$)5/5+%575 5DGLR)UHTXHQF\5DGLDWLRQ 'RVLPHWU\+DQGERRN

$)5/5+%575
5DGLR)UHTXHQF\5DGLDWLRQ
'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
(GLWHGE\
:LOOLDP35RDFK
'LUHFWHG(QHUJ\%LRHIIHFWV'LYLVLRQ
5DGLR)UHTXHQF\5DGLDWLRQ%UDQFK
-XO\
'(6758&7,21127,&(±'HVWUR\E\DQ\PHWKRGWKDWZLOOSUHYHQWGLVFORVXUHRI
FRQWHQWVRUUHFRQVWUXFWLRQRIWKLVGRFXPHQW
'LVWULEXWLRQ$$SSURYHGIRUSXEOLF
UHOHDVHGLVWULEXWLRQXQOLPLWHG3XEOLF
$IIDLUV&DVH1R
$LU)RUFH5HVHDUFK/DERUDWRU\
+XPDQ3HUIRUPDQFH:LQJ
+XPDQ(IIHFWLYHQHVV'LUHFWRUDWH
'LUHFWHG(QHUJ\%LRHIIHFWV'LYLVLRQ
5DGLR)UHTXHQF\5DGLDWLRQ%UDQFK
%URRNV&LW\%DVH7;
127,&($1'6,*1$785(3$*(
!"# $
% &
'%(&'%)(*++)
,-./RH/!-/-/0121/0065
++'34&++
- 5'!46-$4% # ,
%6
-,7-!
++'34&++
--4&#$.8 6&-/'5& ,
%&4!&
,-.
9228#"
84
&
:
;
)RUP$SSURYHG
20%1R
5(3257'2&80(17$7,213$*(
3XEOLFUHSRUWLQJEXUGHQIRUWKLVFROOHFWLRQRILQIRUPDWLRQLVHVWLPDWHGWRDYHUDJHKRXUSHUUHVSRQVHLQFOXGLQJWKHWLPHIRUUHYLHZLQJLQVWUXFWLRQVVHDUFKLQJH[LVWLQJGDWDVRXUFHVJDWKHULQJDQG
PDLQWDLQLQJWKHGDWDQHHGHGDQGFRPSOHWLQJDQGUHYLHZLQJWKLVFROOHFWLRQRILQIRUPDWLRQ6HQGFRPPHQWVUHJDUGLQJWKLVEXUGHQHVWLPDWHRUDQ\RWKHUDVSHFWRIWKLVFROOHFWLRQRILQIRUPDWLRQLQFOXGLQJ
VXJJHVWLRQVIRUUHGXFLQJWKLVEXUGHQWR'HSDUWPHQWRI'HIHQVH:DVKLQJWRQ+HDGTXDUWHUV6HUYLFHV'LUHFWRUDWHIRU,QIRUPDWLRQ2SHUDWLRQVDQG5HSRUWV-HIIHUVRQ'DYLV+LJKZD\
6XLWH$UOLQJWRQ9$5HVSRQGHQWVVKRXOGEHDZDUHWKDWQRWZLWKVWDQGLQJDQ\RWKHUSURYLVLRQRIODZQRSHUVRQVKDOOEHVXEMHFWWRDQ\SHQDOW\IRUIDLOLQJWRFRPSO\ZLWKDFROOHFWLRQRI
LQIRUPDWLRQLILWGRHVQRWGLVSOD\DFXUUHQWO\YDOLG20%FRQWUROQXPEHU3/($6('21275(7851<285)250727+($%29($''5(66
5(3257'$7(''00<<<<
0>+19+011=
7,7/($1'68%7,7/(
5(32577<3(
'$7(6&29(5(')URP±7R
,
3
0119?,011
D&2175$&7180%(5
-,7-&8A(,4)
, <@1/19/&/<11
3+ E*5$17180%(5
F352*5$0(/(0(17180%(5
<0010,
G352-(&7180%(5
$87+256
4"#-
99@9
H7$6.180%(5
!B
I:25.81,7180%(5
3(5)250,1*25*$1,=$7,211$0(6$1'$''5(66(6
3(5)250,1*25*$1,=$7,215(3257
180%(5
@@
,-.9228#"
-,7-!
0<08A-
!A%/!C90B@/@2>9
3+ 6321625,1*021,725,1*$*(1&<1$0(6$1'$''5(66(6
6321625021,725¶6$&521<06
,6% ,-.
9228#"84
&
&4!&
-,7-!
0<08A-
!A%/!:90B@/@2>9
9228#"+-8&-
6321625021,725¶65(3257
180%(56
,-./-8/!-/-/0121/11<@
',675,%87,21$9$,/$%,/,7<67$7(0(17
& * # %322/1<=
6833/(0(17$5<127(6
$%675$&7
*//
7(1/B8D):7/
(46,)A(8##)(46#)/
("!)7
7(-,)
::(BA8D?B11
8D)-,46,A7+
D/
7
68%-(&77(506
-7A7
/D/7
6(&85,7<&/$66,),&$7,212)
D5(3257
/,0,7$7,21
2)$%675$&7
E$%675$&7
F7+,63$*(
-
180%(5
2)3$*(6
D1$0(2)5(63216,%/(3(5621
E7(/(3+21(180%(5LQFOXGHDUHD
B=
%
!
FRGH3+
6WDQGDUG)RUP5HY
3UHVFULEHGE\$16,6WG=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7+,63$*(,17(17,21$//</()7%/$1.
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'(',&$7,21
-,7-&8A(,4)
&E-.&4- &'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7$%/(2)&217(176
'(',&$7,21,,,
)25:$5' 9,,
&+$37(5
22
20
2B
2>
2@
2<
29
2
'3-$&%'$32
,4F 3& -&0
%$6# '$3 .4%83'G4,$-8'8,-4G43%'4>
648$&,$-.$",-4G43%'421
$64 ##.'% '$3,$--,+6'%-$" 54,-4G43%'42>
$64 ##.'% '$3,$-.$",-4G43%'4B0
%$3%.'$3 3&,-4&'-4%'$3>1
-4,4-43%4>1
&+$37(5
02
00
0B
0>
0@
0<
09
0
0=
BB
B>
B@
5(9,(:2)/,7(5$785(21%,2/2*,&$/())(&762)+,*+3($.32:(5+33
38/6(6(/(&7520$*1(7,&38/6((03$1'8/75$:,'(%$1'8:%38/6(6
'3-$&%'$3212
8'8#4 H#$"4-(8##)#.4210
4.4%-$6 34'%#.4(46#)21
.- /"'&4! 3&("!)#.4 3&3 3$#.421=
%$3%.'$322B
-4,4-43%422B
&+$37(5
@2
@0
@B
@>
@@
@<
@9
@
$35$&7,&$/*8,'(72+,*+5(62/87,217+(5020(75<$1'0,&52'26,0(75<,1
38/6('(/(&7520$*1(7,&),(/'6
! '%4-6 3&&4,'3''$3<=
'3-643 3&4%83'G4,$-.$% .46#4- -464 -4643'3'3434
#.4&46,91
#.4&46,6'%-$&$'64-F'36% 3&84-$46#4- -4#-$!4@
66 -F=<
-4,4-43%4=9
&+$37(5
>2
>0
>B
>>
>@
><
(;3(5,0(17$/5$',2)5(48(1&<'26,0(75<
'3-$&%'$3>9
4C#4-'643 .#. 33'3>9
4C#4-'643 .#-$%4&-4@B
%'43','%648$&@B
- 354-44.4%-$6 34'%(46)%4.. 3&-'#.'34<2
-64 -4643<B
4C#4-'643 .6$3'$-'3<<
-4#$-84-4.<9
-4,4-43%4<9
&+$37(5
B2
B0
180(5,&$/'26,0(75<±02'(/,1*)520/2:72+,*+)5(48(1&,(6*+=
7+(5025(*8/$7,21$1'7+(50$/02'(/,1*
'3-$&%'$320<
! '%84-6 .#8F'$.$F209
84-6$-4. '$3'386 3 3& 3'6 .2B<
86 384-6$-4. $-F%$3-$.&-'3-,4C#$-42>B
86 3#4-%4#'$3$,-,,'4.&2@1
86 3$54-4C#$-4& 2@0
%.'3'% .& $,86 34C#$4&$6-'2@B
#-4&'%'546$&4.$,86 3#8F'$.$'% .-4#$34$-,435'-$36432@@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
@=
@21
& ,$-84 -4#$34% .%. '$32@
-4,4-43%42<>
&+$37(5
<2
<0
<B
<>
<@
<<
<9
'3-$&%'$329@
434-F! . 3%429@
6.'/&'643'$3 . 3 .F'22
364-'% .6$&4.$,'484 '32=0
66 -F2==
##43&'C011
-4,4-43%4011
&+$37(5
92
90
9B
9>
9@
9<
99
9
5(63216(6725)29(5(;32685(
'3-$&%'$30>1
,4F%$3%4-3$,4.4%-$6 34'%- &' '$30>1
- &'$,-4G43%F- &' '$3'3E-'40>2
!-3 3&# '38-48$.&0>0
$%. -& 6 40>B
'34-3 .$- 30>@
.$34-6 3&&4. F4&4,,4%0><
#-43 3%F 3&-4#-$&%'54$- 30><
% 3%4-0>9
3 '$3 . ,4F 3& -&0>9
.'H4.'8$$&$,$54-4C#$-40>=
'3 3&F6#$6$,-,-$54-4C#$-40@1
6 3 4643$,-,- &' '$3$54-4C#$-40@2
-$.4$,8484 .8#8F'%'0@2
-$.4$,84#8F'%' 30@0
#4%' .%$3'&4- '$3'38464&'% .45 . '$3$, 3$54-4C#$4&'3&'5'& .0@B
"843 3&"8FC/- F8$.&!4$! '34&0@@
#4%','%4C 6#.4$,$54-4C#$-40@<
% 4$,454-4$54-4C#$-40@9
64&'% .%$3&''$3 ,,4%'3454-'F$,$54-4C#$-40@
-4,4-43%40<1
&+$37(5
=2
=0
=B
=>
=@
=<
=9
=
02'(/,1*7+(50$/5(63216(2)7,668(6,55$',$7(':,7+5$',2)5(48(1&<
(1(5*<
'3-$&%'$3010
84!'$84 4G '$301B
4C 6#.4$,6$&4.'38484-6 .-4#$34$,8486 3!$&F$-,-02B
84-6 ." 544,,4%02@
84-6 .'3E-F$,'4 3&84-6 .&$402@
&'%'$302<
-4,4-43%402
##43&'%4001
&+$37(5
2
0
B
>
@
<
9
=
21
22
20
2B
2>
2@
2<
29
2
2=
01
02
7+(50$/02'(/,1*
3(5621$/(;32685(,1',&$7256)25(/(&7520$*1(7,&),(/'6.+=±*+=
'3-$&%'$3?84344&,$-'3%'&43,'4.&&$'64-F0<B
#8F'%$,4.4%-$6 34'%" 540<>
&454.$#643$,!-$ &! 3&'3-643 '$3,$-64 -'3-,-,'4.&0<9
&454.$#643$,-,-'3-643 '$30<
&44%$-,$--,-*&'$&454-84-6$%$#.40<=
64 -4643#-$!.46 3&844.4%'$3$,4G'#643090
%$664-%' ..F 5 '. !.4&45'%409>
$84-#$43' .#4-$3 .-,-6$3'$- 3&,-4344&09
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
==
=21
%H3$".4&64309=
-4,4-43%409=
&+$37(5 5)$/(57,1*6,*16
212
210
21B
21>
21@
'3-$&%'$302
64 3'3 $%' 4&"'8&',,4-43'30B
'3 40<
##.'% '$3$,-, .4-'3'3 409
-4,4-43%40
&+$37(5 &855(1767$7862)(0)67$1'$5'6$1'+$1'%22.6,1)250$7,21)257+(
*(1(5$/38%/,&
222
220
22B
22>
22@
22<
229
'3-$&%'$30=1
"8$'34-3 '$3 .46,#-$E4% 3& -&& ! 40=2
46,8 3&!$$H'3,$-6 '$3,$-434- .#!.'%B1B
%$3%.'$3B22
%H3$".4&643B20
-4,4-43%4B20
##43&'C/46,8 3&!$$H,-$684"8$ 3& -&& ! 4B2B
&+$37(5 5$',2)5(48(1&<0,&52:$9(6$)(7<67$1'$5'6
202
200
20B
20>
20@
20<
209
20
20=
2021
2022
2020
202B
202>
'3-$&%'$3B02
844 -.FF4 -B02
%=@2/2=<< 3& 3'%=@2/2=9>B00
3'%=@2/2=0 3& -& 3&843 '$3 .%$3%'.$3- &' '$3#-$4%'$3 3&
64 -4643(3%-#)-4%$6643& '$3(2=<)B0B
3%-#-4#$-3$<B0
'3'4$,4.4%-'% . 3&4.4%-$3'%43'344-('444)%=@2/2==2BB2
'34-3 '$3 .%$66''$3$33$3/'$3'I'3- &' '$3#-$4%'$3('%3'-#)
'&4.'34BB9
'444#-$%4BB=
'444%=@2/011@B>2
'6'. -''4B>@
&',,4-43%4B><
$84--, 3& -&B@2
66 -FB@2
-4,4-43%4B@0
&+$37(5 7(5$+(57=)5(48(1&<%,2())(&7602'(/6$1'67$1'$5'6
2B2
2B0
2BB
2B>
2B@
2B<
,1'(;
'3-$&%'$3B@9
648$&B@
-4. 3&&'%'$3B<@
%$3%.'$3B1
%H3$".4&643B2
-4,4-43%4B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)25:$5'
- ,7 - & 8A $
2=< ' 7A
2=91
#%%E%!
6E%
6 6 E , 6 ( , 6) !A , ! : 7#E66
6 ...D6"&8
- ,7 - & 8A (,
4):&
#A 6 ' A (&%) D(8D)&A,4&E
.&4- -,7-&
8A(,4)
%2#$#J
3&?6.//
8 ,7 (1/B 8D)” :7
//
:#7
:A
/7 ' % 0 J
4: -
,7 &” 6 7 7
: - ( -) 6 : :7
:
:D
& #A
7
/ 7 : % B J # 8/-6#4,”8&
#A
-J
K
A
: .” ' % > J
-
. !48#A#(8##)#4#(46#)/
" ("!) #” & - 8
8##46#"!4
/
/
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/ : : , & 4 J
6”%@7
: & 7
J
.” ' % < J
6,” # &
3 -,8
A-,-
8 J
:.”
% 9 J
6 - ' - ,7
4” # H , :-,-
-
:
:
D ' % J
- -,
$
:,”#6
IAD7:
7 ' :#IA
:
:7:
& E . : B A8D B11 8D ' % = J
# 4:
'4,BA8D ?B118D”/
/D
8 & . 7 (-,-) 7 B A8D B11 68D B11 68D B11 8D '
%21J
-, ”6-D
D 8 A 6 D 7 7
% 22 J
% 46, 8A / ' #,”#&46,
>,A
% 20 J
-
,7+6
rds,”6-#7
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2=> 8
/ -,+
/
:8
-, / : 7 6 # J
7/ :ld.”,
% 2B J
D/,7 !* 6 ” & -
/A &:
211/8D 21/8D 7 7 A : -,&;A%2B
8D
"'..' 6#-$ %8#&%8#
-,7-!
!A%/!:
:
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
1XPHULFDO'RVLPHWU\±0RGHOLQJIURP/RZWR+LJK)UHTXHQFLHV*+]
$#
&4%4
.A%>220/=<1<
N
,QWURGXFWLRQ
4:
'
/
A (". 3) 8 (46) 46
, : : :
:6 :
(
-) 7 (-,) 7 7 21 68D ('444 2===
'%3'-#2==)2==<,%%(,%%)7
7 ( ,%% 2==<) -7 -
/7
(4 )(8D68D)
4 % +3 I E $
B1 :
7
-
/ / :
2/B(2==@.DDO,2==<$AAO
2==<) " :D
2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
' : 7
/ / : "
7 (46,) - : /74 6DIHW\6WDQGDUGV
/ 3'+'444%=@2
('4442===)'%3'-#(2==)
()7D(68D)
- 7 D (8D) 7218D'%3'-#('%3'-#2==)
2/2
7DEOH,&1,53EDVLFUHVWULFWLRQVIRUWLPHYDU\LQJHOHFWULFDQG PDJQHWLFILHOGVIRUIUHTXHQFLHVXSWR
*+],&1,53
Current density Whole-body Localized
Localized
J for head
average SAR
SAR for
SAR (limbs )
Frequency range
and trunk
W/kg
head and trunk
W/kg
2
W/kg
mA/m
+ 0 ()
Exposure
Occupational
exposure
Up to 1 H z
1-4 Hz
4 H z-1 kHz
1-100 kHz
100 kH z-10 MHz
10 MHz-10 G Hz
40
40/ƒ
10
ƒ/100
ƒ/100
---
--------0.4
0.4
--------10
10
--------20
20
General
public
exposure
Up to 1 H z
1-4 Hz
4 H z-1 kHz
1-100 kHz
100 kH z-10 MHz
10 MHz-10 G Hz
8
8/ƒ
2
ƒ/500
ƒ/500
---
--------0.08
0.08
--------2
2
--------4
4
P3*
2 Q78D
0 % E 2 0 B .D -
21
'444('4442===)
:
: (6#4) : : '4446#4
2/0
0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH7KH,((( PD[LPXPSHUPLVVLEOHH[SRVXUHOLPLWVIRUFRQWUROOHGRFFXSDWLRQDODQGXQFRQWUROOHG
JHQHUDOSXEOLFHQYLURQPHQWV,(((
P3*Q768D
'%3'-# /
D -,7 12<11168D(<8D)/
- 1> "+A 11 "+A '%3'-#(2/2)'
7A -2/(
) : 1 2< "+A A ! 1R A - 211 01 "+A '%3'-# :
/A -()
2/ '444 21/ '%3'-#A8
A - '444 '%3'-#
A21/
-011>1"+A
:
2/2 '%3'-# /7 : 21
68D:
20'444
: 1/B A8D
('4440110)'
A
:@
B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'444(2===)
%'%3'-#(2==)4/
+3 I E H '
768D/
A2/21//
-7
&RPSXWDWLRQDO7HFKQLTXHVIRU+LJK)UHTXHQFLHV
7KH)'7'0HWKRGZLWK8QLIRUPRU([SDQGLQJ*ULG
/ / (,&&) : ,&& / /
://
(2==@
O!2=9@,OHD2=@
O 2= % O 2==2) (46#)
'/6:S7
wH
(2)
’ u E P
wt
’uH
VE H
wE
wt (0)
F 'x ' y 'z : D ( + /
()/( 't / 2 )
/A(HDO.
2==B
O80111)
',&&+
: / ( 2==<
$AAO2==<)$/
/
/T:T<
21 : / , 2/2 F A >
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(+
::/
4
D
8D 4: 4: 4D 4
4D 4D 8 8: 4: (UA)
4
:
)LJXUH8QLWFHOORI<HHODWWLFHLQGLFDWLQJSRVLWLRQVIRUYDULRXVILHOGFRPSRQHQWV
4
,&& :/ (2==0)
,/
:(D)
D
:///:(21@/221)
:>21
:
,&& - A:-,("%O%
2==9)
- (" % O & 2==9 .DD O 2===) 7 : ,
:!D
@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
10@/21 - ( : )
-
($AA$AAO2==9)":
D//:21@22:/
: 7KH3DUDOOHOL]HG)'7'&RGH
D,&&
D
- 7/D #D
,&&
/ '!6 #/0
(,O2==2==) ,&&
<>2<
(6-')/
@=9>×@=9>×<1/
/ / 2=9> × 2=9> × B1/ 1=B9@ × 1=B9@ × B1/
A(2==) / ,&& 7 : / -7(2==)
,&&
-
/
:2/0(2==
&01103A011>)
7KH)UHTXHQF\'HSHQGHQW)'7'0HWKRG
7/,&&(,&)0&
(,&)0&$
:
7
/
/
/
:
A
/&:7(.8HD
O 2==1 ! O % 2==2 2==0) /
.D 7 (. O 8 2==0) (.8OHD2==2)
<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7:&
4 7 ,&&
7&0&:
/ & 7 / / .D 7 (E 8 O
2==2) B& / /7
/&7(O%2==02==B)
' 7 - (,
% O 2==>) / 6:S 7 ,&&
*
w%
w+
’u ( (B)
P
w
w
w'
’ u +
(>)
w
:
':
H (Z) 7*
(@)
' H (Z)( 47 B > 47 @ : H (Z) &7:*
ª
H H
H H º
H (Z) H «Hf 2 f 0 f » 2 UZW2 2 UZW0 ¼
¬
-47<47@
H UZ H2W0 H0W2 Z0W2W0Hf
((Z) '(Z) H (Z)((Z) H
2 UZ W2 W0 Z0W2W0
(<)
(9)
(D7)
H
H2 H0 Hf 9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
UZ 4797
W2W0
w 0'
w 0
W2 W0 w'
w(
w 0(
' H ª¬H ( H2W0 H0W2 º¼
HfW2W0
w
w
w 0
(=)
, (,&)0& 47 B > U 47 = (2==02==B)7
47=
(47B+47>' ( o + o ' 0RGHOLQJRIWKH7LVVXH3URSHUWLHVE\'HE\H(TXDWLRQZLWK7ZR
5HOD[DWLRQ&RQVWDQWV
,/(,&)0&
& 47 < : ( 2==0 2==B , 2==>) ( A +
A ) (& 2=9) $ H2 H0 Hf W2 W0 47<7
$
2/B H2 H0 Hf W2 W0 D
:
8
W2 W0 (
)
H : H :
&7 W2 W0 , 2/0 &'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(B2)
(B2)
)LJXUH)LWRI'HE\HHTXDWLRQVZLWKWZRUHOD[DWLRQFRQVWDQWV(TXDWLRQWRPHDVXUHGWLVVXHSURSHUWLHV
RIDPXVFOHDQGEIDW)XUVHHWDO
=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH'HE\HFRQVWDQWVIRUWLVVXHV)XUVHHWDO
W2
><0 W0
11=2 (
)
Hf H2 6
>11
B=>
!+%
B>
B2B
!
B@1
B@<B
'
B=1
>90>
B<B
.
0<>
B@1
H
BBB0
211
#+
B9=B
211
.(2+B)
200>
B@
8
>B1=
B0@
!+3
01<>
0B1
A
BB==
>11
4
02=2
H0 @=2
92
<<>
<<2
@92
<92
9B=
2B2
@><
@<=
@@<
@91
0HWKRGV)RU/RZ)UHTXHQFLHV
, : 46, /7 @1+<1 8D
4 AD D 7 ( 2==@ .5 O # 2=B &,OH 2=> &, O 2=@ O&,2= $O
2==1 O % 2==0 ! O 8D 2==@ , O 2== & O
2== &2== &%O2=== !-
DO42===O&0111H"O.DD0112O
H 0112 . O 011@) ( 2=B2=>&,O2=@O&,2=
$ O 2==1) / (! O 8D 2==@) /(#,&)(&O2==&2==&
2===) / / 7 ( O
%2==0,O2==2===) 7
:
:(&,O2=@O&
0111)/
:2/<
'
21
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,PSHGDQFH$GPLWWDQFH0HWKRGV
: / A A 2=B+>
/7
(2==@ 2=B2=>&,O2=@O
&, 2= $ O 2==1 0112 O H 0112 . O
011@) ! HS A
A
':
/ (B&) :
(V UZH) ,:
/A
G
UA
I
(21)
G G VUA UZHUA
UA
:::D
i,j,k
i, j,k
V m H m :UAGA
:GG :
'
:
(V H) : A
: + :
($O2==1)
/
(8O2==)-D7
AD 7 (.O011@)A
A (4 )(.O011@)
: (46,)
B/&A
:*
22
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
UA
5
UA
³ ! ˜ §
·
¨ !UA ¸ G G ©
¹
(22)
HS7B/&
D 7 /: ($-)
7://D/
:
E : E E D 4 : 4 4 D -
//2<
* - : ( O &, 2=) - /($O
2==1) A
(2==@)4 (OH0112.O011@)
)'7'ZLWK)UHTXHQF\6FDOLQJ
!,&&
/ 7 7/
H(2=2)&
F % (2=0) 7/:
D21
V V UZH V!! ZH V H Z 0S 7 H UZH W ˜ (
(V UZH)W ˜ ( (20)
7/7 c 4c A7<18D
,4720
Vc
Z (Vc UZHc)
( ( )
(2B)
(c ( c) #
(c ( c)
Zc (V UZH)
cV
V UZH # V c 20
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
( X BB ) 01 68D ( O % 2==0) ((c) 7 ( c) 7
( 7 () 77%(2==0)
//7 c @/2168D
,&&
( B/> ) 7 @/21 68D c 7 c Vc V (
<18D),4/ ( ( c) <1 ( ( ) + c ( ( ) ( ( ) 21 A5+ + ( c) A ( <1 + ( ) + c) 7
7 c ,2/B
<×<×<6-'/:46,
<18D 4 21 A5+
D ! BBB P (, O 2==) , 2/B 7 29@Y :
2B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
P&(@0)
)LJXUH 7KH FDOFXODWHG YHUWLFDO FXUUHQWV SDVVLQJ WKURXJK WKH YDULRXV VHFWLRQV RI D [ [ PP 05,
EDVHGJURXQGHGPRGHORIWKHKXPDQERG\H[SRVHGWR(0)VDW+](LQF N9PYHUWLFDOO\SRODUL]HG
IURQWDOO\LQFLGHQW%LQF —7IURPVLGHWRVLGHRIWKHPRGHO
6RPH$SSOLFDWLRQVIRU5)0LFURZDYH)UHTXHQFLH
,QGXFHG&XUUHQWV6$5VIRU3ODQH:DYH([SRVXUH&RQGLWLRQVIRU:KROH
%RG\DQG+HDG5HVRQDQFH
, /
: 21 =2@ 68D ,&& /
/ - /00<0(%O2==
%O!2==02==),2/>
/ /
-, >1 <1
68D D 2 5+ ( 2==0)
7 / ,2/@/
-
7(2==0) : -
D A A A A - A
AS/
AA -
/
U
7/:/
>1 68D <@ 9@ 68D (% O
2>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2==),
/
<>@ (% O 2== 2==0
2==2==1)
! -, ,&& -7:
A /
: ( 2==0 2==) / 6-'/ :D2=9>×2=9>×B1'/
:D@=00×@=00×<1B×B×0
:D:
7
A0192=B68D
B090<0
()(2==1)
2@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8
()
8
()
)LJXUH )'7'FRPSXWHG FURVVVHFWLRQ OD\HUDYHUDJH 5) FXUUHQW GLVWULEXWLRQV IRU D KXPDQ PRGHO
H[SRVHGWRDYHUWLFDOO\SRODUL]HGSODQHZDYHZLWKD9PHOHFWULFILHOGDWD0+]E0+]6RXUFH
&KHQ*DQGKL
2<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8
()
8
()
)LJXUH)'7'FRPSXWHGFURVVVHFWLRQOD\HUDYHUDJH6$5VFRUUHVSRQGLQJWRWKHFXUUHQWGLVWULEXWLRQVRI
)LJXUHIRUWKHKXPDQPRGHOH[SRVHGWRDYHUWLFDOO\SRODUL]HGSODQHZDYHZLWKD9PHOHFWULFILHOGDWD
0+]E0+]6RXUFH&KHQ*DQGKL
29
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&RXSOLQJIRUD+XPDQLQWKH9LFLQLW\RI%DVH6WDWLRQ$QWHQQDV
$
(! 0111 O . 011B) /46
/T%6T(O.011B)
7KH6SDWLDO&RPSRQHQWV0HWKRG
'
D
(:D)(1d:d$dDd!)
/TTAD
D4D
4::*
f
mSx
nSz
Ez
cos
(2>)
¦ Cmn cos
A
B
m,n 0
f
Ex
¦ Dm n cos
m,n 0
mSx
nSz
cos
A
B
(2@)
1 2 0 ! D (:) (D) %&21R:
472>2@
!(:X1DX1)
:
(S:+ )(SD+!) 46
D:20@
!A1=<
00
(O.011B)8%6
/4/(4:44D)
:
/ 7/
-/
B@2=1168D
,&&(O
.011B).A/(!0111)
2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,&&
DBB@68D2@2=1168D
,2/<2/9
: (!
0111)'/
-
,&& :
7B@68D(,2/<)21
2=1168D(,2/9)
-
,&&
%/
A2/ -
2/>2/@
/ A 2/ - @/21 ,&& A A#%,&&A
#%
BBB)XOO6LPXODWLRQ
6XPRI+DUPRQLFV
)LJXUH7KHFDOFXODWHGOD\HUDYHUDJHG6$5GLVWULEXWLRQIRUWKHPRGHORIWKHKXPDQERG\GXHWRDEDVH
VWDWLRQ DQWHQQD PDGH RI DQ FPWDOO YHUWLFDO GLSROH LQ IURQW RI D IODW UHIOHFWRU RI GLPHQVLRQV [ FP
)UHTXHQF\ 0+]UDGLDWHGSRZHU :GLVWDQFHWRWKHIURQWSODQHRIWKHPRGHO P
2=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH 7KH FDOFXODWHG OD\HUDYHUDJHG 6$5 GLVWULEXWLRQ IRU WKH PRGHO RI WKH KXPDQ ERG\ GXH WR DQ
DSHUWXUH W\SH EDVH VWDWLRQ DQWHQQD RI GLPHQVLRQV [ FP DORQJ YHUWLFDO DQG KRUL]RQWDO GLUHFWLRQV
UHVSHFWLYHO\)UHTXHQF\ 0+]UDGLDWHGSRZHU :GLVWDQFHWRWKHIURQWSODQHRIWKHPRGHO P
7DEOH&RPSDULVRQRIZKROHERG\DYHUDJH6$5VDQGSHDNJ6$5VREWDLQHGIRUYDULRXVGLVWDQFHVRIWKH
PRGHO IURP D EDVH VWDWLRQ DW 0+] XVLQJ WKH IXOO )'7' VLPXODWLRQ DQG WKH VSDWLDO KDUPRQLF
FRPSRQHQWVPHWKRG*DQGKL/DP
P 2//
0>×
0>21"(,2/</
-
)
01
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH&RPSDULVRQRIZKROHERG\DYHUDJH6$5VDQGSHDNJ6$5VREWDLQHGIRUYDULRXVGLVWDQFHVRIWKH
PRGHO IURP D EDVH VWDWLRQ DQWHQQD DW 0+] XVLQJ WKH IXOO )'7' VLPXODWLRQ DQG WKH VSDWLDO
KDUPRQLFFRPSRQHQWVPHWKRG*DQGKL/DP
P /B2×01B201"(
,2/9/
-
)
&RXSOLQJRIDQ8OWUDZLGHEDQG(03WRWKH+XPDQ%RG\
(,&)0 & , 7*
w&
(2<)
'D () G0 ¦ D
U w G : D (X 2B2 ) :
$ /
( )"
*
G
(( U A ) w'( U A )
˜
(29)
¦
3A U( U A)
wW
w'( U A )
B
" G ˜G ¦ (( U A ) ˜
(2)
w
' 47 29 2 G (X G +0 X 1102B ) /
3 A :A U( U A) A
02
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A + B : , / A 22 5+ ,2//10
9/ , ,2/=6011/=1168D
A@1168D
D D A
(,&)0&
/:
,2/212/21
A
22B0 +(5+)
)LJXUH7KHSUHVFULEHGHOHFWURPDJQHWLFSXOVH3HDNLQFLGHQWILHOG 9P
00
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH)RXULHUVSHFWUXPRIWKHHOHFWURPDJQHWLFSXOVHRI)LJXUH
0B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
21(
X2<B)
21(
X=21
)LJXUH &XUUHQWV LQGXFHG IRU WKH YDULRXV VHFWLRQV RI WKH ERG\ IRU VKRHZHDULQJ JURXQGHG DQG
XQJURXQGHGFRQGLWLRQVRIH[SRVXUH(SHDN 9P
0>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
' 7 :B1168D -
(2==0)
( ) : /
,2/47292
, 2/22 / 3 (9/ ) 110 101 E+A
47 2 ,2/20
<
:012=2
E/
8 ,
(E+A)
)LJXUH9DULDWLRQRIVHFWLRQRUOD\HUDYHUDJHGVSHFLILFDEVRUSWLRQIRUWKHXOWUDZLGHEDQGSXOVHRI)LJXUH
(SHDN 9P
0@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
4 86(E)
()
)LJXUH(QHUJ\DEVRUEHGE\WKHKXPDQPRGHOIRUH[SRVXUHWRDQXOWUDZLGHEDQGSXOVHRI)LJXUH
$&RQYROXWLRQ3URFHGXUHIRU1XPHULFDO'RVLPHWU\IRU3XOVHG(0
)LHOGV
//
7 ' / 46#
:
:(%
2==>),/TT
c @ 21 G / 8 () ( A ) ' ' () 4(W) ' ()
³ 4(W) 8 ( W)W 0<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(2=)
: 7A472=
, , Z8 ()[ ,Z4 ()[ ,Z4()[ 8 () 4 () 4()
' () ',472=
­° ,Z4()[ ,Z8 ()[ ½°
,2 ®
¾ (01)
¯° ,Z4 ()[ ¿°
,4701
,,(,,)!
A#%
",2/
2B 2/2B / , 2/ ' , 2/2B 2/
2B/
: :
(,&)0 & 6$5'LVWULEXWLRQV'XHWR5)0DJQHWLF)LHOGVRI05,
6-' 4
6-'
7 >11 68D (6 2==2 5 2==> I 2==>)
:/
S 6-' (<> 68D 2@ ) (8 2=@) //
(62==252==>I2==>)
' ()
09
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(
X20B)
A(
X@1>)
)LJXUH &RPSDULVRQ RI WKH LQGXFHG FXUUHQWV FDOFXODWHG XVLQJ WKH FRQYROXWLRQ PHWKRG ZLWK WKH
FRQYHQWLRQDO)'7'PHWKRGIRUWZRUHSUHVHQWDWLYHVHFWLRQVRIWKHERG\6KRHZHDULQJJURXQGHGPRGHORI
WKHERG\ZDVXVHGIRUWKHFDOFXODWLRQV
,& (,
& 2=) 3 - # ! 0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
H(2==1) -,&&
/ 2</
00@\ U ( O % 2===) D -, -
<> 68D 7>1168D(O%2===)
-,
7,&&
-,(E2==>%
OE2==9)
6$5'LVWULEXWLRQV'XHWR&HOOXODU7HOHSKRQHV
//7
- (
2==@2==<$AAO2==<2==&O
6 2==> E O -/ 2==@ O % 2==@ " 2==<
2=== " O ,U 0111) ' % &/
% &/
B@2=1168D
, 2/2> ( 2== 2===) 2/B
B/@
, 2/2@ - 2=9> × 2=9> ×B <11 " B@ 68D : 6#,
- - 7 0=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()2=1168D
()B@68D
)LJXUH$QLOOXVWUDWLRQRIWZR&$'GULYHQWHOHSKRQHVXVHGIRU6$5FDOFXODWLRQV
():
() D
)LJXUH$W\SLFDO6$5GLVWULEXWLRQIRUDFHOOXODUWHOHSKRQHUDGLDWLQJDW0+]6KRZQKHUHD7KH
VLGHRIWKHKHDGH[SRVHGWRWKHFHOOXODUWHOHSKRQHDQGE$KRUL]RQWDOFURVVVHFWLRQRIWKHKHDG
B1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-A2/ -@1R
] ("O,U0111)
A2/ -
A
'
-
:(2==),/
A
6-'
( 2==@ 2==<) 2=9>×2=9>×B1(
2==)1=B9@
:
A
2@(A)A
(%,) 7
(2==@2==) -
,&& -
2/< *6 2=9> ×2=9>×B
1=9 ×
1=9×2(6!)1=B9@(6%)
2/
< -
6 !%00 ×@1×
2@@ -7/
(B=@)
/
20@ " (A 2" 2+)2=1168D : -6 !
-6%
A2/ - 3'+'444,%%('444
2===,%%2==<)2@R
6 !
B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH 6$5 GLVWULEXWLRQV IRU WKUHH DQDWRPLF PRGHOV RI WKH KXPDQ KHDG IRU D FHOOXODU WHOHSKRQH RI
KDQGVHWGLPHQVLRQV[[FP7LQQLVZRRGHWDOD)UHTXHQF\ 0+]UDGLDWHGSRZHU P:
Model A
uumm
P eak 1-voxel SAR (W/kg)
P eak 1-g SAR (W/kg)
P eak 1-g SAR for brain (W/kg)
P ower absorbed by head, neck
and hand
Brain average SAR (mW/kg)
CSF average SAR (mW/kg)
Lens average SAR (mW/kg)
Sclera average SA R (mW/kg)
Humour average SAR (mW/kg)
Model B
uumm
(res ampled from
Model A)
Model C
0.9375mm3
5.88
1.58
0.27
58%
10.97
1.62
0.26
61.7%
6.77
1.41
0.32
61.5%
9.33
10.08
1.17
1.41
2.40
9.33
10.10
1.17
1.44
2.39
12.31
8.68
2<2
1.612
2.50
3.21
6RPH$SSOLFDWLRQVIRU/RZ)UHTXHQFLHV
&RXSOLQJWRWKH+XPDQ%RG\IRU(0)LHOGVRI+LJK9ROWDJH3RZHU
7UDQVPLVVLRQ/LQHV
2>0 ,&& 7 /
( O % 2==0
,O2==),2/2</
2/9
-D A A
(2)(0),
1@0 + A A 122 + A ,
(B)(>)
122
+AA,2/2<
(2)(B)(>) 4 21 H
+(
) 8 0<@ +
8 1 (0) ' 4/:=/==
' 2@@/2<1 P : 2<@ P U
&(2=99)
B0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8
()
% 'D (P ) )LJXUH&DOFXODWHGOD\HUFXUUHQWVIRUDQDWRPLFDOO\EDVHGJURXQGHGDQGXQJURXQGHGPRGHOVH[SRVHGWR
(0)VDW+])RUFXUYHVDQGı 6PIRUWKHLQWHULRUPXVFOH)RUFXUYHVDQGı 6PIRUDOORIWKHPXVFOH( N9PYHUWLFDO+ $PIURPVLGHWRVLGHIRUDOORIWKHFXUYHVH[FHSW
IRUIRUZKLFKRQO\(ILHOGH[SRVXUHLVDVVXPHG
7DEOH7LVVXHFRQGXFWLYLWLHVXVHGIRUFDOFXODWLRQVDWWKHSRZHUOLQHIUHTXHQF\RI+]
6
,
!
'
%
.
H
#
.P
8
3
A
4
V
+
1
1@0122
11>
1<
122
11>
12B
12<
122
12
11>
122
120
122
122
PBB<9
BB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,QGXFHG(OHFWULF)LHOGV&XUUHQW'HQVLWLHVDQG6$5VIRU($6DQG5),'
6\VWHPV
4 (4 )-,(-,'&)
7 @1+<1 8D 21/2@ 68D D
-, (8 0111)
4 -,'& A / /
:+
A
: 4 -,'&
- '444'%3'-#('%3'-#2=='4440110)
: : '%3'-# ( 2/2) (%3) 7211A8D -7211A8D
21 68D - ( / A 21/ -) 7 21 68D 4 43@1B@9 4 -,'& : (%434.4%/4 % 4
D 0112) : / 4 , (# O 3 2=9) 2=9> × 2=9> × 0=B (2==@)21/@/
/
:
(2/)
B>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHW\SLFDOH[WHUQDOGLPHQVLRQVDQGGHULYHGYR[HOVL]HVXVHGIRUWKHDQDWRPLFPRGHOVRIWKHPDOH
DGXOWDQGDQG\HDUROGER\V*DQGKL.DQJ
2=9>×2=9>×2.93
2=9>×2=9>×2.352
2=9>×2=9>×2.93
2=9>×2=9>×2.282
2-(.2=>)
,(.2=>) @//(@@R)
BBR:
:D21/@//
2/
D,2/29!
D D 0@< × 2@2 × : 0BB :6''A
/
: 7 22
$3DVV7KURXJK($66\VWHP
4
4 /B1/A8D/
4 @1<1
21/211 (><)
A,2/2
B@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
621// 6@//
)LJXUH7KHWKUHHDQDWRPLFPRGHOVXVHGIRUFDOFXODWLRQVRILQGXFHGHOHFWULFILHOGVDQGFXUUHQWGHQVLWLHV
B<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH$QDVVXPHG($6V\VWHPXVLQJDSDLURIUHFWDQJXODUFRLOVZLWK DQRYHUODSRIFP7KHORZHU
UXQJRIWKHERWWRPFRLOLVDVVXPHGWREHFPRIIWKHJURXQGSODQH7KHPDUNHGGLPHQVLRQVDUHLQFP
7 A !/
S !:!!D4 A
!
!0: !0 !D0
2+ 0
(02)
A , 2/2= ( X 1) :X01 4 :
B9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
4 43@1B@9 (%434.4%/4 %
4D0112)'%3'-#
)LJXUH 7KH FDOFXODWHG YDULDWLRQ RI WKH PDJQHWLF ILHOGV IRU D FHQWUDOO\ORFDWHG YHUWLFDO OLQH \ DW D
GLVWDQFH[ FPIURPWKHSODQHRIWKH($6SDQHOVHH)LJXUH
,,2/2=
2110^D^2220@//21/
/(20@^D^2B90)(2<20^D^29@>)
,2/2=
@//
21//
,
D<1<2110@//99<20@
21//==<2<208
>2
: , 2/29 :01D4 43@1B@9 % (%434.4%/4 % 4D0112),
://D/
E:EED
(E)
:7*
B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
E
E 0: E 0 E D0
2+0
(00)
/
:20/
/4 ,2/2
2/=:20/
E:
'%3'-#B1A8D<1 +0
(2/2)!
21/@//(
, 2/2=) : 21// (<><
+0)'%3'-#@//(== +0)
<@R'%3'-#<1 + 0B1A8D
21//
:@//
7DEOH7KHFDOFXODWHGRUJDQDYHUDJHGDQGPD[LPXPFPDUHDDYHUDJHGHOHFWULFILHOGV(DQGFXUUHQW
GHQVLWLHV-IRUWKHPRGHOVRIWKHDGXOWDQGDQG\HDUROGFKLOGUHQIRUWKHN+]PDJQHWLFSDQHOW\SH
($6V\VWHP*DQGKL.DQJ
Adult
Organ
5-Year-Old
J(mA / m 2 ) E(mV/m) J(mA / m 2 ) E(mV/m) J(mA / m 2 ) E(mV/m)
Brain
Organ-averaged
Max. (1 cm 2)
4.75
17.63
47.89
177.83
23.20
64.64
234.13
652.23
40.70
98.93
410.71
998.27
P ineal
gland
Organ-averaged
Max. (1 cm 2)
0.92
-----
9.29
-----
17.42
-----
175.73
-----
36.27
-----
365.95
-----
Spinal
cord
Organ-averaged
Max. (1 cm 2)
----32.64
----538.61
----40.19
----663.20
----43.71
----721.29
Heart
Organ-averaged
Max. (1 cm 2)
92.69
234.69
185.39
469.38
120.08
296.86
240.16
593.71
130.33
316.80
260.66
633.59
Liver
Organ-averaged
Max. (1 cm 2)
18.15
86.68
277.56
1325.33
23.63
114.57
361.24
1751.76
24.66
121.11
377.11
1851.78
Kidneys Organ-averaged
Max. (1 cm 2)
36.41
88.08
239.41
579.09
38.06
81.26
250.23
534.26
38.05
78.07
250.19
513.26
Organ-averaged
Max. (1 cm 2)
85.11
234.21
394.75
1086.33
86.84
222.24
402.80
1030.81
68.55
170.34
317.93
790.09
P ancreas Organ-averaged
Max. (1 cm 2)
28.61
86.33
188.08
567.63
38.64
94.74
254.02
622.87
46.72
85.43
307.19
561.64
Bladder
10-year-Old
B=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&RQFOXVLRQVDQG)XWXUH'LUHFWLRQV
& 7 7 2@/01 &
7A
-/
/2/0/
:
D 7
/
/,
/ 4/ 8/
(% &)
4
7 : /
A 4:
5HIHUHQFHV
&".588O#-(2=B)-7/'8*
% 3K\VLFVLQ0HGLFLQHDQG%LRORJ\B2/>0
! # O 8D ! (2==@) 6/ ,(&
7HFKQRORJ\7UHQG$VVHVVPHQW
! # %
6 # O #DD 4 (0111) 8 : /
,((( 7UDQVDFWLRQV RQ 0LFURZDYH 7KHRU\ DQG
7HFKQLTXHV2==</0110
! 6 & O % ' (2==2) # ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV22<@/90
%434.4%/4 % 4 D (0112) (YDOXDWLRQ RI
KXPDQ H[SRVXUH WR (0 ILHOGV IURP GHYLFHV XVHG LQ HOHFWURQLF DUWLFOH VXUYHLOODQFH ($6
UDGLRIUHTXHQF\ LGHQWLILFDWLRQ 5),' DQG VLPLODU DSSOLFDWLRQV 4 43@1B@9 %434.4%/4 % 4 D B@!/21@1!!
>1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
% E F , % 6 O $ # (2==>) : ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV2290/9@
%EFO$#(2==)-,/
/
:(01/21168D)+HDOWK3K\VLFV=/=
% E F O $ # (2==2) % / :
D,(((7UDQVDFWLRQVRQ
0LFURZDYH7KHRU\DQG7HFKQLTXHVB2/B=
%EOEE6(2==9)% - !2 /:
6-'3URFHHGLQJVRI,((($QWHQQDVDQG3URSDJDWLRQ6RFLHW\,QWHUQDWLRQDO
6\PSRVLXP02021/2B6%
&"%HO6 (2===)3
<18D
:
3K\VLFVLQ0HGLFLQH
DQG%LRORJ\210@/>1
&"O6 (2==)8:
7,(((7UDQVDFWLRQVRQ0DJQHWLFV91/2
&,E,O$#(2=@) : 7/ ,((( 7UDQVDFWLRQV RQ
(OHFWURPDJQHWLF&RPSDWLELOLW\2</9B
& & " (2=99) % *6 ,(((7UDQVDFWLRQV
RQ3RZHU$SSDUDWXVDQG6\VWHPV2@29/09
&#E(2==)'/70
3K\VLFVLQ0HGLFLQHDQG%LRORJ\
002/B1
&#E(0110), -7
B8D3K\VLFVLQ0HGLFLQHDQG%LRORJ\0B@/><
& # E O 6 (2==>) - / =1121168D3K\VLFV
LQ0HGLFLQHDQG%LRORJ\2@B9/@B
&%8E%%!#"68'A6,.EE-
& H E O 6 E % (2=9) 5DGLRIUHTXHQF\ 5DGLDWLRQ 'RVLPHWU\
+DQGERRN(0) 6/-/9/00!A ,!:
>2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
, % 6 % E F O $ # (2==>) 7/ /
/ -
,(((7UDQVDFWLRQVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\20/BB
,%6O$#(2==)%
/ <1 8D ,&& %LRHOHFWUR
PDJQHWLFV0=B/==
$#(2==1)4%
%LRORJLFDO (IIHFWV DQG 0HGLFDO $SSOLFDWLRQV RI (OHFWURPDJQHWLF (QHUJ\ $# 4%3E*#8'
$ # (2==@) 46 * 4., 75DGLR6FLHQFH2<2/99
$ # O % E F (2==0) 3 7 /%LRHOHFWURPDJQHWLFV2>B/<1
$ # O % E F (2==@) 4 : </8D ,((( 7UDQVDFWLRQV RQ (OHFWURPDJQHWLF
&RPSDWLELOLW\@>9/@
$#O%C!(2===)
/ : /
6-'0DJQHWLF5HVRQDQFHLQ0HGLFLQH2</0B
$ # O &, E , (2=) % 46 : -, ,(((7UDQVDFWLRQVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\
<B/<
$#&,E,OH8(2=>)'
,((( 7UDQVDFWLRQV RQ
%LRPHGLFDO(QJLQHHULQJ<>>/@2
$#!GO%EF(2==0) 7///
%LRHOHFWURPDJQHWLFV(<)@>B/@@
$#!GO%EF(2==B) 7///
,((( 7UDQVDFWLRQV RQ 0LFURZDYH
7KHRU\DQG7HFKQLTXHV<@/<@
$# F%EF O !8 '(2==0) / /
:(701/=2@68D)+HDOWK3K\VLFV(B)02/=1
>0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$ # O H (0112) % 3K\VLFVLQ0HGLFLQHDQG%LRORJ\
/92
$#H"&O.DD(0112)%
7 %LRHOHFWURPDJQHWLFV220/02
$ # O . 6 (011B) / ,(((7UDQVDFWLRQVRQ$QWHQQDV
DQG3URSDJDWLRQ>1/>9 $#.DDO,%6(2==<)4
AB@2=1168D,(((7UDQVDFWLRQVRQ0LFURZDYH
7KHRU\DQG7HFKQLTXHV2>/=9
$ # .DD O F G/ (2===) % : - %LRHOHFWURPDJQHWLFV(>)=B/212
$ # " & % E F O %
& . (2==9) ' -
A : -, A+HDOWK3K\VLFV0B</>0
!GO$#(2==0) :///
,(((7UDQVDFWLRQVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\099/B
, ! - 6 D O 4 (2===) 7 ,(((
7UDQVDFWLRQVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\>1/<
"&
FFO%%H(2=0)&
: <1/8D %LRHOHFWURPDJQHWLFV>9/92
8 % !
" ! % E H . H H O (0111)
4 (4 )
+HDOWK3K\VLFV02/9
8 - O $ # (2==) % / 7 : 3K\VLFVLQ0HGLFLQHDQG%LRORJ\B1B/==
8%44" AE,6$6O46(2=@) 7 / 36- 2@ -RXUQDORI0DJQHWLF5HVRQDQFH<00/0
>B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'444'('444)(2===),(((VWDQGDUGIRUVDIHW\
OHYHOV ZLWKUHVSHFW WR KXPDQH[SRVXUHWR UDGLRIUHTXHQF\HOHFWURPDJQHWLFILHOGVN+]WR
*+] ('444 %=@2) 3 FA 3F* ' 4 4
4'
'444'('444)(0110),(((VWDQGDUGIRUVDIHW\
OHYHOVZLWKUHVSHFWWRKXPDQH[SRVXUHWRHOHFWURPDJQHWLFILHOGVN+]('444
%=@<)3FA3F*'444'
'%3/'D-#('%3'-#)(2==)
:/
(
B118D)+HDOWK3K\VLFV(>)>=>/@00
E6 O-/F(2==@)46
3URFHHGLQJVRIWKH,(((9/29
E E 6 O #A (2==>) $ 0DJQHWLF5HVRQDQFHLQ0HGLFLQH>2/00
E - 6 8 % O (2==2) & 6:S
7 2SWLFV/HWWHUV(2)2>20/2>
H"O6,(2=2)
4.,%LRHOHFWURPDJQHWLFV2B/B0
HDHO.-E(2==B)7KHILQLWHGLIIHUHQFHWLPHGRPDLQPHWKRG!-
,.*%-%#
.%(2=>)*HLJ\6FLHQWLILF7DEOHVB!D*%'! /4'F
. G/C O $ # (011@) % / 4 +
3K\VLFVLQ0HGLFLQHDQG%LRORJ\B9B/@
. - O 8 , (2==0) ,&& ,(((
7UDQVDFWLRQVRQ$QWHQQDVDQG3URSDJDWLRQ>120=9/2B12
.-E8,OHDH(2==2) 7//
/ ,((( 7UDQVDFWLRQV RQ
$QWHQQDVDQG3URSDJDWLRQ0=/B>
. - E 8 , # HD H - ! O 6 (2==1) 7/ / / ,(((7UDQVDFWLRQVRQ(OHFWURPDJQHWLF&RPSDWLELOLW\000/09
>>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6 - . . - # O # ! (4) (2==2) ! 4 3 6 - ' $QQDOV RI WKH 1HZ
<RUN$FDGHP\RI6FLHQFHV
3A"AHH4"A6OFAF
(011>) &
/ / : E
/
7/3K\VLFVLQ0HGLFLQHDQG%LRORJ\2/2@
3 - # ! (2==1) 5HYLVHG $GYLFH RQ $FFHSWDEOH 5HVWULFWLRQV RI
3DWLHQW DQG 9ROXQWHHU ([SRVXUH 'XULQJ &OLQLFDO 0DJQHWLF 5HVRQDQFH 'LDJQRVWLF
3URFHGXUHVH
$AA 6 $AA 4 O 6 (2==9) / ,&&,(((7UDQVDFWLRQVRQ$QWHQQDVDQG3URSDJDWLRQ>00/0=
$AA 6 O 6 (2==<) ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV2@@/<>
$ 3 O $ # (2==1) B/& ,(((7UDQVDFWLRQV
RQ%LRPHGLFDO(QJLQHHULQJB</>B
# % - O 3 (2=9) ,QWURGXFWLRQ WR (OHFWURPDJQHWLF )LHOGV QG HG 6
8
-E,6!OHDH(2=@) /7
/7-RXUQDORI0LFURZDYH3RZHU0>2/
@>
6 O & " (0111) ' /7 3URFHHGLQJVRIWKH,(((<>B/<>
& 6 (2==0) 7/ ,&& ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV@B0/B=
&6$#O
(2=)//
46 ,((( 7UDQVDFWLRQV RQ %LRPHGLFDO
(QJLQHHULQJ29=/<
O ! 6 4 (2=9@) 3 / /6:S7,(((7UDQVDFWLRQVRQ
0LFURZDYH7KHRU\DQG7HFKQLTXHV()<0B/B1
O 8 % (0111) &RPSXWDWLRQDO (OHFWURG\QDPLFV WKH ILQLWHGLIIHUHQFH
WLPHGRPDLQPHWKRG(0)36 * 8
>@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&,%6O$#(2==)% -
/ % & D ,&& ,((( 7UDQVDFWLRQV RQ $QWHQQDV DQG
3URSDJDWLRQ0=/BB
&,%6O$#(2==)#
A//
:3K\VLFVLQ0HGLFLQHDQG
%LRORJ\0B<2/9
&.DDO$#(2===):/,&&
% &/
0LFURZDYH DQG
2SWLFDO7HFKRORJ\/HWWHUV0>/0=
, % %(,%%) (2==<) *XLGHOLQHVIRU HYDOXDWLQJ WKH
HQYLURQPHQWDOHIIHFWVRIUDGLRIUHTXHQF\UDGLDWLRQ()&&=</B0<)
, & (2=) 6 - & &
* #
- - # 6- - )HGHUDO 5HJLVWHU 9@9@/9@9=
5 E 8 8 # $ E $ # E " O # 6 (2==>) 8/
7
36-0DJQHWLF5HVRQDQFH
LQ0HGLFLQH01</2
" E O ,U $ (0111) & 7UDQVDFWLRQVRIWKH,(,&(-%(@)901/0@
" A 6 3U O ,U $ (2==<) % -
: ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV29>/B
" E % O & (2==9) % ,&& 3URFHHGLQJV RI 1RUWK $PHULFDQ 5DGLR 6FLHQFH 0HHWLQJ
6%<<<
I3-6"O5E(2==>)$QH[SHULPHQWDOVWXG\RIDKHDG
FRLO IRU SURWRQ LPDJLQJ DQG VSHFWURVFRS\ # 0 6 6-,% ><
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
([SHULPHQWDO5DGLR)UHTXHQF\'RVLPHWU\
E &'
,-.9228#"
84
&&4!&
-,7
-!!A%/!:90B@/@2>9
UN
,QWURGXFWLRQ
* 2) 0)7(-,)
: B) - ( -) # : : U 7
:
,/& /& (,&&) (HD O
.2==B6 0111UA 0110) 6
( 2==9) : 7
([SHULPHQWDO3ODQQLQJ
#:
'7J
":0>@168D_”
:
0>@168D
8
7 J
" 0>@1 68D _” : 7
0>@168D
'HWHUPLQDWLRQRIDSSURSULDWHH[SRVXUHFRQGLWLRQV
::%
0 J
-7 & 8A > 4on” (& 2=<) : ! : -,
7
: 7
:77*
>9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
22X00
(2)
2X:0X:2X
7:0X7:
,:
21"+0:
7, 7:4
D(:
)
9@ 68D (, 0/2) 0 X 19@ (, <B -7 & 8A >
4)/2 X12(,<2<-7&
8A>4)
472*
2X(19@)(9@)+12X<<168D
(0)
- D - , 0/2 9@ 68D 4
D(10>"+A"+0)<<168D4D(1"+A
"+0)7
:47B/@*
-2#&2X -0#&0
(B)
(1"+A"+0)#&2X(10>"+A+"+0)(21"+0)
(>)
(@)
#&2X-4:XB1"+0 :4DB1"+0 <<168D7
: 21 "+0 7 9@ 68D : $ :
7
:
>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH6$5YV)UHTXHQF\6RXUFH'XUQH\HWDO
,QVWUXPHQWDWLRQ&KHFNRXWDQG8VH
'A:
' :'
HD'
H D 8 D ( ) & A 4/ 6A
>@ :
:
7
:
7 ' 7
>=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(VWDEOLVKPHQWRIDQ([SHULPHQWDO3ODQ
-, 7 -,,0/0:
4 D ( 2 8D) 7(21168D) U7
4D
()
: 7 : (& 2=<22>)
,
,
)LJXUH5HSUHVHQWDWLRQRIWKHH[WHUQDOILHOGSDWWHUQVIRUDKXPDQLQ(SRODUL]DWLRQ
-,4/
U
:: :7 -
: : 2 "+ 0 ' -7
7
4/
,/& /& (,&&) -
, 0/B 3 7
78
7:08D
218D
@1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH6$5DVDIXQFWLRQRIIUHTXHQF\
: , 0/> /:
:,
:2+2< :>':
7
:,
:
@2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH&KDQJHLQXQLIRUPLW\RIH[SRVXUHDVDIXQFWLRQRIGLVWDQFHIURPWKHDQWHQQD
67:
/ 7
/
/
:
: A -7,?-:
47<*
#&X3 P-#+>`&0
(<)
&X&
()#&X#&"+0
"+012
,*
-#X#A-#C&, (9)
&,X#"C#-,7
()
3*!/
00/
(00a(>@)(
))
'
!*
!X(00a(>@)( P!+b0)) =)
(21)
3X21(!+21)
@0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
([SHULPHQWDO3URFHGXUH
: :
: :
7,
*2)64/
: : A @/21/'
00)6
:'2+&0:
B B) 6 : ' : :
:U3* U >) D D/ -U::
6FLHQWLILF0HWKRG
, (, 0/@) * 2) 0) B) >) @) )LJXUH7KH6FLHQWLILF0HWKRG
@B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
, ! ,
c @R 21 $ : :
A4/211168D
' :
7*
,,X0P.0+b 22)
.XbX"
XBP21+,()
,X7(8D)
7 : $
:2U:2
4:
D
6
U 4: 7 : 2+ &0 7*
#&X#&(&+&)0 (20)
#&X#&&#&X#&&&X&
&X&#&
::
2 + &0 ' : :A'AU
'
A
$2+&0
U
: / D U , UU:
7<*
: ' :
:7
@>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
@
: U U
([DPSOHRI8VHRI6FLHQWLILF0HWKRG
211/68D8::( 011B):
: /
=1
:21168D
7:
2@:00@
: A00@,0/<
7
2ULJLQDO0HWHU6FDQ
P:FPð
QF
WD
LV
F
H
P
FP
DQFH
W
V
L
'
'
)LJXUH6FDQUHVXOWVWDNHQDWP
,0/9:
9?21:@1R
*
/
@@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,0/
c@R
*
:
6WDWLRQDU\'ULIW%URRNV3UREH
1DUGDP
$9* “
0$;0,1 )LJXUH6WDWLRQDU\'ULIW%URRNV3UREH
@<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6WDWLRQDU\'ULIW1$5'$
3RZHU'HQVLW\P:FPðIRU:DWWV
1$5'$P
$9* “
0$;0,1 7LPHPLQXWHV
)LJXUH6WDWLRQDU\'ULIW1$5'$
, 0/=
&0 'D:
/
4/ , 0/21 :2+&0 :
@9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&(17(5/,1(6&$1
&HQWHU/LQH6FDQ
5XQ
1$5'$
)LJXUH5HVXOWRIILUVWVHWRIPHDVXUHPHQWV
@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
1DUGD&DEOH+RUL]RQWDO
1$5'$
5ð
)LJXUH5HVXOWVZKHUHUXQZDVUHSHDWHGZLWKWKHFDEOHQRUPDOWRWKH(ILHOG
@=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-
,0/22
2+&0 :
GD&DEOH+RUL]RQWDO$OO2WKHU&DEOHV5HPRYHG
1$5'$
5ð
)LJXUH5HVXOWVDIWHUDOOFDEOHVZHUHUHPRYHGDQGPHDVXUHPHQWUHSHDWHG
00@,0/20
::
<1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH5HVXOWVZLWKILHOGVFDQQHGDWPIURPWKHGLSROH
7UDQVYHUVH(OHFWURPDJQHWLF7(0&HOOVDQG6WULSOLQHV
46 -, : 7 7 211 68D D , 7
/ /:,46
D
:'
:U
:A - - :
46 , 0/2B E ,&& ' *
*++0U++002+++&B/1
<2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)'7'DQDO\VLVRIHOHFWURPDJQHWLFILHOGVLQD7(0FHOOPRGHO
VKRZQEHORZLQGLFDWHVWKHXQLIRUPDUHDZLWKLQWRRI
WKHQRPLQDODWWKHUHIHUHQFHSRLQWLVRIWKHVHSDUDWLRQ
EHWZHHQWKHRXWHUFRQGXFWRUDQGVHSWXP
(YDOXDWLRQRID7(0FHOOE\XVLQJ
)'7'PHWKRG
7(0FHOO
([ILHOGGLVWULEXWLRQ
(OHFWULFILHOGGLVWULEXWLRQLQD7(0FHOO
(\ILHOGGLVWULEXWLRQ
)LJXUH)LHOGLQVLGHD7(0FHOO
<0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
! - 7
46 / :
"/
4/
*
4X5+
X
5X(#I)2+0 (2B)
(2>)
5X
#X
IX@1$
7
*
#X40+B991"+0
(2@)
4/5+
, 46 4/ 8/
/ -7
6$50HDVXUHPHQW -
':
/ -
-,:
7 -
*
2 &:
0 -U
B %7
> 7
@ '4/
<B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/ -
'LIIHUHQWLDO3RZHU7HFKQLTXH
, / 7 :
'
46/:
*
#4X#'/#$/#-
(2<)
#4X () : #'X () #$X
()#-X()
#:
#
:
&
A #4 # - D % 7 /
-:
7
1RQLQWHUIHULQJ7HPSHUDWXUH3UREH7HFKQLTXHV
-, - 8/ / 112 e% /
-,
./A7
21168D,211
68D ,/ -, 8
7 - .
77
-A:
U6e%
/7
-
2\%+X@<"+A
(29)
1>,72
2\%+X<="+A
<>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7 - :
U
7 -:
&DORULPHWULF7HFKQLTXHV
% 7 : / - 7/&
/ 7 : & A
(: 2 ) : A
& 7 :
( ) 7 (B12) -
77:::
A: -
:7:"
U
U : 1@ \% :U
: : 2 \% :
"7(
112 \% 2@/ ) ,
*
Xf(Ia6%)(,?
)g+(6%)a,
(2)
XD
6X
(A) % X (EhA/2h H/2) 6 X (A) % X (EhA/2hH/2) X U
(\%) , X (\%) I X (EhH/2)
-"+A
-X%((:)/())+:
%XB>>%X>2@
<@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7KHUPRJUDSKLF7HFKQLTXHV
- :'
- #
"
7
(2=92) 7 - : D (4/ ) , / A (2=9@)U
7
77
,PSODQWDEOH(OHFWULF)LHOG3UREHV
6//
!
(2=99) $ -4 . 3 H 4/ : -, - 4/ UA7*
-Xi40+j
(2=)
iX
(+)4X-6(5+)jX
U(A+B)
7 ( -
7) /
(
7 21 7 ) (7 U) 7/ /
:
([SHULPHQWDO0RQLWRULQJ
& U : ' /DA
U: '
<<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: ' A:
5HSRUWWKH5HVXOWV
4
, 7 : 5HIHUHQFHV
E 4 - 6 H 8 " O I: E (011B) 4 -,:(21168D)
%LRHOHFWURPDJQHWLFV(9)
!88#% O3(2=99)4
/5DGLR6FLHQFH(1<)2@/0@
&%868O'A6,(2=<)5DGLRIUHTXHQF\5DGLDWLRQ'RVLPHWU\
+DQGERRN )RXUWK (GLWLRQ (- , 6/-/@/9B) , 6!A ,!C
UA # " E 8 " & I: E 6 3 & O 6 # (0110)
4 - ,&& %LRHOHFWURPDJQHWLFV
B9/>32
" (2=92) 7
,(((7UDQVDFWLRQVRQ0,701@/
02>
" " 6 & 6& E (2=9@) 7 :46D//:
3URFHHGLQJVIRU0LFURZDYH3RZHU6\PSRVLXPB</>1
""$%
" (2==9) 'RVLPHWU\ RI UDGLRIUHTXHQF\ HOHFWURPDJQHWLF ILHOGV ([DPSOHV RI UHVXOWV
XVLQJQXPHULFDOPHWKRGV8#%3/'D
- C
HD H O . - E (2==B) 7KH ILQLWHGLIIHUHQFH WLPHGRPDLQ PHWKRG IRU
HOHFWURPDJQHWLF!-,.*%-%#
6# 8"&"E&; E UA#-H.3&
H'OI:E6(0111)47
:D
<9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/
:,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV(22)
<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
$3UDFWLFDO*XLGHWR+LJK5HVROXWLRQ7KHUPRPHWU\DQG0LFURGRVLPHWU\LQ
3XOVHG(OHFWURPDJQHWLF)LHOGV
#A
,A--%!
$&
3A5 NA
%DVLF7HUPVDQG'HILQLWLRQV
4: U (46,) & J
mal” J
/mal”
46,
U ( 46,)'
46,:
/J
”46,
(.2=9)
' / 7
7
A :
/
' :/
' : 46, J
:tent” 46, UD( -"+A)
46,:*
ൌ ɐ ଶ Ȁɏ୫ (2)
4(5+)i
(+)j(A+B)
<=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
! -
:
"
-("+A)*
ൌ …οȀο–
(0)
q(%)(E+(A:
%))q()
q'q
: $
- : 46, 7 (-,) 3
: , - # A
-
J
”
46,
U 46,
#U:46,
: 8
6
-:A
,QVWUXPHQWVDQG7HFKQLTXHVIRU/RFDO7HPSHUDWXUH0HDVXUHPHQWVLQ,QWHQVH3XOVHG
(0)V
*HQHUDO&RQVLGHUDWLRQV
$46,:
46,,
46, A/* D
7 4/
/ /
91
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
46, U 46, 'A
8
A/(
) ( A
O IA 0112)
(:
,B/<
) # 46,/:D
8 D 46, 46, A/ ( ) (
/ ) ' ( 46,B00),
-J
”:
//
A 6HOHFWLRQDQG$YDLODELOLW\RI7HPSHUDWXUH3UREHV
( ) A,B/2
5'4H21246
!&6&
.A%!!(2=9<)
J
//bing” " D2
@H
0>1(!A2==<):
( 2=> 0111!OH2=1%2=@
O 6- 2=< 6- O &
2=> 3 2=@ 2==) 92
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH 7KH DSSHDUDQFH DQG FRPSDUDWLYH GLPHQVLRQV RI VRPH FRPPHUFLDOO\DYDLODEOH WHPSHUDWXUH
SUREHV7KHUXOHUGLYLVLRQVDUHPP)RUWKHVPDOOHUSUREHVWKHWHPSHUDWXUHVHQVLQJHOHPHQWLVLGHQWLILHG
E\DQDUURZ6HHWH[WIRUPRUHLQIRUPDWLRQ
& 2=9 .: % ( % % ) , /
()
& 5'4% .:
: ( 2==0
! 2==2 HU 011> 6 2==2 2==2
A2==0112)&.:@1
" : B1
+
7
1@/2 e% (#A
6 O 6 011B) 7
TT $ 211?0@1H0@1911/.:
( 011>) 3 .: (:) 1@
#/02/6$0 D -4,.4C
3,'(GG%%);
12 % ; 1B :
.: 84-$
#/0246,A/7
-4,.4C>+
:
(.:@15)-4,.4C
A
90
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH 'HWDLOHG GHVLJQ DQG GLPHQVLRQV RI WKH +(52 ILEHU RSWLF WHPSHUDWXUH VHQVRU /LJKW UHIOHFWLRQV
RFFXU DW WKH LQQHU DQG RXWHU OD\HUV RI WKH VHQVLWLYH OD\HU 7KH GLDJUDP ZDV NLQGO\ VXSSOLHG E\ ),62
7HFKQRORJLHV,QF4XHEHF4&&DQDGDDQGSXEOLVKHGZLWKWKHLUSHUPLVVLRQ
,$/84-$ ,'$ (G G%
%) A ' D ,/#/(%70111)/
U
@/yA8(,B/0)
A:5
(011A8D)84-$
211Be%2/
()
7 / #/
D
:$
4'()20@/y()0@/
y()(/)
(6%) J
/ ” U /
U 84-$(
0 6%) A " A D 46, A/ :
46,(&2=&
9B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2=<2=22==08
011B6
2=#A
O&0111#A
0110#A
0111#A
0111#A
6O6011B)
&RPSDUDWLYH(YDOXDWLRQRI7HPSHUDWXUH3UREHV¶3HUIRUPDQFH8QGHUD+LJK
,QWHQVLW\3XOVHG0LFURZDYH([SRVXUH
0LFURZDYH([SRVXUH6HWXS
" D (#A
011B
#A
0110)
:U:A
(48##) 48## 68B11 6,/'6<@/12 -, / (4 ' ' '.) BB9C ( 4 ') 48## : *7=218D(=<8D)A9@/
22@A"(68B11)0B1/0<1A"(BB9C)1@0Y
2A8D
(8# <=1 8 1018 ) 7
(2/211)A(^01")6
("-=1 00< : 212< ) / : (, B/B) ' 8#>B 8#>2 - : BR
48## 8# >B0 4H 0>B1 9>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH %DVLF GHVLJQ RI WKH H[SRVXUH FKDPEHU WKDW ZDV HPSOR\HG LQ PLFURGRVLPHWU\ DQG WKH
WKHUPRPHWU\H[SHULPHQWV$WKHRULJLQDOGHVLJQDIWHU&KRXDQG*X\DQG%WKHPRGLILHGGHVLJQZLWK
LPSURYHG DFFHVV WR WKH DUHD LPPHGLDWHO\ DERYH WKH PDWFKLQJ SODWH & FDOFXODWHG DEVRUSWLRQ LQ WKH VDOLQH
DORQJ WKH D[LV RI WKH ZDYHJXLGH DV D IXQFWLRQ RI GLVWDQFH DERYH WKH PDWFKLQJ SODWH &DOFXODWLRQV ZHUH
SHUIRUPHG XVLQJ (TXDWLRQ IRU *+] DW ƒ& 1RWH WKDW ORFDO 6$5 GHFUHDVHG H[SRQHQWLDOO\ ZLWK WKH
GLVWDQFH DERYH WKH SODWH DW D UDWH RI DERXW WZRIROG SHU PP :LWK WKH VDOLQH GHSWK RI PP WKH
PLFURZDYHUDGLDWLRQLQWHQVLW\DWWKHVXUIDFHZDVDWWHQXDWHGE\DIDFWRURI VRDQ\PLFURZDYHOHDNDJH
WR WKH RXWVLGH RI WKH H[SRVXUH FKDPEHU DQG EDFNZDUG UHIOHFWLRQ IURP WKH VDOLQH DLU LQWHUIDFH FRXOG EH
GLVFDUGHG
([SRVXUH&KDPEHU'HVLJQDQG$QDO\WLFDO(YDOXDWLRQRI/RFDO6$5
' : % (2=9) , B/B 7/
7
%:
=B/=98D
7 (2=92) " 120/12> (H)
(V)0@%<B>2@=+
: 8# @21 ( ! 2==<) ) 6 (H X <B V X 2< +) B923+
- : : %
(2=9)*
ଶሺ୔ ି୔ ሻ
ൌ ሺͳȀɏሻ ೔ ೝ ʹȽ‡ିଶ஑୸ ("+)
(B)
ୗ
U(+B)#L#U ("
TT) /
(0B00)D(3+)D
() ! 7 211 A" 9@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: -
<21B1>2>@<=A"+1
20B
(=@8D0@%)'
-:
':
(,B/B!) -
( : )
7 -
:
,1@/0
#A -1B/16"+48##@@1"+
/ -/
A : J
ble” 46,
7HPSHUDWXUH0HDVXUHPHQWV
:
:
(2)#/02
-4,.4C (0) 84-$ 54.$%4 (B) /
6%(0@/)& 6@1&%("#')
U
($) I &% A 22 (H ' ' %
$8) U
" (^21 e%) / , 6% : / ! U:2/0
77
: 2/2@
/
;
>@ (
46, A/ 6% )
-4,.4C 54.$%4 & 6@1
!'$# %6#211&7("#')
9<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: (,B/>) #%
07&
+(52
73
R&
V
)LJXUH &RQFXUUHQW UHFRUGLQJ RI WHPSHUDWXUH FKDQJHV E\ WKH 07& +(52 DQG 73 WHPSHUDWXUH
SUREHV7KHSUREHVDUHEURXJKWWRJHWKHULQWKHH[SRVXUHFKDPEHUE\PHDQVRIWKUHHPLFURPDQLSXODWRUV7KH
WHPSHUDWXUHVFKDQJHVZHUHFDXVHGE\DUELWUDU\DGGLWLRQVRIKRWDQGFROGVDOLQHLQWRWKHH[SRVXUHFKDPEHU
QR(0)H[SRVXUHDQGZHUHUHFRUGHGXVLQJD%,23$&GDWDDFTXLVLWLRQV\VWHP7KHJRDORIWKLVH[SHULPHQW
ZDV WR YHULI\ WKH LGHQWLFDO FDOLEUDWLRQ RI WKH WHPSHUDWXUH SUREHV DQG WKHUPRPHWHUV HPSOR\HG 6HH WH[W IRU
PRUHGHWDLO
3UREHV¶3HUIRUPDQFH8QGHU³5HJXODU´0LFURZDYH([SRVXUH
: (21/211 ) 01 " % A - 21/>1 "+ - * (2) ; (0) : "6%84-$:(
#/02 ) (, B/@)
-
6% : 84-$ 6%
99
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
MTC and HERO together
MTC removed
MTC back
07&
+(52
R&
V
018D
>18D
<18D
18D
18D
18D
)LJXUH5HDGLQJVRIWKHWHPSHUDWXUHULVHE\D+(52SUREHDQGE\DQ07&SRVLWLRQHGWRJHWKHULQWKH
H[SRVXUH FKDPEHU ([SRVXUHV VKRZQ E\ DUURZV VHF WUDLQV RI PV SXOVHV DW GLIIHUHQW UHSHWLWLRQ UDWHV
:SHDNSRZHURXWSXWSHDN6$5a:J1RWHWKDWZLWKGUDZDORIWKH07&KDGQRHIIHFWRQ+(52
UHDGLQJV LQ UHVSRQVH WR D PLFURZDYH H[SRVXUH :KHQ ZLWKGUDZQ WKH 07& ZDV DW DQ DUELWUDU\ UHPRWH
ORFDWLRQZLWKLQWKHH[SRVXUHFKDPEHULWVUHDGLQJVGXULQJWKH³UHPRYHG´WLPHLQWHUYDOFDQEHGLVUHJDUGHG
#A6%(,B/@)
( : zz @ 9 , B/<) 84-$
D 7 #/02 (, B/<) 3 #/02 ;
* 84-$ 6% #/02 :#/02#/02
84-$ 6% @ % / #/02 /
':#/021@/2
&
#/02U7
9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
TP-21 removed
6%84-$#/02
TP-21 back
TP-21 removed
TP-21 back
07&
+(52
R&
73
218D
V
018D
>18D
>18D
>18D
>18D
>18D
>18D
)LJXUH &RQFXUUHQW UHFRUGLQJV RI PLFURZDYH KHDWLQJ E\ 07& +(52 DQG 73 SUREHV ([SRVXUHV
VKRZQE\DUURZVVHFWUDLQVRIPVSXOVHVDWGLIIHUHQWUHSHWLWLRQUDWHV:SHDNRXWSXWSHDN6$5a
:J1RWHWKDW73UHDGLQJVRIWKHPLFURZDYHKHDWLQJDUHVXEVWDQWLDOO\KLJKHUWKDQWKDWRIWKHRWKHU
WZR SUREHV 1RWH DOVR WKDW UHDGLQJV RI WKH +(52 DQG 07& SUREHV UHYHUVLEO\ GHFUHDVHG ZKHQ WKH 73
SUREHZDVZLWKGUDZQ6HHWH[WDQG)LJXUHIRUPRUHH[SODQDWLRQ
#/02 ' : U A/ #/02 : 8 : (B02)
' #/02 7 84-$6%
#/02
!
(84-$ 6%)
7: (
)
3UREHV¶3HUIRUPDQFH8QGHU(+330LFURZDYH([SRVXUH
:2/0/yA
0@1A"A -<11/11A"+
:84-$6%:
48##
,B/9 4:B48##(0y@11
/ 0@1 A" A 911 A"+ A -) ' J
”
( B0B>)48##
9=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6% 46, A/ 6% 6%; A 6% :
U01/>1:
' 84-$ 6%
"
::
)LJXUH &RQFXUUHQW WHPSHUDWXUH UHDGLQJV E\ +(52 DQG 07& SUREHV GXULQJ H[SRVXUHV WR WUDLQV RI
H[WUHPHO\KLJK SRZHU PLFURZDYH SXOVHV $OO H[SRVXUHV ZHUH LGHQWLFDO WUDLQV RI(+33V —V SXOVH ZLGWK
PV LQWHUSXOVH LQWHUYDO N: SHDN RXWSXW N:J SHDN 6$5 7KH RQVHW RI HDFK H[SRVXUH LV
LGHQWLILHGE\DQDUURZ$DOWHUQDWHUHDGLQJVE\ERWKSUREHVVLWXDWHGLQWKHH[SRVXUHDUHDWRJHWKHUDQGZKHQ
RQH RI WKH SUREHV ZDV ZLWKGUDZQ 1RWH WKDW WKH SUHVHQFH RI HLWKHU SUREH LQ WKH H[SRVXUH DUHD KDG QR
DSSDUHQWHIIHFWRQUHDGLQJVRIWKHRWKHUSUREH%WKH QGH[SRVXUHIURP$VKRZQDWDQH[SDQGHGWLPHVFDOH
1RWH WUDQVLHQW (+33 SLFNXS DUWLIDFWV ZKLFK DIIHFWHG 07& UHDGLQJV GXULQJ WKH ILUVW PV DIWHU HDFK
(+33
' 6% 48##()( ) 6% : (#A
0111) 6%/ T/T(,B/)6%
6% : : ,B/6%
A : (3RVLWLRQ ) ( :
)6%
3RVLWLRQ :
6%3RVLWLRQ
1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH (++3SLFNXS E\07&GRHVQRWDIIHFWORFDOKHDWLQJLQWKH VXUURXQGLQJ PHGLXP8SSHUWUDFH
EODFN07&ZDVDWWKHERWWRPRIWKHH[SRVXUHFKDPEHUPosition 1GXULQJDQGDIWHUH[SRVXUH(+33
/RZHUWUDFHEOXH07&ZDVDWWKHWRSRIWKHFKDPEHUPosition 2GXULQJWKHH[SRVXUHDQGZDVVOLGLQWR
WKH Position 1 DIWHU WKH H[SRVXUH ZDV RYHU 6HH WH[W IRU IXUWKHU H[SODQDWLRQ $GRSWHG ZLWK FKDQJHV IURP
3DNKRPRYHWDODZLWKNLQGSHUPLVVLRQRI6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
# , B/ :48##:
3RVLWLRQ()
3RVLWLRQ 48## 3RVLWLRQ3RVLWLRQ&
6% 3RVLWLRQ 3RVLWLRQ
6% ( ) 3RVLWLRQ 6% : 8
: 6%
3RVLWLRQ : (A ) : 6%:
:6%
: 6XPPDU\$SSOLFDELOLW\RI'LIIHUHQW3UREHVIRU0LFURZDYH
7KHUPRPHWU\DQG'RVLPHWU\
,B/<
::
( ) : (0@"+A -@01"+/
-) J
//bing” J
/”
2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
":
#/02
$
(84-$) (6%)
D #/
02 /
-, ,B/<#/02:>@21@2<@R
/
-@2101"+
(,B/=)$
- #/02 ,,B/<B/J
t” 0 "+ :
(7:)
([FHVVLYHKHDWLQJRI73SUREH
RIWKHPHDQUHDGLQJVRI+(52DQG07&
WLPHDYHUDJH6$5:J
)LJXUH 7KH HUURU LQ WHPSHUDWXUH UHDGLQJV E\ 73 SUREH DV D IXQFWLRQ RI WLPHDYHUDJH 6$5 GXULQJ
H[SRVXUH 7HPSHUDWXUHUHDGLQJVRI73DUHVKRZQDVDSHUFHQWDJHRIFRQFXUUHQW UHDGLQJVRI+(52DQG
07&SUREHVPHDVXUHGLQƒ&7KHJUDSKLVEDVHGRQWKHGDWDLOOXVWUDWHGLQ)LJXUH
$
: J
//”
( #/02 .: 5A) A 46, / / A
-
*(2):
A,B/<(0)
0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
D (B) 6
7 ( 2 B18D)(>)6
7 - ( (% 011<))
-
8A
8
: :
46, ' J
:me” , B/21 ( ) 46,/ - (3
-4/(2)
-7D
:) D
46,:/
8
(, B/21!) : J
noise” ' -
211R
A
,B/21.::A:/
-A(/
A ) -
7
:
' J
nt” - (B0>)
$
D /
/ / " A6%84-$
7 J
” 48## 46, A/ 6% 01/>1 ' 48## :A1@/08D(:
)'/
6%
/
A/ ' : B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(#A
0111)48##6%.:
A
46,A/
/
6%
&
R
PLFURZDYHV
DEVRUSWLYH
PHGLD
%
WHPSHUDWXUHSUREH
$
PHWDOIRLO
VHFRQGV
)LJXUH,OOXVWUDWLRQRIORFDO6$5PHDVXUHPHQWHUURUUHVXOWLQJIURPLQGLUHFWKHDWLQJ$DK\SRWKHWLFDO
H[SRVXUH VHWWLQJZKHUHWZROD\HUVRIDQDEVRUSWLYH PDWHULDODUHVHSDUDWHG E\D PHWDOIRLO0LFURZDYHVZLOO
RQO\ EH DEVRUEHG LQ IURQW RI WKH IRLO +RZHYHU WHPSHUDWXUH PD\ DOVR ULVH LQ WKH DUHD VKLHOGHG E\ WKH IRLO
EHFDXVHRIKHDWIORZIURPWKHH[SRVHGDUHD$WHPSHUDWXUHSUREHLVORFDWHGLQWKHVKLHOGHGDUHDEHKLQGWKH
PHWDOIRLO$VDPSOHKHDWLQJFXUYHIRUDORFDWLRQLQWKHVKLHOGHGDUHDLVPHDVXUHGZLWKDWKHUPRPHWHUKDYLQJ
D GLVFUHWH VDPSOLQJ UDWH RI +] EODFN V\PEROV WKH 6VKDSHG RQVHW RI WKH FXUYH ZLOO QRW EH GHWHFWHG $Q
H[SHULPHQWHUZKRLVQRWDZDUHWKDWWKHDUHDZDVVKLHOGHGZLOOPLVWDNHQO\FDOFXODWHORFDO6$5IURPWKHVORSH
RIWKHDSSDUHQWO\OLQHDUSRUWLRQRIWKHFXUYHGDVKHGOLQH,IWKHDEVRUSWLYHPHGLDLVZDWHU& -ƒ&[J
WKHFDOFXODWHGORFDO6$5ZLOOEHDERXW:J$FWXDOO\6$5LQWKHVKLHOGHGDUHDLV]HURE\GHILQLWLRQ
46, A/ J
/” # D'
:
'J
/”
: ' 76%()A
:()
784-$54.$%4
J
/”
6%84-$
J
.” 8
:84-$+54.$%4(0110)
A
>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
, : /
()D
7/
54.$%4(
)
: 54.$%4 6#211 7 A{ $
84-$+54.$%4 7 /
///
(3*
)
0RGHUQ7HPSHUDWXUH3UREHVWKDWDUH1RW&RPPHUFLDOO\$YDLODEOH
- / (011>) 7/
; @1 Y | 211Y >H21-,
D
AD-,
' .:5A8
6%84-$
3XOVHG(0)0LFURGRVLPHWU\8VLQJ07&DQG+HUR7HPSHUDWXUH3UREHV
*HQHUDO&RQVLGHUDWLRQV
B0 6% 84-$ /
'
D/
46, 84-$+54.$%4A
:(0110}111
54.$%4}9@184-$)
6% 46,A/
-
46,:(B2,B/
2@)"6%46,A/
A ( , B/22) @
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6%
-48##
:
)LJXUH 7KH VKDSH RI KHDWLQJFRROLQJ FXUYHV UHFRUGHG E\ 07& DW GLIIHUHQW WLPH VFDOHV +HDWLQJ ZDV
SURGXFHG E\ LGHQWLFDO WUDLQV RI (+33 N: SHDN WUDQVPLWWHG SRZHU —V ZLGWK PV LQWHUSXOVH
LQWHUYDO WUDLQ V 1RWH (+33 SLFNXS DUWLIDFWV WKH\ DOVR PDUN WKH WLPH ZKHQ WKH (+33 WUDLQ ZDV
DSSOLHG EULHI WHPSHUDWXUH GHFOLQH DIWHU WKH H[SRVXUH LV RYHU DQG D ORQJODVWLQJ WHPSHUDWXUH SODWHDX
DIWHUZDUGV([SRVXUHVZHUHSHUIRUPHGLQWKHFKDPEHUVKRZQLQ)LJXUH$07&ZDVSRVLWLRQHGLQVDOLQH
DERXW PP DERYH WKH FHQWHU RI WKH PDWFKLQJ SODWH $GRSWHG ZLWK FKDQJHV IURP 3DNKRPRY HW DO D
ZLWKNLQGSHUPLVVLRQRI6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
$.H\WR0LFURGRVLPHWU\LQ,QWHQVH3XOVHG)LHOGV7KH7HPSHUDWXUH3ODWHDX
3KHQRPHQRQ
:
6%84-$
():
(, B/9! B/22 B/20) ' D : A 6%84-$
#:46,
(#A
0111)
<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH([DPSOHVRIWKHWHPSHUDWXUHSODWHDXIROORZLQJH[SRVXUHWRDVLQJOHH[WUHPHO\KLJKSHDNSRZHU
PLFURZDYHSXOVHSXOVHGXUDWLRQ—VSHDNWUDQVPLWWHGSRZHUDERXWN:([SRVXUHVHWWLQJLVWKHVDPH
DVLQ)LJXUHH[FHSWIRUXVLQJWKHFKDPEHUVKRZQLQ)LJXUH%7KHVDPHWHPSHUDWXUHUHFRUGLQJZDV
PDGH XVLQJ 07& WRS RU +(52 SUREH ERWWRP 7KH WLPH ZKHQ WKH (+33 ZDV GHOLYHUHG LV VKRZQ E\
DUURZV 1XPEHUV LQ HDFK VTXDUH VKRZ WKH WHPSHUDWXUH GLIIHUHQFH IURP WKH SUHH[SRVXUH OHYHO ǻ7 ƒ& DV
DYHUDJHG RYHU D UHVSHFWLYH PV LQWHUYDO LGHQWLILHG E\ JULG GLYLVLRQV 1RWH WKDW WKH WHPSHUDWXUH VWD\HG
SUDFWLFDOO\FRQVWDQWZLWKLQGLJLWVRISUHFLVLRQIRUDWOHDVWPVDIWHUWKHPLFURZDYHSXOVHPHDQLQJWKH
GHWHFWLRQRIDWUXHSRVWH[SRVXUHWHPSHUDWXUHSODWHDX1RWHDOVRWKDWWKHLQLWLDO(0)SLFNXSDUWLIDFWLVQRW
SUHVHQW ZKHQ XVLQJ +(52 SUREH ZKLFK LV DUWLIDFWIUHH 6OLJKWO\ KLJKHU UHDGLQJV RI WKH +(52 SUREH
FRPSDUHGWRWKH07&VLPLODUWRWKRVHVHHQLQ)LJXUHFRXOGEHDUHVXOWRIPLQRUILHOGGLVWRUWLRQLQWKH
LPPHGLDWHYLFLQLW\RIWKLVSUREH
: : 'U;
A
46,:::
8
A :
/:#
:,B/2B
,B/2B ' 46, : ' 46, : , :/
8
A 9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
46,
/:
( D ) : /: :A:
$
R
WSU
EH
%
WSUREH
(0)
R
&
R
ILHOG
RII
WLPH
&
ILHOG
RII
WLPH
)LJXUH +\SRWKHWLFDO H[SRVXUH VHWWLQJV WKDW LOOXVWUDWH VLWXDWLRQV ZKHQ ORFDO WHPSHUDWXUH LQVLGH RI DQ
(0)KHDWHG REMHFW PD\ UHPDLQ XQFKDQJHG IRU D ILQLWH WLPH LQWHUYDO DIWHU FHVVDWLRQ RI H[SRVXUH ,Q $ WKH
WHPSHUDWXUH SUREH LV ORFDWHG ZLWKLQ D VSKHUH WKDW KDV EHHQ KHDWHG WR D XQLIRUP WHPSHUDWXUH E\ VRPH
PRGDOLW\RI(0)H[SRVXUH,Q%WKHSUREHLVSODFHGLQWRDPHGLXPWKDWKDVDWWDLQHGDXQLIRUPWHPSHUDWXUH
JUDGLHQW GXULQJ WKH (0) H[SRVXUH WKH H[SRVHG VXUIDFH LV DVVXPHG WR EHZDUPHU UHG WKDQ GHHSHU OD\HUV
\HOORZ %OXH DUURZV VKRZ WKH GLUHFWLRQ RI KHDW IORZ RQFH WKH H[SRVXUH LV WHUPLQDWHG ,Q ERWK $ DQG %
VHWWLQJV WKH WHPSHUDWXUH SUREH PD\ UHFRUG D VKRUWOLYHG WHPSHUDWXUH SODWHDX DIWHU WKH H[SRVXUH LV WXUQHG
RII6HHWH[WIRUPRUHH[SODQDWLRQ
,B/2B!
U/
46, : U / " :::
U 8 U
(
/::)
' 46, U * ()
()'D
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$ / 46, : 8
: U D 8 D/
:*":0>@/8D
( 211 "+0) ;
/
: 46, 8
(
)
,U
21@B
D (,B/2B)
/
3
6%11112B()
J
”:
D:
/: , : 211 2B011@B()
(
:,B/B)
' : /
:A7
:
: : (2)
6%84-$(0)7
2118D(21118D)
(B)/7/
@1/2118D/7
&%(>)
46,:()
:21/211(@)46,
: (<) , =
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/: " 48## : 6% :(~21/01)
(,B/22B/20B/2>)
*(2):46,A/
(0)6%46,/6%
'
J
ional”6%,D
6%
6%
,:,B/2B 48## D ( (2/) 48##) 84-$(/)
6%A(,B/20)
3RVW([SRVXUH7HPSHUDWXUH3ODWHDX6SHFLILF$EVRUEHG'RVH6$'DQG
6SHFLILF$EVRUSWLRQ5DWH6$5
!
/:
46,
'
(
: ) ( ) ' A (,B/2> ).A7
(
: , B/2>!) 8 & (E+) /:
*
&X%q
(>)
%(E+(A: %))q
(%)
=1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH 7KH SRVWH[SRVXUH SODWHDX OHYHO GRHV QRW GHSHQG RQ WKH SXOVH UHSHWLWLRQ UDWH $ DQG LV
PVSXOVH
SURSRUWLRQDOWRWKHGHOLYHUHGDQGDEVRUEHGHQHUJ\%+HDWLQJZDVSURGXFHGE\(+33WUDLQV P
ZLGWKaN:SHDNWUDQVPLWWHGSRZHUSLFNXSDUWLIDFWVVKRZWKHH[DFWWLPHZKHQPLFURZDYHSXOVHVZHUH
DSSOLHG7HPSHUDWXUHZDVPHDVXUHGDVD PHDQYDOXHIRUDPVSHULRG$7UDLQVRISXOVHVWKHUHIRUH
GHOLYHULQJ WKH VDPH GRVH ZHUH DSSOLHG ZLWK LQWHUSXOVH LQWHUYDOV RI DQG PV 7KH SRVWH[SRVXUH
SODWHDXOHYHO R&GLGQRWGHSHQGRQRIWKHLQWHUSXOVHLQWHUYDORUWKHDPSOLWXGHRIWKHSLFNXSDUWLIDFWV
% &KDQJLQJ WKH DEVRUEHG GRVH E\ YDU\LQJ WKH QXPEHU RI SXOVHV LQ WKH (+33 FKDQJHV WKH OHYHO RI SRVW
H[SRVXUHWHPSHUDWXUHSODWHDXLQWKHOLQHDUPDQQHU+HDWLQJE\DVLQJOHSXOVHZDVDERXWR&5HSURGXFHG
IURP3DNKRPRYHWDODZLWKNLQGSHUPLVVLRQRI6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
$ & A - ' - ("+) & A46,(q)*
-X &+qX%q+q
(@)
'q
()J
”
-,B/2@
=2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'

-X% :
'
)LJXUH6WDQGDUGDQGDOWHUQDWLYHPHWKRGVRIVSHFLILFDEVRUSWLRQUDWH6$5PHDVXUHPHQWIURPKHDWLQJ
G\QDPLFV6KRZQDUHWKHPLFURZDYHSXOVHGXUDWLRQORZHUWUDFHVDQGVDPSOHKHDWLQJFXUYHVXSSHUWUDFHV
7KHVWDQGDUGPHWKRGXVHVWKHLQLWLDOVORSHRIWKHKHDWLQJFXUYH&LVWKHVSHFLILFKHDWFDSDFLW\RIPHGLXP
7KHDOWHUQDWLYHPHWKRGFDOFXODWHV6$5IURPWKHOHYHORIWKHDIWHUSXOVHSODWHDXDQGWKHGXUDWLRQRIWKHSXOVH
RURIDOOSXOVHVLQDWUDLQLQWKHULJKWIUDJPHQWnLVWKHQXPEHURISXOVHVDQGtLVWKHNQRZQGXUDWLRQRIHDFK
SXOVH %RWK PHWKRGV FDQ EH XVHG ZLWK WKH VDPH UHVXOW ZKHQ WKH SODWHDX LV SUHVHQW DQG QR DUWLIDFWV DUH
UHFRUGHG +RZHYHU WKH DOWHUQDWLYH PHWKRG LV WKH RQO\ FKRLFH ZKHQ WKH LQLWLDO VORSH FDQQRW EH PHDVXUHG
DFFXUDWHO\ 6RPH IUDJPHQWV KDYH EHHQ UHSURGXFHG IURP 3DNKRPRY HW DO D ZLWK NLQG SHUPLVVLRQ RI
6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
U - 7 B - 6%/:(,B/B )
,B/2<B/29
' , B/2< 12 % / % -@@>01A"+
!
!UT rB!K/
: K - T(2==12<=)':6%
-2>!
:/
(,
B/2<!)6
1>/1@!
7 ( 7 421 )
, B/2@ ::/
/ -
6%
=0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH &RPSDULVRQ RI FDOFXODWHG DQG 07& PHDVXUHG ORFDO 6$5 YDOXHV $ H[SRVXUH WR D VLQJOH
H[WUHPHO\KLJKSRZHUSXOVHN:WUDQVPLWWHGSRZHU PVZLGWKWKHPRPHQWRIH[SRVXUHFRLQFLGHVZLWK
WKH DUWLIDFW RQ WKH KHDWLQJ FXUYH % D PRGHUDWH SRZHU SXOVH : PV ZLGWK LQGLFDWHG RQ WKH ORZHU
WUDFH7KHWHPSHUDWXUHEHIRUHWKHSXOVHDQGGXULQJWKHSODWHDXZDVPHDVXUHGDVDPHDQRIDPVSHULRG
&DOFXODWHG 6$5 YDOXHV ZHUH REWDLQHG XVLQJ (TXDWLRQ VHH WH[W 7KH GLIIHUHQFH RI WKH PHDVXUHG DQG
FDOFXODWHG 6$5 ZDV G% $ DQG G% % 5HSURGXFHG IURP 3DNKRPRY HW DO D ZLWK NLQG
SHUPLVVLRQRI6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
,B/29
:J
”6%
8 1@ -
=B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH /RFDO 6$5 LQ WKH H[SRVXUH FKDPEHU DV D IXQFWLRQ RI WKH GLVWDQFH DERYH WKH PDWFKLQJ SODWH
DORQJWKHD[LVRIWKHZDYHJXLGH+HDWLQJFXUYHVOHIWSURGXFHGE\DWUDLQRIKLJKSRZHUSXOVHVN:
RXWSXW—VZLGWKZHUHUHFRUGHGDWWKHKHLJKWVIURPWRPPDERYHWKHPDWFKLQJSODWHIRUFODULW\RQO\
IRXUFXUYHVDUHVKRZQ7KHUHVSHFWLYHKHLJKWVSODWHDXOHYHOVDQGORFDO6$5YDOXHVDUHSURYLGHGLQWKHWDEOH
7KH H[SHFWHG ORFDO 6$5 YDOXHV DW WKH VDPH GLVWDQFHV DERYH WKH PDWFKLQJ SODWH ZHUH FDOFXODWHG XVLQJ
(TXDWLRQ ,Q WKH JUDSK EHORZ WKH H[SHFWHG DQG PHDVXUHG ORFDO 6$5 KDYH EHHQ QRUPDOL]HG WR WKH
WUDQVPLWWHGSRZHUDQGSORWWHGDJDLQVWWKHGLVWDQFHDERYHWKHPDWFKLQJSODWH5HSURGXFHGIURP3DNKRPRY
HWDODZLWKNLQGSHUPLVVLRQRI6SULQJHU6FLHQFHDQG%XVLQHVV0HGLD
6%D
8D
7
421 (# O82=<=) r2@!
9HULILFDWLRQRIWKH/RFDO6$50HDVXUHPHQW7HFKQLTXHLQD'LIIHUHQW
([SRVXUH6HWWLQJ
4: /: BB0 :
/47>@ -
' - (
46,)
: 7 (2) (0)
()(B)(
)
=>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8 : 1>@(-#6'2<>1
21R 65 )
0/
(!/- . 8 % ) , B/2
!($
&
3A5 (HHO011<))
21/ !
/
&% (8-/211 8 5 4A 35)
A
AD
A
(7
21/
)
21 0@/B1A5,< @11/68D
(&B1@0! A: "
$-) / /
0+- (5)-($)"
/ 4/ -
("+)*
-X0+(-6)
(<)
6(1>@)':J
:ted” -
84-$ 5 :
2 A8D 21 A8D // 20/2@ : /: ,B/2
21>A5
-
B16"+47< 84-$ 11< e% - 0> 6"+ 47 @
J
:ted”84-$/ -
A
: : - :2@! :
, : =@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
R&
R&
PV
)LJXUH+HDWLQJRIWKHPHGLXPLQDQHOHFWURSRUDWLRQFXYHWWHE\DQVHOHFWULFDOSXOVH,QGLYLGXDOGDWD
SRLQWVEOXHVKRZWKHWHPSHUDWXUHUHDGLQJVVDPSOHGDWN+]XVLQJ+(529(/2&(WKHUPRPHWHUV\VWHP
6ROLGUHGOLQHLVWKH³UXQQLQJDYHUDJH´RIGDWDSRLQWV+HDWLQJSURGXFHGE\WKLVVLQJOHSXOVHRIN9
N9FPZDVDSSUR[LPDWHO\ ƒ&ZKLFKFRUUHVSRQGHGWRWKH 6$5YDOXHRI0:J7KHH[SHFWHG 6$5
YDOXHFDOFXODWHGIURPWKHSXOVHYROWDJHDQGHOHFWULFDOUHVLVWDQFHRIWKHVDPSOH2KPZDV0:J6HH
WH[W IRU PRUH GHWDLO 7KH LQVHW VKRZV WKH HOHFWURSRUDWLRQ FXYHWWH ZLWK D PP JDS EHWZHHQ WKH FRQGXFWLYH
ZDOOVILOOHGZLWKWKHVDPSOHPHGLXP
- : /:
7:,B/B
: , - :
3 21 46,A/
' - /: 6XPPDU\
' 7 /
/ -, (#A
0111#A
6O6011B)
(#A
011B#A
0110 #A
0110 #A
0111 "A 011<) - A : (
=<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:/)":
AU
' - () -
:
5HIHUHQFHV
4 - ! " O A 6 (2=>) 6 / %LRHOHFWURPDJQHWLFV2B/B1
4- !"O8H(2==0)#
/7%LRHOHFWURPDJQHWLFV>=9/@20
" - ! % 5 % % & 8 - E E - H % E H 3
66 - ! O I (0111) /
, B>> : 7/
&DQFHU5HVHDUFK2@9/2<B
A
'OIA6%(0112)&/
U ,((( 7UDQVDFWLRQV RQ
%LRPHGLFDO(QJLQHHULQJ212B/212=
! E I 6 O &
% (2==<) 6
D :-RXUQDORI&KHP3K\VLFV>>>2/>>@1
! 8 ' O !U 6 (2==1) 4: 7 '* $#
(4)%LRORJLFDO(IIHFWVDQG0HGLFDO$SSOLFDWLRQVRI(OHFWURPDJQHWLF(QHUJ\(
2>2/29B)4%3E*#8
!--(2=9<) /7
,(((7UDQVDFWLRQVRQ0LFURZZDYH7KHRU\DQG7HFKQLTXHV>B/>@
! . 6 " $ . O# &(2==2) 4: A
(0>@8D%")*7
-RXUQDO
RI0LFURZDYH3RZHUDQG(OHFWURPDJQHWLF(QHUJ\01</02>
!A 6 #A
€ H 6 O H 3 (2==<) 3 :#:%LRHOHFWURPDJQHWLFV>B/>=B
! E O H E 8 (2=1) -/ -,- 6%LRHOHFWURPDJQHWLFV02/B>
%3H
!3#A
$FA 5H
'5!D
64
5 O .
5 (011<) .A&3 =9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A
:
%LRHOHFWURPDJQHWLFV2=9/01B
%7 # E , O ! E (0111) 3 ,/# 63,(¶VWK$QQXDO,QWHUQDWLRQDO6\PSRVLXPRQ6PDUW
6WUXFWXUHVDQG0DWHULDOV(2/=)56%/11199-23!% % % H O " (2=9) 4 ,((( 7UDQVDFWLRQV RQ 0LFURZDYH 7KHRU\ DQG 7HFKQLTXHV 2>2/
2>9
% %H " 6&E O.8(2=@) :0>@1/68D
:%LRHOHFWURPDJQHWLFV
9B/
& # ! % - O 6. E (2=) 6D /
,QWHUQDWLRQDO -RXUQDO RI
+\SHUWKHUPLD>B9/>>@
&#!6.EO6AH(2=<)8
/
0HGLFDO3K\VLFV>@9/><2
6EO6-& ' (2=<) %
: 0>@1/68D (%") %LRHOHFWURPDJQHWLFV00B/0BB
H & # ! ! 6 O E (2=2) &OLQLFDO 3K\VLFV DQG 3K\VLRORJLFDO 0HDVXUHPHQW 0@/0=0
. 8 D E O - # (2==0) )URQWLHUVRI0HGLFDODQG%LRORJLFDO(QJLQHHULQJ21@/229
8
E $ O - 8 6 (011B) 4 * / ,QWHUQDWLRQDO-RXUQDORI+\SHUWKHUPLD>@/@9
HU 6 8 ' "A H " FA F H F A 6 O
AH(011>)'
:
%LRHOHFWURPDJQHWLFV0@00/0BB
HE,HOH8(011<)3
%LRHOHFWURPDJQHWLFV09290/29
.E%(2=9)0LFURZDYHDXGLWRU\HIIHFWVDQGDSSOLFDWLRQV%%
=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6-&'O&
8(2=>)"/:0>@/
8D
+HDOWK3K\VLFVB2@/B01
64636H,O
3 (2=) 8 * 1HXURVXUJHU\2=/2=@
6 4 6 O ! - & (2==2) !/ / * ' 6XUJLFDO1HXURORJ\299/20
3#6-&'O
6E(2=@)
: 0>@/8D 5DGLDWLRQ
5HVHDUFKB@/>@
#A
O&E(0111)4
A
'* # HA # A (4) %LRORJLFDO HIIHFWV RI
(0)V 3URF PLOOHQQLXP LQWHUQDWLRQDO ZRUNVKRS RQ ELRORJLFDO HIIHFWV RI HOHFWURPDJQHWLF
ILHOGV(>1/>@)8A%
#A
& E A ! 4 O 6 6 - (011B) 4 %LRHOHFWURPDJQHWLFV29>/22
#A
& C & E E O 6 - 6 (0110) #/
/A%"
'*#
HA(4)%LRORJLFDOHIIHFWVRI(0)V(5202/0)
#A
UA# .A!4O66-(0110)%
/
/A /%LRHOHFWURPDJQHWLFV2@/2<9
#A
6 # A F H E . O 6 6 - (0111) 8/
'* ! H & 6A
(4) 5DGLR IUHTXHQF\ UDGLDWLRQ GRVLPHWU\ H # 3
(29/2=9)
#A
6#&EA!4HE.O66-(0111)
%
:
%"
A%LRHOHFWURPDJQHWLFV0>@/0@>
#A
6#O66-(011B)8/ -
WK $QQXDO 0HHWLQJ RI WKH %LRHOHFWURPDJQHWLFV
6RFLHW\(00>/00@)"68'
==
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
# & O 8 , H (2=<=) %DVLF (OHFWURPDJQHWLF 7KHRU\ 3 FA* 6/8
%
43! .8F8U
A#%H4OH
(2==2) 4 0>@ 8D @(<)/: 4
/ A %LRFKLPLFD HW
%LRSK\VLFD$FWD20>/2B1
E OH3(011>) 3
/
7 3K\VLFV LQ 0HGLFLQH DQG %LRORJ\ 3B/3=0
A,&EO%E5(2==) A
*:7
_%ULWLVK-RXUQDORI5DGLRORJ\=1>/=1=
&4 4-O!%(2==) /
0>@1/68D %LRORJ\ RI
1HRQDWH>/@<
(2=92) 47 ,(((
7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV9BB/9B<
E4'-"E3EE!
6H"I3#O
% C (0112) 4 7 %UDLQ5HVHDUFK>B/@B
"AHB#A
$3HEHA!466-O
#A
(011<) $: / %LRHOHFWURPDJQHWLFV002/00@
211
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
5HYLHZRI/LWHUDWXUHRQ%LRORJLFDO(IIHFWVRI+LJK3HDN3RZHU+333XOVHV
(OHFWURPDJQHWLF3XOVH(03DQG8OWUD:LGHEDQG8:%3XOVHV
-.#&
&'
#$!:B@@1@
!A%/!C90B@ NA
,QWURGXFWLRQ
7 (B1168D B118D) $ 7
/
7 7 7 ,
A(8##)
:A"+"+
/$
(46#)/("!)
/(!!)#
1@ 21y 7 : 7$
"!
J
"!”
21#
A
5+'
"!/A
TT
"!
!
/
' 7 % $
212
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A (. O . 0111 #A
O 6 0111) ' &'% &'%&'%
*+++*++++
#
: : 6
*8##46#"!
46# 46# "! 8## 46#$A4
/
::
' : , ( -)"+A
( )E+A
-' -
: 5
5+ 5+ +LJK3HDN3RZHU+333XOVH
$QLPDO6WXGLHVZLWK+333XOVHV
6LQJOH3XOVH+33(IIHFWV
0LFURZDYH+HDULQJDQG6WDUWOH0RGLILFDWLRQZLWK+333XOVHV
6
(%2=04O%011B)'
2=<1S ( , 2=<2 2=<0 2=<9) 2==1 (-‚ 2==2) 6
( 2=9@)
: /
" 210
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
21/</21/@e%(2=9@%2=0.2=92==14O
%011B)
7
70B/
>1yE+()
(4O%011B)
2@/20>1yE+1</21E+A( )
( O .
D 2== 4 O % 011B) / / (,&&)
12#("0111)
( 2==>) 4
A /A - 2@/
<A"+A 2</<E+A 1=<y :@@/22BA"+A@0@/21@<E+A
90y
/ : : 0LFURZDYH&RQYXOVLRQVDQG6WXQQLQJZLWK+33/LNH3XOVHV
+
5 X : (E+A)(e%)
(B911E+A/e%)
6 J
A” : 0>@168D
:
@:
(6A2=2)
0>e%2@0@
9>2>AE+A0@/
- : 001/ 0>@168D J
”@/21:(62=9) 22@AE+A
- : @1/B<1 =2@68D J
d” 0AE+A(O%2=0)
D:J
”>/@
21B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0LFURZDYH)L[DWLRQZLWK+33/LNH3XOVHV
6
:
: J
:” 8 D U :
2/20@AE 90/2=AE+A (! O ! 2=9< & O 2==<
62=96O
2=996U2=992=0
62=9@
2=99)
12@/2@
7(0326WXGLHV
46#$ ( 4D
6
#$)
01/
1!46#$
7 7 / 46# "! 46#$ 7(%,)
:
:46#$
'46#$:@2B/8D%,
19@/1==A"+(H2=)4:
/A
46#$':28D
'46#$ :@/022/8D
%, 7 A (8U 2==) @1 A 21A"+ @ ' : 0111/B1/8D%,
0@7
A(-2==B)
46#$
:A46#$4:
09/@2 =B/ 0B9/8D %, 01 A
7 (&; 2==)
AA9/
22A"+ ' : 01/<1/
B1/8D%,(&S 2==B)#
21>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
9@A>@<A"+A
46#$
$ 46#$ : (EO,2==@) :
:2146#$
:* >1/@/ 29/2/8D %, >@A"+ A >1/91/ 20/2>/8D %, B0<A"+A3
:29/2/8D%, 46#$
5HSHWLWLYH3XOVH+33(IIHFWV
:
:
:
-
(. 2==> !A O 8A 011B &S 011B 011B 4 011B
011B8A011B)A
: : ' : (21+A)B/(B/3#):A
/:(0110
011>) B/3# : B1 20@1/68D
@=/Y 218D / - 1 1< <"+A . : >A /
B/3#
::
/A
B/3#
:(O#:011@)%
/D TT B/3# /
::<"+AB/3#4:1<"+A
/: 8
: 1<"+A B/3#
B/3#
: - B/3#
'::A
/ 0+A+ (011B011>) :<
20@1/68D
</Y
218D/
-11>>"+A':
21@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/:
:
'::
/ : 1>"+A(011B):: -
: ( 011>) :
:
-
(H2=@2==0.2==B) /
8##: (. 0111)
-A:20@168D
@@=/Y21>6"A
>/
BA#
11@=2209=8D
-1>B>
010"+A
,
6 -/
6 (.0111)
$ #
D >@/ : 0/Y
0>@1/68D / - 1<"+A (. 2==>)
&D2/
:
/
-20"+A("O.0111.011>)
D
:(%
011>)
(E011@.011@
%011@)
: (AD 0111
&0110011BF011B%011>%7011@
011@)
: &3 /&3 A>
:0 0/Y0>@1/68D/
- 1< 20"+A (. O 2==@) A -
/ : 20"+A (. O 2==< 2==9) & : /
(. O
2==@ A 2==>) A D 7 (6D 011B 5U: O $ 011>) 6 A A A:
(.011>!
011<
#UO!011<)
21<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,Q9LWUR6WXGLHVZLWK+333XOVHV
:
%
A
=0/=B8D7
D D 7 (#A
0111 0110
011B)
7
7 7
:2y
@18D7
A -0@1/B@16"+AA 0@1/B@1E+A
(#A
0111)
7 ' : A : 1@y
218D7
A -<@16"+AA
B01E+A :/
(#A
0110)
'::
1@/0y1@/218D7
A -@116"+A
A 0@1/2111E+A(#A
011B)
AA
: : 7 .
AA
:
D
AA(&011<)#A -
A* 9>16"+A 2>1E+A
AA::
D
A
2 !1B/1>e%
219
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(OHFWURPDJQHWLF3XOVH(03
$QLPDO6WXGLHVZLWK(03
6LQJOH3XOVH(03(IIHFWV
46# :A46#
(#AO52==1)
#D21:
<11A5+
B1(82=<8O!
2=90) B : @@1 3 A A : B11/<11A5+(8O!2=90)
:21BB1A5+(8O!2=90):
A:/A
(8 2=< 8 O
!2=90)
5HSHWLWLYH3XOVH(03(IIHFWV
4 46# : :@@1/
@8D
@/ >99/A5+ A " :
@ A BA AA/
(A O ! 2=9>) " : =>A (!2=9<)":>@
(!2=9=)'
22/ 0<</A5+ A 2 (44)
A (6 O $
2=9<) : 0 211/011/A5+
46#/A 211 : >11
21/B8D(%2=1)
'46#
01/ 0@/B1/Y 01/201/A5+ A %
A 201 : 01/<1/201/A5+ 201/A5+ (% 0112)
D4/ :
<1/A5+
(. 011B) : <1/A5+ 21
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(" 011B) .("011B)
,Q9LWUR6WXGLHVZLWK(03
# 46#
D4/'
.%/0 //:
<1/A5+(%
0110) ' : : <1/A5+ (" 0110)
' :46#
(&
011@) A : A 8OWUDZLGHEDQG8:%3XOVHDQG1DQRSXOVH
$QLPDO6WXGLHVZLWK8:%3XOVHV
"!/:/0@1/A5+<18D'
767A
( 2==@)3 20B>@0/:'
: : 0 /: (" 2==@) 3 B:D
A0>:3
/A0:
'/::2/0/
21/2B/A5+"!<8D2(#
011@)':
44::7
7 < 8D ' U 44 (46):
02 : ! 2 : 44
:
44 4446A
' D : </ 2=/01/A5+ "!
2111 01118D / (E 2===) (4%) 1@/@/::
21B1/
21=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/ A D (6 2===) U : 01 2= >1/A5+ "! 21118D 0 3 "!/: /: D D
:():
2@@/A5+"!21118D/
(%0111)'::0
B/2 DD
' : : B/2 : 0 2/21 20 0@
"!/:/:
/
"!:
/2=/>1/A5+21118D(E0112) :0A20A<>A:3
"! : D "! : (46) : 1=/21B/
==/21@/A5+6
: ' U"!
( 2==) : :2@B1>@<1<118D3"!:
' '(2===):2@
<11 8D U : 3//./ (./
3 64):./3 64
4:"!
./3 64 8
:
"! ./3 64/ :
6 : "! 46 (5U: 2===) # 2 0> 2@/ : 1=0/1=9/
=2/21B/A5+ 3 "! : :
221
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'46D
0 0 0/ : 1=9/1==/ 9/21>/A5+
"! (E 2==) 3 B1/ <
D:4619/19=/
21</A5+"!A4%
( O E 011>) (E 2===)4%4
0@/-
4%3
4%
/ "! : 46 ' "! : < :('4442===)'
>@0>902A0 AB A>A :
@1121118D(.2===)3
8
+
'"!
@1121118D<
2 0> 0 A (. O 6 0110) 20A:
,Q9LWUR6WXGLHVZLWK8:%3XOVHV
6LQJOH3XOVH8:%(IIHFWV
"! : /
:
:21y (-011>),20/"!
0>65+/
:
TT
"!B11A"!
U 7
( 0112 0110 & 011B ! O 011@) 4 0@/2@65+
222
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
:
'
: (8 011@ , 011<) - (!011B011>5
011B011>!011>"011>011<)
:
:
(! 0110 011B 011B 011B 5 011B 011>
011> 8 011@) (//
)
% (8 011B % 011> #A
011> 5 011> 3 011<
5011<"A011<)
5HSHWLWLYH3XOVH8:%(IIHFWV
1B/1>/
A
( 2=9@) : 1@2 :
0@18DA2B1A5+
':
46:"!:
4: (6DFFKDURP\FHV FHUHYLVLDH) 212/210/
212/21>/A5+ 2<>/2<</ 2< <118D B1 / (#A
2==9) 4: "! :
5/
/ (#A
2==)
4: - "0<>9 1=/ 21B/A5+ 2<0/ () <118D B1 : ( 0110)
4: 19=/ 211/A5+ 0@18D =1 3,/ƒ! ( A !) (3U 011<) 8##:(3U0110)!
:
46"!
21/ ' 0/ : ( @/ 01/A5+ A ) 6./20 /0>: (& 011@)'
10@/>/:~21112/2/2/A5+A
220
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
>2/A5+(
011@)
221A8D
/:>/:211
2111A8D'
&HOHJDQV:2/A5+46<0/A5+
221211A8D(!UU011<)
' T!46T 7 &% 298D : 8. "! 20/0>/1/B("2==9)4
%T/TD
:
&RQFOXVLRQV
:
4
A 5HIHUHQFHV
! E (2=9=) : +HDOWK3K\VLFV2@=/2<@
! E 4A 6 4 A " & " & 4 O A E . (2=9<)
! : +HDOWK3K\VLFV2<2/2<<
!EOH8(011@)3* -RXUQDORI%LRPHGLFLQHDQG%LRWHFKQRORJ\0=9/B11
!E!A#,"EE-#OH8(011>)3
3K\VLRORJLFDO0HDVXUHPHQW2199/21=B
! E ,: # 6 - . E H A - 8 O H 8 (0110)
3(#4,)* ,(((7UDQVDFWLRQVRQ3ODVPD6FLHQFHV0</0=0
! E,:#6- .E"4 .O H8 (011B)3
/ -RXUQDO RI WKH
)HGHUDWLRQRI$PHULFDQ6RFLHWLHVIRU([SHULPHQWDO%LRORJ\2>=B/2>=@
22B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
!E"E!A#,&FHOH8(011B)
&
'1$ DQG &HOO
%LRORJ\9@/9=<
!
'FH%!$-:/.7H6.$
"8.O#!-(011<)4:=2@68D6
: &3 A %LRHOHFWURPDJQHWLFV0=@/B1<
!A & - O 8A . 3 (011B) -7 (-,) %LRHOHFWURPDJQHWLFV<29/2=@
!UU E 6 4 " 6 , O 8 & (011<) 4 %%LRHOHFWURPDJQHWLFV@2@/@01
! 4 - - O H 8 (011>) * 6 ,(((
7UDQVDFWLRQVRQ3ODVPD6FLHQFHV2@<B/2@90
!..O!8(2=9<)!D
/LIH6FLHQFHV219=/219
%CII6."&"O&!(0110)f .%/0 g $L =KHQJ =0=/=BB
%
% E % (011@) - D /
: % f!46 011> 0@*>=/@9g .f!46011@0<*2gf.g%LRHOHFWURPDJQHWLFV@0</9
%E%%7!-OH3(011>)"/:0>@8D
/D %HKDYLRXUDO %UDLQ
5HVHDUFKB9/>B
%3H8HE,E- .FEE-
#O!E(011>).A
%LRFKHPLFDODQG%LRSK\VLFDO5HVHDUFK&RPPXQLFDWLRQV>02/>09
% % H " O - (2=0) /7
-RXUQDORI$FRXVWLFDO6RFLHW\RI$PHULFD(<)2B02/2BB>
%,3A,..6O8-(2=1):
%LRHOHFWURPDJQHWLFVB>@/B@0
22>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
% ! . E E - O 4 - (011>) - D :%LRHOHFWURPDJQHWLFV >=/
@9
%!.EE-6# &6#6 I:E6O6
6 - (0111) 3 : /
%LRHOHFWURPDJQHWLFV@0>/@B9
%7!-H3O%E%(011@)"/:0>@8D
:* /D
%HKDYLRXUDO%UDLQ5HVHDUFK<@/9>
%7 ! H 3 O % E % (011@) "/ : 0>@ 8D
20/ /D %HKDYLRXUDO%UDLQ5HVHDUFKBB2/BB>
% F F 8 F % C C % . O " & (0112) 4 &KLQHVH0HGLFDO
-RXUQDO(QJO212=/2102
&; E % ! . H E O ! , (2==B) %HKDYLRUDO SHUIRUPDQFH LQ
PRQNH\V H[SRVHG WR 7HPSR KLJKSHDNSRZHU PLFURZDYH SXOVHV DW *+] (3 6-./2B=)
3
6-.&'% 3 & 01@@2
&; E H E % ! . H ! E 6 E 8 O 4 & 3
(2==)+LJKSHDNSRZHUPLFURZDYHSXOVHVDW*+]1RHIIHFWRQYLJLODQFHSHUIRUPDQFH
LQPRQNH\VE3
6-.--3 6-./
2B> , 6 , 6/-/=/02 &'% 3 & 02=@91
&S E 4 - O . E $ (011B) !
:%LRHOHFWURPDJQHWLFV<B=/<0
&S E %%HE O 4-(011B)6
%LRHOHFWURPDJQHWLFV<219/2>9
& 6 O E & (2==<) ! A / -RXUQDO RI
1HXURVFLHQFH0HWKRGV2@2/2@<
& 8 " & # - " % E I & ! O " C (011@)
f g
6KHQJ:X<L;XH*RQJ&KHQJ;XH=D=KL<90/<9<<=>%
22@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&EH8!48#,:#6O!E(011B)
%LRSK\VLFDO-RXUQDO091=/
092>
& " % , ! & - . 8 & O # ! (011@) '
6./20 : / /
,QWHUQDWLRQDO -RXUQDO RI (QYLURQPHQWDO 5HVHDUFK DQG 3XEOLF
+HDOWK0>/B1
& E A ! 6 6 - O #A
(011<) :/ D
: ' 3 O 6 6A
(4)
%LRHOHFWURPDJQHWLFV(20B/2BB)3*
& & E O 4 E 6 (0110) & / : 6/=11
A_%HKDYLRXUDO
%UDLQ5HVHDUFK20=01B/021
& & E O 4 E 6 (011B) 8/ : 6 =11/68D
S / A
%HKDYLRXUDO%UDLQ5HVHDUFK2>@@2/<2
4 E (011B) $ 7 %LRHOHFWURPDJQHWLFV <
2>/2<2
4 E (011B) : 7
%LRHOHFWURPDJQHWLFV<212/21<
4 E O % % H (011B) 7 %LRHOHFWURPDJQHWLFV<2<0/29B
, 8 (2=<2) 7$HURVSDFH0HGLFLQH
B022>1/22>0
, 8 (2=<0) 8 -RXUQDORI$SSOLHG3K\VLRORJ\<=/<=0
, 8 (2=<9) ! A / 8,
-RXUQDORI$SSOLHG3K\VLRORJ\0B=>/=
,""E #-$!A#,E-#3-!E
H 8 O H E , (011<) # :%LRSK\VLFDO-RXUQDOB<1/B<2@
" O % % H (2=0) 4 / : 5DGLR6FLHQFH(@)2<=/29
22<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
" % % H . E % O % & (2=9@) 6
/ $QQDOV RI WKH 1HZ <RUN
$FDGHP\RI6FLHQFHV2=>/02
8 # H 8 O ! 4 (011B) / %LRHOHFWURFKHPLVWU\<@/
90
848H8O!E(011@)3(#4,)
'1$DQG&HOO%LRORJ\0B/0=2
8A.3E O6# (011B)-7*
:%LRHOHFWURPDJQHWLFV<9>/211
8, O! (2=90) A -RXUQDORI2FFXSDWLRQDO0HGLFLQHB1/B<
8 , 6 & - O 8 & (2=<) 7 : ,QWHUQDWLRQDO -RXUQDO RI
%LRPHWHURURORJ\0<B/091
8U&.H$H!EO4&3(2==)/DFNRIEHKDYLRUDO
HIIHFWV RI KLJKSHDNSRZHU PLFURZDYH SXOVHV IURP DQ D[LDOO\ H[WUDFWHG YLUWXDO FDWKRGH
RVFLOODWRU(- , 6/-/=/0>)!A ,!* ,
6&'% 3 & 00199=
'444('444)(2===),(((VWDQGDUGIRUVDIHW\OHYHOV
ZLWK UHVSHFW WR KXPDQ H[SRVXUH WR UDGLR IUHTXHQF\ HOHFWURPDJQHWLF ILHOGV N+] WR *+]('444%=@2/2==2)
E E-(011@).S -D :%LRHOHFWURPDJQHWLFV>=/@9(011@)f.
g%LRHOHFWURPDJQHWLFV0<@0@
EE-O,6-(2==@)8/A/
*4
D $YLDWLRQ 6SDFH DQG (QYLURQPHQWDO 0HGLFLQH
==0/==9
EE-,6--H.6E8O66-(2===).A
A/D : /
,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ229/
201
229
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
EE--H.,6-&E.86OH
-6(0112)
- : %B8+8E / * .A 5DGLDWLRQ5HVHDUFKB<=/B99
EE--..866#-H.,6-O8
" & (2==) / * .A /:%LRHOHFWURPDJQHWLFVBB1/BBB
H! E6E 8O4&3(2=)%HKDYLRUDO HIIHFWV RI H[SRVXUHWR WKH
7HPSR KLJKSRZHU PLFURZDYH V\VWHP ( - , 6/-/9/B@) !A
, !* , 6 &'% 3
& 2=BB1@
H8 8.". &S O&A-(2=@)4
0>@/8D
%LRHOHFWURPDJQHWLFV299/2
H8 6E%&S 6.&. OH
(2==0)
' / %LRHOHFWURPDJQHWLFVB9=/B=B
.' -"! 64"..636
#A " , ! E O - - E . (011>) 6 &3 : /
0>@1 68D A
,QWHUQDWLRQDO-RXUQDORI5DGLDWLRQ%LRORJ\22/01
. 8 (2==>) 3 7 ' E % .
(4)$GYDQFHVLQHOHFWURPDJQHWLFILHOGVLQOLYLQJV\VWHPV9RO(09/1)3FA*
#
.8(011>)'
3K\VLRORJ\%HKDYLRU9@/9=
.8(011@)%T-D
:T%LRHOHFWURPDJQHWLFV2
.8O3#(2==@) /
:&3 /
A%LRHOHFWURPDJQHWLFV019/021
. 8 O 3 # (2==<) / / &3 A : 7 ,QWHUQDWLRQDO -RXUQDO RI
5DGLDWLRQ%LRORJ\@2B/@02
. 8 O 3 # (2==9) 6 / A 7
/ &3 A %LRHOHFWURPDJQHWLFV>></>@>
22
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
. 8 8 O " (2==>) 6
/ D
%LRHOHFWURPDJQHWLFV=@/21>
.F8"&"#-F.IE&!&,.FGO8"8
(011B) f4 g=KRQJKXD/DR'RQJ:HL6KHQJ=KL<H%LQJ=D=KLB0B/B0@%
.E ' , .H8 OE 6 (2==B)5
/
:5HWLQD0B1/0BB
. E % (2=9) 0LFURZDYH DXGLWRU\ HIIHFWV DQG DSSOLFDWLRQV '.* % %
. E % (2==1) ' $ # (4)
%LRORJLFDO HIIHFWV DQG PHGLFDO DSSOLFDWLRQV RI HOHFWURPDJQHWLF HQHUJ\ (% 20
099/B2)4%3E*#8
./O.E$(0111)!A7
' E % . (4) $GYDQFHV LQ HOHFWURPDJQHWLF ILHOGV LQ OLYLQJ V\VWHPV 9RO (019/
0<>)3FA*##
. / O 6 # (0110) 8 // * &
' 3URFHHGLQJV RI
6HFRQG,QWHUQDWLRQDO:RUNVKRSRQ%LRORJLFDO(IIHFWVRI(OHFWURPDJQHWLF)LHOGV(>1=/
>2)
. / O 6 # A F O . E % (2===) / 3K\VLRORJ\%HKDYLRU9@B/9<2
./6#A!IA8&S E I:E66E8.
6.&OE6(0111)4A
A%LRHOHFWURPDJQHWLFV>B=/>@>
6F'38A O84(2=9) :-RXUQDORI0LFURZDYH3RZHU@B/@9
6 E . O $
(2=9<) 4 A $YLDWLRQ 6SDFH DQG (QYLURQPHQWDO
0HGLFLQH<>>/<>
6 6 O " ! (2=99) . %UDLQ5HVHDUFK2>=/
2@0
6D6.(011B)-7:::
%LRHOHFWURPDJQHWLFV<2=</02B
22=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6E866 O,DE"(2=9@)3
5HVHDUFK&RPPXQLFDWLRQVLQ&KHPLFDO3DWKRORJ\
DQG3KDUPDFRORJ\9@2/9@>
6&!!A%,O$S%E#(2=9) %UDLQ5HVHDUFKB92/B9>
6 ! 6 4 O 6 6 - (2===) D/
%LRHOHFWURPDJQHWLFVB09/B0=
6A "!O& #(2=2)4
%LRHOHFWURPDJQHWLFV(2)=/=0
6UAH$HO (2=99)-
:
-RXUQDORI0LFURZDYH3RZHU09B/0<
3U63A!H%6#-,3O6D6.(011<)
3&3 /
3,H!(3,/A!):
/ (2A5+) A!/:5DGLDWLRQ5HVHDUFK<>@/<@>
3U 6 5U: DD 6 - , 3 O 6D 6 . (0110) 3,/A!
&3 / A (0 8D) : %LRHOHFWURPDJQHWLFV092/099
3-#7%C,"E-!EHE,O
H 8 (011<) 3 /
%LRFKHPLFDODQG%LRSK\VLFDO5HVHDUFK&RPPXQLFDWLRQVB@2/B<1
#A
O 6 6 - (0111) 7 - ' E% . (4) $GYDQFHV LQ HOHFWURPDJQHWLF ILHOGV LQ OLYLQJ V\VWHPV 9RO
(0<@/0=1)3FA*##
#A
& E A ! 4 O 6 6 - (011B) 4 %LRHOHFWURPDJQHWLFV29>/22
#A
UA# .A!4O66-(0110)%
/
/A /%LRHOHFWURPDJQHWLFV2@/2<9
201
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
#A
6#&EA!4HE.O 66-(0111)
%
:
%"
A%LRHOHFWURPDJQHWLFV0>@/0@>
#A
# E"AH'''HE,H
H8O66-(011>)%D:/
21/,(((7UDQVDFWLRQVRQ3ODVPD6FLHQFH2@9=/2@<
#A
$3!6.6#.E%O AF(2==9)*.A
/(OHFWUR±DQG0DJQHWRELRORJ\
2=@/012
#A
$3!6.6#.E%O AF(2==)/
5/ %LRHOHFWURPDJQHWLFV20/2B1
#A4.O5".(2==16)%LRHOHFWURPDJQHWLFHIIHFWVRIWKHHOHFWURPDJQHWLF
SXOVH (03 ( - 8&././=1/0) 6&* 8 &
.&'% 3 & 002@@0
#U - O ! E (011<) &3 A : 0XWDWLRQ5HVHDUFK9</1
#
4 5 3 5 ' -D
F 5 O H
SD 5 6 (011@)
/ 44 1HXURVFLHQFH%HKDYLRUDO3K\VLRORJ\B@2<@/91f5RVV
)L]LRO=K,P,06HFKHQRYD9</9=>(011B)g
- AF!,!6O./(2==B)*
/A/ %LRHOHFWURPDJQHWLFV >@=/
>9
-"-6E8%:E EH%6&,A&
. E 8 O 6 6 - (011>) / : : 2 ,((( 7UDQVDFWLRQV RQ 3ODVPD
6FLHQFHV2@9/2@==
-‚#(2==2)87-,
0> 291 68D 0DJQHWLF 5HVRQDQFH LQ 0HGLFLQH 2=9/02@
O 43(2=9@)4
$YLDWLRQ6SDFHDQG(QYLURQPHQWDO0HGLFLQH2>2>/2>29
A O!E(2==>)4
* &3 0XWDWLRQ5HVHDUFK2>2/2>9
202
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&-,!O8(2=0)$
:-RXUQDORI1HXURFKHPLVWU\9>=/9@0
H 8 ! E O ! 4 (0112) ' %LRHOHFWURPDJQHWLFV>>1/>>
H8HAA-8!4O!E(0110)!
?3,(((7UDQVDFWLRQVRQ3ODVPD6FLHQFHV
0=B/B11
- . O E E - (011>) - : D,(((7UDQVDFWLRQVRQ3ODVPD6FLHQFHV
2<>>/2<@0
- . O .
D - 6 (2==) %LRHOHFWURPDJQHWLFV2>9/2<1
-.O#:%,(011@) B/
/ %LRHOHFWURPDJQHWLFV 0/
212
-.!& O-(2==>)6
3K\VLRORJ\%HKDYLRU@9/@=@
- . ! 6 . & E 6 O 6 # (2==) /
/
3K\VLRORJ\%HKDYLRU0<B/091
- . ! 6 . & E 6 O 6 # (2===) 8
:/%LRHOHFWURPDJQHWLFV
>B2/>B=
-.6## 6 O E.(0110)%
: ' 3URFHHGLQJV RI 6HFRQG ,QWHUQDWLRQDO :RUNVKRS RQ
%LRORJLFDO(IIHFWVRI(OHFWURPDJQHWLF)LHOGV(B/B=B)
- . #A E 4 H E . 6 # - O # 8 H (0110)
/ : - " 0<>9 %LRHOHFWURPDJQHWLFVB/9
- . , 6 #
H % 6 , . 6 #
&%%& -OD8(011B)4:
: :
200
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$EVWUDFWV RI WK &RQJUHVV RI WKH(XURSHDQ%LRHOHFWURPDJQHWLFV$VVRFLDWLRQ (
209)
-.%6,6#&%%&,6 E.
D8O -(011>)
: 20@ 8D ' 3URFHHGLQJV RI
7KLUG ,QWHUQDWLRQDO :RUNVKRS RQ %LRORJLFDO (IIHFWV RI (OHFWURPDJQHWLF )LHOGV ( <BB/
<>1)
-.6#O&A4EE(011>)6KRUWWHUPPRWRUDFWLYLW\DQGDFRXVWLF
VWDUWOHDIWHUPLFURZDYHH[SRVXUHDQGWR[LQLQGXFHGK\SR[LD"- '-+ 6-&
-E011B,- 6-6
%& 6&29/=>/%/>1<=6011>
% E !A & " " E ! % O 6 6 - (2==@) .A /:
75DGLDWLRQ5HVHDUFK=B/=9
AD I E !A - # 8A - - & O % ! . (0111)
./
:=1168D
A%LRHOHFWURPDJQHWLFV2@2/2@
A"&O!E(2=9>)!:21
+HDOWK3K\VLFVB=2/B=
6AE,:#5H!EO!(011B)
& : / * &3 0XWDWLRQ5HVHDUFK<@/9@
" ! ,D E O 6A (2=99) 6
: ' & E E (4) &KROLQHUJLF PHFKDQLVPV DQG
SV\FKRSKDUPDFRORJ\(2<=/29=)3FA*##
F5#!6"E666O6.(011<)
, -RXUQDO RI
%LRPHGLFDO2SWLFV22z10>121
# " E 8 & O !A H # (011@) 4 /
/ &HOO
3UROLIHUDWLRQ2@B/<B
5#F6.%%6O6 (011>)3/
%LRSK\VLFDO-RXUQDO>1>1/>1>
20B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5 # F 6 . % % 6 O 6 (011>) 3
)HGHUDWLRQ RI
(XURSRHDQ%LRFKHPLFDO6RFLHWLHV/HWWHUV21B/21
5 # 6 6 6 . % % 6 O 6 (011>)
3 ? 6 ,(((7UDQVDFWLRQVRQ3ODVPD6FLHQFH2<01/2<0@
5#F6.%%6O6 (011B)%
%LRFKHPLFDO DQG %LRSK\VLFDO 5HVHDUFK
&RPPXQLFDWLRQV0</0=@
5 # I 6 E F % " 5 6 O & #
(011<) 3 :D -RXUQDO RI WKH$PHULFDQ&KHPLFDO 6RFLHW\ <0/<0=
5U: O $ (011>) %
:75DGLDWLRQ5HVHDUFK>2/>=<
5U:-.!6 .&E66#O#E(2===)
,7 : /
,QWHUQDWLRQDO-RXUQDORI 5DGLDWLRQ %LRORJ\ 22@/
201
"AHB#A
$3HEHA!466-O
#A
(011<) $: / %LRHOHFWURPDJQHWLFV002/00@
" E 6 # % E % O 6 E 8 (2==@) 3 : A / $YLDWLRQ6SDFHDQG(QYLURQPHQWDO0HGLFLQH@<0/@<9
" ! O . 8 (0111) : 0>@1/68D /
D%LRHOHFWURPDJQHWLFV@0/@<
" ! F E G C - . % I 8 I , O " I (2==9)
4:
6FLHQFHLQ&KLQD6HULHV&/LIH6FLHQFHVB12/B1>
"%%EC8%C%O"H(0110)f
:g=KRQJKXD/DR'RQJ
:HL6KHQJ=KL<H%LQJ=D=KL0<</0<%
20>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
" 6 "& "#-F%8FF !% CI% C6 O
I 6 . (011B) f4 g
=KRQJKXD/DR'RQJ:HL6KHQJ=KL<H%LQJ=D=KLB0=/BB2%
"6"&"#-FF!FF8"8%8FI
F - O F (011B) f4 .g=KRQJKXD1DQ.H;XHB09/BB1%
" F A A 6 O " (0111) ,&& ,(((7UDQVDFWLRQVRQ0LFURZDYH7KHRU\DQG7HFKQLTXHV020</02B0
" E !A # , H 8 O ! E (011>) 8./<1-RXUQDORI
%LRORJLFDO&KHPLVWU\00=<>/00=90
F8""AHA6O38(011B)
2>B= 68D &6 /D A %LRHOHFWURPDJQHWLFV00B/0B1
20@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
7KHUPRUHJXODWLRQDQG7KHUPDO0RGHOLQJ
4- #&
4
,-.9228#"
84
&&4!&
-,7
-!!A%/!:90B@/@2>9
,QWURGXFWLRQ
? ?%!(2@)
!A
D „…;
8
A
!;
(
A;)
D:7
7 : A
%/
"/
!
D
; " 20<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
%DVLF7KHUPDO3K\VLRORJ\
+HDW([FKDQJH%HWZHHQ2UJDQLVPDQG(QYLURQPHQW
- 7 :,@/2
8
(0) 7 ($5)5) ' (, @/2) (() A (() / A (4)
(4)A(:)
8
(4A) " /
A()
)LJXUH$VFKHPDWLFGLDJUDPRIWKHVRXUFHVRIERG\KHDWLQFOXGLQJUDGLRIUHTXHQF\UDGLDWLRQDQGWKH
LPSRUWDQWHQHUJ\IORZVEHWZHHQPDQDQGWKHHQYLURQPHQW7KHERG\LVLQWKHUPDOHTXLOLEULXPLIWKHUDWHRI
KHDWORVVHTXDOVWKHUDWHRIKHDWJDLQ)LJXUHPRGLILHGIURP%HUJOXQG
209
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
" : ((VZ) 4
/6?
? ( 7 )
$
A
7 + @/2
, @/2 () (
)(-8)
( ) ()
" ( 7 (-,-)) 7 : " : ()%
()
20
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH7KHUPRUHJXODWRU\FKDUDFWHULVWLFVRIDQLPDOV
!\%
366:
6P
B909>0
8
-A
B=/B=0@>B
6
#A
B/>1///>0/>B
4
7A
B/B=0@>0/>B
&PP
%
B/B=0>>0
%
B/B=2=>0
,:
&
B/B=///>0
()
B/B=///>0
$
-
$ B=01>0
U
%
-UA
-
6U
6
B=29>B
B9/B01>0
B901>0/>>
6
#
FF3
FF3
FF3
FF3
3FF
3FF
3FF
FFF
3FF
\%
0B/0<(@1R-8)
///////
///////
B@/B<
20/2<
///////
B1/B0a
///////
///////
3FF
3F3
3F3
0=
0=/B1
B0
$VVXPHVPDQLVOLJKWO\FORWKHGVHGHQWDU\LQVWLOODLU
9DOXHIRU$ODVNDQKXVN\LVZHOOEHORZWKDWIRUPRVWRWKHUVXEVSHFLHV
D
&DEDQDFE(OL]RQGRF-RKQVRQDQG(OL]RQGR
G
0DKRQH\H6WLWWDQG+DUG\I$GDPVJ$GDPVHWDOK:KLWWRZL*RQ]DOH]
HWDOM+DUWN%HUU\HWDO
7KH7KHUPRUHJXODWRU\3URILOH
D 7
7 , @/0 ' D U!(.%)
20=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
.%
' -, .%
% A U A D(3I)'A3I
@/2 ' : -,- 7A A )LJXUH 7KHUPRUHJXODWRU\ SURILOH RI D W\SLFDO HQGRWKHUPLF RUJDQLVP WR LOOXVWUDWH WKH GHSHQGHQFH RI
SULQFLSDO W\SHV RI DXWRQRPLF UHVSRQVHV RQ HQYLURQPHQWDO WHPSHUDWXUH /&7 ORZHU FULWLFDO WHPSHUDWXUH
8&7 XSSHUFULWLFDOWHPSHUDWXUH71= WKHUPRQHXWUDO]RQH
3I A (%) ( ):,
AD
A()()8
':-,-
% $ 2B1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
7:-,-
$()
8 : , @/B 8 &! (2=>1): ! 2\%01\%3I
:0\%B1\%
3I
(/)
0/B .+ 21/2@.+ ("2=B) (:)
(3 2=92
2=92) : -,-
:
2B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH 7KHUPRUHJXODWRU\ SURILOH RI QXGH DGXOW KXPDQV HTXLOLEUDWHG LQ D FDORULPHWHU WR GLIIHUHQW
DPELHQWWHPSHUDWXUHV'DWDDGDSWHGIURP+DUG\DQG'X%RLV
2B0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
"(2=2)UA(2=B)
-,
D
-, : : (3 O
32=<@)
3I
A , @/B $ D ( A)
/ / : / 7 ( 2=1) ,&/& 91/A : 7 211 68D ( 011B) , @
%RG\+HDW%DODQFH
? (! O
E2=9B)'
:/
7*
0c:X5a&a(c6
(2)
0 :
A5:
& : (
6
472(
A)#:7A
22<B 472
5&(
"A(:)
()
(0) (+)
":
(A)
0":
(()
(
U
!:
47 2 : 7
&!&!(2=2<)
2BB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
1>0@ 190@
(0)
&X1010
& &! 7 A H (2=<2) 7 2+B D 470
D
1>0@
A02+B:190@XA2A0(1>0@a10>0)XA2A00+B
(B)
&XA2
6
:
'0+B
472(
) %
(&)
( ) () 1< (
1<) A(A)
A/()
+ % ()
8
:U
' : ( X //
)
(6-)6-()
()
A ( 12@/ ) ("A2=<1)*
6-X(2a100051@)(?)af\%g
(>)
% ()
()74
47(2)
7()
D U @/0 2B>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
() & 8- 48A(2=<)
7DEOH&ORXQLWVIRULQGLYLGXDOLWHPVRIFORWKLQJDQGIRUPXODIRUHVWLPDWLQJWRWDOLQWULQVLFLQVXODWLRQ
&OR Ȉ,QGLYLGXDO,WHPV
8 -,- / /
: ! (2=B) :D
D 1@ A+ "
:"
2B@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A
70@R
8
U
()()"X
211R
A
211R
( 8- 48A2=<)
:,@/9@>00'472(
((:)
7((7)
7KHUPRUHJXODWLRQLQ+XPDQVDQG$QLPDOV
0HWDEROLF5DWHVRI+XPDQVDQG$QLPDOV
! J
”
D()
, @/> / 19@
19@ A
)LJXUH/RJDULWKPRIWRWDOPHWDEROLFKHDWSURGXFWLRQSORWWHGDJDLQVWORJDULWKPRIERG\PDVV'DWDWDNHQ
IURP7DEOHVDQG
2B<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(0) ( ) *
(@)
0XBB=19@f"g
A 7
:( 8- 48A2=<)*
0Xf10B(-G)a199g(@9)(5$0)(<1+ &)f"+0g
(<)
-G75%$05$0-G
1B () 21 (
:) 5$0 : + (1 \% 9<1 8) @9 7
2 . :/+.-GX2
,
(2=99)
:
,@/@1<9 :
( )*
X11=1<9f0g
(9)
19@
, &!(470)
+XPDQ'DWD
6 (0) J
te” (6-) @/0 (6-) D (!6-) (BB\%):20
!6-0@1$0+>"164(264
X@0"+0)!6-20"+A91/AJ
rd”
!6-
(2=B)'
?A
?/
@/B 01/0>//:
2B9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
? A
” )
: D ? >1 11 "+0 (2 02 "+A J
: ,@/<@/9$
'
(2=9>)
:-,-( O 2=0 2==9
2==0112011B)
7DEOH5HVWLQJPHWDEROLFUDWHVIRUQRUPDOKHDOWK\KXPDQVRIVSHFLILFDJHDQGVRPDWRW\SHDGDSWHGIURP
5XFK3DWWRQ
*HQGHU$JH
$YHUDJH
:HLJKW
NJ
6(01/>1) 91
4
>92
4
2>2
"(01/>1)
<22>
4
>B1=
4
>@
21/
B0B
@/
2=@
2/
21
$YHUDJH
+HLJKW
P
29@
29<
29<
2<2
2>@
29B
2B
220
19>
%RG\
0HWDEROLF5DWH
6XUIDFH
$UHD
::P:NJ
P
2@
0>9920<
2@9
9>=>992@=
0@
22=B>991@
2<>
91>>0=22@
2B2
@<0>0=2B1
29B
<9>0=1=
220
<>@@9<011
19
>1<2<0><
1>B
09@<>109@
2B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH9DULDWLRQRIPHWDEROLFUDWHZLWKDFWLYLW\IRUDQRUPDO\HDUROGPDOH$GDSWHGIURP5XFK
3DWWRQ
$FWLYLW\
0HWDEROLF5DWH
:
9@
:P
>2
:NJ
22
0(76
19
-7(~)
APPP
0
221
2B1
>
@
91
2B
2@
2
1
2
20
"AB
!
B11
@>1
2<1
0=1
>B
99
09
@
6:
:
-()
6:A
:PPPP
9@1
>21
22
9
9@1
>21
22
9
2B11
911
2
20
@1/2<11
911/2211
0111
><1/<1
>21/911
211
20/0B
22/2
0=
)HPDOHLQFOXGHGXQGHU³PD[LPXPSHDNH[HUFLVH´0(7 :P5XFK3DWWRQ
1HZEXUJK$VWUDQG5RGDKO
)LJXUH9DULDWLRQRIKXPDQUHVWLQJPHWDEROLFUDWH505ZLWKDJHDQGVH[H[SUHVVHGDVSRZHUSHUXQLW
VXUIDFHDUHD5XFK3DWWRQ
2B=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH9DULDWLRQVRIKXPDQUHVWLQJPHWDEROLFUDWH505ZLWKDJHDQGVH[H[SUHVVHGDVSRZHUSHUXQLW
ERG\ PDVV 'DWD IURP )LJXUH LV FRQYHUWHG E\ PHDQV RI DYHUDJH KHLJKW DQG ZHLJKW JLYHQ LQ 'UH\IXVV
$QLPDO'DWD
-(6-)@/@
*6-
6-D6- ; : (5$0)*
0XBB@5$0f"g
()
5$0 X : 7
: : > A+. $0 7 (-G) :1@
2>1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH5HVWLQJPHWDEROLFUDWHIRUDGXOWODERUDWRU\DQLPDOV
$QLPDO5HIHUHQFH
$YHUDJH
:HLJKW
0HWDEROLF5DWH
NJ
:
:NJ
:NJ
-APP
B@
0<
0B<
>B>
7A
22
>=B
>>9
>@=
!PP
2B
>19
00<
><<
B0
2@=
2B@
>>0
0<0
0B0
2B
2<@
290
B0=
B0=
B0=
2
B@9
B@9
B@9
PP
1@
00<
BB
B>
122
1B0
1@0
1=>
01
B
@2
<@2
@99
>=
>=
>=@
112@
110
110@
12@
12=
100
21
=B2
B@
B@
B@
&*
!
!
-
-*PP
6
.
6*
6
.
: 05IRUJLYHQZHLJKW:NJ VSHFLILF05:NJ VWDQGDUGL]HG05
05GDWDJLYHQDVWRWDOVIRUKUSHULRG
D
%RXUQHE5RVHQEOXP&RRSHUF%HQHGLFWG+HLOEUXQH$OWPDQ'LWWPHU
I
3HQQ\FXLN
$YHQXHVRI+HDW/RVV
% (
) @B(,@/0@/B)
2>2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
3I (
)
:
9DVRPRWRU&RQWURO
%
!.%
AADA
@/="+
q% A , 3I B9q%A2q%
2 A 22< "† (8 2=9) & :
A
?
H("+0†q%)
H
A
*
8.XH(?A)f"+0g
(=)
8.()
A
A'(00?0q%)
<="+0†q%'
(%2=91
,@/B)
6ZHDWLQJ
4
A
A'
A
" D-,-
: 3 : 0@ A B1q%
B9q%.A
(3 2=92) # (32=9>)
&A
(2=9B)
2>0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: : B1+ '
:<9@"+0
?
A B@1 "+0 < 64 29 + ( 8- 48A2=<)
+XPDQ7KHUPRUHJXODWRU\&RQWURO'XULQJ5)([SRVXUH
7KHUPRUHJXODWRU\&RQWURO
/A J
t” /
() A + ( J
rmostat”)
:3
D ( )
D +XPDQ+HDW7ROHUDQFHDQG(QYLURQPHQWDO)DFWRUV
5)(QHUJ\'HSRVLWLRQ
:
-, / :-,472
*
(0c:)a$X5a&a(c6
(21)
$ -, ' A
(:):
(+)
(+) -, 7((7)*
(7X0c+F“+a$
(22)
':
((:)(7
2>B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
+XPDQ+HDW7ROHUDQFH
'(7+(:
A5
(7+(: ^ 01R (2=B9)8':(8')(!
O82=@@)8'
B1RU
B1/<1R
<1 ? 211R (,@/9)
/ / %/8/':(%/8/')
:
/ () @1R -8 8 %/8/' @1 e% ( ) B@ e%
(J
”A)01e%(
:
)
)LJXUH$VWDQGDUGSV\FKURPHWULFFKDUWWKDWGHOLQHDWHVWKH]RQHRIWKHUPDOFRPIRUWUHGDUHD]RQHRI
ERG\ KHDWLQJ DQG ]RQH RI ERG\ FRROLQJ LQ WHUPV RI GHZ SRLQW DPELHQW YDSRU SUHVVXUH DQG GU\ EXOE
WHPSHUDWXUH(7GHILQHVWKHOLPLWVRIWKHUPDOFRPIRUW$6+5$(+DQGERRN
% A
2>>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A
7 12@@ e%  "/2 ( 2=>2) ' ( 8- 4 2=<) 12 1< A(264)
1@@e%A>?@64
([HUFLVH
& : A :
':
D
A
&
:-,D
:
8
-, J
unique”(4 O% 2=>)
: -,
3 3 (2=<@) 7
:
'
:/
A U ' U : AU
(: @ 0 @ 64) , ()
' / : A 7/-,
77
:
)HEULOH6WDWHV
:
:
( J
t”) 8
2>@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
J
t” U J
t”
(2=B)
'
7 ' ()
(2=9=)
D (2==9) D D -, U ,7A
&U/+
2Y.
0@1#42U1<e%
<1/=1 ' =1/ 7 X 0< e% #42UB1/-,:>@10>@168D%"
B1 <1 /U -, ( ) / ( -)(2@B1"+A)7%
2)#42U7-,:0)-,:
UB)U-,:U
-, 8
-,::
:
-,7
:KROH%RG\5)([SRVXUH
+XPDQ3K\VLRORJ\DQG+HDW
8B<e%>1
e%:
A ( ) A
A 8 :7 ,
(:A)
B\%
2><
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5)+HDWLQJ&OLQLFDODQG/DERUDWRU\6WXGLHV
: -, / -, : ' (6-') -X09~<1"+AB1()
1>\%6-' - '
A A -/ (A2==2==2==>) 7/-,:
-,A
'
>@/-,:DA -X
<1 2@> "+A ()
r12q%7
U ( 2== 2=== 2=== 0112 0112 011B) '
(A A ) (X0>0B2e%) 7(211>@10>@168D)(>
<"+021168D20>"+>@168D09B@@191"+
0>@168D)%DA -0>@168D<1992202@>
"+A'444%=@2(2===)
, / : : -, :
(4/D)
1>
(7)(&2=<)
-, : / ://7( 2==0H2=B.D2=@.DO:2=) (0)
- / 8
: ( 2==<) : : D:74:
>@/ -, / : (211
68D)()
D3
'444%=@2/2==221168D( 011B)
+HDW6WURNHDQG2WKHU+HDW5HODWHG(IIHFWV
&DUGLRYDVFXODU(IIHFWV
6 (& 011B) A A&:
2>9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A8
A # A A
*DVWURLQWHVWLQDO*,DQG2WKHU(IIHFWV
4:
/ A
/(')'
' ,
'
:
'
&HQWUDO1HUYRXV6\VWHP&16(IIHFWVLQ+XPDQV
7 U%38
+%3U4/
%3$
>2>
( ) :
3
, / B=>2<e%8
7
%3
: %3 A 7 7
&HQWUDO1HUYRXV6\VWHP&16(IIHFWVLQ$QLPDOV
%3 / A : A8
:Be%>
% B > U 7 UA
: B e% > +'
2>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8
U:
A/U
3DUWLDO%RG\5)([SRVXUH
'//:-,
0
( 2=)':-, -
0 D :
,@/0( 2=@%2=@.DO:2=9)
:>@
(%")-,(0>A)
( X 0> 0 B2 e%) ( 2== 2=== 0112
0112)7:(>@10>@168D)-,
A -/ 7/ A
D
A A / : U A(2A")
/ : A (#&) :
A U B>R A
6HQVLWLYH7LVVXHVDQG2UJDQV
A : :'
D//
& (2=>) T T / ' / 7
>Be%(A)
/(&2==>)7
/*
%46>Be%X-(>B/)
(20)
2>=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
%46>Be%X 7
>Be% X()X
-X7
21 e% A &S (2=>)
-X10@A
> A$ A
-X1>B
00
A(&011B)3
A (>B@ e%) (>B1e%)
8
A (6D O 87 2=>9 !
2=@2 2==1) 6 A 7
A
:
8 %46>Be% ^2 ‰1
! :
%!!!!A
6 8(>1):
!!!
: ( 1 ) ()
A4:1
4
%46
>Be%:>1$:
&(011B)
' A %46 >B e% 7 : 21/20 +XPDQ3HUFHSWLRQRI5))LHOGV
,QWURGXFWLRQ
-,:
: ( ) /
1< A
A (8 O $ 2=B9)
" -,:
7:
2@1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6
: ('-) (
2=B) '- A:/
7(218D
)
8
-, 7 : A
3HUFHSWLRQ7KUHVKROGV
$UFKLYDO'DWD
-, (2=<<4UAO5UA2=<25UA
O52=@82=<8O82=<182=<B) : (21 ) A '
7
A
U/(62=90)"B9
> BB@ "+ B 8D 20<
"+218D>0"+7‰21118D(/'-)'
AB/21/8D(1>Y0@11)
@
A:
A T
T(
2=B)
E(2=0)-,21/
:(
X219)0>@/8D%""
-,~0=E+
~2 E+ A : /'- 09 29 "+ 5HFHQW([WHQVLRQVRI&ODVVLFDO'DWD
!A(2==9)
-,
7 0>@ => 8D /'- (~B111 8D) E AB09USA
7/21
27
2< 7
0>@ 8D (<B2 c <9
"+)=>8D(>@c1<
"+) '- (@B> c <9
"+) ' A 7
(- 2==9) 2@2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
~119 e% A 7 1B
6XSUDWKUHVKROG)XQFWLRQV,QFOXGLQJ3DLQ
3
-,:
%A(2=@02=@0)
: %A =>/ 21/ :(@B0=@)A()
U
A+
A
><2 c 21 e% %A A8
: : A
%A ::.
: -(2==9)7-,
+XPDQ2YHUH[SRVXUH'DWD
% (2==) J
rs” % -,
@B
0>@1/68DDB1(,2=0)'
>1?>0e%^@:21=+.9A
3 : 8
: : -, //:(.2==2)
D-,:=2@0>@168DA
B1'#
01B1A21e%
U 211 : : A : " , D
U
U7
:/:
2@0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$ -, : + 6 (2=@) 21 B11
: $
@ : : (#4.)21"+</$@
:
72@218D>@R
: < 2@ 2<1111 "+ ( >1 2111 "+) /
:
:
D:4+ ,/D
4H A A /: :
A B> : -,- (-
0111)
:2=9B2=@
A , 6!A ,! U
7 : A 4: -, 7 : # +%
(
+ ) : $ 4H C/
: 4:
: # A U -,-
: 8
:
:
' ; -,-
&OLQLFDO'DWDRI+XPDQV([SRVHG7R05,
: (6-') <>
68D -, 2@B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6-' (H2=9)
(!#) (8-) (--) : 09
6-'A2@-,
-
7 6-'
- A %
(2=2=)AB@6-'
(2@<>68D)A -0@>B1@"+A
1@e%(X112e%)
(#^1112)
A(#^112)/
' (A 2==)
A<U(01)(B1)(01
) 6-' 2@ - 09 >1 "+A A!, B1/ D 6-' 2@ ( / - 1@< 1> "+A) 0B : B1 e% (A 2==1) !(2=>)
6-' -, :
:<U:
2@ (A 2==0 A 2==) A01/01/7X02
e% 3 7 6-' 2@ D
(A2==0)
05,([SRVXUH'DWD/DERUDWRU\6WXGLHVRI+XPDQV
(2=)01//6-'( - X>1"+A)
22
01/6
A08---!# 01/
6-'1Be%(#^111@)&A
B1c1@e%U/D!#
8- -- ' A (2==) 6-' / - >1 "+A A 8
6-':
-, (! 2=@) (A2==>)2</6-':<
2@<>68DU7X02B/0BBc1>
e% 2@ : () 2@>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6-':8-:A!,
<A0/
-,:
/ - <1 "+A T 7T / (# ^ 1@) @ A 8- A!, - 8
A / -
0RGHOLQJ+XPDQ5HVSRQVHVWR05,
() !(2==0)
U01/6-'(2@)
A/ -20"+A4B1/7
X 00 c 2 e% 01/ B@/ /7
A E ,UA22e%
291
0@ e% A UA
3UHGLFWLYH0RGHOVRI+XPDQ3K\VLRORJLFDO5HVSRQVHWR5)(QYLURQPHQWV
,QWURGXFWLRQWR7KHUPRUHJXODWRU\0RGHOLQJ
A A D A
6 6 -,(,2=92)$
6 (2=<=) (2=9B) : -, 4
(2=9<)
-,$/-,//(
2=1)D
: 1 68D @1 "+0 21"+0'
2@@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: >1 \% (% 2=91) ::
: () 47 2 '
-,
UA82=<<UA8
(2=99) -,
: 211-,B1
B1e%(UA2=12=B):
D ! : -, HA(2=9@)
( 2==@)
3UHGLFWLRQVRID7ZR1RGH0RGHO
7 : -,
6-'
( O!2=<)0(
A) UA 8 ' (
)/
- (q)1<e%X01e%
X1+ 91/A 6-'
-Š@"+A.
-
q q - :
A!,
q
- A!, 1 =R ( O!2==)6
<9RA!,q (Š2e%)6-'( -Š>"+A)
>1 ' -, : -, A!, 6-'
:(01) -ŠB"+A
2@<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
( -)-,
7
" -
D ' A!, : - 7 , @/ : -7(0109e%)A!,
DX01e%
X 09 e% 9 e% : - 7 ~2 "+A ' - : : 7 : -, : ' A!, -8 () (6% 2==) ! (2==) :
A!, -8
,@/
)LJXUH 3UHGLFWLRQV RI D WZRQRGH PRGHO VKRZLQJ ]RQHV RI VWDEOH DQG ULVLQJ ERG\ WHPSHUDWXUHV LQ WZR
HQYLURQPHQWVGXULQJPLQ05,VFDQVDWGLIIHUHQW6$5VZKHQSHULSKHUDOEORRGIORZLVLPSDLUHG$GDLU
%HUJOXQG
(2==0)<1/6-'
' >1R A!, X 10 8
-X>"+Aq2e%X2=e%
,2/-,: -X2"+A
X09e%
$PSOLILFDWLRQRIWKH0RGHOLQJ3URFHVV,QFRUSRUDWLRQRI)'7',PDJHV
D
2@9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-, : A /
() -,
- ( 011B) >@//-,:(21168D)
():76
A
D U A : -, 001 68D " -
(%3)
,
&/&(,&/&)91/A(UA0110)
D-,7
%3
5 ,&/& A 7 %3 A
6/
-, fD - ‹ 2 ("+A)+("+0)g : /(#$+ 8)
A : . ~10@+\%
(qX110\%)
( 2===) 4: - 7 -,
:
'DWDIRU+HDW5HVSRQVH&DOFXODWLRQV
,QWURGXFWLRQ
6A
-,(
O2=90#
2=<0)H
- : -
:<1
:
:
2@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: 0 .+ ' (
)A
A /472
(% 2=@> 2=<@
"2=<@)
()B=0\%
/$
U
(!O"
2=<=!2=<@6O82=>9)7
U
X B=0 \% " 2/ 00 \%+ B9\%
" D A (A) :4(2=90)0//:
U
<2
8B=>\%8AB<=\%
B>\%01:B=B\%:
>2
'A
2
7
: -, 7
3 3 (2=<@) : :
-,7
/(28D
)
7 -, : %7:-,
7
-, :A -<1 ?
B=0\%U<1
-<1: -
<1 &DOFXODWLRQV
, 7 @/< : (HA 2=90
2@=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
62=9>32=>=-O#2=9BO80111)
(2=<=)
472
A(:)/(5a&)
(3)*
0a3X(5a&)a(a6
(20)
6X0?(5a&)?(a3
(2B)
*
(2>)
8XqfAg
q8
*
(X (#A?#)a1110B0(>>?#)f"g
(2@)
*
(5a&)X( a )(A?)f"g
(2<)
2<1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6SHFLILFDWLRQRISDUDPHWHUVXVHGLQFDOFXODWLQJ6$5
3DUDPHWHUVIRUD6WDQGDUG
3K\VLRORJLFDO0DQ
6
8
6\PERODQG1XPHULFDO
9DOXH
X91A
X29@
0
&X2@ %
X
"
-
"XB9%
0
X29 0
X2B 0
0X221"2@9"+A
0X201"292"+A
0X2@B"02"+A
0X2B9"2=<"+A
XB=0\%
XB91\%
%X1B(A+\%hA)
XB=0\%
0
2/
%
3
3V\FKURPHWULF&RQGLWLRQV
"
6\PERODQG1XPHULFDO
9DOXH
X2B@+
4
X02"(0h)
%
X=@"+(0h\%)
-
X"+(0h\%)
-
XB1<\%
X11@10
/
#
#Xh#
#A
A
/
A/
%472B2@2<
@/<*
6X0?f1110B0(>>?#)aB<(#A?#)g?0B(A?)a#f"g
2<2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(29)
7 -,(#X1)$
2/
*
<1
8XΠ
(2)
1
?<1AX>1\% X1!472>
00\%20A
#00\%2820A*
"
#X22<(20?8)X02"
H+
-<1*
#"
-<1XXB22
91AA
! -
-<1
7D,@/=
-<1
4D(9168D)
',@/=
D: (
)B=0\%
-, , : 1R >0 \% -<1 D B=0\%2
>2 \% 1R -<1 20@
"+AB=0\%<1
-(20@"+A)>=\%@1R
<B\%01R
, -<1 4 D @"+0
7+D
-20@"+A
7D7
2<0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH &DOFXODWHG 6$5 YDOXHV LQ DQ DYHUDJH PDQ XQFORWKHG DQG TXLHW LUUDGLDWHG E\ DQ
HOHFWURPDJQHWLF SODQHZDYH ZLWK ( SRODUL]DWLRQ DW UHVRQDQFH DERXW 0+] 'DVKHG KRUL]RQWDO OLQHV
LQGLFDWH WKH SV\FKURPHWULF FRQGLWLRQV LQ VWLOO DLU WKDW \LHOG D 6$5 RI :NJ DQG :NJ DW WKLV
IUHTXHQF\
'>2\%
01R
-7B=0\%<1
, @/= : ; " D -<1 6
,@/=
-<1
-
:/
A
-,:(1>"+A)
, @/= <1/ ( </ /
, @/=) 7 -<1 1> "+A U1>"+A-,:
2<B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
-
::
<1 : :
! : D 8A 7
5HIHUHQFHV
4 - (2=@) -,- ' E %
6 (4) 3URFHHGLQJV RI D :RUNVKRS RQ 5DGLRIUHTXHQF\ 5DGLDWLRQ %LRHIIHFWV
( ,- 6/-/@/2>)(B9/@>)!A ,!C* , 4-(2=)6
'64$;%
O - , .
(4) (OHFWURPDJQHWLF :DYHV DQG QHXUREHKDYLRUDO )XQFWLRQ 29=/
012)3FA -.
4 - (2==@) 7 (-,-) ' ! E H 6 O & 3 4 (4)
5DGLRIUHTXHQF\ 5DGLDWLRQ 6WDQGDUGV %LRORJLFDO (IIHFWV 'RVLPHWU\ (SLGHPLRORJ\ DQG
3XEOLF+HDOWK3ROLF\(0>@/0<=)3FA*##
4 - (2==<) ' % H #A O
#4(4)&5&+DQGERRNRI%LRORJLFDO(IIHFWVRI(OHFWURPDJQHWLF)LHOGV6HFRQG
(GLWLRQ(>1B/>B>)!-*%-%#
-H(2===) / 3URFHHGLQJV RI WKH 1DWLRQDO $FDGHP\ RI
6FLHQFHV220@/220=
4 - O ! " (2=0) U 7
A : -RXUQDO RI $SSOLHG 3K\VLRORJ\ 5HVSLUDWLRQ
(QYLURQPHQWDQG([HUFLVH3K\VLRORJ\21>=/21@
4 - ! " O 8 H (2==0) # 7%LRHOHFWURPDJQHWLFV>=9/@20
4- !"H OE"(2==9)
A : $QQDOV RI WKH 1HZ <RUN $FDGHP\ RI
6FLHQFHV>=9/@19
2<>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
4-O!.(2=<)$736-
0DJQHWLF5HVRQDQFH,PDJLQJB02/BBB
4 - O ! . (2==) 7 36- + 0DJQHWLF 5HVRQDQFH
,PDJLQJ0@/B9
4 - O ! . (2==0)# 6-' ' - . 6 - # . O ! # (4) %LRORJLFDO (IIHFWV DQG
6DIHW\ $VSHFWV RI 1XFOHDU 0DJQHWLF 5HVRQDQFH ,PDJLQJ DQG 6SHFWURVFRS\ $QQDOV RI WKH
1HZ<RUN$FDGHP\RI6FLHQFHV2/011
4-%!.6HOH (2===)8:
7 (>@1 0>@1 68D)* %LRHOHFWURPDJQHWLFV(>)20/01
4 - H ! . O 6A " (2===) # /-,:>@168D'
!,()(OHFWULFLW\DQG0DJQHWLVPLQ%LRORJ\DQG0HGLFLQH(<2B/<2<)3
FA*H +#
4 - H 6A " O 6 (2==) /7:
>@168D%LLRHOHFWURPDJQHWLFV0B0/0>@
4 - 6 H O E (011B) 7 / -,:(21168D) %LRHOHFWURPDJQHWLFV
>=/@12
4 - 6 H O % ! . (0112) #/ : 0>@168D%"
A
%LRHOHFWURPDJQHWLFV0></0@=
4-6HO%!.(0112)8:-,
%=@2 %LRHOHFWURPDJQHWLFV >0=/>B=
4 - I: E 6 6 H O E (011B) % -, :
%LRHOHFWURPDJQHWLFV6RFLHW\$EVWUDFW%RRN68'
(2=92) %
' % " (4) &RPSDUDWLYH 3K\VLRORJ\ RI
7KHUPRUHJXODWLRQ(5''2@2/2=)3FA* #
2<@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
66.8"O8H-(2=91)
D -RXUQDO RI $SSOLHG
3K\VLRORJ\@0/@
# . O & & & (2=<) 0HWDEROLVP ! 6&* , 4:!
8- %4( 8- 4)(2=<)
#'$6+5$(+DQGERRN)XQGDPHQWDOV
(2/0=) * 8- 4
#$O-H(2=91)7H[WERRNRIZRUNSK\VLRORJ\3FA*6/8
! 8 O 8 , (2=@@) ': +HDWLQJ3LSLQJDQG$LU&RQGLWLRQLQJ20=/2B<
!%-8-,8-"3#!O#
H (2=<@):
-RXUQDORI$SSOLHG3K\VLRORJ\(0)0/0=0
! % - O " E & (2=<=) - A -RXUQDORI$SSOLHG3K\VLRORJ\<>/<<
!,(2=B)9LWDO(QHUJHWLFV$6WXG\LQ&RPSDUDWLYH%DVDO0HWDEROLVP#
3@1B"&%*%'"
! . (2=B) %D ' 4 - (4)
0LFURZDYHVDQG7KHUPRUHJXODWLRQ(2@/B2)3FA* #
!4(2=>)*-
'4E O&%(4)%LRORJLFDO(IIHFWVRI
5DGLRIUHTXHQF\5DGLDWLRQ-z4# /<11+/B/10< @0=/@>0
!EE6.&O"! (2=>)
$YLDWLRQ 6SDFH DQG (QYLURQPHQWDO 0HGLFLQH @></@>=
!A & " 4 - 8 " & % E " E O 6 E 8 (2==9)
/
A A %LRHOHFWURPDJQHWLFV
>1B/>1=
!EOEH(2=9B)-RXUQDORI$SSOLHG
3K\VLRORJ\=>2/=<2
! # - - " 4 " O A E , (2=@) 4
7 36- 0DJQHWLF 5HVRQDQFH LQ
0HGLFLQHBB</B>=
2<<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
!8(2=9@)7KH5KHVXV0RQNH\3FA* #
! H (2=@2) 4 : A '' :-RXUQDORI$SSOLHG3K\VLRORJ\
91B/92B
%6(2=B)
'4- (4)0LFURZDYHV
DQG7KHUPRUHJXODWLRQ(B19/B@9)3FA* #
% 5 4 - O ! " (2=@) U 7
A : %LRHOHFWURPDJQHWLFV 002/
0B>
% 8 O ! (2==) ! *-
' E % . (4) (OHFWURPDJQHWLF ,QWHUDFWLRQ ZLWK
%LRORJLFDO6\VWHPV(2>2/2<B)3FA*##
%A8,(2=@0) :
%ULWLVK-RXUQDORI$SSOLHG3K\VLFV2/<
%A 8 , (2=@0) / -RXUQDO RI
3K\VLRORJ\2/22
% , 3 8 " ,A 8 O !
" 5 (2=@>) 8 -RXUQDORI$SSOLHG3K\VLRORJ\<B>/<>>
%&E(2=91) A:'E&
8 #OE EUA(4)3K\VLRORJLFDODQGEHKDYLRUDO7HPSHUDWXUH
5HJXODWLRQ(B10/B2@)'.*%%
& " % (2==>) ,QWHUQDWLRQDO-RXUQDORI+\SHUWKHUPLD>@9/>B
&6"5!../6686O8#E(011B)!
,QWHUQDWLRQDO-RXUQDORI+\SHUWKHUPLD(B)0<9/0=>
& % H " - - & (011B) %
7 ,QWHUQDWLRQDO-RXUQDORI+\SHUWKHUPLD(B)00@/0B@
& 8 (2=<9) 7KH 0HDVXUH RI 0DQ +XPDQ )DFWRUV LQ 'HVLJQ 3 FA* "
.&
2<9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&!&O&!4,(2=2<) :
A$UFKLYHVRI,QWHUQDO0HGLFLQH<B/92
& % 8 6 8 O 'A 6 , (2=<) 5DGLRIUHTXHQF\ 5DGLDWLRQ 'RVLPHWU\
+DQGERRN )RXUWK (GLWLRQ (- 3 , 6/-/@/9B) !A ,! C* ,
6
4UA4O5A E8(2=<2)&
-RXUQDO
RI([SHULPHQWDO3V\FKRORJ\>1B/>1
4 E O % & , (4) (2=>) %LRORJLFDO (IIHFWV RI 5DGLRIUHTXHQF\ 5DGLDWLRQ
-#A3%*4
# 4D-(2=99),QWHUQDWLRQDO5HYLHZRI3K\VLRORJ\
92/22
4,#(2=90)6/
(QYLURQPHQWDO5HVHDUFK@2/@
4 , - 4 " H H H O . E % (2=9<) : D
-RXUQDORI+HDW7UDQVIHU0>/0=2
,.8,O8%.(2=92) ,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ(B)02/0B>
, !- . G I -! . F8 (2=0)* &KLQHVH-RXUQDORI8URORJ\9@(%)%.(2==2)
# (2=B9) $PHULFDQ-RXUQDORI3K\VLRORJ\099/09
# ! % O !D 8 % (2=>2) :
6FLHQFH>0/>B1
# UA E E O 3 F (2=<=) 7 8- 47UDQVDFWLRQV9@('')21/20@
UA # " E 8 " & I: E 6 3 & O 6 # (0110)
4 - ,&& %LRHOHFWURPDJQHWLFV
B9/>
! O - , (2=90) # A
-RXUQDORI$SSOLHG3K\VLRORJ\(<)20/00
2<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
- , (2=B) ' 4 - (4) 0LFURZDYHV DQG 7KHUPRUHJXODWLRQ ( 09@/00) 3
FA* #
-,4!O'#,(2=<@)
-RXUQDORI$SSOLHG3K\VLRORJ\(0)092/099
DD - - H 6 E O 8 E & (2=92) # 3
I @/B@ % -RXUQDO RI $SSOLHG 3K\VLRORJ\ 90/9B>
6 (2=99) $QLPDO 3K\VLRORJ\ 3ULQFLSOHV DQG $GDSWDWLRQV 3 FA* 6
%
E4(2=9B)!:
'4O#.:(4)7KH3KDUPDFRORJ\RI7KHUPRUHJXODWLRQ(
90/>)!*H
"E%%.E%4 ,OHHH(2=9B)(OHFWURPDJQHWLF
SRZHUGHSRVLWLRQLQPDQH[SRVHGWRKLJKIUHTXHQF\ILHOGVDQGWKHDVVRFLDWHGWKHUPDODQG
SK\VLRORJLF FRQVHTXHQFHV ( , 6/-/9B/9@) !A ,! C* , 6
% O 8 E 4 (0111) 7H[WERRN RI 0HGLFDO 3K\VLRORJ\ (21 ) #*
"!
8E&(2=9)-?
'E EUA
(4) (QHUJ\ &RQVHUYDWLRQ 6WUDWHJLHV LQ %XLOGLQJV ( 2>/B9) 3 8
%* F
#
8E&O&!4,(2=>1)&
3URFHHGLQJVRIWKH1DWLRQDO$FDGHP\RI6FLHQFHVB=/B=
8E&O$"(2=B9)'''
-RXUQDO RI
&OLQLFDO,QYHVWLJDWLRQ@BB/@>1
8 E (2=92) - ' % " (4) &RPSDUDWLYH 3K\VLRORJ\ RI
7KHUPRUHJXODWLRQ(5''2/2>=)3FA* #
8 . 5 (2=@0) $Q 2XWOLQH RI *HQHUDO 3K\VLRORJ\ #*
2
2<=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
84(2=<)%
'E&8(4)
7KHUPDO3UREOHPVLQ$HURVSDFH0HGLFLQH(2>=/2<2).
8 4 O 8 E & (2=<1) ' A ,5(7UDQVDFWLRQVRQ0HGLFDO(OHFWURQLFV642>B/2@0
8 4 8 E & O 6 & (2=<B) A '%68D(4)7HPSHUDWXUH,WV
0HDVXUHPHQWDQG&RQWUROLQ6FLHQFHDQG,QGXVWU\(022/0B1)3FA*-
E O 4D - (2=9=) 6 * -RXUQDO RI $SSOLHG 3K\VLRORJ\ 5HVSLUDWRU\ (QYLURQPHQWDO DQG ([HUFLVH
3K\VLRORJ\0</099
E&- 4-
E%O!/"5(2=0) * 0>@1 68D / %LRHOHFWURPDJQHWLFV 229/20@
HA & 6 (2=90) 7KH 6WUHVV RI +RW (QYLURQPHQWV $: 4* %
#
H&H6"4AE.#&!OE8(2=9)#
6-$PHULFDQ-RXUQDORI5RHQWJHQRORJ\
202@/202
H6(2=<2)7KH)LUHRI/LIH3FA*E"
HA 8 3 O 8 # (2=9@) ,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ>@9/><B
H E 8 (2=B) ' / : 0DFDFD PXODWWR / 7 ' 4 - (4)
0LFURZDYHVDQG7KHUPRUHJXODWLRQ(=@/219)3FA* #
.F/8.'C/6I-/#O.,/!(2==2)!
* -RXUQDO RI
%LRHOHFWULFLW\02B/0B1
.D"(2=@)87:A* 75DGLDWLRQ5HVHDUFK@=/91
.D " O : E . (2=9) 6 A
:00@/68D7%LRHOHFWURPDJQHWLFV9B/=
.D" O: E . (2=) A
:7(00@68D)/'64$;%O-
291
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8 .
(4) (OHFWURPDJQHWLF )LHOGV DQG 1HXUREHKDYLRUDO )XQFWLRQ ( 01B/02)
3FA* -.
6 " O 8 , (2=>9) 8* 6; : 3K\VLRORJLFDO5HYLHZV011/009
6 (2=1)%1
@@%A-RXUQDORI$SSOLHG3K\VLRORJ\9=/11
6% 4 E ! " O (2==) $6+5$(7UDQVDFWLRQVB2</B0
66(2=90)%
-RXUQDORI0LFURZDYH3RZHU
<9/9B
6E%(2=@)8:7(-,-)* -,-
'E&6(4)3URFHHGLQJVRID:RUNVKRSRQUDGLRIUHTXHQF\5DGLDWLRQ
%LRHIIHFWV ( , - 3 , 6/-/@/B) ( 2B@/2>2) !A ,! C*
, 6
6D O87,(2=>9)U''
$PHULFDQ-RXUQDORI3DWKRORJ\
<=@/901
65!(2=9>)0HGLFDO3K\VLRORJ\9RO,,.*%56%
6""(2=<=)8-,3URFHHGLQJVRIWKH,((((0)292/
29
34-(2=9>)6:-RXUQDORI$SSOLHG
3K\VLRORJ\(>)@2@/@01
34-!-"OUAE E(2=92)'A
-RXUQDORI$SSOLHG3K\VLRORJ\1/9
34-6E"!OUAE E(2=92)#
-RXUQDORI$SSOLHG3K\VLRORJ\0/BB
3 ! O 3 6 (2=<@) ' $FWD3K\VLRORJLFD6FDQGLQDYLFDB0B/BB2
3 . 8 (4) (2=>=) 3K\VLRORJ\ RI +HDW 5HJXODWLRQ DQG WKH 6FLHQFH RI &ORWKLQJ
.*"!.
292
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
#A#-(2=<9) $XVWUDOLDQ-RXUQDORI([SHULPHQWDO%LRORJ\DQG0HGLFDO6FLHQFHBB2/
B><
#
H 8-,!%-O8-"(2=<0)U
A(UJRQRPLFV=B/=9
-
'(0111)-
:
AB>
:7
$YLDWLRQ6SDFHDQG(QYLURQPHQWDO0HGLFLQH(B)01</02@
- # E , H - !A & " O 4 - (2==9) /
A%LRHOHFWURPDJQHWLFV@9/@B
-. O%-"(2=<)7KH6TXLUUHO0RQNH\3FA* #
-%O#8&(2=9B)3K\VLRORJ\DQG%LRSK\VLFV9RO,,,#*
O & " % (2=>) ,QWHUQDWLRQDO-RXUQDORIUDGLDWLRQ2QFRORJ\DQG%LRORJLFDO3K\VLFV99/11
& E (2=) ' , " " &
O E ! H (4) %LRPHGLFDO 0DJQHWLF 5HVRQDQFH ,PDJLQJ 3ULQFLSOHV
0HWKRGRORJ\DQG$SSOLFDWLRQV(@@B/@9)3FA*5%8#
& E (2==0) & 6- : -, ' - . 6 -# . O !# (4)%LRORJLFDO (IIHFWV DQG6DIHW\
$VSHFWV RI 1XFOHDU 0DJQHWLF UHVRQDQFH ,PDJLQJ DQG 6SHFWURVFRS\ $QQDOV RI WKH 1HZ
<RUN$FDGHP\RI6FLHQFHV<>=00@/00=
8 # O ' (2=<<) +HDWLQJ RI /LYLQJ7LVVXH 3
4
%#-3 4%/ %4./@B>,2
A , (2==0) U : '-.6-#.O!#(4)%LRORJLFDO(IIHFWVDQG6DIHW\
$VSHFWV RI 1XFOHDU 0DJQHWLF 5HVRQDQFH ,PDJLQJ DQG 6SHFWURVFRS\ $QQDOV RI WKH 1HZ
<RUN$FDGHP\RI6FLHQFHV0<1/090
A , O % E 5 (2=) % /
6-5DGLRORJ\1=/22
A,O%E5(2=)6-
$PHULFDQ-RXUQDORI1XFOHDU5DGLRORJ\09/0=2
A,-!O&(2==1)8/
6-$PHULFDQ-RXUQDORI5RHQWJHQRORJ\200=/20B0
290
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A,&EO%E5(2==) A
* ' : 7
_%ULWLVK-RXUQDORI5DGLRORJ\=1>/=1=
A,&EO%E5(2==)4:2@
A 0DJQHWLF 5HVRQDQFH LQ 0HGLFLQH B92/B9@
A , & E O H 4 (2==>) # 6- <1"+A5DGLRORJ\<@/<
O E (2=B) ! ' 4 - (4) 0LFURZDYHV DQG 7KHUPRUHJXODWLRQ ( 2B=/2<1)
3FA* #
%"%.6O8&E(2==1)%A
,QWHUQDWLRQDO-RXUQDORI5DGLDWLRQ2QFRORJ\DQG%LRORJLFDO3K\VLFV
=1B/=19
-E&&6O6E4(2=1) :%LRHOHFWURPDJQHWLFV(B)0@B/091
E % (2=B) * ' ' 4 - (4)
0LFURZDYHVDQG7KHUPRUHJXODWLRQ(2=2/012)3FA* #
E(2=9=),
)HGHUDWLRQ3URFHHGLQJVB=/>B
EO8E&(2=92) 7 A(6DLPLUL VFLXUHXV)
-RXUQDORI$SSOLHG3K\VLRORJ\>/@>
E8E&OUAE (2=9>)#42
*'
$PHULFDQ-RXUQDORI3K\VLRORJ\<00/<0=
UA E E (2=1) 6 $QQDOV RI WKH 1HZ <RUN
$FDGHP\RI6FLHQFHV==/21<
UA E E (2=B) ' 4 -
(4) 0LFURZDYHV DQG 7KHUPRUHJXODWLRQ ( 09=/B1@) 3 FA* #
UA E E O 8 E & (2=<<) ? 3IOXJHUV$UFKLYH20=/2<0
UA E E O 8 E & (2=99) % ' & 8 H . (4)
+DQGERRN RI 3K\VLRORJ\ 6HFWLRQ 5HDFWLRQV WR (QYLURQPHQWDO $JHQWV ( >@/<)
!6&* #
29B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5A E8O5EE(2=@)%
-RXUQDORI$SSOLHG3K\VLRORJ\>B@/>>>
"" .HA 8O8 #(2=2)
:
%LRHOHFWURPDJQHWLFV0B>2/B@<
"%!(2=B)%:'4
- (4) 0LFURZDYHV DQG 7KHUPRUHJXODWLRQ ( 0@2/09<) 3 FA* #
" % (2=92) ' % " (4) &RPSDUDWLYH 3K\VLRORJ\ RI
7KHUPRUHJXODWLRQ(5''2=2/02)3FA* #
"A 8#-.O!AE-(2=<1)7KHRU\RIWKHJOREHWKHUPRPHWHU
- - !#/9 G -O4 % 3A
.3A6 "%83!6E,"%! 6DE
O 6 (2=<@) % A -RXUQDO RI
$SSOLHG3K\VLRORJ\(2)B9/>@
29>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
7KHUPDO0RGHOLQJ
&
3
#%
&64
6 .B<<
N
,QWURGXFWLRQ
J
”
( -)U
7(-,-)*
x ,QGLUHFW 0HDVXUHPHQW RI 6$5 -
x 7KHUPDO 'RVLPHWU\ U A
-
-
D
/
:
-, U
(QHUJ\%DODQFH
, . ( A( : )( 4 )
29@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
G(
GW
¦ 4 ¦: L
M
(2)
3 A
, 7 : 7 *
G( P& ˜ G7 (0)
P & ( AEhe%/2hA/2)47(2)*
G7
P&
(B)
¦ 4L ¦: M GW
A
+ +A ,</2*
x x +:
x x x (AJ
on”)
()
x ()
x ()
x ()
( +: (46) ) J
s” ZRUN7(47
B) A (
)()
29<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8
(QHUJ\6RXUFHV
PHWDEROLVPZRUN6$5
( )
)LJXUH $Q DUELWUDU\ YROXPH RI WLVVXH PD\ KDYH HQHUJ\ VRXUFHV ZKLFK LQFOXGH PHFKDQLFDO ZRUN
PHWDEROLVP DQG HOHFWURPDJQHWLF ZRUN 6$5 +HDW WUDQVIHU ZLWKLQ WKH WLVVXH VSDFH SULPDULO\ LV WKURXJK
EORRG IORZ FRQYHFWLRQ DQG FRQGXFWLRQ +HDW WUDQVIHU EHWZHHQ WLVVXH DQG WKH VXUURXQGLQJV RFFXUV YLD
FRQYHFWLRQDLUPRYHPHQWHYDSRUDWLRQDQGUDGLDWLRQ
/XPSHG7KHUPDO0RGHOV
J
l” ( J
”) /
/
7 (W ) ' -, - /7
U
(/7
)
-
' -7A(:
-)':7
- , -*
299
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
G7
GW
6$5
&
(>)
-
% & B@ u21B E ˜ A/2 ˜q%/2 (A
</2) 21 e% (2<9 u210 q% ˜ /2 ) - B@ u21B E ˜ A/2 ˜q%/2 u 2<9 u210 q% ˜ /2 @" ˜ A /2 3?
-?
(& 0B u21B E ˜ A/2 ˜q%) 2@
-
21e% - B" ˜ A/2 47>
/
::
? ? /
':/
7݉ ൈ ܵ‫ܴܣ‬Ǥ
-?
? :
" -, -,7
U'
'
(
)
-,
,
:/
6 U -, : (
).
: 01" ˜ A /2 ( </2) 3 (:)
: -/:
29
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
! -, :
A (A)?
: '(
)LQLWLDO
: - J
” / 7 - 7 3
7 7HT 47@*
UW ˜ 6$5
(@)
(7HT 7D )
PE&E
7D () U W PE / &E (B< u21B E ˜ A/2 ˜q%/2 ) </2
: 0 u21B q% ˜ /2
-X21" ˜ A/2 47
>
/2
/2
/2
ª
º 129q% ˜ /2 ¬21" ˜ A + B<11E ˜ A ˜q% ¼
/:2>e%
( 7HT 7D 2> q% )47@
/ : 47 @ :
29=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH(VWLPDWHGWKHUPDOSURSHUWLHVRIYDULRXVKXPDQWLVVXHVDQGIOXLGV
7LVVXH
%LOHDSSUR[SURSV
%ODGGHU
%ORRGZKROH
%ORRGYHVVHOD
%RG\IOXLGD
%RQHFDQFHOORXV
%RQHFRUWLFDO
%RQHPDUURZ
&DUWLODJH
&HUHEHOOXP
&HUHEUDOVSLQDOIOXLG
(\HDTXHRXVKXPRU
(\HUHWLQD
(\HVFOHUD
(\HFRUQHD
(\HOHQV
)DW
*DOOEODGGHU
*ODQGV
*UD\PDWWHU
+HDUW
+\SRWKDODPXV
,QWHVWLQHODUJH
,QWHVWLQHVPDOO
.LGQH\
/LJDPHQWV
/LYHU
/XQJLQQHU
/\PSK
0XFRXVPHPEUDQH
0XVFOH
1DLOV
1HUYHVSLQH
3DQFUHDV
5HFWXP
6NLQDEGRPHQ
6NLQDUPV
6NLQIDFH
0DVVGHQVLW\ 6SHF+HDW
NJāP (
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
-āNJ āƒ& (
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
7KHUPDO
&RQG %ORRGIORZ 0HWDEROLVP
:āP āƒ& /āV āP (
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
1$
(
1$
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
:āNJ (
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
(
21
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7LVVXH
6NLQIHHW
6NLQKDQGV
6NLQKHDG
6NLQOHJV
6NLQQHFN
6NLQVKRXOGHUV
6NLQWKRUD[
6SOHHQ
6WRPDFK
7HVWLFOHV
7RRWK
:KLWHPDWWHU
7KHUPDO
&RQG %ORRGIORZ 0HWDEROLVP
0DVVGHQVLW\ 6SHF+HDW
NJāP -āNJ āƒ& :āP āƒ& /āV āP :āNJ (
( ( (
(
(
( ( (
(
(
( ( (
(
(
( ( (
(
(
( ( (
(
(
( ( (
(
(
( ( (
(
(
( ( ( (
(
( ( ( (
(
( ( (
(
(
( ( (
(
(
( ( ( (
0XOWL'LPHQVLRQDO$QDO\VLV
$-,:7
,:
- / - ' " - ' -/
' U
-(/)
( ) A 'A
7 %LR+HDW7UDQVIHU)XQGDPHQWDOV
"
()()
(
2)
2
J
” A
22
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&RQGXFWLRQ
8 ,; . % *
cc
(<)
TFRQG
N’7
7
’7 N ’7
( : ’ )
/(JTcc ”)( " ˜ /0 )
("h/2he%/2)
12
21"h/2he%/23
</2
3 ( ) : (A
(H)) e% ' 2 "h /2he%/2 X
2"h/2hH/2
47 < A
: : 6(82=<9)
A
21R :
' : (! 2=9@) '
*
’ N’7
U&
w7
wW
(9)
' 479
’07 ( [ W )
2 w7 ( [ W )
D wW
20
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
N
/ ˜ W 0 ( ˜ /0 )
U&
3 7 [ W D
:
' /
, ( 21 q%) %ORRG)ORZ&RQYHFWLRQ
$
7 A A : ( ) AA
,
(A)
() !/8
47(!84)#(2=>)*
U &E
T
2 w7 ( [ W )
’07 ( [ W ) U ˜ P EO EO
˜ Z ˜ >7D 7 ( [ W )@
(=)
N
N
D wW
Z 7D 7 ( [ W ) '47= TP N U UEO &EO Z 7D !84 J
” : 2B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
!84
U
+A
' "
(:1<)7
( :
110)(%2=@)
:
#!84#
/:
'
#!84
/
:/
("2==)
347=A' -A
!84
U &E
T
6$5 2 w7 ( [ W )
’07 ( [ W ) U ˜ P EO EO
˜ Z ˜ >7D 7 ( [ W )@ U ˜
(21)
D wW
N
N
N
47 21 7 -,-
:"4721A
A+:
6XUIDFH+HDW7UDQVIHU
!84 (47 21) & 7 A +
&RQYHFWLRQ
A ( ) 7(3;.%)*
cc
TFRQY
KF (7V 7DLU ) (22)
cc KF /
TFRQY
ILOPFRHIILFLHQW
A
KF 2>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(AJ
on”),
5 ,
KF :
(
) 7*
1@
ª DQDW 7V 7DLU 1@ D IUF Y DPL[ º (20)
¬
¼
7V 7DLU Y KF
DQDW D IUF DPL[ / ,(2===)
7KHUPDO5DGLDWLRQ
- -,-
:
12P /211P (62==0)
6:A
+
: ( ) ' TUDG AA
7 /!D
.*
cc
(2B)
TUDG
H ˜ V (7V > 7VXUU > ) V /!D ( V @<<=9 u21 " ˜ /0 ˜ H/> ) H ?
1?23
7V 7VXUU :NHOYLQV()
2@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A : 1=@ (2==)(62=<9) 21(F2==)
3 47 2B A/
' D ( ) ' lose” ( ) 7V 7VXUU J
: 7 47 2B /
? :?7*
cc | KU (7V 7VXUU ) TUDG
(2>)
0
KU HV 7VN 7VXUU 7VN0 7VXUU
:NHOYLQV(H),A BBe%(B1<H)
01 e% : KU <2" ˜ /0 ˜q%/2 9=" ˜ /0 A B/@2" ˜ /0 ˜q%/2 1q% 7VXUU @1q% (& 0110) D 4 (2=@)
(2@)
KU B@ ˜ ª¬2 111@@ 7V 7VXUU º¼ ( 47 2>) J
d” , / I U TUDG U472<*
(2<)
TU | KU $V I U (7VN 7VXUU ) $V ,()
I U
1<=< U I U
190@ (,2=91)
$V &!
2<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$V
1010 ˜ 0 1>0@ + 190@ (29)
0 U; (A) 8 () 47 29 0
(YDSRUDWLRQ
4
ODWHQW
VHQVLEOH'?:
? /
THYDS PHYDS
O IIJ PHYDS O IJ D
H
( O IJ 0>B1 u21B E ˜ /2 B1e%)
A (
) AA
A(V
3VDW VN A 3YDPE*
(2)
(V Z ˜8 HPFO 3VDW VN 3Y DPE Z A Z X 11< ( )ZX21(A)7 8 HPFO A
PVZ A
*
Z 11< 1=> ˜ PVZO IJ ˜ ª¬8 HPFO 3VDW VN 3YDPE º¼ 2
(2=)
' ( PVZ 1 ) A
<B0@
&ORWKLQJ,QVXODWLRQ
/
5FO ( H ˜ 0 ˜ "/2 )(,)
29
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:FOR( 2X12@@H ˜ 0 ˜ "/2 )2
12
>(,2=91)
,U $V T7 / A 7V 71 *
T7
7 7 $ V
1
V
5
5FO D
I FO
(01)
7 5FO 5D /
A I FO M : A 71 ( 8- 40112)
/(
)
/ A
D
?
D
M
M TFO M : D 5FOP M D 5DP M /
A ( $V M ) ( $FO M )
f3 A (P) D g 4702*
7V M 71 $FO M
TFO M
(02)
§ $FO M ·
P
P
5
5FO M ¨
¨ $ ¸¸ D M
© V M ¹
7V M /A
M
2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
.D/()
21<
</0D
/
6%(2=@)
(55)
2X12@@H ˜ 0 ˜ "/2 5HVSLUDWLRQ
8((UVS)(&UVS)
TP
(UVS :,(2=91)*
(00)
(UVS B>9 ˜ TP 110= >=@ ˜21B 3Y DPE 3YDPE
(A#)
&UVS
:
(0B)
&UVS 112> ˜ TP ª¬ B0< 11<< ˜ 7VXUU 101B ˜ 3Y 7VXUU º¼ 7VXUUU(e%)
$ (UVS &UVS:(UVS21R
/:2R&UVS
0e%()3
: ORDG (&UVS ^ 1) :U
2=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH:KROHERG\DQGORFDOLQVXODWLRQDQGDUHDIDFWRUYDOXHVIRUYDULRXVJDUPHQWV
*DUPHQW
1XPEHU j
, FO M , clo
*DUPHQW'HVFULSWLRQDQG)DEULF7\SH
, FOP M , clo
I FOP M 6KLUWV
/RQJVOHHYHERZDWQHFNEURDGFORWK
/RQJVOHHYHVKLUWFROODUEURDGFORWK
/RQJVOHHYHVKLUWFROODUIODQQHO
6KRUWVOHHYHVKLUWFROODUEURDGFORWK
6KRUWVOHHYHVSRUWVKLUWGRXEOHNQLW
OHQJWKVOHHYHERDWQHFNEURDGFORWK
&DSVOHHYHERDWQHFNEURDGFORWK
6OHHYHOHVVVFRRSQHFNEURDGFORWK
7XEHWRSGRXEOHNQLW
/RQJVOHHYHVZHDWVKLUWIOHHFHEDFNHGNQLW
6ZHDWHUV
/RQJVOHHYH9QHFNWKLQNQLW
/RQJVOHHYH9QHFNFDUGLJDQWKLQNQLW
6KRUWVOHHYH9QHFNWKLQNQLW
6KRUWVOHHYH9QHFNFDUGLJDQWKLQNQLW
6OHHYHOHVV9QHFNWKLQNQLW
/RQJVOHHYHURXQGQHFNWKLFNNQLW
/RQJVOHHYHURXQGQHFNFDUGLJDQWKLFNNQLW
6OHHYHOHVVURXQGQHFNWKLFNNQLW
/RQJVOHHYHWXUWOHQHFNWKLQNQLW
/RQJVOHHYHWXUWOHQHFNWKLFNNQLW
6XLW-DFNHWVDQG9HVWVOLQHG
6LQJOHEUHDVWHGVXLWMDFNHWGHQLP
6LQJOHEUHDVWHGVXLWMDFNHWWZHHG
'RXEOHEUHDVWHGVXLWMDFNHWGHQLP
'RXEOHEUHDVWHGVXLWMDFNHWWZHHG
:RUNMDFNHWGXFN
9HVWGHQLP
9HVWWZHHG
7URXVHUVDQG&RYHUDOOV
6WUDLJKWORQJILWWHGGHQLP
6WUDLJKWORQJILWWHGWZHHG
6WUDLJKWORQJORRVHGHQLP
6WUDLJKWORQJORRVHWZHHG
:DONLQJVKRUWVGHQLP
:DONLQJVKRUWVWZHHG
6KRUWVKRUWVGHQLP
6ZHDWSDQWVIOHHFHEDFNHGNQLW
7URXVHUVDQG&RYHUDOOVFRQW
2=1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
*DUPHQW
1XPEHU j
, FO M , clo
*DUPHQW'HVFULSWLRQDQG)DEULF7\SH
, FOP M , clo
I FOP M :RUNSDQWVGXFN
2YHUDOOVGHQLP
&RYHUDOOVJDEDUGLQH
,QVXODWHGFRYHUDOOVPXOWLFRPSRQHQW
6NLUWV
$OLQHDQNOHOHQJWKGHQLP
$OLQHDQNOHOHQJWKWZHHG
$OLQHEHORZNQHHGHQLP
$OLQHEHORZNQHHWZHHG
$OLQHDERYHNQHHGHQLP
$OLQHDERYHNQHHWZHHG
$OLQHNQHHOHQJWKGHQLP
$OLQHNQHHOHQJWKWZHHG
6WUDLJKWNQHHOHQJWKZLWKVOLWGHQLP
6WUDLJKWNQHHOHQJWKZLWKVOLWWZHHG
%LDVIODLUNQHHOHQJWKGHQLP
%LDVIODLUNQHHOHQJWKWZHHG
)XOOJDWKHUHGNQHHOHQJWKGHQLP
)XOOJDWKHUHGNQHHOHQJWKWZHHG
.QLIHSOHDWHGNQHHOHQJWKGHQLP
.QLIHSOHDWHGNQHHOHQJWKWZHHG
'UHVVHV
/RQJVOHHYHVKLUWFROODU$OLQHEURDGFORWK
/RQJVOHHYHVKLUWFROODU$OLQHWZHHG
/RQJVOHHYHVKLUWFROODU$OLQHEHOWEURDGFORWK
/RQJVOHHYHVKLUWFROODU$OLQHEHOWWZHHG
6KRUWVOHHYHVKLUWFROODU$OLQHEHOWEURDGFORWK
6OHHYHOHVVVFRRSQHFN$OLQHEURDGFORWK
6OHHYHOHVVVFRRSQHFN$OLQHWZHHG
6OHHSZHDU
/RQJVOHHYHORQJJRZQWULFRW
/RQJVOHHYHORQJJRZQIODQQHO
/RQJVOHHYHVKRUWJRZQWULFRW
/RQJVOHHYHVKRUWJRZQIODQQHO
6KRUWVOHHYHORQJJRZQWULFRW
6KRUWVOHHYHVKRUWJRZQWULFRW
6OHHYHOHVVORQJJRZQWULFRW
6OHHYHOHVVVKRUWJRZQWULFRW
7KLQVWUDSORQJJRZQWULFRW
7KLQVWUDSVKRUWJRZQWULFRW
+RVSLWDOJRZQSULQWFORWK
2=2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
*DUPHQW
1XPEHU j
*DUPHQW'HVFULSWLRQDQG)DEULF7\SH
6OHHSZHDUFRQW
/RQJVOHHYHORQJSDMDPDVEURDGFORWK
/RQJVOHHYHORQJSDMDPDVIODQQHO
6KRUWVOHHYHORQJSDMDPDVEURDGFORWK
/RQJSDMDPDWURXVHUVEURDGFORWK
%RG\VOHHSHUZLWKIHHWNQLWIOHHFH
5REHV
/RQJVOHHYHZUDSORQJYHORXU
/RQJVOHHYHZUDSORQJWHUU\FORWK
/RQJVOHHYHZUDSORQJSLOHNQLW
/RQJVOHHYHZUDSVKRUWEURDGFORWK
/RQJVOHHYHZUDSVKRUWYHORXU
OHQJWKVOHHYHZUDSVKRUWYHORXU
/RQJVOHHYHEXWWRQIURQWORQJEURDGFORWK
/RQJVOHHYHEXWWRQIURQWORQJYHORXU
/RQJVOHHYHEXWWRQIURQWVKRUWEURDGFORWK
6KRUWVOHHYHEXWWRQIURQWVKRUWEURDGFORWK
/RQJVOHHYHEXWWRQIURQWVKRUWYHORXU
8QGHUZHDU)RRWZHDU
%ULHIVNQLW
3DQWLHVWULFRW
%UDNQLWIRDP
+DOIVOLSWULFRW
)XOOVOLSWULFRW
7VKLUWNQLW
7KHUPDOORQJXQGHUZHDUWRSNQLW
7KHUPDOORQJXQGHUZHDUERWWRPVNQLW
3DQW\KRVHNQLW
$QNOHOHQJWKDWKOHWLFVRFNVNQLW
&DOIOHQJWKDWKOHWLFVRFNVNQLW
&DOIOHQJWKGUHVVVRFNVNQLW
.QHHVRFNVWKLFNNQLW
7KRQJVVDQGDOVYLQ\O
+DUGVROHGVWUHHWVKRHVYLQ\O
6OLSSHUVTXLOWHGIOHHFH
6RIWVROHGDWKOHWLFVKRHVFDQYDV
, FO M , clo
, FOP M , clo
I FOP M 1XPHULFDO0RGHOVRI7LVVXH+HDWLQJ
' /
??
J
,/&?
2=0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/&in” (,&&)
-
" / U YR[HOV
:D
,&& ( - ) 7 7KHUPR5HJ
7KHUPDO
6ROYHU
)'7'
$QDWRPLFDO
'DWDVHW
UDZILOH
6$5
7HPSHUDWXUH
6[\]
7[\]W
)LJXUH$QKHWHURJHQHRXVWLVVXHGDWDVHWUDZILOHLVXVHGDVWKHJHRPHWU\LQWKH)'7'FDOFXODWLRQVWR
GHWHUPLQH ORFDO 6$5 YDOXHV 7KH VDPH UDZ ILOH DORQJ ZLWK WKH FDOFXODWHG 6$5 GDWD LV XVHG WR GHWHUPLQH
ORFDOWLVVXHWHPSHUDWXUHVRYHUWLPHXVLQJWKH7KHUPR5HJILQLWHGLIIHUHQFHWKHUPDOVROYHU
!84D??7
:
'(%
6') :/ / ThermoReg / 7 (-,) U//(,&&)
- 8 A ,(0112)-
/ (J
”) - - 2=B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0RGHO6XPPDU\
:
J
!A”(UA
0112) / 3 . 6 5
6( A2==@)U21>A&!
0004:56
(</2)
#!84(4721)
: 7D 7D 1 : '
/:
7D
:7 /:
*
1
7DN 2 7DN
9Q EQ 7QN 7DN UEO9EO FEO
(0>)
¦
'W
Q 2
QA
1(
:)
NN:
$FWLYH7KHUPRUHJXODWLRQ
7/
(, 0112) A () (
/) ( : ) (B9 e%)
A A (")
A(B>>e%)"
:/
A
()
() A
7LVVXH7HPSHUDWXUH5HVXOWV
-!A 6
,</B</@'>@
0> e% >1R -8 2=>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
Y 12 ˜ /2 8(2
)
,</B:(-,)3A
B1?B>e%(),</>
U >@ : 211 68D -,- (/ 48H
) >" ˜ /0 , </B " A ? : ? A ( " ˜ /0 , </@) A A
>@:6::
>1e%
A
2=@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
()
()
()
)LJXUH7LVVXHWHPSHUDWXUHDVFDOFXODWHGLQ7KHUPR5HJIRUDVHDWHGDGXOWPDOHH[SRVHGWRDƒ&
5+HQYLURQPHQWIRUPLQQR5)DVLGHYLHZRIVNLQVXUIDFHEVDJLWWDOPLGSODQHVHFWLRQFIURQWVNLQ
VXUIDFHGFRURQDOPLGSODQHVHFWLRQ7KHVXEMHFWLVVLPXODWHGZHDULQJRQO\DSDLURIFRWWRQVKRUWV
2=<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
()
()
()
)LJXUH7LVVXHWHPSHUDWXUHVDVFDOFXODWHGLQ7KHUPR5HJIRUDVHDWHGDGXOWPDOHLQDƒ&5+
HQYLURQPHQW H[SRVHG WR 0+] (+. ZKROHERG\ 5)5 DW D SRZHU GHQVLW\ RI >" ˜ IRU PLQXWHV D VLGH YLHZ RI VNLQ VXUIDFH E VDJLWWDO PLGSODQH VHFWLRQ F IURQW VNLQ VXUIDFH G FRURQDO PLG
SODQHVHFWLRQ
/0
2=9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
()
()
()
)LJXUH7LVVXHWHPSHUDWXUHVDVFDOFXODWHGLQ7KHUPR5HJIRUDVHDWHGDGXOWPDOHLQDƒ&5+
HQYLURQPHQW H[SRVHG WR 0+] (+. ZKROHERG\ 5)5 DW D SRZHU GHQVLW\ RI " ˜ IRU PLQXWHV D VLGH YLHZ RI VNLQ VXUIDFH E VDJLWWDO PLGSODQH VHFWLRQ F IURQW VNLQ VXUIDFH G FRURQDO PLG
SODQHVHFWLRQ
/0
2=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6XPPDU\
-,
: ::
-,:
:
6
::
A-,-
6
: U U;D
D ??:
2==
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$SSHQGL[
'%(:D)J
l” o
w
w
w
( 2)
’ LW WM NW w[
w\
w]
W
LW WM N :D
" ( ) J
” *
w7 W w7 W w7
w7
( 0)
’
M
N
’7
7 LW
w[
w\
w]
7 A .'%.*
w 07 w 07 w 07
’07
( B)
w[ 0 w\ 0 w] 0
5HIHUHQFHV
A 6 E D 5 6 D . O "A & (2==@) 5
8* D 0HGLFDO,QIRUPDWLRQ IRU
SDWLHQWV(0)22=@/22=
8- 4 (0112) +DQGERRN )XQGDPHQWDOV * 8
- /%4'
!8,%
4O"6(2=9@)6
$QQXDO5HYLHZ%LRSK\VLFV%LRHQJLQHHULQJ>B/1
%66(2=@)4!47'D O4-%(4)
+HDW7UDQVIHULQ0HGLFLQHDQG%LRORJ\(2@B/2<>)3FA*##
& H (0110) %LRORJLFDO DQG %LRHQYLURQPHQWDO +HDW DQG 0DVV 7UDQVIHU 3 FA*
6&AA
, # $ (2=91) 7KHUPDO &RPIRUW $QDO\VLV DQG $SSOLFDWLRQV LQ (QYLURQPHQWDO
(QJLQHHULQJ3FA*6/8
011
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,&.HEO6(2===) * -RXUQDO RI $SSOLHG
3K\VLRORJ\2=@9/2=90
,&.HEO6(0112)%
,QWHUQDWLRQDO
-RXUQDORI%LRPHWHRURORJ\2>B/2@=
UA#8"&I:E6O6# (0112)# -
,((( 7UDQVDFWLRQV RQ %LRPHGLFDO (QJLQHHULQJ 22<=/2299
8E4.E&OE4(2=<9)%
56
)RRG7HFKQRORJ\22>B/22>
6%4 E!"O8AE(2=@) $6+5$(7UDQVDFWLRQV0=/>9
6 ,(2==0)+HDW7UDQVIHU8'.*-&''
6&"%8O8(2=<9)4
:
A -RXUQDO RI $SSOLHG 3K\VLRORJ\ B=1/
B=>
# 8 8 (2=>) -RXUQDORI$SSOLHG3K\VLRORJ\=B/200
D O 4 - % (2=@) 8 ' D O -% 4 (4) +HDW 7UDQVIHU LQ 0HGLFLQH DQG %LRORJ\ $QDO\VLV DQG
$SSOLFDWLRQV(2B9/2@0)3FA*##
(2==) 3/ A * &OLQLFDO3K\VLFVDQG3K\VLRORJLFDO0HDVXUHPHQW
B=/>
"48(2==)#S2=>
-RXUQDORI$SSOLHG3K\VLRORJ\B@/>2
F " (2==) %LRWKHUPDO )OXLG 6FLHQFHV 3ULQFLSOHV DQG $SSOLFDWLRQV 3 FA*
8#%
012
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
0RGHOLQJ7KHUPDO5HVSRQVHRI7LVVXHV,UUDGLDWHGZLWK5DGLR)UHTXHQF\
(QHUJ\
H-,
#&!
#
6%<B020>1AA8
021BB## 2=21>
AN
,QWURGXFWLRQ
-( -)
:
7(-,-)8
(
)
:
-,- :
: ( D)
: " : 7 7
/7#(2=>)
911
7 -,- ,
A
010
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7KH%LRKHDW(TXDWLRQ
)RUPXODWLRQRIWKH(TXDWLRQ
#;7
NW ’07 UE U W PE&E 7 7E TP THQY UW 6$
6$5
UW&W
w7
wW
(2)
X(%)
AX
("+%) - X (" A/2)
%(%)X(
THQY X
)("A?2%/2)jjX(A/B) TP /B
( )X
(BA/2/2)
' (A)
(2111A/B)
( TP THQY )
, 47 2 ( ) ():%U:
-,- : "472
w7
(0)
N’07 U 0&PE (7 7E ) U 6$5 & U
wW
: (,; .) 7
'
:
A
'()
7 U %RXQGDU\&RQGLWLRQV
01B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8 A ( )
:
" -,- /("/e%/2)
N’7 x Q K(7 7D ) (B)
7DXQX
,
UA
8(2=99)(
)<="/0%/2
, ,D
-,-:-,-
-,'
7(X1)
3DUDPHWHU9DOXHV
7
9/2 D U J
lues”
( O
H) (8)
A (82==9)
'9/2
,
-,- : J
”
01>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH7KHUPDOSURSHUWLHVRIWLVVXHDQGGHULYHGTXDQWLWLWHVVXPPDU\GDWD1RWHWKDWUHSRUWHGYDOXHV
RIWKHVHSURSHUWLHVYDU\FRQVLGHUDEO\LQWKHOLWHUDWXUHHYHQIRUVLPLODUWLVVXHVIURPWKHVDPHVSHFLHV
3
&
fA+Bg
8
!
%
8
fB+(A)g
f"++Hg
%
-
fE+(AH)g
f"+Ag
21<1
1@2
B0>
1
294/1>
W2
fg
W0+.0
f+0g
2+
fg
>D @<<
9=>9=
f/2+0g
11
1192
!
21>1
1@<
B=11
2@>
2B4/1<
9B=@1
90>0=
212
119>
!
21<1
1@2
B0>
1
294/1>
@<<
9=>9=
11
1192
!
2==1
1>
20=
1B19
B94/19
2B9102
<>20
2><
119=
!6
(')
!6
(3')
!(6)
2109
1<
>2=2
@@@
114a11
+
929B<
+
119@
=1
1<
>2=2
@0
114a11
+
<>@B
+
119<
21B=
22B
B<9@
<BB
224/1@
!("6)
<1@
BB9=1
1@1
121=
21>B
1@
B<02
<19
>14/1<
0>0<
9@@B>
1@9
119B
!
=2<
1@
0@0>
1B0B
>@4/19
0>0@@0
><0>1
00=
11=B
%
2211
1>9
B<<>
2>@@
B4/19
21=1<=
@9@B
22B
11<
%
21>1
1@B
B<>1
<09
=B4/1<
21B11
92>0<
1B
119@
%,
2119
1<
>2=2
1
114a11
+
91BB=
%
:
212B
1@<
B911
2@0>
204/1@
%
21>>
1@<
B<@B
=2
%
21B0
1@0
B9=B
1
&
212B
1B@
0=>9
4()
21B0
1>
,
+
119@
><1
<<=B1
1B<
1199
2B4/1@
9<>2
<210
1BB
1199
<B4/19
2@0=<
9@09<
2>B
119B
1
<B4/19
2@90>>
@0=@
2B<
11<
B111
1
<B4/19
2@0=<
99>11
2>2
1190
=2<
10@
0@0>
1B0
>@4/19
0>0@@0
=0>9=
2<0
11<<
!
21>1
1>9
B>=<
2@<
2B4/1<
9B=@1
99B@
1=
1190
!!
210<
1>9
B>=<
2@<
2B4/1<
9>=@=
9<B29
1==
1190
8
21<1
1@>
B901
=1@9
2@4/1@
<0
9B100
10=
119>
H
21><
1@0
B9>@
>@=
>>4/1@
02=@
9@BB0
129
119B
.%:
21=1
1>
B<<>
1
<B4/19
2>>0=
==>>
201
11<B
.3
21=1
1>
B<<>
1
<B4/19
2>>0=
==>>
201
11<B
.
21@1
1@2
B<11
22>B
294/1@
@<9B
9>22
10
119B
.
<@@
1>>
B<0@
0@=@
<94/1<
00=<
@B=<B
1<@
11<
6
21>2
1@B
B@><
1><2
>94/19
01@1@
<=<>=
290
119<
3
21B
1><
B<<>
<>
=04/1<
21@09
0<9=
1B<
1191
$
210@
1@B
B<11
<0>>
@24/1@
2=2B
<=<0B
129
119<
A
2211
1B@
B>B9
2>9B
2<4/1<
@<002
21101
190
11<2
'
21>>
1@<
B<@B
20>@0
294/1@
@9><
<210
10=
1199
21@>
1@>
B<1B
2>B02
2=4/1@
>=>
91B0@
109
119@
21@1
1@B
B@@B
>=@0
<04/1<
2@09<
91B=1
1>9
119@
2221
1@
B@11
2>>2
B4/19
211<
99911
22
1190
21>>
1@B
B9><
<2B
2<4/1<
<29@
9B9=
1=0
119>
21@1
1@B
B@@B
<1=@
294/1>
@9@
91B=1
11=
119@
21>2
1@B
B@><
1><2
>94/19
01@1@
<=<>=
290
119<
2211
1>9
B<<>
2>@@
B4/19
21=1<=
@9@B
22B
11<
21>2
1@
B@1
1>@2
<B4/19
2@B12@
9>@B<
2>B
119B
58
211=
1@=
B=B0
1
114a11
+
<90>>
P"A3H
01@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
+
1199
:
(2==<)
:
7B@@1B110/0H/2
00110>B10/0H/2(
B9%)
%D"
*
& (0 0 R& 2 ) >2=1(1B9 1<B: ) (>)
% (2=@) D : 1B>/1< " /2 %/2 %77
A*
N ("/2 R& 2 ) 11@> 1@9B: " ! 10 (@)
! ' !
!
( : !) ' (
8 2==9) A(/:U)
B/>@(21/9)BA/2/2'
:(%0)!
/:A
6
/
% . (2===)
7*
­
½
(7 7E 1) 0
) 7 7E d 1 °
°1>@ B@@:(
0
<
B
/2
/2
PE UW x 21 ®
20
¾ ( A ) (<)
°>11
7 7E ! 1 °¿
¯
! 7 7 %7 / 01<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(:)7
6FDOLQJ3URSHUWLHVRIWKH%LRKHDW(TXDWLRQ
' 7 -,-
7
6SDWLDO6FDOLQJDQG7KHUPDO$YHUDJLQJ9ROXPHV
7
;
7"
D ; 7
(FO 0112)*
UW
/* (U )
. 1 (YU )
0S NW
UW
H Y5
>S NW 5
UW ( U +>D W ) DY W
/* (U W )
H
H
>S NW W
DUW
/* ( 5 W )
H ( 5 +>D W ) H DY W B+0
NW (>SD W )
/* ( 5)
0
(9)
0
0
0
'
:H!
U PE F + NW D
DW
N
U&
-
/ ; - ! ; :
47 9 019
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
52
>D W | 11@ W /2+0
NW
50 2+ Y
U PE F
| 2 0
()
(
)
-2 /A 4 -0
,
; -2 : %7 / -0 , / (:)
-0
B
B
7HPSRUDO6FDOLQJDQG7KHUPDO$YHUDJLQJ7LPHV
/-,-
7(,
2==)7
2
PE U
W2
U &/0
W0
(=)
N
D -
470/*
’07 P W0 P
7 6$5P ( UP W P )
W2
w7 P
wW P
(21)
N (7 7E )
U 6$51 /0
7P
[
/
W
[P
WP
W0
6$5P
6$5
6$51
01
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(22)
'
:.
- : - -,
'
:20 '2‰‰0
D
470,:'
(2^^0) -
,
/ : -
'(:
) / G7 P ·
¸
GW P ¹1
6$5P | 2
G7 ·
¸
GW ¹1
(20)
6$5
&
, - 21 "+A ( 7 '444 '%3'-# :) : 12@ %+ ' / /
W
(2B)
7VVP | 2 6$5P W0
7VV |
6$5
U PE &
(2>)
(BB+211 6H@ 21/9B A/2/2)
/ 2 % 8 %(
) /
: - 
01=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
G7 ·
¸ W HII
GW ¹1
6$5
W HII &
7VV |
(2@)
7
  20
$ J
”-,-
!A
D , : U - : -,- - :
q
6$5
'7 |
W HII
&
(2<)
W HII
U &5 0
N
, W/D
/DU
(
)7
--,-
A A -,-:
$QDO\WLFDO6ROXWLRQVWRWKH%LRKHDW(TXDWLRQ
47 0 -,-/
(,2=9,O42===)
:-,-
: : ' 7 7
,7
w7
(29)
N ’07 R H [ + / & S U
/
wW
021
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(
).'
4729
7VXU (W ) &2 W &0 (2 HW +W HUIF W + W )
&2
&0
W
0,R7
S N U&
(2)
, R 7/
N
U &/0
N
472
A /-,-
7(
218D)'
(7)
(B):
U("0111)'A
: (
)
1XPHULFDO6ROXWLRQVWR%LRKHDW(TXDWLRQ
: 7 U -,- ()D
6 : -,- //()
7 5 6 ' : 7
9/2 :
D ( ) 5
.(2===)
,&& :7'
022
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7/
-
/LPLWVRI9DOLGLW\RIWKH%LRKHDW(TXDWLRQ
#; 7 : -,- 8
&RQFHSWXDOLVVXHV#;7U
7
$
7
,./
A ? U 7 A
A
! ' 7
: - J
nt” 211("2==9)
D
::
"
U:-,-
7 :
: U 3 7$
7U
T T 1@/21 A :(!AO"2==@)
& U #; 7 : , : H (2==) 7 (
)
: ( )
% 7
020
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
%7A
*
x - D ( )
x :/(/
)
x 4:
A:
x ([DPSOHVRI0RGHOLQJWKH7KHUPDO5HVSRQVHRIWKH+XPDQ%RG\WR5)5
-,-
7 U ,
5*
1XPHULFDO6ROXWLRQRI%LRKHDW(TXDWLRQIRU,GHDOL]HG7LVVXH0RGHOV
:3(0111)
A
211 8D (
)
+LJK5HVROXWLRQ&DOFXODWLRQRI6$58VLQJ,PDJLQJ7HFKQLTXHVDQG8VHRI
%LRKHDW(TXDWLRQWR3UHGLFW7HPSHUDWXUH
(-,)
:: -
"+A(-2===)
:5H(0110)/
() - #; 7 A A : 7 -
/
- (J
s”)D -
, -
02B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(
7
)
+\EULG0RGHOV8VLQJWKH%LRKHDW(TXDWLRQDQG9HVVHO%\9HVVHO$QDO\VLV
# : 7U
,
A
U
7 7A
U
' A .UA (
%0112)
:5&!(011<)
2
-,
J
/”7
7KHUPDO0RGHOVIRUWKH%RG\,QFRUSRUDWLQJ7KHUPRUHJXODWLRQ
-,- /:-,-
(
A)
$
:
-,- $ , (011>) : U/-,-:UAO
8(2=99)'()
A 8 :
UA 8 (2=99) , (011>)
:U
02>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: (>@ ) : -,- 7
:
$
-
:
,
:!(011B) -
(7)/
7KHUPDO:DYH(IIHFWV
,(:7)
'
D
7
: ( 011@) : (011@)
2%:
: " :
-
7KHUPDO,QMXU\RI7LVVXHDQG7KHUPDO'RVH
A U D : 7 U A >B@ % (&011B)
:
-,-/
'&(2=>)
>B %
7
%46>B%
W >B7
%46>B %
5
<1
(2=)
2
>B7 ( W )
X ³ 5
GW
<1
02@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
' %46 >B % : - 10B 1>B A
>B %:
7
>B%:
-
:
& (011B) :
%46>B " %46>B:21()
U
%46>B % ,:<1 >B@ % AB1R
U(&011B)"
-,- : (^2 ) %46>B%AU
'LVFXVVLRQ
:-,-7"
-,- &KRLFHRI0RGHO
A8
A (‰ 211 P
)
: : %7
(7)
:0
%
7,:
/:-,-
: A U ' A 0
*+++1B+6B+2
02<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(
-,-:A)
7
9DOLGLW\RI0RGHO
:77
7 U : -,-
:
*
&RUUHFWQHVVRI3DUDPHWHU9DOXHV
(
) () '
5A9/2 :!
:
([SHULPHQWDO7HVWDELOLW\
:
A
' U A"7
-,- : A/ - 4 7A6:;7
7U
-,-
: 029
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5HIHUHQFHV
! # %
6 # O #DD 4 (011B) U : / /7 21/=11/68D,(((7UDQVDFWLRQV%LRPHGLFDO(QJLQHHULQJ0=@/
B1>
!A8O"E(2==@)
/
,QWHUQDWLRQDO -RXUQDO RI
+\SHUWKHUPLD<2@/<0<
%E%(2=@)' DO
- % 4 (4) +HDW 7UDQVIHU LQ 0HGLFLQH DQG %LRORJ\ (5 0 0 >2B/
>2)3FA*#
%$'-A!"H 3&HA5O.UA
EE(0112)&D
&4/6-'
6- 0HGLFDO
3K\VLFV00=/00=<
&6"5!../6686O8#E(011B)!
,QWHUQDWLRQDO-RXUQDORI+\SHUWKHUPLD0<9/0=>
,H-HA83O8#(2=9)4
,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ!64/
B2B/B2<
,H-.D/3 -#EO4(2==)8
*
%LRHOHFWURPDJQHWLFV>01/>0
, H - O 4 . (2===) D
%LRHOHFWURPDJQHWLFV>@0/<B
,H-O 4-(011>)6 U : : 7 %LRPHGLFDO (QJLQHHULQJ 2Q/LQH >
-
09
011=
*++//
++B+2+>
H . ' O 6 $ (2==<) 3URFHHGLQJVRI63,(2/2=<
8H-(2==9)%LRORJLFDOVWUXFWXUHVDQGKHDWWUDQVIHU '%
! '.
02
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
H6%" 46&O8E"(2==)4:
3K\VLFV LQ 0HGLFLQH
DQG%LRORJ\BB0@/>1
.E4!O6(2===)'
,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ220=/
B
3 & 3 6 " E O 6 # (0111) A /
? ,((( 7UDQVDFWLRQV RQ 0LFURZDYH
7KHRU\DQG7HFKQLTXHV0222/0201
# 8 8 (2=>) -RXUQDORI$SSOLHG3K\VLRORJ\=B/200
- - ! (2===) 4 $QQXDO 5HYLHZ RI %LRPHGLFDO
(QJLQHHULQJB>9?B9<
O&"%(2=>)
,QWHUQDWLRQDO-RXUQDORI5DGLDWLRQ2QFRORJ\‡%LRORJ\‡3K\VLFV99/11
% H 8 . % O . " . (011@) *
0HGLFDO3K\VLFVB10=/B1B<
UAE EO8E&(2=99)%'8H&(4)
+DQGERRN RI 3K\VLRORJ\ = >@/<= ! 6&* #
5!% 5HE!&. EA%--A!"
5 6 O .UA EE (011<) 3K\VLFVLQ0HGLFLQHDQG%LRORJ\1=/0@
5HE!
56. HD8O.UAEE(0110)
%/ ,QWHUQDWLRQDO -RXUQDO RI
+\SHUWKHUPLD21>/2<
5.6.UAEE5.!EI #83
OH 3 (2===) % : 3K\VLFVLQ0HGLFLQHDQG%LRORJ\0B<9/0B9=
"E!A&"E.- 4-O,H-(0111)8
A * +HDOWK3K\VLFV0@=/0<9
02=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
"C.CI.O4A (2==9) 7
* # '?! -RXUQDO RI %LRPHFKDQLFDO (QJLQHHULQJ
09/0
F % E O 4 (0112) S -, 6-'0HGLFDO3K\VLFV0</B0
$SSHQGLFHV
,8H-(2==9)! '
%! '.(H-8)
$SSHQGL[$7KHUPDO3URSHUWLHVRI7LVVXHV
#H-8
(AN:2) ( : ) ( :!)$
:H
7
001
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
##43&'C 002
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
000
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5HIHUHQFHVWR$SSHQGL[$
! O!8,(2=99)
* 7 -RXUQDO RI %LRPHFKDQLFDO
(QJLQHHULQJ2>/2@>
% E % (2=<) ' E % % (4) 7KHUPDO 3UREOHPV LQ %LRWHFKQRORJ\ 64 643FA
%E%(2==1),'6(4)7KHUPDO'RVLPHWU\
DQG7UHDWPHQW3ODQQLQJ(@2)3FA*/5
%6.(2=99)6A -RXUQDO
RI,QYHVWLJDWLYH'HUPDWRORJ\BBB/BB
%4 ODAE(2=92)%
$HURVSDFH0HGLFLQH0>/09
& % - (2=2) A &RPSDUDWLYH
%LRFKHPLVWU\DQG3K\VLRORJ\$219/221
& O !DD (2=>) . ,QWHUQDWLRQDO-RXUQDORI+HDWDQG0DVV7UDQVIHUB=2/B=
E(2=@0)'
-RXUQDORI3K\VLRORJ\@>/90
8H-
8 H - O (2=9@) 4 $PHULFDQ-RXUQDORI3K\VLRORJ\2=1B/2=1
8 H - O % 6 6 (2=9=) . #/9 $GYDQFHVLQ%LRHQJLQHHULQJ 643FA3F2>9/2>=
8 H - - " O % 6 6 (2=B) 80$ A:-RXUQDORI7KHUPDO%LRORJ\B22/B2B
H
# 8 ,A . # O !: (2==>) -RXUQDORI7KHUPDO%LRORJ\>B2/>B@
H
# 8 ,A . # O !: (2==<) 6A
-RXUQDORI7KHUPDO%LRORJ\20B/20
00B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5
E " E O ! 8 , (2=2) $60(
:$+7
5
E"O%!(2=9)
7/DVHUVLQ/LIH6FLHQFHV02=/00=
5
E"%E-O&H-(2=@)
/ ,QWHUQDWLRQDO -RXUQDO RI
7KHUPRSK\VLFVB12/B22
00>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$SSHQGL[%%ORRGSHUIXVLRQ
(2++29(21/@)BA/2/2)
00@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
00<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
009
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
00
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
00=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0B1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0B0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0BB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0B>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0B@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5HIHUHQFHVWR$SSHQGL[%
. & ' 3 H 4 O 3 (2=<9) 6 C2BB,QYHVWLJDWLYH8URORJ\2>1/2>
! - " # ! & 5 4 & 5A E 6 & # 3 O
8E'4(2=>)'
/$PHULFDQ-RXUQDORI3K\VLRORJ\8>2/>B>
!'O8&&(2=@)8
$PHULFDQ-RXUQDORI3K\VLRORJ\8<0=/8<B9
!EO!.E(2=1).
$PHULFDQ-RXUQDORI3K\VLRORJ\89B</89B=
!6 H&H!3O6%H(2==1)4
(XURSHDQ-RXUQDORI&DQFHU===
%3.-4 -8EO44(2=9=).
&LUFXODWLRQ5HVHDUFK00B/009
% , & E O 6 , 8 E (2=@) 4 $PHULFDQ -RXUQDO RI
3K\VLRORJ\4>@>/4><1
% E ! - ! & 8 , O ! , (2=9=) $PHULFDQ-RXUQDORI3K\VLRORJ\
89/820
0B<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
& E/4 ! & . # 5 O . 6 (2==0) 4 </
& -BB09
7KH3URVWDWH29/2=9
&A E O 3 6 ' 6 (2=9<) 6 D
WK (XURSHDQ &RQIHUHQFH RQ
0LFURFLUFXODWLRQ$QWZHUS%LEOLRWKHFD$QDWRPLFD@B/@<
,,/%!%-FIO%(2=9=)&
=/2@/$PHULFDQ-RXUQDORI3K\VLRORJ\
80@/8BB
! (2=<=) 6XUJHU\ *\QHFRORJ\ 2EVWHWULFVBB2/B>1
EH.EO.-3,(2=<)
*
+HSDWRORJ\@22/@29
/83(2=<)-$FWD9HWHULQDULD6FDQGLQDYLFD2B/2=
8 % " O 8 & & (2=>) 4 $PHULFDQ-RXUQDORI3K\VLRORJ\8291/829<
8D4E8EH,6E8O4-%(2=9=)
7 $PHULFDQ-RXUQDORI
3K\VLRORJ\8B>@/8B@@
EE6!.8E-5#6O"%!(2=<)
-)HGHUDWLRQ3URFHHGLQJV0>2/0@1
E$"A A
H&E/4O8A-(2==0)4
/ (&
-BB09)7KH3URVWDWH00@/0B0
H 6 O , E . (2=@) 8 $PHULFDQ-RXUQDORI3K\VLRORJ\8>B1/8>B9
H% O34 (4)(2=92)6DPVRQ :ULJKW
V$SSOLHG3K\VLRORJ\(20)(<0)
.*$:#
H - % - E O E E 6 & (2=@) - $0
:%$:$PHULFDQ-RXUQDORI
3K\VLRORJ\822/820>
0B9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
H
# - # O & 3 (2=@) ./& 80 $PHULFDQ-RXUQDORI3K\VLRORJ\002/
009
.3 .UEO6A$(2=<>)6A
U:/2BB/DQFHW<</<=
.
- (2==):/.-#&
'
66.!%EO8&&(2=2)%:/
2BB A &LUFXODWLRQ
5HVHDUFK9>/9<2
6E 6 .O#8/'(2=1)'3
(XURSHDQ-RXUQDORI&DQFHU==/210
6 O%&(2=9=)6D
3IOXJHUV$UFKLYH0BB/0>1
6
'%O-&E(2=B)5
: -RXUQDORI&HUHEUDO%ORRG)ORZ0HWDEROLVP(2)2=</2=9
3-4O#E%(2=9=)4
.LGQH\,QWHUQDWLRQDO02=/00<
$ % 4 O 5 - % (2=9=) - $PHULFDQ-RXUQDORI3K\VLRORJ\,>9=/,>0
#E%3-4O4"(2=99)6
A/@ : A $PHULFDQ -RXUQDO RI 3K\VLRORJ\
8@>/@
# H O !U & " (2=@) - $PHULFDQ-RXUQDORI3K\VLRORJ\8B>/8>2
- 6H&
EH.!E$I6%E
86EO8-4(2=92)4
$PHULFDQ-RXUQDORI3K\VLRORJ\B>B
- 5 H I % , H O 6 & (2=2) - $PHULFDQ-RXUQDORI9HWHULQDU\5HVHDUFK210/21B
0B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-7 ' G - 6 6 4 A # ‘ # O - ' (2=@)
& f2>%g $PHULFDQ-RXUQDORI3K\VLRORJ\8B22/8B29
! # O 5 6 (2=9=) ! @ A$PHULFDQ-RXUQDORI3K\VLRORJ\
82/8<
A H 6 & & 4 , . E , 6 # " O 3 " !
(2=1) 6 =2@ 68D C2BB $UFKLYHVRI3K\VLFDO0HGLFLQHDQG5HKDELOLWDWLRQ
21@/22B2=1
" % 6 . . 3 & ! O .A & 4 (2=@) 4 $PHULFDQ
-RXUQDORI3K\VLRORJ\82<>/829B
H O .
& I (2=92)-% % 2 ' %- O ,
6 (4) 7KH .LGQH\ 0RUSKRORJ\ %LRFKHPLVWU\ 3K\VLRORJ\ ( 2/91) 3 FA*
#
7"E#A%6E%!EHD&66O
A 6 % (2=0) $ D$PHULFDQ-RXUQDORI9HWHULQDU\5HVHDUFK=@/=9
- , ' . 5 O 8 . (2=@) / $PHULFDQ-RXUQDORI3K\VLRORJ\8>@/8>=2
F $A H F H O E (2=9B) -
$PHULFDQ -RXUQDO
3K\VLRORJ\B2=/B0B
0B=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
5HVSRQVHVWR5)2YHUH[SRVXUH
6
%IA6&
&%!#
#-O6#
6## 2=2>1
DAN
,QWURGXFWLRQ
-, 7 -,- 7 -, 7 B A8D B11
8D 211111 2 # :-,-
' : -,- 6-' D 7 : 7
'
:
: : 7 : ;
6DIHW\&RQFHUQVRI(OHFWURPDJQHWLF5DGLDWLRQ
8 :/ 'D&3 ,
D $ 7
D:/
,
/D-,-
-,- : D 7
,
-,- A " : D -,- 0>1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:-,-
, D -,-
:
- 7 /D :
,:
0>@8D
11"+0A4
7
8
U A 3A7
7:
&"
"&$
&H,
#
:
:
4:
'444 % 6 - ('444/46! %$6 - ) " 8
$D ("8$ 2==B) 3 % - # 6(3%-#2=<) '444.
-84:-
,7 4 , B A8D B11 8D ('444 %=@2 011@) U %LRHOHFWURPDJQHWLFV J
”
-, (% O
&; 011B O !A 011B &; O . 011B 4 011B
8A 011B 4 011B &; % E O 011B 4 011B
4O%011B8AO6011B!AO8A011B6D011B)
5DGLRIUHTXHQF\5DGLDWLRQ,QMXULHV
-,- : ' : 3
:
-,-/:S
,:A
:
/A 7 , : >B q% 0>2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
<1q%D
U
-,- ' A : A
8
7 -, '
A6-,-
:
A
%XUQVDQG3DLQ7KUHVKROGV
A
00?0@q%A
B>q%AD
: 2 q% : 8
21q%3
>>/>@q%(!A2==9"0111)
/@@/<1q%,/U
A A /<1/<@q%/
A
91q%
/:
A
A @1R/
,/ / /
8
/7A
:
,
U
:
0>0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A
>@@@q%
A 3
/D
! : A
!
: U U
2FXODU'DPDJH
! D /D
7 ' D"
:
&
" !
-,
-, ‰2@1"+A
>2q%B1(%2=9=,2=<)
,/:/
(4011B)
:
('444%$6 -0110)
: 2@ <11168D (. 2==B) : :
7
$
&E
&; 3
8 - % :
$ => 8D 7/
0>B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
=>8D
1B(#A
2==)';
!:
7U7
(E+0):=>8D
111B E+0 ( > "+0) >@ "+0 A
12 q% " >B q% A
;
1>E+0!A
’ ' A @@q%
@E+0'
0>/> D'D
::099
E+0
(%
0110,011B)
:
$
=>/8D #
D8
J
hot” " " $
$ A :
DA
: (< E+0) : (20 E+0) 0>>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
=>/8D:A
'::UA
' =>/8D : 4
U : A
AU!
=>/8D
U
D/
,QWHUQDO2UJDQV
8
J
l” B9 q% ! 2 q% : # >Bq%
' A /:-,7:
-, & 4 : -, ( O!A011B)
-, ' =>/8D =>/8D
A3
A (2)
A (0) A (B) A (>) (@) :
:
/ : A U 7A
,:
0>@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6
/
:21/01
A
A A /RQJ7HUPDQG'HOD\HG(IIHFWV
B1.
-,
:
,:
: :
-,
:/
('444%$6 -0110)
& ; U , : : D
' :&3 &3 : -,
:(6D011B5U:2==5U:0112)
-,&3 :
/ U/
A,/A
7/
' A A U $
:
;
:
U:-,-A
U ' : :
A
AU:
3UHJQDQF\DQG5HSURGXFWLYH2UJDQV
-
' 0q%
(6 O IA 2==) 8
0><
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
# : 7 0q%4:
-,
2q%
:
8
-,
:(E2=>
2=>)
&DQFHU
!'A
D
/D8
:-,(8A
011B) 0> 2== :-,(@
B@) / :
! A : A
: =>/8D
A A : (0 : A 20 A) =>/8D A (6 0112) : ; A-,
1DWLRQDO6DIHW\6WDQGDUGV
' : -,- A 8
: AA-,-
U D / A
(
) -,- : / > "+A 2q%3('444%=@2011@,%%
=</B0< 2==<) : : (6#4) A
7 7 / 4:
-,7'
0>9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7 6#4 7/2/0
7DEOH8SSHU7LHU03(IRUSHRSOHLQFRQWUROOHGHQYLURQPHQWV
0>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH$FWLRQOHYHO03(IRUJHQHUDOSXEOLF
- 6#4 21 A@170@1
78
72B8D0@
//('444%=@2011@)
'U : : :
:
/LNHOLKRRGRI2YHUH[SRVXUH
!
-,-
:$
:
* U D / $
: A $ A A
:D
-,-:
0>=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
( : 2=9)
:::6#4/2
/08
:
/ 2110>@168D-,-
211/2111"+0@@1
6#4
:D
' :
" : -,- :
7 : 3/
-,-:
211 6LJQVDQG6\PSWRPVRI5)52YHUH[SRVXUH
U -,- : ! :
::
:7
/ : :-,-
: 6 :
!
UU
D
/:,
: ( :)
:
7 U 4 : 86
7
:
.:'
: : , : :
0@1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'
:
/
4: D U
:6/
:
0DQDJHPHQWRI5)5DGLDWLRQ2YHUH[SRVXUHV
-'4
7:
:
5ROHRIWKH+HDOWK3K\VLFLVW
3UHYHQWLRQ
-,- : '4445HFRPPHQGHG
3UDFWLFHIRU5DGLR)UHTXHQF\6DIHW\3URJUDPV('444%=@9011@)*
x !
x 8
#
:
:
6#4(
)
x 6
x 4
x 4
x ' -,- : 21 6#4 * ,. ,+'A $VVHVVPHQW
'
:
: : :
' x &*
6%&
$,7
##A 6$
#*##-,7
$# 0@2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
!
--
x %:*
.A
_
%:_
"_
47_
8_
8_
x &:*
&
&:
4:
$
)ROORZ8S
x &
:
x '
x 4
5ROHRIWKH3K\VLFLDQ
-,-
:
-A:
:
:7
: -,- 6 : , : BB1 :
,
@:6#4( ,$48.
-4#$-2=>)'
:
:
'6%*
6
A
:A
#
A#
*A
'
'
::
7
:&
0@0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
::-,-_'
A
/::
:
:
7
' U :
: ' A
: U : U
.A
:'4%
'D
:/ U'44
+6-':
-,-
:
U
6SHFLDO&RQVLGHUDWLRQVLQWKH0HGLFDO(YDOXDWLRQRIDQ2YHUH[SRVHG,QGLYLGXDO
2SKWKDOPRORJLFDO4XHVWLRQV
,QWKHHYHQWRIDQ5)RYHUH[SRVXUHZKHQVKRXOGDQRSKWKDOPRORJLFDO
H[DPLQDWLRQEHSHUIRUPHGDQGZKDWVKRXOGWKHRSKWKDOPRORJLVWORRN
IRU"
-, : A A-,/7
-,
:
A A /
'A
::
:
' : + : :'
0@B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: ':
U
'
7 $ A'
A -, : -, U :K\GRHVWKHGHQDWXUDWLRQRIWKHOHQVSURWHLQIROORZLQJDQ5)5
RYHUH[SRVXUHFRQWLQXHIRUDSHULRGRIKRXUWRGD\V"
' * % :(
)
7A0>>
' /D D A A A -, : ' D
/&3 21
'RHVWKHFDWDUDFWIRUPDWLRQJHWKDUGHUWRVHHDVWKHKRXUVGD\VWLFN
E\"
':
+RZUHOLDEOHLVWKHRSKWKDOPRORJLFDOVOLWODPSWHVWLQJWRUHFRUG
FDWDUDFWFKDQJHVRQHGD\DIWHUH[SRVXUH"
::
0@>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-, :
::
,VWKHUHDQ\FRQFHLYDEOHFLUFXPVWDQFHZKHUHE\DFRQVFLRXVSHUVRQ
ZRXOGEHDEOHWRWROHUDWHWKHVRUWRIH[WUHPHDQGSURORQJHG5)
H[SRVXUHUHTXLUHGWRLQGXFHDFDWDUDFW"
-, : :
A:
D D : ,VWKHUHDQ\HYLGHQFHRI5)LQGXFHGFDWDUDFWVDWUDGLREURDGFDVW
IUHTXHQFLHVVD\EHORZ0+]"
:7'A
A8
A : /
(
@1q%)(2@
)
:KHQDQG:K\;5D\V6KRXOG%H2EWDLQHG
7 :/ : -,- : :/ A -,- :/ : A ' :
:/
'U
:
:/
AU-,
:
:/:U*
&4
*
2&U
0&
B!A
0@@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
>&
:/:-,-
:*
2-D*
:
A:/
U
:21
A:
: B11 A : 0%
B ;
:/
U;A
:/:U
-,- : : : A
6SHFLILF([DPSOHVRI2YHUH[SRVXUHV
$Q$QWHQQD(QJLQHHU$FFLGHQWDOO\+LWZLWK+LJK/HYHO5)DQGKLV%RG\
7HPSHUDWXUH5RVHWRqq&
,IWKH%RG\&RUH7HPSHUDWXUH5RVHWRq&
>0q%
'*
2 -
: $
+
D::
0 %A + A ' B % # ' ' A
0@<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
> A A A 2@
D (
)7
@ '7
< UD
,IWKH7HPSHUDWXUH(OHYDWLRQWRqq&:DV2QO\6XSHUILFLDO
'>0q%A
: :
A>0q%U:
;
U
: U $&DVHRI6HYHUH2YHUH[SRVXUH
>//A!%
; 0@1111 ,6
" A
"
:
':
8 : .
%#HD
8
:
A 88
80/8
A8
A
-
A 0@9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'
8 4
8
8 : 88
: 7 : ' .
7 7 D A:
U
0HGLFDO&RQGLWLRQV$IIHFWLQJ6HYHULW\RI2YHUH[SRVXUH
,QIOXHQFHVRI0HGLFDWLRQV
& -, : * (2) (0):6
&A
# :-,
$ ; ;
6 ; :-,
7D
!:
: -, A
'
-,:
:
6#4
6#4
-,
0@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
3UHVHQFHRI0HGLFDO'HYLFHVRU0HWDOOLF,PSODQWV
' U 8
U U ' -,
A U
A8
-,6#4
:
U
-, : A A 0HGLFDO&RQGLWLRQV$VVRFLDWHGZLWK+HDW,QWROHUDQFH
A : '
;
U$
:8
(
@R)
6
D
A
: 8 7 5 -,- : U D 8
: -,- : ,
:-,
0@=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5HIHUHQFHV
4 - O !A & - (011B) -, %LRHOHFWURPDJQHWLFV(<)29/B
: - % E O % & (2=9) 6
! %* 6% 3HGLDWULFV0@@/<1
!A & - O 8A . 3 (011B) -7 (-,) %LRHOHFWURPDJQHWLFV<29/2=@
!A&" 4 8"&%E"EO6E8(2==9)
6
/4
A " 8 A
%LRHOHFWURPDJQHWLFV>1B?>1=
% - . (2=9=) $ %XOOHWLQ RI WKH 1HZ <RUN
$FDGHP\RI0HGLFLQH(22)21>/21@9
%&; E %#&!64O8&E(0110)6
B@ 8D => 8D +HDOWK 3K\VLFV
(2)B/=1
%%/H&S E (011B)-
4-,,5 88%LRHOHFWURPDJQHWLFV/<
&; E 4 - O . E $ (011B) !
:%LRHOHFWURPDJQHWLFV<B=/<0
&; E %%HE O 4 (011B)6
3
%LRHOHFWURPDJQHWLFV<219/2>9
4E (011B)$7 %LRHOHFWURPDJQHWLFV<
2>/2<2
4 E (011B) : 7
%LRHOHFWURPDJQHWLFV<212/21<
4 E % % H (011B) 7 %LRHOHFWURPDJQHWLFV<2<0/29B
4E6(011B)47:
%LRHOHFWURPDJQHWLFV(<)<B/9B
, % % (2==<) 4
4
4-7-)&&=</B0<
0<1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
, 6 - , 4 O 8 E (2=<) & %LRHOHFWURPDJQHWLFV20=/2>1
, H - &; E % O 8 & E (011B) B@ 8D => 8D +HDOWK 3K\VLFV
(<)9<>/9<=
8A . 3 E O 6 # (011B) - 7 *%:%LRHOHFWURPDJQHWLFV<9>/211
8A . 3 O 6 E 8 (011B) -7 %LRHOHFWURPDJQHWLFV<29>/2<
' 4 4 4 ' ('444) (011@) 6WDQGDUG IRU 6DIHW\
/HYHOVZLWK5HVSHFWWR+XPDQ([SRVXUHWR5DGLR)UHTXHQF\(OHFWURPDJQHWLF)LHOGVN+]
WR *+] ('444 %=@2) 3 FA* ' 4 4
4'
'444'('444)(011@)5HFRPPHQGHG3UDFWLFH
IRU 5DGLR )UHTXHQF\ 6DIHW\ 3URJUDPV N+] WR *+] ('444 %=@9) 3 FA*
'444'444'
'444'('444)%6-
('444 %$6 -) (0110) 6 -7 - $
:
,(((&RPPLWWHHRQ0DQDQG5DGLDWLRQ+HDOWK3K\VLFVB9/B=2
' 4 4 4 ' ('444)/4 6 ! (46!) % 6 - ('444/46! %$6 -)
()
&20$5
5HSRUWV
-
6
0=
011=
*++++++
E - # (2=>) : <11 68D
' 6 5DGLDWLRQ 5HVHDUFK 090/2
2=>
E - # (2=>) : <11 68D
''#
5DGLDWLRQ5HVHDUFK
00/B12
.E',.H8 OE6 (2==B)5
/
:5HWLQD0B1/0BB
6 # " E &
E ! % " E E - &A E 4
6UH&E!6E866-O-H.(0112)
0<2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
.A =>/8D 7 : A
&DUFLQRJHQHVLV2912/291
6D 6 . (011B) -7 4: 6 % : :
%LRHOHFWURPDJQHWLFV<2=</02B
66"OIA6%(2==)!%788OWUDVRXQG
LQ0HGLFLQH%LRORJ\919
3 % - # 6 (3%-#) (2=<) 1&53 5HSRUW
1R %LRORJLFDO (IIHFWV DQG ([SRVXUH &ULWHULD IRU 5DGLRIUHTXHQF\ (OHFWURPDJQHWLF
)LHOGV
!*
6&
-
6
0=
011=
*++++<
#A
A F #A
$ 3 A ! 4 O 6 6 - (2==)
% %LRHOHFWURPDJQHWLFVB=B/>2B
,$48.-4#$-(2=>)7KH0HGLFDO5HVXOWVRI+XPDQ([SRVXUHVWR5DGLR)UHTXHQF\
5DGLDWLRQ (- @/10=%5222 - ) , $ 4
8
. 6&
( ,%)!A ,!C
5U: , 6 - & E 5 6D 6 . O E E - (2==)
,7/
:0>@168D75DGLDWLRQ5HVHDUFKB1/
B20
5U:#A",!H.!I6D6---E."
.O64(0112)%:
7 7 5DGLDWLRQ 5HVHDUFK
22B/202
"E!A&"E.- 4-O,H-(0111)8
* % +HDOWK
3K\VLFV0@=/0<9
" 8 $D ("8$) (2==B) (OHFWURPDJQHWLF ILHOGV +] WR *+]
* " 8 $D 4
8 % 2B9 -
6
0=011=*++++++2B9
0<0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU
3HUVRQDO([SRVXUH,QGLFDWRUVIRU(OHFWURPDJQHWLF)LHOGVN+]±*+]
E .#&
#33.
-" ==B@0
EN2
,QWURGXFWLRQ±7KH1HHGIRU,QFLGHQW)LHOG'RVLPHWU\
" ///
D ,7(-,-)
7BA8DB1168D
B1168DB118D
-,- 4 B
A8D 4: . ,7 (4.,) A :/ -,- QRQLRQL]LQJ -,- D -,-D
D 7
-,-
'-,-
:
A A -,-
/D
4 * 74.,-,-
(
) D 'D :/ : 7 ( ) D
(
)A
3/D
AA
/DD
,=/2
7 0<B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
The Electromagnetic Spectrum
Wavelength
(m)
1.2x10 14
3x1028
10 -20
1.2x10 10
3x1024
10 -16
1.2x10 6
3x1020
10 -12
1.2x10 2
3x1016
10 -8
1.2x10 -2
3x1012
10 -4
1.2x10 -6
3x108
1
1.2x10 -10
3x104
10 4
Ionizing
Radiation
vio
l et
Frequency
(Hz)
Ult
ra
Energy
(eV)
Visible
3
400
500
600
Red
700
Infrared
800
Infrared
Microwave
Radiofrequency
Extremely low frequency
1.2x10 -14
Ultraviolet
Violet
Blue
Green
Yellow
Orange
Wavelength
(nm)
300
10 8
Extremely high frequency
Super high frequency
Ultra high frequency
Very high frequency
High frequency
Medium frequency
Low frequency
Very low frequency
)LJXUH7KH(OHFWURPDJQHWLF6SHFWUXP
/
(8#6) / ("!) 3K\VLFVRI(OHFWURPDJQHWLF:DYHV
7 6/U
(.2==02==9)
4
,=/0,
(
+/:
(
+(5/2)++
( /2)
0<>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH7\SLFDOHOHFWURPDJQHWLFZDYHVKRZLQJWKHUHODWLRQVKLSEHWZHHQWKH(DQG+)LHOGYHFWRUV
"-,-(/)
( + A The energy
carried in an electromagnetic wave is usually expressed in terms of the energy passing through a
fixed area per unit time. For an electromagnetic wave this power density S at any point may be
calculated from the vector product of the electric and magnetic field strength vectors, i.e., E x H
= P. P is called Poynting’s Vector and represents the power density and the direction of energy
propagation. The Poynting vector points in the direction in which the electromagnetic wave is
traveling, thus transporting energy in that direction. The magnitude of the power density
propagated in the wave can be calculated from the vector product:
ExH
=
E H
sin 4
For 4 = 90°, as is the case for a plane wave in free space:
ExH
=
E H
.
0<@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(2)
Note that if E has dimensions of V m-1 and H is in units of A m-1 the dimensions of P and/or S
are given in W m-2. In the United States, typically in hazard analyses S is expressed in per square centimeter (mW cm-2). Power density W m-2 can be equated to E and H as follows:
47CB6X(+B99XB99+
(B)
Polarization is another important property of electromagnetic waves and is characterized
by the oscillatory behavior and orientation of the electric field vector. A wave referred to as
being linearly polarized means that the electric field vector varies in amplitude in only one
direction as it travels. It is conventional to describe polarization in terms of the electric field
only, not the magnetic field. An electromagnetic wave may exhibit linear, circular, elliptical, or
random polarization (such as in a light bulb). A receiver (or absorber) of electromagnetic
radiation must have the same sense of polarization as the incident wave for it to be detected or
absorb energy from it most efficiently.
Suppose we could "freeze" the motion of an electromagnetic wave traveling in free space
that we have previously discussed and take a snapshot of its E and H fields. The ratio of the
electric field strength to the magnetic field strength is known as the characteristic impedance (or
wave impedance Zo) of free space. Therefore:
X.4 Zo =
E/H .
(4)
Note that Zo is the ratio of E to H and is independent of their absolute magnitudes and has a
value of 120S or approximately 377 ohms. Therefore, in the far field, if one can measure either
field component (E or H), it is easy to calculate the other. Unfortunately, in many cases
measurements are needed to be made in the so-called “near field”, where the orthogonal
relationship between E and H does not hold. In this case, both E and H fields must be measured.
It is usually assumed that near field conditions are present below 300 MHz; certainly this is true
for emitters with frequencies below 100 MHz.
=/2:-,-
-,- (211 A8D ? 21 8D) - ( -) " A/2 - :-,- -
8
7 - :(+(') 218D
: A (
47CB-,- (
+'01RQHPHDVXUHSRZHUGHQVLW\GLUHFWO\
0<<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH0HWULFVLQH[SRVXUHVWDQGDUGVIRU5)5
)UHTXHQF\UDQJH
%LRPHFKDQLVP
'RVHPHWULF
([SRVXUHPHWULFV
5.,+.,
(BA8D/2168D)
'-,-
(6,?8,)
(211A8D?21
8D)
3
(
D)
2168D
%
:
-
( -)"+A
48O
(')
0
4 80(^B1168D)'0
O(^211
68D)
#&
'"+0
40#&
'"+0
6
"
6
(21?B118D)
P -,-://7(-6)
'HYHORSPHQWRI%URDGEDQG,QVWUXPHQWDWLRQIRU0HDVXULQJ5)5)LHOGV
%D-,-A8
SRWHQWLDOO\ : 6 ( ) U( ,=/B)
(7)7
"
D
.
'
4
(7 ) ()
0<9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH7\SLFDOLVRWURSLF5)5ILHOGVHQVRUXVLQJWKUHHRUWKRJRQDOHOHPHQWV
&'444%=@B/0110('4440110)
' :
'HYHORSPHQWRI5)5,QVWUXPHQWDWLRQ
6 -,- B1
7 -,- : B@ D =2@
0>@168DAD
-,- 7
DD
A"A
7A
-,-
2/2>8D"
7 D 7 21
(!) : D 7
< ! 0@ A
4
B1168D28D
0<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7
B!B1!&2=91;
7-,-
3!(3')3
(46 ) 7 c 1@ ! 7(8,)
, 7 #
7 7
7
: 01 -,- 7 7 -,'((++)
7 7(-6)
-6
A
3 'HWHFWRUVIRU5)5'LRGHV9HUVXV7KHUPRFRXSOHV
-,-
-,- ,=/>
)LJXUH0RGHUQ%URDGEDQG5)56XUYH\0HWHUFRXUWHV\RI/&RPPXQLFDWLRQV1$5'$(DVW
0<=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&
-,
-,&:
A -,- &A-,-
J
7 ” / A
-,-,
=/@&
J
D”
)LJXUH'LRGHOLQHDULW\YHUVXVLQSXWOHYHO
-,*
'X'f:(5U+5)?2g
(@)
J
/
” 5 ' U ' : 0 01 e% '
%
;
'A-6
()
7
0*2 01 e% % D /
091
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
72=<1;
A7/(-,
&% ) A
/ J
.” %" :
U # D!B1168D28D
208DD
2@11 68D 2 8D ,=/<-
7 /
G
)LJXUH7\SLFDOWKHUPRFRXSOHDQWHQQDDUUD\FRXUWHV\RI/&RPPXQLFDWLRQV1$5'$(DVW
3
J
D ift” 4 : : : : 0111R2B!
092
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0HDVXUHPHQW3UREOHPVDQGWKH6HOHFWLRQRI(TXLSPHQW
"/(
-,- ) ':
!
-$. 3&
(, =/9) - (<1/) (>11 @ A8D 7)
< ! ( •) :
7 ' /
7 -, 7 : " 7 -,
-,
21!'444
,%%
J
” / ' A -, )LJXUH5RODQG$LU'HIHQVH6\VWHPLVDQH[DPSOHRIDV\VWHPZKHUHGLRGHEDVHGGHWHFWLRQLVLQDGHTXDWH
WRPHDVXUHWKH5)5
A -,-
7"
A7-,-
_
//(
)
7
'444-,-('4442===)
: -,- D : 7 ' A -,
090
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
' : :
A
A
TT D D
-,-4
A TT:
:
:.
3
7 7 // : 3 3 7 : '
A
-,- , =/ ' D
//D'
A 3 4
' *
(%")
:
D / 09B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH7KH5)5HQYLURQPHQWLQWKHQHDUILHOGLVFRPSOLFDWHGDQGUHTXLUHVPHDVXUHPHQWRIERWK(DQG
+
&RPPHUFLDOO\$YDLODEOH'HYLFHV
GHQVLWRPHWHUV
A,
&
}21111
}211111(7)
A
,=/=
)LJXUH7\SLFDO5)5SHUVRQDOPRQLWRUV'UDZLQJVFRXUWHV\RI+RODGD\,QGXVWULHVDQG/
&RPPXQLFDWLRQV1$5'$(DVW
09>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6:
(/)
( ) &
J
6 rt” 7!
,
+A
8/ 6
(6 , 3F) ./B
%34(83F)#
"(4
) J
-6” 3
0111 3 6
4/. 8 ' (8') =/0
7DEOH&RPPHUFLDOO\DYDLODEOHSHUVRQDOPRQLWRUV
0RGHO
1$5'$%
+,
+,
1$5'$(60
1DUGDOHUW;7
*0+$
*0$
5DG0DQ
)UHTXHQF\5DQJH
N+]WR*+]
0+]WR
0+]
WR*+]
0+]WR*+]
$ODUP5DQJH
WRRI6WG
WRP:FP
WRP:FP
DQGRI
6WG
)UHTXHQF\
5HVSRQVH
6KDSHGWR6WG
)ODW
)ODW
6KDSHGWR6WG
6HQVRU7\SH
0XOWLSOH
&RPSHQVDWHG'LRGH
DQG7KHUPRFRXSOH
&RPSHQVDWHG
'LRGH
7KHUPRFRXSOH
&RPSHQVDWHG'LRGH
)LHOG'HWHFWHG
(ILHOGVHHQRWH
+ILHOG
(ILHOG
(DQG+ILHOG
)HDWXUHV
7RSPRXQWHG/HYHO
,QGLFDWLRQ/('¶V
ZLWKWZR
SURJUDPPDEOH
DODUPVYLEUDWLRQ
DQGRUDXGLEOH
'DWDORJJLQJRI
H[SRVXUHV([WHUQDO
YLEUDWRU
ZHDWKHUSURRISRXFK
7RSPRXQWHG/&'
GLVSOD\RIGHWHFWHG
OHYHOV
SURJUDPPDEOH
DODUP
7RSPRXQWHG/&'
GLVSOD\RIGHWHFWHG
OHYHOV
SURJUDPPDEOH
DODUP
)URQWPRXQWHG/('¶V
IRUGLVSOD\RIOHYHOV
IL[HGDODUPVDWDQG
5HPRYDEOH
DEVRUEHUFDSIRUXVHRII
WKHERG\
&DOLEUDWLRQ
,QWHUYDO
7ZR\HDUV
2QH\HDU
2QH\HDU
7KUHH\HDUV
32*6/48
09@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
, ( 011B) &#1=1 = ”r” ( ) ,6 6 ? B (6/B) >1!11@@15/2(<<B:21/9<<B:21/
B
"+0):
'444 ('444 2===) ' % 3/'D - ('%3'-#
2==) / /
-,-:4
' -, $-,
: 0 ! 7
D 7 D(,=/21)
Conductive
Plate
Antenna
Structure
Absorber
Material
)LJXUH%DVLF5)PRQLWRUGHVLJQWRPLQLPL]HHIIHFWRIZHDUHU
, : 3 C
D,=/22
09<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH1DUGDOHUW;7LQWHUQDOYLHZ'UDZLQJFRXUWHV\RI/&RPPXQLFDWLRQV1$5'$(DVW
*
2 ,
(%")/A
A 7A
0 : /
B %D/
8
D
> -6 : A D3
A 3C"!(),
8#6"!
A
099
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
@ 6
< #-,-U
2WKHU3RWHQWLDO3HUVRQDO5)50RQLWRUVDQG)XWXUH1HHGV
A : 4 8 -,- D # (.&) D : -,-
&D(& .6)7
&EH
/A , - . !A %/! : & .6
-,-& .6
"
-,-
7 '-,-(H0111)'
& .6
-,- ( 7 -)
"A
& .6 (6D O
A 0110) /011> 7 /
3
'
( ) "A -6
-,-:A
7D3
A,
"! A
JHQHUDO3C"!
46 : "! 4,(4/,)*
#A4/,U211A5+()
#-,7*0@1@118D
4:*@
09
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
"! : @/ : 3 C B ! : J
”-,-
"!
: -,-
, : D 3'( 3'011>)D
35. #(35. #)'
( A) $FNQRZOHGJPHQWV
A A - E ./B 3 -& 4 ; # 3 3
.(!6')&4
,-.
5HIHUHQFHV
3 ' ( 3') (011>) $PHULFDQ 1DWLRQDO 6WDQGDUG
3HUIRUPDQFH&ULWHULDIRU$ODUPLQJ3HUVRQDO5DGLDWLRQ'HWHFWRUVIRU+RPHODQG6HFXULW\
3FA3F* ' 3'3>0B0011>
(011B) '63 %DQGV ,VRWURSLF 6HOHFWLYH 3HUVRQDO 'RVLPHWHU f#
!g #D,
'444('444)(2===),(((6WDQGDUGIRU6DIHW\/HYHOV
:LWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF )LHOGV N+] WR
*+] '444 %=@2/2==) 3 FA 3F* ' 4 4
4
' 4 4 4 ('444) (0110) 5HFRPPHQGHG 3UDFWLFH IRU
0HDVXUHPHQWV DQG &RPSXWDWLRQV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\
(OHFWURPDJQHWLF )LHOGV B A8D B11 8D (%=@B/0110) 3 FA 3F* ' 444
' % 3/'D - # ('%3'-#) (2==) . 4: /5 4 6 4 ,
(B118D)+HDOWK3K\VLFV>=>?@00
09=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
H E . (0111) 6 - ,7 - & -!44,3URFHHGLQJVRIWKH1$72
$GYDQFHG5HVHDUFK:RUNVKRS(009/0B)36 *H #
. E (2==0) 6 -7 , 3/D 3URFHHGLQJV RI WKH QG ,QWHUQDWLRQDO 1RQLRQL]LQJ 5DGLDWLRQ :RUNVKRS ( =</20>)
5
*!%#
. E (2==9) ' # 3/D (3'-) '* 3/
D -* # ! 3URFHHGLQJV RI WKH +HDOWK 3K\VLFV 6RFLHW\ 6XPPHU 6FKRRO ( 2/2<) 6 "'* 6 #
#
6D 6 O A & (0110) (OHFWURPDJQHWLF ([SRVXUH ,QGLFDWRU ( ,-./84/!-/-/
0110/1100),0110(.&)
01
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU 5)$OHUWLQJ6LJQV
- - '
29048 %
" ==22>
ND
,QWURGXFWLRQ
8D D
DA
D
7 7 (-,)
' -, -,('444011@)
-, D:
D
-,D,:
-, : : : :
$ :
-, 8 -, -,A
:
-,D
8-,()
3
7
&&,
21/2%=@0
' ( ' 2=<<) & & 7
$ 8 ($8 2=92)
" 2=<< & & ( , 21/0) '4442===('4442===)
02
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH2ULJLQDO5)ZDUQLQJVLJQSXEOLVKHGLQ
)LJXUH&XUUHQW5)DOHUWLQJVLJQH[DPSOHXVHGZLWKLQWKH86'HSDUWPHQWRI'HIHQVH
00
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
0HDQLQJV$VVRFLDWHGZLWK'LIIHUHQW6LJQV
' ( 3'0110) : ,
:D
-,('4442===)
-, : D : ' : DANGER D
U
:,21/B:
-,&
)LJXUH([DPSOHRID'$1*(55)DOHUWLQJVLJQXVHGWRDGYLVHRISRWHQWLDO5)EXUQKD]DUGV
WARNING D
U,
21/>:-,"
0B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH([DPSOHRIDQ5):DUQLQJVLJQIROORZLQJ,(((&
CAUTION D
U'
,21/@:-,
%
)LJXUH([DPSOHRIDQ5)&DXWLRQVLJQIROORZLQJ,(((&
0>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
NOTICE
D
D D'$1*(5:$51,1*&$87,21,21/<
:-,3
)LJXUH([DPSOHRIDQ5)1RWLFHVLJQIROORZLQJ,(((&
INFORMATION
A
7 :
-, , 21/9
:-,'
0@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH([DPSOHRIDQ5),QIRUPDWLRQDOVLJQFRPPRQO\XVHGDWFHOOXODUWHOHSKRQHEDVHVWDWLRQV
6LJQ8VDJH
' -,
:
3
:::
: .
'444%=@2/011@('444
011@) -, 7 % :
::
:(6#4) '444%=@2/011@ & -,:-,
UD
"%:
6#4::J
U”:
: 3
:
6#4
-, % 0<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&:-,
&
& D : '444%=@0/2===
$SSOLFDWLRQRI5)$OHUWLQJ6LJQDJH
-, D : -, ' ,:
-,
A () -,:
6#4-,:
'-,
:
: :
A:
: :
-,
%
-, -, 7 ' :
: , 21/ -,
7
-,
A -, :
09
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH([DPSOHRIDQ5)&DXWLRQVLJQGHVLJQHGWRDOHUWSHUVRQQHOWRORFDOL]HG5)H[SRVXUHRQDQWHQQD
WRZHUVIROORZLQJ,(((&
5HIHUHQFHV
3 ' ( 3') (0110) $PHULFDQ 1DWLRQDO 6WDQGDUG IRU
(QYLURQPHQWDO DQG )DFLOLW\ 6DIHW\ 6LJQV ( 3' I@B@0/0110) - 5 *
346 2B11329 '444'('444)(2===),(((6WDQGDUGIRU5DGLR
IUHTXHQF\ (QHUJ\ DQG &XUUHQW )ORZ 6\PEROV ('444 %=@0/2===) (
011@) 3 FA 3F* ' 4 4 4 B #A
' 4 4 4 ' ('444) (011@) ,((( 5HFRPPHQGHG
3UDFWLFHIRU5DGLR)UHTXHQF\6DIHW\3URJUDPVN+]WR*+]('444%=@9/011@)
3 FA 3F* ' 4 4 4 B #A '444'('444)(011@),(((6WDQGDUGIRU6DIHW\
/HYHOVZLWK5HVSHFWWR+XPDQ([SRVXUHWR5DGLR)UHTXHQF\(OHFWURPDJQHWLF)LHOGVN+]
0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
WR *+] ('444 %=@2/011@) 3 FA 3F* ' 4 44B#A '( ')(2=<<)86$6WDQGDUG5DGLR)UHTXHQF\
5DGLDWLRQ+D]DUG:DUQLQJ6\PERO( %=@0/2=<<)3FA3F*
'
$ 8 ($8 ) (2=92) 2FFXSDWLRQDO 6DIHW\ DQG
+HDOWK $GPLQLVWUDWLRQ J
3D diation,” (0= %,- 2=21=9) " &%*
$8 0=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU &XUUHQW6WDWXVRI(0)6WDQGDUGVDQG+DQGERRNV,QIRUPDWLRQIRUWKH
*HQHUDO3XEOLF
&
I
,44%
AB
8-/21111I%
%
N
,QWURGXFWLRQ
"8$D("8$)'4,#U
@> D D (46,)
2D
: 7 D
*
2 ':
0 &
AD("8$011=)
B AD
46,
7 (0110/011>) 46, > ! A "8$
46, ( O !A 011B) ' DA
46,
46,
:
(
) ' : ( J
t”J
rt”)
2
"8$-6
D46,3
012==I%
0=1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
! B1
()
46,A
:J
rt”(J
/
human”)
46, D A :+2,QWHUQDWLRQDO(0)3URMHFW6WDQGDUGV'DWDEDVH
"8$'46,#U&(O!A011B)
70110
"8$
7A
: 46, ( O !A
011B)
7 0B 7 *
2 3
0 4:46,
_
B & ( K)_
> '
()_
@ _
< "_
9 "_
_
= : ' % 3/'D
-#('%3'-#)(2==)_
21'
_
22'
_
20"()_
2B"7
_
2>"7_
2@"7('%3'-#3/'%3'-#)_
2<'( -)7
-
29"
7_
2" _
2= 7:_
01 :_
02-
00"
_(
)
0B' 46, A _'A
(
0=2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
"8$A)0
"8$ '%3'-#
8
: '%3'-# / 7 ( /
B11 8D) 7 7 ( ) (
)
f(
)
(
)g
7 ( ) (7 2>/29) 7
-G=2
7 7 2= 01
:7:
: 7 (02 00) ( 0B) A
(A
:"8$)
,QWHUQDWLRQDO(0)/HJLVODWLRQ
%46,:
*
2 '%3'-# ('%3'-# 2==) 0 '444 %=@2 ('444 2===) B &
:(44)
'%3'-# / :-46,:EDVLFUHVWULFWLRQVUHIHUHQFH
OHYHOV
!: /
7*
: (!) (E) ( -) 0
6A
:
0=0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
( )()7
%
A
5HIHUHQFHOHYHOV
:
:
: : : : -
7* (4) (8)
: (!) () (E.) ! ('%)
-
J
.”
8
: : (+)
'%3'-#:7
( )( -
)
5HJLRQDO(0)/HJLVODWLRQ
::44 4%(4%)-2===+@2=+4%(4%
2===) &
011>+>1+4% (011>) '%3'-# (2===+@2=+4%) (4% 2===) (011>+>1+4%) (4
# % 4 011>) : 6 4 46, 7
&
22/222/022/B44 - 2===+@2=+4% ! 6 '4% %434.4% 6 44%(2=@9)
-&
$
4% 46, ( ) :6
2WKHU1DWLRQDO(0)/HJLVODWLRQ
' 6 4 3I '%3'-#
0=B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
46, 3 ( %) PD[LPXPSHUPLVVLEOHH[SRVXUHFRQWUROOHGXQFRQWUROOHGHQYLURQPHQWV'444
%=@/2/2=== (2===) FRQWUROOHG HQYLURQPHQW : XQFRQWUROOHG HQYLURQPHQW (
):0D[LPXPSHUPLVVLEOHH[SRVXUH03(7
(-6) A 7 /
7
: :44-,S
($) / (#3) ! 7 -
7'%3'-#
2YHUYLHZRI:KR1DWLRQDO(0)6WDQGDUGV'DWDEDVH
&>(B240
6 4 0 3 0 0 O $ 2 ) 46, :(B<)
'%3'-#
: ( 2<) '%3'-# -, : 46,
22/
222/022/B7
( 4., -, )
6WDWLF)LHOGV
22/2"8$46,
&
0=>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJVWDWLFILHOGV
/HJLVODWLYH$FW
9ROXQWDU\
,&1,53,&1,53
,&1,53
1RVWDWLFILHOGV
'%3'-#2==
8#
46,
4:0112
8D
2==0112
.
4
4:3/
D
0112
0DQGDWRU\
&RXQWU\
-
#3
-
2===
>1+0111
%D-
6
-H
0=@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJVWDWLFILHOGVFRQW
/HJLVODWLYH$FW
(&
9ROXQWDU\
0DQGDWRU\
&RXQWU\
-0110
4
,
$/
0110
&
221@+
''+0111
<B+011>
8
(5''0<)4D%6011>
#
'
&
0112
2@2/ +0111
#
-
-
-&
2>@2+0111
$
#3/
'-
2>9210111
D
$2=0+011B
B
2B $01>+011B
#
',0110*B
3-#!
2@0011>
,
H
(&ZLWKD
SUHFDXWLRQIDFWRU
>
% 3UH(19
&(1(/(&
6WDWXVZLWKGUDZQ
$3$-6222=
+/435@12<</
2==@+
.5+/435
@12<</2==@+
.
1DWLRQDO$FW
00>22=2/1B
J
4
”
-
@
, &$D
-91+=<
<
3UHFDXWLRQDU\
HQYLURQPHQWDOJXLGHOLQHV
2==9
A
#
#
B
(*++++/+46,+/1210+4+#+)
(*++++/+46,+/1210+4+%+)
@
(*++++/+46,+/1210+4+-+)
<
(011>3
)
>
0=<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(/))LHOGV
22/04.,"8$46,
&
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJ(/)
/HJLVODWLYH$FW
,&1,53
JXLGHOLQHVIRU
JHQHUDO
SRSXODWLRQ
9ROXQWDU\
0DQGDWRU\
&RXQWU\
--
:/
7
1/B118D0111
46,
8#
46,4:0112
8 8
46,4:
0112
8D 2==
0112
.4
4:
3/D0112
2===+@2=+4%
>1+0111
&0<!'52==<
%D-
6
-H
4%
011>+>1+4%&
4%
4%==/222
,+
011>+>1+4%
,&1,53
0=9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJ(/)FRQW
/HJLVODWLYH$FW
(&
9ROXQWDU\
0DQGDWRU\
&RXQWU\
-0110
4
$/
0110
&0110/99@
,
<B+011>
(5''0<)4D%6011>
8321>*0111
8
,
.
%2<>>(
.:
0<+=>)
#
'
&
0112
2@2/ +0111
#
2===+@2=+4%
-
2>@2+0111
',0110*B
3-#!
2@0011>
H
$2=0+011B
9
2B $01>+011B
#
(&ZLWKD
SUHFDXWLRQIDFWRU
% /HJLVODWLYH$FW
9ROXQWDU\
0DQGDWRU\
&RXQWU\
3UH(19
&(1(/(&
6WDWXVZLWKGUDZQ
$3$-6222=
+/435@12<</
2==@+
.5+/435
@12<</2==@+
1DWLRQDO$FW
6 E
,
4
'.2=9<
0=92/> -
=
, .
9
(*++++/+46,+/1210+4+#+)
(*++++/+46,+/1210+4+%+)
=
(*++++/+46,+/1210+4+-+)
0=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJ(/)FRQW
/HJLVODWLYH$FW
3UHFDXWLRQDU\
HQYLURQPHQWDO
JXLGHOLQHV
9ROXQWDU\
0DQGDWRU\
2==9
A
##
01124
2y
'A
B<+0112&011B
&4
-3
.
4
2==<
$D-91+=<
2===3'-
2y
&RXQWU\
'
'
D
2===%46, %
3ODQQLQJJXLGHOLQHV
IRUQHZIDFLOLWLHV
'
A
2==
3:
'
J
A”
E011>+
#
#
#30202110/11
3
$JUHHPHQWEHWZHHQ
LQGXVWU\DQG
JRYHUQPHQWRUORFDO
PXQLFLSDOLWLHV
%.()
/
# '
-
,
%
0==
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5))LHOGV
22/B-,"8$46,
&
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJ5)
/HJLVODWLYH$FW
,&1,53
9ROXQWDU\
0DQGDWRU\
&RXQWU\
>1+0111
&0<!5
2==<
%D-
-
H
4%
011>+>1+4%&
4%
4%==/222
,+
011>+>1+4%
--
:
/
71/B118D
0111
46,
8#
46,4:0112
8 8
46,4:0112
8D 2==0112
.4
4:3/D
0112
2===+@2=+4%
6
,&1,53
B11
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH6RPHZRUOGZLGHSROLFLHVFRQFHUQLQJ5)FRQW
/HJLVODWLYH$FW
9ROXQWDU\
(&
0DQGDWRU\
&RXQWU\
-0110
4
$/
D
0110
&0110/99@
,
8
<B+011>
(5''0<)4D%6011>
#
&
0112
831*0111
'6/%.29=0
.:
2@2/ +0111
#
2===+@2=+4%
-
2>@2+0111
',0110*B
3-#!
2@(0)011>
H
,
'
.
,&1,53
(&
ZLWKDSUHFDXWLRQIDFWRU
221@+
''+0111
.:
$2=0+011B
2B
$01>+011B
#
%
B12
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/HJLVODWLYH$FW
9ROXQWDU\
0DQGDWRU\
&RXQWU\
3UH(19
&(1(/(&
6WDWXVZLWKGUDZQ
$3$-62201
+/435@12<</
2==@+
.5+/435
@12<</2==@+
.
1DWLRQDO$FW
-/-
#
84:
46,2==9
00>22=2/1B
E
'A
B<+0112&
011B2==
&
4
-3
.
4
2==<
3'-
#3/
'D-
'
-
21
, 3UHFDXWLRQDU\
HQYLURQPHQWDOJXLGHOLQHV
2==9
A
#
#
D
21
(*++++/+46,+/1210+4+-+)
B10
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(0)+DQGERRNV,QIRUPDWLRQIRU*HQHUDO3XEOLF
8A
-
A 5DGLRIUHTXHQF\
5DGLDWLRQ 'RVLPHWU\+DQGERRN(&6 O 'A 2=<) A
2=9 2=1 2=< D : 5)5 'RVLPHWU\ +DQGERRN A A A 6
A
46,A
,QWHUQDWLRQDO(0)'RVLPHWU\+DQGERRN:5)5'RVLPHWU\+DQGERRN
A 2=< 46, :J
”J
ro”
:
$ "8$
7 ()
:
///
()
. 46, A
D D
A "8$ '%3'-# " D(4)
- ( 0@1 ) A
///
8A A
D>1
# ( > ) , ( 2 ) 5
/
B1B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&RQFHSWRI³,GHDO,QIRUPDWLRQIRUWKH*HQHUDO3XEOLF´
D
DD
///
(
)A
8
! "8$ J
A” *
/
(01/B1)
/()
/+()
/:*
/(D/D)
/
/()
/A
/:46,
/:
/
/46,/D
/
/:
/(22A)
(+)
J
A,”:
(>)
J
”
: :
22
''
B1>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
22/> A
7DEOH&ODVVLILFDWLRQRI,QIRUPDWLRQIRUWKH*HQHUDO3XEOLFLQWKH:+2'DWDEDVH
&RXQWU\
+DQGERRN
3DPSKOHW
)DFW6KHHW
9LGHR
5HSRUW
:
:
:
:
:
!
:
%
:
:
%
,
:
:
:
:
:
:
:
8
:
:
:
'
:
'
:
:
'
:
E
:
:
6
:
3I
:
:
#
:
#
-
:
:
:
:
:
:
A
:
H
:
:
:
:
:
:
:
:
:
D
B1@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: 68:
2==< ( ) /7 /7 *
6WXGLH 'RNXPHQWLHUWHU )RUVFKXQJVUHVXOWDWH EHU GLH :LUNXQJ (OHNWURPDJQHWLVFKHU )HOGHU
7HLO 1LHGHUIUHTXHQWH (OHNWULVFKH XQG 0DJQHWLVFKH )HOGHU (6WXG\ RI WKH 'RFXPHQWHG
5HVHDUFK5HVXOWVRQWKH(IIHFWVRI/RZ)UHTXHQF\(OHFWULFDQG0DJQHWLF)LHOGV)7HLO
+RFKIUHTXHQWH(OHNWURPDJQHWLVFKH)HOGHU(6WXG\RIWKH'RFXPHQWHG5HVHDUFK5HVXOWVRQWKH
(IIHFWVRI+LJK)UHTXHQF\(OHFWURPDJQHWLF)LHOGV)
( ')
46, 4 % 4 4 # 8 '
& %
' -#3
( -# 3 ) % ( % ) 3
86-%(386-%),:
(32)(3@)
-, 46 (3 <) A (3 ) (3=)
(321)7 (322)(%44#8'011) A
5DGLRIUHTXHQF\ (OHFWURPDJQHWLF (QHUJ\ 0DQGDWRU\ +XPDQ ([SRVXUH 6WDQGDUGV DQG
&RPSOLDQFH )UDPHZRUN % 2===
!
'68
!8%
' % A +HDOWK
&DQDGD 4., -, (*++/+/++)* J
8 4 4:
- 4: . ,7 (4.,) @1+<1 8D 4” J
6
, / $
# 8 -A -7 , "
&
” 2== J
6 % !/
43&
-,,6”011B!
J
-
.A !/ 6
$
´ ( 0111) 7/
A/7J
4:-7,/,7 A
G (, )´ (2==9) 4., ? J
'S F 8* 4 6 , 4: .
,7” J
'S F 8* - 6
$
”J
'SF8*%#”
J
'SF8*
4:46,%6$5&
”
/ ( %D - 20)(%)7A7
20
'*(*++D++D=)
B1<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
( %) 6 87DD
-46,/
%
,?
, 8 6 , 4
8 46'34-'2B(
=PLURX 5HSRUW 0112) (0RELOH 3KRQHV +HDOWK 6HFXULW\ 0110) ($)66(6WDWHPHQWRQ 0RELOH3KRQHDQG+HDOWK011B4 ,)
(&RPPXQLTXp GH 3UHVVH &RQFHUQDQW O¶DYLV GH O¶$)66( 011B) A , 6…/ # /HV (IIHWV %LRORJLTXHV GHV
5D\RQQHPHQWV1RQ,RQLVDQWV0112
*
,$-#('HXWVFKHV0RELOIXQN)RUVFKXQJVSURJUDPP)
- # % (*UHQ]ZHUWH XQG 9RUVRUJHPD‰QDKPHQ ]XP 6FKXW] GHU
%HY|ONHUXQJ YRU (OHNWURPDJQHWLVFKHQ )HOGHUQ) 6 4
3
%
-
8 (J
%DVH 6WDWLRQV” 011> J
0RELOH
3KRQHDQG2XU/LIH”0112J
)DFWVRQ0RELOHDQG$QWHQQDV”2===)
46,/4., (J
(0) LQ 2XU (QYLURQPHQW” 011> J
(OHFWURPDJQHWLF )LHOGV DQG 2XU
(QYLURQPHQW” 0110) % 0110 '
'
*
*++DD++:A
' 00/ A 4 ! (4!) 2==>(OHFWULFDQG0DJQHWLF)LHOGVLQWKH(QYLURQPHQW
' ' ' 6 4
-&
($-4G)5DGLDWLRQ)URP
0RELOH3KRQHV
'4
E 4 4
. 0112
4.,(OHFWURPDJQHWLF)LHOGVDQG+HDOWKE6
#68 #(6#8#)(
011>)-,5DGLR:DYHVDQGD6DIH/LIH
6 % 6 % 011B 5DGLDWLRQ 0RELOH 3KRQHV %DVH 6WDWLRQV DQG <RXU
+HDOWK
3 I; (3 I 3 - . 3I
6 8 6 4
+6 8) 2B
'34-''*(*++:+
+:+:)
B19
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
AA<RXU
+HDOWKDQG)LHOGVIURP(OHFWULF/LQHV-,
' A -, :
A 3- .(A &HOOVLWHV)
6DIHW\ RI &HOOSKRQHV 7 :
: 7
D D (A
1DWLRQDO*XLGHOLQHVIRU0DQDJLQJWKH(IIHFWVRI5DGLRIUHTXHQF\7UDQVPLWWHUV)
# A ' 3 '
% ' '3'%4.
'#/A(OHFWURHQHUJHWLF
/LQHVDQG6WDWLRQVLQWKH(QYLURQPHQW
- /D +XPDQ%HLQJLQWKH(OHFWURPDJQHWLF)LHOG2==
A(9SOLY1HLRQL]LUQLK(OHNWURPDJQHWQLK6HYDQMQD
%LRORãNH 6LVWHPH (IIHFWV RI 1RQLRQL]LQJ (OHFWURPDJQHWLF )LHOGV RQ %LRORJLFDO
6\VWHPV 2===) : ( 1 B11
8D),460RELOH7HOHSKRQ\DQG+HDOWK011>
' D A /D
- # –A (*++)
/ A :
(-# " "A
4
3 # 4 3 ! 8 ! #) ( D /D
)
/D
A (0) 4XHVWLRQV DQG $QVZHUV
011B
A A 46, 'A
3 - # ! H 46,
(++) & 8 (0RELOH 3KRQH %DVH
6WDWLRQVDQG+HDOWK
B1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
3 '
4
8 ; 3 ' 8 (3'48+3'8) ? (0)
4XHVWLRQV DQG $QVZHUV 0110 4XHVWLRQV DQG $QVZHUV (0) LQ WKH
:RUNSODFH2==<
,& +,%%'(*++
++)
' "8$ 7 6 D4.,-,
22/@ 7
B1=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH&ODVVLILFDWLRQRILQIRUPDWLRQIRUWKHJHQHUDOSXEOLFLQWKH:+2'DWDEDVHDFFRUGLQJWR
FRQVLGHUHGIUHTXHQF\VSHFWUXP
&RXQWU\
(/)
:
5)
:
:
:
!
:
%
:
:
%
,
:
:
:
:
8
:
:
'
:
'
:
:
'
:
:
E
:
:
6
:
3I
:
:
#
:
#
-
:
:
:
:
:
:
A
:
H
:
:
:
:
D
46,A"8$
:
B21
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&RQFOXVLRQ
"8$
A ( ) 46, : 46, D 7 ;
46, D
D
>
46, (B2 4 6 4 3 $ ) : /
(B<)
'%3'-# :/
( 2<) '%3'-# -, : 7A
%
7 "8$ 4.,-,46,
: "8$ 46, A
A
':
76
A (2>) (20)(21)(=)
A 7 ' 7 'J
46,++A++
+
”A+
(01/B1 +0/B ) ( ):(D
/D)'
+ ( +
+ ) : A
: / 46, : : : ' + : : 7 46, 46, / D "8$ '
46, #U 46, B22
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
02
$FNQRZOHGJPHQW
AA8
5HIHUHQFHV
%44#8'(011)(0(6HULHV)DFW6KHHWV
-
E<011=*++
++:
&%868O'A6,(2=<)5DGLRIUHTXHQF\5DGLDWLRQ'RVLPHWU\
+DQGERRN , 6
4 % (4%) (2===) &RXQFLO 5HFRPPHQGDWLRQ RQ WKH OLPLWDWLRQ RI H[SRVXUH RI
WKHJHQHUDOSXEOLFWRHOHFWURPDJQHWLFILHOGV+]WR*+]2===+@2=+4%
4 # % 4 (011>) 'LUHFWLYH (& RI WKH
(XURSHDQ3DUOLDPHQWDQGRIWKH&RXQFLORI$SULORQWKHPLQLPXPKHDOWKDQG
VDIHW\ UHTXLUHPHQWV UHJDUGLQJ WKH H[SRVXUH RI ZRUNHUV WR WKH ULVNV DULVLQJ IURP
SK\VLFDO DJHQWV HOHFWURPDJQHWLF ILHOGV (2 &
2<(2)&
=+B=2+4%)4#
' 4 4 4 ' ('444) (2=== ,((( 6WDQGDUG IRU
6DIHW\ /HYHOV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF
)LHOGVN+]WR*+](%=@2/2===)3FA3F*'4
44
' % 3/'D - # ('%3'-#) (2==>)
:+HDOWK3K\VLF6RFLHW\(2)
211/21<
' % 3/'D - # ('%3'-#) (2==) '%3'-#
:/
(B118D)+HDOWK3K\VLFV(>)>=>/@00
& O !A (011B) :+2 ,QWHUQDWLRQDO (0) 3URMHFW 6WDQGDUGV 'DWDEDVH
(0) :RUOG :LGH 6WDQGDUGV -
6 > 011= *++++/+46,+/1210+"@
44%(2=@960@)--
E0B
011=*++++-@9+
"8$D(011=),A
/46,
-
E
02
011=
*+++/
++A++:
B20
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
B2B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
&DQDGD
&DQDGD
&DQDGD
&DQDGD
&DQDGD
>@ >@ >@ >@ $XVWULD
>@ >@ $XVWULD
>@ %HOJLXP
5HSRUWV
>@ &RXQWU\
7LWOH
8SGDWH5HFHQW$GYDQFHVLQ
*600RELOH7HOHSKRQ\LVLW
VDIH"
$UHYLHZRIWKH3RWHQWLDO+HDOWK
5LVNVRI5DGLRIUHTXHQF\)LHOGV
IURP:LUHOHVV
7HOHFRPPXQLFDWLRQV'HYLFHV
5HFHQW$GYDQFHVLQ5HVHDUFKRQ
5DGLRIUHTXHQF\)LHOGVDQG
+HDOWK
(QYLURQPHQWDO+HDOWK&ULWHULD
(OHFWURPDJQHWLF)LHOGV+]
WR*+]
(QYLURQPHQWDO+HDOWK&ULWHULD
5DGLRIUHTXHQF\DQG0LFURZDYHV
6WXGLH'RNXPHQWLHUWHU
)RUVFKXQJVUHVXOWDWHEHUGLH
:LUNXQJHOHNWURPDJQHWLVFKHU
)HOGHU7HLO+RFKIUHTXHQWH
HOHNWURPDJQHWLVFKH)HOGHU
6WXGLH'RNXPHQWLHUWHU
)RUVFKXQJVUHVXOWDWHEHUGLH
:LUNXQJHOHNWURPDJQHWLVFKHU
)HOGHU7HLO1LHGHUIUHTXHQWH
HOHNWULVFKHXQGPDJQHWLVFKH
)HOGHU
,QWHUQDWLRQDO3URJUDPPH
RQ&KHPLFDO6DIHW\
,3&6,1&+(0
,QWHUQDWLRQDO3URJUDPPH
RQ&KHPLFDO6DIHW\
,3&6,1&+(0
([SHUW3DQHORI5R\DO
6RFLHW\RI&DQDGD
([SHUW3DQHORI5R\DO
6RFLHW\RI&DQDGD
%.XQVFK*1HXEDXHU
+*DUQ(%RQHN1
/HLWJHLE*0DJHUODQG
2-DKQ
)RUVKXQJVEHULFKW
KHUDXVJHEHQYRP
%XQGHVPLQLVWHULXPIU
*HVXQGKHLWXQG
.RQVXPHQVFKXW]±
6HNWLRQ,,,
2(=)6$
0LQLVWU\RI+HDOWK
%.XQVFK*1HXEDXHU
+*DUQ(%RQHN1
/HLWJHLE*0DJHUODQG
2-DKQ
)RUVKXQJVEHULFKW
KHUDXVJHEHQYRP
%XQGHVPLQLVWHULXPIU
*HVXQGKHLWXQG
.RQVXPHQVFKXW]±
6HNWLRQ,,,
2(=)6$
0LQLVWU\RI+HDOWK
+HDOWK&RXQFLO
$XWKRU
<HDU
5)SSSXEOLVKHG
5)SS
5)SS
)UHQFKSS
*HUPDQ5)SS
*HUPDQ(/)SS
5HPDUNV
KWWSWD\ORUDQGIUDQFLVPHWDSUHVVFRPDSSKRPHFRQWULEXWLRQDVS"ZD
KWWSZZZLQFKHPRUJGRFXPHQWVHKFHKFHKFKWP
KWWSZZZLQFKHPRUJGRFXPHQWVHKFHKFHKFKWP
KWWSZZZUVFFDILOHVSXEOLFDWLRQVH[SHUWBSDQHOV5)H[SHUWBSDQHOB
UDGLRIUHTXHQF\BXSGDWHSGI
KWWSZZZKHDOWKIJRYEH&6+B+*5)UDQFDLV%URFKXUHV'H*60HLQ
GYHUVLHIUKWPO
KWWSZZZUVFFDILOHVSXEOLFDWLRQVH[SHUWBSDQHOV5)5)UHSRUW
HQSGI
+UQ0LQ5DW',+RKHQEHUJ
%XQGHVPLQLVWHULXPIU/DQG)RUVW8PZHOWXQG:DVVHUZLUWVFKDIW
6HNWLRQ,$EWHLOXQJ
5DGHW]N\VWUD‰H
$:LHQ
+UQ0LQ5DW',+RKHQEHUJ
%XQGHVPLQLVWHULXPIU/DQG)RUVW8PZHOWXQG:DVVHUZLUWVFKDIW
6HNWLRQ,$EWHLOXQJ
5DGHW]N\VWUD‰H
$:LHQ
6RXUFH
$33(1',;(0)+DQGERRNVIURPWKH:+26WDQGDUGV'DWDEDVH
A
(3
011>):
#(N)
B2>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
*HUPDQ\
7KH1HWKHUODQGV
7KH1HWKHUODQGV
6ORYHQLD
6ZHGHQ
>@ >@ >@ >@ >@ )UDQFH
>@ )UDQFH
)UDQFH
>@ >@ )LQODQG
>@ )UDQFH
&DQDGD
>@ >@ &RXQWU\
5HFHQW5HVHDUFKRQ0RELOH
7HOHSKRQ\DQG&DQFHUDQG2WKHU
6HOHFWHG%LRORJLFDO(IIHFWV)LUVW
DQQXDOUHSRUWIURP66,¶V
,QGHSHQGHQW([SHUW*URXSRQ
0RELOH7HOHSKRQHV$Q(YDOXDWLRQ
RI+HDOWK(IIHFWV
+HDOWKHIIHFWVRIH[SRVXUHWR
UDGLRIUHTXHQF\HOHFWURPDJQHWLF
ILHOGV5HFRPPHQGDWLRQVIRU
UHVHDUFK
(IIHFWVRIQRQLRQL]LQJ
HOHFWURPDJQHWLFILHOGVRQ
ELRORJLFDOV\VWHPV
0RELOH7HOHSKRQHV+HDOWKDQG
6HFXULW\
5HSRUWRI([SHUWV0DQGDWHGE\
)UHQFK(QYLURQPHQWDO+HDOWKDQG
6DIHW\$JHQF\
+XPDQ+HDOWK5)(0)(IIHFWV
³=PLURX5HSRUW´/HV7HOHSKRQHV
0RELOHV/HXUV6WDWLRQVGH%DVH
HWOD6DQWH(WDWGHV
FRQQDLVVDQFHVHW
UHFRPPDQGDWLRQV
5HSRUWRI3DUOLDPHQW¶V(YDOXDWLRQ
³0RELOH7HOHSKRQ\DQG+HDOWK´
678.$5DGLDWLRQVDIHW\RI
KDQGKHOGPRELOHSKRQHVDQGEDVH
VWDWLRQV
$UHYLHZRIWKH3RWHQWLDO+HDOWK
5LVNVRI5DGLRIUHTXHQF\)LHOGV
IURP:LUHOHVV
7HOHFRPPXQLFDWLRQV'HYLFHV±
XSGDWHUHSRUW
5HVHDUFKRQ5DGLRIUHTXHQF\
)LHOGVDQG+HDOWK
7LWOH
'0LNODYFLF3*DMVHN
)DFXOW\RI(OHFWULFDO
(QJLQHHULQJ8QLYHUVLW\RI
/MXEOMDQD
,QWHUQDWLRQDO,QGHSHQGHQW
([SHUW*URXSRIWKH
6ZHGLVK5DGLDWLRQ
3URWHFWLRQ$XWKRULW\66,
&RPPLVVLRQRI
&RQVXPHUV6HFXULW\
)UHQFK(QYLURQPHQWDO
+HDOWKDQG6DIHW\
$JHQF\
$XWKRU-6LOQ\5HJLRQDO
(QYLURQPHQWDO2IILFHRI
%DGHQ:XHUWWHPEHUJ
+HDOWK&RXQFLORIWKH
1HWKHUODQGV
+HDOWK&RXQFLORIWKH
1HWKHUODQGV
0LQLVWU\RI+HDOWK
-RNHOD./HV]F]\QVNL
'3DLOH:6DORPDD
63XUDQHQ/+\\VDOR
3
0LQLVWU\RI+HDOWK
'.UHZVNL&9%\XV
%:*OLFNPDQ:*
/RW]50DQGHYLOOH0/
0F%ULGH)63UDWR'
):HDYHU
$XWKRU
<HDU
SS
6ORYHQLDQSS
'XWFK
(QJOLVK
SS
(QJOLVKSS
*HUPDQSS
)UHQFK
)UHQFK5)
)UHQFK(QJOLVK5)
SS
)UHQFK5)
LQ
-RXUQDORI7R[LFRORJ\
DQG(QYLURQPHQWDO
+HDOWK3DUW%&ULWLFDO
5HYLHZV
YROQRSS
3XEOLVKHGLQ
-RXUQDORI7R[LFRORJ\
DQG(QYLURQPHQWDO
+HDOWK3DUW%&ULWLFDO
5HYLHZV
YROQRSS
(QJOLVKSS
5HPDUNV
KWWSZZZVVLVHHQJOLVK(0)B
GDPLMDQPLNODYFLF#IHXQLOMVL
KWWSZZZJUQOSGISKS",' KWWSZZZJH]RQGKHLGVUDDGQOSGISKS",' KWWSZZZOIXEDGHQZXHUWWHPEHUJGHOIXDEWH
VPRJOLWHUDWXUVWXGLHBVLOQ\SGI
KWWSZZZDIVVHIU
KWWSZZZVDQWHJRXYIUKWPGRVVLHUVWHOHSKRQBPRELOWHOHKWP
KWWSZZZVHQDWIUUDSUUKWPO
KWWSZZZVHQDWIUUDSUUSGI
KWWSZZZVDQWHJRXYIUKWPGRVVLHUVWHOHSKRQBPRELOWHOHKWP
KWWSZZZVDQWHJRXYIUKWPGRVVLHUVWHOHSKRQBPRELOSGIWHOHSKBB
SGI
KWWSZZZVDQWHJRXYIUKWPGRVVLHUVWHOHSKRQBPRELOWHOHSKBXNKWP
KWWSZZZVDQWHJRXYIUKWPGRVVLHUVWHOHSKRQBPRELOSGIWHOHSKBXN
GRF
KWWSZZZFVFQHWRUJ&RPPXQ$9,6WHOHFHOOKWP
KWWSZZZVWXNILMXONDLVXWVWXNDVWXNDKWPO
KWWSWD\ORUDQGIUDQFLVPHWDSUHVVFRPDSSKRPHFRQWULEXWLRQDVS"ZD
VS GGZYUTNQMKMPUHIHUUHU SDUHQWEDFNWR VHDUFKDUWLFOHVUH
VXOWVKRPHPDLQ
VS GGZYUTNQMKMPUHIHUUHU SDUHQWEDFNWR VHDUFKDUWLFOHVUH
VXOWVKRPHPDLQ
6RXUFH
B2@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
8QLWHG.LQJGRP
8QLWHG.LQJGRP
8QLWHG6WDWHVRI
$PHULFD
(XURSHDQ
>@ >@ >@ 8QLWHG.LQJGRP
>@ >@ 8QLWHG.LQJGRP
>@ 8QLWHG.LQJGRP
8QLWHG.LQJGRP
>@ >@ 8QLWHG.LQJGRP
>@ 8QLWHG.LQJGRP
6ZLW]HUODQG
>@ >@ 6ZHGHQ
>@ 8QLWHG.LQJGRP
6ZHGHQ
>@ >@ &RXQWU\
1,(+65HSRUWRQ+HDOWK(IIHFWV
IURP([SRVXUHWR3RZHU/LQH
)UHTXHQF\(OHFWULFDQG0DJQHWLF
)LHOGV
2SLQLRQRQSRVVLEOHKHDOWKHIIHFWV
0RELOHSKRQHVKHDOWKDQ
XSGDWH
0RELOH3KRQHVDQG+HDOWK
5HYLHZRIWKH6FLHQWLILF(YLGHQFH
IRU/LPLWLQJ([SRVXUHWR
(OHFWURPDJQHWLF)LHOGV
*+]
3DUWLFOH'HSRVLWLRQLQWKH9LFLQLW\
RI3RZHU/LQHVDQG3RVVLEOH
(IIHFWVRQ+HDOWK
5HSRUWRIDQLQGHSHQGHQW
$GYLVRU\*URXSRQ1RQLRQLVLQJ
5DGLDWLRQDQGLWV$G+RF*URXS
RQ&RURQD,RQV
+HDOWK(IIHFWVIURP
5DGLRIUHTXHQF\(OHFWURPDJQHWLF
)LHOGV5HSRUWRIDQLQGHSHQGHQW
$GYLVRU\*URXSRQ1RQLRQLVLQJ
5DGLDWLRQ
(/)(OHFWURPDJQHWLF)LHOGVDQG
1HXURGHJHQHUDWLYH'LVHDVH
5HSRUWRIDQ$GYLVRU\*URXSRQ
1RQ,RQLVLQJ5DGLDWLRQ
3RVVLEOH+HDOWK(IIHFWVIURP
7HUUHVWULDO7UXQNHG5DGLR
7(75$5HSRUWRIDQ$GYLVRU\
*URXSRQ1RQ,RQLVLQJ5DGLDWLRQ
([SRVXUHWR5DGLR:DYHV1HDU
0RELOH3KRQH%DVH6WDWLRQV
(OHFWURPDJQHWLF)LHOGV
(SLGHPLRORJLF6WXGLHVRI&HOOXODU
7HOHSKRQHVDQG&DQFHU5LVN$
5HYLHZ
6$5DQGUDGLDWLRQHIIHFWIRU
PRELOHSKRQHV
1LFKWLRQLVLHUHQGH6WUDKOXQJ
9HUJOHLFKVPHVVXQJHQDQ
0RELOIXQN%DVLVVWDWLRQHQ
0RELOH3KRQHVDQG+HDOWK
7LWOH
6FLHQWLILF6WHHULQJ
1,(+6
%ULWLVK0HGLFDO
$VVRFLDWLRQ%RDUGIRU
6FLHQFHDQG(GXFDWLRQ
%0$
153%
'RFXPHQWVRIWKH153%
9RO1R
'RFXPHQWVRIWKH153%
9RO1R
'RFXPHQWVRIWKH153%
9RO1R
'RFXPHQWVRIWKH153%
9RO1R
,QGHSHQGHQW([SHUW
*URXSRQ0RELOH3KRQHV
6WHZDUW5HSRUW
'RFXPHQWVRIWKH153%
9RO1R
*$QJHU
66,5HSRUW
+5\VHU0(7$6
%HULFKWH
-'%RLFH-.
0F/DXJKOLQ66,5HSRUW
$XWKRU
<HDU
SS
SS
SS
SS
SS
SS
SS
SS
SS
SS
*HUPDQSS
6ZHGLVKSS
SS
5HPDUNV
KWWSHXURSDHXLQWFRPPIRRGIVVFVVFRXWBHQKWPO
KWWSZZZQLHKVQLKJRYHPIUDSLGKWPO(0)B
KWWSZZZEPDRUJXNDSQVIFRQWHQWPRESKRQXSG"RSHQGRFXPHQW
KLJKOLJKW PRELOH
KWWSZZZEPDRUJXNDSQVIIHHFGIEIFD
EFHEDGGF),/(0RELOHSKRQHVSGI
KWWSZZZQUSERUJSXEOLFDWLRQVDUFKLYHUHSRUWVQUSEBUSGI
KWWSZZZQUSERUJSXEOLFDWLRQVGRFXPHQWVBRIBQUSEDEVWUDFWVDEVG
KWP
KWWSZZZQUSERUJSXEOLFDWLRQVGRFXPHQWVBRIBQUSESGIVGRFBB
SGI
KWWSZZZQUSERUJSXEOLFDWLRQVGRFXPHQWVBRIBQUSESGIVGRFBB
SGI
KWWSZZZQUSERUJSXEOLFDWLRQVGRFXPHQWVBRIBQUSESGIVGRFBB
SGI
KWWSZZZQUSERUJSXEOLFDWLRQVGRFXPHQWVBRIBQUSESGIVGRFBB
SGI
KWWSZZZLHJPSRUJXNUHSRUWWH[WKWP
KWWSZZZPHWDVFKGHSXEOLFDWLRQGRFXPRELOIXQNBEDVLVVWDWLRQHQSG
I
KWWSZZZVVLVHVVLBUDSSRUWHUSGIVVLBUDSSBBSGI
KWWSZZZVVLVHVVLBUDSSRUWHUSGIVVLBUDSSBBSGI
6RXUFH
B2<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
&DQDGD:+2
&DQDGD:+2
&DQDGD:+2
+DQGERRNV
$XVWUDOLD
&DQDGD
&DQDGD
&DQDGD
)UDQFH
*HUPDQ\
*HUPDQ\
*HUPDQ\
*HUPDQ\
,UHODQG
,VUDHO
-DSDQ
>@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ &RPPLVVLRQ
&RXQWU\
>@ *HUPDQ0RELOH7HOHSKRQ\
5HVHDUFK3URJUDP
0RELOH7HOHSKRQ\+RZGRHVLW
RSHUDWH"
/LPLW9DOXHVDQG0HDVXUHVIRU
3URWHFWLRQRI*HQHUDO3XEOLFIURP
(OHFWURPDJQHWLF)LHOGV
*HQHUDO3XEOLF3URWHFWLRQRI
([SRVXUHWR(OHFWURPDJQHWLF
)LHOGV
(OHFWULFDQG0DJQHWLF)LHOGVLQWKH
(QYLURQPHQW
5DGLDWLRQIURP0RELOH3KRQHV
(OHFWURPDJQHWLF)LHOGVDQG+HDOWK
%LRORJLFDO(IIHFWVRI1RQLRQL]LQJ
5DGLDWLRQ
5DGLRIUHTXHQF\(OHFWURPDJQHWLF
(QHUJ\0DQGDWRU\KXPDQ
H[SRVXUHVWDQGDUGVDQG
FRPSOLDQFHIUDPHZRUN
+HDOWK(IIHFWV$QG([SRVXUH
*XLGHOLQHV5HODWHG7R([WUHPHO\
/RZ)UHTXHQF\(/)+]
(OHFWULF$QG0DJQHWLF)LHOGV$Q
2YHUYLHZ
0HDVXUHPHQW2I&HOOXODU%DVH
6WDWLRQ(PLVVLRQV8VLQJ$1HZO\
'HYHORSHG5))LHOG0DSSLQJ
6\VWHP
5DGLDWLRQ/HDNDJHRI%HIRUH6DOH
DQG8VHG0LFURZDYH2YHQV
IURPH[SRVXUHWRHOHFWURPDJQHWLF
ILHOGV+]*+]
+HDOWKULVNVRIHOHFWURPDJQHWLF
ILHOGV3DUW,(YDOXDWLRQDQG
DVVHVVPHQWRIHOHFWULFDQG
PDJQHWLFILHOGV
+HDOWKULVNVRIHOHFWURPDJQHWLF
ILHOGV3DUW,,(YDOXDWLRQDQG
DVVHVVPHQWRIUDGLRIUHTXHQF\
UDGLDWLRQ
+HDOWKULVNVRIHOHFWURPDJQHWLF
ILHOGV3DUW,,,5LVNDQDO\VLV
7LWOH
625(415&
-DSDQ(OHFWULFDO6DIHW\
(QYLURQPHQW7HFKQRORJ\
/DERUDWRULHV
(OHFWULFLW\6XSSO\%RDUG
&RPPLVVLRQIRU5DGLDWLRQ
3URWHFWLRQ
)HGHUDO2IILFHIRU
5DGLDWLRQ3URWHFWLRQ
)HGHUDO2IILFHIRU
5DGLDWLRQ3URWHFWLRQ
&RPPLVVLRQIRU5DGLDWLRQ
3URWHFWLRQ
$XWKRUV$7KDQVDGRWH
':/HFX\HU*%
*DMGD
$XWKRU$'XFKHQH-
-RXVVRW'XELHQ
:RUNLQJ*URXSRIWKH
)HGHUDO3URYLQFLDO
7HUULWRULDO5DGLDWLRQ
3URWHFWLRQ&RPPLWWHH
+HDOWK&DQDGD
$XVWUDOLDQ
&RPPXQLFDWLRQV
$XWKRULW\
%URGVN\/0+DEDVK5:
/HLVV:.UHZVNL'
5HSDFKROL0
+DEDVK5:%URGVN\/0
/HLVV:.UHZVNL'
5HSDFKROL0
+DEDVK5:%URGVN\/0
/HLVV:.UHZVNL'
5HSDFKROL0
&RPPLWWHHRIWKH(&
$XWKRU
<HDU
+HEUHZSS
-DSDQHVHSS
SS
*HUPDQSS
*HUPDQSS
*HUPDQ5)SS
0LFURZDYH:RUOG
SDUWLFOH
SS
)UHQFK)ODPPDULRQ
0pGHFLQH6FLHQFHV
3DULVSS
*HUPDQ5)SS
5)SS
+DQGERRN(/)SS
3XEOLVKHGLQ&ULWLFDO
5HYLHZVLQ%LRPHGLFDO
(QJLQHHULQJYRO
QRSS
3XEOLVKHGLQ&ULWLFDO
5HYLHZVLQ%LRPHGLFDO
(QJLQHHULQJYRO
QRSS
3XEOLVKHGLQ&ULWLFDO
5HYLHZVLQ%LRPHGLFDO
(QJLQHHULQJYRO
QRSS
+DQGERRN5)
SS
5HPDUNV
(OHFWULFLW\6XSSO\%RDUG
/RZHU)LW]ZLOOLDP6WUHHW'XEOLQ
KWWSZZZUDGLDWLRQVDIHW\
KWWSZZZMHWRUMSHBKHDOWK
KWWSZZZVVNGH
KWWSZZZEPXGHILOHVHOHNWURPDBIHOGHUSGI
KWWSZZZEIVGHHOHNWURSDSLHUH
KWWSZZZEIVGH
KWWSPHGHFLQHIODPPDULRQFRP
KWWSZZZKFVFJFFDKHFVVHVFFFUSESGIPLFURZDYH
KWWSZZZKFVFJFFDKHFV
VHVFFFUSESXEOLFDWLRQUHSRUWBJOREHBV\VWHPBPDUFKWRFKWP
KWWSZZZKFVFJFFDKHFV
VHVFFFUSESXEOLFDWLRQHOIBJXLGHOLQHVWRFKWP
KWWSZZZQDUGDVWVFRPSGIQRUPHQHPUKDQGERRNBDXVWUDOLDSGI
KWWSZZZEHJHOOKRXVHFRPMRXUQDOVEFEIFHEDF
GHDGIEHKWPO
KWWSZZZEHJHOOKRXVHFRPMRXUQDOVEFEIFHEID
HDGIGDEEKWPO
KWWSZZZEHJHOOKRXVHFRPMRXUQDOVEFEIFHEID
HDGEHEHEEFKWPO
6RXUFH
B29
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
3DPSKOHWV
$XVWUDOLD
>@ 7DLZDQ
>@ :+2
5XVVLD
>@ >@ 3HUX
>@ 86$
1HZ=HDODQG
>@ >@ 1HZ=HDODQG
>@ 86$
1HZ=HDODQG
>@ >@ 0DOD\VLD
>@ 8.
-DSDQ
>@ >@ &RXQWU\
4XHVWLRQVDQG$QVZHUV(0)LQ
WKH:RUNSODFH
(VWDEOLVKLQJD'LDORJXHRQ5LVNV
IURP(0)V
0RELOH3KRQHV«\RXUKHDOWKDQG
UHJXODWLRQRIUDGLRIUHTXHQF\
(0)4XHVWLRQVDQG$QVZHUV
0RELOHSKRQHQHWZRUN
GHYHORSPHQWFRGHRIEHVW
SUDFWLFH
(0)4XHVWLRQVDQG$QVZHUV
+XPDQ%HLQJLQ(OHFWURPDJQHWLF
)LHOG
1DWLRQDO*XLGHOLQHVIRU0DQDJLQJ
WKH(IIHFWVRI5DGLRIUHTXHQF\
7UDQVPLWWHUV
0RELOH7HOHSKRQ\DQG+HDOWK
&HOOVLWHV
<RXU+HDOWKDQG)LHOGVIURP
(OHFWULF/LQHV
5DGLDWLRQ0RELOH3KRQHV%DVH
6WDWLRQVDQG<RXU+HDOWK
5DGLR:DYHVDQGD6DIH/LIH
7LWOH
$XVWUDOLDQ
FRPPXQLFDWLRQV$XWKRULW\
:+2
&HQWUHIRU
(OHFWURPDJQHWLF6DIHW\
5)65&
,QVWLWXWHRI
%LRSK\VLFV
$XWKRU1,(+61,+
5HVHDUFK7ULDQJOH3DUN
1&86$
3XEOLVKHU1DWLRQDO
$VVRFLDWLRQIRU5DGLDWLRQ
3URWHFWLRQ1$53
7DLZDQ
2IILFHRIWKH'HSXW\
3ULPH0LQLVWHU
:KLWHKDOO
/RQGRQ
6:$:+
7HO
1DWLRQDO,QVWLWXWHRI
(QYLURQPHQWDO+HDOWK
6FLHQFHV1DWLRQDO
,QVWLWXWHRI+HDOWK
5HVHDUFK7ULDQJOH3DUN
1&86$
1,(+6
9&UX]2UQHWWD,1,&7(/
0LQLVWU\RI3XEOLF
0DQDJHPHQW+RPH
$IIDLUV3RVWVDQG
7HOHFRPPXQLFDWLRQV
03+37
0DOD\VLDQ
&RPPXQLFDWLRQVDQG
0XOWLPHGLD&RPPLVVLRQ
1HZ=HDODQG1DWLRQDO
5DGLDWLRQ/DERUDWRU\1=
0LQLVWU\RI+HDOWK
1=1DWLRQDO5DGLDWLRQ
/DERUDWRU\1=0LQLVWU\RI
+HDOWK
0LQLVWU\RI(QYLURQPHQW
0LQLVWU\RI+HDOWK
$XWKRU
<HDU
SS
SS
&ODVVLF&KLQHVH
SS
5XVVLDQSS
6SDQLVKSS
5)SS
5)SS
(/)SS
SS
-DSDQHVHSS
5HPDUNV
KWWSZZZDFDJRYDXFRQVXPHUBLQIRLVVXHVBDOHUWVHPUBSDPSKOHWS
GI
KWWSZZZZKRLQWSHKHPISXEOLFDWLRQVHQ(0)B
KWWSZZZQLHKVQLKJRYHPIUDSLGKWPO4$:RUNSODFHKWPO
KWWSZZZQLHKVQLKJRYHPIUDSLGERRNOHWKRPHKWP
KWWSZZZRGSPJRYXNVWHOOHQWJURXSVRGSPBFRQWUROGRFXPHQWVFR
QWHQWVHUYHUWHPSODWHRGSPBLQGH[KFVW"Q O KWWSZZZZKRLQWSHK
HPISXEOLFDWLRQVHQHVSBPRESKRQHKHDOWKENSGI
&(06#WHVODUX
KWWSZZZPIHJRYWQ]SXEOLFDWLRQVUPDUDGLRIUHTJXLGHOLQHV
GHFKWPO
KWWSZZZQUOPRKJRYWQ]&HOOVLWHVBERRNOHWSGI
KWWSZZZZKRLQWSHK
HPISXEOLFDWLRQVHQPFPFUDGLDWLRQPRELOHSKRQHENSGI
KWWSZZZQUOPRKJRYWQ](0)
KWWSZZZWHOHVRXPXJRMSMHOHERG\HPIBSDPSKOHWSGI
6RXUFH
B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
8QLWHG.LQJGRP
8QLWHG.LQJGRP
)DFWVKHHWV
$XVWUDOLD
$XVWUDOLD
$XVWUDOLD
$XVWUDOLD
$XVWUDOLD
>@ >@ >@ >@ >@ >@ 6ZHGHQ
>@ >@ 6ORYHQLD
>@ 8QLWHG.LQJGRP
1HZ=HDODQG
>@ >@ *HUPDQ\
>@ 8QLWHG.LQJGRP
*HUPDQ\
>@ >@ )UDQFH
>@ 6ZHGHQ
&DQDGD
>@ >@ &RXQWU\
3RWHQWLDOLQWHUIHUHQFHRIPRELOH
SKRQHVZLWKSDFHPDNHUVKHDULQJ
DLGVDQGRWKHUGHYLFHV
:KDWDERXWEDVHVWDWLRQVDQG
WHOHFRPPXQLFDWLRQVWRZHUV±DUH
WKHUHDQ\KHDOWKHIIHFWV"
$ERXWPRELOHSKRQHQHWZRUNV
8QGHUVWDQGLQJ5DGLDWLRQ5DGLR
:DYHV
0RELOH3KRQHVDQG+HDOWK
*XLGDQFHIURPWKH'HSW2I
+HDOWK
(OHFWURPDJQHWLFHQHUJ\DQGLWV
HIIHFWV
$ERXWPRELOHSKRQHV
0RELOH3KRQH%DVH6WDWLRQVDQG
+HDOWK
0RELOH3KRQHVDQG+HDOWK
5HGXFWLRQRIHOHFWULFDQG
PDJQHWLFILHOGVLQEXLOGLQJV
(OHFWURPDJQHWLFUDGLDWLRQ0RELOH
7HOHSKRQ\DQG+HDOWK
5DGLDWLRQIURPPRELOH
WHOHFRPPPXQLFDWLRQV\VWHP$Q
LQIRUPDWLRQRIVL[DXWKRULWLHV
HOHFWURPDJQHWLFUDGLDWLRQ
6DIHW\DQG6DIH8VHRI&HOOXODU
3KRQHV
$)66(VWDWHPHQWRQPRELOH
SKRQHVDQGKHDOWK
5DGLDWLRQWRSLFV0RELOH
7HOHSKRQ\DQG7UDQVPLWWHUV
5DGLDWLRQ7RSLFV5DGLRDQG
0LFURZDYH5DGLDWLRQ3URWHFWLRQ
6DIHW\RI&HOOSKRQHV
7LWOH
$53$16$
$53$16$
$53$16$
$53$16$
$53$16$
'HSDUWPHQWRI+HDOWK
153%
'HSDUWPHQWRI+HDOWK
6ZHGLVK5DGLDWLRQ
3URWHFWLRQ$XWKRULW\
6RFLDO:HOIDUH$JHQF\
6ZHGLVK:RUN
(QYLURQPHQW$XWKRULW\
1DWLRQDO3RVWDQG
7HOHFRP$XWKRULW\
(OHFWULFDO6DIHW\
$GPLQLVWUDWLRQ1DWLRQDO
%RDUGRI+RXVLQJ
%XLOGLQJDQG3ODQQLQJ
<+DPQHULXV03HUVVRQ
6:LMN
66,1&&DQG&KDOPHUV
'HSDUWPHQWRI+HDOWK
)HGHUDO2IILFHIRU
5DGLDWLRQ3URWHFWLRQ
)HGHUDO2IILFHIRU
5DGLDWLRQ3URWHFWLRQ
1=1DWLRQDO5DGLDWLRQ
/DERUDWRU\1=0LQLVWU\RI
+HDOWK
)RUXP(06
+HDOWK&DQDGD
$XWKRU
<HDU
)DFWVKHHWQR
)DFWVKHHWQR
)DFWVKHHWQR
)DFWVKHHWQR
)DFWVKHHWQR
JXLGDQFH
OHDIOHWSSIROGHG
VKHHW
OHDIOHWSSIROGHG
VKHHW
6ZHGLVKSS
6ZHGLVKSS
6ORYHQLDQSS
5)SS
*HUPDQOHDIOHWSS
*HUPDQ/HDIOHWSS
(QJOLVK/HDIOHWSS
5HPDUNV
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZKVHJRYXNODXODFVKWP
KWWSZZZQUSERUJXQGHUVWDQGUDGLRZDYHVUDGLRZDYHVKWP
KWWSZZZGKJRYXNDVVHW5RRWSGI
KWWSZZZGKJRYXNDVVHW5RRWSGI
KWWSZZZVVLVHIRUVNQLQJ5DSSRUWHU36OXWUDSSRUW(R0IlOW
SRSXOlUYHUVLRQSGI
KWWSZZZVVLVHLFNHMRQLVHUDQGHBVWUDOQLQJPRELOWHOHVWUDOQLQJBPRELO
SGI
KWWSZZZIRUXPHPVVLVBILOHVSGI]OR]HQNDSGI
KWWSZZZQUOPRKJRYWQ]&HOOSKRQHVB,6SGI
KWWSZZZEIVGH
KWWSZZZDIVVHIUGRFXPHQWV$IVVHVWDWHPHQWRQPRELOHSKRQHVDQ
GKHDOWK
KWWSZZZEIVGH
KWWSZZZKFVFJFFDHQJOLVKSGIL\KFHOOSKRQHBHSGI
6RXUFH
B2=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
&RXQWU\
$XVWUDOLD
$XVWUDOLD
$XVWUDOLD
%HOJLXP
%HOJLXP
&DQDGD
&DQDGD
&DQDGD
&DQDGD
&DQDGD
&]HFK5HSXEOLF
,WDO\
1RUGLF
$XWKRULWLHV
7XUNH\
8QLWHG.LQJGRP
8QLWHG.LQJGRP
8QLWHG.LQJGRP
8QLWHG6WDWHVRI
$PHULFD
8QLWHG6WDWHVRI
>@ >@ >@ >@
>@
>@
>@
>@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ >@ &HOOXODUDQG3&6%DVH6WDWLRQV
*D]L8QLYHUVLW\)DFXOW\RI
0HGLFLQH
,(*03%DVH6WDWLRQV2IFRP¶V
5ROH([SRVXUH*XLGHOLQHV
0RELOH3KRQHV+HDOWK±DQ
8SGDWH
0RELOH3KRQHVDQG+HDOWK
*XLGDQFHIURPWKH'HSW2I
+HDOWK
&HOO3KRQH)DFWV
0RELOH7HOHSKRQ\DQG+HDOWK
6DIHW\RIH[SRVXUHWR5))$4
,W
V<RXU+HDOWK(OHFWULFDQG
0DJQHWLF)LHOGVDW([WUHPHO\/RZ
)UHTXHQFLHV
,W
V<RXU+HDOWK5DGLDWLRQ6DIHW\
RI0LFURZDYH2YHQV
,W
V<RXU+HDOWK6DIHW\DQG6DIH
8VHRI&HOOXODU3KRQHV
,W
V<RXU+HDOWK6DIHW\RI
([SRVXUHWR(OHFWULFDQG0DJQHWLF
)LHOGVIURP&RPSXWHU0RQLWRUV
DQG2WKHU9LGHR'LVSOD\
7HUPLQDOV
(OHFWURPDJQHWLF)LHOGV
(OHFWURPDJQHWLFHQHUJ\(0(
HPLVVLRQVLQIRUPDWLRQ)$4
:KDWDERXWEURDGFDVWWRZHUV±
DUHWKHUHDQ\KHDOWKHIIHFWV"
0RELOHSKRQHVDQGFKLOGUHQ
7LWOH
)RRGDQG'UXJ
$GPLQLVWUDWLRQ)HGHUDO
&RPPXQLFDWLRQV
&RPPLVVLRQ
)HGHUDO&RPPXQLFDWLRQV
7KH%ULWLVK0HGLFDO
$VVRFLDWLRQ
'HSDUWPHQWRI+HDOWK
2IILFHRI&RPPXQLFDWLRQV
'DQLVK1DWLRQDO%RDUGRI
+HDOWK5DGLDWLRQDQG
1XFOHDU6DIHW\$XWKRULW\
RI)LQODQG,FHODQGLF
5DGLDWLRQSURWHFWLRQ
,QVWLWXWH1RUZHJLDQ
5DGLDWLRQ3URWHFWLRQ
$XWKRULW\6ZHGLVK
5DGLDWLRQ3URWHFWLRQ
$XWKRULW\
)RXQGDWLRQ(OHWWUD
'HSDUWPHQWRI
&RPPXQLFDWLRQV
,QIRUPDWLRQ7HFKQRORJ\
DQGWKH$UWV
%HOJLDQ+HDOWK&RXQFLO
0LQLVWU\RI+HDOWK
$53$16$
$53$16$
$XWKRU
<HDU
JXLGDQFH
7XUNLVK
%DVLFWHUPVRI(0)
*60KHDOWKULVN
(QJOLVKOHDIOHWSS
SS
)DFWVKHHWQR
)DFWVKHHWQR
5HPDUNV
KWWSZZZIFFJRYRHWUIVDIHW\FHOOSFVKWPO
KWWSZZZIGDJRYFHOOSKRQHV
KWWSZZZPHGJD]LHGXWUGHSDUWPHQWVELRSK\VLVFELRSK\VLFVKWP
KWWSZZZRIFRPRUJXNFRQVXPHUBJXLGHVPREBSKRQHBEDVHBVWDWID
TVIDTBJHQHUDO"D KWWSZZZEPDRUJXNDSQVIFRQWHQWPRESKRQXSG"RSHQGRFXPHQW
KLJKOLJKW PRELOH
KWWSZZZKVHJRYXNODXODFVKWP
KWWSZZZVVLVHLFNHMRQLVHUDQGHBVWUDOQLQJPRELOWHOH1RUGLF0RELO3UH
VVSGI
KWWSZHEWHOHFRPF]K\JSUDKDRK]SSKWP
KWWSZZZHOHWWUDLWFRUVRFDPSLKWP
KWWSZZZKFVFJFFDHQJOLVKL\KSURGXFWVYGWKWPO
KWWSZZZKFVFJFFDHQJOLVKL\KSURGXFWVFHOOSKRQHVKWP
KWWSZZZKFVFJFFDHQJOLVKL\KSURGXFWVPLFURBRYHQVKWPO
KWWSZZZKHDOWK
KWWSZZZLQIRJVPEH
KWWSZZZKFVFJFFDHQJOLVKL\KHQYLURQPHQW
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZDUSDQVDJRYDXSXEVHPHBFRPLWHHIDFWSGI
KWWSZZZGFLWDJRYDXWHOIDTVWHOHFRPPXQLFDWLRQVB
6RXUFH
B01
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
,&1,53
,&1,53
(XURSHDQ
&RPPLVVLRQ
9LGHRV
8QLWHG.LQJGRP
>@
>@
>@
>@
6WDWHPHQWV
,&1,53
$PHULFD
8QLWHG6WDWHVRI
$PHULFD
8QLWHG6WDWHVRI
$PHULFD
(&(0)1HW
&RXQWU\
>@
>@
>@ >@ 0RELOH7HOHSKRQ\DQG+HDOWK
&HOOXODU7HOHSKRQH8VHDQG
&DQFHU
0RELOH3KRQH&HOO3KRQH%DVH
6WDWLRQVDQG+XPDQ+HDOWK
(IIHFWVRIWKH([SRVXUHWR(0)V
)URP6FLHQFHWR3XEOLF+HDOWK
DQG6DIHU:RUNSODFH
8VHRIWKH,&1,53(0)
*XLGHOLQHV,&1,53+RPHSDJH
6WDWHPHQWUHODWHGWRWKH8VHRI
6HFXULW\DQG6LPLODU'HYLFHV
XWLOL]LQJ(OHFWURPDJQHWLF)LHOGV
+HDOWK3K\VLFV9RO1R
6WDWHPHQWRQ0HGLFDO0DJQHWLF
5HVRQDQFH053URFHGXUHV
3URWHFWLRQ2I3DWLHQWV+HDOWK
3K\VLFV9RO1R
(OHFWURPDJQHWLFILHOGV
7LWOH
153%
0HGLFDO&ROOHJHRI
:LVFRQVLQ-(0RXOGHU
(XURSHDQ&RPPLVVLRQ
WK)UDPHZRUN
&RPPLVVLRQ
1DWLRQDO&DQFHU,QVWLWXWH
$XWKRU
<HDU
3UHVVUHOHDVHV
)$4
5HPDUNV
KWWSZZZQUSERUJSXEOLFDWLRQVHGXFDWLRQDOYLGHRPRELOHSKRQHSGI
KWWSZZZHXURSDHXLQWFRPPKHDOWK
KWWSZZZLFQLUSGHGRFXPHQWV05SGI
KWWSZZZLFQLUSGHGRFXPHQWV($6'SGI
KWWSZZZLFQLUSGHGRFXPHQWVXVHKWP
KWWSZZZMUFFHFHXLQWHPIQHWSUHVVFIP
KWWSZZZPFZHGXJFUFFRSFHOOSKRQHKHDOWK
KWWSFLVQFLQLKJRYIDFWBKWP
6RXUFH
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU 5DGLR)UHTXHQF\0LFURZDYH6DIHW\6WDQGDUGV
-%#
#$!:B<
!3E19=02/1B<
N
,QWURGXFWLRQ
- 7 (-,)+
:
%
?
/
/:,
-, 72168D
211 8D 7 7 B A8D B11 8D /
: / 7 / :
A D : 3'( 3')'%3/'D-
# ('%3'-#) ' 4 4 4 ('444) 3%-#6(3%-#)
7KH(DUO\<HDUV
: -, A""''
-,
:
-, / -, B02
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
U U :
(-2=>%A2=>=&
2=@0) (8 O #A 2=@0) -,+
D 2=@1; $DA
: -,+
7 J
# # 4 6
s”
6 % 2=@@ J
, /
% !
8D 6
-diation” J
/
% ! 8D 6
-diation,” 2=@9 2=@ (6
2=<1)A
D
/ 6 (2=<1) :
D :211P"+0211"+0
()
8#A(2=@0)211"+0$
"(2=@<)4(2=@9)
211 "+0 : D '
2=@B&!.B1!
D 211 P"+0 ' 2=@> 4
2"+0 D 21"+0 D
211"+0D
!
2=@1; 211 P"+0 211"+0 D
:21"+0 .(2=@<)
: 2 R% 72168D2118D
$6$&DQG$16,&
'2=<1-,U
( )2< - 8D
#U%=@(%=@)
J
+D]DUGV WR PDQNLQG YRODWLOH PDWHULDOV DQG H[SORVLYH GHYLFHV ZKLFK DUH FUHDWHG E\ PDQ
2<
3'( 3')
B00
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
PDGHVRXUFHVRIHOHFWURPDJQHWLFUDGLDWLRQ7KHIUHTXHQF\UDQJHRILQWHUHVWH[WHQGVSUHVHQWO\
IURP N+] WR *+] ,W LV QRW LQWHQGHG WR LQFOXGH LQIUDUHG ;UD\V RU RWKHU LRQL]LQJ
UDGLDWLRQ”( 2=<<)%=@%/&3
(! ) ' 4 429 :
: : 2=<< %=@2 %=@2/
2=<< (2=<<) : J
- #
” (-#) : -# / : 21"+0 7 2168D 2118D ' <2"+0<
' -# -#
/ -# %=@2/2=<< 2=9> 3
'( 3') 3'%=@2/2=9>(2=9>)
-# / :
:21"+0
2"+0 ! D : A 7 /7
7
21"+07
B11 68D ' -# -#'
A
7 7 U -# ( 3'2=9>)7
-#
2168D 2118D&/
2=9>
A ( >)2 D 91
$16,&6WDQGDUGDQGWKH1DWLRQDO&RXQFLORQ5DGLDWLRQ3URWHFWLRQDQG
0HDVXUHPHQWV1&535HFRPPHQGDWLRQV
4 %=@2 : U 3' %=@2/2=0 (
3'%=@2/2=9>) 29
' 2=<B ' 4 4 ' - 4 '444('444)
2
(2=9>)%=@%
*%2(7#
')%0+B6)%>(.
+-
#)%@(.
+-4/4:
&
)%<(.
+
-,6)%9(6
)
B0B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2=91 7 :
-, 7 A
: 7/ U -, 7:
U:
:
0/B(&2=9)(,20/2)
, 7/ 2=<1 # (2=91) -# 2=<< 2=9> %=@2 72=91;D-,
U7—-#
-, -, (2=9@2=9>)(2=9<)(2=992=9<)
& (2=1) & (2=9) 8 (2=9=) 7
7
DDU
7 7
2=0
A ' 7
A:
: ' 7 7 J
” J
te”D
7
: 46 $
J
,” -, 7/-#
B0>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH&DOFXODWHGZKROHERG\DYHUDJH6$5YHUVXVIUHTXHQF\IRUVLPSOHPRGHOVRIWKHDYHUDJHPDQ
IRU WKUHH VWDQGDUG SRODUL]DWLRQV 7KH LQFLGHQW SRZHU GHQVLW\ LV P:FP &XUYHV ( DQG + UHIHU WR
H[SRVXUH JHRPHWULHV ZKHUH WKH PDMRU D[LV RI WKH ERG\ LV DOLJQHG ZLWK WKH HOHFWULF ILHOG ( DQG WKH
PDJQHWLF ILHOG + UHVSHFWLYHO\ . UHIHUV WR WKH JHRPHWU\ ZKHUH WKH GLUHFWLRQ RI SURSDJDWLRQ LV LQ WKH
GLUHFWLRQRIWKHPDMRUD[LVRIWKHERG\)URP'XUQH\HWDO
5 7 7
J
” : "+B "+A J
” J
te,”()
() %=@>(%>)2=91;/
D J
dose” J
te” J
bsorption” ( )()
J
te” ( -) ()—
7 -,+
7 - E+A "+A
--,7
2=23%-#%B=-(3<9)(3%-#2=2)
%=@%>2=91
%=@2/2=0
-
,
7/ : -7#(-,#)
B0@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-# D % -,# - ( 7 ) : D 2=<<2=9>%=@2
!2=1
:(J
ts”) : %> 2=0 %=@2 (' 2=0 J
U U ;:
:
”
( 3' 2=0 2B) & 3' %=@2/2=0
: -, B0 * (
) 7 ( - : -)
D( 3'2=0)
/ : " - : ! 2@ 20/2
-
7 / -,: A
*
%> 7;
%>
-
,
/
4
( 3' 2=0) ' : :
U
/
-:
> "+A 7 <1168D
0>@1 68D 21 @1 "+0 %> : B0<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/ - > "+A - > "+A ->"+A
D
7DEOH&DWHJRU\RIH[HPSODU\UHSRUWVVHOHFWHGIURPWKHH[SHULPHQWDOOLWHUDWXUHE\6&IRUWKH
GHYHORSPHQWRI$16,&
4
(?B
!
?<
'?>
?2
%
+/?>
%?
d21"+0
(
d21"+0
8?
?@
!?2
4?B
&
?B
4
A(-,)?
8?0
%
?2
3'%=@0/2=0
7/ -,# : A ' 7 21 7 A >
"+A / - 1>"+A ( ) 7/ -,# (
)
! 2=1 -, 7
/
-
/ - 1>"+A
/::D
:
: U::U4/
: 7 7 :()7
7 "A (2=1) :()
::U:1B<1>
,:
B09
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7
9=68D@>68D
2@0 2= 6
U 7/
&
/
-
7
D
:4/
: D 2 "+0
( : - 1>"+A) : %=@2/2=0( 3'2=0)-,#
:/
-1>+A
7 7 - D :
=11+0B168D
B11 68D +B11 2@11 68D @ "+0 7 7 B1 68D -,#
211 "+0 7 B68D 4/(‰<115+)A
<
7
< A :
: 3
:A
2=0
' -,# / : 2=0 :* 2) -,# / : 7 B11
A8D2118D:7
-
:1>"+AA
-:"+A
"+A
A
-
A
-0120) 7
B11A8D28D-,#:-,
9
"A/
-"+A
,
*J
!
:
":A
:
”( 3'2=022)7:
-,:
1&535HSRUW1R
3'
%=@2/2=0 '444 %=@2/2==2 : -,
3%-#
B0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
6(3%-#)2= 3%-#D
2=9B % @B (%@B ? %=/@) A : -, %@B < @ @
(3%-#2=<)?%> 3'
%=@ " %> (
7) 7 %@B
2111
3%-#
(2=02=B
) " 7 : U
7 - 20/0
7DEOH&DWHJRU\RIUHSRUWVUHYLHZHG1&536&6&GXULQJWKHGHYHORSPHQWRI1&535HSRUW
1&53
6
%
%
4
4
4
4
'//
'
!
%
8
6
%> %=@ %@B 7
00@@1168D
A(20/B)
2>1 "+0 : %" -, - B ="+ 3'%=@2/2=0
2=
3%-# / % % 3%-# U
J
D
()
()()7
” J
D ” C/
/3%-#
7 B0=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH&RPSDULVRQRISRZHUGHQVLW\DQG6$5WKUHVKROGVIRUEHKDYLRUDOGLVUXSWLRQLQWUDLQHG
ODERUDWRU\DQLPDOVIURP2VHSFKXN3HWHUVHQ
6SHFLHVDQG
&RQGLWLRQV
0+]&:
*+]
3XOVHG
*+]&:
*+]3XOVHG
3-
#&
—
21"+ 0"+ 01"+0
-
—
0@"+A
@1"+A
>="+A
76A
0
0
0
#&
—
—
>@"+ >1"+0
-
—
—
>@"+A
90"+A
-6A
#&
"+0
@9"+0
<9"+0
2>1"+0
-
B0"+A
>@"+A
>9"+A
>"+A
, 7 %@B %=@-,#A
U
-,
-,# -, :
011 -/7/
: ' A
A
(3%-#2=<)*J
'7
@17B2118D:
:s”(3%-#2=<0<)
7J
windows,”
: / /
-,# 2=0%=@23%-#-
2=0 *2)A
—<
::
A 7 7
8D0):
7768D
A-,
B)7
-,# 7 >) 3 / / : (# 2==2) 6 :
BB1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2=0%=@2'444%=@2/2==20120/>
3%-#-< 3'%=@2/2=0
7DEOH&RPSDULVRQRIUDWLRQDOH$16,1&53IURP3HWHUVHQ
3DUDPHWHU
$16,&
1&535HSRUW1R
-/
F
F
'( -)
F
F
&:
-
(B0)
.
6
!
!
"/
-
>/"+A
B/="+A
./
-
1>"+A
1>"+A
11"+AP
<
<
B1P
%B68D
A(4/))
A(4/)
%D:
"/
-^1>"+A
#A
-^"+A
#A
-^"+A
#A
-^0"+AP
3
F(:)
A
3
3
P
,QVWLWXWHRI(OHFWULFDODQG(OHFWURQLFV(QJLQHHUV,(((&
3' %=@2/2=0 '5 3'%=@%A:
D B02 .
"A ( , 20/0 ) 2=@
& 3' %=@2/2=0 (2=0/2==1)
01
3' 3' %=@ 3' % ( 3' % %=@) : ' 444('444) 3'
'4442==%=@%%(%%0 ?
' % 4 ? '%4) U '444!('444 !? !)
02
'444/B<@1112@1"'444B=
% 4 4 4 % 4 6 ! ' 3 3A ' " '444 J
% %s” (%%) '4447'444%%
BB2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A A/ 2=@ /
/
- 21 "+A 4
! 4
"A -A "A -
A ('444
%=@22==2) 3'%=@2/2=03%-#-A
- > "+A " J
mal” :2q%
4 / :A
-A "A
'
-A "A 21 7 1>"+A/
-
/LWHUDWXUH6XUYHLOODQFH:RUNLQJ*URXS
(QJLQHHULQJ
(YDOXDWLRQ
,QYLYRDQG,QYLWUR
%LRORJLFDO
(YDOXDWLRQ
0HFKDQLVPV
6WDWLVWLFDO
9DOLGDWLRQ
(SLGHPLRORJ\
(YDOXDWLRQ
:KHUH$SSOLFDEOH
(YDOXDWLRQRI([SRVXUH5LVN:RUNLQJ*URXS
7KUHVKROG6$5DQG5DWLRQDOH
)LJXUH*UDSKLFDOGHSLFWLRQRIWKH$16,,(((OLWHUDWXUHHYDOXDWLRQSURFHVV
A %=@2/2=0 %> ' "A 3%-# : A XQFRQWUROOHG
HQYLURQPHQWV ('444 %=@2
2==2)*J
( ) :
(0>/+ /+) (:
+
BB0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
) : + : 3/ : Drds” ('444 %=@2 2==2 0B)
8
J
'5 : :*
(2)%A
(0)4: 3'%=@2/2=0
A
(B)&:
(>)3(A)/7:
”('444%=@22==20B)
J
:U
:7
-
3' 3'%=@2/2=0”('444%=@2
2==20B)U8
%=@
U
@
-/
-11
"+A 8
A : : :
:
A
: : (6#4) /D 3'I2B<2'4%<10@:
FRQWUROOHG HQYLURQPHQWV 6#4 : XQFRQWUROOHG
HQYLURQPHQWV % : :
D :
A
: ( 7 A : : : 6#4 ) ,20/B'444%=@2/2==26#4
BBB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()LHOG(TXLYDOHQW3ODQH:DYH3RZHU'HQVLW\P:FP &RQWUROOHG(QYLURQPHQW
8QFRQWUROOHG(QYLURQPHQW
)UHTXHQF\0+]
)LJXUH*UDSKLFDOUHSUHVHQWDWLRQRIWKH&03(VH[SUHVVHGLQWHUPVRIWKH(ILHOG
HTXLYDOHQWSODQHZDYHSRZHUGHQVLW\
':
:
2==2 3'
%=@2/2=0*
2 ,QFUHDVHGIUHTXHQF\UDQJH*72=0%=@2B11A8D
B118D72==2BA8DB118D
0 0DJQHWLFILHOGOLPLWV*7
/
-,#2=0:2==2
7 B 68D -
B 3RZHUGHQVLW\OLPLWVDWTXDVLRSWLFDOIUHTXHQFLHV*6#4
: @ "+0 2=0 7
2@ 8D 21 "+0 7 B 8D (: ) 7 2@ 8D (: ) ('-)
6#4 '- 3' I2B<2 '4% <10@ : (
21110)( 3'0119'4%0112)
> $YHUDJLQJ WLPH* 6 2==2 :A
* ' 7 7,:
12 2@
8D 21 B11 8D 1@ 2@ 8D 21 B11 8D : BB>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A:
A 3%-#
2=0 3'%=@2,:
12
/'-
1@/:A:20/0>|21>"+0
A4
(2=@@) B118D21/
B118D
@ 3HDN SRZHU OLPLWV* #A ( ) : /
:-,
2117211A8DB118D6#4
A6#4(
) 3HDN 03(
03( u 7LPH ( RQGV)
@ u 3XOVHZLGWK ( RQGV)
' A'A4/211A5+
A A A (
)
-, ( ) A
< 3DUWLDOERG\ H[SRVXUH* 6 A : /
/
'
: 6#4 / : A 7 7
/ : : (
U)7
01:
/
: A - : / - 01 /
: J
:::
s” ('444 %=@2 2==2 01) :
7
'- : : : '- 6#4 A —
9 ,QGXFHGDQGFRQWDFWFXUUHQWOLPLWV*'
( A ) /
768D,
:-,
2111I (111B^IŠ1268D)211 (1268D^I^21168D)
BB@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
>@1 I (111B ^ I Š 12 68D) >@ (12 68D ^ I ^ 211 68D) 2
0LQLPXPPHDVXUHPHQWGLVWDQFH* ' D: ()
/
01U
= /RZ SRZHU GHYLFH H[FOXVLRQ* : -, A ' / /7211A8D>@168D
6#4:9"
2>"
7>@1
2@1168D6#4:9(>@1+I)"
2>(>@1+I)"
:
0@
216$5([FOXVLRQV* 2=0 -:::
6#4()/
A/
-():A
- : 2=0 %=@2 7B11A8DB118D2/
D:2==27
211A8D<8D
A/
-7
/
7.
7 -
D
/
-::
/:2=0%=@21>"+A(
7
)
:
11"+AA/
-
"+A2<"+A
(
7
2/
) -:*:
:A6#4:
A/
-01"+A(
)>"+A(
) 21/ : ( :)
% -,# 2=0 %=@2 3%-#
2==26#4::
A-,D
:
2==2
'444!2==2
2==0'
3 3'2==0 '444%=@2/2==2
%>20@ :90R BB<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(
)
(~21R)(~BR)
(~>R)
(~22R) %=@2/2==2
'444 %=@B/2==2 ('444 %=@B 2==2) %=@B/2==2 %2(7#') 3'%=@B/
2=9B ( 3' 2=9B) 3' %=@@/2=2 ( 3' 2=2) 77
6#4%=@2
' 2==9 %=@2/2==2 ( ) 2=== 2 2==2 VSDWLDODYHUDJH
(
)7
(U)2 2 < 7 211 A8D @11 001 4/ (:6#4)
7 DYHUDJLQJYROXPH
/A -UDGLDWHG
SRZHU / / 7 (
:GLUHFWO\UDGLDWLQJ
@01)
' 011> 7 '444 %%B>00 (%=@2/011>) A /
- / 011>
: A /
- 01 > "+A 21
HYDOXDWLRQSRLQW,HYDOXDWLRQSRLQWJ
: -
(
:)l computation.”
,QWHUQDWLRQDO&RPPLVVLRQRQ1RQ,RQL]LQJ5DGLDWLRQ3URWHFWLRQ,&1,53
*XLGHOLQHV
'444 %=@
3 % - # 6 (3%-#) ' - #
; ('-# ) ' % 3/'D - #
00
'444%%B>2==@
%%B>%0
('4442@0)A
/
--,/
:()
BB9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
('%3'-#)0B .A '444 3%-# '%3'-# D A : -,+
'%3'-# 3
2==92==('%3'-#2==) % 29 22 : : 20
!#
.A '444 3%-# '%3'-# :
:
3''444
3%-# '%3'-# ' %=@2/2==2 '%3'-# :
7A
7 A7:
/ : J
ts,” 4., ( 6) -, '%3'-# J
$
6
:
:lds”('%3'-#
2==@19)
.A 3'+'4443%-#'%3'-# -
/ - > "+A 21 : A@::
/
-
1>11"+A
()
' A /
- 21 0 "+A
21 D : '%3'-#A/
-
211"+A
21?21@1A/
21 0 "+A 21 ::
'%3'-# (
) 6#4 2==2 '444 0B
J
'%3'-#;A2=9BB'%
'-# ('-# )/D
D” ('%3'-# 0119 2) 2=9> A /D
2=9@
/D2=99'
3/'D - % ('3'-%) 2==0 '%3'-# / '%3'-#D/
D/D"8
$D ' . $ A '%3'-# % % 4 ! # 4 $-
BB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&'%3'-#
%=@2/2==27'%3'-#(1
B11A8D0>BA8DB118D%=@2/2==2)
D:(210
"+A 2< "+A %=@2/
2==2)
D:(J
21
” J
2 ” %=@2/2==2 (21 >1168DB1 B1168D
%=@2/2==2) 7 - (211 A8D 21 8D
211A8D<8D%=@2/2==2)A/'%3'-#
A A (
) %=@2/2==2/(
) '%3'-# J
” %=@2/2==2—D
,(((3URFHVV
% :-,+
'%3'-#3%-#%=@
-,+
(# 2===) '%3'-#
3%-# / " 3' 2==2 %=@2
3' %
'444 !U
D
'
'444 %=@2('444%=@2/011@)
'444
! '444 '444 ! ' #U D-7(# -)3%(3%)
'444 !(,20/>)
# -
A U
7$
3% ! , !
A(%>)
' '444 ! '%4 %>
A(
? '444 7) 0>
!
7:J
28D”B118D
BB=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
%> / A A %=@2/011@('444%=@2011<)
3$5
,(((±6$
6WDQGDUGV%RDUG
3URMHFW$XWKRUL]DWLRQ
5HTXHVW
,(((
6WDQGDUG
5HY&RP
1HV&RP
6XEFRPPLWWHH
$16,
6WDQGDUG
,(((6$
6WDQGDUGV
%RDUG
0DLQ
&RPPLWWHH
$PHULFDQ
1DWLRQDO
6WDQGDUGV
,QVWLWXWH
%DOORWLQJ
%DOORW5HVROXWLRQ
3XEOLF
5HYLHZ
:RUNLQJ*URXSV
x
x
x
x
/LWHUDWXUH6XUYHLOODQFH
/LWHUDWXUH(YDOXDWLRQ
5LVN$VVHVVPHQW
(GLWRULDO
)LJXUH)ORZFKDUWRI,(((SURFHVVIRUGHYHORSPHQWRI&VWDQGDUGV
" A (: %>— '444 ! %) '444 !
%(?%%0)
'444 ! % U!
(%%0?%
=@ '444 ' % 4 —'%4)0@ U
'444 ('444 ) / 6
'444 !-7
!
0@
' J'444 '
%4”('%4)
'444 !01116011@
'444 !
'%4*%B>(
%%B>) %=@ ( %%0) (%%B=)
'444 ! % ( ) : 2@1 0<
'%4%=@"8
$D;D'%4A:
/
B>1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: 7 ! & '444&U
%%21(&?
'444 :)%%2>(G.?
)
79@R!
()9@R
(
) (
A)!
( ) $ # - ! -
% (-
%) '444 !-
%
# - ( ) %%21 %%2> # #'444 !
"-
%
'444 !(-
%—)$
'444 3'
3 ! %=@'%4##7
A
'444 !%>
U
,(((&
%=@2/011@
%=@2/2==2
011@ U —
( 6#4) -, ::
4: : ' 46,#U('444+"8$) %=@2/011@
%>2B0>0R
0B $ 2B0 B< @< &&
B>2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
000<0
$9B@9
@
22
=0R & ! @=
@ @2 0 2 > =<R / (%=@2/2=<<) 0@1 —
U %=@2
2==2
%> . "A ? B2 & 011B . "A 0011 D , 2=@1&011B
%=@2/2==2 & 011B 011> 011@ 3 : -, : 4
:
:%>
/
A :: 22>B
%=@2/011@
:40<
44 '
' "A (") ' 6 "A /4"A :
+ :
4 " A 7 7 '5
'5":
:
+ /
D 0<
'444+"8$
'*++21+/
++'444
B>0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: : : + 6 " 7 D "
@/*58X@68X> X
B.X05.X2,207U
7
#"
% -A "
(- ")
A:-,
""
'5
"
=1R "A7
-
:
A
D : '
D : - " :!%=@2/011@20
<011B%LRHOHFWURPDJQHWLFV(011B)
A D
- A A D09 %> ( 6#4) J
HVWDEOLVKHGDGYHUVHKHDOWKHIIHFWVLQKXPDQEHLQJVDVVRFLDWHGZLWKH[SRVXUH
WRHOHFWULFPDJQHWLFDQGHOHFWURPDJQHWLFILHOGVLQWKHIUHTXHQF\UDQJHRIN+]WR*+]”
09
, J
:-,
7D
/”
B>B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
('444%=@2011<2)
J D h” ('444 %=@2 011< >) 3 2)J
U
/:-,
-, -, ”('444%=@2
011<>)0)J
()
D # :71268D
”('444
%=@2011<>)"8$
J +:/rm”("8$
011<9)U
$ D 6#4 ADD
: D 011@ 7 7 211 A8D ' : :
:
%>A
7211A8DB8D
/
- > "+A /
/ / - > "+A
-
%=@2/2=0 %=@2/2==2 2=< 3%-# 2==
'%3'-# 7 /
-<8D
2==2B8D-, A/
-
2<"+A"+A
0"+A21"+A
221'%3'-#
::
7-,
D '%3'-#
U
B>>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
:
7 / 7 :
'
-,
A -/ -, -, : ::
011@ A -,7
: J
l,” : J
l” J
” J
,” A-,:
XSSHUWLHUD
D 3%-#'%3'-#
-,
-,
'444%=@9/011@(011<)
:
( 6#4)
( ) :
('444%=@2/011@011<)
'444%=@2
: % %=@2/011@ D
6LPLODULWLHV
x
(J
/l”) (J
”)
-:
/
x "/ A /
- -,
1>11"+A
x 6#4 : %=@2/
2==2
x < 7 B 8D 10 ( 2 2===
%=@2/2==2('444%=@2011>)
B>@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'LIIHUHQFHV
x !%=@2/2==2%=@2/011@"
A -,
:
:
D A : D 3%-# '%3'-#"6#4
:
011@
DFWLRQ OHYHO : -, ::
%=@9/011@ (-, ) ('444 %=@9 011<) , x 7
/
-
(J
”)<8D
B8D
x 6#4/:%=@2/2==2
B1168DB118D
x A/
-
2<"+A"+A
0"+A21"+A
x A/
-
221
x %=@2 -
::J
.”
x %=@2/011@ 7 -, x ( - ,
(2===) 7
B8DA
@
8D(
J
:s”('444
%=@22==201)/:
2==2)
x 7:
22168D21168D
x 7 : D:<8DB8D
' : 7 7 * B A8D @ 68D 211 A8D B8DB8DB118D
B><
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
&%=@2/
2==2%=@2/011@*
x N+] WR 0+] LQ VLWX 66#4
6#4:
: 6#47
:
( ) 7 , : A LQ VLWX x N+]WR*+]A/
-D:
:A
:"+A2<"+A21"+A0"+A
2210A/
-
A01"+A
> "+A 7 211 A8D 22168D ( ) ' /(211A8D
@ 68D) 6#4 ' D '%3'-# 7 6#4 7
B1168DB118D
x *+]WR*+]7 -
<8DB8D7/ 7
6#4
B1168D6#4B118D
%=@2/2==2
: 6#4
LQVLWX:(
)7 BA8D211A8D/ - A /
- ( : : ) 7211A8DB8D7
B8DB118D6#4
: '
B A8D 211A8D ( @ 68D ) 6#4 : : 6#4
0
A/
-
D
'%3'-# U -,
1
B>9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
()
7BA8D
211 A8D ' / (211 A8D B 8D) 6#4 : 7B1168D(:
)
>11 68D ( ? ) 6#4 : /
7
' 12 @ 68D 6#4 ' 6#4
/:%"6#4
/ : ,7B8D6#4
:7
,20/@,
20/< %=@2/011@ 6#4 (: )(
)
,20/9
%=@2/011@6#4(4/7
)
6#4 2== '%3'-# 20/@ '%3'-#'444%=@2/011@
)LJXUH*UDSKLFDOUHSUHVHQWDWLRQRIWKH&03(VIRUWKHXSSHUWLHULQWKHIUHTXHQF\UHJLRQ
ZKHUHHIIHFWVDVVRFLDWHGZLWKKHDWLQJSUHGRPLQDWHIURP,(((&
B>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
9P
$P
:P
9P
:P
3RZHU'HQVLW\:P 0DJQHWLF)LHOG6WUHQJWK$P
(OHFWULF)LHOG6WUHQJWK9P
$P
)UHTXHQF\0+]
)LJXUH*UDSKLFDOUHSUHVHQWDWLRQRIWKH&03(VIRUWKHORZHUWLHULQWKHIUHTXHQF\UHJLRQ
ZKHUHHIIHFWVDVVRFLDWHGZLWKKHDWLQJSUHGRPLQDWH,(((&
)LJXUH &RPSDULVRQRIWKH&03(VORZHUWLHU H[SUHVVHGLQWHUPVRI(ILHOGHTXLYDOHQW
SRZHUGHQVLW\ZLWKWKH,&1,5303(VIRUWKHJHQHUDOSXEOLF7KHXSSHUWLHU03(VRI&DUHWKH
VDPHDVWKH&03(V
B>=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH&RPSDULVRQRI,&1,53JXLGHOLQHVDQG&5HJLRQZKHUHWKHSUHGRPLQDQW
LQWHUDFWLRQPHFKDQLVPLVWLVVXHKHDWLQJ
3DUDPHWHU
,7
-/
'( -)
&:
6
"/
-
./
-
? 7
#A/
-(D
:)
? ? ,&1,53
~211A8DB118D
F
F
.
!
(~
2q%)
2/>"+A
~211A8DB118D
F
F
.(~2211)
!
(~
2q%)
~>"+A
1>"+A($)
1>"+A(%4
)
11"+A(#)
11"+A( .
)
211A8D218D
211A8DB8D
21"+A($)
21"+A(%4
)
0"+A(#)
21
0"+A( .
)
<($)
<(%4
)
B1( .
)
<(#)
.:
?
01"+A()
?.
>"+A()
? 7
211A8D^IŠ218D
(I‰211A8D)
?
?.
,(((&
21
01"+A(:)
>"+A(:)
211A8D^IŠB8D
<(IŠ218D)21
B118D
<(IŠ218D)21
B118D
<(IŠB8D)21
B118D)
<(BA8DŠIŠ2B>68D)(0+0
2B>68D^IŠ21168D7
B121168D,21168D^Š
@8D
B1
21B118D
'
?
>1 ()
?.
01 ()
? 7
211A8DŠIŠ22168D
A
-,
3
F—!
A
(J
”)
3
=1 ()
>@ ()
211A8DŠIŠ22168D
3
F—!/
F?'444%=@9/011@!-
6#4(
)
A-,
::!-
6#4
B@1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2WKHU5)6WDQGDUGV
%=@2'%3'-#
'444 %=@B/0110 (0110) 7 : 7211
A8DB118D211A8D8D
/ : (A/
-)%=@2/011@
'%3'-# '444 2@0/011B (011B) '444 2@0/011@ (011<) '4%<001=(011@)A
/
-(7/
) / % 7 /7
7
7U
'444'4%3
— ,&&
7 '4%U
:
'444 %=@9/011@ (-, ) -,D-,
7BA8D B118D('444%=@9/011@011<)%=@9 / D : +
3' I2B<2 ( 3' 0119) '4% <10@/2 (0112)
: D:
A::
A
/:
'444 %=@ "
'444%=@0/2===(2===)
6XPPDU\
% / -,+
/ : /
:
7 7/ :
B@2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2=91; :
- 2=2 7 / - > "+A (
) 6#4'444%=@2/011@
2==9'%3'-#
—
"
(
6#4)
%=@2'%3'-#
! '%3'-# %=@2 ' 7:
'444 : A - 011@
A - 5HIHUHQFHV
3 ' ( 3') (2=9>) 6DIHW\ /HYHO RI (OHFWURPDJQHWLF
5DGLDWLRQ :LWK 5HVSHFW WR 3HUVRQQHO (%=@2/2=9>) 3 FA 3F* 3'
( ) (2=<<) 6DIHW\ /HYHO RI (OHFWURPDJQHWLF 5DGLDWLRQ
ZLWK 5HVSHFW WR 3HUVRQQHO (%=@2/2=<<) 3 FA 3F* '
3 ' ( 3') (2=0) $PHULFDQ 1DWLRQDO 6WDQGDUG 6DIHW\
/HYHOV ZLWK UHVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF )LHOGV
N+] WR *+] (%=@2/2=0) 3 FA 3F* 3 '
3 ' ( 3') (2=9B) $PHULFDQ 1DWLRQDO 6WDQGDUG
7HFKQLTXHV DQG ,QVWUXPHQWDWLRQ IRU WKH 0HDVXUHPHQW RI 3RWHQWLDOO\ +D]DUGRXV
(OHFWURPDJQHWLF 5DGLDWLRQ DW 0LFURZDYH )UHTXHQFLHV (%=@B/2=9B) 3 FA 3F*
3'
3 ' ( 3') (2=2) $PHULFDQ 1DWLRQDO 6WDQGDUG
5HFRPPHQGHG3UDFWLFHIRUWKH0HDVXUHPHQWRI+D]DUGRXV(OHFWURPDJQHWLF)LHOGV5)
DQG0LFURZDYH(%=@@/2=2)3FA3F* 3'
3 ' ( 3') (0119) $PHULFDQ 1DWLRQDO 6WDQGDUG IRU WKH
6DIH8VHRI/DVHUV(I2B<2)3FA3F* 3'
B@0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
%AE"886O""(2=>=)4:
(OHFWURQLFV
<</<9
& . E "A H 8A E , #A 4 6 O ! " . (2=@0) $PHULFDQ -RXUQDO RI
2SKWKDOPRO2112/2129
& % 8 (2=1) 4 * 73URFHHGLQJVRIWKH,(((
&%8E%%!#"68'A6,.E-
& H . O 6 E % (2=9) 5DGLRIUHTXHQF\ 'RVLPHWU\ +DQGERRN
4(- 6/-/9/00)!A ,!:* ,
6
4 & 4 8 E I " - ! O % 8 6 (2=@9)
+HDWLQJ&KDUDFWHULVWLFVRI/DERUDWRU\$QLPDOV([SRVHGWR7HQ&HQWLPHWHU0LFURZDYHV
3
6--#U361121@<2B10
4
4!AE,"-O8"E(2=@@),
6XUJHU\01/0=9
$ # (2=1) A 3URFHHGLQJVRIWKH,(((0>/B0
$#8&.O&; E (2=99)&
5DGLR
6FLHQFH(<)B=/>
$#H!AO84.(2=9<)&
7'%%E
O6.(4)%LRORJLFDO(IIHFWVRI(OHFWURPDJQHWLF:DYHV(50>>/<9)
&84"#(,& )99/122
!(4)(011B)4;*-
-,
%LRHOHFWURPDJQHWLFV<"/.
" (2=9>) G '#%DA(4)%LRORJLFDO(IIHFWVDQG+HDOWK+D]DUGV
RI0LFURZDYH5DGLDWLRQ(01B/02<)"*#6#
" (2=9@) 7
,(((7UDQVDFWLRQVRQ0LFURZDYH
7KHRU\DQG7HFKQLTXHV6/01@/02>
""6&O%%(2=9<)&
:/7
,(((7UDQVDFWLRQVRQ0HGLFDO(OHFWURQLFVB<2/B92
B@B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
8 6 E O $ # (2=9=) 3 5DGLR 6FLHQFH
(<)0B/0=
8 , O #A E (2=@0) ! $PHULFDQ0HGLFDO$VVRFLDWLRQ$UFKLYHVRI,QGXVWULDO
+HDOWK@20/@29
' 4 4 4 ' ('444) (2==2) ,((( 6WDQGDUG IRU
6DIHW\ /HYHOV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF
)LHOGVN+]WR*+](%=@2/2==2)3FA3F*'444-
6@011=
*++:++U_XOX2@=>OX>299
' 4 4 4 ' ('444) (011>) ,((( 6WDQGDUG IRU
6DIHW\ /HYHOV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF
)LHOGVN+]WR*+]$PHQGPHQW6SHFLILF$EVRUSWLRQ5DWH6$5/LPLWVIRUWKH
3LQQD(%=@2/011>)3FA3F*'444
' 4 4 4 ' ('444) (011<) ,((( 6WDQGDUG IRU
6DIHW\ /HYHOV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF
)LHOGVN+]WR*+](%=@2/011@)3FA3F*'444
' 4 4 4 ' ('444) (2===) ,((( 6WDQGDUG IRU
5DGLR)UHTXHQF\ (QHUJ\ DQG &XUUHQW)ORZ 6\PEROV (%=@0/2=== 3 FA 3F*
'444
' 4 4 4 ' ('444) (2==2) ,((( 5HFRPPHQGHG
3UDFWLFH IRU WKH 0HDVXUHPHQW RI 3RWHQWLDOO\ +D]DUGRXV (OHFWURPDJQHWLF )LHOGV 5)
DQG0LFURZDYH(%=@B/2==2)(- 3'%=@B/2=9B 3'%=@@/2=2)
'444'('444)(0110)5HFRPPHQGHG3UDFWLFH
IRU0HDVXUHPHQWVDQG&RPSXWDWLRQVRI5DGLR)UHTXHQF\(OHFWURPDJQHWLF)LHOGV:LWK
5HVSHFW WR +XPDQ ([SRVXUH WR 6XFK )LHOGV N+]± *+] (%=@B/0110) 3
FA3F*'444
' 4 4 4 ' ('444) (011<) ,((( 5HFRPPHQGHG
3UDFWLFHIRU5DGLRIUHTXHQF\6DIHW\3URJUDPV(%=@9/011@)3FA3F*'444
-#EO,H-(2===)8/:*
,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ=22?=29
' 4 4 4 ' ('444) (011B) ,((( 5HFRPPHQGHG
3UDFWLFH IRU 'HWHUPLQLQJ WKH 3HDN 6SDWLDO$YHUDJH 6SHFLILF $EVRUSWLRQ 5DWH 6$5 LQ
WKH +XPDQ +HDG IURP :LUHOHVV &RPPXQLFDWLRQV 'HYLFHV ([SHULPHQWDO 7HFKQLTXHV
(2@0/011B)3FA3F*'444
' 4 4 4 ' ('444) (011<) ,((( 5HFRPPHQGHG
3UDFWLFH IRU 'HWHUPLQLQJ WKH 3HDN 6SDWLDO$YHUDJH 6SHFLILF $EVRUSWLRQ 5DWH 6$5 LQ
WKH +XPDQ +HDG IURP :LUHOHVV &RPPXQLFDWLRQV 'HYLFHV 0HDVXUHPHQW 7HFKQLTXHV
B@>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
$PHQGPHQW&$')LOHIRU+XPDQ+HDG0RGHO6$03KDQWRPD3
FA3F*'444
' % 3/'D - # ('%3'-#) (2==)
:/
(B118D)+HDOWK3K\VLFV>=>/@00
' % 3/'D - # ('%3'-#) (0119) $LP 5RRWV-
60011=*+++
' 4 % ('4%) (0112) ,(& 6WDQGDUG 6DIHW\ RI /DVHU
3URGXFWV3DUW(TXLSPHQW&ODVVLILFDWLRQ5HTXLUHPHQWVDQG8VHU
V*XLGH(<10@/2)
'4%
' 4 % ('4%) (011@) +XPDQ ([SRVXUH WR 5DGLR
)UHTXHQF\)LHOGVIURP+DQGKHOGDQG%RG\PRXQWHG:LUHOHVV&RPPXQLFDWLRQ'HYLFHV
± +XPDQ 0RGHOV ,QVWUXPHQWDWLRQDQG3URFHGXUHV±3DUW 3URFHGXUHWR 'HWHUPLQH
WKH 6SHFLILF $EVRUSWLRQ 5DWH 6$5 IRU +DQGKHOG 'HYLFHV XVHG LQ &ORVH 3UR[LPLW\ WR
WKH (DU )UHTXHQF\ 5DQJH RI 0+] WR *+](<001=/2) * '
4%
6 " " (2=<1) D
3URFHHGLQJVRIWKH,5(>09?>>9
3%-#O6(3%-#)(2=2)5DGLRIUHTXHQF\
(OHFWURPDJQHWLF)LHOGV±3URSHUWLHV4XDQWLWLHVDQG8QLWV%LRSK\VLFDO,QWHUDFWLRQDQG
0HDVXUHPHQWV (3%-# - 3 <9) ! 6&* 3 % -
#6
3 % - # O 6 (3%-#) (2=<) %LRORJLFDO
(IIHFWV DQG ([SRVXUH &ULWHULD IRU 5DGLRIUHTXHQF\ (OHFWURPDJQHWLF )LHOGV (3%-#
- 3 <) ! 6&* 3 % - # 6
$AE6O#-%(0112)4:4
,,(((0LFURZDYH0DJD]LQH(0)@9/<=
#-%(2==2)-7+6
#+HDOWK3K\VLFV(2)
# -% (2===) -7 / '
!(4)(OHFWULFLW\DQG0DJQHWLVPLQ%LRORJ\DQG0HGLFLQ(9<2/9<>)3
FA*##
#(2=91) (OHFWURPDJQHWLF)LHOGVDQG/LIH ( , .) 3
FA*##
- 6 & & O 8 8 6 (2=>) 4: $UFKLYHVRI3K\VLFDO0HGLFLQH9<@/9<=
B@@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-#EO,H-(2===)8/:*
,(((7UDQVDFWLRQVRQ%LRPHGLFDO(QJLQHHULQJ=22/=29
8 # O . H (2=@<) 7
,5(
7UDQVDFWLRQVRQ0HGLFDO(OHFWURQLFV0(
" & ! 6 E # 3 " E O E E (2=@<) ! 20B
,5(7UDQVDFWLRQVRQ0HGLFDO(OHFWURQLFV0(29/00
" 8 $D ("8$) (011<) 0RGHO OHJLVODWLRQ IRU HOHFWURPDJQHWLF ILHOGV
SURWHFWLRQ-
62011=*+++/++46,
B@<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
5DGLR)UHTXHQF\5DGLDWLRQ'RVLPHWU\+DQGERRN
)LIWK(GLWLRQ
&KDSWHU 7HUDKHUW])UHTXHQF\%LRHIIHFWV0RGHOVDQG6WDQGDUGV
-EE #%&%A'''&3E
6G
&!#&667/!H
686 8"#-
,-.0<08A-!A%/!C90B@/@2>9
3>0>2"A&!211 C900/2BB1
,8
&#8H<9<12/>1==
-NA
,QWURGXFWLRQ
4D7
(& 011< & O & 011> ,D 0110) - /("011<"011<%
0110)D
:211/8D21/8D7
B1ȝ
B / :7(#A011>#A
011@)
' 4: 211/
8D21/8D7
7 % : 3'I2B<2 3.( 3 ' 0111) ' 4 %
('4%) 1<0@/2 (' 4 % '4% 0112) : : 2 (B11 8D) - 7
: '444%=@2('444011@)
B118D:7
. 7 : .
:::(6#4)
:f:ܿ݉ିଶg/
::
f- ܿ݉ିଶg : : :
- 7 : : (#4.) : :
( -) : A f: ݇݃ିଵ g '
B@9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A : ( - #4.)A
7 #4. 7 8 : 7:
:
D7(12/018D)4::
::
7 :
7
:D
7
-
7(HO2==<)/7(2íB1FPí2)
/7
/
7 / 7 A :
:
//D (%
0110)
6 7 : D 7
7 U - A #A (#A 011> #A 011@) D/7 7:12 /018D
: 8 &
(F 011@) 7
0HWKRGV
(OHFWUR2SWLFDO3URSHUWLHV
#
/ 7 / (! O !
2==2):A
A B@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: /7 : :
&f47(2)g:
: : (M)
D ߙ௝ ! 1 ߚ௝ 2 JM
Q
߳Ƹሺ߱ሻ ൌ ߳ஶ ൅ ሺ߳ െ ߳ஶ ) ¦
M 2
2D M E
M
f2 (LZW M )
g
(2)
47(2)& (D M 1 E M 2) %/% (1 D M 2 E 2) %/&
(D M
11 E 2) Q M:M ሺ߳ െ ߳ஶ ሻǡM
(!O!2==2)
D(#A011>#A011@)
D A ( ) /&
47(2)
12018D7
47 (0) ߳௦ ǡ ߳ଶ ǡ ߳ஶ ǡ ߬ଵ ߬ଶ /&:
47(2)
ఢ ିఢ
ఢ
ఢ
߳Ƹ(߱ሻ ൌ ߳ஶ ൅ ೞ మ ൅ మష ಮ (0)
ଵା௜ఠఛభ
ଵା௜ఠఛమ
B@A#A
(011@)H[YLYR4:#A
(011@) : ݊ሺ߱ሻǢ œ(߱) i(߱)
47(B/
)
߳Ƹ(߱ሻ ൌ ߳ ᇱሺఠሻ െ ݅߳ ᇱᇱ ሺ߱ሻ (B)
݊ොሺ߱ሻ ൌ ݊ሺ߱ሻ െ ݅݇ሺ߱ሻ
(>)
భ
݊ሺ‫ݓ‬ሻ ൌ ൤
ξ‫א‬ᇲమ ା‫א‬ᇲᇲమ ି‫א‬ᇲమ మ
ଶ
൨ (@)
(<)
భ
݇ሺ‫ݓ‬ሻ ൌ ൤
ξ‫א‬ᇲమ ା‫א‬ᇲᇲమ ି‫א‬ᇲమ మ
ଶ
൨ B@=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
ଶఠ
ߙሺ߱ሻ ൌ (9)
ߪሺ߱ሻ ൌ ߳଴ ߱ሾ߳ ᇱᇱ ሺ߱ሻሿǤ
()
௖
݇ሺ߱ሻ
10018D,
2B/2 2 8D 2B/2 " 7
)LJXUHD)UHTXHQF\GHSHQGHQWSHUPLWWLYLW\EFRQGXFWLYLW\FUHIUDFWLYHLQGH[DQGG
OLQHDUDEVRUSWLRQYDOXHVIRUVNLQWLVVXHVDQGZDWHU
B<1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH(OHFWURPDJQHWLFDQGRSWLFDOSDUDPHWHUVRIWLVVXHOD\HUVHPSOR\HGLQKHDWWUDQVIHU
PRGHOLQJDW7+]IUHTXHQF\
.3
"
4
&
-
#
߳ Τ ߳଴ @02
B0
>1
%
ı
f6LHPHQV݉ିଵ g
20=
<9
=B1
—D
fܿ݉ିଵ g
01
2B=
291
+HDW7UDQVIHU0RGHOV
/ : / 7 : 47(=)(A2=9962=91)(A)
/ : . : 2B/0 4 2B/0'
:
/
47(=)
:
డ௩
௞ డ௩
డ
డ௩
డ
డ௩
ߩܿ௣ ൌ a ቀ݇ ቁ ൅ ቀ݇ ቁ ൅ ‫ ܣ‬൅ ‫ݍ‬ത (=)
డ௧
௥ డ௥
డ௥
డ௥
డ௭
డ௭
7DEOH7KHUPDOSDUDPHWHUVDQGGHQVLWLHVRIWLVVXHOD\HUVHPSOR\HGLQKHDWWUDQVIHUPRGHOLQJ
DQGZDWHU
.3
"
4
&
.
A
f—Pg
/
<
/
&
f݃ܿ݉ିଷ ሿ
2111
2021
21<1
8
f‫ି݃ܬ‬ଵ ‫ି ܭ‬ଵ ሿ
>2<
00>>1
B<<B1
%
fܹܿ݉ିଵ ‫ି ܭ‬ଵ g
<0:ͳͲିଷ 011:ͳͲିଷ >=1:ͳͲିଷ 47(=)f\%g
$X$(]UW)
f-FPíBVHFí2g‫ݍ‬ത X‫ݍ‬ത(]UW)
()f-
FPíBVHFí2g
݇ ൌ ݇ሺ‫ݖ‬ሻ
f-FPí2VHFí2.í2gFSXFS(])
f- í2J.í2gߩሺ‫ݖ‬ሻ
fJFPíBg]:
/ 7 /
( &') / (# O - 2=@@) /
(0/&)%A/3/(2/&)
($DA2==>)
B<2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/ (A 2=99): /
6RXUFH7HUP5HSUHVHQWDWLRQ
:
J
model”
J
7 model.” ' /
47(=) $(]UW)47
(21) D 7
7/
! D 7 : !;:("O
2==@)
‫ܣ‬ሺ‫ݖ‬ǡ ‫ݎ‬ǡ ‫ݐ‬ሻ ൌ ݄ሺ‫ݖ‬ǡ ‫ݎ‬ሻ‫ܪ‬଴ ሺߣǡ ‫ݐ‬ሻߤ௔ ሺ‫ݖ‬ǡ ߣሻ (21)
/
ߣ DK(]U)
/
‫ܪ‬଴ ሺߣǡ ‫ݐ‬ሻ : f: FPí0 QPí2g ߤ௔ ሺ‫ݖ‬ǡ ߣሻ fFPí2g
:]
' 7 / /
/(,&&) -
/ A ,&& : / 6:;7D(F2=<<
O
80111)
:D 47 (22/20)
,&&7(([)[
(+\)\
௡ା
‫ܧ‬௫ ȁ௞
భ
మ
ൌ቎
഑
ଵି ೖ
ο೟
మചೖ
഑ ο೟
ଵା ೖ
మചೖ
௡ି
቏‫ܧ‬௫ ȁ௞
భ
మ
൅൥
ο೟
ചೖ
഑ ο೟
ଵା ೖ
మചೖ
൩൥
ு೤ ȁ೙ భ ିு೤ ȁ೙ భ
ೖష
ೖశ
మ
ο௭
మ
൩
B<0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(22)
‫ܪ‬௬ ȁ௡ାଵ
ൌ቎
௞
഑‫ כ‬ο೟
ଵି ೖ
మഋೖ
഑‫ כ‬ο೟
ଵା ೖ
మഋೖ
቏‫ܪ‬௫ ȁ௡௞ ൅ ቎
ο೟
ഋೖ
഑‫ כ‬ο೟
ଵା ೖ
మഋೖ
ாೣ ȁ
቏൦
భ
భ
೙శ
೙శ
మ
మ
భ ିாೣ ȁ భ
ೖష
ೖశ
మ
మ
ο௭
൪
(20)
' 47 (22/20) ߪ ȝ ߪ ‫ כ‬
DD -
47(2B):ND:]XNο‫ݖ‬Q
WXQοW -
7
47(2B)
ܵ‫ ܴܣ‬ൌ ఙȁாȁమ
ఘ
(2B)
'47(2B)ߩȁ‫ܧ‬ȁଶ //7
2/& - 0/& ( /)
0/& %RXQGDU\&RQGLWLRQV
47(2>) ]/:
47 (2>)
A
; ݄௘ f: ܿ݉ିଶg ‫ݒ‬௘ 8ߪ௦ /!D ߳ఙ ߠ ߠ௘ fH
g 47(2@)
݇
డ௩
ȁ
X݄௘ ሺ‫ݒ‬
డ௭ ௭೘೔೙
െ ‫ݒ‬௘ ሻ ൅ ߪ௦ ߳ఙ ሺߠ ସ െ ߠ௘ସ ሻ ൅ ܳ௩௔௣ (2>)
47 (2>) A
47(2@)
(2==B)
:
B<B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'/47
(2>):($DA
2==>)
ܳ௩௔௣ ൌ ݄௙௚ ݄௠ ሾߩ௦௔௧ ሺܶ௦ ሻ െ ߩஶ ሿ
(2@)
' 47 (2@) ܳ௩௔௣ D f: ܿ݉ିଶg ߩ௦௔௧ ሺܶ௦ ሻ fJܿ݉ିଷg
ߩ fJ ܿ݉ିଷg ܶ௘ ݄௙௚ / f- ݃ିଵ g ݄௠ fFP‫ି ݏ‬ଵ g
(2==B) : 47(2<)(29)ܶ௘ :%(%
011<)'7
fFP‫ି ݏ‬ଵ g
௛೐
ൎ ݄௘ ሺܶ௘ ȉ ͳ ൈ ͳͲିସ ൅ ͻ ൈ ͳͲିଷ ሻ
݄௠ ൌ ߩ௦௔௧ ሺܶሻ ൎ ܶ ସ ȉ Ͷ ൈ ͳͲିଵଵ െ ܶ ଷ ȉ ͸ ൈ ͳͲିଵ଴ మൗ
ఘೌ ௖ೌ ௅೐ య
(2<)
ଶ
ିଽ
൅ܶ ȉ ͳǤͻ͸ ൈ ͳͲ aȉ ͳǤͷ͵Ͷ ൈ ͳͲ
ି଼
(29)
ି଻
൅ ͸ǤͳͲͻͺ ൈ ͳͲ $:
D/'
DUX
1 : : (‫ݖ‬௠௔௫ ) ()
$
$(]UW)X1D
, : B9\%(01\%)
7 A / :
(%A0119) 7
7 : D
B<>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
'DPDJH0RGHOV
A : 6 / A/ & 47(2)
௧
ିா
πሺ‫ݖ‬ǡ ‫ݎ‬ሻ ൌ ‫׬ ܥ‬ଵ మ ݁‫݌ݔ‬ሺ ೌ ሻ݀‫ݐ‬
(2)
ோ்ሺ௧ሻ
భ
' 47 (2) 5 7 7(]UW)‫ݐ‬ଵ ‫ݐ‬ଶ 47(=)
&
D (‫ି ܿ݁ݏ‬ଵ) ‫ܧ‬௔ (‫ି ݈݁݋ܯܬ‬ଵ ) 5 & ‫ܧ‬௔ : ! (‫ ܥ‬ൌ ͵Ǥͳ ൈ ͳͲଽ଼ ‫ି ݏ‬ଵ ǡ ‫ܧ‬௔ ൌ ͸Ǥʹͺ ൈ ͳͲହ ‫ି ݈݁݋ܯܬ‬ଵ ሻ (" O 2==@) / : (% 011@) 5 πX2
/(A
2=99)
5HVXOWVDQG'LVFXVVLRQ
' U : A D
: : / U:
'
7
(QHUJ\'HSRVLWLRQ5DWHV
: - 7
/A,
2B/0 A : D7
: B<@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: : ܿ݉ିଷ 7
( - )
)LJXUH$[LDOGLVWULEXWLRQRIWKHVRXUFHWHUPD1RUPDOL]HG6$5E/LQHDU$EVRUSWLRQIRU
WZROD\HUVNLQPRGHODQGZDWHUIRUDWFP7+]H[SRVXUHDORQJr ,2B/B
0/&
2/8D7 -
/ A 8 2/(݁ ିଵ )2/"
7
7
B<<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
/
,&& / )LJXUHWRS7ZROD\HUVRXUFHWHUPIURPUDGLRIUHTXHQF\)'7'6$5>:FP@ERWWRP7ZR
OD\HUVRXUFHWHUPIURPOLQHDUDEVRUSWLRQPRGHO
7KHUPDO5HVSRQVH
:
: : 2/8D 7 (݁ ିଵ )
/:
B9\%
B<9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
01 \% , :
, 2B/> / A
21/ 2/8D : A
0:ܿ݉ିଶ
:
7A
!
/:
: (2/&
0/&)
/ 7 7 :(/)
D
)LJXUH7KHUPDOUHVSRQVHRIWKHVNLQVXUIDFHDVDIXQFWLRQRIWLPHIRUD:cm7+]VHF
H[SRVXUHIRUWKHWZRGLPHQVLRQDOOLQHDUDEVRUSWLRQPRGHO
D
: / @11PV(
@V)
/ (2/&) , 7
-
:
21\%
',2B/@2B/<
, 2B/@ 7 :
B<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7݄௘ X2@îͳͲିଷ :ܿ݉ିଶ(A
2=99) (" O 2==@) B1 î ͳͲିଷ J ܿ݉ିଷ ‫ି ݏ‬ଵ : 0> \% :(%A0119)
, 2B/< % 2:ܿ݉ିଶ 0:ܿ݉ିଶ
:
:
)LJXUH,QLWLDOD[LDOWHPSHUDWXUHGLVWULEXWLRQZLWKLQDWLVVXHVLPXODWLRQ
B<=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH(IIHFWRIDPELHQWWHPSHUDWXUHRQPD[LPXPVXUIDFHWHPSHUDWXUH
,QMXU\7KUHVKROGV
/ ,&&/ -
D/
7
: :
A
7:
,2B/9D2/&
0/& 0 í FP (݁ ିଵ ) 2/8D 7
:4πX2
:
:
3'I2B<2/0111( 3'0111)
2/
(1B/8D7)
: # ()
:#()
: : f- ܿ݉ିଶg / :',2B/
9
:: : : 211PV
2/& 0/& . : 7 B91
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
% ::
8 7 U
)LJXUH 6XPPDU\ RI FRPSXWHG GDPDJH WKUHVKROGV DV D IXQFWLRQ RI H[SRVXUH WLPH IRU RQH
GLPHQVLRQDOVLPXODWLRQVDQGD'VLPXODWLRQRIFPEHDPGLDPHWHU*DXVVLDQGLVWULEXWLRQ7+]
H[SRVXUHV 3DQHO D VKRZV WKH WKUHVKROG DV LUUDGLDQFH : cm DQG E VKRZV WKH VDPH UHVXOWV DV
UDGLDQWH[SRVXUH-cm
B92
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH6XPPDU\RIFRPSXWHGWHPSHUDWXUHULVHDWWKHGDPDJHWKUHVKROGIRUDQXPEHURIEHDP
GLDPHWHUYDOXHV*DXVVLDQGLVWULEXWLRQ7+]H[SRVXUHV
, 2B/ :
:,2B/9 7 U B@ \% : 90 \% 7 : : ::02\%
@\% , 2B/= ,2B/
21 , (7) A : : , : 21/:!
:
(11B B11 ) :2/&:21/
1B
B90
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUH7KHUPDOUHVSRQVHRIWKHVNLQVXUIDFHDVDIXQFWLRQRIWLPHDWWKHFRPSXWHGGDPDJH
WKUHVKROGIRU7+]VHFH[SRVXUHVIRUWKHWZRGLPHQVLRQDOOLQHDUDEVRUSWLRQPRGHO
)LJXUH%HDPGLDPHWHU*DXVVLDQHLUUDGLDQFHSRLQWGHSHQGHQFHRIGDPDJHWKUHVKROGIRU
GLIIHULQJH[SRVXUHGXUDWLRQVDW7+]
,2B/22
710
018D122121/:
/A:
#A (011@ 011>) 2B/2 B9B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
A
7:A
7A
A
‫ݖ‬௧௛௘௥௠ fFPg
(3D 011>) : 47 2= 712018D
,2B/20
‫ݖ‬௧௛௘௥௠ ሺ‫ݐ‬ሻ ൌ ටͶ‫ݐ‬
߬௥ X
ఘ௖೛
మ
ସ௞ఓೌ
Ǥ
௞
ఘ௖೛
(2=)
(01)
: ߬௥ fVHFg (3D 011>)
47 (01) , : 011/ܿ݉ିଵ : A 0@1 ȝ ( , 2B/20) 7 D 7 :,
f-ܿ݉ିଶg
, 2B/9 / () 2/:
)LJXUH)UHTXHQF\GHSHQGHQFHRIGDPDJHWKUHVKROGVIRUWKUHHGLIIHULQJH[SRVXUHWLPHVIRUWKH
'OLQHDUDEVRUSWLRQPRGHO
B9>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
)LJXUHD7KHUPDOUHOD[DWLRQWLPHVDQGEWKHUPDOSHQHWUDWLRQGHSWKRIVNLQWLVVXHVDQG
ZDWHU
([SHULPHQWDO&RPSDULVRQ
: D/7 A : 7(%011@!2=<!2=<=!
2=92 ! O A 2=90 -A O 2=9> !A 011@)
B9@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
: ::
!-A:
D % / /
()
: D / : 2/& , 2B/2B : 2/8D 7 2B/B : : D : A , ! A A / / / : /U
)LJXUH$FRPSDULVRQRI7+]GDPDJHWKUHVKROGHVWLPDWHVWRH[SHULPHQWDOGDWDIURPRWKHU
VWURQJO\DEVRUEHGZDYHOHQJWKV&LWDWLRQVPDUNHGZLWKDQDVWHULVNLQGLFDWHEOLVWHULQJWKUHVKROG
HQGSRLQWV7KHGDVKHGOLQHLQWKHORZHUULJKWLVWKHDSSOLFDEOH$16,=H[SRVXUHOLPLW
B9<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
7DEOH$VXPPDU\RIKLVWRULFDOH[SHULPHQWDOGDWDIRUFRPSDULVRQWR7+]GDPDJHPRGHOV
-
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=<=)
(!2=92
(!OA2=90)
(!OA2=90)
(!OA2=90)
(!OA2=90)
(!OA2=90)
(!OA2=90)
(-AO2=9>)
(%011@)
(%011@)
(%011@)
(%011@)
(%011@)
(%011@)
(%011@)
(%011@)
(EO.2=)
(!A011@)
"
/
f—Pg
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
21<
01
01
01
01
01
01
01
01
21<
B
ߤ௔ ሾܿ݉ିଵ ሿ
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
0<1
01/<1
01/<1
01/<1
01/<1
01/<1
01/<1
01/<1
01/<1
0<1
B9
!
&
fg
2=
2=
2=
2=
2=
2=
2=
2=
2>
2>
2>
2>
2=
2=
2=
2=
2=
2=
2>
2>
2>
2>
2>
01
20<
2BB
11
20<
2BB
11
21
22
22
22
22
2>
2>
2>
2>
21
01
4:
fg
100
1B1
1B9
192
2B
0B
>2
9>
2B2
29>
2==
02<
1<<
1=2
22
29
0=
>B
>
2>1
0B1
B9>
B=<
B@:ͳͲିଷ @=1:ͳͲିଷ =@>:ͳͲିଷ <92:ͳͲିଷ 09@:ͳͲିଷ B=<:ͳͲିଷ >1@:ͳͲିଷ 21
10@
1@
21
0@
10@
1@
21
0@
21:ͳͲିଽ 1:ͳͲି଺ &
f-ܿ݉ିଶ g
B1
B0
0
BB
>
@
91
=
2>>
20=
29B
2>=
=1
=<
>
1
219
21
2>B
291
0@1
B0@
0=B
199
@<1
B@9
2<2
@<1
B@9
2<2
0
0<@
B21
B<2
>>0
0<9
02
BB>
>1=
1>1
0<
4/
#
4
4
4
4
4
4
4
4
4
4
4
4
"!
"!
"!
"!
"!
"!
"!
"!
"!
"!
"!
4
!
!
!
4
4
4
4
4
4
4
4
4
4
4
4
4
4
B99
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
([SRVXUH/LPLWV
:
7,2B/2>
7('444011@)( 3'0111)
:2/(B118D)
(7)
, 0< ȝP 21 PP 3' I2B<2/0111
/
:1@<‫ି ݐ‬ଷȀସ:ܿ݉ିଶ :
21 î ͳͲି଻ 21 12: ܿ݉ିଶ : 21 : A :
22/ , : : 21 / :211ܿ݉ଶ 2111ܿ݉ଶ :
/ 21‫ܣ‬௦ : ܿ݉ିଶ ‫ܣ‬௦ ܿ݉ଶ ,/::21/
:2111ܿ݉ଶ :112:ܿ݉ିଶ
:,2B/2>
:/: /2/
& 3'I2B<2:/
,2B/92/&:
: , 2B/21
:
- 7 : '444 %=@2/2==@
('444 011@) B11 8D 7 , 7 B11 8D : f(=1݂ீ í9111)011g: ݉ିଶ ݂ீ ሺି଴Ǥସ଻଺ሻ
g)
78D
(@1>f(=݂ீ í911)݂ீ
:'
:
B1/B11 8D 211 : ݉ିଶ 0@0>݂ீ଴Ǥସ଻଺ 7
, 7 B11 8D
:
8D ,2B/2> : : :
B11/8D0/8D:
,2B/2>70/
8D : : %=@2/2==@ :
: : J
%4
” A J
#” : A : #
B9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
"
:
: B11 8D %=@2/2==@ : 77
B118D
#
: 3'I2B<2/0111:
%=@2/2==@ :
:12
-ܿ݉ିଶ 2%=@2/2==@
: 7:
: / ( 2 PV) 8D : I2B<2/0111 : %=@2/2==@ : :
' # :
7A
:A
8:
:0/
8D : 12: ܿ݉ିଶ : : : /
/:112:ܿ݉ିଶ:
7:
"
8D:
%=@2/2==@ I2B<2/0111 " 7
7(!A2==9)
8
119\%A;
7(-2==<)
:
A >B/>< \% A
('444 011@) 6
>@ \% A J
/k” (Bí21VHF)(82=@0)
7 D
(>>\%)28D
,2B/2>: # B11 8D : 2 8D , :
B9=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
21 %=@2/2==@ 7 D
)LJXUH$FRPSDULVRQRIYDULRXVWKUHVKROGVDQGH[SRVXUHOLPLWVIRUIUHTXHQFLHVQHDU7+]
VHHWH[W
&RQFOXVLRQV
U D/7 A :
7 , : : 7 , / /
: 0/ /A:@:
ܿ݉ିଶ2/8D7'U
A
7 12 21/8D :
D:
D 7 7:
& D 7 2/& & D 0/B ! B1
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
(:)2
: $:A
A 10\%21\%1/
211 \% U 21/:
12
: 7 0/B \% (%A 0119)
A : : / ,::
2/ 10 8D ,
:(2îͳͲିଷ)::
7 , : : 7 : 8
:
:A
::
$FNQRZOHGJPHQWV
A , - . ,
$-%&%A&3A
, - . % ,>><0>/10/&911B , &&A!%
:
5HIHUHQFHV
3'(0111)I2B<2 3
..' $,.'!31/=201B@/<@/C
! E O ! - (2==2) 8/7 3XUHDQG$SSOLHG&KHPLVWU\2>9B?2>0
B2
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
!A & " 4 - 8 " & % E " E O 6 E 8
(2==9) /
A A
%LRHOHFWURPDJQHWLFV>1B?>1=
!A %E4-&GO"%(011@)-
A(6XVVFURIDGRPHVWLFDB
3KRWRQLF7KHUDSHXWLFVDQG'LDJQRVWLFV<<?<9B
! O A ! (2=90) $ A D &20 3URFHHGLQJVRIWKH$UP\6FLHQFH&RQIHUHQFH20B?20 ! 8&HO#"8(2=92)0LOOLVHFRQG([SRVXUHRI3RUFLQH
6NLQ WR 6LPXODWHG &2 /DVHU 5DGLDWLRQ ( - 6-.
=@B),H:HF* 6-.
! #"88&HO&A-(2=<)&2/DVHU,QGXFHG
6NLQ/HVLRQV(,-)( - 6-.-39<=),
H:HF* 6-.
! # "8 8 & H O &A - (2=<=) A :$UFKLYHVRI(QYLURQPHQWDO+HDOWK>B9?>>0
%.66%6H"-EH3-O"#
(0110) 5 8D E . -RXUQDO RI 3K\VLFV LQ
0HGLFLQHDQG%LRORJ\B9<2?B9<>
%!$;&&%-A! O" E(011@)#
A('@10111/DVHUVLQ6XUJHU\DQG
0HGLFLQHB9B?B2
%!-EO" E(011<)6
A 0111/ -RXUQDO RI %LRPHGLFDO 2SWLFV (<)
1<>10
%A%&-E6#&!&'
.EA
E O -A ! (0119) 6 '- 8D 2SWLFDO ,QWHUDFWLRQV ZLWK 7LVVXHV DQG &HOOV
;9,,,2?20#'4
& $ % O H H (011<) D/
0HDVXUHPHQW6FLHQFHDQG7HFKQRORJ\-2<2?-29>
& & O & 6 (011>) D 3URJUHVV LQ
4XDQWXP(OHFWURQLFV2?<<
B0
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,D E!4I
33"A%6 O%
E6(0110) D7
3K\VLFVLQ0HGLFLQHDQG%LRORJ\-<9?->
8E"8O8(2=@0)3DLQ6HQVDWLRQVDQG5HDFWLRQV!
6&*""A
'444'('444)(011@)6WDQGDUGIRU6DIHW\
/HYHOV ZLWK 5HVSHFW WR +XPDQ ([SRVXUH WR 5DGLR )UHTXHQF\ (OHFWURPDJQHWLF
)LHOGV.+]WR*+](%=@2/011@)'4443FA
' 4 % '4% (0112) 6DIHW\ RI /DVHU
3URGXFWV3DUW(TXLSPHQW&ODVVLILFDWLRQ5HTXLUHPHQWVDQG8VHU¶V*XLGH'4%
D
E % O . (2=) - A U :-LJXDQJ-LVKX(.)20B=?>0
H E O % (2==<),/
7 D -RXUQDO RI 3K\VLFDO
&KHPLVWU\(0>)21B9B?21B9=
6 6 " E E 8 O " # " (2=91) %XOOHWLQRI0DWK%LRSK\VLFVB1B?B2>
3D 6 8 (011>) /DVHU7LVVXH ,QWHUDFWLRQV )XQGDPHQWDOV DQG $SSOLFDWLRQV
%LRORJLFDO DQG 0HGLFDO 3K\VLFV %LRPHGLFDO (QJLQHHULQJ (B ) 3
FA*/5
$DA6(2==>))LQLWH'LIIHUHQFH0HWKRGVLQ+HDW7UDQVIHU(2)!-,.*
%-%#
# & " O - 8 8 (2=@@) 7 -RXUQDO RI WKH 6RFLHW\ IRU ,QGXVWULDO DQG $SSOLHG
0DWKHPDWLFV0?>2
#A4%!,D E"5O#6(011>)
D $SSOLHG 3K\VLFV /HWWHUV 02=1/02=0
#A4,D %!##-8#6O"
5 (011@) D : -RXUQDO RI %LRPHGLFDO 2SWLFV 1<>102
BB
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-#E,H-!A&"O 4-(2==<) /
A%LRHOHFWURPDJQHWLFV@9?
@B
-A - E O . (2=9>) 5HVHDUFK RQ +XPDQ 6NLQ /DVHU 'DPDJH
7KUHVKROGV ( , - &4-6/../9>/211B) !A ,! C*
, 6
O 8 % (0111) &RPSXWDWLRQDO (OHFWURG\QDPLFV 7KH )LQLWH
'LIIHUHQFH7LPH'RPDLQ0HWKRG(0)36 * 8
A 3 I
& O - 6 (2=99) 6$075 /DVHU ,QGXFHG
7KHUPDO'DPDJHRI6NLQ( ,- 6/-/99/B)!A ,!
C* , 6
E 8 6 6 # E O " E (2==B) 4:
$SSOLHG2SWLFV@=9?<1<
" E O 6 E % (2==@) 2SWLFDO7KHUPDO 5HVSRQVH RI /DVHU
,UUDGLDWHG 7LVVXH /DVHUV 3KRWRQLFV DQG (OHFWUR2SWLFV (2 ) 3 FA*
##
"(011<),8D5HSRUWVRQ3URJUHVVLQ3K\VLFV
"(011<)3:/'-
-RXUQDORI,QIUDUHG3K\VLFVDQG7HFKQRORJ\
F H (2=<<) 3 6:; 7 ,((( 7UDQVDFWLRQV $QWHQQDV DQG
3URSDJDWLRQB10?B19
F!.FFI,CCO --(011@)-+02
D / $SSOLHG 3K\VLFV /HWWHUV 1<2=20
B>
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
,1'(;
%434.4%/4%
4DB>B>1
%
B>=90@10@BB0=
%:2>0B
%AB0<BB0
%200=B2B>B>10<909<
0=20=00=BB1>B1<B22B2<BB9B>2
B@2
%=2092B>29<29922
2001B01>0101=02102202002B
02@0>@B22
%0<9020=B0=>BB@BB<
BB9BB=B><B>9B@1
%
2>=09B099
%
2092B12BB2B>2>02>B2<1
29<299222>2@01B01>01=021
02202BB<>
%
2092B12B92>02><2>92>
2>=2@<2@2<>2<@2=2=>02002>
0>90@<0@9B00B0<BB0B<BB<>B<9
%20B>21202BB0B>
B@B<BB=>1>0>B>>
& .6&D(& .6)09
&47
&2B2>@2@<
&B@=B<@B<9B<=
&2>@0B=0>10>00@1B02B0B
B@B
&D(& .6)09
&22B2BB<<929@B@=
BB
&01001>01<B@B@=
&
@2>2>0>B>@>9@@
<1<B<<<9929BB@<=9==211
2<929@299292==010022020@0
0909=01B1BB0>B0@B09BB2B>0
B>@B@1B@2B@0B@B
4%4%0=B0=<0=9
0=B11B12B20B2@B01
4/2BB0BB>=@1@B@>@9@=<B<<
B=@0<<09@B09BB2BB>BB@BB9
B>B>=
420B><92122202B2>
2<2922=B0B@B<BB=>1>2>0
>B>>>@1<<<=@=21221021
22222022B22>22<22920120B20>
20@2>92@>0@=0<>0<<090=BB0@
BB9B>9B@2B<0B<B
40B0=B
4
20B20=B>
>1>2>>><<9<====21121222B
22>22@22<2292222=2010@10@=
<@20<20=2B12B22B02BB2B>
2>02>B2>>2>@2>92<22<02<B29B
292@2922=2=>01201>0>0
09009B09B<BB<>B<9B<=B91B1
B2
3'09=0
B02B00B0BB@0B@9B91B9B2
@0@B<22>=
2@9B00B0BB@B>>
A -2>
3'%=@2B00B0BB0<B09B0B0=BB2
BBBBB>BB@
3'+'4440B2BB0BB
<2=01020=B2>@>=@2@0@>
@@@9<10>B0>=0@00@90@0<90<
09209@090@090BB<
%=@2B00B0B
!
22920B
!
0>@2122
!
>9==2102121=
22022B2292010290>20>90<00=2
B1BB0BB>B>>B>@B@B
!<99220B@B
!0=2B1BB1>B22
!/
B9
!2BB2>02>@2>92>2>=2@<
2@92@29B29@2992929=2220
2B2=>01<0101=02202002B02>
0290200B0B<0B90B0B=0>B0>@
B<2
!20@20<209202BB2B@
2B2>22>02>B2>@2><2>92>2>=
2@>2@@2@<2@92@2<B2<=29B020
02=0>B0>@0>90@<0@0@=B0<B<B
B<>
!BB2BBB>BB=>1==21B21>
21@21=22=2012002BB2B92>2@1
2@<2@2902929=01<02B02=0B<
0>@B0<B09B0=BB0BBBB>9
!21B2@<02=
!2920>00>B0><0@10@20@00@B
0@90@0@=020<BB1BB0BB@BB
B<@
%@<920020<00=B1B2
B0BBB@B<>2>0>99@==<2B9
2@2@=2<12<>202B2=B022020
02@0290<=0=BB>>B@>B90B9<
%7<B<@
%>122<22929002=0>10><0>9
0@<0<10<0BBB>B
%@0=>10>1
B@
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
B2B0>0>>>@><>9@1<2<921B
20@2<2=B022B@2B<0B<9B91
,<<=00<09B
,//>210=>0>B
>>>@<921BB<0
,9009
,7
20B>@<2122202>
2@0@090=B>>1>2>0>B@1<2<>
9<21221B21>21921=2BB2>92>=
2@22@2@=2<02<@29102@0>10>2
0>00>@0>=0@@0<B0<<0<=09209B
09@090=0B02B00B0BB0>B0@B0<
B09B0B0=BB1BB>BB@BB<BB9BB
B>>B>@B><B>9B@BB@9B@B<0B<@
B90B9BB9@B9B1
8/
BB<BB9
820<0><0@20@B0<0=0B1>B1<
B19B1B22B20B2BB2@B2<B29B2
B2=B01B02B0<BB1BB0BBBBB9BB
B>BB>@B>9B@B
8B0<>1==21@21921=222229
2222=2022>92>2>=2@>2<>01<
0>@B>9
821@21=2222292222=2>9
2@>2<>
8:2BB2B>2B@2>B2<29
29=2>2=>020
8<@2092020=2B12B22BB2B@
2>22>02>B2>@2><2>92>=2@@2@<
2@2<129<2992>2<2922=
01>
82020=2B22B<2B92>B
2><2@@2@<2<9
8029
8/>1<B09@
872<=0220<=B1<
8A9>921222=20120>
021B0BB>
8
>2=@21>
802B
8
20>@<922202B2>
2@22=0102000<090=B>>1>2
>0>B>@2B>2@12@<2@2<29B29>
2@02009
82>2<292=0<B9B=>0
82220>1>0>@===201
202>02>92>=2@12<929B01001B
01<02202B02>0202=
82><2>2=>
'%3'-#'%3/
'D-#20B>B>
BB=>>01=09<09=0=20=00=B0=>
0=@0=9B11B12B1BB22B20B01B02
BB9BBBB=B>>B>@B><B>9B>B>=
B@1B@2B@0B@@
0<20=10=20=00=9B11B1BB1<B1
B22B20B2>B2@B2<B0>BBBBBB>B
B@2B@BB@@B@<B<0
4
22
4<==@=<22@
4.,4:7>0>>
0<B0=>0=90=0==B1<B19B1=B21
B22B2BB2@B2<B29BB
40><B>B
46,8AB1BB2B
46,
0=10=>0=9B11
46,4
<=
9192909B9<991B>@<9
==1=2=<0=10=20=00=B0=>
0=@0=90==B11B10B1BB1>B1<B19
B1B1=B21B22B20B2BB2>B2@B29
B2=B01B@<
4B0=
4
2092020=2B12>0
4
>1922B20<20920
20=2B12B22BB2B>2B@2B<2B92>0
2>>2>@2@12@B2@>2@@2@<2@2@=
2<02<<2<2929=2B2=>2=<2=9
2=01B01>01=02>02@0><0<90<
09009B09>020=10=20=>0==B19
B1B22B2=B0BBBBBB@BB<B>@B>9
B9=
4B02B>1B>B
40>0B@=B<@B<<
4%B2@B01
4#%4
0=BB20
4
209202B12BB2B@2>22@=
2<12<B29<2992>2901>02BB<B
4:<@202B22BB2B92B=2>02>@
2><2>92@=2<2<=29229>01<0>@
09BB0
4:0>90=BBBB><
4:9>9@9<99912=
=>
4:
292==0>B0>>0@109
BBBB>@
4:0<090=20=0B02B00
B0<B0B>@B@9B@B91B9B9=B1
B2
4:2220<90=0B1BB1<B1
B2<
4:
<B=0=<210219010
B>0
4:
>9B9=
4B221<222@10>B0>>0>@0@1
0@B0@>0<1B02B00BB@BBB@B
/
0>>102
,%%B2
,&&,//>@
<9202B2>2@2<2922=01020=
B<
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
620B29@29<2992929=22
200B<0BB09
69@9<>@=<
6
:20>1>0<9<=919>9@
9<9999=120B<9=2=0
=9===21121221021B21>21@21<
21921=22B22>22@22<2292222=
20120220020B20@2@22@02<>2<<
2<92<2<=29129029B29>020>1
0>20@10<10<20<>0<091092099
B1<B22B2<B02B00B0@BB@BBBB=
B>>B@1B@2B@BB@>B@@B@<B@B0
B>
6
:9<921@21<21922@
2222=20B2<>0<10<2
6
999=2020102
62122@B0>20>=0<=09009B02
BB9B>1
6
01=02102202B02=0>2
0>B0>>0>@0><0>90<20<0
622B022B1<B19B2>B2@
B2
6>@<92102092BB2@@2@<2@
2<29@222>2=001001B01>02>
0290<2B0>B@2B<2B<@B1
6
2<21202@000<0=B2B0
BBB>B@B<BB=>1>0>B>@><<<
<9902@@2@<2@2<29B29@299
2==01001B02002B02>02@02<029
0209@B02B0>B0@B09BB=B@BB@>
B@B<0B<@B99B>
62@10<909B099B0BB0<BB1
BB0BBB
6@1@2@><@22022<201202290
6#46::0
0>90>0>=0@10@20@00@0@=0<
090=>BBBBB@BB<B>@B>9B>B@9
6-'6-'<2B
2>2@09B2>2>02>92@B2@>2@@
2@<2@92<@020010>10@B
3222220
3%-#
60>20<0B02B0BB0=BB9
B@@
3-#!0>@
B1
3%-#3%-
#60>20<0B02
B0BB0@B0B0=BB1BB2BB0BB@BB<
BB9BBBB=B>>B>@B><B@@
3/
0>@2>1<><<0>BB@>
B@<
3/:
00>BB@>B@<
3/D
0>10>20>B0>90@>0<B
B12B1>B1B22B2>BBBBB
3/<=
'4%'4
%>10=BBBBBB>B@2B@@
B@9BB
'444'44
420B>B2B>>1>2>0>B
>>>@><<9<=9=21122222B22>
22920220020>20@2>92<291292
01201=0202=0>20>B0>90>=0@2
0<20<09009<09=020B0>0@
0<0900=00=>B20B02B0BB0
BB2BB0BBBBB<BB9BBBB=B>1B>2
B>0B>>B>@B><B>B>=B@1B@2B@0
B@BB@>B@@B@<B@9B9B9=BBB>
'2122B>2>@
'
2102920B1BB>0B>B
'20=B
'2>0@090B0>1<<9B
=10<9BB@B>0
'U2>0@B0@>0@<0@=B@
'444
>>0<209=0B20B02B0BBB2B@>
'>=0<90<B0BBB9B@0
B@@
'4/2
'%3/'D
-#>>09=B20B02BB9
B@@
'4%B@@
B@9
'46,#U0=2B20B>2
.<<2022B22>12>22B
0>9BB1BB0B>>
.21<2122<2220B0@1
.
0=00=>B22
./:B02B><B>B9
.72B>209BB1<B0<
602122202B090=B0B>
B9BB=>2>0>B>>>@>=222@>
29029B0<B0<>0<@0<<0<=09009
0=00=B0=>B1<B19B20B2<B2B0B
B0@BB1BB>B>9B<0
6:0=00=B
692@>@>9>@1@2<<20<209
20=2BB2B>2B<2B92B2>B2@=2<0
2<B2<2<=29229B2=>2=@01201>
0>20>00>B0<BB00B0@B@BB@>
6::0B0>90<
0=>BBBB@9
6
2>9@B@>@@@9<1<B
<@91909@9<0@=2=0=@=92B>
292001200B00>0<B0<<0<90<
09109009>09=0=2BB<BB9B>@B@2
B@
6<0<09B@21<22<2>
620<20920=2B1
2B22B<2B92>12>92@=2<22<B2<>
B9
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
-,
2@2922==0>20>B0>9
0@>0@@0@
-A2122=2910>>B0=
:20B>20>1>B>>><
02292@0100>10>B0>@0>90>=
0@10@20@=0<B0<<0<90<09>09@
099020B0@0<090=>B20B2>
B2<B02B00B0>B0<B09BB0BBBBB>
BB@BBBB=B>2B>>B>@B><B@1B@2
B@@B@9B@B9B2
:20B02@0>=0<<
B02B00BBBBB>BB@BB=B@2B@@B@
-
<B<><@B>=0
=>=<==29@BB9
- -
20B
@<9202>2@22=0102090=B1
B2B0>2>0>B><>9>>=@1@2@B
<2<B<><@<<<9<=91929@9<99
20B>@=1=2=0=B=>=@=<
==21021B21@21<2192>92>=2@>
2@@2@<2@92@2@=2<02<B2<>2<
29@2992929=222>2=B012010
01B01901=02102002B02@02<029
0<<0<9090=20=00=B0=>B2@B0@
B0<B09B0B0=BB1BB2BB0BBBBB>
BB@BB<BB9BBBB=B>BB>>B>@B><
B>9B@1B@2B@0B@>B@@B@9B<0B<B
B<@B<<B<9B91
A0B09=B0BB1BB2BB0BBB
0@=2=>=<21021B21>B0
BB@
AB2B21120<2092B12B>2B<
2>02>B2>>2><2>92>2>=2@12@2
2@02@>2@@2@<2@2@=2<22<<2<9
29129229B2>2@2<2922=
2=>2=@2=<2=92=01201>02>02<
02=00B0>20>00>B0>>0>@0><0>9
0@00@B0@90@=0<0BB@B@=B<1B<2
B<0B<BB<>B<@B<<B<B9BB9@B9<
B9=B1B0BB
A2112>02>92>=2@12@0
2@=29229B2<22=>2=@0>00>B
0>@
%2
-2
0@
0>@
<>@
209202B12B22B<2>22>0
2>@2>92>2>=2@12@@2@<2@2@=
2<>2<29229>292=>2=@0@=
B2B2=
46<2<0<B0<=B0>
<B<><@<=919290
9B9<9999=120B>@<
9==1=2=0=B=>=@=<=9=
3/@292=22BB@B9<
3-#!3-#
!0=<0=B12B2@B2B01
3&
20<
3721>1B0>B@B
$=B>B
$
:
2@B0>10>=0@10@20@0
0@B0@>0@@0@<0@
#2212@02@B2<902=0>00>B0>@
0><0@10@00@90@0<0
#:01=
#A00
#A -B<29999=122192>9
2@>BB@BB9B@0
#0=01=022BB>BB@B>>
B><B9>B9@
#:9<>@21>2121=22>
22@22<2292222=20B20>20@2>>
09109>09<B@9
#:B@9
#
<920<99@012B<1B2
#D00>>=@1<92>92<02<B
0<<0<90<09<B0>
#@2@0@B@@@9<B=212
21B21>21@2>92@02@B2<029@2=@
2=92=0>20><0@00<@0<<0=BB1<
B02B00B0BB0>B0@B09BB1BB>BB@
B><B>9B>=
#@><B<><<9192909<9999=
10B>@<90<09209B
#@022>B>9
#
==21221021@21<200
-20>10>=0@009009BB02
-09BB0@B0=BBBBB
-7
:>B>9@022<
22920<2092<@2=B0<10<00<BB2<
B@9B@B<0B<@B<<B<9B<B9B9=
B1B2
-7
22<209
-7
2090<00<B
B2<B@
->@2@><@====21121@219
2121=22>22<2222=201202200
0B90B0B=
-22>22<2222=201202
-
0=00=BB09BBB>9B@0
-20@B0=
->@12112022>92@B2@2@=
2<02<B29129029B092B0>B09BB2
BBBBBBB=B><B@1B@B
-7>@1
-,:<B<92BB2><2>92@12@0
2@>2@@2@92@2@=2<B2<@2929=
222==0><0@@0@0900=>B1
B22B0B>@B><
B
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=
2<@222=B2=>2=@01201001B02B
02>02@02<0290@9B>B
09BB0BB@
0B>9=212220B2BBB@
<><<=91=21021B21>21@219
21=22022=2022002BB2>02>@2>
2@12@02@B2@>2@<2<929@29<299
2929=22202B2>2=02=B2=>
2=@01201001B01>01@01<01901
01=02102202002B02>02@02<029
0202=00100B00>0B<0B90>20>0
0>@0><0@90@0@=0<=0<B0BB0<
B0BB0BB<BB9BBBB=B>>B>@B><
B>9B@1B@2B@BB@>B@<B@B@=B<2
B<0B<BB<>B<@B<9B<B<=B91B90
B9BB9B2B>
/000@0<0921222@22<
2292220120020B20>
"!/
21221021>
21=22122222022B0<>0990909=
522B0<B@=@=<210222220
22<2<>091092
5:>@2=>
"0>=0@2
"
@0<B<>9>9@9<=0=>21<
20B0@0
"
@02B>2@0>1B09BB>BB@
B>>B@9B<BB90B9<
"8$"8$D0>20<0
0=10=20=00=>0=9B11B1BB1>B1@
B1=B21B22B20B2BB2<B29B>2B>0
B>>B@<
"/
B>2>2=0102B>
21@21<B0@B0<B09BB2BB0BBBBB@
BB<BBB>>B><B>9B@1B@0
"/:2>2>92>=29102>
02<0@1B0BB0
"A@>BB09
"8$D0>20<00=1BB
B>1B@<
==21121021B21922>20<20920
20=2B12B22BB2B>2B2>02>B2>>
2>@2><2>92>2>=2@12@22@02@>
2@@2@<2@2@=2<12<22<02<B2<>
2<@2<92<2<=29129229029B29@
29<2992929=22202B2>2@
2<2922=2=02=>2=@2=<011
01201001B01>01<0190101=021
02202002B02>02@02<0290202=
0010B<0>20>00>B0>>0>@0><0>9
0@>0@@0@<0@90@0@=0<90<=091
09209@0909=B00B0<B09BB0B>0
B>@B>9B@1B@0B<2B<BB<>B<@B<9
B<B<=B91B92B90B9=B2
919B0>@
29129@299
9192909<999=0
B@
DB@9B@B@=B<0B<>B<@B<
B91B9>B9@B9=B1BBB>
221
29029B29@222B
2=02==01902002B02>02<02902=
0<0B00B><B<0B9=B2B>
2@@2==01001=02B
02>02<02B<@B<9B<B<=B2B>
2@22@@
7B0>
B0>
9B9@B<=<=
D2B1
2>@2@2<@
02>
20<20=2B12BB2>92>=
29B29@292=B2=>01201>02>0>@
B>B
=9
2112092020=2B22BB2>B2>@2><
2>=2@B2@@2@<2@92@2@=2<B2<>
B=
&'-'!'$3 * ##-$54&,$-#!.'%-4.4 4&'-'!'$33.'6'4&
#!.'% ,, '-% 43$22/1<=