Hydrophosphination of alkoxyalkenes catalyzed by transition metal complexes

Article abstract of DOI:10.1134/S1070428006010039

Diphenylphosphine adds to alkyl vinyl ethers in the presence of Ni(II) and Pd(II) complexes with a high regioselectivity, leading to exclusive formation of the corresponding Markownikoff adducts which were isolated as 1-alkoxyalkyl(diphenyl)phosphine oxid

Full text of DOI:10.1134/S1070428006010039

+\GURSKRVSKLQDWLRQꢀRIꢀ$ONR[\DONHQHVꢀ&DWDO\]HGꢀꢀ
E\ꢀ7UDQVLWLRQꢀ0HWDOꢀ&RPSOH[HVꢀ
0ꢁꢀ2ꢁꢀ6KXO\XSLQꢂꢀꢀ,ꢁꢀ*ꢁꢀ7URVW\DQVND\Dꢂꢀꢀ0ꢁꢀ$ꢁꢀ.D]DQNRYDꢂꢀꢀDQGꢀꢀ,ꢁꢀ3ꢁꢀ%HOHWVND\Dꢀ
)DFXOW\ꢀRIꢀ&KHPLVWU\ꢁꢀ0RVFRZꢀ6WDWHꢀ8QLYHUVLW\ꢁꢀ9RURE¶HY\ꢀJRU\ꢀꢂꢁꢀ0RVFRZꢁꢀꢂꢂꢃꢃꢃꢄꢀ5XVVLDꢀ
HꢅPDLOꢆꢀEHOHWVND#RUJꢇFKHPꢇPVXꢇUXꢀ
5HFHLYHGꢂ-XQHꢂꢃꢀꢄꢂꢃꢅꢅꢆꢂ
$EVWUDFW²'LSKHQ\OSKRVSKLQHꢂDGGVꢂWRꢂDON\OꢂYLQ\OꢂHWKHUVꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂ1Lꢇ,,ꢈꢂDQGꢂ3Gꢇ,,ꢈꢂFRPSOH[HVꢂZLWKꢂꢂ
DꢂKLJKꢂUHJLRVHOHFWLYLW\ꢄꢂOHDGLQJꢂWRꢂH[FOXVLYHꢂIRUPDWLRQꢂRIꢂWKHꢂFRUUHVSRQGLQJꢂ0DUNRZQLNRIIꢂDGGXFWVꢂZKLFKꢂZHUHꢂ
LVRODWHGꢂDVꢂꢀꢉDONR[\DON\OꢇGLSKHQ\OꢈSKRVSKLQHꢂR[LGHVꢂYLDꢂR[LGDWLRQꢂZLWKꢂK\GURJHQꢂSHUR[LGHꢊꢂ
'2,ꢃꢂꢀꢅꢊꢀꢀꢍꢎꢌ6ꢀꢅꢁꢅꢎꢃꢐꢅꢅꢏꢅꢀꢅꢅꢍꢑꢂ
DONR[\PHWK\OꢇWULSKHQ\OꢈSKRVSKRQLXPꢂVDOWVꢂ>ꢀꢀ@ꢊꢂ7KHVHꢂ
SURFHGXUHVꢂLQFOXGHꢂDꢂQXPEHUꢂRIꢂVWHSVꢂDQGꢂUHTXLUHꢂ
VWURQJO\ꢂDFLGLFꢂRUꢂDONDOLQHꢂFRQGLWLRQVꢊꢂ7KHꢂDGGLWLRQꢂRIꢂ
GLHWK\OSKRVSKLQHꢂWRꢂPHWK\OꢂYLQ\OꢂHWKHUꢂ>ꢆ@ꢂDQGꢂRIꢂELVꢉ
ꢇꢃꢉSKHQ\OHWK\OꢈSKRVSKLQHꢂWRꢂDꢂVHULHVꢂRIꢂYLQ\OꢂHWKHUVꢂ
>ꢍG@ꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂWULIOXRURDFHWLFꢂDFLGꢂRUꢂD]RELVꢉ
ꢇLVREXW\URQLWULOHꢈꢂZDVꢂUHSRUWHGꢂWRꢂDIIRUGꢄꢂUHVSHFWLYHO\ꢄꢂ
0DUNRZQLNRIIꢂ DQGꢂ DQWLꢉ0DUNRZQLNRIIꢂ DGGXFWVꢂ LQꢂꢂ
Dꢂ\LHOGꢂQRWꢂH[FHHGLQJꢂꢏꢅBꢊꢂ
$GGLWLRQꢂRIꢂVHFRQGDU\ꢂSKRVSKLQHVꢂWRꢂXQVDWXUDWHGꢂ
FRPSRXQGVꢂ XQGHUOLHVꢂ RQHꢂ RIꢂ WKHꢂ PRVWꢂ FRQYHQLHQWꢂ
PHWKRGVꢂIRUꢂWKHꢂV\QWKHVLVꢂRIꢂWHUWLDU\ꢂSKRVSKLQHVꢂKDYLQJꢂ
IXQFWLRQDOꢂJURXSVꢂLQꢂWKHꢂRUJDQLFꢂUDGLFDOꢂ>ꢀ@ꢊꢂ+RZHYHUꢄꢂ
RZLQJꢂ WRꢂ KLJKꢂ VWUHQJWKꢂ RIꢂ WKHꢂ SKRVSKRUXV±K\GURJHQꢂ
ERQGꢂꢇ(ꢂ ꢂꢁꢁꢂNFDOꢌPROꢂ>ꢃ@ꢈꢄꢂVHFRQGDU\ꢂSKRVSKLQHVꢂDGGꢂ
WRꢂDONHQHVꢂRQO\ꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂUDGLFDOꢂLQLWLDWRUVꢂ>ꢍ@ꢄꢂ
VWURQJꢂEDVHVꢂ>ꢎ@ꢄꢂRUꢂ%U¡QVWHGꢂDFLGVꢂ>ꢍGꢄꢂꢆ@ꢊꢂ8VXDOO\ꢄꢂ
WKHVHꢂ UHDFWLRQVꢂ JLYHꢂ WKHꢂ FRUUHVSRQGLQJꢂ DQWLꢉ0DUNRZꢉ
QLNRIIꢂDGGXFWVꢄꢂLꢊHꢊꢄꢂWKHꢂ5 3ꢂJURXSꢂDGGVꢂWRꢂWKHꢂWHUPLQDOꢂ
FDUERQꢂ DWRPꢂ RIꢂ Dꢂ WHUPLQDOꢂ DONHQHꢊꢂ , Wꢂ ZDVꢂ UHFHQWO\ꢂ
VKRZQꢂWKDWꢂLQWHUꢉꢂDQGꢂLQWUDPROHFXODUꢂK\GURSKRVSKLQDꢉ
WLRQꢂ RIꢂ DONHQHVꢂ E\ꢂ WKHꢂ DFWLRQꢂ RIꢂ 3+ ꢂ DQGꢂ 5 3+ꢂ LVꢂ
FDWDO\]HGꢂE\ꢂ3Wꢄꢂ3GꢄꢂDQGꢂ1LꢂFRPSOH[HVꢂ>ꢀFꢄꢂꢀGꢄꢂꢏ@ꢄꢂDVꢂ
ZHOOꢂDVꢂE\ꢂODQWKDQLGHꢂPHWDOꢂFRPSOH[HVꢂ>ꢁ@ꢊꢂ+HUHꢄꢂOLNHꢂ
LQꢂUDGLFDOꢂUHDFWLRQVꢄꢂWKHꢂ5 3ꢂJURXSꢂDOZD\VꢂDGGVꢂDWꢂWKHꢂ
ꢉSRVLWLRQꢂRIꢂWHUPLQDOꢂDONHQHꢊꢂ
:HꢂKDYHꢂIRXQGꢂWKDWꢂK\GURSKRVSKLQDWLRQꢂRIꢂDON\Oꢂ
YLQ\Oꢂ HWKHUVꢂ LVꢂ FDWDO\]HGꢂ E\ꢂ 3Gꢂ DQGꢂ 1Lꢂ FRPSOH[HVꢋꢂ
KRZHYHUꢄꢂ XQOLNHꢂ DONHQHVꢂ KDYLQJꢂ HOHFWURQꢉDFFHSWRUꢂ
JURXSVꢄꢂ WKHꢂ DGGLWLRQꢂ RIꢂ GLSKHQ\OSKRVSKLQHꢂ WRꢂ YLQ\Oꢂ
HWKHUVꢂ LVꢂ QRWꢂ FDWDO\]HGꢂ E\ꢂ ]HURꢉYDOHQFHꢂ PHWDOꢂ FRPꢉ
SOH[HVꢄꢂDQGꢂLWꢂUHTXLUHVꢂWKHꢂSUHVHQFHꢂRIꢂDꢂSDOODGLXPꢇ,,ꢈꢂ
RUꢂ QLFNHOꢇ,,ꢈꢂ FRPSOH[ꢂ RUꢂ VDOWꢊꢂ $Vꢂ PRGHOꢂ UHDFWLRQꢂ ZHꢂ
XVHGꢂWKHꢂDGGLWLRQꢂRIꢂGLSKHQ\OSKRVSKLQHꢂWRꢂEXW\OꢂYLQ\Oꢂ
HWKHUꢂꢇ,Dꢈꢂꢇ6FKHPHꢂꢀꢈꢊꢂ7DEOHꢂꢀꢂFRQWDLQVꢂWKHꢂ\LHOGVꢂRIꢂ
WKHꢂFRUUHVSRQGLQJꢂDGGXFWꢂꢇDVꢂVKRZQꢂSUHOLPLQDULO\ꢄꢂWKHꢂ
\LHOGꢂ FRLQFLGHGꢂ ZLWKꢂ WKHꢂ FRQYHUVLRQꢂ GHWHUPLQHGꢂ IURPꢂ
WKHꢂ 3ꢂ 105ꢂ GDWDꢈꢄꢂ GHSHQGLQJꢂ RQꢂ WKHꢂ FDWDO\VWꢂ QDWXUHꢂ
DQGꢂ FRQFHQWUDWLRQꢂ DQGꢂ WHPSHUDWXUHꢊꢂ ,Wꢂ LVꢂ VHHQꢂ WKDWꢂ
YDULRXVꢂ3GꢇꢅꢈꢂDQGꢂ1LꢇꢅꢈꢂFRPSOH[HVꢂGRꢂQRWꢂFDWDO\]HꢂWKHꢂ
:HꢂSUHYLRXVO\ꢂUHSRUWHGꢂRQꢂWKHꢂDGGLWLRQꢂRIꢂGLSKHQ\Oꢉ
SKRVSKLQHꢂWRꢂ VW\UHQHꢂ DQGꢂ LWVꢂ KHWHURDQDORJVꢄꢂ FDWDO\]HGꢂ
E\ꢂ3GꢂDQGꢂ1LꢂFRPSOH[HVꢄꢂDQGꢂVKRZHGꢂWKDWꢂQLFNHOꢂFRPꢉ
SOH[HVꢂDUHꢂPRUHꢂHIILFLHQWꢂFDWDO\VWVꢂWKDQꢂSDOODGLXPꢂFRPꢉ
SOH[HVꢂ>ꢐD@ꢊꢂ7KHꢂSUHVHQWꢂDUWLFOHꢂꢇIRUꢂSUHOLPLQDU\ꢂUHVXOWVꢄꢂ
VHHꢂ >ꢐE@ꢈꢂ GHVFULEHVꢂ SDOODGLXPꢉꢂ DQGꢂ QLFNHOꢉFDWDO\]HGꢂ
K\GURSKRVSKLQDWLRQꢂRIꢂQXFOHRSKLOLFꢂDONHQHVꢄꢂDON\Oꢂ
YLQ\OꢂHWKHUVꢄꢂZKLFKꢂOHDGVꢂWRꢂIRUPDWLRQꢂRIꢂꢀꢉDONR[\DON\Oꢉ
ꢇGLSKHQ\OꢈSKRVSKLQHVꢂDVꢂSRWHQWLDOꢂ3ꢄ2ꢉOLJDQGVꢊꢂ
6FKHPHꢀꢄꢁꢀ
7KHꢂ NQRZQꢂ PHWKRGVꢂ RIꢂ V\QWKHVLVꢂ RIꢂ WKHVHꢂ FRPꢉ
SRXQGVꢂDUHꢂEDVHGꢂRQꢂUHDFWLRQꢂRIꢂFKORURꢇGLSKHQ\OꢈSKRVꢉ
SKLQHꢂ ZLWKꢂ IRUPDOGHK\GHꢂ GLDON\Oꢂ DFHWDOVꢂ LQꢂ WKHꢂ SUHVꢉ
HQFHꢂRIꢂDꢂVWRLFKLRPHWULFꢂDPRXQWꢂRIꢂ$O&O ꢂ>ꢑ@ꢄꢂUHDFWLRQꢂ
RIꢂ ꢉFKORURꢂHWKHUVꢂZLWKꢂWKHꢂ3K 3&O±$O&O ꢂFRPSOH[ꢂ>ꢀꢅ@ꢂ
ZLWKꢂ VXEVHTXHQWꢂ K\GURO\VLVꢄꢂ DQGꢂ DONDOLQHꢂ ILVVLRQꢂ RIꢂ
,ꢄꢂ,,ꢄꢂ5 ꢂ ꢂ5 ꢂ ꢂ+ꢄꢂ5 ꢂ ꢂ%XꢂꢇDꢈꢄꢂ(WꢂꢇEꢈꢋꢂ5 ꢂ ꢂ(Wꢄꢂ5 ꢂ ꢂ+ꢄꢂ5 ꢂ ꢂ
%XꢂꢇFꢈꢋꢂ5 ꢂ ꢂ5 ꢂ ꢂ0Hꢄꢂ5 ꢂ ꢂ+ꢂꢇGꢈꢋꢂ5 ꢂ ꢂ+ꢄꢂ5 ꢂ ꢂ5 ꢂ ꢂ(WꢂꢇHꢈꢋꢂ
ꢂ5 ꢂ ꢂ+ꢄꢂ5 5 ꢂ ꢂꢇ&+ ꢈ ꢂꢇIꢈꢊꢂ
ꢀꢁꢂꢂꢂ

6+8/<83,1ꢂꢂHWꢀDOꢊꢂ
ꢀꢐꢂ
7DEOHꢀ ꢄꢁꢂ $GGLWLRQꢂ RIꢂ GLSKHQ\OSKRVSKLQHꢂ WRꢂ EXWR[\HWKHQHꢂ
ꢇ,DꢈꢂLQꢂEHQ]HQHꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂYDULRXVꢂFDWDO\VWV ꢂ
VXPDEO\ꢄꢂ WKHꢂ UHDVRQꢂ LVꢂ IRUPDWLRQꢂ LQꢂ WKHꢂ UHDFWLRQꢂ
PL[WXUHꢂ RIꢂ KLJKO\ꢂ DFWLYHꢂ 1L%U ꢇ3K 3+ꢈ ꢂ FRPSOH[ꢊꢂ$Qꢂ
DQDORJRXVꢂSDOODGLXPꢂFRPSOH[ꢂFRQWDLQLQJꢂDꢂVHFRQGDU\ꢂ
SKRVSKLQHꢂ DVꢂ OLJDQGꢂ ZDVꢂ UHFHQWO\ꢂ GHVFULEHGꢂ >ꢀꢃ@ꢊꢂ 2Qꢂ
WKHꢂRWKHUꢂKDQGꢄꢂKDORJHQꢉIUHHꢂQLFNHOꢂVDOWꢂVXFKꢂDVꢂꢂ
QLFNHOꢇ,,ꢈꢂDFHW\ODFHWRQDWHꢂGLGꢂQRWꢂFDWDO\]HꢂWKHꢂUHDFWLRQꢂ
ꢇUXQꢂQRꢊꢂꢑꢈꢊꢂ
5XQꢂ
QRꢊꢂ
7HPSHUDWXUHꢄꢂ &RQYHUꢉ
&ꢂꢇWLPHꢄꢂKꢈꢂ VLRQꢄ ꢂBꢂ
&DWDO\VWꢂꢇPROꢂBꢈꢂ
3Gꢇ33K ꢈ ꢂꢇꢃꢈ
ꢅꢀ
ꢀꢅꢅꢂꢇꢐꢈꢅ
ꢀꢃꢅꢂꢇꢐꢈꢅ
ꢅꢐꢅꢂꢇꢀꢆꢈ
ꢀꢅꢅꢂꢇꢐꢈꢅ
ꢀꢅꢅꢂꢇꢐꢈꢅ
ꢀꢅꢅꢂꢇꢐꢈꢅ
ꢀꢃꢅꢂꢇꢐꢈꢅ
ꢅꢐꢅꢂꢇꢐꢈꢅ
ꢀꢃꢅꢂꢇꢐꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢃꢅꢂꢇꢁꢂGD\Vꢈ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢐꢅꢂꢇꢃꢈꢅ
ꢅꢅꢅ
ꢅꢅꢒꢀꢒ
ꢅ!ꢑꢅꢒ
ꢅꢒꢆꢅꢒ
ꢀꢅꢅ
ꢅꢃ 3Gꢇ33K ꢈ ꢂꢇꢆꢈ
ꢅꢍ
ꢅꢎ
3G&O ꢇ&+ &1ꢈ ꢂꢇꢆꢈ
3G&O ꢇ&+ &1ꢈ ꢂꢇꢃꢈ
7KHꢂIDFWVꢂWKDWꢂWKHꢂUHDFWLRQꢂGRHVꢂQRWꢂRFFXUꢂLQꢂWKHꢂ
SUHVHQFHꢂRIꢂ3GꢇꢅꢈꢂDQGꢂ1LꢇꢅꢈꢂFRPSOH[HVꢂDQGꢂWKDWꢂSDOODꢉ
GLXPꢂDQGꢂQLFNHOꢂKDOLGHVꢂ>EXWꢂQRWꢂ1LꢇDFDFꢈ @ꢂDUHꢂHIIHFꢉ
WLYHꢂFDWDO\WLFꢂSUHFXUVRUVꢂVXJJHVWꢂWKDWꢂWKHꢂFUXFLDOꢂIDFWRUꢂ
LVꢂSDUWLFLSDWLRQꢂRIꢂK\GURJHQꢂKDOLGHꢂZKLFKꢂLVꢂOLNHO\ꢂWRꢂEHꢂ
IRUPHGꢂYLDꢂUHGXFWLRQꢂRIꢂ3G&O ꢂRUꢂ1L%U ꢂZLWKꢂGLSKHQ\Oꢉ
SKRVSKLQHꢂ >ꢀꢍ@ꢊꢂ ,Wꢂ PLJKWꢂ EHꢂ SUHVXPHGꢂ WKDWꢂ K\GURJHQꢂ
KDOLGHꢂOLEHUDWHGꢂGXULQJꢂWKHꢂSURFHVVꢂLVꢂWKHꢂWUXHꢂFDWDO\VWꢊꢂ
+RZHYHUꢄꢂWKHꢂUHDFWLRQꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂDQꢂDFLGꢂꢇ+&Oꢂ
RUꢂ&) &22+ꢈꢄꢂRWKHUꢂFRQGLWLRQVꢂEHLQJꢂHTXDOꢄꢂZDVꢂYHU\ꢂ
VORZꢂꢇUXQꢊꢂQRVꢊꢂꢀꢎꢄꢂꢀꢆꢈꢋꢂWKHꢂVDPHꢂSDWWHUQꢂZDVꢂREVHUYHGꢂ
LQꢂWKHꢂV\VWHPꢂ1Lꢇꢅꢈ±++OJꢂꢇUXQꢂQRꢊꢂꢀꢏꢈꢊꢂ
ꢅ ꢆ 3G&O ꢇ33K ꢈ ꢂꢇꢃꢈ
ꢅꢏ
ꢅꢁ
ꢅꢐ
ꢅꢑ
3G&O ꢇ33K ꢈ ꢂꢇꢆꢈ
1LꢇFRGꢈ ꢂꢇꢆꢈ
ꢅꢑꢆ
ꢅꢅꢅ
1L>3ꢇ2(Wꢈ @ ꢂꢇꢆꢈ
1LꢇDFDFꢈ ꢂꢇꢆꢈ
ꢅꢅꢅ
ꢅꢅꢅ
ꢀꢅ 1L%U ꢇ33K ꢈ ꢂꢇꢃꢈ
ꢀꢀ 1L%U ꢇ33K ꢈ ꢂꢇꢃꢈ
ꢀꢃ 1L%U ꢂꢇꢃꢈ
ꢀꢅꢅ
ꢀꢅꢅ
ꢀꢅꢅ
ꢀꢍ
ꢀꢎ
1L%U ꢇ33K ꢈ ꢌ(W 1ꢂꢇꢆꢌꢀꢅꢈ
&) &22+ꢂꢇꢀꢅꢈ
ꢅꢅꢅ
ꢅꢒꢀꢅꢒ
ꢅꢃꢆ
7KHꢂDERYHꢂGDWDꢂLQGLFDWHꢂWKDWꢂK\GURSKRVSKLQDWLRQꢂRIꢂ
YLQ\OꢂHWKHUVꢂZKLFKꢂDUHꢂQXFOHRSKLOLFꢂDONHQHVꢂIROORZVꢂꢂ
Dꢂ PHFKDQLVPꢂ GLIIHUHQWꢂ IURPꢂ WKDWꢂ W\SLFDOꢂ RIꢂ DONHQHVꢂ
KDYLQJꢂ HOHFWURQꢉZLWKGUDZLQJꢂ VXEVWLWXHQWVꢂ >ꢏ@ꢂ RUꢂ DU\Oꢉꢂ
DQGꢂ KHWDU\OHWKHQHVꢂ >ꢐ@ꢊꢂ $ꢂ SUREDEOHꢂ FDWDO\WLFꢂ F\FOHꢂ LVꢂ
VKRZQꢂLQꢂ6FKHPHꢂꢃꢊꢂ,WꢂLQFOXGHVꢂLQLWLDOꢂDFWLYDWLRQꢂRIꢂWKHꢂ
GRXEOHꢂ ERQGꢂ WRꢂ QXFOHRSKLOLFꢂ DWWDFNꢂ YLDꢂ IRUPDWLRQꢂ RIꢂ
FRPSOH[ꢂ$ꢄꢂDVꢂLQꢂWKHꢂILUVWꢂVWDJHꢂRIꢂWKHꢂ:DFNHUꢂSURFHVVꢊꢂ
7KHꢂVXEVHTXHQWꢂDGGLWLRQꢂRIꢂGLSKHQ\OSKRVSKLQHꢂWRꢂ
DFWLYDWHGꢂGRXEOHꢂERQGꢂJLYHVꢂFRPSOH[ꢂ%ꢂDQGꢂLVꢂDFFRPꢉ
SDQLHGꢂ E\ꢂ OLEHUDWLRQꢂ RIꢂ K\GURJHQꢂ KDOLGHꢊꢂ , QVWHDGꢂ RIꢂꢂ
ꢉHOLPLQDWLRQꢂ RIꢂ K\GULGHꢂ LRQꢄꢂ FRPSOH[ꢂ %ꢂ XQGHUJRHVꢂ
SURWRQDWLRQꢂRIꢂWKHꢂFDUERQ±PHWDOꢂERQGꢄꢂZKLFKꢂOHDGVꢂWRꢂ
IRUPDWLRQꢂRIꢂWKHꢂILQDOꢂSURGXFWꢂDQGꢂLQLWLDOꢂ1Lꢇ,,ꢈꢂRUꢂꢂ
3Gꢇ,,ꢈꢂ FRPSOH[ꢊꢂ 3UHVXPDEO\ꢄꢂWKLVꢂUHDFWLRQꢂSDWKꢂLVꢂ
IDYRUHGꢂE\ꢂVWDELOL]DWLRQꢂRIꢂRUJDQRPHWDOOLFꢂLQWHUPHGLDWHꢂ
%ꢂYLDꢂLQWUDPROHFXODUꢂFRRUGLQDWLRQꢂRIꢂWKHꢂGLSKHQ\OSKRVꢉ
SKLQRꢂ JURXSꢂ WRꢂ WKHꢂ PHWDOꢂ DWRPꢂ >ꢀꢎ@ꢊꢂ$SDUWꢂ IURPꢂ WKHꢂ
DERYHꢂVWDWHGꢄꢂWKHꢂLPSRUWDQWꢂUROHꢂRIꢂWKHꢂSURWRO\VLVꢂVWDJHꢂ
LQꢂ WKHꢂ FDWDO\WLFꢂ F\FOHꢂ IRUꢂ K\GURSKRVSKLQDWLRQꢂ RIꢂ
DONR[\DONHQHVꢂIROORZVꢂIURPꢂWKHꢂDEVHQFHꢂRIꢂFDWDO\VLVꢂE\ꢂ
WKHꢂ1Lꢇ33K ꢈ %U ꢂFRPSOH[ꢂLQꢂWKHꢂSUHVHQFHꢂRIꢂDꢂWHUWLDU\ꢂ
DPLQHꢂꢇ7DEOHꢂꢀꢄꢂUXQꢂQRꢊꢂꢀꢍꢈꢂDQGꢂIURPꢂWKHꢂSUHVHQFHꢂRIꢂ
ꢀꢆ +&Oꢂꢂꢇꢀꢅꢈ
ꢀꢏ
ꢀꢁ
1LꢇFRGꢈ ꢌ+&Oꢂꢇꢆꢌꢀꢅꢈ
1LꢇDFDFꢈ ꢌ+&Oꢂꢇꢆꢌꢀꢅꢈ
ꢅꢃꢆ
ꢀꢅꢅ
$PRXQWVꢂ RIꢂ WKHꢂ UHDFWDQWVꢓꢂ ,Dꢄꢂ ꢀꢊꢏꢆꢂ PPROꢋꢂ 3K 3+ꢄꢂ ꢀꢊꢆꢂ PPROꢋꢂ
ꢂ EHQ]HQHꢄꢂꢍꢂPOꢊꢂꢂ
$FFRUGLQJꢂWRꢂWKHꢂ 3ꢂ105ꢂGDWDꢊꢂꢂ
ꢀꢊꢆꢂHTXLYꢂRIꢂ,Dꢊꢂ
SURFHVVꢂꢇUXQꢂQRVꢊꢂꢀꢄꢂꢃꢄꢂꢁꢄꢂꢐꢈꢊꢂ7KHꢂUHDFWLRQꢂLVꢂFDWDO\]HGꢂ
E\ꢂSDOODGLXPꢇ,,ꢈꢂFRPSOH[HVꢂERWKꢂFRQWDLQLQJꢂDQGꢂQRWꢂ
FRQWDLQLQJꢂWULSKHQ\OSKRVSKLQHꢂOLJDQGꢋꢂWKHꢂWULSKHQ\Oꢉ
SKRVSKLQHꢂ 3Gꢇ,,ꢈꢂ FRPSOH[ꢂ LVꢂ PRUHꢂ DFWLYHꢂ WKDQꢂ WKDWꢂ
FRQWDLQLQJꢂ QRꢂ 3K 3ꢂOLJDQGꢊꢂ ,PSRUWDQWꢂIDFWRUVꢂ DUHꢂ DOVRꢂ
WKHꢂDPRXQWꢂRIꢂWKHꢂFDWDO\VWꢂDQGꢂWHPSHUDWXUHꢂꢇUXQꢂQRVꢊꢂꢎꢂ
DQGꢂ ꢆꢈꢊꢂ ,Qꢂ WKHꢂ UHDFWLRQꢂ ZLWKꢂ ꢀꢊꢆꢂ HTXLYꢂ RIꢂ EXW\Oꢂ YLQ\Oꢂ
HWKHUꢄꢂWKHꢂDPRXQWꢂRIꢂELVꢇWULSKHQ\OSKRVSKLQHꢈSDOODGLXPꢂ
GLFKORULGHꢂPD\ꢂEHꢂUHGXFHGꢂWRꢂꢃꢂPROꢂBꢂꢇUXQꢂQRꢊꢂꢆꢈꢊꢂ%LVꢉ
ꢇWULSKHQ\OSKRVSKLQHꢈQLFNHOꢂGLEURPLGHꢂLVꢂHYHQꢂPRUHꢂHIꢉ
IHFWLYHꢂFDWDO\VWꢊꢂ,WꢂHQVXUHVꢂORZHUꢂUHDFWLRQꢂWHPSHUDWXUHꢂ
ꢇUXQꢂQRꢊꢂꢀꢅꢈꢂDQGꢂVKRUWHUꢂUHDFWLRQꢂWLPHꢂDWꢂDꢂVPDOOHUꢂFRQꢉ
FHQWUDWLRQꢄꢂDVꢂFRPSDUHGꢂWRꢂSDOODGLXPꢂFRPSOH[HVꢊꢂ7KHꢂ
UHDFWLRQꢂZLWKꢂꢇ3K 3ꢈ 1L%U ꢂDVꢂFDWDO\VWꢂFDQꢂEHꢂSHUꢉ
IRUPHGꢂ DWꢂ URRPꢂ WHPSHUDWXUHꢂ ꢇUXQꢂ QRꢊꢂ ꢀꢀꢈꢄꢂ EXWꢂ LQꢂ WKLVꢂ FDWDO\WLFꢂ HIIHFWꢂ LQꢂ WKHꢂ V\VWHPꢂ QLFNHOꢇ,,ꢈꢂ DFHW\ODFHWRꢉ
QDWH±K\GURJHQꢂFKORULGHꢂꢇ7DEOHꢂꢀꢄꢂUXQꢂQRꢊꢂꢀꢁꢈꢋꢂLQꢂWKHꢂ
ODWWHUꢂFDVHꢄꢂIRUPDWLRQꢂRIꢂ1L&O ꢂLVꢂOLNHO\ꢂWRꢂEHꢂUHVSRQVꢉ
LEOHꢂIRUꢂWKHꢂREVHUYHGꢂFDWDO\WLFꢂHIIHFWꢊꢂ
FDVHꢂWKHꢂUHDFWLRQꢂWLPHꢂH[WHQGVꢂWRꢂꢁꢂGD\Vꢊꢂ
1RꢂVROYHQWꢂHIIHFWꢂRQꢂWKHꢂUHDFWLRQꢂUDWHꢂDQGꢂ\LHOGꢂZDVꢂ
UHYHDOHGꢊꢂ7KHꢂUHDFWLRQꢂZDVꢂHTXDOO\ꢂVXFFHVVIXOꢂLQꢂEHQꢉ
]HQHꢄꢂWHWUDK\GURIXUDQꢄꢂDQGꢂDFHWRQLWULOHꢊꢂ,QWHUHVWLQJO\ꢄꢂ
,Wꢂ VKRXOGꢂ EHꢂ QRWHGꢂ WKDWꢄꢂ DSDUWꢂ IURPꢂ 0+OJ ꢄꢂ SKRVꢉ
QLFNHOꢇ,,ꢈꢂ EURPLGHꢂ FDWDO\]HGꢂ WKHꢂ K\GURSKRVSKLQDWLRQꢂ SKLGHꢂ FRPSOH[HVꢂ OLNHꢂ +OJ033K ꢂ RUꢂ 0ꢇ33K ꢈ ꢂ FRXOGꢂ
RIꢂ EXW\Oꢂ YLQ\Oꢂ HWKHUꢂ DVꢂ HIIHFWLYHO\ꢂ DVꢂ GLGꢂLWVꢂ FRPSOH[ꢂ DOVRꢂ DFWLYDWHꢂGRXEOHꢂERQGꢂ WRꢂ K\GURSKRVSKLQDWLRQꢋꢂꢂ
ZLWKꢂWULSKHQ\OSKRVSKLQHꢂꢇFIꢊꢂUXQꢂQRVꢊꢂꢀꢃꢂDQGꢂꢀꢎꢈꢋꢂSUHꢉ
WKHVHꢂ FRPSOH[HVꢂ PD\ꢂ UHVXOWꢂ IURPꢂ H[FKDQJHꢂ UHDFWLRQVꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢎꢃꢂꢂꢂ1Rꢊꢂꢂꢀꢂꢂꢂꢃꢅꢅꢏꢂ

+<'523+263+,1$7,21ꢂꢂ2)ꢂꢂ$/.2;<$/.(1(6ꢂꢂ
ꢀꢑꢂ
7DEOHꢀ ꢅꢁꢂ<LHOGVꢂRIꢂꢀꢉDONR[\DON\OꢇGLSKHQ\OꢈSKRVSKLQHVꢂ,,D±
,,I ꢂDQGꢂSKRVSKLQHꢂR[LGHVꢂ,,,D±,,,I ꢂ
6FKHPHꢀꢅꢁꢀ
<LHOGꢄꢂBꢂ
,QLWLDOꢂHWKHUꢂ
QRꢊꢂ
SKRVSKLQHꢂ,, ꢂ
SKRVSKLQHꢂR[LGHꢂ,,, ꢂ
ꢅꢑꢐꢂ
ꢀꢅꢅꢂ
ꢅꢑꢁꢂ
ꢀꢅꢅꢂ
ꢅꢑꢏꢂ
±ꢂ
ꢐꢍꢂ
ꢐꢆꢂ
ꢐꢅꢂ
ꢁꢏꢂ
ꢁꢅꢂ
ꢎꢅꢂ
,Dꢂ
,Eꢂ
,Fꢂ
,Gꢂ
,Hꢂ
,I ꢂ
(WKHUꢂ,D±,IꢄꢂꢀꢊꢏꢆꢂPPROꢋꢂ3K 3+ꢄꢂꢀꢊꢆꢂPPROꢋꢂꢇ33K ꢈ 1L%U ꢄꢂꢂ
ꢂ ꢃꢂPROꢂBꢋꢂEHQ]HQHꢄꢂꢍꢂPOꢋꢂꢃꢂKꢄꢂꢐꢅƒ&ꢊꢂꢂ
$FFRUGLQJꢂWRꢂWKHꢂ 3ꢂ105ꢂGDWDꢊꢂꢂ
,VRODWHGꢂSURGXFWꢊꢂꢂ
0ꢂ ꢂ3Gꢄꢂ1Lꢊꢂ
EHWZHHQꢂ0+OJ ꢂDQGꢂ3K 3+ꢊꢂ7KHꢂREVHUYHGꢂUHJLRVHOHFꢉ
WLYLW\ꢂLQꢂWKHꢂK\GURSKRVSKLQDWLRQꢂRIꢂDONR[\DONHQHVꢂꢂ
ꢇLꢊHꢊꢄꢂIRUPDWLRQꢂRIꢂWKHꢂFRUUHVSRQGLQJꢂ0DUNRZQLNRIIꢂ
DGGXFWVꢈꢂLVꢂFRQVLVWHQWꢂZLWKꢂWKHꢂHOHFWURQLFꢂHIIHFWꢂRIꢂWKHꢂ
VXEVWLWXHQWꢂꢇDONR[\ꢂJURXSꢈꢊꢂ
ꢐꢂKꢄꢂꢀꢅꢅƒ&ꢊꢂ
3KRVSKLQHꢂR[LGHꢂ,,,IꢂZDVꢂXVHGꢂLQꢂWKHꢂV\QWKHVLVꢂRIꢂROLYHꢂ
IO\ꢂ SKHURPRQHꢂ >ꢀꢁ@ꢊꢂ )XUWKHUPRUHꢄꢂ WHUWLDU\ꢂ SKRVSKLQHVꢂ
,,D±,,IꢂSRVVHVVꢂDQꢂDV\PPHWULFꢂFDUERQꢂDWRPꢋꢂWKHUHIRUHꢄꢂ
WKH\ꢂFDQꢂDWWUDFWꢂLQWHUHVWꢂDVꢂOLJDQGVꢂIRUꢂPHWDOꢂFRPSOH[ꢂ
FDWDO\VLVꢊꢂ
7KHꢂ RSWLPDOꢂ FRQGLWLRQVꢂ IRUꢂ K\GURSKRVSKLQDWLRQꢂ RIꢂ
EXW\OꢂYLQ\OꢂHWKHUꢂLQFOXGHꢂꢇ3K 3ꢈ 1L%U ꢂDVꢂFDWDO\VWꢄꢂWHPꢉ
SHUDWXUHꢂ ꢐꢅƒ&ꢄꢂ DQGꢂ EHQ]HQHꢂ DVꢂ VROYHQWꢊꢂ 8QGHUꢂ WKHVHꢂ
FRQGLWLRQVꢄꢂZHꢂSHUIRUPHGꢂK\GURSKRVSKLQDWLRQꢂRIꢂDOꢉ
NR[\DONHQHVꢂKDYLQJꢂDONR[\ꢂJURXSVꢂDWꢂERWKꢂWHUPLQDOꢂ
DQGꢂLQWHUQDOꢂGRXEOHꢉERQGHGꢂFDUERQꢂDWRPVꢊꢂ7KHꢂUHVXOWVꢂ
DUHꢂFROOHFWHGꢂLQꢂ7DEOHꢂꢃꢊꢂ,WꢂLVꢂVHHQꢂWKDWꢂVXEVWLWXHQWVꢂRQO\ꢂ
VOLJKWO\ꢂ DIIHFWꢂ WKHꢂ SURGXFWꢂ \LHOGꢊꢂ$Qꢂ H[FHSWLRQꢂ ZDVꢂ
F\FOLFꢂDON\OꢂYLQ\OꢂHWKHUꢄꢂꢍꢄꢎꢉGLK\GURꢉꢃ+ꢉS\UDQꢂꢇ,IꢈꢓꢂWKHꢂ
UHDFWLRQꢂZLWKꢂFRPSRXQGꢂ,IꢂUHTXLUHGꢂPRUHꢂVHYHUHꢂFRQꢉ
GLWLRQVꢄꢂDQGꢂWKHꢂ\LHOGꢂZDVꢂFRQVLGHUDEO\ꢂORZHUꢊꢂꢂ
7KXVꢂ ZHꢂ KDYHꢂ VKRZQꢂ WKDWꢂ QXFOHRSKLOLFꢂ DONHQHVꢄꢂ
DONR[\DONHQHVꢄꢂ WDNHꢂ XSꢂ GLSKHQ\OSKRVSKLQHꢂ DFFRUGLQJꢂ
WRꢂ 0DUNRZQLNRIIꢂ LQꢂ WKHꢂ SUHVHQFHꢂ RIꢂ QLFNHOꢇ, , ꢈꢂ DQGꢂ
SDOODGLXPꢇ,,ꢈꢂFRPSOH[HVꢊꢂ
(;3(5,0(17$/ꢂ
$OOꢂ RSHUDWLRQVꢂ ZLWKꢂ UHDGLO\ꢂ K\GURO\]DEOHꢂ DQGꢂ
R[LGL]DEOHꢂVXEVWDQFHVꢂ DQGꢂWUDQVLWLRQꢂ PHWDOꢂ FRPSOH[HVꢂ
3KRVSKLQHVꢂ,,D±,,IꢂDUHꢂUHDGLO\ꢂR[LGL]HGꢂGXULQJꢂLVRꢉ
ODWLRQꢋꢂWKHUHIRUHꢄꢂWKH\ꢂZHUHꢂFRQYHUWHGꢂLQꢀVLWXꢂLQWRꢂWKHꢂ ZHUHꢂSHUIRUPHGꢂXQGHUꢂGU\ꢂDUJRQꢂLQꢂJODVVZDUHꢂSUHOLPLꢉ
FRUUHVSRQGLQJꢂSKRVSKLQHꢂR[LGHVꢂ,,,D±,,,IꢂE\ꢂWUHDWPHQWꢂ QDULO\ꢂNHSWꢂLQꢂDꢂGU\LQJꢂER[ꢂRUꢂIODPHꢉGULHGꢂMXVWꢂEHIRUHꢂ
ZLWKꢂ ꢍꢅBꢂ K\GURJHQꢂ SHUR[LGHꢄꢂ DQGꢂ FRPSRXQGVꢂ ,,,D±
XVHꢊꢂ$UJRQꢂZDVꢂGULHGꢂE\ꢂSDVVLQJꢂWKURXJKꢂDꢂFROXPQꢂ
,,,IꢂZHUHꢂLVRODWHGꢂDQGꢂFKDUDFWHUL]HGꢂE\ꢂVSHFWUDOꢂDQGꢂ FKDUJHGꢂ ZLWKꢂ SKRVSKRULFꢂ DQK\GULGHꢊꢂ 6ROYHQWVꢂ ZHUHꢂ
DQDO\WLFDOꢂGDWDꢂꢇVHHꢂ([SHULPHQWDOꢈꢊꢂ7KHꢂVWUXFWXUHꢂRIꢂ GULHGꢂ DQGꢂ SXULILHGꢂE\ꢂ VWDQGDUGꢂ SURFHGXUHVꢓꢂSHWUROHXPꢂ
,,,D±,,,IꢂXQDPELJXRXVO\ꢂIROORZVꢂIURPꢂWKHLUꢂ +ꢂ105ꢂ HWKHUꢄꢂKH[DQHꢄꢂSHQWDQHꢄꢂEHQ]HQHꢄꢂWROXHQHꢄꢂGLHWK\OꢂHWKHUꢄꢂ
VSHFWUDꢂ ZKLFKꢂ FRQWDLQHGꢂ PXOWLSOHWꢂ VLJQDOVꢂ DWꢂ ꢂ ꢎꢊꢀꢑ±
ꢎꢊꢃꢍꢄꢂꢍꢊꢀꢑ±ꢍꢊꢃꢆꢄꢂDQGꢂꢍꢊꢆꢐ±ꢍꢊꢏꢎꢂSSPꢋꢂWKHꢂWZRꢂODWWHUꢂEHꢉ
ORQJꢂWRꢂSURFKLUDOꢂSURWRQVꢂRIꢂWKHꢂ2&+ ꢂJURXSꢊꢂ$ꢂGRXEOHWꢂ
RIꢂGRXEOHWVꢂDWꢂ ꢂꢀꢊꢎꢆ±ꢀꢊꢆꢀꢂSSPꢂZDVꢂDVVLJQHGꢂWRꢂWKHꢂ
3K 3ꢇ2ꢈ&+&+ ꢂSURWRQVꢂꢇLWꢂZDVꢂRYHUODSSHGꢂE\ꢂWKHꢂ
EXW\Oꢂ&+ ꢂVLJQDOꢈꢊꢂ
DQGꢂGLR[DQHꢂZHUHꢂUHIOX[HGꢂDQGꢂGLVWLOOHGꢂRYHUꢂPHWDOOLFꢂ
VRGLXPꢄꢂ DQGꢂ DFHWRQLWULOHꢂZDVꢂ GLVWLOOHGꢂRYHUꢂFDOFLXPꢂ
K\GULGHꢊꢂ
'LSKHQ\OSKRVSKLQHꢂ >ꢀꢐ@ꢄꢂ ꢃꢉEXWR[\ꢉꢀꢉEXWHQHꢂ ꢇ,Fꢈꢂ
>ꢀꢑ@ꢄꢂ ꢀꢉHWKR[\ꢉꢀꢉEXWHQHꢂ ꢇ,Hꢈꢂ >ꢃꢅ@ꢄꢂ WHWUDNLVꢇWULSKHQ\Oꢉ
SKRVSKLQHꢈSDOODGLXPꢇꢅꢈꢂ >ꢃꢀ@ꢄꢂ WHWUDNLVꢇWULHWK\Oꢂ SKRVꢉ
3KRVSKLQHVꢂ,,D±,,IꢂDQGꢂSKRVSKLQHꢂR[LGHVꢂ,,,D±,,,Iꢂ SKLWHꢈQLFNHOꢇꢅꢈꢂ >ꢃꢃ@ꢄꢂ ELVꢇF\FORRFWDGLHQ\OꢈQLFNHOꢇꢅꢈꢂ
KDYHꢂ EHHQꢂ VWXGLHGꢂ SRRUO\ꢊꢂ 7KHꢂ XVHꢂ RIꢂ ꢀꢉDONR[\DON\Oꢉ
>ꢃꢍ@ꢄꢂELVꢇWULSKHQ\OSKRVSKLQHꢈQLFNHOꢇ,,ꢈꢂGLEURPLGHꢂ>ꢃꢎ@ꢄꢂ
SKRVSKLQHVꢂ LQꢂ WKHꢂ +RUQHU±:LWWLJꢂ UHDFWLRQꢂ >ꢀꢆ@ꢂ DQGꢂ DQGꢂ ELVꢇWULSKHQ\OSKRVSKLQHꢈSDOODGLXPꢇ,,ꢈꢂ GLFKORULGHꢂ
VWHUHRVHOHFWLYHꢂ V\QWKHVLVꢂ RIꢂ IXQFWLRQDOO\ꢂ VXEVWLWXWHGꢂ >ꢃꢆ@ꢂ ZHUHꢂ V\QWKHVL]HGꢂ E\ꢂ NQRZQꢂ PHWKRGVꢊꢂ %XWR[\ꢉ
DONHQHVꢂDQGꢂDVꢂFRPSOH[RQHVꢂIRUꢂH[WUDFWLRQꢂRIꢂXUDQLXPꢂ HWKHQHꢂꢇ,DꢈꢄꢂHWKR[\HWKHQHꢂꢇ,EꢈꢄꢂDQGꢂꢃꢉPHWKR[\ꢉꢀꢉSURꢉ
DQGꢂWKRULXPꢂVDOWVꢂIURPꢂDFLGꢂVROXWLRQꢂ>ꢀꢏ@ꢂZDVꢂUHSRUWHGꢊꢂ SHQHꢂꢇ,GꢈꢂZHUHꢂFRPPHUFLDOꢂSURGXFWVꢂꢇIURPꢂ$OGULFKꢈꢊꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢎꢃꢂꢂꢂ1Rꢊꢂꢂꢀꢂꢂꢂꢃꢅꢅꢏꢂ

6+8/<83,1ꢂꢂHWꢀDOꢊꢂ
ꢃꢅꢂ
7KHꢂ SURJUHVVꢂ RIꢂ UHDFWLRQVꢂ ZDVꢂ PRQLWRUHGꢄꢂ DQGꢂ ꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVSKLQHꢄꢂꢃꢅꢐꢂPJꢂ
QHZO\ꢂV\QWKHVL]HGꢂFRPSRXQGVꢂZHUHꢂLGHQWLILHGꢄꢂE\ꢂꢂ ꢇꢃꢊꢃꢆꢂPPROꢈꢂRIꢂHWKHUꢂ,DꢄꢂꢍꢂPOꢂRIꢂEHQ]HQHꢄꢂDQGꢂꢀꢆꢂPJꢂ
+ꢂDQGꢂ 3ꢂ105ꢂVSHFWURVFRS\ꢊꢂ7KHꢂ +ꢂ105ꢂVSHFWUDꢂ ꢇꢀꢅꢂPROꢂBꢈꢂRIꢂWULHWK\ODPLQHꢊꢂ7KHꢂDPSXOHꢂZDVꢂVHDOHGꢂ
ZHUHꢂPHDVXUHGꢂRQꢂDꢂ9DULDQꢂ9;5ꢉꢎꢅꢅꢂLQVWUXPHQWꢂDWꢂ DQGꢂKHDWHGꢂIRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂVSHFWUXPꢂRIꢂ
ꢎꢅꢅꢂ0+]ꢋꢂWKHꢂFKHPLFDOꢂVKLIWVꢂZHUHꢂUHIHUHQFHGꢂWRꢂWHWUDꢉ
PHWK\OVLODQHꢊꢂ7KHꢂ 3±^ +`ꢂ 105ꢂVSHFWUDꢂ ZHUHꢂ REꢉ
WDLQHGꢂRQꢂDꢂ9DULDQꢂ9;5ꢉꢎꢅꢅꢂLQVWUXPHQWꢂDWꢂꢀꢏꢀꢊꢑꢂ0+]ꢂ
XVLQJꢂ&'&O ꢂDVꢂVROYHQWꢂDQGꢂꢐꢆBꢂ+ 32 ꢂLQꢂ' 2ꢂDVꢂ
UHIHUHQFHꢊꢂꢂ
WKHꢂ PL[WXUHꢂ FRQWDLQHGꢂ RQO\ꢂ Dꢂ VLJQDOꢂ DWꢂ ꢂ ±ꢎꢅꢊꢏꢂ SSPꢂ
GXHꢂWRꢂLQLWLDOꢂGLSKHQ\OSKRVSKLQHꢊꢂ
Iꢇꢀ ,Qꢀ WKHꢀ SUHVHQFHꢀ RIꢀ 1LꢈDFDFꢉ ꢀ DQGꢀ +&Oꢊꢂ$ꢂ ꢐꢉPPꢂ
105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂDUJRQꢂDQGꢂFKDUJHGꢂZLWKꢂ
ꢀꢅꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1LꢇDFDFꢈ ꢄꢂꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂRIꢂ
GLSKHQ\OSKRVSKLQHꢄꢂ ꢃꢅꢐꢂ PJꢂ ꢇꢃꢊꢃꢆꢂ PPROꢈꢂ RIꢂHWKHUꢂ ,Dꢄꢂ
DQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢄꢂDQGꢂꢍꢅꢏꢂ OꢂRIꢂDꢂꢃBꢂVROXWLRQꢂRIꢂ
+&Oꢂ LQꢂ EHQ]HQHꢂꢇSUHSDUHGꢂ IURPꢂ &O6L0H ꢂDQGꢂ + 2ꢂ LQꢂ
EHQ]HQHꢈꢂ ZDVꢂ DGGHGꢊꢂ7KHꢂ DPSXOHꢂ ZDVꢂ VHDOHGꢂ DQGꢂ
KHDWHGꢂ IRUꢂ ꢃꢂ Kꢂ DWꢂ ꢐꢅƒ&ꢂ XQWLOꢂ WKHꢂ VLJQDOꢂ RIꢂ GLSKHQ\Oꢉ
SKRVSKLQHꢂ GLVDSSHDUHGꢂ IURPꢂ WKHꢂ 3ꢂ 105ꢂ VSHFWUXPꢊꢂ
:KHQꢂWKHꢂUHDFWLRQꢂZDVꢂFRPSOHWHꢄꢂWKHꢂ 3ꢂ 105ꢂ VSHFꢉ
WUXPꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂDWꢂ ꢂ±ꢆꢊꢃꢂSSPꢂGXHꢂWRꢂ
ꢀꢉEXWR[\HWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢂꢇ,,Dꢈꢊꢂ
5HDFWLRQꢀ RIꢀ GLSKHQ\OSKRVSKLQHꢀ ZLWKꢀ EXWR[\ꢆ
HWKHQHꢀꢇ,DꢈꢁꢀDꢇꢀ,QꢀWKHꢀSUHVHQFHꢀRIꢀ3Gꢈ33K ꢉ ꢇꢂ$ꢂꢐꢉPPꢂ
105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂDUJRQꢂDQGꢂFKDUJHGꢂZLWKꢂ
ꢐꢏꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ3Gꢇ33K ꢈ ꢄꢂꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂRIꢂ
GLSKHQ\OSKRVSKLQHꢄꢂ ꢃꢅꢐꢂ PJꢂ ꢇꢃꢊꢃꢆꢂ PPROꢈꢂ RIꢂHWKHUꢂ ,Dꢄꢂ
DQGꢂ ꢍꢂ POꢂ RIꢂ EHQ]HQHꢊꢂ 7KHꢂ DPSXOHꢂ ZDVꢂ DJDLQꢂ SXUJHGꢂ
ZLWKꢂDUJRQꢂDQGꢂVHDOHGꢄꢂDQGꢂWKHꢂPL[WXUHꢂZDVꢂVKDNHQꢊꢂ,Wꢂ
ZDVꢂWKHQꢂKHDWHGꢂIRUꢂꢐꢂKꢂDWꢂꢀꢃꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂVSHFꢉ
WUXPꢂRIꢂWKHꢂUHDFWLRQꢂPL[WXUHꢂFRQWDLQHGꢂRQO\ꢂDꢂVLJQDOꢂDWꢂ
ꢂ±ꢎꢅꢊꢏꢂSSPꢂGXHꢂWRꢂLQLWLDOꢂGLSKHQ\OSKRVSKLQHꢊꢂꢂ
ꢄꢆ%XWR[\HWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢀ R[LGHꢀ ꢇ,,,Dꢈꢁꢂ
$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂDUJRQꢂDQGꢂ
FKDUJHGꢂZLWKꢂꢆꢆꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1Lꢇ33K ꢈ%U ꢄꢂꢃꢁꢑꢂPJꢂ
ꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVSKLQHꢄꢂꢀꢏꢆꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂ
RIꢂEXWR[\HWKHQHꢂꢇ,DꢈꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢊꢂ7KHꢂDPSXOHꢂ
ZDVꢂVHDOHGꢂDQGꢂKHDWHGꢂIRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂ
VSHFWUXPꢂRIꢂWKHꢂPL[WXUHꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂDWꢂꢂ
ꢂ±ꢆꢊꢃꢂSSPꢂGXHꢂWRꢂꢀꢉEXWR[\HWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢂ
ꢇ,,Dꢈꢊꢂ7KHꢂDPSXOHꢂZDVꢂFRROHGꢂDQGꢂRSHQHGꢄꢂWKHꢂVROXWLRQꢂ
ZDVꢂHYDSRUDWHGꢄꢂWKHꢂUHVLGXHꢂZDVꢂGLVVROYHGꢂLQꢂꢀꢆꢂPOꢂRIꢂ
GLHWK\Oꢂ HWKHUꢄꢂ ꢃꢂ POꢂ RIꢂꢍꢅBꢂ + 2 ꢂ ZDVꢂ DGGHGꢄꢂDQGꢂWKHꢂ
PL[WXUHꢂZDVꢂVWLUUHGꢂXQWLOꢂWKHꢂRUJDQLFꢂOD\HUꢂWXUQHGꢂ
FRORUOHVVꢊꢂ7KHꢂRUJDQLFꢂOD\HUꢂZDVꢂVHSDUDWHGꢄꢂZDVKHGꢂ
ZLWKꢂZDWHUꢄꢂDQGꢂGULHGꢂRYHUꢂ0J62 ꢄꢂDQGꢂWKHꢂVROYHQWꢂZDVꢂ
GLVWLOOHGꢂRIIꢊꢂ7KHꢂUHVLGXHꢂZDVꢂGLVVROYHGꢂLQꢂGLHWK\OꢂHWKHUꢂ
DQGꢂ VXEMHFWHGꢂ WRꢂ FKURPDWRJUDSK\ꢂ RQꢂ$O 2 ꢂ XVLQJꢂ GLꢉ
HWK\OꢂHWKHUꢂDVꢂHOXHQWꢂWRꢂLVRODWHꢂꢍꢐꢅꢂPJꢂꢇꢐꢍBꢈꢂRIꢂSKRVꢉ
SKLQHꢂR[LGHꢂ,,,DꢂDVꢂDQꢂRLO\ꢂVXEVWDQFHꢂZKLFKꢂIDLOHGꢂWRꢂ
FU\VWDOOL]Hꢊꢂ +ꢂ105ꢂVSHFWUXPꢂꢇ&'&O ꢈꢄꢂ ꢄꢂSSPꢓꢂꢅꢊꢐꢍ±
ꢅꢊꢐꢆꢂWꢂꢇꢍ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢃꢃ±ꢀꢊꢃꢏꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢎꢆ±ꢀꢊꢆꢀꢂPꢂ
ꢇꢆ+ꢄꢂ&+ ꢄꢂ&+ ꢈꢄꢂꢍꢊꢀꢑ±ꢍꢊꢃꢆꢂPꢂꢇꢀ+ꢈꢄꢂꢍꢊꢆꢐ±ꢍꢊꢏꢎꢂPꢂꢇꢀ+ꢄꢂ
2&+ ꢈꢄꢂ ꢎꢊꢀꢑ±ꢎꢊꢃꢍꢂ Pꢂ ꢇꢀ+ꢄꢂ &+2ꢈꢄꢂ ꢁꢊꢎꢆ±ꢁꢊꢆꢐꢂ Pꢂ ꢇꢏ+ꢈꢄꢂ
ꢁꢊꢐꢐ±ꢁꢊꢑꢃꢂPꢂꢇꢃ+ꢈꢄꢂꢐꢊꢅꢆ±ꢐꢊꢅꢑꢂPꢂꢇꢃ+ꢈꢊꢂ 3ꢂ 105ꢂ VSHFꢉ
WUXPꢓꢂ ꢂꢍꢅꢊꢅꢂSSPꢊꢂ)RXQGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢍꢆꢋꢂ+ꢂꢁꢊꢎꢆꢊꢂ
& + 2 3ꢊꢂ&DOFXODWHGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢆꢃꢋꢂ+ꢂꢁꢊꢏꢀꢊꢂ
Eꢇꢀ,QꢀWKHꢀSUHVHQFHꢀRIꢀ1L>3ꢈ2(Wꢉ @ ꢊꢂ$VꢂGHVFULEHGꢂLQꢂ
DꢄꢂDꢂPL[WXUHꢂRIꢂꢆꢎꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1L>3ꢇ2(Wꢈ @ ꢄꢂ
ꢃꢁꢑꢂPJꢂ ꢇꢀꢊꢆꢂ PROꢈꢂ RIꢂ GLSKHQ\OSKRVSKLQHꢄꢂ ꢃꢅꢐꢂ PJꢂꢂ
ꢇꢃꢊꢃꢆꢂ PPROꢈꢂ RIꢂ HWKHUꢂ ,Dꢄꢂ DQGꢂ ꢍꢂ POꢂ RIꢂ EHQ]HQHꢂ LQꢂꢂ
DꢂVHDOHGꢂDPSXOHꢂZDVꢂKHDWHGꢂIRUꢂꢐꢂKꢂDWꢂꢀꢃꢅƒ&ꢊꢂ7KHꢂꢂ
3ꢂ105ꢂVSHFWUXPꢂRIꢂWKHꢂUHDFWLRQꢂPL[WXUHꢂFRQWDLQHGꢂ
RQO\ꢂDꢂVLJQDOꢂDWꢂ ꢂ±ꢎꢅꢊꢏꢂSSPꢂGXHꢂWRꢂLQLWLDOꢂGLSKHQ\Oꢉ
SKRVSKLQHꢊꢂ
Fꢇꢀ,QꢀWKHꢀSUHVHQFHꢀRIꢀ3G&O ꢈ33K ꢉ ꢊꢀ$ꢂꢐꢉPPꢂ105ꢂ
DPSXOHꢂ ZDVꢂ SXUJHGꢂ ZLWKꢂ DUJRQꢂ DQGꢂ FKDUJHGꢂ ZLWKꢂꢂ
ꢆꢍꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ3G&O ꢇ33K ꢈ ꢄꢂꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂ
RIꢂ GLSKHQ\OSKRVSKLQHꢄꢂ ꢃꢅꢐꢂ PJꢂ ꢇꢃꢊꢃꢆꢂ PPROꢈꢂ RIꢂ HWKHUꢂ
,DꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢊꢂ7KHꢂDPSXOHꢂZDVꢂVHDOHGꢂDQGꢂ
KHDWHGꢂIRUꢂꢐꢂKꢂDWꢂꢀꢅꢅƒ&ꢊꢂ7KHꢂSURJUHVVꢂRIꢂWKHꢂUHDFWLRQꢂ
ZDVꢂ PRQLWRUHGꢂ E\ꢂ 3ꢂ 105ꢂ VSHFWURVFRS\ꢄꢂ IROORZLQJꢂ
FKDQJHꢂLQꢂWKHꢂLQWHQVLW\ꢂRIꢂWKHꢂLQLWLDOꢂGLSKHQ\OSKRVSKLQHꢂ
VLJQDOꢂDWꢂ ꢂ±ꢎꢅꢊꢏꢂSSPꢊꢂ:KHQꢂWKHꢂUHDFWLRQꢂZDVꢂFRPꢉ
SOHWHꢄꢂWKHꢂ 3ꢂ105ꢂVSHFWUXPꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂ
DWꢂ ꢂ±ꢆꢊꢃꢂSSPꢂGXHꢂWRꢂꢀꢉEXWR[\HWK\OꢇGLSKHQ\OꢈSKRVꢉ
SKLQHꢂꢇ,,Dꢈꢊꢂ
Gꢇꢀ,QꢀWKHꢀSUHVHQFHꢀRIꢀ1L%U ꢈ33K ꢉ ꢊꢂ/LNHZLVHꢄꢂDꢂPL[ꢉ
WXUHꢂRIꢂꢆꢎꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1L%U ꢇ33K ꢈ ꢄꢂꢃꢁꢑꢂPJꢂꢂ
ꢇꢀꢊꢆꢂPROꢈꢂRIꢂGLSKHQ\OSKRVSKLQHꢄꢂꢃꢅꢐꢂPJꢂꢇꢃꢊꢃꢆꢂPPROꢈꢂ
RIꢂHWKHUꢂ,DꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢂZDVꢂKHDWHGꢂIRUꢂꢃꢂKꢂDWꢂ
ꢐꢅƒ&ꢂXQWLOꢂWKHꢂVLJQDOꢂRIꢂGLSKHQ\OSKRVSKLQHꢂGLVDSꢉ
SHDUHGꢂIURPꢂWKHꢂ 3ꢂ105ꢂVSHFWUXPꢊꢂ$FFRUGLQJꢂWRꢂWKHꢂ
3ꢂ105ꢂGDWDꢄꢂWKHꢂRQO\ꢂSKRVSKRUXVꢉFRQWDLQLQJꢂSURGXFWꢂ
ZDVꢂSKRVSKLQHꢂ,,Dꢄꢂ ꢂ±ꢆꢊꢃꢂSSPꢊꢂ
ꢄꢆ(WKR[\HWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢀR[LGHꢀꢇ,,,Eꢈꢁꢂ
$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂDUJRQꢂDQGꢂ
FKDUJHGꢂZLWKꢂꢆꢆꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1Lꢇ33K ꢈ%U ꢄꢂꢃꢁꢑꢂPJꢂ
ꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVSKLQHꢄꢂꢀꢃꢃꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂ
RIꢂHWKR[\HWKHQHꢂꢇ,EꢈꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢊꢂ7KHꢂDPSXOHꢂ
Hꢇꢀ,QꢀWKHꢀSUHVHQFHꢀRIꢀ1L%U ꢈ33K ꢉ ꢀDQGꢀWULHWK\Oꢅ
DPLQHꢊꢂ$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂDUJRQꢂ ZDVꢂVHDOHGꢂDQGꢂKHDWHGꢂIRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂ
DQGꢂ FKDUJHGꢂ ZLWKꢂꢆꢎꢂ PJꢂ ꢇꢆꢂ PROꢂ Bꢈꢂ RIꢂ 1L%U ꢇ33K ꢈ ꢄꢂ VSHFWUXPꢂRIꢂWKHꢂPL[WXUHꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂDWꢂꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢎꢃꢂꢂꢂ1Rꢊꢂꢂꢀꢂꢂꢂꢃꢅꢅꢏꢂ

+<'523+263+,1$7,21ꢂꢂ2)ꢂꢂ$/.2;<$/.(1(6ꢂꢂ
ꢃꢀꢂ
ꢂ±ꢏꢊꢎꢂSSPꢂGXHꢂWRꢂꢀꢉHWKR[\HWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢂ
ꢇ,,Eꢈꢊꢂ7KHꢂPL[WXUHꢂZDVꢂWKHQꢂWUHDWHGꢂDVꢂGHVFULEHGꢂDERYHꢂ
IRUꢂ,,,DꢂWRꢂLVRODWHꢂꢍꢆꢃꢂPJꢂꢇꢐꢆBꢈꢂRIꢂFRPSRXQGꢂ,,,EꢂDVꢂ
FRORUOHVVꢂ FU\VWDOVꢂ ZLWKꢂ PSꢂ ꢆꢍ±ꢆꢎƒ&ꢋꢂ SXEOLVKHGꢂ GDWDꢂ
>ꢃꢏ@ꢓꢂ PSꢂ ꢆꢅ±ꢆꢎƒ&ꢊꢂ +ꢂ 105ꢂ VSHFWUXPꢂ ꢇ&'&O ꢈꢄꢂ ꢄꢂ
SSPꢓꢂꢅꢊꢑꢆ±ꢅꢊꢑꢑꢂWꢂꢇꢍ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢍꢀ±ꢀꢊꢍꢏꢂGꢊGꢂꢇꢍ+ꢄꢂ&+ ꢈꢄꢂ
ꢍꢊꢀꢅ±ꢍꢊꢀꢁꢂPꢂꢇꢀ+ꢈꢄꢂꢍꢊꢎꢁ±ꢍꢊꢆꢆꢂPꢂꢇꢀ+ꢄꢂ2&+ ꢈꢄꢂꢎꢊꢅꢃ±
ꢎꢊꢅꢑꢂPꢂꢇꢀ+ꢄꢂ&+2ꢈꢄꢂꢁꢊꢃꢎ±ꢁꢊꢎꢍꢂPꢂꢇꢏ+ꢈꢄꢂꢁꢊꢁꢃ±ꢁꢊꢁꢆꢂPꢂꢇꢃ+ꢈꢄꢂ
ꢁꢊꢐꢐ±ꢁꢊꢑꢃꢂ Pꢂ ꢇꢃ+ꢈꢊꢂ 3ꢂ 105ꢂ VSHFWUXPꢓꢂ ꢂ ꢃꢁꢊꢅꢂ SSPꢊꢂ
)RXQGꢄꢂBꢓꢂ&ꢂꢏꢑꢊꢐꢐꢋꢂ+ꢂꢁꢊꢀꢍꢊꢂ& + 2 3ꢊꢂ&DOFXODWHGꢄꢂBꢓꢂ
&ꢂꢁꢅꢊꢅꢁꢋꢂ+ꢂꢏꢊꢑꢍꢊꢂ
DPSXOHꢂZDVꢂVHDOHGꢂDQGꢂKHDWHGꢂIRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ
105ꢂ VSHFWUXPꢂ RIꢂ WKHꢂ PL[WXUHꢂ FRQWDLQHGꢂ RQO\ꢂ RQHꢂ
VLJQDOꢂDWꢂ ꢂ±ꢁꢊꢐꢂSSPꢂGXHꢂWRꢂSKRVSKLQHꢂ,,Hꢊꢂ7KHꢂPL[ꢉ
WXUHꢂ ZDVꢂ WKHQꢂ WUHDWHGꢂ DVꢂ GHVFULEHGꢂ DERYHꢂ IRUꢂ ,,,Dꢂ WRꢂ
LVRODWHꢂꢍꢀꢁꢂPJꢂꢇꢁꢅBꢈꢂRIꢂSKRVSKLQHꢂR[LGHꢂ,,,HꢂDVꢂFRORUꢉ
OHVVꢂ FU\VWDOVꢂ ZLWKꢂ PSꢂꢀꢃꢍ±ꢀꢃꢎƒ&ꢊꢂ +ꢂ 105ꢂ VSHFWUXPꢂ
ꢇ&'&O ꢈꢄꢂ ꢄꢂSSPꢓꢂꢅꢊꢑꢍ±ꢅꢊꢑꢁꢂWꢂꢇꢍ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢅꢍ±ꢀꢊꢅꢁꢂWꢂ
ꢇꢍ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢎꢎ±ꢀꢊꢆꢃꢂPꢂꢇꢀ+ꢈꢄꢂꢀꢊꢐꢆ±ꢀꢊꢑꢏꢂPꢂꢇꢀ+ꢄꢂ&+ ꢈꢄꢂ
ꢀꢊꢏꢍ±ꢀꢊꢁꢀꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂꢍꢊꢅꢑ±ꢍꢊꢀꢏꢂPꢂꢇꢀ+ꢈꢄꢂꢍꢊꢎꢆ±ꢂ
ꢍꢊꢆꢃꢂPꢂꢇꢀ+ꢄꢂ2&+ ꢈꢄꢂꢍꢊꢑꢏ±ꢎꢊꢅꢀꢂPꢂꢇꢀ+ꢄꢂ2&+ꢈꢄꢂꢁꢊꢎꢀ±
ꢁꢊꢆꢏꢂ Pꢂ ꢇꢏ+ꢈꢄꢂ ꢁꢊꢁꢑ±ꢁꢊꢐꢎꢂ Pꢂ ꢇꢃ+ꢈꢄꢂ ꢐꢊꢅꢃ±ꢐꢊꢅꢁꢂ Pꢂ ꢇꢃ+ꢈꢊꢂꢂ
3ꢂ105ꢂVSHFWUXPꢓꢂ ꢂꢃꢐꢊꢎꢂSSPꢊꢂ)RXQGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢏꢑꢋꢂꢂ
+ꢂꢁꢊꢆꢏꢊꢂ& + 2 3ꢊꢂ&DOFXODWHGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢆꢃꢋꢂ+ꢂꢁꢊꢏꢀꢊꢂ
ꢄꢆ%XWR[\ꢆꢄꢆPHWK\OSURS\OꢇGLSKHQ\OꢈSKRVSKLQHꢀ
R[LGHꢀ ꢇ,,,Fꢈꢁꢂ$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂ
DUJRQꢂ DQGꢂ FKDUJHGꢂ ZLWKꢂ ꢆꢆꢂ PJꢂ ꢇꢆꢂ PROꢂ Bꢈꢂ RIꢂꢂ
1Lꢇ33K ꢈ%U ꢄꢂꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVꢉ
SKLQHꢄꢂꢀꢐꢅꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂRIꢂꢃꢉEXWR[\ꢉꢀꢉEXWHQHꢄꢂDQGꢂ
ꢍꢂ POꢂ RIꢂ EHQ]HQHꢊꢂ 7KHꢂ DPSXOHꢂ ZDVꢂVHDOHGꢂ DQGꢂ KHDWHGꢂ
IRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂVSHFWUXPꢂRIꢂWKHꢂPL[WXUHꢂ
FRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂDWꢂ ꢂ±ꢀꢊꢅꢂSSPꢂGXHꢂWRꢂSKRVꢉ
SKLQHꢂ,,Fꢊꢂ7KHꢂPL[WXUHꢂZDVꢂWKHQꢂWUHDWHGꢂDVꢂGHVFULEHGꢂ
DERYHꢂIRUꢂ,,,DꢂWRꢂLVRODWHꢂꢍꢑꢏꢂPJꢂꢇꢐꢅBꢈꢂRIꢂSKRVSKLQHꢂ
R[LGHꢂ,,,FꢂDVꢂDꢂFRORUOHVVꢂRLO\ꢂVXEVWDQFHꢊꢂ +ꢂ105ꢂVSHFꢉ
WUXPꢂ ꢇ&'&O ꢈꢄꢂ ꢄꢂ SSPꢓꢂ ꢅꢊꢐꢐ±ꢅꢊꢑꢃꢂ Wꢂ ꢇꢍ+ꢄꢂ &+ ꢈꢄꢂ ꢅꢊꢑꢆ±
ꢅꢊꢑꢑꢂWꢂꢇꢍ+ꢄꢂ6+ ꢈꢄꢂꢀꢊꢍꢑ±ꢀꢊꢎꢍꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢎꢏꢂGꢂꢇꢍ+ꢄꢂ
&+ ꢈꢄꢂꢀꢊꢏꢀ±ꢀꢊꢏꢆꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂꢀꢊꢐꢃ±ꢃꢊꢅꢐꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂ
ꢍꢊꢍꢏ±ꢍꢊꢎꢀꢂPꢂꢇꢀ+ꢈꢄꢂꢍꢊꢎꢆ±ꢍꢊꢆꢅꢂPꢂꢇꢀ+ꢄꢂ2&+ ꢈꢄꢂꢁꢊꢎꢏ±
ꢁꢊꢆꢀꢂPꢂꢇꢏ+ꢈꢄꢂꢐꢊꢅꢍ±ꢐꢊꢅꢆꢂPꢂꢇꢃ+ꢈꢄꢂꢐꢊꢀꢁ±ꢐꢊꢃꢃꢂPꢂꢇꢃ+ꢈꢊꢂꢂ
3ꢂ105ꢂVSHFWUXPꢓꢂ ꢂꢃꢑꢊꢁꢂSSPꢊꢂ)RXQGꢄꢂBꢓꢂ&ꢂꢁꢃꢊꢆꢑꢋꢂ
+ꢂꢐꢊꢃꢑꢊꢂ& + 2 3ꢊꢂ&DOFXODWHGꢄꢂBꢓꢂ&ꢂꢁꢃꢊꢁꢃꢋꢂ+ꢂꢐꢊꢀꢐꢊꢂ
'LSKHQ\OꢇWHWUDK\GURꢆꢅ+ꢆS\UDQꢆꢅꢆ\OꢈSKRVSKLQHꢀ
R[LGHꢀ ꢇ,,,Iꢈꢁꢂ$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂꢂ
ZLWKꢂDUJRQꢂDQGꢂFKDUJHGꢂZLWKꢂꢆꢆꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂꢂ
1Lꢇ33K ꢈ%U ꢄꢂꢃꢁꢑꢂPJꢂꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVꢉ
SKLQHꢄꢂꢀꢍꢑꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂRIꢂꢍꢄꢎꢉGLK\GURꢉꢃ+ꢉS\UDQꢂ
ꢇ,IꢈꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢊꢂ7KHꢂDPSXOHꢂZDVꢂVHDOHGꢂDQGꢂ
KHDWHGꢂIRUꢂꢀꢅꢂKꢂDWꢂꢀꢅꢅƒ&ꢊꢂ7KHꢂPL[WXUHꢂZDVꢂWKHQꢂWUHDWHGꢂ
DVꢂGHVFULEHGꢂDERYHꢂIRUꢂ,,,DꢂWRꢂLVRODWHꢂꢀꢁꢀꢂPJꢂꢇꢎꢅBꢈꢂꢂ
RIꢂSKRVSKLQHꢂR[LGHꢂ,,,IꢂDVꢂFRORUOHVVꢂFU\VWDOVꢂZLWKꢂꢂ
PSꢂꢀꢆꢆƒ&ꢋꢂSXEOLVKHGꢂGDWDꢂ>ꢃꢁ@ꢓꢂPSꢂꢀꢆꢎƒ&ꢊꢂ +ꢂ105ꢂ
VSHFWUXPꢂꢇ&'&O ꢈꢄꢂ ꢄꢂSSPꢓꢂꢀꢊꢆ±ꢀꢊꢁꢅꢂPꢂꢇꢎ+ꢄꢂ&+ ꢈꢄꢂ
ꢀꢊꢑꢏ±ꢃꢊꢀꢀꢂPꢂꢇꢃ+ꢄꢂ&+ ꢈꢄꢂꢍꢊꢎꢆ±ꢍꢊꢆꢆꢂPꢂꢇꢀ+ꢈꢄꢂꢎꢊꢀꢅ±ꢂ
ꢎꢊꢃꢅꢂPꢂꢇꢀ+ꢄꢂ2&+ ꢈꢄꢂꢎꢊꢃꢍ±ꢎꢊꢍꢀꢂPꢂꢇꢀ+ꢄꢂ2&+ꢈꢄꢂꢁꢊꢎꢐ±
ꢁꢊꢆꢁꢂPꢂꢇꢏ+ꢈꢄꢂꢁꢊꢏꢑ±ꢐꢊꢅꢀꢂPꢂꢇꢎ+ꢄꢂ& + ꢈꢊꢂ 3ꢂ105ꢂVSHFꢉ
WUXPꢄꢂ ꢄꢂSSPꢓꢂꢃꢁꢊꢁꢄꢂꢃꢐꢊꢆꢂꢇDꢂPL[WXUHꢂRIꢂGLDVWHUHRꢉ
LVRPHUVꢈꢊꢂ)RXQGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢃꢐꢋꢂ+ꢂꢏꢊꢆꢐꢊꢂ& + 2 3ꢊꢂ &DOꢉ
FXODWHGꢄꢂBꢓꢂ&ꢂꢁꢀꢊꢍꢃꢋꢂ+ꢂꢏꢊꢆꢐꢊꢂ
ꢄꢆ0HWKR[\ꢆꢄꢆPHWK\OHWK\OꢇGLSKHQ\OꢈSKRVSKLQHꢀ
R[LGHꢀ ꢇ,,,Gꢈꢁꢂ$ꢂꢐꢉPPꢂ105ꢂDPSXOHꢂZDVꢂSXUJHGꢂZLWKꢂ
DUJRQꢂ DQGꢂ FKDUJHGꢂ ZLWKꢂ ꢆꢆꢂ PJꢂ ꢇꢆꢂ PROꢂ Bꢈꢂ RIꢂꢂ
1Lꢇ33K ꢈ%U ꢄꢂ ꢃꢁꢑꢂ PJꢂ ꢇꢀꢊꢆꢂ PPROꢈꢂ RIꢂ GLSKHQ\OSKRVꢉ
SKLQHꢄꢂꢀꢃꢃꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂRIꢂꢃꢉPHWKR[\ꢉꢀꢉSURSHQHꢂ
ꢇ,GꢈꢄꢂDQGꢂꢍꢂPOꢂRIꢂEHQ]HQHꢊꢂ7KHꢂDPSXOHꢂZDVꢂVHDOHGꢂDQGꢂ
KHDWHGꢂIRUꢂꢃꢂKꢂDWꢂꢐꢅƒ&ꢊꢂ7KHꢂ 3ꢂ105ꢂVSHFWUXPꢂRIꢂWKHꢂ
PL[WXUHꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂDWꢂ ꢂ±ꢁꢊꢍꢂSSPꢂGXHꢂ
WRꢂ SKRVSKLQHꢂ ,,Gꢊꢂ 7KHꢂ PL[WXUHꢂ ZDVꢂ WKHQꢂ WUHDWHGꢂ DVꢂ
GHVFULEHGꢂ DERYHꢂ IRUꢂ ,,,Dꢂ WRꢂ LVRODWHꢂ ꢍꢀꢃꢂ PJꢂ ꢇꢁꢏBꢈꢂ RIꢂ
SKRVSKLQHꢂ R[LGHꢂ ,,,Gꢂ DVꢂFRORUOHVVꢂFU\VWDOVꢂ ZLWKꢂꢂ
PSꢂ ꢀꢆꢍ±ꢀꢆꢎƒ&ꢋꢂ SXEOLVKHGꢂ GDWDꢂ >ꢃꢏ@ꢓꢂ PSꢂ ꢀꢆꢀ±ꢀꢆꢎƒ&ꢊꢂ
+ꢂ105ꢂVSHFWUXPꢂꢇ&'&O ꢈꢄꢂ ꢄꢂSSPꢓꢂꢀꢊꢎꢐꢂGꢂꢇꢏ+ꢄꢂ&+ ꢈꢄꢂ
ꢍꢊꢍꢃꢂVꢂꢇꢍ+ꢄꢂ&+ ꢈꢄꢂꢁꢊꢎꢅ±ꢁꢊꢆꢁꢂPꢂꢇꢏ+ꢈꢄꢂꢐꢊꢅꢆ±ꢐꢊꢀꢆꢂPꢂꢇꢎ+ꢈꢊꢂ
3ꢂ105ꢂVSHFWUXPꢓꢂ ꢂꢍꢀꢊꢆꢂSSPꢊꢂ)RXQGꢄꢂBꢓꢂ&ꢂꢏꢑꢊꢑꢁꢋꢂ
+ꢂꢏꢊꢑꢅꢊꢂ& + 2 3ꢊꢂ&DOFXODWHGꢄꢂBꢓꢂ&ꢂꢁꢅꢊꢅꢁꢋꢂ+ꢂꢏꢊꢑꢍꢊꢂ
7KLVꢂ VWXG\ꢂ ZDVꢂ SHUIRUPHGꢂ XQGHUꢂ ILQDQFLDOꢂ VXSSRUWꢂ
E\ꢂWKHꢂ5XVVLDQꢂ)RXQGDWLRQꢂIRUꢂ%DVLFꢂ5HVHDUFKꢂꢇSURMHFWꢂ
QRꢊꢂꢅꢎꢉꢅꢍꢉꢍꢃꢁꢅꢑꢈꢊꢂ
5()(5(1&(6ꢂ
ꢀꢊꢂꢇDꢈꢂ 7KHꢀ &KHPLVWU\ꢀ RIꢀ 2UJDQRSKRVSKRUXVꢀ &RPSRXQGVꢄꢂ
ꢂ
ꢂ
ꢀ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
+DUWOH\ꢄꢂ)ꢊ5ꢊꢄꢂ(Gꢊꢄꢂ&KLFKHVWHUꢓꢂ:LOH\ꢄꢂꢀꢑꢑꢅ±ꢀꢑꢑꢏꢄꢂYROVꢊꢂꢀ±
ꢎꢋꢂ ꢇEꢈꢂ 4XLQꢄꢂ /ꢊ'ꢊꢄꢂ $ꢀ *XLGHꢀ WRꢀ 2UJDQRSKRVSKRUXVꢀ
&KHPLVWU\ꢄꢂ 1HZꢂ <RUNꢓꢂ :LOH\ꢄꢂ ꢃꢅꢅꢅꢋꢂ ꢇFꢈꢂ :LFKWꢄꢂ 'ꢊ.ꢊꢂꢂ
DQGꢂ *OXHFNꢄꢂ 'ꢊ6ꢊꢄꢂ &DWDO\WLFꢀ +HWHURIXQFWLRQDOL]DWLRQꢄꢂ
7RJQLꢄꢂ$ꢊꢂDQGꢂ*UW]PDFKHUꢄꢂ+ꢊꢄꢂ(GVꢊꢄꢂ:HLQKHLPꢓꢂ:LOH\ꢄꢂ
ꢃꢅꢅꢀꢄꢂFKDSꢊꢂꢆꢋꢂꢇGꢈꢂ%HOHWVND\Dꢄꢂ,ꢊ3ꢊꢂDQGꢂ.D]DQNRYDꢄꢂ0ꢊ$ꢊꢄꢂ
5XVVꢇꢀ -ꢇꢀ 2UJꢇꢀ &KHPꢊꢄꢂ ꢃꢅꢅꢃꢄꢂ YROꢊꢂ ꢍꢐꢄꢂ Sꢊꢂ ꢀꢍꢑꢀꢋꢂ ꢇHꢈꢂ$ORQꢉꢂ
VRꢄꢂ)ꢊꢄꢂ%HOHWVND\Dꢄꢂ, ꢊ3ꢊꢄꢂDQGꢂ<XVꢄꢂ0ꢊꢄꢂ&KHPꢇꢀ5HYꢊꢄꢂꢃꢅꢅꢎꢄꢂ
YROꢊꢂꢀꢅꢎꢄꢂSꢊꢂꢍꢅꢁꢑꢊꢂ
ꢄꢆ(WKR[\EXW\OꢇGLSKHQ\OꢈSKRVSKLQHꢀ R[LGHꢀ ꢇ,,,Hꢈꢁꢂ
$ꢂ ꢐꢉPPꢂ 105ꢂ DPSXOHꢂ ZDVꢂ SXUJHGꢂ ZLWKꢂ DUJRQꢂ DQGꢂ
FKDUJHGꢂZLWKꢂꢆꢆꢂPJꢂꢇꢆꢂPROꢂBꢈꢂRIꢂ1Lꢇ33K ꢈ%U ꢄꢂꢃꢁꢑꢂPJꢂ
ꢇꢀꢊꢆꢂPPROꢈꢂRIꢂGLSKHQ\OSKRVSKLQHꢄꢂꢀꢐꢅꢂPJꢂꢇꢀꢊꢏꢆꢂPPROꢈꢂ
RIꢂ ꢀꢉHWKR[\ꢉꢀꢉEXWHQHꢂ ꢇ,Hꢈꢄꢂ DQGꢂ ꢍꢂ POꢂ RIꢂ EHQ]HQHꢊꢂ 7KHꢂꢂ
ꢃꢊꢂ+DUWOH\ꢄꢂ 6ꢊ%ꢊꢄꢂ +ROPHVꢄꢂ:ꢊ6ꢊꢄꢂ -DFTXHVꢄꢂ -ꢊ.ꢊꢄꢂ 0ROHꢄꢂ 0ꢊ)ꢊꢄꢂ
DQGꢂ0F&RXEUH\ꢄꢂ-ꢊ&ꢊꢄꢂ4XDUWꢇꢀ5HYꢊꢄꢂꢀꢑꢏꢍꢄꢂYROꢊꢂꢀꢁꢄꢂSꢊꢂꢃꢅꢎꢊꢂ
ꢍꢊꢂꢇDꢈꢂ 7KHUULHQꢄꢂ %ꢊꢄꢂ .RQLQJꢄꢂ$ꢊꢄꢂ DQGꢂ :DUROꢄꢂ 7ꢊ5ꢊꢄꢂ 2UJDQRꢅ
ꢂ
ꢀ
PHWDOOLFVꢄꢂꢀꢑꢑꢑꢄꢂYROꢊꢂꢀꢐꢄꢂSꢊꢂꢀꢆꢏꢆꢋꢂꢇEꢈꢂ0LWFKHOOꢄꢂ7ꢊ1ꢊꢂDQGꢂ
ꢂ
+HHVFKHꢄꢂ .ꢊ-ꢊꢄꢂ -ꢇꢀ 2UJDQRPHWꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢑꢀꢄꢂ YROꢊꢂ ꢎꢅꢑꢄꢂꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢎꢃꢂꢂꢂ1Rꢊꢂꢂꢀꢂꢂꢂꢃꢅꢅꢏꢂ

6+8/<83,1ꢂꢂHWꢀDOꢊꢂ
SꢊꢂꢀꢏꢍꢋꢂꢇFꢈꢂ7KHUULHQꢄꢂ%ꢊꢂDQGꢂ:DUGꢄꢂ7ꢊ5ꢊꢄꢂ$QJHZꢇꢀ&KHPꢇꢁꢀ ꢀꢅꢊꢂ /HJLQꢄꢂ*ꢊ<Dꢊꢄꢂ=Kꢇꢀ2EVKFKꢇꢀ.KLPꢊꢄꢂꢀꢑꢁꢏꢄꢂYROꢊꢂꢎꢏꢄꢂSꢊꢂꢆꢎꢆꢊꢂ
ꢃꢃꢂ
ꢂ
ꢀ
ꢂ
ꢂ
ꢂ
,QWꢇꢀ(Gꢇꢀ(QJOꢊꢄꢂꢀꢑꢑꢑꢄꢂYROꢊꢂꢍꢐꢄꢂSꢊꢂꢎꢅꢆꢋꢂꢇGꢈꢂ0DO\VKHYDꢄꢂ6ꢊ)ꢊꢄꢂ
*XVDURYDꢊꢂ 1ꢊ.ꢊꢄꢂ %HORJRURGRYDꢄꢂ 1ꢊ$ꢊꢄꢂ 1LNLWLQꢄꢂ 0ꢊ9ꢊꢄꢂ
*HQGLQꢄꢂ'ꢊ9ꢊꢄꢂDQGꢂ7URILPRYꢄꢂ%ꢊ$ꢊꢄꢂ5XVVꢇꢀ-ꢇꢀ*HQꢇꢀ&KHPꢊꢄꢂ
ꢀꢑꢑꢁꢄꢂYROꢊꢂꢏꢁꢄꢂSꢊꢂꢆꢐꢊꢂ
ꢀꢀꢊꢂ 7ULSSHWꢄꢂ6ꢊꢄꢂ-ꢇꢀ&KHPꢇꢀ6RFꢊꢄꢂꢀꢑꢏꢀꢄꢂSꢊꢂꢃꢐꢀꢍꢊꢂ
ꢀꢃꢊꢂ 6FKQ\GHUꢄꢂ$ꢊꢄꢂ$HPPHUꢄꢂ7ꢊꢄꢂ,QGROHVHꢄꢂ$ꢊ)ꢊꢄꢂ3LWWHONRZꢄꢂ8ꢊꢄꢂ
ꢂ
DQGꢂ 6WXGHUꢄꢂ 0ꢊꢄꢂ $GYꢇꢀ 6\QWKꢇꢀ &DWDOꢊꢄꢂ ꢃꢅꢅꢃꢄꢂ YROꢊꢂ ꢃꢎꢎꢄꢂꢂ
ꢂ
Sꢊꢂꢎꢑꢆꢊꢂ
ꢎꢊꢂ%XQODNVDQDQXVRUQꢄꢂ7ꢊꢂDQGꢂ.QRFKHOꢄꢂ3ꢊꢄꢂ7HWUDKHGURQꢀ/HWWꢊꢄꢂ
ꢀꢍꢊꢂ ,VVOHLEꢄꢂ .ꢊꢂ DQGꢂ :HQVFKXKꢄꢂ (ꢊꢄꢂ =ꢇꢀ $QRUJꢇꢀ $OOJꢇꢀ &KHPꢊꢄꢂ
ꢂ
ꢂ
ꢃꢅꢅꢃꢄꢂYROꢊꢂꢎꢍꢄꢂSꢊꢂꢆꢐꢀꢁꢋꢂ%RRNKDPꢄꢂ-ꢊ/ꢊꢂDQGꢂ6PLWKLHVꢄꢂ'ꢊ0ꢊꢄꢂ
-ꢇꢀ2UJDQRPHWꢇꢀ&KHPꢊꢄꢂꢀꢑꢑꢑꢄꢂYROꢊꢂꢆꢁꢁꢄꢂSꢊꢂꢍꢅꢆꢊꢂ
ꢂꢆꢊꢂ'RPEHNꢄꢂ %ꢊ'ꢊꢄꢂ -ꢇꢀ 2UJꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢁꢐꢄꢂ YROꢊꢂ ꢎꢍꢄꢂ Sꢊꢂ ꢍꢎꢅꢐꢋꢂ
:ROIVEHUJHUꢄꢂ:ꢊꢄꢂ&KHPꢇꢅ=WJꢊꢄꢂꢀꢑꢐꢐꢄꢂYROꢊꢂꢀꢀꢃꢄꢂSꢊꢂꢆꢍꢊꢂ
ꢏꢊꢂ1DJHOꢄꢂ8ꢊꢄꢂ5HLJHOꢄꢂ%ꢊꢄꢂDQGꢂ%XEOHZLW]ꢄꢂ$ꢊꢄꢂ-ꢇꢀ2UJDQRPHWꢇꢀ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢀꢑꢏꢅꢄꢂYROꢊꢂꢍꢅꢆꢄꢂSꢊꢂꢀꢆꢋꢂ+D\WHUꢄꢂ5ꢊ*ꢊꢄꢂ,QRUJꢇꢀ&KHPꢊꢄꢂꢀꢑꢏꢍꢄꢂ
YROꢊꢂꢃꢄꢂSꢊꢂꢑꢍꢃꢋꢂ+D\WHUꢄꢂ5ꢊ*ꢊꢄꢂ-ꢇꢀ$Pꢇꢀ&KHPꢇꢀ6RFꢊꢄꢂꢀꢑꢏꢃꢄꢂ
YROꢊꢂ ꢐꢎꢄꢂ Sꢊꢂ ꢍꢅꢎꢏꢋꢂ :HVWRQꢄꢂ &ꢊ:ꢊꢄꢂ 9HUVWX\IWꢄꢂ$ꢊ:ꢊꢄꢂ 1HOꢉ
VRQꢄꢂ -ꢊ+ꢊꢄꢂ DQGꢂ -RQDVVHQꢄꢂ +ꢊ%ꢊꢄꢂ ,QRUJꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢁꢁꢄꢂꢂ
YROꢊꢂ ꢀꢏꢄꢂ Sꢊꢂ ꢀꢍꢀꢍꢋꢂ :HVWRQꢄꢂ &ꢊ:ꢊꢄꢂ %DLOH\ꢄꢂ *ꢊ:ꢊꢄꢂ 1HOꢉꢂ
VRQꢄꢂ -ꢊ+ꢊꢄꢂ DQGꢂ -RQDVVHQꢄꢂ +ꢊ%ꢊꢄꢂ -ꢇꢀ ,QRUJꢇꢀ 1XFOꢇꢀ &KHPꢊꢄꢂ
ꢀꢑꢁꢃꢄꢂYROꢊꢂꢍꢎꢄꢂSꢊꢂꢀꢁꢆꢃꢋꢂ*LDQQDQGUHDꢄꢂ5ꢊꢄꢂ0DVWURULOOLꢄꢂ3ꢊꢄꢂ
1RELOHꢄꢂ &ꢊꢉ6ꢊꢄꢂ DQGꢂ 'LORQDUGRꢄꢂ 0ꢊꢄꢂ ,QRUJꢇꢀ &KLPꢇꢀ $FWDꢄꢂ
ꢀꢑꢑꢏꢄꢂYROꢊꢂꢃꢎꢑꢄꢂSꢊꢂꢃꢍꢁꢊꢂ
ꢂ
ꢀ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢀ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢀ
&KHPꢊꢂꢀꢑꢐꢑꢄꢂYROꢊꢂꢍꢁꢅꢄꢂSꢊꢂꢃꢃꢍꢋꢂ+R\Hꢄꢂ3ꢊ$ꢊ7ꢊꢄꢂ3ULQJOHꢄꢂ3ꢊ*ꢊꢄꢂ
DQGꢂ6PLWKꢄꢂ0ꢊ%ꢊꢄꢂ-ꢇꢀ&KHPꢇꢀ6RFꢇꢁꢀ&KHPꢇꢀ&RPPXQꢊꢄꢂꢀꢑꢑꢅꢄꢂ
Sꢊꢂ ꢀꢁꢅꢀꢋꢂ &RVWDꢄꢂ (ꢊꢄꢂ 3ULQJOHꢄꢂ 3ꢊ*ꢊꢄꢂ 6PLWKꢄꢂ 0ꢊ%ꢊꢄꢂ DQGꢂ
:RUER\Vꢄꢂ .ꢊꢄꢂ -ꢇꢀ &KHPꢇꢀ 6RFꢇꢁꢀ 'DOWRQꢀ 7UDQVꢊꢄꢂ ꢀꢑꢑꢁꢄꢂꢂ
Sꢊꢂ ꢎꢃꢁꢁꢋꢂ :LFKWꢄꢂ 'ꢊ.ꢊꢄꢂ .RXUNLQHꢄꢂ ,ꢊ9ꢊꢄꢂ /HZꢄꢂ %ꢊ0ꢊꢄꢂ
1WKHQJHꢄꢂ -ꢊ0ꢄꢂ DQGꢂ *OXHFNꢄꢂ 'ꢊ6ꢊꢄꢂ -ꢇꢀ $Pꢇꢀ &KHPꢇꢀ 6RFꢊꢄꢂ
ꢀꢑꢑꢁꢄꢂ YROꢊꢂ ꢀꢀꢑꢄꢂ Sꢊꢂ ꢆꢅꢍꢑꢋꢂ &RVWDꢄꢂ (ꢊꢄꢂ 3ULQJOHꢄꢂ 3ꢊ*ꢊꢄꢂ DQGꢂ
:RUER\Vꢄꢂ.ꢊꢄꢂ&KHPꢇꢀ&RPPXQꢊꢄꢂꢀꢑꢑꢐꢄꢂSꢊꢂꢎꢑꢋꢂ2USHQꢄꢂ$ꢊ*ꢊꢄꢂ
3ULQJOHꢄꢂ3ꢊ*ꢊꢄꢂ6PLWKꢄꢂ0ꢊ%ꢊꢄꢂDQGꢂ:RUER\Vꢄꢂ.ꢊꢄꢂ-ꢇꢀ2UJDQRꢅ
PHWꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢑꢐꢄꢂ YROꢊꢂ ꢆꢆꢅꢄꢂ Sꢊꢂ ꢃꢆꢆꢋꢂ :LFKWꢄꢂ 'ꢊ.ꢊꢄꢂ
.RXUNLQHꢄꢂ,ꢊ9ꢊꢄꢂ.RYDFLNꢄꢂ,ꢊꢄꢂ*OXHFNꢄꢂ'ꢊ6ꢊꢄꢂ&RQFROLQRꢄꢂ7ꢊ(ꢊꢄꢂ
<DSꢄꢂ *ꢊ3ꢊ$ꢊꢄꢂ ,QFDUYLWRꢄꢂ &ꢊ'ꢊꢄꢂ DQGꢂ 5KHLQJROGꢄꢂ $ꢊ/ꢊꢄꢂ
2UJDQRPHWDOOLFVꢄꢂ ꢀꢑꢑꢑꢄꢂ YROꢊꢂ ꢀꢐꢄꢂ Sꢊꢂ ꢆꢍꢐꢀꢋꢂ :LFKWꢄꢂ 'ꢊ.ꢊꢄꢂ
.RYDFLNꢄꢂ ,ꢊꢄꢂ *OXHFNꢄꢂ 'ꢊ6ꢊꢄꢂ /LDEOHꢉ6DQGVꢄꢂ /ꢊ0ꢊꢄꢂ ,QFDUꢉꢂ
YLWRꢄꢂ&ꢊ'ꢊꢄꢂDQGꢂ5KHLQJROGꢄꢂ$ꢊ/ꢊꢄꢂ2UJDQRPHWDOOLFVꢄꢂꢀꢑꢑꢑꢄꢂ
YROꢊꢂꢀꢐꢄꢂSꢊꢂꢆꢀꢎꢀꢋꢂ.RYDFLNꢄꢂ,ꢊꢄꢂ:LFKWꢄꢂ'ꢊ.ꢊꢄꢂ*UHZDOꢄꢂ1ꢊ6ꢊꢄꢂ
*OXHFNꢄꢂ 'ꢊ6ꢊꢄꢂ , QFDUYLWRꢄꢂ &ꢊ'ꢊꢄꢂ *X]HLꢄꢂ , ꢊ$ꢊꢄꢂ DQGꢂ 5KHLQꢉ
JROGꢄꢂ $ꢊ/ꢊꢄꢂ 2UJDQRPHWDOOLFVꢄꢂ ꢃꢅꢅꢅꢄꢂ YROꢊꢂ ꢀꢑꢄꢂ Sꢊꢂ ꢑꢆꢅꢋꢂ
6KDGRZꢄꢂ$ꢊ'ꢊꢄꢂ+DOOHUꢄꢂ,ꢊꢄꢂ)DGLQLꢄꢂ/ꢊꢄꢂDQGꢂ7RJQLꢄꢂ$ꢊꢄꢂ-ꢇꢀ$Pꢇꢀ
&KHPꢇꢀ6RFꢊꢄꢂꢃꢅꢅꢎꢄꢂYROꢊꢂꢀꢃꢏꢄꢂSꢊꢂꢀꢎꢁꢅꢎꢊꢂ
ꢀꢎꢊꢂ %DFNYDOOꢄꢂ-ꢊ(ꢊꢂDQGꢂ%MRUNPDQꢄꢂ(ꢊ(ꢊꢄꢂ-ꢇꢀ2UJꢇꢀ&KHPꢊꢄꢂꢀꢑꢐꢅꢄꢂ
ꢂ
ꢂ
ꢂ
YROꢊꢂꢎꢆꢄꢂSꢊꢂꢃꢐꢑꢍꢋꢂ+HJHGXVꢄꢂ/ꢊ6ꢊꢄꢂ$NHUPDUNꢄꢂ%ꢊꢄꢂ=HWWHUꢉ
EHUJꢄꢂ .ꢊꢄꢂ DQGꢂ 2OVVRQꢄꢂ /ꢊ)ꢊꢄꢂ -ꢇꢀ $Pꢇꢀ &KHPꢇꢀ 6RFꢊꢄꢂ ꢀꢑꢐꢎꢄꢂꢂ
YROꢊꢂꢀꢅꢏꢄꢂSꢊꢂꢁꢀꢃꢃꢊꢂ
ꢀꢆꢊꢂ &OD\GHQꢄꢂ -ꢊꢂ DQGꢂ :DUUHQꢄꢂ 6ꢊꢄꢂ $QJHZꢇꢀ &KHPꢇꢁꢀ ,QWꢇꢀ (Gꢇꢀ
(QJOꢊꢄꢂꢀꢑꢑꢏꢄꢂYROꢊꢂꢍꢆꢄꢂSꢊꢂꢃꢎꢀꢊꢂ
ꢀꢏꢊꢂ 1LNRODHYꢄꢂ $ꢊ9ꢊꢄꢂ 'XUDVRYꢄꢂ 9ꢊ%ꢊꢄꢂ DQGꢂ 0LURQRYDꢄꢂ =ꢊ1ꢊꢄꢂ
'RNOꢇꢀ$NDGꢇꢀ1DXNꢀ6665ꢄꢂꢀꢑꢏꢑꢄꢂYROꢊꢂꢀꢐꢏꢄꢂSꢊꢂꢏꢅꢍꢊꢂ
ꢀꢁꢊꢂ /H\ꢄꢂ6ꢊ9ꢊꢂDQGꢂ/\JRꢄꢂ%ꢊꢄꢂ7HWUDKHGURQꢀ/HWWꢊꢄꢂꢀꢑꢐꢎꢄꢂYROꢊꢂꢃꢆꢄꢂ
Sꢊꢂꢀꢀꢍꢊꢂ
ꢀꢐꢊꢂ *HHꢄꢂ 1ꢊꢄꢂ 6KDZꢄꢂ 5ꢊ$ꢊꢄꢂ DQGꢂ 6PLWKꢄꢂ %ꢊ&ꢊꢄꢂ ,QRUJꢇꢀ 6\QWKꢊꢄꢂ
ꢀꢑꢏꢁꢄꢂYROꢊꢂꢑꢄꢂSꢊꢂꢀꢑꢊꢂ
ꢀꢑꢊꢂ 6KRVWDNRYVNLLꢄꢂ 0ꢊ)ꢊꢂ DQGꢂ 0DPHGRYꢄꢂ 0ꢊꢄꢂ =Kꢇꢀ 2EVKFKꢇꢀ
.KLPꢊꢄꢂꢀꢑꢆꢑꢄꢂYROꢊꢂꢃꢑꢄꢂSꢊꢂꢍꢑꢃꢃꢊꢂ
ꢃꢅꢊꢂ 1D]DURYꢄꢂ,ꢊ1ꢊꢄꢂ0DNVKꢄꢂ6ꢊ0ꢊꢄꢂ.UXWNRYꢄꢂ%ꢊ.ꢊꢄꢂDQGꢂ0LURꢉ
QRYꢄꢂ9ꢊ$ꢊꢄꢂ=Kꢇꢀ2EVKFKꢇꢀ.KLPꢊꢄꢂꢀꢑꢆꢑꢄꢂYROꢊꢂꢃꢑꢄꢂSꢊꢂꢀꢀꢀꢊꢂ
ꢃꢀꢊꢂ *UDHYHVꢄꢂ (ꢊ2ꢊꢄꢂ /RFNꢄꢂ &ꢊ(ꢊꢄꢂ DQGꢂ 0DLWOLVꢄꢂ 3ꢊ0ꢊꢄꢂ &DQꢇꢀ -ꢇꢀ
&KHPꢊꢄꢂꢀꢑꢏꢐꢄꢂYROꢊꢂꢎꢏꢄꢂSꢊꢂꢍꢐꢁꢑꢊꢂ
ꢃꢃꢊꢂ 5LFKDUGꢄꢂ 6ꢊꢂ DQGꢂ 5H\QROGVꢄꢂ /ꢊ7ꢊꢄꢂ ,QRUJꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢏꢎꢄꢂꢂ
YROꢊꢂꢍꢄꢂSꢊꢂꢀꢅꢏꢃꢊꢂ
ꢃꢍꢊꢂ /HWRꢄꢂ -ꢊ5ꢊꢂ DQGꢂ /HWRꢄꢂ 0ꢊ)ꢊꢄꢂ -ꢇꢀ $Pꢇꢀ &KHPꢇꢀ 6RFꢊꢄꢂ ꢀꢑꢏꢀꢄꢂꢂ
YROꢊꢂꢐꢍꢄꢂSꢊꢂꢃꢑꢎꢎꢊꢂ
ꢀ
ꢂ
ꢂ
ꢂ
ꢀ
ꢂ
ꢁꢊꢂ7DNDNLꢄꢂ .ꢊꢄꢂ 7DNHGDꢄꢂ 0ꢊꢄꢂ .RVKRMLꢄꢂ *ꢊꢄꢂ 6KLVKLGRꢄꢂ 7ꢊꢄꢂ DQGꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢀ
7DNHKLUDꢄꢂ .ꢊꢄꢂ 7HWUDKHGURQꢀ /HWWꢊꢄꢂ ꢃꢅꢅꢀꢄꢂ YROꢊꢂ ꢎꢃꢄꢂ Sꢊꢂ ꢏꢍꢆꢁꢋꢂ
7DNDNLꢄꢂ .ꢊꢄꢂ .RVKRMLꢄꢂ *ꢊꢄꢂ .RPH\DPDꢄꢂ .ꢊꢄꢂ 7DNHGDꢄꢂ 0ꢊꢄꢂ
6KLVKLGRꢄꢂ7ꢊꢄꢂ.LWDQLꢄꢂ$ꢊꢄꢂDQGꢂ7DNHKLUDꢄꢂ.ꢊꢄꢂ-ꢇꢀ2UJꢇꢀ&KHPꢊꢄꢂ
ꢃꢅꢅꢍꢄꢂYROꢊꢂꢏꢐꢄꢂSꢊꢂꢏꢆꢆꢎꢋꢂ.DZDRNDꢄꢂ$ꢊ0ꢊꢂDQGꢂ0DUNVꢄꢂ7ꢊ-ꢊꢄꢂꢂ
-ꢇꢀ $Pꢇꢀ &KHPꢇꢀ 6RFꢊꢄꢂ ꢃꢅꢅꢎꢄꢂ YROꢊꢂ ꢀꢃꢏꢄꢂ Sꢊꢂ ꢀꢃꢁꢏꢎꢋꢂ .DZDꢉꢂ
RNDꢄꢂ $ꢊ0ꢊꢄꢂ 'RXJODVVꢄꢂ 0ꢊ5ꢊꢄꢂ DQGꢂ 0DUNVꢄꢂ 7ꢊ-ꢊꢄꢂ 2UJDQRꢅ
PHWDOOLFVꢄꢂꢃꢅꢅꢍꢄꢂYROꢊꢂꢃꢃꢄꢂSꢊꢂꢀꢃꢁꢏꢎꢊꢂ
ꢀ
ꢂ
ꢂ
ꢃꢎꢊꢂ 9HQDQ]Lꢄꢂ/ꢊ0ꢊꢄꢂ-ꢇꢀ&KHPꢇꢀ6RFꢊꢄꢂꢀꢑꢆꢐꢄꢂQRꢊꢂꢃꢄꢂSꢊꢂꢁꢀꢑꢊꢂ
ꢃꢆꢊꢂ +DUWOH\ꢄꢂ)ꢊ5ꢊꢄꢂ0XUUD\ꢄꢂ6ꢊ*ꢊꢄꢂDQGꢂ0F$XOLWWHꢄꢂ&ꢊ$ꢊꢄꢂ,QRUJꢇꢀ
ꢐꢊꢂꢇDꢈꢂ 6KXO\XSLQꢄꢂ 0ꢊ2ꢊꢄꢂ .D]DQNRYDꢄꢂ 0ꢊ$ꢊꢄꢂ DQGꢂ %HOHWVꢉꢂ
ꢀ
&KHPꢊꢄꢂꢀꢑꢁꢑꢄꢂYROꢊꢂꢀꢐꢄꢂSꢊꢂꢀꢍꢑꢎꢊꢂ
ꢃꢏꢊꢂ 'LHWVFKHꢄꢂ :ꢊꢄꢂ -XVWXVꢀ /LHELJVꢀ $QQꢇꢀ &KHPꢊꢄꢂ ꢀꢑꢏꢐꢄꢂꢂ
YROꢊꢂꢁꢀꢃꢄꢂSꢊꢂꢃꢀꢊꢂ
ꢂ
ꢂ
ꢂ
ND\Dꢄꢂ,ꢊ3ꢊꢄꢂ2UJꢇꢀ/HWWꢊꢄꢂꢃꢅꢅꢃꢄꢂYROꢊꢂꢎꢄꢂSꢊꢂꢁꢏꢀꢋꢂꢇEꢈꢂ.D]DQNRꢉ
YDꢄꢂ0ꢊ$ꢊꢄꢂ6KXO\XSLQꢄꢂ0ꢊ2ꢊꢄꢂDQGꢂ%HOHWVND\Dꢄꢂ,ꢊ3ꢊꢄꢂ6\QOHWWꢄꢂ
ꢃꢅꢅꢍꢄꢂSꢊꢂꢃꢀꢆꢆꢊꢂ
ꢂ
ꢑꢊꢂ3HWURYꢄꢂ .ꢊ$ꢊꢄꢂ &KDX]RYꢄꢂ 9ꢊ$ꢊꢄꢂ DQGꢂ $JDIRQRYꢄꢂ 6ꢊ9ꢊꢄꢂꢂ ꢃꢁꢊꢂ /H\ꢄꢂ 6ꢊ9ꢊꢄꢂ /\JRꢄꢂ %ꢊꢄꢂ 2UJDQꢄꢂ +ꢊ0ꢊꢄꢂ DQGꢂ:RQQDFROWꢄꢂ$ꢊꢄꢂ
=Kꢇꢀ2EVKFKꢇꢀ.KLPꢊꢄꢂꢀꢑꢐꢅꢄꢂYROꢊꢂꢆꢅꢄꢂSꢊꢂꢀꢆꢀꢅꢊꢂ 7HWUDKHGURQꢄꢂꢀꢑꢐꢆꢄꢂYROꢊꢂꢎꢀꢄꢂSꢊꢂꢍꢐꢃꢆꢊꢂ
ꢂ
ꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢎꢃꢂꢂꢂ1Rꢊꢂꢂꢀꢂꢂꢂꢃꢅꢅꢏꢂ