Page 1 ! ! " # # $ $ % " # ! & ! % Page 2 Page 3 Page 4 ! Page 5 ...

        


                  

  
                            

                                                       

                      

                           
                                    



 
   



 
    

! ! "
  # # $       $  %       

                 


"   # !     &    !%              


     





      
      



      


     

 !
   


 
 
  
  

 
   

     
 

 


     
 
  
 





 ! 
  
"



 
# 

 
 $  !%
 !

   
& 
$
 '  

 
'  

($
 
 ' 

# %
 %
)   %
*  % '  
  $


'
 

 
 + 
 


" %
 
 
 

&
 '  !

#  



 
$, 
 

( 

$
    
  
 
-
 
 
   
.   
   

 
 

 
     
 
  
 

  

 
 
 ! 
"-
 
 

 
 


 


( 
   %
 

 
 


  

   

 
 

. 


 
 %
   %

 %
 
 %
 
 


$ 
   
 

 
$



$ -




 
  
 
 -

 

 

 

  
  
 
 


 


-
- /

/
 
$$$    0 

  1"
1"#23.
" 
  






  


4& 
)*
5
/
+)     6
78%
99:::
&  %
  

) 2 
 ;   *
 

&
 


 
 
 /- 


6WXGLHVRQ6XVWDLQDELOLW\5HVHDUFK

(GLWHGE\ (QHV(PUH%DúDUDQG7XUJXW%D\UDPR÷OX

7KLVERRNKDVEHHQVXSSRUWHGE\6FLHQWLILF5HVHDUFK3URMHFWV'HSDUWPHQWRI%D\EXUW8QLYHUVLW\

    





7$%/(2)&217(176

/,672)7$%/(6Y /,672),//8675$7,216YLL )25(:25'L[

'(9(/23,1*6867$,1$%/(0$5.(7,1*675$7(*6XVWDLQDEOH0DUNHWLQJ@'HWD\6XVWDLQDELOLW\ GHYHORSPHQWPDUNHWLQJDEVROXWHRUJDQLFWH[WLOH@7XQoOXHU\D\ÕQODUÕø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

:HOIRUG 5   &RUSRUDWH (QYLURQPHQWDO 0DQDJHPHQW7RZDUGV 6XVWDLQDEOH 0DQDJHPHQW (DUWKVFDQ/RQGRQ :LVHU52OVRQ6%LUG/ 6ZH]H\% 8WLOLW\JUHHQSULFLQJSURJUDPV$VWDWLVWLFDO DQDO\VLVRISURJUDPHIIHFWLYHQHVV(QHUJ\ (QYLURQPHQW  :RUOG&RPPLVVLRQRQ(QYLURQPHQWDQG'HYHORSPHQW 2XUFRPPRQIXWXUH2[IRUG2[IRUG 8QLYHUVLW\3UHVV