Synthesis of new metallomesogens with enaminoketone chelating ligands

Article abstract of DOI:10.1134/S1070428006060169

New liquid crystalline copper(II) enaminoketonates containing bridging ester groups were synthesized by hydrogenation of the heteroring in 3-(4-hydroxyphenyl)-5-pentylisoxazole to 1-amino-1-(4-hydroxyphenyl)oct-1-en-3- one, treatment of the latter with co

Full text of DOI:10.1134/S1070428006060169

6\QWKHVLV RI 1HZ 0HWDOORPHVRJHQV ZLWK (QDPLQRNHWRQH
&KHODWLQJ /LJDQGV
9ꢀ 1ꢀ .RYJDQNR DQG 1ꢀ 1ꢀ .RYJDQNR
Tr‰purx‚ D†‡v‡ˆ‡r ‚s 6ƒƒyvrq Qu’†vphy Qꢀ‚iyr€†ꢁ 7ryhꢀˆ††vh T‡h‡r Vv‰rꢀ†v‡’ꢁ ˆyꢂ Fˆꢀpuh‡‚‰h &ꢁ Hv†xꢁ !!ꢃꢃ%# 7ryhꢀˆ†
rꢄ€hvy) xhˆuhxh5i†ˆꢂi’
5HFHLYHGꢃ0DUFKꢃꢄꢅꢆꢃꢄꢁꢁꢇꢃ
$EVWUDFW²1HZꢃ OLTXLGꢃ FU\VWDOOLQHꢃ FRSSHUꢈ,,ꢉꢃ HQDPLQRNHWRQDWHVꢃ FRQWDLQLQJꢃ EULGJLQJꢃ HVWHUꢃ JURXSVꢃ ZHUHꢃ V\Qꢊ
WKHVL]HGꢃ E\ꢃ K\GURJHQDWLRQꢃ RIꢃ WKHꢃ KHWHURULQJꢃ LQꢃ ꢋꢊꢈꢌꢊK\GUR[\SKHQ\OꢉꢊꢇꢊSHQW\OLVR[D]ROHꢃ WRꢃ ꢍꢊDPLQRꢊꢍꢊꢈꢌꢊK\ꢊ
GUR[\SKHQ\OꢉRFWꢊꢍꢊHQꢊꢋꢊRQHꢆꢃWUHDWPHQWꢃRIꢃWKHꢃODWWHUꢃZLWKꢃFRSSHUꢈ,,ꢉꢃDFHWDWHꢆꢃDQGꢃEHQ]R\ODWLRQꢃRIꢃWKHꢃFRRUGLQDꢊ
WLRQꢃFRPSRXQGꢃWKXVꢃIRUPHGꢃZLWKꢃꢌꢊDONR[\EHQ]R\OꢃFKORULGHVꢎꢃ
'2,ꢁꢃꢍꢁꢎꢍꢍꢋꢌꢏ6ꢍꢁꢂꢁꢌꢄꢅꢁꢁꢐꢁꢐꢁꢍꢐꢀꢃ
0HWDOORPHVRJHQVꢃDUHꢃFRRUGLQDWLRQꢃFRPSRXQGVꢃRIꢃ FU\VWDOVꢃ RQꢃ WKHLUꢃ EDVLVꢃ ZHUHꢃ UHFHQWO\ꢃ V\QWKHVL]HGꢃꢃ
PHWDOꢃFDWLRQVꢃZLWKꢃYDULRXVꢃRUJDQLFꢃFKHODWLQJꢃOLJDQGVꢆꢃ >ꢌꢆꢃꢀ±ꢍꢄ@ꢎꢃ:HꢃSUHYLRXVO\ꢃUHSRUWHGꢃRQꢃWKHꢃV\QWKHVLVꢃRIꢃꢃ
ZKLFKꢃSRVVHVVꢃSURSHUWLHVꢃRIꢃOLTXLGꢃFU\VWDOVꢃ>ꢍ±ꢌ@ꢎꢃ'LIꢊ
IHUHQWꢃꢍꢆꢋꢊGLIXQFWLRQDOꢃFRPSRXQGVꢃDUHꢃXVHGꢃPRVWꢃIUHꢊ
TXHQWO\ꢃDVꢃOLJDQGVꢃLQꢃVXFKꢃFRPSOH[HVꢃ>ꢍ±ꢅ@ꢎꢃ(QDPLQRꢊ
Dꢃ QHZꢃ FODVVꢃ RIꢃ OLTXLGꢃ FU\VWDOOLQHꢃ FRSSHUꢃ DQGꢃ QLFNHOꢃ
HQDPLQRNHWRQDWHVꢃ IURPꢃ WKHꢃ FRUUHVSRQGLQJꢃ HQDPLQRꢊ
NHWRQHVꢃKDYLQJꢃELSKHQ\OꢃIUDJPHQWVꢃ>ꢍꢄ@ꢎꢃ$VꢃOLJDQGVꢃZHꢃ
NHWRQHVꢃDOVRꢃEHORQJꢃWRꢃWKLVꢃFODVVꢃRIꢃOLJDQGVꢆꢃDQGꢃOLTXLGꢃ XVHGꢃHQDPLQRNHWRQHVꢃFRQWDLQLQJꢃDꢃSULPDU\ꢃDPLQRꢃ
6FKHPH ꢂꢀ
5ꢃ ꢃ& + ꢃꢈDꢉꢆꢃ& + ꢃꢈEꢉꢆꢃ& + ꢃꢈFꢉꢆꢃ& + ꢃꢈGꢉꢆꢃ& + ꢃꢈHꢉꢆꢃ& + ꢃꢈIꢉꢆꢃ& + ꢃꢈJꢉꢎꢃꢃ
ꢀꢁꢂꢃ

9ꢎꢃ.29*$1.2ꢆꢃꢃ1ꢎꢃ.29*$1.2ꢃ
ꢀꢁꢅꢃ
JURXSꢑꢃWKHVHꢃFRPSRXQGVꢃDUHꢃUHDGLO\ꢃDYDLODEOHꢃYLDꢃFDWDꢊ RIꢃ,9ꢃZHUHꢃVWURQJO\ꢃEURDGHQHGꢃGXHꢃWRꢃWKHꢃSUHVHQFHꢃRIꢃ
O\WLFꢃK\GURJHQDWLRQꢃRIꢃDSSURSULDWHO\ꢃGLVXEVWLWXWHGꢃꢃ SDUDPDJQHWLFꢃFRSSHUꢈ,,ꢉꢃLRQꢃ>ꢐ@ꢎꢃ7KHꢃREVHUYHGꢃGLVWRUꢊ
WLRQꢃRIꢃWKHꢃ +ꢃ105ꢃVSHFWUDOꢃSDWWHUQꢃPD\ꢃEHꢃUHJDUGHGꢃ
DVꢃDQꢃDGGLWLRQDOꢃTXDOLWDWLYHꢃVXSSRUWꢃWRꢃWKHꢃIRUPDWLRQꢃRIꢃ
DꢃFRRUGLQDWLRQꢃFRPSRXQGꢎꢃꢃ
ꢋꢊDU\OꢊꢇꢊDON\OLVR[D]ROHVꢎꢃꢃ
7KHꢃJRDOꢃRIꢃWKHꢃSUHVHQWꢃZRUNꢃZDVꢃWRꢃV\QWKHVL]HꢃQHZꢃ
OLTXLGꢃ FU\VWDOVꢃ RQꢃ WKHꢃ EDVLVꢃ RIꢃ HQDPLQRNHWRQDWHVꢃLQꢃ
ZKLFKꢃ WKHꢃ DURPDWLFꢃ ULQJVꢃ LQꢃ WKHꢃ OLJDQGVꢃ DUHꢃ OLQNHGꢃ
WKURXJKꢃ DQꢃ HVWHUꢃ PRLHW\ꢃ UDWKHUꢃ WKDQꢃ GLUHFWO\ꢎꢃ ,Wꢃ LVꢃ
NQRZQꢃ>ꢍ±ꢌꢆꢃꢅ@ꢃWKDWꢃWKHꢃSUHVHQFHꢃRIꢃDQꢃHVWHUꢃEULGJLQJꢃ
JURXSꢃLQFUHDVHVꢃIOH[LELOLW\ꢃDQGꢃPRELOLW\ꢃRIꢃSDUWLFXODUꢃ
SDUWVꢃRIꢃDꢃOLTXLGꢃFU\VWDOꢃPROHFXOHꢃDQGꢃKHQFHꢃDIIHFWVꢃWKHꢃ
W\SHꢃRIꢃPHVRSKDVHꢃDQGꢃLWVꢃWHPSHUDWXUHꢃUDQJHꢎꢃ2QꢃWKHꢃ
RWKHUꢃKDQGꢆꢃLQWURGXFWLRQꢃRIꢃDQꢃHVWHUꢃEULGJLQJꢃJURXSꢃEHꢊ
WZHHQꢃDURPDWLFꢃULQJVꢃGRHVꢃQRWꢃEUHDNꢃFRQMXJDWLRQꢃRIꢃWKHꢃ
ODWWHUꢃ ZLWKꢃWKHꢃ HQDPLQRNHWRQDWHꢃIUDJPHQWꢆꢃ ZKLFKꢃLVꢃꢃ
DQꢃLPSRUWDQWꢃIDFWRUꢃUHVSRQVLEOHꢃIRUꢃJRRGꢃOLTXLGꢃFU\VWDOꢃ
SDUDPHWHUVꢃRIꢃPHWDOORPHVRJHQVꢎꢃꢃ
:Hꢃ SUHYLRXVO\ꢃ V\QWKHVL]HGꢃ ERWKꢃ FRSSHUꢈ,,ꢉꢃ DQGꢃ
QLFNHOꢈ,,ꢉꢃHQDPLQRNHWRQHꢃFRPSOH[HVꢃ>ꢍꢄ@ꢎꢃ+RZHYHUꢆꢃ
ZHꢃ IDLOHGꢃ WRꢃ LVRODWHꢃ WKHꢃ FRUUHVSRQGLQJꢃ QLFNHOꢈ,,ꢉꢃ
FRPSOH[ꢃLQꢃWKHꢃUHDFWLRQꢃRIꢃHQDPLQRNHWRQHꢃ ,,,ꢃ ZLWKꢃ
QLFNHOꢈ,,ꢉꢃDFHWDWHꢎꢃ3UHVXPDEO\ꢆꢃQLFNHOꢈ,,ꢉꢃLVꢃOHVVꢃSURQHꢃ
WRꢃ FRPSOH[ꢃ IRUPDWLRQꢆꢃ DVꢃ FRPSDUHGꢃ WRꢃ FRSSHUꢈ,,ꢉꢎꢃ
)XUWKHUPRUHꢆꢃ WKHꢃ SUHVHQFHꢃ LQꢃ PROHFXOHꢃ ,,,ꢃ RIꢃ Dꢃ IUHHꢃ
SKHQROLFꢃK\GUR[\ꢃJURXSꢃZKLFKꢃSRVVHVVHVꢃDFLGLFꢃSURSꢊ
HUWLHVꢃKDPSHUVꢃFKHODWLRQꢃZLWKꢃQLFNHOꢈ,,ꢉꢃLRQꢎꢃ
, Qꢃ WKHꢃ QH[Wꢃ VWDJHꢆꢃ ZHꢃ WULHGꢃ WRꢃ REWDLQꢃ WKHꢃ WDUJHWꢃ
PHWDOORPHVRJHQVꢃE\ꢃHVWHULILFDWLRQꢃRIꢃWKHꢃSKHQROLFꢃK\ꢊ
GUR[\ꢃJURXSVꢃLQꢃ,9ꢃZLWKꢃPHVRJHQLFꢃDFLGVꢎꢃ$QDORJRXVꢃ
HVWHUVꢃ ZHUHꢃ V\QWKHVL]HGꢃ E\ꢃ XVꢃ SUHYLRXVO\ꢃ >ꢍꢌꢆꢃ ꢍꢇ@ꢃ E\ꢃ
GLUHFWꢃUHDFWLRQꢃRIꢃWKHꢃFRUUHVSRQGLQJꢃSKHQROVꢃZLWKꢃƒhꢀhꢊ
VXEVWLWXWHGꢃ EHQ]RLFꢃ DFLGVꢃ LQꢃ WKHꢃ SUHVHQFHꢃ RIꢃ IꢆIꢅꢊGLꢊ
F\FORKH[\OFDUERGLLPLGHꢃDQGꢃIꢆIꢊGLPHWK\ODPLQRS\ULꢊ
GLQHꢎꢃ+RZHYHUꢆꢃDSSOLFDWLRQꢃRIꢃWKLVꢃSURFHGXUHꢃWRꢃHVWHUꢊ
LILFDWLRQꢃRIꢃFRPSRXQGꢃ,9ꢃJDYHꢃQRꢃGHVLUHGꢃUHVXOWVꢎꢃ:Hꢃ
VXFFHHGHGꢃLQꢃV\QWKHVL]LQJꢃPHWDOORPHVRJHQVꢃ9D±9JꢃLQꢃ
ꢇꢅ±ꢅꢂIꢃ \LHOGꢃ E\ꢃ EHQ]R\ODWLRQꢃ RIꢃ ,9ꢃ ZLWKꢃ ꢌꢊDONR[\ꢊ
EHQ]R\OꢃFKORULGHVꢃLQꢃWHWUDK\GURIXUDQꢃLQꢃWKHꢃSUHVHQFHꢃRIꢃ
WULHWK\ODPLQHꢎꢃ7KHꢃVWUXFWXUHꢃRIꢃFRPSRXQGVꢃ9D±9JꢃZDVꢃ
SURYHGꢃE\ꢃWKHꢃ89ꢆꢃ,5ꢆꢃDQGꢃ +ꢃ105ꢃVSHFWUDꢎꢃ,QꢃWKHꢃ89ꢃ
VSHFWUDꢃRIꢃ9D±9JꢃZHꢃREVHUYHGꢃDEVRUSWLRQꢃPD[LPDꢃDWꢃꢃ
ꢃꢄꢐꢋꢃDQGꢃꢋꢄꢅꢃQPꢆꢃLꢎHꢎꢆꢃWKHꢃPD[LPXPꢃFRUUHVSRQGLQJꢃWRꢃ
WKHꢃDURPDWLFꢃIUDJPHQWꢃZDVꢃGLVSODFHGꢃWRꢃVKRUWHUꢃZDYHꢊ
OHQJWKVꢆꢃ DVꢃ FRPSDUHGꢃ WRꢃ LQLWLDOꢃ SKHQROꢃ ,9ꢆꢃ ZKLOHꢃ WKDWꢃ
EHORQJLQJꢃWRꢃWKHꢃHQDPLQRNHWRQDWHꢃIUDJPHQWꢃDOPRVWꢃGLGꢃ
QRWꢃ FKDQJHꢃ LWVꢃ SRVLWLRQꢎꢃ 7KHVHꢃ GDWDꢃ LQGLFDWHꢃ WKDWꢃ WKHꢃ
HVWHULILFDWLRQꢃRIꢃ,9ꢃJDYHꢃMXVWꢃEHQ]RDWHVꢃ9D±9JꢃUDWKHUꢃ
WKDQꢃEHQ]DPLGHVꢎꢃ$QRWKHUꢃVXSSRUWꢃIRUꢃWKHꢃSUHVHQFHꢃRIꢃ
HVWHUꢃ JURXSꢃ LQꢃ WKHꢃ SURGXFWꢃ ZDVꢃ REWDLQHGꢃ E\ꢃ WKHꢃ , 5ꢃ
VSHFWUDꢃZKLFKꢃFRQWDLQHGꢃDEVRUSWLRQꢃEDQGVꢃW\SLFDOꢃRIꢃ
HVWHUꢃFDUERQ\OꢃDWꢃꢍꢂꢍꢇ±ꢍꢂꢄꢇꢃFP ꢃDQGꢃ1±+ꢃERQGꢃDWꢃ
ꢋꢋꢌꢁ±ꢋꢋꢇꢇꢃFP ꢎꢃ6WURQJꢃEDQGVꢃLQꢃWKHꢃUHJLRQꢃꢍꢌꢅꢇ±
ꢍꢐꢁꢁꢃFP ꢃZHUHꢃDVVLJQHGꢃWRꢃVWUHWFKLQJꢃYLEUDWLRQVꢃRIꢃWKHꢃ
FRQMXJDWHGꢃ & &±& 2ꢃ ERQGꢃ VHTXHQFHꢎꢃ (QDPLQRNHWRꢊ
QDWHVꢃ 9D±9Jꢃ VKRZHGꢃ LQꢃ WKHꢃ +ꢃ 105ꢃ VSHFWUDꢃ EURDGꢊ
HQHGꢃPXOWLSOHWVꢃZKLFKꢃZHUHꢃDQDORJRXVꢃWRꢃWKRVHꢃSUHVHQWꢃ
LQꢃWKHꢃVSHFWUXPꢃRIꢃLQLWLDOꢃFRPSOH[ꢃ,9ꢎꢃ,QꢃDGGLWLRQꢆꢃZHꢃ
REVHUYHGꢃDOPRVWꢃXQGLVWRUWHGꢃPXOWLSOHWVꢃIURPꢃSURWRQVꢃꢃ
LQꢃ WKHꢃ EHQ]R\Oꢃ IUDJPHQWVꢃ ZKLFKꢃ DUHꢃ UHPRWHꢃ IURPꢃ WKHꢃ
FHQWUDOꢃSDUWꢃFRQWDLQLQJꢃSDUDPDJQHWLFꢃFRSSHUꢈ,,ꢉꢃLRQꢎꢃ,Qꢃ
$VꢃLQLWLDOꢃFKHODWLQJꢃOLJDQGꢃZHꢃVHOHFWHGꢃHQDPLQRꢊ
NHWRQHꢃ ,,,ꢎꢃ7KHꢃ SURFHGXUHꢃ IRUꢃ WKHꢃ SUHSDUDWLRQꢃ RIꢃ WKLVꢃ
FRPSRXQGꢃZDVꢃGHYHORSHGꢃE\ꢃXVꢃSUHYLRXVO\ꢃZKLOHꢃ
VWXG\LQJꢃOLTXLGꢃFU\VWDOVꢃRQꢃWKHꢃEDVLVꢃRIꢃꢋꢊDU\OꢊꢇꢊDON\Oꢊ
ꢍCꢊS\UD]ROHVꢃ>ꢍꢋ@ꢎꢃ7KHꢃV\QWKHWLFꢃVFKHPHꢃLQFOXGHVꢃ
R[LGDWLRQꢃ RIꢃ WKHꢃ ꢌꢆꢇꢊGLK\GURLVR[D]ROHꢃ ULQJꢃ LQꢃ FRPꢊ
SRXQGꢃ,ꢃ>ꢍꢌꢆꢃꢍꢇ@ꢃWRꢃLVR[D]ROHꢃ,,ꢆꢃIROORZHGꢃE\ꢃK\GURꢊ
JHQDWLRQꢃRIꢃWKHꢃKHWHURULQJꢃLQꢃ,,ꢃDQGꢃFRPSOH[ꢃIRUPDWLRQꢃ
RIꢃ HQDPLQRNHWRQHꢃ ,,,ꢃ KDYLQJꢃ Dꢃ SULPDU\ꢃ DPLQRꢃ JURXSꢃ
ꢈ6FKHPHꢃꢍꢉꢎꢃ7KHꢃSUHVHQFHꢃRIꢃDꢃSKHQROLFꢃK\GUR[\ꢃJURXSꢃ
LQꢃPROHFXOHꢃ,,,ꢃPDNHVꢃLWꢃSRVVLEOHꢃWRꢃLQWURGXFHꢃYDULRXVꢃ
PHVRJHQLFꢃVXEVWLWXHQWVꢃWRꢃREWDLQꢃWKHꢃWDUJHWꢃPHWDOORꢊ
PHVRJHQVꢃZLWKꢃDꢃEULGJLQJꢃJURXSꢃLQꢃWKHꢃDU\OꢃIUDJPHQWꢃRIꢃ
WKHꢃHQDPLQRNHWRQDWHꢃOLJDQGꢎꢃꢃ
$VꢃLQꢃWKHꢃV\QWKHVLVꢃRIꢃOLTXLGꢃFU\VWDOOLQHꢃHQDPLQRꢊ
NHWRQDWHVꢃ GHVFULEHGꢃ LQꢃ >ꢍꢄ@ꢆꢃ ZHꢃ SODQQHGꢃ WRꢃ XVHꢃ FRSꢊꢃ
SHUꢈ,,ꢉꢃDQGꢃQLFNHOꢈ,,ꢉꢃDVꢃFRPSOH[LQJꢃPHWDOVꢎꢃ2XUꢃFKRLFHꢃ
ZDVꢃEDVHGꢃRQꢃWKHꢃIDFWꢃWKDWꢃWKHVHꢃFDWLRQVꢃZLWKꢃELGHQWDWHꢃ
ꢍꢆꢋꢊGLIXQFWLRQDOꢃFRPSRXQGVꢃIRUPꢃSODQDUꢃFRPSOH[HVꢃ
>ꢍ±ꢌ@ꢎꢃ3ODQDUꢃVWUXFWXUHꢃRIꢃWKHꢃFHQWUDOꢃSDUWꢃRIꢃDꢃPHWDOORꢊ
PHVRJHQꢃPROHFXOHꢃLVꢃDꢃQHFHVVDU\ꢃFRQGLWLRQꢃUHVSRQVLEOHꢃ
IRUꢃJRRGꢃOLTXLGꢃFU\VWDOꢃSDUDPHWHUVꢃ>ꢂ±ꢍꢄ@ꢎꢃꢃ
%\ꢃ UHDFWLRQꢃ RIꢃ HQDPLQRNHWRQHꢃ ,,,ꢃ ZLWKꢃ FRSSHUꢈ,,ꢉꢃ
DFHWDWHꢃZHꢃREWDLQHGꢃꢀꢌIꢃRIꢃFRRUGLQDWLRQꢃFRPSRXQGꢃ
,9ꢎꢃ,WVꢃVWUXFWXUHꢃZDVꢃFRQILUPHGꢃE\ꢃVSHFWUDOꢃGDWDꢎꢃ7KHꢃ
89ꢃVSHFWUXPꢃRIꢃ,9ꢃFRQWDLQHGꢃDQꢃDEVRUSWLRQꢃP[LPXPꢃ
DWꢃ ꢃꢄꢅꢋꢃQPꢃGXHꢃWRꢃWKHꢃDURPDWLFꢃIUDJPHQWꢃDQGꢃDꢃPD[Lꢊ
PXPꢃDWꢃ ꢃꢋꢄꢐꢃQPꢃGXHꢃWRꢃFRQMXJDWHGꢃHQDPLQRNHWRQDWHꢃ
FKURPRSKRUHꢑꢃ WKHꢃ FRUUHVSRQGLQJꢃ PD[LPDꢃ LQꢃ WKHꢃ 89ꢃ
VSHFWUXPꢃRIꢃLQLWLDOꢃHQDPLQRNHWRQHꢃ,,,ꢃZHUHꢃORFDWHGꢃDWꢃꢃ
ꢃ ꢄꢇꢐꢃ DQGꢃ ꢋꢄꢁꢃ QPꢃ >ꢍꢋ@ꢎꢃ &RPSRXQGꢃ ,9ꢃ VKRZHGꢃ LQꢃꢃ
WKHꢃ,5ꢃVSHFWUXPꢃDEVRUSWLRQꢃEDQGVꢃLQꢃWKHꢃUHJLRQꢃꢍꢌꢀꢇ±
ꢍꢐꢁꢇꢃFP ꢆꢃZKLFKꢃEHORQJꢃWRꢃVWUHWFKLQJꢃYLEUDWLRQVꢃRIꢃWKHꢃ SDUWLFXODUꢆꢃ WKHꢃ VSHFWUDꢃ RIꢃ DOOꢃ FRPSRXQGVꢃ 9D±9Jꢃ FRQꢊ
& 2ꢃDQGꢃ& &ꢃERQGVꢎꢃ6LJQDOVꢃLQꢃWKHꢃ +ꢃ105ꢃVSHFWUXPꢃ WDLQHGꢃ WULSOHWVꢃ DWꢃ ꢃ ꢋꢎꢀꢅ±ꢌꢎꢁꢄꢃ SSPꢃ IURPꢃ WKHꢃ 2&+ ꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢎꢃꢃꢌꢄꢃꢃꢃ1Rꢎꢃꢃꢐꢃꢃꢃꢄꢁꢁꢐꢃ

6<17+(6,6ꢃꢃ2)ꢃꢃ1(:ꢃꢃ0(7$//20(62*(16ꢃ
3KDVHꢃWUDQVLWLRQꢃWHPSHUDWXUHVꢃRIꢃFRPSRXQGVꢃ9D±9J
ꢀꢁꢀꢃ
SURWRQVꢃ DQGꢃ PXOWLSOHWVꢃ DWꢃ ꢃ ꢐꢎꢅꢅ±ꢐꢎꢀꢅꢃ DQGꢃ ꢅꢎꢁꢁ±ꢃ
ꢅꢎꢍꢁꢃSSPꢃIURPꢃWKHꢃDURPDWLFꢃSURWRQVꢎꢃ
&RPSRXQGꢃ
&ODULILFDWLRQꢃ
PSꢆꢃž&ꢃ
1HPDWLFꢃSKDVHꢃ WHPSHUDWXUHꢆ ž&ꢃ
7KHꢃVWUXFWXUHꢃRIꢃPHWDOORPHVRJHQVꢃ9D±9JꢃZDVꢃDGGLꢊ
WLRQDOO\ꢃFRQILUPHGꢃE\ꢃWUHDWPHQWꢃRIꢃFRPSRXQGꢃ9DꢃZLWKꢃ
GLOXWHꢃK\GURFKORULFꢃDFLGꢑꢃDVꢃDꢃUHVXOWꢆꢃWKHꢃFRUUHVSRQGLQJꢃ
HQDPLQRNHWRQHꢃ9,ꢃZDVꢃREWDLQHGꢃLQꢃTXDQWLWDWLYHꢃ\LHOGꢎꢃ
7KHꢃ 89ꢆꢃ ,5ꢆꢃ DQGꢃ +ꢃ 105ꢃ VSHFWUDꢃ RIꢃ FRPSRXQGꢃ 9,ꢃ
LQGLFDWHGꢃWKHꢃSUHVHQFHꢃLQꢃLWVꢃPROHFXOHꢃRIꢃDꢃSULPDU\ꢃ
DPLQRꢃ JURXSꢃ DQGꢃ Dꢃ ꢌꢊSURSR[\EHQ]RDWHꢃIUDJPHQWꢆꢃ LꢎHꢎꢆꢃ
FKHPRVHOHFWLYHꢃIRUPDWLRQꢃRIꢃHVWHUVꢃLQꢃWKHꢃUHDFWLRQVꢃRIꢃ
,9ꢃZLWKꢃꢌꢊDONR[\EHQ]R\OꢃFKORULGHVꢎꢃꢃ
QRꢎꢃ
ꢍꢌꢅꢃ
ꢍꢋꢀꢃ
ꢍꢄꢅꢃ
ꢁꢎꢍꢄꢂꢎꢇꢃ
ꢍꢋꢍꢃ
ꢍꢄꢍꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢄꢍꢋꢃ
ꢄꢄꢂꢃ
ꢄꢁꢀꢃ
ꢄꢁꢇꢃ
ꢄꢁꢇꢃ
ꢍꢅꢂꢃ
ꢍꢂꢀꢃ
9Dꢃ
9Eꢃ
9Fꢃ
9Gꢃ
9Hꢃ
9Iꢃ
9Jꢃ
ꢍꢁꢀꢃ
&RPSRXQGVꢃ9D±9JꢃZHUHꢃIRXQGꢃWRꢃH[KLELWꢃSURꢊ
QRXQFHGꢃOLTXLGꢃFU\VWDOOLQHꢃSURSHUWLHVꢒꢃWKH\ꢃIRUPHGꢃ
QHPDWLFꢃSKDVHꢃLQꢃDꢃEURDGꢃWHPSHUDWXUHꢃUDQJHꢃꢈVHHꢃWDEOHꢉꢎꢃ
&RPSDULVRQꢃRIꢃWKHVHꢃGDWDꢃZLWKꢃWKHꢃFRUUHVSRQGLQJꢃ
SDUDPHWHUVꢃRIꢃSUHYLRXVO\ꢃV\QWKHVL]HGꢃFRSSHUꢈ,,ꢉꢃHQꢊ
DPLQRGLNHWRQDWHꢃKDYLQJꢃDꢃELSKHQ\OꢃIUDJPHQWꢃVKRZVꢃ
WKDWꢃLQWURGXFWLRQꢃRIꢃDQꢃHVWHUꢃEULGJHꢃLQWRꢃWKHꢃDURPDWLFꢃ
SDUWꢃRIꢃWKHꢃOLJDQGꢃFRQVLGHUDEO\ꢃLPSURYHVꢃOLTXLGꢃFU\VWDOꢃ
SDUDPHWHUVꢒꢃWKHꢃUHVXOWLQJꢃPHWDOORPHVRJHQVꢃDUHꢃFKDUDFꢊ
WHUL]HGꢃE\ꢃDSSUHFLDEO\ꢃUHGXFHGꢃWHPSHUDWXUHꢃRIꢃIRUPDꢊ
WLRQꢃDQGꢃH[WHQGHGꢃWHPSHUDWXUHꢃUDQJHꢃRIꢃQHPDWLFꢃSKDVHꢎꢃ
0RUHRYHUꢆꢃPHWDOORPHVRJHQVꢃ9D±9JꢃDUHꢃPRUHꢃWKHUPDOꢊ
O\ꢃVWDEOHꢃWKDWꢃWKHLUꢃELSKHQ\OꢃDQDORJꢎꢃꢃ
GHVFULEHGꢃLQꢃ>ꢍꢋ@ꢉꢃLQꢃꢍꢁꢃPOꢃRIꢃHWKDQROꢎꢃ7KHꢃPL[WXUHꢃ
ZDVꢃKHDWHGꢃIRUꢃꢍꢃPLQꢃXQGHUꢃUHIOX[ꢆꢃFRROHGꢆꢃDQGꢃGLOXWHGꢃ
ZLWKꢃ ꢍꢇꢃ POꢃ RIꢃ ZDWHUꢎꢃ7KHꢃ GDUNꢃ JUHHQꢃ SUHFLSLWDWHꢃ RIꢃ
FRPSOH[ꢃ ,9ꢃ ZDVꢃ ILOWHUHGꢃ RIIꢆꢃ ZDVKHGꢃ RQꢃ Dꢃ ILOWHUꢃ LQꢃ
VXFFHVVLRQꢃZLWKꢃꢋꢁꢃPOꢃRIꢃZDWHUꢃDQGꢃꢋꢃPOꢃRIꢃDꢃFROGꢃꢍꢒꢄꢃ
HWKDQRO±ZDWHUꢃ PL[WXUHꢆꢃ GULHGꢆꢃ DQGꢃ UHFU\VWDOOL]HGꢃ IURPꢃ
SURSDQꢊꢄꢊRO±WROXHQHꢎꢃ<LHOGꢃꢁꢎꢀꢁꢋꢃJꢃꢈꢀꢌIꢉꢆꢃGDUNꢃJUHHQꢃ
QHHGOHVꢆꢃPSꢃꢄꢄꢁ±ꢄꢄꢍƒ&ꢃꢈGHFRPSꢎꢆꢃIURPꢃSURSDQꢊꢄꢊRO±
WROXHQHꢉꢎꢃ 89ꢃ VSHFWUXPꢆꢃ
ꢆꢃQPꢒꢃ LQꢃ0H2+ꢒꢃꢄꢂꢀꢎꢇꢆꢃ
ꢋꢋꢁꢑꢃLQꢃGLR[DQHꢒꢃꢄꢅꢋꢆꢃꢋꢄꢐꢎꢃ,5ꢃVSHFWUXPꢆꢃ ꢆꢃFP ꢒꢃꢋꢐꢁꢁ±
ꢋꢁꢌꢁꢃꢈ2+ꢆꢃ1+ꢉꢑꢃꢍꢐꢁꢇꢆꢃꢍꢇꢅꢇꢆꢃꢍꢇꢇꢇꢆꢃꢍꢌꢀꢇꢃꢈ& 2ꢆꢃ& &ꢆꢃ
& & ꢉꢑꢃꢍꢋꢌꢁꢎꢃ +ꢃ105ꢃVSHFWUXPꢃ>ꢈ&' ꢉ &2@ꢆꢃ ꢆꢃ
SSPꢒꢃꢁꢎꢀꢍꢃEUꢎVꢃꢈ&+ ꢉꢆꢃꢍꢎꢁꢐ±ꢍꢎꢄꢌꢃPꢃꢈ&+ ꢉꢆꢃꢅꢎꢐꢁ±ꢃ
ꢅꢎꢂꢌꢃPꢃꢈ+ ꢉꢎꢃ
(;3(5,0(17$/ꢃ
7KHꢃ,5ꢃVSHFWUDꢃZHUHꢃPHDVXUHGꢃLQꢃWKHꢃUDQJHꢃIURPꢃ
ꢌꢁꢁꢁꢃ WRꢃ ꢌꢁꢁꢃ FP ꢃ RQꢃ Dꢃ 6SHFRUGꢃ ꢂꢇ,5ꢃ VSHFWURPHWHUꢃ
IURPꢃVROXWLRQVꢃLQꢃFKORURIRUPꢃꢈXQOHVVꢃRWKHUZLVHꢃVWDWHGꢉꢃ
XVLQJꢃ .%Uꢃ FHOOVꢎꢃ 7KHꢃ HOHFWURQLFꢃ DEVRUSWLRQꢃ VSHFWUDꢃ
ZHUHꢃUHFRUGHGꢃLQꢃWKHꢃUDQJHꢃIURPꢃꢄꢄꢁꢃWRꢃꢀꢁꢁꢃQPꢃRQꢃꢃ
Dꢃ 6SHFRUGꢃ 0ꢌꢁꢃ VSHFWURSKRWRPHWHUꢃ IURPꢃ VROXWLRQVꢃ LQꢃ
WHWUDK\GURIXUDQꢃꢈXQOHVVꢃRWKHUZLVHꢃVWDWHGꢉꢎꢃ7KHꢃ +ꢃ105ꢃ
VSHFWUDꢃ ZHUHꢃ REWDLQHGꢃ RQꢃDꢃ %UXNHUꢃ$YDQFHꢃ ꢌꢁꢁꢃ VSHFꢊ
WURPHWHUꢃꢈꢌꢁꢁꢃ0+]ꢉꢃIURPꢃVROXWLRQVꢃLQꢃFKORURIRUPꢊqꢃ
XVLQJꢃ+0'6ꢃDVꢃLQWHUQDOꢃUHIHUHQFHꢎꢃ7KHꢃSURJUHVVꢃRIꢃ
UHDFWLRQVꢃDQGꢃWKHꢃSXULW\ꢃRIꢃSURGXFWVꢃZHUHꢃPRQLWRUHGꢃE\ꢃ
7/&ꢃRQꢃ.LHVHOJHOꢃꢐꢁꢃ) ꢃSODWHVꢃꢈ0HUFNꢉꢎꢃ7KHꢃPHOWLQJꢃ
SRLQWVꢃDQGꢃSKDVHꢃWUDQVLWLRQꢃWHPSHUDWXUHVꢃZHUHꢃGHWHUꢊ
PLQHGꢃXVLQJꢃDꢃKHDWLQJꢃEORFNꢃFRXSOHGꢃZLWKꢃDꢃSRODUL]LQJꢃ
PLFURVFRSHꢎꢃ7KHꢃSKDVHꢃWUDQVLWLRQꢃWHPSHUDWXUHVꢃRIꢃFRPꢊ
SRXQGVꢃ9D±9JꢃDUHꢃJLYHQꢃLQꢃWDEOHꢎꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃSURSR[\EHQ]R\OR[\ꢆSKHQ\O@ꢃ
RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Dꢆꢀꢃ2QHꢃGURSꢃRIꢃGLꢊ
PHWK\OIRUPDPLGHꢃ DQGꢃ ꢁꢎꢋꢃPOꢃ ꢈꢌꢎꢍꢂꢃ PPROꢉꢃ RIꢃ WKLRQ\Oꢃ
FKORULGHꢃZHUHꢃDGGHGꢃWRꢃDꢃVROXWLRQꢃRIꢃꢁꢎꢁꢂꢇꢃJꢃꢃ
ꢈꢁꢎꢌꢍꢂꢃ PPROꢉꢃRIꢃ ꢌꢊSURSR[\EHQ]RLFꢃDFLGꢃ LQꢃ ꢇꢃ POꢃ RIꢃ
PHWK\OHQHꢃFKORULGHꢎꢃ7KHꢃPL[WXUHꢃZDVꢃKHDWHGꢃIRUꢃꢍꢃKꢃ
XQGHUꢃUHIOX[ꢆꢃDQGꢃWKHꢃVROYHQWꢃDQGꢃH[FHVVꢃWKLRQ\OꢃFKORꢊ
ULGHꢃZHUHꢃGLVWLOOHGꢃRIIꢃXQGHUꢃDWPRVSKHULFꢃSUHVVXUHꢎꢃ)RUꢃ
PRUHꢃFRPSOHWHꢃUHPRYDOꢃRIꢃWKLRQ\OꢃFKORULGHꢃDQGꢃJDVHꢊ
RXVꢃ SURGXFWVꢆꢃ WKHꢃ UHVLGXHꢃ ZDVꢃ GLVVROYHGꢃ LQꢃ ꢇꢃ POꢃ RIꢃ
PHWK\OHQHꢃFKORULGHꢆꢃDQGꢃWKHꢃVROYHQWꢃZDVꢃGLVWLOOHGꢃRIIꢃ
XQGHUꢃ UHGXFHGꢃ SUHVVXUHꢎꢃ 7KHꢃ UHVLGXHꢆꢃ ꢌꢊSURSR[\EHQꢊ
]R\OꢃFKORULGHꢆꢃZDVꢃGLVVROYHGꢃLQꢃꢇꢃPOꢃRIꢃWHWUDK\GURꢊ
IXUDQꢆꢃꢁꢎꢌꢃPOꢃꢈꢄꢎꢅꢅꢃPPROꢉꢃRIꢃWULHWK\ODPLQHꢃDQGꢃꢁꢎꢍꢁꢁꢃJꢃ
ꢈꢁꢎꢍꢅꢀꢃPPROꢉꢃRIꢃHQDPLQRNHWRQDWHꢃ,9ꢃZHUHꢃDGGHGꢆꢃWKHꢃ
PL[WXUHꢃ ZDVꢃ VWLUUHGꢃ IRUꢃ ꢄꢎꢇꢃ Kꢃ DWꢃ ꢄꢁƒ&ꢆꢃ DQGꢃ ꢍꢇꢃ POꢃ RIꢃ
FKORURIRUPꢃ DQGꢃ ꢍꢇꢃ POꢃ RIꢃ ZDWHUꢃ ZHUHꢃ DGGHGꢎꢃ 7KHꢃ
%LV>ꢂꢃDPLQRꢃꢂꢃꢄꢅꢃK\GUR[\SKHQ\OꢆRFWꢃꢂꢃHQꢃꢇꢃ
RQDWR@FRSSHUꢄ,,ꢆ ꢄ,9ꢆꢀꢃ$ꢃKRWꢃVROXWLRQꢃRIꢃꢁꢎꢋꢐꢇꢃJꢃꢃ RUJDQLFꢃ SKDVHꢃ ZDVꢃ VHSDUDWHGꢆꢃ DQGꢃ WKHꢃ DTXHRXVꢃ SKDVHꢃ
ꢈꢍꢎꢅꢋꢃPPROꢉꢃRIꢃFRSSHUꢈ,,ꢉꢃDFHWDWHꢃPRQRK\GUDWHꢃLQꢃꢃ ZDVꢃ H[WUDFWHGꢃ ZLWKꢃ ꢍꢁꢃ POꢃ RIꢃ FKORURIRUPꢎꢃ 7KHꢃ H[WUDFWꢃ
DꢃPL[WXUHꢃRIꢃꢍꢇꢃPOꢃRIꢃZDWHUꢃDQGꢃꢂꢃPOꢃRIꢃHWKDQROꢃZDVꢃ ZDVꢃFRPELQHGꢃZLWKꢃWKHꢃRUJDQLFꢃSKDVHꢆꢃZDVKHGꢃZLWKꢃꢃ
DGGHGꢃWRꢃDꢃERLOLQJꢃVROXWLRQꢃRIꢃꢁꢎꢅꢇꢁꢃJꢃꢈꢋꢎꢐꢇꢃPPROꢉꢃRIꢃ ꢍꢇꢃPOꢃRIꢃZDWHUꢆꢃDQGꢃGULHGꢃRYHUꢃVRGLXPꢃVXOIDWHꢆꢃWKHꢃVROꢊ
ꢍꢊDPLQRꢊꢍꢊꢈꢌꢊK\GUR[\SKHQ\OꢉRFWꢊꢍꢊHQꢊꢋꢊRQHꢃ ꢈ,,,ꢉꢃ YHQWꢃZDVꢃGLVWLOOHGꢃRIIꢃXQGHUꢃUHGXFHGꢃSUHVVXUHꢆꢃDQGꢃWKHꢃ
ꢈZKLFKꢃ ZDVꢃ V\QWKHVL]HGꢃ DFFRUGLQJꢃWRꢃWKHꢃ SURFHGXUHꢃ UHVLGXHꢃZDVꢃUHFU\VWDOOL]HGꢃIURPꢃFKORURIRUP±SURSDQꢊꢄꢊ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢎꢃꢃꢌꢄꢃꢃꢃ1Rꢎꢃꢃꢐꢃꢃꢃꢄꢁꢁꢐꢃ

9ꢎꢃ.29*$1.2ꢆꢃꢃ1ꢎꢃ.29*$1.2ꢃ
ꢀꢍꢁꢃ
ROꢎꢃ<LHOGꢃꢁꢎꢍꢍꢄꢃJꢃꢈꢐꢀIꢉꢆꢃGDUNꢃJUHHQꢃQHHGOHVꢎꢃ89ꢃVSHFꢊ
HVWHUꢉꢑꢃꢍꢇꢀꢁꢆꢃꢍꢇꢇꢁꢆꢃꢍꢇꢄꢇꢆꢃꢍꢌꢀꢇꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ
WUXPꢆꢃ ꢆꢃ QPꢒꢃ ꢄꢐꢋꢆꢃ ꢋꢄꢅꢎꢃ ,5ꢃ VSHFWUXPꢆꢃ ꢆꢃ FP ꢒꢃ LQꢃ & & ꢉꢑꢃꢍꢄꢌꢇꢆꢃꢍꢄꢁꢁꢆꢃꢍꢍꢐꢁꢆꢃꢍꢁꢇꢇꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃ
&+&O ꢒꢃꢋꢋꢇꢇꢃꢈ1+ꢉꢑꢃꢄꢀꢇꢇꢆꢃꢄꢀꢋꢁꢆꢃꢄꢅꢂꢁꢆꢃꢄꢅꢇꢇꢃꢈ&±+ ꢉꢑꢃ VSHFWUXPꢆꢃ ꢆꢃSSPꢒꢃꢁꢎꢅꢅꢃWꢃꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢁꢎꢅꢁ±
ꢍꢂꢄꢇꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢐꢁꢁꢆꢃꢍꢇꢇꢇꢆꢃꢍꢇꢄꢇꢆꢃꢍꢇꢁꢁꢆꢃꢍꢌꢀꢁꢃ ꢍꢎꢁꢁꢃPꢃꢈ&+ ꢉꢆꢃꢍꢎꢁꢅ±ꢍꢎꢌꢁꢃPꢃDQGꢃꢍꢎꢌꢇꢃPꢃꢈꢄ+ꢆꢃ&+ ꢉꢆꢃ
ꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢑꢃꢍꢄꢇꢁꢆꢃꢍꢄꢁꢁꢆꢃꢍꢍꢐꢇꢆꢃꢍꢁꢐꢇꢃꢈ&±2ꢉꢑꢃ ꢍꢎꢅꢁꢃTXLQWꢃꢈꢄ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢐꢃ+]ꢉꢆꢃꢌꢎꢁꢍꢃWꢃꢈꢄ+ꢆꢃ2&+ ꢆꢃꢃ
LQꢃ7+)ꢒꢃꢍꢂꢋꢇꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢐꢋꢇꢆꢃꢍꢐꢁꢁꢆꢃꢍꢇꢇꢇꢆꢃꢍꢇꢄꢁꢆꢃ Eꢃ ꢃꢐꢃ+]ꢉꢆꢃꢐꢎꢅꢂ±ꢐꢎꢀꢅꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢂꢎꢀꢂ±ꢅꢎꢍꢐꢃPꢃꢃ
ꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢎꢃ +ꢃ105ꢃVSHFWUXPꢆꢃ ꢆꢃ
SSPꢒꢃꢁꢎꢀꢍꢃPꢃꢈ&+ ꢉꢆꢃꢍꢎꢁꢌꢃWꢃꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢍꢎꢁꢅ±
ꢍꢎꢋꢐꢃPꢆꢃꢍꢎꢅꢋꢃVH[Wꢃꢈꢄ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢋꢎꢀꢅꢃWꢃꢈꢄ+ꢆꢃ
2&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢐꢎꢅꢅ±ꢐꢎꢀꢅꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢅꢎꢁꢁ±ꢃ
ꢅꢎꢍꢁꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
ꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃRFW\OR[\EHQ]R\OR[\ꢆSKHQꢃ
\O@RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Iꢆꢀꢃ <LHOGꢃ ꢇꢅIꢎꢃ 8)ꢃ
VSHFWUXPꢆꢃ ꢆꢃQPꢒꢃꢄꢐꢄꢆꢃꢋꢄꢀꢎꢃ,5ꢃVSHFWUXPꢆꢃFP ꢒꢃꢋꢋꢌꢁꢃ
ꢈ1+ꢉꢑꢃꢄꢀꢍꢇꢆꢃꢄꢅꢇꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢁꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢇꢀꢁꢆꢃ
ꢍꢇꢌꢇꢆꢃꢍꢌꢀꢇꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢑꢃꢍꢄꢌꢁꢆꢃꢍꢄꢁꢁꢆꢃ
ꢍꢍꢇꢇꢆꢃꢍꢁꢇꢇꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃVSHFWUXPꢆꢃ ꢆꢃSSPꢒꢃꢁꢎꢅꢅꢃWꢃ
ꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢐꢎꢇꢃ+]ꢉꢆꢃꢁꢎꢅꢌ±ꢁꢎꢀꢅꢃPꢃꢈꢋ+ꢆꢃ&+ ꢉꢆꢃꢍꢎꢁꢌ±
ꢍꢎꢌꢁꢃPꢃDQGꢃꢍꢎꢌꢇꢃPꢃꢈꢄ+ꢆꢃ&+ ꢉꢆꢃꢍꢎꢂꢀꢃTXLQWꢃꢈꢄ+ꢆꢃ&+ ꢆꢃꢃ
Eꢃ ꢃꢐꢎꢇꢃ+]ꢉꢆꢃꢌꢎꢁꢍꢃWꢃꢈꢄ+ꢆꢃ2&+ ꢆꢃEꢃ ꢃꢐꢎꢇꢃ+]ꢉꢆꢃꢐꢎꢅꢅ±ꢃ
ꢐꢎꢀꢅꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢅꢎꢁꢁ±ꢅꢎꢍꢁꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
&RPSRXQGVꢃ 9E±9Jꢃ ZHUHꢃ V\QWKHVL]HGꢃ IROORZLQJꢃꢃ
DꢃVLPLODUꢃSURFHGXUHꢎꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃEXWR[\EHQ]R\OR[\ꢆSKHQ\O@ꢃ
RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Eꢆꢀꢃ<LHOGꢃꢅꢂIꢎꢃ89ꢃ
VSHFWUXPꢃꢈGLR[DQHꢉꢆꢃ
ꢆꢃQPꢒꢃꢄꢐꢋꢆꢃꢋꢄꢅꢎꢃ,5ꢃVSHFWUXPꢆꢃ
ꢆꢃFP ꢒꢃLQꢃ&+&O ꢒꢃꢋꢋꢇꢁꢃꢈ1+ꢉꢑꢃꢋꢁꢁꢁꢃꢈ&±+ ꢉꢑꢃꢄꢀꢇꢇꢆꢃ
ꢄꢀꢄꢇꢆꢃꢄꢅꢂꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢇꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢇꢀꢇꢆꢃꢍꢇꢇꢁꢆꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃQRQ\OR[\EHQ]R\OR[\ꢆSKHQꢃ
\O@RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Jꢆꢀꢃ<LHOGꢃꢂꢄIꢎꢃ89ꢃ
ꢍꢇꢁꢁꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ& &
ꢉꢑꢃLQꢃ7+)ꢒꢃꢍꢂꢋꢁꢃ
VSHFWUXPꢆꢃ
ꢆꢃ QPꢒꢃ ꢄꢐꢄꢆꢃ ꢋꢄꢀꢎꢃ ,5ꢃ VSHFWUXPꢆꢃ ꢆꢃ FP ꢒꢃ
ꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢇꢀꢇꢆꢃꢍꢇꢇꢁꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢎꢃ
+ꢃ105ꢃVSHFWUXPꢆꢃ ꢆꢃSSPꢒꢃꢁꢎꢅꢌ±ꢁꢎꢀꢐꢃPꢃꢈ&+ ꢉꢆꢃꢁꢎꢀꢂꢃWꢃ
ꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢍꢎꢁꢐ±ꢍꢎꢄꢌꢃPꢆꢃꢍꢎꢌꢌ±ꢍꢎꢇꢐꢃPꢃꢈꢄ+ꢆꢃ
&+ ꢉꢆꢃ ꢍꢎꢂꢀꢃ TXLQWꢃ ꢈꢄ+ꢆꢃ &+ ꢆꢃ Eꢃ ꢃ ꢂꢃ +]ꢉꢆꢃ ꢌꢎꢁꢄꢃ Wꢃ ꢈꢄ+ꢆꢃ
2&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢐꢎꢀꢄꢃEUꢎGꢃꢈꢄ+ꢆꢃ+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢅꢎꢁꢁ±
ꢅꢎꢍꢁꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
ꢋꢋꢇꢁꢃꢈ1+ꢉꢑꢃꢄꢀꢄꢇꢆꢃꢄꢅꢇꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢇꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃ
ꢍꢐꢁꢁꢆꢃꢍꢇꢇꢁꢆꢃꢍꢇꢄꢇꢆꢃꢍꢇꢁꢁꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢑꢃ
ꢍꢄꢐꢁꢆꢃꢍꢄꢁꢁꢆꢃꢍꢍꢐꢁꢆꢃꢍꢁꢐꢁꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃVSHFWUXPꢆꢃ ꢆꢃ
SSPꢒꢃꢁꢎꢅꢂꢃWꢃꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢐꢃ+]ꢉꢆꢃꢁꢎꢀꢍꢃPꢃꢈ&+ ꢉꢆꢃꢍꢎꢁꢌ±
ꢍꢎꢌꢁꢃPꢃDQGꢃꢍꢎꢌꢇꢃPꢃꢈꢄ+ꢆꢃ&+ ꢉꢆꢃꢍꢎꢂꢀꢃPꢃꢈꢄ+ꢆꢃ&+ ꢉꢆꢃꢃ
ꢌꢎꢁꢍꢃPꢃꢈꢄ+ꢆꢃ2&+ ꢉꢆꢃꢐꢎꢅꢅ±ꢐꢎꢀꢅꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢅꢎꢁꢁ±
ꢅꢎꢍꢁꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃSHQW\OR[\EHQ]R\OR[\ꢆSKHQꢃ
\O@RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Fꢆꢀꢃ<LHOGꢃꢂꢋIꢎꢃ89ꢃ
ꢂꢃ$PLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃSURSR[\EHQ]R\OR[\ꢆSKHQ\O@ꢃ
RFWꢃꢂꢃHQꢃꢇꢃRQH ꢄ9,ꢆꢀꢃ &RPSRXQGꢃ 9Dꢆꢃ ꢁꢎꢁꢌꢁꢃ Jꢃꢃ
ꢈꢁꢎꢁꢌꢂꢃ PPROꢉꢆꢃ ZDVꢃ GLVVROYHGꢃ LQꢃ ꢇꢃ POꢃ RIꢃ WHWUDK\GURꢊ
IXUDQꢆꢃꢁꢎꢇꢃPOꢃRIꢃꢇIꢃK\GURFKORULFꢃDFLGꢃZDVꢃDGGHGꢆꢃDQGꢃ
WKHꢃPL[WXUHꢃZDVꢃNHSWꢃIRUꢃꢍꢃPLQꢃDQGꢃGLOXWHGꢃZLWKꢃꢋꢁꢃPOꢃ
RIꢃZDWHUꢎꢃ&KORURIRUPꢆꢃꢄꢁꢃPOꢆꢃDQGꢃDꢃVDWXUDWHGꢃDTXHRXVꢃ
VROXWLRQꢃRIꢃVRGLXPꢃK\GURJHQꢃFDUERQDWHꢆꢃꢇꢃPOꢆꢃZHUHꢃDGꢊ
GHGꢆꢃWKHꢃRUJDQLFꢃSKDVHꢃZDVꢃVHSDUDWHGꢆꢃDQGꢃWKHꢃDTXHRXVꢃ
SKDVHꢃ ZDVꢃ H[WUDFWHGꢃ ZLWKꢃ FKORURIRUPꢃ ꢈꢄîꢍꢁꢃ POꢉꢎꢃ 7KHꢃ
H[WUDFWVꢃZHUHꢃFRPELQHGꢃZLWKꢃWKHꢃRUJDQLFꢃSKDVHꢃDQGꢃ
GULHGꢃRYHUꢃVRGLXPꢃVXOIDWHꢆꢃWKHꢃVROYHQWꢃZDVꢃGLVWLOOHGꢃRIIꢃ
XQGHUꢃUHGXFHGꢃSUHVVXUHꢆꢃDQGꢃWKHꢃUHVLGXHꢃZDVꢃDSSOLHGꢃWRꢃ
Dꢃ FROXPQꢃ FKDUJHGꢃ ZLWKꢃ VLOLFDꢃ JHOꢎꢃ 7KHꢃ FROXPQꢃ ZDVꢃ
HOXWHGꢃ ZLWKꢃ HWK\O±DFHWDWH±SHWUROHXPꢃ HWKHUꢃ ꢈꢍꢒꢌꢉꢆꢃ DQGꢃ
WKHꢃ HOXDWHꢃ ZDVꢃ HYDSRUDWHGꢃ XQGHUꢃ UHGXFHGꢃ SUHVVXUHꢃ WRꢃ
LVRODWHꢃ ꢁꢎꢁꢋꢐꢃ Jꢃ ꢈꢀꢂIꢉꢃ RIꢃHQDPLQRNHWRQHꢃ9,ꢎꢃ 3KDVHꢃ
WUDQVLWLRQꢃWHPSHUDWXUHVꢆꢃƒ&ꢒꢃKHDWLQJꢒꢃ&Uꢃꢍꢍꢁꢃ,ꢑꢃFRROLQJꢒ
VSHFWUXPꢆꢃ
ꢆꢃ QPꢒꢃ ꢄꢐꢄꢆꢃ ꢋꢋꢁꢎꢃ ,5ꢃ VSHFWUXPꢆꢃ ꢆꢃ FP ꢒꢃ
ꢋꢋꢌꢇꢃꢈ1+ꢉꢑꢃꢄꢀꢌꢇꢆꢃꢄꢀꢄꢁꢆꢃꢄꢅꢇꢇꢃꢈ&±+ ꢉꢑꢃꢍꢂꢍꢇꢃꢈ& 2ꢆꢃ
HVWHUꢉꢑꢃꢍꢇꢀꢁꢆꢃꢍꢇꢇꢁꢆꢃꢍꢇꢄꢁꢆꢃꢍꢌꢀꢇꢆꢃꢍꢌꢅꢇꢃꢈ& 2ꢆꢃ& &ꢆꢃ
& & ꢉꢑꢃꢍꢄꢌꢁꢆꢃꢍꢄꢁꢁꢆꢃꢍꢍꢇꢇꢆꢃꢍꢁꢇꢇꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃ
VSHFWUXPꢆꢃ ꢆꢃSSPꢒꢃꢁꢎꢀꢋꢃWꢃꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢐꢎꢇꢃ+]ꢉꢑꢃꢁꢎꢅꢌ±
ꢍꢎꢁꢁꢃPꢃꢈꢋ+ꢆꢃ&+ ꢉꢑꢃꢍꢎꢁꢌ±ꢍꢎꢄꢅꢃPꢆꢃꢍꢎꢋꢄ±ꢍꢎꢌꢅꢃPꢆꢃDQGꢃꢃ
ꢍꢎꢅꢁꢃTXLQWꢃꢈꢄ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢐꢎꢇꢃ+]ꢉꢆꢃꢌꢎꢁꢍꢃWꢃꢈꢄ+ꢆꢃ2&+ ꢆꢃꢃ
Eꢃ ꢃꢐꢎꢇꢃ+]ꢉꢆꢃꢐꢎꢅꢅ±ꢐꢎꢀꢅꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢅꢎꢁꢁ±ꢅꢎꢍꢁꢃPꢃ
ꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃKH[\OR[\EHQ]R\OR[\ꢆSKHQꢃ
\O@RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Gꢆꢀꢃ<LHOGꢃꢂꢋIꢎꢃ89ꢃ
VSHFWUXPꢆꢃ
ꢋꢋꢌꢇꢃꢈ1+ꢉꢑꢃꢄꢀꢌꢁꢆꢃꢄꢀꢍꢇꢆꢃꢄꢅꢇꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢁꢃꢈ& 2ꢆꢃ
HVWHUꢉꢑꢃꢍꢇꢀꢁꢆꢃꢍꢇꢇꢁꢆꢃꢍꢇꢄꢁꢆꢃꢍꢇꢁꢁꢆꢃꢍꢌꢀꢁꢃꢈ& 2ꢆꢃ& &ꢆꢃ
& & ꢉꢑꢃꢍꢄꢌꢁꢆꢃꢍꢄꢁꢁꢆꢃꢍꢍꢇꢇꢆꢃꢍꢁꢇꢇꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃ
VSHFWUXPꢆꢃ ꢆꢃ SSPꢒꢃ ꢁꢎꢅꢌ±ꢍꢎꢁꢁꢃ Pꢃ ꢈꢐ+ꢆꢃ &+ ꢉꢑꢃ ꢍꢎꢁꢌ±ꢃ
ꢍꢎꢄꢌꢃPꢆꢃꢍꢎꢄꢅ±ꢍꢎꢌꢁꢃPꢆꢃDQGꢃꢍꢎꢌꢐꢃPꢃꢈꢄ+ꢆꢃ&+ ꢉꢑꢃꢍꢎꢅꢁꢃPꢃ
ꢈꢄ+ꢆꢃ&+ ꢉꢑꢃꢌꢎꢁꢍꢃWꢃꢈꢄ+ꢆꢃ2&+ ꢆꢃEꢃ ꢃꢐꢃ+]ꢉꢆꢃꢐꢎꢅꢅ±ꢐꢎꢀꢅꢃPꢃ
ꢈꢄ+ꢆꢃ+ ꢉꢆꢃꢅꢎꢁꢁ±ꢅꢎꢍꢁꢃPꢃꢈꢄ+ꢆꢃ+ ꢉꢎꢃ
ꢆꢃQPꢒꢃꢄꢐꢅꢆꢃꢋꢋꢁꢎꢃ,5ꢃVSHFWUXPꢆꢃ ꢆꢃFP ꢒꢃ
, ꢅꢁꢃ6P6ꢃꢐꢍꢃ&Uꢎꢃ89ꢃVSHFWUXPꢆꢃ
ꢆꢃQPꢒꢃLQꢃ0H2+ꢒꢃ
ꢄꢐꢋꢆꢃ ꢋꢄꢐꢑꢃ LQꢃ7+)ꢒꢃ ꢄꢇꢇꢆꢃ ꢋꢍꢅꢎꢃ ,5ꢃ VSHFWUXPꢆꢃ ꢆꢃ FP ꢒꢃ
ꢋꢌꢅꢇꢆꢃꢋꢋꢇꢁ±ꢋꢍꢁꢁꢃꢈ1+ꢉꢑꢃꢋꢁꢁꢁꢃꢈ&±+ ꢉꢑꢃꢄꢀꢇꢇꢆꢃꢄꢀꢋꢁꢆꢃ
ꢄꢅꢂꢇꢆꢃꢄꢅꢐꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢇꢃꢈ& 2ꢆꢃHVWHUꢉꢑꢃꢍꢐꢁꢁꢆꢃꢍꢇꢂꢇꢆꢃ
ꢍꢇꢄꢇꢆꢃꢍꢇꢁꢇꢆꢃꢍꢌꢅꢇꢃꢈ& 2ꢆꢃ& &ꢆꢃ& & ꢉꢑꢃꢍꢄꢇꢁꢆꢃꢍꢄꢁꢇꢆꢃ
%LV^ꢂꢃDPLQRꢃꢂꢃ>ꢅꢃꢄꢅꢃKHSW\OR[\EHQ]R\OR[\ꢆSKHQꢃ
\O@RFWꢃꢂꢃHQꢃꢇꢃRQDWR`FRSSHUꢄ,,ꢆ ꢄ9Hꢆꢀꢃ<LHOGꢃꢅꢁIꢎꢃ89ꢃ
VSHFWUXPꢆꢃ
ꢆꢃQPꢒꢃꢄꢐꢄꢆꢃꢋꢋꢁꢎꢃ,5ꢃVSHFWUXPꢆꢃ ꢆꢃFP ꢒꢃ ꢍꢍꢐꢇꢆꢃꢍꢁꢐꢇꢃꢈ&±2ꢉꢎꢃ +ꢃ105ꢃVSHFWUXPꢆꢃ ꢆꢃSSPꢒꢃꢁꢎꢀꢁꢃWꢃ
ꢋꢋꢌꢇꢃꢈ1+ꢉꢑꢃꢄꢀꢌꢁꢆꢃꢄꢀꢄꢁꢆꢃꢄꢅꢇꢁꢃꢈ&±+ ꢉꢑꢃꢍꢂꢄꢁꢃꢈ& 2ꢆꢃ ꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢍꢎꢁꢐꢃWꢃꢈꢋ+ꢆꢃ&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢍꢎꢄꢂ±
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢎꢃꢃꢌꢄꢃꢃꢃ1Rꢎꢃꢃꢐꢃꢃꢃꢄꢁꢁꢐꢃ

6<17+(6,6ꢃꢃ2)ꢃꢃ1(:ꢃꢃ0(7$//20(62*(16ꢃ
ꢀꢍꢍꢃ
ꢃꢃꢂꢎꢃ &ODUNꢆꢃ 6ꢎꢆꢃ (OOLRWWꢆꢃ -ꢎ0ꢎꢆꢃ &KLSSHUILHOGꢆꢃ -ꢎ5ꢎꢆꢃ 6W\ULQJꢆꢃ 3ꢎꢆꢃ
ꢍꢎꢌꢁꢃPꢃꢈꢌ+ꢉꢆꢃꢍꢎꢐꢇꢃTXLQWꢃꢈꢄ+ꢆꢃEꢃ ꢃꢂꢎꢇꢃ+]ꢉꢆꢃꢍꢎꢅꢇꢃVH[Wꢃ
ꢈꢄ+ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢄꢎꢋꢀꢃWꢃꢈꢄ+ꢆꢃEꢃ ꢃꢂꢎꢇꢃ+]ꢉꢃꢈ&+ ꢉꢆꢃꢌꢎꢁꢍꢃWꢃ
ꢈꢄ+ꢆꢃ2&+ ꢆꢃEꢃ ꢃꢂꢃ+]ꢉꢆꢃꢇꢎꢌꢌꢃVꢃꢈꢍ+ꢆꢃꢄꢊ+ꢉꢆꢃꢐꢎꢀꢂꢃGꢃꢈꢄ+ꢆꢃ
ꢃ
DQGꢃ 6LQQꢆꢃ (ꢎꢆꢃ D‚ꢀtꢂ 8ur€ꢂ 8‚€€ˆꢎꢆꢃ ꢄꢁꢁꢄꢆꢃ YROꢎꢃ ꢇꢆꢃꢃ
ꢃ
Sꢎꢃꢄꢌꢀꢎꢃ
ꢃꢃꢅꢎꢃ 6HUUDQRꢆꢃ-ꢎ/ꢎꢃDQGꢃ6LHUUDꢆꢃ7ꢎꢆꢃ8ur€ꢂ @ˆꢀꢂ EꢎꢆꢃꢄꢁꢁꢁꢆꢃYROꢎꢃꢐꢆꢃ
Sꢎꢃꢂꢇꢀꢎꢃ
ꢃꢃꢀꢎꢃ /DLꢆꢃ&ꢎ.ꢎꢆꢃ3DQJꢆꢃ<ꢎꢊ6ꢎꢆꢃDQGꢃ7VDLꢆꢃ&ꢎꢊ+ꢎꢆꢃEꢂ Hh‡rꢀꢂ 8ur€ꢎꢆꢃ
ꢍꢀꢀꢅꢆꢃYROꢎꢃꢅꢆꢃSꢎꢃꢄꢐꢁꢇꢎꢃꢃ
ꢍꢁꢎꢃ 3LHWUDVLNꢆꢃ 8ꢎꢆꢃ 6]\GáRZVNDꢆꢃ -ꢎꢆꢃ .URZF]\ VNLꢆꢃ $ꢎꢆꢃ
+
ꢆ Eꢃ ꢃꢀꢃ+]ꢉꢆꢃꢂꢎꢄꢂꢃGꢃꢈꢄ+ꢆꢃ+ ꢆꢃEꢃ ꢃꢀꢃ+]ꢉꢆꢃꢂꢎꢐꢍꢃGꢃ
ꢃ
ꢈꢄ+ꢆꢃ + ꢆꢃ Eꢃ ꢃ ꢀꢃ +]ꢉꢆꢃꢅꢎꢍꢋꢃ Gꢃꢈꢄ+ꢆꢃ + ꢆꢃEꢃ ꢃ ꢀꢃ +]ꢉꢆꢃ
ꢇꢎꢍꢅꢃEUꢎVꢃꢈꢍ+ꢉꢆꢃꢀꢎꢀꢌꢃEUꢎVꢃꢈꢍ+ꢉꢃꢈ1+ ꢉꢎꢃ
ꢃ
5()(5(1&(6ꢃ
ꢃ
3RFLHFKDꢆꢃ 'ꢎꢆꢃ *RUHFNDꢆꢃ (ꢎꢆꢃ DQGꢃ *XLOORQꢆꢃ 'ꢎꢆꢃ Eꢂ 6€ꢂ
ꢍꢎꢃHr‡hyy‚€r†‚tr†ꢂ T’‡ur†v†ꢁ Qꢀ‚ƒrꢀ‡vr†ꢁ hq 6ƒƒyvphꢄ
‡v‚†ꢆꢃ6HUUDQRꢆꢃ-ꢎ/ꢎꢆꢃ(Gꢎꢆꢃ:HLQKHLPꢒꢃ:LOH\ꢆꢃꢍꢀꢀꢐꢎꢃ
8ur€ꢂ T‚pꢎꢆꢃꢄꢁꢁꢄꢆꢃYROꢎꢃꢍꢄꢌꢆꢃSꢎꢃꢅꢅꢅꢌꢎꢃ
ꢍꢍꢎꢃ 5ROOꢆꢃ &ꢎ3ꢎꢆꢃ 0DUWLQꢆꢃ $ꢎ*ꢎꢆꢃ *RUOVꢆꢃ +ꢎꢆꢃ /HLEHOLQJꢆꢃ *ꢎꢆꢃ
ꢄꢎꢃ+XGVRQꢆꢃ 6ꢎ$ꢎꢃ DQGꢃ 0DLWOLVꢆꢃ 3ꢎ0ꢎꢆꢃ 8ur€ꢂ Sr‰ꢎꢆꢃ ꢍꢀꢀꢋꢆꢃꢃ
ꢃ
*XLOORQꢆꢃ 'ꢎꢆꢃ 'RQQLRꢆꢃ %ꢎꢆꢃ DQGꢃ :HLJDQGꢆꢃ :ꢎꢆꢃ Eꢂ Hh‡rꢀꢂ
ꢃ
YROꢎꢃꢀꢋꢆꢃSꢎꢃꢅꢐꢍꢎꢃ
8ur€ꢎꢆꢃꢄꢁꢁꢌꢆꢃYROꢎꢃꢍꢌꢆꢃSꢎꢃꢍꢂꢄꢄꢎꢃꢃ
ꢋꢎꢃ*LPLQH]ꢆꢃ5ꢎꢆꢃ/\GRQꢆꢃ'ꢎ3ꢎꢆꢃDQGꢃ6HUUDQRꢆꢃ-ꢎ/ꢎꢆꢃ8ˆꢀꢀꢂ Pƒvꢂ
T‚yvq T‡h‡r Hh‡rꢀꢂ TpvꢎꢆꢃꢄꢁꢁꢄꢆꢃYROꢎꢃꢐꢆꢃSꢎꢃꢇꢄꢂꢎꢃꢃ
ꢍꢄꢎꢃ .RYJDQNRꢆꢃ 9ꢎ1ꢎꢃ DQGꢃ .RYJDQNRꢆꢃ 1ꢎ1ꢎꢆꢃ Sˆ††ꢂ Eꢂ Pꢀtꢂ
8ur€ꢎꢆꢃꢄꢁꢁꢐꢆꢃYROꢎꢃꢌꢄꢆꢃSꢎꢃꢌꢋꢁꢎꢃ
ꢌꢎꢃ'RQQLRꢆꢃ %ꢎꢃ DQGꢃ %UXFHꢆꢃ 'ꢎ:ꢎꢆꢃ T‡ꢀˆp‡ˆꢀr 7‚qvtꢆꢃ ꢍꢀꢀꢀꢆꢃ ꢍꢋꢎꢃ .RYJDQNRꢆꢃ 9ꢎ1ꢎꢃ DQGꢃ .RYJDQNRꢆꢃ 1ꢎ1ꢎꢆꢃ Sˆ††ꢂ Eꢂ Pꢀtꢂ
YROꢎꢃꢀꢇꢆꢃSꢎꢃꢍꢀꢋꢎꢃ
8ur€ꢎꢆꢃꢄꢁꢁꢐꢆꢃYROꢎꢃꢌꢄꢆꢃSꢎꢃꢄꢌꢋꢎꢃ
ꢇꢎꢃ%LQQHPDQVꢆꢃ .ꢎꢃ DQGꢃ 0RRUVꢆꢃ 'ꢎꢆꢃ Eꢂ Hh‡rꢀꢂ 8ur€ꢎꢆꢃ ꢄꢁꢁꢄꢆꢃ ꢍꢌꢎꢃ .RYJDQNRꢆꢃ 9ꢎ1ꢎꢆꢃ .RYJDQNRꢆꢃ 1ꢎ1ꢎꢆꢃ DQGꢃ %H]ERURꢊꢃ
YROꢎꢃꢍꢄꢆꢃSꢎꢃꢋꢋꢂꢌꢎꢃ GRYꢆꢃ9ꢎ6ꢎꢆꢃSˆ††ꢂ Eꢂ Pꢀtꢂ 8ur€ꢎꢆꢃꢄꢁꢁꢌꢆꢃYROꢎꢃꢌꢁꢆꢃSꢎꢃꢍꢌꢂꢂꢎꢃ
ꢐꢎꢃ'DWHꢆꢃ5ꢎ:ꢎꢃDQGꢃ%UXFHꢆꢃ'ꢎ:ꢎꢆꢃGv„ꢂ 8ꢀ’†‡ꢂꢆꢃꢄꢁꢁꢌꢆꢃYROꢎꢃꢋꢍꢆꢃꢃ ꢍꢇꢎꢃ .DXKDQNDꢆꢃ 8ꢎ0ꢎꢃ DQGꢃ .DXKDQNDꢆꢃ 0ꢎ0ꢎꢆꢃ Gv„ꢂ 8ꢀ’†‡ꢎꢆꢃ
Sꢎꢃꢍꢌꢋꢇꢎꢃ ꢄꢁꢁꢌꢆꢃꢋꢍꢆꢃꢍꢇꢌꢂꢎꢃ
ꢃ
ꢃ
ꢃ
ꢃ
ꢃ
5866,$1ꢃꢃ-2851$/ꢃꢃ2)ꢃꢃ25*$1,&ꢃꢃ&+(0,675<ꢃꢃꢃ9ROꢎꢃꢃꢌꢄꢃꢃꢃ1Rꢎꢃꢃꢐꢃꢃꢃꢄꢁꢁꢐꢃ