Chemistry of diazocarbonyl compounds: XXV. Comparative photochemistry of diazo compounds and sulfur ylides of the 1,3-dioxane-4,6-dione series

Article abstract of DOI:10.1134/S1070428006060029

Photochemical decomposition of 2,2-dialkyl-5-diazo-1,3-dioxane-4,6-diones in the presence of pyridine, methanol, or dimethyl sulfide as carbene traps involves mainly the Wolff rearrangement which is likely to follow a concerted pattern, while the yield of the "carbene" products does not exceed 27-28%. No carbene intermediates are formed in the photolysis of the corresponding dioxo sulfonium ylides under analogous conditions, and the main photochemical process is 1,2-methyl shift (Stevens rearrangement), followed by photochemical transformations of the primary products according to the Norrish type II pattern. Pleiades Publishing, Inc., 2006.

Full text of DOI:10.1134/S1070428006060029

8ur€v†‡ꢀ’ꢁ‚sꢁ9vh“‚phꢀi‚’yꢁ8‚€ƒ‚ˆq†)ꢁꢁ
YYWꢂꢃꢁ8‚€ƒhꢀh‡v‰rꢁQu‚‡‚pur€v†‡ꢀ’ꢁ‚sꢁ9vh“‚ꢁ8‚€ƒ‚ˆq†ꢁꢁ
hqꢁTˆysˆꢀꢁ`yvqr†ꢁ‚sꢁ‡urꢁ ꢄ"ꢅ9v‚‘hrꢅ#ꢄ%ꢅqv‚rꢁTrꢀvr†ꢁꢁ
Wꢂꢁ6ꢂꢁIvx‚yhr‰ ꢄꢁꢁWꢂꢁWꢂꢁTur‰purx‚ ꢄꢁꢁHꢂꢁTꢂꢁQyh‡“ ꢄꢁꢁhqꢁꢁIꢂꢁIꢂꢁFuv€vpu ꢁꢁ
ꢃ6Wꢀꢁ3HWHUVEXUJꢁ6WDWHꢁ8QLYHUVLW\ꢂꢁ8QLYHUVLWHWVNLLꢁSUꢀꢁꢃꢄꢂꢁ6Wꢀꢁ3HWHUVEXUJꢂꢁꢅꢆꢇꢈꢉꢊꢁ5XVVLDꢁ
HꢋPDLOꢌꢁYQLNROD#91ꢄꢄꢊꢄꢀVSEꢀHGXꢁꢁ
ꢃ2KLRꢁ6WDWHꢁ8QLYHUVLW\ꢂꢁꢅꢃꢉꢁ:HVWꢁꢅꢇWKꢁ$YHQXHꢂꢁ&ROXPEXVꢂꢁ2KLRꢂꢁꢊꢍꢃꢅꢉꢁ86$ꢁ
5HFHLYHGꢃ-XO\ꢃꢁꢂꢄꢃꢅꢆꢆꢂꢃ
6i†‡ꢀhp‡²3KRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃꢅꢄꢅꢇGLDON\OꢇꢂꢇGLD]RꢇꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHVꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃ
S\ULGLQHꢄꢃ PHWKDQROꢄꢃ RUꢃ GLPHWK\Oꢃ VXOILGHꢃ DVꢃ FDUEHQHꢃ WUDSVꢃ LQYROYHVꢃ PDLQO\ꢃ WKHꢃ:ROIIꢃ UHDUUDQJHPHQWꢃ ZKLFKꢃ LVꢃ
OLNHO\ꢃWRꢃIROORZꢃDꢃFRQFHUWHGꢃSDWWHUQꢄꢃZKLOHꢃWKHꢃ\LHOGꢃRIꢃWKHꢃ³FDUEHQH´ꢃSURGXFWVꢃGRHVꢃQRWꢃH[FHHGꢃꢅꢋ±ꢅꢀ-ꢌꢃ1Rꢃ
FDUEHQHꢃ LQWHUPHGLDWHVꢃ DUHꢃ IRUPHGꢃ LQꢃ WKHꢃ SKRWRO\VLVꢃ RIꢃ WKHꢃ FRUUHVSRQGLQJꢃ GLR[Rꢃ VXOIRQLXPꢃ \OLGHVꢃ XQGHUꢃ
DQDORJRXVꢃFRQGLWLRQVꢄꢃDQGꢃWKHꢃ PDLQꢃSKRWRFKHPLFDOꢃSURFHVVꢃLVꢃꢁꢄꢅꢇPHWK\OꢃVKLIWꢃꢍ6WHYHQVꢃUHDUUDQJHPHQWꢎꢄꢃ
IROORZHGꢃE\ꢃSKRWRFKHPLFDOꢃWUDQVIRUPDWLRQVꢃRIꢃWKHꢃSULPDU\ꢃSURGXFWVꢃDFFRUGLQJꢃWRꢃWKHꢃ1RUULVKꢃW\SHꢃ,,ꢃSDWWHUQꢌꢁꢃ
9PD)ꢃꢁꢆꢌꢁꢁꢈꢉꢒ6ꢁꢆꢋꢆꢉꢅꢀꢆꢆꢊꢆꢊꢆꢆꢅꢑꢃ
$SDUWꢃIURPꢃGLD]RꢃFRPSRXQGVꢃDQGꢃGLD]LULQHVꢃ>ꢅ@ꢄꢃ DOFRKROVꢃ RUꢃ F\FORKH[HQHꢃ OHDGVꢃ PDLQO\ꢃ WRꢃ FOHDYDJHꢃ RIꢃ
\OLGHVꢃDUHꢃEHOLHYHGꢃWRꢃEHꢃDꢃSURPLVLQJꢃVRXUFHꢃRIꢃ WKHꢃ\OLGHꢃ&±6ꢃERQGꢃZLWKꢃIRUPDWLRQꢃRIꢃDOPRVWꢃWKHꢃVDPHꢃ
FDUEHQHVꢐꢃ WKHLUꢃ SKRWRFKHPLFDOꢃ GHFRPSRVLWLRQꢃ FRXOGꢃ SURGXFWVꢃDVꢃLQꢃWKHꢃSKRWRO\VLVꢃRIꢃGLD]RDFHWRSKHQRQHꢃꢍ7ꢎꢃ
SURYLGHꢃ Dꢃ FRQYHQLHQWꢃ PHWKRGꢃ IRUꢃ JHQHUDWLRQꢃ RIꢃ FDUꢇ
XQGHUꢃDQDORJRXVꢃFRQGLWLRQVꢃ>ꢁꢁ@ꢌꢃ$FFRUGLQJꢃWRꢃWKHꢃ
EHQHVꢃ>ꢈ±ꢀ@ꢌꢃ+RZHYHUꢄꢃVWXGLHVꢃLQꢃWKHꢃILHOGꢃRIꢃ³FDUEHQH´ꢃ DXWKRUꢄꢃWKHVHꢃGDWDꢃVXJJHVWꢃIRUPDWLRQꢃRIꢃWKHꢃVDPHꢃLQWHUꢇ
WUDQVIRUPDWLRQVꢃRIꢃ\OLGHVꢃZHUHꢃFRQFHUQHGꢃPDLQO\ꢃZLWKꢃ PHGLDWHꢄꢃ EHQ]R\OFDUEHQHꢃ ꢍ8ꢎꢃ IURPꢃ ERWKꢃ SUHFXUVRUVꢃ
WKHUPRFDWDO\WLFꢃ UHDFWLRQVꢃ RIꢃ \OLGHꢇOLNHꢃ VXEVWUDWHVꢃꢃ
>ꢑꢄꢃꢁꢆ@ꢌꢃ7KHVHꢃVWXGLHVꢃUHYHDOHGꢃVRPHꢃDQDORJ\ꢃEHWZHHQꢃ
UHDFWLRQVꢃRIꢃ\OLGHVꢃDQGꢃGLD]RꢃFRPSRXQGVꢃXQGHUꢃVLPLODUꢃ
FRQGLWLRQVꢄꢃDQGꢃLQWHUPHGLDWHꢃIRUPDWLRQꢃRIꢃFDUEHQHꢇOLNHꢃ
VSHFLHVꢃZDVꢃSRVWXODWHGꢃLQꢃDꢃQXPEHUꢃRIꢃWKHUPRFDWDO\WLFꢃ
SURFHVVHVꢃLQYROYLQJꢃ\OLGHVꢃ>ꢁꢆ@ꢃꢍ6FKHPHꢃꢁꢎꢌꢃꢃ
ꢍ6FKHPHꢃꢅꢎꢌꢃꢃ
Tpur€rꢁ!ꢂꢁ
Tpur€rꢁ ꢂꢁ
6ꢄꢃ;ꢃ ꢃ60H ꢐꢃ9ꢄꢃ;ꢃ ꢃ33K ꢌꢃ
7KHꢃ UHVXOWVꢃ RIꢃ ERWKꢃ GLUHFWꢃ DQGꢃ 3K &2ꢇVHQVLWL]HGꢃ
SKRWRO\VLVꢃRIꢃDꢃSKRVSKRQLXPꢃDQDORJꢃRIꢃVXOIXUDQHꢃ6ꢄꢃ
\OLGHꢃ9ꢄꢃLQGLFDWHGꢃLQWHUPHGLDWHꢃIRUPDWLRQꢃRIꢃVLQJOHWꢃꢍ6ꢎꢃ
DQGꢃ WULSOHWꢃꢍ7ꢎꢃ EHQ]R\OFDUEHQHVꢃ8ꢃ>ꢊꢄꢃ ꢀ@ꢌꢃ 2QꢃWKHꢃRQHꢃ
KDQGꢄꢃ WKHVHꢃ GDWDꢃ DUHꢃ FRQVLVWHQWꢃ ZLWKꢃ WKHꢃ UHVXOWVꢃ RIꢃ
SKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃGLD]RDFHWRSKHQRQHꢃ
ꢍ7ꢎꢃLQꢃ WKHꢃ SUHVHQFHꢃ RIꢃDONHQHVꢃDVꢃ FDUEHQHꢃWUDSꢃ>ꢁꢁ@ꢃ
ꢍERWKꢃ GLUHFWꢃ DQGꢃ VHQVLWL]HGꢃ SKRWRO\VLVꢃ RIꢃ GLD]Rꢃ FRPꢇ
SRXQGꢃ 7ꢃ DOVRꢃ JDYHꢃ Dꢃ PL[WXUHꢃ RIꢃ VLQJOHWꢃ DQGꢃ WULSOHWꢃ
FDUEHQHVꢃ8ꢎꢌꢃ+RZHYHUꢄꢃPRUHꢃUHFHQWꢃVWXGLHVꢃVKRZHGꢃ
WKDWꢃ GLUHFWꢃ SKRWRO\VLVꢃ RIꢃ 7ꢃ LQꢃ WKHꢃ SUHVHQFHꢃ RIꢄꢃ HꢌJꢌꢄꢃ
;ꢃ ꢃ+OJꢄꢃ6ꢄꢃ3ꢄꢃ1ꢄꢃRUꢃRWKHUꢃKHWHURHOHPHQWꢌꢃ
8QOLNHꢃ WKHUPRFDWDO\WLFꢃ UHDFWLRQVꢄꢃ SKRWRFKHPLFDOꢃ
WUDQVIRUPDWLRQVꢃ RIꢃ \OLGHVꢃ ZHUHꢃ VWXGLHGꢃ WRꢃ Dꢃ FRQVLGHUꢇ
DEO\ꢃOHVVHUꢃH[WHQWꢄꢃDQGꢃWKHꢃUHVXOWVꢃDUHꢃRIWHQꢃFRQWUDGLFꢇ
WRU\ꢌꢃ$Vꢃ ZDVꢃ VKRZQꢃE\ꢃ7URVWꢃLQꢃKLVꢃ SLRQHHULQJꢃ DQGꢃꢃ
WKHꢃ PRVWꢃIXQGDPHQWDOꢃVWXG\ꢃ LQꢃWKLVꢃ ILHOGꢃ>ꢈ@ꢄꢃ GLUHFWꢃ
SKRWRO\VLVꢃ RIꢃGLPHWK\OꢍSKHQDF\OꢎVXOIXUDQHꢃꢍ6ꢎꢃ ZLWKꢃ
ORQJꢇZDYHꢃ89ꢃOLJKWꢃꢍ ꢃ!ꢃꢅꢀꢆꢃQPꢎꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃ
ꢏꢃ)RUꢃFRPPXQLFDWLRQꢃ;;,9ꢄꢃVHHꢃ>ꢁ@ꢌꢃ
ꢀꢁꢂꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢁꢊꢃ
PHWKDQROꢄꢃ \LHOGVꢃ PDLQO\ꢃ WKHꢃ FRUUHVSRQGLQJꢃ :ROIIꢃ UHꢇ
SODQQHGꢃWRꢃHVWLPDWHꢃWKHꢃUHODWLYHꢃHIILFLHQF\ꢃRIꢃS\ULGLQHꢄꢃ
DUUDQJHPHQWꢃSURGXFWVꢃZKLOHꢃFDUEHQHꢃLQVHUWLRQꢃSURGXFWVꢃ PHWKDQROꢄꢃDQGꢃGLPHWK\OꢃVXOILGHꢃDVꢃWUDSVꢃIRUꢃGLR[RꢃFDUꢇ
ꢍDVꢃ DQꢃ HYLGHQFHꢃ LQꢃ IDYRUꢃ RIꢃ LQWHUPHGLDWHꢃ IRUPDWLRQꢃꢃ EHQHVꢃZKLFKꢃZHUHꢃDVVXPHGꢃWRꢃPHGLDWHꢃWKHꢃSKRWRFKHPꢇ
RIꢃEHQ]R\OFDUEHQHVꢃ8ꢎꢃZHUHꢃQRWꢃGHWHFWHGꢃLQꢃWKHꢃUHDFꢇ
LFDOꢃ SURFHVVHVꢃ XQGHUꢃ VWXG\ꢌꢃ ,Wꢃ VKRXOGꢃ EHꢃ QRWHGꢃ WKDWꢃ
WLRQꢃPL[WXUHꢃ>ꢀ@ꢌꢃ)XUWKHUPRUHꢄꢃ1DJDRꢃHWꢃDOꢌꢃ>ꢋ@ꢃIRXQGꢃꢃ SKRWRFKHPLFDOꢃ WUDQVIRUPDWLRQVꢃ RIꢃ VXOIRQLXPꢃ \OLGHVꢃ
WKDWꢃSKRWRO\VLVꢃRIꢃDQRWKHUꢃSKRVSKRQLXPꢃ\OLGHꢄꢃWULꢇ
SKHQ\OSKRVSKRQLRꢍHWKR[\FDUERQ\OꢎPHWKDQLGHꢃꢃ
3K 3 ±& +&2 (Wꢄꢃ LQYROYHVꢃ PDLQO\ꢃ FOHDYDJHꢃ RIꢃ WKHꢃꢃ
3±3KꢃERQGꢃUDWKHUꢃWKDQꢃ\OLGHꢃ3±&ꢃERQGꢌꢃ
OLNHꢃDDDꢃZHUHꢃQRWꢃVWXGLHGꢃSUHYLRXVO\ꢌꢃ
$VꢃVXEVWUDWHVꢃZHꢃXVHGꢃꢅꢄꢅꢇGLDON\OꢇꢂꢇGLD]RꢇꢁꢄꢈꢇGLꢇ
R[DQHꢇꢉꢄꢊꢇGLRQHVꢃDDhꢃDQGꢃDDiꢃDQGꢃWKHꢃFRUUHVSRQGLQJꢃ
VXOIRQLXPꢃ \OLGHVꢃ DDDhꢃ DQGꢃ DDDiꢌꢃ:Hꢃ VHOHFWHGꢃ F\FOLFꢃ
VWUXFWXUHVꢃDDꢃDQGꢃDDDꢃZLWKꢃIL[HGꢃ=ꢄ=ꢃRULHQWDWLRQꢃRIꢃWKHꢃ
7KHꢃIRUPDWLRQꢃRIꢃSURGXFWVꢃW\SLFDOꢃRIꢃFDUEHQHꢃUHDFꢇ
WLRQVꢃꢍLQVHUWLRQꢃLQWRꢃWKHꢃ&±+ꢃERQGꢃRIꢃF\FORKH[DQHꢃDQGꢃ VXEVWLWXHQWVꢃDWꢃWKHꢃFDUERQ\OꢃJURXSVꢃLQꢃRUGHUꢃWRꢃDYRLGꢃ
F\FORSURSDQDWLRQꢃ RIꢃ ROHILQVꢎꢃ ZDVꢃ GHWHFWHGꢃ LQꢃ WKHꢃ HIIHFWꢃRIꢃFRQIRUPDWLRQDOꢃIDFWRUVꢃRQꢃWKHꢃGLUHFWLRQꢃRIꢃ
WKHUPRO\VLVꢃDQGꢃSKRWRO\VLVꢃRIꢃSKHQ\OLRGRQLXPꢃ\OLGHꢃ SKRWRFKHPLFDOꢃSURFHVVHVꢐꢃVXFKꢃHIIHFWꢃLVꢃNQRZQꢃWRꢃEHꢃ
3K, ±& ꢍ&2 (Wꢎ ꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃF\FORKH[DQHꢃDQGꢃ W\SLFDOꢃRIꢃDF\FOLFꢃGLD]RFDUERQ\OꢃFRPSRXQGVꢃ>ꢁꢈ@ꢌꢃ,Qꢃ
DONHQHVꢃ>ꢂꢄꢃꢀ@ꢄꢃEXWꢃWKHꢃFRQWULEXWLRQꢃRIꢃWKHꢃFDUEHQHꢃSDWKꢃ DGGLWLRQꢄꢃFRPSRXQGVꢃDDꢃDQGꢃDDDꢃFRQWDLQHGꢃPHWK\OꢃDQGꢃ
WRꢃWKHꢃSKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃWKDWꢃ\OLGHꢃZDVꢃ WHUWꢇEXW\OꢃJURXSVꢃDVꢃVXEVWLWXHQWVꢃRQꢃ& ꢃIRUꢃUHDVRQVꢃRIꢃ
YHU\ꢃVPDOOꢃꢍꢓꢅ-ꢎꢌꢃ$FFRUGLQJꢃWRꢃ6WUHLWKꢃHWꢃDOꢌꢃ>ꢉ@ꢄꢃ VLPSOLI\LQJꢃ VSHFWUDOꢃ LGHQWLILFDWLRQꢃ RIꢃ WKHꢃ SURGXFWVꢄꢃ
SKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃS\ULGLQLXPꢃ\OLGHꢃ WDNLQJꢃLQWRꢃDFFRXQWꢃWKDWꢃWKHVHꢃJURXSVꢃJLYHꢃVLQJOHWꢃ
& + 1 ±& ꢍ&1ꢎ ꢃLQꢃEHQ]HQHꢃJDYHꢃꢁꢈ-ꢃRIꢃGLF\DQRQRUꢇ
FDUDGLHQHꢄꢃSUHVXPDEO\ꢃYLDꢃUHDFWLRQꢃRIꢃGLF\DQRFDUEHQHꢃ DDiꢃ ZHUHꢃ V\QWKHVL]HGꢃ IURPꢃ WKHꢃ FRUUHVSRQGLQJꢃ ꢁꢄꢈ ꢇGLꢇ
ZLWKꢃEHQ]HQHꢌꢃ7KXVꢃWKHꢃDYDLODEOHꢃSXEOLVKHGꢃGDWDꢃLQꢇ R[DQHꢇꢉꢄꢊꢇGLRQHVꢃ DWhꢃ DQGꢃ DWiꢃ >ꢁꢉ@ꢃ E\ꢃ WKHꢃ GLD]Rꢃ
VLJQDOVꢃLQꢃ +ꢃ105ꢃVSHFWUDꢌꢃ'LD]RꢃFRPSRXQGVꢃDDhꢃDQGꢃ
GLFDWHꢃ VRPHꢃ VLPLODULW\ꢃ LQꢃ WKHꢃ SKRWRFKHPLFDOꢃ EHKDYLRUꢃ WUDQVIHUꢃUHDFWLRQꢃ>ꢁꢂ@ꢃXVLQJꢃ.)ꢃDVꢃDꢃEDVHꢃ>ꢁꢊ@ꢌꢃ6XOIXUꢃ
RIꢃ GLD]Rꢃ FRPSRXQGVꢃ DQGꢃ VWUXFWXUDOO\ꢃ UHODWHGꢃ \OLGHVꢃ \OLGHVꢃDDDhꢃDQGꢃDDDiꢃZHUHꢃREWDLQHGꢃLQꢃWZRꢃZD\VꢔꢃꢍDꢎꢃE\ꢃ
FRQWDLQLQJꢃVXOIXUꢄꢃSKRVSKRUXVꢄꢃQLWURJHQꢄꢃDQGꢃRWKHUꢃ UHDFWLRQꢃRIꢃꢂꢇEURPRꢇꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHVꢃ WhꢃDQGꢃ
KHWHURHOHPHQWVꢌꢃ+RZHYHUꢄꢃWKHVHꢃGDWDꢃGRꢃQRWꢃDOORZꢃXVꢃWRꢃ WiꢃZLWKꢃGLPHWK\OꢃVXOIR[LGHꢃ>ꢁꢋ@ꢃDQGꢃꢍEꢎꢃE\ꢃSKRWRO\VLVꢃ
FRQFOXGHꢃZLWKꢃFHUWDLQW\ꢃZKHWKHUꢃHIIHFWLYHꢃJHQHUDWLRQꢃꢃ RIꢃ GLD]Rꢃ FRPSRXQGVꢃ DDhꢃ DQGꢃ DDiꢃ LQꢃ GLPHWK\Oꢃ VXOILGHꢃ
RIꢃFDUEHQHVꢃE\ꢃSKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃ\OLGHꢃ >ꢁꢀ@ꢃ ꢍ6FKHPHꢃ ꢉꢎꢌꢃ %RWKꢃ SURFHGXUHVꢃ DIIRUGHGꢃ UHODWLYHO\ꢃ
ORZꢃ\LHOGVꢃRIꢃ\OLGHVꢃDDDꢃꢍꢅꢋ±ꢈꢆ-ꢎꢐꢃWKHUHIRUHꢄꢃWKH\ꢃFDQꢇ
QRWꢃEHꢃUHJDUGHGꢃDVꢃRSWLPDOꢌꢃ)URPꢃWKHꢃSUHSDUDWLYHꢃ
YLHZSRLQWꢄꢃ WKHꢃ FRQGHQVDWLRQꢃ RIꢃ EURPRꢇVXEVWLWXWHGꢃ GLꢇ
R[DQHGLRQHVꢃWꢃZLWKꢃ'062ꢃLVꢃSUHIHUUHGꢄꢃIRUꢃLWꢃHQVXUHVꢃ
HQODUJHGꢃV\QWKHVHVꢃDQGꢃUHTXLUHVꢃDꢃVKRUWHUꢃWLPHꢌꢃ
VXEVWUDWHVꢃLVꢃSRVVLEOHꢃRUꢃQRWꢌꢃꢃ
,Qꢃ WKHꢃ SUHVHQWꢃ ZRUNꢃ ZHꢃ SHUIRUPHGꢃ Dꢃ FRPSDUDWLYHꢃ
VWXG\ꢃRIꢃSKRWRFKHPLFDOꢃUHDFWLRQVꢃRIꢃGLD]RꢃFRPSRXQGVꢃ
DQGꢃ VXOIRQLXPꢃ \OLGHVꢃ RIꢃ WKHꢃ ꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHꢃ
VHULHVꢃZLWKꢃWKHꢃJRDOꢃRIꢃGHWHUPLQLQJꢃPDLQꢃSDWKZD\VꢃRIꢃ
WKHLUꢃSKRWRFKHPLFDOꢃWUDQVIRUPDWLRQVꢃDQGꢃHOXFLGDWLQJꢃ
WKHꢃSRVVLELOLW\ꢃRIꢃXVLQJꢃWKHPꢃDVꢃSUHFXUVRUVꢃRIꢃKHWHURꢇ
F\FOLFꢃGLR[RꢃFDUEHQHVꢃDꢃ>ꢁꢅ@ꢃꢍ6FKHPHꢃꢈꢎꢌꢃ:HꢃDOVRꢃ
Tpur€rꢁ#ꢂꢁ
Tpur€rꢁ"ꢂꢁ
5ꢃ ꢃ0HꢃꢍhꢎꢄꢃWꢇ%Xꢃꢍiꢎꢌꢃ
7KHꢃ\LHOGVꢃDQGꢃSK\VLFDOꢃFRQVWDQWVꢃRIꢃFRPSRXQGVꢃDDꢃ
DQGꢃ DDDꢃ DUHꢃ JLYHQꢃ LQꢃ ([SHULPHQWDOꢄꢃ DQGꢃ WKHꢃ VWUXFWXUHꢃꢃ
RIꢃ QHZO\ꢃ V\QWKHVL]HGꢃ FRPSRXQGVꢃ ZDVꢃ FRQILUPHGꢃ E\ꢃ
VSHFWUDOꢃ GDWDꢌꢃ %HIRUHꢃ XVHꢃ LQꢃ SKRWRFKHPLFDOꢃ UHDFWLRQVꢄꢃ
FRPSRXQGVꢃDDꢃDQGꢃVXOIXUꢃ\OLGHVꢃDDDꢃZHUHꢃWKRURXJKO\ꢃ
5ꢃ ꢃ0HꢃꢍhꢎꢄꢃWꢇ%Xꢃꢍiꢎꢌꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
ꢀꢁꢋꢃ
Uhiyrꢁ ꢂꢃ89ꢃVSHFWUDꢃRIꢃGLD]RꢃFRPSRXQGVꢃDDhꢃDQGꢃDDiꢃDQGꢃ
VXOIRQLXPꢃ\OLGHVꢃDDDhꢃDQGꢃDDDiꢃꢃ
SXULILHGꢃE\ꢃUHFU\VWDOOL]DWLRQꢐꢃGLD]RꢃFRPSRXQGVꢃDDꢃZHUHꢃ
DGGLWLRQDOO\ꢃVXEOLPHGꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢌꢃ&RPꢇ
SRXQGVꢃ DDDꢄꢃ DVꢃ ZHOOꢃ DVꢃ GLD]RGLR[DQHGLRQHVꢃ DDꢄꢃ DUHꢃ
VWDEOHꢃ QRQK\JURVFRSLFꢃ FU\VWDOOLQHꢃ VXEVWDQFHVꢃ ZKLFKꢃ
FDQꢃ EHꢃ VWRUHGꢃ IRUꢃ PDQ\ꢃ PRQWKVꢃ ZLWKRXWꢃ DSSUHFLDEOHꢃ
GHFRPSRVLWLRQꢌꢃ
89ꢃVSHFWUXPꢄꢃ
KHSWDQHꢃ 7+)ꢃ
ꢅꢉꢑꢃꢍꢈꢌꢀꢊꢎꢄ ꢃ ꢅꢂꢅꢃꢍꢉꢌꢁꢆꢎꢄꢃꢃ ꢅꢂꢁꢃꢍꢉꢌꢁꢉꢎꢄꢃꢃ
ꢄꢃQPꢃꢍORJ ꢎꢃ
&RPSRXQGꢃ
QRꢌꢃ
PHWKDQROꢃ
DDhꢃ
ꢈꢈꢊꢃꢍꢁꢌꢆꢀꢎꢃ
ꢈꢈꢊꢃꢍꢁꢌꢈꢆꢎꢃ
ꢅꢂꢁꢃꢍꢉꢌꢆꢅꢎꢄꢃꢃ ꢅꢂꢆꢃꢍꢉꢌꢆꢀꢎꢄꢃꢃ
ꢈꢈꢂꢃꢍꢁꢌꢉꢀꢎꢃ ꢈꢈꢉꢃꢍꢁꢌꢉꢀꢎꢃ
ꢅꢈꢋꢃꢍꢉꢌꢁꢈꢎꢄ ꢃꢃ ꢅꢈꢅꢍꢉꢌꢅꢈꢎꢄꢃꢃ
ꢈꢈꢉꢃꢍꢁꢌꢈꢆꢎꢃ
7KHꢃHOHFWURQLFꢃVSHFWUDꢃRIꢃGLD]RꢃFRPSRXQGVꢃDDhꢃDQGꢃ
DDiꢃDQGꢃVXOIXUꢃ\OLGHVꢃDDDhꢃDQGꢃDDDiꢃDUHꢃFKDUDFWHUL]HGꢃE\ꢃ
VWURQJꢃ DEVRUSWLRQꢃ LQꢃ WKHꢃ UHJLRQꢃ ꢃ ꢅꢈꢅ±ꢅꢂꢅꢃ QPꢃ DQGꢃꢃ
DꢃZHDNHUꢃDEVRUSWLRQꢃDWꢃꢈꢆꢊ±ꢈꢈꢋꢃQPꢃꢍ7DEOHꢃꢁꢎꢌꢃ7KHVHꢃ
PD[LPDꢃFRUUHVSRQGꢃWRꢃ ± ꢏꢃDQGꢃQ± ꢏꢃWUDQVLWLRQVꢄꢃ
UHVSHFWLYHO\ꢃ>ꢁꢋꢄꢃꢁꢑ@ꢌꢃ,QꢃSKRWRFKHPLFDOꢃH[SHULPHQWVꢄꢃ
WKHꢃ VXEVWUDWHVꢃ ZHUHꢃ LUUDGLDWHGꢃ ZLWKꢃ Dꢃ +DQDXꢃ 6ꢇꢀꢁꢃ
PHGLXPꢇSUHVVXUHꢃPHUFXU\ꢃODPSꢃꢍꢁꢆꢆ±ꢁꢈꢆꢃ:ꢎꢃWKURXJKꢃ
DꢃTXDUW]ꢃꢍ ꢃ!ꢃꢅꢁꢆꢃQPꢎꢄꢃ3\UH[ꢃꢍ ꢃ!ꢃꢅꢀꢆꢃQPꢎꢄꢃRUꢃJODVVꢃ
OLJKWꢃILOWHUꢃꢍ ꢃ!ꢃꢈꢁꢆꢃQPꢎꢃZLWKRXWꢃDGGLWLRQDOꢃPRQRFKURꢇ
PDWL]DWLRQꢌꢃ$Vꢃ DꢃUXOHꢄꢃ WKHꢃ UHDFWLRQꢃ PL[WXUHVꢃ ZHUHꢃ
VHSDUDWHGꢃE\ꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢃWRꢃ
LVRODWHꢃLQGLYLGXDOꢃSURGXFWVꢌꢃ,QꢃNLQHWLFꢃH[SHULPHQWVꢄꢃWKHꢃ
TXDOLWDWLYHꢃ DQGꢃ TXDQWLWDWLYHꢃ FRPSRVLWLRQVꢃ RIꢃWKHꢃ UHDFꢇ
WLRQꢃPL[WXUHVꢃZHUHꢃGHWHUPLQHGꢃE\ꢃ +ꢃ105ꢃVSHFWURVꢇ
FRS\ꢃZLWKRXWꢃSUHSDUDWLYHꢃVHSDUDWLRQꢌꢃꢃ
ꢅꢉꢑꢃꢍꢈꢌꢑꢂꢎꢄꢃ
ꢈꢈꢋꢃꢍꢁꢌꢈꢆꢎꢃ
DDiꢃ
ꢅꢈꢅꢃꢍꢉꢌꢆꢆꢎꢃ
DDDhꢃ
DDDiꢃ
ꢈꢁꢅꢃꢍꢁꢌꢑꢆꢎꢃ
ꢈꢆꢀꢃꢍꢅꢌꢅꢈꢎꢃ
ꢅꢈꢈ ꢍꢉꢌꢆꢁꢎꢃ
ꢅꢈꢊꢃꢍꢉꢌꢆꢆꢎ ꢃ
ꢅꢈ
ꢅꢃꢍꢉꢌꢆꢑꢎꢄꢃ
ꢈꢆꢊꢃꢍꢁꢌꢆꢆꢎꢃ
ꢃ ,QꢃRFWDQHꢌ
ꢃ ,QIOHFWLRQꢌꢃꢃ
\VLVꢃXVHGꢃLQꢃRXUꢃVWXG\ꢌꢃ:HꢃSUHYLRXVO\ꢃH[DPLQHGꢃODVHUꢃ
IODVKꢃSKRWRO\VLVꢃRIꢃGLD]RGLR[DQHGLRQHꢃDDhꢃLQꢃF\FORꢇ
KH[DQHꢃ DQGꢃ ꢁꢄꢁꢄꢅꢇWULIOXRURWULFKORURHWKDQHꢃ >ꢅꢈ@ꢃ DQGꢃ
IRXQGꢃWKDWꢃS\ULGLQHꢃJLYHVꢃULVHꢃWRꢃDQꢃLQWHQVHO\ꢃFRORUHGꢃ
S\ULGLQLXPꢃ\OLGHꢃYLDꢃUHDFWLRQꢃZLWKꢃWKHꢃPDMRUꢃSURGXFWꢄꢃ
ꢅꢇR[RNHWHQHꢄꢃ IRUPHGꢃ DVꢃ Dꢃ UHVXOWꢃ RIꢃ :ROIIꢃ UHDUUDQJHꢇ
PHQWꢌꢃ 7KHUHIRUHꢄꢃ FDUU\LQJꢃ RXWꢃ SURORQJHGꢃ VWDWLRQDU\ꢃ
SKRWRO\VLVꢃ LQꢃ WKHꢃ SUHVHQFHꢃ RIꢃ VWURQJO\ꢃ DEVRUELQJꢃ
VSHFLHVꢃ FRXOGꢃ LQYROYHꢃ FRQVLGHUDEOHꢃ H[SHULPHQWDOꢃ GLIꢇ
ILFXOWLHVꢌꢃ0RUHRYHUꢄꢃE\ꢃSUHOLPLQDU\ꢃH[SHULPHQWVꢃZLWKꢃ
ELVꢍPHWKR[\FDUERQ\OꢎFDUEHQHꢃ DVꢃ DQꢃ DF\FOLFꢃ DQDORJꢃ RIꢃ
FDUEHQHꢃ Dꢃ ZHꢃ VKRZHGꢃ WKDWꢃ WKHꢃ HIILFLHQF\ꢃ RIꢃ GLPHWK\Oꢃ
VXOILGHꢃ DQGꢃ PHWKDQROꢃ DVꢃ FDUEHQHꢃ WUDSVꢃ H[FHHGVꢃ WKHꢃ
HIILFLHQF\ꢃ RIꢃ S\ULGLQHꢃ E\ꢃ Dꢃ IDFWRUꢃRIꢃ ꢊꢃDQGꢃ ꢈꢄꢃ UHꢇ
VSHFWLYHO\ꢌꢃꢃ
Qu‚‡‚pur€vphyꢁ‡ꢀh†s‚ꢀ€h‡v‚†ꢁ‚sꢁ$ꢅqvh“‚ꢅ ꢄ"ꢅqvꢅ
‚‘hrꢅ#ꢄ%ꢅqv‚r†ꢁDDhꢁhqꢁDDiꢂꢃ3KRWRFKHPLFDOꢃUHDFꢇ
WLRQVꢃ RIꢃ GLD]RGLR[DQHGLRQHꢃ DDhꢃ ZHUHꢃ VWXGLHGꢃ SUHYLꢇ
RXVO\ꢐꢃLWꢃZDVꢃIRXQGꢃWKDWꢃWKHꢃPDLQꢃSKRWRO\VLVꢃSDWKZD\Vꢃ
DUHꢃWKHꢃ:ROIIꢃUHDUUDQJHPHQWꢃ>ꢁꢅꢄꢃꢅꢆ±ꢅꢉ@ꢃDQGꢃLVRPHUꢇ
L]DWLRQꢃRIꢃLQLWLDOꢃGLD]RꢃFRPSRXQGꢃDDhꢃLQWRꢃGLD]LULQHꢃ
WDhꢃ>ꢁꢅꢄꢃꢅꢆꢄꢃꢅꢁꢄꢃꢅꢉ@ꢌꢃ7KHꢃUHVXOWVꢃRIꢃODVHUꢃIODVKꢃSKRWROꢇ
\VLVꢃꢍ;H)ꢄꢃ ꢃꢈꢂꢁꢃQPꢎꢃRIꢃFRPSRXQGꢃDDhꢃLQꢃWKHꢃSUHVHQFHꢃ
RIꢃ S\ULGLQHꢃ LQGLFDWHGꢃ WKDWꢃ WKHꢃ :ROIIꢃ UHDUUDQJHPHQWꢃ
SUHGRPLQDWHVꢃXQGHUꢃWKHꢃFRQGLWLRQVꢃRIꢃGLUHFWꢃSKRWRO\VLVꢃ
>ꢅꢈ@ꢌꢃ2QꢃWKHꢃRWKHUꢃKDQGꢄꢃSKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃ
RIꢃDDhꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃROHILQVꢃDVꢃFDUEHQHꢃWUDSꢃZDVꢃ
VKRZQꢃ WRꢃ JLYHꢃ F\FORSURSDQHVꢐꢃ KRZHYHUꢄꢃ WKHꢃ \LHOGVꢃ RIꢃ
VXFKꢃ W\SLFDOꢃ FDUEHQHꢃ UHDFWLRQꢃ SURGXFWVꢏꢏꢃ LQꢃ XQVHQꢇ
VLWL]HGꢃSKRWRO\VLVꢃGLGꢃQRWꢃH[FHHGꢃꢁ±ꢅ-ꢃ>ꢅꢂ@ꢌꢃ
'LD]Rꢃ FRPSRXQGVꢃ DDhꢃ DQGꢃ DDiꢃ ZHUHꢃ LUUDGLDWHGꢃ
ꢍ7DEOHꢃ ꢅꢎꢃ HLWKHUꢃ GLUHFWO\ꢃ LQꢃ Dꢃ VROXWLRQꢃ LQꢃ QXFOHRSKLOLFꢃ
UHDJHQWꢃꢍ0H2+ꢄꢃ0H 6ꢎꢃRUꢃLQꢃDꢃPL[WXUHꢃRIꢃ7+)ꢃꢍ0H 6ꢎꢃ
DQGꢃQXFOHRSKLOHꢃꢍ+ 2ꢄꢃ0H2+ꢎꢄꢃWKHꢃGLD]RꢃFRPSRXQG±
QXFOHRSKLOHꢃPRODUꢃUDWLRꢃEHLQJꢃꢁꢔꢁꢆꢌꢃ:KHQꢃWKHꢃUHDFWLRQꢃ
ZDVꢃFRPSOHWHꢄꢃWKHꢃVROYHQWꢃDQGꢃH[FHVVꢃQXFOHRSKLOHꢃZHUHꢃ
UHPRYHGꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢄꢃDQGꢃWKHꢃSURGXFWꢃ
PL[WXUHꢃZDVꢃDQDO\]HGꢃE\ꢃ +ꢃ105ꢃVSHFWURVFRS\ꢃDQGꢃ
VHSDUDWHGꢃ E\ꢃ FKURPDWRJUDSK\ꢃ RQꢃ VLOLFDꢃ JHOꢌꢃ 7KHꢃ LVRꢇ
ODWHGꢃSURGXFWVꢃZHUHꢃLGHQWLILHGꢃE\ꢃ +ꢃDQGꢃ &ꢃ105ꢃDQGꢃ
PDVVꢃVSHFWUDꢌꢃꢃ
7KLVꢃSDUWꢃRIꢃRXUꢃVWXG\ꢃZDVꢃDLPHGꢃPDLQO\ꢃDWꢃHOXFLꢇ
GDWLQJꢃWKHꢃHIILFLHQF\ꢃRIꢃFDUEHQHꢇPHGLDWHGꢃSURFHVVHVꢃLQꢃ
WKHꢃSKRWRO\VLVꢃRIꢃGLD]RꢃFRPSRXQGVꢃDDhꢃDQGꢃDDiꢃLQꢃWKHꢃ
SUHVHQFHꢃRIꢃGLPHWK\OꢃVXOILGHꢃDQGꢃPHWKDQROꢃDVꢃFDUEHQHꢃ
WUDSVꢄꢃ LꢌHꢌꢄꢃ DWꢃ GHWHUPLQLQQJꢃ WKHꢃ \LHOGVꢃ RIꢃ VXOIXUꢃ \OLGHVꢃ
DDDꢃ>ꢅꢊ@ꢄꢃGLR[DQHGLRQHVꢃDWꢄꢃDQGꢒRUꢃ2+ꢇLQVHUWLRQꢃSURGꢇ
XFWVꢃ DYꢃ >ꢅꢋ@ꢌꢃ 3\ULGLQHꢃ LVꢃ NQRZQꢃ DVꢃ WKHꢃ PRVWꢃ ZLGHO\ꢃ
XVHGꢃDQGꢃFRQYHQLHQWꢃWUDSꢃRIꢃFDUEHQHVꢃZKLFKꢃDUHꢃLQYLVꢇ
LEOHꢃ LQꢃ 89ꢃ OLJKWꢃ >ꢅꢀ@ꢐꢃ KRZHYHUꢄꢃ LWꢃ WXUQHGꢃ RXWꢃ WRꢃ EHꢃ
LQDSSOLFDEOHꢃXQGHUꢃWKHꢃFRQGLWLRQVꢃRIꢃVWDWLRQDU\ꢃSKRWROꢇ
7KHꢃ UHVXOWVꢃ VKRZHGꢃ WKDWꢃ SKRWRO\VLVꢃ RIꢃ GLD]Rꢃ FRPꢇ
SRXQGVꢃ DDꢃ ZLWKꢃ VKRUWꢇZDYHꢃ 89ꢃ OLJKWꢃ ꢍ ꢃ !ꢃ ꢅꢁꢆꢃ QPꢎꢃ
RFFXUVꢃPRVWꢃVHOHFWLYHO\ꢃLQꢃSXUHꢃPHWKDQROꢌꢃ,QꢃWKLVꢃFDVHꢄꢃ
WKHꢃFRUUHVSRQGLQJꢃ:ROIIꢃUHDUUDQJHPHQWꢃSURGXFWVꢃZHUHꢃ
IRUPHGꢃLQꢃDOPRVWꢃTXDQWLWDWLYHꢃ\LHOGꢃꢍ)LJꢌꢃꢁꢎꢌꢃ,UUDGLDWLRQꢃ
RIꢃDDhꢃDQGꢃDDiꢃLQꢃ7+)±+ 2ꢃRUꢃ7+)±0H2+ꢃDOVRꢃOHGꢃ
PDLQO\ꢃWRꢃWKHꢃ:ROIIꢃUHDUUDQJHPHQWꢃSURGXFWVꢃꢍꢂꢊ±ꢊꢉ-ꢎꢄꢃ
EXWꢃVPDOOꢃDPRXQWVꢃRIꢃGLD]LULQHVꢃWDhꢃDQGꢃWDiꢃꢍꢂ±ꢁꢅ-ꢎꢃ
ꢏꢏꢃ $SDUWꢃIURPꢃF\FORSURSDQHVꢄꢃE\ꢃ³W\SLFDOꢃFDUEHQHꢃUHDFWLRQꢃSURGꢇ
ꢃ
ꢃ
XFWV´ꢃZHꢃPHDQꢃS\ULGLQLXPꢄꢃR[RQLXPꢄꢃDQGꢃVXOIRQLXPꢃ\OLGHVꢄꢃDVꢃ
ZHOOꢃDVꢃ2+ꢇLQVHUWLRQꢃDQGꢃK\GURJHQꢃDEVWUDFWLRQꢃSURGXFWVꢌꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢁꢀꢃ
FꢄꢃPROꢃ-ꢃ
LGHQWLILHGꢃ E\ꢃ WKHꢃ SUHVHQFHꢃ RIꢃ FKDUDFWHULVWLFꢃ VLJQDOVꢃ
IURPꢃWKHꢃꢂꢇ+ꢃDQGꢃꢂꢇ2&+ ꢃSURWRQVꢃDWꢃ ꢃꢊꢌꢈꢆꢒꢊꢌꢈꢉꢃDQGꢃ
ꢈꢌꢋꢂꢒꢈꢌꢋꢊꢃ SSPꢃ ꢍhꢒiꢎꢄꢃ UHVSHFWLYHO\ꢄꢃ LQꢃ WKHꢃ +ꢃ 105ꢃ
VSHFWUXPꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃꢍ)LJꢌꢃꢅꢎꢌꢃ:HꢃIDLOHGꢃWRꢃ
LVRODWHꢃꢂꢇPHWKR[\GLR[DQHGLRQHVꢃDYꢃDVꢃLQGLYLGXDOꢃVXEꢇ
VWDQFHVꢐꢃ SUHVXPDEO\ꢄꢃ WKH\ꢃ GHFRPSRVHꢃ XQGHUꢃ 89ꢃ LUUDꢇ
GLDWLRQꢃRUꢃGXULQJꢃWKHꢃLVRODWLRQꢃSURFHGXUHꢌꢃ$QDORJRXVꢃ
LQVWDELOLW\ꢃZDVꢃREVHUYHGꢃLQꢃ>ꢂ@ꢃIRUꢃDꢃFDUERF\FOLFꢃDQDORJꢃ
RIꢃDYꢄꢃDQꢃDONR[\ꢇVXEVWLWXWHGꢃGLPHGRQHꢌꢃ
ꢁꢆꢆꢃ
ꢀꢆꢃ
ꢊꢆꢃ
ꢉꢆꢃ
ꢅꢆꢃ
ꢆꢃ
±ꢃDDhꢃ
±ꢃWDDDhꢃ
±ꢃWDhꢃ
Tpur€rꢁ$ꢂꢁ
ꢆꢃ
ꢅꢆꢃ
ꢉꢆꢃ
ꢊꢆꢃ
ꢀꢆꢃ
ꢄꢃPLQꢃ
Avtꢂꢁ ꢂꢃ .LQHWLFVꢃ RIꢃ WKHꢃ SKRWRO\VLVꢃ RIꢃ ꢂꢇGLD]RꢇꢅꢄꢅꢇGLPHWK\Oꢇ
ꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHꢃꢍDDhꢎꢃLQꢃ0H2+ꢃꢍ ꢃ•ꢃꢅꢁꢆꢃQPꢎꢌꢃ
DQGꢃGLR[DQHGLRQHVꢃDWhꢃDQGꢃDWiꢃꢍꢈ±ꢊ-ꢎꢃZHUHꢃDOVRꢃLVRꢇ
ODWHGꢃꢍ6FKHPHꢃꢂꢎꢌꢃ3KRWRO\VLVꢃRIꢃFRPSRXQGꢃDDhꢃDWꢃ ꢃ!ꢃ
ꢅꢀꢆꢃQPꢃꢍ3\UH[ꢃOLJKWꢃILOWHUꢎꢃJDYHꢃWKHꢃVDPHꢃFRPSRXQGVꢄꢃ
EXWꢃ WKHꢃ IUDFWLRQꢃ RIꢃ GLD]LULQHꢃ WDhꢃ ZDVꢃ FRQVLGHUDEO\ꢃ
JUHDWHUꢐꢃFRUUHVSRQGLQJO\ꢄꢃWKHꢃIUDFWLRQVꢃRIꢃ:ROIIꢃUHDUꢇ
UDQJHPHQWꢃSURGXFWVꢃWDDhꢃDQGꢃWDDDhꢃGHFUHDVHGꢌꢃꢃ
:KHQꢃGLD]RꢃFRPSRXQGVꢃDDhꢃDQGꢃDDiꢃZHUHꢃLUUDGLDWHGꢃ
ZLWKꢃORQJꢇZDYHꢃ89ꢃOLJKWꢃꢍ ꢃ!ꢃꢈꢁꢆꢃQPꢎꢄꢃWKHꢃFRQWULEXꢇ
WLRQVꢃRIꢃWKHꢃPDLQꢃSURFHVVHVꢄꢃLVRPHUL]DWLRQꢃWRꢃGLD]LULQHꢃ
WDꢃ DQGꢃ:ROIIꢃ UHDUUDQJHPHQWꢃ OHDGLQJꢃ WRꢃ FRPSRXQGVꢃ
WDDꢃDQGꢃWDDDꢄꢃFKDQJHGꢃWRꢃDOPRVWꢃWKHꢃRSSRVLWHꢔꢃꢈꢑ±ꢉꢈꢃ
DQGꢃꢁꢈ±ꢁꢑ-ꢄꢃUHVSHFWLYHO\ꢌꢃ$SDUWꢃIURPꢃFRPSRXQGVꢃWD±
WDDDꢄꢃZHꢃGHWHFWHGꢃE\ꢃ +ꢃ105ꢃVSHFWURVFRS\ꢃSURGXFWVꢃ
RIꢃGLR[RFDUEHQHꢃLQVHUWLRQꢃLQWRꢃWKHꢃ2±+ꢃERQGꢃRIꢃPHWKꢇ
DQROꢃꢍFRPSRXQGVꢃDYhꢃDQGꢃDYiꢎꢌꢃ&RPSRXQGVꢃDYꢃZHUHꢃ
5ꢃ ꢃ0HꢃꢍhꢎꢄꢃWꢇ%XꢃꢍiꢎꢐꢃWDDꢄꢃ5ꢕꢃ ꢃ+ꢐꢃWDDDꢄꢃ5ꢕꢃ ꢃ0Hꢌꢃ
7KHꢃSKRWRO\VLVꢃRIꢃGLD]RGLR[DQHGLRQHVꢃDDꢃLQꢃGLꢇ
PHWK\Oꢃ VXOILGHꢃ DVꢃ VROYHQWꢃ ZDVꢃ FKDUDFWHUL]HGꢃ E\ꢃ WKHꢃ
VDPHꢃJHQHUDOꢃUHODWLRQVꢃDVꢃWKRVHꢃREVHUYHGꢃLQꢃWHWUDK\GURꢇ
IXUDQꢔꢃ VKRUWꢇZDYHꢃ 89ꢃ LUUDGLDWLRQꢃ LQGXFHVꢃ PDLQO\ꢃ WKHꢃ
:ROIIꢃUHDUUDQJHPHQWꢄꢃZKLOHꢃORQJꢇZDYHꢃ89ꢃLUUDGLDWLRQꢃ
JLYHVꢃGLD]LULQHVꢃWDꢃDVꢃWKHꢃPDMRUꢃSURGXFWVꢃꢍ6FKHPHꢃꢊꢄꢃ
7DEOHꢃꢈꢎꢌꢃ+RZHYHUꢄꢃWKHꢃ\LHOGVꢃRIꢃVXOIRQLXPꢃ\OLGHVꢃDDDhꢃ
DQGꢃDDDiꢄꢃUHJDUGOHVVꢃRIꢃWKHꢃUHDFWLRQꢃPHGLXPꢃꢍ0H 6ꢃRUꢃ
0H 6±0H2+ꢎꢃDQGꢃLUUDGLDWLRQꢃZDYHOHQJWKꢄꢃGLGꢃQRWꢃ
H[FHHGꢃꢅꢅ±ꢅꢀ-ꢌꢃ
FꢄꢃPROꢃ-ꢃ
ꢁꢆꢆꢃ
ꢀꢆꢃ
ꢊꢆꢃ
ꢉꢆꢃ
ꢅꢆꢃ
ꢆꢃ
±ꢃDDiꢃ
±ꢃWDDDiꢃ
±ꢃWDiꢃ
±ꢃDYiꢃ
±ꢃDWiꢃ
Tpur€rꢁ%ꢂꢁ
&KURPDWRJUDSKLFꢃVHSDUDWLRQꢃRIꢃWKHꢃSURGXFWꢃPL[WXUHꢃ
REWDLQHGꢃE\ꢃSKRWRO\VLVꢃRIꢃGLD]RGLR[DQHGLRQHꢃDDhꢃLQꢃ
DTXHRXVꢃPHGLXPꢃꢍ7+)±+ 2ꢎꢃDOVRꢃJDYHꢃꢊ-ꢃRIꢃPDORQLFꢃ
DFLGꢃ DQGꢃ ꢁꢅ-ꢃ RIꢃ WDUWURQLFꢃ DFLGꢌꢃ 2EYLRXVO\ꢄꢃ WKHVHꢃ
FRPSRXQGVꢃZHUHꢃIRUPHGꢃIURPꢃDWhꢃDQGꢃWDDhꢃGXULQJꢃ
FKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢌꢃ7KLVꢃLVꢃFRQVLVWHQWꢃZLWKꢃ
SXEOLVKHGꢃGDWDꢃ>ꢅꢁꢄꢃꢅꢑ@ꢃDFFRUGLQJꢃWRꢃZKLFKꢃꢅꢄꢅꢇGLVXEꢇ
VWLWXWHGꢃꢁꢄꢈꢇGLR[DQHVꢃDQGꢃꢁꢄꢈꢇGLR[RODQHVꢃUHDGLO\ꢃXQGHUꢇ
JRꢃ K\GURO\VLVꢃ LQꢃ WKHꢃ SUHVHQFHꢃ RIꢃ DFLGꢃ FDWDO\VWVꢃ RUꢃ RQꢃ
VLOLFDꢃJHOꢌꢃꢃ
ꢆꢃ
ꢅꢃ
ꢉꢃ
ꢊꢃ
ꢀꢃ ꢄꢃKꢃ
Avtꢂꢁ!ꢂꢃ.LQHWLFVꢃRIꢃWKHꢃSKRWRO\VLVꢃRIꢃꢅꢇWHUWꢇEXW\OꢇꢂꢇGLD]Rꢇꢅꢇ
PHWK\OꢇꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHꢃꢍDDiꢎꢃLQꢃDꢃ7+)±0H2+ꢃPL[ꢇ
WXUHꢃꢍ ꢃ•ꢃꢈꢁꢆꢃQPꢎꢌꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
ꢀꢁꢑꢃ
Uhiyrꢁ !ꢂꢃ 3KRWRO\VLVꢃ RIꢃ GLD]RGLR[DQHGLRQHVꢃ DDhꢃ DQGꢃ DDiꢃ LQꢃ
PHWKDQROꢃDQGꢃ7+)±5ꢕ2+ꢃPL[WXUHVꢃ
7KHꢃVWUXFWXUHꢃRIꢃSKRWRO\VLVꢃSURGXFWVꢃDWhꢄꢃDWiꢄꢃ
WDDhꢄꢃWDDiꢄꢃWDDDhꢄꢃDQGꢃWDDDiꢃZDVꢃFRQILUPHGꢃE\ꢃVSHFꢇ
WUDOꢃPHWKRGVꢃꢍVHHꢃ([SHULPHQWDOꢎꢌꢃ8QOLNHꢃWKHꢃGDWDꢃRIꢃ
>ꢅꢅ@ꢄꢃꢂꢇR[RꢃDFLGꢃWDDhꢃWXUQHGꢃRXWꢃWRꢃEHꢃTXLWHꢃVWDEOHꢃ
XQGHUꢃQRUPDOꢃFRQGLWLRQVꢐꢃLWꢃPHOWHGꢃDWꢃꢁꢆꢂ±ꢁꢆꢊƒ&ꢃZLWKꢇ
RXWꢃ GHFRPSRVLWLRQꢃ DQGꢃ XQGHUZHQWꢃ GHFDUER[\ODWLRQꢃ WRꢃ
ꢅꢄꢅꢇGLPHWK\OꢇꢁꢄꢈꢇGLR[RODQꢇꢉꢇRQHꢃ RQO\ꢃ RQꢃ KHDWLQJꢃ
DERYHꢃꢁꢊꢆƒ&ꢃ>ꢅꢁ@ꢌꢃ7KHꢃ +ꢃDQGꢃ &ꢃ105ꢃVSHFWUDꢃRIꢃ
DFLGꢃ WDDiꢃ DQGꢃ LWVꢃ PHWK\Oꢃ HVWHUꢃ WDDDiꢃ LQꢃ &'&O ꢃ FRQꢇ
WDLQHGꢃWZRꢃVHWVꢃRIꢃVLJQDOVꢃDWꢃDꢃUDWLRꢃRIꢃaꢁꢔꢁꢌꢃ2EYLRXVO\ꢄꢃ
WKHVHꢃ FRPSRXQGVꢃ DUHꢃ PL[WXUHVꢃ RIꢃ FLVꢃ DQGꢃ WUDQVꢃ
LVRPHUVꢐꢃ KRZHYHUꢄꢃ ZHꢃ IDLOHGꢃ WRꢃ VHSDUDWHꢃ WKHVHꢃ VWHUHRꢇ
LVRPHUVꢃE\ꢃSUHSDUDWLYHꢃFKURPDWRJUDSK\ꢄꢃIRUꢃWKH\ꢃZHUHꢃ
FKDUDFWHUL]HGꢃE\ꢃDOPRVWꢃVLPLODUꢃ5 ꢃYDOXHVꢌꢁ
<LHOGꢄꢃ-ꢃ
&RPSꢌꢃ
QRꢌꢁ
&RQGLWLRQVꢃ
WDDꢄꢃWDDDꢃ
WDꢃ
DWꢃ
DYꢃ
!ꢅꢁꢆꢃQPꢄꢃꢁꢃKꢄꢃ
0H2+ꢃ
±ꢃ
!ꢑꢆ ꢃ
±ꢃ
±ꢃ
DDhꢃ
DDhꢄꢃDDiꢃ !ꢅꢁꢆꢃQPꢄꢃꢁ±ꢅꢃKꢄꢃ ꢆꢂ±ꢁꢅꢃ ꢂꢊ±ꢊꢊꢃ ꢈ±ꢊꢆꢃ
±ꢃ
7+)±5ꢕ2+ꢃ
!ꢅꢀꢆꢃQPꢄꢃꢊꢃKꢄꢃ
7+)±5ꢕ2+ꢃ
ꢅꢈ±ꢈꢁꢃ ꢅꢉ±ꢅꢂꢃ ꢀ±ꢑꢆꢃ ꢁꢉ ꢃ
DDhꢃ
DDhꢄꢃDDiꢃ !ꢈꢁꢆꢃQPꢄꢃꢀ±ꢁꢅꢃKꢄꢃ ꢈꢑ±ꢉꢈ ꢃ ꢁꢈ±ꢁꢑ ꢃ ꢂ±ꢁꢅ ꢃ ꢁꢉ±ꢁꢊ ꢃ
7+)±5ꢕ2+ꢃ
ꢃ $FFRUGLQJꢃ WRꢃ WKHꢃ +ꢃ 105ꢃ GDWDꢐꢃ WKHꢃ PD[LPDOꢃ \LHOGVꢃ RIꢃ FRPꢇ
ꢃ SRXQGVꢃDYꢃGXULQJꢃWKHꢃSKRWRO\VLVꢃDUHꢃJLYHQꢔꢃDIWHUꢃꢊꢃKꢃIRUꢃDYhꢃDQGꢃ
ꢃ DIWHUꢃꢉꢃKꢃIRUꢃDYiꢌꢃ
Qu‚‡‚pur€vphyꢁ ‡ꢀh†s‚ꢀ€h‡v‚†ꢁ ‚sꢁ †ˆys‚vˆ€ꢁ
’yvqr†ꢁDDDhꢁhqꢁDDDiꢂꢃ$VꢃQRWHGꢃDERYHꢄꢃSKRWRFKHPLFDOꢃ
UHDFWLRQVꢃ RIꢃ FRPSRXQGVꢃ DDDꢃ ZHUHꢃ QRWꢃ VWXGLHGꢃ SUHꢇ
YLRXVO\ꢌꢃ7DNLQJꢃLQWRꢃDFFRXQWꢃWKDWꢃ\OLGHVꢃDDDhꢃDQGꢃDDDiꢃ
DUHꢃIDLUO\ꢃVWDEOHꢃXQGHUꢃORQJꢇZDYHꢃ89ꢃLUUDGLDWLRQꢄꢃWKHLUꢃ
SKRWRO\VLVꢃZDVꢃSHUIRUPHGꢃDWꢃ ꢃ!ꢃꢅꢁꢆꢃQPꢌꢃ7KHꢃUHDFWLRQVꢃ
ZHUHꢃFDUULHGꢃRXWꢃRQꢃDꢃSUHSDUDWLYHꢃVFDOHꢄꢃDQGꢃLUUDGLDWLRQꢃ
IRUꢃꢋ±ꢀꢃKꢃZDVꢃQHFHVVDU\ꢃWRꢃFRPSOHWHꢃWKHꢃSKRWRO\VLVꢃRIꢃ
\OLGHVꢃDDDꢃꢍXQOLNHꢃWKHLUꢃGLD]RꢃDQDORJVꢃDDꢎꢌꢃ7KHꢃSURGXFWꢃ
PL[WXUHVꢃ ZHUHꢃ VHSDUDWHGꢃ E\ꢃ FROXPQꢃ FKURPDWRJUDSK\ꢃ
RQꢃVLOLFDꢃJHOꢄꢃDQGꢃWKHꢃVWUXFWXUHꢃRIꢃWKHꢃLVRODWHGꢃSURGXFWVꢃ
ZDVꢃGHWHUPLQHGꢃE\ꢃVSHFWUDOꢃPHWKRGVꢃꢍ +ꢃDQGꢃ &ꢃ105ꢃ
DQGꢃPDVVꢃVSHFWURPHWU\ꢎꢌꢃꢃ
SDUDPHWHUVꢃ ZLWKꢃ WKRVHꢃ UHSRUWHGꢃ LQꢃ >ꢈꢆ@ꢌꢃ 1Rꢃ GDWDꢃ
LQGLFDWLQJꢃ SKRWRFKHPLFDOꢃ FOHDYDJHꢃ RIꢃ WKHꢃ \OLGHꢃ &±6ꢃ
ERQGꢃDQGꢃIRUPDWLRQꢃRIꢃFDUEHQHꢃUHDFWLRQꢃSURGXFWVꢃꢍDVꢃLQꢃ
WKHꢃSKRWRO\VLVꢃRIꢃVXOIXUꢃDQGꢃSKRVSKRUXVꢃ\OLGHVꢃ6ꢃDQGꢃ9ꢃ
>ꢈꢄꢃ ꢀ@ꢎꢃ ZDVꢃ REWDLQHGꢃ LQꢃ WKHꢃ UHDFWLRQVꢃ RIꢃ VXOIXUꢃ \OLGHVꢃ
DDDhꢃDQGꢃDDDiꢌꢃ
7KHꢃ UHVXOWVꢃ RIꢃ RXUꢃ FRPSDUDWLYHꢃ VWXG\ꢃ RQꢃ WKHꢃ HIꢇ
ILFLHQF\ꢃRIꢃFDUEHQHꢃSURFHVVHVꢃLQꢃWKHꢃSKRWRO\VLVꢃRIꢃGLD]Rꢃ
GLFDUERQ\OꢃFRPSRXQGVꢃ DDꢃDQGꢃGLR[RꢃVXOIRQLXPꢃ\OLGHVꢃ
DDDꢃOHGꢃXVꢃWRꢃWKHꢃIROORZLQJꢃFRQFOXVLRQVꢌꢃ
7KHꢃPDMRUꢃSURGXFWVꢃRIꢃSKRWRO\WLFꢃGHFRPSRVLWLRQꢃRIꢃ
GLR[RꢃVXOIRQLXPꢃ\OLGHVꢃDDDhꢃDQGꢃDDDiꢃZHUHꢃꢂꢇPHWK\Oꢇ
ꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHVꢃ YDhꢃ DQGꢃ YDiꢃ ꢍ6FKHPHꢃ ꢋꢐꢃ WKHꢃ
VWHUHRLVRPHUꢃUDWLRꢃIRUꢃFRPSRXQGꢃYDiꢃZDVꢃaꢃꢉꢔꢁꢎꢌꢃ7KHꢃ
SKRWRO\VLVꢃRIꢃ\OLGHꢃDDDhꢃDOVRꢃJDYHꢃVPDOOꢃDPRXQWVꢃRIꢃꢃ
ꢂꢇPHWK\OꢇꢂꢇPHWK\OVXOIDQ\OꢇꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHꢃ ꢍYꢎꢃ
DQGꢃDF\FOLFꢃGLPHWK\OꢃꢅꢇPHWK\OVXOIDQ\OPDORQDWHꢃꢍYDDꢎꢐꢃ
WKHꢃODWHUꢃZDVꢃLGHQWLILHGꢃE\ꢃFRPSDULQJꢃLWVꢃVSHFWUDOꢃ
7KHꢃ\LHOGꢃRIꢃFDUEHQHꢃUHDFWLRQꢃSURGXFWVꢃLQꢃWKHꢃGLUHFWꢃ
SKRWRO\VLVꢃRIꢃGLD]RGLR[DQHGLRQHVꢃDDꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃ
GLPHWK\OꢃVXOILGHꢄꢃPHWKDQROꢄꢃDQGꢃS\ULGLQHꢃGRHVꢃQRWꢃ
H[FHHGꢃꢅꢋ±ꢅꢀ-ꢌꢃ$PRQJꢃWKHVHꢃWUDSVꢃIRUꢃFDUEHQHꢃDꢄꢃWKHꢃ
Uhiyrꢁ "ꢂꢃ 3KRWRO\VLVꢃ RIꢃ GLD]RGLR[DQHGLRQHVꢃ DDhꢃ DQGꢃ DDiꢃ LQꢃ
GLPHWK\OꢃVXOILGHꢃ
<LHOGꢄꢃ-ꢃ
&RPSꢌꢃ
&RQGLWLRQVꢁ
QRꢌꢁ
Tpur€rꢁ&ꢂꢁ
WDꢁ
WDDꢁ
DDDꢁ
!ꢅꢁꢆꢃQPꢄꢃꢅꢃKꢄꢃ0H 6ꢁ
!ꢈꢁꢆꢃQPꢄꢃꢅꢀꢃKꢄꢃ0H 6ꢁ
!ꢅꢁꢆꢃQPꢄꢃ0H 6±0H2+ꢁ
DDh ꢁ
ꢃꢁ
ꢃꢁ
ꢃꢁ
ꢃꢁ
ꢁꢀꢁ
DDhꢄꢃDDi ꢁ
ꢅꢋ±ꢅꢀꢁ
DDh
ꢁ
ꢋ±ꢁꢈꢁ ꢉꢀ±ꢂꢆꢁ ꢅꢅ±ꢅꢋꢁ
ꢉꢈꢁ ꢁꢑꢁ ꢆꢅꢁ
!ꢈꢁꢆꢃQPꢄꢃꢀꢃKꢄꢃ0H 6±
DDi ꢁ
0H2+ꢁ
ꢃ 7KHꢃFRQFHQWUDWLRQꢃRIꢃSKRWRO\VLVꢃSURGXFWVꢃRWKHUꢃWKDQꢃDDDhꢃRUꢃDDDiꢃ
ꢃ ZDVꢃQRWꢃGHWHUPLQHGꢌꢃꢃ
ꢃ $FFRUGLQJꢃ WRꢃ WKHꢃ +ꢃ 105ꢃ GDWDꢃ IRUꢃ WZRꢃ H[SHULPHQWVꢃ ꢍUHDFWLRQꢃ
ꢃ WLPHꢃꢀꢆꢃDQGꢃꢁꢉꢆꢃPLQꢎꢌꢃꢃ
ꢃ 7KHꢃUHDFWLRQꢃPL[WXUHꢃDOVRꢃFRQWDLQHGꢃꢅꢅ-ꢃꢍLQꢃꢀꢆꢃPLQꢎꢃDQGꢃꢁꢅ-ꢃ
ꢃ ꢍLQꢃꢁꢉꢆꢃPLQꢎꢃRIꢃLQLWLDOꢃGLD]RꢃFRPSRXQGꢃDDhꢌꢃ
ꢃ 7KHꢃ UHDFWLRQꢃ PL[WXUHꢃ DOVRꢃ FRQWDLQHGꢃ ꢁꢑ-ꢃ RIꢃ LQLWLDOꢃGLD]Rꢃ FRPꢇ
ꢃ SRXQGꢃDDiꢌꢃꢃ
5ꢃ ꢃ0HꢃꢍhꢎꢄꢃWꢇ%Xꢃꢍiꢎꢌꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢅꢆꢃ
Tpur€rꢁ'ꢂꢁ
PRVWꢃHIILFLHQWꢃLVꢃGLPHWK\OꢃVXOILGHꢃZKLFKꢃHQVXUHVꢃWKHꢃ
KLJKHVWꢃ\LHOGꢃRIꢃGLR[RꢃVXOIRQLXPꢃ\OLGHVꢃDDDꢃLQꢃWKHꢃ
UHDFWLRQꢃZLWKꢃVLQJOHWꢃFDUEHQHꢃD6ꢌꢃ<OLGHVꢃDDDꢃDUHꢃIDLUO\ꢃ
VWDEOHꢃXQGHUꢃVKRUWꢇZDYHꢃ89ꢃLUUDGLDWLRQꢃꢍ ꢃ!ꢃꢅꢁꢆꢃQPꢎꢐꢃ
WKHUHIRUHꢄꢃGLPHWK\OꢃVXOILGHꢃFDQꢃEHꢃXVHGꢃDVꢃDQꢃHIILFLHQWꢃ
FDUEHQHꢃWUDSꢃDQGꢃFRQYHQLHQWꢃWRROꢃIRUꢃVWXG\LQJꢃUHDFWLRQVꢃ
RIꢃGLR[RꢃFDUEHQHVꢌꢃꢃ
FDUEHQHꢃD6ꢃLQWRꢃWULSOHWꢃFDUEHQHꢃD7ꢃYLDꢃLQWHUV\VWHPꢃ
FURVVLQJꢃDQGꢃWKHꢃVXEVHTXHQWꢃUHDFWLRQꢃRIꢃD7ꢃZLWKꢃWKHꢃ
VROYHQWꢃꢍ0H2+ꢎꢃ\LHOGVꢃK\GURJHQꢃDEVWUDFWLRQꢃSURGXFWVꢄꢃ
GLR[DQHGLRQHVꢃDWꢌꢃ-XGJLQJꢃE\ꢃWKHꢃ\LHOGꢃRIꢃGLR[DQHꢇ
GLRQHꢃ DWꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃ EHQ]RSKHQRQHꢄꢃ WKHꢃODWWHUꢃ
SDWKꢃ EHFRPHVꢃ WKHꢃ RQO\ꢃ RQHꢃ LQꢃ WKHꢃ WULSOHWꢇVHQVLWL]HGꢃ
SKRWRO\VLVꢃRIꢃGLD]RꢃFRPSRXQGꢃDDhꢌꢃ
7KHꢃUHDFWLRQꢃRIꢃGLR[RꢃFDUEHQHVꢃDꢃZLWKꢃPHWKDQROꢃLVꢃ
OHVVꢃVHOHFWLYHꢃWKDQꢃZLWKꢃGLPHWK\OꢃVXOILGHꢌꢃ$FFRUGLQJꢃWRꢃ
SXEOLVKHGꢃGDWDꢄꢃR[RꢃFDUEHQHVꢃXVXDOO\ꢃUHDFWꢃZLWKꢃDOFRꢇ
KROVꢃDORQJꢃ WZRꢃ SDWKZD\VꢄꢃUHVXOWLQJꢃ LQꢃLQVHUWLRQꢃ SURGꢇ
+RZHYHUꢄꢃDꢃGLIIHUHQWꢃSDWKꢃPD\ꢃEHꢃSURSRVHGꢃRQꢃWKHꢃ
EDVLVꢃ RIꢃ SXEOLVKHGꢃ GDWDꢃ >ꢈ ꢁ@ꢃ IRUꢃ WKHꢃ IRUPDWLRQꢃ RIꢃ GLꢇ
R[DQHGLRQHVꢃDWꢃLQꢃWKHꢃGLUHFWꢃSKRWRO\VLVꢃRIꢃGLD]RꢃFRPꢇ
SRXQGVꢃ DDꢌꢃ ,Wꢃ GRHVꢃ QRWꢃ LPSO\ꢃ SDUWLFLSDWLRQꢃ RIꢃ WULSOHWꢃ
XFWVꢃLQWRꢃWKHꢃ2±+ꢃERQGꢃRIꢃWKHꢃDOFRKROꢃDQGꢒRUꢃK\GURJHQꢃ FDUEHQHꢃVSHFLHVꢃEXWꢃLQYROYHVꢃWKHꢃ1RUULVKꢃW\SHꢃ,,ꢃSKRWRꢇ
DEVWUDFWLRQꢃSURGXFWVꢃꢍSKRWRGHK\GURJHQDWLRQꢎꢃ>ꢅꢋ@ꢌꢃ,WꢃLVꢃ WUDQVIRUPDWLRQꢃ RIꢃ 2+ꢇLQVHUWLRQꢃ SURGXFWꢃ DYꢄꢃ ZKLFKꢃ
DVVXPHGꢃ WKDWꢃ VLQJOHWꢃ FDUEHQHVꢃ DUHꢃ UHVSRQVLEOHꢃ IRUꢃ WKHꢃ GLUHFWO\ꢃOHDGVꢃWRꢃGLR[DQHGLRQHVꢃDWꢌꢃ:HꢃIDLOHGꢃWRꢃREWDLQꢃ
H[SHULPHQWDOꢃSURRIVꢃIRUꢃWKLVꢃSDWKꢃEHFDXVHꢃRIꢃLQVWDELOLW\ꢃ
RIꢃF\FOLFꢃꢂꢇPHWKR[\ꢇVXEVWLWXWHGꢃGLR[DQHGLRQHVꢃDYꢌꢃ2Qꢃ
WKHꢃ RWKHUꢃ KDQGꢄꢃ ZHꢃ ZHUHꢃ WKHꢃ ILUVWꢃ WRꢃ UHYHDOꢃ WKDWꢃ LUUDꢇ
GLDWLRQꢃZLWKꢃVKRUWꢇZDYHꢃ89ꢃOLJKWꢃRIꢃDQꢃDF\FOLFꢃDQDORJꢃ
RIꢃꢂꢇPHWKR[\GLR[DQHGLRQHꢃDYhꢄꢃGLPHWK\OꢃꢅꢇPHWKR[\ꢇ
PDORQDWHꢃ OHDGVꢃ WRꢃ WKHꢃ IRUPDWLRQꢃ RIꢃ MXVWꢃ GLPHWK\Oꢃ
PDORQDWHꢐꢃWKLVꢃIDFWꢃPD\ꢃEHꢃFRQVLGHUHGꢃWRꢃEHꢃDQꢃH[SHULꢇ
PHQWDOꢃ SURRIꢃ IRUꢃ WKHꢃ IRUPDWLRQꢃ RIꢃ FRPSRXQGVꢃ DWꢃ
DFFRUGLQJꢃWRꢃWKHꢃ1RUULVKꢃW\SHꢃ,,ꢃVFKHPHꢌꢃ
IRUPDWLRQꢃ RIꢃ 2+ꢇLQVHUWLRQꢃ SURGXFWVꢃ DQGꢃ WKDWꢃ WULSOHWꢃ
FDUEHQHVꢃJLYHꢃULVHꢃWRꢃK\GURJHQꢃDEVWUDFWLRQꢃ>ꢅꢋ@ꢌꢃ7DNLQJꢃ
LQWRꢃDFFRXQWꢃWKHꢃUHVXOWVꢃRIꢃRXUꢃVWXG\ꢃDQGꢃWKRVHꢃREWDLQHGꢃ
E\ꢃRWKHUꢃDXWKRUVꢄꢃWKHꢃSKRWRO\VLVꢃRIꢃGLD]RGLR[DQHGLRQHꢃ
DDhꢃPD\ꢃEHꢃUHSUHVHQWHGꢃE\ꢃ6FKHPHꢃꢀꢌꢃ'LUHFWꢃSKRWRO\VLVꢃ
RIꢃFRPSRXQGꢃDDhꢃJLYHVꢃHOHFWURSKLOLFꢃVLQJOHWꢃGLR[Rꢃ
FDUEHQHꢃD6ꢃZKLFKꢃUHDFWVꢃZLWKꢃWKHꢃR[\JHQꢃDWRPꢃRIꢃ
PHWKDQROꢌꢃ2[RQLXPꢃ\OLGHꢃ@ꢃWKXVꢃIRUPHGꢃXQGHUJRHVꢃ
ꢁꢄꢅꢇK\GULGHꢃVKLIWꢄꢃOHDGLQJꢃWRꢃFRPSRXQGꢃDYꢃZKLFKꢃFDQꢃ
EHꢃUHJDUGHGꢃDVꢃDꢃIRUPDOꢃSURGXFWꢃRIꢃLQVHUWLRQꢃRIꢃFDUEHQHꢃ
7KXVꢄꢃERWKꢃRXUꢃUHVXOWVꢃDQGꢃSXEOLVKHGꢃGDWDꢃLQGLFDWHꢃ
DꢃLQWRꢃWKHꢃ2±+ꢃERQGꢌꢃ3DUWLDOꢃWUDQVIRUPDWLRQꢃRIꢃVLQJOHWꢃ WKHꢃFDUEHQHꢃRULJLQꢃRIꢃ2+ꢇLQVHUWLRQꢃSURGXFWVꢃDYꢃDQGꢃ
Tpur€rꢁ(ꢂꢁ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
ꢀꢅꢁꢃ
GLR[DQHGLRQHVꢃDWꢃLQꢃWKHꢃSKRWRO\VLVꢃRIꢃGLD]RꢃFRPꢇ
SRXQGVꢃDDꢌꢃ7KHꢃORZHUꢃ\LHOGVꢃRIꢃDYꢃDQGꢃDWꢃꢍꢈ±ꢁꢊ-ꢎꢄꢃDVꢃ
FRPSDUHGꢃWRꢃ\OLGHVꢃDDDꢃꢍꢅꢅ±ꢅꢀ-ꢎꢄꢃPD\ꢃEHꢃUDWLRQDOL]HGꢃ
E\ꢃWKHLUꢃUHDG\ꢃVXEVHTXHQWꢃWUDQVIRUPDWLRQVꢃXQGHUꢃ89ꢃ
LUUDGLDWLRQꢌꢃꢃ
UHDFWLRQꢃPL[WXUHVꢃZHUHꢃVHSDUDWHGꢃE\ꢃFROXPQꢃDQGꢃIODVKꢃ
FKURPDWRJUDSK\ꢃ RQꢃ 6LOLFDJHOꢃ /ꢃ ꢍꢉꢆꢒꢁꢆꢆꢃ Pꢎꢃ XVLQJꢃ
JUDGLHQWꢃ HOXWLRQꢐꢃ DQDO\WLFDOꢃ7/&ꢃ ZDVꢃ SHUIRUPHGꢃ RQꢃ
6LOXIROꢃ89ꢇꢅꢂꢉꢃSODWHVꢃꢍ&]HFKLDꢎꢃXVLQJꢃDVꢃHOXHQWꢃPL[ꢇ
WXUHVꢃ RIꢃ SHWUROHXPꢃ HWKHUꢃ DQGꢃ GLHWK\Oꢃ HWKHUꢃ DWꢃ YDULRXVꢃ
UDWLRVꢄꢃFKORURIRUPꢄꢃDFHWRQHꢄꢃHWKDQROꢄꢃRUꢃWKHLUꢃPL[WXUHVꢌꢃ
7KHꢃSKRWRO\VLVꢃRIꢃGLR[RꢃVXOIRQLXPꢃ\OLGHVꢃDDDhꢃDQGꢃ
DDDiꢃZDVꢃIRXQGꢃWRꢃLQYROYHꢃTXLWHꢃGLIIHUHQWꢃWUDQVIRUPDꢇ
WLRQVꢃWKDQꢃWKRVHꢃW\SLFDOꢃRIꢃWKHLUꢃGLD]RꢃDQDORJVꢃDDꢃDQGꢃ
\OLGHVꢃ6ꢃDQGꢃ9ꢃVWXGLHGꢃSUHYLRXVO\ꢃ>ꢈꢄꢃꢊꢄꢃꢀ@ꢌꢃ7KHꢃPDLQꢃ
SKRWRFKHPLFDOꢃSURFHVVꢃLVꢃLQWUDPROHFXODUꢃꢁꢄꢅꢇPLJUDWLRQꢃ
RIꢃWKHꢃ6ꢇPHWK\OꢃJURXSꢃꢍ6WHYHQVꢃUHDUUDQJHPHQWꢎꢄꢃIROꢇ
ORZHGꢃE\ꢃGHFRPSRVLWLRQꢃRIꢃWKHꢃSULPDU\ꢃSURGXFWꢃWRꢃJLYHꢃ
ꢂꢇPHWK\OGLR[DQHGLRQHVꢃ YDꢌꢃ $Qꢃ DQDORJRXVꢃ UHDUUDQJHꢇ
PHQWꢃZDVꢃREVHUYHGꢃSUHYLRXVO\ꢃLQꢃWKHUPDOꢃGHFRPSRVLꢇ
WLRQꢃRIꢃDF\FOLFꢃVXOIRQLXPꢃDQGꢃDPPRQLXPꢃ\OLGHVꢃꢃ
>ꢈꢆꢄꢃꢈꢅ@ꢐꢃDFFRUGLQJꢃWRꢃWKHꢃ&,'13ꢃGDWDꢄꢃWKHꢃNH\ꢃLQWHUꢇ
PHGLDWHVꢃLQꢃWKLVꢃSURFHVVꢃDUHꢃUDGLFDOꢃSDLUVꢌꢃ3UHVXPDEO\ꢄꢃ
SKRWRFKHPLFDOꢃGHFRPSRVLWLRQꢃRIꢃWKHꢃSULPDU\ꢃSURGXFWVꢄꢃ
ꢂꢇPHWK\OꢇꢂꢇPHWK\OVXOIDQ\OꢇꢁꢄꢈꢇGLR[DQHꢇꢉꢄꢊꢇGLRQHVꢃ Yhꢃ
DQGꢃ Yiꢃ IROORZVꢃ WKHꢃ LQWUDPROHFXODUꢃ 1RUULVKꢃ W\SHꢃ ,,ꢃ
SDWWHUQꢃ ꢍ6FKHPHꢃ ꢑꢎꢃ OHDGLQJꢃ WRꢃ ꢂꢇPHWK\OꢇꢁꢄꢈꢇGLR[DQHꢇ
ꢉꢄꢊꢇGLRQHVꢃYDhꢃDQGꢃYDiꢌꢃ
ꢁꢄꢈꢇ'LR[DQHꢇꢉꢄꢊꢇGLRQHVꢃ DWhꢃ DQGꢃ DWiꢃ ZHUHꢃ V\Qꢇ
WKHVL]HGꢃ IURPꢃ PDORQLFꢃ DFLGꢃ DQGꢃ WKHꢃ FRUUHVSRQGLQJꢃ
NHWRQHVꢃDFFRUGLQJꢃWRꢃWKHꢃSURFHGXUHꢃGHVFULEHGꢃLQꢃ>ꢁꢉ@ꢌꢁꢁ
!ꢄ!ꢅ9v€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ ꢆDWhꢇꢂꢃ <LHOGꢃ
ꢋꢆ-ꢄꢃPSꢃꢑꢁ±ꢑꢈƒ&ꢃꢍIURPꢃ&+&O ꢎꢃ>ꢁꢉ@ꢌꢃ +ꢃ105ꢃVSHFꢇ
WUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢋꢅꢃVꢃꢍꢊ+ꢄꢃꢅ&+ ꢎꢄꢃꢈꢌꢊꢉꢃVꢃꢍꢅ+ꢄꢃ&+ ꢎꢌꢁꢁ
!ꢅWHUWꢅ7ˆ‡’yꢅ!ꢅ€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ
ꢆDWiꢇꢂꢃ<LHOGꢃꢂꢆ-ꢄꢃPSꢃꢋꢀ±ꢀꢆƒ&ꢃꢍIURPꢃ&+&O ꢎꢌꢃ +ꢃ105ꢃ
VSHFWUXPꢄꢁ ꢄꢃSSPꢔꢃꢁꢌꢆꢑꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢊꢑꢃVꢃꢍꢈ+ꢄꢃ
&+ ꢎꢄꢀꢈꢌꢂꢀꢃGꢃꢍꢁ+ꢄꢃ&+ꢄꢃ-ꢃ ꢃꢅꢁꢃ+]ꢎꢄꢃꢈꢌꢊꢑꢃGꢃꢍꢁ+ꢄꢃ&+ꢄꢃ-ꢃ ꢃ
ꢅꢁꢃ+]ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢅꢌꢈꢃꢍ&+ ꢎꢄꢃꢅꢉꢌꢂꢃ
ꢍꢈ&+ ꢎꢄꢃꢈꢊꢌꢉꢃꢍ& ꢎꢄꢃꢈꢑꢌꢀꢃꢍ80H ꢎꢄꢃꢁꢁꢁꢌꢋꢃꢍ& ꢎꢄꢃꢁꢊꢈꢌꢋꢃꢍ& ꢎꢌꢁꢁ
$ꢅ9vh“‚ꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚r†ꢁ DDhꢁ hqꢁ DDiꢁ
ꢆJHQHUDOꢁSURFHGXUHꢇꢂꢃ$ꢃVROXWLRQꢃRIꢃꢅꢂꢃPPROꢃRIꢃGLFDUꢇ
ERQ\OꢃFRPSRXQGꢃDWhꢃRUꢃDWiꢃDQGꢃꢂꢃJꢃꢍꢅꢂꢃPPROꢎꢃRIꢃꢃ
SꢇWROXHQHVXOIRQ\OꢃD]LGHꢃLQꢃꢁꢆꢆꢃPOꢃRIꢃFKORURIRUPꢃZDVꢃ
SODFHGꢃLQꢃDꢃꢅꢂꢆꢇPOꢃ(UOHQPH\HUꢃIODVNꢃHTXLSSHGꢃZLWKꢃꢃ
DꢃPDJQHWLFꢃVWLUUHUꢃDQGꢃSURWHFWHGꢃIURPꢃOLJKWꢌꢃ7KHꢃVROXꢇ
WLRQꢃ ZDVꢃ FRROHGꢃ WRꢃ ꢆƒ&ꢄꢃ Dꢃ UHTXLUHGꢃ DPRXQWꢃ RIꢃ DQK\ꢇ
GURXVꢃSRWDVVLXPꢃIOXRULGHꢃꢍFDWDO\VWꢎꢃZDVꢃDGGHGꢄꢃDQGꢃWKHꢃ
PL[WXUHꢃZDVꢃVWLUUHGꢃIRUꢃꢈꢆꢃPLQꢃDWꢃꢆƒ&ꢃDQGꢃWKHQꢃDWꢃURRPꢃ
WHPSHUDWXUHꢃXQWLOꢃWKHꢃUHDFWLRQꢃZDVꢃFRPSOHWHꢃꢍDFFRUGLQJꢃ
,WꢃVWLOOꢃUHPDLQVꢃGLIILFXOWꢃWRꢃUDWLRQDOL]HꢃSDWKVꢃRIꢃIRUPDꢇ
WLRQꢃ RIꢃ GLPHWK\Oꢃ ꢅꢇPHWK\OVXOIDQ\OPDORQDWHꢃ ꢍYDDhꢎꢄꢃ
ZKLFKꢃVKRXOGꢃLQFOXGHꢃWUDQVHVWHULILFDWLRQꢃRIꢃF\FOLFꢃ
PDORQLFꢃDFLGꢃHVWHUꢌꢃ0RVWꢃSUREDEO\ꢄꢃWKHVHꢃSDWKVꢃꢍOLNHꢃ
WKRVHꢃOHDGLQJꢃWRꢃFRPSRXQGVꢃYꢃDQGꢃYDꢎꢃGRꢃQRWꢃLQYROYHꢃ
FDUEHQHꢃGHFRPSRVLWLRQꢃRIꢃ\OLGHVꢃDDDꢌꢃꢃ
:Hꢃ FDQꢃ FRQFOXGHꢃ WKDWꢃ QRꢃ LQWHUPHGLDWHꢃ FDUEHQHꢃ WRꢃWKHꢃ7/&ꢃGDWDꢎꢌꢃ7KHꢃFDWDO\VWꢃDQGꢃSꢇWROXHQHVXOIRQꢇ
VSHFLHVꢃLVꢃIRUPHGꢃLQꢃWKHꢃSKRWRO\VLVꢃRIꢃGLR[RꢃVXOIRQLXPꢃ DPLGHꢃZHUHꢃVHSDUDWHGꢃRQꢃDꢃ6FKRWWꢃILOWHUꢄꢃWKHꢃILOWUDWHꢃZDVꢃ
ZDVKHGꢃLQꢃDꢃVHSDUDWRU\ꢃIXQQHOꢃZLWKꢃDꢃꢅ-ꢃDTXHRXVꢃVROXꢇ
\OLGHVꢃDDDꢃRIꢃWKHꢃꢁꢄꢈꢇGLR[DQHꢃVHULHVꢐꢃWKHUHIRUHꢄꢃSKRWRꢇ
FKHPLFDOꢃ GHFRPSRVLWLRQꢃ RIꢃ VXFKꢃ VXOIXUꢃ \OLGHVꢃ FDQQRWꢃ WLRQꢃ RIꢃ SRWDVVLXPꢃ K\GUR[LGHꢃ ꢍꢈîꢅꢆꢃ POꢎꢃ WRꢃ UHPRYHꢃ
EHꢃXVHGꢃIRUꢃJHQHUDWLRQꢃRIꢃKHWHURF\FOLFꢃGLR[RꢃFDUEHQHVꢃ UHVLGXDOꢃSꢇWROXHQHVXOIRQDPLGHꢃDQGꢃZLWKꢃZDWHUꢃꢍꢈî
ꢁꢆꢃPOꢎꢄꢃWKHꢃDTXHRXVꢃZDVKLQJVꢃZHUHꢃH[WUDFWHGꢃZLWKꢃ
FKORURIRUPꢃ ꢍꢈîꢁꢂꢃ POꢎꢄꢃWKHꢃ H[WUDFWVꢃ ZHUHꢃ FRPELQHGꢃ
ZLWKꢃWKHꢃ RUJDQLFꢃ SKDVHꢃ DQGꢃ GULHGꢃ RYHUꢃ DQK\GURXVꢃ
PDJQHVLXPꢃVXOIDWHꢄꢃWKHꢃVROYHQWꢃZDVꢃGLVWLOOHGꢃRIIꢃDWꢃꢅꢂ±
ꢈꢂƒ&ꢃ XQGHUꢃ UHGXFHGꢃ SUHVVXUHꢃ ꢍꢁꢆ±ꢅꢆꢃ PPꢎꢄꢃ DQGꢃ WKHꢃ
UHVLGXHꢃZDVꢃSXULILHGꢃE\ꢃUHFU\VWDOOL]DWLRQꢌꢃ
OLNHꢃDꢌꢃ
(;3(5,0(17$/ꢃ
7KHꢃ +ꢃ DQGꢃ &ꢃ 105ꢃ VSHFWUDꢃ ZHUHꢃ UHFRUGHGꢃ RQꢃꢃ
Dꢃ%UXNHUꢃ$0ꢇꢈꢆꢆꢃVSHFWURPHWHUꢃDWꢃꢈꢆꢆꢃDQGꢃꢋꢂꢌꢂꢃ0+]ꢄꢃ
UHVSHFWLYHO\ꢄꢃ IURPꢃ VROXWLRQVꢃ LQꢃ &'&O ꢃ XVLQJꢃ WHWUDꢇ
PHWK\OVLODQHꢃDVꢃLQWHUQDOꢃUHIHUHQFHꢌꢃ7KHꢃ,5ꢃVSHFWUDꢃZHUHꢃ
REWDLQHGꢃRQꢃDꢃ6SHFRUGꢃꢋꢂ,5ꢃLQVWUXPHQWꢃIURPꢃVROXWLRQVꢃ
LQꢃ &+&O ꢃ ZLWKꢃ Dꢃ FRQFHQWUDWLRQꢃ RIꢃ ꢆꢌꢆꢅ±ꢆꢌꢆꢈꢃ 0ꢌꢃ 7KHꢃ
89ꢃVSHFWUDꢃZHUHꢃPHDVXUHGꢃLQꢃWKHꢃ ꢃUDQJHꢃIURPꢃꢅꢆꢆꢃWRꢃ
ꢂꢆꢆꢃ QPꢃ RQꢃ Dꢃ 6SHFRUGꢃ 0ꢇꢉꢆꢃ VSHFWURSKRWRPHWHUꢃ IURPꢃ
VROXWLRQVꢃ LQꢃ PHWKDQROꢃ ꢍFꢃ ꢃ ꢈîꢁꢆ ±ꢊîꢁꢆ ꢃ 0ꢎꢃ XVLQJꢃ
ꢆꢌꢆꢂ±ꢁꢌꢆꢇFPꢃFHOOVꢌꢀ
$ꢅ9vh“‚ꢅ!ꢄ!ꢅqv€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ ꢆDDhꢇꢃ
ZDVꢃ REWDLQHGꢃ IURPꢃ ꢈ ꢌꢊꢃ Jꢃ ꢍꢅꢂꢃ PPROꢎꢃ RIꢃ GLR[DQHGLRQHꢃ
DWhꢃ XVLQJꢃ ꢋꢌꢅꢃ Jꢃ ꢍꢁꢅꢂꢃ PPROꢎꢃ RIꢃ SRWDVVLXPꢃ IOXRULGHꢃ
ꢍUHDFWLRQꢃ WLPHꢃ ꢅꢉꢃ Kꢎꢌꢃ $IWHUꢃ WUHDWPHQWꢃ RIꢃ WKHꢃ UHDFWLRQꢃ
PL[WXUHꢃDFFRUGLQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃWKHꢃUHVLGXHꢃ
ZDVꢃUHFU\VWDOOL]HGꢃIURPꢃFDUERQꢃWHWUDFKORULGHꢃꢍꢁꢂꢃPOꢎꢃ
DQGꢃVXEOLPHGꢃDWꢃꢉꢆƒ&ꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢃꢍꢆꢌꢁ±ꢃ
ꢆꢌꢈꢃPPꢎꢌꢃ<LHOGꢃꢅꢌꢁꢃJꢃꢍꢉꢑ-ꢎꢄꢃPSꢃꢑꢊ±ꢑꢋƒ&ꢃꢍVXEOLPHVꢎꢃ
7KHꢃ UHDFWLRQVꢃ ZHUHꢃ FDUULHGꢃ RXWꢃ LQꢃ DQK\GURXVꢃ VROꢇ
>ꢅꢁ@ꢌꢃ 89ꢃ VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢂꢁꢃ ꢍꢑꢌꢂꢈ ꢎꢄꢃ ꢈ ꢈ ꢉꢃ
YHQWVꢃZKLFKꢃZHUHꢃSXULILHGꢃE\ꢃVWDQGDUGꢃSURFHGXUHVꢌꢃ7KHꢃ ꢍꢅꢌꢑꢑꢎꢌꢃ,5ꢃVSHFWUXPꢄꢃ ꢄꢃFP ꢔꢃꢁꢋꢈꢅꢃꢍ& 2ꢎꢄꢃꢅꢁꢋꢑꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢅꢅꢃ
ꢍ& 1 ꢎꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢀꢆꢃVꢃꢍꢊ+ꢄꢃ Dꢃ PDJQHWLFꢃ VWLUUHUꢃ DQGꢃ GU\LQJꢃ WXEHꢃ ZDVꢃ FKDUJHGꢃ ZLWKꢃꢃ
ꢅ&+ ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢊꢌꢊꢃꢍ&+ ꢎꢄꢃꢊꢂꢌꢉꢃ
ꢅꢆꢃPPROꢃRIꢃꢂꢇEURPRꢃGHULYDWLYHꢃWhꢃRUꢃWiꢄꢃDQGꢃꢁꢂꢃPOꢃ
ꢍ& ꢎꢄꢃ ꢁꢆꢋꢌꢆꢃ ꢍ& ꢎꢄꢃ ꢁꢂꢀꢌꢂꢃ ꢍ& ꢎꢌꢃ 0DVVꢃ VSHFWUXPꢄꢃ Pꢒ]ꢃꢃ RIꢃGLPHWK\OꢃVXOIR[LGHꢃZDVꢃDGGHGꢃLQꢃRQHꢃSRUWLRQꢃXQGHUꢃ
ꢍ, ꢄꢃ-ꢎꢔꢃꢁꢋꢆꢃꢍꢁꢀꢎꢃ>0@ ꢄꢃꢁꢂꢂꢃꢍꢉꢆꢎꢄꢃꢊꢑꢃꢍꢁꢅꢎꢄꢃꢂꢀꢃꢍꢁꢋꢎꢄꢃꢉꢈꢃ VWLUULQJꢃDWꢃURRPꢃWHPSHUDWXUHꢌꢃ7KHꢃPL[WXUHꢃZDVꢃVWLUUHGꢃ
ꢍꢁꢆꢆꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃ&ꢃꢉꢅꢌꢈꢀꢐꢃ+ꢃꢈꢌꢂꢉꢐꢃ1ꢃꢁꢊꢌꢉꢀꢌꢃ& + 1 2 ꢌꢁ IRUꢃꢅꢉꢃKꢄꢃGLOXWHGꢃZLWKꢃꢁꢂꢃPOꢃRIꢃZDWHUꢄꢃDQGꢃH[WUDFWHGꢃ
&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢉꢅꢌꢉꢆꢐꢃ+ꢃꢈꢌꢊꢆꢐꢃ1ꢃꢁꢊꢌꢂꢆꢌꢃ
ZLWKꢃFKORURIRUPꢃꢍꢉîꢁꢂꢃPOꢎꢄꢃDQGꢃYRODWLOHꢃVXEVWDQFHVꢃ
ZHUHꢃ UHPRYHGꢃ IURPꢃ WKHꢃ H[WUDFWꢃ DWꢃ ꢅꢂ±ꢈꢆƒ&ꢃ XQGHUꢃ
UHGXFHGꢃ SUHVVXUHꢃ ꢍILUVWꢃ DWꢃ ꢁꢂ±ꢅꢆꢃ PPꢃ DQGꢃ WKHQꢃ DWꢃ ꢁ±ꢃ
ꢅꢃPPꢎꢌꢃ7KHꢃUHVLGXHꢃZDVꢃGLVVROYHGꢃLQꢃꢂꢃPOꢃRIꢃPHWKDQROꢄꢃ
DQGꢃ\OLGHꢃDDDhꢃRUꢃDDDiꢃZDVꢃSUHFLSLWDWHGꢃE\ꢃDGGLQJꢃꢃ
ꢁꢂꢃPOꢃRIꢃGLHWK\OꢃHWKHUꢌꢃ7KHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃRIIꢃ
DQGꢃGULHGꢃLQꢃDLUꢌꢃꢁ
!ꢅWHUWꢁ7ˆ‡’yꢅ$ꢅqvh“‚ꢅ!ꢅ€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅ
qv‚rꢁꢆDDiꢇꢃZDVꢃREWDLQHGꢃIURPꢃꢉꢌꢊꢂꢃJꢃꢍꢅꢂꢃPPROꢎꢃRIꢃ
GLR[DQHGLRQHꢃDWiꢃXVLQJꢃꢁꢌꢑꢃJꢃꢍꢈꢈꢃPPROꢎꢃRIꢃSRWDVVLXPꢃ
IOXRULGHꢃ ꢍUHDFWLRQꢃ WLPHꢃ ꢅꢑꢃ Kꢎꢌꢃ <LHOGꢃ ꢅꢌꢀꢃ Jꢃ ꢍꢂꢈ -ꢎꢄꢃꢃ
PSꢃꢋꢊ±ꢋꢀƒ&ꢃꢍIURPꢃSHWUROHXPꢃHWKHU±GLHWK\OꢃHWKHUꢄꢃ
ꢈꢔꢁꢎꢌꢃ 89ꢃ VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢂꢆꢃ ꢍꢑꢌꢈꢑꢎꢄꢃ ꢈꢈꢉꢃ
ꢍꢈꢌꢉꢆꢎꢌꢃ,5ꢃVSHFWUXPꢄꢃ ꢄꢃFP ꢔꢃꢁꢋꢈꢅꢃꢍ& 2ꢎꢄꢃꢅꢁꢊꢉꢃ
ꢍ& 1 ꢎꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢁꢅꢃVꢃꢍꢑ+ꢄꢃ
ꢈ&+ ꢎꢄꢃꢁꢌꢋꢁꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃ
ꢅꢁꢌꢆꢃꢍꢈ&+ ꢎꢄꢃꢅꢉꢌꢊꢃꢍ&+ ꢎꢄꢃꢈꢑꢌꢊꢃꢍ80H ꢎꢄꢃꢊꢂꢌꢁꢃꢍ& ꢎꢄꢃ
ꢁꢁꢅꢌꢀꢃ ꢍ& ꢎꢄꢃ ꢁꢂꢀꢌꢑꢃ ꢍ& ꢎꢌꢃ 0DVVꢃ VSHFWUXPꢄꢃ Pꢒ]ꢃ ꢍ, ꢄꢃ -ꢎꢔꢃ
ꢁꢑꢋꢃꢍꢁꢎꢃ>0ꢃ±ꢃꢁꢂ@ ꢄꢃꢁꢂꢂꢃꢍꢉꢆꢎꢄꢃꢁꢆꢆꢃꢍꢂꢎꢄꢃꢀꢂꢃꢍꢑꢎꢄꢃꢂꢋꢃꢍꢁꢆꢆꢎꢄꢃ
ꢉꢈꢃꢍꢊꢆꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃ&ꢃꢂꢁꢌꢅꢂꢐꢃ+ꢃꢂꢌꢊꢀꢐꢃ1ꢃꢁꢈꢌꢅꢋꢌꢃ
& + 1 2 ꢌ &DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢂꢆꢌꢑꢉꢐꢃ+ꢃꢂꢌꢊꢊꢐꢃ1ꢃꢁꢈꢌꢅꢁꢌꢃ
$ꢅ9v€r‡u’y†ˆys‚v‚ꢅ!ꢄ!ꢅqv€r‡u’yꢅ#ꢄ%ꢅqv‚‘‚ꢅꢁ
ꢄ"ꢅqv‚‘hꢅ$ꢅvqrꢁ ꢆDDDhꢇꢃ ZDVꢃ REWDLQHGꢃ IURPꢃ ꢉꢌꢉꢊꢃ Jꢃꢃ
ꢍꢅꢁꢃPPROꢎꢃRIꢃꢂꢇEURPRGLR[DQHGLRQHꢃWhꢌꢃ<LHOGꢃꢁꢌꢅꢅꢃJꢃ
ꢍꢈꢆ-ꢎꢄꢃ PSꢃ ꢁꢑꢑ±ꢅꢆꢁƒ&ꢃ ꢍGHFRPSꢌꢐꢃ IURPꢃ 0H2+±(W 2ꢄꢃ
ꢁꢔꢉꢎꢃ >ꢁꢀ@ꢌꢃ 89ꢃ VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢈꢅꢃ ꢍꢑꢌꢋꢉꢎꢄꢃ
ꢈꢆꢀꢃꢍꢂꢌꢁꢉꢎꢌꢃ,5ꢃVSHFWUXPꢔꢃ ꢍ& 2ꢎꢃꢁꢊꢂꢆꢃFP ꢌꢃ +ꢃ105ꢃ
VSHFWUXPꢄꢃ ꢄꢃ SSPꢔꢃ ꢁꢌꢊꢉꢃ Vꢃ ꢍꢊ+ꢄꢃ ꢅ&+ ꢎꢄꢃ ꢅꢌꢑꢀꢃ Vꢃ ꢍꢊ+ꢄꢃ
ꢅ&+ ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢁ ꢄꢃSSPꢔꢃꢅꢊꢌꢂꢃꢍ&+ ꢎꢄꢃꢅꢋꢌꢅꢃ
ꢍ6&+ ꢎꢄꢃꢂꢀꢌꢈꢃꢍ& ꢎꢄꢃꢁꢆꢉꢌꢁꢃꢍ& ꢎꢄꢃꢁꢊꢈꢌꢋꢃꢍ& ꢎꢌꢃ0DVVꢃVSHFꢇ
WUXPꢄꢃ Pꢒ]ꢃ ꢍ, ꢄꢃ-ꢎꢔꢃ ꢅꢆꢉꢃ ꢍꢉꢆꢎꢃ>0@ ꢄꢃ ꢁꢀꢑꢃ ꢍꢉꢎꢄꢃ ꢁꢉꢋꢃ ꢍꢉꢆꢎꢄꢃ
ꢁꢆꢅꢃꢍꢁꢆꢆꢎꢄꢃꢀꢋꢃꢍꢊꢋꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃ&ꢃꢉꢋꢌꢁꢁꢐꢃ+ꢃꢂꢌꢀꢉꢌꢃ
& + 2 6ꢌꢁ&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢉꢋꢌꢆꢂꢐꢃ+ꢃꢂꢌꢑꢅꢌꢃꢃ
$ꢅ7ꢀ‚€‚ꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚r†ꢁ Whꢁ hqꢁ Wiꢁ
ꢆJHQHUDOꢁSURFHGXUHꢇꢂꢃ$ꢃVROXWLRQꢃRIꢃꢁꢌꢉꢂꢃJꢃꢍꢈꢊꢃPPROꢎꢃRIꢃ
VRGLXPꢃ K\GUR[LGHꢃ LQꢃ ꢂꢌꢂꢃ POꢃ RIꢃ ZDWHUꢃ ZDVꢃ SODFHGꢃ LQꢃꢃ
Dꢃ ꢁꢆꢆꢇPOꢃ (UOHQPH\HUꢃIODVNꢃ DQGꢃFRROHGꢃWRꢃ ꢆƒ&ꢃ ZLWKꢃꢃ
DQꢃ LFH±ZDWHUꢃ PL[WXUHꢄꢃ DQGꢃ ꢈꢂꢃ PPROꢃ RIꢃ GLR[DQHGLRQHꢃ
DWhꢃ RUꢃ DWiꢃ ZDVꢃ DGGHGꢌꢃ :KHQꢃ WKHꢃ PL[WXUHꢃ EHFDPHꢃ
KRPRJHQHRXVꢄꢃꢅꢌꢀꢃJꢃꢍꢁꢋꢌꢂꢃPPROꢎꢃRIꢃEURPLQHꢃZDVꢃ
DGGHGꢃRYHUꢃDꢃSHULRGꢃRIꢃꢅꢆꢃPLQꢃXQGHUꢃYLJRURXVꢃVWLUULQJꢃ
XVLQJꢃDꢃPDJQHWLFꢃVWLUUHUꢄꢃWKHꢃPL[WXUHꢃZDVꢃGLOXWHGꢃZLWKꢃ
ꢂꢌꢂꢃPOꢃRIꢃZDWHUꢄꢃWKHꢃVHFRQGꢃSRUWLRQꢃRIꢃEURPLQHꢄꢃꢅꢌꢀꢃJꢃ
ꢍꢁꢋꢌꢂꢃPPROꢎꢄꢃZDVꢃDGGHGꢃRYHUꢃDꢃSHULRGꢃRIꢃꢅꢆꢃPLQꢄꢃDQGꢃ
WKHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃRIIꢄꢃZDVKHGꢃZLWKꢃꢁꢂꢃPOꢃꢃ
RIꢃ ZDWHUꢄꢃ DQGꢃ GULHGꢃ LQꢃ DLUꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢅꢃ Kꢌꢃꢃ
ꢂꢇ%URPRGLR[DQHGLRQHVꢃWhꢃDQGꢃWiꢃWKXVꢃREWDLQHGꢃZHUHꢃ
LPPHGLDWHO\ꢃXVHGꢃLQꢃIXUWKHUꢃV\QWKHVHVꢌꢃꢃ
!ꢅWHUWꢅ7ˆ‡’yꢅ$ꢅqv€r‡u’y†ˆys‚v‚ꢅ!ꢅ€r‡u’yꢅ#ꢄ%ꢅqvꢅ
‚‘‚ꢅ ꢄ"ꢅqv‚‘hꢅ$ꢅvqrꢁ ꢆDDDiꢇꢃZDVꢃREWDLQHGꢃIURPꢃꢂꢌꢈꢃJꢃ
ꢍꢅꢁꢃPPROꢎꢃRIꢃꢂꢇEURPRGLR[DQHGLRQHꢃWiꢌꢃ<LHOGꢃꢁꢌꢅꢈꢃJꢃ
ꢍꢅꢂ-ꢎꢄꢃ PSꢃ ꢁꢊꢊ±ꢁꢊꢀƒ&ꢃ ꢍGHFRPSꢌꢐꢃ IURPꢃ 0H2+±(W 2ꢄꢃ
ꢁꢔꢉꢎꢌꢃ 89ꢃ VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢈꢅꢃ ꢍꢑꢌꢉꢅꢎꢄꢃ ꢈꢆꢊꢃ
ꢍꢅꢌꢈꢆꢎꢌꢃ,5ꢃVSHFWUXPꢔꢃ ꢍ& 2ꢎꢃꢁꢊꢉꢆꢃFP ꢌꢃ +ꢃ105ꢃ
VSHFWUXPꢄꢃ ꢄꢃ SSPꢔꢃ ꢁꢌꢆꢀꢃ Vꢃ ꢍꢑ+ꢄꢃ ꢈ&+ ꢎꢄꢃ ꢁꢌꢊꢅꢃ Vꢃ ꢍꢈ+ꢄꢃ
&+ ꢎꢄꢃꢈꢌꢆꢆꢃVꢃꢍꢊ+ꢄꢃ60H ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃ
ꢁꢀꢌꢑꢃ ꢍ&+ ꢎꢄꢃ ꢅꢉꢌꢑꢃ ꢍ&+ ꢎꢄꢃ ꢅꢋꢌꢉꢃ ꢍ6&+ ꢎꢄꢃ ꢈꢑꢌꢉꢃ ꢍ80H ꢎꢄꢃ
ꢂꢋꢌꢑꢃꢍ& ꢎꢄꢃꢁꢆꢑꢌꢅꢃꢍ& ꢎꢄꢃꢁꢊꢉꢌꢆꢃꢍ& ꢎꢌꢃ0DVVꢃVSHFWUXPꢄꢃPꢒ]ꢃ
ꢍ, ꢄꢃ-ꢎꢔꢃꢅꢉꢊꢃꢍꢈꢎꢃ>0@ ꢄꢃꢅꢈꢁꢃꢍꢅꢎꢄꢃꢅꢆꢂꢃꢍꢅꢎꢄꢃꢁꢀꢑꢃꢍꢅꢈꢎꢄꢃꢁꢉꢋꢃ
ꢍꢁꢆꢆꢎꢄꢃꢁꢆꢈꢃꢍꢁꢉꢎꢄꢃꢀꢑꢃꢍꢅꢁꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃ&ꢃꢂꢈꢌꢂꢀꢐꢃ+ꢃꢋꢌꢈꢅꢌꢃ
& + 2 6ꢌꢁ&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢂꢈꢌꢊꢉꢐꢃ+ꢃꢋꢌꢈꢋꢌꢃ
$ꢅ7ꢀ‚€‚ꢅ!ꢄ!ꢅqv€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ
ꢆWhꢇꢂꢃ<LHOGꢃꢂꢌꢁꢃJꢃꢍꢊꢂ-ꢎꢄꢃPSꢃꢑꢆ±ꢑꢁƒ&ꢌꢃ +ꢃ105ꢃVSHFꢇ
WUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢀꢂꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢑꢈꢃꢍꢈ+ꢄꢃ&+ꢎꢄꢃꢂꢌꢁꢊꢃVꢃ
ꢍꢁ+ꢄꢃ &+ꢎꢌꢃ &ꢃ 105ꢃ VSHFWUXPꢄꢃ ꢄꢃ SSPꢔꢃ ꢅꢀꢌꢅꢃ ꢍ&+ ꢎꢄꢃ
ꢅꢀꢌꢈꢃꢍ&+ ꢎꢄꢃꢈꢉꢌꢉꢃꢍ& ꢎꢄꢃꢁꢆꢋꢌꢋꢃꢍ& ꢎꢄꢃꢁꢊꢁꢌꢈꢃꢍ& ꢎꢌꢁ
Brrꢀhyꢁƒꢀ‚prqˆꢀrꢁs‚ꢀꢁphꢀꢀ’vtꢁ‚ˆ‡ꢁƒu‚‡‚pur€ꢅ
vphyꢁ ꢀrhp‡v‚†ꢂꢃ 'LD]RGLR[DQHGLRQHVꢃ DDꢃ DQGꢃ VXOIRQLXPꢃ
\OLGHVꢃ DDDꢃ ZHUHꢃ LUUDGLDWHGꢃDWꢃ ꢁꢀ±ꢅꢆƒ&ꢃ ZLWKꢃ IXOOꢃ VSHFꢇ
WUXPꢃRIꢃDꢃ+DQDXꢃ6ꢇꢀꢁꢃPHGLXPꢇSUHVVXUHꢃPHUFXU\ꢃODPSꢃ
ꢍꢁꢆꢆ±ꢁꢈꢆꢃ:ꢎꢃLQꢃDꢃꢀꢆꢇꢃRUꢃꢅꢂꢇPOꢃUHDFWRUꢃHTXLSSHGꢃZLWKꢃꢃ
DꢃTXDUW]ꢃRUꢃ3\UH[ꢃMDFNHWꢃRUꢃDꢃJODVVꢃILOWHUꢃꢍ ꢃ!ꢃꢅꢁꢆꢄꢃꢅꢀꢆꢄꢃ
DQGꢃ ꢈꢁꢆꢃ QPꢄꢃ UHVSHFWLYHO\ꢎꢌꢃ7KHꢃ SURJUHVVꢃ RIꢃ UHDFWLRQVꢃ
ZDVꢃ PRQLWRUHGꢃ E\ꢃ 7/&ꢃ RUꢃ ꢍLQꢃ WKHꢃ WUDQVIRUPDWLRQVꢃ RIꢃ
GLD]RꢃFRPSRXQGVꢃDDꢃDQGꢃGLD]LULQHVꢃDDDꢎꢃE\ꢃWKHꢃYROXPHꢃ
RIꢃ OLEHUDWHGꢃ QLWURJHQꢌꢃ 7KHꢃ UHDFWRUꢃ ZDVꢃ FKDUJHGꢃ ZLWKꢃꢃ
DꢃVROXWLRQꢃRIꢃꢁ±ꢁꢆꢃPPROꢃRIꢃFRPSRXQGꢃDDꢃRUꢃDDDꢃLQꢃꢅꢆ±
$ꢅ7ꢀ‚€‚ꢅ!ꢅWHUWꢁiˆ‡’yꢅ!ꢅ€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅ
qv‚rꢁꢆWiꢇꢁꢆDꢃPL[WXUHꢃRIꢃWZRꢃVWHUHRLVRPHUVꢃDWꢃDꢃUDWLRꢃ
RIꢃ ꢅ ꢔ ꢈꢇꢂꢃ <LHOGꢃ ꢋꢌꢆꢉꢃ Jꢃ ꢍꢋꢊ-ꢎꢄꢃ PSꢃ ꢁꢅꢆ±ꢁꢅꢅƒ&ꢃ
ꢍGHFRPSꢌꢎꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRLVRPHUꢃ ꢔꢃ
ꢁꢌꢁꢈꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢋꢋꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢉꢌꢀꢋꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢐꢃ
VWHUHRLVRPHUꢃ!ꢔꢃꢁꢌꢁꢂꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢑꢅꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃ
ꢂꢌꢉꢆꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢌꢃꢃ
Tˆys‚vˆ€ꢁ ’yvqr†ꢁ DDDhꢁ hqꢁ DDDiꢁ ꢆJHQHUDOꢁ SURFHꢋ
GXUHꢇꢂꢃ$ꢃ ꢁꢆꢆꢇPOꢃ (UOHQPH\HUꢃ IODVNꢃ HTXLSSHGꢃ ZLWKꢃꢃ ꢀꢆꢃPOꢃRIꢃIUHVKO\ꢃGLVWLOOHGꢃ7+)ꢃRUꢃ0H 6ꢃFRQWDLQLQJꢃꢍLIꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
ꢀꢅꢈꢃ
ꢁꢆꢆꢃPLQꢄꢃIROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃ
DFFRUGLQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃJDYHꢃꢆꢌꢅꢁꢉꢃJꢃ
ꢍꢊꢊ-ꢎꢃ RIꢃ PHWK\Oꢃ HVWHUꢃ WDDDiꢃ ꢍVWHUHRLVRPHUꢃ UDWLRꢃ
ꢁꢔꢁꢌꢆꢂꢎꢌꢃ'LD]LULQHꢃWDiꢃDQGꢃGLR[DQHGLRQHꢃDWiꢃZHUHꢃ
GHWHFWHGꢃ LQꢃ WKHꢃ UHDFWLRQꢃ PL[WXUHꢃ GXULQJꢃ WKHꢃ SKRWRꢇ
FKHPLFDOꢃSURFHVVꢃE\ꢃ +ꢃ105ꢃVSHFWURVFRS\ꢌꢃ
QHFHVVDU\ꢎꢃ ꢁ±ꢅꢃ POꢃ RIꢃ Dꢃ QXFOHRSKLOLFꢃ UHDJHQWꢃ ꢍ+ 2ꢃ RUꢃ
0H2+ꢎꢄꢃDQGꢃWKHꢃVROXWLRQꢃZDVꢃLUUDGLDWHGꢃXQWLOꢃWKHꢃLQLWLDOꢃ
FRPSRXQGꢃꢍDDꢃRUꢃ DDDꢎꢃGLVDSSHDUHGꢃDFFRUGLQJꢃWRꢃWKHꢃ
7/&ꢃ GDWDꢌꢃ 7KHꢃ VROYHQWꢃ DQGꢃ H[FHVVꢃ QXFOHRSKLOHꢃ ZHUHꢃ
GLVWLOOHGꢃRIIꢃDWꢃꢁꢀ±ꢅꢆƒ&ꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢃꢍILUVWꢃDWꢃ
ꢁꢂ±ꢅꢆꢃPPꢃDQGꢃWKHQꢃDWꢃꢁ±ꢅꢃPPꢎꢄꢃWKHꢃUHVLGXHꢃZDVꢃ
GLVVROYHGꢃLQꢃꢅꢂ±ꢈꢆꢃPOꢃRIꢃPHWK\OHQHꢃFKORULGHꢄꢃWKHꢃ
VROXWLRQꢃZDVꢃGULHGꢃIRUꢃꢅꢃKꢃRYHUꢃDQK\GURXVꢃPDJQHVLXPꢃ
VXOIDWHꢄꢃ WKHꢃ VROYHQWꢃ ZDVꢃ GLVWLOOHGꢃ RIIꢄꢃ DQGꢃ WKHꢃ UHVLGXHꢃ
ZDVꢃVXEMHFWHGꢃWRꢃFKURPDWRJUDSK\ꢃRQꢃQHXWUDOꢃVLOLFDꢃJHOꢃ
ꢍꢅꢆ±ꢈꢂꢃJꢎꢃXVLQJꢃSHWUROHXPꢃHWKHU±GLHWK\OꢃHWKHUꢃPL[WXUHVꢃ
DVꢃ HOXHQWꢃ ꢍJUDGLHQWꢃ HOXWLRQꢎꢌꢃ 3DUWLFXODUꢃ IUDFWLRQVꢃ ZHUHꢃ
GULHGꢃRYHUꢃPDJQHVLXPꢃVXOIDWHꢃDQGꢃHYDSRUDWHGꢄꢃDQGꢃWKHꢃ
SURGXFWVꢃ ZHUHꢃ SXULILHGꢃ E\ꢃ UHFU\VWDOOL]DWLRQꢃ RUꢃ VXEꢇ
OLPDWLRQꢃDQGꢃDQDO\]HGꢃE\ꢃVSHFWUDOꢃPHWKRGVꢌꢃ7KHꢃ\LHOGVꢃ
RIꢃFRPSRXQGVꢃDDDꢄꢃDWꢄꢃDQGꢃWD±YDDꢃDUHꢃJLYHQꢃIRUꢃWKHꢃ
LVRODWHGꢃDQGꢃSXULILHGꢃVXEVWDQFHVꢌꢃ
Qu‚‡‚y’†v†ꢁ ‚sꢁ qvh“‚qv‚‘hrqv‚r†ꢁ DDhꢁ hqꢁ DDiꢁ
v‡uꢁ †u‚ꢀ‡ꢅh‰rꢁ VWꢁ yvtu‡ꢁ ꢆ ꢁ 3ꢁ ! ꢈꢁ €ꢄꢁ „ˆhꢀ‡“ꢁ
svy‡rꢀꢇꢂꢃ ,UUDGLDWLRQꢃ RIꢃꢁꢌꢋꢃ Jꢃ ꢍꢁꢆꢃ PPROꢎꢃ RIꢃ GLD]Rꢃ FRPꢇ
SRXQGꢃDDhꢃLQꢃ7+)±+ 2ꢃꢍꢋꢆ ꢔ ꢁꢎꢃRYHUꢃDꢃSHULRGꢃRIꢃꢃ
ꢋꢂꢃPLQꢄꢃIROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃ
DFFRUGLQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃJDYHꢃꢍLQꢃWKHꢃRUGHUꢃ
RIꢃHOXWLRQꢎꢃꢆꢌꢅꢃJꢃꢍꢁꢅ-ꢎꢃRIꢃGLD]LULQHꢃWDhꢄꢃꢆꢌꢆꢈꢉꢃJꢃꢍꢅ-ꢎꢃ
RIꢃGLD]RGLR[DQHGLRQHꢃDDhꢄꢃꢆꢌꢑꢂꢃJꢃꢍꢂꢊ-ꢎꢃRIꢃꢂꢇR[RꢃDFLGꢃ
WDDhꢄꢃDQGꢃꢆꢌꢆꢀꢂꢃJꢃꢍꢊ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ
,UUDGLDWLRQꢃRIꢃꢁꢌꢋꢃJꢃꢍꢁꢆꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDhꢃ LQꢃ 7+)±0H2+ꢃ ꢍꢀꢆꢔꢁꢎꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢋꢂꢃ PLQꢄꢃ
IROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDFFRUGꢇ
LQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃJDYHꢃꢆꢌꢆꢋꢃJꢃꢍꢂ-ꢎꢃRIꢃ
GLD]LULQHꢃ WDhꢄꢃ ꢁꢌꢁꢃ Jꢃ ꢍꢊꢉ-ꢎꢃ RIꢃ PHWK\Oꢃ HVWHUꢃ WDDDhꢄꢃ
ꢆꢌꢆꢁꢂꢃ Jꢃ ꢍꢁ-ꢎꢃ RIꢃ LQLWLDOꢃ FRPSRXQGꢃ DDhꢄꢃ DQGꢃ ꢆꢌꢆꢉꢂꢃ Jꢃ
ꢍꢈ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ
$ꢃVROXWLRQꢃRIꢃꢆꢌꢁꢋꢃJꢃꢍꢁꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDhꢃLQꢃꢅꢂꢃPOꢃRIꢃIUHVKO\ꢃGLVWLOOHGꢃGLPHWK\OꢃVXOILGHꢃZDVꢃ
LUUDGLDWHGꢃXQWLOꢃWKHꢃLQLWLDOꢃGLD]RꢃFRPSRXQGꢃGLVDSSHDUHGꢃ
ꢍꢁꢅꢆꢃPLQꢐꢃ7/&ꢃDQGꢃ,5ꢃPRQLWRULQJꢎꢌꢃ$FFRUGLQJꢃWRꢃWKHꢃ
+ꢃ 105ꢃ GDWDꢄꢃ WKHꢃ PL[WXUHꢃ FRQWDLQHGꢃ ꢆꢌꢆꢈꢋꢃ Jꢃ ꢍꢁꢀ-ꢄꢃ
GHWHUPLQHGꢃ ZLWKꢃ WKHꢃ XVHꢃ RIꢃ LQWHUQDOꢃ VWDQGDUGꢎꢃ RIꢃ VXOꢇ
IRQLXPꢃ\OLGHꢃDDDhꢌꢃ
Qu‚‡‚y’†v†ꢁ‚sꢁqvh“‚qv‚‘hrqv‚r†ꢁDDhꢁhqꢁDDiꢁh‡ꢁꢁ
ꢁ 3ꢁ !'ꢈꢁ €ꢁ ꢆQ’ꢀr‘ꢁ svy‡rꢀꢇꢂꢃ ,UUDGLDWLRQꢃ RIꢃ ꢆꢌꢀꢂꢃ Jꢃꢃ
ꢍꢂꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃDDhꢃLQꢃ7+)±+ 2ꢃꢍꢋꢆꢔꢅꢎꢃ
RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢊꢃ Kꢄꢃ IROORZHGꢃ E\ꢃ WUHDWPHQWꢃ RIꢃ WKHꢃ
UHDFWLRQꢃ PL[WXUHꢃ DFFRUGLQJꢃ WRꢃ WKHꢃ JHQHUDOꢃ SURFHGXUHꢄꢃ
JDYHꢃꢆꢌꢅꢊꢈꢃJꢃꢍꢈꢁ-ꢎꢃRIꢃGLD]LULQHꢃWDhꢄꢃꢆꢌꢁꢑꢅꢃJꢃꢍꢅꢉ-ꢎꢃRIꢃ
DFLGꢃWDDhꢄꢃDQGꢃꢆꢌꢆꢊꢉꢃJꢃꢍꢑ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ
,UUDGLDWLRQꢃRIꢃꢆꢌꢑꢁꢃJꢃꢍꢂꢌꢈꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDhꢃ LQꢃ7+)±0H2+ꢃ ꢍꢊꢆꢔꢅꢎꢃ RYHUꢃ Dꢃ SHULRGꢃRIꢃ ꢑꢃ Kꢄꢃ IROꢇ
ORZHGꢃꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDFFRUGLQJꢃ
WRꢃ WKHꢃ JHQHUDOꢃ SURFHGXUHꢄꢃ JDYHꢃ ꢆꢌꢅꢆꢋꢃ Jꢃ ꢍꢅꢈ-ꢎꢃ RIꢃ GLꢇ
D]LULQHꢃWDhꢄꢃꢆꢌꢅꢈꢃJꢃꢍꢅꢂ-ꢎꢃRIꢃPHWK\OꢃHVWHUꢃWDDDhꢄꢃDQGꢃ
ꢆꢌꢆꢊꢁꢃJꢃꢍꢀ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ'XULQJꢃWKHꢃSKRWROꢇ
\VLVꢄꢃꢆꢌꢁꢈꢃJꢃꢍꢁꢉ-ꢃLQꢃꢀꢃKꢎꢃRIꢃHWKHUꢃDYhꢃZDVꢃLGHQWLILHGꢃLQꢃ
WKHꢃ UHDFWLRQꢃ PL[WXUHꢄꢃ EXWꢃ ZHꢃ IDLOHGꢃ WRꢃ LVRODWHꢃ WKLVꢃ
SURGXFWꢃZKHQꢃWKHꢃSKRWRO\VLVꢃZDVꢃFRPSOHWHꢌꢃ
Qu‚‡‚y’†v†ꢁ‚sꢁqvh“‚qv‚‘hrqv‚r†ꢁDDhꢁhqꢁDDiꢁ
v‡uꢁ y‚tꢅh‰rꢁ VWꢁ yvtu‡ꢂꢃ ,UUDGLDWLRQꢃ RIꢃ ꢁꢌꢋꢃ Jꢃꢃ
ꢍꢁꢆꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃDDhꢃLQꢃ7+)±+ 2ꢃ
ꢍꢋꢆꢔꢆꢌꢂꢎꢃRYHUꢃDꢃSHULRGꢃRIꢃꢀꢃKꢄꢃIROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃ
WKHꢃ UHDFWLRQꢃ PL[WXUHꢃ DFFRUGLQJꢃ WRꢃ WKHꢃ JHQHUDOꢃ SURFHꢇ
GXUHꢄꢃJDYHꢃꢆꢌꢋꢈꢁꢃJꢃꢍꢉꢈ-ꢎꢃRIꢃGLD]LULQHꢃWDhꢄꢃꢆꢌꢂꢁꢃJꢃ
ꢍꢈꢆ-ꢎꢃRIꢃLQLWLDOꢃFRPSRXQGꢃDDhꢄꢃꢆꢌꢅꢆꢀꢃJꢃꢍꢁꢈ-ꢎꢃRIꢃꢂꢇR[Rꢃ
DFLGꢃWDDhꢄꢃDQGꢃꢆꢌꢆꢅꢑꢃJꢃꢍꢂ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ
,UUDGLDWLRQꢃRIꢃꢆꢌꢀꢂꢃJꢃꢍꢂꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDhꢃLQꢃ7+)±0H2+ꢃꢍꢅꢆꢔꢁꢎꢃRYHUꢃDꢃSHULRGꢃRIꢃꢑꢃKꢃLQꢃDꢃꢅꢂꢇ
POꢃUHDFWRUꢄꢃIROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[ꢇ
WXUHꢃDFFRUGLQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃJDYHꢃꢆꢌꢈꢈꢅꢃJꢃ
ꢍꢈꢑ-ꢎꢃRIꢃGLD]LULQHꢃWDhꢄꢃꢆꢌꢁꢂꢃJꢃꢍꢁꢋ-ꢎꢃRIꢃPHWK\OꢃHVWHUꢃ
WDDDhꢄꢃꢆꢌꢅꢁꢋꢃJꢃꢍꢅꢊ-ꢎꢃRIꢃLQLWLDOꢃFRPSRXQGꢃDDhꢄꢃDQGꢃ
ꢆꢌꢆꢂꢀꢃJꢃꢍꢀ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWhꢌꢃ'XULQJꢃWKHꢃSKRWROꢇ
\VLVꢄꢃꢆꢌꢁꢅꢅꢃJꢃꢍꢁꢉ-ꢃLQꢃꢊꢃKꢎꢃRIꢃHWKHUꢃDYhꢃZDVꢃLGHQWLILHGꢃ
LQꢃ WKHꢃ UHDFWLRQꢃ PL[WXUHꢄꢃ EXWꢃ ZHꢃ IDLOHGꢃ WRꢃ LVRODWHꢃ WKLVꢃ
SURGXFWꢃZKHQꢃWKHꢃSKRWRO\VLVꢃZDVꢃFRPSOHWHꢌꢃꢃ
,UUDGLDWLRQꢃ RIꢃ ꢁꢃ Jꢃ ꢍꢉꢌꢋꢃ PPROꢎꢃ RIꢃ GLD]Rꢃ FRPSRXQGꢃ
DDiꢃLQꢃ7+)±+ 2ꢃꢍꢋꢆꢔꢁꢎꢃRYHUꢃDꢃSHULRGꢃRIꢃꢋꢂꢃPLQꢄꢃ
IROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDFFRUGꢇ
LQJꢃ WRꢃ WKHꢃ JHQHUDOꢃ SURFHGXUHꢄꢃ JDYHꢃ ꢍLQꢃ WKHꢃ RUGHUꢃ RIꢃ
HOXWLRQꢎꢃꢆꢌꢆꢉꢉꢃJꢃꢍꢂ-ꢎꢃRIꢃGLD]LULQHꢃWDiꢄꢃꢆꢌꢆꢁꢉꢃJꢃꢍaꢅ-ꢎꢃ
RIꢃ LQLWLDOꢃ FRPSRXQGꢃ DDiꢄꢃ ꢆꢌꢂꢑꢅꢃ Jꢃ ꢍꢊꢅ-ꢎꢃ RIꢃ VWHUHRꢇ
LVRPHULFꢃ ꢂꢇR[Rꢃ DFLGVꢃ WDDiꢃ ꢍUDWLRꢃ aꢁꢔꢁꢎꢄꢃ DQGꢃ ꢆꢌꢆꢅꢊꢃ Jꢃ
ꢍꢈ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWiꢌꢃ
,UUDGLDWLRQꢃRIꢃꢁꢌꢆꢅꢃJꢃꢍꢉꢌꢀꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDiꢃLQꢃ7+)±+ 2ꢃꢍꢋꢆꢔꢁꢎꢃRYHUꢃDꢃSHULRGꢃRIꢃꢁꢅꢃKꢃJDYHꢃ
ꢆꢌꢉꢆꢋꢃJꢃꢍꢉꢆ-ꢎꢃRIꢃGLD]LULQHꢃWDiꢄꢃꢆꢌꢁꢈꢅꢃJꢃꢍꢁꢈ-ꢎꢃRIꢃ
LQLWLDOꢃFRPSRXQGꢃDDiꢄꢃꢆꢌꢁꢋꢉꢃJꢃꢍꢁꢀ-ꢎꢃRIꢃꢂꢇR[RꢃDFLGꢃ
WDDiꢄꢃDQGꢃꢆꢌꢆꢂꢉꢃJꢃꢍꢂ-ꢎꢃRIꢃGLR[DQHGLRQHꢃDWiꢌꢃ
,UUDGLDWLRQꢃRIꢃꢁꢌꢊꢁꢃJꢃꢍꢋꢌꢊꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDiꢃ LQꢃ 7+)±0H2+ꢃ ꢍꢋꢆꢔꢈ ꢎꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢑꢃ Kꢄꢃ
IROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDFFRUGꢇ
,UUDGLDWLRQꢃ RIꢃ ꢆꢌꢈꢁꢀꢃ Jꢃ ꢍꢁꢌꢂꢃ PPROꢎꢃ RIꢃ GLD]Rꢃ FRPꢇ
SRXQGꢃ DDiꢃ LQꢃ 7+)±0H2+ꢃ ꢍꢅꢉꢔꢆꢌꢊꢎꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ LQJꢃ WRꢃ WKHꢃ JHQHUDOꢃ SURFHGXUHꢄꢃ JDYHꢃ ꢆꢌꢊꢑꢅꢃ Jꢃ ꢍꢉꢈ -ꢎꢃ RIꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢅꢉꢃ
GLD]LULQHꢃ WDiꢄꢃ ꢆꢌꢈ ꢁꢁꢃ Jꢃ ꢍꢁꢑ-ꢎꢃ RIꢃ PHWK\Oꢃ HVWHUꢃWDDDiꢄꢃ
DQGꢃꢆꢌꢈꢋꢆꢃJꢃꢍꢅꢈ-ꢎꢃRIꢃLQLWLDOꢃFRPSRXQGꢃDDiꢐꢃGLR[DQHꢇ
%ꢅWHUWꢅ7ˆ‡’yꢅ%ꢅ€r‡u’yꢅ$ꢄ&ꢅqv‚‘hꢅ ꢄ!ꢅqvh“h†ƒvꢀ‚ꢅ
b!ꢄ$d‚p‡ꢅ ꢅrrꢅ#ꢄ'ꢅqv‚rꢁ ꢆWDiꢇꢂꢁ <LHOGꢃ ꢆꢌꢀꢂꢃ Jꢃ ꢍꢉꢆ-ꢎꢄꢃ
GLRQHꢃDWiꢃZDVꢃGHWHFWHGꢃDPRQJꢃWKHꢃSURGXFWVꢃE\ꢃ7/&ꢌꢃ PSꢃꢋꢁ±ꢋꢈƒ&ꢃꢍIURPꢃSHWUROHXPꢃHWKHU±GLHWK\OꢃHWKHUꢄꢃ
'XULQJꢃ WKHꢃ SKRWRO\VLVꢄꢃ ꢆꢌꢁꢋꢃ Jꢃ ꢍꢁꢊ-ꢃ LQꢃ ꢉꢃ Kꢎꢃ RIꢃ FRPꢇ
SRXQGꢃDYiꢃZDVꢃLGHQWLILHGꢃLQꢃWKHꢃUHDFWLRQꢃPL[WXUHꢄꢃEXWꢃ
ZHꢃ IDLOHGꢃ WRꢃ LVRODWHꢃ WKLVꢃ SURGXFWꢃ ZKHQꢃ WKHꢃ SKRWRO\VLVꢃ
ZDVꢃFRPSOHWHꢌꢃ
ꢈꢔꢁꢎꢌꢃ 89ꢃ VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢂꢆꢃ ꢍꢅꢌꢁꢀꢎꢄꢃ ꢅꢀꢑꢃ
ꢍꢁꢌꢉꢀꢎꢌꢃ,5ꢃVSHFWUXPꢔꢃ ꢍ& 2ꢎꢃꢁꢋꢋꢆꢃFP ꢌꢃ +ꢃ105ꢃ
VSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢅꢁꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢑꢀꢃVꢃꢍꢈ+ꢄꢃ
&+ ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢈꢌꢀꢃꢍꢈ&+ ꢎꢄꢃꢅꢉꢌꢋꢃ
ꢍ&+ ꢎꢄꢃꢅꢂꢌꢈꢃꢍ& ꢎꢄꢃꢈꢑꢌꢀꢃꢍ80H ꢎꢄꢃꢁꢁꢈꢌꢉꢃꢍ& ꢎꢄꢃꢁꢊꢅꢌꢈꢃꢍ& ꢎꢌꢃ
0DVVꢃVSHFWUXPꢄꢃPꢒ]ꢃꢍ, ꢄꢃ-ꢎꢔꢃꢁꢑꢋꢃꢍꢁꢎꢃ>0ꢃ±ꢃꢁꢂ@ ꢄꢃꢁꢂꢂꢃ
ꢍꢉꢆꢎꢄꢃ ꢁꢆꢆꢃ ꢍꢂꢎꢄꢃ ꢀꢂꢃ ꢍꢑꢎꢄꢃ ꢂꢋꢃ ꢍꢁꢆꢆꢎꢄꢃ ꢉꢈꢃ ꢍꢊꢆꢎꢌꢃ )RXQGꢄꢃ -ꢔꢃꢃ
&ꢃꢂꢆꢌꢀꢑꢐꢃ+ꢃꢂꢌꢊꢆꢐꢃ1ꢃꢁꢈꢌꢅꢆꢌꢃ& + 1 2 ꢌ&DOFXODWHGꢄꢃ-ꢔꢃ
&ꢃꢂꢆꢌꢑꢅꢐꢃ+ꢃꢂꢌꢊꢊꢐꢃ1ꢃꢁꢈꢌꢁꢀꢌꢃ
,UUDGLDWLRQꢃRIꢃꢁꢌꢆꢋꢃJꢃꢍꢊꢌꢈꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDhꢃLQꢃꢀꢆꢃPOꢃRIꢃGLPHWK\OꢃVXOILGHꢃRYHUꢃDꢃSHULRGꢃRIꢃꢅꢀꢃKꢄꢃ
IROORZHGꢃE\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDFFRUGꢇ
LQJꢃWRꢃWKHꢃJHQHUDOꢃSURFHGXUHꢄꢃJDYHꢃꢆꢌꢈꢊꢃJꢃꢍꢅꢀ-ꢎꢃRIꢃ
VXOIRQLXPꢃ\OLGHꢃDDDhꢃꢍE\ꢃFKURPDWRJUDSK\ꢃRQꢃꢁꢅꢃJꢃRIꢃ
VLOLFDꢃJHOꢃXVLQJꢃꢁꢂꢆꢃPOꢃRIꢃHWKDQROꢃDVꢃHOXHQWꢎꢌꢃ
!ꢄ!ꢅ9v€r‡u’yꢅ$ꢅ‚‘‚ꢅ ꢄ"ꢅqv‚‘‚yhrꢅ#ꢅphꢀi‚‘’yvpꢁ
hpvqꢁꢆWDDhꢇꢂꢃPSꢃꢁꢆꢂ±ꢁꢆꢋƒ&ꢃꢍIURPꢃGLHWK\OꢃHWKHUꢎꢃ>ꢅꢁ@ꢌꢃ
,5ꢃ VSHFWUXPꢄꢃ ꢄꢃ FP ꢔꢃ ꢁꢋꢉꢈꢄꢃ ꢁꢋꢋꢑꢃ ꢍ& 2ꢎꢌꢃ +ꢃ 105ꢃ
VSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢊꢊꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢋꢅꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃ
ꢂꢌꢆꢈꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢄꢃꢀꢌꢆꢆꢃEUꢌVꢃꢍꢁ+ꢄꢃ&22+ꢎꢌꢃ &ꢃ105ꢃ
VSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢋꢌꢈꢃꢍ&+ ꢎꢄꢃꢅꢋꢌꢉꢃꢍ&+ ꢎꢄꢃꢋꢈꢌꢑꢃꢍ& ꢎꢄꢃ
ꢁꢁꢉꢌꢁꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢊꢌꢉꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢑꢌꢈꢃ ꢍ&2 +ꢎꢌꢃ )RXQGꢄꢃ -ꢔꢃꢃ
&ꢃꢉꢂꢌꢆꢂꢐꢃ+ꢃꢂꢌꢁꢆꢌꢃ& + 2 ꢌꢁ&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢉꢂꢌꢆꢆꢐꢃꢃ
+ꢃꢂꢌꢆꢉꢌꢀꢀ
,UUDGLDWLRQꢃRIꢃꢁꢌꢆꢊꢃJꢃꢍꢂꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDiꢃLQꢃꢀꢆꢃPOꢃRIꢃ0H 6ꢃRYHUꢃDꢃSHULRGꢃRIꢃꢅꢀꢃKꢄꢃIROORZHGꢃ
E\ꢃWUHDWPHQWꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃDVꢃLQꢃWKHꢃSUHFHGꢇ
LQJꢃH[SHULPHQWꢄꢃJDYHꢃꢆꢌꢈꢈꢅꢃJꢃꢍꢅꢋ-ꢎꢃRIꢃ\OLGHꢃDDDiꢌꢃ
'LD]Rꢃ FRPSRXQGꢃ DDiꢄꢃ ꢁꢌꢆꢊꢃ Jꢃ ꢍꢂꢃ PPROꢎꢄꢃLQꢃ0H 6±
0H2+ꢃ ꢍꢋꢆꢔꢅꢎꢃ ZDVꢃ LUUDGLDWHGꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢀꢃ Kꢄꢃ
YRODWLOHꢃVXEVWDQFHVꢃZHUHꢃUHPRYHGꢃDWꢃꢅꢂ±ꢈꢆƒ&ꢃXQGHUꢃ
UHGXFHGꢃ SUHVVXUHꢃ ꢍꢁ±ꢅꢃ PPꢎꢄꢃ WKHꢃ GU\ꢃ UHVLGXHꢃ ZDVꢃ
DSSOLHGꢃWRꢃDꢃFROXPQꢃFKDUJHGꢃZLWKꢃQHXWUDOꢃVLOLFDꢃJHOꢃꢃ
ꢍꢈꢆꢃJꢎꢄꢃDQGꢃWKHꢃFROXPQꢃZDVꢃHOXWHGꢃILUVWꢃZLWKꢃSHWUROHXPꢃ
HWKHU±GLHWK\OꢃHWKHUꢃꢍJUDGLHQWꢃHOXWLRQꢎꢃDQGꢃWKHQꢃZLWKꢃ
HWKDQROꢃ ꢍꢁꢂꢆꢃ POꢎꢃ WRꢃ LVRODWHꢃ ꢍLQꢃ WKHꢃ RUGHUꢃ RIꢃ HOXWLRQꢎꢃ
ꢆꢌꢉꢂꢊꢃ Jꢃ ꢍꢉꢈ-ꢎꢃ RIꢃ GLD]LULQHꢃ WDiꢄꢃ ꢆꢌꢅꢆꢂꢃ Jꢃ ꢍꢁꢑ-ꢎꢃ RIꢃ
PHWK\OꢃHVWHUꢃWDDDiꢄꢃꢆꢌꢅꢆꢁꢃJꢃꢍꢁꢑ-ꢎꢃRIꢃLQLWLDOꢃFRPSRXQGꢃ
DDiꢄꢃDQGꢃꢆꢌꢆꢅꢂꢃJꢃꢍꢅ-ꢎꢃRIꢃVXOIRQLXPꢃ\OLGHꢃDDDiꢌꢃ
!ꢅWHUWꢅ7ˆ‡’yꢅ!ꢅ€r‡u’yꢅ$ꢅ‚‘‚ꢅ ꢄ"ꢅqv‚‘‚yhrꢅ#ꢅ
phꢀi‚‘’yvpꢁ hpvqꢁ ꢆWDDiꢇꢁ ꢆDꢃPL[WXUHꢃRIꢃVWHUHRLVRPHUVꢇꢂꢃ
PSꢃꢑꢉ±ꢑꢂƒ&ꢃꢍIURPꢃ&+&O ꢎꢌꢃ,5ꢃVSHFWUXPꢄꢃ ꢄꢃFP ꢔꢃ
ꢁꢋꢈꢆꢄꢃꢁꢋꢀꢆꢃꢍ& 2ꢎꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRꢇ
LVRPHUꢃ ꢔꢃꢁꢌꢁꢆꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢂꢂꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢉꢌꢑꢂꢃVꢃ
ꢍꢁ+ꢄꢃ&+ꢎꢄꢃꢑꢌꢅꢀꢃEUꢌVꢃꢍꢁ+ꢄꢃ2+ꢎꢐꢃVWHUHRLVRPHUꢃ!ꢔꢃꢁꢌꢆꢉꢃVꢃ
ꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢊꢋꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢉꢌꢑꢋꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢄꢃꢃ
ꢑꢌꢈꢂꢃEUꢌVꢃꢍꢁ+ꢄꢃ2+ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃ
VWHUHRLVRPHUꢃ ꢔꢃꢅꢆꢌꢋꢃꢍꢈ&+ ꢎꢄꢃꢅꢉꢌꢋꢃꢍ&+ ꢎꢄꢃꢈꢀꢌꢑꢃꢍ80H ꢎꢄꢃ
ꢋꢈꢌꢂꢃ ꢍ& ꢎꢄꢃ ꢁꢁꢀꢌꢉꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢊꢌꢋꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢀꢌꢀꢃ ꢍ&2 +ꢎꢐꢃ
VWHUHRLVRPHUꢃ!ꢔꢃꢅꢁꢌꢑꢃꢍꢈ&+ ꢎꢄꢃꢅꢉꢌꢋꢃꢍ&+ ꢎꢄꢃꢉꢆꢌꢁꢃꢍ80H ꢎꢄꢃ
ꢋꢂꢌꢁꢃꢍ& ꢎꢄꢃꢁꢁꢑꢌꢀꢃꢍ& ꢎꢄꢃꢁꢊꢊꢌꢋꢃꢍ& ꢎꢄꢃꢁꢋꢆꢌꢁꢃꢍ&2 +ꢎꢌꢃ
)RXQGꢄꢃ-ꢔꢃ&ꢃꢂꢈꢌꢂꢆꢐꢃ+ꢃꢋꢌꢆꢆꢌꢃ& + 2 ꢌꢁ &DOFXODWHGꢄꢃ-ꢔꢃ
&ꢃꢂꢈꢌꢉꢊꢐꢃ+ꢃꢊꢌꢑꢀꢌꢃꢃ
Dꢀꢀhqvh‡v‚ꢁ ‚sꢁ qvh“‚ꢁ p‚€ƒ‚ˆqꢁ DDhꢁvꢁ ‡urꢁ ƒꢀr†ꢅ
rprꢁ ‚sꢁ ir“‚ƒur‚rꢁ h†ꢁ †r†v‡v“rꢀꢂꢃ $ꢃ VROXWLRQꢃ RIꢃ
ꢆꢌꢂꢁꢃ Jꢃ ꢍꢈꢃPPROꢎꢃ RIꢃ GLD]RꢃFRPSRXQGꢃ DDhꢃLQꢃ ꢊꢆꢃ POꢃ RIꢃ
PHWKDQROꢃFRQWDLQLQJꢃꢅꢌꢑꢈꢃJꢃꢍꢁꢊꢃPPROꢎꢃRIꢃEHQ]RSKHQꢇ
RQHꢃ ZDVꢃ LUUDGLDWHGꢃ RYHUꢃDꢃ SHULRGꢃ RIꢃ ꢅꢂꢃ PLQꢌꢃ ,Qꢃ WKHꢃ
UHDFWLRQꢃ PL[WXUHꢃ ZHꢃ LGHQWLILHGꢃ ꢅꢄꢅꢇGLPHWK\OꢇꢁꢄꢈꢇGLꢇ
R[DQHꢇꢉꢄꢊꢇGLRQHꢃꢍDWhꢎꢃDVꢃWKHꢃRQO\ꢃSURGXFWꢌꢃ7KHꢃ\LHOGꢃ
RIꢃDWhꢃZDVꢃGHWHUPLQHGꢃE\ꢃWKHꢃLQWHUQDOꢃVWDQGDUGꢃWHFKꢇ
QLTXHꢔꢃꢆꢌꢉꢆꢉꢃJꢃꢍꢑꢈꢌꢊ-ꢎꢌꢁ
Hr‡u’yꢁ !ꢄ!ꢅqv€r‡u’yꢅ$ꢅ‚‘‚ꢅ ꢄ"ꢅqv‚‘‚yhrꢅ#ꢅphꢀꢅ
i‚‘’yh‡rꢁꢆWDDDhꢇꢂꢃESꢃꢂꢂ±ꢊꢆƒ&ꢃꢍꢁ±ꢅꢃPPꢎꢃ>ꢅꢁ@ꢌꢃ,5ꢃ
VSHFWUXPꢄꢃ ꢄꢃFP ꢔꢃꢁꢋꢋꢅꢄꢃꢁꢀꢆꢂꢃꢍ& 2ꢎꢌꢃ +ꢃ105ꢃVSHFꢇ
WUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢊꢈꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢋꢁꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢃ
ꢈꢌꢀꢊꢃVꢃꢍꢈ+ꢄꢃ2&+ ꢎꢄꢃꢉꢌꢑꢂꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢌꢃ &ꢃ105ꢃVSHFꢇ
WUXPꢄꢃ ꢄꢃ SSPꢔꢃ ꢅꢁꢌꢈꢃ ꢍ&+ ꢎꢄꢃ ꢂꢈ ꢌꢀꢃ ꢍ2&+ꢎꢄꢃ ꢋꢉꢌꢈꢃ ꢍ& ꢎꢄꢃ
ꢁꢁꢈꢌꢋꢃ ꢍ6 ꢎꢄꢃ ꢁꢊꢊꢌꢆꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢊꢌꢊꢃ ꢍ82 0Hꢎꢌꢃ 0DVVꢃ VSHFꢇ
WUXPꢄꢃPꢒ]ꢃꢍ, ꢄꢃ-ꢎꢔꢃꢁꢂꢑꢃꢍꢂꢆꢎꢃ>0ꢃ±ꢃꢁꢂ@ ꢄꢃꢁꢈꢁꢃꢍꢁꢋꢎꢄꢃꢁꢁꢂꢃ
ꢍꢉꢎꢄꢃꢑꢆꢃꢍꢊꢎꢄꢃꢋꢈꢃꢍꢀꢅꢎꢄꢃꢂꢑꢃꢍꢋꢊꢎꢄꢃꢉꢈꢃꢍꢁꢆꢆꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃꢃ
&ꢃꢉꢀꢌꢅꢅꢐꢃ+ꢃꢂꢌꢊꢊꢌꢃ& + 2 ꢌꢃ&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢉꢀꢌꢅꢀꢐꢃꢃ
+ꢃꢂꢌꢋꢑꢌꢃ
%ꢄ%ꢅ9v€r‡u’yꢅ$ꢄ&ꢅqv‚‘hꢅ ꢄ!ꢅqvh“h†ƒvꢀ‚b!ꢂ$d‚p‡ꢅ ꢅ
rrꢅ#ꢄ'ꢅqv‚rꢁꢆWDhꢇꢂꢃ<LHOGꢃꢆꢌꢋꢈꢃJꢃꢍꢉꢈ-ꢎꢄꢃPSꢃꢀꢅ±ꢀꢈƒ&ꢃ
ꢍIURPꢃ SHWUROHXPꢃ HWKHU±GLHWK\Oꢃ HWKHUꢄꢃꢈꢔꢁꢎꢃ >ꢅꢆꢄꢃ ꢅꢁ@ꢌꢃ 89ꢃ
VSHFWUXPꢄꢃ
ꢄꢃ QPꢃ ꢍORJ ꢎꢔꢃ ꢅꢂꢁꢃ ꢍꢅꢌꢆꢆꢎꢄꢃ ꢅꢀꢑꢃ ꢍꢁꢌꢉꢀꢎꢌꢃ ,5ꢃ
VSHFWUXPꢔꢃ ꢍ& 2ꢎꢃ ꢁꢋꢑꢑꢃ FP ꢌꢃ +ꢃ 105ꢃ VSHFWUXPꢄꢃ ꢄꢃ
SSPꢔꢃꢅꢌꢆꢆꢃVꢃꢍꢊ+ꢄꢃꢅ&+ ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃ
ꢅꢂꢌꢈꢃ ꢍ& ꢎꢄꢃꢅꢀꢌꢉꢃꢍꢅ&+ ꢎꢄꢃ ꢁꢆꢀꢌꢁꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢅꢌꢆꢃꢍ& ꢎꢌꢃ 0DVVꢃ
VSHFWUXPꢄꢃPꢒ]ꢃꢍ, ꢄꢃ-ꢎꢔꢃꢁꢋꢆꢃꢍꢁꢀꢎꢃ>0@ ꢄꢃꢁꢂꢂꢃꢍꢉꢆꢎꢄꢃꢊꢑꢃ
ꢍꢁꢅꢎꢄꢃ ꢂꢀꢃ ꢍꢁꢋꢎꢄꢃ ꢉꢈ ꢃ ꢍꢁꢆꢆꢎꢌꢃ )RXQGꢄꢃ -ꢔꢃ &ꢃ ꢉꢅꢌꢑꢆꢐꢃ +ꢃ ꢈ ꢌꢊꢆꢐꢃꢃ
Hr‡u’yꢁ !ꢅWHUWꢅiˆ‡’yꢅ!ꢅ€r‡u’yꢅ$ꢅ‚‘‚ꢅ ꢄ"ꢅqv‚‘‚ꢅ
1ꢃꢁꢊꢌꢂꢆꢌꢃ& + 1 2 ꢌ &DOFXODWHGꢄꢃ-ꢔꢃꢉꢅꢌꢉꢆꢐꢃ+ꢃꢈꢌꢊꢁꢐꢃꢃ yhrꢅ#ꢅphꢀi‚‘’yh‡rꢁꢆWDDDiꢇꢁꢆDꢃPL[WXUHꢃRIꢃVWHUHRꢇ
1ꢃꢁꢊꢌꢂꢆꢌꢃ
LVRPHUVꢇꢂꢃESꢃꢊꢂ±ꢋꢆƒ&ꢃꢍꢁ±ꢅꢃPPꢎꢌꢃ,5ꢃVSHFWUXPꢄꢃ ꢄꢃFP ꢔꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
ꢀꢅꢂꢃ
ꢁꢋꢉꢋꢄꢃꢁꢋꢑꢂꢃꢍ& 2ꢎꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRꢇ
LVRPHUꢃ ꢔꢃꢁꢌꢆꢉꢃVꢃꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢊꢀꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢈꢌꢀꢀꢃVꢃ PSꢃꢁꢁꢉ±ꢁꢁꢂƒ&ꢃꢍIURPꢃ&+&O ꢎꢃ>ꢈꢈ@ꢌꢃ,5ꢃVSHFWUXPꢔꢃꢃ
!ꢄ!ꢄ$ꢅUꢀv€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ ꢆYDhꢇꢂꢃꢃ
ꢍꢈ+ꢄꢃ2&+ ꢎꢄꢃꢉꢌꢑꢈꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢐꢃVWHUHRLVRPHUꢃ!ꢔꢃꢁꢌꢁꢆꢃVꢃ
ꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢂꢉꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢈꢌꢀꢀꢃVꢃꢍꢈ+ꢄꢃ2&+ ꢎꢄꢃꢃ
ꢉꢌꢑꢂꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRꢇ
LVRPHUꢃ ꢔꢃꢅꢁꢌꢑꢃꢍꢈ&+ ꢎꢄꢃꢅꢉꢌꢊꢃꢍ&+ ꢎꢄꢃꢉꢆꢌꢆꢃꢍ80H ꢎꢄꢃꢂꢈꢌꢋꢃ
ꢍ2&+ ꢎꢄꢃ ꢋꢂꢌꢈꢃ ꢍ& ꢎꢄꢃ ꢁꢁꢑꢌꢅꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢂꢌꢆꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢊꢌꢀꢃ
ꢍ&2 0Hꢎꢐꢃ VWHUHRLVRPHUꢃ !ꢔꢃ ꢅꢆꢌꢊꢃ ꢍꢈ&+ ꢎꢄꢃ ꢅꢉꢌꢋꢃ ꢍ&+ ꢎꢄꢃ
ꢈꢀꢌꢀꢃꢍ80H ꢎꢄꢃꢂꢈꢌꢂꢃꢍ2&+ ꢎꢄꢃꢋꢈꢌꢊꢃꢍ& ꢎꢄꢃꢁꢁꢋꢌꢀꢃꢍ& ꢎꢄꢃ
ꢁꢊꢂꢌꢆꢃꢍ& ꢎꢄꢃꢁꢊꢊꢌꢉꢃꢍ&2 0Hꢎꢌꢃ0DVVꢃVSHFWUXPꢄꢃPꢒ]ꢃꢃ
ꢍ, ꢄꢃ-ꢎꢔꢃꢅꢆꢁꢃꢍꢁꢎꢃ>0ꢃ±ꢃꢁꢂ@ ꢄꢃꢁꢂꢑꢃꢍꢁꢆꢆꢎꢄꢃꢁꢈꢁꢃꢍꢂꢂꢎꢄꢃꢁꢁꢂꢃ
ꢍꢑꢎꢄꢃꢁꢆꢁꢃꢍꢁꢆꢎꢄꢃꢀꢂꢃꢍꢅꢆꢎꢄꢃꢊꢑꢃꢍꢑꢎꢄꢃꢂꢋꢃꢍꢈꢀꢎꢄꢃꢉꢈꢃꢍꢑꢋꢎꢌꢃ)RXQGꢄꢃ
-ꢔꢃ&ꢃꢂꢂꢌꢂꢁꢐꢃ+ꢃꢋꢌꢉꢈꢌꢃ& + 2 ꢌꢁ&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢂꢂꢌꢂꢂꢐꢃ
+ꢃꢋꢌꢉꢊꢌꢃ
ꢍ& 2ꢎꢃꢁꢋꢋꢑꢃFP ꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢁꢌꢂꢀꢃGꢃ
ꢍꢈ+ꢄꢃ&+ ꢄꢃ-ꢃ ꢃꢊꢌꢂꢃ+]ꢎꢄꢃꢁꢌꢋꢋꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢀꢅꢃVꢃꢍꢈ+ꢄꢃ
&+ ꢎꢄꢃꢈꢌꢊꢆꢃTꢃꢍꢁ+ꢄꢃ-ꢃ ꢃꢊꢌꢂꢃ+]ꢎꢌꢃ &ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃ
SSPꢔꢃ ꢁꢁꢌꢅꢃ ꢍ&+ ꢎꢄꢃ ꢅꢊꢌꢀꢃ ꢍ&+ ꢎꢄꢃ ꢅꢑꢌꢆꢃ ꢍ&+ ꢎꢄꢃ ꢉꢁꢌꢀꢃ ꢍ& ꢎꢄꢃ
ꢁꢆꢂꢌꢈꢃ ꢍ& ꢎꢄꢃ ꢁꢊꢊꢌꢉꢃ ꢍ& ꢎꢌꢃ 0DVVꢃ VSHFWUXPꢄꢃ Pꢒ]ꢃ ꢍ, ꢄꢃ -ꢎꢔꢃ
ꢁꢂꢀꢃ ꢍꢀꢎꢃ >0@ ꢄꢃ ꢁꢉꢈꢃ ꢍꢁꢅꢎꢄꢃ ꢁꢁꢉꢃ ꢍꢊꢎꢄꢃ ꢀꢈꢃ ꢍꢂꢎꢄꢃ ꢂꢑꢃ ꢍꢁꢈꢎꢄꢃ ꢂꢊꢃ
ꢍꢋꢈꢎꢄꢃꢉꢈꢃꢍꢁꢆꢆꢎꢌꢃ)RXQGꢄꢃ-ꢔꢃ&ꢃꢂꢅꢌꢑꢊꢐꢃ+ꢃꢊꢌꢈꢆꢌꢃ& + 2 ꢌꢁ
&DOFXODWHGꢄꢃ-ꢔꢃ&ꢃꢂꢈꢌꢁꢊꢐꢃ+ꢃꢊꢌꢈꢋꢌꢃꢁ
!ꢅWHUWꢅ7ˆ‡’yꢅ!ꢄ$ꢅqv€r‡u’yꢅ ꢄ"ꢅqv‚‘hrꢅ#ꢄ%ꢅqv‚rꢁ
ꢆYDiꢇꢁ ꢆDꢃ PL[WXUHꢃ RIꢃ VWHUHRLVRPHUVꢃ DWꢃ Dꢃ UDWLRꢃ RIꢃ aꢁꢔꢉꢇꢂꢃ
+ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRLVRPHUꢃ ꢔꢃꢁꢌꢁꢅꢃVꢃꢍꢑ+ꢄꢃ
ꢈ&+ ꢎꢄꢃꢁꢌꢂꢑꢃGꢃꢍꢈ+ꢄꢃ&+ ꢄꢃ-ꢃ ꢃꢊꢌꢑꢃ+]ꢎꢄꢃꢁꢌꢋꢂꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃ
ꢈꢌꢊꢅꢃ Tꢃꢍꢁ+ꢄꢃ &+ꢄꢃ -ꢃ ꢃ ꢊꢌꢑꢃ+]ꢎꢐꢃ VWHUHRLVRPHUꢃ!ꢔꢃ ꢁꢌꢁꢅꢃVꢃ
ꢍꢑ+ꢄꢃꢈ&+ ꢎꢄꢃꢁꢌꢉꢋꢃGꢃꢍꢈ+ꢄꢃ&+ ꢄꢃ-ꢃ ꢃꢋꢌꢅꢃ+]ꢎꢄꢃꢁꢌꢋꢅꢃVꢃꢍꢈ+ꢄꢃ
&+ ꢎꢄꢃ ꢈꢌꢊꢅꢃ Tꢃ ꢍꢁ+ꢄꢃ &+ꢄꢃ -ꢃ ꢃ ꢋꢌꢅꢃ +]ꢎꢌꢃ &ꢃ 105ꢃ VSHFꢇ
WUXPꢄꢃ ꢄꢃSSPꢔꢃVWHUHRLVRPHUꢃ ꢔꢃꢁꢁꢌꢅꢃꢍ&+ ꢎꢄꢃꢅꢁꢌꢅꢃꢍ&+ ꢎꢄꢃ
ꢅꢉꢌꢉꢃꢍꢈ&+ ꢎꢄꢃꢉꢆꢌꢁꢃꢍ& ꢎꢄꢃꢉꢁꢌꢋꢃꢍ80H ꢎꢄꢃꢁꢆꢑꢌꢑꢃꢍ& ꢎꢄꢃꢁꢊꢊꢌꢋꢃ
ꢍ& ꢎꢌꢁ 0DVVꢃVSHFWUXPꢄꢃPꢒ]ꢃꢍ, ꢄꢃ-ꢎꢔꢃꢅꢆꢁꢃꢍꢅꢎꢃ>0ꢃꢖꢃ+@ ꢄꢃ
Qu‚‡‚pur€vphyꢁꢀrhp‡v‚†ꢁ‚sꢁ†ˆys‚vˆ€ꢁ’yvqr†ꢁDDDhꢁ
hqꢁDDDiꢂꢃ7KHꢃSKRWRO\VLVꢃRIꢃVXOIRQLXPꢃ\OLGHVꢃDDDhꢃDQGꢃ
DDDiꢃZDVꢃSHUIRUPHGꢃLQꢃ7+)±0H2+ꢃꢍꢁꢆꢔꢆꢌꢂꢃRUꢃꢁꢆꢔꢁꢎꢃ
DWꢃꢁꢀ±ꢅꢆƒ&ꢃXQGHUꢃLUUDGLDWLRQꢃZLWKꢃVKRUWꢇZDYHꢃ89ꢃOLJKWꢃ
ꢍ ꢃ!ꢃꢅꢁꢆꢃQPꢎꢃLQꢃDꢃꢅꢂꢇPOꢃTXDUW]ꢃUHDFWRUꢌꢃ
$ꢃ VROXWLRQꢃ RIꢃ ꢁꢌꢆꢅꢃ Jꢃ ꢍꢂꢃ PPROꢎꢃ RIꢃ \OLGHꢃ DDDhꢃ LQꢃꢃ
Dꢃ PL[WXUHꢃ RIꢃ ꢅꢆꢃ POꢃ RIꢃ7+)ꢃ DQGꢃ ꢁꢃ POꢃ RIꢃ 0H2+ꢃ ZDVꢃ ꢁꢀꢂꢃꢍꢉꢎꢄꢃꢁꢂꢊꢃꢍꢁꢈꢎꢄꢃꢁꢉꢈꢃꢍꢁꢆꢆꢎꢌꢁ
LUUDGLDWHGꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢁꢌꢀꢃ Kꢌꢃ 7KHꢃ VROYHQWꢃ ZDVꢃ
9v€r‡u’yꢁ !ꢅ€r‡u’y†ˆysh’y€hy‚h‡rꢁ ꢆYDDꢇꢂꢃꢃ
GLVWLOOHGꢃRIIꢃDWꢃꢅꢆ±ꢅꢂƒ&ꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢃꢍILUVWꢃDWꢃ
ꢁꢂ±ꢅꢆꢃ PPꢃ DQGꢃ WKHQꢃ DWꢃ ꢁ±ꢅꢃ PPꢎꢄꢃ WKHꢃ UHVLGXHꢃ ZDVꢃ
GLVVROYHGꢃLQꢃꢅꢂ±ꢈꢆꢃPOꢃRIꢃGLHWK\OꢃHWKHUꢄꢃWKHꢃXQGLVVROYHGꢃ
PDWHULDOꢄꢃ ꢆꢌꢂꢅꢂꢃ Jꢃ ꢍꢂꢁ-ꢎꢃ RIꢃ XQUHDFWHGꢃ \OLGHꢃ DDDhꢄꢃ ZDVꢃ
ILOWHUHGꢃRIIꢄꢃWKHꢃILOWUDWHꢃZDVꢃHYDSRUDWHGꢄꢃDQGꢃWKHꢃUHVLGXHꢃ
ZDVꢃVXEMHFWHGꢃWRꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃꢈꢆꢃJꢃRIꢃ
VLOLFDꢃ JHOꢃꢍJUDGLHQWꢃHOXWLRQꢃ ZLWKꢃSHWUROHXPꢃ HWKHU±
GLHWK\OꢃHWKHUꢃPL[WXUHVꢎꢌꢃ7KHꢃREWDLQHGꢃIUDFWLRQVꢃZHUHꢃ
GULHGꢃ RYHUꢃ DQK\GURXVꢃ PDJQHVLXPꢃ VXOIDWHꢃ DQGꢃ HYDSRꢇ
UDWHGꢌꢃ:HꢃLVRODWHGꢃꢍLQꢃWKHꢃRUGHUꢃRIꢃHOXWLRQꢎꢃꢆꢌꢆꢊꢉꢃJꢃ
+ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢌꢅꢁꢃVꢃꢍꢈ+ꢄꢃ6&+ ꢎꢄꢃꢈꢌꢋꢉꢃVꢃ
ꢍꢊ+ꢄꢃꢅ2&+ ꢎꢄꢃꢈꢌꢑꢁꢃVꢃꢍꢁ+ꢄꢃ&+ꢎꢃ>ꢈꢆ@ꢌꢃ &ꢃ105ꢃVSHFꢇ
WUXPꢄꢃ ꢄꢃSSPꢔꢃꢅꢀꢌꢅꢃꢍ6&+ ꢎꢄꢃꢂꢉꢌꢉꢃꢍ2&+ ꢎꢄꢃꢁꢆꢋꢌꢊꢋꢃ
ꢍ6&+ꢎꢄꢃ ꢁꢊꢁꢌꢅꢋꢃ ꢍ& 2ꢎꢌꢃ 0DVVꢃ VSHFWUXPꢄꢃ Pꢒ]ꢃ ꢍ, ꢄꢃ -ꢎꢔꢃ
ꢁꢋꢀꢃꢍꢈꢁꢎꢃ>0@ ꢄꢃꢁꢈꢅꢃꢍꢁꢆꢆꢎꢄꢃꢁꢁꢑꢃꢍꢂꢊꢎꢄꢃꢁꢆꢅꢃꢍꢂꢆꢎꢌꢃ)RXQGꢄꢃ
-ꢔꢃ&ꢃꢉꢆꢌꢉꢉꢐꢃ+ꢃꢂꢌꢊꢊꢌꢃ& + 2 6ꢌꢃ&DOFXODWHGꢄꢃ-ꢔꢃꢃ
&ꢃꢉꢆꢌꢂꢉꢐꢃ+ꢃꢂꢌꢊꢀꢌꢃ
Fvr‡vpꢁ†‡ˆq’ꢁ‚sꢁ‡urꢁƒu‚‡‚y’†v†ꢁ‚sꢁqvh“‚qv‚‘hrꢅ
qv‚rꢁDDhꢂꢃ$ꢃ UHDFWRUꢃ HTXLSSHGꢃ ZLWKꢃ Dꢃ TXDUW]ꢃ RUꢃ JODVVꢃ
ꢍꢁꢂ-ꢎꢃRIꢃGLPHWK\OꢃꢅꢇPHWK\OVXOIDQ\OPDORQDWHꢃꢍYDDꢎꢄꢃ MDFNHWꢃZDVꢃFKDUJHGꢃZLWKꢃDꢃVROXWLRQꢃRIꢃꢁꢌꢈ±ꢈꢌꢋꢃPPROꢃRIꢃ
ꢆꢌꢆꢁꢃ Jꢃ ꢍꢅ-ꢎꢃ RIꢃ ꢂꢇPHWK\OVXOIDQ\OGLR[DQHGLRQHꢃ Yꢄꢃ DQGꢃ
ꢆꢌꢁꢋꢊꢃJꢃꢍꢉꢊ-ꢎꢃRIꢃꢂꢇPHWK\OGLR[DQHGLRQHꢃYDhꢌꢃ
GLD]RꢃFRPSRXQGꢃDDhꢃLQꢃꢅꢆꢃPOꢃRIꢃIUHVKO\ꢃGLVWLOOHGꢃ7+)ꢃ
RUꢃ0H 6ꢃ FRQWDLQLQJꢃ ꢁꢃ POꢃ RIꢃ0H2+ꢄꢃ DQGꢃWKHꢃVROXWLRQꢃ
ZDVꢃ LUUDGLDWHGꢃ DWꢃ ꢁꢊ±ꢁꢀƒ&ꢃ XQWLOꢃ WKHꢃ LQLWLDOꢃ GLD]Rꢃ
FRPSRXQGꢃ GLVDSSHDUHGꢃ ꢍDFFRUGLQJꢃ WRꢃ WKHꢃ 7/&ꢃ GDWDꢎꢌꢃ
'XULQJꢃWKHꢃSURFHVVꢄꢃꢆꢌꢂꢇꢃRUꢃꢁꢇPOꢃVDPSOHVꢃRIꢃWKHꢃUHDFꢇ
WLRQꢃPL[WXUHꢃZHUHꢃZLWKGUDZQꢃDWꢃGHILQLWHꢃWLPHꢃLQWHUYDOVꢄꢃ
YRODWLOHꢃFRPSRQHQWVꢃZHUHꢃUHPRYHGꢃIURPꢃWKHVHꢃVDPSOHVꢃ
XQGHUꢃ UHGXFHGꢃ SUHVVXUHꢃ ꢍꢁ±ꢅꢃ PPꢎꢃ DWꢃ ꢁꢊ±ꢁꢀƒ&ꢄꢃ DQGꢃꢃ
WKHꢃ FRPSRVLWLRQꢃ RIꢃ WKHꢃ UHVLGXHꢃ ZDVꢃ GHWHUPLQHGꢃ E\ꢃꢃ
+ꢃ105ꢃVSHFWURVFRS\ꢌꢃ7KHꢃFRPSRQHQWVꢃZHUHꢃTXDQꢇ
WLWDWHGꢃXVLQJꢃWKHꢃLQWHUQDOꢃQRUPDOL]DWLRQꢃWHFKQLTXHꢌꢃꢃ
$ꢃVROXWLRQꢃRIꢃꢆꢌꢉꢑꢃJꢃꢍꢅꢃPPROꢎꢃRIꢃVXOIRQLXPꢃ\OLGHꢃ
DDDiꢃLQꢃDꢃPL[WXUHꢃRIꢃꢅꢆꢃPOꢃRIꢃ7+)ꢃDQGꢃꢁꢃPOꢃRIꢃ0H2+ꢃ
ZDVꢃ LUUDGLDWHGꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢈꢃ Kꢄꢃ DQGꢃ WKHꢃ PL[WXUHꢃ
ZDVꢃWKHQꢃWUHDWHGꢃDVꢃGHVFULEHGꢃDERYHꢃWRꢃLVRODWHꢃꢆꢌꢅꢉꢀꢃJꢃ
ꢍꢊꢅ-ꢎꢃ RIꢃ ꢂꢇPHWK\OGLR[DQHGLRQHꢃ YDiꢃ DVꢃ Dꢃ PL[WXUHꢃ RIꢃ
WZRꢃVWHUHRLVRPHUVꢃDWꢃDꢃUDWLRꢃRIꢃaꢉꢔꢁꢃꢍDFFRUGLQJꢃWRꢃWKHꢃ
+ꢃ105ꢃVSHFWUXPꢃRIꢃWKHꢃFUXGHꢃUHDFWLRQꢃPL[WXUHꢎꢌꢃ
!ꢄ!ꢄ$ꢅUꢀv€r‡u’yꢅ$ꢅ€r‡u’y†ˆysh’yꢅ ꢄ"ꢅqv‚‘hrꢅ
#ꢄ%ꢅqv‚rꢁ ꢆYꢇꢂꢃ2LO\ꢃVXEVWDQFHꢌꢃ +ꢃ105ꢃVSHFWUXPꢄꢃ ꢄꢃ
SSPꢔꢃꢁꢌꢋꢂꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢀꢋꢃVꢃꢍꢈ+ꢄꢃ&+ ꢎꢄꢃꢁꢌꢑꢀꢃVꢃꢍꢈ+ꢄꢃ
&+ ꢎꢄꢃꢅꢌꢈꢈꢃVꢃꢍꢈ+ꢄꢃ6&+ ꢎꢌꢃ0DVVꢃVSHFWUXPꢄꢃPꢒ]ꢃꢍ, ꢄꢃ-ꢎꢔꢃ
ꢅꢆꢉꢃꢍꢁꢆꢆꢎꢃ>0@ ꢄꢃꢁꢂꢀꢃꢍꢂꢋꢎꢄꢃꢁꢉꢑꢃꢍꢅꢑꢎꢄꢃꢁꢉꢋꢃꢍꢋꢁꢎꢌꢃ)RXQGꢄꢃ
-ꢔꢃ&ꢃꢉꢊꢌꢑꢂꢐꢃ+ꢃꢂꢌꢑꢉꢌꢃ& + 2 6ꢌꢃ&DOFXODWHGꢄꢃ-ꢔꢃꢃ
&ꢃꢉꢋꢌꢆꢂꢐꢃ+ꢃꢂꢌꢑꢅꢌꢃꢁ
$ꢃ VROXWLRQꢃ RIꢃ ꢆꢌꢅꢂꢂꢃ Jꢃ ꢍꢁꢌꢂꢃ PPROꢎꢃ RIꢃ GLD]Rꢃ FRPꢇ
SRXQGꢃ DDhꢃ LQꢃ ꢅꢉꢃ POꢃ RIꢃ DQK\GURXVꢃ PHWKDQROꢃ ZDVꢃ
LUUDGLDWHGꢃ DWꢃ ꢃ •ꢃ ꢅꢁꢆꢃ QPꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢁꢌꢂꢃ Kꢌꢃ
6DPSOHVꢃ ZHUHꢃ ZLWKGUDZQꢃ LQꢃ ꢁꢂꢄꢃ ꢈ ꢉꢄꢃ ꢉꢂꢄꢃ ꢊꢆꢄꢃ ꢋꢂꢄꢃ DQGꢃꢃ
ꢑꢆꢃPLQꢐꢃWKHꢃUHVXOWVꢃDUHꢃVKRZQꢃLQꢃ)LJꢌꢃꢁꢌꢃꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

1,.2/$(9ꢃꢃHWꢃDOꢌꢃ
ꢀꢅꢊꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
-ꢀꢁ 2UJꢀꢁ &KHPꢌꢄꢃꢁꢑꢀꢆꢄꢃ YROꢌꢃꢉꢂꢄꢃ Sꢌꢃ ꢂꢅꢋꢀꢐꢃ 1LNRODHYꢄꢃ9ꢌ$ꢌꢃ
DQGꢃ 3RSLNꢄꢃ 9ꢌ9ꢌꢄꢃ 7HWUDKHGURQꢁ /HWWꢌꢄꢃ ꢁꢑꢑꢅꢄꢃ YROꢌꢃ ꢈꢈꢄꢃꢃ
Sꢌꢃ ꢉꢉꢀꢈꢐꢃ 7RVFDQRꢄꢃ -ꢌ3ꢌꢄꢃ 3ODW]ꢄꢃ 0ꢌ6ꢌꢄꢃ 1LNRODHYꢄꢃ 9ꢌ$ꢌꢄꢃꢃ
&DRꢄꢃ -ꢌꢄꢃ DQGꢃ =LPPWꢄꢃ 0ꢌ%ꢌꢄꢃ -ꢀꢁ $Pꢀꢁ &KHPꢀꢁ 6RFꢌꢄꢃ ꢁꢑꢑꢊꢄꢃꢃ
YROꢌꢃꢁꢁꢀꢄꢃSꢌꢃꢈꢂꢅꢋꢌꢃ
$ꢃVROXWLRQꢃRIꢃꢁꢌꢊꢁꢃJꢃꢍꢋꢌꢊꢃPPROꢎꢃRIꢃGLD]RꢃFRPSRXQGꢃ
DDiꢃLQꢃꢋꢆꢃPOꢃRIꢃ7+)ꢃFRQWDLQLQJꢃꢈꢃPOꢃRIꢃPHWKDQROꢃZDVꢃ
LUUDGLDWHGꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢑꢃ Kꢃ LQꢃ Dꢃ JODVVꢇMDFNHWHGꢃ
UHDFWRUꢃꢍ ꢃ!ꢃꢈꢁꢆꢃQPꢎꢐꢃVDPSOHVꢃRIꢃWKHꢃUHDFWLRQꢃPL[WXUHꢃ
ZHUHꢃ ZLWKGUDZQꢃ LQꢃ ꢅꢄꢃꢉꢄꢃ ꢊꢄꢃ DQGꢃ ꢀꢌꢂꢃKꢐꢃWKHꢃ UHVXOWVꢃ DUHꢃ
VKRZQꢃ LQꢃ )LJꢌꢃ ꢅꢌꢃ:KHQꢃ WKHꢃ SKRWRO\VLVꢃ ZDVꢃ FRPSOHWHꢄꢃ
WKHꢃSURGXFWVꢃZHUHꢃVHSDUDWHGꢃE\ꢃFKURPDWRJUDSK\ꢃRQꢃ
VLOLFDꢃJHOꢌꢃꢃ
ꢁꢉꢌꢃ 0HOGUXPꢄꢃ$ꢌ1ꢌꢄꢃ-ꢀꢁ&KHPꢀꢁ6RFꢌꢄꢃꢁꢑꢆꢀꢄꢃYROꢌꢃꢑꢈꢄꢃSꢌꢃꢂꢑꢀꢌꢃ
ꢁꢂꢌꢃ 5HJLW]ꢄꢃ0ꢌꢃDQGꢃ6WDGOHUꢄꢃ'ꢌꢄꢃ-XVWXVꢁ/LHELJVꢁ$QQꢀꢁ&KHPꢌꢄꢁ
ꢁ
ꢁ
ꢃ
ꢃ
ꢁ
ꢃ
ꢁꢑꢊꢂꢄꢃYROꢌꢃꢊꢋꢀꢄꢃSꢌꢃꢅꢁꢉꢐꢃ5HJLW]ꢄꢃ0ꢌꢃDQGꢃ0DDVꢄꢃ*ꢌꢄꢃ'LD]Rꢁ
&RPSRXQGVꢀꢁ 3URSHUWLHVꢁ DQGꢁ 6\QWKHVLVꢄꢃ 1HZꢃ <RUNꢔꢃ
$FDGHPLFꢄꢃꢁꢑꢀꢊꢄꢃSꢌꢃꢈꢅꢊꢐꢃ'R\OHꢄꢃ0ꢌ3ꢌꢄꢃ0F.HUYH\ꢄꢃ0ꢌ$ꢌꢄꢃ
DQGꢃ <Hꢄꢃ 7ꢌꢄꢁ 0RGHUQꢁ &DWDO\WLFꢁ 0HWKRGVꢁ IRUꢁ 2UJDQLFꢁ
6\QWKHVLVꢁ ZLWKꢁ 'LD]Rꢁ &RPSRXQGVꢄꢃ 1HZꢃ <RUNꢔꢃ :LOH\ꢄꢃ
ꢁꢑꢑꢀꢌꢁ
5()(5(1&(6ꢃ
ꢃꢃꢁꢌꢃ 1LNRODHYꢄꢃ 9Vꢌ9ꢌꢄꢃ +HQQLJꢄꢃ /ꢌꢄꢃ 5RGLQDꢄꢃ /ꢌ/ꢌꢄꢃ 6LHOHUꢄꢃ -ꢌꢄꢃ
ꢃ
ꢃ
6FKXO]Hꢄꢃ %ꢌꢄꢃ DQGꢃ 1LNRODHYꢄꢃ 9ꢌ$ꢌꢄꢃ 2UJꢀꢁ %LRPROꢀꢁ &KHPꢌꢄꢃ
ꢅꢆꢆꢂꢄꢃYROꢌꢃꢈꢄꢃSꢌꢃꢉꢁꢆꢀꢌꢃ
ꢁꢊꢌꢃ 3RSLNꢄꢃ9ꢌ9ꢌꢄꢃ.RUQHHYꢄꢃ6ꢌ0ꢌꢄꢃ1LNRODHYꢄꢃ9ꢌ$ꢌꢄꢃDQGꢃ.RURꢇ
ELWV\QDꢄꢃ,ꢌ.ꢌꢄꢃ6\QWKHVLVꢄꢃꢁꢑꢑꢁꢄꢃSꢌꢃꢁꢑꢂꢌꢁ
ꢁꢋꢌꢃ +RFKUDLQHUꢄꢃ$ꢌꢃDQGꢃ:HVVHO\ꢄꢃ)ꢌꢄꢃ7HWUDKHGURQꢁ/HWWꢌꢄꢃꢁꢑꢊꢂꢄꢃ
Sꢌꢃꢋꢅꢁꢌꢃ
ꢁꢀꢌꢃ ,OOJHUꢄꢃ :ꢌꢄꢃ /LHGKHJHQHUꢄꢃ $ꢌꢄꢃ DQGꢃ 5HJLW]ꢄꢃ 0ꢌꢄꢃ -XVWXVꢁ
ꢃ
ꢃꢃꢅꢌꢃ &DUEHQHꢁ &KHPLVWU\ꢄꢃ %HUWUDQGꢄꢃ *ꢌꢄꢃ (Gꢌꢄꢃ 1HZꢃ <RUNꢔꢃ
ꢃ
ꢁ
ꢁ
ꢃ
ꢁ
ꢃ
0DUFHOꢃ 'HNNHUꢄꢃ ꢅꢆꢆꢅꢐꢃ =ROOLQJHUꢄꢃ +ꢌꢄꢃ 'LD]Rꢁ &KHPLVWU\ꢀꢁ
,,ꢄꢃ:HLQKHLPꢔꢃ9&+ꢄꢃꢁꢑꢑꢂꢐꢃ.LQHWLFVꢁDQGꢁ6SHFWURVFRS\ꢁRIꢁ
&DUEHQHVꢁDQGꢁ%LUDGLFDOVꢄꢃ3ODW]ꢄꢃ0ꢌ6ꢌꢄꢃ(Gꢌꢄꢃ1HZꢃ<RUNꢔꢃ
3OHQXPꢄꢃꢁꢑꢑꢆꢐꢃ/LXꢄꢃ0ꢌ7ꢌ+ꢌꢃDQGꢃ6WHYHQVꢄꢃ,ꢌ'ꢌ5ꢌꢄꢃ&KHPꢋ
LVWU\ꢁRIꢁ'LD]LULQHVꢄꢃ/LXꢄꢃ0ꢌ7ꢌ+ꢌꢄꢃ(Gꢌꢄꢃ%RFDꢃ5DWRQꢔꢃ&5&ꢄꢃ
ꢁꢑꢀꢋꢄꢃYROꢌꢃꢁꢄꢃSꢌꢃꢁꢁꢁꢌꢃꢃ
ꢃ
ꢁ
ꢃ
ꢁ
/LHELJVꢁ $QQꢀꢁ &KHPꢌꢄꢃ ꢁꢑꢋꢅꢄꢃ YROꢌꢃ ꢋꢊꢆꢄꢃ Sꢌꢃ ꢁꢐꢃ 1LNRODꢇꢃ
HYꢄꢃ 9ꢌ$ꢌꢄꢃ )UHQNKꢄꢃ<Xꢌꢄꢃ DQGꢃ .RURELWVLQDꢄꢃ ,ꢌ.ꢌꢄꢃ =Kꢀꢁ 2UJꢀꢁ
.KLPꢌꢄꢃꢁꢑꢋꢀꢄꢃYROꢌꢃꢁꢉꢄꢃSꢌꢃꢁꢉꢈꢈꢌꢃ
ꢃꢃꢈꢌꢃ 7URVWꢄꢃ%ꢌꢄꢃ-ꢀꢁ$Pꢀꢁ&KHPꢀꢁ6RFꢌꢄꢃꢁꢑꢊꢋꢄꢃYROꢌꢃꢀꢑꢄꢃSꢌꢃꢁꢈꢀꢌꢃ
ꢁꢑꢌꢃ &VL]PDGLDꢄꢃ ,ꢌ*ꢌꢄꢃ +RXOGHQꢄꢃ 6ꢌ$ꢌꢄꢃ 0HUHV]ꢄꢃ 2ꢌꢄꢃ DQGꢃꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢁ
ꢃ
<DWHVꢄꢃ3ꢌꢄꢃ7HWUDKHGURQꢄꢃꢁꢑꢊꢑꢄꢃYROꢌꢃꢅꢂꢄꢃSꢌꢃꢅꢁꢅꢁꢐꢃ.RURELꢇ
WV\QDꢄꢃ ,ꢌ.ꢌꢃ DQGꢃ 6WXG]LQVNLLꢄꢃ 2ꢌ3ꢌꢄꢃ 8VSꢀꢁ .KLPꢌꢄꢃ ꢁꢑꢋꢆꢄꢃꢃ
YROꢌꢃ ꢈꢑꢄꢃ Sꢌꢃ ꢁꢋꢂꢉꢐꢃ )ULGPDQꢄꢃ $ꢌ/ꢌꢄꢃ ,VPDJLORYDꢄꢃ 7ꢌ6ꢌꢄꢃ
=DOHVRYꢄꢃ 9ꢌ6ꢌꢄꢃ DQGꢃ 1RYLNRYꢄꢃ 6ꢌ6ꢌꢄꢃ 8VSꢀꢁ .KLPꢌꢄꢃ ꢁꢑꢋꢅꢄꢃꢃ
YROꢌꢃ ꢉꢁꢄꢃ Sꢌꢃ ꢋꢅꢅꢐꢃ 1LNRODHYꢄꢃ 9ꢌ$ꢌꢃ DQGꢃ .RURELWVLQDꢄꢃ ,ꢌ.ꢌꢄꢃ
=Kꢀꢁ2UJꢀꢁ.KLPꢌꢄꢃꢁꢑꢋꢊꢄꢃYROꢌꢃꢁꢅꢄꢃSꢌꢃꢁꢅꢉꢉꢐꢃ6RUULVRꢄꢃ6ꢌꢄꢃ7KHꢁ
&KHPLVWU\ꢁ RIꢁ 'LD]RQLXPꢁ DQGꢁ 'LD]Rꢁ *URXSVꢄꢃ 3DWDLꢄꢃ 6ꢌꢄꢃ
(Gꢌꢄꢃ&KLFKHVWHUꢔꢃ:LOH\ꢄꢃꢁꢑꢋꢀꢄꢃYROꢌꢃꢁꢄꢃSꢌꢃꢁꢁꢈꢌꢃꢃ
ꢃꢃꢉꢌꢃ 6WUHLWKꢄꢃ -ꢌꢄꢃ %OLQGꢄꢃ$ꢌꢄꢃ &DVVDOꢄꢃ -ꢌꢄꢃ DQGꢃ 6LJZDOWꢄꢃ &ꢌꢄꢃ%XOOꢀꢁ
ꢁ
6RFꢀꢁ&KLPꢀꢁ)UꢌꢄꢃꢁꢑꢊꢑꢄꢃYROꢌꢃꢈꢄꢃSꢌꢃꢑꢉꢀꢌꢃ
ꢃꢃꢂꢌꢃ +D\DVLꢄꢃ<ꢌꢄꢃ 2NDGDꢄꢃ7ꢌꢄꢃ DQGꢃ .DZDQLVLꢄꢃ 0ꢌꢄꢃ %XOOꢀꢁ &KHPꢀꢁ
6RFꢀꢁ-SQꢌꢄꢃꢁꢑꢋꢆꢄꢃYROꢌꢃꢉꢈꢄꢃSꢌꢃꢅꢂꢆꢊꢌꢃ
ꢃꢃꢊꢌꢃ 'D6LOYDꢄꢃ5ꢌ5ꢃꢄꢃ7RVFDQRꢄꢃ9ꢌ*ꢌꢄꢃDQGꢃ:HLVVꢄꢃ5ꢌ*ꢌꢄꢃ-ꢀꢁ&KHPꢀꢁ
6RFꢀꢂꢁ&KHPꢀꢁ&RPPXQꢌꢄꢃꢁꢑꢋꢈꢄꢃSꢌꢃꢂꢊꢋꢌꢃ
ꢃꢃꢋꢌꢃ 1DJDRꢄꢃ<ꢌꢄꢃ6KLPDꢄꢃ.ꢌꢄꢃDQGꢃ6DNXUDLꢄꢃ+ꢌꢄꢃ%XOOꢀꢁ&KHPꢀꢁ6RFꢀꢁ
-SQꢌꢄꢃꢁꢑꢋꢆꢄꢃYROꢌꢃꢉꢈꢄꢃSꢌꢃꢁꢀꢀꢂꢌꢃ
ꢃꢃꢀꢌꢃ &DPDFKRꢄꢃ 0ꢌ%ꢌꢄꢃ &ODUNꢄꢃ $ꢌ(ꢌꢄꢃ /LHEUHFKWꢄꢃ 7ꢌ$ꢌꢄꢃ DQGꢃ
ꢁ
ꢁ
ꢁ
ꢅꢆꢌꢃ /LYLQJKRXVHꢄꢃ7ꢌꢃDQGꢃ6WHYHQVꢄꢃ5ꢌ9ꢌꢄꢃ-ꢀꢁ$Pꢀꢁ&KHPꢀꢁ6RFꢌꢄꢃ
ꢃ
ꢃ
ꢃ
ꢁꢑꢋꢀꢄꢃYROꢌꢃꢁꢆꢆꢄꢃSꢌꢃꢊꢉꢋꢑꢐꢃ6WHYHQVꢄꢃ5ꢌ9ꢌꢄꢃ%LVDFFKLꢄꢃ*ꢌ6ꢌꢄꢃ
*ROGVPLWKꢄꢃ/ꢌꢄꢃDQGꢃ6WURXVHꢄꢃ&ꢌ(ꢌꢄꢃ-ꢀꢁ2UJꢀꢁ&KHPꢌꢄꢃꢁꢑꢀꢆꢄꢃ
YROꢌꢃꢉꢂꢄꢃSꢌꢃꢅꢋꢆꢀꢌꢃ
ꢃ
ꢃ
ꢃ
ꢁ
'H/XFDꢄꢃ -ꢌ3ꢌꢄꢃ -ꢀꢁ $Pꢀꢁ &KHPꢀꢁ 6RFꢌꢄꢃ ꢅꢆꢆꢆꢄꢃ YROꢌꢃ ꢁꢅꢅꢄꢃꢃ
Sꢌꢃꢂꢅꢁꢆꢐꢃ'H/XFDꢄꢃ-ꢌ3ꢌꢄꢃ'XQQꢄꢃ6ꢌ0ꢌꢄꢃ)LQHꢄꢃ6ꢌꢄꢃ=HWWHOꢄꢃ.ꢌꢄꢃ
-DFREVRQꢄꢃ/ꢌꢄꢃDQGꢃ/HQLQJWRQꢄꢃ0ꢌꢄꢃ$EVWUDFWVꢁRIꢁ,65,80ꢋ
ꢃꢉꢉꢅꢄꢃ1DUDꢄꢃ-DSDQꢄꢃ6HSWHPEHUꢃꢀ±ꢁꢈꢄꢃꢅꢆꢆꢁꢄꢃSꢌꢃꢁꢂꢌꢃ
ꢅꢁꢌꢃ 1LNRODHYꢄꢃ 9ꢌ$ꢌꢄꢃ .KLPLFKꢄꢃ 1ꢌ1ꢌꢄꢃ DQGꢃ .RURELWVLQDꢄꢃ ,ꢌ.ꢌꢄꢃ
.KLPꢀꢁ*HWHURWVLNOꢀꢁ6RHGLQꢌꢄꢃꢁꢑꢀꢂꢄꢃSꢌꢃꢈꢅꢁꢌꢃ
ꢅꢅꢌꢃ .DPPXODꢄꢃ 6ꢌ/ꢌꢄꢃ 7UDFHUꢄꢃ +ꢌ/ꢌꢄꢃ 6KHYOLQꢄꢃ 3ꢌ%ꢌꢄꢃ DQGꢃꢃ
-RQHVꢄꢃ0ꢌꢄꢃ-ꢀꢁ2UJꢀꢁ&KHPꢌꢄꢃꢁꢑꢋꢋꢄꢃYROꢌꢃꢉꢅꢄꢃSꢌꢃꢅꢑꢈꢁꢌꢃ
ꢅꢈꢌꢃ :DQJꢄꢃ-ꢌꢇ/ꢌꢄꢃ7RVFDQRꢄꢃ-ꢌ3ꢌꢄꢃ3ODW]ꢄꢃ0ꢌ6ꢌꢄꢃ1LNRODHYꢄꢃ9ꢌ$ꢌꢄꢃ
ꢃ
ꢃꢃꢑꢌꢃ +DUOH\ꢇ0DVRQꢄꢃ-ꢌꢄꢃ)DKLPꢄꢃ+ꢌ$ꢌꢄꢃ0XVWDIDꢄꢃ$ꢌꢄꢃDQGꢃ%HUJꢇ
ꢃ
ꢃ
ꢁ
PDQQꢄꢃ )ꢌꢄꢃ -ꢀꢁ&KHPꢀꢁ6RFꢌꢄꢃꢁꢑꢉꢑꢄꢃSꢌꢃꢂꢁꢀꢐꢃ*LOOHVSLHꢄꢃ5ꢌ-ꢌꢄꢃ
3RUWHUꢄꢃ(ꢌ$ꢌꢄꢃDQGꢃ:LOOPDWWꢄꢃ:ꢌ(ꢌꢄꢃ-ꢀꢁ&KHPꢀꢁ6RFꢀꢂꢁ&KHPꢀꢁ
&RPPXQꢌꢄꢃꢁꢑꢋꢀꢄꢃSꢌꢃꢀꢂꢌꢃꢃ
ꢃ
ꢃ
ꢃ
DQGꢃ 3RSLNꢄꢃ 9ꢌ9ꢌꢄꢃ -ꢀꢁ $Pꢀꢁ &KHPꢀꢁ 6RFꢌꢄꢃ ꢁꢑꢑꢂꢄꢃ YROꢌꢃ ꢁꢁꢋꢄꢃꢃ
Sꢌꢃꢂꢉꢋꢋꢌꢃ
ꢁꢆꢌꢃ 6WDQJꢄꢃ 3ꢌ-ꢌꢃ DQGꢃ =KGDQNLQꢄꢃ 9ꢌ9ꢌꢄꢃ &KHPꢀꢁ 5HYꢌꢄꢃ ꢁꢑꢑꢊꢄꢃꢃ
ꢃ
ꢃ
ꢃ
YROꢌꢃ ꢑꢊꢄꢃ Sꢌꢃ ꢁꢁꢊꢊꢐꢃ 1HLODQGVꢄꢃ 2ꢌꢄꢃ /DWYꢀꢁ -ꢀꢁ &KHPꢌꢄꢃ ꢅꢆꢆꢅꢄꢃꢃ
YROꢌꢃ ꢁꢄꢃ Sꢌꢃ ꢅꢋꢐꢃ 0XHOOHUꢄꢃ 3ꢌꢄꢃ <YHVꢄꢃ $ꢌꢄꢃ DQGꢃ (VWHOOHꢄꢃ 5ꢌꢄꢃ
7HWUDKHGURQꢌꢁ$V\PPHWU\ꢄꢃꢅꢆꢆꢈꢄꢃYROꢌꢃꢁꢉꢄꢃSꢌꢃꢋꢋꢑꢌꢃ
ꢅꢉꢌꢃ %RJGDQRYDꢄꢃ $ꢌꢃ DQGꢃ 3RSLNꢄꢃ 9ꢌ9ꢌꢄꢃ -ꢀꢁ $Pꢀꢁ &KHPꢀꢁ 6RFꢌꢄꢃ
ꢅꢆꢆꢈꢄꢃYROꢌꢃꢁꢅꢂꢄꢃSꢌꢃꢁꢉꢂꢋꢌꢃ
ꢅꢂꢌꢃ -RQHVꢄꢃ 0ꢌꢄꢃ $QGRꢄꢃ :ꢌꢄꢃ +HQGULFNꢄꢃ 0ꢌ(ꢌꢄꢃ .XOF]\FNLꢄꢃ $ꢌꢄꢃ
ꢃ
ꢁꢁꢌꢃ 6RZDQꢄꢃ 'ꢌ'ꢌꢄꢃ &RXFKꢄꢃ 0ꢌꢄꢃ .RSHFN\ꢄꢃ .ꢌ5ꢌꢄꢃ DQGꢃ +DPꢇ
PRQGꢄꢃ*ꢌ6ꢌꢄꢃ-ꢀꢁ2UJꢀꢁ&KHPꢌꢄꢃꢁꢑꢊꢉꢄꢃYROꢌꢃꢅꢑꢄꢃSꢌꢃꢁꢑꢅꢅꢌꢃ
ꢁꢅꢌꢃ .KLPLFKꢄꢃ 1ꢌ1ꢌꢄꢃ &DQGꢀꢁ 6FLꢀꢁ ꢎ&KHPꢀꢏꢁ 'LVVHUWDWLRQꢄꢃ
ꢃ
ꢁ
+RZOH\ꢄꢃ3ꢌ0ꢌꢄꢃ+XPPHOꢄꢃ.ꢌ)ꢌꢄꢃDQGꢃ0DODPHWꢄꢃ'ꢌ6ꢌꢄꢃ-ꢀꢁ$Pꢀꢁ
&KHPꢀꢁ6RFꢌꢄꢃꢁꢑꢋꢅꢄꢃYROꢌꢃꢑꢉꢄꢃSꢌꢃꢋꢉꢊꢑꢃ
ꢃ
ꢅꢊꢌꢃ 1LNRODHYꢄꢃ 9ꢌ$ꢌꢃ DQGꢃ .RURELWVLQDꢄꢃ ,ꢌ.ꢌꢄꢃ =Kꢀꢁ 9VHVꢀꢁ .KLPꢀꢁ
ꢃ
ꢃ
ꢃ
/HQLQJUDGꢄꢃꢁꢑꢀꢑꢐꢃ6KHYFKHQNRꢄꢃ9ꢌ9ꢌꢄꢃ1LNRODHYꢄꢃ9ꢌ$ꢌꢄꢃDQGꢃ
3ODW]ꢄꢃ 0ꢌ6ꢌꢄꢃ $EVWUDFWVꢁ RIꢁ ,65,80ꢋꢃꢉꢉꢃꢄꢃ $VFRQDꢄꢃ
6ZLW]HUODQGꢄꢃ-XO\ꢃꢋ±ꢁꢅꢄꢃꢅꢆꢆꢅꢄꢃSꢌꢃꢉꢀꢌꢃ
ꢁ
2E±YDꢌꢄꢃ ꢁꢑꢋꢑꢄꢃ YROꢌꢃ ꢅꢉꢄꢃ Sꢌꢃ ꢉꢑꢂꢐꢃ 3DGZDꢄꢃ $ꢌꢃ DQGꢃ +RUQꢇ
EUXFNOHꢄꢃ6ꢌ)ꢌꢄꢃ&KHPꢀꢁ5HYꢌꢄꢃꢁꢑꢑꢁꢄꢃYROꢌꢃꢑꢁꢄꢃSꢌꢃꢅꢊꢈꢌꢃ
ꢃ
ꢁꢈꢌꢃ .DSODQꢄꢃ)ꢌꢃDQGꢃ0HOR\ꢄꢃ*ꢌ.ꢌꢄꢃ-ꢀꢁ$Pꢀꢁ&KHPꢀꢁ6RFꢌꢄꢃꢁꢑꢊꢊꢄꢃ ꢅꢋꢌꢃ $QGRꢄꢃ :ꢌꢄꢃ 7KHꢁ &KHPLVWU\ꢁ RIꢁ 'LD]RQLXPꢁ DQGꢁ 'LD]Rꢁ
YROꢌꢃꢀꢀꢄꢃSꢌꢃꢑꢂꢆꢐꢃ7RPLRNDꢄꢃ+ꢌꢄꢃ2NXQRꢄꢃ+ꢌꢄꢃDQGꢃ,]DZDꢄꢃ<ꢌꢄꢃ *URXSVꢄꢃ3DWDLꢄꢃ6ꢌꢄꢃ(Gꢌꢄꢃ&KLFKHVWHUꢔꢃ:LOH\ꢄꢃꢁꢑꢋꢀꢄꢃYROꢌꢃꢁꢄꢃ
ꢃ
ꢁ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ

&+(0,675<ꢃꢃ2)ꢃꢃ',$=2&$5%21</ꢃꢃ&203281'6ꢔꢃꢃ;;9ꢌꢃꢃ
Sꢌꢃ ꢉꢈꢑꢐꢃ 6FKXVWHUꢄꢃ *ꢌ%ꢌꢄꢃ $GYꢀꢁ 3K\Vꢀꢁ 2UJꢀꢁ &KHPꢌꢄꢃ ꢁꢑꢀꢊꢄꢃ ꢈꢆꢌꢃ $QGRꢄꢃ:ꢌꢄꢃ<DJLKDUDꢄꢃ7ꢌꢄꢃ7R]XQHꢄꢃ6Kꢌꢄꢃ,PDLꢄꢃ,ꢌꢄꢃ6X]XNLꢄꢃ-ꢌꢄꢃ
ꢀꢅꢋꢃ
ꢃ
ꢃ
ꢃ
YROꢌꢃꢅꢈꢄꢃSꢌꢃꢈꢁꢁꢐꢃ.LUPVHꢄꢃ:ꢌꢄꢃ$GYꢀꢁ&DUEHQHꢁ&KHPꢌꢄꢃꢁꢑꢑꢉꢄꢃ
ꢃ
7R\DPDꢄꢃ7ꢌꢄꢃ1DNDLGRꢄꢃ6ꢌꢄꢃDQGꢃ0LJLWDꢄꢃ7ꢌꢄꢃ-ꢀꢁ2UJꢀꢁ&KHPꢌꢄꢃ
YROꢌꢃꢁꢄꢃSꢌꢃꢈꢑꢌꢃꢃ
ꢃ
ꢁꢑꢋꢅꢄꢃYROꢌꢃꢈꢋꢄꢃSꢌꢃꢁꢋꢅꢁꢌꢃ
ꢈ ꢁꢌꢃ 9RLJWꢄꢃ (ꢌꢃ DQGꢃ 0HLHUꢄꢃ +ꢌꢄꢃ&KHPꢀꢁ %HUꢌꢄꢃ ꢁꢑꢋꢂꢄꢃ YROꢌꢃ ꢁꢆꢀꢄꢃꢃ
ꢅꢀꢌꢃ 3ODW]ꢄꢃ0ꢌ6ꢌꢄꢃ&DUEHQHꢁ&KHPLVWU\ꢄꢃ%HUWUDQGꢄꢃ*ꢌꢄꢃ(Gꢌꢄꢃ1HZꢃ
ꢃ
ꢃ
Sꢌꢃ ꢈꢈꢅꢊꢐꢃ /Lꢄꢃ<ꢌ=Kꢌꢃ DQGꢃ 6FKXVWHUꢄꢃ *ꢌ%ꢌꢄꢃ -ꢀꢁ 2UJꢀꢁ &KHPꢌꢄꢃ
ꢁꢑꢀꢊꢄꢃYROꢌꢃꢂꢁꢄꢃSꢌꢃꢈꢀꢆꢉꢌꢃ
ꢃ
ꢃ
<RUNꢔꢃ 0DUFHOꢃ 'HNNHUꢄꢃ ꢅꢆꢆꢅꢄꢃ Sꢌꢃ ꢅꢋꢐꢃ -DFNVRQꢄꢃ -ꢌ(ꢌꢃ DQGꢃ
3ODW]ꢄꢃ0ꢌ6ꢌꢄꢃ$GYꢀꢁ&DUEHQHꢁ&KHPꢌꢄꢃꢁꢑꢑꢉꢄꢃYROꢌꢃꢁꢄꢃSꢌꢃꢀꢑꢌꢃ
ꢈꢅꢌꢃ 6FKROONRSIꢄꢃ 8ꢌꢄꢃ /XGZLJꢄꢃ 8ꢌꢄꢃ 2VWHUPDQQꢄꢃ *ꢌꢄꢃ DQGꢃꢃ
3DWVFKꢄꢃ0ꢌꢄꢃ7HWUDKHGURQꢁ/HWWꢌꢄꢃꢁꢑꢊꢑꢄꢃSꢌꢃꢈꢉꢁꢂꢌꢃꢃ
%DUQHWWꢄꢃ-ꢌ(ꢌ*ꢌꢃDQGꢃ.HQWꢄꢃ3ꢌ:ꢌꢄꢃ1DWXUHꢄꢃꢁꢑꢊꢁꢄꢃYROꢌꢃꢁꢑꢅꢄꢃ ꢈꢈꢌꢃ $EUDPRYLWFKꢄꢃ 5ꢌ$ꢌꢄꢃ &DQꢀꢁ -ꢀꢁ &KHPꢌꢄꢃ ꢁꢑꢂꢑꢄꢃ YROꢌꢃ ꢈꢋꢄꢃꢃ
Sꢌꢃꢂꢂꢊꢌꢃ Sꢌꢃꢈꢊꢁꢌꢃ
ꢅꢑꢌꢃ $S¶RNꢄꢃ ,ꢌꢄꢃ %DUWRNꢄꢃ 0ꢌꢄꢃ .DUDNKDQRYꢄꢃ 5ꢌ$ꢌꢄꢃ DQGꢃꢃ
ꢃ
ꢃ
ꢃ
ꢃ
6KXLNLQꢄꢃ 1ꢌ,ꢌꢄꢃ 8VSꢀꢁ .KLPꢌꢄꢃ ꢁꢑꢊꢑꢄꢃ YROꢌꢃ ꢈꢀꢄꢃ Sꢌꢃ ꢋꢅꢐꢃꢃ
ꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢌꢃꢃꢉꢅꢃꢃꢃ1Rꢌꢃꢃꢊꢃꢃꢃꢅꢆꢆꢊꢃ