https://www.avient.com/sites/default/files/2025-03/Advanced Composites Utility Poles Product Overview.pdf
KEY PERFORMANCE ADVANTAGES
Southern Yellow Pine1
Equivalent Wood Pole
GridCore FRP Pole2
14 in x .750 in
Length
(ft)
Load
Class3
Allowable Class
Load4 (kip)
Weight
(lb)
Deflection5
(in)
Weight
(lb)
Deflection5
(in)
40
3 1.95 1360 35
1040
12
2 2.41 1580 32 14
1 2.93 1810 30 18
H1 3.51 2050 28 21
H2 4.16 2310 26 25
45
3 1.95 1630 45
1170
17
2 2.41 1880 41 21
1 2.93 2160 38 26
H1 3.51 2450 36 31
H2 4.16 2760 33 37
50
3 1.95 1910 56
1300
24
2 2.41 2210 52 30
1 2.93 2530 48 36
H1 3.51 2880 45 44
H2 4.16 3240 42 52
55
3 1.95 2210 68
1430
33
2 2.41 2550 63 40
1 2.93 2930 58 49
H1 3.51 3320 54 59
H2 4.16 3740 51 70
60
3 1.95 2520 82
1560
43
2 2.41 2910 76 53
1 2.93 3340 70 65
H1 3.51 3790 65 78
H2 4.16 4270 61 92
65
3 1.95 2840 97
1690
56
2 2.41 3290 90 69
1 2.93 3770 83 84
H1 3.51 4280 77 100
H2 4.16 4820 72 119
70
3 1.95 3180 114
1820
71
2 2.41 3690 105 87
1 2.93 4220 97 106
H1 3.51 4790 90 127
H2 4.16 5390 85 150
POLE SELECTION GUIDE
1 Wood properties data are per ANSI O5.1-2022 Table 1.
Allowable Class loads are based on NESC Table 261-1.
GridCore
FRP Pole
Southern Yellow Pine
Equivalent Wood Pole
Nominal Fiber Stress, F (psi) 45,000 8,000
NESC constructiona Grade B
Strength factor, ɸa 1.0 0.65
Modulus of Elasticity, Eb (106 psi) 5.00 2.13
Estimated Density (lb/ft3) 120 65
DESIGN PARAMETERS
a Per NESC Table 261-1
b Wood data are per ANSI O5.1-2022 Table 1.
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Investor%2520Day%25205-18-15.pdf
PolyOne Corporation Page 4
Agenda
1:00 Introduction Robert M.
Patterson
1:30 Global Color, Additives and Inks John V.
1) Special items are a non-GAAP financial measure.
https://www.avient.com/sites/default/files/2021-09/nonwoven-colorants-card.pdf
PP32075932-LDR 1% PP62076443-LDR 1% PP42075700-LDR 1%PP52076733-LDR 1 % PP62076444-LDR 1% PP52076664-LDR 2%
PP52075745-LDR 0.5% PP32076405-LDR 1% PP42075706-LDR 1%PP6N075015-LDR 1% PP13075926-LDR 2% PP63076317-LDR 0.5%
PP82076957-LDR 2% PP12075762-LDR 2% PP82077077-LDR 2%PP52076834-LDR 2% PP33076395-LDR 3% PP5N075037-LDR 2%
PP53076820-LDR 3% PP84076978-LDR 4% PP54076838-LDR 4%PP34076341-LDR 3% PP63076492-LDR 3% PP43075702-LDR 2%
https://www.avient.com/sites/default/files/2021-01/w-9-clariant-plastics-coatings-usa-llc-july-20201.pdf
Enter
the owner's name on line 1.
Form W-9 (Rev. 10-2018) Page 5
1.
You can reach TAS by
calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD
1-800-829-4059.
https://www.avient.com/sites/default/files/2022-01/Avient S.à r.l._extract CoC_2021.12.27.pdf
titel
20
21
-1
2-
27
1
1:
24
:4
8
Business Register extract
Netherlands Chamber of Commerce
CCI number 72287497
Page 1 (of 2)
Legal entity
RSIN 859060317
Legal form Foreign Legal Entity: Société à Responsabilité Limitée (S.A.R.L.)
The Chamber of Commerce recommends that this document be viewed in digital form so that its
integrity is safeguarded and the signature remains verifiable.
20
21
-1
2-
27
1
1:
24
:4
8
Powers Jointly authorised (in accordance with foreign law)
Name Potoczny, Zaneta Gabriela
Date of birth 17-10-1974
Date of entry into office 27-02-2019 (registration date: 12-08-2019)
Powers Jointly authorised (in accordance with foreign law)
Name Merklein, Norbert
Date of birth 03-05-1964
Date of entry into office 18-01-2021 (registration date: 29-10-2021)
Powers Jointly authorised (in accordance with foreign law)
Authorised representative
Name Van den Brande, Philip Theophiel Anna
Date of birth 13-08-1974
Date of entry into office 24-07-2018
Title Branch Manager
Contents of power of
attorney
There are other restrictions.
https://www.avient.com/sites/default/files/2022-09/PREPERM for 5G Application Bulletin %281%29.pdf
• Stable and controlled dielectric constant
- from 2.6 to 23
• Very low losses even at mmWaves
• Isotropic material - no glass fibers
• Can be injection molded and machined
APPLICATION BULLETIN
STABLE RF PROPERTIES OVER A WIDE FREQUENCY RANGE
0 ,0
2 ,0
4 ,0
6 ,0
8 ,0
1 0 ,0
1 2 ,0
0 1 0 2 0 3 0 4 0 5 0 6 0
D
ie
le
ct
ri
c
co
n
s
ta
n
t
F re que nc y [G H z ]
P R E P E R M ® P P E 95 0 P R E P E R M ® P P E 80 0
P R E P E R M ® P P E 44 0 P R E P E R M ® P P E 32 0
P R E P E R M ® P P E 26 0
LOW LOSSES UP TO mmWAVE FREQUENCIES*
BATCH-TO-BATCH STABILITY DURING PRODUCTION
* Measurements performed at VTT Technical Research
Centre of Finland Ltd in 2018.
D
ie
le
ct
ri
c
co
ns
ta
nt
Lo
ss
ta
ng
en
t
D
ie
le
ct
ri
c
co
ns
ta
nt
Frequency [GHz]
Frequency [GHz]
Pallet number (1250 kg/pallet)
PREPERM™ PPE950
PREPERM™ PPE800
PREPERM™ PPE440
PREPERM™ PPE320
PREPERM™ PPE260
-- Dielectric constant target
-- +/- 2%
3 ,7 6
3 ,7 8
3 ,8 0
3 ,8 2
3 ,8 4
3 ,8 6
3 ,8 8
3 ,9 0
3 ,9 2
3 ,9 4
0 1 2 3 4 5 6 7 8
D
ie
le
ct
ri
c
co
n
s
ta
n
t
P a lle t numbe r (1 2 5 0 k g/pa lle t )
D ie le c t ric c o n s t a nt t a rge t +/ - 2 %
0 ,0 0 0
0 ,0 0 2
0 ,0 0 4
0 ,0 0 6
0 ,0 0 8
0 ,0 1 0
0 1 0 2 0 3 0 4 0 5 0 6 0
L
o
s
s
t
a
n
g
e
n
t
F re que nc y [G H z ]
P R E P E R M ® P P E 95 0 P R E P E R M ® P P E 80 0
P R E P E R M ® P P E 44 0 P R E P E R M ® P P E 32 0
P R E P E R M ® P P E 26 0
0 ,0 0 0
0 ,0 0 2
0 ,0 0 4
0 ,0 0 6
0 ,0 0 8
0 ,0 1 0
0 1 0 2 0 3 0 4 0 5 0 6 0
L
o
s
s
t
a
n
g
e
n
t
F re que nc y [G H z ]
P R E P E R M ® P P E 95 0 P R E P E R M ® P P E 80 0
P R E P E R M ® P P E 44 0 P R E P E R M ® P P E 32 0
P R E P E R M ® P P E 26 0
0 ,0 0 0
0 ,0 0 2
0 ,0 0 4
0 ,0 0 6
0 ,0 0 8
0 ,0 1 0
0 1 0 2 0 3 0 4 0 5 0 6 0
L
o
s
s
t
a
n
g
e
n
t
F re que nc y [G H z ]
P R E P E R M ® P P E 95 0 P R E P E R M ® P P E 80 0
P R E P E R M ® P P E 44 0 P R E P E R M ® P P E 32 0
P R E P E R M ® P P E 26 0
Copyright © 2022, Avient Corporation.
https://www.avient.com/sites/default/files/2023-01/AVNT Dec 2022 Earnings Presentation.pdf
Global Compact &
fulfilled Communication of Progress (COP)
requirements
• New Sustainability Strategy overview page including
our 2022 AIP ESG metrics
• New ESG Performance page with ESG ratings,
awards, and certifications
• Increased disclosures on carbon emissions, including
disclosure of Climate Change Scenario Analysis
• Added new Product Stewardship and Chemical
Management policies
• Enhanced data reporting for Workforce
Demographics
• Improved social disclosures on human rights,
dependent care and special leave and strategic
training management
20 21 SUSTAI NA BILI TY REPORT
Launching integrated sustainability website in parallel with report
Aligned with leading reporting frameworks
6
Released July 2022
E S G R AT I N G S P E R F O R M AN C E
E S G AWA R D S AN D C E R T I F I C AT I O N S
ESG PER FORMANCE & A WAR DS
84th
3
1
2
7
T R A N S F O R M A T I O N A L
O V E R V I E W
Avient Protective
Materials
Dyneema
®
RECENT TRANSAC TIONS
Acquired Divested
$1.45 B $0.95 B
9
Distribution
UPDATED CA PI TAL STRUC TURE
& LI QUI DI TY
• Proceeds from completed
sale of Distribution used to
pay near-term maturing debt
to strengthen balance sheet
• Fixed/floating debt ratio of
~55/45
• Proven track record of
deleveraging following major
acquisitions through strong
free cash flow generation
• 2022 pro forma net
debt/adjusted EBITDA
expected to be 3.1x
$725 $725
$575 $500
$600
$525
$650
$650
$600
Capital Structure
Cas
h
$544
Undr
awn
Rev
olve
r
$250
Liquidity
$3.15B
$2.40B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
2023 Notes
After Dyneema
Acquisition
After Distribution
Divestiture
$794M
(1)
(1) $250M reflects estimated undrawn revolver following the divestiture of Distribution
10
PREVI OUS TR ANSACTIONS
Performance
Solutions
Products &
$0.8 B
COLOR
$1.4 B
Acquired (2020)Divested (2019)
11
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $75 million of realized synergies anticipated in 2022
• Acquisition completed on July 1, 2020 for $1.45 billion.
Purchase price multiple rapidly declining on strength of
business and synergy capture
12
$133
$201
2019PF 2022E
12
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.4x
2019PF 2021 2022E w/ Full
Synergies
(1)
(1)
11.9%
16.3%
2019PF 2022E
EBITDA Margins
(1)
CLARIANT COLOR:
TRANSFORMATIONAL ACQUISITION
($ in millions)
(1) Financial information is pro forma to include a full year of Clariant Color business
SUNBELT PVC Resins DSS
20 Acquisitions
$4.8B Investment
$2.7B of Annual
Revenue
5 Divestments
$2.3B Proceeds
TPE
PP&S
HISTORI C SPECI AL IZATION THROUGH M& A
13
Distribution
DSM Protective
Materials
BOLT-ON AC QUI SITI ON HISTORY
14
Commercial
Resources
Operating Income
($ in millions)
Operating Margins
259
363
At Acquisition 2022E
$40
$139
At Acquisition 2022E
9%
22%
At Acquisition 2022E
Established Acquisitions
(> 7 years)
+ 40% + 248% + 1300 bps
I N V E S T T O G R O W
S P E C I A LT Y T R A N SF O R M ATI O N
T O D A Y
7%
46%
67%
86%
100%
0%
20%
40%
60%
80%
100%
2005 2010 2019 2021 2022 PF
%
o
f
A
d
ju
st
e
d
E
B
IT
D
A
• Commodity JVs
• Distribution
• Performance Products & Solutions
• Specialty Businesses
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution
(1
)
(2)
15
Healthcare
4%
Packaging
8%
Consumer
10%
Building &
Construction
43%
Industrial
15%
Transportation
14%
Energy
4%
Telecom.
2%
2006 2022 Pro Forma
Healthcare
8%
Packaging
23%
Consumer
21%
Building &
Construction
10%
Industrial
15%
Transportation
9%
Energy
4%
Telecom.
4%
Defense
6%
END MAR KET F OCUS ON LESS CYCL IC AL
I ND USTRI ES
16
14.8%
17.6%
21.0%
2018 2020 2022 PF
1.8%
2006
15.3%
16.2%
17.0%
2018PF 2020PF 2022E
CAI
2.7%
2006
SEM
SPEC IA LTY EBI TDA MA RGI N EX PANSION
17
• Portfolio transformation
accelerates growth in less
cyclical, higher margin end
markets
• Investments in our
composites platform
continue to drive margin
expansion
(1) (1)
(1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition
PORTFOLIO EVOLUTION OVER THE YEARS
18
Adj.
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$585M$3,635M
(1)
Transportation
9%
Healthcare
8%
29
C O L O R , A D D I T I V E S & I N K S
2 0 2 2 R E V E N U E | $ 2 . 3 B I L L I O N
US & Canada
35%
EMEA
40%
Asia
20%
Latin America
5%
END MARKET REGION
30
Packaging
33%
Consumer
22%
Healthcare
9%
Industrial
15%
Transportation
8%
Building &
Construction
11%
Telecommunications
1% Energy
1%
Figures represent 2022 full year estimates
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
2 0 2 2 P R O F O R M A R E V E N U E | $ 1 . 3 B I L L I O N
END MARKET
US & Canada
50%
EMEA
35%
Asia
15%
REGION
31 Figures represent 2022 full year estimates
Packaging
5%
Consumer
19%
Healthcare
8%Industrial
16%
Transportation
10%
Telecommunications
10%
Energy
9%
Defense
15%
Building &
Construction
8%
Packaging
31%
Consumer
28%
Healthcare
8%
Industrial
13%
Building &
Construction
5%
Telecommunications
3%
Energy
2% Defense
1%
Asia
(20% of sales)
Transportation
9%
2 0 2 2 P R O F O R M A AV I E N T R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
29%
Consumer
13%
Healthcare
5%
Industrial
17%
Building &
Construction
11%
Energy
5%
Defense
7%
EMEA
(35% of sales)
Transportation
10%
Packaging
14%
Consumer
23%
Healthcare
11%
Industrial
15%
Building &
Construction
12%
Energy
5%
Defense
7%
US &
Canada
(40% of sales)
Transportation
7%
Packaging
49%
Consumer
22%
Healthcare
8%
Industrial
9%
Building &
Construction
6%
Telecommunications
1%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
3%
Telecommunications
6%
Figures represent 2022 full year estimates32
https://www.avient.com/sites/default/files/2025-01/AVNT Dec 2022 Earnings Presentation Updated.pdf
Global Compact &
fulfilled Communication of Progress (COP)
requirements
• New Sustainability Strategy overview page including
our 2022 AIP ESG metrics
• New ESG Performance page with ESG ratings,
awards, and certifications
• Increased disclosures on carbon emissions, including
disclosure of Climate Change Scenario Analysis
• Added new Product Stewardship and Chemical
Management policies
• Enhanced data reporting for Workforce
Demographics
• Improved social disclosures on human rights,
dependent care and special leave and strategic
training management
20 21 SUSTAI NA BILI TY REPORT
Launching integrated sustainability website in parallel with report
Aligned with leading reporting frameworks
6
Released July 2022
E S G R AT I N G S P E R F O R M AN C E
E S G AWA R D S AN D C E R T I F I C AT I O N S
ESG PER FORMANCE & A WAR DS
84th
3
1
2
7
T R A N S F O R M A T I O N A L
O V E R V I E W
Avient Protective
Materials
Dyneema
®
RECENT TRANSAC TIONS
Acquired Divested
$1.45 B $0.95 B
9
Distribution
UPDATED CA PI TAL STRUC TURE
& LI QUI DI TY
• Proceeds from completed
sale of Distribution used to
pay near-term maturing debt
to strengthen balance sheet
• Fixed/floating debt ratio of
~55/45
• Proven track record of
deleveraging following major
acquisitions through strong
free cash flow generation
• 2022 pro forma net
debt/adjusted EBITDA
expected to be 3.1x
$725 $725
$575 $500
$600
$525
$650
$650
$600
Capital Structure
Cash
$544
Undrawn
Revolver
$250
Liquidity
$3.15B
$2.40B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
2023 Notes
After Dyneema
Acquisition
After Distribution
Divestiture
$794M
(1)
(1) $250M reflects estimated undrawn revolver following the divestiture of Distribution
10
PREVI OUS TR ANSACTIONS
Performance
Solutions
Products &
$0.8 B
COLOR
$1.4 B
Acquired (2020)Divested (2019)
11
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $75 million of realized synergies anticipated in 2022
• Acquisition completed on July 1, 2020 for $1.45 billion.
Purchase price multiple rapidly declining on strength of
business and synergy capture
12
$133
$201
2019PF 2022E
12
Clariant Color EBITDA Growth
Purchase Price Multiple
10.8x
7.0x
6.4x
2019PF 2021 2022E w/ Full
Synergies
(1)
(1)
11.9%
16.3%
2019PF 2022E
EBITDA Margins
(1)
CLARIANT COLOR:
TRANSFORMATIONAL ACQUISITION
($ in millions)
(1) Financial information is pro forma to include a full year of Clariant Color business
SUNBELT PVC Resins DSS
20 Acquisitions
$4.8B
Investment
$2.7B of Annual
Revenue
5 Divestments
$2.3B Proceeds
TPE
PP&S
HISTORI C SPECI AL IZATION THROUGH M& A
13
Distribution
DSM Protective
Materials
BOLT-ON AC QUI SITI ON HISTORY
14
Commercial
Resources
Operating Income
($ in millions)
Operating Margins
259
363
At Acquisition 2022E
$40
$139
At Acquisition 2022E
9%
22%
At Acquisition 2022E
Established Acquisitions
(> 7 years)
+ 40% + 248% + 1300 bps
I N V E S T T O G R O W
S P E C I A LT Y T R A N SF O R M ATI O N
T O D A Y
7%
46%
67%
86%
100%
0%
20%
40%
60%
80%
100%
2005 2010 2019 2021 2022 PF
%
o
f
A
d
ju
st
e
d
E
B
IT
D
A
• Commodity JVs
• Distribution
• Performance Products & Solutions
• Specialty Businesses
(1) Adjusted EBITDA is EBITDA excluding corporate costs and special items
(2) Pro forma for the acquisition of Dyneema® and divestiture of Distribution
(1
)
(2)
15
Healthcare
4%
Packaging
8%
Consumer
10%
Building &
Construction
43%
Industrial
15%
Transportation
14%
Energy
4%
Telecom.
2%
2006 2022 Pro Forma
Healthcare
8%
Packaging
23%
Consumer
21%
Building &
Construction
10%
Industrial
15%
Transportation
9%
Energy
4%
Telecom.
4%
Defense
6%
END MAR KET F OCUS ON LESS CYCL IC AL
I ND USTRI ES
16
14.8%
17.6%
21.0%
2018 2020 2022 PF
1.8%
2006
15.3%
16.2%
17.0%
2018PF 2020PF 2022E
CAI
2.7%
2006
SEM
SPEC IA LTY EBI TDA MA RGI N EX PANSION
17
• Portfolio transformation
accelerates growth in less
cyclical, higher margin end
markets
• Investments in our
composites platform
continue to drive margin
expansion
(1) (1)
(1) 2018 and 2020 financial information is pro forma to include a full year of Clariant Color acquisition
PORTFOLIO EVOLUTION OVER THE YEARS
18
Adj.
Sales EBITDA
Specialty Engineered Materials
Color Additives and Inks
$585M$3,635M
(1)
Transportation
9%
Healthcare
8%
29
C O L O R , A D D I T I V E S & I N K S
2 0 2 2 R E V E N U E | $ 2 . 3 B I L L I O N
US & Canada
35%
EMEA
40%
Asia
20%
Latin America
5%
END MARKET REGION
30
Packaging
33%
Consumer
22%
Healthcare
9%
Industrial
15%
Transportation
8%
Building &
Construction
11%
Telecommunications
1% Energy
1%
Figures represent 2022 full year estimates
S P E C I A L T Y E N G I N E E R E D M A T E R I A L S
2 0 2 2 P R O F O R M A R E V E N U E | $ 1 . 3 B I L L I O N
END MARKET
US & Canada
50%
EMEA
35%
Asia
15%
REGION
31 Figures represent 2022 full year estimates
Packaging
5%
Consumer
19%
Healthcare
8%Industrial
16%
Transportation
10%
Telecommunications
10%
Energy
9%
Defense
15%
Building &
Construction
8%
Packaging
31%
Consumer
28%
Healthcare
8%
Industrial
13%
Building &
Construction
5%
Telecommunications
3%
Energy
2% Defense
1%
Asia
(20% of sales)
Transportation
9%
2 0 2 2 P R O F O R M A AV I E N T R E G I O N A L S A L E S
B Y E N D M A R K E T
Packaging
29%
Consumer
13%
Healthcare
5%
Industrial
17%
Building &
Construction
11%
Energy
5%
Defense
7%
EMEA
(35% of sales)
Transportation
10%
Packaging
14%
Consumer
23%
Healthcare
11%
Industrial
15%
Building &
Construction
12%
Energy
5%
Defense
7%
US &
Canada
(40% of sales)
Transportation
7%
Packaging
49%
Consumer
22%
Healthcare
8%
Industrial
9%
Building &
Construction
6%
Telecommunications
1%
LATAM
(5% of sales)
Transportation
5%
Telecommunications
3%
Telecommunications
6%
Figures represent 2022 full year estimates32
https://www.avient.com/sites/default/files/2021-12/AVNT 2021 Investor Day_0.pdf
Avient acquired the Clariant Color business on July 1, 2020 (the “Acquisition Date”).
Reduce Scope 1 & 2 greenhouse gas
emissions by 60% by 2030, and
operations carbon neutral by 2050.
Purchase price multiple rapidly declining on strength of
business and synergy capture
(1)
(1)
(1) Financial information is pro forma to include a full year of Clariant Color acquisition
($ in millions)
11.9%
16.3%
2019PF 2021E
EBITDA Margins
(1)
126Avient Corporation
Bolt-On Acquisition History
Commercial
Resources(1)
Operating Income
($ in millions)
Operating Margins
259
360
At Acquisition 2021E
$40
$122
At Acquisition 2021E
9%
21%
At Acquisition 2021E
Established Acquisitions
(> 7 years)
+ 39% + 205% + 1200 bps
(1) Commercial Resources include associate headcount in R&D / Technical, Marketing and Sales
127Avient Corporation
We are a specialty formulator
AND
We are a sustainable solutions company
Avient Corporation 128
As a specialty formulator, we don’t
require significant capital
investment, as compared to the
base resin raw material suppliers
we purchase from.
https://www.avient.com/sites/default/files/2020-10/luxury-closures-gravi-tech-design-guide-2.0-application-specific.pdf
The round located at the base of
a rib should be 25% of nominal wall thickness,
and all ribs should have a draft angle from 1/4°–
1° .
FIGURE 11 - Non-Structural Hole
Design Guidelines
B
= 2W
= 2W
= 2W
FIGURE 12 - Non-structural hole
design guidelines
FIGURE 13 - Snap Fit Design Guidelines
Y
1
y=
ε=l2
1.5t1
1
y=
ε=l2 K
1.5t12
“K” is found
from graph
based on t
2
/t
1
.
For t
2
/t
1
= 1,
K = 1.