)DWW\DFLGFRPSRVLWLRQDQGFKROHVWHUROFRQWHQWRIWKHIDWRI SLJVRIYDULRXVJHQRW\SHV
-&VDSye9DUJD9LVL=V&VDSy.LVVe&VRNRQD
8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU+*XED6iQGRUX+XQJDU\
$%675$&7
7KHDXWKRUVGHWHUPLQHGWKHIDWW\DFLGFRPSRVLWLRQDQGWKHIDWFKROHVWHUROFRQWHQWRIWKH IDWRI0DQJDOLFD+XQJDULDQ/DUJH:KLWHî+XQJDULDQ/DQGUDFHDQG0DQJDOLFDî'XURF SLJV,WZDVHVWDEOLVKHGWKDWQRVLJQLILFDQWGLIIHUHQFHDPRQJWKHWKUHHJHQRW\SHVFRXOG EH GHWHFWHG ZLWK UHVSHFW WR VDWXUDWHG XQVDWXUDWHG RU WKH HVVHQWLDO IDWW\ DFLGV QRU LQ UHJDUG WR FKROHVWHURO FRQWHQW 7KH ILQGLQJV RI WKHVH LQYHVWLJDWLRQV LQGLFDWH WKDW LQ WKH WKUHHSLJJHQRW\SHVVWXGLHGIDWFKROHVWHUROFRQWHQWYDULHVEHWZHHQDQGPJJ
$WWHQWLRQLVDOVRGUDZQWRWKHKLJKROHLFDFLGFRQWHQWUHODWLYHDJHDQG OLQROHLFDFLGFRQWHQWUHODWLYHDJHRISLJIDW
.H\ZRUGVIDWW\DFLGVFKROHVWHUROFRQWHQWIDWSLJYDULRXVJHQRW\SHV ,1752'8&7,21
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
$FFRUGLQJ WR WKH ILQGLQJV RI6DWKHU HW DO WKHUH H[LVWV D UHODWLRQ RI LQYHUVH 8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
SURSRUWLRQDOLW\EHWZHHQWKHGHJUHHRIOHDQQHVVDQGWKHKDUGQHVVRIWKHIDWRI/DFRPEH /DQGUDFHDQG<RUNVKLUHSLJV
,QUHFHQW\HDUV]RRORJLVWVDQGOLYHVWRFNEUHHGHUVZRUOGZLGHKDYHMRLQHGIRUFHVLQ WKH LQWHUHVW RI VDYLQJ LQGLJHQRXV DQG LQWURGXFHG GRPHVWLF OLYHVWRFN EUHHGV IURP H[WHUPLQDWLRQ7KHEHVWVWUDWHJ\ IRU SUHYHQWLQJ WKH GLVDSSHDUDQFH RI VXFK EUHHGV LV WR VWULYHWRPDLQWDLQJHQHWLFGLYHUVLW\IRUZKLFKLWLVSUHFLVHO\WKHLQGLJHQRXVEUHHGVZKLFK FDQSURYHXVHIXO
7KHIXWXUHRIWKH0DQJDOLFDEUHHGLQGLJHQRXVWR+XQJDU\LVODUJHO\GHSHQGHQWRQ KRZLWVSURGXFWVFDQEHXWLOLVHGDQGKRZORQJWHUPPDUNHWRSSRUWXQLWLHVIRUWKHVHFDQEH HQVXUHG7KH0DQJDOLFDSLJLVQRZHQMR\LQJDUHQDLVVDQFHLQ+XQJDU\WKLVLVGXHRQWKH RQHKDQGWRHQGHDYRXUVWRUHWXUQWRWKHWUDGLWLRQDOEUHHGVDQGRQWKHRWKHUKDQGWRWKH QHZPDUNHWRSSRUWXQLWLHVSUHVHQWHGE\WKHSURGXFWLRQRI6HUUDQRW\SHKDPSURFHVVHGE\
PHDQV RI VSHFLDOLVHG 6SDQLVK WHFKQRORJ\ 7KH KDP RI WKH 0DQJDOLFD SLJ LV H[WUHPHO\
VXLWDEOHIRUWKHSURFHVVLQJRISURGXFWVRIWKLVNLQGDVGXHWRLWVPHDWIDWUDWLRDQGWKH GLVWULEXWLRQRIWKHIDWEHWZHHQLWVPXVFOHILEUHVWKHKDPGRHVQRWGU\RXWHYHQGXULQJ WKHORQJWHUPPDWXULQJSURFHVV7KHPHDWRIWKLVEUHHGLVRIRXWVWDQGLQJTXDOLW\LWKDVD KLJK GU\ PDWWHU FRQWHQW DQG LWV UHG FRORXU FRUUHVSRQGV WR FXUUHQW UHTXLUHPHQWV ,WV SDODWDEOHIODYRXULVGHULYHGIURPWKHIDWVXUURXQGLQJWKHPXVFOHWLVVXH
$TXDQWLW\RILQIRUPDWLRQKDVEHHQSXEOLVKHGUHFHQWO\LQFRQQHFWLRQZLWKWKHIDWW\
DFLGFRPSRVLWLRQDQGFKROHVWHUROFRQWHQWRIWKHEDFNIDWDQGRWKHUIDWRIWKH0DQJDOLFD SLJ ,W KDV EHHQ FODLPHG WKDW WKH IDW RI WKH 0DQJDOLFD SLJ LV VRIWHU DQG PRUH HDVLO\
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î'XURF)DQG+XQJDULDQ/DUJH :KLWHî+XQJDULDQ/DQGUDFH)01)î0/SLJV7KH01)î0/JHQRW\SHLVRQHRIWKH PRVWH[WHQVLYHO\XVHGFURVVHVLQ+XQJDU\DQGZDVWKHUHIRUHTXLWHVXLWDEOHWRDFWDVWKH FRQWURO
0$7(5,$/6$1'0(7+2'6
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
7DEOH
&RPSRVLWLRQRIIDWWHQLQJGLHWV,DQG,,
&RPSRQHQW )DWWHQLQJGLHW,
)DWWHQLQJGLHW,,
%DUOH\
0DL]H
6R\EHDQPHDO&3
)XOOIDWVR\DKHDWWUHDWHG
6XQIORZHUPHDO&3
:KHDWEUDQ
0&3PRQRFDOFLXPSKRVSKDWH
/LPHPHDO
6DOW
&RPSOHWHSUHPL[,IRUIDWWHQLQJSLJV
$W OLYH ZHLJKW EHWZHHQ DQG NJ WKH SLJV ZHUH VODXJKWHUHG DQG WKHLU PHDW FODVVLILHGDWWKHVODXJKWHUKRXVHRIWKH$QLPDO%UHHGLQJDQG1XWULWLRQ5HVHDUFK,QVWLWXWH LQ+HUFHJKDORP$IWHUQDUFRVLVDQGVODXJKWHUKDQJLQJWRGUDLQRIIWKHEORRGERLOLQJDW
& DQG PDQXDO VLQJHLQJ DZD\ RI WKH KDLU WKH FDUFDVVHV ZHUH GLYLGHG LQWR SDUWV 'XULQJ WKH URXWLQH VSOLWWLQJ DQG FXWWLQJ LQWR SLHFHV RI WKH FDUFDVVHV J EDFN IDW VDPSOHV ZHUH WDNHQ IURP WKH UHJLRQ RI WKH ZLWKHUV 7KHVH VDPSOHV ZHUH VWRUHG LQ D IUHH]HUSULRUWRODERUDWRU\DQDO\VLV
7DEOH
(QHUJ\FRQWHQWFUXGHSURWHLQDQGDPLQRDFLGFRPSRVLWLRQPLFURDQG PDFURHOHPHQWFRQWHQWDQGYLWDPLQFRQWHQWRIIDWWHQLQJGLHWV,DQG,,
'(V &UXGHSURWHLQ /\V 0HW&\V &D 3 1D 9LW$ 9LW' 9LW(
'LHW 0-NJ 1(NJ 1(NJ PJNJ
'LHW,
'LHW,,
([DPLQDWLRQRIIDWW\DFLGFRPSRVLWLRQDQGFKROHVWHUROFRQWHQW 'HWHUPLQDWLRQRIIDWW\DFLGFRPSRVLWLRQ
$ J TXDQWLW\ RI DGHTXDWHO\ KRPRJHQLVHG EDFN IDW ZDV PHDVXUHG LQWR D FP (UOHQPH\HUIODVNWRZKLFKFPFRQFHQWUDWHGK\GURFKORULFDFLGZDVDGGHGWKHIODVN ZDVWKHQFRYHUHGDQGKHDWHGRQ D VWHDP EDWK IRU PLQXWHV $IWHU FRROLQJ FP HWKDQRODQGFPHWKHUZHUHDGGHGDQGWKHIODVNZDVVKDNHQIRUPLQXWH7KHHWKHU SKDVHZDVWKHQSRXUHGRIILQWRDIODVNDQGFPSHWUROHWKHURIERLOLQJSRLQW&
ZDV DGGHG WR WKH UHPDLQGHU RI WKH VDPSOH WKLV ZDV VKDNHQ IRU PLQXWH DQG DIWHU VHSDUDWLRQ WKH SHWURO HWKHU SKDVH ZDV SRXUHG LQWR WKH HWKHU SKDVH IROORZHG E\
KRPRJHQLVDWLRQ $ TXDQWLW\ RI WKH UHVXOWDQW H[WUDFW NQRZQ WR FRQWDLQ PJ IDW ZDVWKHQWUDQVIHUUHGWRDURXQGERWWRPHGIODVNZLWKDJURXQGJODVVQHFN6XEVHTXHQWWR HYDSRUDWLRQ WKH H[WUDFW ZDV ERLOHG IRU PLQXWHV ZLWK FP RI D VROXWLRQ RI ERURQ WULIOXRULGHLQPHWKDQRODQGDIWHUFRROLQJPL[HGZLWKVDWXUDWHGDTXHRXVVDOLQHVROXWLRQ
7KH RUJDQLF SKDVH ZDV GULHG RQ VRGLXP VXOSKDWH DQG WKHQ LQMHFWHG LQWR WKH JDV FKURPDWRJUDSK
&RQGLWLRQVDSSOLHGIRUJDVFKURPDWRJUDSK\
(TXLSPHQW &KURPSDFN&3JDVFKURPDWRJUDSK
&ROXPQ PîPPTXDUW]FDSLOODU\KXPLGLI\LQJSKDVH&36LO)$0(
'HWHFWRU ),' ,QMHFWRU VSOLWWHU
*DVHV FDUULHUJDVKHOLXPN3DUDWHRIIORZFPPLQ DWWKHGHWHFWRUDLUFPPLQK\GURJHQFPPLQ
7HPSHUDWXUHVLQMHFWRU&GHWHFWRU&FROXPQLQLWLDOO\&WKHQLQFUHDVLQJ E\&PLQWR&DQGVXEVHTXHQWO\LVRWKHUPDOXQWLOWKHSURFHVVZDVFRPSOHWHG 9ROXPHLQMHFWHGmO
&KROHVWHUROGHWHUPLQDWLRQ
7KHSXUHIDWFRQWDLQHGE\JEDFN IDW ZDV H[WUDFWHG LQ 6R[KOHW H[WUDFWLRQ HTXLSPHQW ZLWKQKH[DQHWKHIDWW\H[WUDFWZDVHYDSRUDWHGDQGFPSRWDVVLXPK\GUR[LGH DQGFPPHWKDQROZHUHDGGHGWRWKHUHVLGXH7KHIODVNZDVKHDWHGIRUPLQXWHVRQ DZDWHUEDWKZLWKDUHIOX[FRQGHQVHU$IWHUVDSRQLILFDWLRQKDGEHHQFRPSOHWHGWKHIODVN ZDVFRROHGLWVFRQWHQWVZHUHZDVKHGLQWRDVHSDUDWLQJIXQQHOZLWKîFPZDWHUDQG WKH FKROHVWHURO ZDV H[WUDFWHG ZLWK î FP HWKHU 7KH XQLILHG HWKHU SKDVH ZDV HYDSRUDWHGDIWHUZKLFKWKHUHVLGXHZDVGLVVROYHGLQFPKH[DQHDQGFPPHWKDQRO DQGWKHQLQMHFWHGLQWRWKHJDVFKURPDWRJUDSK
7KHFRQGLWLRQVDSSOLHGIRUWKHJDVFKURPDWRJUDSK\SURFHGXUHZHUHWKHIROORZLQJ (TXLSPHQW &KURPSDFN&3JDVFKURPDWRJUDSK
&ROXPQ PîPPTXDUW]FDSLOODU\KXPLGLI\LQJSKDVH&36LO&%
&DUULHUJDV KHOLXPSUHVVXUHN3D
)ORZUDWLR
7HPSHUDWXUHV LQMHFWRU&GHWHFWRU&FROXPQ&
'HWHFWRU IODPHLRQLVDWLRQGHWHFWRUK\GURJHQFPPLQDLUFPPLQ QLWURJHQFPPLQ
9ROXPHLQMHFWHG mO 6WDWLVWLFDOHYDOXDWLRQRIUHVXOWV
7KH6WXGHQWWWHVWZDVDSSOLHGIRUWKHVWDWLVWLFDOHYDOXDWLRQRIWKHH[SHULPHQWDOGDWD7KH DQDO\VLVRIWKHEDVLFVWDWLVWLFVDQGWKHFRUUHODWLRQDQDO\VHVZHUHSHUIRUPHGE\PHDQVRI WKH6366IRU:LQGRZVVRIWZDUHSDFNDJHYHUVLRQ
5(68/76$1'',6&866,21
7DEOHFRQWDLQVWKHIDWW\DFLGFRPSRVLWLRQRIWKHIDWRIWKHSLJVRIGLIIHUHQWJHQRW\SHVLQ WHUPVRIUHODWLYHPDVVSHUFHQWDJHVRIWKHIDWW\DFLGPHWK\OHVWHUVZKLOH7DEOHVKRZV WKHFKROHVWHUROFRQWHQWRIWKHIDWRIWKHSLJVRIWKHYDULRXVEUHHGV
1RVLJQLILFDQWGLIIHUHQFHDW3=OHYHOEHWZHHQWKHLQGLYLGXDO JHQRW\SHV ZDV GHWHFWHGHLWKHUIRUXQVDWXUDWHGHVVHQWLDOIDWW\DFLGVRUIRUXQVDWXUDWHGQRQHVVHQWLDOIDWW\
DFLGVZLWKWKHH[FHSWLRQRIHLFRVDQRLFDFLG:LWKUHVSHFWWRVDWXUDWHGIDWW\DFLGVZLWK WKH H[FHSWLRQ RI FDSULF ODXULF DQG SDOPLWLF DFLG GLIIHUHQFH EHWZHHQ WKH JHQRW\SHV SURYHGVLJQLILFDQWDW3=OHYHO2IWKHVHVDWXUDWHGIDWW\DFLGVLQWKHFDVHRIVWHDULF
PDUJDULFSHQWDGHFDQRLFDQGQRQDGHFDQRLFDFLGWKH 01)î0/ JHQRW\SH FRQWDLQHG WKH KLJKHU SURSRUWLRQ RQO\ P\ULVWLF DFLG EHLQJ GHWHUPLQHG LQ KLJKHU TXDQWLWLHV LQ WKH 0DQJDOLFDSLJ7KLVVLJQLILHVWKDWWKHUDWLRRIVDWXUDWHG IDWW\DFLGVLQFRPSDULVRQ ZLWK WKHXQVDWXUDWHGIDWW\DFLGVZDVWKHKLJKHVWLQWKH01)î0/SLJVDOWKRXJK WKH GLIIHUHQFH ZDV QRW VLJQLILFDQW WKLV UDWLR SURYLQJ WR EH IRU WKH 0DQJDOLFD7KHYDOXHIRUWKH0DQJDOLFDî'XURFJHQRW\SHZDVIRXQGWREHFORVHUWRWKDW REWDLQHG IRU WKH 01)î0/ JURXS )RU HYHU\ IDWW\ DFLG XQGHU H[DPLQDWLRQ WKH FRQWURO JURXSGLIIHUHGQRQVLJQLILFDQWO\IURPWKH0DQJDOLFDSLJV
$OORIWKHWKUHHJHQRW\SHVLQFOXGHGLQWKLVVWXG\ZHUHIRXQGWRGHYLDWHJUHDWO\IURP WKH K\SRWKHWLFDOO\ LGHDO UDWLR ZLWK UHVSHFW WR IDWW\ DFLG FRPSRVLWLRQ +,) UDWLRV IRU VDWXUDWHG IDWW\ DFLGV EHLQJ FDOFXODWHG DW RQO\ DSSUR[LPDWHO\ LQVWHDG RI ZKLOHWKRVHIRUXQVDWXUDWHGIDWW\DFLGVSURYHGWREHDURXQGUDWKHUWKDQ7KH YDOXHV IRU ROHLF DFLG ZHUH VXEVWDQWLDOO\ KLJKHU WKDQ WKRVH UHSRUWHG LQ WKH OLWHUDWXUHZKLOHWKRVHIRUOLQROHLFDFLGDQGWKRVHIRUOLQROHQLFDFLG ZHUHIRXQGWRFRUUHVSRQGWRWKHOLWHUDWXUHGDWD
7DEOH
)DWW\DFLGFRPSRVLWLRQRIWKHIDWRIWKHSLJVRIYDULRXVJHQRW\SHVUHODWLYH SHUFHQWDJHRIIDWW\DFLGPHWK\OHVWHUV
*HQRW\SH
0DQJDOLFDQ 01)î0/Q 0DQJDOLFDî'XURFQ )DWW\DFLG
0HDQ6' 0HDQ6' 0HDQ6'
&DSULFDFLG
/DXULFDFLG
0\ULVWLFDFLG
3HQWDGHFDQRLFDFLG
3DOPLWLFDFLG
3DOPLWROHLFDFLG
0DUJDULFDFLG
6WHDULFDFLG
2OHLFDFLG
1RQDGHFDQRLFDFLG
/LQROHLFDFLG
$UDFKLGLFDFLG
(LFRVHQRLFDFLG
/LQROHQLFDFLG
(LFRVDWULHQRLFDFLG
$UDFKLGRQLFDFLG
7DEOH
&KROHVWHUROFRQWHQWRIWKHIDWRIWKHSLJVRIYDULRXVJHQRW\SHV
&KROHVWHUROFRQWHQWPJJ
*HQRW\SH 0HDQ6'
0DQJDOLFDQ
+XQJDULDQ/DUJH:KLWHî+XQJDULDQ/DQGUDFHQ
0DQJDOLFDî'XURFQ
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î+XQJDULDQ /DQGUDFH DQG WKH 0DQJDOLFDî'XURF JHQRW\SH FRQVWUXFWLRQV 7KHUH DUH WKHUHIRUH QR JURXQGVIRUDQ\DVVXPSWLRQWKDWWKHIDWRIWKH0DQJDOLFDEUHHGKDVDPRUHIDYRXUDEOH IDWW\ DFLG FRPSRVLWLRQ ZKLFK ZRXOG UHQGHU LW PRUH HDVLO\ GLJHVWLEOH DQG KHDOWKLHU IRU KXPDQVWKDQWKDWRIWKHLQWHQVLYHEUHHGV
$VLPLODUFRQFOXVLRQFDQEHGUDZQZLWKUHJDUGWRWKHFKROHVWHUROFRQWHQWRIWKHIDW RIWKHVHJHQRW\SHV2QWKHEDVLVRIWKHDYHUDJHIRUQLQHDQLPDOVWKHFKROHVWHUROFRQWHQW RIWKHIDWRIWKH0DQJDOLFDZDVPHDVXUHGDWPJJWKDWRIWKH+XQJDULDQ/DUJH :KLWHî+XQJDULDQ /DQGUDFH DW PJ J DQG WKDW RI WKH 0DQJDOLFDî'XURF ) JHQRW\SH DW PJ J 1R VLJQLILFDQW GLIIHUHQFH DW 3< OHYHO ZDV GHWHFWHG EHWZHHQWKHWKUHHJHQRW\SHVZLWKUHVSHFWWRIDWFKROHVWHUROFRQWHQWYDULDQFHZLWKLQWKH JHQRW\SHV SURYHG JUHDWHU WKDQ WKDW EHWZHHQ JHQRW\SHV 7KXV WKHUH LV QR WUXWK LQ WKH UHSRUWVLQGLFDWLQJWKDWWKHIDWRIWKH0DQJDOLFDSLJFRQWDLQVOHVVFKROHVWHUROWKDQWKDWRI WKHPRUHJHQHUDOO\SURGXFHGW\SHVRIIDWWHQLQJSLJ
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
7KHPHDVXUHPHQWVPDGHLQWKLVVWXG\LQGLFDWHWKDWWKHFKROHVWHUROFRQWHQWRISLJIDW YDULHVEHWZHHQDQGPJJ7KLVFKROHVWHUROFRQWHQWLVVXEVWDQWLDOO\ORZHUWKDQ WKDWRINLGQH\OLYHUHJJ\RONERQHPDUURZRUFRGOLYHURLO
5()(5(1&(6
%HH*:HQN&(IIHFWRIVR\EHDQRLODQGEHHIWDOORZVXSSOHPHQWDWLRQWRSLJGLHWV RQWKHIDWW\DFLGSURILOHRIERG\OLSLGV-$QLP3K\VLRO$QLP1XWU
%XUU 0/ )HKLO\ $0 *LOEHUW -) 5RJHUV 6 +ROOLGD[ 50 6ZHHWQDP 30 (OZRRG 3& 'HDGPDQ 10 (IIHFWV RI FKDQJHV LQ IDW ILVK DQG ILEUH LQWDNHVRQGHDWKDQGP\RFDUGLDOUHLQIDUFWLRQ'LHWDQGUHLQIDUFWLRQWULDO'$57 /DQFHW
+UERWLFN\1:HEHU3'LHWDU\KDELWVDQGFDUGLRYDVFXODUULVN7KHUROHRIIDWW\
DFLGV FKROHVWHURO DQG DQWLR[LGDQW YLWDPLQV LQ WKH SUHYHQWLRQ DQG WUHDWPHQW RI FDUGLRYDVFXODU GLVHDVHV ,Q $WKHURVFOHURVLV ,QIODPPDWLRQ DQG 7KURPERVLV (GV 1HUL6HUQHUL***HQVLQL*)5$EEDWH53ULVFR'6FLHQWLILF3UHVV .OLQJHQEHUJ,/.QDEH'$6PLWK6%/LSLGPHWDEROLVPLQSLJVIHGEHHI
WDOORZRUKLJKROHLFDFLGVXQIORZHURLO&RPS%LRFKHP3K\V%
0D\ 6* 6DYHOO -: /XQW '. :LOVRQ -- /DXUHQ] -& 6PLWK 6%
(YLGHQFH IRU SUHDGLSRF\WH SUROLIHUDWLRQ GXULQJ FXOWXUH RI VXEFXWDQHRXV DQG LQWUDPXVFXODU DGLSRVH WLVVXHV IURP $QJXV DQG :DJ\X FURVVEUHG VWHHUV - $QLP 1XUQEHUJ..XKQ*(QGHU.1XUQEHUJ*(IIHFWRISRUFLQHVRPDWRWURSLQ6FL SVWRQFDUFDVVTXDOLW\DQGDGLSRVHWLVVXHFRPSRVLWLRQLQJHQHWLFDOO\GLIIHUHQWSLJV
$UFK7LHU]XFKW
2YHUODQG07DXJERO2+DXJ$6XQGVWROH((IIHFWRIILVKRLORQJURZWK SHUIRUPDQFH FDUFDVV FKDUDFWHULVWLFV VHQVRU\ SDUDPHWHUV DQG IDWW\ DFLG FRPSRVLWLRQLQSLJV$FWD$JU6FDQG
5HLG\ 75 $WNLQVRQ -/ /HHVRQ 6 6WUDLQ FRPSDULVRQ RQ WXUNH\ HJJ FRPSRQHQWV3RXOWU\6FL
6DWKHU$3-RQHV6'05REHUWVRQ:0=DZDGVNL 66H[HIIHFWVRI IDW KDUGQHVVPHWHUUHDGLQJVRIPDUNHWZHLJKWSLJV&DQ-$QLP6FL 6LPRSRXOXV$32PHJDIDWW\DFLGVLQKHDOWKDQGGLVHDVHDQGLQJURZWKDQG
GHYHORSPHQW$P-&OL1XWU
:HEHU 3& 6HOOPD\HU $ +UERWLFN\ 1 )DWW\ DFLGV DQG WKHLU GLYHUVH IXQFWLRQV $ FKDOOHQJH WR IXWXUH IRRG SURGXFWLRQ WK $QQ 0HHWLQJ ($$3
&RSHQKDJHQ
:LOOHWW:&'LHWDQGKHDOWK:KDWVKRXOGZHHDW"6FLHQFH
&RUUHVSRQGLQJDXWKRU -iQRV&VDSy
8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH +.DSRVYiU32%R[+XQJDU\
7HO)D[
HPDLOFVDSR#PDLODWNXNDSRVYDUKX