&RPSOHWH
+DQG
&5HVRQDQFH$VVLJQPHQWRI0HWK\O
D
E
7UL2DFHW\OXUVHQRDWHDQG0HWK\O
D
E
7UL2DFHW\OROHDQHQRDWHE\1056SHFWURVFRS\
)-40RQWHDDQG-3.LQW]LQJHUE
D
'HSDUWDPHQWRGH4XtPLFD2UJkQLFDH,QRUJkQLFD&HQWURGH&LrQFLDV8QLYHUVLGDGH )HGHUDOGR&HDUi)RUWDOH]D&(%UD]LO
E
/DERUDWRLUHGH501HWGH0RGHOLVDWLRQ0ROpFXODLUH8$GX&156)DFXOWpGH &KLPLH8QLYHUVLWp/RXLV3DVWHXU6WUDVERXUJ)UDQFH
5HFHLYHG$XJXVW
2WUDEDOKRGHVFUHYHRHVWXGRGHGRLVWULWHUSHQRVLV{PHURVDEWUL2DFHWLOHQR XUVRODWRGHPHWLODHDEWUL2DFHWLOHQRROHDQDWRGHPHWLODHIHWXDQGRDFRPSOHWD DWULEXLomRGRVGHVORFDPHQWRVTXtPLFRVGRVKLGURJrQLRVHFDUERQRV)RUDPXWLOL]DGDVWpFQLFDVGH UHVVRQkQFLDPDJQpWLFDQXFOHDU+H&XQLHELGLPHQVLRQDLVHPSUHJDQGRRVVHJXLQWHVSDVVRV D$QiOLVHFRPSDUDWLYDGRVHVSHFWURVGH501&31'H501&'(37SDUDLGHQWLILFDomRGRV FDUERQRVTXDWHUQiULRVPHWtQLFRVPHWLOrQLFRVHPHWtOLFRVEDSOLFDomRGDWpFQLFD+[&+0%& >DFRSODPHQWRGHKLJURJrQLRHFDUERQRYLDGXDV-&+HWUrV-&+OLJDo}HV@SDUDDWULEXLomRGRV
GHVORFDPHQWRVTXtPLFRVGRVHVSHFWURVGH&FXVRGRVHVSHFWURV+[&+04&>LQWHUDomR VSLQVSLQGHKLJURJrQLRHFDUERQRYLDXPD-&+OLJDomR@SDUDGHWHUPLQDURVGHVORFDPHQWRV
TXtPLFRVGRViWRPRVGHKLGURJrQLRHSDUDFRQILUPDURVGRVFDUERQRVKLGURJHQDGRVGXVRGRV HVSHFWURVELGLPHQVLRQDLVGHFRUUHODomRKRPRQXFOHDUGHKLGURJrQLRHKLGURJrQLR+[+&26< HGHHIHLWRQXFOHDU2YHUKDXVHUKRPRQXFOHDUGHKLGURJrQLRHKLGURJrQLR+[+12(6<SDUD FRQILUPDURVVLQDLVGHKLGURJrQLRVHSDUDGHWHUPLQDo}HVFRQILJXUDFLRQDLVDHEGRVKLGURJrQLRV PHWLOrQLFRVHPHWtQLFRVHHDQiOLVHGRVSDGU}HVGHGHVGREUDPHQWRPXWLSOLFLGDGHHFRQVWDQWHGH DFRSODPHQWR QRV HVSHFWURV XQLGLPHQVLRQDLV SDUD FRQILUPDU RV VLQDLV GH YiULRV iWRPRV GH KLGURJrQLR)RUDPGHVFULWDVDVFRQGLo}HVH[SHULPHQWDLVGRVDSDUHOKRVXWLOL]DGRV5010+] SDUD KLGURJrQLR H 0+] SDUD FDUERQRV H GH LVRODPHQWR GRV FRQVWLWXLQWHV H 7RGRV RV UHVXOWDGRVVmRUHVXPLGRVQDIRUPDGHWDEHODV
7KHFRPSOHWH+DQG&FKHPLFDOVKLIWDVVLJQPHQWVRIH[WHQGHGK\GURJHQVSLQV\VWHPVLQ WULWHUSHQRLGGHULYDWLYHVPHWK\ODEWUL2DFHW\OXUVHQRDWHDQGPHWK\ODEWUL 2DFHW\OROHDQHQRDWH ZDV DFFRPSOLVKHG PDNLQJ XVH RI RQH DQG WZR GLPHQVLRQDO 105 WHFKQLTXHV+0%&+04&&26<DQG12(6<
.H\ZRUGVWULWHUSHQRLGVFRPSOHWH+DQG&105VLJQDODVVLJQPHQWV'105' 105+[&+0%&+[&+04&+[+&26<+[+12(6<
,QWURGXFWLRQ
7KH H[WUDRUGLQDU\ DGYDQFHV PDGH LQ VSHFWURVFRSLF WHFKQLTXHVKDYHHQRUPRXVO\DFFHOHUDWHGWKHUHVHDUFKLQWKH ILHOG RI LVRODWLRQ DQG VWUXFWXUH HOXFLGDWLRQ RI FRPSOH[ QDWXUDO SURGXFWV 2I DOO WKH SK\VLFDO PHWKRGV WKH 105
WHFKQLTXHKDVJUHDWO\FKDQJHGGXULQJWKHODVWWZRGHFDGHV PDLQO\E\LQWURGXFWLRQDQGGHYHORSPHQWRIPXOWLSOHSXOVH DQG'105&RQVHTXHQWO\DODUJHQXPEHURIWULWHUSHQHV KDYH EHHQ H[DPLQHG E\ 105 VSHFWURVFRS\ DQG PXFK FKHPLFDOVKLIWGDWDKDVEHHQDFFXPXODWHGDQGXWLOL]HGLQ IXUWKHU LQYHVWLJDWLRQV RI WKHVH QDWXUDO SURGXFWV 2Q WKH
$UWLFOH
RWKHU KDQG WKH XVH RI WKHVH VHFRQGDU\ PHWDEROLWHV DV WKHUDSHXWLFDODJHQWVKDVEHHQWKHVXEMHFWRIH[WHQVLYHH[ SORUDWRU\DFWLYLWLHVGXULQJUHFHQW\HDUV7KH+DQG&
WULWHUSHQHFKHPLFDOVKLIWVSURYLGHGXVHIXOLQIRUPDWLRQFRQ FHUQLQJ FRQIRUPDWLRQV DQG FRQILJXUDWLRQV RI WKHVH FRP SOH[RUJDQLFGHULYDWLYHVDQGDUHDOVRXVHIXOIRUWKHEHWWHU XQGHUVWDQGLQJRIWKHFRUUHODWLRQVEHWZHHQWKHLUPROHFXODU FRQIRUPDWLRQVDQGWKHLUELRORJLFDODFWLYLWLHV
,QWKLVSDSHUZHUHSRUWDQH[WHQVLYH105VWXG\RIWZR LVRPHULF &+2 WULWHUSHQRLGV GHULYDWLYHV ZLWK WKHLU
FRPSOHWH+DQG&VLJQDODVVLJQPHQWVE\DSSOLFDWLRQRI
'DQG'VSHFWUDOH[SHULPHQWV7KHFRPSRXQGVLQYHVWL JDWHGZHUHPHWK\ODEWUL2DFHW\OXUVHQRDWH DQGPHWK\ODEWUL2DFHW\OROHDQHQRDWH REWDLQHGDIWHUDFHW\ODWLRQDQGPHWK\ODWLRQRIDPL[WXUH LVRODWHGIURP0HQWKDYLOORVD+XGV7KLVSODQWLVXVHGDVD UHPHG\LQWKHWUHDWPHQWRIDPHELDVLVJLDUGLDVLVDQGVKLV WRVRPLDVLV
7KLVLVWKHILUVWUHSRUWJLYLQJWKHFRPSOHWHDVVLJQPHQW RIWKHVHSHQWDF\FOLFWULWHUSHQRLGGHULYDWLYHVRIXUVROLFDQG ROHDQROLF DFLGV 7KH IROORZLQJ VWHSV ZHUH FRQFXUUHQWO\ HPSOR\HGDFRPSDUDWLYHDQDO\VLVRIWKH&10531' DQG&105'(37 IRU LGHQWLILFDWLRQ RI TXDWHUQDU\ PHWKLQHPHWK\OHQHDQGPHWK\OFDUERQDWRPVEDSSOLFD WLRQRIWKH+0%&H[SHULPHQWWRFKHPLFDOVKLIWDVVLJQPHQW RIWKH&VSHFWUDFXVHRIWKH+04&VSHFWUDWRGHWHUPLQH WKHFKHPLFDOVKLIWVRIWKHK\GURJHQDWRPVDQGWRFRQILUP
WKRVHRIWKHK\GURJHQDWHGFDUERQVGXVHRIK\GURJHQ+
[+&26<DQG+[+12(6<PDSVWRFRQILUPWKH +DVVLJQPHQWVDQGLQGLUHFWO\DOVRWKH&DVVLJQPHQWV
DQGWRHVWDEOLVKWKHFRQILJXUDWLRQDODVVLJQPHQWDDQGE RIDOOPHWK\OHQHDQGPHWKLQHK\GURJHQVDQGHDQDO\VLVRI WKHVSOLWWLQJSDWWHUQVPXOWLSOLFLW\DQGFRXSOLQJFRQVWDQW LQWKH'105VSHFWUDWRFRQILUPWKHUHVRQDQFHVLQFOXG LQJ WKH FRQILJXUDWLRQDO DVVLJQPHQW RI YDULRXV K\GURJHQ DWRPV
([SHULPHQWDO
3ODQWPDWHULDO
0HQWKDYLOORVDZDVFROOHFWHGLQWKH¦+RUWRGH3ODQWDV 0HGLFLQDLV§RIWKH¦8QLYHUVLGDGH)HGHUDOGR&HDUi§)RU WDOH]D%UD]LO$YRXFKHURIWKHSODQW1LVGHSRVL WHGLQWKH+HUEDULXP¦3ULVFR%H]HUUD§RIWKH'HSDUWDPHQWR GH%LRORJLDRIWKH8QLYHUVLGDGH)HGHUDOGR&HDUi
,VRODWLRQSURFHGXUH
7KHIUDFWLRQREWDLQHGIURPWKH(72+H[WUDFWE\SDUWL WLRQ ZLWK &+&O ZDV VXFFHVVLYHO\ FKURPDWRJUDSKHG RQ
VLOLFDJHOFROXPQWRDIIRUGIUDFWLRQ(HOXWHGZLWKKH[DQH &+&O)UDFWLRQ(ZDVPHWK\ODWHGZLWK&+1DQG
WKHQDFHW\ODWHGZLWK$F2S\ULGLQHLQWKHXVXDOPDQQHUWR
\LHOGDSURGXFWQDPHG(0H$F6LOLFDJHOSUHSDUDWLYH7/& RI(0H$FOHDGWRDIUDFWLRQ5IHOXWHGZLWK&+&O
7DEOH105GDWDIRUPHWK\ODEWUL2DFHW\OXUVHQRDWH
+[&+04&-&+ +[&+0%& +[+12(6<
& G& G+ -&+ -&+
++
+ +
+
+
+ +
0H2
$F2 +&&2 +
$F2 +&&2 +
$F2 +
&+
GW- +]+E +E++
G- +]+D ++ +D+D+
+D ++ +D+D+D
+D ++ +D+D+
LGHQWLILHGDVDPL[WXUHRIWKHWULWHUSHQHGHULYDWLYHVDQG ZKLFK ZHUH VHSDUDWHG E\ SUHSDUDWLYH +3/& :DWHUV PRGHO$GHWHFWRU5GLIHUHQWLDOUHIUDFWRPHWHU 53[PPFROXPQPRELOHSKDVHPHWKDQRO ZDWHUIORZUDWHRIP/PLQ
105VSHFWUD
+ DQG&105 H[SHULPHQWV ZHUH SHUIRUPHG RQ D
%58.(5$5;VSHFWURPHWHUZRUNLQJDW0+]
IRUK\GURJHQDQG0+]IRU&FDUERQXVLQJ&'&O
DVVROYHQW6ROXWLRQVZHUHPDGHIURPPORI&'&ODQG
PJRIWULWHUSHQHVZLWK706DVWKHLQWHUQDOVWDQGDUG )RUDOOH[SHULPHQWVWKHWHPSHUDWXUHZDVVWDELOLVHGDW .)RUWKH12(6<H[SHULPHQWVWKHVDPSOHVZHUHGHJDVHG E\ EXEEOLQJ QLWURJHQ WKURXJK WKH VROXWLRQ DQG ILWWLQJ D WHIORQVHUXPFDS7KH'H[SHULPHQWVZHUHDFTXLUHGDQG SURFHVVHG ZLWK WKH VRIWZDUH SURYLGHG E\ %58.(5 RQ $63(&7;
G- +]+E + ++E+
+D + + +++
+E + + ++
&+
GG- +]+E
W- +]+D
+ +D+E+
+E+D+D
+D
+E
+E+D+
+D
+D
+E
+ +D+D+E+
+E+D+
P+D+E +++
GW- +]+E
+D
+ +D+
+E
GW- +]+D
+E
+E+D+D
+D
+E
+D
+ +D+E
+D+E+
+D
GW- +]+E
+D+E
++E+D
V+ + +E++
&+
V + +D+
V +E+++
V +E+E++
E+
V +D+D
G- +] +E+D+E
G- +] +D+E+E
$F2 V
$F2 V
$F2 V
0H2 V
0XOWLSOLFLW\RIVLJQDOVRIFDUERQDWRPVGHGXFHGE\FRPSDUDWLYHDQDO\VLVRI31'DQG'(37&105&KHPLFDOVKLIWVRIK\GURJHQDWRPVREWDLQHG IURP'+1057KH'+[+&26<DQG'+[&+04&VSHFWUDZHUHDOVRXVHGLQWKHVHDVVLJQPHQWV
7\SLFDO DFTXLVLWLRQ DQG SURFHVVLQJ FRQGLWLRQV IRU &26<DQG12(6<H[SHULPHQWVZHUHUHOD[DWLRQGHOD\RI WRVHFRQGVWRWLQFUHPHQWVWRW
SRLQWVVZHHSZLGWKRISSP6LQHEHOOVTXDUHGDQGVKLIWHG SS DQGS DSRGL]DWLRQ IXQFWLRQV ZHUH XVHG IRU SURFHVVLQJ7KHPL[LQJWLPHLQWKH12(6<H[SHULPHQWV JHQHUDOO\VHWDWVHFRQGVZDVDOVRYDULHGEHWZHHQ DQGVHFRQGVZLWKRXWVXEVWDQWLDOFKDQJHLQWKHUHVXOWV )RU+ [& & GHWHFWHG DQG& [+ + GHWHFWHG FRUUHODWLRQV WKH VDPH UHOD[DWLRQ GHOD\ ZDV XVHG WR WLQFUHPHQWVWRWSRLQWVWKHVZHHSZLGWK
EHLQJ UHVSHFWLYHO\ SSP IRU+ DQG SSP IRU& /RUHQW]LDQ DQG *DXVVLDQ GHFRQYROXWLRQ ZHUH JHQHUDOO\ XVHGLQWKHSURFHVVLQJ7KHQXPEHURIVFDQVZDVVHWIRUDQ RYHUDOODFTXLVLWLRQWLPHRIDERXWKWRK
5HVXOWVDQG'LVFXVVLRQ
$Q HVVHQWLDO SUHUHTXLVLWH WR WKH XQDPELJXRXV DVVLJQ PHQWRI+FKHPLFDOVKLIWVIURP&+VKLIWFRUUHODWHG VSHFWUDLVWRILUVWXQDPELJXRXVO\DVVLJQWKH&FKHPLFDO VKLIWVRISURWRQDWHGFDUERQV
7KH VLJQDOV FRUUHVSRQGLQJ WR TXDWHUQDU\ PHWKLQH PHWK\OHQH DQG PHWK\O FDUERQ DWRPV ZHUH LGHQWLILHG E\ FRPSDUDWLYH DQDO\VLV RI WKH&105 31' DQG& 105'(37VSHFWUD7KH+[&+0%&+HWHURQXFOHDU 0XOWLSOH&RQQHFWLYLW\FRXSOLQJRIK\GURJHQDQGFDUERQ YLD WZR -&+ DQG WKUHH -&+ ERQGV VSHFWUD ZHUH
VXFFHVVIXOO\XVHGWRDWWULEXWHWKHFKHPLFDOVKLIWVRIVHYHUDO SURWRQDWHGDVZHOODVRIDOPRVWDOOQRQSURWRQDWHGFDUERQV )RUH[DPSOHWKHVLQJOHWDWG+LQWKH+105VSHFWUXP
RI)LJZDVFRUUHODWHGZLWKK\GURJHQVDWWDFKHGDWDQ R[\JHQDWHGFDUERQ$VVXPLQJWKLVUHVRQDQFHDVVLJQDEOHWR +WKHDSSOLFDWLRQRIWKH+0%&WHFKQLTXHOHGWRWKH DVVLJQPHQWRI&+&&+DQG&+E\LGHQWLI\LQJ
-&+DQG-&+FRQQHFWLYLWLHV7KXVWKHFDUERQDWRP&&
LVUHDGLO\DVVLJQHGDVWKHRQO\TXDWHUQDU\FDUERQRI WKHIRXU&G&LVDQR[\JHQDWHGFDUERQDQG&
G&LVGLVWLQJXLVKHGE\DGGLWLRQDO+G+
FURVVSHDN
-&+IRUWKHODWWHUFDUERQZKLOH&+G&+
ZDVLGHQWLILHGDVDPHWK\OFDUERQ:RUNLQJDORQJ WKHPROHFXOHLQWKLVIDVKLRQXVLQJWKHK\GURJHQVIURPRQO\ WKHVL[PHWK\OUHVRQDQFHVDOORZHGLQDGGLWLRQXQDPELJX RXVDVVLJQPHQWRI&+G&&+G&&
G& &+ G& & G& & G&
&G&&+G&&+G&
&+G&&+G&&+G&
DQG&+G&7DEOH7KHTXDWHUQDU\
FDUERQV & G& DQG & G& RI ZHUH
GLVWLQJXLVKHG IURP WKH HDUOLHU DVVLJQPHQW RI )LJ VLQFHWKHFKHPLFDOVKLIWVRIWKHVHFDUERQDWRPVDUHDOPRVW LQYDULDQWIRUDQG7KXVLQWKH+0%&VSHFWUXPRI RQO\WKHFDUERQ&G&VKRZHGFRQQHFWLYLWLHVZLWK
WKHK\GURJHQDWRPV+G+ZKLOHRQO\WKH
D5 0H5 0H5 +
D5 +5 0H5 0H
&20H
+ 5 5 5 $F2 $F2 5
5 5 &20H
2$F + + + +
)LJXUH6WHUHRFKHPLFDOYLHZRIWKHVWUXFWXUHVRIDQG 5555555
2$F2$F2$F0H+0H+ 2$F2$F2$F++0H0H 2$F2$F+++0H0H 5 5 5 5 5 5 5
&20H
+ + +
)LJXUH 6WUXFWXUHV RIDEWUL2DFHW\OXUVHQRDWH
DEWUL2DFHW\OROHDQHQRDWH D QGDEGL2DFHW\
FDUERQ & G& VKRZHG D FRUUHODWLRQ ZLWK WKH
K\GURJHQDWRP+G+2QWKHRWKHUKDQGWKH+
GRXEOHWG+- +]RIDOORZHGWKHORFDOL]DWLRQ
RI+G+LQWKH+[+&26<VSHFWUXPZKLFK
LQ WXUQ GHWHUPLQHG WKH FKHPLFDO VKLIW RI WKH &+ G+
WKURXJK+&+04&+HWHURQXFOHDU0XOWLSOH 4XDQWXP &RKHUHQFH VSLQVSLQ LQWHUDFWLRQ RI K\GURJHQ DQG FDUERQ YLD RQH -&+ ERQG VSHFWUXP 7KXV WKH
UHVRQDQFHDWG&FRUUHODWHVWR&+7ZRPHWKLQH
&+DQG&+IRXUPHWK\OHQH&+&+&+
DQG&+DQGRQHTXDWHUQDU\&FDUERQVVKRZHG
QRFURVVSHDNZLWKPHWK\OK\GURJHQVLQWKH+0%&H[SHUL PHQWDVH[SHFWHG1HYHUWKHOHVVDOOZHUHXQDPELJXRXVO\ LGHQWLILHG&+G&LVUHDGLO\DVVLJQHGDVDQR[\
JHQDWHGFDUERQDQG&+G&LVDVSFDUERQ7KH
PHWK\OHQH FDUERQV ZHUH LGHQWLILHG E\ XVH RI D &26<
WHFKQLTXH)RUH[DPSOHWKHVLJQDORI+G+DOORZHG
WKHORFDOL]DWLRQRIWKH+G+K\GURJHQVZKLFKLQ
WXUQ OHDG WR DVVLJQPHQW RI &+ G& IURP WKH
+04& VSHFWUXP ,Q WKLV ZD\ ZHUH DOVR DVVLJQHG WKH FKHPLFDOVKLIWVRIWKH&+G&DQG&+G&
FDUERQV7KHRYHUFURZGHGUHJLRQRIWKH&26<PDS GLGQRWDOORZWKHFKDUDFWHUL]DWLRQRIWKH+K\GURJHQV ZLWKUHVSHFWWR+%\H[FOXVLRQWKHODVWVLJQDOFRUUH VSRQGHQLQJ WR RQH PHWK\OHQH FDUERQ ZDV DWWULEXWHG WR &+G&7KHUHPDLQLQJTXDWHUQDU\FDUERQ&
G&ZDVLGHQWLILHGE\FRPSDUDWLYHDQDO\VLVRI&
10531'DQG&105'(37VSHFWUD
)LQDOO\DOOPHWK\O&VLJQDOVZHUHDVVLJQHGIURPWKHLU
FRQQHFWLYLWLHV ZLWK DVVLJQHG PHWK\O+ VLJQDOV 7KHVH PHWK\O+VLJQDOVZHUHLGHQWLILHGDQGGLVWLQJXLVKHGRQWKH EDVLVRIWKHREVHUYHGFRQQHFWLYLWLHVLQWKH+0%&PDSZLWK
7DEOH105GDWDIRUPHWK\ODEWUL2DFHW\OROHDQHQRDWH
+[&+04&-&+ +[&+0%& +[+12(6<
& G& G+ -&+ -&+
+++
+
+E
+E
+E
++
0H2
$F2 +&&2 +
$F2 +&&2 +
$F2 +&&2 +
&+
GW- +]+E +E+ +E++
G- +]+D +E+ +D+D+
+D +E+
+ +
D
+D ++ +
W- +] ++E
GG- +]+E ++
&+
+E
+D
+ +E+
+D
+D
+E
+D
SUHYLRXVO\DVVLJQHGFDUERQDWRPV7DEOH,QWKLVZD\ RQO\WKHVLJQDORI+G+VKRZHGDFURVVSHDNDW
WKH& IUHTXHQF\ ZLWK WKH UHDGLO\ DVVLJQHG &+ G&
+G+ZLWK&+G&+G+
ZLWK&+G&+G+ZLWK&
G&+G+ZLWK&+G&DQG
+G+ZLWK&+G&7KHDVVLJQPHQW
RIWKHFDUERQVLJQDOVZHUHWKHQFDUULHGRXWE\DQ+04& H[SHULPHQW7DEOH
7KH DVVLJQPHQW RI &+ K\GURJHQV DVD RUE ZHUH
REWDLQHGE\DQDO\VLVRIWKHVSOLWWLQJSDWWHUQVPXOWLSOLFLW\ DQGFRXSOLQJFRQVWDQWLQWKH'105ORQJUDQJHFRX SOLQJ - LQ WKH+ [+&26< DQG HVSHFLDOO\+ [
+12(6<VSHFWUD7DEOH7KHVHVSHFWUDDOVRLQGLFDWHG
WKDWZDVLQFRQIRUPDWLRQDDQGFRQILUPHGWKHFLVMXQF WLRQRIULQJV'DQG(VHH
,Q D UHSRUW RI E2DFHW\OQRUXUVHQRLF DFLGWKHFKHPLFDOVKLIWVRIWKHFDUERQDWRPV&+G&
DQG&+G&ZHUHLQFRQVLVWHQWZLWKWKDW
RIWKHVDPHFDUERQDWRPVLQFRPSRXQG,QWKHFDVHRI WKH+[&+0%&VSHFWUXPDOORZHGWKHREYLRXVDVVLJQ PHQWRI&+G&E\FRQQHFWLYLWLHVRIWKHUHVRQDQ
FHDWG++WRWKHUHVRQDQFHDWG&&+
DQGRIWKHUHVRQDQFHDWG&&+WRWKHUHVRQDQFH
DWG++&RQVHTXHQWO\WKHVLJQDODWG&
ZDVDWWULEXWHGWR&+
8VLQJWKHVDPHSURFHGXUHWKH+0%&&26<12(6< DQG +04& VSHFWUD IXUQLVKHG WKH+ DQG& FKHPLFDO
+D
+E
+ +
+
+D+E +++
+E
+D
+ +
+
+D
+E
+E +E+
+D
+D
+E
+E+
+
+
+D
+E
++
+E
+D
+
V ++ +
&+
V ++ +D
V + +E+E+
V +E+E++E
V +D+D+D+D
V +
V + +E+E+E
$F2 V
$F2 V
$F2 V
0H2 V
0XOWLSOLFLW\RIVLJQDOVRIFDUERQDWRPVGHGXFHGE\FRPSDUDWLYHDQDO\VLVRI31'DQG'(37&105&KHPLFDOVKLIWVRIK\GURJHQDWRPVREWDLQHG IURP'+1057KH'+[+&26<DQG'+[&+04&VSHFWUDZHUHDOVRXVHGLQWKHVHDVVLJQPHQWV
VKLIWVRIFRPSRXQG)LJ7DEOHDQGDOVRWKHPROHFX ODUFRQIRUPDWLRQDDQGFLVULQJMXFQWLRQDVLQ
$FNQRZOHGJPHQWV
7KH DXWKRUV JUDWHIXOO\ DFNQRZOHGJH &RRUGHQDomR GH $SHUIHLoRDPHQWRGH3HVVRDOGH1tYHO6XSHULRU&$3(6 %UD]LOLDQ$JHQF\IRUILQDQFLDOVXSSRUWDQG/DERUDWRLUHGH 501 HW GH 0RGHOLVDWLRQ 0ROpFXODLUH 8/3 6WUDVERXUJ )UDQFHIRUIDFLOLWLHVSURYLGHG6SHFLDOJUDWLWXGHLVH[WHQ GHG WR 5 *UDII IRU WHFKQLFDO DVVLVWDQFH ZLWK WKH 105 PHDVXUHPHQWV
5HIHUHQFHV
0DKDWR6%1DQG\$.5R\*3K\WRFKHPLVWU\
/RJDQDWKDQ'7ULYHGL*.&KDU\.950DJQ 5HVRQ&KHP
2OLYHLUD(),Q&RQWULEXLomRDR&RQKHFLPHQWR4Xt PLFRGH3ODQWDVGR1RUGHVWH0HQWKDYLOORVD/DELD WDH 7KHVLV 8QLYHUVLGDGH )HGHUDO GR &HDUi )RUWDOH]D%UD]LO
0DWRV)-$,Q)DUPiFLDV9LYDVHG09H$WXDO 8QLYHUVLGDGH )HGHUDO GR &HDUi )RUWDOH]D %UD]LO
0XQL]0&LrQFLD+RMH
5H\QROGV:)3RSODZVNL3(QULTXH]5*(VFR EDU/,/HRQ,7HWUDKHGURQ )DXUH 5 *D\GRX (0 :ROOHQZHEHU (- 1DW
3URG
0RQWH)-4.LQW]LQJHU-3%UD])LOKR50DJQ 5HVRQ&KHP
6FK|GHU++DVOLQJHU(0DJQ5HVRQ&KHP
