Heterocyclic analogs of prostaglandins: III. Synthesis of 10-oxa-13-aza, 11-oxa-13-aza, and 9-oxa-7-aza prostanoids from 3-acyl- and 3-(3-arylprop-2- enoyl)furan-2,4-diones

Article abstract of DOI:10.1134/S1070428006040087

A number of new 10-oxa-13-aza, 11-oxa-13-aza, and 9-oxa-7-aza prostanoids belonging to the B series were synthesized on the basis of 3-acyl- and 3-(3-arylprop-2-enoyl)furan-2,4(3H,5H)-diones. The scheme of synthesis includes selective hydrogenation of the

Full text of DOI:10.1134/S1070428006040087

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ꢈꢊꢄꢆꢅꢃꢈꢇꢁꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢀꢈꢀꢅꢃꢈꢀꢄꢆꢅꢃꢈꢐꢊꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢆꢆꢅꢃ
ꢈꢂꢐꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢀꢀꢃGꢃꢋꢊ+ꢅꢃ&+ &+ꢅꢃ
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FU\VWDOOL]HGꢃIURPꢃDSSURSULDWHꢃVROYHQWꢍꢃꢃ
7KHꢃ VSHFWUDOꢃ SDUDPHWHUVꢃ DQGꢃ SK\VLFDOꢃ FRQVWDQWVꢃ RIꢃ
FRPSRXQGVꢃ;9,,,ꢃDQGꢃ;,;ꢃZHUHꢃUHSRUWHGꢃLQꢃ>ꢈꢈ@ꢍꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃꢃ
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GLRQHꢀ ꢋ;,9ꢍꢂꢃ <LHOGꢃ ꢂꢇLꢅꢃ PSꢃ ꢈꢇꢄ±ꢈꢀꢈƒ&ꢃ ꢋIURPꢃ
DFHWRQHꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢂꢀꢃVKꢅꢃꢈꢁꢄꢆꢅꢃꢈꢊꢆꢆꢅꢃ
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ꢈꢐꢂꢀꢃVKꢅꢃꢈꢂꢀꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢇꢍꢀꢄꢃVꢃDQGꢃ
ꢇꢍꢐꢀꢃVꢃꢋꢁ+ꢅꢃ&+ ꢌꢅꢃꢐꢍꢐꢆꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\OꢅꢃEꢃ ꢃꢊꢍꢀꢅꢃꢃ
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ꢋꢆꢍꢀ+ꢅꢃ &+ꢅꢃE ꢃ ꢃꢈꢀꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢐꢊꢃGꢃꢋꢆꢍꢀ+ꢅꢃ &+ꢅꢃꢃ
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DQGꢃRIꢃ;;9,,,ꢃDQGꢃ;;,;ꢅꢃLQꢃ>ꢈꢈ@ꢍꢃꢃ
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ꢃ ꢃꢈꢀꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢐꢂꢃPꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\OꢌꢅꢃꢂꢍꢂꢄꢃGꢃꢋꢆꢍꢀ+ꢅꢃ
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RDWHꢀ ꢋ;;,,ꢍꢂꢃ <LHOGꢃꢒꢐLꢅꢃPSꢃ ꢇꢀ±ꢇꢐƒ&ꢃꢋIURPꢃ GLHWK\Oꢃ
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ꢈꢁꢒꢀꢅꢃꢈꢊꢆꢆꢅꢃꢈꢊꢁꢆꢅꢃꢈꢊꢀꢆꢅꢃꢈꢇꢈꢆꢅꢃꢈꢇꢀꢀꢅꢃꢈꢇꢐꢀꢃVKꢅꢃꢈꢐꢀꢆꢃEUꢃ
ꢋPD[ꢍꢌꢅꢃ ꢈꢂꢇꢆꢃ ꢋPD[ꢍꢌꢅꢃ ꢁꢂꢁꢆꢃ EUꢍꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ
SSPꢔꢃꢈꢍꢁꢂꢃWꢃꢋꢊ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢊꢁꢃPꢃ>ꢇ+ꢅꢃ
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ꢅꢃFP ꢔꢃꢈꢁꢐꢀꢅꢃꢈꢁꢒꢆꢅꢃꢈꢊꢆꢆꢅꢃꢈꢊꢊꢀꢅꢃꢈꢊꢀꢊꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢀꢆꢃVKꢅꢃ
ꢈꢇꢒꢆꢅꢃꢈꢐꢒꢆꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢀꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃ
ꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢆ±ꢈꢍꢇꢆꢃPꢃꢋꢈꢆ+ꢅꢃ&+ ꢌꢅꢃ
ꢈꢍꢇꢄꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢁꢇꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃꢃ
Eꢀ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢄꢀꢃVꢃꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢐꢐꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢍꢃ
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ꢋ&+ ꢌ &2 (WꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]@ꢅꢃꢈꢍꢐꢆꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ &+ ꢉ
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FP ꢔꢃꢈꢁꢐꢆꢅꢃꢈꢁꢒꢆꢅꢃꢈꢊꢆꢀꢅꢃꢈꢊꢐꢀꢅꢃꢈꢊꢒꢀꢅꢃꢈꢇꢐꢀꢅꢃꢈꢐꢂꢆꢃꢋPD[ꢍꢌꢅꢃ
ꢈꢂꢐꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃ
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0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢂꢆꢃ>H@ ꢍꢃꢃ
+ꢃꢀꢍꢄꢁꢍꢃꢃ
ꢎꢆ0HWKR[\ꢆꢏꢆPHWK\Oꢆꢇꢆ>ꢇꢆꢋꢌꢆWKLHQ\OꢍSURS\O@ꢆ
IXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀꢋ;;;9ꢍꢂꢃ<LHOGꢃꢂꢆLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ
,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢊꢆꢆꢅꢃꢈꢊꢈꢀꢅꢃꢈꢊꢇꢆꢅꢃꢈꢊꢐꢀꢃVKꢅꢃꢈꢊꢒꢆꢅꢃ
ꢈꢊꢄꢆꢃVKꢅꢃꢈꢇꢐꢆꢅꢃꢈꢇꢂꢀꢅꢃꢈꢐꢒꢀꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢂꢀꢍꢃ +ꢃ105ꢃ
VSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢇꢁꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢃ
ꢈꢍꢄꢊꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ &+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢇꢇꢃWꢃꢋꢁ+ꢅꢃ
ꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢒꢄꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃ
ꢊꢍꢄꢐꢃVꢃꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢂꢆꢃTꢃꢋꢈ+ꢅꢃꢀꢉ+ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢃ
ꢐꢍꢒꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢊꢍꢀꢅꢃ Eꢃ ꢃꢈꢍꢆꢃ+]ꢌꢅꢃꢃ
ꢐꢍꢄꢁꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃꢊꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢈꢁꢃGꢍGꢃ
ꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃ Eꢃ ꢃꢈꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFꢉ
WUXPꢔꢃ€ꢑ“ꢃꢁꢀꢁꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢐꢁꢍꢆꢀꢏꢃ+ꢃꢐꢍꢇꢁꢍꢃ
& + 2 6ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢈꢍꢒꢒꢏꢃ+ꢃꢐꢍꢊꢄꢍꢃꢃꢃ
(WK\Oꢀ ꢊꢆꢋꢌꢆHWKR[\ꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURIXUDQꢆꢇꢆ\Oꢍꢆ
KHSWDQRDWHꢀꢋ;/,ꢍꢂꢃ<LHOGꢃꢄꢈLꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢈꢁꢐꢆꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢐꢆꢅꢃꢈꢊꢄꢀꢅꢃꢈꢇꢊꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢄꢆꢅꢃꢈꢐꢁꢆꢃꢋPD[ꢍꢌꢅꢃ
ꢈꢂꢈꢆꢅꢃꢈꢂꢇꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢈꢒ±ꢈꢍꢀꢈꢃPꢃ
ꢋꢐ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢁꢐꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢇꢇꢃWꢃꢋꢊ+ꢅꢃ
2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢐꢊꢃPꢃꢋꢁ+ꢅꢃ&+ &+ &2 (Wꢌꢅꢃ
ꢁꢍꢆꢒꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢊꢆꢃWꢃꢋꢁ+ꢅꢃ&+ &2 (Wꢅꢃ
Eꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢇꢍꢈꢊꢃTꢃꢋꢁ+ꢅꢃ&22&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ
ꢇꢍꢇꢀꢃTꢃꢋꢁ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢀꢀꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢍꢃ
0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢒꢇꢃ>H@ ꢍꢃꢃ
7KHꢃVSHFWUDOꢃSDUDPHWHUVꢃDQGꢃSK\VLFDOꢃFRQVWDQWVꢃꢃ
RIꢃFRPSRXQGVꢃ;;;9,ꢀDQGꢃ;;;9,,ꢃZHUHꢃUHSRUWHGꢃ
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ꢋ;/9ꢍꢂꢃ<LHOGꢃꢒꢇLꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢄꢀꢅꢃꢈꢊꢈꢆꢅꢃ
ꢈꢊꢐꢆꢅꢃꢈꢊꢄꢀꢅꢃꢈꢇꢊꢆꢃVKꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢄꢀꢅꢃꢈꢀꢄꢆꢃVKꢅꢃꢈꢐꢈꢆꢃꢋPD[ꢍꢌꢅꢃ
ꢈꢂꢆꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢇꢇꢃWꢃꢋꢊ+ꢅꢃ2&+ꢉ
&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢒꢇꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ &+ &+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢄꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢒꢊꢃWꢃꢋꢁ+ꢅꢃ
&+ &6ꢅꢃ Eꢃ ꢃ ꢂꢍꢀꢃ +]ꢌꢅꢃ ꢇꢍꢇꢇꢃ Tꢃ ꢋꢁ+ꢅꢃ 2&+ &+ ꢅꢃ Eꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢀꢐꢃVꢃꢋꢁ+ꢅꢃꢁꢉ+ꢌꢅꢃꢐꢍꢒꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃꢃ
Eꢃ ꢃꢊꢍꢀꢅꢃ Eꢃ ꢃꢈꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢄꢁꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃ
ꢀꢍꢆꢅꢃꢊꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢈꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃ Eꢃ ꢃ
2ꢆ$ON\ODWLRQꢀ RIꢀ ꢇꢆDON\IXUDQꢆꢌꢈꢎꢋꢇ+ꢈꢏ+ꢍꢆGLRQHVꢀ
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ꢊꢆꢃPOꢃRIꢃPHWK\OHQHꢃFKORULGHꢅꢃDQGꢃꢈꢍꢇꢁꢃJꢃꢋꢂꢍꢀꢃPPROꢌꢃRIꢃ
WULHWK\OR[RQLXPꢃWHWUDIOXRURERUDWHꢃRUꢃꢈꢍꢈꢈꢃJꢃꢋꢂꢍꢀꢃPPROꢌꢃ
RIꢃ WULPHWK\OR[RQLXPꢃ WHWUDIOXRURERUDWHꢃ ZDVꢃ DGGHGꢃ
XQGHUꢃVWLUULQJꢍꢃ:KHQꢃWKHꢃUHDFWLRQꢃZDVꢃFRPSOHWHꢃꢋ7/&ꢌꢅꢃ
WKHꢃPL[WXUHꢃZDVꢃSDVVHGꢃWKURXJKꢃDꢃOD\HUꢃRIꢃVLOLFDꢃJHOꢃ ꢈꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢀꢁꢃ>H@ ꢍꢃꢃ
XVLQJꢃFKORURIRUPꢃDVꢃHOXHQWꢍꢃ7KHꢃHOXDWHꢃZDVꢃHYDSRUDWHGꢃ
ꢏꢆ(WKR[\ꢆꢌꢆPHWK\Oꢆꢎꢆ>ꢇꢆꢋꢌꢆWKLHQ\OꢍSURS\O@IXUDQꢆ
XQGHUꢃUHGXFHGꢃSUHVVXUHꢅꢃDQGꢃWKHꢃUHVLGXHꢃZDVꢃVXEMHFWHGꢃ
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7KHꢃ VSHFWUDOꢃ SDUDPHWHUVꢃ DQGꢃ SK\VLFDOꢃ FRQVWDQWVꢃ RIꢃ
FRPSRXQGVꢃ ;;;,;ꢃ DQGꢃ ;/,,ꢃ ZHUHꢃ UHSRUWHGꢃ LQꢃ >ꢄ@ꢍꢃ
8QVWDEOHꢃHQROꢃHWKHUVꢃ;/,,,ꢃDQGꢃ;/,9ꢃZHUHꢃQRWꢃFKDUꢉ
DFWHUL]HGꢍꢃꢃ
ꢇꢋꢌ+ꢍꢆRQHꢀ ꢋ;/9,ꢍꢂꢃ<LHOGꢃꢒꢁLꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢈꢁꢄꢀꢅꢃ ꢈꢊꢈꢆꢅꢃ ꢈꢊꢐꢆꢅꢃ ꢈꢊꢄꢀꢅꢃ ꢈꢇꢊꢀꢅꢃ ꢈꢇꢀꢆꢅꢃ ꢈꢇꢄꢀꢅꢃ ꢈꢐꢈꢀꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢂꢆꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢇꢊꢃWꢃꢋꢊ+ꢅꢃ
2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ ꢈꢍꢇꢒꢃGꢃꢋꢊ+ꢅꢃ ꢁꢉ&+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢒꢇꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ &+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃ
ꢁꢍꢈꢂꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢒꢁꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃ
ꢂꢍꢀꢃ +]ꢌꢅꢃ ꢇꢍꢇꢁꢃ Tꢃꢋꢁ+ꢅꢃ 2&+ &+ ꢅꢃEꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢇꢍꢐꢈꢃ Tꢃ
ꢋꢈ+ꢅꢃꢁꢉ+ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢒꢆꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃ
ꢊꢍꢀꢅꢃ Eꢃ ꢃꢈꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢄꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃ
ꢊꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢈꢆꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃ Eꢃ ꢃꢃ
ꢈꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢐꢐꢃ>H@ ꢍꢃꢃ
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<LHOGꢃ ꢄꢒLꢍꢃ ,5ꢃ VSHFWUXPꢅꢃ ꢅꢃ FP ꢔꢃ ꢈꢁꢐꢀꢅꢃ ꢈꢁꢒꢀꢅꢃ ꢈꢊꢈꢆꢅꢃ
ꢈꢊꢐꢆꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢊꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢄꢆꢅꢃꢈꢐꢈꢀꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢈꢆꢍꢃꢃ
+ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢃ
ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢈꢍꢈꢇ±ꢈꢍꢇꢆꢃ Pꢃ ꢋꢈꢁ+ꢅꢃ &+ ꢌꢅꢃ ꢈꢍꢇꢇꢃ Wꢃ ꢋꢊ+ꢅꢃ
2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢆꢒꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ
ꢇꢍꢇꢇꢃTꢃꢋꢁ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢀꢇꢃVꢃꢋꢁ+ꢅꢃꢁꢉ+ꢌꢍꢃ
0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢇꢆꢃ>H@ ꢍꢃꢃ
ꢏꢆ(WKR[\ꢆꢎꢆ>ꢇꢆꢋꢇꢆPHWKR[\SKHQ\OꢍSURS\O@IXUDQꢆꢀ
ꢇꢋꢌ+ꢍꢆRQHꢀꢋ;/9,,ꢍꢂꢃ<LHOGꢃꢒꢂLꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢈꢁꢂꢆꢅꢃꢈꢁꢒꢀꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢐꢆꢅꢃꢈꢊꢄꢀꢅꢃꢈꢇꢊꢆꢃVKꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢄꢀꢅꢃ
ꢈꢀꢄꢀꢃVKꢅꢃꢈꢐꢈꢆꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢆꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ
SSPꢔꢃ ꢈꢍꢇꢊꢃ Wꢃꢋꢊ+ꢅꢃ 2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ +]ꢌꢅꢃ ꢈꢍꢂꢒꢃ TXLQWꢃ
ꢋꢁ+ꢅꢃ&+ &+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢐꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃ
ꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢐꢆꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢒꢆꢃVꢃꢋꢊ+ꢅꢃ
(WK\Oꢀ ꢊꢆꢋꢌꢆPHWKR[\ꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURIXUDQꢆꢇꢆꢀ
\OꢍKHSWDQRDWHꢀꢋ;/ꢍꢂꢃ<LHOGꢃꢒꢒLꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ 2&+ ꢌꢅꢃꢇꢍꢇꢊꢃTꢃꢋꢁ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢀꢇꢃVꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢍꢃꢃꢇꢁꢃꢃꢃ1Rꢍꢃꢃꢇꢃꢃꢃꢁꢆꢆꢐꢃ

3$6+.296.,,ꢃꢃHWꢃDOꢍꢀ
ꢀꢊꢐꢃ
ꢋꢁ+ꢅꢃꢁꢉ+ꢌꢅꢃꢐꢍꢐꢒ±ꢐꢍꢒꢁꢃPꢃꢋꢊ+ꢅꢃ+ ꢌꢅꢃꢂꢍꢈꢄꢃWꢃꢋꢈ+ꢅꢃ+ ꢅꢃ ꢈꢂꢈꢆꢃVKꢅꢃꢈꢂꢊꢆꢅꢃꢊꢈꢆꢆꢅꢃꢊꢊꢈꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃ
ꢆꢍꢒꢒꢃ Wꢃ ꢋꢊ+ꢅꢃ &+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢆꢍꢄꢆꢃ Wꢃ ꢋꢊ+ꢅꢃ &+ ꢅꢃ Eꢃ ꢃꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢁ±ꢈꢍꢇꢁꢃPꢃꢋꢁꢁ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢇꢐꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃ
Eꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢀꢁ±ꢈꢍꢐꢒꢃPꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢌꢅꢃꢁꢍꢈꢂꢃWꢃ
ꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢁꢇꢃEUꢍTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢂꢃ +]ꢌꢅꢃ ꢇꢍꢊꢐꢃ EUꢍPꢃ ꢋꢈ+ꢅꢃ 1+ꢌꢅꢃ ꢇꢍꢂꢐꢃ Tꢃ ꢋꢈ+ꢅꢃ ꢀꢉ+ꢅꢃ Eꢃ ꢃꢃ
ꢐꢍꢀꢃ +]ꢌꢍꢃ 0DVVꢃ VSHFWUXPꢔꢃ €ꢑ“ꢃ ꢊꢊꢂꢃ >H@ ꢍꢃ )RXQGꢅꢃ Lꢔꢃꢃ
&ꢃꢂꢇꢍꢂꢈꢏꢃ+ꢃꢈꢈꢍꢂꢈꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢇꢍꢂꢁꢏꢃ
+ꢃꢈꢈꢍꢐꢀꢍꢃ
ꢎꢆ%HQ]\ODPLQRꢆꢏꢆPHWK\OꢆꢇꢆRFW\OIXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀ
ꢋ/,,ꢍꢂꢃ<LHOGꢃꢂꢀLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢈꢊꢈꢆꢅꢃꢈꢊꢇꢆꢅꢃꢈꢊꢐꢆꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢊꢆꢅꢃꢈꢇꢐꢀꢅꢃꢈꢇꢂꢀꢃVKꢅꢃꢈꢀꢈꢆꢅꢃ
ꢈꢀꢒꢆꢅꢃ ꢈꢐꢇꢀꢃ ꢋPD[ꢍꢌꢅꢃ ꢈꢂꢊꢆꢅꢃ ꢊꢆꢇꢆꢅꢃ ꢊꢆꢂꢀꢅꢃ ꢊꢈꢆꢆꢅꢃ ꢊꢊꢈꢆꢍꢃꢃ
+ꢃ105ꢃVSHFWUXPꢅꢃ ꢂꢃSSPꢔꢃꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢃ
ꢐꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢆꢐ±ꢈꢍꢇꢁꢃPꢃꢋꢈꢁ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢇꢒꢃGꢃꢋꢊ+ꢅꢃ
ꢀꢉ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢇꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ
ꢇꢍꢇꢂꢃEUꢍGꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢐꢂꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃ
Eꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢒꢈꢃTꢃꢋꢈ+ꢅꢃꢀꢉ+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢁꢆ±ꢂꢍꢇꢐꢃPꢃ
ꢋꢀ+ꢅꢃ+ ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢈꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ
&ꢃꢂꢐꢍꢁꢈꢏꢃ+ꢃꢄꢍꢁꢒꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢐꢍꢈꢀꢏꢃ
+ꢃꢄꢍꢁꢂꢍꢃ
ꢇꢆ>ꢇꢆꢋꢌꢆ)XU\OꢍSURS\O@ꢆꢎꢆKHSW\ODPLQRIXUDQꢆꢀ
ꢌꢋꢏ+ꢍꢆRQHꢀꢋ/,,,ꢍꢂꢃ<LHOGꢃꢊꢐLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFꢉ
WUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢊꢀꢆꢅꢃꢈꢊꢒꢆꢃVKꢅꢃꢈꢇꢐꢀꢃEUꢅꢃꢈꢇꢒꢆꢃVKꢅꢃꢈꢐꢇꢆꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢂꢊꢆꢅꢃꢊꢈꢈꢆꢃEUꢅꢃꢊꢊꢈꢆꢃEUꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ
SSPꢔꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢁ±ꢈꢍꢇꢇꢃPꢃꢋꢒ+ꢅꢃ
&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢀꢂꢃEUꢍTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢒꢇꢃTXLQWꢃꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢈꢒꢃWꢃ
ꢋꢁ+ꢅꢃ ꢊꢉ&+ ꢅꢃ Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢁꢍꢐꢇꢃ Wꢃ ꢋꢁ+ꢅꢃ &+ &2ꢅꢃ Eꢃ ꢃꢃ
ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢊꢍꢆꢄꢃ Tꢃ ꢋꢁ+ꢅꢃ 1+&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢂꢃ +]ꢌꢅꢃ ꢇꢍꢀꢇꢃ EUꢍWꢃ
ꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢐꢇꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢐꢍꢆꢊꢃGꢍGꢃꢋꢈ+ꢅꢃ
&+ꢅꢃIXU\OꢅꢃEꢃ ꢃꢊꢍꢆꢅꢃꢈꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢊꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃꢃ
Eꢃ ꢃꢊꢍꢆꢅꢃꢁꢍꢆꢃ+]ꢌꢅꢃꢂꢍꢊꢆꢃPꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢌꢍꢃ0DVVꢃVSHFꢉ
WUXPꢔꢃ€ꢑ“ꢃꢊꢆꢀꢃ>H@ ꢍꢃꢃ
ꢇꢆ>ꢇꢆꢋꢌꢆ)XU\OꢍSURS\O@ꢆꢎꢆKHSW\ODPLQRꢆꢏꢆPHWK\Oꢆ
IXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀꢋ/,9ꢍꢂꢃ<LHOGꢃꢇꢈLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢊꢈꢆꢅꢃꢈꢊꢇꢀꢅꢃꢈꢊꢒꢆꢅꢃꢈꢇꢂꢆꢅꢃꢈꢀꢂꢀꢅꢃꢈꢐꢊꢆꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢂꢁꢆꢅꢃꢊꢈꢆꢆꢃEUꢅꢃꢊꢊꢈꢆꢃEUꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ
SSPꢔꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢁꢆ±ꢈꢍꢊꢐꢃPꢃꢋꢒ+ꢅꢃ
&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢇꢂꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢀꢀꢃPꢃ
ꢋꢁ+ꢅꢃ1+&+ &+ ꢌꢅꢃꢈꢍꢒꢊꢃTXLQWꢃꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢁꢈꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢐꢀꢃWꢃꢋꢁ+ꢅꢃ
&+ &2ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢈꢂꢃTꢍGꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢅꢃ
ꢁꢍꢀꢃ+]ꢌꢅꢃꢇꢍꢁꢆꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢂꢒꢃTꢃꢋꢈ+ꢅꢃꢃ
ꢀꢉ+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢐꢍꢆꢊꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢃ
ꢊꢍꢆꢃ +]ꢌꢅꢃ ꢐꢍꢊꢆꢃ GꢍGꢃ ꢋꢈ+ꢅꢃ &+ꢅꢃ IXU\Oꢅꢃ Eꢃ ꢃ ꢊꢍꢆꢅꢃ ꢈꢍꢀꢃ +]ꢌꢅꢃ
ꢂꢍꢊꢆꢃGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢈꢍꢀꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃꢃ
€ꢑ“ꢃꢊꢈꢄꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢈꢍꢀꢀꢏꢃ+ꢃꢄꢍꢈꢂꢍꢃ& + 12 ꢍꢃ
&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢈꢍꢇꢇꢏꢃ+ꢃꢄꢍꢈꢀꢍꢃ
Eꢃ ꢃꢂꢍꢀꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢂꢐꢃ>H@ ꢍꢃꢃ
ꢏꢆ(WKR[\ꢆꢎꢆ>ꢇꢆꢋꢇꢆPHWKR[\SKHQ\OꢍSURS\O@ꢆꢌꢆ
PHWK\OIXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀꢋ;/9,,,ꢍꢂꢃ<LHOGꢃꢒꢆLꢍꢃ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢂꢆꢅꢃꢈꢁꢒꢀꢃVKꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢐꢀꢅꢃꢈꢊꢄꢀꢅꢃ
ꢈꢇꢇꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢄꢀꢅꢃꢈꢐꢈꢀꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢆꢀꢍꢃ +ꢃ105ꢃVSHFꢉ
WUXPꢅꢃ ꢅꢃSSPꢔꢃꢈꢍꢇꢁꢃWꢃꢋꢊ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢃ
ꢈꢍꢇꢒꢃGꢃꢋꢊ+ꢅꢃꢁꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢂꢂꢃTXLQWꢃꢋꢁ+ꢅꢃ&+ ꢉ
&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢀꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃ
ꢁꢍꢀꢒꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢒꢆꢃVꢃꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃ
ꢇꢍꢇꢈꢃTꢃꢋꢁ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢐꢆꢃTꢃꢋꢈ+ꢅꢃꢁꢉ+ꢅꢃꢃ
Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢐꢍꢐꢒ±ꢐꢍꢒꢁꢃ Pꢃ ꢋꢊ+ꢅꢃ + ꢌꢅꢃ ꢂꢍꢈꢄꢃ EUꢍWꢃ ꢋꢈ+ꢅꢃ
+
ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢄꢆꢃ>H@ ꢍꢃꢃ
5HDFWLRQVꢀ RIꢀ PHWK\Oꢀ HQROꢀ HWKHUVꢀ ;;;±;;;9,,ꢀ
ZLWKꢀ DPLQHVꢂꢃ $ꢃ PL[WXUHꢃ RIꢃ ꢆꢍꢆꢆꢈꢃ PROꢃ RIꢃ HQROꢃ HWKHUꢃ
;;;±;;;9,,ꢃ DQGꢃ ꢆꢍꢆꢆꢇꢃ PROꢃ RIꢃ WKHꢃ FRUUHVS RQGLQJꢃ
DPLQHꢃZDVꢃKHDWHGꢃDWꢃWKHꢃERLOLQJꢃSRLQWꢃXQWLOꢃWKHꢃUHDFWLRQꢃ
ZDVꢃ FRPSOHWHꢃ ꢋ7/&ꢌꢍꢃ 7KHꢃ PL[WXUHꢃ ZDVꢃ FRROHGꢃ DQGꢃ
WUHDWHGꢃZLWKꢃꢁꢃ1ꢃK\GURFKORULFꢃDFLGꢃXQWLOꢃVWURQJO\ꢃDFLGLFꢃ
UHDFWLRQꢃ ꢋLQGLFDWRUꢃ SDSHUꢌꢍꢃ 7KHꢃ DTXHRXVꢃ SKDVHꢃ ZDVꢃ
H[WUDFWHGꢃZLWKꢃGLHWK\OꢃHWKHUꢅꢃWKHꢃH[WUDFWꢃZDVꢃGULHGꢃRYHUꢃ
VRGLXPꢃVXOIDWHꢃDQGꢃHYDSRUDWHGꢅꢃDQGꢃWKHꢃUHVLGXHꢃZDVꢃ
VXEMHFWHGꢃWRꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃVLOLFDꢃJHOꢃ
XVLQJꢃFKORURIRUPꢃDVꢃHOXHQWꢍꢃ
ꢎꢆ&\FORKH[\ODPLQRꢆꢇꢆRFW\OIXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀ
ꢋ;/,;ꢍꢂꢃ<LHOGꢃꢐꢀLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃ
FP ꢔꢃꢈꢁꢀꢀꢅꢃꢈꢁꢂꢆꢅꢃꢈꢊꢀꢆꢅꢃꢈꢊꢒꢀꢅꢃꢈꢇꢊꢀꢃVKꢅꢃꢈꢇꢐꢆꢅꢃꢈꢀꢐꢀꢃVKꢅꢃ
ꢈꢀꢂꢀꢅꢃꢈꢐꢇꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢊꢆꢅꢃꢊꢈꢆꢆꢅꢃꢊꢊꢆꢀꢍꢃ +ꢃ105ꢃ
VSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢆꢀ±
ꢈꢍꢀꢇꢃPꢃꢋꢈꢐ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢀꢇ±ꢈꢍꢂꢁꢃPꢃꢋꢁ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢂꢁ±ꢃ
ꢈꢍꢒꢂꢃPꢃꢋꢁ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢒꢂ±ꢁꢍꢆꢆꢃPꢃꢋꢁ+ꢅꢃ&+ ꢌꢅꢃꢁꢍꢈꢆꢃWꢃꢃ
ꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢄꢆ±ꢊꢍꢈꢁꢃPꢃꢋꢈ+ꢅꢃ1+&+ꢌꢅꢃ
ꢇꢍꢇꢒꢃEUꢍGꢃꢋꢈ+ꢅꢃ1+ꢅꢃE ꢃ ꢃꢄꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢐꢀꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢍꢃ
0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢄꢊꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢀꢄꢏꢃꢃ
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ꢎꢆ+HSW\ODPLQRꢆꢏꢆPHWK\OꢆꢇꢆRFW\OIXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀ
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VSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢊꢁꢆꢅꢃꢈꢊꢇꢀꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢒꢆꢅꢃꢈꢀꢒꢆꢅꢃꢈꢐꢇꢀꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢂꢊꢀꢅꢃꢊꢈꢆꢀꢅꢃꢊꢊꢈꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃ
ꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢆꢄ±ꢈꢍꢇꢁꢃPꢃꢋꢁꢆ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢇꢂꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃ
Eꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢐꢈꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ
ꢁꢍꢈꢐꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢁꢀꢃEUꢍTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃ
Eꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢊꢁꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢂꢐꢃTꢃꢃ
ꢋꢈ+ꢅꢃꢀꢉ+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢁꢊꢃ>H@ ꢍꢃ
)RXQGꢅꢃLꢔꢃ&ꢃꢂꢇꢍꢁꢒꢏꢃ+ꢃꢈꢈꢍꢇꢄꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃ
Lꢔꢃ&ꢃꢂꢇꢍꢁꢀꢏꢃ+ꢃꢈꢈꢍꢀꢊꢍꢃ
ꢏꢆ0HWK\OꢆꢇꢆRFW\OꢆꢎꢆRFW\ODPLQRIXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀ
ꢋ/,ꢍꢂꢃ<LHOGꢃꢂꢈLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢎꢆ2FW\ODPLQRꢆꢇꢆ>ꢇꢆꢋꢌꢆWKLHQ\OꢍSURS\O@IXUDQꢆꢀ
ꢈꢁꢐꢀꢅꢃꢈꢊꢈꢀꢅꢃꢈꢊꢇꢀꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢒꢆꢅꢃꢈꢀꢂꢀꢅꢃꢈꢐꢀꢆꢃꢋPD[ꢍꢌꢅꢃ ꢌꢋꢏ+ꢍꢆRQHꢀꢋ/9ꢍꢂꢃ<LHOGꢃꢐꢊLꢅꢃPSꢃꢇꢂ±ꢇꢄƒ&ꢃꢋIURPꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢍꢃꢃꢇꢁꢃꢃꢃ1Rꢍꢃꢃꢇꢃꢃꢃꢁꢆꢆꢐꢃ

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ꢀꢊꢂꢃ
GLHWK\OꢃHWKHUꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢒꢀꢅꢃꢈꢊꢈꢀꢅꢃꢈꢊꢇꢆꢅꢃ ꢋꢁ+ꢅꢃ1+&+ &+ ꢌꢅꢃꢈꢍꢇꢀꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃ
ꢈꢊꢀꢀꢅꢃꢈꢊꢄꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢂꢆꢅꢃꢈꢐꢁꢀꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢐꢀꢃVKꢅꢃꢈꢂꢁꢀꢅꢃ ꢈꢍꢒꢈꢃTXLQWꢃꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢄꢃEUꢍWꢃꢋꢁ+ꢅꢃ
ꢊꢆꢒꢀꢅꢃ ꢊꢁꢄꢆꢍꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢔꢃ ꢆꢍꢒꢄꢃ Wꢃ ꢋꢊ+ꢅꢃ ꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢐꢁꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃ
&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢆꢄ±ꢈꢍꢇꢀꢃPꢃꢋꢈꢆ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃ ꢊꢍꢈꢇꢃ TꢍGꢃ ꢋꢁ+ꢅꢃ 1+&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢂꢅꢃ ꢁꢍꢆꢃ +]ꢌꢅꢃ ꢊꢍꢒꢆꢃVꢃ ꢋꢊ+ꢅꢃ
ꢈꢍꢀꢐꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢈꢍꢒꢐꢃTXLQWꢃ 2&+ ꢌꢅꢃ ꢇꢍꢆꢂꢃ Pꢃ ꢋꢈ+ꢅꢃ 1+ꢌꢅꢃ ꢇꢍꢂꢐꢃ Tꢃ ꢋꢈ+ꢅꢃ ꢀꢉ+ꢅꢃ Eꢃ ꢃꢃ
ꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢁꢆꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃ ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢐꢍꢐꢂ±ꢐꢍꢒꢈꢃ Pꢃ ꢋꢊ+ꢅꢃ + ꢌꢅꢃ ꢂꢍꢈꢁ±ꢂꢍꢁꢇꢃ Pꢃ ꢋꢈ+ꢅꢃ
ꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢒꢇꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢆꢂꢃTꢃꢋꢁ+ꢅꢃ
+
ꢌꢍꢃ 0DVVꢃ VSHFWUXPꢔꢃ €ꢑ“ꢃ ꢊꢀꢄꢃ >H@ ꢍꢃ )RXQGꢅꢃ Lꢔꢃꢃ
1+&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢂꢃ +]ꢌꢅꢃ ꢇꢍꢐꢆꢃ Pꢃ ꢋꢈ+ꢅꢃ 1+ꢌꢅꢃ ꢇꢍꢐꢊꢃVꢃ ꢋꢁ+ꢅꢃꢃ &ꢃꢂꢊꢍꢐꢁꢏꢃ+ꢃꢄꢍꢁꢁꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢀꢆꢏꢃ
ꢀꢉ&+ꢌꢅꢃ ꢐꢍꢒꢆꢃ GꢍGꢃ ꢋꢈ+ꢅꢃ &+ꢅꢃ WKLHQ\Oꢅꢃ Eꢃ ꢃ ꢊꢍꢆꢅꢃ Eꢃ ꢃꢃ
ꢈꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢄꢁꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃꢊꢍꢆꢃ+]ꢌꢅꢃ
ꢂꢍꢈꢁꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃ Eꢃ ꢃꢈꢍꢀꢃ+]ꢌꢍꢃ0DVVꢃ
VSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢊꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢈꢈꢏꢃ+ꢃꢒꢍꢂꢆꢍꢃ
& + 12 6ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢆꢁꢏꢃ+ꢃꢒꢍꢂꢈꢍꢃ
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;;;9,,,±;/9,,,ꢃDQGꢃꢆꢍꢆꢆꢊꢃPROꢃRIꢃWKHꢃFRUUHVSRQGꢉ
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FKORULFꢃ DFLGꢃ XQWLOꢃ VWURQJO\ꢃ DFLGLFꢃ UHDFWLRQꢃ ꢋLQGLFDWRUꢃ
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,5ꢃ VSHFWUXPꢅꢃ ꢅꢃ FP ꢔꢃ ꢈꢊꢇꢆꢅꢃ ꢈꢇꢀꢆꢅꢃ ꢈꢇꢂꢆꢅꢃ ꢈꢀꢒꢆꢅꢃ ꢈꢐꢊꢀꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢂꢁꢀꢅꢃꢊꢈꢆꢆꢅꢃꢊꢊꢈꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃ
ꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢐ±ꢈꢍꢊꢄꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ
ꢉFKDLQꢌꢅꢃꢈꢍꢇꢀꢃGꢃꢋꢊ+ꢅꢃꢀꢉ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢀꢇꢃTXLQWꢃ
ꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢒꢐꢃTXLQWꢃꢋꢁ+ꢅꢃꢃ
ꢊꢉ&+ &+ ꢅꢃ Eꢃ ꢃ ꢂꢍꢀꢃ +]ꢌꢅꢃ ꢁꢍꢁꢇꢃ Wꢃ ꢋꢁ+ꢅꢃ ꢊꢉ&+ ꢅꢃ Eꢃ ꢃꢃ
ꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢒꢐꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢈꢐꢃEUꢍTꢃꢋꢁ+ꢅꢃ
1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢇꢒꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢀꢍꢀꢃ+]ꢌꢅꢃ
ꢇꢍꢂꢐꢃTꢃꢋꢈ+ꢅꢃꢀꢉ&+ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢐꢍꢒꢆꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃ
WKLHQ\Oꢅꢃ Eꢃ ꢃ ꢊꢍꢀꢃ +]ꢌꢅꢃ ꢐꢍꢄꢁꢃ GꢍGꢃ ꢋꢈ+ꢅꢃ &+ꢅꢃ WKLHQ\Oꢅꢃꢃ
Eꢃ ꢃꢀꢍꢆꢅꢃꢊꢍꢀꢃ+]ꢌꢅꢃꢂꢍꢈꢈꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃꢃ
Eꢃ ꢃꢈꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢊꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ
&ꢃꢐꢒꢍꢈꢊꢏꢃ+ꢃꢒꢍꢂꢊꢍꢃ& + 12 6ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢆꢁꢏꢃ
+ꢃꢒꢍꢂꢈꢍꢃ
ꢏꢆ&\FORKH[\ODPLQRꢆꢎꢆRFW\OIXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀ
ꢋ/,;ꢍꢂꢃ<LHOGꢃꢒꢆLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃꢃ
FP ꢔꢃꢈꢁꢀꢀꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢀꢀꢅꢃꢈꢊꢂꢆꢅꢃꢈꢇꢐꢆꢅꢃꢈꢇꢂꢀꢅꢃꢈꢇꢄꢀꢅꢃꢈꢀꢇꢀꢃ
VKꢅꢃꢈꢀꢀꢀꢃVKꢅꢃꢈꢀꢂꢀꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢒꢀꢅꢃꢈꢂꢊꢀꢅꢃꢊꢁꢈꢆꢃEUꢍꢃꢃ
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ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢈꢍꢆꢂ±ꢈꢍꢀꢆꢃ Pꢃ ꢋꢈꢐ+ꢅꢃ &+ ꢌꢅꢃ ꢈꢍꢀꢂ±ꢈꢍꢂꢁꢃ Pꢃ ꢋꢁ+ꢅꢃ
&+ ꢌꢅꢃꢈꢍꢂꢁ±ꢈꢍꢒꢐꢃPꢃꢋꢁ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢄꢁ±ꢁꢍꢈꢇꢃPꢃꢋꢇ+ꢅꢃ&+ ꢅꢃ
ꢇꢉ&+ ꢌꢅꢃꢊꢍꢀꢐ±ꢊꢍꢂꢒꢃPꢃꢋꢈ+ꢅꢃ1+&+ꢌꢅꢃꢇꢍꢀꢁꢃEUꢍVꢃꢋꢁ+ꢅꢃꢃ
ꢁꢉ+ꢌꢅꢃꢇꢍꢄꢐꢃEUꢍPꢃꢋꢈ+ꢅꢃ1+ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢁꢄꢊꢃ
>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢂꢆꢏꢃ+ꢃꢈꢆꢍꢐꢄꢍꢃ& + 12 ꢍꢃ&DOꢉ
FXODWHGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢐꢒꢏꢃ+ꢃꢈꢆꢍꢐꢀꢍꢃ
ꢎꢆ+HSW\ODPLQRꢆꢇꢆ>ꢇꢆꢋꢇꢆPHWKR[\SKHQ\OꢍSURS\O@ꢆ
IXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀꢋ/9,,ꢍꢂꢃ<LHOGꢃꢂꢆLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ
,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢂꢆꢅꢃꢈꢁꢄꢆꢅꢃꢈꢊꢁꢆꢅꢃꢈꢊꢀꢆꢅꢃꢈꢊꢂꢀꢃVKꢅꢃ
ꢈꢇꢇꢀꢃVKꢅꢃꢈꢇꢐꢀꢅꢃꢈꢇꢄꢀꢅꢃꢈꢀꢄꢀꢃVKꢅꢃꢈꢐꢊꢀꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢊꢆꢅꢃ
ꢊꢈꢆꢀꢅꢃꢊꢊꢈꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ
&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢈꢍꢈꢇ±ꢈꢍꢇꢊꢃ Pꢃ ꢋꢒ+ꢅꢃ &+ ꢅꢃ ꢉFKDLQꢌꢅꢃ
ꢈꢍꢀꢇꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢈꢍꢒꢁꢃTXLQWꢃ
ꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢀꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃ
ꢂꢍꢀꢃ+]@ꢅꢃꢁꢍꢐꢁꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢆꢐꢃTꢃꢋꢁ+ꢅꢃ
ꢏꢆ+HSW\ODPLQRꢆꢌꢆPHWK\OꢆꢎꢆRFW\OIXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀ
ꢋ/;ꢍꢂꢃ<LHOGꢃꢂꢁLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃ
ꢈꢁꢐꢆꢅꢃꢈꢁꢄꢀꢃVKꢅꢃꢈꢊꢈꢀꢅꢃꢈꢊꢐꢀꢃVKꢅꢃꢈꢊꢒꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢂꢆꢅꢃꢈꢀꢆꢀꢅꢃ
ꢈꢀꢇꢀꢃ VKꢅꢃ ꢈꢀꢐꢀꢅꢃ ꢈꢀꢒꢆꢃ EUꢃ ꢋPD[ꢍꢌꢅꢃ ꢈꢐꢄꢆꢅꢃ ꢊꢆꢒꢆ±ꢊꢈꢐꢆꢅꢃ
ꢊꢁꢈꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢆꢍꢄꢆꢃ Wꢃ ꢋꢊ+ꢅꢃ &+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢈꢍꢈꢆ±ꢈꢍꢇꢆꢃ Pꢃ
1+&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢂꢃ +]ꢌꢅꢃ ꢊꢍꢒꢈꢃ Vꢃ ꢋꢊ+ꢅꢃ 2&+ ꢌꢅꢃ ꢇꢍꢁꢂꢃ EUꢍWꢃꢃ ꢋꢁꢆ+ꢅꢃ&+ ꢌꢅꢃꢈꢍꢇꢀꢃGꢃꢋꢊ+ꢅꢃꢁꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢀꢆ±ꢃ
ꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢐꢁꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢐꢍꢂꢈ±ꢐꢍꢒꢊꢃPꢃ
ꢋꢊ+ꢅꢃ+ ꢌꢅꢃꢂꢍꢁꢈꢃPꢃꢋꢈ+ꢅꢃ+ ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃꢃ ꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢊꢐꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢀꢇꢃTꢃꢋꢈ+ꢅꢃ
€ꢑ“ꢃꢊꢇꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢆꢒꢏꢃ+ꢃꢄꢍꢆꢈꢍꢃ& + 12 ꢍꢃ ꢁꢉ+ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢆꢐꢃWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃ
ꢈꢍꢐꢒꢃPꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢌꢅꢃꢁꢍꢆꢀꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢃ
&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢊꢍꢆꢈꢏꢃ+ꢃꢄꢍꢆꢇꢍꢃ
VSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢁꢊꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢇꢍꢈꢂꢏꢃ+ꢃꢈꢈꢍꢀꢊꢍꢃ
& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢇꢍꢁꢀꢏꢃ+ꢃꢈꢈꢍꢀꢊꢍꢃ
ꢎꢆ+HSW\ODPLQRꢆꢇꢆ>ꢇꢆꢋꢇꢆPHWKR[\SKHQ\OꢍSURS\O@ꢆ
ꢏꢆPHWK\OIXUDQꢆꢌꢋꢏ+ꢍꢆRQHꢀꢋ/9,,,ꢍꢂꢃ<LHOGꢃꢐꢇLꢅꢃRLO\ꢃ
ꢏꢆ%HQ]\ODPLQRꢆꢌꢆPHWK\OꢆꢎꢆRFW\OIXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀ
VXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢂꢆꢅꢃꢈꢊꢁꢀꢃVKꢅꢃꢈꢊꢇꢀꢅꢃ ꢋ/;,ꢍꢂꢃ<LHOGꢃꢐꢇLꢅꢃPSꢃꢀꢄ±ꢐꢁƒ&ꢃꢋIURPꢃHWK\OꢃDFHWDWHꢌꢍꢃ
ꢈꢊꢒꢀꢃ VKꢅꢃ ꢈꢇꢈꢆꢅꢃ ꢈꢇꢀꢆꢅꢃ ꢈꢇꢐꢀꢅꢃ ꢈꢀꢆꢆꢅꢃ ꢈꢀꢐꢀꢃ VKꢅꢃ ꢈꢀꢒꢆꢃ VKꢅꢃ ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢐꢀꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢐꢀꢅꢃꢈꢊꢂꢆꢅꢃꢈꢇꢇꢆꢅꢃ
ꢈꢀꢄꢀꢃVKꢅꢃꢈꢐꢈꢀꢃVKꢅꢃꢈꢐꢊꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢂꢁꢀꢅꢃꢊꢈꢆꢀꢅꢃꢊꢊꢈꢀꢍꢃ ꢈꢇꢐꢆꢅꢃꢈꢇꢂꢀꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢇꢀꢃVKꢅꢃꢈꢀꢐꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢀꢄꢀꢃVKꢅꢃ
+ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢔꢃ ꢆꢍꢄꢆꢃ Wꢃ ꢋꢊ+ꢅꢃ &+ ꢅꢃ Eꢃ ꢃꢃ ꢈꢐꢁꢀꢅꢃ ꢊꢆꢇꢆꢅꢃ ꢊꢁꢈꢆ±ꢊꢁꢒꢆꢍꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢔꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢁ±ꢈꢍꢇꢆꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢇꢆ±ꢈꢍꢀꢄꢃPꢃ ꢆꢍꢒꢒꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢆꢒ±ꢈꢍꢇꢆꢃPꢃꢋꢈꢁ+ꢅꢃ&+ ꢅꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢍꢃꢃꢇꢁꢃꢃꢃ1Rꢍꢃꢃꢇꢃꢃꢃꢁꢆꢆꢐꢃ

3$6+.296.,,ꢃꢃHWꢃDOꢍꢃ
ꢀꢊꢒꢃ
ꢉFKDLQꢌꢅꢃꢈꢍꢇꢇꢃGꢃꢋꢊ+ꢅꢃꢁꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢆꢂꢃWꢃꢋꢁ+ꢅꢃꢃ ꢄꢇƒ&ꢃꢋIURPꢃHWK\OꢃDFHWDWHꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢐꢆꢅꢃ
ꢇꢉ&+ ꢅꢃ Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢇꢍꢀꢇꢃ Tꢃ ꢋꢈ+ꢅꢃ ꢁꢉ+ꢅꢃ Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃꢃ ꢈꢁꢂꢀꢅꢃ ꢈꢊꢈꢆꢅꢃ ꢈꢊꢊꢆꢅꢃ ꢈꢊꢂꢆꢅꢃ ꢈꢊꢄꢆꢅꢃ ꢈꢇꢊꢀꢃ EUꢅꢃ ꢈꢇꢐꢆꢅꢃ ꢈꢀꢆꢀꢅꢃ
ꢇꢍꢀꢐꢃGꢃꢋꢁ+ꢅꢃ&+ 3KꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢐꢁꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃ ꢈꢀꢇꢀꢃVKꢅꢃꢈꢀꢐꢆꢃVKꢅꢃꢈꢀꢒꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢆꢀꢃVKꢅꢃꢈꢐꢄꢆꢅꢃꢈꢂꢇꢀꢅꢃ
ꢐꢍꢆꢃ+]ꢌꢅꢃꢂꢍꢁꢇ±ꢂꢍꢇꢐꢃPꢃꢋꢀ+ꢅꢃ+ ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃꢃ ꢊꢆꢊꢀꢅꢃꢊꢈꢆꢆꢅꢃꢊꢈꢁꢀꢅꢃꢊꢈꢂꢀꢅꢃꢊꢁꢈꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃ
€ꢑ“ꢃꢊꢈꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢀꢍꢄꢇꢏꢃ+ꢃꢄꢍꢊꢐꢍꢃ& + 12 ꢍꢃ SSPꢔꢃꢈꢍꢈꢒ±ꢈꢍꢇꢒꢃPꢃꢋꢐ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢀꢒꢃTXLQWꢃꢋꢁ+ꢅꢃ
&+ &+ &2 0HꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢆꢒꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢁꢒꢃWꢃꢋꢁ+ꢅꢃ&+ &2 0HꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢐꢊꢃVꢃ
ꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢇꢒꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢇꢍꢀꢒꢃGꢃꢋꢁ+ꢅꢃ&+ 3KꢅꢃEꢃ ꢃ
ꢐꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢄꢐꢃEUꢃꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢂꢍꢁꢆ±ꢂꢍꢇꢐꢃPꢃꢋꢀ+ꢅꢃ+ ꢌꢍꢃ
0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢊꢈꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢄꢀꢏꢃꢃ
+ꢃꢂꢍꢀꢂꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢒꢐꢏꢃ+ꢃꢂꢍꢐꢆꢍꢃ
&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢐꢍꢈꢀꢏꢃ+ꢃꢄꢍꢁꢂꢍꢃ
(WK\Oꢀ ꢊꢆꢋꢌꢆKHSW\ODPLQRꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURIXUDQꢆ
ꢇꢆ\OꢍKHSWDQRDWHꢀꢋ/;,,ꢍꢂꢃ<LHOGꢃꢒꢈLꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ,5ꢃ
VSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢀꢀꢅꢃꢈꢁꢂꢆꢃVKꢅꢃꢈꢊꢆꢀꢅꢃꢈꢊꢀꢀꢃVKꢅꢃꢈꢊꢂꢀꢅꢃ
ꢈꢇꢇꢀꢅꢃꢈꢇꢐꢀꢅꢃꢈꢇꢄꢀꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢇꢆꢃVKꢅꢃꢈꢀꢀꢀꢃVKꢅꢃꢈꢀꢂꢆꢃEUꢃ
ꢋPD[ꢍꢌꢅꢃ ꢈꢐꢒꢆꢅꢃ ꢈꢂꢇꢆꢅꢃ ꢊꢁꢈꢆꢃ EUꢍꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ
SSPꢔꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢈꢒ±ꢈꢍꢇꢒꢃPꢃꢋꢈꢇ+ꢅꢃ
&+ ꢌꢅꢃꢈꢍꢁꢒꢃWꢃꢋꢊ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢐꢈꢃTXLQWꢃ
ꢋꢇ+ꢅꢃ&+ &+ &2 (Wꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢆꢐꢃWꢃ
ꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢊꢆꢃWꢃꢋꢁ+ꢅꢃ&+ &2 (WꢅꢃEꢃ ꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢂꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢇꢍꢈꢁꢃTꢃꢃ
ꢋꢁ+ꢅꢃ2&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢇꢍꢇꢒꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢀꢍꢀꢂꢃWꢃ
ꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢀꢊꢃ>H@ ꢍꢃ
)RXQGꢅꢃLꢔꢃ&ꢃꢐꢂꢍꢄꢂꢏꢃ+ꢃꢄꢍꢄꢂꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃ
Lꢔꢃ&ꢃꢐꢂꢍꢄꢀꢏꢃ+ꢃꢄꢍꢄꢒꢍꢃ
ꢎꢆ>ꢇꢆꢋꢌꢆ)XU\OꢍSURS\O@ꢆꢏꢆKHSW\ODPLQRIXUDQꢆꢀ
ꢇꢋꢌ+ꢍꢆRQHꢀ ꢋ/;9,ꢍꢂꢃ<LHOGꢃꢊꢐLꢃꢋFDOFXODWHGꢃRQꢃWKHꢃ
FUXGHꢃ ꢉGLFDUERQ\OꢃFRPSRXQGꢃ;;,9ꢌꢅꢃRLO\ꢃVXEVWDQFHꢍꢃ
,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢒꢀꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢒꢆꢅꢃꢈꢇꢊꢀꢅꢃꢈꢇꢒꢆꢅꢃ
ꢈꢀꢆꢀꢅꢃꢈꢀꢇꢆ±ꢈꢀꢒꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢁꢀꢅꢃꢈꢐꢄꢆꢅꢃꢊꢆꢒꢆꢅꢃꢊꢈꢐꢀꢅꢃ
ꢊꢁꢆꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢁ±ꢈꢍꢇꢆꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢀꢀꢃTXLQWꢃ
ꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢂꢒꢃTXLQWꢃꢋꢁ+ꢅꢃꢃ
ꢊꢉ&+ &+ ꢅꢃ Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢁꢍꢈꢇꢃ Wꢃ ꢋꢁ+ꢅꢃ ꢊꢉ&+ ꢅꢃ Eꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢐꢁꢃWꢃꢋꢁ+ꢅꢃ&+ &2ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢈꢃTꢃꢋꢁ+ꢅꢃ
1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢇꢒꢃVꢃꢋꢁ+ꢅꢃꢁꢉ+ꢌꢅꢃꢀꢍꢂꢆꢃEUꢃꢋꢈ+ꢅꢃ
1+ꢌꢅꢃꢐꢍꢆꢁꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢊꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢁꢄꢃGꢍGꢃ
ꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢊꢍꢆꢅꢃꢁꢍꢆꢃ+]ꢌꢅꢃꢂꢍꢁꢄꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃ
IXU\Oꢅꢃ Eꢃ ꢃꢁꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢆꢀꢃ>H@ ꢍꢃꢀꢀꢀ
0HWK\Oꢀ ꢊꢆꢋꢌꢆKHSW\ODPLQRꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURꢆ
IXUDQꢆꢇꢆ\OꢍKHSWDQRDWHꢀꢋ/;,,,ꢍꢂꢃ<LHOGꢃꢐꢐLꢅꢃPSꢃꢇꢐ±
ꢇꢒƒ&ꢃꢋIURPꢃHWK\OꢃDFHWDWHꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢐꢆꢅꢃ
ꢈꢁꢄꢀꢅꢃꢈꢊꢈꢀꢅꢃꢈꢊꢐꢀꢃVKꢅꢃꢈꢊꢂꢀꢅꢃꢈꢇꢇꢀꢅꢃꢈꢇꢂꢆꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢇꢀꢃVKꢅꢃ
ꢈꢀꢐꢀꢃVKꢅꢃꢈꢀꢂꢀꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢁꢀꢅꢃꢈꢐꢀꢆꢃVKꢅꢃꢈꢐꢒꢀꢅꢃꢈꢂꢀꢆꢅꢃ
ꢊꢈꢂꢀꢃ VKꢅꢃ ꢊꢁꢈꢀꢅꢃꢊꢁꢀꢆꢃVKꢍꢃ +ꢃ 105ꢃ VSHFWUXPꢅꢃ ꢅꢃ SSPꢔꢃ
ꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢆ±ꢈꢍꢀꢆꢃPꢃꢋꢈꢇ+ꢅꢃ&+ ꢌꢅꢃ
ꢈꢍꢀꢆ±ꢈꢍꢂꢁꢃPꢃꢋꢇ+ꢅꢃ&+ &+ &2 0Hꢅꢃ1+&+ &+ ꢌꢅꢃꢃ
ꢁꢍꢆꢐꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢊꢈꢃWꢃꢋꢁ+ꢅꢃ&+ ꢉ
&2 0HꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢂꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃ
ꢊꢍꢐꢒꢃ Vꢃ ꢋꢊ+ꢅꢃ 2&+ ꢌꢅꢃ ꢇꢍꢇꢒꢃ Vꢃ ꢋꢁ+ꢅꢃ ꢀꢉ+ꢌꢅꢃ ꢀꢍꢒꢈꢃ EUꢍWꢃ ꢋꢈ+ꢅꢃ
1+ꢅꢃEꢃ ꢃꢐꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢊꢄꢃ>H@ ꢍꢃ)RXQGꢅꢃ
Lꢔꢃ&ꢃꢐꢂꢍꢈꢐꢏꢃ+ꢃꢄꢍꢂꢒꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃꢃ
&ꢃꢐꢂꢍꢁꢁꢏꢃ+ꢃꢄꢍꢒꢆꢍꢃ
ꢎꢆ>ꢇꢆꢋꢌꢆ)XU\OꢍSURS\O@ꢆꢏꢆKHSW\ODPLQRꢆꢌꢆPHWK\Oꢆ
IXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀ ꢋ/;9,,ꢍꢂꢃ<LHOGꢃꢇꢆLꢃꢋFDOFXODWHGꢃRQꢃ
WKHꢃFUXGHꢃ ꢉGLFDUERQ\OꢃFRPSRXQGꢃ;;9ꢌꢅꢃRLO\ꢃVXEꢉ
VWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢆꢆꢅꢃꢈꢁꢊꢆꢅꢃꢈꢁꢄꢀꢃVKꢅꢃ
ꢈꢊꢈꢆꢅꢃ ꢈꢊꢐꢀꢃ VKꢅꢃ ꢈꢊꢒꢆꢅꢃ ꢈꢇꢀꢆꢅꢃ ꢈꢀꢈꢆꢅꢃ ꢈꢀꢀꢆꢃ VKꢅꢃ ꢈꢀꢐꢀꢃ VKꢅꢃ
ꢈꢀꢒꢆꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢄꢆꢅꢃꢊꢆꢊꢆꢃEUꢅꢃꢊꢁꢁꢆꢃEUꢍꢃ +ꢃ105ꢃVSHFꢉ
WUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢆ±ꢃ
ꢈꢍꢇꢆꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢇꢀꢃGꢃꢋꢊ+ꢅꢃꢁꢉ&+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢀꢒꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢂꢒꢃ
TXLQWꢃꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢈꢊꢃWꢃꢋꢁ+ꢅꢃꢊꢉ&+ ꢅꢃ
Eꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢐꢁꢃWꢃꢋꢁ+ꢅꢃ&+ &2ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢇꢃTꢃ
ꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢀꢐꢃTꢃꢋꢈ+ꢅꢃꢁꢉ+ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢂꢆꢃEUꢃꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢐꢍꢆꢁꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃꢃ
Eꢃ ꢃꢊꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢁꢄꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢊꢍꢆꢅꢃꢁꢍꢆꢃ+]ꢌꢅꢃ
0HWK\Oꢀ ꢊꢆꢋꢌꢆRFW\ODPLQRꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURIXUDQꢆ
ꢇꢆ\OꢍKHSWDQRDWHꢀꢋ/;,9ꢍꢂꢃ<LHOGꢃ ꢐꢁLꢅꢃ PSꢃ ꢈꢆꢀ±ꢈꢆꢂƒ&ꢃ
ꢋIURPꢃHWK\OꢃDFHWDWHꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢐꢆꢅꢃꢈꢁꢒꢆꢅꢃ
ꢈꢊꢈꢀꢅꢃꢈꢊꢂꢀꢅꢃꢈꢇꢇꢀꢅꢃꢈꢇꢂꢀꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢇꢀꢃVKꢅꢃꢈꢀꢐꢆꢃVKꢅꢃꢈꢀꢂꢀꢃ
EUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢁꢀꢃVKꢅꢃꢈꢐꢀꢆꢅꢃꢈꢐꢄꢆꢅꢃꢈꢂꢀꢆꢅꢃꢊꢁꢈꢆꢃEUꢅꢃꢊꢊꢈꢆꢍꢃ
+ꢃ 105ꢃVSHFWUXPꢅꢃ ꢅꢃS S Pꢔꢃ ꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ &+ꢅꢃEꢃ ꢃꢃ ꢂꢍꢁꢄꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃIXU\Oꢅꢃ Eꢃ ꢃꢁꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ
ꢐꢍꢀꢃ +]ꢌꢅꢃ ꢈꢍꢈꢊ±ꢈꢍꢇꢒꢃ Pꢃ ꢋꢈꢐ+ꢅꢃ &+ ꢌꢅꢃ ꢈꢍꢐꢈꢃ TXLQWꢃ ꢋꢇ+ꢅꢃ €ꢑ“ꢃꢊꢈꢄꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢂꢈꢍꢇꢆꢏꢃ+ꢃꢄꢍꢈꢊꢍꢃ& + 12 ꢍꢃ
&+ &+ &2 0Hꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢆꢐꢃWꢃꢋꢁ+ꢅꢃ &DOFXODWHGꢅꢃLꢔꢃ&ꢃꢂꢈꢍꢇꢇꢏꢃ+ꢃꢄꢍꢈꢀꢍꢃ
ꢊꢉ&+ ꢅꢃ Eꢃ ꢃ ꢂꢍꢆꢃ +]ꢌꢅꢃ ꢁꢍꢊꢁꢃ Wꢃ ꢋꢁ+ꢅꢃ &+ &2 0Hꢅꢃ Eꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢐꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢊꢍꢐꢂꢃVꢃꢋꢊ+ꢅꢃ
2&+ ꢌꢅꢃꢇꢍꢇꢒꢃVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢀꢍꢇꢊꢃEUꢍWꢃꢋꢈ+ꢅꢃ1+ꢅꢃEꢃ ꢃꢃ
ꢐꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFWUXPꢔꢃ€ꢑ“ꢃꢊꢀꢊꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃꢃ
&ꢃꢐꢂꢍꢄꢈꢏꢃ+ꢃꢄꢍꢄꢐꢍꢃ& + 12 ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢂꢍꢄꢀꢏꢃ
+ꢃꢄꢍꢄꢒꢍꢃ
ꢏꢆ2FW\ODPLQRꢆꢎꢆ>ꢇꢆꢋꢌꢆWKLHQ\OꢍSURS\O@IXUDQꢆꢀ
ꢇꢋꢌ+ꢍꢆRQHꢀ ꢋ/;9,,,ꢍꢂꢃ<LHOGꢃꢂꢈLꢅꢃPSꢃꢂꢁ±ꢂꢇƒ&ꢃꢋIURPꢃ
GLHWK\OꢃHWKHUꢌꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢒꢀꢅꢃꢈꢊꢈꢆꢅꢃꢈꢊꢒꢆꢅꢃ
ꢈꢇꢊꢀꢅꢃꢈꢇꢒꢆꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢇꢆ±ꢈꢀꢒꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢁꢀꢅꢃꢈꢐꢄꢆꢅꢃ
ꢊꢆꢒꢆꢅꢃꢊꢈꢐꢀꢅꢃꢊꢁꢆꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢄꢆꢃWꢃ
ꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢐ±ꢈꢍꢇꢇꢃPꢃꢋꢈꢆ+ꢅꢃ&+ ꢅꢃꢃ
ꢉFKDLQꢌꢅꢃꢈꢍꢀꢐꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃ
0HWK\Oꢀ ꢊꢆꢋꢌꢆEHQ]\ODPLQRꢆꢎꢆR[RꢆꢎꢈꢏꢆGLK\GURꢆ
IXUDQꢆꢇꢆ\OꢍKHSWDQRDWHꢀꢋ/;9ꢍꢂꢃ<LHOGꢃꢐꢆLꢅꢃPSꢃꢄꢁ±ꢃ ꢈꢍꢒꢁꢃTXLQWꢃꢋꢁ+ꢅꢃꢇꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢈꢀꢃWꢃꢋꢁ+ꢅꢃꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢍꢃꢃꢇꢁꢃꢃꢃ1Rꢍꢃꢃꢇꢃꢃꢃꢁꢆꢆꢐꢃ

+(7(52&<&/,&ꢃꢃ$1$/2*6ꢃꢃ2)ꢃꢃ35267$*/$1',16ꢔꢃꢃ,,,ꢍꢃ
ꢀꢊꢄꢃ
ꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢒꢇꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃ
ꢏꢆ+HSW\ODPLQRꢆꢎꢆ>ꢇꢆꢋꢇꢆPHWKR[\SKHQ\OꢍSURS\O@ꢆ
ꢊꢍꢊꢊꢃ Tꢃ ꢋꢁ+ꢅꢃ 1+&+ ꢅꢃ Eꢃ ꢃ ꢐꢍꢂꢃ +]ꢌꢅꢃ ꢇꢍꢇꢒꢃ Vꢃ ꢋꢁ+ꢅꢃ ꢁꢉ+ꢌꢅꢃ ꢌꢆPHWK\OIXUDQꢆꢇꢋꢌ+ꢍꢆRQHꢀ ꢋ/;;,,ꢍꢂꢃ <LHOGꢃ ꢂꢆLꢅꢃ RLO\ꢃ
ꢀꢍꢁꢐꢃEUꢍPꢃꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢐꢍꢒꢆꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃ VXEVWDQFHꢍꢃ,5ꢃVSHFWUXPꢅꢃ ꢅꢃFP ꢔꢃꢈꢁꢂꢆꢅꢃꢈꢁꢒꢀꢃVKꢅꢃꢈꢊꢈꢀꢅꢃ
ꢊꢍꢆꢃ+]ꢌꢅꢃꢐꢍꢄꢊꢃGꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢅꢃꢊꢍꢆꢃ+]ꢌꢅꢃ ꢈꢊꢐꢀꢃVKꢅꢃꢈꢊꢒꢆꢅꢃꢈꢇꢀꢆꢅꢃꢈꢇꢐꢀꢅꢃꢈꢇꢂꢀꢅꢃꢈꢀꢆꢆꢅꢃꢈꢀꢐꢀꢃVKꢅꢃꢈꢀꢒꢆꢃ
ꢂꢍꢈꢁꢃEUꢍGꢃꢋꢈ+ꢅꢃ&+ꢅꢃWKLHQ\Oꢅꢃ Eꢃ ꢃꢀꢍꢆꢃ+]ꢌꢍꢃ0DVVꢃVSHFꢉ
ꢋPD[ꢍꢌꢅꢃꢈꢐꢒꢀꢅꢃꢊꢁꢈꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢄꢆꢃWꢃ
WUXPꢔꢃ€ꢑ“ꢃꢊꢊꢀꢃ>H@ ꢍꢃ)RXQGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢆꢂꢏꢃ+ꢃꢒꢍꢐꢂꢍꢃ ꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢁ±ꢈꢍꢇꢈꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃꢃ
ꢉFKDLQꢌꢅꢃꢈꢍꢇꢀꢃGꢃꢋꢊ+ꢅꢃꢁꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢀꢀꢃPꢃꢋꢁ+ꢅꢃ
1+&+ &+ ꢌꢅꢃꢈꢍꢂꢐꢃTXLQWꢃꢋꢁ+ꢅꢃꢇꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃ
ꢁꢍꢈꢁꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢐꢆꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃꢃ
Eꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢊꢈꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢊꢍꢒꢆꢃVꢃ
ꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢀꢐꢃTꢃꢋꢈ+ꢅꢃꢁꢉ+ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢁꢁꢃEUꢍPꢃ
ꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢐꢍꢐꢒ±ꢐꢍꢒꢈꢃPꢃꢋꢊ+ꢅꢃ+ ꢌꢅꢃꢂꢍꢈꢄꢃEUꢍWꢃꢋꢈ+ꢅꢃ
& + 12 6ꢍꢃ&DOFXODWHGꢅꢃLꢔꢃ&ꢃꢐꢒꢍꢆꢁꢏꢃ+ꢃꢒꢍꢂꢈꢍꢃ
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ꢈꢇꢂꢀꢃVKꢅꢃꢈꢀꢆꢀꢅꢃꢈꢀꢐꢀꢃVKꢅꢃꢈꢀꢂꢀꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢒꢀꢅꢃꢊꢆꢒꢆꢅꢃ
ꢊꢁꢁꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢄꢆꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢇ±ꢈꢍꢇꢆꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢇꢐꢃGꢃꢋꢊ+ꢅꢃ
ꢁꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢀꢐꢃTXLQWꢃꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢈꢍꢒꢁꢃTXLQWꢃꢋꢁ+ꢅꢃꢇꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢈꢇꢃWꢃ
ꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢁꢍꢒꢇꢃWꢃꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢇꢃTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢇꢍꢐꢀꢃEUꢍTꢃ
ꢋꢈ+ꢅꢃꢁꢉ&+ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢀꢍꢊꢇꢃEUꢍVꢃꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢐꢍꢒꢈꢃEUꢍGꢃ
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ꢈꢊꢈꢆꢅꢃꢈꢊꢁꢆꢅꢃꢈꢊꢂꢀꢅꢃꢈꢊꢒꢀꢅꢃꢈꢇꢊꢆꢅꢃꢈꢇꢀꢀꢅꢃꢈꢇꢂꢀꢅꢃꢈꢀꢆꢆꢅꢃ
ꢈꢀꢇꢆ±ꢈꢀꢄꢆꢃEUꢃꢋPD[ꢍꢌꢅꢃꢈꢐꢁꢀꢃVKꢅꢃꢈꢐꢒꢀꢅꢃꢊꢆꢐꢀꢅꢃꢊꢈꢐꢀꢅꢃ
ꢊꢈꢄꢀꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ ꢅꢃSSPꢔꢃꢆꢍꢒꢄꢃWꢃꢋꢊ+ꢅꢃ&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢀꢃ+]ꢌꢅꢃꢈꢍꢈꢐ±ꢈꢍꢇꢆꢃPꢃꢋꢒ+ꢅꢃ&+ ꢅꢃ ꢉFKDLQꢌꢅꢃꢈꢍꢀꢀꢃTXLQWꢃ
ꢋꢁ+ꢅꢃ1+&+ &+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢈꢍꢂꢂꢃTXLQWꢃꢋꢁ+ꢅꢃꢃ
ꢇꢉ&+ &+ ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢈꢈꢃWꢃꢋꢁ+ꢅꢃꢇꢉ&+ ꢅꢃEꢃ ꢃꢃ
ꢂꢍꢀꢃ+]ꢌꢅꢃꢁꢍꢐꢁꢃWꢃꢋꢁ+ꢅꢃ&+ & + ꢅꢃEꢃ ꢃꢂꢍꢀꢃ+]ꢌꢅꢃꢊꢍꢊꢈꢃTꢃꢋꢁ+ꢅꢃ
1+&+ ꢅꢃEꢃ ꢃꢐꢍꢂꢃ+]ꢌꢅꢃꢊꢍꢒꢆꢃVꢃꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢇꢄꢃVꢃꢋꢁ+ꢅꢃ
ꢁꢉ+ꢌꢅꢃꢇꢍꢂꢊꢃEUꢍVꢃꢋꢈ+ꢅꢃ1+ꢌꢅꢃꢐꢍꢂꢆ±ꢐꢍꢒꢊꢃPꢃꢋꢊ+ꢅꢃ+ ꢌꢅꢃ
ꢂꢍꢁꢈꢃ Pꢃ ꢋꢈ+ꢅꢃ + ꢌꢍꢃ 0DVVꢃ VSHFWUXPꢔꢃ €ꢑ“ꢃ ꢊꢇꢀꢃ >H@ ꢍꢃ
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Lꢔꢃ&ꢃꢂꢊꢍꢆꢈꢏꢃ+ꢃꢄꢍꢆꢇꢍꢃ
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ꢈꢊꢈꢆꢅꢃ ꢈꢊꢂꢀꢅꢃ ꢈꢇꢀꢆꢅꢃ ꢈꢀꢆꢀꢅꢃ ꢈꢀꢇꢀꢃ VKꢅꢃ ꢈꢀꢐꢀꢃ VKꢅꢃ ꢈꢀꢒꢀꢃ EUꢃ
ꢋPD[ꢍꢌꢅꢃꢈꢐꢄꢆꢅꢃꢈꢂꢀꢆꢅꢃꢊꢆꢄꢆꢃEUꢅꢃꢊꢁꢁꢆꢃEUꢍꢃ +ꢃ105ꢃVSHFꢉ
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1+&+ &+ ꢌꢅꢃꢈꢍꢒꢈꢃPꢃꢋꢁ+ꢅꢃꢊꢉ&+ &+ ꢌꢅꢃꢁꢍꢈꢒꢃPꢃꢋꢁ+ꢅꢃꢃ
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ꢋꢁ+ꢅꢃ&+ &6ꢅꢃEꢃ ꢃꢂꢍꢆꢃ+]ꢌꢅꢃꢊꢍꢊꢐꢃEUꢍTꢃꢋꢁ+ꢅꢃ1+&+ ꢅꢃEꢃ ꢃ
ꢐꢍꢂꢃ+]ꢌꢅꢃꢊꢍꢐꢂꢃVꢃꢋꢊ+ꢅꢃ2&+ ꢌꢅꢃꢇꢍꢐꢆꢃEUꢍVꢃꢋꢁ+ꢅꢃꢀꢉ+ꢌꢅꢃꢃ
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ꢋPD[ꢍꢌꢅꢃꢈꢐꢒꢆꢅꢃꢊꢆꢀꢀꢃEUꢅꢃꢊꢁꢆꢀ±ꢊꢁꢀꢆꢍꢃ +ꢃ105ꢃVSHFWUXPꢅꢃ
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