Citation
The regiospecific synthesis of N-oxidized and N-quaternized polycyclic polyazines and synthesis of unsymmetrical quaterpyridines using palladium-catalyzed cross-coupling

Material Information

Title:
The regiospecific synthesis of N-oxidized and N-quaternized polycyclic polyazines and synthesis of unsymmetrical quaterpyridines using palladium-catalyzed cross-coupling
Creator:
Cruskie, Michael P., 1968-
Publication Date:
Language:
English
Physical Description:
xii, 152 leaves : ill. ; 29 cm.

Subjects

Subjects / Keywords:
Atoms ( jstor )
Boranes ( jstor )
Halides ( jstor )
Iodides ( jstor )
Ions ( jstor )
Nitrogen ( jstor )
Palladium ( jstor )
Protons ( jstor )
Pyridines ( jstor )
Room temperature ( jstor )
Chemistry thesis, Ph. D ( lcsh )
Dissertations, Academic -- Chemistry -- UF ( lcsh )

Notes

Thesis:
Thesis (Ph. D.)--University of Florida, 1995.
Bibliography:
Includes bibliographical references (leaves 143-151).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Michael P. Cruskie, Jr.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
002059544 ( ALEPH )
34462278 ( OCLC )
AKP7610 ( NOTIS )

Downloads

This item has the following downloads:


Full Text











iE REGIOSPECIFIC SYNTHESIS OF N-OXIDIZED AND N-QUATERNIZED
POLYCYCLIC POLYAZINES AND SYNTHESIS OF UNSYMMETRICAL
QUATERPYRIDINES USING PALLADIUM-CATALYZED CROSS-COUPLING


MICHAEL


A DI
OF THE


CRUSKIE


SSERTATION PRESENTED TO THE GRADUATE SCHOOL
UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
fPl TMF R flTTM FflfIRr 'PUP fPV flvn ri






























This


work


dedicated


parents,


Michael


Patricia


Cruskie,


whom


respect,


admire


and


love


dearly.


This


dedication


extends


sister,


brother,


grandparents,


aunts,


uncles,


cousins,


godchildren


and


dog.














ACKNOWLEDGMENTS


The author is truly indebted to Dr.


John A.


Zoltewicz for


his guidance,

of this work.


patience and encouragement throughout the course

It has been a pleasure to be associated with Dr.


Zoltewicz.


Appreciation


also


extended


Otto


Phanstiel,


Wayne


Barth


and


members


supervisory


committee


, Dr.


W.R. Dolbier,


J.M. Boncella,


K. Wagener


and Dr.


. Meyer.


Special


thanks


are


Carlton


Dill


kindness


and friendship over the past


three


years.


friendship


and


assistance


certain


graduate


assistants,


and


especially


Paul


Whitley,


will


long


remembered.


A debt of gratitude is owed to Stephen J.


love


Cruskie for his


and devotion.


Melissa G.


Glantz deserves particular thanks for her


dedication


understanding;


has


definitely


been


appreciated and will


forgotten.


Financial support from the Chemistry Department, Division


Sponsored


Research


and


Taiho


Pharmaceutical


gratefully


acknowledged.














TABLE


OF CONTENTS


page


ACKNOWLEDGMENTS


LIST

LIST


OF TABLES

OF FIGURES


viii


ABSTRACT

INTRODUCTION


DIRECT PREPARATION OF N-QUATERNIZED AND N-OXIDIZED
POLYCYCLIC POLYAZINES BY PALLADIUM-CATALYZED CROSS-
COUPLING. AN UNEQUIVOCAL ISOMER SYNTHESIS .


Introduction
Results and
Conclusions


SCUSS


A GENERAL METHOD OF SYNTHESIS FOR REGIOSPECIFICALLY
OXIDIZED OR N-QUATERNIZED POLYCYCLIC POLYAZINES BY
PALLADIUM-CATALYZED CROSS-COUPLING OF N-OXIDIZED
QUATERNIZED HETARYL STANNANES .


Introduction .
Results and Disc
N-Oxidation


l355


and


N-Methylation


of Hetaryl


Cross
Cross


Stannanes
-Coupling
-Coupling


S
N


Stannane as th
Cross-Coupling of N
Hetaryl Halide
Conclusions .


N-METHYLATION AND
NITROGEN ATOM OF
Tr'/n nr^\r tWi V7 -rn~r-i


tannyl
-Methy
e Limi
-Methy
as th


N-OXIDATION OF THE
A 2,3'-BIPYRIDINE.


N-Oxides .
lated Stannanes
ting Reagent .
lated Stannanes
e Limiting Reag


LES
TWO


with


wi
ent


th


REACTIVE
GENERAL METHODS









Pd-catal


N-Methy
Addition
Di
Deprote
N-Oxida
Palladi
Ox
Palladi'
Ox
Unsucce
Pr'
Conclusions


yzed


lat
n o
qua
cti
tio
um-
ide
um-
ide
ssf
epa


Cross-Co


on
the
erni
n


Cataly
4-10
Cataly
4-8
ul Pal
re 4-6


Prote
zation


uplin'

acting


Group


Coupling


ladiu]


* .
oupling

m-Cataly


to
to

toz

zed


Sand
and


* Prepare
Prepar

Prepar


upling


a a a a a a a S a a a a S S a


REVISED
TOXIC
WORM.


STRUCTURE AND
QUATERPYRIDINE


CONVERGENT SYNTHES
ISOLATED FROM THE


IS OF THE NEURO-
HOPLONEMERTINE S


a a a S a a a a a a a a a a a a a a a S


EA
46


Introduct
Results a
Synt


ion
nd
hes
Qu
hes
tal


. .
ion
,2'
idi
eme
ure


: 3',2" :4",3"'
ne (5-1)
rtelline (5-3) .
for Nemertelline


THE CORRECT STRUCTURE OF THE OXIDIZED DIMER FORMED FROM
2,2'-BIPYRIDINE IN THE PRESENCE OF LITHIUM DIISOPROPYL-
AMIDE IS 2,2':3',2" '':6'',2'''-QUATERPYRIDINE. .


Introducti
Results an
Indep


Proof


Discu
ndent
,2' :4'


ssion
Synthe
,2'':6


a a a a a a a a a a a a a


of
' '-Quaterpyridine


f the Structure of 6-2,
aterpyridine Formed in
A *


the
the
the


Presence


Mechanism


Coupling


with


LDA


STRATEGIES
QUATERPYR
REACTION
Intro'
Resul


FOR T
DINES


ion
.nd
A-B
Qu
A-B
Qu


fa. a---. a--


SYNTHESIS OF UNSYMMETRICAL
SING PALLADIUM-CATALYZED CROSS-COUPLING
S a a a a a a a a a a a a a a a S a


scussion .
-D Geometry of 2,2'
erpyridine (7-5)
-A Geometry of 3,3'
erpyridine (7-8) .


.
:4''


* .
,41"


- I


* a a
,3t"I.
* a a
,3"' I-
* a .


5-3


L








General


Procedure


N-Oxidation


Hetaryl


Stannanes


General


He


Cross-Co
General
Qu


Procedu:


t

u]
P
a


General P
N-Q


aryl
Lim
plin
roce
tern
the
roce
uate
Hal


re for the Cro
tannyl N-Oxide
ing Reagent .
of an N-Oxide
re for the Cro
ed Hetaryl Sta
limiting Reagen
re for the Cro
ized Stannanes


Limiting


s-Coupling of
with Stannane as

ith Excess Stannan
s-Coupling of
nanes with Stannan

s-Coupling of
with the Hetaryl


the
94
e 102

e as


Reagent


REFERENCE


LIST


BIOGRAPHICAL


SKETCH














LIST


OF TABLES


Table


pa 2.


Conditions
Stannylated


sence


and


Results


Hetaryl


N-O


of the
xides


Cro
with


of Pd(PPh3)4


ss-


Coupling


Hetaryl


Halides


S. 30


Results


Stannanes
Catalysts


the
and
Under


or Stannane


Cross-Cc
Hetaryl


)upling o0
Halides


Conditions


(B).


Quaternized


with


Molar


Various


Excess


Halide


S S S S S S S 531


Chemical


Shifts


ppm


of 5-1


and


5-3


CDCl3


Possible


to Form


Ways


of Joining


Unsymmetrical


QPYs


Together T
f the type


2'-BPYs


A-B


-C-A


8-1.


Fractional


Therma
Atoms


Par


Coordinates
meters (A2)


of 5-3


and
for


Equivalent
the Carbon


Isotropic


and


Nitrogen


Bond


Lengths


and


Angles


Carbon


and


Nitrogen


Atoms


5-3.


t















LIST


OF FIGURES


Figure


page


Catalytic


cycle


of Pd-catalyzed cross-couplings


1-2.


Generalized Stille coupling reaction


S 3


1-3.

1-4.


Mechanism of oxidative

Transmetalation of Pd


addition

cross-coupling


1-5.


Generalized Suzuki


coupling reaction


. 8


2-1.

2-2.

2-3.


Generalized Suzuki-type coupling


Generalized Stille-type


Couplings


reaction


coupling reaction


with 3,5-dicloropyridine-N-oxide


2-4.


Couplings with 3-bromoquinoline-N-oxide


2-5.


Couplings
iodide


with


3-bromo-l1-methylquinolinium


S S S S S S S S S S


3-1.


Generalized cross-coupling with N-functionalized


hetaryl


halide


S~~~ ~ ~ S S S


3-1.


Generalized cross-coupling with N-functionali


hetaryl


stannane


4-1.


Synthetic


scheme


for pathways


utilized


4-2.

5-1.


Coupling


of 2-halo-hetaryl-N-oxides


Retrosynthetic analysis


quaterpyridine 5-1


5-2.


Retrosynthetic


analysis


for quaterpyridine


5-1


5-3.


Synthetic


scheme


for quaterpyridine


5-1


Ct,,. nI Al-


e(,A


e I In c k A i" : A A 5\ A M A








5-6.


5-7.

5-8.


Retrosynthetic


Palladium


ORTEP
with


analysis


coupling


crystal


quaterpyridine


nemertelline


structure


probability


5-3


5-3


nemertelline


ellipsoids


5-3


. *57


5-9.


Proton


NMR


spectrum


MHz


of nemerte


lline


(5-3


in CDC13


C C C S C C S S C S C C 559


5-10


. Proton


NMR


spectrum


MHz)


of nemerte


lline


(5-3)


CD30D


S S C S C C S C C C S S C60


COSY


nemertelline


(5-3)


CDCl3


. Proton


NMR


spectrum


(300


MHz)


of 5-1


in CDC13


5-13.


COSY


at 300


5-1


CDCI3


. 64


Synthetic


scheme


quaterpyridine


6-1


. 69


Proton


NMR


spectrum


of quaterpyridine


6-1


CDCI3


S S C S S C C71


6-3.


COSY
CDCl3


spectrum


quaterpyridine


6-1


Proton


NMR


spectrum


quaterpyridine


6-2


CDC13.


COSY


spectrum


quaterpyridine


6-2


CDC13


6-6.


NOE


difference


spectrum


quaterpyridine


6-2


CDC13


irradiating


H5'"


ppm


6-7.


Partial


proton


NMR


spectrum


upfi


eld


portion


of
6-2


6-6,
in


the
CDC13


dihydro


cursor


puaterpyridine


6-8.


Proposed mechani
2,2'-bipyridine


LDA


reaction


with


7-1.

7-2.


Synthetic

Synthetic


scheme

scheme


quaterpyridine

quaterpyridine


7-1

7-2


63















Abstract


of Dissertation


:he University
Requirements f


Presented


Florida


Degree


Graduate


in Partial


of Doctor


School


Fulfillment


of Philosophy


REGIOSPECIFIC


POLYCYCLIC


SYNTHESIS


POLYAZINES


AND


OF N-OXIDIZED


SYNTHESIS


AND


N-QUATERNIZED


OF UNSYMMETRICAL


QUATERPYRIDINES


USING


PALLADIUM-CATALYZED


CROSS-COUPLING


Michael


December,


. Cruskie


1995


Chairperson:


Major


John


Department


Zoltewicz


: Chemistry


Palladium-catalyzed


cross-coupling


reactions


between


hetarylborane


stannane


N-oxidized


N-quaternized


hetaryl

in term


halides


provide


polyazines


location


of unequivocal structure

N-functionalized group.


Examples


of several


ring


systems


are


given


to illustrate


scope


and


limitations


of the


new


synthetic


method.


N-Oxides


of tributyl


stannylated


pyridine,


quinoline


and


isoquinoline


and


N-methylated


tributylstannylpyridine


quinoline


were


readily


prepared,


many


the


first


time.


presence


catalyst


ese


material


cross-couple


with


various


chloro,


bromo


iodo


hetaryl


halides


give


polycylic


polyazines


having


N-functional


group


placed


~rn -rrnt S *-A rr 1 1 ..


a 1 a e a a -


SI *C t... a .n


~1


L


u i








use


of a tosylate


as a counterion


with


quaternized salts


minimized decomposition


stannane.


5-Carbamoyl-2,3'-bipyridine


model


compound


was


methylated and N-oxidized at the less reactive 2-pyridyl ring


for the


first


time.


Two different


schemes


were developed.


quaterpyridine


first


time.


called


nemertelline


proton


was


NMR


synthesized


spectrum


2' :3' :2'' :4 3' '-quaterpyridine


shows


that


natural product isolated from the hoplonemertine


sea


worm.


correct


structure


3,2' :3'


the natural


product has been


,3'''-quaterpyridine.


was


identified

synthesized


using a key palladium-catalyzed cross-coupling step and X-ray


analysis


confirmed


structure


well


providing


conformation in


solid state.


2,2'-Bipyridine


presence


LDA


gives


2' :3'


:6'


,2' '-quaterpyridine resulting from a reaction


position


one


bipyridine


and


the


position


another,


2,2' :4'


:6'


,2'''-quaterpyridine


coming from


the reaction at the 4 and


6 position as originally claimed by


others.


independent


synthesis


2,2' :4'


:6'


quaterpyridine involved palladium-catalyzed cross-coupling of


,6-dichloro-2,4-bipyridine and


(tributylstannyl)pyridine.


The correct


structure


follows


from analysis


the COSY,


NOE


difference and proton NMR spectra.


*1~~~~~~~~~~~~~~ -L -- .-js an .. aa


14'':2''


1211


2'


12''


,2'


~ yl ACI I C.~ rl


~AU~ *








stannane


chlorinated


bipyridine.


pyridyl


N-oxide


synthon


was used


to regioselectively


introduce


the


required a-


chloro


group.














CHAPTER 1
INTRODUCTION


Palladium


extremely


useful


reagent


that


catalyzes a wide variety of known organic reactions.


Palladium


salts


and


complexes


have


been


widely


used


many


organic


reactions


such


double


bond


isomerizations,


molecular


rearrangements,


eliminations,


oxidations,


dimerizations


allylic


and


substitutions


oligomerizations,


carbonylations, cyclopropanations, reductions, and couplings.


Since


there


are


basic


reactions


that


generate


new


carbon-carbon bond, palladium-assisted coupling reactions have


become


an important


tool


organic chemists.


Palladium-assisted coupling reactions proceed by several


closely


related


pathways.


these


pathways,


initial


step


believed


formation


organopalladium


salt.


There


are


four


general


ways


which


these


organopalladium salts


can be


formed.


These are


direct metallation of


a hydrocarbon,


arene,


or a heterocylic


compound


with


Pd(II)


salt;


(ii)


addition


palladium(II)


salt


acetylene,


diene,


alkene;


(iii)










Grignard


reagent


anion


exchange


on palladium(II);


(iv)


oxidative


addition


organic


halide,


triflate,


acetate,


or ether


onto a


palladium(0)


moiety.


formation


the possibility


of the


organopalladium complex now


of manufacturing


coupling products by


allows


one


three


plausible


routes:


disproportionation


form


diorganopalladium intermediate which can reductively eliminate


to give a homocoupled product;

addition complex to an alkene,


(ii) addition of the oxidative

diene, or acetylene followed by


reductive elimination


or the


elimination


of palladium halide


or hydride to produce the coupled products;


(iii)


formation


of a diorganopalladium species by transmetalation


organometallic reagent,


to produce


of another


which can again reductively eliminate


a cross-coupled product.


palladium-catalyzed


cross-couplings,


more


specifically


Stille2


and


Suzuki3


coupling


reactions,


catalytic


process


consists


oxidative


addition,


transmetalation,


and reductive elimination


(Figure


1-1) .


Stille coupling reaction utilizes a palladium catalyst and is


defined


cross-coupling


between


organic


electrophiles


typically an organic halide or triflate)


and organostannanes


Figure


1-2)


2 The organic halide or triflate participates


oxidative


addition


and


organostannane


takes


part


4-hanCrlC 4- neA .4- a


..(~1~ Fr~~r *i n -a-- -I










stability


organostannanes


and


boranes,


usually


mild


reaction


conditions,


compatibility


this


chemistry


with


virtually


functional


group,


have


made


Stille


Suzuki


couplings


quite


popular


among


synthetic


chemists.


fact,


survey


applications


trans


ition


metal-mediated


cross


-coupling


reactions


the


year


1992


shows


that


Stille


and Suzuki


reactions


account


over


cross-


couplings


Figure 1-1


R-PdL


oxid. addn.


PdLn


R'SnR"3

trans metallation

XSnR"3


R-PdLn-R"3


red. elim.


Figure 1-2 Generalized Stille coupling reaction








4

Several fundamental questions arise when considering the


transformations which occur during any organic reaction:


What


rate determining


step? What


the exact mechanism of


this


step?


it possible


facilitate


this


step?


What


are


the side reactions involved with this process?


Is it possible


to suppress such side reactions? These types of questions have


substantial


amount


research


toward


fully


understanding


scope


and


limitations


three-step


process


palladium-catalyzed


cross-couplings.


During


catalytic process,


considerable electronic demands are made on


palladium


catalyst.


Oxidative


addition


requires


electron rich metal


that


oxidation


will


favored5'6


, but


transmetalation


requires


an electron deficient


palladium


the nucleophile to attack the metal center.


reagents and conditions used,


Depending on the


the exact mechanism may vary and


either


oxidative


addition


transmetalation


can


rate


determining.


To better understand the catalytic process,


each


step must


be considered individually.


It has become generally accepted that oxidative addition


organic


halides


or triflates


to Pd(0)


complexes


proceeds


through


unsaturated


14-electron


Pd(0)


intermediate.


Ligand


dissociation


leads


open


coordination


sites


palladium


which


can


now


allow


halide


triflate


, e- 4 t 1 1. nnrnA ..a4-- d- M.1. fla IA ALr I1r


a). j.. -


8-10


I










Meisenheimer


intermediate


(Figure


1-3)


9-11


Meisenheimer


intermediate


influenced by C-halogen bond strength,


while


transition


state


preceding


intermediate


mainly


influenced


by the electrophilicity


carbon atom being


attacked.


relative


rate


which


organic


halides


triflates


oxidatively


add


palladium


generally


order


OTf,


suggesting


that


transition


state


succeeding


the


Meisenheimer


intermediate


rate


determining


in oxidative


addition.


Figure 1-3


PdL2 + Ar-X

X-I,Br,CI


Ar--X

PdL2


PdXL2


S


Meisenheimer intermediate


oddative addition complex


Depending on the type of ligands used with the catalyst,


irreversible


formation


the oxidative addition


complex


can


very


often


lead


stable


material.


13-15


Recent


studies


have


suggested


that


type


ligands


used


with


palladium


can


play


very


important


role


catalytic


process.


Among


such


developments


discovery


large


ligand


__










triphenylarsine


tri (2-furyl)phosphine


instead


typical


triphenylphosphine.


Triphenylarsine


and


tri (2-


furyl)phosphine do not coordinate to palladium as strongly as


triphenylphosphine which allows


ligand dissociation more


readily.


Ligand dissociation


oxidative


addition


can


complex


lead to


well


faster


open


formation


coordination


sites


on the oxidative addition


complex


for transmetalation.


While the mechanism for oxidative addition is reasonably


well understood,


16 some evidence suggests that


transmetalation


rate


determining


most


cross-couplings.


17,18


Unfortunately,


little


known


about


mechanism


this


step although some indirect information has come from studies


on transmetalation at


platinum(II)


19-24


Stille


and Suzuki


coupling


reactions


use


different


reagents


transmetalation and therefore,


will be


addressed separately.


Figure 1-4


-..RP
L--- Pd --X


Pd R
,1 I
X


.lR
L Pd--RI
L









7

the nucleophile is the organostannane and the leaving group is


halide


triflate.


Therefore,


reaction


might


expected to proceed


through a


classical


associative process25


which


the nucleophile


approaches


the plane


complex


perpendicularly.


intermediate


result,


formed which


unstable


then releases t


pentacoordinated

he leaving group


(Figure


1-4)


Recently,


work


Farina


shown


that


with


olefinic


stannanes,


ligand


dissociation


formation


palladium-stannane


x-complex


are


steps


transmetalation.


An important development in facilitating transmetalation


Stille coupling


reactions


involves


use


cocatalytic


copper


iodide,


along


with


palladium.26-29


Farina


have


shown


that


with


triphenylphosphine


and


palladium(0),


cocatalytic copper


iodide can


give


a >100-fold rate


increase


over


typical


Stille


reaction.


Though


there


widespread


use


copper


iodide


coupling


reactions,


extact


functions


in the


reaction are not


completely understood.


plausible


role


that


copper


involved


stannyl/copper


transmetalation,


thus


producing


organocopper


oxidative


moiety


addition


which


complex


could


more


then


transmetalate


readily


than


onto


stannane


-- a


- .


a -I -


1 fl rL I C- -L __-- '-- -u :A A


II S


.


~L L L L










When


using


arylstannane,


one


major


side


reactions


homocoupling


arylstannane


give


biaryl


Mechanistically,


reaction


may


initiated


oxidative


addition


of palladium


into


carbon-stannyl


bond


arylstannane.


Oxidation


of the


aryl-palladium-stannyl


species


involves


and


seems


have


radical


component;


this


presumably


complex


step


may


followed


transmetalation


with


a second


arylstannane


and


then


reductive


elimination


give


biaryl


In certain


cases,


removing


with


many


freeze-thaw


cycles


under


vacuum


suppressed


homocoupling


some


degree


Suzuki


coupling


uses


an organoborane


or boronic


acid


instead


an organostannane


transmetalation.


reaction










requirement


in order to give an intermediate


"ate"


complex of


the boron reagent


on addition


of hydroxide


ion.


this


"ate" complex that tranfers an organic ligand to the oxidative


addition


complex


transmetallation


1,3,13,32,33


Though


aqueous

procedure


alkaline


this


conditions


type


have


become


reaction,


there


somewhat

are ex


standard


amples


coupling reactions


with


organoboranes


or boronic acids


under


alternate


conditions.


31,34,35


A classical problem in heterocyclic chemistry deals with

the question of how to control and thereby direct N-oxidation


N-quaternization


atom of


single,


a polycyclic polyazine.


preform


palladium-catalyzed


polycyclic


selected


annular


solution


polyazine


cross-coupling


and


this


with


then


nitrogen


problem


use


selectively


functionalize the desired annular nitrogen atom.


the reactivity of the nitrogen atom,


directly

pathway.


Depending on


it may be functionalized


protection/functionalization/deprotection


The protection/functionalization/deprotection pathway


will be discussed further


A potential


chapter


way to eliminate the protection/deprotection


steps


would


functionalize


the


desired


nitrogen


atom


prior


linking


rings


together.


Using


palladium-


catalyzed cross-coupling chemistry,


either the hetaryl halide


a t I I A


arInn Ii 1 fl l | I rnnn__^'r na n j t "i


ri l r r


r


I I 1


.,,,,,, I


iv










nitrogen atom is N-functionlized.


The scope and limitations of


these


processes


will


discussed in


chapters


and 3.


development


palladium-catalyzed


cross-coupling


reactions has exploded in recent years and now allows for easy


construction


polyhetarenes


that


would


otherwise


difficult


construct.


For


example,


there


are


theoretically possible


quaterpyridines,


both symmetrical


unsymmetrical,


with only seven of these being reported in the


literature. Five are symmetrical structures of the type A-B-B-


they


are easily prepared by


homocoupling the A-B


portions


under


variety


conditions.


36-40


Both


two


reported


unsymmetrical


quaterpyridines


were


originally


assigned


incorrectly.


They


include


natural


product


nemertelline,


which was first isolated in 1976 from the phylum of the marine


worms


called nemertines,


and


product


from


reaction


LDA


with


2,2'-bipyridine.


Both


structures


have


been


corrected


independent


synthesis


involving


strategies


developed


this


document;


they


are


based


palladium(0)-


catalyzed


cross-coupling chemistry.














CHAPTER


DIRECT PREPARATION OF N-QUATERNIZED


AND


N-OXIDIZED


POLYCYCLIC POLYAZINES BY PALLADIUM-CATALYZED CROSS-COUPLING-


-AN UNEQUIVOCAL


ISOMER SYNTHESIS


Introduction


The

catalyzed


number


cross-coupli


recently rej

no reactions


ported


used


transition


prepare


metal-


polyaryl


and


polyhetaryl


compounds


grown


explosively,


palladium


being the metal of choice.


3,43-46 But the number of preparations


N-oxides


this


means


using


preformed


N-oxides


coupling reaction has been


very


limited.47-50 For example,


ability


2-bromopyridine


N-oxide


undergo


coupling


without


competing


nucleophilic


substitution


replace


bromine


atom


been


demonstrated47


and


control


over


location of the N-oxide group within a pyrazine ring by using


preformed


chloropyrazine-N-oxide


cross-coupling


reaction


been


reported.48-50


preparation


quaternized


polyhetaryls


such


coupling


reactions


using


quaternized


starting


materials


seems


have


been


exploited at


all.


will


employ


two


types


coupling


reactions


preparation


N-oxidized


N-quaternized


polycyclic










N-quaternized hetaryl


halide along with a


palladium reagent,


now


something


standard


procedure


known


Suzuki


reaction


(Figure


2-1)


3,44,51


The use of an alkaline medium for such coupling reactions


seems


necessary


requirement


order


give


intermediate "ate" complex of the boron reagent on addition of

hydroxide ion.31 This "ate" complex then transfers its aromatic


ligand


palladium


oxidative


addition


product


halide


prior


product


formation


final


reductive


elimination step.1'3'32,33 Pyridylboronic acids have been made to


cross-couple


a nonaqueous


solvent


such


DMF


containing


triethylamine


presence


palladium


catalyst.


Boranes couple with triflates in a suspension of Na3PO4


in dry


- -


,..,, I! ~ rl!..l..4


- *


J~ n.. *I L cl *I L










Both


known


nucleophilic


N-oxidatic

activate


and


especially


enormously


substitution


N-quaternization


halogenated


displacing


hetarene


halogen


atom52'53


and


this


knowledge may


have


prevented


others


from attempting


coupling


reactions


now


report.


For


example,


methoxydechlorination


2-chloro-


and


4-chloropyridine


oxides is some 1012 times faster than that of chlorobenzene and


same


reaction


2-chloro-


and


4-chloro-l-


methylpyridinium


about


1021


and


ia's


times


faster,


respectively, than substitution of chlorobenzene.


under alkaline condition,


52,53 Moreover,


N-quaternized hetarenes may degrade


ring cleavage reactions.


54 While nucleophilic


substitution


SNAr mechanism


largely


insensitive


the


identity


of the halogen nucleofuge,


cross-coupling rates decrease


order


atom and the


> Br > Cl.


reaction


Clearly then,


conditions,


choice


especially pH,


of a halogen


expected


to be


quite


important


success


cross-coupling


reaction


of hydrolytically


labile substrates.










In certain


cases,


the coupling of N-functionalized halo-


heteroaromatic


compounds


stannylhetarenes


under


non-


aqueous conditions was examined.


Known


as the Stille coupling


reaction,


util


izes


stannane


instead


borane


occurs under non-aqueous conditions such


as dry THF,


dioxane,


or DMF


(Figure 2-2).


Results


and Discussion


The compounds we selected to be prepared were designed to

illustrate the power of our approach and to establish some of


its scope and limitations.


Consider our synthesis of


5-chloro-


3,3'-bipyridine-1-oxide


(2-1)


from


3,5-dichlorpyridine-l-


oxide55 and diethyl-3-pyridylborane


(Figure 2-3).


The position


oxide


ligand


with


respect


chlorine


atom


unequivocal


because


the


N-oxide


group


was


present


chlorinated


ring


start.


contrast,


attempts


oxidize 5-chloro-3,3'-bipyridine following a similar coupling


reaction

expected


prepare


to provide


the

the


unoxidized


1-oxide


material


the major


would

product.


not be

Mixed


mono


N-oxides


are


likely


because


electron-withdrawing


chlorine


atom would have


caused N-oxidation


take


place


the more reactive unsubstituted ring to give the isomeric


nv, a -~ a' A--- -- -A k


4-~ 1~? ~ u --a -- .3.


nv; rl h


rl 1


-^ <"


mq































direct


preparation


symmetrical


3,3' :5'3'-


terpyridine


(2-2)


having the center ring N-oxidized as


2-2


by direct N-oxidation is an even greater challenge because all


three pyridyl rings are expected to have similar reactiviti


synthesis


2-2


is both


trivial


and unequivocal


that


the same 3,5-dichloropyridine-1-oxide55 used to prepare 2-1 was


employed


synthesize


2-2


now


equivalents


diethyl (3-pyridyl) borane


were


present


along with a


carbonate


buffer


(Figure 2-3).


Surprisingly,


the nonoxidized form of


2-2


was prepared from 3,5-dibromopyridine


1936 by


a palladium


CaC03


that


coupling


substantially


reaction


under


predates


heterogeneous


recent


synthesis


conditions5"


using


completed palladium metal.


-n ,- 'I -


4 .


-Ih At


5, ,It1) n*W *rI UA it n a i-1 '1 nf *~ fl llIt1 Ufrf










Here


the N-oxide unit


located on a nitrogen atom highly


sterically


hindered


peri


position60


2-3


would


have been formed only


as a minor product on N-oxidation of the


preformed pyridylquinoline.


To further extend this


approach,


was


shown


that


Stille-type conditions


will


afford


coupled


products


well.


DMF,


2-3


coupled


(tributylstannyl)pyridine


give


3- (2-pyridyl)quinoline-1-


oxide


(2-5)


yield


Figure


2-4) .


substrate


even


more


activated


nucleophilic


substitution and ring cleavage by hydroxide ion is found in 3-


iodo-l-methylpyridinium ion.


1-Methyl-3, 3'-bipyridinium ion'


was


formed


from


3-iodopyridine


and


diethyl (3-


pyridyl)borane.


quaternizations


While


alternate


3,3'-bipyridine


yield


syntheses


1-methyl-3,3'-


S -


* _


- -A.


fl, rrr~ I rflr n r fi n in nmn n n r. Cr n Wi Ur fl fllf 'mn. In *7ll U ra Jr 3~ nf nf l


*


r u








17
quaternized substrates very highly activated for nucleophilic


substitution and ring


cleavage may


be employed


cross-


coupling


under


aqueous


alkaline


conditions.


This


approach


would


useful,


example,


prepare


unsymmetrically


carbon


substituted derivatives


of 1-methyl-3,3'-bipyridinium


ion of known and controlled structure


in the


case


of 2-1.


The f<

couple with


failure


4-chloro-1-methylpyridinium


diethyl(3-pyridyl)borane even


iodide


under weakly


basic


conditions promoted us to try Stille-type conditions.


The move


3-(tributylstannyl)pyridine


and


dry


DMF


allowed


formation of


the coupled product,


1-methyl-3'


,4-bipyridinium


iodide


(2-9),


yield.


similar


reactivity


between the two annular nitrogens,


selective quaternization of


preformed 3,4-bipyridine,


undoubtably,


would have resulted in


a mixture.

The reactivity of halogenated N-methylquinolinium and N-


methylisoquinolium


salts


also


were


examined.


These


bicyclic


materials


are


still


more


activated


than


the


pyridinium


ions


for nucleophilic substitution62


and for pseudo-base


formation


addition


of hydroxide


ion,


often


accompanied by


ring


cleavage.


54,63


Several


attempt


were


necessary


find


proper


alkaline


buffer


minimize


side-reactions.


Borate,


phosphate


and bicarbonate buffers


were


examined


order


fltaa r. I ,. p s C l ir *r -. -a a*


in rrar


^ ^













reaction


mixture


consisting


diethyl (3-pyridyl)borane


3-bromo-l1-methylquinolinium


ion64


and


palladium


catalyst.


This


is a useful preparation because quaternization


of preformed


3- (3-pyridyl) quinoline


is not


expected to


yield


2-7


directly,


owing


considerable


steric


hindrance


peri position.


60 Replacing the aqueous solvent by anhydrous DMF


did


lead


increase


yield


product.


Bicarbonate


been


used


palladium


induced


coupling


reactions of thiopheneboronic51 and pyridylboronic acids,


65 for


example.


Employing


4-bromo-2-methylisoquinolinium


ion66


benzeneboronic


acid


was


possible


prepare


phenylated isoquinolinium ion with borate base. Unfortunately,


attempts


make


4-pyridylated


isoquinolinium


(2-8)


using


borate,


unsuccessful


phosphate


degradation


bicarbonate


the


buffers


heterocyclic


were

cation


when the reaction was run with two phases,


the alkaline layer


containing


isoquinolinium


ion.


However,


the


addition


some methanol


to make


the mixture homogeneous


allowed


2-8


be isolated in


43% yield in the presence of


a borate buffer.


A slight


improvement


in the


yield of


2-8


(51%)


was


seen


when


4-bromo-2-methylisoquinolinium


iodide


was


coupled


with


(tributylstannyl)pyridine using a palladium(0) catalyst in dry


- 4- .


-~


-r a


.a. -


I A L. *T IL a. ar I 5 t L L l r & .-.-aa-


1


*^-J






























Having


demonstrated


that


weakly


basic


buffers


are


sufficient to induce cross-coupling,


a perdeuterated substrate


was


examined


order


learn


whether


possible


employ


isotopically


labelled


reagent


coupling


process.


deuterium


isotopes


equivalent


positions


3, 5-dichloropyridine-l-oxide-2, 4, 6-d3


are


known


to be


removed


easily


with


dilute


alkali68


and


their presence


therefore


Partially


serves as


deuteriated


a sensitive


product


test


2-10


reaction


was


conditions.


prepared


presence


bicarbonate


from


essentially


completely


labelled


(95%)


dichloride.


No deuterium was found at position


D at position


and the original


amount


Unequal


labelling of the 2 and 6 positions of 2-10 indicates that some
AC CI\ k. Aa -- __- --~ --










coupling


conditions


are


mild


enough


allow


selected


sites


retain


their


hydrogen


label.


Conclusions


Palladium-catalyzed


cross-coupling


may


used


successfully


prepare


N-oxidized


and


N-quaternized


polycyclic polyazines


unequivocal


structure


under


aqueous


conditions


(Suzuki-type conditions). An isotopically


labelled


substrate


may


employed


reactant


when


the


buffer


selected judiciously so that a hydrogen isotope at carbon will


retained.


seems


likely


that


other


types


functionalized compounds


such as


N-amines


can be prepared by


our method.

It is also possible to prepare N-functionalized polcyclic
l t^1 m na t d nh n f l 11 anrI n- ^ 1 tr4 r-vee-r/rnin nl ir rr nrhlar In n ..








21

conditions with 3-(tributylstannyl)pyridine. While Suzuki-type


conditions did not yield any


coupled product with


4-chloro-l-


methylpyridinium


iodide


and


diethyl (3-pyridyl) borane,


some


product


was


obtained


with


Stille-type


conditions.


However,


Suzuki-type


conditions


gave


a better


yield


over


Stille-type


conditions


in the coupling


3-bromoquinoline-N-oxide.


synthesis


isomers


having


bond


position of N-quaternized materials is still more challenging


to the enhanced ease


of nucleophilic


substitution


of the


halogenated precursors.















CHAPTER 3


A GENERAL METHOD OF


SYNTHESIS


FOR REGIOSPECIFICALLY N-


OXIDIZED OR N-QUATERNIZED


POLYCYCLIC POLYAZINES


PALLADIUM-CATALYZED CROSS-COUPLING OF N-OXIDIZED


OR N-


QUATERNIZED


HETARYL


S TANNANE S


Introduction


A classical problem in heterocyclic chemistry deal


with


the question of how to control and thereby direct N-oxidation


N-quaternization


single,


selected


annular


nitrogen


atom of


a polyazine


or polycyclic polyazine.


We have devised a simple and direct


solution to this old


challenge.


use


recently


developed


and


now


highly


popular


palladium-catalyzed


cross-coupling


reaction


hetaryl


synthesize


halide


hetaryl


a polyazine.


unlike


organometallic


the approaches


compound


of others,


we N-oxidize or N-quaternize the desired annular nitrogen atom


prior to


linking the rings together.


Thus,


the regiochemistry


final


product


assured and unequivocal.


our


original


application


this


approach,


hetaryl halide was functionalized either by N-oxidation or N-


methylation and then coupled to a hetarylborane


in a Suzuki-


type


reaction)


hetarylstannane


Stille-type


ra3 nt- 4 n


* I


C)~~~~~~r V e1n n.a -


e: nLII* F~


'1,1


A 1 L Ir All*l*


6.


ft *


L,~L


f v


I














Figure 3-1


Pd(0)


R= CH3, O-
X= CI, Br, I


M= BEt2, SnBu3


Suzuki-type


reaction


generally


requires


aqueous


alkali


generate


reactive


hydroxide


adduct


borane or boronic acid,


an "ate"


complex.3,30o,7071 Under aqueous


conditions,


the N-oxidized or N-quaternized hetaryl halide is


highly


activated


nucleophilic


substitution,


hydroxydehalogenation,


52,72


as well


as other undesirable


side-


reactions


such


hydrolytic


ring


cleavage.


54 However,


nonaqueous conditions31'34 and more recently fluoride ion under

aqueous and nonaqueous conditions35 also have been found to be


useful.


Boronic acid esters may be made to cross-couple under


nonaqueous


conditions


presence


both


palladium


and


thallium(I)


catalysts.


overcome


this


problem


would


use


1- aC ... r n fl -r nr ar -r fl AJ n n a a. ar a 2 2 a a a I~ l e










halides but not


with N-oxidized hetaryl


halides.


Others


have


taken this approach and coupled a stannane with a halogenated


N-oxide.


49,50


Another approach might make use of


a hetaryl halide that


N-oxidized


N-quaternized


and


thereby


minimize


possibility


side


reactions.


Suzuki-type


reaction,


the hetaryl borane or boronic acid now would be functionalized


at the annular nitrogen atom.


Unfortunately,


the necessary N-


functionalized hetaryl boranes


and boronic acids


are


largely


unknown


materials,


with


good


reason.


For


example,


methylation


3-pyridyl


borane


been


achieved


spite of repeated attempts44'74', because this borane exists


solution


a cyclic


tetramer


which


the


nitrogen


atom


one


molecule


Thus,


lone


coordinated


electron


boron


pair


atom


nitrogen


second.


atom


unavailable


for nucleophilic


reaction.


N-methylation


a 3-


pyridyl


borane


was


achieved


only


when


borane


first


was


converted to an


"at e"


complex with cyanide ion to destroy the


oligomer.


Unfortunately,


cyanide


retained


betaine


final


product.


Other


hetaryl


boranes


are


known


have high melting points and so they too are expected to exist


in solution as


N-quaternization.


coordinated aggregates


Moreover,


which


"at e"


therefore


complex


resist


formed


-4- r~ kAarr-r'na fl t'%l


A rr


C c,:,ll,,.lt,,,,,A


CA ~











substitution


a boronic acid in


place


a borane


also has its


severe


limitations.


The successful N-methylation


of 3-pyridylboronic acid has only been reported recently;


method requires the use of


an alkylating agent


with a leaving


group


that


non-nucleophilic


such


sulfonate


ion.


reactive


anion


such


iodide


from methyl


iodide


alkylating


agent


causes


decomposition


product.


In view of such limitations,


we now employ a variation of


Stille


reaction.


2,78 We


use


a hetarylstannane


place


the borane


and N-oxidize or N-quaternize


this


organometallic


compound instead of the halide,


method.


a so-called "reverse polarity"


The palladium cross-coupling step is carried out in a


q


- -


flflfl nfn ~ r~~ E~ na *~ *.n r* Sr *T1 r I a Ir AS~~l U --A


fit Y ~lY~a


r


,,~,, L


~'''~~~'


1










While


many


hetaryl


stannane


precursors


are


known


substances,


50o79-86 their


N-oxides


and N-methyl


derivatives


are


largely unknown


compounds.


Several


are prepared and reported


here


for


the


first


time


Stannylated


(alkoxycarbonyl)pyridinium ions


have been


generated but


only


reactive


intermediates.


scope and some


limitations


the new method


are


illustrated by the


following preparations.


In many


cases


examples


were


selected


show


how


easy


prepare


functionalized derivatives


that


otherwise


would be difficult


tedious


prepare


and


purify


standard


oxidation


quaternization


reactions


preformed


polycyclic


azine


free base.


Three


different


stannylated


heterocyclic


rings


were


successfully


cross-coupled.


With


pyridine,


quinoline and


isoquinoline


substrates


functionalized


annular


nitrogen


atom


located


stannylated


site


arrangement


while


with


respect


geometry


another


pyridine.


Special problems were encountered when attempting to


N-methylate


2-stannylated


pyridine


provide


geometry;


coupling was not


attempted.


The diverse group of five halogenated compounds included


3-bromoquinoline,


4-bromoisoquinoline,


5-bromopyrimidine,


i nnnr7 ri no


Innr


9 1r) n -r'H ar ~ant: r n


LI ~~~r I N-


4-n4- ~1


h~h (r n,


JJ


J










Results


and Discussion


N-Oxidation


. ..11111- I l-ll l1" IIIIIII II-III-IIIIIII


3- (Tributylstannyl) -pyridine"


and


-quinoline79


and


(tributylstannyl


isoquinoline


were


N-oxidized


with


chloroperbenzoic acid in chloroform to give the corresponding


pyridyl


3-1


(88%),


quinolyl


3-2


(88%),


and


isoquinolyl


3-3


(80%)


N-oxides.


Only


4- (trimethylstannyl) 08'89


and


(triphenylstannyl)


pyridines


have been N-oxidized.


N-Methylation


3- (tributylstannyl)pyridine


quinoline


went


smoothly to give


respective N-quaternized


3-stannylpyridine


3-4


100%


iodide


and b


tosylate)


3-quinoline


3-5


(92% iodide)


. Similarly,


the corresponding 4-


stannylpyridine


3-6


iodide


and


tosylate)


was


readily


prepared.


N-methylation


3- (trimethylstannyl)


pyridine


with


been


reported


patents.


flnnunrc4 a nn nfa 4-H 4l ,-r1 na na.,n4-a,. 4C an at -A 4- 4--. *


and N-Methv la+inn


flf HPt ~rV]


St~nn~nP~


:


I





























marked


contrast,


N-methylation


(tributylstannyl)pyridine


(CH2C12,


7 C)


could only be achieved


with


methyl


triflate


give


labile


product


which


was


unstable


at room temperature,


giving rise to the destannylated


N-methylpyridinium ion on


standing.


The material was,


however,


stable when kept below 0 C but pure product was not isolated.


triflate


salt


immediately


destannylated in DMSO to


yield


N-methylpyridinium


ion.


Attempts


quaternization


using


either


methyl


iodide


methyl


tosylate


proved


unsuccessful


pyridinium


Cross-coupling


ylide


was


generated


attempted.


destannylation


doubt


and


stability


this


intermediate


accounts


the


facile


decomposition.


91-93










with


4-bromoisoquinoline


give


N-oxide


3-8,


Table


Whereas the alternate synthesis of


3-7


might well be achieved


N-oxidation at


less


sterically


hindered nitrogen


atom


of the known preformed


(3-pyridyl)quinoline free base67 this


likely


the


case


with


4-(3-


pyridyl)isoquinoline where both nitrogen atoms are expected to


have


very


similar


reactivities,


making


preparation


isolation of 3-8 quite difficult by such a route


Moreover,


both


cases


N-oxidization


preformed coupled bihetarene


likely


result


mixture


mono-


and


di-N-oxidized


products.


Cross-coupling


pyridine


N-oxide


3-1


with


bromopyrimidine in THF gave pyrimidine N-oxide 3-9. Similarly,


quinoline


N-oxide


3-2


4-isoquinoline


N-oxide


3-3


coupling with 5-bromopyrimidine in toluene afforded pyrimidine


N-oxides 3-10 and 3-11,


respectively,


Table I. Again,


in these


three examples the efficient preparation of the final products


3-9,


3-10


and


3-11


from


preformed


polyazine


free


bases


such


known"9


precursor


3-9


unlikely


due


to both


steric


and electronic


factors


which favor the


formation


mixture


served as


isomers.


limiting


these


reagent


experiments


and


the


yields


stannane


cross-


coupled products


were moderate


(43-66%).


fl ~~' -% a. n 4-. '- 4- Lb & Lb fl 1 a. -a- aI..a- --. .t


tlrr rr nnC r.rr nL











yield


coupled


product


3-12


was


essentially


quantitative


Table


Tabl


Condition


Result


of the


Cross-


Coupling


Stannylated


Hetaryl


N-Oxide


with


Hetaryl


Halides


Presence


of Pd(PPh3)4


Stannane


Halide"


Solvent/
time (h)


Product


Yield


3-1 3Br DMF/(24) 3-7 66
3-1 4Br THF/20) 3-8 43
3-1 5Br THF/(12) 3-9 64
3-2 5Br toluene/ 3-10 51
(18)
3-3 5Br toluene/ 3-11 58
(10)____________
3-1 2C1 THF/(36) 3-12 98b


*3Br


3-bromoquinoline,


5-bromopyrimidine


4-bromoi


soquinoline,


2-chloropyrazine.


limiting


reagent


stannane


this


one


case


halide


Cross


-Couplinn


of N


-Methylated


Stannanes


with


Stannane


as the


Limiting


Reaqent


Cross


-coupling


N-methylated


hetaryl


stannanes


proved


to be


more


a challenge


than


coupling


N-oxides


the


~____










N-Methyl-3-tributylstannylquinolinium


iodide


3-5


was


coupled


to 3-iodopyridine


in the


presence


of Pd(PPh3)4


to give


3-13


(15%),


Table


yield


seems


to be


result


using


iodide


as a counter


. We


have


observed


that


such


quaterni


zed stannanes are easily destannylated by


halide


ions.


Table


Stannanes
Conditions


Result


and


Hetaryl


Molar


Cros


Halides


Excess


s-Coupling


with


Halide


of N-Quaterni


Catalya
Excess


Under


Stannane


I. U


Stannane


Halide"


Catalys
(Method


Solvent/


time


Product


Yield


3-5 3I Pd (PPh3)4 THF/(18) 3-13 15
(A)
3-4C 5Br Pd(PPh3)4 toluene/ 3-14 55
(A) (12)
3-4C 2C1 Pd(PPh3)4 toluene/ 3-15a 29
(A) (16)
3-4C NaBPh4 Pd (dppe) THF/(10) 3-16 64
Cl2 (A)
3-4b 3Br Pd(PPh3)4 toluene/ 3-17a 54
(A) (10)
3-6b 3Br Pd(PPh3) THF/(24) 3-18 54
________(A)
3- 6b 5Br Pd(PPh3)4 toluene/ 3-19 74
(A) (30)
3-6b 3I Pd (PPh3)4 DMF/(12) 3-20 64
(A)
3-4b 3Br Pd(dppe) toluene/ 3-17b 87
Cl2 (B) (20)
3-4b 2C1 Pd(dppe) toluene/ 3-15b 87
Cl2 (B) (30)










Initially,


attempting


overcome


competing


destannylation


counter


ion


was


changed


from


iodide


to the


less nucleophilic tetraphenylborate


Cross-coupling in the


presence


of Pd(PPh3)


occurred


between


N-quaternized


pyridine


3-4c


and


5-bromopyrimidine


yield


3-14


moderate


yield


(55%),


Table


II. Compound


3-4c


was


also found


to couple


to 2-


chlororpyrazine


to give


3-15a


yield


(29%)


was


discovered


that


essential


use


a Pd(0)


catalyst


with


tetraphenylborate


counter


order


minimize


competing


presence


phenylation


Pd (dppe


this


Cl2,


anion.


For


(dppe


example,


(diphenylpho


sphino)


ethane)


(10%)


3-4c


of the


and


5-bromopyrimidine


expected product


3-14


gave


with


only


main


small


product


amount


being


3-phenylpyridinium


3-1669


(62%).


tetraphenylborate


known


phenylating


agent


accordance


with


this,


compound


3-4c


presence


Pd (dppe) Cl2


one


equivalent


NaBPh4


gave


3-16


yield,


Table


Tosylate


was


found


most


useful


counterion


because


was


inert


N-Quaternized pyridyl


stannanes


3-4b and


3-6b


with


this


anion


were


coupled


to 3-bromoquinoline


to give


known


3-17"6


and


3-18,


respectively.


Note


that


3-13


and


3-17


are


isomers,


site


specific


N-methylation


having


been


achieved


each


case.


addition,


stannane


3-6b


was


coupled


1%- ...n .- -4 1 2 a -a I --- -J- j -~- -fl -


a- -- -


-Inn


- -J


r rr


-1


m


In










coupling


route


providing


3-20.


This


salt


known


accelerate


cross-coupling


stannanes


acting


phosphine


alternate


trap,


thereby


synthesis


facilitating


these


compounds


transmetallation.


might


28 An


be possible


selective quaternization of the coupled free base such


as the


known


neutral


precursor58


3-18


diquaternization


likely to be an important


competing process especially in the


case


precursor97


3-20


where


steric


and


electronic


differences


between


nitrogen


atoms


are


minimal.


some instances it


was prudent to convert the tosylate coupled


product


a tetraphenylborate


or perchlorate


salt


easy


isolation.


Cross-coupling


of N-Methvlated Stannanes


with Hetarvi Halide


the Limiting


Reagent


above


cross-coupling


reactions


with


oxidized and N-quaternized stannanes,


the major side reaction


homocoupling


diquaternized material.


stannane


Attempts


give


suppress


di-N-oxidized


homocoupling by


degassing


system


remove


dissolved


oxygen


found by


others4'30


did


improve


yields


greatly


diminishing


amount of homocoupled side-product.


It has been suggested that


Pd(II)


and


Pd(0)


responsible


homocoupling.98


4-4- ~ ~ ~ ~ ~ ~ ~ ~ ,,., aI, aa- .--- t. .


with Hetarvl


Halide


~ICC nm~rC Fl










acetonitrile


wash


recovered


desired


soluble


product


leaving the insoluble dication.


The di-N-oxidized homocoupled


product was removed easily on standard column chromatography.


When


hetaryl


stannane


now


halide


was


served


present


molar


limiting


reagent


excess


equivalents),


yields


desired


cross-coupling


product


improved significantly,


Table II.


For example,


cross-coupling


pyridyl


stannane


3-4b


with


3-bromoquinoline


chlororpyrazine in the presence


of Pd(dppe)C12 gave compounds


3-17b


(87%)


and


3-15b


(87%),


respectively,


Table


contrast,


3-bromoquinoline


and


2-chlororpyrazine


under


our


previous conditions using the stannane as the limiting reagent


gave


these products


only


and 29%


yield,


respectively.


In addition,


N-methylated pyridines 3-4b and 3-6b were coupled


4-bromoquinoline


compound 3-21"6 and


under


3-22,


similar


respectively


condition

fy. Thus,


give


yields of


known

cross-


coupled


increase,


products


ranging


under


conditions


from


87%,


excess


Table


stannane


Again,


impurity was the homocoupled material.



Conclusions


Hetaryl


stannanes


N-functionalized


form


- 2 a -ii --'A- 2 A-t





L


_ _- -


--










stannanes,


contrast


with


boranes,


are


the


reagents


choice


cross-coupling


organometallic


component


reaction


which


N-functionalized.


When


quaternized


hetaryl


stannane


is employed,


advisable


select


an inert


ylate


as the


counteranion


of the


salt.


examples


shown


here


reveal


the


power


new


synthetic


method


whereby


annular


nitrogen


atom


functionalized


structure


prior


N-oxide


cross-coupling.


or N-quaternized


this


coupled


way


product


both


obvious


assured.


Clearly,


our


approach


may


applied


rings


of other


size


and


construction


the


introduction


other


substituents


onto


an annular


nitrogen


atom.


scope


seems


be wide


and the method


useful.


coupled products


themselves


may


serve


starting


materials.


N-functional


groups


provide


a special


chemistry


that


directs


new


substituents


their


activated


ring


and


thereby


allow


further


controlled


elaboration.


99-103















N-METHYLATION AND


ATOM OF


CHAPTER


N-OXIDATION OF THE LESS REACTIVE NITROGEN


A 2,3'-BIPYRIDINE--TWO GENERAL METHODS
POLYAZINES


Introduction


FOR


Directing


atom


reaction


of a polyazine


one


a polycyclic


selected


annular


polyazine


nitrogen


old


and


continuing


synthetic


challenge.


Espec


ally


difficult


case


where


desired


reaction


site


sterically


hindered


and/or electronically


deactivated.


2,3'-Bipyridine is a prototypical polyazine where the two


annular


nitrogen


atoms


demonstrate


markedly


different


reactivities


to their geometry,


the nitrogen


atom


of the


2-pyridyl


ring


being more


sterically


hindered


and


therefore


much less nucleophilic than


that


of the


3'-pyridyl


ring.


have


devised


two


different


methods


achieve


regiocontrolled functionalization of one annular nitrogen atom


using


2, 3'-bipyridine


model


substrate.


When


desirable to functionalize the less reactive nitrogen atom in


the 2-pyridyl


ring


the 2,3'-bipyridine


our


first


approach


employs a three-step protection-functionalization-deprotection


sequence


preformed


2,3'-bipyridine.


removable










2-pyridyl


nitrogen


atom


then


functionalized


quaternization


N-oxidation


and


protecting


group


removed


base


p-nitrostyrene


give


the


desired


final


product.


simpler


approach


N-oxide


employs


methyl


protecting


group,


readily


removed


the


action


of KI


in heat


ed DMF


in a similar


sequence


steps


(Figure


Figure 4-1a


ONH2
I


CONH2


ONH2


4-2 R1 -CH3
44, R1 (CH2)2C6H4N02 p

VIII, O or
ix ,X


ONH2


x


SRI -R2 CH3
,R (CH2)2C6H4N02 p
R2- CH3


,R2-CH3, XCONH2
, R2-O, XCONH2
, R2-0, X-H


4-7, R1 (CH2)2CgH4N02 p
X -CONH2
4-9, R1 -CH3, X-CONH2
4-11, Ri-CH3, X-H


aReeuts: () Pd(Ph3)4. 3-Et2B-pyridine, HF, (ii) Mel,. EtOAc, (iii)
Br(CH2)2C6H4N02. iv) Mel, DMF, (%$ Mel. sulfane (v)
MeOTs, suodane, (i) NOAc, MeCN lor 4-5. (iii) MCPBA.
sulolane br :Z; peroxide. TFA for 4. (ix) MCPBA, CHa3 or
411, (x) NaOAc, MeCN or Z (xi) KI. DMF fo 4-9 nd 4-11.










catalyst,


pyridyl


borane


and


N-oxidized


halogenated


pyridine


(Figure


4-2).


model


substrate


selected


illustrate


these


methods is 5-carbamoyl-2,3'-bipyridine


(4-1) .


Not only is the


2-pyridyl


ring


sterically


deactivated


nucleophilic


reactions


also


carbamoyl


group


presents


substantial


additional electronic deactivation.


The 2-pyridyl ring in 4-1


so deactivated


that


we were


forced


to devise new


reaction


conditions which differ markedly from those used in the

successful synthesis of 1-methyl-2,3'-bipyridinium ion.


first

104 The


new


conditions


are


likely


more


widely


applicable


other


substrates.


The regiocontrolled N-methylation of 4-1 at the 2-pyridyl
n; -rnn an 4nv -. nA C.. ~. -'I-at








39

Using the second synthetic approach N-oxide 4-8 also was


prepared


cross-coupling


route


failed


provide


methylated 4-6.


Results and Discussion


Pd-Catalvzed Cross-Couplinc


Bipyridine


4-1


was


readily


prepared


(92%)


Suzuki3'4344'4'6 cross-coupling of diethyl (3-pyridyl) borane and


chloro-5-carbamoylpyridine with tetrakis-


(triphenylphosphine)


palladium(0)


and


aqueous


carbonate


buffer.


5-methyl


ester


been made by


similar


route67


isomeric


chloro-3-carbamoylpyridine did not couple with benzeneboronic


acid in


presence of Pd(dppb)Cl2.


N-Methvlation


Mono- and di-N-methylation of 4-1


was examined to obtain


information


about


reactivity


nitrogen


atoms


and,


as seen below,


to learn about the thermal


instability of


diquaternized


salt


toward


demethylation.


first


methylation


took


place


readily


provide


4-2,


l'-methyl-5-


carbamoyl-2,3'-bipyridinium iodide


yield with Mel


yield


with methyl


tosylate


(MeOTs).


'Ill. -2,, K,~, -- -,,~~ ----------------------2 -.- -- -








40

conditions used for the preparation of the diquaternized form


of BPY

sealed


itself,


tube,


Mel

were


acetonitrile


unsatisfactory.


heated


Sulfolane


solubilized


monocation


4-2


and heating


with


excess


MeOTs


gave


(4-3),


1,1'-dimethyl-5-carbamoyl-2,3'-bipyridinium ion


(84%)


Heated


was


unsatisfactory


because


mixture


mono


(4-2)


and


diquaternized


(4-3)


products


along


with


tetramethylammonium


solvent


decomposition


product


were


isolated in


Addition of


low yields.



the Protecting Group and Diquaternization


addition


NPE


protecting


group


N-I'


was


achieved easily


yield to provide monocation


4-4.


Again,


solvent


second methylation step was


of choice proved to


a challenge.


sulfolane because


The

good


solvent properties and its inertness to the methylating agent.


However,


yield of


desired diquaternized


4-5


was


only


using


because


deprotection


the


starting


material


iodide


followed


methylation


form


dimethylated


dication


4-3


was


competing


process.


Reverse


phase


column


chromotography'05 proved useful in the separation of materials.


yield


4-5


improved


with


MeOTs.


dequaternization now was evident with the weakly nucleophilic


- I -


I










benzyl bromide,


the latter in the presence of


silver salt


could


made


react,


providing


further


evidence


markedly


low reactivity


of this


atom.


An attempt


was made


to bond a


2-cyanoethyl


group


to the


N-'


atom of 3-1


with the expectation that


would be easier


to remove by the action of base in the deprotection step.


107,108


However,


the 2-cyanoethyl bromide alkylating


agent


only


gave


rise


low yields


of the desired N-quaternized product.


Deprotection


Selection of conditions for the successful removal of the


N-protecting


group


required


several


trials.


2,2,6,6-


tetramethylpiperidine


base


used


our


earlier


study'04


was


unsatisfactory


because


difficulty


encountered


removing


tosylate


salt


from


desired


ionic


product


4-6,


1-methyl-5-carbamoyl-2,3'-bipyridinium ion.


sodium


acetate


refluxing


acetonitrile


brought


about


elimination of 4-nitrostyrene to regenerate the unsubstituted


3'-pyridyl


ring


and the monomethylated product


4-6


55%)


N-Oxidation


(Nitrophenyl) ethylated material 4-4 was easily N-oxidized


to 4-7


using


3-chloroperbenzoic acid'9


sulfolane


(57%)


LL L -I










view


easy


dealkylation


4-3


iodide


ion,


another route was explored,


now using the N-methyl substituent


on N-l'


as a protecting group.


Iodide


4-2


was


first


converted


tosylate


volatile Mel


room


an anion


temperature


exchange


with


MeOTs


reaction in


generate


order to


avoid


oxidiz


ing the


iodide counterion and


then N-oxidized


peroxytrifluoroacetic


acid'09


5-carbamoyl-1'-methyl-2


bipyridinium-l-oxide


(4-9)


Deprotection,


this


time


removing


methyl


group


using


heated


DMF,


gave


more


sterically


hindered mono


N-oxide


4-8


(55%).


parent


bipyridine


lacking


carbamoyl


substituent,


same


sequence


N-I'


protection


with


methyl


group followed by N-oxidation gave 4-11


which then was


deprotected thermally with KI in hot DMF to afford 4-10


(40%).


N-oxidation of unprotected bipyridine has been reported along


with


spectroscopic properties.


56, 110


Palladium-Catalyzed Couplinq to


Prepare N-Oxide


4-10


more


direct


route


4-10


(68%)


employed


palladium-


catalyzed cross-coupling'3',4'4446 of diethyl (3-pyridyl)borane and


2-bromopyridine-1-oxide in aqueous carbonate. Although the


bromopyridine-1-oxide


can


undergo


facile


nucleophilic


substitution reaction with hydroxide ion to give a pyridone,


S* SI


A S S


-k % l fl .L -L -~ a a1 dr -1 a -a -----


. .










Palladium-Catalyzed


Coupling to


Prepare N-Oxide


6-Chloro-nicotinamide


was


N-oxidized


with


urea-Hy20


complex


and


triflouroacetic


acid


give


N-oxide


(86%).


Coupling


with


diethyl(3-pyridyl)borane,


Pd(0)


and


carbonate


gave


4-8


yield


(Figure


4-2).


Unsuccessful


Palladium-Catalyzed


Coupling to


Prepare


Our ability to cross-couple diethyl (3-pyridyl)borane with


N-methylated


pyridinium,


quinolinium


and


isoquinolinium


halides


having


the


halogen


atom


located beta


annular


nitrogen atom79 encouraged us to attempt the preparation of 4-6


such


route


using


quaternized


substrate


having


halogen atom at an alpha position.


Unfortunately,


all attempts


failed.


Thus,


coupling


3-pyridylborane and 2-bromo-1-


methylpyridinium


was


unsuccessful


using


carbonate


bicarbonate

palladium(0)


buffers


and


or Pd(dppe)2C12


tetrakis(triphenylphosphine


(dppe


1,2-(diphenylphosphino)


ethane).


Switching to


3- (tributylstannyl)pyridine


methyl pyridinium under non-aqueous


conditions


and 2-bromo-l-

(Stille-type


conditions)


also


failed


give


coupled


product.


variety


solvents


(THF,


dioxane,


and


DMF)


and


catalysts


(Pd (PPh3) 4,


Pd (dppe) 2C12


Pd2dba3)


were


tried


with












Conclusions


The NPE group is useful


to protect"'


an annular nitrogen


atom of


a preformed polycyclic


azine


where


can be


removed


subsequently as 4-nitrostyrene in the presence of a base such


acetate


regiospecific


lon.


deprotection


preparation


pathway


N-derivatized


allows


compounds


having


substituent s


less


reactive


annular


nitrogen


atom


polyaza compounds. For N-oxides,


an N-methyl substituent is an


attractive


alternate


protecting


group


readily


removable


thermally


induced nucleophilic


substitution


with iodide


ion.


The two methods for the preparation of carbamoyl N-oxide


3-8


may


compared,


each


ultimately


starting


with


pyridylborane


and


2-halopyridine.


two-step


palladium


coupling route first making the N-oxide and then coupling the


reactants


is shorter


and gives


4-8


overall


yield.


four-step


sequence


where


,3-bipyridine


prepared


first


palladium


coupling,


protected,


N-oxidized


and


then


deprotected gives an overall


yield of 29%


for the route using


NPE


protecting


group


and


methyl


protection


scheme. Although unsubstituted N-oxide 4-10 was synthesized by


routes


starting points


are


same


both


- I A


ml~ 'I










methods


would


seem


useful


preparation


variety


selectively


N-derivatized


polyazines.


If the construction of


an inter-ring bond to make


a polycyclic


structure


an option,


then


functionalizing


annular nitrogen atom of an azine prior to palladium-catalyzed


cross-coupling


serves


useful


shorter


second


route


regiospecifically


N-functionalized


polycyclic


polyazines.


However,


while this approach was successful


for the synthesis


of an N-oxide it failed here for an N-quaternized azine having


the halide group located alpha to this nitrogen.


For the later


compounds,


first


method


using


protecting


group


preformed polycyclic polyazines remains the method of choice.














CHAPTER


REVISED


STRUCTURE


AND


CONVERGENT


SYNTHESIS


OF THE


NEUROTOXIC


QUATERPYRIDINE


ISOLATED


FROM


HOPLONEMERTINE


SEA


WORM


Introduction


Neurotoxic


substances


have


been


isolated


from


phylum


marine


worms


hoplonemertine


call


(armed)


nemertines.


worm


contain


Extracts


anabaseine


from


3,4,5,6-


tetrahydro-2,3'-bipyridine),


,3'-bipyridine


and


quate


rpyridine


given


the


name


nemerte


lline


:4''


,3' '-quaterpyridine,


5-1).


proof


structure


of this


first


quaterpyridine


isolated


from


a living


source


rested


1976


entirely


proton


NMR


ctrum,


homonuclear


decoupling


experiments,


and


similarity


proton NMR spectrum to


that


nicotelline


Nicotelline


(5-2),


tripyridyl


tobacco


alkaloid,


also


contains


the


B-C-D


ring


structure


present


5-1,


lacks


ring


proton


NMR


spectrum


nicotelline


strikingly


similar


to the


proton


resonances


assigned


to rings


and


D of the


natural


product


synthesis


this


unsymmetrically


substituted


quaterpyridine


seemed


us to be


readily


poss


ible


given


-~~~~ .1 .


12''


.


~I










and heterocyclic polyaromatic


substrates


from organometallic


halide


precursors.


Suzuki


coupling


boranes


borates3'44"69-71 and Stille coupling of


stannanes2'43'78,84,112,113 now


are


the preferred methods


of joining


such rings.


We now report the first synthesis of 5-1


and its correct


proton


NMR


spectrum.


Spectral


differences


between


this


synthetic


quaterpyridine


and


that


natural


substance


clearly


indicate


that


5-1


the


natural


product.


correct


structure


the


natural


product


nemertelline


3,2'


,IIrr:I'


,3 ''-quaterpyridine (5-3) which is verified by


an independent


synthesis


involving


a key palladium-catalyzed


cross-coupling


step.


isomers


differ


only


1 -, L- ...r_ Lt -t~ _L tL A !! t2A--2--- n











natural


product


nemertelline


(5-3)


unsymmetrical


dimer


of 2


,3'-bipyridine.


Results


and


Discussion


Synthesis


3.2' 3' r. r (S-fl


-3// -Diatprnvri Hi n<=


retrosyntheti


approaches


5-1


are


given


Figures


and


Both


are


predicated


use


palladium-catalyzed


cross


-coupling2'43'70


of organometallic


and


halide


hetarenes


to form


bipyridine


(bpy)


rings.


According


successful


Figure


two


3-pyridyl


ring


of 5-1


are


disconnected


from


central


B-C


rings,


aI a




Figure 5-1: Retrosynthetic Analysis for Quaterpyridine 5-1



Di



Nc +


N 5-4


3'


3.2'


r4"


(5-1


I I I I


r r


i


r I











In Figure


disconnection


made between


the B


rings


give


two


different


bpy


rings


, 3,4'-bpy


containing


the


rings


and


2,3'-bpy


having


A-B


rings.


polarity


of this


disconnection


was


reversed


our


approaches.


route


C-D


rings


contain


organometallic


stannane


A-B


rings


the


chloride.


route


positions


stannyl


and


chloro


groups


are


reversed.


Although


both


routes


Figure


gave


some


desired


quaterpyridine


cross-coupling,


material


was


- -A- ---.--


I q .


.. -S


I 1


I~ .~ _.I -1


J1


J 1










approaches


constructed


individual


palladium-catalyzed


bpy


union


rings


two


were


pyridine


rings.


Retrosynthetic


Figure


5-1:


4-Dichloropyridine,


made


from


4-nitropyridine


N-oxide114


was


coupled


with


diethyl(3-


pyridyl)borane under Suzuki conditions


(Figure 5-3) .


Coupling


took place at


the


and not


4-position


the dichloride


to give 4-chloro-2,3'-bipyridine


(5-6)


(57%).


There is a


clear


preference


coupling


over the


4-position


2,4-dichloride


. But as the 4-chloro bipyridine product formed


large quantities,


starting material


this product


coupling


began


to compete


reaction


yield


with


known


terpyridine


(3,2' :4'3''-terpyridine,


nicotelline97).


coupling reaction


was


readily


followed by


silica


TLC and


was


stopped when


the


terpyridine


started to appear.


The structure of the 4-chlorobipyridine


(5-5)


was easily


established

deshielding


making


effect


assignments


interannular


based


large


nitrogen


atom.


singlet


of H-2


and the doublet


of H-4


3'-pyridyl


ring


this


bipyridine


are


highly


deshielded,


being


9.33


8.34


ppm,


respectively.


Monochloro


5-5


was


selectively N-oxidized


with MCPBA at


the less sterically hindered nitrogen atom to form


5-6.


Using


..











. Use


of POC13


directly


on the


N-oxide


expected


to give


a mixture


two


chlorinated


isomers.


final


Suzuki


coupling


with


slightly


more


than


equivalents


diethyl (3-pyridyl) borane


and


dichloride


5-4


provided


5-1


yield.


Retrosvnthetic


Figure


, Route


: The


C-D


ring


system


was


made


quite


easily


using


chemistry


recently


developed


our


group


provide


regioselectively


N-functionalized


bpy


".4 A -


-r


A _


k t


-


m










good


yield


(75%)


This material


then


was


converted


to 5-8


with


POCIa


and


diisopropyl


amine


followed


conversion


Grignard


reagent


and


transmetalation


with


tributyltin


chloride.


2'-Tributylstannyl


5-9


was


formed


moderate


yield


(34%)


required 3-chloro-2,3'-bipyridine


(5-10)


was


easily


constructed from 2,3-dichloropyridine


(92%)


and the diethyl(3-


pyridyl)borane under Suzuki conditions.


Cross-coupling of the


2,3-dichloropyridine


and


position


was


eas


ily demonstrated from the proton NMR spectrum by making use


large deshielding


effect


annular nitrogen


atom


of the B ring on the 3'-pyridyl A ring.


To verify that


was


possible


cross-couple


sterically


hindered


3-Cl


position


this


bpy,


model


coupling


with


diethyl (3-


pyridyl)borane was


attempted.


The expected new


* 3I,13.'










final


coupling


give


5-1


was


carried


under


typical


Stille


conditions using tetrakis(triphenylphosphine)


palladium(0)


refluxing


toluene.


Unfortunately,


inseparable


mixture


5-1


homocoupled


product


stannane


5-9


could


easily


separated


silica


chromotography.


Retrosynthetic Figure


5-2,


Route


In order to suppress


homocoupling,


the polarities of the bpy rings were reversed.


Two approaches were tried,


only one being successful.


successful


approach


organometallic


group


was


first


added


B-ring


and


then


A-ring


was


joined.


unsuccessful attempts this sequence was reversed.


The A and B-


rings


were


first bonded


together


and attempts


then


were made


unsuccessfully to add an organometallic group to the B-ring of

the bipyridine.


Taking advantage of known


chemistry,115-118


directed ortho


lithiation


of 2-bromopyridine


with LDA at


followed by


transmetalation


with


tributyltin


chloride


gave


2-bromo-3-


tributylstannylpyridine


(5-12)


(57%).


This stannane was easily


coupled


with


diethyl(3-pyridyl)borane


presence


tetrakis (triphenylphosphine) palladium (0


under


usual


aqueous


alkaline


Suzuki


conditions


give


tributylstannyl-2,3'-bipyridine


(5-13).


Significantly,


-























In the alternate route a number of


attempts to metallate


A-B


ring


3-halo-2,3'-bipyridine


were


tried.


attempts


convert


monochloride


metallated


material


failed


to give


a substantial


amount


of the


product.


Thus,


attempted


transmetalation


with


n-BuLi


temperatures

lithiated pr


(-78


:oduct


and

alone


-100


with


yielded


butylated


minimal

addition


amounts

product.


Attempted Grignard formation from the chloride provided mostly


3'-bipyridine


reduction


product.


Tributylstannide


the chloride gave only


10% of the 3-stannane.


Use of the more


reactive


3-bromo-2, 3' -bipyridine


(5-14)


made


from


corresponding 3-amine 5-15


in place of the 3-chloride did not


change


outcome


significantly.


The coupling


of chloride


5-8


= Cl)


and stannane 5-13


Bu Sn)


again


gave


inseparable


mixture


5-1


homocoupled product,


that


from 5-8.










disconnected


give


A-B


and


bipyridyl


rings


fragments.


organometallic


elected


component


have

and t


A-B


he C-D


fragment


portion


serve


as the


halide


the

. In


reversed


halide


polarity


and


approach


unit


contains


which


A-B


fragment


organometallic


group


ere


risk


that


desired


cross-c


oupling


might


fail.


Such


cross-coupling


sterically


hindered


while


homo


coupling


of the


stannane,


a common


side-reaction


Stille


coupling,


4,98,120-122


hindered


and


therefore


might


dominate


In our


favored approach homocoupling


of the


stannane


more


sterically


hindered


process


than


cross-coupling.


Stille


Couplina to aive


bipyridines


5-13


and


5-5


were


smoothly


cross-coupled


with


Pd(0)


catalyst


heated


--

























Crystal


Structure of Nemertelline


(5-3)


X-ray


analysis


monoclinic


crystals


was


obtained


order


confirm


structure


natural


product


and thereby


aid in the analysis


the NMR spectrum,


Figure


5-8.


molecule


folded


into


nonplanar


approximate


U-shape with,


as expected from the


structures


related polypyridines,


37,39,123,124 the orientation of the annular


nitrogen atoms in adjacent rings adopt an s-trans conformation


with


respect


each


other.


and


rings


are


approximately


parallel


each


other


and


are


skewed


with


respect


the common B ring.


The dihedral


angle between


rings is 440 for the A and B portion,


530 for the B and C rings


-2 30


group.


ring


twisted


away


from the A ring


the opposite direction


from that


the A


and


C rings


The geometry


the A,


B and C


rings


similar


that


1,2-diphenylbenzene.


Figure 5-7



Pd(O) A

Ci B I Toluene
NBN
5-5 5-13

Nemertelline,5-3














C6"'


C5"'


C4'

C3"'



N'flb#


C2"'


C2"


C3"


C6"


IA"


Cs,


Figure


5-8.


ORTEP


crystal


structure of nemertelline


(5-3)


with










final


proof


structure.


early


report


used


as a


solvent.


41 We find little


difference in the spectra using this


solvent or CDCl.


The 300 MHz NMR spectrum of


5-3


in CDCIl with


peak


assignments


shown


in Figure


5-9.


Some


signal


overlap


for three protons does occur


in CDCI3 at


8.6 ppm.


Remarkably,


none


aromatic


protons


overlap


CD3OD


where


the total


shift


scale


only


ppm,


Figure


5-10.


assignments


are


based


COSY


and


NOE


difference


spectra as well as the general


pattern of


chemical shifts and


spin


couplings


observed for polypyridines.


each ring the


signals


usually


follow


and


positional


order


(increasing

deshielding


magnetic

caused


field)


modified


lone


additional


electron


pair


interannular


nitrogen


atom40, 126


as well


as a shielding


effect


of stacked rings127128


case


of the A and C


rings.


COSY


5-3


CDC13


given


Figure


5-11


where


the proton assignment


of the two


important


3-pyridyl rings


emphasized.


Significantly,


one of


these two


rings


a pair


signals


9.01


and


8.19


ppm


which


are


located


much


lower


field


than


those


equivalent


positions


the other


ring


These deshielded protons are easily


identified


as being


nitrogen


atom


their


spin


coupling


pattern.


Moreover,


irradiation


a proton at


9.00 ppm gave


rise


a --h ..2 rr.-----.


a -


f


-n A


m l --





































































3
Ca








f~l'a


~Cs,





C,'__


a 1























































Figure


5-10

















0


9.g* 3.3 3. 3.4 3.3 u.s


71(p"3I


Figure


COSY
-no


300 1
ltno c


MHz for


nemertelline


fn' rra l at-1


-tho


ryrnt nn


(5-3)


,. tJI


. The


the


A rina


upper


and


S


O










and


signals


field


3-pyridyl


ring


must


associ


ated with the D ring,


i.e.,


they are due to protons 2'''


4I'


. Because


they


are


located


across


ring


from


lone


electron


pair


nitrogen


atom


ring


they


experience


deshielding


effect


this


electron


pair


causing them to


shifted to


such


field.


This pair of low field signals was assigned by the early


workers


to 2


and


positions


of the A ring41


and not


the D


ring


have


done.


crucial


error


giving


rise


incorrect


structure


which


the nitrogen


atom of


the C ring


positioned as


in 5-1


and not


5-3.


Proton NMR Spectra of 5-1:


The 300 MHz NMR spectrum of


CDC13


shown


assignments.


Figure


aromatic


5-12


proton


along

signals,


with

only


shift

three


overlap


seriously


before,


peak


assignments


were


made


using


COSY


(Figure


5-13),


NOE


difference,


and


splitting


patterns.


Splitting patterns are essential in identifying the degree and


position


substitution in


each ring.


Comparison of Proton NMR Spectra of 5-1 and 5-3:


Table


shows


chemical


shifts of


5-1


and nemertelline


(5-3)


CDCl3.


Only


ring


protons


have


similar


shifts.


Five


protons


have


shift


differences


least


0.3 ppm.


Three


J~~pas~~aI -'I AI St S .t


I


I # 9


r














tm "_
I


IC~4




































































8.8 8.6 8.4 8.2 8.0


Fl (ppe)


Figure


rIncv


c-I IVn fl


E ~










reason


large


other two protons,


differences


and 5'"


shifts


protons


ring,


less obvious and more subtle.


The major conformation about the


bond


between


and


rings


not


same


both


isomers.


it is not


That shown in 5-1 or 5-1E is correct.


5-3Z,


However,


the conformation found in the solid state.


Rather it is conformation 5-3E that


is present in chloroform.


Hence,


the position of protons 3''


and 5'"


differ with respect


to the shielding region of the A ring.


In 5-1E,


is located


over the aromatic A ring


and is


shielded and in


5-3E,


shielded by the A ring.


Table


5-1.


Chemical


Shifts


in ppm of


5-1


and


5-3


in CDCl3


We believe the incorrect structural assignment in 1976 is

the result of assuming the wrong conformation for the natural


product,


shown then as 5-1Z,


where the B and C rings have the


Cpd A-Ring B-Ring C-Ring D-Ring
5-1 8.57 (H2) 8.57(H2"'')
7.87 (H4) 8.12 (H4') 7.23 (H3"'') 7.61(H4'"')
7.30 (H5) 7.48 (H5') 7.43 (H5'') 7.35(H5"')
8.57 (H6) 8.82 (H6') 8.76 (H6"'') 8.64(H6'"')

5-3 8.63 (H2) 9.01 (H2'''")
7.77 (H4) 7.84 (H4') 7.55 (3'') 8.19(H4"')
7,26 (H5) 7.49 (H5') 7.13 (HS''5) 7.38(H5' ")
8.56 (H6) 8.83 (H6') 8.67 (H6") 8.65(H6"')










nitrogen


reported


atoms


of the


structural


C rings,


assignment.


This


thus


small


giving


error


rise


marred


successful


outcome


otherwise


difficult


structure


determination.















THE CORRECT


2,2'-BIPYRIDINE


CHAPTER


STRUCTURE OF THE OXIDIZED DIMER FORMED


FROM


IN THE PRESENCE OF LITHIUM DIISOPROPYLAMIDE


IS 2,2


':3'


' 6'"


,2'''-QUATERPYRIDINE.


Introduction


Lithium


diisopropylamide


(LDA)


known


react


with


pyridine to give a radical anion which then undergoes coupling


to yield

amounts


4,4' -bipyridine


depending


and


reaction


2,4'-bipyridine


conditions.


varying


Recently,


symmetrical bipyridines have been dimerized in the presence of


LDA to give quaterpyridines.


The mechanism is,


again,


believed


involve


electron


transfer


and the


formation


a reactive


radical


anion


that


gives


rise


quaterpyridine


product


following


coupling


oxidation.


Thus,


LDA


with


3,3'-


bipyridine


gives


3,3' :4'


, 3" -quaterpyridine


coupling


4-position38


and


4,4'-bipyridine


yields


Ir: 4II


4,4'


, 4'''-quaterpyridine


reaction


position.


Recently,


such


oxidative


dimerization


reaction


been


reported for


2,2'-bipyridine


the presence of LDA and


product


said


6-1,


2,2' :4'


:6'


quaterpyridine.


The oxidized dimer was initially claimed to be


14'':3''


12''


12'''-










author


corrected


structure


with


help


X-ray


anal


ysis


now


claimed


6-2,


:6'', 2' '-quaterpyridine.


We have independently prepared authentic 6-1 by a simple


synthesis


utilizing


palladium (0) -catalyzed


cross-coupling


reaction


and have


found


that


proton


NMR


spectrum


our


quaterpyridine unmistakably does not match that of the product


reaction


with LDA.


have


,2'-bipyridir


repeated

ie and h


LDA


rave


induced


obtained


the


coupling

reported


reaction

product


comparable


yield.


proton


NMR


analysis,


show


this


material


corrected


structure


6-2,


2,2' :3'


:6''


,2' '-quaterpyridine,


132 a substance having been


formed by coupling at the


3 and 6 positions


of two bipyridine


rings


and


dihydro precursor of


positions


6-2


also


has been


formerly


claimed.


identified.


Results


and Discussion


Independent


Synthesis


2,2' :4'


,2' '-Quaterpvridine


Un-)


Employing


construction


strategies


recently


unsymmetrical


developed


quaterpyridines,


132,133


a a a S -


3' 2'


12''


,2' 6'


1










quaterpyridine,


was


di-N-oxidized


with


MCPBA


give


6-3


(54%)


N-oxide


synthons


allow


further


functionalization of the bipyridine rings into


2',6-dichloride


6-4.


was


advantageous


first


convert


6-3


into


dipyridone


with acetic


anhydride


and


then


to make dichloride


6-4


with


POC13/DMF


thereby


minimize


formation


isomers.


Direct


conversion


6-3


into


dichloride


6-4


with


POC13/DMF was unsatisfactory because


it yielded a 1:1 mixture


6-4


and 2'


4-dichloride


6-5.


Since both isomers representing chlorination at the 4 and


6 positions of the 2-pyridyl ring were at hand,


identification










palladium-catalyzed


cross-coupling


with


2-(tributylstannyl)


pyridine"9


completed


synthesi


6-1


(57%)


proton


shift


assignments


NMR spectrum


given


6-1


Figure


along

6-2.


with

They


chemical


based


COSY


(Figure


6-3)


and NOE difference


spectra.


Proof


of the


Structure


6-2,


the Quaterpyridine


Formed in


the Presence of LDA


The proton NMR spectrum of


6-2


given in Figure


6-4.


comparison with our spectrum of


6-1


clearly indicates the two


quaterpyridines are not the same material.


They both must have


an unsymmetrical four ring A-B-C-A and not a symmetrical A-B-


B-A structure,


owing to


large number of


signals.


Because


there are just six different ways to join two


2,2'-bipyridines


together to give such an unsymmetrical material,


Table 1,


and


one of these,


entry


is our newly synthesized material


6-1,


there are


just


five


possibilities


for the


product


of the LDA


reaction.


these


five


structures


but


material


question have not


yet been


prepared.


With


both


6-1


6-2


ring


protons


are


easily


assigned by their


similarity to


chemical


shifts


and spin


coupling constants


identification


of 2,2'-bipyridine


structure


itself.


6-2


key to


substitution


- A S a -.-a a jn -


i


L





















Ip


7.4


7.6-


7.8


U.9-


3.8-


I.4


1.6


8.8


9.


9.0 8.8 8.6 1.4 38.8 .h 7.1 ?7. 7.4 7.8


II (pp.)


Figure


6-3.


COSY


spectrum


of quaterpyridine


6-1


CDC13.













CE
U~
S


































































.I., if., *. if if TV,.


Fl (pp.)


Figure


''' T'' r rI r 'r'l'' 1 I'''`I''' 1'










belong


one


these


rings.


Importantly,


their


major


coupling constants of 5 and 9 Hz unequivocally require them to


part


2, 3-disubstituted


ring


and


not,


originally


suggested,


ortho


part


couplings


2, 6-disubstitued


proton


pyridine


position


where

would


both

have


essentially


bipyridine


the


the


same


value.


coupling


"3 Typically,


constant


a pyridine


the


,3-position


smaller


(5 Hz)


than that


for the 3, 4-position


(8 Hz)


134 Thus,


ring


2, 3-disubstituted


and


only


first


three


entries


Table 1


represent


correct possible


structures.


Table 6-1.


Six Possible Ways of Joining Together Two 2,2'-


BPYs to


Form Unsymmetrical


QPYs


the


Type A-B-C-A.


The incorrect assignment of these three signals to a 2,6-


disubstituted


ring


probably


was


crucial


error


original


report.


I










Irradiation


signal


8.28


(H5'")


caused


this


four


proton multiple to reduce to a simple one proton triplet with


coupling


constant,


showing that


this


resonance must


associated


with


proton


at position


ring


(Figure


6-6)


Therefore,


this


ring must be


2,6-disubstituted


as in our C ring of


6-2


and not 2,4-disubstituted


in the B


ring


of 6-1.


Thus,


the correct


structure


LDA reaction


product


must


that


given


6-2,


entry


Table


complete


signal


assignment


found


experimental


section.


The partial proton spectrum of


a crude dihydro precursor


of 6-2 isolated prior to its oxidation is given in Figure 6-7.

The spectrum is consistent with the C ring being either a 1,2-


dihydro-2,6


or a


1,4-dihydro-2, 4


disubstituted pyridine


with


characteristic


coupling


constants


double


and


single bonds


of the


(6 Hz)


as well as allylic coupling


four carbon bound protons have


an eight


(5 Hz)

line c


135 Two


oupling


pattern characteristic of a four spin system while the one at


the highest


field has


lines


consistent


with


an additional


coupling to


the proton


on nitrogen.


suggest


this material


6-6


(Figure


6-8),


having


a nucleophilic


carbon


bonded


position


of the C ring.























































Figure 6-6













position

dihydro


second


intermediate


bipyridine


6-6


following


ring


give


quenching


the

with


observed


proton


source

Carbon


Oxidation

nucleophiles


then

are


gives

known


quaterpyridine


product.


position


,2'-bipyridine


119,136


Supporting


this


suggestion


rich


ionic


chemistry


assoc


iated


with


deprotonation


and


lithiation


LDA


ring


positions


heterocycles.


wide


117, 137


our


variety


attempts


aromatic


find


nitrogen


evidence


proposed 3-lithiated


6-7


quenching the LDA reaction mixture


with


either


CH30D


and


then


examinining


NMR


recovered


unsuccessful


complex


evidence


Curiously,


2,2'-bipyridine


deuterium


position


known


incorporation


the


undergo


were


ruthenium


hydrogen-


deuterium


exchange


but


only


with


CD3OD-CD3ONa-DMSO















CHAPTER


STRATEGIES


QUATERPYRIDINES


FOR


USING


SYNTHESIS


OF UNSYMMETRICAL


PALLADIUM-CATALYZED


CROSS-COUPLING


REACTIONS


Introduction


Unsymmetrical


and


unsubst ituted


quat


erpyridines


type


A-B


-C-D


where


letters


represent


individual


pyridine


rings


are


largely unknown substances


Of the


theoretically


poss


ible


structures,


just


seven


were


reported


prior


start


our


investigations


. Many


contain


the


,2'-bipyridine


unit


because


of the


eres


ting


ability


this


bipyridine


coordinate


various


structures


type


metal


ions


A-B-B-A;


Five


they


are


are


easily


symmetri


prepared


homocoupling


the


A-B


portions


under


variety


conditions.


36-40


the


two


reported


unsymmetrical


quaterpyridines,


both


were


originally


assigned


incorrect


structures


. Both


structures41'


have


been


corrected


either


independent


cross-coupling


synthesis

chemistry c


based


)r X-ray


palladium(0


analysis


-catalyzed


129,132


now


demonstrate


strategy


that


has


considerable


generality


for the


synthesis


unsymmetrical


quaterpyridines


types


A-B-C-D


and


A-B-C-A.


Individual


pyridine


rings










pyridyl


stannane


(Stille


coupling2)


borane


(Suzuki


coupling7")


Of the


different possible arrangements for the


central


bipyridine


rings,


start


with


two


different


model bipyridines


that


compr


ise


the central B-C portion,


one


linked 2,4'


and the other


and show


how to


functionalize


selectively


one


pyridine


ring


time


order


achieve


selective cross-coupling.


Liberal use is made of a pyridine N-


oxide


synthon


and


specific


conversion


into


a-chloro


pyridine


suitable


for the metal-catalyzed cross-coupling.


one


instance


N-oxide


atom


was


introduced


onto


preformed


bipyridine


controlled


N-oxidation


while


another example a


stannylated pyridine N-oxide directly


gave


N-oxidized bipyridine on cross-coupling with a chloropyridine.


Results


and Discussion


The A-B-C-D Geometry


--- ---_ r N -


3"'-Quaterpyridine


(7-5)


known


precursor,


4-chloro-2, 3' -bipyridine-1'-


oxide'32


(5-6)


Figure


7-1,


was


made


from


dichloropyridine


coupling


and


followed


diethyl (3-pyridyl) borane


regioselective


Pd(0)


N-oxidation


sterically


less hindered nitrogen atom.


To this was added the


- S -


2.2' 3'


2' r4'










chloride


7-4.


was


advantageous


carry


this


conversion


two-step


with acetic


rather


than


anhydride


one-step


pyridone


and


sequence,


then


first


converting


making


into


chloride


more


with


sterically


POCl3/DMF.


hindered


With


two-step


position


was


approach


specifically


functionalized.


Direct


conversion


the


N-oxide


with


POC13


was


attempted


because


often


mixture


both


chlorinated


products


produced.










Proof


that


conversion


N-oxide


7-3


more


hindered a-chloride actually took place to give terpyridine


was


easily


demonstrated by


coupling pattern


ring which contained three highly coupled protons and not


just


as would have resulted from the


undesired a'


or y'


chloro


isomers.


Eight


different


proton


signals


7-4


(CDC13)


are


clearly


resolved


making


their


assignment


quite


easy.


Addition of the A-ring by means of


(tributylstannyl)


pyridine"9 with Pd(0)


completed the


synthesis


to give


7-5.


Clearly


in our synthesis the bonding


site of


the A and D


pyridyl


rings


easily


could


have


been


varied


using


isomerically


metallated


pyridine


starting


material.


this


way and by keeping the same bonding pattern of the original B


and C rings a total


of nine quaterpyridines could easily have


been prepared.


The A-B-C-A Geometry


3,3' :2'


,3' -Quaterpvridine


(7-8)


3-Chloro-2, 4'-bipyridine-1'-oxide (7-6)


in Figure 7-2 was


easily


prepared


from


2,3-dichloropyridine


(tributylstannyl)pyridine


N-oxiden13


the


palladium


route


discussed in chapter


We assume that


coupling took place at


2 and not the 3 position as expected from a consideration


-~~~~~~I ft S ft *S--


r4'


. 1


.










a chloro


derivative by


two-step


acetic


anhydride-POCl3


method


give


dichloride


which


then


with


diethyl (3-


pyridyl) borane


and


Pd(O)


gave


the


quaterpyridine


7-8


having


same


two


3-pyridyl


terminal


rings.


Others


have


used


similar


approach


first


making


B-B


portion


followed


coupling


form


A-B-B-A


quaterpyridine


having


methyl


groups


Had


our


assumption


been


wrong


about


site


coupling


first


cross-coupling


step


prepare


7-6


Scheme


final


product


would


have


been


isomeric


quaterpyridine


natural


product,


nemertelline,


that


have


independently


prepared


a convergent


synthesis










Clearly,


chloro N-oxide


7-6


could have been cross-coupled


some


other


pyridine


ring


then


N-oxide


resultant


terpyridine


could


have


been


converted


new


chloride


as we have done.


This new terpyridine,


in turn,


could


have been


cross-coupled


to a different


fourth ring to give a


family


nine


isomeric quaterpyridines


the A-B-C-D


type.


Chemical


shift


assignments


the


quaterpyridines


are


found


the


Experimental


Section


and are


based


on COSY


NOE difference


spectra


samples


CDCl3


Because


there


less


signal


overlap


these


compounds


when


dissolved


CD30D,


useful


to record spectra


with both solvents.


Overview of


Quaterpvridine Preparations


three


isomers


potential


stannyl


pyridine"9


starting


materials


are


known


well


three


corresponding


boranes.


However,


2-pyridyl


borane


never


been


forms


cross-coupled


unusually


reaction


stable


cyclic


with


dimer


because


resembling


dihydroanthracene.


and


4-stannylated


pyridine


oxides


are


easily


prepared


isomer


still


unknown.


large


number


mono


and


dihalogenated


pyridines


are


commercially


available


for the


preparation


of bipyridines by


-


- --










Cross-couplings


dihalopyridines


may


made


selective


choice


halogen


where


reactivity


order


> Br > Cl


and by the


realization


that


the a and


positions are more reactive than a f position when the halides


are the same.

the crucial I


Thus,


considerable control in the preparation of


central bipyridines


is possible.














CHAPTER


EXPERIMENTAL


Diethyl (3-pyridyl) borane,


4-chloropyridine-N-oxide,


amino-2-chloropyridine,


oxychloride,


bromopyridine,


bipyridine, 2,4'-

acetic anhydride,


tributyltin


chloride,


2, 3-dichloropyridine,


57-80% m-chloroperbenzoic acid


-bipyridine,


phosphorus

n-BuLi, 2-


(MCPBA),


1.5 M lithium diisopropylamide,


4-nitrophenethyl bromide,


urea-H202 complex,


methyl


triflate,


methyl


iodide,


methyl


tosylate,


nitropyridine-n-oxide, 6-chloronicotinamide, 4-bromopyridine,


4-chloropyridine,

chloropyrazine,


3-iodopyridine,

3-bromoquinoline,


5-bromopyrimidine,

4-bromoisoquinoline,


tetrakis (triphenylphosphine)


dibenzylideneacetone


palladium(0)


palladium


tris-


dimer,


(diphenylphosphino)ethane


palladiun (II)


dichloride


were


purchased


from


Aldrich


Chemical


Company


AcrOs


Chemical


Company.

pyridine79


3- (Tributylstannyl) pyridine"7


, 4- (tributylstannyl) pyridine79


(tributylstannyl)


, 3- (tributylstannyl


quinoline79


, and


4- (tributylstannyl)isoquinoline79


were


prepared


literature


methods


from


tri-n-butylstannyl










Quaternized


hetaryl


iodides


were


prepared


with


neat


methyl


iodide


unless


indicated


otherwise.


Quaternized


hetaryl


tosylates were prepared in chloroform or ethyl acetate unless


indicated


otherwise.


attempt


was


made


optimize


yields


of the


final


cross-coupled products;


yields


refer


to isolated materials.


Variable amounts of water were found on


repeated combustion analysis of N-oxides;


the amount of water


found


extent


solid


of drying.


seems


Reverse


dependent


phase


method


octadecylated silica


and


was


purchased


from


Aldrich.


Flash


chromatography


made


use


Kieselgel


230-400 mesh


or alumina


80-200 mesh.


Thin


layer


chromatography


used


Whatman


polyester


backed


silica


plates.


1H NMR spectra were recorded on Varian Gemini 300


(300


MHz),


(300


MHz),


Varian


Unity


(500


MHz).


Grignard


reactions


were


initiated


with


dibromoethane.


Solvents


often


were


freshly


distilled


and


degassed


bubbling


through


them


15-30


minutes.


melting points


are uncorrected.


The drying


agent


was either


sodium or magnesium sulfate.


5-Chloro-3,3'-bipvridine-l-oxide (2-1)


A mixture of 3,5-


dichloropyridine-N-oxide55


pyridyl) borane


(400


(0.36


2.44


mmol)


mmol),


and


diethyl(3-


tetrakis-


(triphenylphosphine) palladium (0)


(0.30 mg,


0.25 mmol)


in 20 mL


-. -




Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EMKQIJU68_C2PZ5P INGEST_TIME 2011-08-09T14:03:46Z PACKAGE AA00002043_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES



PAGE 1

7+( 5(*,263(&,),& 6<17+(6,6 2) 12;,',=(' $1' 148$7(51,=(' 32/<&<&/,& 32/<$=,1(6 $1' 6<17+(6,6 2) 816<00(75,&$/ 48$7(53<5,',1(6 86,1* 3$//$',80&$7$/<=(' &5266&283/,1* %\ 0,&+$(/ 3 &586.,( -5 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$ 81,9(56,7< 2) )/25,'$ /,%5$5,(6

PAGE 2

7KLV ZRUN LV GHGLFDWHG WR P\ SDUHQWV 0LFKDHO DQG 3DWULFLD &UXVNLH ZKRP UHVSHFW DGPLUH DQG ORYH GHDUO\ 7KLV GHGLFDWLRQ DOVR H[WHQGV WR P\ VLVWHU EURWKHU JUDQGSDUHQWV DXQWV XQFOHV FRXVLQV JRGFKLOGUHQ DQG GRJ

PAGE 3

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f f f

PAGE 4

7$%/( 2) &217(176 $&.12:/('*0(176 /,67 2) 7$%/(6 /,67 2) ),*85(6 $%675$&7 3DJH f f f f f 9OO f f f 9OOO ; ,1752'8&7,21 ',5(&7 35(3$5$7,21 2) 148$7(51,=(' $1' 12;,',=(' 32/<&<&/,& 32/<$=,1(6 %< 3$//$',80&$7$/<=(' &5266n &283/,1* $1 81(48,92&$/ ,620(5 6<17+(6,6 ,QWURGXFWLRQ 5HVXOWV DQG 'LVFXVVLRQ &RQFOXVLRQV $ *(1(5$/ 0(7+2' 2) 6<17+(6,6 )25 5(*,263(&,),&$//< 1 2;,',=(' 25 148$7(51,=(' 32/<&<&/,& 32/<$=,1(6 %< 3$//$',80&$7$/<=(' &5266&283/,1* 2) 12;,',=(' 25 1 48$7(51,=(' +(7$5
PAGE 5

3GFDWDO\]HG &URVV&RXSOLQJ 10HWK\ODWLRQ $GGLWLRQ RI WKH 3URWHFWLQJ *URXS DQG 'LTXDWHUQL]DWLRQ 'HSURWHFWLRQ 12[LGDWLRQ 3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH 1 2[LGH 3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH 1 2[LGH 8QVXFFHVVIXO 3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH &RQFOXVLRQV 5(9,6(' 6758&785( $1' &219(5*(17 6<17+(6,6 2) 7+( 1(852n 72;,& 48$7(53<5,',1( ,62/$7(' )520 7+( +23/21(0(57,1( 6($ :250 ,QWURGXFWLRQ 5HVXOWV DQG 'LVFXVVLRQ 6\QWKHVLV RI n nnn n 4XDWHUS\ULGLQH f 6\QWKHVLV RI 1HPHUWHOOLQH f &U\VWDO 6WUXFWXUH IRU 1HPHUWHOOLQH 7+( &255(&7 6758&785( 2) 7+( 2;,',=(' ',0(5 )250(' )520 n%,3<5,',1( ,1 7+( 35(6(1&( 2) /,7+,80 ',,623523
PAGE 6

*HQHUDO 3URFHGXUH IRU WKH 12[LGDWLRQ RI +HWDU\O 6WDQQDQHV *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI +HWDU\O 6WDQQ\O 12[LGHV ZLWK 6WDQQDQH DV WKH /LPLWLQJ 5HDJHQW &URVV&RXSOLQJ RI DQ 12[LGH ZLWK ([FHVV 6WDQQDQH *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI 4XDWHUQL]HG +HWDU\O 6WDQQDQHV ZLWK 6WDQQDQH DV WKH /LPLWLQJ 5HDJHQW *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI 14XDWHUQL]HG 6WDQQDQHV ZLWK WKH +HWDU\O +DOLGH DV WKH /LPLWLQJ 5HDJHQW 5()(5(1&( /,67 %,2*5$3+,&$/ 6.(7&+ YL

PAGE 7

/,67 2) 7$%/(6 7DEOH SDJH &RQGLWLRQV DQG 5HVXOWV RI WKH &URVV&RXSOLQJ RI 6WDQQ\ODWHG +HWDU\O 12[LGHV ZLWK +HWDU\O +DOLGHV LQ WKH 3UHVHQFH RI 3G33Kf 5HVXOWV RI WKH &URVV&RXSOLQJ RI 4XDWHUQL]HG 6WDQQDQHV DQG +HWDU\O +DOLGHV ZLWK 9DULRXV 3G &DWDO\VWV 8QGHU &RQGLWLRQV RI 0RODU ([FHVV +DOLGH $f RU 6WDQQDQH %f &KHPLFDO 6KLIWV LQ SSP RI DQG LQ &'& 6L[ 3RVVLEOH :D\V RI -RLQLQJ 7RJHWKHU 7ZR n%3
PAGE 8

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nVWDQQ\OnELS\ULGLQH 6\QWKHWLF VFKHPH IRU VWDQQ\OnELS\ULGLQH 9OOO

PAGE 9

5HWURV\QWKHWLF DQDO\VLV IRU TXDWHUS\ULGLQH 3DOODGLXP FRXSOLQJ IRU QHPHUWHOOLQH 257(3 FU\VWDO VWUXFWXUH RI QHPHUWHOOLQH ZLWK b SUREDELOLW\ HOOLSVRLGV 3URWRQ 105 VSHFWUXP 0+]f RI QHPHUWHOOLQH f LQ &'&OM 3URWRQ 105 VSHFWUXP 0+]f RI QHPHUWHOOLQH f LQ &'M2' &26< DW 0+] IRU QHPHUWHOOLQH f LQ &'& 3URWRQ 105 VSHFWUXP 0+]f RI LQ &'& &26< DW 0+] IRU LQ &'& 6\QWKHWLF VFKHPH IRU TXDWHUS\ULGLQH 3URWRQ 105 VSHFWUXP RI TXDWHUS\ULGLQH LQ &'& &26< VSHFWUXP RI TXDWHUS\ULGLQH DW 0+] LQ &'& 3URWRQ 105 VSHFWUXP RI TXDWHUS\ULGLQH LQ &'& &26< VSHFWUXP RI TXDWHUS\ULGLQH LQ &'& 12( GLIIHUHQFH VSHFWUXP RI TXDWHUS\ULGLQH LQ &'& LUUDGLDWLQJ +nn DW SSP 3DUWLDO SURWRQ 105 VSHFWUXP RI WKH XSILHOG SRUWLRQ RI WKH GLK\GUR SUHFXUVRU RI SXDWHUS\ULGLQH LQ &'& 3URSRVHG PHFKDQLVP IRU /'$ UHDFWLRQ ZLWK nELS\ULGLQH 6\QWKHWLF VFKHPH IRU TXDWHUS\ULGLQH 6\QWKHWLF VFKHPH IRU TXDWHUS\ULGLQH L[

PAGE 10

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

PAGE 11

7KH XVH RI D WRV\ODWH DV D FRXQWHULRQ ZLWK TXDWHUQL]HG VDOWV PLQLPL]HG GHFRPSRVLWLRQ RI WKH VWDQQDQH &DUEDPR\OnELS\ULGLQH PRGHO FRPSRXQG ZDV 1 PHWK\ODWHG DQG 1R[LGL]HG DW WKH OHVV UHDFWLYH S\ULG\O ULQJ IRU WKH ILUVW WLPH 7ZR GLIIHUHQW VFKHPHV ZHUH GHYHORSHG 7KH TXDWHUS\ULGLQH FDOOHG QHPHUWHOOLQH ZDV V\QWKHVL]HG IRU WKH ILUVW WLPH 7KH SURWRQ 105 VSHFWUXP RI nnnn nnnnTXDWHUS\ULGLQH VKRZV WKDW LW LV QRW WKH QDWXUDO SURGXFW LVRODWHG IURP WKH KRSORQHPHUWLQH VHD ZRUP 7KH FRUUHFW VWUXFWXUH RI WKH QDWXUDO SURGXFW KDV EHHQ LGHQWLILHG DV nn nn nn nnnTXDWHUS\ULGLQH ,W ZDV V\QWKHVL]HG XVLQJ D NH\ SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ VWHS DQG ;UD\ DQDO\VLV FRQILUPHG WKH VWUXFWXUH DV ZHOO DV SURYLGLQJ LWV FRQIRUPDWLRQ LQ WKH VROLG VWDWH n%LS\ULGLQH LQ WKH SUHVHQFH RI /'$ JLYHV n n nn nn nnnTXDWHUS\ULGLQH UHVXOWLQJ IURP D UHDFWLRQ DW WKH SRVLWLRQ RI RQH ELS\ULGLQH DQG WKH SRVLWLRQ RI DQRWKHU QRW nnnn nnnnn TXDWHUS\ULGLQH FRPLQJ IURP WKH UHDFWLRQ DW WKH DQG SRVLWLRQ DV RULJLQDOO\ FODLPHG E\ RWKHUV $Q LQGHSHQGHQW V\QWKHVLV RI n nnn nnnnn TXDWHUS\ULGLQH LQYROYHG SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ RI n GLFKORURELS\ULGLQH DQG WULEXW\OVWDQQ\OfS\ULGLQH 7KH FRUUHFW VWUXFWXUH IROORZV IURP DQDO\VLV RI WKH &26< 12( GLIIHUHQFH DQG SURWRQ 105 VSHFWUD 0RGHO XQV\PPHWULFDO TXDWHUS\ULGLQHV ZHUH SUHSDUHG E\ SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ RI D S\ULG\O ERUDQH RU [L

PAGE 12

VWDQQDQH WR D FKORULQDWHG ELS\ULGLQH $ S\ULG\O 1R[LGH V\QWKRQ ZDV XVHG WR UHJLRVHOHFWLYHO\ LQWURGXFH WKH UHTXLUHG D FKORUR JURXS f f ;OO

PAGE 13

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f WKH GLUHFW PHWDOODWLRQ RI D K\GURFDUERQ DUHQH RU D KHWHURF\OLF FRPSRXQG ZLWK D 3G,,f VDOW LLf WKH DGGLWLRQ RI D SDOODGLXP,,f VDOW WR DQ DFHW\OHQH GLHQH RU DONHQH LLLf WKH XVH RI DQ RUJDQLF JURXS IURP DQ RUJDQRPHWDOOLF UHDJHQW VXFK DV D PHUFXULDO VWDQQDQH ERUDQH OLWKLXP ]LQF RU

PAGE 14

*ULJQDUG UHDJHQW LQ DQ DQLRQ H[FKDQJH RQ SDOODGLXP,,f DQG LYf WKH R[LGDWLYH DGGLWLRQ RI DQ RUJDQLF KDOLGH WULIODWH DFHWDWH RU HWKHU RQWR D SDOODGLXPf PRLHW\ 7KH IRUPDWLRQ RI WKH RUJDQRSDOODGLXP FRPSOH[ QRZ DOORZV WKH SRVVLELOLW\ RI PDQXIDFWXULQJ FRXSOLQJ SURGXFWV E\ RQH RI WKUHH SODXVLEOH URXWHV Lf GLVSURSRUWLRQDWLRQ WR IRUP D GLRUJDQRSDOODGLXP LQWHUPHGLDWH ZKLFK FDQ UHGXFWLYHO\ HOLPLQDWH WR JLYH D KRPRFRXSOHG SURGXFW LLf DGGLWLRQ RI WKH R[LGDWLYH DGGLWLRQ FRPSOH[ WR DQ DONHQH GLHQH RU DFHW\OHQH IROORZHG E\ UHGXFWLYH HOLPLQDWLRQ RU WKH HOLPLQDWLRQ RI SDOODGLXP KDOLGH RU K\GULGH WR SURGXFH WKH FRXSOHG SURGXFWV RU LLLf IRUPDWLRQ RI D GLRUJDQRSDOODGLXP VSHFLHV E\ WUDQVPHWDODWLRQ RI DQRWKHU RUJDQRPHWDOOLF UHDJHQW ZKLFK FDQ DJDLQ UHGXFWLYHO\ HOLPLQDWH WR SURGXFH D FURVVFRXSOHG SURGXFW ,Q SDOODGLXPFDWDO\]HG FURVVFRXSOLQJV DQG PRUH VSHFLILFDOO\ WKH 6WLOOH DQG 6X]XNL FRXSOLQJ UHDFWLRQV WKH FDWDO\WLF SURFHVV FRQVLVWV RI DQ R[LGDWLYH DGGLWLRQ WUDQVPHWDODWLRQ DQG UHGXFWLYH HOLPLQDWLRQ )LJXUH f 7KH 6WLOOH FRXSOLQJ UHDFWLRQ XWLOL]HV D SDOODGLXP FDWDO\VW DQG LV GHILQHG DV WKH FURVVFRXSOLQJ EHWZHHQ RUJDQLF HOHFWURSKLOHV W\SLFDOO\ DQ RUJDQLF KDOLGH RU WULIODWHf DQG RUJDQRVWDQQDQHV )LJXUH f 7KH RUJDQLF KDOLGH RU WULIODWH SDUWLFLSDWHV LQ WKH R[LGDWLYH DGGLWLRQ DQG WKH RUJDQRVWDQQDQH WDNHV SDUW LQ WKH WUDQVPHWDODWLRQ 7KH 6X]XNL FRXSOLQJ UHDFWLRQ XWLOL]HV DQ RUJDQRERUDQH RU ERURQLF DFLG LQVWHDG RI DQ RUJDQRVWDQQDQH LQ WKH WUDQVPHWDODWLRQ 7KH LQFUHDVHG DYDLODELOLW\ DQG JHQHUDO

PAGE 15

VWDELOLW\ RI RUJDQRVWDQQDQHV DQG ERUDQHV WKH XVXDOO\ PLOG UHDFWLRQ FRQGLWLRQV DQG WKH FRPSDWDELOLW\ RI WKLV FKHPLVWU\ ZLWK YLUWXDOO\ DQ\ IXQFWLRQDO JURXS KDYH PDGH WKH 6WLOOH DQG 6X]XNL FRXSOLQJV TXLWH SRSXODU DPRQJ V\QWKHWLF FKHPLVWV ,Q IDFW D VXUYH\ RI DSSOLFDWLRQV RI WUDQVLWLRQ PHWDOPHGLDWHG FURVVFRXSOLQJ UHDFWLRQV IRU WKH \HDU VKRZV WKDW WKH 6WLOOH DQG 6X]XNL UHDFWLRQV DFFRXQW IRU RYHU b RI DOO FURVVn FRXSOLQJV )LJXUH *HQHUDOL]HG 6WLOOH FRXSOLQJ UHDFWLRQ 3Gf RU 3GOOf FRPSOH[ 5; 5f§6Q%X 55 5 DQG 5M DONHQH DON\QH DU\O KHWDU\O ; %U &O 27I

PAGE 16

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f FRPSOH[HV SURFHHGV WKURXJK DQ XQVDWXUDWHG HOHFWURQ 3Gf LQWHUPHGLDWH /LJDQG GLVVRFLDWLRQ OHDGV WR RSHQ FRRUGLQDWLRQ VLWHV RQ SDOODGLXP ZKLFK FDQ QRZ DOORZ WKH KDOLGH RU WULIODWH WR LQLWLDOO\ FRRUGLQDWH WR WKH 3Gf LQWHUPHGLDWH $IWHU LQLWLDO FRRUGLQDWLRQ WKH R[LGDWLYH DGGLWLRQ SURGXFW FRXOG HVVHQWLDOO\ FRPH IURP QXFOHRSKLOLF DURPDWLF VXEVWLWXWLRQ ZLWK D

PAGE 17

0HLVHQKHLPHU LQWHUPHGLDWH )LJXUH f 7KH 0HLVHQKHLPHU LQWHUPHGLDWH LV LQIOXHQFHG E\ &KDORJHQ ERQG VWUHQJWK ZKLOH WKH WUDQVLWLRQ VWDWH SUHFHGLQJ WKH LQWHUPHGLDWH LV PDLQO\ LQIOXHQFHG E\ WKH HOHFWURSKLOLFLW\ RI WKH FDUERQ DWRP EHLQJ DWWDFNHG 7KH UHODWLYH UDWH DW ZKLFK RUJDQLF KDOLGHV RU WULIODWHV R[LGDWLYHO\ DGG WR SDOODGLXP LV JHQHUDOO\ RQ WKH RUGHU RI %U &O 27I VXJJHVWLQJ WKDW WKH WUDQVLWLRQ VWDWH VXFFHHGLQJ WKH 0HLVHQKHLPHU LQWHUPHGLDWH LV UDWH GHWHUPLQLQJ LQ R[LGDWLYH DGGLWLRQ )LJXUH 3GOB $U; $Uf§;}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

PAGE 18

DV WULSKHQ\ODUVLQH RU WULIXU\OfSKRVSKLQH LQVWHDG RI WKH W\SLFDO WULSKHQ\OSKRVSKLQH 7ULSKHQ\ODUVLQH DQG WUL IXU\Of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f 7KH 6WLOOH DQG 6X]XNL FRXSOLQJ UHDFWLRQV XVH GLIIHUHQW UHDJHQWV LQ WKH WUDQVPHWDODWLRQ DQG WKHUHIRUH ZLOO EH DGGUHVVHG VHSDUDWHO\ ,Q WKH 6WLOOH FRXSOLQJ WUDQVPHWDODWLRQ FRQVLVWV RI D VXEVWLWXWLRQ SURFHVV DW D VTXDUHSODQDU 3G,,f FRPSOH[ ZKHUH

PAGE 19

WKH QXFOHRSKLOH LV WKH RUJDQRVWDQQDQH DQG WKH OHDYLQJ JURXS LV WKH KDOLGH RU WULIODWH 7KHUHIRUH WKH UHDFWLRQ PLJKW EH H[SHFWHG WR SURFHHG WKURXJK D FODVVLFDO DVVRFLDWLYH SURFHVV LQ ZKLFK WKH QXFOHRSKLOH DSSURDFKHV WKH SODQH RI WKH FRPSOH[ SHUSHQGLFXODUO\ $V D UHVXOW DQ XQVWDEOH SHQWDFRRUGLQDWHG LQWHUPHGLDWH LV IRUPHG ZKLFK WKHQ UHOHDVHV WKH OHDYLQJ JURXS )LJXUH f 5HFHQWO\ ZRUN E\ )DULQD HW DO KDV VKRZQ WKDW ZLWK ROHILQLF VWDQQDQHV OLJDQG GLVVRFLDWLRQ DQG IRUPDWLRQ RI D SDOODGLXPVWDQQDQH UFFRPSOH[ DUH WKH NH\ VWHSV LQ WUDQVPHWDODWLRQ $Q LPSRUWDQW GHYHORSPHQW LQ IDFLOLWDWLQJ WUDQVPHWDODWLRQ LQ 6WLOOH FRXSOLQJ UHDFWLRQV LQYROYHV WKH XVH RI FRFDWDO\WLF FRSSHU LRGLGH DORQJ ZLWK SDOODGLXP )DULQD HW DO KDYH VKRZQ WKDW ZLWK WULSKHQ\OSKRVSKLQH DQG SDOODGLXPf FRFDWDO\WLF FRSSHU LRGLGH FDQ JLYH D !IROG UDWH LQFUHDVH RYHU D W\SLFDO 6WLOOH UHDFWLRQ 7KRXJK WKHUH LV ZLGHVSUHDG XVH RI FRSSHU LRGLGH LQ FRXSOLQJ UHDFWLRQV LWV H[WDFW IXQFWLRQV LQ WKH UHDFWLRQ DUH QRW FRPSOHWHO\ XQGHUVWRRG 2QH SODXVLEOH UROH LV WKDW WKH FRSSHU LV LQYROYHG LQ VWDQQ\OFRSSHU WUDQVPHWDODWLRQ WKXV SURGXFLQJ DQ RUJDQRFRSSHU PRLHW\ ZKLFK FRXOG WKHQ WUDQVPHWDODWH RQWR WKH R[LGDWLYH DGGLWLRQ FRPSOH[ PRUH UHDGLO\ WKDQ WKH VWDQQDQH LWVHOI $QRWKHU HIIHFW RI FRSSHU LRGLGH LV WKDW LW DFWV DV D VFDYHQJHU IRU IUHH OLJDQGV WKHUHE\ OHDYLQJ FRRUGLQDWLRQ VLWHV RQ WKH R[LGDWLYH DGGLWLRQ FRPSOH[ IRU WUDQVPHWDODWLRQ

PAGE 20

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f RU 3GOOf FRPSOH[ 5; 5L%5f 55 5 DQG 5L DONHQH DON\QH DU\O KHWDU\O ; O %U &O 5 (W 2+ %%1 7+) GLR[DQH '0) $T %DVH 7KH 6X]XNL FRXSOLQJ XVHV DQ RUJDQRERUDQH RU ERURQLF DFLG LQVWHDG RI DQ RUJDQRVWDQQDQH LQ WUDQVPHWDODWLRQ 7KH UHDFWLRQ LV XVXDOO\ GRQH XQGHU DTXHRXV DONDOLQH FRQGLWLRQV DORQJ ZLWK D SDOODGLXP UHDJHQW )LJXUH f 7KH XVH RI DQ DONDOLQH PHGLXP IRU VXFK FRXSOLQJ UHDFWLRQV VHHPV WR EH D QHFHVVDU\

PAGE 21

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

PAGE 22

QLWURJHQ DWRP LV 1IXQFWLRQOL]HG 7KH VFRSH DQG OLPLWDWLRQV RI WKHVH SURFHVVHV ZLOO GLVFXVVHG LQ FKDSWHUV DQG 7KH GHYHORSPHQW RI SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ UHDFWLRQV KDV H[SORGHG LQ UHFHQW \HDUV DQG QRZ DOORZV IRU HDV\ FRQVWUXFWLRQ RI SRO\KHWDUHQHV WKDW ZRXOG RWKHUZLVH EH GLIILFXOW WR FRQVWUXFW )RU H[DPSOH WKHUH DUH WKHRUHWLFDOO\ SRVVLEOH TXDWHUS\ULGLQHV ERWK V\PPHWULFDO DQG XQV\PPHWULFDO ZLWK RQO\ VHYHQ RI WKHVH EHLQJ UHSRUWHG LQ WKH OLWHUDWXUH )LYH DUH V\PPHWULFDO VWUXFWXUHV RI WKH W\SH $%% $ WKH\ DUH HDVLO\ SUHSDUHG E\ KRPRFRXSOLQJ WKH $% SRUWLRQV XQGHU D YDULHW\ RI FRQGLWLRQV %RWK RI WKH WZR UHSRUWHG XQV\PPHWULFDO TXDWHUS\ULGLQHV ZHUH RULJLQDOO\ DVVLJQHG LQFRUUHFWO\ 7KH\ LQFOXGH WKH QDWXUDO SURGXFW QHPHUWHOOLQH ZKLFK ZDV ILUVW LVRODWHG LQ IURP WKH SK\OXP RI WKH PDULQH ZRUPV FDOOHG QHPHUWLQHV DQG WKH SURGXFW IURP WKH UHDFWLRQ RI /'$ ZLWK n ELS\ULGLQH %RWK VWUXFWXUHV KDYH EHHQ FRUUHFWHG E\ DQ LQGHSHQGHQW V\QWKHVLV LQYROYLQJ VWUDWHJLHV GHYHORSHG LQ WKLV GRFXPHQW WKH\ DUH EDVHG RQ SDOODGLXPf FDWDO\]HG FURVVFRXSOLQJ FKHPLVWU\

PAGE 23

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fERUDQH DQG DQ 1R[LGL]HG RU

PAGE 24

1TXDWHUQL]HG KHWDU\O KDOLGH DORQJ ZLWK D SDOODGLXP UHDJHQW QRZ VRPHWKLQJ RI D VWDQGDUG SURFHGXUH NQRZQ DV WKH 6X]XNL UHDFWLRQ )LJXUH f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

PAGE 25

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

PAGE 26

,Q FHUWDLQ FDVHV WKH FRXSOLQJ RI 1IXQFWLRQDOL]HG KDOR KHWHURDURPDWLF FRPSRXQGV DQG VWDQQ\OKHWDUHQHV XQGHU QRQ DTXHRXV FRQGLWLRQV ZDV H[DPLQHG .QRZQ DV WKH 6WLOOH FRXSOLQJ UHDFWLRQ LW XWLOL]HV D VWDQQDQH LQVWHDG RI D ERUDQH DQG RFFXUV XQGHU QRQDTXHRXV FRQGLWLRQV VXFK DV GU\ 7+) GLR[DQH RU '0) )LJXUH f 5HVXOWV DQG 'LVFXVVLRQ 7KH FRPSRXQGV ZH VHOHFWHG WR EH SUHSDUHG ZHUH GHVLJQHG WR LOOXVWUDWH WKH SRZHU RI RXU DSSURDFK DQG WR HVWDEOLVK VRPH RI LWV VFRSH DQG OLPLWDWLRQV &RQVLGHU RXU V\QWKHVLV RI FKORUR nELS\ULGLQHOR[LGH f IURP GLFKORUS\ULGLQHO R[LGH DQG GLHWK\OS\ULG\OERUDQH )LJXUH f 7KH SRVLWLRQ RI WKH R[LGH OLJDQG ZLWK UHVSHFW WR WKH FKORULQH DWRP LV XQHTXLYRFDO EHFDXVH WKH 1R[LGH JURXS ZDV SUHVHQW RQ WKH FKORULQDWHG ULQJ DW WKH VWDUW %\ FRQWUDVW DWWHPSWV WR 1 R[LGL]H FKORURnELS\ULGLQH IROORZLQJ D VLPLODU FRXSOLQJ UHDFWLRQ WR SUHSDUH WKH XQR[LGL]HG PDWHULDO ZRXOG QRW EH H[SHFWHG WR SURYLGH WKH R[LGH DV WKH PDMRU SURGXFW 0L[HG PRQR 1R[LGHV DUH OLNHO\ EHFDXVH WKH HOHFWURQZLWKGUDZLQJ FKORULQH DWRP ZRXOG KDYH FDXVHG 1R[LGDWLRQ WR WDNH SODFH DW WKH PRUH UHDFWLYH XQVXEVWLWXWHG ULQJ WR JLYH WKH LVRPHULF n R[LGH DV WKH PDMRU SURGXFW DQG DV WKH PLQRU SURGXFW 7KH 1R[LGDWLRQ RI nELS\ULGLQH LWVHOI LV NQRZQ WR JLYH D PL[WXUH RI PRQR DQG GL1R[LGHV WKDW DUH KDUG WR VHSDUDWH

PAGE 27

)LJXUH 7KH GLUHFW SUHSDUDWLRQ RI WKH V\PPHWULFDO nnnn WHUS\ULGLQH f KDYLQJ WKH FHQWHU ULQJ 1R[LGL]HG DV LQ E\ GLUHFW 1R[LGDWLRQ LV DQ HYHQ JUHDWHU FKDOOHQJH EHFDXVH DOO WKUHH S\ULG\O ULQJV DUH H[SHFWHG WR KDYH VLPLODU UHDFWLYLWLHV 2XU V\QWKHVLV RI LV ERWK WULYLDO DQG XQHTXLYRFDO LQ WKDW WKH VDPH GLFKORURS\ULGLQHOR[LGH XVHG WR SUHSDUH ZDV HPSOR\HG WR V\QWKHVL]H EXW QRZ WZR HTXLYDOHQWV RI GLHWK\OS\ULG\OfERUDQH ZHUH SUHVHQW DORQJ ZLWK D FDUERQDWH EXIIHU )LJXUH f 6XUSULVLQJO\ WKH QRQR[LGL]HG IRUP RI ZDV SUHSDUHG IURP GLEURPRS\ULGLQH LQ E\ D SDOODGLXP RQ &D& FRXSOLQJ UHDFWLRQ XQGHU KHWHURJHQHRXV FRQGLWLRQV WKDW VXEVWDQWLDOO\ SUHGDWHV LWV UHFHQW V\QWKHVLV XVLQJ WKH FRPSOH[HG SDOODGLXP PHWDO 3\ULG\OfTXLQROLQH R[LGH f ZDV HDVLO\ V\QWKHVL]HG IURP GLHWK\OS\ULG\OfERUDQH DQG EURPRTXLQROLQH R[LGH f LQ WKH SUHVHQFH RI D ELFDUERQDWH EXIIHU 6FKHPH

PAGE 28

+HUH WKH 1R[LGH XQLW LV ORFDWHG RQ D QLWURJHQ DWRP KLJKO\ VWHULFDOO\ KLQGHUHG E\ WKH SHUL SRVLWLRQ DQG VR ZRXOG KDYH EHHQ IRUPHG RQO\ DV D PLQRU SURGXFW RQ 1R[LGDWLRQ RI WKH SUHIRUPHG S\ULG\OTXLQROLQH 7R IXUWKHU H[WHQG WKLV DSSURDFK LW ZDV VKRZQ WKDW 6WLOOHW\SH FRQGLWLRQV ZLOO DIIRUG FRXSOHG SURGXFWV DV ZHOO ,Q GU\ '0) FRXSOHG WR WULEXW\OVWDQQ\OfS\ULGLQH WR JLYH S\ULG\OfTXLQROLQH R[LGH f LQ b \LHOG )LJXUH f )LJXUH $ VXEVWUDWH HYHQ PRUH DFWLYDWHG IRU QXFOHRSKLOLF VXEVWLWXWLRQ DQG ULQJ FOHDYDJH E\ K\GUR[LGH LRQ LV IRXQG LQ LRGROPHWK\OS\ULGLQLXP LRQ 0HWK\O n ELS\ULGLQLXP LRQ ZDV IRUPHG IURP WKH LRGRS\ULGLQH DQG GLHWK\O S\ULG\OfERUDQH :KLOH LQ DOWHUQDWH V\QWKHVHV WKH TXDWHUQL]DWLRQV RI nELS\ULGLQH WR \LHOG OPHWK\On ELS\ULGLQLXP LRQ LV D VLPSOH DQG XQHTXLYRFDO UHDFWLRQ RXU FRXSOLQJ PHWKRG LOOXVWUDWHV WKH LPSRUWDQW SULQFLSOH WKDW HYHQ 7KLV FRPSRXQG ZDV RULJLQDOO\ V\QWKHVL]HG E\ &' 'LOO L

PAGE 29

TXDWHUQL]HG VXEVWUDWHV YHU\ KLJKO\ DFWLYDWHG IRU QXFOHRSKLOLF VXEVWLWXWLRQ DQG ULQJ FOHDYDJH PD\ EH HPSOR\HG LQ WKH FURVVn FRXSOLQJ XQGHU DTXHRXV DONDOLQH FRQGLWLRQV 7KLV DSSURDFK ZRXOG EH XVHIXO IRU H[DPSOH WR SUHSDUH XQV\PPHWULFDOO\ FDUERQ VXEVWLWXWHG GHULYDWLYHV RI PHWK\O nELS\ULGLQLXP LRQ RI NQRZQ DQG FRQWUROOHG VWUXFWXUH DV LQ WKH FDVH RI 7KH IDLOXUH RI FKORUROPHWK\OS\ULGLQLXP LRGLGH WR FRXSOH ZLWK GLHWK\OS\ULG\OfERUDQH HYHQ XQGHU ZHDNO\ EDVLF FRQGLWLRQV SURPWHG XV WR WU\ 6WLOOHW\SH FRQGLWLRQV 7KH PRYH WR WULEXW\OVWDQQ\OfS\ULGLQH DQG GU\ '0) DOORZHG WKH IRUPDWLRQ RI WKH FRXSOHG SURGXFW PHWK\OnELS\ULGLQLXP LRGLGH f LQ D b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

PAGE 30

WKH UHDFWLRQ PL[WXUH FRQVLVWLQJ RI GLHWK\O S\ULG\OfERUDQH DQG EURPROPHWK\OTXLQROLQLXP LRQ DQG WKH SDOODGLXP FDWDO\VW 7KLV LV D XVHIXO SUHSDUDWLRQ EHFDXVH TXDWHUQL]DWLRQ RI SUHIRUPHG S\ULG\Of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f XVLQJ ERUDWH SKRVSKDWH RU ELFDUERQDWH EXIIHUV ZHUH XQVXFFHVVIXO GXH WR GHJUDGDWLRQ RI WKH KHWHURF\FOLF FDWLRQ ZKHQ WKH UHDFWLRQ ZDV UXQ ZLWK WZR SKDVHV WKH DONDOLQH OD\HU FRQWDLQLQJ WKH LVRTXLQROLQLXP LRQ +RZHYHU WKH DGGLWLRQ RI VRPH PHWKDQRO WR PDNH WKH PL[WXUH KRPRJHQHRXV DOORZHG WR EH LVRODWHG LQ b \LHOG LQ WKH SUHVHQFH RI D ERUDWH EXIIHU $ VOLJKW LPSURYHPHQW LQ WKH \LHOG RI bf ZDV VHHQ ZKHQ EURPRPHWK\OLVRTXLQROLQLXP LRGLGH ZDV FRXSOHG ZLWK WULEXW\OVWDQQ\OfS\ULGLQH XVLQJ D SDOODGLXPf FDWDO\VW LQ GU\ '0) )LJXUH 6WLOOHW\SH FRQGLWLRQVf 7KH XQTXDWHUQL]HG SUHFXUVRU RI KDV EHHQ PDGH E\ D SDOODGLXP FRXSOLQJ URXWH :RUN ZDV NLQGO\ GRQH E\ &DUOWRQ 'LOO

PAGE 31

)LJXUH b 3Gf $V3K '0) Q%X &+ 7+) 0H2+ +2 VRGLXP ERUDWH b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bf GLFKORULGH 1R GHXWHULXP ZDV IRXQG DW SRVLWLRQ b DW SRVLWLRQ DQG WKH RULJLQDO DPRXQW DW 8QHTXDO ODEHOOLQJ RI WKH DQG SRVLWLRQV RI LQGLFDWHV WKDW VRPH RI WKH K\GURJHQ LVRWRSH ZDV UHPRYHG ERWK GXULQJ DQG IROORZLQJ WKH IRUPDWLRQ RI FRXSOLQJ SURGXFW WKH IRUPHU VLWH EHLQJ PRUH DFWLYDWHG IRU LVRWRSH H[FKDQJH WKDQ WKH ODWWHU LQ WKH SURGXFW

PAGE 32

7KH FRXSOLQJ FRQGLWLRQV DUH PLOG HQRXJK WR DOORZ VHOHFWHG VLWHV WR UHWDLQ WKHLU K\GURJHQ ODEHO &RQFOXVLRQV 3DOODGLXPFDWDO\]HG FURVVFRXSOLQJ PD\ EH XVHG VXFFHVVIXOO\ WR SUHSDUH 1R[LGL]HG DQG 1TXDWHUQL]HG SRO\F\FOLF SRO\D]LQHV RI XQHTXLYRFDO VWUXFWXUH XQGHU DTXHRXV FRQGLWLRQV 6X]XNLW\SH FRQGLWLRQVf $Q LVRWRSLFDOO\ ODEHOOHG VXEVWUDWH PD\ EH HPSOR\HG DV D UHDFWDQW ZKHQ WKH EXIIHU LV VHOHFWHG MXGLFLRXVO\ VR WKDW D K\GURJHQ LVRWRSH DW FDUERQ ZLOO EH UHWDLQHG ,W VHHPV OLNHO\ WKDW RWKHU W\SHV RI 1 IXQFWLRQDOL]HG FRPSRXQGV VXFK DV 1DPLQHV FDQ EH SUHSDUHG E\ RXU PHWKRG ,W LV DOVR SRVVLEOH WR SUHSDUH 1IXQFWLRQDOL]HG SROF\FOLF SRO\D]LQHV ZLWK SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ XQGHU QRQ DTXHRXV FRQGLWLRQV 6WLOOHW\SH FRQGLWLRQVf $ VOLJKO\ EHWWHU \LHOG ZDV REWDLQHG LQ WKH V\QWKHVLV RI XQGHU 6WLOOHW\SH

PAGE 33

FRQGLWLRQV ZLWK WULEXW\OVWDQQ\OfS\ULGLQH :KLOH 6X]XNLW\SH FRQGLWLRQV GLG QRW \LHOG DQ\ FRXSOHG SURGXFW ZLWK FKORURO PHWK\OS\ULGLQLXP LRGLGH DQG GLHWK\OS\ULG\OfERUDQH VRPH SURGXFW ZDV REWDLQHG ZLWK 6WLOOHW\SH FRQGLWLRQV +RZHYHU 6X]XNLW\SH FRQGLWLRQV JDYH D EHWWHU \LHOG RYHU 6WLOOHW\SH FRQGLWLRQV LQ WKH FRXSOLQJ RI EURPRTXLQROLQH1R[LGH 7KH V\QWKHVLV RI LVRPHUV KDYLQJ D ERQG WR WKH DQG SRVLWLRQ RI 1TXDWHUQL]HG PDWHULDOV LV VWLOO PRUH FKDOOHQJLQJ GXH WR WKH HQKDQFHG HDVH RI QXFOHRSKLOLF VXEVWLWXWLRQ RI WKH KDORJHQDWHG SUHFXUVRUV

PAGE 34

&+$37(5 $ *(1(5$/ 0(7+2' 2) 6<17+(6,6 )25 5(*,263(&,),&$//< 1 2;,',=(' 25 148$7(51,=(' 32/<&<&/,& 32/<$=,1(6 %< 3$//$',80&$7$/<=(' &5266&283/,1* 2) 12;,',=(' 25 1 48$7(51,=(' +(7$5
PAGE 35

)LJXUH ; 0 1 O 5 3Gf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f FDWDO\VWV 2QH ZD\ WR RYHUFRPH WKLV SUREOHP ZRXOG EH WR XVH D KHWDU\OVWDQQDQH DQG QRQDTXHRXV FRQGLWLRQV VXFK DV GULHG '0) $V VHHQ LQ FKDSWHU 6WLOOHW\SH FRQGLWLRQV GLG VOLJKWO\ LPSURYH \LHOGV LQ WKH FRXSOLQJ RI 1TXDWHUQL]HG KHWDU\O

PAGE 36

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

PAGE 37

7KH VXEVWLWXWLRQ RI D ERURQLF DFLG LQ SODFH RI D ERUDQH DOVR KDV LWV VHYHUH OLPLWDWLRQV 7KH VXFFHVVIXO 1PHWK\ODWLRQ RI S\ULG\OERURQLF DFLG KDV RQO\ EHHQ UHSRUWHG UHFHQWO\ WKH PHWKRG UHTXLUHV WKH XVH RI DQ DON\ODWLQJ DJHQW ZLWK D OHDYLQJ JURXS WKDW LV QRQQXFOHRSKLOLF VXFK DV D VXOIRQDWH LRQ $ UHDFWLYH DQLRQ VXFK DV LRGLGH IURP PHWK\O LRGLGH DON\ODWLQJ DJHQW FDXVHV GHFRPSRVLWLRQ RI WKH SURGXFW )LJXUH ; 0 1 3Gf fWr 5 5 ; &, %UO 0 %(W 6Q%X 5 &+ ,Q YLHZ RI VXFK OLPLWDWLRQV ZH QRZ HPSOR\ D YDULDWLRQ RI WKH 6WLOOH UHDFWLRQn :H XVH D KHWDU\OVWDQQDQH LQ SODFH RI WKH ERUDQH DQG 1R[LGL]H RU 1TXDWHUQL]H WKLV RUJDQRPHWDOOLF FRPSRXQG LQVWHDG RI WKH KDOLGH D VRFDOOHG UHYHUVH SRODULW\ PHWKRG 7KH SDOODGLXP FURVVFRXSOLQJ VWHS LV FDUULHG RXW LQ D QRQDTXHRXV VROYHQWV VXFK DV '0) 7+) RU WROXHQH LQ RUGHU WR UHGXFH WKH SRVVLELOLW\ RI K\GURO\WLF VLGHUHDFWLRQV )LJXUH f

PAGE 38

:KLOH PDQ\ KHWDU\O VWDQQDQH SUHFXUVRUV DUH NQRZQ VXEVWDQFHV WKHLU 1R[LGHV DQG 1PHWK\O GHULYDWLYHV DUH ODUJHO\ XQNQRZQ FRPSRXQGV 6HYHUDO DUH SUHSDUHG DQG UHSRUWHG KHUH IRU WKH ILUVW WLPH 6WDQQ\ODWHG DONR[\FDUERQ\Of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

PAGE 39

5HVXOWV DQG 'LVFXVVLRQ 12[LGDWLRQ DQG 10HWK\ODWLRQ RI +HWDUYO 6WDQQDQHV 7ULEXW\OVWDQQ\OfS\ULGLQH DQG TXLQROLQH DQG WULEXW\OVWDQQ\OfLVRTXLQROLQH ZHUH 1R[LGL]HG ZLWK P FKORURSHUEHQ]RLF DFLG LQ FKORURIRUP WR JLYH WKH FRUUHVSRQGLQJ S\ULG\O bf TXLQRO\O bf DQG LVRTXLQRO\O bf 1R[LGHV 2QO\ WKH WULPHWK\OVWDQQ\Of DQG WULSKHQ\OVWDQQ\Of S\ULGLQHV KDYH EHHQ 1R[LGL]HG 10HWK\ODWLRQ RI WULEXW\OVWDQQ\OfS\ULGLQH DQG TXLQROLQH ZHQW VPRRWKO\ WR JLYH WKH UHVSHFWLYH 1TXDWHUQL]HG VWDQQ\OS\ULGLQH D b LRGLGH DQG E b WRV\ODWHf DQG TXLQROLQH b LRGLGHf 6LPLODUO\ WKH FRUUHVSRQGLQJ VWDQQ\OS\ULGLQH D b LRGLGH DQG E b WRV\ODWHf ZDV UHDGLO\ SUHSDUHG 7KH 1PHWK\ODWLRQ RI WULPHWK\OVWDQQ\Of S\ULGLQH ZLWK 0HO KDV EHHQ UHSRUWHG LQ SDWHQWV &RQYHUVLRQ RI WKH LRGLGH FRXQWHU LRQ RI D WR WKH LQVROXEOH WHWUDSKHQ\OERUDWH VDOW RFFXUUHG HDVLO\ RQ DGGLWLRQ RI 1D%3K WR JLYH F bf

PAGE 40

6Q%X &+ 6Q%X 6Q%X &+ ; D ; E ; 27V D ; F ; %3K E ; 27V ,Q PDUNHG FRQWUDVW 1PHWK\ODWLRQ RI WULEXW\OVWDQQ\Of S\ULGLQH &+& r&f FRXOG RQO\ EH DFKLHYHG ZLWK PHWK\O WULIODWH WR JLYH D ODELOH SURGXFW ZKLFK ZDV XQVWDEOH DW URRP WHPSHUDWXUH JLYLQJ ULVH WR WKH GHVWDQQ\ODWHG 1PHWK\OS\ULGLQLXP LRQ RQ VWDQGLQJ 7KH PDWHULDO ZDV KRZHYHU VWDEOH ZKHQ NHSW EHORZ r& EXW SXUH SURGXFW ZDV QRW LVRODWHG 7KH WULIODWH VDOW LPPHGLDWHO\ GHVWDQQ\ODWHG LQ '062 WR \LHOG 1PHWK\OS\ULGLQLXP LRQ $WWHPSWV DW TXDWHUQL]DWLRQ XVLQJ HLWKHU PHWK\O LRGLGH RU PHWK\O WRV\ODWH SURYHG WR EH XQVXFFHVVIXO &URVVFRXSOLQJ ZDV QRW DWWHPSWHG 1R GRXEW D S\ULGLQLXP \OLGH LV JHQHUDWHG RQ GHVWDQQ\ODWLRQ DQG WKH VWDELOLW\ RI WKLV LQWHUPHGLDWH DFFRXQWV IRU WKH IDFLOH GHFRPSRVLWLRQ &URVV&RXSOLQJ RI 6WDQQ\O 12[LGHV &URVVFRXSOLQJ RI S\ULGLQH 1R[LGH LQ '0) FRQWDLQLQJ 3G33Kf WRRN SODFH ZLWK EURPRTXLQROLQH WR JLYH 1R[LGH

PAGE 41

DQG ZLWK EURPRLVRTXLQROLQH WR JLYH 1R[LGH 7DEOH :KHUHDV WKH DOWHUQDWH V\QWKHVLV RI PLJKW ZHOO EH DFKLHYHG E\ 1R[LGDWLRQ DW WKH OHVV VWHULFDOO\ KLQGHUHG QLWURJHQ DWRP RI WKH NQRZQ SUHIRUPHG S\ULG\OfTXLQROLQH IUHH EDVH WKLV LV QRW OLNHO\ WR EH WKH FDVH ZLWK WKH S\ULG\OfLVRTXLQROLQH ZKHUH ERWK QLWURJHQ DWRPV DUH H[SHFWHG WR KDYH YHU\ VLPLODU UHDFWLYLWLHV PDNLQJ WKH SUHSDUDWLRQ DQG LVRODWLRQ RI TXLWH GLIILFXOW E\ VXFK D URXWH 0RUHRYHU LQ ERWK FDVHV 1R[LGL]DWLRQ RI SUHIRUPHG FRXSOHG ELKHWDUHQH LV OLNHO\ WR UHVXOW LQ D PL[WXUH RI PRQR DQG GL1R[LGL]HG SURGXFWV &URVVFRXSOLQJ RI S\ULGLQH 1R[LGH ZLWK EURPRS\ULPLGLQH LQ 7+) JDYH S\ULPLGLQH 1R[LGH 6LPLODUO\ TXLQROLQH 1R[LGH DQG LVRTXLQROLQH 1R[LGH RQ FRXSOLQJ ZLWK EURPRS\ULPLGLQH LQ WROXHQH DIIRUGHG S\ULPLGLQH 1R[LGHV DQG UHVSHFWLYHO\ 7DEOH $JDLQ LQ WKHVH WKUHH H[DPSOHV WKH HIILFLHQW SUHSDUDWLRQ RI WKH ILQDO SURGXFWV DQG IURP WKH SUHIRUPHG SRO\D]LQH IUHH EDVHV VXFK DV WKH NQRZQ SUHFXUVRU RI LV XQOLNHO\ GXH WR ERWK VWHULF DQG HOHFWURQLF IDFWRUV ZKLFK IDYRU WKH IRUPDWLRQ RI D PL[WXUH RI LVRPHUV ,Q DOO WKHVH H[SHULPHQWV WKH VWDQQDQH VHUYHG DV WKH OLPLWLQJ UHDJHQW DQG WKH \LHOGV RI WKH FURVV FRXSOHG SURGXFWV ZHUH PRGHUDWH bf %\ FRQWUDVW ZKHQ WKH OLPLWLQJ UHDJHQW ZDV FKDQJHG WR WKH KHWDU\O KDOLGH DV LQ WKH FDVH RI WKH FRXSOLQJ RI FKORURUS\UD]LQH WR VWDQQ\ODWHG 1R[LGH SUHVHQW LQ H[FHVV

PAGE 42

WKH ‘ \LHOG RI FRXSOHG SURGXFW ZDV HVVHQWLDOO\ TXDQWLWDWLYH 7DEOH 7DEOH &RQGLWLRQV DQG 5HVXOWV RI WKH &URVV&RXSOLQJ RI 6WDQQ\ODWHG +HWDU\O 12[LGHV ZLWK +HWDU\O +DOLGHV LQ WKH 3UHVHQFH RI 3G33Kf 6WDQQDQH +DOLGHr 6ROYHQW WLPH Kf 3URGXFW b
PAGE 43

10HWK\OWULEXW\OVWDQQ\OTXLQROLQLXP LRGLGH ZDV FRXSOHG WR LRGRS\ULGLQH LQ WKH SUHVHQFH RI 3G33Kf WR JLYH bf 7DEOH ,, 7KH ORZ \LHOG VHHPV WR EH D UHVXOW RI XVLQJ WKH LRGLGH DV D FRXQWHU LRQ :H KDYH REVHUYHG WKDW VXFK TXDWHUQL]HG VWDQQDQHV DUH HDVLO\ GHVWDQQ\ODWHG E\ KDOLGH LRQV 7DEOH 6WDQQDQHV 5HVXOWV RI WKH &URVV&RXSOLQJ RI 14XDWHUQL]HG DQG +HWDU\O +DOLGHV ZLWK 3G &DWDO\VWV 8QGHU &RQGLWLRQV RI 0RODU ([FHVV +DOLGH $f RU ([FHVV 6WDQQDQH %f 6WDQQDQH +DOLGHr &DWDO\VW 6ROYHQW 3URGXFW 0HWKRGf WLPHKf
PAGE 44

,QLWLDOO\ LQ DWWHPSWLQJ WR RYHUFRPH FRPSHWLQJ GHVWDQQ\ODWLRQ WKH FRXQWHU LRQ ZDV FKDQJHG IURP LRGLGH WR WKH OHVV QXFOHRSKLOLF WHWUDSKHQ\OERUDWH LRQ &URVVFRXSOLQJ LQ WKH SUHVHQFH RI 3G33Kf RFFXUUHG EHWZHHQ 1TXDWHUQL]HG S\ULGLQH F DQG EURPRS\ULPLGLQH WR \LHOG LQ PRGHUDWH \LHOG bf 7DEOH ,, &RPSRXQG F ZDV DOVR IRXQG WR FRXSOH WR FKORURUS\UD]LQH WR JLYH D EXW LQ ORZ \LHOG bf ,W ZDV GLVFRYHUHG WKDW LW LV HVVHQWLDO WR XVH D 3Gf FDWDO\VW ZLWK WHWUDSKHQ\OERUDWH DV WKH FRXQWHU LRQ LQ RUGHU WR PLQLPL]H FRPSHWLQJ SKHQ\ODWLRQ E\ WKLV DQLRQ )RU H[DPSOH LQ WKH SUHVHQFH RI 3GGSSHf&O GSSH LV GLSKHQ\OSKRVSKLQRf HWKDQHf F DQG EURPRS\ULPLGLQH JDYH RQO\ D VPDOO DPRXQW bf RI WKH H[SHFWHG SURGXFW ZLWK WKH PDLQ SURGXFW EHLQJ SKHQ\OS\ULGLQLXP LRQ bf 7KH WHWUDSKHQ\OERUDWH LV NQRZQ WR EH D SKHQ\ODWLQJ DJHQW ,Q DFFRUGDQFH ZLWK WKLV FRPSRXQG F LQ WKH SUHVHQFH RI 3GGSSHf&O DQG RQH HTXLYDOHQW RI 1D%3K JDYH LQ b \LHOG 7DEOH ,, 7RV\ODWH ZDV IRXQG WR EH WKH PRVW XVHIXO FRXQWHULRQ EHFDXVH LW ZDV LQHUW 14XDWHUQL]HG S\ULG\O VWDQQDQHV E DQG E ZLWK WKLV DQLRQ ZHUH FRXSOHG WR EURPRTXLQROLQH WR JLYH NQRZQ DQG UHVSHFWLYHO\ 1RWH WKDW DQG DUH LVRPHUV VLWH VSHFLILF 1PHWK\ODWLRQ KDYLQJ EHHQ DFKLHYHG LQ HDFK FDVH ,Q DGGLWLRQ VWDQQDQH E ZDV FRXSOHG WR EURPRS\ULPLGLQH DQG WR LRGRS\ULGLQH WR JLYH DQG UHVSHFWLYHO\ 7DEOH ,, 7KH SUHVHQFH RI IUHVKO\ SUHSDUHG &XO KDG QR VLJQLILFDQW LQIOXHQFH RQ WKH SURGXFW UDWLR LQ WKH

PAGE 45

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f DQG QRW 3Gf LV UHVSRQVLEOH IRU KRPRFRXSOLQJ 1R DWWHPSWV ZHUH PDGH WR UHFRYHU WKHVH KRPRFRXSOHG SURGXFWV EXW WKHLU UHPRYDO ZDV TXLWH VLPSOH :KHQ WKH LPSXULW\ ZDV WKH KLJKO\ LQVROXELOLW\ GLTXDWHUQL]HG PDWHULDO D VLPSOH

PAGE 46

DFHWRQLWULOH ZDVK UHFRYHUHG WKH GHVLUHG VROXEOH SURGXFW OHDYLQJ WKH LQVROXEOH GLFDWLRQ 7KH GL1R[LGL]HG KRPRFRXSOHG SURGXFW ZDV UHPRYHG HDVLO\ RQ VWDQGDUG FROXPQ FKURPDWRJUDSK\ :KHQ WKH KHWDU\O KDOLGH VHUYHG DV WKH OLPLWLQJ UHDJHQW DQG WKH VWDQQDQH QRZ ZDV SUHVHQW LQ PRODU H[FHVV WR HTXLYDOHQWVf \LHOGV RI WKH GHVLUHG FURVVFRXSOLQJ SURGXFW LPSURYHG VLJQLILFDQWO\ 7DEOH ,, )RU H[DPSOH FURVVFRXSOLQJ RI S\ULG\O VWDQQDQH E ZLWK EURPRTXLQROLQH DQG FKORURUS\UD]LQH LQ WKH SUHVHQFH RI 3GGSSHf&O JDYH FRPSRXQGV E bf DQG E bf UHVSHFWLYHO\ 7DEOH ,, %\ FRQWUDVW EURPRTXLQROLQH DQG FKORURUS\UD]LQH XQGHU RXU SUHYLRXV FRQGLWLRQV XVLQJ WKH VWDQQDQH DV WKH OLPLWLQJ UHDJHQW JDYH WKHVH SURGXFWV LQ RQO\ b DQG b \LHOG UHVSHFWLYHO\ ,Q DGGLWLRQ 1PHWK\ODWHG S\ULGLQHV E DQG E ZHUH FRXSOHG WR EURPRTXLQROLQH XQGHU VLPLODU FRQGLWLRQV WR JLYH NQRZQ FRPSRXQG DQG UHVSHFWLYHO\ 7KXV \LHOGV RI FURVV FRXSOHG SURGXFWV XQGHU FRQGLWLRQV RI H[FHVV VWDQQDQH GLG LQFUHDVH UDQJLQJ IURP WR b 7DEOH ,, $JDLQ WKH LPSXULW\ ZDV WKH KRPRFRXSOHG PDWHULDO &RQFOXVLRQV +HWDU\O VWDQQDQHV 1IXQFWLRQDOL]HG LQ WKH IRUP RI 1 R[LGHV RU 1TXDWHUQL]HG VDOWV FURVVFRXSOH ZLWK KHWDU\O LRGLGHV EURPLGHV DQG FKORULGHV ZLWK OLWWOH RU QR FKDQJH LQ \LHOGV 'XH WR WKHLU HDVH RI SUHSDUDWLRQ 1IXQFWLRQDOL]HG

PAGE 47

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

PAGE 48

&+$37(5 10(7+
PAGE 49

S\ULG\O QLWURJHQ DWRP WKHQ LV IXQFWLRQDOL]HG E\ 1 TXDWHUQL]DWLRQ RU 1R[LGDWLRQ DQG WKH SURWHFWLQJ JURXS LV UHPRYHG E\ EDVH DV SQLWURVW\UHQH WR JLYH WKH GHVLUHG ILQDO SURGXFW $ VLPSOHU DSSURDFK IRU WKH 1R[LGH HPSOR\V DQ 1 PHWK\O SURWHFWLQJ JURXS UHDGLO\ UHPRYHG E\ WKH DFWLRQ RI ., LQ KHDWHG '0) LQ D VLPLODU VHTXHQFH RI VWHSV )LJXUH f )LJXUH D &21. L &21+ LL RU LLL LY RU Y RU YL &21+ YLL [ [L 5 & + &+f&+1 S FK A 5 &+ ; m &21+ s4 5 2r ; &21+ 5 ‘ r ; ‘ + &21+ 5L 5 &+ &+f&+1 S A 5L &+f&+1S ;&21+ sW5 &+;m&21+ 5 &+;+ D5HDJHQWV cf 3G3Kf (W%S\ULGcQH 7+) ccf 0HO (O2$F ccLf %U&+f&+1 ILYf 0HO '0) Yf 0HO VXOORODQH YLf 0H27V VXOIRODQH YLLf 1D2$F 0H&1 ORU A YLf 0&3%$ VXOIRODQH IRU $SHUR[LGH 7)$ IRU L[f 0&3%$ &+ IRU G[f 1D2$F 0H&1 IRU s= [Lf ., '0) IRU DQG ,Q WKH VHFRQG PHWKRG WKH GHVLUHG QLWURJHQ DWRP LV IXQFWLRQDOL]HG ILUVW DQG WKHQ WKH WZR S\ULGLQH ULQJV DUH FURVVFRXSOHG WRJHWKHU WR JHQHUDWH WKH %3< XVLQJ D SDOODGLXP

PAGE 50

FDWDO\VW D S\ULG\O ERUDQH DQG DQ 1R[LGL]HG KDORJHQDWHG S\ULGLQH )LJXUH f )LJXUH ; FRQK ; + 3G33Kf 1D&&! 2XU PRGHO VXEVWUDWH VHOHFWHG WR LOOXVWUDWH WKHVH WZR PHWKRGV LV FDUEDPR\OnELS\ULGLQH f 1RW RQO\ LV WKH S\ULG\O ULQJ VWHULFDOO\ GHDFWLYDWHG IRU QXFOHRSKLOLF UHDFWLRQV EXW DOVR WKH FDUEDPR\O JURXS SUHVHQWV VXEVWDQWLDO DGGLWLRQDO HOHFWURQLF GHDFWLYDWLRQ 7KH S\ULG\O ULQJ LQ LV VR GHDFWLYDWHG WKDW ZH ZHUH IRUFHG WR GHYLVH QHZ UHDFWLRQ FRQGLWLRQV ZKLFK GLIIHU PDUNHGO\ IURP WKRVH XVHG LQ WKH ILUVW VXFFHVVIXO V\QWKHVLV RI PHWK\On ELS\ULGLQLXP LRQ 7KH QHZ FRQGLWLRQV DUH OLNHO\ WR EH PRUH ZLGHO\ DSSOLFDEOH WR RWKHU VXEVWUDWHV 7KH UHJLRFRQWUROOHG 1PHWK\ODWLRQ RI DW WKH S\ULG\O QLWURJHQ DWRP WR JLYH DQG WKH UHJLRFRQWUROOHG 1R[LGDWLRQ RI WKH S\ULG\O QLWURJHQ DWRP RI WR SUHSDUH ZHUH DFKLHYHG E\ WKH ILUVW URXWH

PAGE 51

8VLQJ WKH VHFRQG V\QWKHWLF DSSURDFK 1R[LGH DOVR ZDV SUHSDUHG EXW WKH FURVVFRXSOLQJ URXWH IDLOHG WR SURYLGH 1 PHWK\ODWHG 5HVXOWV DQG 'LVFXVVLRQ 3G&DWDO\]HG &URVV&RXSOLQJ %LS\ULGLQH ZDV UHDGLO\ SUHSDUHG bf E\ D 6X]XNLnn FURVVFRXSOLQJ RI GLHWK\O S\ULG\Of ERUDQH DQG FKORURFDUEDPR\OS\ULGLQH ZLWK WHWUDNLV WULSKHQ\OSKRVSKLQHf SDOODGLXPf DQG DQ DTXHRXV FDUERQDWH EXIIHU 7KH PHWK\O HVWHU KDV EHHQ PDGH E\ D VLPLODU URXWH EXW WKH LVRPHULF FKORURFDUEDPR\OS\ULGLQH GLG QRW FRXSOH ZLWK EHQ]HQHERURQLF DFLG LQ WKH SUHVHQFH RI 3G GSSEf &O 10HWK\ODWLRQ 0RQR DQG GL1PHWK\ODWLRQ RI ZDV H[DPLQHG WR REWDLQ LQIRUPDWLRQ DERXW WKH UHDFWLYLW\ RI WKH WZR QLWURJHQ DWRPV DQG DV VHHQ EHORZ WR OHDUQ DERXW WKH WKHUPDO LQVWDELOLW\ RI WKH GLTXDWHUQL]HG VDOW WRZDUG GHPHWK\ODWLRQ 7KH ILUVW 1 PHWK\ODWLRQ WRRN SODFH UHDGLO\ WR SURYLGH OnPHWK\O FDUEDPR\OnELS\ULGLQLXP LRGLGH LQ b \LHOG ZLWK 0HO DQG b \LHOG ZLWK PHWK\O WRV\ODWH 0H27Vf 7KH FRQGLWLRQV VHOHFWHG IRU WKH VHFRQG 1PHWK\ODWLRQ ZHUH GLFWDWHG E\ WKH OLPLWHG VROXELOLW\ RI LWV GLPLQLVKHG UHDFWLYLW\ DQG VXEVHTXHQW WKHUPDO GHTXDWHUQL]DWLRQ 2XU

PAGE 52

FRQGLWLRQV XVHG IRU WKH SUHSDUDWLRQ RI WKH GLTXDWHUQL]HG IRUP RI %3< LWVHOI 0HO LQ DFHWRQLWULOH KHDWHG DW r& LQ D VHDOHG WXEH ZHUH XQVDWLVIDFWRU\ 6XOIRODQH VROXELOL]HG PRQRFDWLRQ DQG KHDWLQJ ZLWK H[FHVV 0H27V DW r& JDYH f nGLPHWK\OFDUEDPR\O nELS\ULGLQLXP LRQ bf +HDWHG '0) DQG 0HO ZDV XQVDWLVIDFWRU\ EHFDXVH D PL[WXUH RI PRQR f DQG GLTXDWHUQL]HG f SURGXFWV DORQJ ZLWK WHWUDPHWK\ODPPRQLXP VROYHQW GHFRPSRVLWLRQ SURGXFW ZHUH LVRODWHG LQ ORZ \LHOGV $GGLWLRQ RI WKH 3URWHFWLQJ *URXS DQG 'LJXDWHUQL]DWLRQ 7KH DGGLWLRQ RI WKH 13( SURWHFWLQJ JURXS WR 1On ZDV DFKLHYHG HDVLO\ LQ b \LHOG WR SURYLGH PRQRFDWLRQ $JDLQ WKH VHFRQG PHWK\ODWLRQ VWHS ZDV D FKDOOHQJH 7KH VROYHQW RI FKRLFH SURYHG WR EH VXOIRODQH EHFDXVH RI LWV JRRG VROYHQW SURSHUWLHV DQG LWV LQHUWQHVV WR WKH PHWK\ODWLQJ DJHQW +RZHYHU WKH \LHOG RI GHVLUHG GLTXDWHUQL]HG ZDV RQO\ b XVLQJ 0HO EHFDXVH GHSURWHFWLRQ RI WKH VWDUWLQJ PDWHULDO E\ LRGLGH LRQ IROORZHG E\ PHWK\ODWLRQ WR IRUP GLPHWK\ODWHG GLFDWLRQ ZDV D FRPSHWLQJ SURFHVV 5HYHUVH SKDVH FROXPQ FKURPRWRJUDSK\ SURYHG XVHIXO LQ WKH VHSDUDWLRQ RI PDWHULDOV 7KH \LHOG RI LPSURYHG WR b ZLWK 0H27V 1R GHTXDWHUQL]DWLRQ QRZ ZDV HYLGHQW ZLWK WKH ZHDNO\ QXFOHRSKLOLF WRV\ODWH FRXQWHULRQ $WWHPSWV WR DWWDFK RWKHU JURXSV WR 1O RI ZHUH XQVXFFHVVIXO 1HLWKHU HWK\O WRV\ODWH QRU EURPRDFHWRQLWULOH QRU

PAGE 53

EHQ]\O EURPLGH WKH ODWWHU LQ WKH SUHVHQFH RI VLOYHU VDOWV FRXOG EH PDGH WR UHDFW SURYLGLQJ IXUWKHU HYLGHQFH RI WKH PDUNHGO\ ORZ UHDFWLYLW\ RI WKLV DWRP $Q DWWHPSW ZDV PDGH WR ERQG D F\DQRHWK\O JURXS WR WKH 1f§n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nELS\ULGLQLXP LRQ 'U\ VRGLXP DFHWDWH LQ UHIOX[LQJ DFHWRQLWULOH EURXJKW DERXW WKH HOLPLQDWLRQ RI QLWURVW\UHQH WR UHJHQHUDWH WKH XQVXEVWLWXWHG nS\ULG\O ULQJ DQG WKH PRQRPHWK\ODWHG SURGXFW bf 12[LGDWLRQ 1LWURSKHQ\Of HWK\ODWHG PDWHULDO ZDV HDVLO\ 1R[LGL]HG WR XVLQJ FKORURSHUEHQ]RLF DFLG LQ VXOIRODQH bf DQG WKH SURWHFWLQJ JURXS ZDV UHPRYHG XVLQJ VRGLXP DFHWDWH LQ DFHWRQLWULOH WR \LHOG FDUEDPR\OnELS\ULGLQHOR[LGH bf

PAGE 54

,Q YLHZ RI WKH HDV\ GHDON\ODWLRQ RI E\ LRGLGH LRQ DQRWKHU URXWH ZDV H[SORUHG QRZ XVLQJ WKH 1PHWK\O VXEVWLWXHQW RQ 1f§n DV D SURWHFWLQJ JURXS ,RGLGH ZDV ILUVW FRQYHUWHG WR WKH WRV\ODWH DW URRP WHPSHUDWXUH ZLWK 0H27V WR JHQHUDWH YRODWLOH 0HO LQ DQ DQLRQ H[FKDQJH UHDFWLRQ LQ RUGHU WR DYRLG R[LGL]LQJ WKH LRGLGH FRXQWHULRQ DQG WKHQ 1R[LGL]HG bf LQ SHUR[\WULIOXRURDFHWLF DFLG WR FDUEDPR\OOn PHWK\On ELS\ULGLQLXPOR[LGH f 'HSURWHFWLRQ WKLV WLPH UHPRYLQJ WKH PHWK\O JURXS XVLQJ ., LQ KHDWHG '0) JDYH WKH PRUH VWHULFDOO\ KLQGHUHG PRQR 1R[LGH bf 2Q WKH SDUHQW ELS\ULGLQH ODFNLQJ WKH FDUEDPR\O VXEVWLWXHQW WKH VDPH VHTXHQFH RI 1On SURWHFWLRQ ZLWK D PHWK\O JURXS IROORZHG E\ 1R[LGDWLRQ JDYH ZKLFK WKHQ ZDV GHSURWHFWHG WKHUPDOO\ ZLWK ., LQ KRW '0) WR DIIRUG bf 1R[LGDWLRQ RI XQSURWHFWHG ELS\ULGLQH KDV EHHQ UHSRUWHG DORQJ ZLWK VSHFWURVFRSLF SURSHUWLHV 3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH 12[LGH $ PRUH GLUHFW URXWH WR bf HPSOR\HG SDOODGLXP FDWDO\]HG FURVVFRXSOLQJ RI GLHWK\O S\ULG\Of ERUDQH DQG EURPRS\ULGLQHOR[LGH LQ DTXHRXV FDUERQDWH $OWKRXJK WKH EURPRS\ULGLQHOR[LGH FDQ XQGHUJR D IDFLOH QXFOHRSKLOLF VXEVWLWXWLRQ UHDFWLRQ ZLWK K\GUR[LGH LRQ WR JLYH D S\ULGRQH WKLV VLGHUHDFWLRQ ZDV QRW LPSRUWDQW $ EURPRS\ULGLQHO R[LGH KDV EHHQ PDGH WR FRXSOH ZLWK D WKLHQ\OERURQLF DFLG XQGHU VLPLODU FRQGLWLRQV

PAGE 55

3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH 12[LGH &KORURQLFRWLQDPLGH ZDV 1R[LGL]HG ZLWK XUHD+ FRPSOH[ DQG WULIORXURDFHWLF DFLG WR JLYH WKH 1R[LGH bf &RXSOLQJ ZLWK GLHWK\OS\ULG\OfERUDQH 3Gf DQG FDUERQDWH JDYH LQ b \LHOG )LJXUH f 8QVXFFHVVIXO 3DOODGLXP&DWDO\]HG &RXSOLQJ WR 3UHSDUH 2XU DELOLW\ WR FURVVFRXSOH GLHWK\O S\ULG\Of ERUDQH ZLWK 1PHWK\ODWHG S\ULGLQLXP TXLQROLQLXP DQG LVRTXLQROLQLXP KDOLGHV KDYLQJ WKH KDORJHQ DWRP ORFDWHG EHWD WR WKH DQQXODU QLWURJHQ DWRP HQFRXUDJHG XV WR DWWHPSW WKH SUHSDUDWLRQ RI E\ VXFK D URXWH XVLQJ D TXDWHUQL]HG VXEVWUDWH KDYLQJ WKH KDORJHQ DWRP DW DQ DOSKD SRVLWLRQ 8QIRUWXQDWHO\ DOO DWWHPSWV IDLOHG 7KXV FRXSOLQJ RI WKH S\ULG\OERUDQH DQG EURPRO PHWK\OS\ULGLQLXP LRQ ZDV XQVXFFHVVIXO XVLQJ FDUERQDWH RU ELFDUERQDWH EXIIHUV DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf RU 3GGSSHf&O GSSH LV GLSKHQ\OSKRVSKLQRf HWKDQHf 6ZLWFKLQJ WR WULEXW\OVWDQQ\OfS\ULGLQH DQG EURPRO PHWK\O S\ULGLQLXP XQGHU QRQDTXHRXV FRQGLWLRQV 6WLOOHW\SH FRQGLWLRQVf DOVR IDLOHG WR JLYH DQ\ FRXSOHG SURGXFW $ YDULHW\ RI VROYHQWV 7+) GLR[DQH DQG '0)f DQG FDWDO\VWV 3G33Kf 3GGSSHf&O DQG 3GGEDf ZHUH WULHG ZLWK QR VXFFHVV

PAGE 56

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b RYHUDOO \LHOG 7KH IRXUVWHS VHTXHQFH ZKHUH WKH ELS\ULGLQH LV SUHSDUHG ILUVW E\ SDOODGLXP FRXSOLQJ SURWHFWHG 1R[LGL]HG DQG WKHQ GHSURWHFWHG JLYHV DQ RYHUDOO \LHOG RI b IRU WKH URXWH XVLQJ WKH 13( SURWHFWLQJ JURXS DQG b IRU WKH PHWK\O SURWHFWLRQ VFKHPH $OWKRXJK XQVXEVWLWXWHG 1R[LGH ZDV V\QWKHVL]HG E\ WKH WZR URXWHV WKH VWDUWLQJ SRLQWV DUH QRW WKH VDPH IRU ERWK DSSURDFKHV WR DOORZ D PHDQLQJIXO FRPSDULVRQ 7KH RYHUDOO \LHOG IRU WKH IRXUVWHS URXWH WR WKH 1PHWK\ODWHG FDUEDPR\O ZDV b

PAGE 57

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

PAGE 58

&+$37(5 5(9,6(' 6758&785( $1' &219(5*(17 6<17+(6,6 2) 7+( 1(85272;,& 48$7(53<5,',1( ,62/$7(' )520 7+( +23/21(0(57,1( 6($ :250 ,QWURGXFWLRQ 1HXURWR[LF VXEVWDQFHV KDYH EHHQ LVRODWHG IURP WKH SK\OXP RI PDULQH ZRUPV FDOOHG QHPHUWLQHV ([WUDFWV IURP WKH KRSORQHPHUWLQH DUPHGf ZRUP FRQWDLQ DQDEDVHLQH WHWUDK\GURnELS\ULGLQHf nELS\ULGLQH DQG D TXDWHUS\ULGLQH JLYHQ WKH QDPH QHPHUWHOOLQH nnnnnnnnnTXDWHUS\ULGLQH f 7KH SURRI RI VWUXFWXUH RI WKLV ILUVW TXDWHUS\ULGLQH LVRODWHG IURP D OLYLQJ VRXUFH UHVWHG LQ HQWLUHO\ RQ LWV 0+] SURWRQ 105 VSHFWUXP KRPRQXFOHDU GHFRXSOLQJ H[SHULPHQWV DQG WKH VLPLODULW\ RI WKH SURWRQ 105 VSHFWUXP WR WKDW RI QLFRWHOOLQH 1LFRWHOOLQH f D WULS\ULG\O WREDFFR DONDORLG DOVR FRQWDLQV WKH %&' ULQJ VWUXFWXUH SUHVHQW LQ EXW ODFNV ULQJ $ 7KH SURWRQ 105 VSHFWUXP RI QLFRWHOOLQH LV VWULNLQJO\ VLPLODU WR WKH SURWRQ UHVRQDQFHV DVVLJQHG WR ULQJV $ & DQG RI WKH QDWXUDO SURGXFW 7KH V\QWKHVLV RI WKLV XQV\PPHWULFDOO\ VXEVWLWXWHG TXDWHUS\ULGLQH VHHPHG WR XV WR EH UHDGLO\ SRVVLEOH JLYHQ WKH UHFHQW GHYHORSPHQW RI SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ UHDFWLRQV DOORZLQJ IRU WKH HDV\ FRQVWUXFWLRQ RI FDUERF\FOLF

PAGE 59

DQG KHWHURF\FOLF SRO\DURPDWLF VXEVWUDWHV IURP RUJDQRPHWDOOLF DQG KDOLGH SUHFXUVRUV 6X]XNL FRXSOLQJ RI ERUDQHV RU ERUDWHV DQG 6WLOOH FRXSOLQJ RI VWDQQDQHV nnn QRZ DUH WKH SUHIHUUHG PHWKRGV RI MRLQLQJ VXFK ULQJV 1HPHUWHOOLQH 1LFRWHOOLQH A 1HPHUWHOOLQH A LQFRUUHFWf UHYLVHGf :H QRZ UHSRUW WKH ILUVW V\QWKHVLV RI DQG LWV FRUUHFW SURWRQ 105 VSHFWUXP 6SHFWUDO GLIIHUHQFHV EHWZHHQ WKLV V\QWKHWLF TXDWHUS\ULGLQH DQG WKDW RI WKH QDWXUDO VXEVWDQFH FOHDUO\ LQGLFDWH WKDW LV QRW WKH QDWXUDO SURGXFW 7KH FRUUHFW VWUXFWXUH RI WKH QDWXUDO SURGXFW QHPHUWHOOLQH LV n n nnnnTXDWHUS\ULGLQH f ZKLFK LV YHULILHG E\ DQ LQGHSHQGHQW V\QWKHVLV LQYROYLQJ D NH\ SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ VWHS 7KH WZR LVRPHUV GLIIHU RQO\ LQ WKH ORFDWLRQ RI WKH QLWURJHQ DWRP LQ WKH GLVXEVWLWXWHG &ULQJ %RWK VXEVWDQFHV FRQVLVW RI WZR VXEVWLWXWHG S\ULG\O ULQJV DORQJ ZLWK DQG GLVXEVWLWXWHG S\ULGLQH ULQJV

PAGE 60

7KH QDWXUDO SURGXFW QHUDHUWHOOLQH f LV DQ XQV\PPHWULFDO GLPHU RI nELS\ULGLQH 5HVXOWV DQG 'LVFXVVLRQ 6\QWKHVLV RI n nnfnnnnn4XDWHUS\ULGLQH f 2XU WZR UHWURV\QWKHWLF DSSURDFKHV IRU DUH JLYHQ LQ )LJXUHV DQG %RWK DUH SUHGLFDWHG RQ WKH XVH RI SDOODGLXPFDWDO\]HG FURVVFRXSOLQJn RI RUJDQRPHWDOOLF DQG KDOLGH KHWDUHQHV WR IRUP ELS\ULGLQH ES\f ULQJV )LJXUH 5HWURV\QWKHWLF $QDO\VLV IRU 4XDWHUS\ULGLQH $FFRUGLQJ WR VXFFHVVIXO )LJXUH WKH WZR S\ULG\O ULQJV RI DUH GLVFRQQHFWHG IURP WKH FHQWUDO %& ULQJV D nES\ WR JLYH LWV GLFKORULGH DQG D VXEVWLWXWHG S\ULGLQH KHUH XVHG DV LWV FRPPHUFLDOO\ DYDLODEOH ERUDQH GLHWK\OS\ULG\OfERUDQH

PAGE 61

,Q )LJXUH WKH GLVFRQQHFWLRQ LV PDGH EHWZHHQ WKH % DQG & ULQJV WR JLYH WZR GLIIHUHQW ES\ ULQJV nES\ $f FRQWDLQLQJ WKH &' ULQJV DQG nES\ %Bf KDYLQJ WKH $% ULQJV 7KH SRODULW\ RI WKLV GLVFRQQHFWLRQ ZDV UHYHUVHG LQ RXU WZR DSSURDFKHV ,Q URXWH WKH &' ULQJV FRQWDLQ WKH RUJDQRPHWDOOLF VWDQQDQH DQG WKH $% ULQJV WKH FKORULGH ,Q URXWH WKH SRVLWLRQV RI WKH VWDQQ\O DQG FKORUR JURXSV DUH UHYHUVHG )LJXUH 5HWURV\QWKHWLF $QDO\VLV IRU 4XDWHUS\ULGLQH 5RXWH $ &O A % 6Q%X $OWKRXJK ERWK URXWHV LQ )LJXUH JDYH VRPH RI WKH GHVLUHG TXDWHUS\ULGLQH RQ FURVVFRXSOLQJ WKH PDWHULDO ZDV FRQWDPLQDWHG ZLWK D KRPRFRXSOLQJ E\SURGXFW WKDW SURYHG GLIILFXOW WR UHPRYH 7KH V\QWKHWLF VHTXHQFH LQ )LJXUH WKHUHIRUH LV SUHIHUUHG r

PAGE 62

,Q DOO WKH DSSURDFKHV WKH LQGLYLGXDO ES\ ULQJV ZHUH FRQVWUXFWHG E\ D SDOODGLXPFDWDO\]HG XQLRQ RI WZR S\ULGLQH ULQJV 5HWURV\QWKHWLF )LJXUH 'LFKORURS\ULGLQH PDGH IURP QLWURS\ULGLQH 1R[LGH ZDV FRXSOHG ZLWK GLHWK\O S\ULG\OfERUDQH XQGHU 6X]XNL FRQGLWLRQV )LJXUH f &RXSOLQJ WRRN SODFH DW WKH DQG QRW WKH SRVLWLRQ RI WKH GLFKORULGH WR JLYH FKORURnELS\ULGLQH f bf 7KHUH LV D FOHDU SUHIHUHQFH IRU FRXSOLQJ DW WKH RYHU WKH SRVLWLRQ LQ WKH GLFKORULGH %XW DV WKH FKORUR ELS\ULGLQH SURGXFW IRUPHG LQ ODUJH TXDQWLWLHV WKLV SURGXFW EHJDQ WR FRPSHWH ZLWK WKH VWDUWLQJ PDWHULDO LQ WKH FRXSOLQJ UHDFWLRQ WR \LHOG D NQRZQ WHUS\ULGLQH n nnnWHUS\ULGLQH QLFRWHOOLQHf 7KH FRXSOLQJ UHDFWLRQ ZDV UHDGLO\ IROORZHG E\ VLOLFD JHO 7/& DQG ZDV VWRSSHG ZKHQ WKH WHUS\ULGLQH VWDUWHG WR DSSHDU 7KH VWUXFWXUH RI WKH FKORURELS\ULGLQH f ZDV HDVLO\ HVWDEOLVKHG E\ PDNLQJ DVVLJQPHQWV EDVHG RQ WKH ODUJH GHVKLHOGLQJ HIIHFW RI DQ LQWHUDQQXODU QLWURJHQ DWRP 7KH VLQJOHW RI + DQG WKH GRXEOHW RI + RI WKH nS\ULG\O ULQJ RI WKLV ELS\ULGLQH DUH KLJKO\ GHVKLHOGHG EHLQJ DW DQG SSP UHVSHFWLYHO\ 0RQRFKORUR ZDV VHOHFWLYHO\ 1R[LGL]HG ZLWK 0&3%$ DW WKH OHVV VWHULFDOO\ KLQGHUHG QLWURJHQ DWRP WR IRUP 8VLQJ NQRZQ FKHPLVWU\ LW ZDV SRVVLEOH WR FRQYHUW WKLV 1R[LGH WR WKH FKORURnELS\ULGnRQH ZLWK DFHWLF DQK\GULGH 7KLV S\ULGRQH WKHQ ZDV WUDQVIRUPHG WR ZLWK 3& DQG

PAGE 63

'0) 8VH RI 3& GLUHFWO\ RQ WKH 1R[LGH LV H[SHFWHG WR JLYH D PL[WXUH RI WZR FKORULQDWHG LVRPHUV )LJXUH 3Gf &O %(W &O 0&3%$ f $&2 f 32&, '0) 3Gf &O A9A%( HTV 7KH ILQDO 6X]XNL FRXSOLQJ ZLWK VOLJKWO\ PRUH WKDQ WZR HTXLYDOHQWV RI GLHWK\OS\ULG\OfERUDQH DQG GLFKORULGH SURYLGHG LQ b \LHOG 5HWURVYQWKHWLF )LJXUH 5RXWH 7KH &' ULQJ V\VWHP ZDV PDGH TXLWH HDVLO\ XVLQJ FKHPLVWU\ UHFHQWO\ GHYHORSHG E\ RXU JURXS WR SURYLGH UHJLRVHOHFWLYHO\ 1IXQFWLRQDOL]HG ES\ ULQJV ,Q )LJXUH FURVVFRXSOLQJ RI FKORURS\ULGLQH 1 R[LGH DQG GLHWK\OS\ULG\OfERUDQH XQGHU 6X]XNLW\SH FRQGLWLRQV JDYH nELS\ULGLQH 1R[LGH f LQ

PAGE 64

JRRG \LHOG bf 7KLV PDWHULDO WKHQ ZDV FRQYHUWHG WR $ &Of ZLWK 3& DQG GLLVRSURS\O DPLQH IROORZHG E\ FRQYHUVLRQ WR WKH *ULJQDUG UHDJHQW DQG WUDQVPHWDODWLRQ ZLWK WULEXW\OWLQ FKORULGH n7ULEXW\OVWDQQ\O ZDV IRUPHG LQ PRGHUDWH \LHOG bf )LJXUH A 7KH UHTXLUHG FKORURnELS\ULGLQH f ZDV HDVLO\ FRQVWUXFWHG IURP GLFKORURS\ULGLQH bf DQG WKH GLHWK\O S\ULG\OfERUDQH XQGHU 6X]XNL FRQGLWLRQV &URVVFRXSOLQJ RI WKH GLFKORURS\ULGLQH DW WKH DQG QRW WKH SRVLWLRQ ZDV HDVLO\ GHPRQVWUDWHG IURP WKH SURWRQ 105 VSHFWUXP E\ PDNLQJ XVH RI WKH ODUJH GHVKLHOGLQJ HIIHFW RI WKH DQQXODU QLWURJHQ DWRP RI WKH % ULQJ RQ WKH nS\ULG\O $ ULQJ 7R YHULI\ WKDW LW ZDV SRVVLEOH WR FURVVFRXSOH WR WKH VWHULFDOO\ KLQGHUHG & SRVLWLRQ RI WKLV ES\ D PRGHO FRXSOLQJ ZLWK GLHWK\O S\ULG\OfERUDQH ZDV DWWHPSWHG 7KH H[SHFWHG QHZ n n nn WHUS\ULGLQH f ZDV LVRODWHG LQ b \LHOG LQGLFDWLQJ WKDW WKH FRXSOLQJ UHDFWLRQ ZLWK WKH ERUDQH LV QRW VHQVLWLYH WRZDUG VWHULF KLQGUDQFH

PAGE 65

7KH ILQDO FRXSOLQJ WR JLYH ZDV FDUULHG RXW XQGHU W\SLFDO 6WLOOH FRQGLWLRQV XVLQJ WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf DQG UHIOX[LQJ WROXHQH 8QIRUWXQDWHO\ DQ LQVHSDUDEOH PL[WXUH RI DQG WKH KRPRFRXSOHG SURGXFW RI VWDQQDQH FRXOG QRW EH HDVLO\ VHSDUDWHG E\ VLOLFD JHO FKURPRWRJUDSK\ 5HWURVYQWKHWLF )LJXUH 5RXWH ,Q RUGHU WR VXSSUHVV KRPRFRXSOLQJ WKH SRODULWLHV RI WKH ES\ ULQJV ZHUH UHYHUVHG 7ZR DSSURDFKHV ZHUH WULHG RQO\ RQH EHLQJ VXFFHVVIXO ,Q WKH VXFFHVVIXO DSSURDFK WKH RUJDQRPHWDOOLF JURXS ZDV ILUVW DGGHG WR WKH %ULQJ DQG WKHQ WKH $ULQJ ZDV MRLQHG ,Q XQVXFFHVVIXO DWWHPSWV WKLV VHTXHQFH ZDV UHYHUVHG 7KH $ DQG ILn ULQJV ZHUH ILUVW ERQGHG WRJHWKHU DQG DWWHPSWV WKHQ ZHUH PDGH XQVXFFHVVIXOO\ WR DGG DQ RUJDQRPHWDOOLF JURXS WR WKH %ULQJ RI WKH ELS\ULGLQH 7DNLQJ DGYDQWDJH RI NQRZQ FKHPLVWU\ GLUHFWHG RUWKR OLWKLDWLRQ RI EURPRS\ULGLQH ZLWK /'$ DW r& IROORZHG E\ WUDQVPHWDODWLRQ ZLWK WULEXW\OWLQ FKORULGH JDYH EURPR WULEXW\OVWDQQ\OS\ULGLQH f bf 7KLV VWDQQDQH ZDV HDVLO\ FRXSOHG ZLWK GLHWK\OS\ULG\OfERUDQH LQ WKH SUHVHQFH RI WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf LQ 7+) XQGHU WKH XVXDO DTXHRXV DONDOLQH 6X]XNL FRQGLWLRQV WR JLYH b RI WULEXW\OVWDQQ\OnELS\ULGLQH f 6LJQLILFDQWO\ QR GHVWDQQ\ODWLRQ WRRN SODFH XQGHU WKH FRQGLWLRQV RI WKH DTXHRXV FRXSOLQJ )LJXUH f

PAGE 66

)LJXUH ,Q WKH DOWHUQDWH URXWH D QXPEHU RI DWWHPSWV WR PHWDOODWH WKH $% ULQJ RI KDOR nELS\ULGLQH ZHUH WULHG $OO DWWHPSWV WR FRQYHUW WKH PRQRFKORULGH WR WKH PHWDOODWHG PDWHULDO IDLOHG WR JLYH D VXEVWDQWLDO DPRXQW RI WKH SURGXFW 7KXV DWWHPSWHG WUDQVPHWDODWLRQ ZLWK Q%X/L DW ORZ WHPSHUDWXUHV DQG r&f \LHOGHG PLQLPDO DPRXQWV RI OLWKLDWHG SURGXFW DORQJ ZLWK EXW\ODWHG DGGLWLRQ SURGXFW $WWHPSWHG *ULJQDUG IRUPDWLRQ IURP WKH FKORULGH SURYLGHG PRVWO\ nELS\ULGLQH UHGXFWLRQ SURGXFW 7ULEXW\OVWDQQLGH LRQ DQG WKH FKORULGH JDYH RQO\ b RI WKH VWDQQDQH 8VH RI WKH PRUH UHDFWLYH EURPRnELS\ULGLQH f PDGH IURP WKH FRUUHVSRQGLQJ DPLQH LQ SODFH RI WKH FKORULGH GLG QRW FKDQJH WKH RXWFRPH VLJQLILFDQWO\ 7KH FRXSOLQJ RI FKORULGH $ &Of DQG VWDQQDQH % %X6Qf DJDLQ JDYH DQ LQVHSDUDEOH PL[WXUH RI DQG D KRPRFRXSOHG SURGXFW WKDW IURP 6\QWKHVLV RI 1HPHUWHOOLQH f 2XU UHWURV\QWKHWLF DQDO\VLV RI QHPHUWHOOLQH LQ )LJXUH VXJJHVWV D FRQYHUJHQW V\QWKHVLV LQ ZKLFK WKH % DQG & ULQJV DUH

PAGE 67

GLVFRQQHFWHG WR JLYH WKH $% DQG &' ELS\ULG\O ULQJV DV IUDJPHQWV :H HOHFWHG WR KDYH WKH $% IUDJPHQW VHUYH DV WKH RUJDQRPHWDOOLF FRPSRQHQW DQG WKH &' SRUWLRQ DV WKH KDOLGH ,Q WKH UHYHUVHG SRODULW\ DSSURDFK LQ ZKLFK WKH $% IUDJPHQW LV WKH KDOLGH DQG WKH &' XQLW FRQWDLQV WKH RUJDQRPHWDOOLF JURXS WKHUH LV WKH ULVN WKDW WKH GHVLUHG FURVVFRXSOLQJ PLJKW IDLO 6XFK D FURVVFRXSOLQJ LV VWHULFDOO\ KLQGHUHG ZKLOH WKH KRPRFRXSOLQJ RI WKH VWDQQDQH D FRPPRQ VLGHUHDFWLRQ LQ 6WLOOH FRXSOLQJn LV QRW VR KLQGHUHG DQG WKHUHIRUH PLJKW GRPLQDWH ,Q RXU IDYRUHG DSSURDFK KRPRFRXSOLQJ RI WKH VWDQQDQH LV D PRUH VWHULFDOO\ KLQGHUHG SURFHVV WKDQ FURVVFRXSOLQJ )LJXUH 5HWURV\QWKHWLF $QDO\VLV IRU 1HPHUWHOOLQH () 1HPHUWHOOLQH A ; &O 0 %X6Q 6WLOOH &RXSOLQJ WR JLYH 7KH WZR ELS\ULGLQHV DQG ZHUH VPRRWKO\ FURVVFRXSOHG ZLWK 3Gf FDWDO\VW LQ KHDWHG WROXHQH WR JLYH LQ b \LHOG DV GHPRQVWUDWHG E\ ERWK SURWRQ 105 DQG ;UD\ DQDO\VLV RI WKH SURGXFW )LJXUH f

PAGE 68

)LJXUH 1HPHUWHOOLQH &U\VWDO 6WUXFWXUH RI 1HPHUWHOOLQH f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r IRU WKH $ DQG % SRUWLRQ r IRU WKH % DQG & ULQJV DQG r IRU WKH & DQG JURXS 7KH ULQJ LV WZLVWHG DZD\ IURP WKH $ ULQJ LQ WKH RSSRVLWH GLUHFWLRQ IURP WKDW RI WKH $ DQG & ULQJV 7KH JHRPHWU\ RI WKH $ % DQG & ULQJV LV VLPLODU WR WKDW RI GLSKHQ\OEHQ]HQH 3URWRQ 105 RI &RPSDULVRQ RI WKH SURWRQ 105 VSHFWUXP RI RXU V\QWKHWLF QHPHUWHOOLQH f ZLWK WKDW RI WKH QDWXUDO TXDWHUS\ULGLQH LQGLFDWHV WKH\ DUH LGHQWLFDO WKXV SURYLGLQJ

PAGE 69

)LJXUH 257(3 FU\VWDO VWUXFWXUH RI QHPHUWHOOLQH f ZLWK b SUREDELOLW\ HOOLSVRLGV &RXUWHV\ RI 'U $ $EERXGf

PAGE 70

WKH ILQDO SURRI RI VWUXFWXUH 7KH HDUO\ UHSRUW XVHG &6 DV D VROYHQW :H ILQG OLWWOH GLIIHUHQFH LQ WKH VSHFWUD XVLQJ WKLV VROYHQW RU &'& 7KH 0+] 105 VSHFWUXP RI LQ &'& ZLWK SHDN DVVLJQPHQWV LV VKRZQ LQ )LJXUH 6RPH VLJQDO RYHUODS IRU WKUHH SURWRQV GRHV RFFXU LQ &'& DW SSP 5HPDUNDEO\ QRQH RI WKH DURPDWLF SURWRQV RYHUODS DW 0+] LQ &'2' ZKHUH WKH WRWDO VKLIW VFDOH LV RQO\ SSP )LJXUH 7KH DVVLJQPHQWV DUH EDVHG RQ &26< DQG 12( GLIIHUHQFH VSHFWUD DV ZHOO DV WKH JHQHUDO SDWWHUQ RI FKHPLFDO VKLIWV DQG VSLQ FRXSOLQJV REVHUYHG IRU SRO\S\ULGLQHV )RU HDFK ULQJ WKH VLJQDOV XVXDOO\ IROORZ DQ D \ DQG S SRVLWLRQDO RUGHU LQFUHDVLQJ PDJQHWLF ILHOGf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nn RI WKH & ULQJ DW SSP ZKLOH LUUDGLDWLRQ RI WKH \ VLJQDO DW SSP FDXVHG DQ 12( WR DSSHDU IRU WKH VDPH nn SURWRQ 7KXV WKLV SDLU RI

PAGE 71

)LJXUH 3URWRQ 105 VSHFWUXP 0+]f RI QHPHUWHOOLQH f LQ &'&OM f

PAGE 72

)LJXUH 3URWRQ 105 VSHFWUXP 0+]f RI QHPHUWHOOLQH f LQ &'M2'

PAGE 73

r ), }f! )LJXUH &26< DW 0+] IRU QHPHUWHOOLQH f LQ &'& 7KH XSSHU VHW RI OLQHV FRUUHODWHV WKH SURWRQV RI WKH $ ULQJ DQG WKH ORZHU VHW WKRVH RI WKH S\ULG\O ULQJ

PAGE 74

D DQG \ VLJQDOV IRU WKH ORZ ILHOG S\ULG\O ULQJ PXVW EH DVVRFLDWHG ZLWK WKH ULQJ LH WKH\ DUH GXH WR SURWRQV nnn DQG nnn %HFDXVH WKH\ DUH ORFDWHG DFURVV WKH ULQJ IURP WKH ORQH HOHFWURQ SDLU RI WKH QLWURJHQ DWRP RI WKH & ULQJ WKH\ H[SHULHQFH WKH GHVKLHOGLQJ HIIHFW RI WKLV HOHFWURQ SDLU FDXVLQJ WKHP WR EH VKLIWHG WR VXFK ORZ ILHOG 7KLV SDLU RI ORZ ILHOG VLJQDOV ZDV DVVLJQHG E\ WKH HDUO\ ZRUNHUV WR DQG SRVLWLRQV RI WKH $ ULQJ DQG QRW WR WKH ULQJ DV ZH KDYH GRQH 7KH FUXFLDO HUURU JLYLQJ ULVH WR DQ LQFRUUHFW VWUXFWXUH LQ ZKLFK WKH QLWURJHQ DWRP RI WKH & ULQJ LV SRVLWLRQHG DV LQ DQG QRW 3URWRQ 105 6SHFWUD RI 7KH 0+] 105 VSHFWUXP RI A -/ LQ &'& LV VKRZQ LQ )LJXUH DORQJ ZLWK VKLIW DVVLJQPHQWV 2I WKH DURPDWLF SURWRQ VLJQDOV RQO\ WKUHH RYHUODS VHULRXVO\ $V EHIRUH WKH SHDN DVVLJQPHQWV ZHUH PDGH XVLQJ &26< )LJXUH f 12( GLIIHUHQFH DQG VSOLWWLQJ SDWWHUQV 6SOLWWLQJ SDWWHUQV DUH HVVHQWLDO LQ LGHQWLI\LQJ WKH GHJUHH DQG SRVLWLRQ RI VXEVWLWXWLRQ LQ HDFK ULQJ &RPSDULVRQ RI 3URWRQ 105 6SHFWUD RI DQG 7DEOH VKRZV WKH FKHPLFDO VKLIWV RI DQG QHPHUWHOOLQH f LQ &'&, 2QO\ WKH $ ULQJ SURWRQV KDYH VLPLODU VKLIWV )LYH SURWRQV KDYH VKLIW GLIIHUHQFHV RI DW OHDVW SSP 7KUHH RI WKHVH n nnn DQG nnnf DUH DVVRFLDWHG ZLWK WKH SUHVHQFH RU DEVHQFH RI WKH LQWHUDQQXODU QLWURJHQ GHVKLHOGLQJ HIIHFW

PAGE 75

)LJXUH Z 3URWRQ 105 VSHFWUXP 0+]f RI LQ &'& ff 0 &

PAGE 76

), SSDf )LJXUH &26< DW 0+] IRU LQ &'&

PAGE 77

7KH UHDVRQ IRU WKH ODUJH GLIIHUHQFHV LQ WKH VKLIWV IRU WKH RWKHU WZR SURWRQV WKH nn DQG nn SURWRQV RI WKH & ULQJ LV OHVV REYLRXV DQG PRUH VXEWOH 7KH PDMRU FRQIRUPDWLRQ DERXW WKH ERQG EHWZHHQ WKH % DQG & ULQJV LV QRW WKH VDPH IRU ERWK LVRPHUV 7KDW VKRZQ LQ RU ( LV FRUUHFW +RZHYHU IRU LW LV QRW = WKH FRQIRUPDWLRQ IRXQG LQ WKH VROLG VWDWH 5DWKHU LW LV FRQIRUPDWLRQ ( WKDW LV SUHVHQW LQ FKORURIRUP +HQFH WKH SRVLWLRQ RI SURWRQV nn DQG nn GLIIHU ZLWK UHVSHFW WR WKH VKLHOGLQJ UHJLRQ RI WKH $ ULQJ ,Q ( nn LV ORFDWHG RYHU WKH DURPDWLF $ ULQJ DQG LV VKLHOGHG DQG LQ ( nn LV VKLHOGHG E\ WKH $ ULQJ 7DEOH &KHPLFDO 6KLIWV LQ SSP RI DQG LQ &'& :H EHOLHYH WKH LQFRUUHFW VWUXFWXUDO DVVLJQPHQW LQ LV WKH UHVXOW RI DVVXPLQJ WKH ZURQJ FRQIRUPDWLRQ IRU WKH QDWXUDO SURGXFW VKRZQ WKHQ DV = ZKHUH WKH % DQG & ULQJV KDYH WKH = FRQIRUPDWLRQ DQG QRW WKH ( FRQIRUPDWLRQ DV LQ RXU ( DUUDQJHPHQW ,Q WKH = JHRPHWU\ WKH DQG SURWRQV RI WKH $ ULQJ ZRXOG EH GHVKLHOGHG E\ WKH ORQH HOHFWURQ SDLUV RQ WKH

PAGE 78

QLWURJHQ DWRPV RI WKH % DQG & ULQJV WKXV JLYLQJ ULVH WR WKH UHSRUWHG VWUXFWXUDO DVVLJQPHQW 7KLV VPDOO HUURU PDUUHG WKH VXFFHVVIXO RXWFRPH RI DQ RWKHUZLVH GLIILFXOW VWUXFWXUH GHWHUPLQDWLRQ

PAGE 79

&+$37(5 7+( &255(&7 6758&785( 2) 7+( 2;,',=(' ',0(5 )250(' )520 n%,3<5,',1( ,1 7+( 35(6(1&( 2) /,7+,80 ',,623523
PAGE 80

DXWKRU KDV FRUUHFWHG WKH VWUXFWXUH ZLWK WKH KHOS RI ;UD\ DQDO\VLV DQG LW LV QRZ FODLPHG WR EH n n nn 6n n n f n TXDWHUS\ULGLQH :H KDYH LQGHSHQGHQWO\ SUHSDUHG DXWKHQWLF E\ D VLPSOH V\QWKHVLV XWLOL]LQJ D SDOODGLXPfFDWDO\]HG FURVVFRXSOLQJ UHDFWLRQ DQG KDYH IRXQG WKDW WKH SURWRQ 105 VSHFWUXP RI RXU TXDWHUS\ULGLQH XQPLVWDNDEO\ GRHV QRW PDWFK WKDW RI WKH SURGXFW RI WKH UHDFWLRQ ZLWK /'$ :H KDYH UHSHDWHG WKH /'$ LQGXFHG FRXSOLQJ UHDFWLRQ RI nELS\ULGLQH DQG KDYH REWDLQHG WKH UHSRUWHG SURGXFW LQ FRPSDUDEOH \LHOG %\ SURWRQ 105 DQDO\VLV ZH VKRZ WKLV PDWHULDO WR EH WKH FRUUHFWHG VWUXFWXUH n n n n 6nnnnn TXDWHUS\ULGLQH D VXEVWDQFH KDYLQJ EHHQ IRUPHG E\ FRXSOLQJ DW WKH DQG SRVLWLRQV RI WZR ELS\ULGLQH ULQJV QRW WKH DQG SRVLWLRQV DV IRUPHUO\ FODLPHG 7KH GLK\GUR SUHFXUVRU RI DOVR KDV EHHQ LGHQWLILHG 5HVXOWV DQG 'LVFXVVLRQ ,QGHSHQGHQW 6\QWKHVLV RI n nn 6nn nnn4XDWHUS\ULGLQH (PSOR\LQJ VWUDWHJLHV ZH UHFHQWO\ GHYHORSHG IRU WKH FRQVWUXFWLRQ RI XQV\PPHWULFDO TXDWHUS\ULGLQHV WKH V\QWKHVLV RI ZDV VWUDLJKWIRUZDUG VWDUWLQJ ZLWK FRPPHUFLDOO\ DYDLODEOH nELS\ULGLQH )LJXUH f 7KLV ELS\ULGLQH ZKLFK FRQWDLQV WKH % DQG & ULQJV RI WKH

PAGE 81

TXDWHUS\ULGLQH ZDV GL1R[LGL]HG ZLWK 0&3%$ WR JLYH bf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n DW &'&f $GGLWLRQ RI ERWK $ ULQJV E\

PAGE 82

SDOODGLXPFDWDO\]HG FURVVFRXSOLQJ ZLWK WULEXW\OVWDQQ\Of S\ULGLQH FRPSOHWHG WKH V\QWKHVLV RI bf 7KH SURWRQ 105 VSHFWUXP RI DORQJ ZLWK LWV FKHPLFDO VKLIW DVVLJQPHQWV LV JLYHQ LQ )LJXUH 7KH\ DUH EDVHG RQ &26< )LJXUH f DQG 12( GLIIHUHQFH VSHFWUD 3URRI RI WKH 6WUXFWXUH RI WKH 4XDWHUS\ULGLQH )RUPHG LQ WKH 3UHVHQFH RI /'$ 7KH SURWRQ 105 VSHFWUXP RI LV JLYHQ LQ )LJXUH $ FRPSDULVRQ ZLWK RXU VSHFWUXP RI FOHDUO\ LQGLFDWHV WKH WZR TXDWHUS\ULGLQHV DUH QRW WKH VDPH PDWHULDO 7KH\ ERWK PXVW KDYH DQ XQV\PPHWULFDO IRXU ULQJ $%&$ DQG QRW D V\PPHWULFDO $% %$ VWUXFWXUH RZLQJ WR WKH ODUJH QXPEHU RI VLJQDOV %HFDXVH WKHUH DUH MXVW VL[ GLIIHUHQW ZD\V WR MRLQ WZR n ELS\ULGLQHV WRJHWKHU WR JLYH VXFK DQ XQV\PPHWULFDO PDWHULDO 7DEOH DQG RQH RI WKHVH HQWU\ LV RXU QHZO\ V\QWKHVL]HG PDWHULDO WKHUH DUH MXVW ILYH SRVVLELOLWLHV IRU WKH SURGXFW RI WKH /'$ UHDFWLRQ 2I WKHVH ILYH VWUXFWXUHV DOO EXW WKH PDWHULDO LQ TXHVWLRQ KDYH QRW \HW EHHQ SUHSDUHG :LWK ERWK DQG WKH $ ULQJ SURWRQV DUH HDVLO\ DVVLJQHG E\ WKHLU VLPLODULW\ WR WKH FKHPLFDO VKLIWV DQG VSLQ FRXSOLQJ FRQVWDQWV RI nELS\ULGLQH LWVHOI 7KH NH\ WR WKH LGHQWLILFDWLRQ RI WKH VWUXFWXUH RI LV WKH VXEVWLWXWLRQ SDWWHUQ RI WKH % DQG & ULQJV 7KH &26< VSHFWUXP )LJXUH f XQDPELJXRXVO\ HVWDEOLVKHV WKDW WKH WKUHH ZHOO VHSDUDWHG SURWRQV DW DQG DUH FRQWLJXRXV DQG WKHUHIRUH

PAGE 83

&'&

PAGE 84

), SSf )LJXUH &26< VSHFWUXP RI TXDWHUS\ULGLQH LQ &'&

PAGE 85

)LJXUH 3URWRQ 105 VSHFWUXP RI TXDWHUS\ULGLQH LQ &'&OM

PAGE 86

), SSmf )LJXUH &26< VSHFWUXP RI TXDWHUS\ULGLQH LQ &'&

PAGE 87

EHORQJ WR RQH RI WKHVH ULQJV ,PSRUWDQWO\ WKHLU PDMRU FRXSOLQJ FRQVWDQWV RI DQG +] XQHTXLYRFDOO\ UHTXLUH WKHP WR W EH SDUW RI D GLVXEVWLWXWHG ULQJ DQG QRW DV RULJLQDOO\ VXJJHVWHG SDUW RI D GLVXEVWLWXHG S\ULGLQH ZKHUH ERWK RUWKR FRXSOLQJV WR D SURWRQ LQ SRVLWLRQ ZRXOG KDYH HVVHQWLDOO\ WKH VDPH YDOXH 7\SLFDOO\ IRU D S\ULGLQH RU D ELS\ULGLQH WKH FRXSOLQJ FRQVWDQW IRU WKH SRVLWLRQ LV VPDOOHU +]f WKDQ WKDW IRU WKH SRVLWLRQ +]f 7KXV WKH % ULQJ LV GLVXEVWLWXWHG DQG RQO\ WKH ILUVW WKUHH HQWULHV LQ 7DEOH UHSUHVHQW FRUUHFW SRVVLEOH VWUXFWXUHV 7DEOH 6L[ 3RVVLEOH :D\V RI -RLQLQJ 7RJHWKHU 7ZR n %3
PAGE 88

,UUDGLDWLRQ RI WKH VLJQDO DW +nnf FDXVHG WKLV IRXU SURWRQ PXOWLSOHW WR UHGXFH WR D VLPSOH RQH SURWRQ WULSOHW ZLWK D +] FRXSOLQJ FRQVWDQW VKRZLQJ WKDW WKLV UHVRQDQFH PXVW EH DVVRFLDWHG ZLWK WKH SURWRQ DW SRVLWLRQ nn RI WKH & ULQJ )LJXUH f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f DQG VLQJOH ERQGV +]f DV ZHOO DV DOO\OLF FRXSOLQJ +]f 7ZR RI WKH IRXU FDUERQ ERXQG SURWRQV KDYH DQ HLJKW OLQH FRXSOLQJ SDWWHUQ FKDUDFWHULVWLF RI D IRXU VSLQ V\VWHP ZKLOH WKH RQH DW WKH KLJKHVW ILHOG KDV OLQHV FRQVLVWHQW ZLWK DQ DGGLWLRQDO FRXSOLQJ WR WKH SURWRQ RQ QLWURJHQ :H VXJJHVW WKLV PDWHULDO LV )LJXUH f KDYLQJ D QXFOHRSKLOLF FDUERQ ERQGHG WR WKH nn SRVLWLRQ RI WKH & ULQJ 0HFKDQLVP RI &RXSOLQJ ZLWK /'$ :H VSHFXODWH WKDW WKH FRXSOLQJ SURFHVV SURFHHGV E\ DQ LRQLF PHFKDQLVP LQ ZKLFK OLWKLDWHG %3< DGGV WR WKH

PAGE 89

)LJXUH 12( GLIIHUHQFH VSHFWUXP RI TDWHUS\ULGLQH LQ &'&OM ZLWK LUUDGLDWLRQ RI +nn DW SSP

PAGE 90

)LJXUH 3DUWLDO SURWRQ 105 VSHFWUXP RI WKH XSILHOG SRUWLRQ RI WKH GLK\GUR SUHFXUVRU RI 473< LQ &'&

PAGE 91

SRVLWLRQ RI D VHFRQG ELS\ULGLQH ULQJ WR JLYH WKH REVHUYHG GLK\GUR LQWHUPHGLDWH IROORZLQJ TXHQFKLQJ ZLWK D SURWRQ VRXUFH 2[LGDWLRQ WKHQ JLYHV WKH TXDWHUS\ULGLQH SURGXFW &DUERQ QXFOHRSKLOHV DUH NQRZQ WR DGG WR WKH SRVLWLRQ RI n ELS\ULGLQH )LJXUH /'$ f nELS\ULGLQH f+ .0Q4 6XSSRUWLQJ WKLV VXJJHVWLRQ LV WKH ULFK LRQLF FKHPLVWU\ DVVRFLDWHG ZLWK GHSURWRQDWLRQ DQG OLWKLDWLRQ E\ /'$ RI ULQJ SRVLWLRQV RI D ZLGH YDULHW\ RI DURPDWLF QLWURJHQ KHWHURF\FOHVn %XW RXU DWWHPSWV WR ILQG HYLGHQFH IRU WKH SURSRVHG OLWKLDWHG E\ TXHQFKLQJ WKH /'$ UHDFWLRQ PL[WXUH ZLWK HLWKHU RU &+2' DQG WKHQ H[DPLQLQLQJ E\ 105 WKH UHFRYHUHG %3< IRU HYLGHQFH RI GHXWHULXP LQFRUSRUDWLRQ ZHUH XQVXFFHVVIXO &XULRXVO\ WKH SRVLWLRQ RI WKH UXWKHQLXP FRPSOH[ RI nELS\ULGLQH LV NQRZQ WR XQGHUJR K\GURJHQ GHXWHULXP H[FKDQJH EXW RQO\ ZLWK &'2'&'21D'062 DQG H[FOXVLYHO\ DW WKH DQG n VLWHV RI WKH ELS\ULGLQH LQ WKH PHWDO FRPSOH[

PAGE 92

&+$37(5 675$7(*,(6 )25 7+( 6<17+(6,6 2) 816<00(75,&$/ 48$7(53<5,',1(6 86,1* 3$//$',80&$7$/<=(' &5266&283/,1* 5($&7,216 ,QWURGXFWLRQ 8QV\PPHWULFDO DQG XQVXEVWLWXWHG TXDWHUS\ULGLQHV RI WKH W\SH $%&' ZKHUH WKH OHWWHUV UHSUHVHQW LQGLYLGXDO S\ULGLQH ULQJV DUH ODUJHO\ XQNQRZQ VXEVWDQFHV 2I WKH WKHRUHWLFDOO\ SRVVLEOH VWUXFWXUHV MXVW VHYHQ ZHUH UHSRUWHG SULRU WR WKH VWDUW RI RXU LQYHVWLJDWLRQV 0DQ\ FRQWDLQ WKH nELS\ULGLQH XQLW EHFDXVH RI WKH LQWHUHVWLQJ DELOLW\ RI WKLV ELS\ULGLQH WR FRRUGLQDWH YDULRXV PHWDO LRQV )LYH DUH V\PPHWULFDO VWUXFWXUHV RI WKH W\SH $%%$ WKH\ DUH HDVLO\ SUHSDUHG E\ KRPRFRXSOLQJ WKH $% SRUWLRQV XQGHU D YDULHW\ RI FRQGLWLRQV 2I WKH WZR UHSRUWHG XQV\PPHWULFDO TXDWHUS\ULGLQHV ERWK ZHUH RULJLQDOO\ DVVLJQHG LQFRUUHFW VWUXFWXUHV %RWK VWUXFWXUHV KDYH EHHQ FRUUHFWHG E\ HLWKHU DQ LQGHSHQGHQW V\QWKHVLV EDVHG RQ SDOODGLXPfFDWDO\]HG FURVVFRXSOLQJ FKHPLVWU\ RU ;UD\ DQDO\VLV :H QRZ GHPRQVWUDWH D VWUDWHJ\ WKDW KDV FRQVLGHUDEOH JHQHUDOLW\ IRU WKH V\QWKHVLV RI XQV\PPHWULFDO TXDWHUS\ULGLQHV RI WKH W\SHV $%&' DQG $%&$ ,QGLYLGXDO S\ULGLQH ULQJV DUH MRLQHG WRJHWKHU LQ WKH SUHVHQFH RI D 3Gf FDWDO\VW XVLQJ D S\ULG\O KDOLGH DQG DQ RUJDQRPHWDOOLF UHDJHQW VXFK DV D

PAGE 93

S\ULG\O VWDQQDQH 6WLOOH FRXSOLQJf RU D ERUDQH 6X]XNL FRXSOLQJf 2I WKH VL[ GLIIHUHQW SRVVLEOH DUUDQJHPHQWV IRU WKH WZR FHQWUDO ELS\ULGLQH ULQJV ZH VWDUW ZLWK WZR GLIIHUHQW PRGHO ELS\ULGLQHV WKDW FRPSULVH WKH FHQWUDO %& SRUWLRQ RQH OLQNHG n DQG WKH RWKHU n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nnnnnnnnn4XDWHUS\ULGLQH af 7KH NQRZQ %& SUHFXUVRU FKORURnELS\ULGLQHn R[LGH f LQ )LJXUH ZDV PDGH IURP GLFKORURS\ULGLQH DQG GLHWK\OS\ULG\OfERUDQH E\ 3Gf FRXSOLQJ IROORZHG E\ UHJLRVHOHFWLYH 1R[LGDWLRQ DW WKH VWHULFDOO\ OHVV KLQGHUHG QLWURJHQ DWRP 7R WKLV ZDV DGGHG WKH 'ULQJ LQ WKH IRUP RI GLHWK\O S\ULG\Of ERUDQH LQ WKH SUHVHQFH RI 3Gf WR \LHOG WHUS\ULGLQH 7KH SUHVHQFH RI WKH 1R[LGH JURXS LQ DOORZHG WKH VSHFLILF FRQYHUVLRQ RI WKH %ULQJ WR

PAGE 94

FKORULGH ,W ZDV DGYDQWDJHRXV WR FDUU\ RXW WKLV FRQYHUVLRQ LQ D WZRVWHS UDWKHU WKDQ D RQHVWHS VHTXHQFH ILUVW PDNLQJ ZLWK DFHWLF DQK\GULGH WKH S\ULGRQH DQG WKHQ FRQYHUWLQJ LW LQWR WKH FKORULGH ZLWK 3&'0) :LWK WKH WZRVWHS DSSURDFK WKH PRUH VWHULFDOO\ KLQGHUHG D SRVLWLRQ ZDV VSHFLILFDOO\ IXQFWLRQDOL]HG 'LUHFW FRQYHUVLRQ RI WKH 1R[LGH ZLWK 3& DQG '0) ZDV QRW DWWHPSWHG EHFDXVH RIWHQ D PL[WXUH RI ERWK WKH D DQG \ FKORULQDWHG SURGXFWV LV SURGXFHG )LJXUH 2 3G33Kf b 3G33Kf b f $& b f 32&,'0) 1 b

PAGE 95

3URRI WKDW WKH FRQYHUVLRQ RI WKH 1R[LGH WR WKH PRUH KLQGHUHG DFKORULGH DFWXDOO\ WRRN SODFH WR JLYH WHUS\ULGLQH B ZDV HDVLO\ GHPRQVWUDWHG E\ WKH FRXSOLQJ SDWWHUQ RI WKH ILn ULQJ ZKLFK FRQWDLQHG WKUHH KLJKO\ FRXSOHG SURWRQV DQG QRW MXVW WZR DV ZRXOG KDYH UHVXOWHG IURP WKH XQGHVLUHG Dn RU \ FKORUR LVRPHUV (LJKW RI WKH WHQ GLIIHUHQW SURWRQ VLJQDOV LQ &'&f DUH FOHDUO\ UHVROYHG PDNLQJ WKHLU DVVLJQPHQW TXLWH HDV\ $GGLWLRQ RI WKH $ULQJ E\ PHDQV RI WULEXW\OVWDQQ\Of S\ULGLQH ZLWK 3Gf FRPSOHWHG WKH V\QWKHVLV WR JLYH &OHDUO\ LQ RXU V\QWKHVLV WKH ERQGLQJ VLWH RI WKH $ DQG S\ULG\O ULQJV HDVLO\ FRXOG KDYH EHHQ YDULHG E\ XVLQJ DQ LVRPHULFDOO\ PHWDOODWHG S\ULGLQH VWDUWLQJ PDWHULDO ,Q WKLV ZD\ DQG E\ NHHSLQJ WKH VDPH ERQGLQJ SDWWHUQ RI WKH RULJLQDO % DQG & ULQJV D WRWDO RI QLQH TXDWHUS\ULGLQHV FRXOG HDVLO\ KDYH EHHQ SUHSDUHG 7KH $%&$ *HRPHWU\ RI nnnnnnn4XDWHUS\ULGLQH f &KORURnELS\ULGLQHnR[LGH f LQ )LJXUH ZDV HDVLO\ SUHSDUHG IURP GLFKORURS\ULGLQH DQG WULEXW\OVWDQQ\Of S\ULGLQH 1R[LGH E\ WKH SDOODGLXP URXWH GLVFXVVHG LQ FKDSWHU :H DVVXPH WKDW FRXSOLQJ WRRN SODFH DW WKH DQG QRW WKH SRVLWLRQ DV H[SHFWHG IURP D FRQVLGHUDWLRQ RI WKH PHFKDQLVP RI R[LGDWLYH DGGLWLRQ RI SDOODGLXP ZKLFK XVXDOO\ WDNHV SODFH DW WKH VLWH PRUH HDVLO\ XQGHUJRLQJ QXFOHRSKLOLF DWWDFN $JDLQ WKH 1R[LGH ZDV FRQYHUWHG WR

PAGE 96

WKH D FKORUR GHULYDWLYH E\ WKH WZRVWHS DFHWLF DQK\GULGH32&O PHWKRG WR JLYH GLFKORULGH ZKLFK WKHQ ZLWK GLHWK\O S\ULG\OfERUDQH DQG 3Gf JDYH WKH TXDWHUS\ULGLQH KDYLQJ WKH VDPH WZR S\ULG\O WHUPLQDO ULQJV 2WKHUV KDYH XVHG D VLPLODU DSSURDFK ILUVW PDNLQJ WKH %% SRUWLRQ IROORZHG E\ FRXSOLQJ WR IRUP DQ $%%$ TXDWHUS\ULGLQH KDYLQJ PHWK\O JURXSV +DG RXU DVVXPSWLRQ EHHQ ZURQJ DERXW WKH VLWH RI FRXSOLQJ LQ WKH ILUVW FURVVFRXSOLQJ VWHS WR SUHSDUH LQ 6FKHPH WKH ILQDO SURGXFW ZRXOG KDYH EHHQ DQ LVRPHULF TXDWHUS\ULGLQH QDWXUDO SURGXFW QHPHUWHOOLQH WKDW ZH KDYH LQGHSHQGHQWO\ SUHSDUHG E\ D FRQYHUJHQW V\QWKHVLV )LJXUH 2 3G33Kf b b f $F f 32&,'0) b

PAGE 97

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n

PAGE 98

&URVVFRXSOLQJV RI GLKDORS\ULGLQHV PD\ EH PDGH WR EH VHOHFWLYH E\ WKH FKRLFH RI WKH KDORJHQ ZKHUH WKH UHDFWLYLW\ RUGHU LV %U &O DQG E\ WKH UHDOL]DWLRQ WKDW WKH D DQG \ SRVLWLRQV DUH PRUH UHDFWLYH WKDQ D 3 SRVLWLRQ ZKHQ WKH KDOLGHV DUH WKH VDPH 7KXV FRQVLGHUDEOH FRQWURO LQ WKH SUHSDUDWLRQ RI WKH FUXFLDO FHQWUDO ELS\ULGLQHV LV SRVVLEOH

PAGE 99

&+$37(5 (;3(5,0(17$/ 'LHWK\OS\ULG\OfERUDQH FKORURS\ULGLQH1R[LGH DPLQRFKORURS\ULGLQH WULEXW\OWLQ FKORULGH SKRVSKRUXV R[\FKORULGH GLFKORURS\ULGLQH 0 Q%X/L EURPRS\ULGLQH b PFKORURSHUEHQ]RLF DFLG 0&3%$f n ELS\ULGLQH nELS\ULGLQH 0 OLWKLXP GLLVRSURS\ODPLGH DFHWLF DQK\GULGH QLWURSKHQHWK\O EURPLGH XUHD+ FRPSOH[ PHWK\O WULIODWH PHWK\O LRGLGH PHWK\O WRV\ODWH QLWURS\ULGLQHQR[LGH FKORURQLFRWLQDPLGH EURPRS\ULGLQH FKORURS\ULGLQH LRGRS\ULGLQH EURPRS\ULPLGLQH FKORURS\UD]LQH EURPRTXLQROLQH EURPRLVRTXLQROLQH WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf WULV GLEHQ]\ L GHQHDFHWRQH SDOODGLXP GLPHU GLSKHQ\OSKRVSKLQRfHWKDQH SDOODGLXQ ,,f GLFKORULGH ZHUH SXUFKDVHG IURP $OGULFK &KHPLFDO &RPSDQ\ RU $FUGV &KHPLFDO &RPSDQ\ 7ULEXW\OVWDQQ\OfS\ULGLQH WULEXW\OVWDQQ\Of S\ULGLQH WULEXW\OVWDQQ\Of S\ULGLQH WULEXW\OVWDQQ\Of TXLQROLQH DQG WULEXW\OVWDQQ\Of LVRTXLQROLQH ZHUH SUHSDUHG E\ OLWHUDWXUH PHWKRGV IURP WULQEXW\OVWDQQ\O FKORULGH DQG WKH FRUUHVSRQGLQJ EURPLQDWHG S\ULGLQH TXLQROLQH RU LVRTXLQROLQH YLD WKHLU *ULJQDUG RU OLWKLXP UHDJHQWV

PAGE 100

4XDWHUQL]HG KHWDU\O LRGLGHV ZHUH SUHSDUHG ZLWK QHDW PHWK\O LRGLGH XQOHVV LQGLFDWHG RWKHUZLVH 4XDWHUQL]HG KHWDU\O WRV\ODWHV ZHUH SUHSDUHG LQ FKORURIRUP RU HWK\O DFHWDWH XQOHVV LQGLFDWHG RWKHUZLVH 1R DWWHPSW ZDV PDGH WR RSWLPL]H WKH \LHOGV RI WKH ILQDO FURVVFRXSOHG SURGXFWV DOO \LHOGV UHIHU WR LVRODWHG PDWHULDOV 9DULDEOH DPRXQWV RI ZDWHU ZHUH IRXQG RQ UHSHDWHG FRPEXVWLRQ DQDO\VLV RI 1R[LGHV WKH DPRXQW RI ZDWHU IRXQG LQ WKH VROLG VHHPV WR EH GHSHQGHQW RQ WKH PHWKRG DQG H[WHQW RI GU\LQJ 5HYHUVH SKDVH RFWDGHF\ODWHG VLOLFD JHO ZDV SXUFKDVHG IURP $OGULFK )ODVK FKURPDWRJUDSK\ PDGH XVH RI .LHVHOJHO PHVK RU DOXPLQD PHVK 7KLQ OD\HU FKURPDWRJUDSK\ XVHG :KDWPDQ SRO\HVWHU EDFNHG VLOLFD JHO SODWHV 105 VSHFWUD ZHUH UHFRUGHG RQ 9DULDQ *HPLQL 0+]f 4( 0+]f RU D 9DULDQ 8QLW\ 0+]f *ULJQDUG UHDFWLRQV ZHUH LQLWLDWHG ZLWK RU GLEURPRHWKDQH 6ROYHQWV RIWHQ ZHUH IUHVKO\ GLVWLOOHG DQG GHJDVVHG E\ EXEEOLQJ 1 WKURXJK WKHP IRU PLQXWHV $OO PHOWLQJ SRLQWV DUH XQFRUUHFWHG 7KH GU\LQJ DJHQW ZDV HLWKHU VRGLXP RU PDJQHVLXP VXOIDWH &KORURnELS\ULGLQHOR[LGH f $ PL[WXUH RI GLFKORURS\ULGLQH1R[LGH PJ PPROf GLHWK\O S\ULG\OfERUDQH J PPROf DQG WHWUDNLV WULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf LQ P/ RI GHJDVVHG 7+) ZDV DOORZHG WR VWLU DW URRP WHPSHUDWXUH IRU PLQ XQGHU 1 $IWHU WKH DGGLWLRQ RI SRWDVVLXP FDUERQDWH J PPROf LQ P/ RI ZDWHU WKH PL[WXUH ZDV KHDWHG DW

PAGE 101

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f RI D ZKLWH VROLG b \LHOG PS r&f ;+ 105 '062Gf +n + G +]f + + Vf +n + GG DQG +]f + + Vf +n + GW DQG +]f + + Vf +n + GG DQG +]f 7KH FRPSRXQG ZDV GULHG XQGHU YDFXXP DW r& DQG UHSHDWHG DQDO\VHV JDYH UHVXOWV LQGLFDWLQJ WKH SUHVHQFH RI YDULDEOH DPRXQWV RI ZDWHU DQG HTXLYDOHQWVf $QDO &DOHG IRU &+12& +2 & + 1 )RXQG & + 1 nnn7HUS\ULGLQHnR[LGH f DQG 7ULK\GUR FKORULGH $ PL[WXUH RI GLFKORURS\ULGLQH1R[LGH J PPROf GLHWK\OS\ULG\OfERUDQH J PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf J PPROf LQ P/ RI GHJDVVHG 7+) ZDV DOORZHG WR VWLU DW URRP WHPSHUDWXUH IRU PLQ XQGHU 1 )ROORZLQJ WKH DGGLWLRQ RI SRWDVVLXP FDUERQDWH J PPROf LQ P/ RI ZDWHU WKH UHDFWLRQ ZDV KHDWHG DW UHIOX[ ZKLOH VWLUULQJ $IWHU K

PAGE 102

WKH UHDFWLRQ ZDV DOORZHG WR FRRO WKHQ ZDV GLOXWHG ZLWK P/ RI (W2$F DQG ZDWHU 7KH DTXHRXV OD\HU ZDV VHSDUDWHG DQG FRQFHQWUDWHG 7KH UHVXOWDQW ZKLWH VROLG ZDV H[WUDFWHG WKUHH WLPHV ZLWK P/ RI 0H2+ WR UHPRYH SURGXFW IURP EXIIHU 7KH 0H2+ ZDVKHV ZHUH FRPELQHG DQG FRQFHQWUDWHG RQWR J RI VLOLFD JHO )ODVK FKURPRWRJUDSK\ XVLQJ DQ HOXDQW RI (W2$F0H2+ JDYH PJ PPROf RI DQ RIIZKLWH VROLG ZKLFK ZDV UHFU\VWDOOL]HG ZLWK (W2$F DQG LVRSURS\O DOFRKRO WR \LHOG PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f ;+ 105 '062Gf +n + G +]f + DQG + + Vf +n + GG DQG +]f +n + GW DQG +]f + + Vf +n + GG DQG +]f $QDO &DOHG IRU &+Q1 +2 )RXQG & + 1 &DOHG & + 1 $GGLWLRQ RI WKH SURGXFW WR HWKHUK\GURJHQ FKORULGH JDYH D SUHFLSLWDWH PS r& $QDO &DOHG IRU &+Q1+& & + 1 )RXQG & + 1 %URPRJXLQROLQHOR[LGH f 7R D VROXWLRQ RI EURPRTXLQROLQH P/ PPROf LQ FKORURIRUP P/f ZDV DGGHG b PFKORURSHUR[\EHQ]RLF DFLG J PPROf 7KH VROXWLRQ ZDV DOORZHG WR VWLU DW URRP WHPSHUDWXUH RYHUQLJKW 7KH LQVROXEOH PFKORUREHQ]RLF DFLG ZDV ILOWHUHG RII DQG WKH ILOWUDWH ZDV ZDVKHG WZLFH ZLWK VDWG 1D+& 7KH &+& ZDV GULHG DQG FRQFHQWUDWHG WR D EURZQ VROLG $ IODVK VLOLFD JHO FROXPQ XVLQJ b KH[DQHVb (W2$F JDYH J PPROf RI DQ RIIZKLWH VROLG b \LHOG PS r& OLW PS r&f

PAGE 103

r+ 105 '062Gf + RU + + Vf + RU + + G +]f + RU + + Vf + RU + + G 0 +]f + DQG + + Pf 3\ULG\OfJXLQROLQHOR[LGH f $ PL[WXUH RI EURPRTXLQROLQHOR[LGH J PPROf GLHWK\O S\ULG\OfERUDQH J PPROf DQG WHWUDNLV WULSKHQ\O SKRVSKLQHf SDOODGLXP f J PPROf LQ P/ RI GHJDVVHG WHWUDK\GURIXUDQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU PLQ XQGHU 1 )ROORZLQJ WKH DGGLWLRQ RI VRGLXP ELFDUERQDWH J PPROf LQ P/ RI ZDWHU WKH UHDFWLRQ ZDV KHDWHG DW UHIOX[ ZKLOH VWLUULQJ :KHQ VWDUWLQJ PDWHULDO ZDV FRQVXPHG 7/&f DIWHU K WKH UHDFWLRQ ZDV FRROHG WR r& DQG WKH LQVROXEOH FDWDO\VW ZDV ILOWHUHG RII 7R WKH ILOWUDWH ZDWHU P/f DQG (W2$F P/f ZHUH DGGHG DIWHU VHSDUDWLRQ WKH ZDWHU OD\HU ZDV FRQFHQWUDWHG WR D EURZQ VROLG 7KH PDWHULDO ZDV WULWXUDWHG ZLWK P/ RI PHWKDQRO DQG WKH LQVROXEOHV ZHUH ILOWHUHG RII 7KH PHWKDQRO ZDV FRQFHQWUDWHG LQ WKH SUHVHQFH RI J RI VLOLFD JHO &ROXPQ FKURPDWRJUDSK\ ZLWK DQ HOXDQW RI b (W2$F DQG b PHWKDQRO JDYH J PPROf RI DQ RII ZKLWH VROLG b \LHOG PS r&f r+ 105 '062Gf + DQG +n + Vf +n + GG DQG +]f + RU + + G +]f + + Vf +n + GW DQG f + RU + + G +]f + DQG + + Pf + GG DQG +]f $QDO &DOHG IRU &+12 +2 & + 1 )RXQG & + 1

PAGE 104

3\ULGYOfJXLQROLQHOR[LGH f $ VROXWLRQ RI EURPRTXLQROLQHOR[LGH J PPROf WULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf LQ P/ RI GHJDVVHG '0) ZDV VWLUUHG DW UHIX[ IRU K XQGHU 1 7KH UHDFWLRQ ZDV FRROHG WR r& DQG WKH LQVROXEOH FDWDO\VW ZDV UHPRYHG E\ ILOWUDWLRQ 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG SXULILHG E\ FROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ 7KH UHVXOW ZDV PJ RI D VOLJKWO\ \HOORZ VROLG ZKLFK ZDV WULWXUDWHG ZLWK P/ RI KH[DQHV WR JLYH PJ RI VOLJKWO\ \HOORZ VROLG b \LHOG PS r&f + 105 '062Gf + + Vf +n + G +]f + + Vf + RU + + G +]f +n DQG + RU + + Pf +n + GW DQG +]f + DQG + + Pf +n + GG DQG +]f $QDO &DOHG IRU &+12 + & + 1 )RXQG & + 1 O0HWKYOS\ULGYOfTXLQROLQLXP ,RGLGH f $ PL[WXUH RI EURPROPHWK\OTXLQROLQLXP LRGLGH J PPROf GLHWK\OS\ULG\OfERUDQH J PPROf DQG GLSKHQ\OSKRVSKLQRfHWKDQH SDOODGLXP,,f GLFKORULGH J PPROf LQ P/ RI GHJDVVHG 7+) ZDV DOORZHG WR VWLU DW URRP WHPSHUDWXUH IRU PLQ XQGHU 1 7R WKLV ZDV DGGHG VRGLXP ELFDUERQDWH J PPROf LQ P/ RI ZDWHU DQG WKH VXVSHQVLRQ ZDV KHDWHG DW UHIOX[ $IWHU K WKH UHDFWLRQ ZDV FRROHG WR r& ZLWK LFH DQG WKH SUHFLSLWDWHG FDWDO\VW ZDV

PAGE 105

ILOWHUHG RII 7R WKH ILOWUDWH ZDV DGGHG P/ RI (W2$F DQG P/ RI ZDWHU 7KH DTXHRXV OD\HU ZDV VHSDUDWHG DQG FRQFHQWUDWHG WR DQ RUDQJH VROLGRLO 7KLV PDWHULDO ZDV ZDVKHG ZLWK P/ RI 0H2+ DQG WKH LQVROXEOHV ILOWHUHG DZD\ 7KH SURGXFW ZDV SUHFLSLWDWHG IURP WKH 0H2+ ZLWK P/ RI (W2$F WR \LHOG PJ PPROf RI DQ RUDQJH VROLG b \LHOG PS r& GHFRPSf + 105 '062Gf + + Vf + + Vf +n + G +]f +n + GG DQG +]f + RU + + G +]f + RU + + G +]f +n + GW DQG +]f + RU + + GG DQG +]f + RU + + GG DQG +]f +n + GG DQG +]f &+ + Vf $QDO &DOHG IRU &+1, & + 1 )RXQG & + 1 0HWK\OS\ULG\OfLVRJXLQROLQLXP ,RGLGH f $ PL[WXUH RI EURPRPHWK\OLVRTXLQROLQLXP LRGLGH PJ PPROf WULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf WULSKHQ\ODUVLQH PJ PPROf DQG WUDQV GLEHQ]\OLGHQHDFHWRQH SDOODGLXPf GLPHU PJ PPROf LQ P/ RI GHJDVVHG GU\ '0) VWLUUHG DW r& IRU K XQGHU 1 7KH UHDFWLRQ ZDV FRROHG WR URRP WHPSHUDWXUH DQG WKH LQVROXEOH FDWDO\VW ZDV UHPRYHG E\ ILOWUDWLRQ 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D EURZQ VROLGRLO DQG ZDVKHG ZLWK (W2$F P/f WR JLYH DQ RUDQJH VROLG 7KH PDWHULDO ZDV UHFU\VWDOOL]HG ZLWK 0H+(W$F(W WR JLYH PJ RI D VOLJKWO\ RUDQJH VROLG b \LHOG PS r& GHFRPSf r+ 105 '06Gf

PAGE 106

+, + Vf +n DQG + DQG +n + Pf +n + G +]f + RU + + W +]f + DQG + DQG + RU + + Pf +n + GG DQG +]f &+ + Vf $QDO &DOHG IRU &+1, )RXQG & + 1 &DOHG & + 1 O0HWK\OnELS\ULGLQLXP ,RGLGH f $ VROXWLRQ RI FKORUROPHWK\OS\ULGLQLXP LRGLGH PJ PPROf WULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf DQG WULV GLEHQ]\OLGHQHDFHWRQH SDOODGLXPf GLPHU PJ PPROf LQ GHJDVVHG '0) ZDV KHDWHG DW UHIOX[ IRU K XQGHU 1 7KH UHDFWLRQ ZDV FRROHG WR URRP WHPSHUDWXUH DQG WKH LQVROXEOHV ZHUH ILOWHUHG RII 7KH SURGXFW ZDV SUHFLSLWDWHG IURP WKH ILOWUDWH E\ DGGLWLRQ RI (W$F(W 7KH UHVXOW ZDV PJ RI D UHG VROLG ZKLFK ZDV FRQYHUWHG WR WKH WHWUDSKHQ\OERUDWH LRQ E\ GLVVROYLQJ WKH PDWHULDO LQ ZDWHU DQG WKHQ SUHFLSLWDWLQJ ZLWK 1D%3K 7KH UHVXOW ZDV D EHLJH VROLG b \LHOG PS r&f 6HH FRPSRXQG IRU + 105 3DUWLDOO\ 'HXWHULDWHG &KORURnELS\ULGLQHOR[LGH f 7KH GLFKORURS\ULGLQHOR[LGH FRQWDLQHG b DW DOO SRVLWLRQV 7KH FRQGLWLRQV ZHUH WKH VDPH DV WKRVH XVHG IRU WKH SUHSDUDWLRQ RI 7KH UHDFWLRQ PL[WXUH VWRRG IRU K DW URRP WHPSHUDWXUH DQG WKHQ ZDV KHDWHG DW UHIOX[ IRU K r+ 105 '062Gf b DW & b DW & DQG b DW & *HQHUDO 3URFHGXUH IRU WKH 12[LGDWLRQ RI +HWDU\O 6WDQQDQHV 7ULEXWYOVWDQQ\OfS\ULGLQH 12[LGH f 7R &+&

PAGE 107

P/f ZDV DGGHG WULEXW\OVWDQQ\OfS\ULGLQH J PPROf DQG b FKORURSHUEHQ]RLF DFLG PJ PPROf 7KH VROXWLRQ ZDV DOORZHG WR VWLU DW r& IRU K 7KH &+& OD\HU ZDV ZDVKHG WZLFH ZLWK P/ RI VDWXUDWHG DTXHRXV 1D+& 7KH RUJDQLF OD\HU ZDV GULHG DQG FRQFHQWUDWHG WR \LHOG SURGXFW 3XULILFDWLRQ E\ FROXPQ FKURPDWRJUDSK\ ZLWK VLOLFD JHO DQG HOXWLRQ ZLWK (W2$F0H2+ JDYH PJ PPROf RI D VOLJKWO\ \HOORZ RLO b \LHOGf -+ 105 &'&f + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + + G +]f + DQG + + Pf + Pf $QDO &DOHG IRU &+126Q + & + 1 )RXQG & + 1 7ULEXW\OVWDQQ\OfTXLQROLQH1R[LGHf 7ULEXW\On VWDQQ\Of TXLQROLQH PJ PPROf b FKORURSHUEHQ]RLF DFLG PJ PPROf DQG &+& \LHOGHG PJ PPROf RI D \HOORZ RLO b \LHOGf r+ 105 &'&f + RU + + V ZLWK 6Q VLGH EDQGV +]f + RU + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + DQG + DQG + DQG + + Pf + Pf $QDO &DOHG IRU &+126Q & + 1 )RXQG & + 1 7ULEXW\OVWDQQ\OfLVRTXLQROLQH1R[LGHf 7ULEXW\O VWDQQ\OLVRTXLQROLQH J PPROf b FKORURSHUEHQ]RLF DFLG J PPROf DQG &+& JDYH PJ PPROf RI D \HOORZ RLO b \LHOGf -+ 105 &'&f +, + Vf + + V ZLWK 6Q FRXSOLQJ VLGH

PAGE 108

EDQGV +]f + DQG + DQG + DQG + + Pf + Pf $QDO &DOHG IRU &L+126Q & + 1 )RXQG & + 1 O0HWKYOWULEXW\OVWDQQ\OfS\ULGLQLXP ,RGLGH Df DQG 7HWUDSKHQ\OERUDWH Ff 7R GLHWK\O HWKHU P/f ZDV DGGHG WULEXW\VWDQQ\OfS\ULGLQH J PPROf DQG PHWK\O LRGLGH P/ PPROf 7KH VROXWLRQ VWRRG DW URRP WHPSHUDWXUH IRU K DQG WKHQ ZDV FRQFHQWUDWHG WR J PPROf RI D \HOORZ RLO b \LHOGf 7KH RLO VROLGLILHG LQ D IUHH]HU DW r& O+ 105 &'&f + + G +]f + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + + G ZLWK 6Q FRXSOLQJ VLGH EDQGV DQG +]f + + GG DQG +]f &+ + Vf + Pf $QDO &DOHG IRU &+16Q, & + 1 )RXQG & + 1 7R PHWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP LRGLGH Df J PPROf LQ P/ RI GLHWK\O HWKHU ZDV DGGHG D VDWXUDWHG VROXWLRQ RI VRGLXP WHWUDSKHQ\OERUDWH LQ WR GLHWK\O HWKHUDFHWRQH XQWLO WKH \HOORZ FRORU GLVDSSHDUHG DSSUR[ P/f 7KH ZKLWH VROLG ZDV FROOHFWHG DQG ZDVKHG ZLWK P/ RI ZDWHU WR JLYH DIWHU GU\LQJ J PPROf RI ZKLWH SURGXFW b \LHOG PS r&f r+ 105 '062Gf + DQG + + Pf + + G +]f + + W +]f 3K + Pf &+ + Vf 2 + Pf

PAGE 109

0HWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP 7RV\ODWH Ef 7R (W2$F P/f ZDV DGGHG WULEXW\OVWDQQ\OfS\ULGLQH J PPROf DQG PHWK\O WRV\ODWH PJ PPROf 7KH VROXWLRQ ZDV VWLUUHG DW UHIOX[ DQG PRQLWRUHG E\ 7/& XQWLO VWDUWLQJ PDWHULDO ZDV FRQVXPHG $IWHU K WKH UHDFWLRQ ZDV FRPSOHWH DQG JUDP RI SRO\YLQ\OS\ULGLQH UHVLQ ZDV DGGHG WR UHPRYH H[FHVV PHWK\O WRV\ODWH 7KH VXVSHQVLRQ ZDV VWLUUHG DW UHIOX[ IRU K WKHQ ILOWHUHG DQG FRQFHQWUDWHG WR JUDPV PPROf RI D VOLJKWO\ EURZQ RLO b \LHOGf + 105 &'&OMf + + G +]f + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + + G ZLWK 6Q FRXSOLQJ VLGH EDQGV DQG +]f + + GG DQG +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf + Pf $QDO &DOHG IRU &+166Q & + 1 )RXQG & + 1 O0HWKYOWULEXW\OVWDQQ\OfTXLQROLQLXP ,RGLGH f 7R (W P/f ZDV DGGHG WULEXW\OVWDQQ\Of TXLQROLQH PJ PPROf DQG PHWK\O LRGLGH P/ PPROf 7KH VROXWLRQ ZDV DOORZHG WR UHPDLQ DW URRP WHPSHUDWXUH IRU K WR GHSRVLW WKH SURGXFW DQG WKHQ ZDV FRROHG LQ D UHIULJHUDWRU RYHUQLJKW 7KH VROLG ZDV FROOHFWHG DQG GULHG WR JLYH J PPROf RI \HOORZ FU\VWDOV b \LHOGf r+ 105 &'&f + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + + V ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f + RU + + G +]f + RU + DQG + RU + + Pf + RU +

PAGE 110

+ W +]f &+ + Vf + Pf $QDO &DOHG IRU &+16Q, & + 1 )RXQG & + 1 0HWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP ,RGLGH Df 7R (W P/f ZDV DGGHG WULEXW\VWDQQ\Of S\ULGLQH PJ PPROf DQG PHWK\O LRGLGH P/ PPROf 7KH VROXWLRQ VWRRG DW URRP WHPSHUDWXUH IRU K DQG WKHQ ZDV FRQFHQWUDWHG WR PJ PPROf RI D VOLJKWO\ \HOORZ RLO b \LHOGf 7KH RLO VROLGLILHG LQ D IUHH]HU DW r& r+ 105 &'&f + + G +]f + + G ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f &+ + Vf + Pf $QDO &DOHG IRU &+16Q, & + 1 )RXQG & + 1 O0HWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP 7RV\ODWH Ef 7R HWK\O DFHWDWH P/f ZDV DGGHG WULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf DQG PHWK\O WRV\ODWH PJ PPROf 7KH VROXWLRQ ZDV VWLUUHG DW UHIOX[ DQG PRQLWRUHG E\ 7/& XQWLO VWDUWLQJ PDWHULDO ZDV FRQVXPHG $IWHU K WKH UHDFWLRQ ZDV FRPSOHWH DQG JUDP RI SRO\YLQ\OS\ULGLQH ZDV DGGHG WR UHPRYH H[FHVV PHWK\O WRV\ODWH 7KH VXVSHQVLRQ ZDV VWLUUHG DW UHIOX[ IRU K WKHQ ILOWHUHG DQG FRQFHQWUDWHG WR PJ PPROf RI D FOHDU RLO b \LHOGf ;+ 105 &'&f + + G +]f + + G ZLWK 6Q FRXSOLQJ VLGH EDQGV +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf + Pf $QDO &DOHG IRU

PAGE 111

&+166Q & + 1 )RXQG & + 1 *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI +HWDU\O 6WDQQ\O 1 2[LGHV ZLWK 6WDQQDQH DV WKH /LPLWLQJ 5HDJHQW $ PL[WXUH RI D VWDQQ\O1R[LGH PPROf KHWDU\O KDOLGH PPROf DQG 3GFDWDO\VW PPROf LQ VROYHQW GHJDVVHG E\ 1 EXEEOLQJ ZDV DOORZHG WR VWLU DW UHIOX[ XQWLO WKH VWDUWLQJ PDWHULDO ZDV FRQVXPHG 7/& DQDO\VLVf Kf 7KH UHDFWLRQ ZDV FRROHG WR r& DQG WKH LQVROXEOH PDWHULDO ZDV UHPRYHG :RUN XS $f 7KH ILOWUDWH ZDV FRQFHQWUDWHG DQG WKHQ GLVVROYHG LQ PO RI 0H2+ 7KH LQVROXEOH PDWHULDOV ZHUH ILOWHUHG RII DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR DSSUR[ J RI VLOLFD JHO 7KH UHVXOWDQW VROLG ZDV DGGHG WR WKH WRS RI D VLOLFD JHO FROXPQ DQG HOXWHG ZLWK WKH DSSURSULDWH VROYHQW V\VWHP 7KH SURGXFW ZDV ZDVKHG ZLWK P/ RI (W2$F DQG GULHG XQGHU YDFXXP :RUN XS %f 7R WKH ILOWUDWH ZDV DGGHG P/ RI (W2$F 7KH ILOWUDWH ZDV ZDVKHG ZLWK WZR P/ SRUWLRQV RI ZDWHU 7KH DTXHRXV H[WUDFWV ZHUH FRPELQHG DQG FRQFHQWUDWHG WR \LHOG SURGXFW 7KH SURGXFW ZDV ZDVKHG ZLWK P/ RI (W2$F DQG GULHG XQGHU YDFXXP 4XLQROYOfS\ULGLQH 12[LGH f %URPRTXLQROLQH P/ PPROf WULEXW\OVWDQQ\OfS\ULGLQH1R[LGH f PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQH SDOODGLXP2f PJ PPROf ZHUH KHDWHG LQ '0) P/f :RUN XS $ SJ f ZDV XVHG ZLWK DQ HOXDQW RI (W2$F0H2+

PAGE 112

WR JLYH PJ PPROf RI DQ RUDQJH VROLG b \LHOG PS r&f 105 '06G +n + Vf + DQG +n + Pf + + G +]f + DQG +n RU +n + P f +n RU +n DQG +n RU +n + P f +n RU +n + W +]f + + GG DQG +]f $QDO &DOHG IRU &+12r + & + 1 )RXQG & + 1 ,VRTXLQRO\OfS\ULGLQH 12[LGH f %URPR LVRTXLQROLQH PJ PPROf WULEXW\OVWDQQ\OfS\ULGLQH 1R[LGH f PJ PPROf DQG WHWUDNLVWULSKHQ\O SKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH KHDWHG LQ GU\ GHJDVVHG '0) P/f :RUN XS $ SJ f ZDV XVHG ZLWK D HOXDQW RI (W2$F0H2+ WR JLYH PJ PPROf RI D \HOORZ VROLG b \LHOG PS r&f r+ 105 '062Gf +,n + Vf +n + Vf + + G +]f + DQG +n RU +n + Pf +n DQG +n DQG +n RU +n + Pf + DQG + + Pf $QDO &DOHG IRU &L+12 + & + 1 )RXQG & + 1 3YULPLGYOfS\ULGLQH 12[LGH f %URPRS\ULPLGLQH PJ PPROf WULEXW\OVWDQQ\OfS\ULGLQH1R[LGH f PJ PPROf DQG WHWUDNLV WULSKHQ\OSKRVSKLQHf SDOODGLXPf PJ PPROf ZHUH KHDWHG LQ 7+) P/f :RUN XS % SJ f JDYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f ;+ 105 '062Gf +n + Vf +n DQG +n + Vf + + Vf + +

PAGE 113

G +]f + + G +]f + + GG DQG +]f $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1 3\ULPLGYOfTXLQROLQH 12[LGH f %URPR S\ULPLGLQH PJ PPROf WULEXW\OVWDQQ\OfTXLQROLQH 1R[LGH f PJ PPROf WHWUDNLVWULSKHQ\O SKRVSKLQHf SDOODGLXPf PJ PPROf DQG WROXHQH P/f ZHUH KHDWHG :RUN XS % SJ f JDYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f + 105 LQ '062G +n DQG +n + Vf +n RU + + Vf +n RU + + Vf + RU + + G +]f + + Vf + RU + + G +]f + DQG + + P f $QDO &DOHG IRU &+12 + & + 1 )RXQG & + 1 3\ULPLGYOfLVRTXLQROLQH 12[LGH f %URPR S\ULPLGLQH PJ PPROf WULEXW\OVWDQQ\Of LVRTXLQROLQH1R[LGH f PJ PPROf WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf DQG GU\ GHJDVVHG WROXHQH ZHUH KHDWHG P/f :RUN XS $ SJ f \LHOGHG PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f ;+ 105 '062Gf +, + Vf +n DQG +n + Vf +n + Vf + + Vf + RU + + G +]f + DQG + DQG + RU + + Pf $QDO &DOFnG IRU &+12 + & + 1 )RXQG & + 1

PAGE 114

&URVVFRXSOLQJ RI DQ 12[LGH ZLWK ([FHVV 6WDQQDQH 3\UD]LQYOfS\ULGLQH 1R[LGH f 7R P/ RI 7+) ZDV DGGHG FKORURS\UD]LQH P/ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf PJ PPROf WKH VROXWLRQ ZDV KHDWHG DW UHIOX[ IRU K ZKLOH VWLUULQJ 7R WKLV WULEXW\OVWDQQ\OfS\ULGLQH1R[LGH -PJ PPROf LQ GU\ 7+) P/f ZDV VORZO\ DGGHG RYHU K 7KH VROXWLRQ ZDV VWLUUHG DW UHIOX[ ZLWK VXEVHTXHQW DGGLWLRQV RI WKH VWDQQDQH PJ PPROf LQ P/ RI 7+) HYHU\ K 7KH UHDFWLRQ ZDV FRROHG WR URRP WHPSHUDWXUH ZKHQ WKH FKORURS\UD]LQH ZDV FRQVXPHG 7/& Kf 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO ZKLFK ZDV FKURPDWRJUDSKHG ZLWK b (W2$F DQG b 0H2+ WR JLYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f ;+ 105 '062Gf +n + Vf + + G +]f +n DQG +n + Pf + + GG ]]] DQG +]f + + GW DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1 *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI 2XDWHUQL]HG +HWDU\O 6WDQQDQHV ZLWK 6WDQQDQH DV WKH /LPLWLQJ 5HDJHQW $ PL[WXUH RI KDORKHWHURDUHQH PPROf VROYHQW P/f DQG 3G FDWDO\VW PPROf ZDV VWLUUHG DW UHIOX[ IRU K 7KH TXDWHUQL]HG VWDQQDQH PPROf GLVVROYHG LQ P/ RI VROYHQW ZDV DGGHG VORZO\ RYHU D K SHULRG 7KH UHDFWLRQ ZDV DOORZHG WR VWLU DW UHIOX[ XQWLO VWDUWLQJ PDWHULDO ZDV FRQVXPHG 7/&f

PAGE 115

:RUN XS $f 7KH LQVROXEOH PDWHULDOV ZHUH ILOWHUHG RII DQG ZDVKHG ZLWK P/ RI 0H2+ 7KH VROLG ZDV GLVVROYHG LQ P/ RI DFHWRQH WKH UHVLGXDO PDWHULDO ZDV UHPRYHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG WR D VROLG DQG ZDVKHG ZLWK (W2$F :RUN XS %f 7KH UHDFWLRQ ZDV FRROHG DQG WR LW ZDV DGGHG P/ RI ZDWHU DQG P/ RI (W2$F 7KH OD\HUV ZHUH VHSDUDWHG DQG WKH DTXHRXV OD\HU ZDV FRQFHQWUDWHG 7KH PDWHULDO ZDV WDNHQ XS LQ D PLQLPXP DPRXQW RI (W2+ DQG WKHQ PDGH FORXG\ ZLWK (W2$F 7KH FORXG\ VROXWLRQ ZDV FRROHG WR r& DQG WKH SURGXFW ZDV FROOHFWHG DQG GULHG XQGHU YDFXXP :RUN XS &f 7KH PL[WXUH RI LQVROXEOH PDWHULDOV IURP WKH UHDFWLRQ PL[WXUH ZDV ILOWHUHG DQG WKHQ ZDVKHG ZLWK P/ RI FROG DFHWRQLWULOH WR UHFRYHU VROXEOH PRQRTXDWHUQL]HG SURGXFW )ROORZLQJ ILOWUDWLRQ DQG FRQFHQWUDWLRQ RI WKH ZDVK WKH UHVXOWDQW VROLG ZDV UHFU\VWDOOL]HG IURP (W2+&+&O(W2$F WR \LHOG SURGXFW O0HWKYOS\ULGYOfTXLQROLQLXP ,RGLGH f ,RGR S\ULGLQH PJ PPROf WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf PJ PPROf OPHWK\OWULEXW\O VWDQQ\OfTXLQROLQLXP LRGLGH f PJ PPROf ZHUH KHDWHG LQ P/ RI 7+) :RUN XS % SJ f JDYH PJ PPROf RI D UHG VROLG b \LHOG PS r&f ;+ 105 '062 Gf + + Vf + + Vf +n + G +]f +n + GG DQG +]f + RU + + G +]f + RU + + G +]f +n + GW DQG +]f + RU + + GG DQG +]f + RU + + GG DQG +]f

PAGE 116

+n + GG DQG +]f V +f $QDO &DOHG IRU &+1, & + 1 )RXQG & + 1 0HWK\O S\ULPLGYOf S\ULGLQLXP 7HWUDSKHQ\OERUDWH f %URPRS\ULPLGLQH PJ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WHWUDSKHQ\OERUDWH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP2f PJ 2 PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS $ SJ f JDYH PJ PPROf RI DQ RUDQJH VROLG b \LHOG PS r&f f+ 105 '062Gf + + Vf +n + Vf +n DQG +n + Vf + DQG + + Pf + + GG DQG +]f 3K + Pf &+ + Vf $QDO &DOHG IRU &+1% & + 1 )RXQG & + 1 0HWK\O S\UD]LQYOf S\ULGLQLXP 7HWUDSKHQ\OERUDWH Df &KORURS\UD]LQH P/ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WHWUDSKHQ\OERUDWH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP2f PJ PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS $ SJ f JDYH PJ PPROf RI DQ RUDQJH VROLG b \LHOG PS r&f >+ 105 '062Gf + + Vf +n + Vf + + G +]f + + G +]f +n DQG +n + Pf + + GG DQG +]f 3K + Pf &+ + Vf $QDO &DOHG IRU &+1% + & + 1 )RXQG & + 1

PAGE 117

O0HWKYOSKHQYOS\ULGLQLXP 7HWUDSKHQYOERUDWH f 0HWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP WHWUDSKHQ\OERUDWH PJ PPROf ELVGLSKHQ\OSKRVSKLQRfHWKDQH SDOODGLXP,,f GLFKORULGH PJ PPROf VRGLXP WHWUDSKHQ\OERUDWH PJ PPROf ZHUH KHDWHG WR UHIOX[ LQ 7+) P/f :RUN XS 7KH LQVROXEOHV ZHUH ILOWHUHG RII DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG WR DQ RLOVROLG ZKLFK ZDV ZDVKHG ZLWK P/ RI (W$F(W 7KH LQVROXEOHV ZHUH ILOWHUHG RII WR JLYH PJ PPROf RI D RUDQJH VROLG b \LHOG PS r&f 3URGXFW ZDV YHULILHG E\ FRPSDULVRQ RI LWV SURWRQ 105 VSHFWUXP ZLWK WKDW RI DQ DXWKHQWLF VDPSOH r+ 105 '062 Gf + + Vf + + G +]f + + G +]f + + GG DQG +]f 3K + Pf 3K + Pf &+ + Vf &DUOWRQ 'LOO V\QWKHVL]HG WKH KH[DIOXRURSKRVSKDWH E\ DQRWKHU URXWH O0HWKYOJXLQROLQ\Of S\ULGLQLXP 3HUFKORUDWH Df %URPRTXLQROLQH P/ PPROf OPHWK\OWULEXW\On VWDQQ\Of S\ULGLQLXP WRV\ODWH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXP f ZHUH KHDWHG LQ WROXHQH P/f :RUN XS % SJ f JDYH PJ PPROf RI DQ RUDQJH VROLG PS r& b \LHOGf r+ 105 '062 Gf + RU +n + Vf + RU +n + Vf + + G +]f + + G +]f +n + Vf + + GG DQG +]f +n DQG +n + W +]f +n RU +n + GG DQG

PAGE 118

+]f +n RU +n + GG DQG +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf $ VPDOO SRUWLRQ RI WKH PDWHULDO ZDV FRQYHUWHG WR WKH SHUFKORUDWH VDOW E\ GLVVROYLQJ LW LQ KRW DTXHRXV VRGLXP SHUFKORUDWH 7KH VROXWLRQ ZDV FRROHG WR r& DQG WKH SUHFLSLWDWH ZDV FROOHFWHG DQG GULHG XQGHU D YDFXXP PS r&f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 :H PDGH WKH LRGLGH E\ DQRWKHU URXWH O0HWK\OJXLQROLQ\OfS\ULGLQLXP 7RV\ODWH DQG 3HUFKORUDWH f %URPRTXLQROLQH PJ PPROf PHWK\OWULEXW\OVWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH KHDWHG LQ 7+) P/f :RUN XS & SDJH f JDYH PJ PPROf RI JUHHQ FU\VWDOV PS r& b \LHOGf + 105 '06Gf +n + Vf +n + Vf + + G +]f + + G +]f +n DQG +n + Pf +n RU +n + GG DQG +]f +n RU +n + GG DQG +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf $ VPDOO SRUWLRQ RI WKH PDWHULDO ZDV FRQYHUWHG WR WKH SHUFKORUDWH VDOW E\ GLVVROYLQJ LW LQ KRW DTXHRXV VRGLXP SHUFKORUDWH 7KH VROXWLRQ ZDV FRROHG WR r& DQG WKH SUHFLSLWDWH ZDV FROOHFWHG DQG GULHG XQGHU D YDFXXP PS r&f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1

PAGE 119

O0HWK\OS\ULPLGYOfS\ULGLQLXP 7RV\ODWH f %URPRS\ULPLGLQH PJ PPROf OPHWK\OWULEXW\O VWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS & SJ f JDYH PJ PPROf RI D UHG FU\VWDOV b \LHOG PS r&f + 105 '062Gf +n DQG +n + Vf +n + Vf + + G +]f + + G +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf $QDO &DOHG IRU &+126 + & + 1 )RXQG & + 1 O0HWK\OS\ULG\OfS\ULGLQLXP 7HWUDSKHQ\OERUDWH f ,RGRS\ULGLQH PJ PPROf OPHWK\OWULEXW\O VWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf FRSSHU,f LRGLGH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP f PJ PPROf ZHUH SODFHG LQ P/ RI '0) 7KH VXVSHQVLRQ ZDV KHDWHG WR r& IRU K WR JLYH D VROXWLRQ ZKLFK ZDV DOORZHG WR VWLU DW URRP WHPSHUDWXUH RYHUQLJKW )ROORZLQJ ILOWUDWLRQ WKH ILOWUDWH ZDV FRQFHQWUDWHG XQGHU UHGXFHG SUHVVXUH WR D EURZQ RLO ZKLFK ZDV GLVVROYHG LQ P/ RI 0H2+ WKH LQVROXEOHV ZHUH ILOWHUHG RII 7KH 0H2+ SKDVH ZDV FRQFHQWUDWHG DQG WKH SURGXFW ZDV FRQYHUWHG WR WKH WHWUDSKHQ\OERUDWH VDOW E\ GLVVROYLQJ LW LQ P/ RI ZDWHU DQG WKHQ DGGLQJ VRGLXP WHWUDSKHQ\OERUDWH PJ PPROf 7KH SURGXFW ZDV ILOWHUHG RII DQG GULHG LQ YDFXR WR JLYH PJ RI

PAGE 120

D VOLJKWO\ RUDQJH VROLG b \LHOG PS r&f 105 '062 Gf +n + G +]f + + G +]f + + GG DQG +]f + + G +]f +n + GW DQG +]f +n + GG DQG +]f + Pf &+ + Pf $QDO &DOHG IRU &+1% & + 1 )RXQG & + 1 *HQHUDO 3URFHGXUH IRU WKH &URVV&RXSOLQJ RI 14XDWHUQL]HG 6WDQQDQHV ZLWK WKH +HWDU\O +DOLGH DV WKH /LPLWLQJ 5HDJHQW $ PL[WXUH RI KDORKHWHURDUHQH PPROf WROXHQH P/f DQG 3G FDWDO\VW PPROf DUH VWLUUHG DW UHIOX[ IRU K 7KH TXDWHUQL]HG VWDQQDQH PPROf GLVVROYHG LQ P/ RI WROXHQH ZDV DGGHG VORZO\ RYHU D K SHULRG 7KH UHDFWLRQ ZDV DOORZHG WR VWLU DW UHIOX[ ZLWK SHULRGLF DGGLWLRQV RI VWDQQDQH PPRO XVXDOO\ DGGLWLRQVf XQWLO VWDUWLQJ PDWHULDO ZDV FRQVXPHG 7/&f :RUN XS $f 7KH LQVROXEOH PDWHULDOV ZHUH ILOWHUHG RII DQG ZDVKHG ZLWK P/ RI (W2+ 7KH (W2+ VROXEOH ZDV VHSDUDWHG IURP WKH LQVROXEOHV EODFN 3Gf DQG FRQFHQWUDWHG GRZQ 7KH UHVXOWDQW PDWHULDO LV WKHQ ZDVKHG ZLWK P/ RI DFHWRQLWULOH DQG WKH LQVROXEOHV DUH ILOWHUHG RII 7KH ILOWUDWH ZDV FRQFHQWUDWHG GRZQ WR \LHOG SURGXFW ,I QHFHVVDU\ WKH SURGXFW ZDV UHFU\VWDOOL]HG ZLWK (W2+&+&O(W :RUN XS %f 6DPH DV WKH DERYH EXW LI UHVXOWDQW SURGXFW ZDV DQ RLO WKHQ LW ZDV FRQYHUWHG WR WKH SHUFKORUDWH VDOW E\ GLVVROYLQJ WKH RLO LQ

PAGE 121

KRW VDWXUDWHG DTXHRXV VRGLXP SHUFKORUDWH 8SRQ FRROLQJ WKH SURGXFW SUHFLSLWDWHG DQG ZDV UHFRYHUHG E\ ILOWUDWLRQ O0HWK\OS\UD]LQ\OfS\ULGLQLXP 7RV\ODWH Ef &KORURS\UD]LQH P/ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG 3GGSSHf&O PJ PPROf ZHUH KHDWHG LQ GU\ GHJDVVHG WROXHQH P/f :RUN XS $ SJ f JDYH PJ PPROf RI VOLJKWO\ EURZQ FU\VWDOV b \LHOG PS r&f r+ 105 &'2'f + + Vf +n + G +]f + + G +]f + + G +]f +? + GG DQG +]f +n + G +]f + + GG DQG +]f 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf $QDO &DOHG IRU &+16 & + 1 )RXQG & + 1 O0HWK\OJXLQROLQ\OfS\ULGLQLXP 7RV\ODWH Ef %URPRTXLQROLQH P/ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG 3GGSSHf&O PJ PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS $ SJ f JDYH PJ PPROf RI DQ VOLJKWO\ EURZQ VROLG PS r& b \LHOGf ;+ 105 '062 Gf + RU +n + Vf + RU +n + Vf + + G +]f + + G +]f +n + Vf + + GG DQG +]f +n DQG +n + W +]f +n RU +n + GG DQG +]f +n RU +n + GG DQG +]f 3K +

PAGE 122

G +]f 3K + G +]f &+ + Pf &+ + Pf $QDO &DOHG IRU &+126 ? + & + 1 )RXQG & + 1 O0HWK\OLVRTXLQROLQ\fS\ULGLQLXP 3HUFKORUDWH f %URPRLVRTXLQROLQH PJ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG 3GGSSHf&O PJ PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS % SDJH f JDYH PJ PPROf RI D VOLJKWO\ \HOORZ VROLG PS r& b \LHOGf r+ 105 '062 Gf +,n RU + + Vf +,n RU + + Vf + + G +]f + + G +]f +n + Vf + DQG +n RU +n + Pf +n DQG +n DQG +n RU +n + Pf &+ + Pf $QDO &DOHG IRU &L+1& ? + & + 1 )RXQG & + 1 :H SUHSDUHG WKH LRGLGH E\ DQRWKHU URXWH O0HWKYOLVRJXLQROLQ\OfS\ULGLQLXP 3HUFKORUDWH f %URPRLVRTXLQROLQH PJ PPROf OPHWK\O WULEXW\OVWDQQ\OfS\ULGLQLXP WRV\ODWH PJ PPROf DQG GLSKHQ\OSKRVSKLQRHWKDQHf3DOODGLXP ,,f GLFKORULGH PJ PPROf ZHUH KHDWHG LQ WROXHQH P/f :RUN XS % SDJH f JDYH PJ PPROf RI D VOLJKW\ EURZQ VROLG PS r& b \LHOGf r+ 105 '062Gf +,n RU +n + Vf + + G +]f +,n RU +n + Vf + + G +]f +n RU +n + G +]f +n DQG +n DQG +n RU +n + Pf &+ + Pf

PAGE 123

,OO $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 &DUEDPR\OnELS\ULGLQH f 'LHWK\OS\ULG\Of ERUDQH J PPROf FKORURQLFRWLQDPLGH J PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf J PPROf ZHUH DGGHG WR P/ RI GHJDVVHG 7+) $IWHU VWLUULQJ IRU PLQ SRWDVVLXP FDUERQDWH J PPROf GLVVROYHG LQ P/ RI GHJDVVHG ZDWHU ZDV DGGHG DQG WKH VROXWLRQ ZDV VWLUUHG DW UHIOX[ IRU K 7KH UHDFWLRQ PL[WXUH ZDV FRROHG WR r& DQG WKH FDWDO\VW ZDV UHPRYHG XQGHU QLWURJHQ 7R WKH ILOWUDWH P/ RI (W2$F ZDV DGGHG DQG WKH DTXHRXV OD\HU ZDV UHPRYHG 7KH RUJDQLF OD\HU ZDV H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI 0 +& 7KH DFLG ZDVKHV ZHUH FRPELQHG DQG PDGH EDVLF ZLWK VRGLXP FDUERQDWH WR JLYH D SUHFLSLWDWH ZKLFK ZDV FROOHFWHG DQG UHFU\VWDOOL]HG IURP ZDWHU WR DIIRUG J PPRO b \LHOGf RI D ZKLWH VROLG PS r& GHFRPSf 105 '062Gf +n + Vf + + G +]f +n + GG DQG +]f +n + GG DQG +]f + + GG DQG +]f + + G +]f +n + GG DQG +]f $QDO &DOHG IRU &Q+21 + & + 1 )RXQG & + 1 &DUEDPRYOOnPHWK\OnELS\ULGLQLXP ,RGLGH Df &RPSRXQG DQG H[FHVV 0HO LQ (W2$F JDYH FU\VWDOV RI DIWHU VWLUULQJ DW URRP WHPSHUDWXUH RYHUQLJKW 7ULWXUDWLRQ ZLWK KRW PHWKDQRO \LHOGHG SDOH \HOORZ FU\VWDOV b \LHOG PS !

PAGE 124

r&f ;+ 105 &'2'f +n + Vf + + G +]f +n + G +]f +n + G +]f +n + GG DQG +]f + + GG DQG +]f + + G +]f &+ + Vf $QDO &DOHG IRU &+21, & + 1 )RXQG & + 1 &DUEDPRYOOnPHWK\OnELS\ULGLQLXP 7RV\ODWH Ef &RPSRXQG DQG H[FHVV 0H27V LQ &+&1 JDYH FU\VWDOV RI DIWHU VWLUULQJ DW UHIOX[ RYHUQLJKW )LOWUDWLRQ RI WKH KRW VROXWLRQ DQG WKHQ WZR ZDVKHV ZLWK KRW &+&1 JDYH EHLJH FU\VWDOV b \LHOG PS r& GHFRPSf ;+ 105 '062Gf +n + Vf + DQG +n + Pf + RU +n + G +]f + RU +n + GG DQG +]f 1+ DQG + + EG +]f +n + GG DQG +]f 1+ + EVf 3K + G +]f 3K + G +]f &+ + 6f &+ + Vf $QDO &DOHG IRU &+16 & + 1 )RXQG & + 1 &DUEDPRYOOnGLPHWK\OnELS\ULGLQLXP 'LLRGLGH Df 6DOW ZDV GLVVROYHG LQ GU\ '0) ZLWK H[FHVV 0HO DQG KHDWHG WR r& LQ D VHDOHG WXEH RYHUQLJKW 7KH WXEH ZDV FRROHG DQG WKH VROLGV ZHUH FROOHFWHG 7KH VROLGV ZHUH WULWXUDWHG ZLWK KRW PHWKDQRO WR JLYH RUDQJH QHHGOHOLNH FU\VWDOV ZKLFK ZHUH UHFU\VWDOOL]HG IURP ZDWHU DQG LVRSURS\O DOFRKRO WR \LHOG bf RI RUDQJH QHHGOHOLNH FU\VWDOV PS r&f r+ 105 'f +n RU + + Vf +n RU +

PAGE 125

+ Vf + RU +n + G +]f +n + G +]f + RU +n + G +]f +n + GG DQG +]f + + G +]f &+ + Vf &+ + Vf $QDO &DOHG IRU &+21, + & + 1 )RXQG & + 1 &DUEDPR\OOnGLPHWK\OnELS\ULGLQLXP 'LWRV\ODWH Ef 6DOW PPROf ZDV DGGHG WR GLVWLOOHG VXOIRODQH P/f ZLWK 0H27V PPROf DQG VWLUUHG RYHUQLJKW DW r& 7KH VROXWLRQ ZDV FRROHG DQG WKH SURGXFW SUHFLSLWDWHG ZLWK (W$F(W 7KH SURGXFW ZDV FROOHFWHG DQG UHFU\VWDOOL]HG ZLWK 0H2+ DQG (W2$F WR JLYH PJ PPROf RI DQ RII ZKLWH VROLG b \LHOG PS r&f + 105 '06Gf +n RU + + Vf +n RU + + Vf +n + G +]f + RU +n + G +]f + RU +n + G +]f 1+ + Vf 1+ DQG +n DQG + + Pf 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf &+ + Vf $QDO &DOHG IRU &+16 + & + 1 )RXQG & + 1 &DUEDPR\OOnQLWURSKHQ\OfHWK\OfELS\ULGLQLXP ,RGLGH f $ PL[WXUH RI J PPROf RI QLWURSKHQ\Of HWK\O EURPLGH DQG J PPROf RI 1DO LQ P/ RI DFHWRQH ZDV VWLUUHG DW UHIOX[ 7KH VXVSHQVLRQ ZDV DOORZHG WR FRRO DQG WKH LQVROXEOH PDWHULDOV ZHUH UHPRYHG 7KH ILOWUDWH ZDV FRQFHQWUDWHG DQG P/ RI (W2$F ZDV DGGHG 7KH LQVROXEOH VROLGV ZHUH UHPRYHG DQG WKH ILOWUDWH ZDV

PAGE 126

FRQFHQWUDWHG WR \LHOG SQLWURSKHQHWK\O LRGLGH 7KLV ZDV GLVVROYHG LQ P/ RI GLR[DQH DQG WR WKLV J RI PPROf ZDV DGGHG 7KH VXVSHQVLRQ ZDV KHDWHG DW UHIOX[ RYHUQLJKW :KLOH WKH VXVSHQVLRQ ZDV VWLOO KRW WKH LQVROXEOH PDWHULDO ZDV ILOWHUHG RII DQG WKH UHVXOWDQW \HOORZ VROLGV ZHUH WULWXUDWHG ZLWK KRW GLR[DQH WR \LHOG J PPROf RI D \HOORZ VROLG b \LHOG PS r&f + 105 '062Gf +n + Vf + I U + G +]f + + G +]f +n + G +]f + + GG DQG +]f + + G +]f +n + GG DQG +]f 3K + G +]f 3K + G +]f &+ + W +] f &+ + W +]f $QDO &DOHG IRU &+91, & + 1 )RXQG & + 1 &DUEDPR\O PHWKYO O QLWURSKHQ\OfHWK\Ofn ELS\ULGLQLXP 'LLRGLGH Df $ VROXWLRQ RI PJ PPROf RI LQ P/ RI VXOIRODQH DQG P/ RI 0HO PPROf LQ D VHDOHG WXEH ZDV KHDWHG DW r& RYHUQLJKW 7KH PL[WXUH ZDV FRROHG WR r& DQG WKHQ SUHFLSLWDWHG ZLWK P/ RI (W2$F $IWHU ILOWUDWLRQ WKH RLO\ EURZQ VROLG ZDV GLVVROYHG LQ PHWKDQRO FRQFHQWUDWHG DQG FRDWHG RQWR PJ RI RFWDGHF\O IXQFWLRQDOL]HG VLOLFD JHO 7KLV PDWHULDO ZDV WKHQ DGGHG WR WKH WRS RI D UHYHUVH SKDVH VLOLFD JHO FROXPQ DQG HOXWHG ZLWK + 5HPRYDO RI WKH ZDWHU JDYH DQ RUDQJH RLO ZKLFK FU\VWDOOL]HG RQ VWDQGLQJ 7KH VROLG ZDV UHFU\VWDOOL]HG IURP PHWKDQRO DQG (W2$F WR DIIRUG PJ PPROf RI \HOORZ

PAGE 127

FU\VWDOV b \LHOG PS r&f + 105 '062Gf +n RU + + Vf +n RU + + Vf +n + G +]f +n + G +]f + + G +]f 1+ + Vf +n + GG DQG +]f + + G +]f 1+ + Vf 3K + Gf 3K + Gf &+ + W +]f &+ + Vf &+ + W +]f $QDO &DOHG IRU &+21, & + 1 )RXQG & + 1 &DUEDPR\O PHWK\O n QLWURSKHQ\OfHWK\Of nELS\ULGLQLXP 'LWRVYODWH Ef $ PL[WXUH RI PJ PPROf VXOIRODQH POf DQG 0H27V J PPROf ZDV KHDWHG DW r& RYHUQLJKW 7KH VROXWLRQ ZDV FRROHG WR r& DQG WKHQ SUHFLSLWDWHG ZLWK P/ RI (W2$F 7KH VROLG ZDV FROOHFWHG DQG ZDVKHG WLPHV ZLWK P/ SRUWLRQV RI (W2$F WR JLYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS r&f + 105 '062 Gf +n RU + + Vf &2 f + n RU + + Vf +n + G +]f +n RU + + G +]f ; R 7? f &2 RU + + G +]f 1+ + Vf +n + GG DQG +]f >+ + U G +]f 1+ + Vf 3K + G +]f 3K + G +]f 3K + G +]f 3K + G +]f &+ + W I +]f &+ + Vf &+ + W +]f &+ + Vf $QDO &DOHG IRU &+16 & + 1 )RXQG & + 1

PAGE 128

&DUEDPR\OOPHWK\OnELS\ULGLQLXP 3LSHU FKORUDWH f $ VXVSHQVLRQ RI J PPROf RI WKH WRV\ODWH RI E P/ RI DFHWRQLWULOH DQG J PPROf RI VRGLXP DFHWDWH ZDV KHDWHG DW UHIOX[ IRU K 7KH VXVSHQVLRQ ZDV FRROHG WR r& DQG WKH LQVROXEOH 1D27V ZDV FROOHFWHG 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D EURZQ RLO ZKLFK ZDV WDNHQ XS LQ P/ RI + DQG P/ RI (W2$F 7KH + ZDV WKHQ GLOXWHG ZLWK P/ RI PHWKDQRO DQG WKHQ PL[HG ZLWK PJ RI RFWDGHF\O IXQFWLRQDOL]HG VLOLFD JHO DQG FRQFHQWUDWHG WR D SRZGHU 7KLV PDWHULDO ZDV SODFHG RQ WRS RI D UHYHUVH SKDVH VLOLFD JHO FROXPQ DQG HOXWHG ZLWK + 5HPRYDO RI WKH ZDWHU JDYH D \HOORZ RLO $GGLWLRQ RI P/ RI (W2$F FDXVHG WKH RLO WR VROLGLI\ \LHOGLQJ J PPROf RI D OLJKW EURZQ VROLG b \LHOG PS r&f + 105 '062Gf + + Vf + + G +]f +n DQG +n + Pf 1+ + 6f + + G +]f U 1+ + Vf +n + G +]f +n + GG DQG +]f 3K + Gf 3K + Gf &+ + Vf &+ + Vf 7KLV PDWHULDO ZDV FRQYHUWHG WR LWV SHUFKORUDWH VDOW RQ WKH DGGLWLRQ RI SHUFKORULF DFLG(W2$F $QDO &DOHG IRU &+&1 & + 1 )RXQG & + 1 &DUEDPRYO n QLWURSKHQ\OfHWK\Of n ELSYULGLQLXPOR[LGH 7RV\ODWH f 7KH LRGLGH VDOW ZDV ILUVW FRQYHUWHG WR WKH WRV\ODWH VDOW DV IROORZV 7R D VXVSHQVLRQ RI PJ PPROf LQ P/ RI DFHWRQLWULOH ZDV DGGHG

PAGE 129

0H27V PJ PPROf 7KH VXVSHQVLRQ ZDV VWLUUHG XQGHU D VWUHDP RI QLWURJHQ IRU WZR GD\V 7KH SUHFLSLWDWH ZDV D ZKLWH VROLG PJ PPROf ZKLFK ZDV VXVSHQGHG LQ P/ RI VXOIRODQH DQG b PFKORURSHUEHQ]RLF DFLG PJ PPROf 7KH UHDFWLRQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU GD\V DQG WKH SURGXFW ZDV SUHFLSLWDWHG ZLWK P/ RI (W2$FGLHWK\O HWKHU 7KH ZKLWH SUHFLSLWDWH ZDV ILOWHUHG DQG GULHG XQGHU YDFXXP WR JLYH PJ PPRO PS r& b \LHOGf + 105 '062Gf +n + Vf +n DQG +n + Pf + + Vf + + GG DQG +]f 3K DQG 1+ + G +]f 1+ DQG + DQG + + Pf 3K + G +]f 3K + Gf 3K + Gf &+ + Pf &+ + Pf &+ + Vf $QDO &DOHG IRU &+16 & + 1 )RXQG & + 1 &DUEDPR\OnELS\ULGLQHR[LGH f E\ 13( 'HSURWHFWLRQ 7R P/ RI DFHWRQLWULOH ZDV DGGHG PJ PPROf DQG GU\ VRGLXP DFHWDWH PJ PPROf 7KH VROXWLRQ ZDV VWLUUHG DW UHIOX[ IRU K 7KH LQVROXEOH VROLGV ZHUH UHPRYHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR J RI VLOLFD JHO DQG DGGHG WR D FROXPQ ZKLFK ZDV HOXWHG ZLWK b (W2$F DQG b 0H2+ WR JLYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS !r&f + 105 '062Gf +n + G +]f +n + GG DQG +]f + + Vf +n + GW DQG +]f + + G +]f + + G +]f +n + GG

PAGE 130

DQG +]f $QDO &DOHG IRU &Q+1 & + 1 )RXQG & + 1 &DUEDPR\OOn PHWK\On ELS\ULGLQLXPR[LGH 7RVYODWH f 7R WULIOXRURDFHWLF DFLG P/f ZDV DGGHG PJ PPROf DQG XUHD+ FRPSOH[ PJ PPROff 7KH VROXWLRQ ZDV VWLUUHG RYHUQLJKW DW URRP WHPSHUDWXUH ZLWK DQ DGGLWLRQDO PJ PPROf DGGLWLRQ RI WKH XUHD+ FRPSOH[ DIWHU WKH ILUVW K 7KH PL[WXUH ZDV GLOXWHG ZLWK P/ RI ZDWHU DQG WKH SURGXFW ZDV SUHFLSLWDWHG ZLWK LVRSURS\O DOFRKRO WR JLYH DIWHU ILOWUDWLRQ PJ PPROf RI D \HOORZ VROLG b \LHOG PS r&f ;+ 105 '062 Gf +n + Vf +n DQG +n + Pf + + Vf 1+ + Vf +n + GG DQG +]f + + G +]f 1+ DQG + + EGf 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf $QDO &DOHG IRU &+ QRV + F + 1 )RXQG & K 1 &D UEDPRYO U n EL /39U LGLQH L R[L GH f E\ 'HPHWKYODWLRQ 7R ‘ PJ PPROf GLVVROYHG LQ P/ RI '0) ZDV DGGHG ., PJ PPROf 7KH PL[WXUH ZDV KHDWHG DW r& IRU K DQG WKHQ FRQFHQWUDWHG WR D EURZQ RLO DQG GLVVROYHG LQ P/ RI 0H2+ 7KH LQVROXEOH PDWHULDO ZDV UHPRYHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR J RI VLOLFD JHO DQG DGGHG WR WKH WRS RI D VLOLFD JHO FROXPQ ZKLFK WKHQ ZDV HOXWHG ZLWK b (W2$F DQG b 0H2+ WR \LHOG PJ PPROf RI D ZKLWH VROLG b \LHOG PS !r&f

PAGE 131

n0HWKYOnELS\ULGLQLXPOR[LGH 7RV\ODWH f 7R P/ RI &+& ZDV DGGHG nELS\ULGLQH PJ PPROf DQG 0H27V PJ PPROf 7KH VROXWLRQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU K 7KH VROYHQW ZDV FRQFHQWUDWHG WR \LHOG JUDPV PPROf RI D VOLJKWO\ \HOORZ RLO ZKLFK ZDV DGGHG WR P/ RI &+& DQG b RI PFKORURSHUEHQ]RLF DFLG J PPROf 7KH VROXWLRQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU K 7KH &+& ZDV ZDVKHG RQFH ZLWK P/ RI ZDWHU 7KH DTXHRXV OD\HU ZDV VHSDUDWHG DQG FRQFHQWUDWHG WR PJ PPROf RI \HOORZ RLO WKLV FUXGH PDWHULDO ZDV XVHG GLUHFWO\ IRU WKH GHSURWHFWLRQ VWHS 105 '062Gf +n + Vf +n DQG +n + Pf + + G +]f +n + GG DQG +]f + + W +]f + DQG + + Pf 3K + G +]f 3K + G +]f &+ + Vf &+ + Vf n %LS\ULGLQHOR[LGH f E\ 'HSURWHFWLRQ &UXGH PJ PPROf ZDV GLVVROYHG LQ P/ RI '0) DQG ., PJ PPROf ZDV DGGHG 7KH UHDFWLRQ ZDV KHDWHG DW r& IRU K DQG WKHQ FRQFHQWUDWHG WR D EURZQ RLO DQG GLVVROYHG LQ 0H2+ 7KH LQVROXEOH PDWHULDO ZDV UHPRYHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR J RI VLOLFD JHO DQG DGGHG WR WKH WRS RI D VLOLFD JHO FROXPQ ZKLFK WKHQ ZDV HOXWHG ZLWK b (W2$F DQG b 0H2+ WR \LHOG PJ PPROf RI D ZKLWH VROLG PS r& b \LHOGf -+ 105 '062Gf +n + G +]f +n + GG DQG +]f + + GG

PAGE 132

DQG +]f +n + GW DQG +]f + + GG DQG +]f +n + GG DQG +]f + DQG + + Pf $QDO &DOHG IRU &+12 & + 1 )RXQG & + 1 &KORURQLFRWLQDPLGHOR[LGH &KORURQLFRWLQDPLGH PJ PPROf DQG XUHD+ FRPSOH[ PJ PPROff ZHUH GLVVROYHG LQ P/ RI WULIORXURDFHWLF DFLG 7KH VROXWLRQ ZDV VWLUUHG RYHUQLJKW DW URRP WHPSHUDWXUH XQGHU QLWURJHQ ZLWK WKH DGGLWLRQ RI PJ PPROf XUHD+ DIWHU HDFK RI WKH ILUVW WZR KRXUV 7KH UHDFWLRQ ZDV GLOXWHG ZLWK P/ RI + DQG P/ RI HWK\O DFHWDWH 7KH RUJDQLF OD\HU ZDV VHSDUDWHG DQG WKH DTXHRXV OD\HU ZDV H[WUDFWHG WLPHV ZLWK P/ RI HWK\O DFHWDWH 7KH H[WUDFWV ZHUH FRPELQHG GULHG DQG FRQFHQWUDWHG WR D FOHDU OLTXLG &ROXPQ FKURPRWRJUDSK\ ZLWK .LHVHOJHO DQG b HWK\O DFHWDWHb PHWKDQRO JDYH PJ PPROf RI DQ RIIZKLWH VROLG b \LHOG PS r&f r+ 105 '06Gf + + G +]f 1+ + Vf + + G +]f 1+ + Vf + + GG DQG +]f $QDO &DOHG IRU &+1& + & + 1 )RXQG & + 1 3G&DWDO\]HG &RXSOLQJ WR 3UHSDUH &DUEDPR\On %LS\ULGLQHOR[LGH f &KORURQLFRWLQDPLGHOR[LGH PJ PPROf GLHWK\OS\ULG\OfERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH DGGHG WR P/ RI GHJDVVHG 7+) 7KH VXVSHQVLRQ ZDV VWLUUHG XQGHU QLWURJHQ IRU PLQ DQG WKHQ .& PJ

PAGE 133

PPROf LQ P/ RI ZDWHU ZDV DGGHG 7KH VROXWLRQ ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR r& DQG WKH EODFN LQVROXEOH VROLG ZDV UHPRYHG E\ ILOWUDWLRQ 7KH UHDFWLRQ ZDV GLOXWHG ZLWK P/ RI ZDWHU DQG P/ (W2$F 7KH DTXHRXV OD\HU ZDV VHSDUDWHG DQG FRQFHQWUDWHG WR D \HOORZ VROLG ZKLFK ZDV WULWXUDWHG ZLWK KRW 0H2+ 6ROLGV ZHUH FROOHFWHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG WR D ZKLWH VROLG ZKLFK ZDV UHFU\VWDOOL]HG ZLWK b (W2+ DQG (W2$F WR JLYH PJ PPROf RI D ZKLWH VROLG b \LHOG PS! r&f 7KH 105 '062Gf ZDV WKH VDPH DV WKDW DERYH 3G&DWDO\]HG &RXSOLQJ WR 3UHSDUH n%LS\ULGLQHOR[LGH f %URPRS\ULGLQHOR[LGH K\GURFKORULGH PJ PPROf GLHWK\OS\ULG\OfERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH DGGHG WR P/ RI GHJDVVHG 7+) 7KH VXVSHQVLRQ ZDV VWLUUHG XQGHU QLWURJHQ IRU PLQ DQG WKHQ .& J PPROf LQ P/ RI ZDWHU ZDV DGGHG 7KH VROXWLRQ ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR r& DQG WKH FDWDO\VW ZDV FROOHFWHG 7R WKH ILOWUDWH ZDV DGGHG P/ RI (W2$F DQG P/ ZDWHU 7KH DTXHRXV OD\HU ZDV VHSDUDWHG DQG FRQFHQWUDWHG WR D ZKLWH VROLG ZKLFK ZDV WULWXUDWHG ZLWK P/ RI 0H2+ WKH VROLG PDWHULDO ZDV FROOHFWHG 7KH PHWKDQROLF OD\HU ZDV FRQFHQWUDWHG WR PJ PPROf RI D ZKLWH VROLG PS r& b \LHOGf 7KH 105 '062Gf ZDV WKH VDPH DV WKDW DERYH 7ULEXWYOVWDQQYOnELS\ULGLQH f %URPR WULEXW\OVWDQQ\OfS\ULGLQH J PPROf GLHWK\O

PAGE 134

S\ULG\OfERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\O SKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH GLVVROYHG LQ P/ RI GHJDVVHG 7+) XQGHU 1 7KH VROXWLRQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU PLQ DQG WKHQ 1D+& PJ PPROf GLVVROYHG LQ P/ RI GHJDVVHG + ZDV DGGHG 7KH VROXWLRQ ZDV VWLUUHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR URRP WHPSHUDWXUH 7KH PL[WXUH ZDV GLOXWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b (W2$F JDYH PJ RI D FOHDU RLO ZKLFK ZDV FRQWDPLQDWHG ZLWK D VPDOO DPRXQW RI 3K3 7KH 3K3 FU\VWDOOL]HG RQ VWDQGLQJ DQG ZDV UHPRYHG E\ ILOWUDWLRQ ZLWK KH[DQHV WR JLYH PJ PPRO b \LHOGf RI D FOHDU RLO -+ 105 &'&f + + G +]f +n + GG DQG +]f + + GG DQG +]f + DQG +n + Pf +n + GG DQG +]f + + GG DQG +]f + Pf $QDO &DOHG IRU &+16Q & + 1 )RXQG & + 1 &KORURnELS\ULGLQH f 'LHWK\OS\ULG\OfERUDQH PJ PPROf GLFKORURS\ULGLQH J PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH SODFHG LQ GHJDVVHG 7+) P/f XQGHU 1 7KH PL[WXUH ZDV VWLUUHG IRU PLQ DW URRP WHPSHUDWXUH DQG WKHQ .& J PPROf LQ GHJDVVHG + P/f ZDV DGGHG 7KH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR r& $IWHU WKH LQVROXEOH FDWDO\VW ZDV ILOWHUHG RII WKH

PAGE 135

ILOWUDWH ZDV GLOXWHG ZLWK P/ RI (W2$F 7KH RUJDQLF OD\HU ZDV VHSDUDWHG ZDVKHG ZLWK P/ RI EULQH DQG WKHQ H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI 0 +& 7KH WZR DFLG ZDVKHV ZHUH FRPELQHG QHXWUDOL]HG ZLWK VRGLXP FDUERQDWH DQG WKHQ H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI (W2$F 7KH RUJDQLF H[WUDFWV ZHUH FRPELQHG GULHG DQG FRQFHQWUDWHG WR DQ RUDQJH RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$FKH[DQHV JDYH PJ PPROf RI D OLJKW \HOORZ VROLG PS r& b WRWDO \LHOGf r+ 105 &'&/f +n + GG DQG +]f +n + GG DQG +]f + + GG DQG +]f +n + GW DQG +]f + + GG DQG +]f +n + GGG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 $PLQRELS\ULGLQH f 'LHWK\OS\ULG\OfERUDQH J PPROf DPLQRFKORURS\ULGLQH J PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZHUH SODFHG LQ GHJDVVHG 7+) P/f XQGHU 1 7KH PL[WXUH ZDV VWLUUHG IRU PLQ DW URRP WHPSHUDWXUH DQG WKHQ SRWDVVLXP FDUERQDWH J PPROf LQ GHJDVVHG+ P/f ZDV DGGHG 7KH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR r& $IWHU WKH LQVROXEOH FDWDO\VW ZDV ILOWHUHG RII WKH ILOWUDWH ZDV GLOXWHG ZLWK P/ RI (W2$F 7KH RUJDQLF SKDVH ZDV VHSDUDWHG ZDVKHG ZLWK P/ RI EULQH DQG WKHQ H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI 0 +&/ 7KH DFLG

PAGE 136

H[WUDFWV ZHUH FRPELQHG QHXWUDOL]HG ZLWK VRGLXP FDUERQDWH DQG H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI HWK\O DFHWDWH 7KH H[WUDFWV ZHUH FRPELQHG GULHG DQG FRQFHQWUDWHG WR D UHG RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b HWK\O DFHWDWH JDYH PJ PPROf RI VOLJKWO\ UHG FU\VWDOV PS r& b \LHOGf + 105 &'&f +n G + +]f +n GG + DQG +]f + GG + DQG +]f +n GW + DQG +]f +n GG + DQG +]f + DQG + P +f 1+ E +f $QDO &DOHG IRU &+1 + & + 1 )RXQG & + 1 %URPRnELS\ULGLQH f $ FRROHG r&f VXVSHQVLRQ RI DPLQRnELS\ULGLQH f PJ PPROf LQ b +%U P/f ZDV VWLUUHG IRU K DQG %U P/ PPROf ZDV DGGHG .HHSLQJ WKH UHDFWLRQ EHORZ r& 1D1 PJ PPROf LQ + P/f ZDV DGGHG GURSZLVH $IWHU VWLUULQJ IRU K 1D2+ PJ PPROf LQ + P/f ZDV DGGHG GURSZLVH PDNLQJ VXUH WKH WHPSHUDWXUH GLG QRW H[FHHG r& 7KH EDVLF DTXHRXV SKDVH ZDV H[WUDFWHG [ ZLWK P/ RI GLHWK\O HWKHU DQG WKH H[WUDFWV ZHUH FRPELQHG GULHG DQG FRQFHQWUDWHG WR JLYH PJ PPROf RI DQ RIIZKLWH VROLG PS rF b \LHOGf ;+ 105 &'&f +n + G +]f + DQG +n + Pf + DQG +n + Pf +n + GGG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+1%U & + 1 )RXQG & + 1

PAGE 137

&KORURn ELS\ULGLQH f 'LFKORURS\ULGLQH J PPROf GLHWK\OS\ULG\OfERUDQH J PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf J PPROf LQ GHJDVVHG 7+) P/f ZHUH VWLUUHG DW URRP WHPSHUDWXUH XQGHU 1 $IWHU PLQ SRWDVVLXP FDUERQDWH J PPROf LQ GHJDVVHG + P/f ZDV DGGHG DQG WKH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV GLOXWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF OD\HU ZDV GULHG DQG FRQFHQWUDWHG WR D UHG RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b (W2$F JDYH J PPROf RI D VOLJKWO\ \HOORZ RLO ZKLFK FU\VWDOOL]HG RQ VWDQGLQJ PS r& b \LHOGf + 105 &'&f +n + G +]f + + G +]f +n + GG DQG +]f + + G +]f +n + GW DQG +]f + + GG DQG +]f +n + GGG DQG +]f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 &KORURnELS\ULGLQHnR[LGH f 7R D &+& P/f VROXWLRQ RI FKORURnELS\ULGLQH f J PPROf ZDV DGGHG b 0&3%$ J PPROf 7KH VROXWLRQ ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU K DQG ZDV WKHQ ZDVKHG ZLWK P/ RI VDW VRGLXP VXOILWH GULHG DQG FRQFHQWUDWHG WR D VOLJKWO\ \HOORZ VROLG &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH J PPROf RI D ZKLWH VROLG PS r& b \LHOGf ;+ 105 &'&f +n DQG + + Pf + + G +]f +n + GW

PAGE 138

DQG +]f +n + GG DQG +]f + + GG DQG +]f +n + GG DQG +]f $QDO &DOHG IRU &+12& + & + 1 )RXQG & + 1 n 'LFKLRURnELS\ULGLQH f $ VXVSHQVLRQ RI FKORURnELS\ULGLQHnR[LGH f PJ PPROf DQG DFHWLF DQK\GULGH P/f ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO GLVVROYHG LQ P/ RI 0H2+ GHFRORUL]HG ZLWK FKDUFRDO DQG ILOWHUHG WKURXJK D EHG RI &HOLWH 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D \HOORZ VROLG ZKLFK ZDV ZDVKHG ZLWK P/ RI GLHWK\O HWKHU WR JLYH PJ PPRO b \LHOGf RI D VOLJKWO\ \HOORZ VROLG RI WKH S\ULGRQH 7KH VROLG ZDV VXVSHQGHG LQ 3& P/f DQG '0) P/f DQG KHDWHG DW UHIOX[ IRU K 7KH UHDFWLRQ ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG VRGLXP FDUERQDWHLFH+ ZDV DGGHG XQWLO WKH DTXHRXV SKDVH ZDV VOLJKWO\ EDVLF WR S+ SDSHU 7KH DTXHRXV SKDVH ZDV H[WUDFWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR D EURZQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b (W2$F JDYH PJ PPROf RI D \HOORZ VROLG PS r& b \LHOGf ;+ 105 &'&f +n + G +]f + + GG DQG +]f +n + GG DQG +]f + + G +]f + DQG +n + Pf $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1

PAGE 139

n%LSYULGLQHOnR[LGH f &KORURS\ULGLQH1R[LGH J PPROf GLHWK\OS\ULG\OfERUDQH J PPROf WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf LQ GHJDVVHG 7+) P/f ZHUH VWLUUHG IRU PLQ DW URRP WHPSHUDWXUH XQGHU 1 3RWDVVLXP FDUERQDWH J PPROf GLVVROYHG LQ GHJDVVHG + P/f ZDV DGGHG DQG WKH PL[WXUH ZDV KHDWHG DW UHIOX[ $IWHU K WKH PL[WXUH ZDV FRQFHQWUDWHG DQG 0H2+ P/f ZDV DGGHG 7KH LQVROXEOH .& ZDV ILOWHUHG RII DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR DSSUR[ J RI .LHVHOJHO &ROXPQ FKURPDWRJUDSK\ ZLWK (W2$F0H2+ JDYH J PPROf RI DQ RIIZKLWH VROLG PS r& b \LHOGf ;+ 105 '062Gf +n + G +]f +n + GG DQG +]f + + G +]f +n + GW DQG +]f + + G +]f +n + GG DQG +]f $QDO &DOHG IRU &+12 & + 1 )RXQG & + 1 n&KORURnELS\ULGLQH f 7R D FRROHG r&f VXVSHQVLRQ RI nELS\ULGLQHnR[LGH f PJ PPROf LQ &+& P/f XQGHU 1 ZDV DGGHG 3& P/f 7R WKLV VOXUU\ DGGLWLRQDO 3& P/f DQG L3Uf1+ P/f ZHUH DGGHG FRQFRPLWDQWO\ RYHU K 7KH PL[WXUH EHFDPH EURZQ DQG KRPRJHQHRXV ,W ZDV VWLUUHG IRU K ZKLOH ZDUPLQJ WR URRP WHPSHUDWXUH DQG ZDV WKHQ FRQFHQWUDWHG WR D EURZQ RLO 7R WKH RLO 1D&LFH+ ZDV DGGHG XQWLO WKH DTXHRXV SKDVH ZDV VOLJKWO\ EDVLF WR S+ SDSHU 7KH DTXHRXV SKDVH ZDV H[WUDFWHG

PAGE 140

ZLWK P/ RI (W2$F DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR D EURZQ VROLG &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b (W2$F JDYH PJ PPROf RI D \HOORZ VROLG PS r& b \LHOGf r+ 105 &'&f +n + G +]f +n + GG DQG +]f + + G +]f +n + GW DQG +]f + + G +]f + DQG +n + Pf $QDO &DOHG IRU &+12 & + 1 )RXQG & + 1 n7ULEXWYOVWDQQYOnELS\ULGLQH f n&KORURn ELS\ULGLQH f PJ PPROf IUHVKO\ GLVWLOOHG 7+) P/f DQG 0J PJ PPROf ZHUH VWLUUHG DW URRP WHPSHUDWXUH XQGHU 1 7KH UHDFWLRQ ZDV LQLWLDWHG ZLWK WZR GURSV RI GLEURPRHWKDQH DQG WKHQ WULEXW\OWLQ FKORULGH P/ PPROf ZDV DGGHG GURSZLVH $IWHU WKH DGGLWLRQ WKH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR URRP WHPSHUDWXUH 7KH UHDFWLRQ ZDV GLOXWHG ZLWK P/ RI VDWG 1+& DQG P/ RI GLHWK\O HWKHU 7KH RUJDQLF SKDVH ZDV VHSDUDWHG GULHG DQG FRQFHQWUDWHG WR D \HOORZ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG KH[DQHV(W2$F JDYH PJ PPROf RI D FOHDU RLO b \LHOGf r+ 105 &'&f + + G +]f + + GG DQG +]f +n + GG DQG +]f +n + GW DQG +]f + + GG ZLWK 6Q VLGH EDQGV DQG +]f +n + GGG DQG +]f + + GG DQG +]f + Pf $QDO &DOHG IRU

PAGE 141

&+16Q & + 1 )RXQG & + 1 nn7HUS\ULGLQH f 'LHWK\OS\ULG\OfERUDQH PJ PPROf FKORURnELS\ULGLQH PJ PPROf DQG 3G33Kf PJ PPROf ZHUH SODFHG LQ GHJDVVHG 7+) P/f XQGHU 1 7KH PL[WXUH ZDV VWLUUHG IRU PLQ DW URRP WHPSHUDWXUH DQG SRWDVVLXP FDUERQDWH PJ PPROf LQ GHJDVVHG + P/f ZDV DGGHG 7KH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR r& ZLWK LFH 7KH LQVROXEOH FDWDO\VW ZDV ILOWHUHG RII DQG WKH ILOWUDWH ZDV GLOXWHG ZLWK P/ RI (W2$F 7KH RUJDQLF SKDVH ZDV VHSDUDWHG ZDVKHG ZLWK P/ RI EULQH DQG H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI 0 +&/ 7KH DFLG H[WUDFWV ZHUH FRPELQHG QHXWUDOL]HG ZLWK VRGLXP FDUERQDWH DQG H[WUDFWHG WZLFH ZLWK P/ SRUWLRQV RI (W2$F 7KH RUJDQLF H[WUDFWV ZHUH FRPELQHG GULHG DQG FRQFHQWUDWHG WR D \HOORZ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPRO b \LHOGf RI D FOHDU RLO ;+ 105 &'&f +n + G +]f + +n n + DQG + + Pf +n G + +]f + GG + DQG +]f +n DQG +nn P +f +n DQG +nn P +f $ PJ SRUWLRQ RI WKLV PDWHULDO ZDV FRQYHUWHG WR WKH WULK\GURFKORULGH VDOW E\ GLVVROYLQJ LW LQ P/ RI (W2$F DQG DGGLQJ +&OHWKHU GURSZLVH 7KH VROLG ZDV FROOHFWHG DQG GULHG LQ YDFXR WR JLYH D ZKLWH VROLG $QDO &DOHG IRU &+Q1 +& & + 1 )RXQG & + 1

PAGE 142

n nnn nn nnn4XDWHUS\ULGLQH f n 'LFKORURnELS\ULGLQH f PJ PPROf GLHWK\O S\ULG\Of ERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\O SKRVSKLQHf SDOODGLXPf PJ PPROf LQ GHJDVVHG 7+) P/f ZHUH VWLUUHG DW URRP WHPSHUDWXUH XQGHU 1 $IWHU PLQ VRGLXP ELFDUERQDWH PJ PPROf LQ GHJDVVHG + P/f ZDV DGGHG DQG WKH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV GLOXWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF OD\HU ZDV VHSDUDWHG GULHG DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPRO b \LHOGf RI D FOHDU RLO + 105 &'&f +n + GG DQG +]f + + GG DQG +]f +n + GG DQG +]f + DQG +n DQG + + Pf +n + GG DQG +]f + + GW DQG +]f +n + GW DQG +]f +n + GG DQG +]f + + GG DQG +]f +n + GGG DQG +]f + + GGG DQG +]f +nn + GG DQG +]f $QDO &DOHG IRU &+1 + & + 1 )RXQG & + 1 n nnn nn nnn4XDWHUS\ULGLQH 1HPHUWHOOLQH f $ GHJDVVHG VROXWLRQ RI FKORURnELS\ULGLQH f PJ PPROf LQ WROXHQH DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP2f PJ PPROf ZHUH VWLUUHG DW URRP WHPSHUDWXUH XQGHU 1 IRU PLQ n7ULEXW\OVWDQQ\On

PAGE 143

ELS\ULGLQH f PJ PPROf ZDV DGGHG DQG WKH VROXWLRQ ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV FRROHG WR URRP WHPSHUDWXUH ILOWHUHG WKURXJK D EHG RI &HOLWH WR UHPRYH EODFN FDWDO\VW DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPRO b \LHOGf RI D FOHDU RLO 7KH RLO GLVVROYHG LQ ZDUP GLHWK\O HWKHU VORZO\ FU\VWDOOL]HG ZLWK VFUDWFKLQJ PS r&f + 105 &'&f +n + GG DQG +]f +n + GG DQG +]f +nn + GG DQG +]f +nnn + GG DQG +]f + + GG DQG +]f + + GG DQG +]f +nnn + GW DQG +]f +n + GG DQG +]f + + GW DQG +]f + + GG DQG +]f +n + GG DQG +]f +n + GGG DQG +]f + + GGG DQG +]f +n n + GG DQG +]f $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1 &U\VWDO 6WUXFWXUH RI 1HPHUWHOOLQH f &RORUOHVV FU\VWDOV RI QHPHUWHQH ZHUH JURZQ LQ &+& 7KH\ DUH PRQRFOLQLF VSDFH JURXS &F 0U D f $ E f $ F OO f $ S fr 9 f $ = 'FDLF J FP 0R .D; $f 7 7KH VWUXFWXUH ZDV VROYHG E\ WKH GLUHFW PHWKRG DQG UHILQHG LQ 6+(/=7/ SOXV &U\VWDO 6WUXFWXUH ZRUN NLQGO\ GRQH E\ 'U .DOLO $ $EERXG

PAGE 144

XVLQJ IXOOPDWUL[ OHDVW VTXDUHV 7KH QRQ+ DWRPV ZHUH WUHDWHG DQLVRWURSLFDOO\ ZKHUHDV WKH SRVLWLRQV RI WKH K\GURJHQ DWRPV ZHUH FDOFXODWHG LQ LGHDO SRVLWLRQV DQG WKHLU LVRWURSLF WKHUPDO SDUDPHWHUV ZHUH IL[HG 7KH V\VWHPDWLF DEVHQFHV FRXOG QRW GLIIHUHQFLDWH EHWZHHQ VSDFH JURXSV & &F DQG &F $OO WKUHH 7DEOH )UDFWLRQDO &RRUGLQDWHV DQG (TXLYDOHQW ,VRWURSLFr 7KHUPDO 3DUDPHWHUV ƒf IRU WKH &DUERQ DQG 1LWURJHQ $WRPV RI $WRP 1 & & & & & 1LO & & & & &O 1 & & & & & 1 & & & & & f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f f ‘)RU DQLVRWURSLF DWRPV WKH 8 YDOXH LV 8 =M;M 8LM Dr DMr $LM ZKHUH $M LV WKH LWr DQG MWK GLUHFW VSDFH XQLW FHOO HT FDOFXODWHG DV 8 WKH GRW SURGXFW RI YHFWRUV

PAGE 145

7DEOH %RQG /HQJWKV $f DQG $QJOHV rf IRU WKH &DUERQ & 1 & f f & 1 f & & 1 f f & & & f f & & & f & & & f f & & & f f & & & f f 1 & & f & 1LO & f f & 1LO f & & & f f & & 1LO f & & 1LO f & & & f f & & & f & & & f f & & & f f &O & & f f 1LO & & f & 1 & f f & 1 f & & & f f & & 1 f & & 1 f f & & & f f & & & f f & & & f & & & f & & & f f 1 & & f & 1 & f f & 1 f & & 1 f f & & & f f & & & f & & & f & & & f f & & & f f 1 & & f

PAGE 146

VSDFH JURXSV ZHUH WULHG LQ WKH VWUXFWXUH VROXWLRQ SURFHVV EXW RQO\ &F JDYH D VROXWLRQ $OO UHILQHPHQWV ZHUH FDUULHG RXW LQ VSDFH JURXS &F ,Q WKH ILQDO F\FOH RI UHILQHPHQW SDUDPHWHUV DQG UHIOHFWLRQV >ZLWK ,! ,f@ JDYH 5 DQG Z5 RI DQG UHVSHFWLYHO\ n %LS\ULGLQHGL1R[LGH f 7R D VROXWLRQ RI n ELS\ULGLQH J PPROf LQ &+& P/f ZDV DGGHG b 0&3%$ J PPROf 7KH FRPSOHWH VROXWLRQ ZDV VWLUUHG RYHUQLJKW DW URRP WHPSHUDWXUH DQG WKHQ ZDVKHG WZLFH ZLWK P/ RI + 7KH DTXHRXV H[WUDFWV ZHUH FRPELQHG DQG FRQFHQWUDWHG WR JLYH J RI D ZKLWH VROLG 7KH VROLG ZDV ZDVKHG ZLWK P/ RI GLHWK\O HWKHU DQG WKHQ UHFU\VWDOOL]HG ZLWK LVRSURSDQRO+ 7KH UHVXOW ZDV J PPROf RI D ZKLWH VROLG PS! r& b \LHOGf 105 '062Gf +n + GG DQG +]f + + G +]f + + G +]f +n + GG DQG +]f +n DQG +n + Pf n'LFKORURnELS\ULGLQH f DQG nGLFKORUR n ELS\ULGLQH f $ VXVSHQVLRQ RI nELS\ULGLQHGL1 R[LGH J PPROf LQ DFHWLF DQK\GULGH P/f ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG GLVVROYHG LQ P/ RI 0H2+ ZKLFK ZDV GHFRORUL]HG ZLWK FKDUFRDO DQG ILOWHUHG WKURXJK D EHG RI &HOLWH 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D EURZQ VROLG ZKLFK ZDV ZDVKHG ZLWK P/ RI GLHWK\O HWKHU WR JLYH PJ RI WKH GLS\ULGRQH

PAGE 147

7KH PDWHULDO ZDV VXVSHQGHG LQ 3& P/f'0) P/f DQG KHDWHG DW UHIOX[ IRU K XQGHU 1 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG VRGLXP FDUERQDWHLFH+ ZDV DGGHG XQWLO WKH DTXHRXV SKDVH ZDV EDVLF WR S+ SDSHU 7KH DTXHRXV SKDVH ZDV H[WUDFWHG ZLWK P/ RI &+& DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR D EURZQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG KH[DQHV(W2$F JDYH PJ PPROf RI D \HOORZ VROLG r& b \LHOGf ;+ 105 &'&f +n + GG DQG +]f +n + GG DQG +]f + DQG +n + Pf + + GG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 ,Q DGGLWLRQ PJ PPRO bf RI VOLJKWO\ OHVV SRODU DV D \HOORZ VROLG PS r&f ZDV LVRODWHG IURP WKH FROXPQ LQ DQ HDUO\ IUDFWLRQ ;+ 105 &'&f + RU +n + G +]f + RU +n + G +]f + + G +]f +n DQG + + Pf +n + GG DQG +]f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 nnn4XDWHUS\ULGLQH f $ VROXWLRQ RI nGLFKORURnELS\ULGLQH f PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP f PJ PPROf LQ GHJDVVHG WROXHQH ZDV VWLUUHG DW UHIOX[ IRU PLQ XQGHU 1 7ULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf ZDV DGGHG LQ WKUHH HTXDO SRUWLRQV RYHU K 7KH UHDFWLRQ ZDV VWLUUHG DW

PAGE 148

UHIOX[ IRU K DQG WKHQ FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK DOXPLQD DQG (W2$FKH[DQHV JDYH PJ RI D ZKLWH VROLG 7KH SURGXFW ZDV ZDVKHG ZLWK P/ RI GLHWK\O HWKHU WR JLYH PJ PPRO r& b \LHOGf + 105 &'&f +n + GG DQG +]f +n + GG DQG +]f + RU + n + GGG DQG +]f + RU +n + GGG DQG +]f + RU +nnn + GG DQG +]f + DQG + RU +n + Pf +n + GG DQG +]f +n n DQG +nn + Pf + DQG + + Pf + DQG +nn + Pf $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1 nnnnnnn4XDWHUS\ULGLQH f 7R D VROXWLRQ RI nELS\ULGLQH J PPROf LQ IUHVKO\ GLVWLOOHG GLHWK\O HWKHU P/f XQGHU 1 DW r& ZDV DGGHG GURSZLVH D 0 VROXWLRQ RI OLWKLXP GLLVRSURS\ODPLGH LQ KH[DQHV 7KH PL[WXUH ZDV DOORZHG WR VORZO\ ZDUP WR URRP WHPSHUDWXUH DQG VWLUUHG IRU K 7KH GDUN SXUSOH PL[WXUH ZDV TXHQFKHG E\ WKH DGGLWLRQ RI ZDWHU P/f ZLWK VWLUULQJ DQG WKH \HOORZ RUJDQLF OD\HU ZDV VHSDUDWHG GULHG DQG FRQFHQWUDWHG WR D \HOORZ RLO 7KH RLO ZDV UHGLVVROYHG LQ DFHWRQH P/f DQG R[LGL]HG E\ DGGLWLRQ RI D VROXWLRQ RI .0Q LQ DFHWRQH XQWLO WKH SXUSOH FRORU SHUVLVWHG 7KH EURZQ VOXUU\ ZDV ILOWHUHG WKURXJK D EHG RI &HOLWH WR UHPRYH 0Q DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG WR D \HOORZ RLO 7KH RLO ZDV SXULILHG E\ FKURPDWRJUDSK\ RQ DOXPLQD LQLWLDOO\ HOXWHG ZLWK &+& WR

PAGE 149

UHPRYH XQUHDFWHG nELS\ULGLQH WKHQ IROORZHG E\ &+&O0H2+ f 7KH UHVXOW ZDV J PPROf RI VOLJKWO\ \HOORZ RLO WKDW FU\VWDOOL]HG ZLWK VFUDWFKLQJ r& b \LHOGf ;+ 105 &'&f +n + GG DQG +]f +nnn + GGG DQG +]f + + GGG DQG +]f +nn + GG DQG +]f +n + GG DQG +]f +n + GW DQG +]f + DQG + DQG +n n DQG + n + Pf +n + GG DQG +]f +n n n + Pf +n + GG DQG +]f + + GGG DQG +]f $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1 n nn n7HUS\ULGLQHR[LGH f $ VROXWLRQ RI FKORUR n ELS\ULGLQHn R[LGH f PJ PPROf GLHWK\OS\ULG\OfERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXP2f PJ PPROf LQ GHJDVVHG 7+) P/f ZDV VWLUUHG DW URRP WHPSHUDWXUH IRU K XQGHU 1 3RWDVVLXP FDUERQDWH PJ PPROf LQ + P/f ZDV WKHQ DGGHG DQG WKH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K )ROORZLQJ FRQFHQWUDWHG WR D VOXUU\ P/ RI 0H2+ ZDV DGGHG 7KH LQVROXEOH .& ZDV UHPRYHG DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG RQWR .LHVHOJHO Jf &ROXPQ FKURPDWRJUDSK\ ZLWK (W2$F0H2+ JDYH PJ PPROf RI D ZKLWH VROLG PS r& b \LHOGf f+ 105 &'&f + + Vf + + G +]f + + G +]f +n + GG DQG +]f + + GG DQG

PAGE 150

+]f + DQG + + Pf +n + Vf +n + GG DQG +]f + + GG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+81 + & + 1 )RXQG & + 1 &KLRURnn nnWHUS\ULGLQH f $ VXVSHQVLRQ RI n n nn WHUS\ULGLQHOR[LGH f PJ PPROf LQ DFHWLF DQK\GULGH P/f ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG GLVVROYHG LQ P/ RI 0H2+ ZKLFK ZDV GHFRORUL]HG ZLWK FKDUFRDO DQG WKHQ ILOWHUHG WKURXJK D EHG RI &HOLWH 7KH ILOWUDWH ZDV FRQFHQWUDWHG WR D \HOORZ VROLG DQG ZDVKHG ZLWK P/ RI GLHWK\O HWKHU WR JLYH PJ PPROf RI D \HOORZ VROLG ZKLFK LV WKH S\ULGRQH PS r& GHFRPS b \LHOGf r+ 105 '062Gf +n n + G +]f +n + G +]f +n DQG +nn + Pf + + GG DQG +]f +nn + GW DQG +]f + + GG DQG +]f +n DQG + + Pf + + GG DQG +]f $ VXVSHQVLRQ RI WKLV n n nnWHUS\ULGRQH PJ 2 PPROf LQ 3& P/f DQG '0) P/f ZDV KHDWHG DW UHIOX[ IRU K XQGHU 1 7KH PL[WXUH ZDV FRQFHQWUDWHG WR D EURZQ RLO DQG VRGLXP FDUERQDWHLFH+ ZDV DGGHG XQWLO WKH DTXHRXV SKDVH ZDV EDVLF WR S+ SDSHU 7KH DTXHRXV SKDVH ZDV H[WUDFWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK

PAGE 151

.LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPRO b \LHOGf RI D \HOORZ VROLG PS r&f + 105 &'&f +nn + GG DQG +]f +n + GG DQG +]f + + GG DQG +]f + + GG DQG +]f + + GG DQG +]f +n DQG + + Pf +n + GG DQG +]f + + GGG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+1& + & + 1 )RXQG & + 1 nnnnnnn4XDWHUS\ULGLQH f $ VROXWLRQ RI FKORURn nnnWHUS\ULGLQH f PJ PPROf DQG 3G33Kf PJ PPROf LQ GHJDVVHG WROXHQH P/f ZDV VWLUUHG DW UHIOX[ IRU PLQ XQGHU 1 7ULEXW\OVWDQQ\OfS\ULGLQH PJ PPROf ZDV DGGHG LQ WKUHH HTXDO SRUWLRQV RYHU KRXUV 7KH UHDFWLRQ ZDV VWLUUHG DW UHIOX[ IRU KRXUV DQG WKHQ FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK DOXPLQD DQG (W2$FKH[DQHV JDYH PJ PPRO b \LHOGf RI D FOHDU RLO -+ 105 &'&f +n + GG DQG +]f + + G +]f +n + GG DQG +]f +n + G +]f + + GW DQG +]f +n + GG DQG +]f + + DQG +n + Pf +n + GG DQG +]f + + GG DQG +]f +nn n + GG DQG +]f +nn DQG + + Pf $QDO &DOHG IRU &+1 & + 1 )RXQG & + 1

PAGE 152

&KORURnELS\ULGLQHnR[LGH f $ GHJDVVHG WROXHQH P/f VROXWLRQ RI GLFKORURS\ULGLQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHfSDOODGLXPf PJ PPROf ZDV KHDWHG DW UHIOX[ XQGHU 1 IRU K $ WROXHQH P/f VROXWLRQ RI WULEXW\OVWDQQ\OfS\ULGLQH 1R[LGH PJ PPROf ZDV DGGHG LQ P/ SRUWLRQV RYHU WKH QH[W K 7KH PL[WXUH ZDV VWLUUHG DW UHIOX[ IRU K DQG WKHQ FRROHG WR URRP WHPSHUDWXUH 7KH PL[WXUH ZDV ILOWHUHG WKURXJK D EHG RI &HOLWH WR UHPRYH FDWDO\VW DQG WKH ILOWUDWH ZDV FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPROf RI D VOLJKWO\ \HOORZ VROLG PS r& b \LHOGf + 105 &'&f + + GG DQG +]f +n + G +]f +n DQG + + Pf + + GG DQG +]f $QDO &DOHG IRU &+&O12 & + 1 )RXQG & + 1 n'LFKLRURnELS\ULGLQH f $ VXVSHQVLRQ RI FKORURnELS\ULGLQHOR[LGH f PJ PPROf LQ DFHWLF DQK\GULGH P/f ZDV KHDWHG DW UHIOX[ IRU K 7KH PL[WXUH ZDV FRQFHQWUDWHG WR DQ RLO DQG GLVVROYHG LQ P/ RI 0H2+ ZKLFK ZDV GHFRORUL]HG ZLWK FKDUFRDO ILOWHUHG WKURXJK D EHG RI &HOLWH DQG FRQFHQWUDWHG WR JLYH PJ PPRO b \LHOGf RI D VOLJKWO\ \HOORZ RLO 7KH PDWHULDO ZDV GLVVROYHG LQ 3& P/f DQG '0) P/f DQG KHDWHG DW UHIOX[ IRU K )ROORZLQJ FRQFHQWUDWLRQ 1D&LFH+ ZDV DGGHG XQWLO WKH DTXHRXV SKDVH ZDV VOLJKWO\ EDVLF WR S+ SDSHU 7KH

PAGE 153

DTXHRXV SKDVH ZDV H[WUDFWHG ZLWK P/ RI (W2$F DQG WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG b (W2$F JDYH PJ PPRO b \LHOG PS r&f RI D \HOORZ VROLG + 105 &'&f +n + GG DQG +]f + + GG DQG +]f +n + GG DQG +]f + + GG DQG +]f + + GG DQG +]f +n + GG DQG +]f $QDO &DOHG IRU &+1& & + 1 )RXQG & + 1 n nnnnnnnn4XDWHUS\ULGLQH f $ GHJDVVHG 7+) P/f VROXWLRQ RI nGLFKORURnELS\ULGLQH f PJ PPROf GLHWK\OS\ULG\OfERUDQH PJ PPROf DQG WHWUDNLVWULSKHQ\OSKRVSKLQHf SDOODGLXPf PJ PPROf ZDV VWLUUHG DW URRP WHPSHUDWXUH XQGHU 1 IRU PLQ 6RGLXP ELFDUERQDWH PJ PPROf LQ GHJDVVHG + P/f ZDV DGGHG DQG WKH PL[WXUH ZDV KHDWHG DW UHIOX[ IRU K $IWHU FRROLQJ WR URRP WHPSHUDWXUH DQG GLOXWLRQ ZLWK P/ RI (W2$F WKH RUJDQLF SKDVH ZDV GULHG DQG FRQFHQWUDWHG WR DQ RLO &ROXPQ FKURPDWRJUDSK\ ZLWK .LHVHOJHO DQG (W2$F0H2+ JDYH PJ PPRO b \LHOGf RI DQ RLO ;+ 105 &'&f -+ 105 &'&,f +n n n + G +]f +n + GG DQG +]f + + n + DQG + + Pf +n + GW DQG +]f +n DQG + + Pf +nn + GG DQG +]f +n GG DQG +]f +n + GGG DQG +]f +

PAGE 154

+ GGG DQG +]f + + GG DQG +]f $QDO &DOHG IRU &+K1 & + 1 )RXQG & + 1

PAGE 155

5()(5(1&( /,67 f +HFN 5 ) 3DOODGLXP 5HDJHQWV LQ 2UJDQLF 6\QWKHVLV $FDGHPLF 3UHVV 1HZ
PAGE 156

f f f f f 6WLOOH 7KH &KHPLVWU\ RI WKH 0HWDO&DUERQ %RQG -RKQ :LOH\ 1HZ
PAGE 157

f $PDWRUH & -XWDQG $ 6XDUH] $ $P &KHP 6RF f *UXVKLQ 9 9 $OSHU + &KHP 5HY f 7KRPSVRQ : -RQHV + /\OH 3 $ 7KHLV ( 2UJ &KHP f :ULJKW 6 : +DJHPDQ / 0F/XUH / 2UJ &KHP f 'RZQDUG $ +RQH\ ( 3KLOOLSV / ) 6WHHO 3 ,QRUJ &KHP f +RQH\ ( 6WHHO 3 $FWD &U\VWDOORJU & f .DXIIPDQQ 7 2WWHU 5 *UHYLQJ % .RQLJ 0LWVFKNHU $ :LHQKRIHU ( &KHP %HU f &RQVWDEOH ( & (OGHU 6 0 +HDO\ 7RFKHU $ &KHP 6RF 'DOWRQ 7UDQV f 0RUJDQ 5 %DNHU $ 2UJ &KHP f .HP : 5 6FRWW 1 'XQFDQ + ([SHULHQWLD f :DUG 0 &KHP 6RF 'DOWRQ 7UDQV f 6QLHFNXV 9 &KHP 5HY f 7HUDVKLPD 0 ,VKLNXUD 0 $GY +HWHURF\FO &KHP f $EUDPRYLWFK 5 $ %DUWRQ + 5 )LQHW 3 7HWUDKHGURQ f 8QGKHLP %HQQHFKH 7 +HWHURF\FOHV f 0DOP +RUQIHOGW $ % *URQRZLW] 6 +HWHURF\FOHV f 2KWD $ ,QRXH $ 2KWVXND :DWDQDEH 7 +HWHURF\FOHV f 2KWD $ 2KWD 0 :DWDQDEH 7 +HWHURF\FOHV

PAGE 158

f:DWDQDEH 7 +D\DVKL 6DNXUDGD 2KNL 0 7DNDPDWVX 1 +LURKDWD + 7DNHXFKL
PAGE 159

f f f f =ROWHZLF] $ .DXIIPDQ 0 7HWUDKHGURQ /HWW =ROWHZLF] 2UJ &KHP 6X]XNL $ 0DUWLQ $ $ &UXVNLH 0 3-U 'LOO & 3XUH $SSO &KHP 5
PAGE 160

f *XQGHUVHQ / / %DNNHVWXHQ $ $DVHQ $ 2YHU£V + 5LVH ) 7HWUDKHGURQ f &RPLQV / 2n&RQQRU 6 $GY +HWHURF\FO &KHP f 3KLOOLSV ( +HUEHU 5 + 2UJDQRPHWDO &KHP f :HLQHU 0 $ 2UJDQRPHWDO &KHP & f 0 DQG 7 &KHPLFDOV ,QF $EVWUDFWf f $QGHUVRQ :HEVWHU ( &KHP 6RF 3HUNLQ 7UDQV f =ROWHZLF] $ .DXIIPDQ 0 6PLWK & / $P &KHP 6RF f =ROWHZLF] $ 6PLWK & / $P &KHP 6RF f 9DQ GHU 6WRHO 5 ( 9DQ GHU 3DV + & &KHP 6RF 3HUNLQ 7UDQV f *ULJJ 5 +HWHURF\FO &KHP f .DXIIPDQ % 3LQQHOO 5 3 ,QRUJDQLF 6\QWKHVLV f
PAGE 161

f =ROWHZLF] $ %ORRP / % .HP : 5 2UJ &KHP f 2n1HLO $ 6\QOHWW f .DWULW]N\ $ 5 5XELR 2 6]DMGD 0 1RZDN:\GUD % &KHP 5HV 6f f %XQWLQJ : 0RRUV 5 $P &KHP 6RF f+HR & 0 %XQWLQJ : 2UJ &KHP f 2FDQD % (VSDGD 0 $YHQGDQR & 7HWUDKHGURQ f .LUHHY 9 /HRQWnHY 9 % .XUEDWRY < 9 2WURVKFKHQNR 2 6 6DG\NRY $ 6 ,]Y $NDG 1DXN 6665 6HU .KLP f =ROWHZLF] $ &UXVNLH 0 3-U 7HWUDKHGURQ f 1HJLVKL ( $FF &KHP 5HV f =ROWHZLF] $ &UXVNLH 0 3-U 2UJ &KHP f (IIHQEHUJHU ) .UHEV $ :LOOLHWW 3 &KHP %HU f *ULEEOH : 6DXOQLHU 0 +HWHURF\FOHV f 5RFFD 3 &RFKHQQHF & 0DUVDLV ) 7KRPDVGLWGXPRQW / 0DOOHW 0 *RGDUG $ 4XHJXLQHU 2UJ &KHP f 4XHJXLQHU 0DUVDLV ) 6QLHFNXV 9 (SV]WDMQ $GY +HWHURF\FO &KHP f *XLOOLHU ) 1LYROLHUV ) *RGDUG $ 0DUVDLV ) 4XHJXLQHU 6LGGLTXL 0 $ 6QLHFNXV 9 2UJ &KHP f
PAGE 162

f )DULQD 9 5RWK 3 7HWUDKHGURQ /HWW f /HYLQ 7HWUDKHGURQ /HWW f &RQVWDEOH ( & (OGHU 6 0 :DONHU 9 :RRG 3 7RFKHU $ &KHP 6RF &KHP &RPPXQ f 3RWWV 7 5DLIRUG $ .HVKDYDU]N 0 $P &KHP 6RF f &OHZ & % /RQVGDOH 3URF 5R\ 6RF /RQGRQ 6HULHV $ f 2VERUQH $ *UHHQ 5 6DGOHU + 5HHG 0DJQ 5HVRQ &KHP f &KDXGKXUL 3 6LJHO + $P &KHP 6RF f 1HZNRPH 5 5RSHU 0 5RELQVRQ 0 2UJ &KHP f &UXVNLH 0 3-U =ROWHZLF] $ $EERXG 2UJ &KHP LQ SUHVV f 1HZNRPH 5 +DJHU & 2UJ &KHP f +D\HV 0 $ 0HFNHO & 6FKDW] ( :DUG 0 &KHP 6RF 'DOWRQ 7UDQV f :DUG 0' &KHP 6RF 'DOWRQ 7UDQV f f f f =ROWHZLF] $ &UXVNLH 0 3-U 7HWUDKHGURQ LQ SUHVV 6SRWVZRRG 7 0 $XVW &KHP =ROWHZLF] $ +HOPLFN / 6 2n+DOORUDQ 2UJ &KHP 'LHWULFK%XFKHFNHU & 2 0DUQRW 3 $ 6DXYDJH 3 7HWUDKHGURQ /HWW f 5HZFDVWOH : .DWULW]N\ $ 5 $GY +HWHURF\FO &KHP

PAGE 163

f &RQVWDEOH ( & 6HGGRQ 5 &KHP 6RF &KHP &RPPXQ f &RQVWDEOH ( & 7HWUDKHGURQ f 3RUWQR\ 0 0LOVWHLQ 2UJDQRPHWDOOLFV f 8QGKHLP %HQQHFKH 7 $GY +HWHURF\FO &KHP f %D[WHU 3 /HKQ 0 'H&LDQ $ )LVFKHU $QJHZ &KHP ,QW (G (QJO f ,VKLNXUD 0 0DQR 7 2GD 7HUDVKLPD 0 +HWHURF\FOHV f /XNHV 5 3OLPO &ROOHFW &]HFK &KHP &RPPXQ

PAGE 164

%,2*5$3+,&$/ 6.(7&+ 0LFKDHO 3 &UXVNLH -U ZDV ERUQ RQ -XO\ LQ 7UR\ 1HZ
PAGE 165

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f-DPHV 0 %RQFHOOD &KHPLVWU\

PAGE 166

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

PAGE 167

81,9(56,7< 2) )/25,'$