Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals

Thermallystimulated luminescence (TSL) of SrB₄О₇:Eu²⁺ single crystals irradiated with у and X-ray quanta has been studied for the first time and compared with that of SrB₄О₇ crystals. The induced optical absorption in the 400 to 700 nm region has been ascribed to 1s → 2р transitions of F⁺ center...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Datum:2006
Hauptverfasser: Yavetskiy, R.P., Dolzhenkova, E.F., Tolmachev, A.V., Parkhomenko, S.V., Baumer, V.N.
Format: Artikel
Sprache:English
Veröffentlicht: НТК «Інститут монокристалів» НАН України 2006
Schriftenreihe:Functional Materials
Online Zugang:http://dspace.nbuv.gov.ua/handle/123456789/139498
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Назва журналу:Digital Library of Periodicals of National Academy of Sciences of Ukraine
Zitieren:Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals / R.P. Yavetskiy, E.F. Dolzhenkova, A.V. Tolmachev, S.V. Parkhomenko, V.N. Baumer // Functional Materials. — 2006. — Т. 13, № 1. — С. 39-43. — Бібліогр.: 19 назв. — англ.

Institution

Digital Library of Periodicals of National Academy of Sciences of Ukraine
id irk-123456789-139498
record_format dspace
spelling irk-123456789-1394982018-06-21T03:06:08Z Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals Yavetskiy, R.P. Dolzhenkova, E.F. Tolmachev, A.V. Parkhomenko, S.V. Baumer, V.N. Thermallystimulated luminescence (TSL) of SrB₄О₇:Eu²⁺ single crystals irradiated with у and X-ray quanta has been studied for the first time and compared with that of SrB₄О₇ crystals. The induced optical absorption in the 400 to 700 nm region has been ascribed to 1s → 2р transitions of F⁺ centers. The Eu²⁺ ions have been shown to act simultaneously as traps and as radiative recombination of charge carriers. Basing on the TSL, optical absorption, and photoluminescence studies of SrB₄О₇:Eu²⁺ single crystals, a TSL mechanism has been proposed associated with the decay of F⁺ centers being in non-equivalent crystallographic positions followed by radiative recombination of charge carriers on europium ions. Possible positions of the localization of radiation-induced defects in the SrB₄О₇ crystal structure has been discussed. Впервые изучена термостимулированная люминесценция монокристаллов SrB₄О₇:Eu²⁺, облученных гамма и рентгеновскими квантами, в сравнении с монокристаллами SrB₄О₇. Наведенное оптическое поглощение в области λ = 400-700 нм приписано 1s → 2р переходам F⁺-центров. Показано, что ионы Eu²⁺ одновременно выступают ловушками, а также центрами излучательной рекомбинации носителей заряда. На основании изучения ТСЛ, оптического поглощения и фотолюминесценции монокристаллов SrB₄О₇:Eu²⁺ предложен механизм ТСЛ, связанный с распадом F⁺-центров, находящихся в неэквивалентных кристаллографических позициях, с последующей излучательной рекомбинацией носителей заряда на ионах европия. Обсуждаются возможные позиции локализации радиационных дефектов в кристаллической структуре SrB₄О₇. Вперше вивчено термостимульовану люмiнесценцiю монокристалiв SrB₄О₇:Eu²⁺, опромiнених гама та рентгенiвськими квантами, у порiвняннi з монокристалами SrB₄О₇. Наведене оптичне поглинання в областi λ = 400-700 нм приписано 1s → 2р переходам F⁺-центрiв. Показано, що iони Eu²⁺ одночасно виступають пастками, а також центрами випромiнювальної рекомбiнацiї носiїв заряду. На основi вивчення ТСЛ, оптичного поглинання i фотолюмiнесценцiї монокристалiв SrB₄О₇:Eu²⁺ запропоновано механiзм ТСЛ, пов'язаний з розпадом F⁺-центрiв, що знаходяться у нееквiвалентних кристалографiчних позицiях, з наступною випромiнювальною рекомбiнацiєю носiїв заряду на iонах європiю. Обговорюються можливi позицiї локалiзацiї радiацiйних дефектiв у кристалiчнiй структурi SrB₄О₇. 2006 Article Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals / R.P. Yavetskiy, E.F. Dolzhenkova, A.V. Tolmachev, S.V. Parkhomenko, V.N. Baumer // Functional Materials. — 2006. — Т. 13, № 1. — С. 39-43. — Бібліогр.: 19 назв. — англ. 1027-5495 http://dspace.nbuv.gov.ua/handle/123456789/139498 en Functional Materials НТК «Інститут монокристалів» НАН України
institution Digital Library of Periodicals of National Academy of Sciences of Ukraine
collection DSpace DC
language English
description Thermallystimulated luminescence (TSL) of SrB₄О₇:Eu²⁺ single crystals irradiated with у and X-ray quanta has been studied for the first time and compared with that of SrB₄О₇ crystals. The induced optical absorption in the 400 to 700 nm region has been ascribed to 1s → 2р transitions of F⁺ centers. The Eu²⁺ ions have been shown to act simultaneously as traps and as radiative recombination of charge carriers. Basing on the TSL, optical absorption, and photoluminescence studies of SrB₄О₇:Eu²⁺ single crystals, a TSL mechanism has been proposed associated with the decay of F⁺ centers being in non-equivalent crystallographic positions followed by radiative recombination of charge carriers on europium ions. Possible positions of the localization of radiation-induced defects in the SrB₄О₇ crystal structure has been discussed.
format Article
author Yavetskiy, R.P.
Dolzhenkova, E.F.
Tolmachev, A.V.
Parkhomenko, S.V.
Baumer, V.N.
spellingShingle Yavetskiy, R.P.
Dolzhenkova, E.F.
Tolmachev, A.V.
Parkhomenko, S.V.
Baumer, V.N.
Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
Functional Materials
author_facet Yavetskiy, R.P.
Dolzhenkova, E.F.
Tolmachev, A.V.
Parkhomenko, S.V.
Baumer, V.N.
author_sort Yavetskiy, R.P.
title Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
title_short Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
title_full Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
title_fullStr Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
title_full_unstemmed Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals
title_sort thermostimulated luminescence of srb₄o₇:eu²⁺ single crystals
publisher НТК «Інститут монокристалів» НАН України
publishDate 2006
url http://dspace.nbuv.gov.ua/handle/123456789/139498
citation_txt Thermostimulated luminescence of SrB₄O₇:Eu²⁺ single crystals / R.P. Yavetskiy, E.F. Dolzhenkova, A.V. Tolmachev, S.V. Parkhomenko, V.N. Baumer // Functional Materials. — 2006. — Т. 13, № 1. — С. 39-43. — Бібліогр.: 19 назв. — англ.
series Functional Materials
work_keys_str_mv AT yavetskiyrp thermostimulatedluminescenceofsrb4o7eu2singlecrystals
AT dolzhenkovaef thermostimulatedluminescenceofsrb4o7eu2singlecrystals
AT tolmachevav thermostimulatedluminescenceofsrb4o7eu2singlecrystals
AT parkhomenkosv thermostimulatedluminescenceofsrb4o7eu2singlecrystals
AT baumervn thermostimulatedluminescenceofsrb4o7eu2singlecrystals
first_indexed 2025-07-10T08:23:26Z
last_indexed 2025-07-10T08:23:26Z
_version_ 1837247560119484416
fulltext 7KHUPRVWLPXODWHG�OXPLQHVFHQFHRI�6U%�2��(X�� VLQJOH�FU\VWDOV 5�3�<DYHWVNL\��(�)�'RO]KHQNRYD��$�9�7ROPDFKHY�6�9�3DUNKRPHQNR��9�1�%DXPHU 67&��,QVWLWXWH�IRU�6LQJOH�&U\VWDOV���1DWLRQDO�$FDGHP\�RI�6FLHQFHV� RI�8NUDLQH�����/HQLQ�$YH���������.KDUNLY��8NUDLQH 5HFHLYHG�2FWREHU��������� �7KHUPDOO\VWLPXODWHG�OXPLQHVFHQFH��76/��RI�6U%�2��(X���VLQJOH�FU\VWDOV�LUUDGLDWHG�ZLWKJ�DQG�;�UD\�TXDQWD�KDV�EHHQ�VWXGLHG�IRU�WKH�ILUVW�WLPH�DQG�FRPSDUHG�ZLWK�WKDW�RI�6U%�2�FU\VWDOV��7KH�LQGXFHG�RSWLFDO�DEVRUSWLRQ�LQ�WKH�����WR�����QP�UHJLRQ�KDV�EHHQ�DVFULEHG�WR �V�o��S�WUDQVLWLRQV�RI�)��FHQWHUV��7KH�(X���LRQV�KDYH�EHHQ�VKRZQ�WR�DFW�VLPXOWDQHRXVO\�DV WUDSV� DQG� DV� UDGLDWLYH� UHFRPELQDWLRQ� RI� FKDUJH� FDUULHUV�� %DVLQJ� RQ� WKH� 76/�� RSWLFDO DEVRUSWLRQ�� DQG� SKRWROXPLQHVFHQFH� VWXGLHV� RI�6U%�2��(X��� VLQJOH� FU\VWDOV�� D� 76/�PHFKD�QLVP�KDV� EHHQ� SURSRVHG� DVVRFLDWHG�ZLWK� WKH� GHFD\� RI�)�� FHQWHUV� EHLQJ� LQ� QRQ�HTXLYDOHQW FU\VWDOORJUDSKLF�SRVLWLRQV�IROORZHG�E\�UDGLDWLYH�UHFRPELQDWLRQ�RI�FKDUJH�FDUULHUV�RQ�HXUR� SLXP�LRQV��3RVVLEOH�SRVLWLRQV�RI�WKH�ORFDOL]DWLRQ�RI�UDGLDWLRQ�LQGXFHG�GHIHFWV�LQ�WKH�6U%�2�FU\VWDO�VWUXFWXUH�KDV�EHHQ�GLVFXVVHG� {¹Ë¯m©Ë� ÒÏ��ËÓÈ� �˯亰�Òä�ãÒ¯ºmÈÓÓÈ«� ã äÒÓ˰�ËÓ�Ò«� äºÓº}¯Ò°�Èããºm 6U%�2��(X���� º­ã��ËÓÓ©²��ÈääÈ�Ò�¯ËÓ��ËÓºm°}ÒäÒ�}mÈÓ�ÈäÒ��m�°¯ÈmÓËÓÒÒ�°�äºÓº}¯Ò°��ÈããÈäÒ�6U%�2���sÈmË�ËÓÓºË�º¹�Ò�˰}ºË�¹º�ãº�ËÓÒË�m�º­ãȰ�Ò�O� ����Ü����Óä�¹¯Ò¹Ò�°ÈÓº��V�o��S�¹Ë¯Ë²º�Èä�)���ËÓ�¯ºm���º}ÈÏÈÓº����º�ÒºÓ©�(X���º�Óºm¯ËäËÓÓº�m©°��¹È � ãºm��}ÈäÒ�� È� �È}ÎË� �ËÓ�¯ÈäÒ� ÒÏã��È�Ëã Óº®� ¯Ë}ºä­ÒÓÈ�ÒÒ� Óº°Ò�ËãË®� Ïȯ«�È�� sÈ º°ÓºmÈÓÒÒ� ÒÏ��ËÓÒ«� �v��� º¹�Ò�˰}º�º� ¹º�ãº�ËÓÒ«� Ò� Áº�ºã äÒÓ˰�ËÓ�ÒÒ� äºÓº}¯Ò°� �Èããºm�6U%�2��(X���¹¯Ë�ãºÎËÓ�ä˲ÈÓÒÏä��v���°m«ÏÈÓÓ©®�°�¯È°¹È�ºä�)���ËÓ�¯ºm��ÓȲº��«�Ò²°«�m�Ó˪}mÒmÈãËÓ�Ó©²�}¯Ò°�Èããº�¯ÈÁÒ�˰}Ò²�¹ºÏÒ�Ò«²��°�¹º°ãË�� �Ë®�ÒÏã��È� �Ëã Óº®�¯Ë}ºä­ÒÓÈ�ÒË®�Óº°Ò�ËãË®�Ïȯ«�È�ÓÈ�ÒºÓȲ�Ëm¯º¹Ò«��|­°�Î�È �°«�mºÏäºÎÓ©Ë ¹ºÏÒ�ÒÒ�ãº}ÈãÒÏÈ�ÒÒ�¯È�ÒÈ�ÒºÓÓ©²��ËÁË}�ºm�m�}¯Ò°�ÈããÒ�˰}º®�°�¯�}��¯Ë�6U%�2�� 6WURQWLXP� WHWUDERUDWH� 6U%�2�� �6%2�� LVNQRZQ� WR� EH� DQ� KLJKO\� VXLWDEOH�PDWHULDO� LQ HOHFWURQ� RSWLFV� >�@�� 'XULQJ� ODVW� IHZ� \HDU� 6%2� DWWUDFWV� D� JUHDW� DWWHQWLRQ� UHVHDUFKHUV DLPHG�DW�GHYHORSPHQW�DQG�XVH�RI�GRVLPHWULF PDWHULDOV��6%2� EHORQJV� WR� UKRPELF� V\VWHP� VSDFH� JURXS� 3QP��� � D � �����������c �E� �����������c��F� �����������c��9� �������c�� GFDOF� �������J�FP��� =� ��� >�@�� 7KH� 6%2 FU\VWDO� VWUXFWXUH� LV� GHILQHG� E\� WKH� ERURQ� R[\JHQ� IUDPHZRUN�� $� VSHFLILF� IHDWXUH� RI WKDW� FRPSRXQG� LV� WKDW� WKH� IUDPHZRUN� LV IRUPHG� E\� IRXUIROG�FRRUGLQDWHG� ERURQ DWRPV�� 7KH� SUHVHQFH� RI� DQ� R[\JHQ� DWRP FRPPRQ� IRU� WKUHH� WHWUDKHGURQV� LQVWHDG� RI WZR�RQHV�DV�LQ�RWKHU�ERUDWHV�LV�DOVR�D�GLVWLQ� JXLVKLQJ� IHDWXUH�� $QLRQLF� �%�2���±� JURXSVVKDSHG�DV���PHPEHUHG�RSHQHG�ULQJV�DUH�FRQ� QHFWHG� WRJHWKHU� E\� PHDQV� RI� WKH� FRPPRQ R[\JHQ� DWRPV� DQG� IRUP� FKDLQV� H[WHQGHG DORQJ�WKH�>���@�D[LV��7KH�FKDLQV��EHLQJ�FRQ� QHFWHG� E\� R[\JHQ� DWRPV� DJDLQ�� IRUP� OD\HUV SDUDOOHO� WR� WKH� ������ SODQH� DQG� WKH� OD\HUV DUH� FRQQHFWHG� LQ� WXUQ� LQWR� D� WKUHH�GLPHQ� VLRQDO�QHWZRUN�E\�EULGJH�DWRPV��7KH�6U�FDW� LRQV�DUH�FRRUGLQDWHG�E\�QLQH�R[\JHQ�DWRPV� 7KH�PHWDO�FDWLRQV�VWDELOL]LQJ�WKH�IUDPHZRUN DUH� ORFDWHG� LQ� WKH� IUDPHZRUN�YRLGV�SDUDOOHO WR�>���@�DQG�>���@�D[HV�>�@� 7KH�SUHVHQFH�RI�%2��WHWUDKHGURQV�RQO\�LQWKH� IUDPHZRUN� �ZKLOH� LQ�DOO�ERUDWHV�EHORQJ� LQJ�WR�WKDW�VWUXFWXUH�W\SH��WKH�SRO\DQLRQ� LV )XQFWLRQDO�0DWHULDOV�����1R��������� �������Û�,QVWLWXWH�IRU�6LQJOH�&U\VWDOV )XQFWLRQDO�PDWHULDOV������������� �� IRUPHG�E\� MRLQLQJ�ERWK�ERURQ�R[\JHQ�WHWUD� KHGURQV� DQG� ERURQ�R[\JHQ� WULDQJOHV�� SUR� YLGHV� WKH� VWDELOL]DWLRQ� RI� UDUH�HDUWK� LRQV� H�J���(X��6P��<E��LQ�WKH�ELYDOHQW�VWDWH�HYHQ LI�WKH�FRPSRXQG�LV�V\QWKHVL]HG�LQ�DLU�>�Ü�@� 7KLV�PDNHV�LW�SRVVLEOH�WR�REWDLQ�D�ZLGHEDQG OXPLQHVFHQFH� RI�(X��� DQG�<E��� LRQV� W\SLFDO RI� LQWHUFRQILJXUDWLRQ� �IQÜ��GÜ�IQ� WUDQVL� WLRQV�� 7KH� OXPLQHVFHQFH� SURSHUWLHV� RI 6U%�2��(X��� ZLWKLQ� D� ZLGH� FRQFHQWUDWLRQUDQJH� DQG� WKH� HQHUJ\� PLJUDWLRQ� EHWZHHQ (X��� LRQV�KDYH�EHHQ�VWXGLHG�LQ�GHWDLO� LQ�>�� �@��7KH�SUHVHQFH�RI�DQ�LQWHQVH�OXPLQHVFHQFH RI�6U%�2��(X���SHDNHG�DW�O� �����QP�DOORZVWR�DQQRXQFH�WKH�PDWHULDO�DV�DQ�89�SKRVSRU RI�JRRG�SURPLVH�>�@�� ,W�KDV�EHHQ�VKRZQ� >�@�WKDW�6%2� H[KLELWV DQ� LQWULQVLF� 76/� FRPSDUDEOH� ZLWK� WKDW� RI 7/'�����LQ�WKH�RUGHU�RI�PDJQLWXGH��'XH�WR LWV�QRQ�K\JURVFRSLFLW\�FRPELQHG�ZLWK�D�KLJK 76/�\LHOG��6%2�FDQ�EH�FRQVLGHUHG�DV�D�SUR� VSHFWLYH� PDWHULDO� IRU� WKHUPROXPLQHVFHQFH GRVLPHWU\�� 7KH� LQWURGXFWLRQ� RI� UDUH�HDUWK DFWLYDWRUV�LV�NQRZQ�WR�SURYLGH�D�VXEVWDQWLDO LPSURYHPHQW�RI�76/�\LHOG�IRU�YDULRXV�PDWH� ULDOV��,W�KDV�EHHQ�VKRZQ�EHIRUH�>������@�WKDW WKH�DFWLYDWLRQ�ZLWK�&H�DQG�6P�LRQV�LV�LQHI� ILFLHQW�ZKLOH�DFWLYDWLRQ�ZLWK�'\� >������@�RU (X�>������@�SURYLGHV�WKH�76/�\LHOG�LPSURYHG E\� VHYHUDO� WLPHV�� $W� WKH� VDPH� WLPH�� WKH SUREOHPV�RI�UDGLDWLRQ�LQGXFHG�GHIHFW�IRUPD� WLRQ�LQ�UDUH�HDUWK�DFWLYDWHG�6%2�FU\VWDOV�GR QRW�ILQG�DQ\�VXIILFLHQW�DWWHQWLRQ�LQ�PRGHUQ OLWHUDWXUH��2QO\�UHFHQWO\��ZH�KDYH�SURSRVHG D�76/�PHFKDQLVP�IRU�6%2�(X���SRO\FU\VWDOV DVVRFLDWHG� ZLWK� WKH� GHFD\� RI� DQ� )�� FHQWHU �R[\JHQ� YDFDQF\� KDYLQJ� RQH� FDSWXUHG� HOHF� WURQ�� IROORZHG� E\� UDGLDWLYH� UHOD[DWLRQ� RI� D (X���LRQ�>��@��EXW�LW�FDQQRW�EH�FRQVLGHUHG�WR EH� D� GHILQLWLYH� RQH�� 7KH� 76/� RI� 6%2�(X�� VLQJOH� FU\VWDOV� LV� QRW� GHVFULEHG� DW� DOO�� EH� FDXVH�ERUDWH� VLQJOH� FU\VWDOV�DUH�GLIILFXOW� WR JURZ� GXH� WR� KLJK�PHOW� YLVFRVLW\� DQG� WUHQG WR�FRQVLGHUDEOH�RYHUFRROLQJ� >��@��7KXV�� WKLV ZRUN� LV�DLPHG�DW� VWXG\�RI� WKH�UDGLDWLRQ�LQ� GXFHG� GHIHFW� IRUPDWLRQ� PHFKDQLVPV� LQ 6U%�2��(X���VLQJOH�FU\VWDOV�7KH�6%2�(X��� ZDV� V\QWKHVL]HG� E\� VROLG� SKDVH� PHWKRG� DW� WHPSHUDWXUHV� RI� ���� WR �����.��6WURQWLXP�FDUERQDWH�6U&2���VSHFLDOSXULW\�JUDGH��DQG�ERULF�DFLG�+�%2�� �FKHPL�FDO� SXULW\� JUDGH�� LQ� VWRLFKLRPHWULF� UDWLR ZHUH� XVHG� DV� WKH� VWDUWLQJ�PDWHULDOV�� (XUR� SLXP� ZDV� LQWURGXFHG� DV� R[LGH� (X�2�� �VSH�FLDO� SXULW\� JUDGH��� 7KH� ILQDO� SURGXFW� SKDVH FRPSRVLWLRQ� ZDV� FRQWUROOHG� E\� ;3$�� 7KH 6%2�(X��� VLQJOH� FU\VWDOV� ZHUH� JURZQ� E\ &]RFKUDOVNL� WHFKQLTXH� IURP�SODWLQXP�FUXFL� EOHV�LQ�DLU�RQWR�VLQJOH�FU\VWDO�VHHGV�RULHQWHG DORQJ�WKH�>���@�GLUHFWLRQ��7KH�URWDWLRQ�DQG SXOOLQJ� VSHHGV� ZHUH� ��� USP� DQG ����� PP�K�� UHVSHFWLYHO\�� 7KH� D[LDO� WHP� SHUDWXUH� JUDGLHQW� LQ� WKH� FU\VWDOOL]DWLRQ ]RQH�ZDV����.�FP��%ORFN� W\SH�VLQJOH� FU\V� WDOV� ZHUH� REWDLQHG� LQ� WKH� FRXUVH� RI� WKH JURZLQJ�H[SHULPHQWV��7UDQVSDUHQW�SROLVKHG VDPSOHV�RI��u�u��PP��VL]H�ZHUH�FXW�RXW�RI KRPRJHQHRXV�SDUWV�RI�WKH�FU\VWDOV�DQG�XVHG LQ�WKLV�ZRUN��7KH�JURZQ�VLQJOH�FU\VWDOV�KDG WKH� IROORZLQJ� FU\VWDOORJUDSKLF� FKDUDF� WHULVWLFV�� D� �����������p�� E� �����������p� F� �����������c�� 9� ������� c��� 7KH� HXUR� SLXP� FRQFHQWUDWLRQ� LQ� WKH� FU\VWDOV�� DV� GHWHU� PLQHG�E\�FKHPLFDO�DQDO\VLV��ZDV�������DW����� 2SWLFDO�DEVRUSWLRQ�VSHFWUD�ZHUH�PHDVXUHG XVLQJ� D� 6SHFRUG� 0��� 89�9,6� GRXEOH�EHDP VSHFWURSKRWRPHWHU�� 7KH� SKRWROXPLQHVFHQFH ZDV� VWXGLHV� RQ� DQ� DXWRPDWHG� 6'/��� VHWXS �/202�� XQGHU� H[FLWDWLRQ� ZLWK� D� ;H� ODPS� 7KH� VDPSOHV� ZHUH� LUUDGLDWHG� ZLWK� J� RU ;�UD\� TXDQWD� DW� URRP� WHPSHUDWXUH�� $ 583�������������;�UD\� XQLW� �&X� DQRGH� 8� �����N9��,� ��� P$�� DQG� ��&R� J� VRXUFH �(J� �����0H9��ZHUH�XVHG�DW�WKH�LUUDGLDWLRQ�7KH� 76/� FXUYHV� ZHUH� UHFRUGHG� XVLQJ� D KRPH�PDGH� VHWXS� HTXLSSHG� ZLWK� D� )(8��� 307�� 7KH� VDPSOHV� ZHUH� KHDWHG� XVLQJ� D 530���KHDW�FRQWUROOHU�DW�D�UDWH�RI���.�PLQ� ,Q�)LJ����� VKRZQ� LV� WKH� RSWLFDO�DEVRUSWLRQ VSHFWUXP�RI�6%2�(X���VLQJOH�FU\VWDOV��FXUYH���� 7KH�DEVRUSWLRQ�LV�SUHVHQWHG�E\�WZR�EDQGV�LQ WKH� 89� UDQJH� SHDNHG� DW� ���� DQG� ���� QP FRUUHVSRQGLQJ� WR� WKH� WUDQVLWLRQV� IURP� WKH JURXQG� �6���� VWDWH� RI� (X��� LRQ� WR� WKH� H[�FLWHG� VWDWHV� RI� PL[HG� �I��G� FRQILJXUDWLRQ� 6WURQWLXP�LRQ�RFFXSLHV�RQH�HTXLYDOHQW�FU\V� WDOORJUDSKLF� SRVLWLRQ� LQ� WKH� 6%2� FU\VWDO VWUXFWXUH�� WKH�FRRUGLQDWLRQ�QXPEHU�EHLQJ�� )LJ����� $EVRUSWLRQ� VSHFWUD� RI� D� 6U%�2��(X�� VLQJOH� FU\VWDO� SULRU� WR� ���� DQG� DIWHU� ���� J TXDQWD� LUUDGLDWLRQ� ����� UDG�GRVH��� ,QVHW��GLI� IHUHQWLDO�DEVRUSWLRQ�VSHFWUXP�RI�XQLUUDGLDWHG DQG�LUUDGLDWHG�6U%�2��(X���VLQJOH�FU\VWDO� 5�3�<DYHWVNL\�HW�DO����7KHUPRVWLPXODWHG���� �� )XQFWLRQDO�PDWHULDOV������������� DQG� WKH� SRLQW� V\PPHWU\� &V�� 6LPLODU� LRQLFUDGLL� YDOXHV� RI� WKH� HOHPHQWV� �U6U������ �����c�� U(X������ ������c�� IDYRU� WKH� VXEVWL�WXWLRQ� RI�6U��� E\�(X��� LQ� WKH�6%2� FU\VWDO� 8QGHU�WKH�FU\VWDO�ILHOG��WKH�G�VWDWHV�RI�(X�� EHFRPH�VSOLW�LQWR�WZR�OHYHOV��W�J�DQG�HJ��,W�LVMXVW� WKH� WUDQVLWLRQV�WR� WKRVH� OHYHOV�WKDW�DUH REVHUYHG�LQ�WKH�DEVRUSWLRQ�VSHFWUXP� 7KH� SKRWROXPLQHVFHQFH� VSHFWUXP� RI 6%2�(X��� FU\VWDOV� FRQVLVWV� RI� D� ZLGH� EDQG SHDNHG� DW� ���� QP� WKDW� FRUUHVSRQGV� WR� WKH �I��G�o��I�� ��6����� WUDQVLWLRQV� LQ�(X��� LRQ�)LJ������ 7KH� SKRWROXPLQHVFHQFH� H[FLWDWLRQ VSHFWUXP� DJUHHV� ZLWK� GDWD� IURP� >����@� DQG FRQWDLQV� ZLGH� EDQGV� LQ� WKH� ���Ü���� DQG ���Ü���� QP� UDQJHV� WKDW� DUH� REVHUYHG� DOVR LQ�WKH�RSWLFDO�DEVRUSWLRQ�VSHFWUD��7KH�;�UD\ OXPLQHVFHQFH�VSHFWUXP�RI�6%2�(X���FU\VWDOV LV� VLPLODU� WR� WKH� SKRWROXPLQHVFHQFH� RQH� WKXV�HYLGHQFLQJ�WKH�SUHVHQFH�RI�DQ�HIILFLHQW FKDQQHO�RI�WKH�HQHUJ\�WUDQVIHU�WR�WKH�HPLV� VLRQ�FHQWHUV�RI�(X���DFFRUGLQJ�WR�D�UHFRPEL� QDWLRQ�PHFKDQLVP� ,UUDGLDWLRQ�RI�6%2�(X���FU\VWDOV�ZLWK�;�UD\ RU�J�TXDQWD�UHVXOWV� LQ�D�GHFUHDVHG� LQWHQVLW\ RI� WKH� ���� DQG� ���� QP� DEVRUSWLRQ� EDQGV �)LJ����� FXUYH� ��� DQG� LQ� GHFUHDVHG� SKRWROX� PLQHVFHQFH� LQWHQVLW\� DW� ���� QP� �)LJ���� FXUYH� �E��� 7KLV� LV� GXH� WR� WKH� UDGLDWLRQ�LQ� GXFHG� WUDQVLWLRQ� RI� D� IUDFWLRQ� RI�(X��� LRQV LQWR� WULYDOHQW� FKDUJH� VWDWH� �(X���o�(X���� 7KH� H[FHVV� FKDUJH� PD\� EH� FRPSHQVDWHG HLWKHU� GXH� WR� IRUPDWLRQ� RI� D� UDGLDWLRQ�LQ� GXFHG� VWURQWLXP� YDFDQF\� E\� LPSDFW�PHFKD� QLVP� RU� WR� ORFDO� GHIRUPDWLRQ� RI� WKH� ERURQ� R[\JHQ� IUDPHZRUN�� VLQFH� (X��� LRQLF� UDGLXV LV�VPDOOHU�WKDQ�WKDW�RI�(X���LRQ�������c�DQG �����c�� UHVSHFWLYHO\��� 7KH� IDFW� WKDW 6%2�(X��� FU\VWDOV� VKRZ�D�76/�HYHQ�DIWHU�D 89� LUUDGLDWLRQ� >��@� DOORZV� WR� VXSSRVH� WKDW WKH� FKDUJH� FRPSHQVDWLRQ� RFFXUV� DFFRUGLQJ WR� WKH� VHFRQG�PHFKDQLVP�� VLQFH� WKH�89�HQ� HUJ\� LV� FOHDUO\� LQVXIILFLHQW� WR� GLVSODFH� WKH VWURQWLXP�LRQ�LQWR�DQ�LQWHUVWLFH��7KH�H[SHUL� PHQWDO� IDFW� RI� WKH� (X� LRQ� FKDUJH� VWDWH FKDQJH� LV� FRQILUPHG� E\� VLPXODWLRQ� RI� WKH VWURQWLXP� WHWUDERUDWH� HOHFWURQ� VWUXFWXUH XVLQJ�WKH�PROHFXODU�RUELWDO�PHWKRG��$FFRUG� LQJ� WR� >��@�� WKH� JURXQG� VWDWH� RI� (X��� LV DERXW� ���� H9� KLJKHU� WKDQ� WKH� YDOHQFH� EDQG WRS��7DNLQJ�LQWR�DFFRXQW�WKH�HVWLPDWHG�EDQG JDS�ZLGWK� IRU�6%2� �DERXW� �� H9� >��@��� LW� LV REYLRXV�WKDW�WKH�(X���LRQ�DFW�DV�DQ�HIIHFWLYH KROH�FDSWXULQJ�FHQWHU�LQ�6%2�FU\VWDO� )LJ���� SUHVHQWV� WKH� 76/� FXUYH� RI 6%2�(X��� VLQJOH� FU\VWDOV� LUUDGLDWHG� ZLWK ;�UD\�TXDQWD�LQ�FRPSDULVRQ�WR�WKDW�RI�6%2 RQHV�� 7KH� 6%2�(X��� VLQJOH� FU\VWDO� 76/� LV SUHVHQWHG� E\� WKUHH�PDLQ� SHDNV� LQ� WKH����Ü ����.�UDQJH�DQG�E\�KLJK�WHPSHUDWXUH�SHDNV DERYH� ���� .� �)LJ����� FXUYH� ���� 7KH� SDUWLDO RYHUODSSHG� 76/� SHDNV� GR� QRW� SURYLGH� DQ\ FRUUHFW� HYDOXDWLRQ�RI� WKH� FKDUJH� FDUULHU� DF� WLYDWLRQ� HQHUJ\�� 7R� GHWHUPLQH� WKH� SDUDPH� WHUV� RI� WKH� KLJK�WHPSHUDWXUH� 76/� SHDN� DW ����.�EHLQJ�RI�WKH�KLJKHVW�SUDFWLFDO�LPSRU� WDQFH�� WKH� FU\VWDO� ZDV� DQQHDOHG� DW� ���� .� 7KH� SHDN� DFWLYDWLRQ� HQHUJ\� GHWHUPLQHG XVLQJ�WKH�&KHQ�V�PHWKRG�DIWHU�WKH�DQQHDOLQJ LV� ����� H9�� ILUVW� RUGHU� NLQHWLFVU�� ,W� LV� VHHQ IURP� )LJ���� WKDW� WKH� 6%2� DFWLYDWLRQ� ZLWK (X��� LRQ� GRHV� QRW� UHVXOW� LQ� DQ\� QHZ� 76/ SHDNV� EXW� IDYRUV� WKH� LQWHQVLW\� LQFUHDVH� RI WKH� H[LVWLQJ� RQHV��7KH� VSHFWUDO� FRPSRVLWLRQ RI�6%2�(X���VLQJOH�FU\VWDO�76/�FRUUHVSRQGV WR� WKH� (X��� LRQ� HPLVVLRQ�� 7KXV�� WKH� 76/ FXUYHV�RI�6%2�(X���FDQ�EH�VXSSRVHG�WR�EH�GXH WR�WKH�GHFD\�RI�HOHFWURQ�FDSWXULQJ�FHQWHUV� ,W� LV� MXVW� WKH�)�OLNH� FHQWHUV� �DQLRQLF� YD� FDQFLHV�ZLWK�RQH�RU�WZR�FDSWXUHG�HOHFWURQV� WKDW�DUH� WKH� W\SLFDO� HOHFWURQ�FDSWXULQJ�FHQ� )LJ����� 3KRWROXPLQHVFHQFH� H[FLWDWLRQ� VSHFWUD �OHP� ����� QP�� FXUYHV� ��� DQG� SKRWROXPLQHV� FHQFH� VSHFWUD� �OH[� ����� QP�� FXUYHV� ��� RI� D6U%�2��(X��� VLQJOH� FU\VWDO� SULRU� WR� �D�� DQGDIWHU��E��;�UD\�LUUDGLDWLRQ�������5�GRVH�� )LJ����� 76/� FXUYHV� RI� 6U%�2��(X��� ���� DQG6U%�2������VLQJOH�FU\VWDOV�LUUDGLDWHG�E\�;�UD\TXDQWD�������5�GRVH�� 5�3�<DYHWVNL\�HW�DO����7KHUPRVWLPXODWHG���� )XQFWLRQDO�PDWHULDOV������������� �� WHUV� LQ�WKH�IUDPHZRUN� W\SH�ERUDWH�FU\VWDOV� LQFOXGLQJ� 6%2�� 7KH� &RXORPE� UHSXOVLRQ IRUFHV� FDXVH� D� ORZHU� VWDELOLW\�RI� WKH�)� FHQ� WHU��R[\JHQ�YDFDQF\�ZLWK�WZR�FDSWXUHG�HOHF� WURQV�� DV� FRPSDUHG� WR� WKDW� RI� WKH� )�� RQH �R[\JHQ� YDFDQF\� ZLWK� RQH� FDSWXUHG� HOHF� WURQ��� $FFRUGLQJ� WR� >��@�� WKH� )� FHQWHU� IRU� PDWLRQ� LQ� WKH�2�� SRVLWLRQ� UHVXOWV� LQ� WKUHH HQHUJ\� OHYHOV�DSSHDULQJ� LQ�WKH�FU\VWDO�EDQG JDS�� QDPHO\�� WKRVH� O\LQJ� ���� H9� DERYH� WKH YDOHQFH�EDQG�WRS������H9�XQGHU�WKH�FRQGXF� WLYLW\� EDQG� ERWWRP� DQG� ���� H9� DERYH� WKH YDOHQFH� EDQG� WRS�� 7KH� FDSWXUHG� HOHFWURQV DUH� VXSSRVHG� WR�RFFXS\� WKH� ILUVW�PHQWLRQHG OHYHO�� 6XFK� WUDSV� DUH� REYLRXVO\� XQVWDEOH� DW URRP� WHPSHUDWXUH��7KXV�� LQ�RXU�RSLQLRQ�� LW LV� MXVW� WKH�)�� FHQWHUV� WKDW� DUH� WKH� HOHFWURQ FDSWXULQJ� FHQWHUV� LQ� 6%2�(X��� FU\VWDOV� 7KLV�VWDWHPHQW�LV�FRQILUPHG�E\�GDWD�RQ�WKH LQGXFHG�RSWLFDO�DEVRUSWLRQ�LQ�6%2�(X���VLQ� JOH�FU\VWDOV��LQVHW�LQ�)LJ������7KH�ZLGH�EDQG LQ� ORQJ�ZDYHOHQJWK� VSHFWUDO� UHJLRQ� ����� WR ����QP��LV�W\SLFDO�RI��V�o��S�DEVRUSWLRQ�RI )��FHQWHUV�>��@� 7KH�PDLQ� UDGLDWLRQ�LQGXFHG� SURFHVVHV� LQ 6%2�(X��� FU\VWDOV� DUH� WKH� FKDUJH� VWDWH FKDQJH�RI�(X�LRQV��(X���o�(X����DQG�WKH�)� FHQWHU� IRUPDWLRQ� E\� WKH� LPSDFW�PHFKDQLVP RU� GXH� WR� UHFKDUJLQJ� RI� LQWULQVLF� R[\JHQ YDFDQFLHV�� /HW� YDULRXV� SRVVLEOH�PHFKDQLVPV EH� FRQVLGHUHG� UHVXOWLQJ� LQ� D� UDGLDWLYH� UH� FRPELQDWLRQ�RI�FKDUJH�FDUULHUV�LQ�WKH�FRXUVH RI�76/��7KH� WXQQHOLQJ�RU�GLUHFW�UHFRPELQD� WLRQ�RI�DQ�HOHFWURQ� �UHOHDVHG�XQGHU� WKHUPDO GHFD\�RI�DQ�)��FHQWHU��ZLWK�D�KROH�FDSWXUHG DW� DQ�(X��� LRQ� UHVXOWV� LQ� DSSHDUDQFH� RI� DQ H[FLWHG�VWDWH��(X��� �WKDW�UHOD[HV�HPLWWLQJ�D FKDUDFWHULVWLF� OLJKW� TXDQWXP�� (X�����HÜ�o� �(X��� �o�(X�����KX�� 7KHQ� WKH� WKUHH� SHDNV LQ�WKH�76/�FXUYH�LQ�WKH�����WR�����.�UDQJH DUH�FRQQHFWHG�PRVW�OLNHO\�ZLWK�WKH�GHFD\�RI )��FHQWHUV�ORFDWHG�LQ�QRQ�HTXLYDOHQW�FU\VWDO� ORJUDSKLF�SRVLWLRQV�DQG�GLIIHULQJ� LQ� WKH�DF� WLYDWLRQ� HQHUJ\� YDOXHV�� 7KH� GHHS� WUDSV� UH� VSRQVLEOH� IRU� WKH� KLJK�WHPSHUDWXUH� 76/ SHDN� DW� ���� .�PD\� EH� DVVRFLDWHG� ZLWK� WKH SUHVHQFH�RI�XQFRQWUROODEOH�LPSXULWLHV�LQ�WKH VLQJOH� FU\VWDO� ZKLFK� DUH� QRW� GHWHFWHG� E\ ;3$� >��@�� 7KH� KLJK�WHPSHUDWXUH� DQQHDOLQJ UHVWRUHV� WKH� LQLWLDO�(X��� SKRWROXPLQHVFHQFH LQWHQVLW\� DQG� WKH� DEVRUSWLRQ� FRHIILFLHQW QHDU�����DQG�����QP� 7R� GHWHUPLQH� WKH� FU\VWDOORJUDSKLF� SRVL� WLRQV� RI� DWRPV� LQVWHDG� RI� ZKLFK� WKH� UDGLD� WLRQ�LQGXFHG�YDFDQFLHV�PD\�DSSHDU��ZH�KDYH FRQVLGHUHG� WKH� 6%2� FU\VWDO� VWUXFWXUH �)LJ�� ���� 2[\JHQ� DWRPV� RFFXS\� IRXU� LQGH� SHQGHQW� SRVLWLRQV� LQ� WKH� VWUXFWXUH��2�� DQG 2�� DWRPV� DUH� WKH� EULGJH� RQHV��2�� FRQQHFW� LQJ�WKH�ERURQ�R[\JHQ�FKDLQV�H[WHQGHG�DORQJ WKH� >���@� GLUHFWLRQ� LQWR� D� ERURQ�R[\JHQ OD\HU� SDUDOOHO� WR� ������ ZKLOH�2�� FURVV�OLQN� LQJ� WKH� DGMDFHQW� OD\HUV� LQWR� D� WKUHH�GLPHQ� VLRQDO� IUDPHZRUN�� 7KH� EULGJH� ELQGLQJV� LQ DQ\� FU\VWDO� VWUXFWXUH� DUH� NQRZQ� WR� EH� WKH ZHDNHVW� RQHV� >��@�� 7KHUHIRUH�� WKH� R[\JHQ YDFDQFLHV� DUH� IRUPHG� XQGHU� UDGLDWLRQ�PRVW SUREDEO\�LQ�WKH�FU\VWDOORJUDSKLF�SRVLWLRQV�RI 2��DQG�2���7KH�LQWHUDWRPLF�ELQGLQJV�ZLWKLQ WKH�FKDLQV�IRUPLQJ�WKH�EDVLF�HOHPHQWV�RI�WKH ERURQ�R[\JHQ� OLQN� DUH� PXFK�PRUH� GLIILFXOW WR�EUHDN�GRZQ��+RZHYHU��D�SHFXOLDU�R[\JHQ DWRP� 2�� LV� SUHVHQW� LQ� WKH� FKDLQV� WKDW� LV FRPPRQ� IRU� WKUHH� ERURQ�R[\JHQ� WHWUDKH� GURQV��)LJ������,W�LV�FKDUDFWHUL]HG�E\�FRQVLG� HUDEO\� HORQJDWHG� ELQGLQJV�� WKXV�� WKRVH� DUH PXFK� ZHDNHU� �DYHUDJH� %±2�� GLVWDQFH� LV �����c� ZKLOH� WKH� %±2� GLVWDQFHV� IRU� RWKHU R[\JHQ� DWRPV� DUH� ����� WR� ����� c� ORQJ�� 7KHUHIRUH�� WKH�2�� DWRP� LV� DOVR� D� SRWHQWLDO SUHFXUVRU� RI� D� UDGLDWLRQ�LQGXFHG� YDFDQF\� 7KXV�� WKH� WKUHH� SHDNV� LQ� WKH� 76/� FXUYH� RI 6%2�(X���VLQJOH�FU\VWDOV�DUH�DVVRFLDWHG�ZLWK WKHUPDO�GHFD\�RI�HOHFWURQ�FDSWXULQJ�FHQWHUV� QDPHO\��)�� FHQWHUV� ORFDOL]HG� DW� WKH� VLWHV� RI 2���2���DQG�2��R[\JHQ�DWRPV� 7R� FRQFOXGH�� LW�KDV� EHHQ� VKRZQ� WKDW� WKH LQGXFHG�RSWLFDO�DEVRUSWLRQ�RI�WKH�LUUDGLDWHG 6%2�(X��� VLQJOH� FU\VWDOV� LQ� WKH� ���� WR )LJ�����6U%�2��VLQJOH�FU\VWDO�VWUXFWXUH��$�XQLWFHOO�LV�VKRZQ�E\�OLQHV�� 5�3�<DYHWVNL\�HW�DO����7KHUPRVWLPXODWHG���� �� )XQFWLRQDO�PDWHULDOV������������� ����QP�UDQJH�PD\�EH�GXH�WR��V�o��S� WUDQ� VLWLRQV�RI�)�� FHQWHUV��7KH�76/�RI�6%2�(X�� VLQJOH�FU\VWDOV�LQ�WKH�����WR�����.�UDQJH�LV DVVRFLDWHG�ZLWK� GHFD\�RI� HOHFWURQ� FDSWXULQJ FHQWHUV��)��FHQWHUV��ORFDOL]HG�LQ�QRQ�HTXLYD� OHQW� SRVLWLRQV�� (XURSLXP� LRQV� LQ� WKH 6%2�(X��� VLQJOH� FU\VWDOV� DUH� WKH� FDSWXULQJ FHQWHUV� DQG� WKRVH� RI� WKH� FKDUJH� FDUULHU� UD� GLDWLYH� UHFRPELQDWLRQ��3URFHHGLQJ� IURP� WKH 6%2� FU\VWDO� VWUXFWXUH�� WKH� SRVLWLRQV� RI�2� DQG�2��EULGJH�R[\JHQ�DWRPV�DV�ZHOO�DV�WKDW RI�2��RQH�FRRUGLQDWHG�E\�WKUHH�ERURQ�DWRPV DUH� PRVW� SUREDEOH� SUHFXUVRUV� IRU� WKH� HOHF� WURQ�FDSWXULQJ�FHQWHUV� $XWKRUV� DUH� WKDQNIXO� WR� $�5DHYVNL\� IRU DVVLVWDQFH�LQ�H[SHULPHQWDO�ZRUN� 5HIHUHQFHV � ���<X�6�2VHOHGFKLN��$�/�3URVYLULQ��9�9�6WDUVKHQNR HW�DO���-��&U\VW��*URZWK������������������ � ���)�3DQ���*�6KHQ��5�:DQJ�HW�DO���-��&U\VW��*URZWK� ���������������� � ���=�3HL��4�6X��-��$OOR\V�DQG�&RPSRXQGV��������� ������� � ���=�3HL��4�=HQJ��4�6X��-��3K\V��&KHP��6ROLGV����� ��������� � ���4�6X��+�/LDQJ��7�+X�HW�DO���-��$OOR\V�DQG�&RP� SRXQGV������������������ � ���.�0DFKLGD�� *�$GDFKL�� -�6KLRNDZD�� -��/XPL� QHVFHQFH������������������ � ���$�0HLMHULQN�� -�1X\WHQ�� *�%ODVVH�� -��/XPLQH� VFHQFH����������������� � ���'�6�7KDNDUH�� 6�.�2PDQZDU�� 3�/�0XWKDO� HW DO���3K\V��6WDW��6RO���D������������������� � ���0�6DQWLDJR�� $�/DYDW�� (�&DVHOOL� HW� DO��� 3K\V� 6WDW��6RO���D������������������� ����-�3DXQ�� $�,R]VD�� 6�-LSD�� 5DGLRFKHP��5D� GLRDQDO��/HWW������������������ ����+�0�'LDE��5DG��(IIHFWV� DQG� 'HI��6ROLGV�� ���� ����������� ����$�/DYDW�� &�*UDVHOOL�� 0�6DQWLDJR� HW� DO��� &U\V� 5HV��7HFKQRO������������������ ����-�/L�� -�4�+DR�� &�<�/L� HW� DO��� 5DGLDW�� 0HDV�� ��������������� ����0�)�'XERYLN�� 7�,�.RUVKLNRYD�� 6�9�3DUN� KRPHQNR��$�9�7ROPDFKHY��&U\VWDOORJUDSK\�5H� SRUWV������6����������� ����1�,�/HRQ\XN��-��&U\VW��*URZWK������������������ ����.�&�0LVKUD��-�.�%HUNRZLW]��%�*�'H%RHU��(�$�'DOH� 3K\V��5HY��%������������������ ����9�<X�,YDQRY��9�$�3XVWRYDURY��(�6�6KO\JLQ�HW DO���3K\V��6ROLG�6WDWH����������������� ����5�+�%XEH��3KRWRFRQGXFWLYLW\�RI�6ROLGV��7RKP 9LOH\�,QF���1<�/RQGRQ��������� ����*�%�%RNL\��,QWURGXFWLRQ�WR�&U\VWDO�&KHPLVWU\� 0*8�3XEO���0RVFRZ��������>LQ�5XVVLDQ@� �˯亰�Òä�ã ºmÈÓÈ�ã ä�Ó˰�ËÓ��«�äºÓº}¯Ò°�ÈãLm�6U%�2��(X��c���ÐmË� }Ò®��|�n�iºãÎËÓ}ºmÈ��|�{��ºãäÈ�ºm�v�{��ȯ²ºäËÓ}º��{�l�rÈ�ä˯ {¹Ë¯�Ë�mÒm�ËÓº��˯亰�Òä�ã ºmÈÓ��ã äLÓ˰�ËÓ�L �äºÓº}¯Ò°�ÈãLm�6U%�2��(X����º¹�¯ºäLÓËÓÒ²��ÈäÈ��È�¯ËÓ��ËÓLm° }ÒäÒ�}mÈÓ�ÈäÒ����¹º¯LmÓ«ÓÓL�Ï�äºÓº}¯Ò°�ÈãÈäÒ�6U%�2��sÈmË�ËÓË�º¹�Ò�ÓË�¹º�ãÒÓÈÓÓ«�m�º­ãȰ�L�O� ����Ü����Óä�¹¯Ò¹Ò°ÈÓº��V�o��S�¹Ë¯Ë²º�Èä )���ËÓ�¯Lm���º}ÈÏÈÓº���º�LºÓÒ�(X���º�Óº�ȰӺ�mÒ°��¹È � �¹È°�}ÈäÒ��È��È}ºÎ��ËÓ�¯ÈäÒ mÒ¹¯ºäLÓ mÈã Óº��¯Ë}ºä­LÓÈ�L��Óº°L�m�Ïȯ«����sÈ�º°ÓºmL�mÒm�ËÓÓ«��v���º¹�Ò�Óº�º�¹º� �ãÒÓÈÓÓ«� L� Áº�ºã äLÓ˰�ËÓ�L�� äºÓº}¯Ò°�ÈãLm� 6U%�2��(X��� Ïȹ¯º¹ºÓºmÈÓº� ä˲ÈÓLÏä�v��� ¹ºm�«ÏÈÓÒ®� Ï� ¯ºÏ¹È�ºä�)���ËÓ�¯Lm���º� ÏÓȲº�«� °«���ÓËË}mLmÈãËÓ�ÓÒ²�}¯Ò°�Èãº� �¯ÈÁL�ÓÒ²� ¹ºÏÒ�L«²�� Ï� ÓȰ��¹Óº � mÒ¹¯ºäLÓ mÈã Óº � ¯Ë}ºä­LÓÈ�L¼ � Óº°L�m� Ïȯ«��� ÓÈ LºÓȲ� ¼m¯º¹L �� |­�ºmº¯ � °«� äºÎãÒmL� ¹ºÏÒ�L�� ãº}ÈãLÏÈ�L�� ¯È�LÈ�L®ÓÒ²� �ËÁË}�Lm� � }¯Ò°�ÈãL�ÓL®�°�¯�}��¯L�6U%�2�� 5�3�<DYHWVNL\�HW�DO����7KHUPRVWLPXODWHG���� )XQFWLRQDO�PDWHULDOV������������� ��