6<17+(6,6ꢂꢂ$1'ꢂꢂ6758&785(ꢂꢂ2)ꢂꢂ620(ꢂꢂ,0,'$=2/,',1(ꢈꢅꢈ7+,21(6ꢂ
ꢀꢀꢃꢂ
6FKHPH ꢁꢂ
6 ꢂ
& ꢂ
SUHVHQFHꢂRIꢂDꢂVXOIDQ\OꢂJURXSꢂLQꢂPROHFXOHVꢂ,±,,,ꢂLVꢂꢂ
DOVRꢂFRQILUPHGꢂE\ꢂWKHꢂ +ꢂ105ꢂVSHFWUDꢂUHFRUGHGꢂLQꢂ
' 2ꢂ ZKLFKꢂ FRQWDLQHGꢂ Dꢂ VLQJOHWꢂ LQꢂ WKHꢂ ꢂ UHJLRQꢂ ꢐꢊꢆꢑ±
ꢐꢊꢉꢐꢂSSPꢊꢂꢂ
1 ꢂ
1 ꢂ
7KHꢂ VWUXFWXUHꢂ RIꢂ FRPSRXQGVꢂ ,±,,,ꢂ ZDVꢂ ILQDOO\ꢂ
SURYHGꢂ E\ꢂ ;ꢈUD\ꢂ DQDO\VLVꢂ RIꢂ ꢀꢄꢇꢈGLPHWK\OLPLGD]Rꢈ
OLGLQHꢈꢅꢈWKLRQHꢂꢍ,,ꢎꢊꢂ7KHꢂVWUXFWXUHꢂRIꢂPROHFXOHꢂ,,ꢂLVꢂ
VKRZQꢂLQꢂILJXUHꢄꢂDQGꢂLWVꢂSULQFLSDOꢂJHRPHWULFꢂSDUDPHWHUVꢂ
DQGꢂFRRUGLQDWHVꢂRIꢂDWRPVꢂDUHꢂOLVWHGꢂLQꢂ7DEOHVꢂꢉꢂDQGꢂꢅꢊꢂ
7KHꢂERQGꢂOHQJWKVꢂDQGꢂERQGꢂDQGꢂWRUVLRQꢂDQJOHVꢂLQꢂPROHꢈ
FXOHꢂ,,ꢂDSSURDFKꢂWKHꢂFRUUHVSRQGLQJꢂVWDQGDUGꢂYDOXHVꢂ>ꢐ@ꢄꢂ
H[FHSWꢂIRUꢂWKHꢂ& ±1 ꢂDQGꢂ& ±1 ꢂERQGVꢊꢂ3UHVXPDEO\ꢄꢂ
WKHVHꢂERQGVꢂ DUHꢂVKRUWHQHGꢂ GXHꢂWRꢂ ꢂFRQMXJDWLRQꢂ
EHWZHHQꢂORQHꢂHOHFWURQꢂSDLUVꢂRQꢂWKHꢂQLWURJHQꢂDWRPVꢂDQGꢂ
WKHꢂ 6 & ꢂ GRXEOHꢂ ERQGꢊꢂ 7KHꢂ ILYHꢈPHPEHUHGꢂ ULQJꢂ
& 1 & & 1 ꢂLVꢂSODQDUꢂZLWKLQꢂꢆꢊꢆꢉꢁꢇꢂcꢊꢂ7KHꢂPHWK\Oꢂ
JURXSVꢂLQꢂSRVLWLRQVꢂꢈꢂDQGꢂꢉꢂRFFXS\ꢂD[LDOꢂSRVLWLRQVꢊꢂ
& ꢂ
& ꢂ
& ꢂ
& ꢂ
6WUXFWXUHꢂ RIꢂ WKHꢂ PROHFXOHꢂ RIꢂ ꢀꢄꢇꢈGLPHWK\OLPLGD]ROLGLQHꢈꢂ
ꢅꢈWKLRQHꢂꢍ,,ꢎꢂDFFRUGLQJꢂWRꢂWKHꢂ;ꢈUD\ꢂGLIIUDFWLRQꢂGDWDꢊꢂ
7KXVꢄꢂWKHꢂ ,5ꢂ DQGꢂ +ꢂ 105ꢂ VSHFWUDꢂDQGꢂ;ꢈUD\ꢂ GLIꢈ
IUDFWLRQꢂGDWDꢂLQGLFDWHGꢂWKDWꢂFRPSRXQGVꢂ,±,,,ꢂLQꢂFU\VWDOꢂ
KDYHꢂ WKLRQHꢂ VWUXFWXUHꢂDQGꢂWKDWꢂWDXWRPHULFꢂHTXLOLEULXPꢂ
EHWZHHQꢂWKHꢂWKLRQHꢂDQGꢂWKLROꢂWDXWRPHUVꢂLVꢂSRVVLEOHꢂLQꢂ
VROXWLRQꢊꢂ
,PLGD]ROLGLQHꢀꢁꢀWKLRQH ꢆ,ꢇꢂꢂ<LHOGꢂꢐꢊꢁꢂJꢂꢍꢃꢐ2ꢎꢂꢍDꢎꢄꢂ
ꢆꢊꢁꢂJꢂꢍꢁꢆ2ꢎꢂꢍEꢎꢄꢂPSꢂꢉꢃꢁ±ꢅꢆꢆ&ꢊꢂ,5ꢂVSHFWUXPꢄꢂ ꢄꢂFP ꢌꢂ
ꢉꢀꢑꢆꢂꢍ& 6ꢎꢄꢂꢃꢐꢑꢂꢍ1+±&ꢎꢊꢂ +ꢂ105ꢂVSHFWUXPꢂꢍ' 2ꢎꢄꢂ ꢄꢂ
SSPꢌꢂꢀꢊꢑꢆꢂPꢂꢍꢉ+ꢄꢂ1+ꢎꢄꢂꢐꢊꢆꢑꢂVꢂꢍꢉ+ꢄꢂ6+ꢎꢄꢂꢐꢊꢏꢆꢂPꢂꢍꢀ+ꢄꢂ
&+ ꢎꢊꢂ)RXQGꢄꢂ2ꢌꢂ&ꢂꢐꢇꢊꢐꢉꢋꢂ+ꢂꢇꢊꢁꢇꢋꢂ1ꢂꢅꢏꢊꢀꢏꢊꢂ& + 1 6ꢊꢂ
&DOFXODWHGꢄꢂ2ꢌꢂ&ꢂꢐꢇꢊꢅꢃꢋꢂ+ꢂꢇꢊꢁꢁꢋꢂ1ꢂꢅꢏꢊꢀꢇꢊꢂ
*HQHUDO SURFHGXUH IRU WKH V\QWKHVLV RI FRPꢀ
SRXQGV ,±,,,ꢂꢂDꢂꢂ$ꢂPL[WXUHꢂRIꢂꢆꢊꢆꢀꢂPROꢂRIꢂHWKDQHꢈꢉꢄꢅꢈ
GLDPLQHꢄꢂEXWDQHꢈꢅꢄꢐꢈGLDPLQHꢄꢂRUꢂEHQ]HQHꢈꢉꢄꢅꢈGLDPLQHꢄꢂ
ꢀꢊꢀꢁꢂJꢂꢍꢆꢊꢆꢁꢂPROꢎꢂRIꢂFDUERQꢂGLVXOIXGHꢄꢂDQGꢂꢀꢊꢅꢂJꢂꢂ
ꢍꢆꢊꢆꢁꢂPROꢎꢂRIꢂSRWDVVLXPꢂK\GUR[LGHꢂLQꢂꢑꢇꢂPOꢂRIꢂHWKDQROꢂ
ZDVꢂ KHDWHGꢂ RQꢂ Dꢂ ZDWHUꢂ EDWKꢂ IRUꢂ ꢐ±ꢀꢂ Kꢂ XQGHUꢂ UHIOX[ꢊꢂ
*ODFLDOꢂDFHWLFꢂDFLGꢄꢂꢏꢊꢅꢂJꢂꢍꢆꢊꢉꢅꢂPROꢎꢄꢂZDVꢂDGGHGꢄꢂDQGꢂ
WKHꢂVROXWLRQꢂZDVꢂHYDSRUDWHGꢂWRꢂGU\QHVVꢂXQGHUꢂUHGXFHGꢂ
SUHVVXUHꢊꢂ7KHꢂUHVLGXHꢂZDVꢂWUHDWHGꢂZLWKꢂꢅꢆꢆꢂPOꢂRIꢂ
ERLOLQJꢂꢅꢊꢇ2ꢂDTXHRXVꢂVRGLXPꢂK\GUR[LGHꢂFRQWDLQLQJꢂꢂ
DꢂIHZꢂGURSVꢂRIꢂDTXHRXVꢂVRGLXPꢂK\GURJHQꢂVXOILWHꢊꢂ7KHꢂ
VROXWLRQꢂZDVꢂFRROHGꢂDQGꢂDGMXVWHGꢂWRꢂDꢂZHDNO\ꢂDFLGLFꢂ
UHDFWLRQꢂE\ꢂDGGLQJꢂFRQFHQWUDWHGꢂK\GURFKORULFꢂDFLGꢊꢂ7KHꢂ
SUHFLSLWDWHꢂ ZDVꢂ ILOWHUHGꢂ RIIꢂ DQGꢂ UHFU\VWDOOL]HGꢂ IURPꢂ
DOFRKROꢊꢂ
7DEOH ꢄꢂꢂ%RQGꢂOHQJWKVꢂꢍGꢄꢂcꢎꢂDQGꢂERQGꢂꢍ ꢄꢂGHJꢎꢂDQGꢂWRUVLRQꢂ
DQJOHVꢂꢍ ꢄꢂGHJꢎꢂLQꢂWKHꢂPROHFXOHꢂRIꢂꢀꢄꢇꢈGLPHWK\OLPLGD]Rꢈ
OLGLQHꢈꢅꢈWKLRQHꢂꢍ,,ꢎꢂ
%RQGꢂ
Gꢄꢂcꢂ
%RQGꢂ
Gꢄꢂcꢂ
6 ±& ꢂ
1 ±& ꢂ
1 ±& ꢂ
ꢉꢊꢑꢃꢅꢍꢀꢎꢂ
ꢉꢊꢐꢆꢁꢍꢐꢎꢂ
ꢉꢊꢀꢏꢐꢍꢀꢎꢂ
& ±1 ꢂ
& ±& ꢂ
ꢉꢊꢐꢆꢁꢍꢐꢎꢂ
ꢉꢊꢇꢆꢀꢍꢇꢎꢂ
ꢉꢊꢇꢆꢃꢍꢑꢎꢂ
& ±& ꢂ
%RQGꢂDQJOHꢂ
ꢄꢂGHJꢂ
%RQGꢂDQJOHꢂ
ꢄꢂGHJꢂ
& 1 & ꢂ
1 & 1 ꢂ
1 & 6 ꢂ
1 & 6 ꢂ
ꢉꢉꢐꢊꢑꢍꢐꢎꢆꢆꢂ
ꢉꢆꢁꢊꢇꢍꢐꢎꢆꢆꢂ
ꢉꢅꢇꢊꢏꢑꢍꢉꢏꢎꢂ
ꢉꢅꢇꢊꢏꢑꢍꢉꢏꢎꢂ ꢂꢂ
1 & & ꢂ
1 & & ꢂ
& & & ꢂ
ꢉꢆꢃꢊꢇꢍꢐꢎꢆꢆꢂ
ꢉꢆꢅꢊꢆꢐꢍꢉꢑꢎꢂ
ꢉꢉꢃꢊꢑꢍꢐꢎꢆꢆꢂ
ꢂꢂ
Eꢂꢂ$ꢂ PL[WXUHꢂ RIꢂ ꢆꢊꢆꢉꢂ PROꢂ RIꢂ WKHꢂ FRUUHVSRQGLQJꢂ
GLDPLQHꢂDQGꢂꢅꢊꢁꢂJꢂꢍꢆꢊꢆꢇꢂPROꢎꢂRIꢂFDUERQꢂGLVXOILGHꢂLQꢂ
S\ULGLQHꢂZDVꢂKHDWHGꢂIRUꢂꢇꢂKꢂRQꢂDꢂZDWHUꢂEDWKꢊꢂ7KHꢂPL[ꢈ
WXUHꢂZDVꢂSRXUHGꢂLQWRꢂZDWHUꢂDQGꢂDFLGLILHGꢂZLWKꢂJODFLDOꢂ
DFHWLFꢂDFLGꢊꢂ7KHꢂSUHFLSLWDWHꢂZDVꢂILOWHUHGꢂRIIꢂDQGꢂUHFU\Vꢈ
WDOOL]HGꢂIURPꢂDOFRKROꢊꢂ
7RUVLRQꢂDQJOHꢂ
ꢄꢂGHJꢂ
7RUVLRQꢂDQJOHꢂ
ꢄꢂGHJꢂ
& 1 & 1 ꢂ
& 1 & 6 ꢂ
& 1 & & ꢂ
±ꢆꢆꢇꢊꢑꢍꢇꢎꢂ
& 1 & & ꢂ
& 1 & 1 ꢂ
±ꢐꢊꢐꢍꢐꢎꢂ
±ꢇꢊꢑꢍꢇꢎꢂ
ꢂꢂ
±ꢉꢏꢇꢊꢅꢍꢐꢎꢂ
±ꢉꢐꢉꢊꢆꢍꢀꢎꢂ ꢂꢂ
5866,$1ꢂꢂ-2851$/ꢂꢂ2)ꢂꢂ25*$1,&ꢂꢂ&+(0,675<ꢂꢂꢂ9ROꢊꢂꢂꢀꢅꢂꢂꢂ1Rꢊꢂꢂꢐꢂꢂꢂꢅꢆꢆꢑꢂ