ꢀ
ꢁꢀꢃ
*$/$1,1ꢃꢃHWꢃDOꢋꢃ
ꢂꢁꢃPLQꢆꢃWKHꢃSUHFLSLWDWHꢃZDVꢃILOWHUHGꢃRIIꢆꢃZDVKHGꢃZLWKꢃ
ꢅ! ꢄ& ꢄ ! ꢄ & ꢀUrꢁhurꢀ$ꢄ ꢇꢄ $ꢄ!ꢇꢀ
ꢌꢅꢁꢃPOꢃRIꢃZDWHUꢆꢃDQGꢃGULHGꢋꢃ<LHOGꢃꢂꢋꢅꢃJꢃꢉꢍꢄꢓꢊꢆꢃZKLWHꢃ rꢁhuryrꢁhirꢁuꢁvhꢆvpꢅDDꢆꢂ ꢅDDꢆꢃꢃꢃ
SRZGHUꢆꢃPSꢃꢌꢌꢄ±ꢌꢌꢂ&ꢋꢃ&RPSRXQGꢃWDDꢃLVꢃUHDGLO\ꢃ $ꢃPL[WXUHꢃRIꢃꢌꢋꢄꢃJꢃꢉꢅꢃPPROꢊꢃRIꢃLPLGHꢃDWꢆꢃꢄꢋꢄꢃJꢃꢃ
VROXEOHꢃLQꢃ'0)ꢆꢃ'062ꢆꢃDQGꢃDFHWRQHꢃDQGꢃVSDULQJO\ꢃ ꢉꢌꢀꢃPPROꢊꢃRIꢃEHQ]RLFꢃDFLGꢃWꢆꢃDQGꢃꢁꢋꢀꢃJꢃꢉꢏꢃPPROꢊꢃRIꢃ
VROXEOHꢃLQꢃKRWꢃZDWHUꢋꢃ,5ꢃVSHFWUXPꢆꢃ ꢆꢃFP ꢒꢃꢂꢄꢁꢁꢃꢃ ]LQFꢉ,,ꢊꢃR[LGHꢃZDVꢃKHDWHGꢃIRUꢃꢂꢁꢃPLQꢃDWꢃꢄꢇꢁ&ꢎꢃWKHꢃ
ꢉ1±+ꢊꢆꢃꢄꢍꢂꢀꢃꢉ&±+ꢊꢆꢃꢌꢏꢀꢄꢃꢉ& 2ꢊꢆꢃꢌꢁꢇꢂꢃꢉ&±2ꢊꢋꢃ +ꢃ105ꢃ WHPSHUDWXUHꢃZDVꢃWKHQꢃUDLVHGꢃWRꢃꢂꢅꢁ&ꢆꢃDQGꢃWKHꢃPL[WXUHꢃ
VSHFWUXPꢃꢉ&'&Oꢊꢆꢃ ꢆꢃSSPꢒꢃꢌꢁꢋꢇꢀꢃVꢃꢉꢌ+ꢊꢆꢃꢏꢋꢍꢇ±ꢏꢋꢀꢐꢃPꢃ ZDVꢃNHSWꢃIRUꢃDQꢃDGGLWLRQDOꢃꢂꢁꢃPLQꢃDWꢃWKDWꢃWHPSHUDWXUHꢋꢃ
ꢉꢂ+ꢊꢆꢃꢏꢋꢂꢅ±ꢏꢋꢌꢅꢃPꢃꢉꢅ+ꢊꢋꢃ)RXQGꢆꢃꢓꢒꢃ1ꢃꢅꢋꢏꢏꢋꢃ& +12ꢋꢃ 7KHꢃUHVXOWLQJꢃPHOWꢃZDVꢃFRROHGꢆꢃSRXQGHGꢆꢃDQGꢃH[WUDFWHGꢃ
&
DOFXODWHGꢆꢃꢓꢒꢃ1ꢃꢅꢋꢐꢅꢋꢃꢃ
ZLWKꢃFKORURIRUPꢃLQꢃDꢃ6R[KOHWꢃDSSDUDWXVꢋꢃ7KHꢃH[WUDFWꢃ
ZDVꢃHYDSRUDWHGꢃWRꢃGU\QHVVꢆꢃWKHꢃUHVLGXHꢃꢉDꢃGDUNꢃJUHHQꢃ
SRZGHUꢊꢃZDVꢃGLVVROYHGꢃLQꢃEHQ]HQHꢆꢃDQGꢃWKHꢃVROXWLRQꢃ
ZDVꢃVXEMHFWHGꢃWRꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃDOXPLꢈ
QXPꢃR[LGHꢃꢉ%URFNPDQQꢃDFWLYLW\ꢃJUDGHꢃ,,ꢊꢃXVLQJꢃEHQꢈ
ꢅ! ꢄ$ꢄ& ꢄ ꢇꢄ ! ꢄ $ꢄ & ꢄ!ꢇꢀPphuryrꢁhꢀ
irꢁuꢁvhꢆvpꢅDDꢆꢂꢅDꢆꢃꢃ$ꢃPL[WXUHꢃRIꢃꢌꢃJꢃ
ꢉꢇꢋꢅꢃPPROꢊꢃRIꢃꢇꢈSKHQ\OSKWKDOLPLGHꢃꢉDDDꢊꢆꢃꢌꢋꢐꢃJꢃꢃ
ꢉꢌꢂꢃPPROꢊꢃRIꢃEHQ]RLFꢃDFLGꢃꢉWꢊꢆꢃDQGꢃꢄꢋꢁꢃJꢃꢉꢄꢅꢃPPROꢊꢃRIꢃ
]
7
HQHꢃDVꢃHOXHQWꢋꢃ<LHOGꢃꢁꢋꢄꢅꢃJꢃꢉꢌꢐꢓꢊꢆꢃGDUNꢃJUHHQꢃSRZGHUꢋꢃ
KHꢃFRPSOH[ꢃLVꢃUHDGLO\ꢃVROXEOHꢃLQꢃ'0)ꢆꢃ'062ꢆꢃ
EHQ]HQHꢆꢃFKORURIRUPꢆꢃDQGꢃDFHWRQHꢃDQGꢃLQVROXEOHꢃLQꢃ
ZDWHUꢋꢃ(OHFWURQLFꢃDEVRUSWLRQꢃVSHFWUXPꢃꢉEHQ]HQHꢊꢆꢃ ꢆꢃ
QPꢃꢉ'ꢑ' ꢊꢒꢃꢀꢇꢁꢃꢉꢁꢋꢄꢍꢊꢆꢃꢅꢍꢄꢃꢉꢁꢋꢌꢌꢊꢆꢃꢇꢇꢂꢃꢉꢌꢋꢁꢁꢊꢋꢃꢃ
]
LQFꢉ,,ꢊꢃR[LGHꢃZDVꢃKHDWHGꢃIRUꢃꢂꢁꢃPLQꢃDWꢃꢄꢇꢁ&ꢎꢃWKHꢃ
WHPSHUDWXUHꢃZDVꢃWKHQꢃUDLVHGꢃWRꢃꢂꢅꢁ&ꢆꢃDQGꢃWKHꢃPL[WXUHꢃ
ZDVꢃNHSWꢃIRUꢃDQꢃDGGLWLRQDOꢃꢂꢁꢃPLQꢃDWꢃWKDWꢃWHPSHUDWXUHꢋꢃ
7KHꢃUHVXOWLQJꢃPHOWꢃZDVꢃFRROHGꢆꢃSRXQGHGꢆꢃDQGꢃH[WUDFWHGꢃ
ZLWKꢃFKORURIRUPꢃLQꢃDꢃ6R[KOHWꢃDSSDUDWXVꢋꢃ7KHꢃH[WUDFWꢃ
ZDVꢃHYDSRUDWHGꢃWRꢃGU\QHVVꢆꢃWKHꢃUHVLGXHꢃꢉDꢃGDUNꢃJUHHQꢃ
SRZGHUꢊꢃZDVꢃGLVVROYHGꢃLQꢃEHQ]HQHꢆꢃDQGꢃWKHꢃVROXWLRQꢃ
ZDVꢃVXEMHFWHGꢃWRꢃFROXPQꢃFKURPDWRJUDSK\ꢃRQꢃDOXPLꢈ
QXPꢃR[LGHꢃꢉ%URFNPDQQꢃDFWLYLW\ꢃJUDGHꢃ,,ꢊꢃXVLQJꢃEHQꢈ
+
ꢃ105ꢃVSHFWUXPꢃꢉ&'&O ꢊꢆꢃ ꢆꢃSSPꢒꢃꢐꢋꢇꢅ±ꢐꢋꢄꢅꢃPꢃ
ꢉꢇ+ꢊꢆꢃꢐꢋꢌꢀ±ꢏꢋꢐꢐꢃPꢃꢉꢐ+ꢊꢆꢃꢏꢋꢏꢅ±ꢏꢋꢅꢂꢃPꢃꢉꢄꢐ+ꢊꢆꢃꢏꢋꢇꢐ±
ꢋꢍꢅꢃPꢃꢉꢌꢄ+ꢊꢋꢃ)RXQGꢆꢃꢓꢒꢃ&ꢃꢐꢌꢋꢌꢅꢎꢃ+ꢃꢇꢋꢏꢂꢎꢃ1ꢃꢇꢋꢇꢋꢃ
+ 12=Qꢋꢃ&DOFXODWHGꢆꢃꢓꢒꢃ&ꢃꢐꢁꢋꢍꢄꢎꢃ+ꢃꢇꢋꢄꢁꢎꢃ1ꢃꢇꢋꢇꢍꢋꢃ
ꢄ& ꢄ ! ꢄ & ꢀUrꢁhurꢀ$ꢄ ꢇꢄ $ꢄ!ꢇꢀ
rꢁhuryrꢁhirꢁuꢁvꢂꢅYꢆꢃZDVꢃV\QWKHVL]ꢈ
HGꢃDVꢃGHVFULEHGꢃDERYHꢃIRUꢃFRPSRXQGꢃDYꢃIURPꢃꢁꢋꢌꢃJꢃRIꢃ
LQFꢃFRPSOH[ꢃDDꢋꢃ<LHOGꢃꢁꢋꢁꢏꢃJꢃꢉꢏꢄꢓꢊꢆꢃGDUNꢃJUHHQꢃ
SRZGHUꢋꢃ&RPSRXQGꢃYꢃLVꢃUHDGLO\ꢃVROXEOHꢃLQꢃ'0)ꢆꢃ
062ꢆꢃFKORURIRUPꢆꢃEHQ]HQHꢆꢃDQGꢃDFHWRQHꢃDQGꢃLQVROꢈ
ꢀ
&
!
]
7
]
(
HQHꢃDVꢃHOXHQWꢋꢃ<LHOGꢃꢁꢋꢄꢀꢃJꢃꢉꢌꢍꢓꢊꢆꢃGDUNꢃJUHHQꢃSRZGHUꢋꢃ
KHꢃFRPSOH[ꢃLVꢃUHDGLO\ꢃVROXEOHꢃLQꢃ'0)ꢆꢃ'062ꢆꢃEHQꢈ
HQHꢆꢃFKORURIRUPꢆꢃDQGꢃDFHWRQHꢃDQGꢃLQVROXEOHꢃLQꢃZDWHUꢋꢃ
OHFWURQLFꢃDEVRUSWLRQꢃVSHFWUXPꢃꢉEHQ]HQHꢊꢆꢃ ꢆꢃQPꢃꢃ
]
ꢉ'ꢑ' ꢊꢒꢃꢀꢅꢍꢃꢉꢁꢋꢄꢄꢊꢆꢃꢀꢌꢁꢃꢉꢁꢋꢁꢌꢊꢆꢃꢇꢀꢅꢃꢉꢌꢋꢁꢁꢊꢋꢃ +ꢃ105ꢃ
VSHFWUXPꢃꢉ&'&O ꢊꢆꢃ ꢆꢃSSPꢒꢃꢐꢋꢂꢂ±ꢏꢋꢍꢄꢃPꢃꢉꢐ+ꢊꢆꢃꢏꢋꢀꢅ±
ꢏꢋꢄꢌꢃPꢃꢉꢂꢄ+ꢊꢆꢃꢏꢋꢌꢅ±ꢀꢋꢍꢇꢃPꢃꢉꢌꢄ+ꢊꢋꢃ)RXQGꢆꢃꢓꢒꢃ&ꢃꢐꢇꢋꢌꢂꢎꢃ
+
+
'
XEOHꢃLQꢃZDWHUꢋꢃ(OHFWURQLFꢃDEVRUSWLRQꢃVSHFWUXPꢃꢉEHQ]HQHꢊꢆꢃ
ꢆꢃQPꢃꢉ'ꢑ' ꢊꢒꢃꢀꢏꢂꢃꢉꢁꢋꢌꢐꢊꢆꢃꢀꢄꢁꢃꢉꢁꢋꢄꢍꢊꢆꢃꢅꢏꢀꢃꢉꢁꢋꢌꢂꢊꢆꢃ
ꢇꢂꢐꢃꢉꢌꢋꢁꢁꢊꢆꢃꢇꢄꢀꢃVKꢋꢃ +ꢃ105ꢃVSHFWUXPꢃꢉ&'&O ꢊꢆꢃ ꢆꢃ
SSPꢒꢃꢐꢋꢅꢐ±ꢐꢋꢂꢅꢃPꢃꢉꢇ+ꢊꢆꢃꢐꢋꢌꢍ±ꢏꢋꢀꢐꢃPꢃꢉꢐ+ꢊꢆꢃꢏꢋꢏꢇ±ꢃ
ꢏꢋꢅꢍꢃPꢃꢉꢄꢐ+ꢊꢆꢃꢏꢋꢇꢏ±ꢀꢋꢍꢐꢃPꢃꢉꢌꢄ+ꢊꢆꢃ±ꢁꢋꢂꢃVꢃꢉꢄ+ꢊꢋꢃ)RXQGꢆꢃ
ꢓꢒꢃ&ꢃꢐꢀꢋꢌꢁꢎꢃ+ꢃꢇꢋꢂꢏꢎꢃ1ꢃꢇꢋꢇꢂꢋꢃ& + 12ꢋꢃ&DOFXODWHGꢆꢃ
ꢃꢇꢋꢏꢅꢎꢃ1ꢃꢇꢋꢅꢅꢋꢃ& + 1=Qꢋꢃ&DOFXODWHGꢆꢃꢓꢒꢃ&ꢃꢐꢅꢋꢂꢁꢎꢃ
ꢃꢇꢋꢇꢂꢎꢃ1ꢃꢇꢋꢏꢇꢋꢃ
!
ꢄ$ꢄ& ꢄ ꢇꢄ ! ꢄ $ꢄ & ꢄ!ꢇꢀPphuryrꢁhꢀ
irꢁuꢁvꢂꢅDYꢆꢃꢃ&RPSOH[ꢃDꢆꢃꢁꢋꢌꢃJꢆꢃZDVꢃGLVꢈ
VROYHGꢃLQꢃꢌꢁꢃPOꢃRIꢃFKORURIRUPꢆꢃꢅꢃPOꢃRIꢃFRQFHQWUDWHGꢃ ꢓꢒꢃ&ꢃꢐꢅꢋꢄꢀꢎꢃ+ꢃꢇꢋꢀꢁꢎꢃ1ꢃꢇꢋꢏꢂꢋꢃ
K\GURFKORULFꢃDFLGꢃZDVꢃDGGHGꢆꢃDQGꢃWKHꢃPL[WXUHꢃZDVꢃ
5
()(5(1&(6ꢃ
VWLUUHGꢃIRUꢃꢌꢃKꢋꢃ7KHꢃPL[WXUHꢃZDVꢃWKHQꢃGLOXWHGꢃZLWKꢃ
ZDWHUꢆꢃDQGꢃWKHꢃRUJDQLFꢃSKDVHꢃZDVꢃVHSDUDWHGꢆꢃZDVKHGꢃ
ZLWKꢃZDWHUꢆꢃDTXHRXVꢃDPPRQLDꢆꢃDQGꢃZDWHUꢃDJDLQꢃWRꢃꢃ
S+ꢃꢏꢆꢃGULHGꢃRYHUꢃ&D&O ꢆꢃDQGꢃVXEMHFWHGꢃWRꢃFROXPQꢃ
FKURPDWRJUDSK\ꢃRQꢃDOXPLQXPꢃR[LGHꢃꢉ%URFNPDQQꢃDFꢈ
WLYLW\ꢃJUDGHꢃ,,ꢊꢃXVLQJꢃEHQ]HQHꢃDVꢃHOXHQWꢋꢃ<LHOGꢃꢁꢋꢁꢐꢃJꢃ
ꢉꢏꢀꢓꢊꢆꢃGDUNꢃJUHHQꢃSRZGHUꢋꢃ&RPSRXQGꢃDYꢃLVꢃUHDGLO\ꢃꢃ
VROXEOHꢃLQꢃ'0)ꢆꢃ'062ꢆꢃEHQ]HQHꢆꢃFKORURIRUPꢆꢃDQGꢃ
DFHWRQHꢃDQGꢃLQVROXEOHꢃLQꢃZDWHUꢋꢃ(OHFWURQLFꢃDEVRUSWLRQꢃ
ꢌꢋꢃ*DODQLQꢆꢃ 1ꢋ(ꢋꢆꢃ .XGULNꢆꢃ (ꢋ9ꢋꢆꢃ DQGꢃ 6KDSRVKQLNRYꢆꢃ *ꢋ3ꢋꢆꢃ
ꢃ 5XVVꢂꢀ-ꢂꢀ*HQꢂꢀ&KHPꢋꢆꢃꢌꢍꢍꢏꢆꢃYROꢋꢃꢀꢏꢆꢃSꢋꢃꢌꢂꢁꢀꢋꢃ
ꢄꢋꢃ,FKLPXUDꢆꢃ .ꢋꢆꢃ 6DNXUDJLꢆꢃ 0ꢋꢆꢃ 0RULLꢆꢃ +ꢋꢆꢃ <DVXLNHꢆꢃ 0ꢋꢆꢃ
ꢃ )XNXLꢆꢃ 0ꢋꢆꢃ DQGꢃ 2KQRꢆꢃ 2ꢋꢆꢃ ,QRUJꢂꢀ &KLPꢂꢀ $FWDꢆꢃ ꢌꢍꢍꢌꢆꢃꢃ
ꢃ YROꢋꢃꢌꢐꢄꢆꢃSꢋꢃꢐꢂꢋꢃ
ꢂꢋꢃ,FKLPXUDꢆꢃ .ꢋꢆꢃ 6DNXUDJLꢆꢃ 0ꢋꢆꢃ 0RULLꢆꢃ +ꢋꢆꢃ <DVXLNHꢆꢃ 0ꢋꢆꢃꢃ
ꢃ 7REDꢆꢃ<ꢋꢆꢃ)XNXLꢆꢃ0ꢋꢆꢃDQGꢃ2KQRꢆꢃ2ꢋꢆꢃ,QRUJꢂꢀ &KLPꢂꢀ $FWDꢆꢃ
ꢃ ꢌꢍꢍꢌꢆꢃYROꢋꢃꢌꢐꢀꢆꢃSꢋꢃꢍꢅꢋꢃ
ꢇꢋꢃ/XN¶\DQHWVꢆꢃ(ꢋ$ꢋꢆꢃ'DVKNHYLFKꢆꢃ6ꢋ1ꢋꢆꢃDQGꢃ.RED\DVKLꢆꢃ1ꢋꢆꢃ
ꢃ 5XVVꢂꢀ-ꢂꢀ*HQꢂꢀ&KHPꢋꢆꢃꢌꢍꢍꢂꢆꢃYROꢋꢃꢀꢂꢆꢃSꢋꢃꢍꢐꢅꢋꢃ
ꢅꢋꢃ7KLHOꢆꢃ:ꢋꢃDQGꢃ0D\HUꢆꢃ5ꢋꢆꢃ-ꢂꢀ3UDNWꢂꢀ&KHPꢋꢆꢃꢌꢍꢐꢀꢆꢃYROꢋꢃꢂꢄꢐꢆꢃ
VSHFWUXPꢃꢉEHQ]HQHꢊꢆꢃ
ꢇꢁꢃꢉꢁꢋꢄꢄꢊꢆꢃꢅꢍꢅꢃꢉꢁꢋꢁꢍꢊꢆꢃꢇꢏꢄꢃꢉꢌꢋꢁꢁꢊꢆꢃꢇꢅꢐꢃVKꢋꢃ +ꢃ105ꢃ
VSHFWUXPꢃꢉ&'&O ꢊꢆꢃ ꢆꢃSSPꢒꢃꢐꢋꢂꢀ±ꢏꢋꢍꢏꢃPꢃꢉꢐ+ꢊꢆꢃꢏꢋꢅꢐ±
ꢆꢃQPꢃꢉ'ꢑ' ꢊꢒꢃꢏꢁꢄꢃꢉꢁꢋꢁꢍꢊꢆꢃ
ꢀ
ꢏꢋꢄꢍꢃPꢃꢉꢂꢄ+ꢊꢆꢃꢏꢋꢄꢅ±ꢀꢋꢍꢂꢃPꢃꢉꢌꢄ+ꢊꢆꢃ±ꢁꢋꢍꢃVꢃꢉꢄ+ꢊꢋꢃ)RXQGꢆꢃ ꢃ Sꢋꢃꢇꢍꢏꢋꢃ
ꢓꢒꢃ&ꢃꢍꢁꢋꢍꢄꢎꢃ+ꢃꢇꢋꢅꢌꢎꢃ1ꢃꢇꢋꢀꢐꢋꢃ& + 1ꢋꢃ&DOFXODWHGꢆꢃꢓꢒꢃ ꢀꢋꢃ<DVXLNHꢆꢃ0ꢋꢆꢃ<DPDRNDꢆꢃ7ꢋꢆꢃ2KQRꢆꢃ2ꢋꢆꢃ6DNXUDJLꢆꢃ0ꢋꢆꢃDQGꢃ
&ꢃꢍꢁꢋꢌꢂꢎꢃ+ꢃꢇꢋꢐꢀꢎꢃ1ꢃꢅꢋꢁꢌꢋꢃ
ꢃ ,FKLPXUDꢆꢃ.ꢋꢆꢃ,QRUJꢂꢀ&KLPꢂꢀ$FWDꢆꢃꢌꢍꢍꢌꢆꢃYROꢋꢃꢌꢐꢇꢆꢃSꢋꢃꢌꢍꢌꢋꢀꢀ
5
866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢋꢃꢃꢇꢄꢃꢃꢃ1Rꢋꢃꢃꢇꢃꢃꢃꢄꢁꢁꢀꢃ