5RGHQWVDVSRVVLEOHUHVHUYRLUVRIOHSWRVSLURVLVLQH[WHQVLYH VZLQHEUHHGLQJV\VWHPV
ä&YHWQLü-
0DUJDOHWLü0
çLNLü0
*ODYDã'
'MLNLü 6âSLþLü,
-XULü.
6DODMSDO
&URDWLDQ9HWHULQDU\,QVWLWXWH=DJUHE+56DYVNDFHVWD&URDWLD
8QLYHUVLW\RI=DJUHE)DFXOW\RI)RUHVWU\=DJUHE+56YHWRãLPXQVNDFHVWD&URDWLD
8QLYHUVLW\RI=DJUHE)DFXOW\RI$JULFXOWXUH=DJUHE+56YHWRãLPXQVNDFHVWD&URDWLD
8QLYHUVLW\RI=DJUHE)DFXOW\RI6FLHQFH=DJUHE+58OLFDNUDOMD=YRQRPLUD&URDWLD
$%675$&7
,QWKHWHUULWRU\RIWKH)RUHVWU\RI9HOLND*RULFDLQWKHHFRQRPLFXQLW³7XURSROMVNL/XJ´
LQYHVWLJDWLRQVZHUHFDUULHGRXWRQWKHGLVWULEXWLRQRIOHSWRVSLUDLQURGHQWVDQGVZLQH RI DXWRFKWKRQRXVEUHHGRI7XURSROMHOLYLQJRQWKDWDUHDDQGWUDGLWLRQDOO\EHLQJH[WHQVLYHO\EUHG ,QWRWDOWKHVDPSOHVRIURGHQWVRIWKHIROORZLQJVSHFLHVZHUHDQDO\VHG$SRGHPXV$
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
,1752'8&7,21
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
8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
DUHDV ZKHUH OHSWRVSLUD SHUVLVW VR VXFK FRQWDPLQDWHG HQYLURQPHQWV DUH WKH VRXUFHV RI LQIHFWLRQIRUDQLPDOVDQGKXPDQV
&KRHWDOGHVFULEHGWKHILQGLQJVRIOHSWRVSLUDLQRIURGHQWVRI$DJUDULXV NLQGDQGLVRODWHGVYLFWHURKDHPRUUKDJLDH6RQJHUHWDODQDO\VHGURGHQWVIURPVL[
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þLüHWDOLGHQWLILHGD VWULSHGILHOGPRXVH$DJUDULXVDVRXUQDWXUDOUHVHUYRLURIOHSWRVSLUDVYSRPRQD7KHILQGLQJV RISRVLWLYHUHDFWLRQVWROHSWRVSLURVLVZHUHGHVFULEHGLQPDQ\NLQGVRIZLOGDQLPDOV0RGULüDQG .DUORYLü%RUþLüHWDO.RYDþLüHWDO
,QWKLVSDSHUWKHLQYHVWLJDWLRQVRQWKHSUHYDODQFHRIOHSWRVSLURVLVLQVPDOOURGHQWVDQG DXWRFKWKRQRXV7XURSROMHVZLQHDUHSUHVHQWHG'LIIHUHQWNLQGVRIPLFHOLNHURGHQWVDQGWKHLU GLVWULEXWLRQLQDSDUWLFXODUUHJLRQDUHGHVFULEHG7KH\DUHDOVRLQGLFDWHGDVSRVVLEOHSRWHQWLDO VRXUFHVRILQIHFWLRQIRUVZLQHNHSWLQH[WHQVLYHEUHHGLQJV
0$7(5,$/6$1'0(7+2'6
,QWKHLQYHVWLJDWLRQVIRUVDPSOLQJVPDOOURGHQWVWKHWUDSVRI³6KHUPDQ´W\SHZHUHXVHGIRU FDWFKLQJWKHURGHQWVHLWKHUGHDGRUDOLYH%DXPOHUDQG%UXQQHU0DUJDOHWLü 7KHWUDSVZHUHVHWLQKXQWLQJDUHDV$SSOHVDQGWKHPL[WXUHRIRDWIODNHVDQGVDUGLQHVLQRLO ZHUH XVHG DV EDLWV 7KH GHWHUPLQDWLRQ RI VDPSOHG XQLWV ZDV FDUULHG RXW DFFRUGLQJ WR 1LHWKDPPHUDQG.UDSS,QWRWDOWKHVDPSOHVRIURGHQWVZHUHDQDO\VHG VHURORJLFDOO\EORRGVDPSOHVDQGEDFWHULRORJLFDOO\NLGQH\V
,Q VZLQH EORRG IRU VHURORJLFDO DQDO\VHV ZDV WDNHQ E\ SXQFWXULQJ WKH YHLQV FDYH FUDQLDOLVMXJXODULVRUDQHDUYHLQ2QWKDWRFFDVLRQWKHEORRGVDPSOHVRI7XURSROMH VZLQH ZHUH VHURORJLFDOO\ DQDO\VHG 7KH VZLQH ZHUH NHSW LQ DQ H[WHQVLYH V\VWHP LQ WKH ZRRGORWRI(QJOLVKRDNVDQGVZDPS\PHDGRZVDFFRUGLQJWRDQROG&URDWLDQWHFKQRORJ\RI ORZIHHGLQSXWDQGXWLOL]LQJWKHQDWXUDOUHVRXUFHVDQGWDNLQJFDUHRIWKHEDODQFHLQWKH HQYLURQPHQW
7KHGLVWULEXWLRQRIOHSWRVSLURVLVLQVPDOOURGHQWVDQG7XURSROMHVZLQHZDVGHPRQVWUDWHGE\
WKHILQGLQJVRIDQWLERGLHVLQWKHLUVHUD$VDQHYLGHQFHRIDQWLERGLHVLQWKHVHUDRIURGHQWVDQG VZLQH WKH PHWKRG RI PLFURVFRSLF DJJOXWLQDWLRQ ZDV XVHG DV D VWDQGDUG ZD\ RI VHURORJLFDO GLDJQRVWLFVDQGFODVVLILFDWLRQRIOHSWRVSLUD,QWKHFDVHRIGHPRQVWUDWLQJDQWLERGLHVWKHEORRG VDPSOHVDUHDQDO\VHGLQIXUWKHUGLOXWLRQVRIWKHVHUDHWF7KHILQGLQJVRIWKHKLJKHVW WLWUHRIDQWLERGLHVIRUDSDUWLFXODUDQWLJHQRIOHSWRVSLUDDQGUHVSHFWLYHO\WKHVHURYDULQWKHVHUD LQGLFDWHVWKH³SUREDEOH´VHURYDUZKLFKFDXVHGWKHLQIHFWLRQ-RKQVRQ$OOWKHEORRG VDPSOHVZHUHDQDO\VHGZLWKWKHDQWLJHQVRI/LQWHUURJDQVVYLFWHURKDHPRUUKDJLDHEDOOXP DXVWUDOLVSRPRQDJULSSRW\SKRVDVHMURHVD[NRHELQJWDUDVVRYLFDQLFRODEDWDYLDHDQGKDUGMR 7KHNLGQH\VRIWKHURGHQWVZHUHVHWRQ.RWKRI¶VPHGLDZLWKWKHSXUSRVHRILVRODWLQJOHSWRVSLUD
5(68/76$1'',6&866,21
,QWKHVDPSOHGPDWHULDOWKHIROORZLQJVSHFLHVRIVPDOOURGHQWVZHUHLGHQWLILHG$DJUDULXV
$IODYLFROOLV$V\OYDWLFXV&OHWKULRQRP\VJODUHROXV0DJUHVWLVDQG0DUYDOLV,QWKH VDPSOHGPDWHULDO$IODYLFROOLVZDVDGRPLQDWLQJFDXJKWVSHFLHV,QWRWDOURGHQWVZHUH HQWUDSSHG,QWKHVDPSOHRIFDXJKWURGHQWVWKHDQWLERGLHVZHUHHVWDEOLVKHGLQVL[
DQLPDOV 7KH PRVW VHURORJLFDOO\ SRVLWLYH UHDFWLRQV ZHUH HVWDEOLVKHG LQ WKH VSHFLHV$ IODYLFROOLVLQIRXUURGHQWVRXWRIFDXJKWDQGLQWKHVSHFLHV&JODUHROXVSRVLWLYHUHDFWLRQV ZHUHHVWDEOLVKHGLQWZRURGHQWV RXW RI ILYH FDXJKW RQHV ,Q RWKHU VSHFLHV VHURORJLFDOO\
SRVLWLYHUHDFWLRQVWROHSWRVSLURVLVZHUHQRWHVWDEOLVKHG,QWKHVSHFLHV$IODYLFROOLVVY DXVWUDOLVLQWKUHHFDVHVDQGVYSRPRQDLQRQHFDVHZDVHVWDEOLVKHGZKLOHLQWKHVSHFLHV
&JODUHROXVVYVHMURHDQGVYDXVWUDOLVZDVHVWDEOLVKHG7DEOH
,QVZLQHWKHDQWLERGLHVWROHSWRVSLUDZHUHHVWDEOLVKHGLQHOHYHQEORRGVDPSOHV RXWRIEORRGVDPSOHVRI7XURSROMHVZLQH7KHDQWLERGLHVWRVYLFWHURKDHPRUUKDJLDHLQ WZRVZLQHVYDXVWUDOLVLQVHYHQVZLQHVYSRPRQDLQRQHVZLQHDQGVYJULSSRW\SKRVD LQRQHVZLQHZHUHGHPRQVWUDWHG7DEOH
7DEOH
3UHVHQWDWLRQRIWKHFDXJKWURGHQWVE\VSHFLHVDQGWKHILQGLQJVRIDQWLERGLHV WROHSWRVSLUD
.LQGRI5RGHQW &DXJKW$QLPDOV )LQGLQJVRI$QWLERGLHVWR/HSWRVSLUD
$SRGHPXVDJUDULXV
$SRGHPXVIODYLFROOLV
$SRGHPXVV\OYDWLFXV
&OHWKLRQRP\VJODUHROXV
0LFURWXVDJUHVWLV
0LFURWXVDUYDOLV
7RWDO
7DEOH
3UHVHQWDWLRQRIWKHQXPEHUDQGSHUFHQWDJHRISRVLWLYHDQLPDOVLQYHVWLJDWHG ZLWKSDUWLFXODUW\SHVRIOHSWRVSLUD
3RVLWLYHVZLQH
EORRGVDPSOHV 3RVLWLYHURGHQWV 7RWDOQXPEHURI DQLPDOVSRVLWLYHWR
OHSWRVSLURVLV /LQWHUURJDQV
1XPEHU 1XPEHU 1XPEHU
VYLFWHURKDHPRUU
VYDXVWUDOLV
VYSRPRQD
VYVHMURH
VYJULSSRW\SKRVD
7RWDO
7KH HSL]RRWLHV RI OHSWRVSLURVLV FDQ EH XQGHUVWRRG RQO\ LI EHLQJ FRQVLGHUHG DV D ZLGHU ELRORJLFDOSKHQRPHQRQDVLVWKHFDVHZLWKPDQ\RWKHUDQWKURSR]RRQRVHV$QDJHORQJ SHUVLVWHQFH RI OHSWRVSLUD JHQXV LV PDGH SRVVLEOH E\ DQLPDOV 2Q WKH OLVW RI OHSWRVSLUD UHVHUYRLUVWKHUHLVDODUJHQXPEHURIDQLPDOVPRVWO\YHUWHEUDWHVPDPPDOVELUGVDQG DPSKLELDQV7KHVXUYLYDORIOHSWRVSLUDLQQDWXUHLVPDGHSRVVLEOHE\DVRFDOOHG³EDVLFKRVW´
ZKLFKLQFHUWDLQQDWXUDOELRFHQRVLVDQGV\PELRVLVPDNHVWKHLUVXUYLYDOSRVVLEOH
7KLVLVNQRZQIRUVYLFWHURKDHPRUUKDJLDHZKHUHWKHEDVLFKRVWLVDPLJUDQWUDW5DWWXV QRUYHJLFXVVYJULSSRW\SKRVDDQGDILHOGYROH0DUYDOLVVYSRPRQDDQGDVWULSHGILHOG PRXVH $ DJUDULXV DQG D VZLQHVY VHMURH DQG D KRXVH PRXVH 0XV PXVFXOXVVY VD[NRHELQJ DQG D\HOORZQHFNHG PRXVH $ IODYLFROOLV %RUþLü 7KH VSHFLHV PHQWLRQHG FDQ EH WKH FDUULHUV RI FHUWDLQ OHSWRVSLUD VY IRU WKHLU ZKROH OLIH ZKLFK ZDV SDUWLFXODUO\ZHOOLQYHVWLJDWHGLQUDWVDQGVYLFWHURKDHPRUUKDJLDH=DKDULMD7KH QDWXUDOIRFLRIOHSWRVSLURVHVVSUHDGDORQJRXUODUJHULYHUV6DYDDQG'UDYDDQGWKH\DUH VXSSRUWHGE\DILHOGYROH0DUYDOLVZKLFKLVDQDWXUDOUHVHUYRLURIVYJULSSRW\SKRVD
%RUþLüHWDO$QRWKHUH[DPSOHRIVXFKDQDWXUDOIRFXVLVDVWULSHGILHOGPRXVH$
DJUDULXVVSHFLILFDOO\IRUVYSRPRQD%RUþLüHWDO,QWKHVHUHJLRQVLQPLFHOLNH URGHQWVWKHSUHVHQFHRIVRPHRWKHUOHSWRVSLUDLVDOVRGHPRQVWUDWHGVYVD[NRHELQJVY DXVWUDOLVVYEDWDYLDHKHQFHLWLVSUHVXPHGWKDWKHUHWKH\DOVRILQGIDYRXUDEOHFRQGLWLRQV IRUVXUYLYDO%RUþLüHWDO,QRXULQYHVWLJDWLRQV$IODYLFROOLVZDVDVSHFLHVLQZKLFK WKHDQWLERGLHVWROHSWRVSLUDZHUHGHPRQVWUDWHGPRVWRIWHQEHLQJIROORZHGE\WKHVSHFLHV
&OHWKULRQRP\JODUHROXV%RUþLüHWDOLGHQWLILHGDVWULSHGILHOGPRXVH$DJUDULXV DQG D WLPEHU YROH & JODUHROXV DV WKH PRVW SUHYDLOLQJ DQLPDO VSHFLHV LQIHFWHG ZLWK OHSWRVSLUD
2XUILQGLQJVRIRIVHURORJLFDOO\SRVLWLYHURGHQWVLVUDWKHUKLJK&KRHWDO GHVFULEHGWKHILQGLQJVRIOHSWRVSLURVLVLQRIURGHQWVRI$DJUDULXVNLQG6RQJHUHWDO IRXQGWKHDQWLERGLHVWROHSWRVSLUDLQRIURGHQWVDWVL[ORFDOLWLHVLQ$UL]RQD
%RUþLü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
DOPRVWWKHVDPHSHUFHQWDJHRIVZLQHDQGURGHQWVVHURORJLFDOO\SRVLWLYHWR OHSWRVSLURVLVDVZHOODVWKHILQGLQJVRIDQWLERGLHVWRVYDXVWUDOLVLQRISRVLWLYHVZLQH DQGRIURGHQWVDQGDOVRWKHILQGLQJVRIDQWLERGLHVWRVYSRPRQDLQRIVZLQHDQG LQRIURGHQWV
/HSWRVSLURVLVLQVZLQHLVPRVWO\DPLOGGLVHDVHDQGUDUHO\DVHYHUHVHSWLFDHPLD0RVW RIWHQLWLVPDQLIHVWHGE\DERUWLRQVLQKHDYLO\SUHJQDQWVRZVRUE\GHOLYHULQJGHDGSLJOHWVRU WKRVHLQFDSDEOHWROLYH7KHPRVWIUHTXHQWVHURYDUHVFDXVLQJDERUWLRQVLQVZLQHDUHVY SRPRQDDQGVYWDUDVVRYL=DKDULMDDQG3HULü6ZLQHFDQEHWKHFDUULHUVRIOHSWRVSLUD JHUPVIRUD\HDUDIWHUWKHLQFLGHQFHRIWKHLQIHFWLRQ=DKDULMDHWDO0RUDOHVHWDO GHVFULEHGWKHLVRODWLRQRIOHSWRVSLUDVYSRPRQDIURPWKHNLGQH\VRIUDWVZKLFKZHUH WKH VRXUFH RIVY SRPRQD RQ D VZLQH IDUP:K\WH DQG 5DWFOLII DV D VRXUFH RI OHSWRVSLURVLVVYSRPRQDRQDVZLQHEUHHGLQJIDUPLGHQWLILHGDILHOGPRXVH$DJUDULXV
.XLNHQHWDOUHSRUWHGWKDWYROHV0DUYDOLVZHUHWKHSRVVLEOHVRXUFHVRIOHSWRVSLUD VYKDUGMRDQGVYJULSSRW\SKRVDDOVRLQFDWWOH
/HSWRVSLURVLVLV]RRQRVLVWKXV)DOLãHYDFUHSRUWHGRQWKHIRFXVRIOHSWRVSLURVLVLQD VZLQHEUHHGLQJLQZKLFKILYHZRPHQJRWLOOZLWKOHSWRVSLURVLVLQWKHSHULRGRIRQHPRQWK
&21&/86,216
,QWKHUHJLRQLQYHVWLJDWHGOHSWRVSLURVLVVSUHDGVLQURGHQWVDQG7XURSROMHVZLQH,QWKHVDPH DUHDWKHSUHYDOHQFHRILGHQWLFDOVHURYDURIOHSWRVSLUDKDVEHHQQRWHGLQURGHQWVDQGVZLQH VYDXVWUDOLVDQGVYSRPRQD
7KHPLFHOLNHURGHQWVDUHWKHQDWXUDOUHVHUYRLUVRIOHSWRVSLUDDQGUHSUHVHQWDVLJQLILFDQW SRWHQWLDOVRXUFHRIWKHLQIHFWLRQIRUVZLQHNHSWLQH[WHQVLYHEUHHGLQJVDQGWKHUHE\UHSUHVHQW DOVRDGDQJHUIRUKXPDQV
5()(5(1&(6
&KR0..HH6+6RQJ+-.LP.+6RQJ.-%DHN/-.LP++2K+%
.LP<:&KDQJ:+,QIHFWLRQUDWH/HSWRVSLUDLQWHUURJDQVLQWKHILHOG URGHQW$SRGHPXVDJUDULXVLQ.RUHD(SLGHPLRO,QIHFW
%RUþLü%.RYDþLü+7YUWNRYLü1âHEHN=$OHUDM%0LãROLNLVLVDYFLNDR UH]HUYRDULOHSWRVSLUDXQL]LQVNLPSRGUXþMLPD65+UYDWVNH0LFHOLNHPDPPDOVDV UHVHUYRLUVRIOHSWRVSLUDLQWKHORZODQGVRI&URDWLD/LM9MHVQLN
%DXPOHU:%UXQQHU0(QWOXVVGHV1DKUXQJVDQJHERWVDXIGLH.RQNXUUHQ]V\PDWULFKHU 0DHXVHDUWHQLQ)RUVWNXOWXUHQ$Q]6FKDHGOLQJVNXQGH3IODQ]HQVFKXW]8PZHOWVFKXW]
%RUþLü%(SLGHPLORJLMDOHSWRVSLUR]D8/HSWRVSLUR]HJRGLãQMHLVWUDåLYDQMHL L]XþDYDQMHX65+UYDWVNRM(SLGHPLRORJ\RIOHSWRVSLURVHV8/HSWRVSLURVHVD
\HDUVLQYHVWLJDWLRQDQGVWXGLHVLQ&URDWLD-80(1$=DJUHE
%RUþLü%.RYDþLü+âHEHN=$OHUDM%7YWNRYLü13ROMVNLPLã$SRGHPXV DJUDULXV3DOOQDãSULURGQLUH]HUYRDUOHSWRVSLUR]HVHURWLSDSRPRQD9HW$UKLY
%RUþLü%.RYDþLü+âHEHN=$OHUDM%7YWNRYLü1/HSWRVSLUDLQWHUURJDQV VHURORãNHYDULMDQWHJULSSRW\SKRVDXPLãROLNLKVLVDYDFDVMHYHUQH+UYDWVNH9HW$UKLY
%RUþLü % 5DRV % âHEHN = .UDQåHOLü ' $EX (OGDQ - )LOLSRYLü 9 3URWXWLMHOD]DOHSWRVSLUHXYHOLNLKGLYOMLKåLYRWLQMDGLYOMDþL6MHYHUQH+UYDWVNH9HW
$UKLY
)DOLãHYDF-3ULORJSR]QDYDQMXSURIHVLRQDOQHOHSWRVSLUR]HXQDãRM]HPOML$UK+LJ -RKQVRQ5&7KH%LRORJ\RI3DUDVLWLF6SLURFKHWHV$FDGHPLF3UHVV1HZ<RUN5DGD
/RQGRQ6WU
.RYDþLü + .DUORYLü 0 )UNRYLü $ ,VWUDåLYDQMH SURãLUHQRVWL SURWXWLMHOD ]D /HSWRVSLUR]XLQWHUURJDQVXGLYOMDþLQDSRGUXþMX*RUVNRJNRWDUD9HW6WDQLFD .RYDþLü+.DUORYLü0)UNRYLü$3ULVXWQRVWLXþHVWDORVWQDOD]DSURWXWLMHOD]D /HSWRVSLUXLQWHUURJDQVXULVD/\Q[/\Q[/X*RUVNRPNRWDUX9HW6WDQLFD
.XLNHQ7YDQ'LMN-(7HUSVWUD:-%RNKRXW%$7KHUROHRIWKHFRPPRQ YROH 0LFURWXV DUYDOLV LQ KH HSLGHPLRORJ\ RI ERYLQH LQIHFWLRQ ZLWK/HSWRVSLUD LQWHUURJDQVVHURYDUKDUGMR9HW0LFURELRO
0DUJDOHWLü-5RGHQWVDQGWKHLUKDUPIXOHIIHFWVRQ7XURSROMVNLOXJ7XURSROMH JURYHDQGRQ&URDWLDQIRUHVWV*ODVâXP3RNXVH
0LFKHO95RXYHQ&ORXHW10HQDUG$6RQULH&)LOORQQHDX&5RNRWRYDR)
*DQLHUH-3$QGUH)RQWDLQH*5ROHRIWKHFR\SX0\RFDVWRUFR\SXVLQWKH HSLGHPLRORJ\RIWKHOHSWRVSLURVLVLQGRPHVWLFDQLPDOVDQGKXPDQVLQ)UDQFH(XU- (SLGHPLRORJ\
0RUDOHV*$*X]PDQ9+%HOWUDQ/(/HSWRVSLURVLVLQ&RORPELDLVRODWLRQ RI /HSWRVSLUD VSS IURP WKH NLGQH\V RI EURZQ UDWV 5DWWXV QRUYHJLFXV WUDSHG RQ LQIHFWHGSLJJHULHV7URS$QLP+HDOWK3URG
0RGULü=.DUORYLü0/HSWRVSLUR]DX]HFD/HSXVHXURSHDXV3DOOX+UYDWVNRM 9HW$UKLY
1LHWKDPPHU-.UDSS)+DQGEXFKGHU6DXJHWLHUH(XURSDV1DJHWLHUH$NDG 9HUODJ:LHVEDGHQ
1LHWKDPPHU-.UDSS)+DQGEXFKGHU6DXJHWLHUH(XURSDV1DJHWLHUH$NDG 9HUODJ:LHVEDGHQ
6RQJHU-*&KLOHOOL&-5HHG5(7UDXPDQ5-/HSWRVSLURVLVLQURGHQWVIURP DQDULGHQYLURQPHQW$P-9HW5HV
=DKDULMD,3UHWUDJDãWDNRUD(QRUYHJLFXVL(UDWXVQDOHSWRVSLUR]XX=DJUHEXL RNROLFL9HW$UKLY±
=DKDULMD,3HULü0,VWUDåLYDQMHåLYRWLQMDX+UYDWVNRM,,,3REDþDMLXNUPDþD X]URNRYDQLV/SRPRQDRGQRVQR/K\RV9HW$UKLY
=DKDULMD,0RGULü=0DUåDQ%*UHJXULü-,VWUDåLYDQMHOHSWRVSLUR]HåLYRWLQMD X+UYDWVNRM;,,.OLFRQRãWYROHSWRVSLUDXHNVSHULPHQWDOQRLQILFLUDQLKVYLQMD9HW
$UKLY
:K\WH3%5DWFOLII507KHSRVVLEOHUROHRIWKHFRPPRQILHOGPRXVH0XV PXVFXOXVLQWKHHSLGHPLRORJ\RIOHSWRVSLURVLVLQSLJV$XVW9HW-
&RUUHVSRQGLQJDXWKRU äHOMNR&YHWQLü
&URDWLDQ9HWHULQDU\,QVWLWXWH
+5=DJUHE6DYVNDFHVWD&URDWLD 7HO)D[
HPDLOFYHWQLF#YHLQVWKU
