Synthesis of 2-benzoylethynylpyrroles by cross coupling of 2-arylpyrroles with 1-benzoyl-2-bromoacetylene over aluminum oxide

Article abstract of DOI:10.1134/S1070428006090168

Cross coupling of 2-arylpyrrole with benzoylbromoacetylene over aluminum oxide at room temperature gave 45-94% of 2-(benzoylethynyl)-5-arylpyrroles. Intermediate 2-(2-benzoyl-1-bromoethenyl)-5-arylpyrroles were isolated in up to 19% yield. The reaction wa

Full text of DOI:10.1134/S1070428006090168

6\QWKHVLVꢀRIꢀꢁꢂ%HQ]R\OHWK\Q\OS\UUROHVꢀE\ꢀ&URVVꢀ&RXSOLQJꢀꢀ
RIꢀꢁꢂ$U\OS\UUROHVꢀZLWKꢀꢃꢂ%HQ]R\OꢂꢁꢂEURPRDFHW\OHQHꢀꢀ
RYHUꢀ$OXPLQXPꢀ2[LGHꢀꢀ
%ꢄꢀ$ꢄꢀ7URILPRYꢅꢀꢀ/ꢄꢀ1ꢄꢀ6REHQLQDꢅꢀꢀ=ꢄꢀ9ꢄꢀ6WHSDQRYDꢅꢀꢀ$ꢄꢀ3ꢄꢀ'HPHQHYꢅꢀꢀ$ꢄꢀ,ꢄꢀ0LNKDOHYDꢅꢀꢀꢀ
,ꢄꢀ$ꢄꢀ8VKDNRYꢅꢀꢀ7ꢄꢀ,ꢄꢀ9DNXO¶VND\DꢅꢀꢀDQGꢀꢀ2ꢄꢀ9ꢄꢀ3HWURYDꢀ
Ah‰‚ꢀ†xvvꢁDꢀxˆ‡†xꢁD†‡v‡ˆ‡rꢁ‚sꢁ8ur€v†‡ꢀ’ꢂꢁTvirꢀvhꢁ9v‰v†v‚ꢂꢁSˆ††vhꢁ6phqr€’ꢁ‚sꢁTpvrpr†ꢂꢁꢁ
ˆyꢃꢁAh‰‚ꢀ†x‚t‚ꢁ ꢂꢁDꢀxˆ‡†xꢂꢁ%%#ꢄ""ꢁSˆ††vhꢁꢁ
rꢅ€hvy)ꢄi‚ꢀv†f‡ꢀ‚sv€‚‰5vꢀv‚puꢃvꢀxꢃꢀˆꢁ
5HFHLYHGꢄ-DQXDU\ꢄꢀꢃꢅꢄꢆꢇꢇꢈꢄ
$EVWUDFW²&URVVꢄ FRXSOLQJꢄ RIꢄ ꢆꢉDU\OS\UUROHꢄ ZLWKꢄ EHQ]R\OEURPRDFHW\OHQHꢄ RYHUꢄ DOXPLQXPꢄ R[LGHꢄ DWꢄ URRPꢄ
WHPSHUDWXUHꢄJDYHꢄꢂꢊ±ꢋꢂ*ꢄRIꢄꢆꢉꢌEHQ]R\OHWK\Q\OꢍꢉꢊꢉDU\OS\UUROHVꢎꢄ,QWHUPHGLDWHꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\Oꢍꢉꢊꢉ
DU\OS\UUROHVꢄZHUHꢄLVRODWHGꢄLQꢄXSꢄWRꢄꢀꢋ*ꢄ\LHOGꢎꢄ7KHꢄUHDFWLRQꢄZDVꢄDFFRPSDQLHGꢄE\ꢄIRUPDWLRQꢄRIꢄOHVVꢄWKDQꢄꢊ*ꢄRIꢄ
DGGXFWVꢄRIꢄWKHꢄLQLWLDOꢄS\UUROHVꢄZLWKꢄWKHꢄFURVVꢉFRXSOLQJꢄSURGXFWVꢅꢄꢆꢉEHQ]R\OꢉꢀꢅꢀꢉELVꢌꢊꢉDU\OS\UUROꢉꢆꢉ\OꢍHWKHQHVꢎꢄꢄ
'2,ꢆꢄꢀꢇꢎꢀꢀꢁꢂꢒ6ꢀꢇꢑꢇꢂꢆꢃꢇꢇꢈꢇꢋꢇꢀꢈꢃꢄ
:HꢄUHFHQWO\ꢄ UHSRUWHGꢄ>ꢃ@ꢄ RQꢄDꢄQHZꢄ VLPSOHꢄ DQGꢄ
HIILFLHQWꢄ V\QWKHWLFꢄ URXWHꢄ WRꢄ DF\OHWK\Q\OS\UUROHVꢄ YLDꢄ
FURVVꢄFRXSOLQJꢄRIꢄDF\OEURPRDFHW\OHQHVꢄZLWKꢄS\UUROHVꢄ
KDYLQJꢄQRꢄKDORJHQꢄDWRPVꢎꢄ7KHꢄUHDFWLRQꢄRFFXUVꢄRYHUꢄ
DOXPLQXPꢄR[LGHꢄVXUIDFHꢄDWꢄURRPꢄWHPSHUDWXUHꢄDQGꢄ
UHTXLUHVꢄQRꢄFRSSHUꢄRUꢄSDOODGLXPꢄFRPSRXQGꢅꢄEDVHꢅꢄDQGꢄ
VROYHQWꢎꢄ,QꢄWKHꢄSUHVHQWꢄZRUNꢄZHꢄSHUIRUPHGꢄDꢄGHWDLOHGꢄ
VWXG\ꢄ RQꢄ WKHꢄ UHDFWLRQꢄ RIꢄ ꢆꢉDU\OS\UUROHVꢄ ,D±,Gꢄ Z LWKꢄꢄ
ꢀꢉEHQ]R\OꢉꢆꢉEURPRDFHW\OHQHꢄꢌ,,ꢍꢄRYHUꢄDOXPLQXPꢄR[LGHꢄ
XQGHUꢄPHFKDQRFKHPLFDOꢄDFWLYDWLRQꢄZLWKꢄDꢄYLHZꢄWRꢄREꢉ
WDLQꢄQHZꢄLQIRUPDWLRQꢄRQꢄWKLVꢄW\SHꢄRIꢄFURVVꢄFRXSOLQJꢅꢄ
HOXFLGDWHꢄIDFWRUVꢄ GHWHUPLQLQJꢄWKHꢄ SURGXFWꢄ \LHOGꢄDQGꢄ
UDWLRꢅꢄDQGꢄH[WHQGꢄWKHꢄVHULHVꢄRIꢄDFFHVVLEOHꢄDF\OHWK\Q\Oꢉ
S\UUROHVꢄDVꢄSURPLVLQJꢄFRPSRXQGVꢄIRUꢄILQHꢄRUJDQLFꢄV\Qꢉ
WKHVLVꢄDQGꢄPHGLFLQDOꢄFKHPLVWU\ꢎꢄ
'HVLJQꢄ RIꢄ QHZꢄ VXEVWDQFHVꢄ DQGꢄ PDWHULDOVꢄ ZLWKꢄ
VSHFLILHGꢄ SURSHUWLHVꢄ VWLPXODWHVꢄ GHYHORSPHQWꢄ RIꢄ WKHꢄ
FKHPLVWU\ꢄ RIꢄ DFHW\OHQHꢄ DQGꢄ LWVꢄ IXQFWLRQDOꢄ GHULYDWLYHVꢅꢄ
LQFOXGLQJꢄ DFHW\OHQLFꢄ NHWRQHVꢎꢄ 7KHꢄ ODWWHUꢄ DUHꢄ ZLGHO\ꢄ
VSUHDGꢄLQꢄWKHꢄQDWXUHꢄ>ꢀ@ꢄDQGꢄDUHꢄXVHGꢄLQꢄRUJDQLFꢄV\Qꢉ
WKHVLVꢄ IRUꢄ WKHꢄ SUHSDUDWLRQꢄ RIꢄ VDWXUDWHGꢄ SRO\F\FOLFꢄ >ꢆ@ꢄ
DQGꢄKHWHURF\FOLFꢄFRPSRXQGVꢄ>ꢁ@ꢏꢄLQꢄDGGLWLRQꢅꢄWKH\ꢄ
H[KLELWꢄSK\VLRORJLFDOꢄDFWLYLW\ꢄ>ꢂ@ꢎꢄ&RPELQDWLRQꢄRIꢄ
DFHW\OHQLFꢄNHWRQHꢄDQGꢄS\UUROHꢄIUDJPHQWVꢄLQꢄDꢄVLQJOHꢄ
PROHFXOHꢄFRXOGꢄJLYHꢄULVHꢄWRꢄV\QHUJLVWLFꢄHIIHFWꢄDQGꢄFRQꢉ
VLGHUDEO\ꢄH[WHQGꢄWKHꢄVFRSHꢄRIꢄDSSOLFDWLRQꢄRIꢄSRO\IXQFꢉ
WLRQDOꢄS\UUROHꢄGHULYDWLYHVꢎꢄ+RZHYHUꢅꢄWKHꢄPRVWꢄZLGHO\ꢄ
XVHGꢄPHWKRGVꢄIRUꢄWKHꢄSUHSDUDWLRQꢄRIꢄDFHW\OHQLFꢄNHWRQHVꢅꢄ
LQꢄSDUWLFXODUꢄUHDFWLRQVꢄRIꢄDFHW\OHQLFꢄQXFOHRSKLOHVꢄZLWKꢄ
DF\OꢄFKORULGHVꢄLQꢄWKHꢄSUHVHQFHꢄRIꢄSDOODGLXPꢄRUꢄFRSSHUꢄ
FDWDO\VWVꢄ>ꢊ@ꢅꢄDUHꢄKDUGO\ꢄDSSOLFDEOHꢄWRꢄWKHꢄV\QWKHVLVꢄRIꢄ
DF\OHWK\Q\OS\UUROHVꢄEHFDXVHꢄRIꢄLQDFFHVVLELOLW\ꢄRIꢄLQLWLDOꢄ
S\UURO\ODFHW\OHQHVꢎꢄ7KHꢄ6RQRJDVKLUDꢄUHDFWLRQꢄꢌFURVVꢄ
FRXSOLQJꢄRIꢄKDORDUHQHVꢄZLWKꢄDFHW\OHQHVꢄLQꢄWKHꢄSUHVHQFHꢄ
RIꢄSDOODGLXPꢄRUꢄFRSSHUꢄFRPSRXQGVꢄDQGꢄDꢄEDVHꢄ>ꢈ@ꢍꢅꢄ
ZKLFKꢄLVꢄZLGHO\ꢄXVHGꢄLQꢄWKHꢄV\QWKHVLVꢄRIꢄDU\ODFHW\OHQHVꢅꢄ
KDVꢄUHFHLYHGꢄOLPLWHGꢄDSSOLFDWLRQꢄLQꢄWKHꢄS\UUROHꢄVHULHVꢐꢄ
RQO\ꢄ1ꢉVXEVWLWXWHGꢄKDORS\UUROHVꢄRUꢄWKRVHꢄFRQWDLQLQJꢄ
HOHFWURQꢉDFFHSWRUꢄJURXSVꢄPD\ꢄEHꢄLQYROYHGꢄLQꢄWKLVꢄSURFꢉ
HVVꢏꢄ PRUHRYHUꢅꢄVLPSOHꢄKDORS\UUROHVꢄ DUHꢄ FKDUDFWHUL]HGꢄ
E\ꢄORZꢄVWDELOLW\ꢄDQGꢄORZꢄUHDFWLYLW\ꢄLQꢄWKHꢄ6RQRJDVKLUDꢄ
UHDFWLRQꢄ>ꢑ@ꢎꢄ
7KHꢄ UHDFWLRQVꢄ ZHUHꢄ FDUULHGꢄ RXWꢄ E\ꢄ LQWHUPLWWHQWO\ꢄ
JULQGLQJꢄHTXLPRODUꢄDPRXQWVꢄRIꢄS\UUROHꢄ,D±,GꢅꢄEHQ]R\Oꢉ
EURPRDFHW\OHQHꢄ,,ꢅꢄDQGꢄDOXPLQXPꢄR[LGHꢄꢌWKHꢄODWWHUꢄZDVꢄ
WDNHQꢄLQꢄDꢄꢀꢇꢉIROGꢄH[FHVVꢄZLWKꢄUHVSHFWꢄWRꢄWKHꢄRYHUDOOꢄ
ZHLJKWꢄ RIꢄ WKHꢄ UHDFWDQWVꢍꢄ DWꢄ URRPꢄ WHPSHUDWXUHꢄ RYHUꢄꢄ
DꢄSHULRGꢄRIꢄꢀꢄKꢎꢄ7KHꢄ\LHOGꢄRIꢄHWK\Q\OS\UUROHVꢄ,,,D±,,,Gꢄ
ZDVꢄꢂꢊ±ꢋꢂ*ꢎꢄ,QꢄDGGLWLRQꢅꢄVPDOOꢄDPRXQWVꢄRIꢄFRPSRXQGVꢄ
,9ꢄDQGꢄ9ꢄZHUHꢄIRUPHGꢄꢌ6FKHPHꢄꢀꢍꢎꢄ
:Hꢄ SUHYLRXVO\ꢄ SUHVXPHGꢄ >ꢃ@ꢄ WKDWꢄ ꢆꢉꢌDF\OHWK\Q\Oꢍꢉ
S\UUROHVꢄ ,,,ꢄ DUHꢄ IRUPHGꢄ DVꢄ Dꢄ UHVXOWꢄ RIꢄ HOLPLQDWLRQꢄ RIꢄ
K\GURJHQꢄEURPLGHꢄPROHFXOHꢄIURPꢄWKHꢄSULPDU\ꢄS\UUROH±
DF\OEURPRDFHW\OHQHꢄDGGXFWVꢅꢄꢆꢉꢌꢆꢉDF\OꢉꢀꢉEURPRHWKHQꢉ
ꢀꢁꢂꢃꢄ

6<17+(6,6ꢄꢄ2)ꢄꢄꢆꢉ%(1=2</(7+<1</3<552/(6ꢄꢄ
ꢀꢁꢂꢋꢄ
6FKHPHꢀꢃꢄꢀ
5ꢄ ꢄ+ꢄꢌDꢍꢅꢄ0H 1ꢄꢌEꢍꢅꢄ0H2ꢄꢌFꢍꢅꢄ&OꢄꢌGꢍꢎꢄ
<LHOGꢅꢄ*ꢄ
&RPSRXQGꢄ
QRꢎꢄ
Dꢄ
ꢈꢋꢄ
ꢇꢂꢄ
Eꢄ
ꢂꢊꢄ
Fꢄ
Gꢄ
ꢋꢂꢄ
ꢇꢁꢄ
ꢈꢆꢄ
ꢀꢋꢄ
ꢇꢊꢄ
,,,ꢄ
,9ꢄ
9ꢄ
7UDFHVꢄ
ꢇꢊꢄ
7UDFHVꢄ
7UDFHVꢄ
\OꢍS\UUROHVꢄ,9ꢎꢄ7RꢄYHULI\ꢄWKLVꢄDVVXPSWLRQꢅꢄWKHꢄUHDFWLRQVꢄ ]R\OHWK\Q\OꢍꢉꢊꢉꢌꢂꢉGLPHWK\ODPLQRSKHQ\OꢍꢉꢀCꢉS\UUROHꢄ
RIꢄS\UUROHVꢄ,D±,GꢄZLWKꢄDFHW\OHQHꢄ,,ꢄZHUHꢄPRQLWRUHGꢄE\ꢄ ꢌ,,,EꢍꢄDQGꢄꢆꢉEHQ]R\OꢉꢀꢅꢀꢉELV>ꢊꢉꢌꢂꢉGLPHWK\ODPLQRꢉ
+ꢄ105ꢄVSHFWURVFRS\ꢄꢌVDPSOHVꢄZHUHꢄZLWKGUDZQꢄIURPꢄ SKHQ\OꢍꢉꢀCꢉS\UUROꢉꢆꢉ\OꢍHWKHQHꢄ ꢌ9Eꢍꢄ WRJHWKHUꢄ ZLWKꢄ WKHꢄ
WKHꢄ UHDFWLRQꢄ PL[WXUHVꢄ DWꢄ GHILQLWHꢄ WLPHꢄ LQWHUYDOVꢄ DQGꢄ
GLVVROYHGꢄ LQꢄ &'&O ꢅꢄ DQGꢄ WKHLUꢄ +ꢄ 105ꢄ VSHFWUDꢄ ZHUHꢄ
UHFRUGHGꢍꢎꢄ:HꢄKDYHꢄIRXQGꢄWKDWꢄꢆꢉDU\OS\UUROHVꢄ,Dꢅꢄ,Fꢅꢄ
DQGꢄ,GꢄUHDFWꢄZLWKꢄFRPSRXQGꢄ,,ꢄWRꢄJLYHꢄWKHꢄFRUUHVSRQGꢉ
LQJꢄꢆꢉꢌEHQ]R\OHWK\Q\OꢍꢉꢊꢉDU\OS\UUROHVꢄ,,,Dꢅꢄ,,,FꢅꢄDQGꢄ
,,,GꢄDQGꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍꢉꢊꢉDU\OS\UUROHVꢄ
,9Dꢅꢄ,9FꢅꢄDQGꢄ,9GꢅꢄZKRVHꢄUDWLRꢄFKDQJHVꢄRQO\ꢄVOLJKWO\ꢄ
ZLWKꢄWLPHꢄꢌVHHꢄWDEOHꢍꢎꢄ
LQLWLDOꢄUHDFWDQWVꢎꢄꢄ
7KHꢄ IDFWꢄ WKDWꢄ WKHꢄ SURGXFWꢄ UDWLRꢄ GRHVꢄ QRWꢄ FKDQJHꢄ
GXULQJꢄWKHꢄSURFHVVꢄPD\ꢄEHꢄUDWLRQDOL]HGꢄDVꢄIROORZVꢐꢄS\Uꢉ
UROHVꢄ ,D±,Gꢄ DGGꢄ WRꢄ DFHW\OHQHꢄ ,,ꢄ DFFRUGLQJꢄ WRꢄ WKHꢄ QXꢉ
FOHRSKLOLFꢄ‡ꢀh†ꢉDGGLWLRQꢄSDWWHUQꢄWRꢄJLYHꢄꢆꢉ>ꢌaꢍꢉꢆꢉEHQꢉ
]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHVꢄ,9D±,9Gꢄꢌ6FKHPHꢄꢆꢍꢎꢄ
7KHꢄODWWHUꢄDUHꢄ WUDQVIRUPHGꢄ DORQJꢄWZRꢄ SDWKZD\Vꢐꢄꢄ
ꢌꢀꢍꢄHOLPLQDWLRQꢄRIꢄK\GURJHQꢄEURPLGHꢄOHDGLQJꢄWRꢄ WKHꢄ
IRUPDWLRQꢄRIꢄHWK\Q\OS\UUROHVꢄ,,,D±,,,GꢄDQGꢄꢌꢆꢍꢄLVRPHUꢉ
L]DWLRQꢄ WRꢄ ꢆꢉ>ꢌ@ꢍꢉꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHVꢄ
1RꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍꢉꢊꢉꢌꢂꢉGLPHWK\Oꢉ
DPLQRSKHQ\OꢍS\UUROHꢄ ꢌ,9Eꢍꢄ ZDVꢄ GHWHFWHGꢄ LQꢄ WKHꢄ UHDFꢉ
WLRQꢄPL[WXUHꢄREWDLQHGꢄIURPꢄS\UUROHꢄ,EꢄDQGꢄDFHW\OHQHꢄ,,ꢐꢄ VWDELOL]HGꢄE\ꢄVWURQJꢄLQWUDPROHFXODUꢄK\GURJHQꢄERQGꢄOLNHꢄ
HYHQꢄDIWHUꢄꢀꢇꢄPLQꢅꢄWKHꢄPL[WXUHꢄFRQWDLQHGꢄRQO\ꢄꢆꢉꢌEHQꢉ WKDWꢄIRXQGꢄSUHYLRXVO\ꢄLQꢄVWUXFWXUDOO\ꢄUHODWHGꢄFRPꢉ
&RPSRVLWLRQV ꢄ RIꢄ WKHꢄ UHDFWLRQꢄ PL[WXUHVꢄ ꢌ*ꢍꢄ LQꢄ WKHꢄ FURVVꢄ FRXSOLQJꢄ RIꢄ S\UUROHVꢄ ,D±,Gꢄ ZLWKꢄ EHQ]R\OEURPRDFHW\OHQHꢄ ,,ꢄ RYHUꢄ
$O 2 ꢄDWꢄURRPꢄWHPSHUDWXUHꢄ
ꢀꢇꢄPLQꢀ
ꢁꢇꢄPLQꢀ
ꢈꢇꢄPLQꢀ
&RPSꢎꢄ
QRꢎꢀ
,ꢀ
7UDFHVꢀ
ꢁꢋꢀ
,,,ꢀ
,9ꢀ
ꢆꢊꢀ
9ꢀ
,ꢀ
,,,ꢀ
,9ꢀ
9ꢀ
,ꢀ
,,,ꢀ
,9ꢀ
ꢆꢆꢀ
9ꢀ
ꢁꢀ
ꢑꢊꢀ
ꢊꢀꢀ
ꢊꢁꢀ
ꢑꢆꢀ
7UDFHVꢀ 7UDFHVꢀ
ꢑꢂꢀ
ꢈꢂꢀ
ꢊꢋꢀ
ꢑꢋꢀ
ꢆꢈꢀ
7UDFHVꢀ 7UDFHVꢀ
ꢑꢃꢀ
ꢑꢇꢀ
ꢈꢂꢀ
ꢃꢀꢀ
,Dꢀ
,Eꢀ
,Fꢀ
,Gꢀ
7UDFHVꢀ
ꢀꢑꢀ
ꢀꢇꢀ
ꢇꢁꢀ
ꢁꢈꢀ
ꢆꢀꢀ
7UDFHVꢀ 7UDFHVꢀ
ꢆꢀꢀ
ꢀꢀꢀ
7UDFHVꢀ
ꢆꢆꢀ
ꢋꢀ
ꢆꢑꢀ
ꢀꢋꢀ
ꢆꢀꢀ
7UDFHVꢀ
ꢁꢀ
ꢇꢋꢀ
ꢀꢃꢀ
7UDFHVꢀ 7UDFHVꢀ
7UDFHVꢀ 7UDFHVꢀ
ꢀꢋꢀ
7UDFHVꢀ
ꢄ 7KHꢄFRQFHQWUDWLRQꢄRIꢄLQLWLDOꢄNHWRQHꢄ,,ꢄZDVꢄWKHꢄVDPHꢄDVꢄWKHꢄFRQFHQWUDWLRQꢄRIꢄLQLWLDOꢄS\UUROHꢄ,ꢎꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

752),029ꢄꢄHWꢄDOꢎꢄ
ꢀꢁꢊꢇꢄ
6FKHPHꢀꢁꢄꢀ
SRXQGVꢄ>ꢋ@ꢎꢄ6LQFHꢄpv†ꢉHOLPLQDWLRQꢄLVꢄVORZHUꢄWKDQꢄ‡ꢀh†ꢉ
HOLPLQDWLRQꢄ>ꢀꢇꢅꢄꢀꢀ@ꢅꢄVRPHꢄDPRXQWꢄRIꢄWKHꢄ@ꢄLVRPHUVꢄRIꢄ
ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHVꢄLVꢄSUHVHQWꢄLQꢄWKHꢄ
UHDFWLRQꢄPL[WXUHꢎꢄꢄ
LW\ꢄRIꢄVLJQDOVꢄEHORQJLQJꢄWRꢄGLS\UURO\OHWKHQHꢄ9EꢄVKDUSO\ꢄ
LQFUHDVHGꢄVRꢄWKDWꢄWKHꢄUDWLRꢄ,Eꢐ,,,Eꢐ9EꢄEHFDPHꢄHTXDOꢄWRꢄ
ꢀꢐꢇꢎꢀꢐꢀꢎꢄ7KHꢄSUHVHQFHꢄRIꢄDSSUR[LPDWHO\ꢄHTXDOꢄDPRXQWVꢄ
RIꢄ FRPSRXQGꢄ 9Eꢄ LQꢄ VDPSOHVꢄ RIꢄWKHꢄUHDFWLRQꢄ PL[WXUHꢅꢄ
DQDO\]HGꢄLQꢄꢀꢇ±ꢀꢊꢄPLQꢄDIWHUꢄZLWKGUDZDOꢅꢄDVꢄZHOOꢄDVꢄ
DPRQJꢄ WKHꢄ SURGXFWVꢅꢄ PD\ꢄ EHꢄ GXHꢄ WRꢄ LWVꢄ IRUPDWLRQꢄ LQꢄ
VROXWLRQꢄꢌWKHꢄLVRODWLRQꢄSURFHGXUHꢄDOVRꢄXWLOL]HVꢄVROYHQWVꢍꢎꢄ
7KHUHIRUHꢅꢄꢁ±ꢊ*ꢄRIꢄGLS\UURO\OHWKHQHꢄ9EꢄZDVꢄDOZD\Vꢄ
LVRODWHGꢄ WRJHWKHUꢄ ZLWKꢄ HWK\Q\OS\UUROHꢄ ,,,Eꢎꢄ 3XUHꢄ
HWK\Q\OS\UUROHꢄ,,,EꢄIDLOHGꢄWRꢄUHDFWꢄZLWKꢄFRPSRXQGꢄ,Eꢄ
LQꢄFKORURIRUPꢐꢄWKHꢄ +ꢄ105ꢄVSHFWUXPꢄRIꢄDQꢄHTXLPRODUꢄ
PL[WXUHꢄRIꢄ,,,EꢄDQGꢄ,EꢄLQꢄFKORURIRUPꢅꢄUHFRUGHGꢄLQꢄꢆꢂꢄKꢄ
DIWHUꢄPL[LQJꢅꢄFRQWDLQHGꢄRQO\ꢄVLJQDOVꢄIURPꢄWKHꢄLQLWLDOꢄ
FRPSRXQGVꢎꢄ
3UHVXPDEO\ꢅꢄ WKHꢄ IRUPDWLRQꢄ RIꢄ GLS\UURO\OHWKHQHꢄ 9Eꢄ
IURPꢄ HWK\Q\OS\UUROHꢄ ,,,Eꢄ DQGꢄ S\UUROHꢄ ,Eꢄ LVꢄ FDWDO\]HGꢄ
E\ꢄ WUDFHVꢄRIꢄK\GURJHQꢄ EURPLGHꢄRUꢄ EHQ]R\OEURPRꢉ
DFHW\OHQHꢄ,,ꢄ SUHVHQWꢄ LQꢄWKHꢄ FKORURIRUPꢄ H[WUDFWꢎꢄ7KHꢄ
FDWDO\WLFꢄDFWLYLW\ꢄRIꢄEURPRDFHW\OHQHꢄ,,ꢄꢌRUꢄK\GURJHQꢄ
EURPLGHꢄOLEHUDWHGꢄDVꢄDꢄUHVXOWꢄRIꢄK\GURO\VLVꢄZLWKꢄWUDFHVꢄ
RIꢄZDWHUꢍꢄLQꢄQXFOHRSKLOLFꢄDGGLWLRQꢄRIꢄS\UUROHVꢄWRꢄHOHFꢉ
WURQꢉGHILFLHQWꢄPXOWLSOHꢄERQGVꢄLVꢄFRQILUPHGꢄDVꢄIROORZVꢐꢄ
ZKHQꢄDQꢄHTXLPRODUꢄPL[WXUHꢄRIꢄS\UUROHꢄ,FꢄDQGꢄDFHW\OHQHꢄ
,,ꢄLQꢄDFHWRQHꢄZDVꢄNHSWꢄIRUꢄꢀꢄKꢄLQꢄDQꢄ105ꢄDPSXOHꢅꢄ
VLJQDOVꢄ RIꢄ WKHꢄ LQLWLDOꢄ S\UUROHꢄ GLVDSSHDUHGꢄ IURPꢄ WKHꢄ
VSHFWUXPꢅꢄDQGꢄQHZꢄVLJQDOVꢄFRUUHVSRQGLQJꢄWRꢄꢆꢉ>ꢊꢉꢌꢂꢉ
PHWKR[\SKHQ\OꢍꢉꢀCꢉS\UUROꢉꢆꢉ\O@SURSDQꢉꢆꢉROꢄDSSHDUHGꢄ
ꢌ6FKHPHꢄꢁꢍꢎꢄ
7KHꢄ IRUPDWLRQꢄ RIꢄ HWK\Q\OS\UUROHVꢄ ,,,ꢄ IURPꢄꢄ
ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHVꢄ,9ꢄLVꢄVXSSRUWHGꢄ
E\ꢄ FRPSDULQJꢄ WKHꢄ IUDFWLRQVꢄ RIꢄ ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRꢉ
HWKHQ\OꢍS\UUROHVꢄ,9ꢄLQꢄWKHꢄFUXGHꢄSURGXFWꢄPL[WXUHꢄZLWKꢄ
WKHꢄ\LHOGVꢄRIꢄWKHꢄLVRODWHGꢄSURGXFWVꢎꢄ)RUꢄH[DPSOHꢅꢄS\Uꢉ
UROHꢄ,GꢄUHDFWHGꢄZLWKꢄDFHW\OHQHꢄ ,,ꢄLQꢄꢀꢄKꢅꢄ\LHOGLQJꢄ
ꢌDFFRUGLQJꢄ WRꢄWKHꢄ 105ꢄ GDWDꢍꢅꢄ ꢃꢀ*ꢄ RIꢄ HWK\Q\OS\UUROHꢄ
,,,GꢄDQGꢄꢀꢋ*ꢄRIꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHꢄ
,9Gꢎꢄ&KURPDWRJUDSKLFꢄVHSDUDWLRQꢄRIꢄWKHꢄSURGXFWꢄPL[ꢉ
WXUHꢄRQꢄDOXPLQXPꢄR[LGHꢄJDYHꢄꢋꢂ*ꢄRIꢄ,,,GꢄDQGꢄꢁ*ꢄRIꢄ
,9Gꢎꢄ 0RUHRYHUꢅꢄ ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHꢄ
,9Gꢄ ZDVꢄ IRXQGꢄ WRꢄ XQGHUJRꢄ UHDG\ꢄ WUDQVIRUPDWLRQꢄ LQWRꢄ
HWK\Q\OS\UUROHꢄ,,,GꢄRYHUꢄDOXPLQXPꢄR[LGHꢄꢌFRQYHUVLRQꢄ
ꢋꢆ*ꢄLQꢄꢀꢄKꢍꢎꢄ7KHVHꢄUHVXOWVꢄLQGLFDWHꢄWKDWꢄEURPRHWKHQ\Oꢄ
GHULYDWLYHVꢄ ,9ꢄ DUHꢄ E\ꢉSURGXFWVꢄ LQꢄ WKHꢄ FURVVꢉFRXSOLQJꢄ
UHDFWLRQꢎꢄ7KHꢄ@ꢄLVRPHUꢄRIꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQꢉ
\OꢍS\UUROHꢄ ,9Fꢄ LVꢄ PRUHꢄ VWDEOHꢏꢄ ZHꢄ VXFFHHGHGꢄ LQꢄ FRQꢉ
YHUWLQJꢄFRPSRXQGꢄ,9FꢄLQWRꢄHWK\Q\OS\UUROHꢄ,,,FꢄLQꢄꢊꢇ*ꢄ
\LHOGꢄRQO\ꢄE\ꢄNHHSLQJꢄIRUꢄꢆꢂꢄKꢄRYHUꢄDOXPLQXPꢄR[LGHꢎꢄ
$SDUWꢄIURPꢄWKHꢄPDMRUꢄSURGXFWVꢅꢄHWK\Q\OS\UUROHVꢄ,,,ꢄ
DQGꢄ LQWHUPHGLDWHꢄ ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\Uꢉ
UROHVꢄ,9ꢅꢄLQꢄVRPHꢄFDVHVꢄWKHꢄUHDFWLRQꢄPL[WXUHVꢄFRQWDLQHGꢄ
VPDOOꢄDPRXQWVꢄRIꢄꢆꢉEHQ]R\OꢉꢀꢅꢀꢉGLS\UURO\OHWKHQHVꢄ9ꢎꢄ
8QOLNHꢄHWK\Q\OS\UUROHVꢄ,,,ꢄZKRVHꢄFRQFHQWUDWLRQꢄLQꢄWKHꢄ
UHDFWLRQꢄ PL[WXUHꢄ LQFUHDVHGꢄ ZLWKꢄ WLPHꢄ ꢌDWꢄ OHDVWꢄ GXULQJꢄ
WKHꢄ ILUVWꢄKRXUꢍꢅꢄ WKHꢄ FRQFHQWUDWLRQꢄ RIꢄGLS\UURO\OHWKHQHVꢄ
9ꢄUHPDLQHGꢄDOPRVWꢄXQFKDQJHGꢎꢄ
6FKHPHꢀꢇꢄꢀ
+ꢄ105ꢄ PRQLWRULQJꢄRIꢄWKHꢄUHDFWLRQꢄRIꢄS\UUROHꢄ,Eꢄ
ZLWKꢄDFHW\OHQHꢄ,,ꢄRYHUꢄDOXPLQXPꢄR[LGHꢄꢌVDPSOHVꢄZHUHꢄ
ZLWKGUDZQꢄLQꢄꢊꢅꢄꢁꢇꢅꢄDQGꢄꢈꢇꢄPLQꢄDIWHUꢄPL[LQJꢄWKHꢄUHDFꢉ
WDQWVꢅꢄ DQGꢄ WKHLUꢄ +ꢄ 105ꢄ VSHFWUDꢄ ZHUHꢄ UHFRUGHGꢄ ERWKꢄ
DIWHUꢄZLWKGUDZDOꢄDQGꢄDIWHUꢄNHHSLQJꢄIRUꢄꢊꢄKꢄLQꢄFKORURꢉ
IRUPꢍꢄVKRZHGꢄWKDWꢄWKHꢄSURGXFWVꢄXQGHUJRꢄIXUWKHUꢄWUDQVꢉ
IRUPDWLRQVꢄ LQꢄ VROXWLRQꢎꢄ7KHꢄ VLJQDOVꢄ RIꢄ HWK\Q\OS\UUROHꢄ
,,,EꢄGLVDSSHDUHGꢄDOPRVWꢄFRPSOHWHO\ꢅꢄZKLOHꢄWKHꢄLQWHQVꢉ
,Qꢄ VRPHꢄ FDVHVꢅꢄ WKHꢄ +ꢄ 105ꢄ VSHFWUDꢄ RIꢄ VDPSOHVꢄ
ZLWKGUDZQꢄ IURPꢄ DOXPLQXPꢄ R[LGHꢄ LQꢄ WKHꢄ LQLWLDOꢄ VWDJHꢄ
ꢌꢀꢇꢄPLQꢍꢄFRQWDLQHGꢄDꢄFRXSOHꢄRIꢄEURDGHQHGꢄVLJQDOVꢄDWꢄꢄ
ꢄꢊꢎꢈꢄDQGꢄꢀꢆꢎꢀꢄSSPꢎꢄ:HꢄH[DPLQHGꢄWKHꢄUHDFWLRQꢄRIꢄ
S\UUROHꢄ,FꢄZLWKꢄDQꢄHTXLPRODUꢄDPRXQWꢄRIꢄDFHW\OHQHꢄ,,ꢄLQꢄ
FKORURIRUPꢄLQꢄDQꢄ105ꢄDPSXOHꢎꢄ$IWHUꢄꢀꢇꢄPLQꢅꢄVLJQDOVꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

6<17+(6,6ꢄꢄ2)ꢄꢄꢆꢉ%(1=2</(7+<1</3<552/(6ꢄꢄ
ꢀꢁꢊꢀꢄ
6FKHPHꢀꢈꢄꢀ
IURPꢄ LQLWLDOꢄ S\UUROHꢄ,FꢄGLVDSSHDUHGꢄFRPSOHWHO\ꢅꢄ DQGꢄ WKHꢄ UHDFWLRQꢄ RIꢄ ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHꢄ
EURDGHQHGꢄ VLJQDOVꢄ DWꢄ ꢄ ꢊꢎꢈꢄ DQGꢄ ꢀꢆꢎꢀꢄ SSPꢄ HPHUJHGꢎꢄ ,9FꢄZLWKꢄLQLWLDOꢄS\UUROHꢄ,FꢄDOVRꢄLQYROYHVꢄVLQJOHꢄHOHFWURQꢄ
$FFRUGLQJꢄWRꢄWKHꢄ +ꢄDQGꢄ &ꢄ105ꢄVSHFWUDꢅꢄLQFOXGLQJꢄ
WZRꢉGLPHQVLRQDOꢄ KRPRꢉꢄ DQGꢄ KHWHURQXFOHDUꢄFRUUHODWLRQꢄ
WHFKQLTXHVꢅꢄ WKHVHꢄ VLJQDOVꢄ EHORQJꢄ WRꢄ ꢆꢉEHQ]R\Oꢉꢀꢉ
EURPRꢉꢀꢅꢀꢉELVꢌS\UUROꢉꢆꢉ\OꢍHWKDQHꢄ9,Fꢄꢌ6FKHPHꢄꢂꢍꢎꢄ7KHꢄ
VLJQDOꢄDWꢄ ꢄꢊꢎꢈꢄSSPꢄZDVꢄDVVLJQHGꢄWRꢄSURWRQVꢄLQꢄWKHꢄ
PHWK\OHQHꢄJURXSꢏꢄWKHꢄFRUUHVSRQGLQJꢄFDUERQꢄDWRPꢄJDYHꢄ
DꢄVLJQDOꢄDWꢄ ꢄꢂꢊꢎꢋꢄSSPꢄꢌDꢄWULSOHWꢄLQꢄWKHꢄSURWRQꢉFRXSOHGꢄ
VSHFWUXPꢍꢎꢄ
WUDQVIHUꢄVWDJHꢎꢄ
'LS\UURO\OHWKDQHꢄ9,FꢄZDVꢄDOVRꢄIRUPHGꢄLQꢄDQꢄ105ꢄ
DPSXOHꢄ ꢌ&'&O ꢍꢄ IURPꢄ ꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\Oꢍꢉ
S\UUROHꢄ,9FꢄDQGꢄFRPSRXQGꢄ,Fꢎꢄ
,QꢄFDUERQꢄWHWUDFKORULGHꢅꢄWKHꢄDERYHꢄUHDFWLRQꢄJLYHVꢄ
H[FOXVLYHO\ꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\UUROHꢄ,9Fꢅꢄ
WKHꢄFRQYHUVLRQꢄRIꢄS\UUROHꢄ,FꢄEHLQJꢄꢀꢇꢇ*ꢄꢌDFFRUGLQJꢄWRꢄ
WKHꢄ +ꢄ 105ꢄ GDWDꢍꢎꢄ 'LS\UURO\OHWKDQHꢄ9,FꢄLVꢄVWDEOHꢄ LQꢄ
FKORURIRUPꢅꢄ EXWꢄUHPRYDOꢄ RIꢄ WKHꢄ VROYHQWꢄ OHDYHVꢄ Dꢄ GDUNꢄ
EOXHꢄSRZGHUꢄZLWKꢄXQNQRZQꢄVWUXFWXUHꢎꢄ%\ꢄWUHDWPHQWꢄRIꢄ
DꢄVROXWLRQꢄRIꢄGLS\UURO\OHWKDQHꢄ9,FꢄLQꢄFKORURIRUPꢄZLWKꢄ
DTXHRXVꢄSRWDVVLXPꢄFDUERQDWHꢄZHꢄLVRODWHGꢄGLS\UURO\Oꢉ
HWKHQHꢄ9Fꢎꢄ
,Qꢄ WKHꢄ (65ꢄ VSHFWUXPꢄ RIꢄ WKHꢄ UHDFWLRQꢄ PL[WXUHꢄ REꢉ
WDLQHGꢄE\ꢄGLVVROXWLRQꢄRIꢄS\UUROHꢄ,FꢄDQGꢄDFHW\OHQHꢄ,,ꢄLQꢄ
&+&O ꢄZHꢄREVHUYHGꢄDꢄQDUURZꢄꢌaꢇꢎꢈꢊꢄP7ꢍꢄVLQJOHWꢄZLWKꢄ
DꢄtꢄIDFWRUꢄRIꢄꢆꢎꢇꢇꢆꢈꢅꢄLQGLFDWLQJꢄWKHꢄSUHVHQFHꢄRIꢄXQꢉ
SDLUHGꢄHOHFWURQVꢄDWꢄDꢄFRQFHQWUDWLRQꢄRIꢄꢀꢎꢂîꢀꢇ ꢄVSLQꢒJꢎꢄ
7KHVHꢄGDWDꢄVXJJHVWꢄWKDWꢄWKHꢄSURFHVVꢄLQYROYHVꢄDꢄVLQJOHꢄ
HOHFWURQꢄWUDQVIHUꢄVWDJHꢄꢌFIꢎꢄ>ꢀꢆ@ꢍꢎꢄ6FKHPHꢄꢊꢄVKRZVꢄꢄ
Dꢄ SUREDEOHꢄ PHFKDQLVPꢄ RIꢄ IRUPDWLRQꢄ RIꢄ GLS\UURO\Oꢉ
HWKDQHꢄ 9,Fꢄ RQꢄ PL[LQJꢄ S\UUROHꢄ ,Fꢄ ZLWKꢄ DFHW\OHQHꢄ ,,ꢄ
ZLWKRXWꢄDꢄVROYHQWꢎꢄ7KHꢄUHDFWLRQꢄLQFOXGHVꢄIRUPDWLRQꢄRIꢄ
UDGLFDOꢄLRQꢄSDLUꢄ$ꢄZKLFKꢄLVꢄFRQYHUWHGꢄLQWRꢄUDGLFDOꢄSDLUꢄ
%ꢎꢄ7KHꢄ(65ꢄVSHFWUXPꢄRIꢄWKHꢄPL[WXUHꢄFRQWDLQHGꢄDꢄZHDNꢄ
VLJQDOꢄDVꢄDQꢄXQUHVROYHGꢄVLQJOHWꢄZLWKꢄDꢄZLGWKꢄRIꢄDERXWꢄ
:HꢄDOVRꢄWULHGꢄWRꢄHIIHFWꢄFURVVꢄFRXSOLQJꢄRIꢄS\UUROHꢄ,Fꢄ
ꢇꢎꢋꢄP7ꢄDQGꢄDꢄtꢄIDFWRUꢄRIꢄꢆꢎꢇꢇꢁꢀꢏꢄWKHꢄLQWHQVLW\ꢄRIꢄWKDWꢄ ZLWKꢄ DFHW\OHQHꢄ ,,ꢄ RYHUꢄ VLOLFDꢄ JHOꢎꢄ ,Qꢄ WKLVꢄ FDVHꢅꢄ WKHꢄ
VLJQDOꢄLQFUHDVHGꢄWZRIROGꢄGXULQJꢄꢆꢄKꢄDQGꢄWKHQꢄUHPDLQHGꢄ UHDFWLRQꢄDWꢄURRPꢄWHPSHUDWXUHꢄꢌꢀꢄKꢍꢄJDYHꢄꢆꢉꢌꢆꢉEHQ]R\Oꢉ
XQFKDQJHGꢄIRUꢄDWꢄOHDVWꢄꢆꢂꢄKꢎꢄ7KHꢄFRQFHQWUDWLRQꢄRIꢄSDUDꢉ
ꢀꢉEURPRHWKHQ\OꢍS\UUROHꢄ,9FꢄDVꢄWKHꢄPDMRUꢄSURGXFWꢅꢄWKHꢄ
PDJQHWLFꢄVSHFLHVꢄDWWDLQHGꢄaꢀîꢀꢇ ꢄVSLQꢒJꢎꢄ3UHVXPDEO\ꢅꢄ FRQYHUVLRQꢄRIꢄ S\UUROHꢄ ,FꢄZDVꢄ DOPRVWꢄ FRPSOHWHꢅꢄDQGꢄ
6FKHPHꢀꢉꢄꢀ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

752),029ꢄꢄHWꢄDOꢎꢄ
ꢀꢁꢊꢆꢄ
RQO\ꢄ WUDFHVꢄ RIꢄ GLS\UURO\OHWKHQHꢄ 9Fꢄ ZHUHꢄ GHWHFWHGꢄ E\ꢄꢄ
+ꢄ 105ꢄVSHFWURVFRS\ꢎꢄ ,QꢄWKHꢄUHDFWLRQꢄRIꢄ ,,ꢄ Z LWKꢄꢄ
ꢆꢄHTXLYꢄRIꢄ,FꢅꢄGLS\UURO\OHWKDQHꢄ9,FꢄZDVꢄIRUPHGꢄDVꢄWKHꢄ
RQO\ꢄSURGXFWꢄꢌ105ꢄGDWDꢍꢎꢄ
7KHꢄ,5ꢄVSHFWUDꢄRIꢄHWK\Q\OS\UUROHVꢄ,,,D±,,,GꢄFRQꢉ
WDLQHGꢄVWURQJꢄDEVRUSWLRQꢄEDQGVꢄW\SLFDOꢄRIꢄVWUHWFKLQJꢄ
YLEUDWLRQVꢄRIꢄ& &ꢄERQGꢄꢌꢆꢀꢊꢂ±ꢆꢀꢑꢇꢄFP ꢍꢅꢄFDUERQ\Oꢄ
JURXSꢄꢌꢀꢈꢀꢁ±ꢀꢈꢆꢆꢄFP ꢍꢅꢄDQGꢄ1±+ꢄERQGꢄꢌꢁꢆꢃꢋ±ꢄ
ꢁꢁꢁꢆꢄFP ꢍꢎꢄ&RPSRXQGVꢄ,,,D±,,,GꢄGLVSOD\HGꢄLQꢄWKHꢄꢄ
&ꢄ105ꢄVSHFWUDꢄVLJQDOVꢄIURPꢄWKHꢄS\UUROHꢄDQGꢄEHQ]HQHꢄ
ULQJVꢅꢄFDUERQ\OꢄFDUERQꢄDWRPꢄꢌ ꢄꢀꢑꢑꢎꢊ±ꢀꢑꢈꢎꢆꢄSSPꢍꢅꢄ
DQGꢄFDUERQꢄDWRPVꢄDWꢄWKHꢄWULSOHꢄERQGꢄꢌ ꢄꢃꢋꢎꢊ±ꢋꢇꢎꢆꢄDQGꢄ
ꢋꢆꢎꢊ±ꢋꢂꢎꢁꢄSSPꢍꢎꢄ,QꢄWKHꢄ +ꢄ105ꢄVSHFWUDꢄRIꢄ,,,D±,,,Gꢅꢄ
DVꢄZHOOꢄDVꢄRIꢄ,9Dꢅꢄ,9Fꢅꢄ,9Gꢅꢄ9EꢅꢄDQGꢄ9FꢅꢄVLJQDOVꢄIURPꢄ
WKHꢄ‚ꢀ‡u‚ꢉSURWRQVꢄLQꢄWKHꢄEHQ]HQHꢄULQJꢄZHUHꢄGLVSODFHGꢄ
GRZQILHOGꢄIDUꢄIURPꢄWKHꢄVLJQDOVꢄEHORQJLQJꢄWRꢄWKHꢄ€r‡hꢉꢄ
DQGꢄƒhꢀhꢉSURWRQVꢅꢄWKHꢄODWWHUꢄDSSHDULQJꢄDVꢄFRPSOH[ꢄ
PXOWLSOHWVꢄLQꢄWKHꢄUHJLRQꢄ ꢄꢑꢎꢂꢃ±ꢑꢎꢈꢇꢄSSPꢎꢄ3URWRQVꢄLQꢄ
WKHꢄEHQ]HQHꢄULQJꢄVXEVWLWXWHGꢄDWꢄWKHꢄƒhꢀhꢉSRVLWLRQꢄJDYHꢄ
ULVHꢄWRꢄWZRꢄPXOWLSOHWVꢄLQꢄWKHꢄUHJLRQVꢄ ꢄꢈꢎꢑꢂ±ꢑꢎꢂꢀꢄDQGꢄ
ꢑꢎꢂꢇ±ꢑꢎꢃꢇꢄSSPꢎꢄ
$FFRUGLQJꢄWRꢄWKHꢄ +ꢄ105ꢄGDWDꢅꢄꢆꢉꢌꢆꢉEHQ]R\Oꢉꢀꢉ
EURPRHWKHQ\OꢍS\UUROHVꢄ,9Dꢅꢄ,9FꢅꢄDQGꢄ,9GꢄDUHꢄaꢄ
LVRPHUVꢄZLWKꢄ†ꢉpv†ꢄRULHQWDWLRQꢄRIꢄWKHꢄFDUERQ\OꢄJURXSꢄ
ZLWKꢄUHVSHFWꢄWRꢄWKHꢄROHILQLFꢄGRXEOHꢄERQGꢎꢄ7KLVꢄFRQꢉ
IRUPDWLRQꢄ IDYRUVꢄ LQWUDPROHFXODUꢄ K\GURJHQꢄ ERQGLQJꢄ
EHWZHHQꢄWKHꢄ1+ꢄSURWRQꢄDQGꢄFDUERQ\OꢄR[\JHQꢄDWRPꢎꢄ$Vꢄ
Dꢄ UHVXOWꢅꢄ WKHꢄ 1+ꢄ SURWRQꢄ VLJQDOꢄ LVꢄ GLVSODFHGꢄ VWURQJO\ꢄ
GRZQILHOGꢄꢌ ꢄꢀꢂꢎꢊꢃ±ꢀꢂꢎꢈꢁꢄSSPꢍꢎꢄ
Âꢄ
Âꢄ
(;3(5,0(17$/ꢄ
7KHꢄ,5ꢄVSHFWUDꢄꢌꢂꢇꢇ±ꢂꢇꢇꢇꢄFP ꢍꢄZHUHꢄUHFRUGHGꢄLQꢄ
.%UꢄRQꢄDꢄ%UXNHUꢄ,)6ꢉꢆꢊꢄVSHFWURPHWHUꢎꢄ7KHꢄ +ꢄDQGꢄ &ꢄ
105ꢄ VSHFWUDꢄ ZHUHꢄ PHDVXUHGꢄ RQꢄ %UXNHUꢄ '3;ꢉꢆꢊꢇꢄ
ꢌꢆꢊꢇꢎꢀꢁꢄ0+]ꢄIRUꢄ +ꢄDQGꢄꢈꢆꢎꢋꢄ0+]ꢄIRUꢄ &ꢍꢄDQGꢄ%UXNHUꢄ
'3;ꢉꢂꢇꢇꢄLQVWUXPHQWVꢄꢌꢂꢇꢇꢎꢀꢁꢄ0+]ꢄIRUꢄ +ꢍꢏꢄ&'&O ꢄ
DQGꢄ'062ꢉq ꢄZHUHꢄXVHGꢄDVꢄVROYHQWVꢅꢄDQGꢄ+0'6ꢅꢄDVꢄ
LQWHUQDOꢄUHIHUHQFHꢎꢄ6LJQDOVꢄLQꢄWKHꢄ +ꢄ105ꢄVSHFWUDꢄZHUHꢄ
DVVLJQHGꢄXVLQJꢄWZRꢉGLPHQVLRQDOꢄKRPRQXFOHDUꢄFRUUHODꢉ
WLRQꢄ WHFKQLTXHVꢄ ꢌ&26<ꢅꢄ 12(6<ꢍꢄ >ꢀꢁ@ꢎꢄ 6LJQDOVꢄ IURPꢄ
FDUERQꢄ QXFOHLꢄ ZHUHꢄ DVVLJQHGꢄ RQꢄ WKHꢄ EDVLVꢄ RIꢄ WZRꢉGLꢉ
PHQVLRQDOꢄ+64&ꢄDQGꢄ+0%&ꢄVSHFWUDꢄ>ꢀꢂ@ꢎꢄ7KHꢄ+0%&ꢄ
VSHFWUDꢄZHUHꢄUHFRUGHGꢄZLWKꢄSXOVHꢄVHTXHQFHVꢄRSWLPL]HGꢄ
IRUꢄGLUHFWꢄꢌ E ꢄ ꢄꢀꢈꢇꢄ+]ꢍꢄDQGꢄORQJꢉUDQJHꢄFRXSOLQJVꢄ
ꢌE ꢄ ꢄꢀꢊꢄ+]ꢍꢎꢄ
7KHꢄUHDFWLRQꢄPL[WXUHVꢄDQGꢄSURGXFWVꢄZHUHꢄDQDO\]HGꢄ
E\ꢄ7/&ꢄRQꢄ6LOXIROꢄ89ꢉꢆꢊꢂꢄSODWHVꢄXVLQJꢄKH[DQH±GLHWK\Oꢄ
HWKHUꢄꢌꢀꢐꢀꢅꢄꢀꢐꢁꢍꢄDVꢄHOXHQWꢎꢄ$OXPLQXPꢄR[LGHꢄꢌS+ꢄꢋꢎꢊꢍꢄ
ZDVꢄZDVKHGꢄZLWKꢄGLVWLOOHGꢄZDWHUꢄDQGꢄGULHGꢄWRꢄDꢄFRQVWDQWꢄ
ZHLJKWꢎꢄ,QLWLDOꢄS\UUROHVꢄZHUHꢄV\QWKHVL]HGꢄE\ꢄWKHꢄ7URILꢉ
PRYꢄUHDFWLRQꢄ>ꢀꢊ@ꢅꢄDQGꢄꢆꢉEHQ]R\OꢉꢀꢉEURPRDFHW\OHQHꢄ
ZDVꢄSUHSDUHGꢄE\ꢄEURPLQDWLRQꢄRIꢄEHQ]R\ODFHW\OHQHꢄDVꢄ
GHVFULEHGꢄLQꢄ>ꢀꢈ@ꢎ
5HDFWLRQꢀRIꢀꢁꢂDU\OS\UUROHVꢀ,D±,FꢀZLWKꢀEHQ]R\Oꢂ
EURPRDFHW\OHQHꢄ,,ꢀꢊtrrꢀhyꢁƒꢀ‚prqˆꢀrꢋꢄꢄ$ꢄPL[WXUHꢄRIꢄ
ꢆꢄ PPROꢄ RIꢄ S\UUROHꢄ,D±,Gꢅꢄ ꢆꢄ PPROꢄ RIꢄ EHQ]R\OEURPRꢉ
DFHW\OHQHꢅꢄDQGꢄDꢄꢀꢇꢉIROGꢄDPRXQWꢄRIꢄDOXPLQXPꢄR[LGHꢄ
ZDVꢄJURXQGꢄIRUꢄꢀꢄKꢄDWꢄURRPꢄWHPSHUDWXUHꢄLQꢄDꢄSRUFHODLQꢄ
PRUWDUꢎꢄ 7KHꢄ PL[WXUHꢄ ZDUPHGꢄ XSꢄ WRꢄ ꢁꢇƒ&ꢄ DQGꢄ WXUQHGꢄ
EULJKWꢄ \HOORZꢏꢄWKHꢄ FRORUꢄ JUDGXDOO\ꢄ FKDQJHGꢄWRꢄ EURZQꢎꢄ
7KHꢄPL[WXUHꢄZDVꢄDSSOLHGꢄWRꢄDꢄFROXPQꢄFKDUJHGꢄZLWKꢄ
DOXPLQXPꢄR[LGHꢅꢄDQGꢄWKHꢄFROXPQꢄZDVꢄHOXWHGꢄILUVWꢄZLWKꢄ
KH[DQHꢄWRꢄLVRODWHꢄꢆꢉꢌꢆꢉEHQ]R\OꢉꢀꢉEURPRHWKHQ\OꢍS\Uꢉ
UROHVꢄ ,9Dꢅꢄ ,9Fꢅꢄ DQGꢄ ,9Gꢄ DQGꢄ WKHQꢄ ZLWKꢄ GLHWK\Oꢄ HWKHUꢄꢄ
WRꢄLVRODWHꢄHWK\Q\OS\UUROHVꢄ,,,D±,,,GꢄDQGꢄGLS\UURO\Oꢉ
HWKHQHVꢄ9EꢄDQGꢄ9Fꢎꢄ
7KHꢄ 1+ꢄ JURXSꢄ LQꢄ RQHꢄ S\UUROHꢄ ULQJꢄ RIꢄ GLS\UURO\Oꢉ
HWKHQHVꢄ9EꢄDQGꢄ9FꢄLVꢄDUUDQJHGꢄpv†ꢄZLWKꢄUHVSHFWꢄWRꢄWKHꢄ
EHQ]R\Oꢄ JURXSꢏꢄ DVꢄ Dꢄ UHVXOWꢅꢄ VWURQJꢄ LQWUDPROHFXODUꢄ K\ꢉ
GURJHQꢄERQGꢄ1±+ÂÂÂ2 &ꢄLVꢄIRUPHGꢅꢄDQGꢄWKHꢄ1+ꢄVLJQDOꢄ
DSSHDUVꢄ LQꢄ WKHꢄ +ꢄ 105ꢄ VSHFWUXPꢄ LQꢄ Dꢄ ZHDNꢄ ILHOGꢄꢄ
ꢌ ꢄꢀꢂꢎꢋꢇ±ꢀꢊꢎꢇꢆꢄSSPꢍꢎꢄ7KHꢄRWKHUꢄ1+ꢄVLJQDOꢄLVꢄORFDWHGꢄDWꢄ
ꢄ ꢃꢎꢑꢁ±ꢃꢎꢃꢇꢄ SSPꢎꢄ 7KHꢄ VSLQꢄ V\VWHPVꢄ RIꢄ ERWKꢄ S\UUROHꢄ
ULQJVꢄDUHꢄUHOLDEO\ꢄGLVWLQJXLVKHGꢄE\ꢄWKHꢄWZRꢉGLPHQVLRQDOꢄ
&26<ꢄ VSHFWUDꢄ ꢌFURVVꢄ SHDNVꢄ IURPꢄ WKHꢄ ULQJꢄ DQGꢄ 1+ꢄ
SURWRQVꢍꢎꢄ6LJQDOVꢄIURPꢄWKHꢄ &ꢄQXFOHLꢄZHUHꢄDVVLJQHGꢄ
XVLQJꢄWZRꢉGLPHQVLRQDOꢄ+64&ꢄDQGꢄ+0%&ꢄWHFKQLTXHVꢎꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

6<17+(6,6ꢄꢄ2)ꢄꢄꢆꢉ%(1=2</(7+<1</3<552/(6ꢄꢄ
ꢀꢁꢊꢁꢄ
7KHꢄVSHFWUDOꢄ SDUDPHWHUVꢄRIꢄFRPSRXQGꢄ ,,,Dꢄ Z HUHꢄ
JLYHQꢄLQꢄ>ꢃꢅꢄꢀꢑ@ꢅꢄDQGꢄRIꢄ,9DꢅꢄLQꢄ>ꢀꢑ@ꢎꢄ
ꢁꢂꢊꢁꢂ%HQ]R\OꢂꢃꢂEURPRHWKHQ\OꢋꢂꢉꢂꢊꢈꢂPHWKR[\ꢂ
SKHQ\Oꢋꢂꢃ+ꢂS\UUROHꢀꢊ,9Fꢋꢄꢄ2UDQJH±UHGꢄQHHGOHVꢎꢄ<LHOGꢄ
ꢇꢎꢀꢂꢊꢄJꢄꢌꢀꢋ*ꢍꢅꢄPSꢄꢀꢁꢃ±ꢀꢁꢋƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄ
ꢀꢈꢆꢁꢄꢌ& 2ꢍꢎꢄ +ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢄ
ꢁꢎꢃꢃꢄVꢄꢌꢁ+ꢅꢄ0H2ꢍꢅꢄꢈꢎꢑꢇꢄGꢎGꢄꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄEꢄ ꢄꢁꢎꢋꢅꢄꢆꢎꢂꢄ+]ꢍꢅꢄ
ꢑꢎꢇꢆꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ0H2& + ꢍꢅꢄꢑꢎꢀꢁꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄ
ꢁꢂꢊ%HQ]R\OHWK\Q\OꢋꢂꢉꢂꢊꢈꢂGLPHWK\ODPLQRSKHQ\Oꢋꢂ
ꢃ+ꢂS\UUROHꢀ ꢊ,,,Eꢋꢄꢄ2UDQJH±EURZQꢄFU\VWDOVꢎꢄ<LHOGꢄ
ꢇꢎꢆꢃꢁꢄJꢄꢌꢂꢊ*ꢍꢅꢄPSꢄꢀꢋꢆƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄꢀꢈꢀꢁꢄ
ꢌ& 2ꢍꢅꢄ ꢆꢀꢊꢂꢄ ꢌ& &ꢍꢅꢄ ꢁꢁꢆꢊꢄ ꢌ1+ꢍꢎꢄ +ꢄ 105ꢄ VSHFWUXPꢄ
ꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢁꢎꢇꢆꢄVꢄꢌꢈ+ꢅꢄ0HꢍꢅꢄꢈꢎꢂꢀꢄGꢎGꢄꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄꢄ ꢁꢎꢋꢅꢄꢆꢎꢇꢄ+]ꢍꢅꢄꢑꢎꢆꢊꢄVꢄꢌꢀ+ꢅꢄ ꢉ+ꢍꢅꢄꢑꢎꢊꢇꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ
Eꢄ ꢄ ꢁꢎꢋꢅꢄ ꢆꢎꢂꢄ +]ꢍꢅꢄ ꢈꢎꢑꢂꢄ Pꢄ ꢌꢆ+ꢅꢄ €ꢉ+ꢅꢄ 0H 1& + ꢍꢅꢄꢄ
ꢈꢎꢋꢆꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄꢁꢎꢋꢅꢄꢆꢎꢂꢄ+]ꢍꢅꢄꢑꢎꢂꢀꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ
0H 1& + ꢍꢅꢄ ꢑꢎꢂꢃꢄ Pꢄ ꢌꢆ+ꢅꢄ €ꢉ+ꢅ &23Kꢍꢅꢄ ꢑꢎꢊꢃꢄ Pꢄ ꢌꢀ+ꢅꢄꢄ
ƒꢉ+ꢅꢄ&23KꢍꢅꢄꢃꢎꢀꢃꢄGꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢃꢎꢃꢑꢄEUꢎVꢄꢌꢀ+ꢅꢄ
1+ꢍꢎꢄ &ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢂꢇꢎꢂꢄꢌ0Hꢍꢅꢄ
ꢋꢇꢎꢆꢄꢌ& ꢍꢅꢄꢋꢂꢎꢁꢄꢌ& ꢍꢅꢄꢀꢇꢈꢎꢑꢄꢌ& ꢍꢅꢄꢀꢇꢋꢎꢂꢄꢌ& ꢍꢅꢄꢀꢀꢆꢎꢈꢄꢌ& ꢅꢁ
0H 1& + ꢍꢅꢄꢀꢆꢁꢎꢀꢄꢌ& ꢍꢅꢄꢀꢀꢋꢎꢀꢄꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢆꢊꢎꢃꢄ
ꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢆꢃꢎꢈꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢋꢎꢂꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢁꢁꢎꢑꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢑꢎꢀꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢃꢎꢃꢄꢌ& ꢍꢅꢄꢀꢊꢇꢎꢁꢄ
ꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢑꢑꢎꢊꢄꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄ&ꢄꢑꢋꢎꢑꢁꢏꢄꢄ
+ꢄꢊꢎꢑꢑꢏꢄ1ꢄꢋꢎꢀꢂꢎꢄ& + 1 2ꢎꢄ&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢃꢇꢎꢆꢁꢏꢄꢄ
+ꢄꢊꢎꢑꢑꢏꢄ1ꢄꢃꢎꢋꢀꢎꢄ
&23KꢍꢅꢄꢑꢎꢊꢊꢄPꢄꢌꢀ+ꢅꢄƒꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢑꢈꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ
0H2& + ꢍꢅꢄꢃꢎꢇꢁꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢀꢂꢎꢊꢑꢄEUꢎVꢄꢄ
ꢌꢀ+ꢅꢄ1+ꢍꢎꢄ &ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢊꢊꢎꢊꢄ
ꢌ0H2ꢍꢅꢄꢀꢇꢋꢎꢋꢄꢌ& ꢍꢅꢄꢀꢀꢂꢎꢑꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢀꢈꢎꢇꢄꢌ& ꢍꢅꢄ
ꢀꢆꢂꢎꢇꢄ ꢌ& ꢅꢄ 0H2& + ꢍꢅꢄ ꢀꢆꢊꢎꢀꢄ ꢌ& ꢍꢅꢄ ꢀꢆꢈꢎꢊꢄ ꢌ& ꢅꢄ
0H2& + ꢍꢅꢄꢀꢆꢃꢎꢂꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢃꢎꢑꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢁꢇꢎꢑꢄꢌ& ꢍꢅꢄꢀꢁꢆꢎꢊꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢂꢎꢈꢄꢌ& ꢍꢅꢄꢀꢁꢋꢎꢀꢄꢌ& ꢍꢅꢄ
ꢀꢁꢋꢎꢈꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢊꢋꢎꢋꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢃꢑꢎꢊꢄꢌ& 2ꢍꢎꢄ
)RXQGꢅꢄ*ꢐꢄ&ꢄꢈꢆꢎꢑꢀꢏꢄ+ꢄꢂꢎꢊꢇꢏꢄ%Uꢄꢆꢇꢎꢋꢋꢏꢄ1ꢄꢁꢎꢆꢁꢎꢄ
& + %U12 ꢎꢄ&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢈꢆꢎꢃꢂꢏꢄ+ꢄꢂꢎꢆꢆꢏꢄꢄ
%Uꢄꢆꢇꢎꢋꢇꢏꢄ1ꢄꢁꢎꢈꢈꢎꢄ
ꢁꢂꢊꢁꢂ%HQ]R\OꢂꢃꢂEURPRHWKHQ\OꢋꢂꢉꢂꢊꢈꢂFKORURSKHQꢂ
\Oꢋꢂꢃ+ꢂS\UUROHꢀ ꢊ,9Gꢋꢄꢄ<HOORZꢄQHHGOHVꢎꢄ<LHOGꢄꢇꢎꢇꢆꢁꢄJꢄ
ꢌꢁ*ꢍꢅꢄPSꢄꢀꢀꢋ±ꢀꢆꢇƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄꢀꢈꢆꢂꢄ
ꢌ& 2ꢍꢎꢄ +ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢈꢎꢈꢋꢄGꢎGꢄ
ꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄEꢄ ꢄꢂꢎꢀꢅꢄꢆꢎꢂꢄ+]ꢍꢅꢄꢑꢎꢇꢈꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄꢂꢎꢀꢅꢄ
ꢆꢎꢆꢄ+]ꢍꢅꢄꢑꢎꢆꢃꢄVꢄꢌꢀ+ꢅꢄ ꢉ+ꢍꢅꢄꢑꢎꢂꢀꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ&O& + ꢍꢅꢄ
ꢑꢎꢂꢃꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢊꢂꢄPꢄꢌꢀ+ꢅꢄƒꢉ+ꢅꢄ&23Kꢍꢅꢄ
ꢑꢎꢈꢋꢄPꢄꢌꢀ+ꢅꢄ‚ꢉ+ꢅꢄ&O& + ꢍꢅꢄꢃꢎꢇꢆꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23Kꢍꢅꢄ
ꢀꢂꢎꢊꢃꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢍꢎꢄ &ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄ
ꢁꢂꢊ%HQ]R\OHWK\Q\OꢋꢂꢉꢂꢊꢈꢂPHWKR[\SKHQ\Oꢋꢂꢃ+ꢂ
S\UUROHꢀ ꢊ,,,Fꢋꢄꢄ<HOORZꢄFU\VWDOVꢎꢄ<LHOGꢄꢇꢎꢁꢑꢁꢄJꢄꢌꢈꢆ*ꢍꢅꢄ
PSꢄꢀꢈꢋ±ꢀꢑꢇƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄꢀꢈꢀꢁꢄꢌ& 2ꢍꢅꢄ
ꢆꢀꢈꢆꢄꢌ& &ꢍꢅꢄꢁꢁꢁꢆꢄꢌ1+ꢍꢎꢄ +ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ
ꢅꢄSSPꢐꢄꢁꢎꢃꢂꢄVꢄꢌꢁ+ꢅꢄ0H2ꢍꢅꢄꢈꢎꢂꢑꢄGꢎGꢄꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄEꢄ ꢄꢁꢎꢋꢅꢄ
ꢆꢎꢂꢄ+]ꢍꢅꢄꢈꢎꢋꢆꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄꢁꢎꢋꢅꢄꢆꢎꢈꢄ+]ꢍꢅꢄꢈꢎꢋꢊꢄPꢄ
ꢌꢆ+ꢅꢄ€ꢉ+ꢅꢁ0H2& + ꢍꢅꢄꢑꢎꢂꢈꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ0H2& + ꢍꢅꢄ
ꢑꢎꢊꢀꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢈꢇꢄPꢄꢌꢀ+ꢅꢄƒꢉ+ꢅꢄ&23Kꢍꢅꢄ
ꢃꢎꢀꢃꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢃꢎꢋꢁꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢍꢎꢄ &ꢄ
105ꢄ VSHFWUXPꢄ ꢌ&'&O ꢍꢅꢄ ꢅꢄ SSPꢐꢄ ꢊꢊꢎꢊꢄ ꢌ0H2ꢍꢅꢄ ꢃꢋꢎꢊꢄ SSPꢐꢄꢀꢀꢇꢎꢈꢄꢌ& ꢍꢅꢄꢀꢀꢑꢎꢆꢄꢌ& ꢍꢅꢄꢀꢆꢂꢎꢃꢄꢌ& ꢍꢅꢄꢀꢆꢈꢎꢆꢄꢌ& ꢅꢄ
ꢌ& ꢍꢅꢄꢋꢁꢎꢑꢄꢌ& ꢍꢅꢄꢀꢇꢑꢎꢊꢄꢌ& ꢍꢅꢄꢀꢀꢇꢎꢆꢄꢌ& ꢍꢅꢄꢀꢀꢂꢎꢈꢄꢌ& ꢅꢄ
0H2& + ꢍꢅꢄꢀꢆꢆꢎꢑꢄꢌ& ꢍꢅꢄꢀꢆꢁꢎꢋꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢆꢈꢎꢀꢄ
ꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢆꢃꢎꢈꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢋꢎꢁꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢁꢁꢎꢃꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢑꢎꢇꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢑꢎꢑꢄꢌ& ꢍꢅꢄꢀꢊꢋꢎꢈꢄ
ꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢑꢑꢎꢊꢄꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄ&ꢄꢑꢋꢎꢃꢇꢏꢄꢄ
+ꢄꢂꢎꢋꢃꢏꢄ1ꢄꢂꢎꢊꢀꢎꢄ& + 12 ꢎꢄ&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢑꢋꢎꢑꢆꢏꢄꢄ
+ꢄꢊꢎꢇꢆꢏꢄ1ꢄꢂꢎꢈꢊꢎꢄ
&O& + ꢍꢅꢄꢀꢆꢃꢎꢑꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢃꢎꢃꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢋꢎꢈꢄ
ꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢁꢇꢎꢇꢄꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢁꢀꢎꢂꢄꢌ& ꢍꢅꢄꢀꢁꢆꢎꢃꢄ
ꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢂꢎꢆꢄꢌ& ꢍꢅꢄꢀꢁꢂꢎꢋꢄꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢁꢑꢎꢂꢄꢌ& ꢍꢅꢄ
ꢀꢁꢋꢎꢂꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢃꢑꢎꢈꢄꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄ&ꢄꢊꢋꢎꢀꢊꢏꢄꢄ
+ꢄ ꢁꢎꢀꢀꢏꢄ %Uꢄ ꢆꢇꢎꢇꢀꢏꢄ &Oꢄꢋꢎꢇꢇꢏꢄ 1ꢄꢁꢎꢃꢈꢎꢄ & + %U&O12ꢎꢄ
&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢊꢋꢎꢇꢆꢏꢄ+ꢄꢁꢎꢁꢋꢏꢄ%Uꢄꢆꢇꢎꢈꢈꢏꢄ&Oꢄꢋꢎꢀꢑꢏꢄꢄ
1ꢄꢁꢎꢈꢆꢎꢄ
ꢁꢂꢊ%HQ]R\OHWK\Q\OꢋꢂꢉꢂꢊꢈꢂFKORURSKHQ\Oꢋꢂꢃ+ꢂS\Uꢂ
UROHꢀ ꢊ,,,Gꢋꢄꢄ<HOORZꢄQHHGOHVꢎꢄ<LHOGꢄꢇꢎꢊꢑꢊꢄJꢄꢌꢋꢂ*ꢍꢅꢄꢄ
PSꢄꢀꢃꢃƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄꢀꢈꢆꢆꢄꢌ& 2ꢍꢅꢄꢆꢀꢑꢇꢄ
ꢌ& &ꢍꢅꢄ ꢁꢆꢃꢋꢄ ꢌ1+ꢍꢎꢄ +ꢄ 105ꢄ VSHFWUXPꢄ ꢌ&'&O ꢍꢅꢄ ꢅꢄ
SSPꢐꢄꢈꢎꢊꢁꢄPꢄꢌꢀ+ꢅꢄꢂꢉ+ꢍꢅꢄꢈꢎꢃꢃꢄPꢄꢌꢀ+ꢅꢄꢁꢉ+ꢍꢅꢄꢑꢎꢁꢑꢄPꢄꢌꢆ+ꢅꢄ
€ꢉ+ꢅꢄ&O& + ꢍꢅꢄꢑꢎꢂꢃꢄPꢄꢌꢂ+ꢅꢄ€ꢉ+ꢅꢄ&23Kꢅꢄ‚ꢉ+ꢅꢄ&O& + ꢍꢅꢄ
ꢑꢎꢊꢋꢄ Pꢄ ꢌꢀ+ꢅꢄ ƒꢉ+ꢅꢄ &23Kꢍꢅꢄ ꢃꢎꢀꢊꢄ Pꢄ ꢌꢆ+ꢅꢄ ‚ꢉ+ꢅꢄ &23Kꢍꢅꢄ
ꢋꢎꢇꢑꢄ EUꢎVꢄ ꢌꢀ+ꢅꢄ 1+ꢍꢎꢄ &ꢄ 105ꢄ VSHFWUXPꢄ ꢌ'062ꢉq ꢍꢅꢄ
ꢅꢄSSPꢐꢄꢃꢋꢎꢈꢄꢌ& ꢍꢄꢋꢆꢎꢊꢅꢄꢌ& ꢍꢄꢀꢇꢋꢎꢀꢅꢄꢌ& ꢍꢅꢄꢀꢀꢇꢎꢁꢄꢌ& ꢍꢅꢄ
ꢀꢆꢆꢎꢋꢄꢌ& ꢍꢅꢄꢀꢆꢈꢎꢊꢄꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢆꢃꢎꢋꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢆꢋꢎꢇꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢋꢎꢇꢄꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢆꢋꢎꢋꢄꢌ& ꢅꢄ
&O& + ꢍꢅꢄꢀꢁꢆꢎꢇꢄꢌ& ꢅꢄ&O& + ꢍꢅꢄꢀꢁꢂꢎꢁꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢈꢎꢁꢄ
ꢌ& ꢍꢅꢄꢀꢁꢈꢎꢂꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢑꢈꢎꢆꢄꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄꢄ
&ꢄꢑꢂꢎꢊꢀꢏꢄ+ꢄꢁꢎꢋꢈꢏꢄ&Oꢄꢀꢀꢎꢋꢆꢏꢄ1ꢄꢂꢎꢊꢃꢎꢄ& + &O12ꢎꢄ&DOꢉ
FXODWHGꢅꢄ*ꢐꢄ&ꢄꢑꢂꢎꢈꢂꢏꢄ+ꢄꢁꢎꢋꢈꢏꢄ&Oꢄꢀꢀꢎꢊꢋꢏꢄ1ꢄꢂꢎꢊꢃꢎꢄ
ꢁꢂ%HQ]R\OꢂꢃꢅꢃꢂELV>ꢉꢂꢊꢈꢂGLPHWK\ODPLQRSKHQ\Oꢋꢂ
ꢃ+ꢂS\UUROꢂꢁꢂ\O@HWKHQHꢀ ꢊ9Eꢋꢄꢄ 'DUNꢄ YLROHWꢄ FU\VWDOVꢎꢄ
<LHOGꢄ ꢇꢎꢇꢊꢄ Jꢄ ꢌꢊ*ꢍꢅꢄ PSꢄ ꢆꢊꢑ±ꢆꢊꢃƒ&ꢎꢄ ,5ꢄ VSHFWUXPꢅꢄ ꢅꢄ
FP ꢐꢄꢀꢈꢀꢆꢄꢌ& 2ꢍꢅꢄꢁꢂꢆꢇꢄꢌ1+ꢍꢎꢄ +ꢄ105ꢄVSHFWUXPꢄ
ꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢆꢎꢋꢃꢄVꢄꢌꢈ+ꢅꢄ10Hꢓ ꢍꢅꢄꢁꢎꢇꢆꢄVꢄꢌꢈ+ꢅꢄ
10H ꢍꢅꢄꢈꢎꢂꢃꢄGꢎGꢄꢌꢀ+ꢅꢄꢂꢓꢉ+ꢅꢄEꢄ ꢄꢁꢎꢆꢅꢄꢆꢎꢈꢄ+]ꢍꢅꢄꢈꢎꢈꢈꢄGꢎGꢄ
ꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄEꢄ ꢄꢁꢎꢈꢅꢄꢆꢎꢁꢄ+]ꢍꢅꢄꢈꢎꢈꢃꢄVꢄꢌꢀ+ꢅꢄ ꢉ+ꢍꢅꢄꢈꢎꢑꢇꢄGꢄ
ꢌꢆ+ꢅꢄ€ꢓꢉ+ꢅꢄ0H 1& + ꢅꢄEꢄ ꢄꢃꢎꢑꢄ+]ꢍꢅꢄꢈꢎꢑꢆꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢓꢉ+ꢅꢄ
Eꢄ ꢄ ꢁꢎꢆꢅꢄ ꢆꢎꢃꢄ +]ꢍꢅꢄ ꢈꢎꢑꢑꢄ Gꢄ ꢌꢆ+ꢅꢄ €ꢉ+ꢅꢄ 0H 1& + ꢅꢄ Eꢄ ꢄꢄ
ꢃꢎꢑꢄ+]ꢍꢅꢄꢈꢎꢋꢈꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄꢁꢎꢈꢅꢄꢆꢎꢇꢄ+]ꢍꢅꢄꢑꢎꢂꢇꢄGꢄ
ꢌꢆ+ꢅꢄ‚ꢓꢉ+ꢅꢄ0H 1& + ꢅꢄEꢄ ꢄꢃꢎꢑꢄ+]ꢍꢅꢄꢑꢎꢂꢊꢄPꢄꢌꢁ+ꢅꢄ€ꢉ+ꢅꢄ
ƒꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢑꢊꢄGꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ0H 1& + ꢅꢄEꢄ ꢄꢃꢎꢑꢄ+]ꢍꢅꢄ
ꢃꢎꢇꢆꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢃꢎꢑꢁꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢓꢍꢅꢄ
ꢀꢊꢎꢇꢆꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢍꢎꢄ &ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

752),029ꢄꢄHWꢄDOꢎꢄ
ꢀꢁꢊꢂꢄ
SSPꢐꢄꢂꢇꢎꢊꢄꢌ10H ꢍꢅꢄꢂꢇꢎꢈꢄꢌ10H ꢍꢅꢄꢀꢇꢈꢎꢂꢄꢌ& ꢍꢅꢄꢀꢇꢃꢎꢊꢄ
ꢌ& ꢍꢅꢄ ꢀꢇꢃꢎꢋꢄ ꢌ& ꢍꢅꢄ ꢀꢀꢆꢎꢑꢄ ꢌ& ꢅꢄ 0H 1& + ꢍꢅꢄ ꢀꢀꢆꢎꢃꢄ ꢌ& ꢅꢄ
0H 1& + ꢍꢅꢄꢀꢀꢂꢎꢋꢄꢌ& ꢍꢅꢄꢀꢀꢋꢎꢋꢄꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢆꢇꢎꢂꢄ
ꢌ& ꢅꢄ 0H 1& + ꢍꢅꢄ ꢀꢆꢀꢎꢈꢄ ꢌ& ꢍꢅꢄ ꢀꢆꢊꢎꢊꢄ ꢌ& ꢅꢄ 0H 1& + ꢍꢅꢄ
ꢀꢆꢈꢎꢆꢄꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢆꢃꢎꢇꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢃꢎꢊꢄꢌ& ꢅꢄ
&23Kꢍꢅꢄꢀꢁꢇꢎꢊꢄꢌ& ꢍꢅꢄꢀꢁꢀꢎꢁꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢁꢎꢇꢄꢌ& ꢍꢅꢄ
ꢀꢁꢈꢎꢇꢄꢌ& ꢍꢅꢄꢀꢁꢃꢎꢋꢄꢌ& ꢍꢅꢄꢀꢂꢇꢎꢇꢄꢌ& ꢍꢅꢄꢀꢂꢆꢎꢇꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢂꢋꢎꢃꢄꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢊꢇꢎꢁꢄꢌ& ꢅꢄ0H 1& + ꢍꢅꢄꢀꢃꢃꢎꢁꢄ
ꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄ&ꢄꢑꢋꢎꢂꢀꢏꢄ+ꢄꢈꢎꢈꢈꢏꢄ1ꢄꢀꢇꢎꢃꢇꢎꢄ
& + 1 2ꢎꢄ&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢑꢋꢎꢀꢑꢏꢄ+ꢄꢈꢎꢂꢂꢏꢄ1ꢄꢀꢀꢎꢀꢋꢎꢄ
5()(5(1&(6ꢄ
ꢀꢎꢄ=KDRꢅꢄ<ꢎꢅꢄ6RQJꢅꢄ*ꢎ4ꢎꢅꢄDQGꢄ*XRꢅꢄ<ꢎ:ꢎꢅꢄEꢃꢁ6†vhꢁIh‡ꢃꢁQꢀ‚qꢃꢁ
Sr†ꢎꢅꢄꢆꢇꢇꢊꢅꢄYROꢎꢄꢑꢅꢄSꢎꢄꢑꢊꢎꢄ
ꢆꢎꢄ.UDIIWꢅꢄ 0ꢎ(ꢎꢅꢄ %RQDJDꢅꢄ /ꢎ9ꢎ5ꢎꢅꢄ )HOWVꢅꢄ $ꢎ6ꢎꢄ +LURVDYDꢅꢄ &ꢎꢅꢄ
ꢁ
ꢄ
ꢄ
ꢁ
DQGꢄ.HUULJDQꢅꢄ6ꢎꢅꢄEꢃꢁPꢀtꢃꢁ8ur€ꢎꢅꢄꢆꢇꢇꢁꢅꢄYROꢎꢄꢈꢃꢅꢄSꢎꢄꢈꢇꢁꢋꢏꢄ
:DQJꢅꢄ -ꢎꢉ&ꢅꢄ 1Jꢅꢄ 6ꢎ6ꢎꢅꢄ DQGꢄ .ULVFKHꢅꢄ 0ꢎ-ꢎꢅꢄ Eꢃꢁ 6€ꢃꢁ 8ur€ꢃꢁ
T‚pꢎꢅꢄꢆꢇꢇꢁꢅꢄYROꢎꢄꢀꢆꢊꢅꢄSꢎꢄꢁꢈꢃꢆꢎꢄ
ꢁꢎꢄ1DNKPDQRYLFKꢅꢄ $ꢎ6ꢎꢅꢄ .RPDURYDꢅꢄ 7ꢎ1ꢎꢅꢄ DQGꢄ /RS\ꢉꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢁ
ꢄ
UHYꢅꢄ9ꢎ$ꢎꢅꢄ Sˆ††ꢃꢁ Eꢃꢁ Pꢀtꢃꢁ 8ur€ꢎꢅꢄ ꢆꢇꢇꢇꢅꢄ YROꢎꢄ ꢁꢈꢅꢄ Sꢎꢄ ꢀꢊꢊꢀꢏꢄ
6REHQLQDꢅꢄ /ꢎ1ꢎꢅꢄ 'HPHQHYꢅꢄ$ꢎ3ꢎꢅꢄ 0LNKDOHYDꢅꢄ$ꢎ,ꢎꢅꢄ 8VKDꢉ
NRYꢅꢄ ,ꢎ$ꢎꢅꢄ $IRQLQꢅꢄ $ꢎ9ꢎꢅꢄ 3HWURYDꢅꢄ 2ꢎ9ꢎꢅꢄ (ORNKLQDꢅꢄ 9ꢎ1ꢎꢅꢄ
9RONRYDꢅꢄ .ꢎ$ꢎꢅꢄ 7RU\DVKLQRYDꢅꢄ 'ꢎꢉ6ꢎ'ꢎꢅꢄ DQGꢄ 7URILꢉꢄ
PRYꢅꢄ %ꢎ$ꢎꢅꢄ Tˆysˆꢀꢁ Gr‡‡ꢎꢅꢄ ꢆꢇꢇꢆꢅꢄ YROꢎꢄ ꢆꢊꢅꢄ Sꢎꢄ ꢃꢑꢏꢄ 6REHQLꢉꢄ
QDꢅꢄ/ꢎ1ꢎꢅꢄ'HPHQHYꢅꢄ$ꢎ3ꢎꢅꢄ0LNKDOHYDꢅꢄ$ꢎ,ꢎꢅꢄ8VKDNRYꢅꢄ,ꢎ$ꢎꢅꢄ
$IRQLQꢅꢄ$ꢎ9ꢎꢅꢄ'¶\DFKNRYDꢅꢄ6ꢎ*ꢎꢅꢄ%HVNU\OD\Dꢅꢄ(ꢎ$ꢎꢅꢄ2SDULꢉ
QDꢅꢄ /ꢎ$ꢎꢅꢄ (ORNKLQDꢅꢄ 9ꢎ1ꢎꢅꢄ 9RONRYDꢅꢄ .ꢎ$ꢎꢅꢄ 3HWURYDꢅꢄ 2ꢎ9ꢎꢅꢄ
DQGꢄ 7URILPRYꢅꢄ %ꢎ$ꢎꢅꢄ Fuv€ꢃꢁ Br‡rꢀ‚‡†vxyꢃꢁ T‚rqvꢎꢅꢄ ꢆꢇꢇꢆꢅꢄꢄ
Sꢎꢄ ꢋꢊꢏꢄ :LSIꢅꢄ 3ꢎꢅꢄ $R\DPDꢅꢄ <ꢎꢅꢄ DQGꢄ %HQHGXPꢅꢄ 7ꢎ(ꢎꢅꢄ Pꢀtꢃꢁ
Gr‡‡ꢎꢅꢄꢆꢇꢇꢂꢅꢄSꢎꢄꢁꢊꢋꢁꢏꢄ6DXHUVꢅꢄ5ꢎ5ꢎꢄDQGꢄ9DQꢄ$UQXPꢅꢄ6ꢎ'ꢎꢅꢄ
Eꢃꢁ8‚€iꢃꢁ8ur€ꢎꢅꢄꢆꢇꢇꢂꢅꢄYROꢎꢄꢈꢅꢄSꢎꢄꢁꢊꢇꢎꢄꢄ
ꢁꢂ%HQ]R\OꢂꢃꢅꢃꢂELV>ꢉꢂꢊꢈꢂPHWKR[\SKHQ\Oꢋꢂꢃ+ꢂS\Uꢂ
UROꢂꢁꢂ\O@HWKHQHꢀ ꢊ9Fꢋꢄꢄ'DUNꢄFKHUU\ꢄFU\VWDOVꢎꢄ<LHOGꢄꢄ
ꢇꢎꢇꢂꢑꢄJꢄꢌꢊ*ꢍꢅꢄPSꢄꢆꢇꢃ±ꢆꢇꢋƒ&ꢎꢄ,5ꢄVSHFWUXPꢅꢄ ꢅꢄFP ꢐꢄ
ꢀꢈꢇꢈꢄꢌ& 2ꢍꢅꢄꢁꢂꢂꢀꢄꢌ1+ꢍꢎꢄ +ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ
ꢅꢄSSPꢐꢄꢁꢎꢃꢁꢄVꢄꢌꢁ+ꢅꢄ0H2ꢓꢍꢅꢄꢁꢎꢃꢈꢄVꢄꢌꢁ+ꢅꢄ0H2ꢍꢅꢄꢈꢎꢊꢃꢄGꢎGꢄ
ꢌꢀ+ꢅꢄꢂꢓꢉ+ꢅꢄEꢄꢁꢎꢑꢅꢄꢆꢎꢑꢄ+]ꢍꢅꢄꢈꢎꢑꢂꢄGꢎGꢄꢌꢀ+ꢅꢄꢂꢉ+ꢅꢄEꢄ ꢄꢂꢎꢀꢅꢄ
ꢆꢎꢈꢄ+]ꢍꢅꢄꢈꢎꢃꢇꢄVꢄꢌꢀ+ꢅꢄ ꢉ+ꢍꢅꢄꢈꢎꢃꢆꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢓꢉ+ꢅꢄEꢄ ꢄꢁꢎꢑꢅꢄ
ꢆꢎꢈꢄ+]ꢍꢅꢄꢈꢎꢋꢑꢄGꢎGꢄꢌꢀ+ꢅꢄꢁꢉ+ꢅꢄEꢄ ꢄꢂꢎꢀꢅꢄꢆꢎꢀꢄ+]ꢍꢅꢄꢑꢎꢇꢊꢄGꢄ
ꢌꢆ+ꢅꢄ€ꢓꢉ+ꢅꢄ0H2& + ꢍꢅꢄꢑꢎꢀꢊꢄGꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ0H2& + ꢍꢅꢄ
ꢑꢎꢂꢈꢄPꢄꢌꢁ+ꢅꢄ€ꢉ+ꢅꢄƒꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢊꢇꢄGꢄꢌꢆ+ꢅꢄ‚ꢓꢉ+ꢅꢄ
0H2& + ꢍꢅꢄꢑꢎꢃꢇꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ0H2& + ꢍꢅꢄꢃꢎꢇꢊꢄPꢄꢌꢆ+ꢅꢄ
‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢃꢎꢃꢇꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢓꢍꢅꢄꢀꢂꢎꢋꢇꢄEUꢎVꢄꢌꢀ+ꢅꢄ1+ꢍꢎꢄ
&ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢊꢊꢎꢊꢄꢌ0H2ꢍꢅꢄ
ꢀꢇꢑꢎꢆꢄꢌ& ꢍꢅꢄꢀꢇꢋꢎꢆꢄꢌ& ꢍꢅꢄꢀꢇꢋꢎꢑꢄꢌ& ꢍꢅꢄꢀꢀꢂꢎꢈꢄꢌ& ꢅꢄ
0H2& + ꢍꢅꢄ ꢀꢀꢂꢎꢈꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄ ꢀꢀꢂꢎꢃꢄ ꢌ& ꢍꢅꢄ ꢀꢆꢀꢎꢆꢄ
ꢌ& ꢍꢅꢄꢀꢆꢂꢎꢊꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢆꢂꢎꢃꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄ
ꢀꢆꢊꢎꢑꢄ ꢌ& ꢅꢄ 0H2& + ꢍꢅꢄ ꢀꢆꢈꢎꢁꢄ ꢌ& ꢅꢄ 0H2& + ꢍꢅꢄ ꢀꢆꢃꢎꢀꢄ
ꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢃꢎꢊꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢇꢎꢑꢄꢌ& ꢍꢅꢄꢀꢁꢀꢎꢑꢄꢌ& ꢅꢄ
&23Kꢍꢅꢄꢀꢁꢁꢎꢑꢄꢌ& ꢍꢅꢄꢀꢁꢊꢎꢆꢄꢌ& ꢍꢅꢄꢀꢁꢑꢎꢑꢄꢌ& ꢍꢅꢄꢀꢂꢇꢎꢆꢄꢌ& ꢍꢅꢄ
ꢀꢂꢀꢎꢊꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢊꢋꢎꢇꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢊꢋꢎꢊꢄꢌ& ꢅꢄ
0H2& + ꢍꢅꢄꢀꢃꢃꢎꢋꢄꢌ& 2ꢍꢎꢄ)RXQGꢅꢄ*ꢐꢄ&ꢄꢑꢑꢎꢋꢑꢏꢄ+ꢄꢊꢎꢑꢋꢏꢄ
1ꢄꢊꢎꢂꢂꢎꢄ& + 1 2 ꢎꢄ&DOFXODWHGꢅꢄ*ꢐꢄ&ꢄꢑꢃꢎꢂꢈꢏꢄ+ꢄꢊꢎꢊꢆꢏꢄ
1ꢄꢊꢎꢋꢇꢎꢄ
ꢂꢎꢄ.XQGXꢅꢄ 1ꢎ*ꢎꢅꢄ 'DVꢅꢄ %ꢎꢅꢄ 6SHDUVꢅꢄ &ꢎ3ꢎꢅꢄ 0DMXPGHUꢅꢄ$ꢎꢅꢄ DQGꢄ
ꢄ
ꢄ
ꢄ
ꢄ
.DQJꢅꢄ6ꢎꢉ,ꢎꢅꢄEꢃꢁHrqꢃꢁ8ur€ꢎꢅꢄꢀꢋꢋꢇꢅꢄSꢎꢄꢀꢋꢑꢊꢏꢄ.XQGXꢅꢄ1ꢎ*ꢎꢄ
DQGꢄ'DVJXSWDꢅꢄ6ꢎ.ꢎꢅꢄEꢃꢁ8ur€ꢃꢁT‚pꢃꢂꢁQrꢀxvꢁUꢀh†ꢃꢁ ꢅꢄꢀꢋꢋꢁꢅꢄ
Sꢎꢄ ꢆꢈꢊꢑꢏꢄ .XQGXꢅꢄ 1ꢎ*ꢎꢅꢄ 0DKDQW\ꢅꢄ -ꢎ6ꢎꢅꢄ DQGꢄ 6SHDUVꢅꢄ &ꢎ3ꢎꢅꢄ
7v‚‚ꢀtꢃꢁHrqꢃꢁ8ur€ꢃꢁGr‡‡ꢎꢅꢄꢀꢋꢋꢈꢅꢄYROꢎꢄꢈꢅꢄSꢎꢄꢀꢂꢋꢑꢎꢄ
ꢊꢎꢄ&KRZGKXU\ꢅꢄ &ꢎꢄ DQGꢄ .XQGXꢅꢄ 1ꢎ*ꢎꢅꢄ Ur‡ꢀhurqꢀ‚ꢅꢄ ꢀꢋꢋꢋꢅꢄꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
YROꢎꢄꢊꢊꢅꢄSꢎꢄꢑꢇꢀꢀꢏꢄ.XQLVKLPDꢅꢄ0ꢎꢅꢄ1DNDWDꢅꢄ'ꢎꢅꢄ7DQDNDꢅꢄ6ꢎꢅꢄ
+LRNLꢅꢄ .ꢎꢅꢄ DQGꢄ 7DQLꢅꢄ 6ꢎꢅꢄ Ur‡ꢀhurqꢀ‚ꢅꢄ ꢆꢇꢇꢇꢅꢄ YROꢎꢄ ꢊꢈꢅꢄꢄ
Sꢎꢄ ꢋꢋꢆꢑꢏꢄ 3LJJRWWꢅꢄ 0ꢎ-ꢎꢄ DQGꢄ :HJHꢅꢄ 'ꢎꢅꢄ 6ˆ†‡ꢃꢁ Eꢃꢁ 8ur€ꢎꢅꢄ
ꢆꢇꢇꢇꢅꢄ YROꢎꢄ ꢊꢁꢅꢄ Sꢎꢄ ꢑꢂꢋꢏꢄ <LQꢅꢄ -ꢎꢅꢄ :DQJꢅꢄ ;ꢎꢅꢄ /LDQJꢅꢄ <ꢎꢅꢄꢄ
:Xꢅꢄ;ꢎꢅꢄ&KHQꢅꢄ%ꢎꢅꢄDQGꢄ0Dꢅꢄ<ꢎꢅꢄT’‡ur†v†ꢅꢄꢆꢇꢇꢂꢅꢄSꢎꢄꢁꢁꢀꢏꢄ
&R[ꢅꢄ 5ꢎ-ꢎꢅꢄ 5LWVRQꢅꢄ 'ꢎ-ꢎꢅꢄ 'DQHꢅꢄ 7ꢎ$ꢎꢅꢄ %HUJHꢅꢄ -ꢎꢅꢄ &KDUꢉꢄ
PDQWꢅꢄ -ꢎ3ꢎ+ꢎꢅꢄ DQGꢄ .DQWDFKDꢅꢄ$ꢎꢅꢄ 8ur€ꢃꢁ 8‚€€ˆꢎꢅꢄ ꢆꢇꢇꢊꢅꢄꢄ
Sꢎꢄꢀꢇꢁꢑꢎꢄ
ꢈꢎꢄ.DEDONDꢅꢄ*ꢎ:ꢎꢅꢄ:DQJꢅꢄ/ꢎꢅꢄDQGꢄ3DJQLꢅꢄ5ꢎ0ꢎꢅꢄUr‡ꢀhurqꢀ‚ꢅꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢆꢇꢇꢇꢅꢄYROꢎꢄꢊꢑꢅꢄSꢎꢄꢃꢇꢀꢑꢏꢄ$SSXNNXWWDQꢅꢄ3ꢎꢅꢄ'HKDHQꢅꢄ:ꢎꢅꢄDQGꢄ
9DQꢄGHUꢄ(\FNHQꢅꢄ(ꢎꢅꢄ@ˆꢀꢃꢁEꢃꢁPꢀtꢃꢁ8ur€ꢎꢅꢄꢆꢇꢇꢁꢅꢄSꢎꢄꢂꢑꢀꢁꢏꢄ
.DNXVDZDꢅꢄ1ꢎꢅꢄ7REL\DVXꢅꢄ<ꢎꢅꢄ<DVXLNHꢅꢄ6ꢎꢅꢄ<DPDJXFKLꢅꢄ.ꢎꢅꢄ
6HNLꢅꢄ+ꢎꢅꢄDQGꢄ.XULWDꢅꢄ-ꢎꢅꢄUr‡ꢀhurqꢀ‚ꢁGr‡‡ꢎꢅꢄꢆꢇꢇꢁꢅꢄYROꢎꢄꢂꢂꢅꢄ
Sꢎꢄ ꢃꢊꢃꢋꢏꢄ 7KDWKDJDUꢅꢄ 0ꢎ%ꢎꢅꢄ %HFNHUVꢅꢄ -ꢎꢅꢄ DQGꢄ 5RWKHQꢉꢄ
EHUJꢅꢄ*ꢎꢅꢄBꢀrrꢁ8ur€ꢎꢅꢄꢆꢇꢇꢂꢅꢄSꢎꢄꢆꢀꢊꢎꢄ
ꢁꢂ%HQ]R\OꢂꢃꢂEURPRꢂꢃꢅꢃꢂELV>ꢉꢂꢊꢈꢂPHWKR[\SKHQꢂ
\Oꢋꢂꢃ+ꢂS\UUROꢂꢁꢂ\O@HWKDQHꢀ ꢊ9,Fꢋꢄꢄ +ꢄ 105ꢄ VSHFWUXPꢄ
ꢌ&'&O ꢍꢅꢄ ꢅꢄ SSPꢐꢄ ꢁꢎꢑꢈꢄ Vꢄ ꢌꢈ+ꢅꢄ 0H2ꢍꢅꢄ ꢊꢎꢊꢈꢄ EUꢎVꢄ ꢌꢆ+ꢅꢄ
&+ ꢍꢅꢄꢈꢎꢑꢃꢄEUꢎVꢄꢌꢆ+ꢅꢄꢂꢉ+ꢍꢅꢄꢈꢎꢃꢆꢄPꢄꢌꢂ+ꢅꢄ‚ꢉ+ꢅꢄ0H2ꢉ
& + ꢍꢅꢄꢑꢎꢀꢑꢄEUꢎVꢄꢌꢆ+ꢅꢄꢁꢉ+ꢍꢅꢄꢑꢎꢆꢋꢄPꢄꢌꢆ+ꢅꢄ€ꢉ+ꢅꢄ&23Kꢍꢅꢄ
ꢑꢎꢂꢂꢄPꢄꢌꢀ+ꢅꢄƒꢉ+ꢅꢄ&23KꢍꢅꢄꢑꢎꢋꢃꢄPꢄꢌꢂ+ꢅꢄ€ꢉ+ꢅꢄ0H2ꢉ
& + ꢍꢅꢄꢃꢎꢀꢊꢄPꢄꢌꢆ+ꢅꢄ‚ꢉ+ꢅꢄ&23KꢍꢅꢄꢀꢆꢎꢇꢃꢄEUꢎVꢄꢌꢆ+ꢅꢄ1+ꢍꢎꢄ
&ꢄ105ꢄVSHFWUXPꢄꢌ&'&O ꢍꢅꢄ ꢅꢄSSPꢐꢄꢂꢊꢎꢋꢄꢌ&+ ꢍꢅꢄ
ꢊꢊꢎꢊꢄꢌ0H2ꢍꢅꢄꢀꢀꢂꢎꢈꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢀꢈꢎꢁꢄꢌ& ꢍꢅꢄꢀꢆꢀꢎꢇꢄ
ꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢆꢃꢎꢑꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢆꢋꢎꢈꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢁꢇꢎꢇꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢁꢆꢎꢀꢄꢌ& ꢍꢅꢄꢀꢁꢁꢎꢋꢄꢌ& ꢅꢄ&23Kꢍꢅꢄ
ꢀꢁꢊꢎꢃꢄꢌ& ꢅꢄ&23Kꢍꢅꢄꢀꢁꢈꢎꢀꢄꢌ& ꢍꢅꢄꢀꢁꢋꢎꢁꢄꢌ& ꢍꢅꢄꢀꢊꢆꢎꢑꢄꢌ& ꢍꢅꢄ
ꢀꢈꢆꢎꢀꢄꢌ& ꢅꢄ0H2& + ꢍꢅꢄꢀꢋꢈꢎꢀꢄꢌ& 2ꢍꢎꢄ
ꢑꢎꢄ$OYDUH]ꢅꢄ $ꢎꢅꢄ *X]PDQꢅꢄ $ꢎꢅꢄ 5XL]ꢅꢄ $ꢎꢅꢄ 9HODUGHꢅꢄ (ꢎꢅꢄ DQGꢄ
ꢄ
ꢄ
ꢄ
ꢄ
ꢁ
ꢄ
ꢄ
0XFKRZVNLꢅꢄ-ꢎ0ꢎꢅꢄEꢃꢁPꢀtꢃꢁ8ur€ꢎꢅꢄꢀꢋꢋꢆꢅꢄYROꢎꢄꢊꢑꢅꢄSꢎꢄꢀꢈꢊꢁꢏꢄ
&KDQꢅꢄ+ꢎꢉ:ꢎꢅꢄ&KDQꢅꢄ3ꢎꢉ&ꢎꢅꢄ/LXꢅꢄ-ꢎꢉ+ꢎꢅꢄDQGꢄ:RQJꢅꢄ+ꢎ1ꢎ&ꢎꢅꢄ
8ur€ꢃꢁ8‚€€ˆꢎꢅꢄꢀꢋꢋꢑꢅꢄSꢎꢄꢀꢊꢀꢊꢏꢄ%UDQGVPDꢅꢄ/ꢎꢅꢄ9DVLOHYꢉ
VN\ꢅꢄ6ꢎ)ꢎꢅꢄDQGꢄ9HUNUXLMVVHꢅꢄ+ꢎ'ꢎꢅꢄ6ƒƒyvph‡v‚ꢁ‚sꢁUꢀh†v‡v‚ꢁ
Hr‡hyꢁ 8h‡hy’†‡†ꢁ vꢁ Pꢀthvpꢁ T’‡ur†v†ꢅꢄ %HUOLQꢐꢄ 6SULQJHUꢅꢄ
ꢀꢋꢋꢋꢅꢄ Sꢎꢄ ꢀꢑꢃꢏꢄ 7Xꢅꢄ %ꢎꢅꢄ *KRVKꢅꢄ %ꢎꢅꢄ DQGꢄ /LJKWQHUꢅꢄ 'ꢎ$ꢎꢅꢄ
H‚h‡†uꢃꢁ8ur€ꢎꢅꢄꢆꢇꢇꢂꢅꢄYROꢎꢄꢀꢁꢊꢅꢄSꢎꢄꢊꢀꢋꢎꢄ
ꢃꢎꢄ7URILPRYꢅꢄ%ꢎ$ꢎꢅꢄ6WHSDQRYDꢅꢄ=ꢎ9ꢎꢅꢄ6REHQLQDꢅꢄ/ꢎ1ꢎꢅꢄ0LNKDꢉ
7KLVꢄ VWXG\ꢄ ZDVꢄ SHUIRUPHGꢄ XQGHUꢄ ILQDQFLDOꢄ VXSSRUWꢄ
E\ꢄWKHꢄ5XVVLDQꢄ)RXQGDWLRQꢄIRUꢄ%DVLFꢄ5HVHDUFKꢄꢌSURMHFWꢄ
QRꢎꢄꢇꢊꢉꢇꢁꢉꢁꢆꢆꢃꢋꢍꢎꢄ
ꢄ
ꢄ
ꢄ
OHYDꢅꢄ $ꢎ,ꢎꢅꢄ DQGꢄ 8VKDNRYꢅꢄ ,ꢎ$ꢎꢅꢄUr‡ꢀhurqꢀ‚ꢁ Gr‡‡ꢎꢅꢄꢆꢇꢇꢂꢅꢄ
YROꢎꢄꢂꢊꢅꢄSꢎꢄꢈꢊꢀꢁꢏꢄ7URILPRYꢅꢄ%ꢎ$ꢎꢅꢄ6WHSDQRYDꢅꢄ=ꢎ9ꢎꢅꢄ6REHꢉ
QLQDꢅꢄ /ꢎ1ꢎꢅꢄ 0LNKDOHYDꢅꢄ $ꢎ,ꢎꢅꢄ 6LQHJRYVND\Dꢅꢄ /ꢎ0ꢎꢅꢄ 3RWHꢉꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ

6<17+(6,6ꢄꢄ2)ꢄꢄꢆꢉ%(1=2</(7+<1</3<552/(6ꢄꢄ
ꢀꢁꢊꢊꢄ
ꢄ
ꢄ
NKLQꢅꢄ .ꢎ$ꢎꢅꢄ DQGꢄ )HGD\QLQꢅꢄ ,ꢎ9ꢎꢅꢄ Hrqryrr‰ꢁ 8‚€€ˆꢎꢅꢄ
ꢆꢇꢇꢊꢅꢄQRꢎꢄꢀꢊꢅꢄSꢎꢄꢆꢆꢋꢎꢄ
ꢄ
ꢁ
ꢀꢋꢋꢋꢅꢄSꢎꢄꢀꢊꢈꢆꢏꢄ9DNXO¶VND\Dꢅꢄ7ꢎ,ꢎꢅꢄ9‚p‡‚ꢀhyꢁꢆ8ur€ꢃꢇꢁ9v†ꢅ
†rꢀ‡h‡v‚ꢅꢄ,UNXWVNꢅꢄꢆꢇꢇꢂꢅꢄSꢎꢄꢆꢃꢊꢎꢄ
ꢄꢄꢋꢎꢄ 6WHSDQRYDꢅꢄ =ꢎ9ꢎꢅꢄ 6REHQLQDꢅꢄ /ꢎ1ꢎꢅꢄ 0LNKDOHYDꢅꢄ $ꢎ,ꢎꢅꢄ
ꢀꢁꢎꢄ :DJQHUꢅꢄ *ꢎꢄ DQGꢄ :XWULFKꢅꢄ .ꢎꢅꢄ Eꢃꢁ H‚yꢃꢁ 7v‚yꢎꢅꢄ ꢀꢋꢃꢆꢅꢄꢄ
ꢄ
ꢄ
ꢄ
8VKDNRYꢅꢄ ,ꢎ$ꢎꢅꢄ (ORNKLQDꢅꢄ 9ꢎ1ꢎꢅꢄ 9RURQWVRYꢅꢄ ,ꢎ,ꢎꢅꢄ $QWLꢉꢄ
SLQꢅꢄ 0ꢎ<Xꢎꢅꢄ DQGꢄ 7URILPRYꢅꢄ %ꢎ$ꢎꢅꢄ Sˆ††ꢃꢁ Eꢃꢁ Pꢀtꢃꢁ 8ur€ꢎꢅꢄ
ꢆꢇꢇꢁꢅꢄYROꢎꢄꢁꢋꢅꢄSꢎꢄꢀꢈꢁꢈꢎꢄ
ꢄ
ꢄ
ꢄ
YROꢎꢄ ꢀꢊꢊꢅꢄ Sꢎꢄ ꢁꢂꢑꢏꢄ 1DJD\DPDꢅꢄ .ꢎꢅꢄ $QLOꢉ.XPDUꢅꢄ :XWKꢉꢄ
ULFKꢅꢄ.ꢎꢅꢄDQGꢄ(UQVWꢅꢄ5ꢎ5ꢎꢅꢄEꢃꢁHhtꢃꢁSr†‚ꢎꢅꢄꢀꢋꢃꢇꢅꢄYROꢎꢄꢂꢇꢅꢄ
Sꢎꢄꢁꢆꢀꢎꢄ
ꢀꢇꢎꢄ 'QHSURYVNLLꢅꢄ $ꢎ6ꢎꢄ DQGꢄ 7HPQLNRYDꢅꢄ 7ꢎ,ꢎꢅꢄ Ur‚ꢀr‡vpur†xvrꢁ
ꢀꢂꢎꢄ %RGHQKDXVHQꢅꢄ *ꢎꢄ DQGꢄ 5XEHQꢅꢄ 'ꢎ-ꢎꢅꢄ 8ur€ꢃꢁ Qu’†ꢃꢁ Gr‡‡ꢎꢅꢄ
ꢁ
ꢄ
ꢄ
‚†‚‰’ꢁ ‚ꢀthvpur†x‚vꢁ xuv€vvꢄ ꢌ7KHRUHWLFDOꢄ )RXQGDWLRQVꢄ
RIꢄ 2UJDQLFꢄ &KHPLVWU\ꢍꢅꢄ /HQLQJUDGꢐꢄ .KLPL\Dꢅꢄ ꢀꢋꢑꢋꢅꢄꢄ
Sꢎꢄꢁꢊꢊꢎꢄ
ꢄ
ꢄ
ꢀꢋꢃꢇꢅꢄ YROꢎꢄ ꢈꢋꢅꢄ Sꢎꢄ ꢀꢃꢊꢏꢄ %D[ꢅꢄ $ꢎꢄ DQGꢄ 6XPPHUVꢅꢄ 0ꢎ)ꢎꢅꢄꢄ
Eꢃꢁ6€ꢃꢁ8ur€ꢃꢁT‚pꢎꢅꢄꢀꢋꢃꢈꢅꢄYROꢎꢄꢀꢇꢃꢅꢄSꢎꢄꢆꢇꢋꢁꢎꢄ
ꢀꢊꢎꢄ *RQ]DOH]ꢅꢄ )ꢎꢅꢄ 6DQVꢉ&HUYHUDꢅꢄ -ꢎ)ꢎꢅꢄ DQGꢄ :LOOLDPVꢅꢄ 5ꢎ0ꢎꢅꢄ
ꢀꢀꢎꢄ 1RUPDQꢅꢄ5ꢎ2ꢎ&ꢎꢄDQGꢄ&R[RQꢅꢄ-ꢎ0ꢎꢅꢄQꢀvpvƒyr†ꢁ‚sꢁPꢀthvpꢁ
ꢄ
ꢄ
ꢁ
ꢄ
Ur‡ꢀhurqꢀ‚ꢁ Gr‡‡ꢎꢅꢄ ꢀꢋꢋꢋꢅꢄ Sꢎꢄ ꢂꢊꢀꢋꢏꢄ 0LNKDOHYDꢅꢄ$ꢎ,ꢎꢄ DQGꢄ
6FKPLGWꢅꢄ (ꢎ<Xꢎꢅꢄ Tryrp‡rqꢁ Hr‡u‚q†ꢁ s‚ꢀꢁ T’‡ur†v†ꢁ hqꢁ
H‚qvsvph‡v‚ꢁ ‚sꢁ Cr‡rꢀ‚p’pyr†ꢅꢄ .DUWVHYꢅꢄ 9ꢎ*ꢎꢅꢄ (Gꢎꢅꢄ
0RVFRZꢐꢄ,%6ꢅꢄꢆꢇꢇꢆꢅꢄYROꢎꢄꢀꢅꢄSꢎꢄꢁꢁꢀꢎꢄ
ꢁ
T’‡ur†v†ꢅꢄ /RQGRQꢐꢄ %ODFNLHꢄ $FDGHPLFꢄ Uꢄ 3URIHVVLRQDOꢅꢄ
ꢄ
ꢀꢋꢋꢁꢅꢄꢁUGꢄHGꢎꢅꢄSꢎꢄꢋꢈꢎꢄ
ꢀꢆꢎꢄ 7URILPRYꢅꢄ %ꢎ$ꢎꢅꢄ 6WHSDQRYDꢅꢄ =ꢎ9ꢎꢅꢄ 6REHQLQDꢅꢄ /ꢎ1ꢎꢅꢄ
ꢄ
ꢄ
ꢁ
ꢄ
ꢄ
ꢄ
8VKDNRYꢅꢄ,ꢎ$ꢎꢅꢄ(ORNKLQDꢅꢄ9ꢎ1ꢎꢅꢄ0LNKDOHYDꢅꢄ$ꢎ,ꢎꢅꢄ9DNXO¶ꢉ
VND\Dꢅꢄ7ꢎ,ꢎꢅꢄDQGꢄ7RU\DVKLQRYDꢅꢄ'ꢎꢉ6ꢎ'ꢎꢅꢄHrqryrr‰ꢁ8‚€ꢅ
€ˆꢎꢅꢄ ꢀꢋꢋꢃꢅꢄ Sꢎꢄ ꢀꢀꢋꢏꢄ 7URILPRYꢅꢄ %ꢎ$ꢎꢅꢄ 6WHSDQRYDꢅꢄ =ꢎ9ꢎꢅꢄ
6REHQLQDꢅꢄ /ꢎ1ꢎꢅꢄ 0LNKDOHYDꢅꢄ $ꢎ,ꢎꢅꢄ 9DNXO¶VND\Dꢅꢄ 7ꢎ,ꢎꢅꢄ
(ORNKLQDꢅꢄ 9ꢎ1ꢎꢅꢄ 8VKDNRYꢅꢄ ,ꢎ$ꢎꢅꢄ 7RU\DVKLQRYDꢅꢄ 'ꢎꢉ6ꢎ'ꢎꢅꢄ
DQGꢄ .RVLWVLQDꢅꢄ (ꢎ,ꢎꢅꢄ D“‰ꢃꢁ S‚††ꢃꢁ6xhqꢃꢁ IhˆxꢂꢁTrꢀꢃꢁ Fuv€ꢎꢅꢄ
ꢀꢈꢎꢄ %UDQGVPDꢅꢄ /ꢎꢅꢄ Qꢀrƒhꢀh‡v‰rꢁ 6pr‡’yrvpꢁ 8ur€v†‡ꢀ’ꢅꢄ 1HZꢄ
<RUNꢐꢄ(OVHYLHUꢅꢄꢀꢋꢑꢀꢅꢄSꢎꢄꢋꢑꢎꢄ
ꢀꢑꢎꢄ 6WHSDQRYDꢅꢄ =ꢎ9ꢎꢅꢄ 6REHQLQDꢅꢄ /ꢎ1ꢎꢅꢄ 0LNKDOHYDꢅꢄ $ꢎ,ꢎꢅꢄ
ꢄ
ꢄ
ꢄ
8VKDNRYꢅꢄ,ꢎ$ꢎꢅꢄ(ORNKLQDꢅꢄ9ꢎ1ꢎꢅꢄ9RURQRYꢅꢄ9ꢎ.ꢎꢅꢄDQGꢄ7URILꢉ
PRYꢅꢄ%ꢎ$ꢎꢅꢄT’‡ur†v†ꢅꢄꢆꢇꢇꢂꢅꢄSꢎꢄꢆꢑꢁꢈꢎꢄ
5866,$1ꢄꢄ-2851$/ꢄꢄ2)ꢄꢄ25*$1,&ꢄꢄ&+(0,675<ꢄꢄꢄ9ROꢎꢄꢄꢂꢆꢄꢄꢄ1Rꢎꢄꢄꢋꢄꢄꢄꢆꢇꢇꢈꢄ