• Nem Talált Eredményt

Élelmiszerek D-aminosav tartalma megtekintése

N/A
N/A
Protected

Academic year: 2022

Ossza meg "Élelmiszerek D-aminosav tartalma megtekintése"

Copied!
18
0
0

Teljes szövegt

(1)

eOHOPLV]HUHN'DPLQRVDYWDUWDOPD ,URGDOPLiWWHNLQWpV

&VDSy-&VDSyQp.LVV=V9DUJiQp9LVLe$QGUiVV\Qp%DND*

7HUODN\Qp%DOODe

3DQQRQ$JUiUWXGRPiQ\L(J\HWHPÈOODWWHQ\pV]WpVL.DU.pPLDL,QWp]HW.DSRVYiU*XED6X

g66=()2*/$/È6

$] pOHOPLV]HU IHKpUMpNEHQ HO IRUGXOy 'DPLQRVDYDN D WHFKQROyJLDL EHDYDWNR]iV N|YHWNH]WpEHQ M|QQHN OpWUH PLN|]EHQ HO NpV]tWLN D] DODSDQ\DJRNDW IRJ\DV]WiVUD $ ' DPLQRVDYDNOHJIRQWRVDEEIRUUiVDLD]pOHOPLV]HUHNXJ\DQLVD]pOHOPLV]HUIHKpUMpNDI ]pV YDJ\DNO|QE|] pOHOPLV]HULSDULIHOGROJR]iVLIRO\DPDWRNVRUiQNLVHEEQDJ\REEPpUWpN UDFHPL]iFLyQ HVQHN iW $] pOHOPLV]HU iUXKi]DN Q|YHNY PHQQ\LVpJEHQ WDUWDOPD]QDN RO\DQpOHOPLV]HUHNHWUHJJHOLKH]KDV]QiOWFHUHiOLiNVOWNUXPSOLIRO\pNRQ\pVSRUDODN~

J\HUPHNWiSV]HUHNK~VKHO\HWWHVtW NpVHJ\pENLHJpV]tW V]HUHNPHO\HNHJ\UpV]HMHOHQW V PHQQ\LVpJ 'DPLQRVDYDW WDUWDOPD] pV H]HN D 'DPLQRVDYDN NiURV HPpV]WpVL pV HJpV]VpJJ\L VDMiWViJRNNDO EtUQDN $ O~JRV NH]HOpV NDWDOL]iOMD D] RSWLNDLODJ DNWtY DPLQRVDYDNUDFHPL]iFLyMiW$UDFHPL]iFLyDUiQ\DHOWpU XJ\DQDNO|QE|] IHKpUMpNQpO GHDIHKpUMpNHQEHOOD]HJ\HVDPLQRVDYDNUHODWtYVRUUHQGMHLJHQKDVRQOy(OV VRUEDQD N|]HJS+MDDK NH]HOpVD]DONDOLNXVEHKDWiVLGHMHpVD]HJ\HVDPLQRVDYDNV]HUNH]HWH EHIRO\iVROMDOHJLQNiEEDUDFHPL]iFLyW$]DONiOLiYDOYDJ\DK YHOW|UWpQ NH]HOpVVRUiQ NDSRWW'DPLQRVDYDNURQWMiNDPLQ VpJHWpVDNH]HOWpOHOPLV]HUEL]WRQViJRVIHOKDV]QiO KDWyViJiW $ 'DPLQRVDYDN MHOHQOpWH D IHKpUMpEHQ FV|NNHQWL D] HPpV]WKHW VpJHW pV D W|EEL DPLQRVDY KR]]iIpUKHW VpJpW (] D] HVV]HQFLiOLV DPLQRVDYDN /HQDQWLRPHUMHL PHQQ\LVpJpQHNFV|NNHQpVpWHUHGPpQ\H]KHWLPLYHODSHSWLGN|WpVHNDQRUPiOLV~WRQQHP WXGQDN V]pWV]DNDGQL 1pKiQ\ 'DPLQRVDY L]RPHU WR[LNXV KDWiVVDO LV UHQGHONH]KHW pV PyGRVtWKDWMiN D OL]LQRDODQLQ ELROyJLDL KDWiViW LV $ PiVLN UpV]U O YLV]RQW EL]RQ\RV ' DPLQRVDYDN KDV]QRVDN LV OHKHWQHN IiMGDORPFVLOODStWiV pV D FV|NNHQW HPpV]WKHW VpJ 'DPLQRVDYDNDWWDUWDOPD]yIHKpUMpNHWIHOOHKHWKDV]QiOQLSOIRJ\yN~UiNQiO

$%675$&7

'DPLQRDFLGFRQWHQWRIIHHG

$UHYLHZ

-&VDSy=V&VDSy.LVVe9DUJD9LVL*$QGUiVV\%DNDe7HUODN\%DOOD

3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH,QVWLWXWHRI&KHPLVWU\.DSRVYiU+*XED6X

7KHPRVWLPSRUWDQWVRXUFHRI'DPLQRDFLGVLQQXWULWLRQDOSURWHLQLVWKHSURFHVVLQJWKDW VRPHIRRGVXQGHUJRHLWKHULQFRRNLQJRUDVSDUWRIWKHPDQXIDFWXULQJSURFHVVXVHGWR SUHSDUH FRPPHUFLDO IRRG SURGXFWV 6XSHUPDUNHWV FRQWDLQ LQFUHDVLQJ TXDQWLWLHV RI SURFHVVHGIRRGSURGXFWVLQFOXGLQJEUHDNIDVWFHUHDOVIULHGSRWDWRDQGFRUQFKLSVOLTXLG DQG SRZGHUHG LQIDQW IRUPXODV DQG PHDW VXEVWLWXWHV 6XFK SURGXFWV SUREDEO\ FRQWDLQ 3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH.DSRVYiU

(2)

VLJQLILFDQWTXDQWLWLHVRI'DPLQRDFLGVFRXSOHGZLWKWKHHYLGHQFHWKDWWKHVH'DPLQR DFLGVPRVWOLNHO\KDYHGHOHWHULRXVRUQHJDWLYHQXWULWLRQDOHIIHFWV$ONDOLWUHDWPHQWRISUR WHLQVFDWDO\VHVUDFHPL]DWLRQRIRSWLFDOO\DFWLYHDPLQRDFLGV7KHUDFHPL]DWLRQUDWHVYDU\

DPRQJSURWHLQVEXWLWLVREVHUYHGWKDWZLWKLQHDFKSURWHLQVWXGLHGWKHUHODWLYHRUGHULV VLPLODU)DFWRUVZKLFKLQIOXHQFHUDFHPL]DWLRQLQFOXGHS+WHPSHUDWXUHWLPHRIH[SRVXUH WRDONDOLDQGWKHLQGXFWLYHQDWXUHRIDPLQRDFLGVLGHFKDLQV3URWHLQERXQG'DPLQR DFLGVIRUPHGGXULQJDONDOLDQGKHDWWUHDWPHQWRIIRRGSURWHLQVPD\DGYHUVHO\DIIHFWWKH QXWULWLRQDOTXDOLW\DQGVDIHW\RISURFHVVHGIRRGV'DPLQRDFLGVLQGLHWDU\SURWHLQVUH GXFHWKHGLJHVWLELOLW\DVZHOODVWKHDYDLODELOLW\RIWKHFRPSRQHQWDPLQRDFLGV7KLVPD\

EH WKH UHVXOW RI GHFUHDVHG DPRXQWV RI HVVHQWLDO DPLQR DFLG /HQDQWLRPHUV GHFUHDVHG GLJHVWLELOLW\ WKURXJK SHSWLGH ERQGV QRW VXVFHSWLEOH WR QRUPDO SHSWLGDVH FOHDYDJH VSHFLILF WR[LFLW\ RI FHUWDLQ 'LVRPHUV DQGRU PRGLILFDWLRQ RI WKH ELRORJLFDO HIIHFWV RI O\VLQRDODQLQHRURWKHUXQQDWXUDODPLQRDFLGV2QWKHRWKHUKDQGFHUWDLQ'DPLQRDFLGV PD\EHEHQHILFLDO7KHOLPLWHGGLJHVWLELOLW\RI'DPLQRDFLGVLQGLHWDU\SURWHLQVFDQEH XWLOLVHGLQQXWULWLRQIRUH[DPSOHLQZHLJKWPDQDJHPHQWRUFKURQLFSDLQFRQWURO

.H\ZRUGV'DPLQRDFLGVIUHH'DPLQRDFLGVUDFHPL]DWLRQKHDWWUHDWPHQWRISURWHLQV DONDOLQHWUHDWPHQWEDFWHULDODFWLYLW\

%(9(=(7e6

$]pOHOPLV]HUHNQDJ\PHQQ\LVpJEHQWDUWDOPD]QDNRO\DQLGHJHQHUHGHW QHPWHUPpV]HWHV DQ\DJRNDW PHO\HN QDJ\PpUWpNEHQ EHIRO\iVROKDWMiN DQQDN HPpV]WKHW VpJpW )LQOH\ pV 6FKZDVV,O\HQHNSpOGiXOD'V]WHUHRL]RPHUDPLQRVDYDNPHO\HNDN|]|QVpJHV/

V]WHUHRL]RPHUDPLQRVDYDNEyONpS] GQHNYDJ\D]HO iOOtWiVIRO\DPiQYDJ\D]pOHOPLV]HU PLNURELROyJLDL PLQ VpJpEHQ EHiOOW YiOWR]iV N|YHWNH]WpEHQ -HOHQOpWN FV|NNHQWL D]

pOHOPLV]HUIHKpUMHHPpV]WKHW VpJpWpVD]iWDODNXOWDPLQRVDYIHOKDV]QiOKDWyViJiW$QQDN HOOHQpUHKRJ\D'DPLQRVDYDNDWiOWDOiEDQQHPWDUWMiNNtYiQDWRVQDND]pOHOPLV]HUHNEHQ W|EEHQD]RQDYpOHPpQ\HQYDQQDNKRJ\D'DPLQRVDYDNQpPHO\HVHWEHQPpJHO Q\|VHN LVOHKHWQHND]HPEHULV]HUYH]HWV]iPiUD

3DVWHXU PLQW VRNPLQGHQ PiVEDQ H WHUOHWHQ LV ~WW|U PXQNiW YpJ]HWW $ ENN|Q\E O HO iOOtWRWW DV]SDUDJLQVDYUyO NLPXWDWWD KRJ\ D] RSWLNDLODJ DNWtY NLUiOLV H]]HO V]HPEHQ D] DPPRQLXPIXPDUiW KHYtWpVpYHO HO iOOtWRWW DV]SDUDJLQVDY QHP PXWDW RSWLNDLDNWLYLWiVW(]WN|YHW HQUiM|WWHNDUUDKRJ\D]pO V]HUYH]HWIHKpUMpLWNL]iUyODJ/

DPLQRVDYDNpStWLNIHODQQDNHOOHQpUHKRJ\D'pVD]/V]WHUHRL]RPHUHNHQDQWLRPHUHN W|EEQ\LUH D]RQRV NpPLDL pV IL]LNDL WXODMGRQViJRNNDO UHQGHONH]QHN 6]HPEHW Q NO|QEVpJD]RQEDQKRJ\DNpWV]WHUHRL]RPHUDSRODUL]iOWIpQ\VtNMiWHOOHQWpWHVLUiQ\EDQ IRUJDWMD HO $] pO V]HUYH]HW IHKpUMpLQHN V]WHUHRVSHFLILNXV V]LQWp]LVpW <DPDQH HW DO QHP WXGWiN PHJPDJ\DUi]QL V tJ\ H] D SUREOpPD FVDNQHP HJ\ pYV]i]DGRQ iW IRJODONR]WDWWDDNXWDWyNDW%DGDpV0LOOHU

$] DPLQRVDY HQDQWLRPHUHN V]pWYiODV]WiViUD pV PHJKDWiUR]iViUD NLIHMOHV]WHWW PyGV]HUHNW|NpOHWHVHGpVpYHO~J\WDOiOWiNKRJ\D'DPLQRVDYDNDNRUiEELIHOIRJiVVDO HOOHQWpWEHQV]iPRVpO V]HUYH]HWEHQHO IRUGXOQDN$EDNWpULXPRNVHMWIDODSRQWRVDEEDQ D] DEEDQ OpY SHSWLGRJOLNiQRN YLV]RQ\ODJ QDJ\ PHQQ\LVpJ 'DV]SDUDJLQVDYDW ' JOXWDPLQVDYDW pV 'DODQLQW WDUWDOPD]QDN %DGD HW DO 5HDYHOH\ pV %XUJH

&VDSypV+HQLFVVtJ\H]HNPHJKDWiUR]iVDUpYpQN|YHWNH]WHWQLOHKHWDEDNWHULiOLV HUHGHW IHKpUMHMHOHQOpWpUHpVDEDNWpULXPRNiOWDOWHUPHOWIHKpUMHPHQQ\LVpJpUH&VDSyHW DO QHP SXEOLNiOW DGDW .RUiEEDQ W|EEQ\LUH D GLDPLQRSLPHOLQVDYDW KDV]QiOWiN HUUHDFpOUDGHDYL]VJiODWRNEyO~J\W QLNKRJ\D'DV]SDUDJLQVDYpVD'JOXWDPLQVDYLV

(3)

PHJIHOHO PDUNHUHOHKHWDEDNWHULiOLVIHKpUMHV]LQWp]LVQHN,VPHUWWpQ\D]LVKRJ\QpKiQ\

WHQJHUL IpUHJ pV JHULQFWHOHQ iOODW VHMWIRO\DGpND WDUWDOPD]KDW I NRPSRQHQVNpQW ' DPLQRVDYDW &RUULJDQ '$QLHOR pV *XLGLWWD 0DWVXVKLPD HW DO )HOEHFN pV QpKiQ\ WHQJHUL NDJ\OyEDQ D 'DPLQRVDY PHQQ\LVpJH D] RW LV PHJKDODGKDWMD)HOEHFNpV:LOH\3UHVWRQV WDPDJDVDEEUHQG Q|YpQ\HN LV WDUWDOPD]QDN 'DPLQRVDYDNDW 5RELQVRQ $ KRVV]~ pOHWWDUWDP~ HPO V|N PHWDEROLNXVDQVWDELOIHKpUMpLV]LQWpQQDJ\REEPHQQ\LVpJEHQWDUWDOPD]QDNUDFHPL]iFLy EyO V]iUPD]y 'DV]SDUDJLQVDYDW %DGD D] HPEHUL DJ\ IHKpU iOORPiQ\iQDN ' DV]SDUDJLQVDYNRQFHQWUiFLyMDHOpULDDJHULQFYHO WLV]WtWRWWEi]LNXVIHKpUMpMHSHGLJD RW )LVKHU HW DO 0DQ HW DO &ODUNH EHEL]RQ\tWRWWD KRJ\ D]

DV]SDUDJLQVDYLQYLYRUDFHPL]iOyGLND]HPEHULV]|YHWHNEHQEiUDJ\RUVDQ\DJIRUJDORP PLDWWQHPDNNXPXOiOyGLNV]iPRWWHY PHQQ\LVpJEHQ

$ NLUiOLV DPLQRVDYDN iWDODNXOKDWQDN UDFpP NHYHUpNNp PHO\ iWDODNXOiV UHDNFLy PHFKDQL]PXVDIHOWpWHOH]LD]aKHO\]HW V]pQDWRPKLGURJpQMpQHNOHV]DNDGiViWDSODQiULV NDUEDQLRQ V]HUNH]HW NLDODNXOiViW $ UDFHPL]iFLy DUiQ\D IJJ DWWyO KRJ\ D] DPLQRVDY V]DEDGRQYDJ\DSHSWLGOiQFEDQN|W|WWIRUPiEDQIRUGXOHO pVWHUPpV]HWHVHQOHJLQNiEE IJJ D K PpUVpNOHWW O pV D S+WyO pV D] DPLQRVDYEDQ HO IRUGXOy 5 FVRSRUW WXODMGRQViJiWyO%DGD$V]DEDGDPLQRVDYDNUDFHPL]iFLyMiWWDQXOPiQ\R]YD%DGD LOO6WHLQEHUJHWDOPHJiOODStWRWWiNKRJ\ƒ&RQpVS+N|]|WWD V]HULQUDFHPL]iFLyVIHOH]pVLLGHMHD]D]LG DPLNRUD'/DUiQ\HOpULDDWQDS D]DV]SDUDJLQVDYpQDSD]DODQLQpQDSD]L]ROHXFLQpSHGLJQDS/LDUGRQpV /HGHUPDQ V]HULQW ND]HLQ HVHWpEHQ S+ QpO ƒ&RQ D] HO EEL DPLQRVDY UDFHPL]iFLyVIHOH]pVLLGHMHDN|YHWNH] NpSSHQDODNXOWyUDyUDQDSQDSD V]yMDIHKpUMHHVHWpEHQSHGLJ)ULHGPDQpV/LDUGRQƒ&RQQRUPiOQiWULXP KLGUR[LGEDQSHUFSHUFyUDyUD$PLQWDWiEOi]DWEyOLVOiWKDWyDNO|QE|]

DPLQRVDYDNNO|QE|] N|UOPpQ\HNN|]|WWHOWpU LGHM UDFHPL]iFLyVLG WPXWDWQDNGH D]DPLQRVDYDNN|]|WWLUDFHPL]iFLyVVRUUHQGW|EEpNHYpVEpYiOWR]DWODQPDUDG$V]HULQ DFLV]WLQpVDWUHRQLQUDFHPL]iFLyMDQHPFVDNDYRQDWNR]y'HQDQWLRPHUWHUHGPpQ\H]KHWL KDQHPDIHKpUMHpStW DPLQRVDYDNWyOHOWpU DPLQRVDYDWLV3ODV]HULQDNDUEDQLRQN|]WL iOODSRWEDQ J\RUVDQ HOYHV]tWKHWL 2+ FVRSRUWMiW GHKLGURDODQLQ NHOHWNH]pVH N|]EHQ $ GHKLGURDODQLQ UHDNFLyMD D OL]LQ eDPLQR FVRSRUWMiYDO OL]LQRDODQLQW HUHGPpQ\H]

)ULHGPDQ 0DVWHUV pV )ULHGPDQ 0DJD YDJ\LV HJ\ RO\DQ DPLQRVDYDW DPHO\QHN D] DODQLQ UpV]H UDFpP D OL]LQ UpV]H SHGLJ RSWLNDLODJ DNWtY $ WiSOiOpNIHKpUMpNEHQ H] D UHDNFLy NHUHV]WN|WpVHNHW HUHGPpQ\H]KHW PHO\HN FV|NNHQWLN D IHKpUMH HPpV]WKHW VpJpW &KXQJ HW DO )ULHGPDQ HW DO $ WiSOiOpN OL]LQRDODQLQWDUWDOPDHJ\pENpQWWR[LNXVKDWiVVDOLVUHQGHONH]LN+D\DVKL

7iSOiONR]iVL V]HPSRQWEyO D] HVV]HQFLiOLV DPLQRVDYDN UDFHPL]iFLyMiQDN YDQ D OHJQDJ\REE MHOHQW VpJH $] HVV]HQFLiOLV DPLQRVDYDN 'HQDQWLRPHUMHLQHN HPpV]WKH W VpJpW pV PHWDEROL]PXViW PiU UpJyWD YL]VJiOMiN1HXEHUJHU pV%HUJ D NRUiEEL WDQXOPiQ\RNDW |VV]HIRJODOy PXQNiMiEyO NLW QLN KRJ\ D] HPO V|NEHQ D]

HVV]HQFLiOLV DPLQRVDYDN 'HQDQWLRPHUMHL LJHQ J\HQJpQ KDV]QRVXOQDN QpKiQ\ HVHWEHQ Q|YHNHGpVLLQKLELWRUNpQWKDWQDNpVI NpQWDYL]HOHWWHOUOQHNNL$MHOHQOHJLYL]VJiODWRN PHJHU VtWHWWpN D NRUiEEL NXWDWiVL HUHGPpQ\HNHW .LHV HW DO )ULHGPDQ pV

*XPEPDQ)ULHGPDQpV/LDUGRQ6WHJQLFNHWDO

$]HVV]HQFLiOLVDPLQRVDYDNUDFHPL]iFLyVIHOH]pVLLGHMpWFVDNDOHJXWyEELLG NEHQ YL]VJiOWiN%DGDS+pVN|]|WWD]L]ROHXFLQDOHXFLQpVDYDOLQUDFHPL]iFLyV IHOH]pVL LGHMpW ƒ&RQ QDSQDN D IHQLODODQLQpW pV D WLUR]LQpW SHGLJ QDSQDN PpUWH 8J\DQLO\HQ N|UOPpQ\HN N|]|WW D OL]LQpW(QJHO pV+DUH QDSQDN

(4)

/LDUGRQpV/HGHUPDQDWULSWRIiQpWS+ HVHWpQƒ&RQQDSQDNDWUHRQLQpW QDSQDN D FLV]WHLQpW SHGLJ QDSQDN PpUWpN%RHKP pV%DGD E D PHWLRQLQ UDFHPL]iFLyV IHOH]pVL LGHMpUH ƒ&RQ pV S+ pV N|]|WW QDSRW NDSWDN 0pUpVL DGDWDLNDODSMiQ~J\W QLNKRJ\DFLV]WHLQNO|Q|VHQKDMODPRVDUDFHPL]iFLyUDPtJD]

DOLIiV ROGDOOiQF~ DPLQRVDYDN D OHJVWDELODEEDN H WHNLQWHWEHQ $ OHJW|EE HVV]HQFLiOLV DPLQRVDYUDFHPL]iFLyVIHOH]pVLLGHMHKRVV]DEEPLQWD]DV]SDUDJLQVDYp

$ O~JRV NH]HOpVQHN YDJ\ KRVV]DEE LGHLJ K QHN NLWHWW pOHOPLV]HUIHKpUMpN QDJ\REE NRQFHQWUiFLyEDQWDUWDOPD]QDNUDFHPL]iFLyEyOHUHG DPLQRVDYDNDW'DNLQYROWD]

HOV DNLNLPXWDWWDKRJ\DK QHNpVD]HU VDONiOLiNQDNNLWHWWIHKpUMpNHPpV]WKHW VpJH FV|NNHQ 1\LOYiQYDOy KRJ\ D] HPpV]WKHW VpJ FV|NNHQpVH |VV]HIJJpVEHQ YDQ D OL]LQRDODQLQNHOHWNH]pVVHOpVDIHOOpS UDFHPL]iFLyYDO%XQMDSDPDLHWDO&KXQJHW DO)ULHGPDQHWDO)XVHHWDO+D\DVKLpV.DPHGDD0DJD

e/(/0(=e6,(5('(7 '$0,126$9$.

0LQWKRJ\DURYDURNIpUJHNpVWHQJHULJHULQFWHOHQHNiOWDOiEDQQHPLOOHWYHFVDNFVHNpO\

V]HUHSHWMiWV]DQDND]HPEHULWiSOiONR]iVEDQQLQFVNO|Q|VHEEMHOHQW VpJHDQQDNKRJ\

H]HNV]HUYH]HWHPHJOHKHW VHQQDJ\PHQQ\LVpJ 'DPLQRVDYDWWDUWDOPD]+DD]RQEDQD WiSOiONR]iVL V]RNiVRN N|]p D J\DNRUL NDJ\OyIRJ\DV]WiV LV EHOHWDUWR]LN D IRNR]RWW ' DPLQRVDY IRJ\DV]WiVVDO HJ\WW MiUy NHGYH] WOHQ pOHWWDQL KDWiVRNNDO LV V]iPROQL NHOO )HOEHFNpV:LOH\3UHVWRQ

$ WHFKQROyJLDL pV NRQ\KDL pOHOPLV]HUIHOGROJR]iV W|EEVpJH K NH]HOpVVHO J ]|OpV I ]pV VWpV HVHWHQNpQW SHGLJ O~JRV EHKDWiVVDO MiU 0LQGH]HN UDFHPL]iFLyW LQGXNiOKDWQDNDIHKpUMpEHQ)XVHHWDO-HQNLQVHWDO/LDUGRQpV+XUUHO 0DVWHUV pV)ULHGPDQ NLPXWDWWiN KRJ\ QpKiQ\ WHFKQROyJLDL EHKDWiVQDN DOiYHWHWW NHUHVNHGHOPL IRUJDORPEDQ NDSKDWy pOHOPLV]HUEHQ QDJ\REE PHQQ\LVpJ ' DPLQRVDY WDOiOKDWy $ OL]LQRDODQLQ V]LQWH PLQGHQWW MHOHQ YDQ D] pOHOPL DQ\DJRNEDQ 0DJD5iDGiVXOD]RO\DQ V]LQWHWLNXVDQ HO iOOtWRWW WHUPpNHN PLQW D] DV]SDUWiP GLSHSWLG NO|Q|VHQ KDMODPRVDN D UDFHPL]iFLyUD %RHKP pV %DGD D 6DMiW YL]VJiODWDLQNV]HULQWWiEOi]DWDO~JRVKLGUROt]LVVHOHO iOOtWRWWWROOOLV]WDPLQRVDYDLQDN D UDFHPL]iOyGLN D] HO iOOtWiVL SDUDPpWHUHN IJJYpQ\pEHQ &VDSy QHP SXEOLNiOWDGDW

7HUPpV]HWHVDODSDQ\DJRN

$ WHM D K~V pV D JDERQDIpOpN PHO\HN WHUPpV]HWHV iOODSRWXNEDQ QHP WDUWDOPD]QDN MHOHQW V PHQQ\LVpJEHQ 'DPLQRVDYDNDW D IRJ\DV]WiVUD W|UWpQ HO NpV]tWpV IRO\DPiQ J\DNUDQYDQQDNRO\DQN|UOPpQ\HNQHNNLWpYHPHO\HNUDFHPL]iFLyWRNR]KDWQDN$WHMpV WHMWHUPpNHNDOHJMREESpOGiNDUUDKRJ\DQYiOWR]KDWPHJDWHUPpV]HWHVDQ\DJ|VV]HWpWHOH D WHFKQROyJLDL P YHOHWHN VRUiQ 0DQ pV %DGD %iU D] pOHOPLV]HU iUXKi]DN HJ\

UpV]pEHQ NH]HOHWOHQ Q\HUV WHM LV NDSKDWy D OHJW|EE WHMWHUPpNHW HO V]|U SDV]W U|]LN K QWDUWiV SHUFLJ ƒ&RQ YDJ\ XOWUDSDV]W U|]LN K QWDUWiV ƒ&RQ PiVRGSHUFLJ(]WN|YHWL D]WiQ D KRPRJpQH]pV D NRQGHQ]iOiV pV EHIHMH]pVNpSSHQ HJ\

RO\DQ VSHFLiOLV WHUPpNHW NDSXQN PLQW D IRJ\DV]WiVL WHM D MRJKXUW YDJ\ D NO|QE|]

WHMIHKpUMH IUDNFLyNEyO NDSRWW VDMW (] XWyEEL NpW WHMWHUPpNHW EDNWpULXPRN VHJtWVpJpYHO IHUPHQWiOMiN DPL XJ\DQFVDN IRUUiVD D 'DPLQRVDYDNQDN $ N|YHWNH] NEHQ D ' DPLQRVDYDN NRQFHQWUiFLyMiW PLQGHQ HVHWEHQ D] DOiEELDN V]HULQW DGMXN PHJ ' DPLQRVDY [''/][

(5)

WiEOi]DW

$O~JJDOIHOWiUWWROOOLV]W'DPLQRVDYWDUWDOPD

$PLQRVDY

gVV]HVDPLQRVDY

)pOyUiVI ]pV

(J\yUiVI ]pV

0QiWULXPKLGUR[LGEDQ 'DPLQRVDY

$VS

7KU

6HU

*OX

3UR " "

*O\

$OD

&\V

9DO

0HW

,OH

/HX

7\U

3KH

/\V

+LV

$UJ " "

7US " "

7DEOH'DPLQRDFLGFRQWHQWRIIHDWKHUPHDOWUHDWHGE\DONDOLQHVROXWLRQ

$PLQRDFLG7RWDODPLQRDFLG+HDWLQJIRUK+HDWLQJIRUK,Q0 1D2+'DPLQRDFLG

3D\DQ HW DO D WHMNH]HOpV KDWiViUD EHN|YHWNH] YiOWR]iVRNDW D 'DV]SDUDJLQVDY NRQFHQWUiFLyMiQDN PpUpVpYHO WDQXOPiQ\R]WiN $ NH]HOHWOHQ Q\HUV WHM WDUWDOPD]WD D OHJNHYHVHEE 'DV]SDUDJLQVDYDW D NH]HOpVHN Q|YHNY V]iPiYDO SHGLJ Q WW PHQQ\LVpJH DFLGRILO WHM ]VtUWDODQtWRWW WHMSRU NHILU V UtWHWW WHM MRJKXUW WHMDODS~ FVHFVHP WiSV]HU $]RN D WHUPpNHN WHKiW DPHO\HN HO iOOtWiViKR] V]NVpJHV D PHOHJtWpV DNiU 'DV]SDUDJLQVDY WDUWDOP~DN LV OHKHWQHN/HJQDJ\REED'DV]SDUDJLQVDYDUiQ\DDFVHFVHP WiSV]HUHNEHQPHO\HNRO\DQ WHFKQROyJLDL EHDYDWNR]iVRNRQ PHQQHN NHUHV]WO PLQW SO D SRUODV]WYD V]iUtWiV YDJ\ D K YHOYDOyVWHULOL]iOiV

*DQGROILHWDODK NH]HOpVpVDEDNWpULXPRNKDWiViWYL]VJiOYDDWHMV]DEDG pVIHKpUMpEHQN|W|WW'DPLQRVDYWDUWDOPiUDPHJiOODStWRWWiNKRJ\DQ\HUVWHMV]DEDG' DPLQRVDY WDUWDOPD QHP Q WW D SDV]W U|]pV D] XOWUDSDV]W U|]pV YDJ\ D VWHULOL]iOiV KDWiViUD$YL]VJiOWWHMPLQWiNV]DEDG'DODQLQWDUWDOPiWN|]|WWLQHN'DV]SDUDJLQ VDYWDUWDOPiWN|]|WWLQHN'JOXWDPLQVDYWDUWDOPiWSHGLJN|]|WWLQHNPpUWpN (]]HO V]HPEHQ PHJiOODStWRWWiN KRJ\ D Q\HUVWHMPLQWiN V]DEDG 'DPLQRVDY WDUWDOPD MHOHQW VHQQ WWDƒ&RQW|UWpQ WiUROiVDODWWH]pUWD'DODQLQWDUWDOPDWDWHMEDNWHULiOLV

(6)

V]HQQ\H]HWWVpJpQHNHOOHQ U]pVpUHMDYDVROMiNIHOKDV]QiOQL$WHMIHKpUMpEHQNLPXWDWRWW' DPLQRVDY WDUWDOPDW D IHKpUMH KLGUROt]LVH VRUiQ EHN|YHWNH]HWW UDFHPL]iFLyQDN WXODMGRQtWMiN

WiEOi]DW

$NO|QE|] VDMWRNI 'DPLQRVDYWDUWDOPDmPROJ 'DPLQRVDYDN

6DMWRN '$VS '$VS '*OX '*OX '$OD '$OD

eUHWW$UGUDKDQtU

VDMWNOV UpWHJH

eUHWW$UGUDKDQtU

VDMWEHOV UpV]H

&DPHPEHUWVDMW

NOV UpWHJH

&DPHPEHUWVDMW

EHOV UpV]H

'iQNpNVDMW

(PHQWiOL

*RXGDVDMW

0R]]DUHOOD

3DUPH]iQ

.HUHVNHGHOPL

&KHGGDU

' [''/]

$]|VV]HV'DPLQRVDYDWDQDOL]iOWXNGHQpKiQ\NLYpWHOW OHOWHNLQWYHD]|VV]HVW|EEL 'DPLQRVDY LJHQ NLV NRQFHQWUiFLyEDQ YROW MHOHQ H]HQ 'DPLQRVDYDN PHJKDWiUR]iVD EL]RQ\WDODQ YROW$OO RI WKH 'DPLQR DFLGV ZHUH DQDO\VHG EXW GLVUHJDUGLQJ VRPH H[FHSWLRQVWKHRWKHU'DPLQRDFLGVZHUHSUHVHQWRQO\LQDYHU\ORZFRQFHQWUDWLRQDQG WKHGHWHUPLQDWLRQRIWKHVH'DPLQRDFLGVZDVXQFHUWDLQ

7DEOH0DLQ'DPLQRDFLGFRQWHQWRIFKHHVHV—PROJ

&KHHVHV'DPLQRDFLGV6PHDUULSHQHG$UGUDKDQRXWHUOD\HU6PHDUULSHQHG

$UGUDKDQ LQQHU OD\HU &DPHPEHUW RXWHU OD\HU &DPHPEHUW LQQHU OD\HU 'DQLVKEOXH(PPHQWDO*RXGD0R]]DUHOOD3DUPHVDQ&RPPHUFLDO

&KHGGDU

.HUHVYH D YiODV]W DUUD KRJ\ PL RNR]]D D NHUHVNHGHOPL IRUJDORPEDQ NDSKDWy WHM ' DPLQRVDY WDUWDOPiW PHJKDWiUR]WXN &VDSy HW DO HJpV]VpJHV WHKHQHN HOV WHMVXJDUDLHOV WHMVXJDUDNWyOPHQWHVHOHJ\WHMHYDODPLQWD PDV]WLWHV]W SUyED NO|QE|]

IRNR]DWDLQDN PHJIHOHO WHMPLQWiN V]DEDG 'DPLQRVDY WDUWDOPiW 0HJiOODStWRWWXN KRJ\

PLQGD]HOV WHMVXJDUDNPLQGSHGLJDEHWHJW J\E OV]iUPD]yWHMMHOHQW VPHQQ\LVpJEHQ WDUWDOPD] '$VSW '*OXW '$ODW pV 'DOOR,OHW $ IHOVRUROW DPLQRVDYDNRQ NtYO D W J\J\XOODGiVRVW J\E OV]iUPD]yWHME OPpJ'6HUW'3URW'9DOW'/HXWpV' /\VWLVNLWXGWXQNPXWDWQL$'DPLQRVDYDNPHQQ\LVpJHpVDUiQ\DDPDV]WLWHV]WSUyED IRNR]DWDLQDN PHJIHOHO HQ Q WW D EHWHJ W J\E O V]iUPD]y WHMEHQ 9L]VJiODWDLQN

(7)

EL]RQ\tWRWWiNKRJ\DNHUHVNHGHOPLWHM'DPLQRVDYWDUWDOPDD]HOV WHMVXJDUDNEyOpVYDJ\

DV]XENOLQLNDLPDV]WLWLV]EHQV]HQYHG WHKHQHNWHMpE OV]iUPD]LN WiEOi]DW

$WHMpVDVDYDQ\~WHMWHUPpNHNV]DEDGDPLQRVDYWDUWDOPDPJJ

$PLQRVDY

1\HUVWHM

3DV]W U|]|WWWHM

.HILU

-RJKXUW

$OXGWWHM

)ULVVVDMW

+DU]HU VDMW

'$OD

'$V[

'*O[

'9DO

'/HX

'/\V

'DOOR,OH

'6HU

'3UR

6]DEDGDPLQRVDYDN

PJJ

6]DEDG'DPLQRVD

YDNPJJ

' [''/]

7DEOH)UHHDPLQRDFLGFRQWHQWRIPLONDQGVRXUPLONSURGXFWVPJJ

$PLQRDFLG5DZPLON3DVWHXULVHGPLON.HILU<RJKXUW6RXUPLON )UHVKFKHHVH+DU]HUFKHHVH'DOOR,OH 'DOOR,OH'DOOR,OH/DOOR,OH' ,OH/,OH$V[ $VS$VQFDOFXODWHGDVDVSDUWLFDFLG*O[ *OX*OQFDOFXODWHGDV JOXWDPLFDFLG)UHHDPLQRDFLGV)UHH'DPLQRDFLGV

3DOODHWDODWHMSRUV]DEDG'DV]SDUDJLQVDYWDUWDOPiW'DODQLQWDUWDOPiW SHGLJ N|]|WWLQHN WDOiOWiN $ MRJKXUW V]DEDG 'DODQLQ WDUWDOPiW QDN V]DEDG 'DV]SDUDJLQVDY WDUWDOPiW QDN V]DEDG 'JOXWDPLQVDY WDUWDOPiW SHGLJ QDNPpUWpN8J\DQH]HND]pUWpNHNpUHWWVDMWHVHWpEHQpV N|]|WWDODNXOWDN$]pUHWWVDMWV]DEDG'IHQLODODQLQWDUWDOPiWN|]|WWLQHNWDOiOWiN pVHJ\PLQLPiOLVPHQQ\LVpJ 'OHXFLQWLVNLWXGWDNPXWDWQL EHO OH $ S|UN|OW NiYp ' DV]SDUDJLQVDY WDUWDOPiW 'JOXWDPLQVDY WDUWDOPiW 'IHQLODODQLQ WDUWDOPiWSHGLJN|]|WWWDOiOWiN0pUpVHLNDODSMiQIHOKtYMiNDILJ\HOPHWDUUDKRJ\

QHPD]RND]pOHOPLV]HUHNWDUWDOPD]QDNVRN'DPLQRVDYDWPHO\HNHWKRVV]DEELGHLJWDUWy K NH]HOpVQHN WHWWHN NL KDQHP LQNiEE D]RN PHO\HN EDNWpULXPRV IHUPHQWiFLyQ PHQWHN NHUHV]WO

,RQFVHUpVRV]ORSNURPDWRJUiILiYDOYL]VJiOWXN&VDSyHWDOD]pUHWWDUGUDKDQ tUVDMWpVDFDPHPEHUWVDMWIpOFPYDVWDJNOV UpWHJpQHNpVEHOV UpV]pQHNDGiQNpND]

HPHQWiOLDJRXGDDPR]]DUHOODDSDUPH]iQpVDNO|QE|] PyGV]HUHNNHOHO iOOtWRWW FKHGGDU VDMWRN V]DEDG |VV]HV DPLQRVDYWDUWDOPiW QDJ\KDWpNRQ\ViJ~ IRO\DGpN

(8)

NURPDWRJUiILiYDOSHGLJV]DEDG'DV]SDUDJLQVDY'JOXWDPLQVDYpV'DODQLQWDUWDOPiW$

WiEOi]DWEDQ|VV]HIRJODOWHUHGPpQ\HNV]HULQWD'$VSD'*OXpVD'$ODPHQQ\LVpJH PLQGDPLQWDW|PHJpUHPLQGD]|VV]HVV]DEDG DPLQRVDY PHQQ\LVpJpUH YRQDWNR]WDWYD LJHQ V]pOHV WDUWRPiQ\EDQ YiOWR]RWW (]]HO V]HPEHQ D] |VV]HV W|EEL 'DPLQRVDY NRQFHQWUiFLyMD V]LQWH HJ\|QWHW HQ D NLPXWDWKDWyViJ KDWiUiQ YROW D YL]VJiOW VDMWRNEDQ .LYpWHOWNpSH]WHNHEEHQDWHNLQWHWEHQDNO|QE|] FKHGGDUVDMWRNPHO\HNJ\iUWiViKR]

ODNWREDFLOXVRNDWLVKDV]QiOWDN

%UFNQHUpV+DXVFKDWHMDIHUPHQWiOWWHMDIULVVVDMWpVDW~UyV]DEDG' DPLQRVDYDLWYL]VJiOYDPHJiOODStWRWWiNKRJ\MHOHQW VPHQQ\LVpJ 'DPLQRVDYIRUGXOHO PLQG D Q\HUV WHMEHQ PLQG D EHO OH NpV]tWHWW HUMHV]WHWW WHMWHUPpNHNEHQ 0pUpVHLN HUHGPpQ\HLW D WiEOi]DW WDUWDOPD]]D ( WiEOi]DW DGDWDLEyO PHJiOODStWKDWy KRJ\ D MRJKXUWpVDVDMWMHOHQW VPHQQ\LVpJ 'DODQLQWPJJ'DV]SDUDJLQVDYDW PJJ pV 'JOXWDPLQVDYDW PJJ WDUWDOPD] pV H]HQ NtYO MHOHQW VOHKHWPpJD'OL]LQPJJpVD'SUROLQPJJPHQQ\LVpJHLV )HQWLHNHQ NtYO WDOiOWDN PpJ Q\RPQ\L PHQQ\LVpJEHQ 'YDOLQW 'OHXFLQW 'DOOR L]ROHXFLQW pV 'V]HULQW LV D] HUMHV]WHWW WHMWHUPpNHNEHQ )HOWpWHOH]KHW KRJ\ H]HN W~OQ\RPyUpV]W PLNURELROyJLDL WHYpNHQ\VpJ UpYpQ NHOHWNH]WHN HUMHV]WpVHV WHFKQROyJLDL P YHOHWHNYDJ\PLNURELiOLVHUHGHW W J\J\XOODGiV

.O|QE|] WHFKQROyJLDLP YHOHWHNQHNDOiYHWHWWpOHOPLV]HUHN

$PDLPRGHUQpOHOPLV]HULSDULWHFKQROyJLiNNO|QIpOHHOMiUiVRNVRUiQPHJYiOWR]WDWMiND IHKpUMHWXODMGRQViJDLWD]pUWKRJ\ MDYtWViN t]pW iOODJiW pV HOWDUWKDWyViJiW (O V]HUHWHWWHO DONDOPD]]iN D K YHO pV O~JJDO W|UWpQ NH]HOpVW RO\DQ WHUPpNHN HO iOOtWiViUD PHO\HN VSHFLiOLV WXODMGRQViJJDO IRUPiYDO pV IXQNFLyYDO UHQGHONH]QHN $ V]yMDIHKpUMpW SpOGiXO DONiOLiNNDOpVK YHONH]HOLNKRJ\RO\DQURVWRVV]HUNH]HW WHUPpNHWNDSMDQDND]H[WUX]Ly IRO\DPiQ PHO\HW K~VKHO\HWWHVtW NpQW KDV]QiOKDWQDN +RJ\ D NXNRULFD IHKpUMpE O NXNRULFDSHO\KHWYDJ\WRUWLOOiWQ\HUMHQHNV]LQWpQO~JRVNH]HOpVWDONDOPD]QDN

$ WiEOi]DWEDQ D NO|QE|] O~JJDO NH]HOW pOHOPLV]HUHN 'DPLQRVDY WDUWDOPD OiWKDWy D NH]HOHWOHQ NRQWUROpKR] KDVRQOtWYD $ K YDJ\ D K YHO NRPELQiOW DONDOLNXV NH]HOpV PLQGHQ HVHWEHQ PpUKHW PHQQ\LVpJEHQ SURGXNiO 'DPLQRVDYDW $ OHJQDJ\REE 'DV]SDUDJLQVDY WDUWDOPD DQQDN D ND]HLQQHN YROW DPHO\HW SHUFLJ ƒ&UD KHYtWHWWHN IHO $ UDFHPL]iOyGRWW DPLQRVDYDN |VV]HKDVRQOtWiVD D]W PXWDWMD KRJ\

OHJQDJ\REEPpUWpN DUDFHPL]iFLyD]DV]SDUDJLQVDYQiO1pKiQ\RO\DQDPLQRVDYDPHO\

QHPV]HUHSHODWiEOi]DWEDQPLQWSODV]HULQpVDFLV]WHLQYDOyV]tQ OHJPpJJ\RUVDEEDQ UDFHPL]iOyGLN D] DV]SDUDJLQVDYQiO ÈOWDOiQRVViJEDQ HOPRQGKDWy KRJ\ D] HVV]HQFLiOLV DPLQRVDYDN QHP UDFHPL]iOyGQDN J\RUVDQ FVDN KD FVXSiQ PDJDV K KDWiVQDN YDQQDN NLWpYH $ PDJDV K PpUVpNOHW pV D O~JRV NH]HOpV NRPELQiFLyMD D] HVV]HQFLiOLV DPLQRVDYDNQiOLVMHOHQW VUDFHPL]iFLyYDOMiUKDW

0iVYL]VJiODWRNLVDNH]HOWpOHOPLV]HUHNQDJ\'DPLQRVDYWDUWDOPiUyOWDQ~VNRGQDN 0DVWHUV pV )ULHGPDQ QpKiQ\ NHUHVNHGHOPL IRUJDORPEDQ NDSKDWy pOHOPLV]HU '

$VS WDUWDOPiW YL]VJiOYD PHJiOODStWRWWiN KRJ\ D WH[WXUiOW V]yMDIHKpUMpEHQ D V]DORQQiEDQ pV D QHP WHMHUHGHW ]VLUDGpNEDQ LJHQ PDJDV DQQDN NRQFHQWUiFLyMD)LQOH\MHOHQW VPHQQ\LVpJ '$VSWWDOiOWDE~]DOLV]WE ONpV]OW VyV NHNV]EHQ D E~]DWpV]WiEDQ D PH[LNyL SDODFVLQWiEDQ pV D NXNRULFDPiOpEDQ $ ]VtUEDQ VOW KDPEXUJHU DGDWDL YLV]RQW D]W MHO]LN KRJ\ H]

HVHWEHQ D VWpV IRO\DPiQ FVDN MHOHQWpNWHOHQ PpUWpN UDFHPL]iFLy PHJ\ YpJEH (]]HO V]HPEHQDIHKpUNHQ\pUE ONpV]OWSLUtWyVQiODVOWV]DORQQiQiOpVDFVLUNHK~VQiONDSRWW

(9)

PDJDV'DPLQRVDYDUiQ\D]WMHO]LKRJ\EL]RQ\RVN|UOPpQ\HNN|]|WWDI ]pVpVDVWpV QDJ\PpUWpN UDFHPL]iFLyYDOMiUKDW

WiEOi]DW

.O|QE|] pOHOPLV]HUHN'DPLQRVDYWDUWDOPD

.H]HOWWHUPpNHN+LY $PLQRVDYDN

.H]HOHWOHQNRQWURO $VS $OD 3KH /HX 9DO 0HW

3LUtWyV

.HQ\pU%XQMDSDPDLHWDO

([WUXGiOWV]yMDOLV]W

6]yMDOLV]W%XQMDSDPDLHWDO

6]yMDIHKpUMH

.H]HOHWOHQ)ULHGPDQpV/LDUGRQ

=HLQ

1HPK NH]HOW-HQNLQVHWDO

+DPEXUJHU

1\HUVK~V%XQMDSDPDLHWDO

&VLUNHL]RP

1\HUVFVLUNH/LDUGRQpV+XUUHO

6]DORQQDƒ&

+ NH]HOHWOHQ)XVHHWDO

.D]HLQƒ&

+ NH]HOHWOHQ+D\DVHHWDO

'DPLQRVDY ''/'DPLQRDFLG

$IHKpUNHQ\HUHWSHUFPiVRGSHUFLJPHOHJtWHWWpNpVFVDNDIHOV]tQpWHOHPH]WpN yUD ƒ& 1 1D2+ yUD ƒ& 1 1D2+ $ KDPEXUJHUW PLQGNpW ROGDOiQ SHUFLJ VW|WWpN $ VHUSHQ\ K PpUVpNOHWH ƒ& &VDN D IHOV]tQL UpV]W DQDOL]iOWiN0HOHJtWpVƒ&RQyUiQiW6WpVSHUFLJ

7DEOH'DPLQRDFLGFRQWHQWRIGLIIHUHQWIRRGV

$PLQRDFLGV7UHDWHGSURGXFWV5HI8QWUHDWHGFRQWURO7RDVWEUHDG 7KH ZKLWH EUHDG ZDV KHDWHG IRU PLQ VHF DQG RQO\ WKH VXUIDFH ZDV DQDO\VHG ([WUXGHGVR\EHDQPHDOXQWUHDWHG6R\SURWHLQXQWUHDWHGKƒ&1D2+

=HLQXQWUHDWHGKƒ&1D2++DPEXUJHUUDZPHDW7KHKDPEXUJHUZDV URDVWHG IRU PLQ RQ HDFK VLGH 7KH WHPSHUDWXUH RI WKH SDQ ZDV ƒ& 2QO\ WKH VXUIDFHZDVDQDO\VHG&KLFNHQPXVFOHUDZFKLFNHQPXVFOH+HDWHGDWƒ&IRU K%DFRQXQWUHDWHG5RDVWHGIRUPLQ&DVHLQXQWUHDWHG

eUGHNHVpVLJHQLG V]HU NpUGpVIHOWHYpVKRJ\DPLNURKXOOiP~NH]HOpVPHJYiOWR]WDWMDH D] pOHOPLV]HUIHKpUMpN DPLQRVDY|VV]HWpWHOpW /XEHF HW DO *\HUPHNWiSV]HUUH YRQDWNR]yDGDWRNDUUDPXWDWQDNKRJ\SHUFHVPLNURKXOOiP~NH]HOpVKDWiViUDPHJQ D FLV] pV D FLV]KLGUR[LSUROLQ WRYiEEi D 'SUROLQ PHQQ\LVpJH $ FLV] L]RPHU

(10)

NRQFHQWUiFLyMDPJOLWHUYROW)HOKtYMiNDILJ\HOPHWDUUDKRJ\KDDFLV]L]RPHUpSO EH D IHKpUMpEH D WUDQV] L]RPHU KHO\HWW DNNRU H] VWUXNWXUiOLV IXQNFLRQiOLV pV LPPXQROyJLDLYiOWR]iVRNKR]LVYH]HWKHW

,SDULHUHGHW pOHOPLV]HUHNpVPHVWHUVpJHVHQHO iOOtWRWWSHSWLGHN

(NDWHJyULiEDWDUWR]LNPLQGHQRO\DQpOHOPLV]HUPHO\HWMHOHQW VWHFKQROyJLDLNH]HOpVQHN YHWHWWHNDOiYDJ\DPHO\HWV]LQWHWLNXVDQiOOtWRWWDNHO SODV]SDUWiP1pKiQ\IRO\pNRQ\

pOHOPLV]HUEHQ D IHKpUMpW V]pQKLGUiWWDO NRPELQiOMiN DPHO\ VRUiQ D IHKpUMH MHOHQW V YiOWR]iVW V]HQYHGKHW -HOHQW V 'DPLQRVDY WDUWDORPPDO EtUKDWQDN D] DQWLELRWLNXP SHSWLGHN%RGDQV]N\pV3HUOPDQ6KRMLpVNHPRWHUiSLiEDQKDV]QiOWHJ\HV J\yJ\V]HUHN LV &KDNUDYDUW\ HW DO DPHO\HN PDUDGpNDL HJ\pENpQW MHOHQW V ' DPLQRVDY WDUWDOPDW HUHGPpQ\H]KHWQHN D] pOHOPLV]HUHNEHQ $] LURGDOPL DGDWRNDW pUWpNHOYH PHJiOODStWKDWy KRJ\ D V]LQWHWLNXV WHUPpNHN OpQ\HJHVHQ W|EE DPLQRVDYDW WDUWDOPD]QDN PLQW D WHUPpV]HWHV DODSDQ\DJRN V H]HN D I IRUUiVDL OHKHWQHN D]

pOHOPLV]HUHN 'DPLQRVDY WDUWDOPiQDN $ V]yMDIHKpUMH DODSDQ\DJ~ IRO\pNRQ\ WiSV]HU PHO\HW HJ\pENpQW D] HJpV]VpJHV pOHOPLV]HUHN iUXKi]iEyO V]HUH]WHN EH ' DV]SDUDJLQVDYDW WDUWDOPD]RWW H] OpQ\HJHVHQ W|EE YROW DQQiO PLQW DPLW D V]yMD DODS~

J\HUPHNWiSV]HUEHQ WDOiOWDN )LQOH\ EHV]iPRO DUUyO KRJ\ D NHUHVNHGHOPL IRUJDORPEDQNDSKDWyIRJ\DV]WyKDWiV~WiSV]HUHN'V]HULQW'DV]SDUDJLQVDYDW pV 'IHQLODODQLQW WDUWDOPD]WDN YDOyV]tQ OHJ DONDOLNXV NH]HOpV KDWiViUD (] D QDJ\PHQQ\LVpJ 'DPLQRVDY MHOHQ HVHWEHQ NO|Q|VHQ YHV]pO\HV OHKHW PLYHO HJ\HGOL IHKpUMHIRUUiVNpQW DONDOPD]]iN $] LO\HQ V]pOV VpJHV HVHWHN YLV]RQ\ODJ ULWNiN GH D]pUW IHOKtYMiNDILJ\HOPHWDUUDKRJ\DONiOLiYDOpVK YHOKX]DPRVDEELGHLJNH]HOWpOHOPLV]HU HVHWpEHQD]DPLQRVDYDNQDJ\UpV]HUDFHPL]iFLyQPHKHWNHUHV]WO

%RHKP %DGD D D] DV]SDUWiP pGHVtW V]HU UDFHPL]iFLyMiW WDQXOPiQ\R]YD EHV]iPROWDN DUUyO KRJ\ PLQG D] DV]SDUDJLQVDY PLQG D JOXWDPLQVDY J\RUVDQ UDFHPL]iOyGRWWQHXWUiOLVS+QpVƒ&RQ$UDFHPL]iFLyDNNRUIRUGXOHO PLNRUD]

pGHVtW V]HUFLNOLNXVGLSHSWLGGpDODNXOiWPHO\QDJ\RQKDMODPRVDUDFHPL]iFLyUD$]pUW IRQWRV H]W WXGQL PHUW KD SO I ]pV HO WW DGMiN D] pGHVtW V]HUW D] pWHOKH] D]

QDJ\PpUWpNEHQUDFHPL]iOyGKDW

$'$0,126$9$.0(7$%2/,=086$

)HQWLHN V]HULQW D 'DPLQRVDYDN MHOHQW V PHQQ\LVpJEHQ HO IRUGXOKDWQDN D]

pOHOPLV]HUHNEHQ0LW|UWpQLNH]HNNHODWHUPpV]HWHVW OHOWpU V]WHUHRL]RPHUHNNHO".UHEV ~WW|U PXQNiMD yWD N|]WXGRWW KRJ\ D] HPO V|N LV UHQGHONH]QHN VSHFLILNXV HQ]LPHNNHO D 'DPLQRVDYDN DQ\DJFVHUpMpUH (]HN D V]WHUHRL]RPHUHN HOV VR UEDQ D ' DPLQRVDY R[LGi]RN UHDNFLyVRUDLQ PHWDEROL]iOyGQDNaNHWR VDYDN NHOHWNH]pVH N|]EHQ .UHEV 1HXEHUJHU %HQGHUpV .UHEV %XUWRQ %HUJ (]WN|YHW HQD]aNHWRVDYDNiWPHKHWQHNV]WHUHRVSHFLILNXVWUDQV]DPLQiFLyQPHO\

D] HUHGHWL DPLQRVDY /HQDQWLRPHUMpW HUHGPpQ\H]L D]WiQ SHGLJ EHOpS D V]RNiVRV DQ\DJFVHUH IRO\DPDWED YDJ\ HJ\ PiVLN UHDNFLyEDQ N|]YHWOHQO OHERPOLN SO R[LGDWtY GHNDUER[LOiOiVVDO $ 'DPLQRVDYDN iWDODNXOiVDaNHWRVDYDNNi HOV VRUEDQ D YHVpEHQ PHJ\ YpJEH tJ\ D] HOIRJ\DV]WRWW 'DPLQRVDYDNQDN HO V]|U D PHPEUiQRNRQ NHOO GLIIXQGiOQLKRJ\PHWDEROL]iOyGKDVVDQDNH]HQD]~WRQ$WUDQV]SRUWIRO\DPDWRND]RQEDQ V]WHUHRV]HOHNWtYHN pV GLV]NULPLQDWtYDN D 'DPLQRVDYDN YRQDWNR]iViEDQ *LEVRQ pV :LVHPDQ)LQFKpV+LUG6FKZDVVHWDO

(11)

$ NO|QE|] DPLQRVDYDN NO|QE|] PpUWpNEHQ R[LGiOyGQDN D PHJIHO 'DPLQRVDY R[LGi]RNN|]UHP N|GpVpYHO$]DV]SDUDJLQVDY'HQDQWLRPHUMHD]D]DPLQRVDYDPHO\D YL]VJiODWRN V]HULQW D OHJKDMODPRVDEE D UDFHPL]iFLyUD QDJ\RQ URVV] V]XEV]WUiWMD D PHJIHOHO 'DPLQRVDYR[LGi]QDN(QQHNHOOHQpUH'L[RQpV.HQZRUWK\V]HULQWD]

HPO V|NEHQ PHJWDOiOKDWy D 'DV]SDUDJLQVDYUD VSHFLILNXV 'DPLQRVDY R[LGi] KLiQ\]LN D]RQEDQD]|VV]HVW|EELDPLQRVDYUD$] HVV]HQFLiOLV DPLQRVDYDN PLQW SO D OL]LQ pV D WUHRQLQJ\RUVDEEDQUDFHPL]iOyGQDNPLQWD]DODQLQpVV]LQWpQQDJ\RQURVV]V]XEV]WUiWMDL D 'DPLQRVDY R[LGi]QDN $ SUROLQ YLV]RQW PHO\ QHP UDFHPL]iOyGLN MHOHQW VHEE PHQQ\LVpJEHQ D] pOHOPLV]HU HO iOOtWiV VRUiQ D OHKHW OHJMREE V]XEV]WUiWMD DQQDN /LDUGRQpV+XUUHOÒJ\W QLNWHKiWKRJ\QLQFV|VV]HIJJpVDUDFHPL]iFLyUDYDOy IRJpNRQ\ViJpVD'DPLQRVDYR[LGi]]DOW|UWpQ UHDNFLyVHEHVVpJHN|]|WW(]pUWiOOtWKDWy KRJ\D]HPO V|N'DPLQRVDYR[LGi]UHQGV]HUHQHPIHMO G|WWNLRO\DQPpUWpNEHQKRJ\

YiODV]ROQL WXGMRQ D] pOHOPL HUHGHW UDFHPL]iOW DPLQRVDYDN NLKtYiViUD.UHEV PpJ EL]RQ\WDODQ YROW D 'DPLQRVDY R[LGi] ELROyJLDL IXQNFLyMiW LOOHW HQ PD D]RQEDQPiUEL]RQ\tWRWWQDNWHNLQWKHW KRJ\D'DPLQRVDYR[LGi]HOLPLQiOMDD]RNDWD' DPLQRVDYDNDWDPHO\HNYDJ\YpOHWOHQOYDJ\DEDNWpULXPIHKpUMpQNHUHV]WONHUOWHNEH RGD %HQGHU (]W D] D WpQ\ LV PHJHU VtWL KRJ\ D]RN D SDWNiQ\RN DPHO\HN FVLUDPHQWHV N|UQ\H]HWEHQ QHYHONHGWHN VRNNDO NLVHEE 'DPLQRVDY R[LGi] DNWLYLWiVVDO UHQGHONH]QHNPLQWD]RNPHO\HNQRUPiOLVN|UQ\H]HWEHQQ WWHNIHO(QQHNHOOHQpUHD]D 'JOXWDPLQVDYPHO\DEDNWpULXPRNVHMWIDOiEDQHO IRUGXOySHSWLGRJOLNiQDONRWyUpV]HD OHJURVV]DEE V]XEV]WUiWMD D 'DPLQRVDY R[LGi]QDN N|YHWNH]pVNpSSHQ QDJ\RQ ODVVDQ R[LGiOyGLN D 'DV]SDUDJLQVDY R[LGi] KDWiViUD 'L[RQ pV .HQZRUWK\ %iU D ' DPLQRVDY R[LGi] HQ]LPHN HOPpOHWLOHJ NpSHVVp WHV]LN D] HPO V|NHW D 'DPLQRVDYDN PHWDEROL]iOiViUDH]DPHFKDQL]PXVQHPHOpJKDWpNRQ\pVQ\LOYiQYDOyDQW~OWHUKHOWPHUW DPLNRU UDFpP DPLQRVDYDN NHUOQHN EH D V]HUYH]HWEH D 'DPLQRVDYDN QDJ\ UpV]H D YL]HOHWHQ NHUHV]WO YiODV]WyGLN NL 1HXEHUJHU %HUJ $ V]DEDG ' DPLQRVDYDNiWDODNXOKDWQDNUDFHPi]RNVHJtWVpJpYHOLVUDFpPNHYHUpNNpYDJ\DPHJIHOHO /DPLQRVDYYi .pWVpJWHOHQ KRJ\ D 'DPLQRVDYDN HJ\ UpV]H UDFHPi]RN KDWiViUD iWDODNXOKDW/DPLQRVDYDNNiGHH]DOHKHW VpJFVDNDEDNWpULXPRNEDQiOOIHQQ8J\DQH]

D KHO\]HW D WUDQV]DPLQi]RN YRQDWNR]iViEDQ LV PHO\HN V]LQWpQ FVDN D EDNWpULXPRN HVHWpEHQEL]WRVtWMiND'DPLQRVDYDNHOLPLQiFLyMiW

$'DPLQRVDYDNDWWDUWDOPD]yIHKpUMpNHPpV]WpVH

$]HPEHULV]HUYH]HWHWWHUKHO 'DPLQRVDYDNI IRUUiVDLD]LSDULODJIHOGROJR]RWWIHKpUMpN 0LHO WW D] H]HNEHQ OHY 'DPLQRVDYDN PHWHEROL]iOyGQiQDN D 'DPLQRVDY R[LGi]

UHDNFLyVRURQ HO V]|U V]DEDGGi NHOO YiOQLXN D PHWDEROLNXV HQ]LPHN VHJtWVpJpYHO $]

pOHOPLV]HUIHKpUMpN HPpV]WpVH D] HOV OpSpVEHQ V]DEDG DPLQRVDYDNDW pV NLVWDJV]iP~

SHSWLGHNHWHUHGPpQ\H]*UD\pV&RRSHU%HQGHUPDMGD]RNDWDSHSWLGi]RN KLGUROL]iOMiN 3HWHUV 5RVHQ/HYLQ HW DO 1\LOYiQYDOy KRJ\ D ' DPLQRVDYDW WDUWDOPD]y SHSWLGHN HOOHQiOOQDN D] HQ]LPHV KLGUROt]LVQHN D] HPpV]WpV IRO\DPiQ6]LQWHWLNXVSHSWLGHNNHOIRO\WDWRWWNtVpUOHWHNHUHGPpQ\HLEL]RQ\tWMiNKRJ\D' DV]SDUDJLQVDY0XUUD\pV&ODUNHpVD'PHWLRQLQ3DTXHWHWDOPpJDNNRU VHPV]DEDGXOIHODSHSWLGN|WpVE OD]HQ]LPHVKLGUROt]LVVRUiQKDDPHOOHWWNOpY |VV]HV W|EELDPLQRVDY/HQDQWLRPHU6]iPRVV]HU] EHV]iPRODUUyOKRJ\DK pVD]DONDOLNXV NH]HOpV KDWiViUD QDJ\PpUWpNEHQ UDFHPL]iOyGRWW DPLQRVDYDN HOOHQiOOQDN D SURWHROLWLNXV KLGUROt]LVQHN &KXQJ HW DO D IHQLODODQLQ UDFHPL]iFLyMD pV D IHKpUMH HPpV]WKHW VpJH N|]WL |VV]HIJJpVW WDQXOPiQ\R]YD PHJiOODStWRWWiN KRJ\ D UDFHPL]iFLy Q|YHNHGpVpYHO D] HPpV]WKHW VpJ URKDPRVDQ FV|NNHQ 0LYHO D IHQLODODQLQ ODVVDEEDQ

(12)

UDFHPL]iOyGLN PLQW D] DV]SDUDJLQVDY D V]HULQ pV D FLV]WHLQ Q\LOYiQYDOy KRJ\ D UDFHPL]iOW DPLQRVDYDNEDQ JD]GDJ IHKpUMpN FVDN UpV]EHQ ERPODQDN OH D SURWHROL]LV IRO\DPiQ

$ IHKpUMpN SURWHROLWLNXV KLGUROL]LVpQHN WHUPpNHL WDUWDOPD]QDN UDFHPL]iOW DPLQRVDYDNDW pV 'DPLQRVDYWDUWDOP~ NLV PROHNXODW|PHJ SHSWLGHNHW $ GL pV WULSHSWLGHN NHUHV]WO GLIIXQGiOQDN D PHPEUiQRQ PtJ D MHOHQOpY QDJ\REE WDJV]iP~

SHSWLGHN HJ\V]HU HQ NLYiODV]WyGQDN D EpOViU XWMiQ $ 'DPLQRVDYWDUWDOP~ GL pV WULSHSWLGHNQHPMyV]XEV]WUiWMDLD'DPLQRVDYR[LGi]QDN.UHEV%XUWRQ$

GLSHSWLGHN J\RUVDQ FLNOL]iOQDN LQ YLWUR N|UOPpQ\HN N|]|WW HV S+Q FLNOLNXV SHSWLGHNNp GLNHWRSLSHUD]LQQi 6WHLQEHUJ pV %DGD (Q]LPHN IHOKDV]QiOiVD QpONO LQ YLWUR YpJ]HWW NtVpUOHWHN VRUiQ LV LJD]ROWiN KRJ\ D WULSHSWLGHN EHOV DPPRQROt]LVW V]HQYHGKHWQHN V tJ\ FLNOLNXV GLSHSWLGHNNp pV V]DEDG &WHUPLQiOLV DPLQRVDYDNNiDODNXOKDWQDN6WHLQEHUJpV%DGD$WiUJ\DOWDQ\DJV]HPSRQWMiEyO H]D]pUWILJ\HOHPUHPpOWyPHUWDFLNOLNXVGLSHSWLGLJHQKDMODPRVDUDFHPL]iFLyUD*XQG pV9HEHU6WHLQEHUJpV%DGD)HOWpWHOH]KHW KRJ\H]DIRO\DPDWLQYLYRLV YpJEHPHJ\ pV YpJV VRURQ WRYiEEL 'DPLQRVDY NpS] GpVKH] YH]HW $ 'DPLQRVDYDN PHWDEROL]PXViWWDQXOPiQ\R]YDD]RQEDQHGGLJPpJQHPILJ\HOWHNIHODGLNHWRSLSHUD]LQ MHOHQOpWpUH

$'$0,126$9$.(0e6=7e6(

$ UDFHPL]iOW DPLQRVDYDNDW WDUWDOPD]y IHKpUMpN KRVV]~ LG Q NHUHV]WO W|UWpQ IRJ\DV]WiViQDN KDWiVD D] HPEHUL V]HUYH]HWUH PpJ QHP HOpJJp LVPHUW0DVWHUV pV )ULHGPDQ UiPXWDWWDN DUUD KRJ\ H] LGiLJ QHP WDQXOPiQ\R]WiN HOpJ EHKDWyDQ D UDFHPL]iOW DPLQRVDYDN D] HPEHUL V]HUYH]HWUH NLIHMWHWW KDWiViW HJ\HO UH QLQFV PLQGHQ UpV]OHWpEHQ WLV]Wi]YD KRJ\DQ KDW D UDFHPL]iFLy D] HPpV]WKHW VpJUH pV D] DPLQRVDY KR]]iIpUKHW VpJpUH

$'DPLQRVDYDNNiURVKDWiVDL

$ IHKpUMpEHQ N|W|WW 'DPLQRVDYDN KDV]QRVXOiVD DWWyO IJJ KRJ\ D 'DPLQRVDYDN IHOV]DEDGXOQDNHD]/''/pV''N|WpVHNE OpVKRJ\DIHOV]DEDGXOW'DPLQRVDYDN MHOHQW V KiQ\DGEDQ iW WXGQDNH DODNXOQL /DPLQRVDYDNNi 6]i]DGXQN HOHMpQ'DNLQ pV 'XGOH\YROWDND]HOV NDNLNPHJILJ\HOWpNKRJ\DO~JJDONH]HOWND]HLQQDJ\UpV]H HPpV]WHWOHQO WiYR]RWW D NXW\iN EpOVDUiYDO (]W N|YHW HQ W|EEHQ PHJKDWiUR]WiN D]

DONiOLiYDO NH]HOW LOOHWYH D QHP NH]HOW IHKpUMH HPpV]WKHW VpJpW $ NH]HOW PLQWiNQiO PLQGHQ DONDORPPDO FV|NNHQW HPpV]WKHW VpJHW ILJ\HOWHN PHJ PHO\HW HOV VRUEDQ D UDFHPL]iFLyYDOpVYDJ\ D OL]LQRDODQLQ NLDODNXOiViYDO PDJ\DUi]WDN+D\DVKL pV.DPHGD E D O~JJDO NH]HOW IHKpUMpNEHQ OpY DPLQRVDYDN UDFHPL]iFLyMiW WDQXOPiQ\R]YD EHV]iPROWDNDUUyOKRJ\NLVPpUWpN UDFHPL]iFLyLVMHOHQW VHPpV]WpVFV|NNHQpVWLGp]HO (]W D]]DO PDJ\DUi]WiN KRJ\ D UDFHPL]iOyGRWW DPLQRVDYDN QHP V]XEV]WUiWMDL D SURWHi]RNQDN XJ\DQDNNRU KDWiVVDO YDQQDN D QHP UDFHPL]iOyGRWW V]RPV]pGRV DPLQRVDYDN IHOV]DEDGtWKDWyViJiUD ËJ\ QpKiQ\ DPLQRVDY UDFHPL]iFLyMD OpQ\HJHV YHV]WHVpJHW RNR]KDW D N|UQ\H] HVV]HQFLiOLV DPLQRVDYDN WHNLQWHWpEHQ LV FV|NNHQWYH D IHKpUMHSURWHROLWLNXVHPpV]WKHW VpJpW

)ULHGPDQHWDOYL]VJiOWiNDK PpUVpNOHWD]LG pV D S+ KDWiViW D O~JJDO NH]HOWND]HLQWULSV]LQpVNLPRWULSV]LQHPpV]WKHW VpJpUH0HJILJ\HOWpNKRJ\PLN|]EHQD]

DV]SDUDJLQVDY pV D IHQLODODQLQ HPpV]WKHW VpJH FV|NNHQ D OL]LQRDODQLQ NHUHV]WN|WpVHN V]iPDpVDUDFHPL]iFLyIRNDQ %XQMDSDPDLHWDOPXQNiMDYROWD]HOV PHO\EHQ

(13)

V]pW WXGWiN YiODV]WDQL D UDFHPL]iFLy pV D NHUHV]WN|WpVHN KDWiViW D] LQ YLWUR HPpV]WKHW VpJUH0XQNiMXNI N|YHWNH]WHWpVHD]YROWKRJ\DFV|NNHQWHPpV]WKHW VpJHW HOV VRUEDQDUDFHPL]iFLyRNR]]D6FKZDVVHWDOV]HULQWHJ\HWOHQ'DPLQRVDYPiU DONDOPDWODQQi WHV]L D SHSWLGHW D V]iOOtWiVUD 6]HULQWN HJ\HGO D UDFHPL]iFLy D] DPL FV|NNHQWL D] LQ YLWUR HPpV]WKHW VpJHW pV D] HQ]LPDWLNXVDQ IHOWiUW IHKpUMH LQ YLYR KDV]QRVXOiViW

1DJ\RQIRQWRVNpUGpVKRJ\D]pOHOPLV]HUHNEHQOpY 'DPLQRVDYDNWR[LNXVDNH$]

U|JW|QD]HOHMpQPHJiOODStWKDWyKRJ\DNO|QE|] 'pV/DPLQRVDYDNXJ\DQRO\DQDNXW WR[LFLWiVVDOUHQGHONH]QHNPHO\HW/'pUWpNNLVEL]RQ\tW*XOOLQRHWDO.LYpWHOW NpSH]WDOiQD'SUROLQPHO\U OQDJ\REEOHWDOLWiVWiOODStWRWWDNPHJDFVLUNHHVHWpEHQPLQW D] /SUROLQUyO &KHUNLQ HW DO 0iU D] HO ] HNE O NLGHUOW KRJ\ D 'SUROLQ D OHJMREE V]XEV]WUiWMD D 'DPLQRVDY R[LGi]QDN0DVWHUV pV)ULHGPDQ V]HULQW QpKiQ\'DPLQRVDYKRVV]~LG QNHUHV]WOIHMWLNLWR[LNXVKDWiViW9L]VJiODWDLNV]HULQWD]

pOHOPLV]HUHNEHQOpY 'V]HULQOL]LQRDODQLQpVDNO|QE|] O~JJDONH]HOWIHKpUMpNNyURV HOYiOWR]iVW LGp]WHN HO SDWNiQ\RN YHVpMpEHQ $ V]DEDG OL]LQRDODQLQ VRNNDO QHIURWR[LNXVDEE PLQW D SHSWLGN|WpVEHQ OpY HEE O N|YHWNH] HQ D O~JJDO NH]HOW IHKpUMpNEHQ WDOiOKDWy OL]LQRDODQLQ QHIURWR[LNXV KDWiVD OpQ\HJHVHQ NLVHEE )ULHGPDQ 'H*URRWHWDOV]HULQWDSDWNiQ\RNNO|Q|VHQpU]pNHQ\HNDO~JJDONH]HOW IHKpUMpN pV D OL]LQRDODQLQ QHIURWR[LNXV KDWiViUD ,JD]ROWiN HJ\pENpQW D NO|QE|]

iOODWIDMRNQDJ\RQHOWpU pU]pNHQ\VpJpWLVHWHNLQWHWEHQ

$ OL]LQRDODQLQ pV D O~JJDO NH]HOW IHKpUMpNEHQ OpY 'DODQLQ LQ YLWUR LQKLELWRUDL D NDUER[LpVDPLQRSHSWLGi]RNQDN)ULHGPDQHWDO+D\DVKL$OL]LQRDODQLQ UpV]pU O D JiWOiV ~J\ Q\LOYiQXO PHJ KRJ\ NRPSOH[HW DONRW D] HQ]LP HQ]LPUHDNFLyEDQ UpV]WYHY IpPLRQMiYDO+D\DVKL+RJ\D]pOHPLV]HUHUHGHW OL]LQRDODQLQpVD' DPLQRVDYDNLQKLELWRUDLHDPHWDEROLNXVHQ]LPHNQHNPpJQHPYL]VJiOWiNtJ\WHKiWQLQFV PpJDGDWDKRVV]~LGHM NH]HOpVKDWiViUyOVHPD]LQKLEtFLyUD

$'DPLQRVDYDNKDV]QRVKDWiVDL

$ 'DPLQRVDYDN iOWDO RNR]RWW FV|NNHQW HPpV]WKHW VpJ D] pOHOPLV]HUIHKpUMpNEHQ EL]RQ\RV HVHWEHQ HO Q\|V OHKHW pOHOPH]pVL V]HPSRQWEyO IHOWpYH KRJ\ D SURWHROLWLNXV HPpV]WpV XWiQ YLVV]DPDUDGy DQ\DJRN QHP WR[LNXVDN 1pKiQ\ QDSLJ DONDOPD]QL OHKHW D UDFHPL]iOW IHKpUMpNHW IRJ\yN~UiV NH]HOpVHNQpO PLYHO D] LJHQ DODFVRQ\ HPpV]WKHW VpJ PLDWW U|YLG LG DODWW MHOHQW V V~O\FV|NNHQpVW OHKHW UHPpOQL $ 'IHQLODODQLQUyO pV D ' OHXFLQUyO NLPXWDWWiN &KHQJ pV 3RPHUDQ] KRJ\ IiMGDORPFVLOODStWy KDWiVVDO UHQGHONH]QHN pV H]pUW KDV]QiOMiN D]RNDW PDNDFV IiMGDOPDN HVHWpQ %XGG $ IiMGDORPFVLOODStWy KDWiV D]RQ DODSV]LN KRJ\ D] HPOtWHWW PROHNXOiN LQKLELiOMiN D NDUER[LSHSWLGi]$W pV D KR]]i KDVRQOy HQ]LPHNHW PHO\HN UpV]W YHV]QHN D] RSLRLG SHQWDSHSWLG OHERQWiViEDQ D] DJ\EDQ pV D JHULQFDJ\EDQ %XGG )ULHGPDQ HW DO EHV]iPROWDNDUUyOKRJ\D]DONiOLiNNDONH]HOWpOHOPLV]HUIHKpUMpNOL]LQRDODQLQpV 'DPLQRVDY WDUWDOPD V]LQWpQ LQKLELiOMiN D NDUER[LSHSWLGi] $W (]HN D NXWDWiVL HUHGPpQ\HN DUUD HQJHGQHN N|YHWNH]WHWQL KRJ\ D UDFpP DPLQRVDYDN MHOHQOpWH D]

pOHOPLV]HUIHKpUMpEHQKDV]QRVOHKHWDIiMGDORPPHJV]QWHWpVpUH

9LV]RQ\ODJUpJyWDLVPHUWKRJ\DOHJW|EEDQWLELRWLNXPSROLSHSWLGEHQ'DPLQRVDYDN LV YDQQDN (]pUW HONpS]HOKHW KRJ\ D UDFHPL]iOW pOHOPLV]HU IHKpUMpN SURWHROLWLNXV OHERQWiVDIRO\DPiQRO\DQSHSWLGHNNHOHWNH]QHNPHO\HNDQWLELRWLNXVWXODMGRQViJRNNDOLV UHQGHONH]QHN

(14)

.g9(7.(=7(7e6(.

$] HO ] HNE O YLOiJRVDQ NLGHUO KRJ\ D 'DPLQRVDYDN D QDWXUiOLV pOHOPLV]HU DODSDQ\DJRNNLYpWHOpYHOV]LQWHPLQGHQWiSOiOpNXQNEDQpOHOPLV]HUEHQNLVHEEQDJ\REE PHQQ\LVpJEHQ HO IRUGXOQDN (QQHN HOOHQpUH QpKiQ\ NXWDWyKHO\W O HOWHNLQWYH D ' DPLQRVDY WDUWDOPDW UXWLQV]HU HQ VHKRO VHP YL]VJiOMiN $] LRQFVHUpV RV]ORSNURPDWRJUiILiQ DODSXOy UXWLQ DPLQRVDY DQDOt]LVVHO YDJ\ D QDJ\KDWpNRQ\ViJ~

IRO\DGpNNURPDWRJUiILiQDODSXOyJ\RUVPyGV]HUHNNHOD'pV/DPLQRVDYDNDWQHPOHKHW HJ\PiVWyOHOYiODV]WDQL(]HNDONDOPD]iViYDOD]HUHGPpQ\XJ\DQD]OHV]KDRO\DQIHKpUMpW HOHPH]QHN DPHO\ WLV]WiQ FVDN /DPLQRVDYDNEyO pSO IHO YDJ\ KD XJ\DQHEEHQ D IHKpUMpEHQ D] DPLQRVDYDN WHOMHV PpUWpNEHQ UDFHPL]iOyGWDN 3HGLJ PLFVRGD NO|QEVpJ YDQ D NpW DQDOL]iOW pOHOPLV]HU N|]|WW $ OiWV]yODJRVDQ D]RQRV DPLQRVDY |VV]HWpWHO HOOHQpUH D] HJ\LN IHKpUMpMH My PLQ VpJ D PiVLNp SHGLJ QHPFVDN KRJ\ V]LQWH WHOMHVHQ HPpV]WKHWHWOHQ GH PpJ NiURV LV OHKHW D] HJpV]VpJUH 0L MHOHQWKHW HO UHOpSpVW HEEHQ D WHNLQWHWEHQ"0DPiUKD]iQNEDQLVVRNKHO\WWKDV]QiOQDNMyPLQ VpJ QDJ\KDWpNRQ\ViJ~

IRO\DGpNNURPDWRJUiIRNDW LOO Ji]NURPDWRJUiIRNDW 0HJIHOHO PyGV]HUIHMOHV]WpVVHO HOpUKHW KRJ\PLQGNpWNpV]OpNDONDOPDVOHV]D'pVD]/DPLQRVDYDNV]pWYiODV]WiViUD LOO D 'DPLQRVDYDN PHQQ\LVpJpQHN SRQWRV PHJKDWiUR]iViUD $PLO\HQ QDJ\KRUGHUHM GRORJ YROW D .MHOGDKO IpOH IHKpUMHPHJKDWiUR]iV EHYH]HWpVH PDMG D] LRQFVHUpV RV]ORSNURPDWRJUiILiV HOYHQ P N|G DPLQRVDY DQDOL]iWRURN IHOKDV]QiOiVD H]HNHW N|YHW HQ SHGLJ D] DPLQRVDY DODSRQ W|UWpQ pOHOPLV]HU pV WDNDUPiQ\UHFHSW~UiN NLGROJR]iVDYpOHPpQ\QNV]HULQWXJ\DQRO\DQQDJ\OpSpVOHQQHD]KDNLYiOyPLQ VpJ pOHOPLV]HUHNHWWXGQiQNHO iOOtWDQLD]DPLQRVDYUDFHPL]iFLyFV|NNHQWpVpYHO-yOHQQHKD DNULWLNXVDEEpOHOPLV]HUHNQHPFVDNDIHKpUMHWDUWDORPpVD]DPLQRVDY|VV]HWpWHOKDQHPD 'DPLQRVDYWDUWDORPDODSMiQLVPLQ VtWYHOHQQpQHN

.g6=g1(71<,/9È1Ë7È6

$V]HU] NN|V]|QLND]27.$7pVD]0.00.0WiPRJDWiViW ,52'$/20

%DGD-/,QYLYRUDFHPL]DWLRQLQPDPPDOLDQSURWHLQV0HWKRGV(Q]LPRO

%DGD -/ 5DFHPL]DWLRQ RI DPLQR DFLGV ,Q &KHPLVWU\ DQG %LRFKHPLVWU\ RI

$PLQR$FLGVHG*&%DUUHWW/RQGRQ1HZ<RUN&KDSPDQ +DOO

%DGD-/&URQLQ-5+R06.YHQYROGHQ.$DQG/DZOHVV-*2QWKH UHSRUWHGRSWLFDODFWLYLW\RIDPLQRDFLGVLQWKH0XUFKLVRQPHWHRULWH1DWXUH

%DGD -/ 0LOOHU 6/ 5DFHPL]DWLRQ DQG WKH RULJLQ RI RSWLFDO DFWLYH RUJDQLF FRPSRXQGV LQ OLYLQJ RUJDQLVPV ,Q + 0DQ DQG -/ %DGD 'LHWDU\ ' DPLQRDFLGV$QQ5HY1XWU

%HQGHU'$$PLQR$FLG0HWDEROLVP&KLFKHVWHU1HZ<RUN:LOH\QGHG

%HQGHU$(.UHEV+$7KHR[LGDWLRQRIYDULRXVV\QWKHWLFaDPLQRDFLGVE\

PDPPDOLDQ'DPLQRDFLGR[LGDVH/DPLQRDFLGR[LGDVHRIFREUDYHQRPDQGWKH /DQG'DPLQRDFLGR[LGDVHVRI1HXRVSRUDFUDVVD%LRFKHP-

%HUJ&38WLOL]DWLRQRI'DPLQRDFLGV,Q3URWHLQDQGDPLQRDFLGQXWULWLRQHG

$$$OEDQHVH1HZ<RUN$FDGHPLF

(15)

%RGDQVN\03HUOPDQ'$QWLELRWLFSHSWLGHV6FLHQFH

%RHKP0)%DGD-/D5DFHPL]DWLRQRIDVSDUWLFDFLGDQGSKHQ\ODODQLQHLQWKH VZHHWHQHUDVSDUWDPHDWƒ&3URF1DWO$FDG6FL86$

%RHKP0)%DGD-/E,QYHVWLJDWLRQVRILQYLYRPHWKLRQLQHUDFHPL]DWLRQLQ PDPPDOLDQWLVVXHV%LRFKHP,QW

%UFNQHU++DXVFK0'DPLQRDFLGVLQGDLU\SURGXFWV'HWHFWLRQRULJLQDQG QXWULWLRQDO DVSHFWV , 0LON IHUPHQWHG PLON IUHVK FKHHVH DQG DFLG FXUG FKHHVH 0LOFKZLVVHQVFKDIW

%XGG.8VHRI'SKHQ\ODODQLQHDQGHQNHSKDOLQDVHLQKLELWRULQWKHWUHDWPHQW RILQWUDFWDEOHSDLQ,Q$GY3DLQ5HV7KHU

%XQMDSDPDL60DKRQH\55)DJHUVRQ,6'HWHUPLQDWLRQRI'DPLQRDFLGV LQ VRPH SURFHVVHG IRRGV DQG HIIHFW RI UDFHPL]DWLRQ RQ LQ YLWUR GLJHVWLELOLW\ RI FDVHLQ-)RRG6FL

%XUWRQ.'DPLQRDFLGR[LGDVHIURPNLGQH\0HWKRGV(Q]\PRO

&KDNUDYDUW\ 3. &DUO 3/ :HEHU 0- .DW]HQHONQERJHQ -$ 3ODVPLQ DFWLYDWHGSURGUXJVIRUFDQFHUFKHPRWKHUDSK\6\QWKHVLVDQGELRORJLFDODFWLYLW\

RISHSWLG\OGHULYDWLYHVRIGH[RUXELFLQ-0HG&KHP

&KHQJ 566 3RPHUDQ] % &RUUHODWLRQ RI JHQHWLF GLIIHUHQFH LQ HQGRUSKLQ V\VWHPVZLWKDQDOJHVLFHIIHFWVRI'DPLQRDFLGLQPLFH%UDLQ5HV

&KHUNLQ $ 'DYLV -/ *DUPDQ 0: 'SUROLQ VWHUHRVSHFLILW\ DQG VRGLXP FKORULGH GHSHQGHQFH RI OHWKDO FRQYXOVDQW DFWLYLW\ LQ WKH FKLFN 3KDUPDFRO

%LRFKHP%HKDY

&KXQJ6<6ZDLVJRRG+(&DWLJQDQL*/(IIHFWRIDONDOLWUHDWPHQWLQWKH SUHVHQFH RI IUXFWRVH RQ GLJHVWLELOLW\ RI IRRG SURWHLQV DV GHWHUPLQHG E\ DQ LPPRELOL]HGGLJHVWLYHHQ]\PHDVVD\,'($-$JULF)RRG&KHP

&ODUNH67KHUROHRI$VSDQG$VQUHVLGXHVLQWKHDJLQJRIHU\WKURF\WHSURWHLQV

&HOOXODUPHWDEROLVPRIUDFHPL]HGDQGLVRPHUL]HGIRUPVE\PHWK\ODWLRQUHDFWLRQV ,Q&HOOXODUDQG0ROHFXODU$VSHFWVRI$JLQJ7KH5HG&HOOVDVD0RGHO(G-:

(DWRQ'..RQ]HQ-*:KLWH1HZ<RUN/LVV

&RUULJDQ--'DPLQRDFLGVLQDQLPDOV6FLHQFH

&VDSy - +HQLFV = 4XDQWLWDWLYH GHWHUPLQDWLRQ RI EDFWHULDO SURWHLQ IURP WKH GLDPLQRSLPHOLFDFLGDQG'DODQLQHFRQWHQWRIUXPHQOLTXRUDQGLQWHVWLQHV$FWD

$JU+XQJ

&VDSy-0DUWLQ7*&VDSy.LVV=V6WHIOHU-1pPHWK\6,QIOXHQFHRIXGGHU LQIODPPDWLRQRQWKH'DPLQRDFLGFRQWHQWRIPLON-RXUQDORI'DLU\6FLHQFH

&VDSy - &VDSy.LVV =V &VRUGiV ( )R[ 3) :iJQHU / pV 7iORV 7 .O|QE|] WHFKQROyJLiYDO NpV]OW VDMWRN |VV]HV V]DEDG pV V]DEDG 'DPLQRVDY WDUWDOPD7HMLSDU

'DNLQ +' 1RWH RQ WKH UHODWLYH UDWH RI DEVRUSWLRQ RI RSWLFDOO\ LVRPHULF VXEVWDQFHVIURPWKHLQWHVWLQH-%LRO&KHP

'DNLQ+''XGOH\+:7KH DFWLRQ RI HQ]\PHV RQ UDFHPL]HG SURWHLQV DQG WKHLUIDWHLQWKHDQLPDOERG\-%LRO&KHP

' QLHOR$*XLGLWWD$3UHVHQFHRI'DVSDUWDWHLQVTXLGD[RSODVPDQGLQRWKHU UHJLRQVRIWKHFHSKDORSRGQHUYRXVV\VWHP-1HXURFKHP 'H*URRW $3 6OXPS 3 )HURQ 9- 9DQ%HHN / (IIHFWV RI DONDOL WUHDWHG

SURWHLQV IHHGLQJ VWXGLHV ZLWK IUHH DQG SURWHLQERXQG O\VLQRDODQLQH LQ UDWV DQG RWKHUDQLPDOV-1XWU

(16)

'L[RQ 0 .HQZRUWK\ 3 'DVSDUWDWH R[LGDVH RI NLGQH\ %LRFKHP %LRSK\V (QJHO0++DUH3(5DFHPL]DWLRQUDWHVRIWKHEDVLFDPLQRDFLGV&DUQHJLH$FWD

,QVW:DVKLQJWRQ<HDUE

)HOEHFN + 2FFXUUHQFH DQG PHWDEROLVP RI 'DVSDUWDWH LQ WKH JXWOHVV ELYDOYH 6ROHP\DUHLGL-([S=RRO

)HOEHFN+:LOH\6)UHH'DPLQRDFLGVLQWKHWLVVXHVRIPDULQHELYDOYHV%LRO )LQFK/5+LUG)-57KHXSWDNHRIDPLQRDFLGVE\LVRODWHGVHJPHQWVRIUDW%XOO LQWHVWLQH,,$VXUYH\RIDIILQLW\IRUXSWDNHIURPUDWHVRIXSWDNHDQGFRPSHWLWLRQ IRUXSWDNH%LRFKLP%LRSK\V$FWD

)LQOH\-:(QYLURQPHQWDOHIIHFWVRI SURWHLQ TXDOLW\ ,Q &KHPLFDO &KDQJHV LQ )RRG 'XULQJ 3URFHVVLQJ ,QVW )RRG 7HFKQRORJLVWV %DVLF 6\PS 6HU (G 7 5LFKDUGVRQ-:)LQOH\:HVWSRUW&RQQ$9,3XEO

)LQOH\-:6FKZDVV'((GV;HQRELRWLFVLQ)RRGVDQG)HHGV$&66\PS 6HU1R:DVKLQJWRQ'&$QQ&KHP6RF

)LVKHU*+*DUFLD103D\DQ,/&DGLOOD3HUH]ULRV56KHUDPDWD:$0DQ (+ 'DVSDUWLF DFLG LQ SXULILHG P\HOLQ DQG P\HOLQ EDVLF SURWHLQ

%LRFKHP%LRSK\V5HV&RPPXQ

)ULHGPDQ 0 &URVVOLQNLQJ DPLQR DFLGV 6WHUHRFKHPLVWU\ DQG QRPHQFODWXUH

$GY([S0HG%LRO%

)ULHGPDQ 0 *XPEPDQ 05 7KH XWLOL]DWLRQ DQG VDIHW\ RI LVRPHULF VXOIXU FRQWDLQLQJDPLQRDFLGVLQPLFH-1XWU

)ULHGPDQ 0 /LDUGRQ 5 5DFHPL]DWLRQ NLQHWLFV RI DPLQR DFLG UHVLGXHV LQ DONDOLWUHDWHGVR\EHDQSURWHLQV-$JULF)RRG&KHP

)ULHGPDQ 0 =DKQOH\ -& 0DVWHUV 30 5HODWLRQVKLS EHWZHHQ LQ YLWUR GLJHVWLELOLW\RIFDVHLQDQGLWVFRQWHQWRIO\VLQRDODQLQHDQG'DPLQRDFLGV-)RRG )ULHGPDQ 0 *URVMHDQ '. =DKQOH\ -& &DUER[LSHSWLGDVH LQKLELWLRQ E\6FL

DONDOLWUHDWHGIRRGSURWHLV-$JULF)RRG&KHP

)XVH 0 +D\DVH ) .DWR + 'LJHVWLELOLW\ RI SURWHLQV DQG UDFHPL]DWLRQ RI DPLQRDFLGUHVLGXHVLQURDVWHGIRRGV--SQ6RF1XWU)RRG6FL

*DQGROIL,3DOOD*'HOSUDWR/'H1LVFR)0DUFKHOOL56DOYDGRUL&' DPLQRDFLGVLQPLONDVUHODWHGWRKHDWWUHDWPHQWVDQGEDFWHULDODFWLYLW\ - )RRG

*LEVRQ4+:LVHPDQ*6HOHFWLYHDEVRUSWLRQRIVWHUHRLVRPHUVRIDPLQRDFLGV6FL IURPORRSVRIWKHVPDOOLQWHVWLQHRIWKHUDW%LRFKHP-

*UD\ *0 &RRSHU +/ 3URWHLQ GLJHVWLRQ DQG DEVRSUWLRQ *DVWURHQWHUHORJ\

*XOOLQR 3 :LQLW] 0 %LUQEDXP 60 &RUQILHOG - 2WH\ 0& *UHHQVWHLQ -3 6WXGLHVRQWKHPHWDEROLVPRIDPLQRDFLGVDQGUHODWHGFRPSRXQGVLQYLYR , 7R[LFLW\ RI HVVHQWLDO DPLQR DFLGV LQGLYLGXDOO\ DQG LQ PL[WXUHV DQG WKH SURWHFWLYHHIIHFWRI/DUJLQLQH$UFK%LRFKHP%LRSK\V

*XQG 3 9HEHU 3 2Q WKH EDVHFDWDO\VHG HSLPHUL]DWLRQ RI 1PHWK\ODWHG SHSWLGHVDQGGLNHWRSLSHUD]LQHV-$P&KHP6RF

+D\DVH ) .DWR + )XMLPDNL 0 5DFHPL]DWLRQ RI DPLQR DFLG UHVLGXHV LQ SURWHLQGXULQJURDVWLQJ$JULF%LRO&KHP

(17)

+D\DVH ) .DWR + )XMLPDNL 0 5DFHPL]DWLRQ RI DPLQR DFLG UHVLGXHV LQ SURWHLQVDQGSRO\/DPLQRDFLGVGXULQJURDVWLQJ-$JULF)RRG&KHP +D\DVKL 5 .DPHGD , D 5DFHPL]DWLRQ RI DPLQR DFLG UHVLGXHV GXULQJ DONDOL WUHDWPHQW RI SURWHLQV DQG LWV DGYHUVH HIIHFW RQ SHSVLQ GLJHVWLELOLW\ $JULF %LRO

&KHP

+D\DVKL 5 .DPHGD ,E 'HFUHDVHG SURWHRO\VLV RI DONDOL WUHDWHG SURWHLQV FRQVHTXHQFHVRIUDFHPL]DWLRQLQIRRGSURFHVVLQJ-)RRG6FL +D\DVKL5/\VLQRDODQLQHDVDPHWDOFKHODWRUDQLPSOLFDWLRQIRUWR[LFLW\-%LRO

&KHP

-HQNLQV :/ 7RYDU /5 6FKZDVV '( /LDUGRQ 5 &DUSHQWHU ./

1XWULWLRQDOFKDUDFWHULVWLFVRIDONDOLWUHDWHG]HLQ-$JULF)RRG&KHP .LHV & )R[ + $SUDKDPLDQ 6 &RPSDUDWLYH YDOXHV RI / '/ DQG ' PHWKLRQLQHVXSSOHPHQWDWLRQRIDQRDWEDVHGGLHWIRUKXPDQV-1XWU .UHEV +$ 0HWDEROLVP RI DPLQR DFLGV ,,, 'HDPLQDWLRQ RI DPLQR DFLGV

%LRFKHP-

.UHEV+$7KH'DQG/DPLQRDFLGR[LGDVHV%LRFKHP6RF6\PS /LDUGRQ5+XUUHO5)$PLQRDFLGUDFHPL]DWLRQLQKHDWHGDQGDONDOLWUHDWHG

SURWHLQV-$JULF)RRG&KHP

/LDUGRQ 5 /HGHUPDQ 6 5DFHPL]DWLRQ NLQHWLFV RI IUHH DQG SURWHLQERXQG DPLQRDFLGVXQGHUPRGHUDWHDONDOLQHWUHDWPHQW-$JULF)RRG&KHP /XEHF*:ROI&+5%DUWRVFK%$PLQRDFLGLVRPHULVDWLRQDQGPLFURZDYH

H[SRVXUH7KH/DQFHW0DUFK

0DJD-$/\VLQRDODQLQHLQIRRGV-$JULF)RRG&KHP

0DQ (+ )LVKHU *+ 3D\DQ ,/ &DGLOOD3HUH]ULRV 5 *DUFLD 10 ' DVSDUWDWHLQKXPDQEUDLQV-1HXURFKHP

0DQ+%DGD-/'LHWDU\'DPLQRDFLGV$QQ5HY1XWU

0DVWHUV 3( )ULHGPDQ 0 $PLQR DFLG UDFHPL]DWLRQ LQ DONDOL WUHDWHG IRRG SURWHLQV FKHPLVWU\ WR[RFRORJ\ DQG QXWULWLRQDO FRQVHTXHQFHV ,Q &KHPLFDO 'HWHULRUDWLRQRI3URWHLQV$&66\PS6HU(G-5:KLWDNHUDQG 0)XMLPDNL:DVKLQJWRQ'&$P&KHP6RF

0DWVXVKLPD 2 .DWD\DPD + <DPDGD . .DGR< 2FFXUUHQFH RI IUHH ' DODQLQHDQGDODQLQHUDFHPDVHDFWLYLW\LQELYDOYHPROOXVFVZLWKVSHFLDOUHIHUHQFHWR LQWUDFHOOXODURVPRUHJXODWLRQ0DU%LRO/HWW

0XUUD\ (' &ODUNH 6 6\QWKHWLF SHSWLGH VXEVWUDWHV IRU HU\WKURF\WH SURWHLQ FDUER[\OPHWK\OWUDQVIHUDVH-%LRO&KHP

1HXEHUJHU $ 7KH PHWDEROLVP RI 'DPLQR DFLGV LQ PDPPDOV %LRFKHP 6RF 3DOOD*0DUFKHOOL5'RVVHQD$&DVQDWL*2FFXUUHQFHRI'DPLQRDFLGV6\PS LQIRRG'HWHFWLRQE\FDSLOODU\JDVFKURPDWRJUDSK\DQGE\UHYHUVHGSKDVHKLJK SHUIRUPDQFH OLTXLG FKURPDWRJUDSK\ ZLWK /SKHQ\ODODQLQDPLGHV DV FKLUDO VHOHFWRUV-&KURPDWRJUDSK\

3DTXHW $ 7KUHVKHU :& 6ZDLVJRRG +( &DWLJQDQL */ 6\QWKHVHV DQG GLJHVWLELOLW\ GHWHUPLQDWLRQ RI VRPH HSLPHULF WULSHSWLGHV RFFXUULQJ LQ GLHWDU\

SURWHLQV1XWU5HV

(18)

3DVWHXU/8QWHUVXFKXQJHQEHU$VSDUDJLQVlXUHXQG$HSIHOVlXUH$QQ&KHP 3D\DQ,/&DGLOOD3HUH]ULRV5)LVKHU*+0DQ(+$QDO\VLVRISUREOHPV HQFRXQWHUHG LQ WKH GHWHUPLQDWLRQ RI DPLQR DFLG HQDQWLRPHULF UDWLRV E\ JDV FKURPDWRJUDSK\$QDO%LRFKHP

3HWHUV7-,QWHVWLQDOSHSWLGHV*XW

3UHVWRQ5/2FFXUUHQFHRI'DPLQRDFLGVLQKLJKHURUJDQLVPV$VXUYH\RIWKH GLVWULEXWLRQRI'DPLQRDFLGVLQPDULQHLQYHUWHEUDWHV&RPS%LRFKHP3K\VLRO 5HDYHOH\ '$ %XUJH 5( :DOOV DQG PHPEUDQHV LQ EDFWHULD $GY 0LFURE%

3K\VLRO

5RELQVRQ7'DPLQRDFLGVLQKLJKHUSODQWV/LIH6FL

5RVHQ/HYLQ(06PLWKVRQ.:*UD\*0&RPSOHPHQWDU\UROHRIVXUIDFH K\GURO\VLVDQGLQWDFWWUDQVSRUWLQWKHLQWHVWLQDODVVLPLODWLRQRIGLDQGWULSHSWLGHV

%LRFKLP%LRSK\V$FWD

6FKZDVV'(7RYDU/5)LQHO\-:$EVRUSWLRQRIDOWHUHGDPLQRDFLGVIURP WKH LQWHVWLQH (GV -: )LQOH\ DQG '( 6FKZDVV ;HQRELRWLFV LQ )RRGV DQG )HHGV$&66\PS6HU1R:DVKLQJWRQ'&$P&KHP6RF 6KRML-,5HFHQWFKHPLFDOVWXGLHVRQSHSWLGHDQWLELRWLFVIURPWKHJHQXV%DFLOOXV

$GY$SSO0LFURELRO

6WHJQLFN /' %HOO () )LOHU /- =LHJOHU (( $QGHUVRQ ': (IIHFW RI HTXLPRODU GRVHV RI /PHWKLRQLQH 'PHWKLRQLQH DQG /PHWKLRQLQHGOVXOIR[LGH RQSODVPDDQGXULQDU\DPLQRDFLGOHYHOVLQQRUPDODGXOWKXPDQV-1XWU 6WHLQEHUJ 6 %DGD -/ 'LNHWRSLSHUD]LQH IRUPDWLRQ GXULQJ LQYHVWLJDWLRQV RI

DPLQRDFLGUDFHPL]DWLRQLQGLSHSWLGHV6FLHQFH

6WHLQEHUJ6%DGD-/3HSWLGHGHFRPSRVLWLRQLQWKHQHXWUDOS+UDQJHYLDWKH IRUPDWLRQRIGLNHWRSLSHUD]LQHV-2UJ&KHP

6WHLQEHUJ60DVWHUV30%DGD-/7KHUDFHPL]DWLRQRIIUHHDQGSHSWLGH ERXQGVHULQHDQGDVSDUWLFDFLGDWƒ&DVDIXQFWLRQRIS+LPSOLFDWLRQVIRULQ YLYRUDFHPL]DWLRQ%LRRUJ&KHP

<DPDQH70LOOHU'/+RSILHOG--'LVFULPLQDWLRQEHWZHHQ'DQG/W\URV\O WUDQVIHU ULERQXFOHLF DFLG LQ SHSWLGH FKDLQ HORQJDWLRQ %LRFKHPLVWU\

/HYHOH]pVLFtPFRUUHVSRQGLQJDXWKRU

&VDSy-iQRV

3DQQRQ$JUiUWXGRPiQ\L(J\HWHPÈOODWWHQ\pV]WpVL.DU .DSRVYiU3I

3DQQRQ8QLYHUVLW\RI$JULFXOWXUH)DFXOW\RI$QLPDO6FLHQFH +.DSRVYiU32%R[

7HO)D[

HPDLOFVDSR#HOHWWDQNDSRVYDUSDWHKX

Hivatkozások

KAPCSOLÓDÓ DOKUMENTUMOK

MHOHQW VHQ NHGYH] EE YROW D WDODM DJURQyPLDL V]HUNH]HWH

$ NRPELQiFLyV NpV]tWPpQ\HN KDWyDQ\DJDL N|]O D SHQGLPHWDOLQ DWUD]LQ pV D PHWRODNOyU WHUEXWULQ EL]RQ\XOWDN KDWpNRQ\DEEQDN $ SHQGLPHWDOLQ DWUD]LQ KDWyDQ\DJRN V]LJQLILNiQVDQ

HOMiUiVRN D OpJN|UL UDGLRDNWtY V]HQQ\H] GpV WHUMHGpVpQHN EHFVOpVpUH YiOWR]y LG MiUiVL

Vizsgálataink szerint az összes hidrolizált minta D-aminosav tartalma igen csekély volt (0,0333-0,232 mg/100 g minta). A minták D-aminosav tartalma, az összes aszparaginsav

El}rq|ðwäv +Kdmqdo ìv Vxuäq|l wìwhoìuh,1 Kd d srqwrn v}äpd ohjihomhee e/ dnnru qlqfv plw el}rq|ðwdql/ klv}hq phjj|howÿn päu/ krj| plqghq ohjihomhee e srqwý juäi

$ IēRUYRVQē £OWDO£EDQ UHȵHNW£O D] HJ\HV YLV]RQ\ODWRNEDQ D Q«YV]µL PHJ V]µO¯W£VRN OHKHWēV«JHLUH «V PHJN«UGH]L D EHWHJHW KRJ\ KRJ\DQ V]µO¯WKDWMD (] D JHV]WXV RO\DQ

(]HQ DGDWRN DODSM£Q WHK£W D KLSRW«]LV PLV]HULQW D EHV]«OēN D] DQ\D

YHWNH]ĘNHW tUWD ÄKD PHJJRQGRORP PLNpSHQ D Q\LOYiQRVViJ YROW D] HOHPHQWXP