR;W�BD_'@�BMP,@^95E<OR'PhESLF@=<?VME�LSJ KQ>=>�KQ@�Kd:^KQ@=E�BMP � �IG

��mk_fK @^<OBMR p G \d<O>&Kb>=< ` C5JOE ` B'W;EFJ BMP�KMR ESC;<?W;E ` <OL @=9fKQ@&BLSLS_5:=>�B VMES:�Kb:=ESJOKQ@^<jVDEFJ 7

>=95BD:A@lCUEF:=<?B'W-BMP@^< ` EQT >A_;LN9bKM>/<OR f_;ESR � K5G/+�9;E CUEF:=<OBWHB VMES:��&9;<OLN9H@^9;E�W;<?>=ESKM>=E EFVMBDJ?VMES>

<O>�>=9;BM:A@�EFR;BD_;nM9 @^9fK @�@^95E 6 <O:�@^9 :^KQ@=E�BMP*@=9;E�>A_;>=LFESC5@=< 6 J?E CUBMC;_;J K @^<OBMR <?>�R;EFnDJO<?nD< 6 JOEMG/ P

@^95E�W;<O>AE KM>AE�9fKM>&K JOBMR;nDES:�<OR;LF_ 6 KQ@=<OBDReC ES:A<OBW T'K R;EF@ 6 <?:A@=9 @^ES: ` i LSKMR 6 E KMW;W;EFWaPhBM:

>=_5>=LSEFC5@^< 6 JOEF>SG +�9;<O> 7 <?ESJOW5>&@=9;E-ESmk_fKQ@=<OBDR�

� ���� �

i � � � � � � p G Z �� �� � ��� � � � � � �

(�>A<OR;nb@=9;E-LSB ` CfKM:�@ ` ESR8@NKMJgW;ES>ALS:=<?C5@^<?BDR T ��EH9fK VDE�

��� � � ����� � ��� ��� �

�,mk_fKQ@^<?BDR p G Z KMJ?JOB �&> @=9;E#W5<O>=ESKM>=Ee@=B E VDBDJjVDE B[VDES: K3JOBDR5nDES:bC ES:A<OBW BQP�@=< ` EMG +�9;<?>

ESR;K 6 JOEF>�E��'C;J?BD:^KQ@=<OBDR BMP/W;ESEFCUEF:�mk_;ES>�@^<OBMR;>�K 6 BM_5@�K W;<?>=ESKM>=EQTf>=_;LN9 KM> �&9;E @^9;EF:�BD:�R;BQ@

Y �

Page 39: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^95E�W;<?>=ESKM>=E�9fKM> JOBDR5nH@=ES: ` >A_;>A@^KM<OR;K 6 <OJ?<?@ 7 Gl PU@^9;E�nD:=B ��@=9 BMPU@^9;E�W;<O>AE KM>AE�W;EFCUEFR;W;>�BDR

6 BM@^9 >A_;>=LFESC5@=< 6 J?ES>,KQR;Wb<OR5PhEFLF@=<?VDEF>ST8KQR;W <?Pf@=9;E�<?R5PhESL @^<?BDR :=KQ@^E�<?>/@=B'B�9;<OnD9 LSB ` CfKM:AESW @=B

@^95E 6 <O:�@^9b:^K @^E�i TD@^9;EFRX>A_;>=LFESC5@=< 6 J?ES> �&<OJ?J 6 E�:=E ` B[VMESWbP KM>A@=ES:c@=9fKMRb@^9;E 7 KM:AE�:=EFC;J KMLFESW TL KQ_;>=<?R;n � @^B KMC;C;:AB8KMLN9 �SES:AB;T*@^9k_;>-@^9;EXRk_ ` 6 ES:-BMP�<OR5PhEFLF@^<jVDEF> �&<?JOJ,KQJO>=Ba:AE KMLN9 �SES:AB

KM>�@^9;EF:=E KQ:=EHR;B >A_;>=LFESC5@=< 6 J?ES> J?EFP @�JOE P @�@=B <?R5PhESL @ G��'<OR5LSE-@^9;E <OR5PhEFLF@^<jVDEF>�W;<?E B � P KM>�@^EF:

@^9;KMR @^9;E 7 L KMR 6 E :AESC;JOKMLSEFW T�@^9;EaW;<?>=E KQ>=E �&<OJ?J 6 _;:AR BM_5@ G �'< ` <?J KM:AJ 7 T�<?P&@=9;EaW;E KQ@=9

:^K @^E�BQP*@^9;E�W;<O>AE KM>AEMT � T<O>�@=B'B 9;<OnM9 LSB ` CfKM:AESW @=B @^95E�<OR'PhESLF@=<OBDR :^KQ@=EMT@^9;EFRe<OR5PhEFLF@^<jVDEF>

�&<OJ?J;W;<?E�B �eP KQ>A@^EF: @=9fKMRX@^9;E 7 LSKMR 6 E�:=ESC5J KMLFESW 687 R;E��&J 7 <OR'PhESLF@=ESW <OR;W;<jV<OW;_fKQJO>STDKMn8KM<?R

L KQ_;>=<?R;nb@^9;E-W;<?>=E KQ>=E-@^B 6 _;:AR#BD_'@ G

+�9;ES:AE KM:AE ` KQR 7 E��5K ` C;JOEF>�BQP�W;<?>=ESKM>=EF>�@=9fKQ@�KM:AEH_5RfK 6 J?E @^BX>=_;>�@NKM<?R @=9;E ` >=EFJ?VDEF>

B[VDEF:XJ?BDR;n�C ES:A<OBW;> BMP&@=< ` EMG �#E KM>AJOEF>ST�PhBD: E��5K ` C;J?EMT �&<OJ?J�@ 7 C;<?L KMJ?J 7 :=_;R�<j@^> LFBD_;:=>AE

@^BB�mk_;<?L �J 7 @=B3>=_;>�@NKM<?R <?@=>=ESJjP�JOBMR;n)@^EF: ` T,KMJj@^9;BD_5nD9 BM@=9;ES: P KQLF@^BM:=> >A_;LN9 KM> 9k_ ` KMR

:=EF>=C BDR;>AE @^B�LFBDR8@^:=BMJ�@^95E W;<O>AE KM>AEMT�K �UESL @ @^95<O> KQ> ��ESJOJ G �#BD:AE W;ESKMW;J 7 W;<?>=ESKM>=EF>dKMJO>AB

P KMJ?J/<?R8@^B @=9;<O>�L KQ@=ESnDBD: 7 G-� R;E E��5K ` C;JOE <O> � 6 BDJ K'T �&9;<?LN9 L KM_;>AES>�9;E ` BM:=:=9;KMnD<OL-PhEFVMES:FT

JOESKMW;<?R;n @=B ` KM>A>=<jVDE <?Rk@=ES:ARfKMJlKMR;W3E��@=ES:=R;KMJ 6 J?ESESW5<OR;n <?R�<?@=>�V<OL @^< ` >FG +�9;EbLSBM_;:=>AE BMP

<OR'PhESLF@=<OBDR <O> p @^B p Y WfK 7 >STcEFR;W;<?R;n)<?R W;ESKQ@^9 PhBD:-_;C @^B R;<?R;EF@ 7 C ES:=LFESR8@bBMP�V<OLF@=< ` >SG

�'BXP KM:ST;@=9;E W5<O>=ESKM>=EH9fKM>�C;:=BMnD:=EF>=>=EFW�>=BXmk_;<OL �kJ 7 @=9fKQ@�<?@�9fKQ> 6 ESEFR)_;RfK 6 JOE-@^BX>=_;>�@NKM<?R

<?@=>=EFJ?P/<ORa9k_ ` KMR#C BDC;_5J KQ@=<OBDR;> PhBD:&JOBDR5nbCUEF:=<OBW;>�BMP/@^< ` EQG

�'B ` E <OR5PhEFLF@=<OBD_;>�W;<O>AE KM>AES>HL KMR >=_5>A@NKQ<OR3@^9;E ` >AESJjVDES>FT 9;B ��E VDES:FG � R;EbE �5K ` C5JOE <?>

��LFmk_;<O:AESWe `X` _;R;BW;EFi;LS<OEFR;L 7 � 7 R;W5:=B ` E �h����-� ��L KM_;>AESW 687 @^9;E�9_ ` KMR < `X` _;R;BW �

EFi;LS<OEFR;L 7 V<?:=_;> � �� % � GI�� %�L KMRa9fK VME KdJOEFR;nM@^9 7 <OR;LF_ 6 KQ@=<OBDRaC ES:=<?B'WgT;KMR;W <O>�>AC;:=ESKMW

BDR;J 7 @^9;:ABD_;nD9 f_5<OW LSBMRk@^KMLF@ �&<?@^9 ` _;LSBD_5> ` E ` 6 :=KMR;ES> BD: 6 :AB �MEFR�> �k<OR G +�9;EeW5<O>��

E KQ>=EdL KMR @NK �ME 7 ESKM:=>�@^Ba:A_;R <j@^>�LFBD_;:=>AEMT W;_;:A<OR;n �&9;<?LN9 @=< ` E @=9;EdL KM:A:=<OEF:�L KMR <?R5PhESL @

BM@=9;ES:A>SG�+�9;E�:=EFJ KQ@=<OBDR5>=9;<?C 6 E @ ��EFESR @^9;E�<?R5PhESL @^<OBMR :^KQ@=E-KMR;W @=9;E�W;E K @^9a:^KQ@=E-KM:=E�>=_;LN9

Y r

Page 40: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^9;KQ@-@^9;E W;<O>AE KM>AE <?>HESKM>=<?J 7 K 6 JOEb@^B >=_5>A@NKQ<OR <j@^>AESJ?P�G ��@^9;EF: E �;K ` C;J?ES>-BMP�>=_;>�@NKM<?RfK 6 J?E

W;<?>=E KQ>=ES>�<OR;LFJO_;W5E R;BMR ��J?EF@^9;KMJ*<OR5PhEFLF@=<OBD_;>&W;<?>=ESKM>=EF> >=_;LN9�KM>�<?R f_;EFR � KXBD:�@=9;EHLSB `X` BMR

LSBMJOW Gb+�9;EF>=EXW;<O>AE KM>AES>H:=_;R @^95ES<O:�LFBD_;:A>=EXB VMES:HKaCUEF:=<OBW3BMP ��EFE �k>STcKMR;W3@^9;Ed:AE ` B VQKMJ

:^K @^E <?>�JOB �-G-��B ��EFVMES:FT @=9;E P KML @ @^9;KQ@ @^95ES>=EbW5<O>=ESKM>=EF>�W;B R;BQ@ @ 7 C;<OLSKMJOJ 7 �k<?JOJ :=EFm_5<O:=EF>

KMR KMJj@^ES:=KQ@^<?BDR @^BdEFm_;KQ@^<?BDR p G \'G

��mk_fK @^<OBMR p G \a<O>�@^95EX>A< ` C;JOEF>A@-BMP�@^9;E �5�,��4LSJOKM>=>-BMP�ESC5<OW;E ` <?L ` BW;ESJ?>SGd+�9;EF>=E

<OR5<?@^<OKMJO> >A@^KMR;WaPhBD:�>=_5>=LSEFC5@^< 6 JOEQTfE��'C BD>=EFW TI<OR5PhEFLF@^<jVDEQTIKMR;Wa:=E ` B[VDEFW �hBD:�mk_fKM:^KQRk@=<OR;EFW � G

+�9;EHKMW;W5<?@^<?BDR BQP/@=9;E�BM@=9;ES:�LFJ KM>A>=ES>&nD<jVDEF>�@^9;EF>=E ` B'W;EFJO>�K �&<?W;E�:^KQR;nDE BMP/W;EF>=LF:=<OC'@^<?VME

L KQCfK 6 <?JO<?@ 7 TkKMJOJ?B �&<OR;n-@^9;E�W;ES>ALS:A<OC5@=<OBDR BMP*R;BDR ��W;ESKMW;J 7 W5<O>=ESKM>=EF>�KM> ��EFJOJ Gc.IBM: E �5K ` C5JOEMT

@^95E $�EF: ` KML � ���#LS$-EFR;W;:A<OL � ` B'W;EFJ,KMW;W5> Kemk_fKM:=KMR8@^<OR5ESW LSJ KQ>=>�@^BaW;EF>=LS:A< 6 E W5<O>=ESKM>=EF>

@^9;KQ@ KQ:=EdR;BM@ W;E KQW;J 7 BD:�PhBD: �&9;<?LN9 V<OL @^< ` > 6 _;<?JOW < `X` _;R;<j@ 7 � ��� G ��> 6 EFPhBD:AEMT @^9;<?>` B'W;EFJ&< ` CUBD>AES>d@^9;E):=ES>�@^:A<OLF@=<OBDR�@^9;KQ@ E �5C BD>AESW >=_5>=LSEFC5@^< 6 JOEF> < `X` ESW;<OKQ@^EFJ 7 6 ESLFB ` E

<OR'PhESLF@=ESW G�+�9k_;>FTI@=9;E-> 7 >A@=E ` BMPlW;<��UES:AESR8@^<OKMJgEFmk_fKQ@^<?BDR;>&<O>�

� ���� �

� � � � � p GjY q �� ���� � � � � � � ����

��� � � � �

�R5PhEFLF@^<jVDEF>�R;BbJOBDR5nDES: R;ESLFES>A>^KM:A<OJ 7 W;<OEQT 6 _5@�BDR;LFE�@^95E 7 :AESLFB VMES:�Ph:AB ` @=9;E W;<?>=ESKM>=E�@=9;E 7

KM:AE�R5B JOBMR;nDES:,>A_;>=LFESC5@=< 6 J?E�KQR;W 6 ESLFB ` E�mk_fKM:=KMR8@^<?R;ESW G�+�9;<O> ` BW;EFJ;L KMR KMJO>ABHKMLSLFBD_;R8@

PhBD:�@=9;E->=<?@=_fKQ@=<OBDR �&9;EF:=E KXW5<O>=ESKM>=E ` KMRfKMnME ` ESR8@&>A@=:^KQ@=ESn 7 <?>�<ORaC;JOKMLSEQTIKMR;W <OR5PhEFLF@^EFW

<OR5W;<?V<OW5_fKMJO>HKM:AE :AE ` B VMESW Ph:AB ` @^9;E CUBDC5_;J KQ@=<OBDR KMR;W <?>=BDJOKQ@^EFW G#� R;LSE <?R @^95E mk_fKM: �

KMR8@^<?R;ESW nM:=BD_;CgTc@^9;E 7 KM:AE R;B3JOBMR;nDES: LSBDR5>=<OW5ES:=EFW�>=_;>ALSESC'@^< 6 JOEMT�EF<?@^95ES: 6 ESLSKM_;>=E @=9;E 7

KM:AE < ` ` _;R;E @^B3@=9;E#W5<O>=ESKM>=EQT�BD: 6 ESLSKM_;>=Ea@^95E 7 KM:AE <?>=BDJOKQ@^EFW G �#BW;ESJ p GjY q L KQR 6 E

Y �

Page 41: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

:=EFC;:=EF>=EFRk@=ESW�_5>=<OR5nd@=9;E-W;< KQnD:^K `�

� � ������� � � ��� � �

��EFL KM_;>AEH@=9;ES:AE-KM:=E�R5B KQW;W;<?@=<OBDR5>�@^Bb@^95E�>=_;>ALSESC'@^< 6 JOE-LSJOKM>=>FT;@^9;E @=< ` E CUEF:=<?B'W PhBD:�@^9;<?>

` B'W;EFJf<O> >=9;BM:A@ T'KMR;W @^9;E�ESC;<?W;E ` <OL&E VDESR8@=_fKMJOJ 7 CfKM>=>AES>FG +�95E KMW;W5<?@^<?BDRdBMP K 6 <O:�@^9X:^KQ@=E

<O>,:AESmk_;<?:=ESWd@^B-W;EF>=LF:=< 6 E�K�W;<O>AE KM>AE�@=9fKQ@ ��BD_;JOWdJOKM>A@ K�JOBMR;nDES:,C ES:A<OBWbBMP @^< ` EMTMCUBD>A>=< 6 J 7

:=ESKMLN9;<?R;naK >=_;>�@NKM<?RfK 6 J?E J?EFVDEFJ G-��EFL KM_5>=Edmk_fKM:^KQRk@=<OR;E ` BW;ESJ?>�@ 7 C;<?L KMJ?J 7 KM>=>A_ ` E @^9fK @

KMR�EFC;<OW5E ` <OLH<O>�<?R�C;:ABDnD:=EF>=>�KQR;W)@^9;KQ@�K LFBDR8@^:ABDJ�>�@^:^K @^ESn 7 <?> 6 ES<OR5n KMC;C5JO<OEFW T <?@�W;B'EF>

R;BM@&<?R;LSJ?_;W;E-K 6 <O:�@^9a:^K @^EMG

��VQKM:A< KQ@=<OBDR-BDR-@^95<O> ` BW;ESJ8<?R;LSJ?_;W;EF>lKQR E��'C BD>=EFW LSJOKM>=>FG�+�9;<?> ` BW;ESJ ��KM>/<OR;<j@^< KQJOJ 7

C;:ABDCUBM>=ESW PhBD: ` E KQ>=JOEF>ST �&95ES:=E E��'C BD>=EFW >A_;>=LFESC5@=< 6 J?ES> W;B�R;BM@ < `X` ESW;<OKQ@^EFJ 7�6 ESLFB ` E

<OR'PhESLF@=<?VMES>SG�+�9;<O>&BLSLF_;:=> �&9;ESR�KdW5<O>=ESKM>=EH9fKM>�KMR <OR;LF_ 6 KQ@=<OBDRaC ES:A<OBWaPh:AB ` @=9;E C BD<?Rk@

�&9;EFR3KMR <OR;W;<jV<OW;_fKQJ <O>&E��'C BD>=EFW)@^Bd@^95E W;<?>=ESKM>=EH@^Bd@^9;EHCUBM<OR8@ �&9;ESR @^9fKQ@�<OR5W;<?V<OW5_fKMJ

W;E VDESJ?BDC;>�@^9;E W;<O>AE KM>AE � ��� G�+�9;E ` BW;ESJ L KQR�KMJ?>=BX<OR;LFJO_;W;E K 6 <O:�@^9):=KQ@^E-PhBD:&>=_5>=LSEFC5@^< �6 J?ES>STMKMR;WbKQJOJOB � PhBD:lJ?BDR;n�@^ES: ` >=_;>�@NKM<?RfK 6 <?JO<?@ 7 G/� E @�� 6 E @^9;E�JOESR5nM@^9 BMP;@^95E�<OR5LS_ 6 K @^<OBMR

C ES:=<?B'WgTfKMR;WaJOE @�� 6 E @^95EHW5_;:^KQ@=<OBDRaBMP/@^95EHW5<O>=ESKM>=EQG�+�9;ESR @^9;E ` B'W;EFJ <O>�

� � � � ����������� � � ��� �

�cVDEFR <?PI@=9;E&<OR;LF_ 6 KQ@=<OBDRbC ES:A<OBWb<O>,LSBMR;>A@^KMR8@ Tk@^9;E�:AES>=_5J?@^<?R;n-W;<��UES:AESR8@^<OKMJ5EFmk_fKQ@^<?BDR;> KM:AE

W;<�� LF_;J?@ @^B >=BDJjVDE�KMRfKMJ 7 @=<OLSKMJOJ 7 T8KMR5W ` _;>�@ 6 E KMC;C5:=B �'< ` KQ@^EFW Rk_ ` ES:=<?L KMJ?J 7 Gl+�9;E�i �'ESW

VQKMJO_5ES>�BMP � KQR;W��#J?E KMWb@^B�@=< ` E���W5ESJ K 7 W;<��UES:AESR8@^<OKMJ;EFm_;KQ@^<?BDR;>ST �&9;<?LN9 LSKMR 6 E&W;<�� LF_;J?@

@^Bd>ABDJ?VME KQRfKMJ 7 @=<OL KQJOJ 7 G���R#<?ReW;ESC5@=9�KMR;KMJ 7 >=<?>�BMP/@^9;<?> ` BW;ESJg<O>�nD<jVDESR <OR � ��� G��C5<OW;E ` <?BDJOBDnM<O>A@=>�KMR;W C5_ 6 JO<?L�95E KMJj@^9 B �XLF< KMJ?>�KM:AE�R;BQ@�BDR;J 7 LSBDR;LFES:AR;ESW �&<?@=9 9;B �

K W5<O>=ESKM>=E�EFVDBMJ?VDEF>�@^E ` C BD:=KMJOJ 7 T 6 _'@�KMJ?>=B 95B � <j@�E VDBDJjVDEF>�>=CfK @^< KQJOJ 7 G�.f:AB ` @^9;E�E KM:AJO<?ES>A@

@^< ` EF>ST C ESBDC;J?Eb9fK VDE 6 EFESR K ��KM:AEX@=9fKQ@-@^9;EF:=E ��KQ> Ka>=C;KQ@^<OKMJ,LSB ` C BDR;ESR8@-@^BaW;<?>=ESKM>=EQG

Y �

Page 42: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� _;:A<OR;n @^9;E���J KML ��� ESKQ@^9 ESC;<?W;E ` <OL BMP PhBD_5:A@^EFESR8@^9 LFESR8@^_5: 7 ��_5:=BDC EMT�:AES>=<?W;ESR8@=> BMP

_;: 6 KMRaKM:AE KM> �&9;EF:=E @=9;E�C;J KQnD_;E�9;KMWe>A@=:=_;L � ��BD_;J?W fESE @=B @^9;E�LSBD_;R8@=: 7 Tf95BDC;<OR5n @^9fK @

@^95E <?>=BDJOKQ@^<?BDR ��BD_;JOW#>^K VDE-@^95E ` Ph:=B ` @^9;E-W;<?>=E KQ>=EMG�o�_ 6 JO<?L�9;E KMJj@^9 C;:=BQPhES>=>A<OBDR;KMJO>�KM:AE

K ��KQ:=E @^9;KQ@�<j@�<O> A_;>A@�KM>�< ` C BD:A@^KMR8@�@=B �kR;B � 9;B � K W;<?>=E KQ>=E >AC;:=ESKMW;>�nDEFBDnD:^KQC;9;<OLSKMJOJ 7

KM>&<?@�<O>�@^B �kR;B � @=9;E-W;<O>AE KM>AE � >�W 7 RfK ` <?L�LN9fKM:^KQLF@^EF:=<?>A@^<?LS> � <?R5PhESL @^<OBMRe:^KQ@=EMTfEF@=LMG

�'CfKQ@=< KMJ ` B'W;EFJO>�BMP�ESC5<OW;E ` <?LS>�W5ES>=LF:=< 6 E @=9;E >AC;:=ESKMW3BMP,@^95E W;<O>AE KM>AEbKMLF:=BD>A>�K nDE �

BDnD:=KMC;9;<?L3:=EFnD<OBDRgG +�95ES:=E KM:AE >AEFVMES:^KQJ ��K 7 > BMP ` BW;ESJ?<OR;n @^9;E >=C;:AE KMW �&<?@=9;<OR @^95E

LSBMRk@=E��@-BMP,W5<��UES:=EFR8@^< KQJlEFm_;KQ@^<?BDR;> ` B'W5ESJO>FG�1 <j@^9;BM_5@ W;<?>=LF:=EF@=E >=C;KQ@^<OKMJl_5R;<?@=>ST KX@ 7 C �

<OLSKMJ ` EF@=9;B'W BMPl>=CfK @^< KQJ ` BW;ESJ?<OR;n <O>�@^9;:ABD_;nD9#Kd>A@^BLN9fKM>�@^<?LHW5<��U_;>=<?BDRaC;:=BLSEF>=> ` BW;ESJ

� �'YDT � p T ��� G���BMR ��W;<?>=LF:=EF@=E�>ACfKQ@^<OKMJI> 7 >A@=E ` >�L KQReKMJO>AB 6 E ` B'W5ESJOEFW W5EF@^EF: ` <OR;<?>A@=<OL KQJOJ 7 T_;>A<OR;n CfKM:�@^<OKMJ�W;<��gEF:=EFRk@=< KMJ�ESmk_fKQ@=<OBDR;>d>A< ` <OJ KQ:H@=B @=9;BD>AE _5>=ESW <OR ` B'W;EFJO<?R;n):AE KML @^<?VME

LSBMRk@^K ` <ORfKMR8@�@=:^KMR;>ACUBM:A@�<ORaC BD:=BD_5> ` ESW5< K � Y[\ G�+�9;EF>=E ESmk_fKQ@=<OBDR;>�KM:AE-W;EF@=ES: ` <OR5<O>A@=<OLKMRfKQJOBDnD>�@^BX>A@^BLN9fKM>�@^<?LHW5<��U_;>=<?BDR ` BW;EFJO>SG

1 9;ESRa@^9;E->ACfKQ@^<OKMJ :AESnD<?BDR;>&KM:AEHW5<O>=LF:=E @^<��FESW TIK ` B'W;EFJ L KQR 6 E 6 _;<?J?@ 687 if:A>A@�LSBDR �

>A@=:=_;L @^<?R;n KQR#EFC;<OW;E ` <?L ` BW;EFJ*>=_;LN9)KM>�EFmk_fKQ@^<?BDR p G Z �&<j@^9;<?R ESKMLN9�>ACfKQ@^<OKMJ _;R5<?@ TIKQR;W

@^95ESR KMW;W5<OR;neKX@^ES: ` <OR�ESKMLN93ESmk_fKQ@=<OBDR#@^9fKQ@ ` BW;ESJ?>�@=9;E <?R8@^ES:=KMLF@=<OBDR 6 E @ ��EFESR3@^9fK @

_;R;<j@-KMR;W E VDES: 7 BM@^95ES:�_;R;<j@ G P�@=9;ES:AE KQ:=E � � Y ��� � � � � W;<O>ALS:=E @^Eb>ACfKQ@^<OKMJ�_5R;<?@=>ST @^95ESR

PhBD:�ESKMLN9)_;R5<?@ � �

� ������ �

i�� ��� � � � ��� ��� � ��������� >�� � � � � ����� � � p GjYDY �� ���� � � � � ��� ��� � � � ��� � �� ���� >�� � � � � ��� �

�&9;EF:=E�������<O>c@^95E�R;E @ ` <?nD:^KQ@=<OBDR BMP >A_;>=LFESC5@=< 6 J?ES>�Ph:=B ` _5R;<?@�� @=B _;R5<?@ � T'KMR;W� ����<O>,@^95E

R;E @ ` <OnM:^KQ@=<OBDR BMPg<?R5PhESL @^<jVDES>,Ph:AB ` _;R5<?@��H@=B-_;R;<?@ � � ��� Gc+�9;EF>=E ` BW;EFJO>�KM:AE�:=ESJOKQ@^<jVDEFJ 7E KQ> 7 @=BXLFBDR;>�@^:=_5LF@ T 6 _'@�@^9;EHKMW;W5<?@^<?BDR BMP/@^95E ` <OnM:^KQ@=<OBDR :^KQ@=ES>ST�������KMR;W� ��� ` K �ME�@^95E

Y �

Page 43: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>=BMJO_5@=<OBDR @=Bd@=9;E-> 7 >A@=E ` BMPlESmk_fKQ@=<OBDR5>�KQRfKMJ 7 @=<OL KQJOJ 7 <?R8@^:^KQLF@NK 6 JOEQG

�,VMESR @^95BD_;nD9 KMR KMRfKMJ 7 @=<OLSKMJ�>ABDJO_'@^<OBMR <O> R;BM@aK VQKM<?J K 6 J?Ea<OR ` BD>A@ L KM>AES>FT�ESmk_fK �

@^<?BDR p GjYDY�JOEFR;W;>,<j@^>=EFJ?PI@^B�Rk_ ` ES:A<OLSKMJ5>ABDJO_5@=<OBDR5>cBD:�KMC;C5:=B �'< ` KQ@^<?BDR 687 W;<��gEF:=EFR;LSE&ESmk_fK �

@^<?BDR;>FG�+�9;E if:A>A@ � BD:=W5ES:���_5JOES:�KMC;C5:=B �'< ` KQ@^<?BDRa<O>&@^9;E E KM>A<OES>�@�KMC5C;:=B �'< ` KQ@^<?BDRe@^B _;>=EQT

@^95BD_;nD9 9;<OnD95ES:�� BD:=W5ES: KMC;C;:AB �'< ` KQ@=<OBDR5>-KMJO>AB)E��'<?>A@ Ge� W;<O>ALS_;>A>=<?BDR BMP ` BD>�@ KQC;C;:=B �'<��

` KQ@^<?BDR ` EF@=9;B'W5> L KMR 6 E PhBD_;R5W <?R � \ � G ��_ ` ES:=<?L KMJ�KMC;C;:AB �5< ` K @^<OBMR;>�KQ:=E @ 7 C;<?L KMJ?J 7W;EF>=<OnMR;ESW �&<?@^93@=9;EXKM>=>A_ ` C'@^<OBMR @=9fKQ@�@^95E CfKQ:^K ` EF@=ES:=>-<?R @=9;EdW;<��UES:AESR8@^<OKMJcEFm_;KQ@^<?BDR

KM:AE �R5B �&RgT�KMR5W�@=9;EenDB8KQJ�<?> @^B3nDEFR;ES:=KQ@^E VQKMJ?_;ES> BQP�@=9;EeC;:=BLSEF>=>FG +�9;<?>b<O> @=9;Ee:=E �

VDEF:=>AE�BMPU@^9;E&>�@NKQ@=<O>A@=<OLSKMJ5>AEF@=@=<OR;n5T �&95ES:=EQT'<?R ` BM>A@�L KQ>=ES>FT'@=9;E&WfKQ@NK�LFBDR;>=<?>A@=> BQPgW;<?>=LF:=EF@=E

B 6 >AES:�VMK @^<OBMR;> BMP�@=9;E C5:=BLSES>A>ST �&<?@=9 @^95E CfKM:=K ` EF@^EF:=> _;R��kR;B �&R G3+�9;E PhBLS_5> <OR @^9;<?>

@^95ES>=<?>�<?>�@^9;EF:=E PhBD:=EHBDR W;<��UES:AESR;LFE EFm_;KQ@^<?BDR)KQC;C;:=BDKMLN9;ES>FT 6 EFL KM_;>AE @=9;ES>AE ` BD:=E-ESKM>=<?J 7

i;@ �&<?@=9aWfKQ@NK @ 7 C ES>&@ 7 C5<OL KQJ*BMP�EFC;<OW5E ` <OLS>FG

��� � ����� ����������� � � ��� � ����� �� � ����� � �� ��� ����� � � �

+�9;E3��K 7 EF>=<OKMR 9;<OEF:^KM:ALN9;<OLSKMJ ` BW;EFJO<OR5n >�@^:^K @^ESn 7 9fKQ> C;:=B[VMESR @^B 6 E�E �@^:=E ` EFJ 7

E�UESL @^<jVDE PhBD: ` B'W;EFJO<?R;n LFB ` C;JOE � C;:=BLSEF>=>=EF> �&<?@=9 ` _;Jj@^<OC5JOE�CfKM:=K ` EF@^EF:=> � \ p T �M\Tg\'Y� G��<?ES:=KM:=LN9;<?L KMJ ` BW;EFJO>cKQJOJOB ��LFB ` C5JOE�� :=EFJ KQ@=<OBDR5>=9;<?C;> 6 EF@ ��ESEFR ` _5J?@^<?C;JOE CfKM:=K ` EF@^EF:=>�@=B

6 EX>AESCfKQ:^KQ@=ESW <OR8@^Ba>=E VDEF:^KMJ�JOE VDEFJO>SGb+�95EX95<OES:=KM:=LN95<OL KQJ�Ph:^K ` E��BD: ��9;ESJ?C;> @^95E KQRfKMJ 7 >�@

@^Be_5R;W;ES:A>A@^KMR;W3@^9;Eb_5R;W;ES:AJ 7 <OR5n C;:=BLSEF>=>�J?<OR��k<OR5n @^BeW;KQ@NK @=B @^9;E ` BW;ESJ TgKMR5W�@^BeW;E �

VDEFJOBDC LSB ` C;_5@^KQ@^<?BDRfKMJ�>A@=:^KQ@=ESnD<?ES>H@^B)>A< ` _5J KQ@=EX@=9;E W;EF>=<?:=ESW C BD>�@^ES:A<OBD:HW;<?>A@^:A< 6 _'@^<OBMR;>SG

� �'LSESC'@�<?RX:=KM:=E�LSKM>=EF>ST>=< ` _;J K @^<OBMR <O>,R5ESLSEF>=>=KM: 7 G�.fBD:cKMR <?R8@^:=BW;_;L @^<?BDR @^B-9;<?ES:^KQ:=LN9;<?L KMJ

` B'W;EFJO<?R;n;T>=ESE � pQr G+�9;E B[VDEF:^KMJ?JU>�@^:^K @^ESn 7 BMPg@^9;E���K 7 ES>A< KMRe9;<?ES:=KM:=LN9;<?L KMJ ` B'W5ESJ 9fKM> 6 ESEFR <OR5PhBM: ` KMJOJ 7

6 _5@ LSBDR;LF<O>AESJ 7 BD_5@=JO<?R;ESW�<?R � � cKQR;W � Y � G�+�95Eb>A@^:=KQ@^EFn 7 C;:=B[V<OW;EF>-K JO<?R�� � L KQJOJOEFW)@^95E� ��� ��� � 6 EF@ ��ESEFR#@^95EHB 6 >=EF:AVDEFW#W;KQ@NKdKMR;We@=9;E-_;R;B 6 >AES:�VDESW#CfKM:=K ` E @^EF:=>�BMP/<OR8@=ES:=EF>A@ST

Y[\

Page 44: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;EFR;BM@^EFW 687�� G

� ��K @NK � o,:=BLSES>A> � � � p GjY p �

� o�:AB'LFES>A> � �

� � �

+�9;E�@^BDC-JOK 7 ES: <O>*@=9;E�B 6 >=EF:AVMESW WfK @NK5T �&9;<?LN9 <O> ` BW;ESJ?ESW 687 KMR KMC;C;:ABDC;:=<OKQ@^E,J?< �QESJO<?9;BB'W

Ph_;R;L @^<?BDR G @�<O> KQ>=>=_ ` EFW�@^9fKQ@�@^9;E W;KQ@NK <?>�nDEFR;ES:=KQ@^EFW 687 KMR3_5R��kR;B �&R C5:=BLSES>A>STgPhBM:

E��5K ` C;J?EMT;KQR ESC;<?W;E ` <OL�C;:=BLSEF>=>FG +�95E C;:=BLSEF>=>�W;EFCUEFR;W;>�BDRe_5R;B 6 >AES:AVMESW CfKM:=K ` E @^EF:=>ST

KM>/>=9;B �&R <?RH@=9;E ` <?W;W;JOE�J K 7 EF:SG� @l<O> <?RH@=9;<O> ` <OW;W;J?E,J K 7 EF:/@=9fKQ@ @^95E �8KQ:A@ ��BMP5>A@NK @^<O>�@^<?L KMJ

` B'W;EFJO<?R;n @NK �MES>aC;JOKMLSEQG � R @^9;E 6 BM@=@=B ` JOK 7 ES: KM:AE�@^9;E3C5:=<OBM: W;<O>�@^:A< 6 _5@=<OBDR5> @^9fK @

:=EFC;:=EF>=EFRk@ KbC;:=<?BD:=< 6 EFJO<OE Ph>&K 6 BD_5@�@^95EHC;KM:^K ` EF@=ES:A>SG

+ 7 C;<?L KMJ?J 7 <OR8@^EF:=ES>�@�LSESR8@=ES:=>�BDRe@^95E ABD<OR8@�C BD>A@=ES:A<OBD:�W;<?>A@=:=< 6 _5@^<?BDR BMP/@^9;E�C;KM:^K ` E��

@^EF:=>FT @=9fKQ@�<O>ST;@=9;E LFBDR;W;<j@^<?BDRfKMJ W5<O>A@=:=< 6 _5@^<?BDRaBMP�@=9;EHCfKM:^K ` E @^ES:A>ST nD<?VMESR @^9;EHB 6 >AES:AVMESW

WfKQ@^K5G

� � � ��KQ@NK'T o,:=BLSEF>=> �� � � �� o,:=BLSEF>=> � � ��=��K @NK � o,:=BLSES>A>ST � � p GjY � �

+�9;E�C BD>A@=ES:A<OBD:�W;<O>�@^:=< 6 _5@=<OBDR T>=95B �&Ra<?R ESmk_fKQ@=<OBDR p G?Y � T5<O> PhBD_;R;We_5>=<OR5nd��K 7 ES> �f+�9;ESB �

:=E ` G

�#B'W5ES:=R W5<O>=ESKM>=E3W;KQ@NK @ 7 C;<?L KMJ?J 7 LSB ` EF> <OR @=9;E)PhBD: ` BQP-LSBD_;R8@=>SG .IBM: 9k_ ` KMR

W;<?>=E KQ>=ES>FT @=9;EeWfKQ@^K3KM:=EeRk_ ` 6 EF:=>bBMP�BLSLS_5:=:=EFR;LSEF> C ES: _;R;<?@ @^< ` EMG P&@^95EeWfKQ@NK39fKQ>

K)>ACfKQ@^<OKMJ LSB ` CUBMR;ESR8@ Tl@^9;EFR <?@ <O> nM:=BD_;C ESW 687 >=CfK @^< KQJ _5R;<?@ KM> ��ESJOJ G)+�9;<?> @ 7 C E BMP

WfKQ@^K <O> BMP @=ESR ` B'W5ESJOEFW _;>A<OR;n olBD<?>=>ABDRe:^KMR5W;B ` VQKM:=<OK 6 JOEF>SG�� <O>=ESKM>=E�WfKQ@^K L KMR KMJO>AB 6 E

6 <?R;B ` < KMJ;<?R RfK @^_;:AEMTk@^9fKQ@�<O>FT'Rk_ ` 6 ES:�BMP*C BD>=<j@^<jVDE�L KM>AES>�BM_5@�BMP*KH@^BQ@NKMJ G�+�9;<?>�@ 7 CUE�BMP

WfKQ@^K L KMR KMJ?>=B 6 E�nD:ABD_;C ESW 687 >=C;KQ@^<OKMJgKQR;We@^E ` C BD:^KMJ _;R;<j@^>FG,+�9;E-nD:=BD_5C;<OR;nM>�<OReESKMLN9

L KQ>=E ` K 7 R;BQ@ 6 Eb@^< ` EdKMR;W >=CfKQLSEMG .fBD:-E��5K ` C;JOEQT @=9;EXWfKQ@NKaLSBM_;JOW 6 EXnD:ABD_;C ESW 6k7

Y[Z

Page 45: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^< ` E KMR;W#KMnDE � � G1 BD: �k>�>=_;LN9 KM> � Y � T � � r *KMR;W � p � < ` C;J?E ` ESR8@�@=9;E���K 7 ES>=<OKMRe9;<?ES:^KQ:=LN9;<?L KMJ >A@=:^KQ@��

ESn 7 PhBD:cKMRbESC;<?W;E ` <OL ` B'W;EFJ �&9;EF:=E�@=9;E�>=C;KQ@^<OKMJ'W5ESC ESR;W;EFR;L 7 <?> ` B'W5ESJOEFWbKM>,K-�#KM: �QB V

:^KQR;W;B ` ifESJ?W G,+�9;ES>AE ` BW;ESJ?>�W;E KQJ �&<?@^9 � ��� � � �� � � @=9fKQ@&<O>FT5WfK @NKdKMnDnD:AESn8K @^ESWaB[VDEF:

W;<?>=LS:AEF@=E >=CfK @^< KQJU:AESnD<?BDR;>SGc��KQ@NK LFBDR;>A<O>A@=>�BMP*@=9;E Rk_ ` 6 ES:�BQP B'LFLS_;:A:=ESR5LSES>�BQP/K W;<O>AE KM>AE

<OR)K >ACfKQ@^<OKMJ _;R;<j@ T KMnDnD:AESn8K @^ESW)B VMES:�>=B ` E _;R5<?@�BMPc@^< ` EHKM>���EFJOJ G�+�9;E LSBM_;R8@ WfKQ@^K <?>

` B'W;EFJOEFWaKM>�K o/BD<O>A>=BDR :^KMR5W;B ` VQKM:A< K 6 JOE�

������� � � � ��� ��� ��]o/BD<O>A>=BDR � � ��� ��� � � � p GjY r �

�&9;EF:=E � �l<O>�@^9;EHE��'C ESL @^ESW)R_ ` 6 EF:�BQP,B'LFLS_;:A:=EFR;LSEF>�<OR >=C;KQ@^<OKMJ*_;R;<j@ � T KMR;W � ���c<O>&@^95E

JOBMn ��:AESJ K @^<?VME�:A<O> �IT �&95<OLN9#KMLSLFBD_;R8@^>&PhBD:�@^95E�W;EFV< K @^<OBMRaPh:AB ` @=9;E�E��'C ESL @^ESW)R_ ` 6 EF:�BMP

L KQ>=ES>FG�+�9;EbE��'C ESL @^ESW Rk_ ` 6 ES:�BMP,BLSLS_5:=:=EFR;LSEF>-CUEF:�_;R;<j@�KM:AE K5T � � TgLSKMR 6 E B 6 @^KM<OR;EFW

Ph:=B ` B[VDEF:^KMJ?J*W;E KQ@=9#:=KQ@^EF>&BD:�C;:=<?BD:ST5E��'CUEF:A@ �kR;B �&JOEFW;nDEHBMPl@=9;E-W;<O>AE KM>AE � � q G��ESLSKM_;>=E�o/BD<O>A>=BDRbWfK @NK L KQR;R;BM@�ESKM>=<?J 7 nDESR;EF:^KMJ?<��FESW @=B-K ` _;J?@=<?VQKM:=<OKQ@^E�>AEF@=@=<OR;n-KQR;W

@^9k_;>,LSKMR;R;BQ@,W;<O:AESL @^J 7 <OR5LSBD:ACUBD:=KQ@^E�>=CfK @^< KQJ'E��gEFLF@^>FT8@^9;E�>ACfKQ@=< KMJ5KMR;W @^E ` C BD:=KMJ'C5:=BLSES>A>

<O>-BMP @=ESR ` BW;ESJ?ESW <OR � ����G ��B[VQKM:=<OKQ@^Ed<OR'PhBD: ` KQ@^<?BDR T*W;EFR;BM@=ESW 687�� ����Tl<O>HKMW;W;EFW V< K K

JO<?R;E KQ: ` BW;EFJ Gc+�9;<?> 7 <?ESJ?W;>�

� ��� � � � ��� i � � ��� � p GjY � �

�&9;EF:=E � ����PhBDJOJ?B �&>�K ` _5J?@^<jVQKM:=<OKQ@^E if:A>A@���BD:AW;ES:�KQ_5@^BD:AESnD:AES>A>=<?VMEX!HKQ_;>=>A< KMR�@=< ` E >AES:=<?ES>FTW;E ifR;ESW 687�

��� ��� ��� � >���� � � � p GjY � �

+�9;E @^ES: ` � ��<O> K ` _5J?@^<jVQKM:=<OKQ@^E R5BD<O>AEa@=ES: ` T �&<?@^9 � ��� � � q�� � � G +�9;E ` BW;ESJ�<?R

ESmk_fK @^<OBMR;> p G?Y r T p GjY �'T�KMR;W p G?Y � T�9fKQ> 6 ESEFR _;>=EFW >=_5LSLSEF>=>�Ph_;JOJ 7 @=B ` BW;ESJ�>ACfKQ@^<OKMJOJ 7

pMq

Page 46: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;EFCUEFR;W;ESR8@�LSBD_5Rk@�WfK @NKbPh:=B ` KbVQKM:A<OE @ 7 BMPlESC;<?W;E ` <OLF> � � r T Y � TgY �'T � q T �M\ KQR;W#BQ@^9;EF:>=BM_;:=LFES>�� �Mr G

+�9;E W 7 RfK ` <OL�RfKQ@=_;:=E BQPlEFC;<OW5E ` <OLS>FT'EF>=C ESLF< KMJ?J 7 @^9;E�LN9fKMR;nDE Ph:AB ` nD:=B ��@=9a@=B W;E �

LSJ?<OR;E @^Ba>A@^K 6 <OJ?<?@ 7 T 9fKM>�:AES>=_5J?@^EFW <?R K VMKQ:=< K @^<OBMR�BMP @^9;EbC;:AEFV<OBM_;> ` BW;ESJ/@^BaW;EF>=LS:A< 6 E

KMR <?R f_;EFR � K3BD_5@ 6 :=ESK � 687 � � r T�Y � G +�95E @^ES: ` � ��<?>bKMJj@^ES:AESW @=B 6 EFLSB ` E @^9;EeEFC;<��

W;E ` <?L#PhBD:ALS<OR5n @^EF: ` T�L KM_;>A<OR;n�KQR <OR;LF:=E KQ>=E3KMR5W W;ESLF:=E KQ>=E3B[VDEF: @^9;E�LFBD_;:A>=E3BMP-@^95E

ESC5<OW;E ` <?LMGH+�9;<O>�<?>�W;BDR;E 687 <?Rk@=:=BW;_;LF<OR;neKQR;BM@^95ES:�CfKM:=K ` EF@^EF: ����� ����KQ> @^9;E ` E KMR <?R@^95EHW5<O>A@=:=< 6 _5@^<?BDReBMP � ��G

�'_;C;C BD>=Ed@^9;KQ@ B[VMES: K @^< ` Eb<?R8@^ES:�VQKMJ � ?�� � >�� � � @^9;EXRk_ ` 6 ES:HBMP�BLSLF_;:=:AESR;LFES>BMP�KXW;<O>AE KM>AE nD:AB �&>�Ph:=B ` K >A@^KQ@^EHBMP,>�@NK 6 <OJO<j@ 7 @^B KXPh_;J?J fESW5nDESW�EFC;<OW5E ` <OLMT KMR5W#@^95ESR

W;EFLSJO<?R;ES>&W;B �&R)@=BXK >A@^K 6 J?EH>�@NKQ@=EHKM>�@=9;EHESC;<?W;E ` <OL 6 _5:=R;>�BD_5@ p G p G ��>&@^9;EHESC;<?W;E ` <OL

@NK �MES>dB � KMR;W <?R;LS:AE KM>AES>b<OR <?R8@^ESR5>=<?@ 7 T,@^9;EeCfKQ:^K ` EF@=ES: ����� ��� ` B VMES>bPh:=B ` @=9;E VQKMJO_;E

� ? @=B � > G&��P @=ES:�<?@�:=ESKMLN9;EF> <?@=>�C E K � KMR5W 6 ESnD<?R;>�@=B >A_ 6 >=<?W;EMT ����� ����LN9fKMR;nMES>�Ph:AB ` � >@^B � � G .�<OR;KMJOJ 7 T KQ>-@=9;EXESC;<?W;E ` <OLbCfKQ>=>=EF>ST/@^9;EbVQKMJO_5EbBMP � ��� ��� :AEF@=_;:=R;>�@=B � ? G � � � � <?>KMR <OR;W5E�� CfKM:=K ` EF@^EF:-<OR;W;<?L KQ@=<OR;n @=9;EX>A@NKQnDE BQP�@^95E EFC;<OW;E ` <?LMG � � � � � q�� Y � BD: p PhBM:

>A@^K 6 <?JO<?@ 7 T5nD:AB ��@^9 TfBD:�W5ESLSJ?<OR;EQT;:=EF>=C ESL @^<?VMESJ 7 G +�9_5>ST � ��� ��� <?> �

� ��� ��� �� �

� ? � � � � ?

� > � � ?� � � � >

� � � � >� � � � �� ? � ��� � �

(�>A<OR;n � ��� ��� T�@^9;E#ES:A:=BD:d@^EF: ` <O>d@^9;EFR�� � � � � � ��� ��� � � � � G2+�95<O> 9;KM>X@=9;E):AES>A_;J?@ BMP

@^_5:=R;<?R;nb@^9;E-ESC5<OW;E ` <?L��DBDR��XKMR5W �DB � �;G

+�9;E#>ACfKQ@=< KMJ�W;EFCUEFR;W;EFR;LS<?ES> <?R @=9;E WfKQ@NK KM:AE 6 _5<OJ?@d<?R8@^B3@^9;E >A@=:=_;L @^_;:AES> BMP @^95E

` KQ@^:A<OLSEF> � KMR;W ��G�+�9;<O>�LSB[VQKM:=<OKMR;LSE ` KQ@^:A<�� 9fKM>�@^9;E PhBD: ` � � � � � � ����� � � >�� T

p Y

Page 47: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&9;EF:=E � <O>-KaW;< KQnDBDRfKMJ ` KQ@=:=< �3LSBMRk@^KM<OR5<OR;naLSBMR;W;<?@=<OBDR;KMJ�VQKM:=<OKMR;LFES>ST � <O>-K ` KQ@^:A<��

BMP�CfKQ:A@^<OKMJ�� :=EFnD:=EF>=>=<?BDR)LFB'E��XLS<OEFR8@^> �&<?@=9��SEF:=BD>�BMR�@^9;E W5< KMnDBMRfKMJ T KMR5W � <O>�LN9;BD>=EFR >AB

@^9;KQ@ � <O>�CUBD>A<?@=<?VDE�W;EFi;R;<?@=EMG,+�9;E PhBD: ` BMP @^9;E LFB[VMKQ:=< KQR;LSE ` KQ@=:=< � <?>�LFB ` ` BDRX@^B @^95E

LSBMR;W;<?@=<OBDR;KMJ/KM_5@^BM:=ESnM:=ES>A>=<jVDE >ACfKQ@^<OKMJ ` BW;ESJ?>�W5<O>=LF_;>=>AESW <OR � Y � T r G +�95E >A@=:=_;L @^_;:AE BMP@^95E�LSB[VQKM:=<OKMR;LSE ` KQ@=:=<�� <?>�PhBD_;R;W 687e` K �k<OR;n _;>=E-BMP @^95E �#KM: �QB V<OKMRaC;:=BDC ES:�@ 7 BMP/@^95E

>=C;KQ@^<OKMJ�W;EFCUEFR;W;EFR;L 7 Gb.fBD:�@^95<O> CfKQ:A@^<?LS_;JOKM: ` BW;ESJ T � � >� KQ:=E @^95E W;< KQnDBDRfKMJ/ESR8@=:=<OEF>�BMP� T'KMR;WX@^9;E�ESR8@^:A<OEF>�BMPU@^9;E ` K @^:=< � � KM:AE�nD<jVDEFR 687 � ��� � �����

� �� >�� � TKMR;W �SES:AB PhBD: � �� �

� Y �'T � r G�'CfKQ@=< KMJU>A@^:A_;LF@=_;:=E-<?>�KMJO>AB 6 _;<OJj@�<?Rk@=B @^9;E ` KQ@^:A<�� BMP�KM_5@=BD:=EFnD:=EF>=>=<?BDRaCfKM:=K ` E @^EF:=>ST

� G/+�9;<O>l<O>/W;BDR;E 687 LN95B'BD>A<OR;n�K�R;EF<OnD9 6 BD:=95B'BW >�@^:A_;LF@=_;:=E PhBD:/@=9;E ` BW;ESJ Gl.fBD:lK�nM<?VDEFR

>=C;KQ@^<OKMJI_;R;<?@ � T'<?@ ` _;>A@ 6 E�W;EF@=ES: ` <?R;ESW �&95<OLN9eBMP*@=9;E�BM@=9;ES:�_;R;<j@^> �dKM:AE�R;EF<OnD9 6 BD:=>�BMP

_;R;<j@ � T5KQR;W �&9;E @^9;EF:�@^95E 7 KM:=E�if:=>�@�BM:=W;EF:ST5>AESLFBDR;W T@^9;<?:=W TkEF@=LMG,R;EF<OnD9 6 BD:=>FG�.fBD:,@^9;BD>AE

_;R;<j@^>�@=9fKQ@�KM:=E�R5BM@�<ORe@^9;E-R;EF<OnD9 6 BD:=95B'BWeBMP � T ����<?>�>=EF@�@^B �FES:=B5G�.fBD:�@=9;E-<OR ;_;ESR �SK` B'W;EFJ <OR � � r TgY � T5@^9;E-R;EF<OnD9 6 BD:=95B'BWe>A@=:=_;L @^_;:AE <?>�LN9;BD>AESR#@=Bd<OR;LFJO_;W;E�_5C @=BX>AESLFBDR;WBD:AW;ES:�R;EF<OnD9 6 BD:=>FTfKMR;W� � � � � ? T� ��� ��� > <?P _;R;<j@^> � KMR5W �XKM:AE if:=>�@&BD:=W;EF:�R;ES<?nD9 6 BM:=>ST

KMR;W� ��� ��� � <?P _5R;<?@=> � KMR;W��XKM:=E�>=ESLFBDR;WaBD:AW;ES:�R;EF<OnD9 6 BD:=>FG,+�9;E�CfKM:=K ` EF@^EF:=> ��� KM:AE

@^95ESR)@=:^KMR;>�PhBD: ` ESW)>=B @=9fKQ@ K !-KM_;>=>A< KMR#C;:=<?BD:�W;<O>�@^:=< 6 _5@=<OBDR ` K 7a6 E _;>AESW G�+lB ifR;<O>A9

@^95E ` BW;ESJ?<OR;n C;:=BLSEF>=>ST � � r TgY �T �Q\ *LN9;BBD>=EHKMC5C;:=BDC5:=< K @^E C;:A<OBD:�W;<O>�@^:=< 6 _5@=<OBDR;> PhBD:�@^95E:=E ` KQ<OR;<?R;n CfKM:=K ` EF@^EF:=>FTIKMR;W >=< ` _;J KQ@=E�@^95EH:AES>A_;J?@=<OR;nbC BD>A@=ES:A<OBD:�W;<?>A@=:=< 6 _5@^<?BDR G

�R @^9;E�K 6 B[VME ` BW;EFJ T @^9;E�>ACfKQ@=< KMJW 7 RfK ` <OLF>�BMPf@=9;E�W;<?>=ESKM>=E�KQ:=E ` B'W5ESJOEFW @=9;:=BD_5nD9

LSBM:=:=EFJ KQ@=<OBDR5>�<OR @=9;E�@^:^KQR;>APhBD: ` EFWaCfKM:^K ` E @^ES:�>=CfKMLFEMTIBD: 687 >ACfKQ@^<OKMJgW5ESC ESR;W;EFR;LS<?ES>�<OR �

LSJ?_;W;EFW3<OR)@=9;EbKM_5@=BD:=EFnD:=EF>=>A<?VDE LSBE�XLS<?ESR8@^>FT KMn8KM<?R)BDR)@=9;E @=:^KMR;>�PhBD: ` ESW)>=CfKMLFEMG-+�9;<?>

KMC;C5:=B8KMLN9d<?>cLSBDR8VMESR;<?ESR8@�Ph:AB ` K->�@NKQ@=<O>�@^<OLSKMJCUBD<?R8@,BMP V'<?E�-Gl+�9;E�@^:^KQR;>APhBD: ` EFWdCfKM:^K ` �

EF@=ES:A> KM:AE R;BM: ` KMJOJ 7 W;<?>A@=:=< 6 _5@^EFW T ` K �k<?R;ndLSB ` C;_5@^KQ@^<?BDR KMR;W�KQRfKMJ 7 >A<O>&BMP�@=9;E >ACfKQ@=< KMJ

pDp

Page 48: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KMR;W�@^E ` C BD:=KMJ�W;EFCUEFR;W;ESR5LS<OEF> ESKM>=<?ES:SG �@NKQR;WfKM:AW W;<��gEF:=EFRk@=< KMJ�ESmk_fKQ@=<OBDR ` BW;EFJO>bW;E �

>=LF:=< 6 E�@^95EHW 7 R;K ` <?LS>&BMP�KMRaESC;<?W;E ` <OL�C5:=BLSES>A>�<?Re@^ES: ` >&BMPlRk_ ` 6 ES:A>�BMPl>=_5>=LSEFC5@^< 6 JOEF>

KMR;Wb<?R5PhESL @^<jVDES>FG���BD_;R8@=>�KM:=E ` BW;ESJ?ESW _;>A<OR;n-o/BD<O>A>=BDRbBM:,��<OR5B ` <OKMJ8:^KQR;W;B ` VQKM:=<OK 6 JOEF>ST

KMR;W @^9;EF:=E�KM:AE�R;B LFB `X` BDR ` _;Jj@^<?VQKM:A< KQ@=E,nDESR5ES:^KQJO<��SKQ@^<?BDR;> BMPf@=9;E 6 <?R;B ` < KMJ8BD:�olBD<?>=>ABDR

W;<?>A@^:A< 6 _'@^<OBMR G

.IBM: 6 <?R;B ` < KMJ�LSBM_;R8@ W;KQ@NK5Tc@=9;EenDEFR;ES:=KMJ�>A@=:^KQ@=ESn 7 <O> @=9;Ee>^K ` EQG �'_;C5CUBD>AE @^9fK @

� ����<O>�@=9;E @=BM@NKQJlRk_ ` 6 ES:�BMP�<OR;W5<?V<OW;_;KMJO>&<OR#>=CfK @^< KQJl_;R5<?@ � KQ@�@=< ` E � TgKMR;W�J?EF@g� ��� 6 E@^95E C;:AB 6 K 6 <OJO<j@ 7 @=9fKQ@�KXnD<jVDEFR)<OR5W;<?V<OW5_fKMJ 9fKQ>�@^95E W;<?>=ESKM>=EQG&� E @ ����� 6 E-@^9;EHB 6 >AES:AVMESW

Rk_ ` 6 ES: � BM_5@&BMP � ��� ��@^9;KQ@&9fK VDE-@^9;E-W;<?>=ESKM>=EQG +�95ESR ��E-L KMR _;>AEH@=9;E ` BW;ESJ

� � ��� � � ��� � � ��� ���� � � ��� ��� � � ��� � � � p GjY � �

+�9;<?> @ 7 C E�BMP5WfKQ@^K�<?>*LSB `X` BMR;J 7�` BW;ESJ?ESW-_;>A<OR;n�KM_5@=BDJOBDnM<O>A@=<OL ` BW;ESJ?>SG ��R E��5K ` C;JOE,<?>

K ` BW;EFJ'PhBD:,C;:ABD>A@^KQ@^E�LSKMR;LFES:�nD<?VMESRd<OR � � G,(�>A<OR;n @=9;E�@^:=KMR;>APhBM: ` KQ@^<?BDR�� ��� � JOR ��� � �> � � � � �7 <OEFJOW;>

� ��� � � � � � � � � ��� ��� � � ��� � p GjY[\ �

�&9;EF:=E � ��T � ��T;KMR;W � ���lKM:=E�B 6 >=EF:AVMESW LSB[VQKM:=<OKQ@^EF>�@^9;KQ@�E��'C;JOKM<OR @^E ` C BD:^KMJ Tk>=CfKQ@=< KMJ T5KQR;W

<OR8@=ES:^KQLF@^<?BDRaE�UESL @^>SG�+�95E EF:=:=BM:�@=ES: ` � ����PhBDJ?JOB �&>�KXR5BD: ` KMJ W;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 ` ESKMR�SEF:=B KMR;WaVQKM:=<OKMR;LSE� G

+�9;EbKM_5@=BDJOBMnD<O>�@^<OL ` BW;ESJ L KQR 6 E nDESR;EF:^KMJ?<��FESW#@=B <OR5LSJO_5W;E BQ@^9;EF:�LSB[VQKM:A< KQ@=E <OR'PhBD:��

` KQ@^<?BDR <?R @=9;E ESmk_fK @^<OBMR p GjY[\5Gc+�9;E�ES:=:ABD:�@^ES: ` LSKMReKMJ?>=B 6 E ` BW;ESJ?ESW KM>�K !-KM_;>A>=<OKMR

KM_5@=BD:=EFnD:=EF>=>A<?VDE�C;:=BLSEF>=>ST5>=< ` <OJOKM:�@=B p GjY � G,�*E @ � � 6 E�@=9;E�EF:=:ABD: @=ES: ` KMnMnD:=EFn8KQ@^EFW B[VDEF:

>=C;KQ@^<OKMJ :=EFnD<OBMR;>ST;>ABX@=9fKQ@�

� � ��� � � � >�� � � � � p GjY[Z �

p��

Page 49: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>=B @^9;KQ@ � � � � � � � � � > � ��� � T�KQR;W @=9;E ` K @^:=< � BQP KM_'@^BD:AESnD:AES>=>A<OBDR CfKM:=K ` EF@^EF:=>FT � T

<OR5LSJO_5W;ES>�>ACfKQ@^<OKMJ >�@^:=_5LF@^_5:=E KM>&<OR p GjY � G

��BM@^9 BMP @=9;ES>AE ` BW;EFJO>d>=9fKQ:=E)@=9;E)nDEFR;ES:=KMJ�>A@^:=KQ@^EFn 7 BMP ` B'W5ESJO<?R;n >=CfK @^< KQJ�KQR;W

@^E ` C BD:=KMJIW 7 RfK ` <OLS>�<OR;W5<O:=EFLF@=J 7b687 @^:^KQR;>APhBD: ` <?R;n-@^B K LSBDR8VDEFR;<OEFR8@�CfKM:=K ` E @^EF:�>=C;KMLSEQG

1 9;<?JOE,@^9;<?>lLSKMR 6 E�E��gEFLF@=<?VDEQT8KM>/<OR � Y �'T � r T �M\ TM<j@lW5B'EF>lR;BQ@�W;<?:=EFLF@^J 7 KMR;>���EF:l@^95E�mk_;ES> �@^<?BDR BMP ��9;B � P KM>�@c<?>�@^9;E�W;<O>AE KM>AE ` B[V<OR;n�� �#+�9;E&olBM<O>=>ABDRbLSBMR;W;<?@=<OBDR;KMJ5KQ_5@^BD:AESnD:AES>A>=<?VME

` B'W;EFJO>,BMP � �Q\ T � Y � TKMR;W � � r _;>=E&@^9;E�o/BD<O>A>=BDR KMC;C;:AB �'< ` KQ@=<OBDR @=BH@=9;E���<OR5B ` <OKMJ5W5<O>��@^:A< 6 _'@^<OBMR#KQR;W#@=9;ES:AEFPhBD:AE :AESJ 7 BMR#JOKM:=nDE->=K ` C5JOE->=< �SES>�KMR;W#:=EFJ KQ@=<?VDEFJ 7 > ` KQJOJ <?R5PhESL @^<OBMR

:^K @^ES>FG�+�9;E-C;:^KML @^<?L KMJ?<?@ 7 BMPl@=9;ES>AEH@ 7 C ES>�BMP ` BW;ESJ?>�<O>�E �;K ` <?R;ESWa<OR � p \ G��<OEF:^KM:ALN9;<OLSKMJ olBM<O>=>ABDR ` BW;ESJ?>�9;K[VME 6 ESESR)_;>=EFW)@^B ` BW;ESJ*W5B ` EF>A@=<OLHKMR;< ` KMJ*W5<O>��

E KQ>=ES>-KQ> ��EFJOJ G���R3E��5K ` C;J?E <O> K 9;<OEF:^KM:ALN9;<OLSKMJ ` BW;ESJ/PhBD:�LFJO<?R;<OLSKMJ ` KM>�@^<j@^<O>�<OR)9;ES:AW;>

BMP,W;KM<O: 7 L KQ@A@^JOEHnD<jVDESR)<OR � �Mr G�� E @ � � 6 EH@^9;E R_ ` 6 EF:�BMPcL KM>AES>�BMP ` KM>�@^<?@=<O>�<?R)9;EF:=W

� G�+�9;E-9;<?ES:=KM:=LN9;<?L KMJg>=C ESLS<jifL K @^<OBMR <?> �

� � ����� ��� � � � ����� � � p G pMq �

� � ��� �� � �@i � � � �� � ��� �� � � � � � �

�&9;EF:=E�� �c<O>�@^9;E _;R;W;EF:=J 7 <?R;n <OR'PhESLF@=<OBDR#:^KQ@=E <OR)9;ES:AW � T KQR;W � �,<O>�@^9;E >=CfKQ@=< KMJ �h9;ES:AW �E��'C;JOKMRfKQ@=BD: 7 VMKQ:=< K 6 JOEQTfKMR;W � T � T KMR5W i�KM:AEH9 7 C ES:=C;KM:^K ` EF@=ES:A>SG���>�<?Re@^9;EH<OR ;_;ESR �SK

KMR;W C;:=BM>A@NK @^E�L KMR;LFES: ` BW;ESJ?>,W;ES>ALS:A< 6 ESWeK 6 B[VDEQT5KHLSBDR;W5<?@^<?BDRfKMJ;KM_5@^BM:=ESnM:=ES>A>=<jVDE ` BW;ESJ

LSBM_;JOW 6 E#E ` C;J?B 7 ESW�PhBD: @=9;E#<?R5PhESL @^<?BDR :^KQ@=EMG � olBD<?>=>=BMR ` B'W5ESJ�<?> KQC;C;:=BMC;:=<OKQ@^Ee<?R

@^95<O>�>=<j@^_fK @^<OBMR T 6 ESLSKM_;>=E-@^95E�R_ ` 6 EF:&BMP�LSKQ@=@=JOE @=9fKQ@�KM:AE�<OR5PhEFLF@^EFW#LSKMR 6 EHKMLFLS_;:=KQ@^EFJ 7

W;E @^ES: ` <?R;ESWgG�.IBM:�ESC;<?W;E ` <OL ` B'W5ESJO>�BMP �&<?JOWaKMR5< ` KMJO>FT'@^95<O>�<O>�R5BM@�_;>=_fKQJOJ 7 @^95EHLSKM>=EQG

pQr

Page 50: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#B'W5ESJO<?R;n-ESC;<?W;E ` <OLF>,<OR �&<OJ?W KQR;< ` KMJ;C BDC;_;JOKQ@^<?BDR;>,C;:AES>AESR8@^>�W;<��XLS_5J?@^<?ES>,@^9;KQ@ 9_ �

` KMR3ESC;<?W;E ` <OL ` BW;EFJO> W;BeR5BM@-BD:=W5<ORfKM:A<OJ 7 9fK VDEMG +�9;EdJ KM:AnDES>�@ W;<�� LF_;J?@ 7 <O>�@=9;E P KML @

@^9;KQ@ LSKM>=EF> BMP�K W;<O>AE KM>AE KM:AE R;BM@ :=EFCUBM:A@^EFW G ��LSLF_;:^K @^E WfK @NK#BMR @^9;E Rk_ ` 6 ES: BQP�<OR �

PhESL @^EFW#<?R;W;<?V<?W;_fKMJ?>�<O>�:=KM:=EFJ 7 K VMKQ<OJ K 6 JOE�PhBD: �&<OJ?WaKMR;< ` KMJUCUBMC;_;J K @^<OBMR;>ST>=BX:=EF>=E KQ:=LN9;EF:=>

<OR5>A@^ESKMWa_;>=E-C;:AEFVQKMJ?ESR;LFEHW;KQ@NK5G�o,:AEFVQKMJOEFR;LSE-WfK @NKbLSBDR5>=<O>�@^>&BMP/@^9;E-Rk_ ` 6 ES:&BMPlKMR5< ` KMJO>

@^9;KQ@�@=ES>A@-C BD>A<?@^<jVDEHPhBD: K W5<O>=ESKM>=EQT � T BM_5@�BMP,@=9;E @^BQ@NKMJ/Rk_ ` 6 ES:�@=ES>A@=ESW T � G�+�9k_;>-K

6 <?R;B ` < KMJ W;<O>�@^:A< 6 _5@=<OBDRe<?>�RfKQ@=_;:^KMJ G

.IBM:H@=9;Ea��9;:ABDR;<OL 1 KM>�@^<?R;n�� <?>=E KQ>=E C;:AEFVQKMJ?ESR;LFE WfKQ@^K5Tc>^K ` C;J?E >A<��SEF>bKM:AE > ` KMJ?J T

KMR;Wd>AB K-olBM<O>=>ABDRXKMC;C;:AB �5< ` K @^<OBMR �&<?@=9X<j@^>cLFBDR8VDEFR;<OEFRk@ @^:=KMR;>�PhBD: ` KQ@^<?BDR @=BHR5BD: ` KMJO<j@ 7

L KQR;R;BM@ 6 E E ` C5JOB 7 EFW G���W;W;<?@=<OBDR;KMJOJ 7 T5@=9;ES:AE <O>�R;BM@�K J KM:AnDE K ` BD_5Rk@�BMP�>ACUEFLS<?i;L WfKQ@^K

BDR @^:=KMR;> ` <?>=>=<?BDR :=KQ@^EF>SG 1 9;KQ@d<O>bK VQKM<?J K 6 J?EMTc<?R�KMW;W;<j@^<?BDR @=B @=9;EeC;:AEFVQKMJOEFR;LSEeW;KQ@NK5T

<O> K�mk_fKQJO<?@^KQ@^<jVDE#_;R;W;EF:=>A@^KMR;W;<?R;n�BMP-@^9;E 6 ES9;K[V<?BD_;:eBMP ��12� G�(�>=<OR5n @^9;<?>enDESR;EF:^KMJ

_;R;W5ES:=>�@NKMR5W;<OR;naBMP�@=9;E W;<?>=E KQ>=EMT K W5<��UES:=EFR8@^< KQJ�ESmk_fK @^<OBMR;> ` B'W;EFJl@=9fKQ@�9fKQ>�@^9;Eb>=K ` E

mk_fKMJ?<?@NK @^<?VME 6 ES9fK V<OBM_;:�L KMR 6 EbW;ES:A<?VMESW G +�95<O>-����� ` BW;ESJ �&<OJOJ 6 E @^9;E 6 KQ>=<O> PhBM:�K

>A@^KQ@^<?>A@=<OL KQJ ` B'W5ESJI@^9fKQ@�W;<O:AESLF@=J 7 _;>=EF>�@^9;E-K VQKM<?J K 6 J?E�C5:=EFVQKMJ?ESR;LFE WfKQ@^K V< K Kb��K 7 ES>=<OKMR

��<?ES:=KM:=LN9 7 G

p �

Page 51: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � � � ��� � � ����� � � � ���� ��� �� � � ��� ��� � ��� � � � �

��9;:=BDR5<OL�1 KM>�@^<?R;n�� <?>=ESKM>=E � ��12� �*<O>/K�@=:^KMR5> ` <O>=>A< 6 J?E,>=C BDR;nD<jPhBD: ` ESR;LFESC;9fKQJOBDCfK �

@^9 7 � +��5� � @=9fKQ@�BLSLF_;:=>�<?R �&<OJ?W LFES:AV<?WeCUBDC5_;J KQ@=<OBDR5>�<OR ��BD:�@^9e� ` EF:=<OLSK5Gc @�<?>�PhBD_5R;W

<OR 6 BM@^9 ` _;J?EXW5ESES: ��� � �� � � ��� ���� � � � � � � ��� � KMR;W @^9;E ��BM:A@^9 � ` ES:A<OLSKMR EFJ �ITlKMJO>AB

�kR;B �&R0KM>a@^9;E ��KMC;<?@=< ��� � �� � � � � � � � � � � � ��� �� ��� � r Z5T p � G ��12� <?>a:=ESJOKQ@^EFW2@=B

BM@=9;ES:X+��5� � >XPhBD_;R;W <OR W;B ` ES>�@^<OL KMR5< ` KMJO>FT�>A_;LN9 KM>X>=LF:^KMC;<?E#<?R >A9;ESEFC KMR;W 6 B[V<OR5E

>=C BDR;nM<?PhBD: ` ESR;LFESC;9fKQJOBDCfK @^9 7 TcLFB `X` BDR5J 7 LSKMJOJ?ESW ` KMW LSB � W;<O>AE KM>AE � r Z G# @ <O> KMJO>AB:=EFJ KQ@=ESWa@^BX+��5� � >�PhBD_;R;W <OR 9k_ ` KMR;>STf>A_;LN93KM>�LSJOKM>=>A<OL ��:=EF_5@ � PhESJj@ � �DKQLSB 6 W;<O>AE KM>AE KQR;W

VQKM:=<OKMR8@���:=ES_'@ �FPhEFJ?@�� �DKMLFB 6 W5<O>=ESKM>=EQG,+�9;E�E��5KMLF@�KMnDEFRk@ @^9;KQ@ L KM_;>AES>���12� 9fKM> R;BM@ 7 E @

6 ESESRdC BD>=<j@^<jVDESJ 7 <OW;EFRk@=<?ifEFW T8KMR5W @^9;E ` EF@=9;B'W BMPI@^:^KQR;> ` <O>A>=<OBMR <O>lLS_;:A:=ESR8@=J 7 _5R��kR;B �&R G

��B ��EFVMES:STU@^9;E W;<O>AE KM>AE <?>�KMLFLSB ` CfKMR5<OESW 687 @=9;EHC;:=EF>=ESR5LSE BMP ` _5@NKQRk@�C;:ABM@^EF<OR;>�L KMJ?JOEFW

C;:A<OBDR;>�<?Re@^9;E-R;EF:AVDBM_;>�@=<O>A>=_;E � Y r T r Z5T p �T � YDT �8p G��9;:=BDR5<OL�1 KM>A@=<OR;nX� <?>=E KQ>=E�<O>�KMJ���K 7 >�P K @NKMJ T5L KQ_;>=<?R;ndWfK ` KMnDE�@=BbCUBD:�@^<?BDR;>�BMP/@^95E

6 :=KM<OR#<OR)<?R5PhESL @^EFW3KMR;< ` KMJ?>SG���R;< ` KMJ?> �&<j@^9���12� >=9;B ��K C;:ABDnD:AES>=>A<?VME JOBM>=>�BQP 6 BW 7

LSBMR;W;<?@=<OBDRgT 6 ES9;K[V<?BD:^KMJ�LN9fKMR;nMES>ST�KMR;W EFVMESR8@^_;KMJOJ 7 W;ESKQ@^9 � Y r T p � G +�9;E LFBD_;:=>AE3BMP

<OR'PhESLF@=<OBDR)<OR ` _5JOE W;EFES:-KMC5CUESKM:=>�@=Be<OR;LFJO_;W5E 6 BM@^93JOKQ@^EFRk@�KMR;W3LSJ?<OR;<?L KMJ C ES:A<OBW;>ST*KQR;W

>=C;KMR;>�Ph:AB ` Y[\b@^B ��� ` BMRk@=9;>SG�� R;LSE LSJO<?R;<OLSKMJg>A<OnDR5>�KMC5CUESKM:ST;PhE�� W;ESEF:�>A_;:AV<?VME ` BD:=E

@^9;KMR Y p ` BDR8@^95> � p � G+�9_5> P KM:FT8LN9;:=BMR;<OL ��KM>A@=<OR;nHW;<O>AE KM>AE&9fKM> 6 EFESRXP KM: ` BM:=E�LSB ` ` BDRb<ORdW;EFES:�@^9fKQR <?R

ESJ �IG� @�9fKQ> 6 ESESR3EF>A@=< ` KQ@^EFW)@^9fK @ <OR#<OR5PhEFLF@=ESW3:=EFnD<OBMR;>ST 6 E @ ��EFESR �� @^B � � BQP ` _;JOE

W;EFES:b9fK VDE ��12� T�LSB ` CfKM:AESW @^B3BMR;J 7 K 6 BD_5@eY � <?R ESJ � � p �T�Y r T�KQJ?@^95BD_;nD9 :AESLFESR8@

WfKQ@^K >A_;nDnDEF>A@^>�@^9fK @�@=9;E <?R5PhESL @^<?BDR#:=KQ@^EH<OR ESJ � ` K 7a6 E <?R;LS:AE KM>A<OR;n�� Y r G�1 9;<OJ?E 6 BM@=9

p��

Page 52: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

` _;J?E#W5ESES: KMR;W �&9;<?@=E�� @^KM<OJ�W5ESES: L KMR LSBDR8@^:=KMLF@ @^9;E#W;<O>AE KM>AEMT�<?R @^95E��&B'L � 7 �#BD_;R �

@NKQ<OR :AESnD<?BDR @^9;EeEFC;<OW5E ` <OL >AESE ` > @=B 6 E PhBLS_;>AESW�<OR @=9;BD>AEaKM:=ESKM> �&9;ES:AE ` _;JOE W;ESEF:

��� �� ���� � � � � ��� � ���� � � �cKM:AE�LFB `X` BDRXKMR5W PhE�-Tk<jP KMR 7 T �&9;<j@^E � @NKQ<OJOEFWbW;ESEF:�KQ:=E&PhBD_;R;W G

��BDR;>AESmk_;EFRk@=J 7 T�:=EF>=E KQ:=LN9 KMR;W WfKQ@NK�LFBDJOJ?ESL @^<OBMR BDR @^9;EaW 7 RfK ` <?LS>bBMP&@^95E W5<O>=ESKM>=Ea<?R

@^95E �&B'L � 7 �#BD_;R8@^KM<OR KM:=ESK 9fK VDE�PhB'LF_;>=EFW BDR ` _5JOE&W;ESEF: � p �T � Y G,+�9;E�:=ES>AE KM:ALN9 @^9fK @9fKM> 6 ESEFR#W;BMR;E-BDR �&95<?@^E � @^KM<OJ?ESW W;EFES:&>=_5nDnDES>�@^>&@^9fK @�@^9;E->=C ESLF<OEF>�:AES>=C BDR;W5>�>A< ` <OJ KQ:=J 7

@^B ��12� T 6 _5@�KdLSJO_5>A@^EF:=<?R;n E��gEFLF@�<O> ` BD:=E�J?< �MEFJ 7 T;>=<?R;LSE �&9;<?@=E�� @NKM<?JOESWeW5ESES:�KM:AE ` BD:=E

>=BLS<OKMJg@=9fKMR ` _;J?E�W;ESEF:SG

��9;:=BDR5<OL#1 KM>�@^<OR5n � <O>AE KM>AE ��KQ> if:=>�@ PhBD_;R;W R5E KM:e.fBD:�@a��BDJ?JO<?R;>ST&��BMJOBD:=KMW;B;T�<?R

Y[Z � �'TIKMR;W#9fKM> 6 EFESR�>AC;:=ESKMW;<OR5n B[VDEF:�@^95E CfKQ>A@�@ ��B W5ESL KQW;ES>FG�+�95E W;<?>=ESKM>=E 9fKM> 6 EFESR

` K �k<OR;n <j@^> ��K 7 KMLS:ABD>=>���BDJ?BD:^KQW;BbKMR;Wa9fKQ>�:AESLFESR8@^J 7 LS:ABD>=>AESW @^9;E�LFBDR8@^<OR5ESR8@NKMJ*W5<?V<OW;E

� Y r G +�9;Ed<OR;LF<OW;EFR8@^>�BMP @^9;EdW;<?>=ESKM>=Ed<OR ��EFR8@^:^KQJ�KMR;W31 EF>A@=ES:=R ��BDJOBM:^KMW;Be9;K[VME 6 EFESR

<O>ABDJ K @^ESW @=9k_;>,P KM:STkKMJj@^9;BM_;nD9 @^95E 7 KM:AE&B'LFLS_;:A:=<OR5n �&<?@^9dnD:AE KQ@=ES:cPh:AESmk_;ESR5L 7 G���_;:A:=EFRk@=J 7 T

@^95E�W;<?>=ESKM>=E�KMC;C E KM:A> ` BD>�@�LFBDR;LFESR8@^:=KQ@^EFW <ORd@^9;E�:=EFnD<OBMR EFR;LSB ` CfKM>A>=EFW 687 ��BD:�@^9;ESKM>A@��

ES:AR���BMJOBD:=KMW;BXKMR;W)�'BD_5@=9;E KQ>A@^EF:=R 1 7 B ` <OR;n5TfKMJ?@=9;BD_;nM9a@=9;ES:AE 9;K[VME 6 ESEFR):AESLSEFR8@�9;BQ@

>=C BM@=>�<?R 1 <?>=LFBDR;>=<?R T �'BD_'@^9#��K �MBM@^K5Tf��E 6 :=KM> � K5T KMR;W#KbPhE�]:AESC BD:A@=ESW L KM>AES>�<OR (�@^KM9

KMR;W#��E�� �#E �'<OLSB5G

�'<OR;LFE�9k_;R8@=<OR;n�<O>/>=_;LN9 6 <On 6 _;>=<?R;ES>A>�<OR ` KMR 7 >�@NKQ@=ES>FTQ@^95E�C BM@^EFRk@=< KMJ8LFBDR;>AESmk_;ESR5LSES>

BMPf@=9;E���12� ESC5<OW;E ` <?L�KM:AE�nD:AE KQ@SG�� :=ESLFESR8@ KM:�@^<OLFJOE <ORH@^9;E&� L @^B 6 ES: pQr T pQqDq�� TQESW;<j@^<OBMR

BMP*@=9;E�� ESR8VMES:&olBM>A@�:AESC BD:A@=ESW @^9;KQ@�9k_;R8@^<?R;nbKMW;W5ESW����MZMZ ` <?JOJ?<OBDR @=B @^9;E�ESLSBMR;B ` 7 BMP

@^95E�>�@NKQ@=E�BMPf��BDJOBD:=KMW;B�<OR pMqDq8p Gl+�9;E�>^K ` E KM:A@=<OLFJOE�ES>�@^< ` KQ@=ESW-@^9;E�CUBM@=ESR8@^<OKMJ8ESLFBDR;B ` <OL

< ` CfKML @&BMP���12� RfKQ@^<?BDR �&<OW;E�@=B 6 E��Y qDq 6 <OJ?JO<?BDR G,+�9k_;>ST ��9;:=BMR;<OL�1 KM>A@=<OR;n � <O>AE KM>AE

<O> :=EFLSBDnDR5<��SEFW RfKQ@=<OBDRfKQJOJ 7 KM>eK C BM@^EFR8@^< KQJOJ 7 W5<O>^KQ>A@^:ABD_;> C5:=B 6 J?E ` T�KMR;W E VDEF: 7 >�@NKQ@=E

E��'LFESC5@���K ��KM<O<*9fKQ>�< ` C5JOE ` ESR8@=ESWaKX��12� >A_;:AVMES<OJ?J KMR5LSE�C;:ABDnD:^K ` G

p �

Page 53: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��_;:=:AESR8@�E�UBD:�@^>�PhBM: ` B'W;EFJO<?R;nb@^9;E >AC;:=ESKMW3BMP,LN95:=BDR;<?L ��KM>A@=<OR;n W5<O>=ESKM>=E 9fK VDE PhB �

LS_5>=ESW3BMR#@^95E >A< ` _;JOKQ@^<?BDReBMP,<?R;W;<jV'<?W;_fKMJg<OR8@^EF:^KML @^<OBMR;> 6 EF@ ��ESEFR3W;ESEF:�_;>A<OR;n >A@^KMR;WfKM:AW

ESC5<OW;E ` <?L ` BW;ESJ?>�>=_;LN9)KM>�K 6 <O:A@=9 ��W5E KQ@=9#C;:AB'LFES>A> � p � /KMR5W ` B'W5ESJO<?R;n @=9;E >AC;:=ESKMW�KQ>K W;<��g_5>=<OBMR C;:=BLSEF>=> � � Y� T;KMR5W @^9;EF>=E ` B'W;EFJO> 9fK VDE�C;:AB[V'<?W;ESWe<?R;>=<?nD98@�<?Rk@=B @^95E W;<O>AE KM>AEW 7 RfK ` <OLF>SGc+�95E�W;<?>=E KQ>=E�9;KM> 6 ESEFR >=C5:=E KQW;<OR;nH@^9;:ABD_;nD95BD_5@�@^9;E���BL � 7 �#BD_;R8@NKQ<OR ��E �

nD<?BDR PhBD: ` BD:AEX@=9fKMR �Dq 7 E KQ:=>ST 6 _'@dK�>A@^KQ@^<?>A@^<?L KMJ ` B'W5ESJ �&<?@^9 >ACfKQ@=< KMJ�LSB ` C BDR;EFRk@=>

9fKM> 7 EF@�@^B 6 E-C;:AES>AESR8@^EFW G

+�9;ES:AE�KM:AE&>=EFVMES:=KMJU>�@NKMR5WfKM:=WXW;<��gEF:=ESR8@=< KMJ;EFmk_fKQ@^<?BDR;>,@^9;KQ@�KM:=E&LSB ` ` BDR;J 7 _;>AESW KQ>

ESC5<OW;E ` <?L ` B'W5ESJO>FGe+�9;ES>AEaKM:=EXW;EF>=LS:A< 6 ESW C;:AEFV<OBM_;>=J 7 <OR @=9;<O>-@^95ES>=<?> <OR >=EFLF@=<OBDR p G?YDG

� R;E >A_;LN9 <?> @=9;EeKMWfKQC5@NKQ@=<OBDR BMP�@^9;E � BQ@ � K � %�BMJ?@^EF:=:=K#C;:AESWfKQ@=BD:�� C;:=E 7 ` BW;ESJ � ESmk_fK �

@^<?BDR p G Z � @^B)W;<O>AE KM>AES> nD<jVDEFR <OR � ��� �KMR5W � ��� G)�'B ` E BQP�@^9;EF>=E VQKM:A< KMR8@=> 9fK VDE 6 EFESRKMC;C5JO<OEFWX@=B LN9;:ABDR;<?L���KM>A@=<OR;n W;<O>AE KM>AE 6 ESLSKM_;>=E�@^9;E 7 E �'9;< 6 <j@�@=9;E�m_;KMJO<j@NKQ@=<?VDE 6 ES9fK V<OBM:

B 6 >AES:�VDESW <OR ` KMR 7 ESC;<?W;E ` <OLF> � p �'T �8p G3+�9;EeW;<��gEF:=ESR8@=< KMJ ESmk_fKQ@=<OBDR5> _;>=EFW 6k7 � p � T� � Y� T�KMR;W � �Dp T < ` C5JO<OLF<?@=J 7�` BW;ESJ W;<O>AE KM>AEeW 7 RfK ` <OLF> 6 KM>AESW BDR <OR;W5<?V<OW;_;KMJ�<?R8@^ES:=KML��

@^<?BDR;> 6 EF@ ��ESEFR W;ESEF:XKMR;W�VDES: 7 > ` KMJOJ�@^< ` E >�@^ESC5>SG ��B ��E VDEF:ST ` BD>A@XK VQKM<OJOK 6 J?E WfKQ@^K

PhBD: @=9;ES>AE ` BW;EFJO>bKM:AEeKMnDnM:=ESnDKQ@^EFW B VMES:b:AESJ K @^<?VMESJ 7 JOKM:=nME @^< ` EX>A@=ESC;>XKMR;W�JOKM:=nDE KM:��

E KQ>SG +�9;ES>AEaKM_5@^95BD:=> _;>=E >A@^BLN9fKM>�@^<?L PhBD:���KM:AW <OR8@=ESnD:=KQ@^<?BDR KQ> @^95E C;:A< ` KM: 7 @=B'BDJcPhBM:

_;R;W5ES:=>�@NKMR5W;<OR;n KMR5W E �'C;JOBD:A<OR;n @=9;Eb>=C;KQ@^<?B � @=E ` CUBD:=KMJ/W 7 RfK ` <OLS>FG +�9;EdJ?<OR�� 6 E @ ��EFESR

@^95E ` KQ@=9;E ` KQ@^<?L KMJ ` B'W;EFJ*KMR;Wa@^95EHW;KQ@NKb<O>�<?R;W;<?:=ESL @ G

+�9;E�LFBD:=:AESJOKQ@^EFW o/BD<O>A>=BDR ` BW;ESJfBMP � �Q\ T � Y � TKMR;W � � r TkW;<O>ALS_;>A>=EFWe<ORd>=EFLF@^<?BDR p G p T<O>�E�UESL @^<?VME <OR ` BW;EFJO<OR5nd@=9;E >ACfKQ@^<OKMJ >=C;:AE KMW3BQP�9_ ` KMR)W;<O>AE KM>AES> >A_;LN9 KM> <?R f_;EFR � K5T

6 _5@ KMC;C5JO<OLSKQ@^<?BDR�@^B���12� <?> 9;<?R;W;EF:=ESW 687 Ph_5R;WfK ` ESR8@NKQJ,W;<��UES:AESR;LFES> <?R W;KQ@NK5G +�9;E

` B'W;EFJO>�W;<?>=LF_;>=>AESW�<?R#>AESLF@=<OBDR p G p :AESJ 7 BDRa@^9;E olBD<?>=>ABDR�KMC5C;:=B �'< ` KQ@^<?BDR @^Bd@^95E ��<OR;B �

` < KMJQW;<O>�@^:=< 6 _5@=<OBDR-KMR5WH@=9;ES:AEFPhBD:AE�< ` C;J?<OLF<?@^J 7 :=EFJ 7 BMR JOKM:=nDE�>^K ` C;JOE,>A<��FES>lKMR;WH:=ESJOKQ@^<jVDEFJ 7

p \

Page 54: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

> ` KMJ?J<?R5PhESL @^<?BDR :^K @^ES> � �M\'T'Y �T�� r Gl @,<O>lE��@^:AE ` ESJ 7 W;<�� LF_;J?@cKMR;WbE �5C ESR5>=<?VME�@^B B 6 @NKM<?RC;:AEFVQKMJOEFR;LSE&WfK @NK�BDR K �&<?JOW;J?<?PhE�CUBDC5_;J KQ@=<OBDRgTM>=B ` B'W;EFJO>cPhBD: ��95:=BDR;<?L�1 KQ>A@^<?R;nH� <O>AE KM>AE

R;EFESW 6 E @^B KMC;C5:=BDC;:A< KQ@=E�PhBD:�> ` KMJ?J >^K ` C;J?ES>FG

� ��K 7 EF>=<OKMR 9;<OEF:^KM:ALN9;<OLSKMJ ` BW;ESJ�<O> LSBDR5>A@^:A_;LF@=ESW PhBD:XLN9;:=BMR;<OL ��KM>�@^<OR5n W;<O>AE KM>AE

@^9;KQ@ W;<?:=EFLF@^J 7 <OR8@^EFnD:^K @^ES> ` KQ@^9;E ` K @^<OLSKMJ ` B'W;EFJO>�:=EFJ KQ@=ESW#@=B @=9;BD>=E BMP � p � T � � Y���&<?@=9K ` B'W5ESJ�PhBD: B 6 >=ES:�VQKQ@^<?BDR;> @^K �MEFR BDR ��12� C;:=E VMKQJOESR5LSEMG ��:A<?@=<OL KQJ�@=B)@^95E ` BW;EFJ�<?>

K W;<��gEF:=EFR;LSEbEFm_;KQ@^<?BDR3KMC;C5:=B �'< ` KQ@^<?BDR#@=B @^:=KMW;<?@=<OBDR;KMJ W;<��UES:AESR8@^<OKMJlEFmk_fKQ@^<?BDR ` B'W5ESJO>

BMP�C;:=E VMKQJOESR5LSE-@^B ` BW;ESJgW 7 RfK ` <OLS>&<?R @=< ` EMG�� ` ESLN9;KMR;<O> ` <O>&<?R;LSJ?_;W;ESWa@^9;KQ@�KMJOJ?B �&>

PhBD: >=CfKQ@=< KMJ ` <��'<OR;n 6 EF@ ��ESESR�:AESnD<?BDR;> BQP&<OR8@^EF:=ES>�@ G3��VMKQ<OJ K 6 JOEdWfKQ@^K)<O> <OR;LFBD:=C BD:=KQ@^EFW

@^95:=BD_;nM9 K)��K 7 ES>=<OKMR 9;<?ES:=KM:=LN9;<?L KMJ,Ph:=K ` E���BM: �IT�@^9k_;> JO<?R��k<OR;na@^9;E WfKQ@^K)KMR;W ` KQ@=9;E��

` KQ@^<?L KMJ ` BW;EFJ Gc+�9;<?>�9;<OEF:^KM:ALN9;<OLSKMJ KQC;C;:=BDKMLN9#<?R8@^ESnM:^KQ@=ES>�WfKQ@^KbKMR;WaESC5<OW;E ` <?L�@^9;EFBD: 7

<OR8@=B�K >=<OR5nDJOE ` BW;ESJ T�<?> L KQCfK 6 J?E�_;R;W;EF:e@^9;E3LFBDR;>A@=:^KM<?R8@eBMP > ` KMJOJ�WfKQ@^K >=EF@=>ST�KQR;W

C;:AB V<?W;ES>�K ` EFLN9fKMR;<?> ` PhBM:�C;:=EFW;<OL @^<OBMR#KQR;W @=9;E->A@=_;W 7 BMPlWfKQ@^KdLFBDJOJ?ESL @^<OBMR W;ES>A<OnDR5>SG

��� � � � � �

��KQ@NKaPhBD:d��12� <O> ESLSBMR;B ` <OL KQJOJ 7 KQR;W ESLFBDJOBDnM<OL KQJOJ 7 E��'C ESR;>A<?VDEe@=B3B 6 @NKQ<OR >A<OR;LFE

@^95E#@^EF>A@=<OR;n C5:=BLSESW5_;:=EQT�_;R8@^<OJ�:=EFLSEFRk@=J 7 T�:AESmk_;<?:=ESW >^KMLF:=<?i;LS<OR5n @^95E�KMR;< ` KQJ � Y r T �Dp Go,:=E VMKQJOESR5LSE WfKQ@NK LSBMR;>=<?>A@^> BMP�@=9;E R_ ` 6 EF:=>XBMP W5ESES:X@^9fK @ KQ:=Ee@^EF>A@^EFW PhBD: ��12� <?R

E KQLN9 �&�&( T*KQR;W3@^9;EbRk_ ` 6 ES:-BMP�@=9;BD>=Eb@=ES>A@=ESW @^9fK @-KM:=E PhBM_;R;W3@^Ba9fK VDEb@=9;EbW;<O>AE KM>AE

� r Z fKQR;W � p � Gc+�9;E�@^EF>A@=<OR;n C5:=BLSESW5_;:=E�_;>AESWd@^B W5EF@^EF: ` <OR;E �&9;EF@=9;ES:,BD:�R;BM@�KMRdKQR;< ` KMJ<O>H<OR'PhESLF@=ESW <?> LFBDR;>A<OW;EF:=ESW @=B 6 E E �'@=:=E ` EFJ 7 KMLFLS_;:=KQ@^EQT,KMR;W <?> C ES:�PhBD: ` ESW <OR 9;<OnD95J 7

LSBMRk@=:=BDJ?JOEFW LSBDR5W;<?@=<OBDR;> � Y r G ��BDR;>AESmk_;EFRk@=J 7 T�@^95E P KMJO>AE CUBM>=<?@=<?VME KMR;W P KMJ?>=E R5ESn8KQ@=<?VME

:^K @^ES>&PhBD:&@^9;E-@^EF>A@ ��EF:=E KQ>=>=_ ` EFW)@^B 6 EH> ` KMJ?J*ESR;BD_5nD9#@=B 6 E R;EFnDJOEFLF@=ESW G���_;:A:=EFRk@=J 7 T

@^95E�WfKQ@^K <O>�C5:=ESW5B ` <?RfKMR8@^J 7 B 6 @NKQ<OR;EFW Ph:=B ` 9k_;R8@^EF:=>FT �&95BH>A_ 6;` <?@�9fKM:AVMES>�@^ESWXKMR5< ` KMJO>

PhBD:,@^EF>A@=<OR;n;G�+�9;ES>AE�>=_ 6;` <?>=>A<OBDR;> KM:AE�:AESmk_;<?:=ESW 687 @=9;E���BDJOBM:^KMW;B � <?V<?>=<OBMRbBMPg1 <?JOW;J?<?PhE

p Z

Page 55: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<ORa@^95EHEFR;W;E ` <?L KM:AE KM>FG�.fBD:&KMR5< ` KMJO>�@^K �MEFR�BD_5@=>=<?W;E�@^9;EHESR;W5E ` <OLHKM:=ESK5T;@^95E KMR5< ` KMJO>

` K 7 6 E->A_ 6;` <?@=@=ESWeVDBMJO_;R8@NKQ:=<OJ 7 6 _'@�KQ:=E�>=_ 6 AESL @�@=B K �'Y � @=ES>A@=<OR;nbPhEFEMG ��ESLSKM_;>AE @^95E

@ 7 CUEbBQP�W;ESEF:-K 9_5Rk@=ES: ` K 7 @^K �MEb<?> :=EF>A@=:=<OL @^EFW 6k7 KMnDEQT KMR;W3<?R ` BM>A@�KQ:=E KQ> nDESR5W;ES:FT

9fKM:�VDEF>A@-WfKQ@^K ` K 7 C;:AB[V'<?W;EbK 6 < KM>AESW�V<OE�� BQP,@^9;E W;<O>AE KM>AE � Y � G-� E @^EF: ` <OR;<?R;nX@=9;ES>AE6 <OKM>=EF> :AESmk_;<?:=ES> ` BD:=E W;E @NKM<?JOESW WfK @NK @^9fKMR2<O>aK VQKM<?J K 6 J?E�9;EF:=EMG ��E VDES:�@^9;EFJOEF>=>ST-@^95E

` B'W;EFJ C;:AES>=EFR8@^ESW)9;ES:AE <?>�VMKQJO<OW PhBM:�@^9;EHCUBMC;_;J K @^<OBMR BMPc9k_;R8@^K 6 JOE-W;EFES:FTUKQJ?@^95BD_;nD9e@^95E

W;E ifR;<?@=<OBDRaBMPl9k_;R8@NK 6 JOE-L KMR LN9fKMR5nDE�Ph:=B ` :=ESnM<OBDRe@^Bd:AESnD<?BDR G

1 <OJOW5JO<?PhE 6 <OBDJ?BDnD<?>A@^>*W5<?V<OW;E�@^95E�>A@^KQ@^E�BMP ��BDJ?BD:^KQW;B�<?R8@^B�nMESBDnD:=KMC;9;<?L�:AESnD<?BDR;>/L KMJ?JOEFW

WfKQ@^K KMRfKMJ 7 >A<O>b_;R5<?@^> � ���&(�> � G � <��gEF:=EFRk@d>ACUEFLS<?ES>dBMP�KMR;< ` KMJ?> 9fK VDE W;<��gEF:=ESR8@ �&�&(

W;E ifR;<?@=<OBDR5>ST;>ABd@=9fKQ@�@=9;E�>=CfK @^< KQJ _;R;<j@^>&KM:AE�>=C ESLS<jifL�PhBD:�W;<��gEF:=EFRk@�>ACUEFLS<OEF>&BMPlKMR;< ` KMJ?>SG

.fBD:-E��5K ` C;JOEQTlW5ESES: KMR;W ESJ ��9fK VDE W;<��UES:AESR8@ �&�&(�>FG �'<OR5LSEb@^9;EdPhBLS_;>HBMP�@=9;E ` BW;ESJ

C;:AES>=EFR8@^ESW 9;EF:=Eb<O> ` _;J?E W;EFES:ST ���&( �&<?JOJ :=E PhES: BDR5J 7 @^B @=9;E WfKQ@^KeKMRfKMJ 7 >=<O>�_;R;<j@^>�PhBM:

W;EFES:SG�+�9;EF>=E ���&(�>&L KMR 6 E�>=ESEFR)<?Ra.�<OnD_5:=E � GjYDG,+�9;E-WfK @NKb>=9;B �&>&@^9fK @�@^9;EF:=E-KM:AEbY �

�&�&(�> �&9;ES:AE LN9;:ABDR;<OL ��KM>A@=<OR;n W;<O>AE KM>AE <?> �kR;B �&R @^B)E �'<O>A@ KM>HBMP�@^9;E pMqDq8p 9k_;R8@^<?R;n

>=ESKM>=BMR G,+�9;ES>AE�KQ:=E&�&�&(�> p T � T r T �'T � T �Tk\5TkZ5TIY q TfY p TfY �'T p �'TkKQR;W rDr <ORX.�<OnM_;:=E � G?YDG

��EFL KM_;>AE�@^95E�W;<?>=ESKM>=E�9fKM>�R5BM@ 7 EF@�>=C;:AE KMW @=B ` _5LN9 BMP @=9;E�>�@NKQ@=EMTk@^9;E ` K ABM:=<?@ 7 BMP @^95E

WfKQ@^K <O>�Ph:AB ` KMR3ESR;W5E ` <OL :AESnD<?BDR3JOBL KQ@=ESW�<?R�@^9;E R;BD:A@=9;E KQ>A@^EF:=R :=EFnD<OBDR)BMP�@^9;Eb>�@NKQ@=E

BMP*��BDJOBD:=KMW;B;T8LFBDR;>A<O>A@=<OR;n-BMP ���&(�> r T �T Y q T p �'TKMR;W rDr � Y r Gl1 9;<OJ?E�@^9;EF:=E�9fK VDE 6 EFESR

KaR_ ` 6 EF: BQP�L KQ>=ES>-Ph:=B ` _;R;<j@^>H>=_;:A:=BD_;R5W;<OR;na@^95E EFR;W;E ` <OLd:AESnD<?BDR T*@^9;EX� <jV'<?>=<?BDR3BMP

1 <OJ?W;JO<jPhE 6 EFJO<?EFVDEF>�@^9;KQ@�@=9;E W;<?>=ESKM>=E <?>�>�@^<?JOJ LSBDR8@=:=BDJ?J K 6 J?E-<OR#@=9;E R;BMR ��EFR;W;E ` <OL KM:=ESKM>SG

@,<?>l@^95BD_;nD98@�@=9fKQ@c@=9;E�W;<?>=ESKM>=E �&<?JOJ 6 E�K�C ES: ` KMR;EFR8@,C;:=EF>=EFR;LSE&<OR @^9;E�EFR;W;E ` <?L�:=EFnD<OBMR

� Y r T �8p G+�9;E C;:AEFVQKMJOEFR;LSE WfKQ@^K Ph:=B ` ��BDJ?BD:^KQW;B ��KM> LFBDJOJ?ESLF@=ESW�B[VMES: p � 7 E KQ:=>STUPh:=B ` Y[Z�� �

@^B pMqDqDp Gd+�9;E WfK @NK ��EF:=EXB 6 @NKQ<OR;EFW Ph:AB ` @^95E ��BDJ?BD:^KQW;Ba� <?V<O>A<OBDR3BQP�1 <OJ?W;JO<jPhEMT*KQR;W

�Dq

Page 56: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � ��� � � ��BDJ?BD:^KMW5B � ESEF:���KQ@^K ��RfKQJ 7 >=<?>�(�R;<j@^>�KMLS:ABD>=> @=9;E >A@^KQ@^EQG-+�9;EbJ KM:AnDES:>=C;KQ@^<OKMJ _;R;<j@^>&KM:AE�@^9;EH�&�&(�>ST;@=9;E-> ` KMJOJ?ES:�_5R;<?@=>&KM:=E-n8K ` E ` KMRfKMnDE ` EFR8@�_;R;<j@^>SG

E KQLN9 �&�&( � 7 E KQ: VQKMJ?_;E�LSBMR;>=<?>A@^> BMP @ ��BHRk_ ` 6 ES:A> � KMR;W � T �&9;EF:=E � <O>c@^95E�Rk_ ` 6 EF:

BMP,W5ESES:&@^9;KQ@ ��ES:AE @^EF>A@=ESW)PhBD:���12� KMR5W � <?>&@=9;E Rk_ ` 6 EF:�@=9fKQ@���EF:=E PhBD_5R;W#@=B 6 E

<OR'PhESLF@=ESW Gc��ESLSKM_;>=E�@=9;E�W;<O>AE KM>AE ��KM>,BMR;J 7 :=EFLSESR8@=J 7 :AESLSBMnDR;<��FESWXKM>�KMRdEFC;<OW;E ` <?LMT ` _;LN9

BMPf@=9;E�WfKQ@^K�<?>lPh:=B ` @=9;E�EFR;W;E ` <OL�:=EFnD<OBDR KMR;W <?> ` BD>A@lLSB ` C;J?EF@^E Ph:=B ` @=9;E 7 ESKM:=>�Y[ZDZ � �

pMqDqDp G,o,:=<?BD:�@^BaY[ZMZ � @^9;E-WfK @NK ��KM>&LSBDJ?JOESL @^EFW >ACUBM:^KMW;<?L KMJ?J 7 G�+�9;E ��BDJ?BD:^KMW5Bb� <?V<O>A<OBDR

BMPl1 <OJOW5JO<?PhE�9fKM>&:=EFLSEFRk@=J 7a` KMW;E�@^95EH@=ES>A@=<OR;nd:AES>=_5J?@^>&PhBD:�@^95E pQqDq8p KMR;W pMqDq�� 9k_;R8@^<?R;n

>=ESKM>=BMR;>�K VQKM<?J K 6 J?E�C;_ 6 JO<?LSJ 7 � Y r G

��� � � � ��� � � � ��� � ������ � � ��� �� ��� � � � � � � ��� � ��� � � � �

� Y

Page 57: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E KQC;C;:=BDKMLN9#C5:=ES>AESR8@^EFW�<ORe@=9;<O>�@^95ES>=<?>�_'@^<OJ?<��FES>�Kd> 7 >A@=E ` BMPlW;<��UES:AESR8@^<OKMJ*ESmk_fK �

@^<?BDR;> �&9;<OLN9aE��'9;< 6 <?@�@^9;E KMC;C;:ABDC;:=<OKQ@^E�mk_fKMJO<j@NKQ@=<?VME�@=E ` CUBD:=KMJUKMR;We>=C;KQ@^<OKMJ 6 ES9;K[V<?BD_;:SG

�'BDJ?_5@^<?BDR;>,@^BH@^9;<?>�> 7 >A@^E ` KM:AE�KQC;C;:=B �'< ` KQ@=ESW _5>=<OR5n K >AEF@�BMP*W;<��gEF:=ESR5LSE�EFmk_fKQ@^<?BDR;>�BDR

K >=LSKMJOE-KQC;C;:=BMC;:=<OKQ@^E�PhBD:�@^95E�WfKQ@NK'G,+�9;:=BD_5nD9 K 9;<OEF:^KM:ALN9;<OLSKMJ ��K 7 ES>=<OKMR LSBDR;>�@^:A_;LF@=<OBDR T

@^95E WfKQ@^K)KM:AE _;>AESW @=B)EF>A@^< ` K @^Ed@^9;E _;R��kR;B �&R CfKM:=K ` E @^EF:=> @=9fKQ@ nDB[VDEF:=R @^95ES>=E W;<?P �

PhES:AESR;LFE ESmk_fK @^<OBMR;>SG#� R;E Ph_5R;WfK ` ESR8@NKQJOJ 7 W;<��UES:AESR8@bKM>ACUEFLF@ BMP�@^95<O> KQC;C;:=BDKMLN9 <?> @^95E

E��'C;J?<OLF<?@ ` BW;ESJ?<OR;nXBMP >=C;KQ@^<OKMJlW 7 R;K ` <?LS>�<OR)@=9;E W;<��gEF:=ESR8@=< KMJ/ESmk_fKQ@=<OBDR5>ST :=KQ@^9;EF:�@^9;KMR

<OR5W;<O:AESLF@=J 7 KQ@A@^E ` C5@=<OR;n @=BaL KMC5@=_;:=E @=9;EbE�UESL @-_;>=<?R;na>=CfK @^< KQJ�LSBM:=:=EFJ KQ@=<OBDR5>�@ 7 C;<OLSKMJc<?R

>A@^KQ@^<?>A@=<OL KQJ ` B'W;EFJO>FG

��� � � � ����� ���� � � ��� �

+�9;E JOBMnD<O>�@^<OL ` B'W5ESJ p G p W5<O>=LF_;>=>AESW <OR)>=ESL @^<?BDR p GjY <O>�LSB `X` BMR;J 7 _;>AESW3@^B ` BW;ESJ

6 <?BDJOBDnM<OL KQJUC BDC;_;JOKQ@^<?BDR;> � ��� G�+�9;E ` BW;EFJ*<O>&>=< ` C;J?EMT 6 _5@ KQC;C;JO<?L K 6 JOE�@=B KX>=_;:AC;:=<?>=<OR5nRk_ ` 6 ES:aBMP 6 <OBDJ?BDnD<?L KMJ�KMC;C;J?<OLSKQ@^<?BDR;>SG"+�9;E J?BDnD<?>A@^<?L ` B'W5ESJ PhBD: ` > @=9;E 6 KM>=<?>ePhBD:aK

��9;:ABDR;<OL�1 KM>A@=<OR;nd� <?>=ESKM>=E ` B'W;EFJ G

.IBM:�KH>=<?R;nDJOE&C BDC;_;JOKQ@^<?BDR TD@=9;E�J?BDnD<O>�@^<?L ` BW;ESJ p G p E��'9;< 6 <?@^>�@^95E�W;EF>=<O:=K 6 J?E�LN9fKQ:^KML �

@^EF:=<?>A@^<?L BMP�9;K[V<?R;n @ ��BaEFm_5<OJO< 6 :=<?_ ` C BD<OR8@^>FT KQ@ � � q KMR;W � � � G-� � � � ������ �BD: ��� � � � ��� �� ��� ������ ��PhBM:�@^95E W;<��gEF:=ESR8@=< KMJ ESmk_fK @^<OBMR ��� �� � �� �� � ��<?>�K C BD<?Rk@^���>=_;LN9@^9;KQ@ � � �� � ��� �(�� � � q G,+�95ES>=EHC BD<OR8@^>�:=ESC5:=ES>AESR8@�Kd>�@^ESKMW 7 >�@NKQ@=EMT;>A<OR;LFEH<jP @^9;E�> 7 >�@^E `

6 ESnD<?R;>�K @g���<?@�:=E ` KM<?R;>�@^9;EF:=EHPhBD:�KMJOJ*@^< ` EQG�.�< �5EFW)C BD<OR8@=>�LSKMR 6 E EF<?@=9;ES:�>A@^K 6 JOEQTU>AB@^9;KQ@&<?P*@=9;E-> 7 >A@=E ` <?>�CUEF:A@^_5: 6 ESWaB �3BMP @=9;E i �'ESW CUBM<OR8@�<?@ �&<OJOJUEFVMESR8@^_fKQJOJ 7 :=E @^_;:ARa@=B

@^95E >�@^E KQW 7 >A@^KQ@^EQT BM:�_5R;>A@^K 6 JOEQTI>=Bd@^9fKQ@�<jP�@^95EH> 7 >A@^E ` <?>�CUEF:A@=_;: 6 ESW#B � BMP�@=9;E-i �'ESW

C BD<OR8@�<?@��&<OJOJ R;BQ@�:AEF@^_5:=R G�+�9;E L KQ:=: 7 <?R;n LSKMCfKMLF<?@ 7 T � Tg:AESC;:AES>=EFR8@^>-K ` K �'< ` _ ` >=_;> �

@NKQ<ORfK 6 JOE C BDC;_5J KQ@=<OBDR G-��> @^9;EbC BDC;_;JOKQ@^<?BDR�>A<��SEdKQC;C;:=BDKMLN9;ES>�@=9;<O>�VQKMJ?_;EMTU@^9;EdnD:AB ��@=9

�&<OJ?J5>AJOB �-Gc��R;KMJ 7 >=<?>,>=9;B �&>�@^9fK @,@^9;E&C BD<OR8@ � � q <O>�KQRX_5R;>A@^K 6 JOE�EFmk_;<OJ?< 6 :A<O_ ` CUBM<OR8@ T

�8p

Page 58: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KMR;W � � � <O>�K >�@NK 6 J?E EFmk_;<OJ?< 6 :A<O_ ` C BD<?Rk@SG�+�9k_;>STg<?P�@=9;E <?R;<?@=< KMJ VQKMJO_;EHBMPc@=9;E C BDC �

_;JOKQ@^<?BDR#<?>�nM:=E K @^ES:�@^9fKQR)@^9;E L KM:A: 7 <OR5n L KQCfKMLS<j@ 7 T � � � TI@^9;EFR)@^95E CUBMC;_;J K @^<OBMR �&<?JOJ

W;EFLS:=ESKM>=E 6 KQL � @=B ��KM:AW;> @^9;<?> >A@^K 6 J?E C BD<OR8@ G�� < �ME��&<O>=EQT�<?P q � � � � Tc@^95ESR � <?>

<OR5LS:=ESKM>=<?R;n;G +�95<O> ` BW;EFJc<O>�ESKM>=<?J 7 nMESR;EF:^KMJ?<��SEFW3@^B Ke>=CfKQ@=< KMJ ` BW;ESJ 687 KMnDnD:AESn8KQ@=<OR;n

B[VDEF:�W;<?>=LF:=EF@=E->=CfKQ@=< KMJg_;R;<?@=>&KMR;W <OR;LFJO_;W5<OR;n ` <OnD:=KQ@^<?BDR @=ES: ` > � ��� G�"W;<��gEF:=ESR8@=< KMJ ESmk_fK @^<OBMR#PhBD:�@^9;E C;:=E VMKQJOESR5LSE BMP,K W;<O>AE KM>AE 6 KQ>=ESW3BMR)@^9;E JOBDnM<O>A@=<OL

` B'W;EFJ*L KMR 6 E-PhBD: ` _;J K @^ESW 687 :=EF>=L KQJO<OR5n 687 � � ��� T ��� G��&ES>AL KMJ?<OR;n 687 @^9;EHL KQ:=: 7 <?R;nL KQCfKMLS<j@ 7 :=EF>=_;Jj@^>a<OR K W5<��UES:=EFR8@^< KQJ�ESmk_fKQ@=<OBDR �&<?@=92@=9;E >=K ` E 6 KM>=<?L C5:=BDC ES:�@^<OEF>)KQ>

ESmk_fK @^<OBMR p G p T 6 _5@ �&9;<OLN9 J?<?VMES> BDR @^95E�<?Rk@=ES:�VMKQJ � q�� Y G,��ESnD<?R;R;<OR5n �&<j@^9 EFmk_fKQ@^<?BDR p G p T

W;<jV'<?W;E 687 @^9;E ` K �'< ` _ ` C BDC;_;JOKQ@^<?BDR�� G�+�9;<O> nM<?VDEF>�K J?BDnD<O>�@^<?LHEFmk_fKQ@^<?BDR ` B'W5<?ifEFW

PhBD:HC;:=E VQKMJOEFR;LSEQT,:=ES>�@^:A<OLF@=ESW @=B)@^95E _;R;<j@ <?Rk@=ES:�VMKQJ G �*EF@e� W;ESR;BQ@^E @=9;E C;:ABDC BD:A@=<OBDR BMP

W;EFES:&<OR KbnD<?VMESR#���&(]@=9fKQ@�KM:AEH<?R5PhESL @^EFW G�+�9;ESR T

� ���� �

i�� ��Y � � � � � G?Y �

<O>&K ` B'W5ESJgPhBD:�@=9;E-LN9fKMR;nME <?R C5:=EFVQKMJ?ESR;LFE-B VMES:�@^< ` EQG

� E @3� � �IW;EFR;BM@=E&@=9;E�C;:ABDCUBM:A@^<?BDRbBMP <OR'PhESLF@=ESWdW;EFES:�<ORd�&�&( � PhBM:c@^< ` E�C ES:A<OBW � KQR;W � 6 E�@=9;E�VDESL @^BD:�BMPUC;:=E VMKQJOESR5LSES>�KMnDnD:AESn8K @^ESWXB[VDEF:�KMJ?Jf�&�&( � > PhBD: K-nD<?VMESR 7 ESKM: � G,.fBD:

R;B �-T�@=9;E PhBLS_;> <O> BDR @=9;E B 6 >=ES:�VDEFW mk_fKQJO<?@^KQ@^<jVDE 6 ES9fK V<OBD_5: �&<?@=9;<OR K)>A<OR;nDJ?E �&�&( T

KMR;Wa@^95E >ACfKQ@^<OKMJ W 7 RfK ` <?LS> �&<OJ?J 6 E KMW;W5ESW)JOKQ@^EF:SG .f:=B ` 9;<O>�@^BD:A<OL KQJ B 6 >AES:AVQKQ@=<OBDR5>�KQR;W

:=EFLSEFRk@ >A@=_;W;<?ES>-BMP���12� � r Z5T p � T <?@-<?> �kR;B �&R @^9;KQ@ ��12� @^K �MEF> KMC5C;:=B �'< ` KQ@^EFJ 7 �

7 ESKM:=>cPh:AB ` <OR5PhEFLF@^<?BDR @=B�@^9;E�W5E KQ@=9bBMPf@^9;E&KQR;< ` KMJ G .fBD:�K W;<O>AE KM>AE �&<?@=9bKMRb<OR5LS_ 6 K @^<OBMR

C ES:=<?B'W @^9;<?> J?BDR;n;Tc<j@ <?> K):AE KM>ABDRfK 6 JOE >A_;C;C BD>=<j@^<?BDR @^9;KQ@bK)>A_;>A@^KM<OR;K 6 JOE JOE VDESJ�BMP�@^95E

W;<?>=E KQ>=E�<?>�C BD>=>A< 6 J?EMG���W;W;<j@^<OBMRfKMJOJ 7 T[<jPf@^9;E�W5<O>=ESKM>=E�<O>�<?R P KML @,L KQ_;>=EFW 6k7 ESR8V<O:ABDR ` ESR8@NKMJ

>=BM_;:=LFES>eBD: L KM:A:=<OEFW 687 KMR5BM@^9;EF: KMR5< ` KMJ T @^9;<?> ��BD_;JOW <?R;W;<?L KQ@=E @=9fKQ@eK >=_;>�@NKM<?RfK 6 J?E

JOE VDEFJ�<O> JO< �MESJ 7 Tl>=<OR5LSEeKMR E��@^EF:=RfKMJ�L KM:A:=<?ES: LFBD_;J?W CUBQ@^ESR8@=< KMJ?J 736 E _;RfK �gEFLF@^EFW 687 @^95E

���

Page 59: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;<?>=E KQ>=EMG,�2LSJOKM>=>A<OL�E��5K ` C;JOE&BMP KMR E �@^ES:ARfKMJ 9;BD>�@�<O>,@=9;E�;E K @=9fKQ@ L KM:A:=<?ES>�@^9;E�C;J KMnM_;EMT

KM<?W;<OR;n3<?R @^9;Ea>AC;:=ESKMW BMP�@^95E W5<O>=ESKM>=E KMR5W EFRfK 6 J?<OR;n�@=9;EaW;<O>AE KM>AEa@=B >=_;>�@NKM<?R <j@^>=EFJ?P�G

.f_;:A@=9;ES: ` BM:=EMT���12� 9fKM> 7 E @ @^B >=95B � >A<OnDR5> BMP ESJO< ` <?RfKQ@=<OBDR EFVDEFR <OR�@^9;BM>=E�KQ:=E KQ>

�&9;EF:=E @^95E W;<?>=E KQ>=E 9fKQ> 6 EFESR C;:AES>AESR8@b@^9;E JOBDR;nMES>A@STcnD<jV'<?R;n#Ph_5:A@^95ES: >A_;C;C BD:A@ @^B�@^95E

>=_5>A@NKQ<ORfK 6 <OJO<j@ 7 KM>=>A_ ` C5@^<?BDR Gc��R;BM@^95ES:�:AE KM>ABDRfK 6 J?E KM>A>=_ ` C5@=<OBDR <?>�@=9fKQ@�<jP @^95E W;<O>AE KM>AE

<O>�R;BM@-C;:AES>=EFR8@ <?R K nD<?VMESR KM:AE K5T*< G EQG <jP3� � � � q Tg@=9;ESR3@=9;EbC;:=BMCUBD:�@^<?BDR3BMP W;ESEF: @^9fK @

KM:AEe<OR5PhEFLF@^EFW �&<OJOJ >A@^K 7 KQ@ �SEF:=B;T�_;R5JOES>A>d<OR5PhEFLF@^EFW�W;ESEF:dPh:AB ` KMR;BM@=9;ES:dKM:AE K ` <OnD:=KQ@^E

<OR � KMJj@^9;BD_5nD9#@=9;<O>�< ` C;JO<?ES>�@^9fK @ W;EFES:-KM:AE @^95E VDEFLF@^BM:�PhBD:�@=9;E <?R5PhESL @^<OBMR TgKQR;W3R;BM@ KMR

ESR8V<O:ABDR ` ESR8@NKQJ�>ABD_;:=LFEMT�KMR;W <?@ <O> R5BM@ �kR;B �&R PhBD:XLSEF:A@NKQ<OR @=9fKQ@ @=9;<O>X<O>X@^9;E#L KM>AE � G

+�9;EF>=Ee@ ��B KM>A>=_ ` C5@=<OBDR;> >=ESE ` T�BDR @=9;Ee>=_5:AP KMLFEMT,@^B 6 Ee>=_;C5CUBD:�@^EFW 687 @^9;EeLF_;:=:AESR8@

_;R;W5ES:=>�@NKMR5W;<OR;nHBMPU@^9;E&W;<?>=E KQ>=EMG,+�95E 7 C;:AB V<?W;E&>=_;C;C BD:�@�PhBD:c@=9;E&LN9;BD<?LSE�BMPU@=9;E&JOBDnM<O>A@=<OL

` B'W;EFJ � GjYDT �&9;<?LN9#9;KM>�@^9;EF>=EHm_;KMJO<j@NKQ@=<?VDE�LN9fKM:^KQLF@^EF:=<?>A@^<?LS>FG

+�9;E CfKQ:^K ` EF@=ES:Wi <?R EFm_;KQ@^<?BDR � GjY :AESC;:AES>AESR8@^>dK �<?R;W BQP&KMLSLFESJ?ES:^K @^<OBMR PhBD:-@^95E

W;<?>=E KQ>=EMT�KMR;W L KMR 6 E <OR8@^EF:=C;:AEF@=ESW KQ> KQR <OR'PhESLF@=<OBDR�:=KQ@^EQG .�< �5<?R;n i KM> K LFBDR;>A@^KMR8@

:=EF>A@=:=<OL @^>b@^95E#W 7 RfK ` <?LS>dBMP�@^9;E ` BW;EFJ 687 i �'<OR;n3@^95E#<?R5PhESL @^<OBMR :=KQ@^EQG��R;>A@=E KMW T 6k7

LN9;BBD>=<?R;nki � i �(� � � �dKMR;W PhBDJ?JOB �&<OR5n @=9;E 6 KQ>=<OL#@^ESR5EF@ BQP�@^9;E�LFBD:=:AESJOKQ@^EFW olBD<?>=>ABDR

` B'W;EFJ,W;<O>ALS_;>A>=EFW <OR >=ESL @^<?BDR p G p T ` BD:=EbPh:=EFESW;B ` <?>-B 6 @NKQ<OR;EFW PhBD:�@=9;E ` BW;ESJ G +�9;<?>

@ 7 CUEHBMPlPh:=ESEFW;B ` LSKMR 6 E-E��@^:AE ` ESJ 7 _5>=EFPh_5J/<?R#W5ES>=LF:=< 6 <OR;nXW;<��gEF:=ESR8@�@ 7 CUEF>�BMP�W;<O>AE KM>AE

W 7 RfK ` <OLF>SGX� R;Ed>=_5LN9 W 7 RfK ` <OLb<?> @^9;EdB 6 >=ES:�VDEFW 6 ES9fK V<OBD_5:�<OR ` KQR 7 ESC;<?W;E ` <OLF> BMP

P KM>�@bnD:=B ��@=9 <?R @^9;Ee<?R;<?@=< KMJ�>�@NKMnDEF>bBMP&@^9;EeEFC;<OW5E ` <OLMTcPhBMJOJOB ��ESW 687 K W5ESLSJ?<OR;E <OR @^95E

J K @=@^EF:�>A@^KMnDEF>�BQP/@=9;E-ESC;<?W;E ` <OLQGc+�9;E-CfKM:=K ` EF@^EF:�i �(� � � ��C;JOK 7 >&Kb:ABDJOE >A< ` <OJOKM: @=B @^9fK @BMP @=9;E LSBDR8@^:ABDJ�CfKM:^K ` E @^ES: � ��� ��� <OR�@^95E)<OR f_;ESR � K ` BW;ESJ&BMP � Y �'T � r �W5<O>=LF_;>=>AESW <?R

>=EFLF@=<OBDR p G p G

�Mr

Page 60: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E)PhBD: ` BMP.i � i ��� � � � ` _5>A@ 6 E�LN9;BD>AESR @^B C;:=B[V<OW;E#@^9;E3KQC;C;:=BMC;:=<OKQ@^E 6 E �

9fK V<OBD_5:SGb @HL KMR 6 EXW5ES>=<?nDR;EFW @=B)KMLFLSBD_5Rk@-PhBD:-KeVQKM:=<?EF@ 7 BMP�E��gEFLF@=>ST�>A_;LN9 KQ>H>ACfKQ@=< KMJ

KMR;We>AE KM>ABDRfKMJUE�UESL @^>SG,1 <j@^9aKMC;C5:=BDC;:A< KQ@=E�W;KQ@NK5T'E��'C;JOKMRfKQ@=BD: 7 LSB[VQKM:=<OKQ@^EF>�LSKMRaKMJO>AB 6 E

<OR5LSJO_5W;ESW�<?R#@=9;E E��'C;:AES>A>=<OBMR�PhBD:hi ��� � � � G��R�@=9;<O>�L KQ>=EMTgW;_;E @=B @^9;E > ` KMJOJ/K ` BD_;R8@�BMPWfKQ@^K5Tk@^9;E�W;ES>A<O:=E�PhBD:�KMC;C;:ABDC;:=<OKQ@^E&mk_fKMJ?<?@^KQ@^<jVDE 6 EF9fK V<OBD_;:�nD_;<?W;ES>�@^9;E�PhBD: ` BQP i �(� � � � G�)K �k<?R;n @^9;E-KQ>=>=_ ` C5@=<OBDR @=9fKQ@�@=9;ES:AE�<O>�K R5BDR � �FES:AB;T;JOBMR;n � @=ES: ` >A_;>A@^KM<OR;K 6 JOE�JOEFVMESJgPhBM:

@^95E W;<?>=E KQ>=EMT�>=EF@Qi � i � j � � � � G +�9;<O> KML @^> KQ> K VQKM: 7 <OR;n)KMLSLFESJOEF:^KQ@=<OBDRgG +�95E KML �LSEFJOEF:^KQ@=<OBDR >AJOB �&>bW;B �&R @^9;EeLFJOBD>AES: @=9;EeC;:ABDCUBM:A@^<?BDR nMEF@^> @=B j G31 9;EFR � � � j T,@^95EKMLFLSESJ?ES:=KQ@^<?BDR @^EF: ` <?> �SEF:=B;T�KMR;W @^95Ee<OR8@^EF:=RfKMJ�:^KQ@=EeBMP�LN9fKMR;nDEaBMP�@^95Ea���&( <?>dKMJO>AB

�SEF:=B;G +�9;E CfKM:=K ` E @^EF: j <O> @^95E J?BDR;n3@^EF: ` C5:=BDC BD:A@=<OBDR�BMP�<OR'PhESLF@=ESW W;ESEF:X@=9fKQ@d@^95E

�&�&( <O>�K 6 JOE�@^B >A_;>A@^KM<ORgT;KMR;WeC5J K 7 >�K :=BMJOE�>A< ` <OJOKM:c@^B @=9fKQ@�BQP*@^9;E LSKM:=: 7 <OR;n LSKMCfKMLF<?@ 7

<ORe@=9;E-JOBDnD<?>A@=<OL�EFmk_fKQ@^<?BDR p G p G

.IBM:�KX>A<OR;nMJOE��&�&( T;@=9;E-W;<��UES:AESR8@^<OKMJ ESmk_fK @^<OBMR 6 ESLFB ` ES>�

� ���� �

i�� � j �H� � ��Y � � � � � � G p �

1 <?@=9�@^9;<?> ` BW;<?i;L KQ@=<OBDR TSC;:=E VMKQJOESR5LSE <O>*<OR5LS:=ESKM>=<?R;n�PhBD:*JOE VDEFJO> 6 EFJOB � j TQKMR;W-W;EFLS:=ESKM>=<?R;nPhBD:&JOE VDEFJO>�K 6 B VME j G� P j � q TI@=9;ESR @^9;EHW;<?>=E KQ>=EH<O> �k<OJOJ?<OR;n B �3@^9;EHE��'<?>A@^<?R;nX<OR5PhEFLF@^<jVDEF>

P KM>�@^ES:�@^9fKQR�<?@�<O>�LS:AE KQ@=<OR;n R;E� <?R5PhESL @^<?VMES>�KMR;W)@=9;ES:AE �&<OJ?J 6 E KMR)E VDESR8@=_fKMJ 6 _5:=R�BD_'@

BMP�@=9;E W5<O>=ESKM>=EQG .IBM: j � YDT/@^9;EFR @^95E W;<?>=E KQ>=E �&<?JOJ,E VDESR8@=_fKMJOJ 7 <OR5PhEFLF@ KMJOJc@=9;E W;EFES:FG

1 9;EFR q � j � YDT/@^9;E ` BW;EFJ 9;KM> K)J?BDR;n � :=_;R >A@^K 6 J?E C;:ABDCUBM:A@^<?BDR BMP�<OR'PhESLF@=<?VMES> K @

JOE VDEFJ j G.�<OnD_5:=E � G p >A9;B �&>H@=9;EbnD:^KQC;93BMP�@^9;EbW5ES:=<jVQKQ@^<jVDEMT%��� TgVMES:=>A_;>I� PhBM: ESmk_fKQ@=<OBDR � G p T

�&<?@=9 j � q � p �'G�+�9;EbEFmk_;<OJ?< 6 :A<O_ ` C BD<OR8@=>STF���KQ:=E BDR�@=9;Eh� K �'<?>ST �&9;EF:=Eh��� � q G-+/B

nD:=KMC;9;<?L KMJ?J 7 W;EF@=ES: ` <OR5E-@=9;E-RfKQ@=_;:=EHBMP/@^9;EHESmk_;<?JO< 6 :=<O_ ` C BD<OR8@STIKM:=:AB �&>�KM:AE-W;:^K �&R#@=B

@^95E�:A<OnD98@ PhBD:*VQKMJO_;EF> ��� � q TDKQR;WH@=B�@=9;E�J?EFP @ PhBD:*VQKMJO_5ES> ��� � q G 1 9;ESR @^9;E�KM:=:AB �&> fB �

� �

Page 61: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � ��� � � !-:=KMC;9 BMPg@=9;E�W;EF:=<jVMK @^<?VME�BQPF� VMES:A>=_;>�� G �@NK 6 JOE&CUBM<OR8@^> � q TjY � r ��KQ:=E�BDR@^95EI�#K �'<?>SG

K ��K 7 Ph:=B ` E KMLN93BQ@^9;EF:�@^9;E CUBD<?R8@ T+� T <O>�_;R;>�@NK 6 J?EMT �&95ESR3@^9;E KM:=:AB �&> fB � @=B ��KM:AW;>

E KQLN9 BM@=9;ES:����<?>�>A@NK 6 JOEQG +�9;EXnD:^KMC59 >A9;B �&>�@^9fKQ@-@=9;EbESmk_;<?JO< 6 :=<O_ ` C BD<?Rk@�� � q <?>

_;R;>�@NK 6 JOEMT �&95<OJOEX@^9;EeBQ@^9;EF: ESmk_;<?JO< 6 :=<O_ ` CUBD<?R8@ T=�� � j T,<?> >A@^K 6 J?EMT,>=_5C;CUBM:A@^<?R;n�@^95E<OR8@=ES:=C5:=EF@^KQ@^<?BDR BQP @^9;E�CfKM:=K ` E @^EF: j KM>�KHJOBDR;nH@^EF: ` >=_;>�@NKM<?RfK 6 J?E�J?EFVMESJ G,+�95E�<OW5E K LSKMR

6 EHE �@^ESR5W;ESW @^BX>=EFVMES:=KMJ W;< ` ESR;>A<OBDR5>&KM> ��EFJOJ G

��K V<OR;n W;EFVMESJOBMCUEFWaKMReKMC;C5:=BDC;:A< KQ@=E ` BW;ESJfPhBD:�@^9;E�W 7 RfK ` <OLS> BMP C;:AEFVQKMJ?ESR;LFE�<OR K

>=<?R;nDJ?E��&�&( T[@=9;E ` BW;ESJ8<?>/E �@^ESR5W;ESW @=B ` _5J?@^<?C;JOEc���&( � >FG�+�9;<?>l<?>/W5BDR;E ` BD>�@�W5<O:=EFLF@=J 7

���

Page 62: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

687 :=EFC;JO<?L KQ@=<OR;nbB[VMES:�@^9;EH�&�&( � >�@=BdC;:=BW;_;LFE-@=9;E-> 7 >A@=E ` BMPlW;<��UES:AESR8@^<OKMJ EFm_;KQ@^<?BDR;>�

� ���� �

i � j � � � ��� ��� � � � � � � � G � �

�&9;EF:=E �;<?>*@^9;E�VDEFLF@^BM:�BMP5C;:=E VMKQJOESR5LSES>FTD>=B&@^9;KQ@ � � ��� >�A � � � � A � � � � � � ��� � A � � G/+�9;E�> 7'` 6 BDJ�0:=ESC5:=ES>AESR8@^>�@^9;E���KMWfK ` KM:AW �hESJ?E ` ESR8@ 687 ESJ?E ` ESR8@ � ` KQ@^:A<��dC;:AB'W5_;LF@SGc ` C BD:�@NKMR8@^J 7 T

@^95<O>c> 7 >�@^E ` BMP W;<��UES:AESR8@^<OKMJ5EFm_;KQ@^<?BDR;>�KMJ?JOB �&>�PhBD:cW5<��UES:=EFR8@�C;:=E VMKQJOESR5LSE�VQKMJO_5ES>,<ORbESKMLN9

�&�&( G

��� � � � � ��� � ��� ��� ��� � � ����� � ��� � ���

��J?@=9;BD_;nM9 ESmk_fK @^<OBMR � G � <O>�K�:=EFJ KQ@=<?VDEFJ 7 ESKM> 7 E��@^EFR;>=<?BDR @^9;KQ@c9fKQ>�@^9;E�KMC;C;:ABDC;:=<OKQ@^E

nDEFR;ES:=KMJ@=E ` CUBM:^KMJ8W 7 RfK ` <?LS>ST <?@/@^:AE KQ@=>lESKMLN9b�&�&( >AESCfKM:=KQ@^EFJ 7 KMR5W W;BES>lR;BM@/@NK �QE�<OR8@=B

LSBMR;>=<?W;ES:=KQ@^<?BDReKMR 7 >ACfKQ@=< KMJ W 7 RfK ` <OLF>SGc�RaESmk_fK @^<OBMR � G � T5R;EF<OnD9 6 BD:=<?R;nb�&�&( � >�W;BbR;BQ@

K �UESL @ E KQLN93BM@^9;EF:ST �&9;<OLN93<?>�KQR�_;R;J?< �MEFJ 7 >ALSESR;KM:=<?B;G� @�<O> �kR;B �&R�@^9fKQ@�@^9;E W;<O>AE KM>AE <?>

>=C5:=E KQW;<OR;n KMLF:=BD>A>&@=9;E->A@^KQ@^EQTf>=B Kd>ACfKQ@=< KMJ LFB ` CUBDR5ESR8@�PhBD:�@^95E ` BW;ESJ <?>&R;ESEFW;ESW G

+�9;Eb>=CfK @^< KQJcW 7 RfK ` <OLF>�KM:=Eb<?R;LSBM:=C BD:^KQ@=ESW3<?Rk@=Be@^9;E ` B'W5ESJ 687 KQW;W;<OR5naKa>ACfKQ@=< KMJ

` <��'<OR;n @^ES: ` @^BXESmk_fK @^<OBMR � G � T 7 <?ESJ?W;<OR;n�

� ���� �

i � j � � � ��� ��� � � � � � � � � � � � G r �

�&9;EF:=E � <O>dK ` KQ@=:=<�� >A_;LN9 @=9fKQ@ @=9;EeVMKQJO_;EF>������ :=ESC5:=ES>AESR8@X@^9;Ee<?R;>A@^KMR8@NKMR;EFBD_;>dR;E @

E�UESL @�@=9fKQ@�@^9;E C;:=E VMKQJOESR5LSEH<OR��&�&( � 9fKM>�BMR#@^95E C;:AEFVQKMJ?ESR;LFE BMP��&�&( � G&+�9k_;>�@^95E:^K @^E BMP LN9;KMR;nDE�<?R @^9;E�C5:=EFVQKMJ?ESR;LFE B[VDEF:&���&(�>�LSBDR;>A<O>�@^>�BMP/KMReJ?<OR;ESKM:�LFB ` 6 <?RfKQ@=<OBDRXBMP

@^95E�<OR8@^EF:=RfKMJUW 7 RfK ` <OL C5:=BLSES>A>=EF>�nDB[VMES:=R5ESW 6k7 JOBDnD<?>A@=<OL�ESmk_fKQ@=<OBDR;>FTfKMR;We@=9;E�E��@^EF:=RfKQJ

LSBMRk@=:=< 6 _5@^<?BDR;> 687 @=9;E-BM@^9;EF:����&(�>SG

+�9;E ` _;J?@=<������&(2>=CfKQ@=< KMJ ` BW;EFJ <O>�E �'@=:=E ` EFJ 7 W5<��XLS_;Jj@�@^Bd>=BMJ?VDE-KQRfKMJ 7 @=<OL KQJOJ 7 T'>AB

K if:=>�@ � BD:=W;EF: ��_5JOES:,W5<O>=LF:=E @^<��SKQ@^<?BDRb<O>,_5>=ESWX@^BHKMC;C5:=B �'< ` KQ@^E�@=9;E&W;<��UES:AESR8@^<OKMJ5EFm_;KQ@^<?BDR

� �

Page 63: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

687 K�W;<��UES:AESR;LFE�ESmk_fKQ@=<OBDR G/+�9;<?>*W;<O>ALS:=E @^< � KQ@=<OBDR�<?> K&>A< ` C;JOE ` E @^9;BW�BMP5KMC;C;:AB �'< ` KQ@=<OR;n

KbW;ES:A<?VQKQ@=<?VDEQTfKMR;W 9fKM>�@=9;E�PhBD: ` � � � � ����� � ����� ��� � � � ���� � G

�'<OR;LFE�@^9;E&WfK @NK-<O>�KMnDnM:=ESnDKQ@^EFW 687b7 E KM:FTk@=9;E�@^< ` E�>�@^EFC <O>�KQ>=>=_ ` EFWX@=B 6 E� � � YDG

+�9;EHW;<��UES:AESR;LFE-ESmk_fKQ@=<OBDRePhBD: � � G r ��<O>�@^95ES:=E PhBD:=E�

��� > � i � j � � � ��� ��� � � � � � �� � � � � G � �

�&9;EF:=E <O>HK >ACfKQ@=< KMJ ` <��'<?R;n ` KQ@=:=< ��@^9;KQ@H<OR;W;<?:=EFLF@^J 7 :AESC;:AES>=EFR8@^> W;EFES: ` <?nD:^K @^<OBMR T

KMR;W <O>&KbW;<?>=LF:=EF@=E�VDES:A>=<?BDR#BQP�@^95E ` KQ@=:=<�� � <?R EFmk_fKQ@^<?BDR � G r G

��mk_fK @^<OBMR � G � <O>d@^95E)W 7 RfK ` <OL >=C;KQ@^<OKMJ ` BW;ESJ&PhBD: ��9;:=BMR;<OL 1 KM>�@^<?R;n � <?>=E KQ>=EMT

KMR;W3@=9;EdC;:=E VMKQJOESR5LSEdWfKQ@^Ka<?> _;>AESW @=BeifR;W3@^9;EdCfKQ:^K ` EF@=ES:=> PhBM: @^9;<?>�ESmk_fKQ@=<OBDR G +�9;E

` <OnD:=KQ@^<?BDR�BMP'W;EFES: LN9fKMR;nMES> C;:=E VQKMJOEFR;LSE�<OR�@=9fKQ@/K�>=<?R;nDJOE�<OR5PhEFLF@^EFW-W;ESEF: ` <OnM:^KQ@=<OR;n Ph:=B `

BDR;E����&( @^B KMR;BM@=9;ES:�LN9fKMR;nDEF>�@^95E ` K �MEF_;C BMP*C5:=EFVQKMJ?ESR;LFE�PhBD: 6 BM@^9 @=9;E ��Ph:=B ` � KQR;W

��@=B �-���&(�>SG,��B ��E VDES:FT@=9;E ` KQ@^:A<�� W;B'EF>,R;BM@,W5<O:=EFLF@=J 7 W;ES>ALS:=< 6 E�@=9;<O> ` B[VDE ` EFR8@,BMP

W;EFES:ST 6 _5@�<OR;>�@^ESKMW W;EF>=LF:=< 6 ES> @^9;E ` B VME ` ESR8@�BQPg@^95E�W;<?>=E KQ>=E�C;:=E VMKQJOESR5LSEMG,+�95E�LN9fKMR5nDE

<OR�C;:AEFVQKMJ?ESR;LFE PhBD:XK3nD<jVDESR ���&( LFBDR;>=<?>A@=> BMP�K ` < �'@=_;:=EaBMP�@^95E#<?Rk@=ES:ARfKMJ�W 7 RfK ` <OL

C;:AB'LFES>=>AES> ` BW;EFJOESW 6k7 @^9;E�J?BDnD<O>�@^<?L�EFm_;KQ@^<?BDR;>STkKQR;Wb@^9;E�E �'@=ES:ARfKMJ;LFBDR8@^:=< 6 _5@=<OBDR;>lPh:=B `

` <OnD:=KQ@^<?BDR)@^B#KMR;W Ph:=B ` R;ES<?nD9 6 BD:A<OR;n �&�&(�>FG �R;LSJ?_;W;<?R;ne@^9;E ` <?nD:^K @^<OBMR ` K @^:=< �

R;EF<?@^95ES: < ` C;JO<?ES> R5BD:*:=E ` B[VDEF>l@=9;E�CUBD>A>=< 6 <OJ?<?@ 7 @^9fKQ@/W;EFES:/KM:AE�@=9;E�@^:^KQR;> ` <O>A>=<OBMR ` EF@=9;BW

PhBD:�@=9;E-W;<O>AE KM>AEH<?Re@^9;E ` B'W;EFJ G

+�9;E�i �'ESW C BD<?Rk@=>,PhBD:c@^9;E&W;<��gEF:=EFR;LSE�ESmk_fKQ@=<OBDR �&<?JOJ 6 E�@^9;E&>^K ` E�KM>,@^95BD>=E�PhBD:,@^95E

LSBM:=:=EF>=C BDR;W;<?R;nHW;<��UES:AESR8@^<OKMJ5EFm_;KQ@^<?BDR TkC;:=B[V<OW5ESWd@^9fKQ@ � � � T �&95ES:=E � <?>�K-_5R;<?@^KM: 7

VDEFLF@=BD: � ���T;\ � TfKMR;W @=9;ES:AEFPhBD:AE�@^95E CfKM:=K ` E @^EF:=>�<?R @^9;E�W;<��UES:AESR;LFE ESmk_fKQ@=<OBDR � G � 9;K[VME

@^95EH>=K ` E�<OR8@^EF:=C;:AEF@NK @^<OBMR#KQ>&@=9;E-CfKM:=K ` E @^EF:=>�<ORe@=9;E-W;<��UES:AESR8@^<OKMJ ESmk_fK @^<OBMR � G r G

% KM:=<?BD_;>cPhBD: ` >�BMPU@^9;E�>=CfK @^< KQJ ` < �5<?R;n ` K @^:=< � LFBD_;J?W 6 E�W5ES>=<?nDR;EFW @^BH<OR5LSBD:ACUB �

:^K @^EHESJ K 6 BD:=KQ@^E�>ALN9;E ` ES>�PhBD:&W;<O>AE KM>AE @^:=KMR;>ACUBD:�@ G���B ��E VDES:FT 6 ESLSKM_;>=EH@^9;E ` EFLN9fKMR;<?> `

� \

Page 64: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

687 �&9;<OLN9 @^9;E W;<O>AE KM>AE ` B VMES> <O>-LS_;:A:=EFRk@=J 7 _;R��kR;B �&R Tl@ ��B�>A< ` C;JOEbLSKM>=EF> ��ES:=E LSBDR �

>=<?W;ES:AESW G&��>=>=_ ` <?R;nX@=9fKQ@�@^9;E W;<O>AE KM>AE LSKMR)BDR5J 7a` <OnD:=KQ@^E 6 EF@ ��ESEFR KMW ABD<?R;<OR;nX�&�&(�>FT

>=B @^9fKQ@�<?Pc���&( �,KMR5W��&�&( �HKM:=EHR;ES<?nD9 6 BM:=>STUKMR;W)���&( � KQR;W��&�&( � KM:=E R;ES<?nD9 6 BM:=>ST

6 _5@��&�&(���KMR;W#���&( � KM:AE-R;BM@ Tf@=9;ESR#<OR#KX>A<OR;nDJ?E�@^< ` E�>A@=ESC � BDR;E 7 ESKM:�<ORa@^9;<?>�LSKM>=E �

` <OnD:=KQ@^<?BDR BLSLF_;:=> 6 EF@ ��ESESR � KMR;W��fTfKMR;W 6 EF@ ��ESEFR � KQR;W��UT 6 _5@�R;BQ@ 6 E @ ��EFESR � KQR;W�UGc+�95<O>,<O>�K :AE KM>ABDRfK 6 JOE&KM>A>=_ ` C5@^<?BDRd>=_;C5CUBD:�@^EFW 687b6 <?BDJOBMnD<OLSKMJk>A@^_5W;<OEF>,BMPU@=9;E 6 ES9fK V �

<OBM:�BMP�W5ESES:�<ORe@=9;E �&<?JOW KMR;Wa@^95EH>AC;:=ESKMW)BQP���12� <?R#��BDJOBD:=KMW;B;T;KMR;Wa@^9;E ` KQR;R;ES:&<?R

�&9;<?LN9 @=9;E->A@NK @^E-BMPc��BDJOBD:=KMW;Bb9fKQ>�LFBDR;>�@^:=_5LF@^EFW)@^95E �&�&( � > � Y r T Y �'T r Z'T p �kT � YMT �8p G� E @ ��� W;EFR;BM@=E KMR#ESJ?E ` ESR8@�BQP�@^95E >�@^BLN9fKM>A@=<OL-@^:=KMR;>=<j@^<?BDR ` KQ@=:=<�� G�.fBD:&CfKM:��

>=< ` BMR 7 T�i � ��� � � <?P&�&�&(���KMR;W �&�&( �XKM:AE if:A>A@ � BD:=W5ES: R;EF<OnD9 6 BD:=> �&<?@=9 K �A>A<On �

R;<jifL KMR8@ �)C;:ABDCUBM:A@^<?BDR BMP 6 BD_;R;W;KM: 7 @^9;KQ@ @=BD_;LN9 Ga P&�&�&(���KMR;W ���&( �d9;K[VME JOEF>=>HBMP

6 BD_;R;WfKQ: 7 @^9fKQ@ @^BD_5LN9 T,BD: KQ:=E KQJ ` BD>A@H@^BD_5LN9;<OR;n5T�@^9;EFR ��� ��� � � G3.fBD: ���&(�>

@^9;KQ@�KM:AE >=EFCfKM:=KQ@^EFW KMR;W�9;EFR;LSEdKQ:=E R5BM@�R;EF<OnD9 6 BD:=>FT ��� � q G +�9;E W;<OKMnDBDR;KMJ*VMKQJO_;EF>

BMP KM:AE i �'EFW >=B)@=9fKQ@ :AB � >A_ ` > BMP KM:AE EFm_;KMJ�@=B YDG +�9_5>STc@^95E ���dLSKMR 6 E

JOBBD>AESJ 7 <OR8@^EF:=C;:AEF@=ESW KM>�@=9;E K VMES:^KQnDE C;:ABDC BD:A@=<OBDR BMP�W;ESEF:H@=9fKQ@ ` <?nD:^KQ@=E Ph:=B ` ���&( �

@^BX�&�&( ��ESKMLN9 7 E KM:FG�+�9;E-LSJ KQ>=>=<jifL K @^<OBMReBMPli;:=>A@���BD:AW;ES:&R;EF<OnD9 6 BD:=>&KQR;W#>AESLFBDR;W � BD:=W;EF:

R;EF<OnD9 6 BD:=> ��KM>�KMW ` <?@=@=ESW;J 7 >=_ 6 AEFLF@=<?VDEQG�+lK 6 J?ES> � GjYHKMR;W � G p >A9;B �]@^95E�:=ESJOKQ@^<?BDR;>A9;<OC;>

6 EF@ ��ESESR#@^9;EH�&�&(�>�@^9fK @ ��EF:=EH_;>=EFW G

�R BM:=W;EF: @^BaESR;>A_;:=Ed@^9;KQ@�ESmk_fK @^<OBMR � G � C;:AB'W;_5LSES>�VQKMJ?_;ES> PhBD: � @^9fKQ@HKQ:=Eb<OR8@=ES:��

C;:AEF@NK 6 JOEQTlLFES:A@^KM<OR :=EF>A@=:=<OL @^<?BDR;>HKM:=E ` KMW;EdBDR @=9;EXCfKM:^K ` E @^ES:A>.i�T j T � T�KMR5W � G .fBD:>=< ` C5JO<OLF<?@ 7 T[JOEF@�� �� ��� � � i � j � � � � � � � � � � �T �&9;ES:AE � � �@i � j � � � � � G +�9;ECfKM:=K ` EF@^EF:=> � KMR;W � KM:=E�@=9;E&R;BDR �FES:=B-EFJOE ` ESR8@=>,BMPU@=9;E ` KQ@^:A<�� Gl+�9;E&:=EFJ KQ@=<OBDR;>A9;<OC

<ORaEFm_;KQ@^<?BDR � G � <?>�@^9;EF:=EFPhBM:=E �&:=<?@A@^EFR#KQ> ��� > � � � � ��� � G

� Z

Page 65: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����� ����� � ������������� ����� ����� � �������������

� � C�� �"! #"# C%$'& C%$'� C%$( $ !

� � C # C%$ ! C�) � ) � $#C�& � 6# � C%$#C�) ! C �+* #,* # & C # � C�& � � &

$ � C # C�& C �+* ) C%$"$ #-� #"� C # & C # � #

& $#C%$"$#C�&.$ 6 #"� #-� C # $#C%$'& #"#

� � C/ C �"� 6 #"# �"! C%$'& #"�

� C ! C �"� C%$ � C%$ � C%$ # � # $ � � C #"� C # C%$'& � & C � � C%$ !! C�) C � $#C%$ # � C # C � & C � � C�& # # & #,* C #-� C # � #

) # C ! C �+* C � C � � C%$#C � � C #"! # � � & C � � C #,* C #-� C # & C # 6�+* $#C�) C � C%$"$ # # � � C # $#C # � � & C #-� C # &�"� � C/ C �0! C%$ � �0� #"! � � C � ) C�& *�0� �0# C%$ � C�& � �"� C �0! C � ) C%$ � C%$ # # ) �,* C �-� C%$ * � & C�& ��0# �0� C � & C �"� C�& � $ � C%$ # $ * � ) C � & C # ) � $#C�& �

� 1 � � � � � � ��ES<OnM9 6 BD:A9;B'BW :=EFJ KQ@=<OBDR;>A9;<OC5> 6 E @ ��EFESR��&�&(�>SG � <OnD<j@^> :AEFPhES:-@^B#�&�&(Rk_ ` 6 ES:&<OR .�<?nD_;:AE � GjYDG

r8q

Page 66: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����� ����� � ������������� ����� ����� � �������������

� $ ! C%$ # C�& # 6 $ � C �"� C �0� $ �

� & �0# C � � C �"� ! C � � C # $#C # C�& # $ � C%$ # �0� C �0# C%$ �� � � & C # $#C #"! C%$ ! C�& * ! C�) C%$'& $ # C ! C � $#C%$ � �0� C �0# C�& #� ) C #"! C%$"$#C%$') C�& * $ ! $"$ & C �+* C � C�&.$ $#C � �0! �"� C � ) �0� C �"# $'& �"! C #"� C #"# C # $#C%$ ! � � C%$'�� ) �0! C �"# C � $#C%$ * �0� C�& � $'� �"! C%$( C%$ ! C%$') C�&.$ $'&

�,* �-� C # ) C�& � �"� $( �"! C%$'� C�&.$ 6�-� �,* C �"� C � & C # ) 6 $ ! � � C%$'& C%$'� C%$') C�& * � C �"! C # $�"� �0# C � & C �-� C � & C � � �,* $') � C � C%$'� C%$ ! C�&.$ & *

�"# � ) �0! C � $ & * � � C � C%$ ! #"! C%$')� $ � ) C � ) C�& � �"# C%$ * & � �0� C �0# C �,* � ) C # ) C%$ *� & �-� C �"� C � � C # � C%$ * #,* C # ) C�& � & � � $#C � ) C #,* � &

� � �"� C � & C # � C # � & C # $ & # � $ ! C � & C%$ #� ) C �+* C%$') $"$ &.$ & C%$"$#C%$'� C%$( C%$') 6

� 1 � � � � � � ��ES<OnM9 6 BD:A9;B'BW :=EFJ KQ@=<OBDR;>A9;<OC5> 6 E @ ��EFESR��&�&(�>SG � <OnD<j@^> :AEFPhES:-@^B#�&�&(Rk_ ` 6 ES:&<OR .�<?nD_;:AE � GjYDG

r Y

Page 67: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;EbCfKM:=K ` E @^EF:=>�i T j T � T*KMR;W � KM:AE :=EF>A@=:=<OL @^EFW >AB @^9fK @ q i ` <?R�� r�� ��Y �j � � �^r�� j ��� T q j Y KQR;W q � � Y � ` K � ��� �� � ���� G]1 <j@^9 @=9;ES>AE

:=EF>A@=:=<OL @^<?BDR;>&KMR;W W5EFifR;EFW�KM>�K 6 B[VDEQT;@^9;EF:=E-<O>�@^95E-PhBMJOJOB �&<?R;n @=9;ESBD:AE ` G

��� ����� ��� � � � � � ��i�� j � � � �� � � � � � � � � � � � � � � � � � � ��� ��� � � ��� � � � �� �

� ��� � ������ � ��� � � ��� � ��� �� ����� � ��� ������ ���

� � ��� ��� � q�� Y��� ���� � q � Y��� � � G � �

� ��� ��� � � � � � G � �

� � j � ��� � � j � � � G \ �

+�9;E�if:A>A@�C;:=BMCUEF:A@ 7 � � G � � nD_fKM:=KMR8@^ESEF>�@=9fKQ@�@=9;E-W 7 RfK ` <OL�> 7 >�@^E ` �&<?JOJgKMJ���K 7 >&:AEF@^_5:=R

C;:AEFVQKMJOEFR;LSEF> 6 E @ ��EFESR �FES:=B KMR;W�BDR5EMG +�9;Ea>=EFLSBDR5W C;:ABDCUEF:A@ 7 � � G � � < ` C;JO<?ES>H@^9fKQ@d<jP

@^95ES:=E�<?>�R;BbW5<O>=ESKM>=E�<?R @^95E�> 7 >A@=E ` T5@^9;E�W5<O>=ESKM>=E�L KMR;R5BM@&C;:=BMCfKMn8KQ@=EMGc+�95E @^9;<?:=W � � G \ �

< ` C;J?<OES>�@^9;KQ@�@^95E�> 7 >A@=E ` 9fKQ>&K >A@^ESKMW 7 >�@NKQ@=E �&9;ES:AE�@^9;E W5<O>=ESKM>=E ` KM<OR8@^KM<OR;>�K >A@^K 6 J?E

:=EFJ KQ@=<OBDR5>=9;<?C �&<?@^9e@=9;E-W;ESEF:SG

� � � � � �+lB&>=95B � @^9fK @*@^9;EF>=E C;:=BDC ES:�@^<?ES>*9;BDJ?W T if:A>A@/R;BM@=Ec@^9fKQ@*@=9;E,PhBD: ` BMP <?>

>=_5LN9a@=9fKQ@ � � � T � � � � KMR5W ��� � q Gc+�9k_;>ST j � � j � T;KMR5W �� � q � Y� ��&9;EFR;EFVMES: �� � q�� Y� � G� @ :=E ` KQ<OR;>�@=B 6 E&>=95B �&Rd@^9;KQ@ � � � � � � � i � ��Y � � � � j � � � �� q�� Y� �&9;EFR;EFVMES: � � � q�� Y� Gc��BM@=E�@=9fKQ@ � � � � � � ��Y � i j �Hi ��Y � j � � � i � � � � � � � � �

�&9;EF:=E��dW;EFR;BM@^EF>�@^95E mk_fKMW;:=KQ@^<?LHPhBM: ` G&��B � � 9fKM>�K :=BBM@�KQ@ � � q KQR;W ` K 7 9;K[VME

_;C @^B @ ��B ` BD:AEa:=BBM@^> KQ@d@^9;E :=BBM@=>XBQP �G P�@=9;E#:AB'BQ@^>dBMP � KM:AEaLSB ` C;JOE �UT�@^95ESR

� � � � � q <jPlKMR;WeBDR;J 7 <jP � � q G, @&<O>�ESKM> 7 @=Bb>=9;B � @^9fKQ@�@^9;E�:AB'BM@=>�BMP �bKM:AE LSB ` C;J?E��

PhBD: q � i � r�� ��Y � j � � G�+�9_5> � � � � � q BDR � q�� Y���&9;EFR q � i � r�� ��Y � j � � G �*E @�� � � � Y � � � � �/KMR;WbR;BQ@^E�@=9fKQ@ � � � � Y �&9;ESR5EFVDEF: � � � � q Gc.IKML @^BD:A<OR;n�BD_5@ ��Y � � �

<OR� TfKQ:=nD_;E-KQ> 6 E PhBD:=E�@=Bd>=9;B � @=9fKQ@ � � � � Y PhBM: � � � q�� Y �&9;ESR5EFVDEF:ei r�� j � G �

rkp

Page 68: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�R �&9fKQ@�PhBDJOJ?B �&>FTIJOEF@hi � � q�� Y � 6 E @^95E C;:=BMCUBD:�@^<?BDRfKMJ KMLFLSEFJOES:=KQ@^<?BDR�KQR;W)@^95E KML �

LSEFJOEF:^KQ@=<OBDR @=B 6 E r i ` <OR ��Y � j � � Y � ��Y � j � � � G,�*< �QE�&<O>AEMTk:=E ��>AL KMJ?E � KMR5W � @=B-:=ESC5:=ES>AESR8@

@^95E C;:ABDCUBM:A@^<?BDR BQP�LSB ` C;J?EF@^EX<OR8@=ES:=LN9;KMR;nDEQTc>=B)@=9fKQ@ � KMR;W � KM:AE @=9;E C;:AB 6 K 6 <OJO<j@^<?ES>

_;>AESW)<?Re@^9;E->=C;KQ@^<OKMJU@=:^KMR;>A<?@=<OBDR ` KQ@^:A<�� G

��� � � � ��� � ��� � � �� ��� �� � ��� � � � � � � �� � �����

��ESLSKM_;>=E @=9;ES:AE KM:AE W;<��UES:AESR8@�>=K ` C;JO<?R;n >ALN9;E ` ES>�PhBD:#W;<��UES:AESR8@3>�@NKMnDEF>�BMPd@^95E

�kR;B �&JOEFW;nDEHBMPcW;<?>=ESKM>=EHC;:=E VQKMJOEFR;LSEQTgKd>=< ` C;J?E ` BW;<jifL KQ@=<OBDR <O>&:=EFm_5<O:=EFW G�+�9;EHLN9fKMR5nDE

K ` BD_;R8@^> @=B ` BW;ESJ?<OR;n � J?B'LSKQ@^<?BDR T @^< ` E ��B 6 >AES:�VMK @^<OBMR;> Ph:=B ` @ ��B C BD>=>A< 6 J?E W;<O>�@^:A< 6 _ �

@^<?BDR;>FG � R;EdW;<?>A@=:=< 6 _5@^<?BDR3LSBD:A:=EF>=C BDR;W;>H@^Be@^< ` E ��C ES:=<?B'W5> �&9;ES:AE K �&�&( 9;KM>HK JOKM:=nDE

Rk_ ` 6 ES:-BMP�W;ESEF:�@^ES>�@^EFW PhBD: @=9;EdW;<O>AE KM>AEMGb�R @^9;<?>�L KM>AEMT*@^95EXE��gBM:A@ 6 ES9;<?R;W3@^9;Eb@^EF>A@��

<OR5nH<?>�C;:=< ` KM:A<OJ 7 nME KM:AESW @=B ��KM:AW;> W;EF@=ES: ` <OR5<OR;nHKMR;WX_;R;W5ES:=>�@NKMR5W;<OR;n C;:=E VQKMJOEFR;LSEQG,+�9;E

� <?V<?>=<OBMR BMP 1 <?JOW;J?<?PhE �kR;B �&>�@^9fKQ@�@^9;E�W;<O>AE KM>AE�<O>�C5:=ES>AESR8@ T �&<?>=9;EF>�@^BbLFBDJOJ?ESL @�KM> ` _;LN9

WfKQ@^K KM>�CUBM>=>=< 6 JOEQTgKQR;W�9fKM>�@^9;E KMW;W;<j@^<?BDRfKMJ*nDBDKMJ BMP,C;:ABM@^EFLF@^<?R;n 9k_;R8@=ES:=>�Ph:=B ` E K @^<OR5n

<OR'PhESLF@=ESW KQR;< ` KMJO>FGa� R @^95E BM@=9;ES: 9fKMR;W T �&9;ESR @=9;E Rk_ ` 6 ES: BMP�@=ES>A@=ESW LSKM:=LSKM>=>AES> <?>

JOB �-T@^9fKQ@�LSBD:A:=EF>=C BDR;W;> �&<j@^9eK @=< ` E �&9;EFR @^9;E����-�&1 <O>�BDC;C BD:A@=_;R;<O>�@^<?L KMJ?J 7 >AE KM:ALN9 �

<OR5n�PhBD: @^95E�W;<?>=ESKM>=E�<OR KQR KM:AE K��&95ES:=E�<?@l9fKM>/R;BM@ 7 E @ 6 ESESR PhBD_;R;W Gl+�9;<O>/WfKQ@^K�LFB ` EF>�<?R

@^95E-PhBM: ` BMPcKQR;< ` KMJO> PhBD_;R;W KMJ?:=ESKMW 7 W5E KMW T;KMR;W 9_5Rk@=ES:A>�<?RaR;BDR � <OR5PhEFLF@^EFW KM:=ESKM>�@^9fK @

�&<O>A9�@^B C;K 7 PhBD:�@^ES>�@^<?R;n;G +�9;E W;<��UES:AESR;LFES>�<OR#>=ESKM:=LN9;<?R;n PhBD:�@^9;E W5<O>=ESKM>=E KMW;W 6 <OKM>=EF>

�&9;<?LN9 KM:AE�E��'C;J?<OLS<j@^J 7 <?R;LSJ?_;W;ESWb<?Rb@^9;E ` B'W;EFJ'@=B-P KQLS<OJ?<?@^KQ@^E�ES>A@=< ` KQ@^<?BDR G/.f_;:A@=9;ES: ` BM:=EMT

` B'W;EFJc>=EFJOEFLF@^<?BDR @^ESLN95R;<Omk_;EF> KM:AEX_5>=ESW @^BeifR;W K LF_5@^B � VQKMJ?_;E �&9;<OLN9 >=EFCfKM:=KQ@^EF> @^95E

@ ��B C;:AB'LFES>A>=ES>FG

r��

Page 69: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E)J?< �MEFJO<?9;B'BW PhBD:d@^9;E#B 6 >=EF:AVQKQ@=<OBDR KQ@ �&�&(���KQ@ 7 E KM: � T�W;ESR5BM@^EFW 6k7 � ����T�<?>

` B'W;EFJOEFWaKM>&BDR;E-BMP/@ ��B 6 <OR5B ` <OKMJ W;<O>�@^:=< 6 _5@=<OBDR;>

� ��� � � � � ��� � � ��� � PhBD: � ��� � �

� � � � ��� ��� � PhBD: � ��� � � � � G Z �

W;EFCUEFR;W;<OR5n�BDR >=B ` E�LF_5@^B �XVQKMJ?_;E � KMR5W �&9;EF:=E � ���f<?> @=9;E R_ ` 6 EF:�BMP'@^EF>A@^>lLSB ` C;J?EF@^EFW

PhBD:����&( ��KQ@ 7 E KM: � KQR;WZ� ����<?>�@=9;E ���� LFB ` C BDR;EFR8@�BMP ��G +�9;<?> W;_fKMJ?<?@ 7 <?>�:=EFmk_;<O:AESW

6 ESL KQ_;>=E BQP,@^9;E W;<��UES:AESR8@ >=K ` C5JO<OR5n >ALN9;E ` ES>�PhBM:�W;<��gEF:=ESR8@�>A@NKQnDES>�BMP,@^9;E �kR;B �&JOESW5nDE

BMP,W5<O>=ESKM>=E C;:=E VMKQJOESR5LSEMG�+�9;E i;:=>A@ W;<O>�@^:=< 6 _5@=<OBDR LSBD:A:=EF>=C BDR;W;>�@=B @=< ` E���C ES:A<OBW;> �&9;ES:AE

K��&�&( 9fKQ> K)JOKM:=nDEdRk_ ` 6 ES: BMP�W;EFES: @=ES>A@=ESW PhBD:-@^95E W;<O>AE KM>AEMG#�R @^9;EF>=E LSKM>=EF>ST,@^95E

� <?V<?>=<OBMR BMP�1 <?JOW;J?<?PhE �kR;B �&>a@=9fKQ@ @^9;E3W;<?>=ESKM>=E3<?> C;:AES>=EFR8@)KQR;W �&<O>A9;ES> @=B C;:=BM@=ESL @

9k_;R8@^EF:=>&Ph:=B ` E KQ@=<OR;nd<OR'PhESLF@=ESW#KMR;< ` KMJ?>SGc��Re@=9;E-BM@^9;EF:&9fKMR;W T;���&( � 7 ESKM:=> �&9;EFR#@^95E

Rk_ ` 6 ES:�BMP @=ES>A@=ESWaL KQ:=L KQ>=>=EF>�<?>�J?B �2LFBD:=:AES>=C BDR;W �&<?@=9 @^95EH���-�&1 >=E KQ:=LN9;<?R;nbPhBD:�@^95E

W;<?>=E KQ>=E <?R KMR KM:=ESK �&9;ES:AE <?@ 9fKM> R;BM@ 7 EF@ 6 EFESR PhBD_5R;W BD: LSBDR5i;: ` ESW C;:AB 6 J?E ` KQ@^<?LMG

+�9;<?>&KMC;C;:AB8KMLN9a<O>�>AB ` E�&9fKQ@ � � �� � TfKMR;WeBMR;J 7 ` BW;EF:^KQ@=ESJ 7 :=E�fESL @&@^9;E @=:=_;E�RfK @^_;:AE

BMP&@^95Ee>^K ` C;JO<?R;n ` ESLN9;KMR;<O> ` G ��BDR;EF@=9;ESJ?ES>A>ST�@^9;E ` B'W5<?ifLSKQ@^<?BDR C;:AB[V'<?W;ES>b>A_ �XLS<?ESR8@

fE �5< 6 <OJ?<?@ 7 @^B�KQJOJOB � @^9;E ` BW;EFJ�@=B)KQLSLS_5:^KQ@=ESJ 7 W;EF>=LF:=< 6 E @=9;EXLN9fKMR;nD<?R;n)C5:=EFVQKMJ?ESR;LFES>FG

+�9;<?> ` B'W5<?ifLSKQ@^<?BDR ES>=>AESR8@^<OKMJOJ 7 ESJ?< ` <ORfKQ@=ES> @=9;E W;KQ@NKaVMKQJO_;EF> 6 ESJ?B �"@^9;E LS_5@=B ��Ph:=B `

@^95E�>ACfKQ@^<?B � @=E ` CUBM:^KMJ ` BW;ESJ TQKQ>/@=9;E�C BD>�@^ES:A<OBD:/BMP � nD<jVDESR KMJOJQ@^9;E�WfKQ@NK&<O>/<OR5W;ESC ESR;W5ESR8@

BMP�@^9;EXBM@^95ES:HCfKM:^K ` E @^ES:A>SGe��ESL KQ_;>=E BMP�@^95<O>-<OR;W5ESC ESR;W;EFR;LSEQTcWfKQ@^Ka@=9fKQ@ KM:=Ed_;>AESW @=B

< ` C;:AB VME �kR;B �&J?ESW;nDE :=EFn8KM:=W5<OR;n � L KQR;R;BM@ 6 EX_;>=EFW @^B#<OR;LF:=E KQ>=E <?R5PhBD: ` KQ@=<OBDR K 6 BD_'@

@^95EHBQ@^9;EF:�C;KM:^K ` EF@=ES:A>SG

+�9;E 6 <OR5B ` <OKMJ/>^K ` C;JO<?R;n >ALN9;E ` EX_;>=EFW 9;EF:=Eb<?>-K >=< ` C;J?<?ifLSKQ@^<?BDR @=9fKQ@-LFBDR;>=<?W;ES:A>

@^95E&VQKMJ?_;ES> � � A �*KM>,i �'EFW G ��B `X` BDRdC;:=KMLF@=<OLFE�<?>c@^BHLSBDR5>=<OW5ES:,@^9;EF>=E�VMKQJO_;EF>�KQ> :=KMR;W;B ` T

rDr

Page 70: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

C ES:=9;KMC;> ` BW;ESJ?<OR;n @=9;E ` KM>�o/BD<O>A>=BDRXBD: 6 <?R;B ` < KMJ'W;:^K �&>�Ph:=B ` @=9;E�@^BM@^KMJfC BDC;_;JOKQ@^<?BDR G

+�9;EF:=E-KM:AE�>=E VDEF:^KMJ*:AE KM>ABDR;> �&9 7 K >=ESLFBDR;WaJ K 7 ES:�BMP 95<OES:=KM:=LN9 7 ��KQ>�R;BM@�KQW;W;ESWgG�.l<O:=>�@ T

KMJj@^9;BD_5nD9 C BDC;_5J KQ@=<OBDR;>-EF>A@^< ` K @^ES> ��ES:=E K VMKQ<OJ K 6 JOE PhBD: ` BD>A@ �&�&(�> B[VMES:bKe@^EFR 7 ESKM:

C ES:=<?B'WgT�@^95ES>=E#ES>�@^< ` KQ@=ES> ��EF:=E�LFBDR;>=<?W;ES:AESW _5R;:=EFJO< K 6 JOEQG olBMC;_;J K @^<OBMR EF>A@^< ` K @^ES> KM:AE

C;:AESCfKM:AESW 687 n8K ` E�:=ESnM<OBDR TDKMR;Wd@^9;E ` KMR;R;EF:,<OR �&9;<OLN9d@^95E 7 KM:AE�L KMJ?LS_;JOKQ@^EFWdVQKM:A<OEF> 6k7

:=EFnD<OBMR G&!-K ` E-:AESnD<?BDR;>&L KMR#LSBDR5>=<O>�@ BMP�>=E VDES:=KMJc�&�&(�>FTgKQR;W)<?R5PhBD: ` KQ@=<OBDRaK 6 BD_5@�9;B �

@^95E�n8K ` E :=EFnD<OBDR5>lKQ:=E >A@^:A_;LF@=_;:=EFW ��KQ>�_;RfK VQKM<?J K 6 J?EMG/�#BM:=ESB[VMES:STQ@^9;E ` E @^9;BW <?R �&95<OLN9

@^95EXC BDC;_5J KQ@=<OBDR;> KM:=EbEF>A@^< ` K @^ESW 9fKQ>HLN9;KMR;nDEFW B[VDEF:-@=< ` EMT KM>�R5E�4EF>A@^< ` K @^<OBMR)@^EFLN9 �

R;<?m_5ES>�KM:AE&KMW;BDC5@=ESW T 6 BM@^9 6 ESLSKM_;>AE�BQPU>ALS<?ESR8@^<jifL&KMW5VQKMR;LFE ` ESR8@�KMR;WdLN9fKMR5nDES>�<ORbnDK ` E

:=EFnD<OBMR ` KMRfKQnDE ` ESR8@ G��R5PhBM: ` KQ@^<?BDR BDR �&9fKQ@�C BDC;_;JOKQ@^<?BDReES>�@^< ` KQ@=<OBDR ` EF@=9;B'W5> ��ES:AE

_;>AESW ��KM>�_5RfK VMKQ<OJ K 6 JOEQG .�<ORfKQJOJ 7 T @^9;E�@^EF>A@=<OR;n�WfKQ@^K���KM>lB 6 @NKM<?R;ESW C;:=EFW;B ` <ORfKQRk@=J 7 Ph:=B `

9fKM:�VDEF>A@^EFW KQR;< ` KMJO>FG�+�9;ES>AE KQR;< ` KMJO>&PhBD: ` K >A_ 6 >=E @HBMP�@^9;EbC BDC;_;JOKQ@^<?BDR T 6 EFL KM_;>AEbBMP

>A@=:=<?LF@,:AESnD_;JOKQ@^<?BDR;> @^9fK @,nDB[VDEF:=R �&9;<?LN9 KQR;< ` KMJO> LSKMR 6 E�9;KM:AVMES>A@=ESWXKMR;W �&95<OLN9dL KMR5R;BM@ G

�R ` BD>�@�KQ:=E KQ>�BMP*��BDJOBM:^KMW;B5T9k_;R8@^K 6 JOE�W;EFES: LSBDR;>A<O>�@^>�BMR;J 7 BQP ` KMJOE�W;EFES: @ ��B 7 E KQ:=>�BM:

BDJ?W;ES: � Y r Gb+�9;ES:AE ��KM>HR;Ba<OR5PhBM: ` KQ@^<?BDR3K VQKM<OJOK 6 JOE BDR �&9fKQ@HC ES:=LFESR8@NKQnDE BM:HRk_ ` 6 EF:

BMPgW;ESEF:�KM:AE�9;KM:AVMES>A@=ESW ESKMLN9 7 E KM:FT5KMJj@^9;BM_;nD9d@^9;E���BDJ?BD:^KMW5B � <jV'<?>=<?BDRbBMPg1 <?JOW;J?<?PhE�W;B'EF>

LSBMJOJOEFLF@�EF>A@=< ` KQ@^EF>�BMRa@=9;<O>�<?R5PhBD: ` KQ@=<OBDRgT'nD:ABD_;C ESW 687 n8K ` E ` KMRfKMnDE ` EFR8@&_;R;<?@=> � Y r G+�9;Ed>=< ` C5JOE >=K ` C;JO<?R;n >=LN95E ` EX@=9fKQ@ ��KM>-_;>=EFW ` E KMR5> @^9fKQ@ EFVDEFR @=9;BD_;nD9 KMJ?J�BMP @^95E

:=EF>=_;Jj@^>�C;:AES>AESR8@^EFW#<?R @^9;<?>�@^9;EF>=<?> ` K 7 R;BM@ 6 E-KMC;C;J?<OLSK 6 JOE&@^B @=9;E @^BQ@NKMJUCUBDC5_;J KQ@=<OBDR BMP

W;EFES:ST;@=9;E 7 LSKMR >A@^<?JOJ 6 E-:=EFJO<OK 6 J 7 KMC5C;JO<?ESWe@^Bb@^95EHC BDC;_5J KQ@=<OBDR BQPc9fKM:�VDEF>A@^EFW)W;EFES:FG

!-<jVDESR KMR <?R;<?@=< KMJ;C5:=EFVQKMJ?ESR;LFE�VDEFLF@=BD: ? KMR;W @=9;E�CfKQ:^K ` EF@=ES:=>�<OR � T@=9;E�VQKMJ?_;ES> BMP ��KQ:=E i �'ESWgG @�<O>�< ` C BD:A@^KMR8@�@=BbR;BM@^E�@^9;E�W;<��gEF:=EFR;LSE 6 EF@ ��ESEFR#@^95<O>�KMC5C;:=B8KQLN9#KQR;WaK

>A@^KMR;WfKQ:=W >A@^KQ@^Eb>ACfKMLSE ` B'W5ESJ�� p�� GH�R Ka>�@NKQ@=Eb>=CfKQLSE ` B'W;EFJ T @^9;E VQKMJ?_;E�� ��KQ@ @^< ` E� <O>�ESmk_fKQJ/@=BeKXPh_;R5LF@^<?BDR � � � � � > ��� �&C5JO_;>�ES:=:ABD:SG&+�9fK @ <O>FTUnM<?VDEFR)@^95E CfKM:=K ` EF@^EF:=> �

r �

Page 71: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KMR;Wd@^95E�C;:AEFV<OBM_;> VQKMJ?_;E � � � > Tk@=9;E�R;E� VQKMJ?_;E&<O>,:=KMR;W;B ` Gc�Rd@^9;E�KMC;C5:=B8KMLN9XPhBDJOJ?B ��EFW

<ORX@^9;<?>�@=9;ES>A<O>ST@^9;E�VMKQJO_;E�BMP � � nD<?VMESR @=9;E�C;KM:^K ` EF@=ES: VMKQJO_;EF> � KQR;W @^9;E�<OR;<j@^<OKMJ;VQKMJO_;E

� ? KM:AE�W5EF@^EF: ` <OR;<?>A@=<OLMG/+�9;<?>�KMC5C;:=B8KQLN9 KMJ?>=BHW;<��UES:A>�Ph:AB ` @=9;E�@=:^KMW5<?@^<?BDRfKMJ5>A@NK @^E�>=CfKMLFE

` B'W;EFJ 687 _;>A<OR;n 6 <?R;B ` < KMJ W;<?>A@^:A< 6 _'@^<OBMR;>gPhBD: @=9;E�B 6 >=EF:AVQKQ@=<OBDRfKQJMESmk_fK @^<OBMR TQ:=KQ@^95ES: @^9;KMR

R;BD: ` KQJW5<O>A@=:=< 6 _5@^<?BDR;>FG�� 7 _;>A<OR;n W5EF@^EF: ` <OR;<?>A@=<OL :^KQ@=9;ES:/@^9fKMRb>�@^BLN9fKM>�@^<OL�_;CUW;KQ@^EF>STD@^95E

>=< �SE�BMP @=9;E�CfKM:=K ` E @^EF:�>=CfKQLSE�<O>�E�UESLF@=<?VMESJ 7 :=EFW;_;LSEFW Ph:AB ` � r � p � � r @^B � r � r G,�R

P KML @ T5@=9;E-CfKM:^K ` E @^ES:�>ACfKMLFE <?>�> ` KMJOJ?ES: 6 ESLSKM_;>AE ` KMR 7 BMP/@^95EH<?R;<?@=< KMJ LSBMR;W;<?@=<OBDR5> �h@^95E

� r ESJ?E ` ESR8@^>&BMP/@^95E-VMESL @^BD: ? �&KQ:=E PhBD:ALSESWa@^B �SEF:=B;G+�9;E-JO< �QESJ?<O9;BB'WXPhBD:�@^9;E-C;:AEFVQKMJ?ESR;LFEHW;KQ@NKb<O>�nM<?VDEFR 687 T

� � � ? � � � � � �� ��� � >

����� � >�� ��� ������ ��Y � � ��� � � � ��� � � � � �� >�� ���� ����

� � � � ��� ��Y � � � � � � � � � ��� ��� > ������ � ��� ��� � � GjY q �

�&9;EF:=EbY�� <?>�Y�<?P LSBDR;W5<?@^<?BDR��4<?>�@=:=_;E�KMR;W�SEF:=BbBM@=9;ES:��&<O>AEMGc� ��� <?>�@=9;E ���� LFB ` C BDR;EFR8@

BMP ��TW;EFi;R;ESW 687 :=EFLS_;:A>=<?BDR <?R EFm_;KQ@^<?BDR � G �'T � ��� <O>�@^95E�Rk_ ` 6 ES: BMPgW;ESEF:�Ph:=B ` ���&( �

@^9;KQ@eKM:AE @=ES>�@^ESW <?R 7 E KM: � T � ���-<O>d@^9;E#Rk_ ` 6 ES: BQP�@^9;BD>AE#@=9fKQ@eKQ:=E)<?R5PhESL @^EFW T � <?>

@^95E C;:AB 6 K 6 <OJO<j@ 7 @=9fKQ@�Kd@=ES>A@=ESW�W5ESES:�9fKM>���12�"nD<jVDESR @^9fK @ Kd> ` KMJOJ*Rk_ ` 6 EF:�BMP�W;ESEF:

KM:AE @^EF>A@=ESW3<OR @^9fK @ �&�&( � 7 E KQ:ST � <O>�K LS_'@^B � �&9;<OLN9 ` BW;ESJ?>�@=9;E W5<��UES:=EFR8@ >^K ` C;J?<OR;n

>=LN95E ` ES>�:=EFJ KQ@=<?VME @^B � KMR;W � G�+�95E VQKMJO_;E � � � C;:=B[V<OW5ESW K :AE KM>ABDRfK 6 J?E i;@�@^B @^95E

WfKQ@^K5T,KMR5W �&<OJOJ 6 E W;<?>=LS_5>=>=EFW�J KQ@=ES:SG)+�9;E C BD>A@=ES:=<?BD: W5<O>A@=:=< 6 _5@^<?BDR BQP&CfKM:^K ` E @^ES:A> <?>

C;:ABDCUBM:A@^<?BDRfKMJ @^B

� � ? � � � � � � � �� � ? � � � � � � � � �� ? � � � � � � � � � � � GjYDY �

�&9;EF:=E � �! �&W5ESR;BM@=ES>�KXC;:=<?BD:&W;<O>�@^:A< 6 _5@=<OBDRgG�.fBD:�>=< ` C;J?<OLS<j@ 7 6 ESJ?B �-TUJ?EF@ � � � � � ? ��� �W;EFR;BM@^E�@=9;E-LSB ` C;JOE @^E VMESLF@=BD:�BMP�_5R��kR;B �&R)CfKM:=K ` EF@^EF:=>FG

r��

Page 72: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<O> ` BW;ESJU9fKM>�mk_fKMJ?<?@NK @^<?VME�LN9fKQ:^KML @^ES:A<O>�@^<OLF>ST;@=9;:=BD_5nD9 @^9;E�W5EF@^EF: ` <OR;<?>A@=<OL�W5<��UES:��

ESR8@=< KMJ;EFmk_fKQ@^<?BDR;>FTk@=9fKQ@ KM:AE&LSBDR;>A<O>�@^ESR8@ �&<?@=9 LF_;:=:AESR8@ �kR;B �&JOESW5nDE�KQR;WdE��'CUEFLF@^KQ@^<?BDR;>�BMP

��12� Gg @ <O>�KMJ?>=B ;E��'< 6 J?E ESR5BD_;nD93@^B KMLSLFB ` ` BWfKQ@^E >=CfK @^< KQJ ` <��'<OR5n BMP C;:AEFVQKMJOEFR;LSEF>

W;_;E @=BbW;ESEF: ` <?nD:^KQ@=<OBDR KMR;WaC BD>=>A< 6 J 7 BQ@^9;EF:�P KMLF@=BD:=>FG�+�9;E ` BW;EFJg<O>�PhBD: ` KMJO< �SEFW �&<?@=9

KMR ��K 7 ES>A< KMR 9;<?ES:=KM:=LN9 7 T�nD<?V<OR5n#@^95E KMW;W5ESW 6 ESR;E i;@bBMP�KQJOJOB �&<?R;nePhBD: LFB ` C;KM:=<?>=BDR BMP

W;<��gEF:=ESR8@ ` BW;EFJO>ST @^EF>A@^<?R;n �&9;EF@=9;ES: BM:XR5BM@ @=9;E W;<O>AE KM>AE)<O>d>AC;:=ESKMW;<OR5n >=C;KQ@^<OKMJOJ 7 � <jP

� � � � q �-KMR;W �&95EF@^95ES: BD: R;BM@H@^9;EF:=E W;<O>AE KM>AE L KMR LSBE��'<O>�@ �&<j@^9 @=9;E ` _;JOEXW;ESEF:

C BDC;_;JOKQ@^<?BDR � <jP q � j � Y � G +�95E ��K 7 EF>=<OKMR 9;<?ES:=KM:=LN9 7 KMJ?>=B C;:=B[V<OW;EF> K ` E @^9;BW BMP

LN9;EFL �<?R;ne>^K ` C;J?<OR;nd>ALN9;E ` ES>�@=9fKQ@��&<OJ?J ` K �'< ` < �SE�<OR'PhBD: ` KQ@^<?BDR Ph:=B ` WfKQ@NKXLSBDJ?JOEFLF@^EFW

<OR 7 E KM:A>�@=BXLFB ` E � � � Go�:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDR5>�PhBD:ei�T j KMR;W � ��EF:=EdKMJ?J�<?R;W;ESC ESR5W;ESR8@H��E @NK W;<?>A@^:A< 6 _'@^<OBMR;>ST

>=<?R;LSE-ESKMLN9)CfKQ:^K ` EF@=ES:�<ORa@^95E ` BW;ESJ <?> 6 BD_5R;W;ESW BDR � q � Y� G +�95E C;:A<OBD:�W;<O>�@^:=< 6 _5@=<OBDR;>PhBD:�@=9;E�W;<��UES:AESR8@&CfKM:=K ` EF@^EF:=> ��ES:AE LN9;BM>=ESRa@^Bd:AEfEFLF@&@^9;E-LF_;:=:AESR8@�_;R;W;EF:=>A@^KMR;W;<?R;ndBMP

��12�]:=EF>=ESKM:=LN9;EF:=>&KMR5W @^9;E�>A@^KQ@^E��&<OW;EQT5J KQ:=nDE&>=LSKMJOE�B 6 >AES:AVQKQ@=<OBDR5>�BMP @=9;E�W5<O>=ESKM>=E � Y r G�R5PhBD: ` K @^<OBMRaPhBM:�@=9;E C;:A<OBD:&W;<?>A@=:=< 6 _5@^<?BDR;>&LSB ` ES>�Ph:=B ` LF_;:=:AESR8@�:AES>=ESKM:=LN9 KQR;W)E �5C ES:�@

�kR;B �&JOEFW;nDE @=9fKQ@ <O> <?R;W;<?:=ESL @^J 736 KM>AESW BDR @=9;<O> KMR;W BQ@^9;EF: WfKQ@^K5G)��BDR;>=EFmk_;ESR8@^J 7 T,@^95E

` B'W;EFJO<?R;n >�@^:=KQ@^EFn 7 <?>�R;BM@�K PhBD: ` KMJ ��K 7 EF>=<OKMR ` BW;ESJ T 6 _5@�<?R;>A@=E KMWe9fKQ>�KMReE ` C;<?:=<OLSKMJ

��K 7 EF>=<OKMR fK[VMBD:SG

+�9;E B[VMES:^KQJOJ JOE VDESJ BMPl@^9;EHW;<?>=E KQ>=EH<ORa@^9;EHESR;W5E ` <OLHKM:=ESKX<?>&LS_;:A:=ESR8@=J 7 6 EFJO<?EFVDEFW @=B

6 E 6 EF@ ��ESEFRe\ �^Y � � � Y r G�1 9;<?JOE�@=9;E�W5<O>=ESKM>=E�>A@=<OJ?J;KMC;C E KQ:=>�@^B 6 E&>=C5:=E KQW;<OR;nH>=C;KQ@^<OKMJOJ 7 T

<OR @=9;BD>AE-KM:=ESKM>�@^9;KQ@&9fK VDE 6 ESEFR#<?R5PhESL @^ESW @=9;E�JOBMR;nDES>�@�@^95E�JOEFVMESJ BQP/@=9;E�W;<?>=E KQ>=E�>=EFE ` >

@^B 9fK VDE >�@NK 6 <OJO< �SEFW G,��BDR5>=ESmk_;EFR8@^J 7 T5@^95E�C;:A<OBD:�PhBD: j ��KM>�LN95BD>=EFR @^B 6 E K � � � � � \ � \ p � T�&9;<?LN9#9fKQ>�K ` E KMRaBMP q � q Z5T;BD:&Z�eGjTIKMR;W Kd>A@^KMR;WfKM:AW#W5EFV< KQ@=<OBDReBQP q � q8p ZM\5G

r �

Page 73: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��_;:=:AESR8@^J 7 TI@^9;EF:=E <?>&JO<?@A@^J?E �R5B �&J?ESW;nME BD:�E��'C ESLF@^KQ@^<?BDR;>&PhBD:&@^9;E KMLSLFESJ?ES:^K @^<OBMR)CfK �

:^K ` E @^ES:Mi Gb� EF@^KM<OJ?ESW�>�@^_;W 7 BMP�@=9;EbW 7 RfK ` <OLF>-BMP���9;:=BDR5<OLb1 KQ>A@^<?R;na� <O>AE KM>AEb<O>�:AESJ��

KQ@=<?VDEFJ 7 :AESLFESR8@ 6 _5@ <?>-BDR;nDBD<?R;n � � YDT �8p T p � G ��BDR;>AESmk_;EFRk@=J 7 T,K _5R;<?PhBD: ` W;EFR;>=<j@ 7 BDR

� q�� Y� ��KM>&LN9;BD>AESR3KQ>�@^9;E-C;:A<OBD:�W;<?>A@=:=< 6 _5@^<?BDR @^Bd:=E�fESL @&@^9;<?>�JOKML � BQP�<?R5PhBD: ` KQ@=<OBDR G��ESLSKM_;>=E @=9;E-�&�&(�>�KM:AE W;E ifR;ESW >=B @=9fKQ@�W5ESES: �&<?JOJI@^EFR;W @^Bb:AE ` KM<OR �&<j@^9;<?R @=9;ES<?:

�&�&( Tc@^95E ` <OnM:^KQ@=<OBDR C;KM:^K ` EF@=ES:A> � KMR;W � KQ:=EeE��'C ESL @^ESWgT�K C5:=<OBM:=< Tc@=B 6 Ea> ` KMJ?J G

��B ��EFVMES:STc@=9;ES:AE <O> K#JOKML �3BMP�<?R5PhBD: ` KQ@=<OBDR K VQKM<?J K 6 J?EbBDR @=9;E ` <OnM:^KQ@=<OBDR3:=KQ@^E BMP�@^95E

W;<?>=E KQ>=E � Y r GH��BDR;>AESmk_;ESR8@=J 7 T @=9;E C;:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDRaPhBD: � KMR5W � KM:=E LN9;BD>=EFR3@^B 6 E

� � � � ��Y � � q � KMR;W � � � � ��Y � Y qDq �,:=EF>=C ESL @^<?VMESJ 7 T;>A_ 6 AESL @�@^B @=9;E�LFBDR;>A@=:^KM<?R8@^>�@=9fKQ@ � � �

KMR;Wa@^9;KQ@ ` K � � � � �� � ��� � � YDG

��LSLFBD:=W5<OR;nb@^Bd@^95E ��BDJ?BD:^KQW;Bd� <?V<O>A<OBDReBQP�1 <OJ?W;JO<jPhEMTk@^9;E-W;<?>=ESKM>=E ��KQ>�:=KM:=E 6 EFPhBD:AE

Y[ZDZ q � Y r G���12� ��KM>�_5R��kR;B �&R @^B-R;BMR ��E �5C ES:�@^>�<ORaY[Z���� � � � q � TkKQR;W R5BHLSKM>=EF> ��ES:AE

B 6 >AES:�VDESWa<?R �&<OJ?W C BDC;_;JOKQ@^<?BDR;> C;:=<?BD:�@=B Y[ZD\ q G���BDR;>AESmk_;ESR8@=J 7 T;@=9;E <?R;<?@=< KMJ;C5:=EFVQKMJ?ESR;LFE

VQKMJO_5ES> ��ES:=EdE �5C ESL @^EFW @^B 6 EbE��@=:=E ` ESJ 7 > ` KMJ?J G-��W;W5<?@^<?BDRfKMJ?J 7 T 6 ESLSKM_;>=Eb@=9;EbW;<O>AE KM>AE

C;:AEFVQKMJOEFR;LSE�9fKM>cBDR5J 7H6 EFESRdB 6 >AES:�VDESWd<?R;LS:AE KM>A<OR;n;T @^9;BM>=E&�&�&(�>�@=9fKQ@,KQ:=E�R;BQ@cLS_5:=:=EFR8@^J 7

<OR'PhESLF@=ESW ��ES:AE R;BM@ KMJ?JOB ��EFW @=B)9fK VDE @^9;E W;<O>AE KM>AE C;:=EF>=EFRk@bKQ@ 7 E KM: �SES:AB;G +�9;E C;:A<OBD:

W;<?>A@^:A< 6 _'@^<OBMR;>�PhBD: ? ��ES:AEH@=9;ES:AEFPhBD:AE-ES<?@=9;ES: � � � � ��Y � pMqDq ��BD:&KbCUBD<?R8@ ` KM>A>�KQ@ �SEF:=B;G��� � � � ����� � � � � � � �����

+�9;Ebif:=>�@ @^KM> ��<?R LN9;B'BM>=<OR5n)KeCfKM:�@^<?LS_;JOKM: ` B'W;EFJc<O>�@=B W5EF@^EF: ` <OR;EXKe:=ESKM>=BMRfK 6 J?E

VQKMJO_5E PhBD:�@=9;EdLS_5@=B � � <?R�@^9;EdJO< �MEFJO<O95B'BW � � GjY q � GH+�9;E ABD<?Rk@ CUBD>�@^EF:=<OBM: W;<O>�@^:A< 6 _5@=<OBDR

L KQR 6 E P KML @^BD:AESW >=B @=9fKQ@X@^9;E C BD>A@=ES:=<?BD:dW;<O>�@^:A< 6 _5@=<OBDR�BMP � <?>X<?R;W;EFCUEFR;W;ESR8@ BMP @^95E

C BD>A@=ES:=<?BD:�PhBD: � KMR;W ? G.IBM:#K�nD<jVDESR � T�@^95E 6 <?R;B ` < KMJ�W;<O>�@^:A< 6 _5@=<OBDR �&9;<?LN90KMLFLSBD_;R8@=>#PhBD: ` BD:=E WfKQ@^K

VQKM:=<OK 6 <?JO<?@ 7 @=9fKMR KMR 7 BM@=9;ES: 6 <?R;B ` < KMJ ` BW;EFJ <O>e@^95E W5<O>A@=:=< 6 _5@^<?BDR �&<j@^9 � � q � �'G

r \

Page 74: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

.�<?nD_;:=E � G � >A9;B �&>�@^9;E�C;:ABDC BD:A@=<OBDR BQPlW5ESES:�@=9fKQ@�@=ES>A@�C BD>=<j@^<jVDE 687 7 E KM:�KMR5W @^9;E @=BM@NKMJ

Rk_ ` 6 ES: @^EF>A@^EFW PhBD:*@^9;E @^9;:AESE����&(�> �&9;<?LN9 9fK VDE 6 EFESR <?R5PhESL @^EFW @^95E�JOBMR;nDES>�@ G/+�9;ES:AE�<?>

K�JOKM:=nME�K ` BD_5Rk@/BMP'VQKM:=<OK 6 <OJ?<?@ 7 <OR-@^9;E�E KM:AJ 7 W;KQ@NK5T �&9;ES:AE�@=9;E�Rk_ ` 6 ES:/BMP5W;ESEF:l@^EF>A@=ESW <?>

> ` KMJ?J G ��>/@^9;E�R_ ` 6 EF:�BMPIW5ESES:/@^EF>A@^EFWb<OR;LF:=ESKM>=EF>STD@^95E�VQKM:=<OK 6 <?JO<?@ 7 <ORH@^9;E�WfKQ@NK�KMC;C E KM:A>

@^B W;ESLF:=ESKM>=EQG +�9k_;>ST*K >=E KQ:=LN93<O>�LSBMR;W;_;L @^ESW�PhBM:�@^95E VQKMJO_5E BMP � @^9;KQ@ 7 <OEFJOW;>�K LF_5@^B �

JOE VDEFJ�@^9fK @b9fKM>FT�KM>bLSJ?BD>=EeKQ> CUBM>=>=< 6 JOEQT,9fKMJjP&BMP�@^9;EeB 6 >=EF:AVQKQ@^<?BDR;> W5<O>=ESKM>=EFW KMR;W 9fKMJjP

R;BM@SG,� 7 <?R;>=C ESL @^<OR5n @^95E�WfK @NK-<?@ <O>,PhBD_;R5W @^9;KQ@�@=9;<O>�LFBD:=:AES>=C BDR;W5>�@^B KHLF_5@^B � VQKMJ?_;E&BMP

� � � G�+�9_5>�<OR ���&( � 7 E KM:A> �&9;EF:=E r BD: ` BM:=E�W;ESEF:�KM:AE�@=ES>�@^ESW PhBD:���95:=BDR;<?L�1 KM>�@^<OR5n

� <O>AE KM>AEMT8@^95E ` B'W5ESJOEFWdC;:=E VMKQJOESR5LSE �&<OJOJ 6 E&Ph:=B ` @^9;E&_;C WfKQ@=ES>�nM<?VDEFR 687 EFm_;KQ@^<?BDR � G �'G

��@^9;EF: �&<?>=EMT;@=9;E-C;:=E VQKMJOEFR;LSE-<O> ` B'W5ESJOEFWaKM> � � � � � ��� ��� � G

� � �� � � � � � � o,:=BDC BD:�@^<OBMR BMP W;EFES: �&95<OLN9 @^EF>A@�C BD>A<?@^<jVDE 6k7X7 ESKM:�PhBD:����&(�> r T �'T;KQR;WY q G +�9;E @=BM@NKMJ�Rk_ ` 6 ES: @^EF>A@=ESW <O> >A9;B �&R <?R @^9;E 6 KML �knD:=BD_5R;W T�KMJO>AB 6k7 7 ESKM:SG +�9;EC;:ABDCUBM:A@^<?BDR �&9;<OLN9X@^ES>�@�C BD>=<j@^<jVDE�W;ESLF:=E KQ>=ES>�KM>�@=9;E�Rk_ ` 6 EF:�@^EF>A@=ESW <?R;LS:AE KM>AES>ST5KM> W;B'EF>@^95E-VQKM:A< K 6 <OJO<j@ 7 G

r Z

Page 75: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

!-<jVDESR @^9;E CfKM:=K ` EF@^EF:=>[i�T j T � T � KQR;W � T�>=EFVMES:=KMJ ` B'W5ESJ�VQKM:=<OKQ@^<?BDR;>bLSKMR 6 E

PhBD: ` _;J K @^ESW 6k7 W;E @^ES: ` <?R;<OR5n 9;B � ` KMR 7 T�KMR5W �&9;<OLN9 T�BMP�@=9;E3ESJ?E ` ESR8@^> BQP ? KM:AER;BDR � �SEF:=B;G ��EFL KM_5>=E @^9;E WfKQ@^K 6 EFnD<OR;>e<?R Y[Z�� � T�@^9;E 7 E KM: Y[Z���� <?>e>=E @)KQ> 7 E KM: q G

+�9;E Rk_ ` 6 EF:=<OR5n >=LN95E ` E PhBD:�@=9;E �&�&(�>�9fKM>�R5BM@^9;<?R;n @=B W;B �&<?@^93��9;:=BDR5<OL 1 KM>�@^<OR5n

� <O>AE KM>AEMT>=BH<?@ <O>�R;EFLSEF>=>^KQ: 7 @^BH< ` CUBD>AE�KMR BM:=W;EF:�BDRX@^9;E ` @^9fK @�<?> >AESR;>A< 6 J?E�PhBM:���12� G

+�9;<?>c<O>/W;BDR;E 6k7 BDC5@=< ` <��S<?R;n�@^9;E�CUBD>�@^EF:=<OBM:lW;<?>A@=:=< 6 _5@^<?BDR B[VDEF:cW;<��gEF:=ESR8@�KQ:=:^KQR;nDE ` ESR8@=>

BMP����&(�>�@^BbW;E @^ES: ` <?R;E �&9;<?LN9)�&�&(]<O>�J?< �MEFJ 7 @^Bd9fK VDE-@^95E�9;<OnD95ES>A@&<?R5PhESL @^<?BDRe:^KQ@=E�BMP

@^95E W;<?>=E KQ>=E W5B �&R#@^B �&95<OLN9�<?>�J?E KM>�@ G�+�9;EF:=EbKM:AE Kd@^BM@^KMJ BMP � r �&�&(�>STU>=B @=B :AESW;_;LFE

@^95Ee>=E KQ:=LN9�>=CfKQLSEe@^9;E PhB'LF_;>b<O> BMR;J 7 BDR @^95BD>=Ee�&�&(�>b<?R @^9;EeEFR;W;E ` <?LeKM:=ESK �&9;ES:AE

@^95E)W;<?>=E KQ>=E)<?> LF_;:=:AESR8@^J 7 PhBM_;R;W G +�9;<?> KM>A>=_ ` C5@^<?BDR <?> :AE KM>ABDRfK 6 JOE >=<OR5LSEMT&K @ J?E KM>�@

C;:AES>=EFR8@^J 7 Tc@^9;E W;<O>AE KM>AE <O> >A@^<?JOJ�>=C5:=E KQW;<OR;n5T ` K �<?R;n)<j@ _5R;JO< �MESJ 7 @^9fK @ <?@ ��BD_;JOW 9;K[VME

W;<?>^KMC;C E KQ:=ESW�Ph:AB ` KMR3KM:AE K5G�+�9;EbBMC5@^< ` KMJ BD:AW;ES:A<OR;n PhBD:�@=9;Eb�&�&(�>�<OR#@^9;E EFR;W;E ` <?L

KM:AE Kb<O>�Y q T r T �'T � T*Y �'TfZ5T � r T p �TIKMR;W rDr G

+�9;E 6 ES>�@ ` BW;ESJ*nD<jVDEFR @=9;<O>&BD:AW;ES:A<OR;nXL KMR 6 E W;E @^EF: ` <OR;EFW#_;>A<OR;n ��K 7 EF> .IKML @^BD:A>

� pQr G �'E VDEF:^KMJ >=E @^>HBMP ` B'W5ESJO>-KQ:=Eb@^EF>A@^EFW G +�9;Edif:A>A@ >=EF@ KM>A>=_ ` ES>H@^9fK @H@=9;EdW;<O>AE KM>AE��KM>-C;:=EF>=ESR8@ <OR BDR;J 7 BDR5Ed���&(4<OR�Y[Z����'T*KMR5W @=9fKQ@HKMJ?J�BM@=9;ES:H�&�&(�>-9fKMW KMR <OR;<j@^<OKMJ

VQKMJO_5EbBMP q G +�9;<?>�<O>-KMLFLSB ` C;JO<?>=9;EFW 687 C;_5@A@^<OR5na@=9;EbC;:A<OBD: W5<O>A@=:=< 6 _5@^<?BDR)PhBD:V� � A ? KM>-KC BD<OR8@ ` KM>A> KQ@ �SES:AB PhBD: KQJOJ/���&(�> E��'LFESC5@�PhBD:�@^9;E BDR;E BMP�<?R8@^ES:AES>�@ G +�9;Eb>AESLFBDR;W3>=E @

BMP ` BW;ESJ?> KM>=>A_ ` EF>�@=9fKQ@ @ ��Bb�&�&(�>�KM:AE�<?R5PhESL @^ESW KQ@ @^< ` E q KQR;W KMJ?JfBM@^95ES:=>�KM:=E �FES:=B5G

+�9;EHCfKQ@A@^ES:AR#LFBDR8@^<?R_5ES>�KMW;W;<?R;nbBDR;EH�&�&(�K @�K @=< ` EMT;_;Ca@^BdR;<?R;EMT;@=9;E-Rk_ ` 6 ES:�@^9fK @

KM:AE LS_5:=:=EFR8@^J 7 <OR#@^9;E EFR;W;E ` <?L :=EFnD<OBMR G���W;W;<j@^<OBMRfKMJOJ 7 T ` B'W5ESJO>���EF:=E LFB ` CfKM:=EFW �&<?@=9

� � q KMR5W � � q @=BdW;EF@=ES: ` <OR5E �&95EF@^95ES:�BD:&R;BM@&@^9;E->AESLSBMR;W�BD:AW;ES: ` <OnD:=KQ@^<?BDR @=ES: `

��KM>�>A<OnDR5<?ifLSKMR8@ G

� q

Page 76: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E W5<��UES:=EFR8@ ` BW;ESJ?>-KM:=EdLSB ` CfKQ:=ESW _;>=<?R;n ��K 7 EF> P KML @^BD:A>SG ��K 7 ES>HP KMLF@=BD:=>HKM:AE

:^K @^<OBM>�BMP�@=9;E ` KQ:=nD<?RfKMJ/JO< �QESJ?<O9;BB'W)BMP�@=9;EdWfKQ@^Ka_5R;W;ES:HBDR;E ` B'W5ESJ�@=Ba@=9;E ` KQ:=nD<?RfKMJ

JO< �MEFJO<O95B'BW _;R5W;ES:�KMR;BM@=9;ES: ` BW;ESJ G,��EFR;LSE�

� � ��� ����� ��� �� � ��� � � � ? ��� � � � � � � ? ��� ��� � � � � � ? � � � �� � �� � � � ? ��� � � � � � � ? ��� ��� � � � � � ? � � � � � � GjY p �

�&9;EF:=E�� �I< ` C;JO<?ES> @^9fK @,@^9;E�<?Rk@=ESnD:=KQ@^<?BDR <?> �&<?@=9X:AES>ACUEFLF@�@^B @=9;E&C;:=<?BD:cKMR5WXJ?< �QESJO<?9;BB'W

_;R;W5ES: ` BW;ESJ � � p r Gc��BM@^9X@^9;E�Rk_ ` ES:^K @^BD:A>�KMR5W W;EFR;B ` <ORfKQ@=BD:=>�BMPU@^9;E���K 7 EF>�P KML @^BD:A>KM:AE KMC;C5:=B �'< ` KQ@^EFWXV< K K :^KQR;W;B ` >=K ` C5JOE�BMP @^95E�C;:A<OBD: W;<O>�@^:A< 6 _5@=<OBDR5> < ` C5JO<OEFW 6k7 @^95E

@ ��B ` B'W5ESJO>�� � KQR;W�� �[T :=EF>=C ESL @^<?VMESJ 7 GX.fBD: � � Y � � � � � T/W5:^K �"@=9;EXKMC;C;:ABDC;:=<OKQ@^E

LSBMJOJOEFLF@=<OBDR BMP�CfKM:^K ` E @^ES:A>ST,W;EFR;BM@=ESW 6k7 � � � TcPh:=B ` @^9;EeC5:=<OBM: W;<?>A@^:A< 6 _'@^<OBMR < ` C BD>=EFW

687 � � G �*EF@� � W;EFR;BM@^Ee@=9;E#E VQKMJO_fK @^<OBMR BMP�@=9;EaJOBDn ��JO< �MEFJO<O95B'BW < ` C5JO<OEFW 687 � � GjY q �

EFVQKMJ?_fKQ@=ESW K @ � � � KMR5W�� � � � E��'C � � � � ` K � � ��� � � �-KMR;W��� ��� � � � � � � � � G +�95ESR

�� � ��� ����� � � � E��'C ��������� �� ������� � �� ��� � �� ��� G+�9;E ��K 7 ES> P KML @^BD: nM<?VDEF>/K ��ES<?nD98@^<?R;n�BMP@^9;E�:=EFJ KQ@=<?VMEc> �k<OJ?JMBMP'BDR;E ` B'W5ESJMLFB ` CfKM:=EFW

�&<?@=9aKMR;BM@=9;ES:FT5LFB ` C EF@=<OR;n5T ` B'W5ESJ Gc(�R;W;EF:�@^9;<?>�LF:=<?@=ES:A< K5T<?@�<O>�PhBD_5R;W @^9fK @�@^9;E ` BW;ESJ

�&<?@=9 ��� A ? � ��� A ? � � >@?BA ? � q T �&<?@=9 KMJOJ�BM@=9;ES: ���&(�> 9fK V<OR;n �SES:AB�>A@^KM:A@=<OR;n VQKMJO_;EF>ST,KQR;W

� � q <?>�KQ>�BM: ` BD:AE�E�UESLF@=<?VME @^9;KMR#BQ@^9;EF: ` BW;ESJ?> �&<?@^9a@^95EH>=K ` EHRk_ ` 6 EF:�BD: ` BD:=E

CfKM:=K ` EF@^EF:=>FGb+�9;EdES>A@=< ` KQ@^EFW ��K 7 ES>-P KML @^BD: ��KM>dYDGjY[\ �&9;ESR LSB ` CfKM:A<OR;n @=9;<O> ` BW;ESJ

�&<?@=9�K >A< ` <OJOKM: ` B'W;EFJ*@^9fKQ@ KMJO>AB <?R;LSJ?_;W;EFW�R;BDR � �SEF:=B <?R;<?@=< KMJUVMKQJO_;EF>�PhBD:����&(�> � T/Y �'T

KMR;W Z'GH+�95EXR5E��@-> ` KMJOJ?ES>�@ ��K 7 ES>�P KMLF@=BD: � � G ��� � ��KM> PhBD:�@=9;EbLSB ` CfKQ:=<O>ABDR �&<j@^9�@^95E

` B'W;EFJf@^9fKQ@�PhBD:=LFESWS��� A ? � q Gc+�9;E���K 7 ES>�P KML @^BD:A>�PhBD: LSB ` CfKM:A<O>ABDR BMP*@=9;E ` BW;ESJ �&<?@=9

��� A ? T���� A ? T�� >@?BA ? � q KMR5W � � q KQR;W KMJ?Jc:=E ` KQ<OR;<?R;n ` BW;EFJO> ��EF:=E KMJOJcnM:=E K @^ES:-@^9;KMR

Y qDq G

+�9;E�:AES>A_;J?@=>�BMPg@^9;E���K 7 EF> �'. KQLF@^BM: LFB ` CfKM:=<?>=BDR5>�KQ:=E�>=_;C;C BD:�@^ESW 6k7 @=9;E�P KQLF@�@^9fK @

@^95E if:=>�@-B 6 >=EF:AVMESW LSKM>=EbBQP���95:=BDR;<?L 1 KQ>A@^<?R;ne� <?>=E KQ>=EbBLSLS_5:=:=EFW R;E KM:-.fBD:�@H��BDJ?JO<OR5>ST

�'Y

Page 77: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��BDJ?BD:^KMW5B;T �&9;<OLN9 <O>b>=_5:=:=BM_;R;W;EFW 687 ���&(�> r T �'T�KMR;W2Y q � pDp G�+�9;EF>=E��&�&(�> KM:AE

LS_5:=:=EFR8@^J 7 @^9;E 9;ESKM:A@ BMP @=9;E3ESR5W;E ` <OL3KQ:=E K'G4!�<?VDEFR @^9;<?> C;:=<?BD: �kR;B �&JOEFW;nDE3BMPH@^95E

W;<?>=E KQ>=EMTf<j@&<O>�_;R5JO< �QESJ 7 @^9;KQ@&<?@ ��BD_;J?W 9;K[VME 6 ESnM_;R)KQR 7 �&9;EF:=E ESJO>AEMG

+�9;E-CfKM:A@=<OLF_;J KM: ` BW;ESJU@^9fKQ@&<?>�LN9;BD>AESR)<?>�@^9fKQ@ �&<j@^9aW 7 RfK ` <OL�C;KM:^K ` EF@=ES:A>

� � � i � j � � � �

KMR;Wa@^95EH<?R;<?@=< KMJILFBDR;W;<j@^<OBMR;>

? � ��� >@?BA ? � ��� A ? � ��� A ? � �

>=Ba@^9;KQ@ � � � � � ? � GX+�9_5>ST/<?@-<O>-R;EFLSEF>=>^KQ: 7 @^BaifR;W @^9;EdC BD>A@=ES:A<OBD:�W;<?>A@=:=< 6 _5@^<?BDR3BMP� � � � T �&9;ES:AE � W;ESR;BQ@^ES>d@^95E W;KQ@NK5G���ESL KQ_;>=Ea@^9;<?>bW;<O>�@^:A< 6 _5@=<OBDR W5B'EF>XR5BM@d9fK VDE#K

LSBMRkVMESR;<?ESR8@HBD: �kR;B �&R PhBD: ` TgLFB ` C5_5@NKQ@=<OBDR;KMJ ` E @^9;BW;>-KM:AE R;ESEFW;ESW @^Be>A< ` _5J KQ@=E @^95E

C BD>A@=ES:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR G

����� � � � � ���+� ��� � ��� � � �� ��� � � � ��� ��� � �����

+�9;EbCUBM>A@^EF:=<?BD:�W;<?>A@=:=< 6 _5@^<?BDR#PhBD:�@^9;<?> ` BW;EFJlW;EFCUEFR;W;>-BDR ` KMR 7 R;BMR;JO<?R;E KM:�:=EFJ K �

@^<?BDR;>A9;<OC;>FT �&9;<OLN9 ` K �MES>dW;<?:=EFLF@XKMRfKQJ 7 >=<?>bW;<��XLS_5J?@ G ��BDR;>=EFmk_;ESR8@^J 7 T�_;R;W;EF:=>A@^KMR;W;<?R;n

@^95E C BD>�@^ES:A<OBD:b<?> ` BM>A@dE KQ>=<OJ 7 KMLN95<OEFVMESW _;>=<?R;n K >A< ` _5J KQ@=ESW�:^KMR5W;B ` >=K ` C;JOEQG +�9;E

C BD>A@=ES:=<?BD: W5<O>A@=:=< 6 _5@^<?BDR BQPH@=9;E ��12� ` BW;EFJ���KM> if:A>A@a>^K ` C;J?ESW <?R � � � _5>=<OR5n�KMR

KMLFLSESC'@NKMR;LFE >^K ` C;JOEF:SG +�9;E :=ES>A_;J?@=>eBMP-@^9;<?>e>^K ` C;J?E�<OJ?JO_;>�@^:^K @^Ea@^9;E LN9fKM:=KMLF@=ES:A<O>A@=<OLF>

BMP�@^9;E CUBM>A@^EF:=<?BD:dW;<O>�@^:=< 6 _5@=<OBDR T�KMR;W �&<OJ?J�9;ESJ?C @=B W;E @^EF: ` <OR;Ea<?P�K ` BD:AE#KQWfKMC5@^K 6 JOE

�)KM: �MB[V LN9fKM<?R >=< ` _;JOKQ@^<?BDR <O>X>^K ` C;J?<OR;n�Ph:AB ` @^9;E LSBM:=:=EFLF@ W;ESR;>A<?@ 7 G � EFVDEFJOBDC5<OR;n K

_;>=K 6 JOE��)KM: �QB[V LN9fKM<?Re>=< ` _;J K @^<OBMR ` <OnD98@�KMJOJ?B � PhBD:�K ` BD:=E�LSB ` C;J?EF@^E�E��'C;J?BD:^KQ@=<OBDR BMP

@^95E ` BW;ESJ 687 Ph_'@^_;:AEH:AES>AE KM:ALN9;ES:A>SG

+�9;Eb��LFLSESC'@��M�&E AEFLF@-BD:�KQLSLSEFC5@NKQR;LSE ` EF@^95B'W�BQP�>=K ` C;JO<?R;n :AES>=_5J?@^>�<?R3K :^KQR;W;B `

>^K ` C;J?EHPh:AB ` @^9;E W;ES>A<O:=EFW3W;<O>�@^:A< 6 _5@=<OBDRgG��*E @ � � � � 6 EH@^9;E @NKM:AnDEF@�W;ESR;>A<?@ 7 G��*EF@ � � � �� p

Page 78: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

6 E KaW;<O>�@^:A< 6 _5@=<OBDR3Ph:AB ` �&9;<?LN9 <?@H<?>HESKM> 7 @=B#>=K ` C;JOEQTlLSKMJOJ?ESW3@^9;E � � � � � ��� ��� � � ��� �QG

.f_;:A@=9;ES:FTM>A_;C;C BD>=E�@=9;ES:AE�E �5<?>A@=>cK�LFBDR;>A@^KMR8@ � >A_;LN9 @^9;KQ@ � � � � �� � � � TDEFVMES: 7 �&9;EF:=EBDRe@^95EH>A_;C;C BD:A@�BMPl@^9;E-W;EFR;>=<j@ 7 � G

��� � �� � � � ��� � � ��� � � � � ��� � ��� � ����� ��� � � ��������� � � ������� ��� � ���

��� � � � �� � � ��� � ��� � � � � ��� ��� � � ��� � � � �� ��� ��� � ����� � � � ��� ��� � � � ���� � � ��� � �� � q�� Y� �

� ��� � � � ��� ���� ��� � � � ��� � ��� ��� � � � ��� ��� � ��� � �

� � ��� ��� � � � � � � � �� � � ���� � � � � ��� ��� ������ �� � ��� ��� � � ��� � � �

+�9;EXKMLSLFESC5@^KMR;LSEX>^K ` C;J?ES:�LSKMR ��BD: ��E��@^:AE ` ESJ 7 ��EFJOJ T 6 _5@H<?@=>�CUEF:APhBD: ` KMR5LSEbW;E �

C ESR;W;>�BDRaifR;W;<?R;n KMR#EFR8VDESJ?BDC E W;EFR;>=<j@ 7 � @=9fKQ@�LSJ?BD>=EFJ 7 ` KQ@=LN9;ES>&@^9;E�@^KM:=nDE @�W;ESR;>A<?@ 7 TKM> ��EFJOJ/KM> �kR;B �&JOESW5nDE BQP�@^95E LSBMR;>A@^KMR8@ � G&.f_;:�@^9;EF:STfPhBD:&C;:ABDCUEF:=J 7 R;BD: ` KMJ?<��FESWaW;ESR �

>=<j@^<?ES>STU@^9;EdK VDEF:^KMnMEbC;:=B 6 K 6 <OJ?<?@ 7 BMP�KMLFLSESC'@^<OR5n @^9;E VQKMJ?_;E�� <OR�@=9;EdKMJ?nDBD:=<j@^9 ` � G?Yb<?>

Y � � T >=B @=9fKQ@�@=9;EbE��'C ESL @^ESW Rk_ ` 6 ES:�BQP�<?@^EF:^KQ@=<OBDR5>�_;R8@^<?J�K VQKMJ?_;E <?> KMLFLSEFC5@^EFW <?> �� �Mr G�+�9k_;>�@^B ` K �QEH@=9;E KMLSLFESC5@^KMR;LSEH>^K ` C;J?ES:&E�XLF<OESR8@STI@=9;EHW;ESR;>A<?@ 7 � ` _;>A@�LSJ?BD>=EFJ 7` KQ@^LN9)@=9;E @^KM:=nDE @�W;EFR;>=<j@ 7 >AB @^9fKQ@�K >=< � K 6 J?E :=KMR;W;B ` >^K ` C;J?E LSKMR 6 E nDESR5ES:^K @^ESW <?R

Kb:=ESKM>=BDR;K 6 JOEHK ` BD_;R8@&BMP/@^< ` E � �Mr T p � G��LSLFESC5@^KMR;LFE >=K ` C5JOES:A>�9fK VDE-@^9;E 6 ESR;E i;@�BMPlnDESR;EF:^KQ@=<OR;nXKMRa<?R;W;ESC ESR5W;ESR8@�>^K ` C;JOE

E��5KML @^J 7 Ph:=B ` @=9;E @NKM:AnDEF@ W;<O>�@^:=< 6 _5@=<OBDR T�KMR;W @^95E 7 LSKMR 6 EaKMC;C;J?<OESW @^B ` _;Jj@^<jVMKQ:=< K @^E

W;EFR;>=<j@^<OEF>SG ��B ��E VDEF:STl@=9;EbC;:AB 6 JOE ` BQP�ifR5W;<OR;naKe>A_;<?@^K 6 JOE ESR8VDEFJOBDC EbW;ESR5>=<?@ 7 <?P BMP @^EFR

C;:ABD9;< 6 <?@^<jVDEQT8ES>=C ESLF< KMJ?J 7 <ORd9;<OnM9;ES:�W;< ` EFR;>=<?BDR;>STkKQJ?@^95BD_;nD9b@^95ES:=E�KM:AE ` EF@=9;BW;>�>=_;LN9eKQ>

��W;KMC5@^<jVDE ��EAESL @^<OBMR3�5K ` C;J?<OR;n @=9fKQ@�L KMR#:=ESW5_;LSE @=9;<O>&C;:AB 6 J?E ` PhBD:�LSEF:A@NKQ<OR �<?R;W;>�BMP

@NKQ:=nDE @-W;ESR;>A<?@=<OES>FG �R KMW;W;<j@^<?BDR T KQLSLSEFC5@�� :=E AEFLF@ >^K ` C;J?ES:=> KM:=EdW;<�� LF_;J?@�@^B ` B'W;<jP 7 T >AB

@^9;KQ@&>=J?<OnD98@&LN9fKMR5nDES>�<ORaK ` BW;EFJ L KMR :=EFmk_;<O:AE @^9;E-LSBMR;>A@=:=_;L @^<OBMR#BMP�KdR;E� >^K ` C;JOEF:SG

� �

Page 79: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;ES:AE&KM:=E&K�@=BM@NKMJ'BMP >=E VDESR CfKM:=K ` E @^EF:=>,<OR @^9;E���12� ` BW;EFJ Gl��B ��E VDEF:STk@^9;E�>AEFV �

ESR8@=9 C;KM:^K ` EF@=ES:FT � T'<O>�<?R;W;ESC ESR5W;ESR8@&BMPlKMJ?J BQP/@=9;E�BM@=9;ES:A>SG, @^>�C BD>�@^ES:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDR

9fKM> K �kR;B �&R PhBD: ` T � � � � ��Y[\ � � � Y Z � � � T8>=BH<?@cW;B'EF>�R;BM@ R;ESEFWX@=B 6 E�<OR5LSJO_5W;ESWXKM>�CfKM:�@�BMP@^95E�>=< ` _;J KQ@=<OBDRgT>A<OR;LFE <?@�L KMR 6 E�>=< ` _;J K @^ESW W;<O:AESLF@=J 7 G,��EFR;LSE�BDR5J 7 @^9;E�:AE ` KM<OR;<?R;n >A<��

CfKM:=K ` EF@^EF:=>FT � >@?BA ? T���� A ? T���� A ? T�i�T j TKMR;W � T ` _;>A@ 6 E&>^K ` C;JOEFW Gc��KMLN9 CfKM:=K ` E @^EF:,9fKM> K6 EF@NK W;<O>�@^:=< 6 _5@=<OBDR KM>�<j@^> C;:=<?BD:ST'KMR;W 9;ESR;LFE�@^95E C;:=B 6 K 6 <?JO<?@ 7 W;ESR;>A<?@ 7 Ph_;R;L @^<?BDR <O> R;BDR �

�SEF:=B BMR;J 7 BDR)@=9;E <?Rk@=ES:�VMKQJ � q�� Y � G ��EFL KM_5>=E @=9;E C BD>A@=ES:=<?BD:�W;<O>�@^:=< 6 _5@=<OBDR <O> �R5B �&R�@=B

6 E�LSBDR5i;R;ESWb@^B @=9;E�>=< � W5< ` ESR;>A<OBDRfKQJ'_;R5<?@,LF_ 6 EQTkK 6 E @NK W;<?>A@=:=< 6 _5@^<?BDR >=EFE ` >�K RfKQ@=_;:^KMJ

>A@^KM:A@=<OR;ndC BD<OR8@&PhBD:�@^95EHEFR8VDESJ?BDC E W;<?>A@^:A< 6 _'@^<OBMR G �'<OR5LSE-@^9;EF:=E KM:=E->=< �aCfKM:=K ` EF@^EF:=>FT >A<��

<OR5W;ESC ESR;W5ESR8@ 6 EF@^K�W;<O>�@^:A< 6 _5@=<OBDR5>lKQ:=E _;>=EFW �&<?@=9 @^95ES<O:/CfKM:=K ` EF@^EF:=>/LN9;BD>AESRb>=B�@^9fK @�@^95E

` B'W;EF>-BMP�@=9;E 6 EF@^K W5<O>A@=:=< 6 _5@^<?BDR ` K @^LN9 @^9;E ` B'W;EdBMP�@^9;EXC BD>A@=ES:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR;>SG

+�9;E ` BW;E�<?>�L KMJ?LS_;JOKQ@^EFW 6k7 Rk_ ` ES:A<OLSKMJOJ 7 ` K �'< ` <��F<OR;n�@^9;E&JOBMn�BMPU@=9;E&CUBM>A@^EF:=<?BD:cPh_;R;L �

@^<?BDR T_;>=<?R;n @^95E-��ESJ?W;ES: ���#ESKMWeR;BDR ��JO<?R;E KQ:�BDC5@=< ` <��SKQ@^<?BDR ` E @^9;BW � �QZ'T ��� 6 _5<OJ?@�<OR @=B�)KQ@=J K 6 GX+�95E ` BW;ES>�PhBD: @=9;E ` KM:AnD<ORfKQJ�C BD>A@=ES:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR;> <OR3@=9;<O> ` B'W;EFJ,KM:AE

>=95B �&R <OR @^K 6 J?E � G � Gc+�9;E�VQKMJO_;E�BQP/@=9;E�JOBMnbCUBD>�@^EF:=<OBM:�W;<O>�@^:A< 6 _5@=<OBDR KQ@�@^95E ` BW;E ��KM>

� p � � Y � Z5G +�95E >=C ESLF<?ifL EFR8VDESJ?BDC EbW;<O>�@^:=< 6 _5@=<OBDR;>&PhBD:&@^9;Eb��12� KQLSLSEFC5@NKQR;LSEb>=K ` C5JOES:

��ES:=E � � � � � p � � � Y q�� ��PhBD:�@=9;EbCfKM:=K ` E @^EF:$� >@?BA ? T ��� � � � p � Y � Y �Mr � p �&PhBD:�@^95E CfKM:=K ` E @^EF:��� A ? T � � � � � q � � � � Y q � � ��PhBM:H@=9;E CfKQ:^K ` EF@=ES:I��� A ? T ��� � � � p � � � Y � � � � PhBD:-@^9;EXCfKM:=K ` E @^EF:i�T � � � � � Z � r�� � r � r �lPhBD:c@=9;E&CfKM:^K ` E @^ES: j TkKMR;W � � � � � p � � r�� ��� ��� � � �lPhBD:c@=9;E&CfKM:=K ` E @^EF:� G,+�9;EH:=ES>A_;J?@=>&BMPl@=9;EHKMLSLFESC5@^KMR;LFE >=K ` C5JOES:&KQ:=E�W;<?>=LS_5>=>=EFW�<OR � � � G

+�9;E&KMLSLFESC5@^KMR;LFE�>=K ` C;JOEF: ��KQ> :A_;Rb_;>A<OR;n �)KQ@=J K 6 TMVDEF:=>=<?BDR � TDBDRXK ` KMLN9;<?R;E �&<?@=9

K p � p � � o/ESR8@^<?_ ` r C5:=BLSES>A>=BD:FT �&<?@^9 p �� �&��� Gf+�95E >^K ` C;J?ES:�nDEFR;ES:=KQ@^EFW�KX:^KMR �

W;B ` VQKMJO_;E Ph:AB ` @=9;E�C BD>A@=ES:=<?BD:�:ABD_;nD9;J 7 E VDES: 7 � >=EFLSBDR;W5>SG�+/BdnDESR5ES:^K @^E-Kb>^K ` C;J?E BMP

>=< �SE p �'T qDqDq @=B'B � R;E KM:AJ 7 p r 95BD_;:=>FG,+�9;E�>=JOB �&R;EF>=> BMPg@=9;E�KMLSLFESC5@^KMR;LSE�>^K ` C;J?ES: ` K �MEF>

� r

Page 80: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<?@d< ` C5:^KML @^<OLSKMJ�PhBD:d>�@^_;W 7 <?R;n VQKM:A< KQ@=<OBDR5>bBMP�@=9;E ` BW;ESJ T BM:dPhBM: KQC;C;J 7 <?R;n3@^B Ph_'@^_;:AE

WfKQ@^K >AEF@=>SGe+�9;E JOBDR;na:A_;R @=< ` E ��KM> JO< �MESJ 7 W;_;Ed@^Ba@^95E LFB ` C5JO<OLSKQ@^EFW RfKQ@^_5:=EXBMP�@^95E

CfKM:=K ` EF@^EF:->=CfKMLFE KQR;W @=9;E <?R;W;EFCUEFR;W;ESR5LSE KQ>=>=_ ` EFW <OR @^95E EFRkVMESJ?BDCUEXW;<?>A@^:A< 6 _'@^<OBMR;>SG

��E VDEF:A@^95ESJOEF>=>FT5@^9;E�:^KQR;W;B ` >=K ` C5JOE�@^9fK @ ��KM>�nMESR;EF:^KQ@=ESW 687 @^95E�KMLFLSEFC5@NKMR5LSE >=K ` C5JOES:

KMJ?JOB �&> PhBM:�E��5K ` <OR;KQ@^<?BDR BMP*@=9;E�LN9;KM:^KML @^EF:=<O>�@^<?LS>�BMP*@=9;E ABD<?R8@�C BD>A@=ES:=<?BD:ST'KMR;W C;:=B[V<OW;EF>

KbnD_;<?W;E�<ORaW;EF>=<OnMR;<OR;nXK ` BD:=E�E�� LF<OEFRk@��)KQ: �MB[VaLN9fKQ<OR >^K ` C;JOEF:SG

+�9;E Z��� ��K 7 ES>A< KMR2LS:AESW;< 6 JOE3<?Rk@=ES:�VMKQJO>aKMR;W @=9;E CUBD>�@^EF:=<OBM:eES>A@=< ` KQ@^EF> PhBD: @^95E

>=< � CfKM:^K ` E @^ES:A> 6 KM>AESW BDR @=9;<O> >^K ` C;J?E KM:AE >=95B �&R�<?R @NK 6 JOE � G � G�+�9;ES>AEa>=_ `X` KQ: 7

>A@^KQ@^<?>A@=<OLS> �&<?JOJ 6 E-_;>AESW�KQ>�KQR#KQW;W;<?@=<OBDR;KMJgLN9;EFL �ePhBD:�@^9;E �)KQ: �MB[VaLN9fKQ<ORa>^K ` C;J?ES:SG

o�KQ:^K ` EF@=ES: ��G �*< ` <?@ ( G �*< ` <?@ �#BW;E �#E KMR �#ESW;<OKMR �@=W G � EFV G

� >@?BA ? Y � � � � � ��� p � �'Y � � � � � � pQr Y � q Y��� A >@? q � \ p � � Y � Y � p � Y � ��� Y � � Z q � � Y��� A ? q � q � q � � Z q � pDp q � � Y q � p \ q � Y �i � � � � pDp � Y � Y r � q \ Y � � q Y Y p � �'Y � � ZM\j YMY � Y \ pMq � � Z Y r � �MZ Y � � q \ Y r � \ r p � � \

� q � �Dp Y � q Z q � \5Y q � \ r q � \ � q � Y p

� 1 � � ��� � � Z���� ��K 7 ES>=<OKMR�LS:AESW;< 6 JOE <?R8@^ES:�VQKMJO>FT,CUBD>�@^EF:=<OBM: ES>�@^< ` KQ@=ES>ST�KQR;W ` BW;EF>PhBD:c@=9;E ` KM:AnD<ORfKQJ5C BD>A@=ES:=<?BD:,W;EFR;>=<j@^<OEF>�>=< ` _;J KQ@=ESWd_;>A<OR;n-@^9;E�KMLFLSEFC5@NKMR5LSE�>=K ` C;JOEF:SG���JOJVQKMJO_5ES>�9fK VDE 6 ESESR ` _;Jj@^<OC5JO<OEFW 687 Y qDq G

�'L KMJ?ESW 9;<?>A@^BMnD:^K ` > BMP @^95EdVQKM:A< K 6 JOES>g� >@?BA ? T ��� A ? T ��� A ? T�i�T j TlKQR;W � Ph:=B ` @^9;EbC BD> �

@^EF:=<?BD:�>=K ` C;JOEHKM:AE nD<jVDESR)<OR�.l<OnD_;:AE � G r G�.fBD:�LSB ` CfKQ:=<O>ABDR Tf@^95E C;:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDRa<?>

>=95B �&R �&<?@=9dK�>=BDJ?<OW J?<OR;EQG�+�9;E�C;:A<OBD:cKMR;Wd9;<O>�@^BDnM:^K ` KMC;C;:AB �5< ` K @^<OBMR BMP @^9;E�C BD>�@^ES:A<OBD:

9fK VDE 6 ESEFRd>=L KQJOESWb@=B�9;<OnD95JO<OnM9k@ @=9;E�W;<��UES:AESR;LFES> 6 EF@ ��ESEFRX@=9;E�@ ��B-W;<?>A@=:=< 6 _5@^<?BDR;>SG/+�9;<?>

���

Page 81: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

nD<jVDES>H>=B ` Ed<OR5W;<OLSKQ@^<?BDR BMP 6 BM@^9 @^95E <?nDR;BD:=KMR;LSEd<?R @=9;E C5:=<OBM:HW5<O>A@=:=< 6 _5@^<?BDR;>-KMR5W @^95E

>A@=:=EFR;nM@^9eBQP*@^9;E W;KQ@NK <?R @^95E ` BW;EFJ G,��BM@^<?R;n @=9fKQ@�@=9;E C;:A<OBD:�KMR;WeC BD>A@=ES:A<OBD: W;<O>�@^:A< 6 _ �

@^<?BDR;>�KM:=E W5<��UES:=EFR8@�PhBD:�E KMLN93VQKM:=<OK 6 J?EMTI<?@�<O>�E V<OW;EFRk@�@=9fKQ@�@^9;E ` BW;ESJ/<O> ` K �k<?R;n _;>AE

BMP/@^9;E-<?R5PhBD: ` KQ@=<OBDR <ORe@^9;EHK VQKM<OJOK 6 J?E�WfKQ@^K5G

� � �� � � ����� � � ���+���'���� ���$����! #"��% ����"&�'�(��I�'������*("h,-�(�! ���'�(���/����������(1�2#�!�( ���^�4��I���D6�'����"&��"&���g89�;: < >@?BA ? CF841F:3GZ�! �"-��J&J7"K*("&�'���!�( �W�����'���M"&��"&�KCF89JN:�O$�! #"-*( �#P_�'2������'"&RD��*("K��J7"-����/89/+:5UEC��! #"e�KR�"&�'��P�"h���'��F"K���!�(�@YS��W�.�(P��'����"�\)]^ #"I���'�(��-����/ ��������P��'��� �������!Nbd�0�M���!�( �L���! #"W�F �!��"&�'�(��_ ��NR�"W1%"&"K�H�!J&��*("K/H��[ ��NR�"S�M�Db#���e2�� R���*�2#"M��) ��"W�������/#"&����Z ��(P �*0�(P ;��! #"_/�� fF"&�'"K��J7"V1F"&� ,�"&"K� �! #"I� ,�S/��������'��1�2#�!�( ���K\

� �5K ` <OR;KQ@^<?BDR BQP/@=9;E C BD>A@=ES:A<OBD:�W;<O>�@^:=< 6 _5@=<OBDRX<OR;W5<OL K @^ES>�@^9fKQ@�@^9;E�CfKM:^K ` E @^ES:A>�KM:AE

9;<?nD9;J 7 LFBD:=:AESJOKQ@^EFW G�+�9;<O>�LSBD:A:=ESJOKQ@^<?BDR)<?>�W;E ` BMR;>A@=:^KQ@=ESW3nD:=KMC;9;<?L KMJ?J 7 <OR @^9;EbC;KM<O:��&<O>=E

� �

Page 82: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

LSBMRk@=BD_;:�C;JOBQ@^>�BMPl@^9;E�VQKM:=<OK 6 J?ES>SG .�<?nD_;:AE � G �b>=95B �&>�@^9;EHLSBMRk@=BD_;:&C;J?BM@&BMP�@=9;EHCfKM:^K ` �

EF@=ES:A>hi KMR;W j G�+�9;E CUBD<?R8@^>&B'LFLS_;:�KMJ?BDR;n K :=<?W;nDE-BMP,95<OnD9 C;:=B 6 K 6 <?JO<?@ 7 G�+�9;E CfKQ@A@^ES:AR<OR5W;<OLSKQ@^EF> K 9;<?nD9�R;EFn8KQ@^<jVDE <?R8@^ES:AW;ESC ESR5W;ESR;L 736 EF@ ��ESESR @^95ES>=E @ ��BeCfKM:=K ` EF@^EF:=>FG�+�9;E

:=<?W;nDEe9fKQ> K � 6 KMR;KMRfK � >=9;KMCUEa@^9;KQ@X<O> @^95E ` BD>A@XC;:ABDR;BD_5R;LSEFW PhE K @^_;:AE BQP�@^95E C BD> �

@^EF:=<?BD:bW;<O>�@^:A< 6 _5@=<OBDRgT�KQR;W nMB'EF>dP KQ:X<?R�E��'C;J KQ<OR;<?R;n�@^9;E >=J?B �&R;ES>A> BMP�@^9;E KMLFLSEFC5@NKMR5LSE

>^K ` C;J?ES: 6 KM>AESWeBDR <?R;W;EFCUEFR;W;ESR8@���E @NK W5<O>A@=:=< 6 _5@^<?BDR;>FG���R 7 >=_;LFLSES>A>APh_;J/�#KM: �QB V LN9fKM<?R

>=< ` _;JOKQ@^<?BDR �&<OJ?JgR;EFESW @^Bd:=EFC;:=BW;_;LFE-@=9;<O>&:A<OW;nDEQG

+�9;E�CfKM<O:��&<O>AE LFBDR8@^BD_5:/C5JOBM@=>*BMP5@=9;E�:=E ` KM<?R;<OR;n�VQKM:A< K 6 JOES> KM:=E�>=95B �&R <OR-ifnD_;:AES> � G �

KMR;W � G �'Gb��KMLN9 CfKM<?: C;J?BM@�>=95B �&>HKeCfKQ@A@^EF:=R @^9fKQ@ <OR;W;<?L KQ@=ES>-Ke:=EFJ KQ@=<OBDR5>=9;<?C 6 E @ ��EFESR

@^95E�@ ��B�VQKM:A< K 6 J?ES>FG/+�95E�<OR;<j@^< KQJ8C;:=E VMKQJOESR5LSE�VQKMJ?_;ES>=� >@?BA ? TD��� A ? T8KQR;Wh��� A ? >=95B � EFV<?W;ESR;LFE

BMP C BD>=<j@^<?VME�LSBM:=:=EFJ KQ@=<OBDRgG/+�95E�KQLSLSEFJOEF:^KQ@=<OBDR C;KM:^K ` EF@=ES:)i#>=9;B �&>�EFV<OW5ESR;LFE�BQPUR5ESn8KQ@=<?VMELSBM:=:=EFJ KQ@=<OBDR �&<?@=9 KMJ?JkBMP;@^95E�BM@=9;ES:/VMKQ:=< K 6 JOEF>ST �&95<OJOE j KMR;W � KM:AE�C BD>A<?@^<jVDEFJ 7 LSBM:=:=EFJ KQ@=ESW G

��KMJOLF_;J KQ@=<OR;n&@^95E�LSBD:A:=EFJ KQ@=<OBDR ` KQ@=:=< �HBMPf@^9;E�� �M��>^K ` C;J?E�LSBMR5if: ` >�@=9;E�nD:=KMC;9;<?L KMJ

EFV<?W;ESR;LFE�BMP :=EFJ KQ@=<OBDR5>=9;<?C;> K ` BMR;nD>A@�@^9;E�>=<�� CfKQ:^K ` EF@=ES:=>FG,+�9;E LFBD:=:AESJ K @^<OBMR ` KQ@^:A<��d<?>

>=95B �&R <OR � G?Y � G,+�9;E�<OR5<?@^<OKMJIC;:=E VQKMJOEFR;LSE�<?Re���&( Y q <O>�>�@^:=BMR;nDJ 7 LSBM:=:=EFJ KQ@=ESW �&<j@^9 @^95E

BM@=9;ES:,<?R;<?@=< KMJkC;:AEFVQKMJOEFR;LSEF>,@^9;E ` >AESJ?VMES>FT �&<j@^9 � � ��� �(� >@? � ����� � q � � p Y r 6 ES<?R;n @^9;E�95<OnD9 �ES>�@-LSBD:A:=EFJ KQ@=<OBDR �&<?@^95<OR�@^95<O> nD:ABD_;C3BMP�C;KM:^K ` EF@=ES:A>SGH+�9;EbBM@^95ES:�nD:ABD_;C3BMP,VQKM:A< K 6 J?ES> �

@^95EeW 7 RfK ` <OL CfKQ:^K ` EF@=ES:=> � KMJO>AB3E��'9;< 6 <?@=> >A@=:=BDR;n3<?R8@^ES:AW;ESC ESR5W;ESR;LFEMT�KQJ?@^95BD_;nD9 <j@ <?>

LSJ?E KM: Ph:AB ` @=9;EdnD:^KQC;9;<OLSKMJ�E V<OW;EFR;LSEX<OR�ifnM_;:=E � G � @^9fKQ@�@=9;<O>�:AESJOKQ@^<?BDR;>=95<OC�<?>�R;BDR;J?<OR �

���

Page 83: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0.05 0.1 0.15 0.2 0.25 0.3

0.1

0.12

0.14

0.16

0.18

0.2

0.22

0.24

0.26

0.28δ

α

� � �� � � ����� � ��BMRk@=BD_;:&C;J?BM@&BMP�i 6k7 j G �#BD>�@�BMPl@=9;E�VQKMJO_;EF>&B'LFLS_;:�KMJ?BDR;ndK 6 KMRfKQRfK>=9;KMCUEFW#:A<OW;nME�BMP�95<OnD9aC;:AB 6 K 6 <?JO<j@ 7 G

�M\

Page 84: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0.05 0.1 0.15 0.2 0.25 0.3

5

6

7

8

9

10

11

12

13

14

x 10−3

γ

α

a

0.1 0.15 0.2 0.25

5

6

7

8

9

10

11

12

13

14

x 10−3

γ

δ

b

0.02 0.04 0.06 0.08

0.05

0.1

0.15

0.2

0.25

0.3

α

p10,0

c

0.01 0.02 0.03 0.04 0.05

0.05

0.1

0.15

0.2

0.25

0.3

α

p4,0

d

� � �� � � ����� � ��BMRk@=BD_;: C5JOBM@=>�BMP�VQKM:=<OK 6 J?EHC;KM<O:A>�PhBD:�@^9;EbKQLSLSEFC5@NKQR;LSEb>=K ` C5JOES:FG�o,JOBM@� K � >=9;B �&>b@^95EenD:^KMC59 BMP&@^9;EaKMLFLSEFJOES:=KQ@^<?BDRki VMES:A>=_;>b@^95E ` B[VDE ` EFR8@dCfKM:^K ` E @^ES: � Go,JOBM@ � 6 � >A9;B �&>X@=9;EenD:=KMC;9 BMP&@^95EeJOBDR;n�@=ES: ` >=_5>A@NKQ<ORfK 6 JOE J?EFVDEFJ j VMES:A>=_;> � G o,JOBM@� L � >=9;B �&> @=9;EdnD:^KQC;9 BQP�i VDEF:=>A_;>e� >@?BA ? T @^95EX<?R;<?@=< KMJ/C;:AEFVQKMJOEFR;LSEX<OR �&�&( @=ESR G o,JOBM@� W � >=9;B �&>d@^9;EanD:=KMC;9�BMP-��� A ? VDES:A>=_;>X@^9;E KMLFLSEFJOES:=KQ@^<?BDR i�G +�9;ES>AE#nD:=KMC;9;>d<?R;W;<OLSKQ@^ELSBM:=:=EFJ KQ@=<OBDRaK ` BDR5n @^9;E-CfKM:=K ` EF@^EF:=>FG

�MZ

Page 85: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10

x 10−3

0.05

0.1

0.15

0.2

0.25

0.3

p5,0

α

a

0.02 0.04 0.06 0.08

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

0.045

0.05

p 4,0

p10,0

b

0.02 0.04 0.06 0.080

2

4

6

8

10

12

x 10−3

p 5,0

p10,0

c

0.01 0.02 0.03 0.04 0.050

2

4

6

8

10

12

x 10−3

p 5,0

p4,0

d

� � �� � � ����� � ��BDR8@^BM_;: CfKM<?: C;J?BM@^> BMP�@^95E VQKM:=<OK 6 JOEF>HPhBM: @^95EeKMLSLFESC5@^KMR;LFEe>^K ` C;JOEF:SGo,JOBM@ � K � >=9;B �&>-@^9;EXnD:=KMC;9 BMP�@=9;E KMLSLFESJOEF:^KQ@=<OBDR i VMES:=>A_;> @=9;EX<OR;<j@^< KQJlC;:AEFVQKMJ?ESR;LFE <?R�&�&(2i;VMEMT ��� A ? G,o,JOBM@ � 6 ��>=9;B �&>�@=9;E nD:=KMC;9 BMP @^95E <OR;<j@^<OKMJ;C;:AEFVQKMJOEFR;LSEF>�� >@?BA ? KQR;WS��� A ? Go,JOBM@ � L ��>A9;B �&>,@^9;E&nD:=KMC;9bBMP�� >@?BA ? KMR;W���� A ? Gco�J?BM@��hW ��>=9;B �&>,@^95E�nM:^KMC;9bBQP+��� A ? VMES:=>A_;>@^95EI��� A ? G

�Dq

Page 86: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

E KQ:SG ����������������

Y � qDqDqMq q � � p Y r q � �'Y � � � q � r Y[\ � q � qMr�� Y q � q \5Y pq � � p Y r Y � qDqDqMq q � r8q��Dq � q � r \DZ p�q � Y �8p Y q � p ��� �q � �'Y � � q � r8q��Mq Y � qDqMqDq � q � rDrDr8q q � p Y[Z r � q � qMrkp �� q � r Y \ � � q � r \DZ p � q � rDrDr8q Y � qMqDqDq � q � \��M\ p � q � r��MrDqq � qMr�� Y q � Y �8p Y q � p Y Z r � q � \��M\ p Y � qDqDqDq q � rDr8q��q � q \5Y p q � p ��� � � q � qMrkp�� � q � r��Mr8q q � rDr8q�� Y � qDqDqDq

�����������������

� � GjY � �

+�9;ES:AE&KMC;C E KM:A>c@^B 6 E�@ ��B-RfKQ@=_;:^KQJ5nD:ABD_;C;>,BMP CfKQ:^K ` EF@=ES:=>FTD@^9;E�<?R;<?@=< KMJ8C5:=EFVQKMJ?ESR;LFE

VQKMJO_5ES>ST%� >@?BA ? T%��� A ? T KMR;W���� A ? T KMR;W3@^9;EdW 7 RfK ` <?L CfKM:=K ` E @^EF:=>Mi�T j T KMR;W � G +�95ES:=Ed<?>

>A@=:=BDR5ne<OR8@^EF:=W;EFCUEFR;W;ESR5LSE �&<?@=9;<OR�ESKMLN9 BMP�@^9;EF>=EbnD:ABD_;C;>FT KMR;W3>AB ` E EFV<OW;EFR;LSEQT 6 KM>AESW

BDR @^95E3CfKM<O:��&<O>AE�nD:^KQC;9;> <?R ifnD_;:AES> � G � KMR;W � G �'T�BQP K :AESJOKQ@^<?BDR;>=95<OC 6 EF@ ��ESEFR @^95E

@ ��B#nD:ABD_;C;>FGd��B ��EFVDEF:ST 6 EFL KM_;>AEX@=9;E ` BW;EFJ�<O>�95<OnD9;J 7 R5BDR;JO<?R;E KQ:ST*KMR5W 6 ESLSKM_;>=Ed@^95E

nD:=KMC;9;<?L KMJ EFV<?W;ESR;LFEb<OR;W5<OL K @^ES>&@^9;KQ@�@=9;E :=EFJ KQ@=<OBDR5>=9;<?C;> 6 EF@ ��ESEFR3@^9;E C;KM:^K ` EF@=ES:A> KM:AE

R;BDR5JO<OR5E KM:FT K ` BD:AEbnDESR;EF:^KMJ ` E KQ>=_;:AEX<?>�R;ESEFW;ESWgG � L KQR;BDR;<?L KMJcLFBD:=:AESJOKQ@^<?BDR KMRfKMJ 7 >=<O>

>=95B �&> @^9;E�L KQR;BDR;<?L KMJILSBM:=:=EFJ KQ@=<OBDRbLFB'E��XLS<OEFR8@�PhBD:,@^95E�@ ��B nD:ABD_;C;>�@^B 6 E q G \5Y �Mr G�+�9;<?>

<O>�K >A@^:ABDR;nd<OR5W;<OLSKQ@^<?BDR @=9fKQ@�@=9;E @ ��BdnD:ABD_;C;>�BQP/VQKM:A< K 6 JOES>�KM:=E�<?R8@^ES:AW;ESC ESR5W;ESR8@ G +�9;<?>

<OR8@=ES:=W5ESC ESR;W;EFR;LSE �&<OJ?J 6 E KMR < ` CUBM:A@NKQRk@ LSBDR5>=<OW5ES:^K @^<OBMR <OR @^95E LFBDR;>�@^:=_5LF@^<?BDR BMP K

�)KM: �MB[VaLN9fKM<?Ra>^K ` C;JOEF:�PhBD:�@^95E ��12� ` BW;EFJ G

� Y

Page 87: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � ��� � � � ��� � ��� � � � ��� � ��� ��� ���� � � � � ��� ��� � �����

.IBM: >AB ` E#W;<O>�@^:A< 6 _5@=<OBDR5>ST�mk_fKMJ?<?@=<OES>X>=_5LN9 KQ> <OR5W;ESC ESR;W5ESR;LFE3BD: LFBDR;W;<j@^<OBMRfKMJ&<OR �

W;EFCUEFR;W;ESR5LSE ` K �ME)W5<O:=EFLF@e>=K ` C;JO<?R;n KQRfKMJ 7 @=<OL KQJOJ 7 @^:^KQLF@NK 6 JOE#KMR;W LFB ` C5_5@NKQ@=<OBDR;KMJOJ 7

PhE KQ>=< 6 JOEMGc��B ��E VDEF:ST ` BD:=E�LSB ` C;JOE � ` BW;ESJ?>ST>=_;LN9aKQ>�@^9;E���12� ` BW;ESJ <OR LN9fKMC5@=ES: � T

L KQR J?E KMW @=BH>A<?@=_fKQ@^<?BDR;> �&95ES:=E&@^95E&@^KM:=nMEF@�W;<?>A@^:A< 6 _'@^<OBMR W;BES>�R;BM@�9fK VME�K�:=EFLSBDnMR;<��SK 6 JOE

PhBD: ` T'BD:�9fKM>&LN9fKQ:^KML @^ES:A<O>�@^<OLF>�@^9fK @ ` K �QE�W;<O:AESL @�>^K ` C;J?<OR;n W5<��XLS_;Jj@�BD:�< ` C BD>=>A< 6 J?E�@=B

KMC;C5J 7 G 1 9;ESR W;<O:AESLF@ >^K ` C;J?<OR;ne<?> R5BM@HCUBD>A>=< 6 JOEQT�KMJj@^EF:=RfKQ@=<?VME ` EF@=9;BW;>->=_;LN9�KM>-@^95E

KMLFLSESC'@NKMR;LFE)>=K ` C5JOES: �h>=EFE#>AESLF@=<OBDR � G r � BD: �)KM: �MB[V�LN9fKM<?R �#BMRk@=E���KQ:=JOB � ������� �

KMC;C5:=B8KMLN95ES> ` _;>A@ 6 EHKMC;C;J?<OESWgG +�95E LFB ` C5JOE�� PhBD: ` BMPl@=9;EHCUBD>�@^EF:=<OBM:�W;<O>�@^:=< 6 _5@=<OBDRe<?R

@^95E&��9;:=BMR;<OL�1 KM>�@^<OR5n�� <O>AE KM>AE ` BW;EFJ � EFmk_fKQ@^<?BDR � GjYDY �/:=ESmk_;<?:=EF>�@^9;E�_5>=E�BMPILFB ` C5_5@NK �

@^<?BDRfKMJ ` E @^9;BW;>c@=BH>=K ` C;JOE�Ph:AB ` @=9;E&CUBM>A@^EF:=<?BD:cW;<?>A@^:A< 6 _'@^<OBMR Gl+�95<O>,<O>,R5BM@ KMRd_;R;LFB ` �

` BDR >A<?@^_;KQ@^<?BDR PhBD:���K 7 EF>=<OKMRe9;<OEF:^KM:ALN9;<OLSKMJ ` BW;EFJO>ST 6 _5@�<OR >=B ` E�LSKM>=EF>�@^9;E�9;<OEF:^KM:ALN9 7

W;BES>�KMJ?JOB � PhBD:�>=B ` E�LSB ` C;_'@NKQ@=<OBDRfKQJg>=< ` C5JO<?i;L KQ@=<OBDR;>FGl��RfKMJ 7 @=<OLSKMJgLFBDR;>A@=:=_;L @^<?BDR)KQR;W

KMRfKQJ 7 >=<?>�BMP*@^95E�CUBD>�@^EF:=<OBM:�W;<O>�@^:A< 6 _5@=<OBDR <O>�BMR;J 7 CUBM>=>=< 6 JOE�<OR VMES: 7 >=< ` C;J?E�9;<?ES:^KQ:=LN9;<?L KMJ

` B'W;EFJO>FT,>=_;LN9 KM> @=9;EeR;BD: ` KMJ ` B'W;EFJ�W;<?>=LF_;>=>AESW <OR � pQr G +�95E :AESJOKQ@^<jVDE KQW5VQKMR8@NKMnDEF>

KMR;W W;<?>^KMW'VMKQRk@^KMnDEF>HBQP�>AB ` EbLSB `X` BMR3>=< ` _;J KQ@=<OBDR ` E @^9;BW;>-KM:AEbW;<O>ALS_;>A>=EFW T�KQR;W KMR

E�XLF<OESR8@��)KM: �MB[VaLN9fKM<?R#>=K ` C;JOEF:�<O>�LFBDR;>A@=:=_;L @^EFW G

� � � � ��� � � � � � � � � � ���

��� ��� � � �������<?>&Kd>AESmk_;EFR;LSE BQP�:=KMR;W;B ` VQKM:=<OK 6 JOEF> � � � ��� � >=_;LN9 @^9fK @�

� � � � > � � � � > � � � � � � � � ��� � � � � � > � � � � �� � � r G?Y �

.fBD:�@^9;E �)KM: �QB[V LN9fKQ<OR � � � ��� � T'<jP @^95ES:=E�E��'<O>�@^>�K W;<O>�@^:A< 6 _5@=<OBDR � >=_;LN9 @=9fKQ@�� � � � �< ` C;J?<OES> � � � > � � � T;@^9;EFR#@=9;E-W;<O>�@^:=< 6 _5@=<OBDR � <O>&L KQJOJOEFWe@^9;E � � �� ���� ��� �� � � ���� � � ����

�8p

Page 88: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

PhBD: @=9;E �)KM: �QB[V LN9fKM<OR � �Mr T � \ Gd+�9;EX>A@^KQ@^<?BDRfKM: 7 W;<?>A@^:A< 6 _'@^<OBMR3<O>-KeJO< ` <j@^<OR5n W;<?>A@^:A<��6 _5@=<OBDRgT �&9;EF:=EbLSBMRkVMES:AnDESR;LFEd<O> �&<j@^93:AES>=C ESL @�@^B @=9;E � �� � � ����� ������� � � �bT�� �� ��� G+�9;E-@^BM@^KMJgVQKM:A< KQ@=<OBDR R5BD: ` 6 E @ ��EFESR)@ ��B W5<O>A@=:=< 6 _5@^<?BDR;> � > KMR5W � � <?>�W;EFi;R;ESW 6k7 �

� � > � � � � ��� � >=_5C�� � > � � � � � � � � � � � � r G p �

� >=EFm_5ESR;LFE BMPlW;<O>�@^:A< 6 _5@=<OBDR5> � ���� � � ���� � @=B KdJO< ` <j@^<?R;n W5<O>A@=:=< 6 _5@^<?BDR � <?P

J?< ` ��� � � � � � ��� � q

���)KM: �MB[VeLN9fKQ<ORe<O>�L KMJ?JOESW � ������ ��<?P @=9;E�LSBDR8VMES:=nMESR;LFEH@=B K >�@NKQ@=<OBDR;KM: 7 W;<O>�@^:A< 6 _5@=<OBDR

W;BES>�R;BM@�W;ESC ESR5W�BDRa@^9;E <OR;<j@^< KQJg>A@^KQ@^EHBMPl@^9;EHLN9fKM<?R � � ? � � �Mr G�+�9;E C BD>=>A< 6 J?E�VMKQJO_;EF>BMP @=9;E-�)KQ: �MB[V LN9fKM<?ReKM:=E�L KMJ?JOEFW @^95E � � ���� � BMP*@^9;E�LN9fKM<?R G,�0�)KQ: �MB[V LN9fKM<?R <O> L KMJ?JOEFW

� � � � ��� � �-<?P/<?@&9;KM>�@^9;E-C;:ABDCUEF:A@ 7

� � � � > � � � � � � � � � � � � � > � � � � � � � � � � � � r G � �

� � ��� � � ������ � �� ��� � � � � � � � � � ��� � ���� PhBD:c>A< ` _;JOKQ@^<?R;n�Ph:AB ` K�W;<?>A@^:A<��

6 _5@=<OBDR � <?>&KMR 7 ` EF@=9;B'W @=9fKQ@&C;:AB'W5_;LSEF>�KQReES:=nMB'W;<?L-�)KM: �MB[VeLN9fKQ<OR T � � � ��� � T �&<?@=9 �KM> @^9;E�>A@NK @^<OBMRfKM: 7 W5<O>A@=:=< 6 _5@^<?BDR G�������� ` E @^9;BW;> W;B R;BQ@�C;:AB'W5_;LSE�KMR <OR5W;ESC ESR;W5ESR8@

>^K ` C;J?EdE��5KMLF@=J 7 Ph:AB ` @^95EX@^KM:=nDE @HW;ESR;>A<?@ 7 � G �R;>A@=E KMW T/@^9;E 7 C;:=BW;_;LFE KaW;ESC ESR5W;ESR8@

>^K ` C;J?E�@=9fKQ@,<?>cKMC;C5:=B �'< ` KQ@^EFJ 7 W;<O>�@^:A< 6 _5@=ESWdKMLFLSBD:AW;<OR5n�@^B � G/+�9;<?> ` K 7 >=EFE ` <?R5PhES:A<OBD:

@^B�KMLFLSESC'@��Q:AE AESL @ ` EF@^95B'W;>FT �&95<OLN9 >=K ` C5JOE,E��5KML @^J 7 Ph:AB ` @=9;E @^KM:=nMEF@lW;<O>�@^:=< 6 _5@=<OBDR T 6 _'@

�)KM: �MB[V LN9;KM<OR ` EF@=9;BW;>�C BD>=>AES>A>&K Rk_ ` 6 ES:�BMP 6 ESR5EFi;@=>�@^9fKQ@ ` K �ME�@=9;ES<?:�_;>AE�KMW5VQKMR �

@NKQnDESBD_5>SGa.�<?:=>A@STl<j@H<O>-_;>=_;KMJOJ 7 E KM> 7 @^B)LFBDR;>�@^:=_5LF@bK)�)KM: �MB[V LN9fKM<OR @^9fK @ LFBDR8VDES:AnDES>FT

KQ@eJ?E KM>�@ @^95ESBD:AEF@^<?L KMJ?J 7 T�@^B @^95E)@NKM:AnDEF@ W;<O>�@^:=< 6 _5@=<OBDR G��#KM: �QB V LN9fKM<OR ` EF@=9;BW;>eKM:AE

KMJ?>=B E KM>A<OES:-@^B#nDESR5ES:^KQJO<��FE KQR;W KMJj@^EF:-@=9fKMR @^9;EF<O:H� �M�4LSBM_;R8@^ES:ACfKM:�@^>STcKMR;W @=9;ES:AEFPhBD:AE

P KMLF<OJO<j@NKQ@=E�@=9;E-E��'C;JOBM:^KQ@=<OBDReBMP ` BD:=E�LFB ` C5JO<OLSKQ@^EFW ` BW;EFJO>SG

���

Page 89: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E � � � � �� � � ����� � � � ����� � � � ������� ��� <O>�KdVMES: 7 nDEFR;ES:=KMJ ` E @^9;BWaPhBD:�>A< ` _5J KQ@=<OR;n

Ka�)KM: �MB[V�LN9;KM<OR � �Mr T p � GH(�>=<?R;n V<O:�@^_fKMJ?J 7 KMR 7 W;<O>�@^:=< 6 _5@=<OBDR TUKe�)KQ: �MB[V3LN9;KM<OR3LSKMR6 EHLFBDR;>�@^:=_5LF@^EFW �&<j@^9e@^9;E�@^KM:=nDE @&W;ESR5>=<?@ 7 � KM>&<j@^>�>A@^KQ@^<?BDRfKM: 7 W;<?>A@=:=< 6 _5@^<?BDR G��� � �� � � � � � ��� � � �� � � � ���� � � � � � � � � � ���� ��������� � � ��� � � ����� � � � ��� � � ����� �

��� � � � � ��� � � ���� � � � � � � � � �� � � � ��� � ��� � � ��� � ��� � � �� � � ����� � �� ��� � � ����� � ���

� ������ � � � ��� �� � �

��� � � � �� � � ��� � � � � � � � ��� ��� � � ��� � � � � � � � ��� � �� � � � ��i � � � ��� � � � � � ��� �

� � �� �� � � � � � ���� ��

� ����� �� �� � �� � � ��� � � � ��� > � � � � ��� � � � � � � � � ��� � ` <?R �@i � Y ��� � � ��� � � � � � � � ��� > � � � � ��� �(�R;W;EF: 6 :AB8KMW :=ESnM_;J KM:A<?@ 7 LFBDR;W;<j@^<OBMR;>ST @^9;E)KMJOnDBM:=<?@=9 ` r GjY)C5:=BW;_;LSEF> K �#KM: �QB V

LN9fKM<?R �&<?@=9 >�@NKQ@=<OBDRfKQ: 7 W;<?>A@^:A< 6 _'@^<OBMR � G�+�9;E LSBMRkVMES:AnDESR;LFE�BMP KMJ?nDBD:A<?@^9 ` r GjY�W;EFCUEFR;W;>

BDR�@^9;Ea:AESJ K @^<OBMR;>=9;<?C 6 E @ ��EFESR @=9;Ea@NKM:AnDEF@dW;EFR;>=<j@ 7 � KQR;W @=9;E LSBDR;W5<?@^<?BDRfKMJ�W;ESR5>=<?@ 7

� � � � � � G�+�9;<O>&:=EFJ KQ@=<OBDR5>=9;<?Ce<O>�nD<jVDESR 687 @^95ESBD:AE ` r GjYDGjY�@NK �QESR#Ph:AB ` � �Mr G

��� ����� � � � � � � � � � ��� � �� � � ��� � � � ����� � � ��� ��� � � ��� � � � �� � � � � �� � � � ����

� � � ���� � � � � � � ��� � � ��� � � � ����� � � ��� ���� ���� ���� � � ��� � � ����� � ���� � ���� � � � � ��� � � ���

� � � � � ������ � �� � ��� � � � � ����� � ��� ��� ����� � ��� � � � � ��� � � � ������� ��� �� � � ���� � � ���� �

+�9;ES:AE�KQ:=E ` KMR 7 VQKM:=<OKQ@^<?BDR;>cBQP @=9;E��#EF@=:=BDC BDJ?<O>,��KM>A@=<OR;nD>�KQJOnDBD:A<?@=9 ` G/� R;E&BMP @^95E

` BD>A@ LSB `X` BDR <?> :=KMR;W;B ` ��KMJ � � EF@^:ABDC BDJO<?>�����KM>A@=<OR;nM>ST��&9;<OLN9 <?>HPh:AESmk_;EFRk@=J 7 L KMJ?JOEFW

@^95E � � �� � � � �� �� � � � � � � � ������� ��� � p �T �Mr T �M\ T5KQR;We<O>�@^9;E�@^ES: ` <?R;BDJ?BDn 7 _5>=ESWa<?R@^95<O>�@=9;ES>A<O>FG��R�@^9;E >�@NKMR5WfKM:=W3:=KMR;W;B ` ��KMJ �)KMJ?nDBD:A<?@^9 ` TfnD<jVDEFR�@^9;E LF_;:=:AESR8@�>�@NKQ@=E BMP

@^95E LN9fKQ<OR T � � ��� Tf@=9;E C;:ABDC BD>=EFW#VQKMJO_5EH<?>&nDESR;EF:^KQ@=ESW 687 � � � � ��� � � ��T �&95ES:=E � �,9fKQ>W;<?>A@^:A< 6 _'@^<OBMR � G/+�95E LFBDR;W;<j@^<?BDRfKMJ W;<O>�@^:A< 6 _5@=<OBDR ��<OR-KMJ?nDBD:A<?@^9 ` r G?Y,<?>*ESmk_fKMJM@=B � � � � � � T

�Mr

Page 90: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>=B�@^9fK @ ��R5B � 9fKM> @^9;E > 7`X` E @^:=<?L�C;:=BDC ES:�@ 7 � � � � � � � � � � � � � Gl�R ` KQR 7 KQC;C;JO<?L KQ@=<OBDR5>ST

� <O> K R;BM: ` KMJ&W;<O>�@^:=< 6 _5@=<OBDR G P�@=9;E)C;:ABDC BD>^KMJ�W;EFR;>=<j@ 7 � KMR5W @^9;E @NKM:AnDEF@ W;ESR5>=<?@ 7

<OR @=9;E3>A@^KMR;WfKM:AW :=KMR;W;B ` ��KQJ � >=KQ@^<?>AifEF>e@^9;E LSBMR;W;<?@=<OBDR5>eBMP-@^9;EFBD:=E ` r G?YMG?YDT&@^95ESR

@^95E >�@NKMR;W;KM:=W :^KMR;W5B ` ��KQJ � �&<OJ?JcLSBMRkVMES:AnDE <OR @^95E J?< ` <?@�@=B @=9;EXLSBD:A:=ESL @ >�@NKQ@=<OBDRfKQ: 7

W;<?>A@^:A< 6 _'@^<OBMR G

+�9;E LSBDR;W5<?@^<?BDRfKMJ�W;EFR;>=<j@ 7 � <OR KQJOnDBD:A<?@=9 ` r G?Y3<?>eL KMJ?JOEFW @^9;E ��� � � � ��� � � � � BM:

� �� � � � ��� � � ��� �QG .�<OR;W5<OR;n K3C;:ABDCUBM>^KMJ�W5ESR;>A<?@ 7 <?> @ 7 C5<OL KQJOJ 7 VDEF: 7 ESKM> 7 LFB ` CfKM:=EFW

@^B ifR;W;<?R;n K >=_;<j@NK 6 J?E#EFR8VDESJ?BDC E�W;ESR5>=<?@ 7 PhBD:d@^9;E)KMLSLFESC5@^KMR;LFE3>^K ` C;JOEF:SG +�9k_;> @^95E

�#E @^:=BMCUBDJ?<O> ����KQ>A@^<?R;nD>�KMJ?nDBD:A<?@^9 ` <O> <ORd@^95ESBD: 7 ESKM> 7 @=B KMC;C5J 7 G�+�9;E�:AES>=_5J?@^<?R;nb�#KM: �QB V

LN9fKM<?R �&<OJOJ'LSBDR8VMES:=nME�<?Rd@=9;E&JO< ` <j@/@=B�@^9;E&W;EF>=<O:AESWX>A@^KQ@^<?BDRfKM: 7 W;<?>A@=:=< 6 _5@^<?BDR G��#BD:=EFB[VDES:FT

<?PH@^95E LFBDR;W;<j@^<OBMRfKMJ�W5ESR;>A<?@ 7 >^K @^<O>�ifES>a@^95E LFBDR;W;<j@^<OBMR;>eBMPH@^9;EFBD:=E ` r G?YMG?YDT�@^9;EFR @^95E

�)KM: �MB[V#LN9fKM<OR#C;:=BW;_;LFESW 687 KMJOnMBD:=<j@^9 ` r G?Y <O>�ES:=nMB'W;<?L � �Mr G&��P @=ES:�K >=_5<?@NK 6 J 7 JOKM:=nDERk_ ` 6 ES:HBMP�<j@^ES:=KQ@^<?BDR;>FT�� ? T/L KMJ?JOESW @^95E � ���� ��� ��� �����MT*@^9;E LN9fKM<?R C;:AB V<?W;ES> K#nDBBW

KMC;C5:=B �'< ` KQ@^<?BDR @^Bd@^95E-@^KM:=nMEF@&W;<?>A@^:A< 6 _'@^<OBMR G

.IBM: ` _;J?@=<?VQKM:=<OKQ@^E)W;ESR;>A<?@=<OES>FT�@^9;E LSB ` CUBMR;ESR8@^> L KQR 6 E >^K ` C;J?ESW <OR;W;<jV<OW;_fKQJOJ 7 T

KMR;W @=9;E @NKM:AnDEF@dW5<O>A@=:=< 6 _5@^<?BDR LFBDR;>A@=:=_;L @^EFW 687 ` E KMR5>bBMP&@^9;E �� � � � � � ������ ���� ���� � �

�� � � ��� ��� ���� � T�@^9fK @#<?>ST�@=9;E W;<O>�@^:=< 6 _5@=<OBDR BMP @^9;E LFB ` C BDR;EFR8@ � �HnD<?VMESR KMJOJ BQP @^95E

BM@=9;ES:HLSB ` C BDR;ESR8@=>SGe�_;C;C BD>=EX@^9fKQ@-@=9;E :=KMR;W;B ` VMKQ:=< K 6 JOE�� 9fKM>-@^9;EXW;ES>A<O:AESW ` _;J��

@^<jVQKM:=<OKQ@^E W;EFR;>=<j@ 7 � T KQR;W"@^9;KQ@�� L KMR 6 E �&:=<?@A@^EFR4KM>�� � � � > � � � � � � G �*E @

� ��� � � > � � � � � � � > � � � � > � � � � � � W5ESR;BM@=E @=9;E LFB ` C5JOEF@=E LFBDR;W;<j@^<?BDRfKMJ�W;<?>A@=:=< 6 _5@^<?BDR BQP � �

nD<jVDESR#KMJ?JgBMP/@^9;E-BM@=9;ES:&LFB ` C BDR;EFR8@^>&BMP��3G

��� � �� � � � � � � � � � � ��� � ��� � � � � ���> � � � � � � � ��� � � � � ��� � � ������ � ��� � � � �� ���� � �

�� � � ��� ��� ���� � � � � �� � ��� � � � � ��� � ��� �� ����� � � ������� ��� �

� �

Page 91: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � � � �� � � � ��� > �> ��� � > � � � ���� ��� � � � � � ����� �� ��� � � � �� � � � ��� > �� � � � � � � � ��� > �> � � � ���� � � � � � � � ��� � �� � � � ������ � � ����� � ���� ��������� � � � � � � � � � �

� ��� � � � �� � � � ��� > � ��� � � � � ��� > �> � � � � � � � ��� > � � > � �+�9;E KMJOnDBM:=<?@=9 ` r G p <?>aL KMJ?JOESW @=9;E � ��� � � � � � � � � T�KMR;W2<O>aK LSJOKM>=>A<OL3E��5K ` C;J?E

BMP�K >�@^:^K @^ESn 7 L KQJOJOEFW � � � ��� ��� � � � � � � � ����� �������� � � � � � ����� � �;�5� � T �&95<OLN93ESR;K 6 JOEF>�9;<OnM9

W;< ` EFR;>=<?BDRfKMJ�C;:AB 6 JOE ` >-@^B 6 E 6 :=B �QESR <?Rk@=B3K)>AES:=<?ES> BQP�_;R;<jVMKQ:=< K @^EXBD: >A< ` C;JOE 6 J?B'L �

>^K ` C;J?<OR;n C;:AB 6 JOE ` >FG)+�9;Ee!-< 6;6 > >=K ` C;JOEF: <?> K)>ACUEFLS< KQJ�L KQ>=E BMP�@=9;E KQJOnDBD:A<?@=9 ` r GjY

<OR �&95<OLN9e@^9;E�C;:=BDC BD>AESWeVQKMJO_;E�<O>�KMJ���K 7 >&KMLFLSESC'@^ESWgG�+�9;EH!�< 656 >�>^K ` C;J?ES:�<O>�@ 7 C;<?L KMJ?J 7

_;>AESW �&9;ESR3@=9;E LSB ` C;J?EF@=E LSBMR;W;<?@=<OBDR;KMJ W;ESR;>A<?@=<OES>�9fK VDEdK��kR;B �&R3PhBD: ` KMR5W KM:=E ESKM> 7

@^Ba>=K ` C5JOEMGH�R nDESR;EF:^KMJ Tg@^95E 6 JOBL �k> � � ` K 7)6 EbES<j@^9;EF:�_;R;<?VQKM:A< KQ@=E BD: ` _;J?@=<?VQKM:=<OKQ@^EQG

.fBD: C;:AB 6 J?E ` > <OR �&9;<?LN93@^9;EbLFB ` C5JOEF@=E LSBMR;W;<?@=<OBDR;KMJlW5<O>A@=:=< 6 _5@^<?BDR;>�KM:=Eb_;R �R5B �&RgT/BM:

W;B�R;BQ@,9fK VDE�K >=< ` C5JOE�PhBD: ` TM@^95E�LSBDR5W;<?@=<OBDRfKQJ'W;EFR;>=<j@^<?ES>c<?R r G p ` K 7 6 E�>=K ` C5JOESW _;>=<?R;n

KX�#EF@=:=BDC BDJ?<O>&��KQ>A@^<?R;nD>�>�@^ESCgG

�R C;:^KML @^<?LSEMT�@=9;E 6 _;:AR <OR C ES:A<OBW PhBD: K �)KM: �QB[V LN9fKM<?R >^K ` C;J?ES: LSKMR 6 E)C;:=B �

9;< 6 <?@=<?VDEFJ 7 JOKM:=nDEQG�1 9;<?JOE 6 _;<OJ?W;<OR5n Ke�#KM: �QB V)LN9fKM<?R)@^9fK @ @^9;EFBD:=E @^<?L KMJ?J 7 LSBMRkVMES:AnDES>�<?>

:=EFJ KQ@=<?VMESJ 7 E KQ> 7 T 6 _5<OJOW5<OR;n BMR;E @^9fK @ ��BD: �k>�<?R#Kb:AE KM>ABDRfK 6 J?E-K ` BD_;R8@&BMP/@^< ` E ` K 7 6 E

W;<�� LF_;J?@SG,+�9;<O>&W;<��XLS_;Jj@ 7 <O> ` BD:=E�LFB `X` BDRe<?Ra9;<OnD95ES:�W;< ` EFR;>=<?BDRfKMJ C5:=B 6 J?E ` > �&9;ES:AE

@^95E�>A@=:^KM<?nD98@�PhBD:���KQ:=WeKMC5C;JO<?L KQ@=<OBDRdBMP KQJOnDBD:A<?@=9 ` r G p 687X` ESKMR;>�BQP*@^9;E�LSB ` C;JOE @^E�LSBDR �

W;<j@^<OBMRfKMJ&W;<O>�@^:A< 6 _5@=<OBDR5> <O> < ` CUBM>=>=< 6 JOEQG ��B ` C;JOE � ` BW;ESJ?> ` K 7 JOESKMW @=B >=<?@=_fKQ@=<OBDR;>

�&9;EF:=E�@=9;E�@^KM:=nDE @�W;<?>A@=:=< 6 _5@^<?BDRd9fKM>�LN9;KM:^KML @^EF:=<O>�@^<?LS>�@=9fKQ@ ` K �QE�@=9;E�LN9fKQ<OR;>�C;:=BW;_;LFESW

687 >A@^KMR;WfKM:AW �)����� ` E @^9;BW;> � � >AJOB �&J 7 T @=9fKQ@H<O>FT*@^9;E �)KM: �MB[V ��9fKM<?R W;BES>-R;BQ@

` B VME�:^KQC;<OW;J 7 K 6 BD_5@X@^9;E�>A_;C;C BD:A@ BMP�@^9;E @NKM:AnDEF@ W;<O>�@^:A< 6 _5@=<OBDRgT �&9;<OLN9 LSKM_;>AES> @^95E

���

Page 92: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

LN9fKM<?RX@=B LFBDR8VDES:AnDE�>AJOB �&J 7 Gc+�9;<?> J?E KMW5> @=B K�VQKM:=<?EF@ 7 BMPU@^ESLN95R;<Omk_;EF>�@^B KMLFLSESJ?ES:=KQ@^E�LSBDR �

VDEF:=nDEFR;LSE�BMP @^95E�LN9fKQ<OR G,+�9;E�KMC;C;J?<OLSKQ@^<?BDRbBMP @=9;ES>AE�@^EFLN9;R;<?m_5ES>�BMP @=ESR <?R8VDBDJjVDES> L KQ:=EFPh_5J

@^_5R;<OR;n 687 @=:=< KQJ*KMR;WaES:A:=BD:FG

��B ` C5JOE�� ` _;J?@=<?VQKM:=<OKQ@^E,W5<O>A@=:=< 6 _5@^<?BDR;>/L KMR 9fK VDE&K�Rk_ ` 6 ES:lBMPfPhE K @^_;:AES>�@=9fKQ@ ` K �QE

K W5ESR;>A<?@ 7 W;<��XLF_;J?@d@^B >=< ` _;JOKQ@^EQG P @=9;E @^KM:=nMEF@ W;<O>�@^:=< 6 _5@=<OBDR�<O> ` _5J?@^< � ` B'W;KMJ T,9fKQ>

>=9;KM:=C :A<OW;nMES>XBMP�9;<?nD9 C5:=B 6 K 6 <OJ?<?@ 7 T E��'9;< 6 <?@=> 95<OnD9 LSBD:A:=ESJOKQ@^<?BDR 6 E @ ��EFESR <OR5W;<?V<OW5_fKMJ

VQKM:=<OK 6 J?ES>ST5BD:�E��'<O>�@^>&BDR#K 6 BD_5R;W;ESW#CfKM:=K ` E @^EF:�>=CfKMLFEMTf@^95ESR LSBDR;>�@^:A_;LF@=<OR;n K �#KM: �QB V

LN9fKM<?R @^9;KQ@ LFBDR8VDES:AnDES>b@=B)@^9;E >A@NK @^<OBMRfKM: 7 W5<O>A@=:=< 6 _5@^<?BDR BQP&<OR8@^EF:=ES>�@ <?R K):=ESKM>=BMRfK 6 J?E

K ` BD_;R8@,BMP @^< ` E ` K 7 6 E�W;<��XLS_;Jj@ Gc.fBD: ` _;J?@=<�� ` BWfKMJD@^KM:=nDE @,W;<?>A@^:A< 6 _'@^<OBMR;>STM@=9;E�LN9fKM<?R

L KQR nDE @ >A@^_5L �bR;E KM:�BDR5E ` BW;EMT8B[VDEF:=>=K ` C5JO<OR5n�R;E KM:,@=9fKQ@ ` BW;E�KQR;W C ES:A9fKMC;> ` <O>=>A<OR;n

BM@=9;ES:A>�ESR8@^<?:=EFJ 7 Gc1 95ESRaK @NKQ:=nDE @�W;<?>A@^:A< 6 _'@^<OBMR 9fKQ>�>=9fKQ:=Ca:=<?W;nDES>�BMP 9;<?nD9 C;:AB 6 K 6 <?JO<j@ 7 T

K��)KM: �MB[V LN9;KM<OR LSKMR 687 C;KM>=>e@^95ES>=E KQ:=E KQ> <?P�@=9;E3K VDEF:^KMnDE � � � � � ��� � T&@=9fKQ@e<?>ST�@^95E

W;<?>A@NKQR;LSE 6 EF@ ��ESEFR2@=9;E�LF_;:=:AESR8@a>A@^KQ@^E�� � ��� KMR;W @^95E�C;:=BMCUBD>AESW Ph_5@=_;:=E�>�@NKQ@=E � T&<?>

@^BB�J KM:AnDEMG4+�95E >�@^EFC >=< �SE <O>eW5EF@^EF: ` <OR;EFW 687 6 BM@^9 @=9;E ` ESKMR2KMR;W @^9;E3VQKM:=<OKMR;LFE

BMP @^95EHC5:=BDC BD>^KQJ W;<O>�@^:A< 6 _5@=<OBDRgGl1 9;EFR @=9;ES:AEH<?>�9;<?nD9eLSBD:A:=EFJ KQ@=<OBDR 6 EF@ ��ESEFR)<OR5W;<?V<OW5_fKMJ

VQKM:=<OK 6 J?ES>ST[>=K ` C;JO<?R;n�E KMLN9 LSB ` C BDR;ESR8@ >AESCfKM:=KQ@^EFJ 7 <?>*<OR;E��XLS<OEFR8@ T >=<OR5LSE,@^9;E KMLFLSEFC5@NKMR5LSE

BD: :=EAESL @^<OBMR BMP5BDR;E�VQKM:=<OK 6 JOE�L KMR 9fK VDE�K&J KQ:=nDE,< ` CfKQLF@ BDR-@^9;E�KMLFLSESC'@NKMR;LFE�BD: :AE AESL @^<?BDR

BMP KMR;BM@=9;ES:FGc1 <?@^9 6 BD_;R;W;EFW CfKM:=K ` EF@^EF:�>=CfKMLFES>FT5L KQ:=E ` _;>A@ 6 E�@NK �MESRX@^B R;BM@�C;:=BDC BD>AE

BD_5@=>=<?W;E�BQP @^9;E�CfKM:=K ` E @^EF:�>ACfKMLSE�@^BB BMP @=ESR T>=<?R;LSE�@^BB ` KMR 7 :=E AEFLF@=ESW C;:ABDC BD>^KMJ?> �&<?JOJ

>=J?B �]W;B �&R LSBDR8VDEF:=nDEFR;LSE BMP/@^9;E-LN9fKM<?R G

+�9;ES:AE KQ:=EHKdVQKM:A<OE @ 7 BMP/@^EFLN9;R;<Omk_;EF> K VQKM<OJOK 6 J?E�@^BXKMJ?JOE V'<OKQ@^E�>=B ` E�BMP�@=9;E-CUBM>=>=< 6 JOE

W;<�� LF_;J?@=<OEF> �&9;EFR >=K ` C;JO<?R;nXPh:AB ` ` _;J?@=<?VQKM:A< KQ@=E�W;<O>�@^:=< 6 _5@=<OBDR;>FG�1 9;EFR3@^9;E VQKM:A< K 6 JOES>

KM:AE 9;<OnM9;J 7 LSBD:A:=EFJ KQ@=ESW T,:AESCfKM:=K ` EF@^EF:=< � KQ@=<OBDR LSKMR :=E ` B[VME >AB ` E BMP&@^9;EeLFBD:=:AESJOKQ@^<?BDR G

� �5K ` C5JOES>�BQP�:AESnD:AES>=>A<OBDR ` B'W;EFJO>�KQR;W :=KMR;W;B ` E�UESL @ ` BW;ESJ?> �&9;ES:AEb@^9;<?> KQC;C;:=BDKMLN9

� �

Page 93: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<O>&EF>=C ESLS<OKMJOJ 7 E��gEFLF@^<jVDE KM:=EHnD<jVDESR <OR � p � G� ` C;JOE ` EFR8@NKQ@=<OBDReBMPcKX:AESCfKQ:^K ` EF@=ES:=< � KQ@=<OBDR@^EFLN9;R;<?m_5E�:=EFm_5<O:=EF> @^95E�<OW;EFR8@^<?i;L KQ@=<OBDR BMPHKMR KQC;C;:=BMC;:=<OKQ@^Ea@^:=KMR;>APhBM: ` KQ@^<?BDR T �&95<OLN9

` K 7 R;BM@ 6 E KQR ESKM> 7 @^KM> �IG

+�9;E @^EFLN9;R;<?m_5E BMP 6 J?B'L �k<OR5n >=EFE �k>�@^B _5@^<?JO<��FEH@=9;E LFBD:=:AESJOKQ@^<?BDR 6 EF@ ��ESEFR C;KM:^K ` E��

@^EF:=>-@^B KMLFLSESJ?ES:=KQ@^EdLSBMRkVMES:AnDESR;LFEMGe��JOBL �<?R;n ` K �MES>-_;>AE BQP�@^95EXLFBD:=:AESJOKQ@^<?BDR 6 E @ ��EFESR

CfKM:=K ` EF@^EF:=>�<?ReK ` _;Jj@^<jVMKQ:=< K @^E�>=E @=@=<OR;n 687 _5CUWfK @^<OR5n 9;<OnM9;J 7 LSBM:=:=EFJ KQ@=ESW VQKM:A< K 6 JOES> @^B �

nDE @^9;EF:�@^Bb<?R;LS:AE KM>AE�@^9;E � ������� � ����� � BMP*@=9;E LN9fKM<?R T'@=9fKQ@�<?>ST@^9;E >ACUEFESW KQ@ �&9;<OLN9e@^95E

LN9fKM<?R ` B[VMES>dKM:ABD_;R;W @=9;E >=_5C;CUBM:A@dBMP�@=9;E @NKM:AnDEF@ W;ESR5>=<?@ 7 � p Z G +�9;<?> ` EF@^95B'W LSKMR

6 E ES>ACUEFLS< KQJOJ 7 E��gEFLF@^<jVDEb<?R�9;<OEF:^KM:ALN9;<OLSKMJ ` BW;ESJ?> �&<j@^93>=C;KQ@^<OKMJOJ 7 >A@=:=_;L @^_;:AESW WfKQ@NK'G��

W;<?>=LS_5>=>=<?BDR BMP�9;B �4@^9;E 6 JOBL �k<OR;n#KMC;C5:=B8KMLN9 L KMR 6 EX_;>=EFW �&9;ESR W5E KMJ?<OR;n �&<?@=9 � ��� �

� �� �MT;< G EMG,WfK @NKXKMnDnD:AESn8KQ@=ESWaB[VDEF:�W5<O>=LF:=E @^EH>=CfKQ@=< KMJg:=ESnM<OBDR;>FT;<O>�PhBM_;R;W <OR � p Z5T � G��<?@ KMR;W :A_;R >^K ` C;JOEF:=>eKQ:=E3K LFJ KM>A>eBMP KMJOnDBM:=<?@=9 ` >d@=9fKQ@a9fK VME 6 EFESR W;ES>A<OnDR5ESW

@^B�>A< ` _;JOKQ@^E @NKM:AnDEF@aW5<O>A@=:=< 6 _5@^<?BDR;> @=9fKQ@eE �'9;< 6 <j@a>=<?nDR;>eBMP ` _;Jj@^< � ` B'WfKQJO<?@ 7 � � p T YDYDTp � G�+�95E 9;<j@�KQR;W#:A_;R)>=K ` C;JOEF:=>�KM:=E 6 KM>AESW#BDR�KdnDESR5ES:^KQJO<��SKQ@^<?BDRaBMP�@=9;E �#EF@=:=BDC BDJO<?>����KQ>A@^<?R;nD>�KMJOnDBM:=<?@=9 ` � � p T/YDYDT �M\ T*KMR5W�_;>=E K C;:=BMCUBD>=KMJ/W;<O>�@^:=< 6 _5@=<OBDR @^9fKQ@�LN9;BBD>=EF>�KW;<?:=ESL @^<?BDR KQ@&:^KMR5W;B ` TIKMR;Wa@^9;EFR ` B[VDES>�Kd:^KMR;W5B ` W;<?>A@NKQR;LSE-<ORa@^9;KQ@&W;<O:AESL @^<OBMR G�+�9;E

W;<��gEF:=ESR5LSE 6 EF@ ��ESESR�@^95Ee9;<?@ KMR;W :=_5R ` EF@=9;BW KMR;W @^95E >A@^KMR;WfKM:AW�:^KMR;W5B ` ��KMJ � <?>

@^9;KQ@�@=9;E�R;E� ` B[VDE�<?>�KQJ���K 7 >�KMLSLFESC5@=ESW G�+�9;E�9;<?@�KMR5W :=_;R >^K ` C;J?ES:�L KMR 6 E�E�UESL @^<?VME

<OR >^K ` C;J?<OR;n ` _;Jj@^<�� ` BWfKMJ@NKM:AnDEF@�W;<O>�@^:A< 6 _5@=<OBDR5>ST 6 EFL KM_5>=E�@=9;E KMJ?nDBD:A<?@^9 ` T �&<j@^9 >AB ` E

> ` KMJ?J/C5:=B 6 K 6 <OJ?<?@ 7 TI@^:=K VDES:A>=EF>-@=9;E EFRk@=<O:AE CfKM:=K ` E @^EF:�>=C;KMLSEb<?R3K >=<?R;nDJOE ` B VMEMT �&95<OLN9

KMJ?JOB �&> ` BW;E�� 9;BDC;C;<?R;n �&9;ESR @=9;E)C;:ABDC BD>=EFW ` B[VDE#<O>X<OR @^9;E�W5<O:=EFLF@=<OBDR BMPHKMR;BQ@^9;EF:

` B'W;EQGe+�9;E 95<?@ KMR;W :A_;R KMJ?nDBD:A<?@^9 ` 9fKM> C;:=B 6 JOE ` > �&<?@=9 ` <��'<OR;n �&9;EFR @^95E @NKQ:=nDE @

W;<?>A@^:A< 6 _'@^<OBMR 9fKQ> >=9fKQ:=C :A<OW;nDEF> BD: >=C;< �MEF> BMP�9;<?nD9 C;:AB 6 K 6 <OJO<j@ 7 G +�9;E)9;<?@ KMR;W :A_;R

KMJ?nDBD:=<j@^9 ` ` K 7 R;BM@dC;<?L � BD_5@d@=9;ES>AE)KM:AE KM>dBMP�9;<?nD9�C;:=B 6 K 6 <OJ?<?@ 7 >=_ � LF<OEFRk@=J 7 BMP @=ESR T

� \

Page 94: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

L KQ_;>=<?R;n @^95E :=EF>=_;Jj@NKMR8@�LN9;KM<OR @=B ` <�� >=J?B �&J 7 Gc+�95E C;:=B 6 JOE ` BQP >=JOB � ` <��'<OR5n 6 ESLFB ` EF>

EFVMESR ` BD:AE�>=<?nDR;<?i;L KMR8@&<ORa9;<?nD9;EF:�W;< ` ESR;>A<OBDR5>SG

� � � ��� ��� � � ��� � � � � � � � � � � � ���� �

� �� � ��� � � � � ���� � � � � � ��� � ���� � KM:=E�K�LSJ KQ>=>cBMP KQJOnDBD:A<?@=9 ` > ` BM@=<?VQKQ@^EFW 687 >A@^BLN9fKM> �

@^<?L W;<��gEF:=EFRk@=< KMJlESmk_fKQ@=<OBDR5>SG �@^BLN9fKM>�@^<?L W 7 RfK ` <OLF> ` E @^9;BW;>�KQ:=EbLSB ` ` BDR;J 7 _;>=EFW @=B

>=< ` _;JOKQ@^E&C;9 7 >=<?L KMJ > 7 >A@=E ` >�>=_5LN9eKM>�mk_fKQRk@=_ ` ` BMJOESLF_;J KQ:,W 7 RfK ` <OLS>�KMR;W 9;E KQ@ @^:=KMR;> �

PhES:FGl+�95ES:=E�KM:AE�K&Rk_ ` 6 EF:*BMPf�#KM: �QB V-LN9;KM<OR ` EF@^95B'W;> 6 KM>=EFW BDR->�@^BLN9fKM>A@=<OL�W;<��gEF:=ESR8@=< KMJ

ESmk_fK @^<OBMR;>ST ` KMR 7 BMP��&9;<?LN9)KQ:=E�>=C ESLF<?ifLSKMJOJ 7 W5ES>=<?nDR;EFW PhBD:�_;>=E-<ORe>�@NKQ@=<O>�@^<OLSKMJgC59 7 >A<OLS>FT

KMJj@^9;BD_5nD9 >=B ` E 9;K[VME >AESESR 6 :=B8KQW;ES:HKMC;C5JO<OLSKQ@^<?BDR � �M\ G +�9;E �/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` <?>

C ES:=9;KMC;>�@^9;E ` BD>A@�LFB ` ` BDR T5KMR;W <O> 6 KQ>=ESW BDRa@^9;E-W;<?>=LF:=EF@=E->=< ` _;J KQ@=<OBDR BMPcKdLSBMRk@=<OR �

_;BD_5>�@=< ` E W;<��U_;>A<OBDRaC;:AB'LFES>=>�� �M\5T p �kT �Mr G��k@^BLN9fKM>A@=<OL-W 7 RfK ` <OLF> ` E @^9;BW;>&>=_;C5C;:=EF>=>@^95E�:^KQR;W;B ` ��KMJ � 6 ES9fK V<OBD_5:�BMPIK��)KM: �MB[V LN9fKQ<OR T �&9;<OLN9 9;KM> 6 ESEFRb>=9;B �&R @^B�< ` C;:=B[VME

LSBMRkVMES:AnDESR;LFE :AES>=_5J?@^>�PhBD:�95<OnD9aW;< ` EFR;>=<?BDRfKMJ @NKM:AnDEF@&W;EFR;>=<j@^<?ES> � p \ G� ��� � � �� � �� � � � ���� � ��� ��� � � � � � � � <O> K&LSBDR8@=<ORk_;BD_;>*@=< ` E,>A@^BLN9fKM>�@^<?L C5:=BLSES>A>

W;E ifR;ESW)KM>�@^9;E->ABDJO_5@=<OBDR @=Bb@^9;E->A@=B'LN9;KM>A@=<OL-W;<��UES:AESR8@^<OKMJ EFm_;KQ@^<?BDR�

� � � � � � � � � ��� � � � � � � � � � � � r G r �

�&9;EF:=E � � <?>�>�@NKMR5WfKM:=W ��:=B �&R;<OKMR ` BM@^<?BDR � r Y G,�R EFmk_fKQ@^<?BDR r G r T � � � � ��<O> L KMJ?JOEFW @^95E��� � � � � � BM: ��� � � �� ��� � ��� � � TIKMR;W � � � � ��<O>�@=9;E �� � � � ���� � � � BD: �� � � � ���� �� � � �� � ��� � � G�.fBD:&>=< ` C5JOE LSKM>=EF>STUKX>ABDJO_5@=<OBDRe@=B r G r L KMR 6 E�PhBD_;R5W#_;>A<OR;nd@^95E @=B ��KMJ?LS_;J?_;>ST�&9;<?LN9 <?>�W;ES:A<?VDEFW <?R � Y � T r Y Gb P�Ke>ABDJO_5@=<OBDR�@=BaESmk_fKQ@=<OBDR r G r W;B'EF>�R;BM@HE��'<?>A@-BD: � �@^EFR;W;>�@=B <OR'ifR;<?@ 7 <?R�K i;R;<?@=E K ` BD_;R8@�BMPc@^< ` EQT @=9;ESR#@^9;E W5<��U_;>=<?BDR#C5:=BLSES>A>�<O>�L KMJ?JOEFW

� � � � � � � � r Y G P*KH@^KM:=nMEF@ W;ESR5>=<?@ 7 � <O>�LSBMRk@=<ORk_;BD_5>=J 7 W5<��UES:=EFR8@^< K 6 JOEQT'KQR;W <jPgPhBD:�>AB ` E�:=ESKMJIRk_ ` �

6 ES:=> � � � � ����� T �&9;ESR � � � � � � � � � � � � � � � T8PhBD:�KMJ?J � � � � � T@=9;ESR K W;<��g_5>=<OBMR

� Z

Page 95: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

C;:AB'LFES>=>�LSKMR 6 E LSBDR5>A@^:A_;LF@=ESWe@^9;KQ@�9fKM> � KM>�<j@^>�>�@NKQ@=<OBDRfKQ: 7 W;<O>�@^:A< 6 _5@=<OBDR�� r YDT �YMT ��� G+�9;EbBDR5J 7 R;BDR � E��'C;J?BD>=<jVDEMT*:AEFVMES:=>A< 6 J?E W;<��g_;>A<OBDR �&<?@^9�@=9;<O>�C;:=BMCUEF:A@ 7 <?>�@^95Eb� KMR;nDE V'<?R

W;<��g_;>A<OBDR � �Mr T �&9;<?LN9#9fKQ>&@=9;E�PhBD: `�

� � � �Yp� JOBDn � � � � � � � ��� � � � � � � r G � �

1 9;EF:=E � ��<?>�@^9;E->�@NKMR;W;KM:=W#��:=B �&R;<OKMR ` BQ@^<OBMR G

� LFBDR8@^<ORk_;BM_;> @=< ` E&>A@^BLN9fKM>�@^<?L�C;:AB'LFES>A>�L KQR;R;BM@ 6 E�W;<?:=ESL @^J 7 >=< ` _;J KQ@=ESW Gl�R;>A@=E KMWgT

K�W;<O>ALS:AEF@^< �SEFWXVMES:=>A<OBDRXBMPUESmk_fKQ@=<OBDR r G � ` _;>A@ 6 E&_;>=EFW G,+�9;E�>=< ` C;J?ES>�@,>=_;LN9 W;<O>ALS:AEF@^< � K �

@^<?BDR3<O> @=9;Ed�,_;JOEF:�W;<O>ALS:AEF@^< � KQ@=<OBDRgG P � � q <?> @^9;Eb>A<��FEbBMP�@=9;EdW;<O>ALS:AEF@^< � KQ@=<OBDRgTU@^95ESR

@^95E LSBMRk@=<ORk_;BD_5> @^< ` EdW;<��g_5>=<OBMR C;:AB'LFES>=> r G � <O> KMC;C5:=B �'< ` KQ@^EFW 687 K � � ��� �� �� �

� � � � T �&<j@^9a>A@=ESC;>�nD<?VMESR 687�

� ��� > � � � � � �p� JOBDn � � � � � � � � � � � r G � �

�&9;EF:=E � �'PhBMJOJOB �&>*K ` _5J?@^<jVQKM:=<OKQ@^E/R;BD: ` KMJMW;<O>�@^:=< 6 _5@=<OBDR �&<j@^9 ` E KMR q KMR;WHLSB[VQKM:=<OKMR;LFE � G+�9;E�:^KMR;W5B ` ��KQJ �b<OR r G � <?>�LSKMJOJ?ESW �A> ` KM:A@ � 6 ESLSKM_;>AE�C;:ABDCUBM>=ESW VMKQJO_;EF>�KM:AE�nMESR;EF:^KMJ?J 7

<OR W;<O:AESLF@=<OBDR5>�BMP 9;<?nD9;EF:�C;:AB 6 K 6 <?JO<j@ 7 @^9fKQR @^9;E LF_;:=:AESR8@�>�@NKQ@=EMG �,m_;KQ@^<?BDR r G � L KQRaKMJO>AB

6 E �&:A<?@A@^ESR KM>�

� ��� > � � � � � � �p� J?BDn � � � � � � � � � � � � r G � �

+�9;E3�,_;JOEF: W5<O>=LF:=E @^<��SKQ@^<?BDR <?R r G � KMR5W r G � <O> K if:A>A@ BM:=W;EF:eKMC;C;:AB �5< ` K @^<OBMR�@=B

@^95E >�@^BLN9fKM>A@=<OLXW;<��UES:AESR8@^<OKMJ,ESmk_fK @^<OBMR r G �'G � @=9;ES: ` EF@^95B'W;> 6 KM>AESW BDR 9;<?nD9;EF:HBM:=W;EF:

KMC;C5:=B �'< ` KQ@^<?BDR;>d9fK VDE 6 ESEFR W;EFVMESJ?BDCUEFW T�R;BM@^K 6 J 7 @=9;E3� �SK �k<�W;<?>=LF:=EF@=<��SKQ@^<?BDR �&95<OLN9

_;>AES> KX>=EFLSBDR;W)BD:=W;EF:�KMC;C;:AB �'< ` KQ@=<OBDR � � � G�� VQKM:=<?EF@ 7 BMP�W;<O>ALS:=E @^< � KQ@=<OBDRa>=LN95E ` ES>�PhBM:

>A@=B'LN9;KM>A@=<OL-W 7 RfK ` <OLF> ` E @^9;BW;>�KM:=E�W5<O>=LF_;>=>AESW�<?R � �Q\ G(�R5PhBD:�@^_;R;KQ@^EFJ 7 T,@=9;E 6 EF9fK V'<?BD_;:bBMP�@^95E LFBDR8@^<?R_5BD_;>b@^< ` Ea�#KM: �QB V�C5:=BLSES>A> KQR;W

@^95EbW;<O>ALS:=E @^< �SESW3VMES:=>A<OBDR ` K 7#6 EX:=KMW;<?L KMJ?J 7 W;<��gEF:=ESR8@SG +�9;<O>�<?> 6 ESL KQ_;>=Eb@^95E �#KM: �QB V

� q

Page 96: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

LN9fKM<?R 6 KQ>=ESW BDR >�@^BLN9fKM>A@=<OL�C;:=BLSEF>=> r G ��>^K ` C;J?ES>�Ph:=B ` @=9;E�LFBD:=:AESLF@�W;<?>A@^:A< 6 _'@^<OBMRXBMR;J 7

KM>�@^95E�W;<O>ALS:=E @^< � KQ@=<OBDRe>A<��SE-nDBES>�@=B �FES:AB�� �M\ G ��BDR;>AESmk_;EFRk@=J 7 T @=9;ES:AE KQ:=E ` KQR 7 >=<j@^_fK �@^<?BDR;> �&9;EF:=E @=9;E :=KMR;W;B ` ��KMJ �k>�nD<jVDEFR 687 ESmk_fKQ@=<OBDR;> r G � KMR5W r G �XLSKMR 6 E � �� � ��� � � T

@^9;KQ@ <?>ST/@^9;EF:=E E �'<O>A@=> K >A@NK @^E � BMP�@=9;E LN9;KM<OR >=_;LN9 @=9fKQ@H@^9;E E��'CUEFLF@=ESW Rk_ ` 6 ES:HBMP

@^< ` EF>�@^9;E �)KM: �MB[V LN9fKM<OR V<O>=<j@^>�@^95<O>->A@^KQ@^EX<O>�ifR;<j@^EQG � �#KM: �QB V LN9fKQ<OR @^9fKQ@ <O>-R;BQ@

@^:=KMR;>A<OESR8@�<O> �� � ��� � � � G��<?@^_;KQ@^<?BDR;>�@^9fKQ@�JOESKMW @=B @=:^KMR;>A<OEFR;LSE�<OR;LFJO_;W;E&@^95BD>=E�PhBD: �&95<OLN9

@^95E @NKM:AnDEF@-W;<?>A@=:=< 6 _5@^<?BDR�<O> ��� � � � � ��� � � � � � �� �� �T BD:�� � ���� � T*>ABe@^9fKQ@�@=9;EbnD:=KMW;<OEFR8@

E��'C ES:A<OESR5LSES>�J KQ:=nDE�LN9fKMR;nDEF>�<?RaK JOBL KMJgKM:=ESKbBD:�9fKM>&KbJOKM:=nDE ` KMnMR;<?@=_;W;EMG�+�9;<O>�EF:=:^K @^<OL

6 ES9fK V<OBD_5: BMP�@=9;E nM:^KMW;<?ESR8@ ` K �QES> @=9;E LN9;KM<OR _5R;>A@^K 6 JOEQG��#KMR 7 BMP�@=9;ES>AE C;:AB 6 JOE ` >

L KQR 6 EHLFBD:=:AESL @^ESW �&<?@=9)K �#EF@=:=BDC BDJ?<O>�����KM>�@^<?R;nD>�:=EAESL @^<OBMR#>�@^ESC � �T �Mr T p �kT �Q\ G�+�9;<?>` EF@^95B'W�BMP�LSBD:A:=EFLF@^<?R;n3PhBD: @^95E W5<O>=LF:=E @^<��SKQ@^<?BDR <O>b>AB ` EF@^< ` EF> L KQJOJOEFW � � � �� � � �� � �

� � � T � ������ � ��� � �� ��� � � � � �M\ TBM:�K � � � �� � � � � � � � � ��� � � ������ � ����� � ������� ���� � � �*� � � �'Y� G��� � �� � � � � � � � ��� � � � � ���� � � � ��� � � ��� � � � � � ��� �� � � � � � � ��� � ����� � �� ���� ��� ��� ���� � � ��� � �� � � � � � � � � � �� � � � � � � � � � � � � JOBDn � � � � � � � ��i � � � � � � � ��� � � � �� � �

i � � � � � � � � � �� � � �

E��'C � ��� � ��� ��� � � � ��� ��� ��

E��'C ���� � � � ��� � � � � � ��� ��� � r G \ �

� � � � � � ��� � � � � � � � � �� � � � � � ��� � ��� � � ������ � � � ��� � � �� � � � � �

��� � � � �� � � � � � � � � � � � J?BDn � � � � � � � � � �

� ��� ��� � ` <?R �@i � � � � � � � Y ���

� �� ��� � � � � � � � ��� � ` <OR � i � Y � � � � � � ��� >� � ��� � ��� � � � � � � � � � ��� >

� � � �

+�9;E�C;:ABDCUBM>^KMJVMKQJO_;E�<O> �QESC5@ �&<?@^9bC5:=B 6 K 6 <OJ?<?@ 7�` <OR � i � Y � G/+�9;E�:=EAESL @^<OBMR >A@=ESC r G \@^_5:=R;>�@=9;E�� KMR;nMEFV<ORbKQJOnDBD:A<?@=9 ` <OR8@=B K��#E @^:ABDCUBMJO<O> ����KM>A@=<OR;nD>lKMJ?nDBD:=<j@^9 ` �&<?@^9 K�> ` KM:A@

�'Y

Page 97: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

C;:ABDCUBM>^KMJ � p �'T �Mr G +�9;E LSBMR;W;<?@=<OBDR;KMJ�W;ESR5>=<?@ 7 <?R @^95E �#E @^:=BMCUBDJ?<O> ����KQ>A@^<?R;nD>aKMJ?nDB �

:=<j@^9 ` r G?YdPhBD:-@^9;E �#� �*� <?> � � � � � � � � � � � � � � � � � � � � T �&9;ES:AE @^95E PhBD: ` BMP�@^95E

LSBMR;W;<?@=<OBDR;KMJ�W;EFR;>=<j@ 7 <OR r G \3LSB ` EF>dPh:AB ` @=9;Ea��:AB �&R5< KMR ` BM@^<?BDR <OR @=9;Ea>A@^BLN9fKM>�@^<?L

W;<��gEF:=ESR8@=< KMJIESmk_fK @^<OBMR;> r G r KMR;W r G �'Gc+�95E �ME 7 W5<��UES:=EFR;LSE�BMP @=9;E��#E @^:ABDCUBMJO<O> KMW A_;>A@=ESW

� KMR;nDE V<OR KQJOnDBD:A<?@=9 ` Ph:=B ` @^9;E#>A@NKQR;WfKM:AW :^KMR5W;B ` ��KQJ ��<O>d@^9fK @ @=9;E3�#���*� >=_;C �

C;:AES>=>AES> @=9;E :^KQR;W;B ` ��KMJ � 6 ES9fK V<OBD_5: BMP�@=9;E LN9fKM<?R 687 _5>=<OR5n)@^9;E JOBL KMJ�C;:ABDC ES:A@=<OEF>

BMPc@=9;E-@NKM:AnDEF@�W;ESR5>=<?@ 7 �h< G EMG � JOBMn � � � � � ��@^B KMW A_;>�@�@=9;E C5:=BDC BD>^KQJ/W5<O>A@=:=< 6 _5@^<?BDR � p \ G+�9;<?>bR_5W;nDES>d@^95E LN9;KM<OR �A_;C59;<OJ?J ��<?R @^9;EaW;<?:=ESL @^<?BDR BMP�K ` BW;EMT �&9;<?LN9 <?>dK39;<OnD95J 7

W;EF>=<O:=K 6 J?E�C;:=BMCUEF:A@ 7 <OR 9;<?nD9 W;< ` EFR;>=<?BDRfKMJ�C;:=B 6 JOE ` > �&9;ES:AE�@^9;E 6 ES9fK V<OBM_;: BMP-@^95E

nD:=KMW;<OEFR8@&<O>�> ` BBM@^9 � �'YMT �Mr T p �'T � � G+�9;E LN9fKQ<OR r G � �&<?JOJc@^EFR;W @^B#C;:=BMCUBD>AE VQKMJO_5ES>-@^9fKQ@ KM:=E <OR @^9;E W;<O:AESLF@=<OBDR BMP�@^95E

` B'W;EQG&��ESLSKM_;>AEbKMJOnMBD:=<j@^9 ` r G � <O>�K >ACUEFLS<OKMJ L KM>AE BMP�@=9;Eb� EF@^:ABDC BDJO<?>���KM>A@=<OR;nM>�KMJ?nDB �

:=<j@^9 ` TMLFBDR8VDEF:=nDEFR;LSE�BMPf@^95E�LN9fKM<ORb:AESJ?<OES>lBDR @^95E�C;:=BDC ES:�@^<?ES>cBMPUKMJ?nDBD:A<?@^9 ` r G?YMT8KMR;WbR;BQ@

@^95BD>=EdBMP�@^9;EX� KMR;nDE V<OR W;<��U_;>A<OBDR C;:AB'LFES>=>FG �k@^:^K @^ESnM<OES>�>A_;LN9 KQ>H:AESCfKQ:^K ` EF@=ES:=< � KQ@=<OBDR

KMR;W 6 J?B'L �k<OR5n LSKMR 6 EHE ` C;JOB 7 EFW �&<j@^9 r G � @=B <?R;LS:AE KM>AEH@=9;E ` < �5<?R;nd>=C ESEFW G�+�9;E >=< ` �

_;JOKQ@^<?BDReL KMR 6 E�Ph_;:A@=9;ES:�KMW A_5>A@^EFW#PhBD:�EF:=:=KQ@^<?L 6 EF9fK V'<?BD_;:�BMP/@^95EHnM:^KMW;<?ESR8@ 687 _;>=<?R;nXK

@^:A_;R;LSKQ@^EFW)C;:ABDCUBM>^KMJ*>�@^ESC @^B KMLN9;<?EFVDE ` BD:=E�:AB 6 _;>�@�EF:=nDBW;<OL�C5:=BDC ES:�@^<OEF> � �'T �Y� G +�9;<?>@^:A_;R;LSKQ@^<?BDR LSB ` ES>�@^95:=BD_;nM9 @=9;Ed< ` CUBM>=<?@=<OBDR#BMP�KMR _5C;CUEF:-JO< ` <?@�BDR3@^95EX>�@^EFC J?ESR;nM@=9

<ORe@=9;E-C;:=BDC BD>=KMJ W;<?>A@^:A< 6 _'@^<OBMR � p �T � � G+�9;E�� � �*� 9;KM> 6 EFESR >A9;B �&R @^B�C ES:APhBM: ` KM> ��ESJ?J'KQ>/BM: 6 EF@A@^EF:/@=9fKMR-@^9;E >A@^KMR;WfKM:AW

:^KQR;W;B ` ��KMJ �a<OR ` KQR 7 >AEF@=@=<OR;nM> � ��� T � �'T �'Y� G���> �&<?@=9�BM@^95ES: �k<?R;W;>�BQP��#EF@=:=BDC BDJO<?>��

��KQ>A@^<?R;nD>�>A< ` _5J KQ@=<OBDR;>FT'LFBDR8VDEF:=nDEFR;LSEHC;:=BMCUEF:A@^<?ES>�W5ESC ESR;W J KM:AnDESJ 7 BDR @^9;E�> ` BBM@=9;R;ES>A>

BMP @=9;E&@NKM:AnDEF@�W;<O>�@^:A< 6 _5@=<OBDRgG,� R;E�>=<?@=_fKQ@=<OBDR �&9;ES:AE�@^95E �#���*� ��BD: �k>�EF>=C ESLS<OKMJOJ 7 ��ESJOJ

<O>��&9;EFR @^9;E @NKM:AnDEF@lW;<O>�@^:A< 6 _5@=<OBDRH<O> Ph:=B ` @^9;E�E��'CUBMR;ESR8@^<OKMJkP K ` <?J 7 BMPfW;<?>A@^:A< 6 _'@^<OBMR;>SG/�R

� p

Page 98: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>=<j@^_fK @^<OBMR;> �&9;ES:AE @^95EH@^KM:=nDE @�W;<O>�@^:=< 6 _5@=<OBDRa<O>&W;<?>=LFBDR8@^<ORk_;BM_;>�BM:�<?>�R5BM@�W;<��UES:AESR8@^<OK 6 JOE

KQ@&>AB ` E-C BD<OR8@=>ST5@=9;ESR > ` B'BQ@^9;EFW C5:=BDC BD>^KQJO>�L KQR 6 E-E ` C;JOB 7 EFW � �'Y G� :AESLSEFR8@�VQKM:=<OKQ@^<?BDRdBMPg@=9;E � KMR5nDEFV<OR KMJ?nDBD:=<j@^9 ` <O>�@^9;E � � � ��� �� � � ������ � ����� � �� �

���� ��� � � � G +�95E >�@NKMR;W;KM:=W �#��� � KMC5C;:=B8KQLN9 _5>=ES> K i �'ESW VQKM:=<OKMR;LSEbLFB'E��XLS<OEFR8@ � �<OR#ESmk_fKQ@=<OBDR5> r G � KMR;W r G � � G�� ` BD:AE nDEFR;ES:=KMJ/W;<��U_;>=<?BDR)C5:=BLSES>A>�L KMR 6 E _5>=ESW�@=B nDE @

KMR;BQ@^9;EF: VQKM:A< KQ@=<OBDRdBMPU@^9;E�� KMR;nDE V'<?R KMJ?nDBD:A<?@^9 ` G/��BQ@^E&@^9fKQ@�ESmk_fK @^<OBMR r G �H<?> K >=C ESLF< KMJ

L KQ>=E BMP&EFmk_fKQ@^<?BDR r G r T �&9;ES:AE @^9;E W;:=<jP @ @=ES: ` <?> � � � � � � >� � JOBDn � � � � � � � T�KMR;W @^95E

W;<��g_;>A<OBDR3LFB'E��XLS<OEFR8@ <?>�� � � � � � � � G P�K ` BD:=EbnMESR;EF:^KMJcW5<��U_;>=<?BDR�@^EF: ` <?> _;>=EFW <?R

r G r T5@=9;ESRa@^9;E�@=E ` CUEF:=ESW#� KMR;nDE V<OR W;<��U_;>=<?BDRe<O>�B 6 @NKM<?R;ESW � � � G P�@^9;E W;<��U_;>A<OBDR LSBE�XLS<?ESR8@ <?> � � � � Tl@^9;EFR @^9;E �� � � � ���� � �� �� <O>HnD<?VMESR 687 K

C BD>=<j@^<?VME W5EFifR;<j@^E ` K @^:=< � � � � � � � � � � � � � � � Ga� E @ q � >� G ��9;BBD>=<?R;n � � � � �

� ��� � � � � � � >� � � � ��� ��� �ITMKQR;W >AEF@A@^<OR5n�@=9;E�W;:=<jP @*@^ES: ` @^B 6 E � � � � � > ��� �� � � � � � J?BDn � � � � � �nD<jVDES>&@^95E � KMR5nDEFV<ORa@^E ` C ES:AESW#W;<��U_;>=<?BDR � � � G�+�9;E-@^E ` C ES:AESW)W5<��U_;>=<?BDRa<O>�@^95E >ABDJO_ �@^<?BDRe@^Bb@^95EH>�@^BLN9fKM>�@^<OL-W;<��gEF:=EFRk@=< KMJUESmk_fKQ@=<OBDR

� � � �Y � p �p � ��� � � � � � � JOBDn � � � � � � � ��� � � � � � � � � � � � � � r G Z �

+�9;E�W;<��g_5>=<OBMR <?R EFm_;KQ@^<?BDR r G Z&<O>lK ` BD:=E�nDEFR;ES:=KMJ8PhBD: ` BMP5@^9;E�� KMR;nDE V'<?R W;<��g_5>=<OBMR

r G ��KMR;W <?> >=B ` E @^< ` ES> L KMJ?JOEFW K �������� � � � � � � ������fG3+�9;E @ ��B >=C ESLS<OKMJ�LSKM>=EF>bBMP

ESmk_fK @^<OBMR r G Z @^9fKQ@bKM:=E < ` C BD:�@NKMR8@bKQ:=E �&9;EFR � � q T �&9;<OLN9 < ` C;J?<OEF>H@=9;Ee>A@^KMR;WfKM:AW

� KMR;nDE V<OR3W;<��g_;>A<OBDRgT KMR;W � � Y �Dp T �&9;<OLN9 nD<jVDEF>���:=B �&R;<OKMR ` BM@^<?BDR � � � G ��9;B'BM>=<OR5nW;<��gEF:=ESR8@&VQKMJO_5ES>�BMP � nD<jVDES>&W;<��gEF:=EFRk@&95E KQ@=ESW)LN9;KM<OR;>FG

��E K @^ESWb�)KM: �QB[V LN9fKM<?R;>�9;K[VME�>A@=:=BDR5nDES:�@=9;ESBM:=EF@=<OLSKMJkLSBDR8VDEF:=nDEFR;LSE&C;:ABDC ES:A@=<OEF>l@^9;KMR

_;R;95E KQ@=ESW LN9fKM<?R;>ST&>=<?R;LSE#@^9;E�W5<��U_;>=<?BDR ` KQ@^:A<�� KML @^>eKQ>eKMR KMLFLSESJ?ES:=KQ@^BD: � � � G0+�9;E

KMLFLSESJ?ES:=KQ@^BD:bLSKMR KMJOJ?EFV< K @^E >AB ` EeBQP�@=9;EaC;:=B 6 JOE ` >bEFR;LSBD_5Rk@=ES:AESW �&<j@^9 ` _;Jj@^< � ` B'WfKQJ

@NKQ:=nDE @-W;<O>�@^:=< 6 _5@=<OBDR;>FG �R KM:AE KM>-BMP�JOB ��C;:=B 6 K 6 <?JO<?@ 7 Tg@^95E VMKQ:=< KQR;LSE � � � � � � ��� � � � � �

� �

Page 99: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&<OJ?J 6 E�JOKM:=nMES:ST8LSKM_;>A<OR;n-@^9;E&LN9fKQ<ORd@^B-@NK �QE�JOKM:=nDEF:c>A@=ESC;>�<ORb@^95BD>=E�KM:=ESKM>SG���>�@^9;E&LN9fKM<?R

ESR8@=ES:=> KM:AE KM>,BQPU95<OnD9bC;:AB 6 K 6 <OJO<j@ 7 T � � � � �&<OJ?J5W;EFLS:AE KM>AEMTkJOESKMW;<OR5n�@^B-K�> ` KMJ?JOES:/>A@=ESCX>=< �SEMG+�9;E-W;<O>ALS:=E @^< �SESWaVDEF:=>A<OBDR BMP/@^9;E-W;<��g_;>A<OBDR r G Zb<O>�nD<jVDEFR 687

� ��� > � � � � � � Y � p �p � � � � � � JOBMn � � � � � � � � � � � � � � � r GjY q �

(�>A<OR;n�K&:=E AEFLF@=<OBDRH>A@=ESC nM<?VDEF>/K��#E @^:ABDCUBMJO<O> KQJOnDBD:A<?@=9 ` Gg+lB�KMW A_;>�@l@=9;E�C;:=B 6 K 6 <?JO<?@ 7 r G \

PhBD:�@=9;E�@^E ` C ES:=EFW#W5<��U_;>=<?BDR T5>AEF@ � � � � � � � � T �&95<OLN9 nD<?VMES> �

i � � � � � � � � � � � � �� � � � �

E �5C ���� � � � � � ��� ��� � � ��� ���� � � � � �E��'C ��� � � � � � � ��� ��� � � � � ���� � � � � �

� � r GjYDY �

�&9;EF:=E � � � � � > ��� �� � � � � � JOBDn � � � � � ��KMR;W � � � � � ��� ��� � � � � � G+�9;E,@^E ` C ES:=EFWH�/KQR;nDEFV<?R KQJOnDBD:A<?@=9 ` TFJO< �ME�@=9;E�>A@NKQR;WfKM:AW � KMR5nDEFV<ORHKMJ?nDBD:A<?@^9 ` r G � T

<O>dK :^KQR;W;B ` ��KMJ � @^9fK @ ` K �QES> �A> ` KM:�@ A_ ` C5> �;G +�9fK @ <?>ST�@^9;E LN9fKM<?R�<O>dJO< �MESJ 7 @=B

C;:ABDCUBM>=E�VQKMJO_;EF>�@^9fK @�KQ:=E�<ORe@=9;E-W;<O:AESLF@=<OBDRaBMP�KMR KM:AE KdBMP�95<OnD9eC;:AB 6 K 6 <OJO<j@ 7 G

��JOBL �k<OR;n;Te95<?@ KMR;W :=_;R KMJ?nDBD:=<j@^9 ` >ST �/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` >FTeKMR;W @^E ` C ES:=EFW

� KMR;nDE V<ORaKMJ?nDBD:=<j@^9 ` >ST'KM:AE BDR;J 7 Kb>=_ 6 >=E @�BQP/@=9;E ` KMR 7 ` EF@^95B'W;>�PhBM:�>^K ` C;J?<OR;nHPh:=B `

LSB ` C;J?<OLSKQ@^EFW W5<O>A@=:=< 6 _5@^<?BDR;>FG 1 9;EFR ` BD:=E�@^9;KMR�KdLSBD_5C;JOEHBMPcW5<��XLS_;Jj@^<?ES>�KM:=E-EFR;LSBD_5R �

@^EF:=EFW T <?@ LSKMR :=ESmk_;<?:=E @=9;Eb<OR;R5B VQKQ@=<?VME _;>=EdBMP >AEFVDEF:^KMJ�BMP�@=9;ES>AEXBM:�BM@^9;EF:-KMC;C;:AB8KMLN9;EF>

@^BdnDEFR;ES:=KQ@^EHKd>^K ` C;J?EMG

+�9;E ABD<OR8@�C BD>A@=ES:A<OBD:�W;<?>A@=:=< 6 _5@^<?BDR�C;:AB'W;_5LSESW 687 @^95E ��95:=BDR;<?L 1 KQ>A@^<?R;n � <O>AE KM>AE

` B'W;EFJ&C;:=EF>=ESR8@=ESW <OR LN9fKMC5@=ES: � 9fKM> K Rk_ ` 6 ES: BMP�LN9fKM:=KMLF@=ES:A<O>A@=<OLF> @^9;KQ@ ` K �QE#@^95E

< ` C;J?E ` ESR8@NKQ@=<OBDR BMP�K �)KQ: �MB[V ��9fKM<OR >=< ` _;J KQ@=<OBDR W;<�� LF_;J?@SG .�<O:A>A@=J 7 Tl@^9;E C BD>�@^ES:A<OBD:

W;<?>A@^:A< 6 _'@^<OBMR#E �5<?>A@=>�BDR3K 6 BM_;R;W;EFW3CfKM:^K ` E @^ES:�>=C;KMLSEQG��'EFLSBDR;W5J 7 TUL KMJ?LS_;JOKQ@^<?BDRaBMP,@^95E

nD:=KMW;<OEFR8@-KQ@ VQKM:A<OBD_;>�CUBD<?R8@^> BMP�@=9;EbCfKM:=K ` E @^EF: >=CfKQLSEd<OR;W5<OL K @^ES>�@^9fKQ@�@^9;Eb>A_;:AP KMLFEbBMP

@^95EHW5ESR;>A<?@ 7 Ph_;R;L @^<?BDRaLSBDR8@NKQ<OR;>�>A9fKM:=C :=<?W;nDEF>�BQP�9;<?nD9aC;:=B 6 K 6 <?JO<?@ 7 G

� r

Page 100: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E�>=9fKQ:=Cd:=<?W;nDES>,BQPU95<OnD9bC;:AB 6 K 6 <OJO<j@ 7H` ESKMR @^9fK @�K�9;<?@�KQR;Wd:=_;Rb@ 7 CUE&KQJOnDBD:A<?@=9 `

LSBM_;JOW ` <?>=>b@^9;E)KM:=ESK BMP�9;<OnM9 C;:AB 6 K 6 <?JO<j@ 7 T�@^9;EF:=E 687 B[VDEF:���>=K ` C;JO<?R;n :AESnD<?BDR;> �&9;ES:AE

@^95E W5ESR;>A<?@ 7 <?> LSB ` CfKM:=KQ@^<jVDEFJ 7 JOB �-G � KMR;nDE V<OR KMJOnMBD:=<j@^9 ` > KQJO>=B39;K[VME#W5<��XLS_;Jj@ 7 <?R

@^95<O>�>A<?@^_;KQ@^<?BDR T 6 EFL KM_;>AE�@^9;E�>�@^ESEFC;R;EF>=>�BMP @^9;E W5ESR;>A<?@ 7 LSKM_;>=EF>�@^9;E ` KMnDR;<j@^_;W5E�BMP @^95E

nD:=KMW;<OEFR8@/@=B 6 E E��@^:AE ` ESJ 7 J KM:AnDE�<ORHKM:=ESKM>/BMP ` B'W5ES:^K @^E�C;:=B 6 K 6 <?JO<?@ 7 T K�LFB `X` BDR->ABD_;:=LFE

BMP/<OR5>A@NK 6 <OJ?<?@ 7 <OR �/KQR;nDEFV<?RaKMJOnDBM:=<?@=9 ` >SG/+�9;E-W;<��XLS_5J?@^<?ES>�KM:=E LFB ` CUBD_5R;W;ESW �&<j@^9 @^95E

6 BD_;R;W;EFW�CfKM:=K ` EF@^EF:&>=CfKMLFEMT >=<?R;LSE C;:=BDC BD>=KMJO>�KM:AE J?< �MEFJ 7 @^B P KQJOJ BD_'@^>=<?W;E-@^9;E >=_;C;C BD:�@

BMP�CfKM:=K ` EF@^EF: >=C;KMLSEQG 1 9;EFR _;>A<OR;n K�R5BD: ` KMJ�C5:=BDC BD>^KQJ�W;<?>A@^:A< 6 _'@^<OBMR T,KM> �&<j@^9 @^95E

>A@^KMR;WfKQ:=W�� KMR5nDEFV<OR#KMJ?nDBD:=<j@^9 ` T'@=B'B ` KMR 7 C;:=BMCUBD>=KMJO>&BD_'@^>=<?W;E�@^9;EHCfKM:=K ` EF@^EF:&>=CfKMLFE

�&<OJ?JgLSKM_;>=E-@^95EHLN9;KM<ORe@^B ` <�� >=JOB �&J 7 G

��R5E�CUBM>=>=< 6 JOE ` E @^9;BWbBMP W;E KQJO<OR5n �&<?@=9 @^9;<?>cC;:=B 6 JOE ` <O>l@^B�_;>AE&K C;:=BDC BD>=KMJ;W;<?>A@^:A<��

6 _5@=<OBDR <ORbKQJOnDBD:A<?@=9 ` r G � �&<j@^9 @=9;E�>^K ` E�>=_;C;C BD:�@,KM>/@^9;E�C;KM:^K ` EF@=ES:/>=CfKQLSEMG���B ��E VDES:FT

EFVMESR _;>A<OR;n K W;<��UES:AESR8@ C5:=BDC BD>^KQJlW;<?>A@=:=< 6 _5@^<?BDR TI>=_;LN9 KM>�K @^:A_;R;LSKQ@^EFW3R;BD: ` KMJ W;<?>A@^:A<��

6 _5@=<OBDR BDR � q�� Y� TL KMR >AJOB � @=9;E ` <��'<OR;n-BMP*@=9;E��#KM: �QB V LN9fKM<?R T 6 EFL KM_;>AE�@^95E CUBQ@^ESR8@=< KMJ

KM> 7'`X` EF@^: 7 BMP�@=9;E-@^:=_5R;L KQ@=ESW�R5BD: ` KMJ LSKMR)LSKM_;>=E W;<��XLF_;J?@=<OES>�PhBD:�@=9;E >�@NKMR5WfKM:=W):^KMR �

W;B ` ��KMJ �eBD:��#� �*� G ��W5W;<?@=<OBDRfKQJOJ 7 T'@=9;E LFBDR8VDEF:=nDEFR;LSE @=9;ESBM:=E ` >&PhBD:�@^9;E >A@^BLN9fKM>�@^<?L

W;<��gEF:=ESR8@=< KMJ&ESmk_fK @^<OBMR r G � R;B JOBDR5nDES: KMC;C;J 7 T�>A<OR;LFE @=9;E)R5BD<O>AE#@^EF: ` <?> R;B JOBDR;nMES:XK

��:AB �&R5< KMR ` BM@^<?BDR G

� � � � ��� � � � � � � � ����� � � ��� � ���� ��� � � � � ������ � ��� � ��� ��� ���

+�9;EbCUBM>A@^EF:=<?BD:�>=K ` C5JOE C;:AB'W5_;LSEFW 687 @^9;EdKMLFLSEFC5@NKMR5LSEd>^K ` C;J?ES: <?R � � � ,KMR5W W5<O>��

LS_5>=>=EFW�<ORaLN9fKQC5@^EF: � <OJ?JO_;>�@^:^K @^ES>�@^9;E-LSB ` C;J?<OLSKQ@^EFWeRfKQ@^_5:=EHBMPl@=9;E-CUBM>A@^EF:=<?BD:�W;<O>�@^:A< 6 _ �

@^<?BDR � GjYDYDGc+�95EHJOKM:=nMES>A@�<O>=>A_;E�<O>�@=9;E P KML @�@^9fKQ@�@^9;E�>A_;C;C BD:A@�BMP @^95E�CUBD>�@^EF:=<OBM:�W;ESR5>=<?@ 7

E��'<?>A@^>dBDR K 6 BD_;R;W;EFW C;KM:^K ` EF@=ES:b>ACfKMLSEQG���JOJ�BMP�@=9;EeCfKM:=K ` EF@^EF:=>FT�� >@?BA ? T ��� A ? T ��� A ? Ti�T j TcKMR;W � T�E �'<O>A@ BDR;J 7 �&<j@^9;<?R @=9;E _;R5<?@ <OR8@^EF:AVQKMJ T��&9;EF:=E KQ> >A@^KMR;WfKM:AW�KMC;C;:AB8KMLN9;EF>

���

Page 101: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^B LSBDR5>A@^:A_;LF@=<OR;n Ke�)KM: �MB[V)LN9;KM<OR#>=< ` _;J KQ@=<OBDRaBMP @=ESR�9;K[VME @NKQ:=nDE @�W;<?>A@=:=< 6 _5@^<?BDR;>�@^9fK @

E��'<?>A@�BDRa@^9;E->=E @�BQP�:AE KMJ*Rk_ ` 6 ES:A>SG +�9;EH:=ES>�@^:A<OLF@=<OBDRaBMP�K 6 BD_5R;W;ESW CfKM:=K ` EF@^EF:&>=CfKMLFE

:=EFmk_;<O:AES>�@^9;EdLN9;BM<OLSEbBQP�Ke>=_ � LF<OEFRk@=J 7 > ` KQJOJ�C5:=BDC BD>^KQJ�VQKM:=<OKMR;LSE PhBM:-Ka:=KMR;W;B ` ��KMJ �

>^K ` C;J?ES:FTgBM@=9;ES:��&<O>=EQT @^9;E LN9fKM<OR ` K 7 C5:=BDC BD>=E VMKQJO_;EF> BD_5@=>=<OW5E @^9;E CfKM:^K ` E @^ES:�>=CfKMLFE

@^BBeBMP @=ESR T*LSKM_;>=<?R;na<?@ @=BeLSBDR8VMES:=nME >AJOB �&J 7 Gb� R�@^9;EdBM@=9;ES:�9;KMR;W T*<jP @=9;E VQKM:=<OKMR;LFE BMP

@^95E C5:=BDC BD>^KQJ�W;<?>A@^:A< 6 _'@^<OBMR <O> @=B'B3> ` KMJ?J Tc@=9;Ee:^KMR5W;B ` ��KMJ � ` K 7 LSBDR8VMES:=nME#>AJOB �&J 7

>=<?R;LSE�<?@ ` K 7 @NK �ME�@=B'B JOBDR;n-@^B KMW;ESmk_fK @^ESJ 7X` B[VDE KM:=BD_5R;W @=9;E >=_5C;CUBM:A@�BQP*CfKM:=K ` E @^EF:

>=C;KMLSEQG �'_;<?@^K 6 J 7 >=LSKMJOEFW TcK � KMR;nDE V<OR @ 7 C E KQJOnDBD:A<?@=9 ` LSKMR C5:=B[V<OW;EX>=B ` Ed:=EFJO<OE P�PhBM:

@^95<O>�C;:AB 6 JOE ` T;KM>�<?@ �&<?JOJgRk_;W5nDEH@=9;E-LN9fKM<?R <?Re@^9;E-W;<?:=ESL @^<?BDRaK ��K 7 Ph:=B ` KM:AE KM>&BMPlJOB �

C;:AB 6 K 6 <?JO<j@ 7 G�� @^:A_;R;LSKQ@^EFW3� KMR;nDE V'<?R�KMJ?nDBD:A<?@^9 ` ` K 7 KMJO>AB C;:AB[V'<?W;E >AB ` E :AESJO<?EFP�T 6 _'@

@^95EHC5:=B 6 J?E ` BMP�>AL KMJ?<OR;nd:AE ` KM<OR;>FG

��R;BM@=9;ES: LSB ` C;J?<OL K @^<OBMR BQP�@^9;E C BD>�@^ES:A<OBD:HW;<?>A@^:A< 6 _'@^<OBMR PhBD:H@^9;Ee��12� ` BW;ESJ�<?>

@^95E�>=9fKQ:=Cd:=<?W;nDES>�BMPI9;<OnM9 C;:=B 6 K 6 <?JO<?@ 7 Gl+�95ES>=E�:A<OW;nMES>,KM:AE�ES>ACUEFLS<OKMJOJ 7 R5BM@^<?LSE K 6 JOE�<OR @^95E

C;J?BM@�BQP^i�VMES:A>=_;> j �hi;nD_;:=E � G � � G&+�9;E >�@^EFC3>=<��FE ` _;>A@ 6 E L KM:AEFPh_;J?J 7 LN9;BD>AESR�@=B K VDBD<?W

Ph:=EFmk_;ESR8@^J 7 B[VDEF:=>=95B'BM@=<OR;n�@=9;ES>AE�LFBDR;LFESR8@^:=KQ@^EFW 9;<?nD9bC;:=B 6 K 6 <?JO<?@ 7 KM:AE KM>FGc��W5W;<?@=<OBDRfKQJOJ 7 T

@^95E LN9fKM<?R LSBD_5JOW nDE @ >A@=_;L � <?R KMR�KM:AE K)BQP&9;<OnD9 C;:=B 6 K 6 <OJ?<?@ 7 T�>=B#@^9fKQ@ <?P�@=9;E @NKQ:=nDE @

W;<?>A@^:A< 6 _'@^<OBMRe9fKM> ` BM:=E�@=9fKMR BDR;E ` BW;EQT;<?@ �&<?JOJ R5BM@&:=ESKMLN9�KMJ?JgBMP/@^95E ` G

�)KMR 7 BMP @^9;E&C;:AB 6 J?E ` >,C;:=EF>=ESR8@=ESW 687 @=9;E 6 BD_5R;W;ESWXCfKM:=K ` EF@^EF:,>=CfKQLSE�KMR;Wd>=9fKQ:=C

:=<?W;nDEF>�BMPX9;<OnM90C;:=B 6 K 6 <OJ?<?@ 7 LSKMR 6 E B[VDEF:=LFB ` E 687 _;>=<?R;n K >A@=B'LN9fKQ>A@^<?L W 7 RfK ` <OLF>

` EF@^95B'W T/>=_5LN9 KM>-@^9;E � KMR;nDE V<OR KMJOnDBM:=<?@=9 ` nM<?VDEFR 687 ESmk_fK @^<OBMR r G � G ��B ��E VDEF:STc@^95E

>A@^KMR;WfKQ:=WX� KMR;nDE V'<?RXKMJOnDBM:=<?@=9 ` L KQRX9;K[VME&<OR;>�@NK 6 <?JO<j@ 7 <?R8@^:=BW;_;LFESW 687 _;>A<OR;n�@=9;E�nD:^KQW;<��

ESR8@SG, P @^9;E&@NKQ:=nDE @�W;<?>A@=:=< 6 _5@^<?BDRd9fKM> JOBL KMJfC;:ABDC ES:A@=<OEF> @=9fKQ@�JOE KQWX@=B ES:A:^KQ@=<OL 6 ES9fK V<OBD_5:

<OR @^9;EHnD:=KMW;<OEFR8@ TI@^9;E <OR;>�@NK 6 <?JO<j@ 7 :=EF>=_;Jj@^>�<OR �&<OJOW5J 7 B[VDEF:=>A9;B'BQ@^<OR5n ` BW;EF>�BD:�KM:AE KM>�BMP

9;<?nD9 C;:AB 6 K 6 <?JO<j@ 7 G�+�95<O>�LFBD_;JOW 6 E LFBD:=:AESLF@=ESW 687 _;>A<OR;ndKQRe_;C;C ES: 6 BD_;R;WaBDR @^9;E�>�@^ESCgG

� �

Page 102: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

.fBD:�E��5K ` C;J?EMT;C;:ABDC BD>^KMJ?>�BMP/@^9;E-PhBD: ` � � � � � � � ` <OR � � � � � � JOBDn � � � � � � � � � � T;LSKMR:=E @NKM<?R ` BM>A@,BMP @^95E&KMW5VQKMR8@NKMnMES>,BMPI@^95E�� KMR5nDEFV<ORdKQJOnDBD:A<?@=9 ` �&9;<OJ?E�:=E ` B[V<OR;n�>AB ` E�BMP

@^95E�<OR;9;EF:=EFRk@�<?R;>A@^K 6 <?JO<?@ 7 BMPI@=9;E�nD:^KQW;<OEFRk@ � p � G,.fBD:l@^9;E 6 BD_;R;W5ESWdCfKM:=K ` E @^EF:,>=CfKMLFE�BMP@^95E&��12� ` BW;ESJ TM9;B ��EFVMES:STk@^95E�LN9;BD<?LSE�BMPI@=9;E�_;C;C ES: 6 BD_;R5W � <?>cK W;<�� LF_;J?@�C;:=B 6 JOE ` T

KMR;W ��BD_;JOWaJ?< �MEFJ 7 R;ESEFW @=BXW5ESC ESR;W#BDR @=9;E-LS_;:A:=EFRk@�>�@NKQ@=E � ��G+�9;E _5>=E BQPbK @=:=_;R5L KQ@=ESW]C;:ABDC BD>^KMJ�<?R2@=9;E � KMR5nDEFV<OR KMJ?nDBD:=<j@^9 ` > <?>#LSKMJOJ?ESW2K

�#E @^:=BMCUBDJ?<O> KMW A_5>A@^EFWe� KMR;nDE V<OR @=:=_;R5L KQ@=ESWeKMJ?nDBD:A<?@^9 ` � � � �'+/� � Gk+�9;ES>AE LN9fKM<?R;>�LSKMR

9fK VDE 6 EF@A@^ES:�LFBDR8VDEF:=nDEFR;LSE C;:=BDC ES:�@^<?ES>�@^9;KMRe@^9;EH�#���*� � �'Y G�� 7 :=EF@^KM<OR5<OR;n @=9;E �A_;C �9;<?JOJ ��W5<O:=EFLF@=<OBDR �&9;<OJ?E,C;_5@A@^<OR5n�KMR _;C;C ES: 6 BM_;R;W BMR @^95E�>�@^ESCgT ` KMR 7 BMP5@=9;E�KQW5VQKMR8@NKMnDEF>

BMP @^95E�� KMR;nDE V'<?RaKMJOnMBD:=<j@^9 ` KM:AE �MEFC5@ T �&95<OJOE�@^9;E�W5<O>^KQW5VQKMR8@NKMnDEF>�L KQ_;>=EFW 687 <?R;>A@^K 6 <?J��

<?@ 7 <OR @=9;E�nD:^KQW;<OEFRk@�KQ:=E�JOBM>A@ Gc��B ��E VDEF:STIPhBD:�@NKQ:=nDE @&W;<O>�@^:=< 6 _5@=<OBDR;> �&<?@=9 <?R;>=_ � LF<OEFRk@=J 7

> ` BBM@^9�>=_5:AP KMLFES>ST�>=LSKMJO<?R;n�@^9;E#�#���'+/� L KMR 6 EaW;<��XLS_;Jj@ G ��> KQR E �;K ` C;J?EMT�<?P�@^95E

C BD>A@=ES:=<?BD:�W;<?>A@=:=< 6 _5@^<?BDR C BD>=>AES>A>=ES>�K RfKM:A:=B � :AESnD<?BDReBMP/9;<?nD9eC;:=B 6 K 6 <?JO<?@ 7 T'>A_;:=:ABD_;R;W5ESW

687 KQR KM:AE K)BMP�JOB �4C;:AB 6 K 6 <?JO<j@ 7 T/>=_;LN9�KM>H@^9;EX1 <?@=LN9 � > ��KQ@ W;<O>�@^:A< 6 _5@=<OBDR � �Mr Tl@^95ESR@^95E LN9fKM<?R ` K 7 >A@^<?JOJ*B[VDEF:=>A9;B'BQ@�@^95E ` B'W;EQTI:=ES>A_;J?@=<OR;nX<OR#B[VDES:A>^K ` C;J?<OR;n;G���KMJOLF_;J KQ@=<OBDR

BMP�@^9;EanD:=KMW;<?ESR8@XBMP�@=9;EaJOBDn3BQP�@=9;EaCUBD>�@^EF:=<OBM:bW;ESR;>A<?@ 7 KQ@bVQKM:A<OBD_5>bCUBD<?R8@^>d<OR;W5<OL K @^ES>

@^9;KQ@-@^9;EXW;ESR5>=<?@ 7 >A_;:AP KQLSEX<O>�VDEF: 7 >A@=ESEFC PhBD:�@^9;E ��12� ` BW;ESJ Gd+�9;E ` KMnDR5<?@^_5W;EbBMP

@^95E nD:^KQW;<OEFRk@ BMP,@^9;EbJ?BDn W5ESR;>A<?@ 7 :=KMR;nDEF> Ph:=B ` VQKMJ?_;ES> BMR�@^9;E BM:=W;EF: BMP�Y q @=B VMKQJO_;EF>

nD:AE KQ@=ES:�@^9fKQR Y q � G+�9;E�@^E ` C ES:AESWe� KMR5nDEFV<OR KMJOnDBM:=<?@=9 ` r GjY q C5:=B[V<OW;EF>�K :=E ` EFW 7 PhBD: @=9;<O>�W;<��XLF_;J?@ 7

<OR ` KQR 7 LSKM>=EF>ST KQR;W�9fKM> 6 EFESR3>A9;B �&R�@^B 9;K[VME 6 EF@=@=ES:�@^9;EFBD:=E @^<OL LSBDR8VMES:=nMESR;LFEbC;:=BDC �

ES:�@^<?ES> � � � Gd1 <j@^9 <?@=> VQKM:=<OK 6 JOE >A@^EFC >A<��SEQT <?@ �&<OJ?J TUBDR K VMES:^KQnDEMT @NK �QEdJ KM:AnDES:�>�@^ESC5> <?R

KM:AE KM>lBMP;J?B � C;:=B 6 K 6 <OJ?<?@ 7 TQKQR;W > ` KMJ?JOES:*>�@^EFC;>c<OR KM:AE KM>lBMPf9;<?nD9 C5:=B 6 K 6 <OJ?<?@ 7 G/.fBD:*@NKQ:=nDE @

W;<?>A@^:A< 6 _'@^<OBMR;>�<ORd@^9;E�E��'CUBMR;ESR8@^<OKMJfP K ` <OJ 7 BMP*W;EFR;>=<j@^<?ES>STk@^95<O>�@^ESLN95R;<Omk_;E�L KMR 6 E�9;<OnD95J 7

���

Page 103: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

E�UESL @^<jVDE � � � G ��B ��EFVMES:ST @^9;E @=E ` CUEF:=EFW � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` :=ESJ?<OEF> BDR�K3LSB ` C;J?<��

L K @^ESW >=LN95E ` EaPhBM: @^9;EaC;:ABDC BD>^KMJ�VMKQ:=< KQR;LSEQT ` K �k<OR5n�<?@bW5<��XLS_;Jj@ @^B < ` C;J?E ` ESR8@bKQR;W

LSB ` C;_'@NKQ@=<OBDRfKQJOJ 7 <OR'PhE KM>A< 6 J?EMG�.fBD:�@=9;Eb��9;:ABDR;<?LH1 KM>A@=<OR;n � <O>AE KM>AE ` BW;ESJ Tf_;>=E BMPc@^95E

@^E ` C ES:AESWaW;<��g_;>A<OBDR ` K 7 :AESmk_;<O:AE-K @^:=KMR;>APhBM: ` KQ@^<?BDR BMP/CfKM:=K ` EF@^EF:=>FTf>=<OR5LSE�E ` C;<?:=<OLSKMJ

>A@=_;W 7 BMR @^9;E @=E ` CUEF:=ESWaW;<��g_5>=<OBMRe9fKM>�@^9k_;>�P KQ: 6 EFESR BDR;J 7 BDR @^KM:=nMEF@&W;EFR;>=<j@^<OEF> �&<?@=9

_;R 6 BD_;R;W;EFW)>A_;C;C BD:A@�� � � G�R;W;<?V<?W;_fKMJ?J 7 T[@=9;E�C;:AB 6 JOE ` > ` EFR8@^<OBMR;ESWbK 6 B[VDE�L KMR ` K �QE�@^9;E�LSBDR;>�@^:A_;LF@=<OBDR BQP KMR

E�UESL @^<jVDE��)KM: �MB[VbLN9fKQ<ORb>=< ` _;JOKQ@^<?BDR W;<��XLS_;Jj@ G��RbLFB ` 6 <?RfKQ@=<OBDR T @^9;EF>=E&LN9fKM:=KMLF@=ES:A<O>A@=<OLF>

L KQReJOE KQW @^B >=ES:A<OBD_5>�C;:=B 6 JOE ` >FT �&9;<?LN9aKM:=E�E��5KMLFES: 6 KQ@^EFW <?R 9;<?nD9 W;< ` EFR;>=<?BDR;>FG,��E VDES: �

@^95ESJOEF>=>FT K �#KM: �QB V#LN9fKM<?R�>=< ` _;JOKQ@^<?BDRaL KMR 6 EHLSBDR;>�@^:A_;LF@=ESW3@^9fK @ �&<?JOJ KMC;C5:=B �'< ` KQ@^EFJ 7

C;:AB'W;_5LSE�@^95E�CUBM>A@^EF:=<?BD:�W;<?>A@=:=< 6 _5@^<?BDR � GjYDYDGl+lB�9;KMR;W;J?E�@^95E�LSB ` C;JOE �'<?@^<?ES>/BMPI@^9;E�CUBD>�@^E �

:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMRaKMR;Wa@^BXLSBDR;>�@^:A_;LF@�KMR E�XLS<?ESR8@�>A< ` _5J KQ@=<OBDR ` EF@=9;BW T5PhE K @^_;:AES>&Ph:=B `

@^95E @^:A_;R;L K @^ESW KQR;W�@^E ` C ES:AESW � KMR;nDE V<OR3KMJ?nDBD:A<?@^9 ` >�KM:AE _;>=EFW G�+�9;EF>=EbPhE KQ@=_;:=EF>�KM:AE

@NKQ<OJOBM:=ESW @^B39fKMR5W;JOE @=9;EeCfKM:�@^<OLF_;J KQ: W;<�� LF_;J?@=<OEF> C;:AES>=EFR8@^ESW 687 @^9;EeC BD>�@^ES:A<OBD: <OR @^95E

LN9;:ABDR;<OL ��KM>A@=<OR;ndW;<?>=ESKM>=E ` B'W;EFJ G

� � � � � � ��� � ��� ��� � � ��� ��� ���� � � ������� � � � � � ��� ��� � �����

�'EFVMES:^KQJ�KQ@=@=E ` C5@^>-KQ@-LFBDR;>�@^:=_5LF@^<?R;n#Ka�)KM: �QB[V LN9fKM<OR >A< ` _;JOKQ@^<?BDR)PhBD:�@^9;E ��12�

` B'W;EFJ ��ES:AE ` KMW5E�_;>=<?R;n @^95E3>A@NKQR;WfKM:AW :^KMR;W5B ` ��KMJ �IT�@^95E �#EF@=:=BDC BDJO<?> KMW A_;>A@=ESW

� KMR;nDE V<OR KMJOnDBM:=<?@=9 ` TgKMR5W @=9;Eb@^E ` C ES:=EFW � KMR5nDEFV<OR KMJ?nDBD:=<j@^9 ` ` EF@^95B'W;>�W5<O>=LF_;>=>AESW

K 6 B[VDEMG]� KQLN9 ` EF@=9;BW ��KM>e:=_;R PhBD: �DqMq��NqDqDq <?@=ES:^K @^<OBMR;>ST 6 _5@ nD:=KMC;9;<?L KMJ�EFV<?W;ESR;LFE

>=95B ��ESW#@^9fKQ@�@=9;E 7 P KM<OJ?ESW @^BdC;:AB'W5_;LSE-@^9;E-LFBD:=:AESLF@�>�@NKQ@=<OBDRfKQ: 7 W5<O>A@=:=< 6 _5@^<?BDR G

+�9;E�if:A>A@ ` E @^9;BW KQ@A@^E ` C5@=ESW ��KM>�@=9;E�>�@NKMR5WfKM:=W :^KMR;W5B ` ��KMJ �IG,��ESLSKM_;>AE BMP*@^95E

LSBM:=:=EFJ KQ@=<OBDR�@^9;E�CfKM:=K ` EF@^EF:=>*<?R-@=9;E���12� C BD>�@^ES:A<OBD:*W5ESR;>A<?@ 7 TQK 6 JOBL �k<OR;n�>�@^:=KQ@^EFn 7 ��KM>

E ` C;J?B 7 ESW TcKMR;W KQJOJ,>=< � CfKM:^K ` E @^ES:A> ��ES:AE _;C WfKQ@=ESW >A< ` _;Jj@NKMR5ESBD_;>AJ 7 Ge+�9;E C;:ABDC BD>^KMJ

�M\

Page 104: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;<?>A@^:A< 6 _'@^<OBMR ��KM>XK >=< � W;< ` EFR;>=<?BDRfKMJ ` _;J?@=<?VQKM:=<OKQ@^EXR;BD: ` KQJ�W;<O>�@^:A< 6 _5@=<OBDRgT �&<?@^9�@^95E

VQKM:=<OKMR;LFEHBQP,E KMLN9)LSB ` CUBMR;ESR8@�LN9;BD>=EFR)@^B 6 EHC;:ABDCUBM:A@^<?BDRfKMJ @=BX@=9;E C5:=<OBM:&VQKM:A< KMR5LSEMG��

J KQ:=nDE Rk_ ` 6 EF:HBQP�C5:=BDC BD:A@=<OBDR;KMJO<j@ 7 LFBDR;>�@NKMR8@^>�PhBD: @=9;EbC;:ABDCUBM>^KMJ�VQKM:A< KMR5LSE ��ES:=Eb@=:=<OEFW

<OR KMR KQ@A@^E ` C5@d@=B LFBDR;>�@^:=_5LF@ K LN9;KM<OR @^9;KQ@ ` < �5EFW KMR;W LSBDR8VDEF:=nDEFW mk_;<?L �J 7 G �#BD>�@

VQKMJO_5ES>�PhBM:�@^95E C;:=BMCUBD>=KMJIVMKQ:=< KQR;LSE�:=ES>A_;J?@=ESWe<?ReK LN9fKM<?R @^9;KQ@ ` B[VDESW VMES: 7 JO<j@=@=JOEMTk>A<OR;LFE

` KMR 7 BMP&@^95E C5:=BDC BD>=EFW VMKQJO_;EF>bJ K 7 BM_5@^>A<OW;E @=9;EaCfKM:^K ` E @^ES: >=CfKMLFEMG ��R E �@^:=E ` EFJ 7

> ` KMJ?J�>A@=ESC >=<��FE ��KM>XR;ESEFW;ESW @^B C;:=E VDEFRk@ @^9;<?> Ph:=B ` B'LFLS_;:A:=<OR5n;G .�<OnD_5:=E r GjYa>=9;B �&>

�DqDq �NqDqDq <?@=ES:^K @^<OBMR;> BQP @^9;E#CfKM<?: �&<O>AE)C;J?BM@ BMP @^95E)CfKM:=K ` EF@^EF:=>Zi"KMR;W j LN9fKQ<OR T�PhBM:

Ke:^KMR5W;B ` ��KMJ �)>^K ` C;J?ES: �&<j@^9 K VQKM:=<OKMR;LSEbBMR @=9;EbBD:AW;ES:�BMP�Y � Y q ��� G +�95EXnM:^KMC;95>>=95B �&>lJO<j@=@^J?E ` B[VDE ` ESR8@/PhBD:*@^9;EF>=E CfKM:=K ` E @^EF:=>ST <OR5W;<OLSKQ@^<?R;n�@^9fK @ ` BD>�@ BMP5@=9;E�C;:=BDC BD>AESW

VQKMJO_5ES>XKM:=E 6 ES<?R;n :AE AEFLF@^EFW G +�95E#W;<?>A@=<OR;L @^<?VME 6 KMRfKMR;K >A9fKMC E >AESEFR <OR ifnD_5:=E � G ��<?>

R;BM@-C5:=ES>AESR8@ <OR�ifnD_5:=E r GjYDT KMJj@^9;BD_5nD9�@^9;EXKQ@A@^:=KMLF@=<OBDR)@=Be@^9;E ` B'W5Eb<O> E V'<?W;ESR8@SGb+�9;E

CfKM<?: �&<?>=E�C;JOBQ@^> PhBD: >=B ` E�BQP;@^9;E BM@=9;ES:l>=<��HC;KM:^K ` EF@=ES:A>�KM:AE�>A9;B �&R <OR-ifnD_5:=E r G p G/+�9;EF>=E

nD:=KMC;9;> LFJOESKM:=J 7 W;BeR5BM@ ` KQ@^LN9�@=9;BD>=EbC5:=BW;_;LSEFW 6k7 @^9;EdKQLSLSEFC5@NKQR;LSEb>=K ` C5JOES:�>=9;B �&R

<OR ifnD_;:AE � G � G)��EFW;_;LS<?R;n#@=9;E C;:ABDC BD>^KMJ�VQKM:=<OKMR;LFE :AES>=_5J?@^> <OR ` BD:AE KMLFLSEFC5@^EFW VMKQJO_;EF>

PhBD:,@^95E�CfKM:=K ` EF@^EF:=>FT 6 _5@�@=9;E�LN9;KM<OR ` B[VMES>�VMES: 7 >AJOB �&J 7 K 6 BD_'@ @=9;E�CfKM:^K ` E @^ES: >=C;KMLSEQT

KMR;W �&9;EFR >�@NKM:�@^EFW <?R�KMR KM:=ESK BQP�J?B � C;:AB 6 K 6 <?JO<j@ 7 :AE ` KM<OR5ESW @^95ES:=E KQP @=ES: �DqMq��NqDqDq

<?@=ES:=KQ@^<?BDR;>SG

+�9;E->=ESLFBDR;W ` E @^9;BW KQ@=@=E ` C5@^EFW ��KM>�@=9;E �#EF@=:=BDC BDJO<?>�KMW A_5>A@^EFW)� KMR5nDEFV<OR KMJ?nDB �

:=<j@^9 ` r G � G,+�9;E �#� �*� 9fKMW C;:AB 6 JOE ` >�>A< ` <OJOKM: @=Bb@^9;E->A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IT 6 _'@

@^95ES>=E ��EF:=E ` BD:=EHC;:ABDR;BD_;R5LSESWgG�.�<?nD_;:AE r G � >A9;B �&>�@^95E CfKM<?:&C;JOBM@�BMPc@=9;E C;KM:^K ` EF@=ES:A>

i�KMR;W j G�+�9;E nD:=KMW;<?ESR8@&PhBD:�@^9;EHCUBM>A@^EF:=<?BD:&W;<O>�@^:=< 6 _5@=<OBDRa<ORa@^95E ��12� ` BW;ESJ*LSKM_;>AES>

<OR5>A@NK 6 <OJ?<?@ 7 <ORb@^9;E�KMJ?nDBD:=<j@^9 ` G +�9;E�JOBDn�C BD>A@=ES:A<OBD:�W;EFR;>=<j@ 7 :^KMR;nMES>,Ph:=B ` VMKQJO_;EF> BMR @^95E

BD:AW;ES:-BMP � Y q�� @=B � p � � Y � Z'T �&9;<OLN9 <OR3@^_5:=R L KM_;>AES> J KM:AnDE LN9fKMR5nDES>H<OR3@^95EXnM:^KMW;<?ESR8@ T

�MZ

Page 105: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.05 0.1 0.15 0.2 0.25 0.3 0.350.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

α

δ

� � �� � � ��� � � o�KM<?:dC;JOBM@bPhBM: KQJOJ �DqDq �NqDqDq <?@=ES:=KQ@^<?BDR;>bBMP�@^9;E CfKM:=K ` E @^EF:=> i KMR;W jC;:AB'W;_5LSESW 687 @^95EH>�@NKMR5WfKM:=Wa:=KMR;W;B ` ��KMJ � >=K ` C5JOES:FGc+�9;EHW;<O>�@^<?R;LF@=<?VDE 6 KMRfKMR;Kd>A9fKMC E>=EFESR <OR�@=9;EbKMLFLSEFC5@NKMR5LSEd>^K ` C;J?E <O>�R;BM@�C5:=ES>AESR8@ G +�9;EdKMJ?nDBD:=<j@^9 ` P KM<OJ?ESW)@=B C;:=BW;_;LFE@^95EHLFBD:=:AESL @�W5<O>A@=:=< 6 _5@^<?BDRaKQP @=ES: �DqDq �NqDqDq <j@^ES:=KQ@^<?BDR;>FG

\ q

Page 106: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.1 0.2 0.3 0.40

0.02

0.04

0.06

0.08a

α

γ

0 0.1 0.2 0.3 0.4 0.50

0.02

0.04

0.06

0.08

γδ

b

0 0.05 0.1 0.15 0.2 0.250

0.05

0.1

0.15

0.2

0.25

0.3

0.35c

α

p10

0 0.05 0.1 0.15 0.20

0.05

0.1

0.15

0.2

0.25

0.3

0.35

p4

αd

� � �� � � � � � � olKM<O: C;J?BM@^>*PhBD:/KMJ?J8<?@=ES:^K @^<OBMR;>*BMP5@=9;E�VMKQ:=< K 6 JOEF> PhBD:/@=9;E >A@NKQR;WfKM:AW :^KQR;W;B `��KMJ � >=K ` C;JOEF:SG�+�9;E#KMJOnDBM:=<?@=9 ` P KM<OJ?ESW @^B C;:AB'W5_;LSEa@^9;E LSBM:=:=EFLF@XW;<?>A@^:A< 6 _'@^<OBMR�KQP @^EF:�DqDq �NqDqDq <?@=ES:^K @^<OBMR;>SGao,JOBQ@ � K �->A9;B �&> @^9;E nD:^KQC;9 BMP�@=9;E KQLSLSEFJOEF:^KQ@=<OBDRTi2VMES:=>A_;> @^95E` B VME ` ESR8@ C;KM:^K ` EF@=ES: � G&o,JOBM@ � 6 �&>A9;B �&>�@^9;EHnD:=KMC;9)BQPc@^9;EHJOBMR;nX@=ES: ` >=_;>�@NKM<?RfK 6 J?EJOE VDEFJ j VDES:A>=_;> � G,o,JOBM@ �hL �,>=9;B �&>�@^9;E&nD:=KMC;9XBMP3i)VMES:=>A_;>�� >@?BA ? Tk@=9;E&<OR;<j@^<OKMJ'C5:=EFVQKMJ?ESR;LFE<OR �&�&(]@^ESRgG�o,J?BM@ � W ��>A9;B �&>�@=9;E-nD:^KQC;9aBMP=��� A ? VMES:=>A_;>�@=9;EHKMLSLFESJ?ES:^K @^<OBMRHi G

\5Y

Page 107: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

` K �k<OR;nb@^95E LN9;BM<OLSE-PhBD:�@^95E W;<?>=LF:=EF@=<��SKQ@^<?BDRa>A@^EFC � � <OR ESmk_fK @^<OBMR r G � ��E��@^:AE ` ESJ 7 W;<?P �

ifLF_;J?@SG&��ESLSKM_;>=E BMPc@^95E W;<��gEF:=EFR;LSEF> <ORa@^9;E CUBM>A@^EF:=<?BD:&>A@NKQR;WfKM:AW�W;EFV<OKQ@^<?BDR;>&>=9;B �&R3<?R

@^95E >=K ` C5JOEdnDESR5ES:^K @^ESW 6k7 @=9;E KMLSLFESC5@^KMR;LSE >^K ` C;JOEF: � W;<?>=LF_;>=>AESW <OR LN9fKMC'@^ES: � � T @^95E

C;:ABDCUBM>^KMJ5VQKM:A< KMR5LSE ��KM>�W;<��UES:AESR8@�PhBD:cESKMLN9 LFB ` CUBDR5ESR8@ TkKMR5W ��KM>�C;:ABDCUBM:A@^<?BDRfKMJ@^B�@^95E

C;:A<OBD:�VQKM:=<OKMR;LFEMG � KM:=nDEF:HVQKMJ?_;ES>HPhBD: � L KQ_;>=EFW JO<?@A@^J?E ` B[VDE ` EFR8@ <OR @^9;E LN9fKM<?R Ga+�9;E

LN9fKM<?R ��BD_5JOW 6 ESLSB ` E�>�@^_;L � <?Rb>=B ` E&KM:AE KM>,BMPI@=9;E�CfKM:=K ` E @^EF:c>=CfKQLSEMT>=<?R;LSE�E �@^:=E ` EFJ 7

J KQ:=nDE�nD:^KQW;<OEFRk@�VQKMJO_;EF>�:=EF>=_;Jj@^EFWe<OR ` KMR 7 C;:=BDC BD>=KMJO> @^9fKQ@�J K 7 BD_5@=>=<OW5E�@^9;E�CfKM:=K ` E @^EF:

>=C;KMLSEQTUKQR;W#95ESR;LFE ��ES:=EH:=EAESL @^ESWgG���9;BBD>=<?R;ndE��@^:AE ` ESJ 7 > ` KMJOJUVMKQJO_;EF>&PhBM:�@^9;E � 9;KMW

6 EF@=@=ES:H:=EF>=_;Jj@^>ST 6 _5@HLSKM_;>=EFW @^95E LN9fKQ<OR @^B ` B[VDEbVMES: 7 >AJOB �&J 7 K 6 BD_'@H@=9;EdCfKM:=K ` E @^EF:

>=C;KMLSEQG�.�<OnD_5:=E r G � >=95B �&> @^9;E�CfKM<?: �&<?>=E&C;JOBQ@�BQPg@^95E�CfKM:=K ` EF@^EF:=>-i KMR;W j PhBM: �DqMq��NqDqDq<?@=ES:=KQ@^<?BDR;>�BQP @=9;EX�#E @^:=BMCUBDJ?<O>���W A_;>�@^EFW � KMR;nMEFV<OR3��JOnDBD:A<?@=9 ` �&<?@^9 � � Y � Y q ��� ?

��Jj@^9;BM_;nD9�@^9;EaLN9fKM<?R KMC5CUESKM:=>b@^B 6 Ea9;ESKMW;<?R;n @=B ��KM:AW;> @=9;E ` BW;EQT�@^95E ` B[VDES> KM:AE

>=B#> ` KMJOJl@^9fKQ@HE VDESR KQP @^EF:-@=9;EdJ KM:AnDEdRk_ ` 6 ES:-BMP�<j@^EF:^KQ@=<OBDR;> @=9;EXLN9fKM<OR 9fKM>-P KM<?JOESW�@=B

C;:AB'W;_5LSE�@^9;E-W;<?>A@=<OR;L @^<?VME�:=<?W;nDE�>=EFESR#<OReifnD_;:AE � G �G

.�<ORfKQJOJ 7 TU@=9;Eb@^E ` C ES:=EFW � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` r G?Y q ��KM> KQ@=@=E ` C5@^EFW Gb+�9;<O>HKMJ?nDB �

:=<j@^9 ` ��KQ>�9fK ` C ES:AESW 687 @^9;E&CfKM:�@^<?LS_;JOKM:�PhBD: ` BMPU@^9;E&W;<��g_;>A<OBDR ` KQ@=:=<�� <OR r GjY q Tk>A<OR;LFE

@^95E �&<?W;Ed:^KMR5nDEdBMP�VQKMJ?_;ES>�PhBD: @=9;E J?BDneC BD>A@=ES:=<?BD:�LSBM:=:=EF>=C BDR;W;EFW �&<?@=9 K �&<?W;Ed:^KMR;nME

BMP VQKMJO_;EF> PhBD: @^95EbC;:=BDC BD>=KMJcVQKM:=<OKMR;LSEQG �R KMW;W;<j@^<?BDR Tg@=9;EdE��@^:AE ` ESJ 7 > ` KMJOJ/VQKMJO_;EF>�BMP

@^95E)JOBMn C BD>A@=ES:=<?BD: KQ@ @=< ` ES>X:=EF>=_;Jj@^ESW <OR K R;E KM:AJ 7 �FES:=B BM: <?R5ifR;<j@^E C;:=BDC BD>=KMJ�VQKM:A<��

KMR;LFEMG +�9;EaC;:AB 6 J?E ` > �&<?@=9�@=9;EaC;:=BMCUBD>=KMJ�VQKM:A< KMR;LFE L KQ_;>=EFW @^95EaKMJOnDBM:=<?@=9 ` @^B3P KM<?J G

.�<?nD_;:=E r G r >A9;B �&> @^9;E#CfKM<?: �&<O>AE#C5JOBM@ BMPMi KMR;W j PhBD: �DqDq��^qDqDq <?@^EF:^KQ@=<OBDR5>dPhBM: @^95E

@^E ` C ES:AESW)�/KQR;nDEFV<?R)KMJ?nDBD:A<?@^9 ` G�.�<?nD_;:AE r G �b>=9;B �&>�PhBD_;:&BM@^95ES:�CfKM<O:��&<O>AE�C;JOBM@=>SG�+�9;E

KMJ?nDBD:=<j@^9 ` 9fKM>HLSJ?E KM:AJ 7 P KQ<OJOEFW3@^B :=ESC5:=BW;_;LSEX@^9;EXW;EFR;>=<j@ 7 >=9;B �&R <?R ifnM_;:=EF> � G � KQR;W

\ p

Page 108: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 1 2 3 4 5 6 7

x 10−3

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5x 10

−3

α

δ

� � �� � � ��� � � olKM<O:HC;J?BM@HBMP&KMJ?J <j@^EF:^KQ@=<OBDR;>�PhBD:-@^95E CfKM:=K ` EF@^EF:=>Si KMR5W j C;:=BW;_;LFESW687 @^9;EH� KMR;nMEFV<OR >^K ` C;J?ES:SG�+�9;EHW;<?>A@^<?R;LF@=<?VME 6 KMRfKMRfKd>=9;KMCUE->AESESR)<ORe@^9;EHKMLFLSEFC5@NKMR5LSE>^K ` C;J?E�<?>lR5BM@cC;:AES>AESR8@ G,+�9;E�>A@^EFC >=< �SE ��KM>lBDR @^95E�BD:=W5ES:�BQP*Y � Y q ��� ? G�+�9;E�KQJOnDBD:A<?@=9 `P KM<?JOESW @=BdC;:=BW;_;LFE-@=9;E-LSBD:A:=EFLF@�W;<O>�@^:A< 6 _5@=<OBDRaK P @^ES: �MqDq��NqDqMq <?@^EF:^KQ@=<OBDR5>SG

\ �

Page 109: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 1 2 3 4 5 6 7 8 9

x 10−3

0

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

δ

α

� � �� � � ����� � olKM<O:HC;J?BM@HBMP&KMJ?J <j@^EF:^KQ@=<OBDR;>�PhBD:-@^95E CfKM:=K ` EF@^EF:=>Si KMR5W j C;:=BW;_;LFESW687 @^9;Eb@=E ` CUEF:=ESW � KMR;nDE V<OR >^K ` C;JOEF:SGb+�9;EXW;<?>A@^<?R;LF@=<?VME 6 KMRfKMR;K >A9fKMC EX>AESEFR <OR @^95EKMLFLSESC'@NKMR;LFE->^K ` C;JOE�<O>�R;BQ@�C;:=EF>=EFRk@STIKMR;We@^95E�LN9fKM<OR ��KM>&_;RfK 6 JOE�@=B VDEFRk@=_;:=E�P KM:�Ph:=B `<?@=> <OR5<?@^<OKMJ�CUBM>=<?@=<OBDR KQ@b@^95E BD:=<?nD<ORgG +�95EaKMJOnDBM:=<?@=9 ` P KM<?JOESW @^B3C;:AB'W;_5LSE @^95EeLSBD:A:=ESL @W;<?>A@^:A< 6 _'@^<OBMR K P @^ES: �DqDq��^qDqDq <?@=ES:^K @^<OBMR;>SG/��BQ@^E�Ph:AB ` @^95E�K �'ES>/@^9fK @l@=9;E�LN9fKQ<OR <?>/@=<OnD98@=J 7LSBMR;LSEFRk@=:^KQ@=ESW#R;E KM:&<j@^>�>A@^KM:A@=<OR;nbVQKMJ?_;E-KQ@�@^95EHBM:=<OnM<OR G

\ r

Page 110: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.002 0.004 0.006 0.008 0.010

0.002

0.004

0.006

0.008

0.01

α

a

γ

0 0.02 0.04 0.06 0.08 0.10

0.002

0.004

0.006

0.008

0.01

γ

b

δ

0 0.05 0.1 0.15 0.20

0.002

0.004

0.006

0.008

0.01

p10

α

c

0 0.05 0.1 0.15 0.20

0.002

0.004

0.006

0.008

0.01d

α

p4

� � �� � � ����� � o�KM<?:eC;JOBQ@^>eBMP KMJOJ <j@^EF:^KQ@=<OBDR;> PhBD: @^9;E VQKM:=<OK 6 J?ES> PhBD: @=9;E @^E ` C ES:=EFW� KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` G +�95EeKMJOnMBD:=<j@^9 ` P KQ<OJOEFW @=B)C;:AB'W5_;LSE @=9;E LFBD:=:AESL @bW;<O>�@^:A< 6 _5@=<OBDRKQP @=ES: �DqDq �NqDqDq <j@^EF:^KQ@=<OBDR;>FG o,JOBM@ � K �U>=95B �&> @^95E,nD:^KMC59HBQP@=9;E KMLSLFESJ?ES:^K @^<OBMRMi VDEF:=>=_5>l@^95E` B VME ` ESR8@ C;KM:^K ` EF@=ES: � G&o,JOBM@ � 6 �&>A9;B �&>�@^9;EHnD:=KMC;9)BQPc@^9;EHJOBMR;nX@=ES: ` >=_;>�@NKM<?RfK 6 J?EJOE VDEFJ j VDES:A>=_;> � G,o,JOBM@ �hL �,>=9;B �&>�@^9;E&nD:=KMC;9XBMP3i)VMES:=>A_;>�� >@?BA ? Tk@=9;E&<OR;<j@^<OKMJ'C5:=EFVQKMJ?ESR;LFE<OR �&�&(]@^ESRgG�o,J?BM@ � W ��>A9;B �&>�@=9;E-nD:^KQC;9aBMP=��� A ? VMES:=>A_;>�@=9;EHKMLSLFESJ?ES:^K @^<OBMRHi G

\��

Page 111: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� G � G

� � � � � � � � �� � � ��� � ��� � ��� � ���� �����

+�9;E P KM<OJ?_;:=E�BMP/@^9;E�>�@NKMR;W;KM:=Wa:^KQR;W;B ` ��KMJ �ITI�#EF@=:=BDC BDJ?<O>�KQW A_;>A@=ESW#� KMR;nDE V'<?R KMJ��

nDBD:A<?@=9 ` TIKQR;W)@^E ` C ES:AESW3� KMR5nDEFV<OR�KMJOnDBM:=<?@=9 ` T5@^B LFBD:=:AESL @^J 7 KMR5W�E�XLS<?ESR8@^J 7 >^K ` C;JOE

@^95EbCUBD>�@^EF:=<OBM: W;<O>�@^:A< 6 _5@=<OBDR#PhBD: @^9;EX��95:=BDR;<?L 1 KQ>A@^<?R;na� <O>AE KM>AE ` BW;EFJ�C;:AB ` C'@^> @^95E

LSBMR;>A@=:=_;L @^<OBMR�BMP�K R5E��>=< ` _;J K @^<OBMR ` EF@=9;BW G&+�9;E R;E�� ` EF@=9;BW)<O>�>=_;<j@NK 6 JOE-PhBD:�@^KM:��

nDE @ W;EFR;>=<j@^<?ES> �&<j@^9 6 BD_5R;W;ESW CfKM:^K ` E @^ES:X>=C;KMLSEF>eKMR;W LSBDR;LFESR8@^:=KQ@^EFW KM:=ESKM> BQP�9;<OnM9

C;:AB 6 K 6 <?JO<j@ 7 T 7 E @&:=EF@^KM<OR5>�@^95E mk_fKMJO<j@^<?ES> BMP*@^9;E��#� �+l� KMR5W @^9;E�@^E ` C ES:=EFWa� KMR;nDE V'<?R

` EF@^95B'W G

+�9;E nM:=E K @^ES>�@ 6 ESR5EFi;@�BMP,� KMR;nMEFV<OR @ 7 C E KMJOnDBM:=<?@=9 ` >�<O>�@^95E _;>AE BMPl@^9;EHnD:=KMW;<OEFR8@

<OR LN95B'BD>A<OR;n K3W;<?:=ESL @^<?BDR PhBD: @=9;EaC;:=BDC BD>=KMJ�VQKMJO_5EMG ��B ��E VDES:FT�PhBD:bK�@^KM:=nDE @dW;ESR5>=<?@ 7

�&<?@=9)EF:=:^K @^<OL nD:^KQW;<OEFRk@ 6 ES9fK V<OBD_5:STI@^9;E ` KMnDR5<?@^_5W;E-BMPc@^95E C;:=BMCUBD>AESW)VQKMJ?_;EHLSBD_;J?W 6 E

E��@=:=E ` ESJ 7 J KQ:=nDEQGdo�:ABDC BD>^KMJ?> �&<?@^9 KaJ KM:AnDE ` KMnDR;<j@^_;W5EdKM:=EXKe>=EF:=<OBM_;> C5:=B 6 J?E ` <OR K

LSBMR5ifR;EFWbCfKM:^K ` E @^ES:/>=C;KMLSEQT 6 _5@�@=9;E�nM:^KMW;<?ESR8@lW;<O:AESLF@=<OBDR <O>/>A@=<OJOJ8_5>=EFPh_5J G�+�95E�W;<O:AESL @^<OBMR

L KQR 6 E�:=E @NKM<?R;ESW 6k7 @=_;:=R;<?R;n�@=9;E�nM:^KMW;<?ESR8@l<OR8@^B�K�_;R;<j@lVMESL @^BD:FTM@^9k_;>c:=KQ@^95ES:l@=9fKMR _;>=<?R;n

� JOBMn � � � � � Tf<?@&<O>�>AL KMJ?ESWe@^B� JOBMn � � � � � �� � JOBMn � � � � � � �

� � r GjY p �

+�9;<?> �QESEFC;> @=9;E W5<O:=EFLF@=<OBDR <OR'PhBD: ` KQ@^<?BDR�<?R @=9;EXnD:^KMW5<OESR8@ST 6 _5@ KMJOJ?B �&> PhBM: ` BD:AEbC;:=E �

LS<?>=EdLSBMRk@=:=BDJ�B VMES:�@^95EX>�@^EFC >A<��SEQGd��B ��EFVDEF:ST/@^9;<?>�:=ESmk_;<?:=EF>-@=9fKQ@�@=9;EdnD:^KMW5<OESR8@-BMP @^95E

JOBMn3W;ESR;>A<?@ 7 E �'<O>A@=>ST�PhBD:bESmk_fK @^<OBMR r G?Y p @=B 6 EeW;E ifR;EFW G P�@=9;EanD:^KQW;<OEFRk@ BMP�@=9;EeJOBMn

W;EFR;>=<j@ 7 <?>b@^9;E �SES:AB VMESLF@=BD:ST&KQ> <j@ ��BD_;J?W 6 E)K @X@=9;E ` BW;EaBMP�@=9;E @^KM:=nMEF@ W;ESR;>A<?@ 7 T

@^95ESR r GjY p <?>�W;E ifR;EFWa@=B 6 E�@^95E �SEF:=B VDEFLF@=BD:ST �&95<OLN9eK VDBM<OW;>�C BM@=ESR8@^<OKMJILSB ` C;JO<?L KQ@=<OBDR5>SG

+�9;EHKMRfKQJ 7 @^<?L KMJUnD:^KMW5<OESR8@�LSKMR#KMJO>AB 6 E�:AESC;JOKMLSEFW �&<j@^9 K Rk_ ` EF:=<?L KMJ*KQC;C;:=B �'< ` KQ@=<OBDR <jP

R;EFLSES>A>^KM: 7 G

\ �

Page 112: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��KQ@=9;ES:�@^9;KMR KQ@A@^E ` C5@ @^BHifR;WeKH>=<?R;nDJOE&>�@^ESCe>A<��FE�PhBD:�KMJ?JfCfKM:^K ` E @^ES:A>ST5K W 7 RfK ` <OL

>A@=ESC >=< �SE3<?> LSBDR5>A@^:A_;LF@=ESW @^9fK @e<O> >A< ` <OJOKM:b@^B @^95E)@^E ` C ES:AESW2� KMR;nDE V'<?R KMJOnMBD:=<j@^9 ` G

� _fKMJ?<?@NK @^<?VMESJ 7 TQ@=9;E&LN9fKM<?RX<?> �A9;ESKQ@^EFW��;Tk>=B-@^9fK @ @=9;E�Ph_;:A@=9;ES:c@=9;E&LS_;:A:=EFRk@�>A@^KQ@^E&<?>cPh:=B `

@^95E ` B'W;E BMP;@=9;E�W5<O>A@=:=< 6 _5@^<?BDR T[@^95E�J KQ:=nDEF: @=9;E�>�@^EFC >=< �SE�@=9fKQ@l>=9;BM_;JOW 6 E�@NK �QESR G�1 95ESR

@^95E�LS_;:A:=ESR8@�>A@^KQ@^E�<?>,LSJOBM>=E�@^B @=9;E ` BW;EQTM@^9;E&>�@^ESC5> >A9;BD_;J?W 6 E�> ` KMJ?JOEF:SG/�Rd@=9;E&L KM>AE�BMP

@^95E ��12� ` B'W;EFJ T@^9;E�P KML @�@^9fKQ@&@=9;E�W;ESR5>=<?@ 7 Ph_5R;LF@=<OBDRa9fKM>�> ` KQJOJgVQKMJ?_;ES>�B[VDEF: ` _;LN9

BMPU@^9;E&CfKM:=K ` EF@^EF:�>=CfKMLFE ` K �QES>�@^9;E&_;>AE�BMPU@^9;E�C BD>A@=ES:=<?BD:,W;EFR;>=<j@ 7 Ph_;R;LF@=<OBDRX_;R;>�@NK 6 JOEMT

@^9k_;>&@^95EHJ?BDnbBMP/@^9;E-C BD>A@=ES:A<OBD:�W;EFR;>=<j@ 7 <O>�_5>=ESW#<OR;>�@^ESKMW G

�"E��'C;:AES>A>=<OBMR ` _;>A@ 6 E PhBM_;R;W�@^9;KQ@ <?> KQ@-K ` <?R;< ` _ ` �&9;ESR3@=9;E LS_5:=:=EFR8@�>A@^KQ@^EQT

� � ��� TU<O>�KQ@�@^9;E ` BW;E BQPc@^9;EH@NKM:AnDEF@�W;ESR5>=<?@ 7 G� @�>=9;BM_;JOW�nMEF@ JOKM:=nMES:�@^9;E Ph_;:A@=9;ES: � � ���nDE @^>�Ph:=B ` @^95E ` BW;EMG�.fBD: @^9;E->�@NK 6 <?JO<j@ 7 C5_;:=C BD>=EF>&W;<O>ALS_;>A>=ESW#K 6 B[VDEMT;@=9;<O>�E �'C;:=EF>=>=<?BDR

>=95BD_;JOW3_5>=E @^95EbJOBDn BQP,@^9;EbC BD>A@=ES:A<OBD:�W;ESR;>A<?@ 7 G �*EF@ � W5ESR;BM@=E @^9;EbC BD>�@^ES:A<OBD:�W;ESR5>=<?@ 7

Ph_;R;L @^<?BDR G��*E @��� W;ESR;BQ@^E @=9;E ` BW;E�BMPl@^9;EHCUBM>A@^EF:=<?BD:&W;ESR;>A<?@ 7 G�+�9;ESR#PhBD:�KMR 7 � � ��� <?R@^95E >=_;C5CUBD:�@�BMP � T ��Eb9fK VME � � � � ��� � � ���� � GH�<OR;LFE @^9;E JOBDn8KQ:=<?@=9 ` <O>�K ` BMR;BM@^BMR;<OL

@^:=KMR;>�PhBD: ` KQ@^<?BDR T5@=9;<O>�< ` C;J?<OES>�J?BDn � � � � � ��� � � JOBDn � � ���� � � G��_ 6 @^:=KMLF@=<OR;nXJOBMn � � � � � ��� � �Ph:=B ` 6 BM@^9 >=<OW5ES>�nD<jVDES> q J?BDn � � ���� � � � JOBDn � � � � � ��� � � G,��B ��EFVMES:STI>A<OR;LFE @^9;E >�@^EFC >A<��FE<OR @^9;Eb�)KM: �QB[V)LN9fKQ<OR�>A< ` _;JOKQ@^<?BDRa>=9;BM_;JOW 6 E R5BDR �SEF:=B;TUBDR;E <O>�KMW;W;EFW�@^B 6 BM@^9#>=<?W;ES>FG

+�9k_;>ST

Y J?BDn � � ���� � �� JOBDn � � � � � ��� � � � Y � � r GjY � �

�*EF@������ � � � ��� � � JOBMn � � ���� � � � JOBDn � � � � � ��� � � � YDT�KMR;W R;BQ@^E)@=9fKQ@3Y � ����� � �� � ����� � � ��PhBD:�KMR 7 � G&.fBD:&JOBDn � LSBDR5L K VDEHW;ESR5>=<?@=<OEF>ST ����� � � � ��� �&<?R;LS:AE KM>AES> KQ>�@=9;EHVQKMJ?_;E-BMPJOBMn � � � � � ��� � ��nDE @^>�P KQ:A@^95ES:�Ph:=B ` @^95E�JOBMn W;EFR;>=<j@ 7 VQKMJ?_;E�KQ@�@=9;E ` BW;EMGc+�95E _;>=E�BMP*@^95E

W;<��gEF:=ESR5LSE&BMPg@=9;E&JOBDn�W5ESR;>A<?@^<?ES>�<O>,_5>=EFPh_5JIPhBM:,>=<?@=_fKQ@=<OBDR;> �&95ES:=E&@^95E�_5>=E�BMPU@=9;E&W;ESR5>=<?@ 7

Ph_;R;L @^<?BDR ��BD_;J?W J?E KMW3@=B#Rk_ ` ES:A<OL KQJc<OR;>�@NK 6 <OJO<j@ 7 Gd.fBD: ` BD:=Eb>�@NK 6 JOEb@NKM:AnDEF@HW;EFR;>=<j@^<?ES>ST

\��

Page 113: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

K#:=KQ@^<?BaC;:=BDC BD:�@^<OBMRfKMJ�@=B >� ��� � �� � TcKQ> <?R @=9;EX@=E ` CUEF:=EFW � KMR;nDE V<OR KQJOnDBD:A<?@=9 ` BMP � � � T

��BD_;JOW 6 E�E�UESL @^<?VMEMG �0L KMR5W;<OWfK @^E�@=9fKQ@ ` K �MEF>�_5>=E-BMP @^9;E ` B'W5E ��BM_;JOW 6 E @^9;E�:=KQ@^<?B

� ���� �� ��� � �� � T �&95<OLN9 <?> KMJ���K 7 > 6 BD_;R5W;ESW 6 ESJ?B � 6k7 BDR5EMGa+�K �<?R;n#@=9;E J?BDn8KM:A<?@=9 ` BMP 6 BM@=9

>=<?W;ES>�BMP @^9;E <?R;ESmk_fKQJO<?@ 7 Y � ���� �� ��� � �� � KMR;WaKMW5W;<OR;n BDR;E :AES>=_5J?@^>�<OR @=9;E >^K ` E E �'C;:=EF>=>=<?BDR

KM> r GjY � G��R C5:^KML @^<OLFEMT @^9;E ` B'W;Ee<?R E �'C;:=EF>=>=<?BDR r G?Y � LSKMR 6 EePhBD_;R;W _;>=<?R;n KMR 7 BMP

K 9;BM>A@ BQP�R_ ` EF:=<OLSKMJ/BDC5@^< ` < � KQ@=<OBDReC5:=BLSESW5_;:=EF>ST*>=_5LN9 KM>�@^95E ��EFJOW;EF:����#E KMW ` EF@=9;BW

_;>AESW#PhBM:�@^9;EHKMLFLSESC'@NKMR;LFE >=K ` C;JOEF:&K 6 B[VMEMG

+lB ` K �QEH@=9;E >�@^EFC�>=< �SE KMC;C;:ABDC;:=<OKQ@^E�PhBD:�K nM<?VDEFR#@^KM:=nDE @�W5ESR;>A<?@ 7 T 6 BM@^9 @^9;E C;:=B �

C BD>^KMJ�VQKM:A< KMR5LSE KMR;W @^9;E >A@=ESC >A<��FE Ph_;R5LF@^<?BDR ���� � � � ��� � ` _;>�@ 6 E >=LSKMJOEFW LSBM:=:=EFLF@=J 7 G

�R�@^9;E >A@^KMR;WfKM:AW � EF@^:ABDC BDJO<?>dKMW A_;>�@^ESW � KMR;nDE V'<?R KQJOnDBD:A<?@=9 ` Tl@^9;EeVQKM:=<OKMR;LFE BQP�@^95E

C;:ABDCUBM>^KMJl9fKM>�@=9;E PhBD: ` � �ITg>ABe@^9fKQ@�<?@�<O> LFBDR;>A@^KMR8@�PhBD:�ESKMLN9 LSB ` C BDR;ESR8@ST*KMJ?@=9;BD_;nM9@^95<O>,<O>,R5BM@�R;ESLFES>A>^KM: 7 T;KQR;WbVMKQ: 7 <OR;n�@=9;E&C;:=BDC BD>=KMJ5VQKM:=<OKMR;LFE�PhBD:,W;<��UES:AESR8@�LSB ` C BDR;EFRk@=>

<O>�CUBD>A>=< 6 JOEQG ��>�R;BM@^EFW K 6 B VMEMT*@^95Eb:=ES>A_;J?@=>�B 6 @^KM<OR;EFW�Ph:=B ` @^95EdKMLSLFESC5@^KMR;LSEd>=K ` C5JOES:

>=95B �2@^9;KQ@�@=9;E W;<��gEF:=ESR8@�LFB ` CUBDR5ESR8@^>�<?R @^9;E���12� C BD>�@^ES:A<OBD: 9fK VDE �&<?W;ESJ 7 W5<��UES:=EFR8@

>A@^KMR;WfKQ:=WaW;EFV<OKQ@^<?BDR;>ST<ORe>AB ` E L KM>AES>�KMReEFRk@=<O:AE BD:=W5ES:�BMP ` KMnDR;<j@^_;W5EMG���BDR5>=ESmk_;EFR8@^J 7 T

@^95E�W;< KMnMBDRfKMJ LSB[VQKM:=<OKMR;LFE ` KQ@=:=< �gT ��T;<?> �MESC'@ T 6 _5@�@=9;E�ESR8@=:=<OEF>&KM:=E�>=L KQJOESWaW;<��gEF:=EFRk@=J 7

PhBD:�ESKMLN9)LFB ` C BDR;EFR8@ G +�9;<O>&<O>&KdJOEF>=>&LSB ` C;J?<OLSKQ@^EFWaKMC;C;:AB8KMLN9#@=9fKMRe@^95E LFBDR;>A@=:=_;L @^<?BDR

BMP,@=9;EbW;<��U_;>A<OBDR ` KQ@=:=< � _;>=EFW PhBM:�@^9;E @^E ` C ES:=EFW � KMR;nDE V'<?R KMJOnMBD:=<j@^9 ` <?R � � � G�+�9;EESR8@=:=<OEF>,BMP � ` _;>A@ 6 E�LN95BD>=EFRX@=B�ESR;>A_;:=E�@=9fKQ@cVQKMJ?_;ES>,KQ:=E�R;BQ@,C;:=BMCUBD>AESWdBD_5@=>=<?W;E�BMPI@^95E

CfKM:=K ` EF@^EF:�>ACfKMLSE @=B'B BMP @^EFR G,�RaKMW;W;<j@^<?BDR @=B @^9;E C5:=BDC BD>^KQJgLSB[VQKM:A< KMR;LFEMT@^9;E >�@^EFC >A<��FE

� ` _5>A@ 6 E LN9;BM>=ESRgGH+�95E @^_;R5<OR;n C;KM:^K ` EF@=ES: �#<O>�>=< ` <OJOKM:�@^B @^9;E W5<O>=LF:=E @^<��SKQ@^<?BDR)>A<��FE

� <OR KMJ?nDBD:A<?@^9 ` r G � T KMR;W ` _;>�@ 6 EbLN95BD>=EFR @=B LFBD_;R8@^EF:^KML @�@^9;EbE��gEFLF@=>HBQP ����� � � � ��� � T�&9;<?LN9 LSKMR @^K �MEdBDR E �'@=:=E ` EFJ 7 JOKM:=nDE VMKQJO_;EF>SGd+�9;EdCfKM:=K ` E @^EF: � LSKMR 6 EdLN9;BD>AESR 6k7

L KQJOLS_5J KQ@=<OR;n @=9;E�>�@^EFC >=< �SE&PhBD:�CUBD<?R8@^>,@^9;:ABD_;nD95BD_5@�@^9;E�>=_;C5CUBD:�@�BQPg@^95E�@^KM:=nDE @ W;ESR;>A<?@ 7 T

\D\

Page 114: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KMR;W LN9;B'BM>=<OR5n)@^9;E VMKQJO_;EF> BMP � @=B ` K �ME KM> J KM:AnDE BM: KM> > ` KMJOJ KM> W5ES>=<?:=EFW G�+�9;<?>

@^_5R;<OR;n3C;KM:^K ` EF@=ES: nM<?VDEF>b:=EFJ KQ@=<?VDEFJ 7 C;:AESLS<?>=EeLFBDR8@^:=BMJ�B[VDES: @=9;E ` <OR;< ` _ ` >A@=ESC >=< �SEMG

!�_;<OW;EFJO<?R;ES> PhBM: LN9;BBD>=<?R;n3@^9;Ee@^_5R;<OR;n3C;KM:^K ` EF@=ES: � KMR;W @=9;EaLSB[VQKM:=<OKMR;LSE ` KQ@=:=<�� �

KM:AE W;<O>ALS_;>A>=EFW <?R�>=EFLF@^<?BDR r G � G � G-�R KMW;W;<j@^<OBMR#@^B @=9;EbC;:ABDCUBM>^KMJlLSB[VQKM:=<OKMR;LSEQTg@^95E >A@=ESC

>=< �SE � ` _;>A@ 6 E LN9;BD>=EFR G�+�9;E @=_;R;<OR5n CfKM:=K ` EF@^EF: �)<?>�>=< ` <?J KM:�@=B @^95E W;<?>=LS:AEF@=<�� K @^<OBMR

CfKM:=K ` EF@^EF: � <OR3KQJOnDBD:A<?@=9 ` r G � T*KMR;W ` _;>�@ 6 EbLN9;BD>=EFR @=BeLSBD_5Rk@=ES:=KMLF@-@^95EbE�UESLF@=>�BMP

����� � � � ��� �+�9;E :=EF>=_;Jj@^<?R;n3KMJ?nDBD:=<j@^9 ` <O> K ` BW;<?i;L KQ@=<OBDR BMP�@^95E @^E ` C ES:AESW�� KMR;nDE V<OR KMJ?nDB �

:=<j@^9 ` T'KMR;W <?R @^9;<?>�@^95ES>=<?>�<?@ �&<OJ?J 6 E LSKMJOJ?ESW @=9;E-�#BW;<?i;ESW ��W A_;>A@=ESW � KMR;nDE V<ORe��J?nDB �

:=<j@^9 ` �&<?@^9 +lE ` C ES:AESWa�k@^ESC >=< �SE � �#���'+�� � G'+�9;E �#� �+�� �&<OJ?J 6 E�_;>AESW @=B >A< ` _;JOKQ@^E

@^95E ��12��CUBM>A@^EF:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR � G?YMYDG

��� � �� � � � � � � � � � � � � � � � � � ��� � �� � � � � � �� � � � ��� � ������ � � ��� � ���� � � � � ��� � ������ � � ���� � � � � � ��� � � �� � � ����� ����� � ��� � � ����� � � � � � � � � � � �� ��� � ���� � ��� ������

� � ��� �� � � ���� � � ���� � � � �� � � � ��� � � � ���� � � � ��� � � �� � ���� � � � �� �� � ��� � � � � ����� ��� � ��� � � � � � � � ����� � � � � � � � JOBMn � � ���� � �� J?BDn � � � � � � � Y � �

� � � � � � � � � � � � � � � �� � � � ��� � � � � � ����� � � � � � � � ��� � � � � � ��� � �� � � � �� ��� � �

������� � � � � � ���� ������� � � � � � ��� � � � � � ��� ��� ��� � � � � ����� � ��� ����� � � ���� � � ��� � � ���� � � �� � � �

� � � JOBDn � � � � � � � � �q � � ��� � � � � �� � ��q �

� ��� � � � �� � � � � � � � � � � � � ���

� � � � � � � � � � � � � � ���� � ��� � � � � �� � � � � � � � ��� � �

� � � � ��i � � � � � � � � ��� �� � � � �� �� � � ? � � ��� � ��� � � � �� ������ � � � ��� ��� ��� ��

�� � � ? � � � � ��� � � � � � � ��� ��� ��� � � � ��� � �� �� ��� � � � � � � � ��� � ` <OR � i � Y � � � � � � ��� >

� � ��� � ��� � � � � � � � � � ��� > � � � �

\DZ

Page 115: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��BDR8VDES:AnDESR5LSEbBMP�KQJOnDBD:A<?@=9 ` r G r @=B >�@NKQ@=<OBDRfKQ:=<?@ 7 L KMR 6 E ES>A@^K 6 J?<O>=95ESW 687 W;E ` BDR �

>A@=:^KQ@=<OR;n @=9fKQ@e<j@e<O> K >=C ESLS<OKMJ�LSKM>=E BMP-@=9;E �#EF@=:=BDC BDJ?<O>�����KM>�@^<?R;nD> KQJOnDBD:A<?@=9 ` G +�9;E

:=EFJ KQ@=<OBDR5>=9;<?C 6 EF@ ��ESEFR @^9;Ed@NKQ:=nDE @ W5ESR;>A<?@ 7 KMR;W @^9;EXLSBDR5W;<?@=<OBDRfKQJ,C;:=BDC BD>=KMJ,W;<O>�@^:A< 6 _ �

@^<?BDR)<?R)@^95EbKMJOnMBD:=<j@^9 ` r G?Y ` _;>A@ 6 E EF>A@^K 6 JO<?>=9;EFW G���KQ>=<OL LSBDR8VMES:=nMESR;LFEd@=B @^95E @NKQ:=nDE @

W;<?>A@^:A< 6 _'@^<OBMRe<O>�>A@^KQ@^EFW#<?Re@^9;E�PhBDJ?JOB �&<OR;n @^9;EFBD:=E `�

��� ����� � � � � � � � � � � � � �� � � � � ��� � � � � � � � � � � ��� � � ������� ��� � ��� � � ��� � �� � � ��� � �� � � ����� � ��� � � ����� � ��� � � ���� � � � � � � � � � ����� ���� � ���� � � � � � ��� � � � � ��� � � ��� � � � � �� � ���� � ��� � �� � � � � ������� � � ��� �� ������ � � � � ������������� ��� � � � � ����� � � ���� � � � � ������ � ��� � ��� � � � � ��� � � ��� ���� � � ������ � ��� � � �� ���� � ���� � � ��� ��� ���� � �

� ��� � � �+�95E LSBDR8@=<ORk_;BD_;> if:=>�@bCfKM:�@^< KQJ W5ES:=<jVQKQ@^<jVDES> KM:=E R;ESLFES>A>^KM: 7 @^B�EFR;>=_5:=E @^95E

E��'<?>A@^EFR;LSE)BMP�@^9;E#nD:^KQW;<OEFRk@X@^95:=BD_;nM9;BD_5@ @^9;E#>=_;C;C BD:�@eBMP @=9;E#@^KM:=nDE @ W;EFR;>=<j@ 7 G +�9;E

nD:=KMW;<OEFR8@&<O>�_;>AESW <ORaW;EF@=ES: ` <?R;<OR;n @^9;E-W;<?:=ESL @^<?BDReBMP/@^9;E-C;:ABDCUBM>^KMJgVQKMJ?_;EMG,+�95EH_5R;R;BD: �

` KMJO< �SESWeLFBDR;W;<j@^<?BDRfKMJUW;ESR;>A<?@ 7 <?R KMJOnDBM:=<?@=9 ` r GjY <?>�nD<?VMESR 687�

� � � � � � � E��'C ��� q � � � � � � � � � � � � � � � > � � � � � � � � � � � r GjY r �

+�9;<?> <O>-@^95E��MEF:=R;EFJ�BMP�KMR � W;< ` ESR;>A<OBDR;KMJ ` _;Jj@^<?VQKM:A< KQ@=E R;BD: ` KQJ W5<O>A@=:=< 6 _5@^<?BDR T �&<?@=9

>=_5C;CUBM:A@���� G

��EFL KMJ?J/@=9fKQ@�K >AEF@ � <O> ���� � � � � � �)<?P,E VDEF: 7 @ ��BaCUBD<?R8@^> � > � � � � � LSKMR 6 E LSBDR �

R;EFLF@^EFW 687 KHC5<OESLFE�&<?>=E�> ` B'BM@=9 LF_;:AVME�EFRk@=<O:AESJ 7 LSBDR8@NKQ<OR;EFW �&<j@^9;<?R � Gc+�9;E�LSBDR;R5ESLF@=ESW

>=_5C;CUBM:A@aBMPH@^9;E�@^KM:=nMEF@eW;EFR;>=<j@ 7 <O> R;BM@ K 6 >ABDJO_'@^ESJ 7 R5ESLSEF>=>=KM: 7 T 6 _5@e@^95<O> LFBDR;W;<j@^<OBMR

K VDBD<?W;> ` KMR 7a` KQ@^9;E ` K @^<OLSKMJ*KMR5W�C;:^KQLF@^<?L KMJ*W5<��XLS_;Jj@^<?ES>STI>AB <?@�<O>�KM>A>=_ ` ESW�95ES:=E � �Qr G�*EF@ � ��� � � � ��W5ESR;BM@=E @=9;E >A_;C;C BD:A@�BMP�@^9;E-@NKM:AnDEF@�W;EFR;>=<j@ 7 � G� P � �#�d��� � � ����� Tf@^95ESRLSBMRkVMES:AnDESR;LFE BMPl@^9;E �)KM: �MB[V LN9fKM<OR#C;:=BW;_;LFESW 6k7 KQJOnDBD:A<?@=9 ` r G r @^Bd@^9;EHLSBD:A:=EFLF@�>A@NK �

@^<?BDRfKM: 7 W;<?>A@=:=< 6 _5@^<?BDR <O>�EFR;>=_5:=ESW 6k7 @^9;EFBD:=E ` r G?YMG?YDG �

Z q

Page 116: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

P�@^9;Ed@NKQ:=nDE @ W;EFR;>=<j@ 7 <O> K ` <��@^_;:AE BQP 6 BM@^9 W;<O>ALS:=E @^E KMR;W LFBDR8@^<?R_5BD_;> LFB ` CUB �

R;EFRk@=>ST�@=9;ESR r G r LSBD_5JOW 6 EXBDR;J 7 6 E KMC;C;J?<OESW @^Ba@^9;E LSBDR8@=<ORk_;BD_;> LSB ` C BDR;ESR8@=>STc>A<OR;LFE

@^95E�nD:^KQW;<OEFRk@ ��BD_5JOWbR;BM@�E��'<O>�@cPhBD:�@=9;E�W;<?>=LF:=EF@=E�LSB ` C BDR;ESR8@=>SG�+�95ESBD:AE ` r G � GjY�ESR5>=_;:AES>

@^95E 6 KQ>=<OL�LFBDR8VDEF:=nDEFR;LSE @=B >�@NKQ@=<OBDR;KM:=<j@ 7 PhBD:&KMJ?nDBD:A<?@^9 ` r G r G�.fBD:&KXnM<?VDEFR @^KM:=nMEF@�W;ESR �

>=<j@ 7 T89;B ��EFVMES:ST5KMLF@=_fKMJ;LFBDR8VDEF:=nDEFR;LSE�:^KQ@=ES> �&<OJ?J'W;EFCUEFR;W BMRd@=9;E�VQKMJO_5ES>,BMP @^9;E&EFJOE ` ESR8@=>

BMP � KMR;W3@^9;Ed>ACUEFLS<?i;LbLN9fKM:^KQLF@^EF:=<?>A@^<?LS>�BMP�@=9;Eb@NKM:AnDEF@�W5ESR;>A<?@ 7 Gb�'<OR;LFE @^9;EdKQJOnDBD:A<?@=9 `

>=_5C;C;:=EF>=>AES> @^95E :=KMR;W;B ` ��KMJ � 6 EF9fK V'<?BD_;:-BMP�@^9;E LN9fKM<OR 687 C;:=BDC BD>A<OR;n;T BDR K VDES:=KMnDEQT

<OR)KMR�_;C59;<OJ?J/W5<O:=EFLF@=<OBDR T C ES:APhBM: ` KMR;LSE �&<OJ?J*<OR�nDEFR;ES:=KMJ 6 E 6 E @=@^EF:�@^9;KMR)@^95E >A@^KMR;WfKM:AW

:^KQR;W;B ` ��KMJ � KM>�@^95EHRk_ ` 6 EF:�BQP�W;< ` EFR;>=<?BDR;>�<?R;LS:AE KM>AES> � p \5T �Mr G+�9;Ea�#���'+�� KMJOnMBD:=<j@^9 ` TlJ?< �QE @^95Ea�#� �*� T�_;>AES> @^95E nD:^KQW;<OEFRk@ <OR5PhBD: ` K @^<OBMR @=B

C;<?L � K W5<O:=EFLF@=<OBDR PhBD:b@=9;EaC;:=BDC BD>AESW�VMKQJO_;EQG +�95ES>=E)KMJOnMBD:=<j@^9 ` > KM:AE ` BD:AEeJO< �MESJ 7 @=B

KMLFLSESC'@ C5:=BDC BD>=EFW VQKMJ?_;ES> @=9fKMR3@^95EX>�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ �IT 6 EFL KM_;>AEX@=9;Ed>A@^KMR;WfKM:AW

:^KQR;W;B ` ��KMJ �)nDEFR;ES:=KQ@^EF> KeL KQR;W;<OW;KQ@^Ed>A@^KQ@^E 687 KMW5W;<OR;na> 7'`X` EF@^:A<OLSKMJOJ 7 W5<O>A@=:=< 6 _5@^EFW

R;BD<?>=E�K 6 BD_'@�@^9;E�LS_;:A:=ESR8@&>�@NKQ@=EMT �&9;<?LN9a<O>�@^KMR8@NK ` BD_;R8@�@=Bb>=ESKM:=LN9;<?R;nbPhBD:�95<OnD9eC;:AB 6 K �

6 <?JO<?@ 7 :=EFnD<OBMR;>&KQ@&:^KQR;W;B ` G�� R @=9;E-BM@^95ES:�9fKMR5W TI� KMR;nDE V'<?Re@ 7 C E KMJOnDBM:=<?@=9 ` > ` B'W;<jP 7

@^95E >=ESKM:=LN9 687 6 <OKM>=<?R;n @=9;E�C;:=BMCUBD>=KMJgW5<O>A@=:=< 6 _5@^<?BDR <?R P K VDBD:�BQP L KMR;W5<OWfKQ@=E >A@^KQ@^EF>�@^9fK @

JO<?E <?R�W;<?:=ESL @^<?BDR;> BMP�95<OnD9;EF:�C;:AB 6 K 6 <OJO<j@ 7 G +�95<O> W;<��gEF:=EFR;LSE <?> LSJ?E KM:�W;E ` BDR;>�@^:=KQ@^EFW 6k7

Ke>=< ` C;J?E _;R;<jVQKM:=<OKQ@^E E �5K ` C5JOEMGX.�<?nD_;:AE r G � >A9;B �&> KeR;BD: ` KQJcW;<O>�@^:A< 6 _5@=<OBDR �&<?@^9 @^95E

L KQR;W;<OW;KQ@^E�>�@NKQ@=E&J K 6 ESJ?ESW�� Gl� >A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ �H<O>�ESmk_fKMJ?J 7 J?< �QESJ 7 @=B�nDESR;EF:^KQ@=E

K C;:ABDC BD>^KMJ/VQKMJO_;EH@^B @=9;E :=<?nD98@�KM>�<?@�<O>�@=B @^9;E JOEFP @�BMP,@^95E LS_;:A:=EFRk@�VQKMJ?_;EMG-��B ��E VDES:FT

@^95E VMKQJO_;EF>b>=JO<?nD98@^J 7 @=B3@^9;EeJ?EFP @dKM:AE ` BM:=E J?< �MEFJ 7 @^B 6 EaKMLSLFESC5@=ESW G +�95<O>bE�UESL @ 6 E �

LSB ` EF> ` BD:=E�R;BM@=<OLSESK 6 J?E�KQ>�@^95E�W;< ` EFR;>=<?BDR BQP @^9;E�@NKM:AnDEF@�W;ESR5>=<?@ 7 <?R;LS:AE KM>AES>ST 6 EFL KM_;>AE

@^95E C;:AB 6 K 6 <OJO<j@ 7 BQP�@^9;Ed>�@NKMR;W;KM:=W :^KMR;W5B ` ��KQJ �3LN9;BBD>=<?R;n#K W;<?:=EFLF@^<?BDR �&<?@=9 9;<?nD9;EF:

Z5Y

Page 117: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;EFR;>=<j@ 7 VMKQJO_;EF>�W;< ` <OR;<?>=9;EF>�KM>�Kb:=EF>=_;Jj@�BQPl@=9;E �ALS_;:A>=E-BMPlW;< ` ESR5>=<OBMRfKMJO<j@ 7 �;G

� � �� � � � ��� � (�R;<jVQKM:=<OKQ@^EaR;BD: ` KQJ�W5ESR;>A<?@ 7 �&<?@^9 ` ESKMR �FES:=B5T&VQKM:A< KMR5LSEa@^9;:AESEMG �LS_5:=:=EFR8@e>A@^KQ@^E#<O>XJ K 6 ESJ?ESW � G +�9;E)9;<OnD95ES:XC;:=B 6 K 6 <OJ?<?@ 7 KQ:=E K <O>X@^B @=9;E)J?EFP @ BMP�@^95ELS_5:=:=EFR8@�>�@NKQ@=EMTfJOB ��ES:&C;:AB 6 K 6 <?JO<j@ 7 KQ:=E KQ>�KQ:=E�@^Bb@^95EH:A<OnD98@SG

��BM@=E @^9fKQ@ <?P�K�@NKM:AnDEF@bW5ESR;>A<?@ 7 <?> IKQ@ST�KM> �&<j@^9�K3_;R;<jPhBD: ` W;<?>A@^:A< 6 _'@^<OBMR T�@^95ESR

@^95E�nD:^KQW;<OEFRk@ VDEFLF@^BM: �&<OJ?J 6 E��FES:=B5G]�R >=_;LN9 K L KM>AEMT&@^9;E�C5:=BDC BD>^KQJ�W;<?:=EFLF@^<?BDR �&<?JOJ

6 Ea@=9;E �SEF:=B VDESL @^BD:FT�>AB @=9fKQ@d@^9;EaC;:ABDC BD>^KMJ ` EFLN9fKMR;<?> ` <?R KQJOnDBD:A<?@=9 ` r G r :=EFW;_;LFES>

@^B)K#>�@NKMR;W;KM:=W :^KMR;W5B ` ��KQJ �IGe1 <?@^9 K#J?B'LSKMJOJ 7 IK @ W;EFR;>=<j@ 7 @^9;EXnD:^KQW;<OEFRk@ LSBMRk@^KM<OR5>

R;Be<?R5PhBD: ` KQ@=<OBDR#K 6 BD_5@�:AESnD<?BDR;> BMP�95<OnD9;EF: C;:AB 6 K 6 <?JO<j@ 7 T 6 _5@�@^95EbKMJOnMBD:=<j@^9 ` �&<?JOJ/>A@^<?JOJ

Ph_;R;L @^<?BDR G

!-<jVDESR @=9;E�>A< ` <OJ KQ:=<?@=<OEF> �&<?@^9 @=9;E�@^E ` C ES:AESWd� KMR;nMEFV<ORbW;<��g_5>=<OBMR � � � TQ@^9;E�LFBDR8VDES: �nDEFR;LSE�BMP @^95E�LN9fKM<?R C;:AB'W5_;LSEFW 687 @=9;<O>�KMJ?nDBD:=<j@^9 ` ` K 7X6 E 6 EF@A@^ES: @^9fKQR @^95E�_;R;95E KQ@=ESW

� KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` r G � G ��R E ` C;<?:=<?L KMJ,>�@^_;W 7 BMP�@=9;E KQJOnDBD:A<?@=9 ` <O>HC ES:APhBM: ` ESW <?R

>=EFLF@=<OBDR r G � G r G,.f_;:�@^9;EF:�:AES>=_5J?@^>�BDR @^95E�@^95ESBD:AEF@^<?L KMJ LSBMRkVMES:AnDESR;LFE-C;:=BDC ES:�@^<?ES>�PhBM:�KMJ?nDB �

:=<j@^9 ` r G r KQ:=E-R;ESLFES>A>^KM: 7 G

Z p

Page 118: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#� �+��3<?>�ES>A>=ESR8@=< KMJ?J 7 Ka:=KMR;W;B ` ��KMJ � �&<?@=9 K ��> ` KM:A@ �eC;:=BDC BD>=KMJc>A@=ESC T �&95<OLN9

` K �MEF> _;>=EbBQP,@^9;EbnD:=KMW;<?ESR8@ <?R5PhBD: ` KQ@=<OBDR �&9;<?JOE :AE ` B[V'<?R;n C BM@^EFR8@^< KQJl<?R;>A@^K 6 <OJ?<?@=<OES>&<?R

@^95E nD:=KMW;<?ESR8@ G���W;W;<j@^<OBMRfKMJOJ 7 T 6 EFL KM_;>AE BMPl@^9;E C;:=BMCUEF:A@^<?ES>&BMP ����� � � � � Tf@^95E LN9fKM<?R �&<?JOJ

@NK �ME JOKM:=nDEF:�>�@^ESC5>�<OR3KM:AE KM>�BMP�JOB � C;:AB 6 K 6 <?JO<j@ 7 T KMR;W3> ` KMJ?JOEF:�>�@^ESC5>�<OR3KM:AE KM>�BMP�9;<OnM9

C;:AB 6 K 6 <?JO<j@ 7 G ��B ��E VDEF:ST�@^9;E)KMJOnMBD:=<j@^9 ` :=EFm_5<O:=EF> KQ@XJ?E KM>�@ >AB ` E �kR;B �&JOEFW;nDE#BMP @^95E

` B'W;EaBMP�@^9;Ea@NKQ:=nDE @ W;EFR;>=<j@ 7 T �&95<OLN9 �&<?JOJ�BQP @^ESR :=EFm_5<O:=Ea@^95E#_;>AE)BMP�LSB ` C;_5@^KQ@^<?BDR �

KMJ?J 7 <OR8@=ESR;>A<?VDE BDC5@^< ` < � KQ@=<OBDRaC;:AB'LFESW;_5:=ES> 6 E PhBD:=E @=9;E ` EF@=9;BW�L KMR 6 E < ` C5JOE ` ESR8@=ESW G

.�<?R;W;<OR5n#@^95E ` BW;E BMP�@^9;E @NKM:AnDEF@ W;<O>�@^:=< 6 _5@=<OBDR L KMR 6 ESLFB ` E mk_;<?@=E W;<��XLF_;J?@ KM> @^95E

Rk_ ` 6 ES:�BMPgW;< ` ESR;>A<OBDR5>,<OR;LF:=E KQ>=ES>FGc��W5W;<?@=<OBDRfKQJOJ 7 @=9;E�KQJOnDBD:A<?@=9 ` L KMRX9fK VDE�K-LFB ` CfKM:��

KQ@=<?VDEFJ 7 JOKM:=nDE&Rk_ ` 6 ES: BMP*C;KM:^K ` EF@=ES:A> � @=9;E ESR8@^:A<OES>�BMPg@=9;E�W5< KMnDBMRfKMJ ` KQ@^:A<�� � KQR;W

@^95E LSBMR;>A@^KMR8@ �aPhBD:�KMR � W;< ` ESR5>=<OBMRfKMJ*W;<?>A@^:A< 6 _'@^<OBMR G�+�9;<?> KMW;W5ESW3LSB ` C;J?E��'<?@ 7 W;B'EF>

C;:AB V<?W;E�@^9;E 6 ESR;E i;@ BMPUnD<?V<OR5n @^9;E�KMJ?nDBD:=<j@^9 ` ` BD:=E�Ph:=ESEFW;B ` @=B-E��'C;JOBM:=E&LSB ` C;J?<OL K @^ESW

@NKQ:=nDE @bW;ESR5>=<?@=<OEF>SG3 @b>A9;BD_;J?W 6 E R5BM@^EFW T�9;B ��E VDES:FT @=9fKQ@bJ?< �QE @^95Ea�#� �*� � r G � � Tc@^95E

�#���'+��eKMJOnMBD:=<j@^9 ` � r G r � L KMR 6 E�W;EFifR5ESWa@^Bb:=EFmk_;<O:AE-K >=<OR5nDJOE�@^_;R;<?R;nbCfKM:=K ` EF@^EF:STfKQ>

�2LSKMR 6 E-LN9;BD>AESR @^B 6 E-<?W;ESR8@^<j@ 7 ` KQ@^:A<��UG

+�9;E�LSB ` C;J?E��'<?@ 7 BMPf@=9;E&�#���'+��bKMJ?nDBD:=<j@^9 ` <O>�LFB ` CfKM:^K 6 JOE�@^B @=9;E&�#��� � GM PI@^95E

nD:=KMW;<OEFR8@�<O>�KQC;C;:=B �'< ` KQ@=ESW3Rk_ ` ES:=<?L KMJ?J 7 TU@^95ESR3PhBD: ESKMLN9 <j@^EF:^KQ@=<OBDR T 6 BM@^9 KMJ?nDBD:=<j@^9 ` >

:=EFmk_;<O:AE p � YHEFVQKMJO_;KQ@^<?BDR;>�BMPc@=9;EHW;ESR;>A<?@ 7 Ph_;R5LF@^<?BDR#PhBM:�KQR � W;< ` ESR;>A<OBDR;KMJg@NKQ:=nDE @

W;<?>A@^:A< 6 _'@^<OBMR Gc� 7 LSBDR8@=:^KM>�@ T5@=9;E�:^KMR5W;B ` ��KMJ � KQJOnDBD:A<?@=9 ` :=EFm_5<O:=EF>�BDR;J 7 BDR5E W;ESR5>=<?@ 7

EFVQKMJ?_fKQ@=<OBDR CUEF:�<?@=ES:=KQ@^<?BDR Gc��KMLN9a<j@^ES:=KQ@^<?BDRXBMP*@^9;E�>A@NKQR;WfKM:AWe:^KMR;W5B ` ��KMJ � KQJOnDBD:A<?@=9 `

�&<OJ?JD@^9;EF:=E PhBD:=E�:=ESmk_;<?:=E�JOES>A>l@=< ` E�@=9fKMR EF<?@=9;ES: @^9;E��#� �+�� BD:��#� �*� GQ+�9;E�KMW5VQKMR8@NKMnME

BMPUKMJ?nDBD:=<j@^9 ` r G r BD:l@^9;E&� � �*� B[VDES: K >�@NKMR;W;KM:=Wb:=KMR;W;B ` ��KQJ �H<O>�@=9fKQ@c@=9;E�>A@^KMR;WfKM:AW

:^KQR;W;B ` ��KMJ �bLSKMR :AESmk_;<?:=E�KMR E �'@=:=E ` EFJ 7 J KQ:=nDE�Rk_ ` 6 ES:�BMP <j@^EF:^KQ@=<OBDR;>c@=B LFBDR8VDES:AnDE�@=B

>A@^KQ@^<?BDRfKM:A<?@ 7 � �Q\5TfZ5T �Mr G

Z �

Page 119: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � � � ���� ��� � ���� �� �� ��� � ���� � �

+�9;E LSBMR;>=<?W;ES:=KQ@^<?BDR;>�<?R LN9;BBD>=<?R;n @^95E�@^_;R5<OR;n C;KM:^K ` EF@=ES:A>�PhBD: @^9;E-� � �'+��eKMJ?nDB �

:=<j@^9 ` KM:=Ec@=9;E�>^K ` E KM> @^95BD>=E,PhBD:*BM@=9;ES: ` EF@=9;B'W5>SGl.IBM: 6 BD_5R;W;ESWHW;EFR;>=<j@^<OEF>ST @^9;E,@=_;R;<OR5n

CfKM:=K ` EF@^EF:�� <ORHKMJOnMBD:=<j@^9 ` r G r ` _;>A@ 6 E,LN9;BD>AESR @=B&C;:=E VDESR8@l@^9;E,LN9fKQ<OR-Ph:=B ` Ph:=ESmk_;EFR8@^J 7

C;:ABDCUBM>=<OR5n�VQKMJO_5ES>l@=9fKQ@�J K 7 BD_5@=>=<OW5E�@^95E�CfKM:=K ` E @^EF:l>ACfKMLSEQG,.fBD:/_;R 6 BD_5R;W;ESWdW;EFR;>=<j@^<?ES>ST

� KMR5W � ` _;>�@ 6 E�LN9;BD>AESR @=B ESR;>A_;:=E�>=_ �XLS<?ESR8@�E �5C5JOBD:=KQ@^<?BDR BQP @^9;E�CfKM:=K ` E @^EF:�>=C;KMLSEQG

+�9;E-W 7 RfK ` <OL�>A@^EFC)>A<��SE ` _;>�@ 6 EHKMJ?>=B 6 E�LSBDR;>A<OW;EF:=EFW TIKMR;We@^95E-@=_;R;<?R;nbCfKM:=K ` E @^EF:

� ` _;>A@ 6 KMJ KMR5LSE�@^9;E 6 ES9fK V<OBM_;:�BMP/@^9;E->A@=ESC#>=<��FE�ESmk_fKQ@=<OBDR G

+�9;E VQKM:A< KMR;LFES>�BMPc@=9;E C;:A<OBD:&W;<?>A@=:=< 6 _5@^<?BDR;>�KM:=E nDESR5ES:^KQJOJ 7 E KM> 7 @=B L KQJOLS_5J KQ@=E KQR;W

` K �ME-LSBMRkVMESR;<?ESR8@ LN95BD<OLFES>&PhBD:�@^9;E-ESR8@=:=<OEF>�BQP�@^95EHC5:=BDC BD>^KQJ VMKQ:=< KQR;LSE ` KQ@^:A<�� ��G ��R �

BM@=9;ES:�RfKQ@^_5:^KMJ/LN9;BD<?LSE PhBM:�@=9;E EFJOE ` ESR8@=> BMP �]KM:AE @=9;E C;:AESJ?< ` <ORfKM: 7 ES>�@^< ` KQ@=ES>�BMP,@^95E

` KM:=nD<?RfKMJUCUBD>�@^EF:=<OBM:�VQKM:=<OKMR;LSEF>SG��'<?R;LSE�@^95E � � �'+�� KMJOnMBD:=<j@^9 ` :=EFmk_;<O:AES>&@^9;E-L KQJOLS_5J K �

@^<?BDR BD:HKMC;C;:AB �'< ` KQ@=<OBDR BMP�@^9;E ` B'W;EdBMP�@^9;Ed@NKM:AnDEF@HW;EFR;>=<j@ 7 T�@=9;<O>-<?R5PhBD: ` KQ@=<OBDR3LSKMR

6 E�LSBDR8VDEFR;<OEFR8@^J 7 _;>=EFW#<?R @^9;E�LN95BD<OLFE BMP @^9;E @=_;R;<?R;nbCfKM:=K ` E @^EF:=>SG,+�95EH<?R8VDES:A>=E-BMP @^95E

��EF>=>A< KMR ` K @^:=< � BQPl@=9;E-JOBDn � CUBM>A@^EF:=<?BD:�W5ESR;>A<?@ 7 TIE VMKQJO_fKQ@=ESW KQ@�@=9;E ` BW;EMT5C;:=B[V<OW;EF>�KMR

KMRfKQJ 7 @^<?L KMJ KMC5C;:=B �'< ` KQ@^<?BDR BMPc@^95E C BD>A@=ES:=<?BD:�LSB[VQKM:=<OKMR;LSE ` KQ@^:A<��UG�+�9;E VQKMJ?_;ES>�BMP,@^95E

KMC;C5:=B �'< ` KQ@^EaLSB[VQKM:A< KMR;LFE ` KQ@=:=< � L KQR @^95ESR 6 E _;>=EFW @^B LN9;BBD>=E @^9;EaVQKMJO_;EF>dBMP @^95E

` KQ@^:A<�� ��G PlW;EF>=<O:AESW T � L KMR 6 EHW5< KMnDBMRfKMJ G

(�>=<?R;n EF<?@^95ES:l@=9;E�C;:A<OBD: ` KM:=nD<?RfKMJDVQKM:A< KMR;LFES>lBD:l@=9;E�C BD>A@=ES:=<?BD: ` KM:AnD<ORfKQJDVMKQ:=< KQR;LSEF>

KMJ?BDR;E ` K 7 JOESKMWa@^B >�@^EFC�>=< �SES>�@^9fKQ@�KM:AEH@=B'BXJ KM:AnDEHBD:�@=B'BX> ` KMJ?J G&��BDR5>=ESmk_;EFR8@^J 7 Tg@^95E

` KQ@^:A<�� � ` K 7 R5ESESW @^B 6 Eb<OR5LS:=ESKM>=EFW BD: W;EFLS:=ESKM>=EFW Gb+�9;<?> <O> EF>=C ESLF< KMJ?J 7 < ` CUBD:�@NKMR8@

PhBD: 6 BD_;R5W;ESWbW;EFR;>=<j@^<?ES>ST8>A<OR;LFE&KMRbE�XLF<OESR8@��)KQ: �MB[V LN9fKM<ORb>=K ` C;JOEF:�>=95BD_;JOW ` BD>�@,BMP @^EFR

C;:ABDCUBM>=E�VQKMJO_5ES>�@=9fKQ@�JO<?E �&<j@^9;<?R @^9;E�>A_;C;C BD:A@�BQPU@=9;E�@NKM:AnDEF@cW;ESR;>A<?@ 7 Gc P ����� � � ��<O>cESKM> 7

@^B ` K �'< ` <��SE�BDR @=9;EH>=_;C;C BD:�@�BMPl@^9;E�@^KM:=nDE @�W5ESR;>A<?@ 7 Tf@=9;ESR)KMR#_5C;CUEF: 6 BD_;R5W#PhBD:�@^95E

Z r

Page 120: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>A@=ESCd>=< �SE�L KMR 6 E�ES>�@NK 6 JO<O>A9;ESWgTM@^B-KM<?W <?R LN9;BBD>=<?R;n�@^95E�@^_;R5<OR;n C;KM:^K ` EF@=ES: � G�� >A< ` C;JOE

KMJj@^ES:ARfKQ@=<?VDE <O>�@=B L KQJOLS_5J KQ@=E ����� � � ��PhBM:�>=E VDEF:^KMJ,C BD<OR8@=>�<OR)JOB ��C;:=B 6 K 6 <OJ?<?@ 7 KM:AE KM>�BDR

@^95Eb>=_;C;C BD:�@�BMP�@^9;E @NKM:AnDEF@�W5ESR;>A<?@ 7 T KQR;W�@^9;EFR >=L KQJOE @=9;E VQKMJO_5ES> BMP�@=9;E >A@=ESC ` KQ@^:A<��

@^BXKMLN95<OEFVME KbCfKQ:A@^<?LS_;JOKM:�>�@^ESC#>=< �SEMG

� LSB `X` BMR LSBDR;>A<OW;EF:^KQ@=<OBDR �&95ESR2LN9;B'BM>=<OR5n�@=_;R;<?R;n VMKQJO_;EF> PhBD: �)KM: �MB[V LN9fKM<?R

>=< ` _;JOKQ@^<?BDR;>�<?> @^9;E���� ��� � � �� ��� �� � � @^95EXC5:=BDC BD:A@=<OBDR3BQP�C;:ABDC BD>=EFW ` B[VDES>�@=9fKQ@HKM:AE

KMLFLSESC'@^ESWgG � JOB � KQLSLSEFC5@NKQR;LSEa:^K @^EeL KQR <?R;W;<?L KQ@=E @^9fK @b@^9;Ee>�@^ESC >=< �SEe<?> @^BB3J KM:AnDEMT

>=<?R;LSE PhBD: ` KMR 7 W;ESR5>=<?@=<OEF>ST�K�J KM:AnDE ` B VME <?>eE��@^:AE ` ESJ 7 _;R;JO< �MEFJ 7 @=B 6 E KMLSLFESC5@=ESW

� p �'T �Mr G�� > ` KQJOJOEF:->A@^EFC >=< �SE @ 7 C;<?L KMJ?J 7 J?E KMW;>H@^B3K#J KM:AnDES: KMLSLFESC5@^KMR;LFE :^KQ@=EMT,>A<OR;LFE

C;:ABDCUBM>=ESW ` B[VDEF>�@^9;KQ@ KQ:=E E �@^:=E ` EFJ 7 LFJOBD>AE @^BX@^9;E LS_;:A:=EFRk@ >A@NK @^E KQ:=E VMES: 7 J?< �MEFJ 7 @=B

6 EdKMLSLFESC5@=ESW G ��>-KMR E��5K ` C;JOEQT*KM> @=9;Eb>A@=ESC >=<��FE � <OR�@=9;Ed� KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` r G �

KMC;C5:=B8KMLN95ES> �SEF:=B;T@^9;E�W;<O>ALS:=E @^E�� KMR5nDEFV<OR :^KMR;W5B ` ��KMJ � KMC5C;:=B8KQLN9;ES>�@=9;E LFBDR8@^<ORk_;BM_;>

@^< ` E#� KMR;nDE V<OR W5<��U_;>=<?BDR T�<?R �&9;<?LN9 ` B[VDEF>eKM:AE�KMJ���K 7 > KMLFLSEFC5@^EFW G 1 9;<?JOE#K 9;<OnM9

KMLFLSESC'@NKMR;LFEb:^KQ@=E <OR5W;<OLSKQ@^EF>�@^9;KQ@�@=9;E LN9fKM<?R�<O> ` K �<?R;n ` BD:=E ` B VMES>FT @^9;E > ` KQJOJ >A@=ESC

>=< �SEH9fKM>&@^9;EHW;:=K � 6 KML �#BQPcL KQ_;>=<?R;n @=9;E LN9;KM<ORa@^B ` B[VDE K 6 BD_5@&@^95E CfKM:=K ` EF@^EF:&>=CfKMLFE

VDEF: 7 >AJOB �&J 7 G

+�9;ES:AE <O>->AB ` Ed@^95ESBD:AEF@^<?L KMJ A_5>A@^<jifL K @^<OBMR PhBD:HKMR KMLSLFESC5@^KMR;LFE :^KQ@=E <?R @=9;EX:^KMR;nME

� q � Y � �Nq � � G�+�9;EF>=E VQKMJ?_;ES>�KM:AE 6 KM>=EFW)BDR JO< ` <j@^<OR5nbKMLSLFESC5@^KMR;LFE :^K @^ES>&PhBD:&9;<?nD9aW;< ` ESR �>=<?BDRfKMJ/W;EFR;>=<j@^<OEF>STgKMR;W �&<?JOJ 6 E W;<O>ALS_;>A>=ESW <?R�>=EFLF@^<?BDR r G � G r G� P�C BD>A>=< 6 JOEMT @^9;E VMKQJO_;EHBMP

@^95E�@=_;R;<OR5n CfKQ:^K ` EF@=ES: �X>=95BD_;JOW 6 E�KMW A_;>A@=ESW @=B KMLN95<OEFVME KMR KMLSLFESC5@^KMR;LFE�:^K @^E�<ORd@^9;<?>

:^KQR;nDEMG�+�9;ESBD:AEF@=<OL KQJ/>�@^_;W5<OES>�BMPl@^9;E �#EF@=:=BDC BDJ?<O>&KMW A_5>A@^EFW3� KMR;nDE V<OR#KMJOnDBM:=<?@=9 ` 9;K[VME

<OR5W;<OLSKQ@^EFW @=9fKQ@�@=9;E BMC5@^< ` KMJlKMLFLSESC'@NKMR;LFE :=KQ@^EbPhBD: @=9;E �#� �*� <O>-R;ESKM: q � � � �Mr T p \ G+�9k_;>-@^9;EdBDC5@=< ` KMJcKQLSLSEFC5@NKQR;LSEX:^KQ@=EbPhBD: @^9;E �#���'+�� KMJOnMBD:=<j@^9 ` r G r T ` K 736 EdR;E KQ:

q � �bKM> ��EFJOJ G

Z��

Page 121: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � ��� ��� � ��� � � � ��� ��� � � � � � �� � ��� ������� �����

.I_5R;WfK ` ESR8@NKQJOJ 7 T;KX�)KM: �MB[VaLN9fKM<?R)KQJOnDBD:A<?@=9 ` R;ESEFW;>�@=B KQLSLS_5:^KQ@=ESJ 7 >=< ` _;J K @^E @^95E

LSBM:=:=EFLF@e@^KM:=nDE @eW;EFR;>=<j@ 7 T�BM:aKQ@eJOESKM>A@eK nDB'BW KMC;C5:=B �'< ` KQ@^<?BDR @=B <j@ G +�9;<?>eL KMR 6 E

LN9;EFL �MESW 6 BQ@^9�@^95ESBD:AEF@^<?L KMJ?J 7 T KM> <?R�@^9;EFBD:=E ` r G � GjYDT KQR;W E ` C;<O:A<OL KQJOJ 7 G�� R;LFE @^9;EF:=Eb<?>

LSBMR5ifW;EFR;LSE @=9fKQ@bK ` E @^9;BW �&<?JOJ�C;:=BW;_;LFE @=9;E @NKQ:=nDE @ W;EFR;>=<j@ 7 Tc@=9;ES:AEeKM:=E mk_;ES>�@^<OBMR;>

BMP�C ES:APhBM: ` KMR;LSEQG +�9;E �#� �+�� KMJOnDBM:=<?@=9 ` �&<OJ?J 6 E @^EF>A@=ESW�BDR�K�>=< ` C5JOE @=:=_;R5L KQ@=ESW

6 <jVMKQ:=< K @^E R;BM: ` KMJ�W;<?>A@^:A< 6 _'@^<OBMR T,@^B E ` C;<O:A<OL KQJOJ 7 W;E ` BMR;>A@=:^KQ@=Ea@=9;Ea:=EF>=_;Jj@^>XBMP�@=9;ESB �

:=E ` r G � G?YHBDR#K >A< ` C;JOE @^KM:=nDE @�W;ESR;>A<?@ 7 G���R#E��'CUEF:=< ` EFRk@ �&<?JOJg@=9;ESR 6 E-LSBDR5W;_;LF@=ESW)@=B

LSB ` CfKQ:=E @^95EHC ES:�PhBD: ` KMR;LFE�BMP�� � �'+�� T �#� �*� TIKQR;W @=9;E->A@^KMR;WfKM:AW#:=KMR;W;B ` ��KQJ �IG

� >=< ` C5JOE�@^EF>A@�BQP/KMLSLF_;:^KML 7 LSKMR 6 E�C ES:�PhBD: ` ESW 687 _;>A<OR;n @=9;E�� � �'+�� KQJOnDBD:A<?@=9 `

@^BH>^K ` C;J?E�K W;EFR;>=<j@ 7 �&<?@^9 �kR;B �&R CfKM:=K ` E @^EF:=>SG�+�9;E�R;BM: ` KMJ;W;<?>A@^:A< 6 _'@^<OBMRd@=:=_;R5L KQ@=ESW

@^B � q�� Y� T �&<j@^9 ` ESKMR � q � � �Nq � � ��KQR;W#LFB[VMKQ:=< KQR;LSE�LN9;BM>=ESR#>=Bd@^9fK @�@^9;E ` K ABD:=<j@ 7 BQP�@^95EW;EFR;>=<j@ 7 <?>�LFBDR;LFESR8@^:=KQ@^EFWaKM:=BD_5R;W @=9;E ` B'W5E�BQP @^9;E�W;<O>�@^:A< 6 _5@=<OBDRgT8C;:=B[V<OW;EF>�KMR BDC;C BD:��

@^_5R;<?@ 7 @^B @=ES>�@&KMJOnMBD:=<j@^9 ` r G r BDRaK 6 BD_5R;W;ESWeW5ESR;>A<?@ 7 �&<j@^9 �kR;B �&RaCfKM:=K ` EF@^EF:=>FG,+�9;E

LSBMR;LSEFRk@=:^KQ@=<OBDR3BQP @=9;EbW;EFR;>=<j@ 7 r G � KM:=BM_;R;W3@^9;E ` BW;EbKMR5W @=9;E 6 BD_;R;W5ESW CfKM:=K ` E @^EF:

>=C;KMLSE&KM:AE�PhE KQ@=_;:=EF>,>=< ` <?J KM:*@^B @=9;BD>AE�CUBD>A>=EF>=>=EFW 687 @=9;E�C BD>A@=ES:=<?BD:cW;<?>A@=:=< 6 _5@^<?BDR � GjYDY�<?R

@^95EH��9;:=BDR5<OL 1 KM>A@=<OR;nd� <?>=E KQ>=E ` B'W;EFJ G�.�<OnD_5:=E r G � >=95B �&>&@^95E�nD:^KMC59eBMPcK @=:=_;R5L KQ@=ESW

R;BD: ` KQJ W;<O>�@^:A< 6 _5@=<OBDRgT'LFESR8@^EF:=ESW�KQ@ � q � � �Nq � � � � T �&<?@=9aLSB[VQKM:=<OKMR;LSE ` KQ@=:=<�� q � qDq Y���� G+�9;Ee@^:=_5R;L KQ@=ESW R;BD: ` KMJ�W;<O>�@^:A< 6 _5@=<OBDR >=9;B �&R <OR ifnD_;:AE r G �3<?> >=< ` _;JOKQ@^EFW _;>=<?R;n

KMJ?nDBD:=<j@^9 ` r G r Gl.IBM_;: LN9fKM<OR5>lKQ:=E�:=_;RgT �&<?@=9HPhBM_;:*<OR;<j@^<OKMJQVQKMJ?_;ES> LN9;BD>AESR @=B 6 E�W;<O>ACUEF:=>AESW

K 6 BD_5@ @^95E�CfKQ:^K ` EF@=ES: >=CfKQLSEMGl+�9;ES>AE�>�@NKM:�@^<OR5n�C BD<OR8@=>lKQ:=E�� q��Nq � T � q � � �Nq � Y � T � q � Y �Nq � � � T

KMR;W � q � Z �^q � Z � G +�9;E C5:=BDC BD>^KQJ VMKQ:=< KQR;LSE�PhBD:�@^95E �#���'+�� KMJOnDBM:=<?@=9 ` ��KM>�KdW;< KMnMBDRfKMJ

` KQ@^:A<�� �&<?@=9 @^9;E�>�@^ESC >=< �SEbY � Y q�� >@? PhBD:�E KMLN9aVQKM:=<OK 6 JOEQT5KQR;W @^9;E�@=_;R;<OR5n CfKM:=K ` E @^EF:

Z �

Page 122: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � � ��� � +�95E 6 <?VQKM:A< KQ@=E R;BD: ` KQJ�W;<?>A@^:A< 6 _'@^<OBMR)@^:A_;R;L K @^ESW BDR � q�� Y� �&<?@=9 ` ESKMR� q � � �^q � � ���)KMR;W LSB[VQKM:=<OKMR;LFE q � qDq Y����IG

Z��

Page 123: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��KM>cKMJ?>=B � � Y �HY q � >@? G�+�95E�:=EF>=_;Jj@^>/BMP;@=9;E�>A< ` _;JOKQ@^<?BDR-KM:AE�>A9;B �&Rb<OR-ifnD_;:AE r G \5G/+�9;E` K ABD:=<j@ 7 BMP�@^9;EHCUBM<OR8@^>�KM:AE LFBDR;LSEFR8@^:^K @^ESW�KM:=BD_5R;W#@=9;E ` BW;E-BMP�@=9;E @^KM:=nDE @�W;ESR;>A<?@ 7 T

C;:AB V<?W;<OR;n nD:^KQC;9;<OLSKMJ EFV<OW;EFR;LSE @=9fKQ@�@^9;E ` EF@=9;BW 9fKM>�>=K ` C;JOEFW @^95E LSBD:A:=EFLF@�W;EFR;>=<j@ 7 G

+�9;E ���� � � ��� � � � ��� � � � � � � � ���� <?>�KXLSB ` CfKM:A<O>ABDR)BMP�@^9;EHVMKQ:=< KQR;LSE 6 E @ ��EFESR :=_5R;>

KMR;W �&<?@=9;<OR :=_5R;>STIW;EFR;BM@^EFW 687�� �� G�+�95<O>&W;< KQnDR;BD>�@^<OL�<?>&_;>=EFW)@^B KM>=>AES>A>�@^95E LFBDR8VDES: �

nDEFR;LSE BMP�K)�)KM: �QB[V LN9;KM<OR >=< ` _;J KQ@=<OBDR�@=B)>�@NKQ@=<OBDRfKQ:=<?@ 7 � p r Ge+�95<O> ` ESKM>=_;:AE >A9;BD_;J?WW;EFLS:=ESKM>=E @^B BDR;E KM>H@=9;E Rk_ ` 6 EF: BMP�<?@=ES:^K @^<OBMR;>-<OR;LF:=E KQ>=ES>HPhBD:HKMJOJ,C;KM:^K ` EF@=ES:A> BMP�<OR �

@^EF:=EF>A@ G +�9;E C BM@^EFRk@=< KMJ&>AL KMJ?E�:=EFW;_;LF@=<OBDR <O> LSKMJOLF_;J K @^ESW _;>=<?R;n @^95E)PhBD_;:A> :=_5R;>eBMP�@^95E

�#���'+���KMJ?nDBD:=<j@^9 ` TfKMR5W)@^9;E C;JOBQ@�BMP�@^9;E >�@NKQ@=<O>�@^<OL � �� VMES:=>A_;>�<?@=ES:=KQ@^<?BDR;>&<O>�>=9;B �&R

<OR i;nD_;:=E r G Z5Gl+�9;E&nD:^KMC59X>A9;B �&> @=9;E&CUBQ@^ESR8@=< KMJ'>=L KQJOE&:=EFW;_;LF@=<OBDRdW;EFLS:AE KM>A<OR;n�@^B-BDR5E�KQ>

@^95EbR_ ` 6 EF:-BMP <?@^EF:^KQ@=<OBDR5> <OR;LF:=ESKM>=EF>ST nD<?V<?R;n EFV<?W;ESR;LFEX@=9fKQ@�@=9;Eb>=< ` _;J K @^ESW �#KM: �QB V

LN9fKM<?R <O> :AE KMLN95<OR;n KMC;C5:=B �'< ` KQ@^E >�@NKQ@=<OBDR;KM:=<j@ 7 G � LSB ` ` BDR :A_;JOEeBMP&@=9_ ` 6 PhBD: @^95E

C BM@^EFRk@=< KMJl>=LSKMJOEb:AESW;_;L @^<?BDR3<O>�@=9fKQ@-<j@ >=95BD_;JOW 6 EbJOEF>=> @^9;KMR YDG p PhBM: E KMLN9 CfKQ:^K ` EF@=ES:ST

�&9;<?LN9#BLSLF_;:=> �&<?@=9;<OR pMqMqDq <?@^EF:^KQ@=<OBDR5>ST;<?R;W;<OLSKQ@^<?R;n @=9fKQ@&@^9;<?>�<O>&KMR#KMLFLSESC'@NK 6 J?E 6 _;:=R �

<OR�C ES:A<OBW G ��W;W5<?@^<?BDRfKMJ?J 7 T�@^9;E C BD>A@=ES:=<?BD: ` E KMR;>dK VMES:^KQnDESW B VMES: KMJOJ�PhBD_;:b:=_5R;> KQR;W

KMW A_5>A@^EFW3PhBD: K pMqMqDq <?@=ES:=KQ@^<?BDR 6 _5:=R � <OR3C ES:=<?B'W ��EF:=E q G � q Y q PhBD: � > T*KQR;W q G � qDq Y PhBM:

� � GH+�9;EXZ��� ��K 7 ES>A< KMR LF:=ESW5< 6 J?E <OR8@^EF:AVQKMJ?>�K VDES:=KMnDEFW B[VDEF:-KMJOJ/PhBD_;: >A< ` _5J KQ@=<OBDR;>�KM:AE

� q � r Z p � �Nq � �'YDY q ��KMR;W � q � r \ r8q��^q � � q Y q � T <?R;W;<?L KQ@=<OR;nb@^9;KQ@�KMJ?nDBD:A<?@^9 ` r G r ��KM>�K 6 J?EH@=B

:=EFLSB[VDEF: @^9;E LSBD:A:=EFLF@�CfKQ:^K ` EF@=ES:=>FG ��K[V<?R;n W;E @^ES: ` <?R;ESW#@^9;E 6 KM>=<?L KMLFLS_;:=KML 7 BMP KMJ?nDB �

:=<j@^9 ` r G r TlK#LFB ` CfKM:=<?>=BDR BMP�@=9;E :AESJOKQ@^<jVDEdCUEF:APhBD: ` KQR;LSEXBMP�@=9;Ee�#���'+�� KQJOnDBD:A<?@=9 `

VDEF:=>A_;>�@=9;E->A@NKQR;WfKM:AW#:=KMR;W;B ` ��KQJ �eKMR5W @=9;E �#� �*� <O>�R;EFESW;EFW G

��K V<OR;n W;EF@=ES: ` <?R;ESW @^9;E 6 KM>=<?L KQLSLS_5:^KML 7 BQP�@^95Ee�#���'+�� KMJ?nDBD:A<?@^9 ` T @=9;E R5E��@

>A@=ESC <O>b@^B LSB ` CfKM:AEe@^9;E CUEF:APhBD: ` KQR;LSEaBMP�@^9;E#KMJOnMBD:=<j@^9 ` �&<?@=9 BM@=9;ES: ` EF@^95B'W;>FT�<?R

CfKM:�@^<?LS_;JOKM:�@=9;E->A@NKQR;WfKM:AW#:=KMR;W;B ` ��KQJ � KQR;We@^9;E �#E @^:=BMCUBDJ?<O>�KQW A_;>A@=ESW#� KMR;nDE V'<?R KMJ��

ZD\

Page 124: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.2 0.4 0.6 0.8 10

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1(a)

0 0.2 0.4 0.6 0.8 10

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1(b)

0 0.2 0.4 0.6 0.8 10

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1(c)

0 0.2 0.4 0.6 0.8 10

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1(d)

� � �� � � � ��� � o�KQ<O: �&<?>=E�C;JOBQ@^>�BMP @=9;E ` E KQR CfKQ:^K ` EF@=ES:=>�� > KMR5W � � PhBD:,@=9;E�@=:=_;R5L KQ@=ESWR;BD: ` KQJ;W;<O>�@^:A< 6 _5@=<OBDR �&<j@^9d@^:A_;E ` ESKMR � q � � �Nq � � � � KMR;Wd@^:A_;E&LSB[VQKM:=<OKMR;LFE q � qDq Y � � G � K �>=95B �&> \ �^qDqDq <j@^ES:=KQ@^<?BDR;>/PhBD:�@^95E�<OR;<j@^< KQJkVQKMJ?_;E � q��Nq � � G � 6 �l>=9;B �&> \ �NqMqDq <?@=ES:=KQ@^<?BDR;>lPhBM:@^95E >A@^KM:A@=<OR;nXVMKQJO_;E � q��Nq � qDq Y � � G � L ��>=9;B �&>-\ �NqMqDq <j@^ES:=KQ@^<?BDR;>&PhBD:�@=9;E >�@NKM:�@^<OR5n VQKMJO_;E� q � ���^q � r ��� G��hW ��>=9;B �&>�\ �NqDqDq <j@^EF:^KQ@=<OBDR;>�PhBM:�@^9;E->A@^KM:A@=<OR;n VQKMJ?_;E � q � Y �^q � \ ��� G

ZDZ

Page 125: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 300

0.1

0.2

0.3

0.4

0.5

� � �� � � � ��� � o,JOBM@=>&BMPl@=9;EHJOBDndC BM@^EFRk@=< KMJg>=L KQJOE-:=EFW;_;LF@=<OBDR5> 687 @^95BD_;>^KQR;W#<j@^EF:^KQ@=<OBDR;>PhBD:�@^95E ` E KMR CfKM:=K ` EF@^EF:=> � > KMR5W � � PhBD:�@=9;E � � �'+��a>=< ` _;J K @^<OBMReBMP�@=9;EH@=:=_;R5L KQ@=ESWR;BD: ` KQJ8W;<O>�@^:=< 6 _5@=<OBDR G +�9;E�>=BDJ?<OWHJO<OR5E >A9;B �&>�@^95E�:=EF>=_;Jj@^>/PhBD: � > TM@^9;E W;BM@A@^EFW JO<?R;E�>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� � G

Y qMq

Page 126: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

nDBD:A<?@=9 ` G +�9;EF:=E KM:AE3K R_ ` 6 EF:eBMPHLS:A<?@^EF:=<OK PhBD:eKM>A>=EF>=>=<?R;n�@^9;E3C ES:�PhBD: ` KMR;LFE�BMP K

�)KM: �MB[V�LN9;KM<OR�>A< ` _5J KQ@=<OBDR Tf<?R;LSJ?_;W;<?R;n :A_;R�@^< ` EQT LFBDR8VDEF:=nDEFR;LSEb@^B >A@NK @^<OBMRfKM:=<j@ 7 T LSBDR �

VDEF:=nDEFR;LSE @=B <?R;W;ESC ESR5W;ESR8@ >=K ` C;JO<?R;n;TIKMR;W ` < �5<?R;nX>=C ESESWgG�+�9;E :=ESJOKQ@^<jVDE-< ` C BD:A@^KMR;LSE

BMP @=9;E�W5<��UES:=EFR8@�LS:A<?@=ES:=<OKH<?>�R5BM@ �&<?W;ESJ 7 KMnD:=EFESW _5CUBDR <OR @=9;E�J?<?@=ES:^K @^_;:AEMGc.fBD:�@^95<O>�@^9;E �

>=<?>ST*@^95E ` BD>�@-< ` CUBM:A@NKQRk@ m_;KMJO<j@ 7 <?> @^9;EdRk_ ` 6 ES:-BMP <?@=ES:=KQ@^<?BDR;>�@=9fKQ@�@^95E KQJOnDBD:A<?@=9 `

:=EFmk_;<O:AES>�@=B LSBMRkVMES:AnDE @^B >A@^KQ@^<?BDRfKM:A<?@ 7 G��ESLSBMR;W;J 7 <O>�9;B � ��ESJOJ @^95E KMJ?nDBD:=<j@^9 ` ` < �'ES>SG

+�9;<?:=W;J 7 <O>�@=9;EHK ` BD_;R8@&BMP/@^< ` E :AESmk_;<O:AESWa@^BX:=_;Re@=9;EHKMJOnDBM:=<?@=9 ` G

+�9;ESBD:AEF@=<OL KQJ5:=EF>=_;Jj@^>cBMRbBDC5@^< ` KQJ'KQJOnDBD:A<?@=9 ` C ES:APhBM: ` KMR;LSE�@^9k_;>cP KM:l9fK VDE�LSEFR8@^ES:AESW

BDR @ ��B-m_5ES>A@=<OBDR5>��&9;KQ@,<O>l@^9;E�BDC'@^< ` KMJk>A@=ESCd>=< �SEQTkKMR;Wb9;B � ��EFJOJ5W5B'EF>c@^9;E�KQJOnDBD:A<?@=9 `

C ES:APhBM: ` K @H@=9;<O>�>�@^EFC >A<��SEQGX��EF>=_;Jj@^>-BDR3@^9;EF>=Ed@ ��B mk_;ES>�@^<?BDR;> KM:=EbJ?< ` <?@^EFW)PhBD: ` BD:=E

LSB ` C;J?E��eKMJOnDBM:=<?@=9 ` >ST'KMR;W :=ESJ 7 BDR >=< ` C5JO<?P 7 <?R;n KM>A>=_ ` C5@=<OBDR;>�>A_;LN9�KQ>�<?R;W;EFCUEFR;W;ESR5LSE

BMP'LSB ` C BDR;ESR8@=>*BD:*<OW;EFR8@^<OLSKMJOJ 7 W;<O>�@^:=< 6 _5@=ESW-LSB ` C BDR;ESR8@=> PhBD: KMR ��W;< ` EFR;>=<?BDRfKMJ @NKQ:=nDE @

W;EFR;>=<j@ 7 G�+�9;ESBM:=EF@=<OLSKMJ�:=EF>=_;Jj@^>dE��5K ` <OR;E @=9;EaJO< ` <j@^<OR5n 6 ES9fK V<OBM_;:dKM> W;<jVDEF:=nDEF>d@=B

<OR'ifR;<?@ 7 G

(�R;W;EF:,@^9;E�KM>A>=_ ` C5@^<?BDRdBMPU<OR;W;EFCUEFR;W;EFRk@�LSB ` C BDR;EFRk@=>ST8@^95E�>�@^EFC >A<��SE&BMP @^95E�>�@NKMR �

WfKM:AW :^KMR;W5B ` ��KMJ �)>=L KQJOES> �&<j@^93@^95EbW;< ` ESR;>A<OBDR KQ> � > T KMR;W JOE KQW;> @^BaKMR J?< ` <?@^<?R;n

KMLFLSESC'@NKMR;LFE :^K @^EHBMP p�� � KM> �� � � �Mr T Z5T p \ G�� 7 LSBDR8@=:^KM>�@ TI@^9;E � KMR;nDE V'<?R�KMJ?nDB �:=<j@^9 ` 9;KM>cK�>�@^EFCb>=<��FE�@=9fKQ@l>=L KQJOES>cKM> � >�� � TMKMR;W J?E KMW;>/@^B�K�JO< ` <j@^<OR5n&KMLSLFESC5@^KMR;LSE�:^KQ@=EBMP ���� � Z5T � �'T ��� T p \ Gc+�9;E�95<OnD9;EF: KMLSLFESC5@^KMR;LSE�:^KQ@=E�PhBD: K J KQ:=nDEF:,>A@^EFC >=< �SE�<OR;W5<OL K @^ES>@^9;KQ@ @=9;E � KMR5nDEFV<OR KMJOnDBM:=<?@=9 ` <?> ` B[V<OR;n)K 6 BM_5@ @=9;E C;KM:^K ` EF@=ES:H>=CfKQLSE ` BD:=Ed@^9;KMR

@^95EH>�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ � G

+�9;ES:AEH<?>�R;Bb@^9;EFBD: 7 PhBD: ` BM:=E�LSB ` C;J?<OLSKQ@^EFW >=LFESRfKM:A<OBD>FTf>=_;LN9)KM>�>^K ` C;J?<OR;n ` _;J?@=<��

VQKM:=<OKQ@^E&W;<?>A@=:=< 6 _5@^<?BDR;> �&<?@=9 LFBD:=:AESJ K @^ESW LSB ` C BDR;ESR8@=>SG,�R >A_;LN9eL KQ>=ES>�E ` C;<O:A<OLSKMJ ` E @^9 �

BW;> KQ:=Ed_;>=EFW @^B#LSB ` CfKM:AEXKMJOnDBM:=<?@=9 ` > � p \ Ga� R;E LFB `X` BDR KMC;C5:=B8KMLN9 <O>�@^Bai � @^95E

Y q Y

Page 127: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>A@=ESCa>=< �SE�KQR;W E��5K ` <OR5E�@^9;E KMLSLFESC5@^KMR;LSE�:=KQ@^EF>�PhBD:�W;<��UES:AESR8@&KMJ?nDBD:=<j@^9 ` >SGl.fBD:�K nM<?VDEFR

>A@=ESC >=< �SEMTIK 95<OnD9;EF:&KMLSLFESC5@^KMR;LFE :=KQ@^E�<?>�KMRa<OR;W5<OL K @^<OBMR @^9fK @�KMR KMJOnDBM:=<?@=9 ` <O> ` K �k<OR5n

` BD:=E ` B[VMES>�K 6 BD_'@�@=9;E�CfKQ:^K ` EF@=ES: >=CfKMLFEMT5KMR;W LFBDR;>=EFmk_;ESR8@^J 7 <?> ` <��'<OR5n 6 EF@A@^EF:�@^9;KMR

KMReKQJOnDBD:A<?@=9 ` �&<?@=9eK JOB ��ES:�KMLSLFESC5@^KMR;LSE�:=KQ@^EQG,+�9;E-KMLFLSESC'@NKMR;LFE�:^KQ@=E�<?>�BDR;J 7 K :=BD_5nD9

` E KM>A_;:=EdBMP 9;B � ��ESJ?J�KeLN9fKM<OR <?> ` < �5<?R;n;T 6 _5@HJ KM:AnDE W;<��gEF:=EFR;LSEF>H<?R3@^9;EdKMLFLSEFC5@NKMR5LSE

:^K @^E ��BM_;JOWa<OR5W;<OLSKQ@^E�W;<��gEF:=EFR;LSEF>�<?Re@^9;E ` <��'<OR;nb>ACUEFESW G

+lB LFB ` C;KM:=E)@=9;E3C ES:APhBM: ` KMR;LSE)BMP-@^9;E �#���'+��UT��#� �*� T�KMR;W >A@^KMR;WfKM:AW :^KMR �

W;B ` ��KMJ � TKMRXE��'C ES:A< ` ESR8@ ��KM> CUEF:APhBD: ` EFWX@=B LFB ` C;KM:=E 6 BM@^9d@^9;E ` <��'<OR;n�>ACUEFESWeKQR;W

@^95E LSBMRkVMES:AnDESR;LFE @^B#>A@NK @^<OBMRfKM:=<j@ 7 BMP�ESKMLN9�KMJ?nDBD:=<j@^9 ` G +�95<O> E �'CUEF:=< ` ESR8@ E��5K ` <OR;EFW

K 6 BD_;R;W;EFW KQR;W�KMR�_;R 6 BM_;R;W;EFW nD:ABD_;C BMP�W;<?>A@=:=< 6 _5@^<?BDR;>SG +�9;E 6 BD_;R;W5ESW�nD:=BM_;C BMP

W;<?>A@^:A< 6 _'@^<OBMR;> ��EF:=E ` _;J?@=<?VQKM:=<OKQ@^E�R;BD: ` KMJfW;<?>A@=:=< 6 _5@^<?BDR;>,@^:A_;R;L K @^ESW @^B @=9;E�_5R;<?@ LS_ 6 EQG

+�9;E _;R 6 BD_5R;W;ESW3nM:=BD_;C#BMP,W;<?>A@=:=< 6 _5@^<?BDR;> ��EF:=E 95<OnD9;J 7 LSBM:=:=EFJ KQ@=ESW ` _;J?@=<?VQKM:A< KQ@=E�R;BD:��

` KMJ W;<?>A@^:A< 6 _'@^<OBMR;>SGc+�95ES>=EHW;<?>A@^:A< 6 _'@^<OBMR;>�PhBD: ` Kd:=E KQ>=BDRfK 6 JOE @=ES>A@ 6 ESW TIKQ>&@=9;E 7 9;K[VME

6 ESESR _;>=EFW 687�` KMR 7 KM_5@=9;BD:A>lKQ>/C5:=BM@=BM@ 7 C;<OLSKMJD@NKM:AnDEF@/W;<?>A@=:=< 6 _5@^<?BDR;> �h>=ESEQTQPhBD:*E �5K ` C5JOEMT

� p \5T p � � G .fBD:�ESKMLN9 W5<O>A@=:=< 6 _5@^<?BDR �&<?@=9;<OR KenD:ABD_;C T/\ q��^qDqDq <?@=ES:=KQ@^<?BDR;>�BMP�K)�#KM: �QB V

LN9fKM<?R >=< ` _;J K @^<OBMR ��ES:AEe:=_;R Ph:AB ` i;VDEe:=KMR;W;B ` J 7 LN95BD>=EFR <?R;<?@=< KMJcVQKMJ?_;ES>FT,_;>=<?R;n�@^95E

>A@^KMR;WfKQ:=W :^KMR5W;B ` ��KMJ � T*@=9;EX�#� �*� T KMR;W3@^9;EX� � �'+�� KMJ?nDBD:=<j@^9 ` GH��KMLN9 ` EF@=9;BW

_;>AESW ` _5J?@^<jVQKM:=<OKQ@^E�_5CUWfK @^<OR5n;Tk:^KQ@=9;ES:�@^9fKQR _;R;<jVQKM:=<OKQ@^EQT8>=B @=9fKQ@�KQ@ E KMLN9 <?@^EF:^KQ@=<OBDRgTkKMJOJ

BMPc@=9;EHLSB ` CUBMR;ESR8@^>���EF:=E _;CUW;KQ@^EFW G&+�9;E C BM@^EFR8@^< KQJ/>AL KMJ?E :AESW;_5LF@^<?BDR ��KM>�L KMJ?LS_;JOKQ@^EFW

PhBD:-@^9;EXif:=>�@bKMR5W >=EFLSBDR;W LFB ` CUBDR5ESR8@^> KMR;W PhBD:-@^95E VQKM:=<OKMR;LFE BMP�@^9;EXif:=>�@dKMR;W >=ESL �

BDR;W#LSB ` C BDR;ESR8@=>�_;>A<OR;nX@^9;E-i;VDE LN9fKM<OR5>�PhBD:�E KQLN9�>=< ` _;J K @^<OBMR ` E @^9;BW#@=B KM>A>=EF>=> @^95E

LSBMRkVMES:AnDESR;LFEX@=Ba>A@NK @^<OBMRfKM:=<j@ 7 T 6 BM@=9 <OR�@^EF: ` > BMP @^9;EbRk_ ` 6 EF:�BMP <?@^EF:^KQ@=<OBDR5>�KMR;W3@^95E

K ` BD_;R8@�BMP�@=< ` EMG���W;W;<j@^<?BDRfKMJ?J 7 T@^9;E KMLFLSESC'@NKMR;LFE :^K @^E ��KQ>�L KQJOLS_5J KQ@=ESWa@^BXW;EF@=ES: ` <OR5E

9;B � ��ESJ?J @^9;E-LN9fKQ<OR;>&C;:AB'W;_5LSESW 687 E KMLN9 >=< ` _;JOKQ@^<?BDR ` EF@^95B'W ��ES:=E ` <��'<OR;n5G

Y qDp

Page 128: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

.IBM:&@=9;E-@^:=_5R;L KQ@=ESW�R5BD: ` KMJ*W;<?>A@^:A< 6 _'@^<OBMR;>ST;@=9;E LFB ` CUBDR5ESR8@^> ��EF:=E <?R;W;EFCUEFR;W;ESR8@ST

E KQLN9 �&<j@^9 ` B'W5E q � \DZ5G�+/:=_;R5L KQ@=ESW R;BD: ` KMJ/W;<?>A@^:A< 6 _'@^<OBMR;>�C;:AB[V'<?W;EbK LFJ KM>A>=<OL L KM>AEbBMPK 6 BD_;R;W5ESW W;EFR;>=<j@ 7 G3+�9;E VQKM:A< KMR5LSE BQP�@^9;EXif:=>�@bLSB ` C BDR;ESR8@ ��KM> >AEF@dK @ Y � Y q�� � TKMR;W @=9;E�VQKM:A< KMR;LFE BMP*@=9;E�:=E ` KM<?R;<OR5n LFB ` C BDR;EFR8@^> ��KM>�>=E @�KQ@ Y � Y q�� � G�.fBD_;:�>=EF@=>�BMP>=< ` _;JOKQ@^<?BDR;>�BMP�<OR;LF:=E KQ>=<OR5n#W;< ` EFR;>=<?BDR ��EF:=E :A_;R �&<j@^9;<?R @=9;<O>HnD:ABD_;C G �R <OR;LF:=E KQ>=<OR5n

BD:AW;ES:FT�@^9;E W;< ` ESR5>=<OBMR;> ��ES:AE p T � T�Y p T�KMR;W ��� TcKMR5W @^9;E >A@=ESC >=< �SE CfKM:^K ` E @^ES: ��KM>

i �'ESWaK @�Y �)Y q � � PhBD:�E KMLN9 ` EF@=9;BW Gc+�9;E�KQLSLSEFC5@NKQR;LSE�:=KQ@^EF>�PhBD: E KMLN9e>A< ` _5J KQ@=<OBDRXKM:AEnD<jVDESRa<?R#KQC;CUEFR;W;< �e� G�+�9;E-:AES>=_5J?@^>�PhBM:�@^9;E->=< ` _;JOKQ@^<?BDR >A9;B �]@^9;E�>�@NKMR5WfKM:=W :^KQR;W;B `

��KMJ � KMR;W �#� �+�� KMJ?nDBD:A<?@^9 ` > C;:=BW;_;LFESW LSB ` CfKM:=K 6 JOE KMLSLFESC5@^KMR;LSE :^K @^ES>bPhBD:bESKMLN9

W;< ` EFR;>=<?BDR G +�9;<O>/<O>*E V<OW;EFR;LSE @^9fKQ@ 6 BM@^9 ` EF@^95B'W;>/KM:AE ` <��'<?R;n�:=ESKM>=BDR;K 6 J 7 ��EFJOJ Gl��BM@=9

@^95E >�@NKMR;W;KM:=W :^KMR5W;B ` ��KMJ �3KQR;W @=9;E �#� �+�� KMJ?nDBD:=<j@^9 ` 9fK VDE 9;<OnM9;ES:-KMLFLSEFC5@NKMR5LSE

:^K @^ES>*@=9fKMR-@^9;E��#��� � PhBD:/KMJ?JMW;< ` EFR;>=<?BDR;> �hR;E KM:AJ 7 ���29;<?nD9;ES:�� T <OR;W5<OL K @^<OR5n�@^9fK @/@=9;ES>AE

` EF@^95B'W;>�KM:AEHKMLSLFESC5@=<OR;n ` BM:=E�C;:ABDCUBM>=ESW ` B[VMES>ST KMR5W#LFBDR;>=EFmk_;ESR8@^J 7 E �'C;JOBD:A<OR;n ` BD:=E

BMP�@=9;EXCfKM:^K ` E @^ES:->ACfKMLSEQGe1 9;<OJ?Ed@=9;E KQLSLSEFC5@NKQR;LSE :^KQ@=EXPhBD:-@^95E �#���'+�� KQJOnDBD:A<?@=9 `

<O>d>AJO<OnM9k@=J 7 9;<OnD95ES:b@^9;E KMLFLSEFC5@NKMR5LSE):=KQ@^EaPhBD:b@^95E >�@NKMR5WfKM:=W :^KMR5W;B ` ��KMJ � PhBM:XESKMLN9

W;< ` EFR;>=<?BDR T'@=9;E-W;<��UES:AESR;LFES>�KM:=E-> ` KMJ?J T'KMR;W ` K 7 R;BM@ 6 EHC5:^KML @^<OLSKMJOJ 7 >A<OnDR5<?ifLSKMR8@ G

.�<OnD_5:=ES> r GjY q KMR5W r GjY p >A9;B �2@=9;E C;J?BM@�BMP*@^9;E�JOBDn CUBQ@^ESR8@=< KMJI>=LSKMJOE�:=EFW;_;LF@=<OBDR VDES: �

>=_5>H<j@^EF:^KQ@=<OBDR)PhBM: E KMLN9 ` EF@^95B'W�PhBD: @=9;E if:A>A@HLSB ` C BDR;ESR8@ST �&<?@^9�VQKM:A< KMR5LSEeY � Y q�� � TKMR;W @^9;E#>=ESLFBDR;W LFB ` C BDR;EFR8@ T �&<?@=9 VQKM:A< KMR;LFE Y �2Y q � � T�PhBM:X@=9;E#@ ��B W;< ` EFR;>=<?BDRfKMJ

KMR;W ��� W;< ` ESR5>=<OBMRfKMJ >=< ` _;J K @^<OBMR;>SG�.IBM: 6 BM@^9�LFB ` CUBDR5ESR8@^>FTgif:=>�@�BD:AW;ES: LFBDR8VDEF:=nDEFR;LSE

@^B >A@NK @^<OBMRfKM:=<j@ 7 PhBD: @=9;E �#���*� KMR;W � � �'+�� KQJOnDBD:A<?@=9 ` >dBLSLF_;:=> <?R PhE��ES: <?@^EF:^K �

@^<?BDR;>�@^9fKQR @^9;E�>A@NKQR;WfKM:AW :^KMR5W;B ` ��KMJ �IGc+�9;E-�#���*�]LSBDR8VMES:=nMES>�<ORXPhE��ES:�<j@^EF:^KQ@=<OBDR;>

@^9;KMR KMJ?nDBD:A<?@^9 ` r G r PhBD:,@=9;E�if:A>A@�LSB ` C BDR;ESR8@ST 6 _'@�@^95E�@ ��BbKMJ?nDBD:=<j@^9 ` >cC ES:�PhBD: ` KMR;LFE

<O>dR;ESKM:=J 7 <OW;EFR8@^<OLSKMJOJ 7 PhBM:X@=9;E#>AESLFBDR;W LFB ` C BDR;EFR8@ G +�9;E :=EF>=_;Jj@^>XPhBD:d>=ESLFBDR;W BM:=W;EF:

Y q��

Page 129: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

LSBMRkVMES:AnDESR;LFEMT >A9;B �&R�<ORaifnD_5:=E r G?YMY KMR5W r GjY � T KM:AE >A< ` <OJ KQ:SG .fBD:�@^9;E-@^:A_;R;L K @^ESW)R;BD:��

` KMJlW5<O>A@=:=< 6 _5@^<?BDR T KMJ?nDBD:=<j@^9 ` r G r @=9k_;>-KMC;C E KM:A>�@^B C;:=B[V<OW;E K ` <?W;W;J?E nD:ABD_;R;WgT �&<?@=9

LSBMRkVMES:AnDESR;LFEb@^B >�@NKQ@=<OBDR;KM:=<j@ 7 LSB ` CfKM:=K 6 JOE-@^BX@^9;E �/KQR;nDEFV<?R�KMJ?nDBD:=<j@^9 ` r G � <OR#PhE���EF:

<?@=ES:=KQ@^<?BDR;>�@^9;KMR @=9;EH>A@NKQR;WfKM:AW):^KQR;W;B ` ��KMJ �IT KMR;W#K ` < �5<?R;nd>=C ESEFW 6 EF@=@=ES:&@^9fKQR#@^95E

� KMR;nDE V<OR KMJOnMBD:=<j@^9 ` KMR;WaLSB ` CfKQ:^K 6 J?E @^Bb@^95EH>�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ � G

��R < ` C BD:A@^KMR8@ LFBDR;>A<OW;EF:^KQ@=<OBDR �&95ESR�LSB ` CfKM:A<OR;n#KMJ?nDBD:=<j@^9 ` >-<O>H@^9;EeK ` BD_5Rk@ BMP

@^< ` E <?@�@NK �QES> @^Be:A_;R3@^9;E KMJOnDBM:=<?@=9 ` G .fBD:�@=9;E @ ��B W5< ` ESR;>A<OBDRfKQJ/@=:=_;R;LSKQ@^EFW R;BD: ` KMJ

>=< ` _;JOKQ@^<?BDR TU@=9;Eb:^KQR;W;B ` ��KMJ �)>=< ` _;JOKQ@^<?BDR):AESmk_;<O:AES>HKMR K VDES:=KMnDEdBMP � � q � Y q � � >=ESL �BDR;W5>�PhBD:�E KMLN9)<?@^EF:^KQ@=<OBDRgTfLSB ` CfKM:AESW)@=B p�� � q � Y q � � >AESLSBMR;W;>�PhBD:&@^95E � KMR;nDE V<OR�KQR;W�#���'+�� KMJ?nDBD:=<j@^9 ` >SGl.�<?nD_;:=E r GjY r >A9;B �&>�@^9;E�C;JOBM@�BMP*@=9;E�J?BDn C BM@^EFR8@^< KQJ >AL KMJ?E�:AESW;_;L �

@^<?BDR#VMES:A>=_;> >AESLFBDR;W;> PhBD:�E KQLN9 ` E @^9;BW#PhBD:&@^95E @ ��B W;< ` ESR5>=<OBMRfKMJ @^:A_;R;LSKQ@^EFW3R;BD: ` KMJ

W;<?>A@^:A< 6 _'@^<OBMR G +�95E J?BDR;nDEF: @^< ` E CUEF:b<?@=ES:^K @^<OBMR :=EF>=_;Jj@^>bPhBD: @=9;E �#� �+�� KQJOnDBD:A<?@=9 `

:=EF>=_;Jj@^>�<OR KHJOBDR5nDES:�K ` BD_;R8@�BQP @^< ` E�@^B :=E KQLN9 LSBDR8VMES:=nMESR;LFE-PhBM: @=9;E�if:A>A@�LSB ` CUBMR;ESR8@ G

+�9;E#>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ ��KMR5W �#��� � :=ESKMLN9 >�@NKQ@=<OBDRfKQ:=<?@ 7 <OR K ` _;LN9 >=9;BM:A@^EF:

K ` BD_;R8@ BQP,@^< ` EMG�.fBD:�@=9;E >AESLFBDR;W LSB ` C BDR;ESR8@STg9;B ��EFVDEF:ST*@^95Ed�#� �+���KMR;W � � �*�

LSJ?E KM:AJ 7 :=ESKMLN9�>A@^KQ@^<?BDRfKM:A<?@ 7 P KM>A@=ES: @=9fKMR @^95Ee>A@NKQR;WfKM:AW :^KMR;W5B ` ��KMJ �IG .�<?nD_;:=E r G?Y �

>=95B �&>�@=9;Eb:=EF>=_;Jj@^> PhBD:�>AESLSBMR;W BD:=W;EF:�LSBDR8VMES:=nMESR;LFEMT �&95<OLN9 KM:=E >=< ` <OJOKM:SG�+�95EX:AES>A_;J?@=>

KM:AE�KMJ ` BD>�@l@=9;E�>^K ` E�PhBD:/@^9;E ��� W;< ` ESR;>A<OBDR;KMJk>=< ` _;J KQ@=<OBDRgTQ>A9;B �&RX<?R ifnD_5:=ES> r G?Y � KQR;W

r GjY �'G�+�9;EbJOBDR5nDES:�CUEF: <?@=ES:=KQ@^<?BDR @=< ` E BQP pQr � q ��Y q � � PhBM:�@^95Ed�#� �+���KMR;W � � �*�LSJ?E KM:AJ 7 9fKQ>bK)>=<?nDR;<jifL KMR8@ < ` CfKML @ T 6 _5@ BDR5J 7 BDR @=9;E BD:AW;ES: BMP&>=EFLSBDR;W5>SG3+�9;E PhE���EF:

<?@=ES:=KQ@^<?BDR;>�:AESmk_;<?:=ESW 687 @=9;EbW;ES:A<?VQKQ@=<?VDE _;>=<?R;n ` E @^9;BW;> � �#� �*� KMR;W �#���'+�� � �&<?JOJ

:=EF>=_;Jj@H<OR PhE��ES: ��KM>�@^EFW <?@=ES:^K @^<OBMR;>ST*:AESmk_;<O:A<OR;n JOEF>=> ` E ` BM: 7 :AES>ABD_;:=LFES>HPhBD:HK _;>=K 6 J?E

Y qQr

Page 130: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(a)

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD: @=9;E�CfKM:^K ` E @^ES:A> � > KMR5W�� � PhBD: @^95E�@=9;E�>=< ` _;J K @^<OBMR BMP@^9;E p W;< ` ESR5>=<OBMRfKMJQ@=:=_;R5L KQ@=ESWR;BD: ` KQJ;W;<O>�@^:A< 6 _5@=<OBDRgGl+�9;E�>=BMJO<OWbJ?<OR;E�<?>,@^9;E��#���'+�� KQJOnDBD:A<?@=9 ` T @^9;E&WfKQ>=9 � W;BM@ <O>,@^95E� KMR;nDE V<ORdKMJ?nDBD:=<j@^9 ` TQKMR;W @^95E�W;BM@=@=ESWbJ?<OR;E�<O>�@=9;E�>A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ � G � K �/>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� > G�� 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

Y q �

Page 131: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30 35 40 45 50

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(a)

0 5 10 15 20 25 30 35 40 45 50

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:*@^95E VQKM:A< KMR;LFE�BMP5@=9;E�C;KM:^K ` EF@=ES:A> � > KMR;W � � PhBD:*@^9;E�@^95E >A< ` _5J KQ@=<OBDR�BMP'@^9;E p W;< ` ESR �>=<?BDRfKMJl@^:=_5R;L KQ@=ESW R;BD: ` KMJcW5<O>A@=:=< 6 _5@^<?BDR G +�95E >ABDJO<?W3JO<OR5Eb<O> @^95E � � �'+�� KMJOnMBD:=<j@^9 ` T@^95E�WfKM>A9 ��W;BQ@ <O>X@^9;E)� KMR;nDE V'<?R KMJ?nDBD:=<j@^9 ` T�KQR;W @^95E�W;BM@A@^ESW JO<OR5E#<?> @^95E�>A@^KMR;WfKM:AW:^KQR;W;B ` ��KMJ � G�� K ��>=95B �&>�@^9;E-:AES>=_5J?@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:AES>=_5J?@^>�PhBD:�� � G

Y q��

Page 132: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(a)

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � ��� � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:�@=9;E C;KM:^K ` EF@=ES:A> � > KMR;W � � PhBD:�@=9;E-@^9;E->=< ` _;JOKQ@^<?BDR BMPl@^9;E ��� W;< ` ESR5>=<OBMRfKMJU@=:=_;R �L K @^ESW R;BD: ` KMJ5W;<O>�@^:=< 6 _5@=<OBDR G/+�9;E�>=BDJ?<OWdJO<?R;E�<?>�@=9;E��#� �+�� KMJ?nDBD:=<j@^9 ` T @^9;E�WfKM>A9 ��W;BQ@<O>c@=9;E��/KQR;nDEFV<?R KMJ?nDBD:A<?@^9 ` TQKMR;WX@^9;E&W;BM@A@^EFW J?<OR;E�<?>c@^9;E�>A@^KMR;WfKM:AW :=KMR;W;B ` ��KQJ �IG � K �>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� > G � 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

Y q �

Page 133: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(a)

0 5 10 15 20 25 30 35 40 45 50−0.5

0

0.5

1

1.5

2

2.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD: @=9;E VQKM:=<OKMR;LFE BMP&@^95EeCfKM:^K ` E @^ES:A>� > KMR;W � � PhBD: @=9;E @^9;E >=< ` _;J KQ@=<OBDR BMP&@^9;E ���W;< ` EFR;>=<?BDRfKMJ�@=:=_;R5L KQ@=ESW R;BM: ` KMJ�W;<?>A@^:A< 6 _'@^<OBMR G +�95E)>=BMJO<OW�J?<OR;Ea<O>b@=9;E�� � �'+�� KMJ��nDBD:A<?@=9 ` T�@^9;E3WfKQ>=9 � W;BM@ <?> @^95E3� KMR;nDE V'<?R KMJOnMBD:=<j@^9 ` T�KMR5W @^9;E�W5BM@=@=ESW JO<?R;E#<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

Y q \

Page 134: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 10 20 30 40 50 60

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 10 20 30 40 50 60

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � ��� � � � o,J?BM@^>HBMP�@=9;E J?BDn)C BM@^EFR8@^< KQJ,>=L KQJOE :AESW;_5LF@^<?BDR;> 6k7 @=< ` EXPhBD:-@^95E CfK �:^K ` E @^ES:A> � > KMR;W�� � PhBD:�@=9;Eb@^9;EX>=< ` _;J K @^<OBMR�BMP�@=9;E p W;< ` EFR;>=<?BDRfKMJl@^:=_5R;L KQ@=ESW R;BD:��` KMJ,W;<O>�@^:A< 6 _5@=<OBDRgG +�9;E >=BDJ?<OW JO<?R;Eb<O>-@^9;E �#���'+�� KMJ?nDBD:A<?@^9 ` Tg@=9;EXWfKM>=9 ��W;BM@ <O>-@^95E� KMR;nDE V<ORdKMJ?nDBD:=<j@^9 ` TQKMR;W @^95E�W;BM@=@=ESWbJ?<OR;E�<O>�@=9;E�>A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ � G � K �/>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� > G�� 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

Y q Z

Page 135: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o�J?BM@^>lBMP;@=9;E�J?BDn�C BM@=ESR8@^<OKMJk>=L KQJOE�:AESW;_5LF@^<?BDR;> 6k7 @^< ` E,PhBD: @^95E�VQKM:=<OKMR;LFEBMPf@=9;E�CfKQ:^K ` EF@=ES:=> � > KMR;W� � PhBD:/@^9;E�@^9;E�>=< ` _;J KQ@=<OBDRHBMPf@=9;E p W5< ` ESR;>A<OBDRfKQJk@=:=_;R5L KQ@=ESWR;BD: ` KQJ;W;<O>�@^:A< 6 _5@=<OBDRgGl+�9;E�>=BMJO<OWbJ?<OR;E�<?>,@^9;E��#���'+�� KQJOnDBD:A<?@=9 ` T @^9;E&WfKQ>=9 � W;BM@ <O>,@^95E� KMR;nDE V<ORdKMJ?nDBD:=<j@^9 ` TQKMR;W @^95E�W;BM@=@=ESWbJ?<OR;E�<O>�@=9;E�>A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ � G � K �/>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� > G�� 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

YDY q

Page 136: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 10 20 30 40 50 60

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 1 2 3 4 5 6 7 8 9 10

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � ��� � � � o,J?BM@^>HBMP�@=9;E J?BDn)C BM@^EFR8@^< KQJ,>=L KQJOE :AESW;_5LF@^<?BDR;> 6k7 @=< ` EXPhBD:-@^95E CfK �:^K ` E @^ES:A> � > KQR;W � � PhBD:&@^95E @^95E >=< ` _;JOKQ@^<?BDReBMPc@=9;E ��� W;< ` ESR5>=<OBMRfKMJ @^:A_;R;LSKQ@^EFW3R;BD:��` KMJ,W;<O>�@^:A< 6 _5@=<OBDRgG +�9;E >=BDJ?<OW JO<?R;Eb<O>-@^9;E �#���'+�� KMJ?nDBD:A<?@^9 ` Tg@=9;EXWfKM>=9 ��W;BM@ <O>-@^95E� KMR;nDE V<ORdKMJ?nDBD:=<j@^9 ` TQKMR;W @^95E�W;BM@=@=ESWbJ?<OR;E�<O>�@=9;E�>A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ � G � K �/>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� > G�� 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

YDYMY

Page 137: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30 35 40 45 50

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o�J?BM@^>lBMP;@=9;E�J?BDn�C BM@=ESR8@^<OKMJk>=L KQJOE�:AESW;_5LF@^<?BDR;> 6k7 @^< ` E,PhBD: @^95E�VQKM:=<OKMR;LFEBMPk@^95E C;KM:^K ` EF@=ES:A> � > KQR;W � � PhBM: @^9;Ec@=9;E,>=< ` _;J K @^<OBMR�BMPk@^95E ��� W;< ` ESR;>A<OBDR;KMJ @=:=_;R5L KQ@=ESWR;BD: ` KQJ;W;<O>�@^:A< 6 _5@=<OBDRgGl+�9;E�>=BMJO<OWbJ?<OR;E�<?>,@^9;E��#���'+�� KQJOnDBD:A<?@=9 ` T @^9;E&WfKQ>=9 � W;BM@ <O>,@^95E� KMR;nDE V<ORdKMJ?nDBD:=<j@^9 ` TQKMR;W @^95E�W;BM@=@=ESWbJ?<OR;E�<O>�@=9;E�>A@^KMR;WfKM:AWd:^KMR;W5B ` ��KMJ � G � K �/>=9;B �&>@^95EH:AES>A_;J?@=>&PhBM:�� > G�� 6 ��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM:�� � G

YDY p

Page 138: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

>^K ` C;J?EMG

.IBM:c@^9;E ` _;J?@=<?VQKM:A< KQ@=E�R;BD: ` KQJfW;<O>�@^:=< 6 _5@=<OBDR TD@=9;E�LSB ` CUBMR;ESR8@^> ��ES:=E�LN9;BD>AESR @=B 6 E

9;<?nD9;J 7 LSBM:=:=EFJ KQ@=ESW G/��KMLN9HW;<O>�@^:A< 6 _5@=<OBDR�9fKMWHK ` ESKMR-BMP �SEF:=B�KMR;W-LSB[VQKM:A< KMR;LFE���Y � � � � � ���� � T �&95ES:=E&@^95E ` KQ@=:=<���� � <?>c@^9;E � � W;< ` ESR;>A<OBDR;KMJ5<?W;ESR8@^<j@ 7 T � � <?>�K ` KQ@^:A<�� BMPgKMJOJ;BMR;ES>FTKMR;W � <O> @=9;E LFBD:=:AESJOKQ@^<?BDR 6 EF@ ��ESEFR�CfKM:^K ` E @^ES:A>SG#+�9;:=EFE JOE VDESJ?> BMP�LSBD:A:=ESJOKQ@^<?BDR ��ES:AE

E��5K ` <OR5ESW T � � q � \��MZ5T q � Z�� q TcKQR;W q � ZDZ p Ge+�9;ES>AEaKM:=Ed@^9;E >^K ` EXLSBD:A:=ESJOKQ@^<?BDR JOEFVMESJ?>

E��5K ` <OR5ESW3<OR � p \ G .IBM: E KMLN9 BMP�@=9;ES>AEXLFBD:=:AESJOKQ@^<?BDR)VQKMJO_5ES>STUPhBD_;:�>=E @^>�BMP >A< ` _;JOKQ@^<?BDR;>��ES:=E :=_;R T �&<j@^9 W5< ` ESR;>A<OBDR;> p T � T�Y p TcKMR;W ��� G)+�9;:AESE >�@^ESC >A<��FE CfKM:=K ` E @^EF:=> ��ES:AE

_;>AESW PhBD: E KQLN9 ` EF@=9;BW TcY ��Y q � � T,Y�� Y q � � T KMR;W�Y�� Y q ��� G ��W;W;<?@=<OBDR;KMJOJ 7 TfPhBD: @^95ELSBM:=:=EFJ KQ@=<OBDR JOE VDESJ5BMP ��� q � ZDZ p KMR;Wd>A@=ESCd>=< �SE�BQP Y �bY q � � T8>A< ` _5J KQ@=<OBDR;>���ES:=E�:A_;R �&<?@=9

W;< ` EFR;>=<?BDR;> �Qr T;Y rDr T pMqDq TMKMR;W �DqMq G�+�9;E&KQLSLSEFC5@NKQR;LSE&:^K @^ES>lPhBD:cKMJ?J'BQP @=9;E�>A< ` _;JOKQ@^<?BDR;>

KM:AEHnM<?VDEFRa<OR KMC;C ESR;W5<��a� G

.IBM:�@^9;E->�@^ESC >=< �SEdY � Y q � � TfLSBD:A:=ESJOKQ@^<?BDR � � q � \��MZ5T@^9;EF:=EH<O>�JO<j@=@=JOE�W5<��UES:=EFR;LSE-<?R@^95E&KMLSLFESC5@^KMR;LSE&:=KQ@^EF>STkKM>,>A9;B �&R <?R @NK 6 JOE�� G p Gl��@,@^9;<?>cLSBM:=:=EFJ KQ@=<OBDR JOEFVMESJ TDE KMLN9XBMPI@^95E

` EF@^95B'W;>�9fKM>�KMR3KMLFLSEFC5@NKMR5LSE :=KQ@^E K 6 B[VME Z��� PhBM:�ESKMLN93W;< ` ESR5>=<OBMR G�+�9;<O>�<OR;W5<OL K @^ES>

@^9;KQ@ T�KQ@ @=9;<O> J?EFVMESJ BMPHLFB ` C;KM:=<?>=BDR T�KMJ?J�BQPH@=9;E ` EF@^95B'W;> KM:=E ` <��'<?R;n KQ@aKQC;C;:=B �'<��

` KQ@^EFJ 7 @=9;Ed>^K ` Ed>=C ESEFW TcKMR5W KMLFLSEFC5@^<?R;n#:ABD_;nD95J 7 @=9;EX>^K ` EdR_ ` 6 EF:-BMP�C5:=BDC BD>^KQJO>SG

��B ��EFVMES:STf@=9;E nD:=KMC;9;>�BMP*@=9;E�JOBMn CUBQ@^ESR8@=< KMJ >=LSKMJOE :AESW;_5LF@^<?BDR;> 687 <j@^EF:^KQ@=<OBDR Tk>A9;B �&R#<?R

ifnD_5:=ES> r G?Y[\'T r G pMq TDKQR;W r G p�� TD>A9;B � W;<��gEF:=EFR;LSEF>,<OR @^95E�Rk_ ` 6 ES:cBMP <j@^ES:=KQ@^<?BDR;>/<OR �&95<OLN9

@^95E ` EF@=9;BW;>,LSBDR8VMES:=nME�@=BH>�@NKQ@=<OBDR;KM:=<j@ 7 TDEF>=C ESLS<OKMJOJ 7 PhBM:c@^9;E�if:A>A@�LSB ` C BDR;EFRk@SG,.fBD:c@^95E

@ ��B�W;< ` ESR5>=<OBMRfKMJc>A< ` _;JOKQ@^<?BDR T �&<j@^9 � � q � \��MZ5T @^9;E �#� �+�� KMJ?nDBD:=<j@^9 ` LSBDR8VMES:=nMES>

@^Be>�@NKQ@=<OBDR;KM:=<j@ 7 <?R)P KM:�PhE���EF:�<?@=ES:^K @^<OBMR;>�@=9fKMR3@^95Eb� KMR;nDE V'<?R KMR;W3>�@NKMR;W;KM:=W :^KQR;W;B `

��KMJ �ITcKQ> >A9;B �&R <OR ifnD_;:AE r GjY[\5G ��> @=9;EXW;< ` ESR;>A<OBDR <OR5LS:=ESKM>=EF> @=B ��� �hifnM_;:=E r G pQq � T

@^95E �#���'+�� KMJOnDBM:=<?@=9 ` >A@^<?JOJ*:AESmk_;<O:AES>&PhE��ES:�<?@=ES:^K @^<OBMR;>�@^BXLSBDR8VMES:=nME @^9;KMR#@=9;E BQ@^9;EF:

YDY �

Page 139: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@ ��B#KQJOnDBD:A<?@=9 ` >FG�.fBD:�>=EFLSBDR;W BD:AW;ES: LFBDR8VDEF:=nDEFR;LSEQT/>A9;B �&R <OR)ifnM_;:=EF> r G?Y Z KMR;W r G p YDT

@^95EH:AES>A_;J?@=>�KQ:=E->=< ` <?J KM:FT'KQJ?@^95BD_;nD9 @=9;E-W;<��UES:AESR;LFES>�KM:=E-JOEF>=>&R;BM@=<OLFE K 6 J?EMG

.IBM: @^9;E,@ ��B�W;< ` EFR;>=<?BDRfKMJQ>=< ` _;J KQ@=<OBDRgT @^9;E�>A@^KMR;WfKQ:=WH:^KMR;W5B ` ��KMJ ��:AESmk_;<O:AES> � � q �Y q�� � >AESLSBMR;W;> CUEF:,<?@^EF:^KQ@=<OBDRgTMLSB ` CfKQ:=ESWb@=B \ � q �XY q�� � PhBD:�@=9;E��#� �*� KMR;WXZ � q � Y q�� �

PhBD:�@=9;E �#� �+��#KMJ?nDBD:=<j@^9 ` G��R >=C5<?@^E-BMP/@^95EHJ?BDR;nDEF:�@^< ` E C ES:&<j@^ES:=KQ@^<?BDRe:=EFmk_;<O:AESW 6k7

@^95E3�#��� � KMR;W �#� �+�� ` E @^9;BW T @^9;E#CUEF:APhBD: ` KMR5LSE BMP�@=9;E#@=9;:=EFE�KMJ?nDBD:=<j@^9 ` > <?>

>=< ` <?J KM:FG +�9;E C5JOBM@ BMP�@=9;E J?BDn)C BM@^EFR8@^< KQJ >AL KMJ?E :AESW;_;L @^<?BDR VDEF:=>A_;> @^< ` Ed<O> >=9;B �&R <?R

ifnD_5:=E r G pDp Gl+�9;E�nD:^KQC;9;> PhBD: 6 BM@=9 @^95E if:A>A@cKMR;W >AESLFBDR;W CfKQ:^K ` EF@=ES:=>lKM:AE�VDEF: 7 >=< ` <?J KM:FT

KMR;W >=9;B � JO<j@=@=JOE�W;<��gEF:=ESR5LSES> 6 E @ ��EFESRe@^9;E�KMJOnMBD:=<j@^9 ` >SG/+�9;E�nM:^KMC;95>�PhBD: >=EFLSBDR;WeBM:=W;EF:

LSBMRkVMES:AnDESR;LFEMT BD:�LFBDR8VDES:AnDESR5LSEHBMPl@=9;E�>=EFLSBDR5W ` B ` ESR8@^>FT5>=95B �&R <OR i;nD_;:=E r G p�� T;>=9;B �

@^9;KQ@�@^9;E�>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �bKMR;W �#� �+�� ` EF@=9;B'W5>�@^K �ME�JOEF>=>,@^< ` E�@=B LFBDR8VDES:AnDE

@^9;KMR @^95Ee�#��� � Gl�R5LS:=ESKM>=<?R;n)@=9;E Rk_ ` 6 ES: BMP�W;< ` EFR;>=<?BDR;>-@^B ��� C;:AB'W;_5LSES> >=< ` <OJOKM:

:=EF>=_;Jj@^>FTkKMJ?@=9;BD_;nD9 @^9;E�>A9;BD:A@=ES:c@=< ` E�C ES:,<?@=ES:=KQ@^<?BDR >A9;BD_;J?WXnM<?VDE�@^9;E�>�@NKMR;W;KM:=Wd:^KQR;W;B `

��KMJ ��K�W;<?>A@=<OR;L @ KMW5VQKMR8@NKQnDEMG/+�9;E >A@NKQR;WfKM:AW :=KMR;W;B ` ��KQJ � :AESmk_;<O:AES> � � Y ��Y q�� � >AESLSBMR;W;>C ES:�<?@^EF:^KQ@=<OBDRgT �&9;<OJ?E-K >A<OR;nDJ?E�<?@=ES:^K @^<OBMR BQP�@^95E �#���*� :AESmk_;<O:AES>�\ � p � Y q�� � >AESLSBMR;W;>KMR;WH@^9;E��#� �+�� KMJ?nDBD:=<j@^9 ` :=EFm_5<O:=EF>cZ � p �-Y q�� � >=EFLSBDR;W5>cCUEF:l<j@^EF:^KQ@=<OBDR G/.�<?nD_;:AES> r G p rKMR;W r G p � >A9;B � @=9;E3C;JOBQ@^> BMP-@=9;E3JOBDn CUBM@=ESR8@^<OKMJ�>=L KQJOE3:=EFW;_;L @^<OBMR 6k7 @^< ` EMT �&95<OLN9

<OR5W;<OLSKQ@^Ea@^9fK @ @^95E)@^9;:AESE3KQJOnDBD:A<?@=9 ` >dLFBDR8VDES:AnDE KQ@ KMC;C;:AB �'< ` KQ@=ESJ 7 @^9;E�>=K ` E):^K @^EMG

.fBD:c@^95E�>AESLFBDR;W BM:=W;EF: LFBDR8VDEF:=nDEFR;LSE�>=9;B �&R <?RbifnD_;:AE r G p �TD@^9;E&W;<��gEF:=ESR5LSES>�KM:AE 6 KM:=EFJ 7

R;BM@=<OLFE K 6 J?EMG

�R;LS:AE KM>A<OR;n @=9;E J?EFVDEFJ�BMP�LFBD:=:AESJOKQ@^<?BDR)9fKQ>�K R;BM@=<OLFE K 6 J?E E��gEFLF@-BDR#@^9;E W5<��UES:=EFR;LSEF>

6 EF@ ��ESESR @^9;E KMJOnMBD:=<j@^9 ` >SGd+�9;<?>H<?>-W;E ` BDR;>�@^:^K @^ESW <OR ifnD_;:AES> r G p�� KQR;W r G p �T��&95<OLN9

>=95B �&> @^9fK @ �&<j@^9XLSBD:A:=ESJOKQ@^<?BDRdBMP q G ZDZ p T8@^9;EF:=E�<?> KHR;BQ@^<OLFE K 6 JOE&E�UESL @�BDRd@^9;E�CUBQ@^ESR8@=< KMJ

>=LSKMJOE�:=ESW5_;LF@=<OBDRbBMPI@=9;E�>=EFLSBDR;WdLFB ` C BDR;EFR8@cPhBD:�@=9;E&�#���'+��dKMR;WX�#��� � KQJOnDBD:A<?@=9 ` >FG

YDY r

Page 140: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:*@^95E�CfKQ:^K ` EF@=ES:=> � > KMR;W � � PhBD: @^95E @=9;E�>A< ` _5J KQ@=<OBDR BQP5@^95E @ ��B�W;< ` EFR;>=<?BDRfKMJMR;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � \��MZ KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

YDY �

Page 141: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400−0.5

0

0.5

1

1.5

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400−0.5

0

0.5

1

1.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD: @=9;EbVMKQ:=< KQR;LSEdBMP @^9;EdCfKQ:^K ` EF@=ES:=> � > KMR;W � � PhBD: @=9;Eb@^9;Ed>A< ` _;JOKQ@^<?BDR�BMP @^95Ed@ ��BW;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJcW;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=ESJOKQ@^<?BDR � � q � \��MZaKMR;W >A@=ESC >A<��FE Y �Y q � � G +�9;E)>ABDJO<?W J?<OR;Ea<O>b@=9;E3�#���'+�� KQJOnDBD:A<?@=9 ` T,@=9;E)WfKQ>=9 � W;BM@ <O>d@^9;E#� KMR;nDE V'<?RKMJ?nDBD:=<j@^9 ` T�KQR;W @^95E�W;BM@A@^ESW J?<OR;E <O>X@^9;E)>A@NKQR;WfKM:AW :^KMR;W5B ` ��KMJ �IG � K �d>=9;B �&>e@^95E:=EF>=_;Jj@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G

YDY �

Page 142: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400 450 500−0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400 450 500−0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:c@=9;E�CfKM:=K ` E @^EF:=> � > KQR;W � � PhBD:c@=9;E�@^95E�>A< ` _5J KQ@=<OBDR BMPU@=9;E ��� W;< ` EFR;>=<?BDRfKMJ'R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � \��MZ KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

YDY �

Page 143: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400−0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400−0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD: @=9;E VQKM:=<OKMR;LFE BMP&@^95EeCfKM:^K ` E @^ES:A>� > KMR;W � � PhBD: @=9;E @^9;E >=< ` _;J KQ@=<OBDR BMP&@^9;E ���W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJcW;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=ESJOKQ@^<?BDR � � q � \��MZaKMR;W >A@=ESC >A<��FE Y �Y q � � G +�9;E)>ABDJO<?W J?<OR;Ea<O>b@=9;E3�#���'+�� KQJOnDBD:A<?@=9 ` T,@=9;E)WfKQ>=9 � W;BM@ <O>d@^9;E#� KMR;nDE V'<?RKMJ?nDBD:=<j@^9 ` T�KQR;W @^95E�W;BM@A@^ESW J?<OR;E <O>X@^9;E)>A@NKQR;WfKM:AW :^KMR;W5B ` ��KMJ �IG � K �d>=9;B �&>e@^95E:=EF>=_;Jj@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G

YDY \

Page 144: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>/BMPf@^95E�JOBMn�C BM@^EFRk@=< KMJk>AL KMJ?E�:=EFW;_;L @^<OBMR;> 687 @^< ` E,PhBD:l@=9;E�C;KM:^K ` E��@^EF:=>�� > KMR5W � � PhBD:,@^9;E&@^9;E&>A< ` _;JOKQ@^<?BDRbBMP @^9;E&@ ��B W;< ` EFR;>=<?BDRfKMJ;R5BD: ` KMJ;W;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9aLSBD:A:=ESJOKQ@^<?BDR � � q � \��MZbKMR;W >A@=ESC >=< �SEdY � Y q�� � G,+�9;E >ABDJO<?W JO<?R;E <?>�@^9;E �#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

YDY Z

Page 145: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30 35 40

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o�J?BM@^>lBMP;@=9;E�J?BDn�C BM@=ESR8@^<OKMJk>=L KQJOE�:AESW;_5LF@^<?BDR;> 6k7 @^< ` E,PhBD: @^95E�VQKM:=<OKMR;LFEBMPI@^95E�CfKM:=K ` E @^EF:=> � > KMR;W � � PhBD:/@^9;E�@=9;E�>A< ` _;JOKQ@^<?BDR BQPf@^9;E�@ ��B�W;< ` ESR5>=<OBMRfKMJR;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � \��MZ KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y pQq

Page 146: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>�BMP @^9;E&J?BDn-CUBM@=ESR8@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:c@=9;E�CfKM:^K ` �EF@=ES:A> � > KMR5W � � PhBD:,@=9;E�@=9;E�>A< ` _5J KQ@=<OBDRdBMPU@^9;E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJfW;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9aLSBD:A:=ESJOKQ@^<?BDR � � q � \��MZbKMR;W >A@=ESC >=< �SEdY � Y q�� � G,+�9;E >ABDJO<?W JO<?R;E <?>�@^9;E �#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

Y p Y

Page 147: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30 35 40

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o�J?BM@^>lBMP;@=9;E�J?BDn�C BM@=ESR8@^<OKMJk>=L KQJOE�:AESW;_5LF@^<?BDR;> 6k7 @^< ` E,PhBD: @^95E�VQKM:=<OKMR;LFEBMP @=9;E CfKQ:^K ` EF@=ES:=>�� > KMR;W � � PhBD:�@=9;E�@=9;E�>A< ` _;JOKQ@^<?BDRdBMP*@^95E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � \��MZ KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y pMp

Page 148: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E C;JOBQ@ BMP5@=9;E�J?BDn&CUBQ@^ESR8@=< KMJD>AL KMJ?E�:=ESW5_;LF@=<OBDR 687 <j@^EF:^KQ@=<OBDR PhBD:*@=9;E�>A@NKQR;WfKM:AW :^KQR;W;B `

��KMJ � W5B'EF>�R;BQ@�W5ESL K 7 @^B��SEF:=B KM>�LSB ` C;JOE @^EFJ 7 KQ>�<j@�W;B'EF> PhBM:�@=9;E�BM@^9;EF: ` E @^9;BW;>SG�+�9;E

>A@^KMR;WfKQ:=W�:^KMR5W;B ` ��KMJ � E��'C ES:A<OESR5LSES>XW;<�� LF_;J?@=<OEF> �&<?@=9 >AESLFBDR;W BD:=W;EF:bLSBDR8VMES:=nMESR;LFEMT

KMJj@^9;BD_5nD9X@=9;E&@^< ` E�KMW5VQKMR8@NKQnDE�BQPg@^95E�>�@NKMR;W;KM:=W :=KMR;W;B ` ��KMJ � 687 <j@^EF:^KQ@=<OBDR 6 ESLFB ` EF>

` BD:=E-KMC5CfKM:=EFR8@�K @�@^9;E-9;<?nD9;ES:�LFBD:=:AESJOKQ@^<?BDReJOE VDESJ G

+�9;EHKMLSLFESC5@^KMR;LSEH:^K @^ES>&PhBD:�ESKMLN9)KQJOnDBD:A<?@=9 ` :AE ` KM<ORemk_;<j@^E-9;<?nD9 KQ@�@^9;<?>�>A@=ESC)>A<��FE

KMR;W LFBD:=:AESJ K @^<OBMR�JOE VDESJ � � q � ZDZ p G ��>�@=9;EbW;< ` ESR5>=<OBMR3<OR;LF:=E KQ>=ES>FT W;<��UES:AESR;LFES>-<OR3@^95EKMLFLSESC'@NKMR;LFE&:^KQ@=ES> 6 EFLSB ` E ` BD:=E�KMC;CfKM:AESR8@ G,�'< ` _5J KQ@=<OBDR;>lLSBDR5W;_;LF@=ESW KQ@�K�LSBM:=:=EFJ KQ@=<OBDR

BMP q G ZDZ p PhBD:�W;< ` EFR;>=<?BDR;> �Mr T Y rDr T pQqDq T KMR;W �DqDq 6 EFnD<OR @^BX9;<OnD95JO<OnM9k@�@=9;E W5<��UES:=EFR;LSEF>

6 EF@ ��ESESRa@^95E-KMJOnDBM:=<?@=9 ` >SGl.�<OnD_5:=E r G �Dq >A9;B �&>�@^9;E�nM:^KMC;95>�BMP*@^9;E�J?BDn C BM@=ESR8@^<OKMJg>AL KMJ?E

:=EFW;_;L @^<OBMR;> PhBM:�@=9;E pMqDq W;< ` ESR;>A<OBDR;KMJ;R;BD: ` KQJfW;<O>�@^:=< 6 _5@=<OBDRd>=< ` _;JOKQ@^<?BDR G ��>�@^9;E�Rk_ ` �

6 ES:�BMP <j@^EF:^KQ@=<OBDR;>,<?R;LS:AE KM>AES>FT'J?BDn � � �� �,W5ESLS:AE KM>AES>�:=KMC;<?W;J 7 PhBD: � > PhBD: 6 BM@^9d@^95E�� � �*�KMR;W3@=9;E �#� �+�� KMJ?nDBD:A<?@^9 ` >FTgLSB ` CfKQ:=ESW3@=Ba@=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IGd.fBD: @^95E

CfKM:=K ` EF@^EF: � � Tg@=9;EbJOBDn CUBM@=ESR8@^<OKMJ�>AL KMJ?E :=EFW;_;L @^<OBMR P KQLF@^BM:�PhBD:�@=9;EX�#� �*�4W;EFLS:AE KM>AES>

` BD:=E :=KMC;<?W;J 7 @^9;KMR3@^9;Eb>�@NKMR;W;KM:=W :^KQR;W;B ` ��KMJ �IT KMR;W3@^9;EFR KMC;C E KM:A> @^BaE��'C ES:=<?ESR;LFE

W;<�� LF_;J?@=<OEF>ST IK @=@^EFR;<OR5nXBM_5@�KM>�@^9;EHRk_ ` 6 ES:&BMPl<?@^EF:^KQ@=<OBDR5>�<OR;LF:=E KQ>=ES>FG�+�95E J?BDnbCUBQ@^ESR �

@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDRdP KMLF@=BD:�BMP � � PhBD:c@^95E �#���'+��XKMJOnDBM:=<?@=9 ` KMJO>ABH<?R;<?@=< KMJ?J 7 W;EFLS:AE KM>AES>

P KM>�@^ES:H@^9fKQR @^9;E >A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �IT 6 _'@ _;R;J?< �QEX@=9;Ee�#���*� T�<j@HLSBDR8@^<?Rk_;ES> @=B

W;EFLS:=ESKM>=EaKQ> @^95E Rk_ ` 6 ES: BQP�<?@=ES:^K @^<OBMR;> <?R;LS:AE KM>AES>FG�� 7 @^9;<?> ` E KQ>=_;:AEMTc@^95Ee�#���'+��

KMJ?nDBD:=<j@^9 ` <O>�LFJOESKM:=J 7 :=ESKMLN9;<?R;nd>A@NK @^<OBMRfKM:=<j@ 7 <?RaPhE���EF:�<j@^EF:^KQ@=<OBDR;>�@^9fKMRa@^95EHBQ@^9;EF:&@ ��B

` EF@^95B'W;>FG +�9;E @=< ` EbKMW5VQKMR8@^KMnDE BMP @^95Eb>A@NKQR;WfKM:AW :=KMR;W;B ` ��KMJ � W;<O>=KMC;C E KM:A>-KQ@�@^95E

9;<?nD9;ES:�W5< ` ESR;>A<OBDR T5KM>&W;E ` BDR;>�@^:=KQ@^EFW#<?Rai;nD_;:=E r G � YDG

.IBM:&@=9;EH9;<OnD95ES:�W;< ` ESR;>A<OBDR;KMJ W;<?>A@^:A< 6 _'@^<OBMR;>ST;@=9;ES:AE <O>�KXW;<��UES:AESR;LFE <ORa@^95E KMLFLSEFC �

@NKQR;LSE :^KQ@=ES>bKM> ��EFJOJ G ��> @^95E Rk_ ` 6 ES: BMP&W;< ` ESR5>=<OBMR;> <?> <?R;LS:AE KM>AESW Ph:AB ` ��� @=B �Mr T

Y p �

Page 149: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400 450 500

0

0.5

1

1.5

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400 450 500

0

0.5

1

1.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:c@=9;E�CfKM:=K ` E @^EF:=> � > KQR;W � � PhBD:c@=9;E�@^95E�>A< ` _5J KQ@=<OBDR BMPU@=9;E ��� W;< ` EFR;>=<?BDRfKMJ'R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � ZDZ p KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y p r

Page 150: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>�BMP @^9;E&J?BDn-CUBM@=ESR8@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:c@=9;E�CfKM:^K ` �EF@=ES:A> � > KMR5W � � PhBD:,@=9;E�@=9;E�>A< ` _5J KQ@=<OBDRdBMPU@^9;E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJfW;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9aLSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p KMR;W >A@=ESC >=< �SEdY � Y q�� � G,+�9;E >ABDJO<?W JO<?R;E <?>�@^9;E �#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

Y p �

Page 151: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 300 350 400 450 500

0

0.5

1

1.5

100 iterations

log(

Rha

t)

(a)

0 50 100 150 200 250 300 350 400 450 500−0.1

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD: @=9;E VQKM:=<OKMR;LFE BMP&@^95EeCfKM:^K ` E @^ES:A>� > KMR;W � � PhBD: @=9;E @^9;E >=< ` _;J KQ@=<OBDR BMP&@^9;E ���W;< ` EFR;>=<?BDRfKMJcR5BD: ` KMJcW;<?>A@=:=< 6 _5@^<?BDR T �&<j@^9 LSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p KMR;W >A@=ESC >A<��FE Y �Y q � � G +�9;E)>ABDJO<?W J?<OR;Ea<O>b@=9;E3�#���'+�� KQJOnDBD:A<?@=9 ` T,@=9;E)WfKQ>=9 � W;BM@ <O>d@^9;E#� KMR;nDE V'<?RKMJ?nDBD:=<j@^9 ` T�KQR;W @^95E�W;BM@A@^ESW J?<OR;E <O>X@^9;E)>A@NKQR;WfKM:AW :^KMR;W5B ` ��KMJ �IG � K �d>=9;B �&>e@^95E:=EF>=_;Jj@^>�PhBD:�� > G�� 6 ��>=9;B �&>&@^9;E-:=EF>=_;Jj@^>�PhBD:�� � G

Y p �

Page 152: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 5 10 15 20 25 30

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o�J?BM@^>lBMP;@=9;E�J?BDn�C BM@=ESR8@^<OKMJk>=L KQJOE�:AESW;_5LF@^<?BDR;> 6k7 @^< ` E,PhBD: @^95E�VQKM:=<OKMR;LFEBMP @=9;E CfKQ:^K ` EF@=ES:=>�� > KMR;W � � PhBD:�@=9;E�@=9;E�>A< ` _;JOKQ@^<?BDRdBMP*@^95E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � ZDZ p KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y p �

Page 153: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 100 200 300 400 500 600 700 8000

1

2

3

4

5

6

100 iterations

log(

Rha

t)

(a)

0 100 200 300 400 500 600 700 8000

0.5

1

1.5

2

2.5

3

3.5

100 iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:*@^95E�CfKQ:^K ` EF@=ES:=> � > KMR5W�� � PhBM: @=9;E�@^9;E >=< ` _;J K @^<OBMR�BMP;@^95E pMqMq W;< ` EFR;>=<?BDRfKMJMR;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@^9eLFBD:=:AESJOKQ@^<?BDR � � q � ZDZ p KMR5We>A@^EFCa>=<��FE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<OR5E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y p \

Page 154: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 1 2 3 4 5 6 7 8 9 10

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>�BMP @^9;E&J?BDn-CUBM@=ESR8@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:c@=9;E�CfKM:^K ` �EF@=ES:A> � > KMR;W � � PhBD:/@^9;E @^9;E�>=< ` _;J KQ@=<OBDRHBMP;@=9;E pMqMq W;< ` ESR5>=<OBMRfKMJ8R;BD: ` KQJ'W;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9aLSBD:A:=ESJOKQ@^<?BDR � � q � ZDZ p KMR;W >A@=ESC >=< �SEdY � Y q�� � G,+�9;E >ABDJO<?W JO<?R;E <?>�@^9;E �#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

Y p Z

Page 155: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^95E KMLSLFESC5@^KMR;LSE :=KQ@^EF>eW;:=BDC >A<OnDR;<jifL KQRk@=J 7 T&Ph:AB ` K 6 B[VME Z��� PhBM: E KMLN9 ` EF@=9;B'W @=B

\D\5G �� T \D\5G q � TgKQR;W�\��G?Y � PhBM:�@=9;E >�@NKMR;W;KM:=W#:^KMR;W5B ` ��KMJ �IT �#���'+��UTUKMR;W��#� �*� T

:=EF>=C ESL @^<?VMESJ 7 G� ` C BD:�@NKMR8@^J 7 TKM>�@=9;E Rk_ ` 6 ES:�BMP W;< ` ESR5>=<OBMR;>�<?>�<OR5LS:=ESKM>=EFW Ph_;:A@=9;ES:FT5@^95E

KMLFLSESC'@NKMR;LFEd:^KQ@=E PhBD:�@=9;E >A@^KMR;WfKQ:=W :^KMR5W;B ` ��KMJ �)W;EFLS:AE KM>AES>ST �&9;<?JOE @=9;EbKMLFLSEFC5@NKMR5LSE

:^K @^ES> PhBD:�@^9;E-� � �*�]KMR5Wa�#� �+�� 9;BDJ?W >�@^E KQW 7 G�+�9;E <?R;LS:AE KM>AESW W5< ` ESR;>A<OBDRX9fKM>�J?ES>A>

BMP&KQR < ` CfKML @-BDR @=9;E � KMR5nDEFV<OR @ 7 CUE KMJOnDBM:=<?@=9 ` >SG .�<OnD_5:=E r G �8p >A9;B �&> @^95E C;J?BM@HBMP

@^95E KQLSLSEFC5@NKQR;LSEH:^KQ@=E VDEF:=>=_5>�W;< ` EFR;>=<?BDR Gc��JOJg@=9;:=EFEH>A< ` _5J KQ@=<OBDR ` E @^9;BW;>&E��'C ES:=<?ESR;LFE

KaR;BM@^<?LSESK 6 JOEbW5ESLSJ?<OR;Eb<?R3@^9;E KMLSLFESC5@^KMR;LFE :=KQ@^EXKM>�@^95E W;< ` EFR;>=<?BDR3<O>-<?R;LS:AE KM>AESW Ph:=B `

��� @^B �Mr T*Ph:=B ` K 6 B VME Z��� @^B JOEF>=>�@^9;KMR Z q �eGX ` CUBD:�@NKMR8@=J 7 T KQ>H@=9;E W5< ` ESR;>A<OBDR3<?>

<OR5LS:=ESKM>=EFW�Ph_;:A@=9;ES:FTg@^95EbKMLSLFESC5@^KMR;LFEb:^KQ@=E PhBD:�@^9;E >�@NKMR5WfKM:=W3:=KMR;W;B ` ��KMJ �#LFBDR8@^<ORk_;EF>

@^B)W;ESLFJO<OR5EMT �&9;<?JOEX@^9;EeKQLSLSEFC5@NKQR;LSEe:=KQ@^EF> PhBD: @=9;Ea�#���*� KMR;W �#���'+�� KMJ?nDBD:=<j@^9 ` >

:=E ` KQ<OR >A@^ESKMW 7 KQ@�\��� KMR5W3\D\ � T :=ES>ACUEFLF@=<?VDEFJ 7 G�+�95<O>�<?R;W;<?L KQ@=ES>�@^9fK @�@^95E <?R;LS:AE KM>AESW

W;< ` EFR;>=<?BDR <O>�9fK V'<?R;ndJOEF>=>�BMPlKMRe< ` CfKQLF@�BMRa@=9;E ` <��'<OR;n BMP @^9;EH� � �*� KMR;W#�#���'+��

KMJ?nDBD:=<j@^9 ` >SG

+�9;E�> ` KMJ?JI>A@^EFCe>=< �SE�BQP,Y �)Y q�� � LSKM_;>AES>�R;ESKM:=J 7 EFVDEF: 7 C;:=BDC BD>=KMJ @=B 6 E KMLFLSEFC5@^EFW G+�9;Ee>AJO<OnM9k@=J 7 J?B ��ES: VMKQJO_;EF> PhBD: @=9;EaKMLFLSESC'@NKMR;LFEe:^KQ@=ES>bBMP�@=9;E �#��� � KMR;W �#���'+��

KMJ?nDBD:=<j@^9 ` >�KM:AE 6 EFL KM_;>AE @=9;E LN9;KM<OR;>-C;:AB'W5_;LSEFW 687 @^9;EF>=E ` E @^9;BW;> �&<OJOJ�BDR K VMES:^KQnDE

@NK �ME&J KM:AnDES:,>�@^EFC;> PhBM:�K-i �'EFW >�@^ESC >=< �SE&CfKM:=K ` E @^EF:c@^9fKMRd@^95E�>�@NKMR5WfKM:=WX:^KQR;W;B ` ��KMJ � G

�&ESL KQJOJ�@^9fKQ@ @^9;E ����� � � �H<?R KMJ?nDBD:A<?@^9 ` r G r 9fKM> K ` <?R;< ` _ ` VQKMJO_5E BMP�BMR;EMT,>AB)@^9fK @

@^95E�>A@^EFCa>=<��FE CfKM:=K ` EF@^EF:�BMP�Y � Y q�� � <O>�@=9;E�> ` KMJOJ?ES>�@�>�@^ESCa>A<��SE @=9fKQ@�<?>�C;:ABDC BD>=EFW G��>=< ` <?J KM:�LN9;KM:^KML @^EF:=<O>�@^<?L E��'<O>�@^>�PhBM:�@^9;Eb�#� �*� T �&9;ES:AE @^9;E KMLF@=_fKMJ�>�@^EFC3>=<��FE W;EFCUEFR;W;>

BDR)@=9;E ` KMnDR5<?@^_5W;E BQPc@^9;E nD:^KQW;<OEFRk@ KQ@�@^9;E LF_;:=:AESR8@�>�@NKQ@=EMG��R;LS:AE KM>A<OR;n @=9;E >�@^ESC3>A<��FE

687 K P KMLF@=BD:XBMP�@^EFR @^B Y � Y q�� � :=EF>=_;Jj@^> <?R K W;ESLF:=E KQ>=E3<OR @^9;E)KMLSLFESC5@^KMR;LFE�:^KQ@=ES>FT

nD<jVDESRe<?ReKMC;C ESR5W;<�� � Gc1 9;<?JOE�@^9;E�>�@NKMR;W;KM:=We:=KMR;W;B ` ��KMJ �X9fKM>�K 95<OnD9;EF:�KMLFLSEFC5@NKMR5LSE

Y �Mq

Page 156: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 50 100 150 200 250 3000.84

0.86

0.88

0.9

0.92

0.94

0.96

0.98

Dimension

Acc

epta

nce

Rat

e

� � �� � � � � ��� � o,JOBM@=>�BMP�@^9;E KMLSLFESC5@^KMR;LSEb:=KQ@^EF> 687 W;< ` ESR5>=<OBMR PhBD:&@^95E ` _;Jj@^<jVMKQ:=< K @^ER;BD: ` KQJ >=< ` _;J K @^<OBMR �&<?@^9 LSBM:=:=EFJ KQ@=<OBDR � � q � ZDZ p KQR;W)>�@^ESC#>=< �SEXY � Y q � � G�+�95E >ABDJO<?WJO<?R;E-<O>�@^9;E �#� �+��)KMJOnMBD:=<j@^9 ` T;@^9;E WfKM>A9 ��W;BQ@ <O>&@^95E � KMR;nDE V<OR�KQJOnDBD:A<?@=9 ` TIKQR;W)@^95EW;BM@A@^EFW#J?<OR;E <?>�@^9;E->�@NKMR;W;KM:=W :^KMR5W;B ` ��KMJ �IG

Y � Y

Page 157: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

:^K @^E @^9;KMR @^9;E#�#��� � KQR;W �#� �+��UTc@^9;Ee@=9;:=EFE ` EF@=9;BW;>bKM:AE �&<?@^95<OR � � BMP�ESKMLN9

BM@=9;ES:FTg<OR5W;<OLSKQ@^<?R;nX@=9fKQ@�@^9;E 7 KM:AE ` <��'<OR5n KQ@ K 6 BD_5@�@^9;E >=K ` E :^K @^EMG�+�9;E Rk_ ` 6 ES:�BMP

<?@=ES:=KQ@^<?BDR;> :AESmk_;<?:=ESW PhBM: LSBDR8VMES:=nMESR;LFEMT�>A9;B �&R�<OR ifnD_5:=E r G ��� T,<?>bKMn8KQ<OR J?ES>A> PhBD: @^95E

�#��� � KMR;W �#� �+�� KMJ?nDBD:=<j@^9 ` >�@=9fKMR PhBD:H@=9;EX>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ �ITlKMJ?@=9;BD_;nM9

@^95E W;<��gEF:=EFR;LSEF>bKM:=EX>=J?<OnD98@SG +�9;E C5JOBM@HBMP�@^9;E JOBDnaC BM@^EFRk@=< KMJ�>AL KMJ?E :AESW;_;L @^<?BDR VMES:=>A_;>

@^< ` E <OR�ifnD_5:=E r G �Mr T*>=95B �&>�@=9fKQ@HKQ@�@=9;<O>�>�@^ESC >=< �SEb@^95E @^9;:AESE ` E @^9;BW;>-KM:AEdESmk_fKMJ?J 7

P KM>�@ G ��BM@^9)@=9;E ` <��'<OR5n >ACUEFESW KMR;W�@=9;E >ACUEFESW BMP,LFBDR8VDEF:=nDEFR;LSEXKM:AE R;ESKM:=J 7 EFmk_fKMJlPhBM:

@^95EH>�@^EFC#>A<��SE-BMP�Y � Y q � � G.IBM:-@=9;E >=K �ME BMP�LFB ` C;KM:=<?>=BDR T @^95E >A@=ESC >A<��FE ��KM> <?R;LS:AE KM>AESW @=B Y � Y q ��� Ga+�9;E

J KQ:=nDEF:�>A@=ESCd>=< �SE�:AES>A_;J?@=>,<ORbK W;EFLS:AE KM>AE�<?R @^9;E�KMLSLFESC5@^KMR;LSE&:=KQ@^E�BQPgK 6 BD_'@�Y q �]PhBD:cESKMLN9

` EF@^95B'W G .�<OnD_5:=E r G � �X>=9;B �&> @^95E C;JOBQ@ BMP,@=9;E JOBMn C BM@^EFRk@=< KMJ/>=LSKMJOE :=ESW5_;LF@=<OBDR�VMES:=>A_;>

Rk_ ` 6 ES:�BQPl<j@^EF:^KQ@=<OBDR;>�PhBD: @^9;E�CfKQ:^K ` EF@=ES: � > KMR5W @^9;E VQKM:A< KMR5LSE�BQP*@^9;E�CfKQ:^K ` EF@=ES: � > G+�9;E�nD:^KQC;9;>�>=9;B � @=9fKQ@,@=9;E��#� �+�� KMR;W �#��� � ` EF@=9;B'W5>�KQLN9;<OE VDE&if:=>�@�KQR;W >AESLFBDR;W

BD:AW;ES: LSBDR8VMES:=nMESR;LFE�<ORdPhE��ES:�<j@^EF:^KQ@=<OBDR;>c@=9fKMRX@^9;E�>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ �IGc+�95E�@^< ` E

C;J?BM@^> <?R�ifnD_;:AE r G ��� >=9;B �"@=9fKQ@�@=9;E @^9;:AESE ` EF@^95B'W;>�@NK �QE K 6 BD_'@ @^9;Ed>=K ` EdK ` BD_5Rk@

BMP @=< ` E�@=B :AE KMLN9 if:A>A@�BD:=W;EF:�LFBDR8VDES:AnDESR5LSEMT �&9;<?JOE&@^9;E �#� �*� KMR;Wa�#���'+�� ` EF@=9;B'W5>

KMLN9;<?EFVME >=EFLSBDR5W3BD:=W;EF:�LFBDR8VDEF:=nDEFR;LSE P KM>�@^EF:�@=9fKMR#@=9;E >�@NKMR5WfKM:=W#:^KMR5W;B ` ��KMJ �IG�+�9k_;>

@^95E W;EF:=<jVMK @^<?VME _5>=<OR5n ` EF@=9;B'W5> � �#� �*� KQR;W3�#���'+�� ��LSBMRkVMES:AnDE @^B >A@^KQ@^<?BDRfKM:A<?@ 7 K @

@^95EH>=K ` EH:=KQ@^E�BM:&P KQ>A@^EF:�@^9fKMRe@=9;E >�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ � T;KMR;W �&<?@^9aPhE��ES: ��KM>A@=ESW

<?@=ES:=KQ@^<?BDR;>SG

+�9;ES>AE E �5C ES:A< ` ESR8@^>-C;:AB[V'<?W;EXK 6 :=<?EFP�E��5K ` <ORfKQ@=<OBDR3BQP�@=9;EdLSB ` CfKM:=KQ@^<jVDE ` <��'<OR;n

KMR;W LFBDR8VDES:AnDESR5LSE C5:=BDC ES:�@^<OEF> BMP @^9;Eb>�@NKMR5WfKM:=W :=KMR;W;B ` ��KQJ �IT/�#EF@=:=BDC BDJ?<O>�KMW A_;>A@=ESW

� KMR;nDE V<OR#KMJOnDBM:=<?@=9 ` T;KMR;W)�#BW;<?i;ESW#KMW A_;>�@^ESW)� KMR;nDE V'<?R�KMJ?nDBD:A<?@^9 ` �&<j@^9a@^E ` C ES:=EFW

>A@=ESC >A<��FEMGc� ` BM:=E&<ORXW;ESC'@^9 >�@^_;W 7 T'>A_;LN9aKM>�@^9fK @�<?R � p \ T ��BD_5JOW 6 E @=@^EF:�mk_fKMR8@=<?P 7 @^95E

Y �Dp

Page 158: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 20 40 60 80 100 120 140 160 180 200−0.1

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

100 Iterations

log(

Rha

t)

(a)

0 20 40 60 80 100 120 140 160 180 200−0.1

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

100 Iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:c@=9;E�CfKM:=K ` E @^EF:=> � > KQR;W � � PhBD:c@=9;E�@^95E�>A< ` _5J KQ@=<OBDR BMPU@=9;E ��� W;< ` EFR;>=<?BDRfKMJ'R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LSBM:=:=EFJ KQ@=<OBDR � � q � ZDZ p TKMR5W >A@=ESC >A<��FE Y �aY q�� � G�+�9;E�>ABDJO<?W J?<OR;E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�� � G

Y ���

Page 159: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(a)

Time (s)

log(

Rha

t)

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>�BMP @^9;E&J?BDn-CUBM@=ESR8@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:c@=9;E�CfKM:^K ` �EF@=ES:A> � > KMR5W � � PhBD:,@=9;E�@=9;E�>A< ` _5J KQ@=<OBDRdBMPU@^9;E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJfW;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9 LSBM:=:=EFJ KQ@=<OBDR ��� q � ZMZ p T;KQR;W >A@=ESCa>=< �SE Y �3Y q�� � G,+�9;E�>=BMJO<OW JO<?R;E�<?>�@=9;E-�#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:� � G

Y �Qr

Page 160: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 10 20 30 40 50 60−0.1

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

100 Iterations

log(

Rha

t)

(a)

0 10 20 30 40 50 60−0.1

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

100 Iterations

log(

Rha

t)

(b)

� � �� � � � � � � � o�J?BM@^>�BMPl@=9;E�JOBMnbCUBM@=ESR8@^<OKMJg>AL KMJ?E�:=EFW;_;LF@=<OBDR5> 6k7 9_5R;W;:=EFW#<j@^EF:^KQ@=<OBDR;>PhBD:c@=9;E�CfKM:=K ` E @^EF:=> � > KQR;W � � PhBD:c@=9;E�@^95E�>A< ` _5J KQ@=<OBDR BMPU@=9;E ��� W;< ` EFR;>=<?BDRfKMJ'R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR T �&<?@=9 LSBM:=:=EFJ KQ@=<OBDR � � q � ZDZ p TKMR5W >A@=ESC >A<��FE Y �aY q���� G�+�9;E�>ABDJO<?W J?<OR;E�<?>@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T8@^9;E-WfKM>A9 ��W5BM@�<O>�@^95E � KMR5nDEFV<OR KMJ?nDBD:A<?@^9 ` T'KMR;Wa@^9;E-W;BQ@=@^EFWJO<?R;Eb<O> @=9;Ed>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �IG � K � >=9;B �&>H@^9;Ed:=EF>=_;Jj@^>�PhBD: � > G � 6 � >A9;B �&> @^95E:=EF>=_;Jj@^>�PhBD:�@=9;E�VMKQ:=< KQR;LSE�BMP � > G

Y � �

Page 161: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5−0.1

0

0.1

0.2

0.3

0.4

(a)

Time (s)

log(

Rha

t)

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5−0.1

0

0.1

0.2

0.3

0.4

(b)

Time (s)

log(

Rha

t)

� � �� � � � � � � � o,J?BM@^>�BMP @^9;E&J?BDn-CUBM@=ESR8@^<OKMJ;>AL KMJ?E�:AESW;_5LF@^<?BDR;> 687 @^< ` E�PhBD:c@=9;E�CfKM:^K ` �EF@=ES:A> � > KMR5W � � PhBD:,@=9;E�@=9;E�>A< ` _5J KQ@=<OBDRdBMPU@^9;E ��� W5< ` ESR;>A<OBDRfKQJfR;BD: ` KMJfW;<?>A@=:=< 6 _5@^<?BDR T�&<?@=9 LSBM:=:=EFJ KQ@=<OBDR ��� q � ZMZ p T;KQR;W >A@=ESCa>=< �SE Y �3Y q���� G,+�9;E�>=BMJO<OW JO<?R;E�<?>�@=9;E-�#���'+��KMJ?nDBD:=<j@^9 ` T*@^9;E WfKM>A9 ��W;BQ@ <O>-@^95E � KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` T KMR5W @^9;E W;BM@=@=ESW J?<OR;Ed<?> @^95E>A@^KMR;WfKQ:=W :^KMR;W5B ` ��KMJ �IG � K ��>A9;B �&> @=9;Ed:=ES>A_;J?@=>�PhBD: � > G � 6 � >=95B �&>-@^95EX:AES>A_;J?@=>-PhBM:@^95E-VQKM:A< KMR5LSE�BMP � > G

Y ���

Page 162: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;<��gEF:=ESR5LSES> 6 E @ ��EFESR3@^9;EH@^9;:AESE KMJOnDBM:=<?@=9 ` >STIKM>���EFJOJlKM> 6 EF@A@^ES:�E��'C;JOKM<OR @^9;E E�UESLF@�BMP

LSBM:=:=EFJ KQ@=<OBDRgTM>A@=ESCX>=< �SEMTKMR5WXW5< ` ESR;>A<OBDR BMRd@=9;E&LSBDR8VMES:=nMESR;LFE�:=KQ@^EQT'KQR;Wd<O>c:AES>=EF:AVMESW PhBM:

Ph_5@=_;:=E ��BD: �IG ��B ��EFVDEF:STI@^9;E-:AES>=_5J?@^>�95ES:=E-<?R;W;<OLSKQ@^E @=9fKQ@�KMJ?nDBD:A<?@^9 ` r G r �&<OJ?JgC ES:�PhBD: `

KQ@�JOE KQ>A@-KM> ��EFJOJcKQ>�@^9;Eb�#� �*� KMR;W)>A@NKQR;WfKM:AW :=KMR;W;B ` ��KMJ �ITgKMR;W�PhBD: >AB ` E @NKQ:=nDE @

W;EFR;>=<j@^<OEF> @^9;EX� � �'+�� ` EF@^95B'W �&<?JOJ�BM_5@^C ES:�PhBD: ` @^9;EF>=EdLSB ` C EF@^<j@^BD:A>SGH @->=9;BM_;JOW 6 E

R;BM@=ESW @=9fKQ@ @^9;EF>=E�E �5C ES:A< ` ESR8@^> _;>=EFW Rk_ ` EF:=<?L KMJ�KMC;C;:AB �5< ` K @^<OBMR;>dBMP @^95E)nD:=KMW;<OEFR8@

<ORe@=9;E � � �*��KMR;W)�#� �+��#KMJ?nDBD:=<j@^9 ` >ST �&9;<OLN9#:=EFm_5<O:=EF>&JOBDndC BD>A@=ES:=<?BD:�EFVQKMJ?_fKQ@=<OBDR;>

KMR;W >=J?B �&>�W5B �&Ra@^95E KQJOnDBD:A<?@=9 ` Gl(�>AE BQPl@=9;EHKMRfKMJ 7 @=<OLSKMJgnD:=KMW;<?ESR8@ �&<OJ?Jg>=C ESEFW)_;Ca@^95E

KMJ?nDBD:=<j@^9 ` >ST ` K �k<OR;n @=9;E ` LFJOBD>AES:&LSB ` C EF@=<?@^BM:=> �&<j@^9e@^9;E->�@NKMR;W;KM:=W :^KMR5W;B ` ��KMJ �IG

� � � ��� � � � ��� � ��� � � � � � � � ��� ��� � �����

��K V<OR;n W5EF@^EF: ` <OR;EFW @^95E�C BM@^EFRk@=< KMJE�UESL @^<jVDESR5ES>=>�BMP KQJOnDBD:A<?@=9 ` r G r TQ@=9;E�R;E �@,>A@=ESC

<O>/@^B�< ` C;JOE ` EFRk@/@^95E ` EF@^95B'W BMR @^9;E���9;:=BMR;<OL 1 KM>�@^<?R;n�� <O>AE KM>AE ` B'W5ESJ G @�L KMRbESKM>=<?J 7

6 E�LN9;ESL �QESWX@^9fKQ@�@^9;E�@^KM:=nDE @cW;EFR;>=<j@ 7 PhBD:l@^9;E&��12� ` B'W5ESJ5>=KQ@^<?>AifEF>c@^9;E�:=ESmk_;<?:=E ` EFRk@=>

BMPl@^9;EFBD:=E ` r G?YMG?YDTf>A<OR;LFE�@^9;EHCUBM>A@^EF:=<?BD:&<O>�LSBMRk@=<ORk_;BD_5>STUKMR;W 9fKM>&@^9;E->=< �aW;< ` EFR;>=<?BDRfKMJ

_;R;<j@&LS_ 6 E�PhBD:�<?@=>�>=_;C5CUBD:�@ T �&9;<?LN9#<?> 6 BQ@^9aLSBDR5R;ESL @^ESW)KMR;W LSBDR8@^KM<OR;EFW#<?R @^9;E->AEF@ � � G��EFR;LSE @=9;Ed�)KQ: �MB[V)LN9fKM<OR3C5:=BW;_;LSEFW �#� �+���KMJOnDBM:=<?@=9 ` PhBD:�@^9;E C BD>�@^ES:A<OBD:�W;ESR5>=<?@ 7

<ORe@=9;E ��12� ` B'W;EFJ �&<?JOJg@=9;ESBD:AEF@=<OL KQJOJ 7 LSBMRkVMES:AnDEH@=Bd<?@^>�>�@NKQ@=<OBDR;KM: 7 W;<O>�@^:=< 6 _5@=<OBDR G

+�9;EbLSBD:A:=EFJ KQ@=<OBDR 6 EF@ ��ESEFR @=9;EbCfKM:=K ` E @^EF:=>�<OR�@=9;EX��12� ` BW;ESJ ��KQ>HE �'C;JOBD<j@^EFW

687 E ` C;J?B 7 <?R;n K 6 JOBL �k<OR;n >�@^:=KQ@^EFn 7 G,��n8KM<ORgT 6 ESL KQ_;>=E @=9;E�VQKM:=<OK 6 J?E � <?>�<OR5W;ESC ESR;W5ESR8@

BMP @^95EHBQ@^9;EF:=>ST5<?@�<?>�R;BM@&<?R;LSJ?_;W;ESWe<?R @^9;E �)KQ: �MB[VeLN9;KM<ORe>A< ` _;JOKQ@^<?BDR G���ESLSKM_;>=E-BMP/@^95E

>A@=:=BDR5n <OR8@^EF:=W;EFCUEFR;W;EFR;LS<?ES> 6 EF@ ��ESEFRa@=9;E�C;KM:^K ` EF@=ES:A>ST'K >=<?R;nDJ?E 6 J?B'L �bBQP >=<��dVQKM:A< K 6 JOES>

��KM>�_5>=ESWa@^Bd_;C WfKQ@=E�@^9;E-LN9fKM<?R)K @&E KMLN9 <?@=ES:^K @^<OBMR G

�#B[V'<?R;n�KMJOJQ>=< �-CfKM:=K ` E @^EF:=> KQ@ BDR5LSE L KMR->=J?B � @^95E ` <��'<?R;n�BMP5K��)KM: �QB[V-LN9fKM<ORgT 6 _'@

@^95EbLSBD:A:=ESJOKQ@^<?BDR K ` BDR;n @=9;EdCfKM:=K ` E @^EF:=>-KMR;W3@=9;Ed_;>=EdBMP�@^95EXnM:^KMW;<?ESR8@�<?R5PhBD: ` KQ@=<OBDR

Y � �

Page 163: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^BenM_;<OW;E @^9;EdLN9fKM<?R � >�@^ESC Yb<OR r G r ��LSB ` CUEFR;>^K @^ES> PhBM: @^9;EbLF_;:=>AEXBQP�W5< ` ESR;>A<OBDRfKQJO<?@ 7 T

>=<?R;LSEeC5:=BDC BD>=EFW VQKMJ?_;ES> �&<OJOJ @^EFR;W @^B 6 Ee<OR W;<?:=ESL @^<?BDR;>bBMP�9;<?nD9;ES: C;:=B 6 K 6 <OJ?<?@ 7 @^9;KMR

@^95E�LS_;:A:=ESR8@�>A@^KQ@^EQG �/KQR;nDEFV<?R � @ 7 C E-KMJOnDBM:=<?@=9 ` >�KM:AE �kR;B �&R @=BXC ES:�PhBD: ` 6 E @=@=ES:ST 6 BM@=9

E ` C;<?:=<OLSKMJOJ 7 KMR;W KQRfKMJ 7 @=<OL KQJOJ 7 T,<OR�9;<?nD9;ES:dW;< ` EFR;>=<?BDR;>b@^9;KMR @=9;E >A@NKQR;WfKM:AW :^KQR;W;B `

��KMJ � � �Mr T � �T �'Y G��JOnMBD:=<j@^9 ` r G r :AESmk_;<O:AES> @=9;E�L KQJOLS_5J KQ@=<OBDR BMP�@^9;E3nM:^KMW;<?ESR8@ G .fBD: >=< ` C;J?<OLF<?@ 7 T�K

if:A>A@XBD:=W5ES:ST�BDR5E���>A<OW;EFW �,_;J?ES:dKMC5C;:=B �'< ` KQ@^<?BDR <?> _;>=EFW T�:=KQ@^95ES:b@^9fKQR�@=9;EaKMRfKQJ 7 @^<?L KMJ

nD:=KMW;<OEFR8@ G ��ESLSKM_;>=Ea@^95E#C BD>A@=ES:A<OBD:bW;<?>A@=:=< 6 _5@^<?BDR PhBD:b@^9;E)��12� ` BW;ESJ�<?>dR;BDR � �SES:AB

BDR;J 7 �&<j@^9;<?Ra@=9;EH>=<�� W;< ` ESR5>=<OBMRfKMJ � q�� Y� LS_ 6 EMTf@^95E KQJOnDBD:A<?@=9 ` :AE AEFLF@^>&VQKMJO_5ES>&BD_5@=>=<OW5E

BMP @^9;<?>->=CfKMLFEMT/>=<?R;LSEd@^9;EXKMLFLSEFC5@NKMR5LSEXC;:=B 6 K 6 <OJ?<?@ 7 �&<OJ?J 6 E �FES:=B5G +�9;Ed_;>AE BQP�KeBDR;E �

>=<?W;ESW KMC;C;:AB �'< ` KQ@=<OBDR-C;:AES>AESR8@^>,K�>=J?<OnD98@/C;:=B 6 JOE ` T >=<?R;LSE @^9;E�KMC;C;:AB �'< ` KQ@=<OBDR-C ES:�@^_;: 6 >

E KQLN9�LSB ` C BDR;ESR8@�@^Bd@^9;E :=<?nD98@ TIKMR;W �&<OJOJgC;:=BW;_;LFE KbVMKQJO_;E-@^9fK @ ` _5>A@ 6 EH:=EAESLF@=ESW�<jP

KMR 7 BMPU@^9;E&CfKQ:^K ` EF@=ES:=>,9;K[VME�K-LS_5:=:=EFR8@�VQKMJ?_;E�nD:=ESKQ@^EF:c@^9fKQR#Y � �ST �&9;EF:=E � � q Gc+�9;<?>

W;<�� LF_;J?@ 7 <O>&B[VDES:ALSB ` E 6k7 :AES>�@^:=<?LF@=<OR;nb@^95E CfKQ:^K ` EF@=ES:�>=C;KMLSEH@^Bd@^9;E->=< �aW;< ` EFR;>=<?BDRfKMJ

� q�� Y �dLS_ 6 EMT �&9;<OLN9 :AES>A_;J?@=> <OR @=9;E�J?BD>=> BQPHK >=E @aBMP ` ESKM>=_5:=E��FES:=B5T�KQR;W W;BES> R;BQ@

R;BM@=<OLFE K 6 J 7 K �UESL @&@^9;E->=< ` _;JOKQ@^<?BDR G

+�9;E&>A@^EFC >A<��FE�LN9;BD>=EFR <?Rb>A@^EFC p BMP r G r :=EFm_5<O:=EF>,@^9;E&LSB ` CfKQ:=<O>ABDRbBMPI@^95E�C BD>�@^ES:A<OBD:

W;EFR;>=<j@ 7 KQ@*@^9;E�LF_;:=:AESR8@�C BD<?Rk@ � �'@^B�@^9;E�W;EFR;>=<j@ 7 KQ@ @^9;E ` B'W5EMG P � � � <?> @=9;E�JOBDn�BQP5@^95EC BD>A@=ES:=<?BD:�Ph_;R;LF@=<OBDR EFVQKMJ?_fKQ@^EFWeKQ@ � T'@=9;ESR @=9;E�>�@^ESC VMESL @^BD:�K @ � � <O> � � ���� � � � � � � �Y � T �&9;ES:AE �� W;EFR;BM@^EF> @^95E ` BW;EXBMP�@=9;E C BD>A@=ES:=<?BD:SGa+�9;E W;< KMnMBDRfKMJ�ESJ?E ` ESR8@^> BMP�@^95E

C;:ABDCUBM>^KMJkLSB[VQKM:A< KMR;LFE ` KQ@=:=< � � ��ES:AE�LN9;BD>AESR @=B�<?R;W;ESC ESR5W;ESR8@^J 7 >=LSKMJOE�@^9;E�VQKM:=<OKMR;LFE�PhBM:

E KQLN9 LSB ` C BDR;ESR8@�BMPg@=9;E�CfKQ:^K ` EF@=ES:�VDESL @^BD: � G,��BM@=9 � KQR;W � KM:AE�LN95BD>=EFR @^B C5:=EFVMESR8@

@^95E�Ph:=ESmk_;EFR8@�C5:=BDC BD>^KQJ5BMPIVQKMJO_5ES>cBD_'@^>=<?W;E�@^95E�>=_;C;C BD:�@,BMPI@^9;E�C;KM:^K ` EF@=ES:c>ACfKMLFEMG,+�9;<?>

��KM>-W;BDR;E 687 LSKMJOLF_;J KQ@=<OR;n @^9;Eb>�@^ESC >=< �SEXKQ@�>AEFVMES:^KQJ C BD<?Rk@=>�<OR�@=9;EbCfKM:=K ` E @^EF:�>=CfKMLFE

Y � \

Page 164: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KMR;W KMW A_5>A@^<?R;n �bKMR;W � KM>�R;EFLSES>A>^KM: 7 G .fBD:c@^95E���12� ` BW;EFJ TM@=9;E&R;BDR � �SES:AB-W;< KMnMBDRfKMJ

LSB ` C BDR;EFRk@=>�BMP � KM:=EHY �#Y q���� @^< ` E�@^95E�VQKM:=<OKMR;LFES> BMP @^95E�C;:A<OBD: W;<O>�@^:A< 6 _5@=<OBDR5>ST �&<?@=9Kd>A@^EFC)>A<��SE-CfKQ:^K ` EF@=ES:&BMP � � Y � Y q���� G +�9;EH> ` KMJOJU>A@=ESC)>A<��FE ��KM>�_;>=EFW 6 ESL KQ_;>=EHBMP

@^95E�ES:A:^KQ@=<OL 6 ES9;K[V<?BD_;:�BQPf@^9;E�nM:^KMW;<?ESR8@ TMKMR;Wb<j@�<?>�R;BM@ �R5B �&Rb<jPf@^9;EF>=E�KQ:=E�@=9;E�BDC5@=< ` KMJ

VQKMJO_5ES>SG +�9;E LFB'W5E <?>HnM<?VDEFR <?R KMC5CUEFR;W;<�� ��>=ESL @^<?BDR ��G r G r G +/_;R;<?R;n)nD_5<OW;EFJO<OR5ES>-KM:AE

W;<?>=LS_5>=>=EFW)<?R >AESL @^<OBMR r G � G � G

� ��� � � � � ��� ����� � �� � ��� � ��� � ��� ��� � � � � ��� �

+�9;Ed�)KM: �MB[V#LN9fKM<OR3>=K ` C;JOEF:���KM> :A_;R3_;>=<?R;na�)K @^J K 6 T VMES:A>=<OBMR � TUBMR3K ` KMLN9;<OR5E

�&<?@=9bK p�� p � � olEFR8@^<O_ ` r C5:=BLSES>A>=BD:FT �&<?@=9 p ��]�&��� G +�9;E ` KMLN9;<?R;E ��KM>�@=9;E�>=K ` E

` KMLN9;<OR5E KM>�@^9fKQ@�_;>=EFW�@^B :=_;R�@=9;E KMLFLSEFC5@NKMR5LSEb>^K ` C;J?ES:FG�+�9;Eb�)KM: �QB[V)LN9fKQ<OR�>A< ` _ �

J K @^<OBMR ��KM>&>A<OnDR;<jifL KQRk@=J 7 P KM>A@=ES:�@^9fKQR @=9;EHKMLSLFESC5@^KMR;LSEH>^K ` C;J?ES:FT;LSB ` C;J?EF@^<?R;n �DqDq T qDqMq

<?@=ES:=KQ@^<?BDR;>,<ORdBDR5E�9;BM_;: KMR;W Y � ` <ORk_5@=ES>FGc+lB KM>A>=ES>A>�@^95E�C ES:�PhBD: ` KMR;LFE&BMPg@=9;E �#KM: �QB V

LN9fKM<?R >^K ` C;J?ES:FTM@^9;E�nDESR;EF:^KQ@=ESWb>=K ` C5JOE�<?>�LFB ` C;KM:=EFW @^B @=9;E�>^K ` C;J?E�nDEFR;ES:=KQ@^EFW 687 @^95E

KMLFLSESC'@NKMR;LFE >=K ` C5JOES:FG���>�KdC ES:APhBM: ` KMR;LSE 6 ESR;LN9 ` KM: �IT @=9;E-:=ES>A_;J?@=>�BQP,KMJ?nDBD:=<j@^9 ` r G r

KM:AE�LSB ` CfKQ:=ESWH@^B�@^9;E�>�@NKMR5WfKM:=W :^KMR;W5B ` ��KQJ �-< ` C;JOE ` EFR8@NKQ@=<OBDR�PhBD: @^9;E���12� ` B'W;EFJ G

+�9;E�>�@NKMR;W;KM:=We:=KMR;W;B ` ��KQJ �X>=< ` _;J KQ@=<OBDRd@^BB � r8q ` <ORk_5@=ES>�@=Bb:=_;ReBDR @=9;E�>^K ` E ` K �

LN9;<?R;E-BDR �&9;<OLN9)KMJOnDBM:=<?@=9 ` r G r ��KM>�:=_;RgG

+�9;ES:AE�KM:AE)K Rk_ ` 6 ES:XBMP�LS:A<?@=ES:=<OK�PhBD:dW;EF@=ES: ` <OR5<OR;n K >A_;<?@^K 6 J?E >�@^BDC5C;<OR;n VQKMJO_;E

PhBD:�Ka�)KM: �QB[V�LN9fKM<?R3>=< ` _;J K @^<OBMR � �Mr G � R;E BMP,@=9;E ` BM>A@ < ` C BD:�@NKMR8@�<O>�LFBDR8VDEF:=nDEFR;LSEBMP,@=9;EbLN9fKM<?R)@^B @=9;E >A@^KQ@^<?BDRfKM: 7 W;<O>�@^:=< 6 _5@=<OBDR G���_;:=:AESR8@^J 7 T ` EF@=9;B'W5> >=_;LN9 KM> ��� � � � �� � � � � �����X:A<OnDBM:=BD_;>AJ 7 KQLN9;<OE VDE�>A@^KQ@^<?BDRfKM:A<?@ 7 Ph:AB ` @^9;E 6 ESnM<OR;R;<?R;n;T 6 _5@�@^9;EF>=E ` EF@=9;B'W5>

KM:AE�LF_;:=:AESR8@^J 7 < ` C;:^KML @^<?L KMJ5KMR;W W5<��XLS_;Jj@,@^B KMC;C;J 7 <OR ` BD>A@ >=E @=@=<OR;nD> � �Mr T �Dq G,.fBD:,@^95E��12� ` B'W5ESJ T LSBMRkVMES:AnDESR;LFE �&<OJ?J 6 E W;EF@=ES: ` <?R;ESW 6k7 >�@NKM:�@^<OR5n�@^95E�LN9fKQ<OR Ph:AB `0` _;Jj@^<?C;JOE

>A@^KM:A@=<OR;n CUBD<?R8@^>�KMR5WeL KMJ?LS_;JOKQ@^<?R;nH@=9;E�C BM@^EFRk@=< KMJ >=LSKMJOE�:=ESW5_;LF@=<OBDReW;<?>=LF_;>=>AESW#KMR;We_;>AESW

Y � Z

Page 165: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<OR->AESLF@=<OBDR r G � G r T KMR;W 6k7 @=9;E KMC;C;J?<OLSKQ@^<?BDR�BMP'nD:^KMC59;<OLSKMJ ` EF@^95B'W;>FGc!�:^KQC;9;<OLSKMJ ` EF@=9;B'W5>

KM:AE @^95E E KQ>=<OEF>A@�@^BeKMC5C;J 7 TgKMR5W3KMJOJ?B � PhBD:�K mk_fKMJ?<?@NK @^<?VME-W;ESLF<O>=<?BDR�BDR �&9;EF@=9;ES:�BM:�R;BQ@

Kb�)KQ: �MB[V LN9fKM<ORe9;KM>�:=ESKMLN9;EFW >�@NKQ@=<OBDR;KM:=<j@ 7 T 6 _5@�@=9;E :AES>=_5J?@^>�LSKMR 6 E ` <O>=J?E KMW5<OR;n � �Qr G.�<OnD_5:=E r G � ��>=9;B �&>c@^95E�C;JOBQ@^>�BQP @=9;E�<?R;<?@=< KMJ8C;:AEFVQKMJ?ESR;LFE�<ORb�&�&(�>�Y q KMR;W r VMES:=>A_;>

@^95E <?@=ES:^K @^<OBMR Gl1 9;<?JOE�@^9;EF:=E W;BES>�KMC;C E KM:�@=B 6 E�K > ` KMJOJ K ` BD_;R8@�BMP/>A@^:A_;LF@=_;:=E�<?R @^95E

nD:=KMC;9;>FT*B VMES:=KMJOJ�@=9;E 7 KM:=EbBD>ALS<?JOJ K @^<OR5n KM:ABD_;R;W K >A@^K 6 J?E VMKQJO_;EQG +�9;Ed>^K ` Eb<?>�@^:A_;EbBMP

@^95E�CfKM:^K ` E @^ES:A>c��� A ? KMR;W � T8>=95B �&RX<OR i;nD_;:=E r G � \'Gl�RdE KQLN9 LSKM>=EQTk@=9;E ` KM:=nD<?RfKMJkLN9fKM<?R>=EFE ` >�@^BX9fK VDEH>=EF@A@^J?ESWa<OR8@^BXKdR;E KQ:=J 7 >A@^KQ@^<?BDRfKM: 7 W;<?>A@^:A< 6 _'@^<OBMR G

0 0.5 1 1.5 2 2.5 3

x 105

0

0.05

0.1

0.15

0.2

p 10,0

Iteration

a

0 0.5 1 1.5 2 2.5 3

x 105

0

0.02

0.04

0.06

0.08

0.1

0.12b

Iteration

p 4,0

� � �� � � � � � � � +�< ` E�C5JOBM@=>�BMP @=9;E CfKQ:^K ` EF@=ES:=>�� >@?BA ? KMR;WW��� A ? PhBD: @^9;E-�#KM: �QB V LN9fKM<?R>=< ` _;JOKQ@^<?BDR G � K �,>=9;B �&>�@=9;E�C;J?BM@�BMP � >@?BA ? 687 <?@^EF:^KQ@=<OBDRgG � 6 � >=95B �&>�@^9;E�C;JOBM@�BMP ��� A ? 6k7<?@=ES:=KQ@^<?BDR G

Y rDq

Page 166: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.5 1 1.5 2 2.5 3

x 105

0

0.01

0.02

0.03

0.04

0.05

Iteration

p 5,0

a

0 0.5 1 1.5 2 2.5 3

x 105

0

0.005

0.01

0.015

0.02b

γ

Iteration

� � �� � � � � � � � +�< ` EdC;JOBQ@^>-BMP�@=9;EXCfKM:^K ` E @^ES:A>_��� A ? KMR;W � PhBD:�@^95E �)KQ: �MB[V LN9fKM<?R>=< ` _;JOKQ@^<?BDR G � K ��>=95B �&>�@^9;E-CfKQ:^K ` EF@=ES:5��� A ? 687 <?@=ES:^K @^<OBMR G � 6 ��>A9;B �&>�@=9;E-CfKM:=K ` E @^EF:� 687 <j@^ES:=KQ@^<?BDR G

Y r Y

Page 167: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E3C;JOBQ@^> BMP-@=9;E3CfKM:=K ` E @^EF:=>�i KMR5W j VDES:A>=_;>e@=9;E3<?@=ES:^K @^<OBMR T&>=9;B �&R2<OR ifn �

_;:AE r G � Z5TIKQ:=EHR;BM@�KM>�LFB ` PhBD:A@=<OR;ndKM>&@^95BD>=E-PhBD:�@^9;EHBM@=9;ES:�CfKM:=K ` E @^EF:=>SG�+�9;ES:AE <O>&R;BQ@

LSBMRkV<?R;LS<?R;n#E V<OW;EFR;LSE BDR;E ��K 7 BD:-@^9;EXBM@=9;ES:�@^B >=95B �4@=9fKQ@-@^95E ` KM:=nM<ORfKMJlW;<O>�@^:A< 6 _ �

@^<?BDR;>�9;K[VME-:=E KQLN9;ESWa@^9;EF<O:�>�@NKQ@=<OBDR;KM: 7 >A@^KQ@^EQTfEFVMESRa@^9;BD_5nD9 @^9;E 7 9fK VDE-:A_;R PhBD:�K @=BM@NKMJ

BMP �DqMq��NqDqDq <?@=ES:^K @^<OBMR;>SG,��ES<j@^9;EF:�BMP @^95E C;JOBQ@^>�<?R ifnD_5:=E r G � Z KQC;CUESKM:=>�@^Bb9fK VDE�>AEF@A@^JOEFW

KM:ABD_;R;W K >=<?R;nDJ?E�VQKMJ?_;EMTKMR;WX@^9;EF:=E�KMC;C E KM:A>�@^B 6 E�J KM:AnDE&>=LSKMJOE�BD>=LF<OJ?J KQ@=<OBDR;>FG���B ��E VDES:FT

@^95ES>=EdCfKQ:^K ` EF@=ES:=>-KQ:=Eb9;<?nD9;J 7 <OR8@=ES:=W5ESC ESR;W;EFR8@ TlKM>�>=9;B �&R 687 @^9;EbC;KM<O:��&<O>=EbLFBDR8@^BD_5:

C;J?BM@&<ORaifnD_;:AE � G �bnDESR5ES:^K @^ESW 687 @=9;E KMLSLFESC5@^KMR;LSE >^K ` C;J?ES:SG���KM:AEFPh_;J E��5K ` <OR;KQ@^<?BDReBMP

@^95E�>A@^EFCaC;JOBM@=>�BMP�i KQR;W j >A9;B �&>&@=9fKQ@�@=9;E JOKM:=nDE�>=LSKMJOE 6 ES9;K[V<?BD_;:�BMP/BDR5E CfKM:=K ` E @^EF:<O> BDC;C BD>A<?@^E&@^9;KQ@�BQP @^9;E�BM@^95ES:SG,+�9;KQ@�<?>STKM>Vi3@^:AESR;W5>�_;C T j @=:=EFR;W;>�W5B �&RgG @�<O> JO< �MEFJ 7@^9;KQ@�@=9;E�LFBD:=:AESJOKQ@^<?BDR 6 EF@ ��ESEFRe@^9;EF>=E�@ ��BbCfKM:=K ` EF@^EF:=> <O>�@^9;E�:=ESKM>=BDR PhBD: @=9;E�_5R;W;ES>A<O: �

K 6 J?E 6 EF9fK V<OBD_;:FG +�9;EdCfKM<?: �&<?>=EbLSBMRk@=BD_;:-C;J?BM@�BMP @^9;E @ ��B;T/>=9;B �&R <OR3ifnD_5:=E r G r8q T <?>

C ES:=9;KMC;>�K 6 EF@A@^ES: <OR5W;<OLSKQ@^<?BDRbBMP �&95EF@^95ES:�BM: R5BM@�@^9;E�LN9fKM<?R <?> LFJOBD>AE�@=B <j@^>�>A@^KQ@^<?BDRfKM: 7 G

+�9;EHCfKM<?:=>�C;J?BM@&>=9;B �&>&@^9;E � 6 KMRfKMRfK � � @^9;E-:=<?W;nDE�BMP�9;<OnM9 C5:=B 6 K 6 <OJ?<?@ 7 <OReifnD_5:=E � G � �

@^9;KQ@ ��KQ>�E �5C ESL @^EFW#PhBD:�@=9;E-CUBD>�@^EF:=<OBM:�>^K ` C;JOEQG

+�9;EeBM@^95ES:bCfKM<?: �&<?>=E C;J?BM@^> >=9;B � @^9;Ee>=K ` Ee>�@^:A_;LF@=_;:=E KMR;W :=KMR;nDEaKQ> @^9;EeC;J?BM@^>

nDEFR;ES:=KQ@^EFW 687 @=9;EdKMLFLSESC'@NKMR;LFEd>^K ` C;JOEF:SG .�<OnM_;:=EF> r G r YdKMR;W r G rkp >=95B ��@^95EXLFBDR8@^BD_5:

C;J?BM@^>cPhBD:c@=9;E&:=E ` KM<?R;<OR5n CfKM<?:=>,BMPUCfKM:=K ` E @^EF:=>SG�+�9;ES>AE�C;J?BM@^>,>A9;B � >A@=:=BDR5nH>A< ` <OJOKM:=<j@^<OEF>

@^Bd@^95BD>=E C;:=BW;_;LFESW 687 @^95E KMLFLSEFC5@NKMR5LSE >=K ` C;JOEF: � ifnD_;:AES> � G � KMR5W � G � � T �&95<OLN9�nD<jVDEF>

EFV<?W;ESR;LFEH@=9fKQ@�@=9;E �)KM: �QB[VaLN9fKM<OR <O>&KQC;C;:=B �'< ` KQ@=<OR;n @=9;E-LSBD:A:=EFLF@�W;<O>�@^:A< 6 _5@=<OBDRgG

+�9;E�C BM@^EFRk@=< KMJk>AL KMJ?E�:=EFW;_;L @^<OBMRbL KMRbKQJOJOE V< KQ@=E�@=9;E�LFBDR;LSEF:=R;>�K 6 BD_'@l@=9;E 6 ES9fK V<OBD_5:

BMP�@=9;E C;KM:^K ` EF@=ES:A>Si2KMR;W j T�KM> ��ESJ?J�KM>HC;:AB V<?W;E K m_;KMR8@^<?i;ESW KM>A>=EF>=> ` ESR8@bBQP�LSBDR �

VDEF:=nDEFR;LSEQG&�"�#KM: �QB V LN9fKQ<OR)>A< ` _5J KQ@=<OBDR ��KM>�:=_;R PhBD: �DqDq��NqMqDq <?@^EF:^KQ@=<OBDR5>�Ph:=B ` ESKMLN9

BMP�>=< � <?R;<?@=< KMJ,VQKMJO_5ES>b_;>A<OR;n 6 BM@^9 KMJ?nDBD:A<?@^9 ` r G r KMR5W�@=9;Ee>A@^KMR;WfKQ:=W�:^KMR5W;B ` ��KMJ � G

Y r8p

Page 168: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.5 1 1.5 2 2.5 3

x 105

0

0.05

0.1

0.15

0.2

0.25

α

a

Iteration

0 0.5 1 1.5 2 2.5 3

x 105

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35b

Iteration

δ

� � �� � � � � � � � +�< ` E#C;J?BM@^>XBMP @=9;E)C;KM:^K ` EF@=ES:A> i"KQR;W j PhBD: @=9;E3�#KM: �QB V LN9fKM<?R>=< ` _;JOKQ@^<?BDR G @�<?>�R;BM@�LSJOESKM:,Ph:=B ` @^9;EF>=E�C5JOBM@=> @=9fKQ@�@^9;E�LN9fKM<?R 9fKQ>�:AE KMLN9 >A@NK @^<OBMRfKM:=<j@ 7 G� K � >A9;B �&>l@^95E�CfKM:=K ` EF@^EF:�i VMES:=>A_;>c@^95E�<j@^ES:=KQ@^<?BDR G � 6 � >A9;B �&>�@^9;E CfKM:=K ` EF@^EF: j VMES:=>A_;>@^95EH<j@^EF:^KQ@=<OBDR G

Y r��

Page 169: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.05 0.1 0.15 0.20

0.05

0.1

0.15

0.2

0.25

δ

α

� � �� � � � ��� � � ��BDR8@^BD_5: C;J?BM@XBMP @^95E)W 7 RfK ` <OL CfKM:=K ` EF@^EF:=>Zi 687 j PhBM: p � q��NqDqDq<?@=ES:=KQ@^<?BDR;>�BMPc@^95Ed�)KM: �MB[V)LN9;KM<OR�>A< ` _5J KQ@=<OBDR G�+�95E LSBDR8@=BD_;:�C5JOBM@�<O>�E��@^:AE ` ESJ 7 LFJOBD>AE@^B�@=9;E�KMLSLFESC5@^KMR;LSE�>^K ` C;J?ES:,C;J?BM@�<OR i;nD_;:=E � G �-KMR;WdC;:=BW;_;LFES>�@^9;E&W;<?>A@=<OR;L @^<?VME 6 KMRfKQRfK>=9;KMCUEFW#:A<OW;nMEMG

Y rMr

Page 170: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0.05 0.1 0.15 0.2 0.25 0.34

5

6

7

8

9

10

11

12

13

14

x 10−3

γ

α

a

0.1 0.15 0.2 0.254

5

6

7

8

9

10

11

12

13

14

x 10−3

γδ

b

0.02 0.04 0.06 0.080.05

0.1

0.15

0.2

0.25

α

p10,0

c

0.01 0.02 0.03 0.04 0.050.05

0.1

0.15

0.2

0.25

0.3

α

p4,0

d

� � �� � � ������� � ��BDR8@=BD_;: C;JOBQ@^> C;:AB'W5_;LSEFW 687 p � q �NqDqDq <j@^EF:^KQ@=<OBDR;>gBMP'@=9;E �)KM: �MB[V-LN9fKM<?R>=< ` _;JOKQ@^<?BDR Ga+�9;EeJ KQ:=nDEXRk_ ` 6 ES: BMP&C BD<?Rk@=> C;:AB'W5_;LSEF>bK�> ` B'BQ@^9;EF: < ` KMnMEX@=9fKMR @^95ELSBMRk@=BD_;: < ` KQnDE C5:=BW;_;LSEFW 6k7 @^95EbKMLSLFESC5@^KMR;LFEb>^K ` C;JOEF:SG � K ��>A9;B �&> @^9;E C;KM:^K ` EF@=ES:A>� VMES:A>=_;>Wi�G � 6 ��>A9;B �&>-@=9;EdCfKM:=K ` E @^EF:=> � VDES:A>=_;> j G � L ��>=9;B �&>�@^9;EbC;KM:^K ` EF@=ES:A>MiVDEF:=>A_;>g� >@?BA ? G �hW ��>=95B �&>�@^9;E-CfKQ:^K ` EF@=ES:=>Ii VMES:A>=_;>-��� A ? G

Y r �

Page 171: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 0.002 0.004 0.006 0.008 0.01 0.0120.05

0.1

0.15

0.2

0.25

0.3

p5,0

α

a

0.02 0.04 0.06 0.080.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

0.045

0.05

p 4,0

p10,0

b

0.02 0.03 0.04 0.05 0.06 0.070

0.002

0.004

0.006

0.008

0.01

0.012

p 5,0

p10,0

c

0.01 0.02 0.03 0.04 0.050

0.002

0.004

0.006

0.008

0.01

0.012

p 5,0

p4,0

d

� � �� � � ����� � � ��BDR8@=BD_;: C;JOBQ@^> C;:AB'W5_;LSEFW 687 p � q �NqDqDq <j@^EF:^KQ@=<OBDR;>gBMP'@=9;E �)KM: �MB[V-LN9fKM<?R>=< ` _;JOKQ@^<?BDR Ga+�9;EeJ KQ:=nDEXRk_ ` 6 ES: BMP&C BD<?Rk@=> C;:AB'W5_;LSEF>bK�> ` B'BQ@^9;EF: < ` KMnMEX@=9fKMR @^95ELSBMRk@=BD_;:,< ` KMnME�C;:=BW;_;LFESW 687 @^95E�KQLSLSEFC5@NKQR;LSE&>^K ` C;J?ES:FG � K �l>=9;B �&>�@^9;E�C;KM:^K ` EF@=ES:A>^iVDEF:=>A_;>���� A ? G�� 6 �,>=9;B �&>�@=9;E�C;KM:^K ` EF@=ES:A>���� A ? VDEF:=>=_5>�� >@?BA ? G �hL �,>=9;B �&>�@=9;E�C;KM:^K ` EF@=ES:A>��� A ? VDEF:=>=_5>g� >@?BA ? G �hW ��>=9;B �&>&@^9;E-CfKQ:^K ` EF@=ES:=>)��� A ? VDEF:=>A_;>-��� A ? G

Y r��

Page 172: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E CUBM@=ESR8@^<OKMJ*>=LSKMJOEH:=EFW;_;L @^<OBMR ��KM>�LSKMJOLF_;J K @^ESW EFVMES: 7 Y �NqDqDq <?@=ES:^K @^<OBMR;>&KMR;W @^9;EH:=E �

>=_5J?@^>FTg>A9;B �&R <?R)ifnD_5:=E r G r�� TgKMJOJ?EFV< K @^EHKMR 7 LFBDR;LFES:=R5>-K 6 BM_5@�LSBMRkVMES:AnDESR;LFEd:^KM<?>=ESW 6k7

ifnD_5:=ES> r G � Z'G�+�9;E :=_5JOE BMP,@=9k_ ` 6 PhBD: LFBDR8VDEF:=nDEFR;LSEb@^BaKQC;C;:=B �'< ` KQ@=E >A@^KQ@^<?BDRfKM:A<?@ 7 <?>

@^9;KQ@,@^9;E&>�@NKQ@=<O>A@=<OL � �� <O> 6 ESJ?B � YDG p PhBD:,E KMLN9 CfKM:=K ` E @^EF: � pQr T �&9;<?LN9 BLSLF_;:=> 687 � qDqMq

<?@=ES:=KQ@^<?BDR;>lPhBM:,KMJOnMBD:=<j@^9 ` r G r T8KMR5WXW5B'EF>,R;BM@,BLSLF_;:�KQ@ KMJ?JPhBD:�>=B ` E�BMPI@^9;E�C;KM:^K ` EF@=ES:A>

�&<?@=9 @=9;E�>�@NKMR;W;KM:=W :=KMR;W;B ` ��KMJ �IG,��J?@=9;BD_;nM9X@=9;E�>�@NKMR;W;KM:=W :=KMR;W;B ` ��KMJ �bC;:=BW;_;LFESW

�DqDq �NqDqDq <?@=ES:^K @^<OBMR;>*P KM>A@=ES:l@=9fKMR KMJOnDBM:=<?@=9 ` r G r T @^9;E�CUBQ@^ESR8@=< KMJk>=LSKMJOE :=EFW;_;L @^<OBMR LSJ?E KM:AJ 7

<OR5W;<OLSKQ@^EF>�@^9fKQ@�@=9;<O> ` EF@=9;B'Wa9fKQ>�R5BM@&:=ESKMLN9;ESW#>A@^KQ@^<?BDRfKM:A<?@ 7 G

��KMJOLF_;J KQ@=<OBDR BMP @^9;E�C BM@=ESR8@^<OKMJg>AL KMJ?E�:=ESW5_;LF@=<OBDRanD<jVDES>�E V<OW;EFR;LSE�@^9;KQ@�@^95E �#KM: �QB V

LN9fKM<?RbC;:=BW;_;LFESW 687 KQJOnDBD:A<?@=9 ` r G r 9fKM>,LFBDR8VDEF:=nDEFWd@=B <?@=>c>A@^KQ@^<?BDRfKM: 7 W;<O>�@^:=< 6 _5@=<OBDR G +/B

ESR5>=_;:AE�@^9fK @�@^95E�LN9fKM<?R 9fKM>�LSBDR8VDEF:=nDEFW @^B�@=9;E�LFBD:=:AESL @,W;<O>�@^:A< 6 _5@=<OBDRgT @=9;E ` KM:=nM<ORfKMJ8W5<O>��

@^:A< 6 _'@^<OBMR;>,C;:=BW;_;LFESW 6k7 @=9;E��)KM: �QB[VdLN9fKM<ORX>^K ` C;J?ES:�KM:AE�LFB ` CfKM:=EFWX@=B�@^9;E ` KQ:=nD<?RfKMJ

W;<?>A@^:A< 6 _'@^<OBMR;> C;:=BW;_;LFESW 687 @=9;E�KQLSLSEFC5@NKQR;LSE�>=K ` C5JOES:FGl+�95E�LSB ` CfKM:A<O>ABDR;>lKM:=E�W;BDR;E 6k7

` E KMR;>&BMP/@^95E R;BMR ��CfKQ:^K ` EF@=:=<OL $-BMJ ` BDnDBD:AB V ��� ` <?:=R;B[Vd+/ES>�@�BDRa@^95E ` KM:AnD<ORfKQJgW;<?>A@^:A<��

6 _5@=<OBDR5>�� p T � � G�.fBD: 6 BM@^9a@^95E KMLFLSEFC5@NKMR5LSE >=K ` C5JOE-KMR;W @^9;E �)KM: �MB[V LN9fKM<?R)>^K ` C;J?EMTY qDqMq VQKMJO_5ES> ��EF:=E W;:=K �&R3KQ@�:^KMR;W5B ` G�.fBD:&E KQLN93CfKM:^K ` E @^ES:FTf@^9;E R_5JOJ/9 7 C BM@^95ES>=<?>�<?>

@^9;KQ@&@^9;EH>^K ` C;J?E�C;:=BW;_;LFESW 687 @^95E KQLSLSEFC5@NKQR;LSE >^K ` C;JOEF:�KMR;Wa@^9;EH>^K ` C;J?E�C;:=BW;_;LFESW

687 @=9;E��#KM: �QB V LN9fKM<?R >=< ` _;JOKQ@^<?BDR ��EF:=E W;:=K �&R Ph:=B ` @=9;E�>=K ` E�LSBDR8@=<ORk_;BD_;>�W;<O>�@^:A< 6 _ �

@^<?BDR Gl+�9;<O>,<?>�@^EF>A@^EFW KQn8KM<OR5>A@c@=9;E&KMJ?@=ES:ARfKQ@^<jVDE�9 7 C BM@^9;EF>=<?>�@=9fKQ@c@=9;E�@ ��B->=K ` C5JOES> ��ES:AE

W;:=K �&R�Ph:AB ` W;<��UES:AESR8@�LFBDR8@^<ORk_;BM_;> W;<?>A@^:A< 6 _'@^<OBMR;>SG�+�9;E :=EF>=_;Jj@^> BQP,@^9;Eb$�BDJ ` BMnDBD:=B[V �

� ` <O:AR;B[V @=ES>�@^> KM:=E)>=9;B �&R <OR @^K 6 JOE r GjYDG +�9;E3> ` KMJOJ?ES>�@S� � VMKQJO_;E#<O> q � r��8p PhBD: @^95ECfKM:=K ` EF@^EF:h��� A ? T�>=B3@=9;EaR_5JOJ�9 7 CUBQ@^9;EF>=ES> KM:AEeLSJOESKM:=J 7 >A_;C;C BD:A@=ESW 687 @^9;EF>=Ea:=EF>=_;Jj@^>FG

��R 7 W;<��gEF:=EFR;LSEF>�<?Re@^9;E ` KM:=nD<?RfKMJUW;<O>�@^:=< 6 _5@=<OBDR;>�KM:=E�R;BQ@�>�@NKQ@=<O>�@^<OLSKMJOJ 7 >=<OnMR;<?ifLSKMR8@ G

Y r �

Page 173: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

0 100 200 3001

1.2

1.4

1.6

1.8

2a

Iterations*1000

Rha

t p10

,0

0 100 200 3001

1.2

1.4

1.6

1.8

2b

Iterations*1000

Rha

t p4,

0

0 100 200 3001

1.2

1.4

1.6

1.8

2c

Iterations*1000

Rha

t p5,

0

0 100 200 3001

1.2

1.4

1.6

1.8

2d

Iterations*1000

Rha

t α

0 100 200 3001

1.2

1.4

1.6

1.8

2e

Iterations*1000

Rha

t δ

0 100 200 3001

1.2

1.4

1.6

1.8

2f

Iterations*1000

Rha

t γ

� � �� � � � ��� � � o,JOBQ@�BQPU@=9;E�C BM@=ESR8@^<OKMJf>=LSKMJOE&:=EFW;_;L @^<OBMR 687 <?@=ES:=KQ@^<?BDRbPhBD:,E KMLN9 CfKM:^K ` �EF@=ES:FG,+�9;E WfKM>A9;ESWeJ?<OR;E&>A9;B �&>�@^9;E�:=ES>A_;J?@=>�BMP*@=9;E�>�@NKMR5WfKM:=W :^KMR;W5B ` ��KMJ �IG,+�9;E�>ABDJO<?WJO<?R;E >A9;B �&>b@^9;Ee:AES>=_5J?@^> PhBM: KMJ?nDBD:=<j@^9 ` r G r G +�9;EenD:=KMC;9;>b<?JOJ?_;>A@=:^KQ@=E 6 BM@^9 @=9;EeC B'BD:C ES:APhBM: ` KMR;LSE BMP,@^9;Eb>�@NKMR5WfKM:=W :=KMR;W;B ` ��KMJ �#KMR;W�@=9;EbLSBDR8VMES:=nMESR;LFEX@=B >A@^KQ@^<?BDRfKM:A<?@ 7BMP r G r G � K ��>=9;B �&> @=9;Eb:=EF>=_;Jj@^>�PhBD:g� >@?BA ? G � 6 ��>=9;B �&>�@^9;E :=ES>A_;J?@=> PhBD:g��� A ? G � L ��>=9;B �&>@^95E :=EF>=_;Jj@^>�PhBD:-��� A ? G � W �&>=9;B �&>�@=9;E :AES>=_5J?@^>�PhBD:�i�G � E �&>A9;B �&>�@^9;E :=EF>=_;Jj@^>�PhBM: j G �hP��>=95B �&>&@^95EH:AES>A_;J?@=>&PhBM: � G

Y r \

Page 174: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KQ:^K ` EF@=ES: $ ���#�k@NKQ@=<O>A@=<OL C � VMKQJO_;E

� >@?BA ? q � q8p�� q � \M\D\��� A >@? q � q8p Z q � �QZ r��� A ? q � q�� Z q � r��8pi q � q8pDp q � Z � Zj q � q8p Z q � �QZ r

� q � q8p Y q � ZM\ q

� 1 � � � � � � % KMJ?_;ES>*BMP'@^9;E $�BDJ ` BDnMBD:=B[V ��� ` <O:AR;B[V�@^EF>A@/>A@^KQ@^<?>A@^<?L�KMR;W-@^9;E�LFBD:=:AES>=C BDR;W �<OR5nZ� � VQKMJ?_;ES> LSB ` CfKM:A<OR;n @^9;E KMLSLFESC5@^KMR;LSEe>=K ` C;JOE �&<?@^9 @^9;Ea�#KM: �QB V LN9fKM<?R >^K ` C;JOEPhBD:�ESKMLN9)CfKQ:^K ` EF@=ES:SG

+�9;EbCUBQ@^ESR8@=< KMJc>AL KMJ?Eb:=EFW;_;LF@=<OBDR5>-KMR;W3@^9;Eb:AES>A_;J?@=>HBQP @=9;Ed$�BDJ ` BDnDBM:=B[V ��� ` <O:AR;B[V

+/ES>A@=>�<?R;W;<OLSKQ@^E @=9fKQ@�@=9;E �#KM: �QB VaLN9;KM<OR C;:=BW;_;LFESW 6k7 KQJOnDBD:A<?@=9 ` r G r 9fKM>&LSBMRkVMES:AnDESW

@^B#<?@=>H>�@NKQ@=<OBDR;KM: 7 W;<?>A@=:=< 6 _5@^<?BDR T KMR;W @^9;E ` KQ:=nD<?RfKMJcW;<?>A@=:=< 6 _5@^<?BDR;>-C;:=BW;_;LFESW 687 @^95E

�)KM: �MB[V�LN9fKM<?R�>^K ` C;JOEF:bKM:AE >�@NKQ@=<O>�@^<OLSKMJOJ 7 <OW;EFRk@=<OLSKMJ�@=B @=9;E ` KQ:=nD<?RfKMJ W;<O>�@^:=< 6 _5@=<OBDR;>

C;:AB'W;_5LSESW 687 @^9;E KMLFLSEFC5@NKMR5LSE >^K ` C;JOEF:bW;<O>ALS_;>A>=EFW <OR�LN9fKQC5@^EF: � G +�95<O>bLSBMR;LSJ?_;>=<?BDR

<O>XPh_;:A@=9;ES: >=_;C5CUBD:�@^EFW 6k7 LSB ` CfKQ:=<OR5n @^95E)LSBMRk@=BD_;: C5JOBM@=>XPh:AB ` @^9;E �#KM: �QB V LN9fKM<?R

>=< ` _;JOKQ@^<?BDR �&<?@=93@^9;BD>AE B 6 @NKM<?R;ESW 687 @=9;EXKMLSLFESC5@^KMR;LSE >^K ` C;J?ES:SGb+�95EX:AES>A_;J?@=>HBQP�@^95E

�)KM: �MB[V�LN9;KM<OR�>A< ` _5J KQ@=<OBDR L KMR�@=9;ES:AEFPhBD:AE 6 E LSBDR'ifW;ESR8@=J 7 _;>=EFW @=BeKMRfKQJ 7 �SEH@^9;E C BD> �

@^EF:=<?BD:�W;<O>�@^:A< 6 _5@=<OBDR BMPl@=9;E ��9;:=BMR;<OL�1 KM>A@=<OR;nX� <O>AE KM>AE ` BW;EFJ G

+�9;EaZ��� LS:AESW;< 6 JOE <OR8@^EF:AVQKMJO>HPhBD: @=9;Ea�)KM: �MB[V LN9fKQ<OR >=< ` _;JOKQ@^<?BDR KQ:=E >A9;B �&R <?R

@NK 6 JOE r G p G�+�9;ES>AE <OR8@=ES:AVQKMJ?>�KM:=E KMJ ` BD>�@�<?W;ESR8@=<OL KQJ @=B @=9;BD>=EHC;:AB'W;_5LSESW 687 @^95E KMLFLSEFC �

@NKQR;LSEe>=K ` C5JOES:FT�>=9;B �&R <OR @NK 6 JOE � G � G +�9;<O>b<?> Ph_;:�@^9;EF:XE V<OW;EFR;LSEe@^9;KQ@ @^95E)�#KM: �QB V

LN9fKM<?Ra<O>�C;:AB'W5_;LS<?R;ndKbnDB'BWeKMC5C;:=B �'< ` KQ@^<?BDR @=B @^9;E�@NKQ:=nDE @�W;<O>�@^:A< 6 _5@=<OBDRgGc+�9;E ` E KMR T

` ESW;<OKMR T�KMR;W >A@^KMR;WfKQ:=W W;EFV<OKQ@^<?BDR BMPHE KQLN9 CfKQ:^K ` EF@=ES: LSKMR2KMJO>AB 6 E3E �5K ` <?R;ESW @=B

Y r Z

Page 175: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

LSB ` CfKQ:=Ed@^9;E ` �&<j@^9 @^9;BD>AE B 6 @NKM<?R;ESW 6k7 @=9;E KMLFLSEFC5@NKMR5LSE >=K ` C5JOES:FGe+�9;E C BD>�@^ES:A<OBD:

ES>�@^< ` KQ@=ES> KMR;WXLS:AESW;< 6 JOE�<?R8@^ES:�VQKMJO>�KM:AE&>=9;B �&R <?RX@^K 6 J?E r G p G�+�9;E�>A@^KMR;WfKM:AW W;E V< KQ@=<OBDR;>

PhBD: @^9;EH�)KQ: �MB[V LN9fKM<ORe>=K ` C;JOEF:�KM:AE >=J?<OnD98@^J 7 > ` KMJOJ?ES:�@^9fKQR @^9;BD>AE PhBD:�@=9;E�KMLFLSEFC5@NKMR5LSE

>^K ` C;J?ES:FG�%�<O>A_fKMJ*<OR5>=C ESLF@=<OBDRaBMPl@^9;E-nD:=KMC;9;>&BMPl@^9;E-CfKQ:^K ` EF@=ES:=>�VMES:=>A_;>�@=9;EH<?@^EF:^KQ@=<OBDR

<OR5W;<OLSKQ@^EF> @^9fKQ@XKQC;C;:=B �'< ` KQ@=Ee>A@NK @^<OBMRfKM:=<j@ 7 BLSLF_;:=>XKQ@XK 6 BD_'@b@^9;E \ qDqMq @^9�<?@=ES:=KQ@^<?BDR T

>=Ba@^95Edi;:=>A@ \ qMqDq VQKMJO_;EF>-L KMR 6 EX:AE ` B[VDESW Ph:=B ` Ke>=<OR5nDJOE :A_;R 6 E PhBD:=Eb@^95EXC BD>�@^ES:A<OBD:

�#BDR8@=E���KM:AJOB �,>�@^< ` KQ@=ES>�KM:=E�LSBDR5>A@^:A_;LF@=ESW G +/B 6 EF@=@=ES:�KMC;C;:AB �'< ` KQ@=E�KMR <OR5W;ESC ESR;W5ESR8@

>^K ` C;J?EMT9;B ��E VDEF:ST;@^95E J KM>�@ � q��NqDqDq <?@=ES:^K @^<OBMR;>�BQP E KMLN9eBMP*@=9;E >A<�� :=_;R5>�KM:=E�LSB ` 6 <OR;EFW

KMR;W @=9;E :=EF>=_;Jj@^>b_;>AESW KM> @=9;EeCUBM>A@^EF:=<?BD: >^K ` C;J?EMG +�9;<?> <O>bKQR KQLSLSEFC5@^EFW ` EF@=9;BW BMP

KMLN9;<?EFV<OR5n KbR;ESKM:=J 7 <OR5W;ESC ESR;W5ESR8@�>=K ` C;JOE � pQr T p � G

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#E KMR �#ESW;<OKMR �@=Wf� EFV

� >@?BA ? Y � � � � � �Mr � � �M\ � � r Y Y � p \��� A ? q � \ � � � �'Y Y � Z p Y � �M\ q � \D\��� A ? q � q \ q � �M\ q � �Mr q � �Dq q � p \i � � Z q pMq � � � Y p�� p � YDY � Z � � � � �j YMY � �Dp p Y � qDq Y � � pQr Y r � Z � p � ���

� q � ��� Y � Y q q � \�� q � \ r q � Y p

� 1 � � � � � � Z������K 7 ES>A< KMRXLS:AESW;< 6 JOE�<?R8@^ES:�VQKMJO>,KQR;W �#BDR8@^E���KM:AJOB-ES>�@^< ` KQ@=ES>cPhBD:cC BD> �@^EF:=<?BD: W;ESR;>A<?@ 7 Ph:=B ` @^9;E��)KM: �QB[V LN9;KM<OR >=< ` _;J KQ@=<OBDRgG*��JOJ8VQKMJ?_;ES>/9fK VDE 6 EFESR ` _5J?@^<?C;JO<?ESW687 Y qDq G

��JOnMBD:=<j@^9 ` r G r ��BD: �k>#E �5LFESC5@=<OBDR;KMJOJ 7 ��ESJ?J PhBD: @^95E ��95:=BDR;<?L�1 KQ>A@^<?R;n � <O>AE KM>AE

` B'W;EFJ G&+�9;EX�#���'+���KMJ?nDBD:A<?@^9 ` <O>�>=<?nDR;<?i;L KMR8@^J 7 P KM>A@=ES:�@=9fKMR)@=9;E KQLSLSEFC5@NKQR;LSEb>=K ` �

C;J?ES: @=9fKQ@ ��KM>a_;>=EFW T KMR5W KQRfKMJ 7 >A<O> BMP ` _;Jj@^<?C;JOE LN9fKM<?R;>e<OR;W5<OL K @^ES> @^9fKQ@e@=9;E3LN9fKM<?R

Y � q

Page 176: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

:=ESKMLN9;EF>H>�@NKQ@=<OBDR;KM:=<j@ 7 :=ESJOKQ@^<jVDEFJ 7 mk_;<OL �kJ 7 LSB ` CfKQ:=ESW�@=B @^95Eb>A@NKQR;WfKM:AW3:^KMR;W5B ` ��KMJ � G

(�>A<OR;n @=9;Eb>^K ` C;J?E nDEFR;ES:=KQ@^EFW 6k7 @^9;EdKQLSLSEFC5@NKQR;LSEd>^K ` C;J?ES:�KM>-K :=E PhES:=EFR;LSEQT/K nDB'BW �

R;EF>=>dBMP&i;@b@^EF>A@d<?R;W;<OLSKQ@^EF> @^9;KQ@ @^95EeW;ESC ESR;W5ESR8@X>^K ` C;JOE C;:=BW;_;LFESW 687 @^9;E �#KM: �QB V

LN9fKM<?R <?>dLSJOBM>=ESJ 7 KMC5C;:=B �'< ` KQ@^<?R;n�@^95E @^KM:=nDE @XW;<O>�@^:=< 6 _5@=<OBDR G���K V'<?R;n 6 _;<OJj@XK ` BW;ESJ

PhBD: ��9;:=BMR;<OL 1 KM>�@^<?R;n � <?>=E KQ>=EMT&KQR;W W;EF>=<OnMR;ESW KMR E�XLS<?ESR8@e>=K ` C5JO<OR5n ` ESLN9fKQR;<O> ` T

@^95E R;E �@ >A@^KMnDEX<O>-_;>A<OR;na@^9;EX:=EF>=_;Jj@^>HBMP�@=9;E �)KM: �QB[V LN9;KM<OR >^K ` C;JOEb@=B)KMR;KMJ 7 �SEd@^95E

C BD>A@=ES:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR T5KQR;W @=9;ESR <OR8@=ES:=C5:=EF@=<OR;nb@=9;E-:=ES>A_;J?@=>&BMPl@=9;E->=< ` _;J K @^<OBMR G

Y �Y

Page 177: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � ���� � � �

��� � � � � � ������� � � ��� � � � � ��� ���� ����� � �����

��K V<OR;nanDEFR;ES:=KQ@^EFW @ ��B#>=K ` C5JOES> Ph:AB ` @=9;EdCUBD>�@^EF:=<OBM:�W;<O>�@^:=< 6 _5@=<OBDR �h_;>=<?R;n 6 BM@=9

KMR KMLSLFESC5@^KMR;LFE >^K ` C;J?ES:HKMR;W K#�)KM: �QB[V LN9;KM<OR >^K ` C;J?ES: � T*@^9;EXCUBM>A@^EF:=<?BD:�CfKM:=K ` E @^EF:

ES>�@^< ` KQ@=ES> ` _;>�@ 6 EH<OR8@^EF:=C;:AEF@^EFW G�+�9;<?>�<?>&W;BDR;EH_;>=<?R;nd@^9;EH>^K ` C;J?EHnMESR;EF:^KQ@=ESW 687 @^95E

�)KM: �MB[VXLN9fKM<?R >A< ` _;JOKQ@^<?BDR G ��Jj@^9;BM_;nD9d@^9;EF:=E�<O>�>=B ` E��#BDR8@^E���KM:AJOBHES:=:ABD:�<OR;95ES:=EFR8@�<?R

_;>A<OR;na@^9;EXKMC5C;:=B �'< ` KQ@^Eb>=K ` C;JOEdnDEFR;ES:=KQ@^EFW 687 K �)KM: �QB[V LN9;KM<OR T*@=9;E JOKM:=nMEb>^K ` C;JOE

>=< �SE BMP �DqDq��^qDqDq >=9;BD_5JOW ` <?@=<On8KQ@=E�@^9;<?>�EF:=:=BM:SG�� BD:=EFB VMES:FT*>=<OR5LSE >A<��#:=_5R;> ��ES:=E ` KMW5E

_;>A<OR;n�W;<��UES:AESR8@/<OR;<j@^<OKMJQVQKMJ?_;ES>FT @=9;E�JOKM>A@ � q��NqDqDq <j@^ES:=KQ@^<?BDR;>*BMP5E KMLN9 :=_;R ��EF:=E LSB ` 6 <OR;EFW

KMR;W#@^9;E :=ES>A_;J?@=> _;>AESW KM>�@^9;E CUBD>�@^EF:=<OBM:�>=K ` C5JOEMG���B ` 6 <OR;<?R;nX@=9;E :AES>A_;J?@=>�Ph:=B ` ESKMLN9

:=_5R :AES>A_;J?@=>�<OR KeR;E KQ:=J 7 <OR;W5ESC ESR;W;EFR8@ >=K ` C;JOE � pQr G +�9;Ed:=ES>A_;J?@=>�BMP @^9;E ` B'W5ESJ �&<?JOJ6 E�LSB ` CfKM:AESW @=B :=ESKM>=BDR;K 6 JOE#E��'C ESLF@^KQ@^<?BDR;> PhBM: @^95E)Ph_5@^_5:=E 6 ES9fK V<OBM_;: BMP ��9;:ABDR;<?L

1 KM>A@=<OR;nX� <O>AE KM>AEMG

.�<O:A>A@^J 7 <j@ ` _;>A@ 6 EHW5EF@^EF: ` <OR;EFW �&9;E @^9;EF:�BM:�R;BQ@�@=9;E ` BW;ESJ*C5:=B[V<OW;EF>�Kd:=ESKM>=BDR �

K 6 J?E i;@�PhBM:�@^95EbWfKQ@NK'GH+�95<O> <?>�W;BDR5E 6k7 LSB ` CfKM:A<OR;n @^9;E C5:=ESW5<OLF@=ESW3VQKMJO_5ES> �&<j@^9�@^95E

KML @^_fKMJ�VMKQJO_;EF> Ph:=B ` @^95EeWfKQ@NK'G .�<?nD_;:AES> �'GjYDT �'G p T�KMR5W �G � >A9;B � i;@A@^EFW C5:=EFVQKMJ?ESR;LFE

VQKMJO_5ES>ST 6 KQ>=ESW BDR3@^9;E ` ESW;<OKMR3BMP�C BD>�@^ES:A<OBD:�>=K ` C;JOE �hW;ESC5<OLF@=ESW 6k7 WfKM>=95ESW J?<OR;EdKQR;W

� T � �&<?@=9eLSBD:A:=EF>=C BDR;W;<?R;ndZ��� Ph:=EFm_5ESR8@^<?>A@&LSBMR5ifW;EFR;LSEH<OR8@^EF:AVQKMJ?>�PhBD:�@=9;E�C;:AEFVQKMJOEFR;LSEF>

� W5BM@=@=ESW3JO<?R;EMT � � G +�95E ifnD_;:AE >=9;B �&>�@^9;KQ@ @^95E ` BW;ESJ/C;:AB V<?W;ES>-K :AE KM>ABDRfK 6 J?E i;@ @=B

@^95E WfKQ@^K � >ABDJO<?W JO<?R;EMT � � G�+�9;E i;VDEa�&�&(�> >A9;B �&R�9;ES:AEaKM:=EX@^9;BD>AEaKQ@ @=9;E 9;ESKM:A@ BMP

@^95EXEFR;W;E ` <?L KQ:=E K'T KMR;W @^9;EdWfKQ@^K LFBD:=:AES>ACUBDR5W;<OR;ne@=B @=9;Ebi;VDEXCfKMR;EFJO>-KM:AEdC;:=< ` KM:A<OJ 7

:=EF>=C BDR;>A< 6 J?E PhBD:b@=9;E ` B'W5ESJ�PhBD: ` KM>X@=9;E 7 LSKM:=: 7�` BD>�@ BQP�@^95E)<OR'PhBD: ` KQ@^<?BDR <?R @^95E

Y � p

Page 178: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

JO< �MEFJO<O95B'BW)KQR;W�9;EFR;LSEbC BD>A@=ES:A<OBD:�W;<O>�@^:=< 6 _5@=<OBDR G�+�9;Eb<OR8@=ES:AVQKMJ?>�LSKMC5@^_5:=E R;ESKM:=J 7 KQJOJ BMP

@^95EHW;KQ@NK5T;KMR;W C;:=B[V<OW;EHKM>A>=_;:=KMR;LFEH@=9fKQ@�@^95E ` BW;ESJ <?>�R;BM@�LSB ` C;J?EF@=ESJ 7 B � 6 KM>=EQG

.�<OnD_5:=E �G r >A9;B �&>�@^9;E�C;:AESW;<?LF@=ESWeC;:AEFVQKMJOEFR;LSE�LF_;:AVME�PhBD:�@=9;E-���&(�> 6 KM>AESW BDR @^95E

7 ESKM: 687 7 E KQ: ` EFW;< KQR;> BQP�@^9;E C5:=EFVQKMJ?ESR;LFE @=:^KML �k> 6 KM>AESW BDR @^9;E CUBD>�@^EF:=<OBM: >^K ` C;J?EMG

+�9;E LS_;:�VDEF> ` KM<OR8@NKQ<OR @^95E >A<On ` BD<OW;KMJ�>A9fKMC E E �'CUEFLF@^EFW 687 @^9;E JOBMnD<O>�@^<OL)ESmk_fKQ@=<OBDR T

<OR5LS:=ESKM>=<?R;n �&<j@^9 @^< ` E�@^B ��KM:=W @=9;E ` EFW;< KQR JOBDR5n � @=ES: ` >�@NK 6 J?E >A@^KQ@^EQT j � q � Y r Z5Gc+�9;<?>6 ES9fK V<OBD_5:�<O>�E��'C ESL @^ESW�Ph:AB ` @^9;E JOBDnM<O>A@=<OL�W;<��gEF:=EFRk@=< KMJ EFm_;KQ@^<?BDR ` B'W5ESJ LSBDR5>A@^:A_;LF@=ESW

PhBD: C;:=E VMKQJOESR5LSE � � G r � G#+�9;<O> :=ES>A_;J?@ <OR;W5<OL K @^ES>H@^9fK @ @^95E C BD>A@=ES:=<?BD:HW;<O>�@^:=< 6 _5@=<OBDR;> KM:AE

:=E @NKM<?R;<OR5nd@=9;EHm_;KMJO<j@NKQ@=<?VDE 6 ES9;K[V<?BD_;:&BMPc@=9;E W5<��UES:=EFR8@^< KQJ ESmk_fKQ@=<OBDR5>SG�+�9;<?>�:AEF@=ESR8@^<?BDR

mk_fKMJ?<?@ 7 <O>eLS:A_;LS<OKMJ�@=B�@=9;E CUEF:APhBD: ` KQR;LSE�BQP @=9;E ` BW;ESJ G +�95BD>=E ���&(�>e@^9fKQ@ ��ES:AE

if:A>A@ <?R5PhESL @^EFW KMC;C;:AB8KMLN9 j if:=>�@ G ��ESLSKM_;>=E�@=9;E)>ACfKQ@=< KMJ ` <��'<OR;n @^EF: ` � <O> nD:=ESKQ@^EF:

@^9;KMR �FES:=B5TcKMR;W 6 EFL KM_;>AE E VDES: 7 �&�&( <O>HLSBDR;R5ESLF@=ESW �&<j@^9 K @ J?E KM>�@ BMR;E BQ@^9;EF: �&�&(

V< K @=9;E :=EFJ KQ@=<OBDR5>=9;<?C;>�<?R +�K 6 JOE YMTfKMJOJU�&�&(�>�EFVMESR8@^_;KMJOJ 7 6 ESLSB ` E <?R5PhESL @^EFW TfKMR;W @=9k_;>

EFVMESR8@^_;KMJOJ 7 KMC;C5:=B8KMLN9b@=9;E�>A@^K 6 JOE�>A@NK @^EMGc� 7 W;EF>=<?nDR T8R;BDR ��<OR'PhESLF@=ESWX�&�&(�>,L KQR 6 ESLFB ` E

<OR'PhESLF@=ESW BDR5J 7 @^9;:ABD_;nD9 >=CfKQ@=< KMJ ` <��'<OR;n5T�KMR KM>A>=_ ` C5@=<OBDR @=9fKQ@ <O> <?R ��J?<OR;E �&<j@^9 @^95E

LS_5:=:=EFR8@�_;R;W;EF:=>�@NKMR;W5<OR;nbBMPg@^9;<?>�KMR;W BM@^9;EF:�<?R5PhESL @^<OBM_;>�W5<O>=ESKM>=EF>SG ��EFL KM_;>AE @^9;E�W;<O>AE KM>AE

<O>�>=ESEFR B[VMES:c@^< ` E @^B 6 E�>=C;:AE KMW5<OR;n�@^B @=9;E�R;BDR ��<OR'PhESLF@=ESWd�&�&(�>FTD@^9;E�>ACfKQ@^<OKMJ ` <��'<?R;n�<?>

E�UESL @^<jVDEMG�.�<?nD_;:AE �G r W;E ` BDR;>�@^:=KQ@^EF>�@^9;KQ@�<?R;LSBM:=C BD:^KQ@=<OR;nb>ACfKQ@=< KMJ W 7 RfK ` <OLF>�W5<O:=EFLF@=J 7

<OR8@=Bd@=9;E ` BW;EFJ <O>&KMRaE��gEFLF@^<jVDE ` EFLN9fKMR;<?> ` G

.�<OnD_5:=E �G � >=95B �&>,@=9;E ` EFW;< KQR;> � >ABDJO<?WbJO<?R;E �/KMR;WXZ��� LS:=EFW;< 6 JOE�<?Rk@=ES:�VMKQJO> �hWfKM>=95ESW

JO<?R;ES>�� PhBD:�@=9;E�C;:=E VQKMJOEFR;LSE�@^:=KML �k>&B VMES:�@^< ` E�PhBD:�@^95E-i5VDE-ESR;W5E ` <OL-�&�&(�>SG�+�9;E-LF:=ESW �

< 6 JOE <?R8@^ES:�VQKMJO>bKQ:=EeL KQJOLS_5J KQ@=ESW 687 W;:=K �&<OR;n K�:=KMR;W;B ` >^K ` C;J?E BMP p � �NqMqDq Ph:=B ` @^95E

>=< ` _;JOKQ@^EFW ABM<OR8@ CUBD>�@^EF:=<OBM:STkKMR;W _;>=<?R;nHE KMLN9 BMPg@=9;ES>AE�CfKM:=K ` EF@^EF:,VMKQJO_;EF>�@=B W5EF@^EF: ` <OR �

<O>�@^<?L KMJ?J 7 LSKMJOLF_;J K @^ESWdPh_5@=_;:=E�C;:=E VMKQJOESR5LSE�VQKMJ?_;ES>�_;>=<?R;n EFmk_fKQ@^<?BDR � G �'Gc.IBM:�ESKMLN9 7 ESKM:ST5K

Y � �

Page 179: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � ��� � � .�<?@A@^ESW�VQKMJ?_;ES>/KMR;W LSBD:A:=EF>=C BDR;W;<?R;n�Ph:AESmk_;EFRk@=<O>�@cLSBMR5ifW;EFR;LSE�<OR8@^EF:AVQKMJO> PhBM:@^95E C;:=BMCUBD:�@^<?BDR BMP <?R5PhESL @^ESWeW5ESES:�<OR @^95E ESR;W5E ` <OL�:AESnD<?BDR T 6 KM>=EFWeBDR @^95E LSB ` C BDR;ESR8@���&<O>AE ` EFW;< KMRaBMPl@^9;E-C BD>A@=ES:A<OBD:�>=K ` C5JOEMG � EFC;<OL @^ESW#KM:AE � K �����&( r TIKQR;W � 6 �����&( �'G� 6 >=EF:AVMESW�C;:AEFVQKMJ?ESR;LFES>�KM:=E-W;EFR;BM@=ESW �&<?@^9 � TfZ��� LSBMR5ifW;EFR;LSEH<OR8@^EF:AVQKMJ?>&KM:=E�W;EFR;BM@=ESW687�� KMR;Wa@^95EHC5:=ESW5<OLF@=ESWaVQKMJO_;E�<?>�W;ESR5BM@^EFW 687�� G

Y � r

Page 180: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � ��� � � .�<?@A@^ESW�VQKMJ?_;ES>/KMR;W LSBD:A:=EF>=C BDR;W;<?R;n�Ph:AESmk_;EFRk@=<O>�@cLSBMR5ifW;EFR;LSE�<OR8@^EF:AVQKMJO> PhBM:@^95E C;:ABDC BD:A@=<OBDRaBMP�<OR5PhEFLF@^EFW)W;EFES:�<ORa@^9;EHESR5W;E ` <OL-:=EFnD<OBMR T 6 KM>AESW�BDRa@^95E LFB ` C BDR;EFR8@�&<O>AE ` ESW;<OKMR BMPI@^95E�CUBM>A@^EF:=<?BD:c>^K ` C;J?EMGl� ESC;<?LF@=ESWdKM:AE � L �����&(]Y q T8KMR;W �hW ���&�&( p �'G� 6 >=EF:AVMESW�C;:AEFVQKMJ?ESR;LFES>�KM:=E-W;EFR;BM@=ESW �&<?@^9 � TfZ��� LSBMR5ifW;EFR;LSEH<OR8@^EF:AVQKMJ?>&KM:=E�W;EFR;BM@=ESW687�� KMR;Wa@^95EHC5:=ESW5<OLF@=ESWaVQKMJO_;E�<?>�W;ESR5BM@^EFW 687�� G

Y ���

Page 181: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � �� � � ��� � � .�<?@A@^ESW�VQKMJ?_;ES>/KMR;W LSBD:A:=EF>=C BDR;W;<?R;n�Ph:AESmk_;EFRk@=<O>�@cLSBMR5ifW;EFR;LSE�<OR8@^EF:AVQKMJO> PhBM:@^95E C;:ABDC BD:A@=<OBDRaBMP�<OR5PhEFLF@^EFW)W;EFES:�<ORa@^9;EHESR5W;E ` <OL-:=EFnD<OBMR T 6 KM>AESW�BDRa@^95E LFB ` C BDR;EFR8@�&<O>AE ` EFW;< KMR BMP @^9;E C BD>A@=ES:A<OBD:a>^K ` C;J?EMG � ESC5<OLF@=ESW KM:=E �hE �e���&( rDr G � 6 >AES:AVMESWC;:AEFVQKMJOEFR;LSEF>�KM:=E�W;EFR;BM@=ESW �&<?@^9 � T;Z��� LFBDR5ifW5ESR;LFE <?Rk@=ES:�VMKQJO>�KM:AE�W;ESR5BM@^EFW 687 � KQR;W@^95EHC5:=ESW5<OLF@=ESWaVQKMJO_;E�<?>�W;ESR5BM@^EFW 687�� G

Y � �

Page 182: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

1950 2000 2050 2100 2150 2200 22500

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

Year

Pro

port

ion

Infe

ctiv

e

� � �� � � ����� � o,:=EFW;<OL @^EFW3C;:=E VMKQJOESR5LSES> Ph:AB ` Y[Z�� � @^B pDp � q TUPhBM: KMJ?Jl�&�&(�> 6 KM>=EFW BDR@^95E ` ESW5< KMReLF_;:AVME 6 KM>AESW BDRa@^9;E-C BD>A@=ES:=<?BD:&�)KQ: �MB[VaLN9fKQ<OR >^K ` C;JOEQG

Z��� LF:=ESW5< 6 J?E�<OR8@=ES:AVQKMJI<?>�L KQJOLS_5J KQ@=ESW Gc+�95ES>=E�<?R8@^ES:�VQKMJO>�KM:=E�RfKM:A:=B ��EF>A@&<?R @^9;KQ@�C ES:A<OBW

�&9;EF:=E @=9;E ` K ABD:A<?@ 7 BMP�@^9;E WfKQ@NK JO<?ES> ��Y[ZMZ � � pQqDq8p � KMR5W nD:=B � �&<?W;ES: KM> @=9;E ` BW;ESJ

C;:AB AESL @^> Ph_;:�@^9;EF: <?Rk@=B @=9;E#Ph_5@=_;:=EQG +�95E ` B'W;EFJ&<O> K >=< ` C;J?<?ifEFW�:=ESC5:=ES>AESR8@NK @^<OBMR BMP

@^95EeKMLF@=_fKMJ W 7 RfK ` <OL C;:=BLSEF>=>ST 6 _5@b<?@ C;:AB V<?W;ES> 6 BM@=9 K):=ESKM>=BMRfK 6 J?E i;@ @=B)@^95E WfKQ@^K

KMR;W)C;:=EFW;<OL @^<OBMR;>�PhBM:�Ph_5@=_;:=EHC;:AEFVQKMJOEFR;LSE @^9fKQ@�KM:AE LFBDR;nD:A_;ESR8@ �&<j@^9)LF_;:=:AESR8@�>ALS<OEFR8@^<?i;L

�kR;B �&JOEFW;nDE�BMPl��12� G'+�9;E�>A@=E KMW;<?J 7 <OR;LF:=ESKM>=<?R;n @^:AESR;We>A9;B �&Ra<OR @=9;E�nD:^KQC;9e<OR;W5<OL K @^ES>

@^9;KQ@,@^9;E&W;<?>=ESKM>=E �&<OJ?J;>=C5:=E KQW KMLF:=BD>A>,@^9;E&>A@^KQ@^E�KMR5W <?R;LS:AE KM>AE&@=BHK ` K �'< ` _ ` >A_;>A@^KM<OR �

K 6 J?E�JOE VDESJ*BQPcK 6 BD_5@-Y r � G,+�9;<O>�C;:AESW;<?LF@=<OBDR ` K 7 >=EFE ` C ES>=>A< ` <O>�@^<OLQT 6 _'@�LFBDR;>A<OW;EF:=<OR5n

@^9;KQ@ K�CUEF:=<OBWbBMP W;EFLS:=ESKM>=E&PhBD: ��9;:ABDR;<?L�1 KM>�@^<?R;n-� <O>AE KM>AE�9fKM>�R;BM@ 7 EF@ 6 EFESRXB 6 >AES:AVMESW

<OR R;E KM:AJ 7 �Dq 7 E KM:A>,BMP ` BMR;<?@=BD:=<?R;n;T <?@c<?>�R;EF<?@=9;ES:c_5R;:=ESKM>=BDR;K 6 JOE�R;BD:c>A_;:=C;:A<O>A<OR;n;G/+�9;EF>=E

Y ���

Page 183: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

1980 1990 2000 2010 2020 2030 2040 2050

0

0.05

0.1

0.15

0.2

0.25

0.3

Pro

port

ion

Infe

ctiv

e

(a) DAU 3

1980 1990 2000 2010 2020 2030 2040 2050

0

0.05

0.1

0.15

0.2

0.25

0.3

Pro

port

ion

Infe

ctiv

e

(b) DAU 4

1980 1990 2000 2010 2020 2030 2040 2050

0

0.05

0.1

0.15

0.2

0.25

0.3

Pro

port

ion

Infe

ctiv

e

(c) DAU 16

1980 1990 2000 2010 2020 2030 2040 2050

0

0.05

0.1

0.15

0.2

0.25

0.3

Pro

port

ion

Infe

ctiv

e

(d) DAU 17

� � �� � � � ��� � �'BDJO<?W JO<?R;E�<?>�@^95E ` EFW;< KMR @^:^KQL � PhBD:cC5:=EFVQKMJ?ESR;LFE 6 KM>AESWXBDR @^9;E�C BD>�@^ES:A<OBD:�)KM: �MB[V�LN9fKM<?R >=K ` C;JOE ��� � �DqDq �NqDqDq � G ��KM>A9;ESW JO<?R;ES>b:AESC;:AES>=EFR8@ C BD<OR8@ �&<O>AEaZ���LS:AESW;< 6 JOEH<OR8@=ES:AVQKMJ?> 6 KM>=EFW�BDR��)KM: �QB[V#LN9;KM<OR#>^K ` C;JOEQG � K �&>A9;B �&> �&�&( � G � 6 ��>=9;B �&>�&�&( r G �hL ��>=95B �&>����&(4Y � T �&9;<OLN9 6 BM:=W;EF:=>&@^9;E-ESR5W;E ` <OL-:=EFnD<OBMR G�� W ��>A9;B �&> �&�&(Y �'G

Y �Q\

Page 184: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

C;:AESW;<?LF@^<?BDR;>�W;BXR;BM@�KQLSLSBM_;R8@�PhBM:&KMR 7 LSBDR8@^:ABDJ*>A@=:^KQ@=ESnD<?ES>FG

� �5K ` <OR;KQ@^<?BDR�BMP @^9;EdC BD>A@=ES:A<OBD: LF:=EFW;< 6 J?Eb<OR8@^EF:AVQKMJ?>�nD<?VMES> ` BM:=E <?R;>=<?nD98@-<OR8@^Be@^95E

6 ES9fK V<OBD_5: BMP�@=9;E W;<?>=ESKM>=EeKQ> C;:AESW;<?LF@^EFW 687 @=9;E ` B'W5ESJ G .f:=B ` K �&<OJ?W;JO<jPhE ` KMR;KMnDE��

` ESR8@/CUEF:=>=C ESL @^<jVDEMTQ@^9;E ` BD>A@/< ` C BD:A@^KMR8@*CfKM:=K ` E @^EF:/<?> C;:=B 6 K 6 J 7 @^9;E JOBMR;n&:=_;RHW;<O>AE KM>AE

C;:AEFVQKMJOEFR;LSE j G�+�9;E C BD>A@=ES:A<OBD:�W;<O>�@^:A< 6 _5@=<OBDR BDR j 9fKM>�@^9;E ` EFW;< KMR)KMR;W ` BW;E K @�KMC �C;:AB �'< ` KQ@=ESJ 7 q � Y r \5G,+�9;E-ES>�@^< ` KQ@=ESWaZ���4LS:AESW;< 6 JOE�<?R8@^ES:�VQKMJUPh:AB ` @=9;EH�)KM: �MB[VeLN9fKM<?R

>^K ` C;J?E�<?> ��YDYDG � � T p YMG q � � TMLSB ` CfKQ:=ESW �&<?@^9 � r G q � T?Y �'G ��� �*PhBD: @^9;E�C5:=<OBM:lW;<?>A@=:=< 6 _5@^<?BDR G

+�9;<?>�LF:=ESW5< 6 J?E�<?R8@^ES:�VQKMJI<O>�EFV<OW5ESR;LFE BMP*KHR;BDR � �SEF:=B J?BDR;n � :=_;Rd>A_;>A@^KM<ORfK 6 JOE�JOE VDESJfPhBD:�@^95E

W;<?>=E KQ>=EMT�KMR;W @=9;ES:AEFPhBD:AE3<O> >A@^:ABDR;n�EFV<?W;ESR;LFE�@^9fK @ ��12� <O> _5R;JO< �MESJ 7 @=B W;<?>^KMC;C E KQ:

RfKQ@=_;:^KQJOJ 7 Ph:AB ` @=9;EbW;ESEF:-CUBDC5_;J KQ@=<OBDRgGH+�95<O>�LSBMR;LSJ?_;>=<?BDR3<O>�nD:=KMC;9;<?L KMJ?J 7 W;EFC;<OL @^EFW <?R

ifnD_5:=ES> �'G r KMR5W �'G �'G�+�9_5>STgLSKM:=E Ph_;JOJ 7 LF:^KQP @=ESW)>�@^:=KQ@^EFnD<OEF>�KM:AE-BMPcLF:=<?@=<OLSKMJ < ` C BD:A@^KMR;LSE

<ORdBD:AW;ES:�@^B ` KMRfKMnME���12� Gk.f:AB ` �&9fKQ@ <?> LF_;:=:AESR8@^J 7 �kR;B �&R T'@=9;E&>A@=E KMW 7 <?R;LS:AE KM>AE&@=B

K >=_5>A@NKQ<ORfK 6 JOE J?EFVDEFJc<O>�:=ESKM>=BDR;K 6 JOEQT C ES:=9;KMC;>�E��'C ESL @^ESWgTlB[VDEF: @^9;EbnM<?VDEFR�@^< ` EHPh:^K ` EMG

+�9k_;>&P KM:ST5@=9;E-W;<O>AE KM>AE 9;KM>�BDR;J 7e6 EFESR B 6 >AES:AVMESW @^BX<OR;LF:=E KQ>=EMG

+�9;E&CUBD>�@^EF:=<OBM:,ES>A@=< ` KQ@^EF>cPhBD:c@^95E�<?R;<?@=< KMJC;:AEFVQKMJOEFR;LSE�VQKMJ?_;ES>,PhBD:��&�&(�>&Y q T r T'KQR;W

� C;:AB[V'<?W;EbKMR5BM@^9;EF:�mk_fKMJ?<?@^KQ@^<jVDEHLN9;ESL �)PhBM:�@=9;E ` B'W;EFJ G�+�9;EbC BD>A@=ES:=<?BD: ` BW;E PhBM:�@^95E

` KM:=nD<?RfKMJUW;<O>�@^:=< 6 _5@=<OBDR PhBM:&@=9;E-<OR;<j@^<OKMJUC5:=EFVQKMJ?ESR;LFE�PhBD:&���&(4Y q TfW;ESR;BQ@^ESW 687 � >@?BA ? T;<?>p G �'Y � T �&<?@=9 ` ESKMRdKMR;W ` ESW;<OKMR � G �M\ � KMR;W � G r Y � T8:AES>=C ESL @^<jVDESJ 7 TKMR;WdK�LFBD:=:AES>=C BDR;W �

<OR5n�LS:AESW;< 6 JOE <OR8@=ES:AVQKMJkBMP���YDG � \ � T �'G ��� � �*Ph:AB ` @^9;E��)KM: �MB[V LN9;KM<OR >^K ` C;JOEQGl+�95E�<OR;<j@^<OKMJ

C;:AEFVQKMJOEFR;LSEF>�PhBD:��&�&(�> r KMR;W �eKM:AE nD<?VMESR <OR3LN9;KMC5@^EF: r G +�95ES>=Ed:AES>=_5J?@^> ` K 7 >AESE `

>=B ` E��&9fKQ@ 9;<OnD9 PhBD:HKMR <OR;<j@^< KQJ�C;:AEFVQKMJOEFR;LSEdVQKMJO_5EMT 6 _5@ <?@ ` _;>�@ 6 E LFBDR;>A<OW;EF:=ESW @^9fK @

@^95E 7 :=EFC;:=EF>=ESR8@&C;:AEFVQKMJ?ESR;LFE�<OR Y[Z����'T8@^9;E 7 E KQ: 6 EFPhBD:AE�@^95E�if:A>A@�W;KQ@NK-VMKQJO_;EF>SG���9;:ABDR;<?L

1 KM>A@=<OR;n#� <O>AE KM>AE 9fKQW if:A>A@ 6 EFESR W5< KMnDR5BD>=EFW R;ESKM: .IBM:A@ ��BDJOJ?<OR;>FTl��BDJOBD:=KMW;Ba<OR Y[Z � �

� pDp T*KMR;W�@=9;EbW;<O>AE KM>AEb9fKMW3EF<OnD98@ 7 E KM:A> @^BeC;:ABDCfKMn8K @^E 6 EFPhBD:AE @^95E if:=>�@-WfKQ@NK :=ESLFBD:=WgG

Y �QZ

Page 185: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9k_;>&K VQKMJO_5E BMP � G r Y �4<O>�R;BM@�_;R5:=E KQ>=BDRfK 6 JOEQT;ES>ACUEFLS< KQJOJ 7 LFBDR;>A<OW;EF:=<OR5n @^9;E C5:=B �'< ` <?@ 7

BMP .fBD:�@-��BDJ?JO<OR5> �&<j@^93�&�&(�>bY q T r T KMR;W �G +�9;E C;:A<OBD:�>A@^KMR;WfKM:AW3W;EFV<OKQ@^<?BDR T q G qDp ZD\5T

<O>�J KM:AnDES: @^9fKQR @^9;E C BD>�@^ES:A<OBD:�>A@^KMR;WfKM:AWeW;EFV<OKQ@^<?BDR T q G qDp�� \5T<OR;W5<OL K @^<OR5n @^9;KQ@�@=9;E WfKQ@^K

<O>�< ` C5:=B[V<OR;n @=9;E �R5B �&J?ESW;nMEHBQPl@=9;E-CfKM:^K ` E @^ES: j G+�9;E ` KM<?R�C;:=EFW;<OL @^<OBMRHBQP5@^95E ` BW;ESJ T <?R�@^ES: ` > BMP@^95E Ph_5@=_;:=E�E VDBDJ?_5@^<?BDR-BMPI��9;:ABDR;<?L

1 KM>A@=<OR;n-� <?>=E KQ>=EMTk<?>�@^9fK @ T8_;R;J?ES>A> W5:^KM>�@^<OL&KQR;WdE�UESLF@=<?VME�LFBDR8@^:ABDJ ` E KM>A_;:=EF>�KQ:=E�@NK �MESRgT

@^95EeW;<O>AE KM>AE �&<OJOJ LSBMRk@=<ORk_;E @=B ` KM:ALN9 KMLS:ABD>=>X��BDJ?BD:^KQW;B;G +�9;<O> ` BW;ESJ�LSBD:A:=B 6 BD:=KQ@^EF>

:=EFLSEFRk@c:=ES>AE KM:ALN9b@^9fKQ@l<OR5W;<OLSKQ@^EF>�LS_5:=:=EFR8@,LSBDR8@=:=BDJ>A@=:^KQ@=ESnD<?ES>�9;K[VME 6 ESESRb<?R;E�UESL @^<jVDE � � Z5TY r G-+�9;<O>�LFBD_;J?W3CUBM@=ESR8@^<OKMJOJ 7 9fK VDEdKeW;E VMKQ>A@NK @^<OR5n < ` CfKML @ BDR39k_;R8@^<?R;n KMR;W�@=BD_;:=<?> `<ORe@=9;E->A@NK @^EMG

��� � ������� � � � � � ���� �

+�9;E C;:AB 6 J?E ` BMP&:=EFLSB[VDEF:=<?R;n)@^95E CfKM:=K ` E @^EF:=> PhBM: K)W5<��UES:=EFR8@^< KQJ EFmk_fKQ@^<?BDR <?> <?R

nDEFR;ES:=KMJg<?JOJ�� CUBM>=ESWgG�.fBD: ` BD>�@�W;<��gEF:=ESR8@=< KMJIESmk_fK @^<OBMR;>ST;> ` KQJOJILN9fKMR;nMES>�<OR @^9;E W;KQ@NK LSKMR

JOESKMW @=B J KQ:=nDE LN9fKMR;nMES>e<OR @^9;E)CfKM:^K ` E @^ES:XES>�@^< ` KQ@=ES>FG +�9;EFBD:=E ` >eKQR;W @^EFLN9;R;<?m_5ES>

PhBD:d<OR8VMES:=>AE)C;:AB 6 J?E ` >dKM:=EaVDEF: 7 >=C ESLF< KMJ?<��FESW KMR;W KMC;C;J?<OL K 6 JOEeBDR5J 7 @=B VMES: 7 >ACUEFLS<jifL

C;:AB 6 JOE ` >�� \ � G,��BDR5>=ESmk_;EFR8@^J 7 T �&9;<OJ?E @=9;E ` BW;ESJ?<OR;n&C;:AB'LFESW;_5:=E�BM_5@^J?<OR;EFW <?R LN9fKMC'@^ES: �KMC;C E KQ:=>,@^BH9fK VDE ��BM: �MEFW PhBD:c@=9;E&>=C ESLF<?ifL���12� ` B'W5ESJfKMR5W WfK @NK5T8<j@�<O>,_;R;J?< �QESJ 7 @^9fK @

<?@ ��BD_;J?W 6 EXKMC;C;J?<OLSK 6 JOEHPhBD:HK ` BD:AEbnDESR5ES:^KQJ,L KM>AEMG ��EFVMES:A@=9;ESJ?ES>A>STl@=9;EdE�UESL @^<?VMESR;EF>=>

BMPl@^9;E ` EF@^95B'W L KMR 6 E LN9;EFL �MEFW 6k7 nMESR;EF:^KQ@=<OR;nXWfKQ@^KdPhBD:&Kd>=< ` C5JOES:�VQKM:A< KQ@=<OBDReBQP�@^95E

` B'W;EFJ T'KMR;WeW;E @^EF: ` <OR;<?R;n �&9;E @^9;EF:�BD:�R5BM@�@^95E CfKM:=K ` E @^EF:=>�LSKMR 6 E�:=ESLSKMC5@=_;:=EFW G�+�9;E

������� ` E @^9;BW3<OR8@=:=BW;_;LSEFW <OR3LN9fKMC'@^ES: r LSKMR 6 Eb_;>AESW3@^Ba>A< ` _;JOKQ@^EH@^9;EbC BD>�@^ES:A<OBD:

W;<?>A@^:A< 6 _'@^<OBMR;>�PhBD:�@=9;ES>AE >A< ` C;JOEF:�VDEF:=>=<?BDR;>�BMP/@^9;E ��12� ` BW;ESJ G

� >=< ` _;J KQ@=<OBDR ��KQ>XC ES:�PhBD: ` ESW BMR R5<OR;E VQKM:A< KQ@=<OBDR;> BMP&@^9;E#��12� ` BW;EFJ G +�9;E

>=C;KQ@^<OKMJ�>�@^:A_;LF@=_;:=E ��KM>dK�>=< ` C5JOEd@^9;:AESE 687 @=9;:=EFEe:=EFLF@NKQR;nD_;JOKM: nD:A<OW T �&<?@^9 R5<OR;EX@^ES>�@

Y �Mq

Page 186: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&�&( � >ST R_ ` 6 EF:=EFW BDR;E @=9;:=BM_;nD9�R;<OR5Ee<OR @^95E _5>=_fKMJ�J?EFP @ @=B :=<OnM9k@ST,@^BDC @^B 6 BM@A@^B `

BD:AW;ES:FG���EFnD<OBDR5> ��EF:=E-LSBDR5>=<OW5ES:=EFWaR;ES<?nD9 6 BD:A>�<?P @^95E 7 >A9fKM:=EFW KMRaESW;nDEQG�+�9;E�VMKQJO_;EF>�BMP

i KQR;W � ��EF:=E i �'EFW T �&<?@=9�i � q � Y q KMR;W � � q � q YDGc+�9;:AESE >AEF@^>�BQP*<OR;<j@^<OKMJfLSBDR5W;<?@=<OBDR;>��ES:=E�LN9;BD>AESR Tk@^95E&i;:=>A@ � >�A ? � q � q �'TD@=9;E&>=EFLSBDR;W.� >�A ? � q � q ��KMR;WM� � A ? � q � q YDTkKMR;Wd@^95E@^95<O:=Wh� >�A ? � q � q YMGl+�9;EF:=E ��ES:=E�KMJ?>=B�@=9;:=EFE&VQKMJ?_;ES>�BMPU@=9;E�CfKM:=K ` EF@^EF: j PhBD:�E KMLN9X<OR;<j@^<OKMJLSBMR;W;<?@=<OBDRgT q � q �'T q � Y �T*KMR;W q � � q GH+�9;ES>AEdLSB ` 6 <OR;E @=B 7 <OESJ?W3R;<OR5E @^EF>A@-L KQ>=ES>FG +�9;EF>=ER;<?R;E�>=E @^> BQP <?R;<?@=< KMJ�LFBDR;W;<j@^<?BDR;> ��EF:=E3_;>AESW @^B W;E @^EF: ` <OR;<?>A@^<?L KMJ?J 7 nDESR;EF:^KQ@=E)@ ��ESR8@ 7

7 ESKM:=> BMP�C5:=EFVQKMJ?ESR;LFE VQKMJ?_;ES>�PhBD:-E KQLN9 ���&(HG +�9;E Rk_ ` 6 ES:-@^EF>A@=ESW T � T ��KM>Hi �'ESW <?R

E KQLN9e:=ESnM<OBDR KQ@�Y �-PhBD: 7 E KQ:=>�BDR5E�@^BHPhBD_;:FTUY qMq PhBD: 7 E KQ:=>�i;VME�@^BHi;P @^EFESR T;KMR;W�Y qMqDq PhBM:

7 ESKM:=>�>=< �'@=ESEFR @^BH@ ��EFR8@ 7 G�+�9;ES>AE�C;:AEFVQKMJ?ESR;LFE�VQKMJO_5ES> KMR;WX@^9;E&VQKMJO_;EF>,PhBD: � ��ES:AE�@^95ESR

_;>AESW @=B�nDEFR;ES:=KQ@^E 6 <?R;B ` < KMJQWfKQ@NK�PhBD:*ESKMLN9 7 ESKM:lKMR;W ESKMLN9 :AESnD<?BDR G +�9;<?>lWfK @NK ��KM> @^95ESR

_;>AESW �&<j@^9a@^9;E->=K ` E-J?< �MEFJO<?9;B'BW PhBD: ` KMR5W#C;:A<OBD:�W5<O>A@=:=< 6 _5@^<?BDR;>�@=9fKQ@ ��ES:=E C;:=EF>=EFRk@=ESW

<OR LN9fKMC'@^ES: � @=B LSBMR;>A@=:=_;L @�K C BD>�@^ES:A<OBD:�W;<?>A@^:A< 6 _'@^<OBMR G�+�9;E C;:=<?BD:&W;<O>�@^:A< 6 _5@=<OBDR5> ��ES:AE

�MEFC5@�@^9;E->^K ` E @=9;:=BD_5nD9;BD_5@�KMJ?J r � q >A< ` _5J KQ@=<OBDR;> PhBD:�LSBMRkVMESR;<?ESR;LFEMG

.IBM:�ESKMLN93LSB ` 6 <OR;KQ@^<?BDR#BQP,<OR;<j@^<OKMJ LSBMR;W;<?@=<OBDR5>STfi;P @ 7 C;>=EF_;W;B � WfKQ@^K >=E @^> ��ES:AE nDESR �

ES:=KQ@^EFW G�.fBD: E KMLN9e<?R;W;<?V<?W;_fKMJfC;>AES_;W5B ��WfK @NK >=E @ T5KMJOnDBM:=<?@=9 ` r G r ��KM>�_5>=ESW @=B >A< ` _;JOKQ@^E

pMqDq �NqDqDq <?@^EF:^KQ@=<OBDR5>�BMPlKb�#KM: �QB V LN9fKM<?R G,+�9;E PhBD_;:�@^9 nM:=BD_;CeBQP >=< ` _;J KQ@=<OBDR5> �h>=EFE�>=ESL �

@^<?BDRX��G r � ��KM>�_;>=EFW @=BH@=ES>A@ @^95E�LFB'W;EQTKMR;W KQR E �;K ` C;J?E�Ph:=B ` @=9;<O>�nD:ABD_;C ��KQ>�:A_;RXPhBM:

pMqDq �NqDqDq <j@^EF:^KQ@=<OBDR;>FGl+�95E�nM:^KMC;95<OL KQJ;EFV<OW5ESR;LFE&Ph:AB ` @=9;<O>l@^ES>�@ <OR;W;<?L KQ@=ESW @=9fKQ@ KMC;C5:=B � �

< ` KQ@=E�>�@NKQ@=<OBDR;KM:=<j@ 7 ��KM>�:=E KQLN9;ESW �&<?@=9;<OR � q��^qDqDq <j@^EF:^KQ@=<OBDR;>FG,��BDR5>=ESmk_;EFR8@^J 7 T;@^9;E�if:=>�@

� q��^qDqDq <j@^EF:^KQ@=<OBDR;> ��ES:=Ee_5>=ESW�KQ> @^9;E 6 _;:=R ��<OR CUEF:=<?B'W PhBM: ESKMLN9�BMP�@^9;E r � q >A< ` _5J K �

@^<?BDR;>FGc+�9;E�PhBM_;:A@=9 nD:ABD_;C BMP >A< ` _;JOKQ@^<?BDR;>,>A_;LSLFES>=>�Ph_;JOJ 7 L KMC5@=_;:=EFW @^95E�@=:=_;E�CfKM:=K ` E @^EF:

VQKMJO_5ES>STIKQR;W �&<OJOJ 6 E�W;<?>=LF_;>=>AESW 6 ESJ?B �-G

Y � Y

Page 187: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��JOnMBD:=<j@^9 ` r G r :AESmk_;<O:AES>-@^9;EdVQKMJO_5EXBQP�@^95E J?BDn ��C BD>�@^ES:A<OBD:�W;ESR5>=<?@ 7 KQ@-@=9;E ` BW;EMT

KMR;WaPhBD:�@^95E ��12��< ` C;JOE ` EFRk@^KQ@^<?BDR T>=E VDES:=KMJ ` <?R_'@^ES>&9fKQW 6 ESESR#>=C ESR8@�R_ ` EF:=<OLSKMJOJ 7

` K �'< ` <��S<?R;n#@=9;E JOBDn � CUBM>A@^EF:=<?BD: W;EFR;>=<j@ 7 @^B B 6 @^KM<OR K nDBB'W�KMC5C;:=B �'< ` KQ@^<?BDR PhBD:b@^95E

` B'W;EQG 1 <?@=9 R5<OR;E ` B'W;EFJ�VQKM:=<OKQ@^<?BDR;>�KQR;W3i;P @ 7 >=< ` _;J K @^<OBMR;>ST @^9;EF:=E ��EF:=E Ke@=BM@NKQJcBMP

r � q W;<��gEF:=EFRk@-C BD>�@^ES:A<OBD: Ph_5R;LF@=<OBDR;> @=9fKQ@ ��BD_;J?W R;EFESW @^B 6 E ` K �'< ` <��FESW T �&9;<OLN9 ��KM>

< ` C;:=KMLF@=<OL KQJ G/�R;>A@=E KMW T'PhBD:�E KQLN9 BQP*@^9;E�R;<?R;E ` B'W5ESJIVMKQ:=< K @^<OBMR;>STkBDR;E�BQP*@^9;E i;P @ 7 WfKQ@^K

>=E @^> ��KQ>�_5>=ESW @^BdRk_ ` ES:=<?L KMJ?J 7 ` K �5< ` < �SE�@^9;E-:=EF>=_;Jj@^<?R;ndJOBDn � CUBM>A@^EF:=<?BD:�W5ESR;>A<?@ 7 G +�9;<?>

��KM>�@^95BD_;nD98@�@=B 6 E�K :AE KM>ABDRfK 6 J?E�LFB ` C5:=B ` <O>AE�>�@^:^K @^ESn 7 >A<OR;LFE�@^95E LN9fKM:=KMLF@=ES:=<?>A@=<OLS>�BMP

@^95E C BD>A@=ES:=<?BD:�W;ESR;>A<?@ 7 �&<?@=9;<OR)K nD:ABD_;C ��ES:AE E��'C ESLF@=ESW�@=B 6 E >=< ` <?J KM:FTfKMJ?@=9;BD_;nM9#@^95E

<OJ?J�� CUBD>AESW R;KQ@^_;:AE-BMPl@=9;E-<OR8VDEF:=>AE C;:AB 6 J?E ` >A_;nDnDEF>A@=>�@=9;<O> ` K 7 R;BM@ 6 E�@^9;E-L KQ>=EMG

+�9;E _;>AE BMP�KMJOnDBM:=<?@=9 ` r G r PhBD:�@^9;EF>=E >A< ` _;JOKQ@^<?BDR;>-KMJ?>=B :=EFm_5<O:=EF> LSKM:=E Ph_;J�LN95BD<OLFE

BMP�@=9;Ed@^_;R;<?R;n CfKM:^K ` E @^ES:A> KQR;W C;:ABDCUBM>^KMJ,VQKM:=<OKMR;LFE �hW;ESC ESR5W;<OR;n#BDR @=9;E >A< ` _5J KQ@=<OBDR

nD:ABD_;C � @^B�KQC;C;:=BMC;:=<OKQ@^EFJ 7 >AL KMJ?E�@^95E�>A@=ESC >A<��FEMT �&9;<?LN9 <ORH@^_;:AR :=EFmk_;<O:AES>�>AB ` E�E ` C;<?:=<OLSKMJ

E��'C;J?BD:^K @^<OBMR BMP @^9;E�J?BDn C BD>A@=ES:=<?BD:,KQ@�>AEFVMES:^KQJfCUBD<?R8@^>SGl+�9;<O>,C5:=BLSES>A>�<O>,R;BM@cCUBD>A>=< 6 JOE�PhBM:

E KQLN93BMP�@^9;E r � q >A< ` _;JOKQ@^<?BDR;>FT >AB @^9;E VMKQJO_;EF>�PhBD:�@^9;E @=_;R;<?R;n CfKM:=K ` EF@^EF:=> ��ES:AE �MEFC5@

@^95E�>^K ` E�@^9;:ABD_;nD9;BM_5@�@=9;E >=< ` _;JOKQ@^<?BDR;>STkKQR;W ��ES:=E i �5EFWaKM>�@=9;E >=K ` E�VQKMJO_;EF>�_5>=ESWa<?R

@^95EX��12� < ` C;J?E ` ESR8@NK @^<OBMR#<?R3LN9fKMC5@=ES: r T*KMR5W nM<?VDEFR <OR KMC;C ESR5W;<�� ��T*>=ESL @^<?BDR ��G �'G

��B ��EFVMES:ST @^95Eb<ORfK 6 <OJO<j@ 7 @^BeLFBD:=:AESLF@=J 7 @^_;R5Ed@=9;EbKMJ?nDBD:A<?@^9 ` PhBM: E KMLN9 >A< ` _;JOKQ@^<?BDR�KQR;W

@^95E�J KML � BMPlKdnMB'BWaKMC;C;:AB �5< ` K @^<OBMR @^Bb@=9;E ` BW;E �&<?JOJUR;ESn8K @^<?VMESJ 7 K �UESL @&@^9;E�LFBDR8VDES: �

nDEFR;LSE-BMP/@^9;E�LN9;KM<OR G� P�K CUBBD:&KMC5C;:=B �'< ` KQ@^<?BDR BMP @=9;E ` BW;E <?>�_;>=EFW#<?R @^9;E �#���'+��

KMJ?nDBD:=<j@^9 ` T @^9;EeW 7 RfK ` <?L >A@=ESC�>=< �SE r GjY � LSKMR 6 < KM> @^9;E C5:=BDC BD>^KQJ�<OR @=9;E �&:=BMR;n3W;<��

:=EFLF@=<OBDR G#�*EF@��� 6 E K#CUBBD: KMC;C;:AB �'< ` KQ@=<OBDR3@=B)@^9;E ` BW;E BMP�@^95E @NKM:AnDEF@ W;EFR;>=<j@ 7 � TKMR;W >=_;C;C BD>AE @^9;E LS_;:A:=ESR8@b>�@NKQ@=E BMP�@=9;E LN9fKQ<OR <?> � � ��� <O> LFJOBD>AES:H@^B)@=9;E @=:=_;E ` BW;EMT@^9;KMR�JOBMn � � ���� � � � JOBDn � � � � � ��� � � � Y ` K 7 6 E R;ESn8K @^<?VMEMG�+�9;<O>���BM_;JOW�9;K[VME @^95E E�UESL @

Y �Dp

Page 188: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

BMP C;_5JOJO<?R;n @=9;E LN9fKQ<ORe<OR @^9;E �&:ABDR;nbW;<?:=EFLF@^<?BDR T'K ��K 7 Ph:AB ` @^9;E�KQ:=E KQ>�BMP 9;<OnM9;ES:�C;:=B 6 �

K 6 <?JO<j@ 7 G&� LSBM:=:=EFLF@=<?VDE ` ESKM>=_;:AE @=B @^9;<?>�C BM@^EFR8@^< KQJ/C5:=B 6 J?E ` T �&95<OLN9 ��KM> R;BM@ KMC;C;J?<OEFW

9;EF:=EMT&<?> @^B _;C WfKQ@^E#@^9;E ` BW;E#KMC;C;:AB �'< ` KQ@=<OBDR KQ@ EFVDEF: 7 <?@^EF:^KQ@=<OBDR 687 LN95ESL �k<OR;n <jP

JOBMn � � ���� � � � J?BDn � � � � � ��� � � T5KMR;We>AEF@=@=<OR;n��� � � � ��� KM>�@^9;E�R;E��]KQC;C;:=B �'< ` KQ@=<OBDRX@^B @^95E

` B'W;E�<jP @^9;<?>�<O>�@^:A_;EMG

�#BD>A@XBMP�@^95E#:AES>=_5J?@^>XKM:AEaJO<O>�@^EFW <?R KMC;C ESR;W;< � ��G +�9;E :=ES>A_;J?@=>b@^9fKQ@ KM:AEaJO<O>�@^EFW

9;EF:=EaKM:AE @^9;EenM:=BD_;C5> �&<?@=9 @^9;E 6 ES>�@XKMR;W ��BD:=>�@dCUEF:APhBD: ` KMR5LSES>FG +�9;E ` E @^9;BW ��KM>

K LFB ` C;JOE @^EH>=_;LFLSES>A> PhBD:�BDR;EHnD:=BD_5C)BMP,C;KM:^K ` EF@=ES:A>STUKMR;W3KXLSB ` C;JOE @^E�P KM<?JO_;:AE-PhBM:�BDR5E

nD:ABD_;C G/+�9;E ` E @^9;BW�9fKMW-VQKM: 7 <?R;n�W;ESnM:=ESEF>lBQP'>A_;LSLFES>A>�BDR�@^95E :AE ` KM<OR5<OR;n�>=EFVMESR nM:=BD_;C5>

BMP�>=< ` _;J KQ@=<OBDR5>STL KMC5@=_;:=<?R;n KQ@�JOE KQ>A@&>=B ` E-BMPl@^9;E�@^:A_;E-CfKM:=K ` E @^EF:&VQKMJ?_;ES>FG���JOJ BQP�@^95E

@NK 6 JOEF>H>A9;B � @^95E J?B ��ES:HKMR5W _;C;C ES:-J?< ` <?@^>�BMP�@=9;E Z��� ��K 7 ES>=<OKMR LF:=EFW;< 6 J?Ed<OR8@^EF:AVQKMJO>

PhBD:�E KQLN9 CfKM:=K ` EF@^EF:�K VDES:=KMnDEFW B[VDES:�@^95E&i5P @ 7 >=< ` _;J KQ@=<OBDR5>SG/+�9;E�@^K 6 J?ES> KMJO>AB->=9;B � @^95E

` E KMR T ` EFW;< KMRgTcKMR;W >A@NKQR;WfKM:AW W;EFV< K @^<OBMR;>HPhBM: E KQLN9 CfKM:^K ` E @^ES:FTcK VDEF:^KMnMESW�B[VDES: KMJOJ

i;P @ 7 :=_;R5>SGH�#BD>�@�BMP,@=9;E >=< ` _;JOKQ@^<?BDRanD:=BD_5C;> ` EF@ �&<j@^9 ` <��'EFW�>=_;LFLSEF>=>SG-+�9;Eb:AES>A_;J?@=>

:^KQR;nDESW Ph:=B ` BDR5E CfKM:=K ` EF@^EF: LSKMC5@=_;:=EFW Tc@^B)KMJOJ 6 _'@ BDR;E L KMC'@^_;:AESW G#+�9;E :AES>=_5J?@^> BMP

@^95EH>A< ` _5J KQ@=<OBDR;>�KM:=E-nD<jVDEFR#<?RaKMC;C ESR;W;< � ��G

+�K 6 JOE �G?Y�>A9;B �&>e@^9;E�:AES>A_;J?@=> BMP�@^95E)@^9;<?:=W nM:=BD_;C BQP->=< ` _;J KQ@=<OBDR5>SG +�95E�@^:=_5E

CfKM:=K ` EF@^EF:=> PhBD: @=9;<O>�nM:=BD_;C ��ES:AE.� >�A ? � q � q �T i � q � Y q T j � q � � q T KMR;W � � q � q YDG+�9;<?>�@^< ` EQTkR;BDR;E�BMP*@^9;E�CfKM:=K ` E @^EF:=> ��ES:AE L KQC5@^_;:AESW 687 @^9;E�LS:=EFW;< 6 JOE�<OR8@^EF:AVQKMJO>FGc+�9;<?>

nD:ABD_;C BQP�>=< ` _;JOKQ@^<?BDR;>�9fKMW @^9;E CUBBD:AES>A@ C ES:APhBM: ` KMR;LSEQT�KQJ?@^95BD_;nD9 @^9;EX@^:A_;EXVQKMJ?_;EdBMP

@^95E CfKM:=K ` E @^EF:�� >�A ? JOK 7 A_5>A@bBD_'@^>=<?W;E @=9;E LSKMJOLF_;J KQ@=ESW LS:=EFW;< 6 JOE <?R8@^ES:�VQKMJ G#+�9;E C B'BD:

C ES:APhBM: ` KMR;LSEH<O>&J?< �MEFJ 7 W5_;E @=B @^95E C;:A<OBD:&W;<?>A@=:=< 6 _5@^<?BDR;>SG��R)CfKM:�@^<?LS_;JOKM:ST;@=9;E C;:A<OBD:�PhBM:

j T �&<?@^9 ` ESKMR q � q \M\DZ5T�<?> KMR <OR5PhBM: ` KQ@^<jVDEaC;:=<?BD:dLSEFRk@=ES:AESW P KM:dPh:=B ` @=:=_;E VMKQJO_;E BMP

j � q � �'G

Y ���

Page 189: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KM:=K ` E @^EF: ��G �*< ` <?@ (HG �*< ` <?@ ��V'n5G �#E KMR ��Vn;G��#ESW;<OKMR �k@^W G � EFV G

� >�A ? � q � q � q � q��Mq�� q � q �MZ�� q � q ��� p q � q �QZ5Y q � qDq ���i � q � Y q q � Y � � r q � pQr � � q � p���� � q � p����8p q � qMr8p �j � q � � q q � Y p r�� q � Y[\DZD\ q � Y[\�� r q � Y[\�� � q � q�� Y r

� � q � Y q q � q��Mq � q � qMr YDY q � qMrDq � q � qMr8p � q � qDq�� �

� 1 � � ��� � � �&ES>A_;J?@=> BMP�@^9;E#nD:=BM_;C � >=< ` _;J K @^<OBMR T �&<?@^9 � >�A ? � q � q �'TVi � q � Y q Tj � q � � q TfKMR;W � � q � q YMGc% KMJO_;EF>&KM:=E�@=9;EHK[VMES:=KMnDEH:=ES>A_;J?@&BQP � q C;>AES_;W5B WfKQ@^Kb>=EF@=>SG

+�9;E :AES>A_;J?@=>�BMPl@^9;E-PhBD_;:�@^9 nD:=BM_;C#BQPc>=< ` _;JOKQ@^<?BDR;>ST �&<?@=9#@^:A_;E-CfKM:=K ` E @^EF:=>^� >�A ? �q � q �'T-� � A ? � q � q YDTei � q � Y q T j � q � q �'T�KMR;W � � q � q YDT�KM:=E >=95B �&R 6 EFJOB � <?R

@NK 6 JOE �'G p G +�9;E�:AES>=_5J?@^> KM:AE�K LFJOESKM: >A_;LSLFES>A> PhBD:X@=9;<O>XnD:ABD_;C BQP ` BW;EFJO>ST�>=<?R;LSE)KMJOJ

BMP,@=9;E CfKM:=K ` EF@^EF:=>�KM:=E LSKMC5@=_;:=EFW 6k7 @^9;E LS:=EFW;< 6 JOE <?R8@^ES:�VQKMJO>FTgKMJj@^9;BM_;nD9#@=9;E LF:=ESW5< 6 J?E

<OR8@=ES:AVQKMJ�PhBD:Wi2<?> mk_;<j@^E JOKM:=nMEMGa+�9;<O> nD:=BM_;C BMP�>A< ` _5J KQ@=<OBDR;>-<?> ` BD:=EX>=< ` <?J KM: @=B)@^95E

@^:A_;E�WfKQ@^K @^9fKQRa@=9;E�C;:AEFV<OBD_5>�nD:=BD_5C;>ST 6 BM@=9 <?R @^EF: ` >�BMP/@^9;E�Rk_ ` 6 ES:�BQPlC;KM:^K ` EF@=ES:A>

KMR;W @^9;EHVQKMJO_;EF>�PhBM:&@=9;E C;KM:^K ` EF@=ES:A>SG�+�9;EH@^:=_5E VQKMJO_5ES>�BMP�@=9;E CfKQ:^K ` EF@=ES:=>�KM:AE LFJOBD>AE

@^BX@^9;EHVQKMJO_;EF>�BQPc@^9;E ��12�"C BD>A@=ES:=<?BD:�>=9;B �&R�<?R#@NK 6 JOE r G p T �&9;<OLN9 ` K 7 KMLSLFBD_;R8@�PhBM:

@^95E#>A_;LSLFES>=>eBQP�@^95E ` EF@=9;B'WgG �#BD:AESB[VDEF:ST�@^95<O>dnD:=BM_;C BMP�>=< ` _;J K @^<OBMR;> ��KQ> _;>AESW @=B

W;E @^ES: ` <?R;E @^95E 6 _;:=R � <ORaC ES:=<?B'WgG

+�9;E :AES>A_;J?@=> BMP�@^9;EF>=E >=< ` _;J KQ@=<OBDR5>�CUBD<?R8@H@=B)KaRk_ ` 6 ES:HBMP�W;<��XLS_;Jj@^<OEF> �&<?@=9 @^95E

` EF@^95B'W W;<?>=LF_;>=>AESW <OR LN9fKQC5@^EF: � G +�9;ES:AE#KQ:=EeK�Rk_ ` 6 ES: BMP�LSBDR;>�@^:=KM<OR8@^> @=9fKQ@ ��ES:AE

< ` C BD>=EFW�@^B <OR;>A_;:=E @=9fKQ@�@^95EXW5EF@^EF: ` <OR;<?>A@=<OL _;C WfKQ@=EdESmk_fKQ@=<OBDR � G � C;:=BW;_;LFESW C;:=E VMK �

JOEFR;LSE#VMKQJO_;EF> BDR @=9;E�_;R5<?@ <?R8@^ES:�VQKMJ G ��W;W;<j@^<?BDRfKMJ?J 7 T�KMJOnMBD:=<j@^9 ` r G r T�<?R8@^:=BW;_;LFESW <?R

Y �Qr

Page 190: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KM:=K ` E @^EF: ��G �*< ` <?@ (HG �*< ` <?@ ��V'n5G �#E KMR ��Vn;G��#ESW;<OKMR �k@^W G � EFV G

� >�A ? � q � q � q � q8p Y q q � q �'Y � q � q�� � q q � q��Qr � q � qDq�� �� � A ? � q � q Y q � qDq�� � q � q Y q�� q � qDq���� q � qDq��Mr q � qDqDp Yi � q � Y q q � qMr��8p q � r�� \D\ q � Y ��� Y q � Y r \ p q � q Z'YDYj � q � q � q � qMr ��� q � q ZDZ p q � q ��� � q � q � � � q � q8pMp \

� � q � q � q � qDq��Mr q � q Y � Y q � qDq Z � q � qDq Z � q � qDq Y r

� 1 � � ��� � � �&ES>A_;J?@=> BMP�@=9;E nM:=BD_;C r >=< ` _;JOKQ@^<?BDR T �&<?@=9H� >�A ? � q � q �'T � � A ? � q � q YDTi � q � Y q T j � q � q �T;KMR;W � � q � q YDG���JOJ BMP*@=9;E�@^:A_;E CfKQ:^K ` EF@=ES:�VMKQJO_;EF>�KM:=E�L KMC'@^_;:AESW687 @^95EHLF:=EFW;< 6 J?E-<OR8@^EF:AVQKMJO>FG�% KMJ?_;ES>�KM:AE-K[VMES:=KMnDESW#B[VDES: � q C;>AES_;W;BXWfKQ@^KX>AEF@=>SG

LN9fKMC'@^ES: r Tg9fKM>�>=EFVMES:=KMJ,LN9fKM:=KMLF@=ES:=<?>A@=<OLS>�@^9fKQ@ ` K �ME <j@ W;<�� LF_;J?@�@^BeKQC;C;J 7 G-.�<O:A>A@STU@^95E

@^_5R;<OR;n-CfKQ:^K ` EF@=ES: �bKMR;WdC;:ABDCUBM>^KMJ;VQKM:A< KMR;LFE � ` _;>A@ 6 E�LN9;BD>=EFR LSKM:=E Ph_;JOJ 7 @^BHKMLN95<OEFVME

LSBMRkVMES:AnDESR;LFEXPhBM:-K nD<?VMESR CUBM>A@^EF:=<?BD: W;<?>A@^:A< 6 _'@^<OBMR G-+�9;ES>AE CfKQ:^K ` EF@=ES:=> ��ES:AEdR;BM@HKMW �

A_;>�@^ESW PhBD:dE KMLN9 R5E� C BD>A@=ES:=<?BD:dW;<O>�@^:A< 6 _5@=<OBDRgT�BD:dE VDESR �&<j@^9;<?R K CfKM:�@^<?LS_;JOKM:bnD:=BM_;C

BMP�:=_;R;>FG ��EFL KM_5>=E @=9;EXW 7 RfK ` <OLb>A@=ESC >=<��FE <?>-W;ESC ESR;W5ESR8@ _;C BDR @^9;E ` B'W;EQT/KMR;W 6 E �

L KQ_;>=EH@^9;EH@^_;R;<?R;n C;KM:^K ` EF@=ES:A>�KM:AE LN95BD>=EFR�@^B LFB ` CUEFR;>^KQ@=E PhBD:&JOKM:=nDE-VQKMJO_5ES>�BMP r GjY � T

` B'W;EF:^KQ@=E LN9fKQR;nDES>�<?R)@^95E ` BW;EFJlLFBD_;JOW3C BM@=ESR8@^<OKMJOJ 7 9fK VDEXK W;:=KM>A@=<OL < ` CfKMLF@�BDR�@^95E

C ES:APhBM: ` KMR;LSE-BMP/@^95E � � �'+�� KMJOnMBD:=<j@^9 ` G���9fKMR5nDES> ` KQW;E @^Bd@^9;E ` B'W5ESJg@=9fKQ@�:=EF>=_;Jj@

<OR ` B'W5ES:^K @^EeBD:bJOKM:=nDEeLN9;KMR;nDEF> <?R @^9;EeVQKMJO_5EeBMP�@=9;EaJOBDn3C BD>A@=ES:A<OBD:bW;EFR;>=<j@ 7 KQ@d@^95E

` B'W;E �&<?JOJU:=ESmk_;<?:=E->=<?nDR;<jifL KMR8@&:AE�� @=_;R;<?R;ndBMPcKQJOnDBD:A<?@=9 ` r G r G

+�9;E�LN9;KMR;nDEF> ` KMW;E�@^BH@^9;E ` BW;EFJ;PhBD:,@^9;E�>=< ` _;J K @^<OBMR;>cW;<?>=LS_5>=>=EFWe<ORd@^9;<?>�>=ESL @^<?BDR

KMJ ` BD>�@ LFES:A@^KM<OR5J 7 9fKMW2K R;ESn8K @^<?VME3< ` CfKML @ BDR @^95E3LSBDR8VDEF:=nDEFR;LSE BMP-@^9;E3LN9;KM<OR;> @=B

@^95E >�@NKQ@=<OBDRfKQ: 7 W;<?>A@^:A< 6 _'@^<OBMR G�.fBD:&ESKMLN9�BMPc@=9;E r � q >=< ` _;J KQ@=<OBDR5>STfKXLS_;:A>=BD: 7 >�@NKQ@=<O>�@^<OL

��KM>�_;>AESW3KQ> Kd:=BD_;nM9)LSBMRkVMES:AnDESR;LFE ` ESKM>=_5:=EMTI@^95E W;<��gEF:=ESR5LSEH<OR#@=9;E ` ESKMR;>&PhBD:�ESKMLN9

CfKM:=K ` EF@^EF: 6 EF@ ��ESEFR @^9;EXif:=>�@bKMR;W J KM>�@ 9;KMJ?P�BQP�@^9;E LN9fKM<?R G .IBM: >AB ` EXBMP�@=9;E :A_;R;>FT

Y � �

Page 191: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^95<O>�W;<��gEF:=ESR5LSEb<O>�nM:=E K @^ES: @=9fKMR Ke>A@^KMR;WfKM:AW W;EFV< K @^<OBMR T <OR5W;<OLSKQ@^<?R;n @^9;KQ@�@^9;EF>=Ed:=_5R;>

C;:AB 6 K 6 J 7 W;<?W�R;BM@ :AE KMLN9-@^9;E,>�@NKQ@=<OBDR;KM: 7 W;<O>�@^:A< 6 _5@=<OBDRgT[L KMJ?JO<OR5n�@^95E,:=ES>A_;J?@=> B 6 @NKQ<OR;EFW 6k7

@^95E >=< ` _;J K @^<OBMR;>�<?R8@^B mk_;EF>A@^<?BDR G,+�9;EH��12�0>A< ` _;JOKQ@^<?BDRX<OReLN9fKMC'@^ES: r 9fKMWaK W;<?>A@^<?R;LF@

KMW5VQKMR8@^KMnDE @=9fKQ@�@^95ES>=Eb>A< ` _5J KQ@=<OBDR;>�W;<?W3R;BM@ TgRfK ` ESJ 7 TU@=9fKQ@ @=9;EbLN9fKM:=KMLF@=ES:=<?>A@=<OLS>-KQR;W

>=9;KMCUE-BMP/@^95EHC BD>�@^ES:A<OBD:�W5ESR;>A<?@ 7 ��ES:=E �kR;B �&R�KQ9;E KMW BMP/@^< ` EQG

olES:A9fKMC;>b@=9;E ` BM>A@b>AES:=<?BD_;>bW;<��XLS_;Jj@ 7 <?> @^9;Ea>�@^:=BMR;n3<OR8@^EF:=:AESJ K @^<OBMR;>=9;<?C;> K ` BDR5n

@^95EHC;KM:^K ` EF@=ES:A>�<OReESmk_fK @^<OBMR � G �'T5ES>=C ESLF< KMJ?J 7 6 E @ ��EFESR i KQR;W j G �'B ` E�BMP/@^95<O>�<OR8@=ES:��W;EFCUEFR;W;ESR5L 7 LFB ` EF>�Ph:=B ` @=9;E�:AES>A@=:=<?LF@^<?BDR;>/BDR @^95E�CfKM:=K ` E @^EF:=>�< ` C BD>AESW @=B nD_fKQ:^KMR8@^EFE

@^9;KQ@�@=9;E�W;<��gEF:=EFR;LSE�ESmk_fKQ@=<OBDR � G �HKMJ���K 7 >�C;:=BW;_;LFES>�C5:=EFVQKMJ?ESR;LFE�VQKMJO_5ES> <OR � q�� Y � T5KQR;W

Ph:=B ` 6 <OBDJ?BDnD<?L KMJcLFBDR;>A<OW;EF:^KQ@=<OBDR;>�@=9;:=BD_5nD9 @^95E WfKQ@^K5TlKM> W;<?>=LF_;>=>AESW <OR LN9fKMC5@=ES: � Ga @

<O>�JO< �MESJ 7 @^9fK @�>=B ` E LFB ` 6 <?RfKQ@=<OBDR;>�BMP�CfKQ:^K ` EF@=ES:�VQKMJ?_;ES>�<OR)@=9;ES>AE >=< ` _;J K @^<OBMR;>���ES:AE

_;R;:AE KMJ?<O>�@^<OL KMR;W 9;ESR;LFE < ` C BD>A>=< 6 JOE�@=BdL KMC5@=_;:=EQG

��R;BM@=9;ES:�>=BD_5:=LSE�BMP LSB ` C;J?<OLSKQ@^<?BDR;> ��ES:=E�@^9;E�C;:=<?BD:�W;<O>�@^:=< 6 _5@=<OBDR;>,@=9fKQ@ ��ES:AE _;>AESW

<OR 6 BM@=9)@^95E >=< ` _;J K @^<OBMR;>�KMR;W)@=9;EbKMRfKQJ 7 >=<?>�BMP,@=9;Ed��9;:ABDR;<OLH1 KQ>A@^<?R;ne� <?>=E KQ>=E W;KQ@NK5G

�'B ` E BQP @=9;ES>AEbC;:=<?BD:�W5<O>A@=:=< 6 _5@^<?BDR;> ��EF:=Ed<OR'PhBD: ` KQ@^<jVDEQT 6 KQ>=ESW3BMR3C;:=<?BD:�<?R5PhBD: ` KQ@=<OBDR

K 6 BD_5@�@^9;E J KM:AnDE >AL KMJ?E 6 ES9fK V<OBD_5:�BMPc@=9;E W;<?>=ESKM>=EQG +�9;E >AESR;>A<?@^<jV<?@ 7 BMP,@^95E ` BW;EFJ @=B

@^95ES>=EaC;:A<OBD: W;<O>�@^:=< 6 _5@=<OBDR;> <O> _;R �R5B �&RgG ��B ��E VDES:FT�@^95E >A< ` _5J KQ@=<OBDR;>H<OR�nD:ABD_;C;>b>A<��

KMR;WeR5<OR;EQT �&<?@=9 j � q � � q T ��EF:=E-K 6 J?E�@^BbLSKMC5@=_;:=E @=9;E�@^:A_;E VQKMJO_5E �&<?@=9;<OR @=9;E LF:=ESW5< 6 J?E

<OR8@=ES:AVQKMJ�PhBD:d@^95E#@^95<O>XCfKM:^K ` E @^ES:FG +�9;E)C;:A<OBD:dW;<?>A@=:=< 6 _5@^<?BDR <?> <?R5PhBD: ` KQ@=<?VME �&<?@^9 K

` E KMR BQP q � q Z'T �&9;<OLN9 <?> P KM:HPh:=B ` @^95E @^:A_;E VQKMJO_5E BMP j G3+�9;E VQKMJO_5E j � q � � q ��KM>

LN9;BD>AESR CfKM:�@^J 7 @=BeW;EF@=ES: ` <?R;E <jP,@^9;E C5:=<OBM:�W;<?>A@=:=< 6 _5@^<?BDR#PhBD:�@^9;<?> CfKM:=K ` EF@^EF:�9fKQW�@^BB

nD:AE KQ@�KMR E��gEFLF@�BMR @^9;E�CUBM>A@^EF:=<?BD:ST'KMR;W <?@ ��KM>�E��'CUEFLF@=ESW @^9;KQ@�@=9;E ` EF@=9;B'W ��BM_;JOWXP KM<OJ

@^B-LSKMC5@^_5:=E�@^9;E�@=:=_;E�VQKMJ?_;E�PhBD:�KMJ?J5BMPI@=9;ES>AE�<?R;>A@^KMR;LSEF>SG��_;:=C;:A<O>A<OR;nDJ 7 TM@=9;E ` EF@^95B'W ��KM>

>A@=<OJ?J K 6 J?E @^Bd:=EFLSB[VDEF:�@=9;E�@^:=_5E VMKQJO_;E PhBD: j <?Re@ ��BXBMP/@^9;E�@^95:=ESE-LSKM>=EF>��&<j@^9 j � q � � q T

Y ���

Page 192: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<ORa>AC;<?@=E�BMPl@=9;E ` <?>=nD_5<OW;EFW C5:=<OBM:�W;<O>�@^:A< 6 _5@=<OBDRgG

+�9;Ea:=ES>A_;J?@=>dBMP�@=9;EaR;<OR5EenD:=BD_5C;>dBMP�@=ES>�@^>X>=9;B � @=9fKQ@d@^95E ` BW;ESJ?<OR;n3KQC;C;:=BDKMLN9

_;>AESW PhBD:a��9;:ABDR;<OL�1 KM>�@^<OR5n�� <O>=ESKM>=E3<?R LN9fKMC5@=ES: � 9fKM>eJ?< ` <?@^KQ@^<?BDR;>b@^9fK @ ` K �ME3<?@

W;<�� LF_;J?@b@=B KQC;C;J 7 <OR K ` BD:AE nMESR;EF:^KMJ�>AEF@=@=<OR;n5G �@=<OJ?J T,@^9;Ea>A_;LSLFES>=> BMP�@=9;E ` EF@=9;BW

PhBD: @=9;EXPhBM_;:A@=9 nD:ABD_;C BMP ` BW;ESJ?>ST*>A9;B �&R <OR @NK 6 JOE �'G p T <OR5W;<OLSKQ@^EF> @^9fKQ@-@=9;E ` EF@=9;BW

<O> E�UESL @^<?VME3<OR >=B ` E�>=<j@^_fK @^<OBMR;>SG]�#BD:=EFB[VDES:FT�@=9;E�<?Rk@=ES:AC;:=E @NKQ@=<OBDR BQP�@^9;E�C BD>�@^ES:A<OBD:

ES>�@^< ` KQ@=ES>�<ORd>AESLF@=<OBDR �'GjY�nD<jVDEF> :AES>A_;J?@=> @=9fKQ@�KM:=E&<?R ��J?<OR;E �&<j@^9XE��'C ES:A@=>�C;:AESW;<?LF@=<OBDR;>cPhBM:

��12� � � ZT*Y r T pDp G

Y � �

Page 193: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � ����� �� ���� �

��9;:=BDR5<OL)1 KM>A@=<OR;n�� <?>=ESKM>=E3C;:AES>AESR8@^>#K J KM:AnDE�Rk_ ` 6 ES:eBQP C BD>A>=< 6 JOE3K VDEFRk_;ES> BMP

:=EF>=ESKM:=LN9 TkEF>=C ESLS<OKMJOJ 7 <OR 6 <OBDJ?BDnD<OLSKMJkKM:AE KM>FT ` KMR 7 BMP �&9;<?LN9dKM:=E 6 ES<?R;n C;_5:=>=_5ESW � � YMT �Dp G��B ��EFVMES:ST*@=9;E 7 KM:=E BD_5@^>A<OW;E @^9;E ` KQ@=9;E ` KQ@^<?L KMJ KQR;W3>A@^KQ@^<?>A@^<?L KMJ/KM:AESRfK'T*KMR;W3KQ:=E R;BQ@

W;<?:=ESL @^J 7 :AESJOKQ@^EFW @^B @=9;<O> @^9;EF>=<O>FG0+�9;ES:AE3KM:AE�>=E VDES:=KMJ�K VDEFRk_;ES>ePhBD:XPh_5@^_;:AE�:=EF>=ESKM:=LN9

>=C5:=<OR5nD<OR;n Ph:=B ` @^9;<?> ��BD: � T�R;K ` EFJ 7 T�< ` C;:AB[VDE ` ESR8@=>XPhBD:d@^95E ` B'W5ESJ�<OR5LSJO_5W;<OR;n @^95E

<OR5LSBD:ACUBD:=KQ@^<?BDR BQP LFB[VMKQ:=< K @^E)<?R5PhBD: ` KQ@=<OBDRgT�_;>A<OR;n @=9;E ` BW;EFJ�@=B E��5K ` <OR;E�W5<��UES:=EFR8@

>A@=:^KQ@=ESnD<?ES>�PhBM:�LSBMRk@=:=BDJ?JO<?R;nH@=9;E >AC;:=ESKMWaBMP*@^9;E�W;<O>AE KM>AEMTfK ` BD:AE�LSB ` C;J?EF@=E�E��'C;J?BD:^K @^<OBMR

BMP�@=9;E ` EF@=9;B'W5BDJOBDn 7 <OR8@^:AB'W;_5LSESW 6k7 @^95E ` BW;EFJ T�KMR5W K W;E @NKM<?JOESW KMRfKMJ 7 >=<O> BMP�@^95E

�#���'+�� ` E @^9;BWa_;>=EFW#PhBD:�@=9;E ������� C BD>A@=ES:A<OBD:�E �5C5JOBD:=KQ@^<?BDR G

o�:AEFVQKMJ?ESR;LFE <?>&KMR)< ` C BD:A@^KMR8@&KM>ACUEFLF@�BMPc>�@^_;W 7 <?R;n ��12� T 6 _'@�<j@&<O>&R;BM@&@^95EHBMR;J 7

BDR;EQG ��P ESmk_fKMJ�< ` CUBD:�@NKMR5LSE)<?R _;R;W;EF:=>�@NKMR;W5<OR;n @^95E3W;<O>AE KM>AE3<O> �kR;B �&<OR5n 9;B � @^95E

Rk_ ` 6 ES: BQP&W;ESEF: @^9fK @bKM:AE <OR K)nD<?VMESR :AESnD<?BDR K �UESL @^> @=9;E K 6 <OJ?<?@ 7 BMP�@=9;E W;<?>=ESKM>=E @=B

� 6 _5:=R2BD_5@ T � LSBE��'<O>�@ T BM: �k<?JOJ�B �0@^9;E 9;BD>�@ G +�9;E ` BW;ESJ�<?R LN9fKMC5@=ES: � W;BES>aR;BQ@

E��'C;J?<OLF<?@^J 7 W;EF>=LF:=< 6 Ed@^9;EX<OR8@^EF:=C;JOK 736 E @ ��EFESR @=BM@NKMJ,C BDC;_5J KQ@=<OBDR >=< �SEXKMR;W C;:=E VQKMJOEFR;LSEQT

6 _5@�@^9;EF:=E�KM:AE ` KMR 7 W;<��UES:AESR8@^<OKMJUEFmk_fKQ@^<?BDR;> ` BW;ESJ?>�W5ES>=<?nDR;EFW PhBD:�>A_;LN9e<OR8@^EF:^KML @^<?BDR;>SG

�#BW;ESJ?> @^9fK @*<OR;LFJO_;W5E�@^9;E�<?Rk@=ES:=KMLF@=<OBDR BQP5C BDC;_;JOKQ@^<?BDR�>A<��FE �&<?@^9-C;:AEFVQKMJ?ESR;LFE�KM:=E 6 E 7 BDR;W

@^95E >=LFBDC E BMP�@=9;<O>-@^95ES>=<?>ST 6 _5@ LFES:�@NKM<?R;J 7 KQ:=E K[VMESRk_;EF> ��BD:�@^9 C5_;:=>A_;<OR;n5G +�95E E��5KML @

RfKQ@=_;:=E BMP�@^9;<?>X:AESJOKQ@^<?BDR;>=95<OC <O>XKMR < ` C BD:A@^KMR8@XK[VMESRk_;E#BMP�Ph_5@=_;:=E ��BD: �IG +�95<O>XJ KML �

R;BM@ �&<j@^9;>�@NKMR5W;<OR;n5T�@^95E ` B'W5ESJ�C;:AES>=EFR8@^ESW 95ES:=E W;BES>XnD<?VME#>AB ` E E V<OW;EFR;LSE @^9fKQ@X@^95E

W;<?>=E KQ>=EHKMR;Wa@^9;E-W;EFES:&C BDC;_;JOKQ@^<?BDReL KMR LSBE��'<?>A@ G

Y � \

Page 194: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��R;BM@=9;ES:�C BD>A>=< 6 JOEbK VDEFRk_;E BQP�Ph_5@=_;:=Eb:AES>AE KM:ALN9 <?> @^BeW;E @^ES: ` <?R;E @^95Eb< ` CfKMLF@�W;<?P �

PhES:AESR8@ LFBDR8@^:ABDJl>�@^:=KQ@^EFnD<OEF>�< ` C BD>=EFW 687 K >A@^KQ@^E �&<OJ?W;JO<jPhE W;<?V<?>=<OBMR ` <OnD98@�9fK VDE BDR)@^95E

C BD>A@=ES:=<?BD:�W;<?>A@=:=< 6 _5@^<?BDR BMP j T;KMR;W �&9;EF@=9;ES:�@=9;E-LSBDR8@^:ABDJO>�LFBD_;J?W 6 E�_;>AESW @^BbJOB ��ES:�@^95E

JOBMR;n :=_5R3C;:=E VMKQJOESR5LSE @=BaK JOEFVMESJlLSJOBM>=E @=B�SES:AB;G�+�9;Ed��K 7 ES>=<OKMR 9;<OEF:^KM:ALN9 7 KMJ?JOB �&>�PhBM:

W;<��gEF:=ESR8@&>ALN9;E ` ES>&@^B 6 E-@=ES>�@^ESWaV< KbLSB ` C;_'@NKQ@=<OBDRfKQJU>A< ` _;JOKQ@^<?BDR C;:A<OBD:�@^Bd< ` C;JOE ` EFR �

@NK @^<OBMR T �&9;<?LN9#9fKQ> 6 ESEFR)W;BMR;E-ESJO>AE�&9;EF:=E � � � G �R CfKM:A@=<OLF_;J KM:FT'@=9;E >=K ` C;JO<?R;n W;EF>=<OnMR;><OR � � � >=_5nDnDES>�@e@^9fK @ @^9;E ���-��1 >=9;BD_5JOW <OR5LS:=ESKM>=E#@^ES>�@^<?R;n BMPHW;ESEF:e9fKM:�VDES>�@^EFW <?R

R;BDR ��ESR5W;E ` <OL KM:=ESKM>�@^B n8KM<OR @^9;E ` BD>�@�<?R5PhBD: ` KQ@=<OBDR#K 6 BD_5@�@^9;EH@^:^KQR;> ` <O>A>=<OBMR�BMP,@^95E

W;<?>=E KQ>=EMG3+�95<O> LFBD:=:AES>=C BDR;W5> �&<?@=9 LSBDR8VDEFR8@^<OBMRfKMJ �&<?>=W;B ` @=9fKQ@ BMR;E JOESKM:=R5> ` BD:=E 6k7

KM> �<?R;nXm_5ES>A@=<OBDR5>�PhBD: �&95<OLN9#@=9;EHKMR;>���EF:�<O>�_5R��kR;B �&R)@^9fKQR 687 KM> �<?R;nXm_5ES>A@=<OBDR5>&PhBM:

�&9;<?LN9 @=9;EdKMR;>���EF:-<O> �kR;B �&R G o�KM:�@-BMP�@^9;EbE��gEFLF@ ` K 7#6 EbW;_;E @^B @=9;E 6 <?R;B ` < KMJ/KM> �

>=_ ` C5@=<OBDR KMR;W @^95E�:=ESJOKQ@^<?BDR;>A9;<OC 6 E @ ��EFESRa@^9;E�C;:AB 6 K 6 <OJO<j@ 7 BMP/<OR5PhEFLF@=<OBDR � C;:AEFVQKMJOEFR;LSE �

KMR;W#VMKQ:=< KQR;LSEHBMP,B 6 >=ES:�VQKQ@^<?BDR;>SG���K ` EFJ 7 TI@=9;E VQKM:A< KMR5LSEHBMP 6 <?R;B ` < KMJgW;<O>�@^:=< 6 _5@=<OBDR;>&<?>

> ` KMJ?JOES:�PhBD:�W;<O>�@^:A< 6 _5@=<OBDR5> �&<?@=9 > ` KQJOJOEF:�C;:AB 6 K 6 <OJO<j@^<?ES>�BQP �A>A_;LSLFES>A> �;G

+�9;E ` B'W5ESJIL KMR 6 E ` BW;<jifESWd@^B <OR;LFJO_;W;E�KMW;W5ESW <?R5PhBD: ` KQ@=<OBDRdKM> ` BM:=E&<O> JOESKM:=R;EFW

K 6 BD_5@ @^9;E�W;<O>AE KM>AEMG��R CfKQ:A@^<?LS_;JOKM:ST8<?R5PhBD: ` KQ@=<OBDRdBDR 9;B � @^9;E�W;<O>AE KM>AE <O> >=C;:AE KMW LSBD_;J?W

6 E _5>=ESW @^B < ` C;:=B[VMEa@=9;EaW;<O>AE KM>AE ` <OnM:^KQ@=<OBDR E��gEFLF@=> ` B'W;EFJOEFW 687 EFJOE ` ESR8@=>XBQP�@^95E

` KQ@^:A<�� <OR EFm_;KQ@^<?BDR � G �'Gb+�95<O>-LSBD_5JOW 6 EdC ES:A9fKMC;> 6 EXW5BDR;Eb@^9;:ABD_;nD9 @^95EX_5>=EdBMP

LSB[VQKM:A< KQ@=Ee<OR5PhBD: ` K @^<OBMR G .fBD:bE �5K ` C5JOEMT�@^95E C;KM:^K ` EF@=ES: � LFBD_;J?W 6 EaW;ESC ESR5W;ESR8@ BDR

�&�&( T ��ESKQ@^9;EF:ST@^9;E�@^BM@^KMJIW;ESEF:�C BDC;_;JOKQ@^<?BDR TKMR;W BM@^9;EF:�EFLSBDJ?BDnD<OLSKMJfBD: ESR8V<O:ABDR ` ESR8@NKMJ

P KML @^BD:A>SG�+�9;ES>AE LFBD_;J?W 6 E-<OR;LFJO_;W5ESWa<ORe@^95EHE �'C;:=EF>=>=<?BDR#PhBM: � T5>=Bd@^9fKQ@ST;PhBD:�E��5K ` C;J?E �

� � � � ��� � � G?Y �

�&9;EF:=E � �g<?>,K VDEFLF@^BM: BQPgLFB VQKM:A< KQ@=E�VQKM:=<OK 6 J?ES>,KMR5W�� <O>cK�VMESL @^BD:�BMPU:=EFnD:=EF>=>=<?BDRXCfKM:^K ` �

EF@=ES:A>SGb��W5W;<?@=<OBDRfKQJ�<OR'PhBD: ` KQ@^<?BDR#@=9;:=BM_;nD9 LSB[VQKM:=<OKQ@^EF> ��BM_;JOW nD<jVDE ` BM:=E <?R5PhBD: ` KQ@=<OBDR

Y � Z

Page 195: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

BDRX@^9;E ` <?nD:^KQ@=<OBDRdE��gEFLF@^>FG�+�9;<O> LN9fKMR;nME <ORX@^9;E�PhBD: ` BMP � LFBD_;J?W K �UESL @�@^95E�>A@=:=_;L @^_;:AE

BMP/@^9;E ` KQ@^:A<�� G

��9fKMR;nD<?R;n 687 KMW;W5<OR;n LSB[VQKM:=<OKQ@^EH<OR5PhBM: ` KQ@^<?BDR ` K 7 9fK VME >=B ` E E��gEFLF@�BDR)@^95E

ES>�@^< ` KQ@=<OBDR3BQP j 6 ESLSKM_;>AE BMP @^9;Ed9;<?nD9 LSBD:A:=EFJ KQ@=<OBDR 6 EF@ ��ESEFR CfKM:=K ` E @^EF:=>ST 6 _'@H@=9;ES>AE

W;<��gEF:=ESR5LSES> KM:AE#J?< �MEFJ 7 @^B 6 Eamk_fKMR8@^<j@NKQ@=<?VME :=KQ@^95ES:d@^9fKMR mk_fKMJ?<?@NK @^<?VMEMG �*< �QE�&<O>AEMT�KQ>

` BD:=E&<O>�J?E KM:AR;ESW K 6 BD_5@�@^9;E&@^:=KMR;> ` <?>=>=<?BDR ` EFLN9fKMR;<?> ` T ` BW;<jifL KQ@=<OBDR5>�@^B-@^9;E&PhBD: ` BMP

KMLFLSESJ?ES:=KQ@^<?BDR TfLS_5:=:=EFR8@^J 7 T i � j � � � TIL KQR 6 E LFBDR;>=<?W;ES:AESW)@=B :AEfEFLF@�@^9fKQ@ �kR;B �&JOEFW;nDEQG

�RXCfKM:A@=<OLF_;J KM:FT8<?@�<?> C BD>A>=< 6 JOE�@^BHJOE @,@^9;E�KMLFLSESJ?ES:=KQ@^<?BDRdCfKM:^K ` E @^ES:FT�i � W;EFCUEFR;W BDR �&�&(KMR;WdLFB VQKM:A< KQ@=ES>FT8>=_;LN9 KM>,W;ESEF:�W;ESR;>A<?@ 7 T:=KMR;nDE�@ 7 C E�KMR;WdLSBDR5W;<?@=<OBDR TDKMR;Wd<OR;LFBD:=C BD:=KQ@^EFW

<OR8@=B @^95E ` BW;EFJ V<OK KMR3KQ_5@^BDJ?BDnD<?>A@^<?L ` BW;EFJ PhBM:�@^95E JOE VDEFJ�BMP^i KM> KXPh_;R;LF@=<OBDR#BMP,@^95E

LSB[VQKM:A< KQ@=ES>SG �&ESLSEFR8@aE�UBD:A@=> 6k7 @^9;E ��BMJOBD:=KMW;B � <jV'<?>=<?BDR BMP-1 <?JOW;J?<?PhEMT�>=_;LN9 KM> @^95E

:=EFLSEFRk@ ` BD:^KQ@=BD:=<?_ ` BDR3@^:^KQR;>=C BD:A@HBMP�W;B ` ES>�@^<?L KQ@=ESW W;ESEF: KQR;W EFJ �)Ph:AB ` :=KMR;LN9;EF> BM:

@^95E <OR;LF:=ESKM>=E <?R 9k_;R8@^<?R;n >AE KM>ABDRaJOESR5nM@^9;>�KMR;W Rk_ ` 6 EF:�BMP JO<?LSEFR;>=EF>�<O>A>=_;EFWe<OR EFR;W;E ` <?L

KM:AE KM>FT ` K 7 9fK VDE KMR < ` CfKML @ BMR @^9;E >=C;:AE KMW BQP�@^9;E W;<O>AE KM>AEMG)+�95E E�UESL @^> BMP�@=9;ES>AE

�k<OR;W5>�BMPfC BDJ?<OLS<?ES>*LFBD_;JOW KMJO>AB 6 E�<?R;LSBM:=C BD:^KQ@=ESW <OR8@^B&@^9;E ` BW;EFJk@=9;:=BM_;nD9 ` BW;<?ifLSKQ@^<?BDR;>

@^Bb@=9;EHKMLSLFESJOEF:^KQ@=<OBDRaCfKQ:^K ` EF@=ES:Ii�G+�9;E���9;:ABDR;<?L�1 KM>A@=<OR;nb� <?>=ESKM>=E ` BW;ESJI<?R LN9fKMC'@^ES: � 9fKM>�>=B ` E�>A< ` <OJ KQ:=<?@=<OEF> �&<?@=9

:^KQR;W;B ` LSBE�XLS<?ESR8@HKM_5@=BD:=EFnD:=EF>=>=<jVDE ` B'W;EFJO> � ������� � � p�� T�YDT r8q GH+�9;ES:AEXKM:=EQT*9;B � �

EFVMES:FT-Ph_5R;WfK ` ESR8@NKQJ�W;<��UES:AESR;LFES>SG ����� � ` B'W5ESJO> ��ES:AE <?Rk@=:=BW;_;LFESW]KQ>#K @^BBDJ�PhBM:

9fKMR5W;JO<?R;n @=9;E R;BDR5JO<OR5E KM:,PhE K @^_;:AES>�LSB ` ` BDR;J 7 >=EFESRa<OR :=E KQJ���J?<?PhE&WfKQ@^K5T �&<?@^95BD_5@�:AES>ABD:A@��

<OR5n @=B)K R;BDR;J?<OR;ESKM: ` BW;EFJ G +�95<O>H>A@^:=KQ@^EFn 7 <O>-R;BQ@ _;R5:=E KQ>=BDRfK 6 JOEQT�nD<jVDESR @^9fK @H@=9;ES:AE

>=EFE ` >�@=B 6 EHKXLFJOBD>AES:&LSBM:=:=EF>=C BDR;W;EFR;LSE 6 E @ ��EFESR�J?<OR;ESKM:�>A@=B'LN9;KM>A@=<OL ` BW;EFJO>&KMR;W R;BDR �

JO<?R;E KQ:bW;EF@=ES: ` <OR5<O>A@=<OL ` BW;ESJ?> @^9fKMR 6 E @ ��EFESR R5BDR;JO<?R;E KQ:bW;EF@=ES: ` <OR5<O>A@=<OL ` B'W5ESJO>dKQR;W

R;BDR5JO<OR5E KM:�>�@^BLN9fKM>�@^<OL ` B'W5ESJO> � �'Y G

Y � q

Page 196: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E,:^KMR5W;B ` LFB'E��XLS<OEFR8@/KM_5@^BM:=ESnM:=ES>A>=<jVDE ` BW;EFJMBMP'BD:=W5ES:%�*T W;EFR;BM@^EFW 6k7 � � � � ��� �<O>�nM<?VDEFR 687

� � ���� � >

� � � � � ��� � � � � � � � � � � � G p �

�&9;EF:=E � ��� T � �%> � � � � � � � � � <?> K2VDEFLF@=BD: BQPeKM_5@=BD:=EFnD:=EF>=>A<?VDE CfKM:=K ` E @^EF:=>ST � � ���� > � � ��� � � � � � � � ��� � � � � � <O> KMR4_;R;B 6 >=ES:�VQK 6 JOE �SES:AB ` ESKMR4< G < G W G >=ESmk_;EFR;LSE BMPL� �W;< ` EFR;>=<?BDRfKMJ :^KMR5W;B ` VQKM:A< K 6 JOES>FT ` _5@=_fKMJOJ 7 <?R;W;EFCUEFR;W;ESR8@XBMP � � � � � � � � ��� � T,KMR �BM@=9;ES: _5R;B 6 >AES:AVQK 6 JOE >AESmk_;ESR5LSEXBMP �SEF:=B ` E KMR3< G < G W G�:^KMR5W;B ` VMKQ:=< K 6 JOEF>SG�1 9;EFR ��<?>

KMJ ` BD>�@ >=_;:AESJ 7 �SEF:=B;T@^9;E � � � � ��� ��:=EFW;_;LSEF>�@^B @=9;E�BM:=W;<?RfKM: 7 KQ_5@^BD:AESnD:AES>A>=<?VME ` B'W;EFJ T� � �(� � G

��KMR5W;B ` LSBE�XLS<?ESR8@dKM_'@^BD:AESnD:AES>=>A<?VME ` BW;ESJ?> >�@^<?JOJ�CUBM>=>=EF>=>XK)J?<OR;ESKM:HPhBM: ` T�EFVMESR

@^95BD_;nD9a@^9;E 7 ��ES:=EH<OR8@=:=BW;_;LSEFW @=BdW;ES>ALS:=< 6 E-R;BMR;JO<?R;E KM:�WfKQ@NK � YDT r8q G,+�9;EH>A@=:=BDR;n KMW �9;EF:=ESR5LSEe@^B3J?<OR;ESKM: ` BW;ESJ?> <O> CUEF:=9fKMC5>bW;_;E @^B�@=9;EeW;EF>=<O:AE @^B K VMBD<OW @=9;EeW;<��XLF_;J?@=<OES>

KM>A>=BLS< K @^ESW �&<?@=9 R5BDR ��!-KM_;>A>=<OKMR R5BD<O>AEd@=ES: ` >FTl>A<OR;LFE ` KMR 7 � � � � ��� � ` BW;ESJ?>H9;K[VMEKM> 7'` C5@=BM@^<?LeR;BD: ` KMJ?<?@ 7 C;:=BDC ES:�@^<?ES>SG +�9;E C;:=BMCUEF:A@ 7 BMP�R;BD: ` KMJ?<?@ 7 nD<?VMES>d:=<?>=Ee@^B ES> �

@^< ` K @^BD:A> KMR;W�K)VQKM:A<OE @ 7 BMP�CfKQ:^K ` EF@=:=<OL KMR;W�>=E ` <?CfKM:=K ` E @^:A<OL ` E @^9;BW;> � Y� G �)KQR 7

BMP�@^95ES>=E ` EF@=9;BW;> >A@=<OJ?J/:AESJ 7 BDR Ka!-KM_;>A>=<OKMR�R;BD<?>=E @=ES: ` T*K @ JOESKM>A@ <OR�CfKQ:A@ T �&9;<OLN93<?>

Ph:=EFmk_;ESR8@^J 7 KMRa<ORfKQC;C;:=BMC;:=<OKQ@^E�KQ>=>=_ ` C5@=<OBDRePhBD:�R5BDR;JO<?R;E KQ:�WfKQ@^K � YDT r8q G+�9;E���12� ` B'W5ESJD<?R�LN9fKMC5@=ES: � <?> Ph_;R;WfK ` EFRk@^KMJOJ 7 W5<��UES:=EFR8@ <OR�@^9fK @ W;EF@=ES: ` <OR5<O>A@=<OL

_;C WfKQ@=ES>�KM:=E-_;>AESW#PhBM:�C;:=E VMKQJOESR5LSEMG�+�9fKQ@�<O>FTfnD<?VMESRa@^9;E�VQKMJ?_;ES>&BMPl@^9;E-CfKM:=K ` EF@^EF:=>_i�Tj T � TfKMR;We@^95EH<?R;<?@=< KMJIC;:AEFVQKMJ?ESR;LFES> ? T5ESmk_fKQ@=<OBDR � G � nDESR5ES:^K @^ES>�@=9;E-C;:=E VMKQJOESR5LSE�VQKMJO_;E

PhBD:aE KQLN9]�&�&( � 7 E KM: <OR K�W;EF@=ES: ` <OR5<O>A@=<OL ` KMR;R;EF:SG +�9;ES>AE W;E @^EF: ` <OR;<?>A@^<?L3_;C WfKQ@^EF>

PhBD: C;:=E VMKQJOESR5LSEaKM:AE mk_;<?@=E >A@=:=<OL @dKMR;W ` K 7 R5BM@dKMLFLS_;:=KQ@^EFJ 7 :=E;ESLF@b@=9;E @=:=_;EeRfK @^_;:AE

BMP�W;<O>AE KM>AE#>AC;:=ESKMW T 6 _5@d@^9;E 7 W;B :=ES>�@XBDR K�if: ` ` KQ@^9;E ` K @^<OLSKMJ�PhBM_;R;WfKQ@=<OBDRgG +�9;E

JOESKMC BMP�P KQ<?@^9 B'LFLS_;:A> �&9;EFR�@=9;E EF:=:=BM: @^EF: ` <OR @=9;E _;C WfKQ@=E ESmk_fK @^<OBMR <O> R;ESnDJ?ESL @^ESWgG

Y �Y

Page 197: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<?> <?>bR;BM@X@^B >^K 7 @^9fK @X@=9;E C;:=BLSEF>=>X<O>b@^:A_;J 7 W5EF@^EF: ` <OR;<?>A@=<OLMG ��KQ@^95ES:ST�KMJOJ�BQP�@^95E

_;R;LFES:�@NKM<?Rk@ 7 <?R @=9;E ` BW;ESJ*<?>�C;_5>=9;EFW�<OR8@^Bd@^95E JO< �MEFJO<O95B'BWeKMR;W @^9;E W;<O>�@^:A< 6 _5@=<OBDR5>�BDR

@^95E3CfKM:^K ` E @^ES:A>SG +�9;<?>eJO<OR5E)BMP�@=9;<OR��k<?R;n 9fKM> 6 ESEFR _;>=EFW <?R >A@=B'LN9fKQ>A@^<?L3C;:=BLSEF>=>AES>

� r Y� G���B ��E VDES:FTU<j@&<O>�R;BQ@�LFB `X` BDRe<?R KX>�@NKQ@=<O>A@=<OLSKMJ >=E @=@=<OR;n;G�+�9;E-nD:AE KQ@=ES>�@ 6 ESR;E i;@�BMP_;>A<OR;n W;EF@=ES: ` <OR5<O>A@=<OL�:=KQ@^9;EF: @=9fKMR >A@^BLN9fKM>�@^<?L�_;C WfKQ@=ES>�<O>,@^9fK @�W;E @^EF: ` <OR;<?>A@^<?L�_;C WfKQ@^EF>

:=EFW;_;LFES>,@^9;E�W5< ` ESR;>A<OBDRbBMPI@=9;E�CfKM:=K ` E @^EF:c>=CfKQLSEMGc��KQ@=9;ES:c@=9fKMRbEF>A@^< ` K @^<OR5n�K W;ESR5>=<?@ 7

Ph_;R;L @^<?BDR PhBD:�C;:AEFVQKMJ?ESR;LFE-KQ@�E KQLN9#�&�&( � @^< ` E�CUEF:=<OBWeLSB ` 6 <OR;KQ@^<?BDR TkBDR;J 7 @=9;E�W;ESR5>=<?@ 7

BDR3@^95EbC;:=<?BD:�PhBD:�@=9;Eb<OR5<?@^<OKMJ LSBDR5W;<?@=<OBDR;>FT ? T KMR;W3@^9;EbC;KM:^K ` EF@=ES:A>�<O> R;EFESW;EFW Gb+�9;<?>��KM>�KMRd< ` CUBM:A@NKQRk@lLSBMR;>=<?W;ES:=KQ@^<?BDR LSBMR;>=<?W;ES:A<OR;n @=9;E�JO< ` <j@^ESW K ` BD_;R8@,BMP WfK @NK�@^9;KQ@ ��KM>

K VQKM<OJOK 6 JOEQG

��R;BM@=9;ES:-LF:=<?@=<OLSKMJ�W;<��gEF:=EFR;LSEd<O>�@=9fKQ@�@^95E ` BW;ESJc<?>-<OR;9;EF:=EFRk@=J 7 R5BDR;JO<?R;E KQ:SGd��BDR �

>A@=:=_;L @^<?R;n�K >=_;<j@NK 6 J?EdW;<��UES:AESR8@^<OKMJ,ESmk_fKQ@=<OBDR ` BW;EFJ,JOE KQW;>H@=B�K R;BDR;J?<OR;ESKM:�W;<��UES:AESR;LFE

ESmk_fK @^<OBMR PhBD: @=9;Ee_;C WfKQ@^EF>SG ��K @^9;EF: @^9fKQR 6 ESKQ@^<?R;n)@^95E ` BW;EFJ�<OR8@=B3K�JO<?R;E KM:-PhBD: ` T

>=_5LN93KM>�<ORe@^9;E � � � � ` B'W5ESJO>FT5@^95E R;BMR;JO<?R;E KM: ` BW;ESJ*<?>�:AEF@^KM<OR;EFW G�+�95<O>�R;BDR;J?<OR;ESKM:��

<?@ 7 ` K �QES>&@^9;E-W;E @NKM<?JO>�BMPl@^9;E ` B'W5ESJ*W;<�� LF_;J?@STfKMR;W <OR CfKM:�@^<?LS_;JOKM:�<O>&J?< �MEFJ 7 @^B 6 E-@^95E

C;:A< ` KM: 7 :=ESKM>=BDR�PhBD: @=9;Ea9;<OnD9�<?Rk@=ES:AW;ESC ESR;W5ESR;LF<OES> K ` BDR;nD>�@ @^9;EaCfKQ:^K ` EF@=ES:=>FG�+�9;E

R;BDR5JO<OR5E KM:A<?@ 7 KQ:=<O>AES>�RfKQ@=_;:^KMJ?J 7 Ph:=B ` @=9;E W5<��UES:=EFR8@^< KQJ*ESmk_fKQ@=<OBDR;>FT KMR;W)<j@&<O>�R;ESLFES>A>^KM: 7

@^B C;:=B[V<OW5E�@^95E�W;EF>=<O:AESW mk_fKQJO<?@^KQ@^<jVDE 6 ES9fK V<OBD_5:ST>=_;LN9aKM> @^9;E 6 BM_;R;W;EFWenD:=B ��@^9 BMP*@^95E

>=<?n ` BD<OWfKQJ�LF_;:AVMEMG ��BDR;J?<OR;ESKM:=<j@ 7 KMJO>AB EFRfK 6 J?ES>b@^95E W5<O:=EFLF@ ` B'W5ESJO<?R;n�BMP�@^95E >ACfKQ@=< KMJ

W 7 RfK ` <OLF>�BMP/@^9;E-W;<?>=E KQ>=EMG

+�9;E ` EF@=9;B'W _;>AESW)PhBD:&W;EF>=LF:=< 6 <OR;nX@^9;EH>=CfK @^< KQJ/W 7 R;K ` <?L-<O>�W;:^KM>�@^<?L KMJ?J 7 W5<��UES:=EFR8@

Ph:=B ` @=9;E LFB ` ` BDReKQC;C;:=BDKMLN9 G,�R ` BD>A@�>A@NK @^<O>�@^<?L KMJIESC5<OW;E ` <?L ` B'W;EFJO>FT'>ACfKQ@^<OKMJ E�UESLF@=>

KM:AE ` BW;ESJ?ESWaKM>�W5ESC ESR;W;EFR;LS<?ES>�<OR @=9;E-WfKQ@NK @=9;:=BD_5nD9aLSB[VQKM:=<OKMR;LSE @=ES: ` >FGc1 <?@^9 6 <OR;B �

` < KMJ LSBD_5Rk@�WfK @NK5T5@=9;<O>�<?>�BMP @^EFRaW;BDR;E V< KdKMR KM_'@^BDJ?BDnD<O>�@^<?L ` B'W5ESJ �&<j@^9aKMR KQ@A@^ESR5WfKMR8@

Y � p

Page 198: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^:=KMR;>�PhBD: ` KQ@^<?BDR)BQP,@^9;E C;KM:^K ` EF@=ES:�>=CfKMLFE @^BeKQLN9;<OE VDEbR;BD: ` KQJO<?@ 7 G�+�95EX��12� ` BW;ESJ

<O>�W;<��UES:AESR8@&KMR5W ` BD:AE�W;<?:=EFLF@�<?R @^9fK @�>=C;KQ@^<OKMJUE��gEFLF@=>&KM:=E ` BW;ESJ?ESWeKM>�:^KQ@=ES>�BMP ` B[VDE �

` ESR8@ T A_;>�@HKM> @^95E 7 KQ:=Eb<OR�@=9;EbW;<��gEF:=ESR8@=< KMJlESmk_fKQ@=<OBDR;> @=9fKQ@HKM:AE _;>AESW @^B ` B'W;EFJ�@^95E

C;:AEFVQKMJOEFR;LSEQG ��R5E BMP&@^9;E��ME 7 m_5ES>A@=<OBDR5> @^9fKQ@ 6 <OBMJOBDnD<?>A@=> KM> �IT < G EQG39;B � P KM>A@b<?> @^95E

W;<?>=E KQ>=E ` B[V<OR;n KMLF:=BD>A>�@=9;E >�@NKQ@=EMTI<O> ` B'W5ESJOEFW#W5<O:=EFLF@=J 7e687 @^95E CfKQ:^K ` EF@=ES: � T �&95<OLN9

L KQR 6 E <?Rk@=ES:AC;:=E @^ESW KM>�@=9;E�K VDEF:^KMnMEHC5:=BDC BD:A@=<OBDR BMP/<OR5PhEFLF@=ESWaW;ESEF:�@^9fK @ ` <?nD:^K @^E&Ph:=B `

�&�&(��*@^B ���&( � G,+�9;<?>�KMC;C5:=B8KMLN9 fB �&>�W;<?:=EFLF@^J 7 Ph:AB ` @^9;E�<?R8@^ES:AC;:=E @NKQ@=<OBDR BMP/CfKM:^K ` �

EF@=ES:A>�<?R @=9;E W5<��UES:=EFR8@^< KQJ ESmk_fKQ@=<OBDR5>SG�.l<?@=@=<OR;n @=9;EHW;<��UES:AESR;LFE EFm_;KQ@^<?BDR;>�<O>&<ORaES>A>=EFR;LSE

i;@A@^<OR5neK if:=>�@�BD:AW;ES:-KMC5C;:=B �'< ` KQ@^<?BDR BMP�@^9;E >ACfKQ@=< KMJlW;<��UES:AESR8@^<OKMJlEFmk_fKQ@^<?BDR ` B'W;EFJ/@=B

@^95E�WfKQ@NK'G,��BDR;W5<?@^<?BDRfKMJ'KM_5@=BD:=EFnD:=EF>=>A<?VDE ` B'W5ESJO>lPhBD:cW;<?>=E KQ>=ES>,>A_;LN9 KQ>�@^9;BM>=E&C;:=EF>=EFRk@=ESW

<OR)LN9fKMC5@=ES: p :=EFJ 7 BDR 6 BM@^93JOKM:=nME >^K ` C;J?E >A<��SEF>-KMR;W3> ` KMJ?Jl<?R5PhESL @^<?BDR):=KQ@^EF> @^BeKMC5C;J 7

KaolBD<?>=>ABDR KMC;C;:AB �'< ` KQ@=<OBDR#@^Be@^9;Ed��<OR;B ` < KQJlW;<?>A@=:=< 6 _5@^<?BDR GH+�9;<O>�<?R�@^_;:AR KMJ?JOB �&>�PhBM:

@^95E _5>=E BMP�@=:^KMR5>APhBD: ` KQ@=<OBDR5> @^B KMLN9;<?EFVME R5BD: ` KMJO<j@ 7 T �&9;EF:=Ea@^9;Ea>ACfKQ@^<OKMJ�E��gEFLF@^> KM:AE

KMn8KQ<OR ` BW;EFJOESWb@=9;:=BD_5nD9X@=9;E�LSB[VQKM:=<OKMR;LSE&<?R K !-KM_;>=>A< KMR ` _;Jj@^<jVMKQ:=< K @^E�KQ_5@^BD:AESnD:AES>A>=<?VME

C;:AB'LFES>=>FGH�'B ` E >ACfKQ@=< KMJ/>A@=:=_;L @^_;:AEbL KMR 6 E 6 _;<OJj@�<?Rk@=B @^95E LSBE�XLF<OESR8@ ` KQ@=:=<��aPhBM:�@^95E

@^:=KMR;>�PhBD: ` ESW JOBDn � :=EFJ KQ@=<?VDE :=<O> ��KM_5@=BD:=EFnD:=EF>=>=<jVDE�C5:=BLSES>A>ST 6 _'@ KMnDKM<OR T @^9;<?> KQC;C;:=BDKMLN9

<O>b<?R;W;<?:=ESL @ G +�95E :AES>A_;J?@=>XBQP�@=9;EaCUBD>�@^EF:=<OBM:bKMRfKMJ 7 >=<O>bW5<O>=LF_;>=>AESW <OR >=EFLF@=<OBDR �'GjY#KQR;W

@^95E ` BW;ESJ/VQKMJO<?WfKQ@^<?BDR):AES>A_;J?@=>�<OR3>=EFLF@=<OBDR �'G p >=9;B � @^9fKQ@ 6 _;<OJ?W;<OR;nX@^9;Ed>ACfKQ@^<OKMJ ` <�� �

<OR5nX@=ES: ` W5<O:=EFLF@=J 7 <?Rk@=B @=9;E _5CUWfK @^EHESmk_fKQ@=<OBDR#<O>�KMR)E��gEFLF@=<?VDE ��K 7 BMP�W;ES>ALS:=< 6 <OR5n @^95E

>=C;KQ@^<OKMJ W 7 RfK ` <OLF>SG

+�9;E W5EF@^EF: ` <OR;<?>A@=<OL�_;C WfKQ@=ES>)KM:=E K�>=< ` C;J?<?ifLSKQ@^<?BDR T 6 _5@a@^95E 7 W;B C;:=B[V<OW;E @^95E

6 ESR;E i;@bBMP�C;KM:=>A< ` BDR 7 G)�#BD:=EFB[VDES:FTc@^9;E ` BW;EFJ�K @=@^E ` C'@^> @=B)W;<?:=EFLF@^J 7 W;ES>ALS:=< 6 EF> @^95E

W 7 RfK ` <OLF>SG,+�9;E-:AES>=_5J?@^<?R;n ` BW;EFJ T �&9;<OJ?E�CUEF:=9fKMC5>�R5BM@�KbW;EF@^KM<OJ?ESWeW;EF>=LS:A<OC5@=<OBDRaBMP/@^95E

>=C;KQ@^<OKMJ&KMR;W @^E ` C BD:^KMJ�C;:=BLSEF>=>ST�W5B'EF> C BD>=>AES>A> @^9;E W;EF>=<O:AESW m_;KMJO<j@NKQ@=<?VDE 6 ES9;K[V<?BD_;:SG

Y � �

Page 199: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;E ` BW;ESJ C;:AB[V'<?W;ES>�>=B ` E C5:=ESW5<OLF@=<?VME L KQCfK 6 <?JO<?@ 7 @^9fKQ@�L KQR 6 EHLN9;EFL �MESW KMn8KQ<OR;>�@�Ph_ �

@^_5:=E)B 6 >=EF:AVQKQ@^<?BDR;>FG +�9;E)_;>=E�BQP�W;EF@=ES: ` <?R;<O>�@^<OLa_;C WfKQ@=ES> >AESE ` >X@^B LFBDR8@^:^KQW;<OL @ @^95E

KMC;C5:=B8KMLN9aBMPl>A@^KQ@^<?>A@=<OLS<OKMR;>�>=<OR5LSEdY �����G���BDR;>AESmk_;ESR8@=J 7 Tf@=9;E-J KML � BMPlKdR5BD<O>AE�@^EF: ` <?>�K

W;<�� LF_;J?@�C;<?JOJ @^B > ��KMJOJ?B �-TUEF>=C ESLS<OKMJOJ 7 <OR)K ` B'W;EFJ BMP�K 6 <OBDJ?BDnD<OLSKMJ C;:AB'LFES>A>SG ��B ��E VDES:FT

@^95EH>A< ` _5J KQ@=<OBDR;>�LSBDR5W;_;LF@=ESW#<ORa>=EFLF@^<?BDR �'G p <?R;W;<OLSKQ@^E @=9fKQ@�@=9;E-ES>A@=< ` KQ@^<?BDReC;:AB'LFES>=>&<?>

E�UESL @^<jVDE <?R�>=B ` E >A<?@=_fKQ@^<?BDR;>FG �#BM:=E WfK @NK ��BD_;J?W3KMJOJ?B �]PhBD:&@^9;EbKQW;W;<?@=<OBDR BMP K R5BD<O>AE

@^EF: ` @^B @=9;E _;C WfKQ@=E ESmk_fK @^<OBMR � G �'T �&9;<?LN9 ` K 7 ` K �ME�@=9;E ` B'W5ESJ ` BD:AE fE �'< 6 J?EMG�� � �

C;J?BD:=<?R;n�@=9;E�LSBDR5R;ESL @^<OBMR 6 E @ ��EFESRd@^9;E ` B'W5ESJC;:=EF>=ESR8@=ESW 95ES:=E&KQR;Wb:^KMR5W;B ` LSBE�XLS<?ESR8@

KM_5@=BD:=EFnD:=EF>=>A<?VDE ` B'W;EFJO> ` K 7e6 E @^9;E ��K 7 @=BdW;BX@=9;<O>FG

+�9;E�C BD>A@=ES:A<OBD:�<ORd@^95E���12� ` B'W5ESJICUBM>=>=EF>=>AES>&K-R_ ` 6 EF:�BMP LN9fKM:^KQLF@^EF:=<?>A@^<?LS>�@^9fK @

` K �ME�<j@cW;<�� LF_;J?@�@^B�>=< ` _;JOKQ@^EQGl�RdnDEFR;ES:=KMJ T8K C5:^KML @^<OLSKMJ5>ABDJO_'@^<OBMR @^BHK C;:AB 6 JOE ` >A9;BD_;J?W

6 EbKMLSLF_;:^K @^EMT*E �'CUEFW;<OEFRk@ST/KMR;W fE �5< 6 JOEQG-��JOnMBD:=<j@^9 ` r G r _;>=EFW3PhBD:�@^95Ed�)KM: �MB[V3LN9fKM<?R

>=< ` _;JOKQ@^<?BDR PhBD: @^9;<?> ` BW;ESJ���KQ> W5ES>=<?nDR;EFW �&<j@^9 @^95ES>=E mk_fKMJ?<?@=<OES> <OR ` <OR;W @=B�W;E KMJ

�&<?@=9X@=9;E&>=C ESLF<?ifL�W;<��XLF_;J?@=<OES>,BQPg@^95E�LFB ` C5JOE�� CfKM:=K ` E @^EF: >ACfKMLFE�<?RX@=9;E���12� ` B'W;EFJ G

�5K ` C;J?<OR;n Ph:AB ` ` _5J?@^<jVQKM:=<OKQ@^E�W;<O>�@^:=< 6 _5@=<OBDR;>�<?>&<ORanDESR5ES:^KQJ*W;<��XLS_5J?@ TfEF>=C ESLF< KMJ?J 7 �&95ESR

@^95E @NKM:AnDEF@&W;EFR;>=<j@ 7 <O> 6 BD_5R;W;ESW#KMR;WaLFBDR8@NKM<?R;>�>A@=ESESC :=<?W;nDEF>�BMP�95<OnD9eC;:AB 6 K 6 <OJO<j@ 7 >=_;: �

:=BM_;R;W;EFW 687 Kb:=EFJ KQ@=<?VDEFJ 7 J KM:AnDE�KM:AE KbBMPlJOB �]C;:AB 6 K 6 <OJO<j@ 7 G

+�9;Ea�#���'+�� KMJOnMBD:=<j@^9 ` <?> R;BM@ @^9;E BDR;J 7 C BD>=>A< 6 J?E ` EF@=9;B'W BMP�>=< ` _;J KQ@=<OR;na@^95E

��12� CUBD>�@^EF:=<OBM:SGc��C;C;J 7 <?R;nbK @^:=KMR;>APhBM: ` KQ@^<?BDR @=B @^9;E ` B'W5ESJU@=Bb:=EFW;_;LSE @=9;E�LSBM:=:=EFJ K �

@^<?BDR KMR;W @=B�B 6 @^KM<OR KMR _;R 6 BD_5R;W;ESWbC;KM:^K ` EF@=ES:/>=CfKQLSE�<?R K�LSB `X` BMR KQC;C;:=BDKMLN9 @^B ` <j@ �

<OnDKQ@^E-@^9;E W;<��XLF_;J?@=<OES>�C;:AES>=EFR8@^ESW 687 @^9;E ��12� CUBD>�@^EF:=<OBM:SG���B ��E VDEF:ST*<OW5ESR8@^<jP 7 <?R;n KMR

KMC;C5:=BDC;:A< KQ@=E�@^:=KMR;>APhBM: ` KQ@^<?BDRb<O>�R;BM@ R;EFLSEF>=>^KQ:=<OJ 7 B 6 V<OBD_5>ST'KMR;WXR;BDR;E ��EF:=E�KQ@=@=E ` C5@^EFW

9;EF:=EMG,��W;W;<j@^<OBMRfKMJOJ 7 TD@=9;E�P KM<?JO_;:AES>�BMP @=9;E ` EF@=9;B'W5>�W;<?>=LF_;>=>AESWa<OR >=ESL @^<?BDR r G � GjY�@^B LSBDR �

VDEF:=nDE @=B >A@^KQ@^<?BDRfKM:A<?@ 7 �&<j@^9;<?R �DqDq �NqDqDq <?@^EF:^KQ@=<OBDR5>�W;BbR5BM@ ` E KMR @^9fKQ@�@^9;EF>=E ` EF@=9;B'W5>

Y � r

Page 200: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

KM:AE#<?RfKMC;C;:ABDC;:A< KQ@=EMG �R CfKM:�@^<OLF_;J KQ:ST�@^9;E#>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ � �&<?JOJ�LFBDR8VDES:AnDE#@=B

@^95E LFBD:=:AESLF@�>A@^KQ@^<?BDRfKM: 7 W;<O>�@^:A< 6 _5@=<OBDRgTfnD<?VMESR)EFR;BD_;nM9#@^< ` EQG���>A@=:^KM<?nD98@=PhBD:���KM:AW)>ABDJO_ �

@^<?BDRa@^B @=9;EH>=< ` _;J KQ@=<OBDRaW;<��XLS_;Jj@^<OEF> ��BD_5JOW 6 E-@^B >A< ` C;J 7 :=_;R#@^9;EH>A@^KMR;WfKM:AW�:^KQR;W;B `

��KMJ �3PhBD: KMR E �'@=ESR;W5ESW�CUEF:=<?B'W BMP�@^< ` EQG ��B ��E VDEF:ST �&9;<OJ?EX@=9;<O> KMC;C;:AB8KMLN9 ��BD_;J?W 6 E

KMLFLS_;:=KQ@^EQT�<?@ ��BD_;J?W�R;BM@ 6 EaE �5C ESW5<OESR8@ST�R;BD:b<?>d<?@dK fE��'< 6 JOEe>ABDJO_5@=<OBDRgT�KQ> KQR 7 R;E�

>=< ` _;JOKQ@^<?BDR;> ��BD_;JOW :=EFm_5<O:=E KMR E �@^:=E ` EFJ 7 J KQ:=nDEdRk_ ` 6 ES: BMP�<j@^ES:=KQ@^<?BDR;>�@^B#C;:=BW;_;LFE

K _;>=K 6 JOEb>=K ` C;JOEQG ��9;KMR;nDEF>H<?R�@^9;E ` BW;ESJ/@^9fK @-W;BeR;BM@�W5:^KM>�@^<OLSKMJOJ 7 KMJ?@=ES:�@=9;E VQKMJO_;E

BMP�@=9;E JOBMn�CUBM>A@^EF:=<?BD: W;EFR;>=<j@ 7 Ph_5R;LF@=<OBDR�KQ@ @^9;E ` BW;E �&<?JOJ�R;BM@ :=ESmk_;<?:=E :AEF@=_;R;<OR5n�BMP

@^95E � � �'+�� KMJOnMBD:=<j@^9 ` T �&9;<?LN9 LSKMR C;:=BW;_;LFE KeJ KQ:=nDEbRk_ ` 6 ES:-BMP�>=< ` _;JOKQ@^EFW W5:^K �&>

Ph:=B ` @=9;E C BD>A@=ES:A<OBD:�<OR3K :=ESJOKQ@^<jVDEFJ 7 >=95BD:A@ K ` BM_;R8@ BMP,@=< ` EMG�+�9;E >A@^KMR;WfKQ:=W3:^KQR;W;B `

��KMJ �IT BDR#@=9;E BQ@^9;EF:�9fKMR5W T ��BD_5JOW�>�@^<OJ?J :=EFmk_;<O:AE K JOKM:=nME K ` BD_5Rk@�BMP�@^< ` E�@^BXC;:=BW;_;LFE

Kb_;>^K 6 JOE->^K ` C;J?EMTfKQR;WaLSBD_;J?W#:AESmk_;<?:=E�:=E @^_;R5<OR;n;G

��R"E ` C5<O:=<?L KMJbLFB ` CfKM:=<?>=BDR�BMP @=9;E C ES:�PhBD: ` KMR;LFE BQPe>A@^KMR;WfKM:AW :^KQR;W;B ` ��KMJ �

�#E @^:=BMCUBDJ?<O> ����KQ>A@^<?R;nD>�KMJOnDBM:=<?@=9 ` >�@^BX� KMR;nMEFV<OR @ 7 C E KMJ?nDBD:A<?@^9 ` >FT �&95<OLN9 _;>=E-W;EF:=<?VQK �

@^<jVDEd<OR'PhBD: ` KQ@^<?BDR#@=Ba>=_;C;C5:=ES>A> @=9;Ed:^KMR;W5B ` ��KMJ � 6 EF9fK V'<?BD_;:�BMP @^95E �#KM: �QB V LN9;KM<OR T

<O>bC ES:�PhBD: ` ESW <?R � p \ T KMR5W >A9;B �&>d@=9fKQ@b@=9;Ea� KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` > C ES:APhBM: ` 6 EF@A@^EF:

BDR)K[VMES:=KMnDE @=9fKMR @^9;E >A@NKQR;WfKM:AW):^KQR;W;B ` ��KMJ �IG&� KMR;nMEFV<OR)KMJOnDBM:=<?@=9 ` >�BMP @^EFR):=EFmk_;<O:AE

PhE��ES: 6 _5:=R � <ORe<?@=ES:=KQ@^<?BDR;>�KQR;We@^9k_;>�LSBMRkVMES:AnDEH@=B @^9;E�>�@NKQ@=<OBDR;KM: 7 W;<O>�@^:A< 6 _5@=<OBDR P KM>A@=ES:SG

��@^9;EF:�:AES>AE KM:ALN9;ES:A>�9fK VDE E �;K ` <?R;ESW �/KQR;nDEFV<?R KMJ?nDBD:=<j@^9 ` >,KMR;KMJ 7 @^<?L KMJ?J 7 T8KMR;W :AE KMLN95ESW

@^95E�>^K ` E�LFBDR;LFJO_;>A<OBDR � ��� T��'Y� Gl1 <j@^9 @=9;<O>l<OR ` <?R;W TM<j@ ��KM>,E �5C ESL @^EFWd@=9fKQ@cK � KMR;nDE V'<?R

KMJ?nDBD:=<j@^9 ` @^BHC ES:APhBM: ` 6 EF@A@^ES:,PhBD:c@=9;E���12� ` B'W;EFJ;@^9fKQR K�:^KQR;W;B ` ��KMJ �IG,��B ��E VDES:FT

@^95E ` EF@^95B'W;> >A@=_;W;<?ESW 687 � p \ T � ��� gKMR;W � �'Y UW;B R;BM@�LFBDR;>A<OW;EF: ` B'W;EFJO> �&<?@=9 6 BD_;R;W5ESWCfKM:=K ` EF@^EF:�>ACfKMLSEQGc+�9;E�W;<��XLS_;Jj@^<OEF>l<?R >^K ` C;J?<OR;n&Ph:=B ` >A_;LN9XK�>=CfKQLSE�<OR 9;<OnM9;ES:lW;< ` ESR �

>=<?BDR;> <O>�C ES:=9;KMC;>�BMR;E�BQPg@^95E�:=ESKM>=BMR;>�>AB ` KMR 7d` BW;ESJ?> ` K �ME�_;>=E�BMP @^:=KMR;>�PhBD: ` KQ@^<?BDR;>

Y ���

Page 201: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^BaKQLN9;<OE VDEdR;BD: ` KMJ?<?@ 7 T KMR;W �&<j@^9 <?@ KMR _;R 6 BM_;R;W;EFW CfKQ:^K ` EF@=ES: >ACfKMLSEQGd�'_;LN9 @^:=KMR;> �

PhBD: ` KQ@=<OBDR5> ` K 7 9;K[VME 6 ESEFR _;>AEFPh_;J 9;EF:=EMT 6 _5@ ��ES:AE R;BM@ KQ@A@^E ` C5@=ESW GX��W5W;<?@=<OBDRfKQJOJ 7 T

@^95E ` B'W5ESJ ��KM> W;EF:=<jVDESW Ph:=B ` K#> 7 >�@^E ` BMP�W;<��UES:AESR8@^<OKMJ,ESmk_fK @^<OBMR;>ST�KMR;W <?@ ��KQ> @^95E

CfKM:=K ` EF@^EF:=>�BMPc@^95ES>=E ESmk_fKQ@=<OBDR;>�@^9fK @ ��ES:AE BMP,W;<?:=EFLF@ <?R8@^ES:AES>�@ G�+�9;E <?RfK 6 <?JO<?@ 7 BMP,@^95E

>A@^KMR;WfKQ:=W :^KQR;W;B ` ��KQJ � KMR;W @=9;Ee� KMR;nDE V<OR KMJ?nDBD:A<?@^9 ` >�@^B)m_5<OL �kJ 7 C;:=BW;_;LFEaK)_;> �

K 6 J?E)>=K ` C5JOEaPh:=B ` @^95E ��12� CUBM>A@^EF:=<?BD: C;:AB ` C5@^EFW LS:AE KQ@=<OBDR BMPHK R;E�� @=ESLN9;R;<?mk_;E

� KQJOnDBD:A<?@=9 ` r G r � G

+�9;E�W5<��XLS_;Jj@^<?ES> BMP;@=9;E @^KM:=nMEF@lW;<O>�@^:=< 6 _5@=<OBDR � GjYDY ��EF:=E�B[VMES:=LFB ` E 687 KMWfKMC5@=<OR;n&@^95E

mk_fKMJ?<?@^<?ES>FT;KMR;WaR;BQ@�@=9;E�W;E @NKM<?JO>ST5BMP/>=EFVMES:=KMJl������� ` EF@=9;B'W5>SG .f:=B ` @^9;EH�#E @^:ABDCUBMJO<O>

��W A_;>A@=ESW � KMR5nDEFV<OR +/:=_;R;LSKQ@^EFW ��JOnDBD:A<?@=9 ` � �#� �+l� � @=9;EX_;>=EXBMP @^9;EXnD:^KQW;<OEFRk@�@=B

W;<?:=ESL @l@=9;E�C5:=BDC BD>^KQJ'KQR;W >A_;C;C;:AES>=>l@^9;E�:^KMR;W5B ` ��KQJ � ��KM>l@^K �MEFR � �YDT �'T p � Gl+�9;E�<OW;ESKBMP @^:A_;R;L K @^<OR5n @^9;EbC;:ABDC BD>^KMJl@^BaLSBDR8@=:=BDJ�@=9;Ed<OR;>�@NK 6 <OJO<j@ 7 <OR3@^95EbnD:^KMW5<OESR8@-LFB ` ` BDR;J 7

>=EFESR <?R � KMR5nDEFV<OR KMJOnMBD:=<j@^9 ` >�PhBD:�KHR5BDR ��R5BD: ` KMJ;@NKQ:=nDE @�W;EFR;>=<j@ 7 ��KM>�KMJO>AB _5>=ESWgG,+�9;E

>A@=ESC ��KQ> @=:=_;R;LSKQ@^EFW �&<j@^9;BM_5@ JOBD>A<OR;n�@=9;E�<OR5PhBD: ` K @^<OBMR <ORb@=9;E&nD:^KMW5<OESR8@ 687 ifR5W;<OR;n-@^95E

_;R;<j@&VDESL @^BD: �&<?@=9 @=9;EH>^K ` E-W;<O:AESLF@=<OBDRgG�+�9;<?>�KMJOJ?B ��ESWaPhBD: ` BD:=E�C;:AESLF<O>=EHLSBMRk@=:=BDJ B[VDEF:

@^95EH>�@^EFC#>A<��SE�@=9fKMRa@^9;E-_;>AEHBQP,Kb>=<?R;nDJOE�W;<OLF:=EF@=<��SKQ@^<?BDReCfKM:=K ` E @^EF:&KM>&<ORe@^9;E �#���*� G

�#EF@=9;B'W5>�PhBD:/LN9;B'BM>=<OR5n�@^9;E�KMC;C;:ABDC;:=<OKQ@^E >A@=ESCb>A<��SE�PhBD:�� KMR5nDEFV<OR KMJOnDBM:=<?@=9 ` >/9;K[VME

:=EFLSEF<?VDEFW K J?BM@�BMP�KQ@A@^EFRk@=<OBDR � p \T ��� T Z5T � � G .IBM:�@^95EbCUBD>�@^EF:=<OBM: W;<O>�@^:A< 6 _5@=<OBDR)<OR�@^95E��12� ` BW;EFJ TI@^9;EF:=E <?> K >=9;KM:=C3:A<OW;nDE BMP�9;<?nD9�C;:AB 6 K 6 <?JO<j@ 7 >=_;:A:=BD_;R5W;ESW 687 KQ:=E KQ> BMP

JOB � C;:=B 6 K 6 <?JO<?@ 7 G +�95<O>b<O>bEF>=C ESLF< KMJ?J 7 R;BM@^<?LSESK 6 JOE <OR ifnD_;:AE � G �'G +/B'B J KQ:=nDEeK3>�@^ESCgT

KMR;W�@=9;E 95<OnD9�C5:=B 6 K 6 <OJ?<?@ 7 KM:AE K <?> ` <O>=>AESW T @^BB > ` KMJ?J TIKMR;W3B[VMES:=>=K ` C;JO<?R;n BLSLS_5:=> <?R

JOB � C;:=B 6 K 6 <OJ?<?@ 7 KM:=ESKM>SG ��KQ@^9;EF:b@^9fKMR >=EFE �k<OR5n K >=<?R;nDJOEeBMC5@^< ` KMJ�>A@=ESC >A<��FE <?R @^9;<?>

W;<�� LF_;J?@&>A<?@=_fKQ@^<?BDR TfK ` BD:=E-W 7 RfK ` <OL-KQC;C;:=BDKMLN9)<?>�LN95BD>=EFR TU<?R;>=C5<O:=EFW 6k7 :AESLFESR8@ ��BD: �

BDR @=E ` CUEF:=ESW � KMR;nMEFV<ORaKMJ?nDBD:A<?@^9 ` >FG�+/E ` CUEF:=ESW � KMR;nMEFV<OReW;<��g_5>=<OBMR;>�KM:AE E��5K ` <OR;EFW

Y � �

Page 202: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<OR � � � Tf<OR �&95<OLN9 6 BM@=9e@^9;E->A@=ESC >=< �SEHKMR;We@^95E-VQKM:A< KMR5LSE�BMP @^95EHC5:=BDC BD>^KQJ <O>&KMW A_;>A@=ESW

687 @=9;E#VQKMJ?_;E)BQP @^9;E)W;ESR;>A<?@ 7 Ph_;R;L @^<OBMR KQ@ @^9;E#LS_;:A:=ESR8@ VQKMJ?_;E)<?R @=9;E)LN9fKQ<OR G +�9;E

PhBD: ` _5>=ESWa<?R � � � ��KM>�LN9;BM>=ESR 6 BM@^9 @^BbESR5>=_;:AE�LSBDR8VDEF:=nDEFR;LSE-BMP*@=9;E LFBDR8@^<ORk_;BM_;>�@^< ` EC;:AB'LFES>=>&KQR;W @^BdKMLN95<OEFVME-K nDEFR;ES:=KMJO< � KQ@=<OBDR BMP*@^9;E �/KQR;nDEFV<?ReW;<��U_;>=<?BDR T'KMR;We<j@�<O>�K 6 <?@

LS_ ` 6 EF:=>AB ` E�PhBD:�C5:^KML @^<OLSKMJ _;>AEMG

� W 7 RfK ` <OL�>A@=ESCb>=< �SE�E�UESLF@�>A< ` <OJOKM: @^B�@=9fKQ@�BMPf@^9;E @^E ` C ES:AESWd� KMR;nDE V<OR W;<��g_5>=<OBMR

<O>�KQLN9;<OE VDESW 687 KMW A_5>A@^<?R;n @^95E&VQKMJ?_;E�BMP @^95E�>A@^EFC >A<��FE �&<?@^9d:AES>=C ESL @�@^B�@^9;E ` BW;EMGl+�9;E

PhBD: ` _;>AESWX<ORXKMJOnMBD:=<j@^9 ` r G r <O> 6 BD_;R;W;EFW 6 ESJ?B � 687 BDR5EMTKMJOJ?B �&<OR;n�@^9;E ` <OR;< ` _ ` >A@=ESC

>=< �SE PhBD:�ESKMLN9 CfKM:^K ` E @^ES: 6 EF<OR;nd>=< ` _;JOKQ@^EFW @^B 6 EHLN95BD>=EFR @=9;:=BD_5nD9e@^9;E-_;>AEHBQPl@=_;R;<OR5n

CfKM:=K ` EF@^EF:=>FG�(�R;J?< �ME�@^9;E�@=E ` CUEF:=EFW W5<��U_;>=<?BDR Tk@^9;E VQKM:A< KMR;LFE�<?>�R;BM@&KQW A_;>A@=ESW KQ@�ESKMLN9

>A@=ESC G,�RXKMW5W;<?@=<OBDR @=B K VQKM: 7 <?R;n�>A@=ESC >=<��FEMTkK�W;<OKMnDBDRfKQJ ` KQ@^:A<�� <O>,_;>AESWX:^KQ@=9;ES:,@^9;KMRXKMR

<OW5ESR8@^<j@ 7b` K @^:=< � <?RX@=9;E&C;:=BMCUBD>=KMJfLSB[VQKM:A< KMR;LFEMTKMJ?JOB �&<OR;n @=9;E�VQKM:=<OKMR;LSE&BMPU@^9;E&C;:ABDC BD>^KMJ

@^B 6 E >=L KQJOESW W;<��UES:AESR8@^J 7 PhBM: ESKMLN9 CfKM:=K ` E @^EF:SG +�9;<O> KMW;W;<j@^<OBMR ��KM> _;>AEFPh_;J 6 EFL KM_;>AE

@^95E CfKM:=K ` E @^EF:=>�<?R#@=9;E @NKQ:=nDE @ W;<?>A@^:A< 6 _'@^<OBMR#W;<��gEF:�<?R#@^95ES<O:�>A@^KMR;WfKM:AW�W;E V'<OKQ@^<?BDR;> 6k7

_;Ca@^BXKMR BD:=W5ES:�BMP ` KQnDR;<?@=_;W;EQG

+�9;E�E �'CUEF:=< ` ESR8@=>�C ES:�PhBD: ` ESWX<ORX>=EFLF@^<?BDR r G � G r >=9;B � @=9fKQ@ T8PhBD: K 6 BM_;R;W;EFW @NKQ:=nDE @

W;EFR;>=<j@ 7 T�@=9;E3�#���'+�� KMJOnDBM:=<?@=9 ` r G r L KMR 6 E#KM>XBD: ` BD:AEaE�UESLF@=<?VME @=9fKMR @=9;E LSBD: �

:=EF>=C BDR;W;<?R;n3>A@^KMR;WfKQ:=W�:^KMR5W;B ` ��KMJ � BD:b�#� �*� G���JOnMBD:=<j@^9 ` r G r 9fKM>dK�Rk_ ` 6 EF: BMP

@^_5R;<OR;n CfKM:^K ` E @^ES:A>ST �&95<OLN93LSBM_;JOW ` K �ME <?@ W5<��XLS_;Jj@�@=B < ` C;JOE ` EFR8@ G-!�_;<OW5ESJO<?R;ES>�KM:AE

C;:AB V<?W;ESW <OR @=9;<O>,@=9;ES>A<O>�PhBM: LN95B'BD>A<OR;nHVQKMJO_;EF>�BQP @^9;E&@^_5R;<OR;nHCfKM:=K ` EF@^EF:�KQR;W C;:ABDC BD>^KMJ

LSB[VQKM:A< KMR;LFEMT 6 _5@,K ` BD:=E :=<?nDBD:ABD_;> ` EF@=9;BW PhBD:lLN9;B'BM>=<OR5n�@^9;E�BDC5@^< ` KQJkVQKMJ?_;ES>/PhBD:l@=9;ES>AE

@^_5R;<OR;n-CfKQ:^K ` EF@=ES:=>�<?> R5ESLSEF>=>=KM: 7 G��&ES>A_;J?@=>,PhBD:�LN9;B'BM>=<OR5n BDC'@^< ` KMJ'W;<O>ALS:=E @^< � KQ@=<OBDRb>A<��SEF>

PhBD: @=9;E �#EF@=:=BDC BDJ?<O> ��W A_;>A@=ESW �/KQR;nDEFV<?R ��JOnDBM:=<?@=9 ` PhBD:b_;R;LFBD:=:AESJOKQ@^EFW C;KM:^K ` EF@=ES:A>

KM:AE nM<?VDEFR <?R � ��� G ��C;C;J 7 <OR;n3@^95ES>=E#:=EF>=_;Jj@^>b@^B @^9;E#KMJ?nDBD:=<j@^9 ` <OR8@=:=BW;_;LSEFW <?R @^9;<?>

Y ���

Page 203: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^95ES>=<?>STUKMR;Wa@^B LSBD:A:=ESJOKQ@^EFW#C;KM:^K ` EF@=ES:A>ST ��BM_;JOW 6 EH9;ESJ?C5Ph_;J <OR ` K �k<OR;nXKMJ?nDBD:=<j@^9 ` r G r

E KQ>=<OEF:�@^BXKMC;C;J 7 G���JOESKM:=J 7 T;C BBD:�LN9;BD<?LSEF>�PhBD:�@=9;E�@^_;R5<OR;ndCfKM:=K ` EF@^EF:=>&JOESKMWe@^BXCUBBD:�BM:

_;R;LFES:�@NKM<?R#:AES>=_5J?@^>FTIKM>�>=95B �&R#<ORa>=EFLF@=<OBDR �'G p G

+�9;E E�XLF<OESR5L 7 BQP KMJOnDBM:=<?@=9 ` r G r ��KM>-KM>=>AES>A>=ESW E ` C;<?:=<OLSKMJOJ 7 TIKMR5W�PhBD:�@=9;Ed��12�

` B'W;EFJ ��KQ> A_;W5nDESWbK&>=_5LSLSEF>=>c<?R C;KM:A@ 6 ESL KQ_;>=E @^9;E :=_;RH@^< ` E ��KM>�>A<OnDR5<?ifLSKMR8@^J 7 >=9;BM:A@^EF:

@^9;KMR PhBD:�@=9;E-KMLSLFESC5@^KMR;LFEH>=K ` C;JOEF:SG,(�>=E�BMPlKMJ?nDBD:=<j@^9 ` r G r @^Bb>A< ` _5J KQ@=E�K >A< ` C;JOE�@^ES>�@

L KQ>=E W5E ` BDR;>A@=:^KQ@=ESW @^9fKQ@�@^95E ` EF@=9;B'W LSBM_;JOW#LSBD:A:=ESL @^J 7 >^K ` C;JOE�@=9;EH@^KM:=nMEF@�W;<O>�@^:A< 6 _ �

@^<?BDR T8K @=:=_;R;LSKQ@^EFW 6 <?VQKM:=<OKQ@^E�R;BD: ` KMJ Gl� >�@^:=_5LF@^_5:=ESW LSB ` CfKM:A<O>ABDRbBMP @^9;E�C ES:�PhBD: ` KMR;LFE

BMPI@^95E�� � �'+��dKMJ?nDBD:=<j@^9 ` @=B�@^9;E�>�@NKMR;W;KM:=WX:^KMR5W;B ` ��KMJ � KMR;WX� KMR;nMEFV<ORXKMJ?nDBD:=<j@^9 ` >

BDR >=E VDES:=KMJl@=ES>�@�LSKM>=EF>�>=95B ��ESW#@^9fKQ@�@^95E LFBDR8VDES:AnDESR5LSEbKMR5W ` <��'<OR;nbC5:=BDC ES:�@^<OEF>&BMPc@^95E

R;E�� ` E @^9;BW ��EF:=E#LSB ` CfKM:=K 6 JOE @^B @^9;BD>AE#BQP�@=9;E#BQ@^9;EF: ` EF@=9;BW;>SG ��KMJOLF_;J K @^<OBMR BMP

@^95EXC BM@=ESR8@^<OKMJ,>=LSKMJOEd:=EFW;_;L @^<OBMR >A9;B ��EFW @^9;E �#���'+�� KMJOnDBM:=<?@=9 ` LSBDR8VDEF:=nDEF>bKQ@-J?E KM>�@

KM>�P KM>A@�KM>�@=9;E >�@NKMR5WfKM:=W#:^KMR5W;B ` ��KQJ � KMR;W��#� �*� G +�9;EbKQLSLSEFC5@NKQR;LSE :=KQ@^EF>�PhBD:&@^95E

6 BD_;R;W;EFW W;EFR;>=<j@^<OEF>�<?R;W;<OLSKQ@^E�KHR;BM@^<?LSESK 6 JOE&< ` C;:AB[VDE ` ESR8@�<ORX@^9;E ` < �5<?R;n->=C ESEFWeBMP @^95E

�#���'+��aKMJOnDBM:=<?@=9 ` B VMES:&@^9;E �#���*� PhBM:&Kbi �5EFW)>�@^ESC >=< �SEQG

+�9;E�LFBDR8VDEF:=nDEFR;LSE-KMR;KMJ 7 >=<?> KMR;W LFB ` CfKM:=<?>=BDRXBMPU@^9;E�>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ �dKQR;W

KMJ?nDBD:=<j@^9 ` r G r BDR�@=9;EX��12�4CUBM>A@^EF:=<?BD: W;<?>A@^:A< 6 _'@^<OBMR)>=95B ��ESW W;:=K ` K @^<OL W;<��UES:AESR;LFES>FG

��Jj@^9;BM_;nD9d@^9;E�>A@NKQR;WfKM:AW :^KQR;W;B ` ��KMJ �b9;KMW KH>=9;BD:�@^EF:�:=_5R @^< ` E�@=9fKMR KMJOnDBM:=<?@=9 ` r G r T

6 BM@^9d@^9;E�nD:=KMC;9;<?L KMJ;E V<OW;EFR;LSE�KMR;WX@^9;E&C BM@^EFRk@=< KMJf>AL KMJ?E&:=ESW5_;LF@=<OBDRX>=9;B ��ESW @=9;E&P KM<OJ?_;:=E

BMP/@^9;E->�@NKMR;W;KM:=Wa:^KQR;W;B ` ��KMJ � @^Bd:AE KMLN9a@^9;E->�@NKQ@=<OBDRfKQ: 7 W;<O>�@^:=< 6 _5@=<OBDRaKQP @=ES: �DqMq��NqDqDq

<?@=ES:=KQ@^<?BDR;>SGc� 7 LSBMRk@=:^KM>�@ TIKQ@�@=9;E->^K ` E�C;:ABDCUBM>^KMJgVQKM:A< KMR5LSE�BMP�Y � Y q���� T'@^9;E �#���'+��KMJ?nDBD:=<j@^9 ` mk_;<OL �kJ 7 KMR;W >A_;LSLFES>A>APh_;J?J 7 LSBMRkVMES:AnDESW @=BH@=9;E�>�@NKQ@=<OBDR;KM: 7 W;<O>�@^:=< 6 _5@=<OBDR TkKQR;W

<O> J?< �MEFJ 7 @^B 6 E�_;>AEFPh_;J<OR-BM@=9;ES: >A<?@^_;KQ@^<?BDR;> �&9;EF:=E�@^9;E W;<O>�@^:A< 6 _5@=<OBDR�<?>*9;<OnM9;J 7 LSBD:A:=ESJOKQ@^EFW

KMR;W3@=9;EbnD:^KQW;<OEFRk@ E��'CUEF:=<?ESR;LFES>HJ KM:AnDE LN9fKMR5nDES>FGd�@NK @^<O>�@^<?L KMJ/LSB ` CfKM:A<O>ABDR3BMP�@^9;EbC BD> �

Y �Q\

Page 204: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

@^EF:=<?BD:�>^K ` C;J?E�B 6 @NKM<?R;ESWe_;>A<OR;nb@=9;E�R;E�]�)KM: �MB[VeLN9fKQ<OR ` E @^9;BW �&<?@=9 @^9fK @�B 6 @^KM<OR;EFW

687 @^9;EHKMLFLSEFC5@NKMR5LSE >=K ` C;JOEF:�<OR;W;<?L KQ@=ESWe@^9;KQ@&@^9;E ` KQ:=nD<?RfKMJgW5<O>A@=:=< 6 _5@^<?BDR;>�BQP�@^95E-@ ��B

>^K ` C;J?ES> ��ES:AE�@^9;E&>^K ` EQG�+�9;E&R;E�� �)KQ: �MB[VbLN9;KM<ORd>=< ` _;JOKQ@^<?BDR KMJ?nDBD:A<?@^9 ` ��KM> K LFJOE KQ:

>=_5LSLSEF>=>&PhBD:&��12� CUBM>A@^EF:=<?BD:�W;<?>A@^:A< 6 _'@^<OBMR G�� ` BD:=E�W;EF@^KM<OJ?ESW @=9;ESBD:AEF@=<OL KQJ KMRfKQJ 7 >=<?>�BMP

@^95E#KQJOnDBD:A<?@=9 ` � > C ES:�PhBD: ` KMR;LFE <?>bR;ESLFES>A>^KM: 7 KMR5W <?>b:=ES>AES:�VDESW PhBM: Ph_5@^_;:AE ��BD: � G �R

CfKM:�@^<?LS_;JOKM:ST � � � l<OR8@^:AB'W;_5LSE @=9;E R5BM@^<?BDR�BMP � ���� � � � � � � � ������ � �����ePhBD:&@^9;E @^E ` C ES:=EFW� KMR;nDE V<ORaW;<��U_;>A<OBDR Gc1 95EF@^95ES:�KMJOnMBD:=<j@^9 ` r G r 9;KM>�@^9;<?>�C;:=BDC ES:�@ 7 <O>�_;R �R5B �&RgG

��JOBL �k<OR;n � _;C WfKQ@=<OR;n 9;<?nD9;J 7 LSBD:A:=EFJ KQ@=ESW CfKM:^K ` E @^ES:A>b@^BDnDE @^9;EF: � <O>XK nMESR;EF:^KMJ?J 7

KMLFLSESC'@^ESWd>�@^:^K @^ESn 7 BQP KMLSLFESJOEF:^KQ@=<OR;n�@^9;E�LSBDR8VMES:=nMESR;LFE�BQP K ` _;Jj@^<�� W;< ` ESR5>=<OBMRfKMJ8�#KM: �QB V

LN9fKM<?R �&9;EFR @^95E LSB ` C BDR;EFRk@HVQKM:=<OK 6 J?ES>-KM:AE 9;<?nD9;J 7 LSBD:A:=EFJ KQ@=ESW T�KMR;W >AESE ` >H@^B)9;K[VME

��BD: �QESW�PhBD:�@^9;E ��12� E��5K ` C;JOE �&9;ES:AE @^95E ABD<?Rk@�W;<?>A@^:A< 6 _'@^<OBMR#9fKQ> KX@=BM@NKQJlBMPc>=EFVMESR

CfKM:=K ` EF@^EF:=>FG���EFL KM_5>=E�@=9;E >=EFVMESR8@^9gT � TQ<?> <OR;W;EFCUEFR;W;EFRk@lBMP'@^9;E BM@^95ES: >=< �gTQ<?@ <?>/>=K ` C;JOEFW

>=EFCfKM:=KQ@^EFJ 7 G,+�95E�:=E ` KM<?R;<OR;nH>=< � C;KM:^K ` EF@=ES:A>�>=9;B � K 9;<?nD9 JOE VDEFJgBMP/<OR8@=ES:=W5ESC ESR;W;EFR;LSEQT

>=B�@=9;E 7 KQ:=E,_;C WfKQ@=ESW�@^BDnMEF@^95ES:SGl��B ��EFVMES:STM<?Pk@^9;E,C;KM:^K ` EF@=ES:A> i�T j T BD: � KM:AE�KMJOJ?B ��ESW @=BVQKM: 7d687 �&�&( T'K >=< ` C5JOE 6 JOBL �k<OR;nH>A@=:^KQ@=ESn 7X` K 7 R;BM@ ��BD: �IT5KMR5W ` BM:=E&>=BDC59;<O>�@^<OLSKQ@^EFW

` EF@^95B'W;>eBQP E �'C;JOBD<j@^<?R;n @^95E3>=CfKQ@=< KMJ�>A@=:=_;L @^_;:AE ` K 7 6 E3R;EFESW;EFW G4+�9;E3>A@=:=_;L @^_;:AESW

������� KMC;C;:AB8KMLN9�<OR � p Z T �&9;<OLN9 E��'C;J?BD<?@=> @^9;Ee>ACfKQ@=< KMJ�>�@^:A_;LF@=_;:=Ea<OR59;ES:AESR8@d<OR @^95E

` B'W;EFJfKMR;Wb@=9;E&WfKQ@NK'T8<O>,BDR;E&C BD>=>A< 6 J?E�K VDEFR_5E�@^9;KQ@�LSBD_5JOW 6 E�E �'C;JOBD:AESW G, P @^95E�>ACfKQ@=< KMJ

>A@=:=_;L @^_;:AE39fKM>X@^9;E�C5:=BDC ES:�@^<OEF> BMPHK �)KM: �QB[V ��KMR;W;B ` .�<?ESJ?W @^95ESR @^95E)>A@=:=_;L @^_;:AESW

KMC;C5:=B8KMLN9 L KQR 6 E-ES>=C ESLF< KMJ?J 7 E�UESL @^<?VME � r GolES:A9fKMC;>l@^9;E ` BD>�@c< ` C BD:A@^KMR8@�KQ:=E K�PhBD:lPh_;:�@^9;EF:c>A@=_;W 7 <O>/@^9;E�C5:=ESLF<O>AE�:=EFJ KQ@=<OBDR;>A9;<OC

6 EF@ ��ESESRX@^9;E&W;<��gEF:=EFRk@=< KMJ'ESmk_fKQ@=<OBDR5>,_;>=EFW <OR @=9;E ` B'W;EFJfKMR;Wb@=9;E&W;<O>�@^:=< 6 _5@=<OBDR;>l<ORb@^95E

>A@^KQ@^<?>A@=<OL KQJf9;<OEF:^KM:ALN9 7 G�o,:=EFV<?BD_;> ��BD: � 9fKQ>�<OR5W;<OLSKQ@^EFWX@=9fKQ@�>=B ` E�BQP @^9;E�C;:=BMCUEF:A@^<?ES> BMP

@^95E W;<��gEF:=EFRk@=< KMJ*EFmk_fKQ@^<?BDR;>�L KMR5R;BM@ 6 EHB[VDEF:=LSB ` E 6k7 W;KQ@NK5TI>ABX@=9fKQ@�<?P/@^9;E ������>�KM:AE

Y �QZ

Page 205: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

<OR;KMC;C;:ABDC;:=<OKQ@^EQT'@=9;ESR#KQ@=@=E ` C5@^<?R;n @^Bdi;@�K ` BW;EFJ �&<OJ?J 6 E K P KM<?JO_;:AE � � � G�+�9;E :AES>A_;J?@=><OR#>=EFLF@^<?BDR �'G p <?R;W;<OLSKQ@^E�@=9fKQ@�@=9;E :AESJOKQ@^<?BDR;>=95<OC 6 E @ ��EFESR3@^9;E C;:=<?BD:ST WfKQ@^K5T >A@NK @^<O>�@^<?L KMJ

9;<?ES:^KQ:=LN9 7 T�KMR;W�W;<��gEF:=ESR8@=< KMJ�ESmk_fKQ@=<OBDR;>b<?>bLSB ` C;J?E��UG � W;E @NKM<?JOEFW _;R;W;EF:=>A@^KMR;W;<?R;n BMP

@^95<O>�:=EFJ KQ@=<OBDR5>=9;<?Ce<O>�R;EFLSES>A>^KM: 7 @^BbPh_;JOJ 7 E �'C;JOBD:AE�@^9;<?> ` E @^9;BW G

Y[\ q

Page 206: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��� � ��� � ����� �

+�9;<O> @=9;ES>A<O>b<OR8@=:=BW;_;LSEFW K >ACfKQ@=< KMJ�>A@NK @^<O>�@^<?L KMJ ` BW;ESJ PhBD:bLN9;:ABDR;<OL ��KM>�@^<OR5n W5<O>��

E KQ>=Ea@^9fKQ@ ��KM>dW;EF:=<?VMESW Ph:=B ` KMR;W W;<O:AESLF@=J 7 <OR;LFBD:=C BD:^K @^ESW K3> 7 >�@^E ` BMP�W;<��gEF:=ESR8@=< KMJ

ESmk_fK @^<OBMR;>SG, ` CUBM:A@NKQRk@=J 7 TD@^9;E�>=CfKQ@=< KMJfW 7 R;K ` <?LS> ��EF:=E R5BM@ ` BW;ESJ?ESWd@^9;:ABD_;nD9 <OR;>�@NKMR �

@NKQR;ESBD_5>bLSBD:A:=ESJOKQ@^<?BDR;> <OR @^95E WfKQ@^K5T 6 _5@dKM>b:=KQ@^EF>bBMP ` B[VME ` ESR8@b<OR @=9;EeW;<��gEF:=ESR8@=< KMJ

ESmk_fK @^<OBMR;>SG +�9k_;>H@^9;E ` BW;EFJ,C;:=B[V<OW;EFW K ` BM:=EdW;<O:AESL @ KMR5> ��ES: PhBM:-@=9;EXm_5ES>A@=<OBDR BMP

�A9;B � P KM>A@�<?>�@^95E�W;<O>AE KM>AE�>=C;:AE KMW;<?R;n � �3<OR @=9;E�PhBD: ` BMPI@^95E ` KQ@=:=< � <ORbEFmk_fKQ@^<?BDR � G �

KMR;Wa@^95EHC;KM:^K ` EF@=ES: � G,+�9;EH_;>=E-BMPlW;E @^ES: ` <?R;<O>�@^<?L _;C WfKQ@^EF>STf:=KQ@^9;EF:�@^9fKMR >A@=B'LN9;KM>A@=<OLMT

:=EFW;_;LFESW @^9;EbRk_ ` 6 ES:�BQP�C;KM:^K ` EF@=ES:A> <OR�@=9;E ` BW;EFJ T KQR;W KMJOJ?B ��EFW�PhBD: 6 EF@=@=ES:�_;>AEbBMP

@^95E J?< ` <?@=ESW K ` BD_;R8@dBMP�WfKQ@^K3@=9fKQ@ ��KM>XK[VQKM<?J K 6 JOEMG +�9;E#_5>=E BMP�W5EF@^EF: ` <OR;<?>A@=<OL _;C �

WfKQ@=ES> <?>�W;<��gEF:=EFRk@�Ph:=B ` @^95E >A@^KMR;WfKM:AW3>A@^KQ@^<?>A@^<?L KMJ���K 7 BMP,@=9;<OR��k<?R;n;T 6 _5@�KMC5CUESKM:=>�@=B

6 EXE��gEFLF@=<?VDE <OR3@^95<O>->=E @=@^<?R;n;G �#BW;ESJcVQKMJ?<OWfKQ@=<OBDR)L KMJ?LS_;JOKQ@^<?BDR;> �&<?@=9 >A< ` _5J KQ@=ESW3WfKQ@^K

<OR5W;<OLSKQ@^EFWa@=9fKQ@&@^95E KMC5C;:=B8KQLN9#LSKMR TI<ORa>=B ` E->=E @=@=<OR;nD>FTI>=_;LFLSES>A>APh_;J?J 7 :AESLSB[VMES:�@=9;E-@^:=_5E

CfKM:=K ` EF@^EF:�VQKMJ?_;ES>FG�+�9;E LSBMR;W;<?@=<OBDR5>�<OR �&9;<OLN9�@=9;E _;>AE BMP�W;E @^ES: ` <?R;<O>�@^<?L _;C WfKQ@=ES>�<?R

Kb>A@^KQ@^<?>A@^<?L KMJ ` BW;ESJg<O>&KMC;C5:=BDC;:A< KQ@=E R;EFESW#@=B 6 E�Ph_;J?J 7 E��'C;JOBM:=ESWgG

+�9;E ��9;:=BMR;<OL 1 KM>A@=<OR;n � <?>=ESKM>=E ` B'W5ESJ�C BD>�@^ES:A<OBD: W;<O>�@^:=< 6 _5@=<OBDR 9;KMW K Rk_ ` 6 EF:

BMP�m_;KMJO<j@^<OEF>�@^9;KQ@ ` K �QEd<?@-W;<�� LF_;J?@-@=B >=K ` C;JOEQG ��R KMLFLSEFC5@NKMR5LSE >=K ` C;JOEF: ��KM>H_;>AESW

C;:AEFV<OBD_5>=J 7 @^B�nDEFR;ES:=KQ@^E�K :=KMR;W;B ` >^K ` C;J?E�Ph:=B ` @^95E�CUBD>�@^EF:=<OBM:cW;<O>�@^:A< 6 _5@=<OBDR � � � T 6 _'@<?@ ��KQ> 6 BM@=9b>=JOB � KMR;WbW;<��XLS_;Jj@c@^B ` B'W5<?P 7 Gl(�>A<OR;n�E �'<O>A@=<OR;nH�#KM: �QB V LN9fKM<?RX>A< ` _5J KQ@=<OBDR

` EF@^95B'W;> 6 KM>=EFW3BDR3>A@=B'LN9;KM>A@=<OL W 7 RfK ` <?L C;:=BLSEF>=>AES>-KM>�K >�@NKM:�@^<?R;n C BD<OR8@ TgK >A@=:^KQ@=ESn 7

��KM> W5EFVDEFJOBDC ESW KMR;W K >A< ` _5J KQ@=<OBDR KQC;C;:=BDKMLN9 W5ES>=<?nDR;EFW @^9;KQ@d9fKM>X>=< ` <?J KM:A<?@^<?ES> �&<?@=9

@^E ` C ES:AESW � KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` >ST,KMR5W ��KM>dE�UESL @^<jVDEaPhBD:b>=< ` _;J K @^<OR5n#@^95E C BD>�@^ES:A<OBD:

Y[\'Y

Page 207: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

W;EF>=C;<j@^E @=9;E :AES>�@^:=<?LF@=<OBDR;>�BMP�K 6 BD_5R;W;ESW3C;KM:^K ` EF@=ES:�>=CfKQLSEbKMR5W�:=<?W;nDES>�BMP,95<OnD9#C;:=B 6 �

K 6 <?JO<j@ 7 Gd� >=ES:A<OEF> BMP�>=< ` _;J KQ@=<OBDR)E��'CUEF:=< ` EFRk@=> <?R;W;<?L KQ@=Ed@=9fKQ@-@^95E R;E�� ` EF@^95B'W T @^95E

�#���'+��#KQJOnDBD:A<?@=9 ` T'<O>&LSB ` C EF@=<?@^<jVDE �&<j@^9a@^9;E �#� �*� KMR;W >A@^KMR;WfKM:AW):=KMR;W;B ` ��KMJ � G

+�9;E��#���'+�� KQJOnDBD:A<?@=9 ` C;:=B[VDEFW @=B 6 E�>=<?nDR;<jifL KMR8@=J 7 P KM>A@=ES:*@^9fKQR-@=9;E KMLSLFESC5@^KMR;LFE�>=K ` �

C;J?ES:STIKQR;W ��KM>�>=_;LFLSEF>=>APh_5Jl<?R >A< ` _5J KQ@=<OR;n @=9;E ��12� W;EFR;>=<j@ 7 T �&9;<OJ?E-KQ@=@=E ` C5@^> �&<j@^9 K

>A@^KMR;WfKQ:=W :^KQR;W;B ` ��KMJ �3P KM<?JOESW @^B�LFBDR8VDEF:=nDE �&<j@^9;<?R K)JOKM:=nDEXRk_ ` 6 ES: BQP�<?@=ES:^K @^<OBMR;>SG

+�9;E&LSBMRkVMES:AnDESR;LFE�KQR;W ` < �'<OR;n C5:=BDC ES:�@^<OEF>cBMPI@^95E��#� �+��XKMJ?nDBD:A<?@^9 ` ��EF:=E&E��5K ` <OR;EFW

E ` C;<?:=<OLSKMJOJ 7 T 6 _5@�<j@^>�@^95ESBD:AEF@^<?L KMJgC;:=BDC ES:�@^<?ES>&R;ESEFW#@=B 6 E-:=<?nDBD:=BM_;>=J 7 >�@^_;W;<?ESW G

�R >A_ ` ` KM: 7 T[@^9;<?>*@^9;EF>=<O> 9fKQ>/<?R8@^:=BW;_;LFESW K&>ACfKQ@=< KMJD>�@NKQ@=<O>�@^<OLSKMJ ` B'W5ESJDPhBD:/��9;:ABDR;<?L

1 KM>A@=<OR;n � <O>AE KM>AEMT�KQR;W K R;E�� �)KM: �MB[V2LN9fKM<?R2>A< ` _5J KQ@=<OBDR ` EF@=9;BW ��KM>aW;ES>A<OnDR5ESW

@^B0B[VMES:=LFB ` E @^9;E W5<��XLS_;Jj@^<?ES> BQP @=9;E C BD>A@=ES:=<?BD: W5<O>A@=:=< 6 _5@^<?BDR"C5:=BW;_;LSEFW 6k7 @^9fK @

` B'W;EFJ Gc+�95EHR5E�]>A< ` _5J KQ@=<OBDR ` E @^9;BWeC;:=B[V<OW5ESW#KMR KMLSLF_;:^KQ@=EMTfE �5C ESW5<OESR8@STIKMR;W fE��'< �

6 J?E ` E @^9;BWeBMP/C;:AB'W;_5LS<OR5ndKd>=K ` C;JOE�Ph:=B ` @^9;E�C BD>A@=ES:A<OBD:�W;ESR;>A<?@ 7 TIKMR;We@^9;E�C BD>�@^ES:A<OBD:

CfKM:=K ` EF@^EF: EF>A@^< ` K @^ES> ��EF:=E3_;>AESW @=B B 6 @^KM<OR C;:=EFW;<OL @^<OBMR;> K 6 BD_5@e��9;:=BMR;<OL)1 KM>�@^<OR5n

� <O>AE KM>AEMG +�9;E ` BW;ESJ?<OR;n ` EF@=9;BW;BDJOBMn 7 ��KM>&@^ES>�@^EFW�BDR >=< ` _;J KQ@=ESWaWfKQ@^K5T �&<?@=9 ` <��'EFW

:=EF>=_;Jj@^>FT�<?R;W;<?L KQ@=<OR;n @^9fK @ @^95E ` E @^9;BW _5>=ESW 9;EF:=E�9;KM> J?< ` <?@NK @^<OBMR;>SG ��B ��EFVMES:FT�@^95E

�)KM: �MB[VaLN9fKM<?Ra>=< ` _;J KQ@=<OBDRX@^EFLN9;R;<Omk_;EH<OR8@=:=BW;_;LSEFW#95ES:=E �&<?JOJ KQJOJOB � @^95E ` EF@=9;BW;BDJOBMn 7

BMP;@=9;E&��12� ` B'W5ESJ8@^B 6 E�KQC;C;JO<?ESW-@^B BQ@^9;EF:�W;<?>=E KQ>=E ` B'W5ESJO<?R;n&C;:=B 6 JOE ` >FGl @�<O>�95BDCUEFW

@^9;KQ@�@^95E >=< ` _;J K @^<OBMR ` EF@=9;B'We<?R8@^:=BW;_;LFESWe9;EF:=E�B[VDEF:=LFB ` EF>�>=B ` E BMP @=9;E C;:AB 6 JOE ` >�BMP

BM@=9;ES:a� KMR;nMEFV<OR @ 7 CUE KMJ?nDBD:A<?@^9 ` >FT&KMR;W �&<OJ?J 6 E KMR E�UESL @^<?VME3@^BBDJ�PhBD:e>A< ` _5J KQ@=<OR;n

@NKQ:=nDE @ W;EFR;>=<j@^<OEF> �&<j@^9 6 BD_;R;W5ESW CfKM:=K ` EF@^EF: >ACfKMLSEF>ST KM> ��ESJ?J�KQ> @^9;BM>=E �&<j@^9 EF:=:^K @^<OL

nD:=KMW;<OEFR8@ 6 EF9fK V'<?BD_;:FG

Y[\ p

Page 208: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � ������� � � � � � � �� � ��� �H� � ����� � � ��� � �� � � � � � � � ����� � �

+�9;<O>&KMC5CUEFR;W;<��eLSBDR8@NKQ<OR;>�@^95E KQLSLSEFC5@NKQR;LSEH:^KQ@=E-:=ES>A_;J?@=>&BMPl@=9;E-E��'C ES:=< ` EFR8@^>&LSBDR �

W;_;L @^EFWeBDR @^95E�@^:A_;R;LSKQ@^EFWeR;BD: ` KMJIW;<?>A@^:A< 6 _'@^<OBMR;> KMR;W ` _5J?@^<jVQKM:=<OKQ@^E�R;BM: ` KMJfW;<O>�@^:A< 6 _ �

@^<?BDR;>�W;<?>=LF_;>=>AESW)<?Ra>=ESL @^<?BDR r G � G r G

� � � � � � �� � ����� � � � ������� � � ��� � ����� � � � � � � � � ����� ���� ��������

+�9;E,>A@^KMR;WfKM:AW-:^KMR;W5B ` ��KMJ �ITQ�#E @^:=BMCUBDJ?<O>*KQW A_;>A@=ESWH� KMR;nDE V<ORHKMJOnMBD:=<j@^9 ` � �#� �*� � T

KMR;W �#BW;<jifESW KMW A_;>A@=ESW � KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` �&<?@=93+lE ` C ES:AESW >A@=ESC >=< �SE � �#� �+�� �

��ES:=E&_;>AESWd@^B->=< ` _;JOKQ@^E ` _;J?@=<?VQKM:A< KQ@=E�R;BM: ` KMJ5W;<?>A@=:=< 6 _5@^<?BDR;>cBMP <?R;LS:AE KM>A<OR;n�W;< ` EFR;>=<?BDR T

@^:A_;R;LSKQ@^EFW @^B-@^9;E�_;R;<j@�LF_ 6 EMG,+�9;E�W;< ` ESR;>A<OBDR5> ��ES:AE p T � T Y p TKMR;W ��� Gc+�95E�>A@=ESC >A<��FE

��KM>�i �5EFW PhBM:�E KMLN9 ` E @^9;BW KQ@-Y � Y q � � G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G � ZDZ q G � ZDZ q G � ZDZ q G � ZD\

�#��� � q G ��� Y q G � �MZ q G ���Dq q G � �M\

�#���'+�� q G � qDq q G � qDq q G � q Y q G � Z��

� 1 � � � � � � ��LSLFESC5@^KMR;LSEd:=KQ@^EF>�PhBD:�@=9;E ` _;Jj@^<jVMKQ:=< K @^E @^:A_;R;LSKQ@^EFW R5BD: ` KMJ W;<O>�@^:A< 6 _ �@^<?BDR G

� � � � � � �� � ����� � � � ������� � � ���� � ��� � � ���� ��� � ��� � � � ��� ��� ���� � �

+�9;E,>A@^KMR;WfKM:AW-:^KMR;W5B ` ��KMJ �ITQ�#E @^:=BMCUBDJ?<O>*KQW A_;>A@=ESWH� KMR;nDE V<ORHKMJOnMBD:=<j@^9 ` � �#� �*� � T

KMR;W �#BW;<jifESW KMW A_;>A@=ESW � KMR;nDE V'<?R KMJOnDBM:=<?@=9 ` �&<?@=93+lE ` C ES:AESW >A@=ESC >=< �SE � �#� �+�� �

Y[\ �

Page 209: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��ES:=E�_;>=EFW @^B >A< ` _;JOKQ@^E ` _5J?@^<jVQKM:=<OKQ@^E�R;BM: ` KMJIW;<O>�@^:=< 6 _5@=<OBDR;> BMP*<?R;LS:AE KM>A<OR;n W;< ` ESR5>=<OBMR

KMR;W LSBD:A:=ESJOKQ@^<?BDR Gl+�9;E�W;< ` EFR;>=<?BDR;> ��EF:=E p T � T Y p T'KMR;W ��� T'KMR;W @=9;E�J?EFVDEFJO>�BMP*LSBM:=:=EFJ K �

@^<?BDR ��ES:AE q G \��MZ5T q G Z�� q TDKQR;W q G ZDZ p G/��W5W;<?@=<OBDRfKQJ>A< ` _5J KQ@=<OBDR;> ��ES:AE�:=_;RdK @cLSBM:=:=EFJ KQ@=<OBDR

q G ZDZ p �&<j@^93W;< ` EFR;>=<?BDR;> �Mr T,Y rDr T pQqDq T KMR;W �DqMq G +�95EX>�@^EFC >A<��SE ��KM>�i �'ESW PhBD: ESKMLN9

` EF@^95B'W KQ@-Y � Y q�� � T Y � Y q�� � TfKQR;W Y � Y q���� G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G Z � � q G Z � Z q G Z � Z q G Z � \

�#��� � q G Z��MZ q G Z��MZ q G Z��M\ q G Z��M\

�#���'+�� q G Z���� q G Z���� q G Z�� � q G Z�� �

� 1 � � � � � � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � \��QZ5G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q � � G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G Z qMr q G Z q8p q G Z q8p q G Z q��

�#��� � q G \��'Y q G \��'Y q G \��'Y q G \��'Y

�#���'+�� q G \�� � q G \�� p q G \�� p q G \�� �

� 1 � � � � � � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � \��QZ5G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q�� � G

Y[\ r

Page 210: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G \ q Z q G \ q Z q G \ q \ q G \ q Z

�#��� � q G ���M\ q G ���M\ q G ���MZ q G ��� �

�#���'+�� q G ����� q G ��� r q G ��� � q G ��� r

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � \��QZ5G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q ��� G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G ZDZ�� q G Z � Z q G Z � Z q G Z � Z

�#��� � q G ZDZ�� q G Z��M\ q G Z��M\ q G Z��MZ

�#���'+�� q G ZDZ�� q G Z�� � q G Z��M\ q G Z��M\

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � Z�� q G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q�� � G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G Z q8p q G Z q Y q G Z q Y q G Z q8p

�#��� � q G \�� q q G \��'Y q G \��'Y q G \�� q

�#���'+�� q G \�� p q G \�� � q G \�� p q G \�� �

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � Z�� q G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q � � G

Y[\��

Page 211: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G \ q Z q G \ q � q G \ q Z q G \ q \

�#��� � q G ��� � q G ���M\ q G ���M\ q G �����

�#���'+�� q G ��� � q G ��� r q G ��� r q G ��� r

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � Z�� q G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q ��� G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G Z � Z q G Z � Z q G Z � \ q G Z � Z

�#��� � q G Z�� � q G Z��MZ q G Z��M\ q G Z��MZ

�#���'+�� q G Z���� q G Z���� q G Z���� q G Z�� �

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � ZDZ p G,+�9;E->A@=ESC;>�>=< �SE-<O>�Y � Y q�� � G

�#E @^9;BW � < ` � �Qr � < ` � Y rMr � < ` � pMqMq � < ` � �DqMq

�@=W G �*1 q G \D\�� q G \D\ q q G \��M\ q G \ � Y

�#��� � q G \��'Y q G \��'Y q G \��'Y q G \��'Y

�#���'+�� q G \D\ q q G \D\ p q G \D\5Y q G \D\5Y

� 1 � � � ��� � ��LFLSESC'@NKMR;LFEd:^KQ@=ES> PhBD: ESKMLN9 W;< ` ESR5>=<OBMR)PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E-R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � ZDZ p G,+�9;E->A@=ESC;>�>=< �SE-<O>�Y � Y q � � G

Y[\ �

Page 212: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G Z q�� q G Z q8p q G Z q Y q G Z q8p

�#��� � q G \�� � q G \��'Y q G \��'Y q G \��'Y

�#���'+�� q G \�� p q G \�� � q G \�� � q G \�� �

� 1 � � � � � � � ��LFLSEFC5@NKMR5LSE-:^KQ@=ES>�PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E&R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � ZDZ p G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q�� � G

�#E @^9;BW � < ` � p � < ` � � � < ` � Y p � < ` � ���

�@=W G �*1 q G \5Y q q G \ q \ q G \ q \ q G \ q \

�#��� � q G ���MZ q G ���M\ q G ���M\ q G �����

�#���'+�� q G ��� r q G ��� r q G ��� r q G ��� r

� 1 � � � � � � � ��LFLSEFC5@NKMR5LSE-:^KQ@=ES>�PhBD:�E KMLN9 W;< ` ESR5>=<OBMR PhBD:�@=9;E ` _;Jj@^<?VQKM:A< KQ@=E&R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR �&<?@^9aLFBD:=:AESJ K @^<OBMR ��� q � ZDZ p G,+�9;E->A@=ESC)>A<��FEH<?>�Y � Y q ��� G

Y[\��

Page 213: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � ������� � � � 1 ������� � � ���� ������� � � � � � ���� � ��� � �� � � � ���

+�9;<O>�KMC;C ESR;W;< ��LFBDR8@NKM<?R;>�@=9;E @NK 6 JOEF>�PhBD:�@=9;E :AE ` KM<OR;<?R;n ` BW;ESJ VQKMJO<?WfKQ@=<OBDR >=< ` �

_;JOKQ@^<?BDR;>HW;<O>ALS_;>A>=ESW�<?R >=EFLF@=<OBDR �G p G#+�9;E @^K 6 JOEF> PhBD: nD:=BM_;C;> @=9;:=EFEeKMR;W PhBM_;: KM:AE <?R

>=EFLF@=<OBDR �'G p G

� � � � �� � � ��� ����� ���� ������ � ���� ������

+�9;EdnD:=BD_5C BDR5EX>A< ` _5J KQ@=<OBDR�9;KMW3@^9;Ed@^:A_;EdCfKM:^K ` E @^ES: VQKMJ?_;ES>�� >�A ? � q � q �'T i �q � Y q T j � q � q �'TfKMR5W � � q � q YDG

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � q8p � � q � q��8pMq q � q��Dq � q � q��Dq � q � qMqDq �i q � q � � � q � q \ p � q � q \ q � q � q \ qMr q � qMq Y pj q � q Z ��� q � Y q8p � q � Y qDq�� q � Y qDq�� q � qMqDq��

� q � qDq ��� q � q Y q \ q � q Y qDq q � q Y qDq q � qMqDq��

� 1 � � � � � � �&ES>A_;J?@=>dBMP�@=9;EanD:=BM_;C Ya>A< ` _;JOKQ@^<?BDR T �&<j@^9 � >�A ? � q � q �'Tgi � q � Y q Tj � q � q �TfKMR;W � � q � q YMG

� � � � �� � � ����� ���� ������ � ���� ������

+�9;Ea>=ESLFBDR;W nD:=BD_5C BQP�>A< ` _;JOKQ@^<?BDR;> 9fKMW @^:A_;EaCfKM:^K ` E @^ES:A> VQKMJO_;EF>�� >�A ? � q � q �'Ti � q � Y q T j � q � Y �'TfKQR;W � � q � q YDG

Y[\M\

Page 214: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � q�� YDY q � q�� � q q � q�� � p q � q�� � p q � qMq Y �i q � q �Q\ � q � q \��'Y q � q \ �Dq q � q \ � \ q � qMq8p��j q � q ZM\�� q � Y q���� q � Y q8p�� q � Y q8p�� q � qMq Y q

� q � qDq \D\ q � q Y q � q � q Y qMr q � q Y qMr q � qMqDq��

� 1 � � � � � � �&ES>A_;J?@=>dBMP�@=9;EanD:=BM_;C p >A< ` _;JOKQ@^<?BDR T �&<j@^9 � >�A ? � q � q �'Tgi � q � Y q Tj � q � Y �TfKMR;W � � q � q YMG

� � � � �� � ��� � � ��� � �� � ��� � � ���� ���� �

+�9;E @^:A_;E CfKM:=K ` EF@^EF: VQKMJ?_;ES> PhBM: @^9;E @^9;<?:=W nD:ABD_;C BMP�>A< ` _;JOKQ@^<?BDR;> ��ES:=EX� >�A ? �q � q �'T i � q � Y q T j � q � � q TfKMR;W � � q � q YDG,+�9;<O>�@^K 6 JOE � �'GjY ��<O>�>A9;B �&R)<?R >AESL @^<OBMR �G p G

� ��� � �� �a� � � ��� ��� ���� � � ���� � � �

+�9;E�PhBD_;:A@=9 nM:=BD_;CdBMPU>=< ` _;JOKQ@^<?BDR;>�_5>=ESWX@^9;E�@=:=_;E&CfKM:=K ` EF@^EF:=>3� >�A ? � q � q �'T�� � A ? �q � q YDT i � q � Y q T j � q � q �TfKMR;W � � q � q YDG,+�9;<O>�@^K 6 JOE � �'G p ��<O>�>A9;B �&R)<?R >AESL @^<OBMR �G p G

� ��� � �� �a� � � � ��� � �� � � � �k� ���� ���� �

+�9;E nM:=BD_;C � @^:=_5EXC;KM:^K ` EF@=ES:�VQKMJO_5ES>HKM:=E�� >�A ? � q � q �T�� � A ? � q � q YDT�i � q � Y q Tj � q � Y �TfKMR;W � � q � q YMG

� ��� � �� � ��� � ����� ���� ������ � ���� ������

+�9;E#nM:=BD_;C � >=< ` _;J K @^<OBMR;> _;>AESW @=9;Ea@^:=_5E C;KM:^K ` EF@=ES:bVQKMJO_5ES>XKM:=EX� >�A ? � q � q �'T� � A ? � q � q YDT i � q � Y q T j � q � � q TfKMR;W � � q � q YMG

� ��� � �� � � ��� � � ��� � �� � ��� � � ���� ���� �

Y[\MZ

Page 215: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � q8pQq � q � q � p Y q � q����Dq q � q�� ��� q � qMq � p� � A ? q � qDq���� q � qDq Z5Y q � qMq �MZ q � qDq �M\ q � qMq Y �i q � Y p �'Y q � �Dq Z q q � pQq ��� q � pMq��8p q � q ��� pj q � q Z q � q � Y r � � q � Y pMq Z q � YDY[\ � q � q Y �MZ

� q � qDq�� Y q � q Y qDq q � qMq \5Y q � qDq \5Y q � qMq Y q

� 1 � � � � � � �&ES>A_;J?@=> BQP�@^95EXnM:=BD_;C �a>A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q �'T � � A ? � q � q YDTi � q � Y q T j � q � Y �'TfKQR;W � � q � q YDG

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � q Y � � q � q��DqDq q � qDpQrDr q � q8pQrkp q � qMq��Mr� � A ? q � qDqQr8q q � qDq��Mr q � qMq � � q � qDq � p q � qMqDq �i q � q Z�� � q � YDY p \ q � Y qMr \ q � Y qMr�� q � qMqMr8qj q � r \MZ r q � � qMr \ q � r Z �Mr q � r Z �Mr q � qMqMr Y

� q � qDq \5Y q � q Y qDq q � qMq Z q q � qDq Z q q � qMqDq �

� 1 � � � � � � �&ES>A_;J?@=> BQP�@^95EXnM:=BD_;C � >A< ` _5J KQ@=<OBDR T �&<?@^9�� >�A ? � q � q �'T � � A ? � q � q YDTi � q � Y q T j � q � � q TfKQR;W � � q � q YDG

+�9;E nD:ABD_;C � >=< ` _;JOKQ@^<?BDR;>�_;>AESW @^95E @^:A_;E C;KM:^K ` EF@=ES:�VQKMJO_5ES>�� >�A ? � q � q YDT�i �q � Y q T j � q � q �'TfKMR5W � � q � q YDG

� ��� � �� � � � � ��� ��� � �� � ��� � � ���� ���� �+�9;E�nM:=BD_;C \->=< ` _;J KQ@=<OBDR5>c9fK VDE�@^9;E&@^:A_;E�VMKQJO_;EF> PhBD:c@=9;E�CfKM:^K ` E @^ES:A> ��EF:=Eg� >�A ? �

q � q YDT i � q � Y q T j � q � Y �TfKMR;W � � q � q YMG

Y[Z q

Page 216: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � qDqDp�� q � q Y q � q � qMq � p q � qDq �'Y q � qMq8p �i q � qMrMr�� q � � ZD\�� q � Y � qDq q � Y �8pMq q � q Z��'Yj q � q � pDp q � q \D\D\ q � q ���MZ q � q � p � q � qDp��Mr

� q � qDq ��� q � q Y r�� q � qMq Z�� q � qDq Z�� q � qMq8pDp

� 1 � � � � � � �&ES>A_;J?@=>dBMP�@=9;EanD:=BM_;C ��>A< ` _;JOKQ@^<?BDR T �&<j@^9 � >�A ? � q � q YDTgi � q � Y q Tj � q � q �TfKMR;W � � q � q YMG

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � qDqDpMq q � q Y q � q � qMq \�� q � qDq \ p q � qMq����i q � q����Mr q � � � pMq q � � � p Y q � ��� \ q q � Y rDr Zj q � qMr Y[\ q � Y q8pQr q � q � �8p q � q � pMq q � qDp�� Y

� q � qDq�� Y q � q Y p Y q � qMq \ � q � qDq \�� q � qMq Y r

� 1 � � � � � � �&ES>A_;J?@=>dBMP�@=9;EanD:=BM_;C \3>A< ` _;JOKQ@^<?BDR T �&<j@^9 � >�A ? � q � q YDTgi � q � Y q Tj � q � Y �TfKMR;W � � q � q YMG

� ��� � �� � � � ��� ����� ���� ������ � ���� ������

+�9;E @=:=_;E CfKM:=K ` EF@^EF:eVMKQJO_;EF> PhBD:e@=9;E nM:=BD_;C Z >A< ` _5J KQ@=<OBDR;> KM:=E�� >�A ? � q � q YDTi � q � Y q T j � q � � q TfKQR;W � � q � q YDG

Y[Z'Y

Page 217: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

o�KQ:^K ` EF@=ES: � B ��ES:��*< ` <?@ (�C5CUEF:��*< ` <j@ �#ESKMR � ESW;<OKMR �@=Wf� EFV

� >�A ? q � qDq�� Z q � qDq � � q � qMq � � q � qDq � � q � qMqDq Zi q � q Z��'Y q � YDY � � q � Y q � q q � Y qMr�� q � qMqMr��j q � r \ ��� q � � q�� Z q � r Z � � q � r Z r � q � qMq � �

� q � qDq \5Y q � q Y qDq q � qMq Z5Y q � qDq Z5Y q � qMqDqMr

� 1 � � � � � � �&ES>A_;J?@=>dBMP�@=9;EanD:=BM_;C Z3>A< ` _;JOKQ@^<?BDR T �&<j@^9 � >�A ? � q � q YDTgi � q � Y q Tj � q � � q TfKMR;W � � q � q YMG

Y[Z p

Page 218: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � ������� � � � � � ��1 � ���� � � � ��� � ��� � � � ��� � � ��� ��� ���� � �

+�9;<O>/KMC;C ESR5W;<�� LSBDR8@NKQ<OR;>*@^95E LFB'W5E PhBD: @=9;E��)KM: �MB[V-LN9fKM<?R >A< ` _;JOKQ@^<?BDR BMP@^95E�@=:=_;R �

L K @^ESW R;BD: ` KMJ5W;<O>�@^:=< 6 _5@=<OBDRdKMR5WX@=9;E�C BD>�@^ES:A<OBD:,W5<O>A@=:=< 6 _5@^<?BDRd<ORb@^95E ��9;:ABDR;<?L&1 KM>�@^<OR5n

W;<?>=E KQ>=E ` BW;ESJ G +�9;E�LSBW;E ��KM> �&:=<j@=@^EFR KMR;W :=_;R �&<?@^9 �)KQ@=J K 6 T�VDES:A>=<?BDR � T�BDR K

p � p � � olEFR8@^<O_ ` r C5:=BLSES>A>=BD:FT �&<?@=9 p �� ��� � G

� � � ����� ��� ������� � �� � � 1 � 1�� � ��� � � ������ � ���+�9;ES>AE�KM:AEaPh_5R;LF@=<OBDR;>d@^9;KQ@ KM:=Ea_;>AESW @=9;:=BD_5nD9;BD_5@d@=9;E#>A< ` _5J KQ@=<OBDR;>FG�+�9;E 7 KM:AE

@^95EbJOBDn W5ESR;>A<?@ 7 �QES:AR;ESJ?>HBQP @=9;E ` _;Jj@^<jVMKQ:=< K @^E-R;BD: ` KMJlW;<O>�@^:A< 6 _5@=<OBDR)KMR;W3@^95EbR;BD: ` KMJ

W;<?>A@^:A< 6 _'@^<OBMR @^:=_5R;L KQ@=ESWa@^B � q�� Y� G� � � � � � ��������� � � �� � � � � ��� � � � �

+�9;<O>XPh_;R;LF@=<OBDR L KMJ?LS_;JOKQ@^EF> @=9;E �QES:=R5ESJ BMP�@=9;E)J?BDn BQP�@^9;E ` _;J?@=<?VQKM:A< KQ@=EeR;BD: ` KMJ

W;EFR;>=<j@ 7 Ph_;R;LF@=<OBDRgG

������������� ����������������������������� �!�"�#�%$&��'

(�)�* �+,�������������-��."�����/��.����&+,� * �0�������&���1���2� * �3�����4���5� * �6���/���7��.���.����

( �/�����8."�09"����+�7��:3�������������4;�7� * �8��.��3�������/���2���4.��"9<���=��.��/�.�����0�8.����/�>

( $&=�3.��1� * �0��."�=�&��+,�/7�����-7�5� * �2���&���8���1�#?

(

(�@�* �/�+��8�=A * ���3BC?ED&� * �F�HG�I�I�J�?

���"�"K�I ?ML�N������O��9���� �P$&=�/'�'�K�I�?ML&NQ������K=�"�R'QSUT�$8��/'�NV���"K��"��'QW

Y[Z �

Page 219: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � � � � ��������� � � �� � ��� ���� � � � � �

+�9;<O>cPh_;R5LF@^<?BDRdL KMJ?LS_;JOKQ@^EF>c@^9;E �QES:=R5ESJIBMP @^9;E&JOBMn�BMPU@=9;E&R;BD: ` KMJ5W;ESR;>A<?@ 7 Ph_5R;LF@=<OBDR T

@^:A_;R;LSKQ@^EFW#BDR � q�� Y� G

������������� �������������"������ ��������� � ���#�%$&=�'

(�)�* �+,�������������-��."�����/��.����&+,� * �0�������&���1���2� * �3�����4���5� * �0���������.�����9

( ����=�7��.��/�.����1�/�����8.��,9����+�7�":1������������ ;7� * �8��.�� ���&���8���2���4.��"9

( ������.��/�.�����0�8.��"�/�>4$&�� .��1� * �0��."���&�&+6�7�����- �3� * �0�������8���1�C? )�* �

( ���������.������� �+5��� � I ����� �<��.�� * 9/ �8���+����� ? )�* �<���=�&.��/�.������,�8.����/=>

( ����+����&�,9/�.��&���&.��2�&���5� * �+ �8�6;8�����C?

(�@�* �/�+��8�=A * ���3BC?ED&� * �F�HG�I�I�#?

������������U'VW �����O�� 'QW

�"���"���������&�������"�����������#��� �!���C�%$8��'QW

( �+��0� * �1�����5�8�6�����5� * �6������8."� �=9��3.�� I5.��"9�� �&��� ��.�� * 9/ �8���+�����

(

.���� �7� ����K�����'F?%T"+������ �%9/�.��O�U$&=�/'�N�G8'QW

.�����I�� �PI�K�����'F?%T"+������ �%9/�.��O�U$&=�/'�N�G8'QW

�=9�� �7��I ?ML&N������O�U.�������'���I ?ML W

�=9���I���I ?ML&N������O�U.����"I&'���I ?ML W

Y[Z r

Page 220: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(�) �������.������� A&.����

�� �PI��=� �����/'�'�� � �8.�>O���/'�� ��'

���"��K8 �"� W

�"��+��

���"���������������&K�+7���C� �����O� �=9�����K&�=9��"I8'�'QW

���"9

(�(

� � � � ��� � � � ��� ��� ��� � � � ��� � ����� ��� � � ��� � � � ��� � �� 1 ���� � �

+�9;<O> LFB'W5E ��KM>-_;>AESW @^Be>A< ` _;JOKQ@^E KeR;BD: ` KMJ/W;<O>�@^:A< 6 _5@=<OBDR#@^:=_5R;L KQ@=ESW @^B @=9;Eb<OR �

@^EF:AVQKMJ � q�� Y Gb+�9;Ed>A< ` _;JOKQ@^<?BDR ` EF@=9;B'W5> ��EF:=Ed@^9;EXKMJ?nDBD:=<j@^9 ` r G r T @=9;E �#� �*� T KQR;W

@^95EH>�@NKMR5WfKM:=W :^KQR;W;B ` ��KMJ � T;KMJOJ W5<O>=LF_;>=>AESW#<ORaLN9fKMC5@=ES: r G

� � � � � � � � � � � � � � ���� � ��� � � � � �

+�9;<O>�C;:ABDnD:=K ` C ES:APhBM: ` >&K � � �'+��a>A@=ESC TIK �#� �*� >A@=ESC TIKQR;W)Kd>A@^KMR;WfKQ:=W :^KMR �

W;B ` ��KMJ �)>�@^ESC PhBD: @^95Ed@=:=_;R5L KQ@=ESW R;BD: ` KMJcW5<O>A@=:=< 6 _5@^<?BDR G +�9;EdC;:=BDnM:^K ` LSKMJOLF_;J K @^ES>

@^95E KMLFLSEFC5@NKMR5LSE :=KQ@^E KMR;W @^9;EHCUBQ@^ESR8@=< KMJ*>AL KMJ?E :AESW;_;L @^<?BDR)_;>A<OR;nXi;VDE :=_;R5>��&9;<?LN93KM:AE

>A@^KM:A@=ESWaPh:=B ` :^KMR5W;B ` <?R;<?@=< KMJIVQKMJO_;EF>SG

;�.����� �"� �����

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

Y[Z��

Page 221: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

.�����;"���"���8��+Q�PL ����'QW

.����/� * ���������&��+Q�UL ����'QW

.��&��.��"���������&��+Q�UL ����'QW

��;��&.����7�������&��+Q�UL ����I�I�I�I&'QW

��.�������.��������"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * �=��.��������"���&�"+Q�PL ���"I�I�I�I&'VW

��;��&.��"G��������&��+Q�UL ����I�I�I�I&'QW

��.�������.��"G����"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * �=��.��"G����"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * ��� * .�� �7���"���8��+Q��� ����I�I&'QW

�8� * ��� * .��&G����"���8��+Q��� ����I�I&'QW

��.������ * .�� �7���"���8��+Q��� ����I�I&'QW

��.������ * .��&G����"���8��+Q��� ����I�I&'QW

��;�� * .�� �7���"���&��+V��� ����I�I&'QW

��;�� * .���G����"���&��+V��� ����I�I&'QW

�&���1������+�� � ML

D�����I�?�����N��=�&��+Q��9 �C����'VW

���9"�&+���D��#W

@ ��$&=����I ?MI�I�I�I ��N���:"� ��9 �R'QW

@ ��$&=�O��� ����'=��I ?MI�I � W

�7��� ����I W

�7����G���I W

Y[Z �

Page 222: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�7���"J���I W

� @�* .8 ������I�I�I�I W

� * ���&.�I�.��������&��+Q�%9/ �C� � @�* .& �R'QW

� * ���&.�I����������&��+Q�%9/ �C� � @�* .& �R'QW

� * ���&.�I����������&��+Q�%9/ �C� � @�* .& �R'QW

(�� ����+5+��&.�������9<.��5�".���9&�7� A/�" �"�/+ ?

� * ���&.�I�. �������'=����.��"9O��9 �C����'VW

� * ���&.�I����������'=��� * ����.�I�. �������'QW

� * ���&.�I��Q�������'=��� * ����.�I�. �������'QW

���=��A�+�.=��A �����"���&�"+Q��9/ � ����'QW

���=��A�+�.=��A&G����"���&�"+Q��9/ � ����'QW

���=��A�+�.=��A�J����"���&�"+Q��9/ � ����'QW

������A��+�� �7�&�������������� �"�����M� * ����.�I�. � �����'V� D��C� @ ��$8=�/'QW

������A��+���G��&�������������� �"�����M� * ����.�I��#� �����'V� D��C� @ ��$8=�/'QW

������A��+��"J��&�������������� �"�����M� * ����.�I��V� �����'V� D��C� @ ��$8=�/'QW

�&���5�"��G � @�* .&7�

���=��A+�.=��A �7��� * ����.�I�. ����M��K ��'QW

���=��A+�.=��A&G���� * ����.�I�������M��K ��'QW

���=��A+�.=��A�J���� * ����.�I��Q����M��K ��'QW

� ���=��A�+�.=��A � �U������A��+�� ���"���8� * ��;�7�/� * �M�����"A+�.��"A � � ������A���+�� ��'QW

� ���=��A�+�.=��A&GO�U������A��+���G�"����.��"��;�7�/� * �M�����"A+�.��"A&G � ������A���+���G/'QW

� ���=��A�+�.=��A�J �U������A��+��"J �"����;�;��� * ���&�=��A�+�.=��A&J �U������A/��+��"J8'QW

� * ����.�I�. ����M�'=��������A+�.=�"A � W

� * ����.�I�������M�'=��������A+�.=�"A&G W

Y[Z��

Page 223: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� * ����.�I��Q����M�'=��������A+�.=�"A�JOW

���"9

�8� * ����.����R�%�����+V��U'=��� * ����.�I�. ��� � 'VW

��.��"����.����R�%�����+V��U'=��� * ����.�I��#��� � 'VW

��;���.����R�������+V� U'���� * ���&.�I��Q��� � 'QW

�8� * ����.��"G �%�����+V��U'=��� * ����.�I�. �PGO� 'VW

��.��"����.��"G �%�����+V��U'=��� * ����.�I��#�PGO� 'VW

��;���.��"G �������+V� U'���� * ���&.�I��Q�PGO� 'QW

.����8� * �V�������+�'=�&����� ��T � @�* .& �CW

.��&��.��"�O�������+�'=�&������G"T � @�* .& �CW

.�����;��������+"'=�&�7����J�T � @�* .& �#W

���"9

�&���5�"� � ���I�I

�8� * ��� * .�� � �M�'=��.&+�+���+�+V� �8� * ����.���� � ���� �����I�I&N��'�'�'QW

�8� * ��� * .���G �M�'=��.&+�+���+�+V� �8� * ����.��"G � ���� �����I�I&N��'�'�'QW

��.��"��� * .�� � �M�'=��.&+�+���+�+V� ��.��"����.���� � ���� �����I�I&N��'�'�'QW

��.��"��� * .���G �M�'=��.&+�+���+�+V� ��.��"����.��"G � ���� �����I�I&N��'�'�'QW

��;�� * .�� �R�M��'=��.�+�+���+�+Q����;���.���� ������ �����I�I&N��'�'�'QW

��;�� * .���G �M��'=��.�+�+���+�+Q����;���.��"G ������ �����I�I&N��'�'�'QW

���"9

� � � � � � ��������� � � � � ��� � � ����� � �

Y[ZM\

Page 224: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<O>�Ph_;R5LF@^<?BDR CUEF:APhBD: ` >�@=9;E @^E ` C ES:AESW T ` B'W5<?ifEFW �/KQR;nDEFV<?R >�@^ESC PhBD: KMJ?nDB �

:=<j@^9 ` r G r BMR @=9;E�@^:=_5R;L KQ@=ESW R;BD: ` KMJgW;<O>�@^:=< 6 _5@=<OBDR W5<O>=LF_;>=>AESW�<?Re>=EFLF@^<?BDR r G � G r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"���8� * ��;�7�/� * � ����9�A&.��/+F�U����9�A/��+��'

(�)�* �+,�������������3A&�����8������+2.6���9/�����9��".��"����� � +��&��A3�8���

( .0����������.�����95�/�����8."�09/�+=���/����"����� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW

�����8����9�������9�A/��+=��W

(�� A�A"�&��>/ �8.����=� ���5� * �2���".�9/������C?

* ��I�?MI�I�I�I�I�I�I�I�LOW

(

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW

9"�"�=A&.����������&��+Q�� ��� ����'QW

+ * =���"���"���&��+Q��� ��� ����'VW

A/��+=���������/.�>������������������ �"����� ���9"�&+V� D��C� @ ��$8=�/'QW

Y[ZMZ

Page 225: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.��O�M�'�� ����T * '�NQ� ��������������� �����#� ����9�A8.��8+ �8+ * =����� D"�#� @ ��$&��/'�K"�����/����9/'FW

+ * ���� �M�'=�"I W

���"91���".�9&����9���9"�"��A&.�� W ��2�/�����C�����".�98����9 �%G8'=����I

����� * ����.�������9�A&.��/+VW

�"��+��

9/��������".�9&����9&T��/�����#������.�9&����9��%G8'QW

+�����A&� �P$�� � '�NQ� A/�"+����������8.�>"K"�����8����9 � ��'VW

( +�����A�� �PI ?�L�N�$�� � ? � G&'�NV� A/��+��"�������/.�>"K"�����&����9 � ��'VW

����� * ����.�������9�A&.��/+��&+�����AN=9/���W

���"95� * ����.�A"�&�=A����"�������"9O� �"��� * ���&. �P$�� � ����'VS�W

( � * ����.�A"�8��A��&��+7�"�����"9 � ����� * ���&. �P$�� � ����'QS�W

��0�R ����� * ����.�A"�&��A�'���I � �8.�>O�M� * ����.�A��&��A�'�� �

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

�"��+��

�������8��;"����������������� �"������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

9"�"��A8.����&��;����"���&�"+Q��� ��� ����'QW

+ * ����"���"���8��+Q��� �� ����'QW

�&���5�"� � � ���

+ * ������M�'=� * W

9"�"��A&.����&��; ���'=� ����T * '�N ?�?�?

?�?�?�� �������������� �"���#�M� * ���&.�A"�&��A �8+ * =����� D��C� @ ��$8��/'�K"�������&��;'FW

pMqMq

Page 226: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+ * ������M�'=��IOW

���"9

���".�9��&��;"��9��"��A&.����&��;�W

9/����8��;"������.�9��&��;/T��/�����C�����".�9��&��;��PG8'QW

+�����A��&��;"� �U$�� � '�NV� A/��+��"�������8.�>"K��������&��;�����'QW

( +�����A��&��;"�O�PI ?ML�N�$�� � ? � G&'�NQ� A��+=���������8.�>�K"�������&��;�����'QW

�����&��;"��� * ����.�A"�&�=A��&+�����A��&��;/N�9/=���8��;�W

��."��A * .����������&��;�K������&����9 �����������������7�"���#��� * ���&.�A"�8�=A#�!����� * ����. �%$ � � 'F?"?�?

?�?�?MK��������������� �"����� ����9�A&.��8+V� �����&��;#�%$�� � 'QW

��<�����O����.��"9O��� ����'�' ����."��A * .

�7��� �7�8�7��� � ��� W

�&��;�A&.��8+���� * ����.�A"�8��A#W

�&��;�A/�"+��"���������&��;�W

�"��+��

�&��;�A&.��8+�������9�A&.��8+FW

�&��;�A/�"+��"�������&����9 W

���"9

���"9

(

� � � � � � ��������� � � ������� � � ����� � �

+�9;<O>�Ph_5R;LF@=<OBDR C ES:�PhBD: ` >,K�� KMR;nMEFV<ORd� EF@^:ABDC BDJO<?>�>A@=ESCbPhBD:�@=9;E�@=:=_;R;LSKQ@^EFWdR;BD: ` KMJ

W;<?>A@^:A< 6 _'@^<OBMReW;<O>ALS_;>A>=ESW#<ORa>=EFLF@=<OBDR r G � G r G

pMq Y

Page 227: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"����.��"��;�7�/� * � ����9�A&.��/+F�U����9�A/��+��'

(�)�* �+,�������������3A&�����8������+2. �".��"�"��� �-+�����A4�&���

( .0����������.�����95�/�����8."�09/�+=���/����"����� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW �����&����9"������9�A��+���W

(�� A�A"�&��>/ �8.����=� ���5� * �2���".�9/������C?

* ��I�?MI�I�I�I�I�I�I�I�LOW

(

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW 9"�"��A&.������"���8��+Q��� �� ����'QW + * ����"���"���8��+Q��� �� ����'QW

�&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.��O�M�'�� ����T * '�NQ� ��������������� �����#� ����9�A8.��8+ �8+ * =����� D"�#� @ ��$&��/'�K"�����/����9/'FW

+ * ���� �M�'=�"I W

���"91���".�9&����9���9"�"��A&.�� W

����� * ����.��&����9�A&.��8+�� �P$ � � '�N=���".�9&����9�W

pMqDp

Page 228: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( ���"� * ����.�������9�A8.��8+�� �UI ?ML�N�$ � � ? � G&'�N=����.�9&����9 W

� * ����.�A"�&�=A����"�������"9O� �"��� * ���&. �P$�� � ����'VS�W

( � * ����.�A"�8��A��&��+7�"�����"9 � ����� * ���&. �P$�� � ����'QS�W

��0�R ����� * ����.�A"�&��A�'���I � �8.�>O�M� * ����.�A��&��A�'�� �

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

�"��+��

�������8��;"����������������� �"������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

9"�"��A8.����&��;����"���&�"+Q��� ��� ����'QW

+ * ����"���"���8��+Q��� �� ����'QW

�&���5�"� � � ���

+ * ������M�'=� * W

9"�"��A&.����&��; ���'=� ����T * '�NQ� �������������� �������M� * ����.�A��&��A �&+ * ������ D"�#� @ ��$&��/' ?�?�?

?�?�?MK"�������&��;�'QW

+ * ������M�'=��IOW

���"9

���".�9��&��;"��9��"��A&.����&��;�W

�����&��;"��� * ����.�A"�&�=A�� �P$�� � '�N=����.�9��&��;#W

( �����8��;"��� * ����.�A"�8��A�� �PI�?ML�N�$�� � ? � G8'�N=����.�9��&��;#W

��."��A * .����������&��;�K������&����9 �����������������7�"���#��� * ���&.�A"�8�=A#�!����� * ����. �%$ � � 'F?"?�?

?�?�?MK��������������� �"����� ����9�A&.��8+V� �����&��;#�%$�� � 'QW

��<�����O����.��"9O��� ����'�' ����."��A * .

�7����G��8�7����G ��� W

�&��;�A&.��8+���� * ����.�A"�8��A#W

pMq��

Page 229: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&��;�A/�"+��"���������&��;�W

�"��+��

�&��;�A&.��8+�������9�A&.��8+FW

�&��;�A/�"+��"�������&����9 W

���"9

���"9

(

� � � ��� � ��������� � � � � � ������� � �

+�9;<O> Ph_5R;LF@=<OBDR C ES:�PhBD: ` >eK >A@^KMR;WfKQ:=W :^KMR5W;B ` ��KMJ � �#E @^:ABDCUBMJO<O> >A@=ESC PhBD: @^95E

@^:A_;R;LSKQ@^EFW#R;BM: ` KMJ W;<?>A@^:A< 6 _'@^<OBMRe<ORe>=EFLF@=<OBDR r G � G r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"����;�;��� * � ����9�A8.��8+V� ����9�A���+��'

(�)�* �+,�������������3A&�����8������+2.2�".��"9&��� ;&."�=�5D�B +=����A �&���

( � * �,;��/� * S + * .��39�+����/ �������=� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW

pMqQr

Page 230: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�����8����9�������9�A/��+=��W

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW

( $�� � ��I ?ML&N�$�� � ? � G W

����A �7���"���8��+Q��� �� ����'QW

� * ����.�A"�&�=A�������9�A&.��8+����"���"����9O�����"A � �%$ � � ����'VS�W

( � * ����.�A"�8��A�������9�A&.��8+ �&��+ �"�"����9O�����"A � �P$�� � ����'QS�W

(�� ���������3��."�=�&��+1�����/+"�9"�4��� � I �����C?

��0�R ����� * ����.�A"�&��A�'���I � �8.�>O�M� * ����.�A��&��A�'�� �

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

�"��+��

�������8��;"����������������� �"������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

��."��A * .����������&��;�K������&����9 W

��<�����O����.��"9O��� ����'�' ����."��A * .

�7���"J��8�7���"J ��� W

�&��;�A&.��8+���� * ����.�A"�8��A#W

�&��;�A/�"+��"���������&��;�W

�"��+��

�&��;�A&.��8+�������9�A&.��8+FW

�&��;�A/�"+��"�������&����9 W

���"9

���"9

pMq �

Page 231: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(

� � � � ��� � � � ��� ��� ��� � � � ��� � � � � � � ��� � �� 1� ��� ���

+�9;<O>lLSBW;E ��KQ>c_;>=EFWb@^B�>=< ` _;JOKQ@^E�K ` _;Jj@^<jVMKQ:=< K @^E�R;BD: ` KMJW;<?>A@^:A< 6 _'@^<OBMR G +�9;E�>=< ` �

_;JOKQ@^<?BDR ` E @^9;BW;> ��EF:=E @=9;E KMJOnDBM:=<?@=9 ` r G r Tf@=9;E � � �*� TUKMR;W @^9;EH>A@^KMR;WfKM:AW�:^KQR;W;B `

��KMJ �ITIKMJ?JgW;<?>=LS_5>=>=EFW�<OReLN9;KMC5@^EF: r G

� � � � � � � � � � � � � � � � � � � � � � � �

+�9;<O>�C;:ABDnD:=K ` C ES:APhBM: ` >&K � � �'+��a>A@=ESC TIK �#� �*� >A@=ESC TIKQR;W)Kd>A@^KMR;WfKQ:=W :^KMR �

W;B ` ��KMJ �a>A@=ESC3PhBD:�@^9;E R;BD: ` KMJ/W;<O>�@^:A< 6 _5@=<OBDRgG�+�9;EbC5:=BDnD:=K ` L KMJ?LS_;JOKQ@^EF>�@=9;E KMLFLSEFC �

@NKQR;LSE :^KQ@=E KMR;W @^9;E CUBM@=ESR8@^<OKMJ�>=LSKMJOE :=ESW5_;LF@=<OBDR _;>=<?R;n)i;VME :=_;R5> �&9;<?LN9�KM:=EX>A@^KM:A@=ESW

Ph:=B ` :^KQR;W;B ` <?R;<?@=< KMJIVQKMJO_5ES>SG

(�)�* �,�����&�2��."���&�&+ ;����� �&�

( �"�"���"9O�������&��+Q�%9/ �C����'Q������K�� * �"'�N���:"� �%9/ � '���� * �"N����8�&+Q��9� �C�M9� �R'�' ?

;�.����� �"� �����

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

.�����;"���"���8��+Q�PL ����'QW

.����/� * ���������&��+Q�UL ����'QW

.��&��.��"���������&��+Q�UL ����'QW

��;��&.����7�������&��+Q�UL ����I�I�I�I&'QW

pMq��

Page 232: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��.�������.��������"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * �=��.��������"���&�"+Q�PL ���"I�I�I�I&'VW

��;��&.��"G��������&��+Q�UL ����I�I�I�I&'QW

��.�������.��"G����"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * �=��.��"G����"���&�"+Q�PL ���"I�I�I�I&'VW

�8� * ��� * .�� �7���"���8��+Q��� ����I�I&'QW

�8� * ��� * .��&G����"���8��+Q��� ����I�I&'QW

��.������ * .�� �7���"���8��+Q��� ����I�I&'QW

��.������ * .��&G����"���8��+Q��� ����I�I&'QW

��;�� * .�� �7���"���&��+V��� ����I�I&'QW

��;�� * .���G����"���&��+V��� ����I�I&'QW

�&���1������+�� � ML

D����������&��+Q�%9/ �C����'QW

���9"�&+���D��#W

@ ��$&=��� ����K�� * �"'�N���:"� ��9 �R' ��� * �"N��=�8��+Q�%9 �C��9 �R'VW

�7��� ����I W

�7����G���I W

�7���"J���I W

� @�* .8 ������I�I�I�I W

� * ���&.�I�.��������&��+Q�%9/ �C� � @�* .& �R'QW

� * ���&.�I����������&��+Q�%9/ �C� � @�* .& �R'QW

� * ���&.�I����������&��+Q�%9/ �C� � @�* .& �R'QW

( � �����."�" �"�1�����+0.��3�".��"98�7� A/�" ���+ ?

pMq �

Page 233: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� * ���&.�I�. �������'=�&� * ���V� @ ��$&��/'�N=��.���9�����9 �C����'VW

� * ���&.�I����������'=��� * ����.�I�. �������'QW

� * ���&.�I��Q�������'=��� * ����.�I�. �������'QW

���=��A�+�.=��A �����"���&�"+Q��9/ � ����'QW

���=��A�+�.=��A&G����"���&�"+Q��9/ � ����'QW

���=��A�+�.=��A�J����"���&�"+Q��9/ � ����'QW

������A��+�� �7�&�������"�����������#�M� * ���&.�I�. � �����'V� D��#� @ ��$&=�'QW

������A��+���G��&�������"�����������#�M� * ���&.�I ��� �����'V� D��#� @ ��$&=�'QW

������A��+��"J��&�������"�����������#�M� * ���&.�I&�Q� �����'V� D��#� @ ��$&=�'QW

�&���5�"��G � @�* .&7�

���=��A+�.=��A �7��� * ����.�I�. ����M��K ��'QW

���=��A+�.=��A&G���� * ����.�I�������M��K ��'QW

���=��A+�.=��A�J���� * ����.�I��Q����M��K ��'QW

� ���=��A�+�.=��A � �U������A��+�� ���"���8� * �=������/.��V�M�&����A+�.���A �Q�U������A/��+�� ��'QW

� ���=��A�+�.=��A&GO�U������A��+���G�"����.��"��������/.��V�M�&����A+�.���A&G �U������A/��+��8G&'QW

� ���=��A�+�.=��A�J �U������A��+��"J �"����;��/�����8."�F�����=�"A�+�.=�"A&JO�U�"����A/��+��"J8'FW

� * ����.�I�. ����M�'=��������A+�.=�"A � W

� * ����.�I�������M�'=��������A+�.=�"A&G W

� * ����.�I��Q����M�'=��������A+�.=�"A�JOW

���"9

�8� * ����.����R�%�����+V��U'=��� * ����.�I�. ��� � 'VW

��.��"����.����R�%�����+V��U'=��� * ����.�I��#��� � 'VW

��;���.����R�������+V� U'���� * ���&.�I��Q��� � 'QW

�8� * ����.��"G �%�����+V��U'=��� * ����.�I�. �PGO� 'VW

pMq \

Page 234: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��.��"����.��"G �%�����+V��U'=��� * ����.�I��#�PGO� 'VW

��;���.��"G �������+V� U'���� * ���&.�I��Q�PGO� 'QW

.����8� * �V�������+�'=�&����� ��T � @�* .& �CW

.��&��.��"�O�������+�'=�&������G"T � @�* .& �CW

.�����;��������+"'=�&�7����J�T � @�* .& �#W

���"9

�&���5�"� � ���I�I

�8� * ��� * .�� � �M�'=��.&+�+���+�+V� �8� * ����.���� � ���� �����I�I&N��'�'�'QW

�8� * ��� * .���G �M�'=��.&+�+���+�+V� �8� * ����.��"G � ���� �����I�I&N��'�'�'QW

��.��"��� * .�� � �M�'=��.&+�+���+�+V� ��.��"����.���� � ���� �����I�I&N��'�'�'QW

��.��"��� * .���G �M�'=��.&+�+���+�+V� ��.��"����.��"G � ���� �����I�I&N��'�'�'QW

��;�� * .�� �R�M��'=��.�+�+���+�+Q����;���.���� ������ �����I�I&N��'�'�'QW

��;�� * .���G �M��'=��.�+�+���+�+Q����;���.��"G ������ �����I�I&N��'�'�'QW

���"9

(

� � � � � � ��������� � � � � ��� � ��� � � � �

+�9;<O>�Ph_;R5LF@^<?BDR CUEF:APhBD: ` >�@=9;E @^E ` C ES:AESW T ` B'W5<?ifEFW �/KQR;nDEFV<?R >�@^ESC PhBD: KMJ?nDB �

:=<j@^9 ` r G r BMR @=9;E-R;BD: ` KMJUW;<O>�@^:=< 6 _5@=<OBDReW;<?>=LF_;>=>AESW)<?Ra>=ESL @^<?BDR r G � G r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"���8� * �=������/.��V� ����9�A&.��/+V�U�"��9�A/��+��'

(�)�* �+,�������������3A&�����8������+2.6���9/�����9��".��"����� � +��&��A3�8���

pMq Z

Page 235: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( .,D�� � 9/�+��"�/����������� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW

�����8����9�������9�A/��+=��W

(�� A�A"�&��>/ �8.����=� ���5� * �2���".�9/������C?

* ��I�?MI�I�I�I�I�I�I�I�LOW

(

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW

9"�"�=A&.����������&��+Q�� ��� ����'QW

+ * =���"���"���&��+Q��� ��� ����'VW

A/��+=���������/.�>����������"�����&������� ����9���+F� D��#� @ ��$&=�'QW

�&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.��O�M�'�� ����T * '�NQ� �������"�����&������� ����9�A8.��8+��8+ * ����#� D�� � @ ��$/��/'�K&�����&�"��9/'QW

+ * ���� �M�'=�"I W

���"9

p Y q

Page 236: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

���".�9&����9���9"�"��A&.�� W

��2�/�����C�����".�98����9 �%G8'=����I

����� * ����.�������9�A&.��/+VW

�"��+��

9/��������".�9&����9&T��/�����#������.�9&����9��%G8'QW

+�����A&� �P$�� � '�NQ� A/�"+����������8.�>"K"�����8����9 � ��'VW

( +�����A�� �PI ?�L�N�$�� � ? � G&'�NV� A/��+��"�������/.�>"K"�����&����9 � ��'VW

����� * ����.�������9�A&.��/+��&+�����AN=9/���W

���"9

� * ����.�A"�&�=A����"�������"9O� �"��� * ���&. �P$�� � ����'VS�W

( � * ����.�A"�8��A��&��+7�"�����"9 � ����� * ���&. �P$�� � ����'QS�W

�������&��;"���������"���"����������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

9"�"�=A&.����&��;"���"���8��+Q��� �� ����'QW

+ * =���"���"���&��+Q��� ��� ����'VW

�&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.����&��;��M�'=� ����T * '�NV� �����������"���������M� * ����.�A��&��A �8+ * ������ D"�#� @ ��$&��/'�K"�������&��;R'QW

+ * ���� �M�'=�"I W

���"9

���".�9��&��;"��9"�"��A&.����&��;�W

p YMY

Page 237: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

9/����&��;"�����".�9��&��;8T��/�����#�����".�9��8��;#�%G8'QW

+�����A��&��;"�O�P$�� � '�NQ� A/��+=���������/.�>�K"�������&��;�� ��'VW

( +��&��A��&��;�� �PI ?ML&N�$�� � ? � G&'�NQ�MA/�"+��"�������/.�>"K"�������&��;�� ��'VW

�����8��;"��� * ����.�A"�8��A��&+��&��A��&��;N=9����&��;�W

��."�=A * .����������&��;&K"�����&����9 ��?�?�?

?�?�?P�������"�����������#�M� * ���&.�A"�&��AC�!�"��� * ����.O�P$�� � '�K"�������"���"�&�����C� ����9�A&.��8+ �!�����/��;��%$ � � 'FW

��<�����O�%�".��"9O��� ����'�'��"��."��A * .

�7��� ���&�7��� � � � W

�&��;�A8.��8+���� * ����.�A��&��A#W

�&��;�A��+��"���������&��;#W

�"��+��

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

���"9

(

� � � � � � ��������� � � ��������� ��� � � � �

+�9;<O>HPh_;R;LF@=<OBDR CUEF:APhBD: ` >H@^9;Ee� KMR5nDEFV<OR >A@^EFC BDR @=9;E R;BD: ` KQJ W5<O>A@=:=< 6 _5@^<?BDR W5<O>��

LS_5>=>=EFW�<ORe>AESL @^<OBMR r G � G r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"����.��"��������/.��V� ����9�A&.��/+V�U�"��9�A/��+��'

(�)�* �+,�������������3A&�����8������+2.2�"�����/��.����".��"�"��� �-+�����A4�&���

p Y p

Page 238: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( .,D�� � 9/�+��"�/����������� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW

�����8����9�������9�A/��+=��W

(�� A�A"�&��>/ �8.����=� ���5� * �2���".�9/������C?

* ��I�?MI�I�I�I�I�I�I�I�LOW

(

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW

9"�"�=A&.����������&��+Q�� ��� ����'QW

+ * =���"���"���&��+Q��� ��� ����'VW

�&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.��O�M�'�� ����T * '�NQ� �������"�����&������� ����9�A8.��8+��8+ * ����#� D�� � @ ��$/��/'�K&�����&�"��9/'QW

+ * ���� �M�'=�"I W

���"9

p Y �

Page 239: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

���".�9&����9���9"�"��A&.�� W

����� * ����.��&����9�A&.��8+�� �P$ � � '�N=���".�9&����9�W

( ���"� * ����.�������9�A8.��8+�� �UI ?ML�N�$ � � ? � G&'�N=����.�9&����9 W

� * ����.�A"�&�=A����"�������"9O� �"��� * ���&. �P$�� � ����'VS�W

( � * ����.�A"�8��A��&��+7�"�����"9 � ����� * ���&. �P$�� � ����'QS�W

�������&��;"���������"���"����������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

9"�"�=A&.����&��;"���"���8��+Q��� �� ����'QW

+ * =���"���"���&��+Q��� ��� ����'VW �&���5�"� � � ���

+ * ���� �M�'=� * W

9"�"��A8.����&��;��M�'=� ����T * '�NV� �����������"���������M� * ����.�A��&��A �8+ * ������ D"�#� @ ��$&��/'�K"�������&��;R'QW

+ * ���� �M�'=�"I W

���"91���".�9��&��;"��9"�"��A&.����&��;�W �����&��;"��� * ����.�A"�&�=A�� �P$�� � '�N=���&.�9��&��;�W

( �����&��;"��� * ����.�A��&��A�� �UI ?ML�N�$ � � ? � G&'�N=����.�9��8��;�W

��."�=A * .����������&��;&K"�����&����9 ��?�?�?

?�?�?P�������"�����������#�M� * ���&.�A"�&��AC�!�"��� * ����.O�P$�� � '�K"�������"���"�&�����C� ����9�A&.��8+ �!�����/��;��%$ � � 'FW

��<�����O�%�".��"9O��� ����'�'��"��."��A * .

�7����G��&�7����G � � W

�&��;�A8.��8+���� * ����.�A��&��A#W

�&��;�A��+��"���������&��;#W

�"��+��

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

���"9

p Y r

Page 240: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(

� � � ��� � ��������� � � � � �� ��� � � � �

+�9;<O> Ph_5R;LF@=<OBDR C ES:�PhBD: ` >eK >A@^KMR;WfKQ:=W :^KMR5W;B ` ��KMJ � �#E @^:ABDCUBMJO<O> >A@=ESC PhBD: @^95E

` _;Jj@^<jVMKQ:=< K @^E�R;BD: ` KMJ W5<O>A@=:=< 6 _5@^<?BDReW;<?>=LS_5>=>=EFW)<?R >AESL @^<OBMR r G � G r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"����;��/�����8."�F� ����9�A8.��8+F� ����9�A/��+��R'

(�)�* �+,�������������3A&�����8������+2.2�".��"9&��� ;&."�=�5D�B +=����A �&���

( � * �6D��5�/�����8."�09/�+��"�/����������� ?

(

(�@�* �/�+��8�=A * ���1D&� * �F�HG�I�I�C?

�&��� �&."�6D�� @ ��$&�� �7��� �0������G4�7���"J,���9"�&+69 � � * �FW

�&��� �&."�5.�����;4.����/� * �5.��&��.��"� W

� ��� �������"��� * � ����9�A&.��8+"'QW

�����8����9�������9�A/��+=��W

$�� � ��I ?MI�I�I�I ��N���:"� ��� �� 'QW

( $�� � ��I ?ML&N�$�� � ? � G W

����A �7���"���8��+Q��� �� ����'QW

� * ����.�A"�&�=A�������9�A&.��8+����"���"����9O�����"A � �%$ � � ����'VS�W

( � * ����.�A"�8��A�������9�A&.��8+ �&��+ �"�"����9O�����"A � �P$�� � ����'QS�W

p Y �

Page 241: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�������&��;"���������"���"����������� * ����.�A"�8��AC� D��#� @ ��$&=�'QW

��."�=A * .����������&��;&K"�����&����9 W

��<�����O�%�".��"9O��� ����'�'��"��."��A * .

�7���"J��&�7���"J � � W

�&��;�A8.��8+���� * ����.�A��&��A#W

�&��;�A��+��"���������&��;#W

�"��+��

�&��;�A8.��8+�������9�A&.��/+VW

�&��;�A��+��"�������&����9�W

���"9

(

� ��� � ��� � � � ��� � ���� ��� �� � � ��� ��� � ��� � � � � ������

+�9;<O>�LFB'W5E ��KQ>�_;>=EFWa@=BbKMRfKQJ 7 �SE�@=9;E C;:AEFVQKMJ?ESR;LFE�WfKQ@NKHPhBD:�@^95E-��9;:=BMR;<OL�1 KM>�@^<OR5n

� <O>AE KM>AE ` BW;ESJ Gd+�9;E C5:=BDnD:=K ` >�<OR;LFJO_;W;Eb@=9;EdCUBD>�@^EF:=<OBM:-Ph_5R;LF@=<OBDR T/KMR5W @=9;E �#KM: �QB V

LN9fKM<?Ra>=< ` _;J KQ@=<OBDRgG

� ����� � � ��������� � � � � ��� � � � �

+�9;<O> <O> @^95E�W;E @^EF: ` <OR;<?>A@^<?L,_;C WfKQ@^E�Ph_;R;L @^<?BDR _5>=ESW @^B�L KMJ?LS_;JOKQ@^E�C;:AEFVQKMJOEFR;LSE�VQKMJO_5ES>ST

nD<jVDESRa@^95EHC;KM:^K ` EF@=ES:A>SG,+�9;EH_;C WfKQ@^E-EFm_;KQ@^<?BDRa<O>�W;<?>=LS_5>=>=EFW)<?R >AESL @^<OBMR � G p G � G

�������������3A&.����2�6A��8.�������J �MA&.�� �!�&9&�F� ���R'

(�( �������������3A&.����2�6A��8.������/ �MA&.�� � V� ����'

p Y �

Page 242: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(�(

(�( � �����98+6� * �,A"�&� �8.�����"�����+1.&��������9 �"�1�8�

(�( � * �29/����"���"������� � ���&.������

(�( �&���5� * �6���9��"�,;7� * D����2�/���&K��"���&�,A"�8� �&.�����"7���&+5.��"9

(�( L�K"��� * ���5A&.���.=�8�������8+

(�(

(�( A����� � � ��',����N7A�� �� �' � ."��A * .�N=�����NQ��9"�"����.<K������'

(�(

(�( � �� ) $

(�( � ��� � � A � � A&G �"?�?�? A��&V�%."��A * . �M9"�"���&. � ARV�U�7�/���".�#S�W

(�(

(�( A�A&I5� � A � � A8G �"?�?�?�� A��&Q� I �%I �%IO�%I� S�W

(�( � .�� * � � * .�+1��/+2��;�� +=��.����7�"� �������"�

(�(

(�( � * � � � ."��A * . �M9"�"����. � A�V�U�7�8����.� S�W

(�( � * �&+��0A&.��".=�/�������8+ ���������&���6� * �

(�( 9/�+���.�+��59�:��8.=�R���+47�1� * � ���9"�"�

(�(

(�( � � ��� � ���1J

(�( � * �,����� �&��� ���2�/���&K �����&� +���.���� �"�1A"������."���������+ ?

(�(

(�( � � � .��- �������"��� � �

(�( B8�=;2�8.���:1:���.��8+ �8� �������9�

(�( ��9"���".��/�=� �+2+����1�8�2G� ��0��=� * ��� �+,���"�����"��9'

p Y �

Page 243: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(�(

(�(

(�( � ) � ) $

(�( � � ��� � * �,A"�&� �&.������7����+2� * .�� ����������+7A/����9

(�( ;7� * ��.�� * :"��.��&T � �

(�( .�� ���2> � � �8.�����>

(�(

�&��� �&."� � � � � ��G )�) � )�) G � � � � � � � W

� �"��� �� � �<+� �"� � � � � 'QW

��O�M�&.����/7� ��J8'

���4�6�� � � W

���"9

A�A&I����"���&�"+Q� �"� ����'QW

A�A&I � � � � � ��� ��98�"'�'=��A8.��O��� ��98�"'VW

."��A * �0A&.��O� ��9&� � ��'QW

9"�"���3�0A&.��O� ��9&� ��G8'QW

�".=�/.2�0A&.��O� ��9&� ��J/'QW

.���������."��A * N �8N � �����Q?PT�9"�"�=� � GO���V?%TF���=K�9"�"����' � G8'VW

A&."���,� �"���&�"+Q� �"� � ����'QW

A&."���V�������'0�6A�A&IOW

p Y \

Page 244: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����� ���".=�8.&N )�) � W

����� ����:"� �M�"�/'�K�9�.��O� +����#� ����� S '�'�� ����� W

�&��� �5� � �� ���&K ��'QW

9����<� ����� N7A8."���V���� �&' � ?�?�?

?�?�?�.�������N�A&."���V� �� �&'F?UNQ��9"�"����K�A&.����V���� �&'�' ?UNQ���=K�A&."�"�V���� �&'�'QW

A&."���V���� � � ��'0�59����CW

���"9

� ����� � � ��������� � � � ��� �� � ����� � �

+�9;<O>�<?>�@^9;EbJ?BDneC BD>A@=ES:=<?BD: W;EFR;>=<j@ 7 PhBD:�@=9;E ��12� ` BW;ESJ GH+�95EXC;KM:^K ` EF@=ES: � <?>

R;BM@&_5>=ESW#<ORe@^95<O>�C BD>A@=ES:=<?BD:ST5>=<OR5LSE-<?@&<?>�<OR;W;EFCUEFR;W;EFRk@�BMPl@^9;E-BM@=9;ES:�C;KM:^K ` EF@=ES:A>SG

�������������3A+=�3�0A/��+��"������J����/��A� �MA&.�� �!�&9&�"'

(�( � ��."�=�&.�����+ �����O� � � $ ) � � � � � � ��$ ) � � � ) � � � '

(�( ;7� * �����3� * �,A&.��".��8�������1ARF?

(�( � �� ) $

(�( � ���

(�(

�&��� �&."� � � � � � $ � � � � � � � � � � )�) � � ��G )�) G @ ) ����� D�D�D � � � � � � � W

� �"��� �� � �<+� �"� �MD�D�D�'QW A�A&I � �����&��+Q�M�"� ����'VW ����� � � � � � ��� ��9&��'QW

A�A&I � �����"',�0A&.��O��� ��9&��'QW � * � �,A&.��O� ��9&� � ��� J8'�'VW ."��A * �2� * ������'QW

9"�"��� �,� * ���PG&'QW �".=�/. �,� * ���%J8'QW

( A�� �,� * � � �/'QW

p Y Z

Page 245: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+��������R ���MA�A&I&'�����I����8.�>O� A�A&I8' ��� ���".���A * � ����.���A * ��I���9����=� ����� 9"�"�=� ��I W

+����0�<+������6�8.�> � � � ��'�N=�".=�8. � � W

��O� +����"'

A"��A"� �<+7���#��� � � � � � � � ��� ��9&�F����'�K ��'F?UN������ �MA�A&I � �����&'�'�'QW

A"��A"� �0A"��A"� �4+����#�1� � � � � � � � ��� ��9&�F�PG&'�K ��' ?PN�����������K�A"A&I � �"���"'�'"'QW

A"��� * �<+7���#��� � � � � � $ � � � MJ � ����'�K ��'F?PN������O���&���Q��� * �'"'�'QW

A"��� * �0A"��� * �4+����#��� � � � � � $ � � � J � �%G&'�K ��'F?PN������O����K������F�M� * �R'�'�'QW

A"�/����3� A"��A"� �0A"��� * W

A�A�� �6A��8.�������J �MA&.�� �!�&9&�"'QW

A�A � �6A�A������ �"���%G �� ����� ��'�'VW

( A�A �R� � � � ��� @ ) � ��� '2�0A��QW

( ���+��"�"�2� * .��5A"�"����."����������+5.��"� �&����;������ �"���&�0.��"9��

��� � � �R �#� A�A �R� U'�'����"I��,�/.�>O� A�A �R��U'�'���� � W

( ���+��"�"�2� * .�� @ � � �+ �&�������<� �+������&��91; * ���1A"�"���&."�������� �+,I

( ���5� * .�� @ � � �+0."�=;�.�:8+1� �+���������91; * ���3A"������."�������� �+ �Q?

���8G5� +7���C� D�D�D��MA�A �7���"I&' �1I&' ���1I�� ?�?�?

?�?�?P+7���#��� � � � � A�A ����� ��'�K�D�D�D�� A�A ��������'�'���I8'=���"IOW

��O� ��� ���0���8G<'

����A4����+7�&.���� D�D�DR'�����+��&.���� � � � '��� � A�A ������I��,D�D�D�����I8'F?�?�?

?�?�?��� �MA�A �7����� �,D�D�D4��� � � � 'VW

pDpQq

Page 246: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����A4�2����A � � � � � @ ) ����� W

�"7�&�2�<+7���#�MD�D�D��M����A�'F?PN������O� A�A �R�M���"AR'�' � ?�?�?

?�?�?�� � � � ������A�'�K�D�D�D��M����A�'�'F?UN������ ����K�A�A �R�M���"A�'�'�'VW

�"7�&�2�4�"7���OW

�"��+��

+����0�3I W

( 9/�+�A���S A/�"+��������&J���S '

�"7�&�2�3K � ����������������� ���������������8N�+7���#�U. �+Q�MA8.��/'�' �5�".���9O����'�N � � � � �/'QW

���"9

���"9

��O� +����"'

A+=�3�0A"�/������4�"7���OW

�"��+��

( 9/�+7A��"S A/��+��"������J���S '

A+�� � K � ����������������� �����������������&N�+����#�P. ��+Q� A8.��/'�' �2�".��"9O����'�N � ��� � �8'QW

���"9

(

� ����� � � � � � � � � �� � � � � � � � � � �

+�9;<O>�<O>,@=9;E��)KM: �QB[V LN9;KM<ORX>=< ` _;J K @^<OBMR PhBD:,@^9;E���12� W;KQ@NK5Tk_;>A<OR;n�@=9;E�KQJOnDBD:A<?@=9 `

W;<?>=LS_5>=>=EFW)<?R LN9;KMC5@^EF: r G

( ���&����.��"�5�&��� �&."�,��.���.��/���&+

�&��� �&."�6D�D�D � � � )�) � )�) G � � � � ��G � � � � � $ � � � � � � � � � $ � � @ ) � ��� W

pDp Y

Page 247: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&��� �&."� � � � � W

( � � � � � � � � � ���8��+Q�PL������'Q�U�=�&��+Q�PL � ����'�N�G�I�I��W

( � � � � � � � ����I �%L �PG�O� � ����JO��� ��� � � W

( � � � � � $ ��� � U'0� � � ��� � W ( ."��A * . ����&�����

( � � � � � $ �UG � U'0� � �O���"G� W ( 9"�"�=��.

( �8��.�� � ��T ��I���I ?MI��O� +���9#? 9"���C? �1I ?MI�G����

( � � � � � $ �PJO� U'0� � � �%L�I� W ( �".=���8.

( � � � � � $ � � � U'0� � � ���=I�I� W ( �7�8���".

( � � � � � $ �UL � U'0� � �Q?MLO���Q?ML��W ( A�

;�.����� �"� �����

(�)�* �+1����.�98+ � * � ? �8.��3�����0;7� * � * �4+�.�����95�&.��/�.������+5.��"919".��&. ?

����.�9,�8.��8��.��

����.�9 � � � ��D �

(�)�* �5$�.���A/�����

(�)�* � +�.���A/�����1;����4 ��A/�����8�����<. ) �=��A&���"��9 ) ��������.�����9

( D&�����&��A/���"�+ � 9 ���+�����9 ��.��"�"���� � ."���&���7� * �<�8�

( +� ���/��.��&�5� * �,A/��+������/����39/�+=���/����"����� ?

(

(�)�* � +� ���/��.�������4;���� ��+��,� * � +�.=�8�2�������������+ A/��+���������J������A�F? � �

( A��8.�������J�? �

pDpMp

Page 248: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( .�+ � * �1.�������A���.������ +�.=��A����� � ��� � * ��+0.��"90D8� * �F�HG�I�I � �#?

( �"���"��� * ���2D&.����/�=� @�* .& �C� 7��7��.��" �".�������

� @�* .& ����J"I�I�I�I�IOW

( � .��".=�8���&���8+5.��"� � * ����. ��� � U'=�5A�� ��I

( � * ����. �UG � U'=�5A���

( � * ����. �PJO� U'=�5A���L

( � * ����. � � � U'=�4.���A * .

( � * ����. �UL � U'=�39��"�=��.

( � * ����. � � � U'=�3��.=���8.

� * ����.�I��������&��+Q� � � � @�* .& ��'QW

( $���������+�+"7��� $�� ��+��7���"����� $�.=��A/�����

���=�"A+�.=��A&���"���&�"+Q� � ����'QW ������A/��+=�"��A/��+=��������J����/��A�Q�M� * ���8.�I �������'Q�PJ8'QW

�&���5�"��G � @�* .8 �

���=��A�+�.=��A���� * ����.�I ���� �&K ��'QW

� ���=�"A+�.=��AC�U������A��+�� �����8����A&.������O���&�=��A�+�.=��AC� ������A��+��R'QW

� * ���&.�I ����M�'=��������A+�.=�"A#W

���"9

(�(�(

+�.��&� � � ��� � � � � .

pDp �

Page 249: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

(

� ������� � ��������� � � � � �� � � � � � �

+�9;<O>dPh_;R;L @^<OBMR C ES:APhBM: ` > K @^E ` C ES:=EFW T�@^:A_;R;LSKQ@^EFW � KMR;nDE V'<?R �#E @^:ABDCUBMJO<O>d>�@^ESCgT

_;>A<OR;nb@^95E ` EF@=9;BW <?R8@^:=BW;_;LFESW <ORaLN9fKMC'@^ES: r G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"���8����A8.������ � ����9�A8.��8+F� ����9�A/��+��R'

(�)�* �+,�������������3A&�����8������+2. �".��"�"��� �3D&�����8��A/���"�+ +�����A4�&���

( ."��� A&.��".=�8���&���8+ �����5A�F?

(

(�)�* �6A"�8��A/��+�.��0;���� �&�< �1� * �09��"���������� ���5� * �2���".�9/��������

( �+" �"�4.3+��&.��"9".���91�/�����8.��,9�+����/ �������=� ?

(

( �7�3�"�����"���+6� * �,��A"9�.�����95A&.���.=�8�������3�������8��� .��"92� * �3�����

( ���5� * �,A/��+=�����/����1A"�&� �&. ����"7�": � �8�2.��8�"�93�"�&��."���7���.����=� ?

(

(�� �������8���"�/+ ����9�A&.��8+�� ����90A8.��".=�8�������1�������/��� � + * �����9 �&�5.

( �,�������/��� � ;��29&���#S �

( +" ���/��.����0A���

( ����9�A/��+��"�1�&."���&� ���2A/��+������/���� 9/�+����/����������

A ��I�������9�A8.��8+Q����'QW A ���&����9�A&.��8+Q�PG&'VW A&L�������9�A&.��/+Q�%J8'QW ."��A * �&����9�A&.��8+Q� �/'VW

9"�"���"������9�A&.��8+Q�UL&'QW ��.=���&������9�A&.��/+Q� �&'QW �����&����9�������9�A/��+���W

(�� A�A"�&��>/ �8.����=� ���5� * �2���".�9/������C? * �4+�����A-+� �"� �

pDp r

Page 250: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( $�� � �5������ ���0A&.��".=�8���&���#?

( � �&��.��+��2� * �09/=���"���"�����-���7��A���&�����+3���4�=�"�2�&�����8��� * .����

( 9/=���"���"����� $ ��� ;��0;�.����1�8�3+�����A3� * �=�<9/=���"���"����� 9/�+���.������+ ?

(

* ��I�?MI�I�I�I�I�I�I�I�LOW

$�� � � �PI ?MI�I�I�I�I�I�I�I�I�I�I ��'�N=9/�.�� � � I ? ��I�I�L �%I�?�I����� �%I ?�I �"I�I �%I ? � ����L �UI ? ��L ��JO�%I#?MI�J � ��/'FW

���9���+�� � I�?MI�G�L � W%I ?MI �=G�OW%I ?�I�I�G�GOW%I�? � ��I��OWPI�? ����� � W%I�?�I�I�� ��� W

A/��+=��������J��8.�>���A��+���������J����/�=A�Q� ����9���+F�%J8'QW

9"�"�=A ��I�� ����T * '�NV� A/��+��"������J����/�=A�Q� � A �=I � * W A�� W A8LOW%."�=A * WM9&�"�=��W%�".=��� � ��J8'�K"�����/����9�'QW

9"�"�=A ��� ����T * '�NQ�MA/��+���������J������AR � � A ��IOW A � � * W A&LOWP."��A * WM9"�&�=��WM�&.=�����#��J8'�K&�����&�"��9/'FW

9"�"�=A&L�� ����T * '�NQ�MA/��+���������J������AR � � A ��IOW A � W A8L � * WP."��A * WM9"�&�=��WM�&.=�����#��J8'�K&�����&�"��9/'FW

9"�"��."��A�� ����T * '�NV� A/��+��"������J����/�=A�Q� � A �=IOW A ��W A&L WP.���A * � * WM9&�"�=��W%�".=��� � ��J8'�K"�����/����9�'QW

9"�"��9"�"��� ����T * '�NV� A/��+��"������J����/�=A�Q� � A �=IOW A ��W A&L WP.���A * W�9"�"��� � * W%�".=��� � ��J8'�K"�����/����9�'QW

9"�"���".=�&� ����T * '�NV� A/��+��"������J����/�=A�Q� � A �=IOW A ��W A&L WP.���A * W�9"�"����WM�".���� � * � ��J8'�K"�����/����9�'QW

���".�9&����9�� � 9"�"��A ��I WM9"����A � WM9��"�=A&LOWM9��"��.���A#W�9��"��9����FWM9������".���� W

(�)�* � ���8.����7�": �������8.�>"K"�����8����9 � � �+ ������"9"��9 �8�"���=;��":��Q?

( � ���&���"."�4�9���. � * �4�����"+����1�8�6� * �6���9"� � � * � + �/."�������1� * � +��&��A +" �"� ?

9/��"�����".�98����9&T�������#�����".�9&����9 �PG&'VW

+�����A�� �PI ?�I�I�I�I�I�I�I�I�I�I�I�L&'�NQ�MA/�"+��"������J��/.�>"K������&����9 � ��'VW

����� * ����.��&����9�A&.��8+��&+��&��AN=9/=� W

pDp �

Page 251: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� * ����.�A"�&�=A����"�������"9O� �"��� * ���&. �P$�� � ����'VS�W

( ���&���+���=�<���/���

��0�R ����� * ����.�A"�&��A�'���I � �8.�>O�M� * ����.�A��&��A�'�� �

�&��;�A&.��8+��&����9�A&.��8+VW

�&��;�A/��+��"�&�����&����9 W

�"��+��

A ��I��&��;"��� * ����.�A��&��A�����'QW

A ���8��;"��� * ����.�A"�8��A��PG&'VW

A&L��8��;"��� * ����.�A"�8��A��%J8'VW

."��A��&��;"��� * ����.�A��&��A�� �'QW

9"�"�=�&��;"��� * ����.�A��&��A��PL8'QW

�".=�"�&��;"��� * ����.�A��&��A�� �8'QW

�������&��;"��A��+���������J����/�=A� �M� * ���&.�A��8��A#�%J/'QW

9"�"�=A ��I��&��;"� ����T * '�NQ� A��+���������J�����=A� � � A ��I��8��; � * W A ���&��;�WMA&L��&��;�W"?�?"?

?�?�?�."��A��&��;�WM9"�"�=�&��;�WM��.=���&��; � �%J8'�K��������8��;'VW

9"�"�=A ���&��;�� ����T * '�NQ� A/�"+��������&J����/�=AR � � A ��I��8��;�W A����&��; � * W A/L��&��;CW"?�?�?

?�?�?�."��A��&��;�WM9"�"�=�&��;�WM��.=���&��; � �%J8'�K��������8��;'VW

9"�"�=A&L��&��;�� ����T * '�NQ� A/�"+��������&J����/�=AR � � A ��I��8��;�W A����&��;CW A&L��/��; � * W"?�?�?

?�?�?�."��A��&��;�WM9"�"�=�&��;�WM��.=���&��; � �%J8'�K��������8��;'VW

9"�"��."��A��&��;"� ����T * '�NQ� A��+���������J�����=A� � � A ��I��8��;�W A����&��;�W A&L��&��;�W&?�?�?

?�?�?�."��A��&��; � * WM9��"���&��;#WM�".=���8��; � �%J/'�K"�������&��;�'QW

9"�"��9"�"���&��;"� ����T * '�NQ� A��+���������J�����=A� � � A ��I��8��;�W A����&��;�W A&L��&��;�W&?�?�?

pDp �

Page 252: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

?�?�?�."��A��&��;�WM9"�"�=�&��; � * WM�".=���8��; � �%J/'�K"�������&��;�'QW

9"�"���".=���&��;"� ����T * '�NQ� A��+���������J�����=A� � � A ��I��8��;�W A����&��;�W A&L��&��;�W&?�?�?

?�?�?�."��A��&��;�WM9"�"�=�&��;�WM��.=���&��;�� * � �%J/'�K"�������&��;�'QW

���".�9��&��;"� � 9"�"��A ��I��&��;#WM9"�"��A����8��;#W�9"�"�=A8L��&��;#W"?�?�?

?�?�? 9"�"��."�=A��&��;�W�9"�"��9"�����&��;�W�9"������.����&��; � W

9/����&��;"�����".�9��&��;8T��/�����#�����".�9��8��;#�PG&'QW

+�����A��&��;"�O�PI ?MI�I�I�I�I�I�I�I�I�I�I ��'�NV� A�"+���������J��/.�>"K"�������&��; � ��'FW

�����8��;"��� * ����.�A"�8��A��&+��&��A��&��;N=9����8��;�W

��."�=A * .����������&��;&K"�����&����9 ��?�?�?

?�?�?P�������"�����������#�M� * ���&.�A"�&��AC�!�"��� * ����.O�P$�� � '�K ?�?�?

?�?�?P�������"�����������#� ����9�A8.��8+V�!�"���8��;#�P$�� � 'VW

(

��<�����O�%�".��"9O��� ����'�'��"��."��A * .

�&��;�A&.��8+���� * ����.�A"�&��A#W

�&��;�A/��+��"�&�������&��;�W

�"��+��

�&��;�A&.��8+��&����9�A&.��8+VW

�&��;�A/��+��"�&�����&����9 W

���"9

���"9

(�(

� ������� � ��������� � � � � �� � � � � � �

pDp �

Page 253: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�9;<O> Ph_;R5LF@^<?BDR3<O>�_5>=ESW KM> @=9;E �#EF@=:=BDC BDJO<?> >A@=ESC <OR�@=9;Eb>A@^KMR;WfKM:AW :=KMR;W;B ` ��KMJ �

�)KM: �MB[VaLN9fKM<?Ra>=< ` _;J KQ@=<OBDR PhBD:�@^9;E ��12� ` BW;ESJ G

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"���8����A8.�����. � ����9�A8.��8+F� ����9�A/��+��R'

(�)�* �+,�������������3A&�����8������+2. � .��"9&��� � ."�=�5D&�����&�=A/���"�+ +=����A

( �&���3."��� A&.��".=�8���&���8+ �����5A�F?

(

(

( �7�3�"�����"���+6� * �,��A"9�.�����95A&.���.=�8�������3�������8��� .��"9

( � * �3�����4���5� * �,A/��+=�����/����

( A"�8� �&.�����"7��: �H�8�0.��8�"�91�"����.����7�/��.������ ?

(

A ��I�������9�A8.��8+Q����'QW

A ���&����9�A&.��8+Q�PG&'VW

A&L��&����9�A&.��8+Q�%J8'VW

."��A * ������9�A&.��8+Q� �/'QW

9"�"���"������9�A&.��8+Q�UL&'QW

�".=���&������9�A&.��8+Q� �&'QW

�����8����9�������9�A/��+=��W

$�� � ��I ?MI�I�I�I�I ��N�9/�.��O� � I ? ��I�I�LO�%I�?MI ����� �%I ?�I �"I�IO�PI ? � ����L �UI ? ��L ��JO�%I#?MI�J � ��/'QW

� * ����.�A"�&�=A�������9�A&.��8+����"���"����9O���"���&�"+Q� �O����'V�P$�� � ����'QS�W

pDp \

Page 254: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( � * ����.�A"�8��A�������9�A&.��8+ �&��+ �"�"����9O���"���&�"+V� � ����'Q�%$ � � ����'VS�W

( ���&���+���=�<���/���

��0�R ����� * ����.�A"�&��A�'���I � �8.�>O�M� * ����.�A��&��A�'�� �

�&��;�A&.��8+��&����9�A&.��8+VW

�&��;�A/��+��"�&�����&����9 W

�"��+��

��."�=A * .����������&��;&K"�����&����9 �������������"�&�����#��� * ���&.�A"�8�=A#�U�"��9�A&.��8+V�%$ � � 'F?"?�?

?�?�?�K"��������������������� ����9�A&.��8+V�M� * ���&.�A"�&�=AC�%$�� � 'QW

��<�����O�%�".��"9O��� ����'�'��"��."��A * .

�&��;�A&.��8+���� * ����.�A"�&��A#W

�&��;�A/��+��"�&�������&��;�W

�"��+��

�&��;�A&.��8+��&����9�A&.��8+VW

�&��;�A/��+��"�&�����&����9 W

���"9

���"9

(�(

� ��� ����� ���� ������ � ��� � � ������� � � � � � ������

+�9;E�LSBW;E�<?R @^9;<?>c>=EFLF@^<?BDR;> ��KM>�_;>AESWb@^B�nDEFR;ES:=KQ@^E�@=9;E�KM:�@^<jifLS<OKMJ'W;KQ@NK�KMR5Wb:=_;Rb@^95E

>=< ` _;JOKQ@^<?BDR;>�W;<?>=LS_5>=>=EFW�<OR#>=EFLF@^<?BDR �G p G�+�9;E LFB'W;EH9;EF:=E ��KM>�_;>=EFW)PhBD:�@^9;EHif:=>�@�@=9;:=EFE

>=< ` _;JOKQ@^<?BDR;>SG +�9;E :AE ` KM<OR5<OR;n >=< ` _;J K @^<OBMR;>-W;<��UES:AESW BDR5J 7 <OR @=9;E <?R;<?@=< KMJcC5:=EFVQKMJ?ESR;LFE

VQKMJO_5ES>STIKQ>�W;EF@^KM<OJ?ESWa<ORa>=EFLF@=<OBDR �'G p G

pDp Z

Page 255: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ��� � � � � � � � � � � �� � � ����� � � �

+�9;<O> :=KMR�@^95E if:=>�@�@^9;:AESE ` B'W;EFJlVQKM:A< KQ@=<OBDR;>FG�+�9;Eb<OR5<?@^<OKMJ C;:=E VQKMJOEFR;LSE VQKMJ?_;E ��KM>

� >�A ? � q � q �TgKMR5W)@^9;E JOEFVMESJ?>�BMP j ��ES:=E q � q �T q � Y �'TUKMR;W q � � q G�+�95E :=E ` KM<?R;<OR5n >A< ` _ �J K @^<OBMR;>�VQKM:=<?ESW BDR;J 7 <OR3@=9;E <?R;<?@=< KMJ/C;:AEFVQKMJOEFR;LSEF>H@=9fKQ@ ��ES:AE LN9;BD>AESR G +�9;E ` BW;E ��KM>

W;E @^ES: ` <?R;ESW _;>=<?R;n @^95E�Ph_;R;L @^<OBMR � � ��� � ��� � � � � @=9fKQ@�<O> 6 _;<OJj@�<?Rk@=Bd�)KQ@=J K 6 Gc.fBD:�ESKMLN9

BMP @^9;E�R;<?R;E ` BW;ESJ'VMKQ:=< K @^<OBMR;>ST8K-WfKQ@^K�>=EF@ ��KM>�>AESJ?ESLF@=ESW :^KMR;W5B ` J 7 KMR5W _;>AESW <OR ` K � �

< ` <��F<OR;n @^9;EdJOBMn C BD>�@^ES:A<OBD:�W5ESR;>A<?@ 7 G +�9;<O>�VQKMJ?_;E ��KQ> _;>AESW PhBD:HKMJOJ�i5P @ 7 :=_;R;>HKM>-@^95E

` B'W;EQG

(�)�* �+ A"�&������.=�4;����,�"���&���".����59".��&.2�8���3.0�/7�����5����9"�"�

�&��� �&."�5."��A��"���&�59"�"�=�"���&�5�".=�"�"���&�0D�D�D � � � )�) � � � � � � � � � $ � � � � � � � W

�&��� �&."� � @�* .8 � @ ) � ��� � � � � W

� @�* .& ����G�I�I�I�I�IOW

����.�93$ � ��) � � ��D ��) $

@ ) � ��� ��IOW

� � � � � � � �PG ��JO� ���%L � � � �O���O��� � W

� � � � � � � � � ���&�&+Q� � ����'Q�U���&�&+Q� � ����'�N�G�I�I ��W

p��Mq

Page 256: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � � � $ ��� � U'0� � � ������W ( .���A * . �R��&�����

� � � � � $ �PGO� U'0� � �O����G � W ( 9��"�=��.

� � � � � $ �%J � U'0� � � �%L�I � W ( ��.=���8.

( � �R���9/ ���3� * �2�".���� � � � ?

:��8+���G�I W � � � ���"���&�"+Q� � �M:��8+�'QW � � � ������ �/'�� ��L W � � � ����PL ��L&'�� ��I�I W

� � � �������� :��8+�'�� ��I�I�IOW

(�(5)�* �����,;���� �&� �=G3+����+5���6���9��"��+6����+��&��9 �H��.�� * �&���3L�I2������+ ?

(�(�� ."��A * . � � �".=���8.2;���� �&�0� * �4+�.=�8�0� * �&�=�"� * ���"�C?

(�(

(�(

(�(5)�* �4+������=�"9 +����1;���� * .����,A���� �%I&'=��I�?MI�L � A#�PG �%I&'���I ?MI � �

(�(�� 9"�"����.�� � I�?MI�L W%I�? ��L W%I�?MG�L�

(�(

(�(5)�* �0� * ���9<+����1;����� * .����,A���� �PI&'=��I ?�I � �

(�(�� 9"�"����.�� � I�?MI�L W%I�? ��L W%I�?MG�L�

(�(

(�(5)�* �2�&���"��� * +����1;���� * .����,A���� �%I&'=��I�?MI � � A#�PG �%I&'���I ?MI � �

(�(�� 9"�"����.�� � I�?MI�L W%I�? ��L W%I�?MG�L�

(�(

p�� Y

Page 257: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( � ��.�� �0�R7�"91� * .�� � ."��A * .3.��"9 � 9"�"�=�&.1.��"� * �� * ��: �������"�"��.�����9 �

."��A"�����&���"I ? ��I W �".=�"�����&����I ?�I � W 9"�"�������&��� � I ?MI�LOW%I ? ��LOW%I ?ML�#W

+�.��&�5$��7D � � � �

(�( D/��9"���1+���� � ED&.����"�".������"�"�5� * �59".���. ?

(�(5)�* �2�/��8+=� +����1;����� * .����,A���� �PI&'=��I ?�I�L �

(�(�� 9"�"����.�� � I�?MI�L W%I�? ��L W%I�?ML�

��9&��� � W A&I���I�?MI�L W

( � �R7��."�� �"�

( � �+ � * � ���������1��� � 9"���=��. ? ��� �5�+ � 9"�"����.���I ?�I�L ?

( ����G<�+ � 9��"�=��.��"I ? ��L ? ����J �+ � 9"�"�=��.���I ?ML ?

( � �+ � * �2�����1����� �8��� � ����� ��� L�I&'F?

�".��&��9".���. �7���"���8��+Q� � ��:��8+V��J �%L�I&'VW

�&��� ��� � J

� * ��I�� � A&I WP."��A������&� WM9"���=�����&� � �8'QW���.=�"�"���&���W

A�7�/+���A��8.��&����J �M� * ��I �!�&9&�F�M:��/+�'VW

�&���5�"� � �L�I

�".�����9�.���. �R� �� �� �O� �'=� �R �/������9 � � � � � A���+�'QW

���"9

���"9

+�.��&� � � � �� � � ��)��

p��Dp

Page 258: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

( D/��9"�"� +���� �Q?

��9&��� � W

����A&� � W

( $��&.��/+ �2A&.��8+V� J59"�"�=�1��."���8��+V�HL�I2�����+ ?

��� �/��.����������&��+Q� � ��JO�%L�I&'QW

��� �/��9����"���&��+Q� ����JO�%L�I8'QW

����+=��9����"���&��+Q� ����JO�%L�I8'QW

�������=;"���"���&��+Q� ����JO�%L�I8'QW

��� ��A����"���8��+Q� � �%JO�%L�I&'VW

��� �7���"���8��+Q� � �%JO�%L�I&'VW

�&��� ��� � J

���9"����A+����/.�>O������A#� �&'QW

�&���5�"� � �L�I

� ��� �8��.������� � � �'Q����� �8��9 ���� � �M��'Q�M� ��+���9 � �� �O�M�'Q�&?�?�?

?�?�? �������=; ���� � � �'V�M��� ��A#���� � �M��'Q� ��=���R� �� � �M��' �#?"?�?

?�?�? �&+" �������#���".�����9".���. � ���� �� �O� �'V� ��9&� � ���9��8'QW

���"9

���"9

������.��3�".�����9�.���. �

p����

Page 259: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�.��&� � � � �� � � ) � ) ��� �8��.�� � � �8��91����+��"91� �����=;3��� ��A �=���

������.��3��� �8��.��3��� �8��93����+��"91� �����=;3��� ��A �=���

� ��� � � � ��������� � � ����� � �� � �

+�9;<O> Ph_;R5LF@^<?BDR3:=_5R;> pMqDq��^qDqDq <j@^ES:=KQ@^<?BDR;> BQP�K �)KQ: �MB[V3LN9;KM<OR3>=K ` C5JOES:�_;>=<?R;n KMJ��

nDBD:A<?@=9 ` r G r Ph:=B ` LN9fKMC5@=ES: r Gd+�9;EdCUBD>�@^EF:=<OBM:�ES>A@=< ` KQ@^EF>HKM:=EdL KQJOLS_5J KQ@=ESW T*_;>A<OR;na@^95E

J KQ>A@ Y � q��NqDqMq <j@^ES:=KQ@^<?BDR;>�KM> K 6 _;:=R ��<OR)CUEF:=<OBW G�+�9;EbC BD>A@=ES:=<?BD:�ES>A@=< ` KQ@^EF> KM:AE >�@^BD:AESW

PhBD:�ESKMLN9)BMP/@^95E-i5P @ 7 :=_;R5> �&<j@^9;<?R KdC;KM:A@=<OLS_5J KM: ` BW;ESJgVQKM:A< KQ@=<OBDRgG

������������� � � �8��.��#� � �8��9 � � +���9 � � �&�=; @ �V� � A @ �Q� ���� �"�8+� �8�������P9".���. �!��9&� �!���9&�&'

(�)�* �+,������������� ;����6��.��&�0� * � � ��)�� .�+1��/+,.��������8�����C? �7�5;����

( A&�����&����� � @�* .& � 7�����".����=�+3���0��:0D @ D @ �8��� * ��9#? � ������� ������A����7�"�1� * �

( ���"��A���� ���5� * �,D @ D @ �8��� * ��9 � 7�1;���� ��.����7�/��.����0A/��+������/����<��+=� �8.��&��+

( .���9<�=����9/��/��� ����������."��+ ? $ � D � � ��.�����+ D ��) $��7D�� � ?

�&��� �&."�5."��A��"���&�59"�"�=�"���&�5�".=�"�"���&�0D�D�D � � � )�) � � � � � � � � � $ � � � � � � � W

�&��� �&."� @ ) ����� � � � � � @�* .8 �#W

D�D�D&��9".���.OW

�� � ��9&����� ��'

����A �����"���&�"+Q� � ����'QW

p��Qr

Page 260: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

����A&G����"���&�"+Q� � ����'QW

� * ���&.�I����"���&��+Q� ��� � @�* .8 ��'QW

� * ���&.�I �������'=� � I�?MI�JOW%I�?MI��OW%I�? � W%I�?�I ����W

(�)�* �+2������A3�&����98+ �8� �&�2�����- �+��9��1��.�� * 9".���.4�����=A ?

( $��������+�+����� $�� �+=�7���������� $�.=�"A/�����

���=��A�+�.=��A����"���&��+V� � ����'VW

������A��+��"��A��+���������J �M� * ����.�I � �����'V� ��9&��'VW

�&���5�"��G � @�* .&7�

���=��A+�.=��A���� * ����.�I ���� ��K ��'QW

� ���=��A�+�.=��A#� ������A/�"+�� �����/���/+� �����O�M�&����A+�.���A#� ������A���+���� ��9&�F� ���9"�/'QW

� * ����.�I ���� ��'=�����=�"A+�.=��ACW

���"9

( +�.��&� @ B �"@�� � * ���&.�I

�"��+��&�� � ��9&������G&'

����A �����"���&�"+Q�PL ����'QW

����A&G����"���&�"+Q�PL ����'QW

� * ���&.�I����"���&��+Q�PLO� � @�* .8 ��'QW

� * ���&.�I �������'=� � I�?MI�JOW%I�?MI�JOW%I�?MI��OWPI�? � WPI�?MI � ��W

(�)�* �+2������A3�&����98+ �8� �&�2�����- �+��9��1��.�� * 9".���.4�����=A ?

( $��������+�+����� $�� �+=�7���������� $�.=�"A/�����

���=��A�+�.=��A����"���&��+V�PL ����'VW

������A��+��"��A��+���������J �M� * ����.�I � �����'V� ��9&��'VW

�&���5�"��G � @�* .&7�

���=��A+�.=��A���� * ����.�I ���� ��K ��'QW

p�� �

Page 261: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ���=��A�+�.=��A#� ������A/�"+�� �����/���/+� �����O�M�&����A+�.���A#� ������A���+���� ��9&�F� ���9"�/'QW

� * ����.�I ���� ��'=�����=�"A+�.=��ACW

���"9

���"9

( � �"+������/����1D&��.��C� D8��9/�.��C� $���9 � �&�=; @ �V� A @ �F?

���"���� ����L�I�I�I�I W

����A �R����'=��A"�8������� �M� * ����.�I ��� � �������R � � @�* .8 ��'V�PI ?MI�G�L&'QW

����A �R�PG&'=��A"�8������� �M� * ����.�I �UG � �������R � � @�* .8 ��'V�PI ?MI�G�L&'QW

����A �R�%J8'=��A"�8������� �M� * ����.�I �PJO� �������R � � @�* .8 ��'V�PI ?MI�G�L&'QW

����A �R� �/'=��A"�8������� �M� * ����.�I � � � �������R � � @�* .8 ��'V�PI ?MI�G�L&'QW

��0��9&������G

����A � �PL&'=��A��8������� �M� * ����.�I �PLO� ���"���R � � @�* .87��'Q�PI�?MI�G"L&'QW

���"9

����A8G ����'=��A"�8������� �M� * ����.�I ��� � �������R � � @�* .8 ��'V�PI ? � �"L&'QW

����A8G �PG&'=��A"�8������� �M� * ����.�I �UG � �������R � � @�* .8 ��'V�PI ? � �"L&'QW

����A8G �%J8'=��A"�8������� �M� * ����.�I �PJO� �������R � � @�* .8 ��'V�PI ? � �"L&'QW

����A8G � �/'=��A"�8������� �M� * ����.�I � � � �������R � � @�* .8 ��'V�PI ? � �"L&'QW

��0��9&������G

����A&G �PL&'=��A��8������� �M� * ����.�I �PLO� ���"���R � � @�* .87��'Q�PI�? ���L&'QW

���"9 � �8��.������8��.����M� * ����.�I � �� ���"����7� � @�* .87��'QS 'VW

� �8��9����8��9�.����M� * ����.�I ���� �������R � � @�* .8 ��'VS 'QW

� +��"9��&+���9 �M� * ���&.�I ���� ���"����7� � @�* .8 �R'VS 'QW � �8�=; @ �=������A � W � A @ �=������A&G W

���"��� * � � @�* .& �/T�G W

p����

Page 262: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

���"���8��.��#�M� * ���&.�I ������ ���"��� * ����' � @�* .8 ��'VS '�K ?�?�?

?�?�? �8��.������ * ����.�I ���� ���"���� � %�=�"��� * 'QS 'VW

� ��� � � � ��������� � � � � � ��� � � � � �

+�9;<O>�Ph_5R;LF@=<OBDRbC ES:�PhBD: ` >,K @^E ` C ES:AESW TD@=:=_;R;LSKQ@^EFW Tk� KMR;nDE V<OR �#EF@=:=BDC BDJ?<O>�>�@^EFCdPhBM:

@^95E ` B'W5ESJfVQKMJO<?WfKQ@^<?BDRb>=< ` _;JOKQ@^<?BDR T8KM> W;E @NKM<?JOESWX<ORXLN9fKMC'@^ES: r Gc+�9;E�VQKMJO_;EF> PhBM: � ��ES:AE

�MEFC5@�@^9;E->^K ` E @=9;:=BD_5nD9)KQJOJgBQPl@=9;E->=< ` _;J KQ@=<OBDR5>SG

������������� � �8��;�A&.��/+V� �&��;�A/��+�� �"���8���/+" ����� � ����9�A8.��8+F� ����9�A/��+��C�!��9&� �!���9&�&'

(�)�* �+,�������������3A&�����8������+ ��: �".��"����� � D&�����&��A/���"�+ +�����A

( �&���3."��� A&.��".=�8���&���8+3���5� * �4+� �����.�����9 ����� ?

(�)�* �6A"�8��A/��+�.��0;���� �&�< �1� * �09��"���������� ���5� * �2���".�9/��������

( �+" �"�4.3+��&.��"9".���91�/�����8.��,9�+����/ �������=� ?

(

( �7�3�"�����"���+6� * �,��A"9�.�����95A&.���.=�8�������3�������8��� .��"92� * �3�����4���

( � * �6A/�"+������/����1A"�&� �8.�����"���: � �8�2.��8�"=91������."�����/��.������ ?

(

(�� �������8���"�/+ ����9�A&.��8+�� ����90A8.��".=�8�������1�������/��� � + * �����9 �&�5. �

( ���1L0�������8��� �

( ����9�A/��+��"�1�&."���&� ���2A/��+������/���� 9/�+����/����������

�&��� �&."�5."��A��"���&�59"�"�=�"���&�5�".=�"�"���&�0D�D�D � � � )�) � � � � � � � � � $ � � � � � � �

p�� �

Page 263: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�&��� �&."� @ ) ����� � � � � � @�* .8 �#W

�����8����9�������9�A/��+=��W

* ��I�?MI�I�I�I�I�I�I�I�LOW

�� � ��������� * � ����9�A&.��/+�'=��� �'

A/��+��"������J��/.�>���A/�"+��������&J � ���9�� � ��98��'QW

A �7������9�A&.��/+Q����'QW

."��A * ������9�A8.��8+Q�PG8'QW

9"�"�=��������9�A8.��8+Q�%J/'QW

�".=���8������9�A8.��8+Q� �'QW

$�� � �"I ?MI�I�I�I ��N=9/�.��O� � I�? ��I�I�LO�%I�?ML�����L �PI�? ��L �"JO�%I�?�I�J � ��/'QW

( $�� � ��I ?MI�I�I�I�I�I�I�I�I�I�I ��N���:"� � �/'VW

9"�"��A �7� ����T * '�NQ� A��+���������J � � A � � * WP.���A * W�9"�"���#WM�".������ � ��9&�"'�K"�����/����9/'FW

9"�"��.���A�� ����T * '�NQ�MA/��+���������J � � A � W%.��=A * � * WM9"������WM��.������#�!��9&�&'�K"�����&����9�'QW

9"�"��9��"��� ����T * '�NQ�MA/��+���������J � � A � W%.��=A * W�9��"�=��� * WM��.������#�!��9&�&'�K"�����&����9�'QW

9"�"����.=�&� ����T * '�NQ�MA/��+���������J � � A � W%.��=A * W�9��"�=�#W��".=��� � * �#�!��9&�&'�K"�����&����9�'QW

���".�98����9�� � 9"�"��A � WM9"�"��.���A#WM9"����9��"� W�9"�"����.=����W

9/��������".�9&����9&T��/�����#������.�9&����9��%G8'QW

+�����A&� �PI ?MI�I�I�I�I�I�I�I�I�I�I�I�I�L&'�NV� A��+=�"�����&J��8.�>�K������8����9 � ��'QW

����� * ����.�������9�A&.��/+��&+�����AN=9/���W

� * ���&.�A"�&��A&���"���"���"9O� ���"� * ����.O�%$ � � ����'QS�W

p�� \

Page 264: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

��0�R ���M� * ����.�A��&��A�' ��I � �/.�>O�M� * ����.�A"�8��A�'�� �

�&��;�A&.��8+�������9�A&.��8+FW

�&��;�A/�"+��"�������&����9 W

�"��+��

A � �&��;���� * ���&.�A"�&��A#����'QW

."��A��&��;"��� * ����.�A"�&�=A��PG&'QW

9"�"���&��;"��� * ����.�A"�&�=A��%J8'QW

�".=���&��;"��� * ����.�A"�&�=A�� �/'QW

�������&��;"��A/��+=��������JO�M� * ���&.�A"�&��AC����'QW

9"�"��A � �&��;"� ����T * '�NV� A/��+��"������J � � A � �8��; � * W�?�?�?

?�?�?M."�=A��&��;�W�9"�"���&��;�WM�".=�"�&��; � � �&9&�"'�K��������8��;'VW

9"�"��."�=A��&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W�?�?�?

?�?�?M."�=A��&��; � * WM9"�"�=�&��;�WM��.=���&��; ���!��98��'�K"�������&��;�'QW

9"�"��9"�����&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W�?�?�?

?�?�?M."�=A��&��;�W�9"�"���&��; � * WM��.=���&��; ���!��98��'�K"�������&��;�'QW

9"�"���".����&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W�?�?�?

?�?�?M."�=A��&��;�W�9"�"���&��;�WM�".=�"�&��; � * ���!��98��'�K"�������&��;�'QW

���".�9��8��;"� � 9��"��A � �8��;�WM9"����."��A��8��;�WM9�����9"���=�&��;#W�9"�"���".=���/��; � W

9/����&��;"�����".�9��&��;8T=�/�����#�%���".�9��8��;��%G8'VW

+�����A��8��;"� �PI�?MI�I�I�I�I�I�I�I�I�I�I�I�I�L8'�NQ� A�"+���������J��/.�>"K"�"�����&��; � ��'FW

�����&��;���� * ���&.�A"�&��A �&+�����A��&��;/N=9=���&��;#W

��."��A * .����������&��;�K"�����&����9 ��?�?�?

?�?�?%�������"�����&�������M� * ����.�A��&��A#�!�"�"� * ���&. �%$ � � '�K�?�?�?

?�?�?%�������"�����&������� ����9�A&.��/+V�!�����8��;��%$ � � 'QW

p�� Z

Page 265: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

�� �����O���".���9O��� ����'�' �"��.���A * .

�&��;�A&.��8+���� * ���&.�A"�&��ACW

�&��;�A/��+������������8��;�W

�"��+��

�&��;�A&.��8+�������9�A8.��8+VW

�&��;�A/��+����������&����9 W

���"9

���"9

�"��+��&�� � ��������� * � ����9�A&.��/+�'=����L8'

A/��+��"������J��/.�>���A/�"+��������&J � ���9�� � ��98��'QW

A �7������9�A&.��/+Q����'QW

A&G�������9�A&.��/+Q�PG&'QW

."��A * ������9�A8.��8+Q�%J/'QW

9"�"�=��������9�A8.��8+Q� �'QW

�".=���8������9�A8.��8+Q�PL8'QW

( $�� � ��I ?MI�I�I�I�I�I�I�I�I�I�I ��N���:"� �UL&'VW

$�� � �"I ?MI�I�I�I ��N=9/�.��O� � I�? ��I�I�LO�%I�?MI ��� � �PI�?ML�����L �%I�? ��L��JO�%I ?%I�J � � �/'QW

9"�"��A �7� ����T * '�NQ� A��+���������J � � A � � * W A8G W%.��=A * W�9��"�=�#W��".=�"��� �!�89&�"'�K&�����&�"��9/'QW

9"�"��A8G�� ����T * '�NQ� A��+���������J � � A � W A&G � * W%.��=A * W�9��"�=�#W��".=�"��� �!�89&�"'�K&�����&�"��9/'QW

9"�"��.���A�� ����T * '�NQ�MA/��+���������J � � A � W A8GOW%."�=A * � * W�9"�"���#WM�".������ � ��9&�"'�K"�����/����9/'FW

9"�"��9��"��� ����T * '�NQ�MA/��+���������J � � A � W A8GOW%."�=A * WM9����=� � * WM�".������ � ��9&�"'�K"�����/����9/'FW

9"�"����.=�&� ����T * '�NQ�MA/��+���������J � � A � W A8GOW%."�=A * WM9����=��W���.=��� � * � � ��9&�"'�K"�����/����9/'FW

���".�98����9�� � 9"�"��A � WM9"�"��A8G WM9"�"��."�=A#W�9��"��9����FWM9������".�� � W

9/��������".�9&����9&T��/�����#������.�9&����9��%G8'QW

pQrDq

Page 266: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

+�����A&� �PI ?MI�I�I�I�I�I�I�I�I�I�I�I�I�L&'�NV� A��+=�"�����&J��8.�>�K������8����9 � ��'QW

����� * ����.�������9�A&.��/+��&+�����AN=9/���W

� * ���&.�A"�&��A&���"���"���"9O� ���"� * ����.O�%$ � � ����'QS�W

��0�R ���M� * ����.�A��&��A�' ��I � �/.�>O�M� * ����.�A"�8��A�'�� �

�&��;�A&.��8+�������9�A&.��8+FW

�&��;�A/�"+��"�������&����9 W

�"��+��

A � �&��;���� * ���&.�A"�&��A#����'QW

A&G��&��;���� * ���&.�A"�&��A#�PG&'QW

."��A��&��;"��� * ����.�A"�&�=A��%J8'QW

9"�"���&��;"��� * ����.�A"�&�=A�� �/'QW

�".=���&��;"��� * ����.�A"�&�=A��PL&'QW

�������&��;"��A/��+=��������JO�M� * ���&.�A"�&��AC� ��9&��'VW

9"�"��A � �&��;"� ����T * '�NV� A/��+��"������J � � A � �8��; � * W A&G��8��;�W"?"?�?

?�?�?M."�=A��&��;�W�9"�"���&��;�WM�".=�"�&��; � � �&9&�"'�K��������8��;'VW

9"�"��A&G��&��;"� ����T * '�NV� A/��+��"������J � � A � �8��;�W A8G��&��;�� * W"?"?�?

?�?�?M."�=A��&��;�W�9"�"���&��;�WM�".=�"�&��; � � �&9&�"'�K��������8��;'VW

9"�"��."�=A��&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W A8G��&��;#W"?�?"?

?�?�?M."�=A��&��; � * WM9"�"�=�&��;�WM��.=���&��; ���!��98��'�K"�������&��;�'QW

9"�"��9"�����&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W A8G��&��;#W"?�?"?

?�?�?M."�=A��&��;�W�9"�"���&��; � * WM��.=���&��; ���!��98��'�K"�������&��;�'QW

9"�"���".����&��;"�O����T * '�NQ� A/��+=��������JO� � A � �8��;�W A8G��&��;#W"?�?"?

?�?�?M."�=A��&��;�W�9"�"���&��;�WM�".=�"�&��; � * ���!��98��'�K"�������&��;�'QW

pQr Y

Page 267: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

���".�9��8��;"� � 9��"��A � �8��;�WM9"����A&G��&��;#WM9"����."��A��8��;�W�9��"��9&�"���&��;�WM9"�&���".=���&��; �#W

9/����&��;"�����".�9��&��;8T=�/�����#�%���".�9��8��;��%G8'VW

+�����A��8��;"� �PI�?MI�I�I�I�I�I�I�I�I�I�I�I�I�L8'�NQ� A�"+���������J��/.�>"K"�"�����&��; � ��'FW

�����&��;���� * ���&.�A"�&��A �&+�����A��&��;/N=9=���&��;#W

��."��A * .����������&��;�K"�����&����9 �����������������������M� * ����.�A��&��A �!����� * ����. �%$�� � 'F?�?�?

?�?�?MK"�������"���"��������� ����9�A&.��8+V�!�����8��;��P$ � � 'VW

�� �����O���".���9O��� ����'�' �"��.���A * .

�&��;�A&.��8+���� * ���&.�A"�&��ACW

�&��;�A/��+������������8��;�W

�"��+��

�&��;�A&.��8+�������9�A8.��8+VW

�&��;�A/��+����������&����9 W

���"9

���"9

���"9

(�(�(

pQr8p

Page 268: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ��� �h� ��� ��� �� Y�H� G�� �k9fKM:A<?P KMR;W � G���KMJOJ?<OR G � �XLS<?ESR8@ W;EF@=ESLF@=<OBDR BMPH:=KMR;W;B ` LSBE�XLS<?ESR8@^>a<?R

KM_5@=BD:=EFnD:=EF>=>=<jVDE ` B'W;EFJO>FG � ���� � � � ��� � � � ���� � � � � � T � Y � p � �� ��� � � qMr T pMqDqQr G

� p �HG ��KQ:A@^BM> � 7 R;> �k<-KMR;W � G���<?E�&<OKMW;B ` > � ����_;n8K FG�� � � � � � � ��� � �� � � � ���� � � � ��� �� � � � � � ��� Gc1 <OJ?E 7 �'ES:A<OES>&<?R#o,:AB 6 K 6 <?JO<j@ 7 KMR5W3�)KQ@=9;E ` KQ@=<OL KQJ*�@^KQ@^<?>A@^<?LS>FG;1 <OJOE 7 T��E�� � BD: � TI���bT*Y[ZMZ � G

� � �,Gf��ES:AJO<?R;ES:FG,��<?ES:^KQ:=LN9;<?L KMJ 6 K 7 ES>A< KMR @^< ` E >AES:=<?ES> ` B'W;EFJO>FT Y[ZDZ � G� r �5G&��ES>=KMn;G �'CfK @^< KQJ <OR8@^EF:^KML @^<?BDR2KMR;W @^9;E >A@^KQ@^<?>A@^<?L KMJ KMRfKMJ 7 >A<O>eBMP J KQ@A@^<?LSE�> 7 > �

@^E ` >FG������ � � � � � ����� ��� � � � ���� � � � ��� � � � ��� � � � � ���� ��� � � � � ����� � ��� ��� � � T��� � p �

�Y[Z p � p���� T Y[Z�� r G

� � �5GD��EF>^KMn5T'o/G �5G8!-:AESESRgTk� GD��<?nDW;BDRgT8KMR;WX$bG8�#EFR;nDEF:=>=BMR G���K 7 EF>=< KQRXLFB ` C;_5@NK @^<OBMRKMR;Wa>A@=B'LN9;KM>A@=<OL-> 7 >A@=E ` >SG � � �� � � � � ��� � � � ��� � ��� TgY q ��Y � �

� � ��� TgY[ZMZ��'G

� � �5G5��ES>^KQn;T��5G 7 BD: �ITfKMR;W � G;� BDJOJ?<OEMGl��K 7 EF>=<OKMRe< ` KMnDE&:=EF>A@=BD:^KQ@=<OBDRgT �&<j@^9eKMC5C;JO<?L K �@^<?BDR;>/<OR >ACfKQ@=< KMJk>A@^KQ@^<?>A@=<OLS>FG � � � � ��� � � ����� � � � ��� ����� � � � ���� � � � ��� � � �� ��� � ���� � � Tr��

�Y � �MZ'TgY[ZDZ'YDG

� � !dG ��G o/G��B � KQR;Wa!bG ��Gk+�< KQB;G � �� � � � �� � � � � � � ��� ��� � � �� � � ��� ��� � � � � � � � � � Gl1 <��JOE 7 ��J KQ>=>=<?LS>��*< 6 :=KM: 7 G51 <OJ?E 7 ���R8@=ES:=>ALS<?ESR;LFEMTI��E�� � BD: �ITI�&�bT*Y Z�� � G

� \ .�Gk��:=KM_;ES:�KMR;W��5G � G��BD95ESJ G � ����� ��� � ��� ���� � � � ������� � � ���� ���� � � � � � � � � � � � �� ���� � G�� B[VDES:�o,_ 6 J?<OLSKQ@^<?BDR;>ST;�#<OR5ESBDJOK5T;���bT*Y[Z � Z5G

� Z �,G'��:=E 7 ES:�KMR;Wa!bGk��B 6 EF:A@^>FG�.f:=B ` ` EF@=:=BDC BDJ?<O>c@^B W;<��U_;>A<OBDR;>�!�< 6;6 >�>�@NKQ@=ES>�KQR;W

BDC5@=< ` KMJU>AL KMJ?<OR;n5T Y[ZDZD\'G

� Y q ���-��G � � � ��� � � ��� � � ��� � � � �� � � �� ��� � � � � ������ � ��� � � ��� G]1 BD:=J?W1 <OW;E 1 E 6 T * ����A %T�T=;�;�;C?U�=98� ? �8�=� T pMqDqQr G

� YDY� � G � G ��9;EFR G �)KM: �MB[V LN9fKM<?R ` BDR8@^EaL KQ:=JOB >=K ` C5JO<OR5n�PhBD:dEFVQKMJO_;KQ@^<?R;n ` _;Jj@^<OW5<��` EFR;>=<?BDRfKMJU<OR8@^EFnD:^KQJO> �&<?@=9 KMC;C;J?<OL K @^<OBMR @^B 6 K 7 EF>=<OKMR)LFB ` C5_5@NKQ@=<OBDRgTgY[ZDZ��'G

� Y p � G .�GU��9;:A<O>�@^ESR5>=ESRgT !dG � Gg�&B 6 ES:�@^>STgKMR;W � G � �kJ?W G��&B 6 _5>A@ ` L ` L ` EF@=9;BW;>�PhBM:>=CfK @^< KQJUnDJ ` ` � >SG,��EFR8@^:=E�PhBD: ` KQ@=9;E ` KQ@=<OL KQJ >ALS<?ESR;LFES>�@^EFLN9;R;<OLSKMJ :AESC BD:A@ pQqDq��

�p�� T

�*_;R;W#(�R;<jVDES:A>=<j@ 7 TI�*_;R;W T � ��EFW;ESR T pMqDq�� G

pQr��

Page 269: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� Y � $bG �,G5��9_5R;ndKMR;Wa�-G �5Gk1 <OJ?JO<OK ` >FG � � � ��� � � � ������ � � � ��� � ��� � � � � � � ������� � � � � � ��o,:=B 6 K 6 <OJ?<?@ 7 KMR;W <?@=>���C;C5JO<OLSKQ@^<?BDR;>FG;��<?: �k9fKM_;>AES:FTI��BD>A@=BDR T �#� T*Y[ZDZ q G

� Y r ��BDJOBM:^KMW;B5G � � � � �� � � � � � ���� � � � � � � � � � ��� ������� � ��� � � ��� G�1 BD:=J?W 1 <OW5E1 E 6 T * ����A %T�T=;����9&�"=�"� ?P+��&.���� ?P��� ? ��+�T * ���"�8T T pMqDqMr G

� Y � � G � G���BDR5R;ES:FTd��G 1 G��#L[��KM:�@ 7 TbKQR;W�� G 1 G-�#<OJ?JOEF:SG � E @^EFLF@^<?BDR0BMP 6 <OKM>�<?R9fKM:�VDES>�@ � 6 KM>=EFWeES>�@^< ` KQ@=ES> BMP LN9;:ABDR;<?L ��KM>A@=<OR;n W;<O>AE KM>AE�C;:AEFVQKMJOEFR;LSE�<OR ` _;JOE&W;EFES:FG���� �� � � � � � � � � � � � � � ��� � � � T ��� � r �

���� Y � � ZDZ5T pQqDqDq G

� Y � � GD��:=ES>A>=<?EMG � � ���� � � � � � � � � ���� � � � � �� �MG 1 <OJOE 7 ���R8@^EF:=>=LF<OEFR;LSEQTk��E��� BD: � TfY ZDZ � G

� Y � � GU��:=EF>=>A<OE KQR;W)� G �UGU�#_5nDnDJO<?R G � ���� �� � � � � ����� � � ��� � � ��� ��� � � ���� � ����� � ��� � � � � � ���� � ��� � ��� � � � � � � � ��� � � ���� � � � ���� � � �� �MG)���H�#o��+l�,+

�o�:AB'LFESEFW �

<OR;nM>�<OR ��B ` C;_5@^KQ@^<?BDRfKMJ �@NKQ@=<O>�@^<OLF>SGfo,9 7 >=<?L K � %�ES:=JOKMn;Tf��ES<?W;ESJ 6 EF:=n;T pQqDqDq G

� Y[\ �5G �HGI��_;>A9 ` KQR)KMR5W#+�G �HGf!-<?R;R G��&E KML @^<?VME�LSBDR8@^K ` <?RfKMR8@�@^:=KMR;>ACUBD:�@&<ORe@^95E�>^KQ@��_;:^K @^ESW �FBDR;EMT Y[ZMZD\5G

� Y[Z �,W;<OR 6 _;:AnD9 �)K @^9;E ` KQ@=<OLSKMJ/�'BLS<OE @ 7 G�� � � � � ���� ���� � � � �� ��� � ���� � � � � � �� ��� �� � � � � � � T�VMBDJO_ ` E rMr BMP � ��� � ����� ������ � � � ��� ���� � ������ � �� ��� � �� � ��� �� � ��� ��� T Y[Z p�� G

� pMq ��GU��:=K �MEF:SG-� L ` LbKMRfKMJ 7 >=<O>�BMP�W;<��g_5>=<OBMR ` B'W;EFJO> �&<?@=93KMC;C;J?<OLSKQ@^<?BDR @=B ifRfKQR;LSEQG���� �� � � � � � � ��� � ��� �� � ���� � � � � � �� � � ��� � � T Y Z � p � �

Y ��� � Y[Z'YDT pMqMq YDG

� p Y�H�R;>A@=<?@=_5@^EXPhBD: ��<O>A@=BD:=<?L KMJ��&ES>AE KM:ALN9 G � � � � ��� � � � � � � � � � ��� ��� � � � � ��� � ��� � � � ��� �� � � ��� G 1 BD:AJOW 1 <?W;E)1 E 6 T * ����A %T�T�;�;�;C? * �+��8����:#?M.�� ?!���8T" * �&T � ���7�+�T�����8���/�.��+�T T pMqMqMr G

� pDp H+�9;E ��12� .fBD_;R;WfK @^<OBMR G � ��� �� �� � �� � � �� ���� � ��� � � ��� GX1 BM:=JOW 1 <OW5E1 E 6 T * ����A %T�T=;�;�;C?P+��/��A��;�9C?%����� T pMqDqMr G

� p�� -1 G � G�.f_;J?JOEF:SG ��� �� �� � � ������ � � � ���� � � � ��� � � ����� � � ���� � G 1 <OJOE 7 ���R8@^EF:=>=LF<OEFR;LSEQT��E�� � BD: � TI���bT*Y[ZMZ � G

� pQr H� GQ!�ESJ ` KMR T �5G ��GD��KQ:=JO<?R TQ� G �UGD�k@^ES:AR T8KMR5Wb� G ��GM�&_ 6 <?R G � �� � � � ���� �� �� � � � � �� � � Gl+/E��@=>�<?RX�@NKQ@=<O>�@^<OLSKMJf�LS<OEFR;LSEQG��9fKMC ` KMRXKMR;WX��KMJOJ �D����� o,:=ES>A>ST'��E�� � BD: � T�&� T Y[ZDZ��G

� p � -1 G �-G !-<?J �k>ST � G �&<OLN9fKM:AW;>=BMR T KMR;W � G �5G �C;<OEFnDESJ?9fKMJ?@=ES:FT)ESW5<?@^BM:=>SG � ��� �� ������ � �� ��� � � � ��� � ���� � � ��� G,�R8@^EF:=W;<?>=LS<?C;JO<?RfKM: 7 �@^KQ@^<?>A@=<OLS>FGf��9fKQC ` KQR#KQR;W��KMJ?J �D����� o,:AES>=>FT ��E� � BD: �ITf���bT*Y[ZDZMZ5G

pQrMr

Page 270: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� p�� ��G +�Gk!-:A<OR5PhEFJOJ G/��9fKMR;LFE�KQR;WdLN9fKMBD>�<OR ` E KQ>=JOEF>,W 7 RfK ` <OLF>SG ������� � � � � ��� � ��� �� � �� � � � � ��� � � � ��� ��� � � ���� � � � � � � ����� � ��� ��� � � T � r � p �

�� \ � � � ZD\5T Y[ZDZ p G

� p � �5G ��Gk!�:=BM>=> KMR;W � G 1 G�#<OJ?JOEF:SGl��9;:=BMR;<OL ��KM>A@=<OR;nHW;<?>=E KQ>=E&<OR ` _5JOE�W;EFES:�� <O>AE KM>AE

W 7 RfK ` <OLF>eKMR;W LFBDR8@^:=BMJ G ���� �� � � � � � � � � � � � �� � ��� ��� � � T � � � p ��pMq � � p Y �'T

pMqDq YMG

� p \ olGk!�_;>�@NKQPh>ABDR TM�bG ��Gk�)KQLSRfK 6 T'KQR;W �UGM1 ESR G�� R @=9;E�VQKMJO_;E�BQPUW5ES:=<jVQKQ@^<jVDE�E VMKQJO_fK �@^<?BDR;> KMR;W :^KMR5W;B ` ��KMJ � >A_;C;C;:AES>A>=<OBMR <OR ` KQ: �MB[V-LN9fKQ<OR ` BDR8@=E LSKM:=J?B�KQJOnDBD:A<?@=9 ` >FG� � �� � � � � � � �� � � � � � � �����MT Y r

�p�� � � \5T pMqDqMr G

� p Z � G���KM:=KMR T �5G �UG���BW;nDES>FTHKMR;W0��G olG���KM:AJO<ORgG ��LFLSEFJOES:=KQ@^<?R;n LFB ` C;_5@NK @^<OBMR <?R` KQ: �MB[V�:=KMR;W;B ` ifEFJOW;>XPhBD:X>=CfKQ@=< KMJ&WfK @NK V< K >A@=:=_;L @^_;:AESW ` L ` LMG ���� �� � � �� � � � � �� ���� � � �� � � � � ��� ��� � � � ���� � � � � � T*Y p � p � �

pQr Z � p��Mr T pMqDq�� G

� �Dq �,G ��ESJ?W G �'< ` _;J?@^KMR;ESBM_;>�CUBM>A@^EF:=<?BD:�C;:=B 6 K 6 <?JO<?@ 7 >A@^KQ@^E ` EFR8@^>-Ph:=B ` ` BDR8@^EdLSKM:=J?BBD_5@=C;_5@ G ������� � � � � � � ��� �� ���� � � �� � � �� � ��� ��� � � � �� � � ��� � � T�Y � ��Y � �

pMq � � �'TpMqDqMr G

� � Y� � G +�Gk��B 656 >ST'� G 1 G�#<OJ?JOEF:ST8��G �UGD1 <OJ?JO< K ` >FTM$bG olGk��_;:AR;9fK ` Tk�-G � Gk�&ES<?LN9 T �5G 1 G+�9;B ` KM>STIKQR;W)� G � +�9;ESB 6 KMJOWgG��'C;KQ@^<OKMJ*KMR;Wa@^E ` C BD:=KMJ W 7 RfK ` <OLF>�BMPcC5:=<OBMR W5<O>��E KM>AE <?R �&<OJOW5JO<?PhE

��&ES>=C BDR;>AES>�@^BXLN9fKMR;nD<?R;ndJ KMR5W#_;>AEMG���KQ@=_;:^KMJ*:AES>ABD_;:=LFE EFLSBDJ?BDn 7

J K 6 BD:=KQ@^BD: 7 pMqDq8p C;:=BDnM:=ES>A>d:=ESC BD:�@ T ��BDJ?BD:^KMW5B �@NK @^Ee(�R;<?VMES:=>A<?@ 7 T�.fBD:�@X��BDJ?JO<OR5>ST��� T pMqDq8p G

� �8p � G +�Gk��B 656 >ST'� G 1 G�#<OJ?JOEF:ST8��G �UGD1 <OJ?JO< K ` >FTM$bG olGk��_;:AR;9fK ` Tk�-G � Gk�&ES<?LN9 T �5G 1 G+�9;B ` KM>STIKQR;W)� G � +�9;ESB 6 KMJOWgG��'C;KQ@^<OKMJ*KMR;Wa@^E ` C BD:=KMJ W 7 RfK ` <OLF>�BMPcC5:=<OBMR W5<O>��E KM>AE <?R �&<OJOW5JO<?PhE

��&ES>=C BDR;>AES>�@^BXLN9fKMR;nD<?R;ndJ KMR5W#_;>AEMG���KQ@=_;:^KMJ*:AES>ABD_;:=LFE EFLSBDJ?BDn 7

J K 6 BD:=KQ@^BD: 7 pMqDq�� C;:=BDnM:=ES>A>d:=ESC BD:�@ T ��BDJ?BD:^KMW5B �@NK @^Ee(�R;<?VMES:=>A<?@ 7 T�.fBD:�@X��BDJ?JO<OR5>ST��� T pMqDq�� G

� ��� .�GH��BDC5CUEFR;>A@=E KMW5@SG � �� ��� � ���� ��� � � ��������� � � � � � � �� ���� ��� ��� ���� � � � �� � � � � � � � � � � � � �� � � � ��� � � � � G ������� �����5. ��EFnD<OBDR;KMJb��BDR'PhES:=EFR;LSE �'ES:A<OEF><OR ��C;C5JO<OEFW3�)K @^9;E ` KQ@=<OLF>SGU�'BLS<OE @ 7 PhBD:��R5W;_;>A@=:=<OKMJ�KQR;W���C5C;JO<?ESW)�)KQ@^95E ` KQ@^<?LS>STo,9;<OJOKMW;ESJ?C;9;<OK5TUY Z����'G

� �Mr ��G ��:=KQPhR��MEFJO>A>=BDR KMR5W3� Gg��:=EF>=>=<?EMG���<?ES:^KQ:=LN9;<?L KMJ ` B'W;EFJO<?R;ndBMP�LSBD_5Rk@�WfKQ@^K �&<?@=9KMC;C;J?<OLSKQ@^<?BDR)@^B Rk_;LSJ?E KM:�P KMJ?J�� BD_5@ G � ESCfKM:�@ ` ESR8@HBMP�>�@NKQ@=<O>�@^<OLF>�C;:=EFC;:=<?R8@ R5B;G ����� T� 9;<OBX�@^KQ@^EH(�R;<?VMES:=>A<?@ 7 T ��BDJO_ ` 6 _;>ST ���HT pMqDqDq G

� � � H�R8@^ES:�P KMLSE�.IBM_;R;WfKQ@=<OBDR BMP ��BD:�@^9b� ` EF:=<OLSK5G � � ������ � � � ���� � � � � ����� � � �� � � ������ ��� � ��� � � ��� � � ��� � ���� � ���� � � � � ����� T,+�9;Eao,:=BLSEFESW;<?R;nD> BMP&@=9;E pMqDq���R8@^ES:�P KMLSE ��BDR'PhES:=EFR;LSEQT pQqDq�� G

pQr �

Page 271: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� ��� � G �ME��g:AE 7 >SG � ������� � � � � � � � ��� �QG���JOKM:=EFR;W;BDR o,:=EF>=>STU� �PhBD:=WgT*Y[Z � Z5G

� � � ��G �MBD9;R;> KMR;W ��G � G��#EF9;J G � W 7 RfK ` <OLa>ACfKQ@^<OKMJ ` B'W;EFJ�PhBD:XLN9;:=BDR5<OL ��KM>�@^<?R;nW;<O>AE KM>AE-<ORaLSBDJ?BD:^KQW;B;G��'_ 6;` <j@=@=ESWePhBD:�C;_ 6 JO<OLSKQ@^<?BDR GjT pQqDqMr G

� � \ � G �UG8$-KM<O>AES:FTk� Gk��:AES>=>A<OEQT'KQR;W �5GD� EFEMG��CfKQ@^<OKMJ ` <��@=_;:=E ` BW;ESJ?> 6 KM>AESWXBDRdE��'CUB �R;ESR8@=< KMJ/P K ` <?J 7 LFBDR;W;<j@^<OBMRfKMJ/W;<O>�@^:=< 6 _5@=<OBDR;>FGH� ESCfKM:�@ ` ESR8@�BMP >�@NKQ@=<O>A@=<OLF> C;:=EFC;:=<?R8@R;B;G � ���'TI� 9;<?BX�@NKQ@=EH(�R;<jVDES:A>=<j@ 7 T ��BDJ?_ ` 6 _;>FT ��� T*Y[ZDZMZ5G

� � Z � G$�R;>=LN9gTf�UG'!�E ` KMR TKMR;W � G$-EF9fKMnD<OKM>SG���<?W;W;ESR ` KM: �MB[Vd:^KQR;W;B ` ifEFJOW;>FG � ���� � � � ��� � � � � � � � ����� T � � � �

������ � �Dq8p T Y[ZDZ��G

� r8q � G �,G�$�BD_;J-KMR;W2� G��LN9;<OL �IG ��WfKQC5@^<jVDE ES>A@=< ` KQ@^<?BDR <?R K :=KMR;W;B ` LSBE�XLS<?ESR8@KM_5@=BD:=EFnD:=EF>=>=<jVDE ` B'W;EFJ G � ����� � � � ��� � � � �� � � � � � � T pQr � � � �

Y q8p � � Y q � p TUY[ZMZ � G

� r Y� ��G�� �k>AESR;WfKQJ G � � � ��� � ��� �� � � � � � ��� � � � ��������� ��� � � � � � �� � � � ���� � ��� � � � �� � � ��������� � � � � � � � (�R;<jVDES:A>=<j@^E��@SGg�C;:=<?R;nDES: � %�EF:=J KQn;T;� <OJ KQR T5 @^KMJ 7 T Y[ZDZD\'G

� rkp H+�G !bG8$�_;:�@ �MG � � � ���� �� ���� � � � � � �� ������ � ��� ��� � � Gc������� ��� �5. �&ESnD<?BDRfKMJ��BDR5PhEF:=ESR5LSEd�'EF:=<?ES> <?R)��C5C;JO<?ESW3�#KQ@^9;E ` K @^<OLF>SGg�'BLS<OE @ 7 PhBD:��R5W;_;>A@=:=<OKMJ�KQR;W���C �C;JO<?ESW �)K @^9;E ` KQ@=<OLF>STfo,9;<?J KMW;EFJOC;95< K5T Y[ZD\5YMG

� r�� � G � K V<OR;EQG���R;BQ@^9;EF:�JOBB �aKQ@�LFBDR;W;<j@^<OBMRfKMJOJ 7 n8KM_5>=>=<OKMR ` KM: �QB[V�:^KQR;W;B ` ifESJ?W;>SG�R;>A@=<?@=_5@^EHBMP,>�@NKQ@=<O>A@=<OLF>�KMR5W�W;ESLF<O>A<OBDR#>=LS<?ESR;LFES> W5<O>=LF_;>=>A<OBDR)>=ES:A<OEF>ST � _ �ME (�R;<?VMES: �>=<j@ 7 Tf� _;:A9fK ` Tf� ��T*Y ZDZD\5G

� rDr �5G � G��*<O_ T�1 G � G�1 BDR5n;T�KMR;W � G�$�BDR;n;G ��B[VQKM:A< KMR;LFE�>A@=:=_;L @^_;:AE BMP�@^9;E)nD< 6;6 >>^K ` C;J?ES: �&<?@^9aKQC;C;JO<?L KQ@=<OBDR5> @=B @^9;E�LFB ` CfKM:=<?>=BDR5>�BMP EF>A@^< ` K @^BD:A>�KMR;WaKQ_;n ` ESR8@NK �@^<?BDR >=LN95E ` ES>SG ���� �� � � � � ��� � ��� �� ���� � � ���� � � � ��� � � ��� � � �������fT5\DZ �

Z��M\ � Z ��� TY[ZDZ r G

� r � H� G �5G,�*BM@ � K5G� � � ��� � � � � � ��� � � ��� � � �� � ���QG 1 <OJOJ?< K ` >HKMR;W 1 <OJ �k<OR;>FT���KMJ?@=<��` BM:=EMTUY[Z p �G

� r�� H� G �5Gf�*BM@ � K5G � � ��� � � � � � �� ��� � �� � ��� � � �� � ��� G,� B[VDES:FTI��E�� � BD: �IT*Y[Z�� � G

� r � ��G 1 G5�#L ��KM:A@ 7 KMR;We� G 1 G5�#<?JOJOEF:SG/�2VMES:A>^KQ@=<OJOE ` B'W;EFJIBMP W;<?>=ESKM>=E�@^:^KQR;> ` <O>A>=<OBMRKMC;C;J?<OEFW @^B PhBD:AESLSKM>A@=<OR;n 6 B[V'<?R;E)@=_ 6 EF:=LF_;JOBD>A<O> W 7 R;K ` <?LS> <?R �&9;<?@=E�� @NKM<?JOESW W;ESEF:CUBMC;_;J K @^<OBMR;>SG � ����� � � � � � � � � � � � � � ��� � � � T �Mr � r �

�� pMp � � �Dq TUY[ZMZD\5G

� r \ $bG �,Gl�#ESR5nDES:A>=ESR KMR5W �HG �,G + ��EFESW;<?EMG3��KQ@^EF> BMP�LSBDR8VDEF:=nDEFR;LSEaBMP�@^9;E 9fKM>A@=<OR;nM>KMR;W ` EF@^:ABDC BDJO<?>�KMJ?nDBD:=<j@^9 ` >ST Y[ZDZ r G

pQr��

Page 272: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� r Z � G 1 G,�#<?JOJOEF:STl��G �UG/1 <OJ?JO< K ` >FT���G 1 G,� L[��KM:�@ 7 T�+�G �-G,�C;:^K �QES:FT,+�G �5G�$-:AESEFnDES:FT��G +�G5� KM:=>AESR TfKQR;Wa��G +�G;+�95BD:=R;EQG ��C5<��SBBM@=<OBDJ?BDn 7 BMP LN95:=BDR;<?L ��KM>A@=<OR;nbW;<?>=ESKM>=E�<?RPh:=EFE���:=KMR;nD<?R;n�LSES:�V<OW;>l<OR LFBDJOBM:^KMW;B�KMR;W � 7 B ` <OR5n;G ������� � � � � � � � � � � � � � ��� � � � T��� � r �

�� � � � � Z q T pMqDqDq G

� � q H� G5�#BDJ?JO<OEQG � �� � � � �� � � � � ����� � �� � ��� � � TLN9fKMC5@=ES: pMq TCfKMnMES> � �QZ � � �MZ'G,��9fKMC �` KQRaKMR;W#��KMJ?J �D����� o,:=EF>=>FTlY[ZMZDZ5G

� �'Y� � G �#BDJ?JO<?>=BDR G �'CfKQ@=< KMJ]LFBDR8@NKML @ ` BW;ESJ?> PhBD: ESLFBDJOBDnM<OL KQJ0KMR;W ESC;<?W;E ` <OL>=C;:AE KMWgG � ����� � � � � ��� � ��� � � � �� � � � � ��� � � � ��� � � � � ���� � � � � � � ����� � ��� ��� � � T� Z � � �

�p \ � � �8p�� T Y[Z����G

� � p � G��#BMJOJO<?>=BDRgT�% G��>A9fK ` T KMR;W2��G�!-:AESR5PhEFJOJ G��,C;<?W;E ` <OLF>�� B'W;EFJO>aKMR5W2W;KQ@NK5G

���� �� � � � � ��� � ���� � � � ���� � � � ��� � � � ��� � � � � ���� � ��T*Y ��� ��Y � �YDY � � Y r Z'TUY[ZMZ r G

� � � H� G � G�� B'BW T�.�G � G�!�:^K 76 <?JOJ T�KMR;W � G ��G���BES>FG � � � ��� � � � ���� � � ��� � ����� � � � � �� � � ��� � � � � �� � � �#L !-:=K � ��<OJ?J��ES:=<?ES> <?R o,:=B 6 K 6 <OJ?<?@ 7 KMR5W2�@NKQ@=<O>�@^<OLF>SG�#L[!�:^K �]��<OJ?J T'��E�� � BD: � TI���bT*Y[Z�� r G

� � r H� G �UG8� _;nDnDJ?<OR TM� Gk��:AES>=>A<OEQT'KQR;WbNGk!�E `X` EFJOJ G ��<OEF:^KM:ALN9;<OLSKMJ'>�@NKQ@=<O>�@^<OLSKMJ ` BW;ESJ?<OR;nBMPU<OR f_5ESR �SK ��EFC;<OW;E ` <?L�W 7 RfK ` <OLF>�<ORd>=CfKQLSE�KMR;Wb@^< ` EQGc� ESC;KM:A@ ` EFRk@�BQPg>�@NKQ@=<O>A@=<OLF>C;:=EFC;:=<?R8@&R;B;G ���8p TI� 9;<OBX�@^KQ@^EH(�R;<?VMES:=>A<?@ 7 T ��BDJO_ ` 6 _;>ST ���HT pMqDqDq G

� ��� �UG !dG ��KM>=9bKQR;W � GM�BMPhES:FG � ��� ��� �� ��� �� � ��� ��� � �� � � � �����MGl�#L[!�:^K � ����<OJ?J T��E�� � BD: � TI���bT*Y[ZMZ � G

� � � ��KQ@=<OBDR;KMJ;��LSKMW;E ` 7 BMP �'LF<OEFR;LSEF>SG � � � ����� ���� � � �� � � � � ��� � � � � ������� �� ����� � ����� � � � �� � � � ��� ��� ����� �� � ��� � � �� ��� � ���� ��� � � � � � � � � � �� ����fT VMBDJO_ ` E �BMP � ��� � � ����� ������ � � � ������� ���� � � � ��� ��� � � � � � ��� � ��� � TgY Z pMq G

� ��� ��KQ@=<OBDR;KMJ ��L KQW;E ` 7 BMP��'LS<?ESR;LFES>FG � ��� � � � � � � ��� � � � ����� � � � � � ��� � � � � ��� � �������fT VDBDJ?_ ` Ea\ BMP � ��� � � ����� ������ � � � ����� �� ���� � � � ��� ��� � � � � � ��� � ��� � TY[Z pDp G

� �M\ �HG � GM��E KQJ G � � � � � � � � � � � ��� � � �� � ����� � ����� � � � � � ������ � �� ��� � � � � � � � ��� � Gco,9f�]@^95ES>=<?>ST5(�R;<jVDES:A>=<j@ 7 BMP +/BD:ABDR8@^B;T+lBM:=BDR8@^B5Tf��KMRfKQWfK5Tf�ESC5@=E ` 6 ES: Y ZDZ � G

� �MZ �5G � G���ESJ?W;ES:bKQR;W �-Gc�#ESKMW G3� >=< ` C;J?E�� ` EF@^95B'W PhBM: Ph_;R;L @^<?BDR ` <OR;< ` < � KQ@=<OBDR G� � � � � ����� ����� � � � T �

��Mq \ � � Y � TgY[Z � �'G

� �Dq olG � G/� � R;EF<OJ?J GXolEF:APhESL @ >A< ` _fK @^<OBMR PhBM:H:AESEFW Ph:=BD>�@HESC;<?W;E ` <OL ` B'W;EFJO>FG � � ���� � � � � ��� � � � � ���������MT Y �

�� � � rDr T pMqDq�� G

pQr �

Page 273: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � Y� �UG �DK ` ES>�o,:=EF>=>SG � �� � � � �� � � �� � � � � � ��� � ���� � � � � � � � � ���� ��� � �� � � � � � � ��������� � G1 <OJ?E 7 �'EF:=<OEF>�<OR o,:=B 6 K 6 <OJ?<?@ 7 KMR;We�)KQ@^95E ` KQ@^<?L KMJU�@^KQ@^<?>A@^<?LS>FG1 <?JOE 7 T5��E� � BD: � T�&� T Y[ZD\DZ'G

� �8p H ` C5:=ESLF<O>AE�o,:AB 6 K 6 <?JO<j@^<OEF>*o,:=B AEFLF@SG � � � � � � � � � � � � � � ������� � � � � � � � ��� � � ��� G1 BM:=JOW 1 <?W;E�1 E 6 T * ����A %T�T"7A�A+������C? ���"�C?M.�� ? �8� T pMqDqQr G

� ��� ��Gc�&ESR;>A9fK �-G � ���� � ����� � �� � ��� ��� � � � � � �� ���� � ��� � ������� �� � � ����� G3��K ` �6 :=<?W;nDE��@^_;W5<OES>l<ORd�#KQ@^9;E ` K @^<OLSKMJ'��<OBDJ?BDn 7 G ��K ` 6 :A<OW;nDE�(�R;<jVDEF:=>=<j@ 7 o,:AES>=>FT'��K ` �6 :=<?W;nDEQT Y[ZDZ5YMG

� �Mr ��G o/G���B 6 EF:A@XKMR;W !bG���KM>=EFJOJOK5G � �� ��� � � � � � �� � � ��� ��� � � � � ���� � G �'C;:=<?R;nDEF:+lE �@^>�<OR �@^KQ@^<?>A@^<?LS>FGI�'C;:A<OR;nDEF:�� %�ES:=JOKMn;T5��E� � BD: �ITf���bT*Y[ZDZMZ5G

� � � !dGg��B 6 EF:A@^>-KQR;W �5G*��BM>=ESR8@=9fKMJ Gb��C'@^< ` KMJ/>=LSKMJO<?R;neBMP W;<O>ALS:AEF@^EXKMC5C;:=B �'< ` KQ@^<?BDR;>@^BdJ KQR;nDEFV<?ReW;<��U_;>=<?BDR;>FT Y[ZDZ��G

� ��� !dG � G ��B 6 ES:�@^>eKQR;W �5G �UG��&BD>=EFR8@^9fKMJ G � _fKMR8@^<j@NKQ@=<?VME 6 BD_;R;W5> PhBD: LFBDR8VDEF:=nDEFR;LSE:^KQ@=ES>�BMP�LSBDR8@=<ORk_;BD_;>�@=< ` E ` KQ: �MB[VeC5:=BLSES>A>=EF>SG � � � � �� � � ���� �� � � � � � � � � �������� T*Y � Z �

�Y � p YMTgY[ZDZ � G

� � � !dG � G��&B 6 ES:A@=> KMR;W � G&�@^:=K ` ES:SG +lE ` C ES:AESW2J KMR5nDEFV<OR W5<��U_;>=<?BDR;>aKMR;W2KMJ?nDB �:=<j@^9 ` >SG � ESC;KM:A@ ` EFRk@�BMP�>A@^KQ@^<?>A@^<?LS>�KMR;W#KML @^_fKM:A< KMJg>=LS<?ESR;LFE @=ESLN9;R;<?L KMJ :AESC BD:A@�R;B;G� Y r T5(�R;<jVDEF:=>=<j@ 7 BMPl�B ��K5Tf�B ��K ��<?@ 7 T;�� T pQqDq8p G

� � \ �UG � Gc�&BD>=>FG � � � ��� � � � ���� � � � � � � � ����� � ���� ��� ����� �� � � ��L KMW5E ` <OL o,:AES>=>FT�5KMR � <OEFnDB;T;��� T Y[ZDZ��G

� � Z ��G � G*�'LN9fKM_ 6 ES:HKMR5W � GU1 B'BMJ?P�G ��9;:=BMR;<OL ��KM>A@=<OR;neW5<O>=ESKM>=Ed<?R3W;ESEF:-KMR;W ESJ ��K

LS:A<?@^<?mk_;E�BMPcLF_;:=:AESR8@ ` BW;ESJ?>&KMR;W @^9;EF<O:&KMC;C5JO<OLSKQ@^<?BDR G � � � � � � � � � ��� ��� � � ��� � �����fT� Y

�� Y q � � Y � T pMqDq�� G

� � q � G� � KM:=EQT5.�G ��G��ESR8@^9gT;KMR;W � Gk.f:=<?nDES>A>=< Gl1 E K �dLSBMRkVMES:AnDESR;LFE�KMR;W BDC5@=< ` KMJ;>=LSKMJ��<OR;n BMP :^KMR;W5B ` ��KMJ � ` EF@^:ABDC BDJO<?>�KMJ?nDBD:A<?@^9 ` >FG � � � � ��� � � � � � ��� � � � � � � � ��� �QT�

�YDY q � Y pMq T Y[ZDZ��'G

� �'Y� � G�� �QKQ:=EMT&.�G ��G ��ESR8@=9 T�KMR;W � G�.f:A<OnDEF>=>=< G2� ` B'BM@=9;ESW J KQR;nDEFV<?R C;:ABDCUBM>^KMJ?> <?R` E @^:ABDCUBMJO<O> ��9fKQ>A@^<?R;nD>&KMJ?nDBD:A<?@^9 ` >FG � � ���� � � � � � �� ��� � � � � � � ��� � � � ��� � � T r Z �

�Mr � �� � r T pMqDqDq G

� � p �HG �,G/� ` <?@^9gG +�9;E 95<?@ ��KMR;W � :=_;R >=K ` C5JOES:�� nDJOB 6 KMJOJ 7 :AE KMLN95<OR;n ` KM: �MB[V LN9fKM<?R

>^K ` C;J?ES:�PhBD:&nDESR5ES:^K @^<OR5n KM: 6 <?@=:^KM: 7e` _;Jj@^<?VQKM:A< KQ@=E W;<?>A@^:A< 6 _'@^<OBMR;>SG � ����� ������ � �� ��� � � � ��� � � � ��� � � �� ���� � �� � � � � ��� T5CfKQnDES> p��Dq � p��Mr TUY[ZDZ � G

pQr \

Page 274: + 9; @^9;EF>= PhBD: @=9;EH B'L … · 2020. 10. 2. · phbd: 95:=bdr;

� � � �UG � Gl�@^<?nDJOEF:SG � ��� � � � ����� � � � �� � � ��� � ��� � ��� � ��� � � � ��� � � � � � ��� � ���� � �� � � � � �� � G���ESJ �kRfKMC3o,:=EF>=>�BMP ��KM:AVQKM:AW3(�R5<?VDEF:=>A<?@ 7 o�:AES>A>ST ��K ` 6 :=<?W;nDEMTg�#� TY[ZD\ � G

� � r olG � G �@^BMJOJOE 7 KMR5W#+�G � KM> � 7 G � � � � � � � � �� ����� � � � ��� � � � �� ��� �� ��� � ��� � � ��� � ���� � � � ��� � �� � ���QG��LS<OEFR8@^<?i;L�� ` ES:=<?L KMR �*< 6 :^KM: 7 Tf��E� � BM: �ITI�&� T*Y[ZDZ��'G

� ��� �UG � G �@=:=BDn8K @ �MG � �� � ��� ��� � ��� � � � � � �� � � ���� � G,��W5W;<O>ABDR � 1 ES>AJOE 7 TI�&E KMW;<?R;n;T�#� T*Y ZDZ r G

� � � �,G[+�<OES:AR;E 7 Gc�#KM: �QB VHLN9fKQ<OR;>*PhBD: E��'C;J?BD:=<?R;n&CUBM>A@^EF:=<?BD:*W;<O>�@^:A< 6 _5@=<OBDR5>SG � ��� � � � � ���� � �� � � � � � � T pDp � r � �

Y � q Y � Y � �8p TUY[ZMZ r G

� ��� -% G5%�BMJ?@^EF:=:=K5G,.�J?_;LF@=_fKQ@^<?BDR;>�<ORe@^9;E-K 6 _;R;WfKQR;LSEHBMPlKb>=C ESLS<?ES>&LSBMR;>=<?W;ES:AESW ` KQ@=9;E��` K @^<OLSKMJOJ 7 G � �� ���� T*YMY[\

����M\ � � �Dq TgY Z p�� G

� �M\ �,G � G 1 KMJ?JOES:FT���G o/Gc��KM:AJO<?R T/� G�� < K'T�KMR5W � G ��Gc!�ESJjP KMR;W Ge��<OEF:^KM:ALN9;<OLSKMJ�>=CfKQ@=<OB �@^E ` C BD:^KQJ ` KMC;C;<?R;n BMPHW;<?>=ESKM>=E3:=KQ@^EF>SG ������� � � � � ��� � ��� �� ���� � � ���� � � � ��� �� ��� � � �� ����fT;Z p � r�� \ �

��Dq � � � Y �'T Y[ZDZ��G

� �MZ olGI1 KQJ?@ ` KMR G � � ��� ����� ���� � ���� ��� ��� � � � � ������� � �� � ��� G�������� ��� �'. ��E �nD<OBMRfKMJ��BDR5PhEF:=EFR;LSE&�ES:=<?ES>l<ORH��C;C;J?<OEFWb�)KQ@=9;E ` KQ@=<OLS>FGQ�'B'LF<OE @ 7 PhBD:l�R5W;_;>A@=:=<OKMJ5KQR;W��C;C5JO<OEFW �)KQ@=9;E ` KQ@^<?LS>FTfo,9;<OJOKMW;ESJ?C;9;<OK5TgY[ZM\ � G

� \ q H� G � G 1 EFJO>A9 G � � ��� � � � � � � ���� � � � ��� � ��� � � � � ��� G 1 <OJOE 7 �'ES:A<OEF> <OR o�:AB 6 K 6 <OJO<j@ 7KMR;W#�@^KQ@^<?>A@^<?LS>FG51 <OJ?E 7 �R8@=ES:=>ALS<?ESR;LFEMTU��E�2� BD: �ITI��E� � BM: �IT*Y[ZDZ � G

� \5Y� ��G 1 < �kJOEMT��,G���EF:=J?<OR;EF:ST�KMR5W � G���:=EF>=>A<OEMG ��<?ES:=KM:=LN9;<?L KMJ 6 K 7 ES>=<OKMR >=C;KMLSE � @^< ` E` BW;EFJO>SG � � �� ������ � � � � �� � �� � ��� ��� � � � �� � � ��� � � T � � p � �

YDY � � Y � r TUY[ZDZD\'G

� \ p ��G $bG/1 < �kJOEQT,�HG .�Gc�#<OJ?JO<��lT/� Gc� 7 LN9 �QK'T�KQR;W��,G � Gc��ES:AJO<OR5ES:SG3�'CfKQ@=<OBM@=E ` CUBD:=KMJ9;<OEF:^KM:ALN9;<OLSKMJ 6 K 7 ES>=<OKMR ` BW;ESJ?<OR;n

�+/:=BMC;<OLSKMJ,B'LFE KMR >=_5:AP KMLFE �&<?R;W;>SG����� �� � � �

� ����� ��� � ���� � � �� � � ��� ��� � � ��� � � �� ����fTfZ � � r � r ��� \ p � � Z��T pMqMq YDG

� \ � � G�� �&<?JOJ?<OR;nDEF:SG � ��� ���� � � � � � � � � � � ��� � � � � �� ���� � � � � � � � � ��LSKMW;E ` <?Lo,:=ES>A>STU�5KMR � <?ESnDB;Tf��� T*Y[ZDZ p G

pQr Z