)DWW\DFLGFRPSRVLWLRQRIWLVVXHV RI7XURSROMHKRJVDQGFURVVEUHHGV
0 LNLü,-XULü60XåLF
8QLYHUVLW\RI=DJUHE)DFXOW\RI$JULFXOWXUH=DJUHE+56YHWRãLPXQVNDF&URDWLD
$%675$&7
3XUSRVH RI WKLV UHVHDUFK LV WR LQYHVWLJDWH WKH SURSRUWLRQ DQG FRPSRVLWLRQ RI LQWUDPXVFXODUIDW,0)LQ0/'DQGIDWLQEDFNIDW%)E\DQDO\]LQJVDWXUDWHG6)$
PRQRXQVDWXUDWHG08)$DQGSRO\VDWXUDWHG38)$ IDWW\ DFLGV DW KRJV RI 7XURSROMH EUHHG7DQGFURVVEUHHGV&/7 &/PRGHUQJHQRW\SHî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
LQ ,0) RI 0/' DQG IDW LQ %) IRU 7 JURXS ZHUH DQG DQG DQG UHVSHFWLYHO\)RU&/7 JURXS WKHVH YDOXHV ZHUH DQG DQG DQGUHVSHFWLYHO\
.H\ZRUGV7XURSROMHSLJEUHHGFURVVEUHGIDWW\DFLGPXVFOHDQGIDWWLVVXH ,1752'8&7,21
7XURSROMHSLJEUHHGLVWKHROGHVW&URDWLDQDXWRFKWKRQRXVSLJEUHHGDQGRQHRIWKHROGHU (XURSHDQRQHVWRR%DVHGRQWKHKLVWRULFDOOLWHUDWXUH LNLüDQG-XULüVWDWHGWKDW WKHGHYHORSPHQWRIWKLVEUHHGVWDUWHGZLWK7XURSROMHSLJZLWKWKHSDUWLFLSDWLRQRIâLãND DQGVRPHRWKHU(XURSHDQEUHHGVRISLJVGXULQJWKH;9,,DQG;,;FHQWXU\5HIHUHQFHV RQWKHLVVXHRISLJEUHHGVWKDWSDUWLFLSDWHGLQWKLVSURFHVVDUHVR GLYHUVH WKDW LW LV QRW SRVVLEOH WR EH FHUWDLQ DERXW ZKLFK RI WKHP SDUWLFLSDWHG LQ FUHDWLRQ RI 7XURSROMH SLJ 7RGD\H[DPLQDWLRQRIWKLVEUHHGRQPROHFXODUOHYHOLVLQSURJUHVV+DUFHWHWDO
%DVHG RQ WKH KLVWRULFDO VRXUFHV DXWKRUV VHW WKH K\SRWKHVLV WKDW 7XURSROMH SLJ LV DQ DXWRFKWKRQRXV &URDWLDQ SLJ FUHDWHG LQ WKH SHULRG RI GRPHVWLFDWLRQ LQ WKH DUHD RI 7XURSROMH7XURSROMHSLJZDVRULJLQDOO\FUHDWHGDVDQGWRGD\LWVWLOOLVDEUHHGIRUWKH 8QLYHUVLW\RI.DSRVYiU)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU
RXWGRRU V\VWHP RI SURGXFWLRQ LQ WKH HFRV\VWHP RI IORRG IRUHVWV RI4XHUFXV UREXU )UD[LQXV H[FHOVLRU)DJXV VLOYDWLFD DQG WKH'HVFKDPVLHWXP FDHVSLWRVD PHDGRZV DQG FRQWLQHQWDOFOLPDWH7RGD\DQGLQWKHSDVWDQROG&URDWLDQWHFKQRORJ\LQEUHHGLQJDQG SURGXFWLRQLVXVHGLQWKHRXWGRRUV\VWHP7KLVWHFKQRORJ\LVRIDORZIHHGLQSXWZLWKWKH SRVVLELOLW\ RI XWLOL]DWLRQ RI QDWXUDO UHVRXUFHV RI WKH HQYLURQPHQW DFRUQ JUDVV VRLO 7XURSROMH SLJ EUHHG KDV QR FRPPHUFLDO LPSRUWDQFH LQ WRGD\¶V SLJ PHDW SURGXFWLRQ LQ
&URDWLD+RZHYHUDV7XURSROMHSLJLVDSDUWRI&URDWLDQDQGZRUOGFXOWXUDOKHULWDJHDQG ELRORJLFDOGLYHUVLW\5RELüHWDOLWKDVEHHQLQYROYHGLQDSURJUDPRISURWHFWLRQ DQG SUHVHUYDWLRQ VLQFH DFFRUGLQJ WR WKH SULQFLSOHV RI &RQYHQWLRQ RQ ELRORJLFDO GLYHUVLW\%HVLGHVWKDWUHVHDUFKRQELRORJLFDOFKDUDFWHULVWLFVRIWKHEUHHGDUHDOVREHLQJ FDUULHG RXW LNLü HW DO LNLüDQG -XULü +DUFHW HW DO &DUFDVV FRPSRVLWLRQDQGPHDWTXDOLW\LVLQYHVWLJDWHGE\ LNLüHWDOGXHWRWKHIDFWWKDW 6HOOLHUUHSRUWHGWKDWROGSLJEUHHGVFRXOGEHLPSRUWDQWLQIXWXUHVHOHFWLRQRISLJV EDVHGRQPHDWTXDOLW\,QWKDWFRQWH[WLQWUDPXVFXODUIDWDQGIDWW\DFLGFRPSRVLWLRQJDLQ RQ LPSRUWDQFH :DOVWUD HW DO 0HDGXV *HUEHQV HW DO DQG 1HFKWHOEHUJHUHWDO
*RDO RI WKLV UHVHDUFK ZDV WR HVWDEOLVK WKH IDWW\ DFLG FRPSRVLWLRQ RI 0/' LQWUDPXVFXODUIDWDQGEDFNIDWRI7XURSROMHSLJEUHHGDQGWKHLUFURVVEUHHGV%HVLGHVWKDW RXU LQWHQWLRQ LV WR LQYHVWLJDWH WKH SRVVLELOLWLHV RI XVLQJ WKLV EUHHG LQ PHDW SURFHVVLQJ HVSHFLDOO\LQSURGXFWLRQRIGU\FXUHGSURGXFWV
0$7(5,$/6$1'0(7+2'6
5HVHDUFK ZDV FDUULHG RXW RQ IDWWHQHG FDVWUDWHV RI 7XURSROMH SLJ EUHHG 7 Q DQG FURVVEUHHGV &/7 Q &/7 FURVVEUHHGV ZHUH SURGXFHG E\ PDWLQJ 7 ERDUV DQG &/
VRZV &±+\SRUî /DQGUDFH 7KH ZKROH SURGXFWLYH F\FOH WRRN SODFH LQ WKH RXWGRRU V\VWHP RI IRUHVW ELRFRHQRVLV4XHUFXV UREXU )UD[LQXV H[FHOVLRU DQG )DJXV VLOYDWLFD DQGPDUVKPHDGRZV'HVFKDPVLHWXPFDHVSLWRVDLQ7XURSROMH
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
&RPSRVLWLRQ RI VDWXUDWHG 6)$ PRQRXQVDWXUDWHG 08)$ DQG SRO\VDWXUDWHG 38)$IDWW\DFLGVZDVDQDO\]HGE\JDVFKURPDWRJUDSK\,620HWKRG'DWD ZDVSURFHVVHGE\*60SURFHGXUH6$6
5(68/76$1'',6&866,21
7DEOHVKRZVFDUFDVVZHLJKWVSHUFHQWDJHVRI,0)LQ0/'DQGIDWLQEDFNIDWWLVVXHDV ZHOODV6)$08)$DQG38)$YDOXHV
7DEOH
/LYHDQGFDUFDVVZHLJKWRIKRJVDQGFRPSRVLWLRQRIIDWW\DFLG LQ,0)0/'DQGIDW%)
*URXS
7 &/7
7UDLW
[
6 PLQPD[[
V PLQPD[/: NJ
&: NJ
0/'
,0) %)
0/'
6)$ %)
0/'
08)$ %)
0/'
38)$ %)
3
7DNLQJLQWRDFFRXQWWKHDJHRISLJVDWVODXJKWHULQJUHVXOWVIRUVODXJKWHULQJZHLJKWDQG ZHLJKWVRIWKHVLGHVREWDLQHGLQERWKJURXSVDVVKRZQLQ7DEOHLQGLFDWHORZZHLJKW JDLQ DQG GLIIHUHQW IHHG XWLOL]DWLRQ HIILFLHQF\ RI VRPH DQLPDOV LQ WKH RXWGRRU V\VWHP 'LIIHUHQFHVLQZHLJKWDUHVWDWLVWLFDOO\VLJQLILFDQWDVH[SHFWHGGXHWRWKHDJHRISLJVDQG WKHLU GLIIHUHQW JHQHWLF EDFNJURXQG $OWKRXJK 7XURSROMH SLJ LV FRQVLGHUHG WR EH D ODWH PDWXUH GXDOSXUSRVH W\SH RI SLJ IRU SURGXFWLRQ RI ERWK PHDW DQG IDW UHVXOWV RI LWV¶
FURVVEUHHGV GXH WR WKHLU HFRQRPLFDO MXVWLILFDWLRQ QHYHUWKHOHVV VXJJHVW IXUWKHU PXOWLGLVFLSOLQDU\ H[DPLQDWLRQ +HDOWK RI WKH DQLPDOV PDQDJHPHQW DQG WHFKQRORJ\ RI ORZ LQSXW RI IHHG VKRXOG EH ORRNHG LQWR PRUH FORVHO\ DV ZHOO DV WKH HFRV\VWHP DV D QDWXUDOVRXUFHRIIHHGEHFDXVHWKHZKROHSURFHVVRISLJSURGXFWLRQIURPELUWKWLOOWKH HQGRIIDWWHQLQJWDNHVSODFHLQWKHRXWGRRUV\VWHPRISURGXFWLRQ
3HUFHQWRI,0)LQ0/'HVWDEOLVKHGLQKRJVRI7XURSROMHEUHHGLVORZHUWKDQ LQ&/7FURVVEUHHGVZKLOHLWZDVRWKHUZD\DURXQGZKHQFRQWHQWRIIDWLQ%)LV FRQVLGHUHGDQGEXWGLIIHUHQFHVZHUHQRWVWDWLVWLFDOO\VLJQLILFDQWDOWKRXJK WKDWZDVWKHFDVHLQFDUFDVVZHLJKWVDQGDJHRIKRJV
7KHVHUHVXOWVDUHKLJKHUWKDQYDOXHVUHSRUWHGE\.RORG]LHMHWDODQG DUHIDUDERYHWKRVHUHSRUWHGE\:DOVWUDHWDO%RWKDXWKRUVFDUULHGRXW WKHLUUHVHDUFKHVRQKLJKPHDW\LHOGLQJJHQRW\SHVIURPLQGXVWULDOSURGXFWLRQ2OLYHUHWDO HVWDEOLVKHG RI ,0) LQ 0/WKRUDFLV LQ ,EHULDQ EUHHG KRJV DQG LQ /DQGUDFH EXW XQGHU FRQGLWLRQV RI LQWHQVLYH SURGXFWLRQ 7KLV LV D YHU\ LQWHUHVWLQJ LQIRUPDWLRQ EHFDXVH ROGHU UHIHUHQFHV FLWDWHG E\ LNLüDQG -XULü SRLQW RXW WKDW ERWK 7XURSROMH DQG ,EHULDQ EUHHG GHVFHQG IURP VXV PHGLWHUUDQHXV SLJ %HVLGHV WKDW OLWHUDWXUHLQSDVWDQGPHDWFRQVXPHUVWKHVHGD\VVD\WKDW7XURSROMHSLJKDVYHU\MXLF\
DQGWDVWHIXOPHDWZKDWFRXOGEHDUHVXOWRIUDWKHUKLJK,0)SHUFHQWDJHLQPHDW3HUFHQW RI,0)LQ0/'HVWDEOLVKHGLQKRJVRIERWKJURXSVFRLQFLGHVZLWKWKHSUHVHQWSLFWXUHRI LPSRUWDQFHRI,0)SHUFHQWDJHIRUPHDWTXDOLW\DQGLWLVRQHRIWKHPRVWUHFHQWEUHHGLQJ JRDOVLQSLJVHOHFWLRQ
/DWHVWPDUNHWGHPDQGVRQWKH(XURSHDQPDUNHWUHJDUGLQJWKHTXDOLW\RIIUHVKPHDWDUH RQWKHOHYHORIRI,0)ZLWKQRYLVLEOHPDUEOLQJ,QWKHVDPHWLPHRQ-DSDQHVH PDUNHW SRUN VKRXOG KDYH PRUH WKDQ ,0) ZLWK QRWLFHDEOH PDUEOLQJ ZKLOH RQ WKH 1RUWK$PHULFDQPDUNHW,0)VKRXOGEHEHORZZLWKZLGHVSUHDGRSLQLRQWKDWSRUNLV DOZD\VWRRIDWW\IRUKXPDQKHDOWK0DHGRZV
*HUEHQVHWDOVHWPHWKRGVDQGGLVFRYHUDJHQHIRU'XURFSLJVKHDUWDQG DGLSRF\WHIDWW\DFLGELQGLQJSURWHLQ+)$%$)$%UHVSRQVLEOHIRUPHDWPDUEOLQJLH ,0)$OVRSLJSRSXODWLRQDQDO\VHVLQSLJVHOHFWLRQDUHLPSOHPHQWHGLQVRPHFRXQWULHV 0DHGRZV1HFKWHOEHUJHUHWDO
&RQWHQWRIIDWW\DFLGVLQ,0)RI0/'7DEOHVKRZVQRVLJQLILFDQWGLIIHUHQFHVLQ 6)$ 08)$ DQG 38)$ SHUFHQWDJH EHWZHHQ WKH WZR JURXSV +RZHYHU YDOXHV IRU 08)$ DUH KLJKHU DQG WKRVH IRU 38)$ DUH ORZHU LQ 7 KRJV DQG UHVSHFWLYHO\WKDQLQJURXS&/7DQGUHVSHFWLYHO\7KLVFRXOGLQGLFDWH WKDWWKRVHGLIIHUHQFHVDUHFDXVHGE\WKHJHQHWLFEDVHRIKRJVEHFDXVHKDOYHVRI&/VRZV KDYH KLJK PHDW SHUFHQWDJH LNLü $FFRUGLQJ WR GDWD SXEOLVKHG E\
.RORG]LHM HW DO WKHUH LV D SRVLWLYH VLJQLILFDQW FRUUHODWLRQ U EHWZHHQ SHUFHQWDJHRIPXVFOHVLQFDUFDVVDQG38)$DQGDQHJDWLYHRQHEHWZHHQWRWDOFKROHVWHURO LQPHDWDQG38)$U
7DEOH
)DWW\DFLGFRPSRVLWLRQLQ,0)RI0/'
*5283
785232/-(3,* &5266%5(('6&/î7 )DWW\
$FLG
[
6' 0LQ0D[[
6' 0LQ0D[&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
6)$ZDVKLJKLQERWKH[SHULPHQWDOJURXSVDQGZKLOH38)$FRQWHQW ZDV ORZ DQG 7KLV LQGLFDWHV D SRRU PHDW TXDOLW\ HVSHFLDOO\ KDYLQJ LQ
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
)DWW\ DFLG FRPSRVLWLRQ RI IDW LQ %) RI ERWK H[SHULPHQWDO JURXSV LI DQDO\]HG DV WRWDO 8)$ DQG 6)$ VKRZV PRUH IDYRUDEOH UHODWLRQ WKDQ HVWDEOLVKHG E\%DUWRQ±*DGH LQGLIIHUHQWJHQRW\SHVRIKLJKPHDW\LHOGLQJSLJVZKHUH8)$ZDV DQG 6)$ ,Q WKH VDPH WLPH YDOXHV IRU 8)$ DQG 6)$ HVWDEOLVKHG E\
2OLYHU HW DO IRU ,EHULDQ EUHHG DQG /DQGUDFH DUH PXFK KLJKHU DQG IRU,EHULDQEUHHGDQGDQGIRU/DQGUDFHUHVSHFWLYHO\
7DEOHVDQGVKRZIDWW\DFLGFRPSRVLWLRQRI,0)LQ0/'DQGIDWLQ%) 7DEOH
)DWW\DFLGFRPSRVLWLRQLQIDWWLVVXHRI%)
*5283
785232/-(3,* &5266%5(('6&/î7 )DWW\
$FLG
[
6' 0LQ0D[[
6' 0LQ0D[&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
+RZHYHU LW KDV WR EH 7DEOH VWDWHG KHUHE\ WKDW 38)$ FRQWHQW LQ ,0) RI 0/' LQ 7XURSROMH EUHHG DQG &/7 FURVVEUHHGV LV YHU\ ORZ DQG UHVSHFWLYHO\
UHODWHGWRVLJQLILFDQFHJLYHQWR38)$$PRQJWKHPZLWKRXWGRXEWWKHPRVWLPSRUWHG DUH&DQG&DVSUHFXUVRUVRIRPHJDDQGRPHJDIDWW\DFLGVWKDWDUHUHFHQWO\
RI SDUWLFXODU LQWHUHVW LQ KXPDQ GLHW IRUPXODWLRQ /DZULH 1HZWRQ +D\HV ,WLVMXVWWKHDQDO\VLVRIWKHUHVXOWV7DEOHDQGWKDWVKRZYHU\ORZ&DQG
&FRQWHQWLQ,0)RI0/'DQGIDWLQ%)RIERWKUHVHDUFKJURXSVZKHQFRPSDUHGWR UHVXOWVRI2OLYHUHWDO.RORG]LHMHWDO%DUWRQ*DGHDQG&DPHURQ HWDO+RZHYHUGDWDUHIHUUHGE\&DPHURQHWDODQG+RUEHUJHWDOVXJJHVW WKDWQXWULWLRQDQGPDQDJHPHQWFRXOGFKDQJHWKHVHUHODWLRQVLQSLJIDWDQGPHDW%XWLW KDVWREHDGGHGWKDWLQ,0)RI0/'DQG%)RIERWKJURXSVRIKRJVWKH&FRQWHQWLQ 8)$VKRZVYHU\KLJKYDOXHVLQUHODWLRQWR&DQG&7KDWLVRQHRISURSHUWLHV QHHGHG IRU SURGXFWLRQ RI TXDOLW\ GU\FXUHG PHDW SURGXFWV IRU ZKLFK LW LV LQWHQGHG LQ IXWXUHWRXVHPHDWRI7XURSROMHSLJDQGLWV¶FURVVEUHHGV
&21&/86,216
&RQWHQW RI ,0) LQ 0/' HVWDEOLVKHG LQ 7XURSROMH SLJ DQG &/7 FURVVEUHHGV FRUUHVSRQGZLWKUHFHQWVWDQGDUGVRIPRGHUQSLJPHDWPDUNHW
4XDOLW\ RI ,0) LQ 0/' DQG IDW LQ %) RI ERWK H[SHULPHQWDO JURXSV DQDO\]HG WKURXJK6)$08)$DQG38)$FRQWHQWVKRZHVSHFLDOO\ORZ38)$YDOXHVUDLVLQJWKH TXHVWLRQRIDQDO\VLVDQGSHUKDSVFKDQJHRIWHFKQRORJ\RIKRJVIHHGLQJLQWKHRXWGRRU V\VWHP
5()(5(1&(6
%DUWRQ±*DGH 3 0HDW DQG IDW TXDOLW\ LQ ERDUV FDVWUDWHV DQG JLOWV /LY 3URG
&DPHURQ1':RRG-'(QVHU0:KLWWLQJWRQ)03HQPDQ-&5RELQVRQ$06FL 6HQVLWLYLW\RISLJJHQRW\SHVWRVKRUW±WHUP PDQLSXODWLRQRISODVPDIDWW\
DFLGVE\IHHGLQJOLQVHHG0HDW6FL
LNLü0-XULü,7XURSROMVNDSDVPLQDVYLQMD±DXWRKWRQDKUYDWVNDSDVPLQD±
SRVWDQDNRSVWDQDNLOLQHVWDQDN=ERUQLNUDGRYD%LROUD]QROXVWRþ5+=DJUHE LNLü0-XULü,5XSLü9*RPHUþLü+'MLNLü'7XURSROMHSLJ±WLVVXH6USW FRPSRVLWLRQDQGSURSRUWLRQVLQFDUFDVV3URFWK&/*$0RQWSHOODLHU)U$XJLQ SUHVV
LNLü 0 -XULü , 5RELü = +HQF = *XJLü * /LWWHU VL]H DQG ZHLJKW RI SLJOHWVRI7XURSROMHSLJEUHHGLQVXFNOLQJSHULRG3ROM]QDQ VPRWUD YRO
*HUEHQV)YDQ(US$-00HXZLVVHQ7+(9HUNDPS-+3DV0):
+HDUWIDWW\DFLGELQGLQJSURWHLQJHQHYDULDQWVDUHDVVRFLDWHGZLWKLQWUDPXVFXODUIDW FRQWHQWDQGEDFNIDWWKLFNQHVVLQSLJVWK:&*$/36\GQH\$XVWUDOLD +DUFHW0 LNLü0*DPXOLQ9*HQRW\SLQJRI7XURSROMHSLJ,Q%RRNRI
$EVWRIVW&UR&RQJRQ0ROHFXO/LIH6FL2SDWLMD-XQH +D\HV .& 7KH 2PHJD YHUVXV 2PHJD )DWW\ $FLG 0RGXODWLRQ RI
/LSRSURWHLQ 0HWDEROLVP ,Q 2PHJD )DWW\ $FLGV &KHPLVWU\ 1XWULWLRQ DQG+HDOWK(IIHFWV$PHULFDQ&KHPLFDO6RFLHW\:DVKLQJWRQ'&
+RJEHUJ$3LFNRYD-'XWWD3&%DERO-%\OXQG$&(IIHFWRIUHDULQJ V\VWHPRQPXVFOHOLSLGVRIJLOWVDQGFDVWUDWHGPDOHSLJV0HDW6FL
.RORG]LHM $ 3LHWUXV]ND $ -DF\QR ( )LDONRZVND % 7KH UHODWLRQVKLS EHWZHHQOLSLGFRPSRQHQWVRIP ORQJLVVLPXVGRUVLRI WKH SLJ WK ,QWHU 3K' 6WXG
&RQIWK6HSW3UHURY&]5HS
/DZULH 5$ /DZULH¶V 0HDW 6FLHQFH 3XE :RRGKHDG 3XEO /LPWG $ELQJWRQ +DOO$ELQJWRQ&DPEULGJH
0HDGXV:-0ROHFXODUWHFKQLTXHVXVHGLQWKHVHDUFKIRUJHQHWLFGHWHUPLQDQWV WRLPSURYHPHDWTXDOLW\&DQDG-RI6FL
1HFKWHOEHUJHU ' 3LUHV 9 6|ONQHU - 6WXU , %UHP * 0XHOOHU 0 0XHOOHU 6 ,QWUDPXVFXODUIDWFRQWHQWDQGJHQHWLFYDULDQWVDWIDWW\DFLGELQGLQJSURWHLQ ORFLLQ$XVWULDQSLJV-$QLP6FL
1HZWRQ,6/RQJ&KDLQ)DWW\$FLGVLQ+HDOWKDQG1XWULWLRQ,Q2PHJD)DWW\
$FLGV &KHPLVWU\ 1XWULWLRQ DQG KHDOWK (IIHFWV (GLW 6KDKLGL ) DQG )LQOH\ -
$PHU&KHP6RF:DVKLQJWRQ'&
2OLYHU 0$ 6HUUD ; *LVSHUW 0 3HUH] ± (QFLVR 0 1RJXHUD -/ 0HDW TXDOLW\FKDUDFWHULVWLFVRI,EHULDQDQG /DQGUDFHEUHHGV XQGHU LQWHQVLYH FRQGLWLRQV WK$QQXDO0HHWRI($$3$XJXVW9LHQQD
5RELü = LNLü 0 -XULü , 6WLSLü 1 5XSLü 9 0XåLF 6 %RåDF 5 /LNHU % 7XURSROMHSLJRQHRIWKHROGHVWHXURSHDQUDFHLWVVDYLQJDQGUHQHZDOWK ,QW 6\PS ³$QLPDO 6FLHQFH 'D\V´ $QLPDO 3URG +HDOWK\ 1XWU (QYLU .DSRVYiU6HSW
6HOOLHU 3 *HQHWLFV RI PHDW DQG FDUFDVV WUDLWV ,Q WKH *HQHWLF RI WKH 3LJ (GLW 5RWKVFKLOGDQG$5XYLQVNL&$%,QWHUQDW:DOOLQJIRUG
:DOVWUD3'LMNVWHUKXLV*%0HUNV-:0.DQLV(,QWUDPXVFXODUIDWDQG FRQVXPHUVSHUFHSWLRQRISRUN($$3+XDJJH$XJXVW
:RRG -' (QVHU 0 :KLWWLQJWRQ )0 0RQFULHII &% .HPSVWHU $-
%DFNIDW &RPSRVLWLRQ LQ 3LJV 'LIIHUHQFHV %HWZHHQ )DW 7KLFNQHVV *URXSV DQG 6H[HV/LY3URG6FL
,62±(0HDWDQGPHDWSURGXFWV±'HWHUPLQDWLRQRIWRWDOIDWFRQWHQW ,62 ( $QLPDO DQG YHJHWDEOH IDWV DQG RLOV ± $QDO\VLV E\ JDV
FKURPDWRJUDSK\RIPHWK\OHVWHUVRIIDWW\DFLGV
6$69HUVLRQ6$6,QVW,QF&DU\1&86$
&RUUHVSRQGLQJDXWKRU 0DULMD LNLü
)DFXOW\RI$JULFXOWXUH8QLYHUVLW\RI=DJUHE +5=DJUHE6YHWRãLPXQVNDF&URDWLD 7HO)D[
HPDLOPGLNLF#DJUKU
