Synthesis of 1-ethylpyrazole-4-carbaldehydes, 1,1′-methylenebis(3,5- dimethylpyrazole-4-carbaldehyde), and Schiff bases derived therefrom

Article abstract of DOI:10.1134/S1070428006040117

New pyrazole-containing aldehydes, 1-ethylpyrazole-4-carbaldehyde, 1-ethyl-3,5-dimethylpyrazole-4-carbaldehyde, and 1,1′-methylenebis(3,5- dimethylpyrazole-4-carbaldehyde), were synthesized by the Vilsmeier reaction. Their reactions with primary amines (a

Full text of DOI:10.1134/S1070428006040117

6\QWKHVLV RI ꢀꢁ(WK\OS\UD]ROHꢁꢂꢁFDUEDOGHK\GHVꢃ
ꢀꢃꢀꢄꢁ0HWK\OHQHELVꢅꢆꢃꢇꢁGLPHWK\OS\UD]ROHꢁꢂꢁFDUEDOGHK\GHꢈꢃ
DQG 6FKLII %DVHV 'HULYHG 7KHUHIURP
$ꢉ 6ꢉ 3RWDSRY ꢃ $ꢉ ,ꢉ .KOHEQLNRY ꢃ DQG 9ꢉ 'ꢉ 2JRURGQLNRY
ꢂ3RO]XQRYꢀ$OWDLꢀ6WDWHꢀ7HFKQLFDOꢀ8QLYHUVLW\ꢁꢀSUꢂꢀ/HQLQDꢀꢃꢄꢁꢀ%DUQDXOꢁꢀꢄꢅꢄꢆꢇꢇꢀ5XVVLDꢀꢀ
HꢈPDLOꢉꢀDLNKO#QPꢂUXꢀ
ꢂ,QVWLWXWHꢀRIꢀ3HWUROHXPꢀ&KHPLVWU\ꢁꢀ6LEHULDQꢀ'LYLVLRQꢁꢀ5XVVLDQꢀ$FDGHP\ꢀRIꢀ6FLHQFHVꢁꢀꢀ
SUꢂꢀ$NDGHPLFKHVNLLꢀꢊꢁꢀ7RPVNꢁꢀꢄꢊꢃꢆꢋꢌꢀ5XVVLDꢀꢀ
5HFHLYHGꢂ)HEUXDU\ꢂꢃꢄꢅꢂꢆꢁꢁꢀꢂ
$EVWUDFW²1HZꢂS\UD]ROHꢇFRQWDLQLQJꢂDOGHK\GHVꢅꢂꢃꢇHWK\OS\UD]ROHꢇꢄꢇFDUEDOGHK\GHꢅꢂꢃꢇHWK\OꢇꢈꢅꢀꢇGLPHWK\OS\UDꢇ
]ROHꢇꢄꢇFDUEDOGHK\GHꢅꢂDQGꢂꢃꢅꢃꢉꢇPHWK\OHQHELVꢊꢈꢅꢀꢇGLPHWK\OS\UD]ROHꢇꢄꢇFDUEDOGHK\GHꢋꢅꢂZHUHꢂV\QWKHVL]HGꢂE\ꢂWKHꢂ
9LOVPHLHUꢂ UHDFWLRQꢌꢂ 7KHLUꢂ UHDFWLRQVꢂ ZLWKꢂ SULPDU\ꢂ DPLQHVꢂ ꢊDQLOLQHꢅꢂ K\GUD]LQHꢅꢂ HWK\OHQHGLDPLQHꢅꢂ SꢇSKHQ\OHQHꢇ
GLDPLQHꢅꢂEHQ]LGLQHꢋꢂJDYHꢂWKHꢂFRUUHVSRQGLQJꢂ6FKLIIꢂEDVHVꢌꢂ
'2,ꢊꢂꢃꢁꢌꢃꢃꢈꢄꢒ6ꢃꢁꢏꢁꢄꢆꢐꢁꢁꢎꢁꢄꢁꢃꢃꢏꢂ
SUHYLRXVO\ꢂLQꢂWKHꢂ1ꢇDON\ODWLRQꢂRIꢂSKHQRWKLD]LQHꢅꢂSKHQꢇ
R[D]LQHꢂ>ꢀ@ꢅꢂLPLGD]ROHꢅꢂEHQ]LPLGD]ROHꢂ>ꢎ@ꢅꢂDQGꢂEHQ]Rꢇ
WULD]ROHꢂ>ꢏ@ꢌꢂ,WꢂZDVꢂDOVRꢂXWLOL]HGꢂWRꢂHIIHFWꢂGRXEOHꢂDON\ODꢇ
WLRQꢂRIꢂS\UD]ROHꢂGHULYDWLYHVꢂZLWKꢂPHWK\OHQHꢂEURPLGHꢂWRꢂ
REWDLQꢂELVꢊS\UD]ROꢇꢃꢇ\OꢋPHWKDQHVꢂ>ꢏ@ꢌꢂ
%LVꢊS\UD]ROꢇꢃꢇ\OꢋPHWKDQHꢂGHULYDWLYHVꢂDUHꢂNQRZQꢂWRꢂ
UHDGLO\ꢂIRUPꢂFRPSOH[HVꢂZLWKꢂPDQ\ꢂWUDQVLWLRQꢂPHWDOꢂ
LRQVꢂ>ꢃ@ꢂDQGꢂVRPHꢂPDLQꢂJURXSꢂHOHPHQWVꢂ>ꢆ@ꢌꢂ3RO\PHULFꢂ
FRPSRXQGVꢂSRVVHVVLQJꢂFKHODWLQJꢂIUDJPHQWVꢂLQꢂWKHꢂ
SULQFLSDOꢂ FKDLQꢂ DQGꢂ WKHLUꢂ PHWDOꢂ FRPSOH[HVꢂ ꢊPDFURꢇ
PROHFXODUꢂPHWDOꢂFKHODWHVꢋꢂDUHꢂZLGHO\ꢂXVHGꢂDVꢂVHOHFWLYHꢂ
LRQꢂH[FKDQJHUVꢂDQGꢂSRO\PHUꢇVXSSRUWHGꢂFDWDO\VWVꢂ>ꢈ@ꢍꢂ
WKHUHIRUHꢅꢂWKH\ꢂFRQVWLWXWHꢂDꢂIDLUO\ꢂLPSRUWDQWꢂFODVVꢂRIꢂ
KLJKꢇPROHFXODUꢂFRPSRXQGVꢌꢂ7DNLQJꢂLQWRꢂDFFRXQWꢂꢂ
DꢂYDULHW\ꢂRIꢂFRRUGLQDWLRQꢂFRPSRXQGVꢂFRQWDLQLQJꢂELVꢇ
ꢊS\UD]ROꢇꢃꢇ\OꢋPHWKDQHꢂ GHULYDWLYHVꢂ DVꢂ OLJDQGVꢅꢂ ZHꢂ EHꢇ
OLHYHGꢂ LWꢂ UHDVRQDEOHꢂ ꢊIURPꢂ ERWKꢂ WKHRUHWLFDOꢂ DQGꢂ SUDFꢇ
WLFDOꢂYLHZSRLQWVꢋꢂWRꢂLQVHUWꢂIUDJPHQWVꢂRIꢂVXFKꢂPROHFXOHVꢂ
LQWRꢂ Dꢂ SRO\PHULFꢂ FKDLQꢂ ZLWKꢂ Dꢂ YLHZꢂ WRꢂ REWDLQꢂ PDFURꢇ
PROHFXODUꢂFKHODWLQJꢂOLJDQGVꢌꢂ
7KHꢂDON\ODWLRQꢂLQꢂVXSHUEDVLFꢂPHGLXPꢂUHDGLO\ꢂRFꢇ
FXUUHGꢂDWꢂURRPꢂWHPSHUDWXUHꢂLQꢂꢆ±ꢈꢂKꢂWRꢂJLYHꢂꢃꢇHWK\Oꢇ
S\UD]ROHVꢂ,DꢂDQGꢂ,EꢂLQꢂKLJKꢂ\LHOGꢂꢊꢐꢑ±ꢑꢈ=ꢋꢌꢂ1ꢇ(WK\Oꢇ
S\UD]ROHꢂ ZDV ꢂ DOV Rꢂ V \QWKHV L]HGꢂ LQꢂ ꢑꢀ=ꢂ \LHOGꢂ XQGHUꢂ
FRQGLWLRQVꢂRIꢂSKDVHꢇWUDQVIHUꢂFDWDO\VLVꢂXVLQJꢂWKHꢂDON\ODWꢇ
LQJꢂDJHQWꢂꢊHWK\OꢂLRGLGHꢋꢂDVꢂRUJDQLFꢂSKDVHꢍꢂKRZHYHUꢅꢂꢂ
WKHꢂUHDFWLRQꢂWLPHꢂZDVꢂꢆꢄꢂKꢂDWꢂURRPꢂWHPSHUDWXUHꢂ>ꢐ@ꢌꢂꢂ
6FKHPH ꢀꢉ
,QꢂWKHꢂSUHVHQWꢂFRPPXQLFDWLRQꢂZHꢂUHSRUWꢂRQꢂWKHꢂV\Qꢇ
WKHVLVꢂ RIꢂ ꢃꢇHWK\OS\UD]ROHꢇꢄꢇFDUEDOGHK\GHꢂ DQGꢂ ꢃꢇHWK\Oꢇ
ꢈꢅꢀꢇGLPHWK\OS\UD]ROHꢇꢄꢇFDUEDOGHK\GHꢂ DVꢂ PRGHOꢂ FRPꢇ
SRXQGVꢂ DQGꢂ RIꢂ ꢃꢅꢃꢉꢇPHWK\OHQHELVꢊꢈꢅꢀꢇGLPHWK\OS\UDꢇ
]ROHꢇꢄꢇFDUEDOGHK\GHꢋꢂ ZLWKꢂ WKHꢂ JRDOꢂ RIꢂ HVWLPDWLQJꢂ WKHꢂ
SRV V LELOLW\ꢂ RIꢂ SUHSDULQJꢂ SRO\D]LQHV ꢂ DQGꢂ UHODWHGꢂ 6FKLIIꢂ
EDVHVꢅꢂSRO\DOGLPLQHVꢅꢂYLDꢂUHDFWLRQꢂRIꢂELVDOGHK\GHVꢂZLWKꢂ
K\GUD]LQHꢂRUꢂGLDPLQHVꢂ>ꢄ@ꢌꢂ
7KHꢂ LQLWLDOꢂ 1ꢇHWK\OS\UD]ROHVꢂ ZHUHꢂ V\QWKHVL]HGꢂ E\ꢂ
DON\ODWLRQꢂ RIꢂ S\UD]ROHꢂ DQGꢂ ꢈꢅꢀꢇGLPHWK\OS\UD]ROHꢂ ZLWKꢂ
HWK\OꢂEURPLGHꢂLQꢂWKHꢂVXSHUEDVLFꢂV\VWHPꢂ'062±.2+ꢂ
ꢊ6FKHPHꢂꢃꢋꢌꢂ7KLVꢂSURFHGXUHꢂZDVꢂVXFFHVVIXOO\ꢂXVHGꢂ
5ꢂ ꢂ+ꢂꢊDꢋꢅꢂ0HꢂꢊEꢋꢌꢂ
ꢀꢀꢁꢂ

6<17+(6,6ꢂꢂ2)ꢂꢂꢃꢇ(7+</3<5$=2/(ꢇꢄꢇ&$5%$/'(+<'(6ꢂ
ꢀꢀꢃꢂ
6FKHPH ꢆꢉ
1ꢇ(WK\OS\UD]ROHVꢂ,DꢂDQGꢂ,EꢂZHUHꢂVXEMHFWHGꢂWRꢂIRUP\ODꢇ
WLRQꢂDFFRUGLQJꢂWRꢂ9LOVPHLHUꢂDWꢂꢃꢁꢁƒ&ꢂꢊ6FKHPHꢂꢃꢋꢌꢂ7KLVꢂ
SURFHGXUHꢂ KDVꢂ DOUHDG\ꢂ EHHQꢂ DSSOLHGꢂ WRꢂ 1ꢇVXEVWLWXWHGꢂ
S\UD]ROHVꢅꢂEXWꢂWKHꢂSURGXFWꢂRIꢂIRUP\ODWLRQꢂRIꢂꢃꢇPHWK\Oꢇ
S\UD]ROHꢅꢂ ZKLFKꢂ LVꢂ VWUXFWXUDOO\ꢂ VLPLODUꢂ WRꢂ FRPSRXQGVꢂ
,,DꢂDQGꢂ,,EꢅꢂZDVꢂLVRODWHGꢂLQꢂRQO\ꢂꢈꢈ=ꢂ\LHOGꢂ>ꢑ@ꢌꢂ
$QꢂDOWHUQDWLYHꢂURXWHꢂWRꢂS\UD]ROHꢇꢄꢇFDUEDOGHK\GHVꢂ
LQFOXGHVꢂUHDFWLRQꢂ RIꢂ PHWKDQHWULFDUEDOGHK\GHꢂ ZLWKꢂꢂ
ꢃꢂHTXLYꢂRIꢂK\GUD]LQHꢌꢂ1ꢇ$ON\OK\GUD]LQHVꢂFRXOGꢂJLYHꢂ
ULVHꢂWRꢂ1ꢇVXEVWLWXWHGꢂS\UD]ROHVꢂ>ꢃꢁ@ꢌꢂ7KLVꢂPHWKRGꢂLVꢂ
FKDUDFWHUL]HGꢂE\ꢂKLJKHUꢂ\LHOGVꢂRIꢂWKHꢂWDUJHWꢂDOGHK\GHVꢅꢂ
DVꢂFRPSDUHGꢂWRꢂWKHꢂ9LOVPHLHUꢂUHDFWLRQꢌꢂ)RUꢂH[DPSOHꢅꢂꢂ
ꢃꢇPHWK\OS\UD]ROHꢇꢄꢇFDUEDOGHK\GHꢂZDVꢂWKXVꢂREWDLQHGꢂLQꢂ
ꢑꢀ=ꢂ \LHOGꢂ>ꢃꢁ@ꢌꢂ 5HDFWLRQVꢂ RIꢂ PHWKDQHWULFDUEDOGHK\GHꢂ
ZLWKꢂ ꢆꢂ HTXLYꢂ RIꢂ K\GUD]LQHꢂ OHDGꢂ WRꢂ IRUPDWLRQꢂ RIꢂ DOGHꢇ
K\GHꢂD]LQHVꢂRUꢂꢊZLWKꢂPRQRVXEVWLWXWHGꢂK\GUD]LQHꢂGHULYꢇ
DWLYHVꢋꢂWKHꢂFRUUHVSRQGLQJꢂ6FKLIIꢂEDVHVꢂ>ꢃꢁ@ꢌꢂ+RZHYHUꢅꢂ
ORZꢂDFFHVVLELOLW\ꢂRIꢂLQLWLDOꢂPHWKDQHWULFDUEDOGHK\GHꢂUHꢇ
VWULFWVꢂWKHꢂDSSOLFDWLRQꢂRIꢂWKLVꢂSURFHGXUHꢌꢂ
5ꢂ ꢂ+ꢂꢊDꢋꢅꢂ0HꢂꢊEꢋꢍꢂ9ꢅꢂ;ꢂ ꢂERQGꢍꢂ9,ꢅꢂ;ꢂ ꢂ&+ &+ ꢍꢂꢂ
9,,ꢅꢂ;ꢂ ꢂSꢇ& + ꢍꢂ9,,,ꢅꢂ;ꢂ ꢂSꢇ& + & + ꢇSꢉꢌꢂ
6FKLIIꢂEDVHVꢅꢂWKHꢂFRQGHQVDWLRQꢂRIꢂELVDOGHK\GHꢂ,9ꢂZLWKꢂ
DQLOLQHꢂꢊ6FKHPHꢂꢄꢋꢌꢂ,WꢂVKRXOGꢂEHꢂQRWHGꢂWKDWꢂWKLVꢂUHDFWLRQꢂ
LVꢂUHYHUVLEOHꢅꢂ DQGꢂ HTXLPRODUꢂ DPRXQWVꢂ RIꢂWKHꢂ UHDFWDQWVꢂ
JLYHꢂULVHꢂWRꢂHTXLOLEULXPꢂZLWKꢂWKHꢂFRQGHQVDWLRQꢂSURGXFWꢅꢂ
6FKLIIꢂEDVHꢂ,;ꢌꢂ7KHUHIRUHꢅꢂZHꢂXVHGꢂH[FHVVꢂDQLOLQHꢂDQGꢂ
DFLGꢂ FDWDO\V Wꢂ WRꢂ DWWDLQꢂ FRPSOHWHꢂ FRQYHUV LRQꢂ RIꢂ ELV ꢇ
DOGHK\GHꢂ,9ꢌꢂ8QGHUꢂWKHVHꢂFRQGLWLRQVꢅꢂꢎꢃ=ꢂRIꢂ,;ꢂZDVꢂ
REWDLQHGꢂLQꢂVHYHUDOꢂPLQXWHVꢂDWꢂURRPꢂWHPSHUDWXUHꢌꢂ
:Hꢂ LVRODWHGꢂ S\UD]ROHFDUEDOGHK\GHVꢂ,,Dꢂ DQGꢂ ,,Eꢂ LQꢂ
ꢏꢏꢂ DQGꢂ ꢎꢑ=ꢂ \LHOGꢅꢂ UHVSHFWLYHO\ꢌꢂ 3UHVXPDEO\ꢅꢂ LQꢂ WKHꢂ
HDUO\ꢂ VWXG\ꢂ >ꢑ@ꢂ WKHꢂ FRQYHUVLRQꢂ RIꢂ LQLWLDOꢂ 1ꢇDON\OS\UDꢇ
]ROHꢂZDVꢂLQFRPSOHWHꢓꢂWKHꢂUHDFWLRQꢂWLPHꢂZDVꢂDVꢂVKRUWꢂDVꢂ
ꢃꢂKꢌꢂ,QꢂWKHꢂUHDFWLRQVꢂZLWKꢂꢃꢇHWK\OS\UD]ROHVꢂ,DꢂDQGꢂ,Eꢅꢂꢂ
ꢎꢂWRꢂꢃꢈꢂKꢂZDVꢂQHFHVVDU\ꢂWRꢂDWWDLQꢂFRPSOHWHꢂFRQYHUVLRQꢂ
RIꢂWKHꢂVXEVWUDWHꢂꢊDFFRUGLQJꢂWRꢂWKHꢂ7/&ꢂGDWDꢋꢌꢂ)ROORZLQJꢂ
DQꢂDQDORJRXVꢂSURFHGXUHꢂEXWꢂXVLQJꢂꢆꢂHTXLYꢂRIꢂSKRVꢇ
SKRU\OꢂFKORULGHꢅꢂZHꢂSHUIRUPHGꢂIRUP\ODWLRQꢂRIꢂELVꢊꢈꢅꢀꢇ
GLPHWK\OS\UD]ROꢇꢃꢇ\OꢋPHWKDQHꢂꢊ,,,ꢋꢂDQGꢂREWDLQHGꢂꢐꢏ=ꢂ
RIꢂWKHꢂFRUUHVSRQGLQJꢂELVDOGHK\GHꢂ,9ꢂꢊ6FKHPHꢂꢆꢋꢌꢂꢂ
6FKHPH ꢂꢉ
7KHꢂVWUXFWXUHꢂRIꢂD]LQHVꢂ9ꢂDQGꢂ6FKLIIꢂEDVHVꢂ9,±9,,,ꢂ
ZDV ꢂ FRQILUPHGꢂ E\ꢂ ,5ꢂ DQGꢂ 105ꢂ V SHFWURV FRS\ꢂ DQGꢂ
HOHPHQWDOꢂDQDO\VLVꢌꢂ
$OGHK\GHꢂ ,,Eꢂ UHDGLO\ꢂ UHDFWHGꢂ ZLWKꢂ DFHWRQHꢂ LQꢂ WKHꢂ
SUHVHQFHꢂRIꢂVRGLXPꢂK\GUR[LGHꢂꢊ&ODLVHQ±6FKPLGWꢂUHDFꢇ
WLRQꢋꢂWRꢂJLYHꢂXQVDWXUDWHGꢂNHWRQHꢂ;ꢂꢊ6FKHPHꢂꢀꢋꢌꢂ7KHRꢇ
UHWLFDOO\ꢅꢂWKLVꢂFRQGHQVDWLRQꢂFRXOGꢂOHDGꢂWRꢂIRUPDWLRQꢂRIꢂ
WKUHHꢂLVRPHUVꢂ ZLWKꢂUHVSHFWꢂ WRꢂ WKHꢂ GRXEOHꢂ & &ꢂ ERQGVꢅꢂ
(ꢅ(ꢅꢂ=ꢅ=ꢅꢂDQGꢂ(ꢅ=ꢌꢂ7KHꢂ +ꢂ105ꢂVSHFWUXPꢂRIꢂWKHꢂFRQꢇ
GHQVDWLRQꢂSURGXFWꢂFRQWDLQHGꢂRQO\ꢂRQHꢂVLJQDOꢂIURPꢂHDFKꢂ
ROHILQLFꢂSURWRQꢍꢂDQDORJRXVꢂSDWWHUQꢂZDVꢂREVHUYHGꢂLQꢂWKHꢂ
&ꢂ105ꢂVSHFWUXPꢂIRUꢂWKHꢂGRXEOHꢇERQGHGꢂFDUERQꢂ
DWRPVꢌꢂ7KHVHꢂGDWDꢂLQGLFDWHꢂWKDWꢂRQO\ꢂRQHꢂV\PPHWULFꢂ
LVRPHUꢂLVꢂIRUPHGꢌꢂ7KHꢂYLFLQDOꢂFRXSOLQJꢂFRQVWDQWꢂIRUꢂWKHꢂ
ROHILQLFꢂSURWRQVꢂLVꢂHTXDOꢂWRꢂꢃꢀꢌꢑꢂ+]ꢍꢂWKLVꢂYDOXHꢂFRUUHꢇ
6FKHPH ꢋꢉ
6FKHPH ꢇꢉ
3\UD]ROHFDUEDOGHK\GHVꢂ,,DꢂDQGꢂ,,EꢂWXUQHGꢂRXWꢂWRꢂEHꢂ
IDLUO\ꢂ UHDFWLYHꢂ FRPSRXQGVꢅꢂ DQGꢂ WKH\ꢂ UHDGLO\ꢂ UHDFWHGꢂ
ZLWKꢂK\GUD]LQHꢂDQGꢂGLDPLQHVꢂHYHQꢂDWꢂURRPꢂWHPSHUDWXUHꢂ
WRꢂ JLYHꢂ WKHꢂ FRUUHVSRQGLQJꢂ FRQGHQVDWLRQꢂ SURGXFWVꢂ
ꢊD]LQHVꢂDQGꢂ6FKLIIꢂEDVHVꢋꢂ9±9,,,ꢂꢊ6FKHPHꢂꢈꢋꢌꢂ:HꢂDOVRꢂ
H[DPLQHGꢂDQRWKHUꢂPRGHOꢂRIꢂIRUPDWLRQꢂRIꢂSRO\PHULFꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢌꢂꢂꢄꢆꢂꢂꢂ1Rꢌꢂꢂꢄꢂꢂꢂꢆꢁꢁꢎꢂ

327$329ꢂꢂHWꢂDOꢌ
ꢀꢀꢆꢂ
VSRQGVꢂWRꢂ (ꢂFRQILJXUDWLRQꢂDWꢂWKHꢂGRXEOHꢂERQGꢌꢂ7KHUHꢇ
IRUHꢅꢂ FRPSRXQGꢂ ;ꢂ ZDV ꢂ DV VLJQHGꢂ(ꢅ(ꢂ FRQILJXUDWLRQꢌꢂ
3UHVXPDEO\ꢅꢂKLJKꢂVWHUHRVHOHFWLYLW\ꢂRIꢂWKHꢂFRQGHQVDWLRQꢂ
LVꢂGHWHUPLQHGꢂE\ꢂJUHDWHUꢂWKHUPRG\QDPLFꢂVWDELOLW\ꢂRIꢂ
WKHꢂ(ꢅ(ꢂLVRPHUꢂDVꢂFRPSDUHGꢂWRꢂ=ꢅ=ꢅꢂDQGꢂ(ꢅ=ꢌꢂ7KHꢂODWWHUꢂ
DUHꢂH[SHFWHGꢂWRꢂLQYROYHꢂFRQVLGHUDEOHꢂVWHULFꢂKLQGUDQFHVꢂ
GXHꢂWRꢂDSSURDFKꢂRIꢂWKHꢂS\UD]ROHꢂULQJVꢂWRꢂHDFKꢂRWKHUꢌꢂꢂ
,QꢂIDFWꢅꢂWKHꢂUHVXOWVꢂRIꢂ30ꢈꢂTXDQWXPꢇFKHPLFDOꢂFDOFXODꢇ
WLRQVꢂRIꢂWKHꢂHQWKDOSLHVꢂRIꢂIRUPDWLRQꢂRIꢂSRVVLEOHꢂLVRPHUVꢂ
ꢊ+\SHU&KHPŒꢂꢏꢌꢁꢂ>ꢃꢃ@ꢋꢂVKRZHGꢂWKDWꢂWKHꢂ(ꢅ(ꢂLVRPHUꢂLVꢂ
E\ꢂꢈꢆꢌꢎꢂN-ꢒPROꢂPRUHꢂVWDEOHꢂWKDQꢂWKHꢂ(ꢅ=ꢂLVRPHUꢂZKLFKꢂ
IROORZVꢂQH[WꢂLQꢂVWDELOLW\ꢌꢂ
ꢀꢁ(WK\Oꢁꢀ+ꢁS\UD]ROHꢁꢂꢁFDUEDOGHK\GH ꢅ,,Dꢈꢉꢂ3KRVꢇ
SKRU\OꢂFKORULGHꢅꢂꢀꢌꢁꢀꢂJꢂꢊꢈꢈꢂPPROꢋꢅꢂZDVꢂDGGHGꢂGURSꢇ
ZLVHꢂRYHUꢂDꢂSHULRGꢂRIꢂꢀꢂPLQꢂWRꢂDꢂPL[WXUHꢂRIꢂꢆꢌꢐꢐꢂJꢂꢂ
ꢊꢈꢁꢂPPROꢋꢂRIꢂFRPSRXQGꢂ,DꢂLQꢂꢀꢂPOꢂRIꢂ'0)ꢂRQꢂFRROLQJꢂ
ZLWKꢂDQꢂLFH±ZDWHUꢂPL[WXUHꢌꢂ7KHꢂPL[WXUHꢂZDVꢂKHDWHGꢂWRꢂ
ꢃꢁꢁƒ&ꢅꢂNHSWꢂIRUꢂꢃꢈꢂKꢂDWꢂWKDWꢂWHPSHUDWXUHꢅꢂFRROHGꢂWRꢂ
URRPꢂ WHPSHUDWXUHꢅꢂ DQGꢂ SRXUHGꢂ LQWRꢂ ꢀꢁꢂ POꢂ RIꢂ FROGꢂ
ZDWHUꢌꢂ$TXHRXVꢂVRGLXPꢂK\GUR[LGHꢂZDVꢂDGGHGꢂWRꢂS+ꢂꢄꢅꢂ
DQGꢂ WKHꢂ PL[WXUHꢂ ZDVꢂWUHDWHGꢂ ZLWKꢂFKORURIRUPꢂ ꢊꢀîꢂꢂ
ꢆꢁꢂPOꢋꢌꢂ7KHꢂH[WUDFWꢂZDVꢂGULHGꢂRYHUꢂVRGLXPꢂVXOIDWHꢅꢂDQGꢂ
WKHꢂVROYHQWꢂZDVꢂUHPRYHGꢂRQꢂDꢂURWDU\ꢂHYDSRUDWRUꢂDWꢂꢂ
Dꢂ UHVLGXDOꢂ SUHVVXUHꢂ RIꢂ ꢃꢁꢁꢂ PPꢌꢂ <LHOGꢂ ꢆꢌꢐꢏꢂ Jꢂ ꢊꢏꢏ=ꢋꢅꢂ
RLO\ꢂVXEVWDQFHꢅꢂESꢂꢄꢎ±ꢄꢐƒ&ꢂꢊꢀꢂPPꢋꢅꢂQ ꢂ ꢂꢃꢌꢀꢃꢐꢈꢌꢂ,5ꢂ
VSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢐꢁꢂꢊ& 2ꢋꢍꢂꢃꢀꢄꢁꢅꢂꢃꢄꢎꢁꢅꢂꢃꢈꢑꢁꢂ
ꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂ
ꢃꢌꢄꢏꢂWꢂꢊꢈ+ꢅꢂ&+ &+ ꢅꢂ-ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢄꢌꢆꢏꢂTꢂꢊꢆ+ꢅꢂ&+ &+ ꢅꢂꢂ
-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢑꢀꢂVꢂꢊꢃ+ꢅꢂꢈꢇ+ꢋꢅꢂꢐꢌꢈꢆꢂVꢂꢊꢃ+ꢅꢂꢀꢇ+ꢋꢅꢂꢑꢌꢐꢎꢂVꢂ
ꢊꢃ+ꢅꢂ&+2ꢋꢌꢂ &ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂ
ꢃꢀꢌꢏꢂꢊ&+ ꢋꢅꢂꢄꢐꢌꢃꢂꢊ&+ ꢋꢅꢂꢃꢆꢀꢌꢈꢂꢊ& ꢋꢅꢂꢃꢈꢄꢌꢃꢂꢊ& ꢋꢅꢂꢃꢄꢁꢌꢎꢂ
ꢊ& ꢋꢅꢂꢃꢐꢄꢌꢑꢂꢊ&+2ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂ&ꢂꢀꢏꢌꢏꢐꢍꢂ+ꢂꢎꢌꢎꢈꢍꢂ1ꢂꢆꢆꢌꢃꢃꢌꢂ
& + 1 2ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ&ꢌꢁꢀꢍꢂ+ꢂꢎꢌꢀꢁꢍꢂ1ꢂꢆꢆꢌꢀꢏꢌꢂ
(;3(5,0(17$/ꢂ
7KHꢂ105ꢂVSHFWUDꢂZHUHꢂUHFRUGHGꢂRQꢂ%UXNHUꢂ'5;ꢇ
ꢀꢁꢁꢂ ꢊFRPSRXQGꢂ ,Dꢋꢂ DQGꢂ %UXNHUꢂ $9ꢇꢈꢁꢁꢂ LQVWUXPHQWVꢌꢂ
7KHꢂ,5ꢂVSHFWUDꢂZHUHꢂPHDVXUHGꢂRQꢂDꢂ6SHFRUGꢂVSHFWURPꢇ
HWHUꢂIURPꢂVDPSOHVꢂSUHSDUHGꢂDVꢂ.%UꢂSHOOHWVꢂꢊVROLGꢂVXEꢇ
VWDQFHVꢋꢂRUꢂWKLQꢂILOPVꢂꢊꢁꢌꢃꢂPPꢅꢂOLTXLGVꢋꢌꢂ7KHꢂSURJUHVVꢂ
RIꢂUHDFWLRQVꢂDQGꢂWKHꢂSXULW\ꢂRIꢂSURGXFWVꢂZHUHꢂPRQLWRUHGꢂ
E\ꢂ7/&ꢂRQꢂ6LOXIROꢂSODWHVꢂXVLQJꢂKH[DQH±DFHWRQHꢂꢊꢃꢓꢃꢋꢂ
DVꢂHOXHQWꢍꢂFKURPDWRJUDPVꢂZHUHꢂGHYHORSHGꢂE\ꢂWUHDWPHQWꢂ
ZLWKꢂ LRGLQHꢂ YDSRUꢂ RUꢂ Dꢂ VROXWLRQꢂ RIꢂ ꢆꢅꢄꢇGLQLWURSKHQ\Oꢇ
K\GUD]LQHꢌꢂ
ꢀꢁ(WK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROHꢁꢂꢁFDUEDOGHꢁ
K\GH ꢅ,,Eꢈꢂ ZDV ꢂ V \QWKHV L]HGꢂ LQꢂ Dꢂ V LPLODUꢂ ZD\ꢂ IURPꢂꢂ
ꢎꢌꢆꢁꢂ Jꢂ ꢊꢀꢁꢂ PPROꢋꢂ RIꢂ FRPSRXQGꢂ,Eꢂ DQGꢂ ꢐꢌꢄꢆꢂ Jꢂꢂ
ꢊꢀꢀꢂPPROꢋꢂRIꢂ32&O ꢂꢊUHDFWLRQꢂWLPHꢂꢎꢌꢀꢂKꢋꢌꢂ<LHOGꢂꢎꢑ=ꢅꢂ
ESꢂꢃꢄꢆƒ&ꢂꢊꢈꢁꢂPPꢋꢅꢂQ ꢂ ꢂꢃꢌꢀꢃꢆꢁꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂ
ꢃꢎꢎꢁꢂ ꢊ& 2ꢋꢍꢂ ꢃꢀꢄꢁꢅꢂ ꢃꢄꢐꢀꢅꢂ ꢃꢈꢏꢁꢂ ꢊS\UD]ROHꢋꢌꢂ +ꢂ 105ꢂ
ꢀꢁ(WK\Oꢁꢀ+ꢁS\UD]ROH ꢅ,Dꢈꢉꢂ 3RZGHUHGꢂ SRWDVVLXPꢂ
K\GUR[LGHꢅꢂꢀꢌꢁꢄꢂJꢂꢊꢑꢁꢂPPROꢋꢅꢂZDVꢂDGGHGꢂWRꢂDꢂVROXWLRQꢂ
RIꢂꢄꢌꢁꢐꢂJꢂꢊꢎꢁꢂPPROꢋꢂRIꢂS\UD]ROHꢂLQꢂꢈꢁꢂPOꢂRIꢂ'062ꢌꢂ
7KHꢂUHVXOWLQJꢂ V XV SHQV LRQꢂZDV ꢂ V WLUUHGꢂ IRUꢂ ꢃꢂ Kꢂ DWꢂ ꢐꢁƒ&ꢂ VSHFWUXPꢂ ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂ SSPꢓꢂ ꢃꢌꢈꢆꢂ Wꢂ ꢊꢈ+ꢅꢂ &+ &+ ꢅꢀꢀ
DQGꢂFRROHGꢂWRꢂURRPꢂWHPSHUDWXUHꢅꢂDQGꢂꢎꢌꢀꢄꢂJꢂꢊꢎꢁꢂPPROꢋꢂ -ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢆꢌꢈꢃꢂVꢂꢊꢈ+ꢅꢂꢈꢇ&+ ꢋꢅꢂꢆꢌꢄꢑꢂVꢂꢊꢈ+ꢅꢂꢀꢇ&+ ꢋꢅꢂ
RIꢂHWK\OꢂEURPLGHꢂLQꢂꢃꢁꢂPOꢂRIꢂ'062ꢂZDVꢂDGGHGꢂRYHUꢂꢂ
DꢂSHULRGꢂRIꢂꢃꢂKꢂDWꢂꢆꢁƒ&ꢌꢂ7KHꢂPL[WXUHꢂZDVꢂWKHQꢂVWLUUHGꢂ
IRUꢂꢈꢂKꢂꢊ7/&ꢋꢅꢂSRXUHGꢂLQWRꢂꢃꢀꢁꢂPOꢂRIꢂZDWHUꢅꢂDQGꢂWUHDWHGꢂ
ZLWKꢂFKORURIRUPꢂꢊꢀîꢆꢁꢂPOꢋꢌꢂ7KHꢂH[WUDFWꢂZDVꢂZDVKHGꢂ
ZLWKꢂꢈꢁꢂPOꢂRIꢂZDWHUꢅꢂGULHGꢂRYHUꢂVRGLXPꢂVXOIDWHꢅꢂDQGꢂ
GLVWLOOHGꢂXQGHUꢂDWPRVSKHULFꢂSUHVVXUHꢌꢂ<LHOGꢂꢀꢌꢈꢈꢂJꢂ
ꢊꢑꢈ=ꢋꢅꢂFRORUOHVVꢂOLTXLGꢅꢂESꢂꢃꢆꢈ±ꢃꢆꢎƒ&ꢅꢂ Q ꢂ ꢂꢃꢌꢄꢏꢁꢁꢌꢂ
,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢀꢃꢁꢅꢂꢃꢄꢄꢁꢅꢂꢃꢄꢁꢁꢂꢊS\UD]ROHꢂ
>ꢃꢆ@ꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂꢊ&'&O ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢈꢏꢂWꢂꢊꢈ+ꢅꢂ
&+ &+ ꢅꢀ -ꢂ ꢂ ꢏꢌꢀꢂ +]ꢋꢅꢂ ꢄꢌꢏꢄꢂ Tꢂ ꢊꢆ+ꢅꢂ &+ &+ ꢅꢂ -ꢂ ꢂꢂ
ꢏꢌꢀꢂ+]ꢋꢅꢂꢎꢌꢃꢆꢂWꢂꢊꢃ+ꢅꢂꢄꢇ+ꢅꢀ-ꢂ ꢂꢆꢂ+]ꢋꢅꢂꢏꢌꢆꢑꢂGꢂꢊꢃ+ꢅꢂꢈꢇ+ꢅꢀꢀ
-ꢂ ꢂꢆꢂ+]ꢋꢅꢂꢏꢌꢈꢏꢂGꢂꢊꢃ+ꢅꢂꢀꢇ+ꢅꢀ-ꢂ ꢂꢆꢂ+]ꢋꢌꢂ
ꢄꢌꢁꢈꢂTꢂꢊꢆ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢑꢌꢐꢀꢂVꢂꢊꢃ+ꢅꢂ&+2ꢋꢌꢂ
&ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢑꢌꢏꢂꢊꢈꢇ&+ ꢋꢅꢂ
ꢃꢆꢌꢑꢂꢊꢀꢇ&+ ꢋꢅꢂꢃꢀꢌꢈꢂꢊ&+ ꢋꢅꢂꢄꢄꢌꢁꢂꢊ&+ ꢋꢅꢂꢃꢃꢐꢌꢏꢂꢊ& ꢋꢅꢂ
ꢃꢄꢄꢌꢎꢂꢊ& ꢋꢅꢂꢃꢀꢁꢌꢀꢂꢊ& ꢋꢅꢂꢃꢐꢄꢌꢈꢂꢊ& 2ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂꢂ
&ꢂꢎꢆꢌꢀꢐꢍꢂ+ꢂꢏꢌꢀꢁꢍꢂ1ꢂꢃꢐꢌꢃꢆꢌꢂ& + 1 2ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ
&ꢂꢎꢈꢌꢃꢈꢍꢂ+ꢂꢏꢌꢑꢀꢍꢂ1ꢂꢃꢐꢌꢄꢃꢌꢂ
ꢀꢃꢀꢄꢁ0HWK\OHQHELVꢅꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROHꢁꢂꢁ
FDUEDOGHK\GHꢈ ꢅ,9ꢈꢂZDVꢂV\QWKHVL]HGꢂLQꢂDꢂVLPLODUꢂZD\ꢂ
IURPꢂꢀꢌꢃꢁꢂJꢂꢊꢆꢀꢂPPROꢋꢂRIꢂFRPSRXQGꢂ,,,ꢂ>ꢏ@ꢂDQGꢂꢐꢌꢄꢃꢂJꢂ
ꢊꢀꢀꢂPPROꢋꢂRIꢂ32&O ꢂꢊUHDFWLRQꢂWLPHꢂꢎꢂKꢋꢌꢂ<LHOGꢂꢐꢏ=ꢅꢂ
FRORUOHVVꢂFU\VWDOVꢅꢂPSꢂꢆꢐꢀƒ&ꢂꢊGHFRPSꢌꢅꢂIURPꢂEHQ]HQHꢋꢌꢂ
,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢐꢁꢂꢊ& 2ꢋꢍꢂꢃꢀꢀꢁꢅꢂꢃꢄꢐꢁꢅꢂꢃꢈꢑꢁꢂ
ꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂ
ꢆꢌꢈꢄꢂ V ꢂ ꢊꢎ+ꢅꢂ ꢈꢇ&+ ꢋꢅꢂ ꢆꢌꢐꢃꢂ Vꢂ ꢊꢎ+ꢅꢂ ꢀꢇ&+ ꢋꢅꢂ ꢎꢌꢈꢆꢂ Vꢂꢂ
ꢊꢆ+ꢅꢂ&+ ꢋꢅꢂꢑꢌꢑꢄꢂVꢂꢊꢆ+ꢅꢂ&+2ꢋꢌꢂ &ꢂ105ꢂVSHFWUXPꢂ
ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢁꢌꢆꢂꢊꢈꢇ&+ ꢋꢅꢂꢃꢈꢌꢃꢂꢊꢀꢇ&+ ꢋꢅꢂꢎꢁꢌꢁꢂ
ꢊ&+ ꢋꢅꢂꢃꢃꢑꢌꢈꢂꢊ& ꢋꢅꢂꢃꢄꢏꢌꢀꢂꢊ& ꢋꢅꢂꢃꢀꢃꢌꢎꢂꢊ& ꢋꢅꢂꢃꢐꢀꢌꢐꢂꢊ& 2ꢋꢌꢂ
)RXQGꢅꢂ=ꢓꢂ&ꢂꢎꢁꢌꢁꢁꢍꢂ+ꢂꢎꢌꢆꢄꢍꢂ1ꢂꢆꢃꢌꢎꢁꢌꢂ& + 1 2 ꢌꢂ&DOꢇ
FXODWHGꢅꢂ=ꢓꢂ&ꢌꢑꢑꢍꢂ+ꢂꢎꢌꢆꢁꢍꢂ1ꢂꢆꢃꢌꢀꢆꢌꢂ
ꢀꢁ(WK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROH ꢅ,Eꢈꢂ ZDV ꢂ V \Qꢇ
WKHVL]HGꢂLQꢂDꢂVLPLODUꢂZD\ꢂIURPꢂꢃꢆꢌꢁꢂJꢂꢊꢃꢆꢀꢌꢆꢂPPROꢋꢂRIꢂ
ꢈꢅꢀꢇGLPHWK\Oꢇꢃ+ꢇS\UD]ROHꢅꢂꢃꢈꢌꢎꢄꢂJꢂꢊꢃꢆꢀꢌꢆꢂPPROꢋꢂRIꢂ
HWK\OꢂEURPLGHꢅꢂDQGꢂꢃꢁꢌꢀꢆꢂJꢂꢊꢃꢐꢏꢌꢐꢂPPROꢋꢂRIꢂ.2+ꢌꢂ
<LHOGꢂꢃꢈꢌꢐꢐꢂJꢂꢊꢐꢑ=ꢋꢅꢂFRORUOHVVꢂOLTXLGꢅꢂESꢂꢃꢄꢁ±ꢃꢄꢆƒ&ꢅꢂ
Q ꢂ ꢂꢃꢌꢄꢏꢁꢆꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢀꢄꢀꢅꢂꢃꢄꢎꢀꢅꢂꢃꢈꢏꢀꢂ
ꢊS\UD]ROHꢋꢌꢂ +ꢂ 105ꢂ VSHFWUXPꢂ ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂ SSPꢓꢂ
ꢃꢌꢈꢄꢂWꢂꢊꢈ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢆꢌꢃꢀꢂVꢂꢊꢈ+ꢅꢂꢈꢇ&+ ꢋꢅꢂ
ꢆꢌꢆꢄꢂVꢂꢊꢈ+ꢅꢂꢀꢇ&+ ꢋꢅꢂꢈꢌꢑꢑꢂTꢂꢊꢆ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂ
ꢀꢌꢏꢏꢂVꢂꢊꢃ+ꢅꢂꢄꢇ+ꢋꢌꢂ
ꢀꢁ(WK\Oꢁꢀ+ꢁS\UD]ROHꢁꢂꢁFDUEDOGHK\GH D]LQH ꢅ9Dꢈꢉꢂ
+\GUD]LQHꢂVXOIDWHꢅꢂꢁꢌꢃꢈꢁꢂJꢂꢊꢃꢂPPROꢋꢅꢂZDVꢂDGGHGꢂWRꢂꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢌꢂꢂꢄꢆꢂꢂꢂ1Rꢌꢂꢂꢄꢂꢂꢂꢆꢁꢁꢎꢂ

6<17+(6,6ꢂꢂ2)ꢂꢂꢃꢇ(7+</3<5$=2/(ꢇꢄꢇ&$5%$/'(+<'(6ꢂ
ꢀꢀꢈꢂ
Dꢂ VROXWLRQꢂ RIꢂ ꢁꢌꢆꢄꢐꢂ Jꢂ ꢊꢆꢂ PPROꢋꢂ RIꢂ FRPSRXQGꢂ ,,Dꢂ LQꢂꢂ
1ꢁ1ꢀꢁ%LV>ꢅꢀꢁHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\OꢈPHWK\OLGHQH@ꢁ
ꢃꢂPOꢂRIꢂꢆꢀ=ꢂDTXHRXVꢂDPPRQLDꢌꢂ7KHꢂPL[WXUHꢂZDVꢂOHIWꢂ EHQ]HQHꢁꢀꢃꢂꢁGLDPLQH ꢅ9,,Dꢈꢉꢂ$ꢂVROXWLRQꢂRIꢂꢁꢌꢆꢄꢐꢂJꢂ
WRꢂVWDQGꢂIRUꢂꢃꢆꢂKꢂDWꢂURRPꢂWHPSHUDWXUHꢅꢂDQGꢂWKHꢂSUHFLSꢇ ꢊꢆꢂ PPROꢋꢂ RIꢂ FRPSRXQGꢂ ,,Dꢂ DQGꢂ ꢁꢌꢃꢁꢐꢂ Jꢂ ꢊꢃPPROꢋꢂ RIꢂꢂ
LWDWHꢂ ZDVꢂILOWHUHGꢂ RIIꢂ DQGꢂ ZDVKHGꢂ ZLWKꢂ ZDWHUꢌꢂ<LHOGꢂ SꢈSKHQ\OHQHGLDPLQHꢂ LQꢂꢃꢂPOꢂ RIꢂ GLR[DQHꢂ ZDVꢂ NHSWꢂIRUꢂꢂ
ꢁꢌꢆꢃꢁꢂJꢂꢊꢐꢎ=ꢋꢅꢂFRORUOHVVꢂFU\VWDOVꢅꢂPSꢂꢃꢁꢐ±ꢃꢁꢑƒ&ꢂ ꢈꢂKꢂDWꢂURRPꢂWHPSHUDWXUHꢌꢂ7KHꢂPL[WXUHꢂZDVꢂSRXUHGꢂLQWRꢂ
ꢊIURPꢂEHQ]HQH±KH[DQHꢅꢂꢃꢓꢃꢋꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂ ꢃꢀꢂPOꢂRIꢂZDWHUꢂDQGꢂWUHDWHGꢂZLWKꢂFKORURIRUPꢂꢊꢈîꢃꢁꢂPOꢋꢅꢂ
ꢃꢎꢆꢀꢂꢊ& 1ꢋꢍꢂꢃꢀꢈꢁꢅꢂꢃꢄꢄꢁꢅꢂꢃꢈꢏꢀꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂ WKHꢂ H[WUDFWꢂ ZDVꢂ GULHGꢂ RYHUꢂ VRGLXPꢂ VXOIDWHꢅꢂ DQGꢂ WKHꢂ
VSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢄꢐꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢀꢀ VROYHQWꢂ ZDVꢂ UHPRYHGꢂ WRꢂ REWDLQꢂ ꢁꢌꢈꢁꢎꢂ Jꢂ ꢊꢑꢎ=ꢋꢂ RIꢂꢂ
-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢄꢌꢆꢀꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢐꢄꢂVꢂ Dꢂ VROLGꢂ PDWHULDOꢂ ZKLFKꢂ ZDVꢂUHFU\VWDOOL]HGꢂIURPꢂ LVRꢇ
ꢊꢆ+ꢅꢂꢈꢇ+ꢋꢅꢂꢐꢌꢁꢐꢂVꢂꢊꢆ+ꢅꢂꢀꢇ+ꢋꢅꢂꢐꢌꢀꢆꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ SURS\OꢂDOFRKROꢌꢂ<LHOGꢂꢁꢌꢆꢆꢐꢂJꢂꢊꢏꢃ=ꢋꢅꢂOLJKWꢂ\HOORZꢂ
)RXQGꢅꢂ=ꢓꢂ&ꢂꢀꢐꢌꢎꢐꢍꢂ+ꢂꢎꢌꢏꢆꢍꢂ1ꢂꢈꢄꢌꢐꢐꢌꢂ& + 1 ꢌꢂ&DOꢇ
FXODWHGꢅꢂ=ꢓꢂ&ꢂꢀꢑꢌꢁꢁꢍꢂ+ꢂꢎꢌꢎꢁꢍꢂ1ꢌꢄꢁꢌꢂ
FU\VWDOVꢅꢂPSꢂꢃꢎꢎ±ꢃꢎꢏƒ&ꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢆꢁꢂ
ꢊ& 1ꢋꢍꢂꢃꢀꢀꢁꢅꢂꢃꢈꢎꢁꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂ
ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢄꢑꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂ
ꢄꢌꢆꢀꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢆꢃꢂVꢂꢊꢄ+ꢅꢂ+ ꢋꢅꢂ
ꢏꢌꢑꢃꢂVꢂꢊꢆ+ꢅꢂꢈꢇ+ꢋꢅꢂꢐꢌꢃꢎꢂVꢂꢊꢆ+ꢅꢂꢀꢇ+ꢋꢅꢂꢐꢌꢀꢃꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ
)RXQGꢅꢂ=ꢓꢂ&ꢂꢎꢏꢌꢀꢄꢍꢂ+ꢂꢎꢌꢁꢈꢍꢂ1ꢌꢑꢃꢌꢂ& + 1 ꢌꢂ&DOFXODWꢇ
HGꢅꢂ=ꢓꢂ&ꢂꢎꢏꢌꢄꢐꢍꢂ+ꢂꢎꢌꢆꢑꢍꢂ1ꢂꢆꢎꢌꢆꢈꢌ
ꢀꢁ(WK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROHꢁꢂꢁFDUEDOGHꢁ
K\GH D]LQH ꢅ9EꢈꢂZDVꢂV\QWKHVL]HGꢂLQꢂDꢂVLPLODUꢂZD\ꢂ
IURPꢂꢁꢌꢃꢀꢆꢂJꢂꢊꢃꢂPPROꢋꢂRIꢂDOGHK\GHꢂ,,EꢂDQGꢂꢁꢌꢁꢎꢀꢂJꢂ
ꢊꢁꢌꢀꢂPPROꢋꢂRIꢂK\GUD]LQHꢂVXOIDWHꢌꢂ<LHOGꢂꢑꢀ=ꢅꢂFRORUOHVVꢂ
FU\VWDOVꢅꢂPSꢂꢃꢏꢀ±ꢃꢏꢎƒ&ꢂꢊIURPꢂEHQ]HQHꢋꢌꢂ,5ꢂVSHFWUXPꢅꢂ
ꢅꢂ FP ꢓꢂꢃꢎꢆꢁꢂ ꢊ& 1ꢋꢍꢂ ꢃꢀꢈꢁꢅꢂ ꢃꢄꢑꢁꢅꢂ ꢃꢈꢎꢁꢂꢊS\UD]ROHꢋꢌꢂꢂ
+ꢂ 105ꢂ VSHFWUXPꢂ ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂ SSPꢓꢂ ꢃꢌꢄꢏꢂ Wꢂ ꢊꢎ+ꢅꢂ
&+ &+ ꢅꢂ-ꢂ ꢂꢎꢌꢑꢂ+]ꢋꢅꢂꢆꢌꢄꢐꢂVꢂꢊꢎ+ꢅꢂꢈꢇ&+ ꢋꢅꢂꢆꢌꢎꢈꢂVꢂꢊꢎ+ꢅꢂ
ꢀꢇ&+ ꢋꢅꢂꢄꢌꢃꢑꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢎꢌꢑꢂ+]ꢋꢅꢂꢐꢌꢎꢑꢂVꢂꢂ
ꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂ&ꢂꢎꢄꢌꢈꢑꢍꢂ+ꢂꢐꢌꢈꢐꢍꢂ1ꢂꢆꢏꢌꢏꢄꢌꢂ
& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ&ꢌꢑꢏꢍꢂ+ꢂꢐꢌꢁꢀꢍꢂ1ꢂꢆꢏꢌꢑꢏꢌꢂ
1ꢁ1ꢀꢁ%LV>ꢅꢀꢁHWK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\Oꢈꢁ
PHWK\OLGHQH@EHQ]HQHꢁꢀꢃꢂꢁGLDPLQH ꢅ9,,EꢈꢂZDVꢂV\Qꢇ
WKHVL]HGꢂ LQꢂ Dꢂ VLPLODUꢂ ZD\ꢂ IURPꢂ ꢁꢌꢎꢁꢐꢂ Jꢂ ꢊꢄꢂ PPROꢋꢂ RIꢂ
DOGHK\GHꢂ ,,Eꢂ DQGꢂ ꢁꢌꢆꢃꢎꢂ Jꢂ ꢊꢆꢂ PPROꢋꢂ RIꢂ SꢇSKHQ\OHQHꢇ
GLDPLQHꢌꢂ<LHOGꢂꢐꢎ=ꢅꢂPSꢂꢃꢏꢐ±ꢃꢏꢑƒ&ꢂꢊIURPꢂLꢇ3U2+±
+ 2ꢅꢂ ꢃꢓꢃꢋꢌꢂ ,5ꢂ VSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢆꢁꢂꢊ& 1ꢋꢍꢂꢃꢀꢀꢁꢅꢂ
ꢃꢄꢄꢀꢅꢂꢃꢈꢀꢀꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ
ꢅꢂSSPꢓꢂꢃꢌꢈꢏꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢎꢌꢑꢂ+]ꢋꢅꢂꢆꢌꢄꢆꢂVꢂꢊꢎ+ꢅꢂ
ꢈꢇ&+ ꢋꢅꢂꢆꢌꢀꢐꢂVꢂꢊꢎ+ꢅꢂꢀꢇ&+ ꢋꢅꢂꢄꢌꢁꢑꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂ
ꢎꢌꢑꢂ+]ꢋꢅꢂꢏꢌꢆꢁꢂVꢂꢊꢄ+ꢅꢂ+ ꢋꢅꢂꢐꢌꢀꢆꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ
=ꢓꢂ&ꢂꢎꢑꢌꢐꢈꢍꢂ+ꢂꢏꢌꢎꢄꢍꢂ1ꢂꢆꢆꢌꢀꢑꢌꢂ& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ
&ꢌꢃꢐꢍꢂ+ꢂꢏꢌꢀꢁꢍꢂ1ꢂꢆꢆꢌꢈꢆꢌꢂ
1ꢃ1ꢀꢁ%LV>ꢅꢀꢁHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\OꢈPHWK\OLGHQH@ꢁ
HWKDQHꢁꢀꢃꢋꢁGLDPLQH ꢅ9,Dꢈꢉꢂ$ꢂVROXWLRQꢂRIꢂꢁꢌꢆꢄꢐꢂJꢂꢂ
ꢊꢆꢂPPROꢋꢂRIꢂFRPSRXQGꢂ,,DꢂDQGꢂꢁꢌꢁꢏꢐꢂJꢂꢊꢃꢂPPROꢋꢂRIꢂ
HWK\OHQHGLDPLQHꢂPRQRK\GUDWHꢂLQꢂꢃꢂPOꢂRIꢂEHQ]HQHꢂZDVꢂ
NHSWꢂ IRUꢂ ꢆꢄꢂ Kꢂ DWꢂ URRPꢂ WHPSHUDWXUHꢌꢂ 7KHꢂ VROYHQWꢂ ZDVꢂ
UHPRYHGꢅꢂDQGꢂWKHꢂVROLGꢂUHVLGXHꢂZDVꢂUHFU\VWDOOL]HGꢂIURPꢂ
KH[DQH±WROXHQHꢅꢂ ꢃꢓꢃꢌꢂ <LHOGꢂ ꢁꢌꢃꢎꢑꢂ Jꢂ ꢊꢎꢆ=ꢋꢅꢂ FRORUOHVVꢂ
FU\VWDOVꢅꢂPSꢂꢏꢐ±ꢏꢑƒ&ꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢄꢀꢂ
ꢊ& 1ꢋꢍꢂ ꢃꢀꢀꢁꢅꢂ ꢃꢄꢄꢁꢅꢂ ꢃꢈꢐꢁꢂ ꢊS\UD]ROHꢋꢌꢂ +ꢂ 105ꢂ VSHFꢇ
WUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢄꢄꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂ
ꢏꢌꢆꢂ+]ꢋꢅꢂꢈꢌꢏꢆꢂVꢂꢊꢄ+ꢅꢂ&+ &+ ꢋꢅꢂꢄꢌꢃꢐꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢂꢂ
-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢏꢃꢂVꢂꢊꢆ+ꢅꢂꢈꢇ+ꢋꢅꢂꢏꢌꢑꢆꢂꢊꢆ+ꢅꢂꢀꢇ+ꢋꢅꢂꢐꢌꢆꢁꢂVꢂ
ꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂ&ꢌꢄꢑꢍꢂ+ꢂꢏꢌꢈꢏꢍꢂ1ꢂꢈꢃꢌꢁꢈꢌꢂ
& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ&ꢂꢎꢃꢌꢏꢄꢍꢂ+ꢂꢏꢌꢄꢁꢍꢂ1ꢂꢈꢁꢌꢐꢎꢌ
1ꢁ1ꢀꢁ%LV>ꢅꢀꢁHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\OꢈPHWK\OLGHQH@ꢁ
ELSKHQ\OꢁꢂꢃꢂꢄꢁGLDPLQH ꢅ9,,,Dꢈꢉꢂ$ꢂVROXWLRQꢂRIꢂꢁꢌꢆꢄꢐꢂJꢂ
ꢊꢆꢂPPROꢋꢂRIꢂFRPSRXQGꢂ,,DꢂDQGꢂꢁꢌꢃꢐꢄꢂJꢂꢊꢃꢂPPROꢋꢂRIꢂ
EHQ]LGLQHꢂ LQꢂ ꢃꢆꢂ POꢂ RIꢂ GLR[DQHꢂ ZDV ꢂ NHSWꢂ IRUꢂ ꢆꢄꢂ Kꢂ DWꢂ
URRPꢂWHPSHUDWXUHꢌꢂ7KHꢂPL[WXUHꢂZDVꢂSRXUHGꢂLQWRꢂꢐꢁꢂPOꢂ
RIꢂZDWHUꢅꢂDQGꢂWKHꢂSUHFLSLWDWHꢂZDVꢂILOWHUHGꢂRIIꢂDQGꢂGULHGꢌꢂ
<LHOGꢂ ꢁꢌꢈꢃꢀꢂ Jꢂ ꢊꢐꢁ=ꢋꢅꢂ PSꢂ ꢆꢃꢀ±ꢆꢃꢎƒ&ꢂ ꢊIURPꢂ KH[DQH±
WROXHQHꢅꢂꢃꢓꢃꢋꢌꢂ,5ꢂ VSHFWUXPꢅꢂ ꢅꢂ FP ꢓꢂ ꢃꢎꢆꢁꢂ ꢊ& 1ꢋꢍꢂꢃꢀꢐꢀꢂ
ꢊ& & ꢋꢍꢂꢃꢀꢄꢀꢅꢂꢃꢄꢄꢀꢅꢂꢃꢈꢐꢁꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFꢇ
WUXPꢂ ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂ SSPꢓꢂ ꢃꢌꢀꢃꢂ Wꢂ ꢊꢎ+ꢅꢂ &+ &+ ꢅꢀ -ꢂ ꢂꢂ
ꢏꢌꢆꢂ+]ꢋꢅꢂꢄꢌꢆꢐꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢆꢐꢂGꢂꢊꢄ+ꢅꢂ
ꢈꢇ+ ꢅꢀ-ꢂ ꢂꢐꢌꢃꢂ+]ꢋꢅꢂꢏꢌꢏꢃꢂGꢂꢊꢄ+ꢅꢂꢆꢇ+ ꢅꢀ-ꢂ ꢂꢐꢌꢃꢂ+]ꢋꢅꢂ
ꢏꢌꢑꢄꢂVꢂꢊꢆ+ꢅꢂꢈꢇ+ꢋꢅꢂꢐꢌꢃꢑꢂꢊꢆ+ꢅꢂꢀꢇ+ꢋꢅꢂꢐꢌꢀꢀꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ
)RXQGꢅꢂ=ꢓꢂ&ꢂꢏꢆꢌꢑꢑꢍꢂ+ꢂꢎꢌꢆꢄꢍꢂ1ꢂꢆꢃꢌꢈꢏꢌꢂ& + 1 ꢌꢂ&DOꢇ
FXODWHGꢅꢂ=ꢓꢂ&ꢂꢏꢆꢌꢏꢁꢍꢂ+ꢂꢎꢌꢃꢁꢍꢂ1ꢂꢆꢃꢌꢆꢁꢌ
1ꢁ1ꢀꢁ%LV>ꢅꢀꢁHWK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\Oꢈꢁ
PHWK\OLGHQH@HWKDQHꢁꢀꢃꢋꢁGLDPLQH ꢅ9,EꢈꢂZDVꢂV\Qꢇ
WKHVL]HGꢂLQꢂDꢂVLPLODUꢂZD\ꢂIURPꢂꢁꢌꢄꢀꢎꢂJꢂꢊꢈꢂPPROꢋꢂRIꢂ
DOGHK\GHꢂ ,,Eꢂ DQGꢂ ꢁꢌꢃꢃꢏꢂ Jꢂ ꢊꢃꢌꢀꢂ PPROꢋꢂ RIꢂ HWK\OHQHGLꢇ
DPLQHꢂPRQRK\GUDWHꢌꢂ<LHOGꢂꢏꢏ=ꢅꢂPSꢂꢃꢁꢃꢌꢀ±ꢃꢁꢆꢌꢀƒ&ꢂ
ꢊIURPꢂ KH[DQH±WROXHQHꢅꢂ ꢈꢓꢃꢋꢌꢂ ,5ꢂ VSHFWUXPꢅꢂ ꢅꢂ FP ꢓꢂ
ꢃꢎꢄꢁꢂꢊ& 1ꢋꢍꢂꢃꢀꢀꢁꢅꢂꢃꢄꢄꢁꢅꢂꢃꢈꢎꢀꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂ
VSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢈꢆꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢀꢀ
-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢆꢌꢆꢎꢂVꢂꢊꢎ+ꢅꢂꢈꢇ&+ ꢋꢅꢂꢆꢌꢄꢃꢂVꢂꢊꢎ+ꢅꢂꢀꢇ&+ ꢋꢅꢂ
ꢈꢌꢏꢈꢂ Vꢂꢊꢄ+ꢅꢂ &+ &+ ꢋꢅꢂꢄꢌꢁꢃꢂTꢂ ꢊꢄ+ꢅꢂ &+ &+ ꢅꢀ-ꢂ ꢂꢂ
ꢏꢌꢆꢂ+]ꢋꢅꢂꢐꢌꢆꢄꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂ&ꢌꢁꢑꢍꢂ+ꢂꢐꢌꢈꢏꢍꢂ
1ꢁ1ꢀꢁ%LV>ꢅꢀꢁHWK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\UD]ROꢁꢂꢁ\Oꢈꢁ
PHWK\OLGHQH@ELSKHQ\OꢁꢂꢃꢂꢄꢁGLDPLQH ꢅ9,,,EꢈꢂZDVꢂV\Qꢇ
WKHVL]HGꢂ LQꢂ Dꢂ VLPLODUꢂ ZD\ꢂ IURPꢂ ꢁꢌꢎꢁꢐꢂ Jꢂ ꢊꢄꢂ PPROꢋꢂ RIꢂ
DOGHK\GHꢂ,,EꢂDQGꢂꢁꢌꢈꢎꢐꢂJꢂꢊꢆꢂPPROꢋꢂRIꢂEHQ]LGLQHꢌꢂ<LHOGꢂ
1ꢂꢆꢀꢌꢄꢃꢌꢂ& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ&ꢂꢎꢀꢌꢐꢆꢍꢂ+ꢂꢐꢌꢀꢑꢍꢂꢂ ꢐꢁ=ꢅꢂPSꢂꢃꢐꢄꢌꢀ±ꢃꢐꢀƒ&ꢂꢊIURPꢂLꢇ3U2+ꢋꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂ
1ꢂꢆꢀꢌꢀꢑꢌꢂ FP ꢓꢂꢃꢎꢆꢀꢂꢊ& 1ꢋꢍꢂꢃꢎꢁꢁꢂꢊ& & ꢋꢍꢂꢃꢀꢄꢀꢅꢂꢃꢈꢀꢀꢂꢊS\UDꢇ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢌꢂꢂꢄꢆꢂꢂꢂ1Rꢌꢂꢂꢄꢂꢂꢂꢆꢁꢁꢎꢂ

327$329ꢂꢂHWꢂDOꢌ
ꢀꢀꢄꢂ
]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢈꢐꢂWꢂ
ꢊꢎ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢆꢌꢄꢄꢂVꢂꢊꢎ+ꢅꢂꢈꢇ&+ ꢋꢅꢂꢆꢌꢀꢑꢂVꢂ
&+ &+ ꢅꢀ -ꢂ ꢂ ꢎꢌꢑꢂ +]ꢋꢅꢂ ꢎꢌꢏꢑꢂ Gꢂ >ꢆ+ꢅꢂ +& &+&ꢊ2ꢋꢅꢂꢂ
-ꢂ ꢂꢃꢀꢌꢑꢂ+]@ꢅꢂꢏꢌꢎꢐꢂGꢂ>ꢆ+ꢅꢂ+& &+&ꢊ2ꢋꢅꢂ-ꢂ ꢂꢃꢀꢌꢑꢂ+]@ꢌꢂ
ꢊꢎ+ꢅꢂꢀꢇ&+ ꢋꢅꢂꢄꢌꢃꢃꢂTꢂꢊꢄ+ꢅꢂ&+ &+ ꢅꢂ-ꢂ ꢂꢏꢌꢆꢂ+]ꢋꢅꢂꢏꢌꢆꢏꢂGꢂ )RXQGꢅꢂ=ꢓꢂ&ꢂꢏꢁꢌꢁꢏꢍꢂ+ꢂꢏꢌꢑꢀꢍꢂ1ꢌꢆꢆꢌꢂ& + 1 2ꢌꢂ&DOꢇ
ꢊꢄ+ꢅꢂꢈꢇ+ ꢅꢀ-ꢂ ꢂꢎꢌꢑꢂ+]ꢋꢅꢂꢏꢌꢎꢏꢂGꢂꢊꢄ+ꢅꢂꢆꢇ+ ꢅꢀ-ꢂ ꢂꢂ
ꢎꢌꢑꢂ+]ꢋꢅꢂꢐꢌꢀꢄꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂ&ꢌꢏꢐꢍꢂ+ꢂꢏꢌꢄꢏꢍꢂ
1ꢌꢃꢀꢌꢂ& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂ&ꢂꢏꢄꢌꢈꢁꢍꢂ+ꢂꢏꢌꢃꢈꢍꢂ1ꢌꢀꢎꢌ
FXODWHGꢅꢂ=ꢓꢂ&ꢂꢎꢑꢌꢑꢃꢍꢂ+ꢌꢁꢈꢍꢂ1ꢂꢃꢏꢌꢃꢎꢌꢂ
5()(5(1&(6ꢂ
%LV>ꢆꢃꢇꢁGLPHWK\OꢁꢂꢁꢅSKHQ\OLPLQRPHWK\Oꢈꢁꢀ+ꢁ
S\UD]ROꢁꢀꢁ\O@PHWKDQH ꢅ,;ꢈꢉꢂ$QLOLQHꢅꢂꢆꢂPOꢂꢊꢆꢁꢂPPROꢋꢅꢂ
DQGꢂ FRQFHQWUDWHGꢂ K\GURFKORULFꢂ DFLGꢅꢂ ꢁꢌꢆꢂ POꢅꢂ ZHUHꢂDGꢇ
GHGꢂWRꢂDꢂVROXWLRQꢂRIꢂꢁꢌꢈꢁꢁꢂJꢂꢊꢃꢌꢃꢀꢂPPROꢋꢂRIꢂFRPSRXQGꢂ
,9ꢂ LQꢂ ꢆꢁꢂ POꢂ RIꢂ HWKDQROꢌꢂ $IWHUꢂ ꢀꢂ PLQꢅꢂ WKHꢂ FRORUOHVVꢂ
SUHFLSLWDWHꢂ ZDV ꢂILOWHUHGꢂRIIꢌꢂ <LHOGꢂ ꢁꢌꢆꢐꢈꢂ Jꢂ ꢊꢎꢃ=ꢋꢅꢂꢂ
PSꢂ ꢃꢀꢏ±ꢃꢀꢐƒ&ꢂ ꢊIURPꢂ KH[DQH±WROXHQHꢅꢂ ꢃꢓꢃꢋꢌꢂ7KHꢂILOWUDWHꢂ
ZDVꢂSRXUHGꢂLQWRꢂꢆꢁꢁꢂPOꢂRIꢂZDWHUꢂDQGꢂH[WUDFWHGꢂZLWKꢂ
FKORURIRUPꢂ ꢊꢄîꢃꢀꢂ POꢋꢅꢂ DQGꢂ WKHꢂ H[WUDFWꢂ ZDVꢂ HYDSRUDWHGꢂ
WRꢂLVRODWHꢂDQꢂDGGLWLRQDOꢂSRUWLRQꢂꢊꢁꢌꢃꢃꢁꢂJꢋꢂRIꢂFRPSRXQGꢂ
,;ꢌꢂ2YHUDOOꢂ\LHOGꢂꢐꢄ=ꢌꢂ,5ꢂVSHFWUXPꢅꢂ ꢅꢂFP ꢓꢂꢃꢎꢆꢁꢂ
ꢊ& 1ꢋꢍꢂꢃꢀꢐꢁꢂꢊ& & ꢋꢍꢂꢃꢀꢄꢀꢅꢂꢃꢄꢆꢁꢅꢂꢃꢈꢄꢀꢂꢊS\UD]ROHꢋꢌꢂ
+ꢂ 105ꢂ VSHFWUXPꢂ ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂ SSPꢓꢂ ꢆꢌꢄꢆꢂ Vꢂ ꢊꢎ+ꢅꢂꢂ
ꢈꢇ&+ ꢋꢅꢂꢆꢌꢐꢀꢂVꢂꢊꢎ+ꢅꢂꢀꢇ&+ ꢋꢅꢂꢎꢌꢈꢆꢂVꢂꢊꢆ+ꢅꢂ&+ ꢋꢅꢂꢏꢌꢃꢎ±
ꢏꢌꢈꢏꢂPꢂꢊꢃꢁ+ꢅꢂ+ ꢋꢅꢂꢐꢌꢄꢐꢂVꢂꢊꢆ+ꢅꢂ&+ 1ꢋꢌꢂ)RXQGꢅꢂ=ꢓꢂꢂ
&ꢂꢏꢈꢌꢈꢃꢍꢂ+ꢂꢎꢌꢃꢆꢍꢂ1ꢂꢆꢁꢌꢁꢐꢌꢂ& + 1 ꢌꢂ&DOFXODWHGꢅꢂ=ꢓꢂꢂ
&ꢂꢏꢈꢌꢃꢄꢍꢂ+ꢂꢎꢌꢈꢐꢍꢂ1ꢂꢆꢁꢌꢄꢏꢌꢂ
ꢂꢂꢃꢌꢂ 3HWWLQDULꢅꢂ&ꢌꢅꢂ0DUFKHWWLꢅꢂ )ꢌꢅꢂ&LQJRODQLꢅꢂ$ꢌꢅꢂ /HRQHVLꢅꢂ'ꢌꢅꢂ
ꢂ
ꢂ
ꢂ
ꢂ
&RODSLHWURꢅꢂ0ꢌꢅꢂDQGꢂ0DUJDGRQQDꢅꢂ6ꢌꢅꢂ3RO\KHGURQꢅꢂꢃꢑꢑꢐꢅꢂ
YROꢌꢂꢃꢏꢅꢂSꢌꢂꢄꢃꢄꢀꢍꢂ3HWWLQDULꢅꢂ&ꢌꢅꢂ&LQJRODQLꢅꢂ$ꢌꢅꢂ/REELDꢅꢂ*ꢌꢅꢂ
0DUFKHWWLꢅꢂ)ꢌꢅꢂ0DUWLQLꢅꢂ'ꢌꢅꢂ3HOOHLꢅꢂ0ꢌꢅꢂ3HWWLQDULꢅꢂ5ꢌꢅꢂDQGꢂ
6DQWLQLꢅꢂ&ꢌꢅꢂ3RO\KHGURQꢅꢂꢆꢁꢁꢄꢅꢂYROꢌꢂꢆꢈꢅꢂSꢌꢂꢄꢀꢃꢌꢂ
ꢂꢂꢆꢌꢂ 3HWWLQDULꢅꢂ &ꢌꢅꢂ /RUHQ]RWWLꢅꢂ$ꢌꢅꢂ 6FODYLꢅꢂ *ꢌꢅꢂ &LQJRODQLꢅꢂ$ꢌꢅꢂ
ꢂ
ꢂ
ꢂ
ꢂ
ꢂ
5LYDURODꢅꢂ (ꢌꢅꢂ &RODSLHWURꢅꢂ 0ꢌꢅꢂ DQGꢂ &DV V HWWDꢅꢂ $ꢌꢅꢂꢂ
-ꢂꢀ2UJDQRPHWꢂꢀ&KHPꢌꢅꢂꢃꢑꢑꢀꢅꢂYROꢌꢂꢄꢑꢎꢅꢂSꢌꢂꢎꢑꢍꢂ&KDLꢅꢂ-ꢌ)ꢌꢅꢂ
7DQJꢅꢂ /ꢌ)ꢌꢅꢂ -LDꢅꢂ :ꢌ/ꢌꢅꢂ :DQJꢅꢂ =ꢌ+ꢌꢅꢂ :DQJꢅꢂ -ꢌ7ꢌꢅꢂꢂ
/HQJꢅꢂ;ꢌ%ꢌꢅꢂDQGꢂ:DQJꢅꢂ+ꢌ*ꢌꢅꢂ3RO\KHGURQꢅꢂꢆꢁꢁꢃꢅꢂYROꢌꢂꢆꢁꢅꢂ
Sꢌꢂꢈꢆꢄꢑꢌꢂ
ꢂꢂꢈꢌꢂ 3RPRJDLORꢅꢂ $ꢌ'ꢌꢂ DQGꢂ 8IO\DQGꢅꢂ ,ꢌ(ꢌꢅꢂ 5RVꢂꢀ .KLPꢂꢀ =Kꢌꢅꢂ
ꢃꢑꢑꢎꢅꢂYROꢌꢂꢄꢁꢅꢂQRVꢌꢂꢄ±ꢀꢅꢂSꢌꢂꢀꢀꢌꢂ
ꢂꢂꢄꢌꢂ .KXKDZDUꢅꢂ 0ꢌ<ꢌꢅꢂ 0XJKDOꢅꢂ 0ꢌ$ꢌꢅꢂ DQGꢂ &KDQQDUꢅꢂ $ꢌ+ꢌꢅꢂ
(XUꢂꢀ3RO\Pꢂꢀ-ꢌꢅꢂꢆꢁꢁꢄꢅꢂYROꢌꢂꢄꢁꢅꢂSꢌꢂꢐꢁꢀꢌꢂꢂ
ꢂꢂꢀꢌꢂ .KOHEQLNRYꢅꢂ $ꢌ,ꢌꢅꢂ $QILQRJHQRYꢅꢂ 9ꢌ$ꢌꢅꢂ 5\EDO¶FKHQꢇꢂ
ꢂ
ꢂ
ꢂ
ꢀ
NRꢅꢂ 7ꢌ$ꢌꢅꢂ DQGꢂ )LOLPRQRYꢅꢂ 9ꢌ'ꢌꢅꢂ ,]Yꢂꢀ 9\VVKꢂꢀ 8FKHEQꢂꢀ
=DYHGꢂꢁꢀ6HUꢂꢀ.KLPꢂꢀ.KLPꢂꢀ7HNKQROꢌꢅꢂꢃꢑꢑꢎꢅꢂQRVꢌꢂꢃ±ꢆꢅꢂSꢌꢂꢈꢃꢌꢂ
ꢂꢂꢎꢌꢂ 6WDULNRYDꢅꢂ2ꢌ9ꢌꢅꢂ'ROJXVKLQꢅꢂ*ꢌ9ꢌꢅꢂ/DULQDꢅꢂ/ꢌ,ꢌꢅꢂ.RPDURꢇ
ꢅꢀ(ꢃꢂ(ꢈꢁꢀꢃꢇꢁ%LVꢅꢀꢁHWK\OꢁꢆꢃꢇꢁGLPHWK\Oꢁꢀ+ꢁS\Uꢁ
D]ROꢁꢂꢁ\OꢈSHQWDꢁꢀꢃꢂꢁGLHQꢁꢆꢁRQH ꢅ;ꢈꢉꢂ $ꢂ VROXWLRQꢂ RIꢂ
ꢁꢌꢑꢃꢆꢂ Jꢂ ꢊꢎꢌꢁꢂ PPROꢋꢂ RIꢂ FRPSRXQGꢂ ,,Eꢅꢂ ꢁꢌꢆꢆꢂ POꢂꢂ
ꢊꢈꢌꢁꢂPPROꢋꢂRIꢂDFHWRQHꢅꢂDQGꢂꢁꢌꢈꢎꢁꢂJꢂꢊꢑꢌꢁꢂPPROꢋꢂRIꢂ
VRGLXPꢂK\GUR[LGHꢂLQꢂDꢂPL[WXUHꢂRIꢂꢀꢂPOꢂRIꢂHWKDQROꢂDQGꢂ
ꢀꢂPOꢂRIꢂZDWHUꢂZDVꢂOHIWꢂWRꢂVWDQGꢂIRUꢂꢃꢆꢂKꢂDWꢂURRPꢂWHPꢇ
SHUDWXUHꢌꢂ7KHꢂPL[WXUHꢂZDVꢂGLOXWHGꢂZLWKꢂꢆꢁꢂPOꢂRIꢂZDWHUꢂ
DQGꢂ WUHDWHGꢂ ZLWKꢂ FKORURIRUPꢂ ꢊꢄîꢃꢀꢂ POꢋꢌꢂ 7KHꢂ VROYHQWꢂ
ZDVꢂUHPRYHGꢂIURPꢂWKHꢂH[WUDFWꢂWRꢂLVRODWHꢂꢁꢌꢏꢄꢏꢂJꢂꢊꢏꢎ=ꢋꢂ
RIꢂFRPSRXQGꢂ;ꢅꢂPSꢂꢃꢈꢏ±ꢃꢈꢏꢌꢀƒ&ꢂꢊIURPꢂLꢇ3U2+±+ 2ꢅꢂ
ꢃꢓꢃꢋꢌꢂ ,5ꢂ VSHFWUXPꢅꢂ ꢅꢂ FP ꢓꢂ ꢃꢎꢀꢁꢂ ꢊ& &ꢋꢍꢂ ꢃꢎꢆꢁꢂ ꢊ& 2ꢋꢓꢂ
ꢃꢀꢐꢁꢅꢂꢃꢄꢈꢀꢅꢂꢃꢈꢄꢀꢂꢊS\UD]ROHꢋꢌꢂ +ꢂ105ꢂVSHFWUXPꢂ
ꢊDFHWRQHꢇG ꢋꢅꢂ ꢅꢂSSPꢓꢂꢃꢌꢈꢐꢂWꢂꢊꢎ+ꢅꢂ&+ &+ ꢅꢀ-ꢂ ꢂꢎꢌꢑꢂ+]ꢋꢅꢂ
ꢆꢌꢈꢐꢂVꢂꢊꢎ+ꢅꢂꢈꢇ&+ ꢋꢅꢂꢆꢌꢄꢀꢂVꢂꢊꢎ+ꢅꢂꢀꢇ&+ ꢋꢅꢂꢄꢌꢃꢆꢂTꢂꢊꢄ+ꢅꢂ
ꢂ
ꢂ
YDꢅꢂ 7ꢌ1ꢌꢅꢂ DQGꢂ /RS\UHYꢅꢂ 9ꢌ$ꢌꢅꢂ $UNLYRFꢅꢂ ꢆꢁꢁꢈꢅꢂ SDUWꢂ ꢃꢈꢅꢂꢂ
Sꢌꢂꢃꢃꢑꢌꢂ
ꢂꢂꢏꢌꢂ 3RWDSRYꢅꢂ$ꢌ6ꢌꢂDQGꢂ.KOHEQLNRYꢅꢂ$ꢌ,ꢌꢅꢂ,]Yꢂꢀ9\VVKꢂꢀ8FKHEQꢂꢀ
=DYHGꢂꢁꢀ6HUꢂꢀ.KLPꢂꢀ.KLPꢂꢀ7HNKQROꢌꢅꢂꢆꢁꢁꢈꢅꢂQRꢌꢂꢏꢅꢂSꢌꢂꢎꢎꢌꢂꢂꢂ
ꢂꢂꢐꢌꢂ 'LH]ꢇ%DUUDꢅꢂ (ꢌꢅꢂ GHꢂ ODꢂ +R]ꢅꢂ$ꢌꢅꢂ 6iQFKH]ꢇ0LJDOOyQꢅꢂ DQGꢂ
7HMHGDꢅꢂ-ꢌꢅꢂ6\QWKꢂꢀ&RPPXQꢌꢅꢂꢃꢑꢑꢁꢅꢂYROꢌꢂꢆꢁꢅꢂSꢌꢂꢆꢐꢄꢑꢌꢂꢂ
ꢀ
ꢂ
ꢂꢂꢑꢌꢂ )LQDUꢅꢂ,ꢌ/ꢌꢂDQGꢂ/RUGꢅꢂ*ꢌ+ꢌꢅꢂ-ꢂꢀ&KHPꢂꢀ6RFꢌꢅꢂꢃꢑꢀꢏꢅꢂSꢌꢂꢈꢈꢃꢄꢌꢂꢂ
ꢃꢁꢌꢂ 7DNDJLꢅꢂ .ꢌꢅꢂ %DMQDWLꢅꢂ $ꢌꢅꢂ DQGꢂ +XEHUWꢇ+DEDUWꢅꢂ 0ꢌꢅꢂ %XOOꢂꢀ
ꢀ
6RFꢂꢀ&KLPꢂꢀ)UꢌꢅꢂꢃꢑꢑꢁꢅꢂSꢌꢂꢎꢎꢁꢌꢂꢂ
ꢃꢃꢌꢂ +\SHU&KHPꢀ &RPSXWDWLRQDOꢀ &KHPLVWU\ꢉꢀ 0ROHFXODUꢀ
ꢀ
9LVXDOL]DWLRQꢀDQGꢀ6LPXODWLRQꢀꢍ5HOHDVHꢀꢎꢀIRUꢀ:LQGRZVꢏꢅꢂ
ꢂ
+\SHUFXEHꢅꢂ&DQDGDꢅꢂꢆꢁꢁꢆꢌꢂ
ꢃꢆꢌꢂ 3K\VLFDOꢀ 0HWKRGVꢀ LQꢀ +HWHURF\FOLFꢀ &KHPLVWU\ꢅꢂ .DWꢇꢂ
ULW]N\ꢅꢂ$ꢌ5ꢌꢅꢂ(Gꢌꢅꢂ1HZꢂ<RUNꢓꢂ$FDGHPLFꢅꢂꢃꢑꢎꢈꢌꢂ
ꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢌꢂꢂꢄꢆꢂꢂꢂ1Rꢌꢂꢂꢄꢂꢂꢂꢆꢁꢁꢎꢂ