Stereoselective synthesis of functional derivatives of 2-(2-carboxyethyl) pyrrolidine-2-carboxylic acid

Article abstract of DOI:10.1134/S1070428006030134

Azomethine ylides generated from dimethyl 2-(arylmethylideneamino) pentanedioates by the action of AgOAc and Et₃N reacted with dipolarophiles in regio- and stereoselective fashion to form 5-aryl-2-(2-carboxyethyl)pyrrolidine-2-carboxylic acid derivatives. 1,3-Dipolar cycloaddition of divinyl sulfone to the azomethine ylide generated from the Schiff base derived from methyl (S)-2-phthalimido-4-oxobutanoate and dimethyl glutamate gave chiral simplified kaitocephalin analogs. Pleiades Publishing, Inc., 2006.

Full text of DOI:10.1134/S1070428006030134

6WHUHRVHOHFWLYHꢀ6\QWKHVLVꢀRIꢀ)XQFWLRQDOꢀ'HULYDWLYHVꢀꢀ
RIꢀꢁꢂꢃꢁꢂ&DUER[\HWK\OꢄS\UUROLGLQHꢂꢁꢂFDUER[\OLFꢀ$FLGꢀ
.ꢅꢀ9ꢅꢀ.XGU\DYWVHYꢆꢀꢀ1ꢅꢀ9ꢅꢀ1XNRORYDꢆꢀꢀ2ꢅꢀ9ꢅꢀ.RNRUHYDꢆꢀꢀDQGꢀꢀ(ꢅꢀ6ꢅꢀ6PROLQꢀ
)DFXOW\ꢀRIꢀ&KHPLVWU\ꢁꢀ0RVFRZꢀ6WDWHꢀ8QLYHUVLW\ꢁꢀ9RURE¶HY\ꢀJRU\ꢀꢂꢁꢀ0RVFRZꢁꢀꢂꢂꢃꢃꢃꢄꢀ5XVVLDꢀ
HꢅPDLOꢆꢀNXGU#RUJꢇFKHPꢇPVXꢇUXꢀ
5HFHLYHGꢃ-XQHꢃꢂꢄꢅꢃꢂꢆꢆꢄꢃ
$EVWUDFW²$]RPHWKLQHꢃ\OLGHVꢃJHQHUDWHGꢃIURPꢃGLPHWK\OꢃꢂꢇꢈDU\OPHWK\OLGHQHDPLQRꢉSHQWDQHGLRDWHVꢃE\ꢃWKHꢃDFWLRQꢃ
RIꢃ$J2$Fꢃ DQGꢃ (W 1ꢃ UHDFWHGꢃ ZLWKꢃ GLSRODURSKLOHVꢃ LQꢃ UHJLRꢇꢃ DQGꢃ VWHUHRVHOHFWLYHꢃ IDVKLRQꢃ WRꢃ IRUPꢃ ꢄꢇDU\Oꢇꢂꢇꢈꢂꢇ
FDUER[\HWK\OꢉS\UUROLGLQHꢇꢂꢇFDUER[\OLFꢃ DFLGꢃ GHULYDWLYHVꢊꢃ ꢁꢅꢋꢇ'LSRODUꢃ F\FORDGGLWLRQꢃ RIꢃ GLYLQ\Oꢃ VXOIRQHꢃ WRꢃ WKHꢃ
D]RPHWKLQHꢃ\OLGHꢃJHQHUDWHGꢃIURPꢃWKHꢃ6FKLIIꢃEDVHꢃGHULYHGꢃIURPꢃPHWK\Oꢃꢈ6ꢉꢇꢂꢇSKWKDOLPLGRꢇꢀꢇR[REXWDQRDWHꢃDQGꢃ
GLPHWK\OꢃJOXWDPDWHꢃJDYHꢃFKLUDOꢃVLPSOLILHGꢃNDLWRFHSKDOLQꢃDQDORJVꢊꢃ
'2,ꢇꢃꢁꢆꢊꢁꢁꢋꢀꢍ6ꢁꢆꢎꢆꢀꢂꢏꢆꢆꢌꢆꢋꢆꢁꢋꢀꢃ
'HULYDWLYHVꢃRIꢃ/ꢇSUROLQHꢅꢃZKLFKꢃLVꢃDꢃJHQHWLFDOO\ꢃ XHQWVꢃ5 ꢃDQGꢃ5 ꢃLQꢃSRVLWLRQVꢃꢈꢃDQGꢃꢉꢅꢃUHVSHFWLYHO\ꢅꢃZHUHꢃ
FRGHGꢃF\FOLFꢃ ꢇDPLQRꢃDFLGꢅꢃDUHꢃZLGHO\ꢃVSUHDGꢃLQꢃWKHꢃ
QDWXUHꢃ DVꢃ ERWKꢃ LQGLYLGXDOꢃ VXEVWDQFHVꢃ DQGꢃ VWUXFWXUDOꢃ
IUDJPHQWVꢃRIꢃPRUHꢃFRPSOH[ꢃPROHFXOHVꢃ>ꢁ@ꢊꢃ0DQ\ꢃRIꢃ
WKHVHꢃGHULYDWLYHVꢃH[KLELWꢃSURQRXQFHGꢃSK\VLRORJLFDOꢃDFꢇ
WLYLW\ꢃWRZDUGꢃSDUWLFXODUꢃELRORJLFDOꢃWDUJHWVꢊꢃ)RUꢃH[DPSOHꢅꢃ
NDLWRFHSKDOLQꢃꢈ,ꢉꢃ>ꢂ@ꢃLVꢃDQꢃ$03$ꢇNDLQDWHꢃLRQRWURSLFꢃ
JOXWDPDWHꢃUHFHSWRUꢃDQWDJRQLVWꢅꢃZKLOHꢃGRPRLFꢃDFLGꢃꢈ,,ꢉꢃ
DFWVꢃDVꢃDQꢃDJRQLVWꢃVHOHFWLYHꢃIRUꢃWKHꢃVDPHꢃUHFHSWRUVꢃ>ꢋ@ꢊꢃ
7KHꢃ FRQIRUPDWLRQDOO\ꢃ ULJLGꢃ S\UUROLGLQHꢃ IUDJPHQWꢃ LQꢃ
WKHLUꢃ PROHFXOHVꢃ VWDELOL]HVꢃ WKHꢃ VXEVWLWXHQWVꢃ DWWDFKHGꢃ
WKHUHWRꢃLQꢃDꢃFHUWDLQꢃVSDWLDOꢃRULHQWDWLRQꢃZLWKꢃUHVSHFWꢃWRꢃ
HDFKꢃRWKHUꢊꢃ$VꢃDꢃUHVXOWꢅꢃWKHꢃFRQIRUPDWLRQDOꢃPRELOLW\ꢃRIꢃ
WKHꢃHQWLUHꢃPROHFXOHꢃLVꢃUHVWULFWHGꢅꢃWKXVꢃHQKDQFLQJꢃLQWHUꢇ
DFWLRQꢃEHWZHHQꢃWKHꢃS\UUROLGLQHꢃOLJDQGꢃDQGꢃDFWLYHꢃVLWHꢃRIꢃ
DꢃSURWHLQꢃWDUJHWꢅꢃDVꢃFRPSDUHGꢃWRꢃDQꢃDF\FOLFꢃDQDORJꢃ>ꢀ@ꢊꢃ
6WUXFWXUH±SURSHUW\ꢃVWXGLHVꢃLQꢃPHGLFLQDOꢃFKHPLVWU\ꢃDUHꢃ
EDVHGꢃRQꢃWKHꢃDSSURDFKꢃLPSO\LQJꢃUHSODFHPHQWꢃRIꢃWKHꢃ
DPLQRꢃ DFLGꢃ IUDJPHQWꢃ LQꢃ Dꢃ SHSWLGHꢃ RUꢃ SHSWLGRPLPHWLFꢃ
ZLWKꢃ NQRZQꢃ SK\VLRORJLFDOꢃ DFWLYLW\ꢃ E\ꢃ S\UUROLGLQHꢇ
FDUER[\OLFꢃDFLGꢃZKLFKꢃLVꢃDꢃ³VXSHUSRVLWLRQ´ꢃRIꢃSUROLQHꢃ
DQGꢃWKHꢃDFLGꢃEHLQJꢃUHSODFHGꢅꢃVRꢇFDOOHGꢃFKLPHUDꢃ>ꢄ@ꢊꢃꢃ
H[SHFWHGꢃ WRꢃ EHꢃ HLWKHUꢃ PRGLILHGꢃ ꢈIRUꢃ WKLVꢃ SXUSRVHꢅꢃ
PHWKR[\FDUERQ\OꢃJURXSVꢃZHUHꢃVHOHFWHGꢉꢃRUꢃUHPRYHGꢃWRꢃ
DIIRUGꢃDꢃꢂꢅꢄꢇVXEVWLWXWHGꢃPRLHW\ꢃDVꢃLQꢃNDLWRFHSKDOLQꢊꢃ
:HꢃEHOLHYHGꢃWKDWꢃ6FKHPHꢃꢁꢃZDVꢃEHVWꢃFRQVLVWHQWꢃZLWKꢃ
RXUꢃ V\QWKHWLFꢃ JRDOVꢊꢃ 7KLVꢃ VFKHPHꢃ LPSOLHVꢃ SUHSDUDWLRQꢃꢃ
RIꢃUDFHPLFꢃS\UUROLGLQHVꢃ,9ꢃLQꢃWZRꢃVWHSVꢃVWDUWLQJꢃIURPꢃ
GLPHWK\OꢃJOXWDPDWHꢃ9ꢃDQGꢃDOGHK\GHVꢊꢃ+HUHꢅꢃWKHꢃNH\ꢃ
VWHSꢃLVꢃꢁꢅꢋꢇGLSRODUꢃF\FORDGGLWLRQꢃRIꢃROHILQVꢃDFWLYDWHGꢃꢃ
E\ꢃ HOHFWURQꢇDFFHSWRUꢃ JURXSVꢃ WRꢃ PHWDODWHGꢃ D]RPHWKLQHꢃ
\OLGHꢃ $ꢊꢃ7KHꢃ ODWWHUꢃ LVꢃ JHQHUDWHGꢃ IURPꢃ WKHꢃ 6FKLIIꢃ EDVHꢃ
IRUPHGꢃE\ꢃFRQGHQVDWLRQꢃRIꢃDOGHK\GHꢃZLWKꢃDPLQRꢃDFLGꢃ
7KHꢃSUHVHQWꢃVWXG\ꢃZDVꢃDLPHGꢃDWꢃV\QWKHVL]LQJꢃIXQFꢇ
WLRQDOꢃ GHULYDWLYHVꢃ RIꢃ ꢂꢇꢈꢂꢇFDUER[\HWK\OꢉS\UUROLGLQHꢇꢂꢇ
FDUER[\OLFꢃDFLGꢃꢈ,,,ꢉꢃZKLFKꢃPD\ꢃEHꢃUHJDUGHGꢃDVꢃDꢃSURꢇ
OLQH±JOXWDPLFꢃ DFLGꢃ FKLPHUDꢊꢃ :Hꢃ SODQQHGꢃ WRꢃ LQWURGXFHꢃ
DQꢃ DU\Oꢃ VXEVWLWXHQWꢃ LQWRꢃ WKHꢃ ꢄꢇSRVLWLRQꢃ RIꢃ WKHꢃ SUROLQHꢃ
IUDJPHQWꢃLQꢃ,9ꢅꢃWDNLQJꢃLQWRꢃDFFRXQWꢃWKDWꢃFLVꢇꢄꢇSKHQ\Oꢇ
SUROLQHꢃ LVꢃ FRQVLGHUHGꢃ WRꢃ EHꢃ Dꢃ SULYLOHJHGꢃ VXEVWUXFWXUHꢃ
>ꢌ@ꢅꢃDVꢃZHOOꢃDVꢃDꢃJURXSꢃDOORZLQJꢃWKHꢃOHIWꢇKDQGꢃSDUWꢃRIꢃ
NDLWRFHSKDOLQꢃWRꢃEHꢃEXLOWꢃXSꢃVXEVHTXHQWO\ꢊꢃ7KHꢃVXEVWLWꢇ
ꢀꢁꢂꢃꢃ

67(5(26(/(&7,9(ꢃꢃ6<17+(6,6ꢃꢃ2)ꢃꢃ)81&7,21$/ꢃꢃ'(5,9$7,9(6ꢃꢃ
ꢀꢁꢋꢃ
6FKHPHꢀꢈꢅꢀ
S\ULGLQHꢇꢋꢇFDUEDOGHK\GHꢃ ꢈ6FKHPHꢃ ꢂꢉꢊꢃ V\Qꢇ'LSROHꢃ $ꢃ
ZDVꢃJHQHUDWHGꢃꢈ6FKHPHꢃꢁꢉꢃLQꢃWROXHQHꢃLQꢃDQꢃLQHUWꢃDWPRVꢇ
SKHUHꢃE\ꢃWKHꢃDFWLRQꢃRIꢃHTXLPRODUꢃDPRXQWVꢃRIꢃVLOYHUꢃ
DFHWDWHꢃDQGꢃWULHWK\ODPLQHꢊꢃ$VꢃGLSRODURSKLOHVꢃZHꢃXVHGꢃ
GLYLQ\OꢃVXOIRQHꢅꢃPHWK\OꢃDFU\ODWHꢅꢃDQGꢃGLPHWK\OꢃPDOHDWHꢊꢃ
7HWUDꢇꢃDQGꢃSHQWDVXEVWLWXWHGꢃS\UUROLGLQHVꢃ 9,,D±9,,Jꢃ
ZHUHꢃWKHꢃRQO\ꢃSURGXFWVꢃꢈDFFRUGLQJꢃWRꢃWKHꢃ7/&ꢃGDWDꢉꢃ
IRUPHGꢃE\ꢃꢁꢅꢋꢇGLSRODUꢃF\FORDGGLWLRQꢃRIꢃWKHꢃDERYHꢃGLꢇ
SRODURSKLOHVꢃWRꢃD]RPHWKLQHꢃ\OLGHVꢃGHULYHGꢃIURPꢃ6FKLIIꢃ
EDVHVꢃ9,D±9,Fꢀꢈ6FKHPHꢃꢋꢉꢐꢃWKH\ꢃZHUHꢃLVRODWHGꢃLQꢃJRRGꢃ
\LHOGVꢃ E\ꢃ FROXPQꢃ FKURPDWRJUDSK\ꢃ RQꢃ VLOLFDꢃ JHOꢃ DVꢃ
VSHFWUDOO\ꢃDQGꢃDQDO\WLFDOO\ꢃSXUHꢃVXEVWDQFHVꢊꢃ7KHꢃVWUXFꢇ
WXUHꢃ RIꢃ UDFHPLFꢃ S\UUROLGLQHVꢃ 9,,D±9,,Jꢃ ZDVꢃ GHWHUꢇ
PLQHGꢃE\ꢃWZRꢇGLPHQVLRQDOꢃ105ꢃWHFKQLTXHVꢃDQGꢃE\ꢃ
FRPSDULVRQꢃRIꢃVSHFWUDOꢃSDUDPHWHUVꢃZLWKꢃWKRVHꢃDYDLODEOHꢃ
IRUꢃ DQDORJRXVꢃ FRPSRXQGVꢃ >ꢏ@ꢊꢃ 7KHꢃ REWDLQHGꢃ GDWDꢃ
VKRZHGꢃ WKDWꢃ WKHꢃ 5 ꢅꢃ 5 ꢅꢃ DQGꢃ 5 ꢃ VXEVWLWXHQWVꢃ DQGꢃ WKHꢃ
PHWKR[\FDUERQ\OꢃJURXSꢃLQꢃSRVLWLRQꢃꢄꢃRIꢃWKHꢃS\UUROLGLQHꢃ
ULQJꢃLQꢃDOOꢃFRPSRXQGVꢃ9,,D±9,,JꢃDUHꢃDUUDQJHGꢃFLVꢃZLWKꢃ
UHVSHFWꢃWRꢃHDFKꢃRWKHUꢊꢃ
GHULYDWLYHꢃ9ꢊꢃ7KHꢃDERYHꢃVFKHPHꢃIRUꢃEXLOGLQJꢃXSꢃS\Uꢇ
UROLGLQHꢃ F\FOLFꢃ V\VWHPꢃ ZDVꢃ VKRZQꢃ WRꢃ EHꢃ HIIHFWLYHꢃ IRUꢃ
WKHꢃV\QWKHVLVꢃRIꢃYDULRXVꢃVXEVWLWXWHGꢃSUROLQHVꢃ>ꢎ@ꢅꢃEXWꢃLWꢃ
ZDVꢃQRWꢃDSSOLHGꢃSUHYLRXVO\ꢃWRꢃSUHSDUDWLRQꢃRIꢃFKLPHULFꢃ
VWUXFWXUHVꢃOLNHꢃ,9ꢊꢃ7UHDWPHQWꢃZLWKꢃVRIWꢃ/HZLVꢃDFLGVꢃRIꢃ
6FKLIIꢃ EDVHVꢃ GHULYHGꢃ IURPꢃ DOGHK\GHVꢃ DQGꢃ DPLQRꢃ DFLGꢃ
HVWHUVꢃVWHUHRVHOHFWLYHO\ꢃJLYHVꢃPHWDOꢃGLSROHꢃ$ꢃKDYLQJꢃ
V\QꢁV\QꢃFRQILJXUDWLRQꢅꢃDVꢃVKRZQꢃLQꢃ6FKHPHꢃꢁꢊꢃ7KHꢃVXEꢇ
VHTXHQWꢃF\FORDGGLWLRQꢃRIꢃ5 &+ &+5 ꢃGLSRODURSKLOHꢃLVꢃ
DOVRꢃFKDUDFWHUL]HGꢃE\ꢃKLJKꢃHQGRꢇVWHUHRVHOHFWLYLW\ꢃDQGꢃ
UHJLRVHOHFWLYLW\ꢅꢃVRꢃWKDWꢃWKHꢃ5 ꢅꢃ5 ꢅꢃDQGꢃ&2 5 ꢃVXEVWLWꢇ
XHQWVꢃLQꢃWKHꢃS\UUROLGLQHꢃULQJꢃRIꢃ,9ꢃDUHꢃDUUDQJHGꢃFLVꢃ
ZLWKꢃUHVSHFWꢃWRꢃHDFKꢃRWKHUꢃ>ꢎ@ꢊꢀ
6FKHPHꢀꢉꢅꢀ
6FKLIIꢃEDVHVꢃ9,D±9,FꢃZHUHꢃV\QWKHVL]HGꢃE\ꢃUHDFWLRQꢃ
RIꢃJOXWDPLFꢃDFLGꢃGLPHWK\OꢃHVWHUꢃK\GURFKORULGHꢃꢈ9Â+&Oꢉꢃ
ZLWKꢃ EHQ]DOGHK\GHꢅꢃꢋꢅꢀꢇGLPHWKR[\EHQ]DOGHK\GHꢅꢃDQGꢃ
6FKHPHꢀꢁꢅꢀ
9,,ꢅꢃ5 ꢃ ꢃ3Kꢅꢃ5 ꢃ ꢃ&+ &+62 ꢅꢃ5 ꢃ ꢃ+ꢃꢈDꢉꢐꢃ5 ꢃ ꢃ3Kꢅꢃ5 ꢃ ꢃ
&220Hꢅꢃ5 ꢃ ꢃ+ꢃꢈEꢉꢐꢃ5 ꢃ ꢃꢋꢅꢀꢇꢈ0H2ꢉ & + ꢅꢃ5 ꢃ ꢃ&220Hꢅꢃꢃ
5 ꢃ+ꢃꢈFꢉꢐꢃ5 ꢃ ꢃꢋꢇ3\ꢅꢃ5 ꢃ ꢃ&220Hꢅꢃ5 ꢃ ꢃ+ꢃꢈGꢉꢐꢃ5 ꢃ ꢃ3Kꢅꢃꢃ
5 ꢃ ꢃ 5 ꢃ ꢃ &220Hꢃ ꢈHꢉꢐꢃ 5 ꢃ ꢃ ꢋꢅꢀꢇꢈ 0H2ꢉ & + ꢅꢃ 5 ꢃ ꢃ 5 ꢃ ꢃ
ꢃ&220HꢃꢈIꢉꢐꢃ5 ꢃ ꢃꢋꢇ3\ꢅꢃ5 ꢃ ꢃ5 ꢃ ꢃ&220HꢃꢈJꢉꢊꢃ
7KHꢃ RQO\ꢃ H[DPSOHꢃ RIꢃ XVLQJꢃ GLYLQ\Oꢃ VXOIRQHꢃ LQꢃꢃ
ꢁꢅꢋꢇGLSRODUꢃF\FORDGGLWLRQꢃWRꢃD]RPHWKLQHꢃ\OLGHVꢃREWDLQꢇ
HGꢃIURPꢃJO\FLQHꢃPHWK\OꢃHVWHUꢃDQGꢃVXEVWLWXWHGꢃEHQ]DOGHꢇ
K\GHVꢃZDVꢃUHSRUWHGꢃLQꢃ>ꢑ@ꢐꢃDFFRUGLQJꢃWRꢃWKHꢃDXWKRUVꢅꢃWKHꢃ
FRUUHVSRQGLQJꢃ S\UUROLGLQHVꢃ ZHUHꢃ IRUPHGꢃ LQꢃ Dꢃ SRRUꢃ
\LHOGꢅꢃDQGꢃWKHꢃYLQ\OVXOIRQ\OꢃVXEVWLWXHQWꢃWKHUHLQꢃZDVꢃ
DVVLJQHGꢃWUDQVꢃRULHQWDWLRQꢃZLWKꢃUHVSHFWꢃWRꢃWKHꢃRWKHUꢃ
VXEVWLWXHQWVꢊꢃ7KHꢃVWUXFWXUHꢃRIꢃYLQ\OVXOIRQ\OS\UUROLGLQHꢃ
9,,Dꢃ V\QWKHVL]HGꢃLQꢃ WKHꢃ SUHVHQWꢃ ZRUNꢃ ZDVꢃ SURYHGꢃ E\ꢃ
5ꢃ ꢃ3KꢃꢈDꢉꢅꢃꢋꢅꢀꢇꢈ0H2ꢉ & + ꢃꢈEꢉꢅꢃꢋꢇ3\ꢃꢈFꢉꢊꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

.8'5<$976(9ꢃꢃHWꢀDOꢊꢃ
ꢀꢁꢀꢃ
FRQVLVWHQWꢃZLWKꢃWKHꢃDYDLODEOHꢃSXEOLVKHGꢃGDWDꢃRQꢃF\FORꢇ
& ꢃ
DGGLWLRQꢃRIꢃGLPHWK\OꢃIXPDUDWHꢃWRꢃD]RPHWKLQHꢃ\OLGHVꢃ>ꢏ@ꢊꢃ
,Qꢃ WKHꢃ +ꢃ 105ꢃ VSHFWUDꢃ RIꢃ WKHꢃ PLQRUꢃ SURGXFWVꢅꢃ WKHꢃ
QXPEHUꢃRIꢃPHWKR[\ꢃSURWRQVꢃLQꢃWKHꢃHVWHUꢃJURXSVꢃZDVꢃ
HTXDOꢃWRꢃꢑꢐꢃWKHUHIRUHꢅꢃWKHVHꢃFRPSRXQGVꢃZHUHꢃDVVLJQHGꢃ
WKHꢃVWUXFWXUHꢃRIꢃSHUK\GURS\UUROL]LQHVꢃ,;D±,;FꢃIRUPHGꢃ
YLDꢃODFWDPL]DWLRQꢃZLWKꢃSDUWLFLSDWLRQꢃRIꢃWKHꢃꢂꢇꢈꢂꢇPHWKꢇ
R[\FDUERQ\OHWK\OꢉꢃVXEVWLWXHQWꢊꢃ7KLVꢃDVVLJQPHQWꢃZDVꢃ
SURYHGꢃ E\ꢃ WKHꢃ UHVXOWVꢃ RIꢃ ;ꢇUD\ꢃ GLIIUDFWLRQꢃ VWXG\ꢃ RIꢃ
FRPSRXQGꢃ,;Dꢃꢈ)LJꢊꢃꢂꢅꢃ7DEOHꢃꢂꢉꢊꢃꢃ
& ꢃ
2 ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
2 ꢃ
& ꢃ
& ꢃ
1 ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
6 ꢃ
2 ꢃ
& ꢃ
2 ꢃ
& ꢃ
& ꢃ
2 ꢃ
7KHꢃDELOLW\ꢃRIꢃS\UUROLGLQHVꢃ9,,,D±9,,,FꢃWRꢃXQGHUJRꢃ
ODFWDPL]DWLRQꢃGHSHQGVꢃRQꢃWKHꢃVXEVWLWXHQWꢃ5ꢊꢃ,QꢃWKHꢃ
UHDFWLRQꢃ RIꢃ GLPHWK\Oꢃ IXPDUDWHꢃ ZLWKꢃ 6FKLIIꢃ EDVHꢃ 9,Dꢃ
ꢈ6FKHPHꢃꢀꢉꢅꢃS\UUROLGLQHꢃ9,,,DꢃZDVꢃLVRODWHGꢃLQꢃꢎꢀLꢃ
\LHOGꢃE\ꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢊꢃ/LNHZLVHꢅꢃFRPꢇ
SRXQGVꢃ 9,,,Eꢃ DQGꢃ ,;Eꢃ ZHUHꢃ LVRODWHGꢃ LQꢃ ꢋꢃ DQGꢃ ꢎꢁLꢃ
\LHOGꢅꢃ UHVSHFWLYHO\ꢅꢃ ZKLOHꢃ WKHꢃ UHDFWLRQꢃ PL[WXUHꢃ FRQꢇ
WDLQHGꢃXSꢃWRꢃꢁꢆLꢃRIꢃS\UUROL]LQHꢃ,;EꢃꢈDFFRUGLQJꢃWRꢃWKHꢃ
+ꢃ105ꢃGDWDꢉꢊꢃ7KLVꢃPHDQVꢃWKDWꢃULQJꢃFORVXUHꢃRFFXUUHGꢃ
PDLQO\ꢃGXULQJꢃFKURPDWRJUDSKLFꢃVHSDUDWLRQꢃRIꢃWKHꢃSURGꢇ
XFWVꢃRQꢃVLOLFDꢃJHOꢊꢃ,QWUDPROHFXODUꢃF\FOL]DWLRQꢃRIꢃS\UUROLꢇ
GLQ\OSURSLRQLFꢃDFLGVꢃRUꢃWKHLUꢃHVWHUVꢃLVꢃZLGHO\ꢃXVHGꢃIRUꢃ
WKHꢃ SUHSDUDWLRQꢃ RIꢃ SHUK\GURS\UUROL]LQHVꢃ >ꢁꢆ@ꢊꢃ 3\UUROLꢇ
GLQHVꢃ9,,,D±9,,,FꢃLVRODWHGꢃDVꢃLQGLYLGXDOꢃVXEVWDQFHVꢃ
XQGHUJRꢃSDUWLDOꢃODFWDPL]DWLRQꢃWRꢃELF\FOLFꢃFRPSRXQGVꢃ
,;D±,;FꢃRQꢃVWRUDJHꢊꢃ(VWHUVꢃ9,,D±9,,JꢃDUHꢃVWDEOHꢅꢃDQGꢃ
WKH\ꢃFDQꢃEHꢃVWRUHGꢃIRUꢃDꢃ\HDUꢃDWꢃꢀƒ&ꢊꢃꢃ
& ꢃ
2 ꢃ
)LJꢅꢀꢈꢅꢃ6WUXFWXUHꢃRIꢃWKHꢃPROHFXOHꢃRIꢃPHWK\Oꢃꢈꢂ6ꢒꢅꢀ6ꢒꢅꢄ6ꢒꢉꢇꢀꢇ
HWKHQ\OVXOIRQ\OꢇꢂꢇꢈꢋꢇPHWKR[\ꢇꢋꢇR[RSURS\OꢉꢇꢄꢇSKHQ\OS\Uꢇ
UROLGLQHꢇꢂꢇFDUER[\ODWHꢃꢈ9,,DꢉꢃDFFRUGLQJꢃWRꢃWKHꢃ;ꢇUD\ꢃGLIIUDFꢇ
WLRQꢃGDWDꢊꢃ
WKHꢃ ;ꢇUD\ꢃ GLIIUDFWLRQꢃ GDWDꢃ ꢈ)LJꢊꢃ ꢁꢅꢃ 7DEOHꢃ ꢁꢉꢐꢃ ZHꢃ WKXVꢃ
FRQILUPHGꢃWKHꢃYDOLGLW\ꢃRIꢃRXUꢃDVVLJQPHQWVꢃEDVHGꢃRQꢃWKHꢃ
VSHFWUDOꢃGDWDꢊꢃꢃ
:KHQꢃGLPHWK\OꢃIXPDUDWHꢃZDVꢃXVHGꢃDVꢃGLSRODURSKLOHꢃ
LQꢃꢁꢅꢋꢇGLSRODUꢃF\FORDGGLWLRQꢃWRꢃ6FKLIIꢃEDVHVꢃ9,D±9,Fꢅꢃ
WZRꢃ SURGXFWVꢃ ZHUHꢃ GHWHFWHGꢃ LQꢃ WKHꢃ UHDFWLRQꢃ PL[WXUHVꢃ
ꢈ6FKHPHꢃꢀꢉꢊꢃ$FFRUGLQJꢃWRꢃWKHꢃ105ꢃGDWDꢅꢃPRUHꢃFKURꢇ
PDWRJUDSKLFDOO\ꢃ PRELOHꢃ FRPSRXQGVꢃ ZHUHꢃ F\FORDGGLꢇ
WLRQꢃ SURGXFWVꢃ 9,,,D±9,,,Fꢃ ZKRVHꢃ VWHULFꢃ VWUXFWXUHꢃ LVꢃ
7DEOHꢀꢈꢅꢃ6HOHFWHGꢃERQGꢃOHQJWKVꢃDQGꢃERQGꢃDQJOHVꢃLQꢃWKHꢃPROHFXOHꢃRIꢃPHWK\Oꢃꢈꢂ6ꢒꢅꢀ6ꢒꢅꢄ6ꢒꢉꢇꢀꢇHWKHQ\OVXOIRQ\OꢇꢂꢇꢈꢋꢇPHWKR[\ꢇꢋꢇ
R[RSURS\OꢉꢇꢄꢇSKHQ\OS\UUROLGLQHꢇꢂꢇFDUER[\ODWHꢃꢈ9,,Dꢉꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
6 ±2 ꢃ
6 ±2 ꢃ
6 ±& ꢃ
6 ±& ꢃ
1 ±& ꢃ
1 ±& ꢃ
ꢁꢊꢀꢋꢄꢈ
ꢆꢆꢁꢊꢀꢋꢏꢂꢈꢁꢏꢉꢃ
ꢁꢊꢎꢌꢁꢈꢋꢉꢃ
ꢁꢊꢎꢑꢀꢈꢋꢉꢃ
ꢁꢊꢀꢄꢎꢈ
ꢂꢉꢃ ±+ ꢃ 1
2 ±& ꢃ
ꢆꢊꢏꢀꢈꢂꢉꢆꢃ
ꢁꢊꢁꢎꢑꢈꢋꢉꢃ
ꢁꢊꢋꢁꢀꢈ
2 ±& ꢃ
& ±& ꢃ
ꢁꢊꢀꢋꢋꢈ
ꢁꢊꢄꢁꢑꢈ
ꢁꢊꢄꢋꢎꢈ
ꢁꢊꢄꢌꢑꢈꢀꢉꢃ
ꢁꢊꢄꢂꢑꢈ
ꢁꢊꢄꢌꢂꢈ
ꢄꢉꢃ ±& ꢃ &
ꢋꢉꢃ ±& ꢃ&
ꢀꢉꢃ ±& ꢃ &
& ±& ꢃ
ꢁꢊꢄꢆꢏꢈꢋꢉꢃ
ꢁꢊꢋꢎꢄꢈ
ꢋꢉꢃ
ꢋꢉꢃ
2 ±& ꢃ
ꢋꢉꢃ ±& ꢃ&
& ±& ꢃ
ꢁꢊꢋꢑꢑꢈ
2 ±& ꢃ
ꢁꢊꢀꢀꢀꢈꢋꢉꢃ
ꢁꢊꢂꢆꢎꢈ
ꢁꢊꢂꢑꢌꢈꢄꢉꢃ
ꢁꢊꢄꢆꢌꢈꢀꢉꢃ
ꢁꢊꢀꢑꢀꢈꢀꢉꢃ
ꢋꢉꢃ ±& ꢃ 2
2 ±& ꢃ
ꢋꢉꢃ ±& ꢃ &
& ±& ꢃ
ꢋꢉꢃ ±& ꢃ&
ꢋꢉꢃ ±& ꢃ&
ꢁꢊꢀꢌꢌꢈꢋꢉꢃ
ꢁꢊꢋꢋꢁꢈꢀꢉꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
2 6 2 ꢃ
2 6 & ꢃ
2 6 & ꢃ
2 6 & ꢃ
2 6 & ꢃ
& 6 & ꢃ
& 1 & ꢃ
& 2 & ꢃ
& 2 & ꢃ
ꢁꢁꢎꢊꢀꢆꢈꢁꢁꢉꢃ
ꢁꢆꢏꢊꢎꢏꢈ
1 & & ꢃ
ꢁꢋꢉꢃ & &1ꢃ
ꢁꢋꢉꢃ & && ꢃ
ꢁꢂꢉꢃ & &1ꢃ
ꢁꢂꢉꢃ & &&ꢃ
ꢁꢂꢉꢃ & &&ꢃ
& & & ꢃ
ꢁꢆꢏꢊꢏꢂꢈ
ꢁꢏꢉꢃ & 6&ꢃ
1 & & ꢃ
ꢁꢁꢄꢊꢌꢁꢈꢁꢌꢉꢃ
ꢁꢁꢀꢊꢏꢆꢈꢁꢑꢉꢃ
ꢁꢆꢄꢊꢄꢑꢈꢁꢏꢉꢃ
ꢁꢁꢎꢊꢑꢈꢂꢉꢆꢆꢃ
ꢁꢂꢋꢊꢎꢈꢂꢉꢆꢆꢃ
ꢁꢁꢎꢊꢌꢈꢂꢉꢆꢆꢃ
ꢁꢁꢑꢊꢎꢈꢋꢉꢆꢆꢃ
ꢁꢂꢋꢊꢀꢈꢂꢉꢆꢆꢃ
ꢃ
2 & & ꢃ
2 & & ꢃ
& & & ꢃ
& & & ꢃ
2 & 2 ꢃ
2 & & ꢃ
2 & & ꢃ
2 & + ꢃ
ꢃꢃ
ꢁꢂꢀꢊꢑꢈꢂꢉꢆꢆꢃ
ꢁꢁꢁꢊꢎꢁꢈꢁꢑꢉꢃ
ꢁꢁꢋꢊꢀꢈꢂꢉꢆꢆꢃ
ꢁꢁꢂꢊꢑꢈꢂꢉꢆꢆꢃ
ꢁꢂꢋꢊꢄꢈꢋꢉꢆꢆꢃ
ꢁꢂꢀꢊꢑꢈꢋꢉꢆꢆꢃ
ꢁꢁꢁꢊꢌꢈꢂꢉꢆꢆꢃ
ꢁꢁꢆꢈꢀꢉꢊꢆꢆꢆꢃ
ꢃꢃ
ꢁꢁꢆꢊꢋꢈꢂꢉꢆꢆꢃ
ꢁꢁꢆꢊꢋꢈꢂꢉꢆꢆꢃ
ꢁꢆꢎꢊꢂꢑꢈ
1 & & ꢃ
ꢁꢆꢎꢊꢄꢑꢈ
ꢁꢆꢌꢊꢏꢈ ꢆꢆꢃ ꢂꢉ & & & ꢃ
ꢁꢆꢏꢊꢀꢁꢈ
ꢁꢁꢆꢊꢌꢈꢂꢉꢆꢆꢃ
ꢁꢆꢑꢊꢏꢎꢈ
& & & ꢃ
ꢁꢑꢉꢃ & &&ꢃ
& & 6 ꢃ
ꢁꢆꢌꢊꢑꢂꢈ
ꢁꢆꢄꢊꢏꢄꢈꢁꢏꢉꢃ
ꢁꢁꢎꢊꢏꢈꢂꢉꢆꢆꢃ
ꢁꢁꢄꢊꢑꢈꢀꢉꢆꢆꢃ
ꢁꢆꢄꢊꢄꢈꢂꢉꢆꢆꢃ
& & & ꢃ
ꢁꢆꢂꢊꢎꢈ ꢆꢆꢃ ꢂꢉ 2 & 2 ꢃ
ꢁꢆꢑꢊꢁꢆꢈꢁꢑꢉꢃ
& & 6 ꢃ
ꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

67(5(26(/(&7,9(ꢃꢃ6<17+(6,6ꢃꢃ2)ꢃꢃ)81&7,21$/ꢃꢃ'(5,9$7,9(6ꢃꢃ
ꢀꢁꢄꢃ
6FKHPHꢀꢊꢅꢀ
5ꢃ ꢃ3KꢃꢈDꢉꢅꢃꢋꢅꢀꢇꢈ0H2ꢉ & + ꢃꢈEꢉꢅꢃꢋꢇ3\ꢃꢈFꢉꢊꢃ
WLRQꢃ RIꢃ SURWHFWLQJꢃ JURXSVꢃ LQꢃ LQWHUPHGLDWHꢃ SRO\IXQFꢇ
PHWULFꢃ FHQWHUVꢐꢃ LQꢃ NHHSLQJꢃ ZLWKꢃ WKHꢃ ODWHVWꢃ GDWDꢅꢃ LWꢃKDVꢃ WLRQDOꢃFRPSRXQGVꢅꢃSULPDULO\ꢃIRUꢃWKHꢃDPLQRꢃDQGꢃFDUER[\ꢃ
.DLWRFHSKDOLQꢃ ꢈ,ꢉꢃ PROHFXOHꢃ FRQWDLQVꢃ ILYHꢃ DV\Pꢇ
ꢂ5ꢁꢋ6ꢁꢀ5ꢁꢎ5ꢁꢑ6ꢃ FRQILJXUDWLRQꢃ >ꢁꢁ@ꢃ ZKLFKꢃ ZDVꢃ FRQꢇ
ILUPHGꢃE\ꢃWKHꢃWRWDOꢃV\QWKHVLVꢃLQFOXGLQJꢃꢁꢀꢃVWHSVꢃꢈRYHUꢇ
DOOꢃ\LHOGꢃꢁꢊꢂLꢉꢃ>ꢁꢂ@ꢊꢃ2QꢃWKHꢃEDVLVꢃRIꢃRXUꢃUHVXOWVꢃRQꢃWKHꢃ
V\QWKHVLVꢃRIꢃVXEVWLWXWHGꢃꢂꢇꢈꢂꢇFDUER[\HWK\OꢉS\UUROLGLQHꢇ
ꢂꢇFDUER[\OLFꢃ DFLGꢃ GHULYDWLYHVꢃ 9,,D±9,,Jꢃ DQGꢃ 9,,,D±
9,,,FꢃZHꢃEHOLHYHGꢃLWꢃSRVVLEOHꢃWRꢃREWDLQꢃDꢃVLPSOLILHGꢃ
DQDORJꢃRIꢃNDLWRFHSKDOLQꢅꢃDPLQRꢃDFLGꢃ;ꢅꢃYLDꢃꢁꢅꢋꢇGLSRODUꢃ
F\FORDGGLWLRQꢃ RIꢃ GLYLQ\Oꢃ VXOIRQHꢃ WRꢃ DOLSKDWLFꢃ 6FKLIIꢃ
EDVHꢃ;,,ꢃDFFRUGLQJꢃWRꢃ6FKHPHꢃꢄꢊꢃ,QVRIDUꢃDVꢃWKHꢃFKLUDOꢃ
FHQWHUꢃLQꢃ;,,ꢅꢃDVꢃZHOOꢃDVꢃLQꢃWKHꢃD]RPHWKLQHꢃ\OLGHꢃJHQꢇ
HUDWHGꢃWKHUHIURPꢅꢃLVꢃQRWꢃLQYROYHGꢃLQꢃWKHꢃF\FORDGGLWLRQꢃ
SURFHVVꢅꢃLWꢃZDVꢃH[SHFWHGꢃWRꢃEHꢃFRQVHUYHGꢃLQꢃS\UUROLGLQHꢃ
;,ꢊꢃ 7KHꢃ WUDQVIRUPDWLRQꢃ RIꢃ WKHꢃ F\FORDGGLWLRQꢃ SURGXFWꢃ
LQWRꢃDPLQRꢃDFLGꢃ;ꢃLPSOLHVꢃZHOOꢃH[SORUHGꢃGHVXOIRQ\ODꢇ
WLRQꢃUHDFWLRQꢃ>ꢁꢋ@ꢊꢃ:HꢃSODQQHGꢃWRꢃXVHꢃFKLUDOꢃDOGHK\GHꢃ
;,,,ꢃ DVꢃ FDUERQ\Oꢃ FRPSRQHQWꢃ IRUꢃ WKHꢃ SUHSDUDWLRQꢃ RIꢃ
6FKLIIꢃEDVHꢃ;,,ꢊꢃ8QGRXEWHGO\ꢅꢃVXFFHVVIXOꢃLPSOHPHQWDꢇ
WLRQꢃRIꢃWKHꢃSURSRVHGꢃVFKHPHꢃUHTXLUHVꢃWKRURXJKꢃVHOHFꢇ
JURXSVꢃRQꢃ& ꢈ;ꢃDQGꢃ<ꢉꢅꢃDVꢃZHOOꢃDVꢃIRUꢃWKHꢃS\UUROLGLQHꢃ
QLWURJHQꢃDWRPꢃDQGꢃFDUER[\ꢃJURXSVꢃRQꢃ& ꢃDQGꢃ& ꢊꢒ ꢃ
6FKLIIꢃ EDVHꢃ ;,,ꢃ ZDVꢃ V\QWKHVL]HGꢃ IURPꢃ PHWK\Oꢃꢃ
ꢈ6ꢉꢇꢀꢇR[RꢇꢂꢇSKWKDOLPLGREXWDQRDWHꢃꢈ;9,ꢉꢃKDYLQJꢃWKHꢃ
UHTXLUHGꢃ6ꢃFRQILJXUDWLRQꢊꢃ&RPSRXQGꢃ;9,ꢃꢈRSWLFDOꢃ
SXULW\ꢃꢌꢂꢊꢂLꢉꢃZDVꢃSUHSDUHGꢃLQꢃWZRꢃVWHSVꢃDFFRUGLQJꢃWRꢃ
WKHꢃ NQRZQꢃ SURFHGXUHꢃ >ꢁꢀ@ꢃ IURPꢃ/ꢇPHWKLRQLQHꢃ PHWK\Oꢃ
HVWHUꢃꢈ;,9ꢉꢃꢈ6FKHPHꢃꢌꢉꢊꢃ7KHꢃUHDFWLRQꢃRIꢃDOGHK\GHꢃ;9,ꢃ
ZLWKꢃ JOXWDPLFꢃ DFLGꢃ GLPHWK\Oꢃ HVWHUꢃ K\GURFKORULGHꢃ
ꢈ9 Â +&Oꢉꢃ JDYHꢃ 6FKLIIꢃ EDVHꢃ ;9,,ꢅꢃ DQGꢃ WKHꢃ ODWWHUꢃ ZDVꢃ
EURXJKWꢃ LQWRꢃ ꢁꢅꢋꢇGLSRODUꢃ F\FORDGGLWLRQꢃ WRꢃ GLYLQ\Oꢃ VXOꢇ
IRQHVꢃXQGHUꢃWKHꢃVDPHꢃFRQGLWLRQVꢃDVꢃLQꢃWKHꢃV\QWKHVLVꢃRIꢃ
S\UUROLGLQHVꢃ9,,D±9,,JꢃDQGꢃ9,,,D±9,,,Fꢃꢈ6FKHPHꢃꢎꢉꢊꢃ
ꢁꢅꢂꢇ3URWRWURSLFꢃWDXWRPHUL]DWLRQꢃDQGꢃVXEVHTXHQWꢃF\FORꢇ
DGGLWLRQꢃRIꢃDOLSKDWLFꢃDOGHK\GHꢃLPLQHVꢃKDYLQJꢃDQꢃ ꢇK\ꢇ
GURJHQꢃ DWRPꢃ PD\ꢃ EHꢃ FRPSOLFDWHGꢃ GXHꢃ WRꢃ LPLQH±
HQDPLQHꢃ WDXWRPHULVPꢅꢃ ZKLFKꢃ FRXOGꢃ JLYHꢃ ULVHꢃ WRꢃ VLGHꢃ
SURFHVVHVꢃ >ꢁꢄ@ꢊꢃ 8QOLNHꢃ F\FORDGGLWLRQꢃ LQYROYLQJꢃ DURꢇꢃ
6FKHPHꢀꢋꢅꢀ
ꢒꢃ 7KHꢃDWRPꢃQXPEHULQJꢃLQꢃDPLQRꢃDFLGꢃ;ꢃVKRZQꢃLQꢃ6FKHPHꢃꢄꢃFRUUHꢇ
ꢃ VSRQGVꢃWRꢃWKHꢃDWRPꢃQXPEHULQJꢃLQꢃNDLWRFHSKDOLQꢃ>ꢁꢁꢅꢃꢁꢂ@ꢊꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

.8'5<$976(9ꢃꢃHWꢀDOꢊꢃ
ꢀꢁꢌꢃ
6FKHPHꢀꢌꢅꢀ
LVRPHUVꢃ ZDVꢃ VWXGLHGꢃ XVLQJꢃ WZRꢇGLPHQVLRQDOꢃ DQGꢃFRUꢇꢃ
UHODWLRQꢃ105ꢃWHFKQLTXHVꢅꢃEXWꢃZHꢃZHUHꢃRQO\ꢃDEOHꢃWRꢃ
DVVLJQꢃ VLJQDOVꢃ LQꢃ WKHꢃ +ꢃ DQGꢃ &ꢃ 105ꢃ VSHFWUDꢃ DQGꢃ
GHWHUPLQHꢃFLVꢃRULHQWDWLRQꢃRIꢃSURWRQVꢃRQꢃWKHꢃ& ꢃDQGꢃ& ꢀ
DWRPVꢃRIꢃWKHꢃPDMRUꢃLVRPHUꢃꢈ)LJVꢊꢃꢋꢅꢃꢀꢉꢊꢃ
PDWLFꢃDOGHK\GHꢃLPLQHVꢃ9,D±9,FꢅꢃWKHꢃUHDFWLRQꢃVHTXHQFHꢃ
VKRZQꢃLQꢃ6FKHPHꢃꢎꢃOHGꢃWRꢃIRUPDWLRQꢃRIꢃDꢃPL[WXUHꢃRIꢃ
SURGXFWVꢊꢃ7KHꢃSURGXFWꢃPL[WXUHꢃZDVꢃVXEMHFWHGꢃWRꢃFKURꢇ
PDWRJUDSKLFꢃVHSDUDWLRQꢃWRꢃLVRODWHꢃꢁꢑLꢃRIꢃDꢃVXEVWDQFHꢃ
ZKLFKꢅꢃDFFRUGLQJꢃWRꢃWKHꢃ +ꢃ105ꢃGDWDꢅꢃFRQWDLQHGꢃWZRꢃ
LVRPHUVꢃDWꢃDꢃUDWLRꢃRIꢃꢋꢊꢄꢓꢁꢊꢃ(DFKꢃLVRPHUꢃZDVꢃDꢃSURGXFWꢃ
RIꢃF\FORDGGLWLRQꢃRIꢃGLYLQ\OꢃVXOIRQHꢃWRꢃD]RPHWKLQHꢃ\OLGHꢃ
%ꢊꢃ7KHꢃLVRPHUꢃPL[WXUHꢃZDVꢃFKDUDFWHUL]HGꢃE\ꢃDꢃVSHFLILFꢃ
RSWLFDOꢃURWDWLRQꢃRIꢃ> @ ꢃ ꢃ±ꢁꢄꢊꢆƒꢃꢈFꢃ ꢃꢁꢊꢆꢅꢃ&+&O ꢉꢅꢃDQGꢃ
LWVꢃHOHPHQWDOꢃFRPSRVLWLRQꢃFRUUHVSRQGHGꢃWRꢃWKHꢃDVVXPHGꢃ
VWUXFWXUHꢃRIꢃPHWK\OꢃꢀꢇHWKHQ\OVXOIRQ\OꢇꢂꢇꢈꢋꢇPHWKR[\ꢇꢋꢇ
R[RSURS\OꢉꢇꢄꢇꢈꢋꢇPHWKR[\ꢇꢋꢇR[RꢇꢂꢇSKWKDOLPLGRSURS\Oꢉꢇ
S\UUROLGLQHꢇꢂꢇFDUER[\ODWHꢊꢃ7KHꢃ VWHULFꢃ VWUXFWXUHꢃ RIꢃWKHꢃ
7DNLQJꢃLQWRꢃDFFRXQWꢃUHJLRꢇꢃDQGꢃVWHUHRVHOHFWLYLW\ꢃRIꢃ
WKHꢃUHDFWLRQꢃRIꢃGLYLQ\OꢃVXOIRQHꢃZLWKꢃ6FKLIIꢃEDVHVꢃ9,D±
9,FꢃDQGꢃDVVXPLQJꢃV\QꢅV\QꢃFRQILJXUDWLRQꢃRIꢃꢁꢅꢋꢇGLSROHꢃ
%ꢃDQGꢃHQGRꢇWUDQVLWLRQꢃVWDWHꢃIRUꢃꢁꢅꢋꢇGLSRODUꢃF\FORDGGLꢇ
WLRQꢅꢃWKHꢃREWDLQHGꢃSURGXFWVꢃꢈ6FKHPHꢃꢎꢉꢃZHUHꢃDVVLJQHGꢃ
VWUXFWXUHVꢃ;9,,,ꢃDQGꢃ;,;ꢃZKLFKꢃZHUHꢃIRUPHGꢃE\ꢃꢃ
ꢁꢅꢋꢇGLSRODUꢃF\FORDGGLWLRQꢃWKURXJKꢃHQGRꢇUHꢃDQGꢃHQGRꢇVLꢃ
WUDQVLWLRQꢃVWDWHVꢅꢃUHVSHFWLYHO\ꢃꢈ)LJꢊꢃꢄꢉꢊꢃ+RZHYHUꢅꢃRXUꢃ
6FKHPHꢀꢍꢅꢀ
3KWKꢃ ꢃSKWKDOR\Oꢊꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

67(5(26(/(&7,9(ꢃꢃ6<17+(6,6ꢃꢃ2)ꢃꢃ)81&7,21$/ꢃꢃ'(5,9$7,9(6ꢃꢃ
ꢀꢁꢎꢃ
7DEOHꢀꢁꢅꢃ6HOHFWHGꢃERQGꢃOHQJWKVꢃDQGꢃERQGꢃDQJOHVꢃLQꢃWKHꢃPROHFXOHꢃRIꢃWULPHWK\Oꢃꢈꢁ6ꢒꢅꢂ6ꢒꢅꢋ5ꢒꢅꢎD6ꢒꢉꢇꢄꢇR[RꢇꢋꢇSKHQ\OWHWUDK\GURꢇ
S\UUROL]LQHꢇꢁꢅꢂꢅꢎDꢇWULFDUER[\ODWHꢃꢈ,;Dꢉꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
%RQGꢃ
Gꢅꢃcꢃ
1 ±& ꢃ
1 ±& ꢃ
1 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
ꢁꢊꢋꢎꢋꢑꢈꢁꢑꢉꢃ
ꢁꢊꢀꢌꢌꢏꢈꢁꢑꢉꢃ
ꢁꢊꢀꢎꢁꢀꢈꢁꢑꢉꢃ
ꢁꢊꢂꢁꢄꢑꢈꢁꢏꢉꢃ
ꢁꢊꢋꢂꢌꢎꢈꢁꢑꢉꢃ
ꢁꢊꢀꢀꢏꢈꢂꢉꢆꢆꢃ
2 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
2 ±& ꢃ
ꢁꢊꢁꢑꢁꢑꢈꢁꢑꢉꢃ
& ±& ꢃ
ꢁꢊꢄꢆꢎꢈꢂꢉꢃ
ꢁꢊꢄꢁꢏꢈꢂꢉꢃ
ꢁꢊꢄꢀꢌꢈꢂꢉꢃ
ꢁꢊꢄꢋꢂꢈ
& ±& ꢃ
& ±& ꢃ
& ±& ꢃ
ꢂꢉꢃ ±& ꢃ &
& ±& ꢃ
ꢃꢃ
ꢁꢊꢄꢁꢆꢈꢂꢉꢃ
ꢁꢊꢄꢂꢋꢈꢂꢉꢃ
ꢁꢊꢄꢆꢎꢈꢂꢉꢃ
ꢁꢊꢄꢄꢄꢈꢂꢉꢃ
ꢁꢊꢄꢆꢑꢈꢂꢉꢃ
ꢃꢃ
ꢁꢊꢋꢁꢁꢈ ꢆꢆꢃ ꢂꢉ & ±& ꢃ
ꢁꢊꢀꢌꢀꢈꢋꢉꢆꢆꢃ
ꢁꢊꢁꢑꢂꢈꢂꢉꢆꢆꢃ
ꢁꢊꢋꢂꢄꢂꢈꢁꢑꢉꢃ
ꢁꢊꢁꢑꢆꢈꢂꢉꢆꢆꢃ
& ±& ꢃ
& ±& ꢃ
& ±& ꢃ
ꢃ
ꢁꢊꢄꢀꢎꢈꢂꢉꢃ
ꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
$QJOHꢃ
ꢅꢃGHJꢃ
& 1 & ꢃ
ꢁꢂꢁꢊꢏꢌꢈꢁꢂꢉꢃ
ꢁꢁꢂꢊꢄꢀꢈꢁꢂꢉꢃ
ꢁꢁꢋꢊꢀꢀꢈꢁꢁꢉꢃ
ꢁꢁꢎꢊꢁꢋꢈꢁꢀꢉꢃ
ꢁꢁꢄꢊꢏꢄꢈ
1 & & ꢃ
& & & ꢃ
ꢁꢆꢏꢊꢁꢀꢈ
ꢁꢋꢉꢃ & &&ꢃ
& & & ꢃ
ꢁꢁꢎꢊꢎꢂꢈꢁꢂꢉꢃ
ꢁꢁꢁꢊꢌꢄꢈꢁꢋꢉꢃ
ꢁꢁꢀꢊꢆꢁꢈꢁꢋꢉꢃ
ꢁꢆꢀꢊꢋꢀꢈꢁꢂꢉꢃ
ꢁꢁꢂꢊꢏꢀꢈꢁꢋꢉꢃ
ꢁꢁꢄꢊꢁꢏꢈꢁꢂꢉꢃ
ꢁꢆꢄꢊꢁꢌꢈꢁꢂꢉꢃ
ꢁꢁꢄꢊꢌꢌꢈꢁꢂꢉꢃ
1 & & ꢃ
ꢁꢆꢆꢊꢂꢎꢈꢁꢁꢉꢃ
ꢁꢁꢀꢊꢑꢆꢈꢁꢂꢉꢃ
ꢁꢂꢀꢊꢆꢆꢈꢁꢀꢉꢃ
ꢁꢂꢄꢊꢆꢏꢈꢁꢀꢉꢃ
ꢁꢁꢆꢊꢑꢁꢈꢁꢋꢉꢃ
ꢁꢂꢋꢊꢀꢆꢈꢁꢎꢉꢃ
ꢁꢂꢀꢊꢄꢂꢈꢁꢌꢉꢃ
ꢁꢁꢂꢊꢆꢑꢈꢁꢌꢉꢃ
& 1 & ꢃ
ꢁꢆꢋꢊꢀꢆꢈꢁꢂꢉꢃ
ꢁꢆꢋꢊꢑꢂꢈ
& & & ꢃ
& 1 & ꢃ
& & & ꢃ
ꢁꢋꢉꢃ & &&ꢃ
& & & ꢃ
2 & 2 ꢃ
2 & & ꢃ
2 & & ꢃ
2 & 2 ꢃ
2 & & ꢃ
2 & & ꢃ
& 2 & ꢃ
& 2 & ꢃ
& 2 & ꢃ
2 & 1 ꢃ
2 & & ꢃ
1 & & ꢃ
ꢁꢑꢉꢃ & 1& ꢃ
& & & ꢃ
1 & & ꢃ
ꢁꢁꢁꢊꢄꢆꢈꢁꢂꢉꢃ
ꢁꢆꢂꢊꢏꢀꢈ
ꢁꢁꢉꢃ & &&ꢃ
ꢁꢂꢉꢃ & & ꢃ
ꢁꢁꢉꢃ & &&ꢃ
1 & & ꢃ
ꢁꢁꢎꢊꢎꢁꢈꢁꢄꢉꢃ
ꢁꢂꢀꢊꢁꢁꢈꢁꢀꢉꢃ
ꢁꢂꢎꢊꢎꢂꢈꢁꢀꢉꢃ
ꢁꢆꢑꢊꢆꢑꢈ
ꢁꢆꢀꢊꢁꢌꢈ
& & & ꢃ
ꢁꢁꢁꢊꢁꢁꢈꢁꢂꢉꢃ
H[SHULPHQWDOꢃGDWDꢃDUHꢃLQVXIILFLHQWꢃWRꢃGHWHUPLQHꢃZKLFKꢃ FKORULGHꢃDQGꢃꢁꢊꢆꢆꢃJꢃꢈꢏꢊꢋꢃPPROꢉꢃRIꢃDQK\GURXVꢃPDJQHꢇ
LVRPHUꢃFRUUHVSRQGVꢃWRꢃWKHꢃPDMRUꢃSURGXFWꢐꢃWKLVꢃLVVXHꢃLVꢃ VLXPꢃVXOIDWHꢃLQꢃꢂꢄꢃPOꢃRIꢃPHWK\OHQHꢃFKORULGHꢊꢃ7KHꢃPL[ꢇ
WXUHꢃZDVꢃVWLUUHGꢃIRUꢃꢁꢃKꢃDWꢃURRPꢃWHPSHUDWXUHꢃLQꢃDQꢃLQHUWꢃ
DWPRVSKHUHꢅꢃ ꢀꢊꢆꢃPPROꢃ RIꢃ WKHꢃ FRUUHVSRQGLQJꢃ DOGHK\GHꢃ
WKHꢃVXEMHFWꢃRIꢃRXUꢃFXUUHQWꢃVWXGLHVꢊꢃꢃ
(;3(5,0(17$/ꢃ
& ꢃ
2 ꢃ
7KHꢃ +ꢃ DQGꢃ &ꢃ 105ꢃ VSHFWUDꢃ ZHUHꢃ UHFRUGHGꢃ RQꢃ
%UXNHUꢃ'5;ꢇꢀꢆꢆꢃꢈꢀꢆꢆꢃ0+]ꢃIRUꢃ +ꢃDQGꢃꢁꢆꢆꢃ0+]ꢃIRUꢃ
&ꢉꢃ DQGꢃ %UXNHUꢃ '5;ꢇꢄꢆꢆꢃ VSHFWURPHWHUVꢃ ꢈꢄꢆꢆꢃ 0+]ꢃ
IRUꢃ +ꢃ DQGꢃ ꢁꢂꢄꢃ 0+]ꢃ IRUꢃ &ꢉꢊꢃ7ZRꢇGLPHQVLRQDOꢃ FRUꢇ
UHODWLRQꢃ105ꢃH[SHULPHQWVꢃZHUHꢃSHUIRUPHGꢃXVLQJꢃPRGꢇ
LILHGꢃSXOVHꢃVHTXHQFHVꢃVXSSOLHGꢃE\ꢃWKHꢃPDQXIDFWXUHUꢊꢃ
7KHꢃ VSHFWUDꢃ ZHUHꢃ UHFRUGHGꢃ DWꢃ ꢋꢆꢋꢃ .ꢃ IURPꢃ VROXWLRQVꢃꢃ
LQꢃ '062ꢇG ꢐꢃ WKHꢃ FKHPLFDOꢃ VKLIWVꢃ ZHUHꢃ UHIHUHQFHGꢃ WRꢃ
WKHꢃVROYHQWꢃVLJQDOVꢃꢈ'062ꢇG ꢅꢃ ꢃꢂꢊꢄꢆꢃSSPꢐꢃ'062ꢇG ꢅꢃ
ꢃꢋꢑꢊꢄꢆꢃSSPꢉꢊꢃ7KHꢃ,5ꢃVSHFWUDꢃZHUHꢃREWDLQHGꢃLQꢃ.%Uꢃ
RQꢃDQꢃ,5ꢇꢂꢆꢆꢃ)RXULHUꢃVSHFWURPHWHUꢊꢃ7KHꢃVSHFLILFꢃURWDꢇ
WLRQVꢃZHUHꢃPHDVXUHGꢃRQꢃDꢃ91,(.,352'0$6Kꢃ(32ꢃ
ꢁ$ꢃSRODULPHWHUꢃXVLQJꢃꢁꢆꢇFPꢃFHOOVꢊꢃ7KHꢃRSWLFDOꢃSXULW\ꢃ
ZDVꢃFDOFXODWHGꢃE\ꢃWKHꢃVWDQGDUGꢃSURFHGXUHꢃ>ꢁꢌ@ꢊꢃ;ꢇ5D\ꢃ
GLIIUDFWLRQꢃ VWXG\ꢃ RIꢃ FRPSRXQGVꢃ 9,,Dꢃ DQGꢃ ,;Dꢃ ZDVꢃ
SHUIRUPHGꢃRQꢃDQꢃ(QUDI±1RQLXVꢃ&$'ꢇꢀꢃGLIIUDFWRPHWHUꢃ
DWꢃ ꢂꢑꢋꢃ .ꢐꢃ WKHꢃ VWUXFWXUHVꢃ ZHUHꢃ VROYHGꢃ E\ꢃ WKHꢃ GLUHFWꢃ
PHWKRGꢃ XVLQJꢃ 6+(/;6ꢇꢑꢎꢃ VRIWZDUHꢃ >ꢁꢎ@ꢃ DQGꢃ ZHUHꢃ
UHILQHGꢃDFFRUGLQJꢃWRꢃ>ꢁꢏ@ꢊꢃ
2 ꢃ
& ꢃ
& ꢃ
2 ꢃ
2 ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
2 ꢃ
1 ꢃ
& ꢃ
& ꢃ
2 ꢃ
& ꢃ
2 ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
& ꢃ
)LJꢅꢀ ꢁꢅꢃ6WUXFWXUHꢃ RIꢃ WK Hꢃ PROHFXOHꢃ RIꢃ WULPHWK \Oꢃ
ꢈꢁ6ꢒꢅꢂ6ꢒꢅꢋ5ꢒꢅꢎD6ꢒꢉꢇꢄꢇR[RꢇꢋꢇSKHQ\OWHWUDK\GURS\UUROL]LQHꢇ
ꢁꢅꢂꢅꢎDꢇWULFDUER[\ODWHꢃ ꢈ,;Dꢉꢃ DFFRUGLQJꢃ WRꢃ WKHꢃ ;ꢇUD\ꢃ GLIIUDFꢇ
WLRQꢃGDWDꢊꢃ
6FKLIIꢀ EDVHVꢀ 9,D±9,Fꢀ DQGꢀ ;9,,ꢅꢃ 7ULHWK\ODPLQHꢅꢃ
ꢆꢊꢀꢄꢃJꢃꢈꢀꢊꢀꢃPPROꢉꢅꢃZDVꢃDGGHGꢃWRꢃDꢃVXVSHQVLRQꢃRIꢃꢆꢊꢑꢋꢃJꢃ
ꢈꢀꢊꢀꢃPPROꢉꢃ RIꢃ JOXWDPLFꢃ DFLGꢃ GLPHWK\Oꢃ HVWHUꢃ K\GURꢇ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

.8'5<$976(9ꢃꢃHWꢀDOꢊꢃ
ꢀꢁꢏꢃ
ꢅꢃSSPꢃ
ꢁꢊꢌꢃ
ꢁꢊꢏꢃ
ꢂꢊꢆꢃ
ꢂꢊꢂꢃ
ꢂꢊꢀꢃ
ꢂꢊꢌꢃ
ꢂꢊꢏꢃ
ꢋꢊꢆꢃ
ꢋꢊꢂꢃ
ꢋꢊꢀꢃ
ꢋꢊꢌꢃ
ꢋꢊꢏꢃ
ꢋꢊꢏꢃ
ꢋꢊꢌꢃ
ꢋꢊꢀꢃ
ꢋꢊꢂꢃ
ꢋꢊꢆꢃ
ꢂꢊꢏꢃ
ꢂꢊꢌꢃ
ꢂꢊꢀꢃ
ꢂꢊꢂꢃ
ꢂꢊꢆꢃ
ꢁꢊꢏꢃ
ꢁꢊꢌꢃ ꢅꢃSSPꢃ
)LJꢅꢀꢉꢅꢃ12(6<ꢃVSHFWUXPꢃRIꢃLVRPHUꢃPL[WXUHꢃ;9,,,ꢍ;,;ꢊꢃ
ZDVꢃDGGHGꢅꢃDQGꢃWKHꢃPL[WXUHꢃZDVꢃVWLUUHGꢃIRUꢃꢂꢀꢃKꢊꢃ7KHꢃ PHWKR[\EHQ]DOGHK\GHꢊꢃ<LHOGꢃꢑꢂLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃꢃ
SUHFLSLWDWHꢃ ZDVꢃ ILOWHUHGꢃ RIIꢅꢃ WKHꢃ RUJDQLFꢃ SKDVHꢃ ZDVꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢆ±ꢂꢊꢆꢎꢃPꢃꢈꢁ+ꢉꢅꢃꢂꢊꢁꢁ±
ZDVKHGꢃ ZLWKꢃ Dꢃ VDWXUDWHGꢃ VROXWLRQꢃ RIꢃ 1D+&2 ꢅꢃ ZDWHUꢅꢃ ꢂꢊꢁꢑꢃ Pꢃ ꢈꢁ+ꢉꢅꢃ ꢂꢊꢂꢌ±ꢂꢊꢋꢌꢃ Pꢃ ꢈꢂ+ꢉꢅꢃ ꢋꢊꢄꢄꢃ Vꢃꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃ
DQGꢃ Dꢃ VDWXUDWHGꢃ VROXWLRQꢃ RIꢃ 1D&Oꢃ DQGꢃ GULHGꢃ RYHUꢃ ꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢑꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢏꢁꢃVꢃꢈꢋ+ꢅꢃ
1D 62 ꢅꢃDQGꢃWKHꢃVROYHQWꢃZDVꢃUHPRYHGꢃXQGHUꢃUHGXFHGꢃ 2&+ ꢉꢅꢃꢀꢊꢆꢌꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢄꢊꢁꢅꢃꢏꢊꢁꢃ+]ꢉꢅꢃꢎꢊꢆꢋꢃGꢃ
SUHVVXUHꢊꢃ 7KHꢃ UHVLGXHꢃ ZDVꢃ EURXJKWꢃ LQWRꢃ IXUWKHUꢃ V\Qꢇ
WKHVHVꢃZLWKRXWꢃDGGLWLRQDOꢃSXULILFDWLRQꢊꢃ
ꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢏꢊꢋꢃ+]ꢉꢅꢃꢎꢊꢂꢎꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢃ-ꢃ ꢃꢁꢊꢏꢅꢃ
ꢏꢊꢁꢃ+]ꢉꢅꢃꢎꢊꢋꢄꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢁꢊꢏꢃ+]ꢉꢅꢃꢏꢊꢂꢌꢃVꢃꢈꢁ+ꢉꢊꢃ
'LPHWK\Oꢀ ꢁꢂꢃEHQ]\OLGHQHDPLQRꢄSHQWDQHGLRDWHꢀ
ꢃ9,DꢄꢃZDVꢃV\QWKHVL]HGꢃIURPꢃEHQ]DOGHK\GHꢊꢃ<LHOGꢃꢏꢑLꢅꢃ
RLO\ꢃVXEVWDQFHꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢁ±ꢃ
ꢂꢊꢂꢀꢃ Pꢃ ꢈꢂ+ꢉꢅꢃ ꢂꢊꢂꢑ±ꢂꢊꢋꢎꢃ Pꢃ ꢈꢂ+ꢉꢅꢃ ꢋꢊꢄꢄꢃ Vꢃꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃ
ꢋꢊꢌꢌꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢁꢋꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢃ-ꢃ ꢃꢄꢊꢄꢅꢃꢎꢊꢑꢃ+]ꢉꢅꢃ
ꢎꢊꢀꢑꢃPꢃꢈꢋ+ꢅꢃ+ ꢉꢅꢃꢎꢊꢎꢎꢃPꢃꢈꢂ+ꢅꢃ+ ꢉꢅꢃꢏꢊꢋꢑꢃVꢃꢈꢁ+ꢉꢊꢃ
'LPHWK\Oꢀ ꢁꢂꢃS\ULGLQꢂꢉꢂ\OPHWK\OLGHQHDPLQRꢄꢂ
SHQWDQHGLRDWHꢀ ꢃ9,Fꢄꢃ ZDVꢃ V\QWKHVL]HGꢃ IURPꢃ S\ULGLQHꢇꢃ
ꢋꢇFDUEDOGHK\GHꢊꢃ<LHOGꢃ ꢏꢎLꢅꢃ RLO\ꢃ VXEVWDQFHꢊꢃ +ꢃ 105ꢃ
VSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢋ±ꢂꢊꢂꢄꢃPꢃꢈꢂ+ꢉꢅꢃꢂꢊꢋꢁ±ꢂꢊꢋꢌꢃPꢃ
ꢈꢂ+ꢉꢅꢃꢋꢊꢄꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢎꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢁꢏꢃGꢊGꢃ
ꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢄꢊꢄꢅꢃꢎꢊꢑꢃ+]ꢉꢅꢃꢎꢊꢄꢁꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢃꢀꢊꢑꢅꢃ
ꢎꢊꢑꢃ+]ꢉꢅꢃꢏꢊꢁꢌꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢃ-ꢃ ꢃꢎꢊꢑꢃ+]ꢉꢅꢃꢏꢊꢌꢏꢃGꢃꢈꢁ+ꢅꢃ
'LPHWK\Oꢀ ꢁꢂꢃꢉꢆꢊꢂGLPHWKR[\EHQ]\OLGHQHDPLQRꢄꢂ
SHQWDQHGLRDWHꢀ ꢃ9,Eꢄꢃ ZDVꢃ V\QWKHVL]HGꢃ IURPꢃ ꢋꢅꢀꢇGLꢇ
+
ꢅꢀ-ꢃ ꢃꢀꢊꢑꢃ+]ꢉꢅꢃꢏꢊꢑꢆꢃVꢃꢈꢁ+ꢉꢊꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

67(5(26(/(&7,9(ꢃꢃ6<17+(6,6ꢃꢃ2)ꢃꢃ)81&7,21$/ꢃꢃ'(5,9$7,9(6ꢃꢃ
ꢀꢁꢑꢃ
ꢅꢃSSPꢃ
ꢋꢆꢃ
ꢋꢄꢃ
ꢀꢆꢃ
ꢀꢄꢃ
ꢄꢆꢃ
ꢄꢄꢃ
ꢌꢆꢃ
ꢌꢄꢃ
ꢄꢊꢆꢃ
ꢀꢊꢄꢃ
ꢀꢊꢆꢃ
ꢋꢊꢄꢃ
ꢋꢊꢆꢃ
ꢂꢊꢄꢃ
ꢂꢊꢆꢃ
ꢅꢃSSPꢃ
)LJꢅꢀꢊꢅꢃ +± &ꢃFRUUHODWLRQꢃ105ꢃVSHFWUXPꢃRIꢃLVRPHUꢃPL[WXUHꢃ;9,,,ꢍ;,;ꢊꢃꢃ
WUDWHGꢃ XQGHUꢃ UHGXFHGꢃ SUHVVXUHꢅꢃ DQGꢃ WKHꢃ UHVLGXHꢃ ZDVꢃ
SXULILHGꢃE\ꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢊꢃ
'LPHWK\Oꢀꢁꢂ>ꢃ6ꢄꢂꢉꢂꢃꢈꢆꢉꢂGLR[RꢂꢁꢆꢉꢂGLK\GURꢂꢈ+ꢂLVRꢂ
LQGROꢂꢁꢂ\OꢄꢂꢊꢂPHWKR[\ꢂꢊꢂR[REXW\OLGHQHDPLQR@SHQꢂ
WDQHGLRDWHꢀꢃ;9,,ꢄꢃZDVꢃV\QWKHVL]HGꢃIURPꢃPHWK\Oꢃꢈ6ꢉꢇꢀꢇ
R[RꢇꢂꢇSKWKDOLPLGREXWDQRDWHꢃꢈ;9,ꢉꢊꢃ<LHOGꢃꢎꢆLꢅꢃRLO\ꢃ
VXEVWDQFHꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢁꢊꢄꢎ±ꢁꢊꢑꢋꢃPꢃ
ꢈꢂ+ꢉꢅꢃ ꢂꢊꢆꢀꢃ Pꢃ ꢈꢂ+ꢉꢅꢃ ꢋꢊꢋꢑꢃ Vꢃ ꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃ ꢋꢊꢄꢁꢃ Vꢃ ꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢌꢆꢃPꢃꢈꢂ+ꢉꢅꢃꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢏꢃPꢃꢈꢁ+ꢉꢅꢃ
ꢄꢊꢋꢄꢃPꢃꢈꢁ+ꢉꢅꢃꢎꢊꢎꢀꢃPꢃꢈꢁ+ꢉꢅꢃꢎꢊꢏꢑꢃVꢃꢈꢀ+ꢉꢊꢃ
0HWK\Oꢀ ꢃꢁ6ꢎꢆꢊ6ꢎꢆꢋ6ꢎꢄꢂꢊꢂHWKHQ\OVXOIRQ\Oꢂꢁꢂꢃꢉꢂ
PHWKR[\ꢂꢉꢂR[RSURS\OꢄꢂꢋꢂSKHQ\OS\UUROLGLQHꢂꢁꢂFDUꢂ
ER[\ODWHꢀ ꢃ9,,Dꢄꢅꢃ<LHOGꢃ ꢏꢄLꢅꢃFRORUOHVVꢃ FU\VWDOVꢅꢃꢃ
PSꢃꢁꢀꢏ±ꢁꢄꢆƒ&ꢊꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢂꢂꢅꢃꢋꢁꢆꢋꢅꢃ
ꢂꢑꢀꢂꢅꢃꢁꢎꢋꢑꢅꢃꢁꢌꢆꢀꢅꢃꢁꢀꢀꢌꢅꢃꢁꢋꢆꢁꢅꢃꢁꢁꢑꢏꢅꢃꢁꢁꢂꢄꢊꢃ +ꢃ105ꢃ
ꢈꢆꢉꢂ'LSRODUꢀ F\FORDGGLWLRQꢀ RIꢀ GLSRODURSKLOHVꢀ WRꢀ
6FKLIIꢀEDVHVꢀ9,D±9,FꢀDQGꢀ;9,,ꢅꢃ6FKLIIꢃEDVHꢃ9,D±9,Fꢃ
RUꢃ;9,,ꢅꢃꢂꢊꢆꢃPPROꢅꢃZDVꢃGLVVROYHGꢃLQꢃꢄꢃPOꢃRIꢃWROXHQHꢃLQꢃ
DQꢃLQHUWꢃDWPRVSKHUHꢅꢃDQGꢃꢂꢊꢀꢃPPROꢃRIꢃWKHꢃFRUUHVSRQGꢇ
LQJꢃ GLSRODURSKLOHꢃ DQGꢃ ꢆꢊꢋꢎꢃ Jꢃ ꢈ ꢂꢊꢂꢃ PPROꢉꢃ RIꢃ VLOYHUꢃ
DFHWDWHꢃZHUHꢃDGGHGꢃLQꢃRQHꢃSRUWLRQVꢊꢃ$ꢃVROXWLRQꢃRIꢃꢃ
ꢆꢊꢂꢀꢃJꢃꢈꢂꢊꢀꢃPPROꢉꢃRIꢃWULHWK\ODPLQHꢃLQꢃꢂꢆꢃPOꢃRIꢃWROXHQHꢃ
ZDVꢃWKHQꢃDGGHGꢃWRꢃWKHꢃUHVXOWLQJꢃVXVSHQVLRQꢃXQGHUꢃ
VWLUULQJꢊꢃ7KHꢃPL[WXUHꢃZDVꢃVWLUUHGꢃIRUꢃꢂꢀ±ꢀꢏꢃKꢃDWꢃURRPꢃ
WHPSHUDWXUHꢃ LQꢃ DQꢃ LQHUWꢃ DWPRVSKHUHꢃ ZLWKꢃ SURWHFWLRQꢃ
IURPꢃOLJKWꢊꢃ7KHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃRIIꢃDQGꢃZDVKHGꢃ
ZLWKꢃ ꢄꢃ POꢃ RIꢃWROXHQHꢅꢃ WKHꢃRUJDQLFꢃ SKDVHꢃ ZDVꢃFRQFHQꢇ
)LJꢅꢀ ꢋꢅꢃ HQGRꢇ7UDQVLWLRQꢃ VWDWHVꢃ LQꢃ WKHꢃ ꢁꢅꢋꢇGLSRODUꢃ F\FORDGGLꢇ
WLRQꢃRIꢃGLYLQ\OꢃVXOIRQHꢃWRꢃFKLUDOꢃD]RPHWKLQHꢃ\OLGHꢃ%ꢊꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

.8'5<$976(9ꢃꢃHWꢀDOꢊꢃ
ꢀꢂꢆꢃ
VSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢀꢃWꢃꢈꢂ+ꢅꢃ&+ &2ꢅꢃ-ꢃ ꢃꢎꢊꢄꢃ+]ꢉꢅꢃ SSPꢓꢃ ꢁꢊꢑꢎ±ꢂꢊꢆꢋꢃ Pꢃ ꢈꢂ+ꢅꢃ &+ &2ꢉꢅꢃ ꢂꢊꢆꢏ±ꢂꢊꢁꢋꢃ Pꢃ ꢈꢁ+ꢅꢃ
ꢂꢊꢂꢁ±ꢂꢊꢂꢀꢃPꢃꢈꢁ+ꢅꢃ&+ &+ ꢉꢅꢃꢂꢊꢋꢁ±ꢂꢊꢋꢀꢃPꢃꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢂꢂ±ꢂꢊꢂꢄꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢋꢋ±ꢂꢊꢋꢑꢃ Pꢃ
&+ &+ ꢉꢅꢃꢂꢊꢋꢎ±ꢂꢊꢀꢆꢃPꢃꢈꢁ+ꢅꢃꢋꢇ+ꢉꢅꢃꢂꢊꢏꢂꢃGꢊGꢃꢈꢁ+ꢅꢃꢋꢇ+ꢅꢃꢃ ꢈꢁ+ꢅꢃꢋꢇ+ꢉꢅꢃꢂꢊꢀꢏ±ꢂꢊꢄꢌꢃPꢃꢈꢁ+ꢅꢃꢋꢇ+ꢉꢅꢃꢋꢊꢁꢋꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃ
-ꢃ ꢃꢀꢊꢆꢅꢃꢁꢄꢊꢂꢃ+]ꢉꢅꢃꢋꢊꢀꢆꢃGꢃꢈꢁ+ꢅꢃꢁꢇ+ꢅꢃ-ꢃ ꢃꢁꢁꢊꢆꢃ+]ꢉꢅꢃꢋꢊꢄꢋꢃVꢃ ꢋꢊꢂꢋꢃEUꢊVꢃꢈꢁ+ꢅꢃꢁꢇ+ꢉꢅꢃꢋꢊꢀꢀꢃGꢊWꢃꢈꢁ+ꢅꢃꢀꢇ+ꢅꢃ-ꢃ ꢃꢌꢊꢋꢅꢃꢎꢊꢄꢃ+]ꢉꢅꢃ
ꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢂꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢁꢆꢃPꢃꢈꢁ+ꢅꢃꢀꢇ+ꢉꢅꢃ ꢋꢊꢄꢌꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢂꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢌꢀꢃEUꢊVꢃꢈꢁ+ꢅꢃ
ꢀꢊꢌꢀꢃ GꢊGꢃ ꢈꢁ+ꢅꢃ ꢄꢇ+ꢅꢃ -ꢃ ꢃ ꢌꢊꢆꢅꢃ ꢁꢁꢊꢆꢃ +]ꢉꢅꢃ ꢄꢊꢌꢁꢃ Gꢃ ꢈ ꢁ+ꢅꢃ ꢄꢇ+ꢉꢅꢃ ꢎꢊꢋꢋꢃ GꢊGꢃ ꢈꢁ+ꢅꢃ + ꢅꢀ -ꢃ ꢃ ꢀꢊꢏꢅꢃ ꢏꢊꢆꢃ +]ꢉꢅꢃ ꢎꢊꢌꢂꢃ GꢊWꢃ
&+ &+ ꢅꢃ-ꢃ ꢃꢁꢌꢊꢄꢃ+]ꢉꢅꢃꢄꢊꢌꢄꢃGꢃꢈꢁ+ꢅꢃ&+ &+ ꢅꢃ-ꢃ ꢃꢃ ꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢁꢊꢏꢅꢃꢏꢊꢆꢃ+]ꢉꢅꢃꢏꢊꢀꢀꢃPꢃꢈꢂ+ꢅꢃ+ ꢉꢊꢃ)RXQGꢅꢃ
ꢑꢊꢏꢃ+]ꢉꢅꢃꢄꢊꢑꢀꢃGꢊGꢃꢈꢁ+ꢅꢃ&+ &+ ꢅꢃ-ꢃ ꢃꢑꢊꢏꢅꢃꢁꢌꢊꢄꢃ+]ꢉꢅꢃ Lꢓꢃ&ꢃꢄꢏꢊꢆꢑꢐꢃ+ꢃꢌꢊꢄꢂꢐꢃ1ꢃꢎꢊꢌꢑꢊꢃ& + 1 2 ꢊꢃ&DOFXODWHGꢅꢃ
ꢎꢊꢂꢌ±ꢎꢊꢋꢌꢃPꢃꢈꢄ+ꢅꢃ+ ꢉꢊꢃ &ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃ
ꢂꢑꢊꢄꢌꢅꢃꢋꢋꢊꢌꢏꢅꢃꢋꢌꢊꢀꢏꢅꢃꢄꢁꢊꢂꢂꢅꢃꢄꢂꢊꢋꢏꢅꢃꢌꢁꢊꢏꢋꢅꢃꢌꢌꢊꢆꢋꢅꢃꢃ
ꢌꢌꢊꢌꢏꢅꢃꢁꢂꢎꢊꢄꢁꢅꢃꢁꢂꢎꢊꢌꢂꢅꢃꢁꢂꢎꢊꢑꢄꢅꢃꢁꢂꢏꢊꢁꢂꢅꢃꢁꢋꢄꢊꢎꢆꢅꢃꢁꢋꢌꢊꢌꢄꢅꢃ
ꢁꢎꢂꢊꢎꢄꢅꢃꢁꢎꢋꢊꢑꢀꢊꢃ)RXQGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢄꢂꢐꢃ+ꢃꢄꢊꢑꢂꢐꢃ1ꢃꢀꢊꢆꢂꢊꢃ
& + 12 6ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢌꢏꢐꢃ+ꢃꢌꢊꢆꢏꢐꢃ1ꢃꢋꢊꢌꢎꢊꢃ
;ꢇ5D\ꢃGLIIUDFWLRQꢃGDWDꢓꢃUKRPELFꢃFU\VWDOVꢐꢃDꢃ ꢃꢁꢑꢊꢂꢂꢑꢈꢋꢉꢅꢃ
Eꢃ ꢃꢂꢑꢊꢌꢎꢀꢈꢌꢉꢅꢃFꢃ ꢃꢁꢋꢊꢋꢏꢂꢈꢂꢉꢃcꢐꢃ ꢃ ꢃ ꢃ ꢃ ꢃ ꢃꢑꢆƒꢐꢃꢃ
9ꢃ ꢃꢎꢌꢋꢌꢈꢂꢉꢃc ꢐꢃVSDFHꢃJURXSꢃ)GGꢂꢐꢃG ꢃ ꢃꢁꢊꢋꢂꢎꢃJꢍFP ꢊꢃ
7KHꢃ FRPSOHWHꢃ VHWꢃ RIꢃ FU\VWDOORJUDSKLFꢃ SDUDPHWHUVꢃ ZDVꢃ
GHSRVLWHGꢃWRꢃWKHꢃ&DPEULGJHꢃ&U\VWDOORJUDSKLFꢃ'DWDꢃ
&HQWHUꢃꢈHQWU\ꢃQRꢊꢃ&&'&ꢇꢂꢀꢄꢏꢆꢏꢉꢊꢃ
'LPHWK\Oꢀ ꢃꢁ6ꢎꢆꢊ6ꢎꢆꢋ5ꢎꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURꢂ
S\OꢄꢂꢋꢂSKHQ\OS\UUROLGLQHꢂꢁꢆꢊꢂGLFDUER[\ODWHꢀ ꢃ9,,Eꢄꢅꢃ
<LHOGꢃꢏꢄLꢅꢃOLJKWꢃ\HOORZꢃFU\VWDOVꢅꢃPSꢃꢌꢆ±ꢌꢂƒ&ꢊꢃ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢁꢂꢅꢃꢋꢆꢄꢏꢅꢃꢂꢑꢄꢆꢅꢃꢁꢎꢋꢌꢅꢃꢁꢌꢆꢋꢅꢃ
ꢁꢀꢋꢌꢅꢃꢁꢂꢆꢁꢅꢃꢁꢁꢎꢀꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢁꢊꢑꢄ±
ꢂꢊꢆꢋꢃ Pꢃ ꢈ ꢂ+ꢅꢃ &+&2ꢉꢅꢃ ꢂꢊꢆꢌ±ꢂꢊꢁꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ
ꢂꢊꢂꢆ±ꢂꢊꢂꢀꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢋꢋ±ꢂꢊꢀꢆꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢋꢇ+ꢉꢅꢃ
ꢂꢊꢀꢑꢃ GꢊGꢃ ꢈꢁ+ꢅꢃ ꢋꢇ+ꢅꢃ -ꢃ ꢃ ꢄꢊꢆꢅꢃ ꢁꢋꢊꢄꢃ +]ꢉꢅꢃ ꢋꢊꢁꢁꢃ Vꢃ ꢈ ꢋ+ꢅꢃ
2&+ ꢉꢅꢃ ꢋꢊꢁꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢁꢇ+ꢉꢅꢃ ꢋꢊꢋꢄꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢀꢇ+ꢉꢅꢃ ꢋꢊꢄꢄꢃ Vꢃ
ꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢋꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢄꢀꢃWꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ-ꢃ ꢃ
ꢎꢊꢏꢃ+]ꢉꢅꢃꢎꢊꢂꢁ±ꢎꢊꢋꢀꢃPꢃꢈꢄ+ꢅꢃ+ ꢉꢊꢃ)RXQGꢅꢃLꢓꢃ&ꢃꢌꢁꢊꢑꢂꢐꢃ
+ꢃꢌꢊꢋꢀꢐꢃ1ꢃꢋꢊꢏꢄꢊꢃ& + 12 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢌꢁꢊꢏꢏꢐꢃꢃ
+ꢃꢌꢊꢌꢀꢐꢃ1ꢃꢀꢊꢆꢁꢊꢃ
'LPHWK\Oꢀ ꢃꢁ6ꢎꢆꢊ6ꢎꢆꢋ5ꢎꢄꢂꢋꢂꢃꢉꢆꢊꢂGLPHWKR[\SKHQꢂ
\OꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURS\OꢄS\UUROLGLQHꢂꢁꢆꢊꢂGLꢂ
FDUER[\ODWHꢀ ꢃ9,,Fꢄꢅꢃ <LHOGꢃ ꢌꢂLꢅꢃ RLO\ꢃVXEVWDQFHꢊꢃ ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢁꢏꢅꢃꢋꢆꢁꢋꢅꢃꢂꢏꢀꢂꢅꢃꢁꢎꢋꢏꢅꢃꢁꢌꢁꢁꢅꢃ
ꢁꢄꢑꢆꢅꢃꢁꢀꢋꢄꢅꢃꢁꢂꢄꢄꢅꢃꢁꢁꢑꢎꢅꢃꢁꢆꢂꢏꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ
SSPꢓꢃ ꢁꢊꢑꢄ±ꢂꢊꢆꢁꢃ Pꢃ ꢈꢂ+ꢅꢃ &+ &2ꢉꢅꢃ ꢂꢊꢆꢋ±ꢂꢊꢆꢏꢃ Pꢃ ꢈ ꢁ+ꢅꢃ
&+ &+ ꢉꢅꢃ ꢂꢊꢁꢑ±ꢂꢊꢂꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢋꢂ±ꢂꢊꢋꢑꢃ Pꢃ
ꢈꢁ+ꢅꢃ ꢋꢇ+ꢉꢅꢃ ꢂꢊꢀꢋ±ꢂꢊꢀꢌꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢋꢇ+ꢉꢅꢃ ꢋꢊꢆꢀꢃ Gꢃ ꢈꢁ+ꢅꢃ ꢁꢇ+ꢅꢃꢃ
-ꢃ ꢃ ꢑꢊꢆꢃ +]ꢉꢅꢃ ꢋꢊꢂꢆꢃ Vꢃ ꢈ ꢋ+ꢅꢃ 2&+ ꢉꢅꢃ ꢋꢊꢋꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢀꢇ+ꢉꢅꢃ
ꢋꢊꢄꢌꢃ Vꢃ ꢈ ꢋ+ꢅꢃ 2&+ꢉꢅꢃ ꢋꢊꢎꢂꢃ Vꢃ ꢈꢑ+ꢅꢃ 2&+ ꢉꢅꢃ ꢀꢊꢀꢎꢃ Wꢃ ꢈꢁ+ꢅꢃꢃ
ꢄꢇ+ꢅꢃ-ꢃ ꢃꢎꢊꢏꢃ+]ꢉꢅꢃꢌꢊꢎꢂꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢂꢊꢆꢅꢃꢏꢊꢄꢃ+]ꢉꢅꢃ
ꢌꢊꢏꢂꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢂꢊꢆꢃ+]ꢉꢅꢃꢌꢊꢏꢏꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀꢀ
-ꢃ ꢃꢏꢊꢄꢃ+]ꢉꢊꢃ)RXQGꢅꢃLꢓꢃ&ꢃꢄꢏꢊꢄꢏꢐꢃ+ꢃꢌꢊꢎꢆꢐꢃ1ꢃꢋꢊꢌꢂꢊꢃ
& + 12 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢄꢏꢊꢌꢎꢐꢃ+ꢃꢌꢊꢌꢄꢐꢃ1ꢃꢋꢊꢀꢂꢊꢃ
Lꢓꢃ&ꢃꢄꢏꢊꢂꢏꢐꢃ+ꢃꢌꢊꢋꢋꢐꢃ1ꢃꢏꢊꢆꢆꢊꢃꢃ
7ULPHWK\Oꢀ ꢃꢁ6ꢀꢆꢉ5ꢀꢆꢊ6ꢀꢆꢋ5ꢀꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂ
R[RSURS\OꢄꢂꢋꢂSKHQ\OS\UUROLGLQHꢂꢁꢆꢉꢆꢊꢂWULFDUER[ꢂ
\ODWHꢀꢃ9,,Hꢄꢅꢃ<LHOGꢃꢌꢏLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃ,5ꢃVSHFWUXPꢅꢃ
ꢅꢃFP ꢓꢃꢋꢋꢁꢌꢅꢃꢂꢑꢄꢋꢅꢃꢁꢎꢋꢌꢅꢃꢁꢌꢆꢄꢅꢃꢁꢀꢋꢎꢅꢃꢁꢂꢀꢀꢅꢃꢁꢂꢆꢁꢅꢃ
ꢁꢁꢎꢀꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢌ±ꢂꢊꢂꢎꢃPꢃꢈꢋ+ꢉꢅꢃ
ꢂꢊꢀꢁ±ꢂꢊꢀꢄꢃPꢃꢈꢁ+ꢅꢃ&+ &2ꢉꢅꢃꢋꢊꢁꢀꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢀꢎ±
ꢋꢊꢄꢋꢃPꢃꢈꢋ+ꢅꢃꢁꢇ+ꢅꢃꢋꢇ+ꢅꢃꢀꢇ+ꢉꢅꢃꢋꢊꢄꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢁꢃVꢃ
ꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢀꢑꢃGꢊGꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ
-ꢃ ꢃꢀꢊꢑꢅꢃꢁꢁꢊꢆꢃ+]ꢉꢅꢃꢎꢊꢂꢋ±ꢎꢊꢂꢌꢃPꢃꢈꢄ+ꢅꢃ+ ꢉꢊꢃ)RXQGꢅꢃLꢓꢃ
&ꢃꢌꢆꢊꢁꢄꢐꢃ+ꢃꢌꢊꢁꢄꢐꢃ1ꢃꢋꢊꢌꢏꢊꢃ& + 12 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃꢃ
&ꢃꢄꢏꢊꢑꢌꢐꢃ+ꢃꢌꢊꢁꢑꢐꢃ1ꢃꢋꢊꢀꢀꢊꢃꢃ
7ULPHWK\Oꢀ ꢃꢁ6ꢀꢆꢉ5ꢀꢆꢊ6ꢀꢆꢋ5ꢀꢄꢂꢋꢂꢃꢉꢆꢊꢂGLPHWKR[\ꢂ
SKHQ\OꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURS\OꢄS\UUROLGLQHꢂ
ꢁꢆꢉꢆꢊꢂWULFDUER[\ODWHꢀꢃ9,,Iꢄꢅꢃ<LHOGꢃꢌꢀLꢅꢃFRORUOHVVꢃFU\Vꢇ
WDOVꢅꢃPSꢃꢁꢆꢄ±ꢁꢆꢎƒ&ꢊꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢄꢏꢅꢃꢂꢑꢄꢌꢅꢃ
ꢂꢏꢋꢎꢅꢃꢁꢎꢋꢏꢅꢃꢁꢌꢁꢆꢅꢃꢁꢄꢂꢂꢅꢃꢁꢀꢋꢋꢅꢃꢁꢂꢌꢆꢅꢃꢁꢁꢏꢆꢅꢃꢁꢆꢁꢌꢊꢃꢃ
+ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢓꢃ ꢂꢊꢆꢁ±ꢂꢊꢁꢁꢃ Pꢃ ꢈꢁ+ꢅꢃ
&+ &+ ꢉꢅꢃ ꢂꢊꢁꢌ±ꢂꢊꢂꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢂꢀ±ꢂꢊꢂꢑꢃ Pꢃ
ꢈꢁ+ꢅꢃ&+ &2ꢉꢅꢃꢂꢊꢋꢏ±ꢂꢊꢀꢄꢃPꢃꢈꢁ+ꢅꢃ&+ &2ꢉꢅꢃꢋꢊꢂꢁꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢋꢌ±ꢋꢊꢀꢎꢃPꢃꢈꢋ+ꢅꢃꢁꢇ+ꢅꢃꢋꢇ+ꢅꢃꢀꢇ+ꢉꢅꢃꢋꢊꢄꢌꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢌꢂꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢂꢃVꢃ
ꢈꢌ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢀꢂꢃGꢊGꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ-ꢃ ꢃꢀꢊꢋꢅꢃꢁꢆꢊꢀꢃ+]ꢉꢅꢃ
ꢌꢊꢎꢎ±ꢌꢊꢏꢁꢃPꢃꢈꢁ+ꢅꢃ+ ꢉꢅꢃꢌꢊꢏꢑ±ꢌꢊꢑꢂꢃPꢃꢈꢂ+ꢅꢃ+ ꢉꢊꢃ
)RXQGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢎꢂꢐꢃ+ꢃꢌꢊꢋꢎꢐꢃ1ꢃꢂꢊꢑꢄꢊꢃ& + 12 ꢊꢃ&DOꢇ
FXODWHGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢄꢋꢐꢃ+ꢃꢌꢊꢂꢄꢐꢃ1ꢃꢋꢊꢆꢆꢊꢃꢀ
7ULPHWK\Oꢀ ꢃꢁ6ꢀꢆꢉ5ꢀꢆꢊ6ꢀꢆꢋ5ꢀꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂ
R[RSURS\OꢄꢂꢋꢂꢃS\ULGLQꢂꢉꢂ\OꢄS\UUROLGLQHꢂꢁꢆꢉꢆꢊꢂWULFDUꢂ
ER[\ODWHꢀ ꢃ9,,Jꢄꢅꢃ<LHOGꢃꢏꢏLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃ,5ꢃVSHFꢇ
WUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢀꢑꢅꢃꢂꢑꢄꢋꢅꢃꢁꢎꢋꢎꢅꢃꢁꢄꢑꢋꢅꢃꢁꢀꢋꢎꢅꢃꢁꢂꢀꢂꢅꢃ
ꢁꢂꢆꢂꢅꢃꢁꢁꢎꢀꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢁ±ꢂꢊꢂꢂꢃPꢃ
ꢈꢂ+ꢅꢃ &+ &2ꢉꢅꢃꢂꢊꢂꢀ±ꢂꢊꢂꢌꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃꢂꢊꢀꢆ±ꢃ
ꢂꢊꢀꢎꢃPꢃꢈꢁ+ꢅꢃ&+ &+ ꢉꢅꢃꢋꢊꢁꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢄꢌꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢀꢑ±ꢋꢊꢌꢆꢃPꢃꢈꢋ+ꢅꢃꢁꢇ+ꢅꢃꢋꢇ+ꢅꢃꢀꢇ+ꢉꢅꢃꢋꢊꢌꢂꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢄꢏꢃGꢊGꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ-ꢃ ꢃꢌꢊꢁꢅꢃ
ꢁꢆꢊꢀꢃ+]ꢉꢅꢃꢎꢊꢋꢌꢃGꢊGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢀꢊꢑꢅꢃꢎꢊꢏꢃ+]ꢉꢅꢃꢎꢊꢎꢁꢃGꢃ
ꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢏꢊꢆꢃ+]ꢉꢅꢃꢏꢊꢀꢎꢃGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢃ
ꢋꢊꢁꢃ+]ꢉꢅꢃꢏꢊꢄꢁꢃGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢁꢊꢏꢃ+]ꢉꢊꢃ)RXQGꢅꢃLꢓꢃꢃ
&ꢃꢄꢌꢊꢆꢆꢐꢃ+ꢃꢄꢊꢑꢄꢐꢃ1ꢃꢌꢊꢑꢎꢊꢃ& + 1 2 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ
&ꢃꢄꢄꢊꢏꢏꢐꢃ+ꢃꢄꢊꢑꢂꢐꢃ1ꢃꢌꢊꢏꢌꢊꢃ
'LPHWK\Oꢀ ꢃꢁ6ꢎꢆꢊ6ꢎꢆꢋ5ꢎꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURꢂ
S\OꢄꢂꢋꢂꢃS\ULGLQꢂꢉꢂ\OꢄS\UUROLGLQHꢂꢁꢆꢊꢂGLFDUER[\ODWHꢀ
ꢃ9,,Gꢄꢅꢃ<LHOGꢃꢏꢀLꢅꢃ\HOORZꢃFU\VWDOVꢅꢃPSꢃꢌꢆ±ꢌꢁƒ&ꢊꢃ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢓꢃꢋꢋꢁꢁꢅꢃꢋꢆꢂꢑꢅꢃꢂꢑꢄꢀꢅꢃꢁꢎꢋꢋꢅꢃꢁꢄꢏꢑꢅꢃ
7ULPHWK\Oꢀ ꢃꢁ6ꢎꢆꢉ6ꢎꢆꢊ6ꢎꢆꢋ5ꢎꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂ
ꢁꢀꢋꢎꢅꢃꢁꢂꢄꢌꢅꢃꢁꢂꢆꢎꢅꢃꢁꢁꢎꢆꢅꢃꢁꢆꢂꢆꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ R[RSURS\OꢄꢂꢋꢂSKHQ\OS\UUROLGLQHꢂꢁꢆꢉꢆꢊꢂWULFDUER[ꢂ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

67(5(26(/(&7,9(ꢃꢃ6<17+(6,6ꢃꢃ2)ꢃꢃ)81&7,21$/ꢃꢃ'(5,9$7,9(6ꢃꢃ
ꢀꢂꢁꢃ
\ODWHꢀ ꢃ9,,,Dꢄꢅꢃ<LHOGꢃꢎꢀLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃ +ꢃ105ꢃ WULFOLQLFꢃ FU\VWDOVꢐꢃ Dꢃ ꢃ ꢁꢂꢊꢆꢌꢏꢈꢂꢉꢅꢃ Eꢃ ꢃ ꢁꢂꢊꢀꢑꢑꢈꢋꢉꢅꢃ Fꢃ ꢃ
VSHFWUXPꢅꢃ ꢅꢃ SSPꢓꢃ ꢁꢊꢑꢁ±ꢁꢊꢑꢄꢃ Pꢃ ꢈꢂ+ꢅꢃ &+ &2ꢉꢅꢃ ꢂꢊꢂꢀ± ꢁꢂꢊꢑꢌꢌꢈꢂꢉꢃcꢐꢃ ꢃ ꢃꢏꢀꢊꢀꢎꢈꢂꢉꢅꢃ ꢃ ꢃꢎꢂꢊꢆꢂꢈꢁꢉꢅꢃ ꢃ ꢃꢏꢏꢊꢂꢁꢈꢂꢉƒꢐꢃ
ꢂꢊꢋꢂꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢂꢊꢋꢑ±ꢂꢊꢀꢌꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ 9ꢃ ꢃꢁꢏꢄꢁꢊꢌꢈꢌꢉꢃc ꢐꢃVSDFHꢃJURXSꢃ3ꢇꢁꢐꢃG ꢃ ꢃꢁꢊꢋꢀꢎꢃJꢍFP ꢊꢃ
ꢋꢊꢆꢑꢃ Vꢃ ꢈ ꢋ+ꢅꢃ 2&+ꢉꢅꢃ ꢋꢊꢋꢁꢃ EUꢊVꢃ ꢈꢁ+ꢅꢃ ꢁꢇ+ꢉꢅꢃ ꢋꢊꢄꢎꢃ Vꢃ ꢈꢋ+ꢅꢃ 7KHꢃ FRPSOHWHꢃ VHWꢃ RIꢃ FU\VWDOORJUDSKLFꢃ SDUDPHWHUVꢃ LVꢃ
2&+ ꢉꢅꢃꢋꢊꢌꢌꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢄꢃPꢃꢈꢁ+ꢉꢅꢃꢋꢊꢎꢑꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃ ꢋꢊꢏꢂꢃ Pꢃ ꢈꢁ+ꢉꢅꢃ ꢀꢊꢎꢁꢃ Wꢃ ꢈꢁ+ꢅꢃ ꢄꢇ+ꢅꢃ -ꢃ ꢃ ꢏꢊꢁꢃ +]ꢉꢅꢃ
ꢎꢊꢂꢌ±ꢎꢊꢋꢂꢃPꢃꢈꢄ+ꢅꢃ+ ꢉꢊꢃ &ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃ
ꢁꢋꢊꢑꢏꢅꢃꢂꢆꢊꢌꢂꢅꢃꢂꢎꢊꢌꢎꢅꢃꢂꢑꢊꢆꢂꢅꢃꢄꢁꢊꢂꢄꢅꢃꢄꢂꢊꢆꢀꢅꢃꢄꢂꢊꢎꢆꢅꢃꢄꢀꢊꢆꢄꢅꢃ
ꢄꢑꢊꢌꢑꢅꢃ ꢌꢁꢊꢏꢄꢅꢃ ꢌꢑꢊꢁꢋꢅꢃ ꢁꢂꢎꢊꢁꢀꢅꢃ ꢁꢂꢎꢊꢑꢋꢅꢃ ꢁꢀꢆꢊꢆꢏꢅꢃ ꢁꢎꢆꢊꢂꢑꢅꢃ
ꢁꢎꢁꢊꢆꢂꢅꢃ ꢁꢎꢂꢊꢑꢌꢅꢃ ꢁꢎꢋꢊꢆꢑꢊꢃ )RXQGꢅꢃ Lꢓꢃ &ꢃ ꢄꢏꢊꢏꢏꢐꢃ +ꢃ ꢌꢊꢁꢎꢐꢃꢃ
1ꢃꢋꢊꢌꢀꢊꢃ& + 12 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢄꢏꢊꢑꢌꢐꢃ+ꢃꢌꢊꢁꢑꢐꢃꢃ
1ꢃꢋꢊꢀꢀꢊꢃꢃ
DYDLODEOHꢃIURPꢃWKHꢃDXWKRUVꢊꢃ
7ULPHWK\Oꢀ ꢃꢈ6ꢎꢆꢁ6ꢎꢆꢉ5ꢎꢆꢍD6ꢎꢄꢂꢉꢂꢃꢉꢆꢊꢂGLPHWKR[\ꢂ
SKHQ\OꢄꢂꢋꢂR[RWHWUDK\GURS\UUROL]LQHꢂꢈꢆꢁꢆꢍDꢂWULFDUꢂ
ER[\ODWHꢀꢃ,;Eꢄꢅꢃ<LHOGꢃꢎꢁLꢅꢃFRORUOHVVꢃFU\VWDOVꢅꢃPSꢃꢁꢎꢆ±
ꢁꢎꢂƒ&ꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢁ±ꢂꢊꢆꢎꢃPꢃꢈꢁ+ꢅꢃ
ꢎꢇ+ꢉꢅꢃꢂꢊꢂꢄ±ꢂꢊꢋꢁꢃPꢃꢈꢂ+ꢅꢃꢌꢇ+ꢉꢅꢃꢂꢊꢎꢁ±ꢂꢊꢎꢏꢃPꢃꢈꢁ+ꢅꢃꢎꢇ+ꢉꢅꢃ
ꢋꢊꢂꢋꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢑꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢆꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃ ꢋꢊꢎꢁꢃ Vꢃ ꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃ ꢋꢊꢎꢑꢃ Vꢃ ꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃꢃ
ꢋꢊꢑꢄꢃGꢊGꢃꢈꢁ+ꢅꢃꢁꢇ+ꢅꢃ-ꢃ ꢃꢌꢊꢌꢅꢃꢏꢊꢏꢃ+]ꢉꢅꢃꢀꢊꢁꢁꢃGꢃꢈꢁ+ꢅꢃꢂꢇ+ꢅꢃꢃ
-ꢃ ꢃ ꢌꢊꢌꢃ +]ꢉꢅꢃ ꢄꢊꢂꢏꢃ Gꢃ ꢈ ꢁ+ꢅꢃ ꢋꢇ+ꢅꢃ-ꢃ ꢃ ꢏꢊꢌꢃ +]ꢉꢅꢃ ꢌꢊꢎꢂꢃ GꢊGꢃ
ꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢁꢊꢄꢅꢃꢏꢊꢁꢃ+]ꢉꢅꢃꢌꢊꢏꢆꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢃ
ꢂꢊꢆꢃ+]ꢉꢅꢃꢌꢊꢏꢌꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢏꢊꢋꢃ+]ꢉꢊꢃ)RXQGꢅꢃLꢓꢃꢃ
&ꢃꢄꢎꢊꢏꢏꢐꢃ+ꢃꢄꢊꢏꢌꢐꢃ1ꢃꢋꢊꢁꢀꢊꢃ& + 12 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃꢃ
&ꢃꢄꢎꢊꢑꢋꢐꢃ+ꢃꢄꢊꢎꢑꢐꢃ1ꢃꢋꢊꢂꢂꢊꢃꢃ
7ULPHWK\Oꢀ ꢃꢁ6ꢎꢆꢉ6ꢎꢆꢊ6ꢎꢆꢋ5ꢎꢄꢂꢋꢂꢃꢉꢆꢊꢂGLPHWKR[\ꢂ
SKHQ\OꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURS\OꢄS\UUROLGLQHꢂ
ꢁꢆꢉꢆꢊꢂWULFDUER[\ODWHꢀ ꢃ9,,,Eꢄꢅꢃ <LHOGꢃ ꢋLꢅꢃ RLO\ꢃ VXEꢇ
VWDQFHꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢁꢊꢏꢀ±ꢁꢊꢑꢆꢃPꢃꢈꢂ+ꢅꢃ
&+ &2ꢉꢅꢃꢂꢊꢂꢋ±ꢂꢊꢋꢁꢃPꢃꢈꢁ+ꢅꢃ&+ &+ ꢉꢅꢃꢂꢊꢋꢎ±ꢂꢊꢀꢋꢃPꢃ
ꢈꢁ+ꢅꢃ&+ &+ ꢉꢅꢃꢋꢊꢁꢏꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢂꢏꢃGꢃꢈꢁ+ꢅꢃꢁꢇ+ꢅꢃꢃ
-ꢃ ꢃꢎꢊꢁꢃ+]ꢉꢅꢃꢋꢊꢄꢌꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢀꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃ
ꢋꢊꢎꢆꢃPꢃꢈꢁ+ꢉꢅꢃꢋꢊꢎꢂꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢋꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃ
ꢋꢊꢎꢄꢃPꢃꢈꢁ+ꢉꢅꢃꢋꢊꢎꢎꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢀꢊꢌꢋꢃWꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ-ꢃ ꢃ
ꢎꢊꢄꢃ+]ꢉꢅꢃꢌꢊꢎꢎꢃGꢊGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢂꢊꢆꢅꢃꢏꢊꢋꢃ+]ꢉꢅꢃꢌꢊꢏꢎꢃGꢃ
ꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢏꢊꢋꢃ+]ꢉꢅꢃꢌꢊꢑꢋꢃGꢃꢈꢁ+ꢅꢃ+ ꢅꢀ-ꢃ ꢃꢂꢊꢆꢃ+]ꢉꢊꢃ
)RXQGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢎꢀꢐꢃ+ꢃꢌꢊꢂꢀꢐꢃ1ꢃꢋꢊꢁꢄꢊꢃ& + 12 ꢊꢃ&DOꢇ
FXODWHGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢄꢋꢐꢃ+ꢃꢌꢊꢂꢄꢐꢃ1ꢃꢋꢊꢆꢆꢊꢃꢀ
7ULPHWK\Oꢀ ꢃꢈ6ꢀꢆꢁ6ꢀꢆꢉ5ꢀꢆꢍD6ꢀꢄꢂꢋꢂR[RꢂꢉꢂꢃS\ULGLQꢂ
ꢉꢂ\OꢄWHWUDK\GURS\UUROL]LQHꢂꢈꢆꢁꢆꢍDꢂWULFDUER[\ODWHꢀ
ꢃ,;Fꢄꢅꢃ<LHOGꢃꢁꢋLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ
ꢅꢃSSPꢓꢃꢁꢊꢑꢑ±ꢂꢊꢆꢏꢃPꢃꢈꢁ+ꢅꢃꢎꢇ+ꢉꢅꢃꢂꢊꢂꢄ±ꢂꢊꢋꢀꢃPꢃꢈꢂ+ꢅꢃꢃ
ꢌꢇ+ꢉꢅꢃꢂꢊꢎꢁ±ꢂꢊꢎꢏꢃPꢃꢈꢁ+ꢅꢃꢎꢇ+ꢉꢅꢃꢋꢊꢆꢎꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢂꢃVꢃ
ꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢎꢏꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢑꢏꢃGꢃꢈꢁ+ꢅꢃꢁꢇ+ꢅꢃ-ꢃ ꢃ
ꢋꢊꢄꢃ +]ꢉꢅꢃ ꢀꢊꢆꢌꢃ GꢊGꢃꢈꢁ+ꢅꢃ ꢂꢇ+ꢅꢃ -ꢃ ꢃ ꢋꢊꢎꢅꢃꢏꢊꢏꢃ +]ꢉꢅꢃ ꢄꢊꢋꢎꢃGꢃ
ꢈꢁ+ꢅꢃꢋꢇ+ꢅꢃ-ꢃ ꢃꢑꢊꢁꢃ+]ꢉꢅꢃꢎꢊꢋꢁꢃGꢊGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢀꢊꢏꢅꢃ
ꢎꢊꢏꢃ+]ꢉꢅꢃꢎꢊꢎꢁꢃGꢊWꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢁꢊꢏꢅꢃꢏꢊꢁꢃ+]ꢉꢅꢃꢏꢊꢀꢋꢃGꢊGꢃ
ꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢁꢊꢀꢅꢃꢀꢊꢏꢃ+]ꢉꢅꢃꢏꢊꢄꢂꢃGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀꢀ
-ꢃ ꢃꢂꢊꢆꢃ+]ꢉꢊꢃ)RXQGꢅꢃLꢓꢃ&ꢃꢄꢎꢊꢄꢏꢐꢃ+ꢃꢄꢊꢋꢑꢐꢃ1ꢃꢎꢊꢀꢋꢊꢃ
& + 1 2 ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢄꢎꢊꢀꢀꢐꢃ+ꢃꢄꢊꢋꢌꢐꢃ1ꢃꢎꢊꢀꢀꢊꢃꢃ
7ULPHWK\Oꢀ ꢃꢁ6ꢀꢆꢉ6ꢀꢆꢊ6ꢀꢆꢋ5ꢀꢄꢂꢁꢂꢃꢉꢂPHWKR[\ꢂꢉꢂ
R[RSURS\OꢄꢂꢋꢂꢃS\ULGLQꢂꢉꢂ\OꢄS\UUROLGLQHꢂꢁꢆꢉꢆꢊꢂWULFDUꢂ
ER[\ODWHꢀꢃ9,,,Fꢄꢅꢃ<LHOGꢃꢄꢄLꢅꢃRLO\ꢃVXEVWDQFHꢊꢃ +ꢃ105ꢃ
VSHFWUXPꢅꢃ ꢅꢃ SSPꢓꢃ ꢁꢊꢏꢏ±ꢁꢊꢑꢄꢃ Pꢃ ꢈꢂ+ꢅꢃ &+ &2ꢉꢅꢃ ꢂꢊꢀꢁ±
ꢂꢊꢀꢄꢃ Pꢃ ꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢋꢊꢆꢏꢃ Vꢃꢈꢁ+ꢅꢃ &+ &+ ꢉꢅꢃ ꢋꢊꢁꢂꢃVꢃ
ꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢄꢏꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃ
ꢋꢊꢎꢎꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢏꢆꢃVꢃꢈꢁ+ꢅꢃꢀꢇ+ꢉꢅꢃꢋꢊꢏꢂꢃVꢃꢈꢁ+ꢅꢃꢋꢇ+ꢉꢅꢃ
ꢀꢊꢎꢑꢃWꢃꢈꢁ+ꢅꢃꢄꢇ+ꢅꢃ-ꢃ ꢃꢎꢊꢁꢃ+]ꢉꢅꢃꢎꢊꢋꢀꢃGꢊGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃ
ꢀꢊꢏꢅꢃꢏꢊꢁꢃ+]ꢉꢅꢃꢎꢊꢎꢂꢃGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢎꢊꢏꢃ+]ꢉꢅꢃꢏꢊꢀꢄꢃGꢃꢈꢁ+ꢅꢃ
& + 1ꢅꢀ-ꢃ ꢃꢀꢊꢋꢃ+]ꢉꢅꢃꢏꢊꢄꢆꢃGꢃꢈꢁ+ꢅꢃ& + 1ꢅꢀ-ꢃ ꢃꢁꢊꢄꢃ+]ꢉꢊꢃ
)RXQGꢅꢃLꢓꢃ&ꢃꢄꢌꢊꢆꢂꢐꢃ+ꢃꢌꢊꢆꢆꢐꢃ1ꢃꢌꢊꢎꢆꢊꢃ& + 1 2 ꢊꢃ&DOꢇ
FXODWHGꢅꢃLꢓꢃ&ꢃꢄꢄꢊꢏꢏꢐꢃ+ꢃꢄꢊꢑꢂꢐꢃ1ꢃꢌꢊꢏꢌꢊꢃ
0HWK\Oꢀ ꢊꢂHWKHQ\OVXOIRQ\Oꢂꢋꢂ>ꢁꢂꢃꢈꢆꢉꢂGLR[RꢂꢁꢆꢉꢂGLꢂ
K\GURꢂꢈ+ꢂLVRLQGROꢂꢁꢂ\OꢄꢂꢉꢂPHWKR[\ꢂꢉꢂR[RSURS\O@ꢂꢁꢂ
ꢃꢉꢂPHWKR[\ꢂꢉꢂR[RSURS\OꢄS\UUROLGLQHꢂꢁꢂFDUER[\ODWHꢀ
ꢃ;9,,,ꢏ;,;ꢄꢀ ꢈPL[WXUHꢃRIꢃLVRPHUVꢉꢅꢃ<LHOGꢃꢁꢑLꢅꢃFRORUꢇ
OHVVꢃFU\VWDOVꢅꢃPSꢃꢎꢋ±ꢎꢄƒ&ꢅꢃ> @ ꢃ ꢃ±ꢁꢄꢊꢆƒꢃꢈFꢃ ꢃꢁꢊꢆꢅꢃ
&+&O ꢉꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃPDMRUꢃLVRPHUꢓꢃ
ꢁꢊꢌꢂ±ꢁꢊꢎꢏꢃPꢃꢈꢂ+ꢉꢅꢃꢁꢊꢎꢑ±ꢁꢊꢏꢏꢃPꢃꢈꢂ+ꢉꢅꢃꢂꢊꢆꢑ±ꢂꢊꢁꢏꢃPꢃ
ꢈꢁ+ꢉꢅꢃ ꢂꢊꢂꢑ±ꢂꢊꢋꢎꢃ Pꢃ ꢈꢁ+ꢉꢅꢃ ꢂꢊꢀꢄꢃ Pꢃ ꢈꢁ+ꢉꢅꢃ ꢂꢊꢑꢋꢃ GꢊWꢃ ꢈꢁ+ꢅꢃꢃ
ꢏꢇ+ꢅꢃ -ꢃ ꢃ ꢀꢊꢏꢅꢃꢁꢀꢊꢄꢃ +]ꢉꢅꢃꢋꢊꢀꢄꢃ Pꢃ ꢈ ꢁ+ꢉꢅꢃꢋꢊꢄꢀꢃ Vꢃꢈ ꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢄꢄꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢌꢃVꢃꢈꢋ+ꢅꢃ2&+ ꢉꢅꢃꢋꢊꢌꢎꢃPꢃ
ꢈꢁ+ꢉꢅꢃ ꢄꢊꢁꢎꢃ GꢊGꢃ ꢈꢁ+ꢅꢃ ꢑꢇ+ꢅꢃ -ꢃ ꢃ ꢀꢊꢏꢅꢃ ꢑꢊꢆꢃ +]ꢉꢅꢃ ꢌꢊꢁꢎꢃ Gꢃꢃ
ꢈꢁ+ꢅꢃ&+ &+ ꢅꢃ-ꢃ ꢃꢁꢌꢊꢄꢃ+]ꢉꢅꢃꢌꢊꢂꢏꢃGꢃꢈꢁ+ꢅꢃ&+ &+ ꢅꢃ-ꢃ ꢃ
ꢁꢆꢊꢆꢃ+]ꢉꢅꢃꢌꢊꢑꢎꢃGꢊGꢃꢈꢁ+ꢅꢃ&+ &+ ꢅꢃ-ꢃ ꢃꢁꢆꢊꢆꢅꢃꢁꢌꢊꢄꢃ+]ꢉꢅꢃ
ꢎꢊꢑꢁꢃPꢃꢈꢀ+ꢅꢃ+ ꢉꢊꢃ)RXQGꢅꢃLꢓꢃ&ꢃꢄꢋꢊꢎꢂꢐꢃ+ꢃꢄꢊꢂꢀꢐꢃ1ꢃꢄꢊꢂꢌꢊꢃ
& + 1 2 6ꢊꢃ&DOFXODWHGꢅꢃLꢓꢃ&ꢃꢄꢋꢊꢎꢂꢐꢃ+ꢃꢄꢊꢂꢌꢐꢃ1ꢃꢄꢊꢂꢂꢊꢃ
7ULPHWK\Oꢀ ꢃꢈ6ꢎꢆꢁ6ꢎꢆꢉ5ꢎꢆꢍD6ꢎꢄꢂꢋꢂR[RꢂꢉꢂSKHQ\Oꢂ
WHWUDK\GURS\UUROL]LQHꢂꢈꢆꢁꢆꢍDꢂWULFDUER[\ODWHꢀ ꢃ,;Dꢄꢅꢃ
<LHOGꢃꢁꢂLꢅꢃFRORUOHVVꢃFU\VWDOVꢅꢃPSꢃꢁꢁꢏ±ꢁꢂꢆƒ&ꢊꢃ +ꢃ105ꢃ
VSHFWUXPꢅꢃ ꢅꢃ SSPꢓꢃ ꢂꢊꢆꢆ±ꢂꢊꢆꢑꢃ Pꢃ ꢈꢁ+ꢅꢃ ꢎꢇ+ꢉꢅꢃ ꢂꢊꢂꢌ±ꢃ
ꢂꢊꢋꢋꢃPꢃꢈꢂ+ꢅꢃꢌꢇ+ꢉꢅꢃꢂꢊꢎꢁ±ꢂꢊꢏꢆꢃPꢃꢈꢁ+ꢅꢃꢎꢇ+ꢉꢅꢃꢋꢊꢁꢋꢃVꢃꢈꢋ+ꢅꢃ
2&+ ꢉꢅꢃꢋꢊꢎꢂꢃ Vꢃꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃꢋꢊꢎꢏꢃVꢃ ꢈꢋ+ꢅꢃ 2&+ ꢉꢅꢃꢃ
ꢀꢊꢆꢁꢃGꢊGꢃꢈꢁ+ꢅꢃꢁꢇ+ꢅꢃ-ꢃ ꢃꢄꢊꢋꢅꢃꢏꢊꢏꢃ+]ꢉꢅꢃꢀꢊꢆꢎꢃGꢃꢈꢁ+ꢅꢃꢂꢇ+ꢅꢃꢃ
-ꢃ ꢃꢄꢊꢌꢃ+]ꢉꢅꢃꢄꢊꢋꢄꢃGꢃꢈꢁ+ꢅꢃꢋꢇ+ꢅꢃ-ꢃ ꢃꢏꢊꢏꢃ+]ꢉꢅꢃꢎꢊꢂꢀ±ꢎꢊꢋꢁꢃPꢃ
ꢈꢄ+ꢅꢃ+ ꢉꢊꢃ &ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢋꢆꢊꢏꢑꢅꢃꢋꢂꢊꢀꢑꢅꢃ
ꢄꢆꢊꢌꢀꢅꢃꢄꢁꢊꢀꢁꢅꢃꢄꢂꢊꢋꢆꢅꢃꢄꢂꢊꢑꢑꢅꢃꢄꢋꢊꢁꢁꢅꢃꢌꢁꢊꢆꢏꢅꢃꢎꢀꢊꢆꢌꢅꢃꢁꢂꢌꢊꢌꢀꢅꢃ
ꢁꢂꢎꢊꢑꢋꢅꢃꢁꢋꢎꢊꢀꢄꢅꢃꢁꢎꢆꢊꢆꢆꢅꢃꢁꢎꢆꢊꢌꢄꢅꢃꢁꢎꢂꢊꢏꢄꢅꢃꢁꢎꢌꢊꢌꢁꢊꢃ)RXQGꢅꢃ
Lꢓꢃ&ꢃꢌꢆꢊꢎꢄꢐꢃ+ꢃꢄꢊꢌꢂꢐꢃ1ꢃꢋꢊꢑꢋꢊꢃ& + 12 ꢊꢃ&DOFXODWHGꢅꢃ
0HWK\Oꢀ ꢃ6ꢄꢂꢊꢂPHWK\OVXOIDQ\OꢂꢁꢂSKWKWDOLPLGRꢂ
EXWDQRDWHꢀꢃ;9ꢄꢅꢃ$ꢃPL[WXUHꢃRIꢃꢀꢑꢊꢑꢀꢃJꢃꢈꢆꢊꢂꢄꢃPROꢉꢃRIꢃꢃ
/ꢇPHWKLRQLQHꢃPHWK\OꢃHVWHUꢃK\GURFKORULGHꢅꢃꢋꢎꢊꢆꢋꢃJꢃ
Lꢓꢃ&ꢃꢌꢆꢊꢎꢑꢐꢃ+ꢃꢄꢊꢌꢀꢐꢃ1ꢃꢋꢊꢎꢋꢊꢃ;ꢇ5D\ꢃGLIIUDFWLRQꢃGDWDꢓꢃ ꢈꢆꢊꢂꢄꢃPROꢉꢃRIꢃSKWKDOLFꢃDQK\GULGHꢅꢃꢁꢆꢌꢊꢌꢄꢃJꢃꢈꢆꢊꢎꢂꢃPROꢉꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ

.8'5<$976(9ꢃꢃHWꢀDOꢊꢃ
ꢃꢃꢋꢊꢃ =HILURYDꢅꢃ2ꢊ1ꢊꢃDQGꢃ=HILURYꢅꢃ1ꢊ6ꢊꢅꢃ5XVVꢇꢀ-ꢇꢀ2UJꢇꢀ&KHPꢊꢅꢃ
ꢀꢂꢂꢃ
RIꢃWULHWK\ODPLQHꢅꢃDQGꢃꢁꢃOꢃRIꢃWROXHQHꢃZDVꢃKHDWHGꢃZLWKꢃ
VWLUULQJꢃXQGHUꢃUHIOX[ꢃLQꢃDꢃIODVNꢃHTXLSSHGꢃZLWKꢃDꢃ'HDQ±
6WDUNꢃWUDSꢃXQWLOꢃZDWHUꢃQRꢃORQJHUꢃVHSDUDWHGꢊꢃ7KHꢃPL[WXUHꢃ
ZDVꢃFRROHGꢅꢃWKHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃRIIꢅꢃWKHꢃILOWUDWHꢃ
ZDVꢃZDVKHGꢃZLWKꢃꢋꢆꢆꢃPOꢃRIꢃꢁꢃ1ꢃK\GURFKORULFꢃDFLGꢃDQGꢃ
ZDWHUꢃꢈꢋîꢋꢆꢆꢃPOꢉꢃDQGꢃGULHGꢃRYHUꢃ0J62 ꢅꢃDQGꢃWKHꢃVROꢇ
YHQWꢃZDVꢃUHPRYHGꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢊꢃ<LHOGꢃꢏꢁLꢅꢃ
PSꢃꢋꢎ±ꢀꢆƒ&ꢊꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢓꢃꢂꢊꢆꢂꢃVꢃꢈꢋ+ꢉꢅꢃ
ꢂꢊꢀꢂ±ꢂꢊꢂꢏꢃPꢃꢈꢂ+ꢉꢅꢃꢂꢊꢌꢁ±ꢂꢊꢀꢎꢃPꢃꢈꢂ+ꢉꢅꢃꢋꢊꢌꢌꢃVꢃꢈꢋ+ꢉꢅꢃꢃ
ꢄꢊꢆꢄꢃGꢊGꢃꢈꢁ+ꢅꢃ-ꢃ ꢃꢄꢊꢄꢅꢃꢏꢊꢑꢃ+]ꢉꢅꢃꢎꢊꢑꢂꢃPꢃꢈꢀ+ꢉꢊꢃ
ꢃ
ꢃ
ꢃ
ꢂꢆꢆꢆꢅꢃ YROꢊꢃ ꢋꢌꢅꢃ Sꢊꢃ ꢁꢂꢋꢁꢐꢃ %UDXQHUꢇ2VERUQHꢅꢃ +ꢊꢅꢃ (JHꢇꢃ
EMHUJꢅꢃ -ꢊꢅꢃ 1LHOVHQꢅꢃ (ꢊ2ꢊꢅꢃ 0DGVHQꢅꢃ 8ꢊꢅꢃ DQGꢃ .URJVJDDUGꢇ
/DUVHQꢅꢃ3ꢊꢅꢃ-ꢇꢀ0HGꢇꢀ&KHPꢊꢅꢃꢂꢆꢆꢆꢅꢃYROꢊꢃꢀꢋꢅꢃSꢊꢃꢂꢌꢆꢑꢊꢃ
ꢃꢃꢀꢊꢃ (YDQVꢅꢃ 0ꢊ&ꢊꢃ DQGꢃ -RKQVRQꢅꢃ 5ꢊ/ꢊꢅꢃ 7HWUDKHGURQꢅꢃ ꢂꢆꢆꢆꢅꢃꢃ
YROꢊꢃꢄꢌꢅꢃSꢊꢃꢑꢏꢆꢁꢊꢃ
ꢃꢃꢄꢊꢃ 7UDQFDUGꢅꢃ 'ꢊꢅꢃ 7RXWꢅꢃ -ꢊꢇ%ꢊꢅꢃ *LDUGꢅꢃ 7ꢊꢅꢃ &KLFKDRXLꢅꢃ ,ꢊꢅꢃ
ꢃ
ꢃ
ꢃ
&DKDUGꢅꢃ 'ꢊꢅꢃ DQGꢃ 3ODTXHYHQWꢅꢃ -ꢊꢇ&ꢊꢅꢃ 7HWUDKHGURQꢀ /HWWꢊꢅꢃ
ꢂꢆꢆꢆꢅꢃYROꢊꢃꢀꢁꢅꢃSꢊꢃꢋꢏꢀꢋꢊꢃ
ꢃꢃꢌꢊꢃ 0XUSK\ꢅꢃ 0ꢊ0ꢊꢅꢃ 6FKXOOHNꢅꢃ -ꢊ5ꢊꢅꢃ *RUGRQꢅꢃ (ꢊ0ꢊꢅꢃ DQGꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
*DOORSꢅꢃ 0ꢊ$ꢊꢅꢃ -ꢇꢀ $Pꢇꢀ &KHPꢇꢀ 6RFꢊꢅꢃ ꢁꢑꢑꢄꢅꢃ YROꢊꢃ ꢁꢁꢎꢅꢃ Sꢊꢃ
ꢎꢆꢂꢑꢐꢃ )RXUQLHꢇ=DOXVNLꢅꢃ 0ꢊꢇ&ꢊꢅꢃ &RULFꢅꢃ 3ꢊꢅꢃ 7KHU\ꢅꢃ 9ꢊꢅꢃ
*RQ]DOH]ꢅꢃ :ꢊꢅꢃ 0HXGDOꢅꢃ +ꢊꢅꢃ 7XUFDXGꢅꢃ 6ꢊꢅꢃ 0LFKHOꢅꢃ -ꢊꢇ%ꢊꢅꢃ
DQGꢃ5RTXHVꢅꢃ%ꢊ3ꢊꢅꢃ-ꢇꢀ0HGꢇꢀ&KHPꢊꢅꢃꢁꢑꢑꢌꢅꢃYROꢊꢃꢋꢑꢅꢃSꢊꢃꢂꢄꢑꢀꢐꢃ
9DQꢃ(VVHYHOGWꢅꢃ%ꢊ&ꢊ-ꢊꢅꢃ9HUYRRUWꢅꢃ3ꢊ:ꢊ+ꢊꢅꢃYDQꢃ'HOIWꢅꢃ)ꢊ/ꢊꢅꢃ
DQGꢃ 5XWMHVꢅꢃ )ꢊ3ꢊ-ꢊ7ꢊꢅꢃ -ꢇꢀ 2UJꢇꢀ &KHPꢊꢅꢃ ꢂꢆꢆꢄꢅꢃ YROꢊꢃ ꢎꢆꢅꢃꢃ
Sꢊꢃꢁꢎꢑꢁꢊꢃ
0HWK\Oꢀꢃ6ꢄꢂꢊꢂR[RꢂꢁꢂSKWKDOLPLGREXWDQRDWHꢀꢃ;9,ꢄꢅꢃ
&RPSRXQGꢃ;9ꢅꢃꢋꢁꢊꢁꢃJꢃꢈꢆꢊꢁꢆꢌꢃPROꢉꢅꢃZDVꢃGLVVROYHGꢃLQꢃ
ꢁꢄꢆꢃPOꢃRIꢃFDUERQꢃWHWUDFKORULGHꢅꢃꢁꢀꢊꢁꢄꢃJꢃꢈꢆꢊꢁꢆꢌꢃPROꢉꢃRIꢃ
1ꢇFKORURVXFFLQLPLGHꢃZDVꢃDGGHGꢃLQꢃRQHꢃSRUWLRQꢅꢃDQGꢃWKHꢃ
PL[WXUHꢃZDVꢃVWLUUHGꢃIRUꢃꢂꢃKꢃLQꢃDQꢃLQHUWꢃDWPRVSKHUHꢊꢃ,Wꢃ
ZDVꢃWKHQꢃILOWHUHGꢃXQGHUꢃDQꢃLQHUWꢃJDVꢅꢃWKHꢃSUHFLSLWDWHꢃZDVꢃ
ZDVKHGꢃ ZLWKꢃ FDUERQꢃ WHWUDFKORULGHꢃ ꢈꢋîꢋꢆꢃ POꢉꢅꢃ WKHꢃ
ZDVKLQJVꢃ ZHUHꢃ FRPELQHGꢃ ZLWKꢃ WKHꢃ ILOWUDWHꢅꢃ ꢌꢀꢆꢃ POꢃ RIꢃ
ZDWHUꢃZDVꢃDGGHGꢅꢃDQGꢃDUJRQꢃZDVꢃEXEEOHGꢃWKURXJKꢃWKHꢃ
PL[WXUHꢃ XQGHUꢃ VWLUULQJꢃ RYHUꢃ Dꢃ SHULRGꢃ RIꢃ ꢂꢆꢃ Kꢅꢃ WKHꢃ
OLEHUDWHGꢃ JDVHVꢃ EHLQJꢃ DEVRUEHGꢃ E\ꢃ FRQFHQWUDWHGꢃ QLWULFꢃ
DFLGꢊꢃ7KHꢃDTXHRXVꢃSKDVHꢃZDVꢃVHSDUDWHGꢃDQGꢃH[WUDFWHGꢃ
ZLWKꢃPHWK\OHQHꢃFKORULGH ꢈꢋîꢁꢆꢆꢃPOꢉꢊꢃ7KHꢃH[WUDFWVꢃ
ZHUHꢃFRPELQHGꢃZLWKꢃWKHꢃRUJDQLFꢃSKDVHꢅꢃZDVKHGꢃZLWKꢃꢃ
DꢃVDWXUDWHGꢃVROXWLRQꢃRIꢃ1D+&2 ꢃDQGꢃZLWKꢃZDWHUꢅꢃGULHGꢃ
RYHUꢃ1D 62 ꢅꢃDQGꢃHYDSRUDWHGꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢊꢃ
7KHꢃUHVLGXHꢃZDVꢃVXEMHFWHGꢃWRꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃ
JHOꢃ ꢈJUDGLHQWꢃ HOXWLRQꢃ ZLWKꢃ SHWUROHXPꢃ HWKHU±HWK\Oꢃ
DFHWDWHꢅꢃꢁꢆꢓꢁꢅꢃꢄꢓꢁꢅꢃꢁꢓꢁꢉꢊꢃ<LHOGꢃꢂꢎLꢅꢃ> @ ꢃ ꢃ±ꢋꢆꢊꢆƒꢃꢃ
ꢈFꢀ ꢀꢁꢊꢀꢑꢅꢃ &+&O ꢉꢅꢃ RSWLFDOꢃ SXULW\ꢃ ꢌꢂꢊꢂLꢐꢃ SXEOLVKHGꢃ
GDWDꢃ >ꢁꢀ@ꢓꢃ > @ ꢃ ꢃ ±ꢀꢀꢊꢀƒꢃ ꢈFꢃ ꢃ ꢁꢊꢀꢑꢅꢃ &+&O ꢉꢅꢃ RSWLFDOꢃ
SXULW\ꢃ ꢑꢂꢊꢆLꢊꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢓꢃ ꢋꢊꢂꢎꢃ GꢊGꢃ
ꢈꢁ+ꢅꢃ-ꢃ ꢃꢎꢊꢏꢅꢃꢁꢏꢊꢋꢃ+]ꢉꢅꢃꢋꢊꢄꢄꢃGꢊGꢃꢈꢁ+ꢅꢃ-ꢃ ꢃꢌꢊꢋꢅꢃꢁꢏꢊꢋꢃ+]ꢉꢅꢃ
ꢋꢊꢎꢀꢃVꢃꢈꢋ+ꢉꢅꢃꢄꢊꢄꢆꢃWꢃꢈꢁ+ꢅꢃ-ꢃ ꢃꢎꢊꢆꢃ+]ꢉꢅꢃꢎꢊꢎꢂ±ꢎꢊꢑꢄꢃPꢃꢈꢀ+ꢉꢅꢃ
ꢑꢊꢏꢆꢃVꢃꢈꢁ+ꢉꢊꢃꢃ
ꢃꢃꢎꢊꢃ %DUUꢅꢃ'ꢊ$ꢊꢅꢃ*ULJJꢅꢃ5ꢊꢅꢃ1LPDOꢃ*XQDUDWQHꢅꢃ+ꢊ4ꢊꢅꢃ.HPSꢅꢃ-ꢊꢅꢃ
ꢃ
ꢃ
ꢃ
0F0HHNLQꢅꢃ 3ꢊꢅꢃ DQGꢃ 6ULGKDUDQꢅꢃ 9ꢊꢅꢃ 7HWUDKHGURQꢅꢃ ꢁꢑꢏꢏꢅꢃ
YROꢊꢃ ꢀꢀꢅꢃ Sꢊꢃ ꢄꢄꢎꢐꢃ 7VXJHꢅꢃ 2ꢊꢅꢃ .DQHPDVDꢅꢃ 6ꢊꢅꢃ DQGꢃ <RVKLꢇꢃ
RNDꢅꢃ0ꢊꢅꢃ-ꢇꢀ2UJꢇꢀ&KHPꢊꢅꢃꢁꢑꢏꢏꢅꢃYROꢊꢃꢄꢋꢅꢃSꢊꢃꢁꢋꢏꢀꢊꢃ
ꢃꢃꢏꢊꢃ /RQJPLUHꢅꢃ-ꢊ0ꢊꢅꢃ:DQJꢅꢃ%ꢊꢅꢃDQGꢃ=KDQJꢅꢃ;ꢊꢅꢃ-ꢇꢀ$Pꢇꢀ&KHPꢇꢀ
6RFꢊꢅꢃꢂꢆꢆꢂꢅꢃYROꢊꢃꢁꢂꢀꢅꢃSꢊꢃꢁꢋꢀꢆꢆꢊꢃ
ꢃꢃꢑꢊꢃ %DUUꢅꢃ'ꢊ$ꢊꢅꢃ'RQHJDQꢅꢃ*ꢊꢅꢃDQGꢃ*ULJJꢅꢃ5ꢊꢅꢃ-ꢇꢀ&KHPꢇꢀ6RFꢇꢁꢀ
3HUNLQꢀ7UDQVꢇꢀꢂꢅꢃꢁꢑꢏꢑꢅꢃSꢊꢃꢁꢄꢄꢆꢊꢃ
ꢁꢆꢊꢃ 'HVSLQR\ꢅꢃ;ꢊ/ꢊ0ꢊꢃDQGꢃ0F1DEꢅꢃ+ꢊꢅꢃ 7HWUDKHGURQꢅꢃꢂꢆꢆꢆꢅꢃ
YROꢊꢃꢄꢌꢅꢃSꢊꢃꢌꢋꢄꢑꢊꢃ
ꢁꢁꢊꢃ 2NXHꢅꢃ 0ꢊꢅꢃ .RED\DVKLꢅꢃ +ꢊꢅꢃ 6KLQꢇ\Dꢅꢃ .ꢊꢅꢃ )XULKDWDꢅꢃ .ꢊꢅꢃ
ꢀ
ꢀ
ꢃ
ꢃ
ꢃ
+D\DNDZDꢅꢃ<ꢊꢅꢃ6HWRꢅꢃ+ꢊꢅꢃ:DWDQDEHꢅꢃ+ꢊꢅꢃDQGꢃ.LWDKDUDꢅꢃ7ꢊꢅꢃ
7HWUDKHGURQꢀ/HWWꢊꢅꢃꢂꢆꢆꢂꢅꢃYROꢊꢃꢀꢋꢅꢃSꢊꢃꢏꢄꢎꢊꢃ
ꢁꢂꢊꢃ :DWDQDEHꢅꢃ +ꢊꢅꢃ 2NXHꢅꢃ 0ꢊꢅꢃ .RED\DVKLꢅꢃ +ꢊꢅꢃ DQGꢃ .LWDꢇꢃ
KDUDꢅꢃ7ꢊꢅꢃ7HWUDKHGURQꢀ/HWWꢊꢅꢃꢂꢆꢆꢂꢅꢃYROꢊꢃꢀꢋꢅꢃSꢊꢃꢏꢌꢁꢊꢃ
ꢁꢋꢊꢃ 1DMHUDꢅꢃ &ꢊꢃ DQGꢃ <XVꢅꢃ 0ꢊꢅꢃ 7HWUDKHGURQꢅꢃ ꢁꢑꢑꢑꢅꢃ YROꢊꢃ ꢄꢄꢅꢃꢃ
Sꢊꢃꢁꢆꢄꢀꢎꢊꢃ
ꢁꢀꢊꢃ 0HIIUHꢅꢃ 3ꢊꢅꢃ 'XUDQGꢅꢃ 3ꢊꢅꢃ DQGꢃ /Hꢃ *RIILFꢅꢃ )ꢊꢅꢃ2UJꢇꢀ 6\QWKꢊꢅꢃ
ꢁꢑꢑꢑꢅꢃYROꢊꢃꢎꢌꢅꢃSꢊꢃꢁꢂꢋꢊꢃ
ꢁꢄꢊꢃ *ULJJꢅꢃ 5ꢊꢅꢃ 0RQWJRPHU\ꢅꢃ -ꢊꢅꢃ DQGꢃ 6RPDVXQGHUDPꢅꢃ $ꢊꢅꢃ
7HWUDKHGURQꢅꢃꢁꢑꢑꢂꢅꢃYROꢊꢃꢀꢏꢅꢃSꢊꢃꢁꢆꢀꢋꢁꢊꢃ
ꢁꢌꢊꢃ 3RWDSRYꢅꢃ 9ꢊ0ꢊꢅꢃ 6WHUHRNKLPL\Dꢃ ꢈ6WHUHRFKHPLVWU\ꢉꢅꢃ
0RVFRZꢓꢃ.KLPL\DꢅꢃꢁꢑꢏꢏꢅꢃSꢊꢃꢁꢀꢋꢊꢃ
ꢁꢎꢊꢃ 6KHOGULFNꢅꢃ *ꢊ0ꢊꢅꢃ $FWDꢀ &U\VWDOORJUꢇꢁꢀ 6HFWꢇꢀ $ꢅꢃ ꢁꢑꢑꢆꢅꢃꢃ
YROꢊꢃꢀꢌꢅꢃSꢊꢃꢀꢌꢎꢊꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
5()(5(1&(6ꢃ
ꢁꢊꢃ0DXJHUꢅꢃ$ꢊ%ꢊꢅꢃ-ꢇꢀ1DWꢇꢀ3URGꢊꢅꢃꢁꢑꢑꢌꢅꢃYROꢊꢃꢄꢑꢅꢃSꢊꢃꢁꢂꢆꢄꢊꢃ
ꢃ
ꢂꢊꢃ6KLQꢇ\Dꢅꢃ.ꢊꢅꢃ.LPꢅꢃ-ꢊꢇ6ꢊꢅꢃ)XULKDWDꢅꢃ.ꢊꢅꢃ+D\DNDZDꢅꢃ<ꢊꢅꢃDQGꢃ ꢁꢏꢊꢃ 6+(/;/ꢅꢃꢊꢁꢀ 3URJUDPꢀ IRUꢀ WKHꢀ 5HILQHPHQWꢀ RIꢀ &U\VWDOꢀ
6HWRꢅꢃ+ꢊꢅꢃ7HWUDKHGURQꢀ/HWWꢊꢅꢃꢁꢑꢑꢎꢅꢃYROꢊꢃꢋꢏꢅꢃSꢊꢃꢎꢆꢎꢑꢊꢃ
6WUXFWXUHVꢅꢃ*|WWLQJHQꢓꢃ8QLYꢊꢃRIꢃ*|WWLQJHQꢅꢃꢁꢑꢑꢎꢊꢃ
ꢃ
ꢀ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢊꢃꢃꢀꢂꢃꢃꢃ1Rꢊꢃꢃꢋꢃꢃꢃꢂꢆꢆꢌꢃ